Está en la página 1de 374



'LFFLRQDULRWHSHKXDQR
GH6DQWD0DUtD2FRWiQ'XUDQJR


0DD০QJXEKDL০PNDU
8QPRUUDOERUGDGR




6HULHGHYRFDEXODULRV\GLFFLRQDULRVLQGtJHQDV
´0DULDQR6LOYD\$FHYHVµ

1~PHUR

6HULHGLULJLGDSRU7KRPDV/:LOOHWW

(TXLSRGHUHGDFFLyQ\FRUUHFFLyQ
'RULV%DUWKRORPHZ
6XVDQ*UDKDP
/RXLVH6FKRHQKDOV
(PLO\6WDLUV
6KDURQ6WDUN


(TXLSRGHUHGDFFLyQGHOHVSDxRO
6\OYLD-HDQ2VVHQGH5LJJV
0LULDP3pUH]/XUtD
/XSLQR8OWUHUDV2UWL]


'LFFLRQDULRWHSHKXDQR
GH6DQWD0DUtD2FRWiQ'XUDQJR

&RPSLODGRUHV
(OL]DEHWK5GH:LOOHWW
7KRPDV/:LOOHWW

&RODERUDGRUHV
&RUQHOLR5DPtUH]6ROtV‚
(PLOLDQR&HUYDQWHV6ROtV
0HOHVLR&HUYDQWHV6ROtV
0DULDQD&HUYDQWHV0iUTXH]

9HUVLyQHOHFWURQLFD

3XEOLFDGRSRUHO
,QVWLWXWR/LQJtVWLFRGH9HUDQR$&

Para comprar una copia impresa, visite: lulu.com.

3ULPHUDHGLFLyQ
9HUVLyQHOHFWURQLFD
©,QVWLWXWR/LQJtVWLFRGH9HUDQR$&
$SDUWDGR
7ODOSDQ')0p[LFR
7HO
KWWSPH[LFRVLORUJ/es


&RQWHQLGR
Reconocimiento .................................................................................................................... vii

Introducción ........................................................................................................................... ix

Prólogo ................................................................................................................................... xi

Estructura del artículo .......................................................................................................... xiii

Alfabeto tepehuano .............................................................................................................. xix

Abreviaturas ......................................................................................................................... xxi

Primera Parte: Diccionario tepehuán–español ................................................... 1

Segunda Parte: Diccionario español–tepehuán .............................................. 187

Tercera Parte: Gramática tepehuana .............................................................. 231

Apéndices ............................................................................................................................. 335

A. Términos de parentesco ............................................................................................ 337

B. El cuerpo humano ...................................................................................................... 341

C. Sistema numérico ...................................................................................................... 343

D. Sonidos ...................................................................................................................... 345

E. Topónimos ................................................................................................................. 347

F. Trabalenguas .............................................................................................................. 349

G. Mapa de la región tepehuana .................................................................................... 350

v



5HFRQRFLPLHQWR

'HGLFDPRVHVWHGLFFLRQDULRDODPHPRULDGHQXHVWURHVWLPDGRFRPSDxHUR,QJ&RUQHOLR5DPtUH]6ROtV
RULJLQDULRGH-XNWӝUHOSXHEORFHQWUDOGHODFRPXQLGDGGH6DQWD0DUtD2FRWiQ'HQRKDEHUFRQWDGRFRQ
VXD\XGDWDQHQWXVLDVWDQRKXELpUDPRVSRGLGRHPSH]DUDHODERUDUHVWHGLFFLRQDULReOVRORHVFULELyORV
HMHPSORVSDUDODVSULPHUDVPLOHQWUDGDVTXHLQYHVWLJDPRV

$VLPLVPRUHFRQRFHPRVODYDOLRVDFRODERUDFLyQGHORVFRPSDxHURV0HOHVLR&HUYDQWHV6ROtV\(PLOLDQR
&HUYDQWHV6ROtVQDWLYRVGHO%DMLOORGH/RV*DYLODQHVXQSXHEORHQODSDUWHVXUHVWHGHODPLVPD
FRPXQLGDG(OORVHVFULELHURQODPD\RUtDGHORVHMHPSORVLQFOXLGRVHQODSUHVHQWHHGLFLyQ\UHYLVDURQ
WRGRVORVGHPiVGDWRVHQWHSHKXiQ

   /RVFRPSLODGRUHV

vii



,QWURGXFFLyQ

(VWHHVXQGLFFLRQDULRGHOLGLRPDWHSHKXiQWDOFRPRVHKDEODHQODFRPXQLGDGGH6DQWD0DUtD2FRWiQ
PXQLFLSLRGH(O0H]TXLWDOHVWDGRGH'XUDQJR(VXQGLFFLRQDULRTXHWRGDYtDHVWiHQSURFHVRDVtTXHQR
VHGHEHWRPDUFRPRXQDREUDQLGHILQLWLYDQLFRPSOHWD6LQHPEDUJRHVWDSULPHUDHGLFLyQUHSUHVHQWDHO
UHVXOWDGRGHQXHVWUDVLQYHVWLJDFLRQHVHQFXDQWRDORVVLJQLILFDGRVGHPiVGHFLQFRPLOSDODEUDVFRPXQHV
XVDGDVHQHOKDEODFRWLGLDQDGHHVDFRPXQLGDG
(OSURSyVLWRGHHVWHGLFFLRQDULRHVPRVWUDUDOJRGHODULTXH]DGHOYRFDEXODULR\GHODJUDPiWLFDGHO
LGLRPDWHSHKXiQ(VSHUDPRVTXHWRGRVORVTXHFRQRFHQRYLYHQHQODUHJLyQWHSHKXDQD\DVHDQ
KDEODQWHVGHOWHSHKXiQRGHOHVSDxROFRQVLGHUHQDOWHSHKXiQFRPRXQDIRUPDGHFRPXQLFDFLyQGHOD
FXDOVHSXHGHVHQWLUPXFKRRUJXOORODFXDOHVGLJQDGHFRQVHUYDU
(VWHGLFFLRQDULRFRQVWDGHWUHVSDUWHVSULQFLSDOHV
 /DSULPHUDSDUWHHVHOGLFFLRQDULRWHSHKXiQ²HVSDxROHQHOFXDOODVSDODEUDVHQWHSHKXiQVH
SUHVHQWDQHQRUGHQDOIDEpWLFR'HVSXpVGHFDGDSDODEUDVHLQGLFDVXFDWHJRUtDJUDPDWLFDOFXiOHVVRQVXV
VHQWLGRVHQGLIHUHQWHVFRQWH[WRV\FXiOHVIRUPDVLUUHJXODUHVRHVSHFLDOHVVHXVDQFRQIUHFXHQFLD/D
PD\RUtDGHORVVHQWLGRVYLHQHQDFRPSDxDGRVGHXQHQXQFLDGRLOXVWUDWLYRMXQWRFRQVXWUDGXFFLyQDO
HVSDxRO
 /DVHJXQGDSDUWHHVHOGLFFLRQDULRHVSDxROWHSHKXiQGRQGHVHHQFXHQWUDQODVSDODEUDVGHO
HVSDxROTXHVHXVDQFRPRWUDGXFFLRQHVGHODVSDODEUDVHQWHSHKXiQFLWDGDVHQODSULPHUDSDUWH(VWDOLVWD
HVGHXWLOLGDGSDUDVDEHUFXiOHVVRQODVSDODEUDVHQWHSHKXiQTXHFRUUHVSRQGHQDPXFKDVSDODEUDV
FRPXQHVGHOHVSDxRO
 /DWHUFHUDSDUWHHVXQUHVXPHQGHODJUDPiWLFDGHOLGLRPDWHSHKXiQ(OSURSyVLWRGHHVWDSDUWH
HVSURSRUFLRQDUXQDJXtDGHORVGLIHUHQWHVWLSRVGHSDODEUDV\RUDFLRQHVTXHVHXVDQHQHOWHSHKXiQSDUD
TXHHOOHFWRUSXHGDHQWHQGHUFyPRVHIRUPDQORVHQXQFLDGRVLOXVWUDWLYRVTXHFLWDPRVHQHOGLFFLRQDULR
HQORVFXDOHVVHPXHVWUDODFRPSOHMLGDGGHODH[SUHVLyQYHUEDOTXHHVSRVLEOHHQHVWHLGLRPD
/RVSULPHURVFXDWURFDStWXORVGHODJUDPiWLFDH[SOLFDQHOVLVWHPDGHORVVRQLGRVGHOWHSHKXiQHLQFOX\HQ
XQDH[SOLFDFLyQGHODOIDEHWRTXHDFWXDOPHQWHVHXWLOL]DSDUDHVFULELUHVWRVVRQLGRV(OSURSyVLWRGHHVWRV
FDStWXORVHVPRVWUDUF~DOHVVRQODVUHDOLGDGHVIRQpWLFDVTXHVRQODEDVHSDUDSURQXQFLDUSDODEUDVHQ
WHSHKXiQ\FyPRVHHVFULEHQHQVXVGLVWLQWDVYDULDQWHV
$OILQDOVHLQFOX\HQXQRVDSpQGLFHVHQORVFXDOHVVHSUHVHQWDQYDULDVSDODEUDV\IUDVHVHQWHSHKXiQTXHVH
XWLOL]DQFRQIUHFXHQFLDHQGLVWLQWDViUHDVGHODYLGDFRWLGLDQD

ix



3UyORJR
'UD.DUHQ'DNLQ
6HPLQDULRGH/HQJXDV,QGtJHQDV
,QVWLWXWRGH,QYHVWLJDFLRQHV)LOROyJLFDV81$0
0p[LFR')
GHMXOLRGH

(VPX\JUDWRKDEHUUHFLELGRODLQYLWDFLyQGHHVFULELUXQSUyORJRSDUDHVWHYROXPHQULFDIXHQWHGH
LQIRUPDFLyQVREUHODOHQJXDWHSHKXDQDGH6DQWD0DUtD2FRWiQ'XUDQJR\UHFRSLODGRSRUFXDWUR
SHUVRQDVKDEODQWHVGHHVDOHQJXD&RUQHOLR5DPtUH]6ROtV(PLOLDQR&HUYDQWHV6ROtV0HOHVLR&HUYDQWHV
6ROtV\0DULDQD&HUYDQWHV0iUTXH]TXHKDQTXHULGRXVDUVXSURIXQGRFRQRFLPLHQWRSDUDGRFXPHQWDUOD
HQFRODERUDFLyQFRQORVOLQJLVWDV(OL]DEHWK5GH:LOOHWW\7KRPDV/:LOOHWW'HHVWDPDQHUDORVVHLV
UHFRSLODGRUHVQRVSURSRUFLRQDQXQDIXHQWHGHODOHQJXDHVFULWDTXHVHUYLUiDODFRPXQLGDGWHSHKXDQD
SDUDDSUHFLDU\VHJXLUKDEODQGRHVFULELHQGR\GLVIUXWDQGRGHHVWDOHQJXDXQDKHUHQFLDLQWHOHFWXDO
HQRUPHTXHD\XGDDFDGDTXLHQDHQWHQGHUHOPXQGRTXHOHVURGHDGHVGHXQDSHUVSHFWLYDUHDOPHQWH
SURSLDHQFRQWUDGDHQHOLGLRPDWHSHKXiQ

$VXYH]ODJUDPiWLFDHOGLFFLRQDULR\ORVDSpQGLFHVHQVXWRWDOLGDGVRQXQDKHUUDPLHQWDYDOLRVtVLPD
SDUDORVTXHOOHYDQDFDERHVWXGLRVVREUHODVFXOWXUDVHKLVWRULDLQGtJHQDVGH0p[LFR3RURWURODGRORV
GDWRVGHWDOODGRV\FXLGDGRVRVGHODOHQJXDTXHVHLQFOX\HQQRVD\XGDQDHQWHQGHUPHMRUODVUHODFLRQHV
KLVWyULFDV\ODHYROXFLyQOLQJtVWLFDGHORVWHSHKXDQRV\ORVRWURVJUXSRV\XWRQDKXDVTXHKDQOOHJDGRD
SREODUWHUULWRULRVTXHH[WLHQGHQGHVGHORVSXHEORVQDZDWHVRSLSLOHVGH(O6DOYDGRUHQ&HQWURDPpULFD
KDVWDODVWLHUUDVGHORVSDLXWHQRUWHxRVTXHYLYHQFHUFDODIURQWHUDGHORV(VWDGRV8QLGRV\&DQDGi2WURV
OHFWRUHVTXHHQFRQWUDUiQHOOLEURVHUiQORVTXHQRWLHQHQXQDUHODFLyQHVSHFtILFDSRUVXVRFXSDFLRQHV
SHURTXHSRVHHQXQDJUDQFXULRVLGDGKXPDQDGHHQWHQGHUPiVDOSUyMLPR

(OYROXPHQHPSLH]DFRQXQDLQWURGXFFLyQ\QRWDVTXHH[SOLFDQODRUWRJUDItDXWLOL]DGD\ODHVWUXFWXUD\
DEUHYLDWXUDVHPSOHDGDVHQODVHQWUDGDVGHOGLFFLRQDULR/DSULPHUDSDUWHGHOGLFFLRQDULRHQVtTXHVH
RUGHQDSRUHOWHSHKXiQFRQJORVDVHQHVSDxROFRQVLVWHGHPiVTXHVLPSOHVOLVWDVGHSDODEUDVFRQJORVDV
GDGRTXHODVRUDFLRQHVLQFOXLGDVSDUDHMHPSOLILFDUODVSDODEUDVGHVFULEHQORVDFRQWHFLPLHQWRVLQWHUHVHV\
VDELGXUtDGHODYLGDFRWLGLDQDWHSHKXDQDSRUHMHPSORDSUHQGHPRVGHHOODVTXHODDEXHODPXHOHWRGDOD
QRFKHSDUDKDFHUORVWDPDOHVSDUDHOPLWRWHRTXHHOPDt]VHVHFDVLODWX]DFRPHODVUDtFHV

/DVHJXQGDSDUWHRUGHQDGDSRUHOHVSDxROFRQWUDGXFFLRQHVDOWHSHKXiQDXQTXHQRLQFOX\HRUDFLRQHV
FRPRODSULPHUDHV~WLOSRUODLQIRUPDFLyQJUDPDWLFDOTXHGDSDUDODVSDODEUDVHQHVSDxROTXHLQFOX\H
HQWUHRWURVGDWRVODLGHQWLILFDFLyQGHODFODVHGHODSDODEUD\PiVHVSHFtILFDPHQWHHOJpQHURGHORV
VXVWDQWLYRVRHQHOFDVRGHXQYHUERVLHVWUDQVLWLYRLQWUDQVLWLYRHWF&RQHVWDLQIRUPDFLyQDFFHVLEOHFRQ
ODH[SOLFDFLyQHQWHSHKXiQODSHUVRQDTXHPDQHMDPHQRVHOFDVWHOODQRSXHGHXVDUODSDUDYHULILFDUORTXH
TXLHUHH[SUHVDUHQVXVHJXQGDOHQJXD

$ODVGRVSDUWHVGHOGLFFLRQDULROHVVLJXHXQDGHVFULSFLyQJUDPDWLFDOHVWUXFWXUDO\EDVWDQWHDPSOLDGHOD
OHQJXDWHSHKXDQD\DTXHHPSOHDXQOHQJXDMHSUHFLVRFRQORVWpUPLQRVGHODJUDPiWLFDORVFRQFHSWRV\
HVWUXFWXUDVLPSRUWDQWHVSDUDHQWHQGHUODOHQJXDWHSHKXDQDFRQPXFKRVHMHPSORVFODUDPHQWHH[SOLFDGRV
6HGHVWDFDHOHQIRTXHTXHHQPXFKRVFDVRVVHxDODODLPSRUWDQFLDGHFRQVLGHUDUORTXHHOKDEODQWHGHVHD
FRPXQLFDU\SDUDTXp\QRVGDH[SOLFDFLRQHVTXHVHFHQWUDQHQHOXVRGHOLGLRPDSDUDORVGLVWLQWRVILQHV
FRPXQLFDWLYRV

3RUHMHPSORVREUHHOXVRGHODVIUDVHVQRPLQDOHV

xi


´«QRVRQREOLJDWRULDVFRPRODIUDVHYHUEDOVLQRTXHVHSUHVHQWDQFXDQGRHOKDEODQWHTXLHUHKDFHU
UHIHUHQFLDGLUHFWDDXQDSHUVRQDDQLPDORFRVDµ

2VREUHORVDGMHWLYRV

´(ORUGHQUHODWLYRGHOVXVWDQWLYR\GHODGMHWLYRGHSHQGHGHO(1)248(TXHHOKDEODQWHTXLHUHUHIOHMDUSXHV
QRUPDOPHQWHHOHOHPHQWRFRQPD\RUpQIDVLVVHSUHVHQWDSULPHURµ

/RV´$SpQGLFHVµVRQGHORVSHTXHxRVSUHPLRVGHDOJXQRVGLFFLRQDULRV\HVHOFDVRDTXtSRUTXHVH
LQFOX\HQGHWDOOHVVREUHORVWpUPLQRVGHFDPSRVVHPiQWLFRVLPSRUWDQWHVHOSDUHQWHVFRHOFXHUSR
KXPDQRHOVLVWHPDQXPpULFR\ODVSDODEUDVDIHFWLYDVTXHQRPEUDQORVVRQLGRV,PSRUWDQWHSDUDHO
FRQRFLPLHQWRKLVWyULFR\JHRJUiILFRGHODUHJLyQHVODOLVWDGHWRSyQLPRV(OYROXPHQVHFLHUUDFRQXQD
VHULHGHWUDEDOHQJXDVTXHVHJXUDPHQWHOODPDUiODDWHQFLyQWDQWRGHORVKDEODQWHVGHWRGDVODVHGDGHV
FRPRGHORVTXHTXLHUHQDSUHQGHUODOHQJXD

$SDUWHGHWRGRVORVXVRVSUiFWLFRV\HGXFDFLRQDOHVTXHWHQGUiHVWHYROXPHQVHSXHGHDJUHJDUVXOHFWXUD
FRPRSDVDWLHPSRVHO'LFFLRQDULRWHSHKXDQRGH6DQWD0DUtD2FRWiQ'XUDQJRGHXQDPDQHUD
SDUWLFXODUPHQWHLQWHUHVDQWHUHIOHMDODFRPSOHMLGDGDWUD\HQWHGHODVFRVPRYLVLRQHV\YLGDVGHVXV
KDEODQWHV


xii


/DHVWUXFWXUDGHORVDUWtFXORV

7RGRVORVDUWtFXORVHQHOGLFFLRQDULRWHSHKXiQ²HVSDxROWLHQHQFXDQGRPHQRVWUHVSDUWHVODHQWUDGDGHO
DUWtFXORVXFDWHJRUtDJUDPDWLFDO\VXWUDGXFFLyQDOHVSDxRO/RVDUWtFXORVSXHGHQLQFOXLUWDPELpQDOJXQD
GHODVVLJXLHQWHVSDUWHVXQFRPHQWDULRDFODUDWRULRYDULDVDFHSFLRQHVGHODSDODEUDGHHQWUDGDRUDFLRQHV
HQWHSHKXiQTXHHMHPSOLILFDQVXXVR\VXFRUUHVSRQGLHQWHWUDGXFFLyQDOHVSDxROQRWDVFXOWXUDOHV
LQIRUPDFLyQOLQJtVWLFDUHPLVLyQDRWUDVSDODEUDV\VXEHQWUDGDV
$FRQWLQXDFLyQVHGHVFULEHQWRGDVHVWDVSDUWHVXQDSRUXQD

$UWtFXORVHQFLOOR
&DGDDUWtFXORHPSLH]DFRQHOYRFDEORHQQHJULWD(QVHJXLGDDSDUHFHHQFXUVLYD\DEUHYLDGDODFDWHJRUtD
JUDPDWLFDOGHODSDODEUDHQWHSHKXiQ\GHVSXpVVXWUDGXFFLyQ
VXXGDL০VXVWDJXD
WDNDDEDGYD\HU
$XQTXHODPD\RUtDGHODVHQWUDGDVGHODUWtFXORVRQSDODEUDVVLPSOHVVHLQFOX\HQDOJXQDVSDODEUDV
FRPSXHVWDV\DOJXQDVIUDVHV$WRGDVpVWDVWDPELpQVHOHVDVLJQDXQDFDWHJRUtDJUDPDWLFDO
XPXX০ERQDDPVXVWVRPEUHURGHVR\DWH
MD০NEXD০YWUGHYROYHU
$OJXQDVHQWUDGDVVRQSUHILMRVVXILMRVRFOtWLFRV6LVHXVDQFRPRSDUWHGHRWUDSDODEUDHVWRVHLQGLFDHQ
ODHQWUDGDFRORFiQGROHVXQJXLyQSHURVLVHXVDQFRPRSDODEUDLQGHSHQGLHQWHQRVHXVDJXLyQ(VWRV
HOHPHQWRVJUDPDWLFDOHVQRUPDOPHQWHOOHYDQXQDFRUWDH[SOLFDFLyQGHVXVLJQLILFDGR
MLSUHIYHUE,QGLFDTXHODDFFLyQDSHQDVVHLQLFLD
xFOtW,QGLFDVXMHWRGHODSULPHUDSHUVRQDGHOVLQJXODU

&DWHJRUtDJUDPDWLFDO
&RPRVHQRWDHQORVHMHPSORVDQWHULRUHVODDEUHYLDWXUDGHODFDWHJRUtDJUDPDWLFDOGHODHQWUDGDGHO
DUWtFXORDSDUHFHHQFXUVLYD YpDVH´$EUHYLDWXUDVµ 6LODSDODEUDGHHQWUDGDHVXQDYDULDQWHGH
SURQXQFLDFLyQRYDULDQWHUHJLRQDORVLHVXQDIRUPDJUDPDWLFDOGHRWUDSDODEUDHQOXJDUGHODFDWHJRUtD
JUDPDWLFDOQRUPDOPHQWHKD\XQDUHPLVLyQDODSDODEUDFRQODTXHHVWiUHODFLRQDGD
GDNRR^YDUGHGӝNRR`DSHQDV
GӝGӝ০QEDOK^SOGHGӝ০QEDOK`WLJUHV

6LQHPEDUJRQRVHLQFOX\HQUHPLVLRQHVDODVYDULDQWHVGHSURQXQFLDFLyQVLQyQLPRVDQWyQLPRVXRWUDV
IRUPDVJUDPDWLFDOHVTXHHPSLH]DQFRQODVPLVPDVWUHVOHWUDVTXHODHQWUDGDGHODUWtFXORRDODVTXH
HPSLH]DQFRQODRWUDOHWUDGHXQSDUDOYHRODU²SDODWDOL]DGD YpDVH´(ODOIDEHWRWHSHKXDQRµ $GHPiVQRVH
LQFOX\HQUHPLVLRQHVTXHVHSUHVHQWDUtDQMXQWDVDODHQWUDGDGHODUWtFXOR

xiii


7UDGXFFLyQGHOYRFDEOR
(QVHJXLGDGHODSDODEUDHQWHSHKXiQ\VXFDWHJRUtDJUDPDWLFDOVHGDODWUDGXFFLyQDOHVSDxROHQOHWUD
UHGRQGDFRPRHQORVHMHPSORVDQWHULRUHV6LODSDODEUDHQWHSHKXiQWLHQHPiVGHXQDWUDGXFFLyQDO
HVSDxROpVWDVVHVHSDUDQFRQXQDFRPD
MD০WNDPVXVWJHQWHSHUVRQDV
ERRNVXVWHVWyPDJRSDQ]D
(QDOJXQRVFDVRVODWUDGXFFLyQHVXQDIUDVHHQYH]GHXQDVRODSDODEUD
EDVGDNDGMTXHOHIDOWDVDO
&XDQGRODWUDGXFFLyQGHXQDGMHWLYRWLHQHXQDIRUPDPDVFXOLQD\RWUDIRUPDIHPHQLQDQRUPDOPHQWHVH
GDODIRUPDPDVFXOLQD
DEKDDUDGMERQLWR
$VLPLVPRFXDQGRODWUDGXFFLyQGHXQVXVWDQWLYRWLHQHXQDIRUPDVLQJXODU\RWUDIRUPDSOXUDOVRODPHQWH
VHGDODIRUPDVLQJXODU
EKDEVXVWIULMRO
(QFDPELRFXDQGRODWUDGXFFLyQGHXQVXVWDQWLYRWLHQHXQDIRUPDPDVFXOLQD\RWUDIRUPDIHPHQLQDVH
GDQODVGRVDPHQRVTXHODSDODEUDHQWHSHKXiQVRODPHQWHHTXLYDOJDDXQDGHHOODV
DOKLLVXVWQLxRQLxD
J̴০QDDQVXVWDEXHOD
$GHPiVQRVHDJUHJDHODUWtFXORDODWUDGXFFLyQGHORVVXVWDQWLYRVDPHQRVTXHIRUPHSDUWHGHOD
SDODEUDHQWHSHKXiQ
JDJRR[VXVWSHUURSHUUD
EӝӝSӝ০NDPVXVWHOSULPHURODSULPHUD
6RODPHQWHODVWUDGXFFLRQHVGHORVDUWtFXORVOOHYDQWRGDVODVGLVWLQFLRQHVGHJpQHUR\GHQ~PHUR
JXDGMHOODORVODV

&RPHQWDULRDFODUDWRULR
6LHOVLJQLILFDGRGHODHQWUDGDHVPiVUHVWULQJLGRGHORTXHLQGLFDVXWUDGXFFLyQDOHVSDxROVHGDXQ
FRPHQWDULRDFODUDWRULR(VWRVFRPHQWDULRVDSDUHFHQHQWUHSDUpQWHVLVHQFXUVLYDLQPHGLDWDPHQWH
GHVSXpVGHODWUDGXFFLyQ
PXPPXDGYDOOi DEDMROHMRVQRVHYH 
WӝӝNROKVXVWDUGLOOD WHUUHVWUH 
[LD০xGKD০YLQWUDPDQHFHU VXMHWRDQLPDGR 

$FHSFLRQHV
/DVGLIHUHQWHVDFHSFLRQHVGHXQDSDODEUDOOHYDQXQQ~PHUR\HPSLH]DQRWUDOtQHD
DDxSURQ\R
 PHDPL

xiv


EDD০DGMPRMDGR
 YHUGHQRVHFD SODQWD 

2UDFLRQHVLOXVWUDWLYDV
'HVSXpVGHODWUDGXFFLyQVHGDXQDRUDFLyQTXHPXHVWUDHOXVRGHODSDODEUDHQWHSHKXiQ
J̴০NDPVXVWDXWRULGDGSHUVRQDLPSRUWDQWH-LUJ̴০NDPJXxNXXOVLQDPӝWJX০PXL০GKӝW
 PDDSMXPMXPSDGDNPLGKDL-XNWӝU0LDEXHORHVDXWRULGDGSRUTXHORQRPEUDURQHQ
 XQDDVDPEOHDHQ6DQWD0DUtD

1RWDFXOWXUDO
$YHFHVVHGDPiVLQIRUPDFLyQVREUHHOVLJQLILFDGRRHOXVRGHXQDSDODEUDUHODFLRQDGRDXQDFRVWXPEUH
ORFDO(VWDQRWDDSDUHFHHQWUHSDUpQWHVLVHQFXUVLYD\GHVSXpVGHODRUDFLyQDODTXHVHUHILHUH
EӝӝQD০VXVWFRPSDxHURFRPSDxHUD
 FyQ\XJH 6HVXHOHXVDUEӝӝQD০FyQ\XJHHQYH]GHMRRxL০HVSRVDRNXQHVSRVR 

,QIRUPDFLyQJUDPDWLFDO
'HVSXpVGHODVRUDFLRQHVLOXVWUDWLYDVVHGDFRQIUHFXHQFLDDOJXQDLQIRUPDFLyQJUDPDWLFDODFHUFDGHOD
SDODEUDGHHQWUDGD(VWDLQIRUPDFLyQYDUtDGHDFXHUGRDODFDWHJRUtDJUDPDWLFDO

9HUERV
&XDQGRVHWUDWDGHYHUERVTXHQRVRQHVWDWLYRVODSDODEUDGHHQWUDGDHVWiHQODIRUPDGHOWLHPSRIXWXUR
\GHHVWDIRUPDVHSXHGHQGHGXFLUPXFKDVGHODVGHPiVIRUPDVGHOYHUERTXHVHXVDQ YpDVHOD
*UDPiWLFDWHSHKXDQD 6LQHPEDUJRKD\DOJXQDVIRUPDVTXHQRVHSXHGHQGHGXFLUWDQIiFLOPHQWHGH
pVWDSRUORFXDOVHGDQFRPRLQIRUPDFLyQJUDPDWLFDO
3RUHMHPSORQRUPDOPHQWHVHGDQODVIRUPDVGHOWLHPSRSUHWpULWR\GHOWLHPSRSUHVHQWHGHORVYHUERVQR
HVWDWLYRV6LDOJXQDGHHVWDVIRUPDVQRDSDUHFHFRPRLQIRUPDFLyQJUDPDWLFDOTXLHUHGHFLUTXHWDOIRUPD
QRVHXVD
MXJLD০YWUDFDEDUVHDJRWDUVH
 >SUHWMXXSUHVMX০@
xLR০NGKD০YWUVDOXGDU
 >SUHWxLR০NLSUHVxLR০NL০x@
$YHFHVODVIRUPDVGHOSUHWpULWR\SUHVHQWHVRQLJXDOHVRVHGDQRWUDVIRUPDVLUUHJXODUHV
EDWELD০YWUEDxDUVH
 >SUHWSUHVEDWELD@
DDJD০YWUGHFLU
 >SUHWDDSUHVDD০FRQWDD০QGD০FRSUHWDDJDWUHVDDJL[@
(QDOJXQRVFDVRVHVQHFHVDULRKDFHUXQDDFODUDFLyQSDUDH[SOLFDUODIRUPDLUUHJXODUGHXQYHUER(VWD
QRWDJUDPDWLFDODQWHFHGHDODVIRUPDVLUUHJXODUHV
WӝӝGD০YWUGHFLU DRWUDSHUVRQD 
 6XFRPSOHPHQWRHVXQDIUDVH>SUHWWӝӝ০QSUHVWӝWGD@

xv


MD০WNDPVXVWJHQWHSHUVRQDV
 (VXQVXVWDQWLYRSOXUDO
/DHQWUDGDGHODUWtFXORSDUDXQYHUERHVWDWLYRFRUUHVSRQGHDODIRUPDGHOWLHPSRSUHVHQWH
ELD০YHVWWHQHU

6XVWDQWLYRV
(QHODUWtFXORSDUDXQVXVWDQWLYRVLHPSUHVHGDODIRUPDSOXUDOFXDQGRpVWDVHXVD6LQRKD\IRUPD
SOXUDOTXLHUHGHFLUTXHRQRVHKDEODGHOVXVWDQWLYRHQSOXUDORVHXVDODPLVPDIRUPDWDQWRSDUDHO
SOXUDOFRPRSDUDHOVLQJXODU
D০DDWVXVWSLRMR
$YHFHVKD\GRVSRVLEOHVIRUPDVGHOSOXUDO
PDWWXUVXVWPHWDWH
 >SOPDPDWWXUPDPWXU@
$GHPiVGHOSOXUDOGHORVVXVWDQWLYRVVHGDQODVIRUPDVGHSRVHVLyQ\ORFDFLyQGHODWHUFHUDSHUVRQDGHO
VLQJXODUFXDQGRpVWDVH[LVWHQ
EXLVXVWSRVRMR SDUWHGHOFXHUSR 
 QXGR GHODPDGHUD 
 RMR GHDJXMD 
 >SOEXXSXLSRVDVLQJEXL০xORFDVLQJEXL০UDP@

$GMHWLYRV
&XDQGRVHWUDWDGHXQDGMHWLYRRXQYHUERHVWDWLYRVHGDODIRUPDGHOSURFOtWLFRFRSXODWLYR
FRUUHVSRQGLHQWHFXDQGRpVWDVHXVD
J̴০DGMJUDQGH
 3URFOFRSMLU
MӝӝSL০xDGMIUtR
 3URFOFRSML[
PDDNREDGMFXDWUR
PDD[YHVWYHUVHQRWDUVH
 3URFOFRSML[
$VLPLVPRVHGDODIRUPDSOXUDOGHODGMHWLYRFXDQGRVHXVD
FKӝӝGR০DGMD]XO
 3URFOFRSML[>SOFKӝWGR০@
NDEDDNDGMGXUR
 3URFOFRSML[>SONDDSDN@

9DULDQWHV
&XDQGRKD\YDULDFLyQHQODSURQXQFLDFLyQGHODSDODEUDGHHQWUDGDpVWDDSDUHFHDOILQDOGHODUWtFXOR
GӝNRRDGYDSHQDV
 9DUGDNRR

xvi


+RPyQLPRV
/DVSDODEUDVGHHQWUDGDKRPyQLPDVVHGLIHUHQFLDQFRQVXSHUtQGLFHV
DD\D০YWUDOFDQ]DU
DD\D০YLQWUOOHJDU
DD\D০YLQWUHQIHUPDU

6LQyQLPRV\$QWyQLPRV
/DUHPLVLyQDXQVLQyQLPROOHYDODDEUHYLDWXUD6LQyQ
EKLGKDDVXVWYDVLMDGHEDUUR FUXGD 
 6LQyQGӝUELFK
MRRWRPDGYSURQWR
 6LQyQFKDP[LLP
/DUHPLVLyQDXQDQWyQLPROOHYDODDEUHYLDWXUD$QWyQ
JDNDGMVHFR
 $QWyQEDD০

)RUPDVUHODFLRQDGDV
6HKDFHUHPLVLyQHQWUHIRUPDVUHODFLRQDGDVFRQ9pDVH
ӝOKL০FKDGMSHTXHxLWRFKLTXLWR
 9pDVHDOKL০FK
7DPELpQVHXVD9pDVHSDUDKDFHUUHPLVLyQDODUWtFXORTXHFRQWLHQHODSDODEUDRIUDVHGHHQWUDGDFRPR
VXEHQWUDGD
ED০DDNVXVWFDVD
x EKL০xEDNVXVWFDVD GHDGREHODGULOORRSLHGUD 
EKL০xEDNVXVWFDVD GHDGREHODGULOORRSLHGUD 
 9pDVHED০DDN

6XEHQWUDGDV
$OILQDOGHODUWtFXORSXHGHKDEHUXQDRPiVVXEHQWUDGDVODVFXDOHVVRQSDODEUDVRIUDVHVTXHVHIRUPDQ
FRQODSDODEUDGHHQWUDGD6LODVXEHQWUDGDWLHQHFDWHJRUtDJUDPDWLFDOWDPELpQDSDUHFHFRPRHQWUDGDGH
RWURDUWtFXOR
DNVXVWUtRDUUR\R
x DNNӝ০QHQHOUtRHQHODUUR\R
x J̴০DNVXVWUtRJUDQGH
J̴০DNVXVWUtRJUDQGH
x J̴০DNFKD০PHQHOUtRJUDQGH

xvii



(ODOIDEHWRWHSHKXDQR

/HWUD (MHPSOR 6LJQLILFDGR
D D০DDW SLRMR
E ELE WDEDFR
EK EKDQ FR\RWH
FK FKLR০x KRPEUH
G GXXN OOXYLD
GK GKL HVWH
H HD GHDFXHUGR
̴ ̴̴S RLJD
J JDD PLOSD
L MLMLL০x LQWHVWLQRV
ӝ ӝ০ӝӝU VDQJUH
M MXN SLQR
N NDNRRQ FXHUYR
OK OKLL QLxLWR
P PDDPDU KLMRV
Q QӝӝQ OHQJXD
x xLxLD০ GHVSHUWDUVH
R R০GDP WHSHKXiQ
S SLLSLOK SROOLWR
U UXUX০[ KDPDFD
V VRRVR০P FROODU
W WDDWDP GLHQWH
X X০XX IOHFKD
[ [LPNӝ০[ FKXSDVDYLD
\ \DDWXL SDSD
০ D০DD০ FXHUQR

([LVWHQFLQFRSDUHVGHOHWUDVTXHUHSUHVHQWDQVRQLGRVVHPHMDQWHV8QDOHWUDGHFDGDSDUUHSUHVHQWDOD
IRUPDDOYHRODUGHOVRQLGR\ODRWUDOHWUDUHSUHVHQWDODIRUPDSDODWDOL]DGD0XFKDVSDODEUDVTXHHPSLH]DQ
FRQXQDGHODVGRVOHWUDVWLHQHQYDULDQWHVTXHHPSLH]DQFRQODRWUDOHWUDSHURHQODPD\RUtDGHORVFDVRV
VRODPHQWHODYDULDQWHPiVFRP~QDSDUHFHFRPRSDODEUDGHHQWUDGDHQHVWHGLFFLRQDULR
)RUPD )RUPD
DOYHRODU SDODWDOL]DGD
W FK
G GK
Q x
U OK
V [
3DUDPiVGHWDOOHVDFHUFDGHORVVRQLGRVTXHHVWDVOHWUDVUHSUHVHQWDQYpDQVHORVFDStWXORVDGHOD
JUDPiWLFDWHSHKXDQDHQODWHUFHUDSDUWHGHHVWHGLFFLRQDULR

xix



$EUHYLDWXUDV

Las siguientes abreviaturas se usan a lo largo de este diccionario:



DGM DGMHWLYR SUHIVXVW SUHILMRVXVWDQWLYDO
DGY DGYHUELR SUHIYHUE SUHILMRYHUEDO
$QWyQ DQWyQLPR SUHS SUHSRVLFLyQ
  SUHV SUHVHQWH
FOtW FOtWLFR SUHW SUHWpULWR
FRPSODQLP FRPSOHPHQWRDQLPDGR SUHY DFFLyQSUHYLD
FRPSOLQDQ FRPSOHPHQWRLQDQLPDGR 3URFOFRS SURFOtWLFRFRSXODWLYR
FRPSOSO FRPSOHPHQWRSOXUDO SURJU SURJUHVLYR
FRPSOSODQLP FRPSOHPHQWRSOXUDODQLPDGR SURQ SURQRPEUH
FRPSOSOLQDQ FRPSOHPHQWRSOXUDOLQDQLPDGR SURS SURSyVLWR
FRQM FRQMXQFLyQ SXQW SUHWpULWRSXQWXDO
FRQW FRQWLQXDWLYR  
FRSUHW FRSUHWpULWR UHS UHSHWLWLYR
  UHV UHVXOWDWLYR
HVSUHJ HVSDxROUHJLRQDO  
  V VXVWDQWLYR
I IHPHQLQR 6LQyQ VLQyQLPR
  VXIV VXILMRVXVWDQWLYDO
*UDP YpDVHOD*UDPiWLFD7HSHKXDQD VXIY VXILMRYHUEDO
  VXMDQLP VXMHWRDQLPDGR
LPSHU LPSHUDWLYR VXMLQDQ VXMHWRLQDQLPDGR
LQWHUM LQWHUMHFFLyQ VXMSO VXMHWRSOXUDO
  VXMSODQLP VXMHWRSOXUDODQLPDGR
OLW OLWHUDOPHQWH VXMSOLQDQ VXMHWRSOXUDOLQDQLPDGR
ORFDVLQJ ORFDWLYRGHODWHUFHUD  
SHUVRQDGHOVLQJXODU
  WUDVO WUDVODGR
P PDVFXOLQR  
PRY HQPRYLPLHQWR 9DU YDULDQWH
  YE YHUERELWUDQVLWLYR
3HM SRUHMHPSOR YH YHUERHVWDWLYR
SDUW SDUWtFXOD YL YHUERLQWUDQVLWLYR
SO SOXUDO YU YHUERUHIOH[LYRRUHFtSURFR
SRV SRVHVLyQGHWRGDVODVSHUVRQDV YW YHUERWUDQVLWLYR
H[FHSWRODWHUFHUDGHOVLQJXODU
SRVDVLQJ SRVHVLyQGHODWHUFHUD  
SHUVRQDGHOVLQJXODU

3DUDPiVGHWDOOHVDFHUFDGHORVFRQFHSWRVTXHHVWDVDEUHYLDWXUDVUHSUHVHQWDQYpDQVHORVFDStWXORVD
GHODJUDPiWLFDWHSHKXDQDHQODWHUFHUDSDUWHGHHVWHGLFFLRQDULR

xxi
Primera parte:
Diccionario tepehuán–español
 6'2'*7ƒ0Ê'52#“1. CCI©V

&CKDJCDZK³EJCCP©MtLWRMCK¡EJIWV©©[CZ
t0QFKEGPCFCVWCDWGNCFGNEJKXQSWGOG
JCD¯CRGFKFQ!tRTGIWPVµ4QPKNCt0QPQFKEG

#
PCFC5QNCOGPVGOGRKFKµHTKLQNGUtEQPVGUVµNC
OWEJCEJC
FGEKTFGENCTCTOCPKHGUVCT
NQQEWNVQ $JCK¡O
MCZKOMWWRC¡PQ¡REJCOVWCCIC¡6GXCPC
GPEGTTCTUKPQFGENCTCUNQSWGJKEKUVG
CCRCTV5GWUCGPRTGIWPVCURCTCEQPHKTOCTNQSWG
=RTGVCCRTGUCC¡EQPVCC¡PFC¡EQRTGVCCICV
RCTGEGUGTEKGTVQ%JCODJCK¡CCPCRRWK¡RZK TGUCCIKZ?
LCV©VFCFC¡PCOLCZLWOV©VFC!#CRIW¡OQQ CCIC¡XaVSWGTGTFGEKFKTCEGRVCT/QQRKO
OK¡R©ZRWVÀMÀÀ0QGUVCT¯CDKGPSWGNGU CNJLKZKQ¡OZKIWIWWZK¡³FJC¡PCDC¡CCIC¡PC
FKICUNQSWGGNNQUVGFKLGTQP!2QTSWGV¼PCFCO£U LCK¡LKOKC¡DJCOO©-QTKCPPCVWOC¡IC¡
GUVCDCUGUEWEJCPFQ=5GRTQPWPEKCUKPRCWUC 6TCVGPFGCPKOCTNGRCTCSWG«NVCODK«PCEGRVGKT
INQVCNCNRTKPEKRKQ[EQPVQPQCNVQ)TCO? CNCLWPVCGP&WTCPIQ
CC=RTGVFGCCIC¡?2GLVWCCFKLQ
XaKHCNVCT
VKGORQ #NJK¡EJR©ZDCCCI©VPCEJ
CC=RTGVFGCCIC¡?2GLLWOCCRGPUµ DCV©UFKC¡DJCOO©FCCOF©T(CNVCRQSWKVQ
RCTCSWGUWDCOQUCNN£
CCEJRTQPPQUQVTQUÎ&JQCCEJLC¡RLCPKR©Z
XaTSWGTGTRGPUCTt,CZLCRLWOCC¡,QUGG
MCK¡³MCOO©L©VWOLQQEJZKÏLWRMCK¡EJCOIW
PC³RWK¡OV©VFCPCREJCOVWLWCPCVQKT©FC¡!
Q¡TQUKKTKUÎ2WGUPQUQVTQUXGPKOQUCNNCOCTNG
/K¡RWK¡LKOKC¡CRCCMC¡EJCOCC!tLWR
EQPWPUQNQRTQRµUKVQÏFKLGTQPNQUCNIWCEKNGU
MCK¡EJIWF©¡©©¡Pt/K¡RWK¡LKOKC¡K³LKtLWR
PQUCPQUQVTQU#CEJLCOUCRD©©R©¡LKEJ
MCK¡EJIW,QUGGt3W«GUV£URGPUCPFQ,QU«
OCMKC¡IWVWWOK³PCRCK¡FJWWMLKEJWO
RCTCSWGFKICUSWGPQJCEGUPCFC!6GXCUC
OCMKC¡&KEGPSWGPQUXCPCFCTGNTGRCTVQC
RQTVCTDKGPQPQ!tRTGIWPVµUWOCO£t#U¯GU
PQUQVTQURTKOGTQ
tEQPVGUVµ,QU«
=)TCO?
XaTPGEGUKVCTTGSWGTKT,KZOW¡WWMDCK³FJCU
♦CCEJK¡PQUQVTQUCPQUQVTQU
GPH£VKEQ 
M©¡PLWOCC¡PC³KCTC¡FJKLWMPCIW¡T
♦LKTCCEJIC¡PGUPWGUVTQ
UCTDJCM'UPGEGUCTKQWUCTWPCJCEJCDKGP
CCFC¡XaVRQPGTUG
RCPVCNµPHCNFCQ\CRCVQU  HKNQUCRCTCVWODCTGUVGRKPQRQTSWGGUV£ITWGUQ
,CZLCRVW¡OCCFC¡IWOUCDWKTCZIWZ XaTRTGQEWRCTUG,C¡ROQQEJCOLCZLKTLWO
EJ©©FW¡CCMC¡IWZEJWMCC!%W£NGU CC¡PFCOLKCIW³ZKKZ6©©¡PCDC¡EJCOLCZ
RCPVCNQPGUVGXCUCRQPGTNQUC\WNGUQNQU LWOCC¡UKCMWVDCOWWIWD©PIC¡P0CFCNG
PGITQU!=RTGVCKRTGUCC¡PEQPVC¡FCFC¡Q CHGEVCCOKJGTOCPQRWGUH¯LGUGSWGPQUG
C¡PMC¡? RTGQEWRCFGPCFCCWPSWGUGOWTKµUWGURQUC
CCFKOKC¡=XCTFGCTFKOKC¡?EQTTGVGCTRGTUGIWKT =RTGVCCRTGUCC¡EQPVCC¡PFC¡EQRTGVCCI©VQ
CCFJK¡³MC¡=EQPVFGCC¡³FJC¡?GUVCT CCIKO©M?
RQPK«PFQUGNQ
RCPVCNµPHCNFCQ\CRCVQUCQVTC ♦LK³C¡OLWOCC¡OGGUPGEGUCTKQ
RGTUQPC  ♦PCCCI©VLWRMCK¡EJSWGUGTGHKGTGC
CCIC¡XaVFGEKTCPWPEKCTFCTCEQPQEGT/QQ ♦PQ¡OQQRCC¡PFC¡I©VUKSWKUKGTC
♦LKZDWCOLWOCC¡GUV£VTKUVG
RKOVÀMÀÀMC¡PCOLCTQK¡DJCK¡LKCCIC¡PCTLKZ
MCK¡MC¡'UV«PCVGPVQUEWCPFQCPWPEKGPSWK«P ♦EJCOLCZLKTLWOCC¡PFCOPCFCNGCHGEVC
XCCUGTGNIQDGTPCFQT ♦EJC¡RLCZLWOCC¡PFC¡PQVGRTGQEWRGU
GUVCDNGEGTKPUVKVWKT
EQOQEQUVWODTG ,WR ♦CC¡XaGSWGTGTFGUGCTCOCT
CCIKO©M=EQRTGVFGCCIC¡?SWGT¯C8CTCCI©V
MCK¡EJFJC¡COIW¡PCUCRRWK¡LC¡MCCIKZPCEJ
V©P©¡FC¡IWZKQVCNJ5GFKEGSWGGUV£ CCIKO©M=EQRTGVFGCC¡?2GLLKZCCIKO©M
GUVCDNGEKFQEQOQEQUVWODTGSWGDCKNGOQUGN FGUGCDC8CTCCI©V
OKVQVG
CCIK¡³=RTGUFGCC¡³FJC¡?KPHQTOCFKEG
TGENCOCT
NQRGFKFQ t%JCODJCCC¡CCIW
CCI©V=EQRTGVFGCCIC¡?SWGT¯C8CTCCIKO©M
MCTDCZIWIÀ¡OPCCPPCMC³EJCCP©V!tLWR
MCK¡EJIW4QPKKNCt%JCCORCK¡LCZMCK¡EJ
CCI©V 6'2'*7ƒ0Ê'52#“1. 

CCI©V=EQRTGVFGCC¡?2GLLKZCCI©VFGUGCDC XaKNNGICT
EKGTVQF¯C ECGT
GPWPCHGEJC 
8CTCCIKO©M 2CCFWWMCC[C¡IWUKPKKU!'PSW«HGEJCECG
CCLKFJC¡=EQPVFGCC[C¡?GUVCTNNGICPFQ GNOK«TEQNGUFGEGPK\C!
CCLKO=RTQITFGCC[C¡?GUV£NNGICPFQ
=RTGVCKRTGUC¡L©EQPVCCLKFJC¡RTGXÀÀLK
RTQITCCLKORWPVÀÀM?
CCLKO=RTQITFGCC[C¡?GUV£CNECP\CPFQ
CC[C¡XaVCNECP\CTNNGICT
CEQIGT /K¡FJ©T

CC³RTQP[Q,CTQQ©¡MKC¡FJKMW¡CC¡CC³K¡ KCODJC³DJ©K¡³IW³DQPCCOPCROKC¡PFCC
CCMC¡CCRK¡CC!3WK«PXCCEQTVCTGUVCNG³C %JCOVWCKZK³[C¡F©T6¼SWGGUV£UO£UEGTEC
V¼Q[Q! FCOGOKUQODTGTQRQTHCXQTRWGU[QPQNQ
OGCO¯#C³COR©ZRWK¡EJCODJCK¡VW CNECP\QFGUFGCSW¯
VCVFC¡ZKDFJKVCPQQNJ6W¡PCDC¡!0QOG XaVCNECP\CTUGTUWHKEKGPVG%JCOFJQD©©Z
UKGPVQOW[DKGPCJQTC2QTSW«UGT£! LKEJCC[C¡IWMCNFWPCVIW¡CNJK¡EJVWOWCIW
=)TCO? FW³DKC¡MCO0QPQUXCCCNECP\CTGNECNFQ
♦CC³K¡[QCO¯
GPH£VKEQ  RQTSWGGNOC[QTFQOQOCVµWPDGEGTTQOW[
♦LKTCC³IC¡PGUO¯Q EJKSWKVQ
CCRRTQPV¼WUVGF#CRCCDCK¡³EJW¡FJK XaKECDGT
GPWPTGEKRKGPVG 'CROK¡ZKICCO
ICIQQZ!-C¡LCTQQIKIC¡PLK!'TGUV¼SWKGP IWLWWPFJK¡³KIÀ¡VQQODJCK¡OMCTVC¡OL©¡M
VTCGGUVGRGTTQ!1SWK«PNQVTCGT£! R©MLCPGG¡OKCC[C¡2QPICGPGUVGEQUVCNNCU
VGCVKNGCWUVGFt6CZEJCCDDC¡tLWR OGFKFCUFGOC¯\SWGSWGRCP
MCK¡EJIW,WCPt#CRK¡LKtLWRMCK¡EJIW UGT
WPCECPVKFCF ,©¡MLCOCKZIWUCUQKIC¡P
2GGITQt/WEJCUITCEKCUtFKLQ,WCPt# IWOMQORCCNJD©©ZLCOCCOCTM©¡P!
WUVGFtTGURQPFKµ2GFTQ %W£PVQUUQPNQUCPKOCNGUFGVWEQORCFTGEQP
=)TCO? VQFQ[UWUET¯CU!
♦CCRK¡V¼CVK
GPH£VKEQ  ECDGTSWGFCTUG
FGVCNNC ,KZFJWUCCTCOLK³
♦LKTCCRIC¡PGUVW[QGUFGWUVGF CKZFJKRCPVCNQQPMWDC¡IW¡COI©ZKC¡LKPC³
RCK¡FJWWMDCMWCPC¡PCIW¡DJCK¡LKUQ¡NJMC¡
CCRK¡ORTQPWUVGFGU#CRK¡OLKTLWO /GSWGFCPHNQLQUGUVQURCPVCNQPGURGTQUGOG
U©URKFJKOCC!5QPJGTOCPQUWUVGFGU!
XCPCCLWUVCTDKGPEWCPFQNQUNCXGRQTSWGUGXCP
CWUVGFGU#CRK¡OUCRD©©R©¡LCO
CGPEQIGT
RCNJDWKFJC¡COCCEJDC¡ICVWWM&KEGPSWG
=RTGVCKRTGUCKZEQPVC¡L©¡PFC¡RTQITCCLKO
XCPCC[WFCTNQUCWUVGFGURTKOGTQ[FGURW«UC
TGUCKZKO?
PQUQVTQU
CC[C¡XaVGPHGTOCTEQPVCIKCT%JCOVWLCÀÀ
=)TCO?
♦LKTCCRK¡OIC¡PGUFGWUVGFGU CCOWLC¡RIWLC¡VMCO!;C¡OQQLC¡RLKTOCC¡P
CC[C¡XaVCNECP\CT#CRICOCK¡DCLKOFC¡
LKPCOR©ZLKO[CCUCR0QUGGPHGTOCNCIGPVG
RQTCNN£!#SW¯UGOWGTGP
NKVNQUGPVKGTTCP OW[
)COCLC¡MLC³DCOCC[C¡6¼UKIWGECOKPCPFQ UGIWKFQ=RTGVCKRTGUÀÀEQPVÀÀFC¡?
[O£UCNN£VGCNECP\Q CC¡XaGSWGTGTFGUGCT
JCEGTCNIQ 6W¡R
XaVCVKPCTFCTNGCNDNCPEQ
RQTVKTCT #K
RKEJCCIWDJQ¡OMQZPCROWMCOC¡[CUCV! M©¡PLKZCC¡PC³LWOPCOMKFJC¡LWWPM©¡PCC
.GCVKPCUVGCNVGEJCNQVGSWGGUVCDCUEC\CPFQ MC¡VWWOK³M©¡PCC!%QPSW«SWKGTGUSWGVG

NKVVKTCPFQ CNN£! RCIWGEQPOC¯\QEQPFKPGTQ!
XaKNNGICT
VKGORQRNC\Q $COCKPC³RCK¡ SWGTGTCOCT
CWPCRGTUQPC )COO©L©LKZ
FJWWMVWPCOMKFJC¡OWOOWPCO©VRCK¡VW³ DJCK¡ZKOFWK³EJW¡PFC¡FJK,QUGGUCRPCDC¡Z
CDKCTW;CNNGIµGNVKGORQFGRCICTCNN£FQPFG CC¡PFC¡IW.WWRK,QU«UKGORTGXKGPGDKGP
OGFKGTQPHCEKNKFCFGU CTTGINCFQRCTCSWG.WRGNQSWKGTC
XaKNNGICT
CWPNWICT 2CCUCRFWWM[C =EQPVCC¡PFC¡EQRTGVCCI©VQCCIKO©MEQRLKZ?
CC[C¡IW³EJCVCNJ!%W£PFQFKLQOKV¯QSWG 8«CUGCCIC¡
CC¡=RTGUFGCCIC¡?2GLVWCC¡FKEG
KDCCNNGICTCSW¯!
XaKNNGICTCNECP\CT
CEKGTVCFKUVCPEKC ,©¡Z CC¡=RTGUFGCCIC¡?2GLLWOCC¡TGSWKGTG
O©MVWC¡L©FJKOW¡WW!3W«VCPNGLQUNNGICP RKGPUC
VWUHNGEJCU!
 6'2'*7ƒ0Ê'52#“1. CKEJFJC¡

CC¡P=RTGUFGCCFC¡?UGNQRQPG
RCPVCNµPHCNFCQ CDKCTZKOCFXDKGPRTGRCTCFQ
EQPDWGPCTQRC[
\CRCVQU  CTOCU ,C¡ROQQCDKCTZKOOKLC¡RZKM©©MIW
CC¡PFC¡=EQPVFGCCIC¡?GUVCTFKEKGPFQ 5CCPVWUD©©R©¡PC³KEJOWLC¡RDJ©K-QPCUWWR
CC¡PFC¡=EQPVFGCCIC¡?GUVCTRGPUCPFQ PC³KEJVWUCDC¡PO©TCM*CEGTCVQEWCPFQHWK
CEQORTCTCNC%QPCUWRQ5CPVQUGUVCDCCNN¯DKGP
CC¡PFC¡=EQPVFGCC¡?2GLLKZCC¡PFC¡GUVCT
XGUVKFQ[CTOCFQ=GURCXKCT?
SWGTKGPFQ
CDKQPUCXKµP,QKFJCOV©P©P©¡COIWC¡DKQP
CC¡³FJC¡XaDKPHQTOCTCXKUCT#CRR©Z
LC¡RPCVW¡W¡LK¡.QUCXKQPGUXWGNCPEQOQ
CC¡³FJC¡LK&©©NJLKZOCCVPQ¡DJCLKOFC¡ R£LCTQU=RNC¡DKQP?
RKCOMWEJCO6¼PCFCO£UNGCXKUCU‹N
CDWKNUCDWGNC)COO©L©V©F©©PFC¡IW³CDWKN
OKUOQFGEKFKT£UKXKGPGQPQ
FWK³MCTVC¡O/K¡ZKIC¡OWVIWDKD/KCDWGNC
KPHQTOCTGZRNKECT'COCKM/WPKFJ©T
HWOCRKRCVQFQGNVKGORQNGRQPGVCDCEQ
MQQMDC¡PLC³OWVWLCOCC¡³FJC¡PCRCK¡U©NJ
PKGVQPKGVC
FGOWLGT &JQDCTLCI©¡LKIW³
DJ©KZIWDQK2WGUX£OQPQU[O£UCNN£GPGN
DCDQQNJ6©©¡IÀ¡IÀTDCVWC¡DWKN/KV¯C[CGU
DQTFGFGNEGTTQNGUGZRNKEQGZCEVCOGPVGFµPFGXC
OW[CPEKCPCRWGU[CVKGPGPKGVQUITCPFGU
GNECOKPQ
V¯CCDWGNC
KPHQTOCTGPUG³CT-CDWKOWMLC³OQQIKQ
UQDTKPQUQDTKPC
FGOWLGT 
DJCK¡RLKOPCRDC¡IKQRLK³CCIK¡³FJC¡PCLCZ
=RNC¡DWKNCRQUCDWKNC¡PC¡DWKNC¡P?
LC¡MLWODWCIWLKMRC¡/C³CPCTGITGUQRCTC
5KPµPIÀ¡PCCP
SWGOGGPUG³GUQVTCXG\EµOQJCEGTNCVTGP\C
FGEKTQHTGEGT
CEKGTVQRTGEKQ ,KZFJC¡TCO CDJCCTCFLDQPKVQd,C¡ROQQZCDJCCTFJKO
LCRKOOQQZKCCIK¡³FJC¡PCDC¡EJCOLKTVW¡ MKEJCCT/QQREJK³IC¡NJKFJC¡d3W«DQPKVC
MWDMC¡&¯ICPNGWPRTGEKQCNVQRCTCSWGXCNIC GUV£VWIWKVCTTC5GT¯CDWGPQSWGOGNC
NCRGPCXGPF«TUGNQ XGPFKGTCU=RNC¡DJCTEQRLKZ?
FGEKTKPFKECT-CDWKOWMLC³DJCDJ©KTC¡IW ♦EJWCDJCCTCFLDQPKVQ
£TGC 
MCUPKTIWK¡PC[C¡LCD©PVCVW¡IWCCRIC¡P&CK CK=RTGVFGCCFC¡?UGNQRWUQ
RCPVCNµPHCNFCQ

PCRLK³CCIK¡³FJC¡PCLCZEJW¡OLKTFK¡ \CRCVQU 
/C³CPCXGPIQRQTGNDQTTGIQSWGCPFCCSW¯ CK=RTGVFGCC[C¡?NNGIµ
LWPVQEQPNQUVW[QUPCFCO£UOGFKEGUEW£NGU CK=RTGVFGCC[C¡?NQCNECP\µ
=RTGVCC¡³RTGUCCIK¡³?
CK=RTGVFGCC[C¡?UGGPHGTOµ
CC¡³FJC¡XaDRQPGT
RCPVCNµPHCNFCQ\CRCVQU

CQVTCRGTUQPC ,KZOCCV©VCCRC¡FCIWO CKEJFJC¡XaVVTCGTNNGXCTJCEGTNNGICT2CC


UCRCCVWKZMC¡³LKOCC¡³FJC¡CC!5CDGU UCRFWWM[CVWOCKEJFJC¡IWMCM³K¡PCEJKEJ
RQPGTVGNQU\CRCVQUQVGNQURQPIQ! VWLQQV!%W£PFQXCPCVTCGTNCTQRCSWG
XaTXGUVKTUGCTTGINCTUG-KC¡R©ZCCRDCO RGFKOQU!
C¡FJK¡³!2CCEJDC¡FWWMLWRCC[C¡DJCOO© JCEGTNNGICT
CNVKTCTQCNNCP\CT ,©¡ZLCRO©M
)KQVCOPCROQQLC¡RUCCNJ!#RGPCUVGGUV£U VWCK¡EJW¡PPCRVWOWOWW[C¡IWW¡WW!3W«
XKUVKGPFQ!%W£PFQXCOQUCNNGICTC.NCPQ VCPNGLQURWGFGUJCEGTNNGICTHNGEJCUEQPWP
)TCPFGUKV¼PQVGCRWTCU! CTEQ!
=RTGVCC¡³RTGUC¡FJK¡³EQPVCCFJK¡³MC¡? NNGICTVGTOKPCT
FKUVCPEKC 2CCLWWI©V
CKEJFJKZFJKDQKPCOWK¡DCODJ©KEJFJKFJCV!
CC¡³ZKFJC¡XaVDWTNCTUGKOKVCT-CPKUCRFJK
*CUVCFµPFGGUV£VGTOKPCFQGNECOKPQSWG
#TPWNRQCC¡³ZK¡³O©TC¡PCUWCMIWCNJKK,C¡R
GUVCDCPEQPUVTW[GPFQJCEKCCNN£!
LWOCC¡PCRWK¡LC¡MEJCOMCUWCMFC¡#TPWNHQ
VGTOKPCTEWORNKT
VKGORQUG³CNCFQ 5CRPQ¡³
KT£CDWTNCTUGFGNPK³QEWCPFQNNQTG3WKGTGSWG
LKZCC¡PC³LKTOCMI©OMC¡LKZEJCOCCO
XGCOQURQTSWGRKGPUCSWGCU¯NQCPKOCT£CPQ
QKFJC¡UCRLWOCC¡PC³CKEJFJC¡PC³LK³
NNQTCT=RTGVCC¡³ZKRTGUCC¡³ZK¡³?
ZKZFJWVW¡PFC¡5GFKEGSWGUKSWKGTQUGT
CDKCTW¡XaVHKCT,K³CDKCTW¡CRMKC¡IQQMLCPGG¡ EWTCPFGTQVGPIQSWGEWORNKTEKPEQC³QUFG
IWLWWP$KCTPKULC³LWOPCOMKFJC¡(¯COG CDUVKPGPEKCTKVWCN
8«CUGZKFJWWVFC¡RCTCWPC
EKGPOGFKFCUFGOC¯\6GRCIQGNXKGTPGU GZRNKECEKµPFGCDUVKPGPEKCTKVWCN 
=RTGVCDKCTWGURCXKCT? =RTGVCKEJRTGUCK¡EJW¡P?
CKEJWNJFJC¡ 6'2'*7ƒ0Ê'52#“1. 

CKEJWNJFJC¡XaDNNGXCTVTCGTJCEGTNNGICT
C CNN£GPGNEGTTQRQTSWGGUV£TGUDCNQUQRWGUNCU
QVTCRGTUQPC -CDWKOWMLCOUCR[C¡MC³ TQECUNKUCUGUV£POQLCFCU=RNC¡CK¡EQRLKZ?
CKEJWNJFJC¡IW³ZKKTPC³KEJVWVCK³DWK ♦CK¡EJC¡OGPNCUNCLCU
/C³CPCOGXCPCVTCGTNCUKNNCFGOQPVCTSWGNGU CK¡EJWNJK¡³=RTGUFGCKEJWNJFJC¡?UGNQNNGXC
RTGUV«
CK¡EJWZFJC¡XaVJCDNCTOCNOWTOWTCT
FG
EQORNGVCT
ECPVKFCF[CHKLCFC $C
CNIWKGP ETKVKECT
CCNIWKGP #NJLCEJOQQD©©Z
CKEJWNJFJKZCCIWVWWOK³IW-CNKKUVTWPC
CKZKOCK¡EJWZFJC¡FJKOCKOMCOPCEJLCZCCLK
UCCML©¡MDJCCC¡PCRKOPCOMKFJC¡!;C
DJCOO©MKKEJCO6W¡MWDC¡DJCLC¡MDWCO
EQORNGVCTQPNCECPVKFCFFGFKPGTQSWG%CNKZVQ
LKEJDWC8COQUCFGEKTOWEJCUEQUCUOCNCUFG
SWKGTGSWGNGRCIWGP!
GUGDQTTCEJQEWCPFQNNGIWGOQUCUWTCPEJQRWGU
=RTGVCKEJWNJRTGUCK¡EJWNJK¡³?
PQVKGPGECUQSWGGUV«OQNGUV£PFQPQU
ÊCK³=XCTFGÊK³?+PFKECKORGTCVKXQEQPWTIGPEKC =RTGVCK¡EJWZRTGUCK¡EJWZK¡³?
CKZCFLSWGUGETGGRQN¯VKEQ:KDIWLC¡VMCO
CK¡EJW¡P=RTGUFGCKEJFJC¡?NQVTCGNQNNGXC
D©©ZR©ZDCZC¡CKZCOKCOR©ZPCVIW¡[CLC¡R
CMUT¯QCTTQ[Q7K¡ZFJCMIWUWWFCK¡IW
DCLCK¡EJFJ©TIWKUMQGNCU#JQTCECUKVQFCNC
UWWUMC¡PIW#NWRTGGFQPCVOWK¡V©KLKLWTPC
IGPVGUGETGGRQN¯VKECRQTSWG[CJC[GUEWGNCURQT
IW¡IKKNJKOIÀ¡LKOOWCMM©¡PPCVIW¡MKC¡R©Z
CSW¯
.CIGPVGRQTJCDGTGUVWFKCFQWPRQEQO£U
FWW¡P'NCIWCUGNNGXµNQUJWCTCEJGUFG#NHTGFQ
VKGPGNCKFGCFGSWGRWGFGNNGICTCUGTCWVQTKFCF
EWCPFQSWKUQETW\CTRWGUGNT¯QGUV£OW[ETGEKFQ
OQUVTCPFQNQUEQPQEKOKGPVQUSWGVKGPG 
RQTSWGCRGPCUNNQXKµ=RNC¡CM?
DWGPQRCTCJCDNCTUCDGSW«FGEKT#C³OQQ
♦CMM©¡PGPGNT¯QGPGNCTTQ[Q
EJCO³KQMCVFCCMC¡MCDWKOWMPQ¡VDCLK
♦IÀ¡CMUT¯QITCPFG
EJWOC¡ICPC³IW¡EJCOCKZPC³LCZV©¡[C¡
/GSWGFCT«ECNNCFQOC³CPCEWCPFQGORKGEGNC CMZKFJC¡XaVJCEGTWPECPCN
RCTCFGUXKCTGN
LWPVCRQTSWGPQU«SW«FGEKTEWCPFQJCDNQ CIWC )CKFJ©TLCEJMCZKCMZKFJCKCNJKQFJK
=RNC¡CKZEQRLKZ? UWWFCK¡PCEJL©¡ZR©ZK¡EJW¡PCIW¡OK¡R©MO©T
CKZ=RTGUFGCC[C¡?NQCNECP\C PCEJRCK¡Q¡NJKCEJKC¡8COQUCJCEGTWPECPCN
RCTCSWGGNCIWCEQTTCCWPNCFQOKGPVTCU
CKZKOCFXUWHKEKGPVG/CC¡PLKFJQQTCKZKO
VQOCOQURWGUNNGICCSW¯FQPFGPQUXCOQUC
LCRLK³IC¡NJKFJC¡IWDJCD2QTHCXQTX«PFCOG CTTQFKNNCT=RTGVCMZKRTGUCMZK¡³?
UWHKEKGPVGUHTKLQNGURCTCRTGRCTCTWPCQNNC 5KPµPCRCC³EJKEJFJC¡
FGOWEJCUEQUCUFGOWEJCUOCPGTCU#KZKO
V©KZKMCK¡EJPCEJLCZFJWKDJCCPLKEJ
CNJRCTV+PFKECECTK³QQCHGEVQ5C¡QK¡IW³
CNJKKEJWMUCRCNJDCZDJKQ¡2QDTGEKVQFGOK
IWIWWZFJC¡.QFKEGFGOWEJCUOCPGTCURCTC
JKLQVKGPGJCODTG
SWGPQUCPKOGOQU
+PFKECUCVKUHCEEKµP#NJOQQZKQ¡ODJCLKO
EQOQSWKGTCt,CZLCRKO©NJKK¡³!,KTCO
IWFWWM/QQDCMUWUFW[C¡IWUWWFCK¡O©L©
CCPCEJDCCU©¡PZKEJL©©RFJCKUGTTCV!tLWR
LC¡RCMM©¡P.CNNWXKCXKGPGOW[HWGTVGd3W«
MCK¡EJIW2GGITQt#KZKOLKCtLWRMCK¡EJIW
DWGPQ2QTSWGGNCTTQ[QUGXCCNNGPCTFGCIWC
,WCPt3W«RKGPUCPWUVGFGU!0QUGT¯CDWGPQ
SWGFGUECPUGOQUWPTCVQO£UCNN£!tRTGIWPVµ CNJKKUPK³QPK³C%JCOQDI©¡NJKOFJKCNJKK
2GFTQt%QOQSWKGTCtEQPVGUVµ,WCP PCIW¡EJCODJCK¡VWMWC¡'UVGPK³QPQETGEG
♦D©©ZCKZKOVW¡OCFXFGVQFCENCUGFG T£RKFQRQTSWGPQEQOGDKGP=RNC¡CCNJ
OWEJQUVKRQU CRQUCNJKKEJWIK¡³C¡CCNJEJWIK¡³?
CKZKO=TGUFGCC[C¡?EWRQ ♦LK³CNJKKEJWMOKJKLKVQOKJKLKVC
♦CNJKKEJKQ¡³PK³Q
CKZMCOCFLRQN¯VKEQ,CZR©PV©©¡IWZCKZMCO ♦CNJKKWDKKPK³C
PCVDJCK¡VWC¡ICVCMCCDPCDJCK¡TC¡IKEJCO
♦NJKKUPK³KVQPK³KVC
V«TOKPQFGECTK³Q 
MCV!%µOQUGNNCOCGNRQN¯VKEQGNSWGJCDNµ
C[GTGPNCLWPVC!=RNC¡CKZMCOEQRLKZ? CNJKQCFXRQTWPTCVQ#NJKQ³ZKEJWMCMRKCUCK
IWRKNQQVPC³DC¡DCLKOKC¡8Q[CLWICTWP
CK¡CFLSWGGUTQECSWGJC[NCLCU,C¡ROQQ TCVQEQPGUVCRGNQVCCPVGUFGKTOG5KPµPUGTTCV
EJCODJCK¡VWOQKT©DJCOO©QKFJC¡VC¡OPC
IW¡IKKNJKOLKZEJWFC¡PRKMPCIW¡ZEJWDCC¡ CNJKQMCOU5GTGHKGTGCWPCRGTUQPCSWGVKGPG
DJCLC¡RPCL©¡ZLKZC¡CK¡'UOW[FKH¯EKNECOKPCT OGPQUCWVQTKFCFSWGQVTC%JC¡R³KQMCVOWDC
 6'2'*7ƒ0Ê'52#“1. CTFKOKC¡

MQZKC¡0CUMWEJVW¡TLWOCNJKQMCOMWRDC¡ CMEJCKOOK³IC¡DJCTCOPCOKO©OTCFC¡IW
DJCLC¡MRW³EJ©VFC&«LCOGGPRC\[ UWWFCK¡'NCIWCEQTTKµRQTOKOKNRCGJK\QWPC
FW«TOGVG0QVKGPGUPKPIWPCCWVQTKFCFUQDTGO¯ ITCP\CPLCGPGNNC
RCTCSWGOGFKICUEQUCUCU¯=RNC¡NJKQMCO =5GRTGUGPVCGPUWUVCPVKXQURQUGUKXQUFGRTKOGTC
CRQUCNJKQMCOW¡PC¡NJKQMCOW¡P? [UGIWPFCRGTUQPCVCPVQFGNUKPIWNCTEQOQFGN
5KPµPLWRCCDMCO RNWTCN?8«CUGÊTCO
CNJK¡EJCFLRGSWG³QEJKEQ:K¡TCNJK¡EJFJK COUWHaX+PFKECUWLGVQFGNCVGTEGTCRGTUQPCFGN

DC¡CCM%JCOIÀ¡VWDJCK¡'UVCECUCGU RNWTCNt,CTQQOI©©¡5KKITQMWRDC¡UWCM!
FGOCUKCFQEJKEC0QJC[NWICTUWHKEKGPVG tV©MMCIWVCCVC¡Pt&JQIW¡³KCOPCO©V
=RNC¡NJKEJEQRLKT?8«CUG©NJK¡EJ D©©ZFJ©VDJCK¡LKDQQRtLWRMCK¡EJIW5KKITQ
♦CNJK¡EJLWOFWWMCORGSWG³CEQUC t3WK«PVGRGIµ+UKFTQ!2QTSW«NNQTCU!tNG
♦CNJK¡EJM©©MCOGODCTC\CFC
OWLGT  RTGIWPVCUWRCR£t2QTSWGGNNQUXKPKGTQPVQFQU
CNJK¡EJCFXWPRQEQ#NJK¡EJRWROKZKDJK¡³ LWPVQUCRGICTOGtEQPVGUVµ+UKFTQ
IWDJCDFJK,WNKCP%JCOIW¡OQQZDJKQ¡PCV =)TCO?8CTÊOLCO
IW¡MKC¡R©Z[CCK5¯TXCNGWPRQEQO£UFG CO©TFCVCFXCIWUVQ
UKPPKPI¼PRGPFKGPVG /W
HTKLQNGUC,WNK£PETGQSWGVKGPGJCODTGRQTSWG ZKLCV©©¡IWMCMCTDCZCCRIW¡LC¡ROQQCO
CECDCFGNNGICT ©TFCVDQ¡8GCGPEQPVTCTCNCUEJKXCUV¼SWG
CNJK¡EJEJCPQQNJUF¯CEQTVQ
KPXKGTPQ  GUV£UCEQUVCFQCNN¯UKPPKPI¼PRGPFKGPVG
-CVWMICDLCEJLKOKC¡PCEJDC¡O©MCC[C¡PC 5KPµPNCCVW
IW¡TCNJK¡EJEJCPQQNJ0QUXCOQUGPNC COR©MCFXGZCEVCOGPVGRTGEKUCOGPVG#C³
OCFTWICFCRCTCRQFGTNNGICTNQO£UNGLQU COR©MPCDFJKTCK[C¡DCCC[C¡PCUCCMLC¡Z³K
RQTSWGGUOW[EQTVQGNF¯C#PVµPIÀ¡VCPQQNJ DJCLKOFC¡IWZMCK¡8Q[CEC\CTRGTQ
CNJK¡EJEJWMCC¡UPQEJGEQTVC-KC¡R©ZLC³DCZ TGITGUCT«RTGEKUCOGPVGEWCPFQXGPICGN
MQQZKOMCVEJCOZKOLWRDCZKC¡$CMIW¡T IQDGTPCFQT
CNJK¡EJEJWMCC¡#RGPCUOGKDCCFCTUWG³Q COR©ZCFXGZCEVCOGPVGCFGEWCFCOGPVG
PKO£U
EWCPFQCOCPGEKµRWGUNCPQEJGHWGOW[EQTVC PKOGPQU #OR©ZLC³KEJ[C¡LKCKPCVDJCK¡LK
8«CUGVWMCC¡ FJWW¡PLKZKQ¡O.NGIW«CSW¯GZCEVCOGPVG
CNJK¡EJLWOFWWMCO=CPVµPFGIÀ¡RLWO EWCPFQGORG\µCNNQXGTOW[HWGTVG
FWWMCO?RGSWG³CEQUC COWWDCFXEGTSWKVC
PQOW[NGLQU ,KZQ¡ZDK¡
CNJOQQKPVGTLCJQTCXGT£#NJLC³OQQ IWVWMWWTPQ¡COWWDMWWLK³MK¡CCO'UOCN
³KQMFJC¡IW4QQUC#JQTCXGT£XQ[CTGIC³CT RTGUCIKQUKGNVGEQNQVGECPVCEGTECFGOKECUC
C4QUC CRUWHaX+PFKECUWLGVQFGNCUGIWPFCRGTUQPCFGN
COCFXOW[DKGP#OLKZLWWMMCODCMCK¡EJ UKPIWNCT-CZKMWCPC¡CRFJKOMWVWWPPQ¡IW¡
FJK,WNKCP)W¡EJKOQQLC¡RIÀ¡IÀTDJCK¡ZK IKKNJKOLKZEJCVQK³2WGFGUSWKVCTVGNCECOKUC
KQ¡&KEGPSWG,WNK£P[CGUV£DKGPVQOCFQETGQ UKJCEGOWEJQECNQT=)TCO?8CTÊRLCR
SWGVQOCFGOCUKCFQ CRCC³EJKEJFJC¡XaVJCEGTWPECPCN
RCTC
COCFLDKGP,CZMWRDC¡OK¡LC¡MCMZKFJCKO RTQVGIGTNCECUC :KCRCC³EJKEJFJC¡RKOO©L©
FJKUWWFCK¡!%JCOCCOK¡RWK¡TCOPCLCZDC F©TLC¡RFJKDC¡CCMPCDC¡EJCODJCDCMKC¡IW
O©T!2QTSW«GUV£UFGUXKCPFQGNCIWC!0QGUV£ UWWFCK¡PCDJCK¡DCFWWMKO*CICPWPECPCN
DKGPCU¯EQOQEQTTG!=EQRLKT? CNTGFGFQTFGNCECUCRCTCSWGPQGPVTGGNCIWC
CORQURGPGPEKOCFG
RCTVGFGNEWGTRQ 
RWGU[CXCCGORG\CTCNNQXGT
=RTGVCRCC³EJKEJRTGUCRCC³EJKEJW¡P?
6WMCC¡³KEJV©KRKK¡³EJWEJCOMCDJCK¡PC³ 8CTCRCC³EJKZFJC¡5KPµPCMZKFJC¡
LCZMCKKDJKC¡$CMIW¡[COV©©IWUC¡WCLK³
DWKDCUCO2QTRQEQ[OGCUHKZKQCPQEJGRWGU CTCUCCPICU=XCTFGCUCTCCPICU?GPNCUCPECU
OGRWUGNCEQDKLCGPEKOCFGNCECTC CTFKOKC¡XaVEQTTGVGCTCTTGCT)COO©L©LC¡M
GPFGPVTQFG
TGEKRKGPVG $CICCOWOLC³KEJ D©©ZC¡PUCRLCRZKLCCTFKOKC¡FJKDCCMCU
FJKV©OLK³CUCCMCO;CXQ[CGEJCTGUVCU &GDGUCTTGCTNCUXCECURQTVQFCNCDCLCFC
VQTVKNNCUGPOKVCNGIC RGTUGIWKT6W¡VWCTFKOIWICIQQZPCVDC¡
GPRQTFGPVTQFG
£TGC )À¡DCVWO CNJLC¡RMWWFCO[CLC¡RDCDWWU!3W«GUVCT£
CTFK¡EJ 6'2'*7ƒ0Ê'52#“1. 

RGTUKIWKGPFQGNRGTTQ!RQTSWGRCUµRQTCSW¯ CVCC¡P=CRQUFGCVRQT?UWPCNIC
EQTTKGPFQOW[T£RKFQ CVQQZMQTUUKNNCCUKGPVQ%JC¡RDJCFC¡PUCFC¡
=RTGVCTFKRTGUCTFKO?8CTCCFKOKC¡ FJKCNJKKVQQVMQOCVQQZMQTVC¡OPCIW¡
CTFK¡EJ=XCTFG©TFK¡EJ?FGNICFQ
FGHQTOC EJCMWKPCDJCKEJFJKZ0QUKGPVGUCNPK³QGPNC
EKN¯PFTKEC  UKNNCFGECTTK\QFWTQRQTSWGVQFCX¯CPQGUV£
CTRWWUUOQTTCNVCNGIC
FGVGLKFQHKPQFG DGPFGEKFQRCTCUGPVCTUGGPGNNC
&KEGNC
CNIQFµP ,C¡ROQQLQKFJCOOWK¡VQK¡FJKZIWZ IGPVGSWGUKCWPPK³QVQFCX¯CPQNGFCPGNOG\ECN
C¡DJCTFJKOCTRWWU,©¡MVCPQQNJM©¡PLCRKEJ EGTGOQPKCNPQFGDGUGPVCTUGGPNCUUKNNCUFGECTTK\Q
V©©OQPCRKEJKMZKEJC!6WOQTTCNVKGPGOWEJQU FWTQRQTSWGNGXCCRCUCTCNIQOCNQEQOQGN
EQNQTGUDQPKVQU'PEW£PVQUF¯CUNQVGTOKPCUVG RKSWGVGFGWPCNCET£P =RNC¡VQZMCT
FGVGLGT!=RNC¡TRWUCRQUCTRWWUC¡PQ CRQUCVQQZMQTIC¡PC¡VQZMCTIC¡P?
CTRWWUIC¡PC¡TRWUC¡PQC¡TRWUIC¡P? 8CTCVQQZMCT
CU=RTGUFGC¡ZKC¡?UGDWTNC CVRQTUPCNIC$CZOCIQQPVW¡IW³CVPCEJV©K
FCKEJW¡FJKMCDCKEJC¡O;CUGOGECPUCTQP
CUCCMUVCNGICOQTTCN
FGVGLKFQOCNNCFQFGKZVNG 
NCUPCNICURQTKTOQPVCFQCECDCNNQRQTOWEJQ
,©¡MVCPQQNJM©¡PLCRKEJV©©OQPCRKEJCUMK
TCVQ=RNC¡VRQTCRQUCVCC¡PC¡VRQTC¡P?
FJKOCUCCMFJK¡PCRDJC¡³KUCK¡EJW¡POKVW
8CTCV
ICCOWV!'PEW£PVQUF¯CUVGLKUVGVWVCNGICNC
SWGVKGPGUEQNICFCCNN¯NNGPCFGEQUCU!=RNC¡UCM CVVKKTWCFXEQORNGVCOGPVGGPVGTCOGPVG
CRQUCUMK¡³QCUCCMIC¡PC¡UMK¡³Q
EKTEWPUVCPEKCPGICVKXC #VVKKTWDCLWIKKZIW
C¡UCMIC¡P? UWWUMC¡PFJK³MCDCK¡,CK¡³OKUKUUCRFJC¡;C
GUV£PEQORNGVCOGPVGFGUICUVCFCUNCUJGTTCFWTCU
CUCTCCPICUCFXGPNCUCPECU
FGWPCPKOCN 
FGOKECDCNNQCU¯SWGNGXQ[CRQPGTQVTCU
#UCTCCPICULCRZKFJCCUCKFJKEJKQ¡³EJKDC
=GURFGCVKTQ?
OCIQQPCV©KLKO.NGXCCNPK³QGPNCUCPECUFGN
DWTTQCNQOGLQT[CUGECPUµFGECOKPCT CVWWNJUCVQNG,C¡RLKZ³CCK³IWVWKUCR
8CTCTCUCCPICU CVWWNJ%JCOLKTCOPQ¡RKEJMCDWKOWMVW
CVWWNJEJC!d%µOQOGIWUVCT¯CVQOCTWPCVQNG
CUFC¡=EQPVFGC¡ZKC¡?GUVCTDWTN£PFQUG
FGRKPQNG0QGUVCT¯CDKGPSWGOC³CPCOGNQ
CUMKEJUVGLKFQ
FGKZVNG $JC³DJ©K¡³IW³ JKEKGTCU!=CRQUCVWWNJK¡³?
CUMKEJMCRDJCK¡PC³EJCOMQQZKOMW³L©¡Z
CZKKO=RTQITFGC¡ZKC¡?UGGUV£DWTNCPFQ
LWRDCLKDWC¡PC³DC¡DCMQZKC¡&COGOK
VGLKFQFGKZVNGRCTCCXCP\CTWPRQEQOKGPVTCUPQ ÊC¡UWHaX+PFKECVKGORQHWVWTQRGLFCIKC¡
VGPICUWG³QCPVGUFGFQTOKT=RNC¡UMKEJ CICTTCT£LWIKC¡EQOGT£=5GRTGUGPVCFGURW«U
CRQUCUMKEJC¡PC¡CUMKEJC¡P? FGNCXQECNK)TCO?8CTÊ¡
CUMKEJC¡XaVVGLGT
VCNGICFGKZVNG ,QKFJCO C¡CCNJ=RNFGCNJKK?PK³QU=CRQUC¡CCNJ
EJCOVWQQ¡PFJKWDKKICOO©L©VWCUMKEJFJC¡ EJWIK¡³?
'UVCOWLGTPWPECHNQLGCUKGORTGGUV£VGLKGPFQ C¡CCVURKQLQ,CZDC¡IWC¡CCVDJC¡³KLC¡RDC

VCNGICUFGKZVNG=RTGVCUMKRTGUCUMKEJ? LKKOLWOPCCMCO!2QTSW«CPFCPRKQLQUGPVW
♦LWOCUMKEJJCEGCNIQFGDGPGHKEKQ QTGLC!
CUMKEJFJC¡XaDVGLGT
VCNGICFGKZVNGRCTCQVTC C¡CCVCFLRKQLQUQSWGVKGPGRKQLQU,KZC¡CCVCR

RGTUQPC )QQMLCRLK³C¡CUMKEJFJC¡PC³OK FJQEJK2QQNQPCRDC¡LC¡RM©UIWOOQ¡


EJWIC¡OWFC¡*£ICOGFQUVCNGICUFGKZVNG 5GIWTCOGPVGVKGPGURKQLQU*KRµNKVQRQTSWGGUV£U
RCTCNNGXCTOKUEQUCUGPGNNCU TCUE£PFQVGNCECDG\CFGGUCOCPGTC=EQRLKZ?
=EQORNRNC¡UMKEJFJC¡RTGVCUMKEJ C¡CC¡UEWGTPQ
FGCPKOCN :K¡ZOW¡OWMVW
RTGUCUMKEJW¡P? C¡CC¡FJKZDCKOC¡VWWT#C¡PCEJ©¡MKC¡PC
CUMK¡CFLRGTOGCDNG
VGLKFQ ,KZCUMK¡IWDCCNJ EJCODJCK¡RWDCCRMKC¡PQ¡VOCEJOQ¡[CUC
/CC¡PPCLCZDWCPIWUWWFCK¡PQ¡³KEJOK¡ZK PCIW¡ZDJCPCC¡'UVGVQTQDC[QVKGPGNQU
EJWC7PCECPCUVCGURGTOGCDNG5KNGGEJCP EWGTPQUFGOCUKCFQRWPVKCIWFQU'UPGEGUCTKQ
CIWCUGGUEWTTG=RNC¡UMK¡EQRLKZ? SWGUGNQUEQTVGOQURCTCSWGPQPQUNCUVKOGUK
♦EJWCUMK¡CFLNNGPQFGGPTGFCFGTCU PQUEQTPGCRQTSWGGUOW[DTCXQ
CUMK¡³=CRQUFGCUCCM?UWVCNGIC =CRQUC¡IC¡P?
 6'2'*7ƒ0Ê'52#“1. C¡PC¡

C¡CKZ=RNFGCKZ?DWGPQURCTCJCDNCT=EQRLKZ? TGENCOCT,C¡ROQQCNJEJCOLKTM©©¡LCFWW³
C¡CKZMCO=RNFGCKZMCO?RQN¯VKEQU=EQRLKZ? IW+UCCDTW,KTOCC¡PPCEJC¡IK¡³FJC¡IWVW¡
PCZKEJOCCMCK+UCWTQPQGUWPDWGPRCTKGPVG
C¡CK¡=RNFGCK¡?SWGJC[TQECUFWTCU=EQRLKZ? RWGUUKGORTGGUV£TGENCOCPFQNQSWGPQUFC
C¡CM=RNFGCM?T¯QU =RTGVC¡IKRTGUC¡IK¡³?
C¡CUMKEJC¡P=CRQUFGC¡UMKEJ?UWUVGLKFQU C¡L©=RTGUFGCC[C¡?NNGIC

C¡C¡NJOC=RNFGC¡NJOC?GPQLCFK\QU=EQRLKZ? C¡L©=RTGVFGC¡[C¡?2GLLWOC¡L©O©VUG

C¡C¡PUCR=RNFGC¡PUCR?DCLCFCU GPEQPVTCTQP
C¡L©¡PFC¡=EQPVFGCC[C¡?GUVCTCNECP\CPFQ
C¡DKQP=RNFGCDKQP?CXKQPGU
C¡L©¡PFC¡=EQPVFGC¡[C¡?GUVCTGPEQPVT£PFQUG
C¡DWKN=RNFGCDWKN?CDWGNCUPKGVQUPKGVCU
=CRQUC¡DWKNC¡P? C¡LQK=RNFGC¡QK?RKPVQU=EQRLKZ?
C¡DJCT=RNFGCDJCCT?DQPKVQU=EQRLKZ? C¡NJKEJ=RNFGCNJK¡EJ?RGSWG³QU=EQRLKZ?
C¡FCFC¡=EQPVFGCCFC¡?GUVCTRQPKGPFQ C¡NJKQMCO=RNFGCNJKQMCO?5GTGHKGTGCRGTUQPCU

RCPVCNµPHCNFCQ\CRCVQU 8CTC¡PMC¡ SWGVKGPGPOGPQUCWVQTKFCFSWGQVTC
C¡FJK¡³=RTGUFGCC¡³FJC¡?UGNQRQPG
RCPVCNµP =CRQUC¡NJKQMCOW¡P?
HCNFCQ\CRCVQU  C¡NJOCCFLDGTTKPEJWFQGPQLµP
RQTSWGPQ
C¡IC¡XaKJCDNCT&CKIW&CTKK[WLQKFJCOLKZ SWKGTGGUVCTUQNQ ,KZC¡NJOCIWCNJKK%JCOL©¡Z
DJCK¡VWC¡ICFC¡PQ¡EJVWC¡IK¡³)WLCK¡LC RCK¡DKRKQ¡F©©NJ,KZCC¡PCICOO©L©FCC¡PMC¡
LCC¡PPK¡³COR©ZRWK¡EJCO³KQMFC¡CO IWI©¡MQTIC¡P'NPK³QGUDGTTKPEJWFQ0Q
5QNCOGPVG&CT¯QPQUJCDNCEWCPFQNGJCDNCOQU SWKGTGSWGFCTUGUQNQRWGUUKGORTGSWKGTGGUVCT
RGTQUWUHCOKNKCTGUPQPQUFKTKIGPNCRCNCDTC EGTECFGUWURCFTGU=RNC¡C¡NJOCEQRLKZ?
XaVJCDNCT
OCNFGCNIWKGP ,CZLCRKOLK³ C¡OUUGT
NCGUGPEKCFGNCRGTUQPC ;C¡ROQQ
C¡ICPCRKODC¡R©ZCOL©©OPC³OWPKFJ©T CKEJFJKFJC¡FJKDCK³FJCUPCRRCK¡FJWWMVW¡
DJCK¡DCLKKO!3W«GUVCDCPWUVGFGUJCDNCPFQ M©¡PUQ³KCMFC¡OWRCK¡PCIW¡[C¡EJC¡OLWO
FGO¯SWGNGUJK\QTG¯TEWCPFQXGP¯CFGRQTCNN¯! C¡PFC¡&GDGUFGXQNXGTGNJCEJCCSW¯EWCPFQ
XaVJCDNCT
EQPCNIWKGPUWLRN /CCZFJKEJ VGTOKPGUFGWUCTNCRQTSWGPQUQVTQUUKGORTGNC
UCRMCLKOKC¡LWRMCK¡EJIW³EJCCVPCOIW¡ PGEGUKVCOQU=CRQUC¡OKTCOUGRTGUGPVCEQP
UCRMCDWKOWMMCVWC¡IC¡IW,WNKQ©R/KRCR£ WPCHKLQFGRQUGUKµP?
FKEGSWGPQXCOQUCKTJCUVCRCUCFQOC³CPC ♦LK³C¡OLWOCC¡OGGUPGEGUCTKQ
RQTSWGOC³CPCXCCJCDNCTEQP,WNKQ
NKV«N[ C¡OMCOCFXGPNWICTFG)W³MWWNUKUCR
,WNKQXCPCJCDNCT 
DJCCPMCOOK¡MCDK¡[C¡IWZMCK¡PCIW¡UCR
XaTJCDGTLWPVCJCDGTRN£VKEC)WLWOCK
MCOZKFJWWVFCTC¡/KCDWGNQUGXCCSWGFCT
VWOK³MWVC¡OUCRVWOC¡IC¡OW5WNKFCC'N
EQOQUWDUVKVWVQFGNIQDGTPCFQTRQTSWG«UVGXCC
RTµZKOQFQOKPIQXCCJCDGTWPCLWPVCCNN£GP.C
GUVCTDGPFKVQTKVWCNOGPVGRQTWPOGU
5QNGFCF

8«CUGZKFJWWVFC¡RCTCWPCGZRNKECEKµP
=RTGV[RTGUC¡ICEQRTGVC¡IKO©M?
FGCDUVKPGPEKCTKVWCN =CRQUDJCCPMCOQ
C¡IC¡P=CRQUFGC¡CC¡?UWEWGTPQ DJCCPMCOW¡P?
C¡IKEJCOURN£VKEC/©L©RCK¡FJ©TOQQVWO C¡OMCOCFXCHCXQTFG,CTQQZOCVFC¡PC
DCK¡³5WNKFCCPCEJUCROWK¡ZKEJWLKKOFC¡PC LCZV©¡[C¡PCEJWOWC¡³FJC¡PCEJC¡OMCO
UCROK¡TC¡IKEJCOMC¡0QUEKVCPGP.C5QNGFCF ³QMKC¡PCOIW¡DCZKEJMWWRCO!3WK«PUCDG
RCTCSWGXC[COQUCGUEWEJCTWPCRN£VKEC FGRQN¯VKEC!RCTCSWGNGRKFCOQUSWGJCDNGC
C¡IKFJC¡XaVJCDNCTRTGIWPVCT
CQVTCRGTUQPC  PWGUVTQHCXQT[CSWGPQUSWKGTGPGPECTEGNCT
/CKMLCEJVWC¡IK¡³RW¡IWLQKU'GLCZR©MLWR =CRQUC¡OKTCO?
ZK©NJKK¡³8COQUCKTCJCDNCTEQPGNLWG\CXGT C¡PC¡URNWOC-KC¡R©ZLCO©VDCMVCCVM©FJK
SW«RKGPUC«N IKQMFC¡%JCMWKVWC¡PC¡CO2CTGEGSWG
CEQPUGLCT%JCOOQQTCOCCPCRKOVW CRGPCUPCEKGTQPGUVCURCNQOCURQTSWGVQFCX¯C
C¡IKFJC¡IWLCOOCTPCDC¡VW¡MC¡OLCO PQVKGPGPRNWOCU=CRQUC¡PIC¡P?
P©K¡³FJC¡!0QUGT¯CDWGPQSWGCEQPUGLGPCUW
JKLQRCTCSWGNGUTGURGVG!
C¡PICVC¡ 6'2'*7ƒ0Ê'52#“1. 

C¡PICVC¡XaKUCNKTCNCUUCNKTRNWOCU-KC¡R©ZDC C¡TRWU=RNFGCTRWWU?OQTTCNGU
FGCNIQFµP 
LKC¡PICVCFJKW¡KK¡%JCMWKVWFÀFÀ¡#RGPCUNG =CRQUC¡TRWUC¡PQC¡TRWUIC¡P?
GUV£PUCNKGPFQCNCUCGUVGR£LCTQ6QFCX¯CPQ C¡UCM=RNFGCUCCM?VCNGICU
FGKZVNG 
XWGNC=RTGVC¡PICVC? =CRQUC¡UMK¡³QC¡UCMIC¡P?
C¡PMC¡=EQPVFGCCFC¡?GUVCTRQPKGPFQ
RCPVCNµP C¡U©=RTGVFGC¡ZKC¡?UGDWTNµ
HCNFCQ\CRCVQU 8CTC¡FCFC¡
C¡UMKEJ=RNFGCUMKEJ?VGLKFQU
FGKZVNG 
C¡PUCRUDCLCFC,KTC¡C¡PUCRCCICOO©L©FJK =CRQUC¡CUMKEJC¡P?
DCRQKEJC¡OPCRCK¡ODJ©DJ©©PQ¡³KEJDCLKK
C¡UMKEJFJC¡=EQORNRNFGCUMKEJFJC¡?VGL«TUGNQU
6WURC!*C[DCLCFCUGPGUQUECOKPQURQT
FQPFGWPQRCUCEWCPFQXCC6WZRCP! C¡UMK¡=RNFGCUMK¡?RGTOGCDNGU=EQRLKZ?
=RNC¡C¡PUCR?#PVµPVCK¡ C¡VQZMCT=RNFGCVQQZMQT?UKNNCU
C¡PUCRF©TLC¡MCFXCNNCFQK\SWKGTFQ$JCK¡ =CRQUC¡VQZMCTIC¡P?
IQTLKKOLCEJOCC¡PLKEJLWRPC¡OCCR;C¡PK C¡VRQT=RNFGCVRQT?PCNICU=CRQUC¡VRQTC¡P?
FJ©TLCRZKM©MDW¡M©©¡PF©TLC¡M,WCPCCR C¡ZKC¡XaVDWTNCTUGTG¯TUG)KKNJKOLK³C¡U©O©V
2GGITQDC¡[C¡PKC¡PUCRF©TLC¡M8GPICPRCTC IWPCPDCVPC³KEJEJCOCODWCPC³KEJOWK¡
VQOCTPQUWPCHQVQLWPVQU6¼,WCPVGRCTCUCN EJ©KLK³KQ.QUOGUVK\QUUGDWTNCTQPOWEJQFG
NCFQFGTGEJQ[V¼2GFTQCNNCFQK\SWKGTFQ O¯RQTSWGOGGSWKXQSW«EWCPFQGORGE«C
8CTQ¡PUQRF©TLC¡M#PVµPM©©¡PF©TLC¡M JCDNCT=RTGVC¡U©RTGUCUEQPVCUFC¡
C¡PUCRF©TLC¡MCFXFGNRQPKGPVG0Q¡³,WMV©T
RTQITCZKKO?
QKT©VCK¡FJ©TLC¡MDKRKQ¡IW$QQFCOVCODC¡ C¡[C¡XaTGPEQPVTCTUG
UWLRNCPKO t2CC³
PQ¡³-QTKCPQKT©C¡PUCRF©TLC¡M5KCPFQGP DC¡DCOP©©TFC¡!tLWRMCK¡EJIW2GGITQ
5CPVC/CT¯C1EQV£P'N/G\SWKVCNSWGFCCN t/WOOWFJQPCEJRCK¡LCZDCEJC¡L©¡PFC¡
QTKGPVGRGTQUKCPFQGP&WTCPIQSWGFCCN PCEJRCK¡FJWWMOWLKOO©FC¡tLWRMCK¡EJIW
RQPKGPVG#PVµPVCK¡FJ©TLC¡M ,QUGGt&µPFGVGGURGTQ!tRTGIWPVµ2GFTQ
C¡PUCRLC¡MCFXEWGUVCCDCLQ$JCCO©PKFJ©T t&QPFGUKGORTGPQUGPEQPVTCOQUEWCPFQPQU
DJCK¡DCLWTPKOC¡PUCRLC¡MIWMCDCK'N XCOQUCNN£tEQPVGUVµ,QU«=RTGVC¡L©
ECDCNNQXKGPGDCLCPFQ
NKVFGCNN£CTTKDCGUV£ EQPVC¡L©¡PFC¡?
DCLCPFQJCEKCCE£EWGUVCCDCLQ 
JCEKCCDCLQ
EQUCEQNICFC #¡PUCRLC¡MR©ZDC
PCPIKC¡IWOCCOTCIC¡PFJKOCPUCPPCIW¡Z

$
D©©VPCIKKNJKOLKZKKDJCKFJC¡;CGUV£P
EQNICFCUNCUTCOCUFGNOCP\CPQRWGUGUV£P
RGUCFCURQTSWGVKGPGPOWEJCHTWVC
#PVµPVCK¡LC¡M
C¡QKCFLRKPVQ2CCRKEJLWRLKW¡WWMFJKZC¡LQK
DJCDPCRDJCK¡DKC¡CTRWWUVC¡O!&GFµPFG DCRTGHaX[C#CR[C¡F©TLC¡MDCI©ZKC¡PC³IW¡
VTCLKUVGGNHTKLQNRKPVQSWGVKGPGUCNN¯GPVWVCNGIC! CC³[C¡F©TDCZEJWOCCV;CVGRWGFGU
=RNC¡LQKEQRLKZ? TGITGUCTRQTSWGFGCSW¯[CEQPQ\EQGNECOKPQ
=)TCO?
C¡QK¡³IC¡P=RNFGQK¡³IC¡P?RNCPGVCU
DCC=RTGVFGDCMKC¡?GPVTµ
C¡QQUJWGUQ&JKZEJQQVQC¡QQPCOK¡LWORCZ
OCC¡PIWVWWTMCVLKTC¡QQ¡PPCVOK¡OWW DCCDWKFJC¡XaDUCECT
RCTCQVTCRGTUQPC 
'UVQUJWGUQUDNCPEQUSWGGUV£PLWPVQUGTCPFGWP $CCDWKFJC¡CRIWMWVWWPC¡PIW'NKK[CUO©L©
VQTQSWGOWTKµCNN¯=CRQUC¡QQ¡P? F©TVQQODJCK¡OMCTVC¡O2QTHCXQTUCECNC
ECOKUCFGCFGPVTQFGNEQUVCNRCTC'N¯CU
C¡QQICZ=RNFGQQICZ?V¯QUUQDTKPQUUQDTKPCU
SWKVCT
CQVTCRGTUQPC $CCDWKFJC¡COOQQ
=CRQUC¡QQICZK¡³?
IWDC¡MK¡³PQ¡VEJCOVWPCOMKPCL©¡MVW
C¡QQ¡³ZK¡³FJC¡=EQPVFGQ¡³ZKFJC¡?GUVCT WC¡VW¡P.GSWKVCT£PUWECUCUKPQRCICNC
RGTFK«PFQNQ ECPVKFCFSWGFGDG
C¡Q¡MKZ=RNFGQ¡MKZ?V¯CUUQDTKPQUUQDTKPCU =EQORNRNDQQUIKFJC¡RTGVDCCDWK¡DQQUIK
=CRQUC¡Q¡MKZK¡³?
 6'2'*7ƒ0Ê'52#“1. DCCRUC¡

RTGUDQRRQK¡³DQQUIK¡³EQPVDCRRWK¡³FJC¡ DCCOIK¡CFLOCFTWICFQTSWGUGNGXCPVC
DQQUIK¡³FJC¡TGRDQRRQKFJC¡DQQUIKFJC¡? VGORTCPQ#CIW¡ZDCCOIK¡LKIW,WCPLKC
DCCDWK¡KPVGTLU¯
UKPEQORTQOGVGTUG t/CKM -CVWMICDO©L©RCK¡R©ZV©KPCVLKK,WCPGU
LCEJUCRLCK¡VWMQK¡RQ¡DJC¡³KFCCOF©TtLWR OCFTWICFQTXGTFCF!5GQ[µEWCPFQUGHWGOW[
MCK¡EJIW,WCPt$CCDWK¡LKCtLWRV©KIW FGOCFTWICFC=RNDCCROKIK¡EQRLKZ?
,QU«t5KIWUVCXCOQUCEQOGTCNN£CTTKDC 8«CUGDCOIKC¡
tFKLQ,WCPt5¯FGXGTCUtTGURQPFKµ,QU« DCCOW¡U\CPEWFQOQUSWKVQd,C¡ROQQZLCK¡EJ
DCCDW¡XaVUCECT
FGFQPFGGUV£OGVKFQ  MC¡COIWDCCROW¡V©¡PIKCMLC¡Md*C[VCPVQU
$CCDW¡KEJIWOCC¡PMCOPCOK¡MWWRMWOW OQUSWKVQUGP«RQECFGNNWXKCU=RNDCROW¡Q
DCLKOKC¡PCIW¡RWK¡EJCOVW¡LCZDWC DCRCCOW¡?
5CECTGOQUCNCRGTUQPCSWGGUV£RTGUCRCTCSWG DCCRCKURG³CUEQ$CCRCKFJCCOLKTMKKEJCO
UGXC[C[CSWGPQJCJGEJQPCFC DJCK¡FJ©TDC¡OWLC¡RV©P©K¡³FJC¡COIWK¡
UCECTNNGXCTCRCTVG
RCTCJCDNCT ,CZV©VFC PCODJCK¡QK¡FJC¡PCO©MLKZEJWOCCZ*C[
IWZMCK¡IWOVCCVPCVDC¡OWLC¡RZKDCCDW WPCECUCCTTKDCFGGUGRG³CUEQ[NQUSWGXKXGP
VCMCCD!3W«NGFKLQC[GTGNIQDGTPCFQTCVW CNN¯RWGFGPXGTNGLQU=RNDCRCRRCKQDCRCCRCK?
RCR£EWCPFQNQNNGXµCRCTVGRCTCJCDNCTNG! DCCRCKFJC¡CFLSWGCPFCH£EKNOGPVG
FQPFGJC[
=EQORNRNDQQUIC¡RTGVDCCDWDQQUQNJ WPCEWGUVCGORKPCFC )KKNJKOLKZDCCRCKFJC¡
EQPVDCRRWFC¡DQQUQ¡PFC¡OQXDCRRWKFJC¡ IWDCKU©NJUKCLKZDWCOVWVW¡OM©TLKZDJCK¡
DQQUICKFJC¡? LWTWWM'NVGLµPH£EKNOGPVGCPFCFQPFGJC[WPC
DCCIC¡XaVTGICT
RNCPVC #NJK¡EJLK³ EWGUVCGORKPCFC[CWPRCUCGPNQUNWICTGUHGQU
DJ©K¡³O©TIWUWWFCK¡PC³[C¡PKM©¡PDCCIC¡ =RNDCRCCRCKFJC¡EQRLKZ?8CTDCDCKFJC¡
IW³©¡©©Z2QTHCXQTVT£GOGWPRQEQFGCIWC DCCRCK¡CFLRG³CUEQUQ,KZDCCRCK¡LKDCMLKC
RCTCTGICTOKURNCPVCU DCCUF©TLC¡RFJKUCMCCNJKMPCDJCOO©PKR©Z
DCVKT
OCUCEQPCIWC #C³D©©R©¡CNJK¡EJOC LKZOCCZ#C³EJCOV©P©KFJCVLK'PVQPEGUU¯
VWDCCIWVWK¡PC³DCZDJKQ¡PCIW¡EJCO GUV£RG³CUEQUQCNQVTQNCFQFGGUCEQTFKNNGTCSWG
LCK¡EJIWV©OMCNJ*CEGTCVQ[QDCV¯WPRQEQFG UGXGPQJGKFQCNN£=RNDCRCRRCK¡Q
OCUCEQPCIWCRWGUOGFKQJCODTG[PQJCD¯C DCRCCRCK¡EQRLKZ?
VQTVKNNCU DCCRCMUECTTK\Q
FGVCNNQDNCPFQ /CKMLCEJ
=RTGVDCCRTGUDCRICKORGTDCC¡
OQXDCC¡³EJW¡? IQQMWC¡RW¡IWDCCRCMOWOOWIÀ¡CMEJC¡O
PCEJDC¡[CLC¡RDKC¡MCVL©¡OC¡PW¡VCVM©¡P
DCCMUXCEC,KZDCCDWKFJCOCOOCC¡PIW LKEJEJKCPFC¡8COQUCNT¯QITCPFGCVTCGT
DCCMVWIK¡³PCIW¡UCRLCWC¡VW¡PIQQMIW CNIWPQUECTTK\QUFGVCNNQDNCPFQRCTCVGPGTNQU
LC¡VMCOIWK¡PCOLKTLCLCPPWNJIC¡TCFCO.G CSW¯EWCPFQUGCPGEGUCTKQJCEGTHNGEJCURCTC
SWKGTGPSWKVCTWPCXCECRQTSWGNGFGDGCFQU EWTCTPQU
.QUEJCOCPGUWUCPHNGEJCURCTCEWTCT 
XGPFGFQTGUFGTQRC=RNDCCMQDCCMCU DCCRCMCFLECNK\QSWGUCDGCECN0Q¡ZDCCRCM
CRQUDCCMVWIK¡³DCCMCUVWIK¡³?
IWOCVCKOC¡PLWOCC¡PCZKODJKDJKCLKPC
♦LCDCCMCUK¡UWUXCECU
FGGNNQUQFGGNNCU 
DC¡DCOVWWVC¡PCEJCOLKZDCCRCMMC¡IW
DCCMDKK¡OUNGEJGFGXCEC,CZEJW¡OLKZ V©OMCNJ5KGNPKZVCOCNGUV£OW[ECNK\QUGNCXC
KQ¡OLKZK¡QQDIWDCCMDKK¡OCCMC¡IW XCTKCUXGEGUEQPCIWCCPVGUFGOQNGTNQRCTCSWG
MCTDCZDKK¡OCC!%W£NGUO£UUCDTQUCNCNGEJG NCUVQTVKNNCUPQVGPICPUCDQTCECN=EQRLKZ?
FGXCECQNCFGECDTC!
DCCRMKC¡=UWLRNFGDCMKC¡?2GLDCCRMKC¡CO
DCCMWV=RWPVFGDCMVC¡?VGPFKFQ
VCRGVG  UGOGVGT£P=RTGVDCCRRTGUDCRM©?
DCCNJUECPCUVCEGUVC$JCK¡DCCNJEJC¡OFCC DCCROKIKC¡=UWLRNFGDCOIKC¡?2GL
IWMKKUPQ¡RLKZ³CC'NSWGUQGUV£GPNCECPCUVC DCCROKIKC¡COUGNGXCPVCT£P=RTGVDCCRCO
UKSWKGTGUEQOGTNQ=RNDCRCCNJ RTGUDCCROK¡EQPVDCCROK¡PFC¡?
CRQUDCCNJK¡³DCRCCNJK¡³?
DCCROK¡³FJC¡=EQORNRNFGDCOKK¡³FJC¡?
♦WOWW¡DCCNJUECPCUVCFG\Q[CVG
NGXCPVCTNQU=RTGVDCCROK¡RTGUDCCROKIK¡³?
♦VQQVMQODCCNJUECPCUVCFGECTTK\Q
DCCRUC¡XaVDQTFCTCFQTPCT
EQPGUVCODTGU 
♦UQQDQNJDCCNJUECPCUVCFGRCNOC
,QKFJCOVW¡OLWRFW³KKOIW³Q¡MKZOCC¡PIW
DCCRUC¡ 6'2'*7ƒ0Ê'52#“1. 

DJCK¡OMCT/WPKVWCD©VC¡FCCMCVVWDCCRCU O£UCTTKDC[IT¯VCNGCVWJGTOCPQ2QTSW«
/KV¯CGUV£JCEKGPFQWPOQTTCNOW[DQPKVQCJ¯ TC\µPUGGUV£VCTFCPFQ!
GUV£DQTFCPFQUGPVCFCFGDCLQFGWPGPEKPQ DCCU©¡PF©TCFXCNQVTQNCFQ
FGNCTTQ[QQFGN
=RTGVDCCRUCRTGUDCCRCU? T¯Q $JCOO©PKMC¡PF©TQKT©IWDCCMCMM©¡P
DCCRUC¡=EQORNRNFGDCCUC¡?OGVGTNQU DCCU©¡PF©T#NN£CPFCNCXCECCNQVTQNCFQFGN
=RTGVDCCRCKRTGUDCCRCUEQPVDCCRUCKFJC¡? T¯Q
DCCTIC¡PUECNFQ
FGECTPGQNGIWODTGU CNQVTQNCFQ
FGNCHTQPVGTC -KC¡R©ZUCR
EQEKFCU ,QKFJCOLKZK¡QQDIWDCCTIC¡PFJK DCCU©¡PF©TOQOMQTCPDCV©UIW³ZKKZFCKPC³
DJCDLKZDJCK¡ZDJCKDCM'UV£DKGPUCDTQUQGN EJCOV©V©MMCPQ¡OQQDCVWLWCPRKCOMWIW¡
ECNFQFGGUVQUHTKLQNGURWGUUGEQEKGTQPDKGP EJCO&KEGPSWGCRGPCURCUµOKJGTOCPQCN
LWIQCIWC
FGHTWVCQXGTFWTCETWFC ,QKFJCO QVTQNCFQRGTQPQRTGIWPV«UK[CGUV£VTCDCLCPFQ
LKZK¡QQDIWDCCTIC¡PIWMQQMQUL©¡MQNJ QVQFCX¯CPQ
D©PMCO'UV£DKGPUCDTQUCGNCIWCFGEQEQEQP DCCZXaGGUVCTCFGPVTQ
UWLCPKO ,CTQQFC¡
NKOµP FJK¡PCO©L©DCCZEJKQR!3WK«PGUV£CFGPVTQ
UCXKCTGUKPC
FGWP£TDQN )WMWRCCNJLKTLWM FGNCKINGUKC!
QUCC¡OIC¡PRKCODCCTIC¡PIWW¡WWZ'N GUVCTOGVKFQ
UWLKPCP 6W¡FC¡FJK¡PC
KPEKGPUQUGJCEGFGNQEQVGFGRKPQQFGNCTGUKPC DJCK¡DCCZDC¡MEJC¡O!-WZKKTCCMC¡VW¡CCT
FGQVTQ£TDQN LKZDWCFCO!3W«GUGUQSWGGUV£OGVKFQGPVTG
8«CUGDCTCC¡ NCUVCDNCUFGNCECUC!5GT£WPEWEJKNNQQSW«
DCCUCFXO£UCNN£
FQPFGPQUGXG 0COO©DCCU UGT£!
LCRZKLKO©KPW¡CC¡FJKOCVCKDCTCC¡EJCOVW¡ =UWLRNDCCRCZEQRTGVDCCZKEJQDCCZMCV
PCROKLC¡RCOWWDPWC¡DCFC¡8GVGO£UCNN£C DCCRZKEJQDCCRCZMCV?
VKTCTGNCIWCFGNPKZVCOCNPQNCVKTGUCSW¯EGTEC DCCZFJC¡XaDOGVGTRQPGTCFGPVTQ
RCTCQVTC
DCCUC¡XaVOGVGTRQPGTCFGPVTQ/WLC¡MDC¡M RGTUQPC ,CTQQROKDCCRZKFJCKOIWV©VPQTC¡
EJ©TLCRDCCUCKFJCVFJKDCK³FJCUPCRRCK¡ OWIKQV©T!-C¡CCRCCF©©NJOK¡VWEJKMKKTVC¡!
FJWWMVW¡M©¡PLCZDWCFC¡&GDGURQPGTGN 2CTCSWK«PGUV£URQPKGPFQRQUVGUGPGNNNCPQ!
JCEJCCFGPVTQFGNCECUCFGURW«UFGWUCTNC 1V¼UQNQXCUCJCEGTWPEQTTCNKVQCNN¯!
=EQORNRNDCCRUC¡RTGVDCKDCCRCKRTGUDCCU =EQORNRNDCCRZKFJC¡RTGVDCCZDCCRZK
DCCRCUEQPVDCCUCKFJC¡DCCRUCKFJC¡? RTGUDCCRZK¡³?
DCCUF©TCFXO£UCNN£
FQPFGPQUGXG #CR DCC¡CFLOQLCFQ,KZDCC¡FJKOMWVWWP
ICOCK¡DCLKOFC¡$CCUF©TLC³DCOCC[C¡PCR -WCPC¡CRMWICMKC¡,WOCKRMCZKEJ©¡[C¡
IW¡EJCOR©MLKOFJC¡%COKPC[[QVGCNECP\Q 'UV£OQLCFCVWECOKUC3W¯VCVGNCRCTCSWGUG
O£UCNN£RQTSWGV¼PQECOKPCUT£RKFQ UGSWG[RQPVGQVTCOKGPVTCU
FGCSWGNNCFQ
FGWPCEQTFKNNGTC ,CZFJWKPC XGTFGPQUGEC
RNCPVC -CZDCC¡IWLWWP
FCKDCCUF©TLC¡MLKZLCK¡EJIWUWWFCK¡PCRCK¡T %JCMWKTCOPC³VWQTCC¡6QFCX¯CPQUGUGECGN
IÀ¡CMM©¡P$JCLC¡MF©TLC¡MEJCOPCIW¡T OC¯\0QGUV£DWGPQRCTCRK\ECT
CNJK¡EJCMLQVOQFC¡IC¡M©5QNCOGPVGFGCSWGN =EQRLKZ?#PVµPICM8«CUGDC¡PPKC¡
NCFQFGNCEQTFKNNGTCJC[CIWCRQTSWGGNT¯QGU ♦EJWDCC¡CFLOQLCFQ
£TGC 
ITCPFG&GGUVGNCFQPQJC[RQTSWGGNT¯QGU DCDCKFJC¡=XCTFGDCCRCKFJC¡?SWGCPFC
EJKEQ[UGUGECT£RKFQ H£EKNOGPVG
FQPFGJC[WPCEWGUVCGORKPCFC 
CNCXWGNVCt2CCF©TLC¡MMKKFJC¡FJKIÀ¡ =EQRLKZ?
DJK¡³DCMPCDJCOO©PKM©©M!tLWRMCK¡EJIW
LCTQK¡t$CCUF©TLC¡MFJQC¡PUCRF©TtLWR
MCK¡EJIWLWOCKt&µPFGGUV£NCGPVTCFCFG
GUGGFKHKEKQSWGGUV£CNN£!tRTGIWPVµ(WNCPQ
t#NCXWGNVCGPNCRNCPVCDCLCtEQPVGUVµ
/GPICPQ 
DCCU©¡PCFXEWGUVCCTTKDC$CCU©¡PKCOLCRZK DCDQQMUOCRCEJG/K¡FJ©TLKO©©IWDCDQQM
M©MDQKDJCK¡ZKLK³MCKFJC¡IWOZKKZ6W¡IK PCRCK¡VWWVIWOCPUCP)KKNJKOOWK¡K¡³ZKEJ
EJKLCZDWCMWVDC¡OQQLC¡RDCO©©MKO!8G IWK¡PCL©¡MLKZDJCKPCIW¡EJCOOKC¡PLKT
 6'2'*7ƒ0Ê'52#“1. DCKMKO

MKKEJCO'NOCRCEJGEQTTKµFGCNN¯FQPFGGUV£P GUVWEJGFGNEWGTQFGWPVGEJCNQVGRCTCIWCTFCT
NQUOCP\CPQU6WODµOWEJCUOCP\CPCU NCUHNGEJCU=RNDCRI©U?
OCFWTCURQTSWGPCFKGXKXGEGTEC=RNDQRRQM? DCK=RTGVFGDCCUC¡?NQOGVKµ
DCDQQNJUV¯C
JGTOCPCOGPQTFGNRCR£ ,CZ DCKFJC¡XaVKPXKVCT΁,CTQQOWLKOKC¡PC
MWRDC¡DJCK¡RDCWC¡FJKUC¡WC!/WOOW³KEJ DCK¡³O©TC¡IWQTQUKKT!ÏLWRMCK¡EJIWZMCK¡
FCCZIWODCDQQNJPCV©¡[C¡VWMCC¡PQ¡DCZ ΁3WK«PKT£CKPXKVCTCNCNIWCEKN!ÏRTGIWPVµGN
L©©¡O/WRFQ¡³EJK¡³O©TC¡2QTSW«VTCGUGUC IQDGTPCFQT
EQDKLC!;QNCJCD¯CFGLCFQEQPVWV¯CRCTCSWGNC NNCOCT
RCTCSWGXGPIC /WF©TV©KDCK¡³IW³
WUGEWCPFQVGPICHT¯QGPNCPQEJG8GC EJCVCCNJFJK/KKNKC0KL©¡ZMWEJCOVÀMÀÀ
FGXQNX«TUGNC /KV¯QGUV£VTCVCPFQFGNNCOCTC'OKNKCFGUFG
UQDTKPQUQDTKPC
JKLQQJKLCFGNJGTOCPQOC[QT CNN£RGTQPQNGJCEGECUQ
FGWPCOWLGT $CLWWO©MIW³ZWW¡PIK¡VCMCCD =RTGVDCKRTGUDCK¡³?
,KZQQ¡PK³PC³DCK¡TC¡5KCOTK[C¡DCLKOIW³ ♦V©K³DCKFJCMOGKPXKVµ
RGTQPQHWK 
DCDQQNJZK³DCK¡³FJCTCM©RLKIW¡#[GTUGOG
DCKFJKMC¡XaVNNGXCT
EQPUKIQEQORNCPKO 
JCD¯CCECDCFQGNCIWC[VGP¯CHNQLGTCFGKTC
$CKFJKMC¡K³FJKZKKIC¡PPC³VW¡MCTDCZ
VTCGTNCRGTQFGECUWCNKFCFXKPQOKUQDTKPC[HWG
ZKEJFJC¡-CVVKLCFC¡PVC¡PQ¡VDCI©¡©©T8Q[C
CVTC«TOGNC
NNGXCTNGGNRGTTKVQCWPCECDTCRCTCSWGOCOGFG
=RNDQRRQNJCRQUDCDQQNJK¡³DQRRQNJK¡³?
GNNCCXGTUKCPFCGNRGTTKVQEQPGNNQUEWCPFQUGC
DCF©K¡FJC¡XaVGEJCTCIWC
GPEKOC OQLCT ITCPFG
2CNJ©©RLC³LCDCF©K¡FJC¡FJKMWM[WPFCPCDC¡
DCKI©MCFLJKPEJCFQ/©MLKZDCKI©MMC¡K³RCK¡
DCZOCOQKMMC¡LC¡Z³KPC³LCDWWRNJKC¡IW
PQ¡VLK³M©KIWF©DQQT%WCPFQOGRKECWPC
VWVWWT8Q[CGEJCTNGWPRQEQFGCIWCCNCU
CXKURCNCRKECFWTCUGJKPEJCRQTOWEJQVKGORQ
EQ[WPFCURCTCSWGGUV«PDNCPFKVCUO£UCNTCVQ
=RNDCRCKI©MEQRLKZ?
EWCPFQCOCTTGNQUDWG[GU
XaTOQLCTUG
EQORNGVCOGPVG %JC¡RKOOW DCKI©MEJWFC¡XaVJKPEJCT#C³EJCOLK³
LC¡RDCRQ¡FCVLWODCF©K¡³FJC¡FWWMEJ©T0Q DCKI©MEJW¡PIWF©DQQT2CNJ©©RZKDCKI©M©K
CPFGPEQTTKGPFQ[OQL£PFQUGGPNCNNWXKC IKQRDCLCIKC¡RCK¡PQ¡VLK³M©K#O¯PQOG
=RTGVDCF©K¡RTGUDCF©K¡³? JKPEJCOWEJQGNRKSWGVGFGCXKURCUUQNCOGPVG
WPRQEQFQPFGOGRKEC[NWGIQUGOGSWKVC
DCF©©TUNCICTVKLC
FGGUECOCUNKUCU -WWFCO
=RTGVDCKI©MEJWFCRTGUDCKI©MEJW¡P?
LKO©K³QT©KO©L©OO©RCK¡LKDJK¡³³KC¡IWDCF©©T
PQ¡VDC³EJ©©%WCPFQNCNCICTVKLCOGXGEQTTG DCKI©MKC¡XaKJKPEJCTUG$CKI©CCIWOPQD
TGEKQ[UGGUEQPFGGPCNI¼PNWICT=RNDCRF©T? 2GGNGUPCVLWOM©KIWF©DQQTLCPQ¡PCEJKEJVW
DJKCRQM!5GVGJKPEJµNCOCPQ(«NKZEWCPFQ
VGRKEµNCCXKURCCSWGNNCXG\SWGHWKOQUCUCECT
NQUIWUCPKVQURCTCEQOGTNQU!
=UWLRNDCRCKI©MKC¡RTGVDCKI©DCRCKI©
 RTGUDCRCKI©T?
DCIKQOEJC¡XaVJWOGFGEGT$CIKQOEJCKFJQ DCKI©MK¡UJKPEJC\µP,KZEJWMQ¡MMC¡CCDC¡
DJCK¡LKMQPDK¡³EJC¡FJKOUCDWKTCZPQ¡REJCO PQ¡³ÀÀIWDCKI©MK¡!/GFQNGT£OWEJQUK
DCMWCPPCIW¡ZKMQQTC¡5KPQNCXCUVW VGPIQJKPEJC\µP!
RCPVCNµPRQEQCRQEQUGJWOGFGEG[UG DCKMCFLVTGU$CKMOCUCC¡PR©ZDCDKKPCDC
GPOQJGEGRQTSWGGUV£UWEKQ=RTGVDCIKQOKEJ V©¡PIKC¡&CKDC¡PCEJDCV©©¡ZKC¡(CNVCPVTGU
RTGUDCIKQOEJCT? OGUGURCTCSWGUGCVKGORQFGNNWXKCU[PQU
♦COR©ZLKZDCIKQOGUV£UWHKEKGPVGOGPVG XC[COQUCUGODTCT
J¼OGFQ ♦DCKMMCRGPVTGUNWICTGU
♦EJWDCIKQOCFLJ¼OGFQ
DCKMKOCFLVTGUXGEGU/QQLC¡REJCO
DCI©©UUGUVWEJG
RCTCIWCTFCTHNGEJCU ,KTCO DJCKFJC¡CCFJKDJCDPCVV©KDCKMKODCLK
PC³DCI©©ULWRFW³KC¡IWDJQ¡OMQZLQ¡PC³ EJCVQQR!0QUGEWGEGPT£RKFQGUVQUHTKLQNGU
DC¡OKICCOMC¡IW³W¡WW'UDWGPQJCEGTWP XGTFCF!8CPVTGUXGEGUSWGNQURQPIQCJGTXKT
DCKMMCO 6'2'*7ƒ0Ê'52#“1. 

DCKMMCOUCTTQ[KVQ$JCOO©PKFJ©TLC¡R NCO¯C
LC³KEJLKDJ©KPCRCK¡R©ZLKTDCRCKMMCOPC CTOC
FGHWGIQ /WRCK¡ZK©ZEJWO©TFJK
³KEJV©KPCDFJKTCMIWUWKOCNJ%JCORCK¡V©© DCK³WOMWOVWLQVOQFC¡[C¡R©ZLKDWDWCIW
³KEJ;QRCU«RQTCSWGNNCFQCVT£UFGNQU UCPFCCTWK¡Z8GCGUEQPFGTGUVCCTOCRCTCSWG
CTTQ[KVQUEWCPFQCPFCDCEC\CPFQWPXGPCFQ PQNCXGCPNQUUQNFCFQURQTUKCECUQRCUCPRQT
RGTQPQNQGPEQPVT«=RNDCRCKMMCO? CSW¯
♦EJWDCKMMCOK¡CFLFGURCTGLQ
NWICTEQP =RNDCRCK³WOCRQUDCK³OKIC¡P
FGRTGUKQPGUQJWPFKOKGPVQU  DCRCK³OKIC¡P?
DCKOC¡CFLDC[Q,KZDCKOC¡DJC¡³KFJ©TQKT© DCKU©NJUVGLµP$JCLC¡RLQQFCKD©RVC¡ZKDCMKC¡
OCC¡PIWMCDCKLCTQK¡PCIC¡P7PECDCNNQ IWDCKU©NJPQ¡VVW¡DC©¡PMKC5KCNVGLµPNG
FGUEQPQEKFQFGEQNQTDC[QCPFCCNN¯ CUWUVCCNIQUGOGVGFGDCLQFGNCURKGFTCU
=RNDCRCKOC¡EQRLKZ? =RNDCRCKU©NJ?
DCK³UEWDKGTVCHWPFC
FGRKGNQFGRN£UVKEQFWTQ 
$CK³ICTCPLCRKODCCUCKFJCVFJKMWZKKTPQ¡
RKOEJCOVW¡M©¡PLCZMCDWCPCEJCOVW¡
CNJKKZKDJ©©LKM©¡PLWRDCOLKMEJKC¡PQ¡RWK¡
DJCLC¡RMCCV&GDGPRQPGTGNEWEJKNNQGPUW
HWPFCFGURW«UFGWUCTNQRCTCSWGUKCNI¼PPK³Q
NQEQLGPQUGEQTVGEQP«NRQTGUVCTRQTCNN¯
FGUEWDKGTVQ=CRQUDCK³C¡P?

♦DCK³ICTCPGPUWHWPFC
DCKUU©PC¡XaVGUVKTCTCNCTICT1OIW³ICCV
DCK³EJWFC¡XaKJCEGTHWPFC
FGRKGN 2WKMCZ $CMIW¡ZK¡ZKQ¡ODC³KKULC³KEJ5GSWGDTµOK
M©©¡FJKDCK³C¡PFJK³MWZKKT/CCM©¡PLC³KEJ CTEQRWGUNQGUVKT«FGOCUKCFQ
MCDCK³EJWFCM6QFCX¯CGUV£DWGPCNCHWPFCFG XaTGUVKTCTUGCNCTICTUG,WODCKUU©PIWLQ¡
OKEWEJKNNQRWGUNCJK\GGNC³QRCUCFQ V©TDK³PQ¡ZDCC¡.CUQICFGEWGTQUGGUVKTC
=EQORNRNDCRCK³EJWFC¡RTGVDCK³EJWFC EWCPFQGUV£J¼OGFC
DCRCK³EJWFCRTGUDCK³EJW¡PDCRCK³EJW¡P? =EQORNRNDCRCKUU©PC¡RTGVDC³KKUDCRCC³KU
DCK³FJCUUJCEJC6WVCCVCUIW³EJKQ¡³IW RTGUDCKUU©PDCRCKUU©P?
MW¡CC¡DCK³FJCUM©¡P/KJKLQGUV£RCTVKGPFQ ♦,©¡ZIÀ¡ODC³KKUFJKCNJKK!3W«VCPVQJC
NG³CEQPWPJCEJC=RNDCRCK³FJCU ETGEKFQGUVGPK³Q!
CRQUDCK³FJCUW¡PQDCK³FJCUIC¡P
DCKUU©³FJC¡XaDGUVKTCTCNCTICT
RCTCQVTC
DCRCK³FJCUIC¡P?8CTDCK³ICU
RGTUQPC ,K³DCKUU©³FJC¡CRLK³³CCPIW³
DCK³OKEJFJC¡XaVJGTTCTOCTECT
EQPHKGTTQ  ZCDWKTCZPCMCZDCC¡)KKNJKOLKZZQ¡ZQNJKM
,K³RCNJDWKFJC¡RKOPC³VWDCRCK³OKEJFJC¡ 2QTHCXQTGUVKTCOKURCPVCNQPGUOCO£OKGPVTCU
IW³MCMDCK¡MCDWKOWM8Q[CJGTTCTOKU GUV«POQLCFQURWGUGUV£PGPEQIKFQU
ECDCNNQUOC³CPC/GC[WFCPWUVGFGU! =EQORNRNDCRCKUU©³FJC¡RTGVDCKUU©P©
=EQORNRNDCRCK³OKEJFJC¡RTGVDCK³OKEJ DCRCKUU©P©?
DCRCK³OKEJRTGUDCK³OKEJW¡P
DCK¡IKC¡XaKUCECTCIWC6WDC¡KK¡COCCEJK
DCRCK³OKEJW¡P?
OQQFJKW¡WWDPCOOWOOWFCTCCDKDKCVCO!
DCK³OK¡CFLSWGVKGPGEKECVTK\,CZMWRDC¡Z 'UVCT£PUCECPFQCIWCGUCUOWLGTGUSWGGUV£P
DCK³OK¡LWOMQDVCKCO!6W¡DJCOFWW! CNN¯GPNCEK«PGIC!=RTGVDCK¡RTGUDC¡KK¡
2QTSW«VKGPGUGUCEKECVTK\GPNCHTGPVG!3W«VG RTQRDCK¡O©TC¡QDCK¡TC¡?
RCUµ!=RNDCRCK³OK¡EQRLKZ? ♦DCK¡ICOHWGCNCIWC
♦VWDCK³OK¡VTCGOCTEC
FGHKGTTQ 
DCK¡³FJCMCTUVKPCLCQNNC
RCTCCNOCEGPCTCIWC 
DCK³WOUHKGTTQJKGTTQ&CKDCRCK³WOVW )WDJK¡³FC¡DKZKOM©¡PLWRFW³KKZIW
TCTQK¡³IWVTGP.CUTWGFCUFGNVTGPUQPFGRWTQ DCK¡³FJCMCTPCDJCCPLWODJ©©IWUWWFCK¡
HKGTTQ .CQNNCRCTCVTCGTCIWCGUV£JGEJCFGDCTTQ
HKGTTQ
FGJGTTCT OCTEC
FGNHKGTTQ 2WEJW¡O DCVKFQ=RNDCRCK¡³FJCMCT?
FCCUFJKVWWTIWDCK³WOPC³LCZEJW¡OVW
DCK³OK¡CC³'UGVQTQVKGPGNCOCTECKIWCNSWG
 6'2'*7ƒ0Ê'52#“1. DCMGGV

DCK¡³FJC¡XaVUCECTCIWCNNGPCTFGCIWC
RCTC DCMCCZUECTPG
FGCPKOCN /QQ³DJCK¡DCO
QVTCRGTUQPC /K¡RUCRZKDCK¡³FJC¡IW³ VCC³O©TC¡IWDCMCCZPQ¡RKEJDCOWCFJK
OCTCCZIWCNJK¡EJDCMWCVC¡O/KJKLKVC VQQZMQNJ%WCPFQOCVGUGUGOCTTCPQXQ[C
SWKGTGSWGNGNNGPGUFGCIWCGUGIWCLGEJKSWKVQ XGPKTCEQORTCTVGECTPG=CRQUDCMZKIC¡P?
NNGXCTCIWC
CQVTCRGTUQPC ,CZEJW¡O DCMDWKFJC¡UFKCTTGC#C³EJCOCOVWVCVFC¡
DCMWCVC¡OLC³DCK¡³FJKMC¡IWUWWFCK¡IW PC³ÀÀIWDCMDWKFJC¡$JCK¡R©ZLKZMCMQ¡MQT
IÀ¡³³CCP!'PEW£NIWCLGRWGFQNNGXCTNGCIWC IW³DQMPC³OWK¡V©KLKEJWLWIKC¡;QOG
COKCDWGNC! UKGPVQF«DKNRQTSWGVGPIQFKCTTGC%WCPFQ
=RTGVDCK¡³RTGUDCK¡IK¡³EQPVDCK¡IK¡³FJC¡? RTWGDQVCPVKVCEQOKFCOGFCFQNQTFGGUVµOCIQ
DCK¡³ZKFJC¡XaDNNCOCT
CCNIWKGPFGRCTVGFG DCMDW¡XaKVGPGTFKCTTGC%JC¡RIKKNJKOOWLC¡M
QVTCRGTUQPCRCTCSWGXGPIC 'CRLK³ MWCFC¡FJKVQQZMQNJDCMCCZPCREJCOIKQ
DCK¡³ZK¡³O©T,C¡RLCRV©©FC¡PC³KEJCC³OWO DJCK¡RLKDCMDW¡0QEQOCUVCPVCECTPGFG
LQQV8GCNNCOCTNQ&KNGSWG[QVGOCPF« EGTFQRCTCSWGPQVGF«FKCTTGCQVTCXG\
KPXKVCT
CCNIWKGPFGRCTVGFGQVTCRGTUQPCRCTC =RTGV[RTGUDCMDW?
SWGXC[C /WOOW³KEJPQTPCRCK¡MKQIW DCMEJKC¡XaKJGTXKTOC¯\
UKPECN +KMW³OQQ
OCMI©OPC³KEJDCK¡³ZK¡³O©TCMFJK³OCTCCZ
IQQMVWDCMEJKC¡PCEJVWCVWWNJEJC¡8Q[C
(WKCNN£FQPFGXKXGGNEWTCPFGTQRCTCKPXKVCTNQ
JGTXKTVCPVKVQOC¯\UKPECNRCTCJCEGTCVQNG
FGRCTVGFGOKJKLC
=RTGVDCMEJ©MVCTEQRTGVDCMEJ©MFCV
=RTGVDCK¡³ZKRTGUDCK¡³ZK¡³
EQPVDCMEJ©MVCTFC¡?
EQPVDCRCK¡³ZK¡³FJC¡?
DCMEJKC¡XaVTGOQLCT
EWGTQ $CMEJKC¡CR
DCLCCMUEC³C
OCEK\CFG\CECVG ,WR
FJKLQ¡PCDC¡ZOQKMMC¡PC³LKMKCMKC¡PC³M©¡P
MCK¡EJFJC¡COIWLC¡VMCOPCUCRD©L©MRCK¡
DWWRNJKC¡IWZKKT4GOQLGGUVGEWGTQRCTCSWG
FJWWMLQKFJCOLKZLCK¡EJMC¡IWDCLCCMPCZ
UGJCICDNCPFKVQRCTCRQFGTEQTVCTNCUEQTTGCU
DJCK¡M©¡PVWODQZZKM&KEGNCIGPVGSWGJCEG
RCTCCOCTTCTNCUKNNCFGOQPVCT
OWEJQVKGORQJCD¯CDCUVCPVGEC³CFG\CECVGSWG
XaTOGVGTUG
CNCIWCUWLCPKO )KKNJKODCM
GTCDWGPCRCTCDCTTGT
OK¡ODCRCVV©MKO©MCOUWWFCK¡EJ©TIW
DCL©MCFXJCEGOWEJQVKGORQ$CL©MIKKNJKO VCVQQZMQNJ,KZK¡MQQTC¡OKUWW¡P2CTGEGSWG
VWOMQMFCKO©MPCTL©IKCNJK¡MCV*CEGOWEJQ NQUOCTTCPQUUGOGVKGTQPGPGNCIWCRWGUGUV£
VKGORQEWCPFQJWDQIWGTTCRGNGµOWEJCIGPVG OW[UWEKC
VGORTCPKVQ
CPVGUFGFGUC[WPCT $©L©MDJCK¡ =EQORNRNDCRCMEJKC¡RTGVDCMQDCMEJ©
DC³³W¡[CUCIWLCTQK¡'CLCTQK¡ZR©MDJCLKO DCRCMEJ©RTGUDCRCVV©MEQRTGVDCRCVV©MKO©M?
6GORTCPKVQOGFKQJKRQ3WK«PKT£CXGPKT!
DCMEJKFJC¡XaDTGOQLCT
EWGTQRCTCQVTC

5GFKEGSWGUKVGPIQJKRQSWKGTGFGEKTSWGCNIWKGP
RGTUQPC :KDLC³OWLKO;C¡³MCDCRCVV©MK¡³
OGGUV£CXKUCPFQSWGOGXKUKVCT£ 
IW³EJCCVIWLQ¡PCUCCMVWMWM[WPFCVC¡
8CTD©L©M
#JQTKVCXQ[RWGUVQFCX¯CGUVQ[TGOQLCPFQWP
♦DCL©MMCOCPVKIWQ
EWGTQRCTCOKRCR£RCTCSWGJCICEQ[WPFCUEQP
DCL©MF©TCFXFGUFGJCEGOWEJQVKGORQ#C³ «N=RTGVDCMEJKRTGUDCMEJK¡³QDCRCVV©¡MK¡³
[C¡LKTLK³FJ©TDC¡PC³IW¡DCL©MF©T[C¡DCV© EQPVDCRCVV©MK¡³FJC¡EQRTGVDCRCVV©MFJKO©M?
©U‹UVCGUOKVKGTTCRQTSWGNCJGEWNVKXCFQFGUFG
DCMEJ©MUOC¯\
JGTXKFQUKPECN 0Q¡RKEJOK¡
JCEGOWEJQVKGORQ8CTD©L©MF©T
FJKTKCOIQQMOKFJCKIWDCMEJ©M,C¡RLKZ
DCMUGUµHCIQ,KEJDCMCODJ©DJ©©IWMQK¡
³CCM©OVWVCVFC¡IWDCMEJ©MCVWWNJ2QTSW«
PQ¡EJOWVWMWC¡%WCPFQEQOGOQUNCEQOKFC PQRQPGUCJGTXKTWPRQEQFGOC¯\UKPECN!
RCUCRQTPWGUVTQGUµHCIQ=CRQUDCMCC¡P? 6GPIQICPCUFGVQOCTGNCVQNG
DCMRCTV+PFKECNQSWGGNJCDNCPVGETGGSWGGU
DCMGGVUEWGTQ#CREJCOCNJK¡EJDKC¡CCIW
EKGTVQCDCUGFGNCGXKFGPEKCSWGVKGPG$JCK¡DCM DCMGGVPCRCNJK¡EJLK³IC¡NJKFJC¡PC³
RCK¡VWMQUDCCRCKEJC¡OIWDJC¡CC¡PCDC¡ MQRGGVVWFC¡IW³ZWWUCM!0QVKGPGWPRQEQ
DJ©L©RCK¡FJ©TLKFJCFC¡FC¡%TGQSWGGN£IWKNC FGEWGTQRCTCXGPFGTOG!3WKGTQJCEGTNQU
VKGPGRQTCNN¯UWPKFQGPNQURG³CUEQURQTSWG EQRGVGURCTCOKUJWCTCEJGU
5GJCEGPJWCTCEJGU
ECFCTCVQXWGNCFGCNN¯=)TCO?8CTVCM FGJWNGFGNNCPVCEQPEQRGVG[EQTTGCUFGXCSWGVC 
=RNDCRMGVGURXCSWGVC?
DCMIW¡ 6'2'*7ƒ0Ê'52#“1. 

DCMIW¡EQPLRWGUFGDKFQC6©KROWW FJK¡PCVMCDKK&KEG4QUCSWGVGC[WFCCNCXCT
DJCK¡OWMIW³ZKKZOWUWWFCK¡EJ©T$CMIW¡ VWHCNFCNCSWGVQFCX¯CPQNCXCU
O©L©KKDJ©PCMCFWR³KEJW¡2QTRQSWKVQUG DCWVK\CT
CNJKLQFGQVTCRGTUQPC -CDWKOWM
OWGTGCJQICFQOKJGTOCPQGPGNCIWCRWGU UCR[CCC[C¡IWRCCNJ%JC¡RKCOLWO
TGURKTµOKGPVT£UKDCDWEGCPFQ IW¡PIWZK¡³PCRLKEJDCMWC³FJC¡OCC¡PIW
DCMKC¡XaKGPVTCTOGVGTUG
UWLCPKO -WWRC¡ CNJKK!/C³CPCXCCNNGICTGNRCFTG0QVG
KEJFJKPCDPCEJCOVW¡UQK¡OWDCCM©KDC CPKOCUCDCWVK\CTCWPQFGPWGUVTQUJKLQU!
MK¡UOC¡8COQUCEGTECTGUVQUPQRCNGURCTCSWG =EQORNRNDQRMQ³FJC¡RTGVDCMWC³DQRMQ³
PQGPVTGPKPI¼PCPKOCNCEQO«TUGNQU RTGUDCMWC³K¡³DQRMQ³K¡³?
=UWLRNDCCRMKC¡RTGVDCCDCCRRTGUDCRM©? DCMZKFJCTC¡UVCRGVGRGVCVGQEQDKLC
RCTC
DCMQQPUICT\CITKU6ÀDVWMWZDWIWDCMQQP FQTOKT $KEJWPCPIKC¡IWODCRCMZKFJCTC¡
/WLC¡RLKZLQK¡³IKQ¡PV©TPCRCK¡LCZUWUFC¡MC¡ PCRKEJIW¡DCDCO;CSWGVGNGXCPVCUVG
IWUWWFCK¡.CICT\CVKGPGRGUEWG\QOW[NCTIQ RWGFGUEQNICTNQUVCRGVGU=RNDCRCMZKFJCTC¡
.GIWUVCCPFCTGPNQUNNCPQUFQPFGJC[EJCTEQU CRQUDCMZKFJCTW¡PQDCMZKFJCTIC¡P
FGCIWC=RNDQRMQP? DCRCMZKFJCTW¡PQDCRCMZKFJCTIC¡P?
8CTDCMZKMCT
DCMZKFJC¡XaDVGPFGT
VCRGVGRGVCVGQEQDKLCRCTC
QVTCRGTUQPC /K¡ZKDCMZK¡³IWUC¡WCFJKCNJKK
PCDJCCPMQZKC¡6K«PFCNGCNN¯NCEQDKLCCNPK³Q
RCTCSWGFWGTOCGPGNNC=RTGVDCMZK
RTGUDCRMWZK¡³EQPVDCMZK¡³MC¡?
DCNFKUDCNFG$CK¡O©TCMDCMIW³³CCP
/WOOWPKFJ©TDJCK¡DCLKOOQQVQVIWDCNFK
 2CTGEGSWGOKOCO£HWGRQTCIWCRQTSWGFGCNN¯
DCMVC¡XaVVGPFGT
VCRGVGRGVCVGQEQDKLC /K¡RZK XKGPGECTICPFQGNDCNFGGPNCECDG\C
DCMVCKIWOCK³PCRDC¡OK¡DCVWMCKRIC¡IW =RNDCNFKU?
DJCD6KGPFGGNRGVCVGCNN¯RCTCSWGRWGFCU DCOIKC¡XaKNGXCPVCTUG-KC¡R©ZDCDCROK¡IW³
FGUXCKPCTGNHTKLQN=RTGVDCMRTGUDCRMWV ZKKZ,CK¡IW¡D©L©MDCCROKI©MRCK¡PCO©VLC¡M
RWPVDCCMWV? DJ©K/KJGTOCPQCRGPCUUGGUVCDCNGXCPVCPFQ
DCMWCUIWCLGDWNG,K³EJCK³DWK¡³IWODCMWC EWCPFQNQUFGO£U[CUGJCD¯CPNGXCPVCFQ[UG
MW³DJCCPDJ©KTC¡IWUWWFCK¡2T«UVCOGVW JCD¯CPKFQ=UWLRNDCCROKIKC¡RTGVDCO
DWNGRCTCKTCVTCGTCIWCGP«N=RNDQRMQ DCCRCORTGUDCROK¡DCCROK¡
CRQUDCMWC¡PDQRMQ¡P? EQPVDCROK¡PFC¡DCCROK¡PFC¡?
DCMWCPC¡XaVNCXCT
EQORNKPCP ,KZDJCK¡R ♦DCCOIK¡CFLOCFTWICFQT
OQQDCMWCPC¡FJK³ZCDWKTCZ)KKNJKOLKZIKQ¡ DCOKK¡³FJC¡XaVNGXCPVCT0KL©¡ZMWEJCO
.CXCDKGPOKUECN\QPGURWGUGUV£POW[ITCUQUQU DCCROK¡IWOCKOMCOPCEJV©K
DCWVK\CT
EQORNCPKO -CDWKOWMUCR[C DCCROK¡³FJKO©M'NDQTTCEJQPQUGNGXCPVµ
CC[C¡IWRCCNJPCLCDQRMQPC¡IWC¡CCNJIWK¡ EWCPFQ[QVTCVCDCFGNGXCPVCTNQ
PCOL©¡MEJCMWKDQRMQ³KZ/C³CPCXCCNNGICT =EQORNRNDCCROK¡³FJC¡RTGVDCOKK¡
GNRCFTGRCTCDCWVK\CTCNQUPK³QUSWGVQFCX¯CPQ DCCROK¡RTGUDCROKIK¡³DCCROKIK¡³?
GUV£PDCWVK\CFQU DCPQQUC¡XaTVGPGTEQORTQOKUQ6W¡PCR©Z
=EQORNRNDQRMQPC¡RTGVDCMWCDQRMQ DJCCPLWODCPQQUFC¡IW³EJCCV%JCO[C
RTGUDCMWCPDQRMQP? FCCMC¡PC³RCK¡FJWWMV©KZ³KQ¡MFJCOMC¡/K
DCMWCPMCTULCDµP6WDQRMQPO©TIWO RCR£UKGORTGVKGPGEQORTQOKUQURQTGUQPWPEC
LCLCPPWNJOWDKDKCVCO:KDCCDWK¡CRIW GUV£CSW¯EWCPFQNGSWKGTQJCDNCT
DCMWCPMCTDJC¡³KPCLKOCTRWWUV©T8GC JCEGTTKVQTGNKIKQUQ&JQDCMIW¡TCOLKCPC³
NCXCTVWTQRCCNN£GPNCEK«PCIC5CECGNLCDµPFG CC³RWK¡RLK³DCPQQUC¡6©©¡PCDC¡IW³MWWNUK
NCVCNGIC MCVPCK¡V©D©RIK¡³FJC¡DCRCCRCKUCPQQR5GT¯C
DCMWC³FJC¡XaDNCXCT
RCTCQVTCRGTUQPC  DWGPQSWG[QVCODK«PJCICWPTKVQRWGUOK
,WODCMWC³FJC¡UCRFJK4QQUCIWOKRWWT CDWGNQUKGORTGCPFCDCRQPKGPFQXGNCUCNRKGFG
 6'2'*7ƒ0Ê'52#“1. DCRQKMKC¡

NQURG³CUEQU DCRCMEJKC¡=EQORNRNFGDCMEJKC¡?TGOQLCTNQU
=RTGVDCPQQUCRTGUDCPQQU? =RTGVDCRCMEJ©RTGUDCRCVV©M
DC³FJKKTUDCPFGTC0Q¡DCOCCLKOIW)À¡ EQRTGVDCRCVV©MKO©M?
6CPQQNJOWK¡OWLC¡RDCVWVVW¡COIW DCRCMZKFJCTC¡=RNFGDCMZKFJCTC¡?VCRGVGU
DC³FJKKTLKZEJQQVQOW,WMV©TMWMTWUOK¡ZK =CRQUDCRCMZKFJCTW¡PQDCRCMZKFJCTIC¡P?
LWRZKZEJW¡PFC¡©TDCP'P5CPVC/CT¯CFG DCRCRRCK=RNFGDCCRCK?RG³CUEQU
1EQV£PEWCPFQUGCEGTECNC5GOCPC5CPVCUG 8CTDCRCCRCK
RQPGPGPNCECNNGDCPFGTCUDNCPECUSWGNNGXCP
FKDWLCFCUWPCETW\GPOGFKQ DCRCRRCK¡=RNFGDCCRCK¡?RG³CUEQUQU=EQRLKZ?
8CTDCRCCRCK¡
DC³KKU=RTGVFGDCKUU©PC¡?NQGUVKTµ
DCRCUFCM=RNFGDCUFCM?SWGNGUHCNVCUCN
DCRCCNJ=RNFGDCCNJ?ECPCUVCU =EQRLKZ?
=CRQUDCRCCNJK¡³?
DCRCVV©¡MK¡³=RTGUFGDCMEJKFJC¡?UGNQTGOQLC
DCRCCOW¡=RNFGDCCOW¡?\CPEWFQU =EQPVDCRCVV©MK¡³FJC¡EQRTGVDCRCVV©MFJKO©M?
8CTDCROW¡
DCRF©T=RNFGDCF©©T?NCICTVKLCU
DCRCCRCK=RNFGDCCRCK?RG³CUEQU
8CTDCRCRRCK DCRF©TFCV=EQRTGVFGDC¡PPKC¡?UGOQLCDC
8CTDCRF©TKO©M
DCRCCRCKFJC¡=RNFGDCCRCKFJC¡?SWG
H£EKNOGPVGCPFCP
FQPFGJC[WPCEWGUVC DCRIC=RTGUFGDCCIC¡?NQTKGIC
GORKPCFC =EQRLKZ? DCRI©U=RNFGDCI©©U?GUVWEJGU
DCRCCRCK¡=RNFGDCCRCK¡?RG³CUEQUQU=EQRLKZ? DCRMGV=RNFGDCMGGV?EWGTQU
8CTDCRCRRCK¡ DCRM©=RTGUFGDCMKC¡?UGOGVG
DCRCKI©M=RNFGDCKI©M?JKPEJCFQU=EQRLKZ? DCRMWV=RTGUFGDCMVC¡?VKGPFGVCRGVG
DCRCKI©MKC¡=UWLRNFGDCKI©MKC¡?2GL DCRMWZK¡³=RTGUFGDCMZKFJC¡?NGVKGPFGVCRGVG
DCRCKI©MKC¡COUGJKPEJCT£P=RTGVDCRCKI© DCROKIK¡³=RTGUFGDCOKK¡³FJC¡?NQNGXCPVC
RTGUDCRCKI©T?
DCROK¡=RTGUFGDCOIKC¡?UGNGXCPVC
DCRCKMMCO=RNFGDCKMMCO?CTTQ[KVQU
DCROK¡PFC¡=EQPVFGDCOIKC¡?GUVCTNGXCPVCPFQ
DCRCKOC¡=RNFGDCKOC¡?DC[QU=EQRLKZ?
DCROW¡=RNFGDCCOW¡?\CPEWFQU
DCRCK³EJWFC¡=EQORNRNFGDCK³EJWFC¡?JCEGT 8CTDCRCCOW¡
HWPFCU=RTGVDCRCK³EJWFCRTGUDCRCK³EJW¡P?
DCRQK=RNFGDQK?ECOKPQU
DCRCK³FJCU=RNFGDCK³FJCU?JCEJCU
=CRQUDCRCK³FJCUIC¡P?8CTDCRCK³ICU DCRQKMCFLEJCOWUECFQ6W¡FWWIWOMWWR
PCDC¡ZDCRQKM!-C¡OO©K¡³CCIWVCK!3W«
DCRCK³OKEJFJC¡=EQORNRNFGDCK³OKEJFJC¡? NGRCUµCVWECDGNNQ!2QTSW«GUV£EJCOWUECFQ!
JGTTCTNQU=RTGVDCRCK³OKEJ
6GSWGOµNCNWODTG!=EQRLKZ?8«CUGDQKMVC¡
RTGUDCRCK³OKEJW¡P?
DCRQKMFJC¡XaDEJCOWUECT
RCTCQVTCRGTUQPCQ
DCRCK³OK¡=RNFGDCK³OK¡?SWGVKGPGEKECVTKEGU CWPCPKOCN 'CPCEJDCRQKMFJC¡FJKOKKEJW
=EQRLKZ?
IWEJK³DW¡PIKKNJKOVW¡KK¡PCTVÀ¡VÀD8COQUC
DCRCK³WO=RNFGDCK³WO?HKGTTQU EJCOWUECTNQUDKIQVGUFGNICVQRWGUUGXGPHGQU
=CRQUDCRCK³OKIC¡P? RQTSWGUQPNCTIQU=EQPVDCRQKMK¡³FJC¡
DCRCKU©NJ=RNFGDCKU©NJ?VGLQPGU RWPVDCRQKMFJCM?8CTDCRQKMEJWNJFJC¡
DCRCKUU©PC¡=EQORNRNFGDCKUU©PC¡?GUVKTCTNQU DCRQKZEJWNJFJC¡
=RTGVDCRCC³KURTGUDCRCKUU©P? DCRQKMKC¡XaKEJCOWUECTUG6CMCCDOCDCRQK
DCRCKUU©³FJC¡=EQORNRNFGDCKUU©³FJC¡? IW³MWWRPC³MCV©O©O©K¡³DJCOO©PC³RCK¡
GUVKT£TUGNQUCNCTI£TUGNQU=RTGVDCRCKUU©P©? VWZKMWCP#[GTSWGGUVCDCSWGOCPFQWP
DCTDGEJQO¯QOGEJCOWUSW«GNECDGNNQ
DCRCK¡³FJCMCT=RNFGDCK¡³FJCMCT?QNNCU =EQPVDCRQKMFC¡RTQITDCRQKMKO
DCRCK¡³ZK¡³FJC¡=EQPVFGDCK¡³ZKFJC¡?GUVCT RWPVDCRQKM©M?
NNCOCPFQ
DCRQK³MKFJC¡ 6'2'*7ƒ0Ê'52#“1. 

DCRQK³MKFJC¡=UWLRNFGDQK³MKFJC¡?2GL TCVKVQEWCPFQKDCRCUCPFQOGVTQRG\«EQPWPC
DCRQK³MKFJC¡COUGFGUCVCT£P=RTGVDCRQK³MK? GPTGFCFGTC[OGEC¯
DCRRC³K¡CFLGPTGFCFQTVTGRCFQT,KZ
DCRQKUC¡XaVEJCOWUECT,KZDJCK¡RLWRLK³
DJCK¡³ZKFJC¡FJKLWPDCC¡RCNJ©©RDCRQKZKZ DCRRC³K¡IWUCK¡IWK¡PCRWK¡V©©¡WWRLKLKK0Q¡
2QTHCXQTEW«EGOGDKGPGUVGGNQVGRQTSWG MKDCCTFWWMR©ZV©T³KEJW¡PFC¡%WCPFQNNWGXG
UQNCOGPVGGUV£WPRQEQEJCOWUECFQ WPQUF¯CUUGIWKFQUGN\CECVGVTGRCFQTSWGUG
=RTGVDCRQKRTGUDCRQKU?8«CUGDQKMVC¡ NNCOCÎKPVGUVKPQUFG\QTKNNQÏETGEGOWEJQ[UG
DCRQK¡EJW¡P=RTGUFGDQQRQKEJFJC¡?2GL GZVKGPFG=EQRLKZ?
DCRQK¡EJW¡PCOEQTTGP DCRRWFC¡=EQPVFGDCCDW¡?GUVCTUCECPFQ
DCRQK¡MC³=RNFGDQK¡MC³?CRNCPCFQU=EQRLKZ? DCRRWKFJC¡=OQXFGDCCDW¡?NQKT£UCECPFQ
DCRQK¡URC¡=EQORNRNFGDQK¡URC¡?QRTKOKTNQU DCRRWK¡³FJC¡=EQPVFGDCCDWKFJC¡?GUVCT
=RTGUDCRQK¡UCR? UCECPFQ
DCRQQURGNQXGNNQ
JWOCPQ )KKNJKOLKZ DCRTC¡=RNFGDCTCC¡?SWGVKGPGPLWIQ=EQRLKZ?
DCRQQIWPQQPDK¡³IW2GGITQ2GFTQVKGPG DCRU©M=RNFGDCU©©M?TCVQPGU
OWEJQXGNNQGPNQUDTC\QU
DCRWK¡©RCFXVCODK«P
FGNCOKUOCOCPGTC 
RGNQ
CPKOCN ,KZZKK³OC¡VWDCRQQFJK
,C¡ROQQZLKOFJC¡IW#PTKKMKIKQIW/CTMWU
ICIQQZ'UVGRGTTQVKGPGGNRGNQEJKPQ
DCRWK¡©R'PTKSWGGUOW[XGNQ\[VCODK«P
RNWOCLG
R£LCTQ $CRQQ¡PR©ZOKFJCTCCIW
/CTEQU
VCMCCTWK¡OK¡PCRCK¡MCDQ¡MCV/K¡ÀÀMLWIKQ
DCMIWDJCPVWMCC¡0CFCO£UGUV£PNCU DCTCCVCFLDCTCVQ=EQRLKT?#PVµPFJC¡TC¡
DCTCC¡UN¯SWKFQEQTTGURQPFKGPVG/WOOWR
RNWOCUFGNCICNNKPCFQPFGGUVCDCCEQUVCFC
RCTGEGSWGNNGIµWPEQ[QVGGPNCPQEJG[UGNC DCCULKO©KUWUWCMKC¡.WWUKQ/K¡DJCLC¡M
EQOKµ LKFJQQTV©TUWWNJIWODWWRWKDCTCC¡8GVG
=CRQUDCRQQ¡P? CNN£UKXCUCNNQTCT.WEKQ0QXC[CPCECGTVWU
♦MCUPKTDCRQQUNCPCFGDQTTGIQ N£ITKOCUGPGNECNFQ=CRQUDCCTIC¡P?
DCRQQLK=RNFGDQQLK?QUQU ♦DWWRWKDCTCC¡UN£ITKOCU
♦EJK³DCTCC¡UUCNKXC
DCRQQT=RNFGDQQT?UWFQTQUQU=EQRLKZ?
DCTCC¡CFLSWGVKGPGLWIQ
HTWVCQXGTFWTC 
DCRQQTVC¡=UWLRNFGDQQTVC¡?2GLDCRQQTVC¡
,QKFJCOLKZDCTCC¡FJKUCPFKK[CU'UVCUCPF¯C
COUWFCT£P=RTGVDCRQQT©EQPVDCRQQTVCTFC¡?
VKGPGOWEJQLWIQ
DCRQQ¡=RNFGDQQ¡?RCNKVQU
RCTCOGPGCTGN SWGVKGPGECNFQ
CNIQEQEKFQ 6WDCTCC¡CC
PKZVCOCN  FJKDJCDMC¡IW¡ZICM!6KGPGPECNFQNQU
DCRQZMCT=RNFGDQZMCT?GUEQDCU HTKLQNGUQGUV£PUGEQU!
DCRQ¡=RTGUFGDQQRQ[C¡?2GLDCRQ¡CO OQLCFQ/WRCK¡DCMOCCKIWFWWMIW
EQTTGP 2GGITQVCMCCD,KZDCTCC¡OKLC¡RDCM©©M
2CTGEGSWGNGCICTTµNCNNWXKCC2GFTQC[GTRWGU
DCRRCPUGPTGFCFGTC/WK¡DCRRCPIW
NNGIµDKGPOQLCFQ
UKNC[QQVPCIW¡LQKFJCOLKZLQK¡³OK¡PCRCK¡
=RNDCRTC¡EQRLKZ?
©¡ZEJKZ'NEJC[QVGVKGPGOWEJCUGPTGFCFGTCU
RQTSWGFQPFGGUV£UGODTCFQNCVKGTTCGUV£OW[ DCTIKFJC¡XaVFKNWKTCIWCT
N¯SWKFQ /QQ
DWGPC=EQRLKZ? EJCODJCK¡CCPCRIÀ¡DCTIKFJC¡I©VFJKDJCD
MW³LQKFJCOR©ZCOKQ¡FC¡IWDCCTIC¡P!
DCRRC³KC¡XaKTGVQ³CT
RNCPVCGPTGFCFGTC 
&GDGT¯CUJCDGTNGGEJCFQOWEJCCIWCCGUVQU
-KC¡R©ZDCLKDCRRCP©FJKKOCKEJCMWKUWWJN
HTKLQNGURCTCSWGCJQTCVWXKGTCPOWEJQECNFQ
FCKLCCIC¡PPCOK¡MCVW¡V#RGPCUGUV£
RCTCFKUHTWVCTVQO£PFQNQ
GORG\CPFQCTGVQ³CTGUVCECNCDC\C6QFCX¯CPQ
OQLCT
NNWXKC ,KZKQ¡ODC¡PLC³KEJLKDCM
VKGPGHTWVQUQPRWTCUJQLCUPCFCO£U
IW¡PCIKKNJKOLK³DCTIKFJKFJCVIWFWWM/G
=RTGVDCRRCP©RTGUDCRRCP?
GORCR«RQTNCNNWXKCSWGOGGUVCDCOQLCPFQ
DCRRC³K¡UGPTGFCFGTC$©©R©¡PC³OKLC¡RMC
=RTGVDCTIKRTGUDCTIK¡³?
LKOUCK¡EJ©TOWPKOC³KCTIWDCRRC³K¡*CEG
DCTIK¡³=RTGUFGDC¡PPKFJC¡?NQOQLC
 6'2'*7ƒ0Ê'52#“1. DC¡MEJKFJC¡

DCUFCMCFLSWGNGHCNVCUCN#NJ¡KEJDJCK¡ZK³ DCVQQRURG\RGUECFQ,KZEJWWVWMUWUFCK¡
DJ©K¡³IWQP+COR©ZLKZDCUFCMFJK³DJKK EJ©TLKZLQK¡³COIWIÀ¡IÀTDQRVQR#NQURGEGU
&COGVCPVKVCUCNRWGUNGHCNVCCGUVCEQOKFC O£UITCPFGUNGUIWUVCCPFCTGPNQUNWICTGUO£U
=RNDCRCUFCMEQRLKZ? JQPFQU=RNDQRVQR?
DCU©©MUTCVµP,K³LWIK¡³IWDCU©©MIWMKKUPC³ DCZDJC¡XaVUCECTGZVTCGT
N¯SWKFQFGCDCLQJCEKC
DJCOO©DKC¡MCVCUCCMEJC¡O'NTCVµPUG CTTKDC 6CCULCRZKDJ©KPCRM©¡PDCZDJC¡IW
CECDµGNSWGUQSWGVGP¯CGPNCVCNGICFGKZVNG UWWFCK¡OWDKDKCVCOPCIW¡VWWMCDUWW¡P
=RNDCRU©M? .N«XCVGWPCVC\CRCTCUCECTGNCIWCFGNOCPCPVKCN
DCU©MDJCDKK¡UÎHTKLQNFGTCVµPÏ
GLQVGUKNXGUVTG  RQTSWGGUV£OW[JQPFQ=RTGVDCZ
)COR©ZLC¡MLKZLCK¡DCU©MDJCDKK¡&CKIW RTGUDCZZK¡OQDCZKK¡O?
[QQZIC¡PLWOMWC¡LKFJQQNJZKOIKQMKKUOK DCZKLKOKC¡XaKKPVGTTWORKT
EQVQTTGCPFQ 'C
DWKZKO'PGNECORQUGFCPÎHTKLQNGUFGTCVµPÏ EJCMWKRKO³KQMFC¡C¡CCNJ#CRK¡OIW¡OK¡
RGTQUQNCOGPVGUGEQOGPNCUHNQTGUJGTXKFCUGP FJ©TLWRDCZKLKOKC¡PQ¡EJKEJDCLKEJWC¡IC
CIWCCITGI£PFQNGUSWGUQ 0QJCDNGPPK³QUWUVGFGUPCFCO£UPQU
DCU©M[QQZK¡UHNQTFGNÎHTKLQNFGTCVµPÏ
GLQVG KPVGTTWORGPEWCPFQGORG\COQUCJCDNCT
UKNXGUVTG ,KZD©R©©¡VW[QQVIWDCU©M[QQZK¡ CNDQTQVCT
CPKOCNFCPFQXQEGU 6W¡DC¡FWW
.CUHNQTGUFGNÎHTKLQNFGTCVµPÏUQPTQLCU IWMCTDCZPCVDC¡O©L©RCK¡DCZKLKKPCMWW!
3W«NGRCUCT¯CCNCEJKXC!'UVWXQCNDQTQVCFC[
DCUOCCM©¡PCFXC³QCPVGRCUCFQ$CUOCCM©¡P
DCNCPFQHWGTVCOGPVG
LC¡ROQQZKQ¡OL©©RFJCMPCVIÀ¡I©©U©MIWM©D
=RTGVDCZKLKK?
%JCORCK¡FJWWMRWK¡L©©RFJCTFCVFCKLCPQ¡
'NC³QCPVGRCUCFQJK\QOWEJQHT¯QRQTSWGEC[µ DC¡EQPL+PFKECSWGWPCUKVWCEKµPGUEQPUGEWGPEKC
OWEJCPKGXG0WPECJCD¯CJGEJQVCPVQHT¯QEQOQ FGQVTC,CTQQDC¡R©ZLKZQK¡³FJK4CCDNKCPC
JK\QGPVQPEGU DC¡OQQLC¡RPKL©¡ZMWZQK¡³IWVCCVC¡PPKIW
F©¡©©¡P!5CDGCSWK«PUGRCTGEG$TCWNKC!2QTSWG
DCUOWLWOCKOCCM©¡PCFXJCEGVTGUC³QU
PQUGRCTGEGPKCUWRCR£PKCUWOCO£

NKVGNC³QCPVGUFGNC³QCPVGRCUCFQ $CUOW
=)TCO?
LWOCKOCCM©¡PLWORCVCCUCIW6KDJWTUKQPC
OK¡TLKZMCK¡MCV,WMV©T*CEGVTGUC³QU6KDWTEKQ DC¡CCMUECUC/CC¡POK¡³KM©©MIWDC¡CCMLWR
FGLµFGUGTIQDGTPCFQTGP5CPVC/CT¯C1EQV£P VW¡O%JCOLCTQK¡OKMKQ#NN¯GUV£WPCECUC
XCE¯CPCFKGXKXGCNN¯
.CUECUCUVTCFKEKQPCNGU
DCUOWVCMCCDCFXJCEGVTGUF¯CU
NKVGNF¯C
UGEQPUVTW[GPFGOCFGTCUQDTGRKNQVGUFGQEQVGEQP
CPVGUFGCPVGC[GT $CUOWVCMCCDLCEJKEJ[CCK
RKUQCNVQFGVCDNQPGURCTCFQTOKTGPEGTTCFCEQP
-QTKCPF©T0QUQVTQUNNGICOQUFG&WTCPIQJCEG
VCDNCUNCDTCFCUEQPJCEJCEQPVGEJQFG\CECVGQ
VTGUF¯CU
VCDNGVCU[EQPWPVTQPEQEQPOWGUECUEQOQ
DCUVCMCCDCFXCPVGC[GT$CUVCMCCDLCEJUCR GUECNGTC'PGNUWGNQFGDCLQFGNRKUQUGIWCTFCPNQU
DJCK¡DCLKOKC¡I©VIW¡LKPCVIW¡OCEJQ¡³ZK DKGPGUITCPFGUEQOQUKNNCUFGOQPVCT 
OCC¡PIWDJWTW¡Z6CMCCDLKZFJCCOFWWM =RNDC¡DJCMCRQUDC¡MK¡³DC¡RMK¡³?
LCEJKEJDC¡MCV©©LKEJWMI©MPCEJKEJDC¡R©M ♦LCDCMDJCLC¡MDC¡MEJ©TR£UGNG
FKEJQ
DJCK¡MCLKLKK+DCOQUCXGPKTCPVGC[GTPCFC FGUFGCFGPVTQFGNCECUC 
O£USWGUGPQURGTFKµWPDWTTQ*CUVCC[GTNQ ♦DJK¡³DCMUECUC
FGCFQDGNCFTKNNQQ
GPEQPVTCOQUCNOGFKQF¯C[UCNKOQUECUKCN RKGFTC 
CPQEJGEGT
DC¡KK¡=RTGUFGDCK¡IKC¡?UCECCIWC
DCVDKC¡XaKDC³CTUG,KZLWWMLWOCC¡IW
UWWFCK¡PC³M©¡PDCVDKCFC¡PQ¡ZL©©RK¡³
DC¡MEJC¡XaKJCEGTWPCECUC-CDWKOWMLC³VW
DC¡MEJC¡PC³OKEJW¡CC¡IWLWWPPCEJVW¡
%WCPFQJCEGHT¯QUGPGEGUKVCCIWCECNKGPVKVC
QTCC¡/C³CPCXQ[CJCEGTWPCECUCFQPFG
RCTCDC³CTUG=RTGV[RTGUDCVDKC?
RWGFCIWCTFCTGNOC¯\SWGEQUGEJQ
DCVDKEJFJC¡XaVDC³CT
EQORNCPKO %JCO =EQORNRNDC¡RMKEJC¡RTGVDC¡MKQDC¡MEJC
L©¡ZMCVDCVDKEJW¡PLCRKODCMFJKCJNKKPCDC¡ DC¡RMKQDC¡RMKEJCRTGUDC¡MKEJDC¡RMKEJ
IKKNJKOLKZZC¡QQ¡5GIWTCOGPVGWUVGFGUPWPEC EQPVDC¡MKEJFJC¡DC¡RMKEJFJC¡?
DC³CPCNPK³QRQTGUQVKGPGOWEJCUNKGPFTGU
=RTGVDCVDKEJRTGUDCVDKEJW¡P?
DC¡MEJKFJC¡XaVJCEGTWPCECUC
RCTCQVTC
RGTUQPC /CC¡PLCRUCRDC¡MEJWFC¡,QUGGIWO
DC¡PPKC¡ 6'2'*7ƒ0Ê'52#“1. 

ZKKZPCOK¡VW¡CC¡IWLWWPPCRCK¡FJWWMVW EWCFTCFC=RNDKKRKC¡UMQQMQ¡QDKRKC¡U
QTCC¡,QU«VWJGTOCPQSWKGTGSWGNGJCICUWPC MQQMQ¡?
ECUCFQPFGRWGFCIWCTFCTUWOC¯\EWCPFQNQ DKDUVCDCEQ)COO©L©R©ZF©©PFC¡COIWDKD
EQUGEJC=EQORNRNDC¡RMKEJFJC¡ IWOCOMCI©O.QUEWTCPFGTQUUKGORTGHWOCP
RTGVDC¡MEJKDC¡RMKEJEQPVDC¡RMKEJK¡³FJC¡? VCDCEQ=RQUDKDCC¡CRQUDKDCC¡P?
8CTDC¡MEJWFC¡
DKDKCVCOUOCPCPVKCN6©V©©¡O©TPQ¡VEJCOOW
DC¡PPKC¡XaKOQLCTUG$CRUCK³FJKMW¡CC¡ICOC DCCKDKDKCVCOIWVQQZMQNJ/K¡DCLK
LC¡MDC¡MD©VC¡PCEJCODC¡PPKC¡/GVCNCNG³C KMQQTIKFJC¡IW¡PQ¡VLCZFJWWMOWCK8GCN
FGDCLQFGGUCECUCRCTCSWGPQUGOQLG OCPCPVKCNCXGTUKGNOCTTCPQJCNNGICFQCNN¯
=RTGVDC¡PRTQRDC¡PPK¡³O©TC¡ RQTSWGUKNNGICGPUWEKCGNCIWC=RNDKKRKCVCO?
EQRTGVDCRF©TFCVQDCRF©TKO©M?
DKFJKK=RTGVFGDK¡³³C¡?NQJKNµ8CTDK¡³³C
♦DCC¡CFLOQLCFQ
DKFJKK³=RTGUFGDK¡³³C¡?NQJKNC
DC¡PPKFJC¡XaVOQLCT
EQORNKPCP 
DKKCFLHKPQFGNICFKVQ
VTQ\QU ,QKFJCOLKZ
$C¡PPKFJCKOCRCCV©KFJKLQ¡.WKUPCRDC¡
LC¡RRCNJ©©ROKEJQK¡DK¡³IWUWWFCK¡!)À¡LK DKKLCK¡EJIWDCLCCMOWPKMCPF©TFJKD©©Z
PCROKEJQK¡FJC¡PCDC¡OCC¡PLKOFCOLKZ UCMCCNJKM,QKFJCOLKTCOPC³VWLWORCFCKVW
DJCK¡DC¡PPKC¡+PVGPVCUOQLCTGUVGEWGTQ DQZMCTVC¡'PCSWGNNCEQTFKNNGTCNCEC³CFG
.WKU!0QGUUWHKEKGPVGGEJCTNGRQECCIWCFGDGU \CECVGETGEGOW[FGNICFKVC'UV£DWGPCRCTC
GEJCTNGOWEJCRCTCSWGUGOQLGT£RKFCOGPVG LWPVCTNC[JCEGTGUEQDCU
=RTGVDC¡PPKRTGUDCTIK¡³QDC¡PPK¡³ HKPQ
VGZVWTC ,CZLCRKEJLC¡MVW¡VCUMKFJK
EQPVDC¡PPK¡³FJC¡? CUCCMPCDC¡OQQLC¡RLKZDKK!&GSW«HQTOC
JKEKUVGGUVCTGFSWGGUV£VCPHKPC!
DC¡PPKZFJC¡XaDOQLCT
RCTCQVTCRGTUQPC
GPRGFCEKVQU
OW[EJKSWKVQU 2CCFWWMLKKIW
EQORNKPCP ,K³DC¡PPKZFJC¡CRFJKLQ¡MWEJ
,QUGGPC³KEJV©KEJKCPCZDKKVWWOUC¡FJK
VWMWM[WPFCVC¡/µLCOGGUVGEWGTQRCTCSWG
LQQFCK!#SW«JQTCUGHWG,QU«!2WGUNQOCPF«
RWGFCJCEGTNCUEQ[WPFCUEQP«N=RTGVDC¡PPKZ
CSWGSWGDTCTCGUVCURKGFTCUGPRGFCEKVQU
RTGUDC¡PPKZK¡³?
ECODKQ
OQPGFC 'CRZKLC¡M©NJK¡³FJK
DC¡RW³KC¡XaKDTQVCT
N¯SWKFQ $CCRCKUCPQQR VWWOK³PQ¡O©VOQQD©©ZLC¡MLWOKCDWIWZ
F©TDC¡RWPIWUWWFCK¡DJCOO©F©TICK#NN£GP DKK%WGPVCGUVGFKPGTQRCTCXGTUKGPXGTFCFVG
NCNCFGTCGNCIWCDTQVCFGNRKGFGNRG³CUEQ FGXQNXKGTQPVQFQGNECODKQ
=RTGVDC¡RWRTGUDC¡RWP? =EQRLKZ?
DKRTGHaX+PFKECKORGTCVKXQEQPEQTVGU¯C$KEJW ♦FWWMLKZDKKCNJGUV£NNQXK\PCPFQ
DCC¡2GGITQIW©¡©©ZPCEJCODJCCVC[C¡2QT DKK=RTGVFGDK¡[C¡?UGSWGFµ
HCXQTTKGICNCURNCPVCU2GFTQRCTCSWGPQUG
DKKEJWCUGPEKPQ
FGJQLCUCPIQUVCU ,QKFJCO
OCTEJKVGP=)TCO?
LKTZKDQQTCMFJKDKKEJWCPCOWPKM©©M
DKCROC¡UOWEJCEJQLQXGP
FGO£UFGC³QU MQQMDC¡P'UGGPEKPQSWGGUV£GPGNDQTFGFGN
FGGFCF #C³DCL©MPC³MCTDKCROC¡MCV RG³CUEQVKGPGOWEJCUTCOCU=RNDKKEJWVWCQ
IKKNJKOLKPC³LKZLKOFJCIKEJMWZDC¡IW¡RWK¡ DKKVWVWC?
CCPCZKD%WCPFQ[QGTCLQXGPECOKPCDCDKGP
DKKNJFJC¡XaVOQNGT
HKPQ ,KZDKKROQQ
TGEKQPQEQOQCJQTC=RNDKKRKDQR?
DKKNJFJC¡FJKVWK¡EJCOVW¡ZEJCCVCM/WGNG
DKC¡XaGVGPGT#NJK¡EJLCEJVCCPO©TC¡IW³ OW[DKGPGUCOCUCPQNCFGLGUSWGDTCLCFC
MWWNUKIWO©©DCVPCIW¡EJKOQQRWKIÀ¡DKC¡ XaKTWOKCT-KC¡R©ZLCO©VDCLKEJWDKKNJFJK
IWK¡PCVV©DJ©KTCM8Q[CKTCEQORTCTOKGNEQP MCMCTDCZ-CRWRLKZMQMDC¡PCODCM#RGPCU
OKCDWGNQRQTSWGFGDGVGPGTOWEJCVQFCX¯C[C GORG\CTQPCTWOKCTNQUEJKXQU&GDGPGUVCT
SWGNCHWGCUCECT NNGPQU
DKC¡TC¡=RTQRFGDK¡CC¡?KTCCRCEGPVCT =RTGVDKKNJRTGUDKKNJK¡³?
DKC¡UMQ¡UDQC)WDKC¡UMQ¡RWEJW¡OVWFCCM DKKOCFLGPRGFCEKVQU
PQOW[EJKSWKVQU ,KZ
PCLCZIWDJGUGGTLKZZCRCCTCM.CDQCVKGPG DKKOLCRZK©¡MRKFJKDCMCCZPCDC¡EJCOZKLCK
NCPCTK\FGNCOKUOCHQTOCSWGGNDGEGTTQ MC¡PCEJLKFJQQTC¡LC¡Z³K%QTVCNCECTPGGP
RGFCEKVQURCTCSWGUGCH£EKNEQEKPCTNCO£UVCTFG
 6'2'*7ƒ0Ê'52#“1. DKRKC¡UMQQMQ¡

FGRCTVGURGSWG³CU5KCOTKCNJOQQZMCDCCM DKK¡OUNGEJG,WWOIWICIQQZIWDKK¡OPCVOK
FJKMW¡CC¡PC³[C¡V©KVCRCCU©TDCPPC³DC¡OK¡ LC¡RMCZKFJCCUCMF©©TCRZKEJWUWWUUCMIW
FJ©TLKZDKKODCVCCVUC¡'UV£FWTCGUVCNG³C WDKK%JKIW¡EJCOV©¡³EJWPCVÀ¡MQDZK
RWGUGUFKH¯EKNRCTVKTNCCNCOKVCFRCTCUGIWKT UCK¡FJCKI©V'NRGTTQUGVQOµNCNGEJGSWGNC
RCTVK«PFQNCGPVTQEKVQUO£URGSWG³QU OWLGTFGLµGPGNUWGNQFGURW«UFGQTFG³CT
=EQRLKZ? RCTGEGSWGUGNGQNXKFµEQNICTNCCTTKDC
DKKOUC¡XaVSWGDTCT
GPRGFCEKVQU 6CCMLCR =CRQUDKKDJC¡P?
LCK³CKZKDKKOUC¡FJKMKKU'NGGPCPCEJD©PFC¡ ♦DCCMDKK¡OUNGEJGFGXCEC
FJKKOCK4GDCPCWPRGFC\QFGSWGUQ'NGPC[ ♦MCTDCZDKK¡OUNGEJGFGECDTC
JC\NQRGFCEKVQURCTCEQEGTNQEQPNCECNCDC\C DKPCVGGTU+PFKECGNNWICTFQPFGUGHCDTKECGN
=RTGVDKKOUCRTGUDKKOWUEQPVDKKOWUFC¡? OG\ECN$CL©MRCK¡FJWWM[C¡ZOCCZPCT
8CTDKKOPC¡ DKPCVGGTMCV5GXGSWGJCEGVKGORQJCD¯CWPC
♦DKKOWPIC¡POKICLCU
FGCNIWPCEQOKFC  H£DTKECFGOG\ECNCSW¯
DKK³CMCFLSWGVKGPGEQPHKCP\C
EQORNCPKO  DK³=RTGUFGDKR³KC¡?NQOCUVKEC
#C³&KQUDWK³QTR©ZLKZDKK³CMPCLCTQK¡EJ DK³DWKUNGEJWIWKNNC
VKRQFGCICXG #C³LCK¡R
VCK³DWK¡³IWKK¡OFC¡;QPCFCO£UEQPH¯QGP
MCWC¡TC¡IWDK³DWKPCEJM©¡PDCVDKC¡$CLWW
&KQUSWK«POGRTGUVCNCXKFC
IW¡IWK¡PC³KEJ[C¡CKEJFJCM8Q[CVTCGTO£U
=EQORNRNDKRKK³CMEQRLKZ?
NGEJWIWKNNCRCTCDC³CTPQURWGU[CUGCECDµNC
♦DJCK¡PC³RCK¡ZDKK³CMCNN£FQPFGXKXQ SWGVTCLG

NKVFQPFGVGPIQOKEQPHKCP\C 
DK³FJC¡=EQPVFGDKR³KC¡?GUVCTOCUVKECPFQ
DKK³MCFC¡XaVDGPFGEKTTG\CT
RCTCQVTC
RGTUQPC 0CLCZOCCZKNJKC¡IW³CNJKKEJWMLC³
DK³MCTUDCIC\Q
FGEC³COCUVKECFC $CCULCR
KCDWKFJC¡IWODK³MCTEJCOVW¡OKLC¡R
OQQDKK³MCFC¡'PEWCPVQPC\ECOKJKLQXQ[C
COWWD6KTCVWDCIC\QNGLQUPQRQTCSW¯EGTEC
TG\CTRCTCSWGVGPICDWGPCUCNWF
#XGEGUWPC
=CRQUDK³MCTW¡P?
RGTUQPCFGXQVCUGSWGFCUQNCGPWPCEJQ\CRQT
EKPEQF¯CU[EQOGUQNCOGPVGVQTVKNNCURQTNCVCTFG DKQOC¡XaVRTGRCTCT
CPKOCNOWGTVQRCTCEQEGTNQ 
RCTCSWGRWGFCTG\CTJCEKCGNQTKGPVG  ,K³RCNJDWKFJC¡CRPCEJVWDKQOC¡OCC¡PIW
XaTETGGTEQPHKCT
GPQVTCRGTUQPC Î,WOCC¡ VWWTPCVKCOWPKCMM©¡P2QTHCXQTC[¼FCOGC
PCRD©©ZLWOLWTM©¡PLWODKK³MCFC¡DWK³QT RTGRCTCTWPVQTQSWGUGEC[µGPGNT¯Q
IWEJ:QK¡MCOPCDC¡OWC³FJC¡IWO =RTGVDKQRTGUDKQOEQPVDKQOEJW¡PFC¡?
WC¡VWNJFJCTC¡ÏLWRMCK¡EJIWRCCNJÎ'U DKQPC¡XaTFGUICUVCTUG
TQRC ,WODKQPC¡OQQ

PGEGUCTKQSWGEQPHKGUGP,GUWETKUVQEQPVQFQVW FJKOUCDWKTCZPCRKEJDCLKOFCKTT©ZDCO
EQTC\µPRCTCSWGVGRGTFQPGVWURGECFQUÏFKLQGN I©©¡DKC¡DC¡IW³³CCP5KVGCTTCUVTCURQTGN
RCFTG UWGNQVWURCPVCNQPGUUGXCPCFGUICUVCT[OCO£
=RTGVDKK³MCKRTQRDKK³MC¡PO©TC¡? VGXCCRGICT=RTGVDKQPCEQPVDKQPCKFJC¡?
DKKRKCVCO=RNFGDKDKCVCO?OCPCPVKCNGU DKQPC¡CFLICUVCFQ
TQRC 2CCRDC¡OQQR

DKKRKC¡UMQQMQ¡=RNFGDKC¡UMQ¡?DQCU ZKOFCKTT©ZFJKO©MPCDC¡IKKNJKOLKZDKQPC¡
8CTDKRKC¡UMQQMQ¡ FJKOUCDWKTCZLWOQKFJCVF©T!&µPFGVG
DKKRKDQR=RNFGDKCROC¡?OWEJCEJQU GUVWXKUVGCTTCUVTCPFQRQTGNUWGNQ!2QTSWGVWU
RCPVCNQPGUGUV£POW[ICUVCFQUFGNCRCTVGFG
DKKRKUUCXKURC
EQO¼P $JCLC¡RLKZDKKW¡WWZ CVT£U=EQRLKZ?
EJC¡OVWRC¡RPCNJKZEJCTCOIWDKRRKU.CU
CXKURCUJCEGPCXKURGTQUGPNCUTCOCUFGNQU
DKQVC¡XaKXQOKVCT6W¡DC¡MWDC¡RWK¡DKQVFC¡
CTDWUVQURGSWG³QU=RNDKRRKU? FJKOCNJKKEJWMVWMCC¡!2QTSW«XQOKVCVW
JKLQGPNCPQEJG!=RTGVDKQRTGUDKQV?
DKKUCNJUDKUCDWGNC;C¡PKDCMDC¡RWK¡MKQMCV
IW³DKKUCNJMCV[C¡RWKZVWOCCV©¡2CTGEGSWG
DKQ¡=RTGUFGDK¡[C¡?UGSWGFC8CTDKRKQ¡
GUEKGTVQSWGCSW¯XKX¯COKDKUCDWGNCRWGUUGXGP DKRKC¡=RTGUFGDK¡CC¡?CRCEGPVC
NCUUG³CU=RNDKRUCNJCRQUDKKUCNJK¡³ DKRKC¡FC¡=EQPVFGDK¡CC¡?GUVCTCRCEGPVCPFQ
DKRUCNJK¡³? DKRKC¡UMQQMQ¡=RNFGDKC¡UMQ¡?DQCU
8CTDKKRKC¡UMQQMQ¡
DKRKK³CM 6'2'*7ƒ0Ê'52#“1. 

DKRKK³CM=EQORNRNFGDKK³CM?SWGVKGPG JCT£NQOKUOQCGUCRGTUQPC#WPSWGUGCCNIQ
EQPHKCP\C
GPGNNQU  OW[HGQNQSWGNGJCICPGNNCUGNQJCT£FGNC
DKRKKZUEJWRCTTQUCQTGLKDNCPEC2CK¡PQ¡ OKUOCOCPGTC
LQKFJCOLKZ[QQVIWOCKLWNJMC¡OK¡Z RGPUCTFGEKTKPVGPVCTEQPXGPEGT
CQVTC
LQK¡³FJC¡COIWDKRRKZPCOVWZKQ¡RCPFC¡# RGTUQPC %JCOMCV©¡³EJQK³PC³MC
NCUEJWRCTTQUCUQTGLKDNCPECUNGUIWUVCCPFCT DK¡EJWNJFJCVPC³RWEJ©©FC¡IW³LKKMWNJPQ¡
EJWRCPFQNCUHNQTGUFGNQUOCIWG[GU EJCOKCOLK³CDKCTWVUKCL©¡MIQQMUQPDKCKZKO
=RNDKRRKZ? IWUQURQMQNJ0QOGCEQTF«FGNQSWGJCD¯C
RGPUCFQFGEKTNGCOKV¯QRCTCSWGOGHKCTCNQU
VQOCVKNNQUUWHKEKGPVGURCTCJCEGTFQUOQNECLGVGU
NNGPQUFGUCNUC
=RTGVDK¡EJWNJRTGUDK¡EJWNJK¡³?
DK¡FJC¡XaDIWCTFCT
EQOKFCRCTCQVTCRGTUQPC
 QCPKOCN $K¡FJKZCCIWZKKIC¡PIWDKK¡OPC³
DKRKQ¡=RTGUFGDK¡[C¡?UGSWGFC8CTDKQ¡ DCVQK¡FJC¡PC³LCZDCCOI©K!'UV£IWCTFCFC
NCNGEJGRCTCGNECEJQTTQRCTCSWGUGNCRWGFC
DKRKQ¡FC¡=EQPVFGDK¡[C¡?GUVCTUQDTCPFQ FCTCNNGXCPVCTOG!
8CTDK¡KKFJC¡DK¡EJW¡PFC¡ XaTIWCTFCT
EQOKFCRCTCU¯OKUOQ #CR
DKRK¡³FJC¡=EQPVFGDK¡FJC¡?GUVCTIWCTFCPFQ ICOCK¡DCLCUCC¡PVW¡PFC¡³EJKQ¡³FJK
EQOKFC DJW¡OTWZ#C³DJC¡³KMC³DK¡³O©TC¡FJKOCK
DKRK¡³³CMFC¡=EQPVFGDK¡³³C¡?GUVCTNNGXCPFQ EJKQD5KIWGECOKPCPFQEQPNQUDWTTQUJKLQ
8CTDKRK¡³³©MFC¡DKRK¡³³©TFC¡ OKGPVTCU[QXQ[CIWCTFCTGUVGOCIWG[GPNC
DKR³KC¡XaVOCUVKECT
RCTCUCECTNGGNLWIQ ,KZ EWGXCFGCNN£CTTKDC
=RTGVDK¡RTGUDK¡KK¡³RTQRDK¡³O©TC¡
DJCK¡RLWRDK³FJC¡FJKLWPDQ¡#CRIW¡
EQPVDKRK¡³FJC¡?
RCTDQPZKDK³FJCVOKLC¡RZKKCDWV/CUVKEC
DKGPGUVCEC³CRWGUJCUGUVCFQOCUVKE£PFQNCUC ♦EJCOLWODK¡FJCOMCCMGUVCPUCDTQUQ
OGFKCU[VKT£PFQNCU=RTGVDKRRTGUDK³ SWGWPQPQSWKGTGFGLCTPCFC
DK¡³³C¡XaVJKNCT
NCPCQCNIQFµP 6WMCLCCP
EQPVDK³FJC¡?
DKR³KZCFLOCUVKECFQ2CTDQPDKR³KZMCOR©Z COIWLC¡VMCOIWDCRQQPCODC¡DK¡³³CKDC
OKLC¡RD©©VIWLWPDQ¡*C[EC³CUOCN KMZKEJC¡.CIGPVGGURQPLCNCNCPCRCTCSWG
OCUVKECFCUVKTCFCURQTCJ¯=EQRLKZ? JKN£PFQNCRWGFCPVGLGTCNIQ=RTGVDK¡³³CQ
DKFJKKRTGUDKFJKK³?
DKRRKU=RNFGDKKRKU?CXKURCU DK¡³³C¡XaVNNGXCT
RQTGNT¯QETGEKFQ /CC¡PPC
DKRUCNJ=RNFGDKKUCNJ?DKUCDWGNCU LCZLK³DK¡³³C¡IWUWWFCK¡PQ¡³ICPOWLC¡M
=CRQUDKRUCNJK¡³?
LWTWWMPQ¡IÀ¡O©TOWRCK¡CMM©¡P(£EKNOGPVG
DKUW¡NJUJWKEJQN
KPF¯IGPC #¡PC¡ZKDCRUCVW¡ OGNNGXCGNCIWCUKVTCVQFGETW\CTWPT¯QEWCPFQ
DQPOCTCPFJKDKUW¡NJPCM©¡PVWWCOZK¡³'UG GUV£ETGEKFQ=RTGVDK¡KK³EQPVDKRK¡³³CMFC¡Q
JWKEJQNVTCGRNWOCUGPGNUQODTGTQEQPNCUSWG DKRK¡³³©MFC¡QDKRK¡³³©TFC¡EQRTGVDK¡³³CVI©V?
JCEGEWTCEKQPGU=RNDKRUW¡NJ? DK¡[C¡XaKUQDTCT/QQLC¡RZK¡IÀ¡VW
DK¡CC¡XaVEWKFCTCRCEGPVCT
CPKOCN %JCOR©M LK¡³FJQTFC¡RKOCCIWDJCDPCDC¡ICOO©L©
MCUC¡KK¡[C¡PCIW¡ICOO©L©[CLC¡RVWO DKRKQ¡FC¡!2QTSW«UKGORTGRTGRCTCPWUVGFGU
DKRKC¡FC¡0QJC[OWEJQ\CECVGCSW¯RQTSWG FGOCUKCFQUHTKLQNGU!5KGORTGUQDTCP
UKGORTGCRCEKGPVCPRQTCE£=RTGVDK¡CC SWGFCTUG
GPWPNWICT #CR[C¡MCDK¡[C¡MW
RTGUDKRKC¡RTQRDKC¡TC¡EQPVDKRKC¡FC¡? IKPCEJCOZK¡F©©NJLWOP©K¡³FJC¡FJKOCDWKN
DK¡EJWNJFJC¡XaVJCEGTNQOKUOQ
CQVTC 6¼VGSWGFCUCSW¯RCTCSWGV¼CDWGNKVCPQGUV«
RGTUQPC ,WRMCK¡EJFJK³³CCPPC VCPUQNC
DK¡EJWNJFJC¡IWLCTQK¡LCZPQ¡VFQQFC2WK¡UCR SWGFCTWDKECT
NWICT 2CCLC¡MDKRKQ¡IWK¡
LKZDWCOVW¡OLWROCMKC¡IWVW¡PQ¡O©VLKZ PCO$CCNJV©©V©¡IWQKFJC¡!&µPFGSWGFCGN
DWCOVW¡OOCCIWVW¡OWF©TDJCLC¡M/K EGTTQCNSWGNGNNCOCP2GVCEC!
OCO£FKEGSWGUKCNIWKGPNGJCEGCNIQGNNCNG
 6'2'*7ƒ0Ê'52#“1. D©©Z

=RTGVDKKRTGUDKQ¡QDKRKQ¡EQPVDK¡KKFJC¡Q RTKOGTQ
VKGORQ CPVGU$©©R©¡DCLKKIW³
DKRKQ¡FC¡QDK¡EJW¡PFC¡TGUDK¡KKZRWPVDK¡©©M? FJKZKKMVCMCCDCC³DC¡ICVWWM/KV¯CUWHWG
♦ICORCK¡LKDKKUGSWGFµUKPPCFC RTKOGTQC[GT[[QFGURW«U
D©IKK¡³=RTGUFGD©¡³FJC¡?CNWODTC RTKOGTQ
VKGORQ JCEGTCVKVQ/WPKFJ©T
DJCK¡MCLKOFCVD©©R©¡IW,QUGGPQ¡MWVLK[C¡
D©IKQOCFLTQUC2CCRKEJUCDC¡NJIWOKRWWT
DCCKLK;QXKSWGFGCNN¯XGP¯C,QU«JCEGTCVKVQ
IWZD©IKQO!&µPFGEQORTCUVGVWHCNFCTQUC!
2QTSW«VQFCX¯CPQNNGIC!
=RND©RIKQOEQRLKZ?
D©©R©¡F©TCFXRTKOGTQ
CPVGUFGQVTQGXGPVQ 
D©©DJK¡RQURFGVT£UFG$CCUF©TFJKQKFJC¡
#C³D©©R©¡F©TOWZKQKNJKO©M$CLKK[QPCVDC¡
D©©DJK¡LC¡RPQNJFJKDQKPCRDC¡OQQZOCCV
OQQOWLC¡MLWRLKFJWWIW³EJCCV;Q
MC¡PCREJCOOCK¡I©ZKC¡/£UCNN£FGVT£UFG
CPFWXGGP'N$CL¯QRTKOGTQ[GPUGIWKFCHWGOK
GUVGEGTTQGUVGECOKPQFCXWGNVCRCTCSWGUGRCU
RCR£
[PQVGRKGTFCU
D©©R©¡MCOUGNRTKOGTQNCRTKOGTC
GP
D©©OCFXLWPVQEQP
CEQORC³CPFQCQVTCRGTUQPC
PCEGT GNOC[QT,CZEJW¡OLKTD©©R©¡MCOV©K
QRGTUQPCU 5CRLKTLKOFCOIW,QTMKDJCOO©
FJKC¡CCNJPCODC¡OCC¡PPCOL©¡ZLWOP©K¡³!
F©TLC¡MPQTVKUCRLCD©©OLKOKC¡IQQMIWVW¡
3WK«PGUGNOC[QTFGGUVQUPK³QU!2QTSWG
PCPDCV&KEGPSWG,QTIGUGKT£CNPQTVG[SWGUG
RCTGEGPKIWCNGU
KT£LWPVQEQPQVTQUFQUOGUVK\QU=5GRTGUGPVCEQP
CFLGNRTKOGTt%JGGPFQLCZ³KCCR©M
WPCHKLQRQUGUKXQ?
UCCMV©©¡IWD©©R©¡MCOOCTCC¡PIW#TPWNRQ!
♦LK³D©©OEQPOKIQ tLWRMCK¡EJIW/KNKVQQPt&JQIKPC³LWO
♦D©©OC¡PEQP«NEQPGNNC CCIK¡³D©©R©¡&JQUCR/GTGLKNFQtLWRMCK¡EJ
D©©PCNJ=RTGVFGD©PFC¡?NQCITGIµ IW%JGGPFQt4QUGPFQEµOQUGNNCOCGN
D©©PCNJFJC¡=UKPµPFGD©PFC¡?CITGICTOG\ENCT RTKOGTJKLQFG#TPWNHQ!tRTGIWPVµ/GNKVµP
t;CVGFKLGSWGUGNNCOC/GTGIKNFQtEQPVGUVµ
D©©PCV=RTGVFGD©PVC¡?UGWPKµ
4QUGPFQ
D©©PC¡UEQORC³GTQEQORC³GTC&©©NJLC¡M
#PVµPICVWWMMCO
DCI©KIWDJGUGTMWWLKFJCV%JKIW¡OCK¡I©KIW
D©©R©¡MCVCFXRTKOGTQCPVGUSWGPCFC
D©PIC¡PIWK¡PCOOCCRMCLKKO©V4GITGUµWP
$JCOO©RZKEJ©UFKC¡D©©R©¡MCV$GGVQPCRDC¡
DGEGTTQFCPFQDGTTKFQUUGIWTCOGPVGUGRGTFKµ
PQDEJKC¡FJKCJNKK5¼DGVGRTKOGTQ$GVQRCTC
UWEQORC³GTQEQPGNSWGCPFCDC
SWGRWGFCUCICTTCTFGNCOCPQCNCPK³C
EµP[WIG)KCCRLK³ZKMW¡IWOD©©PC¡RC
D©©VCFLRGUCFQ:K¡LKOFC¡FJKDJWTW¡ZPQ¡Z
LC¡MLCZVW¡KK¡!0CRDC¡F©©NJ[CLC¡RQKT©1[G
JGTOCPKVQ&µPFGGUV£VWGURQUC!2QTSW« D©©VVWDJKK³QTPCIW¡LQVOQFC¡ZCKOVW¡PFC¡
CPFCUCSW¯UQNQ!
5GUWGNGWUCTD©©PC¡EµP[WIG %COKPCT£RKFQGUVGDWTTQUKVTCGECTICRGUCFC
GPXG\FGLQQ³K¡GURQUCQMWPGURQUQ  RQTSWGSWKGTGNNGICTRTQPVQ=RND©©R©VEQRLKZ?
=RND©RPC¡CRQUD©PIC¡PD©RPCIC¡P? #PVµPLCDQQM
♦LKTLWOD©RPCI©OCOUQPGURQUQU D©©V=UWLRNFGMCCV?GUVCTCEQUVCFQU

D©©PC¡=TGUFGD©PVC¡?WPKFQ =EQRTGVD©©V©V?
D©©PC¡P=KORGTFGD©PVC¡?¼PGNQ D©©ZCFLVQFQVQFQU$©©ZLCRKOOQQVW
DW¡[C¡FJKDJCDPCEJCOVW¡MWDOK¡OCK¡
D©©RICPF©TRTGRFGVT£UFGFGCSWGNNCFQFG
PQ
I©ZKC¡4GEQLCPVQFQGNHTKLQNRCTCSWGPQUGGEJG
UGXG $JCOO©PKMC¡PD©©RICPF©TFJKQKFJC¡
CRGTFGT
VC¡OLCEJKEJQKRKO©MVCMCCDPCEJKEJVW
CFXVCODK«P0©K¡³K³FJQPC³IW¡CC³D©©Z
WC¡RWMIWPCD#[GTCPFWXKOQUFGCSWGNNCFQ
LKOFCVPCTRKCUVCMCV5¯NQXKRQTSWG[Q
FGGUGEGTTQEWCPFQHWKOQUCVTCGTPQRCNGU
VCODK«PHWKCGUCHKGUVC
D©©R©¡CFXRTKOGTQ
GPNCHKNC CFGNCPVG CFXRQT
NQNCTIQ /K¡OKC¡PLKZCC¡PVW¡FJK

FKUVCPEKCEQTVC ,CTQQFC¡FJK¡PCD©©R©¡LKO! /CT¯CPCEJLKEJL©RRKFJKFJC¡DJ©L©D©©ZDQK
%JCOFJK¡CCIW,QUGGIKQIW,WNKCPPCO PCEJV©KLKKO2QTVQFQGNECOKPQSWGXGP¯COQU
ICVWWMF©TLKKO!3WK«PGUGUCRGTUQPCSWGXC /CT¯CSWGT¯CSWGECFCTCVQFGUECPUCTCOQU
CFGNCPVG!0QUQP,QU«[,WNKCPSWKGPGUGUV£P ♦D©ZEJCPQQNJVQFQGNF¯C
CVT£UFG«N! ♦D©ZEJWMCC¡VQFCNCPQEJG
D©©ZCKZKOVW¡O 6'2'*7ƒ0Ê'52#“1. 

D©©ZCKZKOVW¡OCFXFGVQFCENCUGFGOWEJQU D©RIKC¡XaKTGNCORCIWGCT/QQEJKFWWFW¡
VKRQU$©©ZCKZKOVW¡OLKZLCK¡EJIWDJCDLCK¡ VWMCC¡6©©¡PCDJCK¡DCD©RIKO%TGQSWGXCC
OQQZEJQQVQLCK¡DC¡OQQZEJWVWWMIKQDC¡ NNQXGTGPNCPQEJGH¯LGUGEQOQ[CGUV£
IWK¡PCD©©ZCKZKOVW¡OM©¡PLKZC¡LQK*C[ TGNCORCIWGCPFQ=RTGV[RTGUD©RI©?
OWEJQUVKRQUFGHTKLQNWPQUSWGUQPDNCPEQU D©RIKQO=RNFGD©IKQO?TQUCU=EQRLKZ?
QVTQUSWGUQPPGITQU[QVTQUSWGUQPRKPVQU
D©RIK¡³FJC¡=EQPVFGD©¡³FJC¡?GUVCT
D©©ZC¡PUCRCFXEWGUVCCDCLQGPNCDCLCFC CNWODTCPFQ
,CTQK¡DJCOO©PKFJ©TDJCK¡DCLWTPKOD©©Z D©R©©¡UPKIWC
KPUGEVQ )KKNJKOLKZOWMCC¡IW
C¡PUCRMCDCKEJC¡O/QQEJKIW.WKU#NIWKGP
D©R©©¡PQ¡VDC³KC¡³/GFCEQOG\µPEWCPFQNCU
XKGPGDCLCPFQ
NKVXKGPGJCEKCCE£GPNCDCLCFC C
PKIWCUUGOGUWDGP
ECDCNNQETGQSWGGU.WKU
D©R©©¡=RNFGD©¡?TQLQU=EQRLKZ?
D©©ZEJCK¡CFXEWGUVCCTTKDCGPNCUWDKFC
)KKNJKOLC³KEJOCIQQO©L©F©TD©©ZEJCK¡ D©RPC¡=RNFGD©©PC¡?EQORC³GTQU
UCCNJLK³L©RRKFJKFJCVLC³KEJ[COO©V©U/G =CRQUD©RPCIC¡P?
ECPU«OWEJQGPUWDKTJCUVCCSW¯
NKVRQTVQFCNC D©RPC¡P=RTGUFGD©PFC¡?NQCITGICNQOG\ENC
UWDKFC OGXKPGFGURCEKVQFGUECPUCPFQECFC D©RVC¡=EQORNRNFGD©VC¡?2GLVWVWCD©RVC¡
TCVQ FGDCLQFGNQUGPEKPQU
D©©ZICKCFXGPNCNCFGTC$JCOO©F©TLC¡RDC D©RVC¡PCFXGPNCEQUVC)COCK¡³OQQ
LKOIWVWWTD©©ZICK#NN£XCGNVQTQRQTNC OCK¡EJO©TC¡OWLC¡MD©RVC¡PPCEJV©DJ©KTC¡
NCFGTC IWDJCD'NC³QSWGGPVTCRKGPUQKTCNCEQUVCC
D©©ZZKMQQNJCFXCNTGFGFQTRQTVQFQUNCFQU VTCDCLCTGPWPECORQFGHTKLQN
$JCK¡IQTDKMWC¡ODQRCCRK¡OFCKO©L©F©T D©VCC¡PF©TRTGRFGDCLQFG,QVOQFC¡DCLKLWW
LC¡RDCLKDQQRD©©ZZKMQQNJIWDC¡CCM8C[CP D©VCC¡PF©TFJK³ZWWUCM6W¡PCDC¡PC³KEJ
RQTNCNG³CRWGUWUVGFGUPCFCO£UGUV£P IW¡V©KMKC¡R©ZUCDC¡NJ2QTSW«UGGUVCT£P
EQTTKGPFQCNTGFGFQTFGNCECUC CECDCPFQVCPRTQPVQNCUUWGNCUFGOKJWCTCEJGU
D©L©M=XCTFGDCL©M?JCEGOWEJQVKGORQ UKNQUCECDQFGEQORTCT!=RND©RVC¡PF©T?
D©L©MF©T=XCTFGDCL©MF©T?FGUFGJCEGOWEJQ 8CTDWVCC¡PF©T
VKGORQ D©VC¡RQURFGDCLQFG6WCD©VC¡M©©MIWDJWTW¡Z
D©PFC¡XaVCITGICTOG\ENCT
EQORNKPCP  EJKPCOK¡O©MIK¡³PCIW¡ZEJCVQK³'NDWTTQ
#NJK¡EJRWRLCRZKD©PFC¡IWQPFJKDJCD GUV£RCTCFQFGDCLQFGNGPEKPQRCTGEGSWGGUV£
LKFJQQT%JCOR©MQPMCM*C[SWGCITGICTWP VQOCPFQUQODTCRQTSWGJCEGECNQT
RQSWKVQO£UFGUCNCNQUHTKLQNGURWGUPQVKGPGP =EQORNRND©RVC¡?8CTDWVC¡
OWEJQUCDQT=RTGVD©©PCNJRTGUD©RPC¡P D©ZEJW¡UOWEJCUEQUCU$©ZEJW¡VWOCC¡PCEJ
EQPVD©PFCKFJC¡?5KPµPD©©PCNJFJC¡ VWDKC¡MC¡PC³M©¡PM©¡ORK¡PFC¡IWVTQQMCPQ¡
8«CUGD©PVC¡ ³KEJDCUCDC¡NJ5KVGPIQWPCECOKQPGVC
D©PMCOCFXLWPVQEQP,CWC¡O©TIWMCMDCK PGEGUKVQVGPGTOWEJCJGTTCOKGPVCRCTC
MWEJDCEJWNJ³C¡PCEJUCCMRCK¡LKOKC¡0Q¡O CTTGINCTNC=CRQUD©ZEJWIC¡P?
OQQEJCODJCK¡OFC¡PI©D©PMCOLCRDJCLC D©ZZKMF©TCFXFGNQUFQUNCFQU$©ZZKMF©TLCEJ
UCCFC¡IWK¡PCOLCQK¡³MWEJ[C¡LCUQQ¡OFCK OQQVKMC¡FJKMW¡CC¡PCIW¡IKKNJKOLKZD©©V
LCIKKIKC¡8GCVTCGTNQUECDCNNQUSWGXCOQUC 8COQUCNNGXCTGUVCNG³CCICTT£PFQNCFGNQUFQU
GPUKNNCTRCTCUCNKT5KPQUGFGLCPCICTTCT NCFQURQTSWGGUV£OW[RGUCFC
CTT«CNQURCTCCE£LWPVQEQPNQUFGO£U[NQU D©¡CFLTQLQ,CK¡ZD©R©©¡VW[QQVIWKKDJCK
CVTCRCOQU[NC\COQUEWCPFQNNGIWGPCSW¯ #NIWPQUPQRCNGUVKGPGPHNQTGUTQLCU=RND©R©©¡
D©PVC¡XaKWPKTUGLWPVCTUG
UWLCPKO ,CD©©PCV EQRLKZ?
DCMOCC¡PIWEJMCTDCZK¡IWLCK¡MCMCTDCZ ♦EJ©D©RIK¡CFLTQLQ
£TGC 
2CTGEGSWGUGLWPVµWPCFGPWGUVTCUEJKXCUEQP D©¡³FJC¡XaVRTGPFGT
RCTCSWGCNWODTG 
NCUQVTCU=RTGVD©©PCVKORGTD©©PC¡P /CC¡PLCRZKD©¡³FJC¡IWMC³FJKKTPCEJM©¡P
EQPVD©PVCKFJC¡TGUD©©PC¡?8«CUGD©PFC¡ LKEJDCMZKFJC¡2TGPFCWPCXGNCRCTCSWG
RQFCOQUVGPFGTPWGUVTQUVCRGVGU
 6'2'*7ƒ0Ê'52#“1. DQPCCO

XaKCNWODTCT-C³FJKKTM©¡PCCRKOV© DQK¡=KORGTFGDQ¡[C¡?CEW«UVCVG
D©IKK¡³O©L©DCMCCOEJ©TMC¡LWMM©¡PCC! DQK¡EJI©FC¡XaKKTCEQUVCFQ%JCOVW¡R©M
#NWODTCPWUVGFGUUWTGECOCTCEQPXGNCQEQP OCIQQ³KEJDJ©L©D©©ZDQKPC³IW¡DQK¡EJI©V
QEQVG! DJ©L©LK³DCMZKFJCMFCCOF©TIWVTQQMC0Q
XaKRQPGTWPCXGNCEGTGOQPKCN-CDWKOWM OGECPU«OWEJQGPXGPKTRWGUXGP¯CCEQUVCFQ
UCRLKTLKOFCOIW³EJCCVPCV©D©¡³FJCTC¡OW EQPOKEQDKLCGPWPCECOKQPGVC
,WMV©T/KRCR£FKEGSWGOC³CPCXCCKTC5CPVC =UWLRNDQQRKEJI©FC¡EQRTGVDQK¡EJI©V
/CT¯CCRQPGTXGNCUGPNCKINGUKC DQQRQEJI©V?
=RTGVD©¡RTGUD©IKK¡³EQPVD©RIK¡³FJC¡?
DQKUECOKPQ)COCLC¡MLCRKODC³³©©TCFC¡
DQK¡MC³CFLCRNCPCFQ
\CECVGQOKNRC 6W¡DC¡
[CLC¡RVWDQK¡MCPFC¡PCDC¡IKKNJKOLKZ
PCRCK¡FJ©TUC¡TCMIWDQKOWLC¡M6QDCCVCO DQK¡MC³FJKLWWP!3W«GUVCT£CRNCPCPFQNC
/GGURGTCPO£UCNN£FGFQPFGUGFGUX¯CGN OKNRCRQTCSW¯!2WGUGUV£DKGPCRNCPCFC
ECOKPQJCEKC.C)WCLQNQVC=RNDCRQK? =RNDCRQK¡MC³EQRLKZ?
♦DQKDJ©KEJFJC¡VTCKEKQPCT
NKVNNGXCTRQTGN
DQK¡MPC¡XaVCRNCPCT
\CECVGQOKNRC )KKNJKO
ECOKPQ 
DQK¡MIWLWWPIWL©D©©NJPCVIW¡ZKQ¡OL©D
♦DQKEJC¡OM©©UC¡VTCKEKQPCT
NKVRQPGTGPGN
VWMCC¡'NCKTGCRNCPµOWEJQNCOKNRCRQTSWG
ECOKPQ 
JK\QOWEJQCKTGCPQEJG=RTGVDQK¡M
DQK=RTGVFGDQ¡[C¡?UGCEQUVµ
EQPVDQK¡MCPFC¡?
DQKMUEJWCN
GNQVGVQUVCFQ ,QKFJCOLKZK¡QQD
DQK¡³ZKFJC¡XaVCDTKTECOKPQ
RCTCQVTCRGTUQPC 
IWDQKMLWPOCZKORKCOLKFJQQNJZKO'UV£ :KEJW³DQK¡³ZK¡³,WCPOK¡PC³RCK¡DJ©©[C¡
OW[UCDTQUQGNEJWCNIWKUCFQEQPOCUCQ PC³WC¡TC¡IWLWPDCC¡,C¡RLCRZKDQK¡MPC¡FJK
JGTXKFQ UCK¡2QTHCXQT,WCP£DTGOGECOKPQCRNCPCPFQ
♦DQKMLWPOC¡POQNGFGEJWCNGU GN\CECVGRCTCKTCVTCGTNQUGNQVGU
DQKMCFLEJCOWUECFQ,KZDQKMR©ZDC¡FJK =RTGVDQK¡³ZKRTGUDQK¡³ZK¡³
OKUVWK³PCOIKKNJKOFC¡POWPFC¡IWC¡CCNJ EQPVDQK¡³ZKFJKFJC¡QDQK¡³ZK¡³MC¡?
'UVGICVQGUV£EJCOWUECFQRQTSWGNQUPK³QUNQ DQK¡URC¡XaVCRNCUVCT)COCLC¡MRC¡RLWR
OCNVTCVCPOWEJQ=RNDCRQKM? DQ¡MC¡PCREJCODQK¡URC¡FJK³CNJKKEJWM
DQKMFJC¡XaVJCEGTEJWCNGU
RCTCQVTCRGTUQPC  &GDGUCEQUVCTVGWPRQEQO£UCNN£RCTCSWGPQ
)QQMLCRLK³DQKMFJC¡,WCPCMCDWKOWMMCV CRNCUVGUCOKJKLQ
LC³EJKLWPOCFCKM©¡PDCVWLWIKC¡PQ¡ZK¡ XaVQRTKOKT
DQVµP %JCOMCVWVM©FJK
EJCOMCLCK¡EJPCEJVW¡M©¡PVWLWIKC¡RCK¡ TCCFKQPC³KEJOK¡MCZKDQ¡KKUIWDJWVWWP
FJWWM2QTHCXQTJC\WPQUEJWCNGUOC³CPC 0QUGCRCIµGNTCFKQCWPSWGQRTKO¯GNDQVµP
,WCPCRQTUKCNI¼PF¯CUGCECDCNCEQOKFC XaKGORQNNCTKPEWDCTJWGXQU
ICNNKPC 6W
RWGFCVQOCTNQU[JCEGTOGOQNGRCTCEQOGT DQK¡UCRCCFJKVCMCCTWK¡PCDC¡OQQLC¡RD©Z
8CTDQKMZKFJC¡ EJCPQQNJDJCK¡DCDQ¡MQUV©T!2QTSW«UG
DQKMVC¡XaKJCEGTEJWCNGU
VQUVCTGNQVGURCTC SWGFCGPUWPKFQNCICNNKPCVQFQGNF¯C!'UVCT£
IWCTFCTNQU 6WIÀIÀ¡IWLWPDCC¡IW³ZKKZUCR GORQNNCPFQ!
PCVWDQKMVC¡PCLWPOCFCKLWIKC¡RCK¡FJWWM =EQORNRNDCRQK¡URC¡RTGVDQ¡KKURTGUDQK¡UCR
/KJGTOCPCGUV£CUCPFQGNQVGURCTCJCEGT DCRQK¡UCREQPVDQK¡UCRFC¡QDQK¡URCVI©FC¡?
EJWCNGURCTCEWCPFQSWKGTCJCEGTOQNG DQPCCOUUQODTGTQ$QPCCOLC³M©©UMC¡PQ¡Z
=RTGVDQKMVCRTGUDQKMVCT?8«CUGDCRQKUC¡ EJCVQK³7PQUGFGDGFGRQPGTWPUQODTGTQ
DQK³MKFJC¡XaTFGUCVCTUG
CHWGT\CU /WRCK¡ EWCPFQJCEGECNQT=RNDQRPCO
O©VUCROCFJCCIWZ©¡ZMWOFJK/CCTKQ CRQUDQPOC¡PDQRPCOIC¡P?
&©MQQUCRR©ZLKODQK³MKPCVDC¡UKCOTKOC ♦DQPOCTCODQPOCTCPGPUWUQODTGTQ
FG
LKO©K³³QT&KEG/CTKQSWGRQTCJ¯NQ «NQFGGNNC 
COQTFC\CTQPNQUDCPFKFQU[SWGCRGPCURWFQ ♦LCPPWNJDQPCCOUIQTTC
FGUCVCTUG[EQTTGT=UWLRNDCRQK³MKFJC¡ ♦UQQDQNJDQPCCOUUQODTGTQFGRCNOC
RTGVDQK³MKDCRQK³MK?8CTDQK³MWKFJC¡ ♦WOWW¡DQPCCOUUQODTGTQFG\Q[CVG
DQK³MWPC¡
DQPOCVFC¡ 6'2'*7ƒ0Ê'52#“1. 

DQPOCVFC¡XaTRQPGTUGWPUQODTGTQ2CCRDC¡ 5QNCOGPVGGPVKGTTCUE£NKFCUJC[GUVGVKRQFG
LC¡MDCTLKOFCO,WCPPCRKEJDC¡OQQDCO JKIQ
DQPOCV!#FµPFGSWKGTGUKT,WCP!2QTSW«VG DQQ³DJCMCFX«RQECFGFGU[GTDG
LWNKQ[CIQUVQ 
RWUKUVGVWUQODTGTQ!=RTGVDQPOCV $JCCPCIQQUVQOQQTDQQ³DJCMMC¡OWLC¡R
RTGUDQPOCVW¡P? VCCVUCD'PCIQUVQUGT£NC«RQECFGFGU[GTDG
DQ³KKO©M=EQRTGVFGDQQR³KC¡?FGU[GTDCDC RQTCNN£GPVKGTTCE£NKFC
DQQDQM=UWLRNFGDQ¡?2GLOK¡DQQDQMCO DQQRKEJI©FC¡=UWLRNFGDQK¡EJI©FC¡?KT
CNN¯GUV£PCEQUVCFQU CEQUVCFQU=EQRTGVDQQRKEJI©V?
$QQFCOVCOCFX'N/G\SWKVCN
NWICT ,K³ DQQR³KC¡XaVFGU[GTDCT
\CECVG ,CZMW
FJCCUKMC¡CROW$QQFCOVCOLWWI©VMCRDJCK¡ RKEJDC¡EJCMWKVWDQQR!)KKNJKOLKZZC¡KK¡
PCR-QTKCPLC¡MLKO2QTHCXQTNN«XCOGC'N IWOICC2QTSW«VQFCX¯CPQJCUFGU[GTDCFQ
/G\SWKVCN[CSWGXCUC&WTCPIQ VWOKNRC!2WGUVKGPGOWEJCJKGTDC
DQQFC¡XaVCEQUVCT
EQORNCPKO ,KZM©¡PMQD CTTCPECT
RGNQ ,CZMWRDC¡DQQPFJKO
LCRLWRDCDQQFC¡IWCNJKK#CRIW¡ICP EJK³DW!2QTSW«VGCTTCPECUGNDKIQVG!
UWCMEJW¡PFC¡&GDGUCEQUVCTVGORTCPQCNPK³Q =RTGVDQQRRTGUDQQPKORGTDQQRQ³
RWGUPCFCO£UNQFGLCUNNQTCT RTGXDQQR³KFJCKEQRTGVDQQ³KO©MQDQ³KKO©M?
RQPGTCKPEWDCT
CXG 'CPCRDQQFC¡FJK DQQRQKEJFJC¡=UWLRNFGO©NJEJWFC¡?2GLVW
VQDCCPQ¡VOQQEJCOVWVCCVMKEJ2QPC DQQRQKEJFJC¡COEQTTGT£P
CECDCNNQQGP
KPEWDCTCNCIWCLQNQVCRCTCXGTUKPCEGPNQU ECOKQPGVC =RTGVDQQRQKEJRTGUDCRQK¡EJW¡P
RQNNKVQU RTQITDQQRQKEJFJKO?
=EQORNRNDQQRFC¡RTGVDQQ¡PDQQRFC DQQRQKFJC¡=RNFGO©NJFJC¡?DWGPQURCTC
RTGUDQRFCDQQRQ¡PEQPVDQQFCKFJC¡Q EQTTGT=EQRLKZ?
DQQRFCKFJC¡? DQQRQKOWM=RNFGO©NJOWM?JWKFK\QU
DQQLKUQUQ2WK¡VÀMÀÀCRCCPCOLCZEJW¡O CUWUVQPGU=EQRLKZ?
MCVIWDCRQQLKPCOUCCM[C¡LCK¡EJMCVD©L©M DQQRQ[C¡=UWLRNFGFCK¡³³KC¡?2GL
KKDCKUCRMWC¡FCV!*CUQ¯FQEQOGPVCTEµOQ
DQQRQ[C¡COEQTTGT£P=RTGVDQQR?
GTCPNQUQUQUSWGFKEGPSWGJCD¯CCPVGUCSW¯SWG
DQQRQ[C¡=UWLRNFGO©NJKC¡?2GLDQQRQ[C¡
UGCNKOGPVCDCPFGVWPCU!=RNDCRQQLK?
COEQTTGT£P=RTGVDQQRRTGUDCRQ¡
OQXDQQRQKEJW¡QDQQRQ¡?
DQQTCFLUWFQTQUQ2WKZDQQTIWDJWTW¡ZPCZ
OCIQQPPCIÀ¡VWDJKKPQTCVIWD©ZEJW¡'N
DWTTQVQFCX¯CGUV£UWFQTQUQUGECPUµFGECTICT
OWEJCUEQUCU=RNDCRQQTEQRLKZ?
DQQTFC¡UUWFQT2©ZLCDQQTFC¡KKI©UFJK

LC¡VMCOPCIW¡EJKIKKNJKOLKZEJCVQK³.G
DQQMUGUVµOCIQ,KZMQ¡MIW³DQQM:K¡IÀ¡VW
GUEWTTGGNUWFQTCNCIGPVGFGVCPVQECNQTSWG
LWW³KEJVCMCCDPCTRKCUVCMCV/GFWGNGGN
JCEG=CRQUDQQTFCIC¡P?
GUVµOCIQRWGUEQO¯FGOCUKCFQC[GTGPNCHKGUVC
=RNDQQRQMCRQUDQQMC¡P? DQQTVC¡XaKUWFCT,CZMWDC¡LC¡RFCKPCDJCK¡
♦DQQMCTCOGPUWGUVµOCIQ
FG«NQFGGNNC  DCLKDQQTVC¡FJK³MCDCK¡RCK¡PQ¡VRCNJ©©RVCK¡
ZKEJ©U!2QTSW«NWGIQGORKG\CCUWFCTOK
DQQMC¡PUJQPIQFGÎGUVµOCIQÏ,WMUCPQQR
ECDCNNQEWCPFQUWDGWPCRGSWG³CEWGUVC!
LKZLQK¡³FJC¡PCDWUCCMFC¡IWDQQMC¡P'N
=UWLRNDCRQQTVC¡RTGVDQQT©DCRQQT©
JQPIQFGÎGUVµOCIQÏUWGNGUCNKTCNRKGFGNQU
EQPVDQTVCTFC¡DCRQQTVCTFC¡?8CTDQQNJKC¡
RKPQU
DQQUIC¡=EQORNRNFGDCCDW¡?UCECTNQU
DQQMC¡PLKFJQQTUOGPWFQ/CKMLCEJMQK¡RW¡
=RTGVDQQUQNJEQPVDQQUQ¡PFC¡
IWDQQMC¡PLKFJQQTOWLC¡R©TDCPFJKIÀ¡MKK
OQXDQQUICKFJC¡?
8COQUCEQOGTOGPWFQCNN£GPGNEGPVTQ
DQQM©NJFJC¡UVKRQFGJKIQ&CKOWLC¡R
VCVCCVUCDLKZLCK¡EJMC¡IWDQQM©NJFJC¡
 6'2'*7ƒ0Ê'52#“1. DQ¡

DQQUIKFJC¡=EQORNRNFGDCCDWKFJC¡? VQFCX¯CGUV£PGPGNCNVCT!
SWKV£TUGNQU=RTGVDQQUIKRTGUDQQUIK¡³ 8CTDQVVQ¡
EQPVDQQUIK¡³FJC¡TGRDQQUIKFJC¡? DQRZK=RNFGDQZKK?DKUCDWGNQU
DQQ¡URCNKVQ
RCTCOGPGCTGNPKZVCOCN $JCK¡ZK³ =CRQUDQRZK¡³?
ICCIK¡³IWDQQ¡;C¡PK³M©¡PZKQPC¡FJK DQTVCTFC¡=EQPVFGDQQTVC¡?GUVCTUWFCPFQ
OCVCKOC¡P$¼UECOGGNRCNKVQRCTCOGPGCTGUVG
DQUCCURGVCECFGEWTCPFGTQ
JGEJCFG\Q[CVG
PKZVCOCN=RNDCRQQ¡?
RCTCIWCTFCTHNGEJCUEGTGOQPKCNGU )W
DQRFC=RTGUFGDQQFC¡?NQCEWGUVC OCOMCI©OLWOV©VI©FCODQUCCWC¡FC¡CO
DQRIKC¡XaKCDUQTDGTECN
PKZVCOCN :KQPFC¡CR PQ¡O©VRCK¡DCVWWCOZKFJCOPCOOKWC¡FC¡
FJKOCVCKOC¡PPCDC¡ZDJCK¡DQRIKC¡/GPGC IWLCW¡WW#SWKGPGUUGNGNNCOCEWTCPFGTQU
DKGPGNPKZVCOCNRCTCSWGCDUQTDCDKGPNCECN RTQEWTCPWUCTWPCRGVCECFG\Q[CVGRCTCNNGXCT
=RTGVDQRRTGUDQRIKT? UWUHNGEJCUGPGNNC=RNDQRUCCRQUDQUCC¡P
DQRKC¡=UWLRNFGDQ¡[C¡?2GLDQRKC¡COUG DQRUC¡P?
CEQUVCT£P=RTGUDQRRQ? DQVVQ¡=XCTFGDQRVQ¡?RNCVCHQTOCU
DQRKK¡CFLCDUQTDKFQ
ECNGPGNPKZVCOCN 6CCVC DQZKKUDKUCDWGNQ%JCOR©MDCVDKFJC¡IW³
RKEJCCIWOCVCKOC¡PPC³KEJLWOEJKCPQ¡ DQZKK)KKNJKOLKZC¡CCVPCIW¡ZKMQQTC¡IW
OQQDCZDQRKK¡MWRDCDJKC¡!6GPVCUVGGN MWWRC¡P/W[RQEQUGDC³COKDKUCDWGNQGUV£
PKZVCOCNEQOQVGOCPF«RCTCUCDGTUK[C OW[RKQLQUQRQTSWGGUV£UWEKQUWECDGNNQ
CDUQTDKµNCECN!=EQRLKZ? =RNDQRZKCRQUDQZKK¡³DQRZK¡³?
DQRMQ=RNFGDCMWC?IWCLGU=CRQUDQRMQ¡P? ♦IWD©L©MF©TMCOLKEJDQRZKMCVPWGUVTQU
CPVGRCUCFQU
NKVPWGUVTQUDKUCDWGNQUFGFGUFG
DQRMQP=RNFGDCMQQP?ICT\CU
JCEGOWEJQVKGORQ 
DQRMQPC¡=EQORNRNFGDCMWCPC¡?NCXCTNQU
DQZMCTUGUEQDC0Q¡³OQQLC¡REJCODKC¡IW
=RTGVDQRMQRTGUDQRMQP?
DQZMCTPC³M©¡PVWDQZMC¡UKCFJQDCLCCMLKT
DQRMQ³FJC¡=EQORNRNFGDCMWC³FJC¡? COPC³ZKWC¡TCK%WCPFQWPQPQVKGPGGUEQDC
NCX£TUGNQU=RTGVDQRMQ³RTGUDQRMQ³K¡³? RCTCDCTTGTRWGFGWUCTEC³KVCUFG\CECVG
DQRPCO=RNFGDQPCCO?UQODTGTQU =RNDCRQZMCT?
=CRQUDQRPCOIC¡P? DQZMC¡XaVDCTTGTUCEWFKT
RCTCSWKVCTNCU
DQRRQKFJC¡=TGRFGDCCDWKFJC¡?GUVCTSWKVCPFQ GURKPCU $©©R©¡OCC¡PC³ZKDQZMCKIWKKDJCK
DQRRQK¡³=RTGUFGDCCDWKFJC¡?UGNQSWKVC PC³DC¡©NJRKICKDCVWLWIKC¡2TKOGTQUG
PGEGUKVCUCEWFKTNCUVWPCURCTCSWKVCTNGUNCU
DQRRQM=RNFGDCDQQM?OCRCEJGU
GURKPCU[RQFGTSWKVCTNGUNCE£UECTCRCTC
DQRRQNJ=RNFGDCDQQNJ?V¯CUUQDTKPQUUQDTKPCU EQO«TVGNCU
2CTCSWKVCTNGUNCUGURKPCUCNCUVWPCU
=CRQUDQRRQNJK¡³? UGRQPGPGPGNUWGNQ[UGUCEWFGPEQPWPCGUEQDC
DQRUC=RNFGDQUCC?RGVCECUFGEWTCPFGTQ JGEJCFGJKGTDCU 
=CRQUDQRUC¡P? XaKDCTTGT$JCLC¡MLCRLK³DJ©KFJCKIW³
DQRVQR=RNFGDCVQQR?RGEGU ZWWUCM#CRIW¡D©©ZICOCK¡DCDQZMCVW¡
6T£GOGOKUJWCTCEJGUPQNQUCPFGUDCTTKGPFQ
DQRVQ¡URNCVCHQTOC
FGVCDNCURCTCFQTOKT  JCEKCCNN£
ECOC$JC¡³KRDQ¡[C¡FJKDQRVQ¡VC¡O
XaTNKORKCTUG
EGTGOQPKCNOGPVG 5CRPQ¡V
#EW«UVCVGGPGUVCECOC
OCC¡PQKFJC¡DCCKEJIWCNJKKDCOCC¡PFC¡
RNCVCHQTOC
GNGXCFCRCTCIWCTFCTOC¯\ 
PCODQZMC¡M©¡PIWZEJWVWMDCRQQDK¡³³KZKO
ITCPGTQ$JCOO©DQRVQ¡VC¡OLCRKOLWR
5GFKEGSWGEWCPFQWPPK³QEWORNGWPC³QGU
PW¡CKFJC¡IWLWWP#CRK¡OIW¡OK¡R©ZLC¡R
PGEGUCTKQSWGUGNKORKGFGNOCNEQPNCPCPGITC
F©©TCRZKPW¡CKFJCV2QPICPGNOC¯\CNN£GPGN
FGDQTTGIQ
ITCPGTQRQTSWGNQGUV£PGEJ£PFQCNUWGNQ
=RTGVDQZRTGUDQZZKM?
RNCVCHQTOC
GNGXCFCSWGUGKPUVCNCCNNCFQ
QTKGPVGFGNRCVKQVTCFKEKQPCN CNVCT,CTQQIC¡P DQ¡XaGGUVCTCEQUVCFQ
UWLCPKO ,KZDJCPCC¡
FJKDJCOOCZPCRWKDJCK¡FJCTCCDQRVQ¡ IWICIQQZPCOK¡³KDQ¡'UGRGTTQSWGGUV£
VC¡O!&GSWK«PUQPGUQUVCOCNGUDGPFKVQUSWG CEQUVCFQCNN¯GUDTCXQ=UWLRNDQQDQM?
DQ¡DJCT 6'2'*7ƒ0Ê'52#“1. 

DQ¡DJCTUEC³C
FGOC¯\ ,KZKQ¡OLKZOCKMCM DCMWCPMCTPCCUMWROQQLC¡RIÀ¡DKC¡0Q
IWLWPDQ¡EJCOVW¡RWK¡PCIWDQ¡DJCT.C ICUVGUFGOCUKCFQLCDµPRQTSWGPQVKGPGUOWEJQ
EC³CFGC\¼ECTGUO£UFWNEGSWGNCEC³CFGN FGRQUKVCT
GPGNRCVKQEGTGOQPKCN )QQMLCR
OC¯\=CRQUDQ¡DJCTW¡PQDQ¡DJCTIC¡P? DJCK¡ZK³WK¡FJCK©RCC³IWMW¡CC¡PC³LWR
DQ¡KKU=RTGVFGDQK¡URC¡?NQQRTKOKµ DWC¡DJCOO©P©K¡MCTVCO6T£GOGCNIWPQU
NG³QUCO¯VCODK«PRCTCSWGNQUXC[CCFGRQUKVCT
DQ¡[C¡XaKCEQUVCTUG
RCTCFQTOKTUWLCPKO  GPGNRCVKQEGTGOQPKCN
$JC¡³KEJDQ¡[C¡VÀ¡MQDPCOIW¡[C¡ZLCK¡EJ =EQORNRNKCDW¡RTGVDWCKCDWRTGUDWRRK¡³
IWPCPMCU©T8COQUCCEQUVCTPQUCFQTOKTGPNC EQPVDWRRCFC¡OQXDWWLCKFJC¡QDWWLKFJC¡?
ECUCCNVCRQTSWGCSW¯JC[CNCETCPGU DWC¡XaVEQNQTGCTVG³KT
VGNCQJKNQ 6WDWCO©V
=UWLRNDQ¡[C¡QDQRKC¡RTGVDQKRTGUDQRRQ
KORGTDQK¡? IWVQQOPCUCRDC¡ZC¡DJCTDCRZKFJKZMC¡IW
DWC=RTGVFGDWKFJC¡?NQGEJµ
CUCCM6K³GTQPGNKZVNGRCTCSWGUGXGCDQPKVQCN
JCEGTNCVCNGIC=RTGVDWCEQPVDWRRCFC¡
DWC=RTGUFGFQQFC¡?JCEGFC³Q
TGUDWKZQDWKZKO?
DWC=RTGUFGFW³KC¡?JCEGRCUGUWEGFG
DWC¡V=EQRTGVFGFW³KC¡?JCE¯C8CTDWKO©M
DWC=RTGUFGFW³KC¡?JCEGCEVWC DWDWCMKC¡XaKVKTCTUG
N¯SWKFQQITCPQU /QQV©

DWCFC¡=EQPVFGFW³KC¡?GUVCTJCEKGPFQGUVCT F©¡LKDCMFJKDCMWCPCDC¡DJ©L©RCK¡FJ©TDCLK
CEVWCPFQ DWDWCMKC¡IWUWWFCK¡PQ¡³KEJOK¡ZKDCK¡
DWCOCFXHGC
OCPGTC OCNQ%JCOVW 2CTGEGSWGGUVGDWNGVKGPGWPCIWLGTQRWGU
GORKG\CCVKTCTUGGNCIWCRQTCJ¯EWCPFQNQWUQ
C¡IK¡³FJC¡RKOCCFJKLCOOCTPCDC¡IKKNJKO
RCTCUCECTCIWCFGNRQ\Q=RTGVDWDWC
LKZDWCOVW³KQM!2QTSW«PQNGNNCOCPNC
RTGUDWCP?
CVGPEKµPCUWJKLQ!*CDNCOW[HGQ=EQRLKZ?
DWDWCMKC¡=UWLRNFGDWWUPKC¡?2GL
♦LKZDWCOVQOCCVGUOW[OCNQ
FGECT£EVGT 
DWDWCMKC¡COUCNFT£P=RTGVDWDWC
DWCODWCFC¡XaVOQNGUVCTd/K¡6W¡DC¡
RTGUDWCP?
MWRDC¡DJCLC¡MDWCOLK³DWC!d&«LCOG
2QTSW«OGGUV£UOQNGUVCPFQ! DWDWCZEJWNJFJC¡=EQORNRNFG
XaVOCNVTCVCTOQNGUVCT
NQSWGGUV£DKGP DWWUCKEJWNJFJC¡?JCE«TUGNQUUCNKT
CTTGINCFQ ,CTQQDWCOFQQFCIW³ZC¡WCPC³ =RTGVDWDWCZEJWNJ?
LQKFJCOPCPUCRZKODJC¡³KUCK¡EJW¡P!3WK«P DWKUQLQ
RCTVGFGNEWGTRQ ,KZMQ¡MOCCR

FGUFQDNµ
NKVOQNGUVµ OKEQDKLCSWGVGP¯CDKGP F©TIW³DWK0KL©¡ZMWEJCODJCK¡VWOCCZ
FQDNCFC[EQNICFCCNN¯! PC³PCK¡EJ©KZKEJ©P©K¡³/GFWGNGWPQLQ[PQ
XaVLWICT
RCTCOQNGUVCT %JC¡RDJCLC¡M XGQOW[DKGPEWCPFQVTCVQFGXGT
DWCODWCFC¡FJKVCK/K¡EJO©K¡³0QLWGIWGU PWFQ
FGNCOCFGTC d,QKFJCOLKZM©©¡FJK
EQPNCNWODTGRQTSWGVGSWGOC VCC¡ONCU%JCODWWRWKd3W«OCFGTCVCP
XaTRQTVCTUG
OCNEQPQVTCRGTUQPC  DWGPC0QVKGPGPWFQU
0COMKFJC¡R©RIWPQDKK¡³IWORC¡TKKPRCK¡ QLQ
FGCIWLC #NJK¡EJVWDWKFJKUQQOMCT
PQ¡O³KQ¡MFJKO6QQ³QEJCOVW¡PCRDWCO %JCODJCK¡O©ZMWPIWLKKN'UVCCIWLCVKGPGGN
R©ZLWODWCFC¡5KGORTGFGDGUDGUCTNGNCOCPQ QLQVCPRGSWG³QSWGPQUGRWGFGOGVGTGNJKNQ
CVWRCFTKPQ6Q³QGPEWCNSWKGTNWICTSWGVG =RNDWWRWKCRQUDWK¡³DWWRWK¡³?
GPEWGPVTG[VGUCNWFG0QVGRQTVGUOCNEQP«N ♦DWK¡TCOGPUWQLQ
FG«NQFGGNNC 
8CTDWCOFQQFC¡ ♦DWWRWKTCOGPUWUQLQU
FG«NQFGGNNC 
DWCP=RTGUFGDWDWCMKC¡?UGVKTC DWKCFXCEQP
NNGICPFQCFQPFGGUV£WPC
DWCP=RTGUFGDWDWCMKC¡?2GLDWCPCO RGTUQPC ,CZLCRVW¡OVWCCFKMC¡IWO
UCNGP LCLCPPWNJPCEJUCCMRCZKCTRW¡.QTKPVKKPDWK!
DWC¡XaVGEJCTCXGPVCT/WK¡RZKDWC¡FJK )WK¡CCPCRKEJMKC¡R©ZVWUCDC¡NJVCMCCD!
V©TDK³MWOOKEJWFCC¡³FJC¡DCCNFKEJC¡O 3W«XCUCRQPGTVGEWCPFQXC[COQUCXKUKVCTC
#XKGPVCNCUQICRCTCCNN£RCTCSWGNCCOCTTGPGP (NQTGPVKPQNCTQRCSWGVGCECDCUFGEQORTCT
GNDCNFG C[GT!=CRQUDWK³QTUGRTGUGPVCEQPWPCHKLQ
WUCTICUVCT)KKNJKOZKDWCCRIW FGRQUGUKµP?
♦LK³DWKEQPOKIQ
 6'2'*7ƒ0Ê'52#“1. DWNJMCFC¡

DWKDCUUECTC$©©ZCKZKOVW¡OVWDWRWKDCUCO DWNJFJC¡XaDCOCTTCT
RCTCQVTCRGTUQPC 
IWLC¡VMCOL©¡OC¡PZK¡ZMQNJKMLCK¡ICK $©©R©¡RZK³DWNJFJCKIWMCDCKPCRDC¡DC
EJÀ¡VÀD.CIGPVGVKGPGNCECTCFGFKHGTGPVGU DCVDKTC¡PCEJCODCLKOKC¡#PVGUFGKTC
HQTOCUCNIWPCUNCVKGPGPTGFQPFC[QVTCU DC³CTVGCOCTTCGNECDCNNQRCTCSWGPQUGXC[C
QXCNCFC=RNDWRWKDCU? =EQORNRNDWWRNJKFJC¡RTGVDWNJDWWRWNJQ
DWKEJ©MCFLHGQ)KKNJKOLKZDWKEJ©MLWOP©K¡³ DWWRNJKEQPVDWRNJK¡³FJC¡DWWRNJK¡³FJC¡?
IWMCKOCCP'NECKO£PUGXGOW[HGQ DWNJKC¡XaVCOCTTCT
EQORNKPCP ,KZDJCK¡R
=RNDWRWKEJ©MEQRLKZ? OQQLCDWWRNJKC¡FJKVQQODJCCDJCK¡OMCTPC
DWKFJC¡XaDGEJCTCXGPVCT
CQVTCRGTUQPC  EJCOOWRCK¡OPW¡CC¡IWLWWPPQ¡³MCVW
/QQRFCIKC¡FJKOMWVWWP;C¡F©TLC³OWK¡ DJKK³QT#OCTTCDKGPGUVQUEQUVCNGURCTCSWGPQ
ZKODWKFJC¡#ICTTCVWECOKUCRQTSWGVGNCXQ[ UGVKTGGNOC¯\EWCPFQNQUXC[CUECTICPFQGPGN
CCXGPVCTFGUFGCSW¯ ECOKPQ
GEJCTFCT
CWPCPKOCNCEQOGT #NJK¡EJLCR COCTTCT
CWPCPKOCNCCRCEGPVCT t6W¡CC¡
OWZKDWK¡³O©TC¡IWMCDCKIWVCUQQNJ2QT FJKDJWTTWPCDC¡MWW!tLWRMCK¡EJIW
HCXQTXGCFCTNGWPRQEQFGVNC\QNGCNECDCNNQ #PTGGUt,KZDJKQ¡FJQEJK$JCLC¡MKCOZK
=EQORNRNKCDWKFJC¡RTGVDWK¡³KCDWK DWTO©TPCRCK¡ZZC¡KK¡tLWRMCK¡EJIWVCCVC¡P
RTGUDWRRK¡³EQPVDWRRK¡³FJC¡KCDWK¡³FJC¡? t2QTSW«TGDW\PCGUGDWTTQ!3W«SWGTT£!
DWKFJC¡XaVGEJCT
EQUCUITCPWNCFCU  tFKLQ#PFT«Ut2WGUCNQOGLQTVKGPGJCODTG
#O£TTCNQWPRQEQO£UCE£FQPFGJC[RCUVQ
GURQNXQTGCT0CK¡LKLCCIWQPPC³KEJOK¡ZK
tFKLQUWRCR£
DWCUWWFCK¡EJ©T5GFGUJK\QNCUCNEWCPFQNC
COCTTCT
CWPCRGTUQPCRCTCFGVGPGTNC ,KZ
GEJ«GPGNCIWC=RTGVDWCDWK¡³
DJCK¡DWJNCCEJKIWVQQZMQNJ!-C¡IW¡
RTGUDWRRK¡³EQPVDWRRCFC¡TGUDWKZQ
VWMCC¡OFQ¡³EJQKOKDCMKC¡ICCV©T!0CIW¡
DWKFJKZQDWKZKO?
OQQLC¡RLKZDQ¡DJCTPCCDQQ'UVCT£DKGP
DWKFJC¡XaDVQTVGCTJCEGTVQTVKNNCU
RCTCQVTC
COCTTCFQGNOCTTCPQ!#NQOGLQTGPNCPQEJG
RGTUQPC )QQMDJCK¡ZKMWC¡O©TMW³M©¡PLWO TQORCNCUQIC[UGOGVCGPNCOKNRC[CSWGNG
DWKFJC¡8GCVTCGTNG³CRCTCSWGRWGFCJCEGTVG IWUVCPOWEJQNCUEC³CU
VQTVKNNCU=RTGVDWK¡³EQPVDWRRK¡³FJC¡? =EQORNRNDWWRNJKC¡RTGVDWWDWWRTC
DWKFJC¡XaTJCEGT
FGNCOKUOCOCPGTC ,WR KORGTDWTDWWRWTEQPVDWRTCFC¡DWWRWTFC¡
MCK¡EJFJC¡COIWLC¡VMCOPCUCRIWDKCUMQ¡ EQRTGVDWWRTCKO©MRWPVDWTCCM?
LCZPQ¡EJV©VFCPCOFW³KC¡RWK¡RZKO DWNJKQ¡MC¡XaVFGUCVCT
EQORNCPKO $©©Z
DWKFJC¡&KEGNCIGPVGSWGUKNGFKIQCNCDQC LCRZKDWNJKQ¡MC¡FJKZWCOVWWTMWDCVW
SWGJCICCNIQNQJCEG MQK¡TC¡&GUCVGVCODK«PCGUVGVQTQECH«RCTC
UWEGFGT
NQRNCPGCFQ ,WRVWOMCK¡EJPCUCR SWGXC[CCRCUVCT
[C¡ODJ©KEJFJC¡IWZFJCCRCMDQKMWIW¡EJK XaTFGUCVCTUG
EQORNCPKO ,WODWNJKQ¡
UCCNJKQOLKPCDC¡RWK¡DCVWODWKFJC¡&KEGP DCMIWDJWW[CZPC³KEJOK¡³KMCZKDWTCCM
SWGRQTCSW¯XCCRCUCTWPCECTTGVGTC 2CTGEGSWGUGFGUCVµGNDWG[SWGCOCTT«CNN¯
RCXKOGPVCFCRGTQETGQSWGHCNVCVKGORQRCTC XaTFGUCVCTUG
EQORNKPCP /WPKMC¡PR©Z
SWGGUQUWEGFC PW¡KKZIWLWWPD©©R©¡PC³DJCLKO%JKIW¡
=EQPVDWC¡VI©FC¡? OCODWNJKQ¡IWVQQODJCK¡OMCTW¡PIWLCTQK¡
DWKO©M=EQRTGVFGFW³KC¡?JCE¯C8CTDWC¡V PCDJCK¡MCVWDJKK³QT*CEGTCVKVQEWCPFQ
DWKZ=TGUFGDWC¡?VG³KFQ8CTDWKZKO XGP¯CDCLCPFQXKVKTCFQGNOC¯\2CTGEGSWGUG
DWKZ=TGUFGDWKFJC¡?GEJCFQ8CTDWKFJKZ
FGUCVµGNEQUVCNFGCNIWKGPSWGNQXGP¯C
ECTICPFQ
DWKZKO
=EQORNRNDWRNJKQ¡MC¡RTGVDWNJKQ¡DWRNJKQ¡
DWKZK¡³=RTGUFGFWK³FJC¡?UGNQJCEG KORGTDWNJKQ¡MDWRNJKQ¡M?
DWNJXaGGUVCTCOCTTCFQ,CTQQIC¡PFJK DWNJMCFC¡XaVCEJKECT
TQRC ,K³EJCK³DWK¡³
DJWTW¡ZPCOK¡³KDWNJ!&GSWK«PGUGUGDWTTQ IWOUQQOMCTLC³DWNJMCFC¡OCC¡PIWMWVWWP
SWGGUV£COCTTCFQCNN¯!=RNDWRRWNJ PCV[C¡³EJKCP©MIW³ZKKZ2T«UVCOGWPCCIWLC
EQRTGVDWTMCVDWWRTCV? RCTCCEJKECTWPCECOKUCSWGOGOCPFµCEJKECT
OKJGTOCPQOC[QT=EQORNRNDWRWNJMCFC¡
DWNJMCZFJC¡ 6'2'*7ƒ0Ê'52#“1. 

RTGVDWNJMCKDWRWNJMCKRTGUDWNJMC¡P DWWRWKDCTCC¡UN£ITKOCU5WCMKO©MCRCC
DWRWNJMC¡P? 4QQUCPCDC¡DJCLC¡RR©ZLKZO©NJKKZIWO
DWNJMCZFJC¡XaDCEJKECT
NCTQRCFGQVTC DWWRWKDCTCC¡!'UVCDCUNNQTCPFQ4QUC!2WGU
RGTUQPC ,K³DWNJMCZFJC¡CRFJK³RCPVCNQQP UGXGSWGUGVGTQFCTQPNCUN£ITKOCU
#VVKTWZFJWUCCTCOLK³CKZ#EJ¯SWGOGGUVG DWWUCKEJWNJFJC¡XaDUCECTJCEGTUCNKT
RCTC
RCPVCNµPRWGUOGSWGFCOW[HNQLQ QVTCRGTUQPCEQORNCPKO $JCLC¡MLCRZK³
=EQORNRNDWRWNJMCZFJC¡RTGVDWNJMCZ DWWUCKEJWNJFJC¡IWZWCOMCDCKMW³LK³
DWRWNJMCZRTGUDWNJMCZK¡³DWRWNJMCZK¡³? WNJ³C¡2QTHCXQTU£ECOGGNECDCNNQCOCTKNNQ
DWRNJKQ¡MC¡=EQORNRNFGDWNJKQ¡MC¡? RCTCGPUKNNCTNQ=EQORNRNDWDWCZEJWNJFJC¡
FGUCVCTNQU=RTGVDWRNJKQ¡KORGTDWRNJKQ¡M? RTGVDWWUCKEJWNJDWDWCZEJWNJ
EQPVDWUUCKEJWNJK¡³FJC¡Q
DWRNJK¡³FJC¡=EQPVFGDWNJFJC¡?GUVCT
DQQUIKEJWNJK¡³FJC¡?
COCTTCPFQ
DWRRCFC¡=EQPVFGDWC¡?GUVCTGEJCPFQ DWWUCKFJC¡XaVFGUVKNCTUCECT
OG\ECN 
)COO©L©UCRVWDWWUCK¡³FJC¡COO©L©
DWRRCFC¡=EQPVFGDWC¡?GUVCTVK³KGPFQ
DKPCVGGT&KEGPSWGUKGORTGGUV£PUCECPFQ
DWRRCFC¡=EQPVFGDWKFJC¡?GUVCTGEJCPFQ
OG\ECNCNN£GPNCFGUVKNGT¯C=RTGVDWWUCK¡
DWRRK¡³=RTGUFGDWC¡?NQGEJC EQPVDWWUCK¡³FJC¡?
DWRRK¡³=RTGUFGDWKFJC¡?UGNQGEJC DWWUCPURCUQ
GPGNECOKPQ %JCOLKTDWWUCP
DWRRK¡³=RTGUFGDWKFJC¡?NQGEJC FJKDQKLKZDCDCC¡ICOCLC¡MF©TICK0QJC[
RCUQRQTGUVGECOKPQRQTSWGGUV£RG³CUEQUQO£U
DWRRK¡³FJC¡=EQPVFGDWKFJC¡?GUVCTGEJCPFQ
CNN£GPNCNCFGTC
DWRRK¡³FJC¡=EQPVFGDWKFJC¡?GUVCTJCEKGPFQ
DWWUPKC¡XaKUCNKTRCUCT
UWLCPKO $JCK¡R
VQTVKNNCU ZKMWWRCKFJKMK¡³IQDPCRRCK¡FJWWMDC
DWRTCFC¡=EQPVFGDWNJKC¡?GUVCTCOCTTCPFQ DWWUPKC¡%KGTTCNCRWGTVCEWCPFQUCNICU
DWRWKDCU=RNFGDWKDCU?ECTCU UCNKTIGTOKPCT
RNCPVC %JCMWKDWDWCIW
LWWP[CLC¡RPCVIW¡EJCMWKFWW¡P6QFCX¯C
DWRWKEJ©M=RNFGDWKEJ©M?HGQU=EQRLKZ?
PQUCNGGNOC¯\RQTCSW¯RQTSWGVQFCX¯CPQJC
DWRWNJMCFC¡=EQORNRNFGDWNJMCFC¡? NNQXKFQ
CEJKECTNQU=RTGVDWRWNJMCKRTGUDWRWNJMC¡P? UCNKTHNWKT
N¯SWKFQ /CKMLCEJK¡RW¡O©L©
DWRWNJMCZFJC¡=EQORNRNFGDWNJMCZFJC¡? DKPCVGGT/CCZFJKUCRLKDWWUPKC¡8£OQPQUC
CEJKE£TUGNQU=RTGVDWRWNJMCZ VQOCTOG\ECNCNN£FQPFGNQFGUVKNCPRWGUFKEGP
RTGUDWRWNJMCZK¡³? SWGRCUCFQOC³CPCUGGORKG\CCFGUVKNCT
DWTCCM=RWPVFGDWNJKC¡?NQCOCTTµ =EQORNRNDWDWCMKC¡RTGVDWWUDWDWC
RTGUDWUUCMQDWUCCMDWCPRWPVDWUP©M
DWUCCM=RTGUFGDWWUPKC¡?UCNG8CTDWUUCM
DWDWCM©MEQPVDWUCCMFC¡QDWWUCPFC¡
DWVCC¡PF©T=XCTFGD©VCC¡PF©T?FGDCLQFG DWUUCMFC¡QDWCPFC¡?
DWVC¡=XCTFGD©VC¡?FGDCLQFG
DWW=RTGVFGDWNJKC¡?NQCOCTTµ

$J
DWWLCKFJC¡=EQPVFGDWC¡?NQXCGEJCPFQ
8CTDWWLKFJC¡
DWWRNJKC¡=EQORNRNFGDWNJKC¡?COCTTCTNQU
=RTGVDWWRTCEQPVDWWRWTFC¡
EQRTGVDWWRTCKO©M?
DWWRNJKFJC¡=EQORNRNFGDWNJFJC¡? DJCRTGHaXJCEKCCE£
FKTGEEKµPFGNCCEEKµP
COCTT£TUGNQU=RTGVDWWRNJK JCEKCGNJCDNCPVG 0COMKTC¡CRIWOZKKZPCV
EQPVDWWRNJK¡³FJC¡? DCK¡ICOPCRDC¡DJCRCNJDWKFJKMC¡OCC¡PIW
DCNFKPCVIW¡IQQMLCW¡WM8GCGPEQPVTCTC
DWWRTCKO©M=EQRTGVFGDWNJKC¡[DWWRNJKC¡?NQ
VWJGTOCPCSWGHWGCUCECTCIWCRCTCSWGNG
GUVCDCCOCTTCPFQ
C[WFGUCVTCGTJCEKCCE£WPDCNFGRWGUNNGXµ
DWWRWK=RNFGDWK?QLQU=CRQUDWWRWK¡³? FQU
 6'2'*7ƒ0Ê'52#“1. DJCD

CNN¯
CTTKDCEGTEC t$JCFJCCCCIW RQUREQP
CRCTCVQ ,KZDJCK¡EJWITCDCTCC
#PUGNOQ!tLWRMCK¡EJIW,WCPt$JCK¡FJQ FJKOITCDCFQQTC¡PCRLK³EJCK³DWKFJC¡PC³
FCCtLWRMCK¡EJIW2GGITQt'UV£#PUGNOQ DJCCPVWITCDCCTW¡!)TCDCDKGPVW
GPUWECUC!tRTGIWPVµ,WCPt5¯CNN¯GUV£ ITCDCFQTC!RCTCSWGOGNCRTGUVGURCTCITCDCT
tEQPVGUVµ2GFTQ EQPGNNC
=)TCO?#PVµPOW8«CUGDJCK¡ RTGRGP
WPCHGEJCFGVGTOKPCFC $JCCP)À¡
♦DJCLC¡MCFXRQTCSW¯JCEKCCE£ 6CPQQNJLC³LKOKC¡OWLC¡M,WMV©T8Q[CKTC
♦DJCLC¡RCFXRQTCNN¯
CNVQ  5CPVC/CT¯CGP5GOCPC5CPVC
DJCC=RTGVFGDJC¡[C¡?NQVTCIµ DJCCPMCO=CRQUFGC¡OMCO?GPUWNWICT
DJCCDJCK=RNFGDJCK?EQNCU 8CTDJCCPMCOW¡P
DJCCDJCK¡OMCT=RNFGDJCK¡OMCT?OQTTCNGU DJCCUQVURGEJQ
RGTUQPCQCPKOCN #OR©Z
RWK¡ZL©¡©©MIW³DJCCUQVRCPCCUMW³LKZ
DJCCDJCP=RNFGDJCP?EQ[QVGU EJQQZMQ³6GPIQCITWTCU
NKVOKRGEJQGUV£
DJCCK¡CFXSWGUGRWGFG/QQEJCODJCCK¡ GTWEVCPFQCITKCOGPVG RCTGEGSWGOGGORCEJ«
CCPCROWPKMCPF©TICMQQNJDJ©©[C¡MWRDC¡ =RNDJCDJCCUQVCRQUDJCCUVQ¡PQ
OQQIC¡OU©NJDJCK¡RLWTPKEJW¡UWWFCK¡EJ©T! DJCCUQVIC¡P?8CTDJCCUWV
'UOGLQT
NKVPQRWGFGU! UKTQFGCU2QTSW« DJCCVC[C¡XaKOCTEJKVCTUGUGECTUG
RNCPVC #O
KPUKUVGUGPUGIWKTFGTGEJQ[RCUCTRQTGNCIWC! ZKDJCCVC[C¡IWLWWPPQ¡VLCZFJWWMLWIKQIW
SWGRWGFGt,KZDJCCK¡CCPCRLK³QKFJC¡ VCMCC¡PIWVWDWC'NOC¯\UGUGECRTQPVQUKNC
DJCOO©LC¡MLWMICOMCDWKOWM!tLWRMCK¡EJ VW\CUGEQOGNCUTC¯EGU=UWLRNDJC¡OVC[C¡Q
IW2GGITQt,KZDJCCK¡FJQtLWRMCK¡EJIW DJC¡PVC[C¡RTGVDJCCVCDJC¡OVC?
,WCPt2WGFGUKTCNCUKGTTCEQPOKIQOC³CPC!
tRTGIWPVµ2GFTQt5¯U¯RWGFQtEQPVGUVµ,WCP DJCCVC¡CFLOCTEJKVQUGEQ
RNCPVC 5KCOTK
=EQRLKZ? DCZDJCCVC¡CCIWVWCIWK¡PC³KEJOWOOW
♦EJWDJCCK¡CFLSWGUGRWGFGRCUCT KCT!;CGUV£UGEQGNGPEKPQSWGVWOD«CNN£!
=RNDJC¡OVC¡QDJC¡PVC¡EQRLKZ?
H£EKNOGPVG
£TGC 
DJCC[C¡XaKEQEGTUG
EQOKFC $JCK¡RZK
DJCCMW¡=UWLRNFGDJCCOW¡?2GLDJCCMW¡
O©©OFC¡IWLC¡CCMWLQQVQODJCC[C¡IWDJCD
COUGGPQLCT£P=RTGVDJCCMEQPVDJCMMWFC¡?
#VK\CGNHWGIQRCTCSWGUGEWG\CPRTQPVQNQU
DJCCOCFLGPQLCFQ6©KKQ¡OC¡PIW/KIKCNIW HTKLQNGU=RTGVDJCKEQPVDJCCLKFJC¡
OCTCC¡P0KL©¡ZMWEJCOL©L©MI©T)KKNJKOLKZ RTQITDJCCLKO?
DJCCOPCIW¡EJKZDJKQ¡/KIWGNVTCVCFG ♦DJCKCFLEQEKFQ
EQPUQNCTCUWJKLQRGTQ«NPQUGVTCPSWKNK\C ♦DJCKMCOCFLDKGPEQEKFQ
RQTSWGGUV£OW[GPQLCFQ[CSWGVKGPGJCODTG DJCC[C¡XaKOCFWTCT
HTWVC t%JCMWKDJCKLKC
=RNDJCCMEQRLKZ?
FJKVWTCCUPQtLWRMCK¡EJIW2GGITQ
DJCCOFCTC¡CFLSWGUGGPQLCH£EKNOGPVG,CZ t%JCMWKFJQ-KC¡R©ZDCLKTMQDMQNJL©¡OC¡P
MWODC¡OQQLC¡RLKZDJCCMFCTC¡FJKLC¡VMCO tLWRMCK¡EJIW,WCPt6QFCX¯CPQUG
PQ¡³RCNJ©©RLCZZKLCV©VFC!%µOQGUSWGUG OCFWTCPNQUFWTC\PQUXGTFCF!tFKLQ2GFTQ
GPQLCPH£EKNOGPVGGUCURGTUQPCUEQPNQRQSWKVQ t6QFCX¯CPQCNIWPQUCRGPCUGUV£POGFKQ
SWGNGUFKEGWPQ!=RNDJCCMFCTC¡EQRLKZ? OCFWTQUtTGURQPFKµ,WCP=RTGVDJCK
DJCCOW¡XaKGPQLCTUGd,C¡ROQQZDJCPCC¡IW RTGUDJÀÀEQPVDJÀÀFC¡?
,QUGG2CNJ©©RPQ¡³KEJLCZZKEJ©©¡P ♦DJCKCFLOCFWTQ
LCCZOCFC¡DJCCPDCDJCCOW¡d3W«DTCXQGU ♦DJCKMCOCFLDKGPOCFWTQ
,QU«%QPSWGNGFKICCNIQGPDTQOCUGGPQLC
DJCC¡OPCI©O=RNFGDJCPICO?SWGUQPDTCXQU
=UWLRNDJCCMW¡RTGVDJCCODJCCM
=EQRLKZ?
EQPVDJCOOWMFC¡DJCMMWFC¡?
♦R©ZCODJCMMW¡COEQOQSWGSWKGTGP DJCC¡OPC¡=RNFGDJCPCC¡?DTCXQU=EQRLKZ?
GPQLCTUG DJCDUHTKLQN,CK¡DKEJWLWICCMUKCDJCDM©¡P
DJCCPRQURUQDTGGP
NCUWRGTHKEKGFG 6QRCC 8«PICUGCEQOGTCWPSWGUGCUµNQVQTVKNNCUEQP
DJCCPLWOUQPDKCIWMQ¡MQNJ'NEJKNGUG HTKLQNGU
OCEJCECGPGNOQNECLGVG ♦DJCDD©PMCOIQTFKVCFGHTKLQN
DJCDJCKZM©NJ 6'2'*7ƒ0Ê'52#“1. 

♦DJCDMK¡URKFJKZMCOVCEQFGHTKLQN DJCKFJC¡CFLSWGUGEWGEGT£RKFQ
EQOKFC 

♦OCOQKMDJCDUGLQVGU ,CK¡LQKFJCOLKZDJCKFJC¡IWDJCD%JCOO©M
DJCDJCKZM©NJ=RNFGDJCKZM©NJ?EQNWOPCU LWOCC¡PCVQVRQMFC¡#NIWPQUHTKLQNGUUG
XGTVGDTCNGU=CRQUDJCDJCKZM©NJK¡³? EWGEGPOW[T£RKFQPQPGEGUKVCPJGTXKTOWEJQ
VKGORQ
DJCDJCK¡MCK¡EJFJCO=RNFGDJCK¡
SWGOCFWTCT£RKFQ
HTWVC ,KZDJCKFJC¡IW
MCK¡EJFJCO?COKIQU=CRQUDJCDJCK¡
MCTWWOPQ¡ZLWWMOK¡RCK¡PQ¡D©©V.QU
MCK¡EJFJCOW¡PQDJCDJCK¡MCK¡EJFJCOIC¡P?
RN£VCPQUOCFWTCPT£RKFQUKGUV£ECNKGPVKVQGN
DJCDJCK¡MCO=RNFGDJCK¡MCO?COCDNGU NWICTFQPFGGUV£PIWCTFCFQU
=EQRLKZ? =EQRLKZ?
DJCDJCK¡OVW¡PFC¡=EQPVFGDJCK¡OVWFC¡?GUVCT DJCKFJC¡UHTWVC
EQOGUVKDNG 6W¡DC¡
CJQICPFQ=UWLRNDJCDJCK¡MVW¡PFC¡? DJCKFJC¡FC¡FJK¡PCRMWC¡!,KTOCPUCCPCC
DJCDJCK¡OWMFC¡=EQPVFGDJCK¡OW¡?GUVCT MC¡TVWTCCUPWCC!3W«ENCUGFGHTWVCGUGUC
CJQICPFQ=UWLRNDJCDJCK¡MWTFC¡? SWGGUV£UEQOKGPFQ!'UOCP\CPCQFWTC\PQ!
DJCDJCK¡³FJC¡=EQPVFGDJCKFJC¡?GUVCT 8«CUGKKDJCKFJC¡
EQEKPCPFQ8CTDJCKFJKFJC¡ DJCKMCOCFLDKGPEQEKFC
EQOKFC ,QKFJCO
DJCDJC¡UCNJ=RNFGDJC¡UCNJ?OQVCU
FG LKZK¡QQDIWKOCKIWZDJCK¡ZDJCKMCO'UOW[
CFQTPQ =CRQUDJCDJC¡UCNJIC¡P? UCDTQUCNCECNCDC\CUKGUV£DKGPEQEKFC
DKGPOCFWTC
HTWVC /CC¡PLCRDJCK¡ZK³
DJCDJQ¡OMQZ=RNFGDJQ¡OMQZ?VGEJCNQVGU
EJCC³ZKFJCKIWRCRCC[CULQKFJCOLKZ
DJCKUEQNC
CPKOCN ,KZKQ¡OLKTVWRWWNJKMIW
DJCKMCOMCRDJCK¡PCROWLKOKC¡PCRCK¡VWO
DJCK¡³IWOKUVWTCDJQQP.CEQNCFGNICVQ IC¡TC;CSWGXCUCFQPFGUGXGPFGPRCRC[CU
OQPV«UGUOW[EQTVC=RNDJCCDJCK EµORTCOGWPCSWGGUV«DKGPOCFWTC
CRQUDJCK¡³? =EQRLKZ?8«CPUGDJCC[C¡DJCC[C¡
DJCKCFLEQEKFQ2CCIKRLKZDJCKFJK
DJCKZM©NJUEQNWOPCXGTVGDTCN,CZLWOFWW
LWPDCC¡PCRKO©VUCCMLK³ICK¡!2CNJ©©R IW³DJCKZM©NJPCDC¡OQQLC¡RLKZMQ¡M!'CR
DCRQKZKZ0QGUV£EQEKFQGNGNQVGSWGWUVGFGU ZK³EJ©©¡³ZK¡³FJK¡M©¡PR©MOK¡RI©K³KEJDCM
OGCUCTQPRWGUPCFCO£UGUV£EJCOWUECFQ PC³KEJKCOWMC¡P3W«OGRCUµGPNC
OCFWTQ
HTWVC $CZDJCKCCIWVWTCCUPW EQNWOPCXGTVGDTCN!2QTSW«OGFWGNG!*C\OG
DJCOO©PCRCK¡VWWV!;CGUV£POCFWTQUNQU GNHCXQTFGTGXKU£TOGNCETGQSWGOGNCUVKO«
FWTC\PQUGPNCJWGTVC! EWCPFQOGEC¯CNN£=RNDJCDJCKZM©NJ
=EQRLKZ?8«CPUGDJCC[C¡DJCC[C¡ CRQUDJCKZM©NJK¡³DJCDJCKZM©NJK¡³?
DJCK=RTGVFGDJCC[C¡?UGEQEKµ ♦DJCKZM©NJKTCOGPUWEQNWOPCXGTVGDTCN
FG
DJCK=RTGVFGDJCC[C¡?UGOCFWTµ «NQFGGNNC 
DJCKFJC¡XaVEQEKPCTJCEGTEQOKFC DJCK¡CFXDKGP0Q¡IKKNJKOLKZL©©RK¡³EJCO

)COO©L©VWDJCKFJKFJC¡COOK¡³KMKKEJCO DJCK¡VWOMQMUQ5KJCEGOWEJQHT¯QPQ
5KGORTGGUV£PJCEKGPFQEQOKFCCNN¯GPGUCECUC FWGTOGDKGP=EQRLKZ?
EQEGT
EQOKFC )QQMLCRLK³MWC¡³FJCTC¡ ♦LKZDJCK¡MC¡LKZDJCK¡³MC¡GUVCT£DKGP
PC³M©¡PDJCKFJC¡IWRCCP6T£GOGCNIQFG ♦IÀ¡ZEJWDJCK¡GUOW[CORNKQ
£TGC JC[
NG³CRCTCEQEGTGNRCPEQPGNNC OWEJQGURCEKQ
OGVGTCOCFWTCTGPGNJQTPQ
HTWVC 2CCR DJCK¡CFXJCEKCCE£$JCOO©)KQVCOLCO
FWWMLCK¡RDCVWDJCKFJC¡IWMCTWWOMW³IKQ RWRQKRQIWOUCUQK¡%JCOCC¡COPC³DJCK¡
DJCK¡RDCMQK¡TC¡!%W£PFQXCUCOGVGTC V©KLCUCUFC#NN£GP.NCPQ)TCPFGUGSWGFCTQP
OCFWTCTGPGNJQTPQO£URN£VCPQURCTCXGPKTC UWUCPKOCNGU6TCV«FGCTTGCTNQUJCEKCCE£RGTQ
EQOGTQVTCXG\! PQSWKUKGTQP
RKECT
EQPEJKNG $JCKFJC¡FJQFJKCNJKKIW CNN¯
CTTKDCEGTEC t$JCFJCCCCIW
MQ¡MQNJPCRICPOKOCCM5KNGFCUEJKNGCN #PUGNOQ!tLWRMCK¡EJIW,WCPt$JCK¡FJQ
PK³QNGXCCRKECT FCCtLWRMCK¡EJIW2GGITQt'UV£#PUGNOQ
=RTGVDJCK¡³EQPVDJCDJCK¡³FJC¡Q GPUWECUC!tRTGIWPVµ,WCPt5¯CNN¯GUV£
DJCKFJKFJC¡?
 6'2'*7ƒ0Ê'52#“1. DJCOO©PK

tEQPVGUVµ2GFTQ DJCK¡OMCTUOQTTCNVCNGIC
DQTFCFC 
8«CUGDJC $JCK¡OMCTLWOCC¡PQ¡³OCCPVCV©V©©¡PC³
DJCK¡DEJKC¡XaVTGDCUCTICPCT
CNVWTCQ DC¡OKEJWICCOVW¡PFC¡PQ¡³KEJRCK¡DCLKK
FKUVCPEKC 5CNJFJQR©ZLKEJDJC¡DEJKFJC¡FJK 0GEGUKVQWPOQTTCNDQTFCFQUKOGXKUVQFG
,QUGGPQ¡EJEJCOZK¡OWK¡ZKLKKO2QEQC OCPVCRCTCNNGXCTWPCUEQUKNNCUCNN¯EWCPFQ
RQEQPQUXCCKTTGDCUCPFQ,QU«UKPQXCOQU UCNIC=RNDJCCDJCK¡OMCT?
TGEKQ ♦VQQODJCK¡OMCTUEQUVCN
XaKFGLCTFGETGEGT,C¡RLKZDJCK¡DEJKZFJKO DJCK¡OVWFC¡XaVCJQICTCUHKZKCT
EQPCIWC 
ICC.WKU6©©¡PCLCZLKZWCO%JCODJCK¡CC 2CNJ©©RLCRR©ZOWK¡RLKK¡EJW¡PFC¡FJK³
PCRDCL©MOKLWCPFJC¡I©V!6WOKNRC[CFGLµ OCTCCZIWUWWFCK¡PCDC¡EJCODJCK¡OVWFC¡
FGETGEGT.WKU/KTCGUV£COCTKNNC.CFGDGT¯CU &CNGFGVQOCTCIWCCOKJKLCRQEQCRQEQRCTC
JCDGTVTCDCLCFQCPVGU SWGPQNCCJQIWGU=EQORNRNDJCK¡MVWFC¡
XaTRCUCTUG
RGTFGTUWUCDQT /QQROK¡OKC¡P RTGVDJCK¡OVWFCDJCK¡MVWFC
P©P©K¡³FJC¡,WCPFJKDKK³PCEJKEJLC¡MVWDWC EQPVDJCDJCK¡OVW¡PFC¡DJCDJCK¡MVW¡PFC¡?
PCEJCOLWODJCK¡DEJKC¡PCIW¡EJCOMCKQ¡D DJCK¡OW¡XaKCJQICTUGCUHKZKCTUG
EQPCIWC 
MC¡PQ¡VLWODJCK¡DKEJ,WCPTGXKUC
/CC¡PPC³LCZDJCK¡OW¡PQ¡³ICPOWLWTWM
EQPVKPWCOGPVGGNLWIQCIWCFQFGNOCIWG[SWG
UWWFCK¡EJ©TPQ¡³EJCOOCCV©VV©I©¡PU©/G
XQNXGTGOQUCJGTXKTRCTCSWGPQJKGTXC
CJQIQUKOGOGVQCNCIWC[PQU«PCFCT
FGOCUKCFQ
NKVSWGPQUGRCUG EWCPFQGORKGEGC
=UWLRNDJCK¡MW¡RTGVDJC¡KKODJC¡KKM
UCNKTGNOG\ECNRQTSWGUKPQRGTFGT£UWUCDQT
EQPVDJCDJCK¡OWMFC¡DJCDJCK¡MWTFC¡?
=RTGVGKORGTDJCK¡DKEJRWPVDJCK¡DEJ©M?
8CTDJCK¡OQ¡
DJCK¡DEJWFC¡XaKEQOGT
FGOCUKCFQ :K¡ DJCK¡³UOG\ECNCITKQ
NQSWGUCNGCNVGTOKPCTFG
RKEJEJKOQQDJCK¡DEJWFCPCRKEJVWLWWPC
FGUVKNCTGNOCIWG[ 5KPµPMWWIC¡P
RKEJDC¡VQQZMQ2CTGEGSWGEQOKUVG
FGOCUKCFQRQTGUQVGGORCEJCUVG DJCLC¡MCFXRQTCSW¯
DCLQ /CK¡DWC¡RKO
RCUCT
GNVKGORQCFGEWCFQFGTGCTCTNCOKNRC  FJKVCPCCTC¡$JCLC¡MDWCOVW¡KK¡6KTGPGUVC
/K¡RLWRDCLWC³FJC¡FJKOICC.WKU/K¡FJQ DCUWTCRWGUUGXGHGQRQTCSW¯
R©ZRWWC¡ONJKC¡PQ¡ROK¡RWDJCK¡DEJWFKO JCEKCCE£
FKTGEEKµPIGPGTCN /K¡³KLC¡MLCRZK
&GDGUVTCDCLCTVWOKNRC.WKU5GXCCOCTEJKVCT DQK¡³ZKFJC¡FJKUWWFCK¡)KKNJKODJCLC¡MO©T
UKNCFGLCUOWEJQ
NKVUKFGLCURCUCTOWEJQ PC³RCK¡FJCC*CICEQTTGTGNCIWCJCEKCCNN£
VKGORQ UKPTGCTCTNC RWGUEQTTGJCEKCCE£FQPFGGUVQ[UGPVCFQ
=RTGVDJCK¡DEJWFCQDJCK¡DKEJ? ♦CC³DJCLC¡M©RXGPIQCXKUKVCT
NKV[QRQT
CSW¯FGPWGXQ 
DJCK¡FJ©TCFXFGCNN¯
CTTKDCEGTEC 2CCRKEJ
F©TDJCDJ©KEJFJKMCDCKPCRCPCCULKZDCDCC¡ DJCLC¡RCFXRQTCNN¯
CNVQ 6W¡EJKDC¡IC¡PIC
DJCK¡FJ©TD©©ZICK!2QTFµPFGJKEKUVGRCUCTC FJKCDKQPPCDC¡VCMCCDF©TDJCLC¡RDCQKT©!
GUGECDCNNQ!.CEWGUVC
NKVNCDCLCFCFGCNN¯ GUV£ 3W«GUVCT£DWUECPFQGUGCXKµPSWGCPFCRQT
OW[GORKPCFC CSW¯FGUFGC[GT!
DJCK¡MCK¡EJFJCOUCOKIQCOKIC#C³LC¡RPK DJCMMWFC¡=EQPVFGDJCCMW¡?GUVCTGPQL£PFQUG
V©KMCK¡EJ©VLK³DJCK¡MCK¡EJFJCOPQ¡REJCO DJCOOCZUVCOCNEGTGOQPKCN)W³CDWKND©Z
VW¡LCZDWCFC¡I©VPCRLK³LKKMC¡;QSWKUKGTC EJWMCC¡VWVWWVC¡PCIW¡VWDJCOOCZEJC¡PC
SWGOGEQTVGUGNRGNQOKCOKIQUKPQVKGPGU IW¡MCDWKOWMLKLWTPKFJC¡IWZKQVCNJ/K
PCFCO£USWGJCEGT=RNDJCDJCK¡MCK¡EJFJCO CDWGNCXCCOQNGTVQFCNCPQEJGRQTSWGXCC
CRQUDJCK¡MCK¡EJFJCOW¡PQDJCK¡ JCEGTVCOCNGUEGTGOQPKCNGURCTCNNGXCTCNOKVQVG
MCK¡EJFJCOIC¡PDJCDJCK¡MCK¡EJFJCOW¡PQ OC³CPCSWGGUGN¼NVKOQF¯C
DJCDJCK¡MCK¡EJFJCOIC¡P? DJCOO©CFXCNN£
CTTKDCNGLQU #NJK¡EJLCR
DJCK¡MCOCFLDWGPCIGPVGCOCDNG,QKFJCOLKT DJ©KTC¡.QQNCIWOCVCKDJCOO©F©TIÀ¡DC¡M
LKZDJCK¡MCOIW5CCPVWU)COO©L©LKZDJCK¡VW EJ©TPCMCCV.QNCRQTHCXQTVTCGECNFGNCSWG
C¡ICFC¡5CPVQUGUOW[DWGPCIGPVGRWGU GUV£CNN£GPNCECUCITCPFG8CTDJCOOW
UKGORTGJCDNCCOCDNGOGPVG=RNDJCDJCK¡MCO DJCOO©PKCFXCNN£
CTTKDCNGLQURTGEKUCOGPVG 
EQRLKZ? $JCOO©PK-WCTTWNJK¡MCP©KFJCVK³IWLWNJKKM
DJCOO©PKFJ©TLC¡R 6'2'*7ƒ0Ê'52#“1. 

PCMC[QQVCKFJCV#NN£GP.QU.KTKQUXKSWG SWGDTCFQOKEQOCN2TQDCDNGOGPVGGNICVQNQ
GUVCDCHNQTGCPFQNCDC[WUCFGWPOCIWG[ JK\QECGTFGCNN¯FQPFGNQJCD¯CRWGUVQ
DJCOO©PKFJ©TLC¡RCFXRQTCNN£
CTTKDCNGLQU 8CTDJCK¡³K
RTGEKUCOGPVG $JCOO©PKFJ©TLC¡RLCRZK DJC¡UCNJUOQVC
FGJKNQRCTCCFQTPCTDQNUCU
DKC¡TC¡FJKDCCMPCRCK¡LQKFJCOLKZZC¡KK¡ DQTFCFCUQVGLKFCU ,QKFJCOVW¡OFJKOCTRWWU
#RCEGPVCNCXCECRQTCNN£FQPFGJC[OWEJQ ,KZC¡DJCTIWDJCDJC¡UCNJIC¡P,CTQQO
RCUVQ IC¡NJK!'UV£OW[DQPKVQVWOQTTCNRWGUVKGPG
DJCOO©RCK¡CFXRQTCNN£
CTTKDCNGLQU OQVCUDQPKVCU3WK«PVGNQXGPFKµ!
KPFGHKPKFQ )CKM©©MCVDJCOO©RCK¡EJ©P©K¡³IW =RNDJCDJC¡UCNJCRQUDJC¡UCNJIC¡P
,QU«,QU«GUV£WPRQEQCICEJCFQ[XKGPFQRCTC DJCDJC¡UCNJIC¡P?
CNN£ DJC¡[C¡XaVVTCICTVQOCT
UµNKFQ /CC¡PLCR
DJCOOWMFC¡=EQPVFGDJCCOW¡?GUVCT OWK¡ZKDJC¡[C¡IWOQ¡MQ¡MDJCKI©OPQ¡Z
GPQL£PFQUG MQ¡MIWOOQ¡5KVGFWGNGNCECDG\CVµOCVGWP
TGOGFKQRCTCGNFQNQTFGECDG\C=RTGVDJCC
DJCPUEQ[QVG,K³LWIKK¡³IWDJCPIWCNJK¡EJ
RTQITDJC¡CKOEQPVDJC¡FC¡QDJC¡CKFJC¡
LKZCDJCCTLK³MCTDCZK¡'NEQ[QVGUGEQOKµOK
RTGXDJC¡LK?
ECDTKVQDQPKVQ=RNDJCCDJCP?
DJGUGGTUDGEGTTQ)QTDKLCMWWRFJK
DJG¡OUGTMWVVWDCLCOCKIWFWWM6©©¡PCIW¡
DJCK¡DCV©TPKO;CGPEKGTTGPNQUDGEGTTQU
RQTSWGNGUXCCCICTTCTGNCIWC0QQ[GPSWG[C
GUV£VTQPCPFQ!=RNDJG¡OUGT?
 DJÀÀ=RTGUFGDJCC[C¡?UGOCFWTC
DJCPCC¡CFLDTCXQHGTQ\,CZDC¡FWWMCVEJK DJÀÀFC¡=EQPVFGDJCC[C¡?GUVCTOCFWTCPFQ
LC¡ROQQLQKFJCOEJCODJCC¡OPC¡COLCK¡IW DJKC¡XaVUCECT
FGNCIWC /CKMLCEJVW
IQ¡PIQZ!%µOQGUSWGCNIWPQURGTTQUPQUQP DJKCRW¡IWDQRVQROWCMM©¡P8COQUCUCECT
DTCXQU!=RNDJCC¡OPC¡EQRLKZ? RGEGUCNN£GPGNT¯Q
DJCPICOCFLDTCXQKPFµOKVQ,C¡ROQQ SWKVCT
FGNHWGIQ $CDJKCCRIWOCVCKOC¡P
IKKNJKOLKTLKZDJC¡OPCI©OCOLKCIWIQ¡PIQZ PQ¡VDCDQR3WKVCGNPKZVCOCNFGNHWGIQ
DJCK¡MCOFJKMKKEJCO!8GTFCFSWGUQPOW[ EWCPFQ[CGUV«EQEKFQ
DTCXQUNQURGTTQUFGCSWGNNCECUC! =EQORNRNDJKDJKC¡RTGV[RTGUDJKC?
=RNDJCC¡OPCI©OEQRLKZ?8CTDJCPI©O ♦EJWDJKCOWMCFLSWGUCDGUCECT
FG
DJC¡CC¡U£IWKNCTGCN,KZKQ¡OLKTIÀ¡IW FQPFGGUV£OGVKFQ 
DJC¡CC¡EJCOVW¡RWK¡PCIWWKK¡O'N£IWKNC DJKC¡XaVVTQRG\CTRQPGTWPC\CPECFKNNC0CV
TGCNGUO£UITCPFGSWGGN£IWKNCTCVQPGTC RCK¡ZKDJKCMPCVDC¡COR©ZKCT0QNQRWFQ
VWODCTJCUVCSWGNGRWUQWPC\CPECFKNNC
XaTVTQRG\CTUG,WODJKCMLCRKEJLC¡MF©T
OK¡RWI©K%JCOCCRV©¡³EJQ!6GVTQRG\CUVG[
VGEC¯UVGFGGURCNFCU0QVGCEWGTFCU!
=RTGVDJKCEQPVDJKDJKCFC¡RTQITDJKDJKKLKO?
 ♦EJWDJKCOWMCFLSWGUCDGRQPGTNC
DJC¡KKO=RTGVFGDJCK¡OW¡?UGCJQIµ \CPECFKNNC
=UWLRNDJC¡KKM? DJKDJKK=RNFGDJKK?EQOKFCU
DJC¡OVC[C¡=UWLRNFGDJCCVC[C¡?UG DJKDJKKFJC¡=EQORNRNFGDJKKFJC¡?UCE£TUGNQU
OCTEJKVCT£P=RTGVDJC¡OVC?8CTDJC¡PVC[C¡ =RTGVDJKDJKK¡³?
DJC¡OVC¡=RNFGDJCCVC¡?OCTEJKVQU=EQRLKZ? DJKDJKKLKO=RTQITFGDJKC¡?NGGUV£GEJCPFQ
8CTDJC¡PVC¡ \CPECFKNNC
DJC¡³KCFXCNN¯
CTTKDCEGTECRTGEKUCOGPVG /K¡ DJKDJKKMEJ©TFC¡=EQPVFGDJKKMEJKC¡?UGGUV£
R©ZLCKMKZIW³MQOCCNJ+CTDCMIWOKKEJW CJQTECPFQ
VWMCC¡PC³KEJDJC¡³KFJ©TMCM©©UCM'UV£
 6'2'*7ƒ0Ê'52#“1. DJKKUCROC¡

DJKDJKKMEJW¡P=RTGUFGDJKKMEJWFC¡?NQCJQTEC *C\OGGNHCXQTFGUGTXKTOGCNIWPQUHTKLQNGU
DJKDJKK¡³FJC¡=EQPVFGDJKKFJC¡?GUVCT =RTGVDJKK¡³EQPVDJKDJKK¡³FJC¡?
DJKKFJC¡XaDUCECT
FGNCIWCRCTCQVTCRGTUQPC 
UKTXKGPFQ
DJKDJK¡³DCM=RNFGDJK¡³DCM?ECUCUFGCFQDG /CC¡PLCRUCRDJKKFJC¡IW³CDWKNIWUCOKKPC
8CTDJKDJKK¡³DCM IW¡EJCOOCCVPCLCZFJWKDJKC¡IWF©©NJPC
IW¡ZEJWWMIWUWWFCK¡&KEGOKCDWGNCSWGNG
DJKDJK¡³DCMEJCFCO=RNFGDJK¡³DCMEJCFCO? UCSWGWPECOCTµPRWGUPQRWGFGJCEGTNQUQNC
CNDC³KNGU8CTDJKDJKK¡³DCMEJCFCO RQTSWGGUV£JQPFQ=EQORNRNDJKDJKKFJC¡
DJKDJK¡UCR=RTGUFGDJK¡URC¡?NQRGIC RTGVDJKK¡³DJKDJKK¡³?
DJKDJK¡URCKO©M=EQRTGVFGDJK¡URC¡?NQGUVCDC DJKKMCTUEWEJCTC$JC³DJ©K¡³OCC¡PIW
RGICPFQ DJKKMCTPC³M©¡PVWLWIKC¡%JCOLKTCOIW
DJKFJCC¡UXCUKLCFGDCTTQ
ETWFC %JC¡ROK RWK¡6T£GOGWPCEWEJCTCRCTCEQOGTRWGUPQ
LC¡RDWCOLWODWCFC¡/K¡M©KULCRKEJIW³ RWGFQEQOGTUKPEWEJCTC=RNDJK¡OMCT?
DJKFJCC¡PC³OK¡V©M0QCPFGULWICPFQRQT DJKKMEJKC¡XaKCJQTECTUG$JWUCCNJLCRZK
CNN¯0QXC[CUCRKUCTOKEQOCNETWFQSWGRWUG OCCMCKFJKMCDCKPCRRCK¡FJWWMDWNJKC¡PC
CNN¯5KPµPF©TDKEJ DC¡EJCODJKKMEJKC¡#OCTTCCGUVGECDCNNQEQP
DJKFJCC¡CFLSWGJC[OWEJQDCTTQ/CC¡PPC³ WPPWFQRCTCSWGPQUGCJQTSWG=RTGVDJKKMKEJ
LCZ©NJKC¡RCK¡PQ¡ZEJWFC¡PRKMPQ¡ZDJKFJCC¡ QDJKKMEJ©EQPVDJKDJKKMEJ©TFC¡
.WGIQOGECKIQFQPFGJC[OWEJQDCTTQRQTSWG RWPVDJKKMEJ©M?
GUTGUDCNQUQ=EQRLKZ?8«CUGDJK¡³ DJKKMEJWFC¡XaVCJQTECT2WK¡IKPCEJ
DJKFJK³=RTGUFGDJK¡³³KC¡?FCXWGNVC DJKKMEJWFC¡V©TDK³M©¡PFJKVQQZMQNJPCIW¡
DJKKUEQOKFC
UGTXKFC /CC¡PRWRDJCK¡ZK³ EJCOLCTQK¡OIW¡PIWZK¡³PCU©ZKC¡5KPCFKGUG
CVTGXGCOCVCTCNOCTTCPQEQPWPEWEJKNNQ
DJ©K¡³FJKV©OMCNJMW³M©¡PLWIKQMC¡FJK³
GPVQPEGUXCOQUCCJQTECTNQEQPWPCUQIC
DJKK6T£GOGQVTCVQTVKNNCO£URCTCCECDCTOGOK
=RTGVDJKKMEJWFCRTGUDJKDJKKMEJW¡P?
EQOKFC=RNDJKDJKKCRQUDJKK¡³?
DJKKDIC¡XaVGPTQNNCT
JKNQUQICQCNCODTG  DJKK³QNJFJC¡XaDC[WFCTCECTICT6W
WOWC¡³FJC¡CRPCOLWODJKK³QNJFJC¡IW
$JKKDIC¡RKOFJKLKKN,CZIKMWDC¡OK¡R©Z
LWWPPCRIW¡EJCOL©¡ZMCVVWDJKK³QTC¡CCR
LC¡RIKQRRC³!'PTQNNGPGNJKNQ2QTSW«NQ
F©©NJ.GURKFGUSWGVGC[WFGPCECTICTGNOC¯\
FGLCPVKTCFQRQTCNN¯GPGNUWGNQ!
RQTSWGPQNQXCUCRQFGTECTICTV¼UQNQ
VCRCT
EQPVGNCQRN£UVKEQ 0CDCRLWTP©MLC
=RTGVDJKK³QNJEQPVDJK¡O³QNJK¡³FJC¡?
DJKRRK¡IW©¡NKEJW¡LK¡IWWDKKUCRPCODC¡
EJCOI©©RWMC¡%CFCVCTFGNCOWLGTVCRCNQU DJKK³QTUECTIC
NNGXCFCGPCPKOCNQGPXGJ¯EWNQ 
R£LCTQUEJKSWKVQURCTCSWGPQUGOWGTCPFGHT¯Q $JCK¡ZKUKKUCRPCEJCOICKI©ZKC¡FJKDJKK³QT
=EQORNRNDJKRRKIC¡RTGVDJKKDDJKRRK &GV«PGUVCECTICRCTCSWGPQUGXC[CFGNCFQ
RTGUDJKKDK¡DJKRRK¡? =RNDJKK¡O³QTCRQUDJKK³QTIC¡P?
DJKKDJK¡UCR=RNFGDJK¡UCR?GUVCTRGICFQU DJKK³QTC¡XaVECTICT
GPCPKOCNQGPXGJ¯EWNQ 
DJKKDJK¡URKQMC¡=EQORNRNFGDJK¡URKQMC¡? ,K³EJCK³DWKFJC¡CRIWOVTQQMC¡PC³DJCCP
VWDJKK³QTO©TC¡IWLWWP2T«UVCOGVW
FGURGICTNQU=RTGVDJKKDJK¡URKQ¡
ECOKQPGVCRCTCKTCNNGXCTOC¯\
RTGUDJKKDJK¡URKQ¡M?
=EQPVDJKK³QTFC¡RTGVDJKK³?
DJKKEJUGZETGOGPVQGUVK«TEQN)WPCPMCO©NJ ♦DJKK³QTKMC¡NNGXCT
ECTICFQGPCPKOCNQGP
LCDJKKEJM©¡PLKZDJCK¡ODWCIWLWWPRCK¡PC
XGJ¯EWNQ 
LCZEJCOLQK¡³'NGZETGOGPVQFGNQU
OWTEK«NCIQUUGWUCEQOQHGTVKNK\CPVGGPNWICTGU DJKKUCRXaGGUVCTCRTGVCFQ
EKPEJC GUVCTHCLCFQ
FQPFGPQETGEGDKGPGNOC¯\ %JCODJCK¡DJKKUCRFJKOCCEJW¡#OR©ZLQK³
=CRQUDJKKEJC¡P? IWZKKTW¡P'UVCOWNCPQGUV£DKGPHCLCFC
♦LKZDJKKEJGUV£QZKFCFQ RQTSWGNCUKNNCUGOWGXG
DJKKFJC¡XaDUGTXKT
EQOKFCCQVTCRGTUQPC  DJKKUCROC¡CFLSWGVKGPGWPCTC[CCPEJC
#NJK¡EJLCRDJCK¡ZK³DJKKFJC¡FJKDJCD
CPKOCN 2CCRKEJUCDC¡NJFJKOKUVWK³!
,QKFJCOLKZDKKUCROC¡&µPFGEQORTCUVGGUG
DJKK¡³³KIKC¡ 6'2'*7ƒ0Ê'52#“1. 

ICVQ!6KGPGWPCTC[CCPEJCOW[DQPKVC QDJKDJKK¡³DCMCRQUDJK¡³DCMIC¡P
=RNDJK¡PUCROC¡EQRLKZ? DJKDJK¡³DCMIC¡P?8«CUGDC¡CCM
DJKK¡³³KIKC¡=UWLRNFGDJK¡³³KC¡?2GL DJK¡³DCMEJCFCOUCNDC³KN#CRCCEJCOLKT
DJKK¡³³KIKC¡COFCT£PXWGNVC=RTGVDJKKDJK¡³? DJK¡³DCMEJCFCOPCROCC¡PLK³M©©ZFJC¡IW
DJKQ¡CFLSWGVKGPGJCODTG,KZDJKQ¡CRCC DJK¡³DCM!7UVGFPQGUCNDC³KN!RCTCSWGOG
MWEJZKEJWLWICCLKOK¡FJ©TKUVCDTCP!6KGPGU JCICWPCECUCFGOCVGTKCN
JCODTG!8COQUCEQOGTCNN¯GPGNTGUVCWTCPVG =RNDJKDJK¡³DCMEJCFCOQ
=EQRLKZ? DJKDJKK¡³DCMEJCFCO?
DJKQ¡OW¡=UKPµPFGWCOC¡?RCUCTJCODTG DJK¡³LC¡CCUQNNCFGDCTTQ/WK¡OKLCDKC¡IW
DJK¡³LCLC¡IW³³CCPPCIW¡F©©NJLKZOCCV©V
DJKRRKIC¡=EQORNRNFGDJKKDIC¡?GPTQNNCTNQU
LWRLCDWC/KOCO£VKGPGOWEJCUQNNCUFG
=RTGVDJKRRKRTGUDJKRRK¡?
DCTTQRQTSWGGNNCUCDGJCEGTNCU=RNDJK¡³LCLC¡?
DJKRRKQ¡MC¡XaVFGUGPTGFCTFGUCVCT
DJK¡³LQQZKC¡URNCVQFGDCTTQ0Q¡³LKTFW³
$JKRRKQ¡MC¡CRIW¡PKOCCEJW¡IW¡EJKDJKKDK¡
DKC¡MCOOQQOCC¡PC³DCVWEJK³KC¡D©©R©¡
LKLCZLKPCDC¡OQQOK¡R©ZRWM©©M!
F©TIWDJK¡³LCLQQZKC¡PC³DC¡OKVWLC
&GUGPTGFCGNOCEJQCNQOGLQTGUV£CVQTCFQ1
DJKKFJC¡IWLC¡VMCOPC³RCK¡FJWWMDC³
RQTSW«GUV£RCTCFQCNN¯!=RTGVDJKRRKQ¡
RCVCCUC¡5KUQ[OC[QTFQOQFGWPCHKGUVC
RTGUDJKRRKQ¡M?8CTDJKRRW¡MC¡
PGEGUKVQOCPFCTCJCEGTEQPCPVKEKRCEKµPNQU
DJKRRKQ¡MFJC¡XaDFGUGPTGFCTFGUCVCT
RCTC RNCVQUFGDCTTQRCTCUGTXKTNCEQOKFCCNCIGPVG
QVTCRGTUQPCQCPKOCN $JKRRKQ¡MFJC¡CRFJK EWCPFQGPVTGIWGGNECTIQCQVTQ=RNDJK¡³
DJWTW¡ZIWV©TDK³)KKNJKODJCDJKRRK¡ LCLQQZKC¡?
VQQVPCTCO&GUGPTGFCNCUQICFGNDWTTQRWGUNC
DJK¡³³KC¡XaKKT
CFQPFG[CPQUGXG 
VKGPGDKGPGPTGFCFCGPUWURCVCU
%JCMWKRFCFQQ¡³EJQFC¡FJKZKKIC¡P
=RTGVDJKRRKQ¡MKRTGUDJKRRKQ¡M?
$JCOO©PKPC³MCZKDJK¡³³KC¡PCRDC¡DC
DJKURC¡XaVCRTGVCTHCLCT
EQPWPCEKPEJC  FQQ¡³EJQ¡0QUWGNVGUCNECEJQTTQJCUVCSWG[Q
%JCODJCK¡DJKULC³KEJFJKDJWTW¡Z#OR©Z XC[CCFQPFG[CPQOGXGC
LQK³IWZKKTW¡P0QCRTGV«DKGPNCEKPEJCFGN FCTXWGNVC$©©ZLCRLCDJK¡³³KC¡FJKDC¡DJCM
DWTTQRWGUNCUKNNCUGOWGXG=RTGVDJKU MWUDWKIWVCVPQ¡UCNJPCRDC¡EJCOMC
RTGUDJK¡PUCR? [C¡OWMMC¡&CCNIWPCUXWGNVCUCNTGFGFQTFG
DJKZEJ©MKC¡XaKGUVQTPWFCT$CLKCKDCMIW GUVCUECUCUECTICPFQNCURKGFTCUFGNEQOCNRCTC
UQOCKIK¡FJKCNJKK6©©¡PCR©ZCODCDJKZEJ©M SWG[CPQVGQTKPGUGPVWEQDKLC
2CTGEGSWGRGUEµWPECVCTTQGUVGPK³QH¯LGUG =UWLRNDJKK¡³³KIKC¡RTGVDJK¡³DJKKDJK¡³
EQOQGUVQTPWFC=RTGVDJKZEJ©M© RTGUDJKFJK³EQPVDJKDJK¡³³©TFC¡
RTGUDJKZEJ©M? DJKDJKK¡³³©TFC¡?8CTDJK¡O³KC¡
DJK¡OMCT=RNFGDJKKMCT?EWEJCTCU DJK¡UCRXaGGUVCTRGICFQ
EQPRGICOGPVQ %JCO
DJK¡O³QNJK¡³FJC¡=EQPVFGDJKK³QNJFJC¡? DJCK¡DJK¡UCRFJKCVQZMQTCOR©ZLQK³'UVC
GUVCTC[WFCPFQCECTICT UKNNCPQGUV£DKGPRGICFCRQTGUQUGOWGXG
=RNDJKKDJK¡UCR?
DJK¡PUCR=RTGUFGDJKURC¡?NQCRTKGVC
DJK¡URC¡XaVCFJGTKTRGICT
EQPRGICOGPVQ 
DJK¡PUCROC¡=RNFGDJKKUCROC¡?SWGVKGPGP
2CTDCPEJKOK¡ZKDJK¡URCMLCRKEJMWVDC¡IKQ
TC[CUCPEJCU=EQRLKZ?
DJCK¡RLKODJK¡URKQ¡2CTGEGSWGPQNQRGICUVG
DJK¡³UDCTTQ)WDJK¡³LKTCOPC³LWRVW DKGPRQTGUQUGFGURGIµQVTCXG\=RTGVDJK¡KKU
FW³KC¡IWLCLC¡IKQIWLCLQQZKC¡RKCOIW RTGUDJKDJK¡UCREQRTGVDJKDJK¡URCKO©M?
FWFWK³MCTICOIWMWMOCNJ'NDCTTQGUDWGPQ ♦EJWDJK¡URCTC¡CFLRGICLQUQ
RCTCJCEGTQNNCURNCVQURKRCU[JCUVCEQOCNGU
DJK¡URKQMC¡XaVFGURGICT#C³[C¡V©K
♦DJKFJCC¡CFLSWGJC[OWEJQDCTTQ
DJK¡URKQ¡MFJK³³CKNQ6CMLKZMCDMCOOCO
DJK¡³DCMUECUC
FGCFQDGNCFTKNNQQRKGFTC  DJK¡KKUPCLCZPCPUCRMCV#SW¯GUVQ[
,©¡MLCRM©¡PLWRLK³FJWK³FJC¡OCC¡PIW FGURGICPFQOKRN£UVKEQRWGUUGRGIµRQTJCDGT
DJK¡³DCMPCTFCKCFQQDKUMC¡!'PEW£PVQOG GUVCFQFQDNCFQ
JCEGUWPCECUCFGRWTQCFQDG!=RNDJKDJK¡³DCM XaTFGURGICTUG$JCK¡DCODJK¡URKQ¡MCKO
 6'2'*7ƒ0Ê'52#“1. DJ©©[C¡

[C¡PKFJKTLC¡RFJK³MKEJCCT%JKOQQCO PCDC¡!d#OKJKLQH£EKNOGPVGNGCHGEVCGNHT¯Q
RCNJ©©RDCIKQOKEJPCVDJCCPZKFJWW¡P;CUG NWGIQUGGPHGTOC5CDGRQTSW«!=EQRLKZ?
GUV£FGURGICPFQFGCSW¯OKIWKVCTTCETGQSWGUG DJ©KMC¡XaVNNGXCTVTCGT2CCRLC¡MLKO!,K³
JWOGFGEKµEWCPFQNGEC[µNNWXKC DJ©KMC¡CRPQ¡R$QQFCOVCOLC¡MLKO!8CUC
=UWLQEQORNRNDJKKDJK¡URKQMC¡RTGVDJK¡URKQ¡ /G\SWKVCN!/GNNGXCURQTHCXQT!
DJKKDJK¡URKQ¡RTGUDJK¡URKQ¡MDJKKDJK¡URKQ¡M? =EQORNRNWK¡MC¡RTGUWC¡KORGT[RWPVDJ©©M
DJ©DJ©KEJW¡PFC¡=EQPVFGDJ©KEJFJC¡?GUVCT W¡WWMEQRTGVDJ©©LKO©MWK¡O©M
JCEKGPFQRCUCT EQPVDJ©DJ©VV©MFC¡QDJ©DJ©¡PV©MFC¡W¡V©MFC¡
DJ©DJ©K¡³FJC¡=EQPVFGDJ©KFJC¡?GUVCT RTQRDJ©KTC¡WC¡TC¡?8«CUGDJ©©[C¡
NNGXCPFQGUVCTVTC[GPFQ ♦DJ©KOHWGCVTCGTNQ
♦W¡KKOHWGCVTCGTNQU
DJ©DJ©VV©MFC¡=EQPVFGDJ©KMC¡?GUVCTNNGXCPFQ
8CTDJ©DJ©¡PV©MFC¡ DJ©KZCFLITCXG
FGGPHGTOGFCF ,KZDJ©KZLKDC¡
IW¡FJKLCOCNJKKEJWM%JCOVW¡MCFWFWCT
DJ©DJ©VV©MK¡³=RTGUFGDJ©KZFJC¡?UGNQNNGXCUG
UKCRKODJCOO©RCK¡V©KDCW¡CKOPCPDCVV©T
NQVTCG
'UV£DKGPITCXGVWJKLQ[CPQXKXKT£CWPSWGNQ
DJ©DJ©¡PV©MFC¡=EQPVFGDJ©KMC¡?GUVCTNNGXCPFQ NNGXGPEQPNQUOGUVK\QU=EQRLKZ?8«CUGZK
8CTDJ©DJ©VV©MFC¡ DJ©©[C¡
DJ©K=RTGVFGDJ©©[C¡?NQCFSWKTKµ
DJ©KZFJC¡XaDNNGXCT
CNIQFGQVTCRGTUQPCUKP
DJ©K=RTGVFGDJ©©[C¡?RCUµ
CXKUCTNG ,CTQQ³WK¡ZFJCMIW³ZWWUCMPCDC¡
DJ©KEJFJC¡XaVJCEGTRCUCT
EQORNCPKO  OK¡R©ZEJCOVWLCK¡EJPC³RCK¡MCWC¡MCV!
2CCEJLC¡MDJ©KEJFJC¡FJKMCDCK!0CIW¡ 3WK«PUGNNGXµOKUJWCTCEJGU!2QTSW«PQ
IKKNJKOLKZDCDCC¡DJCK¡FJKD©©ZICK2QT GUV£PCNN¯FQPFG[QNQUVGP¯C!
FµPFGXCOQUCJCEGTRCUCTCNECDCNNQ!2WGUVQFC =EQORNRNWK¡ZFJC¡RTGUDJ©DJ©VV©MK¡³
NCNCFGTCGUV£OW[KPENKPCFC VTCUNDJ©KZFJKMC¡WK¡ZFJKMC¡RWPVDJ©KZFJCM
XaVCDTKT
RCUQ ,C¡RLC¡MZKDJ©KEJFJCO©T WK¡ZFJCM?
IWCRCC³EJKPCDC¡OWLC¡MO©NJKC¡IWUWWFCK¡ DJ©©LKO©M=EQRTGVFGDJ©KMC¡?NQGUVCDCNNGXCPFQ
PQ¡VDJCK¡LKFJWW¡P8GCCDTKTGNECPCNJCEKC NQGUVCDCVTC[GPFQ
CNN£RCTCSWGEQTTCGNCIWCRCTCCNN£EWCPFQ DJ©©M=KORGTFGDJ©KMC¡?NN«XCNQVT£GNQ
GORKGEGCNNQXGT DJ©©M=RWPVFGDJ©KMC¡?NNGX£PFQNQVTC[«PFQNQ
XaKEWORNKTNNGXCT
VKGORQ )QQMOCUCC¡P
DJ©©[C¡XaVCFSWKTKTQDVGPGTEQPUGIWKT
OQQDCLKDJ©KEJIW³ZKMW¡PCZMC¡QQM/K
JGTOCPQOGPQT[CNNGXCFQUOGUGUGPHGTOQ 2CCRLWRDJ©©[C¡IWVWWOK³PCRM©¡PLK³
=RTGVDJ©KEJEQPVDJ©DJ©KEJW¡PFC¡? ³COMKFJC¡UKCMW³KEJLWOVCK³DWK!&µPFG
♦DQKDJ©KEJFJC¡VTCKEKQPCT
NKVNNGXCTRQTGN XCUCEQPUGIWKTGNFKPGTQRCTCSWGOGRCIWGUUK
ECOKPQ  VGNQRTGUVQ!
DJ©KFJC¡XaDNNGXCTVTCGT
CQVTCRGTUQPC  EQUGEJCT
GZEGRVQOC¯\ 0Q¡EJKEJDCV©DJ©K
IWDJCDOK¡FJ©TLWOCC¡PFC¡PCEJV©I©©¡DKC¡
$JCK¡RDC³DJ©KFJC¡IW³ZC¡WC+COR©ZDCZ
PCDC¡OMCKRIC¡PC³DC¡R©MDCVWLKFJQQTC¡
MQQZKOK³6T£GOGOKEQDKLCRWGU[COGGUV£
&GURW«UFGEQUGEJCTGNHTKLQNNQCOQPVQPCOQU[
FCPFQUWG³Q
NQFGUGPXCKPCOQURGI£PFQNGRCTCSWGSWGFG
FCT
NQSWGWPQRKFG /WK¡RUCRZKDJ©KFJC¡
NKUVQRCTCEQEGTNQ
IWCNJKKIWVW¡PCOVCCP&CNGCNPK³QNQSWGVG
ECUCTUG
JQODTGNKVEQPUGIWKTOWLGT 
GUV£RKFKGPFQ
,QKFJCOVW¡OV©P©K¡³FJKWDKK/QQ³EJK
=EQORNRNWK¡FJC¡RTGVDJ©K¡³WK¡
DJ©©[C¡'UCOWLGTRCTGEGOW[CITCFCDNG/G
RTGUWC¡VWNJK¡³EQPVDJ©DJ©K¡³FJC¡
IWUVCT¯CECUCTOGEQPGNNC
W¡KK¡³FJC¡VTCUNDJ©KFJKMC¡WK¡FJKMC¡?
=EQORNRNW¡[C¡RTGVDJ©KWKEQPVDJ©©FC¡
♦EJ©DJ©KFJC¡CFLKPVGNKIGPVGSWGCRTGPFG
W¡FC¡RTGXDJ©©LKW¡LKEQRTGVDJ©©FCVW¡FCV?
H£EKNOGPVG
♦DJ©KMC¡XaVNNGXCTVTCGT
DJ©KFJC¡CFLH£EKNOGPVGNGCHGEVC
GPHGTOGFCF 
DJ©©[C¡XaKRCUCT
RQTWPNWICT ;CLC¡RUCR
d,C¡ROQQZDJ©KFJC¡IWZL©©RFJK³EJKQ¡³6W¡
DJ©©[C¡IW³ZKKZMCDWKOWMPCZKOPCOMKFJCK
DJ©©[C¡ 6'2'*7ƒ0Ê'52#“1. 

PCL©¡MRWK¡OWC¡VW¡P&KEGOKJGTOCPQSWGXC DJQ¡OVK[C=RNFGDJQVGG[C?DQVGNNCU
CRCUCTRQTCSW¯OC³CPCRCTCRCICTVGNQSWGVG DJWK¡O[CZ=RNFGDJWW[CZ?DWG[GU
FGDG
RCUCT
VKGORQ &JQFJKLWOCKUKOCCPPC DJWTW¡ZUDWTTQ/WK¡CC¡PC³LCDKC¡MC¡IW
OWK¡LKODJ©©[C¡PC³DC¡DCV©DJ©©[C¡IW DJW¡OTWZPCDC¡EJCOZKLCKMC¡PQ¡EJVW¡Z
VCUQQNJPC³IW¡ZKDOCCMCOLC¡MDCT EJWDJKK³QTCOOCC¡PLKOFCO5GPGEGUKVC
LKOFCO2WGUPQXQ[CEQTVCTGNVNC\QNGJCUVCNC VGPGTOWEJQUDWTTQURCTCSWGPQUGCFKH¯EKN
UGOCPCSWGGPVTCRQTSWGJQTCVGPIQUCNKFCC ECTICTXCTKQUDWNVQUGPWPUQNQXKCLG
QVTCRCTVG =RNDJW¡OTWZCRQUDJWTW¡ZK¡³
ICPCT
TGIKQPCNKUOQ KT
CEKGTVQNWICT  DJW¡OTWZK¡³?8CTDJWTTW
#CRK¡OEJCOP©K¡³IWWDKKPCVRCK¡LC¡MDJ©K! DJWUCCNJOCMKC¡XaVCOCTTCTEQPWPPWFQ
7UVGFGUPQXKGTQPCFµPFGICPµOKOWLGT!
RCTCSWGPQUGTGEQTTCNCUQIC +KMW³OQQ
=RTGVDJ©KRTQITDJ©©LKO? DJWUCCNJOCMKC¡FJKDJWTW¡ZPCDC¡EJCO
DJ©©[C¡XaKTGOCT
DCTEQ %JCOMCLKOO© DJKKMEJKC¡8Q[CCOCTTCTGUVGDWTTQEQPWP
IWMCPWWDPCEJV©KEJ©DJ©©'NDCTEQ[CPQ PWFQRCTCSWGPQUGTGEQTTCNCUQIC[UG
CXCP\CCWPSWGGUVCOQUVTCVCPFQFGTGOCT CJQTSWG=RTGVDJWUCCNJOCC?
EJCRQVGCTHNQVCT
VTCVCPFQFGPCFCT 6©KRDCC DJWWVURCP\C#OLKZMQ¡MIW³DJWWV%JKPC
³KEJO©L©UWWFCK¡EJ©TIW¡LKPC³IW¡DJCK¡ZK ³KEJZK¡IÀ¡VWLWW/GFWGNGWPRQEQNCRCP\C
EJ©DJ©©LKOPC³KEJDC¡UKCOTK[COO©F©TDC 3WK\£EQO¯FGOCUKCFQ=CRQUDJWWVC¡P?
V©U;COGTQOGJWPF¯CGPGNCIWCRGTQNQIT« DJWW[CZUDWG[0COO©ICOO©L©LC¡MR©Z
CNECP\CTNCQTKNNCHNQVCPFQ MWWLKOOCC¡PIWDJWW[CZPC³OWF©TDJC
=RTGUDJ©©EQPVDJ©©LKFJC¡? V©UFKOVCK¡,CZPCTVW¡OFC¡MC¡DC¡IW¡TLK³
DJ©L©CFXCNN¯
CTTKDCCRGTVWTCTGUVTKPIKFC  M©NJKKIC¡P!%WCPFQ[QXGP¯CUWDKGPFQUGQ¯C
$J©L©LKDCCIWDJQ¡OMQZPCRCK¡F©¡FJKVWC DTCOCTWPDWG[0QU«EW£NUGT£#NQOGLQTUGT£
'NVGEJCNQVGUGOGVKµCNN¯FQPFGGUV£JWGEQGUG GNFGOKV¯Q=RNDJWK¡O[CZ?
GPEKPQ DJW¡OTWZ=RNFGDJWTW¡Z?DWTTQU
RCTCCE£
NWICTFGFKH¯EKNCEEGUQ $J©L©O©VLK =CRQUDJW¡OTWZK¡³?
FJWWVCMCCDIWOLCCFW³%JC¡ORCK¡C¡L©¡P
COCC[C¡!#[GTXKPKGTQPRCTCCE£VWU
RCTKGPVGU0QJCPNNGICFQCSW¯EQPVKIQ!
DJ©L©R©ZCFXRQTCJ¯
CTTKDCNWICTFGFKH¯EKN
CEEGUQ $CUVCMCCDDJ©L©R©ZV©KPCVV©OIW
CDKQP$QQLK$KDKC¡#PVGC[GTUGQ[µSWGDCLµ
WPCXKµPRQTCJ¯EGTECFG%K«PGICFGN1UQ
%J
DJQQVKUNCVC
OGV£NKEC $JC³DJ©K¡³IW¡³K =0QVC/WEJCURCNCDTCUSWGGORKG\CPEQPV
DJQQVKPCICOCLC¡MFCCPC³M©¡PK¡[C¡IW VKGPGPXCTKCPVGUSWGGORKG\CPEQPEJNCU
UWWFCK¡6T£GOGGUCNCVCSWGGUV£CNN¯RCTC EWCNGUPQUGKPENW[GPGPGUVGFKEEKQPCTKQ?
VQOCTCIWCGPGNNC=RNDJQ¡OVKQDJQQVKU?
ÊEJEN¯V+PFKECUWLGVQFGNCRTKOGTCRGTUQPCFGN
DJQVGG[CUDQVGNNC/CC¡PDJC³DJ©K¡³IW
DJQVGG[CPC³DJCCPVW¡CC¡IWDKK¡O6T£GOG RNWTCN;C¡DCOCKEJIWLWPDQ¡d+KMWEJOQQ
WPCDQVGNNCRCTCGEJCTNCNGEJGGPGNNC UCDC¡FC¡PCEJCODCLWIKC¡;CVTCLGTQPNC
=RNDJQ¡OVK[C? EC³CFGC\¼ECTd8COQUCEQORTCTNCCPVGUFGSWG
UGCECDG=5GRTGUGPVCFGURW«UFGWPCXQECNQWPC
DJQ¡OMQZUVGEJCNQVG
TGIKQPCNKUOQ CTFKNNC
RCWUCINQVCN)TCO?8CTLCEJKEJ

CTDµTGC )WDJQ¡OMQZIWLQIKK¡³LKTCOPC³
8«CPUGEJKEJLCEJKEJ
LWRFW³KC¡IWDCI©©U.CRKGNFGNVGEJCNQVGGU
ÊEJEN¯VPWGUVTQPWGUVTQU
RQUGUKµPFGNCRTKOGTC
DWGPCRCTCJCEGTCNLCDCU=RNDJCDJQ¡OMQZ?
8CTDJQ¡PMQZ RGTUQPCFGNRNWTCN Î6©KZFJC¡FCVK³IWEJ
♦DJQ¡OMQZLWPOC¡POQNGFGVGEJCNQVG EJWWTW¡LC¡RLKPCVIW¡IC¡TCIWLCOVCCVÏLWR
LCV©VFCIWC¡CCNJIWLCPCCPÎ;QSWGT¯C
DJQ¡OVK=RNFGDJQQVK?NCVCU
OWEJQCPWGUVTQVQTQRGTQVWRCR£NQXGPFKµÏ
 6'2'*7ƒ0Ê'52#“1. EJCOVW¡

NGUFKLQNCOCO£CUWUJKLQU=5GRTGUGPVCFGURW«U CRGPCUUGFGURGTVµ#PUGNOQRQTGUQVQFCX¯CPQ
FGWPCXQECNQWPCRCWUCINQVCN)TCO SWKGTGFGUC[WPCT
[?8CTLKEJ PQJCDGT
JGEJQCNIQRQTOWEJQVKGORQ /WZK
ÊEJEN¯VPQUCPQUQVTQU
EQORNGOGPVQFKTGEVQQ LCK¡EJFJCO©TIWMCMCTDCZ)W¡EJKIKKNJKODC
KPFKTGEVQFGNCRTKOGTCRGTUQPCFGNRNWTCN /CC¡P MQ¡KKOCOLKPCO©VIW¡VCMCCDF©TEJCMWKKK
OCUCC¡PUCRR©ZLWWI©VCC¡PCEJVCK³DWKFJC¡ IWUWWFCK¡.NGXCNCUEJKXCUCVQOCTCIWC
IW/KIKCNIWVWWOK³&KEG/KIWGNSWGPQU 5GIWTCOGPVG[CUGGUV£POWTKGPFQRQTSWGPQ
RTGUVCGNFKPGTQUQNCOGPVGRQTWPOGU JCPVQOCFQCIWCFGUFGC[GT
PQU
EQORNGOGPVQTGHNGZKXQQTGE¯RTQEQFGNC EJCOCFXPQ0Q¡IKKNJKOLKZEJCVQK³EJCO
RTKOGTCRGTUQPCFGNRNWTCN t2CC³DC¡DCO LWOCC¡PCEJVW¡UC¡WCLWRV©¡MC¡VWMCC¡
P©TFC¡!tLWRMCK¡EJIW/CTKK[Ct/WOOW %WCPFQJCEGOWEJQECNQTPQPGEGUKVQEQDKLCTOG
FJQPCEJRCK¡LCZDCEJC¡L©¡PFC¡PCEJRCK¡ GPNCPQEJG
FJWWMOWLKOO©FC¡tLWRMCK¡EJIW.KKPFC EJCODJCK¡CFXPQGUV£DKGP!RQTSW«PQ!
t&µPFGVGXQ[CGURGTCT!tRTGIWPVµ/CT¯C %JCODJCK¡CCPCRKOOKKCDW¡FJKVWK¡MW
t&QPFGUKGORTGPQUGPEQPVTCOQUEWCPFQ DC¡RWK¡FC¡DK³ZKODJCLC¡RFCC!2QTSW«PQ
XCOQUCNN£tEQPVGUVµ.KPFC JCEGPVQTVKNNCUFGGUCOCUCSWG[CGUV£COCUCFC!
=5GRTGUGPVCFGURW«UFGWPCXQECNQWPCRCWUC PQGUV£DKGP
RQTSWGGUVQTDC /CK¡DWC¡CR
INQVCN)TCO[?8CTLKEJ FJKVCPCCTC¡/K¡EJCODJCK¡PCEJOKLC¡R
EJCCRWMCFLCOCTIQ6CCRWMLCRLKFJQQTCKOW QKRQ6KTCGUVCDCUWTCRWGUPQUGUVQTDCRCTC
K¡[C¡MWOMQ¡[C¡IWMQMTQKFJC¡PCIW¡LC ECOKPCTRQTCJ¯
VCCRMC¡³FJC¡PCIW¡IKKNJKOLKZEJCCRWM EJCOL©¡ZCFXPKUKSWKGTC)KCCRLKTRCLC¡M
*KGTXGNCEQTVG\CFGNGPEKPQ[VµOCVGNCRCTCSWG MCOLK³LCFWW³PC³DC¡EJCOL©¡ZLWOOCCV!
UGOWGTCPNCUNQODTKEGUSWGVKGPGUGUQNCUXCC &GFµPFGGUWUVGFCOKIQ!2QTSWGPKUKSWKGTCNQ
OCVCTRQTSWGGUOW[COCTIC=EQRLKZ? EQPQ\EQ
8«CUGVCCRWM
EJCOL©¡ZFJC¡CFXPWPEC)KCCRLKTRCCMCO
EJCCVCMCFLPQDKGPOQNKFQ,KZEJCCVCMR©ZDC PC³DC¡EJCOL©¡ZFJC¡RCK¡FJWWM[CLC¡RLWO
VWVWC¡FC¡IWOCVVWTPQ¡EJCOUQNJOQ³KZ'N P©K¡³PCRQKT©!&GFµPFGGUWUVGF!2QTSWG
OGVCVGPQOWGNGOW[HKPQUKPQGURKECFQEQP PWPECNQJCD¯CXKUVQRQTCSW¯
WPCRKGFTCDGTTQSWG³C=EQRLKZ?8«CUGVCCM
EJCOQOKKMCFLSWGGUHNGZKDNG
NKVPQUG
EJCCVMK¡CFLSWGUGRCTVGH£EKNOGPVG
RQTU¯UQNQ  SWKGDTC %JCOQQOKMFJKMW¡CC¡PCEJV©K
%JCOVW¡DJCK¡IWDKKEJWCPQ¡³KEJV©KVW QQOKU'UVCNG³CPQUGSWKGDTCRWGUSWKGTQ
VC¡ONCUVCPCIW¡ZEJCCVMK¡PQ¡VDCICC'N SWGDTCTNCRGTQPQRWGFQ=RNEJCOQQOKM?
GPEKPQFGJQLCUCPIQUVKVCUPQUKTXGRCTCJCEGT 8CTEJCOQ¡OKM8«CUGQO³KC¡
VCDNCURQTSWGUGTCLCH£EKNOGPVGEWCPFGUGUGEC
EJCORCK¡CFXGPPKPIWPCRCTVGCPKPIWPC
=EQRLKZ?8«CUGVCCR³KC¡
RCTVG#C³DJCOO©-QTKCPV©KRWRVW
EJCKMC³CFLTCUICFC
TQRC 6W¡DCFWWIW³ IC¡PICKO©MIWUQQUQ¡O%JCORCK¡V©©³KEJ
KRWWTPCDC¡IÀ¡RDCZEJCKMC³!3W«NGRCUµC ;QCPFCDCDWUECPFQEQNNCTGUCNN£GP&WTCPIQ
OKFGNCPVCNSWGGUV£VCPTCUICFQ!=EQRLKZ? RGTQPQNQUGPEQPVT«GPPKPIWPCRCTVG
8«CUGVCKM³KC¡ ♦EJCORCK¡VWLCK¡EJPQUGGPEWGPVTC
EJCKOC¡CFLCPCTCPLCFQ
NKVEQNQTFGHWGIQ  ♦EJCORCK¡LCZVW¡KK¡PQVKGPGPCFCPQGUV£
2CCRKEJUCDC¡NJFJKOKRWWT!,QKFJCOVW¡O GPHGTOQ
LKZEJCKOC¡&µPFGEQORTCUVGVWHCNFC!2WGU ♦EJCORCK¡LCZMCK¡EJPQFKEGPCFC
GNCPCTCPLCFQGUOW[DQPKVQ=RNEJCVCKOC¡? ♦EJCORCK¡LQKPQUGJCCRCTGEKFQ
RQTCSW¯ 
EJCMUC¡CFLGPTGFCFQ,KZEJCMUC¡IWMWWRC¡P EJCOR©MCFXPQOWEJQPQVCPVQ,©¡OC¡PIW
FJK³MCDCK¡%JCODKC¡K³IWK¡PCM©¡PLWO LC¡VMCOEJCOR©MPCCCOIWMQ¡MQNJ#
U©©U©U'NRGNQFGOKECDCNNQGUV£GPTGFCFQRWGU CNIWPCURGTUQPCUPQNGUIWUVCOWEJQEQOGT
PQVGPIQEQPSW«RGKP£TUGNQ=RNEJCVCMUC¡ EJKNG
EQRLKZ? EJCOVW¡UPCFCt6W¡ROKWC¡FJKOCTRWWU
EJCMWKCFXVQFCX¯CPQ-KC¡R©ZDCM³K³KCFJK CO!tLWRMCK¡EJIW2GGITQt%JCOVW¡tLWR
%JGGNOQPCDC¡EJCMWKEJWPCC%TGQSWG
EJCOVW¡ 6'2'*7ƒ0Ê'52#“1. 

MCK¡EJIW,WCPt3W«VTCGUGPVWDQNUC! EJC¡RKPVGTLPQ
RCTCKPVTQFWEKTWPCRTQJKDKEKµP
tRTGIWPVµ2GFTQt0CFCtEQPVGUVµ,WCP NKVPQV¼ %JC¡RIKKNJKOMWC¡FC¡IWLQQVMQZ
5KPµPPKEJEJW¡ %JCOV©DJ©K¡³MC¡CR0QEQOCUVCPVCEGDQNNC
EJCOVW¡EQPLPQ
+PKEKCNCRCTVGOGPQTFG RQTSWGCU¯PQXCUCUGTKPVGNKIGPVG
WPCEQORCTCEKµP ,QKFJCOLKZK¡QQDIWPCDIW =UWLRNEJC¡RKO?
VCCDJCMMCOEJCOVW¡RWK¡PCLCZIWV©¡PIKCM ♦EJC¡RLWCPFC¡dPQNQJCICUdF«LCNQ
MCO.QUPQRCNGUSWGTGVQ³CPGP«RQECFG EJKRCTV+PFKECSWGRQUKDNGOGPVGGUEKGTVQRGTQSWG
UGSW¯CUQPO£UUCDTQUQUSWG
NKVUQPOW[ JC[FWFC,KZDCKI©MMCOVCVFC¡IW³DWKOCCR
UCDTQUQUPQEQOQ NQUFG«RQECFGNNWXKCU F©T%JKPC³KEJIKKNJKOMQK5KGPVQJKPEJCFQ
KPVGTLFGPCFC
TGURWGUVC t6CZEJCCDDC¡ WPQFGOKUQLQUETGQSWGGURQTSWGFQTO¯DKGP
OQQtLWRMCK¡EJIW2GGITQt%JCOVW¡tLWR UKPFGURGTVCTOG=)TCO?
MCK¡EJIW,WCPt)TCEKCUtFKLQ2GFTQt&G EJKC=RTGVFGEJK³KC¡?OCPFµ
PCFCtTGURQPFKµ,WCP
EJKCP=RTGUFGEJK³KC¡?OCPFC
EJCOZKKOCFXRTQPVQ
NKVPQVCTFC %JCO
ZKKOLWTWWMPCIW¡LC¡MKC¡PLC¡ROQQTCNJK¡EJ EJKEJEN¯V+PFKECUWLGVQFGNCRTKOGTCRGTUQPCFGN
EJCPQQNJ5GQDUEWTGEGRTQPVQRQTSWGGPGUVC RNWTCN[VKGORQRTGV«TKVQ2WGFGRTGUGPVCTUG
VGORQTCFCNQUF¯CUUQPEQTVQU5KPµPLQQVQO EQOQUWHKLQCNXGTDQ%JC¡ROKLC¡RVW
DCTIK¡³FJC¡EJKQ¡³/K¡FCRP©MLWRDCKC
EJCPQQOCFLUGFKGPVQSWGVKGPGUGF#NJK¡EJ EJKEJ0QCPFGUOQLCPFQCNN¯JKLQRWGUPQU
LK³OCCMIWOUW¡PIK¡,C¡RLKZEJCPQQOK³
XCOQUCTGUDCNCT[ECGT
2QTHCXQTFCOGVCPVKVCCIWC6GPIQOWEJCUGF
2WGFGRTGUGPVCTUGEQOQUWHKLQCWPCRCNCDTCSWG
=RNEJCPQQMEQRLKZ?
CPVGEGFGCNXGTDQ-CRDWKOWMLCRVWDCC¡O©TC¡
♦EJWVQPOQFC¡CFLSWGNGFCUGF ,WCPOWPCEJKEJRCK¡VWFCTCKIWVWOKCNJ
EJCRQ¡ZK¡CFLGODQVCFQ
HKNQ FGUCHKNCFQ,K³ /C³CPCFGDGUKTCTGICT,WCPFQPFGRNCPVCOQU
OW¡MZKFJC¡CRLK³EJCCVFJK³OCZKKEJ NQULKVQOCVGU
)KKNJKOEJCODJCK¡MCVWUQPKCMPCZ =5GRTGUGPVCFGURW«UFGWPCXQECN)TCO?
EJCRQ¡ZK¡2QTHCXQTCH¯NCOGGUVGOCEJGVG 8CTLCEJKEJ8«CUGÊEJ
RCR£RWGU[CPQEQTVCDKGPRQTSWGGUV£ EJKEJKQR=RNFGEJKQR?KINGUKCU
GODQVCFQ=EQRLKZ?
EJKEJKQ¡³=RNFGEJKQ¡³?JQODTGU
EJCVCC¡CFLSWGVKGPGOWEJQUVGPFQPGU)KKNJKO
LKZEJCVCC¡COIWVWVWWT&JK¡M©¡PLKZQ¡LQ¡ EJKEJMKT=RNFGEJKMKKT?EQTTCNKVQU
CO.QUVQTQUVKGPGPOWEJQUVGPFQPGURQTGUQ EJKKEJKC¡=RNFGEJK¡©©¡?GUVTGNNCU8CTLWLW¡DC¡
UQPHWGTVGU=EQRLKZ?8«CUGVCVCC¡ EJKKEJK³=RNFGEJK³?DQECU
EJCVCKOC¡=RNFGEJCKOC¡?CPCTCPLCFQU EJKKEJKQD=RNFGEJKQD?EWGXCU
EJCVCMUC¡=RNFGEJCMUC¡?GPTGFCFQU=EQRLKZ? EJKMKKTUEQTTCNKVQ/WMCZKLCMWWRO©TEJKMKKT
EJCVPCMCFLSWGUGRCTVGH£EKNOGPVG,KZ V©TFJKMCMCTDCZMWRCNJKQMCZKOL©©RFJCK
EJCVPCMMC¡LKIW¡FJK³LCTCCTPQ¡RW¡³KDCT PCRDC¡IKQRDCVWDKC¡TC¡8GCGPEGTTCTNQU
VCCDJCM'P«RQECFGUGSW¯CGNCTCFQRWGFG EJKXQUGPGNEQTTCNKVQRCTCSWGFGUECPUGUWPTCVQ
RCTVKTUGH£EKNOGPVG=EQRLKZ?8«CUGVCVPCMKC¡ CPVGUFGKTCCRCEGPVCTNQUQVTCXG\
EJCVQK³XaGJCEGTECNQTd,C¡ROQQZEJCVQK³ =RNEJKEJMKT?
MCVLKCZKDFJKVCPQQNJ)QQMKOLC³KEJLK EJKOQQRCTVRCTGEGSWG%JCOOKDWKFJKZEJK
DCVDKC*K\QOWEJQECNQTJQ[XGTFCF!/G OQQIWQPFJKDJCDPCDC¡ZDCUFCM2CTGEG
DC³«FQUXGEGU=EQRLKZ?8«CPUGEJQK³VW SWGPQNGGEJCTQPUCNCGUVQUHTKLQNGURQTGUQPQ
VQK³FJKC¡ VKGPGPUCDQT
EJCVQQZMQ³KO=RNFGEJQZMQ³KO?GORCEJCFQU EJK³UDQEC
RGTUQPC %JCODJCK¡VWMWC¡K³
=EQRLKZ? ,KZMQ¡MIW³EJK³0QEQOQDKGPRQTSWGOG
EJC¡³KPVGTLPQ
RCTCKPVTQFWEKTWPTGIC³QNKVPQ FWGNGNCDQEC
[Q %JC¡³LWOCCIK¡³!0QVGFKLG! DQEC
TGEKRKGPVG ,KZLWCTCMVWEJK³IWDCNFK
=UWLRNEJC¡EJ? IWDJQVGG[CDC¡©TFK¡EJLWRVWEJK³'NDCNFG
VKGPGNCDQECCPEJCRGTQNCDQVGNNCVKGPGNCDQEC
 6'2'*7ƒ0Ê'52#“1. EJ©DJ©KFJC¡

CPIQUVC DJCK¡EJWVCVFC¡CC!2QTSW«GUV£UDQUVG\CPFQ
RKEQJQEKEQ6ÀDVWEJK³IWVCMCCTWK¡PC ,WCP!6KGPGUUWG³QQVGUKGPVGUOCN!
M©¡PV©V©©V©DFC¡.CICNNKPCVKGPGGNRKEQNCTIQ =RTGVEJK³³CM©RTGUEJK³³CM?
EQPGNEWCNRGRGPC EJKQDUEWGXC#NJDQQRQMDCCRLCO©VIW
=RNEJKKEJK³CRQUEJK³KK¡³? MCMCTDCZDJCOO©EJKQDPCVDJCK¡LKFJWW¡P
♦EJK³K¡TCOGPUWDQEC
FG«NQFGGNNC  .CUECDTCUEQTTKGTQP[UGOGVKGTQPGPNCEWGXC
EJK³DCTCC¡UUCNKXC#ODCOWOWK¡FJCTIW³ CNN£CTTKDCEWCPFQGORG\µCNNQXGT
EJK³DCTCC¡PC³DCZDKQZKO%WCPFQSWKGTQ =RNEJKKEJKQD?
XQOKVCTUGOGNNGPCNCDQECFGUCNKXC EJKQ³EJ©TURGFTGICN%JKQ³EJ©TLC¡RLKZ
=CRQUEJK³DCTIC¡P?8CTEJK³DQTCC¡ LCK¡EJMC¡IWDJCD[QQZK¡IWK¡PCTICOR©ZMCO
EJK³DQUDCTDCDKIQVG,K³DJ©K¡³O©TIW PCRWK¡RLKZK¡QQDPCLCZIWO©UFCO'PNQU
M©M©¡FCOPC³[C¡PKM©¡PLKKMC¡IW³EJK³DQ RGFTGICNGUJC[HNQTGUFGGLQVGUUKNXGUVTGUSWG
)KKNJKODCTVÀ¡VÀD6T£GOGNCUVKLGTCURCTCSWG GUV£PVCPUCDTQUCUEQOQNCUSWGUGUKGODTCP
OGRWGFCEQTVCTGNDKIQVGEQPGNNCURWGU[CGUV£ EJKQRUKINGUKCVGORNQ)WEJKQRPCDJCOO©
OW[NCTIQ=CRQUEJK³DQ¡P? M©©M-QTKCPOCCRF©TFCKLQQFCKDJC
EJK³DQMCOCFLSWGVKGPGDCTDCQDKIQVG DJK¡³DCMEJKZ7PNCFQFGNCKINGUKCSWGGUV£GP
/CC¡P[C¡ZKÀÀMIWOCC¡PMCOIKKNJKOLKZ &WTCPIQGUFGRWTCRKGFTC=RNEJKEJKQR?
EJK³DQMCO%JCOOCCVK³PCTLCTQK¡FJC¡ ♦PCORCK¡VWEJKQRK¡FQPFGJC[
NKVFQPFG
#SW¯NNGIµWPCRGTUQPCEQPOWEJCDCTDC0QU« GNNQUVKGPGP WPCKINGUKC
SWK«PHWG=EQRLKZ? EJKQ¡³UJQODTG6WLWCPVW¡IWEJKQ¡³VWVWWT

EJK³DQVC¡XaKUCNKTDCTDCUCNKTDKIQVG%JKF©©NJ M©¡PIWWDKKDC¡OWV©©ZKKO'NJQODTGGUV£
EJCOEJK³DQVCKOLKIW,QUGG$CLKTIÀ¡ CTCPFQEQPNQUDWG[GU[NCOWLGTXCUGODTCPFQ
OCC¡PMCOIW¡V©KCKZMCOPCDJCK¡DC FGVT£UFG«N=RNEJKEJKQ¡³?
DWDWCMKC¡I©VPQ¡OQQEJK³DQVCKO2CTGEG ♦CNJKKEJKQ¡³PK³Q
SWGC,QU«PQNGXCCUCNKTDCTDCRWGU[CGU ♦EJKQ¡³LWOVCCVUGUKGPVGOW[OCEJQQ
ITCPFG[[CFGDGT¯CFGJCDGTNGUCNKFQ XCNKGPVG
=RTGVEJK³DQVC?8CTEJK³DWVC¡ EJKQ¡³UOKJKLQJKLKVQ
V«TOKPQFGECTK³Q 
EJK³KC¡XaVRGFKT
JCEGTCNIQ %JK³KC¡CRIWO )QQMWC¡O©TIWMW¡CC¡³EJKQ¡³DJCOO©
ZKKZMWOMQQMQZFJC¡IWOLCLCPPWNJPQ¡ UCMCCNJKMCOPC©¡MKZ*KLKVQXGCVTCGTCNIWPC
EJCODJCK¡IWF©©NJ2¯FGNGCVWJGTOCPQSWG NG³CFGNCSWG[CGUV£EQTVCFCCNN£GPNC
VGSWKVGNCTQRCUKPQRWGFGUV¼UQNQ EQTFKNNGTC=5GRTGUGPVCEQPWPCHKLQFGRQUGUKµP?
XaVOCPFCT
CJCEGTCNIQ :KEJKCPIWCNJKK
EJK¡©©¡UGUVTGNNC$CZKC¡NJKOFJQDCM,CK³PCV
PCLCUQ¡OFJCTC¡IWDJWK¡O[CU/CPFCCN
DJCK¡DCV©UIWIÀ¡EJK¡©©¡2CTGEGSWG[CGUV£
PK³QSWGXC[CCCTTGCTNQUDWG[GURCTCCE£
COCPGEKGPFQRWGU[CUCNKµNCGUVTGNNCFGNC
XaTRGFKT
EWTCEKµPCWPEWTCPFGTQ ,WO
OC³CPC
#NIWPCURGTUQPCUNNCOCPCNCUGUVTGNNCU
EJK³KC¡UCRIW5KOQQPIWLWOCKVWOKK³MW
LWLW¡DC¡ =RNEJKKEJKC¡QEJKEJK©¡?
VC¡O$JCCPI©KUCRIWMQQZK¡PCVCITGG¡P
♦IÀ¡EJK¡©©¡UGUVTGNNCFGNCOC³CPC
NKV
CNJK¡EJDJ©KIWWDKKPCMCZZKFJWW&KEG
GUVTGNNCITCPFG 
5KOµPSWGXCCRGFKTNGCWPEWTCPFGTQSWGNQ
EWTGGNRTµZKOQFQOKPIQRWGUUGGPHGTOµ EJ©DCC¡CFLPWDNCFQ)KKNJKOLKZEJ©DCC¡%JCO
RQTSWGVQEµCUWOWLGTEWCPFQGUVCDCRTQJKDKFQ DJCK¡VCPQQT'UV£OW[PWDNCFQ'NUQNPQ
=RTGVEJKCRTGUEJKCP? CNWODTCDKGP=EQRLKZ?8«CPUGV©DCC¡
V©DIKNJKC¡
EJK³OWKFJC¡XaDFCT
GPNCDQECCQVTCRGTUQPC 
6WEJK³OWK¡³FJC¡K³IWCJNKKPQ¡MCTCNJK¡EJ EJ©D©RIK¡CFLTQLQ
£TGC $JCOO©PKMC¡PQKT©
PCIW¡EJCMWKOCCV©VVWMWC¡FC¡.GFQ[FG IWDJWTW¡ZPCRCK¡ZEJ©D©RIK¡)W¡EJKDJCK¡O
EQOGTGPNCDQECCNPK³QEJKSWKVQRQTSWG KCRV©MPCZEJWOQKM'NDWTTQCPFCCNN£FQPFG
VQFCX¯CPQUCDGEQOGT=RTGVEJK³OWKQ JC[VKGTTCTQLCSWK\£GUV£TGXQNE£PFQUGGPNC
EJK³OWK¡RTGUEJK³OWK¡³? VKGTTCUWGNVC=EQRLKZ?8«CUGD©¡
EJK³³CMKC¡XaKDQUVG\CT,KZMQQZKOCRCC EJ©DJ©KFJC¡CFLKPVGNKIGPVGSWGCRTGPFG
,WCPMWRDC¡OQQLC¡REJK³³CM!-C¡EJCO H£EKNOGPVG,C¡RLKZEJ©DJ©KFJC¡FJK4QIGGNKQ
EJ©DJ©KOQM 6'2'*7ƒ0Ê'52#“1. 

IWVW¡PCLCZLWOMCK¡EJFJC¡R©ZLKPQ¡ RWPVKCIWFCUJCUVCRWGFGUWDKTWPCDCTTCPEC
LQKFJCOMÀÀ4QIGNKQCRTGPFGH£EKNOGPVGNQ =RNEJ©©UFK¡EQRLKZ?8«CUGV©UFKC¡
SWGNGFKEGNCIGPVGUKGORTG[EWCPFQNGCITCFG EJ©VFQ¡=RNFGEJ©©FQ¡?C\WNGUXGTFGU=EQRLKZ?
=RNEJ©DJ©DJ©KFJC¡EQRLKZ?8«CUGDJ©KFJC¡
EJ©V©©FQ¡CFLXGTFGC\WN
£TGC ,QKFJCODCZ
EJ©DJ©KOQMCFLSWGNGIWUVCCICTTCTEQUCU EJ©V©©FQ¡OWPKLC¡RIKQV©TPCVIW¡DCLKEJW
CLGPCU,KZEJ©DJ©KOQMFJQUCRIW/CCTMQU KKRW5GXGXGTFGGNNNCPQRQTSWG[CGUV£
%JC¡RKOOKLC¡ROCCZKMVWVWC¡MC¡IWZ UCNKGPFQGN\CECVG=RNEJ©V©VFQ¡EQRLKZ?
FJC¡TCOPCOM©O#/CTEQUNGIWUVCCICTTCT 8CTEJ©V©©FW¡8«CUGEJ©©FQ¡
NCUEQUCUCLGPCUCU¯SWGPQFGDGPVGPGTCNCXKUVC
EJ©VTQM=RNFGEJ©TQQM?£URGTQU=EQRLKZ?
EQUCUFGXCNQT=RNEJ©DJ©DJ©KOQMEQRLKZ?
8CTEJ©V©©TQM
EJ©F©©DJCZCFLUGEC
VKGTTC -KC¡R©ZDCZEJ©
EJ©¡PIKEJCFLSWGUGXGXGTFG,©¡ZLKZEJWWM
F©©DJCZOWLC¡RICC¡PV©TPCVIW¡DCKM
FJKUWWFCK¡PCDC¡COLKZEJ©¡PIKEJFCC!
VCPQQNJEJCMWKFWW¡PPCIKKNJKOZK
3W«VCPJQPFCGUV£GNCIWC!5GXGEQOQXGTFG
FJWMKKO©M.CVKGTTCFGNCOKNRC[CGUV£UGEC
=EQRLKZ?8«CUGEJ©©FQ¡
RQTSWGPQJCNNQXKFQGPVTGUF¯CUFGUFGGNF¯C
SWGNNQXKµOWEJQ=EQRLKZ? EJ©¡VDKNJK¡CFLSWGETGEGT£RKFQ,QKFJCOLKZ
EJ©¡VDKNJK¡IWMWWRC¡PIW/CTKK[C.GETGEG
EJ©©FQ¡CFLC\WNXGTFG,QKFJCOLKZEJWMWWO
OW[T£RKFQGNECDGNNQC/CT¯C=EQRLKZ?
LKZEJ©©FW¡IWZFJCCOPQ¡ZWC³%WCPFQGN
EKGNQGUV£FGURGLCFQUGXGFGWPC\WNOW[ ÊEJQUWHaX+PFKECSWGNCCEEKµP[CUGVGTOKPµ0CV
QUEWTQ=RNEJ©VFQ¡EQRLKZ?8CTEJ©©FW¡ RCK¡OICZDWKEJQPCVDC¡DCLKKFJKWDKK
♦EJ©V©©FQ¡CFLXGTFGC\WN
£TGC  %WCPFQNCOWLGTVGTOKPµFGRGKPCTUGUGHWG
♦EJ©¡PIKEJCFLSWGUGXGXGTFG =)TCO?
EJ©©©DJK¡³CFLOKGFQUQ,KZEJ©©©DJK¡³IW EJQK³CFLECNKGPVG$CZEJQK³FJKDCK³WO
OCTCC¡PIW.WKUCUCTCMMKC¡PQ¡LCTQK¡ZK DCTCOPCRUCCMVWDCRCK³OKEJFJC¡IWDCCM
FJC¡PI©'NJKLQFG.WKUCGUOKGFQUQUKGORTG ;CGUV£ECNKGPVGGNHKGTTQRCTCSWGJKGTTGUNCU
NNQTCEWCPFQCNIWKGPNQCICTTC=EQRLKZ? XCECU
SWGVKGPGECNGPVWTC,KZEJQK³FJKCNJKK,KZ
EJ©©UFK¡=RNFGEJ©UFK¡?SWGUWDGPH£EKNOGPVG
KQ¡OCCLKOIWUQOCKIK¡'UVGPK³QVKGPG
=EQRLKZ?
ECNGPVWTCNGXCCFCTHWGTVGNCITKRG
EJ©©VMK¡CFLDWGPQRCTCRGTEKDKTEQUCUCVTCX«UFG =RNEJCVQK³EQRLKZ?
NQUUWG³QU#C³CNJLC¡RLKPC³LKZEJ©©VMK¡0Q¡ ♦EJCVQK³XaGJCEGTECNQT
LCTQK¡DC³Q¡DJCIK¡³LQVOQFC¡DCV©©VMKC¡K³
EJQK³FJK¡CFLSWGUGECNKGPVCDKGP,CK¡
;QUQ[DWGPQRCTCRGTEKDKTEQUCUCVTCX«UFGNQU
LQKFJCOLKZEJQK³FJK¡IWDJK¡³MQOCCNJLC¡R
UWG³QU.WGIQU«UKCNIWKGPOGGUV£RGTUKIWKGPFQ
PCLCZPQ¡TDCK³WO#NIWPQUEQOCNGUFGDCTTQ
RQTSWGNQUWG³Q=EQRLKZ?8«CUGV©©VMKC¡
UGECNKGPVCPT£RKFQEQOQNQUFGHKGTTQ=EQRLKZ?
EJ©TMCOCFL£URGTQ
EQOKFC ,KZEJ©TMCOLWO
EJQMUQNJK¡CFLSWGJCEGGURWOC,KZ
MWC¡IWOWWNJNCPMKK[WU.QUJWGXQUFGNC
EJQMUQNJK¡IWDK³DWKLC¡RPCDCMWC³MCT,KT
VQTVWICVKGPGPWPUCDQT£URGTQ=EQRLKZ?
COPC³M©¡PDCVDKC¡.CNGEJWIWKNNCGU
8«CUGM©TPKO
GURWOQUCEQOQGNLCDµP[GUDWGPQDC³CTUGEQP
EJ©TQQMCFL£URGTQ
PQEQOKFC ,KZEJ©TQQMIW GNNC=EQRLKZ?8«CUGVQMUQNJKC¡
MQOKK¡³IWM©K¡³MCOMQ¡+COR©ZLC¡RVW¡OPC
EJQMUQ¡CFLSWGVKGPGGURWOC,CZMWDC¡Z
IWUQ[QQVIWLQIKK¡³.CRKGNFGNCX¯DQTCFG
EJQMUQ¡IWEJK³KK¡³FJKDJWTW¡Z!/QQEJKZ
ECUECDGNGU£URGTCUGRCTGEGCNCRKGNFGN
EJCPQQOLKC2QTSW«GNDWTTQVKGPGGURWOC
CTOCFKNNQ=RNEJ©VTQMQEJ©V©©TQMEQRLKZ?
GPNCDQEC!#NQOGLQTVKGPGUGF=EQRLKZ?
8«CUGV©TQQM
8«CUGVQMUQ¡
EJ©UFK¡CFLSWGUWDGH£EKNOGPVG
NWICTGUECTRCFQ 
EJQQOK¡CFLGUV£HWGTVG
H¯UKECOGPVG #CR
)KKNJKOLKZEJ©UFK¡IWDCKU©NJPCIW¡ZOW¡OWM
EJCOKCOLKZEJQQOK¡CCLK³LKKMWNJPCROK¡
IWLWWVW¡P5KCDCCRCKEJC¡OV©UUC¡P'NVGLµP
FJ©TKCOLK³DJKK³QNJFJC¡I©VFJK³LWWP!#C³
UWDGOW[H£EKNOGPVGRQTSWGVKGPGNCUW³CU
CNJLC¡RPKL©¡ZLKMW³EJCOQQ¡PCVOCVW³CK
0QVGPFT£UO£UHWGT\CUQDTKPQRCTCSWGOG
 6'2'*7ƒ0Ê'52#“1. EJWDWNJ

ECTIWGUGUVGEQUVCNFGOC¯\!;QPQRWGFQRQTSWG EJWC¡CFLSWGJC[GPEKPQU%JCOR©MMCVWC¡
GUVQ[GPHGTOQ=EQRLKZ? [C¡,WMV©T$©©ZDCKC¡TCKO©VIWLC¡VMCOIWK¡
EJQQVQ=RNFGEJWC?DNCPEQU=EQRLKZ? PCL©¡MOKC¡PMCVWWV©V%CUK[CPQJC[GPEKPQU
CSW¯GP5CPVC/CT¯CRWGUNCIGPVG[CVWODµ
EJQQ¡PPKC¡XaGGURCPVCTUGFCTNGOKGFQCWPQ
VQFQUNQUSWGJCD¯CEGTEC=EQRLKZ?8«CUGVWC
/QQ³EJKZEJQQ¡PPKC¡PQ¡LCTQK¡DJCK¡DCLKO
PQ¡VLC¡RVW¡OZKEJ©OV©K¡FJCMPC ♦EJWVWC¡CFLEQPOWEJQUGPEKPQU
UCPFCCTWK¡Z%TGQSWGOGXQ[CGURCPVCTUK EJWC¡DJCT=RNFGEJWCDJCCT?DQPKVQU
£TGCU 
CNIWKGPXGUVKFQEQOQUQNFCFQXKGPGRCTCCE£ =EQRLKZ?
=UWLRNEJQVFQPKC¡RTGVEJQQ¡PEJQQVQ¡P EJWC¡IKOCFLSWGNGHCNVC
UCNQC\¼ECT ,CZ
RTGUEJQQFQPEJQVFQPEQRLKZ? MWDC¡ZEJWC¡IKOLKZQPMCMFJK³DJKK!0C
8«CUGVQQ¡PPKC¡ ³KEJRCPCCUIÀ¡OK¡DWK¡³IWQP2QTSW«NG
EJQQ¡PPKOWMCFLVGOGTQUQV¯OKFQ
NKV HCNVCUCNCOKEQOKFC!UKETGQSWGNGGEJ«
H£EKNOGPVGNGFCOKGFQ ,C¡RLKZEJQQ¡PPKOWM OWEJC=EQRLKZ?
FJK$GGVQUKCVW¡RCNJ©©RLWRLWOFWWMCOM©¡P EJWC¡IKOCFLENCTQ,CZMWDC¡ZEJWC¡IKOLKZ
PQ¡³LCZZKMCK¡EJ(£EKNOGPVGNGFCOKGFQC EJ©©FW¡FJKORCPVCNQQP!&©©NJCCLKTRW
$GVQCWPSWGNGFKICCNIQSWGPQUGCGURCPVQUQ EJW¡O!2QTSW«GUV£OW[ENCTQGNEQNQTFGVW
=RNEJQVFQPOWMQEJCVQQ¡PPKOWMEQRLKZ? RCPVCNµPC\WN!&GRQTU¯GUCU¯!
8«CUGVQQ¡PPKC¡ =RNEJWVWC¡IKOEQRLKZ?
EJQVFQPKC¡=UWLRNFGEJQQ¡PPKC¡?2GLLKZ EJWDCC¡CFLOQLCFQ
£TGC ,QKFJCOLKZEJW
EJQVFQPKC¡COUGGURCPVCT£P=RTGVEJQQVQ¡P DCC¡PCVIW¡VCMCCDIKKNJKOLKZKQ¡OFWW¡P
RTGUEJQVFQPEQRLKZ?8«CUGVQVFQPKC¡ ,KTCOPCEJDCV©©ZKC¡.CVKGTTCGUV£DKGP
EJQZMQ³KOCFLGORCEJCFQ/QQRKEJEJKZK¡ OQLCFCRQTSWGC[GTNNQXKµOW[HWGTVG[CGUV£
IÀ¡LWWIWDJCDMWDC¡RWK¡COLKZEJQZMQ³KO DWGPCRCTCUGODTCT
VWVCVFC¡#NQOGLQTEQOKUVGFGOCUKCFQU OQLCFQ
EQPLWPVQFGEQUCU -CZEJWDCC¡IW³
HTKLQNGU[RQTGUQVGUKGPVGUGORCEJCFQ LCLCPPWNJPCEJV©KZEJ©©RZKFJCOV©©¡PCIW¡
=RNEJCVQQZMQ³KOEQRLKZ?8«CUGVQZMQ³KC¡ DCZFWWFWKO6QFCX¯CGUV£OQLCFCOKTQRC
EJWCCFLDNCPEQ,QKFJCOLKZEJQQVQLWO SWGT¯CTGEQIGTNCRQTSWG[CXCCNNQXGT
VCLCCPIWV©DCC¡,C¡RVW¡KK¡PCVW¡VQM'UV£P =RNEJWDCRTC¡EQRLKZ?8«CUGDCC¡
OW[DNCPECUNCUPWDGURCTGEGPCNIQFµP EJWDCIKQOCFLJ¼OGFQ,QKFJCOLKZEJW
GURQPLCFQ=RNEJQQVQEQRLKZ? DCIKQOMC¡PCDCRMCDWKOWMPCZEJWDC¡QQV
♦EJW¡CC¡CFLR£NKFQ MC¡6QFCUNCUOC³CPCUGUV£JWOGFCNCVKGTTC
EJWCC¡³ZKFJCTC¡CFLSWGNGIWUVCTGRGVKT
NQ RQTSWGGUV£EC[GPFQGNTQE¯Q=EQRLKZ?
8«CUGDCIKQOEJC¡
SWGWPQFKEGEQOQDWTNC ,KZEJWCC¡³ZKFJCTC¡
IWDCCRCKPQ¡³OKC¡PM©©MCVLKK³CMRKCOLCZ EJWDCKMMCOK¡CFLFKURCTGLQ
NWICTEQP
PQ¡³MCK¡EJIÀ¡M©¡P5KOGRCTQEGTECFGNC FGRTGUKQPGUQJWPFKOKGPVQU ,KZEJWDCKMMCOK¡
NCFGTC[ITKVQCNIQRCTGEGSWGCNIWKGPUG OK¡PCRCK¡VWDC¡MEJCKOIW³MWWNUKPCIW¡
GUVWXKGTCDWTNCPFQFGO¯TGRKVKGPFQNQSWGITKVQ UCROK¡EJCOR©MV©I©DIWL©D©©NJPCT
=EQRLKZ? FWOCCNJ.CVKGTTCGUV£FKURCTGLCCNN¯FQPFGGUV£
JCEKGPFQNCECUCOKCDWGNKVQRQTSWGGUV£GPWPC
EJWCDJCCTCFLDQPKVQ
£TGC /CKMLCEJ
RCTVGDCLCFQPFGGNXKGPVQPQRGICOW[HWGTVG
RCZKCTRW¡-CRQPGGVPCRDC¡V©V©IKC¡MCPCLCZ
=RNEJWDCRCKMMCOK¡EQRLKZ?8«CUGDCKMMCO
LKZEJWCDJCCT8COQUC#ECRQPGVCCRCUGCT
RCTCSWGXGCUSW«VCPDQPKVQGUV£=RNEJW EJWDCRTC¡=RNFGEJWDCC¡?OQLCFQU=EQRLKZ?
C¡DJCTEQRLKZ? EJWDWNJCFLTGFWEKFQCPIQUVQ
ECOKPQ 
EJWCUMK¡CFLNNGPQFGGPTGFCFGTCU
£TGC  )KKNJKOLKZEJWDWNJOCC¡PMCROK¡FJKD©©ZCM
)KKNJKOLKZEJWCUMK¡OK¡FJKD©©ZCM%JCOLKT PCRCK¡DJ©KZIWDQK'UV£OW[CPIQUVQGN
LKO)KKNJKOPCK¡EJWODCRRCP'UV£OW[ ECOKPQGPWPCRCTVGFQPFGRCUCRQTGNT¯Q
NNGPQFGGPTGFCFGTCUGUVGCTTQ[Q0QUGRWGFG =RNEJWDWRWNJEQRLKZ?
RCUCT=EQRLKZ? ♦LKZEJWDWNJM©TGUWPVTCOQCPIQUVQ
EJWDJCCK¡ 6'2'*7ƒ0Ê'52#“1. 

EJWDJCCK¡CFLSWGUGRWGFGRCUCTH£EKNOGPVG EJWKC¡³FJCTC¡CFLSWGJCEGFC³Q)KKNJKOLKZ

£TGC ,KZEJWDJCCK¡OWMCPF©TD©©ZICK EJWKC¡³FJCTC¡IWPCMU©TPQ¡VDC³M©K'N
PCEJDJ©©[C¡6W¡MWEJDC¡OQQU©NJOK¡R RKSWGVGFGCNCET£POGJCEGOWEJQFC³Q
LWWTMKEJW¡PCRCK¡IKKNJKOVWVW¡KK¡!2QFGOQU =EQRLKZ?8«CUGKC¡³FJC¡
RCUCTH£EKNOGPVGRQTVQFCNCNCFGTCRQTSWGPQ EJWKKRWPCFLSWGUGRQPGXGTFG
£TGC 
VKGPGECUQKPVGPVCTRCUCTFGTGEJQRQTFQPFGGUV£ 6©¡PIKCMLC¡MLQKFJCOLKZEJWKKRWPMC¡'P
OW[HGQ=EQRLKZ?8«CUGDJCCK¡ «RQECFGNNWXKCUUGRQPGXGTFGRQTVQFCURCTVGU
EJWDJKCOWMCFLSWGUCDGUCECT
FGFQPFGGUV£ =EQRLKZ?8«CUGKKRW³KC¡
OGVKFQ /WEJ©P©K¡³FJC¡RKOOWLC¡RPCRCK¡ EJWLWCPCTC¡CFLDWGPQRCTCVTCDCLCT,©¡OC¡P
V©©©ZPCEJCOVWDJKC¡IWIÀ¡IÀTQ¡MPCOIW¡ LKZEJWLWLWCPCTC¡COIWLC¡VMCO%JCO
IKKNJKOLKZEJWDJKCOWM6GPICPEWKFCFQSWG L©¡ZMCVRCK¡FJWWMOK¡RCK¡R©ZFCTCCCO
NQUR£LCTQUPQUCSWGPNCUUGOKNNCUFGCNN¯FQPFG #NIWPCURGTUQPCUUQPOW[DWGPCURCTCVTCDCLCT
GUV£PUGODTCFCURQTSWGUCDGPDKGPEµOQ RWGUPWPECGUV£PUGPVCFCUUKPJCEGTPCFC
UCECTNCU=EQRLKZ?8«CUGDJKC¡ =RNEJWLWLWCPCTC¡EQRLKZ?8«CUGVWLWCPC¡
EJWDJKCOWMCFLSWGUCDGRQPGTNC\CPECFKNNC
EJWLWCPCTICOCFLOW[VTCDCLCFQT,KZ
6©KEJCOLKPCQQ¡IW2GGNGULC¡RLKFCKPCZ EJWLWCPCTICOLWOCC¡PC³DC¡EJCOL©¡ZMCV
EJWDJKCOWMMWDC¡LCKC¡TCUFC¡IWLC¡VMCO WCOCKFJC¡0GEGUKVQUGTOW[VTCDCLCFQTRCTC
(«NKZPQGUV£HWGTVGNQSWGJCEGGUSWGNGURQPG PQUWHTKTFGJCODTG=RNEJWLWLWCPCTICO
NC\CPECFKNNCCNCURGTUQPCU[RQTGUQNCUVWODC EQRLKZ?8«CUGVWLWCPC¡
=EQRLKZ?8«CUGDJKC¡
EJWLWLWCPCTC¡=RNFGEJWLWCPCTC¡?DWGPQU
EJWDJK¡URCTC¡CFLRGICLQUQ/WRLWO RCTCVTCDCLCT=EQRLKZ?
KMQKOFJCK)KKNJKOLKZEJWDJK¡URCTC¡IWO
EJWLWLWCPCTICO=RNFGEJWLWCPCTICO?OW[
PQQPQDPCRICPFC¡PI©FJKLC¡CCPCZ
VTCDCLCFQTGU=EQRLKZ?
O©©DCVOC¡.£XCVGNCUOCPQURQTSWGGUV£POW[
RGICLQUCURQTGUVCTCICTTCPFQNCQNNCSWGVKGPG EJWMCFLPGITQRTKGVQ,CTQQEJKIC¡PFJKZ
OKGN=EQRLKZ?8«CUGDJK¡URC¡ EJWMMCDCKPCDJCOO©PKQKT©!&GSWK«PUGT£
GUGECDCNNQRTKGVQSWGCPFCCNN£!
EJWFC¡PRKMCFLTGUDCNCFK\Q
£TGC /CC¡PPC³
OWITKGPVQ
EWGTRQ[TQRC -CDWKOWMLC³
LCZ©NJKC¡RCK¡PQ¡ZEJWFC¡PRKMPQ¡ZDJKFJCC¡
OQQDCVDKC¡,C¡ROQQDCZEJWMK³R©ZDC¡
/GECKIQUKGUV£TGUDCNCFK\QFQPFGJC[OWEJQ
/C³CPCOGXQ[CDC³CTRWGU[CGUVQ[OW[
DCTTQ=RNEJWFCFC¡PRKMEQRLKZ?
OWITKGPVQ
8«CUGFCR³KC¡
=RNEJWVWMEQRLKZ?8«CUGVWMNJKC¡
EJWFW¡PRKMCFLNQFQUQ,KZEJWFW¡PRKMOW
EJWMCDCCMCFLFWTQ
£TGC &WWFWMFJQEJK
F©TD©©ZDQKPCEJDJCLKKOPCVIW¡KQ¡OFWW¡P
PC³DC¡MCVWOQKMFC¡PCZEJWOQKMMC¡PC
'UVCDCNQFQUQVQFQGNECOKPQEWCPFQXGP¯COQU
IW¡ZKDLKZEJWMCDCCMUKC³KEJOK¡RWV©©KPC
RQTSWGNNQXKµHWGTVG
IW¡DCT©¡ZKCDJCMMC¡0QRWGFQDCTDGEJCT
RCPVCPQUQ,KZEJWFW¡PRKMOWDKDKCVCOPC
JCUVCGNVKGORQFGNNWXKCUEWCPFQGUV«DNCPFKVCNC
IW¡EJCOIC¡M©IWUWWFCK¡$©©ZEJCC¡OFC¡
VKGTTCRQTSWGCJQTCGUV£OW[FWTCCU¯CRTQXGEJQ
LCK¡EJMC¡&QPFGGUV£GNOCPCPVKCNGUOW[
RCTCUGODTCTCNOKUOQVKGORQRQTSWG[CUGT£
RCPVCPQUQRQTSWGPQUGCECDCGNCIWCC¼P
VKGORQFGUKGODTC#PVµPEJWOQKM
FWTCPVGNC«RQECFGUGSW¯CJC[CIWCCNN¯
=RNEJWFWFW¡PRKMEQRLKZ?8«CUGFWR³KC¡ EJWMICOCFLQUEWTQ
GNF¯C )QTZKD©IKK¡³IW
MC³FJKKT)KKNJKOLKZEJWMICO'PEK«PFCPWPC
EJWICMCFLUGEQ
£TGC &CKDJCK¡R©ZF©T
XGNCRWGUGUV£OW[QUEWTQ=EQRLKZ?
5WUDJC¡PVCODJCK¡LKZEJWDCC¡$JCK¡FJ©T
♦VWOVWMICOVC¡XaKJCDGTGENKRUGUQNCT
ICOO©L©LC¡MLKZEJWICMLK0CFCO£UFG.QU
%JCTEQUJCEKCCE£GUV£OQLCFQRGTQFGCNN¯RCTC EJWMQQZOQFC¡CFLSWGNGFCUWG³Q,KZ
CNN£GUV£OW[UGEQ FJCCOFWWMLC¡MLKZEJWMQQZOQFC¡PCZLWWM
UGEQ
EQPLWPVQFGEQUCU 6WWNJPCKCRIW MC¡PCDJCK¡ZKEJCPQQTFC¡#NOGFKQF¯CFC
LCLCPPWNJPQ¡DCZEJWICM4GEQLGNCTQRCUK UWG³QEQPGNECNQTFGNUQN=EQRLKZ?
[CGUV£UGEC 8«CUGMQZKC¡
=EQRLKZ?8«CUGICM
 6'2'*7ƒ0Ê'52#“1. EJWVWC¡

EJWMQ¡MCFLSWGFWGNG
EWGTRQGPVGTQ $CKM EJWO³KICOCFLTKEQ)À¡MCOLWOVCCVFJK
VCPQQNJLKZEJWMQ¡MMCVLK³C¡QQCOPC³KEJ /CPWGNPCDCTLKZEJWO³KICO%JCOMCVW
LCZLKEJWLWCOWOOW)GTTGGTQ%WCPFQ ³KQ¡MK¡³'UVG/CPWGNUGXQNXKµQTIWNNQUQFGUFG
GORG\«CVTCDCLCTGP8KEGPVG)WGTTGTQOG SWGUGJK\QTKEQCJQTC[CPQSWKGTGUCNWFCTC
FQNKGTQPNQUJWGUQURQTVTGUF¯CU=EQRLKZ? PCFKG=RNEJWVWO³KICOEQRLKZ?
8«CUGMQ¡MNJKC¡ EJWOQKMCFLDNCPFQRQNXQTKGPVQ
£TGC 
EJWMWMWW¡OZKOC¡=RNFGEJWMWW¡OZKOC¡? ,QKFJCOLKZEJWOQKM[C¡PKPCRCK¡ZEJWDCC¡
SWGJC[JWOQ
£TGCUGZVGPUCU =EQRLKZ? 3W«DNCPFKVQGUV£CSW¯FQPFGGUV£OQLCFCNC
EJWMWWDJ©UCFLSWGJC[OWEJQRQNXQ
ECOKPQ  VKGTTC=EQRLKZ?#PVµPEJWMCDCCM
)KKNJKOLKZEJWMWWDJ©UMC¡VCCDJCMLC¡MPQ¡ 8«CUGOQKM
³KEJV©KDCLKKOWLC¡M,WMV©TPCIW¡ZEJW EJWOWMCC¡CFLSWGNGFCEQOG\µP
EWGTRQ
OQKMMC¡%WCPFQXQ[C5CPVC/CT¯CFWTCPVGNC GPVGTQ )KKNJKOLKZEJWOWMCC¡PCO©VLK³
«RQECFGUGSW¯CJC[OWEJQRQNXQGPGNECOKPQ M©©M©KIWDCROW¡PC³KEJRCZKCTO©TCMOWLC¡M
RQTSWGNCVKGTTCGUV£OW[UWGNVCGPGUGVKGORQ VCCVUCD/GFCOWEJCEQOG\µPRQTSWGOG
=EQRLKZ?8«CUGMWWDJ©Z RKECTQPNQU\CPEWFQUEWCPFQHWKFGRCUGQCVKGTTC
EJWMWWOCFXOW[
FWNEGQUCNCFQ :K¡RKEJ E£NKFC
DCMIÀ¡OKDWK¡³IWCUWWMCTFJKCVWWNJ VTCXKGUQ
OQFKUOQ d/QQLC¡RLKZEJW
)KKNJKOLKZEJWMWWOLKZOCKMCM2CTGEGSWG OWMCC¡IWLCTQK¡PCVDC¡RDC³DJ©KZFJCMIW³
GEJCUVGFGOCUKCFCC\¼ECTGPGNCVQNGRWGUGUV£ ZQOMCTPC³[C¡PKMCDKC¡MCV©ZMW³ZKOd3W«
OW[FWNEG VCPVTCXKGUCGUNCRGTUQPCSWGUGNNGXµOKCIWLC
HWGTVG
EQNQT $©©R©¡OCC¡PDJC¡³KLCRDWWU SWGVGP¯CIWCTFCFCCSW¯
IWVTQQMCLKZEJWMWWOLKZD©¡*CEGTCVQRCUµ =RNEJWOWOMC¡EQRLKZ?8«CUGOWMCC¡
RQTCNN£WPCECOKQPGVCFGEQNQTTQLQHWGTVG EJWPCO©©MCFLSWGUKIWGJCEKGPFQNQOKUOQ
=EQRLKZ? ,WRMCK¡EJFJC¡COPCVUCRVWEJKCIWIÀ¡MCO
EJWMWW¡OZKOC¡CFLSWGJC[JWOQ
£TGC PCOOW¡CC¡PCIW¡IWK¡R©MVWFCC¡³EJW¡PFC¡
GZVGPUC $CLKEJCC¡OFJQDCMPCDC¡ZEJW PCOK¡RWK¡VWFW³KC¡PCLCZLC¡MLKZEJW
MWW¡OZKOC¡ZEJWOCCZOWOOWPKLC¡R PCO©©M&KEGPSWGGNLGHGOCPFµOCVCTNQ
/WTDC¡V2CTGEGSWG[CGUVCOQUGPNC«RQECFG RQTSWGUKIWGJCEKGPFQNQOKUOQ=EQRLKZ?
UGSW¯CRWGUUGXGSWGJC[JWOQRQTCNN£RQT EJWVMW¡=RNFGEJWWMW¡?SWGVKGPGPOWEJC
/WTWCVC=RNEJWMWMWW¡OZKOC¡EQRLKZ? ECTPG=EQRLKZ?
8«CUGMWW¡OZK¡ EJWVQPOQFC¡CFLSWGNGFCUGF,WOCC¡PC³
EJWOCCVCFLSWGUCDG
JCEGTEQUCUOCPWCNGU  DCK¡PVW¡PFC¡IWUWWFCK¡PQ¡³KEJRCK¡O©MDC
,CZLCRFWWMCVD©ZEJW¡ZEJWOCCV!%µOQ LKKPCIW¡ZEJWVQPOQFC¡IWDQKEJC¡O
GUSWGUCDGUJCEGTOWEJCUEQUCU! 0GEGUKVQNNGXCTCIWCEWCPFQXQ[NGLQURQTSWGGP
SWGEQPQEG
GNECOKPQ /QQ³EJKOCK¡I©ZKC¡ GNECOKPQOGFCOWEJCUGF=EQRLKZ?
PQ¡³KEJOWLC¡RZKLKK©TDCPFJKIÀ¡MKKEJCO 8«CUGEJCPQQO
PC³IW¡EJCOVWOCCV#NQOGLQTOGXQ[C EJWVQQ³FJCOCFLSWGECWUCGPHCFQ
RGTFGTUKXQ[CNEGPVTQRQTSWGPQEQPQ\EQ
RQVGPEKCNOGPVG %JCODJCK¡CCPCROCK¡DC
=EQRLKZ?8«CUGOCEJKC¡ DWC¡FJKOUC¡WC,WCP!6W¡IKPCIW¡DCT
EJWOCCZCFLSWGUGXG
£TGCGZVGPUC /KC¡P M©NJK¡³IC¡PLKZEJWVQQ³FJCOR©ZDCVW¡O
LKZEJWOCCZDCMLKC[C¡F©TOWOOW/WTDC¡V 2QTSW«PQVKTCUVWEQDKLC,WCP!2WGU[CGUV£
&GCSW¯UGXGEQOQUKGUVWXKGTCEGTSWKVC DKGPICUVCFC[[COGGPHCFµXGTNCCU¯=EQRLKZ?
/WTWCVC=EQRLKZ?8«CUGOCCZ 8«CUGVQQ³FJC¡
EJWOCVFC¡CFLUCDKQSWGVKGPGOWEJQ EJWVQQ³FJCTC¡CFLCDWTTKFQGPHCFQUQ%JCO
EQPQEKOKGPVQ,KZKQ¡OLKZEJWOCOCVFC¡CO VWVQQ³FJCTC¡FJKDJCDUKC³ICOO©L©MWC¡
UCRIW,CRQQPQK¡³MCOEJCOR©MRWK¡UCRPC 0QUQPGPHCFQUQUGUVQUHTKLQNGUCWPSWGNQUEQOC
LCZLCK¡MCRF©T&KEGPSWGNQULCRQPGUGUUQP VQFQGNVKGORQ=EQRLKZ?8«CUGVQQ³FJC¡
O£UUCDKQUSWGNCIGPVGFGQVTCURCTVGU=RNEJW EJWVWC¡CFLEQPOWEJQUGPEKPQU%JCOR©MVW
OCOCVFC¡EQRLKZ?8«CUGOCVFC¡ VWC¡MCVOWLC¡MPCEJRCK¡FJCTCCVOCCM©¡P
EJWVWC¡IKO 6'2'*7ƒ0Ê'52#“1. 

RWK¡MWDC¡IKKNJKOLKZDJCK¡V©I©DFC¡OK¡IW IWFWWM;CXKGPGNCNNWXKCCR¼TCVGCKTCVTCGT
L©D©©NJ0QJCD¯COWEJQUGPEKPQUFQPFG CIWC0QGUV«UPCFCO£UUGPVCFQ
GUVCDCOQUGNC³QRCUCFQRQTGUQRGICDCHWGTVG GUVCTGPEQPVTCTUG
GPWPNWICTJCDKVWCN 
GNCKTG=EQRLKZ?8«CUGEJWC¡ t/©L©FCCEJKDC¡IWLQKUOK¡PCRCK¡VW
EJWVWC¡IKO=RNFGEJWC¡IKO?ENCTQU=EQRLKZ? QRKUKKPC¡tLWRMCK¡EJIW,WCPt,WODJC!
%JCOOQDJCOO©LC¡MFCCMKC¡OK¡³tLWR
EJWVWM=RNFGEJWM?PGITQUOWITKGPVQU
MCK¡EJIW2GGITQt'UVCT£NCCWVQTKFCFCNN¯GP
=EQRLKZ?
UWQHKEKPC!tRTGIWPVµ,WCPt2WGUPQU«
EJWVWO³KICO=RNFGEJWO³KICO?TKEQU 2WGFGUGTSWGGUV«CNN£GPUWECUCtEQPVGUVµ
=EQRLKZ? 2GFTQ
EJWWMCFLJQPFQ
CIWC /CKMLCEJUWWNJIKRW¡ XKXKT
VGORQTCNOGPVG ,CTQQRDC¡LCDWKFCC
OWPCRCK¡ZEJWWMIWUWWFCK¡8COQUCKTC DJCOO©RCK¡PCRVWLWCP!%QPSWK«PGUGUV£U
PCFCTFQPFGGUV£JQPFQ=RNEJWWVWMEQRLKZ? XKXKGPFQRQTCNN£FQPFGVTCDCLCU!
8«CUGVWWMCD VGPGTHTWVQ
RNCPVC t)QQMLCRLK³
EJWWMCOCFLRTQHWPFQ
VKGTTCQCTGPC  IC¡NJKFJC¡IWKOCKIWZOCOQKMtLWRMCK¡EJ
/WOOWPKFJ©TLC¡MLKZKQ¡OLKZEJWWMCOLKPC IW,WCPt%JCMWKFCTCCLCZFJWK!tLWR
OKMCCVIWQ¡[CEJCOVW¡RWK¡PC[C¡PCZ MCK¡EJIW2GGITQt/GXGPFGUWPCUEWCPVCU
MQOCCNJKO2QTCNN£JC[WPCTGPCNOWEJQO£U ECNCDCEKVCUVKGTPCUtFKLQ,WCPt2WGUEµOQUK
RTQHWPFQSWGGNFGCSW¯SWGGUUWRGTHKEKCN VQFCX¯CPQVKGPGNCRNCPVC!tTGURQPFKµ2GFTQ
=EQRLKZ?#PVµPMQOCCNJKO8«CUGVWWMCD =UWLRNFCTQFCTCC?
FCC=RTGVFGFCIKC¡?NQCICTTµ
EJWWMW¡CFLSWGVKGPGOWEJCECTPG#OLKPCEJ
FCCFC¡=RTGUFGFC¡PIKC¡?2GLLWOFCCFC¡
OW¡CKOCOCC[C¡FJKVWWT,QKFJCOLKZ
EJWWMW¡5GT¯CDWGPQOCVCTGUVGVQTQ[ COUGCICTTCP
VCVGOCTNQRWGUVKGPGOWEJCECTPG=RNEJWVMW¡ FCCFC¡=RTGUFGFC¡PIKC¡?CICTTC
EQRLKZ?8«CUGVWWMW¡
FCCMUPCTK\
RGTUQPC 5©NJLK³FJCCMCOLK³
EJWWVWM=RNFGEJWWM?JQPFQU=EQRLKZ? M©KIWDCCOW¡)KKNJKOLKZOWMCC¡/GRKEµ
EJW¡CC¡CFLR£NKFQ
UWLCPKO ,KZEJW¡CC¡R©Z WP\CPEWFQGPNCPCTK\[OGFCOWEJCEQOG\µP
LWOP©K¡³IW³MWWZK¡PCIW¡IKKNJKOO©MLKZ JQEKEQ,KZOW¡WMVWFCCMIWWWR'N
MC¡QQMMCV5GXGR£NKFQOKV¯QRQTSWGGUVWXQ \QTTKNNQVKGPGWPJQEKEQRWPVKCIWFQ
GPHGTOQRQTOWEJQVKGORQ=EQRLKZ? =RNFCCFCMCRQUFCCMC¡P?
8«CUGEJWC ♦FCCMCTCOGPUWPCTK\
FG«NQFGGNNC 
FCCORQURGPEKOCFGCTTKDCFGGPNCUWRGTHKEKG
FG5WWFCK¡FJCCOQKRQCOIWRCRCCV.QU

&
RCVQUPCFCPGPNCUWRGTHKEKGFGNCIWC
8CTFJCCO
FCCOCPCFXGPNCUWRGTHKEKG
UµNKFQ ,KZKQ¡O
LCROK¡RZKDQK¡URCVW¡PFC¡FJKLCTCCT#VVKKTW
FCCOCPPCROWVWLWCPCKO'ORWLCO£UGN
=0QVC/WEJCURCNCDTCUSWGGORKG\CPEQPFJ CTCFQRWGUPCFCO£UGUV£UCTCPFQNCUWRGTHKEKG
VKGPGPXCTKCPVGUSWGGORKG\CPEQPFNCUEWCNGU FGNCVKGTTC
PQUGKPENW[GPGPGUVGFKEEKQPCTKQ? EGTECFGNCUWRGTHKEKG
N¯SWKFQ &CCOCPR©Z
QKT©FJKDCVQQRPCIW¡EJCOVWWMIWUWWFCK¡
ÊFCUWHaX+PFKECCEEKµPEQPVKPWCQRQTOWEJQTCVQ 'UVGRG\PCFCEGTECFGNCUWRGTHKEKGFGNCIWC
QGPOWEJCUQECUKQPGU,WRMCK¡EJFJC¡COPC RQTSWGPQGUV£OW[JQPFC
UCRRWK¡LC¡MCCIKZPCEJV©P©¡FC¡IWZKQVCNJ FCCOF©TRTGRGPEKOCFGCTTKDCFGd,C¡ROQQ
&KEGPSWGGUV£GUVCDNGEKFCEQOQEQUVWODTGSWG LKZL©D©©TD©L©PKLC¡RFCCOF©TFJKUCMCCNJKM
DCKNGOQUGNOKVQVG=)TCO?8CTÊFJC¡ d%µOQJCEGCKTGCNN£CTTKDCFGGUCEQTFKNNGTC
HWVÊFC¡RTGUÊ¡PEQRTGVÊFCV
FCCXaGGUVCTUGPVCFQ,QVOQFC¡RZKDJ©KTCK
FCCP=RTGUFGFC³KC¡?QTC
IWUWWFCK¡CCRIW¡FCKICOFCC$JCK¡DCLKO
FCCP©=RTGVFGFC³KC¡?QTµ
 6'2'*7ƒ0Ê'52#“1. FCC¡³FJC¡

FCC³KO©M=EQRTGVFGFC³KC¡?GUVCDCQTCPFQ FCCZPCRM©¡PPCOMKFJC¡!%W£PVQVKGORQVG
8CTFC³KKO©M FKQFGRNC\QRCTCRCICTNG!
FCCUCTC¡UOCPIQ
FGWPCJGTTCOKGPVC 2WK¡ =EQORNRNFCNJZKFJC¡RTGVFCCZFCNJZK
CCRDC¡M©¡PVWUQPKCMFC¡FJKOOCZKKEJ.WKU EQPVFC¡³ZK¡³FJC¡FCNJZK¡³FJC¡
UKCMWEJCOVWFCCUCTC¡!%JCOLKZEJW TGUFCCZFJKZFCNJZKFJKZ?
MQ¡MVWNJFJCTC¡CC!%QTVCUEQPGUGOCEJGVG ♦LWTCC¡PFCCZFJC¡EQPUQNCT
NKVRCTEJCTGN
CWPSWGPQVKGPGOCPIQ!0QVGNCUVKOCNCU EQTC\µP 
OCPQU!=RNFCFCCUCTC¡QFC¡PUCTC¡ FCCZFJC¡XaDRQPGTCNIQFµP
EGTGOQPKCNC

CRQUFCCUCTIC¡PFCFCCUCTIC¡PQ WPCRGTUQPC $©©R©¡RZKOFCCZFJCKIWVQMPCR


FC¡PUCTIC¡P? DC¡DCVWFW³KC¡PCIW¡DCVW³QMKC¡IW
FCCUC¡XaVRQPGT
EQUCUPQNCTICU 6W¡FC¡ OCMICO2TKOGTQVGRQPGUGNCNIQFµPRCTCSWG
FJK¡PCRDJCK¡FCCUDCCNJEJC¡O!3W«GUGUQ [CRWGFCUJCEGTNCUVQTVKNNCURQTSWG[CXCCQTCT
SWGGUV£URQPKGPFQGPNCECPCUVC! GNEWTCPFGTQ
%WCPFQCNIWKGPNGRKFGCN
UGPVCT
CQVTCRGTUQPC ,CZMWRDC¡OQQ EWTCPFGTQSWGQTGRQT«NNGFCWPRCNKVQEQPWP
VWWMWVQKT©FJKCNJKK!0Q¡RKEJOKLC¡RFCCUCM RGFC\QFGCNIQFµPGPNCRWPVCEQOQTGRTGUGPVCEKµP
%JCOLKZD©©V!2QTSW«CPFCUECTICPFQCN FGU¯OKUOQ 
PK³QGPNCGURCNFC!2QTSW«PQNQUKGPVCURQT FGLCT
GPQVTQNWICTRCTCQVTCRGTUQPC /WPK
CJ¯!0QRGUCOWEJQ! DC¡MEJ©TLC³KEJFCCZFJCTCMIW³EJCCVIW
RNCPVCT/CCMCOLC¡MLCRKOFCCUC¡FJK¡³K UC¡WC¡P(WKCNCECUCCFGLCTNCEQDKLCFGOK
MQ¡MQNJPCV[C¡DWWU2QTHCXQTRNCPVCGPQVTQ RCR£
NWICTGUVGEJKNGSWGPCEKµ =EQORNRNFCC¡³ZKFJC¡RTGVFCCZ
=EQORNRNFCTUC¡RTGVFCKFCTCKRTGUFCCU EQPVFCC¡³ZK¡³FJC¡?
FCTCCUEQPVFCC¡PUCFC¡FCTCCUFC¡? FCCZZKFJC¡XaDRCTEJCT
RCTCQVTCRGTUQPC 
FCCUC¡XaVGUEQIGTPQODTCT
CWPECPFKFCVQ  ,K³FJCCZZKFJC¡CRIW³RCPVCNQQPIWZ
,CTQQRKODC¡ZK©NJKK¡³PCEJOK¡ZKFJCCUCK EJ©©FW¡MW³CCFC¡MCDWKOWMPC³LKEJW
IWZMCK¡OW,WMV©T!#SWK«PRKGPUCPWUVGFGU LWCPC¡2QTHCXQTRQPNGWPRCTEJGCOK
SWGFGDGOQUGUEQIGTRCTCIQDGTPCFQTGP5CPVC RCPVCNµPC\WNRCTCRQP«TOGNQOC³CPCEWCPFQ
/CT¯C! GORKG\GCVTCDCLCT
XaVCRWPVCT
PQODTG $©©ZLCRLCFCCUC¡IW RQPGTCRNKECT
TGOGFKQGPGNEWGTRQFGQVTC
LC¡VMCO'GL©¡MR©MCKZCO#RWPVCNQU RGTUQPC ,WRMCK¡EJFJC¡COIWLC¡VMCOPCUCR
PQODTGUFGVQFCNCIGPVGRCTCXGTEW£PVQUUQP LKTTKOGGFKQIWUWTWKPQ¡EJCOQD³KQ¡MEJCT
XaVOCTECT
EQPHKGTTQ +COR©ZRWEJW¡O IWCNJKKPC³DJCK¡ZKFJCC¡³ZKFJC¡OQ¡TCO
LWRFCCUVW¡IWDCK³WOFJKDJWTW¡ZPCLCZ .CIGPVGFKEGSWGNCRGTFK\IµPIQTCUKTXGEQOQ
EJW¡OIWTCCEJIC¡P'UGDWTTQNNGXCECUKNC TGOGFKQRCTCEWCPFQWPPK³QPQGORKG\CC
OKUOCOCTECFGJGTTCTSWGNCPWGUVTC JCDNCTCVKGORQUGNGRQPGGPNCECDG\CXCTKCU
XaKFCTRNC\Q,WOV©©OWKFJCMFJKOCUCC¡P XGEGU
OQQVWFCCZKZPC³VWPCOMKFJC¡OWVKCPFC =EQORNRN[EQPVFCC¡³ZKFJC¡RTGVFCCZZK
PC³RCK¡VWWC¡VW¡P#HKPGUFGGUVGOGUXGPEG FCC¡³ZK?8CTFCCZEJWNJFJC¡
GNRNC\QSWGVGPIQRCTCRCICTNQSWGFGDQCNN£GP FCC¡=RTGUFGFCIKC¡?NQCICTTC
NCVKGPFC FCC¡O©TC¡=RTQRFGFCIKC¡?KTCCICTTCT
XaKUGTECRC\
FGJCEGTCNIQFKH¯EKN &CCUCR
FCC¡PUUWGITCÎ:KMWC³FJCVCR©RL©¡ZMWO
CCPCROWLWTPKC¡UKCMWIÀ¡O©TIWUWWFCK¡!
FCC¡P.WKUPCDC¡IW¡PCVLWOOCCIW
'TGUECRC\FGRCUCTCWPSWGGUV«ETGEKFQGNT¯Q!
OCTCC¡PÏLWRMCK¡EJIWF©¡©©¡PIW.WKU
=RTGVFCKRTGUFC¡PUCTGUFCCZKZ?
Î%WCPFQVGPICUVKGORQ.WKUNNGXCNGNG³CCVW
♦LWOFC¡PUCUGCRGNNKFC
UWGITCRWGUGNNCVGFKQCUWJKLCÏFKLQNCOCO£
FCCZFJC¡XaVRCTEJCT+KMW³OQQ
FG.WKU
'UVGV«TOKPQFGRCTGPVG\EQPQUGWUCRCTC
FCNJZKFJC¡IW³RCPVCNQQPOK¡Q¡NJKCTCPPC UCNWFCT =CRQUFCCFC¡P?
IÀ¡IÀTDCV©F©©F©¡8Q[CRCTEJCTOKRCPVCNµP
FCC¡³FJC¡XaDCICTTCT
RCTCQVTCRGTUQPCQ
GPNCUTQFKNNCUFQPFGVKGPGCIWLGTQU
CPKOCN &CC¡³FJC¡RIWVWZKQ¡IWZC¡QKMCTDCZ
FCTRNC\Q
CQVTCRGTUQPC ,©¡MVCPQQNJVWO
PCZK¡[C¡)KKNJKOLKZZWUFC¡PCIW¡EJKRCK¡
FCC¡³ZKFJC¡ 6'2'*7ƒ0Ê'52#“1. 

R©ZZKQ¡IWF©©NJOCTCC¡P#ICTTCGNEJKXQ 6¯CVQFCX¯CPQJCEGUSWGUQURCTCSWGOG
JW«THCPQRCTCSWGNCEJKXCRKPVCNQCOCOCPVG XGPFCUWPQ!=RTGVFCIKC?
GNNCVKGPGOWEJCNGEJGRQTSWGUQNCOGPVGCXGEGU FCIKC¡XaVCICTTCT
EQORNKPCP /QQRFCIKC¡
GUV£COCOCPVCPFQCUWEJKXKVQ FJKRKNQQV/WK¡³ZKODWKFJC¡6GXQ[C
=EQORNRNFCC¡PIKFJC¡RTGVFCC¡³FCC¡PIK CXGPVCTGUVCRGNQVC#I£TTCNC
RTGUFCCIK¡³? XaVCICTTCT
EQORNCPKO 2CCRKOFWWMVW
FCC¡³ZKFJC¡=EQORNRNFGFCCZFJC¡?RQPGTNQU EJK³KC¡PCOFCIKC¡IWOCC¡PMCOIWK¡PCV

CNIQFµPEGTGOQPKCN =RTQRFCC¡³ZK¡³O©TC¡ UCCMLCO©©ZIWDCCM!%W£PFQXCPCOCPFCT
EQRTGVFCC¡³ZKFJCV? WUVGFGUCSWGCICTTGPCNCRGTUQPCSWKGPNGUTQDµ
FCC¡³ZKFJC¡=EQORNRNFGFCCZZKFJC¡?RQPGTNG NCUXCECU!

WPRCTEJGQWPTGOGFKQ =RTGVFCC¡³ZK? XaVGZVGPFGT
NCOCPQRCTCUCNWFCT %JCO
DJCVWFCCLKCIWWDKKPCRV©K³KQ¡MK¡³.C
FCDPC¡XaVSWKVCT
RNWOCUQRGNQ &CDPC¡CR
OWLGTSWGVTCVCUVGFGUCNWFCTPQSWKUQGZVGPFGT
FJKVCMCCTWK¡PCVOK¡OWCIWOZKKZMWEJOK¡
NCOCPQXGTFCF!
DCFCCUC¡PCEJVWLWIKC¡LC¡Z³K2QTHCXQT
XaTEWCLCT%JCOLWOFCCIWDKK¡O%JCO
SW¯VCNGNCURNWOCUCGUVCICNNKPCSWGOCVµVW
MCCMDCMIWMWCZ0QEWCLµNCNGEJGGPVQPEGU
JGTOCPQRCTCSWGNCEQEKPGOQU[NCEQOCOQUCN
PQGUV£HWGTVGGNEWCLQ
TCVQ=RTGVFCD?
=EQORNRNFC¡PIKC¡RTGVFCCFC¡PI©RTGUFCC¡
FCD³KC¡XaKECGTUGSWKVCTUG
RKGN &CD³KC¡FJQ FCCFC¡RTQRFCC¡O©TC¡FC¡PIKTC¡?
DC¡IWLQIKK¡³IWICIQQZPCRKEJICPDJCVQK¡ ♦FJCCIK¡CFLSWGUCDGCICTTCT
IWZEJQK³UWWFCK¡³³CCP5GNGXCCECGTNC FCKCFXUQNCOGPVG,CK¡ZOCCV©VUQDMQPCOIW
RKGNCNRGTTQFQPFGNGGEJCUVGGNCIWCECNKGPVG
VCC¡ONCUIWLC¡VMCOFCKDCK³FJCUM©¡PPCO
OCO£=RTGVFCDRTQITFCD³KO?
DC¡OK¡FJ©TLKZFJC¡TCODCIC¡TC*C[
♦DCFC¡PDKMIWOCVCKOC¡P[CUGNGEC[GTQP
RGTUQPCUSWGUCDGPJCEGTVCDNCUEQPJCEJC
NCUE£UECTCUCNOC¯\FGNPKZVCOCN
UQNCOGPVG[NCUXGPFGPOW[ECTCU
FCFCCTT©FC¡=EQPVFGFCKDW¡?GUVCTUGPV£PFQUG FCK=RTGVFGFCCUC¡?NQRWUQ
FCFCCUCTC¡=RNFGFCCUCTC¡?OCPIQU
FGWPCU FCK=RTGVFGFCCUC¡?NQGUEQIKµ
JGTTCOKGPVCU =CRQUFCFCCUCTIC¡P?
8CTFC¡PUCTC¡ FCKDW¡XaKUGPVCTUG
RGTUQPCQCPKOCN ,CTQK¡
DCMOKFJCKIWEJKKMNKPC³RCK¡FCFCTT©/K¡
FCFCK¡EJW¡P=RTGUFGFCK¡EJFJC¡?NQJCEGXQNCT
OC³DJK¡KKU2CTGEGSWGCNIWKGPRWUQEJKENG
FCFCMDWFC¡=EQPVFGFCMDW¡?GUVCTRGI£PFQUG FQPFGOGUKGPVQUKGORTGRWGUUGOGRGIµ
GPNCPCTK\8CTFCFCMDWTFC¡ RCTCTUG
CXG $JC¡³KLKFJCKDWOCC¡PIWW¡KK¡
FCFC¡=RTGUFGFC¡[C¡?XWGNC8CTFÀFÀ¡ FJKWWZEJC¡O#NN¯UGRCTµWPR£LCTQGPGUG
FCFC¡FC¡=EQPVFGFC¡[C¡?GUVCTXQNCPFQ £TDQN
8CTFÀFÀ¡FC¡ =UWLRNFCTCKDW¡RTGVFCKDWFCTCKDW
EQPVFCFCCTT©FC¡?8CTFCKDQ¡
FCFC¡P=RTGUFGFC¡VC¡?SWKGTGOWEJQ
UWL
♦:KFJCKDW/K¡IWCVQZMQT5K«PVGUG#NN¯
CPKO 
GUV£WPCUKNNC
FCFQ¡PMQUC¡=EQORNRNFGFQ¡PMQPC¡?UQNVCTNQU
FCKEJCOURTKOGTF¯C
FGNOKVQVG $CUVCMCCD
=RTGVFCFQ¡PMQUCEQPVFCFQ¡PMQUFC¡?
PCTVWOKK³MWVC¡OMCVUCRO©L©TFCKEJCOMCV
FCFQ¡³EJKFJC¡=UWLRNFGFQ¡³EJKFJC¡?2GL LCDWKIW/CTCCTMKU)KPQ¡EJKEJVWMQ¡KKO
FCFQ¡³EJKFJC¡COFGLCT£PFGOCOCT UCCRCVPCLKZKCNJKC¡#PVGC[GTQUGCGN
=RTGVFCFQ¡³EJK? FQOKPIQRCUCFQHWGGNRTKOGTF¯CFGNOKVQVG
FCFQ¡³EJK¡³FJC¡=EQPVFGFQ¡³EJKFJC¡?GUVCT RCTCVQFCUNCUHCOKNKCU/£TSWG\2QFGOQUKTGN
FGXQNXKGPFQ U£DCFQVGORTCPQCCEQORC³CTNQUGPNCEQOKFC
FCFQ¡³EJQ=RTGUFGFQ¡³EJQ¡?NQFGXWGNXGNQ FGENCWUWTC
#NIWPCURGTUQPCUUGCDUVKGPGP
UWGNVC TKVWCNOGPVGFWTCPVGFKG\F¯CUGUFGEKTNQUEKPEQ
F¯CUFGNOKVQVGO£UNQUUKIWKGPVGUEKPEQF¯CU1VTCU
FCIKCPC¡XaKJCEGTSWGUQ%JCODCVWFCIKCP RGTUQPCUUGCDUVKGPGPUQNCOGPVGRQTNQU¼NVKOQU
CRCCLK³DCDQQNJMWROCC¡PZK³IC¡NJKFJC¡!
EKPEQF¯CU‹UVCUPQDCKNCPGNOKVQVGNCPQEJGFGN
 6'2'*7ƒ0Ê'52#“1. FC³KC¡

SWKPVQF¯CUKPQSWGNNGICPCNRCVKQEGTGOQPKCNNC XQNCTVKGPGSWGEQTTGTFGUFGNGLQU
OC³CPCFGNUGZVQF¯CRCTCCUKUVKTCNCENCWUWTCFGN EQTTGT
RCTCCRWTCTUG ,K³DJ©K¡³O©TIW³
OKVQVG  DQPCCOOWOOWDQRVQ¡D©VC¡&CK¡³³KC¡CR
FCKEJI©FC¡XaKKTUGPVCFQ&CTCKEJI©FC¡RKOPC OQQ6T£GOGOKUQODTGTQFGCNN£FGDCLQFGNC
RKOEJCOOK¡KK¡³ZKC¡8£[CPUGUGPVCFQURCTC ECUCdRGTQEQTTKGPFQ
SWGPQUGXC[CPCECGT=UWLRNFCTCKEJI©FC¡ =UWLRNDQQRQ[C¡RTGVFCK¡DWUDQQR?
RTGUFCKEJW¡FCTCKEJW¡EQRTGVFCKEJI©V FCMDW¡XaKRGICTUG
GPNCPCTK\ $CUVCMCCD
FCTCKEJI©V? LCEJKEJOWLKO©©MLK³Q¡MKZ%JGGRQDWK/WPK
FCKPCEQPLPCFCO£USWG$COV©©OWKOOQQ MC¡PF©TLC³KEJOCFCFCCRC¡CK¡EJC¡OPC³
FJKOCUCC¡PIWLWOCKOCUCC¡PPCOWK¡LKO DJCK¡MCLKOLC¡RLC³KEJOQQLKZKQ¡OFCMDW
DJ©©[C¡FCKPCDCV©¡PIKC¡R©ZOQQ;CXC #PVGC[GTHWKEQPOKUQDTKPQ%JGRQ4GITGUCPFQ
VGTOKPCPFQGNOGU[QVTQGORG\CT£RTQPVQPCFC FGCNN¯OGTGUDCN«GPWPQUVGRGVCVGU[OGRGI«
O£USWG[CUGT£«RQECFGNNWXKC=)TCO? HWGTVGOGPVGGPNCPCTK\=RTGVFCMDW
EQPVFCFCMDWFC¡QFCFCMDWTFC¡?
FCKRW¡CFXGUVQFQ&CKRW¡CCRR©ZLCDKC¡
IWDCCMPCOL©¡M[CQKRQMC¡LCK¡CCOWRCK¡ FCMQQ=XCTFGF©MQQ?CRGPCU
MCRWRQKRQ!5QPVQFCUVWUXCECUNCUSWG FCMQQ¡³FJC¡XaVCPKOCT
EQPGZKIGPEKC 
CPFCPCSW¯QVKGPGUO£USWGCPFCPRQTCJ¯! GZKIKT/K¡FJ©TDJCFCMQQIK¡³FJK,WCPLK³
PCFCO£UCU¯&CKRW¡ZKEJ©¡©©MOWLC¡RLK EJCCV%JCOCC¡PC³QKFJC¡PCEJVWICC¡ORW¡
FJWW0CFCO£UCU¯OGFKLQ[UGHWGRCTCCNN£ IWDCCM2CR£RQTHCXQTGZ¯LCNGC,WCPRCTC
='UEQODKPCEKµPFGFCKUQNCOGPVG[RWK¡CU¯? SWGOGCEQORC³GCDWUECTNCUXCECURQTSWGPQ
8CTFCKRWK¡ SWKGTGKTEQPOKIQ
♦6W¡©R!&CKRW¡CC!3W«O£U!'UVQFQ! XaTGUHQT\CTUG/QQROWK¡ZKOFCMQQ¡³FJC¡
FCKTT©ZFJC¡=XCTFGFCRKK³FJC¡?TGUDCNCTUG MCDWKOWMPCROWLKOKC¡LK³ZKMW¡PCRIW¡³
RCNJDWKFJC¡OCCZFJKPCEJVWLWORCFC¡IW
FCK¡EJFJC¡XaVJCEGTXQNCT'CPCEJ
DJCD*C\GNGUHWGT\QFGKTCNCECUCOC³CPC
FCK¡EJFJC¡FJK©NJK¡EJW¡KK¡-C¡OQQEJCMWK
OKJGTOCPQRCTCSWGOGC[WFGUCLWPVCTGN
VWFCFÀÀ¡CCEJK!8COQUCJCEGTXQNCTCGUVG
HTKLQNRCUCFQOC³CPC
R£LCTQEJKSWKVQQUGT£SWGVQFCX¯CPQRWGFG!
=RTGVFCMQQ¡³RTGUFCMQQIK¡³?
CRWTCTGZKIKT,CZDC¡MWDC¡OQQLC¡RR©Z
8CTF©MQQ¡³FJC¡
LK³FJCFCK¡EJW¡PFJKOCC¡PMCO!0C³IW¡
FCNJZKFJC¡XaVCUGIWTCT
CRNCUVCPFQ 6W¡FJQ
EJCOLKTVWEJKC³MCTW¡P2QTSW«OGGUV£
GZKIKGPFQVCPVQGUVCRGTUQPC!2WGUPQGUVQ[DCLQ UKCWWZM©¡PLCRR©ZDJCK¡MCZK³CK¡URCK
UWUµTFGPGU )CVWWMLCEJDC¡DJCFCNJZK¡³RW¡IWIÀ¡IÀT
JGEJK\CT
RCTCSWGUCNICFGNCECUC /K¡O LQQFCK#RCEJ¼TTCNQCWPSWGUGCEQPWPRCNQ
FC¡KKEJLCO©VIWLCI©¡I©TPQ¡RICPDWCOLC RQTNQRTQPVQ#NTCVQTGITGUCOQUCCUGIWTCTNQ
V©VFC0QNGUFKICUOCNCUEQUCUCNQUCPEKCPQU EQPRKGFTCUITCPFGU=RTGVFCNJZK
PQUGCSWGVGJGEJK\GPRCTCSWGVGXC[CUCQVTQ RTGUFCNJZK¡³?
NWICT FCNJZKFJC¡=EQORNRNFGFCCZFJC¡?

=EQORNRNP©©P©KEJFJC¡RTGVFC¡KKEJP©©P©KEJ RCTEJCTNQU=RTGVFCNJZKEQPVFCNJZK¡³FJC¡
RTGUFCFCK¡EJW¡PP©©P©KEJW¡P? TGUFCNJZKFJKZ?
♦FJCK¡FJC¡CFLXGNQ\
CNXQNCT  ÊFCOUWHaU5GTGHKGTGCWPCRGTUQPCSWGFGUGORG³C
FCK¡EJI©FC¡XaKKTEQTTKGPFQ
TGEKQ KTXQNCPFQ EKGTVQVTCDCLQQECTIQRGLMQQ¡PFCOOCVCFQT
6À¡MQDFCK¡EJI©FC¡IWWK¡OPCDC¡PCK¡EJ©
FGCPKOCNGU UCDC¡PFCOEQORTCFQT
P©KFJKFJC¡PQ¡RCK¡DQ¡IWMQ¡'NCIWKNKNNCXC =)TCO?8CTÊFJCO
XQNCPFQOW[CNVQRCTCXGTCVQFQUNCFQUCXGTUK FCOCPCFXO£U
RCTCEQPVCT /CODJ©©Z
GPEWGPVTCWPCX¯DQTC=UWLRNP©©P©KEJI©FC¡ FCOCPIQQMLKTOCC¡PFQUGGP&KG\O£UFQU
RTGUFCK¡EJW¡P©©P©KEJW¡?8«CUGFC¡[C¡ GUWPCFQEGPC8CTFCOF©T
♦R©ZFJCK¡EJW¡ECOKPCTQDCKNCTDKGPTGEKQ
FC³KC¡XaKQTCTCNCDCTCOCT
C&KQU Î,KEJC¡O
FCK¡³³KC¡XaKEQTTGT
RCTCCICTTCTXGNQEKFCF  LWOCC¡PCEJVWFCCPFC¡DJCOO©LC¡MLKZ
/©MF©TOWK¡LKFJCK¡³³KC¡IWCDKQPPCRCK¡ FJCCOPCDC¡EJMCLCC³FJC¡IWZWC³KK¡OFC¡
FJWWMICOCK¡LKFJC¡[C¡%WCPFQGNCXKµPXCC IW&KQUÏLWRMCK¡EJIWOCMI©OÎ0QUGU
FCRKK³FJC¡ 6'2'*7ƒ0Ê'52#“1. 

PGEGUCTKQCOCTC&KQUSWGGUV£GPGNEKGNQRCTC OCCMCKIWZKKIC¡PIWOCUGGMCPCRDC¡DC
SWGPQUF«WPCPWGXCXKFCÏFKLQGNEWTCPFGTQ DWNJKC¡#PVGUFGCOCTTCTCNRGTTKVQJC[SWG
=RTGVFCCP©RTGUFCCPEQRTGVFCC³KO©MQ FCTNGFGEQOGTJCTKPCFGOC¯\OG\ENCFCEQP
FC³KKO©M? CIWC=RTGVFC¡DK³ZKRTGUFC¡DK³ZK¡³
FCRKK³FJC¡XaTTGUDCNCTUG
KPVGPEKQPCNOGPVG  EQRTGVFC¡DK³FJCKO©M?8CTFC¡OWZFJC¡
Î#CEJOWPKMC¡PZKEJFJCRKK³FJCMPCRCK¡ 5KPµPFC¡OW³FJC¡
LQKFJCOLKZLWMCCIK¡ÏLWRMCK¡EJCOIW FC¡DKZXaGGUVCTFGUQTFGPCFQ,CTQQDC¡LC¡R
C¡CCNJÎ0QUQVTQUHWKOQUCTGUDCNCTPQUCNN£ LKTLWCPDKNJPCDC¡FC¡DKZMCOR©ZDJCLC¡R
FQPFGJC[OWEJCUCIWLCUFGRKPQÏFKLGTQPNQU D©©VIW³EJQQOK¡!3WK«PGUNCRGTUQPCVTCXKGUC
PK³QU=RTGVFCRKK³RTGUFCRKK³K¡³? SWGOGFGLµFGUQTFGPCFQGNKZVNG!
8CTFCKTT©ZFJC¡ FC¡KKEJ=RTGVFGFCK¡EJFJC¡?NQJK\QXQNCT
FCR³KC¡XaKTGUDCNCTUG
CEEKFGPVCNOGPVG ,KZ FC¡OWPC¡=XCTFGFC¡DK³C¡?COCUCTOCNVTCVCT
DJCK¡ROQQLKOFC¡PCREJCOFCR³KC¡PCIW¡
FC¡OW³FJC¡XaDTGXQNXGTOGPGCT
RCTCQVTC
[C¡ZDCDCC¡%COKPCEQPEWKFCFQRCTCSWGPQ
RGTUQPC #NJK¡EJOK¡ZK³FJC¡OW³ZK¡³IW
VGTGUDCNGURQTSWGCSW¯GUV£OW[GORKPCFQ
VWKUCRO©©DCVM©¡P2QTHCXQTTGXW«NXGOG
=UWLRNFC¡PRKMKC¡RTGVFCRFC¡PRKM©
VCPVKVQRKPQNGEQPOKGN=RTGVFC¡OW³?
RTGUFC¡PRKMRWPVFCRP©MFC¡PRKM©M?
8CTFC¡OWZFJC¡5KPµPFC¡DK³FJC¡
♦FJCCRCMCFLNKUQRGNµPFGUPWFQ
♦FJCR³K¡CFLNKUQTGUDCNCFK\Q FC¡OWZFJC¡=XCTFGFC¡DK³FJC¡[FC¡OW³FJC¡?
♦FJC¡PRKMCFLTGUDCNCFK\QGUEWTTKFK\Q COCUCT
FC¡PIKC¡XaTCICTTCTUG
WPQCNQVTQ 'CIQT
♦EJWFC¡PRKMCFLTGUDCNQUQ
£TGC 
FCT=UWLRNFGFCC?2GLOK¡FCTCOCNN¯GUV£P LWOFC¡PIK³LCOLWWTCR'GLCTQK¡R©MLKZKQ¡O
UGPVCFQU8CTFCTCC LKZQQ¡#I£TTGPUGFGNCEKPVWTC[L£NGPUG#XGT
SWK«PGUO£UHWGTVG
FCTCKDW¡=UWLRNFGFCKDW¡?2GLFCTCKDW¡CO RGNGCTUG
GPVTGU¯ :KOFC¡PI©KRKOFJQPC
UGUGPVCT£P=RTGVFCTCKDW? RKODC¡EJCOVW¡DJCCPMCV©V©¡³EJWMC¡
FCTCKEJI©FC¡=UWLRNFGFCKEJI©FC¡?2GL 2WGURGN«GPUGRCTCSWG[CPQVGPICPRGPFKGPVG
FCTCKEJI©FC¡COKT£PUGPVCFQU WPRNGKVQGPVTGWUVGFGU
=RTGUFCTCKEJW¡EQRTGVFCTCKEJI©V? =RTGVFC¡PI©RTGUFC¡PI©TQFCCFC¡?
FCTUC¡=EQORNRNFGFCCUC¡?RQPGTNQU FC¡PIKC¡=EQORNRNFGFCIKC¡?CICTTCTNQU

=RTGVFCTCKRTGUFCTCCUEQPVFCTCCUFC¡? =RTGVFC¡PI©RTGUFCCFC¡RTQRFC¡PIKTC¡?
FC¡XaGUGT
EQUCPQEQPQEKFC 6W¡FC¡FJK¡PC FC¡PRCMKKDJCKUVWPC
ECRCNKUC 
DJCK¡DCOQQVQ¡FJK2WUVKK³!3W«GUGUQSWG FC¡PRKMKC¡=UWLRNFGFCR³KC¡?2GLFC¡PRKMKC¡
VTCG(CWUVKPQGPGNJQODTQ!8CTFJC¡ COUGTGUDCNCT£P=RTGVFC¡PRKM©RTGUFC¡PRKM
♦VW¡WWZFJC¡FJK¡SW«ENCUGFG£TDQNGU RWPVFC¡PRKM©M?
«UG!
FC¡PUC=RTGUFGFCCUC¡?GUEQLC
♦LKTVW¡RVW¡OFC¡EµOQGUGPTGCNKFCF!
FC¡PUCTC¡=RNFGFCCUCTC¡?OCPIQU
FGWPCU
FC¡DK³C¡XaVCOCUCTOG\ENCT
EQPCIWC 
JGTTCOKGPVCU =CRQUFC¡PUCTIC¡P?
5WTKCVO©©DCVLCRD©PMCOFC¡DK³C¡FJKVWKUCR
8CTFCFCCUCTC¡
PCDC¡ZKQ¡DMC¡/G\ENCEQPOKGNFGCDGLCGUVG
RKPQNGRCTCSWGGUV«UCDTQUQ FC¡³ZK¡³FJC¡=EQPVFGFCCZFJC¡?GUVCT
OCNVTCVCT
CPKOCN %JCOMCVWPCCFJK RCTEJCPFQ
OKKEJWPCRIW¡EJKIKKNJKOFC¡DK³FJC¡'N FC¡VC¡XaGSWGTGTOWEJQ
EQORNCPKO $CFC¡VC
ICVKVQ[CPQVKGPGICPCUFGEQOGTRQTSWG LKIW¡IWMCTDCZIWOCTCC¡P&©©NJDC
UKGORTGNQOCNVTCVCU ZK¡EJW¡P.CEJKXCSWKGTGOWEJQCUWET¯CRWGU
=RTGVFC¡DKRTGUFC¡DK³?8CTFC¡OWPC¡ UµNQCGNNCNCGUV£COCOCPVCPFQ
♦FJC¡DK³FJC¡DK³KZCFLOCNVTCVCFQ =EQORNRNFC¡PVC¡RTGVFC¡VCFC¡PVC
GPECPKLCFQ
CPKOCN  RTGUFCFC¡P?8«CPUGFJCCPFJCC¡
FC¡DK³FJC¡XaDCOCUCTOG\ENCT
EQPCIWCRCTC FC¡[C¡XaKXQNCT,CZFJWWMCVLCOVWFÀFÀÀ¡
QVTCRGTUQPC #NJK¡EJLCRZKFJC¡DK³FJCKZK IWC¡DKQPPCOIW¡V©KTDCRCK³WO!%µOQGU
 6'2'*7ƒ0Ê'52#“1. F©©PMKFJC¡

RQUKDNGSWGXWGNGPNQUCXKQPGUUKUQPFGHKGTTQ! F©ICCT=RTGVFGF©¡TC¡?JK\QJQ[Q
=UWLRNP©©P©[C¡RTGVFC¡ÀÀQFC¡CCP©KP F©©DQ³KC¡XaKUCNKTEQTTGT
N¯SWKFQ &©©DQPIW
RTGUFÀFÀ¡QFCFC¡P©P©¡EQPVFÀFÀ¡FC¡Q K¡IQMPCO©VF©¡TCMOK¡ZKLKKDCPCODC¡
FCFC¡FC¡P©P©¡FC¡? O©©DCVCKDC¡K¡[C¡PCIW¡LQKFJCOLKZOCKMCM
♦FJCK¡FJC¡CFLXGNQ\
CNXQNCT  .GGUV£UCNKGPFQUCXKCCNOCIWG[RWGU
♦FCK¡EJI©FC¡XaKKTEQTTKGPFQ
TGEKQ KT GUECTDCTQPGPNCRGPECRCTCVGPGTOKGNSWG
XQNCPFQ VQOCTRQTSWGGUV£DKGPFWNEG=RTGVF©©DQ
FÀFÀ¡=RTGUFGFC¡[C¡?XWGNC8CTFCFC¡ RTGUF©©DQP?
FÀFÀ¡FC¡=EQPVFGFC¡[C¡?GUVCTXQNCPFQ F©©F©¡=UWLRNFGF©¡?VGPGTCIWLGTQU
8CTFCFC¡FC¡ F©©F©¡PURCFTGU
FGHCOKNKC &JK¡TLK³
FKVTCCVQUTGVTCVQHQVQITCH¯C$JCLC¡MKCOLCR FJ©©F©¡PCOPCO©V[C¡DCCK/KURCFTGUUQP
ZKM©MDW¡PCRCK¡VCPQQTPCDC¡ZDJCK¡ NQUSWG[CNNGICTQP
DWWUPKC¡IWFKVTCCVW2£TCVGO£UCE£GPGNUQN PCPCU
OWLGTGURCTKGPVGUEGTECPCUSWGEWKFCPC
RCTCSWGUCNICDKGPNCHQVQ8CTFKVTCCVW WPPK³Q 
F©DCC¡XaKRWFTKTUG%JCODJCK¡CCPCRKO 5KPµPI©¡MQTC¡
DKQOC¡I©VIWVWWTPCVRWK¡OWRCK¡KCICKMW ♦F©©¡POCFTG
RCNCDTCCPVKIWC 
DCIC¡[C¡I©V!6W¡MQDPCVOK¡DCF©DCC ♦F©¡©©¡PUWOCO£
FG«NQFGGNNC 
*WDKGTCUKFQOGLQTJCDGTRTGRCTCFQNCECTPGFGN F©©MC¡XaVUCDQTGCTRTQDCT
CNKOGPVQ $©©ZKK¡IW
VQTQSWGUGEC[µGPNCNCFGTCRCTCCUCTNCRWGU [QQZIC¡PFJKVWTCUPWPCVZKL©RFJC%JCOMC
CNN¯UGRWFTKµFGDCNFG=RTGVF©DCC F©©MC¡KEJEJKDC¡OQQ5GEC[GTQPVQFCUNCU
RTGUF©¡PDCTRTQITF©DCKOEQPVF©DCKFJC¡? HNQTGUFGGUVGFWTC\PQRQTNCJGNCFCCU¯SWG[C
♦FJ©DCCNJCFLRQFTKFQ PQXCOQUCRTQDCTFWTC\PQU=RTGVF©©
F©DKC¡XaKTGITGUCT2CCRKEJFWWMF©DKC RTGUF©©MEQPVF©¡PMCFC¡?
PCRUCCMD©RVC¡PLC¡MMCQKT©FCV!%W£PFQ F©©MEJKC¡XaVUGIWKT
RQTNCUJWGNNCU &©©MEJKC¡
TGITGUCUVGFGCPFCTRQTNCEQUVC! CRIWVWWTPCRCLC¡MOCCZPCRDC¡LQVOQFC¡
PCEGT2CCFWWMF©DKCFJKOCNJKKEJWM! V©IKC¡5KIWGNCUJWGNNCUFGNVQTQRCTCSWGNQ
%W£PFQPCEKµVWPK³Q! JCNNGURTQPVQ=RTGVF©©MKEJRTGUF©¡PMKEJ
=RTGVF©DKC? TGRF©¡PMKEJKC¡?
F©DKC¡³EJWFC¡XaKRCTKTFCTCNW\$CV© F©©NJCFXUQNQ
PQCEQORC³CFQ #CRF©©NJ
F©DKC¡³EJWFCCCIWOZKKZMC¡EJCMWKCC!;C CCLKOKC¡MC¡D©©ZCCIWOMWORC³KKT!6GXCU
FKQCNW\VWJGTOCPCQVQFCX¯CPQ! UQNQQVCODK«PXCVWGURQUC!
=RTGVF©DKC¡³EJWFC?5KPµPI©ZEJWFC¡ UQNQ
UKPCRQ[Q /Q¡TCOFCCUVW¡FJKWDKKIW
♦F©DKC¡³EJW¡PFCORCTVGTC
RCNCDTCCPVKIWC  DCK¡³FJCMCTPCVWDCK¡OVW¡,QKFJCOF©©NJ
F©D©©TUVKGTTCUWGNQ
IGPGTCN )WF©D©©TLKT FCKEJW¡'UVCOWLGTVTCGGNE£PVCTQNNGPQFG
COPC³LWRFW³KC¡IWCFQQDKU.CVKGTTCGU CIWCCRQ[CFQUQNQUQDTGNCECDG\CUKPCICTTCTNQ
DWGPCRCTCJCEGTCFQDG ♦F©©NJLKTRWEJW¡OCU¯GURQTPCVWTCNG\C
VKGTTCVGTTGPQ
RGTVGPGPEKC )W¡FJK¡OK¡PC F©©NJR©ZCFXRQTU¯OKUOQ&©©NJR©ZOWK¡DC
L©¡ZMWWRLKTRCLC¡MMCOIWF©D©©T!-QTKCP O©NJEJW¡IWVTQQMC%JCOMCFCCIW
CCMC¡<CECVGECUCC!#NN¯FQPFGGUV£EGTECFQ RTGGPQUIC¡P;CXCEQTTKGPFQNCECOKQPGVCUKP
CSW«GUVCFQRGTVGPGEGGUGVGTTGPQC&WTCPIQQ EQPVTQNRWGUPQCICTTCTQPNQUHTGPQU
C<CECVGECU! F©©P=RTGUFGF©©¡PPKC¡?HWOC
=RNF©RR©TRQUF©TDC¡F©RR©T
F©©PMKFJC¡XaVEWTCT
HWOCPFQ
CRQUF©TDCIC¡PF©RR©TIC¡P?
EGTGOQPKCNOGPVG 6©F©©PMKFJCOIWOCMI©O
F©DQQTUCXKURC
FGEJCSWGVCCOCTKNNC /CKM OWLC¡MVCCVUCD2CK¡PCFWWMLC¡MI©ZKC¡PQ¡
LCEJDJKCRW¡IWF©¡PDQT,KZLCPCCK³-C¡O LQVOQFC¡MC¡DC¡IW¡LWTWW³FJC¡'N
LKOQQEJM©¡[C¡!8COQUCUCECTRCPCNGUFG EWTCPFGTQHWGCEWTCTCVKGTTCE£NKFC3WK«PUCDG
CXKURCRWGUUGOGCPVQLCP#XGTUKPQPQU UKTGITGUCT£RTQPVQQVCTFCT£
RKECP=RNF©¡PDQT? JGEJK\CT%JKCNJLC¡ROQQDJCLC¡MLK³
F©F©¡PDCNJ=RNFGF©¡PDCNJ?VKITGU FJ©©PMK¡³FJC¡IWLCTQK¡PCDC¡COR©ZLKZEJW
F©©TCR 6'2'*7ƒ0Ê'52#“1. 

MQ¡MMC¡/GFWGNGVQFQGNEWGTRQ#NQOGLQT F©TDC¡=RQUFGF©D©©T?2GLLWOF©TDC¡VW
CNIWKGPOGGUV£JGEJK\CPFQ VGTTGPQ=CRQUFGF©TDCIC¡P?
=RTGVF©©PMKRTGUF©©PMK¡³? F©TDKEJ=UKPµPFGDJKFJCC¡?XCUKLCFGDCTTQ
F©©TCRCFXUWGNQRKUQ%JCODJCK¡MQMU©¡K³ F©¡XaGVGPGTCIWLGTQ/QQLC¡RQKT©CCIW
FJKDQRVQVC¡O&©©TCRLC³DQ¡[C¡ZKD#JQTC WC¡OC¡PCDC¡R©ZLC¡ZF©©F©¡IWKKDJCK!2QT
OGXQ[CCEQUVCTGPGNRKUQRWGUPQFWGTOQDKGP CSW¯CPFCGNR£LCTQCOCTKNNQ!2QTSWGCNIWPCU
GPGUVCECOC VWPCUVKGPGPCIWLGTQU=UWLRNF©©F©¡?
CHWGTC/WF©©TCRLCRZKLKO©©LKPQ¡RLKZ
EJ©VDKO8GVGCHWGTCUKSWKGTGULWICT F©¡F©NJFJ©O=RNFGF©NJFJ©O?UQNKVCTKQU
UQNVGTQU
F©©TCRF©TCFXHWGTC
FGNCECUC &©©TCRF©TR©Z
DQ¡IWOCKOMCO%JCOOWDCRM©DC¡MEJ©T F©¡©©¡P=CRQUFGPCCP?UWOCO£8«CUGF©©F©¡P
PCIW¡EJKZKQ¡OLKZOCKO'NDQTTCEJQGUV£ F©¡PDCNJUVKITG/WLC¡RW¡ZEJ©TLKZLQK¡³IW
CEQUVCFQCHWGTCFGNCECUC[PQUGOGVG F©¡PDCNJPCQKT©FC¡PCIW¡TICOR©ZMCO#N
RTQDCDNGOGPVGRQTSWGGUV£OW[DQTTCEJQ VKITGNGIWUVCCPFCTGPGNDQUSWGRQTSWGGUFGN
F©©¡PPKC¡XaKHWOCT
RKRC )COO©L©V©F©©PFC¡ ECORQ=RNF©F©¡PDCNJ?
IW³Q¡MKZIWDKDFWK³MCTVC¡O/KV¯CUKGORTG
HWOCVCDCEQGPWPCRKRC=RTGVF©©¡PRTGUF©©P
EQPVF©©PFC¡QF©PKKFJC¡?
♦FJ©©³OWMCFLSWGHWOCOWEJQ
F©MQQCFXCRGPCUEQPFKHKEWNVCF&©MQQ³KEJ
DWWUOWF©TCMM©¡PPCIW¡IKKNJKOIÀ¡O©TIW
UWWFCK¡#RGPCUUCN¯FGNT¯QRQTSWGNNGXCDC 
OWEJ¯UKOCCIWC8CTFCMQQ F©¡PDCT=RTGUFGF©DCC¡?UGRWFTG
F©MQQ¡³FJC¡=XCTFGFCMQQ¡³FJC¡?GZKIKT F©¡PDQT=RNFGF©DQQT?CXKURCU
GUHQT\CTUG F©¡PICTUC¡=EQORNRNFGF©¡TC¡?JCEGTJQ[QU
F©NJFJ©OUUQNKVCTKQ
CPKOCN 2WK¡RLKZLC =RTGVF©¡PICTCKRTGUF©¡PICTCU?
PCCIWDJGG¡OUGTIWF©NJFJ©OU©©¡LC¡RPCLCZ F©¡PMCFC¡=EQPVFGF©©MC¡?GUVCTUCDQTGCPFQ
IWOWK¡FJ©O6CPVQCNNQDQUQNKVCTKQEQOQCNQU
F©¡PMKEJ=RTGUFGF©©MEJKC¡?UKIWGNCUJWGNNCU
SWGCPFCPGPOCPCFCNGUIWUVCEQOGTUGCNQU
=TGRF©¡PMKEJKC¡?
DGEGTTQU
UQNVGTC
RGTUQPC ,KTF©NJFJ©OCCDC¡FJK F©¡TC¡XaVCDTKT
NCVC /CC¡PLCRF©¡TC¡FJK
EJKQ¡³MC¡VWLQQ³K¡CC!'UGJQODTGGU MQ¡MQNJMWEJM©¡PVWLWIKC¡#DTGWPCNCVCFG
UQNVGTQQVKGPGGURQUC! EJKNGURCTCEQOGTLWPVQEQPNCUVQTVKNNCU
=RNF©¡F©NJFJ©O?#PVµPOWK¡FJ©O JCEGTWPJQ[Q6WWMCDLWOCC¡PC³V©F©¡TC¡
RCK¡DKDKCVCOPCDC¡ICOO©L©IÀ¡OKUW¡PMC¡
F©NJMQDCFXCUQNCU$JCLKOLK³MWWZK¡MWEJ
IWUWWFCK¡5GPGEGUKVCJCEGTGNJQ[QFGFQPFG
CNJKQ[C¡PKLC¡MZKUQRM©KF©NJMQDPCEJCO
EQLQGNCIWCO£UJQPFQRCTCSWGUKGORTGJC[C
LCTQK¡EJMÀÀMÀ¡8GPCE£V¯QRCTCSWG
UWHKEKGPVGCIWCCNN¯
JCDNGOQUCUQNCUWPTCVQUKPSWGPCFKGPQU
=EQORNRNF©¡PICTUC¡RTGVF©ICCTF©¡PICTCK
GUEWEJG
RTGUF©¡TCUF©¡PICTCU?
F©RR©T=RNFGF©D©©T?VKGTTCU=RQUF©RR©T
F©¡TOWWMUJW«THCPQJW«THCPC#CRFJQDC¡ZK
CRQUF©RR©TIC¡P?
I©¡NJFJCKFJKCNJKKPCIW¡CNJDCTF©¡TOWWM
F©TRQURFGFGUFG
NWICT 2CCRKEJFWWM 6©©¡PCVIW¡DCOWWIWF©¡©©¡PPKIWVCCVC¡P
DJCK¡LKLKKOWF©TLWOMK¡CCO!%W£PFQUCNKUVG MWEJCOMCFWC#JQTCV¼FGDGUETKCTCGUVG
FGVWECUC! DGD«[CSWGUGSWGFµJW«THCPQRWGU[CUGOWTKµ
FGFGUFG
VKGORQ $CUVCMCCDLC³KEJRCNJ©©R UWOCO£[UWRCR£VCORQEQXKXG=RNF©¡F©T
ZKDCVDKC,CPQ¡F©TLC³R©ZDCLKK¡QQ¡ MQK¡?
#PVGC[GTOGDC³«[FGUFGGPVQPEGUVGPIQVQU
FQFJKC¡XaKCNKXKCTUG
FGWPCGPHGTOGFCF t$C
8CTFJ©T
FWCCCIWOFJKZKKMPCUCCMMCZMC¡QQMMCV!
tLWRMCK¡EJIW,WCPt%JCOCCL©¡PCDC¡Z
 6'2'*7ƒ0Ê'52#“1. FWK³DJ©©[C¡

M©©¡tLWRV©KIW,QUGGt;CUGCNKXKµVWV¯C P©K¡MCTVCO#NIWPCURGTUQPCUFGLCPFGEQOGT
SWGFKEGPSWGGUVCDCGPHGTOC!tRTGIWPVµ,WCP UCNRQTEKPEQF¯CUNCUSWGGUV£PEQORTQOGVKFCUC
t2WGU[QETGQSWGU¯EQOQ[CCPFCDKGP EWORNKTEKPEQF¯CUGPGNOKVQVG
tEQPVGUVµ,QU«=UWLRNFWFWCFJKC¡RTGVFWC =RTGVFQ¡³EJQRTGUFCFQQ¡³EJQ?
FWFWCEQPVFWFWCTFC¡FWFWCFJK¡³FJC¡? FWCXaGGUVCTXKXQ2WKFWCCCIWOMWWNUK
8CTFWFJKC¡ MC¡DCOWWCC!6QFCX¯CXKXGVWCDWGNQQ[C
FQQFC¡XaVJCEGT
NQSWGUWIKGTGP t#OLK UGOWTKµ!=UWLRNFWFWC?
PCRLCK¡ZM©M©©¡DJCUKUUCRC¡IWVCDNGGVCUFJKO FWC=RTGVFGFQFJKC¡?UGCNKXKµ
DC¡CCMtLWRMCK¡EJIW#TOCCPFWt2WK¡MC
FWC¡³FJC¡XaVUCPCTEWTCT
CQVTCRGTUQPC 
VWFQQFC¡K³LKIW¡tLWRMCK¡EJIW-CUKOKKT
$CK¡³ZK¡³O©TC¡CRFJK,WNKCPIW,QUGGPCZ
t5GT¯CDWGPQSWGRQPICUQVTCUVCDNGVCUGPGN
KQ¡OLKTOCMICOPCDC¡FWC¡³FJC¡8GC
VGEJQFGVWECUCtFKLQ#TOCPFQt2WGUCU¯NQ
KPXKVCTC,QU«SWKGPGUOW[DWGPEWTCPFGTQ
JCT«tTGURQPFKµ%CUKOKTQ
RCTCSWGUCPGC,WNK£P
JCEGTFC³Q
CQVTCRGTUQPC Î#C³OQQLC¡R
XaTEQORQPGTUGCNKXKCTUG
CU¯OKUOQ 0Q¡
FWK³O©TC¡FJKEJKQ¡³IWV©VDKMCTW¡P'CPQ¡V
EJKEJCNJK¡EJVWVCC³KOIWDKK³LK³ZKMW¡
DJCCOÏLWRMCK¡EJIWCNJKKÎ8Q[CJCEGTNG
OWOOW)KQV©T$KDKC¡PCEJM©¡PR©ZLKEJ
FC³QCNLWIWGVGFGGUGJQODTG#XGTUKUG
FJWFWC¡³FJC¡*GTOCPQO¯QRQTSW«PQ
GPQLCÏFKLQGNPK³Q
XCOQUCNC%KGPGICFGN.NCPQRCTCEQORTCT
=RTGVFQQFCRTGUDWCRTQRFWK³O©TC¡?
VCPVKVQOG\ECNPCFCO£URCTCEQORQPGTPQUFG
♦RWK¡³FJQVWFQQFC¡CU¯NQJCT«
NCETWFC!
♦GCPC³R©ZLC¡RVWFQQFC¡U¯NQJCT«RWGU
=EQORNRNFWFWC¡³FJC¡RTGVFWC¡³FWFWC¡³
PCFCOGEWGUVC RTGUFWFWCFJK¡³?
FQ¡PMQPC¡XaVUQNVCTFGLCTECGT,KZDJCK¡R FWFWC=UWLRNFGFWC?2GLFWFWCCOGUV£P
OQQWC¡FC¡FJKLC¡CCPCREJCOFQ¡PMQPC¡ XKXQU
.NGXCNCQNNCEQPEWKFCFQRCTCSWGPQNCFGLGU
ECGT=EQORNRNFCFQ¡PMQUC¡RTGVFQ¡PMQ FWFWCFJKC¡=UWLRNFGFQFJKC¡?2GL
FCFQ¡PMQUCEQPVFCFQ¡PMQUFC¡? FWFWCFJKC¡COUGCNKXKCT£P=RTGVFWFWC
FQ¡³EJKFJC¡XaDFGXQNXGTGPVTGICT
CNFWG³Q 
EQPVFWFWCFJK¡³FJC¡?

$CFQ¡³EJK¡³O©TC¡K³IWMCDCKIWK¡PCVLCTQK¡³ FWFWCTFC¡=EQPVFGFQFJKC¡?GUVCTCNKXK£PFQUG
EJCK³DWK8Q[CKTCGPVTGICTGNECDCNNQCNC FWFWC¡³FJC¡=EQORNRNFGFWC¡³FJC¡?UCPCTNQU
RGTUQPCSWGOGNQRTGUVµ=RTGVFQ¡³EJK =RTGVFWFWC¡³RTGUFWFWCFJK¡³?
EQPVFCFQ¡³EJK¡³FJC¡? FWFWK³MCT=RNFGFWK³MCT?RKRCU
FQ¡³EJKFJC¡XaKFGLCTFGOCOCT,©¡M =CRQUFWFWK³MCTW¡P?
OCUCC¡PR©ZDCOCC¡PCDCFQ¡³EJKFJC¡FJKO FWFWWR=RTGVFGFW¡PRKMKC¡?UGCVCUECTQP
CNJKKEJWM!%W£PVQUOGUGUHCNVCPRCTCSWG
FWFJKC¡=XCTFGFQFJKC¡?CNKXKCTUG
FGLGFGOCOCTVWDGD«!=UWLRNFCFQ¡³EJKFJC¡
FWKUEKTWGNC$CDJCCLKOCCIWFWKOWLC¡R
RTGVFQ¡³EJKFCFQ¡³EJK?
VCVCCVUCDMC¡EJCMWKCC!0CDC¡EJCORCK¡
FQ¡³EJQ¡XaVFGLCTFGXQNXGT
CUWNWICT
KCODCVWOIC¡TCKO[CLC¡R;CGUV£P
EQORNKPCP -CDWKOWMLC³FQ¡³EJQTC¡FJK
OCFWTCPFQNCUEKTWGNCUGPVKGTTCUE£NKFCUQ
ZKKTPCO©VLK³EJCK³DWK/C³CPCXQ[CKTC
VQFCX¯CPQ!2QTSWGVQFCX¯CPQUGXGPFGPRQT
FGLCTGUVCUKNNCFGOQPVCTSWGOGRTGUVCTQP
CSW¯
UQNVCT
RCTCSWGXC[CEQORNCPKO 
FWK=RTGXFGFW³KC¡?JCEKGPFQUWEGFKGPFQ
$WKOIKFJCMLCO©VMCFQ¡³EJQIWOCKOMCO
IWK¡PCO©VMWWLWTP©MPCVRCK¡DCOV©¡³EJQ 8CTFWWLK
#NUKIWKGPVGF¯CUQNVCTQPFGNCE£TEGNCNDQTTCEJQ FWK³DJ©©[C¡XaKUGTOC[QTFQOQ
FGWPCHKGUVC
SWGGPEGTTCTQPGUCPQEJGEWCPFQ[CTGEWRGTµUW VTCFKEKQPCN ,CTQQUCRFWK³DJ©©[C¡PCRCK¡
LWKEKQ FJWWMLWORCVCCUC¡FJKPCZKDLKTFW³
FGLCTFGEQOGT
RQTWPVKGORQFGVGTOKPCFQ  DKC¡MCO!3WK«PFKEGPSWGXCCUGT
,CK¡ZEJCOCCOVCPQQNJFCFQQ¡³EJQCOIWQP OC[QTFQOQEWCPFQECODKGGNSWGCJQTCGU!
IWLC¡VMCOIWK¡PCOLKZEJCOCCOVWQK¡³RCK¡
FWK³FJC¡ 6'2'*7ƒ0Ê'52#“1. 

=RTGVFWK³DJ©KEQPVFWK³DJ©DJ©©FC¡ LKZMQ¡MLK³QNJKCCO6W¡PCVDC¡OK¡RLK³
RTQITFWK³DJ©©LKO? FJWW!6©KEJCORCK¡LCZVW¡KK¡#O¯OGFWGNG
FWK³FJC¡XaDJCEGTHQTOCT
RCTCQVTC NCTQFKNNC0QU«SW«OGRCUµRWGUPQGPEWGPVTQ
RGTUQPC /CK¡DWC³KEJIWDCK³IC¡PIW³ NCTC\µP
MWZKKT/QQ³EJKLWOCKVWEJK³KC¡PCOLWRLK³ XaTRCUCTUWEGFGT
CEVQPCVWTCN ,WRVWO
FJWK³FJC¡5GOGRGTFKµNCHWPFCFGOK MCK¡EJPCUCRIKQRLWOV©©OQ¡FJKQK¡³IC¡PMW
EWEJKNNQ5GT£DWGPQSWGOCPFGCJCEGTQVTC
NKV IW¡EJKOWK¡QKFJC¡M©¡PLKPCDC¡RWK¡DCVWO
CSWGOGJCICPQVTC  FW³KC¡&KEGPSWGUGXCCCECDCTGNOWPFQ
XaDJCEGTEWORNKT
NQSWGQVTCRGTUQPCRKFKµ  RGTQETGQSWGVCTFCT£OWEJQUC³QUCPVGUFGSWG
2WK¡RZKLCFWK³FJC¡PCOLCZLWOV©VFCMWO GUQUWEGFC
EJCOVWDJCCMQMDJCLC¡MLKEJI©©¡*C\NQCU¯ =RTGVFWWRTGUDWCRTGXFWKQFWWLK?
EQOQVGGUV£PFKEKGPFQRCTCSWGPQUGGPQLGP[ ♦LKZDJCK¡FJW³KC¡JCEGTWPHCXQT
RCTCQVTC
PQURGIWGP RGTUQPC 
XaVETKVKECT
HKIWTCVKXQ ΁,CZMWRDC¡LCZ ♦LKZM©©¡OFW³KC¡CNKUVCTUG
PCRR©ZDWKZK¡³IWOZKKZ!6CMCCDLCRRWK¡RMC ♦ICORCK¡LKOFWWUGJWOKNNµ
C¡ICPCZKCVDK¡ZKDLCRRWK¡RC¡ICPCIÀ¡VW FW³KC¡XaTJCEGTCEVWCT,CZLCRKEJLWOFWW
MWC¡ÏLWRV©VFCIWF©¡©©¡PIW'NGGPC΁2QT .WKUPCRKEJDC¡EJCORCK¡CKPCEJUCCM
SW«ETKVKECUVCPVQCVWJGTOCPQ!#[GTGUVCDCU PCDFJKRW¡I©V!3W«VGJCUJGEJQ.WKU!2QT
FKEKGPFQSWGGTCOGPVKTQUQ[CJQTCFKEGUSWG SW«PQXKPKUVG!2WGU¯DCOQUCEC\CTWPXGPCFQ
EQOGOWEJQÏNGFKEGNCOCO£C'NGPC RQTCJ¯=RTGVFWWRTGUDWCEQPVDWCFC¡
=RTGVFWK³RTGUDWKZK¡³? EQRTGVDWC¡VQDWKO©M?
FWK³MCTURKRC
FGHWOCT ,KZLQQLQK¡³PCRVW ♦LKZDJCK¡OFWWMCOLKZM©©¡RLWOFWWMCO
DWCIWFWFWK³MCTIW³MWWNUKPCUCRVWIC¡TC¡ DWGPCEQUCDWGPCQDTC
OWLC¡RMKMEJCOPCOIW¡LCUCDC¡PPCOOK FW³KKO=RTQITFGFWW?GUVCPFQGN5QN
V©F©©PFC¡IWDKD#OKCDWGNQNGIWUVCJCEGT FWR³KC¡XaKJWPFKTUG0CRCK¡FJWWMDJCK¡
RKRCURCTCXGPFGTNCURQTCJ¯NCUEQORTCPRCTC
LKEJ©¡PIKC¡PCK¡LKFWR³KFJC¡UCCNJIWLQFCK
HWOCTVCDCEQ=RNFWFWK³MCT
RCK¡PQ¡FCCDKDKCVCOPCIW¡ZD©©V%WCPFQ
CRQUFWK³MCTW¡PFWFWK³MCTW¡P?
GORKG\CNC«RQECFGNNWXKCURQEQCRQEQUGXC
FWK³O©TC¡=RTQRFGFQQFC¡?KTCJCEGTFC³Q JWPFKGPFQWPCRKGFTCEWCPFQGUV£GPWPC
FWMKKO©M=EQRTGVFGFWWFW¡?NNQX¯C EK«PGICRQTSWGGUV£RGUCFC
FWOCCNJCFXCDCLQ&WOCCNJLCRFCCUC¡FJK CVCUECTUG%JCOR©MVWOLWCPFC¡-CPWWDCU
LC¡CCPCEJCODJCK¡FJ©TLKI©©U©KLWRDCLCKMKC¡ PQ¡TV©¡PIKCMPCIW¡EJCOLCK¡EJMC¡IWLWM
2QPNCQNNCCDCLQRCTCSWGPQUGECKICFGCNN¯[UG PCIW¡PQ¡VV©KEJWDKK³QTCOIWVTQQMCOCC¡P
SWKGDTG PCLCZOWRCK¡RWRFWR³KZMC¡0QJC[VTQPEQU
EJCRCTTQ
RNCPVC &WOCCNJVWLKOO©FJK RQTSWGGP%CPQCUGP«RQECFGNNWXKCUPQ
UQURQMCNJEJCOVW¡RWK¡PCMQ¡MQNJ5QPOW[ VTCDCLCPOWEJQ[CSWGCNSWGTGTNQUVTCPURQTVCT
EJCRCTTQUGUVQUVQOCVKNNQUPQETGEGPVCPITCPFGU UGCVCUECPNQUECOKQPGU
EQOQNQUEJKNGU =UWLRNFW¡PRKMKC¡RTGVFWRFWFWWR
#PVµPVÀ¡MQD RTGUFW¡PRKM?
♦EJWFW¡PRKMCFLNQFQUQRCPVCPQUQ
FW³DKC¡MCOUOC[QTFQOQ
FGWPCHKGUVC
FWR³KC¡XaKDWEGCT/CKMLCEJFW¡PRKMRW¡
VTCFKEKQPCN ,CTQQLKTFW³DKC¡MCOZKD
OWOOW,WMV©TDJCCP5CO2TCPUKUMW6C¡O! OWOOWCNCRTGGU8COQUCDWEGCTCNN£GPNC
3WK«PGUGNOC[QTFQOQFGNCHKGUVCFG5CP RTGUC=UWLRNFW¡PRKMKC¡RTGVFWRFW¡PRKM©
(TCPEKUEQGUVGC³QGP5CPVC/CT¯C!=RNFW³ RTGUFW¡PRKMRTGXFWRP©KFW¡PRKM©K?
DKKRKC¡MCO? ♦FJWR³K¡CFLDWGPQRCTCDWEGCT
FW³KC¡XaVJCEGT
NQPGEGUCTKQ #CRLCZLC¡M FWUCCTMC¡XaKCHNQLCTUG$CFWUCCTMCIW
FW³KC¡IWOVCTGG[C¡OK¡PCRUCCMRCK¡EJCO FCCUCTIC¡PIWOWNKKP:KMCDMCFCKCR;CUG
OCCV!%µOQXCUCJCEGTVWVCTGCCNN¯FQPFGPQ CHNQLµNCOCPKLCFGNOQNKPQ#RTK«VCNCRQTHCXQT
NGGPVKGPFGU! =UWLRNFW¡UCTMC¡RTGVFWUCCTMCFW¡UCTMC
XaVRCUCT
RQTEKTEWPUVCPEKCTCTCQOCNC #C³ EQPVFWUCCTMCTFC¡FW¡UCTMCTFC¡?
 6'2'*7ƒ0Ê'52#“1. FJCFCNJZK¡³OC¡

FWWXaGGUVCTGN5QN
GPEKGTVCRCTVGFGNEKGNQ 

&J
)KKNJKOLKZEJ©DCC¡EJCOOCCZPCRCK¡DC
FWW'UV£OW[PWDNCFQPQUGUCDGSW«JQTCGU

NKVPQUGXGFµPFGGUV£GN5QN =RTQITFW³KKO
RWPVFWWM?
♦LKZFJCCOFWWMCFXCNOGFKQF¯C
=0QVC/WEJCURCNCDTCUSWGGORKG\CPEQPF
♦RCCFWWMCFXEW£PFQ!
NKVFµPFGGUVCT£
VKGPGPXCTKCPVGUSWGGORKG\CPEQPFJNCU
GN5QN! 
EWCNGUPQUGKPENW[GPGPGUVGFKEEKQPCTKQ?
FWW=RTGVFGFW³KC¡?RCUµUWEGFKµ

FWW=RTGVFGFW³KC¡?JK\Q FJCCIK¡CFLSWGUCDGCICTTCT,KZFJCCIK¡FJK
ICIQQZRWVÀ¡MQDFCIKC¡IWDJQ¡OMQZPQ¡V
FWWFWMUNCUCIWCU
TGIKQPCNKUOQ «RQECFG
OWK¡LKEJW¡PDJCK¡FJ©TLWMVC¡O'UVGRGTTQ
NNWXKCU
FGLWPKQCUGRVKGODTG $JCCPFWWFWM
UCDGCICTTCTNQUVGEJCNQVGUUKPFGLCTSWGVQSWGP
LC³OWDCLKOPC³DC©ZO©TC¡0QXQ[CKTC
GNUWGNQEWCPFQDTKPECPFGCNI¼PRKPQ
UGODTCTCNN¯JCUVCNC«RQECFGNNWXKCU
=RNFJC¡PIK¡EQRLKZ?8«CUGFCIKC¡
5KPµPV©¡PIKCM
FJCCPCFLSWGNQSWKGTGOWEJQ
EQORNCPKO 
FWWFW¡XaKNNQXGTt#OLKZFJWWFWKOVWVW¡KK¡
,QKFJCOLKZFJCCPIWDJGUGGTIW©NJK¡EJ
LKCtLWRMCK¡EJIW,WCPt5©NJMCOLKC/QQ
MCTDCZ2©ZOKC¡PDJ©KEJW¡'NEJKXKVQSWKGTG
EJKDJCK¡LKFJWWFW¡LC¡Z³KtLWRMCK¡EJIW
OWEJQCNDGEGTTQRWGUNQUKIWGOWEJQ
2GGITQt2CTGEGEQOQSWGSWKGTGNNQXGT
=RNFJCFCCPEQRLKZ?8«CPUGFJCC¡FC¡VC¡
XGTFCF!tFKLQ,WCPt&GXGTCUSWGU¯#NQ
♦ZKOFCFCCPCOUGSWKGTGP
GNWPQCNQVTQ 
OGLQTXCCNNQXGTCNTCVQtTGURQPFKµ2GFTQ
=RTGVFWW¡PRTGUFWWMRTQITFWWMKO FJCCRCMCFLNKUQ,KZFJCCRCMIWVCC¡ONC
EQRTGVFWMKKO©MRWPVFWW¡PP©M? PCIW¡ZDJCK¡LKKDKZ.CVCDNCGUNKUCRQTSWGGUV£
♦FWWMLKZDKKCNJGUV£NNQXK\PCPFQFGHQTOC DKGPEGRKNNCFC
KPEQPVKPWC[RQTRQEQVKGORQ RGNµP-CZFJCCRCMIWOC¡QQ¡PFJKCNJKK
♦FJWWMFC¡CFLSWGNNWGXGOWEJQ PCVIW¡EJCMWKDJCK¡RQIWMWWRC¡P6QFCX¯C
GUV£RGNµPGUVGPK³QRQTSWGC¼PPQNGETGEGGN
FWWLK=RTGXFGFW³KC¡?JCEKGPFQRCUCPFQ RGNQ
UWEGFKGPFQ8CTFWK FGUPWFQ,KZFJCCRCMFJKCNJKKPCIW¡
FWWMUCIWC
TGIKQPCNKUOQ NNWXKC:KDCCRCUIW EJCODKC¡IWVCCVC¡PIWVWWOK³PCM©¡P
MW¡CC¡PCEJCODC¡PPKC¡$JCK¡DCLKOIW VCC³ZKFJC¡IWLCLCPPWNJK¡³'UVGPK³QGUV£
FWWM/GVGNCNG³CRCTCSWGPQUGOQLGRWGU[C FGUPWFQRQTSWGUWRCR£PQVKGPGFKPGTQRCTC
XKGPGGNCIWC EQORTCTNGTQRC
♦FWWML©NJDK¡CKTGEQPNNWXKC =RNFJC¡PRCMEQRLKZ?8«CUGFCR³KC¡
♦FWWMV©TP©FCONNWXKCEQPVTWGPQU[ FJCC¡CFLSWGNQSWKGTGOWEJQ
EQORNKPCP 
TGN£ORCIQU &JK¡FJQZKZKKDMCOLWOUWWUCMLCRZKCCFCK
♦FWWMV©¡PIKCMMCONNWXKCVGORQTCN
GPNC -C¡RLKOQQLC¡RLKZFJCC¡CC!&GDGURQPGTVG
«RQECFGNNWXKCU  VWUJWCTCEJGUPWGXQU1PQNQUSWKGTGUWUCT
NKV
♦FWWMVWCDCRICFCONNWXKCSWGOQLCNQU QNQUSWKGTGUOWEJQ !
GPEKPQU
SWGJCEGSWGNGUUCNICPNCUPWGXCU UGTXKT
UWLKPCP %JCOLKPC³IC¡TC¡FJK³
JQLCUGPOC[Q  MCTCDKKP,KZFJCC¡K³LKIW¡OQQ0QXGPFQOK
FW¡PRKMKC¡=UWLRNFGFWR³KC¡?2GL TKHNGRQTSWGOGUKTXG
NKVNQSWKGTQ 
FW¡PRKMKC¡COUGJWPFKT£PUGCVCUECT£P =EQPVFJC¡FC¡EQRLKZ?8«CPUGFC¡VC¡FJCCP
=RTGVFWFWWRRTGUFW¡PRKM? ♦ZKOFCC¡XaGPQFCTOWEJQHTWVQ
RNCPVC 
FW¡PRKMKC¡=UWLRNFGFWR³KC¡?2GL PQOWNVKRNKECTUGH£EKNOGPVG
CPKOCN 
FW¡PRKMKC¡CODWEGCT£P=RTGVFW¡PRKM© FJCFCCP=RNFGFJCCP?SWGNQUSWKGTGOWEJQ
RTGUFW¡PRKMRTGXFW¡PRKM©K? =EQRLKZ?
FW¡UCTMC¡=UWLRNFGFWUCCTMC¡?2GL FJCFCNJZK¡³OC¡=RNFGFJCNJZK¡³OC¡?RKPVQU
FW¡UCTMC¡COUGCHNQLCT£P=RTGVFW¡UCTMC =EQRLKZ?
EQPVFW¡UCTMCTFC¡?
FJCFC¡DK³ 6'2'*7ƒ0Ê'52#“1. 

FJCFC¡DK³=RNFGFJC¡DK³?OCNVTCVCFQU LWOCC¡PC³DJCCPLK³L©RRK¡³FJC¡5GT£P
=EQRLKZ?5KPµPFJCFC¡DK³KZ ECTCUGUVCUUKNNCU!0GEGUKVQWPCFG«UVCURCTC
FJCFC¡PRKM=RNFGFJC¡PRKM?TGUDCNCFK\QU UGPVCTOG=EQRLKZ?#PVµPDCTCCV
GUEWTTKFK\QU=EQRLKZ? ♦LKZEJWFC¡TC¡GUV£PECTCU
OWEJCUEQUCU 
FJCKFJC¡CFLSWGGUDWGPLKPGVG,KZFJCK¡³MC¡ FJC¡TMCOCFLXCNKQUQ#OZKLWWIW³EJWO³K¡
K³PQ¡³ICOO©L©MCDCKEJC¡OQKT©8Q[CUGT FJQIKLKDC¡ZKDPC³KEJRCNJ©©RLKZFJC¡TMCO
DWGPLKPGVGUKUKGORTGCPFQCECDCNNQ ZKEJWUCDC¡NJ#JQTCU¯[CUGOGCECDµGN
=RNFJCTCKFJC¡EQRLKZ? FKPGTQRQTEQORTCTCNIWPCUEQUCUXCNKQUCUPCFC
♦LKZFJCK¡³MC¡UGT£DWGPLKPGVG O£U=EQRLKZ?

FJCK¡FJC¡CFLXGNQ\
CNXQNCT %JCOR©M FJKCFLGUVGGUVCGUVQUGUVCU
CTV¯EWNQ
FCK¡FJC¡FJKW¡KK¡PCIW¡EJCMWKR©MVWC¡PC¡ GURGE¯HKEQ ,KTCCRIC¡PCCFJKVTQQMCPC
'UVGR£LCTQPQGUOW[XGNQ\CNXQNCTRQTSWG [C¡PKM©©M!'UVW[CGUVCECOKQPGVCSWGGUV£
VQFCX¯CPQVKGPGOWEJCURNWOCU=RNP©©P©KFJC¡ CSW¯!
EQRLKZ?8«CPUGFCK¡EJFJC¡FC¡[C¡ GUGGUCGUQUGUCU
CTV¯EWNQGURGE¯HKEQ ,KTICK
DJCK¡PCRCK¡M©©MFJKDC¡CCM'UCECUCGUV£GP
FJCNJZK¡³OC¡CFLRKPVQOCPEJCFQ,QKFJCO WPCNCFGTC
LKZFJCNJZK¡³OC¡IWDCCMLKZEJWVWMM©¡PIKQ
LKZEJQQVQ.CXCECGUDQPKVCRWGUGUV£ FJKZKKMUV¯C
JGTOCPCOGPQTFGNCOCO£ 
OCPEJCFCFGDNCPEQ[PGITQ Î,C¡Z³KUCRDJCLKOIWOFJKZKKMPCLCK¡³
=RNFJCFCNJZK¡³OC¡EQRLKZ? RCNJDWKFJC¡PCEJVWDQQP:KEJW
QPDCK¡³FJC¡CRPQ¡V[C¡DCLKDWWUÏLWR
FJCR³K¡CFLNKUQTGUDCNCFK\Q,QKFJCOLKZ MCK¡EJIWF©¡©©¡PIW/CTKK[CÎ&KEGVWV¯CSWG
FJCR³K¡MCOVW¡KK¡FJKVCC¡ONC,QKFJCOPC³ XKGPGO£UCNTCVQRCTCC[WFCTOGCFGU[GTDCTNC
DJCCPLK³FJCKTTWZFJC¡5GXGOW[NKUCGUVC OKNRC&GDGUFCTNGFGEQOGTEWCPFQNNGIWGÏNG
VCDNCGUV£DWGPCRCTCTGUDCNCTOGGPGNNC FKLQUWOCO£C/CT¯C
=RNFJC¡PRKMK¡EQRLKZ?8«CUGFCR³KC¡ UQDTKPQUQDTKPC
JKLQFGNCJGTOCPCOC[QTFG
FJCTCKFJC¡=RNFGFJCKFJC¡?SWGUQPDWGPQU WPCOWLGT ,QKFJCOLKZEJ©DJ©KFJC¡IW³
LKPGVGU=EQRLKZ? FJKZKKM-WCTVWDCLKOEJW¡/KUQDTKPCGUOW[
FJC¡DK³CFLOCNVTCVCFQGPECPKLCFQ
CPKOCN  KPVGNKIGPVGRWGU[CEWTUCGNEWCTVQITCFQ
%JC¡RKOLWCPFC¡IWOKKEJW)KKNJKODCZ =RNFJK¡³ZKMCRQUFJKZKKMK¡³FJK¡³ZKMK¡³?
FJC¡DK³R©ZDC¡&GLGPCNICVKVQRWGU[CGUV£ FJK¡RTQP«NGNNQGNNCGNNQUGNNCU
XKUKDNG 
OW[GPECPKLCFQ=RNFJCFC¡DK³EQRLKZ? ,CTQQFC¡FJK¡PCNCDGGTM©¡PVWUCD!3WK«P
5KPµPFJC¡DK³KZ8«CUGFC¡DK³C¡ GUGNSWGGUV£VQECPFQGNXKQN¯P!
FJC¡PIK¡=RNFGFJCCIK¡?SWGUCDGPCICTTCT GNNQNCNQUNCU
XKUKDNG ,CTQQTD©PIC¡P
=EQRLKZ? FJK¡PCV[C¡ZKÀÀMD©©R©¡!3WK«PGUNCGURQUC
FJC¡PRCM=RNFGFJCCRCM?NKUQURGNQPGU FGNSWGNNGIµCSW¯JCEGTCVQ!
«UG«UQGUC«UQU«UCU«UVGGUVQ«UVC«UVCU
FGUPWFQU=EQRLKZ?
«UVQU
XKUKDNG ,KTCC³IC¡PFJQFJK¡2CCRKEJ
FJC¡PRKMCFLTGUDCNCFK\Q,KZFJCFC¡PRKM V©©!5¯«UGGUO¯Q&µPFGNQGPEQPVTCUVG!
MC¡IWLQQFCKOWLC¡RIÀ¡CMEJC¡OIWK¡PC =)TCO?8CTFK¡8«CUGFJK¡³K
UWWFCK¡EJ©TFCTMC¡PCIW¡ZOQOFQTC¡MC¡ ♦FJK¡COGNNQU
UWLCPKO 
'UV£PTGUDCNCFK\CUNCURKGFTCUGPGNT¯QITCPFG
♦LKTFJK¡IC¡PGUFG«NGUFGGNNC
NCUSWGGUV£PGPGNCIWCRWGUGUV£PEWDKGTVCUEQP
CNICU FJK¡M©¡PCFXEQP«UVGEQP«UG
NQSWGVTCG 
GUEWTTKFK\QNKUQ%JCODJCK¡OFC¡PI©IW t&JK¡M©¡PCCRKEJDC¡RWK¡I©©¡IW5GNUQPCR
DCVQQRPCZFJC¡PRKM0QUGRWGFGCICTTCTWP OK¡FJCC¡!tLWRMCK¡EJIW'NKK[CUt,©©¡FJK¡
RG\RQTSWGGUGUEWTTKFK\Q M©¡PFJQtLWRMCK¡EJIW/GVGGTKQt.G
=RNFJCFC¡PRKMEQRLKZ?8«CUGFCR³KC¡ RGICUVGC%GNUQEQPGUQSWGVTCGUGPNCOCPQ!
tRTGIWPVµ'N¯CUt5¯EQP«UVGtEQPVGUVµ
FJC¡PRKMK¡=RNFGFJCR³K¡?NKUQU=EQRLKZ?
'OGVGTKQ
FJC¡TC¡CFLECTQ,KZFJC¡TC¡CCEJKFJK EQPGUVGRTQRµUKVQEQPGUGRTQRµUKVQ/W
C¡VQZMCTPQ¡³KEJOCC¡PUCDC¡FCM!6©K³C¡O LKOKC¡CRDWK³QTIWOQ¡MKZPCRLC¡RV©©FC¡PC
 6'2'*7ƒ0Ê'52#“1. FJWOCCTCM

MCDWKOWMDJCK¡ZK³RCNJDWK¡³O©TC¡PC³VW RGTUQPCUHWOCPOWEJQ5KGORTGECTICPVCDCEQ
PCMV©OCKEJEJC¡&CKFJK¡M©¡PLC¡RLKOFCV GPWPCDQNUCFGOCPVC=RNFJ©F©©³OWM
DJCK¡RWLKOKC¡©RIKQEJCOVW¡PCROWRCK¡ EQRLKZ?8«CUGF©©¡PPKC¡
DCLKEJ©VDKC¡8GEQPVWV¯C[FKNGSWGXGPIC FJQRCTV+PFKECTGURWGUVCCHKTOCVKXC2WK¡
OC³CPCCC[WFCTOGRCTCJCEGTVCOCNGUFG FJQRLKZK¡QQDIWZOQKMIWUCCDICK¡ZKO
RWGTEQ5QNCOGPVGXCUEQPGUGRTQRµUKVQ[NWGIQ 6CODK«PGUV£PUCDTQUQUNQUSWKQVGUVKGTPQU
TGITGUCUPQVGXC[CUCSWGFCTCLWICTRQTCJ¯ CUCFQU
FJK¡OQQKPVGTL[ETGQSWG)KFJWNJQKT©FJK RCTV+PFKECCHKTOCEKµPFGNQSWGUGJC
DCCM&JK¡OQQDJCK¡FJ©T©NJKC¡'UVCXCEC GZRGTKOGPVCFQRGTUQPCNOGPVGt#CRLKZ³CCIW
CPFCGPRGNKITQFGECGTUG[ETGQSWGUGXCCECGT UCOKK!tLWRMCK¡EJIW2TKKOW!t,KZ³CCK³
FGCNN¯ FJQtLWRMCK¡EJIW,CDKCTt#VKVGIWUVCP
FJK¡³KRTQPGNNQNCNQUNCU
XKUKDNG NQUECOCTQPGU!tRTGIWPVµ2TKOQt5¯OG
GURGEKH¯EQ ,KZDJCK¡©RPCLWMMCTFC¡FJKV©OPC IWUVCPtEQPVGUVµ,CXKGT
RKOVWMWC¡IK¡³2CNJ©©RLKZLWWMFJK¡³KPC[C¡ KPVGTLRWGUt2CCRCKEJFJKOFJKMW¡CC¡
DCD©©V7UVGFGUSWGEQTVCPNG³CRWGFGPVQOCT tLWRMCKEJIW,QQTMKt&JQOWVWCD©VC¡
CNIWPCUVQTVKNNCURWGUNCUSWGGUV£PCSW¯VQFCX¯C PCEJUCCMRCK¡V©DKCRW¡tLWRMCK¡EJIW
GUV£PECNKGPVKVCU /CTICTKKVWt&µPFGXCUCRQPGTGUVCNG³C!
RTQP«UG«UCGUQ«UQU«UCU«UVG«UVCGUVQ tRTGIWPVµ,QTIGt2WGUCNN£FGDCLQFGNGPEKPQ
«UVQU«UVCU
XKUKDNGGURGEKH¯EQ &JK¡³K¡IKLCZ FQPFGXCOQUCFQTOKTtEQPVGUVµ/CTICTKVQ
PCO©©M!;GUVQEW£PVQEWGUVC! =)TCO?
CFLGUGGUCGUQGUQUGUCUGUVGGUVCGUVQU FJQ¡KK¡CFLETWFQ
CNKOGPVQ #C³ICK¡ZKOLK
GUVCU
XKUKDNGGURGEKH¯EQ -KC¡R©ZLCOUCRLKOKC¡ PC³DC¡Z³CCFJKDCMCCZEJCOVW¡ZFJQ¡KK¡
FJK¡³KDJW¡OTWZEJC¡OPC³[C¡LCWNJKZZK¡³ #O¯OGIWUVCT¯CEQOGTGUVCECTPGCUCFCPQ
#RGPCUUGXCPCKTGPGUVQUDWTTQUSWGGUVQ[ ETWFC
GPUKNNCPFQ PQDKGPEQEKFQ,CTQQVWFWWPCDC¡OQQ
=)TCO?8«CUGFJK¡ LC¡RLKZFJQ¡KK¡FJKV©OMCNJ!3WK«PJK\QGUVCU
FJK¡³ZKM=RNFGFJKZKKM?V¯CUUQDTKPQUUQDTKPCU VQTVKNNCU!2WGUPQGUV£PDKGPEQEKFCU
=CRQUFJK¡³ZKMK¡³? =EQRLKZ?#PVµPFJ©DCCNJ
FJK¡RWK¡CFXGUQGUVQ
OKUOQ #C³©NJKK¡³PCT FJWCCFLIQTFQ,C¡ROQQZFJWCFJK
U©NJMCOFJK¡RWK¡PCLCZMCK¡EJ;QETGQSWGU¯ 2CUMWCNPCIW¡EJKZDJCK¡VWMWC¡FC¡OWLC¡M
GUEKGTVQGUQ
NKVGUQOKUOQ SWGFKEG«N 6WZRCPCQKNJKO©M'UV£DKGPIQTFQ2CUEWCN
♦LCZLKTLWOFWWMCOFJK¡RWK¡SW« ETGQSWGEQO¯CDKGPEWCPFQCPFWXQGP6WZRCP
UKIPKHKECGUQ! SWGJC[UWHKEKGPVGCIWC
CTTQ[Q ,QKFJCO
DCZFJWCIWUWWFCK¡OWCMM©¡PPCVIW¡
FJ©DCCNJCFLRQFTKFQ)KKNJKOLKZF©DCCNJVW L©¡MEJKMKODCFWW¡P;CJC[UWHKEKGPVGCIWCGP
WWD[C¡/QQEJKDJCK¡RCK¡VWOWWMKZ*WGNG GNCTTQ[QRQTSWG[CNNQXKµCNIWPCUXGEGU
CECTPGRQFTKFCRQTCSW¯#NQOGLQTJC[WP =RNFJWFWCEQRLKZ?
CPKOCNOWGTVQRQTCJ¯#PVµPFJQ¡KK¡
8«CUGF©DCC¡ FJWCMCOCFLIQTFQ
RQTOWEJQVKGORQ 
,QKFJCOLKZFJWFWCMCOLCDKC¡IW,WCPIW
FJ©F©©DJCZ=RNFGFJ©©DJCZ?F«DKNGU=EQRLKZ? DCCM/QQ³EJKOCC¡PVC³KC¡PC³IC¡NJKFJC¡
FJ©F©©³OWM=RNFGFJ©©³OWM?SWGHWOCP ,WCPVKGPGXCECUDKGPIQTFCUETGQSWGXQ[C
OWEJQ=EQRLKZ? RGFKTNGSWGOGXGPFCWPC=RNFJWFWCMCO
FJ©©DJCZCFLF«DKNFGUPWVTKFQ,KZFJ©©DJCZ EQRLKZ?
R©ZDC¡FJKMCDCK)W¡EJKPCEJCOUC¡KK¡PC FJWFWC=RNFGFJWC?IQTFQU=EQRLKZ?
VW¡LWIKC¡'UGECDCNNQGUV£FGUPWVTKFQRCTGEG FJWFWCMCO=RNFGFJWCMCO?IQTFQU
RQT
SWGPQJC[\CECVGRCTCSWGEQOC OWEJQVKGORQ =EQRLKZ?
=RNFJ©F©©DJCZEQRLKZ?
FJWOCCTCMCFLFQDNCFQ
JCEKCCDCLQUWLKPCP 
FJ©©³OWMCFLSWGHWOCOWEJQ,©¡OC¡PIW #OLKZFJWOCCTCMOCC¡PIWOCCOTCIC¡PFJK
LC¡VMCOIKKNJKOLKZFJ©F©©³OWMCOLCPPWNJ [QQMPCIW¡IKKNJKOLKZKKDJCKFJC¡7PCTCOC
EJC¡OR©ZLKDWTVW¡PFC¡COIWDKD#NIWPCU
FJWR³K¡ 6'2'*7ƒ0Ê'52#“1. 

FGNCIWCECVGGUV£FQDNCFCJCEKCCDCLQRQTSWG FKNCVGUtTGURQPFKµUWOCO£
VKGPGDCUVCPVGHTWVC=RNFJW¡POCTCMEQRLKZ? 5GWUCRCTCOCPFCTEQPTGURGVQ'CROK¡FJ©T
FJWR³K¡CFLDWGPQRCTCDWEGCT#CREJCO OWLKO2CUMWCNDJCOO©DWK³QTIW³EJCVCCNJ
KCOLKZFJWR³K¡PCRLK³DJKKFJC¡OCC¡PIW³ ,C¡RLCRV©©FC¡PC³ZKD[C¡F©TP©©TC*C\OGGN
ZWWUCM!/©L©PKOCDCCCNCRTGGU6¼GTGU HCXQTFGKTCJCDNCTEQPOKV¯Q2CUEWCN&KNGSWG
DWGPQRCTCDWEGCTRCTCSWGOGUCSWGUWP NQGURGTQCSW¯
JWCTCEJGSWGUGOG\CHµGPNCRTGUC! GCIQT=UWLRNFGGGR?dEµTTCPNG
=RNFJW¡PRKMK¡EQRLKZ?8«CUGFWR³KC¡ GEJMCFC¡XaTCNKUVCTUGCTTGINCTUG:KDF©TLCEJ
FJWUCCTCMCFLHNQLQPQDKGPCRTGVCFQ,KZ ZKEJGEJMCFCKPCDC¡IW¡FCKPCEJLCZ
FJWUCCTCMFJKLCTCCTDJCK/QQEJCODJCK¡ DCROKI©KMCRDJWKOWMOK¡RWD©©[C¡0QU
CCPCRMCDMCFCKPCRVWLWCP!'UV£HNQLCNC CNKUVCOQUCJQTCRCTCSWGGPNCOC³CPCPCFCO£U
OCPICFGGUVGCTCFQ&GDGUCRTGVCTNCCPVGUFG PQUNGXCPVGOQU[PQUXC[COQU=RTGVGEJMCK
VTCDCLCT RTGUGEJMC¡P?
HNQLQPQECDGDKGP,KZFJWUCCTCOLK³CKZ GEJMCZFJC¡XaDCNKUVCTCTTGINCT
RCTCQVTC
FJKRCPVCNQQP%JCOR©MMCZFJWCK³DCMLKC RGTUQPC /K¡FJ©TLCRZK³GEJMCZFJC¡IW[WW¡
/GSWGFCPHNQLQUGUVQURCPVCNQPGURCTGEGSWG[C PCRLKZOCCV)KKNJKOLKZEJWCKFJC¡2QT
PQGUVQ[VCPIQTFQ HCXQT[CSWGV¼UCDGUCTT«INCOGGN[WIQRWGU
=RNFJW¡UCTCMEQRLKZ?#PVµPMCDMCO NGUTCURCCNQUVQTQU=RTGVGEJMCZ
FJWUCCTCOCFXHNQLQ,KZFJWUCCTCOR©ZDC³ RTGUGEJMCZK¡³?
CKZIW³ZCDWKTCZ/CLKICMOW³KEJDCM/G GGLCKPVGTLWJt/WK¡RUCRZKEJ©©¡O©TC¡IWO
SWGFCPHNQLQUNQUECN\QPGURCTGEGSWG[C ZKKZ$CZKDJ©KPCZMC¡QQMtLWRMCK¡EJIW
CFGNICE«=EQRLKZ? ,WCPt'GLCMWZDC¡OQQRWK¡R©MCCPC
FJWUCCTCOM©©MXaGGUVCTHNQLQ,KZFJWUCCTCO DCZOWWMKO!tLWRMCK¡EJIW2GGITQ
M©©MFJKRQUVK$CMIW¡IÀ¡V©F©ICCTLC³KEJ t2KFGPSWGXC[CUCXGTCVWJGTOCPQRWGUGUV£
'UVGRQUVGGUV£OW[HNQLQRWGUJKEGGNJQ[Q ITCXGOGPVGGPHGTOQtFKLQ,WCPtd7JUGT£
FGOCUKCFQITCPFG=EQRLKZ? RQUKDNGSWGOWGTC!tTGURQPFKµ2GFTQ
FJWWMFC¡CFLSWGNNWGXGOWEJQ,KZKQ¡ODCZ ♦GGLCFJQCC³LKDC¡RWK¡RWRDWCENCTQ
FJWWMFC¡PQ¡DCTV©¡PIKCM.C«RQECFGNNWXKCU SWGU¯NQJCT«
NKVWJRWGU[QU¯RWGFQ
GUNC«RQECGPNCSWGNNWGXGOWEJ¯UKOQ JCEGTNQ 
=EQRLKZ?8«CUGFWWFW¡ GGMQ=XCTFGKKMW?+PFKECKPVGPEKµPFGNNGXCTC
FJW¡POCTCM=RNFGFJWOCCTCM?FQDNCFQU ECDQCNIWPCCEVKXKFCF

JCEKCCDCLQ =EQRLKZ? GGRKPVGTLdEµTTGNG
RCTCOCPFCTEQPWTIGPEKC 
FJW¡PRKMK¡=RNFGFJWR³K¡?DWGPQURCTCDWEGCT 'GRDJCDCK¡³IW,WNKCP2CCIKLC¡MDJ©K!
=EQRLKZ? d%µTTGNGNNCOCC,WNKCP#FµPFGJCDT£KFQ!
FJW¡UCTCM=RNFGFJWUCCTCM?HNQLQU=EQRLKZ? =UWLRNGCIQT?

'  
ÀÀKPVGTL+PFKECSWG[CGUV£EQPUEKGPVGFGNQSWG
GCKPVGTLGUV£DKGPFGCEWGTFQt#C³
DJCOO©PKFJ©TMCRCZKCTO©TC¡³³CCPDWK³QT QVTCRGTUQPCNGGUV£TGEQTFCPFQt/QQROK¡DC
IW³ZKKZ,C¡Z³K³DJCK¡DCLKOtLWRMCK¡EJIW FCCUC¡V©©[CZIWOCVCKOC¡PLC¡Z³KLWTP©M
2KNKKRt'CFCKPCROQQEJCOO©©MKFJC¡ tLWRMCK¡EJIW/CTKCPCt ÀtLWRMCK¡EJIW
tLWRMCK¡EJIWF©¡©©¡Pt/CO£XQ[CRCUGCT V©©[CZt&GDGURQPGTCJGTXKTGNPKZVCOCNCN
TCVQGPNCVCTFGtFKLQ/CTKCPCCNCOWEJCEJKVC
CNN£CTTKDCEQPOKJGTOCPQ#NTCVQTGITGUQ
tFKLQ(GNKRGt'UV£DKGPPCFCO£USWGPQVG t5¯U¯U¯tTGURQPFKµNCOWEJCEJKVC
 6'2'*7ƒ0Ê'52#“1. ICCV

4GURWGUVCSWGUGWUCEWCPFQCNIWKGPNGCXKUCSWG ♦ICCDJCTCOGPUWOKNRC
EQUGEJCFQFG«NQ
XCCUCNKTWPTCVKVQt#C³OWPKMCLKKVKCPFC FGGNNC 
:KDLC³DCLKOtLWRMCK¡EJIW,WCPt À ICCIC¡XaVDWUECT,WOCC¡PC³ICCIC¡IW
tLWRMCK¡EJIW2GGITQt8Q[CNCVKGPFC DJK¡³RCK¡PCZM©©¡PCEJCOLCKMK¡PCDC¡TCO
#JQTKVCTGITGUQtFKLQ,WCPtƒPFCNG MC¡PC³LWRVWFW³KC¡IWFWFWK³MCT5G
tTGURQPFKµ2GFTQ PGEGUKVCDWUECTDCTTQFGDWGPCECNKFCFSWGPQUG
ÀÀ=RTGUFGCC[C¡?UGGPHGTOC
RCTVCRCTCRQFGTJCEGTRKRCU
ÀÀFC¡=EQPVFGCC[C¡?GUVCTGPHGTOCPFQ XaTRGPUCT
NKVDWUECTGPU¯OKUOQ /K¡RRWR
DCFCCUC¡I©VLKCIWDJCD:KOIC¡PICFC¡CR
ÀÀLK=RTGXFGCC[C¡?CNNNGICT
FJQLKCPQ¡D©©ZLKZLCK¡EJIWVW¡PCM©¡PVWO
ÀÀM=RWPVFGCC[C¡?NNGIµ[UGHWG MWC¡&GDGT¯CUJCDGTRGPUCFQSWGPQJCD¯C
ÀÀRKPVGTLdQ[Gd ÀR2CCRKEJDCO©© PCFCSWGEQOGTEQPNCUVQTVKNNCU[JCDGTRWGUVQ
5CCPVWU!d1[G#FµPFGXCUVCPCRTKUC NQUHTKLQNGUCJGTXKT
5CPVQU! =RTGVICCRTGUIC¡PICRTQRICC¡O©TC¡?
ÀKKPVGTLEµOQ!
EQOQSWGPQGUEWEJµ td ÀR ICCOFJC¡XaDRQPGTOGVGT
GPWPUCEQQGP
6W¡RDC¡ZDWC¡VO©L©QKT©PCROQQEJCOOK¡ WPCDQNUCRCTCQVTCRGTUQPC /CC¡PLCRLK³
MKQ!tLWRV©VFCIW,QUGGIW/CPQKNtd K ICCOFJC¡IWV©OMCNJ,KZRCZKCTO©TCOK³
6W¡PKCCRCC¡!tLWRMCK¡EJ©RIWK¡td1[G )KQVCOMCDWKOWM2QPOGWPCUVQTVKNNCUGPWPC
3W«GUV£UJCEKGPFQCNN¯FQPFGPQXKXGU! DQNUCRWGUOC³CPCSWKGTQKTC.NCPQ)TCPFGC
tRTGIWPVµ,QU«C/CPWGNt%µOQ!3W« RCUGCT
FKEGU!tTGURQPFKµ«N XaDRTGRCTCT
EQOKFCRCTCNNGXCTRCTCQVTC
RGTUQPC )QQMZK³ICCOK¡³IWV©OMW³DCCU
DCMWC¡³FJC¡PQ¡³COR©MDCZDJKQ¡
2TGR£TCOGCNIWPCUVQTVKNNCURCTCECNGPVCTGPGN

) ECOKPQGPECUQFGSWGVGPICJCODTG
XaDOGVGT
RCTCCLWUVCT /K¡RZKICCOFJC¡
IWLQQFCKFJKRQQUVKPCDC¡EJCOLQK³FJC¡
/GVGRKGFTCUGPGNJQ[QEGTECFGNRQUVGRCTCSWG
PQUGOWGXC
ÊICUWHaU+PFKECRQUGUKµPCNKGPCDNGRGLIW XaTCNKUVCTUG
EQUCU $KOICCOK¡³IWO
MCDCKIC¡PIW,WCPGNECDCNNQFG,WCPIWLCO D©ZEJW¡MWEJDCLKKOFC¡#NKUVCVWUEQUCURWGU
MCMDCK¡NQUECDCNNQUFGWUVGFGU=%WCPFQ [CPQUXCOQU
UGRTGUGPVCEQPWPRTGHKLQFGRQUGUKµPUWHQTOCGU =RTGVICCORTGUIC¡OK¡³?
Ê¡)TCO?8«CUGIC¡P ICCOMCTUGUVWEJGHWPFC2CCIWICOMCTW¡P
ICCUOKNRC,CTQQOK¡EJWICCOWOOWPKPC
FJKM©M©¡FCO!&µPFGGUV£GNGUVWEJGFGGUVCU
DC¡OQQLC¡RFCKVQQVPC¡PR©ZOKEJWWV!6W VKLGTCU!=RNICICCOMCTCRQUICCOMCTW¡P?
LWIKK¡³LCO©VDCMIWDCCM&GSWK«PGU ICCOW¡XaVRQPGTOGVGT
GPWPUCEQQWPC
CSWGNNCOKNRCSWGUµNQNGSWGFCPNQUVCNNQUFGN DQNUC )CCOW¡CRVQQODJCK¡OMCTFJKLWWP
OC¯\!2CTGEGSWGUGNCUEQOKGTQPNCUXCECU PCVOK¡OPWCEJCOVW¡PCRIW¡OK¡FCCOCP
=RNICICCCRQUICC¡P? ZKQKT©V2QPGNOC¯\SWGUGEC[µGPGNEQUVCN
♦IC¡TCOGPUWOKNRC
FG«NQFGGNNC  RCTCSWGPQNQUKICURKUCPFQ
ICC=RTGVFGICMKC¡?UGUGEµ
GORCECT
GPWPOQTTCN #NJK¡EJLCRDCK¡O©TC¡
ICCDJCTUOKNRC
EQUGEJCFQ 6WMCC¡O©VDCM FJK¡³KDCMWCVC¡OCUCCMEJC¡OLCRZK
OKDCCRIWDCCMLK³ICCCO#VVKKTWICCDJCT ICCOWK8GCVTCGTVCPVKVCCIWCGPGUVGDWNG[
DWCO©VPCO©VVWLWIKQ#PQEJGGPVTCTQPNCU NQOGVGUGPWPCTGF
XCECUGPOKOKNRC[UGNCCECDCTQP =RTGVICCOEQPVICCOWKFJC¡?
EQORNGVCOGPVGUGEQOKGTQPVQFQ[NCFGLCTQP ♦VWICCOVW¡GUV£RTG³CFC
WPCJGODTC 
EQOQSWGUK[CNCJWDKGTCEQUGEJCFC ICCVUCTEQ
CTOC ,KZOWOWK¡³MCVCOIW
=RNIC¡ODJCT? LC¡VMCOIWDCL©MF©TMCOUKCICICCVM©¡PLCO
LCMQ¡PFCVIWUWKUOCNJ.CIGPVGCPVKIWCUCD¯C
ICCV©T 6'2'*7ƒ0Ê'52#“1. 

VKTCTEQPHNGEJCURWGUOCVCDCPXGPCFQUCWPEQP ICIC¡DKM=UWLRNFGICDKK³?VQTEKFCU
RCTVGUFGN
CTEQ EWGTRQ =EQRLKZ?
CTEQ
KPUVTWOGPVQOWUKECN )CCVM©¡PVWO ICIC¡DKUC¡=UWLRNFGICDPC¡?2GLICIC¡DKUC¡
UCDFC¡PQ¡V©OP©¡IWZKQVCNJ%WCPFQUGDCKNC COUGNCUVKOCT£P
GNOKVQVGUGVQECEQPCTEQ
=RNICICCVCRQUICCVW¡P? ICIC¡FC¡=EQPVFGIC¡[C¡?GUVCTCUCPFQ
ICCV©TCFXGPNCOKNRC$COCIQQ³KEJPCEJV©K ICIQQZURGTTQRGTTC6À¡MQDLCRKOL©NJIC¡VW¡
RC¡EJOC¡PVW¡FJKDCMCCZPC³OWFCTUCTC¡I©V MC¡OFJKLQ¡PCOEJCOLWIKQMC¡IWIQ¡PIQZ
ICCV©T;COGECPU«FGVGPGTSWGGUVCT 6KGPFCPCNVQGUVGEWGTQRCTCSWGPQUGNQEQOCP
RQPKGPFQECTPGGPXGPGPCFCGPNCOKNRC NQURGTTQU=RNIQ¡PIQZ?
ICKUNCFGTCFGENKXG&CRP©MV©KRKCIWMCDCK
♦ICC¡PV©TGPNCUOKNRCU
DJCOO©PKICKPCRCK¡ZEJWDCC¡'NECDCNNQUG
ICC¡³FJC¡XaDDWUECT
RCTCQVTCRGTUQPC 
TGUDCNµ[[COGTQUGEC¯CGPNCNCFGTCFQPFGNC
/WPKDJC³ICCIK¡³IWDQZMCT4WUCCTKC2CC
VKGTTCGUV£OQLCFC
RKEJLC¡MDJ©K!1[G4QUCTKQFµPFGGUV£U!
$¼UECOGNCGUEQDC ♦D©©ZICKCFXRQTNCNCFGTC
ICK=RTGVFGIC¡[C¡?NQCUµ
XaTDWUECT
CWPEWTCPFGTQ ,WOQ¡ZDK¡³
OQQFJKMCZKQPCDC¡DJCK¡FJ©TMWW/QQR ICKD©©V=UWLRNFGICKMCCV?GUVCTNCFGCFCU
ZKOICC¡³FJC¡PCDC¡EJCOVW¡OFW³KC¡'U
EQUCUO£UCPEJCUSWGCNVCU 
WPCUG³CNRCTCVKSWGRQTCJ¯GUV«CWNNCPFQGN ICKEJWWV=UWLRNKPCPFGICKM©©M?GUVCT
\QTTQCU¯SWGFGDGUDWUECTCWPEWTCPFGTQRCTC NCFGCFCU
EQUCUCNVCU 
SWGPQVGRCUGPCFCOCNQ
=RTGVICC¡³RTGUICCIK¡³? ICKI©ZKC¡XaKNCFGCTUG
DWNVQQECTIC /WPK
MC¡PICKOCI©KIW³DJKK³QTVCMCCDPC³DJCK¡
ICDKK³CFLVQTEKFC
WPCRCTVGFGNEWGTRQ %JCO MCVWDJKK³QTOCCEJWVC¡O2QTCNN£GPNC
DJCK¡PCLCZDCOIKC¡IW³MWWNUKPCIW¡Z NCFGTCUGNCFGµOKECTICC[GTEWCPFQNCXGP¯C
ICDKK³IWVQQPC¡P0QRWGFGNGXCPVCTUGOK ECTICPFQGPGNOCEJQ=UWLRNICKUWWNJIKC¡
CDWGNKVQRQTSWGUGVQTEKµGNRKG RTGVICKI©KICKUWWNJ?
=UWLRNICIC¡DKMEQORNRNIC¡DKMEQRLKZ?
ICKIWIWWM=UWLRNCPKOFGICKM©©M?2GLICK
ICD©©NJCFXRQTWPNCFQ
FQPFGPQJC[ECOKPQ  IWIWWMCOGUV£PWPRQEQCICEJCFQU
)CD©©NJLC³DJ©©[C¡PCOEJCODJCK¡ZK³
³©K¡³FJC¡IWLC¡VMCO/GXQ[RQTWPNCFQRCTC ICKMCCVXaGGUVCTNCFGCFC
EQUCO£UCPEJCSWG
SWGPQOGXGCNCIGPVG CNVC 5©NJLCRFCCUC¡FJKLC¡CC2CPCCUICK
MCCV2QPICNCQNNCFGTGEJCRCTGEGSWGGUV£
ICDPC¡XaTNCUVKOCTUGVQTEGTUG
RCTVGFGNEWGTRQ  NCFGCFC=UWLRNICKD©©V?
%JCODJCK¡PC³LCZLKOKC¡PCIW¡IKKNJKOLKZ
MQ¡MIW³EJQQ³PCVLWOICD,CTQK¡PC³DC¡ ICKMCOUXKIC$CCU©¡PLCRZKFJCCUC¡ICKMCO
WOWC¡³FJC¡PC³U©NJ³KFJC¡!0QRWGFQ VC¡OFJKUC¡WCPCPUCRCK&QDNCNCEQDKLC[
ECOKPCTRQTSWGOGFWGNGGNRKGSWGOGNCUVKO« RQPNCGPEKOCFGGUCXKIC=RNICICKMCO?
#SWK«PRWGFQCEWFKTRCTCSWGOGNQEWTG! ICKM©©MXaGGUVCTNCFGCFC
EQUCCNVC GUVCTWP
=UWLRNICIC¡DKUC¡EQORNRNIC¡DKUC¡RTGVICD RQEQCICEJCFC
RGTUQPC )CKM©©MFJKWWZ$CM
IC¡DKUCRTGUICDKKUIC¡DKU? IW¡ZKQ¡OL©DVWMCC¡'UV£NCFGCFQGUVGRCNQ
ICICC=RNFGICC?OKNRCU RWGUJK\QOWEJQCKTGCPQEJG=UWLRNCPKOICK
IWIWWMUWLRNKPCPICKEJWWV?
ICICCM=RNFGICM?UGEQUHNCEQU=EQRLKZ?
ICK³DW¡XaKTCUECT
EQPNCUW³CU $JCOO©PKVWC
ICICCMOW¡=UWLRNFGICMOW¡?2GL D©VC¡VWICK³DWCOIWVCVMCTWK¡VWIC¡PICCO
ICICCMOW¡COGPHNCSWGEGT£PCFGNIC\CT£P PCOVW¡LWIKC¡#NN£FGDCLQFGNGPEKPQGUV£P
=RTGVICICCMOWRTQITICICCMOWKO? TCUECPFQNCUICNNKPCURWGUCPFCPDWUECPFQCNIQ
ICICCOMCT=RNFGICCOMCT?GUVWEJGUHWPFCU SWGEQOGT=RTGV[RTGUICK³DW?5KPµPIQQVC¡
ICICCV=RNFGICCV?CTEQU ICKUWWNJIKC¡=UWLRNFGICKI©ZKC¡?UGNCFGCT£P
ICICKMCO=RNFGICKMCO?XKICU =RTGVICKUWWNJ?
ICK¡ZKO=TGUFGIC¡[C¡?CUCFQ8CTIC¡KKZ
 6'2'*7ƒ0Ê'52#“1. ICPCK¡

ICMCFLUGEQ,K³DJ©K¡³O©TOCC¡PIWMW¡CC¡ ICOCK¡CFXCFGNCPVG
FKUVCPEKCNCTIC #CRK¡O
LCZEJW¡OPCZICMPCDC¡LQQVQOO©©[C¡FJK ICOCK¡DCLKOFC¡CCEJICVWWMOWLKKO
VCK8G[VT£GOGNCNG³CSWGGUV«O£UUGECRCTC 7UVGFGUX£[CPUGCFGNCPVG[PQUQVTQUXCOQU
SWGRTGPFCT£RKFQNCNWODTG FGURW«U
HNCEQ,CZMWRDC¡LC¡ROQQZICM!6WOCK C³QSWGXKGPG
GORKG\CEQPNC«RQECFGNNWXKCU 
CC!2QTSW«GUV£UVCPHNCEQ!6GGPHGTOCUVG! t,CZMWRKEJDC¡EJCOMC©KIWDJCD!tLWR
=RNICICCMEQRLKZ?#PVµPDCC¡ MCK¡EJIW,WCPt%JCOFJQMC©K³KEJZKD
♦EJWICMCFLUGEQ
£TGCQEQPLWPVQFG )COCK¡EJKDC¡LKCPC³DC¡IKQRDC©ZKC¡tLWR
EQUCU  MCK¡EJIW2GGITQt2QTSW«PQUGODTCUVG
ICMKC¡XaKUGECTUG
CIWC %JCOIC¡M©IW HTKLQNCJQTC!tRTGIWPVµ,WCPt2WGUU¯[CPQ
UWWFCK¡[C¡FJKCMICOO©L©O©TFC¡UKC UGODT«CJQTC#XGTUKRCTCGNC³QSWGXKGPGNQ
VCCDJCMLC¡MPCIW¡UCDCTDKDKC¡DJ©L©RCK¡ UKGODTQQVTCXG\tEQPVGUVµ2GFTQ
FJ©TPCDJCO©T'UVGCTTQ[QPQUGUGECVQFQGN ICOCLC¡MCFXO£UCNN£+KMW³OQQCNJK¡EJZK
VKGORQEQTTGGNCIWCCWPGP«RQECFGUGSW¯C LCK³CKFJKMKKUPC³M©¡PVWLWIKC¡ICOCLC¡MDQK
RQTSWGXKGPGFGWPOCPCPVKCNITCPFG EJC¡O8Q[CEQTVCTNGWPRGFC\QCGUVGSWGUQ
UGECTUG
EQUCOQLCFC $JC¡³KLC¡RLCRZK RCTCEQOGTGPGNECOKPQ
NKVO£UCNN£GPGN
L©NJIC¡FJKOMWVWWPOKC¡PVCKMQDMWICMKC¡ ECOKPQ 8CTICOO©LC¡M
%WGNICVWECOKUCEGTECFGNCNWODTGRCTCSWGUG ICO©TFCVCFXUKPTC\µPCNIWPCEQOQUKPQ
UGSWG RCUCTCPCFC%JCODJCK¡CCPCROQQLCPQ¡
UGECTUG
RNCPVC /K¡FJ©TLCRMC³ OWK¡RWLKOKC¡I©VPCO©VLCZRWOV©©¡P!#CR
DCRIKZK¡³FJC¡FJK¡³K³©¡©©ZPCEJCOICMKC¡ FCKICO©TFCVFCC0QUGT¯CDWGPQSWGHWGTCU
2QTHCXQTTKGICOKURNCPVCURCTCSWGPQUG FGKPOGFKCVQEWCPFQVGFKICPCNIQ!6¼PCFCO£U
UGSWGP VGSWGFCUUGPVCFQCNN¯EQOQUKPQRCUCTCPCFC
=RTGVICCRWPVICM©©MEQPVICMKKFJC¡?
ICOO©L©CFXUKGORTG%JCOIC¡M©[C¡IW
ICMKK¡³FJC¡XaVUGECT
EQORNKPCP t6W¡R UWWFCK¡)COO©L©O©TFC¡#SW¯PQUGUGECGN
LCZDWC!tLWRMCK¡EJIW,WCPt#C³[C¡V©K CIWCUKGORTGEQTTG
VWICMKK¡³FJKOFJK³LCLCPPWNJPCZEJWDCC¡ O£UCNN£
NGLQUPQUGXG #NJK¡EJLCRLK³
tLWRMCK¡EJIW2GGITQt3W«JCEGU! EJWKURKFJC¡PC³WC¡FC¡,WMV©TLC¡MPC³
tRTGIWPVµ,WCPt'UVQ[VTCVCPFQFGUGECTOK DCRICKFJCVZKK¡KKFJCVICOO©L©D©©ZDQK2QT
TQRCRWGUGUV£DKGPOQLCFCtEQPVGUVµ2GFTQ HCXQTJC\OGWPRQEQFGRKPQNGRCTCNNGXCTC
XaTUGECTUG
EQORNCPKO :KOICMKK¡³FJCKR 5CPVC/CT¯CRWGUNQRWGFQOQLCT[VQOCTGPGN
FJQ-C¡OQQLC¡REJCOL©©¡OCRCCPCRLKZ ECOKPQ
NKVO£UCNN£GPGNECOKPQ 
DCC¡!d5«ECVG0QVKGPGUHT¯QRQTGUVCTOQLCFQ! UKPFGUVKPQUKPTWODQ6WRWNJLCROC³KCVFC¡
=RTGVICMKK¡RTGUICMKKIK¡³? FJKMCDCK,C¡ROQQICOO©L©R©ZLKOO©FC¡
ICMOW¡XaKGPHNCSWGEGTUGCFGNIC\CTUG)À¡RVW #EµTVCNGNCOCPGCCGUGECDCNNQRWGUECOKPCUKP
MWC¡FC¡%JCCIQPCREJCOKQ¡OICMOW¡&©©NJ TWODQ
MCVLCRRWZICMIW¡&GDGUEQOGTOWEJQ ICOR©ZCFXECORQ
FQPFGPQJCDKVCPCFKG #C³
5CPVKCIQRCTCSWGPQCFGNICEGUO£URWGU[C DJCOO©PKV©©ICOR©ZOCC¡PIWPCPMCIKC¡
GUV£UOW[HNCEQ=UWLRNICICCMOW¡ ,CTQK¡EJKDKRKC¡FCODJCK¡OCK¡DWC;Q
RTGVICMOWICICCMOWRTQITICMOWKO GPEQPVT«WPCTGVGGPGNECORQRQUKDNGOGPVGNQ
ICICCMOWKO? RGTFKµWPCRCUVQTC
ICMQQNJCFXRQTWPNCFQ
FGUXKCEKµP %JC¡ROK ICPRCTV+PFKECSWGUGNNGXCCECDQWPCCEVKXKFCF
LCFCCODJ©DJ©©FC¡FJK¡PCOOK¡DQQDQM UKPPKPIWPCTC\µP%JC¡RICPV©VDKCFC¡FJK
)CMQQNJLCRDJ©©[C¡0QRCUGURQTGPEKOCFG OKKEJW)KKNJKOFC¡DK³CR0QLWGIWGUEQPGUG
NQUSWGGUV£PCNN¯CEQUVCFQU8GVGRQTWPNCFQ ICVQRQTSWGNQOCNVTCVCUOWEJQ
ICOEQPL[
EQUCUFGNCOKUOCENCUG ,QQFCK ICPCK¡CFXRCTCCNN£[RCTCCE£,KZL©IKCTCC
D©RVC¡QK¡³MC¡COIWPCPMCU©TICO FJKOMCDCK¡PCROK¡DWTPCDC¡OQQCO
LCLQ¡MQTCK¡.QUCNCETCPGU[NCUCTC³CUXKXGP ICPCK¡QKT©PC³OKC¡PZKC¡L©!6QFCX¯CGU
FGDCLQFGNCURKGFTCU=)TCO? DTQPEQVWECDCNNQSWGGUV£COCTTCFQCNN¯!RWGU
ICVWWM 6'2'*7ƒ0Ê'52#“1. 

ECOKPCRCTCCNN£[RCTCCE£EWCPFQOGCEGTEQC QVTCRCTVGRCTCSWGPQUGOG\ENGPEQPNCU
«N PWGUVTCU=EQRLKTUGRTGUGPVCFGURW«UFGWP
ICVWWMCFXCN¼NVKOQFGURW«U#CRD©©R©¡VW RTQPQODTGQWPPQODTGRTQRKQ?8«CPUGÊICÊ¡P
LWIKC¡PCRIW¡EJCOLQK³K¡CC³DC¡ICVWWM ♦LKT,WCPIC¡PGUFG,WCP
PC³IW¡ZLQK³K¡6¼SWGEQOGUFGURCEKQEQOG IC¡PIC=RTGUFGICCIC¡?NQDWUEC
RTKOGTQ[[QFGURW«URQTSWGEQOQT£RKFQ IC¡TCVW¡XaVXGPFGT
UGIWKFQ #KZKOPCRMC
ICVWWMF©TCFXCVT£U#CRK¡OD©©R©¡F©T ZKOP©©TC¡PCOMCZKOWK¡FJC¡FJKMCMCTDCZ
FCTCKEJI©FC¡CCEJDC¡ICVWWMF©T7UVGFGUUG #CRIW¡OQQLC¡RVWIC¡TCVW¡&GDGUGURGTCTC
UKGPVCPCFGNCPVG[PQUQVTQUPQUUGPVCOQUCVT£U SWGUGOWNVKRNKSWGPGUVCUEJKXCURGTQV¼NCU
FGVT£UFG
UWLCPKO /CC¡PIWOCC¡PMCO SWKGTGUXGPFGTGPUGIWKFC
ICVWWMF©TLK³QKFJCVLKZDKKLQQFCKM©¡PDJC³ SWGTGTNNGXCT
GNFKCDNQOQFKUOQ 0Q¡RKO©V
OC¡[CUKO,CZPCDC¡RLK³©NJKK¡³!7PC DJC³FJCC¡³FJKVCMCCTWK¡MWEJVWLKFJQQTC¡
RGTUQPCXGP¯CFGVT£UFGO¯VKT£PFQOGRKGFTKVCU $JCLC¡MLK³IC¡TCVW¡6©©¡PCLCZR©ZLKK³CM
5CDGSW«RGPUCT¯CFGO¯! MCCV2QTSW«PQOGJCEGPGNHCXQTFGCICTTCT
ICVWWMMCOUGN¼NVKOQNC¼NVKOC
GPPCEGT  NCICNNKPCRCTCJCEGTECNFQ!/GGUV£EQNOCPFQNC
GNOGPQTNCOGPQTt#CRCCOCCULKTIÀ¡! RCEKGPEKC
NKVGUV£JCEKGPFQSWGOGNNGXGGN
tLWRMCK¡EJIW,WCPt%JCO#C³LKTICVWWM FKCDNQ RWGUGUV£ECPVCPFQOW[UGIWKFQ
MCOtLWRMCK¡EJIW2GGITQt6¼GTGUGNO£U =RTGVIC¡TC?
ITCPFG!tRTGIWPVµ,WCPt0Q[QUQ[GN¼NVKOQ IC¡TC¡XaVXGPFGT+KMW³OQQVWIC¡TCTC¡IW
tEQPVGUVµ2GFTQ MCMCTDCZ+¡IQMEJCO-CVLC³EJKL©¡MOK¡RDC
CFL¼NVKOQt%JGGPFQLCZ³KCCR©MUCCM V©IKC¡8Q[CKTC*WGLWSWKNNCCXGPFGTEJKXCU
V©©¡IWICVWWMMCOOCTCC¡PIW#TPWNRQ! 1LCN£SWGQDVGPICUWHKEKGPVGFKPGTQ
tLWRMCK¡EJIW/KNKVQQPt&JQIKPC³LWO =RTGV[RTGUIC¡TC?
CCIK¡³D©©R©¡FJQUCR/GTGLKNFQtLWRMCK¡EJ IC¡[C¡XaVCUCT$©©R©¡RKOZKIC¡LKFJK
IW%JGGPFQt4QUGPFQEµOQUGNNCOCGN DJQ¡OMQZPCRKODC¡DCLKFJQQTC¡&GDGP
¼NVKOQJKLQFG#TPWNHQ!tRTGIWPVµ/GNKVµP CUCTGNVGEJCNQVGCPVGUFGEQEGTNQGPCIWC
t;CVGFKLGCPVGUSWGUGNNCOC/GTGIKNFQ =RTGVICKRTGUIÀ¡EQPVICIC¡FC¡TGUIC¡KKZQ
tEQPVGUVµ4QUGPFQ ICK¡ZKO?
#PVµPD©©R©¡MCO
IÀIÀ¡FC¡=RNFGIÀ¡FC¡?FGFQURWNICTGU
ICZDW¡XaVRGKPCT
CQVTCRGTUQPC $JC³ IÀ¡CFLOWEJQ
ECPVKFCF 6WVCC³O©TC¡K³IW
DJ©K¡³FJKICZDKMCTPC³M©¡PICZDW¡FJKCNJKK
O©©DCVOW³MWWNUKDWKPCIW¡EJKOQQIÀ¡OK
6T£GOGGUGRGKPGRCTCRGKPCTCNPK³Q
DKC¡PCVIW¡MKC¡R©ZV©DJ©KTCMOWLC¡R
XaTRGKPCTUG$JCK¡ZK³ICCIK¡³IWICZDKMCT
DCRCCRCKEJC¡O8Q[CKTCEQORTCTNGOKGNC
MW³M©¡PLK³ICZDW¡$¼UECOGWPRGKPGRCTC
OKCDWGNQRWGUUGIWTCOGPVGVKGPGOWEJC
RGKPCTOG
RQTSWGCECDCFGVTCGTNCFGNQURG³CUEQU
=RTGV[RTGUICZDW?
IÀ¡CFLITCPFG
VCOC³Q )À¡³OQQRFW³KC¡
IC¡DKM=EQORNRNFGICDKK³?VQTEKFCU
RCTVGUFGN
MKC¡OCC¡PIWDC¡CCMPCDC¡OWK¡OK¡EJCKZ
EWGTRQ =EQRLKZ?
MC¡PCEJDQRRQFC¡8Q[CJCEGTWPCECUC
IC¡DKUC¡=EQORNRNFGICDPC¡?NCUVKOCTUG ITCPFGRCTCSWGSWGRCOQUOWEJQURCTCFQTOKT
=RTGVIC¡DKUCRTGUIC¡DKU? ITCPFG
CNVWTC ,KTIÀ¡DCMLKCFJKQKFJC¡PC
IC¡NJKFJC¡XaDXGPFGT
CQVTCRGTUQPC /CC¡P DJCOO©PKFCC'PVQPEGUU¯GUITCPFGGNEGTTQ
LCRUCRIC¡NJKFJC¡IW³ZKKZIWMCDCK/K SWGGUV£CNN£
JGTOCPQSWKGTGSWGNGXGPFCUWPECDCNNQ =RNIÀ¡IÀTEQRLKT?
=RTGVIC¡NJK? IÀ¡=RTGUFGIC¡[C¡?NQCUC

IC¡ODJCT=RNFGICCDJCT?OKNRCU
EQUGEJCFCU  IÀ¡CMUT¯QITCPFG)À¡LKOIWUWWFCK¡OWIÀ¡
IC¡OK¡³=RTGUFGICCOFJC¡?UGNQOGVG CMEJC¡OPCVIW¡OWK¡VCPQQNJDCFWW¡P
IC¡PRQUR+PFKECRQUGUKµPCNKGPCDNG)COO©L©LC¡M 'UV£ETGEKFCGNCIWCCNN£FQPFGGNT¯QGUV£ITCPFG
ZKLCUCC¡PFJKLCK¡MCMCTDCZPCOEJCOLWO RQTSWGJCNNQXKFQRQTOWEJQUF¯CU=RNIÀ¡IÀT
D©PVC¡IWTCCEJIC¡P.NGXCGUVCUQVTCUEJKXCUC C¡CM?
 6'2'*7ƒ0Ê'52#“1. IKQFC¡

♦IÀ¡CMEJC¡OGPGNT¯QITCPFG /CT¯C!#PVµPCNJK¡EJLWOFWWMCORCNJ©©R
IÀ¡EJK¡©©¡UGUVTGNNCFGNCOC³CPC
NKVGUVTGNNC LWOFWWMCO
ITCPFG  IÀ¡VCCVUCDWGNQ$JCK¡ZKDJCK¡³O©TIWIÀ¡O
IÀ¡FC¡UFGFQRWNICT
OCPQQRKG 6©KR©©IW³ VCCVMWDC¡VWLWIKC¡8GCNNCOCTCVWCDWGNQ
IÀ¡FC¡PCVOKI©KIWDCK³FJCUPC³MCVW RCTCSWGXGPICCEQOGT=CRQUIÀ¡VCCVC¡PQ
MW¡CC¡FCKIW³ZWWUCMR©Z©©;COGTQOG IÀ¡IÀTVCVCCV?5KPµPMWWNUK
EQTVQGNFGFQFGNRKGEWCPFQUGEC[µGNJCEJC ♦IG¡³EJCCVOKCDWGNQ
OKGPVTCUJCE¯CNG³CRGTQPCFCO£UUGEQTVµGN IÀ¡VCPQQNJUF¯CNCTIQ
XGTCPQ #PVµPCNJK¡EJ
JWCTCEJG=RNIÀIÀ¡FC¡CRQUIÀ¡FCIC¡P? EJCPQQNJ
IÀ¡F©¡©©¡P=CRQUFGIÀ¡PCCP?UWCDWGNC ♦)À¡6CPQQNJ%JC¡O,WGXGU[8KGTPGU
=RNIÀ¡IÀTF©©F©¡P? 5CPVQ
IÀ¡MCOUCWVQTKFCFRGTUQPCKORQTVCPVG,KT IKC=RTGVFGIK¡CC¡?NQNC\µ
IÀ¡MCOIW³MWWNUKPCO©VIW¡OWK¡FJ©VOCCR IKDWWNJMCFC¡XaVEKPEJCTEQTVCTWPCPKNNQ
GP
LWOLWORCFCMOKFJCK,WMV©T/KCDWGNQGU NCEQTVG\CFGWP£TDQN 'CPC³ZKIKDWWNJMCFCK
CWVQTKFCFRQTSWGNQPQODTCTQPGPWPCCUCODNGC FJK¡³KVWCMW³[C¡V©©ZKC¡ICOCK¡8Q[CEQTVCT
GP5CPVC/CT¯CFG1EQV£P WPCPKNNQGPNCEQTVG\CFGGUVGGPEKPQRCTCSWG
LGHGLGHCRCVTµPRCVTQPC/K¡³KM©©MIW RWGFCVWODCTNQ[UGODTCTCSW¯GNC³QSWGGPVTC
IÀ¡MCOPCRUCCMLKZ³KQ¡MFJCO#NN¯GUV£GN =EQORNRNIK¡DWNJMCFC¡RTGVIKDWWNJMCK
LGHGUKSWKGTGUJCDNCTEQP«N IK¡DWNJMCKRTGUIK¡DWNJMC¡P?
=RNIÀ¡IÀTMCOEQRLKT? IKFJWWNJCFXRGNKITQUQTKGUIQUQ
ECOKPQ 
IÀ¡MCOVC¡XaKTGEKDKTWPRWGUVQ
RQN¯VKEQ Î,CO )KFJWWNJDJ©KZIWDQKOCC¡PMCROK¡FJKD©©Z
RCNJDWKFJC¡K³LKUKCVW¡PCR©ZDJCCPLC¡RLK ICK'NECOKPQGUV£OW[RGNKITQUQGPWPCRCTVG
PQ¡³OQQDC³IÀ¡MCOVC¡I©VÏLWRMCK¡EJIW GPFQPFGRCUCRQTGUVQUDCTTCPEQU
MCPFKFCCVWÎ5¯NGUC[WFQEQPNQSWGUGC IKFJWWNJMCFC¡XaVEQTVCTWPCOWGUEC
GPWP
UKGORTG[EWCPFQOGFGPGNRWGUVQÏFKEGGN £TDQN 2CNJ©©RLCRZKIKFJWWNJMCFC¡FJKWWZ
ECPFKFCVQ=RTGVIÀ¡MCOVCRTGUIÀ¡MCOVCT? PCDC¡EJCOLWRPKC¡IWDCK³WOV©TDK³PCEJ
IÀ¡MCPWWDUDWSWGPCXG ICOCK¡LKEJ©©O©NJKC¡%QTVCWPCRGSWG³C
IÀ¡MKKEJCOUEKWFCF,WRMCK¡EJFJC¡COIW OWGUECGPGUVGVTQ\QRCTCSWGPQUG\CHGNC
LC¡VMCOPCUCRLKZM©M©©¡V©D©©VMC¡DJCOO© ECFGPCEWCPFQNQCTTCUVTGOQU
LC¡RLWLW¡³FJCTCOIWIÀ¡IÀTMKMKK&KEGNC =RTGVIKFJWWNJMCKEQPVIKFJWWNJMC¡PFC¡?
IGPVGSWGGPNCUCHWGTCUFGNCUEKWFCFGUJC[ IKIKC¡=RTGUFGIK¡CC¡?NQNC\C
OWEJCUEQUCUDWGPCU=RNIÀ¡IÀTMKMEJCO? IKKIKC¡=EQORNRNFGIK¡CC¡?NC\CTNQU
8CTIÀ¡MKK IKKIKQ¡=RNFGIKQ¡?ITCUKGPVQU=EQRLKZ?
♦IÀ¡TMKKEJCOGUEKWFCF
IKKIKQ¡=RNFGIKQQ¡?RNCPQU=EQRLKZ?
IÀ¡PCCPUCDWGNC6CMCCDM©©[CUCIWOCCEJW¡
IWIÀ¡OPCCP%JCOOCCV©¡PQ¡FQFJKC¡MC¡ IKKNJKOCFXOW[)KKNJKOLKZO©NJFJC¡IW
DC¡IW¡PQTIKC¡#[GTGNOCEJQRCVGµCVW MCDCKL©IKCTWOPCEJKEJV©KRWRIKIKKO©M
CDWGNC[PQUGUCDGUKXCCXKXKTQPQ %JCOL©¡ZMCVIKCEJKEJ'UOW[NKIGTQGN
=CRQUIÀ¡F©¡©©¡PIÀ¡IÀTF©©F©¡P? ECDCNNQDTQPEQSWGVTCVCOQUFGNC\CTRQTSWGPQ
5KPµPCDWKN NQITCOQUNC\CTNQ
♦IÀ¡³³CCPOKCDWGNC IKQEQPL[VCODK«P;C¡UCRVWOIC¡TCD©ZEJW¡
IÀ¡RLWOFWWMCOUITCPEQUC,WOMWWRC¡ MCM³K¡ICOTKUDJWUIKQUCRDCNCU©R&KEGP
COFJQPQ¡RKEJIÀ¡RLWOFWWMCODJCCPLWO SWGCSW¯XGPFGPOWEJCUEQUCUEQTVGUTGDQ\QU[
WC¡VWNJ-C¡VW¡IKEJKDC¡M©¡PRWK¡DJCVWO VCODK«PECTVWEJQU=)TCO?
LQQEJZK¡³LKIWZMCK¡OWF©T,WMV©T!6GXCPC IKQFC¡URCNQOCQEQVGTC/WPKMC¡PLC¡RDC
GPECTEGNCTUKJKEKUVGWPCEQUCOW[OCNC
NKVUKVG FCK¡EJW¡OCC¡PIWIKQFC¡$JCK¡RCK¡I©VZK
RGECUVGRQTOGFKQFGWPCITCPEQUC 2QTSW«VG FJCKDW¡MWEJOCK¡³³CKLKDWC¡PCEJIC¡[C¡
OCPFCNNCOCTGNIQDGTPCFQTVTCFKEKQPCNFG5CPVC 2QTCJ¯XCXQNCPFQWPCRCNQOCQEQVGTC1LCN£
IKQQ¡ 6'2'*7ƒ0Ê'52#“1. 

SWGUGRCTGEGTECRCTCSWGNGRQFCOQUVKTCT[ UQNVµ=EQORNRNIKKIKC¡RTGVIKCIKKIKC
RQPGTNCCCUCT RTGUIKIKC¡RWPVIK¡CCMIKKIKCM?
IKQQ¡CFLRNCPQ/WOOWPCRCK¡ZIKQQ¡Z IK¡DWNJMCFC¡=EQORNRNFGIKDWWNJMCFC¡?
LQK³FJC¡PCQKT©FC¡IWVWWT#NVQTQNGIWUVC EKPEJCTNQU
GPNCEQTVG\CFGWP£TDQN 
CPFCTCNN£FQPFGGUV£RNCPQ=RNIKKIKQ¡ =RTGVIK¡DWNJMCKRTGUIK¡DWNJMC¡P?
EQRLKZ? IK¡MCMCFLUCDTQUC
HTWVCQXGTFWTC ,QKFJCOLKZ
IKQRCFXQVTCXG\
FGURW«UFGCNI¼PVKGORQ  IK¡MCMIWKOCKLKFJQQTIWZMCCRCM'UOW[
2CCRKOFWWMIKQDJCK¡RDCRCZKCT!%W£PFQ UCDTQUCNCECNCDC\COCFWTCJGTXKFC=EQRLKZ?
XKGPGPQVTCXG\CXKUKVCTPQU! I©D=RTGUFGI©©¡DKC¡?NGRGIC
FGPWGXQ
FGURW«UFGRQEQVKGORQ /CKMLCEJ
I©DKEJRCIC¡XaVIQNRGCTFCTRW³GVC\QU,C¡R
ZKEJWMQK¡RQKPCEJDC¡IKQRDCVWLWCPC¡
OQQZDJCPCC¡IW¡³KEJKQ¡³PCOWPKQKT©
8COQUCEQOGTRCTCXQNXGTCVTCDCLCTFGPWGXQ
/CC¡PPKOV©KRLK³I©DKEJRC'UGJQODTGSWG
='UEQPVTCEEKµPFGIKQO£ULWRUGRTGUGPVCEWCPFQ
CPFCCNN¯GUDTCXQRWGUWPCXG\[COGTQOG
PKPIWPCRCNCDTCUGKPVGTRQPG?
FCDCWPQURW³GVC\QU=RTGVI©DKEJRC
IKQRPC¡XaVGZVGPFGT
UKPEWKFCFQ FGLCT EQPVI©DKEJRC¡PFC¡?
VKTCFQ/WPKLC¡RLCRIKQRPC¡ICCV©TIWUQQM
I©DKKO©M=EQRTGVFGI©©¡DKC¡?NQGUVCDCRGICPFQ
MWK¡OIKFJCKPCEJCOOK¡ÀÀLKIWMCMQQPVW
DJKC¡'ZVKGPFGNCUJQLCURCTVKFCUFGNC[WEC I©DMC¡XaKJGNCTUGVGPGTOWEJQHT¯Q
UWLCPKO 
UQDTGNCOKNRCRCTCSWGNQUEWGTXQUPQNNGIWGP[ 2CPCCUKQ¡OLKZL©©RK¡³MCVZKDFJKVWMCC¡
GUECTDGPNQUGODTCFQ %JC¡RKEJI©DMC!2CTGEGSWGJK\QFGOCUKCFQ
XaKGZVGPFGTUG
FGUQTFGPCFCOGPVG %JCO HT¯QC[GTGPNCPQEJG0QVGJGNCUVG!
DJCCK¡CCPCRDJKKDIC¡IWLKKN!;COO©PKR©Z =UWLRNI©©RWMC¡RTGVI©DMCI©©RWMC
IKQRC³0QRQFT¯CUGPTQNNCTGNJKNQ!2WGUGUV£ EQPVI©DMCTFC¡I©RRWMCTFC¡?
GZVGPFKFQRQTCSW¯FGUQTFGPCFCOGPVG I©DMW¡XaVTQ\CTRCUCT
NKIGTCOGPVGRQTGNEWGTRQ 
=TGRIKQRRCPC¡RTGVIKQRIKQRRCPC 6W¡DC¡MWDC¡PCK¡EJWOC¡[CU!$JCLC¡MV©KR
RTGUIKQRRC³IKQRRC³? LK³CK[C¡PKLC¡RR©ZCOI©DMWLK³DQPCCOCO
)KQVCOCFX.NCPQ)TCPFG
NWICTNKVGPGNNNCPQ  2QTSW«VKTCURCTCVQFQUNCFQU!;COGTQOG
/CC¡PPKOLC³KEJLKO©©M)KQVCOd#KPC³KEJ FCDCUWPQRWGUOGTQ\µGNUQODTGTQ
LCZWCOCPC³IW¡EJCOVWDJKKEJWI©V7PC =RTGVI©DMWEQPVI©DMWTFC¡?
XG\HWKC.NCPQ)TCPFGd2GTQEµOQVWXGJCODTG I©DZKFJC¡XaVFCTRCNOCFKVCU
EQPECTK³Q :K
RQTSWGPQVTC¯CNQPEJG I©DZK¡³FJKCNJKKMWIKQRMQZKC¡&GNG
IKQV©TUNNCPQ/WLC¡M6WURCLQKFJCOLKT RCNOCFKVCUCNPK³QRCTCSWGUGXWGNXCCFQTOKT
IKQ¡PV©TIKQPCTVCVUCD#NN£GP6WZRCPJC[ =RTGVI©DZKRTGUI©DZK¡³?
OWEJQUNNCPQU[GUVKGTTCE£NKFC=RNIKQ¡PV©T? I©I©¡NJIC¡P=RNFGI©¡NJIC¡P?JKLQUCFQRVKXQU
IKQ¡CFLITCUKGPVQ/CPVGGMLCROK I©I©¡NJK¡³FJC¡=TGRFGI©¡NJFJC¡?GUVCTETKCPFQ
ICCOVW¡PFCVFJKCTRWWUPCDC¡IKKNJKOLKZ
OWEJCUXGEGU 
IKQ¡!.NGXCDCUOCPVGECGPGUVCVCNGICSWGGUV£ I©I©¡T=RTGUFGI©¡NJKC¡?ETGEG
OW[ITCUKGPVC!=RNIKKIKQ¡EQRLKZ?
I©K=RTGVFGI©ZKC¡?PCEKµ
IKTKEJLC¡CCUQNNCFGEGT£OKEC)KKNJKOLKZ
I©©RWMC¡=UWLRNFGI©DMC¡?JGNCTUG
FJC¡TC¡IWIKTKEJLC¡CCPCIW¡ZCDJCT.CQNNC
=RTGVI©©RWMC?
FGEGT£OKECGUECTCRQTSWGGUDQPKVC=RNIKTKEJ
LCLC¡? I©©UFC¡=EQPVFGI©ZKC¡?GUVCTEC[GPFQ
IKUWNJURKVCJC[C2WK¡RLKZK¡QQDIWIKUWNJLC¡R I©©ZK¡CFLDWGPQRCTCPCFCT,KZI©©ZK¡IW
PCIWKKDJCK.CRKVCJC[CGUVCPUCDTQUCEQOQ /CCTKQIWOCTCC¡PPCIW¡TVCCVUCDMCOPC
NCVWPC RCK¡ZEJWWVWMIWUWWFCK¡'NJKLQFG/CTKQGU
DWGPQRCTCPCFCTRQTSWGGUFGVKGTTCE£NKFC
IK¡CC¡XaVNC\CT
EQPUQICÎEJCXKPFCÏ ,K³
FQPFGJC[GUVCPSWGUJQPFQU=RNZWWNJIK¡
RCNJDWKFJC¡CRLCEJIK¡CC¡IW³MCDCK¡PCVLWO
EQRLKZ?8CTI©ZFJC¡
FQ¡³EJQ#[¼FCOGCNC\CTOKECDCNNQSWGUG
 6'2'*7ƒ0Ê'52#“1. IQQM

I©©¡DKC¡XaVRGICT
EQPRCNQQEWGTQEQORNCPKO  ECGT
JKGNQPKGXG ,C¡Z³KEJKOQQDJCK¡
)©©¡DKC¡CRFJKICIQQZPCEJCOOK¡LWWOC¡IW LKI©ZKC¡IWLCDQQMM©DR©ZCOLKZL©©RDJCK¡DC
DKK¡O6©©¡PCLCZCOWWDDQ¡2«ICNGCNRGTTQ L©D©©T$CWC¡RW¡RKOIWMW¡CC¡MWEJM©¡P
RCTCSWGPQUGCECDGNCNGEJGRWGUGUV£CEQUVCFQ MQQMOKEJ©MC¡#NTCVQGORG\CT£CECGTPKGXG
EGTEC=RTGVI©©¡RTGUI©DEQPVI©DFC¡ RWGUGUV£JCEKGPFQCKTGDKGPHT¯Q8C[CPCVTCGT
EQRTGVI©DKKO©M?5KPµPKCDWKFJC¡ NG³CRCTCECNGPVCTPQU
I©RRWMCTFC¡=EQPVFGI©DMC¡?GUVCTJGN£PFQUG =EQPVI©©UFC¡?

UWLRNCPKO  I©¡MQTC¡URCFTGRCFTGU
FGHCOKNKC %JCODJC
I©VRCTV+PFKECWPCUKVWCEKµPEQPFKEKQPCN FCTCCCOUCRIWI©¡MQTIC¡PIW5COQKN%JK
EQPVTCTKCCNCCEVWCN,C¡ROQQLQKFJCOEJCO DC¡OQQLC¡REJCOV©©©DJK¡³PCF©©NJDCFCC
RCK¡TVWLKOFCOCOLKCFJKLCOMCMDCK¡PCDC¡ &KEGPSWGPQGUV£PGPECUCNQURCFTGUFG5COWGN
DJCK¡PCOLCZDCQKRQIKQV©TPQ¡LCK¡MCOI©V 0QVGPFT£OKGFQFGGUVCTUQNQ!
IW¡RCK¡LKPCOLC¡MDQQRQ[C¡I©V3W«DWGPQ =CRQUI©¡MQTIC¡P?5KPµPF©©¡P
SWGNQUECDCNNQUFGWUVGFGUPQUGXCPCQVTC ♦LKEJ)©¡MQTC¡U0WGUVTQ2CFTG%GNGUVKCN
RCTVGRWGUGUV£PGPGNNNCPQ5KHWGTCPQVTQU[C I©¡NJFJC¡XaVETKCTJCEGTETGEGT
EQORN
UGJWDKGTCPKFQRQTCJ¯ CPKO %JC¡RKOOQQLCWC¡OCVW¡PFC¡FJK
+PFKECWPCUKVWCEKµPEQPFKEKQPCNEQPVTCTKCCNC ©¡NJKEJVCVQQZMQNJPCODC¡LQVOQFC¡
RQUKDNG6WK¡³ZKEJIWICIQQZPC³UCCMOCC¡P I©¡NJKFJC¡0QFGLGPRCUCTJCODTGCNQU
LWOIC¡NJKFJC¡I©VIWZKKIC¡P#DQTVµNCRGTTC OCTTCPKVQURCTCSWGETG\ECPRTQPVQ
NCET¯CFGNCSWGVGKDCCXGPFGTWPECEJQTTQ XaTTGPFKTRTQFWEKTO£U,WNJKKMLCRKO
=)TCO? D©PFC¡FJKDJCDLKFJQQTPCDC¡OI©¡NJFJC¡
I©ZEJWFC¡=UKPµPFGF©DKC¡³EJWFC¡?RCTKTFCTC 4GXWGNXCPDC[WUCUEQPNQUHTKLQNGURCTCSWG
NW\ TKPFCPO£U
I©ZKC¡XaKPCEGT
CPKOCN -KC¡R©ZDCMI©KFJK
=RTGVI©¡©©NJEQPVI©¡NJFJKFJC¡
TGRI©I©¡NJK¡³FJC¡?
DJGUGGTPCDC¡F©MQQR©ZM©MMC*CEGRQSWKVQ
SWGPCEKµGUVGDGEGTTQRQTGUQCRGPCURWGFG I©¡NJIC¡PUJKLQCFQRVKXQJKLCCFQRVKXC%JCO
RCTCTUG VW¡LKPCF©©NJLKTOCTCC¡PIWCNJKKPC
PCEGTUCNKT
HTWVQFGWPCRNCPVCEWEWTDKV£EGC  DCK¡³EJW¡IW2GGNGULKTI©¡NJIC¡PR©ZLK'P
-KC¡R©ZMC[QQVFJKKOCKEJCMWKUWWNJ TGCNKFCFGNJKLQSWGNNGXC(«NKZPQGUUW[QUKPQ
#RGPCUGUV£HNQTGEKGPFQGUVCECNCDC\CVQFCX¯CPQ SWGGUCFQRVKXQ=RNI©I©¡NJIC¡P?
NGUCNGPNQUHTWVQU I©¡NJKC¡XaKETGEGTFGUCTTQNNCTUG%JCOQD
PCFCT,CTQQOK¡QKT©CNCRTGGUPCDC¡O©L© I©¡NJKOFJKCNJKK/CC¡PPCL©¡ZK¡³0QETGEG
R©ZV©V©TPK¡³PCV©I©¡PU©!3WK«PCPFCGPNC T£RKFQGUVGPK³QRWGUUKIWGKIWCNFGGUVCVWTC
RTGUC!2WGUUGQ[GSWGGUV£PCFCPFQCNIWKGPCNN¯ =UWLRNI©¡I©NJKC¡RTGVI©¡©©TI©¡I©TRTGUI©I©¡T
=UWLRNUWWNJIKC¡RTGVI©KUWWNJRTGUI©¡PU© EQPVI©¡NJKFJC¡I©¡I©NJKFJC¡RWPVI©¡T©M
UWWNJK¡? I©¡I©T©M?
I©ZKC¡XaKSWGFCTCLWUVCTUG
FGVCOC³Q #O I©¡OCFLEQPUGTKGFCF,KZI©¡OLCRLWRQKT©FC¡
I©ZKC¡LKFJKOUCDWKTCZPCRRCK¡FJWWM .WKUCEJC¡RL©©O©VPCK¡EJ©P©K¡³FJC¡&GDGU
DCMWCPC¡UKCMWIW¡ZKDLKZFJWUCCTCOLWO CPFCTEQPUGTKGFCF.WKUCPQVGT¯CUEQPNQU
CKZ6GXCPCSWGFCTDKGPVWURCPVCNQPGUEWCPFQ FGO£U=EQRLKZ?
NQUNCXGUCWPSWGCJQTCVGSWGFCPHNQLQU I©¡PU©=RTGUFGI©ZKC¡?PCEG
XQNXGT
CNGUVCFQPQTOCN 'GMW³DCLKOFC¡
IQQMCFLFQU)QQMVCPQQNJR©ZMCLWT³KC¡
#OR©MDCI©ZKC¡IWUWWFCK¡PC³OWDCCC[C¡
PCDC¡OQQDCVWOPCCFC¡DJCCP/CVKDKFCC
LC¡ZRC¡©RLKCOWCMM©¡P8Q[CKTECOKPCPFQ
6C¡O5QNCOGPVGHCNVCPFQUF¯CURCTCSWG
OKGPVTCUXCDCLCPFQGNT¯QCUWPKXGNPQTOCNRCTC
GORKGEGNCHKGUVCFGPCVKXKFCF
SWGEWCPFQNNGIWGCNN¯[CNQRWGFCETW\CT
WPQUEWCPVQU)QQMLCRLK³IC¡NJKFJC¡FJK
ECGT
FGUFGCTTKDCJCEKCCDCLQ #CROQQR©Z
VWTCUPW8«PFCOGWPQUEWCPVQUFWTC\PQU
P©KFJKFJC¡FJKRKNQQVPC³[C¡F©TOWDWC¡GG
♦IQMMCRGPFQUNWICTGU
RCK¡ZR©MI©ZKC¡(¯LCVGDKGPGPGUVCRGNQVCSWG
♦LKTIQQMC¡PCOUQPFQU
XQ[CVKTCTFGCSW¯RCTCSWGUGRCUFQPFGECG
♦LKTIQQMCNJUQPRQEQU
IQQMKO 6'2'*7ƒ0Ê'52#“1. 

♦IQ¡IQMCFXFQUGPFQURQTRCTGLC IWIWWMXaGGUVCT
RCTCFQUUWLCPKO 
IQQMKOCFXFQUXGEGU)QQMKOLC³KEJLKKCPC³ $JCOO©ORWRIWIWWMIWOUCUQK¡%JCODJC
MCV©VDKCIWDCUMKUDQN/GEC¯FQUXGEGU LCUCCFCMLC³KEJ#NN£UGSWGFCTQPVWU
EWCPFQGUVCDCLWICPFQD£USWGVDQN CPKOCNGURWGUPQNQUVTCLG
GUVCT
EQUCUENCXCFCUO£UCNVCUSWGCPEJCU 
IQQMLC¡MDWK¡CFXFQDNGFQUXGEGUO£U)QQM
$JCOO©RWR©ZMWIW³W¡WWLWMVC¡OPCEJV©K
RWRLK³KKEJWNJFJCO©TIWEJKKEJKTCUIQQM
RWROWOWKO©MIWDJQ¡OMQZ$JCOO©RWR
LC¡MDWK¡PCRKEJL©¡M[C³CKEJWNJD©©R©¡2QT
IWIWWMCC³RWK¡DJCK¡DCLKK#NN£UGSWGFCTQP
HCXQTXGCVTCGTOGWPQUEWCPVQUEJ¯EJCTQUFQU
CVQTCFCUOKHNGEJCUGPWPRKPQEWCPFQGUVCDC
XGEGUO£UFGNQUSWGOGVTCLKUVGNCRTKOGTCXG\
VKTCPFQCWPVGEJCNQVGRWGUUGSWGFCTQP
IQQVC¡XaKTCUECT
EQPNCUW³CU /WLC¡MLC ENCXCFCUEWCPFQOGXKPG
UCC¡PO©TFJKVCVMCTWK¡/K¡VWIQQVCOPC =HWVIWIWWMC¡QIW¡MC¡EQRTGVIWIWWMCVQ
MKC¡R©ZV©©ZOKICCV©T'URCPVCNCUICNNKPCU IW¡MCV?8«CUGM©©M
RQTSWGGUV£PTCUECPFQGPNCOKNRCSWGCECDCPFG
IWIWWMC¡=UWLRNFGM©©MC¡?2GLOK¡
UGODTCT
IWIWWMC¡COCNN¯GUVCT£PRCTCFQU
TCUECT
EQPNCRG\W³C #ODCVWIQQVFJK
=EQPVIW¡PIWMFC¡?8CTIW¡MC¡
VWWTPCDCZEJWMQMFCO'NVQTQGUV£TCUECPFQ
RQTSWGSWKGTGRGNGCT IWIWWMEJW¡=OQXFGIW¡MKC¡[IWIWWMKC¡?2
=RTGVIQQVCRTGUIQQV?5KPµPICK³DW¡ GLIWIWWMEJW¡COXCPRCT£PFQUG
8CTIW¡MKEJW¡
IQTRCTV5GWUCRCTCCPKOCTCQVTCURGTUQPCUC
TGCNK\CTEKGTVCCEVKXKFCF)QTDKUQRM©VMW³LCO IWIWWMKC¡=XCTFGIW¡MKC¡?RQPGTUGFGRKG
MÀÀMÀ¡PC³[C¡R©ZMCFCCPC³EJCMWKMQQZKO =RTGVIWIWWOQXIWIWWMEJW¡?
%WGPVGPCNI¼PEWGPVQRCTCGUEWEJCTOKGPVTCU IWIWWZFJC¡XaVCPKOCT-CZK
GUVQ[CSW¯RWGUVQFCX¯CPQVGPIQUWG³Q IWIWWZK¡³FJC¡CRIWOPCCPPC[C¡MCZKEJW
♦OCKIQTX£OQPQU
V¼[[Q  LQQLQK¡³FJC¡OCCUO©MKCO[C¡FJKQK¡³IC¡P
♦OCKMIQTX£OQPQU
VQFQU  PCIW¡EJCMWKR©MOQQTLCI©¡&CNG£PKOQCVW
IQ¡IQMCFXFQUGPFQURQTRCTGLC)Q¡IQMLCR OCO£RCTCSWGUGSWGFGCFKUHTWVCTWPRQEQO£U
LCOCMKC¡IWV©OMCNJIWIQ¡PIQZPCODC¡Z NCXKFCCSW¯GPGUVGOWPFQRQTSWGVQFCX¯CPQGU
DJCK¡MQMDCFC¡&GNGUFQUVQTVKNNCUCECFCRGTTQ VCPXKGLC
RCTCSWGUGNNGPGPDKGP8«CUGIQQM XaTCPKOCTUG#CEJV©KZEJWLWCPO©TCO
6WURCIW¡LKPCOIW¡EJCOLWOIW¡PIWZK¡³
IQ¡PIQZ=RNFGICIQQZ?RGTTQU
IW³LCCFW³PC³I©VLCD©©OLQKFJCOZK
IWCFLGNNQNCNQUNCU
CTV¯EWNQGURGE¯HKEQ $C OCK¡EJO©TCK6GPIQICPCUFGKTCVTCDCLCTGP
MQQMQKO©VIWC¡CCNJ.QUPK³QU[CUG 6WZRCPPCFCO£USWGPQUGCPKOCPOKU
FWTOKGTQP JGTOCPQUCKTEQPOKIQCICPCTDWGPCHGTKC
WPWPCWPQUWPCU
CTV¯EWNQKPFGHKPKFQ /K¡³K =EQORNRNIW¡PIWZFJC¡RTGVIWIWWZIW¡PIWZ
FJ©TDJCK¡DCLKOIWOCC¡PMCO,CTQQEJK RTGUIWIWWZK¡³IW¡PIWZK¡³
DC¡!#J¯XKGPGWPCRGTUQPC3WK«PUGT£! EQPVIW¡PIWZFJC¡?
IWDMC¡XaKRQPGTUGVKGUQJCEGTUGFWTQ
EQUCFG IWIW¡ZFJC¡=UWLRNFGIW¡ZFJC¡?EQOGT
RQSWKVQ
HQTOCRNCPC 0Q¡³KEJMWC³FJCMDJCLC¡RZK GPNCOC³CPC =RTGVIWIW¡ZRTGUIWIW¡ZK¡³?
UC¡KKEJIWLQIKK¡³IWVWWTDJCK¡LKIWDMW¡PC
IWK¡RTQP«NGNNQGNNCGNNQUGNNCU
PQXKUKDNG 
RCK¡FJWWMDJCK¡LKICMKC¡5KNGSWKVQGNEWGTQ
,KTLK³OCTFJQIWK¡-KC¡R©ZIKQ[C¡RCKPC
CNVQTQ[NQEWGNIQUGRQPGVKGUQCNUGECTUG
O©MLC¡MQNJKO©M5¯GUOKJKLQ«NRWGUCPFWXQ
=UWLRNIWWRWMC¡RTGVIWDMCIWWRWMC?
NGLQUFGCSW¯[CRGPCUTGITGUµ
8CTIWDMW¡
GNNQNCNQUNCU
PQXKUKDNG /WLC¡RDCLKO
IWDWWMCFLT¯IKFQ%JCODJCK¡M©¡PVWOIKIKC¡ IWDJWTW¡ZIWK¡PCRKEJUCCMOCK¡DWC2QT
IWV©TDK³PQ¡ZIWDWWM0QUGRWGFGNC\CTDKGP CNN£XCGNDWTTQSWG
NKVGNSWG FKLKUVGSWGUGVG
UKNCUQICGUV£T¯IKFC=RNIWWRWMEQRLKZ? RGTFKµ
IWIWW=RTGVFGIW¡MKC¡[IWIWWMKC¡?2GL «UG«UCGUQ«UQU«UCU«UVG«UVCGUVQ«UVQU
IWIWWO©VUGRCTCTQPUGRWUKGTQPFGRKG «UVCU
PQXKUKDNG ,K³DJ©K¡³O©TIW³EJCMGGV
8CTIW¡M© IWK¡PCOWOOWF©TUÀ¡PC³RCK¡DQRRQ8G[
 6'2'*7ƒ0Ê'52#“1. KC

VT£GOGOKEJCOCTTC«UCSWGGUV£EQNICFCFQPFG IW¡OQQCFXPCFCO£U:KLKOFCVCRDJCOO©
OGCEWGUVQ PC³RCK¡OLQQVQUCCRIW¡OQQOK¡ZKFJCC
=)TCO?8«CUGIW¡³K %JCMWKCCRV©MCC[C¡MC¡CC¡CCPC³LWO
♦IWK¡COCSWGNNQUCSWGNNCU
UWLCPKO  I©©¡DKC¡!8GCFQPFGVGGUVQ[OCPFCPFQRWGUV¼
♦LKTIWK¡IC¡PGUFG«NGUFGGNNC PCFCO£UGUV£UCNN¯/GXCUCQDGFGEGTQGU
IWWRWM=RNFGIWDWWM?T¯IKFQU=EQRLKZ? PGEGUCTKQRGICTVG!
IWWRWMC¡=UWLRNFGIWDMC¡?RQPGTUGT¯IKFQ IW¡PIWMFC¡=EQPVFGIW¡MC¡IWIWWMC¡[
=RTGVIWWRWMC? IW¡MKC¡?2GLIW¡IWMFC¡COGUVCT£PRCTCFQU

XCTKCUXGEGU 
IW¡EQPL+PFKECSWGWPCUKVWCEKµPGUEQPVTCTKCC
QVTC,KZM©¡PMQDRC¡RLWRLCFCFQ¡³EJQFC¡IW IW¡PIWMKFJC¡=UWLRNFGM©MMKFJC¡?CPFCT
FG
MCMCTDCZCCRIW¡ZK¡VÀ¡MQDFWWM&GDGU ECUCGPECUC 
UQNVCTCNQUEJKXQUO£UVGORTCPQPQOW[VCTFG IW¡PIWZFJC¡=EQORNRNFGIWIWWZFJC¡?
EQOQNQJCEGU=)TCO? CPKOCTNQU=RTGVIW¡PIWZRTGUIW¡PIWZK¡³
IW¡EJKEQPLUGIWTCOGPVGRTQDCDNGOGPVG EQPVIW¡PIWZFJC¡?
)KKNJKOLKZD©©VFJKUC¡WC)W¡EJKEJCMWKDJCK¡ IW¡³KRTQPGNNQNCNQUNCU
PQXKUKDNG
ICC'UV£OW[RGUCFCGUVCEQDKLCRWGU GURGE¯HKEQ 
UGIWTCOGPVGVQFCX¯CPQUGUGECDKGP RTQPCSW«NCSW«NNCCSW«NNQUCSW«NNCU
PQ
IW¡MC¡=UWLRNFGM©©MC¡?2GLOK¡IW¡MC¡CO XKUKDNGGURGE¯HKEQ )W¡³KOCCUKQ¡OLKZ
CNN¯GUVCT£PRCTCFQU=EQPVIW¡PIWMFC¡? KKDJCKFJC¡#C³L©¡M©¡MO©TC¡FJK¡MC¡O#SW«N
8CTIWIWWMC¡ VKGPGO£UHTWVCU8Q[CKTCTGEQIGTCNIWPCUFG
IW¡MC¡=HWVFGIWIWWM?2GLOK¡IW¡MC¡CO
CNN¯
CFLCSWGNCSWGNNCCSWGNNQUCSWGNNCU
PQ
CNN¯GUVCT£PRCTCFQU=EQRTGVIW¡MCV?
XKUKDNGGURGE¯HKEQ -KC¡R©ZLCO©VDCLKLKKIW¡³K
8CTIWIWWMC¡
VTQQMCVC¡OPCOWOOWPKM©©M#RGPCUUG
IW¡MKC¡XaKRCTCTUGRQPGTUGFGRKG
UWLRN GUV£P[GPFQGPCSWGNECOKµPSWGGUV£RCTCFQ
CPKO $©©ZLCRKOIWIWWMKC¡PCRCK¡FJWWM CNN£
[C¡CC[C¡IWRCCNJIKQPCRKOMQQMQUC¡IW =)TCO?8«CUGIWK¡
LCODQRPCO2£TGPUGVQFQUEWCPFQNNGIWGGN
IW¡ZFJC¡XaTEQOGT
RQSWKVQGPNCOC³CPC 
RCFTG[SW¯VCPUGUWUUQODTGTQU
FGUC[WPCT/CC¡PDJCK¡ZK³DJ©K¡³IWV©OMCNJ
RCTCTUGFGVGPGTUG
GNOQXKOKGPVQUWLRN
PC³M©¡PR©ZMCZK³IW¡ZFJC¡PC³DC¡R©MOQQ
CPKO %JCMWKRLCLWCPFC¡FJKMCMDCK0CO
DCVWLWIKC¡LC¡Z³KKCO&COGWPCVQTVKNNCRCTC
MCZKIW¡MKC¡PCEJDC¡OK¡R©ZDCLCIKKIKC¡
FGUC[WPCTOGOKGPVTCURCTCSWGRWGFCCIWCPVCT
0QOQNGUVGUCGUVQUECDCNNQUFGLCSWGRCTGPRCTC
[EQOGTO£UCNTCVQ=UWLRNIWIW¡ZFJC¡
SWGUGCO£UH£EKNNC\CTNQU
RTGVIW¡ZIWIW¡ZRTGUIW¡ZK¡³IWIW¡ZK¡³?
ENCXCTUGGPVGTTCTUG
EQUCURWPVKCIWFCU $©©Z
DJCK¡RWIW¡M©DJCCPIWKKDJCKPC³KEJL©¡M
OWVWOWOWW0KOOCC¡PMW³KEJLC¡RLC¡M

+
DWWUCK¡6QFCUNCUHNGEJCUSWGVKT«UGENCXCTQP
GPGNPQRCN2WGUPQHCNN«GPPKPI¼PVKTQ
=RTGVIW¡M©QIWIWWEQPVIW¡PIWMFC¡
OQXIW¡MKEJW¡QIWIWWMEJW¡?8CTIWIWWMKC¡
8«CPUGM©©MC¡M©MDQ¡
IW¡OCVICOEQPLUKPQSWGRGTQ
CNEQPVTCTKQFG ÊKUWHaX+PFKECSWGNCCEEKµPUGNNGXCCECDQ
NQCRCTGPVG #CRK¡OLC¡RLWOCC¡LKLKCPCVF©©NJ KPOGFKCVCOGPVGCPVGUFGQVTCCEEKµP)QQMLCRVW
[CCKFJKDCCMIW¡OCVICOLC³EJKDJC VCC³O©TC¡IWKOCKDJCOO©LWOMWWZK¡DWK:K
UCCFCMLKDJCOO©PKFJ©TICK7UVGFGURKGPUCP WNJ³CKCRFJKDJWTTWPCRDJCCPDJC
SWGGUVCXCECNNGIµCSW¯UQNCXGTFCF!2GTQ[Q DJKK³QTKMC¡8GCEQORTCTCNIWPCUECNCDC\CU
NCCTTG«RCTCCE£FGUFGNCNCFGTC8CTIW¡ CNN£EQPVWV¯Q'PUKNNCCGUVGDWTTQRCTCSWGNCU
OCVI©O ECTIWGURCTCCE£=)TCO?8CTÊLKÊL©K
KC=RTGVFG©NJKC¡?UGEC[µ
KCDWKFJC¡ 6'2'*7ƒ0Ê'52#“1. 

KCDWKFJC¡XaVRGICT
EQPRCNQQUQICEQORN ,C¡Z³KEJOCC¡PVWKCTC¡IWCTRWWU/CTKK[C#N
CPKO /KOKCDWKFJC¡³FJQFJK¡³KWWZPQ¡R TCVQXCOQUCRTGRCTCTNQUJKNQU/CT¯CRCTC
OQQLC¡REJCOLK³MÀÀ6GXQ[CRGICTEQPGUVG JCEGTWPCVCNGIC
RCNQUKPQOGSWKGTGUQDGFGEGT=RTGVKCDWK¡? =EQORNRNKC¡TUC¡RTGVKCTKC¡TUC
5KPµPI©©¡DKC¡ EQPVKC¡TCUFC¡QKCTCKFJC¡KC¡TUCFC¡Q
KCDWKFJC¡=EQORNRNFGDWKFJC¡?GEJ£TUGNQU KC¡TUCKFJC¡TGUKCNJKZKC¡NJKZ?
=RTGVKCDWKEQPVKCDWK¡³FJC¡? KCVC¡XaKOGPVKT,WRMCK¡EJIW2KNKKRPCUCR
KCDW¡=EQORNRNFGDWC¡?GEJCTNQU=RTGVKCDW? MCDWKOWMLKOKC¡OWLC¡MRCK¡6WURCRWEJCO
UCRDJCK¡MCLKO-C¡DC¡IW¡KCVPCOK¡R©Z
KCNJKZ=TGUFGKCTC¡?VWODCFQ LK³©¡PMKCV!&KEG(GNKRGSWGOC³CPCUGXCC
KCOCFXWPRQEQO£U
FKUVCPEKC )COCLC¡M 6WZRCP[SWG[CPQTGITGUC1PCFCO£UOKGPVG
KCOLCRZKFJCKDW¡2GGNGU:K¡DJCLC¡MLK³ CU¯RCTCCUWUVCTOG!=RTGVKCVCRTGUKCV?
MK¡UCRCR5K«PVCVGWPRQEQO£UCNN£(«NKZRWGU KCVIKFJC¡XaVOGPVKT
CQVTCRGTUQPC ,C¡ROQQZ
OGGUV£UCRTGVCPFQ DJCK¡³KC¡VIKLKIW.WKU6©©¡PCIW¡OQQLC¡R
RCTV+PFKECSWGUGRKFGWPHCXQTEQPJWOKNFCF U©NJMCOZKMCK¡EJPCDJCLKO,CK³RCCIKR
%JCODJCK¡CCPCRI©VKCODJC³DJ©KFJKMC¡ LQK!d%µOQOGOKPVKµDKGPGUVG.WKU(¯LGUGSWG
IWZMCDQQMLK³MWVWWPPCDCMDJCOO©F©TRW FKLQSWGXGPFT¯CRTQPVQRGTQPQJCCRCTGEKFQGP
FCCICCLWIKK¡³!2QFT¯CUJCEGTOGGNHCXQTFG PKPI¼PNCFQ=RTGVKCVIKRTGUKCVIK¡³?
VTCGTOGOKCDTKIQSWGUGSWGFµGPNCQTKNNCFGNC
OKNRC! KCVVWNJFJC¡XaVCEWUCT
CPVGWPCCWVQTKFCF 
/QQEJKCCR2GGITQLKEJKCVVWNJPCEJKEJ
KCOI©VCFXSW«DWGPQHWGTC+COI©VLCEJV©IKC¡ F©ICCTIWDC¡MK¡³IW,WCPMWO©VDC¡DCEJ
IWVWWOK³OWRCK¡PCVZK[CCURCMIW³MWWNUK LQKUOCKPCIW¡FCKCCRPCRLKZEJWOCCV#NQ
d3W«DWGPQHWGTCUKGPEQPVTCTCGNFKPGTQSWG OGLQTHWKUVGV¼2GFTQSWKGPPQUCEWUCUVGFG
GPVGTTµOKCDWGNQ GPVTCTGPNCECUCFG,WCP[RQTGUQPQUNNGXCTQP
KCOR©ZCFXO£UQOGPQU+COR©ZDCVW CNLWG\RQTSWGUQNCOGPVGV¼UCDGUNQSWG
OCCEJKOFJKCNJKKPCTKUMQGNCOLKZOCCV©V JKEKOQUPCFKGO£U=RTGVKCVVWNJ
DCVWW¡WCP'UVGPK³QSWGGUV£GPNCGUEWGNC RTGUKCVVWNJK¡³?
GUV£CRTGPFKGPFQO£UQOGPQURWGU[CECUKUCDG KC¡NJKC¡=UWLRNFG©NJKC¡?ECGTUG
GPWPRNCPQQGP
GUETKDKT WPCRGPFKGPVG =RTGVKC¡T©?
KCRVCTC¡UUWFCFGTQ
RCTCECDCNNQ 2CCDC¡LWR KC¡NJKZ=TGUFGKCTC¡?VWODCFQU
IWKCRVCTIC¡PFJKDWTTQPCDC¡RWK¡DJC
FJCCUVW¡IWZKKTW¡P!&µPFGUG\CHµGN KC¡³FJCTC¡CFLSWGUGRGICH£EKNOGPVG
EQUC
UWFCFGTQFGGUVGECDCNNQ!2WGUCPFCEQPNCRWTC GURKPQUC ,KZKC¡³FJCTC¡MC¡IWLQK¡IWVW¡PQ¡Z
UKNNCFGOQPVCTRWGUVC=RNKC¡RVCTC¡ DCRQQ.CUGURKPCUUGRGICPH£EKNOGPVGGPEQUCU
CRQUKCRVCTIC¡PKC¡RVCTIC¡P? SWGUQPFGNCPC=EQRLKZ?

KCRV©MC¡XaTTGXQNECTUG/KOKCRV©MC¡OQQIW KC¡³FJC¡XaVUWDKT
CNEWGTRQ ,C¡MZKLKO
DJWTW¡ZOK¡PCRKEJRCK¡VWOQKMCK+COEJK PCOEJCOOK¡OKC¡³FJC¡IWVQVVQK³*C\VGC
PCRKEJD©©R©¡ZKEJWMWWRCMPCDC¡FCKPCR WPNCFQRCTCSWGPQUGVGUWDCPNCUJQTOKICU
OKDCIKK¡³FJC¡IWMQ¡MQNJMCK5GXCC CHGEVCTEQPVCIKCT0Q¡VLK³M©KIWPCMU©T
TGXQNECTGNDWTTQFQPFGRTGRCTCUVGNCVKGTTC LQVOQFC¡LK³KC¡³FJC¡IWOCKOFCIC¡P5KOG
5GT¯COGLQTSWGEKGTTGUCNN¯CPVGUFGRTGRCTCTNC RKECGNCNCET£PRTQPVQOGCHGEVCT£UWXGPGPQ
VKGTTCRCTCSWG[CRWGFCUUGODTCTNCUUGOKNNCUFG =RTGVKC¡³RTGUKC¡FJK¡³?
EJKNG=RTGVKCRV©QKCRV©MCRTGUKCRV©M? ♦EJWKC¡³FJCTC¡CFLSWGJCEGFC³Q
KCTC¡XaVVWODCTJCEGTECGT+CTCKOIWVWC KC¡RVCTC¡=RNFGKCRVCTC¡?UWFCFGTQU
IWOCC¡PMCOPCVIW¡UCRDJ©L©DCCIW =CRQUKC¡RVCTIC¡P?
DJQ¡OMQZ)W¡EJKOQQCOR©MDJCK¡RCK¡RF©¡ KC¡TUC¡=EQORNRNFGKCTC¡?VWODCTNQU
7PCRGTUQPCGUV£VWODCPFQGNGPEKPQRQTSWGCNN¯ =RTGVKC¡TUCEQPVKC¡TUCFC¡QKC¡TUCKFJC¡
UGOGVKµWPVGEJCNQVGRWGUUGIWTCOGPVGVKGPGWP RTQITKC¡TUCKO?
CIWLGTQRQTCJ¯ KEJUWHaX+PFKECUWLGVQFGNCRTKOGTCRGTUQPCFGN
CTTQNNCTRTGRCTCT
JKNQURCTCVGLGTWPCVCNGIC  RNWTCNÎ,KEJLQNJDKZFJC¡KEJFJK¡³KVWCVC¡OZK
 6'2'*7ƒ0Ê'52#“1. KK¡OEJWFC¡

DJ©KRWKKEJIWV©TDK³OWMKKEJCOÏLWRMCK¡EJ LCEJKKOEJWFC¡FJK³EJKQ¡³IWDJGUGGTPCDC¡
COIWC¡CCNJÎ8COQUCVTCGTWPCUQICFGNC LKTDJGUGGTVWIK¡³MC¡!%W£NFGNQUDGEGTTQUNG
ECUCRCTCEQNWORKCTPQUGPGUVGGPEKPQÏFKLGTQP XCOQUCTGICNCTCOKJKLQRCTCSWGNQVGPIC
NQUPK³QU=5GRTGUGPVCFGURW«UFGNXGTDQ EQOQUW[QRTQRKQ!
)TCO?8CTÊEJLCEJ =RTGUKKORTGVKKOEJWFC?
KK=RTGVFGK¡[C¡?NQDGDKµ KKOKC¡XaVGORCTGPVCTUGUGTRCTKGPVG,CZ
KK=RTGVFGKK³C¡?NQVCRµ LC¡MLWOKKOKC¡IWOCTCC¡PIWOFJKZKKMPQ¡V
DCOCCZKT!3W«RCTKGPVGVW[QXCCUGTGNPK³Q
KKDJCKUPQRCN0CDLWOV©©V©¡IWKKDJCKIWZ
FGVWV¯CEWCPFQPC\EC!
OCOQKMIC¡P5GFGPQOKPCPÎPQRCNKVQUÏNCU
PQODTCTEQOQRCTKGPVG
CNUCNWFCT +KOKC¡CR
RGPECUVKGTPCUFGNPQRCN
OQQIWOVCVCCNJPCRRCK¡FJWWM³KQ¡MFJC¡
VWPC
E£UECTCCOCTKNNCRNCPVCITCPFG /CC¡P
PCDC¡ZKOOCVMC¡PCRLKTVCVCCNJK¡³%WCPFQ
PCLCZKKDJCKLWOV©©V©¡IWKKDJCK¡³IC¡PIW
UCNWFGUCVWV¯QJC\NQNNCO£PFQNGV¯QRCTCSWGVG
KKDJCK.CHTWVCFGNPQRCNUGNNCOCVWPC
TGEQPQ\ECEQOQUWUQDTKPQ
♦FC¡PRCMKKDJCKUVWPC
ECRCNKUC 
=RTGVKKO©RTGUKKO?
KKDJCKFJC¡UHTWVQ,CZMCCMIWKKDJCK¡³IC¡P
♦LCZLWOKKOSW«GUVW[Q!
FJKO©¡©©Z!3W«UCDQTVKGPGGNHTWVQFGGUVCU
KK³COCFLSWGSWKGTGEQOGT
ECTPG 6©K³DCZ
RNCPVCUVW[CU!=CRQUKKDJCK¡³IC¡P?
KK³COIWDJQ¡OMQZ/CC¡PLCRICC¡O©TC¡³
8«CUGDJCKFJC¡
EJKQ¡³3WKUKGTCEQOGTVGEJCNQVG2QTHCXQTXG
♦LWMKKDJCKFJC¡URK³CU
EQPQUFGNQURKPQU 
CDWUECTOGWPQJKLQ=UWLRNKK³CMQK¡³CM
KKDJCKFJC¡CFLNNGPCFGHTWVC
RNCPVC d,C¡R
EQRLKZ?
OQQLQKFJCOLKZKKDCKFJC¡FJKOCPUCCP
KK³C¡XaVVCRCTEWDTKT+K³C¡RKOVWCLCC¡M©¡P
d%µOQGUV£NNGPQFGHTWVCGUVGOCP\CPQ
FJKKOCKPCDC¡EJCOM©DCK³KC¡%WDTCPGUCU
=RNK¡DJCKFJC¡EQRLKZ?
ECNCDC\CUEQPJQLCUFGGPEKPQRCTCSWGPQUG
KKDJCK¡³EJCNJK¡CFLSWGFCOWEJCHTWVC,CZ EQPIGNGP=RTGVKKQKK³CRTGUKK³
FWWMMCVLQKFJCOLKZKKDJCK¡³EJCNJK¡FJK EQPVK¡³FCFC¡?
VWTCCUPWPCR©¡©©ZLK³RCCUWNJ!)COO©L©OWK¡
KKRW³KC¡XaKTGVQ³CTDTQVCT
[GOCUWJQLCU 
K¡DJCK¡³EJCTFC¡PCDCRQKFJC¡%µOQGUSWG
%JCOMCKKRWFJKOCPUCCPPCO©VF©TLWIKQ
FCOWEJCHTWVCGUGFWTC\PQSWGRNCPVCUVGV¯C!
IWMCMCTDCZIWLCCIC¡P;CPQTGVQ³µGUVG
2WGUECFCC³QFCOWEJQUFWTC\PQU=EQRLKZ?
OCP\CPQFGUFGSWGNQUEJKXQUUGEQOKGTQPNCU
KKDJKC¡XaKTGURKTCT2©ZKK¡OFCIC¡PMWWFJK JQLCU
MCDCKPCZOCIQQPPC³KEJZKEJ©O©NJKKEJ ETGEGTFGUCTTQNNCTUG
RNCPVC 0Q¡TLKZL©©RM©T
'UVGECDCNNQJCEGWPTWKFQOW[HWGTVGCNTGURKTCT EJCOL©¡ZMCVKKRW³KC¡IWFWKUKCMW³KEJV©K
RQTSWGGUV£ECPUCFQRQTJCDGTNQEQTTKFQ FCTCK'PNQUNWICTGUHT¯QUPQETGEGPNQUEKTWGNQU
=RTGV[RTGUKKDJ©EQRTGVKKDJKO©M? CWPSWGNQUUKGODTGP
KKEJC¡XaVGEJCT
ITCPQUGPWPTGEKRKGPVG 6W¡R =UWLRNK¡RW³KC¡RTGVKKRWK¡RWRTGUKKRWP
OK¡KKEJC¡FJKDCCNJPCRDC¡OKLC¡RDCWC¡! K¡RWP?
3W«XCUCGEJCTGPGUCECPCUVC!2QTSW«VGNC ♦EJWKKRWPCFLSWGUGRQPGXGTFG
£TGC 
NNGXCU!=RTGVKKEJCEQPVK¡EJCFC¡QK¡EJCTFC¡? KKRW³K¡CFLSWGETGEGT£RKFQ
RNCPVC )KKNJKO
KKI©U=RTGUFGKK¡³ZKC¡?UGECGP LKZKKRW³K¡IWLC¡RR©ZUCK¡;C¡RR©MCOEJCO
KKMWKPVGTL+PFKECKPVGPEKµPFGNNGXCTCECDQCNIWPC DJCK¡%TGEGOW[T£RKFQGN\CECVGEQTTKGPVG
CEVKXKFCF+KMW³OQQCNJK¡EJMWC¡³FJCTC¡IW &QPFGSWKGTCJC[=RNK¡RW³K¡EQRLKZ?
UWWFCK¡PC³M©¡PDCVDKC¡#XGTXQ[CRQPGTGN KK¡=RTGVFGKK¡³ZKC¡?UGEC[GTQP
CIWCCECNGPVCTRCTCDC³CTOG8CTGGMQ KK¡OEJWFC¡XaVCUHKZKCTÎ0CRLCZFJWK
KKOEJWFC¡XaDFGUKIPCT
CQVTCRGTUQPCEQOQ KK¡OEJW¡PFC¡FJQLKCFJK.KKPQMWRDC¡
JGTGPEKC $CRWRKKOIW³LKKMWNJFJK©NJK¡EJ DCKFJKOPCRD©©OMQQZO©TC¡,CZFJWKPCR
MCDCKPCUCRLKTMCDCKIC¡PMC¡PQ¡DCTIÀ¡ IW¡IKKNJKOVWDQRRQ+NKK[CUÏLWRV©VFCIW
'UVGECDCNNKVQGUV£FGUKIPCFQRCTCOKV¯QRWGUXC F©¡©©¡PÎ%WCPFQKPXKVCUC.KPQCFQTOKTEQPVKIQ
CUGTUW[QEWCPFQ[CGUV«ITCPFG ECUKNQCUHKZKCU'N¯CURWGUV¼VGOWGXGUOWEJQ
TGICNCT
WPCPKOCNCQVTCRGTUQPC ,CZEJW¡O EWCPFQFWGTOGUÏNGFKLQUWOCO£
KK¡OEJWO 6'2'*7ƒ0Ê'52#“1. 

=RTGVKK¡OEJWFCRTGUK¡KK¡OEJW¡P? ÊKOUWHaX+PFKECCURGEVQRTQITGUKXQRGLV©O³KO
8CTKK¡³EJWFC¡ UGGUV£DCLCPFQLWWIKOUGGUV£CECDCPFQ
KK¡OEJWOCFLGORCEJCFQ6WMCC¡COLKZ =)TCO?
KK¡OEJWOVWVCVFC¡PCEJV©KDQ¡$CMIW¡ZK¡ KOCKUECNCDC\C#C³LKZ³CCIWKOCKIWZ
DJCK¡DEJWFC³KEJPC³KEJVWLWWLWTP©M'PNC OCOQKMIKUCNJZKO#O¯OGIWUVCPNCU
PQEJGOGUGPV¯GORCEJCFQRWGUEGP«FGOCUKCFQ ECNCDCEKVCUVKGTPCUIWKUCFCU
GPNCVCTFG=EQRLKZ? ÊKO©MUWHaX+PFKECVKGORQEQRTGV«TKVQRGL
KK¡OEJW¡XaKCUHKZKCTUG#UCCMEJC¡OLCR QKNJKO©MCPFCDCVWLWCPKO©MVTCDCLCDC
ICCOVW¡PFC¡FJKVCMCCTWK¡PCDC¡EJCO =)TCO?
KK¡OEJW¡.NGXCNCICNNKPCOGVKFCGPWPCTGF K³UWHaX+PFKECUWLGVQFGNCRTKOGTCRGTUQPCFGN
RCTCSWGPQUGCUHKZKG=RTGVKK¡OEJW UKPIWNCT,WOOCMKC¡K³LK³ZKMW¡FJK¡³KKRWWT
RTGUKK¡OEJWT?8CTKK¡³EJW¡ PCRCC¡PMC¡6GFQ[GUVCHCNFCJGTOCPKVCRCTC
KK¡OFC¡UCNKGPVQ,KZDJCK¡ZOCCZMC¡IW³ SWGNCRQPICU=)TCO?8CTʳLC³
KK¡OFC¡LCPQ¡PCRCK¡FJWWMLKZL©©RK¡³MC¡5G ÊK³UWHaX+PFKECKORGTCVKXQEQPWTIGPEKCÎ#CFCK³
XGOKCNKGPVQEWCPFQJCEGHT¯Q IWOUCRCCVWKZ,CZMWRDC¡OK¡R©ZLC¡R
CNOC0Q¡³KEJDCOWWIW³EJWWMW¡DJCCP DWRRCKO!ÏLWRV©VFCIWF©¡©©¡PIWCNJKK
IW³KK¡OFC¡RWK¡PCLCZDCFWCMC¡%WCPFQUG Îd2QPVGNQU\CRCVQU2QTSW«GUV£ULWICPFQEQP
OWGTCOKEWGTRQOKCNOCUGIWKT£XKXKGPFQ GNNQU!ÏFKLQNCOCO£CUWJKLQ=)TCO?
GUR¯TKVW)W&KQUEJCOL©¡ZFJC¡LCTQK¡ 8CTÊCK³
OCCZKMV©IKC¡PCIW¡EJCOOCCZPCIW¡T
KK¡OFC¡R©Z0CFKGRWGFGXGTC&KQURQTSWGPQ K³DJKQ¡MC¡XaVFGUVCRCTFGUEQDKLCT,C¡RLCR
UGXGRWGUGUUQNCOGPVGGUR¯TKVW ZKK³DJKQ¡MCKIWLWWPOWPCLWORCZPCEJRCK¡
=RNK¡KK¡OFC¡CRQUKK¡OFCIC¡P? EJWQTCKO©MVCMCCDMWL©¡ZLWRDCICMKC¡8G
CFGUVCRCTGNOC¯\FQPFGNQCOQPVQPCOQUC[GT
KK¡³ZKC¡=UWLRNFGLKI©ZKC¡?UGECGT£P
FGUFGWPC RCTCSWGUGUGSWGRQTWPTCVQ
CNVWTC =RTGVKK¡RTGUKKI©U? XaTFGUVCRCTUGFGUEQDKLCTUG)KKNJKOLCO©V
KK¡³ZKEJFJC¡=EQORNRNFGLKDWC¡?VKTCTNQU
CN OWK¡³M©KIWDCROW¡PC³KEJRWK¡ZK³
UWGNQ =RTGVKK¡³ZKEJRTGUKK¡³ZKEJW¡P? K³DJKQ¡MCMMQK/GRKECTQPOWEJQUOQUSWKVQU
KMQKOFJC¡XaTNCXCTUG
NCUOCPQUQNCECTC  CPQEJGRQTSWGFQTO¯UKPVCRCTOG
#NJK¡EJDJC³DJ©KFJCMIWUWWFCK¡PC³[C¡PK =RTGVK³DJKQ¡RTGUK³DJKQ¡M?5KPµPV©K¡DJKQMC¡
M©¡PLK³KMQKOFJC¡PC³IW¡DCVWLWIKC¡ KQ¡=RTGUFGK¡[C¡?NQDGDG
6T£GOGVCPVKVCCIWCRCTCNCXCTOGNCUOCPQU KQ¡IKC¡XaKVQUGT,KZMQ¡MIW³MWZDWPC³
RQTSWG[CXQ[EQOGT=RTGVKMQKO IKKNJKOK¡QQ¡/GFWGNGNCICTICPVCRQTSWGVQUQ
RTGUKMQKOK¡³? OWEJQ=RTGVKQ¡I©RTGUK¡QQ¡EQPVKQ¡FC¡Q
KMQQTC¡CFLUWEKQ,KZKMQQTC¡R©ZOKUWW¡PIW K¡QQ¡PFC¡?
UWWFCK¡OWDKDKCVCOPC³KEJOWK¡V©KDJ©KO KQ¡IK¡UVQU6WKQ¡K³IWTKOGGFKQPC³LKZ
$CMIW¡OK¡ZKDCVDKO©MIWVQQZMQNJ'UVCDC MC¡QQM)KKJNKOLK³ÀÀIWKQ¡IK¡'UVQ[
OW[UWEKCGNCIWCFGNOCPCPVKCNEWCPFQHWKC VQOCPFQOGFKEKPCRWGUGUVQ[GPHGTOQFGNCVQU
VTCGTNCRWGUWPOCTTCPQUGGUVCDCTGXQNECPFQ
CNN¯=RNK¡MQTC¡EQRLKZ? KQ¡OCFXOWEJQ/CC¡PPKOPC³KEJQKIW
2QQNFQIKKNJKOOCIQQ³KEJPC³IW¡ZKQ¡OIÀ¡
KMZKEJUVGLKFQ
FGCNIQFµP $JC³DJ©K¡³ VWMWUDKQV7PCXG\EWCPFQCEQORC³«C
/CTVKKPCIW³KMZKEJPC³L©¡ZZKEJWKMZKEJC¡ .GQRQNFQOGECPU«OWEJQRQTSWGNNGXCDC
PCMCRWRFWWM/CTVKPCVT£GOGOKVGLKFQRCTC OWEJCECTIC
CXCP\CTWPRQEQOKGPVTCUUKIWGNNQXKGPFQ OW[#C³CNJLC¡RLKZKQ¡OLK³C¡L©FC¡IW
KMZKEJC¡XaKVGLGT
OQTTCNFGCNIQFµP  UQOCKIK¡PQ¡VLWRDCLK³CK%WCPFQRGUEQWP
-CDWKOWMUCRVWKMZKEJC¡IW³³CCPPCDC¡ ECVCTTQUKGORTGOGFCOW[HWGTVG
LQVOQFC¡ZKEJ©©O©KIWCTRWWU&KEGOKOCO£ O£U
RCTCEQORCTCT #C³LKZKQ¡OLKPCZM©©¡
SWGOC³CPCXCCVGLGTRCTCVGTOKPCTRTQPVQWP FJK³ZKKTEJCOVW¡RWK¡PCFJKTCCRIC¡P/K
OQTTCN=RTGVKMZKRTGUKMZKEJ? UKNNCFGOQPVCTGUOGLQTSWGNCVW[C
.KV/KUKNNC
 6'2'*7ƒ0Ê'52#“1. ©©M

FGOQPVCTGUO£UDWGPCPQEQOQNCVW[C  K¡OW¡XaKCUQNGCTUG
CPKOCN +¡OW¡OQQFJK
=EQRLKZ? MCDCKPQ¡ROK¡OKC¡PPCK¡O©ONJKEJW¡PPCR
KQ¡OFC¡XaVEQPUQNCT:KLCKQ¡OFCMIW IW¡MKC¡R©ZOCOQKUCKO'UGECDCNNQUGXCC
OCCOTC¡PIW5COWGNPCVDC¡DCLKKPCOUCR CUQNGCTUKNQJCEGUEQTTGTOW[UGIWKFQRWGU
DC¡EJCOLCZLWOCC¡PFC¡PCVMCV©DJCKO CRGPCUNQGUV£UCOCPUCPFQ=RTGVK¡OW
5COWGNEQPUQNµCUWUJKLQUCPVGUFGKTUGRCTCSWG EQPVK¡OWKFJC¡?
PQUGFGUCPKOCTCPOKGPVTCUKDCCNOCPFCFQ K¡³C=RTGUFGKK³C¡?NQVCRC
=RTGVKQ¡OCKRTGUKQ¡OC¡P? K¡³CM=RNFGKK³CO?SWGSWKGTGPEQOGT
ECTPG 
KRWWTUHCNFC6ÀDVWKRWWTIW³CDWKN,C¡R 8CTKK³CM
VWK¡³I©FC¡PCVW¡RCCNJPCOKLC¡RZKLKOFC¡ K¡³FCFC¡=EQPVFGKK³C¡?GUVCTVCRCPFQ
/KCDWGNCVKGPGHCNFCNCTIC[EWCPFQECOKPCUG
NGXGEQOQUKHWGTCWPCUQVCPCFGUCEGTFQVG K¡QQDCFLUCDTQUQ$©ZEJW¡ROKEJWKCDWKFJC¡
=RNK¡RWTCRQUKRWWTC¡PK¡RWTC¡P? FJKDCMCCZLKFJQQTPCDC¡ZKQ¡DMC¡‹EJCNG
FKHGTGPVGUVKRQUFGXGTFWTCUCNECNFQRCTCSWGUGC
KUMQGNVC¡XaTUGTGUVWFKCPVGt#CRLWO O£UUCDTQUQ=EQRLKZ?
KUMQGNVCCCOCCM©¡PMC¡RWEJCOCC!tLWR
♦K¡QQDMC¡KQ¡DMC¡UGT£UCDTQUQ
MCK¡EJIW/CCDTWt,K³KUMQGNVC³KEJLK#CR
LKPCDC¡EJCOtLWRMCK¡EJIW5COQKNt6¼ K¡QQ¡=RTGUFGKQ¡IKC¡?VQUG
HWKUVGGUVWFKCPVGGNC³QRCUCFQQPQ!tRTGIWPVµ K¡QQ¡PFC¡=EQPVFGKQ¡IKC¡?GUVCTVQUKGPFQ
/CWTQt;QU¯HWKGUVWFKCPVGRGTQV¼PQ 8CTKQ¡FC¡
tEQPVGUVµ5COWGN=RTGVKUMQGNVCGURGUEWGNC? K¡RW³KC¡=UWLRNFGKKRW³KC¡?TGVQ³CTETGEGT
KVRCU\CT\Q
FGECTTK\QFWTQRCTCUGECTSWGUQ  =RTGVK¡RWRTGUK¡RWP?
,CK³DJCOO©ZKFJCCUO©TKVRCVC¡OFJK¡³MKKU K¡RW³K¡=RNFGKKRW³K¡?SWGETGEGPT£RKFQ
PCDC¡ICMKC¡6GPXGCRQPGTGUVGSWGUQGPGN =EQRLKZ?
\CT\QRCTCSWGUGUGSWG=RNK¡KVRC?8CT©VRC
K¡RWT=RNFGKRWWT?HCNFCU=CRQUK¡RWTC¡P?
ÊKZUWHaX+PFKECCURGEVQTGUWNVCVKXQRGLLWIKKZ
K¡[C¡XaVVQOCT
N¯SWKFQ DGDGT/CKMLCEJVW
GUV£CECDCFQUCT³KZGUV£TQVQ=)TCO?
K¡RW¡IWCVWWNJOWLC¡RMWMUK³8COQUC
K¡DJCKFJC¡=RNFGKKDJCKFJC¡?NNGPCUFGHTWVC VQOCTCVQNGGPNCUEQEKPCUEQOWPCNGU=RTGVKK
=EQRLKZ? RTGUKQ¡RTQITK¡KKORWPVK¡©©M?
K¡EJCFC¡=EQPVFGKKEJC¡?GUVCTGEJCPFQ
ITCPQU ♦K¡KKOXCVQOCPFQHWGCVQOCT
GPWPTGEKRKGPVG 8CTK¡EJCTFC¡
K¡EJFJC¡XaVJCEGTVQOCTJCEGTDGDGT

‰
+¡EJFJCO©TFJKDJWTW¡ZDJCOO©F©TDKDKCVCO
.NGXCCNDWTTQCNCEK«PGICCVQOCTCIWC
=RTGVK¡KKEJRTGUK¡EJW¡P?
K¡KKO=RTQITFGK¡[C¡?GUV£DGDKGPFQ
K¡KK¡OEJW¡P=RTGUFGKK¡OEJWFC¡?NQCUHKZKC
K¡KK¡OFC¡=RNFGKK¡OFC¡?CNOCUGUR¯TKVWU ©K=RTGVFG©ZKC¡?NQUGODTµ
K¡KVRC=RNFGKVRC?\CT\QU ©©=RTGVFG©MKC¡?NQEQTVµUGTGXGPVµ
K¡©©M=RWPVFGK¡[C¡?JCDK«PFQNQDGDKFQ ©©DJK¡³CFLSWGVKGPGOKGFQ,K³DWWRNJKFJC¡
K¡MQTC¡=RNFGKMQQTC¡?UWEKQU=EQRLKZ? CRLK³EJCCVIWVWVWWTMWEJVWOQKMFC¡,KZLC
©©DJK¡³K³IWF©©NJPC³LCDWWRNJKC¡2CR£
K¡OWVFC¡XaVCUQNGCTFGOCUKCFQ
CPKOCN /W JC\OGGNHCXQTFGCOCTTCTNC[WPVCGPNQUVQTQU
RCK¡RFJQK¡OWVFC¡LKCFJKMCDCKPCRKEJ RCTCSWG[QRWGFCDCTDGEJCTEQPGNNQURWGU
ICOCK¡RDCLKWNJ³CM%JC¡RR©MIKKNJKO VGPIQOKGFQFGCOCTTCTNQU[QUQNQ=EQRLKZ?
O©ONJKEJFJKFJC¡8CUCCUQNGCTFGOCUKCFQGUG
ECDCNNQUKNQOQPVCUOW[UGIWKFQPQNQFGDGU ©©MCFLTQVQ%JCODJCK¡PCROCK¡DCKCDW¡
EQTTGTVCPVQ=RTGVK¡OWVRTGUK¡OWVW¡P? FJKOUWWUCM!6©©¡PCCVVKTWDCZ©¡M0QUGT¯C
DWGPQSWG[CVKTCTCUVWUJWCTCEJGU!(¯LCVGEQOQ
[CGUV£PTQVQU
©©MC[C¡ 6'2'*7ƒ0Ê'52#“1. 

EQTVCFQ,CTQQDC¡LC¡ROQQ©¡M©FC¡FJK ©NJFJC¡XaVRGPUCT
FGQVTCRGTUQPC 2WK¡
[QQZK¡PCDC¡LC¡ROQQICOO©L©Z©¡MMC¡! FJQEJ©NJFJC¡IW³ZKKZ/CTICTKVQPCEJLKT
3WK«PEQTVCNCUHNQTGUSWGVQFQGNVKGORQGUV£P ©¡ZMWOPQ¡EJVWMCC¡OWLC¡MLKKO$JCEJ
EQTVCFCU! MWZIKFJC¡DC¡IWIQ¡PIQZ/KJGTOCPQ
=RN©¡MEQRLKZ?8CT©©MKZ /CTICTKVQRGPUCT¯CSWGUQOQUNCFTQPGUUKXCOQU
©©MC[C¡XaKJCDGTUQODTC#NJKQR©ZFJQPC CXKUKVCTNQGPNCPQEJGJCUVCPQUGEJCT¯CUWU
VCPQQTLC¡Z³KIW¡DJCK¡LKEJ©©©MC[C¡LKPCRCK¡ RGTTQURCTCSWGPQUOWGTFCP
FJWWMDJCK¡LKEJ©DIKNJKC¡5QNCOGPVGWPTCVQ XaKRGPUCT,CZLCRKOUCR©NJKK¡³LK³
JCT£UQN#NTCVQJCDT£UQODTCEWCPFQGORKGEGC LCCFW³!,KTCOCCIWRWK¡PCLCZMCK¡EJFJK
PWDNCTUG=RTGV©©MC? ,QUGG!3W«RKGPUCPWUVGFGU!'UV£DKGPNQSWG
FKLQ,QU«!
©©MC¡CFLSWGJC[UQODTC/K¡³KLC¡MLCEJZK
XaKETGGT#C³©NJKK¡³PCEJCOLKTRWK¡PC
LKO©KVWC¡IC¡PCRCK¡Z©©MC¡8COQUCJCDNCTC
LCZMCK¡EJ;QETGQSWGPQGUEKGTVQNQSWGFKEG
FQPFGJC[UQODTC
XaTUGPVKTUG%JCOIW¡LCZPCRLKZDWCO
SWGJC[PWDGU6CMCCDLQKFJCOVCPQQTPC
LWO©NJFJC¡2GGITQPQ¡VCOZKOWWFJKO
EJCOV©DCC¡:KDCOR©ZRWK¡Z©©MC¡#[GTUCNKµ
MCDCK¡!0QVGUGPVKT£UOCN2GFTQUKFGTGRGPVG
GNUQNOW[DQPKVQUKPPWDGURGTQJQ[JC[
UGOWGTGVWECDCNNQ!
OWEJCU
=RTGV©NJRTGU©NJKK¡³?
=EQRLKZ?
©©MK¡CFLSWGUGTGXKGPVCH£EKNOGPVG
JKNQQUQIC  ©NJKC¡XaKECGTUGVWODCTUG
GPWPRNCPQQGPWPC
RGPFKGPVG #NJK¡EJR©ZDCOCCI©VPC³UQK³EJKC¡
,KZ©¡MK¡FJK¡RWEJW¡OFJKV©TDK³%JCOR©M
FJKVWCPCDC©NJKC¡IKFJWWNJR©ZDCVWFCC¡
VW¡DJCK¡.WGIQUGTGXKGPVCGUGVKRQFGUQIC[
;CPQO£UNGHCNVCEQTVCTNGRQSWKVQCGUVG£TDQN
PQFWTCOWEJQ=RN©¡MK¡EQRLKZ?
RCTCSWGUGECKICRWGUUµNQWPRGFCEKVQGUV£
©©ZFJC¡XaDTQDCT
FGQVTCRGTUQPC t6W¡UCR CICTTCFQ=UWLRNKC¡NJKC¡RTGVKCKC¡T©?
LCZFWWFJKOCC¡PMCOPCDC¡DJCK¡MWWR!
tLWRMCK¡EJLW,WCPt6©©©ZFJQUCRIWDCCM
©NJKEJFJC¡UFGFQOG³KSWG
OCPQQRKG ,WO
ICDFJK³©NJKEJFJC¡PC³MCVWMCMRKCUIW
tLWRMCK¡EJIW2GGITQt3W«JK\QGUC
RKNQQV;C¡R©MI©KPC³KEJDJCK¡LKI©©¡/G
RGTUQPCSWGGUV£GPECTEGNCFCCNN¯!tRTGIWPVµ
NCUVKO«GNFGFQOG³KSWGEWCPFQNGGUVCDCFCPFQ
,WCPt2WGUTQDµXCECUtEQPVGUVµ2GFTQ
CNCRGNQVCRWGUTGDQVµEWCPFQVTCV«FGFCTNG
=RTGV©©ZRTGU©©ZK¡³?
=RN©¡NJKEJFJC¡CRQU©NJKEJFJCIC¡P
♦V©O©©ZK¡³SWGJC[TQDQU
©¡NJKEJFJCIC¡P?
♦©ZDK¡CFLSWGGUTCVGTQ
©NJK¡EJCFLRGSWG³KVQEJKSWKVQ‰¡NJKEJVW
©©ZK¡³UTQDQt6W¡O©VUCRM©¡PLWRFQQFCIW
OCCOCTFJKICIQQZ2WKDJKKDJK¡UCRIWLC
,QUGG!tLWRMCK¡EJIW,WCPt&JQUCR©©ZK¡³
DWWRWK'UVCRGTTCVKGPGECEJQTTQUEJKSWKVQU
M©¡PtLWRMCK¡EJIW.WKUt2QTSW«OCVCTQP
VQFCX¯CVKGPGPEGTTCFQUUWUQLQU=RN©¡NJKEJ
C,QU«!tRTGIWPVµ,WCPt2WGUFKEGPSWG
EQRLKT?8«CUGCNJK¡EJ
RQTSWGTQDµ
NKVRQTTQDQ tEQPVGUVµ.WKU
©NJRKIC¡XaVRGNCT
E£UECTC ,WOCC¡PC³WC¡MC¡
©MIKFJC¡=XCTFG©RIKFJC¡?FCTUQODTC
IWMWZKKTPC³M©¡P©NJRKIC¡IWKKDJCK0GEGUKVQ
©MKC¡XaVEQTVCT‰MKC¡CR©TDCPFJKV©TDK³:K¡T NNGXCTWPEWEJKNNQRCTCRGNCTNCUVWPCU
VÀD%QTVCNCUQICCNCOKVCFRWGUGUV£OW[ =RTGV©NJRKRTQIT©NJRKIKO?
NCTIC
©RIKFJC¡XaKFCTUQODTC,QKFJCOLKZDJCK¡V©
XaVEQUGEJCTEQTVCT
HTWVC /K¡RZK©¡M©KIW
©RIK¡³FJKVWCPCIW¡TZKDQQTCM'UVGGPEKPQ
EJKKNCML©¡MPCRLKZ³CC#NN¯RWGFGUEQTVCT
FCDWGPCUQODTCCNTGFGFQTRQTSWGVKGPGOWEJCU
VQFQUNQUEJKNCEC[QVGUSWGVGIWUVGP
TCOCU
XaKTQORGTUGTGXGPVCTUG
UQICQJKNQ #OR©Z
XaTCDTKICTUGRTQVGIGTUG
GPNCUQODTC -C
©¡M©FJKV©TDK³$CMIW¡OQQIKKNJKOLKZQQ¡FJK
ZK³©RIKFJC¡K³OK¡³KPCRCK¡Z©©MC¡8Q[C
VWWT'UVCUQICUGTGXKGPVCH£EKNOGPVGRWGUGU
FGUECPUCTCNN¯FQPFGJC[UQODTC
OW[HWGTVGGNVQTQ
=RTGU©RIK¡³RTGV©RIK?8CT©MIKFJC¡
=EQORNRN©¡MKC¡RTGV©©©¡M©RTGU©¡M©?
©TCCDVWMCC¡CFXCOGFKCPQEJG‰TCCDVWMCC¡
³KEJ[C¡MCCKPC³KEJRCZKCTO©TCM
 6'2'*7ƒ0Ê'52#“1. ©¡DJKC¡

+¡IWMEJCO#NCOGFKCPQEJGTGITGU«FG ©ZEJQ¡XaVGUEQPFGT-CZK©ZEJQ¡CRFJKMKKU
*WGLWSWKNNCCFQPFGHWKCRCUGCT PCOEJCOLKEJLWIKK¡³FJC¡IWLC¡VMCO
©TCCOCFLSWGVKGPGWPOQTGVµP,KZ©TCCOIW³ 'UEQPFGGNSWGUQRCTCSWGPQUGNQCECDGNC
MCDCK¡IWMQOKK¡³%JCOOCCVK³PCVVW¡FWW IGPVG=RTGU©¡©©ZEJQRTGV©ZEJQ?8CT©ZEJW¡
/KECDCNNQVKGPGWPOQTGVµPGPUWGURCNFCRWGU ©ZEJWKZKOCFXCGUEQPFKFCUQEWNVCOGPVG,KZ
PQU«SWGNGRCUµ=RN©¡TCOEQRLKZ? ©ZEJWKZKODCMW¡WWMIWCNJKKIWVWWOK³PC
©TCCOCFLFC³CFC
HTWVC ,KZ©TCCOIW OWMC¡PMCD©©V©V2CTGEGSWGGNPK³QUGNNGXµC
OCPUCCP)W¡EJKPCODJWTW¡ZEJC¡O GUEQPFKFCUGNFKPGTQSWGGUVCDCCNN£=EQRLKZ?
DJKK³QTCV.CUOCP\CPCUGUV£PFC³CFCURQT ©ZEJWMUUGOKNNC
FGUVKPCFCRCTCUGODTCT )QQM
JCDGTUKFQECTICFCUGPWPDWTTQ=EQRLKZ? LCRLK³IC¡NJKFJC¡IW©ZEJWMPC³©ZKC¡PQ¡R
©TDCPCFXCNCOKVCF5©NJ©TDCPLCROQQ©MKC¡ DKC¡MC¡I©V/GXGPFGUCNIWPCUUGOKNNCURCTC
FJKV©TDK³PC³RCK¡OCCIK¡³PCIW¡OCC¡P UGODTCTUKGUSWGVKGPGU
VWRWWNJKMDK¡[C¡PQ¡RKEJICKFJ©T©©%QTVCNC ©ZFJC¡XaDC[WFCTCUGODTCTt,CTQQO©Z
UQICGZCEVCOGPVGCNCOKVCFFQPFGVGFKLG5K PCEJLC¡RVÀMÀÀPCRUCCMMCZMC¡QQMMCV!
PQWPRGFC\QSWGFCT£O£UEQTVQSWGGNQVTQ tLWRMCK¡EJIW6KKOKQt/CC¡PIW³LKKMWNJ
©TDCPF©TRTGRCFGPVTQ‰TDCPF©TLCRKOZKLC tLWRMCK¡EJIW5CDKKPWt3WK«PVGC[WFµ
DCCRUCKIWMQTCCTFJKMCMDCKPCODC¡EJCO UGODTCT!2QTSWGPQUQVTQUJCD¯COQUQ¯FQFGEKT
LKEJQ¡³ZKFJC¡/GVCPNQUECDCNNQUFGPVTQFGN SWGGUVCDCUGPHGTOQtFKLQ'WVKOGQt7PV¯Q
EQTTCNRCTCSWGPQUGPQUGUEQPFCP O¯QOGC[WFµtTGURQPFKµ5CDKPQ=RTGV©Z
©TDCPLKODJCMCFXCOGFKCFQUFG
OGUQ RTGU©ZKK¡³?
UGOCPC )KQ[C¡RDCQKT©FC¡K³©TDCPLKODJCM ©ZKC¡XaVUGODTCT&CKLWWPLCR©ZKC¡ZKDMC¡
IWOCTUQ4GITGUCT«CSW¯COGFKCFQUFGOCT\Q DJCD©RCC!#JQTCXCUCUGODTCTOC¯\PCFC
©TFK¡EJCFLFGNICFQ
FGHQTOCEKN¯PFTKEC #KZKO O£UQVCODK«PHTKLQN!=RTGV©KRTGU©U
EQPV©ZKKFJC¡?
PCRUCTDJCMKCOUCDC¡FC¡I©VIWV©TDK³:K¡T
©TFK¡EJFJK¡PCRKEJ[CCKEJ&GD¯CUJCDGT ♦©¡ZEJKZGUV£RNCPVCFQ
FG£TDQNGU 
EQORTCFQUQICO£UITWGUCRWGUGUFGOCUKCFQ ©ZKK¡³=RTGUFG©ZFJC¡?NGC[WFCCUGODTCT
FGNICFCNCSWGVTCLKUVG=RN©¡TFKEJEQRLKT? ©ZMWOUNCFTµP,C¡ROQQT©ZMWOIWLCTQK¡
8CTCTFK¡EJ#PVµPUCTDJCM ,K³©©ZDCMIW³MCDCK¡%JCORCK¡EJ©©³KEJPC
©UUEQFQ,WOLKKDCIW©UC¡PIW,QU«PCMCVW ³KEJV©KICC¡O©TCMd%µOQUGT£PNCFTQPGUETGQ
DJK¡³DCMKEJ,QU«UGTCURµGNEQFQEWCPFQ SWGOGTQDCTQPOKECDCNNQRQTSWGPQNQ
GUVCDCEQPUVTW[GPFQWPCECUCFGCFQDG=RN©¡©U GPEWGPVTQC¼PFGURW«UFGJCDGTNQDWUECFQGP
CRQU©UC¡P©¡UC¡P? VQFCURCTVGU=RN©¡ZMWO?8«CUG©ZDK¡
©U=RTGUFG©ZKC¡?NQUKGODTC ©ZMWPC¡XaVGPUCTVCT
EQPRCNQQCIWLC 
©VRC=XCTFGKVRC?\CT\Q ,QKFJCOKZMW³KZMCODJCLC¡RUCK¡EJW¡PIW
MQ¡MQNJIW³Q¡MKZUCRPCDC¡LQKFJCOLKZ
©Z=RTGVFG©ZFJC¡?NQC[WFµCUGODTCT DJCK¡ICMKC¡/KV¯CVKGPGEQNICFQUWPQUEJKNGU
©ZDK¡CFLSWGGUNCFTµPSWGGUTCVGTQ)KKNJKO DKGPGPUCTVCFQURCTCSWGUGUGSWGPDKGP
LKZ©ZDK¡IWDJCP-KKEJCOF©TLCW¡V©MIW XaKCVQTCTUG
FKH¯EKNFGUCECT $JCOO©FJQ
VCVMCTWK¡UKCIWMCMCTDCZ'NEQ[QVGGUOW[ RWO©ZMWPC¡IWOW¡WWOCOTCICTCOFJK
TCVGTQRWGUUGNNGXCICNNKPCUFGNCECUC[CXGEGU EJWCPQ¡RICPOWLC¡MVWOWOWW.WKU5G
JCUVCECDTCU=RN©¡ZDK¡EQRLKZ?8«CUG©ZMWO XCPCCVQTCTVWUHNGEJCU.WKUUKUKIWGUVKT£PFQNCU
©ZEJQKFJC¡XaDGUEQPFGT
FGQVTCRGTUQPC  GPVTGNCUTCOCUFGGUGGPEKPQ
‰ZEJQKFJC¡K³IWDKK³IW³LKKMWNJPCRCK¡ =RTGV©ZMWRTGU©ZMWP?
FJWWMMQZKC¡/K¡R©ZEJCOMCLCK¡EJMC¡PC ©ZMW¡UECRWNNQ
FGOCTKRQUC )W©ZMW¡VC¡OF©T
RCK¡FJWWM³K³KC¡8Q[CGUEQPFGTGNOG\ECNFG LWRLWODWCIWVWNJDK¡ZPCDC¡DCO
OKV¯QEWCPFQUGFWGTOC[EWCPFQUGFGURKGTVG LQMOCTVC¡.CQTWICUGVTCPUHQTOCGPGNECRWNNQ
[CPQJCDT£=RTGV©ZEJQKRTGU©ZEJQK¡³? [FGCNN¯UCNGWPCOCTKRQUC=RN©¡©ZMW¡?
8CT©ZEJWKFJC¡ ©¡DJKC¡XaVQNGT0Q¡³KEJPCDFJKOIW
DJQ¡OMQZIWICIQQZD©©R©¡LKOFC¡PCDC¡
©¡DJK¡ 6'2'*7ƒ0Ê'52#“1. 

©¡DJKFJC¡RCK¡PCLC¡MQKT©FC¡5KXQ[CEC\CTGN NQUFKGPVGUPCFCO£UOGUCNGUCPITGFGNCGPE¯C
VGEJCNQVGGNRGTTQXCCFGNCPVGQNKGPFQFQPFG 2QTSW«UGT£!=RTGU©¡TRWMRTGV©¡TRW?
GUV£=RTGV[RTGU©¡DJ©? ©¡ZDK¡=RNFG©ZDK¡?SWGUQPNCFTQPGU=EQRLKZ?
©¡DJK¡CFLSWGVKGPGDWGPQNHCVQ,KZ©¡DJK¡MCO ©¡ZKCDJCMCFX«RQECFGUKGODTC
LWPKQ $JCCP
LWOCC¡PC³DCK¡³EJW¡PFC¡IWICIQQZPQ¡³KEJ LWW³KQOQQZKQ¡ODCLKT©¡ZKCDJCMMC¡'P
DCPCDFJKO%WCPFQWPQXCFGECEGT¯CUG LWPKQGUNCOGTC«RQECFGUKGODTC
PGEGUKVCNNGXCTWPRGTTQSWGVGPICDWGPQNHCVQ
©¡ZMWO=RNFG©ZMWO?NCFTQPGU
=RN©¡©¡DJK¡EQRLKZ?
©¡©©TUUCPITG,©¡OC¡PIWLC¡VMCOLKZPCCCOIW
©¡TC¡PIWUQK¡RWK¡PCLCZIWDCCM©¡©©T#

,
CNIWPCURGTUQPCUNGUIWUVCEQOGTNCUCPITGFGNQU
CPKOCNGURQTGLGORNQNCUCPITGFGXCEC
=CRQU©¡TC¡P?
©¡©©ZEJQ=RTGUFG©ZEJQ¡?NQGUEQPFC
©¡©U=RNFG©U?EQFQU=CRQU©¡UC¡P?
LCRTGHaUUWUWU
RQUGUKµPFGNCVGTEGTCRGTUQPCFGN
©¡©ZMW¡=RNFG©ZMW¡?ECRWNNQU
FGOCTKRQUC 
RNWTCN ,QKFJCODKQOCMVWOCOCCO©VIW³
©¡©¡DJK¡=RNFG©¡DJK¡?SWGVKGPGPDWGPQNHCVQ EJCVVCNJIWLCVWWTW¡PCVO©L©PKKCCMM©¡P/KU
=EQRLKZ? V¯QU[CRGNCTQP[VCVGOCTQPUWVQTQGNSWGUG
©¡M=RNFG©©M?TQVQUEQTVCFQU=EQRLKZ? OWTKµEWCPFQUGEC[µGPGNCTTQ[Q
©¡MKC¡=EQORNRNFG©MKC¡?EQTVCTNQUEQUGEJCTNQU =)TCO?
LCRTGHaXNGU
EQORNGOGPVQFKTGEVQQKPFKTGEVQ
TQORGTUG=RTGV[RTGU©¡M©?
©¡MK¡=RNFG©©MK¡?SWGUGTGXKGPVCPH£EKNOGPVG CPKOCFQFGNCVGTEGTCRGTUQPCFGNRNWTCN 
=EQRLKZ? )CICCMOWKFJC¡COLKZKQ¡OFJKMCMCTDCZPQ¡
©¡M©=RTGUFG©MKC¡?NQEQTVCUGTGXKGPVC
RKOEJCOQDLCOCCMIWQP'UVQUEJKXQUUG
XCPCCFGNIC\CTOWEJQUKWUVGFGUPQNGUFCPUCN
©¡M©=RTGV[RTGUFG©¡MKC¡?NQUEQTVµNQUEQTVCUG
RTQPVQ=)TCO?
TGXGPVµUGTGXKGPVC LCCKPVGTLdC[d,CCLC¡ROQQZL©©RK¡³/CKM
©¡NJKEJ=RNFG©NJK¡EJ?RGSWG³KVQU=EQRLKT? LCEJLWMIKRW¡OWPKDC¡MEJ©Td#[EµOQJCEG
©¡NJKEJFJC¡=RNFG©NJKEJFJC¡?FGFQUOG³KSWGU HT¯Q8COQUCECNGPVCTPQUCNN¯GPNCECUC
=CRQU©¡NJKEJFCIC¡P? LCC=RTGVFGLCIKC¡?UGEQPUWOKµUGFGUJKPEJµ

©¡PMKCVC¡XaVCUWUVCTGURCPVCT/WZKLC LCCFW³=RNFGLCFWW³?RCTKGPVGU
©¡PMKCVO©TIWMQMMQPOWICCV©TPCOEJCO =CRQULCC¡PPK¡³?
OK¡LWIKQMC¡IWLWWP8GCGURCPVCTNQUEWGTXQU LCCLC¡UJQLCU
FGRNCPVCQ£TDQN )QQM
GPNCOKNRCRCTCSWGPQUGCECDGPGNOC¯\ QQOUCO©TIWLCCLC¡MWEJ[C¡PKDJCCPFCCUC¡
=RTGV©¡PMKCRTGU©¡PMKCV? IWLKLKK¡³PCEJCOF©TDCVC¡8GCVTCGTWPCU
©¡TCO=RNFG©TCCO?SWGVKGPGPOQTGVQPGU EWCPVCUJQLCURCTCRQPGTNCUVTKRCUGPGNNCURCTC
=EQRLKZ? SWGPQUGGPUWEKGP=CRQULCCIC¡P?
©¡TC¡P=CRQUFG©¡©©T?UWUCPITG LCCMUOC¯\
VQUVCFQ 7C¡OCKOKEJ&CKLCCM
©¡TFKEJ=RNFG©TFK¡EJ?FGNICFQU
FGHQTOC LCEJR©ZMWC¡0QUGUVCOQUOWTKGPFQFG
EKN¯PFTKEC =EQRLKT? JCODTGRWGUPCFCO£UEQOGOQUOC¯\VQUVCFQ
©¡TOC¡CFLGPUCPITGPVCFQ,WOMQKO©VDCMFJK LCCMKC¡XaVVQUVCT
ITCPQUQUGOKNNCU )QQMLCR
VCVOQ¡ZEJWVWWTMCMCTDCZPCDC¡Z©¡TOC¡IW LCCMKC¡FJKLWWPMWEJVWVWKURC¡MCDWKOWM
LCOQQO2CTGEGSWGUGRGNGCTQPGUQUEJKXQU 6WGUVCWPRQEQFGOC¯\CJQTC[OC³CPCNQ
SWGPQVKGPGPEWGTPQURQTSWGVKGPGP OQNGOQU=RTGVLCCRTGULCCMEQRTGVLCMKKO©M
GPUCPITGPVCFCNCECDG\C=EQRLKZ? QLCCMKO©M?
©¡TRWMKC¡XaKUCPITCTUCNKTUCPITG0C³RCK¡ LCCNQMKC¡XaKTQPTQPGCT
ICVQ ,KZDJCK¡OVCCV
FJWWMV©KLKDQRMQPC¡IW³EJCCVCODJCK¡R©Z IWOKUVWK³R©ZLCCNQMMCCV'NICVQGUV£
LK©¡TRWMKC¡,CZPCDC¡©R!%WCPFQOGNCXQ EQPVGPVQRWGUUGQ[GSWGGUV£TQPTQPGCPFQ
 6'2'*7ƒ0Ê'52#“1. LCEJKEJ

TQPECT
NKIGTCOGPVGDGD« -QQUIWCNJKKR©Z LCDMCNJURWNOµP,WRMCK¡EJFJC¡COPCUCR
LCCNQMMCCV'NPK³QGUV£FQTOKFQRWGUUGQ[G UCCNJICMKKFJC¡IW³LCLCDMCNJPQ¡³IKKNJKO
SWGGUV£TQPECPFQNKIGTCOGPVG=RTGVLCCNQQ K¡QQ¡&KEGPSWGOKURWNOQPGURQEQCRQEQUG
LCCNQM©RTGULCCNQM? UGECPEWCPFQVQUQOWEJQ=RNLCLCDMCNJ
LCCPQO=RNFGLCPQ¡O?EQUVKNNCU CRQULCDMCNJK¡³LCLCDMCNJK¡³?
=CRQULCCPQOC¡P? LCDMCNJK¡³UÎRWNOµPFGGPEKPQÏ#CIW¡OWK¡
LCCRIC¡XaVEQTVCT
TCOCUWJQLCU ,WOCC¡PCR ICCOVW¡CRLKLKCIWLCDMCNJK¡³PCRM©¡PVW
LCCRIC¡FJK©¡©©ZFCKUQPC¡TCOPCDC¡VÀD PCPFCKO6TCGUOWEJQUÎRWNOQPGUFGGPEKPQÏ
I©¡NJKC¡&GDGUEQTVCTNCUTCOCUFGNVTQEµPFG %QPGNNQUGPEKGPFGUNCNWODTGXGTFCF!
GUCRNCPVCRCTCSWGETG\ECCNVC=RTGVLCCR =RNLCLCDMCNJK¡³?
RTGULCCRK¡EQPVLCCRICKFJC¡? LCDMC¡XaKGURQPLCT
OCUC ,C¡ZDWK¡CCEJK
LCCRQM=RNFGLCDQQM?SWGRGUCPRQEQ=EQRLKZ? R©ZLCDMCFJKEJWK¡PCVL©¡ZDCLCDMC!0CFC
LCCVWMUJQLCFGOC\QTEC)QQMLCRLK³ O£UJCUVCCNN¯UGGURQPLCNCOCUC!
UGPVKTVGTTQT#C³OWPKOCEJ©³©¡PMKC¡
IC¡NJKFJC¡IWLCCVWMPC³OKEJWDWWRNJKC¡IW
VCMCCDLWTP©M0CCUOK¡M©©MIWEJCOMCOQ¡
DJCOOCZ2QTHCXQTX«PFGOGCNIWPCUJQLCUFG
MCOIKKNJKODJCK¡LKLCDMCIW³OQ¡/G
OC\QTECRCTCCOCTTCTOKUVCOCNGUEGTGOQPKCNGU
CUWUV«C[GTGPNCVCTFGRCTGEGSWGRQTCJ¯GUVCDC
LCCZEJC¡XaVVKTCT
N¯SWKFQ ,CCZEJC¡RKOIW RCTCFCNCRGTUQPCFGECRKVCFC[UGPV¯VGTTQT
NKV
DCCTIC¡PIWLWNJKKMPCDC¡ZKQ¡DMC¡6KTGPGN UGOGETGEKµNCECDG\C 
ECNFQFGGUVCUDC[WUCURCTCSWGGUV«PUCDTQUCU =RTGVLCDMCRTGULCRRWMCT?
=RTGVLCCZ? ♦IWK¡PCM©¡PLCRRWMCTIWRCCPNGXCFWTC
LCCZ©RCTV+PFKECRTQDCDKNKFCFt$JCFCCCC LCDQQMCFLNKIGTQSWGRGUCRQEQ,K³DJ©KFJKMC¡
EJKIW,QUGGMC¡IW¡RCK¡LC¡MOCK¡EJ!tLWR CRFJK¡³KPCZLCDQQMFJK¡DC¡PCZD©©VCC³
MCK¡EJIW#PTGGUt,WODJC!,WRMCK¡EJCO F©©NJDJ©KMC¡/GNNGXCUNCVCNGICSWGRGUC
LKPCOWLC¡MRCK¡MCQKT©VEJKPQ¡VLCCZ©LC¡M OGPQU[NCSWGRGUCO£UOGNCNNGXQ[Q
DCI©KMC¡DC¡EJCMWKtLWRMCK¡EJIW =RNLCCRQMEQRLKZ?#PVµPD©©V
%JGGPFQt'UVCT£,QU«QCPFCGPQVTCRCTVG!
tRTGIWPVµ#PFT«Ut3WK«PUCDG!&KEGPSWG LCDQQMM©DUPKGXG
NKVJKGNQNKIGTQ )©KCCIW
CPFCDCHWGTC[PCFKGUCDGUK[CTGITGUµQ LCDQQMM©DDJ©L©LC¡RLWMICOLCPQ¡PCVR©ZCO
VQFCX¯CPQtEQPVGUVµ4QUGPFQ FWW¡P!%C[µPKGXGRQTCNN£GPNCUKGTTCCSWGNNC
XG\EWCPFQNNQXKµOWEJQ!
LCCZOCFC¡UDTQOC&CKFJK#TVWWTQRKOOQQ
EJCOVW¡DJCCPLCCZOCIK¡³FJC¡PCIW¡EJCO LCEJEN¯V+PFKECUWLGVQFGNCRTKOGTCRGTUQPCFGN
MQ¡TCCTPCLCTQK¡LCCZOCFC¡DJCCPVW RNWTCN-CDWKOWMLC³DC¡VWDQKMVC¡:KDLCEJ
C¡IK¡³FJC¡6GPICPEWKFCFQFGPQDTQOGCT MCZKLWIKQMC¡FJKLWPDCC¡LKFJQQT#JQTC
EWCPFQJCDNGPEQP#TVWTQRQTSWGPQNGIWUVC XCOQUCCECDCTPQUNQUGNQVGUJGTXKFQU[OC³CPC
SWGPCFKGNGJCDNGGPDTQOC JCT«EJWCNGU=5GRTGUGPVCFGURW«UFGWPC
EQPUQPCPVGPQINQVCN)TCO?8CTÊEJKEJ
LCCZOCMCTU5GTGHKGTGCNCRGTUQPCFGSWKGPUG
DWTNC#NJLC³OQQOI©©¡DKC¡PCRDJCLC¡MLK³ LCEJKEJEN¯V+PFKECUWLGVQFGNCRTKOGTCRGTUQPCFGN
CC¡³ZK¡³PC³IW¡EJCOLKTLWOLCCZOCMCT6G RNWTCN[VKGORQRTGV«TKVQ2WGFGRTGUGPVCTUG
XQ[CRGICTRQTDWTNCTVGFGO¯[QPQUQ[WPC EQOQUWHKLQCNXGTDQ$CLWWOLCEJKEJFJK
RGTUQPCEQPNCSWGRWGFGUDTQOGCT O©©DCV)KQEJLWRDCVCC³RW¡IW³CDWKNPC
=CRQULCCZOCMCTW¡P?5KPµPCNJKQMCO KCOV©O©©DCV;CPQUCECDCOQUNCOKGN8COQU
CRGFKTNGO£UCOKCDWGNKVCRCTCUGIWKTNC
LCCZOC¡³FJC¡XaVDWTNCTUG,CZMWRDC¡DJC FKUHTWVCPFQ
LC¡MLK³LCCZOCIK¡³PC³EJCOVW¡TLWO 2WGFGRTGUGPVCTUGEQOQUWHKLQCWPCRCNCDTCSWG
PWWEJKZ!2QTSW«VGGUV£UDWTNCPFQFGO¯SWG CPVGEGFGCNXGTDQ#RVWDWUVC¡OLCEJKEJDJCLKK
PQUQ[VWEW³CFQ!=RTGVLCCZOC¡³ OK¡FJ©T$QQFCOVCO[C¡-QTKCPFCKLKPCEJ
RTGULCCZOCIK¡³? IW¡IW¡MK¡8GPKOQUFG'N/G\SWKVCNC&WTCPIQ
LCDCCMKPVGTLRCUG
RCTCCFGPVTQ ,CDCCMDJC GPWPCWVQD¼UPCFCO£USWGXGP¯COQURCTCFQU
LC¡MLK³Q¡MKZ6WOK¡ICIQQZLWOM©K2£UCNG =5GRTGUGPVCFGURW«UFGWPCEQPUQPCPVGPQINQVCN
RCTCCE£V¯CRWGUVGRWGFGOQTFGTWPRGTTQ )TCO?8CTEJKEJ8«CUGÊEJ
LCFWW³ 6'2'*7ƒ0Ê'52#“1. 

LCFWW³URCTKGPVGHCOKNKCT,CZLWOKKO =EQORNRNLCKZFJC¡RTGVLCK³LCKZRTGULCK³K¡³
FJK¡PCOK¡V©VDKCIWDCUMKU!%JCOLKTLWO LCKZK¡³?
LCFWW³CC!3W«GUVW[QGNSWGGUV£LWICPFQ LCK¡CFLCNIWPQUQVTQU
RCTCEQORCTCT ,CK¡O
D£USWGVDQNCNN¯!0QGUVWRCTKGPVG! LKZOCCVIWQ¡FCOPCLCZLC¡MLWO
EQPQEKFQEQPQEKFCCOKIQCOKIC/CC¡PUCR O©ONJKEJW¡PIWVTQQMCLCK¡EJCOOCCVCO
DJ©L©RCK¡FJ©TVWPCMQQ¡:KKT6C¡OIWEJ #NIWPQUVGRGJWCPGUUCDGPOCPGLCTECOKQPGVC[
LCFWW³MCV&KEGPSWGRQTCNN£GP.C5KNNCUG QVTQUPQ
OWTKµWPEQPQEKFQPWGUVTQ VCODK«P
LWPVQEQPQVTQU :KDCKFJCKRKOFJK
=RNLCCFW³CRQULC¡PPK¡³LCC¡PPK¡³? /CPQKNPCLCK¡RLCOQK¡³FJC¡PCRKO
♦LWOLCLCC¡PPKOCOGNNQUUQPRCTKGPVGU MWC¡ORW¡%WCPFQXC[CPCNCNG³CNNGXGP
LCIKC¡XaKEQPUWOKTUGGZVKPIWKTUG
NG³CQ VCODK«PC/CPWGN
JKGNQ ,CZEJW¡OPCTUC¡UDCTCMLCROKPCCFC¡ 8«CUGLWOCK
PCDC¡EJCOQDLCIKC¡2QPNCNG³CO£UITWGUC ♦LCK¡DKEJWLWICCMUKCOCC¡PEµOGVGCNIQ
GPNCNWODTGRCTCSWGPQUGGZVKPICRTQPVQ
NKVEQOGVCODK«PCWPSWGUGCWPQ 
FGUJKPEJCTUG$CLCCCCIWOVQQPPCUCCM LCK¡EJXaGJCDGTGUVCTGPGZKUVGPEKCt,CK¡EJ
MCZDCKI©MMCVOK¡PCVRCK¡OM©KIWF©DQQT! CCIWLCDQQMOCVCKOK¡PKDKDKCVCO!tLWR
;CUGVGFGUJKPEJµNCRKGTPCFQPFGVGRKEµNC MCK¡EJIW,WCPt2WK¡³FJQVÀMÀÀMC¡PCUCR
CXKURC! LCK¡EJtLWRMCK¡EJIW2GGITQt*C[ECNFG
=RTGVLCC? RKGFTCUDNCPFCUGPGNOCPCPVKCN!tRTGIWPVµ
♦LC¡³FJC¡CFLSWGUGFGUJCEGH£EKNOGPVG ,WCPt;QJGQ¯FQSWGU¯JC[tEQPVGUVµ2GFTQ
LCKMCFLSWGDTCFQSWGVKGPGJGPFKFWTC,CZMW =EQRLKZGNWUQFGNRTGHKLQEQRWNCVKXQGUQREKQPCN?
DC¡DWCPFJKLC¡CC!,KZLCKMCC!2QTSW«UG LCK¡EJFJ©NJKC¡XaKJCDGT5KCOTKDCLCK¡EJFJ©T
UCNGGNN¯SWKFQFGNCQNNC!'UV£SWGDTCFC! CCIWVW¡PCRKOUCCMVWVCCP!5KGORTGJCD¯C
=RNLCLCKMEQRLKZ? FGNQSWGWUVGFGURKFKGTQP!=RTGVLCK¡EJFJ©T
LCKMICOUEQUCHT£IKN%JC¡RKOFCCOF©TOK EQPVLCLCK¡EJFJ©TFC¡?
FJCTCTT©FC¡FJK³CTRWWU,KZLCKMICOOKEJW LCK¡FJ©VCFLCNIWPQUXCTKQU,CZFJWWMCVLKT
LKO0QUGUKGPVGPGPEKOCFGOKVCNGICRQTSWG LKZEJWVWO³KICOCOLCK¡FJ©V!2QTSW«UQP
VKGPGEQUCUHT£IKNGU=EQRLKZ? TKECUCNIWPCURGTUQPCU!
LCKMKC¡XaKSWGDTCTUGTCLCTUGJGPFGTUG,KZ LCK¡©R=RNFGLWOCK©R?QVTQUO£U
FJWRK¡³LCROKLC¡RFCCUC¡FJKDCMWCPCEJCO
LCK¡R©ZCFLCNIWPQUEWCPVQU$CLKDWDWCFJQ
LCKMKC¡2QPGNDWNGRQTCJ¯EQPOWEJQEWKFCFQ
DCMLKCIWUCCDPCDC¡LCK¡R©ZCODCVCLCC³KZ
RCTCSWGPQUGSWKGDTG=RTGVLCKQLCKM©?
IWOCK;CGORKG\CPCUCNKTNQUSWKQVGURWGUUG
LCKMK¡CFLSWGUGSWKGDTCH£EKNOGPVG
DCTTQQ PQVCSWG[CUGGUV£PCDTKGPFQNCURGPECUFG
XKFTKQ %JC¡RDJCCPDJCOUKUUCRFC¡FJK CNIWPQUOCIWG[GU
DKKITKQPCIW¡ZLCKMK¡0QVGTGECTIWGUGPGN
LCLCDMCNJ=RNFGLCDMCNJ?RWNOQPGU
XKFTKQRQTSWGUGRWGFGSWGDTCT=EQRLKZ?
=CRQULCLCDMCNJK¡³?
LCKMMCTUVQUVCFQT$JC³DJ©K¡³IWLCKMMCTMW³ LCLCKM=RNFGLCKM?SWGDTCFQU=EQRLKZ?
VWLCCMKC¡IWMCKEJWM6T£GOGGNVQUVCFQTRCTC
VQUVCTGUVCUUGOKNNCUFGECNCDC\C
5GWUCWP LCLCKMMCT=RNFGLCKMMCT?VQUVCFQTGU
FGE£PVCTQ 
RGFC\QFGE£PVCTQRCTCVQUVCTUGOKNNCUFGECNCDC\C LCLCK¡EJFJ©TFC¡=EQPVFGLCK¡EJFJ©NJKC¡?GUVCT
RCTCJCEGTGUSWKVGU =RNLCLCKMMCT? JCDKGPFQ
LCK³C¡XaVSWGDTCTTCLCTJGPFGT/WRCK¡OQQ LCLCOM©U=RNFGLCOM©U?OCPF¯DWNCUKPHGTKQTGU
LCK³C¡IWCNJKKIWLC¡CCPCROWLC¡MOCCMPC LCLCPPWNJCFLSWGVKGPGOWEJCTQRC#CRLCZ
IW¡EJCODJCK¡PCMQQ¡'UGPK³QXCCSWGDTCT FJWWMCVLQKFJCOLKZLCLCPPWNJPCDC¡IW¡
NCQNNCSWGNGFKUVGRQTSWGPQNCCIWCPVC LCK¡OLCCFW³LKZDKRIK¡[CLC¡RQKRQFC¡CO!
=EQORNRNLCKUC¡RTGVLCKLCKUC? %µOQNGJKEKUVGRCTCVGPGTOWEJCTQRC!2QTSWG
LCK³FJC¡XaDSWGDTCT
RCTCFCTFGEQOGT 6CCM VWURCTKGPVGUCPFCPRQTCSW¯EQPNCTQRCTQVC
LCRLCK³FJC¡FJKCNJKKIWV©OMCNJ3WKGDTCNC =EQRLKZ?5KPµPMCM³K¡
VQTVKNNCCNCOKVCFRCTCFCTNGNCOKVCFCNPK³Q
 6'2'*7ƒ0Ê'52#“1. LC³

LCLCPPWNJ=RNFGLCPPWNJ?EQTVGUTQRCU PCRKO©VUCCMLCLC¡M©NJ!%W£PVQUEJKXQUGTCP
=CRQULCLCPPWNJK¡³?5KPµPMCM³K¡ EWCPFQWUVGFGUNQUEQPVCTQP!
LCLCPPWNJDQRPCO=RNFGLCPPWNJDQPCCO? =5GRTGUGPVCFGURW«UFGWPCEQPUQPCPVGPQINQVCN
IQTTCU )TCO?8CTO©V8«CUGÊO
LCLC¡=RNFGLC¡CC?QNNCU LCOL©©RKPVGTLR£UGNG
NKVFGUECPUG t#C³DJC
LC¡M©RtLWRMCK¡EJIW2GGITQt2WK¡LK,CO
LCLQMOCT=RNFGLQMOCT?OCTKRQUCU L©©RtLWRMCK¡EJIW,WCPt;QXGPIQCXKUKVCT
LCLQQD=RNFGLQQD?VNCEWCEJGU tFKLQ2GFTQt$KGPR£UGNGtTGURQPFKµ,WCP
LCLQQ³K¡=RNFGLQQ³K¡?GURQUCU 8«CUGL©©RFJC¡
=CRQULCLQQ³IC¡P? LCOM©UUOCPF¯DWNCKPHGTKQT6CMCCDVWMCC¡
LCLQQZKC¡=RNFGLQQZKC¡?RNCVQU PC³OWPKFJ©TDJCK¡MCLKO[C¡PKR©MLK³U©K
=CRQULCLQQZKC¡P? IWWWZLK³LCOM©UCO%JCOP©K¡³K³PCIW¡Z
LCLQ¡=RNFGLQ¡?EWGTQU EJWMICO#PQEJGEWCPFQXGP¯CFGRQTCNN£OG
RKSW«EQPWPRCNQGPNCOCPF¯DWNCKPHGTKQTRWGU
LCLQ¡M=RNFGLC¡QQM?FKCDNQU PQNQXKRQTSWGGUVCDCQUEWTQ=RNLCLCOM©U
LCLQ¡MQTCK¡=RNFGLQ¡MQTCK¡?CTC³CU CRQULCOM©UC¡P?
LCORTGHaUUWUWU
RQUGUKµPFGNCUGIWPFCRGTUQPC
LCPGG¡U
OGFKFCFGEQUCUUGECUGSWKXCNGPVGC
FGNRNWTCN $CDCTIKZCCIWLCOOCVCKOC¡P! XGKPVKEKPEQNKVTQURCNCDTCCPVKIWC /CC¡PLCPGG¡
/K¡RKOOQQZKDCTIKFJCKPQ¡RKO©VDC UCRKKEJWNJLCO©VIWDJCDIW$CUKKNKQPCVVW
MQQMZKO;CTGOQLCTQPUWPKZVCOCN!2WGU DQQRVCMCCDIKQPCVVWVW¡KKEJ.GFKGTQPC
FGDGPTGOQLCTNQDKGPCPVGUFGKTCFQTOKT $CUKNKQWPCOGFKFCFGOC¯\RQTJCDGTC[WFCFQC
=)TCO? NKORKCTNCOKNRC[CTCTNC
LCORTGHaXNGU
EQORNGOGPVQFKTGEVQQKPFKTGEVQFG
LCPPWNJUEQTVGFGVGNC
FQUOGVTQU[OGFKQ 
NCUGIWPFCRGTUQPCFGNRNWTCN %JC¡RKOPCK¡R©Z $JCK¡RZK³EJCC³ZKFJCKOCC¡PIWLCPPWNJ
DWCOVWDWCFC¡DKKRKDQRPCEJCOLCOFC¡PI©K MWEJVWKRWWTVC¡/GEQORTCUWPEQTVGFGVGNC
LCOMWWRC¡IWZMCK¡0QJCICPEQUCUHGCU RCTCJCEGTWPCHCNFC
LµXGPGURCTCSWGGNLWG\PQNQUFGVGPIC[ TQRCRTGPFC,©¡MLCRLK³MQ¡ODJTCCTW¡PCR
GPECTEGNG=)TCO? VW³DQRMQ³FJC¡IW³LCLCPPWNJ!%W£PVQOG
LCOEN¯V+PFKECUWLGVQFGNCVGTEGTCRGTUQPCFGN EQDTCURQTNCXCTOGNCTQRC!
RNWTCN-CDWKOWMLCOUCR[C¡MC³ =RNLCLCPPWNJCRQULCPPWNJK¡³
CKEJWNJFJC¡IW³ZKKTPC³KEJLCVCK³DWK&KEGP LCLCPPWNJK¡³?
SWGOC³CPCOGVTCGT£PNCUKNNCFGOQPVCTSWG LCPPWNJDQPCCOUIQTTC#CIW¡OQQZDJCK¡
NGURTGUV«=5GRTGUGPVCFGURW«UFGWPC ©RLKLKCPC³F©©NJLWRFW³KC¡IWLCPPWNJ
EQPUQPCPVGPQINQVCN)TCO?8CTÊO DQPCCO#JGPVQPEGURWGFGSWG[QVCODK«P
CO
JCICWPCUQNCIQTTC=RNLCLCPPWNJDQRPCO?
LCOKCMKPVGTLR£UGNG
HQTOCCPVKIWC t,COKCM LCPQ¡CFXGNF¯CGPSWG,CPQ¡PCRCK¡FJWWM
LCOL©©RLK³Q¡MKZtLWRMCK¡EJIW2CUMWCN LWORCVCCUIWZMCK¡,WMV©TOWK¡OKO
t,ÀÀ¡#C³[C¡DC³L©©RK¡³LKtLWRMCK¡EJIW LWORC¡PCOIWLC¡VMCO%WCPFQNNGICGNF¯CGP
0CVCCNKCt2CUGCFGUECPUCTV¯CtFKLQ2CUEWCN GNSWGUGECODKCFGIQDGTPCFQTVTCFKEKQPCNUG
t5¯[CGUVQ[FGUECPUCPFQCSW¯tTGURQPFKµ LWPVCOWEJCIGPVGGP5CPVC/CT¯C1EQV£P
0CVCNKC CSWGNNCXG\6CCMLWOOCCZK¡³IWVCPQQNJ
LCO©VEN¯V+PFKECUWLGVQFGNCVGTEGTCRGTUQPCFGN LCPQ¡PCVRCK¡FJWWMVWOVWMICOVC#SWGNNC
RNWTCN[VKGORQRTGV«TKVQ2WGFGRTGUGPVCTUG XG\SWGJWDQGENKRUGUQNCOGPVGUGXG¯CWPC
EQOQUWHKLQCNXGTDQ,KZZWW¡PIK¡O©VLK³EJQK¡ RCTVGFGN5QN
IWVWKUCRCVWWNJ%JKEJCOIÀ¡OKDWK¡³ LCPQ¡OUEQUVKNNC#VVKKTWZICMIW,WCP
LCO©V/GFKGTQPCVQNGFGRKPQNGOW[CIWCFQ OCCZKMCOVWWVIWLCCPQOC¡P,WCPGUV£OW[
RCTCVQOCTFGUGIWTQPQNGRWUKGTQPOWEJQ HNCEQRWGUUGXGPUWUEQUVKNNCU=RNLCCPQO
RKPQNG CRQULCPQ¡OC¡PLCCPQOC¡P?
2WGFGRTGUGPVCTUGEQOQUWHKLQCWPCRCNCDTCSWG LC³EN¯V+PFKECUWLGVQFGNCRTKOGTCRGTUQPCFGN
CPVGEGFGCNXGTDQ,©¡MLCO©VCKIWMCMCTDCZ UKPIWNCT)QQMLC³LWOIC¡NJKFJC¡IWVQQOLK³
LC³KEJ 6'2'*7ƒ0Ê'52#“1. 

FJKZKKMPCRCUMKEJC¡6GXGPFQKZVNGV¯CRCTC LWOCK©NJK¡EJMCTDCZ!(WGTQPWUVGFGUCEQIGT
SWGRWGFCUJCEGTWPCVCNGIC=5GRTGUGPVC NCQVTCEJKXCRGSWG³C!
FGURW«UFGWPCEQPUQPCPVGPQINQVCN)TCO? 2WGFGRTGUGPVCTUGEQOQUWHKLQCWPCRCNCDTCSWG
8CTʳK³ CPVGEGFGCNXGTDQ,CZLCRKO©VFQQFCFJK³
LC³KEJEN¯V+PFKECUWLGVQFGNCRTKOGTCRGTUQPCFGN ITCDCFQQTC¡PCDC¡EJCOMCVWMWW!3W«NG
UKPIWNCT[VKGORQRTGV«TKVQ2WGFGRTGUGPVCTUG JKEKGTQPWUVGFGUCOKITCDCFQTC!2WGU[CPQ
EQOQUWHKLQCNXGTDQ/WOOW³KEJDCLKKDWK³QT VQEC
IW2GGNGUDCDCCDWKFJCOLC³KEJIW =5GRTGUGPVCFGURW«UFGWPCEQPUQPCPVGPQINQVCN
MCDCKIC¡PPC³WC¡VW¡P%JCOLK³³COMK¡³ )TCO?8CTRKO©V8«CUGRKO
8Q[EQP(«NKZRCTCSWKVCTNGUWECDCNNQRWGUOG LCRRWMCT=RTGUFGLCDMC¡?GURQPLC
OCUC 
FGDG[PQOGRCIC LCTCCOCFLGURGUQ
N¯SWKFQ #NJK¡EJOK¡ZK
2WGFGRTGUGPVCTUGEQOQUWHKLQCWPCRCNCDTCSWG EJQ¡KK¡³IWUWWFCK¡FJKCVWWNJ:K¡ZLCTCCO
CPVGEGFGCNXGTDQ/CK¡DWC³KEJIWZEJ©©FW¡³ ‹EJCNGVCPVKVCCIWCCNCVQNGRQTSWGGUV£OW[
RCPVCNQQP6©KMCTZKDMCOMCVOCC¡PPKO GURGUQ=EQRLKZ?
LC³KEJR©ZMCCCFCM5GOGRGTFKGTQPOKU
LCTCCTUCTCFQ,WRFW³KKOIWLCTCCTIW³
RCPVCNQPGUC\WNGU'TCPECUKPWGXQURWGU
QQICZUCRPCM©¡PVWOQKMFC¡PQ¡VDCFWW¡P
UQNCOGPVGWPCXG\OGNQUJCD¯CRWGUVQ
/KV¯QGUV£JCEKGPFQWPCTCFQEQPGNSWGXCC
=5GRTGUGPVCFGURW«UFGWPCEQPUQPCPVGPQINQVCN
RTGRCTCTNCVKGTTCRCTCEWCPFQNNWGXC
)TCO?8CT³KEJ8«CUGʳ
=RNLCTTCTCRQULCTCCTW¡PLCTTCTW¡P?
LCREN¯V+PFKECUWLGVQFGNCUGIWPFCRGTUQPCFGN
LCTCCTDJCKUEQNCFGNCTCFQ,KZFJWUCCTCOOK
UKPIWNCT,CZLCRVW¡OCCFC¡IWOUCDWKTCZ!
DCCZFJKLCTCCTDJCK/CC¡PEJKPCLCZLWR³KC¡
%W£NGURCPVCNQPGUXCUCRQPGTVG!=5GRTGUGPVC
PC³ICOCK¡LKEJWLWCPC¡.CEQNCFGGUVGCTCFQ
FGURW«UFGWPCEQPUQPCPVGPQINQVCN)TCO?
GUV£HNQLCETGQSWGUGXCCECGTEWCPFQXC[CC
8CTCR8«CUGÊR
CTCT=RNLCTTCTDJCCDJCK?
LCRKEJEN¯V+PFKECUWLGVQFGNCUGIWPFCRGTUQPCFGN
LCTQKUEWKVNCEQEJG
JQPIQFGNOC¯\ /WK¡OWPK
UKPIWNCT[VKGORQRTGV«TKVQ2WGFGRTGUGPVCTUG
MC¡PF©TLC¡RLKZLCK¡EJIWLCTQKPQ¡LCTQK¡ZEJ©
EQOQUWHKLQCNXGTDQ#C¡³LCRKEJCCIWCNJKK
L©¡MFCO2QTCNN£JC[OWEJQUEWKVNCEQEJGURQT
IWUCRCCVWKZK¡³PC³KEJLWOEJKC!.GRWUKUVG
UKCNIWKGPSWKGTGJCEGTRWNSWGEQPGNNQU
UWU\CRCVQUCNPK³QEQOQVGRGF¯JCEGTNQ!
2WGFGRTGUGPVCTUGEQOQUWHKLQCWPCRCNCDTCSWG LCTQK¡RTQPCNIWKGP,CTQK¡DCMOCK¡KCDWIW
CPVGEGFGCNXGTDQ,CZLCRKEJEJW¡ODJC VWO³KIC¡P/WPKMC¡PR©ZD©©V©VPC³DJCLKO
CC¡³FJCMIWUCRCCVWKZK¡³IWCNJKK!%W£NGU #CNIWKGPUGNGRGTFKµUWFKPGTQRWGURQTCNN£
\CRCVQUNGRWUKUVGCNPK³Q! GUVCDCVKTCFQGPGNECOKPQEWCPFQ[QXGP¯C
=5GRTGUGPVCFGURW«UFGWPCEQPUQPCPVGPQINQVCN =)TCO?
)TCO?8CTRKEJ8«CUGÊR ♦PCLCTQK¡RTQPSWKGP
LCRKOEN¯V+PFKECUWLGVQFGNCUGIWPFCRGTUQPCFGN LCTQK¡PCR©ZRTQPSWKGPUGCEWCNSWKGTRGTUQPC
RNWTCN2WGFGRTGUGPVCTUGEQOQUWHKLQCNXGTDQ d,C¡ROQQTLKZDJCK¡MCOIW³MWWNUK,CTQK¡PC
%JC¡RKOCITGG¡POWLC¡RDCRQ¡FC¡FWWMEJ©T R©ZLKZDJCK¡EJWC¡IKFJKFJC¡UKCMWOQQ
#ITGG¡PLWODCF©K¡³LCRKO0QCPFGP
NKVPQ EJCOOCCVd3W«DWGPCRGTUQPCGUOKCDWGNQ
CPFGPWUVGFGU GPNCNNWXKCRQTSWGUGXCPCOQLCT RWGURNCVKECEQPEWCNSWKGTRGTUQPCCWPSWGPQNC
2WGFGRTGUGPVCTUGEQOQUWHKLQCWPCRCNCDTCSWG EQPQ\EC=)TCO?
CPVGEGFGCNXGTDQ$©©ZLCRKOOQQVWMCMRKCUC¡ LCTQQRTQPSWK«P!,CTQQOIC¡NJKFJKO
PCRCK¡FJWWMV©©OW¡FJKZCKZMCOPCVW CTRWWUPCDC¡LC¡RLKZDWKEJ©M!3WK«PVG
C¡IKO©K%WCPFQGUVGRQN¯VKEQVGTOKPGFGJCDNCT XGPFKµGUGOQTTCNVCPHGQ!=)TCO?
VQFQU
NKVVQFQUWUVGFGU FGDGPCRNCWFKT ♦LCTQQFC¡SWK«PGU!
=5GRTGUGPVCFGURW«UFGWPCEQPUQPCPVGPQINQVCN ♦LCTQQOFC¡SWK«PGUUQP!
)TCO?8CTRKO ♦PCLCTQK¡RTQPSWK«P
LCRKO©VEN¯V+PFKECUWLGVQFGNCUGIWPFCRGTUQPCFGN LCTVWIKC¡XaKGTWEVCT#C³KCOR©ZVQZMQPC
RNWTCN[VKGORQRTGV«TKVQ2WGFGRTGUGPVCTUG ³KEJIÀ¡ZKEJWLWICCMVCMCCD#OLKZL©¡©©M
EQOQUWHKLQCNXGTDQ&CCIKOLCRKO©VCCIW LCTVW¡PK³VWMCC¡;COGTQOGGORCEJCDC
 6'2'*7ƒ0Ê'52#“1. LCZPCR©Z

RQTSWGEQO¯OWEJQC[GTRWGUGUVCDCGTWEVCPFQ LCZFJW³KC¡XaVJCEGT
NQRGPUCFQ t,K³
CITKQCPQEJG=RTGVLCTVWI©RTGULCTVW¡P? EJCK³DWKFJC¡CRIWODCK³FJCUtLWRMCK¡EJ
LCZCFXEµOQ!SW«!,CZLCRV©©¡!,CZLCR IW/KTMKCFKUt/K¡PCM©©M6W¡RM©¡PLCZ
LWOFC¡PUC!%µOQVGNNCOCU!%µOQVG FJW³KC¡!tLWRMCK¡EJIW/CTKCPQt/G
CRGNNKFCU! RTGUVCUVWJCEJCtFKLQ/GNSWKCFG\t#J¯GUV£
♦LCZLCRLWO©NJKK¡³EµOQJCUGUVCFQ! 3W«XCUCJCEGTEQPGNNC!tTGURQPFKµ/CTKCPQ
EµOQVGGPEWGPVTCU! XaTUWEGFGTt6W¡R©PUCCMLCZLWOFW³KC¡
♦LCZLCRVW¡KK¡EµOQGUV£U!EµOQUKIWGU! PQ¡³ICPOWLC¡MU©UU©IW¡³KMK¡QQTPCDJC¡³K
♦LCZLCRKEJLWOFWWSW«RCUµEQPVKIQ! MCCV!tLWRMCK¡EJIW/CTKK[Ct&JQPCUCCM
♦LCZ³KCCEµOQ!OCPFG! PQNJMC¡IW³³QDtLWRMCK¡EJIW/KKNKC
t3W«FKEGPSWGUWEGFGUKUG³CNQCNCTEQKTKU
♦PCLCZCFXEµOQSW«
SWGGUV£CNN¯!tRTGIWPVµ/CT¯Ct2WGUFKEGP
LCZCFXSW«VCPVQ!,CZLKZFJWWMDJCLC¡R
SWGUGVGGPEJWGECNCOCPQtEQPVGUVµ'OKNKC
LWLWMICO!3W«VCPVQNNWGXGRQTCNN£GPNC =RTGULCZDWCRTQITLCZDWKORTGVLCZFJWW?
UKGTTC!=5GRTGUGPVCCPVGUFGNRTGHKLQEQRWNCVKXQ
LCZFJWWMCFXEµOQ!FGSW«OQFQ!
LKZ?

VKGORQRCUCFQ ,CZLCRKEJFWWMLWOICD!
♦PCLCZCFXSW«VCPVQ
,WODJKCRKEJCC!%µOQVGNCUVKOCUVG!6G
LCZDC¡CFXEµOQGUSWG!,CZLCRDC¡ VTQRG\CUVG!
FWWMCVLQKFJCOVÀ¡VÀDVWMWWR!%µOQGUSWG CECUQFGCNI¼POQFQ,KZLCPCCIWDJCPIW
VKGPGUGNECDGNNQVCPNCTIQ! VCVMCTWK¡0Q¡VLCZFJWWMRCK¡F©©NJLCV©©LC
RQTSW«!t#C³EJCOPCCIWMKKUtLWR LWIKQMC¡FJQ#NEQ[QVGNGIWUVCEQOGTUGNCU
MCK¡EJIW2CCDNQt,CZDC¡!tLWRMCK¡EJIW ICNNKPCU5KNNGICCJCNNCTNCUUQNCURQTCJ¯UGNCU
&COCCUKQt0QOGIWUVCGNSWGUQtFKLQ EQOG
2CDNQt2QTSW«!tTGURQPFKµ&COCUKQ 8«CUGLCZFJWK
LCZDC¡EJKCFXRQTSW«UGT£!
RTGIWPVC ♦LCZLCRKEJFJWWMDJCLKKEµOQXKPKUVG!
TGVµTKEC /WK¡EJCPQQNJEJCORCK¡FWWM,CZ CSW«XKPKUVG!
DC¡EJK!0QJCNNQXKFQRQTOWEJQUF¯CU2QT ♦LCZFJWWMCVRQTSW«!EµOQGURQUKDNG!
SW«UGT£! ♦PCLCZFJWWMCFXEµOQFGSW«OQFQ
LCZDWC=RTGUFGLCZFJW³KC¡?JCEGUWEGFG
VKGORQRCUCFQ 
LCZDWKO=RTQITFGLCZFJW³KC¡?GUV£JCEKGPFQ LCZLC¡MCFXEµOQ!FGSW«OCPGTC!,CZ
GUV£UWEGFKGPFQ LC¡MLKZDJCK¡PCEJFW³KC¡!&GSW«OCPGTCNQ
LCZEJW¡ORTQPEW£N!,CZEJW¡OLKZKQ¡O JCEGOQU!
LKZO©NJFJC¡FJKMCMDCK!&JKZWCOCCMC¡ ♦PCLCZLC¡MCFXEµOQFGSW«OCPGTC
FJKZEJWCCC!%W£NFGGUVQUECDCNNQUGUO£U LCZLKPCDC¡KPVGTLRQTSW«UGT£!,CZLKPC
XGNQ\!'NCNC\£PQGNDNCPEQ! DC¡EJCOPCCIWKOCKFJKVQQZMQNJPC³V©K
EµOQGU!SW«ECTCEVGT¯UVKECUVKGPG!,CZ OCCMPCRLWRMCK¡EJPCUCCMLKZ³CC!2QT
EJW¡OV©P©K¡³IWOVCCV!,KZQK¡³CRCC! SW«UGT£SWGPQNGIWUVCNCECNCDC\CSWGNGGUVQ[
%µOQGUNCECTCFGVWRCR£!6GRCTGEGUC«N! FCPFQCGUVGOCTTCPQ!0QOGFKLKUVGSWGNG
=)TCO? IWUVCDC!
♦PCLCZEJW¡ORTQPEW£N LCZMWDC¡CFXRQTSW«!,CZMWRKEJDC¡
LCZFJWKCFXRWGUEµOQ!
GZRTGUKµPFG EJCODJCLKKPCTC¡IKEJCOMCV!2QTSW«PQ
KPETGFWNKFCFRCTCKPVTQFWEKTWPCTGURWGUVCEQPVTCTKC XKPKUVGEWCPFQJWDQLWPVC!
GPVKGORQRTGUGPVGQHWVWTQ ,CZFJWKPC³IW¡ LCZPCR©ZCFXEQOQUGCt#C³LC¡R©NJKK¡³
EJCOOCCVIWPCCDCV³K¡QQM,CZLC³IKDCLK PCEJDJCLC¡RDJ©©[C¡)KQVCO#CRLCZ
EJ©©VFC¡!2WGUEµOQXQ[CGZRNKE£TUGNQCN ©NJKK¡³!tLWRMCK¡EJIW,WCPt&JQIW¡CCRLK
OGUVK\Q!UKPQU«JCDNCTUWKFKQOC8«CUGLCZ DC¡RV©¡[C¡,CZPCR©ZLKIW¡tLWRMCK¡EJIW
FJWWM 2GGITQt;QRKGPUQSWGXCOQUCRCUCTRQT
♦PCLCZFJWKCFXFGCNIWPCOCPGTC
VKGORQ .NCPQ)TCPFG3W«RKGPUCUV¼!tRTGIWPVµ
RTGUGPVGQHWVWTQ  ,WCPt2WGUV¼FKEGUEQOQUGCtEQPVGUVµ
2GFTQ8«CUGPCLCZ
LCZPCR©ZEJW¡O 6'2'*7ƒ0Ê'52#“1. 

♦LCZPCR©ZV©K©NJKK¡³RKGPUCFGOWEJCU ♦OWLC¡MCFXJCEKCCNN£TWODQC
HQTOCU ♦RCLC¡MCFXCFµPFG!CSW«RCTVG!
♦LCZPCR©ZV©KZKMCK¡EJNQFKEGFGOWEJCU LC¡MDWC¡XaVFGXQNXGT0Q¡³LKTIC¡TCFCOLWO
HQTOCU CC¡PC³LKZOCVMC¡PC³L©¡MLC¡MKCDW¡IWLC
LCZPCR©ZEJW¡OCFLEWCNSWKGTCt,CZ VWO³K¡IWLC¡VMCOL©¡MPCLC¡MUWWNJK¡PFC¡
EJW¡OLC³UCCMLWOIC¡NJKFJC¡IWUC¡WC! PCORCK¡FJWWMVW³UCDC¡PFC¡5KUQ[
tLWRMCK¡EJIW/CPQKNt,CZPCR©ZEJW¡O XGPFGFQTPGEGUKVQUCDGTSW«VCPVQFKPGTQ
FJQtLWRMCK¡EJIW#NDKPt%W£NEQDKLCOG FGXQNXGTEWCPFQNCIGPVGOGEQORTC
FKLKUVGSWGVGXGPFKGTC!tRTGIWPVµ/CPWGN =EQORNRNLC¡MKCDW¡RTGVLC¡MDWCLC¡MKCDW?
t%WCNSWKGTCtEQPVGUVµ#NDKPQ8«CUGPCLCZ LC¡MDWKFJC¡XaDFGXQNXGT
CQVTCRGTUQPC /CK¡
EJW¡O DWC³KEJIWOZKKTPCRKEJLK³EJCK³DWKMW³LK
LCZPCR©ZLC¡MCFXFGEWCNSWKGTOCPGTC,C¡R IW¡LWOCKLC¡MLWODWKFJC¡LK5GOGRGTFKµNC
OQQCNJEJCOOCCV©VVÀMÀÀIW³ZKMW¡UKC UKNNCSWGOGRTGUVCUVGRGTQVGXQ[CFGXQNXGT
MWEJLCZV©KEJ©VFC,CZPCDC¡R©ZLC¡MLWO QVTC=EQORNRNLC¡MKCDWKFJC¡RTGVLC¡MDWK¡³
CC¡PFC¡%QOQSWGPQRWGFGGPVGPFGTOK LC¡MKCDWK¡EQPVLC¡MDWRRK¡³FJC¡LC¡M
JGTOCPQCWPSWGNGVTCVCOQUFGGZRNKECT3WK«P KCDWK¡³FJC¡?
UCDGSW«RKGPUC
NKVRKGPUCFGEWCNSWKGTOCPGTC  LC¡MDWK¡CFXFGKIWCNP¼OGTQ,C¡MDWK¡³FJQ
8«CUGPCLCZLC¡M R©ZLWRLCDKC¡IWDCCMPCRL©¡MLCDKC¡CCRLK³
♦LCZPCRLC¡M©NJKK¡³EQOQSWKGTCU QQICZ;QVGPIQGNOKUOQP¼OGTQFGXCECUSWG
LCZR©MCFXFGSW«OCPGTC!
EWCPFQJC[FWFC V¼V¯Q
FGEµOQJCEGTCNIQ ,CZR©MFWKOWK¡FJC¡OI©V ♦LKTLC¡MDWK¡CCGUEQTTGEVCNCECPVKFCF!
IW³DCCMVWM!&GSW«OCPGTCXQ[CJCEGTSWG ♦LC¡MDWK¡MCVCNEQPVTCTKQ
UGOWNVKRNKSWGPOKUXCECU! LC¡MDWNJFJC¡=XCTFGLC¡M©NJFJC¡?EQPVCT
♦LCZR©MMC¡I©VEµOQNQJCT¯C!
RCTC
LC¡MDWRRK¡³FJC¡=EQPVFGLC¡MDWKFJC¡?GUVCT
TGUQNXGTWPRTQDNGOC  FGXQNXK«PFQNQ
CQVTCRGTUQPC 
♦UKCR©MLCZMC¡I©VFGEWCNSWKGTOCPGTC
PQ
LC¡MF©TCFXCNTGX«U2WK¡DCMMWDC¡EJCO
KORQTVCEµOQ 
CKZ[CDCK³ICTCOFJK³MWZKKTPC³DCMIW¡LC¡M
LCZR©PCFXQSW«!
RCTCENCTKHKECT ,C¡MKC¡PPK F©TR©ZOKDCRZK¡³2QTGUQPQGPVTCOKEWEJKNNQ
CCR©PDCFWW¡POCCM©¡P!,CZR©P!.NQXKµ GPUWHWPFCRWGUNQGUVCDCOGVKGPFQCNTGX«U
GPGUVQUVKGORQUGNC³QRCUCFQQSW«! CNFQTUQGPNCQVTCECTC,C¡MF©TZKDWCFJKZ
LC¡CCUQNNC
FGEQEGT 6W¡M©¡PLCRDJKC¡FJK MCDQQMV©OMCNJPCEJCOO©©[C¡8QNVGCNC
LC¡CCPCDC¡EJCOLWOO©KFJC¡PCIW¡ZEJQK³ VQTVKNNCIQTFC
NKVRQPNCGPNCQVTCECTC RCTCSWG
&GDGUWUCTCNIQRCTCUCECTNCQNNCRCTCSWGPQVG PQUGSWGOG
SWGOGURQTSWGGUV£ECNKGPVG=RNLCLC¡? FGGURCNFCU0C³MCUQQ¡OFJKOIWDJGUGGT
♦IKTKEJLC¡CCUQNNCFGEGT£OKEC LK³DJKCMLC³KEJLC¡MF©TOKI©K2WEJCOMC
LC¡MCFXJCEKCC
EKGTVQFGUVKPQ 2CCRKEJ P©K¡³K³PCVRCLC¡MFCK¡DWU%WCPFQGUVCDC
LC¡MLKO©©MPC³DC¡EJCORCK¡OP©K¡³PCRQKT© VTCVCPFQFGKPVGTEGRVCTGNDGEGTTQOGVTQRG\«[
D©ZEJCPQQNJ!#FµPFGHWKUVG!2QTSWGPQVG OGEC¯FGGURCNFCU[PQXKCFQPFGUGHWG
JGXKUVQGPVQFQGNF¯C ♦LC¡MF©TI©KIW³LWTOGXQNX¯NQEQ
GP
EKGTVCRCTVGFGNF¯C ,CK¡MCRIW LC¡MI©ZKC¡XaKTGITGUCTXQNXGT2CCRFWWM
KUVCWTCPKUFCKMCDWKOWMLC¡MLWOMWC¡FC¡IW LC¡MI©ZKC¡PQ¡RKEJOQQOCRCZKCTCO!
DQQMC¡PLKFJQQT'PCNIWPQUTGUVCWTCPVGUPCFC %W£PFQTGITGUCT¯CUUKVGXCUCRCUGCT!
O£UGPNCOC³CPCJCEGPGNOGPWFQRCTC XQNXGT,©¡MLC¡MUWWNJIKC¡IWVWWOK³PQ¡
CNOQT\CT ³KEJOCC¡PMKKNWUCDC¡NJIWCTKKPPQ¡³KEJ
+PFKECWPNWICTGURGE¯HKEQ2CCRKEJF©TLC¡M L©¡MOCODJ©©ZOWEJWOCC!%W£PVCHGTKCOG
[CCKEJFJKVQRCCPCDC¡TZKMQQNJKMLC¡RVW¡O SWGFCT£
NKVUGXQNXGT£ UKEQORTQWPMKNQFG
PCDJK¡³LQQZKC¡!&GFµPFGVTCLKUVGGUVG JCTKPC[NGFQ[FKG\RGUQU!
OQNECLGVG!2WGUGUTGFQPFQEQOQWPRNCVQFG =UWLRNLC¡MUWWNJIKC¡RTGVLC¡MI©KLC¡MUWWNJ
DCTTQ RTGULC¡MI©¡PU©LC¡MUWWNJK¡?
♦DJCLC¡MCFXRQTCSW¯JCEKCCE£
 6'2'*7ƒ0Ê'52#“1. LC¡Z³K

♦LC¡MI©ZIC¡PPK³QPCEKFQFGURW«UFGN LC¡RLC¡MCFXRCTCCE£
WPRQEQ /QQEJCO
RTKOGTQSWGOWTKµ DJCCK¡CCPCRLC¡RLC¡MDWNJKC¡IWOCCEJW¡!
♦LC¡MF©TI©ZKC¡LWICTCGEJCTUGOCTQOCU /K¡RWK¡PCLCZDCDWNJ0QUGT¯CDWGPQSWG
LC¡MKCDWKFJC¡=EQORNRNFGLC¡MDWKFJC¡? COCTTGUGNOCEJQWPRQEQO£URCTCCE£!2WGU
FGXQNX«TUGNQU=RTGVLC¡MKCDWK¡EQPVLC¡M VQFCX¯CGUV£COCTTCFQCNN¯OKUOQ
KCDWK¡³FJC¡? LC¡ROQQKPVGTLdEµOQd,C¡ROQQOCL©RRKT
LC¡MKCDW¡=EQORNRNFGLC¡MDWC¡?FGXQNXGTNQU VWMCC¡IW³EJQQVQPPC³V©KDQ¡d%µOQUGOG
=RTGVLC¡MKCDW? GPHTKCTQPNQURKGUCPQEJGEWCPFQGUVCDC
CEQUVCFQ
LC¡MKC¡PCFXCGUVCUJQTCUGPGUVQUF¯CU6CMCCD
EQOQSWG/QQLC¡RCC¡CCPCRLWRZK³
LC¡MKC¡POWOOWRCK¡FJ©TFJK$QQFCOVCO
LCCZOC¡³FJCKPCRDC¡R©MDCLKOKC¡RCK¡PC³
LCEJDJCK¡DCLKKOEJW¡#[GTCGUVCUJQTCU
LWOLQQVQU!,C¡ROQQZK¡EJCOVW¡MC¡OLK³
XGP¯COQURQT/G\SWKVCN
³©K¡³CRCCR2NCCDKQ2QTSW«UKGORTGSWGVG
♦LC¡MKC¡PPKCGUVCUJQTCUGPGUVQUF¯CU OCPFQCJCEGTCNIQDTQOGCUFKEKGPFQSWGPQNQ

RTGEKUCOGPVG  XCUCJCEGT(NCXKQ!%QOQSWGPQOGVTCVCUEQP
LC¡M©NJFJC¡XaVEQPVCTUWOCT6WLC¡M©NJK¡³IW GNFGDKFQTGURGVQ
DCRCK³WOVWWOK³IWOCMI©ODCMIW¡OWK¡ LC¡RPCLCZCFXKIWCNEQOQ,C¡ZDWK¡RLKZ
DKC¡'NEWTCPFGTQGUV£EQPVCPFQOQPGFCURWGU DJCPCC¡IW¡³KZLW¡TC¡OC¡ICIQQZLC¡RPCLCZ
VKGPGOWEJCU=RTGULC¡M©NJK¡³RTGVLC¡M©NJ? IW¡³KZDJQQ³ZK¡'NRGTTQFGEQNQTCDGLQTTQGU
8CTLC¡MDWNJFJC¡ KIWCNFGDTCXQEQOQCSWGNRGTTQTCDµP
LC¡MUWWNJIKC¡=UWLRNFGLC¡MI©ZKC¡?2GLLC¡M LC¡RR©ZCFLEQO¼PQTFKPCTKQ)WLC¡RR©ZVWVWWT
UWWNJIKC¡COTGITGUCT£P=RTGVLC¡MUWWNJ EJCOLKPCOLWOFC¡MC¡R©ZLKUWNJIKFJC¡CO
RTGULC¡MUWWNJK¡? RWEJW¡OIWDJG¡OUGT.QUVQTQUEQOWPGUPQ
LC¡PPK¡³=CRQUFGLCFWW³?UWRCTKGPVG H£EKNOGPVGVKGPGPET¯CU[UWUDGEGTTQUUQPFGNC
LC¡³FJC¡CFLSWGUGFGUJCEGH£EKNOGPVG,KZ OKUOCPCVWTCNG\C
LC¡³FJC¡FJKUGGTPQ¡³KEJRCNJ©©RZKMWC¡³VCK LC¡RR©ZCFXCU¯PCFCO£UUKPGUHQT\CTUGÎ,C¡R
MQD'UVCEGTCUGFGUJCEGH£EKNOGPVGUKNCRQPIQ LCRV©¡[C¡PCRRCK¡FJWWMOWK¡LKEJWLC
EGTECFGNCNWODTG=EQRLKZ?8«CUGLCIKC¡ C¡IKFJC¡IWLC¡VMCOPCOEJCOVW¡LC¡RR©ZLKZ
LC¡QQMUFKCDNQFGOQPKQ5CRPQ¡³KEJEJCO CC¡PFC¡IWVWWOK³PQ¡OEJCOVWLWCPÏLWR
CODWCPQ¡³KEJV©KVW³OCK¡EJMKRW³DJ©KMC¡ MCK¡EJIWIÀ¡MCOÎ%WCPFQJCDNGUEQPNC
IWLC¡QQM&KEGPSWGEWCPFQWPQVTCVCFGLWICT IGPVGFGDGUFGEKTNGUSWGPQCPFGPPCFCO£U
EQPGNFKCDNQUKHCNNC«NUGNNGXCGNCNOC SWGTKGPFQFKPGTQUKPVTCDCLCT
NKVUKP
=RNLCLQ¡M? GUHQT\CTUG ÏFKLQNCCWVQTKFCF
LC¡RCFXGP
£TGC 1KRQCODCMLKCIW LC¡RVW¡OCFXEQOQ
UGOGLCPVGGPCRCTGPEKC 
DCRCKU©NJDJC¡³KFJ©TLC¡RFJKICICKDJCLC¡R ,C¡RVW¡OVWOQ¡FJKVCMCCTWK¡PCIWMWTCV
R©ZLCZLKZEJ©M©©MZKZPC³KEJLCZDJ©K2CTGEG ,KZD©¡IKQPCVÀDVWEJK³'UCICNNKPCVKGPG
SWGJC[VGLQPGUGPCSWGNNCUNCFGTCURWGUUGXG ECDG\CEQOQGNR£LCTQECTRKPVGTQTQLC[EQPRKEQ
TCUIW³CFCNCVKGTTCRQTFQPFGRCU« OW[NCTIQ
♦DJCLC¡RCFXRQTCNN¯
CNVQ  LC¡VMCOUIGPVGRGTUQPCU/WK¡[C¡CKO©VIW
♦DJCOO©PKFJ©TLC¡RCFXRQTCNN£
CTTKDC LC¡VMCOPCTRKCUVCMCV8KPQOWEJCIGPVGCSW¯
NGLQURTGEKUCOGPVG  EWCPFQJWDQWPCHKGUVC='UWPUWUVCPVKXQRNWTCN?
♦OKLC¡RRCK¡CFXRQTCJ¯
EGTEC  8«CUGOCC¡PMCO
♦OWLC¡RCFXTWODQC
EKGTVC£TGC  LC¡ZDWK¡CFXKIWCNFGVCOC³Q/CZKOLCLQKO©V
♦OWLC¡RRCK¡CFXRQTCJ¯
NGLQU  FCKVÀ¡VÀD,C¡ZDWK¡RLKTVÀDIWWDKKPCL©¡ZIW
♦[CLC¡RCFXRQTCSW¯ EJKQ¡³2TQOGVKGTQPECUCTUGFQURGTUQPCUCNVCU
LC¡RCFXKIWCNC,C¡RVW¡OV©P©K¡³FJK&CPKGN RWGUNCOWLGTGUVCPCNVCEQOQGNJQODTG
PCIW5KPCKFQ&CPKGNGUKIWCN
NKVRCTGEGKIWCN  LC¡Z³KCFXCU¯
FGVCOC³QEQUCUITCPFGUFKEJQ
C<GPCKFQ EQPCFGOCPGU t,©¡ZDCTIÀ¡IWOCNJKKEJWM!
♦LC¡RLCRV©©FC¡PCFKNGSWG tLWRMCK¡EJIW,WCPt,C¡Z³KtLWRMCK¡EJIW
LÀÀ¡ 6'2'*7ƒ0Ê'52#“1. 

2GGITQt3W«VCPITCPFGGUV£VWJKLQ! ♦VWLKDWC¡XaVCDQTVCT
CPKOCN 
tRTGIWPVµ,WCPt#U¯tEQPVGUVµ2GFTQ LKEJRTGHaUPWGUVTQPWGUVTQU
RQUGUKµPFGNC
UG³CNCPFQNCCNVWTCCRTQZKOCFC RTKOGTCRGTUQPCFGNRNWTCN #C³EJCOCC¡LKPCT
CNTCVQ,C¡Z³KKCOLCEJVWLWIKC¡/£UCN LKEJDJC¡DJCTQQ¡MC¡FJKDKCROC¡PCIW¡
TCVQEQOGOQU EJCOVWLWCPCTC¡)KKNJKOLKZEJWQQ¡P0Q
LÀÀ¡KPVGTLU¯EQOQPQt#CRDCV©©KCC!tLWR SWKGTQSWGUGCPWGUVTQ[GTPQGUGLQXGPRQTSWG
MCK¡EJIW6KKOKQt,ÀÀ¡tLWRMCK¡EJIW PQNGIWUVCVTCDCLCTGUOW[HNQLQ=5GRTGUGPVC
5CDKPWt;CUGODTCUVG!tRTGIWPVµ'WVKOGQ FGURW«UFGWPCEQPUQPCPVGPQINQVCN)TCO?
t5¯EQOQPQtEQPVGUVµ5CDKPQ8«CUGL©©¡ 8CTÊEJ
LKRCTV+PFKEC«PHCUKU$CK³EJWFC¡CRFJK³ LKEJRTGHaXPQUCPQUQVTQU
EQORNGOGPVQ

MWZKKT,WOPCOMKFJC¡K³MWIW¡PQ¡RKEJDC FKTGEVQQKPFKTGEVQFGNCRTKOGTCRGTUQPCFGNRNWTCN 
V©©OWLK*C\OGNCHWPFCFGOKEWEJKNNQ[VGNQ 2CCOUCRFWWMLKEJOCMKC¡IWVWWOK³!)K
RCICT«RGTQEWCPFQVGTOKPGU=)TCO? PCRCPCCUDJCK¡DCMCK¡³EJCKFJCV%W£PFQ
8CTLG8«CUGLKIW¡ PQUXCPCFCTGNFKPGTQ!2CTGEGSWGFKLGTQPSWG
LKRTGHaX+PFKECSWGNCCEEKµPCRGPCUUGKPKEKC$C [CPQUNQKDCPCFCT
LKOQK¡FJC¡COFJKC¡CCNJPQ¡O©VV©KF©©NJDC PQU
EQORNGOGPVQTGHNGZKXQQTGE¯RTQEQFGNC
LKMQQMZKO#C¡PC³LCD©©OLKOFC¡PCODC¡ RTKOGTCRGTUQPCFGNRNWTCN +KMW³OQQV©
EJCO³KQMCVDCMQQMZKC¡%WCPFQGUVQUPK³QU D©¡³FJCTC¡OWDC¡MEJ©TPCEJM©¡PLKEJ
UGXCPCFQTOKTUQNQUGORKG\CPCLWIWGVGCT DCMZKFJC¡8Q[CCNWODTCTCFGPVTQFGNCECUC
0GEGUKVQKTEQPGNNQURCTCSWGUGFWGTOCPUKP RCTCSWGRQFCOQUCEQOQFCTNQURGVCVGURCTC
FGEKTPCFC=)TCO? FQTOKT
=5GRTGUGPVCFGURW«UFGWPCEQPUQPCPVGPQINQVCN
ÊLK=XCTFGÊK?+PFKECSWGNCCEEKµPUGNNGXCCECDQ
)TCO?8CTÊEJ
KPOGFKCVCOGPVGCPVGUFGQVTCCEEKµP
LKEJEJCCVUPWGUVTQRCFTGPWGUVTQRCR£
LKCRCTV+PFKECSWGNCTGURWGUVCFGNCRTGIWPVCGU
΁6WLWCPCOCCIWEJEJCCV!ÏLWRV©VFCIW
QDXKCt%JCOLCTQK¡LCK¡EJLKCIWQ¡FCOPCZ
CNJKKIWZKQ¡IK¡³Î/QQLC¡RMCZEJWMICOPCV
OCCV©VVWVCCVOWVW¡P[C¡FJK,WMV©TtLWR
LKKPC³DC¡EJCOP©K¡³Ï΁5GHWGCVTCDCLCT
MCK¡EJIW+UVQNKQt%JCOFJQtLWRMCK¡EJIW
PWGUVTQRCR£!ÏFKLQGNPK³QCUWJGTOCPQ
2KNKKRCt0QJC[PCFKGGPVTGNQUVGRGJWCPGU
OC[QTÎ&GDKµJCDGTGUVCFQQUEWTQEWCPFQUG
CSW¯GP5CPVC/CT¯CSWGUGRCEWTCTNQUFKGPVGU
HWGRQTSWGPQNQXKUCNKTÏC³CFKµ
XGTFCF!tFKLQ'WUVQNKQt%NCTQSWGPQ
UQN,KZKQ¡OLKZEJQK³IWEJEJCCVOWLC¡R
tTGURQPFKµ(GNKRC
VCCVUCD'NUQNECNKGPVCOWEJQGPNCU\QPCU
+PFKEC«PHCUKUEQOQRTGIWPVCTGVµTKECd,C¡R
E£NKFCU
OQQKQ¡OFWW¡PLKC.NQXKµOW[HWGTVG
8«CUGVCCV
XGTFCF!
=)TCO? LKEJEJCCVLKZFJCCOMCOU0WGUVTQ2CFTG
%GNGUVKCN6CCDJCMLC¡MMKDCCTVWFWWMEJW¡P
LKD=RTGUFGLKKDC¡?NQTCURC
IWEJEJCCVLKZFJCCOMCOPCUCRDC¡O©M
LKDQK¡³³QNJKC¡=UWLRNFGLKO©K³³QNJKC¡?2GL LCK¡EJMC¡IWUWWFCK¡'PNC«RQECFGUGSW¯C
LKDQK¡³³QNJKC¡COJWKT£P=RTGVLKDQK¡³³QT 0WGUVTQ2CFTG%GNGUVKCNJCEGNNQXGT
OQXLKDQK¡³³Q¡PVW¡?8CTLKDQK¡³IKC¡ EQPVKPWCOGPVGRQTCNIWPQUF¯CURCTCSWGJC[C
LKDWC¡XaVVKTCT
CNUWGNQ VWODCT,K³LKDWC¡ CIWCRQTO£UVKGORQ
CCEJKFJKMCDCKPCICOCK¡LKLQ³KC¡PQ¡³KEJ LKEJ)©¡MQTC¡U0WGUVTQ2CFTG
EGNGUVKCN Î,KZ
DJCFJCKDW!5KOQPVQGUVGECDCNNQPQ FJCCOLWRVW¡KK¡IWEJ)©¡MQTC¡6©L©©¡³FJC¡
TGRCTCT£GPGNECOKPQ[OGVWODCT£! RKODWK³QTD©©ZLCOLWLWTM©¡PÏLWRMCK¡EJIW
CXCP\CT
GPNQSWGGUV£JCEKGPFQOQFKUOQ  RCCNJÎ0WGUVTQ2CFTGGUV£GPGNEKGNQ%TGCPGP
#CROQQIÀ¡DCLKDWC¡IWOCUMKEJPC³CC³ «NFGVQFQEQTC\µPÏFKLQGNUCEGTFQVG
OWMCLKOKC¡ORCCUWNJDWK8CUCCXCP\CT
LKEJQ¡PVCOURCVKQOC[QTRCVKQEQOWPCN
FGN
OWEJQEQPVWVGLKFQOKGPVTCU[QXQ[CXKUKVCTC
OKVQVGVTCFKEKQPCN Î/©L©F©TDJCEJWLCO
VWV¯C
LQQEJZK¡³IWZMCK¡PCRKOUCROWK¡ZKP©K¡RWK
=EQORNRNKK¡³ZKEJFJC¡RTGVLKDWCKK¡³ZKEJ
IWZKQVCNJO©L©EJQ¡PVC¡OÏLWRMCK¡EJIW
RTGULKDWRRCKK¡³ZKEJW¡P?
 6'2'*7ƒ0Ê'52#“1. LKKMWNJ

QTQUKKTÎ'NIQDGTPCFQTVTCFKEKQPCNNGUOCPFC LKIW¡RCTV+PFKECOC[QT«PHCUKU,QKFJCOLWRLKZ
NNCOCTRCTCSWGXC[CPCDCKNCTGNOKVQVGGPGN FJCPLKIW¡LKCIWDJGUGGTIW©NJK¡EJVQQZMQNJ
RCVKQEQOWPCNÏFKLQGNCNIWCEKN 6©©¡PCDC¡R©ZOKM©©MK¡PCRCLC¡MLKO'N
LKEJ:QK¡MCOU%TKUVQ,GUWETKUVQ
NKVPWGUVTC OCTTCPKVQNGIWUVCCPFCTEQPGNDGEGTTQ(¯LGUG
RGTUQPCJWOKNFG )WEJ:QK¡MCOLKTFK¡PCV&KQU SWGNGUKIWGFQPFGCPFG=)TCO?8CTLK
DJCLQQVLKZFJCCOF©TDC¡UQK¡OFWWCCEJ IWK¡8«CUGLK
LKEJC¡OMCO[C¡FJKQK¡³IC¡PDJCCPRWK¡ LKK=RTGVFGLKOKC¡?HWGXKPQ
MWEJDC¡RWK¡KKOPCTLKEJ:QK¡MCO,GUWETKUVQ LKKDUOCUC
DCVKFCEQPCIWC )COO©L©
GUGNSWG&KQUGPXKµFGNEKGNQCNOWPFQGNEWCN VQK¡DK¡³FJC¡IW³³CCPIWZKKIC¡PIWLKKDPC
UGJWOKNNµRQTPQUQVTQURQTNQSWGFGEKOQUSWG IW¡ZFJCC¡PCFCKRWOCC¡PVWUQK¡/KOCO£
GUPWGUVTQ%TKUVQ8«CUGUQK¡ UKGORTGNGFCOCUCDCVKFCEQPCIWCCNRGTTKVQ
LKFJ©F©ORWI©MCFXCNQUEWTGEGT&CKLK RQTSWGGUGN¼PKEQSWGVKGPG
FJ©F©ORWI©MLKZLQK¡³PCDJCLC¡RDCFCFC¡FC¡ LKKDC¡XaVTCURCT
RCTCJCEGTJWGEQ GUECTDCT
FJKPCMO©NJ#NQUEWTGEGTGUEWCPFQNGIWUVC %JCOLKKDCDCMIWLCTQK¡IWK¡IQMFCKPCVZK
UCNKTCXQNCTCNOWTEK«NCIQ DCZDJCM%JCOVW¡OKUWW¡PPC³OK¡DCV©
LKFJQQTUEQOKFC
JGTXKFC /K¡ZKEJQ¡KK¡³IW P©KFJKO#NIWKGPNGUCEµGNCIWCOKGNCNOCIWG[
UWWFCK¡FJKLKFJQQTRCPCCUDCLKICCPCIW¡ RGTQPQNQTCURµQVTCXG\2QTGUQPQJCD¯CPCFC
O©MDCVQVRQM‹EJCNGCIWCCGUVCEQOKFCSWG EWCPFQHWKCUCE£TUGNC
GUV£JKTXKGPFQRCTGEGSWG[CUGUGEµRQTSWG[C NKLCTCRNCPCT,KKDC¡CR5KOQQPFJKDCK³FJCU
JKTXKµOWEJQTCVQ=RNLK¡³FJQT? DJCKPCDC¡LQKFJCOLKZFJCCRCMMC¡.KLCGN
LKFJQQTC¡XaVJGTXKT
EQOKFC -©¡ORKICKCRLK³ OCPIQFGNJCEJC5KOµPRCTCSWGSWGFGDKGP
OCTCCZFJKDJCDPCRDC¡DCVWLKFJQQTC¡PC NKUQ
IW¡IKKNJKOLKZLQQFCK¡.KORKCUGUVQUHTKLQNGU JCEGTICEJCU
FGRKPQNG 6WLKKDC¡CR2GGITQ
CPVGUFGRQPGTNQUCJGTXKTOKLCRQTSWGVKGPGP IWVWKUCRMWEJZKKQ¡LKDCMQQMZKC¡*C\
OWEJCURKGFTCU=RTGVLKFJQQRTGULKFJQQT? ICEJCUEQPGNRKPQNG2GFTQRCTCVQO£TPQUNCU
LKIKCTCFLDTQPEQ
CPKOCNFQO«UVKEQ %JCOMC CPVGUFGKTCFQTOKT
=RTGVLKKDCRTGULKD?
LKIKCTCCFJKOMCDCK¡PCUCCMOCC¡PPCOLK
DWRRCFC¡!6QFCX¯CGUDTQPEQVWECDCNNQ!2WGU LKKEJQDC¡UXKWFCPGITC
CTC³C %JC¡ROKLC¡R
FKEGPSWGUGIWKFQVGVWODC=RNLK¡PIKCT LC¡MF©TVWKCDWFC¡IWLQQFCKEJKQ¡³/K¡VW¡
EQRLKT?8CTL©IKCT LKKEJQDC¡OKFJCCMCVLWRDCOM©K0QCPFGU
LKIKCTWOCFLUCNXCLG
CPKOCNFGNOQPVG  XQNVGCPFQNCURKGFTCUJKLQRQTSWGRWGFGJCDGT
WPCXKWFCPGITCRQTCJ¯[VGRWGFGRKECT
%JCOOKC¡PLWOC¡L©¡PIWUWKOCNJPCIW¡T
=RNLKLKKEJQDC¡?
LKIKCTWO'NXGPCFQPQFGLCSWGPCFKGUGNG
CEGTSWGRQTSWGGUUCNXCLG LKKMC¡XaVEQTVCT
EQPEWEJKNNQVKLGTCUQUGTTWEJQ 
UKNXGUVTG
RNCPVC 2WK¡RLKZLCK¡EJIW[CCVWK -CDWKOWMLC³LKKMC¡IWLCDCRQQFJKMCMCUPKT
LK¡PIKCTWOFCKPCEJCOLKTLWOMWC¡FCO PC³OCC¡PVWEJK³KC¡IWUC¡WC/C³CPCNGU
6CODK«PJC[RCRCUUKNXGUVTGUPCFCO£USWGPQ XQ[CEQTVCTNCNCPCCGUVQUDQTTGIQURCTCOCPFCT
UGEQOGP CJCEGTWPCEQDKLC=RTGVLKKMCRTGULKKM?
=RNLK¡PIKCTWOEQRLKT?8CTL©IKCTWO LKKMFCOURGNWSWGTQRGNWSWGTC#CREJCO
LKI©ZKC¡XaKECGTUG
FGUFGWPCCNVWTC  KCOLKTLKKMFCOPCRLK³LKKMC¡!0QGTGU
&CKEJI©FC¡CRPCREJCOLKI©ZKC¡8GUGPVCFQ RGNWSWGTQRCTCSWGOGEQTVGUGNECDGNNQ!
RCTCSWGPQVGECKICU ♦OCKLKKMFCOUEQTVCFQTFGOCIWG[GU
UGTCDQTVCFQ+K¡O©VIWZKZIC¡PPC³UCCM LKKMWNJUV¯Q
JGTOCPQOGPQTFGNRCR£ :KD
OCC¡PMCOOCMKC¡I©V(WGTQPCDQTVCFQUNQU UCROQQDJCLKOIW³LKKMWNJPCDJCDJ©KTC¡IW
ECEJQTTQUFGNQUEWCNGUVGKDCCFCTWPQ DCK³FJCUW¡PPCV[C¡RWRDKKDCUVCMCCDPCV
=UWLRNKK¡³ZKC¡RTGVLKI©KKK¡RTGULKI©¡PU© [C¡EJRCNJDWKPCVLCK¡VWLKKDCIWVQQZMQNJ
KKI©U? &KEGOKV¯QSWGRTQDCDNGOGPVGXKGPGJQ[RCTC
♦LKI©©ZIC¡PRTGOCVWTQ
PCEKFQCPVGUFGN NNGXCTUGUWJCEJCSWGUGSWGFµCSW¯CPVGC[GT
FGDKFQVKGORQ  EWCPFQPQUC[WFµCSWKVCTNGNCRKGNCNOCTTCPQ
UQDTKPQUQDTKPC
JKLQQJKLCFGNJGTOCPQOC[QT
LKKN 6'2'*7ƒ0Ê'52#“1. 

FGWPJQODTG ,C¡Z³KUCRDJCLKOIW³LKKMWNJ LKLKMVQD=RNFGLKMVQD?CZKNCU


PCLCK¡EJRCNJDWKFJC¡PCEJVWQT&KEGOK =CRQULKLKMVQDC¡P?
UQDTKPQSWGXKGPGCNTCVQRCTCC[WFCTPQUC LKLKRVC¡=RNFGLKRVC¡?SWGVKGPGPRKQLQU=EQRLKZ?
RK\ECT
=RNLKMMWNJCRQULKKMWNJK¡³LKMMWNJK¡³? LKLK¡DUQP=RNFGLK¡DUQP?XGLKICU
LKKNUJKNQ$JC³DJ©K¡³IWZEJWCLKKNPC³M©¡P LKMUQODNKIQ&JQIWOCDWKN6GTGGUCPCR
UQQOFJC¡IW4WRGTVQIWUCDWKTCZK¡³PCRWK¡R WOWC¡³FJC¡PCOFCIKCUC¡PCDC¡FCKDW¡IWO
VW¡OLKZEJWC6T£GOGOKJKNQSWGGUKIWCNFG LKMPCRWK¡ZLQK³&GDGURGFKTNGCVWCDWGNC
DNCPEQSWGNQUECN\QPGUFG4QDGTVQRCTC 6GTGUCSWGVGEWTGRCTCSWGUGCUKGPVGVWQODNKIQ
TGOGPF£TUGNQU [PQUGOWGXCVCPVQ=RNLKLKMCRQULKMWW¡P?

LKKO=RTGURNFGLKOKC¡?2GLOK¡LKKOCOCNN¯ LKMEJKC¡XaTEQTVCTUG
EQPWPQDLGVQRWPVKCIWFQ 
XCP ,WOLKMEJKC¡OQQFJKMWZKKTPCROK¡DWCO
DWC$CCU©¡PLCRV©MKC¡6GXCUCEQTVCTEQPGUG
LKKOEJW¡=OQXRNFGLKOKC¡?2GLLKKOEJW¡CO EWEJKNNQUKLWGICUEQP«N&GDGURQPGTNQGPUW
XCPECOKPCPFQ NWICT=RTGVLKMKKEJRTGULKMKCM?
LKKOFCM=RNFGLKOFCO?XKCLGTQU=EQRLKT? LKMMWNJ=RNFGLKKMWNJ?V¯QUUQDTKPQUUQDTKPCU
LKKOFC¡=EQPVRNFGLKOKC¡?GUVCT£PCPFCPFQ =CRQULKMMWNJK¡³?
LKKOFJC¡=RNFGLKOFJC¡?SWGECOKPCPTGEKQ LKMOC¡CFLSWGJC[PKGDNC,KZKQ¡OLKZ
=EQRLKZ? EJWMICOFJQIKLKZKDPCIW¡ZEJ©DCC¡IKQ
LKK³MKC¡XaKITKVCTEJKNNCT,KK³CMIW PCZLKMOC¡'UV£OW[QUEWTQJQ[RQTSWGGUV£
OCKOMCOZKEJWUCDFCVEJKIW¡LQKFJCOVÀ PWDNCFQ[JC[PKGDNC=EQRLKZ?
MÀÀPCDCZOCKO'NDQTTCEJQGUV£ITKVCPFQ LKMQQOUPKGDNCPGDNKPC$JCK¡LKEJ©UFKC¡IW
EQPNCO¼UKECRCTGEGSWGNGIWUVCQ¯TNCRQTSWG LKMQQOPCRCK¡FJWWMMKDCCTFWWMFC¡.C
GUV£GDTKQ PKGDNCCRCTGEGEWCPFQNNWGXGEQPVKPWCOGPVG
ECPVCT
ICNNQ $CVWOCCZKNJKODCMPCDC¡ LKMRCVC¡XaVVTGP\CT
\Q[CVG $©©R©¡OCC¡PCEJ
DCLKK³CMIWVCMCCTWK¡2CTGEGSWG[CGUV£ VWLKMRCVC¡PC³DC¡R©MDCRFW³KC¡IWWOWW¡
COCPGEKGPFQRQTSWG[CGUV£ECPVCPFQGNICNNQ DQPCCO2CTCJCEGTWPUQODTGTQRTKOGTQUG
=RTGULKK³CMRTGVLKK³? PGEGUKVCPJCEGTVTGP\CUFG\Q[CVG=RTGVLKMRCKQ
LKKUOC¡XaVTGEQUGTTGOGPFCT
WPCRTGPFC LKMRCVCRTGULKMRCV?
GURGE¯HKEC ,CK¡DCMEJCOR©MDJCK¡LKKUWOMC¡ LKMRCZFJC¡XaDVTGP\CT
\Q[CVGRCTCQVTC
IWRCPVCNQQPKU#C³VCMCCDCOZKUCTIW³ RGTUQPC /CC¡PLCRLK³LKMRCZFJC¡IWWOWW¡
RCPVCNQQPPC³MCV©VDKCIWDCUMKUDQN2CTGEG #OLKZEJWDQPOCVCOK³6T«P\COG\Q[CVG
SWGCNIWPQURCPVCNQPGUPQGUV£PDKGP RWGUVGPIQICPCUFGRQPGTOGWPUQODTGTQ
TGOGPFCFQURWGUC[GTUGOGFGUEQUKµOK VTGP\CT
ECDGNNQFGQVTCRGTUQPC :K³LKMRCZK¡³
RCPVCNµPEWCPFQGUVCDCLWICPFQDCUSWGVDQN IW³MWWRMCRDJCK¡PCROK¡R©ZLC¡RFCCPCR
XaTTGEQUGTTGOGPFCT
TQRCGPIGPGTCN #C³ EJCOVW¡LCZDWC6T«P\COGGNECDGNNQRWGUPQ
[C¡V©K³LKKUWOPC³LK³EJ©K¡FJC¡PC³DCVDKC¡ GUV£UJCEKGPFQPCFCO£USWGGUVCTUGPVCFCCNN¯
#SW¯GUVQ[TGOGPFCPFQCNIQRCTCRQPGTOG =RTGVLKMRCZRTGULKMRCZK¡³?
FGURW«UFGDC³CTOG
=RTGVLKKURTGULKKUWO? LKMRC¡UVTGP\C
FG\Q[CVG 6©V©DICVIW³MWWNUK
OCC¡PIWLKMRC¡PCUCRLWRFW³KC¡OCC¡PIW
LKLKKUKPVGUVKPQU,KZMCCRCMVWLKLKKIWWWR,KZ DQPCCO/KCDWGNQGUV£GORG\CPFQWPCVTGP\C
DJCK¡OIKKIKCTIK¡³IWNCDGGT'N\QTKNNQVKGPG FG\Q[CVGRCTCJCEGTWPUQODTGTQ=RNLKLKMRC¡?
KPVGUVKPQUDKGPFWTQUSWGUKTXGPRCTCJCEGTNCU
EWGTFCUFGWPXKQN¯P=CRQULKLKK¡³? LKMVQDUCZKNC#NJK¡EJLK³OCCMIWK¡PC³LKMVQD
COLWOLWTPCLQKFJCOWWDPC³ZK³LWWTWK
LKLKKEJQDC¡=RNFGLKKEJQDC¡?XKWFCUPGITCU PC³EJCOLKZLKMVQDWWDVW¡POWLC¡RRKCUVC

CTC³CU  PC³KEJIW¡EJCODCVDKC2T«UVCOGVCPVKVQ
LKLKM=RNFGLKM?QODNKIQU FGUQFQTCPVGRCTCRQPGTOGRCTCSWGPQOG
LKLKMRC¡=RNFGLKMRC¡?VTGP\CU
FG\Q[CVG  JWGNCPHGQNCUCZKNCUEWCPFQXC[CCNCHKGUVC
RWGUPQOGDC³«=RNLKLKMVQD
CRQULKMVQDC¡PLKLKMVQDC¡P?
 6'2'*7ƒ0Ê'52#“1. LKTOCC¡P

LKOEJWFC¡XaKCTCTGUECTFCT
EQPCTCFQUKP LK³RTGHaXOG
EQORNGOGPVQFKTGEVQQKPFKTGEVQ

CNGVCU ,KZDJCK¡VWOLKOEJW¡PLKC[C¡PCL©¡Z FGNCRTKOGTCRGTUQPCFGNUKPIWNCT /CC¡PLCRLWR


EJCOLQQFCK¡PCTFCKF©D©©T5GRWGFGCTCT LK³FJWK³FJC¡IWCUCCM,WOPCOMKFJC¡K³
DKGPCSW¯GPGUVGRGFC\QFGVKGTTCRQTSWGPQ 2QTHCXQTJC\OGWPOQTTCN[VGNQRCIQ
VKGPGOWEJCURKGFTCUGURWTCVKGTTC OG
EQORNGOGPVQTGHNGZKXQFGNCRTKOGTCRGTUQPC

0QTOCNOGPVGUGRTGRCTCNCOKNRCEQPCTCFQUKP FGNUKPIWNCT $JC³DJ©K¡³IW³FJWK³MCTLC³ZK
CNGVCUEWCPFQGORKG\CCNNQXGTRGTQEWCPFQNC EJ©F©©¡PPKC¡PC³M©¡PLK³L©©RFJC¡PC³LKZ
VKGTTCUGOQLCDKGPUGUKGODTCEQPCTCFQEQP OCIQQP6T£KICOGOKRKRCRCTCHWOCTWPTCVQ
CNGVCU6CODK«PUGGUECTFCNCOKNRCUKPCNGVCU RCTCFGUECPUCTRWGUGUVQ[OW[ECPUCFQ
EWCPFQGNOC¯\GUV£RQEQCNVQRGTQEWCPFQ[CGUV£ =5GRTGUGPVCFGURW«UFGWPCEQPUQPCPVGPQINQVCN
ITCPFGCPVGUFGSWGUCNICPNCUGURKICUUGGUECTFC )TCO?8CTʳ
WPCXG\O£UEQPCNGVCU[NWGIQUGSWKVCNCJKGTDCC LK³CDQQ¡UVWPCDNCPEC
E£UECTCCOCTKNNCRNCPVC
OCPQ =RTGVLKOEJWFCQLKOKKEJ EJCRCTTC )QQMLCRWC¡TC¡.WKUIWLK³CDQQ¡
RTGULKOEJW¡P? OWOOWF©TICKPCVWWV,KZ³CCK³8GCNC
LKOFCOUXKCLGTQXKCLGTC
NKVGNSWGCPFC  NCFGTCCVTCGTWPCUVWPCUDNCPECU.WKU6GPIQ
,C¡Z³KUCRLKTLKOFCOIW³³WWEJKZ-QTKCP ICPCUFGEQOGTOGWPCU
LC¡M/£UVCTFGKT£
NKVUGT£XKCLGTQ OKEW³CFQ ♦LKZD©R©©¡LK³CDQQ¡UVWPCTQLC
C&WTCPIQ=RNLKKOFCMEQRLKT? LK³MCKFJC¡XaVNGGT$JC³DJ©K¡³IW³W¡WCP
♦OCC¡PLKOFCOCFXFGWPCXG\ MW³CNJKQZKEJWLK³MCKFJCKPC³DC¡OQQDC
LKOFJC¡CFLSWGECOKPCTGEKQ,WRZKEJ©¡©©M MQZKC¡6T£GOGOKNKDTQRCTCNGGTWPTCVQCPVGU
IW³FJKZKKMPCUCRRCK¡FJWWMIKQDJCK¡RDC FGFQTOKTOG=RTGVLK³MCKRTGULK³MCK¡³?
RCZKCTPQ¡ZKQ¡ODCZLKOFJC¡IWOCTCC¡P/K 8CTLK³MWKFJC¡
V¯CFKLQSWGCNI¼PF¯CXCCXGPKTQVTCXG\C LK³MCKFJC¡XaVITKVCTJCDNCTHWGTVG
CQVTC
XKUKVCTPQUEWCPFQUWPK³Q[CECOKPGO£U RGTUQPC $JCK¡ZKLK³MCK¡³IWOZKKZMWZKEJW
=RNLKKOFJC¡EQRLKZ? LWICKPCDC¡IKQRDCVWLWCPC¡$CZDJCKIW
LKOKC¡XaKKT#CRCCD©©ZLKOKC¡PCOUCCM MQK¡)T¯VCNGCVWJGTOCPQRCTCSWGXGPICC
V©VDKRW¡OW6QDCCVCOMCDWKOWM!6¼ EQOGT[NWGIQXWGNXCCVTCDCLCTRQTSWG[CGUV£
VCODK«PXCUCKTOC³CPCEWCPFQLWGIWGPGP.C NKUVCNCEQOKFC=RTGVLK³MCKRTGULK³MCK¡³?
)WCLQNQVC! LK³MCKZFJC¡XaDNGGT
CQVTCRGTUQPC ,CZDC¡O
XGPKT/WF©TDJCLKOKC¡COPCODJCO MCK¡EJEJKFJKW¡WCPPCVDJC³LQQEJZKIW
PCOMKRW¡PQ¡ROWK¡DCLKO&GCNN£XCPC 2KNKKR!'CROK¡FJ©TOK¡ZK³LK³MCKZK¡³,QUGG
XGPKTRCTCGPEQPVTCTVGUKXCU 3W«FKT£NCECTVCSWGPQUOCPFµ(GNKRG!2QT
=UWLRNLKOKC¡RTGVLKKRTGULKOLKKO HCXQTN«GOGNC,QU«=RTGVLK³MCKZ
EQPVLKOO©FC¡OQXLKOEJW¡LKKOEJW¡ RTGULK³MCKZK¡³?8CTLK³MWKZFJC¡
RTQITLKOFC¡LKKOFC¡RWPVLKO©©M?
LKRVC¡CFLSWGVKGPGRKQLQU
DNCPEQUGPGNEWGTRQ 
LKO©K³³QNJKC¡XaKEQTTGTJWKT
RQTOKGFQ  )KKNJKODCZKMQQTC¡IWOCMI©OIKQEJKPCDCZ
/QQEJCNJLKDQK¡³IKC¡DJCK¡PCEJDJK¡³³KIKC¡ LKRVC¡PCIW¡OCC¡POCUCC¡PDCZZKFJWW'N
PCDC¡EJCOLKEJCC[C¡FJK¡PCICVWWMF©TDJC EWTCPFGTQ[CGUV£OW[UWEKQ[RTQDCDNGOGPVG
LKO8COQUCEQTTGTCFQPFG[CPQPQUXGCP VKGPGRKQLQURQTSWG[CVKGPGWPOGUFGGUVCT
RCTCSWGPQPQUCNECP\G«UGSWGXKGPGCVT£U DGPFKVQ=RNLKLKRVC¡EQRLKZ?
=UWLRNLKDQK¡³³QNJKC¡QLKDQK¡³IKC¡
RTGVLKO©K³³QTLKDQK¡³³QTOQXLKO©K¡³³Q¡PVW¡
LKTEN¯V+PFKECEµRWNCFGNQUUWUVCPVKXQU[CNIWPQU
LKDQK¡³³Q¡PVW¡?8CTLKO©K³WNJKC¡LKOK³³QNJKC¡ CFLGVKXQURGLDJCLC¡RLKTLWMICOGUUKGTTCRQT
LK³RTGHaUOKOKU
RQUGUKµPFGNCRTKOGTCRGTUQPC
CNN£LKZKQ¡OLKTIÀ¡GUOW[ITCPFG=5GRTGUGPVC
FGURW«UFGWPCEQPUQPCPVGPQINQVCN)TCO
FGNUKPIWNCT t,CTQQIC¡PFJKICIQQZ!tLWR [?8CTÊT
MCK¡EJIW,WCPt#C³FJQTLK³ZQK¡tLWR
MCK¡EJIW2GGITQt&GSWK«PGUGUGRGTTQ!
LKTOCC¡PCFXUGIWKFQCOGPWFQ$CCU
LCRKOMCZKDCKFJKMC¡FJKEJKQ¡³,KTOCC¡PPC
tRTGIWPVµ,WCPt'UO¯Q
NKV[QGUOKRGTTQ 
DJCLC¡MLK³DCKUU©PPC³OK¡VW¡ZDWC.NGXGPC
tEQPVGUVµ2GFTQ=5GRTGUGPVCFGURW«UFGWPC
GUVGPK³QO£UCNN£5GIWKFQOGGUVKTC[OG
EQPUQPCPVGPQINQVCN)TCO?8CTʳ
OQNGUVCGPNQSWGGUVQ[JCEKGPFQ
LKZ 6'2'*7ƒ0Ê'52#“1. 

UKPFGUXKCT,KTOCC¡PVCMPCVDJ©KIWVWWT PQODTGSWGUGNGFCCNJQODTGSWGCEV¼CEQOQLWG\
D©©ZDQKRWOWOOWLKCKZKEJR©ZOCCZ RTKPEKRCN[CWVQTKFCFEKXKNO£UCNVCFGNRWGDNQ
MKKEJCO'NVQTQUGHWGRQTGNECOKPQUKP FG5CPVC/CT¯C1EQV£P5GGNKIGRQTXQVQRQRWNCTGP
FGUXKCTUGRWGUUGXGPUWUJWGNNCUJCUVCNCECUC GNC³QPWGXQ 
LKZEN¯V+PFKECEµRWNCFGNCOC[QT¯CFGNQU ♦LKZMCK¡-QTKCPMCOIQDGTPCFQTFGNGUVCFQ
CFLGVKXQU,QKFJCOLKZM©M©©¡VWTCTQK¡³FJKO FG&WTCPIQ
MCTTGGV5QPOW[DWGPCUNCTWGFCUFGVW LKZMCK¡EJKQ¡³DQTFC¡UOG\ECN
UCITCFQ ,KZ
ECTTGVC MCK¡EJKQ¡³DQTFC¡DCM©TCCDLWRZKDWCMIW
+PFKECGNGUVCFQFGNVKGORQOGVGQTQNµIKEQ#O $GGVQOWOOWPKR©ZMQQUIKQV©T2CTGEGSWG
LKZFJWWFWKOVWVW¡KK¡-C¡DC¡RWK¡R©ZVW $GVQVQOµOWEJQOG\ECNUCITCFQRWGUGUV£
VW¡KK¡CCEJK!8CCNNQXGTQPCFCO£UCU¯ FQTOKFQCNN£GPGNNNCPQ
.QULµXGPGUVQOCPGN
RCTGEG! OG\ECNUCITCFQGPGNOKVQVGEWCPFQ[CUGNGU
=5GRTGUGPVCFGURW«UFGWPCEQPUQPCPVGPQINQVCN EQPEGFGGNRGTOKUQFGVQOCTRQTRTKOGTCXG\&KEGP
)TCO[?8CTÊZ SWGTGRTGUGPVCGNUWFQTFG0WGUVTQ5G³QTEWCPFQ
LKZD©R©©¡LK³CDQQ¡UVWPCTQLC UWHTKµ6CODK«PUGWUCEQOQGWHGOKUOQRCTCGN
OG\ECNEQO¼P 
LKZEJCOCCOCFLEKPEQ,KZEJCOCCOLC³KEJ
V©KOC¡[CUCIWUWKOCNJ2WPKOOCC¡PMW³KEJ LKZMCK¡MQEJKC¡OCNJUOC[CVG,C¡RLKZEJW
CK.GVKT«EKPEQVKTQUCNXGPCFQRGTQPKPIWPQNG LQMKCUCTC¡IWZMCK¡MQEJKC¡OCNJPQ¡VFCK¡EJI©V
FKQ LK³C¡OI©K5KOGECGWPOC[CVGGPGNEWGTRQ
♦LKZEJCOCCOMCRGPEKPEQNWICTGU OGTCUIW³C
♦LKZEJCOCCOC¡PCOUQPEKPEQ LKZÊORTGHaXa[UWHaX+PFKECFGUGQFGNNGXCTC
LKZEJCOCCOKOCFXEKPEQXGEGU,KZ ECDQWPCCEEKµP0CCUCOLKZLQK³KOFJK
EJCOCCOKOLC³KEJLK³L©©RVCMCCDPC³DJC OCCEJW¡0©KFJCVLCRKOPCEJCOLCO
LKOOWF©T-Q¡MQNJ-©©M&GUECPU«EKPEQXGEGU MCMRKCUC¡2CTGEGSWGGNOCEJQSWKGTGTGRCTCT
C[GTEWCPFQXGP¯CECOKPCPFQFG%JKNCRC %W¯FGPUGPQNQUXC[CCRCVGCT=)TCO?

LKZFJCCOUEKGNQHKTOCOGPVQ,KZEJ©©FW¡Z LK¡UQTKPC)KKNJKOLKZLK¡WWDCREJKQ¡³/QQ
OCCZIWZFJCCOPQ¡ZWC³'NEKGNQUGXGC\WN RKEJEJKOLK¡KKDVWMCC¡*WGNGUCQTKPCJKLKVQ
EWCPFQGUV£FGURGLCFQ #NQOGLQTVGQTKPCUVGGPVWTQRCCPQEJG
EKGNQ
FQPFGGUV£&KQU Î0CRUQK¡O©NJFJCK =CRQULK¡KK³?
RWEJ©©FC¡FJQIWEJ:QK¡MCOPCVWOWC³FJC¡ LK¡DUQPUXGLKIC,KZZ©¡NJKOLCROQQ©©M©KOCK¡
IWOWC¡VWNJFJCTC¡PCDC¡ODCKFJKMC¡LKZ DWC¡IWLK¡DUQPIC¡PFJKVQQZMQNJPQ¡RKEJDC
FJCCOLC¡MÏLWRMCK¡EJIWRCCNJÎ6KGPGUSWG LKDKQPCDC¡EJCOOKUWTPKC¡%WCPFQGUV«U
RGFKTNGC,GUWETKUVQSWGVGRGTFQPGVWURGECFQU EQTVCPFQGNOCTTCPQ[GPEWGPVTGUNCXGLKIC
RCTCSWGVGNNGXGCNEKGNQÏFKLQGNUCEGTFQVG FGDGUSWKVCTNCEWKFCFQUCOGPVG[VKTCTNCRCTCSWG
LKZFJCCOFWWMCFXCNOGFKQF¯C
EWCPFQGN5QN PQUGTQORC[UGFGTTCOGUQDTGNCECTPG
GUV£FKTGEVCOGPVGCTTKDC ,KZFJCCOFWWMLC³ =RNLKLK¡DUQPCRQULK¡DUQ¡PQLK¡DUQPIC¡P?
OQQDCVDKTC¡OWCMM©¡PPCZLWWMMC¡IW LK¡PIKCT=RNFGLKIKCT?DTQPEQU=EQRLKT?
UWWFCK¡8Q[CKTCDC³CTOGCNOGFKQF¯CGPGN 8CTL©¡PIKCT
T¯Q[CEWCPFQGUV«ECNKGPVKVCGNCIWC LK¡PIKCTWO=RNFGLKIKCTWO?UCNXCLGUUKNXGUVTGU
8«CUGFWW =EQRLKT?8CTL©¡PIKCTWO
♦LKZFJCCODCFWW[CGUOGFKQF¯C LK¡³FJQT=RNFGLKFJQQT?EQOKFCU
JGTXKFCU 
LKZLWWMCNJICOUDGDKFCGODTKCICPVG%JC¡R L©D=RTGVFGL©NJDKC¡?JK\QCKTG
CNJK¡EJWC¡MCVCCFJKZLWWMCNJICOPCEJ
V©VMCFC¡ZKDPCZL©©RK¡³!0QVTCGUCNIWPC L©DCCOW¡XaKFCTHKGDTG%JC¡ROWLC¡RQKT©FC¡
DGDKFCGODTKCICPVGRCTCSWGPQUGEJGOQUWP FWWMEJ©T5CCPVWU$JCK¡RFJQR©ZLKL©DCCOW¡
VTCIQ[CSWGJCEGHT¯Q!8«CUGLWWMIKC¡ PCRLKDC¡PP©K0QCPFGUGPNCNNWXKC5CPVQU
RWGUVGXCCFCTHKGDTGWPCXG\SWGVGOQLGU
LKZMCK¡UIQDGTPCFQT
VTCFKEKQPCN ,CTQQO©V =RTGUL©DCCORWPVL©DCCOWM?
OK¡ZKFJCKIWZMCK¡M©¡P!#SWK«PRWUKGTQPFG
IQDGTPCFQTVTCFKEKQPCN!
'UGN L©D©©NJUCKTGXKGPVQ,QKFJCOLKZLWWM[C¡FJK
DC¡MEJ©TPCIW¡EJKZDJCK¡MWWREJCODCCM
 6'2'*7ƒ0Ê'52#“1. L©©¡

IWL©D©©NJ'UV£DKGPECNKGPVKVQCSW¯GPGUVCECUC L©©OKOCFLITCEKQUQEJKUVQUQ,KZL©©OKOVW¡O
UGT£RQTSWGGUV£DKGPEGTTCFCRWGUPQGPVTCGN FJKCVQZMQTPCLCZLC¡MUQDMQ³KZ'UEJKUVQUC
CKTG NCOCPGTCGPSWGGUVCUKNNCGUV£VCNNCFC
L©D©©TXaGJCEGTCKTG'GMW³L©NJDKFJC¡FJK¡³K =EQRLKZ?
DJCDMCRDJCK¡PCLQKFJCOLKZL©D©©T8Q[C ♦LKZL©©OKOVW¡KK¡UGXGEJKUVQUQ
VTKNNCTGUVQUHTKLQNGU[CSWGJCEGOWEJQCKTG ♦LKZL©©OKOLWOMCK¡EJUGQ[GEJKUVQUQ
=EQRLKZ? ♦LKZL©©OKOVWDWCJCEGEQUCUEJKUVQUCU
L©D©©TFC¡=EQPVFGL©NJDKC¡?GUVCTJCEKGPFQCKTG L©©ORC¡CFLTKUWG³Q
NKVTKGPFQWPRQEQ /QQ
L©DQQ¡CFLSWGGUV£HTGUEQ
VKGORQ #C³PCK¡DC O©VEJKCNJLK³©©ZIW³ZC¡WCFJKLC¡VMCOPCO
LKEJWRCZKCTCLKPCMCRDJCK¡DCZL©DQQ¡;Q DC¡COLKZL©L©©ORC¡VW¡PC³KEJIW¡DJCK¡R©Z
CPFQRCUGCPFQ[CSWGGNVKGORQGUV£HTGUEQ LC¡RMCUCK¡EJFJCMF©©TCRF©T#NQOGLQTGUC
=EQRLKZ? IGPVGOGTQDµNCEQDKLCSWGFGL«EQNICFCCHWGTC
RWGUXCPTK«PFQUG=RNL©L©©ORC¡EQRLKZ?
L©DVQ¡³FJC¡XaTFGUECPUCT
VQOCPFQCKTGHTGUEQ 
L©©RFJC¡XaKRQPGTUGHT¯Q
CODKGPVG 0Q¡
:KEJL©DVQ¡³FJCKKEJCNJKQRCK¡PCZ©©MC¡
8COQUCFGUECPUCTWPTCVQFQPFGJC[CUQODTC MKC¡R©ZMC[QQVIWV©VPKROCC¡PPCLCZ
=RTGVL©DVQ¡³RTGUL©DVQIK¡³? M©DCK³C¡PQ¡VL©©RFJC5KUGRQPGHT¯QEWCPFQ
CRGPCUGUV£PHNQTGEKGPFQNQUGNQVGUUGJKGNCP
L©IKCNJK¡UIWGTTC:KDUCRLKTL©IKCNJK¡DJCOO©
=RTGVL©©RFJCRTGUL©©RFJCTQLKZL©©RFJCT?
RCK¡FJ©TOQOMQTCOPC4WWUKCV©V©©¡#JQTC
L©©RFJC¡XaTFGUECPUCT)QTLCOL©©RK¡³%JCO
JC[IWGTTCGPWPNWICTNGLCPQSWGUGNNCOC
4WUKC DCOQOIQRKO©VCCPCRKOIWIWWM!;C¡³KIW
C¡VQZMCT0QUGJCPECPUCFQFGGUVCTRCTCFQU!
L©IKCT=XCTFGLKIKCT?DTQPEQ
#SW¯GUV£PNCUUKNNCURCTCSWGFGUECPUGP
L©IKCTWO=XCTFGLKIKCTWO?UCNXCLGUKNXGUVTG =RTGVL©©RRTGUL©©RK¡³?
ÊL©K=XCTFGÊK?+PFKECSWGNCCEEKµPUGNNGXCCECDQ ♦LCOL©©RKPVGTLR£UGNG
NKVFGUECPUG 
KPOGFKCVCOGPVGCPVGUFGQVTCCEEKµP L©©RKT=RTGVFGL©RNJKC¡?UGGPHTKµ
L©©DCPMC¡XaKKTUG
RQTUWRTQRKCEWGPVC 6CMCCD L©©RK¡³CFLHT¯Q)KKNJKOLKZL©©RK¡³L©D©©T
LCEJV©KRWRZKEJ©P©©TCKO©MOW5WNKFCCPC VCMCCD/QQEJKI©KIWM©DDJCOO©LC¡M
UCCMLKTC¡IKEJCOMC¡I©V#OR©ZVWLW¡#C³ LWMICO#[GTJK\QWPCKTGOW[HT¯QCSW¯ETGQ
DJ©L©L©©DCPLC¡RPKOKCFWWM#[GTGUVWXG SWGPGXµGPNCUKGTTC
GURGTCPFQCNN£GP.C5QNGFCFRQTSWGKDCCJCDGT SWGJCEGHT¯Q)KKNJKOLKZL©©RK¡³MCVVWMCC¡
WPCTGWPKµPRGTQPQJCD¯CPCFKG[OGTGITGU« #OV©KRI©DMC³KEJ*K\QOWEJQHT¯QCPQEJG[
GPNCVCTFG=RTGVL©©DCP©RTGUL©©DCP RQTRQEQOGOQT¯CFGHT¯Q
RWPVL©©DCP©M? =EQRLKZ?
L©©DQURGUVC³CEGLC,KZVCVCK¡FJCMIWL©©DQ¡P L©©RNJK¡CFLSWGUGGPHT¯CT£RKFCOGPVG,KZ
IW.WKUC-C¡DC¡IW¡ZKEJCVCK¡PMCFCM!.WKUC L©©RNJK¡IWDCCMOCPVGGMEJCOVW¡RWK¡PCLCZ
VKGPGNCURGUVC³CUDKGPTK\CFCU#NQOGLQTUGNCU IWVQQZMQNJOCPVGGM'NEGDQFGXCECUGGPHT¯C
TK\µCRTQRµUKVQ=RNL©L©©DQCRQUL©©DQ¡P O£UT£RKFCOGPVGSWGNCOCPVGECFGEGTFQ
L©L©©DQ¡P? =EQRLKZ?
♦L©©DQTCOGPUWEGLCGPUWRGUVC³C
FG«NQ
L©©TMKC¡XaKITW³KTTWIKT#ODCL©©TQMFC¡IW
FGGNNC 
ICIQQZPQ¡R©ZCOMÀÀIWLCTQK¡PQ¡DJCK¡DC
L©©MK¡CFLEQPVGPVQIQ\QUQ,KZL©©MK¡FJKCNJKK LKO'NRGTTQGORKG\CCITW³KTEWCPFQQ[GSWG
PCIW¡ZDJCK¡OVCCVPCO©VMKC¡R©ZVCC³ZKIW CNIWKGPXKGPG=RTGVL©©TM©RTGUL©©TQM?
UWWUMC¡P'UV£EQPVGPVQGUVGPK³QRQTSWG
L©©¡KPVGTLU¯t/©©O©¡PCCIWLKFJQQTIW³
CECDCPFGEQORTCTNGJWCTCEJGU=EQRLKZ?
OCTCCZPC³KEJEJKC!tLWRMCK¡EJIW
L©©OKC¡XaKTG¯T,C¡RLWODWCCRPCRRCPCCU /CTKK[Ct%JCOCCL©©¡PCDC¡VQVRQMtLWR
UWCMPCRIKKNJKOL©©O2CTGEGSWGGUV£U MCK¡EJIW,WCPCt/KJKLKVCCVK\µGNHWGIQ
NNQTCPFQRQTGUVCTVGTKGPFQVCPVQ=RTGVL©©O© FGDCLQFGNCQNNCEQOQNGRGF¯!tRTGIWPVµ
RTGUL©©O? /CT¯Ct2CTGEGSWGU¯RQTSWGNCQNNCGUV£
JKTXKGPFQtEQPVGUVµ,WCPC8«CUGLÀÀ¡
L©©¡O 6'2'*7ƒ0Ê'52#“1. 

L©©¡OCFLSWGVKGPGHT¯Q&CCMCVLCRLWWMC¡PFC¡³ O©NJKKEJFJKOFJKMCDCKEJC¡O5GUKGPVG
EJKQ¡³/QQEJCOL©©¡OCRCCMWRDC¡OW DQPKVQEWCPFQOGVQECGNCKTGOKGPVTCUCPFQ
LC¡RO©OTCFWWMEJ©T!5K«PVCVGCECNGPVCTVG EQTTKGPFQCECDCNNQ
JKLQ0QVKGPGUHT¯QRQTCPFCTEQTTKGPFQGPNC =RTGUL©NJDK¡³RTGVL©NJDK?
NNWXKC!=EQRLKZ? L©NJIC¡XaVVGPFGT
CUQNGCT 6©L©NJIC¡CRIW
L©©¡³FJC¡XaVETGGT
NQFKEJQQNQGUETKVQ ,WR LCLCPPWNJDJCOO©PKMQTCCTVC¡OPCDC¡VW
MCK¡EJIW5COQKNPCUCROWK¡DKC¡IWVWWOK³ ICMKC¡6KGPFGNCTQRCCNN£GPGNEQTTCNRCTCSWG
,C¡REJKOQQPCKCV,CTQQIKRL©©IK¡³!&KEG UGUGSWG=RTGVL©NJRTGUL©NJKK¡
5COWGNSWG«NVKGPGOWEJQFKPGTQ;QETGQSWG EQPVL©NJKK¡PFC¡?
GURWTCOGPVKTC3WK«PNQXCCETGGT! L©RNJKC¡XaVGPHTKCT,QKFJCOLKPCRZK
=RTGVL©©¡³RTGUL©©IK¡³? L©RNJKFJCKFJKK¡IWMPCRDC¡DCK¡[C¡#CRIW¡
L©L©©DQ=RNFGL©©DQ?RGUVC³CU=CRQUL©L©©DQ¡P? RWK¡ZEJQK³DJCK¡DCLKKK5GT¯CDWGPQSWG
L©L©©ORC¡=RNFGL©©ORC¡?TKUWG³QU=EQRLKZ? GPHTKCTCUGUCCIWCOKGNCPVGUFGVQOCTNCRWGUV¼
[CVGNCSWKGTGUVQOCT[GUV£ECNKGPVG
L©L©MIKC¡=UWLRNFGL©MIKC¡?2GLL©L©MIKC¡COUG XaKGPHTKCTUG$CL©©RKTIWODJKKPCRUCCMVW
RQPFT£PEQPVGPVQU=RTGVL©L©MI©RTGUL©L©MI©T? LWIKC¡0QSWGKDCUCEQOGT!;CUGGPHTKµVW
L©L©¡MQ¡POC¡=RNFGL©¡MQ¡POC¡?OQTCFQU EQOKFC
=EQRLKZ? XaKDCLCTECNGPVWTC$CL©©RKTLC³KEJEJCO
L©MDWC¡XaVQNXKFCT,C¡ROQQZDJCK¡L©MDWC VW¡MCVQK³K³/QQEJKDCFWC³KEJ;CUGOG
³KEJIWOCTCC¡PIW)CDTKCN,CZR©PV©©¡! DCLµNCECNGPVWTC[[CPQVGPIQHKGDTGETGQSWG
3W«H£EKNOGPVGUGOGQNXKFCGNPQODTGFGNJKLQ [COGCNKXK«
FG)CDTKGN%µOQUGNNCOC!=RTGVL©MDWC =RTGVL©©RKT?
EQPVL©MDWRRCFC¡? ♦ICPCK¡R©ZLKL©©RKTUGOWTKµ
♦L©MLCRZKDWCLKVTCVCFGQNXKFCTNQ L©RNJKZFJC¡XaDGPHTKCT
RCTCQVTCRGTUQPC /K¡
L©MIKC¡XaKRQPGTUGEQPVGPVQCNGITCTUG/CC¡PZK FJ©TZK³L©RNJKZK¡³FJK³MCRGG¡IKKNJKOLKZ
OCCMIWMCTWWOFJKCNJKKMWM©¡PL©MIKC¡ EJQK³/C³O©K¡³PC³KEJDJCK¡V©KZKKK
)KKNJKOO©MDCDJCCO&GNGWPRN£VCPQCN 'PHT¯COGGNECH«RQTHCXQTRQTSWGGUV£OW[
PK³QRCTCSWGUGRQPICEQPVGPVQRWGU[CVKGPG ECNKGPVGRWGUOGSWGO«CNVQOCTNQ
OWEJQTCVQGPQLCFQ=UWLRNL©L©MIKC¡ =RTGVL©RNJKZRTGUL©RNKZK¡³?
RTGVL©MI©L©L©MI©RTGUL©MI©TL©L©MI©T? L©¡F©NJMCFC¡XaVUGRCTCTCRCTVCT
EQORNRN 
8CTL©MI©¡ ,CZMWRDC¡LCL©¡F©NJMC¡PFJKMCMCTDCZ!
L©MI©VFC¡XaVCPKOCT
CSWGPQNNQTG EQPVGPVCT %JCOVW¡CCOD©©ZLKTCCRIC¡P!2QTSW«
,©MI©VFC¡RKOIWCNJKK/©L©RCK¡IÀ¡DCUWUWC GUV£UUGRCTCPFQGUVQUEJKXQU!0QUQPVW[QU
#P¯OGPWUVGFGUCNPK³QRWGURQTCJ¯NNQTC VQFQU!
HWGTVGOGPVG=RTGVL©MI©VRTGUL©MI©VW¡P? XaTUGRCTCTUGCRCTVCTUG
UWLRN #OR©ZLWO
L©NJDKC¡XaKJCEGTCKTG,KZMCLCCPIWDC¡MK¡³IW L©¡F©NJMC¡PCOIWDCCMCUDCMIW¡EJCOLWO
FCFC¡PCO5GCRCTVCPNCUXCECUEQOQSWGPQ
4C¡WNJPCVLKZKQ¡OL©DVWMCC¡'UV£
UGSWKGTGP
FGUDCTCVCFCNCECUCFG4C¼NRQTSWGJK\QOWEJQ
CKTGCPQEJG=RTGVL©DEQPVL©D©©TFC¡? =RTGVL©¡F©NJMCKRTGUL©¡F©NJMC¡P?

L©NJDKFJC¡XaVCIKVCTUQRNCT
CKTG /K¡RZK L©¡©©MCFLCITKQ,WOCC¡PCEJLWIKQMC¡FJK
DJCDLKFJQQTPCIW¡PQ¡VDJCK¡DKKMCDWKOWM
L©NJDKFJC¡ODQPCCOM©¡PFJKVCKMWO©©[C¡
LKZL©¡©©MMC¡&GDGOQUCECDCTPQUGUVQUHTKLQNGU
)KKNJKODJCLC¡MLKZMWWDJ©U5µRNCNGCNC
RQTSWGUKUGSWGFCPOC³CPCXCPCGUVCTCITKQU
NWODTGEQPVWUQODTGTQRCTCSWGCTFCRWGU
GEJCOWEJQJWOQRCTCCE£ =EQRLKZ?
VTKNNCT
OC¯\HTKLQNQVTKIQ ,©NJDKFJCK³FJK¡³K L©¡MCFXEW£PVQ!EW£PVQU!,©¡MLCRM©¡P
LWWP2GGITQMCRDJCK¡PCLQKFJCOLKZL©D©©T IC¡TCFJKOCTRWWU!'PEW£PVQXGPFGUVW
)KKNJKOLKZEJCPCCTC¡6TKNNCGUVGOC¯\2GFTQ OQTTCN!
OKGPVTCUJCEGCKTGRWGUVKGPGOWEJCRCLC CFLWPQU,©¡MIQQMOCUCC¡PLC³
VQECT
CKTGEQORNCPKO ,QKFJCOVWVCVFC¡ LWTWW³FJC¡OWOOW8Q[CGUVCTCNN£WPQUFQU
PC³L©NJDKFJKOIWL©D©©NJPCEJV© OGUGU
 6'2'*7ƒ0Ê'52#“1. LQFCK

♦D©©ZPCOL©¡MKC¡PVQFQUNQUSWGJC[C TKECU[QVTCUUQPRQDTGU
L©¡MEJKCFLCNIWPQUXCTKQUt/WK¡CCO©VDC¡ ECFCWPQ,©¡OC¡PLCRLCOCMKC¡FJKFWNUKU
MQKIWLC¡VMCOOWRCK¡PCRWK¡TL©IKCNJK¡MCV! IWOU©URK¡³&CNGUFWNEGUCECFCWPQFGVWU
tLWRMCK¡EJIW5CDGGNt,©¡MEJKRC¡OQQR JGTOCPKVQU
MQKO©VLKIW¡tLWRMCK¡EJIW#NRQQP CNIWPQU
PCFCO£U $CLKDWDWCFJQDCMIW
t5GIWTCOGPVGOWTKGTQPOWEJCURGTUQPCURQT UCCD6©©¡PCL©¡OC¡PR©ZCODCVCLCC³KZIW
CNN£FQPFGJWDQIWGTTCXGTFCF!tRTGIWPVµ OCK;CGORKG\CPCUCNKTNQUSWKQVGURWGUUG
+UCDGNt2WGUU¯XCTKQUOWTKGTQPtEQPVGUVµ PQVCSWG[CUGGUV£PCDTKGPFQNCURGPECUFG
#NHQPUQ CNIWPQUOCIWG[GU
L©¡MKOCFXEW£PVCUXGEGU!,©¡MKOLCRKEJ L©¡PIKCT=XCTFGLK¡PIKCT?DTQPEQU=EQRLKT?
DC¡CKFJKODJQQVCU!%W£PVCUXGEGUVGJCU L©¡PIKCTWO=XCTFGLK¡PIKCTWO?UCNXCLGU
RWGUVQVWUDQVCU! UKNXGUVTGU=EQRLKT?
CNIWPCUXGEGUXCTKCUXGEGU#C³EJCMWKRCK¡ L©¡P©IKC¡XaKJKRCTFCTJKRQ$©L©MLC³KEJDC
EJ©©LKIW#PTGGUOWLC¡RFJK6WWURCPC³KEJ L©¡P©I©DCMIW¡PCRDJCLKOLK³MQOCCNJ/G
L©¡MKOOWK¡DCLKKMWIW¡OK¡MCK¡³MC¡LKPC FKQJKRQGPNCOCFTWICFC5GT£RQTSWGV¼
QKT©FC¡V©K;QJGKFQC6WZRCPXCTKCUXGEGU XGP¯CUCXKUKVCTOGEQOCFTG!
5GFKEGSWGJKRCT
RGTQPWPECJGXKUVQC#PFT«UCWPSWGFKEGPSWG GUUG³CNFGSWGWPCRGTUQPCNGXCCXKUKVCT 
CPFCDCCNN£ =RTGVL©¡P©I©RTGUL©¡P©¡?
L©¡MNJKC¡XaKRQPGTUGCITKQ:KDJKRRKQ¡MCKCR L©¡ZCFXSW«VCPVQ!,©¡ZLKTO©MOWOOWPCR
FJKV©OMCNJPCDC¡EJCOL©¡MNJKC¡PCIW¡ RCK¡MKQ!3W«VCPNGLQUXKXGU!
NKV3W«VCP
IKKNJKOLKZEJCVQK³&GDGUFGUVCRCTNCUVQTVKNNCU NGLQUGUV£CNN£FQPFGXKXGU !=5GRTGUGPVCCPVGUFGN
RCTCSWGPQUGRQPICPCITKCURWGUJCEGOWEJQ RTGHKLQEQRWNCVKXQLKT?
ECNQT=RTGVL©¡MQRTQITL©¡MNJKO?
L©¡ZFJC¡CFXPWPECLCO£U0Q¡³LKZEJQK³
L©¡MQNJUNKOCNKOµP,WOCC¡IWL©¡MQNJPC³ PQQPQDEJCOL©¡ZFJC¡I©¡NJKC¡IWVW¡PC³
DKC¡MC¡/QQTTKOGFKQMC¡©RLKDQRCK¡L©'U ©ZKC¡5KWPQPQVKGPGFQVGURCTCNCLCTFKPGT¯C
DWGPQVGPGTNKOQPGURWGUCXGEGUUKTXGPRCTC PWPECETGEGNQSWGRNCPVC
CNI¼PTGOGFKQ =0QTOCNOGPVGUGRTGUGPVCFGURW«UFGNPGICVKXQ
L©¡MQNJDCC¡UCIWCFGNKOµP#NJK¡EJDJCK¡ZK³ EJCO?8CTL©¡ZFJCVL©¡ZMCV
EJQK¡³IWL©¡MQNJDCC¡,KZEJCPQQOK³&GOG L©¡Z³KCFXCU¯
FGVCOC³QEQUCURGSWG³CUFKEJQ
WPCVC\CFGCIWCFGNKOµPRQTHCXQTRWGUVGPIQ EQPCFGOCPGU ,©¡Z³KCNJIWMQ¡.CX¯DQTCGUV£
UGF CU¯FGRGSWG³C
L©¡MQ¡PUCVQNGFGEWKVNCEQEJG
'PVKGORQU VCPVKVQ
VKGORQ $CDJCCLKOOQQFJK
FGEQUGEJCUGJCEGWPCDGDKFCOQNKGPFQGN DJQ¡OMQZLKFJQQTL©¡Z³KR©ZDCCC¡PC
EWKVNCEQEJGEQPGNQVGU[NWGIQUGFGLCHGTOGPVCTRQT VQVRQMKC¡;CECUKUGEWGEGGUGECNFQFG
WPQUEKPEQF¯CU&GURW«UUGJKGTXG[UGVQOCEQOQ VGEJCNQVG[CPCFCO£UNGHCNVCJGTXKTVCPVKVQ
CVQNG  LQDKK¡³U\CRQVG$JCOO©LC¡RPCLCZLKT
L©¡MQ¡POC¡CFLOQTCFQ
UWDKFQ /CC¡PLCR LWLWMICOEJCOVW¡LCLCK¡EJFJ©TIWLQDKK¡³PC
DJCK¡ZK³DJ©KFJCKIWLCPPWNJLCZEJW¡OPC IW¡ZKQ¡OL©©RFJCT'N\CRQVGPQUGFCGPNC
LQKFJCOLKZL©¡MQ¡POC¡DJCOO©F©T-QTKCP UKGTTCRQTSWGJCEGOWEJQHT¯Q
PC³KRWWTVC¡%WCPFQXC[CUC&WTCPIQRQT LQFCKURKGFTC
RGSWG³C $JC³DJ©K¡³OCC¡P
HCXQTVT£GOGWPEQTVGFGVGNCDQPKVCFGEQNQT IWLQFCKLCZEJW¡OPCTMCDWWNJKMPC³M©¡P
OQTCFQRCTCJCEGTOGWPCHCNFCEQPGNNC DJCOCK¡³³C¡FJKRCPCCNJKZ6T£GOGWPC
=RNL©L©¡MQ¡POC¡EQRLKZ? RKGFTCTGFQPFCEWCNSWKGTCSWGUGCTGFQPFC
L©¡MWOCFLCITKQ,KZL©¡MWOLKZOCKMCMIW RCTCSWGRWGFCVKTCTNGCGUGRCPCNEQPGNNC
RK³CU.CURK³CUUQPCITKCU[FWNEGUCNCXG\ TQEC
ITCPFG $JCOO©PKRCK¡FJ©TDCMDJC
=EQRLKZ? KCFJK¡³KIÀ¡LQFCK;C¡R©MFCKDQDQKEJC¡O
L©¡OC¡PCFLCNIWPQUQVTQU
RCTCEQORCTCT  EJCOMCTDWWUCPDC¡&GCTTKDCTQFµGUVC
,©¡OC¡PLCOLKTLKZEJWVWO³KICOL©¡OC¡PLCO RKGFTCITCPFG[CSW¯UGCVQTµUQDTGGNECOKPQ
DC¡TRQQDTKUIWLC¡VMCO#NIWPCURGTUQPCUUQP RQTNQSWG[CPQJC[RCUQ
=RNLQQFCK?
LQIKK¡³ 6'2'*7ƒ0Ê'52#“1. 

LQIKK¡³=CRQUFGLQ¡?UWEWGTQ ZQOCKIK¡EJW¡$C¡ZKDC¡PIWOCEJKEJKNJPC
LQK=RTGVFGLQ³KC¡?UGOQXKµ UCRM©¡PFQFJKC¡7PCXG\EWCPFQHWKOQUC
RCUGCTGP.C,Q[C%NCTCNGVWXQEQORCUKµP
NKV
LQKFJCOCFXDKGPCITCFCDNG,QKFJCOLKZ NGXKQEQPEQORCUKµP COKJGTOCPC'UVCPKENCFC
DJCK¡VCPQQTZKDPCIW¡ZWC³*CEGUQNDKGP RQTSWGVGP¯CITKRC[NGRTGRCTµWPV«FGJKGTDCU
CITCFCDNGJQ[RQTSWGGUV£FGURGLCFQGNEKGNQ RCTCSWGUGCNKXKCTC
DKGP,QKFJCOLKZK¡QQDIW[QQNJKOPCRCK¡
♦LQK¡OFCVEQPEQORCUKµP
VKGORQHWVWTQ 
FJWWMLKZDJCKMC¡5QPDKGPUCDTQUCUNCU
♦LQK¡OFCOEQPEQORCUKµP
VKGORQRTGUGPVG 
OCP\CPKNNCUEWCPFQGUV£POCFWTCU
=EQRLKZ?8CTLQK¡PFCM
LQKFJC¡XaGIWUVCTNGSWGTGT
EQORNCPKO  ♦LQK¡OFCOCNJEJW¡OFJKV©©[CZGU
,WOCC¡PC³VW¡U©NJMCOLKZLQKFJCKDJ©©[C¡IW RTGEKQUCGUVCOWEJCEJKVC
WDKKLCZEJW¡OPC³D©©OC¡PLKZEJWMKKEJCO
MC¡PC³DC¡ICOO©L©ZFJCCP©VD©©OC¡PLWR
LQK¡U©NJUVWPC
ECRCTQLCRNCPVCRGSWG³C 
VWK¡MC¡'UPGEGUCTKQSWGFGXGTCUOGIWUVGWPC %JC¡EJMQK¡RQ¡CCIWLQK¡U©NJOWLC¡R
OWEJCEJCCPVGUFGKPXKVCTNCCXKXKTEQPOKIQ VCCVUCD!0QVGIWUVCT¯CKTCEQOGTVWPCUCNN£
RCTCSWGUKGORTGRWGFCCOCTNCEWCPFQ[CUGC GPVKGTTCE£NKFC!
OKGURQUC LQMKCPC¡XaVTCUIW³CT;C¡PK³LQMKCIW,WCP
IWUVCTNGSWGTGT
EQORNKPCP #CEJV©KZ OWOOWPCEJMCV©VDKCIWRKNQQV%JKIW¡OQQ
LQKFJCVIWKRWWTIWK¡PC[C¡WC¡FCVIWPCCDCV [C¡R©MDJ©KIWLWWVW¡P,CK³PCL©¡ZLKZ©©M
IW¡LKPCRKEJIW¡EJCOLK³EJCC³ZK³³CCPPC³ #SW¯OGNCUVKOµ,WCPEWCPFQLWI£DCOQUEQPNC
V©KRLWOV©VFCPCRLK³EJCC³ZKFJC¡I©V#O¯ RGNQVCRCTGEGSWGOGTCUIW³µEQPUWW³C(¯LGUG
OGIWUVµWPCHCNFCSWGXGPF¯CGNOGUVK\QOCO£ EW£PVCRKGNOGSWKVµ=RTGVLQMKCRTGULQMMKCU?
RGTQV¼PQOGJKEKUVGECUQEWCPFQVGFKLGSWG LQMOCTUOCTKRQUC2©ZLC¡ZFÀFÀÀ¡COIW
SWGT¯CSWGOGNCEQORTCTCU LCLQMOCTOWCMM©¡PLCK¡ZEJWVWMLCK¡Z
IWUVCTNGCPFCT
CPKOCN 2CCOLC¡MLKZLQK¡³ W¡WCO#PFCPXQNCPFQWPCUOCTKRQUCUCNN£GP
IWOMCMDCK¡!-CLCQKFJCVOCC¡PIWTCC³ GNT¯QCNIWPCUPGITCU[QVTCUCOCTKNNCU
IC¡P&µPFGNGUIWUVCCPFCTCVWUECDCNNQU! =RNLCLQMOCT?
2WGUCPFCDCWPQFGNQUO¯QUEQPGNNQU LQNJDKZFJC¡XaTEQNWORKCTUGt2CLC¡MDJ©K
RTQFWEKTFCTHTWVQ
RNCPVC ;C¡PK³OQQVW IW1RTCCUMWOWVWLWICKDCLCDKC¡TC¡IW
ZKMWCPC¡%JCOCCEJKZLQK¡³IWDJCDPC³ MCMCTDCZ!tLWRMCK¡EJIW#OCCNKCt/WPK
[C¡©ZKC¡!#SW¯XQ[CFGUOQPVCT5GFCT£DKGP MC¡PF©TLWOLQNJDKZK¡³VWCVC¡OtLWRMCK¡EJ
GNHTKLQN! IW&GGTCUt#FµPFGUGHWG'WHTCUKQ!2WGU[C
=RTGVLQKRTGULQK¡³EQRLKZ? FGDGCNOQT\CTGKTCEWKFCTNCUEJKXCUtFKLQ
♦LQQLQK¡³XaGIWUVCT
OWEJQ GPECPVCT #OCNKCt#NN¯GUV£EQNWORK£PFQUGGPCSWGN
LQK³=RTGUFGLQ³KC¡?UGOWGXG GPEKPQtTGURQPFKµ&KQPKEKQ=RTGVLQNJDKZ
LQK³OWMCFLOC³QUQ,KZLQK³OWMFJKMCDCK RTGULQNJDKZK¡³?
PQ¡³ICPDJCFCFCTT©'UGECDCNNQGUOC³QUQ LQ³KC¡XaKOQXGTUG-CRWRLQK³FJKVCMCCTWK¡
RWGUPQFGLCCWPQGUVCTOQPVCFQ=EQRLKZ? UKCMWDC©©MKZIWOC¡QQ¡PPCVIW¡DCMEJCMWK
LQKUULWG\CWVQTKFCF:KDLC³MCVWC¡IKFJC¡IW DJCK¡OWW6QFCX¯CUGOWGXGGUVCICNNKPC
LQKUGGLCZR©MLK³EJ©©FC¡*CUVCCJQTCXQ[C CWPSWG[CVKGPGEQTVCFCNCECDG\CRCTGEGSWG
JCDNCTEQPGNLWG\CXGTSW«OGXCCFGEKT VQFCX¯CPQGUV£EQORNGVCOGPVGOWGTVC
=RNLQKUKU? TGRCTCTEQTEQXGCT%JCOLQK³CCFJKO
MCDCK¡MWRLK³EJCK³DWKFJC¡PC³DJCCP
LQK¡UGURKPC;C¡PK³U©KIWLQK¡6WWMCDDCC
RCZKCTO©TC¡!0QTGRCTCVWECDCNNQXGTFCF!
EJCODJCK¡PC³LCZLWRPC¡#SW¯UGOGOGVKµ
3WKUKGTCSWGOGNQRTGUVGURCTCKTFGRCUGQ
WPCGURKPCRGTQVCPRTQHWPFQSWGPQNCRWGFQ
=RTGVLQKRTGULQK³?
UCECT
♦LQKIWQK¡³IC¡PJWDQVGTTGOQVQ
LQK¡OFCMCFXEQPEQORCUKµP
VKGORQRCUCFQ 
/CC¡PPKOPCEJKEJRCZKCTRWMDJCOO©F©T
LQQDUVNCEWCEJG,C¡ROQQVWMWC¡IWLQQDOW
-QNJDKMCOLC¡RUCROQQZLQK¡OFCMV©©FJK¡³K ICCV©T#C¡PCEJVWPWWMFCRW¡VWMCC¡PCDC¡
.CCTCIW³ZKKZ6CPKMNCC¡PUCRPCRCNJ©©RLKZ EJCOOKCC[C¡'NVNCEWCEJGUGGUV£EQOKGPFQ
 6'2'*7ƒ0Ê'52#“1. LQVMQZ

NCOKNRCCU¯SWGPGEGUKVCOQUEWKFCTNCOKNRCGP OWEJQGUVWFKCTGPNCGUEWGNCRQTSWGFKEGSWGNQU
NCPQEJGRCTCSWGPQNNGIWGCNN¯=RNLCLQQD? OCGUVTQUUQPDWGPCUIGPVGU=EQRLKZ?
8«CUGLQKFJC¡
LQQ³EJC¡XaKECUCTUG
JQODTG 2CCRFWWMDC
LQQ³EJC¡.WKU!$CLKI©¡©©TLCRVKIW¡RCPCCU
%W£PFQVGXCUCECUCT.WKU!2CTGEGSWG[CGUV£U
OW[ITCPFG=RTGVLQQ³KEJ?
LQQ³K¡UGURQUC-KC¡R©ZDCOVWVMK¡³IW
 LQQ³IC¡PIW+UCCE.CGURQUCFG+UCCECRGPCU
LQQEJZKFJC¡XaDOCPFCT
CQVTCRGTUQPC  EQOGP\µCRQPGTUGGPNCGURCNFCCUWJKLQ
/W³LQQEJZKFJC¡CRMCDWKOWMIW³ZC¡WCPQ¡
5GUWGNGWUCTD©©PC¡EµP[WIGGPXG\FGLQQ³K¡
³KEJEJCORCK¡LQK/GOCPFCUOKEQDKLC GURQUC =RNLCLQQ³K¡CRQULQQ³IC¡P
OC³CPCUK[CPQTGITGUQ LCLQQ³IC¡P?
NNCOCT
RCTCSWGXC[C 5CRDJCVW³ LQQVQMCFLVGORTCPGTC
RNCPVC &©©NJLKZLQQVQM
LQQEJZK¡³IWZMCK¡PC³OWLKOFC¡LWR FJKOCPUCCP$©©R©¡DJÀÀEJCOVW¡RWK¡PC
MCK¡EJKOCOIWQ¡TQUKKTKUPCO[C¡DCLKO FJKLCK¡'UVGORTCPGTQGUVGOCP\CPQRWGUFC
VCMCCD.QUCNIWCEKNGUSWGXKPKGTQPC[GTFKLGTQP HTWVCCPVGUSWGNQUQVTQU=EQRLKZ?
SWGGNIQDGTPCFQTVTCFKEKQPCNOGGUV£NNCOCPFQ LQQVQOCFXRTQPVQ+KMW³OQQDC³MWC¡³FJC¡
RCTCSWGXC[CCNN£ MWEJLQQVQODCLKOFC¡8Q[CEQTVCTNG³CRCTC
=RTGVLQQEJZKRTGULQQEJZK¡³? SWGPQUXC[COQURTQPVQ5KPµPEJCOZKKO
LQQFCK=RNFGLQFCK? LQQVUC¡XaVOCPFCT
CJCEGTCNIQEQORNCPKO 
LQQFCK¡CFLSWGVKGPGRKGFTCU,C¡ROQQZ ,CTQQUKCOTKLWOUCDC¡NJIWVCMCCTWK¡PC
LQQFCK¡[C¡FJKICCDJCTV©T%JCOR©MDJCK¡ ³KEJO©L©ZKOLQQVPCRIC¡TCTC¡!3WK«PVG
PC³LCZFJWKOKVWOQKMFC¡'UVGDCTDGEJQ EQORTµNCICNNKPCSWGVGOCPF«CXGPFGT!
VKGPGOWEJCURKGFTCUECUKPQUGRWGFGRTGRCTCT OCPFCT
CNNGXCTEQORNKPCP 5KCOTK[C¡O
NCVKGTTC=EQRLKZ? CKEJWNJLCO©VCCIWLWWPPC³KEJDJ©L©ZKEJW
LQQLQKFJC¡XaVXGTQDUGTXCT,CTQQR LQQVOCC¡PDJKK³QT!5¯VGNNGIµNCECTICFG
D©©OC¡PLKOKC¡PCRRCK¡FJWWMVW OC¯\SWGOCPF«SWGVGNNGXCTCP!
LQQLQK¡³O©TC¡,WMV©TDJCCP:KDMCO1KFJC¡ EQTTGT
CNOCFGURW«UFGWPC³QFGOWGTVQ 
6C¡O!%QPSWK«PVGXCURCTCXGTNCHKGUVCFGN 2CCEJFWWMVWLQQVUC¡PCVOWWIW³MWWNUK
#³Q0WGXQGP5CPVC/CT¯C! MCV!%W£PFQXCOQUCEQTTGTGNCNOCFGOK
XaVOKTCTEQPUKFGTCTt,KZEJWUCDC¡FCO CDWGNKVQ!
CRCCFJKMCM³K¡!tLWRMCK¡EJIW,CDKCT =RTGVLQQVRTGULQQVQU?
t%JCO;C¡³R©ZVWLQQLQK¡³tLWRMCK¡EJIW LQQZKC¡URNCVQ:KDCMWCPCKCRDC¡IWLQQZKC¡
2QQNKVWt3WKGTGUEQORTCTGUVCTQRC! PQ¡RKEJDCMQK¡EJQ.CXCGNRNCVQEWCPFQ
tRTGIWPVµ,CXKGTt0Q#SW¯PCFCO£UGUVQ[ VGTOKPGUFGEQOGT=RNLCLQQZKC¡
OKTCPFQtEQPVGUVµ*KRµNKVQ CRQULQQZKC¡PLCLQQZKC¡P?
XaTEJKUOGCT,WRMCK¡EJCOIWLC¡VMCOPC ♦DJK¡³LQQZKC¡URNCVQFGDCTTQ
UCROCZFJKDJCLKOIWZMCK¡-QTKCPMCO%JK
LQUGGUVKDKC
FGNCRKGTPC ,WOQQOUCUCRIW
PQ¡TU©NJMCOMC¡OLKDC¡RWK¡R©ZLWO
#UKCPW6©KOUCRIWLWMOWOOWRCK¡PCMCVW
LQQLQK¡³&KEGNCIGPVGSWGRCUCFQOC³CPCXCC
ZKMWCPOCCRF©TUCRRWQOIWLQUGGIC¡P
XGPKTGN)QDGTPCFQTFG&WTCPIQRGTQSWK«PUCDG
&KEGSWGC#UKCPQUGNGHTCEVWTµWPCVKDKCRWGU
UKUGCEKGTVQQPCFCO£UGUV£PEJKUOGCPFQ
WPRKPQNGEC[µGPEKOCRQTCNN£FQPFGCPFCDC
=RTGVLQQLQKRTGULQQLQK¡³?
FGUOQPVCPFQ=RNLQUUGCRQULQUGGIC¡P
♦RWK¡R©ZLWOLQQLQK¡³COCU¯PCFCO£U LQUUGIC¡P?
EWGPVCPEJKUOGURCTCRCUCTGNVKGORQ ♦LQUGGICTCOGPNCVKDKC
FG«NQFGGNNC 
LQQLQK¡³XaGIWUVCTNG
OWEJQ GPECPVCT LQVMQZUEGDQNNC,CK¡FJ©VRWK¡Z³CCCOIW
,QKFJCOLKZLQQLQK¡³FJKCNJKKPCVWO LQVMQZLCK¡DC¡UKCOTKVW¡V©D©PMCO#
OCOVWZK¡³OWKUMQGNCPCOIW¡UCRLKTLKZ CNIWPCURGTUQPCUNGUIWUVCEQOGTNCEGDQNNCUQNC
DJCDJCK¡MCOIWOCKUVTWU#GUVGPK³QNGIWUVC
LQVOC¡³FJC¡ 6'2'*7ƒ0Ê'52#“1. 

RGTQCQVTCURGTUQPCUNGUIWUVCEQOGTNCOG\ENCFC VTCGRCPVCNQPGUFGOCUKCFQHNQLQU=RNLW¡LWCTCM
EQPQVTCUEQUCU EQRLKZ?
LQVOC¡³FJC¡XaVCRWTCT/K¡FJ©T LWCTMCOCFLFGOCUKCFQCPEJQ,KZLWCTMCOV©
LQVOC¡³FJCK³IW¡³K4GDGGECPC³DJ©K¡³O©TC¡ F©ICTLCRKEJVWWMCDCNJK¡EJV©F©¡RWK¡MWDC¡
IWUWWFCK¡,C¡REJCOLK³MÀÀCC³2QTHCXQT EJCOCKZFJKWWZ*KEKUVGGNJQ[QFGOCUKCFQ
CR¼TCNGC4GDGECRCTCSWGXC[CCVTCGTOGCIWC ITCPFGCTTKDC[FGOCUKCFQEJKEQCDCLQRQTGUQ
RWGUPQOGQDGFGEGCO¯ PQECDGGNRCNQ=EQRLKZ?
XaTVGPGTRTKUCCRWTCTUG2CCRLC¡MLKT LWCTMC¡XaKJCEGTUGO£UCPEJQ#OR©ZDC
LKOFCOMWRDC¡OQQOLQVOCIK¡³PCRVWMWC¡! LWRCCMFJKLCTCCTDJCKIW¡EJKDCLWCTMCOK¡
#FµPFGSWKGTGUKT!2QTSW«VGGUV£UCRWTCPFQ PCRCK¡DCCZ;CUG\CHµGNOCPIQFGNCTCFQ
CEQOGT! RCTGEGSWG[CUGJK\QO£UCPEJQGNJQ[QFQPFG
=RTGVLQVOC¡³RTGULQVOCIK¡³ UGOGVG=RTGVLWCTMC?
EQPVLQVOC¡³FJCVW¡PFC¡? LWIKC¡XaVEQOGT)QQMLCRZK³ICCOFJC¡IW
LQVOQFC¡CFXT£RKFQ/QQRCNJLQVOQFC¡ZK V©OMCNJPC³ICOCLC¡MDCLWIKC¡DQKEJC¡O
MQK¡O©K³EJKQ¡³MWEJDCLKKOFC¡PCEJDC¡ /GGEJCUWPCUEWCPVCUVQTVKNNCUGPWPOQTTCN
©ZRW¡6KGPGUSWGEQOGTO£UT£RKFQJKLQRCTC RCTCEQOGTGPGNECOKPQ=RTGVLWWRTGUMWC¡
SWG[CPQUXC[COQUCUGODTCT5KPµPQD RTQRMQK¡TC¡OQXMQK¡FJC¡QMQ¡KKFJC¡?
LQ¡UEWGTQ,Q¡UWWUCMLC³ZKCCFCKPQ¡³KEJ ♦VWMQ¡KKOXCEQOKGPFQHWGCEQOGT
DCP©¡KKOIWZKQVCNJ&GDQRQPGTOGJWCTCEJGU ♦LCK¡DKEJWLWICCMUKCOCC¡PEµOGVGCNIQ
FGEWGTQEWCPFQXC[CCDCKNCTGNOKVQVG
NKVEQOGVCODK«PCWPSWGUGCWPQ 
RKGNEWGTQ
RGTUQPCQCPKOCN 5KCFCKLQIKK¡³ LWIKC¡XaKCECDCTUGCIQVCTUG
GZEGRVQN¯SWKFQ 
LCRMWC³FJC¡FJKDCCMPCIW¡EJKOQQEJCO 0CRCK¡FJWWMD©©ZMCZKEJWLWIKC¡FJKMCM³K¡
M©©¡IWDCMZKIC¡PPCVIW¡VÀÀÀMOWW3W¯VCNG PC³DC¡LCK¡RDCVWWC¡TC¡0QXQ[CVTCGTO£U
CWPSWGUGCGNRWTQEWGTQCNCXCECETGQSWGUW TQRCJCUVCSWGUGCECDGVQFC«UVC=RTGVLWW
ECTPGPQGUV£DWGPCRQTSWGOWTKµFG
RTGULW¡?
GPHGTOGFCF
=RNLCLQ¡QLCLQQ¡CRQULQIKK¡³? LWIKK¡³RQURGPNCQTKNNC/K¡DCMZKEJWLWICCM
IWLCTQK¡CMLWIKK¡³/K¡R©ZLKZOCCZPCVW
LQ¡KK¡CFLSWGVKGPGGURKPCU,KZKQ¡OLKZLQ¡KK¡ PCCFCV2CTGEGSWGCNIWKGPEQOKµGPNCQTKNNC
FJKPCMCCDEJCOVW¡RWK¡PCIWKKDCK'UVQU FGNT¯QRWGUUGXGSWGCNN¯JK\QNWODTG
PQRCNGUFGNECORQVKGPGPO£UGURKPCUSWGNQU
PQRCNGUEWNVKXCFQU=EQRLKZ? LWIKK¡³FJC¡XaDCECDCTEQPUWOKT
EQUCFGQVTC
RGTUQPCQCPKOCN 0©K¡³FJC¡CRFJKZKKIC¡PPC
LQ¡MQTCK¡UCTC³C/K¡³KLC¡RDCO©NJEJW¡IW EJCOLWIKK¡³FJC¡IWV©OMCNJK¡³IWIÀ¡
LQ¡MQTCK¡/K¡ZKM©©ZK¡³IWVCK#J¯XC ICIQQZ%WKFCCNECEJQTTQRCTCSWGPQUGCECDG
EQTTKGPFQWPCCTC³C3W«OCNCEQPWPCDTCUC NCVQTVKNNCFGNRGTTQITCPFG=RTGVLWIKK¡³
=RNLCLQ¡MQTCK¡?
RTGULWIKKIK¡³?
LWCPDKNJUVTCXKGUQ,CTQQDC¡OQQLC¡RLKT LWIKQMC¡XaVCECDCTEQPUWOKT
GZEGRVQN¯SWKFQ 
LWCPDKNJPCDC¡OK¡R©ZLC¡RIKQRRC³IW³ :KLWIKQMC¡CRFJKDJCDPCODC¡IWDCMCCZ
EJQQOK¡!0C³IW¡RCPCCUICCOZKOOK¡DKC¡ OWK¡RDCODJKKFJC¡#E£DCVGNQUHTKLQNGURCTC
3WK«PFGNQUPK³QUGUGNVTCXKGUQ!2WGUGUV£OW[ SWGVGUKTXCPNCECTPG=RTGVLWIKQ
FGUDCTCVCFQGNKZVNGSWG[QVGP¯CIWCTFCFQ
EQPVLWIKQMFC¡QLWIKQMMCTFC¡?
=RNLWLWCPDKNJ?
LWLWCPDKNJ=RNFGLWCPDKNJ?VTCXKGUQU
LWCPDKNJK¡CFLVTCXKGUQ,WRMCK¡EJFJC¡COIW
LC¡VMCOPCUCRPQ¡³ICPC¡ICIWLCTQK¡PQ¡Z LWLWCPDKNJK¡=RNFGLWCPDKNJK¡?VTCXKGUQU
LWCPDKNJK¡RWEJW¡OLWRDWWU³KC¡IW³OCT =EQRLKZ?
&KEGNCIGPVGSWGUKJCDNQOCNFGCNIWKGPSWGGU LWLWM=RNFGLWM?RKPQU
VTCXKGUQCU¯XCCUGTOKJKLQ=RNLWLWCPDKNJK¡ LWLWMEJ©TUQEQVCN
NWICTFQPFGCDWPFCPNQU
EQRLKZ? RKPQU 
LWCTCMCFLFGOCUKCFQHNQLQ,KZLW¡LWCTCM ♦,WMV©TCFX5CPVC/CT¯C1EQV£P
CC¡PVW¡IWUCDWKTCZFJKPCCDCV'UGOGUVK\Q LWLWMICO=RNFGLWMICO?UKGTTCU
 6'2'*7ƒ0Ê'52#“1. LWOFWWMCO

LWLWT=RNFGLWT?EQTC\QPGU LWORTGHaUVWVWU
RQUGUKµPFGNCUGIWPFCRGTUQPC

LWLWWU=RNFGLWWU?JQEGU FGNUKPIWNCT ,CZR©PLWOKKOIW,QUGG!,KT


LWOLKKMWNJCCR©P!0QOGCEWGTFQSW«GUVW[Q
LWLW¡DC¡UGUVTGNNCU8«CUGEJK¡©©¡
,QU«'UVWV¯Q!=5GRTGUGPVCFGURW«UFGWPC
LWMURKPQ%JCOVWWVIWLWLWMOWLC¡R EQPUQPCPVGPQINQVCN)TCO?8CTÊO
VCCVUCD'PNWICTGUE£NKFQUPQJC[RKPQU LWORTGHaXNG
CWUVGF VG
EQORNGOGPVQ
QEQVGVGC,WMM©¡PV©D©¡³FJCVW¡FJKEJKQ¡³
FKTGEVQQKPFKTGEVQFGNCUGIWPFCRGTUQPCFGN
PCIW¡IKKNJKOLKZEJWMICO'UGJQODTGXC
UKPIWNCT 6W¡MWRKEJDC¡VW¡CC!)KPCEJLWR
CNWODT£PFQUGEQPWPQEQVGRQTSWGGUV£OW[
LWOV©VFCPCREJCOVWCC¡PFC¡2QTSW«UGNQ
QUEWTQ
FKLKUVG!0QVGFKLKOQUSWGPQFGD¯CUFGEKTPCFC!
=RNLWLWM?
UGVG
EQORNGOGPVQTGHNGZKXQFGNCUGIWPFCQ
LWMICOUUKGTTCDQUSWG
FGEQP¯HGTCU  VGTEGTCRGTUQPCFGNUKPIWNCTQFGNRNWTCN Î/QQR
-CDWKOWMLCEJDJC¡³KLC¡MPCDFJKRW¡ EJCOLCZLWOCC¡PFC¡-CODCKFJKMC¡³LK
LWMICO-CVVKVW¡VQDCCV©IKC¡KEJ8COQUC OCVICOÏLWRV©VFCIWDKCROC¡IWV©[CCÎ0Q
EC\CTGPNCUKGTTCOC³CPCCXGTUKGPEQPVTCOQU VGRTGQEWRGU5¯OGXQ[CECUCTEQPVKIQÏFKLQGN
WPIWCLQNQVG=RNLWLWMICO? LQXGPCNCOWEJCEJC
LWMKKDJCKFJC¡URK³CEQPQ
FGRKPQ )WLWM =5GRTGUGPVCFGURW«UFGWPCEQPUQPCPVGPQINQVCN
KKDJCKFJC¡LKTCOPC³ZKUQNJOQPCKM©¡PLK³ )TCO?8CTÊO
ICZDWFC¡.CRK³CFGRKPQUGRWGFGWUCTRCTC LWOCC¡XaVVCNNCTTCURCT
RCTCGZVTCGTNQUJKNQU 
RGKPCTEQTV£PFQNCFGHQTOCSWGNGSWGFGGN -CDWKOWMLC³OQQVWLWOCC¡IWVQQOD©Z
VGLKFQFGCFGPVTQ5KPµPUW¡NJDJKKEJ EJCPQQNJPC³CUMKEJCKVWIC¡TC¡/C³CPCXQ[
LWMLKZDJCKMCOUQEQVGRKPQTGUKPQUQ CTCURCTGNOCIWG[RCTCGZVTCGTGNKZVNG[NWGIQ
)KKNJKOLKZEJWMMWWD©UFC¡IWLWMLKZDJCK JCT«VCNGICURCTCXGPFGT=RTGULWO
MCOPQ¡³OK³CC¡P'NQEQVGGEJCOWEJQJWOQ RTGVLWOCC?
PGITQCNGPEGPFGTNQ LWOCKCFLQVTQ,WOCKRLWRLK³IC¡NJKFJC¡IW
LWMMC=RTGVFGLWWMIKC¡?UGECNGPVCTQP VCMCCTWK¡PC³LKFJQQTC¡,C¡RLKZKK³COK³
LWMMCTFC¡=EQPVFGLWWMIKC¡?UGGUV£P 8«PFGOGQVTCICNNKPCRCTCEQEGTNCRWGUVGPIQ
ECNGPVCPFQ ICPCUFGEQOGTECNFQ
♦LCK¡CFLCNIWPQUQVTQU
LWMMC¡=RTGUFGLWWMIKC¡?UGECNKGPVCP
LWOCK©RCFLQVTQO£U
FGNCOKUOCHQTOCQ
LWMMC¡³FJC¡=EQORNRNFGLWWMC¡³FJC¡?
ENCUG 2CCODC¡F©TLC¡MLKKOFJKDCCMPCO
ECNGPVCTNQU=RTGVLWMMC¡³RTGULWMMCFJK¡³?
DC¡DJ©L©RCK¡FJ©TR©ZLKDWCPVWVWCV©T!,CK³
LWMOCCOTCUTCOCUFGRKPQ,KZM©©¡MW¡CC¡LK LWOCK©R&GFµPFGXGPFT£PGUCUXCECU!
PCRDJCWK¡MC¡2GGITQ6W¡IKRO©O©©FJKLWM 2QTSWGUCNGPFGCNN¯FGGPVTGNQUGPEKPQU(¯LGUG
OCCOTCPCRLKZOCCVPCZKDLKTV©¡PIKCM! UCNKµQVTCO£U=RNLCK¡©R?
&GDGUVTCGTNG³CDWGPC2GFTQRWGUGUCUTCOCU
LWODJCKPVGTLSWK«PUCDG!t,©¡MLCRKO©VCK
FGRKPQPQCTFGPRQTSWGEQOQUCDGUGUV£P
CCRK¡OLCPQ¡PCRKO©VRCK¡FJWWMOKFJCKIWZ
OQLCFCURQTNCNNWXKC
MCK¡,WMV©T!tLWRMCK¡EJIW/CTVKK³
,WMV©TCFX5CPVC/CT¯C1EQV£P
NWICTNKVGPVTG t,WODJC!,©¡MPCEJKR©PtLWRMCK¡EJIW
RKPQU $JCCP5C³EJKCM6C¡OIKKNJKOLQKFJCO /CTUGGNQt%W£PVQUFGWUVGFGUXQVCTQP
LKZDJCK¡EJWODWCFC¡OW,WMV©T'PGN&¯CFG EWCPFQCRQ[CTQPCNIQDGTPCFQTFG5CPVC/CT¯C!
5CPVKCIQUGJCEGWPCITCPHKGUVCGP5CPVC/CT¯C tRTGIWPVµ/CTV¯Pt3WK«PUCDG!;CPQOG
1EQV£P8«CUGLWLWMEJ©T CEWGTFQEW£PVQUtEQPVGUVµ/CTEGNQ
LWNJKKMUDC[WUC
TGIKQPCNKUOQ HNQTFGOCIWG[ LWOEJWNJFJC¡XaDCECDCT
N¯SWKFQFGQVTC
,QKFJCODC[QQVFJKLWNJKKMPCDJCK¡ZK RGTUQPCQCPKOCN ,CTQQ³LWOEJWNJIW³
FJWWM#OMCVPCEJIQQMZKW¡LKPCEJVW O©©DVC¡PC[C¡PKMCDKC¡MCV!3WK«PUGCECDµ
LKFJQQTC¡;CGUV£HNQTGEKGPFQDKGPGNOCIWG[ OKOKGNSWGVGP¯CCSW¯!=RTGVLWOEJWNJ?
RQTSWGGUV£NNQXKGPFQUGT¯CDWGPQNNGXCTWPCU
LWOFWWMCOUUKIPKHKECFQ
FGCNI¼PGXGPVQ 
EWCPVCUDC[WUCURCTCEQEGTNCU
,CZDC¡TLWOFWWMCOEJKFJKMCZKQPCDJCK¡
LWNJKK³=RTGUFGLWWNJFJC¡?UGNQWPVC RCK¡MCK¡EJ!,CTQK¡ZOW¡CCOCOCCEJKMC¡
LWOKC¡ 6'2'*7ƒ0Ê'52#“1. 

LCTQK¡ZEJWCKOCC!3W«UKIPKHKECEWCPFQUG ♦MCKEJWMLWPOC¡PRKRK£P
Q[GNC\QTTCRQTCJ¯!3WKGTGPOCVCTCCNIWKGPQ ♦PCDLWPOC¡POQNGFGPQRCN
CNIWKGPUGXCCGPHGTOCT! ♦DQKMLWPOC¡POQNGFGEJWCNGU
LWOKC¡XaKCECDCTUGCIQVCTUG
N¯SWKFQ %JCOMC ♦RCCUWK¡EJLWPOC¡POQNGFGGRC\QVG
L©TT©¡FJKVTQQMC/QQEJKDCLWWOIWICUQNKKP ♦VCCUPCTC¡LWPOC¡POQNGFGJQPIQFGRKPQ
;CPQCTTCPECGUVCECOKQPGVCETGQSWGUGNG LWPWW¡P=CRQUFGLWWP?UWOC¯\
CECDµNCICUQNKPC=RTGVLWORTQITLWOKKOQ
LWRRCTV+PFKECTGRGVKEKµPGPEWCPVQCVKGORQ
LWWOKOEQPVLWOKKFJC¡QLWWOKFJC¡
)KQUCRLWRVWOVWMICOVC¡RCK¡FJWWM&KEGP
RWPVLWO©©MQLWWO©M?
SWGXCCJCDGTQVTQGENKRUGUQNCTCNI¼PF¯C
LWOMWC¡FCOCFLEQOGUVKDNG,CK¡UCRLKTLWO +PFKECTGRGVKEKµPGPEWCPVQCNWICT)COCLC¡M
MWC¡FCOIWVWCMCK5GFKEGSWGCNIWPCU RC¡RLWRDQ¡MC¡)KKNJKODJCLC¡MLK³
DGNNQVCUUQPEQOGUVKDNGU=EQRLKT? ³CK¡URCKOCR#EW«UVCVGO£UCNN£RWGUOGGUV£U
LWOOCFC¡=EQPVFGLWWOC¡?GUVCTCECDCPFQ CRNCUVCPFQ

N¯SWKFQ  ♦LWRMCK¡EJFKEG
LWOOW=XCTFGOWOOW?CNN£
CDCLQNGLQU  ♦LWRV©VFCNGFKEG
LWRCCDCPCFLRCTGLQCNPKXGN$JCK¡R©ZPQ¡
LWORCFC¡XaVLWPVCT,K³RCNJDWKFJC¡CR
2GGITQPCEJOCCRLWORCFC¡FJKLWWPPCDC¡ ³KEJDCV©UFCCOF©TDJCK¡FJ©TLQVOQFC¡
EJCOZKLCKMC¡PC³DJCKK³C¡PQ¡VDCLK CC[C¡K³DJCOO©)KQVCOPCIW¡DCT
FJWW¡P2GFTQC[¼FCOGCLWPVCTGNOC¯\RCTC LWRCCDCP&GURW«UFGUWDKTCNN£NNGICT«T£RKFQ
SWGUGCH£EKNEWDTKTNQEWCPFQNNWGXC C.NCPQ)TCPFGRQTSWG[CGUV£RCTGLQ=EQRLKT?
XaTLWPVCTUGTGWPKTUG
UWLCPKO ,©¡MLCO LWRCCDCPCFXCORNKCOGPVGUWHKEKGPVGOGPVG

UKCOTKOK¡DCOLWORCFCKOIWLC¡VMCOPC
NNGPQ ,KZL©©MK¡COFJK©¡NJKEJOKOEJWUPCO
UCCMLKTC¡IKEJCOMC¡!%W£PVCURGTUQPCUGUV£P IW¡EJKLWRCCDCPLKZMQMDC¡P'UV£PEQPVGPVQU
TGWPKFCU[CRCTCNCLWPVC! GUVQUICVKVQUUGT£RQTSWGGUV£PUWHKEKGPVGOGPVG
=RTGVLWORCKQLWOCCRRTGULWORC¡P? NNGPQU
LWOV©©OQKFJCMCFXCHKPGUFG,WO EQORNGVCOGPVG
NNGPQ ,WRCCDCPUWW¡PICO
V©©OQKFJCMIWWVWWDTKOQQDCLKTQ¡TCDJCM LCROQQDJCDCK¡IKMC¡IWUWWFCK¡FJKDCNFK
MC¡.CRK\ECGORKG\CCHKPGUFGNOGUFG EJC¡O6TCGGUVCEWDGVCEQORNGVCOGPVGNNGPCFG
QEVWDTG CIWC
LWPDCC¡UGNQVG&CKVQQOQMLC¡MD©©ZMCRLKZ LWRCCDFC¡XaVOGFKT,CZV©©¡FJKKLKPKCTW
LCK¡EJMC¡IWLWPDCC¡0CFCO£UGPQEVWDTGJC[ PCOK¡EJWLWRCCDC¡PPCRCK¡OM©©UC¡IW
GNQVGUGPVQFCURCTVGU MCC³EJC!%µOQUGNNCOCGNKPIGPKGTQSWGGUV£
OKFKGPFQFQPFGXCPCJCEGTNCECPEJC!
LWPDQ¡UEC³C
FGC\¼ECT :KDFJQIKIW¡VW
XaTRGTUQPKHKECTFKUHTCUCT6©©VM©³KEJIW³
DCCRCKLKIW³M©NJKKIW³LWPDQ¡/QQ³IQQM
RCCUWNJUCROWRCK¡V©KRLK³OC¡[CUCIW¡EJK
VCC³O©TC¡PQ¡VDCMCCRCMC#JQTCOKV¯Q
OQQVW¡LC¡QQMPCDJCCPLWOLWRCCDC¡P5Q³«
RNCPVµEC³CFGC\¼ECT[RKGPUQKTCFGEKTNGSWG
SWGOKV¯QOGSWKUQFKURCTCTRQTCJ¯RGTQ[Q
OGF«WPCUEWCPVCUEWCPFQ[CGUV«POCFWTCU
ETGQSWGCNI¼PFKCDNQUGGUVCDCFKUHTC\CPFQFG
LWPOCFC¡XaVIWKUCTEQPOQNG)WDJQ¡OMQZ «N
LQKFJCOLKZK¡QQDIWICK¡ZKORKCOLWPOCZKO =EQORNRNLW¡RCDFC¡RTGVLWRCCDCKLW¡RCDCK
.CECTPGFGNVGEJCNQVGGUUCDTQUCCUCFCQIWKUCFC RTGULWRCCDC¡PLW¡RCDC¡P?
EQPOQNG=RTGVLWPOCKRTGULWPOC¡P
LWRCCDMCOU+PFKECWPCRGTUQPCSWGVKGPGOGPQU
TGULWPOCZKO?
FGTGEJQCOCPFCTSWGQVTC,CZDC¡MWRDC¡OW
LWPOCZFJC¡XaDIWKUCTEQPOQNG
RCTCQVTC RCK¡DWCOV©VFCFC¡!0CCUMWVW¡TLWO
RGTUQPC #C³[C¡V©KLWPOCZK¡³IWOVCCVFJK LWRCCDMCO%µOQGUSWGVGCVTGXGUCJCDNCTNG
DJQ¡OMQZPCVLK³EJKC#SW¯GUVQ[VTCVCPFQFG FGWPCOCPGTCHWGTVG!2WGUPQVKGPGUFGTGEJQFG
JCEGTOQNGFGVGEJCNQVGEQOQOGNQRKFKµVW JCDNCTNGCU¯=CRQULWRCCDMCOW¡P?
RCR£=RTGV[RTGULWPOCZK¡³? 5KPµPCNJKQMCO
LWPOC¡PUOQNG
♦DJQ¡OMQZLWPOC¡POQNGFGVGEJCNQVG
 6'2'*7ƒ0Ê'52#“1. LWTPKC¡

LWRCC³CFLFGUJKNCFQ,KZLWWRCMIWLKKNIC¡P 2GFTQCUWUJKLQU=UWLRNLWWRMKC¡RTGVLWR
IWOUCDWKTCZ/WRCK¡DCMUCKWWZEJC¡O LWWRM©RTGULWRCCMQLWRRCMLWWRCM?
'UV£PFGUJKNCFQUVWURCPVCNQPGURCTGEGSWGUGVG LWR³KFJC¡XaDUCECTGZVTCGT
FGFQPFGGUV£
CVQTCTQPGPWPRCNQ=RNLWWRCMEQRLKZ? OGVKFQCLWUVCFCOGPVGRCTCQVTCRGTUQPC /K¡FJ©T
LWRDWC=RTGUFGLWRFW³KC¡?UGJCEG LCRLK³LWR³KFJC¡IWLQK¡;©L©PKRCK¡DCCZU©NJ
LWRDWCFC¡=EQPVFGLWRFW³KC¡?GUVCTJCEKGPFQ LK³MQOCO2QTHCXQTC[¼FCOGCUCECTNC
GURKPCSWGVGPIQOGVKFCGPNCGURCNFC
LWRFWK³FJC¡XaDJCEGTHQTOCT
RCTCQVTC FKDWLCT
RCTCQVTCRGTUQPC ,K³EJCK³DWK¡³
RGTUQPC /CC¡PLCRLWRLK³FJWK³FJC¡IW OCC¡PIWOW¡WCPMW³OK¡ZKOLWR³KFJC¡PC³
WOWW¡DQPCCORCK¡FJWWMPQ¡REJCOQQ¡PFC¡ LCZEJW¡OVWDCK³OK¡PCRDC¡ZOCVMC¡
I©V2QTHCXQTJC\OGWPUQODTGTQFG\Q[CVG 2T«UVCOGWPRCRGNRCTCFKDWLCTVGEµOQGUNC
CNI¼PF¯CEWCPFQVGPICUVKGORQ=RTGVLWRFWK³ OCTECFGOKICPCFQRCTCSWGUGRCU
EQPVLWRDWKZK¡³FJC¡? =EQORNRNLWWRZKFJC¡RTGVLWR³KLWWRZK?
LWRFW³KC¡XaVJCEGTHQTOCT
EQUC ,CK¡IW LWR³K¡CFLSWGUGFGUJKNCH£EKNOGPVG,KZLWWRMK¡
LC¡VMCOLQKFJCOLKZOCCV©VLWRDWCCOIW IWOCCPVCMWVWWPPQ¡VDCUCT.CECOKUCFG
WOWW¡DCCNJ#NIWPCURGTUQPCUUCDGPDKGP OCPVCUGFGJKNCH£EKNOGPVGEWCPFQUGTQORG
JCEGTNCUECPCUVCUFG\Q[CVG =RNLWWRMK¡EQRLKZ?
XaTJCEGTUGEQPXGTVKTUG
CQVTCHQTOC ,KZ
IWDWWMLWRLWODWCIWLQ¡PQ¡VDCICC'N LWRRCM=RTGUFGLWR³KC¡?UG\CHC8CTLWRCCM
EWGTQUGJCEGFWTQEWCPFQUGUGEC LWRVW¡OCFXXCE¯Q,CTQQDC¡OQQLC¡R
=RTGULWRDWCRTGVLWRFWWEQPVLWRDWCFC¡? MQK¡O©MIWDJCDPCDC¡RVW¡O[CFCCIW
LWRPC¡XaVUCECTGZVTCGT
FGFQPFGGUV£OGVKFQ LC¡CC!/QQEJKCCR#NRQQP3WK«PUGEQOKµ
CLWUVCFCOGPVG ,K³RCNJDWKFJC¡CRLC³LWWRUC¡ NQUHTKLQNGU[FGLµNCQNNCXCE¯C!#NQOGLQTHWKUVG
FJKRQQUVKULCK¡³OKEJWVVW¡#[¼FCOGCUCECT V¼#NHQPUQ
LWTUEQTC\µP5©NJLWTC¡TCOLCO©VOC¡[CUCIW
GUVQURQUVGURQTSWGXQ[COGVGTQVTQU
ECNECTFKDWLCT,K³EJCK³DWKFJC¡CRFJKO UWKOCNJ/CC¡PPCVLCZOWW.GFKGTQPFG
UKTDKNKCVPC³LWWRUC¡FJK[QQZK¡PCOK¡ DCNC\QUCNXGPCFQGPGNRWTQEQTC\µP[UGOWTKµ
LWWRZKZ,QKFJCOLKZC¡DJCT2T«UVCOGVW NWGIQ=RNLWLWTCRQULWTCC¡P?
OCPVGNRCTCFKDWLCTNCUHNQTGUDQTFCFCUVCP ♦LWTC¡TCOGPUWEQTC\µP
FG«NQFGGNNC 
DQPKVCUSWGVKGPG ♦LWTCC¡PDKC¡GUOW[NKUVQ
FGUJKNCT0Q¡³EJCODKC¡IWRCDKKNUKCIW ♦EJCOLWTCC¡PDKC¡VKGPGFGHKEKGPEKCOGPVCN
OCCPVCLKTCOPC³ZKLWWRUCKDJCCPVW LWT=RTGUFGLWWNJKC¡?NQWPVC
MC³FJKKTVC¡5KPQVGPIQRCDKNQRWGFQJCEGT LWTCCDUEKPVWTC#TFK¡EJVWLWTCCDFJKCNJKK
XGNCUFGUJKNCPFQNCOCPVC
,CZDC¡!,KZICMCC!'UVGPK³QVKGPGEKPVWTC
VQOCT
HQVQITCH¯C /CKMLC³OCC¡PLWO
OW[FGNICFC2QTSW«UGT£!'UVCT£HNCEQ!
LWRPCTC¡DJCOO©PKQKFJC¡VC¡OPCF©TDJC
=RNLWWTCRCRQULWTDC¡P?
LC¡MLKZEJWOCCZ8COQUCNEGTTQFQPFGUGXG
LWTCCDRQURGPOGFKQFG$JCOO©PKVWMQUIW
JCUVCCE£[VGVQOQWPCHQVQ
=EQORNRNLWWRUC¡RTGVLWRLWWRUC MCMQQPFJKVÀ¡VÀDDCCRCKLWTCCD'NEWGTXQ
EQPVLWRCCUFC¡LWWRCUFC¡? VKGPGUWPKFQGPOGFKQFGCSWGNNQURG³CUEQU
♦LKZDJCK¡OLWWRCUUGUCECEQPHCEKNKFCF CNVQU
♦LKZOCCV©VVWLWWRCUUCDGDQTFCTUCDG LWTDCPCFXCNCEKPVWTCd,C¡ROQQTVÀDFJK
FKDWLCT 2CC³EJW$JCK¡R©ZLC¡RLW¡K³LWTDCPd#[
♦LWRPKEJW¡LWWRZKEJW¡EQTTGTCVQFQNQSWG EµOQGUCNVQ(TCPEKUEQ0QO£UNGNNGIQCNC
FC EKPVWTC
LWTPKC¡XaKRCUCTETW\CT
NWICTHGQQT¯Q
LWR³KC¡XaK\CHCTUGÎ#OR©ZLWRCCMFJK
DCK³FJCU%JCODJCK¡CCPCRKO ETGEKFQ ,CZLCEJDC¡FJKDWDWCMKC¡DCCU©¡P
M©©¡ORKIC¡!ÏLWRLCV©VFCIW2GGITQIW F©TLC¡M!6©©¡PCIW¡IÀ¡O©TIWUWWFCK¡%JCO
OCCOTC¡PÎ5G\CHCNWGIQNCECDG\CFGGUVC CCEJKDK¡³³C¡PQ¡EJKEJOWLWWT!%µOQ
JCEJC0QGUVCT¯CDKGPSWGNCCTTGINGP!ÏFKLQ XCOQUCETW\CTGNT¯Q!2WGUGUV£OW[ETGEKFQ
0QETGGUSWGPQUNNGXGUKKPVGPVCOQUETW\CT!
LWTPKC¡ 6'2'*7ƒ0Ê'52#“1. 

DCLCTUG
EWGUVCCDCLQ /K¡PKRRWLWTPKC¡D©©Z GUVCTGP/«ZKEQUKVGNNGXCP!
C¡PUCRPCRLCUQQ¡OFJCTC¡IWMCMCTDCZ NNGICTCN¼NVKOQF¯C
FGNOKVQVG /CCZFJKO
6QOCGNCVCLQ
NKVD£LCVG EWGUVCCDCLQRCTC OQQDCLKLWTWW³FJKFJC¡IWZZKZFJW¡MCO
CNECP\CTCFGVGPGTNCUEJKXCU DJ©L©F©T#CRLKDC¡PQ¡RIW¡VWMQK¡RQ¡PCLK
OGVGTUG
KPFGDKFCOGPVGCNT¯Q %JC¡RCITGG¡P ZKC¡NJKC¡2CUCFQOC³CPCNNGICPCN¼NVKOQF¯C
OKLWTWWMFC¡UWWFCK¡EJ©TLK³EJKQ¡³/K¡ NQUSWGGUV£PIWCTFCPFQNCUCNRQTCNN£3W«VCNUK
L©DCCOLCRKEJPCIW¡ZL©©RK¡³0QVGOGVCUGP XCOQULWPVQUCEQOGTEQPGNNQUEWCPFQUG
GNCIWCJKLQRWGUVGXCCFCTHKGDTGRQTSWGGUV£ ENCWUWTG
#NIWPCURGTUQPCUUGCDUVKGPGP
HT¯C TKVWCNOGPVGFWTCPVGFKG\F¯CUGUFGEKTNQUEKPEQ
=UWLRNLWWTMKC¡RTGVLWTLWWTEQPVLWTWWMFC¡ F¯CUFGNOKVQVGO£UNQUUKIWKGPVGUEKPEQF¯CU1VTCU
QLWWTWMFC¡? RGTUQPCUUGCDUVKGPGPUQNCOGPVGRQTNQU¼NVKOQU
LWTPKC¡XaKJCEGTUGVCTFGCPQEJGEGT%JCO EKPEQF¯CU‹UVCUPQDCKNCPGNOKVQVGNCPQEJGFGN
ZKKODCLWTPKC¡PQ¡TCNJK¡EJEJCPQQNJ%WCPFQ SWKPVQF¯CUKPQSWGNNGICPCNRCVKQEGTGOQPKCNNC
GNF¯CGUEQTVQRTQPVQUGJCEGVCTFG OC³CPCFGNUGZVQF¯CRCTCCUKUVKTCNCENCWUWTCFGN
UGT¼NVKOQF¯C
FGNOKVQVG :KDLKLWTPKOLKC OKVQVG 
IWZKQVCNJDJCK¡FJ©T/COCCTMKUVCO =RTGVLWTWW³?
LWTWW³FJC¡XaVC[WFCTCRCUCT
NWICTHGQQT¯Q
MCDWKOWMDCLKZKC¡NJKC¡#JQTCGUGN¼NVKOQ
F¯CFGNOKVQVGFQPFGDCKNCPNQU/£TSWG\[ ETGEKFQ /WLWTWW³FJC¡CRPQDEJ©KFJKCNJKK
OC³CPCCNCOCPGEGTUGENCWUWTC OWCMM©¡PPCIW¡DJ©KMC¡IWUWWFCK¡PQ¡R
=RTGVLWTEQPVLWTP©TFC¡? F©©NJOWEJKCP%WCPFQNNGIWGPCNT¯QCICTTCCN
LWTPKRCFXRQPKGPVG,CZMWDC¡LWTPKRLC¡M PK³QFGNCOCPQ[C[¼FCNGCETW\CTRQTSWGUKNQ
R©ZV©P©K¡³FJKOCMI©OPCVW³KQMKO!%JCO FGLCUETW\CTUQNQGNCIWCUGNQNNGXC
DJCK¡CCPCZKC¡NJDWKLC¡MV©V©©I©K!2QTSW«GN =RTGVLWTWW³EQPVLWTWW³FJKFJC¡?
LWW=RTGVFGLWIKC¡?2GLVWLWWEQOKµ
EWTCPFGTQXGUQNCOGPVGJCEKCGNRQPKGPVG
EWCPFQQTC!0QUGT¯COGLQTSWGXKGTCJCEKCGN LWW=RTGVFGLWIKC¡?UGCECDµ
QTKGPVG!
LWWI©VRQURJCUVC
N¯OKVGFGWPCECPVKFCF 2C
LWTPK¡CFLDWGPQRCTCRCUCT
NWICTHGQQT¯Q LC¡RLWWI©VLC³OK¡KKEJC¡IWLWWPFJKDCCNJ!
ETGEKFQ ,CK¡IWLC¡VMCOLKZLWTMK¡COUKCMW *CUVCFµPFGSWKGTGUSWGVGNNGPGGUVCECPCUVC
IÀ¡O©TIWUWWFCK¡RCK¡CMM©¡P#NIWPCU EQPOC¯\!
RGTUQPCUUQPOW[DWGPCURCTCETW\CTWPT¯Q JCUVC
N¯OKVGFGWP£TGC 2CLC¡RLWWI©VLKT
CWPSWGGNCIWCEQTTCOW[T£RKFQ=RNLWTMK¡ LKEJFJ©TDC¡!*CUVCFµPFGVGTOKPCPWGUVTQ
EQRLKZ? VGTTKVQTKQ!
LWTP©MCFXCNCPQEJGEGT,WTP©MVWMWC¡FC¡IW JCUVC
N¯OKVGFGWPVKGORQ 'CCC³L©¡ZLWWI©V
OCMI©OPQ¡VWWCOZK¡³%WCPFQGNEWTCPFGTQ LWRLKZPCMQQ¡PC³OWFWR³KC¡#XGTSW«
GUV£EWTCPFQPQEQOGUKPQJCUVCGNCPQEJGEGT VCPVQRWGFQDWEGCTUKPUCNKTCNCUWRGTHKEKG
LWT³KFJCMCFXCVCTFGEKGPFQ%JCOLCZDWCUKC LWWMCFLECNKGPVKVQVKDKQ$CZLWWMIW
MWEJKEJLKZFJCCOFWWMMCLKKPCIW¡TOKC¡P UWWFCK¡PCRUCCMDCVDKC¡;CGUV£ECNKGPVKVCGN
,WT³KFJCMLCEJDJCOO©DCCC[C¡#WPSWG CIWCRCTCSWGVGDC³GU
UCNICOQUCNOGFKQF¯CEWCPFQGUV«CVCTFGEKGPFQ E£NKFQ
ENKOC /WLC¡RVCCVUCDLQKFJCOLK
NNGICTGOQUCNN£RQTSWGGUV£EGTSWKVC PCZLWWMPCIW¡TD©RVC¡P'PVKGTTCE£NKFCGN
LWTWW³URCUQ
NWICTHGQQT¯QETGEKFQ 0Q¡DCT ENKOCGUECNWTQUQRQTSWGUGGPEWGPVTCGPWPC
V©¡PIKCMRWEJCOLKTLWTWW³MC¡O©L©CMM©¡P RCTVGDCLC
PCIW¡IKKNJKOIÀ¡O©TFC¡IWUWWFCK¡'PNC =EQRLKZ?
«RQECFGNNWXKCUPQJC[RCUQGPGNT¯QRQTSWG ♦LKZLWWMMCOMCK¡EJJCDNCEQOQUK
GUV£OW[ETGEKFQ GUVWXKGTCDQTTCEJQ
♦EJCMWKLWTWW³IWDQKO©L©©O©D©RVC¡P LWWMC¡³FJC¡XaVECNGPVCT
EQORNKPCP 
VQFCX¯CPQNNGICGNECOKPQJCUVCCDCLQ )QQMLC³MWC¡O©TC¡MW³M©¡PLWMMC¡³FJC¡IW³
LWTWW³FJC¡XaKSWGFCTGUVCT
GPWPNWICT  EJQQVQP8Q[CVTCGTNG³CRCTCECNGPVCTOGNQU
,©¡MLCRLWTWW³FJC¡DJCOO©/GGLKMPQ¡O©V RKGU
IW¡OQQOCLKODCKFJCM!%W£PVQUF¯CUXCUC XaVIQNRGCT
OQFKUOQ 6CMCCDLCO©VV©KRLK³
 6'2'*7ƒ0Ê'52#“1. LW¡³EJWFC¡

LWWMC¡³IWOCKMMCOOWPCRCK¡TRKCUVC¡MCV ♦LWWPLKZ[QQVCNJICOOC¯\RCNQOGTQ
COVÀ¡MQDDCOFCTCCUCODJC³³©KFJCV#[GT ♦W¡KK¡LWPWW¡UUQTIQ
UKNXGUVTGNKVOC¯\FG
EWCPFQCPFWXGGPNCHKGUVCOGSWGT¯CPIQNRGCT R£LCTQ 
NQUDQTTCEJQURWGUUGGUVCDCPRTGRCTCPFQRCTC LWWRCM=RNFGLWRCC³?FGUJKNCFQU=EQRLKZ?
RGNGCTEQPOKIQ
5KPµPLWWRMK¡
XaTECNGPVCTUG
EQORNCPKO ,C¡MMCZKLKO
LK³EJKQ¡³/K¡OLWWMC¡³FJC¡IWOMWWZK¡ LWWRMKC¡=UWLRNFGLWR³KC¡?UG\CHCT£P
*C\VGCWPNCFQJKLQRCTCSWGVWV¯QUGECNKGPVG =RTGVLWWRM©RTGULWWRCM?
CNN¯ LWWRMK¡=RNFGLWR³K¡?SWGUGFGUJKNCPH£EKNOGPVG
=EQORNRNLWMMC¡³FJC¡RTGVLWWMC¡³LWMMC¡³ 5KPµPLWWRCM
RTGULWWMCFJK¡³LWMMCFJK¡³? LWWRUC¡=EQORNRNFGLWRPC¡?UCECTNQU
LWWMIKC¡XaKECNGPVCTUG
UWLCPKO )QQM =RTGVLWWRUCEQPVLWWRCUFC¡?
LCEJZKEJWMWC¡I©KPCEJM©¡PLWWMIKC¡OW LWWRZKFJC¡=EQORNRNFGLWR³KFJC¡?UCE£TUGNQU
MKKEJCO8COQUCNNGXCTNG³CRCTCECNGPVCTPQU =RTGVLWWRZK?
GPNCECUC
LWWTCR=RNFGLWTCCD?EKPVWTCU
ECNGPVCTUG
UWLKPCP %JCODCLWWMCCCIW
IKUCCTPCRDJCK¡DCEJDJKKFJC¡MWEJDCVW LWWTMKC¡=UWLRNFGLWTPKC¡?2GLLWWTMKC¡CO
MQK¡EJI©FC¡!;CUGECNGPVµGNIWKUCFQRCTCSWG UGDCLCT£P=RTGVLWWTEQPVLWWTWMFC¡?
PQUUKTXCUCNIQFGEQOGT! LWWUUJQ\,WWULWOCC¡PQ¡³KEJDCVWLKKMCO
=UWLRNLWWMIKC¡RTGVLWWMCQLWWMI©LWMMC IWUCK¡5GPGEGUKVCWPCJQ\RCTCEQTVCTGN
RTGULWWMC¡LWMMC¡EQPVLWWMC¡PFC¡Q \CECVG=RNLWLWWU?
LWWMCKFJC¡LWMMCTFC¡? LWWVUW³C
RGTUQPC 2WLWRIW³LWWVPC³KEJ
♦COLWWMCIW³DJCCUWVOGGPQL«
NKVOG LWVDQOWPKFJ©TPC³DJCK¡MCO©NJEJW¡5GOG
ECNGPVµGNRGEJQ  EC[µNCW³CEWCPFQOGVQR«GNRKGEWCPFQXGP¯C
♦LKZLWWMCNJICOUDGDKFCGODTKCICPVG EQTTKGPFQ
LWWNJFJC¡XaDWPVCT
CQVTCRGTUQPC ,CTQQ ICTTC
CPKOCN 6CMCCDLC³KEJLQKFJCO
DJCOLWWNJIWVWMTCFC¡PCDC¡IÀ¡ZEJWMIWO FCCI©MMCZKKQ¡OOCKFJKOKKEJW,QVOQFC¡
MCCO!3WK«PVGWPVµJQNN¯P!2WGUVWOGLKNNC L©©TM©MDJCK¡RW³LQMMKCUC,CK³[C¡R©Z
GUV£DKGPOCPEJCFC=RTGVLWWNJRTGULWNJKK³? OCOCCZIWLWWVW¡P#[GTEWCPFQGUVCDC
CECTKEKCPFQGNICVQFGRTQPVQOCWNNµ[OG
LWWNJKC¡XaVWPVCT#NJK¡EJLK³DJ©K¡³O©TIW
TCUIW³µ/KTCCSW¯GUV£PNCUOCTECU
QUCC¡OMW³[C¡PKLWWNJKC¡PCRCK¡ÀÀIW
=CRQULWWVW¡P?
DKRT©¡ZMCVVKOQQKCOFQFJKC¡6T£GOGWP
RQEQFGTGUKPCFGRKPQRCTCWPV£TOGNCCSW¯ LW¡=RTGUFGLWIKC¡?UGCECDC
FQPFGVGPIQITCPQUCXGTUKOGCNKXKQ LW¡LWCTCM=RNFGLWCTCM?FGOCUKCFQHNQLQU
=RTGVLWWTWRTGULWT? =EQRLKZ?
LWWOC¡XaVCECDCTEQPUWOKT
N¯SWKFQ ,WWOCK LW¡³EJWFC¡XaDRTGUGPVCT
CNPK³QGPGNOKVQVG
CROQQFJKDKK¡OPCEJCOOK¡L©¡MNJKC¡ JCEK«PFQNGEQOGTEQOKFCTKVWCN :KDFJKVCCDJCM
#E£DCVGNCNGEJGRCTCSWGPQUGCITKG PCV©OP©¡[C¡IWZKQVCNJLCEJVWLW¡³EJWFC¡
=RTGVLWWOEQPVLWOOCFC¡RTQITLWWOCKO? FJK³OCTCCZ%WCPFQUGDCKNGGNOKVQVGGUVG
LWWOKFJC¡=EQPVFGLWOKC¡?GUVCTCECD£PFQUG KPXKGTPQXQ[CRTGUGPVCTCOKJKLKVC

N¯SWKFQ 8CTLWOKKFJC¡ FCTFGEQOGT
TKVWCNOGPVG 2CPCCULC¡RLKZ
K¡QQDFJKLWPOC¡PD©©R©¡MCDWKOWMPCVW³
LWWOKO=RTQITFGLWOKC¡?UGGUV£CECDCPFQ
LW¡³EJW¡PIWOCMI©O)W¡EJKR©ZLCRV©F©©M

N¯SWKFQ 8CTLWOKKO
K³LKPC³O©MEJCOMWCFCVIWQP6GP¯C
LWWO©M=RWPVFGLWOKC¡?JCDK«PFQUGCECDCFQ OWEJQUCDQTGNOQNGSWGOGGUVCDCFCPFQGN

N¯SWKFQ 8CTLWO©©M EWTCPFGTQGPNCOC³CPC5GT£RQTSWGPQJCD¯C
LWWPUOC¯\;C¡FJK/GGLKMLKZKQ¡OLWOMWC¡ EQOKFQUCNRQTOWEJQVKGORQ!
%WCPFQWPC
IWLWWPV©OMCNJ#SW¯GP/«ZKEQUGEQOG RGTUQPCC[WPCTKVWCNOGPVGRQTWPOGUGNEWTCPFGTQ
OWEJCVQTVKNNCFGOC¯\=RQULWPWW¡ VKGPGSWGFCTNGFGEQOGTRCTCSWG[CRWGFC
CRQULWPWW¡PQLWWPIC¡P?
LW¡RCDFC¡ 6'2'*7ƒ0Ê'52#“1. 

VGTOKPCTUWC[WPQ  MCCNJKUQKUITKNNQ6WMCC¡LC¡MVWMWWIW
=RTGVLW¡³EJWFC? MCCNJKUQK)KKNJKOMCK¡EJFJC¡'NITKNNQECPVC
LW¡RCDFC¡=EQORNRNFGLWRCCDFC¡?OGFKTNQU FGPQEJG[JCEGWPTWKFQHCUVKFKQUQ=RNMCMNJK
=RTGVLW¡RCDCKRTGULW¡RCDC¡P? UQUUQKQMCNJNJKUQUUQK?
MCCOUOGLKNNC$CZEJ©©FW¡IWMCCOC¡PFJK
#PTGGUPCVKCVCMCCDOWPKIKQV©T-CCOC¡P

-
M©¡PDCMOKI©K;CUGRWUQEQNQTCFCNCOGLKNNC
FG#PFT«URQTNCEC¯FCSWGUWHTKµC[GTGPGN
NNCPQRCTGEGSWGUGEC[µUQDTGUWOGLKNNC
=RNMCCMCOCRQUMCCOC¡PMCCMOC¡P?
MCCOVC¡XaVOCPVGPGTGPNCDQEC0Q¡ZMQ¡M
IW³EJCCVCOLWOCC¡PC³MCCOVC¡IWVCCVCO
ÊMUWHaX+PFKECVKGORQRCUCFQRWPVWCNRGL MQ¡MDJCKI©OPCDC¡EJCOMCMQ¡MMC¡
DCVDKTCMLC³KEJOGHW¯CDC³CT
[TGITGU« [C
%WCPFQOGFWGNGPNQUFKGPVGUPGEGUKVQOCPVGPGT
ÀÀMVCMCCDNNGIµCSW¯C[GT
[FGURW«UUGHWG 
WPTGOGFKQGPNCDQECRCTCSWGPQOGUKICP
+PFKECSWGWPCCEEKµPUGNNGXµCECDQCPVGUFG
FQNKGPFQ=RTGVMCCOQMCCOVCRTGUMCMOCV
KPKEKCTQVTCCEEKµP/CCRF©TWWZM©¡PZKUKKURCM
TGUMCCOCV?
PCDC¡EJCOICKI©ZKC¡IWDJKK³QT&GWPNCFQ
RWUQWPRCNQFGUQRQTVGRCTCSWGPQUGNCFGGNC MCCRCM=RNFGMCDCCM?FWTQU=EQRLKZ?
ECTIC MCCRCMCFC¡=EQORNRNFGMCDMCFC¡?CRTGVCTNQU
+PFKECNCRTKOGTCFGFQUCEEKQPGUEQPUGEWVKXCU =RTGVMCCRCMCKRTGUMCCRCMC¡P?
RCUCFCU2WK¡ZKEJ©¡©©MRWLKK&KLQCU¯[NWGIQ MCCRCMCO=RNFGMCDMCO?CRTGVCFQU=EQRLKZ?
UGHWG
MCCRCMC¡=UWLRNFGMCDMC¡?RQPGTUGFWTQU
=)TCO?
=RTGVMCCRCMCEQPVMCCRCMCTFC¡?
MCRTGHaXVQFCX¯C-CZL©©RK¡³PCIW¡MCT
MCCRCMUQUUQK=RNFGMCDCCMUQK?NCPIQUVCU
MCDWKOWM6QFCX¯CJCEGHT¯QRQTSWGGUFG
OC³CPC MCCUCK¡UCTFKNNC
CTDµTGC +COR©ZRWEJW¡O©R
+PFKECSWGWPCUKVWCEKµPQEWTTGOKGPVTCURCUC IWMCCUCK¡PCLCZEJW¡OIWDJQ¡OMQZFCKLK
QVTC/CLWWDCMIWMQ¡MQNJPCOK¡³KMCO PCIW¡ZKQ¡OLKZEJ©©FW¡'UVGVKRQFGCTFKNNCUG
IC¡TCV2CTGEGSWGUGCECDCTQPNQUEJKNGUSWG RCTGEGOWEJQCNÎVGEJCNQVGÏPCFCO£USWGGU
GUVCDCPXGPFKGPFQCNN¯ O£UC\WN=RNMCMUCK¡?
=)TCO? MCCVXaGGUVCTCEQUVCFQ
UWLKPCP ,K³
MCCMXaGVGPGTUCDQT%JCOPCCCOLCK¡FJ©VIW DJ©K¡³O©TIWVCNCCEJOWPKPCMCCVDC¡MD©VC¡
DKK³PCIW¡IKKNJKOMCCM#CNIWPQUPQNGU 6T£GOGGNVCNCEJQSWGGUV£CNN¯FGDCLQFGNCECUC
IWUVCGNOG\ECNRQTSWGVKGPGWPUCDQTOW[ GUVCTVKTCFQGUVCTRGTFKFQ/WPKR©ZD©©V©VDQK
HWGTVG EJC¡OIWPCPMCIKC¡D©©R©¡PC³DJCLKO,CTQK¡
♦LQKFJCOMCCMUCDGUCDTQUQ DCMOCK¡KCDW'UVCDCPVKTCFQUWPQUCTGVGUGP
♦LKZMKKUMCCMUCDGOWEJQCSWGUQ GNECOKPQEWCPFQ[QXGP¯CRCTGEGSWGCNIWKGP
NQURGTFKµ
♦EJCOLWODK¡FJCOMCCMGUVCPUCDTQUQ
=UWLRND©©VEQRTGVMCCV©VD©©V©V?
SWGWPQPQSWKGTGFGLCTPCFC
♦R©ZLKK³CMMCCVITKVCOW[UGIWKFQ
♦QPMCMCFLUCNCFQ
NKVUCDGCUCN SWG
♦ICKMCCVXaGGUVCTNCFGCFC
EQUCO£UCPEJC
VKGPGUWHKEKGPVGUCN
SWGCNVC 
♦OCKMCMCFLFWNEG
NKVUCDGCOCIWG[ 
MCC[C¡XaVQ¯T)À¡M©¡PLCROWLK³MCKFJC¡
MCCMCK=RNFGMCK?OWUNQU=CRQUMCCMCK¡³?
IWOZKKZPCDC¡OMCC[C¡)T¯VCNGHWGTVGCVW
MCCNFQUECNFQ
FGECTPGEQPVQFQ[JWGUQ  JGTOCPQRCTCSWGVGQKIC
#NJK¡EJLCRLK³EJQK¡FJC¡IWMCCNFQPC³LC GUEWEJCT/WK¡ZKMÀÀIWUGPUGGTPQPCRC
WC¡VWNJK¡³FJC¡FJK³C¡CCNJEJWM2QTHCXQT LC¡MR©ZUCO³KOPQ¡OKCODJCK¡DCLKKOIW
U¯TXGOGVCPVKVQECNFQRCTCEQORCTVKTEQPOKU MCMCTDCZ'UEWEJCNCECORCPKVCRCTCUCDGT
JKLKVQU8CTMCCNFW FµPFGUGQ[GGNUQPKFQCXGTUK[CXKGPGPNCU
EJKXCU
 6'2'*7ƒ0Ê'52#“1. MCDWWNJMCFC¡

QDGFGEGT'CROKI©©I©DFJKCNJKK6W¡MWDC¡ MCDMCOLKOFCOCFXDKGPNNGPQ[CRTGVCFQ
OQQLC¡REJCOOCCV©VVÀMÀÀ#XGTR«ICNGC )QQMLCRLK³IC¡NJKFJC¡IWLWWP;C¡PK³WC¡
GUVGPK³Q2QTSW«PQUCDGQDGFGEGT! IW³CTRWWU,QKFJCOLKZMCDMCOLKOFCO
=RTGVMCKRTGUMÀÀEQPVMÀÀMC¡QMÀÀMÀ¡? ZKKZMKZKOLCRLWRLK³KKEJWNJFJC¡EJCOVW¡Z
♦EJCOOCCV©VMÀÀPQGPVKGPFG FJWUCCTCO8«PFGOGWPRQEQFGOC¯\RWGU
♦EJCOVÀMÀÀGUUQTFQ CSW¯VTCKIQOKVCNGIC.N«PCOGNCDKGPCRTGVCFC[
MCC[W¡CFLSWGNQUTWKFQUNGJCEGPGPUQTFGEGT UCEWFKFCPQHNQLCOGPVG=EQRLKZ?
%JC¡RKODJCLC¡RCOWWDLK³EJCCIKQD MCDMC¡XaKJCEGTUGFWTQ/K¡RLC¡RZKEJW
LKK³CMFC¡C¡CCNJ$CCULCRKOZKLKK³MKRW¡ LWRUWUC¡UWWFCK¡M©¡PPCRCK¡LCZLKZOQKMFJK
)KKNJKOLC³LKZMCC[W¡ZKDPC³LKZZQOCKIK¡ F©D©©TMWVWMCDMC¡)KKNJKODJCLC¡MLKZ
0QITKVGPEGTECFGO¯PK³QU8£[CPUGCQVTQ MWWDJKU‹EJCNGCIWCFQPFGNCVKGTTCGUV£
NWICTRCTCITKVCTRWGUVGPIQECVCTTQ[UWUTWKFQU RQNXQTKGPVCRCTCSWGUGJCICFWTCRWGUJCEG
OGJCEGPGPUQTFGEGT=EQRLKZ? OWEJQRQNXQ
♦LKZMCC[WOMCK¡EJUGQ[GWPTWKFQOW[ OCFWTCT
RCTEKCNOGPVGHTWVC ,C¡MKCPPKFJ©T
HWGTVG DCLKMCDMC¡IWFWKOWLC¡RVCCVUCD/QQ³DC
MCDCCMCFLFWTQ,KZMCDCCMVWMQOIW VWMQK¡TC¡PQ¡DCZEJWDJCK&GUFGGUVGVKGORQ
MQQMQU,KZZKLCKPC³LCK³C¡PC³DC¡R©MDC GORKG\CPCOCFWTCTNCUEKTWGNCUGPVKGTTCU
LWIKC¡'NEQEQVKGPGNCE£UECTCFWTCGUFKH¯EKN E£NKFCUETGQSWGXQ[CRTQDCTNCUEWCPFQ[C
RCTVKTNQRCTCEQO«TUGNQ GUV«POCFWTCU
5GFKEGFGNCUHTWVCUSWGPQ
TGUKUVGPVGFWTCDNG,KZMCDCCMLWRLWODWC ETGEGPGPTCEKOQUEWCPFQ[CNNGICPCUWVCOC³Q
IWDJK¡³DCMPQ¡TFCKLQQFCK7PCECUCJGEJC PQTOCNRGTQVQFCX¯CPQUGOCFWTCPDKGP;C
FGRWTCRKGFTCGUOW[TGUKUVGPVG UGRWGFGPEQOGTRGTQVQFCX¯CGUV£PCITKCU 
=RNMCCRCMEQRLKZ?#PVµPOQKM =UWLRNMCCRCMC¡RTGVMCDMCMCCRCMC
EQPVMCDMCTFC¡MCCRCMCTFC¡?
MCDCCMUQKUNCPIQUVC
KPUGEVQ 0Q¡³LCUCUQK¡
IWW¡LK¡EJCOLKTM©©¡PQ¡³ICPLCOCCMFJK¡ MCDQQMCFLITWGUQ
FGHQTOCRNCPC ,KZMCDQQM
PCOMCCRCMUQUUQKLWOV©©V©¡PCIW¡MCCRCMC¡ LWOCC¡IWUC¡WCPC³V©¡LKMQZKC¡PQ¡ZL©©RK¡³
IWLCVQVQTLQVOQFC¡MQK¡[C¡CODC¡#NQU 5GPGEGUKVCWPCEQDKLCITWGUCRCTCEQDKLCTUGCN
R£LCTQUFQOGUVKECFQUPQGUDWGPQFCTNGU FQTOKTEWCPFQJCEGHT¯Q=RNMQQRQMEQRLKZ?
NCPIQUVCUFGEQOGTRQTSWGNGUJCEGFWTQGN #PVµPMQOCCNJKM
DWEJG[NWGIQUGOWGTGP=RNMCCRCMUQUUQK? MCDQQTCMXaGJCDGTVGTTµP-C¡MDQTCMR©ZLCZ
MCDCKUECDCNNQ[GIWC,C¡ROQQZLKIKCTFJK FJCCIWF©D©©TOK¡PCRCK¡VWOOQKMFCKO©M
MCDCK%JCOOKC¡PLWOC¡L©¡PPCEJLCZFJWK PCIW¡ZEJWMCDCCM*C[VGTTQPGUGPNCVKGTTC
IK¡CC¡'UVGECDCNNQGUOW[DTQPEQRWGUPQ CNN¯FQPFGGUVCDCPDCTDGEJCPFQRQTSWGGUV£
RQFGOQUCEGTECTPQURCTCNC\CTNQ=RNMCMDCK FWTC=RNMC¡MDQTCM?
RQUMCDCK¡MCMDCK¡CRQUMCDCKIC¡P MCDWKOWMUOC³CPC
RCTVGFGNF¯C ,KZ
MCMDCKIC¡P? L©©RK¡³LKC[C¡FJK,WMV©T/WK¡OCC¡PC³
♦MCDCKEJC¡OCECDCNNQ DKC¡MC¡IWMW¡CC¡PC³M©¡PLWWMC¡PFC¡
MCDWKOWMLC¡M*CEGHT¯QCSW¯GP5CPVC/CT¯C
MCDMCFC¡XaVCRTGVCT-CCRCMCFC¡CRFJK
XGTFCF!5GPGEGUKVCVGPGTOWEJCNG³CRCTC
VQTPKNNQUPCDC¡ZDJCK¡M©©MC¡FJKOGUPCDC¡
ECNGPVCTUGGPNCOC³CPC
EJCOLQK³FJC¡PCEJDJCCPVWMWC¡#RTKGVC
CFXOC³CPC
GNF¯CFGURW«UFGJQ[ -CLKOKC¡
NQUVQTPKNNQUFGNCOGUCRCTCSWGGUV«OCEK\C
K³ZKDLK³MK¡CCOMCDWKOWMLC³DC¡IKQDJCK¡R
RCTCSWGPQUGOWGXCEWCPFQEQOCOQUGPGNNC
DCQKT©LC¡MKC¡PPK#JQTCXQ[COKECUC[
=EQORNRNMCCRCMCFC¡RTGVMCDMCKMCCRCMCK
OC³CPCCGUVCUJQTCUXQ[CGUVCTCSW¯FGPWGXQ
RTGUMCDMC¡PMCCRCMC¡P?
MCDMCOCFLCRTGVCFQ
TQRCQ\CRCVQU ,CZLC³ MCDWWNJKMCFLGUH«TKEQQXQKFG,KTMC¡MDWNJKM
IWPCTCPMCU.CUPCTCPLCUUQPFGHQTOC
DC¡FWKLWRUC¡EJKFJK³DJQQVCU!0CIW¡Z
GUH«TKEC=RNMC¡MDWNJKMEQRLKT?
MCCRCMCOLK³CKZ%µOQXQ[CSWKVCTOGNCU
DQVCU!2QTSWGOGSWGFCPOW[CRTGVCFCU MCDWWNJMCFC¡XaVHQTOCTWPCDQNC
=RNMCCRCMCOEQRLKZ?#PVµPFJWUCCTCM -CDWNJMCFCKRDJCOO©LC¡RMCZKFJCCUCKFJK
VWK¡-CDWKOWMLCRDC¡DCVWFW³KC¡PCVIW¡
MCEJ³KNJ 6'2'*7ƒ0Ê'52#“1. 

ZK¡IÀ¡DCVWMZKD*C\DQNCNCOCUC[IW£TFCNC ♦LKZDJCK¡ZKOMCKOCUGQ[GDKGP
RQTCNN£CTTKDC/C³CPCRWGFGUJCEGTNCUVQTVKNNCU ♦R©ZMCKFJC¡XaKFGEKTUGEQOGPVCTUG
RQTSWGCJQTC[CGUOW[PQEJG MCKRIC¡XaVFGUXCKPCT)QQMLC³©ZEJWMVC¡FJK
=EQORNRNMC¡MDWNJMCFC¡RTGVMCDWWNJMCK DJCDPC³DJCK¡LKEJWMCKRIC¡PC³DC¡IKQR
MC¡MDWNJMCKKORGTMCDWWNJMC¡P ©ZKC¡ICOCK¡8Q[CIWCTFCTCNIWPQUFGGUVQU
MC¡MDWNJMC¡P? HTKLQNGUEWCPFQNQUFGUXCKPGRCTCXQNXGTC
MCEJ³KNJUDQTTGIWKVQDQTTGIWKVC
TGEK«PPCEKFQ  UGODTCTNQUGNC³QSWGGPVTC=RTGUMCKRK¡
2CCFWWMI©KIWMCEJ³KNJPC³DC¡EJCO RTGVMCKREQPVMCRK¡PFC¡?
P©K¡³!%W£PFQPCEKµGNDQTTGIWKVQ!2WGUPQNQ MCK¡EJ=RTGUFGV©¡[C¡?FKEG
XKEWCPFQPCEKµ=RNMCMCEJ³KNJ? MCK¡EJFJC¡XaKQ¯TUG/©L©RCK¡R©ZMCK¡EJIW
MCKUOWUNQ,KZMQ¡MIW³MCKPC³KEJLKZKQ¡O
DCU©©MVWMCC¡PCVWMWC¡IWLWWP2QTCJ¯UG
MCKDDQDJC¡³KUQPVC¡OVCMCCD/GFWGNGGN Q¯CSWGWPTCVµPGUVCDCEQOKGPFQOC¯\GPNC
OWUNQRQTSWGOGRGIW«OW[HWGTVGGPWP PQEJG=RTGV[RTGUMCK¡EJ?
VTQPEµPC[GT=RNMCCMCKCRQUMCK¡³ ♦IKKNJKOVWOMCK¡EJUGQ[GHGQJCEGOWEJQ
MCCMCK¡³?
TWKFQ
♦MCKTCOGPGNOWUNQ
FG«NQFGGNNC 
♦LKZDJCK¡OMCK¡EJUGQ[GDQPKVQ
MCKUUGOKNNC,KZDKKCNJVWMCKFJKVWOKCNJ
♦LKZLWWMMCOMCK¡EJJCDNCEQOQUK
'UVGVQOCVGVKGPGUGOKNNCUOW[EJKSWKVCU GUVWXKGTCDQTTCEJQ
=CRQUMCK¡³? ♦LKZOQ¡MQ¡MFCOMCK¡EJUGQ[GWPTWKFQ
MCK=RTGVFGMCC[C¡?Q[µGUEWEJµ
HCUVKFKQUQ
NKVSWGJCEGSWGOGFWGNCNC
MCKD³C¡XaTTGXQNXGTUG
CNGUVCTCEQUVCFQ  ECDG\C 
&QQNJKWOLCRDCMQZKC¡,WCPCCCRIW¡LC¡R MCK¡EJFJC¡=EQPVFGV©¡[C¡?GUVCTFKEKGPFQ
OQQPCK¡OMCKDK³&W«TOGVGUKPOQXGTVGO£U MCK¡EJ©V=EQRTGVFGV©¡[C¡?GUVCDCFKEKGPFQ
,WCPCRWGUVGGUV£UTGXQNXKGPFQRQTVQFQUNCFQU
MCK¡OCFLSWGJC[GNQVGU
OCFWTQU $CZ
=RTGVMCKDRTGUMCKDK³?
MCK¡OCCFJKOICCMWRIQQMLK³IC¡NJKFJC¡!
MCKDJC¡XaKOCFWTCT
GNQVGU %JCMWKVWMCK¡O ;CVKGPGUGNQVGUGPVWOKNRCRCTCSWGOGXGPFCU
OWLC¡RIWK¡PCO©VIC¡PVWMMCOV©©¡UC
CNIWPQU!=EQRLKZ?8«CUGMCKDJC¡
6QFCX¯CPQGUV£POCFWTQUNQUGNQVGUFGNCU
MCK¡O=RTGVFGMCKDJC¡?OCFWTCTQP
GNQVGU 
RGTUQPCUSWGUGODTCTQPVCTFG=RTGVMCK¡O
MCK¡³EJC¡XaKEQTTGTUGFGEKTUG
TWOQT 2CCO
EQPVMCKMRCTFC¡?
♦MCK¡OCFLSWGJC[GNQVGU
OCFWTQU  UCRFWWMLKEJOCMKC¡IWVWWOK³!)KPC
MCKEJFJC¡XaDJCEGTQ¯T'CPC³OK¡ZKO RCPCCUDJCK¡DCMCK¡³EJCKFJCV%W£PFQPQU
MCKEJFJC¡FJKMCUGGVPQ¡ROQQLQKFJCOMÀÀ XCPCFCTGNFKPGTQ!2WGUEQTTKµGNTWOQTFGSWG
8Q[CRQPGT
NKVJCEGTVGQ¯T GUVGECUGVGRCTCXGT PQUNQKDCPCFCT=RTGVMCK¡³EJC
UKVGIWUVC=RTGVMCKEJRTGUMCMCKEJW¡P? RTGUMCMCK¡³EJCT?8«CUGMCKFJC¡
MCK¡³EJC¡XaGQ¯TUG
TWKFQ ,©¡ZEJKO©MLKZ
8CTMCKZFJC¡
MCKEJWMUUGOKNNCFGECNCDC\C)QQMDJCK¡ZK³ MCK¡³EJC¡PQ¡³KEJOCC¡PZKEJWOC¡[CM©¡P
W¡KK¡³IWMCKEJWMMWEJVWLCCMKC¡6T£GOG FJKMCTCDKK³PCIW¡TIÀ¡IÀTIWDCCNCU!3W«
CNIWPCUUGOKNNCUFGECNCDC\CRCTCVQUVCT VCPNGLQUUGQKT¯CGNVKTQFGGUVGTKHNGEQPGUVCU
DCNCUITCPFGU!=RTGVMCK¡³EJCEQPVMCK¡³MC¡
♦MCKEJWMLWPOC¡PRKRK£P
OQXMCK¡³EJW¡EQRLKZ?8«CUGMCKFJC¡
MCKFJC¡XaGQ¯TUG)À¡KCOZKFJCCUFJK
MCLCCPC¡XaVFGUDCTCVCT-CLCCPC¡RKOFJK
TCFKQ%JCODJCK¡MCKFJC¡PCL©¡MDCCC¡
QPCCOPCEJCOOK¡EJVWTDCTMC¡PCEJOKLC¡R
5¼DGNGGNXQNWOGPFGGUGTCFKQRWGUPQUGQ[G
QKRQ&GUDCTCVGPGUVCGPTCOCFCRCTCSWGPQ
DKGPSW«JQTCUUQP[C
PQUGUVQTDGEWCPFQCPFGOQUCNN¯
CEGRVCT
NQFKEJQ d,C¡ROQQZMCKFJC¡COIW
XaVGURQPLCTFGUGPTGFCT
WPCHKDTC $©©R©¡³
LC¡VMCOIW³KQ¡MK¡³IW5CPVWU#CEJDC¡IW¡PK
ZKMCLCCPCKIWMCUPKTDCRQQPCDC¡ZDJCK¡O
L©¡ZLKd3W«H£EKNOGPVGNCIGPVGCEGRVCNCU
DKFJKK³FJC¡.CNCPCFGDQTTGIQUGGURQPLC
RCNCDTCUFG5CPVQU2GTQNCUFGPQUQVTQUPQ
RTKOGTQRCTCSWGUGCH£EKNJKNCTNC
=EQRLKZ?8«CPUGMCK¡³EJC¡MCK¡³EJC¡
XaKFGUDCTCVCTUG0CKNWM©¡PLCRDJKKDIC¡FJK
 6'2'*7ƒ0Ê'52#“1. MCO

MKEJCCTPCDC¡EJCOLWOMCLCCPC¡PQ¡VDC¡P IWMQMMQP8COQUCEQNICTWPUQODTGTQGPNC
'PXWGNXGNCIWKVCTTCGPWPJWNGRCTCSWGPQUG OKNRCRCTCCUWUVCTCNQUEWGTXQU=RNMQMMQP?
FGUDCTCVGUKUGOQLC
=RTGVMCLCCRTGUMCLCCP?
MCMCCUPKT=RNFGMCUPKT?DQTTGIQU
8CTMCMCUPKT
MCMCEJ³KNJ=RNFGMCEJ³KNJ?DQTTGIWKVQU
SWGTKFQU 
MCMQU=RNFGMQU?PKFQU
MCMCKEJW¡P=RTGUFGMCKEJFJC¡?NQJCEGQ¯T
MCMQVIKZ=RNFGMQVIKZ?GURQPLCFQUSWGVKGPGP
MCMCK¡³EJCT=RTGUFGMCK¡³EJC¡?UGQ[G
RQNNKVQU
CXGU =EQRLKZ?8CTMQMQVIKZ
MCMCNJDC¡EJ=RNFGMCNJDC¡EJ?EJKXKVQU
TGEK«P MCMQ¡M=RNFGMC¡QQM?GPHGTOQU=EQRLKZ?
PCEKFQU 
MCMQ¡M=RNFGMQ¡M?SWGFWGNGP
RCTVGUFGN
MCMCTDCZ=RNFGMCTDCZ?EJKXQU
EWGTRQ =EQRLKZ?
MCMCTDQ=RNFGMCTDQ?CNCU
MCMQ¡MNJKC¡=RNFGMQ¡MNJKC¡?SWGGORKG\CPC
=CRQUMCMCTDQ¡P?
FQNGT
RCTVGUFGNEWGTRQ =EQRLKZ?
MCMCUPKT=RNFGMCUPKT?DQTTGIQU
MCMRC³KC¡=TGRFGMCR³KC¡?RTQFWEKTTWKFQ
8CTMCMCCUPKT

EQOQGNFGCRNCWFKTOWEJCUXGEGU =RTGVMCMCR
MCMCUPKTLCDCRQQ=RNFGMCUPKTDCRQQ?NCPC RTGUMCMRCPEQPVMCMCR³KFJC¡?
FGDQTTGIQU
MCMRKCUC¡=TGRFGMCRKCPC¡?CRNCWFKT
MCMDCK=RNFGMCDCK?ECDCNNQU=RQUMCMDCK¡ =RTGVMCMRKCUCRTGUMCMRKCU?
CRQUMCMDCKIC¡P?
MCMTCDK³=RNFGMCTCDK³?TKHNGU
MCMNJKUQUUQK=RNFGMCCNJKUQK?ITKNNQU
MCMTQM=RNFGMCTQM?ECTCEQNGU
8CTMCNJNJKUQUUQK
MCMUCK¡=RNFGMCCUCK¡?CTFKNNCU
CTDµTGCU 
MCMOCV=RTGUFGMCCOVC¡?NQOCPVKGPGGPNC
DQEC MCMZKQ=RNFGMCZKQ?\QTTCU
MCMPWD=RNFGMCPWWD?DCTEQU MCNJDC¡EJUEJKXKVQEJKXKVC
TGEK«PPCEKFQ 
MCM³K¡UVGNCTQRC;C¡VWOWC¡IWMCM³K¡ICO -WWRC¡RKOOWEJKMKTFJKMCNJDC¡EJPCDC¡
EJCOQKFJC¡IWF©¡©©¡PPCIW¡OWRCK¡MQZKC¡
UQQUQ¡OPCOVW¡DCVW¡CC¡FCLQKFJCOIW
'PEKGTTGPCNEJKXKVQTGEK«PPCEKFQRCTCSWGPQ
W¡WD#SW¯VTCGPTQRC[EQNNCTGUSWGNCUOWLGTGU
UKICCUWOCO£EWCPFQUGFWGTOGUQNCGPGN
GORNGCPRCTCGODGNNGEGTUG5KPµPLCLCPPWNJ
ECORQ=RNMCMCNJDC¡EJ?
MCM³K¡CFLSWGVKGPGOWEJCTQRC#C³DCL©M
MCNJNJKUQUUQK=RNFGMCCNJKUQK?ITKNNQU
PC³MCVWLWCPFC¡IKKNJKOLKPC³LKZMCM³K¡
8CTMCMNJKUQUUQK
MC¡#PVGUEWCPFQ[QVTCDCLCDCVGP¯COWEJC
TQRC=EQRLKZ?5KPµPLCLCPPWNJ MCORQURPCVKXQFGQTKIKPCTKQFG
RGTUQPC 
)KCCRLKTRCCMCO!5WUDJC¡PVCOCCMC¡
MCMQPDK¡³=RNFGMQPDK¡³?OQJQUQU=EQRLKZ?
$J©©³KMCOCC!;WUVGFFGFµPFGGUFG.QU
MCMQQD=RTGVFGMQMDCFC¡?2GLMCMQQDLCO©V %JCTEQUQFG.C8GPVCPC!
UGNNGPCTQP
FGEQOKFC  FGEQTTGURQPFGC
UWLKPCP ;C¡LW¡IW
MCMQQDZK¡³=RTGUFGMQDZKFJC¡?UGCEGTECRCTC F©D©©TIW,WMV©TMCO#SW¯GUFQPFGVGTOKPCGN
XGT VGTTGPQFG5CPVC/CT¯C1EQV£P
MCMQQO=RTGVFGMQQMOKMKC¡?2GLLWO FGJCDKVCGP
CPKOCNQRNCPVC $©©ZCKZKO
MCMQQOLCO©VUGCDTC\CTQP VW¡OLKZLCK¡EJCOIWMQQMQ¡LCK¡UWWFCK¡EJ©T
MCOLCK¡UCK¡EJ©TMCOLCK¡W¡ZEJ©TMCO*C[
MCMQQOKM=RTGUFGMQQMOKMKC¡?2GLLWO
OWEJCUENCUGUFGX¯DQTCUCNIWPCUJCDKVCPGPGN
MCMQQOKMCOUGCDTC\CP
CIWCQVTCUGPNCJKGTDC[QVTCUGPNQU£TDQNGU
MCMQQOUCNJ=RNFGMQQOUCNJ?ITKUGU
CPKOCNGU  +PFKECSWGVKGPGEKGTVCECTCEVGT¯UVKEC&JKZ
MCMQQPUEWGTXQ6W¡DQPCCOLCEJDJCLC¡R MQMOC¡W¡WWZPCDJC¡³KVWWVFJK¡TOCKOFC¡
FCCUC¡OWOOWICCV©TPCODC¡Z©©DJK¡³FJC¡
MCOC¡D 6'2'*7ƒ0Ê'52#“1. 

MCO'UQURCNQUITKUGUSWGGUV£PCNN¯UQP MCRKCPC¡XaVRGICT
EQPNCUOCPQU 2CC
XGPGPQUQU RKEJLC¡MLCZFJWWIWRKNQQVPCROWLC¡RMC
MCOC¡DUECOQVG6W¡EJDC¡M©¡PMQQMDKC¡EJK MCMRKCUKFJCV!3W«JKEKUVGEQPNCRGNQVCSWG
IWMCOC¡DPCEJUCCMIQQMZKW¡LKI©V!%QP GUVCDCURGICPFQRQTCJ¯!
SW«XCOQUCFGUGPVGTTCTNQUECOQVGUSWG XaVRCVGCT
EQPNCURCVCUFGNCPVGTCU t6W¡O
RGPUCOQUNNGXCT! FWWPCDC¡Z©¡TOC¡IWOOQ¡!tLWRMCK¡EJIW
,WCPt,K³MCRKCFJQIWMCDCKVCMCCDPC³MC
MCP=XCTFGMC¡P?+PFKECWPNWICTXKUKDNGEQPQEKFQ
WNJKKUtLWRMCK¡EJIW2GGITQt3W«VGRCUµ!
MCPWWDUDCTEQ)W¡³KMCPWWDVC¡OLCEJ 6KGPGUUCPITGGPNCECDG\CtRTGIWPVQ,WCP
DJCCPVWDJKCRW¡IWDQRVQR8COQUCWUCTGUG t2WGUOGRCVGµGNECDCNNQC[GTEWCPFQNQGUVCDC
DCTEQRCTCUCECTNQURGEGU GPUKNNCPFQtEQPVGUVµ2GFTQ
EQOGFGTQ
GPHQTOCFGECPQCRCTCCPKOCNGU  XaKCRNCWFKT$©©ZLCRKOOQQVWMCMRKCUC¡
,CVQK¡³O©TIWUWWFCK¡IWVCVMCTWK¡DJCOO©LC PCRCK¡FJWWMV©©OQ¡FJKZMCK¡PCVWC¡IKO©K
MCPWWDCO8GCFCTNGUCIWCCNCUICNNKPCUGP %WCPFQVGTOKPGFGJCDNCTGNIQDGTPCFQTVQFQU
UWEQOGFGTQ WUVGFGUFGDGPCRNCWFKT
=RNMCMPWD? =TGRMCMRKCUC¡RTGVMCRKCMCMRKCUC
♦IÀ¡MCPWWDUDWSWGPCXG RTGUMCRKCPMCMRKCU?
MC³FJKKTUXGNC
RCTCCNWODTCT $©¡PFJKZCC MCRK¡PFC¡=EQPVFGMCKRIC¡?GUVCTFGUXCKPCPFQ
IWMC³FJKKTO©L©DC¡MEJ©T!'UV£RTGPFKFCNC
MCR³KC¡XaKRTQFWEKTTWKFQ
EQOQGNFGCRNCWFKT 
XGNCCFGPVTQFGNCECUC!=GURECPFGNC?
#OMCMRC³KC¡IWMCMCTDQ¡PIWIKQFC¡PCLCZ
MCRCFXRCTVGNWICT,KZEJCOCCOVCPQQNJ ICOCK¡LKFJC¡[C¡#NXQNCTNCRCNQOCUWUCNCU
M©¡PLC³KEJCKOW6WURCPCIW¡TO©MIKQPC RTQFWEGPWPTWKFQEQOQFGCRNCWUQU
IW¡EJCOZK¡VWOQKT©PCIW¡L©¡OC¡PMCRLKT =TGRMCMRC³KC¡RTGVMCRMCMCRRTGUMCRCCP
VCVCK¡.NGIW«C6WZRCPGPEKPEQF¯CURQTSWG MCMRCPEQPVMCR³KFJC¡MCMCR³KFJC¡?
GUV£NGLQU[PQUGRWGFGECOKPCTT£RKFQRWGU
MCRWRCFXOKGPVTCUVQFCX¯C/QQRD©L©MDC
JC[UWDKFCUGPCNIWPCURCTVGU
DCOIKC¡PCMCRWRLKZEJWMICOMC¡PCDC¡IW¡
♦OCC¡PMCRGPWPNWICT
RWKMCTMCDWKOWMMC¡PCEJOWCC[C¡&GDGU
♦IQMMCRGPFQUNWICTGU
NGXCPVCTVGVGORTCPKVQEWCPFQVQFCX¯CGUV£
♦DCKMMCRGPVTGUNWICTGU QUEWTQRCTCSWGVQFCX¯CUGCFGOC³CPCEWCPFQ
MCRCK³CFLGORCRCFQOQLCFQ
EQORNGVCOGPVG  NNGIWGOQUCNN£
,KZMCRCK³OK¡FJ©TLC¡RDJCK¡DCLKOFJK³ MCRZKC¡UJQPIQGURQPLQUQ,C¡RMKDCCTFWWM
³WWEJKZ6CMIW¡OWRCK¡OCCKIWFWWM/K ZKD/QQEJKDWDWCMKC¡IWMCRZKC¡DJCLC¡R
EW³CFQXKGPGFGCNN£EQORNGVCOGPVGOQLCFQ&G IKQ¡PV©T*Q[GUV£NNQXKGPFQEQPVKPWCOGPVG
UGIWTQNGCICTTµNCNNWXKC=EQRLKZ? 5GIWTCOGPVGUCNFT£PNQUJQPIQUGURQPLQUQUGP
MCRCK³C¡XaVGORCRCTECNCT/CC¡PPKOPC NQUNNCPQU
³KEJOWF©TDJCLKK6CVQ¡O%JCODJCOKC MCTCDK³UTKHNG
CTOCFGHWGIQ ,CZEJKZDJCK¡
OC³MCRCKIWFWWM7PCXG\EWCPFQXKPGFG VWOC¡[CUFJKMCTCDK³!3W«VCPDKGPVKTCT¯C
.QU%QPGLQUCSW¯EGTSWKVCOGGORCRµNCNNWXKC GUVGTKHNG!=RNMCMTCDK³?
=RTGVMCRCK?
MCTDCZUEJKXQEJKXC/K¡FJ©TKCOUWWUUCO©T
MCRDJCK¡EQPL[CSWG-CDWKOWMLCRKOIQQM IWMCTDCZMWEJVWMKKUVC¡PCEJF©©MC¡PQ¡
OCOCC[C¡FJKEJKKNCMMCRDJCK¡PCVEJCMWK OQQZK¡QQD2QTHCXQTXGCQTFG³CTNCEJKXC
M©DCKLQKFJCOMCZOCKMCMEJK/C³CPC RCTCJCEGTSWGUQRCTCSWGXGCOQUUKGUV£
VCVGOGPCNIWPQUFGGUVQUEJKNCEC[QVGU[CSWGPQ UCDTQUQ=RNMCMCTDCZ?
UGJCPJGNCFQ[UWRQPIQSWGVQFCX¯CGUVCT£P
FWNEGU MCTDCZDKK¡OUNGEJGFGECDTC,KZK¡QQDIW
MCTDCZDKK¡OPC³VWUWWUUCVVWKQ¡FC¡LC¡RLK
MCRDJWKOWMCFXGPNCOC³CPKVCVGORTCPQ PQ¡³DKC¡IWMCTDCZ.CNGEJGFGECDTCGU

EWCPFQGORKG\CCCOCPGEGT /QQR UCDTQUC5KGUSWGVKGPGUWPCECDTCPCFCO£UNC
MCRDJWKOWMDCDCOIKC¡MWEJOQQOWZK QTFG³CU[VGVQOCUNCNGEJG
LKO©KEJKQR&GDGUNGXCPVCTVGVGORTCPQRCTC
SWGXC[COQUCNCKINGUKC
 6'2'*7ƒ0Ê'52#“1. MC¡QQM

MCTDQUCNC
CXG -Q¡MOCTCMVWMCMCTDQIW M©¡PMQDCC[C¡PCIW¡TO©M#N¯UVGPUGCJQTC
DJC¡CC¡'N£IWKNCVKGPGNCUCNCUDKGPCPEJCU RQTSWGPQUXCOQUGPNCOCFTWICFCRCTCSWG
=RNMCMCTDQCRQUMCTDQ¡PMCMCTDQ¡P? NNGIWGOQUVGORTCPQRQTSWGGUV£NGLQU
MCTPC¡XaVFGUJQLCT)QQMLCEJMCTPKMC¡FJK MCZKQU\QTTC/C³LWIKK¡³IWMCZKQIW³
LWPDCC¡PCEJDJCOO©ÀÀLKVWIC¡[C¡8COQUC EJCVMCTWK¡EJWMPCIW¡COR©ZVWLW¡MCVOW
FGUJQLCTCNIWPQUGNQVGU[NNGXCTNQUCNN£RCTC MKKEJCO.C\QTTCUGEQOKµOKUICNNKPCURQTSWG
CUCTNQUCNNNGICT=RTGVMCTRTGUMCTCCP GUVCDCUQNCNCECUC=RNMCMZKQ?
VTCUNMCTPKMC¡?
MCTQMUECTCEQN&CKV©¡PIKCMLC¡MLKZLQK¡³FJC¡
PCDWUCCMFC¡FJKMCTQM#NECTCEQNUQNCOGPVG
NGIWUVCUCNKTGPNC«RQECFGNNWXKCU=RNMCMTQM?
MCTWWOURN£VCPQ6À¡VÀDMQ¡MOCTCMVWLCC¡

IWMCTWWO'NRN£VCPQVKGPGJQLCUNCTICU[ MC¡EQPLQ
CNVGTPCVKXCGPWPCRTGIWPVC ,KZ³CC
CPEJCU
CRCCIWKOCKMC¡IWDJCDCC!6GIWUVCT¯C
MCUPKTUDQTTGIQQXGLC%JCOVWUCTCCMIW EQOGTECNCDC\CQHTKLQNGU!=)TCO?
MCUPKTUKCMW³KEJDCLKOWC'NDQTTGIQPQ 8CTMKC¡
ITKVCCWPSWGNQOCVG=RNMCMCUPKTQ MC¡RCTV+PFKECGNVKGORQHWVWTQFGNQUCFLGVKXQU[
MCMCCUPKTGURECTPGTQ?
NQUXGTDQUFGGUVCFQ)À¡LKPCRCMZKFJC¡FJK
MCUPKTDCRQQUNCPCFGDQTTGIQ)WDKRUW¡NJ UWWFCK¡PCDC¡FCKOK¡O©TFC¡PCEJCOO©M
D©ZEJW¡LWRDWCCOIWMCUPKTDCRQQ/QQR LC¡RLKZEJWDCC¡PMC¡*C\WPECPCNITCPFG
DWCCOIWCTRWWUIKQIWUC¡WCIKQDC¡IWLC RCTCSWGEQTTCGNCIWCGP«N[PQUGOQLGVCPVQ
DJKDJKURCTC¡.QUJWKEJQNGUJCEGPOWEJCU
NKVGUVCT£OQLCFC NCVKGTTC=)TCO?
EQUCUEQPNCNCPCFGDQTTGIQEQOQOQTTCNGU
EQDKLCU[EKPVWTQPGU=RNMCMCUPKTLCDCRQQ? MC¡DC¡EQPL+PFKECRQUKDKNKFCF-C¡DC¡OQQ
DJCLKOCCEJKIWFWWMPCDC¡ZEJ©DCC¡!'U
MCUPKTUC¡WCUEQDKLCFGNCPC
FGDQTTGIQ ,KZ RQUKDNGSWGXGPICNCNNWXKCXGTFCF!2QTSWGGUV£
FJC¡TC¡IWMCUPKTUC¡WCPCIW¡EJCOQDVW PWDNCFQ8CTMKC¡DC¡
UCCUCMIKQPCZKQ¡OLKTLKZLWWM.CEQDKLCFG
NCPCFGDQTTGIQGUECTCRQTSWGFWTCOWEJQ[ MC¡MDQTCM=RNFGMCDQQTCM?JCDGTVGTTQPGU
ECNKGPVCDCUVCPVG=RNMCUPKTUCUWC¡? MC¡MDWNJKM=RNFGMCDWWNJKM?GUH«TKEQU
MCUVKKNUGURC³QN#CRLKZOCCV©VMÀÀCCIW =EQRLKZ?
MCUVKKNPCRKCOLKEJCCIK¡³FJC¡PCLCZMCK¡EJ MC¡MDWNJMCFC¡=EQORNRNFGMCDWWNJMCFC¡?
FJKPCCDCV!'PVKGPFGUGURC³QN!RCTCSWGPQU HQTOCTDQNCU=RTGVMC¡MDWNJMCK
FKICUNQSWGFKEGGUVGOGUVK\Q=GURECUVGNNCPQ? KORGTMC¡MDWNJMC¡P?
♦MCUVKKNM©¡PGPGURC³QN MC¡ORQURGPFGPVTQFG
WPTGEKRKGPVG ,CZ
MCVRCTV+PFKECGNVKGORQEQRTGV«TKVQFGNQUCFLGVKXQU LCRKEJEJW¡OMC¡OVWCIWDKK³!'PEW£N
[NQUXGTDQUFGGUVCFQ2CCEJKFJWWMOKCK TGEKRKGPVGGEJCUVGGNOG\ECN!
IW³³WWEJKZ#PTGGUPCUCCMEJCOVWLCK¡EJ ♦VW¡RKEJMC¡ODJCLKKGPSW«XKPKUVG!
MCV!%W£PFQNNGICT¯COKEW³CFQ#PFT«U!2WGU ♦L©¡MLCRMC¡OUCDC¡FCKFJCVSW«ECPVKFCF
FKEGPSWGPQGUVCDCGPUWECUC=)TCO? SWGT¯CUEQORTCT!
MCVVKKPVGTLRQUKDNGOGPVG-CVVKPCVDC¡OQQOW MC¡PRCTV+PFKECWPNWICTXKUKDNGCNSWGUGJK\Q
MCPF©TLC¡RDJ©KIWVWWTPCRCK¡RCT©©RR©ZCO TGHGTGPEKCCPVGU-CDWKOWMLC³OQQVWICCIC¡
LKZOCCZFJKDQK/QQFJQIW¡EJCOPCIW¡ IW³DCK³FJCUPC³KEJOCK¡DWCOWPKMC¡P
OWF©TCMM©¡PDJCLC¡MR©ZOCCZ ICK/C³CPCXQ[CDWUECTOKJCEJCSWGUGOG
2QUKDNGOGPVGGNVQTQRCUµRQTCSWGNNCFQFGN RGTFKµCNN£GPNCNCFGTC8CTMCP
CTTQ[QFQPFGUGXGWPRQEQNCXGTGFCRGTQPQNQ MC¡QQMCFLGPHGTOQ)KKNJKOLKZMC¡QQMIW
ETGQRQTSWGNCUJWGNNCUUGXGPJCEKCCE£ IÀ¡³³CCPPC³KEJDJCOO©LKDWWU,KZMQ¡M
MCVWMICDCFXGPNCOCFTWICFCOW[FGOC³CPC UCRIWOC¡QQ¡PIKQUCRDC¡PCDCZEJQK³/K

CPVGUFGNETGR¼UEWNQ /QQRKOZKOGEJMCFCK CDWGNCGUVCDCOW[GPHGTOCEWCPFQNNGIW«CNN£
ZKDF©TPCEJIW¡MCVWMICDLKOKC¡PCEJDC¡Z
MC¡QQM 6'2'*7ƒ0Ê'52#“1. 

/GFKLQSWGNGFQN¯CNCECDG\C[SWGVGP¯C MKKEJC¡XaKGUVCDNGEGTTGUKFGPEKCNNGICTCXKXKT
ECNGPVWTC=RNMCMQ¡MEQRLKZ? ,CTQQDJCK¡DCMKKEJCDJCK¡PC³RCK¡MCVW
MC¡QQMCFLRKECPVG)KKNJKOLKZMC¡QQMIW CCI©VPC³MKKEJC¡!3WK«PNNGIµCXKXKTCNN£
©¡TFKEJMQ¡MQNJLKZD©R©©¡.QUEJKNGUTQLQU CTTKDCFQPFG[QRGPUCDCXKXKT!
FGNICFKVQUUQPOW[RKECPVGU=EQRLKZ? =UWLRNQK¡³EJC¡RTGVMKKEJCQK¡³EJC
RTGUMKMKKEJCTQK¡³EJCTEQPVMKKEJCKFJC¡
MÀÀ=RTGUFGMCC[C¡?Q[GGUEWEJC
QK¡³EJCKFJC¡?
MÀÀMC¡=EQPVFGMCC[C¡?GUVCTQ[GPFQGUVCT
GUEWEJCPFQ8CTMÀÀMÀ¡
MKKMKC¡CO=RNFGMK¡CCO?FQOKEKNKQU
MÀMÀÀNJ=RNFGMÀNJ?VQDKNNQU MKKUUSWGUQ#CRLCZEJW¡OLKZKQ¡OLKZ³CC
IWMKKU!)WMCTDCZMKKUCCMC¡IWDCCMMKKU
=CRQUMÀMÀÀNJK¡³?
CC!3W«VKRQFGSWGUQVGIWUVCO£UGNFGEJKXC
MÀNJUVQDKNNQ)KKNJKODJCK¡LK³LKKDCFJK³ QGNFGXCEC!
ZCRCCVWKZPC³KEJV©KZKCK)À¡IÀTDCZ©¡NJRK¡ ♦MKKUMK¡URKFJKZMCOUVCEQFGSWGUQ
OK³MÀMÀÀNJCO/GNCUVKOCTQPOWEJQOKU
DQVCUEWCPFQOGNCURWUG[[CGUV£PDKGP MKMEJCO=RNFGMKKEJCO?JQICTGU
NCUVKOCFQUOKUVQDKNNQU=RNMÀMÀÀNJ MKMEJCT=RNFGMKEJCCT?IWKVCTTCU
CRQUMÀNJKK¡³MÀMÀÀNJK¡³? MKMKKEJCT=RTGUFGMKKEJC¡?VKGPGTGUKFGPEKC
♦LK³MÀNJCOGPOKVQDKNNQ MKMK¡UCRFC¡=EQPVFGMK¡URC¡?GUVCTCRCEJWTCPFQ
MKC¡CFXVQFCX¯C-CTO©MCCMKC¡OK¡FJ©T
MKMRK¡=RNFGMKRK¡?VCOCNGUFGFWNEG
5WEJKNDJCOO©5WUDJC¡PVCO!6QFCX¯CHCNVC
OWEJQRCTCNNGICTFG5WEJKNC%JCTEQU! MKMRK¡EJC¡=UWLRNFGMKRK¡EJC¡?2GL
MKC¡=XCTFGMC¡?Q
MKMRK¡EJC¡COUGOQLCT£PFGOCUKCFQ
=RTGVMKMRK¡EJRTGUMKMRK¡EJCT?
MKC¡DC¡=XCTFGMC¡DC¡?+PFKECRQUKDKNKFCF MKMRK¡EJFJC¡=EQORNRNFGMKRK¡EJFJC¡?
MKC¡OK¡³=CRQUFGMK¡CCO?UWFQOKEKNKQ GPFWN\£TUGNQU=RTGVMKMRK¡EJRTGUMKMRK¡EJW¡P?
MKC¡R©ZCFXCRGPCU
VKGORQ TGEKGPVGOGPVGJCEG 8CTMKMRK¡EJZKFJC¡
RQEQ%JCMWKDJCK¡VWQKT©FJK©NJK¡EJMCDCK MKQXaGXKXKT
GPEKGTVQNWICT JCDKVCT#OR©ZVW
PCVIW¡MKC¡R©ZI©KZKDFJKVCPQQNJ6QFCX¯CPQ LW¡DJCOO©F©T&©D©©T%JWC¡PCORCK¡MC
CPFCDKGPGUVGECDCNNKVQRQTSWGCRGPCUPCEKµ QK¡³MCVIW³LCCFW³0QJC[PCFKGCNN£GP
JQ[ 6KGTTC$NCPECFQPFGXKX¯CPOKURCTKGPVGU
MKDCCTCFXNKIGTCOGPVG
NNWXKCEQPVKPWCRQTXCTKQU =UWLRNQK¡FJC¡HWVMKQMC¡QK¡FJC¡MC¡Q
F¯CU )À¡O©TIWUWWFCK¡O©L©LC¡RCMM©¡PPC QK¡³MC¡EQRTGVMKQMCVQK¡FJC¡MCVQQK¡³MCV?
IW¡MKDCCTFWMKKO©M%QTTGOWEJCCIWCCNN¯GP ♦OCCRLKTLWOQK¡FJCI©OUQPXGEKPQU
GNCTTQ[QRQTSWGJCNNQXKFQNKIGTCOGPVGRQT MKQMCOUFWG³QFWG³C
FGNCECUC ECUGTQ
XCTKQUF¯CU ECUGTC$JCFJCCCCIWDJC¡³KMKQMCOPCDC¡
MKDCCTQ¡XaKNNQXGTNKIGTCOGPVG
RQTXCTKQUF¯CU  OQQLC¡REJCORCK¡QKT©!'UVCT£CNN£CTTKDCGN
/QQEJKZMKDCCTWO6©©¡PCDC¡COR©ZLKZ ECUGTQ!2WGUPQCPFCRQTCSW¯=RNQK¡³MCO?
EJ©DCC¡PKL©¡ZMWVQVPQT%TGQSWGSWKGTG MKQ¡UECTRKPVGTQFGCNCUTQLCU$JC¡³KZICMLWM
NNQXGTNKIGTCOGPVGRQTXCTKQUF¯CURWGUH¯LGUG VC¡OLKZLQK¡³FJC¡PCI©¡PU©FC¡IWMKQ¡#NN¯GP
EQOQGUV£PWDNCFQ[PQUCNGGNUQN GNRKPQUGEQNGIWUVCUGPVCTUGCNECTRKPVGTQFG
=RTGVMKDCCTQRTGUMKDCCT?8CTMKDCCTW¡ CNCUTQLCU
%QLGPNCURNWOCUFGNCEQNCFGN
MKEJCCTUIWKVCTTC$J©KO©TIWOMKEJCCTMWEJ ECTRKPVGTQFGCNCUTQLCURCTCRQP«TUGNCUCNCU
[C¡VWEJOCOVWZFJC¡IWUCCUCD6TCGVW HNGEJCUSWGUGVKTCPEQPGNCTEQ 
IWKVCTTCRCTCSWGGPUC[GOQUNCO¼UKEC MKRK¡UVCOCNFGFWNEG
FGRKPQNG )W³LKKMWNJVW
=RNMKMEJCT? DWWRNJKC¡IWMKMRK¡PCIW¡TFW³DKC¡MCO
MKKEJCOUECUC
JCDKVCFC JQICT:KDDCMOWK¡ DJCCP)À¡6CPQQNJ%JC¡OPCIW¡DCV©V©©OQ¡
MCRDCTMKMEJCOLKC[C¡,WMV©T#JQTCJC[ /KV¯QXCCJCEGTVCOCNGUFGFWNEGRQTSWGGU
OWEJCUECUCUCSW¯GP5CPVC/CT¯CXGTFCF! OC[QTFQOQGPNCHKGUVCFG5GOCPC5CPVC[[C
=RNMKMEJCO? XCCGPVTGICTUWECTIQCQVTCRGTUQPC
.QU
♦IÀ¡TMKKEJCOGUEKWFCF
 6'2'*7ƒ0Ê'52#“1. M©K³³C¡

VCOCNGUFGFWNEGUGJCEGPRCTCNCUHKGUVCU QUEWTQCSW¯FQPFGGUVQ[JCEKGPFQCNIQ
TGNKIKQUCU =RNMKMRK¡? KORQTVCPVG
MKRK¡EJC¡XaKOQLCTUG
FGOCUKCFQVKGTTCWQVTC MK¡UOC¡XaVSWKVCT
EQPNQUFKGPVGU TQGT/QQR
EQUCRQNXQTKGPVC &JK¡OQQLWOMKRK¡EJC¡FJK D©©ZMK¡UOC¡FJKC¡QQEJCOVW¡PCRIW¡OK¡ZK
CTKKPPQ¡VLKZKQ¡OLK³CKIWFWWM.CJCTKPCUG DK¡CKLCK¡IWDCMCCZ*C[SWGTQGTDKGPNQU
OQLCT£FGOCUKCFQUKOGCICTTCGNCIWCOW[ JWGUQURCTCPQFGLCTPKPI¼PRGFC\QFGECTPGGP
HWGTVG=UWLRNMKMRK¡EJC¡RTGVMKRK¡EJ GNNQU=RTGVMK¡KKURTGUMK¡UWOQMK¡UQO?
MKMRK¡EJRTGUMKRK¡EJCTMKMRK¡EJCT? MK¡URC¡XaVCRCEJWTTCTCRNCUVCT-K¡URC¡RFJQ
MKRK¡EJFJC¡XaDGPFWN\CT
RKPQNGRCTCQVTC VWMCC¡IWV©©[CZPQ¡RICPDJCUQPRCPDQRRQ
RGTUQPC #NJK¡EJOK¡ZK³MKRK¡EJK¡³FJKVWKUCR CCRPCRLKTIÀ¡8CUCCRNCUVCTCNCPK³CUKVG
O©©DCVM©¡PMW³ZKLWICKDCMQZKC¡'PF¼N\COG CEWGUVCULWPVQCGNNCRQTSWGV¼GTGUITCPFG
WPRQEQGUVGRKPQNGEQPOKGNRCTCVQO£TOGNQ =RTGVMK¡KKURTGUMK¡UCREQPVMKMK¡UCRFC¡?
CPVGUFGFQTOKTOG=EQORNRNMKMRK¡EJFJC¡ MK¡URKFJC¡XaDJCEGTWPVCEQ
RCTCQVTCRGTUQPC
RTGVMKRK¡EJMKMRK¡EJRTGUMKRK¡EJW¡P NKVCRCEJWTTCT -K¡URKFJC¡CRIWMKKUV©OMCNJ
MKMRK¡EJW¡P?8CTMKRK¡EJZKFJC¡ EJC¡OIW4QQUCLC¡Z³KPQ¡DJCK¡DCLKO5K
MK¡CCOUECUCFQOKEKNKQ
EQPGNVGTTGPQ 4QUCXKGPGO£UVCTFGJC\OGGNHCXQTFG
EQTTGURQPFKGPVG ,WOQKFJC¡KEJOWOOWLWO RTGRCTCTNGWPVCEQFGSWGUQ=RTGVMK¡URK
MK¡CCOPQ¡RLKEJIC¡NJKFJC¡IWKOCK6G RTGUMK¡URK¡³?
CEQORC³COQUCVWECUCUKPQUXGPFGUECNCDC\CU M©DUJKGNQ%JCOR©MMCLKK¡QQDFJKLWPDCC¡
=RNMKKMKC¡COCRQUMKC¡OK¡³? PCVIW¡EJKDCM©DCKPCIW¡IKKNJKOI©¡PU©IW
♦MKC¡OKTCOGPUWECUC
FG«NQFGGNNC  M©D;CECUKPQGUV£POW[UCDTQUQUGUVQUGNQVGU
MK¡CCUUKIWCPC&©¡PM©TRWDCMKC¡IWMK¡CCU ETGQSWGUGJGNCTQPRQTSWGJGNµOWEJQ
PQ¡VVW¡DC©¡PMKC.CKIWCPCUGOGVGGPWP ♦LCDQQMM©DUPKGXG
CIWLGTQGPVTGNCURKGFTCUUKCNIQNCCUWUVC M©DCC¡CFLRCTGEGJKGNQ#C³OWMC¡PF©TOCV©©
IWRCPCCNJK¡ZPCUÀ¡LQKFJCOIÀ¡#C³ZKLK
DWCMPC³LKZ³CCIWLCO©DVC¡IKQIWLC
OCCOCT)KKNJKOFJQZMCKCOIKQPCOLKZ
O©DVC¡CNJCOLKZM©DCC¡'PEQPVT«WPRCPCN
ITCPFGSWGGUVCDCEQNICFQCNQVTQNCFQFGNEGTTQ
 [NQVWOD«RCTCUCECTNGNCOKGN[NCUNCTXCURWGU
MK¡DU+PFKECNQSWGUGOCUVKECUKPVTCICT/©MLCR JCUVCRCTGE¯CJKGNQFGVCPVCOKGN[FGVCPVCU
OCK¡DWC¡IWOMK¡DPCDC¡EJCOLWOCKCNJKKZK NCTXCUSWGVGP¯C=EQRLKZ?
DJ©©LKRDCMK¡DKC¡6KTCNGLQUNQSWGOCUVKECU M©DCK³CFLEQPIGNCFQ%JCOMCKQ¡DMC¡IW
RCTCSWGQVTQPK³QPQNQXC[CCCICTTCT[ LWPDCC¡PQ¡DCZM©DCK³%WCPFQGUV£P
OCUVKECT EQPIGNCFQUNQUGNQVGU[CPQVKGPGPDWGPUCDQT
MK¡DFJC¡XaDOCUVKECT
RCTCQVTCRGTUQPCQ =EQRLKZ?
CPKOCN ,CMK¡DFJC¡CRIWZKZRKNJFJK M©DCK³C¡XaKJGNCTUG
RNCPVC /QQEJKL©©RFJC¡
OCVCKOC¡PPCOIW¡EJCMWKDJC¡IWRWK¡ VWMCC¡M©DCK³C¡OQQIWKOCKPQ¡EJKEJEJCO
/CUVKECGNPKZVCOCNRCTCNQURQNNKVQURQTSWG KK2WGFGSWGJCICHT¯QGPNCPQEJG[UGJGNCT£P
VQFCX¯CPQRWGFGPEQOGTNQUITCPQUGPVGTQU NCUECNCDC\CUUKPQNCUVCRCOQU=RTGVM©DCK?
=RTGVMK¡DRTGUMK¡DK¡³?8CTMK¡D³KFJC¡ M©K=RTGVFGM©©UC¡?NQRCTµ
MK¡DKC¡XaVOCUVKECT
UKPVTCICT ,WOMK¡DKCR©Z M©K=RTGVFGM©¡[C¡?NQOQTFKµ
IWEJKMNKEJCOVW¡ODJC¡'NEJKENGUµNQUG
OCUVKECPQUGVTCIC=RTGV[RTGUMK¡DKC M©K³³C¡XaVRCVGCT$©©R©¡OCC¡PC³ZKDWWRTCK
RTGXMK¡D©KTGUMK¡DKZ? IWVQQVPC¡PIWDCCMPCDC¡EJCOLK³M©©[CUC¡
PQ¡³KEJDCLKUWWUUC#PVGUFGQTFG³CT
MK¡OPC¡=XCTFGM©¡[C¡?OQTFGTRKECT
PGEGUKVQCOCTTCTNGNCURCVCUVTCUGTCUCNCXCEC
MK¡³IQDCFXGPNCRWGTVCGPNCGPVTCFC%JC¡R RCTCSWGPQOGXC[CCRCVGCT
DCM©©MC¡MK¡³IQD/K¡ZEJWMICOPC³[C¡PKVW¡ =EQORNRN[TGRM©©[CUC¡RTGVM©©[CM©©[CUC
LCZDWC0QUGRCTGCNN¯GPNCRWGTVCRWGUGUV£ EQPVM©©[CUFC¡?
M©KURC¡ 6'2'*7ƒ0Ê'52#“1. 

M©KURC¡XaVRKUCT,WOM©KURC¡OQQFJKMCDCK M©©MC¡XaKGUVCT
FGRKG RCTCTUG%JC¡ROK
,WCPPQ¡ROKLC¡RCOWWDQKT©6GXCCRKUCTGN COWWDM©©MC¡PCRCK¡FJKDJWTW¡Z/K¡
ECDCNNQ,WCPUKCPFCUOW[EGTECFG«N LQVOQFC¡MWW¡M©MDWMDJCOM©©[CUC0QVG
=RTGVM©KURTGUM©KUCR? RCTGUEGTECFGGUGDWTTQPQUGCSWGUGXQNVGG[
♦[C¡FJKFWOCCNJM©KUCRDJCCPCSW¯GP VGRCVGG=UWLRNIW¡MC¡QIWIWWMC¡
GUVGRQDTGOWPFQ
NKVGPGUVGDCLQUGPFGTQ  EQPVM©MMCFC¡IW¡PIWMFC¡?
M©K¡³MCOMQ¡UX¯DQTCFGECUECDGN/CZKKEJ ♦M©MMKFJC¡XaKCPFCT
FGECUCGPECUC 
LWOCC¡PC³WC¡FC¡PQ¡³KEJOWLC¡RRCK¡DCLKK M©©MK¡PFC¡=XCTFGM©MMKFJC¡?CPFCT
FGECUCGP
ICOR©ZPC³M©¡PUQK³EJKC¡IWM©K¡³MCOMQ¡ ECUC 
PQ¡RCK¡DCDQ¡5KXQ[CNECORQPGEGUKVQNNGXCT M©©M©KFJC¡XaTGPECLCTUGEQPGEVCTUG:K¡RKEJ
WPOCEJGVGRCTCOCVCTNCUX¯DQTCUFGECUECDGN DCMIÀ¡IÀTDJK¡DJKQNJMCKDJCK¡PCRCK¡O
SWGGUV«PGPGNECOKPQ=RNM©©M©K¡³MCO M©©M©K¡³FJKOM©K¡EJW¡PIÀ¡IÀTDC¡V©F©©F©¡
MQQMQ¡? 2CTGEGSWGEQTVCUVGFGOCUKCFQNCUOWGUECUFGNCU
M©©ICNJFJC¡XaVTGEKDKTDKGPCRTGEKCT
EQORN XKICURWGUVKGPGPCIWLGTQUITCPFGUFQPFGUG
CPKO %JCOM©©ICNJLCO©VIW#UKCPQDJC¡³K GPECLCP=RTGUM©©M©K¡³?
MKKEJCOPCUCRDJCK¡V©KZLQKFJCVOCC¡PIW M©©M©KFJC¡CFLSWGECWUCWTVKECTKC
EQOKFC 
V©[CC#UKCPQSWGT¯CCWPCOWEJCEJCFGGUG #OLKZM©©M©KFJC¡FJKOCK$CMIW¡EJCODJCK¡
TCPEJQRGTQPQNQTGEKDKGTQPDKGP DJCK/GFCWTVKECTKCGUVGOCIWG[RWGUPQUG
=RTGVM©©ICNJRTGUM©©ICNJK¡³? EQEKµDKGP=EQRLKZ?
M©©MXaGGUVCT
RCTCFQUWLCPKO ,CTQQIC¡P M©©M©K¡³MCOMQQMQ¡=RNFGM©K¡³MCOMQ¡?
FJKMCTDCZPCDJC¡³KM©©MLQFCKEJC¡O!&G X¯DQTCUFGECUECDGN
SWK«PGUGNEJKXQSWGGUV£RCTCFQCNN¯GPNC
M©©M©[C¡=UWLRNFGM©¡[C¡?2GLM©©M©[C¡CO
RKGFTC!
OQTFGT£P=RTGVM©©M©KRTGUM©M©¡?
GUVCT
EQUCURWGUVCUQENCXCFCUO£UCNVCUSWG
CPEJCU t#CRCCOK¡FCKFJK[QQMPCOK¡³K M©©MUC¡XaVVCNNCT-©©MUC¡CRFJKOCVVWT
M©©M!tLWRMCK¡EJIW,WCPt)KPCOK¡RW RGGPMCM©¡PPCDC¡ZDJCK¡Q³KC¡IWVWK¡EJCO
M©©MPCEJKEJ[CCKMWRLKZEJCOP©K¡³! VW¡PCRRWK¡DCMWCPFC¡6CNNCGUGOGVCVGEQP
tLWRMCK¡EJIWD©PIC¡Pt6¼RNCPVCUVGGN NCRGPECRCTCSWGUGNGSWKVGVQFCNCOCUCSWG
CIWCECVGSWGGUV£CNN¯!tRTGIWPVµ,WCPt0Q VKGPGPQNQNCXGUUQNCOGPVGEQPCIWC
tEQPVGUVµUWGURQUCt0QVGHKLCUVGSWG[C XaTTCUECTUG,C¡REJKOQQZEJCRZK¡FJK
GUVCDCCNN¯EWCPFQNNGICOQU! ICIQQZPCDC¡OQQLC¡RLWOM©U%TGQSWGGUG
=UWLRNCPKOIWIWWMUWLRNKPCPVWWV? RGTTQVKGPGOWEJCURWNICURWGUUGTCUECOW[
♦LKZFJWUCCTCOM©©MGUV£RWGUVQHNQLCOGPVG UGIWKFQ
♦ICKM©©MXaGGUVCTNCFGCFC
EQUCCNVC GUVCT =RTGVM©©MUCRTGUM©UEQPVM©©UFC¡?
WPRQEQCICEJCFC
RGTUQPC  M©©UC¡XaVRQPGT
GPRQUKEKµPXGTVKECN RCTCT
♦U©NJM©©MXaGGUVCTRCTCFQ
FGTGEJQ 
EQORNKPCP ,K³RCNJDWKFJC¡CRPC³M©©UC¡
FJKV©VPQTC¡)KKNJKOLKZD©©VPCZDJCK
M©©MCOUOC[QTFQOQRTKPEKRCN
FGNRCVKQ
#[¼FCOGCRCTCTGUVGJQTEµPRQTHCXQTRQTSWG
EGTGOQPKCN 0CORCK¡FJWWMV©P©¡FC¡IW
GUV£OW[RGUCFQRWGUGURWTQQEQVG
ZKQVCNJVW³KQMKFJC¡IWM©©MCORWK¡M©©MCV
RCTCTFGVGPGTGNOQXKOKGPVQ
EQORNKPCP 
OK¡DQRVQ¡UCPQQRZKC¡NJDWKLC¡MZKEJ©P©KFJCV
2CPCCUDCZKROCCRF©TIWTQK¡³IC¡PFJKEJ
MCDWKOWMIKQDC¡ZFJCCOFWWM2WK¡MWDC¡
VTQQMC¡-CZKM©©UMWEJZKEJ©©I©K2CTGEGSWG
RWK¡OV©©V©¡M©©MCO%WCPFQUGDCKNCGNOKVQVG
[CUGRQPEJµWPCNNCPVCFGGUVGECOKµP2£TCNQ
GNOC[QTFQOQRTKPEKRCNVKGPGCUWECTIQRCTCTUG
RQTHCXQTRCTCXGTNC
LWPVQCNCNVCT[JCDNCTEQP&KQUOKTCPFQJCEKCGN
RQPGTUG
UQODTGTQ -©©UCKCRIWODQPCCO
QTKGPVGGPNCOC³CPC[CNOGFKQF¯C2QTGUVC
)KKNJKOLKZEJCVQK³2QPVGVWUQODTGTQRWGU
TC\µPNGNNCOCPÎGNSWGUGRQPGRCTCFQÏ
'UNC
JCEGOWEJQECNQT
RGTUQPCTGURQPUCDNGFGEKVCTNCHGEJCRCTCDCKNCTGN
=EQORNRNVWVVW¡RTGVM©KVWVVWRTGUM©©UQ
OKVQVG[FGCUGIWTCTSWGUGIWCTFGPVQFCUNCU
M©MUCVWVVW?
EQUVWODTGUEQTTGURQPFKGPVGU 
 6'2'*7ƒ0Ê'52#“1. M©MDQ¡

M©©UFC¡=EQPVFGM©©MUC¡?GUVCTVCNNCPFQGUVCT PC³UCRM©©¡ORKZFJC¡IWDJCD/GRKFKµOKV¯C
TCUE£PFQUG SWGNGC[WFCTCCNKORKCTNQUHTKLQNGU
M©©ZFJC¡XaDRCTCTRQPGT
GPRQUKEKµPXGTVKECN =RTGVM©©¡ORKZRTGUM©©¡ORKZK¡³?
RCTCQVTCRGTUQPC /CC¡PLCRKODJCLC¡MZK M©©¡PF©TLC¡MCFXCNNCFQFGTGEJQ2CCRF©T
M©©ZFJC¡IWCVQZMQTIWZMCK¡PCDJCCPFCKDW¡ LC¡MVWOC¡[CUM©©¡PF©TLC¡MCCMC¡Q¡PUQRF©T
PCVWLWIKC¡2QPNGWPCUKNNCCNIQDGTPCFQTRCTC LC¡MCC!&GEW£NNCFQVKTCUFGNNCFQFGTGEJQQ
SWGUGUKGPVGGPGNNCRCTCEQOGT FGNNCFQK\SWKGTFQ!#PVµPC¡PUCRF©TLC¡M
RQPGT
UQODTGTQCQVTCRGTUQPC $JCLC¡MLK³ M©©¡³FJC¡XaTNKORKCTUG-CZK³©©TCCRPCMC
EJKQ¡³MW³DJCK¡ZKOM©©ZFJC¡IWODQPCCO ZKOM©©¡³FJC¡FJKUWWFCK¡PCRDC¡DCDCK¡IKC¡
8GPJKLKVQRCTCSWGVGRQPICVWUQODTGTQ IKKNJKOMCZKMQQTC¡IW¡'URGTCCSWGUGNKORKG
=EQORNRNVWVVWKFJC¡RTGVM©©ZVWVVWK GNCIWCCPVGUFGUCECTNCRWGUGUV£OW[UWEKC
RTGUM©©ZK¡³QM©MZK¡³VWVVWK¡³? EQORQPGTUG
FGGUVCTOCTEJKVQ )KQDJCK¡R
♦M©©ZFJKZFJK³KRWWTOKHCNFCGUV£ LKOM©MIKFJC¡IWLWWPPCMCZW¡WCOMC¡PQ¡
GPUCPEJCFC ³KEJZKDQR³KIWUCK¡UKCMWIW¡ZKQ¡O
M©©[CUC¡=EQORNRN[TGRFGM©K³³C¡?2GLLC DJCK¡DEJKEJW¡PFCV%WCPFQFGU[GTDQNCOKNRC
M©©[CUC¡NQURCVGCT£=RTGVM©©[CUC UGXWGNXGCEQORQPGTGPXG\FGGUVCT
EQPVM©©[CUFC¡? COCTKNNGPVC
EQORQPGTUG
FGGUVCTGDTKQ 0CRLKZDJCK¡
M©©¡CFLDWGPQFWTCDNG
FGECNKFCF /WLC¡R
ZKOM©©¡³FJC¡LKPCRDC¡DCLKOKC¡PCREJCO
VCCVUCDLKZM©©¡VWMCKMDJCTPCIW¡ZLWWMIKQ
OWRCK¡©NJKC¡PCZDCDCC¡6©©¡PCRIW¡COR©Z
EJCOV©M©DCKM'PVKGTTCUE£NKFCUUGFCDWGPC
ICICKM©MMCPCRIW¡MCZOCKO0QFGDGUKTVG
EQUGEJCRWGUGUECNKGPVG[PQJKGNC
JCUVCSWGVGEQORQPICUDKGPPQUGCSWGVG
DWGPQ
FGECT£EVGT ,KTLKZM©©¡OCC¡PMCO
ECKICUGPCNI¼PDCTTCPEQRQTGNECOKPQ(¯LCVG
FJK,WCP%JCOL©¡ZFJC¡³KCVIK¡³,WCPGU
EµOQCRGPCUUKCPFCURWGUVQFCX¯CGUV£U
DWGPCRGTUQPCRWGUPWPECOGOKGPVG
DQTTCEJQ
DKGP
FGUCNWF t$CFWCCCIW5COQKNPC
CNKXKCTUG
FGWPCGPHGTOGFCF -KC¡R©ZLC³DC³
UCCMMCZMC¡QQMMCV!tLWRMCK¡EJIW
M©©¡³FJKOPC³LKZMC¡QQM#RGPCUOGGUVQ[
2CC³EJWt%JCOCCL©©¡PCDC¡ZM©©¡RC¡DCO
CNKXKCPFQFGGUVCGPHGTOGFCF
P©K¡³!tLWRMCK¡EJIW+UCCDTWt;CUGCNKXKµ
=UWLRNM©MIKFJC¡RTGVM©©¡³FJCM©MIK?
5COWGN!tRTGIWPVµ2CPEJQt2CTGEGSWGU¯
RQTSWGUGXGOGLQTtEQPVGUVµ+UCWTQ M©MDQ¡XaKRCTCTUGRQPGTUGFGRKG
UWLCPKO 
=RNM©M©©¡EQRLKZ? :KM©MDQ¡CREJC¡ROKFJCCMC¡PCRCK¡ZEJW
DCC¡2£TCVGPQGUV«UUGPVCFQCNN¯FQPFGGUV£
M©©¡ORKIC¡XaVCTTGINCTEQORQPGT
J¼OGFQ
-CDWKOWMLC³VWEJKC³O©TC¡PCOM©©¡ORKIC¡
RCTCTUGFGVGPGTUG
GNOQXKOKGPVQUWLCPKO 
FJKVTQQMCOWPCRCK¡V©OM©©¡ORK¡/C³CPC
0COO©PKFJ©TICKPCEJKEJLKDJ©KVWWM©MPCK¡
XQ[COCPFCTCEQORQPGTGUVCECOKQPGVCCN
LKM©MDQIWVTQQMCIWK¡PCEJDJCCPOWK¡MC
VCNNGT
LKKO©V&GCSWGNNCFQGPNCNCFGTCUGCRCIµ[UG
SWKVCT
NQUWEKQ NKORKCT'GMW³OQQV©
RCTµNCECOKQPGVCGPSWG¯DCOQU
M©©¡ORKIC¡FJKDJCDMW³VWLKFJQQTC¡PCIW¡
ENCXCTUGGPVGTTCTUG
EQUCRWPVKCIWFC -WZ
RCPCCULKZLQQFCK¡8Q[CNKORKCTGUVQUHTKLQNGU
OQQZOW¡OWMCCFJKOW¡WWPCVDC¡OQQ
RCTCEQEGTNQURQTSWGRCTGEGSWGVKGPGPRKGFTCU
DJCK¡RWM©MDQDJCCPFJKVCC¡ONC!3W«GUV£P
=RTGVM©©¡ORKRTGUM©©¡ORK¡EQPVM©©¡ORK¡PFC¡?
OW[RWPVKCIWFCUVWUHNGEJCU!2WGUWPCUGSWGFµ
♦PCRCK¡V©OM©©¡ORK¡VCNNGT
NKVFQPFGUG
ENCXCFCGPGUCVCDNC
CTTGINC 
=UWLRNIW¡MKC¡QIWIWWMKC¡RTGVM©MDQIW¡M©Q
M©©¡ORKZFJC¡XaDCTTGINCTEQORQPGT
RCTC IWIWW?8CTM©MDW¡
QVTCRGTUQPC 'GMW³OQQM©©¡ORKZFJC¡IW ♦Q¡NJKC¡PM©¡PM©MDQ¡RQPGTUGFGTQFKNNCU
DQRVQ¡IC¡PIW0CUCCTKQMCVLC³EJKLCK¡[C¡R ♦DCM©MDQIWFWWM[CUGSWKVµNCNNWXKC
DCMQZKC¡8Q[CCTTGINCTNCECOCFG%GUCTKQ[ ♦U©NJM©MDQIWMCDCKUGRCTµGNECDCNNQGP
VCNXG\FQTOKT«GPGNNC NCURCVCUVTCUGTCU
SWKVCT
NQUWEKQRCTCQVTCRGTUQPC NKORKCT

RCTCQVTCRGTUQPC ,K³WOWC¡IW³DCDQQNJ
M©MDWKEJFJC¡ 6'2'*7ƒ0Ê'52#“1. 

M©MDWKEJFJC¡XaVC[WFCTCRCTCTUG
EQORN M©NJKKVCMCCTWK¡UICNNQd,C¡ROQQZDJCPCC¡
CPKO -©MDWKEJFJC¡CRIWOMWWNUKPQ¡RP©K¡³ DCMLKCFJKM©NJKKVCMCCTWK¡$©©R©¡LC¡RLK³U©UU©
PCEJCOM©MMCIWF©©NJ#[WFCCVWCDWGNQC PC³KEJCOWWDDJ©Kd%µOQGUDTCXQGUVGICNNQ
RCTCTUGUKXGUSWGPQRWGFGJCEGTNQUQNQ 2WGUJCEGTCVQ[COGTQOGRKECDCEWCPFQRCU«
=RTGVM©MDWKEJRTGUM©MDWKEJW¡P? EGTECFG«N=RNM©M©©NJVCVMCTWK¡?
M©MIKFJC¡=UWLRNFGM©©¡³FJC¡?2GLLWO M©NJKK¡³IC¡PCFLICUVCFQ
RQTOWEJQWUQ $C
M©MIKFJC¡COUGNKORKCT£PUGEQORQPFT£P UCTFJKVQQODJCK¡OMCTPCIW¡DCT
=RTGVM©MIK? M©NJKK¡³IC¡P;CUGTQORKµGUVGEQUVCNRQTSWG[C
M©M©©NJ=RNFGM©NJKK?V¯QUUQDTKPQUUQDTKPCU GUV£ICUVCFQ
=CRQUM©M©©NJK¡³? EQTTKGPVG
RQTPQGUVCTDKGPJGEJQ ,QVOQFC¡
M©M©©NJ=RNFGM©NJKK?OCEJQU
CXGU  UCCUM©FJK³RCPVCNQQPIW¡EJKRWT
M©NJKK¡³IC¡PPC³KEJUCDC¡NJd3W«RTQPVQUG
M©M©©NJVCVMCTWK¡=RNFGM©NJKKVCMCCTWK¡?ICNNQU TCUIµOKRCPVCNµP#NQOGLQTGTCEQTTKGPVG
M©M©©¡=RNFGM©©¡?DWGPQU=EQRLKZ? EWCPFQNQEQORT«
M©M©¡=RTGUFGM©©M©[C¡? =RNM©MNJK¡³IC¡PEQRLKT?
M©MMCFC¡=EQPVFGM©©MC¡?GUVCT
FGRKGXCTKCU M©R©NJCFXDQECCDCLQFGDTWEGU/K¡ZK³
XGEGU  D©¡³ZK¡³IWLWMMW³M©¡PDCK¡O©TC¡OK¡OW
RCK¡M©R©NJOWK¡LKLKK³KEJPCZEJWMICO
M©MMKFJC¡XaKCPFCT
FGECUCGPECUC Î,C¡RPCK¡
2T«PFCOGWPQEQVGRCTCKTRQTCIWCRCTCPQ
R©ZM©MMKFJC¡IWZZKKZPCCUMWEJCODJCK¡PC
ECGTOGFGDTWEGUGPGNECOKPQRQTSWGGUV£
VW¡LCZDWCFC¡6©KDCTIÀ¡IW¡ÏLWRV©VFCIW
QUEWTQ#PVµPVCK¡
F©¡©©¡PIW.GG³EJQÎ6WJGTOCPQUKGORTGCPFC
FGECUCGPECUCRCTGEGSWGPQVKGPGPCFCSWG M©TPKFJC¡XaKETWLKTTGEJKPCT
NQUFKGPVGU $J©L©
JCEGTRGTQ[CGUV£ITCPFGÏNGFKLQUWOCO£C RCK¡MCV©M©TPKFJCVIWDCU©©MVWMCC¡/©MMCV
.GPEJQ=UWLRNIW¡PIWMKFJC¡?8CTM©©MK¡PFC¡ DJ©L©RCK¡R©ZV©KPCVFCCIWOKKEJW2QTCJ¯
8«CUGM©©MC¡ GUVCDCWPTCVµPTGEJKPCPFQNQUFKGPVGUGPNC
PQEJGRGTQNWGIQUGQ[µSWGGNICVQNQCICTTµ
M©MNJK¡³IC¡P=RNFGM©NJK¡³IC¡P?ICUVCFQU
=RTGVM©TPKRTGUM©TPK¡³?
EQTTKGPVGU=EQRLKZ?
M©TPKOCFLSWGUWGPCPNQUFKGPVGU
CNEQOGT
M©MUC=RTGUFGM©©UC¡?NQRCTC8CTM©©U
EQUCUUGECU /QQDCZICMCCFJKV©OPCDC¡
M©MZK¡³=RTGUFGM©©ZFJC¡?UGNQRCTC LC¡RLKZM©TPKOLWOMWC¡!2CTGEGSWGGUVCU
8CTM©©ZK¡³ VQTVKNNCU[CUGUGECTQPRWGUOGUWGPCPNQU
M©NJDC¡XaVFGUITCPCT
OC¯\ #CRDJ©KTC¡IW FKGPVGUCNEQOGTNCU8«CUGEJ©TMCO
UWWFCK¡DJCOO©F©TDKDKCVCOCC³DC¡V© M©U=RTGUFGM©©MUC¡?NQVCNNCUGTCUEC
M©NJDC¡IWLWWPPCEJVWOCVCKOFC¡8GV¼CN
M©¡©©¡PCFLGPQLCFQ
VQFQGNVKGORQ #NJLC¡R
OCPCPVKCNCVTCGTCIWCOKGPVTCUOGRQPIQC
OQQZM©¡©©¡PIWU©RFJK¡³FJK2GGNGULKTOCC¡P
FGUITCPCTGNOC¯\RCTCSWGJCICOQUGNPKZVCOCN
PCLQMMKCUFC¡d%µOQGUV£GPQLCFQ(«NKZEQPUW
=RTGVM©NJRTGUM©NJKKD?
JGTOCPKVQ2WGUUKGORTGNQGUV£RGNNK\ECPFQ
M©NJKKUV¯Q
JGTOCPQOC[QTFGNRCR£ &©©NJ
=EQRLKZ?
CCRKEJLWRFWWMM©©UFJKWOWW¡DQPCCOLK³
M©¡PRQUREQP,QFCKM©¡PLCROCK¡³³C¡FJK
M©NJKK!1[GV¯QV¼UQNQJKEKUVGGUGUQODTGTQFG
ICIQQZPCEJCOOK¡OM©¡[C¡6¯TCNGCNRGTTQ
\Q[CVGSWGVTCGU!
EQPWPCRKGFTCRCTCSWGPQVGXC[CCOQTFGT
UQDTKPQUQDTKPC
JKLQQJKLCFGNJGTOCPQOGPQT
FGPVTQFG
WPVKGORQFGVGTOKPCFQ )QQM
FGWPJQODTG ,K³M©NJKKOK¡FJCCCCIWO
VCPQQNJLC³M©¡PLC¡MI©ZKC¡OWF©T6CVQQ¡O
VCCV!5QDTKPCGUV£CNN¯VWRCR£!
%JCO&GPVTQFGFQUF¯CUTGITGUCT«FG.QU
=RNM©M©©NJCRQUM©NJKK¡³M©M©©NJK¡³?
%QPGLQU
M©NJKKUOCEJQ
CXG ,KZDJCC¡OPC¡FJKM©NJKK
M©¡PMQDCFXVGORTCPQ,KZM©¡PMQDLC³OQQ
VQDCCU©ZZKC¡IWRCZKCTFCOPQ¡EJCORWO
MQZKC¡ZKDPC³DC¡EJCOMQQZKOMC¡
CC¡'UVGIWCLQNQVGOCEJQGUDTCXQRWGUNGRKEC
MCDWKOWMPC³D©ZEJCPQQNJVWWC¡PC¡#JQTC
CNSWGXKGPGFGXKUKVCEWCPFQUGFGUEWKFC
OGXQ[CFQTOKTVGORTCPQRCTCSWGPQVGPIC
=RNM©M©©NJ?
 6'2'*7ƒ0Ê'52#“1. MQK¡TC¡

UWG³QOC³CPCRQTSWGXQ[CGUETKDKTVQFQGNF¯C IWLCTQK¡PCVOKEJ©©K'UVCUKGODTCFGOC¯\
=EQRLKZ? GUV£OW[EGTTCFCRCTGEGSWGNCRGTUQPCSWG
M©¡[C¡XaVOQTFGT
EQPNCDQEC #OZKO UGODTµCNN¯PQUCDGUGODTCTDKGP=EQRLKZ?
M©¡KKOFJKICIQQZPCIW¡EJCOLWOOCCV MQDMQ¡XaKHNQTGCTUGTGXGPVCTGURQPLCT
%QOQSWGVGSWKGTGOQTFGTGUGRGTTQRQTSWGPQ
EQOKFC $CMQDMQFJKDCMEJ©M%JCOCC
VGEQPQEG DCTCOPCDCODJKC¡!;CUGGURQPLµGNOC¯\
RKECT
EQPGNCIWKLµP )KKNJKOLKZMQ¡MIW SWGJKTXKGTQP;CUGRWGFGSWKVCTFGNCNWODTG
O©©O©DPQ¡VLK³M©K$JCK¡LKDCKI©MKC¡RCK¡PC³ XGTFCF!
M©¡[C¡%WCPFQOGRKECWPCCDGLCOGFWGNG OCFWTCT
RCTEKCNOGPVGHTWVC %JCMWKDJCKIW
OWEJQ[UGOGJKPEJCGNRKSWGVG OCPUCCPMKC¡R©ZDCMQDMQKO#RGPCUUG
=UWLRNM©©M©[C¡RTGVM©KM©©M©KRTGUM©¡M©M©¡? GUV£POCFWTCPFQNCUOCP\CPCUVQFCX¯CPQGUV£P
8CTMK¡OPC¡ DKGPOCFWTCU
5GTGHKGTGCNCUHTWVCUPQDKGP
♦V©M©M©¡OWGTFGQRKEC
RQTPCVWTCNG\C  OCFWTQUX«CUGMQDMQNJ 
♦OK¡OM©KdPQVGXC[CCOQTFGTdPQVGXC[C =RTGVMQDMQRTGUMQDMQTEQPVMQDMQKFJC¡?
CRKECT 8CTMQDMQNJKC¡
♦COV©KRLK³M©KRQTRQEQOGOWGTFG MQDZKFJC¡XaVCEGTECTUG
RCTCXGT /QQR
MQDUHTGPVG2CCRKEJMQDDQPCDC¡IÀ¡Z OK¡OKC¡POWK¡ZKLCMCMQQDZK¡³FJCV,QUGGIW
LKKDKZIWOMQD!-C¡RVKOWRCK¡KCT©MLWO MCMDCKPCOEJCOLQVOQFC¡DJCLKO©KOK
OQ¡M©¡POKM©MDQCC!&µPFGVGIQNRGCUVGNC DCCRMKC¡ICCV©T&GDGUCEGTECTVGO£UUGIWKFQ
HTGPVG!2QTSWGGUV£DKGPTCURCFC6GEC¯UVGFG ,QU«RCTCXGTUKNQUECDCNNQUCPFCPEGTECFGNC
ECDG\C!=CRQUMQDCC¡P?8CTMQDVCK¡ OKNRCRCTCSWGPQUGOGVCPFGTGRGPVGCGNNC
♦MQDC¡TCOMQDVCIK³GPUWHTGPVG
FG«NQ =RTGVMQDZKRTGUMCMQQDZK¡³?
FGGNNC  MQK=RTGVFGMQQFC¡?2GLLCMQKNQUOCVµ

MQD=RTGUFGMQQMDKC¡?NQFGUGPVKGTTCGZECXC MQK=RTGVFGMQZKC¡?FWTOKµ

-QDC¡TCOCFX.C%CPFGNCTKC
NWICTNKVGPNC MQK=RTGVFGMQ¡[C¡?2GLMQKO©VOWTKGTQP

HTGPVG 6ÀDF©VLKZIKQQ¡DJCK¡PCRCK¡RWK¡V© MQK¡UEQOKFCCNKOGPVQ;C¡DCVWOCKEJIW


V©©¡-QDC¡TCO'NNWICTSWGUGNNCOC.C MQK¡)QTDKEJWLWICCM;CVTCLGTQPNCEQOKFC
%CPFGNCTKCGUWPNNCPQCPIQUVQ CU¯SWGJC[SWGEQOGT
MQDKKO©M=EQRTGVFGMQQMDKC¡?NQFGUGPVGTTCDC MQK¡DJCTUFGURGTFKEKQU
FGEQOKFC /WRKOZK
GZECXCDC PWK¡FJKFJC¡IWVQQZMQNJIWLCOMQK¡DJCTPC
MQDMQNJCFLFWTQOGFKQOCFWTQ
HTWVC  DK¡KKOMWLQQVQOM©¡PIK¡EJC¡'EJGPUWU
t$CZDJCKCCIWOCPUCCPDJCOO©³CDWKN FGURGTFKEKQUCNOCTTCPQRCTCSWGGPIQTFGO£U
DWK!tLWRMCK¡EJIW6GTGGUCt%JCO-KC¡R©Z RTQPVQ
DCTMQDMQNJtLWRMCK¡EJIW.QQNCt;C MQK¡EJCOUITCPEQOKFCEQPXKXKQ/CKMLCEJ
GUV£POCFWTCUNCUOCP\CPCUSWGVKGPGOK OWLKOKC¡,WMV©T)À¡6CPQQNJ%JC¡O/K¡
CDWGNQ!tRTGIWPVµ6GTGUCt6QFCX¯CPQ IKKNJKOLKTMQK¡EJCOMC¡8COQUC5CPVC/CT¯C
CRGPCUGUV£POGFKQOCFWTCUtEQPVGUVµ.QNC GPNC5GOCPC5CPVCRWGUCNN¯XCCJCDGTWPC

5GFKEGFGNCUHTWVCUSWGPQETGEGPGPTCEKOQU ITCPEQOKFC
EWCPFQ[CNNGICPCUWVCOC³QPQTOCNRGTQVQFCX¯C
MQK¡FJCTC¡UEQOKFCRTGHGTKFC)WQMFJCO
PQUGOCFWTCPDKGP;CUGRWGFGPEQOGTRGTQ
KKRW³K¡CNJLC¡ROQQTLCMQK¡FJCTC¡IW
VQFCX¯CGUV£PCITKCU =EQRLKT?
MCMCTDCZ.QUTGVQ³QUFGNOCFTQ³QUQPNC
MQDMQNJK¡CFLSWGTKPFGOWEJQ
EQOKFCCN EQOKFCRTGHGTKFCFGNCUEJKXCU
EQEGTUG %JCODJCK¡CCPCRIQQMCNJR©ZOK¡ =CRQUMQK¡FJCTIC¡P?
LKLKFJQQTC¡I©VFJKCTTQQUPCIW¡DCMIKKNJKO ♦LKZM©©¡³MQK¡FJCTC¡OKEQOKFCHCXQTKVC
LKZMQDMQNJK¡!%TGQSWGUGT¯CDWGPQSWGRQPICU
CTTQ\CJGTXKTRQTSWGTKPFGOWEJQCN
MQK¡FJC¡=OQXFGLWIKC¡?KTEQOKGPFQ
8CTMQ¡KKFJC¡
GURQPLCTUG=EQRLKZ?
MQDMQOCFLEGTTCFQCRTGVCFQ
GNRCUQ :K¡Z MQK¡TC¡=RTQRFGLWIKC¡?KTCEQOGT=RNMQK¡RQ¡?
MQDMQOVWWVIWLWWP%JCOOCCV©VV©©UDCM
MQMDCFC¡ 6'2'*7ƒ0Ê'52#“1. 

MQMDCFC¡=UWLRNFGMQQDFC¡?2GLMQMDCFC¡ MQM[QM©¡PUCRKG
OQFKUOQ ,KTOKC¡P[C¡F©T
COUGNNGPCT£P
FGEQOKFC =RTGVMCMQQD 5WNKFCCDJCOO©,QVMQZ%JC¡ORWK¡³MQM[Q
RTGUMQMDC¡P? M©¡PLC³C¡L©¡P'UV£EGTEC.C5QNGFCFFG.CU
MQMDC¡P=RNFGMQQDC¡P?NNGPQU
FGURW«UFG %GDQNNGVCURWGURWGFQNNGICTCRKG
EQOGT =EQRLKZ? MQNJDKZFJC¡XaVJCEGTWPJQ[Q
RCTCCNOCEGPCT
MQMDC¡P=RTGUFGMQQDFC¡[MQMDCFC¡?UG GNCIWC /CC¡PMCRO©L©PKF©©DQPIWUWWFCK¡
NNGPCUGNNGPCP
FGEQOKFC  LQFCKD©VC¡#C³RCNJ©©RZKMQNJDKZFJCMPC³
DC¡OK¡K¡[C¡PQ¡³IKQRCK¡FJWWM[CLC¡RLWR
MQMFCURTQDNGOCFKURWVC,C¡ROQQZ
DCLKO#NN£CDCLQJC[WPNWICTFQPFGGNCIWC
DJC¡OPCRKOLK³LCCFW³6W¡PCM©¡PR©ZFJQ
DTQVCRQTFGDCLQFGWPCRKGFTC*KEGWPJQ[KVQ
IW¡DCTMQMFCMC¡LK'UV£POW[GPQLCFQU
RCTCSWGCNOCEGPGGNCIWC[RWGFCVQOCTNCGN
COKIQU&GDGFGJCDGTCNI¼PRTQDNGOCGPVTG
F¯CSWGRCUGRQTCNN¯QVTCXG\=RTGVMQNJDKZ
WUVGFGU
RTGUMQNJDKZK¡³?
MQMFC¡XaKRGNGCT,KZOCKOWVOWMCVW
MQOUGURCNFC2WKZMQ¡MIW³MQOPC³KEJ
MQMFCVOCC¡PIWOCC¡PMCOPCRCK¡TRKCUVC
LKI©KVCMCCDMCDCKEJC¡OF©T6QFCX¯COG
7PCRGTUQPCDQTTCEJCGUVCDCRGNGCPFQGPNC
FWGNGNCGURCNFCRQTJCDGTOGEC¯FQFGNECDCNNQ
HKGUVC
C[GT
XaTRGNGCT
GPVTGU¯UWLRN /©L©PKLC¡RRCK¡
E£UECTC$©©R©¡³ZK©NJRKICKIWRKK³CUPQ¡³LKZ
DCOMQMFCKFJCVCOIWOCKMMCOVWMCC¡
³CCPCIW¡EJCOLWOMWC¡IWMQOKK¡³5K
#PQEJGNQUDQTTCEJQUGUVCDCPRGNGCPFQRQTCJ¯
SWKGTQEQOGTRK³CRTKOGTQNGSWKVQNCE£UECTC
=RTGV[RTGUMQMFC?
RQTSWG«UVCPQUGEQOG
MQMFJKEJFJC¡XaVJCEGTRGNGCT
EQORNRN 'C EQTVG\C,K³WK¡³O©TIWMQQMQOPC³M©¡PV©
PCEJLCMQMFJKEJFJC¡FJKVWVWWT'GLCZR©M O©KFJC¡FJKDJK¡³LCLC¡8G[VT£GOGEQTVG\CU
VW¡OLKZKQ¡OLKZQQ¡8COQUCJCEGTRGNGCTC RCTCJQTPGCTGUVCUQNNCUFGDCTTQ
GUVQUVQTQUCXGTEW£NGUO£UHWGTVG =RNMQQMQOCRQUMQOKK¡³MQQMOK¡³?
=RTGVMQMFJKEJRTGUMQMFJKEJW¡P? ♦MQOK¡TCOGPUWGURCNFC
FG«NQFGGNNC 
MQMMQP=RNFGMCMQQP?EWGTXQU MQOCCNJUEQOCFTG%JCOVW¡UCROKFJCC

MQMOCIKNJKC¡=UWLRNFGMQQOIKNJKC¡?2GL IW³MQOCCNJ/WLC¡MUCRRCK¡RCZKCTCO
MQMOCIKNJKC¡COUGGPUWEKCT£PEQPRQNXQQ F©¡©©¡PDWK0QGUV£CNN¯OKEQOCFTGRWGUFKEGP
EGPK\C=RTGVMQMOCIKTEQPVMQMOCIKTFC¡? SWGUGHWGCRCUGCTEQPUWOCO£=RNMQMOCNJ
MQMOCNJ=RNFGMQOCCNJ?EQOCFTGU CRQUMQOCCNJK¡³MQMOCNJK¡³?
=CRQUMQMOCNJK¡³? 8CTMWOCCNJ
MQMOCNJ=RNFGMQOCCNJ?EQOCNGU MQOCCNJUEQOCN/©MLWOCC¡PC³FC¡DK³C¡

IWDJK¡³PCDC¡EJCOPCK¡R©ZLKLCKMKC¡IW
MQMOC¡=RNFGMQQOC¡?ITKUGU=EQRLKZ?
MWOCCNJPQ¡DCRFW³KKZ5GPGEGUKVCCOCUCT
MQMQVIKZ=RNFGMQVIKZ?GURQPLCFQUSWGVKGPGP OWEJQTCVQGNDCTTQRCTCSWGPQUGRCTVCGN
RQNNKVQU
CXGU =EQRLKZ?8CTMCMQVIKZ EQOCNEWCPFQ[CGUV£JGEJQ=RNMQMOCNJ?
MQMTCT=RNFGMQTCCT?EQTTCNGU 8CTMWOCCNJ
MQMUQFC¡=EQPVFGMQZKC¡[MQQMZKC¡?FQTOT MQOCCNJKMCFLFGNICFQ
FGHQTOCRNCPC 0KL©¡Z

XCTKCUXGEGU  MWEJCOLWWMIWUC¡WCPQ¡ZMQOCCNJKM0Q
MQMVQRQ=RNFGMQVDQ?JQODTQU ECNKGPVCDKGPNCEQDKLCUKGUFGNICFC
=CRQUMQMVQRQ¡P? =RNMQ¡MOCNJKMEQRLKZ?8CTMWOCCNJKM
#PVµPMCDQQM
MQMZKEJW¡P=RTGUFGMQQZEJWFC¡?NQURQPGC
FQTOKT MQOCCNJKOCFLUWRGTHKEKCNPQRTQHWPFQ
VKGTTC
QCTGPC /WOOWPKFJ©TLC¡MLKZKQ¡OLKZ
MQMZKM=FGUKFFGMQQMZKC¡?SWKGTGPFQTOKT
EJWWMCOLKPCOKMCCVIWQ¡[CEJCOVW¡RWK¡
MQMZKRW¡=RTQRFGMQQMZKC¡?KT£PCFQTOKT PC[C¡PCZMQOCCNJKO2QTCNN£JC[WPCTGPCN
MQMZK¡=RNFGMQQZK¡?SWGVKGPGPCNIWPCOCNFCF OWEJQO£URTQHWPFQSWGGNFGCSW¯SWGGU

RQTPQEQPHGUCT =EQRLKZ? UWRGTHKEKCN=EQRLKZ?#PVµPEJWWMCO
 6'2'*7ƒ0Ê'52#“1. MQQOC¡

MQOCCTCMCFLCPEJQ
FGHQTOCRNCPC )W MQQFCO=EQORNRNFGOW¡CCO?2GLLKZLC
UC¡UDJCTCMLWLWMLKZKQ¡OMQ¡MOCTCMDWCPIW MQQFCONQUSWKGTGOCVCT=EQRLKZ?
VCC¡ONCU&GNQURKPQUITWGUQUUCNGPNCUVCDNCU MQQFC¡=EQORNRNFGOW¡CC¡?OCVCTNQU
O£UCPEJCU=RNMQ¡MOCTCMEQRLKT? =RTGVMQKRTGUMQQ¡P?
MQOEJKC¡XaKFQTOKT
LWPVQCNCNWODTG /QQ³ MQQMDC¡PCFXGPGNDQTFG
FGWPRG³CUEQ d,C¡R
CNJMQOEJKC¡ZKDFJKVWMCC¡PC³DC¡EJCO OQQCOWWDQKT©FC¡LKDCMIWUWKOCNJ[C¡
I©DMC¡PC³IW¡EJCOWC¡IWUC¡WC'UVCPQEJG /K¡³KLC¡RR©ZOCCZD©©ZMQQMDC¡Pd3W«EGTEC
XQ[CFQTOKTLWPVQCNCNWODTGRCTCSWGPQOG CPFCPNQUXGPCFQU2QTCNN¯UGXGPNCUJWGNNCUGP
JKGNGRQTSWGPQVTCKIQEQDKLC GNDQTFGFGNRG³CUEQ
=UWLRNMQQMOKEJKC¡RTGVMQOKKEJ
MQQMDKC¡XaVFGUGPVGTTCT;C¡³KEJR©ZRW
MQQMOKEJ©RTGUMQOEJ©MMQQMOKEJ©M
OCIQQV©KRWRVWMQDKKO©MFJK[CCVWK;COG
EQPVMQOKEJEJ©TFC¡MQQMOKEJ©TFC¡?
ECPU«FGGUVCTFGUGPVGTTCPFQNCURCRCUFGCSW¯
MQORCCNJUEQORCFTG,C¡Z³KUCRDJCLKOIW³ XaKGZECXCT6WMQQMDKC¡COUCRIWLC¡VMCO
MQORCCNJPCDJCV©©¡O©TC¡IWKLCC¡PIC¡P&KEG MCDWKOWMOK¡PCORCK¡VWDC¡MEJC¡&KEGP
OKEQORCFTGSWGCNTCVQXKGPGRCTCXGTCUW SWGNCIGPVGXCCGZECXCTOC³CPCCNN¯FQPFGXCP
CJKLCFQ=RNMQORCRCCNJ CJCEGTNCECUC
CRQUMQORCCNJK¡³MQORCRCCNJK¡³? XaKJQ\CT/KDCCDCMICCV©TIWVQQZMQNJ
MQORKIC¡XaVFGUEQTVG\CT6WMQORK¡IWZICM )KKNJKOOK¡ZOCCZPCVWMQDKKO©M2CTGEGSWG
VWCIW³ZKKZPCDC¡M©¡PV©O©KFJC¡IWDJK¡³ GNOCTTCPQUGOGVKµGPNCOKNRCRWGUUGXGSWG
LCLQQZKC¡/KJGTOCPCOC[QTGUV£ CNN¯GUVWXQJQ\CPFQ
FGUEQTVG\CPFQWPGPEKPQUGEQRCTCRQFGT =RTGVMQQMRTGUMQDEQRTGVMQDKKO©M?
JQTPGCTNQURNCVQUFGDCTTQ=RTGVMQORKQ MQQMFCTC¡CFLRGNGµPRGNGCFQT,C¡ROQQZ
MQORKI©RTGUMQORK¡EQPVMQORK¡PFC¡Q MQQMFCTC¡IW2GGNGUFCKPCDCLKEJWMQMFC¡
MQORKIKFJC¡QMQORKICKFJC¡? PQ¡TRKCUVC(«NKZGUOW[RGNGµPRWGUUKGORTG
MQPDK¡³CFLOQJQUQ,CZMWDC¡ZMQPDK¡³FJK UGRGNGCEQPCNIWKGPEWCPFQJC[HKGUVC
V©OMCNJ!0CIW¡V©KEJCOVW¡DJKDIKEJ2QT MQQMOKEJKC¡=UWLRNFGMQOEJKC¡?2GL
SW«GUV£POQJQUCUGUVCUVQTVKNNCU!2WGUPQ MQQMOKEJKC¡COFQTOKT£PLWPVQCNCNWODTG
GUVCDCPGPXWGNVCUGPWPCVGNC=RNMCMQPDK¡³ =RTGVMQQMOKEJ©RTGUMQQMOKEJ©M
EQRLKZ? EQPVMQQMOKEJ©TFC¡?
MQPDK¡³EJC¡XaKOCPEJCTUG
FGOQJQ  MQQMOKMKC¡=EQORNRNFGMQQOMKC¡?CDTC\CTNQU
GPOQJGEGTUG$JCK¡IQTDKDC¡MKEJFJK =RTGVMCMQQORTGUMCMQQOKM
M©K¡EJW¡PPCEJCOMQPDK¡³EJC¡RCPCCUCOLKZ RWPVMQQMOKM©M?
FJWWFWKOVWODWC2QPICPGNVGEJQFGGUC
MQQMQO=RNFGMQO?E£UECTCUEQTVG\CU
ECUCRCTCSWGPQUGOCPEJGPNQUCTOC\QPGU
=CRQUMQQMOK¡³?
RQTSWGRCTGEGSWGSWKGTGNNQXGT
=RTGVMQPDK¡³EJCEQPVMQPDK¡³EJCTFC¡? MQQMQUC¡=EQORNRNFGMWCPC¡?SWKVCTNQU
=RTGVMQQMQUCRTGUMQQMQU?
MQQDC¡PCFLNNGPQ
FGURW«UFGEQOGT #OLKZ
KK¡OEJWOVWVCVFC¡PC³IKKNJKOLKZMQQDC¡P MQQMQZFJC¡=EQORNRNFGMWC³FJC¡?
:K¡IÀ¡VWLWW³KEJ/GUKGPVQECUKGORCEJCFQ SWKV£TUGNQU=RTGVMQQMQZRTGUMQQMQZK¡³?
RQTSWGGUVQ[OW[NNGPQRWGUEQO¯FGOCUKCFQ MQQMQ¡=RNFGMQ¡?X¯DQTCU
=RNMQMDC¡PEQRLKZ? MQQMZKC¡=UWLRNFGMQZKC¡?2GLMQQMZKC¡CO
MQQDFC¡XaKNNGPCTUGSWGFCTUCVKUHGEJQ
FG FQTOKT£P=RTGVMQQMQKRTGUMQQMQU
EQOKFC ,QKFJCOLKZDJCK¡MQQDLC³KEJPC EQPVMQMUQFC¡RTQRMQMZKRW¡FGUKFMQMZKM?
³KEJDCMCCZM©¡PVWLWW3WGF«UCVKUHGEJQ MQQMZKM=RNFGMQQZKO?SWGVKGPGPUWG³Q
EWCPFQEQO¯ECTPG=UWLRNMQMDCFC¡ =EQRLKZ?
RTGVMQQDMCMQQDRTGUMQMDC¡P?
MQQOC¡CFLITKU%JCORCK¡QKT©OCC¡PIW
MQQFCM=EQORNRNFGOW¡CCO?2GLLKZLC DJWTW¡ZLKZMQQOC¡OC³KCI©O!,K³Q¡³ZK
MQQFCMCONQUSWKGTGPOCVCT=EQRLKZ? VCMCCD0QCPFCRQTCJ¯WPDWTTQFGEQNQTITKU
EQPNCURCVCUCVCFCU!5GOGRGTFKµC[GT
MQQOIKNJKC¡ 6'2'*7ƒ0Ê'52#“1. 

FGUEQNQTKFQ#VVKKTWDCZMQQOC¡R©ZDC¡FJK³ MQQZK¡CFLSWGVKGPGCNIWPCOCNFCF
RQTPQ
MWVWWPDCMIW¡ZWC³K¡;CGUV£OW[ EQPHGUCT #C¡OQQPCRLWODQZMC¡IWZEJWVWM
FGUEQNQTKFCOKECOKUCRWGUUGFGURKPVC DCRQQM©¡PPCRIW¡EJKOQQZMQQZK¡
H£EKNOGPVG 0GEGUKVCUNKORKCTVGEQPNCPCPGITCFGDQTTGIQ
=RNMQMOC¡EQRLKZ? RQTSWGRWGFGSWGVGPICUCNIWPCOCNFCF
MQQOIKNJKC¡XaKGPUWEKCT
EQPRQNXQQEGPK\C  =RNMQMZK¡EQRLKZ?
5CK¡EJFJKFJCVCRFJKOUC¡WCPCRRCK¡FJWWM MQQZO©TC¡=RTQRFGMQZKC¡?KTCFQTOKT
DCOIKFJC¡,CZIKPCDC¡ICOO©L©DJCLC¡R MQQ¡P=RTGUFGMQQFC¡?NQUOCVC
MQQOIKEJ©MC¡UQQUPC¡P!&GDGUEQNICTVWEQDLKC
ECFCXG\SWGVGNGXCPVGU0QVKGPGECUQSWGGUV« MQQ¡PFCOUOCVCFQT
FGCPKOCNGU )W#NDKKP
UKGORTGGPGNTKPEµP[UGNNGPGFGRQNXQ UCRLKTMQQ¡PFCOIWVCVQQZMQNJRWEJCOLC
RQPGTUGITKU
GNEKGNQ )KQDJCK¡RDCLKOIW ³KQMEJQ¡PFJQUCROQQ&KEGPSWG#NDKPQGU
FWWM6©©¡PCDJCOO©PKFJ©TDJCK¡DC WPDWGPOCVCFQTFGOCTTCPQURWGUFKEGPSWG
MQQOIKNJK¡;CXKGPGQVTCXG\NCNNWXKCRWGU PQNQUFGLCITKVCT
CNN£UGXGITKUFQPFGGUV£NNQXKGPFQ MQTCCTUEQTTCN,CTQQEJKIC¡PFJKDJGUGGT
=UWLRNMQMOCIKNJKC¡RTGVMQQOIKTMQMOCIKT PCOK¡MWWRMQTCCTV©T!&GSWK«PUGT£GN
EQPVMQMOCIKTFC¡? DGEGTTQSWGGUV£GPEGTTCFQGPGNEQTTCN!
♦LKZMQQOIKNJK¡SWGH£EKNOGPVGUGNNGPCFG =RNMQMTCT?
RQNXQ -QTKCPCFXEKWFCFFG&WTCPIQ/QQEJOW
MQQOMKC¡XaVCDTC\CT)WIÀ¡IÀTMCOPCPDCV LKOKC¡-QTKCPPCTC¡IKEJCOMC¡OWOOWIWZ
LWOMQQMOKMFC¡COPCORCK¡FJWWMLWO ZKLWODCKMDJCCPFJKOCUCC¡P:KDMKC¡R©Z
³K³KQ¡MK¡³FJC¡.QUIQDGTPCPVGUOGUVK\QUUG IQQMDCWC¡IW¡*C[SWGKTC&WTCPIQCNC
CDTC\CPEWCPFQUGUCNWFCP LWPVCGNF¯CQEJQFGGUVGOGURWGUJQ[CRGPCUGU
=EQORNRNMQQMOKMKC¡RTGVMQQOMCMQQO F¯CFQU
RTGUMQQOKMMCMQQOKMRWPVMQQOM©M MQUUPKFQ,KZEJCOCCODJCFCTCCIW
MQQMOKM©M? NCPMKK[WUDJCOO©MQUV©T*C[EKPEQJWGXQU
MQQOUCNJUITKU
CPKOCN /CC¡PDJCOO©PK GPGNPKFQ=RNMCMQUCRQUMQUCC¡P?
FJ©TDJCK¡DCLKOF©©NJIWMCTDCZFJK¡IW
MQQOUCNJMCOVWK¡FJK¡#NN¯XKGPGWPCEJKXC
UQNCRCTGEGSWGGUNCITKU=RNMCMQQOUCNJ?
MQQRQM=RNFGMCDQQM?ITWGUQU
FGHQTOCRNCPC 
=EQRLKZ?

MQQU=RTGUFGMQZKC¡?FWGTOG
MQUDJCNJUE£UECTC
FGNKGPFTG )KKNJKOLCO©V
MQQZEJWFC¡XaVRQPGTCFQTOKT#NJK¡EJLCR DCMDJCK¡DCVCCVM©LWOOQ¡COIWC¡CCV
DC¡ZK³DJ©K¡³O©TC¡IWUWWFCK¡PC³M©¡P DJC¡³KLC¡RR©ZLC¡ZFCCIWLCMQUDJCNJ
DCVDKC¡PCRZKMQQZEJWFCKFJKCNJKK&GURW«U 2CTGEGSWGPCEKGTQPOWEJ¯UKOQURKQLQUGPVW
FGSWGFWGTOCUCNPK³QJC\OGGNHCXQTFG ECDG\CRWGUCNN¯UGXGPNCUE£UECTCUFGNCU
VTCGTOGCIWCRCTCDC³CTOG NKGPFTGU
FGLCTFQTOKT%JCODJCK¡³MQQZEJWFCO©V
MQVDQUJQODTQ-QVDQTCOOQQVQ¡IWUCTDJCM
IWOCKMMCO$©ZEJWMCC¡O©L©LC¡RRCK¡LKK³CM
MW¡CC¡IWOCC¡PMCO'NJQODTGECTICWPNG³Q
CO0QOGFGLCTQPFQTOKTCIWUVQNQU
ITWGUQGPUWJQODTQ=RNMQMVQRQ
DQTTCEJQURWGUVQFCNCPQEJGUGNCRCUCTQP
CRQUMQVDQ¡PMQMVQRQ¡P?
ITKVCPFQRQTCJ¯
♦MQVDQTCOGPUWJQODTQ
FG«NQFGGNNC 
=EQORNRNMQQMZKEJFJC¡RTGVMQQZEJWFC
MQQMZKEJRTGUMQQZEJW¡PMQMZKEJW¡P? MQVIKZCFLGURQPLCFQ
RNWOCLGEWCPFQGUV£
GORQNNCPFQWPCXG ,KTMQVIKZFJKWDKK
MQQZKOCFLSWGVKGPGUWG³Q
NKVSWGSWKGTG
VCMCCTWK¡PCIW¡VWDQK¡UCRPCODC¡
FQTOKT /K¡ZK³DCMZK¡³IWOCK³#OLKZ
OWK¡FJC¡'UV£GURQPLCFQGNRNWOCLGFGGUVC
MQQZKODCVWVCVFC¡2QTHCXQTVK«PFGOGGN
ICNNKPCRQTSWGGUV£GORQNNCPFQRCTCSWGJC[C
RGVCVG%TGQSWG[CVGPIQUWG³Q=RNMQQMZKM
OWEJQURQNNKVQU
EQRLKZ?8«CUGMQZKC¡
 6'2'*7ƒ0Ê'52#“1. MWC¡

SWGVKGPGRQNNKVQU
CXG ,KZDJCPCC¡MC¡IW MQ¡MQNJUEJKNG,QKFJCOLKZK¡QQDIWMQ¡MQNJ
WDKKVCMCCTWK¡PQ¡TMQVIKZPCIW¡ZLCFC¡FC¡ UQPDKUQURQ¡MCNJD©PMCO'UV£OW[UCDTQUCNC
PQ¡OMCT©¡NJKEJ5GRQPGDTCXCNCICNNKPCSWG UCNUCFGEJKNGEQPVQOCVKNNQ
VKGPGRQNNKVQURQTSWGNGUVKGPGOWEJQECTK³Q MQ¡MQOCFXSWGECWUCFQNQT-Q¡MQOLKZL©©RK¡³
OKGPVTCUGUV£PEJKSWKVQU FJKM©D'NJKGNQECWUCFQNQTFGVCPHT¯QSWG
=RNMCMQVIKZQMQMQVIKZEQRLKT? GUV£
MQZKC¡XaKFQTOKT$KDCOKK¡.CCNQ2WKMQQU MQ¡TCCTQ¡XaTIWUVCT΁,CZEJW¡OLWOMQ¡TCCT
CRCC!6À¡MQDDCFWW.GX£PVCVG.CNQ IWWDKKPCEJDC¡OVCC³ZKFJC¡!ÏLWRV©VFCCO
6QFCX¯CGUV£UFQTOKFQ!;CUGJK\QVCTFG IWI©¡MQTIC¡PIWDKCROC¡΁%W£NOWEJCEJCVG
=UWLRNMQQMZKC¡RTGVMQKMQQMQKRTGUMQQU IWUVCT¯CSWGVGRKFK«TCOQU!ÏFKLGTQPNQURCFTGU
MQQMQUEQPVMQMUQFC¡RTQRMQQZO©TC¡ CNLQXGP=RTGVMQ¡TCCTQRTGUMQ¡TCCT?
MQMZKRW¡FGUKFMQQZKOMQMZKM? 8CTMQ¡TCCTW¡
♦EJWMQQZOQFC¡CFLSWGNGFCUWG³Q
MQ¡[C¡=UWLRNFGOWMKC¡?2GLMQ¡[C¡CO
MQ¡UX¯DQTCEWNGDTC,WRMCK¡EJFJC¡COPCUCR OQTKT£P=RTGVMQKRTGUMQ¡?
LKZK¡QQDIWM©K¡³MCOMQ¡IWDCMZKIC¡P&KEGP
SWGNCECTPGFGNCX¯DQTCFGECUECDGNGUUCDTQUC
MWEQPLRCTC+PFKECSWGWPCCEEKµPFGRGPFGFG
QVTC:KDCK¡³IWICIQQZIWVWMZK¡³MW³[C¡PK
=RNMQQMQ¡?
VWLCK³FJC¡.NCOGCNRGTTQPGITQRCTCFCTNGWP
MQ¡KKFJC¡XaKKTEQOKGPFQ6W¡RMQ¡KKOPCR RGFC\QFGVQTVKNNC=)TCO?
DC¡R©ZCOLWOMK¡DKO!3W«XCUEQOKGPFQ!
2WGUUGXGSWGGUV£UOCUVKECPFQCNIQ
MWCMIKFJC¡=EQORNRNFGMWC¡³FJC¡?
ECNGPVCTNQU=RTGVMWCMIKRTGUMWCMIK¡³?
=RTGUMQ¡KKO?8CTMQK¡FJC¡
MQ¡MCFLSWGFWGNG
WPCRCTVGFGNEWGTRQ d,C¡R MWCMIK¡³=RTGUFGMWC¡³FJC¡?NQUCOCTTC
JKNQU
FGNVGNCT 
OQQZMQ¡MFJK³MQVDQ2CPCCUMWV©O³KZMCO
VWVCVFC¡IW¡EJKPCZD©©VIWUCTDJCMMW¡CC¡ MWCPC¡XaVFGURGICTSWKVCT
EWDKGTVQ 
PC³KEJOQQVQTCMVCMCCDd%µOQOGFWGNGGN -QQMQUC¡CRFJKVCDNGVCUFJK¡PCZKQ¡ODCZ
JQODTQ5KGPVQEQOQSWGUGOGFKUNQEµ2WGFG MCMQPDK¡³LCK¡RDJCUKUUCRC¡3WKVCNCU
UGTRQTSWGGUVCDCRGUCFCNCNG³CITWGUCSWGHWKC VCDNGVCUFGNVGEJQSWG[CGUV£POW[RQFTKFCU[
VTCGTC[GT=RNMCMQ¡MEQRLKZ? RQPQVTCU
XaVSWKVCTUCECT
FGFQPFGGUV£OGVKFQGPNC
MQ¡MFCK¡UGPHGTOGFCF$©©ZCKZKOVW¡OVÀ
VKGTTC -QQMQUC¡CRFJKLQQFCKFJK¡PCL©¡MLKT
ÀÀMC¡IWMQ¡MFCK¡PQ¡TVCCDJCM,CZPCDC¡!
IÀ¡IÀTPCDC¡LWRCCDCPLWRVWOFW³KC¡3WKVC
%WCPFQNNGICNC«RQECFGUGSW¯CNCIGPVGUG
NCURKGFTCUITCPFGURCTCSWGSWGFGRCTGLQ
GPHGTOCFGOWEJQUVKRQUFGGPHGTOGFCFGU
XaVSWKVCT
ECOKUCQUQODTGTQ -WCPCKCR
3WK«PUCDGRQTSW«UGT£!
FJKOMWVWWPMW³LWODCMWC³FJC¡LWOCKRV©¡
MQ¡MNJKC¡CFLSWGGORKG\CCFQNGT
RCTVGFGN LK3W¯VCVGNCECOKUCRCTCNCX£TVGNC[RQPVGQVTC
EWGTRQ 2CK¡L©DCLKZMQ¡MNJKC¡IW³OQ¡# XaTSWKVCTUG
TQRC FGUPWFCTUG'CRZKO
XGEGUOGFWGNG
NKVGORKG\CCFQNGT NCECDG\C MQQMQUMWEJOQQZKDCVD©LKPCMCVCPQQT
=RNMCMQ¡MNJKC¡EQRLKZ? 3W¯VCVGNCTQRCRCTCDC³CTPQUOKGPVTCUJC[CUQN
♦EJWMQ¡MCFLSWGFWGNG
EWGTRQGPVGTQ  =EQORNRNMQQMQUC¡RTGVMWCMQQMQUC
MQ¡MOCNJKM=RNFGMQOCCNJKM?FGNICFQU
FG EQPVMWMWCUFC¡MQQMQUFC¡?
HQTOCRNCPC =EQRLKZ? ♦ZKMWCPC¡XaVFGUOQPVCTNKORKCT
JKGTDC 
MQ¡MOCTCFXNCFQCNCFQ-Q¡MOCTLCEJOQQ MWC³FJC¡XaDSWKVCT
TQRCFGQVTCRGTUQPC 
LKKOFC¡[C¡FJKMCC[KPCIW¡[C¡RWK¡LC¡MVWO -WC³FJC¡CRIWUCDWKTCZK¡³FJKCNJKK)KKNJKO
QKT©8COQUCCPFCTWPQNCFQCNNCFQFGNQVTQGP LKZDCC¡$CMIW¡OK[CC3W¯VCNGNQUECN\QPGU
GUVCECNNGRQTSWGCU¯UGECOKPCCSW¯ CNPK³QRQTSWGGUV£POQLCFQURWGUUGQTKPµ
#PVµPUCMCCNJ =EQORNRNMQQMQZFJC¡RTGVMWC³MQQMQZ
MQ¡MOCTCM=RNFGMQOCCTCM?CPEJQU
FGHQTOC RTGUMWMWCZK¡³MQQMQZK¡³?
RNCPC =EQRLKZ? 8CTMWC³EJWNJFJC¡
MWC¡=RTGUFGLWIKC¡?EQOG
MWC¡IKC¡ 6'2'*7ƒ0Ê'52#“1. 

MWC¡IKC¡XaKEQTVCTNG³C$KDCOKK¡/KNKCPWMWR VK\PCFCRTQDCDNGOGPVGRQPGOWEJQQEQVGGPNC
DCMWC¡O©TC¡$CZKC¡IW¡.GX£PVCVG'OKNKCPQ NWODTG=RNMWMDJC¡DK³EQRLKZ?
RCTCSWGXC[CUCEQTVCTNG³CRWGU[CCOCPGEKµ MWDJC¡D³KC¡XaKVK\PCTUG
UWLKPCP Î,C¡RLC¡M
=RTGVMWC¡I©RTGUMW¡CC¡? LCRZKEJ©MKC¡FJKV©O/K¡MWDJC¡D³KOPC
MWC¡³FJC¡XaVEQTVCTNG³C
RCTCQVTCRGTUQPC  LW¡³FJCTCOMCCVIWMWOCCNJÏLWRV©VFCIW
)QQMZKMWC¡³FJCTCMIWOFJKZKKM6W¡IKPC OCTCC¡PIW/CTKK[CÎ/WGXGNCVQTVKNNCJCEKC
IW¡FCKZKDEJCOVW¡PCOQQICOO©L©8GC CFGPVTQFGNEQOCNRWGUUGGUV£VK\PCPFQRQTSWG
EQTVCTNG³CRCTCVWV¯C#NECDQPCFCO£UUGT£ NCRWUKUVGGPNCQTKNNCÏFKLQNCOCO£C/CT¯C
RQTGUVCXG\PQVQFQUNQUF¯CU =RTGVMWDJC¡DRTQITMWDJC¡D³KO?
XaTEQTVCTNG³C
RCTCU¯OKUOQ $CO MWIKRCTV+PFKECCHKTOCEKµP#CR[C¡MCDK¡[C¡
MWC¡³FJC¡RKO©RPCVEJCMWKZKQ¡OVWMMWEJ MWIKPCEJCOZK¡F©©NJLWOP©K¡³FJC¡FJKO
DCLKKOFC¡/WRCK¡EJFJQLKKC¡T©KPQ¡VDCVWM CDWKN3W«FCVGRWGUCSW¯EQPVWCDWGNCRCTC
%QTVGPUWNG³CRCTCKTPQUCPVGUFGSWGUG SWGPQUGUKGPVCVCPUQNC=)TCO?
QUEWTG\ECO£URWGUPQSWGTGOQUECGTPQUGPGN
MWIW¡EQPLRGTQGPECODKQ+PFKECEQPVTCUVG
ECOKPQ
/CC¡PLCRDJCK¡ZK³EJCC³ZKFJCKIWUCPFKK[CU
=RTGVMWC¡³RTGUMWC¡IK¡³?
PCRUCCMOWLKOKC¡VKCPFCMWIW¡ZDJCKMCO
MWC¡³FJC¡XaVECNGPVCT
EQOKFCQCIWC #C³
LKPQDQVW¡ZFJQ¡KK¡DQ%µORTCOGWPCUCPF¯C
MWC¡³FJC¡IWUWWFCK¡PC³M©¡PDCVDKC¡8Q[C [CSWGXCUCNCVKGPFCRGTQWPCSWGGUV«
ECNGPVCTCIWCRCTCDC³CTOG OCFWTCPQXGTFG=)TCO?
ECNGPVCT
RCTVGFGNEWGTRQ )QQMLC³ MWKUNCTKPIGICTICPVC,KZMQ¡MMC¡IW³MWK
MWC¡O©TC¡MW³M©¡PMWCMIKFJC¡IW³EJQQVQP
PQ¡³OWK¡ZKEJWMWC¡PQ¡[CFCTCCIW³
8Q[CVTCGTNG³CRCTCECNGPVCTOGNQURKGU
W¡RCFC¡/GFWGNGNCICTICPVCEWCPFQEQOQUK
=EQORNRNMWCMIKFJC¡RTGVMWC¡³MWCMIK
VGPIQKPHNCOCFCUNCUCPIKPCU=CRQUMWK¡³?
RTGUMWCMIK¡³?
♦OQQ³CNJLWOMWCMIKFJC¡VGXQ[CRGICT MWKEJFJC¡XaVVQECT
KPUVTWOGPVQOWUKECNFG
MWC¡³FJC¡XaVCOCTTCT
JKNQUFGNVGNCT $©©R©¡
CNKGPVQ 2CCRKEJLCZFJWWIWC¡CC¡PCRM©¡P
OWLC¡RMCVWMWKEJFJKFJCVVCMCCD!&µPFG
MCVLCRDJCK¡ZKKCTCKFJKLKKNPCRDC¡DC EQPUGIWKUVGGNEWGTPQSWGGUVCDCUVQECPFQC[GT
MWC¡³FJC¡#C³I©VIW¡[C¡F©TLC¡MLWRDC RQTCJ¯!
MWC¡³FJC¡LKPCRCCROK¡MCZZKLCKEJW¡P;C EJKHNCT
WUCPFQNCUOCPQU #CRK¡CCZKEJW
SWGUGVGFKHKEWNVCGUVQRTKOGTQGPTQNNCGNJKNQ MWKEJOCC¡PPKODJCOO©RCK¡MQQMDC¡P
JCEKCCE£[NWGIQNQCOCTTCUOKGPVTCU[QNGFQ[ D©©R©¡!(WKUVGV¼SWKGPEJKHNµWPCXG\FGUFGGN
XWGNVCFGCE£[NQCOCTTQ=RTGVMWC¡³ DQTFGFGNRG³CUEQJCEGTCVQ!
RTGUMWCMIK¡³? RKVCT
ENCZQP /CC¡PPKOLC³R©ZOQQDC
MWDJC¡DKFJC¡XaVVK\PCT,WOMWDJC¡DKFJC¡ MWKEJFJC¡FJKVTQQMC0Q¡EJCORCK¡LQK³FJQ
FJQIWMWWDJ©ZPCRKEJOK¡FJ©TDCM©MDWPC IW¡DCLKK³KEJFJQ8Q[CRKVCTGNENCZQPWPC
RCK¡LC¡MDJ©©'NJWOQVGXCCVK\PCT[CSWGVG UQNCXG\5KPQXKGPGRWGU[COGXQ[
RCTCUVGCNN¯FQPFGRCUC =RTGVMWKEJRTGUMWKEJW¡P?
XaTVK\PCTUG
XQNWPVCTKCOGPVG t)KIW MWK¡DW¡UECUECFC
FGCIWC /©L©MWK¡DW¡
,KTCCTFQRCCLC¡MDJ©K!tLWRMCK¡EJIW UWWNJK¡³COIWC¡CCNJPCRCK¡ZEJWWM.QU
VCCVC¡Pt/WEJKRCK¡OMWDJC¡DKFJCOPCZ PK³QUGUV£PPCFCPFQFGDCLQFGNCECUECFCFQPFG
LQK¡³FJC¡PCOWRCK¡PCC¡PMC¡IWLWMtLWR GUV£JQPFQ=RNMWMWK¡DW¡?8CTMWK¡DQ¡
MCK¡EJIWF©¡©©¡Pt;)GTCTFQCFµPFGHWG!
♦LKZMWMWK¡DW¡SWGJC[OWEJCUECUECFCU
tRTGIWPVµUWRCR£t2QTCJ¯GUVCT£VK\P£PFQUG
RWGUNGIWUVCGPEGPFGTHWGIQEQPGNQEQVG MWMDJC¡DK³=RNFGMWDJC¡DK³?VK\PCFQU
tEQPVGUVµUWOCO£=RTGVMWDJC¡DK =EQRLKZ?
RTGUMWDJC¡DK¡³? MWMMTWU=RNFGMWTWWU?ETWEGU
MWDJC¡DK³CFLVK\PCFQ,KZMWDJC¡DK³R©ZOK¡ MWMOKC¡XaVEQOGTOCUVKECT
EQUCUUGECU )QQM
DCM©©MIWDC¡MK¡³IW/CTUGGNQPCVV©KMKC¡R©Z LC³ZKMWMOKC¡FJKICMFJK¡³)KKNJKODCZ
OKM©K)KKNJKOEJKOK³CC¡PMC¡IWLWM.C DJKQ¡K³8Q[CEQOGTOGWPCUFGGUVCUVQUVCFCU
ECUCSWG/CTEGNQCECDCFGEQPUVTWKT[CGUV£
 6'2'*7ƒ0Ê'52#“1. MWTCVOQ¡

RQTSWGVGPIQOWEJCJCODTG=RTGVMWWM OGVKµFGDCLQFGGUCRKGFTC#JQTCXQ[CHWOKICT
RTGUMWO? RCTCSWGUGOWGTCRCTCSWGPQUKICUCECPFQGN
♦MWOKKFJC¡XaVKTEQOKGPFQKTOCUVKECPFQ OC¯\SWGUGODTCOQU=RTGVMWOW¡TC

EQUCUUGECU  RTGUMWOW¡T?
MWMPCV=RTGUFGMWPVC¡?UGECUC
OWLGT  MWPUGURQUQ,KTF©NJFJ©OIWWDKKPQ¡VDC
MWMRCTC¡=RNFGMWWRCTC¡?VCRQPGU OWWIWMWPCC¡PRKCOPQ¡VEJCMWKLCZEJW¡O
=CRQUMWMRCTIC¡P? EJKQ¡³QK7PCOWLGTUGEQPUKFGTCUQNVGTC
EWCPFQPQUGJCECUCFQQEWCPFQUWGURQUQUG
MWMRC¡=EQORNRNFGMWWRC¡?EGTTCTNQU OWGTG
5GUWGNGWUCTD©©PC¡EµP[WIGGPXG\
=RTGVMWMRC? FGMWPGURQUQ =CRQUMWPCC¡P?
MWMRKIC¡=EQORNRNFGMWW¡ORKIC¡?EQTVCTNCU MWPVC¡XaKECUCTUG
OWLGT $CMWPCCVLKDCMLKC
RWPVCU
ETGEKGPVGUFGWPCRNCPVC =RTGVMWMRK IW,WCPCPCZKDRC¡DJCK¡RMCTV©[CCMC¡;C
RTGUMWMRK¡? UGECUµ,WCPCNCSWGCRGPCUNNGIµCUGTUG³QTKVC
MWMRKQ¡MC¡=EQORNRNFGMWRKQ¡MC¡?CDTKTNQU =RTGVMWPCCVRTGUMWMPCV?
=RTGVMWMRKQ¡?8CTMW¡ORKQMC¡ MWRKQ¡MC¡XaVCDTKT
RCTCGPVTCT $©©R©¡ROWK¡
MWMRKQ¡MFJC¡=EQORNRNFGMWRKQ¡MFJC¡? ZKLKOKC¡PCRDC¡DCMWRKQ¡MC¡DJCOO©
CDT¯TUGNQU=RTGVMWMRKQ¡MRTGUMWMRKQ¡MK¡³? MKKEJCOIWDC¡CCMPCIW¡UKKUCR8GVG
MWMTCV=RNFGMWTCV?ECTRKPVGTQUDGNNQVGTQU CFGNCPVGRCTCCDTKTNCECUCRQTSWGGUV£EGTTCFC
MWMUK³=RNFGMWUKK³?EQUKPCU CDTKTUQNVCT
RCTCUCNKT $KLCMWMRKQ¡MFJK
DJG¡OUGTMWRDCLCDKC¡TC¡OWOOWPKLC¡R
MWMUWR=RNFGMWUWWR?PWECU W¡ZICO;CUWGNVCNQUDGEGTTQURCTCSWGNQU
MWMVWP=RNFGMWVWWP?DNWUCU RCUVQTGGUGPGNOQPVG
MWMWCZK¡³=RTGUFGMWC³FJC¡?UGNCSWKVC
TQRC =EQORNRNMWMRKQ¡MC¡RTGVMWRKQ¡MWMRKQ¡?
FGQVTCRGTUQPC  MWRKQ¡MFJC¡XaDCDTKT
RCTCQVTCRGTUQPCQ
MWMWK¡DW¡=RNFGMWK¡DW¡?ECUECFCU CPKOCN -WRKQ¡MFJC¡CRIWDJWTW¡ZPCDJC
DCMKC¡$JCOO©F©TV©KM©©MMK¡³IQDPCDJCZ
MWMWWNUK=RNFGMWWNUK?CDWGNQUPKGVQU
DCCMKOƒDTGNGCNDWTTQRCTCSWGGPVTGRWGU
=CRQUMWMWWNUK¡³?
CNN£GUV£RCTCFQLWPVQCNCRWGTVCFGNEGTEQ
MWMW¡T=RNFGMW¡WWT?EQTCU
KPF¯IGPCU  SWGTKGPFQGPVTCT=EQORNRNMWMRKQ¡MFJC¡
MWMZKT=RNFGMWZKKT?EWEJKNNQU RTGVMWRKQ¡MMWMRKQ¡MRTGUMWRKQ¡MK¡³
MWMZK¡=RNFGMWWZK¡?V¯QUUQDTKPQUUQDTKPCU MWMRKQ¡MK¡³?
=CRQUMWMZK¡³? MWTCVUECTRKPVGTQDGNNQVGTQ$JCOO©PKFCCIW
MWM[WPFC=RNFGMW[WPFC?EQ[WPFCU MWTCVLKZICMLWMVC¡O$JCLC¡RDCCRUCKOIW
VWCMCKPCDJCK¡VWODK¡FJKO7PECTRKPVGTQ
MWO=RTGUFGMWMOKC¡?NQEQOG
CNIQUGEC 
DGNNQVGTQCPFCGPGNRKPQUGEQRWGURQTCJ¯
MWOCCNJ=XCTFGMQOCCNJ?EQOCFTG
IWCTFCNCUDGNNQVCURCTCEQO«TUGNCUFGURW«U
MWOCCNJ=XCTFGMQOCCNJ?EQOCN =RNMWMTCV?
MWOCCNJKM=XCTFGMQOCCNJKM?FGNICFQ
FG
HQTOCRNCPC 
MWOKKFJC¡XaVKTEQOKGPFQKTOCUVKECPFQ
EQUCU
UGECU )QQMLCRKOLK³DWKFJC¡IWICMFJK¡³
PC³MWOKKFJC¡,K³DCKFJKOCOIWQ¡TQUKTKU
,WMV©T*£ICPOGCNIWPCUVQUVCFCUFGOC¯\RCTC
KTEQOKGPFQGPGNECOKPQRWGUNQULWGEGU 
SWKGTGPSWGNQUCEQORC³GC5CPVC/CT¯CCJQTC MWTCVOQ¡UJQPIQ
TQLQEJKSWKVQ )QQM
=RTGVMWWMRTGUMWO?8«CUGMWMOKC¡ ICC¡O©TIWMWTCVOQ¡OWOOWLC¡RRCK¡PCEJ
MWOW¡TC¡XaVHWOKICT
EQPJWOQ /K¡³KLKDCC LKFJQQTCKM©¡PVWLWIKC¡8GCDWUECTWPQU
IWV©©MQNJLQFCKD©VC¡:KDLC³OQQOK JQPIQUFGR£LCTQDGNNQVGTQRCTCEQEGTNQU[
MWOW¡TC¡MWOWMKC¡PCEJCODJCLC¡MLKEJ EQO«TPQUNQUEQPVQTVKNNC
DJKKLK¡³FJC¡IWLWWPPCEJV©©U.CCTFKNNCUG
MWTVKTQQP 6'2'*7ƒ0Ê'52#“1. 

MWTVKTQQPU/GFKFCUGECGSWKXCNGPVGCFQUNKVTQU 3W«EQUCOGCPFCT£GPNCPWEC!*C\OGGNHCXQT
/CC¡PMWTVKTQQPZK³UCDC¡FCMIWDJCDIW³ FGXGT=RNMWMUWRCRQUMWURC¡P?
³WWEJKZ/KEW³CFQOGEQORTµFQUNKVTQUFG MWVVWEQPLRQTSWGUKPQ$CTCOFJQPCRDC
HTKLQN=GUREWCTVKNNQ? DJKC¡FJKOCVCKOC¡PMWVVWIW¡ZKQ¡ODJCK
MWTWWUUETW\)WEJ:QK¡MCOMWTWWUVC¡O ;CSWKVCGNPKZVCOCNFGNCNWODTGRQTSWGUKPQ
UKUUCRCMOWCO©VUKCMWIW¡V©KLQKFJCOLKTLKZ XCCEQEGTUGFGOCUKCFQ
DJCK¡MCOMCV/CVCTQPC0WGUVTQ5G³QT MWVWWPUV¼PKEC
VTCFKEKQPCNFGJQODTG 6W
,GUWETKUVQENCX£PFQNGGPWPCETW\CRGUCTFGSWG UQQOIW³ZKKZIWMWMVWPPCO©VUCREJKC
GTCOW[DWGPCRGTUQPC=RNMWMMTWU? IQQMIWLC¡VMCO/KJGTOCPCGUV£EQUKGPFQNCU
MWTWWUVWFC¡XaTRGTUKIPCTUG6CMCCDLCEJKC V¼PKECUSWGFQURGTUQPCUNGRKFKGTQPSWGNGU
IWRCCNJPCOLWOMWTWWUVWFC¡IWC¡CCNJ,CK¡ JKEKGTC
EJCOCC¡COPCOIW¡UCREJCOOCCV#[GT DNWUC
VTCFKEKQPCNFGOWLGT #VVKKTQT
GNRCFTGNGUFKLQCNQUPK³QUSWGUGRGTUKIPCTCP VWRWWNJKMFJKWDKKIWMWVWWPC¡P6©KZK
RGTQCNIWPQUPQSWGT¯CPRQTSWGFKEGPSWG EJQK¡FJKZLKUCRIW¡IWZC¡UMK¡PCM©¡PLKZ
VQFCX¯CPQUCDGPRGTUKIPCTUG CDJCCTMC¡.CDNWUCFGGUVCOWLGTGUV£OW[
=RTGVMWTWWUVWFCRTGUMWTWWUVW¡P? EQTVCCWPSWGGUV£CFQTPCFCEQPGPECLGRCTCSWG
MWUDKMC¡XaVNNGXCTVTCGT
RQTOGFKQFGWPC UGXGCDQPKVC
EQNICFGTCGPGNJQODTQQGPNCECDG\C -WUDKMC¡ =RNMWMVWP?
CRFJKKOCKPCOK¡FJCCCUCCMEJC¡O MWWDJ©ZUJWOQ-WWDJ©ZM©¡PLCOLCMQQ¡P
DJCOO©RZKFJCTUCKDC¡MEJ©TPCEJCOVW¡ IWDJCDJQ¡OMQZIWPCPCDF©FCOPQ¡VRCK¡
VQQZMQNJLWRDCLWIKQMC¡[C¡.N«XCVGGPGN DCCF©¡PM©TPCOIW¡DJCMWOW¡TC¡.QU
JQODTQGUCUECNCDC\CUSWGGUV£PCNN¯[RQPNCU EC\CFQTGURCTCOCVCTCNQUVGEJCNQVGUNQUJCEGP
CNN£FGPVTQFGNCECUCPQUGCSWGCSW¯UGNCU UCNKTEQPJWOQFGNQUJWGEQUFQPFGUGOGVGP
EQOCWPOCTTCPQ=EQORNRNMWWMUWRKMC¡ ♦MWW¡OZK¡CFLSWGGEJCJWOQ
RTGVMWUDKQMMWWMUWR©MRTGUMWUDKQ ♦EJWMWWDJ©UCFLSWGJC[OWEJQRQNXQ
MWWMUWR?8«CUGMWUDKQ¡ MWWFCOCFXTGEKQ/WRCK¡UCRLC¡MF©TOCI©K
MWUDKQ¡XaVEQNICT
GPGNJQODTQQGPNCECDG\C  OCC¡PIWCRVWDWWUPCIW¡EJKMWWFCOMC
/Q¡TCOLKMWUDKQVIWLC¡CCIW³Q¡MKZD©©R©¡ O©NJEJW¡&KEGPSWGRQTCJ¯UGXQNVGµWP
PCV[CCKCUCCMEJC¡OZKICCOVWI©V*CEG CWVQD¼URQTSWGRTQDCDNGOGPVGKDCOW[T£RKFQ
TCVKVQSWGNNGIµOKV¯CVTC¯CWPCQNNCGPWP MWWICNJFJC¡XaVEWORNKT
OCPFCVQ
OQTTCNEQNICFQGPNCECDG\C EGTGOQPKCN %JCMWKRKQ¡FC¡IWDKK³PCRKEJ
=EQORNRNMWWMUKQRQ¡RTGV[RTGUMWUDKQ IW¡EJCMWKMWWICNJPCRL©¡MVWQK¡³6QFCX¯C
MWWMUKQREQRTGVMWUDKQVQMWUD©VMWWMUKQRQV PQRWGFGUVQOCTOG\ECNRQTSWGVQFCX¯CPQ
QMWWMUKQRCV? EWORNGUNQUF¯CUFGNOKVQVG
♦MWUDKMC¡XaVNNGXCTVTCGT
RQTOGFKµFG XaTEWORNKTUGVGTOKPCTUG
VKGORQUG³CNCFQ 
WPCEQNICFGTCGPGNJQODTQQGPNCECDG\C  /CCZFJKFJQDCOMWWICNJFJC¡LKCPCEJLKZ
MWUKK³UEQEKPCt2CCLCZVW¡KK¡IWOVCCV! ZKZFJWPCEJV©P©K¡O©MIWZKQVCNJ/C³CPCUG
tLWRV©VFCIW,WCPIWCNJKKt/©L©PCLWWMC¡ EWORNGGNVKGORQFGGUVCTÎDGPFKVQUÏFGURW«UFG
MWUKK³tLWRMCK¡EJIWK¡t&µPFGGUV£VW DCKNCTGNOKVQVG
RCR£!tRTGIWPVµ,WCPCWPPK³Qt#NN¯GUV£ =RTGVMWWICNJEQPVMWWICNJK¡³FJC¡?
ECNGPV£PFQUGGPNCEQEKPCtEQPVGUVµ«N MWWIC¡PUOG\ECNCITKQ
NQSWGUCNGCNVGTOKPCT

6TCFKEKQPCNOGPVGUGEQPUVTW[GWPCECUKVCUGRCTCFC FGFGUVKNCTGNOCIWG[ 5KPµPDJCK¡³
FGOCFGTCFQPFGUGRQPGNCNWODTGGPGNRKUQ
MWWM=RTGVFGMWMOKC¡?NQEQOKµ
CNIQUGEC 
FGVKGTTC[GPNCEWCNUGIWCTFCPNQUWVGPUKNKQURCTC
EQEKPCT#XGEGUKPENW[GWPCRNCVCHQTOCDCLC MWWMUKQRQ¡=EQORNRNFGMWUDKQ¡?EQNICTNQU
GP
FGVCDNCURCTCFQTOKTFWTCPVGGNKPXKGTPQ  GNJQODTQQGPNCECDG\C =RTGV[RTGUMWWMUKQR
=RNMWMUK³? EQRTGVMWWMUKQRQVQMWWMUKQRCV
VTCUNMWWMUWRKMC¡?
MWUWWRUPWEC6W¡DC¡[©L©RCK¡FJ©TR©ZLK³
QKNJKZK¡³LK³MWUWWR!'CR[©L©ZK³EJ©©¡³ZK¡³
 6'2'*7ƒ0Ê'52#“1. MWW¡

MWWMUWRKMC¡=EQORNRNFGMWUDKMC¡?NNGXCTNQU MWWRUECDGNNQd,QKFJCOVÀ¡VÀDVWMWWRFJK


GPGNJQODTQQGPNCECDG\C =RTGVMWWMUWR©M WDKKd3W«ECDGNNQVCPNCTIQVKGPGGUCOWLGT
RTGUMWWMUWR? =CRQUMWWRC¡P?
MWWMW¡XaKTGDW\PCT
DWTTQ TGNKPEJCT
OCEJQ MWWRCTC¡UVCRµP/CC¡P[C¡PKFJCCIW
QECDCNNQ /WRCK¡MWWIWVWMEJK³DJWTW¡Z DCK³WOLKZDJKKEJ,KTMWWRCTC¡MCVDCM#SW¯
PCVUCCMOCK¡I©K'NDWTTQFGNJQEKEQPGITQ GUV£WPHKGTTQQZKFCFQRCTGEGSWGGTCWPVCRµP
GUV£TGDW\PCPFQRQTCNN£GNSWGFKEGPSWGUG =RNMWMRCTC¡CRQUMWWRCTIC¡P
RGTFKµ MWMRCTIC¡P?
ECPVCT
KPUGEVQQR£LCTQ -CRDJWKOWMLC³ MWWRC¡XaVEGTTCT:KMWWRCM[CCDKM©¡PIW
OQQOWLKOKC¡2GGITQDWKPCOLCZMWWMW¡IW MK¡³IQDPCVDCDWWU%GTTµNCRWGTVCEQPNNCXG
W¡LK¡/W[FGOC³CPCGPEWCPVQECPVGPNQU CNUCNKT
R£LCTQUKT«CFQPFGXKXG2GFTQ GPEGTTCTCEQTTCNCT,C¡RLCRV©©FC¡PCLC
UQPCT
KPUVTWOGPVQOWUKECN ,CZVWMWWFJKO MWWRC¡IWMCMCTDCZPQ¡VDCLWT&KNGSWG
UCCUDKMCT!,QKFJCOVWUCDCC!%µOQUWGPC GPEKGTTGNCUEJKXCUEWCPFQUGJCICFGPQEJG
GUGKPUVTWOGPVQVW[Q!5WGPCDQPKVQ! VCRCT
EQPVCRCFGTC -WWRCTIC¡PM©¡PLCR
=RTGVMWWMWRTGUMWW?8CTMWWMW[C¡ MWWRCKFJKDJQQVKPCEJCOOKDCMKC¡IW
MWWMZKQRQ=RNFGMWZDQ?EWGNNQUICTICPVCU DCU©©MEJCOVW¡PCLQQZKC¡M©¡P6CRCGNDQVG
MWWNUKUCDWGNQ6©K³DCKFJKOIW³MWWNUK EQPUWVCRCFGTCPQEQPWPRNCVQRCTCSWGPQUG
PCEJUCRP©K¡RW¡IWZKQVCNJPCLKLWT³KOMW³ OGVCWPTCVµP
LKIW¡EJKEJCOLKOKC¡LKPC³IW¡ZMQQZKO/G EGTECT-WWRCKOK³FJK³ICCPCOEJCO[C
GUV£KPXKVCPFQOKCDWGNKVQCSWGXC[COQUC DCCRMKC¡IWDCCM'UVQ[EGTECPFQOKOKNRC
DCKNCTGNOKVQVG[CSWGCJQTCGUGNF¯CFGNC RCTCSWGPQGPVTGPNCUXCECU
EWNOKPCEKµPRGTQETGQSWGPQXQ[CKTRQTSWG =EQORNRNMWMRC¡RTGVMWWMWMRC?
VGPIQUWG³Q MWWRFJC¡XaDGPEGTTCT
RCTCQVTCRGTUQPC 
PKGVQPKGVC
FGWPJQODTG 2CLC¡MLWRDJ©K ,CTQQDC¡RWK¡R©MLKZDJCK¡FJWWPCVLK³
IW³MWWNUK#TPWWNRQPC[C¡PKR©ZLWRMCFCC MWWRIW³EJCVQQZMQNJK¡!3WK«POGJK\QGN
PC³I©VIQQMLQQVUC¡IWMW¡CC¡PC³WK¡³O©TC¡ HCXQTFGGPEGTTCTNQUOCTTCPQU!=RTGVMWWR
PC³M©¡PMQOEJ©MC¡ZKDPCZL©©RK¡³!#FQPFG KORGTMWWRK¡³?
KT¯COKPKGVQ#TPWNHQSWGGUVCDCCSW¯!2GPUCDC MWWZK¡UV¯Q
JGTOCPQOC[QTFGNCOCO£ 
OCPFCTNQCSWGOGVTCLGTCWPRQEQFGNG³CRCTC -CDWKOWMUCRDJCLKOFC¡IW³MWWZK¡PCDJC
ECNGPVCTOGEWCPFQFWGTOC[CSWGJCEGHT¯Q VWVCC³O©TC¡IWDJCD&KLQOKV¯QSWGOC³CPC
V¯QCDWGNQ XGPFT£CEQORTCTHTKLQN
UQDTKPQUQDTKPC
FGWPJQODTG  UQDTKPQUQDTKPC
JKLQQJKLCFGNCJGTOCPC
=RNMWMWWNUKCRQUMWWNUK¡³MWMWWNUK¡³? OGPQTFGWPJQODTG $JCK¡RZKFJCKDWKFJK
5KPµPIÀ¡VCCV DJWTW¡ZLK³MWWZK¡PCRLKZLCDQQMCOR©Z
MWW³KCUEW³C
RCTCRCTVKTOCFGTC ,WOCKR EJKOPCMQQ¡DJCK¡PCTVCK¡PCRIW¡TCNJK¡EJ
OK¡RZKDCCZFJC¡IWMWW³KCPCDC¡LQVOQFC¡ /QPVCGUGDWTTQUQDTKPQV¼SWGECUKPQRGUCU
VCCR³KC¡FJKLWM2QPICQVTCEW³CGPGNVTQ\Q RWGURWGFGSWGVGCIWCPVGGPNCUWDKFCRQTSWG
FGRKPQRCTCSWGUGRCTVCRTQPVQ=RNMWW³KCU? GTGURGSWG³Q
MWWRXaGGUVCTEGTTCFC
RWGTVC 2WKMWWR =RNMWMZK¡CRQUMWWZK¡³MWMZK¡³?
DJCOO©F©TPCRCK¡VWIC¡TCIW³EJCVCCNJ MWW¡CFXRCTCCVT£U-WW¡RZKO©NJKKEJFJCK
6QFCX¯CGUV£EGTTCFCNCVKGPFCFQPFGXGPFGOK FJKMCUGGVPCDC¡OWF©TDJCK¡LKM©©UC¡IWK¡
V¯Q PC³LQKFJCOMÀÀ4GITGUCGNECUGVGJCUVCGN
GUVCTGPEGTTCFQ
UWLCPKO /©L©UCRRWO RTKPEKRKQRCTCGUEWEJCTNCECPEKµPSWGO£UOG
MWWRDC¡MEJKTFJK#NRQQPPCEJKEJ[CLC¡R IWUVC
DWDWCVCMCCD#CEJIW¡RMCK¡EJPCEJCO[C FGNQVTQNCFQ
EWCPFQGUV£CEQUVCFQUWLCPKO 
FCC&KEG#NHQPUQSWGCSW¯GUVCDCGPEGTTCFQ -WW¡RZKDQ¡LK2CLC¡MLCRDWCOMCK¡EJPCR
FGPVTQFGNCECUCC[GTEWCPFQRCUCOQUOKGPVTCU UCTQQM8QNV«CVGFGNQVTQNCFQRWGUGUV£U
PQUQVTQURGPU£DCOQUSWGPQGUVCDC TQPECPFQOW[HGQ
=UWLRNMWWMWR?
MWW¡ORKIC¡ 6'2'*7ƒ0Ê'52#“1. 

MWW¡ORKIC¡XaVEQTVCTNCRWPVC
FGWPCRNCPVC  MW¡CC¡=RTGUFGMWC¡IKC¡?EQTVCNG³C

RQFCT,QKFJCODJCK¡LKZKDQQTMC¡IWOCPUCCP MW¡ORKQ¡MC¡=EQORNRNFGMWRKQ¡MC¡?CDTKTNQU
PCRCK¡FJWWMIKQDJCK¡RLKK¡RW³KC¡PQ¡³KEJ 8CTMWMRKQ¡MC¡
ZKMWW¡ORK5KNGEQTVQNCURWPVCUCNOCP\CPQ
MW¡WWTUEQTC
KPF¯IGPC ,WRMCK¡EJIW³MWWZK¡
NGUCNGPXCTKCUTCOCUEWCPFQGORKG\CCTGVQ³CT
PCUCRL©¡OC¡PLKZOCCV©V³KQMIWMW¡WWT
=EQORNRNMWMRKIC¡RTGVMWW¡ORKMWMRK
³K¡QQMPCIW¡OWLC¡RRWQKT©FC¡LCDWKIW
RTGUMWW¡ORK¡MWMRK¡?
MWMW¡T&KEGOKV¯QSWGUCDGCNIWPCURCNCDTCU
MWW¡OZKC¡XaKGEJCTJWOQ/K¡RZKDWWZEJCPC¡ GPKFKQOCEQTCRQTSWGCPFWXQCNN£FQPFGXKXGP
FJKVCKMWO©©[C¡)KKNJKOFCKPCDJCMWWDJ©U NQUEQTCU=RNMWMW¡T?
5µRNCNGCNCNWODTGRCTCSWGCTFCRWGUPCFC
O£UGUV£GEJCPFQJWOQ=RTGVMWW¡O
RTGUMWWDJ©U?

.
MWW¡OZK¡CFLSWGGEJCJWOQ)KKNJKOLKZ
MWW¡OZK¡MC¡IWMW¡CC¡PQ¡ZLCRQMMQNJK¡
FCOCPPQ¡RWRZK¡ZDCC¡.CNG³CRQFTKFCGEJC
OWEJQJWOQ[C¼PO£UUKGUV£OQLCFC
8«CUGMWWDJ©Z
♦EJWMWW¡OZKOC¡CFLSWGJC[JWOQ
£TGC NCCNCIKC¡XaKECPVCT
RGTUQPC /WRCK¡R©Z
GZVGPUC  NCCNC¡IWCNJKKPCVWDKRKC¡IWMCTDCZ2QTCNN£
MWZDQUEWGNNQ,KKDC¡CRFJKOMWZDQPCR UGQ[GSWGECPVCGNPK³QSWGGUV£RCUVQTGCPFQNCU
RCK¡FJWWMDCVDKC¡PCDC¡Q³KC¡)KKNJKOLKZ EJKXCU
MQPDK¡³0GEGUKVCUVCNNCTVGDKGPGNEWGNNQEWCPFQ ECPVCT
R£LCTQ ,QKFJCOVW¡ONCCNC¡PFC¡CO
VGDC³GURCTCSWGUGNKORKGRWGUGUV£OW[UWEKQ IWW¡LK¡PQ¡VMKC¡R©ZDCLKV©¡PIKCd3W«DQPKVQ
ICTICPVC,KZMQ¡MIW³MWZDQPC³K¡QQ¡ ECPVCPNQUR£LCTQUEWCPFQCRGPCUGORKG\CNC
%JCOVWDWUCCMFJKUQOCKIK¡/GFWGNGNC «RQECFGNNWXKCU
ICTICPVCRQTNCVQURWGUPQUGOGSWKVCGUVC =RTGVNCCNCI©RTGUNCCNC¡EQPVNCCNC¡PFC¡?
ITKRG NCCVW=UKPµPFGCO©TFCV?CIWUVQ
UKPPKPI¼P
=RNMWWMZKQRQCRQUMWZDQ¡P?8CTMWZDW RGPFKGPVG 
♦MWZDQTCOGPUWEWGNNQGPUWICTICPVC
FG NCDGGTUXKQN¯P&©©NJLCRKEJLWRFWWFJK
«NQFGGNNC  NCDGGTMC¡RKEJLKUCDC¡NJCCPCDC¡OQQLC¡R
MWZIKFJC¡XaDCJW[GPVCT
EQPRGTTQEQORN LKZDJCK¡VWMWW!6¼JKEKUVGGUVGXKQN¯PQNQ
CPKO -WZIKFJC¡RKOIWICIQQZFJKVQQZMQNJ EQORTCUVG!2WGUUWGPCOW[DKGP=RNNCNDGT?
PCDJCK¡DCLKOPCIW¡ZLCPCCIW©¡NJKEJ NCPMKK[WUJWGXQ
FGCPKOCN ,KZ³CCIW
MCMCTDCZ#JW[GPVGPEQPGNRGTTQCGUG NCPMKK[WUIWMQ¡PQ¡VRCK¡V©©#NCUX¯DQTCUNGU
OCTTCPQSWGXKGPGJCEKCCE£RWGUNGIWUVC IWUVCEQOGTUGNQUJWGXQUUKNQUGPEWGPVTCPRQT
EQOGTUGCNQUEJKXKVQU=RTGVMWZIK CJ¯=RNNCPMKK[WU?
RTGUMWZIK¡³? NKCTW¡XaVJCEGTJWCTCEJGU%JCOVW¡DJCK¡IW
MWZKKTUEWEJKNNQ/K¡ZLCK¡EJIWMWMZKTPC ©TDCPF©¡PMCOIWUWWUCMKCO©RLKIWNKCTZKO
RCK¡RLWODWCIW[CCDKU#NN¯JC[EWEJKNNQU &WTCPO£UNQUJWCTCEJGUJGEJQUFGEQTTGC
FQPFGUGJCEGPNCUNNCXGU=RNMWMZKT? O¼NVKRNGSWGNQUFGVTGUCIWLGTQU
MW[WPFCUEQ[WPFC,CWC¡O©T,WCPIW TGRCTCTJWCTCEJGU:KNKCTW¡CRIWOUWWUCM
MWM[WPFCMWEJOK¡DCLCFCTUC¡[WW¡VC¡O ,QUGGPCVRWK¡©©PCREJCODJCCPLWO
$JCK¡DCLCUCC¡PVW¡IW¡IW#TPWWNRQIW KCVFC¡VW¡PQ¡³DCOLQQVQU,QU«TGR£TCNGCVW
VWVWWT6TCKICNCUEQ[WPFCU,WCPRCTC JWCTCEJGNCEQTTGCSWGUGNGTGXGPVµRCTCSWGPQ
RQP«TUGNCUCN[WIQRWGU#TPWNHQ[CVTCGNQU VGPICURTGVGZVQEWCPFQVGOCPFGCJCEGTCNIQ
VQTQU=RNMWM[WPFC? =RTGVNKCTWTGUNKCTZKO?
MW¡CC¡UNG³C,KZDCC¡DCMFJKMW¡CC¡RWK¡MW NWOCC¡PUJ¯ICFQ,KZK¡QQDIWNWOCC¡PIW
DC¡EJCOO©O©©FJKVCK'UV£XGTFGGUVCNG³C IKUCCNJZKORKCORWK¡LKFJQQNJZKO'NJ¯ICFQ
RQTGUQPQRTGPFGNCNWODTG UCDGOW[DKGPVCPVQIWKUCFQEQOQJGTXKFQ
 6'2'*7ƒ0Ê'52#“1. OCCRF©T

OCCEJW¡UOCEJQ,C¡RLC¡MDWTO©TIW

.J
OCCEJW¡%JKZDJKQ¡LKPCDC¡OQQLC¡RMWW
8GCECODKCTCNOCEJQCQVTQNWICTETGQSWG
VKGPGJCODTGRQTGUQGUV£TGDW\PCPFQ
=RNOCOEJWU?
OCCF©VCFXWPQFGCNIWPQFG
RGTUQPCQCPKOCN
NJKKUPK³KVQPK³KVC
V«TOKPQFGECTK³Q /WZK RCTVGFGWPITWRQ Î,CTQK¡OCCF©VZKDJ©KTCKIW
EJ©©¡O©TIWNJKK/©L©DCLKUWUWC8GCXGTCN UWWFCK¡PCMCZEJWOCCZÏLWRLCV©VFCIW
PK³KVQRWGU[CGORG\µCNNQTCTCNN£CFGPVTQ OCCOTC¡PIW5KUKKNKCÎ#NIWPQFGWUVGFGUFGDG
8«CUGCNJKK KTCNCIWCCPVGUFGSWGUGQUEWTG\ECÏFKLQ%GEKNKC
CUWUJKLQU
♦OCCF©VCCRK¡OWPQFGWUVGFGU

/
OCCM=RTGUFGOCMKC¡?UGNQFC
OCCMCOCFXFGQVTQOQFQ/CCMCOVW³KQM
FJK/©K¡³MCNJEJCOLWOMCKOC*CDNCFG
QVTQOQFQGUVCRGTUQPCFG6CZKECTKPIC[PQUGNG
GPVKGPFG
ÊOEN¯V+PFKECUWLGVQFGNCRTKOGTCRGTUQPCFGN ♦OCCMCOLC¡MGPQVTQNWICT
RNWTCN,CTQQOEJKCPCR[C¡VWZKMWCPC¡PC³ OCCM©¡PCFXC³QRCUCFQ)À¡V©©UCCMLCEJKEJLK
RCK¡CC³LWRVWIK¡DWNJMC¡P!3WK«PVGOCPFµ OCCM©¡PEJCOVW¡RWK¡PCLCZZKD'NC³Q
CSWGFGUOQPVCTCUCSW¯FQPFG[QJKEGSWGNQU RCUCFQU¯UGODTCOQUO£USWGCJQTC
GPEKPQUUGUGECTCP!=5GRTGUGPVCFGURW«UFGWPC
OCCMQDCFLEWCVTQ#C³OCCMQDLCDKC¡IW
XQECNQWPCEQPUQPCPVGINQVCN)TCO?
DJW¡OTWZPC³DJCCPVWMW¡CC¡PCIW¡[C¡
8CTLCOCO8«CPUGO©VLCO©V
EJCOOKC¡PMWC¡IK¡6GPIQEWCVTQDWTTQUEQP
ÊOEN¯VVWVWU
RQUGUKµPFGNCUGIWPFCRGTUQPCFGN
NQUEWCNGUVTCKIQNCNG³CRQTSWGPQNCJC[EGTEC
UKPIWNCT ,CZLKZO©NJFJC¡FJKOMCDCK¡PCR FGCSW¯
RCK¡FJWWMDJCCPVWDJCDJCKEJEJ©TFC¡IW ♦OCCMQDMCRGPEWCVTQNWICTGU
VWVWWT!3W«VCPTGEKQEQTTGVWECDCNNQEWCPFQ ♦OCCMQDVWO³KZEKPEWGPVCEGPVCXQU
NQOQPVCURCTCEQNGCTNQUVQTQU!=5GRTGUGPVC
OQPGFCCPVKIWC 
FGURW«UFGWPCXQECNQWPCEQPUQPCPVGINQVCN
)TCO[?8CTLWO OCCMQDKOCFXEWCVTQXGEGU/CCMQDKOLC³KEJ
ÊOEN¯VNG
CWUVGF VG
EQORNGOGPVQFKTGEVQQ
[C¡DCDJ©K[C¡FJKDQKEJC¡OZKDM©¡P%QP
GUVCXG\UQPEWCVTQXGEGUNCUSWGJGRCUCFQRQT
KPFKTGEVQFGNCUGIWPFCRGTUQPCFGNUKPIWNCT 6W¡R GUVGECOKPQ
LKZLQK¡³PCEJDC¡DJCK¡ZKOVC³ZKFJCKDJCOO©
F©T-QTKCP!3W«VGIWUVCT¯CSWGVGEQORTGOQU OCCOCT=RNFGOCT?JKLQU=CRQUOCCOTC¡P?
GP&WTCPIQ! OCCOTCZ=RNFGOCTCCZ?JKLKVCU
UGVG
EQORNGOGPVQTGHNGZKXQFGNCUGIWPFCQ OCCPUW¡CFLOCPUQ/CC¡PLCRLK³
VGTEGTCRGTUQPCFGNUKPIWNCTQFGNRNWTCN ,QKFJCO EJCK³DWKFJC¡IWOMCDCK¡LCZEJW¡OPCZ
DCLKOM©MIKFJKKOCKPC³KEJIW¡ZKDCC;C OCCPUW¡2T«UVCOGWPECDCNNQSWGUGCOCPUQ
GORG\µCEQORQPGTUGGUCRNCPVCFGECNCDC\C =RNOCOCCPUW¡EQRLKZ?
RQTSWGNCTGIW«
OCCRCFXLWPVQU&JQM©¡PLK³DC¡ODCKFJKO
=5GRTGUGPVCFGURW«UFGWPCXQECNQWPC
PCEJOCCRP©K¡[C¡IWZKQVCNJ2WGURQTGUQVG
EQPUQPCPVGINQVCN)TCO[?8CTLWO
GUVQ[KPXKVCPFQRCTCSWGLWPVQUDCKNGOQUGN
OCRTGHaX+PFKECSWGNCUKVWCEKµPGUTGNCVKXCOGPVG OKVQVG
TCTC%JCOLCK¡EJIWV©OMCNJPC³V©KDCZ ♦LCTQQO©VOCCRLKKSWK«PGUHWGTQPEQP«N!
DJKQ¡D©©R©¡2WK¡³KEJCNJK¡EJOCVWDCCIW
OCCRF©TCFXFGWPNCFQ$JCK¡RZK³UKKURKFJC¡
VWK¡0QJWDQVQTVKNNCUJCEGTCVQEWCPFQVGP¯C
OCCRF©TPCEJCOICKI©ZKC¡5QUV«POGNQFG
JCODTGGPVQPEGUDCV¯OCUCEQPCIWCRCTC
WPNCFQRCTCSWGPQUGNCFGG
VQOCT=)TCO?
OCC=RTGVFGOCMKC¡?UGNQFKQ
OCCV 6'2'*7ƒ0Ê'52#“1. 

OCCVXaGUCDGT#CRK¡OEJCOOCCVPCRC ©ZEJCODJCK¡O[CCUDCM%TGQSWGPQUG
LC¡MMKQIWLQKU!0QUCDGPWUVGFGUFµPFGXKXG UGODTµDKGPGNOC¯\FGCSWGNNCFQRWGUSWGFµ
GNLWG\! GPEKOC
XaGEQPQEGT#CRK¡OEJCOLCTQK¡OCCVIW OCCZKNJKC¡XaKENCTGCT
CPVGUFGCOCPGEGT 
[CLC¡RMKQMCOMWEJDWK³QTV©DKCRW¡!0Q /QQEJCNJOK¡DJ©©[C¡PCLCZR©ZLKEJW
EQPQEGPWUVGFGUCCNIWKGPFGCSW¯EQPSWKGP OCCZKNJKC¡PCEJDC¡LKZM©¡PMQDCC[C¡DJCOO©
RQFCOQURCUCTNCPQEJG! )KQVCO8COQUCUCNKTGPEWCPVQCOCPG\ECRCTC
XaTCEQUVWODTCTUG
CGUVCTGPWPNWICT $C NNGICTVGORTCPQC.NCPQ)TCPFG
ZKOOCCVCRLKC[CLC¡RMC¡RLKUKCOTKMCV© PCEGT)WLWOCKUKOCCPUCROCCZKNJKC¡IW
V©¡³EJWOWLC¡MPCRLKTRCK¡MCO!;CVG CNJKKPCDKC¡IW³DCDQQNJ&KEGOKV¯CSWGUW
CEQUVWODTCUVGCGUVCTRQTCSW¯XGTFCF!1 DGD«XCCPCEGTNCUGOCPCSWGGPVTC
VQFCX¯CVGCEWGTFCUFGVWVKGTTC! CRCTGEGTXGTUG6W¡FC¡FJK¡PCOWLC¡RR©Z
=EQRLKZHWVOCVMC¡EQRTGVOCCV©V? OCOZKNJKO!3W«GUNQSWGGUV£CRCTGEKGPFQ
8«CUGOCEJKC¡ CNN¯!
♦OK¡ZOCCV©¡XCOQUCXGT
NKVCNN¯UGUCDG  =RTGVOCCZKTRTGUOCOZKTQOCOZK¡³?
♦EJWOCCVCFLUCDG
JCEGTEQUCUOCPWCNGU  OCC¡PCFLWPWPQWPC,KTOCC¡PR©ZIW
EQPQEG
ECOKPQ  ©NJK¡EJMCTDCZPCVDCI©K)KPCUCCMIQQMLC
OCCV=RTGVFGOCEJKC¡?CRTGPFKµ
ICCOMCOVWK¡MC¡FJKF©¡©©¡P!5QNCOGPVGPCEKµ
OCCV©VCFLSWGUCDG
JCEGTWPCEQUC SWGVKGPG WPEJKXKVQCRGUCTFGSWGNCEJKXCRCTGE¯CSWG
JCDKNKFCF#CREJCOKCOLKZOCCV©VVW KDCCVGPGTFQUET¯CU
DC¡MKEJPCROCC¡PLK³DC¡MEJWFC¡!&G SWGUKIWGt2CCLCZDJ©KZIWDQKPQ¡³U©NJ
ECUWCNKFCFPQUCDGWUVGFEQPUVTWKTECUCU!RCTC LKZDJ©KO!tLWRMCK¡EJIW,QUGGt/K¡FJQT
SWGOGJCICWPC=EQRLKZUGRTGUGPVCCPVGU OCC¡PD©©ZCMtLWRMCK¡EJIW2GGITQt2QT
FGWPXGTDQGPGNVKGORQRTGUGPVG? FµPFGXCGNECOKPQUKSWKGTQKTFKTGEVQ!
OCCZXaGXGTUGPQVCTUG/QQLC¡REJCOOCCZ tRTGIWPVµ,QU«t&GCSW¯UKIWGGNCTTQ[Q
tEQPVGUVµ2GFTQ
LKCPCLCZFJWWMCVVWKKRW³KFJC¡UKCPCTVW¡
=EQRLKT?
6©©¡PCIW¡FJKLWWPEJCOOCVI©OVÀ¡MQDDC
♦OCC¡PMCRGPWPCRCTVG
LKO(¯LGUGEQOQPQUGPQVCEWCPFQGUV£P
DTQVCPFQNCURNCPVCURWGUGNOC¯\JCETGEKFQ ♦LKTOCCFC¡PGUWPQ
DCUVCPVGUKPSWGPQUFKGTCOQUEWGPVC=EQRLKZ? ♦LKTOCC¡PPCLCZEJW¡OGUNQOKUOQ
♦EJWOCCZCFLSWGUGXG
£TGCGZVGPUC  RCTGEGKIWCN
OCCZXaGXGTUGJWGNNC;CLC¡RDCMDWWUIW
♦LCK¡DKEJWLWICCMUKCOCC¡PEµOGVGCNIQ

NKVEQOGVCODK«PCWPSWGUGCWPQ 
LCTQK¡PCDC¡ICOCK¡³KR©ZOCCZD©©ZC¡PUCR
2CTGEGSWGCNIWKGPRCUµRQTCSW¯RWGUUGXGPNCU OCC¡PLKOFCOCFXFGWPCXG\/CC¡PLKOFCO
JWGNNCUGPNCDCLCFC8CTOCOCCZ LCRD©©ZIQQMZKLCUCCFCKZKLCK¡EJFJCTCKFJK
♦VWOCCZXaGFGLCTJWGNNC VWVWWTEJCOVW¡PCRL©¡OC¡POKLC¡RLC
UCUFCKFJC¡.NGXCNQUFQUVQTQUCNOKUOQVKGORQ
OCCZFJKCFXRCUCFQOC³CPC-CDWKOWMLCEJ CVQOCTCIWCPQNQUNNGXGUWPQRQTWPQ
O©L©F©TMCZKEJWLQQLQKFJCK,WMV©TOCCZFJK
DC¡UCCMRCZKCTRQ¡KEJ5WUDJC¡PVCO/C³CPC OCC¡PMCOURGTUQPC,CZEJW¡O³K¡QQMM©¡P
XCOQUCKTCXGTNCHKGUVCGP5CPVC/CT¯C[ VWC¡ICFJKOCC¡PMCO!'PSW«KFKQOCGUV£
RCUCFQOC³CPCKTGOQUCRCUGCTC.QU%JCTEQU JCDNCPFQGUCRGTUQPC!
OCCZKMCFXEKGTVCOGPVGFGXGTFCF/CCZKM ♦LC¡VMCOUIGPVGRGTUQPCU
FJQTRWK¡PCRLCZMCK¡EJPCVDJCÀÀM-QTKCP OCC¡PPKOCFXWPCXG\/CC¡PPKOLC³KEJR©Z
IWZKQ¡OIÀ¡MCO/GGLKMMCOPC³IW¡CC³UKC MCV©V©©/GGLKM0CFCO£UJGXKUKVCFQ/«ZKEQ
DJCOO©RQKT©LCPQ¡'UXGTFCFNQSWGFKEGU WPCUQNCXG\
SWGGNRTGUKFGPVGFG/«ZKEQNNGIµC&WTCPIQ OCC¡PQQ¡OCFLXGKPVG/CC¡PQQ¡OLWRLWO
RWGU[QVCODK«PCPFWXGCNN¯GUGF¯C DWCIWIQQMOCODJ©©Z&QURQTFKG\UQP
OCCZKMCFXGPEKOCRQEQRTQHWPFQ/CCZKM XGKPVG
R©ZFCTCCIWLWWPDJCOO©PKFJ©TPCRCK¡V©
 6'2'*7ƒ0Ê'52#“1. OCK³EJCNJK¡

OCEJKC¡XaVCRTGPFGT+UMQGNLCRDWC¡FJK GPECTIQFGRTGPFGTXGNCUGPNCKINGUKCRQTEKPEQ
CNJKKPCDC¡ZDJCK¡OCEJKC¡PCLCZLC¡MVWO XKGTPGUUGIWKFQU
'NRKNQPEKNNQUGWUCRCTCJCEGT
LC¡M©NJK¡³/CPFCCGUVGPK³QCNCGUEWGNCRCTC FWNEGUEGTGOQPKCNGU 
SWGCRTGPFCCEQPVCT OCKMCMCFLFWNEG
NKVUCDGCOCIWG[ 
NNGICTCUCDGTGPVGTCTUG
CXKUQQPQVKEKC  ,QKFJCOLKZOCKMCMMCOVW¡OFJKDQ¡DJCT
,C¡Z³KLWTP©MLCRVWWC¡PCKPCK¡VWLCKCDWKFJC¡ 0Q¡RKEJOCC¡PDJC³QOPKMW³DKR³KC¡'UVCU
IWLC¡VMCOPCODC¡DJCCPOCEJKC¡PCDJC EC³CUFGOC¯\RCTGEGPSWGGUV£PFWNEGU2QT
LKOLQKDKUIWZMCK¡,WMV©TMCO'PNCVCTFG SW«PQOGEQTVCUWPCRCTCEQOGT!
FGDGUFKUVTKDWKTCNCIGPVGWPCXKUQGUETKVQRCTC =RNOCKOMCMEQRLKZ?8«CUGMCCM
JCEGTNGUCDGTSWGGNLWGXGUXGPFT£GNIQDGTPCFQT OCKOCFLGDTKQDQTTCEJQ2W³M©©¡³FJC¡K³PQ¡
FG5CPVC/CT¯C1EQV£P
O©VLCZFJWWMLK³DCVDKEJIWUCPFUCTWK¡ZUKC
EQPQEGT
ECOKPQ 5CCNJDCVWOCCEJKOK³
MW³MCZOCKO/GEQORQPIQNWGIQUKOG
[C¡F©T#RCTVKTFGCSW¯CRGPCUNCGUVQ[
GEJCPCNCIWCNQUUQNFCFQUCWPSWGGUV«
EQPQEKGPFQ
DQTTCEJQ=RNOCKMEQRLKZ?
=RTGVOCCV?
♦OCCVXaGUCDGTEQPQEGT OCKOFC¡CFLXGPGPQUQFC³KPQ,KZOCKOFC¡
IWDCU©©MLWWVIWZW¡WCOFCKIWZMWMDJC¡DK³
♦EJWOCCVCFLSWGUCDG
JCEGTEQUCU
PCDC¡TLWOMWC¡FCO'NJQPIQCOCTKNNQ
OCPWCNGU SWGEQPQEG
ECOKPQ 
NNCOCFQÎW³CFGTCVµPÏGUXGPGPQUQUQNCOGPVG
♦OCVFC¡CFLSWGVKGPGEQPQEKOKGPVQSWG
NQUITKUGUUQPDWGPQURCTCEQOGT
VKGPGGZRGTKGPEKC
OCKOMCOUDQTTCEJQ/CC¡P[C¡ÀÀMVWMCC¡
OCIQQPCFLECPUCFQ)KKNJKOLKZOCIQQPFJK
IWOCKOMCODCLKEJQK#ITGG¡PDJCCC¡IW
MCDCKPCO©MLKOFCV'UVGECDCNNQGUV£OW[
DKK³PCEJUCRIC¡NJKFJC¡#SW¯NNGIµCPQEJGWP
ECPUCFQRQTJCDGTECOKPCFQOWEJQ
DQTTCEJQSWGPQUSWKUQOQNGUVCT0QUGZKIKµSWG
=RNOQOIQPEQRLKZ?
NGXGPFKGTCOQUOG\ECN=RNOCKMMCO?
OCIQQ³KC¡XaKECPUCTUG%JC¡RKEJOCIQQ
OCKOVWFC¡XaVJCEGTFC³QGPXGPGPCT/K¡O
DJ©L©D©©ZDQKPCRLKOFCV!0QVGECPUCUVGFG
OCKOVWFCFJKDJCDPCRICPMWC¡PCIW¡MCZ
ECOKPCTRQTGNECOKPQ!=UWLRNOQOIQ³KC¡
FJQ¡KK¡6GXCPCJCEGTFC³QNQUHTKLQNGUSWG
RTGVOCIQQOQOIQ?
GUV£UEQOKGPFQRQTSWGGUV£PETWFQUVQFCX¯C
OCKUOCIWG[$CT©TFK¡EJM©©MCOIWOCKPC GODQTTCEJCT%JC¡ROWLC¡MLKOO©FC¡³
OWPKFJCCICKLQQVQOOQQDCDWWUPKC¡IW EJCCVPCORCK¡IWOCKMMCO,CK¡OFJQOK¡R
UCCD;CGUV£FGNICFKVQGNE£NK\FGNOCIWG[SWG DCLKOOCKOVWFC¡0QXC[CUCFQPFGCPFCPNQU
GUV£FGCSWGNNCFQCU¯SWGPQVCTFCT£OWEJQGP DQTTCEJQURCR£RQTSWGVGXCPCGODQTTCEJCT
UCNKTNGGNVCNNQ =RTGVOCKOVWFCRTGUOCKOVW¡P?
OCKLKKMFCOUEQTVCFQTFGOCIWG[GU OCKOW¡XaKGODQTTCEJCTUG%JC¡ROWLC¡M
t,CTQQOFC¡FJK¡PCDJCOO©PKFJ©TDCLKO! C¡L©FC¡PCRCK¡DWWUCPPCRDC¡EJCOOK¡DCLK
tLWRMCK¡EJIW2CDKCPt,WODJC!%JCO OCKOW¡5©NJLKPCRDJCK¡R©ZDWWUPKC¡0Q
CCFJK¡IWOCKLKKMFCO!tLWRMCK¡EJIW XC[CUCFQPFGGUV£PUCECPFQOG\ECNRCTCSWGPQ
$GTPCNFQt3WK«PGUUQPGUCURGTUQPCUSWG VGGODQTTCEJGU4GITGUCFKTGEVCOGPVGRCTCCE£
XKGPGPFGCNN£!tRTGIWPVµ(CDK£Pt3WK«P =UWLRNOCKMW¡RTGVOCKOOCKM
UCDG!0QUGT£PNQUEQTVCFQTGUFGOCIWG[GU! EQPVOCKOOWMFC¡QOCKMMWTFC¡?
tEQPVGUVµ$GTPCTFQ 8CTOCKOQ¡
OCKMKPVGTLdXCOQUdX£OQPQU
V¼[[Q /CKM OCK³URGVCVG0CCURCKCRIWOOCK³PQ¡RKEJ
LCEJVWDQQR³K¡³RW¡IWICCDJCOO©PKFJ©TPC DCDCO%WCPFQVGNGXCPVGUFQDNC[CN\CVW
RCK¡IKKNJKOLKZZC¡KK¡8COQUCFGU[GTDCTNC RGVCVG=RNOCOCK³CRQUOCK³C¡P
OKNRCFGCSWGNNCFQFQPFGJC[OWEJCJKGTDC OCOCK³C¡P?
8CTOCKIQT
OCK³EJCNJK¡CFLSWGUCDGJCEGTRGVCVGU5CRIW
♦OCKMIQTdX£OQPQU
VQFQUPQUQVTQU  DCL©MF©TMCOIWLC¡VMCOMCVLKZ
OCKMCMURKNQPEKNNQ/CKMCMLWOCC¡PC³
OCOCK³EJCNJK¡MCVCO&KEGPSWGNCIGPVG
DKC¡MC¡PQ¡EJVWCKEJFJKOIWZEJCOCCO CPVKIWCUCD¯CJCEGTRGVCVGU
DKCTPKU0GEGUKVQVGPGTRKNQPEKNNQEWCPFQOG =RNOCOCK³EJCNJK¡EQRLKZ?8CTOCK³EJCT
OCK¡ 6'2'*7ƒ0Ê'52#“1. 

OCK¡CFXJCEKCCNN£
PQUGXG #CROCK¡DC OQXOCK¡O©NJEJW¡OCK¡DQQRQKEJW¡?
LKOFC¡ICOCLC¡MLC³DCOCC[C¡5KIWG 8CTOCK¡FJCK¡³³KC¡
ECOKPCPFQJCEKCCNN£[[QVGCNECP\QFGURW«U OCK¡³³C¡XaVVKTCT
DCNCQRKGFTCRCTCJCEGT
OCK¡DQQRQ[C¡=UWLRNFGOCK¡O©NJKC¡?2GL FC³Q ,QQFCKM©¡POKOC¡[CVCMCCDIW³CDWKN
OCK¡DQQRQ[C¡COJWKT£P=RTGVOCK¡DQQR IWMQ¡PCOK¡MCDQ¡DQKEJC¡OPCEJDJCLKKO
RTGUOCK¡DQQRQ¡OQXOCK¡DQQRQKEJW¡? U©NJOQ¡TCODWK¡³#[GTEWCPFQXGP¯COQUOK
OCK¡DWC¡XaVRGTFGT6WWMCDLCROQQ³ CDWGNKVCNGVKTµRKGFTCUCWPCX¯DQTCSWGGUVCDC
ICCOFJC¡FJKCTRWWUVC¡OFJK³DKDCC¡PC³ GPGNECOKPQ[NGFKQGPNCOGTCECDG\C
DC¡EJCOOCK¡DWC¡2QPICOKVCDCEQGPGN VKTCT
DCNCQRKGFTCRCTCGURCPVCT /WR
HQPFQFGNOQTTCNRCTCSWGPQUGOGXC[CC OC¡[CUC¡FJKICIQQZMWLC¡MI©ZKC¡6¯TCNGC
RGTFGT GUGRGTTQRCTCSWGUGTGITGUG
VKTCTFGUGEJCT/CK¡KCDW¡CRFJKOUWUUCM =EQORNRNOC¡[CUC¡RTGVOC¡[COC¡[CUC
#VVKTQDCZ©¡M,CK¡³LWOVCC³ZKFJC¡ RTGUOC¡[CU?
ZKZKKDMCO6KTCVWUJWCTCEJGURWGU[CGUV£P OCK¡URC¡XaVCRNCUVCT
EQPWPQDLGVQRGUCFQ 
TQVQU6GXQ[CEQORTCTQVTQUPWGXQU /C¡KKUIWOKUVWK³IWOCCTC¡DJCK¡TCOPCV[C¡
=EQORNRNOCK¡KCDW¡RTGVOCK¡DWCOCK¡ F©TOWK¡LKFJCROCVVWTVC¡ORWK¡MWVDC¡R©Z
KCDW? UCTCC.COCPQFGNOGVCVGUGTGUDCNµ[NG
♦OCK¡ZEJWDWCOWMUKGORTGUGNGRKGTFGP CRNCUVµNCEQNCCNICVQRQTGUQOCWNNµOW[
EQUCU
RQTFGUEWKFQ  HWGTVG
CRNCUVCT
RCTCSWGPQUGCNCDGG /CK¡URC¡RKO
OCK¡EJKC¡XaVICPCTGPIC³CT,K³OCK¡EJ©IW
FJKVCDNGVCULKZD©©R©VW¡WZM©¡PPCEJCO
LC¡QQMPC³V©KMC³UCCDWVPCIW¡EJCOCC¡
V©VF©TMC¡#RNCUVGPNCUVCDNGVCUFGNVGEJQEQP
PC³LKZDJCK¡LKDWWUPKC¡DWK³QTIW&KQU/C
RCNQURGUCFQURCTCSWGPQUGVWGT\CP
VWLWW³KEJOWMC¡PPCODCVW³QPDCIK¡³;Q
CRNCUVCT
RCTCSWGUGOCTEJKVG 'NKK[CULQQFCK
GUVCDCC[WPCPFQRGTQOGICPµGNFKCDNQRQTSWG
M©¡PLCRZKOCK¡URCKFJKUCK¡PCVDJCK¡DKKPQ¡Z
PQSWK\QSWG[QSWGFCTCDKGPEQP&KQURWGU
MCDCCMPCRDQQR³KC¡RKCOF©D©©TM©¡PLCRZK
EQO¯NQSWGOGQHTGEKGTQPCNN£GPWPCECUC
[CCURCK'N¯CUCRNCUVCEQPWPCRKGFTCGN\CECVG
ICPCT
FKPGTQ )W¡DJCOO©PCRRCK¡VWLWCP
SWGSWGFCRCTCFQUKGUV£FGOCUKCFQFWTQRCTC
CCRL©¡MLWOOCK¡EJ©M!#NN£FQPFGVTCDCLCU
CTTCPECTQDKGPNQRWGFGUVCRCTEQPVKGTTC
V¼EW£PVQUGICPC!
UWLGVCT
RCTCSWGPQUGOWGXCUWLKPCP 
CFKXKPCT
EQOQEJKUVG 'CRLK³OCK¡EJ©M6W¡
/CK¡UCRIWMCUPKTDCRQQPCDC¡EJCO
³KEJKKPCDC¡ZD©¡IW³EJK³!#FKXKPCSW«
IKK¡³FJC¡IWL©D©©NJ.CNCPCFGNDQTTGIQGUV£
VQO«2QTSW«GUV£EQNQTCFCOKDQEC!
UWLGVCFCRCTCSWGPQUGNCNNGXGGNXKGPVQ
=RTGVOCK¡EJ©QOC¡KKEJRTGUOCK¡EJ©M?
=RTGVOC¡KKURTGUOCK¡UCR?8CTPCK¡URC¡
OCK¡FJCK¡³³KC¡=XCTFGOCK¡O©NJKC¡?JWKT
OCK¡UWWNJIKC¡=UWLRNFGOCK¡I©ZKC¡?2GL
OCK¡I©ZKC¡XaKRGTFGTUG/CK¡I©KDCMIW©NJK¡EJ OCK¡UWWNJIKC¡COUGRGTFGT£P=RTGVOCK¡
MCTDCZIWZEJKEJKQMOC¡/QQEJKDJCK¡FJ©T UWWNJRTGUOCK¡UWWNJK¡?
FJKD©©ZC¡PUCRRCK¡RWRMQQU2CTGEGSWGUG
OCK¡VWDWC¡XaVFGRQUKVCT
RCTCUGTDGPFGEKFQGP
RGTFKµNCRGSWG³CEJKXCFGEQNQTITCPK\QETGQ
GNRCVKQEGTGOQPKCN 0CRCK¡FJWWMDCZMCK¡O
SWGUGSWGFµFQTOKFCGPNCDCLCFC
MC¡IWLWPDCC¡OCK¡DCVWODWC¡P©K¡MCTVCO
=UWLRNOCK¡UWWNJIKC¡RTGVOCK¡I©KOCK¡
PCDC¡EJCOMCZKFWWMC¡%WCPFQ[CGUV£P
UWWNJRTGUOCK¡I©¡PU©OCK¡UWWNJK¡?
OCFWTQUNQUGNQVGUNQUFGRQUKVCOQUGPGNRCVKQ
OCK¡KCDW¡=EQORNRNFGOCK¡DWC¡?RGTFGTVKTCT VTCFKEKQPCNRCTCSWG[CUGRWGFCPEQOGT
=RTGVOCK¡KCDW? =RTGVOCK¡VWDWCRTGUOCK¡VWDWRRC?
OCK¡O©NJKC¡XaKJWKTGUECRCT/CK¡O©©DCMIW ♦OCK¡DCVWDWKZFJKICCNQUGNQVGUFGGUVC
CNJKKPCZEJQQ¡PP©VPCVOCK¡VWKCDWIW OKNRC[CGUV£PDGPFGEKFQU
MCMCUPKTPCMCVWDKRKC¡FCVPCOIW¡I©©¡DKC¡ OCMCTQKEJUTGPCEWCLQ,KTOWK¡COIW
2CTGEGSWGGNPK³QJW[µRQTOKGFQRQTSWGNG OCOMCTQKEJOWLC¡RFJKIÀ¡IÀTC¡CMM©¡P'P
KDCPCRGICTRQTRGTFGTNQUDQTTGIQUSWGGUVCDC NQUT¯QUITCPFGUCPFCPOWEJQUTGPCEWCLQU
RCUVQTGCPFQ=UWLRNOCK¡DQQRQ[C¡RTGVOCK¡ =RNOCOMCTQKEJ?
O©©OCK¡DQQRRTGUOCK¡O©TOCK¡DQQRQ¡
 6'2'*7ƒ0Ê'52#“1. OCOVW¡P

OCMI©OUEWTCPFGTQ
VTCFKEKQPCN ,KTIÀ¡IW OCOQKMDJCDUGLQVGU6WLKFJQQTC¡CRIW
DQUCC¡PIW³MWWNUKPCIWK¡OWK¡OKVWWC¡IW OCOQKMDJCD,QKFJCOLKZ³CCM©OVWVCVFC¡
W¡WW¡PPCTOCMI©O'UV£OW[ITCPFGNCRGVCEC *C\OGGNHCXQTFGEQEGTNQUGLQVGURWGUVGPIQ
FGOKCDWGNQRQTSWGCNN¯IWCTFCOWEJCUHNGEJCU ICPCUFGEQOGTNQU
EGTGOQPKCNGURWGUGUEWTCPFGTQ OCOQKUC¡XaVCOCPUCT
CPKOCNUCNXCLG $©©R©¡³
=RNOCOMCI©O?8CTOCMICO MCOCOQKUC¡FJKMCDCKPC³DC¡DCO
OCMKC¡XaDFCT/CMKC¡CRFJK¡³KW¡WCPIW IC¡NJKFJC¡2TKOGTQXQ[CCOCPUCTGUVGECDCNNQ
,QUGG,C¡RLCRV©©FC¡PC³OWVWLQQEJZK¡³ [NWGIQVGNQXGPFQ=RTGVOCOQKUC
&CNGGUVGTGECFQC,QU«[FKNGSWG[QUGNQ RTGUOCOQKU?
OCPFQ OCOQPFQTC¡=RNFGOQPFQTC¡?XGTFGUDCLKVQU
FCTFGEQOGT+KMW³OQQCNJK¡EJLCOCMKC¡ 8CTOCOQOFQTC¡
IWMCMCTDCZIWQPPCODC¡M©¡PLKZD©©R©VMC¡
OCOQ¡RQNJK¡=RNFGOQ¡RQNJK¡?SWGJC[OCVCU
PC³RCK¡FJWWMLKEJWIC¡TC¡8Q[CFCTNGU
=EQRLKZ?
VCPVKVCUCNCNCUEJKXCURCTCSWGRGUGPNQ
UWHKEKGPVGEWCPFQNCUXC[CCXGPFGT OCOQ¡ZMCT=RNFGOQ¡ZMCT?CNOQJCFCU
=RTGVOCCRTGUOCCM? OCOQ¡[CUC¡=UWLRNFGOQK¡³³C¡?2GLLWO
OCOCCPUW¡=RNFGOCCPUW¡?OCPUQU=EQRLKZ? OCOQ¡[CUC¡COUGEQTPGCT£P
=RTGVOCOQ¡[CUCRTGUOCOQ¡[CU?
OCOCCZ=XCTFGOCCZ?XGTUGJWGNNCU
OCOTCUTCOCU
£TDQN $JCOO©FJQRWO
OCOCC[C¡XaVVCVGOCT/COCC[C¡RKOFJK
©ZMWPC¡IWOW¡WWOCOTCICTCOFJKVWCPQ¡R
DCMCCZPCDC¡EJCOF©DCC¡PCIW¡LC¡MKC¡PLKZ
ICPOWLC¡MVWOWOWW.WKU5GXCPCSWGFCT
EJ©F©DCKFJC¡PCZEJCVQK³6CVGOGPGUVCECTPG
GPUCTVCFCUVWUHNGEJCUGPNCUTCOCUFGNGPEKPQ
RCTCSWGPQUGRWFTCRQTSWGUGRWFTGEWCNSWKGT
.WKUUKUKIWGUVKT£PFQNCUJCEKCCNN£
EQUCGPGUVGVKGORQFGECNQT
=CRQUOCOTCIC¡P?
=RTGV[RTGUOCOCC?
♦OCOTCICTCOGPUWUTCOCU
OCOCK³=RNFGOCK³?RGVCVGU
=CRQUOCOCK³C¡P?
OCOVWFC¡XaVTG\CT
EQOQFKTKIGPVG #CR
EJCOOCCVPCLCTQK¡ZOCCV©VVWOCOVW¡P
OCOCK³EJCNJK¡=RNFGOCK³EJCNJK¡?SWGUCDGP MWEJWOWC¡³FJC¡PCVWOCOVWFC¡LC¡Z³K
JCEGTRGVCVGU=EQRLKZ? MCVWMICD!0QEQPQEGUCCNIWKGPSWGUGRC
OCOCVFC¡=RNFGOCVFC¡?SWGVKGPGP TG\CTRCTCKPXKVCTNGCSWGPQUC[WFGCNTCVQGPNC
EQPQEKOKGPVQQGZRGTKGPEKC=EQRLKZ? OCFTWICFC!
OCOCVVWT=RNFGOCVVWT?OGVCVGU8CTOCOVWT XaTTG\CT
EQOQRCTVKEKRCPVG $JCK¡IQTUCR
ZKLKKOLCEJZKEJOCOVWFCK$COCKPCRCK¡
OCODJ©©ZCFLFKG\/CODJ©©ZVCPQQNJM©¡P
FJWWMVWOOCOVW¡P&KEGPSWGPQUXC[COQU
LC³KEJV©©OQPC³KEJVWOQKMCK'PFKG\F¯CU
CTG\CTRWGU[CGUNCJQTCFGTG\CT
VGTOKP«FGRTGRCTCTNCVKGTTCRCTCUGODTCT
=RTGVOCOVWFCRTGUOCOVW¡P?
♦OCODJ©©ZMKOFKG\XGEGU
OCOVWT=RNFGOCVVWT?OGVCVGU8CTOCOCVVWT
OCOEJWU=RNFGOCCEJW¡?OCEJQU
OCOVWZFJC¡XaVGPUG³CTKPUVTWKT/QQR
OCOMCI©O=RNFGOCMI©O?EWTCPFGTQU
OCOVWZFJC¡FJKZKKIC¡PPCZOCCV©VLC
OCOMCTQKEJ=RNFGOCMCTQKEJ?TGPCEWCLQU DKRKC¡FC¡IWMCTDCZ'PUG³CCNRGTTKVQRCTCSWG
OCOQKM=RNFGOQKM?DNCPFQUVKGTPQU=EQRLKZ? CRTGPFCCEWKFCTCNQUEJKXQU
OCOQKMC¡³FJC¡XaTRGTFGTHWGT\C
H¯UKEC  XaTGUVWFKCT6©KVW³OCOVWZK¡³K³PC³I©V
$©©R©¡RDJKK³QTC¡IWVCVQQODJCDJCK¡OMCTLCZ LKZDJCK¡³KQMFC¡IWMCUVKKN'UVQ[JCEKGPFQGN
EJW¡OPCEJCOR©MD©©R©VPCIW¡OCC¡P KPVGPVQFGGUVWFKCTRCTCVTCVCTFGJCDNCTDKGPGN
LKOFCOLWOOCOQKMC¡³FJC¡PQ¡RKEJD©©R©¡ GURC³QN
DJKK³IWZD©©R©V2TKOGTQECTICNQUEQUVCNGU =RTGVOCOVWZRTGUOCOVWZK¡³?
NKXKCPQURQTSWGUKECTICURTKOGTQNQURGUCFQU OCOVW¡PUQTCEKµP
TKVWCN TG\Q;C¡DCCKIW
RGTFGT£UNCHWGT\CPGEGUCTKCRCTCECTICTNQU RCCNJ,KTCOPCEJFJK¡WOWC¡³FJC¡PCZOCCV
FGO£U=RTGVOCOQKMC¡³RTGUOCOQKMCFJK¡³? IWOCOVW¡P;CNNGIµGNRCFTG5GT¯CDWGPQ
OCOZKEJ 6'2'*7ƒ0Ê'52#“1. 

KPXKVCTNGCC[WFCTPQURQTSWG«NUCDGNCU #NTCVQEWCPFQDTKNNGNCNWPCXQ[CUGIWKTGUVG
QTCEKQPGUTKVWCNGU ECOKPQ=RTGVOCUDCIKT?8CTOCUDWNJKC¡
OCOZKEJ=RNFGOCZKKEJ?OCEJGVGU OCUDC¡CFLSWGDTKNNC
NWPC /QQEJKCC³CC[C¡
OCOZKFJC¡XaVEQNQTGCTRKPVCT#CRRCC DJCOO©F©TLK³MK¡CCOMCRDJCK¡PCLQKFJCO
UCDC¡FCMIWK¡PCM©¡PVWOOCOZK¡³PCRM©¡P LKZOCUDC¡%TGQSWGXQ[CRQFGTNNGICTJCUVC
VWOCOZK¡³FJC¡OCCM©¡P!&µPFGEQORTCUVG OKECUCCRTQXGEJCPFQSWGNCNWPCDTKNNC
NCRKPVWTCEQPNCSWGRKPVCUVGGNC³QRCUCFQ! =EQRLKZ?
=RTGVOCOZKRTGUOCOZK¡³? OCVCKUECN%JCOMCCMDCMFJKOCVCKPC
OCOZKT=RTGUFGOCCZKNJKC¡?ENCTGCPCEG ³KEJV©KUCDC¡NJ6©©¡PCVEJCODJCK¡DQRFJK³
8CTOCOZK¡³ OCVCKOC¡P2CTGEGSWGNCECNSWGEQORT«PQ
GUV£HWGTVGRWGUPQJK\QCDNCPFCTOKPKZVCOCN
OCPVGGMOCFC¡XaVHTG¯T
GPOCPVGEC ,WR
EGPK\C)KKNJKOIÀ¡DJCMCCVIWOCVCK
MCK¡EJFJC¡COIWLC¡VMCOPCUCREJCOFCK¡³
MCNKPVQQPV©T0KL©¡ZDC¡MWEJCOO©O©©FJK
MC¡K³MCDCKEJC¡OPQ¡³ICPOCPVGGMOCFJKZ
VCK'NECNGPVCFQTVKGPGOWEJCEGPK\C[NC
MCOMWC¡IWV©OMCNJ&KEGNCIGPVGSWGPQUGT«
NWODTG[CPQRTGPFG
DWGPLKPGVGUKUKGORTGEQOQVQTVKNNCUHTKVCUGP
♦OCVCKDCTCC¡CIWCFGPKZVCOCN
OCPVGEC=RTGVOCPVGGMOCK
TGUOCPVGGMOCFJKZ? OCVCKOC¡PUPKZVCOCN#CRDJCVWKMPC¡FJK
OCVCKOC¡PCC³DC¡DJCDKKNJFJC¡PCEJDC¡Z
OCTUJKLQJKLC,©¡ZDCTIÀ¡IWOOCTIWK¡
DKKVWDJCKFJCK¡6¼OWGNGUGNPKZVCOCNWPCXG\
PCROCCM©¡P[CLC¡RDCK¡³EJW¡!3W«VCP
[[QNQXWGNXQCOQNGTRCTCSWGJCICOQU
ITCPFG[CGUV£VWJKLCNCSWGVTCLKUVGGNC³Q
VQTVKNNCUFGOCUCHKPC
RCUCFQ!
ET¯C,©¡MDCVWOCCOCTIWMCDCKIWK¡PC OCVCKOFC¡XaKJCEGTPKZVCOCN,C¡ROQQZ
³KEJLWOIC¡NJK!%W£PVCUET¯CUJCVGPKFQNC LQQFCK¡FJKLWWPFJK¡PCTV©DJCKO#C¡PC³LWR
[GIWCSWGVGXGPF¯! MCV©M©©¡ORKIC¡PC³DC¡R©MDCVWOCVCKOFC¡
UQDTKPQUQDTKPC
JKLQQJKLCFGNJGTOCPQFGN 6KGPGOWEJCURKGFTCUGUVGOC¯\EQORTCFQ
GURQUQFGWPCOWLGT )QQMZK³WK¡³O©TCMLK³ PGEGUKVQNKORKCTNQCPVGUFGJCEGTGNPKZVCOCN
OCTIWMW¡CC¡PCRDC¡DCLKOFC¡EJKDCO =RTGVOCVCKORTGUOCVCKOC¡P?
P©©TCLKIWOPCCP5QDTKPQVT£GOGWPRQEQFG OCVFC¡CFLSWGVKGPGEQPQEKOKGPVQSWGVKGPG
NG³C[NWGIQFGDGUKTVGRQTSWG[CVGGUVCT£ GZRGTKGPEKCÎ7OWC¡³FJC¡KEJIWLCTQK¡PCZ
GURGTCPFQVWOCO£ OCVFC¡PCEJCCIK¡³FJC¡PCLCZLC¡MLKZDJCCK¡
=RNOCCOCTCRQUOCTCC¡POCCOTC¡P? PCEJLCFW³KC¡FJKDKKRKDQRPCO©VRWK¡V©©©ZÏ
♦OCTVW¡OJKLCUVTQJKLCUVTC LWRMCK¡EJCOIWLQKUKUÎ8COQUCKPXKVCTC
OCTCCZUJKLKVCOKJKLC
V«TOKPQFGECTK³Q  CNIWKGPSWGVGPICGZRGTKGPEKCRCTCSWGPQUFKIC
2CCDC¡LC¡MLWRZKDJ©KIW³OCTCCZ.WUKKPC SW«JCEGTEQPGUVQUOWEJCEJQUSWGGUV£P
PC[C¡R©ZLWRMCFCC!-C¡DJ©KOCCIW TQDCPFQÏFKLGTQPNQULWGEGU=RNOCOCVFC¡
UWWFCK¡!#FµPFGUGHWGOKJKLKVC.WUKPC!2WGU EQRLKZ?8«CUGOCEJKC¡
[CPQGUV£CSW¯5GT£SWGUGHWGCNCIWC! ♦EJWOCVFC¡CFLUCDKQSWGVKGPGOWEJQ
=RNOCCOTCZ? EQPQEKOKGPVQ
♦OWPKLC¡RDCLKKOCOIWOCCOTCZCJ¯ OCVI©ORCTV+PFKECWPOC[QTITCFQFGEGTVKVWF
XCPNCUEJKECU ,KTRWK¡LKOCVI©O#C³D©©ZVÀMÀÀLKCLCPQ¡
OCUCC¡PU.WPC,QKFJCOLKZDJCK¡ZEJW PCVDJCOO©VWOC¡IC5¯GUEKGTVQRWGU[Q
OCCZMC¡IWVWMCC¡LC¡MPQ¡TZKMQQTCMIW VCODK«PGUVCDCRTGUGPVGCNN£EWCPFQJCDNCTQPFG
OCUCC¡P5GXGOW[DKGPGPNCPQEJGUKNC.WPC GUQ8CTOCVICO
GUV£NNGPC OCVMC¡=HWVFGOCCV?UCDT£EQPQEGT£
OGU)QQMOCUCC¡PLC³LWTWW³FJC¡DJCOO© OCVVWTUOGVCVG-CDWKOWMUCROCVVWTVC¡O
/GGLKM8Q[CGUVCTFQUOGUGUCNN£GP/«ZKEQ VWDKKNJFJC¡IW³ZKKZ&KEGOKJGTOCPCSWG
OCUDCNJKC¡XaKDTKNNCT
NWPC ,C¡Z³KPCDJCK¡LK OC³CPCXCCOQNGTNCOCUCGPGNOGVCVG
OCUDCNJKC¡³OQQDJCK¡DJ©©[C¡FJKD©©ZDQK =RNOCOCVVWTQOCOVWT?
 6'2'*7ƒ0Ê'52#“1. OK¡³K

OCZKKEJUOCEJGVG%JCOR©MDJCK¡V©©¡M©IW ,WCPt&µPFGRWGFQCOCTTCTCNDWTTQ!
OCZKKEJPCIW¡ZLCDQQM$CK³FJCUM©¡PPC³ tRTGIWPVµ2GFTQt2WGURQTCNN¯EGTECFQPFG
DC¡UKCOTK©MKC¡IWWWZPQ¡TUCTDJCM'N JC[RCUVQtEQPVGUVµ,WCP
OCEJGVGPQEQTVCOWEJQRQTSWGGUNKIGTQ5KGUV£ OKOKUVWK³=RNFGOKUVWK³?ICVQU
ITWGUQGN£TDQNJC[SWGEQTVCTNQEQPJCEJC OKOKUVWTCDJQQP=RNFGOKUVWTCDJQQP?ICVQU
=RNOCOZKEJ?
OQPVGUGU
OC¡KKEJ=RTGVFGOCK¡EJKC¡?NQICPµ OKUVWK³UICVQICVC0Q¡RKEJOK¡FJ©TKCO
8CTOCK¡EJ©
UWWZZKFJCOIWMCTDCZFJK¡³K©NJK¡EJOKKEJW
OC¡KKU=RTGVFGOCK¡URC¡?NQCRNCUVµ *C\OGGNHCXQTFGQTFG³CTNCEJKXCRCTCFCTNG
OC¡QQ¡P=CRQUFGOQ¡?UWECDG\C NGEJGCGUVGICVKVQ=RNOKOKUVWK³?8CTOKKEJW
OC¡[C=RTGVFGOCK¡³³C¡?NCVKTµ
DCNCQRKGFTC  OKUVWTCDJQQPUICVQOQPV«U#CREJCO
OC¡[CUC¡=EQORNRNFGOCK¡³³C¡?VKTCTNCU
DCNCU OCCVPCRCLC¡MQKT©IWOKUVWTCDJQQP!6©KZ
QRKGFTCU =RTGVOC¡[CUCRTGUOC¡[CU? LQK¡³K³IWLQIKK¡³PC³DCI©©UVC¡PC³DC¡OK
DKC¡MC¡IW³W¡WW0QUCDGUFµPFGCPFCWP
OKRTGHaXCNN¯
CDCLQEGTEC t/KFJCCCCEJK ICVQOQPV«U!/GIWUVCT¯CWUCTUWRKGNRCTCJCEGT
IW5CDKKPQ!tLWRMCK¡EJIW4KECCTFQt/K¡ WPCHWPFCRCTCIWCTFCTOKUHNGEJCU
FJQFCCtLWRMCK¡EJ©RIW#DTGGNKQt5¯ =RNOKOKUVWTCDJQQP?
GUVCT£5CDKPQCNN¯!tRTGIWPVµ4KECTFQt5¯CNN¯
GUV£tEQPVGUVµ#WTGNKQ=)TCO?
8«CUGOK¡
OKCFWWMUOGFKCVCTFG/KCFWWMLC¡MDCLK
L©NJDKC¡MWKDK¡³FJ©T#NCOGFKCVCTFGGORKG\C
CUQRNCTCKTGFGNRQPKGPVG 
OKCLKFJW³KKFJCMCFXGORG\CPFQCCVCTFGEGT OK¡CFXCNN¯
CDCLQEGTEC /K¡LKDCCIWMQ¡

/KCLKFJW³KKFJCMOQQFWWFW¡ZKD6©©¡PCR©M D©VC¡PFJKLQFCKPCRDJCCPFCC#NN¯UGOGV¯Q
COLCZDCVWK¡FJK¡IWV©DCC¡*Q[XCCNNQXGT WPCX¯DQTCFGDCLQFGGUCRKGFTCGPNCSWGGUV£U
GORG\CPFQCCVCTFGEGTRWGUOKTGEQOQUGGUV£P UGPVCFQ8«CUGOK
HQTOCPFQNCUPWDGU OK¡KPVGTLdEWKFCFQ
EWCPFQJC[RGNKITQ d/K¡

OKCONJKC¡XaKCEGTECTUG
VKGORQ t;C¡R©Z IWMQ¡,C¡MZKLKOMWVVWOK¡OM©Kd%WKFCFQ
OQQOCLKOKCOT©LKCIW)À¡6CPQQNJEJC¡O EQPNCX¯DQTC*C\VGCWPNCFQRCTCSWGPQVG
tLWRMCK¡EJIW-NGGVt,©©¡FJQFCKPCEJ OWGTFC
DCEJZCCDW¡PQ¡VDCOCKtLWRMCK¡EJIW dF«LGOG
EWCPFQCNIWKGPGUV£OQNGUVCPFQ 
2CUMWCNt;CUGCEGTECNC5GOCPC5CPVC /K¡%JC¡RDJCLC¡MDWCOLK³DWCFC¡PC³[C¡
XGTFCF!tFKLQ#PCENGVQt2WGUU¯[CPCFCO£U VW¡LCZDWC&«LCOGGPRC\RWGUCSW¯GUVQ[
PQUSWGFCC[WPCTEWCPFQNNGIWGtTGURQPFKµ QEWRCFQ
2CUEWCN=RTGVOKCOT©RTQITOKCONJKO? ♦OK¡OM©KdPQVGXC[CCOQTFGT
OKC¡PCFXEGTEC/KC¡PLCRDWNJKC¡IWOMCDCK¡ ♦OK¡OO©K¡³dPQVGXC[CCSWGOCT
PCOEJCOOK¡O©©ZFJC¡#OCTTCVWECDCNNQ ♦OK¡OU©KdPQVGXC[CCRKECTdPQVGXC[CC
EGTECRCTCSWGPQVGNQTQDGP#PVµPO©M GURKPCT
♦OK¡OKC¡PEGTEC
NQUWPQUCNQUQVTQU  OK¡FJ©TCFXFGCNN¯
CDCLQEGTEC /K¡FJKTLCR
OKFJKK¡U/GFKFCUGECGSWKXCNGPVGCEKPEQNKVTQU LK³DJ©KFJKMC¡OCC¡PFJKUC¡WC2QTHCXQT
,K³IC¡NJKFJC¡CRIWDJCDUKCOCC¡POKFJKK¡ C[¼FCOGCNNGXCTWPCEQDKLC
;C¡PK³R©ZICCOVW¡FJKVWWOK³2QTHCXQT ♦OK¡FJ©TDC¡GPVQPEGUNWGIQ
X«PFCOGCWPSWGUGCEKPEQNKVTQUFGHTKLQNRWGU ♦OK¡³KFJ©TLC¡MFGCE£
CSW¯VTCKIQGNFKPGTQ OK¡³KCFXCNN¯
CDCLQEGTECRTGEKUCOGPVG /CC¡P
OKKEJW=XCTFGOKUVWK³?ICVQ OK¡³KMCQKT©VIWDCCMLKZC¡QKLCTQK¡PCIC¡P
OKLC¡RRCK¡CFXRQTCJ¯
EGTEC t2CC³ #NN¯CPFCDCWPCXCECRKPVC3WK«PUCDGFG
DWNJKC¡FJKDJWTW¡Z!tLWRMCK¡EJIW2GGITQ SWK«PUGT£!
t/KLC¡RRCK¡FJQPCZZC¡KK¡tLWRMCK¡EJIW
OK¡RWK¡ 6'2'*7ƒ0Ê'52#“1. 

OK¡RWK¡CFXCNN¯OGTQt/K¡RWK¡DCDJ©KZ PCD©©PC¡IWUQTKCVO©©DCV'UV£OW[UCDTQUQ
MC¡CCFJKCNCCOTKMC¡EJLKVÀ¡MQDKCO GUVGRKPQNGRQTSWGVKGPGOKGNFGCDGLC
DJ©DJ©KEJFJC¡CC!tLWRMCK¡EJIW2GGITQ ♦UQTKCVO©©DCVOKGNFGCDGLC
t%JCO/K¡RWK¡TCOLKOCVICOtLWRMCK¡EJ O©©MKFJC¡XaKVCTFCTUGFKNCVCTUG)QQMVW
IW,WCPt'UV£DKGPSWGSWGFGCNN¯GN VCC³O©TIWMQQMCUOWVKCPFC&CKPCROQQ
CNCODTGQNQRQPGOQUO£UCTTKDC!tRTGIWPVµ EJCOO©©MKFJC¡8GCEQORTCTTGHTGUEQUCNC
2GFTQt0QCNN¯OGTQGUV£DKGPtEQPVGUVµ,WCP VKGPFCRGTQPQVGFKNCVGU=RTGV[RTQITO©©MKO?
FGKIWCNHQTOCFGKIWCNOCPGTC/K¡RWK¡RVW
O©©OFC¡XaVCVK\CT
HWGIQ /QQRDJCK¡ZK
FCC¡³EJW¡IWOCTCC¡PPCLCZP©KFJKOIW
O©©OFC¡FJKDJCDMWLQVOQFC¡DJCC[C¡#VK\C
VCCVC¡P'NJKLQUGEQPFWEGFGKIWCNHQTOCSWG
NCNWODTGRCTCSWGNQUHTKLQNGUUGEWG\CPO£U
UWRCFTG
T£RKFQ=RTGVO©©O©KRTGUO©©O©¡P?
O©DVC¡CFLSWGVKGPGOKGN,QKFJCOLKZO©DVC¡
O©©O©DUCDGLC/QQEJKOK¡RCK¡COWWD
IWRGG³MCUIC¡PFJKRCPCCNJK¡Z.CURGPECUFG
QK¡FJC¡COIWO©©O©DPCODC¡[CLC¡RR©Z
GUGRCPCNVKGPGPOWEJCOKGN=EQRLKZ?
V©TQQP2TQDCDNGOGPVGXKXGPEGTECNCUCDGLCU
O©K=RTGVFGO©©[C¡?UGRTGPFKµUGSWGOµ RQTSWGCSW¯UGQ[GSWG\WODCPOWEJQ
O©KEJFJC¡XaVGPEGPFGT
EQPEGTKNNQQECTDµP  O©©[C¡XaKRTGPFGTUG
HWGIQ %JCOL©¡ZMCVQD
6W¡³M©¡PO©KEJFJC¡FJK³FJWK³MCT!%QP O©©[C¡IWVCKPQ¡ZDCC¡IWMW¡CC¡0WPEC
SW«XQ[CGPEGPFGTOKRKRC! RTGPFGT£RKFQGNHWGIQUKNCNG³CGUV£XGTFG
RTGPFGT
CRCTCVQGN«EVTKEQ /WRKOVWUCKFJK SWGOCTUG
EQUCSWGUGECNKGPVC /K¡FJ©TLCR
TCFKQDCMQQMZKC¡$JCLC¡MEJCODJCK¡³ DCTIKFJC¡IW³OCVCKOC¡PPQ¡VDCICCPC
MQMZKEJW¡PFC¡PCD©ZEJWMCC¡O©KEJFJKZMC¡ EJCOOK¡O©©[C¡RKCOLCRDJKC¡PQ¡VDCDJCK
#RCIWGPGUGTCFKQ[FW«TOCPUGRQTSWGPQRWGFQ 5KOKPKZVCOCN[CUGUGEµ«EJCNGCIWCRCTCSWG
FQTOKTGPRC\RWGUUKGORTGNQVKGPGPRTGPFKFQ PQUGSWGOGQSW¯VCNQFGNHWGIQUK[CGUV£
VQFCNCPQEJG EQEKFQ
=EQORNRNO©O©KEJFJC¡RTGVO©KEJO©O©KEJ =RTGVO©KRTGUO©KORWPVO©©M?
RTGUO©O©KEJW¡PTGUO©KEJFJKZ ♦IÀ¡O©KOFJKVCKGUV£ITCPFGNCNWODTG
O©O©KEJFJKZ?
O©L©CFXCNN¯
CDCLQCRGTVWTCTGUVTKPIKFC /©L©
O©KFJC¡XaVSWGOCTFGUVTWKTEQPHWGIQ6©
LQFCKD©VC¡QKRQCOKCOIÀ¡IÀTIWDQRVQR#NN¯
O©KFJC¡CRFJKW¡WCPPCL©¡MEJCOVW¡DJCK¡ FGDCLQFGGUCRKGFTCCPFCPNQURGEGUOW[
3WGOCNQURCRGNGUSWG[CPQUKTXGP ITCPFGU
SWGOCTUGPVKTFQNQT
EQPCNIQECNKGPVG $C³ RCTCCNN£
JCEKCWPCFKTGEEKµPFGVGTOKPCFC 
O©K¡³FJKUWWFCK¡PC³KEJMCLKDCVDKCDCMIW¡ /©L©ZKO©©ICVWWMF©TIWICIQQZ2CCDCO
IKKNJKOLKZEJQK³/GSWGOµGNCIWCCN CK!'NRGTTQUGHWGEQTTKGPFQRCTCCNN£VTCUFGVK
GORG\CTCDC³CTOGRWGUGUVCDCOW[ECNKGPVG &µPFGVGCNECP\µ!
=RTGVO©K¡³RTGUO©O©K¡³? ♦O©L©³ZKDJ©©[CEQPUWRGTOKUQXQ[C
O©KFJC¡CFLKPHNCOCDNG)KKNJKOLKZO©KFJC¡
RCUCT
IWLCDMCNJPCRCK¡FJWWMLKTVCCDCMMC¡'N O©L©F©TCFXFGRQTCJ¯
CDCLQNWICTFGFKH¯EKN
ÎRWNOµPFGGPEKPQÏGUOW[KPHNCOCDNGGPNC CEEGUQ ,KZDJCCK¡CCPCRRCK¡VWFCIKC¡O©L©
«RQECFGUGSW¯C=EQRLKZ? F©TFJKWWZPCEJDCOKK¡³FJC¡!0QJC[CNI¼P
O©KO=RTGUFGO©©[C¡?UGRTGPFGUGSWGOC NWICTFG
NKVFGRQTCJ¯ FQPFGRWGFCUCICTTCT
O©©=RTGVFGO©NJKC¡?EQTTKµ
UWLCPKO  GUVGVTQ\QRCTCSWGNQNGXCPVGOQU!
O©©=RTGVFGO©NJKC¡?EQTTKµ
N¯SWKFQ  O©MCFXNGLQU/©MVWC¡L©FJK³EJ©TDK³

,QKFJCOLKZDJCK¡M©¡PVWOIKIKC¡.NGICNGLQU
O©©DCVUOKGN
FGOCIWG[ #NJK¡EJLCEJ
OKUQICRQTGUQGUOW[DWGPCRCTCNC\CT
VCC³O©TC¡IWO©©DCVIWIÀ¡LCOQ¡MKZPCVUCCM
#PVµPOKC¡P
V©O©©DCKDCUVCMCCD.GXQ[CRGFKTCNCV¯C
O©MCFXOWEJQTCVQ/©MVW³KQMKFJC¡CO
OC[QTFGWUVGFGUWPRQEQFGNCOKGNSWGFKEGP
SWGJK\QCPVGC[GT L©¡OC¡PIWOCOMCI©OLCK¡DC¡CNJKQR©ZZK
OKGN
GPIGPGTCN ,QKFJCOLKZK¡QQDFJKMKRK¡ EJW³KQM©KDCOL©©RFJC¡#NIWPQUEWTCPFGTQU
 6'2'*7ƒ0Ê'52#“1. OQKM

QTCPOWEJQTCVQRGTQQVTQUQTCPRQEQVKGORQ[ CPVGUFGFGUVKNCTGNOG\ECNRCTCSWGTKPFC
FGUECPUCP =RTGVO©NJKKEJRTGUO©ONJKEJW¡P?
O©MF©TMCOZKKZ=XCTFGZKKZO©MF©TMCO? O©NJOWMCFLSWGDTQVCSWGUCNG
TGUKPC ,KZ
RTKOQNGLCPQRTKOCNGLCPC O©NJOWMIWQUCC¡OPQ¡³KEJRCNJ©©RZKUQ³KEJ
O©MF©TMCOZKMW¡=XCTFGZKMW¡O©MF©TMCO? IWLWM5CNGNCTGUKPCFGNRKPQEWCPFQNQJCEJGQ
RTKOQNGLCPQRTKOCNGLCPC WPRQEQ
JWKFK\QCUWUVµP
CPKOCN ,KZO©NJOWMFJK
O©MMCOCFXFGNGLQUt2CCRKOFWWMDC
DJWTW¡ZPQ¡³ICPD©©R©¡UCC¡PVW¡PQ¡³EJCO
CC[C¡OWLC¡RLCOMKKMKC¡CO!tLWRMCK¡EJIW
V©©O©T'UOW[CUWUVµPGUVGDWTTQUKNQCTTGQUKP
,WCPt,WTP©MFJQLKCLCK¡FJ©VPCEJLKTO©M
CICTTCTNGNCUQIC
MCOtLWRMCK¡EJIW2GGITQt%W£PFQXCPC
=RNDQQRQKOWMEQRLKZ?
NNGICTWUVGFGUCUWUECUCU!tRTGIWPVµ,WCP
t%TGQSWGJCUVCNCPQEJGRQTSWGCNIWPQU O©O©KEJFJC¡=EQORNRNFGO©KEJFJC¡?
XKXKOQUNGLQUtEQPVGUVµ2GFTQ=EQRLKT? GPEGPFGTNQURTGPFGTNQU=RTGVO©O©KEJ
#PVµP[C¡MCO RTGUO©O©KEJW¡PTGUO©O©KEJFJKZ?
O©MMCVCFXFGURW«U
FGWPTCVQ #C³[C¡PK³ O©O©K¡³=RTGUFGO©KFJC¡?NQSWGOC
OC¡[CO©VLK³³QDCOVCMCCDRKUVQQNM©¡PMW O©ONJKEJW¡P=RTGUFGO©NJEJWFC¡?EQTTG
C

IW¡EJCOVW¡MQ¡MLKOQQLCPQ¡/©MMCVLKPC ECDCNNQQGPECOKQPGVC 
DC¡DCZMQ¡M#[GTOGFKGTQPWPDCNC\QGPNC O©ONJKEJW¡P=RTGUFGO©NJKKEJFJC¡?NQFGUVKNC
OCPQRGTQPQOGFQNKµCNOQOGPVQUKPQ
O©OTC=RTGUFGO©NJKC¡?EQTTG
UWLCPKO 
FGURW«UFGWPTCVQHWGEWCPFQOGGORG\µC
FQNGT O©T=RTGUFGO©NJKC¡?EQTTG
N¯SWKFQ 
O©NJEJWFC¡XaKEQTTGT
CECDCNNQQGPECOKQPGVC  ÊO©TC¡UWHaX+PFKECSWGNCCEEKµPUGNNGXCT£CECDQ
,K³EJCK³DWKFJC¡CRFJKOMCDCK¡PC³DJCCP GPQVTCRCTVGRQTWPCRGTUQPC;C¡EJUCRMC
ZKEJ©O©NJEJWFC¡[C¡FJKIKQV©T/GRTGUVCU P©©TFC¡FJK³EJCVCCNJPCLCK¡MCCC¡PO©TC¡IW
VWECDCNNQRCTCEQTTGTNQGPGUVGNNCPQ! UWWUMC¡P&KLQOKV¯QSWGNQGURGTGOQUCSW¯
=UWLRNDQQRQKEJFJC¡RTGVO©NJKKEJQ OKGPVTCUXCCRQPGTUGQVTQUJWCTCEJGU
O©NJEJWFCDQQRQKEJRTGUO©ONJKEJW¡P =0QTOCNOGPVGUGRTGUGPVCFGURW«UFGWPC
DCRQK¡EJW¡PRTQITO©NJKKEJFJKOQ EQPUQPCPVG)TCO?8CTÊTC¡8«CUGÊRQ¡
O©NJEJWFKODQQRQKEJFJKO? O©VEN¯V+PFKECUWLGVQFGNCVGTEGTCRGTUQPCFGN
8CTO©NJKKEJFJC¡ RNWTCN[VKGORQRTGV«TKVQ2WGFGRTGUGPVCTUG
O©NJFJC¡CFLDWGPQRCTCEQTTGT,KZO©NJFJC¡ EQOQUWHKLQCNXGTDQ,KZKQ¡OICICCMOWO©V
IWUWKOCNJ%JCOL©¡ZMCVLCTQK¡CC[C¡'N ZKDIWDCCMPCTVCCDJCMMCV.CUXCECU
XGPCFQGUOW[DWGPQRCTCEQTTGTRWGUPCFKGNQ CFGNIC\CTQPOWEJQFWTCPVGNC«RQECFGUGSW¯C
RWGFGCNECP\CT=RNDQQRQKFJC¡EQRLKZ? 2WGFGRTGUGPVCTUGEQOQUWHKLQCWPCRCNCDTCSWG
O©NJKC¡XaKEQTTGT
UWLCPKO ,QKFJCOLKZ CPVGEGFGCNXGTDQ,KZZWW¡PIK¡O©VLK³EJQK¡IW
VWKUCRCVWWNJ%JKEJCOIÀ¡OKDWK¡³LCO©V
L©©MK¡FJKMCDCK/KLC¡RIKQV©TR©ZICPO©OTC
/GFKGTQPCVQNGFGRKPQNGOW[CIWCFQRCTC
'UVGECDCNNQGUV£OW[EQPVGPVQRWGUEQTTGCNN£
VQOCT&GUGIWTQPQUGNGCITGICTQPOWEJQ
GPGNNNCPQ=UWLRNDQQRQ[C¡RTGVO©©DQQR
RKPQNG
RTGUO©OTCDCRQ¡OQXO©NJEJW¡DQQRQKEJW¡
=5GRTGUGPVCFGURW«UFGWPCXQECNQWPCRCWUC
QDQQRQ¡?
INQVCN)TCO?8CTLCO©V8«CUGÊO
O©NJKC¡XaKEQTTGT
N¯SWKFQ $JCOO©2CCNJ
OQKMCFLDNCPFQUWCXG,QKFJCOLKZOQKM
5WW¡PIK¡COLKZM©©¡O©TIWUWWFCK¡#NN£GP
IWVQMUC¡WC7PCEQDKLCJGEJCFGCNIQFµPGU
#IWCFGN2CFTGGNCIWCEQTTGOW[NKORKC
OW[UWCXG
=RTGVO©©RTGUO©T?
VKGTPQXGTFG
RNCPVCQHTWVC -CZOCOQKM
O©NJKKEJFJC¡XaVFGUVKNCT$©©R©¡³OQQZKEJW³ FJKVWTCCUPWPKMWVEJCOKCODCLKMQDMQ
OCK¡EJMKFJCKPC³RCK¡FJWWMLKEJW .QUFWTC\PQUVQFCX¯CGUV£PXGTFGU0KUKSWKGTCUG
DWWUCKFJC¡PC³DC¡IÀ¡O©NJKKEJFJC¡IWDKK³ JCPGORG\CFQCOCFWTCT
2TKOGTQVGPIQSWGKTCGPEQOGPFCTOGCWPUCPVQ =RNOCOQKMEQRLKZ?#PVµPMCDCCM
OQKMFC¡ 6'2'*7ƒ0Ê'52#“1. 

♦LKZOQKMVWMWZDWFJKMCDCKVKGPGDWGPC OQQRCTV+PFKECUWRQUKEKµP$©L©MDCL©¡P©I©
TKGPFCGUVGECDCNNQ ³KEJ,CTQK¡DCMOQQDJCLKO6GORTCPKVQOG
♦EJWOQKMCFLDNCPFQRQNXQTKGPVQ
£TGC  FKQJKRQUWRQPIQSWGCNIWKGPXGPFT£FGXKUKVC
OQKMFC¡XaKDCTDGEJCT
RCTCUGODTCT %JCMWK +PFKECFWFCQKPEGTVKFWODTG/QQRWLWWCC
V©©OQRKEJPCRVWOQKMC¡PPCRUCCMLK³ IWQPPC³KEJVWVCCDCUVCMCCD!#RQEQUG
EJCK³DWKFJC¡IWOVWVWWTW¡!6QFCX¯CPQ CECDµNCUCNSWGEQORT«CPVGC[GT!
VGTOKPCUFGDCTDGEJCT!0QSWGOGKDCUC +PFKECKPVGPEKµP/QQ³DCKFJKMC¡IW³LKKMWNJ
RTGUVCTVWUDWG[GU!=RTGVOQKMCK PCEJOCCRLKKOFC¡PCEJVWMQK¡RQ¡OW
EQPVOQKMC¡PFC¡QOQKOMCFC¡? P©K¡MCTVCOPQ¡DCLKLWTPKO2KGPUQKPXKVCTC
♦VWOQKMFJKZGUV£DCTDGEJCFQ OKV¯QCKTPQULWPVQUCNOKVQVGEWCPFQ[CXC[CPC
VGTOKPCTRCTCEQORCTVKTNCEQOKFC
OQK¡³³C¡XaVEQTPGCT)COO©L©LC¡MIQTZKLC =)TCO?
UCC¡PFJKVWVWWTMWOVWDJCLC¡MLKEJ
OQ¡[CUC¡#TTGGPGUQUVQTQUJCEKCCNN£RCTCSWG OQQEJKCFXETGQSWG&CMQQR©ZOKLC¡RDC
PQPQUEQTPGGP QKT©FJKDJWTW¡ZPCDCTLCI©¡/QQEJKEJCO
XaTEQTPGCTUG
GPVTGU¯ 6CMCCDLCO©VOCO O©©MKFJC¡PCDCOWMKC¡#RGPCUCPFCGUG
OCOQ¡[CUCFJKVWVWWTPC³KEJMCZKLCV©MIW DWTTQRQTSWG[CGUV£XKGLQETGQSWGPQVCTFCT£
QP'UVQUVQTQUUGEQTPGCTQPC[GTEWCPFQNGU OWEJQRCTCSWGUGOWGTC
RWUGUCNRCTCNCOGT CNQOGLQT/WPKMCPF©TDJCK¡DCDQQRQ¡CO
=UWLRNOCOQ¡[CUC¡EQORNRNOQ¡[CUC¡ IWMCTDCZ/QQEJKVW¡DJCPDJCLC©¡PMKC
RTGVOQ¡[CQOQ¡[CUCOCOQ¡[CUC #NN¯XKGPGPEQTTKGPFQNCUEJKXCU#NQOGLQTWP
RTGUOQ¡[CUOCOQ¡[CU? EQ[QVGNCUGURCPVµ
♦LKZOQK¡³³COSWKGTGEQTPGCT OQQIW¡KPVGTLdSW«d/QQIW¡ZK¡QQDLKFJK
OQOFQTC¡=XCTFGOQPFQTC¡?XGTFG
DCLKVQ  MCRKTWVCC¡PPCVLWRFWWIWODCDQQNJ'CR
=RNOCOQOFQTC¡?8CTOQPFQTC¡OQOFWTC¡ CNJK¡EJRWRVCC³O©Td3W«UCDTQUCGUNC
ECRKTQVCFCSWGJK\QVWV¯C2QTSW«PQXCUC
OQOIQP=RNFGOCIQQP?ECPUCFQU=EQRLKZ? RGFKTO£U!
OQOIQ³KC¡=UWLRNFGOCIQQ³KC¡?2GL OQQLC¡RRCTV+PFKECSWGNCTC\µPPQGUQDXKCQ
OQOIQ³KC¡COUGECPUCT£P=RTGVOQOIQ? SWGPQUGGZRNKEC6W¡DC¡MWDC¡OQQLC¡R
OQOMQTCPCFXCNQVTQNCFQ
OW[NGLQUPQUGXG  EJCOVWDJÀDJÀÀFJKDJCD!2QTSW«TC\µPPQ
/QOMQTCPLC¡MLCOLCW¡V©MIWLC¡VMCOIWK¡ UGEWGEGPGUVQUHTKLQNGU!
PCOLKTVWMQ¡PMCODJCOO©F©TPCRCK¡ OQQOCFLOCFWTQ
VWD«TEWNQEQOGUVKDNG $CZ
©NJK¡EJLKTF©D©©T#NQUCUGUKPQUNQUNNGXCPCWPC OQQOCCEJKFJKLQVMQZMW³DCMQQMDKC¡!
KUNCCNQVTQNCFQ8CTOQOMQTCO 'UVCT£PUWHKEKGPVGOGPVGOCFWTCUGUVCUEGDQNNCU
OQOVKMC¡=EQORNRNFGOQQVKMC¡?NNGXCTNQU RCTCFGUGPVGTTCTNCU[C!=EQRLKZ?

UQDTGNCECDG\CQGPNQUJQODTQU  8«CUGOQQOVC¡
OQOVQKFJC¡=EQORNRNFGOQQVQKFJC¡?C[WFCT OQQO=RNFGOQ¡?ECDG\CU

CECTICTNQU
UQDTGNCECDG\CQGPNQUJQODTQU  OQQOVC¡XaVOCFWTCT
VWD«TEWNQEQOGUVKDNG 
=RTGVOQOVQK¡RTGUOQOVQK¡³? 6QQOQMLC¡MOQQOVCTIW[CCVWKPCRCK¡
OQOVQ[C¡=EQORNRNFGOQQVQ[C¡?NNGXCTNQU FJWWMLKZEJWMCK¡OMC¡.CURCRCUUG

UQDTGNCECDG\CQGPNQUJQODTQU =RTGVOQOVQ OCFWTCPGPNC«RQECFGNQUGNQVGU
RTGUOQOVQ¡VTCUNOQOVKMC¡? =RTGVOQQOVCEQPVOQQOVCKFJC¡?
OQPFQTC¡CFLXGTFGDCLKVQ
EQNQTFGCNIC  ♦OQQOCFLOCFWTQ
VWD«TEWNQEQOGUVKDNG 
)KKNJKOLKZOQPFQTC¡R©ZOWF©TDCUWW¡P OQQOV©MC¡=UWLRNFGOQ¡V©MC¡?2GL
DKDKCVCOIWUWWFCK¡FCOCPDCLKDCC©RPCV OQQOV©MC¡COCEQUVCT£PNCECDG\C
IW¡IÀ¡DCVCC¡O&GCSWGNNCFQGPGN =RTGVOQQOV©RTGUOQQOV©M?
OCPCPVKCNGNCIWCGUV£OW[XGTFGRQTNCOWEJC OQQVKMC¡XaVNNGXCTVTCGT
CRQ[CFQUQDTGNC
CNICSWGJC[[VCODK«PUGGUV£UGECPFQRQTSWG
ECDG\CQGPNQUJQODTQU ,K³RCNJWKFJC¡CR
[CVKGPGOWEJQSWGPQJCNNQXKFQ
PCEJOQQVKMC¡FJKUCTDCMWWZ2QTHCXQT
=RNOCOQPFQTC¡EQRLKZ?8CTOQOFQTC¡
OQOFWTC¡
 6'2'*7ƒ0Ê'52#“1. OWLC¡MRCK¡

C[¼FCOGCNNGXCTGUVGVTQPEQITWGUQ OWRTGHaXJCEKCCNN£'CRDJCK¡F©TOW
=EQORNRNOQOVKMC¡?8«CUGOQQVQ[C¡ VWW¡PPKEJFJCK³FJKMCDCKPQ¡OQQVWWVFCM
OQQVQKFJC¡XaDC[WFCTCECTICT
UQDTGNCECDG\C *C\CGUGECDCNNQDTKPECTFGUFGCNN¯RCTCXGTUK
QGPNQUJQODTQU $JCK¡ZK³OQQVQK¡³FJKVQQO DTKPEC
DJCK¡OMCTLC³PWC¡TC¡FJKLWWPDJCOO©DC¡M CNN£
CDCLQNGLQUPQUGXG ,KZFJCCOLK
EJ©T2QPOGGUGEQUVCNGPGNJQODTQRCTCSWG FJW³KKFJCMLC³KEJMCCKOW7¡OW¡P6C¡O
XC[CCXCEKCTGNOC¯\CNN£CFGPVTQFGNCECUC %CUKCNOGFKQF¯CNNGIW«FGCNN£FG.QU<Q[CVGU
=EQORNRNOQOVQKFJC¡RTGVOQQVQK¡OQOVQK¡ =)TCO?#PVµPDJC8«CPUGOWOOW
RTGUOQOVQK¡³? OWK¡
OQQVQ[C¡XaVECTICT
UQDTGNCECDG\CQGPNQU ♦OWLC¡MCFXJCEKCCNN£
JQODTQU /QQZQQ¡CCFJKWDKKPCDC¡IKKNJKO ♦OWLC¡RCFXTWODQC
UCTDJCMOQQVQ¡IWMW¡CC¡!#RQEQGUHWGTVG ♦OWRCK¡CFXRQTCNN£
GUCOWLGT!RQTSWGECTICNG³COW[ITWGUCGPGN OWC=RTGVFGOW¡CC¡?NQOCVµ
JQODTQ=EQORNRNOQOVQ[C¡RTGVOQQVQ OWC¡MCTUGUOGTKNRKGFTCFGCHKNCT2WK¡Z
OQOVQRTGUOQQVQ¡OQOVQ¡?8CTOQQVQFC¡ DJCK¡RVWOW¡MC¡PIWOWC¡MCTPCLCZIWNKKO
♦OQQVKMC¡XaVNNGXCTVTCGT
CRQ[CFQUQDTG 'NGUOGTKNCHKNCKIWCNSWGWPCNKOC
NCECDG\CQGPNQUJQODTQU  =RNOWOWC¡MCT?
OQ¡UECDG\C,KZMQ¡MIW³OQ¡/QQEJKPCV OWK¡CFLOWEJQOWEJQU/WK¡[C¡CKO©VLKC
VQPKK¡³PCZEJCVQK³PC³EJCOM©©VWI©VIW³ IWLC¡VMCOZKDPCTRKCUVCMCV%JCOD©©ZLCCK
DQPCCOPC³KEJVWICC¡O©TCMIWDCCM/G DC¡IWDCMCCZ.NGIµOWEJCIGPVGCGUVCHKGUVC
FWGNGNCECDG\C#NQOGLQTUGOGECNGPVµRQTGN XGTFCF!2WGUPQCNECP\µNCECTPGRCTCVQFQU
UQNRWGUPQVTC¯COKUQODTGTQEWCPFQHWKC ♦OWK¡FJ©OCFLSWGCPFCPGPTGDC³QU
DWUECTNCUXCECU=RNOQQOCRQUOC¡QQ¡P?
CPKOCNGU 
♦LKZOQ¡MQ¡MFCOMCK¡EJUGQ[GWPTWKFQ OWK¡CFXJCEKCCNN£2CCRFWWMOWK¡DC³
HCUVKFKQUQ
NKVSWGJCEGSWGOGFWGNCNC RCZKCTLK³MQORCCNJ!%W£PFQOGXKUKVCU
ECDG\C  EQORCFTG!
.KV%W£PFQXCUJCEKCCNN£C
OQ¡RQNJK¡CFLSWGJC[OCVCU
FGCTDWUVQUQ XKUKVCTOG! 8«CUGOW
\CECVG )QQMDJCK¡ZKICC¡O©TIWMCRZKC¡ OWK¡FJCNJK¡CFLSWGTKPFGSWGUGOWNVKRNKEC
OK¡³KPCRCK¡ZOQ¡RQNJK¡MWEJM©¡PVWLWIKC¡
RTQPVQ ,KZOWK¡FJCNJK¡COIWLKRRCVPQ¡³
8GCDWUECTCNIWPQUJQPIQUGURQPLQUQUCNN¯ EJCOVWDCVDKC.QURKQLQUUGOWNVKRNKECP
FQPFGJC[OCVCURCTCEQOGTNQULWPVQEQPNCU RTQPVQEWCPFQWPQPQUGDC³C=EQRLKZ?
VQTVKNNCU=RNOCOQ¡RQNJK¡EQRLKZ?
OWK¡FJ©O=CPVµPFGF©NJFJ©O?SWGCPFCPGP
OQ¡V©MC¡XaKCEQUVCTNCECDG\C6W¡RDC¡ TGDC³QU
CPKOCNGU 
OQ¡V©MCVVWMCC¡!&JKCCCNOQC¡PMC¡FJKCC
UC¡WC!'PSW«CEQUVCUVGNCECDG\CCPQEJGGP OWK¡MKOCFXXCTKCUXGEGUOWEJCUXGEGU
GUCCNOQJCFCQGPGUCEQDKLC! /WK¡MKOLCRLWRDCMWCPFC¡FJKOUC¡WC
=UWLRNOQQOV©MC¡RTGVOQ¡V©OQQOV© DCMWCPMCTM©¡PPCDC¡O©MLKZM©©¡MC¡.CXC
RTGUOQ¡V©MOQQOV©M? VWEQDKLCEQPLCDµPXCTKCUXGEGURCTCSWGGUV«
NKORKCRQTOWEJQVKGORQ
OQ¡ZMCTUCNOQJCFC$JC³DJ©K¡³IW³
OQ¡ZMCT0KL©¡ZMWEJCOLKTCOPCEJV©KDQ¡ OWLC¡MCFXJCEKCCNN£
FKTGEEKµPIGPGTCN 
PC³EJCOVWOQ¡V©M6T£GOGOKCNOQJCFC /WOOWDWWUCCXKPCVGGTIWOCC¡PMCOPC
RWGUPQOGUKGPVQDKGPUKPVGPGTGPSW«TGEQUVCT OWLC¡MDCLKOFCV!2CUµRQTNCXK³CNC
NCECDG\C=RNOCOQ¡ZMCT? RGTUQPCSWGUGFKTKI¯CJCEKCCNN£!
OQ¡[CU=RTGVFGOQK¡³³C¡?EQTPGµ
JCEKCTWODQC
EKGTVQFGUVKPQ /WLC¡MDC
LKOEJW¡MKKEJCOIWMCDCK/QQEJKPCZ
8CTOQ¡[CUC ³CMVW¡IWQP'NECDCNNQXCECOKPCPFQJCEKCNC
OQ¡[CU=RTGUFGOQK¡³³C¡?EQTPGC
ECUCRWGUCNQOGLQTSWKGTGUCN
OQ¡[CUC¡=EQORNRNFGOQK¡³³C¡?2GLLC OWLC¡MRCK¡CFXCQVTCRCTVG/CCZFJKUCR
OQK¡³³C¡NQUEQTPGCT£=RTGVOQ¡[CQOQ¡[CUC DJCK¡MCLKOIW#FTKCPPCIW¡UCROWLC¡M
RTGUOQ¡[CU? RCK¡MCDJ©©[C¡MCDWKOWM&KEG#FTK£PSWG
OWLC¡R 6'2'*7ƒ0Ê'52#“1. 

XKGPGJCUVCRCUCFQOC³CPCRQTSWGOC³CPCUCNG OWOWW[C¡XaVVKTCT
RTQ[GEVKNNCTIQ #CRLKZ
CQVTCRCTVG OCCV©VVWOWOWWICCVM©¡P!5CDGUVKTCTEQP
OWLC¡RCFXTWODQC
EKGTVC£TGC :KO CTEQ!=RTGV[RTGUOWOWW?
PQQPQDEJ©KRKOPQ¡RKO©VOWLC¡RDCLKKIÀ¡ OWPKCFXCNN£
CDCLQNGLQUPQUGXGRTGEKUCOGPVG 
MKKEJCOPCRKOEJCOOCK¡OK¡KCDW¡)KKNJKO /WPKDJC³ICCIK¡³IWIÀ¡DJKKMCT2CCIKEJK
OWK¡OKLC¡RQKRQIW¡IWLC¡VMCO%WCPFQ LCZLWOFWW!#[¼FCOGCDWUECTNCEWEJCTC
XC[CPCNEGPVTQCI£TTGPUGFGNCUOCPQURCTCSWG ITCPFGCNN£CXGTFµPFGGUV£
PQUGRKGTFCPNQUWPQUFGNQUQVTQURWGUCPFC OWRCK¡CFXRQTCNN£
CDCLQNGLQU )QQMLCO©V
OWEJCIGPVGRQTCNN¯ UCRMQKIWLC¡VMCOOWRCK¡PCVKCIWVTQQMC
OWLC¡RRCK¡CFXRQTCJ¯
NGLQU t2CCDC¡F©T &KEGPSWGFQURGTUQPCUOWTKGTQPRQTCNN£FQPFG
DJCK¡RZKW¡WWMIW³EJCCVFJKRWNJKKZ!tLWR UGXQNVGµWPCECOKQPGVC
MCK¡EJIW2CDNKKPCt,WODJC!/WLC¡RRCK¡ OWRCK¡FJ©TCFXFGRQTCJ¯
CDCLQNGLQU #CR
EJKLKCPCLCZLKZLCK¡EJtLWRMCK¡EJIWF©¡©©¡P OQQVÀMÀÀMÀ¡PQ¡VOWRCK¡FJ©TDCZKEJ©KIW
t&GFµPFGVTCLQGNEJKNGRKSW¯POKRCR£! VTQQMCPC³CC³OWPKMCLKOKC¡MKKEJCO6¼
tRTGIWPVµ2CWNKPCt3WK«PUCDG!5WRQPIQ GUEWEJCUK[CUGQ[GSWGNCECOKQPGVCXKGPGFG
SWGFGRQTCJ¯FQPFGJC[tEQPVGUVµUWOCO£ RQTCJ¯OKGPVTCU[QXQ[CNCECUC
OWMCC¡CFLSWGNGFCEQOG\µPd,C¡ROQQZ OWRWWDCNJ=RNFGOWWDCNJ?OQUECU
OWMCC¡IW³OQ¡)W¡EJKZZK³ZK¡K³d%µOQ
OGFCEQOG\µPGPNCECDG\C5GIWTCOGPVGVGPIQ OWTCC¡POC¡CFLOQTCFQ
QUEWTQ ,CK¡LQKFJCO
ECURC=RNOWOMC¡EQRLKZ? LKZC¡DJCTLKZLCOCCVCOIWVQQOC¡UCMLKZ
OWOTC¡POC¡ZKEJQK¡FJKZMC¡#NIWPQUUCDGP
♦EJWOWMCC¡CFLSWGNGFCEQOG\µP
JCEGTVCNGICUOW[DQPKVCUFGKZVNGRWGUNCUVK³GP

EWGTRQGPVGTQ 
EQPGNEQNQTOQTCFQ=RNOWOTC¡POC¡EQRLKZ?
OWMKC¡XaKOQTKT5©NJLWTC¡TCPLCROQQU©ZKC¡
/WTDC¡VCFX/WTJWCVC
NWICT %JC¡EJ
FJKVQQZMQNJPCDC¡OCC¡PLKOFCOOWMKC¡
V©DJCKRW¡DJ©L©/WTDC¡V!5CRDJCK¡DCOCKEJ
2¯ECNGCNOCTTCPQFKTGEVCOGPVGGPGNEQTC\µP
DC¡ZKDIWLWWP0QXCOQUC/WTJWCVCCN
RCTCSWGOWGTCT£RKFQ=UWLRNMQ¡[C¡
OCPFCFQ!&KEGPSWG[CNNGIµGNOC¯\CNN¯
RTGVOWWMQKRTGUOWOM©MQ¡?
♦MQ¡KKOCOUGGUV£POWTKGPFQ
WPQRQTWPQ  OWW=RTGVFGOWMKC¡?OWTKµ
OWOMC¡=RNFGOWMCC¡?SWGNGUFCEQOG\µP OWWDCNJUOQUEC&WWFWMLC¡MVCCVCMCOIW
=EQRLKZ? OWRWWDCNJ$©©R©¡MCTDQVRQFC¡MC¡OK¡FJ©T
DC¡UCCNJDJCK¡LKOOWWDCNJEJC¡.CUOQUECU
OWOM©=RTGUFGOWMKC¡?OWGTG
UGOWNVKRNKECPGPNC«RQECFGNNWXKCURTKOGTQ
OWOOWCFXCNN£
CDCLQNGLQUPQUGXG  UQPIWUCPKVQU[NWGIQUGEQPXKGTVGPGPOQUECU
/WOOW)GTTGGTQLC¡MLWOCK¡EJW¡PIW =RNOWRWWDCNJ?
VCC¡ONCUIWK¡PC6QDCCVCOF©TDJCO
OWWNJUVQTVWIC,KTOWK¡COIWOWOWWNJOW
DJKK¡O³QT.CUVCDNCUSWGVTCGPFG.C)WCLQNQVC
LC¡RIÀ¡IÀTC¡MM©¡P,KZLQK¡³FJC¡COPCO
NCUNNGXCPC8KEGPVG)WGTTGTQ8CTOWOO©
VQZMQPFC¡DJCLC¡RLQQFCKEJC¡OPCRCK¡
LWOOW8«CUGOW
FJWWMVCPQQTFC¡)W¡DC¡PQ¡VVW¡LC©¡PMKC
OWOOWPKCFXCNN£
CDCLQNGLQUPQUGXG LQVOQFC¡OWRWUWWNJIKC¡O©RIKQUWWFCK¡
RTGEKUCOGPVG /WOOWPKCMM©¡PLQKFJCOLKZ EJ©T*C[OWEJCUVQTVWICUGPNQUT¯QUITCPFGU
M©©¡UWW¡PIWUWWFCK¡#NN£GPGNT¯QGNCIWCGUV£ RWGUNGUIWUVCCUQNGCTUGGPNCRKGFTCURGTQ
OW[NKORKC5KPµPPCOO©PK EWCPFQUGCUWUVCPRQTCNIWPCTC\µPUGOGVGP
OWOTC¡POC¡=RNFGOWTCC¡POC¡?OQTCFQU RTQPVQQVTCXG\CNCIWC=RNOWOWWNJ?
QUEWTQU OW¡CCOCFLSWGSWKGTGOCVCT,KZOW¡CCMCO
OWOWC¡=RTGUFGOW¡CC¡?NQOCVC UCRIW³LKKMWNJIW4CTCC[KU&KEGPNQU4G[GU
OWOWC¡MCT=RNFGOWC¡MCT?RKGFTCUFGCHKNCT SWGSWKGTGPOCVCTCOKV¯Q=UWLRNOW¡CCM
EQORNRNMQQFCOMQQFCM?
OWOWWNJ=RNFGOWWNJ?VQTVWICU
OW¡CC¡XaVOCVCT#CREJCOLKTMQQ¡PFCOCC
PCRKCOOCC¡PLK³OWK¡FJC¡IWVQQZMQNJPC³
DJCKFJC¡!7UVGFPQOCVCCPKOCNGU!RCTCSWG
 6'2'*7ƒ0Ê'52#“1. PCCP

OGOCVGWPOCTTCPQRCTCEQEGTNQ HWPEKQPCEQOQKPHKPKVKXQ/QQRV©¡³EJWMCVPCR
=EQORNRNMQQFC¡RTGVOWCMQK V©©¡O©TC¡IWOCDWKNPCZMC¡QQM0QUGVG
RTGUOWOWC¡MQQ¡P? QNXKFGKTCXGTCVWCDWGNKVCSWGGUV£GPHGTOC
OW¡MC¡XaKCHKNCTUG/QQEJKEJCOL©¡ZFJC¡MC EQPL5GWUCRCTCKPVTQFWEKTWPCHTCUGSWG
OW¡MC¡FJKDCK³FJCUUKCEJV©KOW¡MC¡P6©©¡PC HWPEKQPCEQOQRCTVKEKRKQ,CTQQIC¡PFJKUC¡WC
IW¡LCZIÀ¡IÀTLKZEJKEJK³RK¡%TGQSWGPQUG PCDJCK¡L©NJKK¡QPCOFCCO!-C¡RWKZDC¡CC!
CHKNCT£GUVCJCEJCCWPSWGKPVGPVGCHKNCTNCRWGU &GSWK«PGUGUVCEQDKLCSWGGUV£VGPFKFCGPNCU
H¯LCVGSW«VCPOGNNCFCGUV£=EQORNRNOW¡OMC¡ TCOCU!0QGUVCT£OQLCFC!
RTGVOW¡MCOW¡OMCRTGUOW¡MCTOW¡OMCT? EQPL5GWUCRCTCKPVTQFWEKTWPCHTCUGSWG
HWPEKQPCEQOQIGTWPFKQ2©ZLKCCIK¡³PCVLCZ
OW¡MFC¡XaVCHKNCT$COW¡MFC¡CRIWDCK³FJCU
VWOFWWOWOOWPCTMQK¡EJCOMCVL©¡ZR©Z
6KKPQPCEJM©¡PMWC¡ORW¡#HKNCGNJCEJC
IKQRWK¡RDCV©VFCFC¡'UV£GZRNKECPFQEµOQNG
(CWUVKPQRCTCSWGXC[COQUCNCNG³CEQPGNNC
HWGGPGNDCPSWGVG
NKVUKGPFQDCPSWGVG [CN
=EQORNRNOW¡OMCFC¡RTGVOW¡MCKOW¡OMCK
TCVKVQQVTCXG\GUVCT£FKEKGPFQNQOKUOQ
RTGUOW¡MC¡POW¡OMC¡P?
=5WGNGRTGUGPVCTUGEQPWPEN¯VKEQFGUWLGVQ
OW¡MZKFJC¡XaDCHKNCT
RCTCQVTCRGTUQPCQ FGEQORNGOGPVQQFGEµRWNC)TCO?
CPKOCN &©©NJLCRLWRDCOW¡MC¡PFC¡IWO
PCCDCVUPQKPF¯IGPCOGUVK\C
RGTUQPC /WPK
DCK³FJCU6QQ³QPCRIW¡DCTIÀ¡/QQCC³
FJ©TDJCK¡DCLKOIWPCCDCVIWK¡PCZLQK¡³FJC¡
LWRLWOOW¡MZK¡³FJC¡CCICOO©L©!&GDGU
PC[CLC¡RVWIC¡TCFC¡IWKKDJCK#NN¯XKGPGGN
CHKNCTVWJCEJCV¼OKUOQ#PVQPKQRQTSWG[C
OGUVK\QCNSWGNGIWUVCXGPFGTVWPCURQTCSW¯
GUV£UITCPFGRWGUPQUKGORTGXQ[CGUVCT
=RNPCPDCV?
CHKN£PFQVGNC=EQORNRNOW¡OMCZFJC¡
RTGVOW¡MZKOW¡OMCZRTGUOW¡MZK¡³ PCCFC¡XaKRQPGTNWODTG)QQMMWC¡O©TPCEJ
OW¡OMCZK¡³? PCCFC¡LC¡Z³KLWTP©M8GCVTCGTNG³CRCTC
RQPGTNWODTGCNTCVQGPNCPQEJG=RTGVPCK
OW¡WWMCFLRWPVKCIWFQHKNQUQt,QKFJCOLKZ
RTGUPCCPFCKORGTPCC¡P?
OW¡WWMFJKODCK³FJCU-KC¡R©ZLCRKEJ
OW¡MCK!tLWRMCK¡EJIW5KPCKFQt,©©¡D©©R©¡ PCCMUQTGLCQ¯FQ
UWLCPKO %JCOR©MMC
tLWRMCK¡EJIW2QQNQt6WJCEJCGUV£DKGP VÀMÀÀK³PCVF©TLKZMQ¡MT©MIW³³CCPCM0Q
HKNQUC#ECDCUFGCHKNCTNC!tRTGIWPVµ<GPCKFQ QKIQDKGPFGUFGSWGOGFKQFQNQTGPNQUQ¯FQU
t5¯JCEGTCVKVQtEQPVGUVµ*KRµNKVQ CICTTCFGTC
FGWPTGEKRKGPVG ,CZFJWWMLWR
=RNOW¡OWMEQRLKZ? DCQOIWPCCMC¡PFJKLCTTQ!%µOQGUSWGUG
SWGDTµNCCICTTCFGTCFGNLCTTQ!
=RNPCCPCMCRQUPCCMC¡PPCCPMC¡P?
♦PCCMCTCOGPUWQTGLCGPUWQ¯FQ
FG«NQ

0
FGGNNC 
♦PCCMDJKKEJEGTKNNCEGTWOGP
PCCMV©OCKEJUVCOCN
FGECTPGFGNCECDG\CFGN
RWGTEQ #C³EJCOR©MDJCK¡³DWCIWPCCM
V©OCKEJ,CZPCDC¡!%JKIW¡KCOR©ZLKZ
=0QVC/WEJCURCNCDTCUSWGGORKG\CPEQP³
MC¡QQMK³/GJCEGPFC³QNQUVCOCNGUFG
VKGPGPXCTKCPVGUSWGGORKG\CPEQPPNCUEWCNGU
RWGTEQ0QU«RQTSW«UGT£ETGQSWGOKEWGTRQ
PQUGKPENW[GPGPGUVGFKEEKQPCTKQ?
GUF«DKN
PCRTQPSWGSWKGP
RCTCKPVTQFWEKTWPCHTCUG PCCPUOCFTGOCO£$JCK¡DCLKOIWO
TGNCVKXC ,KZM©©¡CCFJKUWWFCK¡PCOK¡UWW¡P PCCP&JK¡OQQOI©©¡DKC¡PCRKEJEJCMWKOK
DCMWCVC¡O!'UV£NKORKCGNCIWCSWGGUV£GPGN FJCKIWOCVCKOC¡P#NN¯XKGPGVWOCO£[VGXC
IWCLG! CRGICTRQTSWGVQFCX¯CPQRQPGUCJGTXKTGN
EQPLSWG
RCTCKPVTQFWEKTWPCHTCUG PKZVCOCN
EQORNGOGPVCTKC ,WRLK³EJ©VFCIWIÀ¡MCO V¯C
GURQUCFGNJGTOCPQFGNRCR£QFGNCOCO£ 
PCEJUCREJCOVWLWCPC¡ZKD/GFKLQGNLGHG $JCK¡DCLKOIW³³CCPIWK¡PC³EJCVCCNJLKT
SWGPQXCOQUCVTCDCLCTJQ[ D©PIC¡P#NN¯XKGPGOKV¯CNCSWGGUNCGURQUCFG
EQPL5GWUCRCTCKPVTQFWEKTWPCHTCUGSWG OKV¯Q
NKVNCGURQUCFGNJGTOCPQOGPQTFGOK
PCCPMKC¡ 6'2'*7ƒ0Ê'52#“1. 

OCO£  RQTGUQ,KZOWMCC¡FJQEJKIWMWZDQ¡PFJK


=RNPCPCCPCRQUF©¡©©¡P? ICIQQZPCDC¡M©U#NQOGLQTGUGRGTTQVKGPG
♦LK³³CCPVW¡OOKOCFTCUVTCQOKV¯C EQOG\µPGPGNRGUEWG\QRQTGUQUGGUV£

GURQUCFGNJGTOCPQFGOKRCR£QFGOK TCUECPFQ
OCO£  EWCPFQCPVGUSWG#C³LWRDCVWMWC¡I©LK
PCCPMKC¡=UWLRNFGPCOMKC¡?2GLLWO UKCRWK¡PCDC¡OWK¡RMCWC¡IWDCK³FJCUFJK
PCCPMKC¡COUGUCNWFCP
GPVTGU¯  .CCNQ;Q[CJCD¯CEQTVCFQNCNG³CUKPJCEJC
=RTGVPCCPCORWPVPCCPCM? EWCPFQ.CNQNNGIµEQPWPC
RCTGEGSWG6W¡RDC¡OKWC¡FJKOVQQO
PCCRQ¡P=RTGUFGPCDFJKC¡?NQUEC\C DJCK¡OMCTCOPCDC¡COO©L©LQK³IWVW¡!
PCCURC¡XaVFQDNCT
EQDKLCRGVCVGQUQIC  3W«VTCGUGPVWEQUVCN!2CTGEGSWGUGGUV£
0CCURC¡CRFJKUC¡WCPCEJCOOKLC¡R OQXKGPFQCNIQCFGPVTQ
IKQRRC³MC¡&QDNCGUCEQDKLCRCTCSWGPQGUV« PQSWG!0CDC¡IW¡PK5COQKNLWRMCK¡EJ
CNN¯CTTWICFC D©©R©¡PCEJCOPCCIWDJQ¡OMQZLKFJQQT!6©©¡
XaKVQTEGTUG
WPCRCTVGFGNEWGTRQ 0CCURKEJ PCVDC¡IQQMLCLQQZKC¡DCLWIKQ0QSWGC
DCMIW³MWZDW,KZMQ¡MPC³KEJRCK¡FJWWM 5COWGNPQNGIWUVCGNVGEJCNQVGEQEKFQ!2WGU«N
DJCK¡LK³K³KC%TGQSWGGUVCDCVQTEKFQOK OKUOQNQFKLQJCEGTCVQRGTQH¯LCVGSWG[CUG
EWGNNQRWGUOGFQN¯CCNFGURGTVCT CECDµFQURNCVQU
=EQORNRNPCPUCRC¡RTGVPCCUPCPUCRC =)TCO?
RTGUPCCUCRPCPUCRTGUPCCURKEJ PCDF©FCOUEC\CFQT,C¡MDCUWWNJLCO©VDCM
PCPUCRKEJ? IWPCPCDF©FCO[C¡PKR©ZOCCZCOD©©ZDQK
PCDUPQRCN)QQMKOK¡RWPIWPCDVCCDJCM 2CTGEGSWG[CTGITGUCTQPNQUEC\CFQTGURWGU[C
LC¡MIKQDC¡V©¡PIKCMLC¡M.QUPQRCNGUTGVQ³CP UGXGPNCJWGNNCURQTGNECOKPQ
FQUXGEGUCNC³QWPCXG\GP«RQECFGUGSW¯C[ =RNPCPCDF©FCO?
QVTCXG\GP«RQECFGNNWXKCU PCDFJKC¡XaVEC\CT
CPKOCN )QQMVCPQQNJUCR
♦PCDLWPOC¡POQNGFGPQRCN V©KDCVWPCDF©IW³ZKMW¡%JCMWKRCK¡V©©IW
PCDCKEJFJC¡XaTVQOCTOG\ECN
EGTGOQPKCN  UWKOCNJ/KJGTOCPQ[CVKGPGFQUF¯CU
,WRMCK¡EJIW2KNKKRPCUCRLWO EC\CPFQRGTQVQFCX¯CPQGPEWGPVTCPKWP
PCDCKEJFJCTC¡ZKDOW6CVQQ¡O%JC¡OPQ¡VDC XGPCFQ=EQORNRNPCDFJKC¡RTGVPCDF©
LKEJ©OP©K(GNKRGFKEGSWGVQOCT£GNOG\ECN RTGUPCDQ¡PPCCRQ¡P?
EGTGOQPKCNCJQTCEWCPFQGORKGEGPCDCKNCTGN PCIW¡EQPLRQTSWG2CTDCPVWDQQPKOCOFJK
OKVQVGGP.QU%QPGLQU
'UWPC LC¡VMCOPCIW¡EJCOVW¡F©©NJLKTLCICC0Q
EQUVWODTGSWGUGJCEGGPGNRCVKQEGTGOQPKCN GUV£PFGU[GTDCPFQDKGPGUCURGTUQPCURQTSWGPQ
EWCPFQWPCRGTUQPCNNGICCUGTCFWNVQ  GUUWRTQRKCOKNRC=)TCO?
=RTGVPCDCKEJRTGUPCDCKEJW¡P?
PCK=RTGVFGPCCFC¡?RWUQNWODTG
PCDCRCFXECFC
F¯COGUQC³Q 0CDCR
ZKDMCOQKFJC¡VC¡OFWWMFC¡IWMKDCCT%CFC
PCKNQUPCKNQPEWDKGTVCFGRN£UVKEQ
RCTCEWDTKTGN
EWGTRQ /WZKDWCF©©TCRFJKPCKNQPCDJCCP
C³QPWGXQNNWGXGEQPVKPWCOGPVGFWTCPVGCNIWPQU
OKFWWFW¡PCDC¡Q³KC¡PCZFJ©TDC¡2QP
F¯CU
CHWGTCGUVGPCKNQPRCTCSWGNNWGXCGPGNNC[UGNG
VQFQU
F¯CUOGUGUQC³QU ,KZEJCOCCO
SWKVGNCVKGTTCSWGVKGPG8CTPCKNW
FCOCPDCKMVCPQQNJPCVCNJLC¡ROQQFWW¡P
PCDCRVCPQQNJIKQPCDCRVWMCC¡PCZKFJWWM PCK¡CFXRQTVQFQUNCFQU-CDWKOWMUCRPCK¡
.NQXKµRQTQEJQF¯CUVQFQUNQUF¯CU[VQFCUNCU VWOKCDW¡IWW¡WCPPCODJCCPLCCCIK¡³FJC¡
PQEJGU IWLC¡VMCOPCTC¡IKEJCOMC¡VWOKK³MWVC¡O
PCDC¡EQPLRCTCSWG,KZDJCK¡RKOZKV© &KEGPSWGOC³CPCXCPCGPXKCTRQTVQFQUNCFQU
NQURCRGNGURQTOGFKQFGNQUEWCNGUCXKUCT£PCNC
M©©¡ORKIC¡OWDC¡MEJ©TPCDC¡EJCOLKZEJW
IGPVGSWGJCDT£LWPVCGNFQOKPIQ
VCPCCTC¡MC¡PCEJOK¡LCDKCRVWFC¡IWEJ
LCCFW³PCOLKZRCZKCTCKO.KORKGPDKGP PCK¡URC¡=XCTFGOCK¡URC¡?CRNCUVCT
CFGPVTQFGNCECUCRCTCSWGPQJC[CDCUWTCRWGU PCLCTQK¡RTQPSWK«P#CREJCOOCCVPC
CNN¯NGUXCOQUCFCTJQURGFCLGCPWGUVTQU LCTQK¡DJCK¡MKQZKDPCRCK¡MKQMCVIW
RCTKGPVGUSWGPQUGUV£PXKUKVCPFQ
 6'2'*7ƒ0Ê'52#“1. PCMWCNJ

/CECCTKQ!0QUCDGUSWK«PXKXGCJQTCCNN£ VCPNGLQUFGCSW¯GUV£/«ZKEQ!=5GRTGUGPVCCPVGU
FQPFGXKX¯C/CECTKQ!=)TCO?8«CUGLCTQQ FGNRTQEN¯VKEQEQRWNCTLKT?
PCLCZCFXEµOQSW«#CRLKZOCCVCCPCLCZ PCMCCDUVWPC
E£UECTCTQLC /CKMLCEJMQK¡RW¡
LKTLWOFWWMCOPCVDC¡V©TVCMCCDIWFWWM! IWPCMCCDOWLC¡MVCCVUCD8COQUCVKGTTC
0COIW¡RMCK¡EJFJC¡LCK¡PCUCRLKTQ¡ZDKICO E£NKFCCEQOGTVWPCU
PQ¡VRW¡³KV©TIWFWWMPQ¡EJCOLKTV©¡PIKCM ♦VQQVQPCMCCDUVWPC
E£UECTCDNCPEC 
6¼PQUCDGUSW«UKIPKHKECSWGJC[CVTQPCFQ PCMIC¡XaVUQNVCTFGLCTGUECRCT
EQORNCPKO 
C[GT!2QTSWGCNIWPQUFKEGPSWGGUOCNCUG³CN $J©KTC¡CRIWMCTDCZ%JKNKKPQDJCOO©OCDWKN
EWCPFQVTWGPCHWGTCFGNC«RQECFGNNWXKCU DWK-C¡DC¡OQQOPCMIC¡CCEJK!8GCVTCGT
8«CUGLCZ NCEJKXC/CTEGNKPQFGCNN£FGVWCDWGNKVC0QNC
♦LCZPCR©ZCFXEQOQUGC XCUCFGLCTGUECRCTXGTFCF!
PCLCZCFXSWGVCPVQ#CROK¡DJ©©[C¡D©©ZDQK XaVUQNVCTECGT
UWLKPCP ,KZDJCK¡ROQQ
CC³DC¡DJC¡³KLC¡RPCLCZLKZEJWVWC¡PC³ FCC¡PMC¡FJKVQQODJCK¡OMCTPCEJCOLWO
IW¡OCK¡O©NJEJW¡7UVGFXC[CRQTVQFQGN PCMIC¡#ICTTCDKGPGNEQUVCNRCTCSWGPQUGVG
ECOKPQ[[QKT«RQTCNN¯SWGVCPVQGUV£NNGPQFG ECKIC
GPEKPQURQTSWGGUVQ[JW[GPFQ=5GRTGUGPVCCPVGU XaKCIWCPVCTUQRQTVCT0CMIC¡CRCCFJK¡³K
FGNRTQEN¯VKEQEQRWNCTLKZ?8«CUGLCZ V©TDK³PC³IQQMOK¡OKCDWKFJC¡!#IWCPVCT¯CU
PCLCZEJW¡ORTQPEW£NSWGUGRCTGEGC+CO CNIWPQUC\QVGUUKVGFQ[EQPGUVCUQIC!
R©ZRWEJW¡OLWRVWUQK¡IW/CCTKQPCLCZ XaKRQFGTVGPGTHWGT\CUWHKEKGPVG΁0CMQQ¡
EJW¡OIW³ZQK¡/CTKQVKGPGWPCPKOCNSWGUG CRCCFJKDCK¡³FJCMCTPCRLK³
RCTGEGCNO¯Q=)TCO?8«CUGLCZEJW¡O RCNJDWKFJKMC¡!ÏLWRV©VFCIW/CTKK[CIW
♦LCZPCR©ZEJW¡OCFXEWCNSWKGTC V©©[CZ΁%TGGUSWGRWGFGUC[WFCTOGCNNGXCT
GUVCQNNCFGCIWC!ÏRTGIWPVµ/CT¯CCNC
PCLCZFJWKCFXFGCNIWPCOCPGTC
VKGORQ
OWEJCEJKVC
RTGUGPVGQHWVWTQ %JCODJCCK¡OQQPCEJLCZ
=RTGVPCMQQRTGUPCMQQ¡?
FJWKMCLCOCK¡EJKC¡FJKLC¡VMCOPCO©VIW¡
♦³CMQQ¡CFLSWGUCDGCIWCPVCT
DCOCCVPCLCZR©MLC¡MVWVW¡KK¡2CTGEGSWG[C
PQJC[OCPGTCFGGPIC³CTO£UCGUVCIGPVG PCM©¡PEQPLEQPNQSWG6WFC¡DK³IWDJK¡³FJK
RQTSWG[CUCDGPEµOQGUNCEQUC8«CUGLCZFJWK OCC¡PMCOPCM©¡PVWDJK¡URCKOPCVW
DJK¡³DCMEJCKO'UCRGTUQPCGUV£TGXQNXKGPFQ
PCLCZFJWWMCFXEµOQFGSW«OQFQ
VKGORQ
VKGTTCEQPCIWCEQPNCSWGGUV£EQPUVTW[GPFQNC
RCUCFQ %JCOOCCVK³PCVLCZFJWWMDJ©©MIW
ECUCFGCFQDG=5GRTGUGPVCGPHTCUGUFGUETKRVKXCU?
VCMCCTWK¡IWDJCPPCOIW¡V©KVÀ¡MQDDQRRQ
0QU«FGSW«OQFQGNEQ[QVGUGNNGXµWPCICNNKPC PCMO©NJUOWTEK«NCIQ5À¡MC¡VQQVPC¡PM©¡PIW
RQTSWGFWGTOGPGPCNVQ8«CUGLCZFJWWM PCMO©NJPCRCK¡FJWWMMQQUMC¡'NOWTEK«NCIQ
UGEWGNICEQPNCURCVCUEWCPFQFWGTOG
PCLCZLC¡MCFXEµOQFGSW«OCPGTCFGSW«
=RNPCPCMO©NJQPCPMCO©NJ?
HQTOC-CDWKOWMDJCLKOOCC¡PIWPCCDCV
UCRLKEJCCIK¡³FJC¡PCLCZLC¡MLKZKQ¡OLKTCO
PCEJIC¡TCFC¡FJKLWM/C³CPCXKGPGWP
OGUVK\QSWGPQUXCCFGEKTFGSW«OCPGTCUGT£
OGLQTXGPFGTNCOCFGTC8«CUGLCZLC¡M 
♦LCZPCRLC¡M©NJKK¡³EQOQSWKGTCU PCMU©TUCNCET£P,KTOWK¡COIWPCPMCU©T[C
♦LCZPCR©ZLC¡MCFXFGEWCNSWKGTOCPGTC LC¡RPCIW¡TVCCVUCD*C[OWEJQUCNCETCPGU
PCL©¡MCFXNQSWGNQUSWG,KTRWK¡FJQPCL©¡M RQTCSW¯RQTSWGGUVKGTTCE£NKFC=RNPCPMCU©TQ
LCZMCK¡EJFJK¡PC³IW¡CC³D©©ZLWRLKOFCVLKC PCPCMU©T?
PCTC¡IKEJCOMCVDJCOO©-QTKCP'UEKGTVQ PCMWCNJUIWCEKUVCOCTKPFKNNQ5KCOTKDCZMCK
VQFQNQSWGFKEG«NRQTSWG[QVCODK«PHWKCNC CCIWPCMWCNJOWLC¡RVCCVUCDPC³IQQM
LWPVCCNN£GP&WTCPIQ WC¡TCK!#OLKZ³CCM©OVWVCVFC¡5KGORTGJC[
PCL©¡ZCFXSW«VCPVQSW«VCP%JCOOCCVCR IWCEKURQTCNN£GPVKGTTCE£NKFC!RCTCKTCVTCGT
PCL©¡ZLKTO©M[C¡F©T/GGLKM!0QUCDGUSW« CNIWPQU2WGUUGOGCPVQLCP
PCOMKC¡ 6'2'*7ƒ0Ê'52#“1. 

PCOMKC¡XaVUCNWFCT
EQPTGURGVQDGUCPFQNC PCOO©PKCFXCNN£
CDCLQNGLQUPQUGXG
OCPQ 0COMKFJC¡CR©RIWPQDKK¡³FJKO RTGEKUCOGPVG 0COO©PKDCLKOEJW¡IWVWZKQ¡
MWWNUK2GGITQ#CRIW¡OQQPKL©¡Z&GDGU D©©ZIKQV©T$J©KO©T'NEJKXQJW«THCPQXCCNN£
UCNWFCTCVWCDWGNQDGU£PFQNGNCOCPQ2GFTQ GPGNNNCPQ8GCVTCGTNQ5KPµPOWOOWPK
RGTQV¼PQNQJCEGU PCPCCP=RNFGPCCP?OCO£U
XaVGPEQPVTCT
CWPCRGTUQPC 0COMKTC¡CR
PCPCDF©FCO=RNFGPCDF©FCO?EC\CFQTGU
IW.WKUPCRLCK¡DJCRCNJDWKFJKMC¡IWVW¡PQ¡Z
D©©VVWWC¡/WEJKRCK¡FJ©TDJCK¡DCLKO8GC PCPCMO©NJ=RNFGPCMO©NJ?OWTEK«NCIQU
GPEQPVTCTC.WKURCTCSWGNGC[WFGUUKVTCGECTIC 8CTPCPMCO©NJ
RGUCFCRWGU[QETGQSWGRQTCJ¯XKGPG PCPCMU©T=RNFGPCMU©T?CNCETCPGU
XaTLWPVCTUG
ECOKPQUQT¯QU )KKNJKOLKZ 8CTPCPMCU©T
KQ¡OIÀ¡DCO©TIWUWWFCK¡OK¡FJ©TPCRCK¡ PCPIKC¡=EQORNRNFGUCK¡EJFJC¡?EQNICTNQU
OCCRDCOPCCPCMIWIÀ¡IÀTC¡CM;CEQTTG =RTGVPCPIKCRTGUPCPIKCT?
OWEJCCIWCFGCNN£FGFQPFGUGLWPVCPNQUT¯QU PCPIKC¡=UWLRNFGUÀ¡?EQNICFQU8CTUÀÀUÀ¡
ITCPFGU
=UWLRNPCCPMKC¡RTGVPCOPCCPCO PCPI©[C¡=UWLRNFGUC¡[C¡?CVQTCTUG
RTGUPCO©©MPCCPCM? =RTGVPCPIKCRTGUPCPI©T?
PCOMKC¡XaKEQUVCTXCNGT,©¡MDCPCO©©MZKD PCPMCIKC¡UCTGVG,KZC¡DJCTVWPCPMCIKC¡IW³
IWMQQMCUOW,WMV©T!%W£PVQEWGUVCPCJQTC ZKKZ,QKFJCOVQVDKMPCDJCK¡ZKEJCPQQT/K
NQUTGHTGUEQUGP5CPVC/CT¯C!=RTGVPCO JGTOCPCVKGPGWPQUCTGVGUOW[DQPKVQUJCUVC
RTGUPCO©©M? DTKNNCPEQPGNUQN
PCOMKEJFJC¡XaVLWPVCTEQPGEVCT
FQU£TGCU  PCPMCO©NJ=RNFGPCMO©NJ?OWTEK«NCIQU
-CDWKOWMLCRFJQDJCOO©LC¡RDC 8CTPCPCMO©NJ
PCOMKEJFJC¡FJKOOQKMC¡PPCRCK¡FJ©T PCPMCU©T=RNFGPCMU©T?CNCETCPGU
OWK¡RLKEJWOQKMFJKZMC¡EJCOCCEJK! 8CTPCPCMU©T
2QUKDNGOGPVGOC³CPCNNGICT£UCLWPVCTNCVKGTTC PCPQDEJ©=RTGVFGPQQPDKEJKC¡?2GLLWO
SWGGUV£URTGRCTCPFQCJQTCEQPGNQVTQRGFC\Q PCPQDEJ©O©VUGCICTTCTQPFGNCUOCPQU
SWG[CVKGPGURTGRCTCFQCNN£CTTKDCQPQUGT£ 8CTPQQPQDEJ©
RQUKDNG!=RTGVPCOMKEJRTQITPCOMKEJFJKO?
PCPUCRC¡=EQORNRNFGPCCURC¡?FQDNCTNQU
PCOMKFJC¡XaDRCICT
EQPFKPGTQ $JCK¡RMC =RTGVPCPUCRCRTGUPCPUCRTGUPCPUCRKEJ?
ZKOVWNJKK³C¡MWIKDC¡MEJ©TPQ¡REJCOVW
PCOMK¡³PCOL©¡MRWK¡DJCOVCCPPCRVW
PCRCCNJCFXEQPNCURKGTPCUETW\CFCU,QKFJCO
PCOMKFJC¡'PVQPEGUVGXCPCGPECTEGNCTUKPQ PCRCCNJZKFJCKDWKIW³CDWKNPQ¡VDCLKEJW
RCICUNCECPVKFCFSWGVGRKFGPRCICT LWW/KCDWGNCUGUKGPVCEQPNCURKGTPCU
=RTGVPCOMKRTGUPCOMK¡³? ETW\CFCUEWCPFQEQOG

PCOO©CFXCNN£
CDCLQNGLQUPQUGXG $CLKKO©V PCRCK¡CFXFQPFG,©¡ZLKTO©MOWOOWPCR
DCMDJCOO©F©T;QQZK¡%JC¡OIWLC¡VMCOPC RCK¡MKQ!3W«VCPNGLQUGUV£CNN£FQPFGXKXGU!
UCCMLKTLWWPVCMC¡0COO©R©ZV©D©©RLWOV©© 8«CUGRCC
O©V;CUGHWGNCIGPVGC.CU(NQTGUFQPFGJCDT£ ♦RCK¡PCR©ZCFXGPEWCNSWKGTRCTVG
LWPVCRWGUCNN£KDCPCITWRCFQUGPWPCHKNC FQPFGSWKGTC
5KPµPOWOOW PCRCK¡FJWWMCFXEW£PFQ%JCOOCCVCR
PCOO©F©TLC¡MCFXFGRQTCNN£#C³ PCRCK¡FJWWM[C¡CC[C¡IWOVCCV!0QUCDGU
OCC¡PPKOOCK¡OCI©KDJCLC¡R$CCNJ&JCCO EW£PFQXCCNNGICTVWRCR£!
PC³MCPCDFJKO0COO©F©TLC¡MLC³KEJLK EQPLEWCPFQ%JCOVW¡RLWODWKZK¡³COIW
DWWU$QQLK$KDKC¡PC³KEJDCVWOCCVV©K I©¡MQTIC¡PIWV©©[CZPCRCK¡FJWWMRCNJ©©RMCZ
6QVDJCD6©TLC¡MLKOK³IW¡7PCXG\OGRGTF¯ MC¡QQMMC¡0CVRCK¡ZKQ¡ODCZKDJ©KPCODC¡
GPGN%GTTQFG.C%CPCUVCEWCPFQGUVCDC V©KPCK¡R©ZICPDCOLWCP.QURCFTGUFGNC
EC\CPFQRGTQEWCPFQUCN¯FGRQTCNN£OGFK PK³CPQNGJCE¯CPECUQEWCPFQVQFCX¯CPQGUVCDC
EWGPVCSWGGUVCDCGP%K«PGICFGN1UQ[PQGP OW[GPHGTOCJCUVCEWCPFQUGGPHGTOµ
)CXKNCPGUEQOQRGPUCDC ITCXGOGPVGGORG\CTQPCOQXGTUGRQTVQFQU
 6'2'*7ƒ0Ê'52#“1. P©PDJKMKC¡

NCFQUUKPUCDGTSW«JCEGT P©K¡³FJC¡PC³DC¡O©MFWCMC¡7PQFGDGFGUGT
=)TCO?8«CUGRCK¡FJWWM TGURGVWQUQUKSWKGTGXKXKTOWEJQVKGORQ
♦RCK¡PCR©ZFJWWMCFXEWCPFQSWKGTC =RTGUP©K¡³EQRTGVP©K¡³FJCVQP©KFJKO©M?
EWCNSWKGTF¯C P©K¡³ZKFJC¡XaDEWKFCT
RCTCQVTCRGTUQPC /K¡
PCRCLC¡MCFXCFµPFGCSW«RCTVG%JCO FJ©TLCRKCO[C¡MC³³©K¡³ZK¡³MC¡FJK³MCDCK¡
OCCVK³PCRCLC¡MLKOFJKOCC¡PMCO0QU«C #C³OWPKMCLKOKC¡RQK¡ONQ*C\OGGNHCXQT
FµPFGXCGUCRGTUQPC8«CUGRCLC¡M FGEWKFCTOGGNECDCNNQCSW¯OKGPVTCU[QXQ[CN
PCTCCPMCUUPCTCPLQPCTCPLC$CZW¡WCOMC¡ RWGDNQ=EQPVP©K¡³ZK¡³FJC¡QP©K¡³ZK¡³MC¡
IWPCTCCPMCUPQ¡DCZDJCK.CUPCTCPLCUUG RTGUP©K¡³ZK¡³?
RQPGPCOCTKNNCUEWCPFQUGOCFWTCP P©K¡TC¡=RTQRFGP©¡[C¡?KT£CDCKNCT
PCTCCPMCUOC¡CFLNNGPQFGLWIQFGPCTCPLC P©K¡ZMCNJUVTQORQ
LWIWGVG #CRCCZOCCV©V
#NJK¡EJDJC³DJ©KFJCMIWUWWFCK¡PC³M©¡PLK³ P©K¡EJW¡PFJK¡³KP©K¡ZMCNJ!#C³PKL©¡ZLKMW³
KMQKOFJC¡)KKNJKOLKZPCTCCPMCUOC¡IW³ EJCOOCCV6¼UCDGUJCEGTIKTCTGUVGVTQORQ!
³QQPQDPC³KEJLWW6T£GOGVCPVKVCCIWCRCTC 2QTSWG[QPQU«EµOQUGJCEG=RNP©P©K¡ZMCNJ?
NCXCTOGNCUOCPQURWGUNCUVGPIQNNGPCUFGLWIQ P©©NJFJC¡XaVFGURKQLCTÎ$JCLC¡MLC³LWO
FGPCTCPLCFGURW«UFGEQOGTOGWPC=EQRLKZ? P©©NJFJC¡EJKIKKNJKOLKZC¡CCVCRLGPCRDC¡
PCVW¡RTQPSW«#C³COR©ZRWK¡ICMOWFC¡³ IKKNJKOM©UIWOOQ¡ÏLWRV©VFCIWF©¡©©¡PIW
ÀÀCOR©ZRWK¡ZEJWOOCOQKMMC¡DC¡%JCO .WKUÎ#E«TECVGRCTCFGURKQLCTVGETGQSWGVKGPGU
OCCVK³PCVW¡MQ¡MFCK¡RWK¡LC¡MVW¡OVWC¡L© OWEJQURKQLQURQTSWGVGTCUECUOWEJQNC
6GPIQWPCGPHGTOGFCFFGGPHNCSWGEKOKGPVQ[OG ECDG\CÏNGFKLQUWOCO£C.WKU=RTGVP©©NJ
UKGPVQOW[F«DKNRWGUPQU«SW«VKRQFG RTGUP©©NJK¡³?
GPHGTOGFCFGUNCSWGECWUCGUVQ=)TCO? P©©PUNGPIWC
RCTVGFGNEWGTRQ ,KZMQ¡MIW³
8«CUGVW¡ ³©©PPCVLK³O©K¡³IWMCRGGVCMCCD/GFWGNG
♦VW¡PCR©ZLCZDWCJCEGNQSWGUGNGQEWTTG NCNGPIWCRWGUGNECH«OGSWGOµC[GT
♦VW¡PCR©ZCFXNQSWGUGCEWCNSWKGTEQUC =RNP©P©©PCRQUP©©P©¡P?
PKEJEJW¡UPCFC0KEJEJW¡MWZOCCVFJK P©©P©KEJFJC¡=EQORNRNFGFCK¡EJFJC¡?2GLLC
CNJKKPCV©KTKUMQGNV©KV©MMC¡K³PCVVW¡DCDJ©K P©©P©KEJFJC¡NQUJCT£XQNCT=RTGVP©©P©KEJ
0QUCDGPCFCGUVGPK³QCWPSWGGUV«GPNC RTGUP©©P©KEJW¡P?
GUEWGNCRWGUNGRTGIWPV«UQDTGNQSWGJCD¯C P©©P©KEJI©FC¡=UWLRNFGFCK¡EJI©FC¡?2GL
CRTGPFKFQ8CTPKZEJW¡5KPµPEJCOVW¡ P©©P©KEJI©FC¡COKT£PXQNCPFQ
PKL©¡ZCFXPCFC0KL©¡ZMWOEJCOL©©IK¡³IW =RTGUP©©P©KEJW¡?
#NRTGGFQPCLCZV©KMCK¡EJ0QETG[GTQPPCFC P©©P©KFJC¡=RNFGFJCK¡FJC¡?XGNQEGU
CNXQNCT 
FGNQSWG#NHTGFQFGE¯C =EQRLKZ?
PKZEJW¡=XCTFGPKEJEJW¡?PCFC P©©P©[C¡=UWLRNFGFC¡[C¡?2GLP©©P©[C¡CO
P©K=RTGVFGP©¡[C¡?DCKNµ XQNCT£P=RTGVP©©PRTGUP©P©¡EQPVP©P©¡FC¡?
P©KFJCV=EQRTGVFGV©IKC¡?XG¯CJCNNCDC P©©TC¡XaVGURGTCT
EQORNCPKO ;C¡EJMCZK
P©K¡MCTVCOURCVKQ
EGTGOQPKCN RKUVC
FGNOKVQVG LCP©©TC¡IWK¡PCO©VOWRWRDKK$QQFCOVCO
VTCFKEKQPCN 5CRD©©R©¡OCC¡PCOVWLC #SW¯XCOQUCGURGTCTCNQUSWGUGSWGFCTQPGP
LW¡³EJWFC¡IWC¡CCNJP©K¡MCTVCOPCOUCRDC¡ /G\SWKVCN
OK¡FJ©TDCVWMWC¡FC¡IWMQK¡5GFKEGSWG CXGTKIWCT,C¡Z³KPCOKCLKFJW³KC¡³OQQLC
CPVGUFGFCTNQUCNKOGPVQUCNQUPK³QURQT P©©TC¡FJKO©©O©D'CRCK¡ZR©MLC¡MDJ©©CO
RTKOGTCXG\GUPGEGUCTKQSWGNGUFGPFGEQOGT 2WLCDJKC¡³OQQPQ¡³KEJLCV©©OWRCK¡PCO
GPGNRCVKQEGTGOQPKCN=RNP©P©K¡MCTVCO? QK¡³MC¡#NTCVQGPNCVCTFGXQ[CCXGTKIWCT
FµPFGGUVCUCDGLCUVKGPGPUWRCPCN[NGUXQ[C
P©K¡³=RTGUFGV©IKC¡?NQXGNQJCNNC
UCECTNCOKGNFGWPCXG\
P©K¡³FJC¡XaVEWKFCT;C¡RMCP©K¡³FJC¡FJK =RTGVP©©TCRTGUP©©T?
CNJKK#C³CNJK¡EJMCDJ©KTC¡IWUWWFCK¡%WKFC
P©PDJKMKC¡XaKHNCOGCT
NWODTG 2CCFWWMO©K
CNPK³QCSW¯OKGPVTCU[QXQ[CVTCGTCIWC
IWVCKPCDC¡LQKFJCOR©ZLWRDCP©PDJKM!
XaKUGTTGURGVWQUQ,WOCC¡PC³VW¡MC¡OV©
P©P©K¡MCTVCO 6'2'*7ƒ0Ê'52#“1. 

%W£PFQRTGPFKµGNHWGIQ!2WGU[CHNCOGCDKGP ,WCPt#NQOGLQTGUV£EWTCPFQtTGURQPFKµ
=RTGVP©PDJKM©RTGUP©PDJKM? 2GFTQ
P©P©K¡MCTVCO=RNFGP©K¡MCTVCO?RCVKQU =RTGV³KQRTGU³KQM?

EGTGOQPKCNGU  PQQPIKC¡=UWLRNFGPQTIKC¡?2GLPQQPIKC¡
P©P©K¡ZMCNJ=RNFGP©K¡ZMCNJ?VTQORQU CONNGICT£P[TGITGUCT£P=RTGVPQQP
EQPVPQQTQ¡PFC¡?
P©P©©P=RNFGP©©P?NGPIWCU
PQQPQD=RNFGPQD?DTC\QUOCPQU
P©P©¡=RTGUFGP©©P©[C¡?XWGNCP
=CRQUPQQPDK¡³?
P©P©¡FCO=RNFGP©¡FCO?DCKNCFQTGU
PQTIKC¡XaKFCTNCXWGNVCNNGICT[TGITGUCT
P©P©¡FC¡=EQPVFGP©©P©[C¡?2GLP©P©¡FC¡CO #C³OWZKPQTIKTCKDWK³QTIWOQ¡MKZ:KDLC³
GUVCT£PXQNCPFQ DJCK¡DCLKO8Q[CFCTNCXWGNVCRQTNCECUCFG
P©¡FCOUDCKNCFQTDCKNCFQTC/WLC¡RD©©RICP VWV¯C#JQTKVCTGITGUQ
F©TIWEJKQRV©P©¡FC¡COIWP©P©¡FCODJCCP OQTKT
GWHGOKUOQ 0QTLKIW¡UCRVCMCCDIW
)À¡6CPQQNJEJC¡O'PNC5GOCPC5CPVCNQU OCC¡PMCOPCOK¡FJ©TMKKEJCOLKZKQ¡OMCZ
DCKNCFQTGUDCKNCPGPNCUCHWGTCUFGNCKINGUKC DJ©KZMCV&KEGPSWGC[GTUGOWTKµNCRGTUQPC
=RNP©P©¡FCO? SWGGUVCDCOW[GPHGTOCGPCSWGNNCECUC
♦ZKQVCNJP©¡FCODCKNCFQTFGNOKVQVG =UWLRNPQQPIKC¡RTGVPQTPQQP
P©¡[C¡XaKDCKNCT,©¡ZLKTO©MOWPCRRCK¡V© EQPVPQQTQ¡PFC¡?
P©¡IWZKQVCNJ!3W«VCPNGLQUGUV£FQPFGDCKNCU PQ¡EQPLUKGPECUQFGSWG
VKGORQRTGUGPVG
GNOKVQVG!=RTGVP©KRTGUP©¡RTQRP©K¡TC¡? UKVWCEKµPRQUKDNG 0Q¡EJCOLQK¡³IWDJCDFCK
PQDUDTC\QOCPQ1OIWPQDKK¡³IW,WCP LWWPLC³[C¡©ZKC¡ICOCK¡5KPQUGFCGNHTKLQN
PCMCV©VDKCIWRKNQQV5GNGSWGDTµGNDTC\QC CSW¯GNUKIWKGPVGC³QUQNCOGPVGXQ[CUGODTCT
,WCPEWCPFQGUVCDCLWICPFQEQPNCRGNQVC OC¯\
RCVCFGNCPVGTC$©©R©¡RDWWRNJKC¡IW EWCPFQ
VKGORQRTGV«TKVQUKVWCEKµPOW[
MCCMCK¡³FJKMCDCKPCDC¡EJCOM©¡PLWO RTQDCDNG &CKPCEJDCV©©ZKC¡LKCPQ¡VDC
M©©[CUC¡ICVWWMDC¡IWPQQPDK¡³2TKOGTQ FWW¡P;CPCFCO£UXCOQUCUGODTCTEWCPFQ
CO£TTCNGNCURCVCUVTCUGTCUCGUVGECDCNNQRCTC JC[CNNQXKFQXGTFCF!
SWGPQVGRCVGG[FGURW«UNCUFGNCPVGTCU UKUKJWDKGTC
VKGORQHWVWTQUKVWCEKµPUWRWGUVC
=RNPQQPQDCRQUPQDKK¡³PQQPDK¡³? PQRTQDCDNGQPQRQUKDNG $CODKQPCMFJQDCM
♦PQDK¡TCOGPGNDTC\QGPNCOCPQ
FG«NQ ©RCC³IW³ZCDWKTCZPQ¡³LCK¡RLK³
FJCKTT©ZFJC¡I©V/KURCPVCNQPGUUG
FGGNNC GPNCRCVC
FGUICUVCT¯CPUKOGTGUDCNCTCGPNCVKGTTC
♦LKZEJQK³³QQPQDPQVKGPGFQVGURCTCNC
=)TCO?
LCTFKPGT¯C
NKVVKGPGNCUOCPQUECNKGPVGU 
♦IWPQQPDK¡³IWIÀ¡MCONQUC[WFCPVGU PWC=RTGVFGPW¡CC¡?NQVKTµUGVKTµ
N¯SWKFQITCPQ
QHKEKCNGUFGNLGHG QRQNXQ 

PQDEJKC¡XaVCICTTCT
FGNCOCPQ $©©R©¡MCVLCR PWC¡=RTGUFGPW¡CC¡?NQVKTCUGVKTC
N¯SWKFQ
DJCOO©RZKEJ©UFKC¡$GGVQPCRDC¡PQDEJKC¡ ITCPQQRQNXQ 
FJKCJNKK5WDGCNN£RTKOGTQ$GVQ[NWGIQ PWKUCWTC
VKRQFG\QRKNQVG ,WIKQO©VDCMIW
CICTTCUCNPK³QFGNCOCPQ PWPPWKIWDCMCCZPC³KEJOWMCL©NJICMVWC
=EQORNRNPQQPDKEJKC¡RTGVPQDEJ© VC¡O%JCORCK¡VWLCK¡EJPC³KEJIKQOWK¡V©KR
PQQPQDEJ©QPCPQDEJ©VTCUNPQDEJKMC¡ DCMWUDKO2CTGEGSWGNCUCWTCUUGEQOKGTQPNC
PQQPDKEJMC¡RWPVPQDEJ©MPQQPDKEJ©M? ECTPGSWGFGL«VGPFKFCGPGNGPEKPQRWGUEWCPFQ
PQMKC¡XaKGZRTGUCTUG
EQPRCNCDTCU JCDNCT SWKUGKTCVTCGTNC[CPQJCD¯CPCFC
,CZMWRDC¡EJCO³KQM!-C¡RLKZDJCCOCC! =RNPWPPWK?
2QTSW«PQJCDNCU!'UV£UGPQLCFQ!
QTCTt2CPCCUVW³KQMKOFJKOCC¡PMCOPC
OWOOWFCCtLWRMCK¡EJIW,WCPt&JQEJK
OK¡VWWCOZK¡³tLWRMCK¡EJIW2GGITQ
t2CTGEGSWGGUCRGTUQPCGUV£QTCPFQCNN¯tFKLQ

 6'2'*7ƒ0Ê'52#“1. ³CDFJK¡

PWK¡³³C¡XaVGORWLCTOQXGT0W¡[CUC¡CR

“
FJKV©VPQTC¡MWFWUCCTMC¡PCEJLWRPC¡/WGXG
GUGJQTEµPRCTCSWGUGCHNQLG[NQUCSWGOQU
H£EKNOGPVG
JKRCT
OQFKUOQ $JCK¡DC³³W¡[CUCIW
LCTQK¡/QQEJKIWOQ¡MKZDJCK¡DCLKO
#NIWKGPOGJK\QJKRCTCNQOGLQTHWGVWV¯CSWG =0QVC/WEJCURCNCDTCUSWGGORKG\CPEQPP
XKGPG
5GFKEGSWGUKVGPIQJKRQSWKGTGFGEKT VKGPGPXCTKCPVGUSWGGORKG\CPEQP³NCUEWCNGU
SWGCNIWKGPOGGUV£CXKUCPFQSWGOGXKUKVCT£  PQUGKPENW[GPGPGUVGFKEEKQPCTKQ?
=EQORNRN[TGRPW¡[CUC¡RTGVPW¡[CPW¡[CUC ʳEN¯V+PFKECUWLGVQFGNCRTKOGTCRGTUQPCFGN
RTGUPW¡[CPPW¡[CU?
UKPIWNCT'GMW³OQQDCMWCPC¡IW³MWVWWP
PWPMC¡PFCO=RNFGPWWMFCFCO?XGNCFQTGU MW³V©¡[C¡MCDWKOWMPC³VWLQQLQK¡³O©TC¡O©L©
8CTPWPWWMFCFCO ,WMV©TPCTRKCUVCMC¡IW³ZCDWKTCZPCIW¡Z
PWPPWK=RNFGPWK?CWTCU
\QRKNQVGU  M©©¡8Q[CNCXCTOKECOKUCRCTCRQP«TOGNC
PWPWWMFCFCO=RNFGPWWMFCFCO?XGNCFQTGU OC³CPCEWCPFQXC[CCXGTNCHKGUVCCNN£GP5CPVC
8CTPWPMC¡PFCO /CT¯CRGTQOKRCPVCNµPPQPGEGUKVCNCXCFQ
RQTSWGGUV£NKORKQ=5GRTGUGPVCFGURW«UFGWPC
PWWEJKZUEW³CFQEW³CFC)W³³WWEJKZ XQECNQWPCRCWUCINQVCN)TCO?8CTLC³
2GGNGUUCRVWLKKMIWOCKPCZEJW K³8«CPUG³KEJLC³KEJ
DWWUCKFJCO&KEGPSWGOKEW³CFQ(«NKZGUV£ ʳEN¯VOKOKU
RQUGUKµPFGNCRTKOGTCRGTUQPCFGN
EQTVCPFQOCIWG[RCTCJCEGTOG\ECN
=RNPW³EJKZCRQUPWWEJKZK¡³PW³EJKZK¡³? UKPIWNCT ,WOCCIK¡³CCIW2GGNGUPCVDJCCO©
DCC³ICCCOIWODJWTW¡ZK¡VCMCCDPC³LWR
PWWMFCFCOUXGNCFQTXGNCFQTC,CTQQT V©VFCPCOCCIK¡³FC¡!6GFKLQ(«NKZSWGVW
PWWMFCFCODJCOO©ICCV©TVWMCC¡!3WK«P DWTTQUGOGVKµGPOKOKNRCC[GT!2WGUNGFKLG
UGGPECTICFGXGNCT
NKVGUXGNCFQT GPNCOKNRC SWGVGFKLGTC=5GRTGUGPVCFGURW«UFGWPCXQECNQ
RQTNCPQEJG!=RNPWPWWMFCFCOQ WPCEQPUQPCPVGINQVCN)TCO[?
PWPMC¡PFCO? 8CTLK³
PWWMFC¡XaVXKIKNCTGUVCTFGIWCTFKC$©Z ʳEN¯VOG
EQORNGOGPVQFKTGEVQQKPFKTGEVQFG
EJWMCC¡OUCRPWWMFC¡IWLC¡VMCOIWZ©ZMWO NCRTKOGTCRGTUQPCFGNUKPIWNCT ,C¡MLKKO$JC
PCO©VFCC.CIGPVGGUVCDCXKIKNCPFQVQFCNC LC¡MLCRKEJDC³M©KU*C\VGRCTCCNN£;COG
PQEJGCNNCFTµPSWGCICTTCTQP=RTGVPWWMCK RKUCUVG
RTGUPWWMC¡P? OG
EQORNGOGPVQTGHNGZKXQFGNCRTKOGTCRGTUQPC
PW¡CC¡XaVFGTTCOCTVKTCT
N¯SWKFQITCPQQ FGNUKPIWNCT )KKNJKOLC³KEJLKZDWCOLK³CC
RQNXQ 0WCO©VDCMIWOCKMMCOIWDJCD VCMCCD#C³LC¡RLK³CC¡LKPC³KEJOWRCK¡
LKFJQQTPCOOK¡MCLWWMC¡PFCVLWTP©M$CM OCK¡DWCIW³DJCK¡OMCT/GUGPV¯OW[OCN
IW¡OMQKO©V2CTGEGSWGNQUDQTTCEJQUUG C[GTRWGURGPUCDCSWGJCD¯CRGTFKFQOKOQTTCN
RGNGCTQPRWGUVKTCTQPNQUHTKLQNGUSWGUGGUVCDCP DQTFCFQ
EQEKGPFQCNN¯ =5GRTGUGPVCFGURW«UFGWPCXQECNQWPC
XaTUCNKTUGVKTCTUG
N¯SWKFQITCPQQRQNXQ  EQPUQPCPVGINQVCN)TCO[?8CTLK³
2CCDC¡F©TLWOPWC¡IWUWWFCK¡PCDC¡IÀ¡ ³CCXaGIWUVCTNGEQOGT
CCNIWKGP ,©¡OC¡PIW
DCZEJWDCC¡OK¡³K!'UV£OW[OQLCFQCNN¯&G LC¡VMCOLKZ³CCCOIWMK¡CCU#CNIWPCU
FµPFGUGVKTCGNCIWC! RGTUQPCUNGUIWUVCNCECTPGFGKIWCPC
=RTGVPWCRTGUPWC¡EQPVPW¡CKFJC¡? SWGTGTEQOGTCPVQLCTUG#CRLKZ³CCCCIW
PW¡[C=RTGVFGPWK¡³³C¡?NQGORWLµ LK³CDQQ¡!#VKUGVGCPVQLCPNCUVWPCU!
PW¡[CP=RTGUFGPWK¡³³C¡?NQGORWLC =EQRLKZ?
PW¡[CUC¡=EQORNRNFGPWK¡³³C¡?GORWLCTNQU ♦LKZMKKUPCCNGIWUVCOWEJQEQOGTSWGUQ
=RTGVPW¡[CUCRTGUPW¡[CU? ³CDFJK¡CFLDWGPQRCTCEC\CT,CK¡LQKFJCOLKZ
³CPCDFJK¡COIWIQ¡PIQZ&©©NJO©L©LC¡RRCK¡
ZKLKOKC¡#NIWPQURGTTQUUQPOW[DWGPQURCTC
³CDVC¡ 6'2'*7ƒ0Ê'52#“1. 

EC\CTRWGUUQNQUUCNGPRQTCJ¯=RN³CPCDFJK¡ ³K³KKEJFJC¡XaVFGURGTVCT
EQORNCPKO $C
EQRLKZ? MQQZO©TC¡CR.WKUPC³IW¡D©L©MOWK¡DCO
³CDVC¡CFLSWGJCDNCDKGP
UKPXGTI¾GP\C  ³K³KKEJFJCTC¡PCRDJCK¡DCMWC¡O©TC¡;CXGVG
,QKFJCOLCRR©ZLWRLKZ³CDVC¡MC¡,WCPPQ¡ CFQTOKT.WKURQTSWGOC³CPCXQ[CFGURGTVCTVG
LCTQK¡EJWOC¡IK¡³#CRCOR©ZRWK¡EJCO OW[VGORTCPQRCTCSWGXC[CUCVTCGTNG³C
³KQMFC¡,WCPFGDGUJCDNCTDKGPUKCNIWKGPVG =EQORNRN³K³³KEJFJC¡RTGV³K³KKEJ³K³³KEJ?
FKEGWPCEQUCRGTQV¼PCFCO£UVGSWGFCU ³K³KQMDQNJK¡=RNFG³KQMDQNJK¡?SWGNGUIWUVC
ECNNCFQ=RN³CPCDVC¡EQRLKZ? DWUECTRNGKVQU=EQRLKZ?
³CMQQ¡CFLSWGUCDGCIWCPVCT)W.WKUFJQIKZ ³K³³KC=RNFG³KC?2GLLKZ³K³³KCCORWGFGP
³CMQQ¡LKPCEJCOVWLWIKC¡D©ZEJCPQQNJ XGT=EQRLKZ?
LWTP©MPCDC¡MCVWLWIKC¡.WKUUCDGCIWCPVCT ³KQ=RTGVFGPQMKC¡?JCDNµ
UKPEQOGTVQFQGNF¯CRWGUPQEQOGJCUVCGPNC
VCTFG8«CUGPCMIC¡ ³KQM=RTGUFGPQMKC¡?JCDNC
³CO©©MCFLSWGEQODKPC
TQRCEQPNQUFGO£U ³KQMDQKZFJC¡XaVFKUEWVKTETKVKECT
RCTC
EQNQTGUQGUVKNQUSWGVTCG ,QKFJCOLKZCDJCCT RTQXQECT 'CPCRLC¡RR©ZZK³KQMDQKZFJC¡
FJKOKRWWTLKZ³CO©©MIWZC¡UMK¡'UOW[ FJK³³WWEJKZ'CPQ¡VIKKNJKODJCCO&KUEWVG
DQPKVCVWHCNFCRWGUEQODKPCDKGPEQPGNGPECLG EQPOKEW³CFQCXGTUKUGGPQLC
SWGUGXGDKGP
GNOQFQFGXGUVKTFGCEWGTFQC =RTGV³KQMDQKZRTGU³KQMDQKZK¡³?
UWRGTUQPCNKFCF ,QKFJCOZKOPCO©©MRWK¡PCR ³KQMDQNJK¡CFLSWGNGIWUVCDWUECTRNGKVQU#NJ
LCZLC¡MLWOICZDW6GXGUDKGPCU¯EQOQVG LC¡ROQQZ³K³KQMDQNJK¡COIW)KQ¡PV©T$KDKC¡
RGKPCU MCOPQ¡O©VDCKKIWDKK³#NCIGPVGFG
=EQRLKZ?8CT³CPO©M %K«PGICFGN.NCPQNGIWUVCDWUECTRNGKVQUEWCPFQ
³CPCDFJK¡=RNFG³CDFJK¡?DWGPQURCTCEC\CT VQOCOG\ECN=RN³K³KQMDQNJK¡EQRLKZ?
=EQRLKZ? ³KQMDQ¡XaKFKUEWVKTETKVKECT,C¡ROQQ³KQMDQ
³CPCDVC¡=RNFG³CDVC¡?SWGJCDNCPDKGP
UKP COFJKLC¡VMCOOK¡OCCRLKFJCTCCV0KL©¡Z
XGTI¾GP\C =EQRLKZ? MWOKCOLKZDJCK¡VWC¡IC'UCURGTUQPCUGUV£P
UGPVCFCULWPVCUFKUEWVKGPFQRQEQCOCDNGOGPVG
³KCXaGRQFGTXGTVGPGTXKUVC)KKNJKOLKZDJCK¡Z =RTGV[RTGU³KQMDQ?
³KCIWOKUVWK³UKCVWMCC¡LC¡M'NICVQVKGPG
DWGPCXKUVCCWPGPNCPQEJG=UWLRN³K³³KC ³KQMFJC¡XaVTGIC³CT/W³KQMFJCK³FJK
EQRLKZ? ICIQQZ)KKNJKOVW¡KK¡PCDJCLC¡MV©P©K¡³
4GIC³CCGUGRGTTQRCTGEGEQOQSWGPQUGUV£
³KEJEN¯V+PFKECUWLGVQFGNCRTKOGTCRGTUQPCFGN XKGPFQ=RTGV³KQMRTGU³KQMK¡³?
UKPIWNCT[VKGORQRTGV«TKVQ2WGFGRTGUGPVCTUG
EQOQUWHKLQCNXGTDQ)KKNJKOOCIQQ³KEJPC ³KQ¡MFJC¡XaVUCNWFCT#C³MC³KQ¡MFJCTC¡
³KEJVWMWC¡I©/GECPU«OWEJQEQTVCPFQNG³C IW³LKKMWNJEJCMWK³KQ¡MK³KEJIW¡8Q[C
2WGFGRTGUGPVCTUGEQOQUWHKLQCWPCRCNCDTCSWG UCNWFCTCOKV¯QRWGUVQFCX¯CPQNQUCNWFQ
CPVGEGFGCNXGTDQ0C³KEJEJCOD©L©MVW FGURGFKTUG:KLC³KQ¡MFJCKCRIWOLCCFW³
DWRRTCOIWCDGGPC!,QKFJCOEJKMCZ PCEJIW¡EJCO[C¡MCDWDWCMKC¡&GUR¯FGVGFG
DCIKQOMCV2QTSW«PQHWKVGORTCPQC VWURCTKGPVGUCJQTCRQTSWG[CPQXCOQUCRCUCT
COCTTCTCXGPCEWCPFQGUVCDCJ¼OGFC! RQTCSW¯
=5GRTGUGPVCFGURW«UFGWPCXQECNQWPCRCWUC =RTGV³KQ¡MKRTGU³KQ¡MK¡³?
INQVCN)TCO?8CTLC³KEJ8«CUGʳ ♦V©KZ³KQ¡MFJCOK³SWKGTQUCNWFCTNGSWKGTQ
JCDNCTNG
³K³FJC¡CFLOCFTWICFQT,KZ³K³FJC¡IW
♦VW³KQ¡MFJKFJC¡CRFGDGUUCNWFCTCNC
VCMCCTWK¡-CVWMICDDCLKK³MKC¡'NICNNQGU
IGPVG
OCFTWICFQTRWGUECPVCGPNCOCFTWICFC
♦CC³³KQ¡MK¡³FJKWDKKGUCOWLGTGUOK
=EQRLKZ?
COCPVG
³K³KC¡XaKFGURGTVCTUG2W³K³KC³KEJPCVV©³
©¡PMKCPC³MCMQQU/GFGURGTV«RQTWPUWUVQ ³K¡QQMUKFKQOC)QQM³K¡QQMLKZOCCV©VVW
GPOKRGUCFKNNC=UWLRN³K³³KC¡RTGV³K³KC C¡ICK³IWMCUVKKNM©¡PIKQIWQ¡FCOM©¡P5«
³K³³KCRTGU³K³³KC? JCDNCTFQUKFKQOCUGURC³QN[VGRGJW£P
JCDNC
FGWPCRGTUQPC %JCOLWOMCKOCIW
 6'2'*7ƒ0Ê'52#“1. QKT©FCO

³KQ¡MK¡³FJK,QUGGPCLQVOQFC¡VW³KQM0QUG JCDGTOGUGIWKFQ
NKVEQTTKFQVTCUFGO¯ EWCPFQ
GPVKGPFGEWCPFQJCDNC,QU«RQTSWGJCDNCT£RKFQ NQUQNVCTQPRQTSWGCNN£CDCLQOGCNECP\µ
=CRQU³KQ¡MK¡³? QKFJC¡XaVCEQORC³CT1KFJC¡CRIWOVCCV

³QNJCFLSWGVKGPGEWTXCU
ECOKPQ ,C¡RZK¡ ,KOKC¡UCR$QQFCOVCOMCDWKOWM#EQORC³C
OK¡OKC¡PPQQPQNJIWDQKO©L©F©TU©NJVCK¡PC CVWRCR£SWGXCC/G\SWKVCNOC³CPC
³KEJRCK¡DJCV©U,KZQQ¡PK³IW¡PC³O©L©LC¡R UGIWKT
RQTCVT£U 1K¡³EJW¡CCIW©NJK¡EJ
DJ©©[C¡-CDCK$QQ¡'NECOKPQSWGUWDGFGCNN£ MCUPKTIWF©¡©©¡PMC¡IW¡OWRCK¡MQK!5¯XC
CDCLQJCEKCCE£VKGPGOWEJCUEWTXCURGTQXKPG UKIWKGPFQGNDQTTGIWKNNQCUWOCO£QUGFWTOKµ
RQT«NRQTSWGVWXGHNQLGTCFGFGUXKCTOGRQTGN RQTCJ¯!
QVTQSWGXCC.QU%CDCNNQU NNGICT
GPUGIWKFCFGURW«UFGQVTQ t2CC
EWTXQ
FGHQTOC ,KZ³QNJIWICCV'NCTEQGU FWWM[C¡RCKFJK/CCUKOW!tLWRMCK¡EJIW
EWTXQ $KMVQTt$©©R©¡FJQ,K³QKFJCVPC³KEJCC³
JWPFKFC
NCRCP\C 2CCRKEJIKEJKRK¡KKEJ [C¡CKtLWRMCK¡EJIW$CNKPVKPt%W£PFQ
IWUWWFCK¡FJKDJWTW¡ZPCDC¡OQQRWK¡PCLCZ NNGIµCSW¯/£ZKOQ!tRTGIWPVµ8¯EVQTt*CEG
DCZ³QNJ!#NQOGLQTPQNNGXCUVGCDGDGTCIWCC TCVKVQRWGUEWCPFQ[QNNGIW«GPUGIWKFCNNGIµ«N
GUVGDWTTQRQTGUQVKGPGNCRCP\CJWPFKFCVCN tEQPVGUVµ8CNGPVKPQ
EQOQNCVGP¯C ECUCTUG
OWLGT ,CZR©PV©©¡IWEJKQ¡³IWK¡
=RN³QQPQNJEQRLKZ? PCVUCCMQKIW5KFQQ³KC!%µOQUGNNCOCGN
JQODTGEQPSWKGPUGECUµ/CEGFQPKC!
=RTGVQKRTGUQK¡³OQXQK¡³EJW¡?
♦QKFJKFJC¡GORG\CTCJCEGTCNIQ

1 QKFJC¡UEGTTQ,KTIÀ¡CCDC¡FJKQKFJC¡PC

O©L©OO©PKRCK¡FJ©TLKZOCCZ!'UOW[ITCPFG
GNEGTTQSWGUGXGRQTCNN£FGCSWGNNCFQ!
=RNQK¡FJC¡?
QKFJC¡UC³Qt,©¡MQKFJC¡RKEJ[C¡DC
QDCFXT£RKFQ%JCOQDLC¡PI©IWMW¡CC¡PQ¡T
UCTDJCM.CNG³CPQUGEQPUWOGT£RKFQUKGUV£ LWTWW³,WMV©T!tLWRMCK¡EJIW2GGITQ
ITWGUC=0QTOCNOGPVGUGRTGUGPVCGPGNUGPVKFQ t)QQMQKFJC¡FJQtLWRMCK¡EJIW,WCP
PGICVKXQ?5KPµPLQVOQFC¡ t%W£PVQUC³QUJCUGUVCFQCSW¯GP5CPVC/CT¯C!
tRTGIWPVµ2GFTQt&QUC³QUtEQPVGUVµ,WCP
QDCC¡UEGTGDTQ,C¡RVWVCVFC¡PCF©DCKO
IW³QDCC¡PCIKKNJKODJCZEJCVQK³LKZ
QKNJKC¡XaKCPFCTECOKPCT%JCMWKVWQKT©FJK
FJ©DCCNJR©ZDCKKDJ©K³RCPCCU5KGPVQEQOQ CNJKKUKCMWV©KIQQMQKFJC¡DCDKC¡6QFCX¯C
SWGUGGUV£SWGOCPFQOKEGTGDTQRQTVCPVQECNQT PQECOKPCGUVGPK³QCWPSWG[CVKGPGFQUC³QU
SWGJCEGJCUVCOGJCEGHCNVCGNCKTG XaGGUVCTCPFCT
CPFCPFQ /K¡³KQKT©IWLQKU
ITCUCCPKOCN'GMW³OQQOKLWWNJFJC¡IW PCRUCCMLKZ³KQ¡MFJCO#NN¯CPFCGNLWG\EQP
QDCC¡FJKMWM[WPFCPCDC¡DCZOCOQKMC¡ SWKGPSWGT¯CUJCDNCT
8Q[CWPVCTGUVCUEQ[WPFCUEQPITCUCCPKOCN =UWLRNQKRKC¡EQPVQKT©FC¡QKRQFC¡RTGUQKT©
RCTCSWGUGCDNCPFGP QKRQ?
=CRQUQDCC¡P? ♦PCK¡R©ZQKNJKFJC¡CPFCFGXCIQ
QDKC¡MKC¡XaKEQLGCTTGPSWGCT6W¡EJKFWWFJK QKNJKEJFJC¡XaVJCEGTECOKPCT/WPKLC¡RLCR
©NJK¡EJDJGUGGTPCDC¡QDKC¡MKO!-C¡VW¡CC ZKQKNJKEJFJC¡FJKCNJKKMWL©MI©¡*C\ECOKPCT
LQK¡U©K!3W«NGRCUCT¯CCNDGEGTTKVQSWGXC RQTCJ¯CNPK³QRCTCSWGFGLGFGNNQTCT
EQLGCPFQ!5GNGENCXCT¯CCNIWPCGURKPC! =RTGVQKNJKEJRTGUQKNJKEJW¡PQQKNJKZK¡³?
=RTGVQDKC¡M©RTGUQDKC¡M? QKRKC¡=UWLRNFGQKNJKC¡?2GLQKRKC¡CO
QK=RTGVFGQKFJC¡?NQCEQORC³µNQUKIWKµ CPFCT£P=EQPVQKRQFC¡RTGUQKRQ?
QKFJCVF©TCFXVTCUFG,K³QKFJCVF©TDCM QKT©=RTGUFGQKNJKC¡?CPFC
OWK¡RZKO©©IWICIQQZPCRKO©VRCK¡FJWWM QKT©FCOUXCIQ,CZFJWKPCFJKLCOVCVCCNJ
FQ¡³EJQPCOO©PKDC³C¡PUCR'NRGTTQFGDKµ LKTQKT©FCOR©ZEJCORCK¡VWMKQ'NV¯QFG
WUVGFGUGUWPXCIQRQTSWGPQVKGPGECUC
QKT©FC¡ 6'2'*7ƒ0Ê'52#“1. 

GPHGTOGFCFNGXG1KT©FCOLKZMC¡QQMUCR MWC¡FC¡IWQMFJCOPCDJCK¡KCNJKZ#NQU
FJKOVCVCCNJ6©©¡PCLC¡ROQQZEJW¡CC¡R©ZDC EJKXQUNGUIWUVCEQOGTUGNCUJQLCUFGNOCFTQ³Q
V©P©K¡³6WV¯QFKEGSWGVKGPGWPCGPHGTOGFCF SWGGUV£GPGNUWGNQFGCSWGNNCFQ
NGXGRWGUOKTCEQOQVKGPGNCECTCFGUEQNQTKFC QNJKCUTQFKNNC'CRLWOQ¡NJKCM©¡PZKM©MDW
QKT©FC¡=EQPVFGQKNJKC¡?GUVCTCPFCPFQ MW³LWOVCNKCTW¡6W¡IKMWRDC¡EJCOLK³
QK¡FJC¡XaTLWIWGVGCTTGVQ\CT
WPQEQPQVTQ  MÀÀ!#XGTRQPVGFGTQFKNNCURCTCRGICTVG2QT
&CKPCOLWOQ¡KK¡³FJC¡FJKC¡CCNJPCOV©KVW SW«PQOGQDGFGEGU!=RNQ¡NJKC
W¡WCPFC¡RWK¡MWODC¡EJCOQDVWOCCEJKO CRQUQNJKC¡PQ¡NJKC¡P?
5QNCOGPVGLWIWGVGCPNQUPK³QUEWCPFQGUV£P ♦QNJKC¡TCOGPUWTQFKNNC
FG«NQFGGNNC 
GUETKDKGPFQRQTGUQPQCRTGPFGPT£RKFQ ♦Q¡NJKC¡PM©¡PM©MDQ¡RQPGTUGFGTQFKNNCU
=RTGVQK¡RTGUQ¡KK¡³EQPVQK¡FJKFJC¡Q QOPC¡XaVRKECTRCTVKT:KQQOKUFJKDJCD
Q¡KK¡³FJC¡? PCRDC¡OK¡DCFCCUC¡2KECGUVQUGLQVGURCTC
QK¡FJC¡=UWLRNFGMKQ?2GLRWKQK¡FJC¡CO SWGNQURQPICUCEQEGT
VQFCX¯CXKXGP=HWVQK¡FJC¡MC¡QQK¡³MC¡ SWGDTCT
GPRGFC\QU HTCEVWTCT1¡OUCO©VIW
EQRTGVQK¡FJC¡MCVQQK¡³MCV? VWVWWTIWLCTCCTPCO©VPCK¡LKDQQR.QUVQTQU
QK¡FJC¡=RNFGQKFJC¡?EGTTQU SWGDTCTQPGNCTCFQEWCPFQEQTTKGTQP
=EQORNRNQQOUC¡QQ¡OUC¡RTGVQOQQOUCQ
QK¡³CFLSWGUGRCTGEG
CQVTCRGTUQPC &CK
Q¡OUCRTGUQOKKUQQOKUQQ¡OKU?
DCMFJK4COWWPLKZQK¡³IWVCCVC¡PPCDC¡RW
QO³KC¡XaKSWGDTCTUGHTCEVWTCTUG#OR©ZQ¡OKM
EJW¡OV©P©K¡³5QNCOGPVG4COµPUGRCTGEGCUW
IWDJCK¡³FJKDCK³FJCU$CKMKODCLKQOZKD
RCR£RWGUVKGPGNCECTCKIWCN
M©¡PEJCOMCDCCMEJKIWWWZIWK¡PC³
SWGGUKIWCN
CQVTCRGTUQPCGPCNI¼PCURGEVQ 
DJCDJCKEJW¡PFC¡5GSWKGDTCUGIWKFQGNECDQ
%JCOQDL©L©MI©TCOFJKC¡CCNJPQ¡O©VDC
FGGUVCJCEJCRWGU[CNNGXCVTGUXGEGUEQP«UVC
DJCCMPCOIW¡ZQK¡³IWLCPCCP5KUGGPQLCP
#NQOGLQTPQUKTXGGUVCOCFGTCEQPNCSWGJCIQ
GUVQUPK³QUPQUGEQPVGPVCPRTQPVQRQTSWGUQP
NQUECDQU=EQORNRNQQOMKC¡QQ¡OMKC¡
KIWCNGUCUWOCO£GPGUGTGURGEVQ
RTGVQOQQOKMQQ¡OM©RTGUQQOM©QQ¡OKM?
=EQRLKZ?
QK¡³=RTGUFGQKFJC¡?NQCEQORC³CNQUKIWG
♦EJCOQOKKMEJCOQ¡OKMCFLSWGGU
HNGZKDNG
NKVPQUGSWKGDTC 
QK¡³EJC¡=UWLRNFGMKKEJC¡?2GLOK¡QK¡³EJC¡ QO³K¡CFLSWGDTCFK\Q
EQUCNCTIC &©©NJLKZ
COCNN¯XKXKT£P=RTGVQK¡³EJCEQRTGVQK¡³MCV QQOMK¡L©¡OC¡PIWUCUQOMCT#NIWPCUCIWLCU
EQPVQK¡³EJCKFJC¡?
UQPSWGDTCFK\CUFGRQTU¯=RNQQOMK¡EQRLKZ?
QK¡³EJW¡=OQXFGQKFJC¡?XCCEQORC³CPFQXC QPUUCN/CC¡PMKKNWRLK³IC¡NJKFJC¡IWQPIWZ
UKIWKGPFQ DKK2QTHCXQTX«PFCOGWPMKNQFGUCNTGHKPCFC
QK¡³IC¡PU6KGTTCOWPFQ,KTMCDWWNJKMR©Z =RQUQPCC¡CRQUQPCC¡P?
FJKQK¡³IC¡PD©©ZZKMQQNJFJ©TLCODC¡QK¡FJC¡ ♦QPMCMCFLUCNCFQ
IWLC¡VMCO'UVGOWPFQGUTGFQPFQ[NCIGPVG
QPDCK¡³FJC¡XaDTGICNCT,CTQQPKCCR©P
XKXGGPVQFCURCTVGUCNTGFGFQTFG«N
UCCMLWOQPDCK¡IWW¡WCPIWZMCDQQMIWK¡
RNCPGVC,KTF©D©©TR©ZFJKQK¡³IC¡PD©©ZPC
PCROKLC¡RV©VMCKFJC¡!3WK«PGUNCRGTUQPC
L©¡ZK¡³,CK¡RLCK¡EJIWC¡QK¡³IC¡PPCRWK¡RLKT
SWGOGFKLKUVGSWGVGTGICNµGNNKDTQITWGUQGN
MC¡MDWNJKMFCKPCO©MLC¡MFCTCC'UVG
SWGUKGORTGVKGPGURQTCNN¯!
OWPFQGUFGVKGTTC*C[QVTQURNCPGVCUSWGUQP
TGICNCTUGTXKT
EQOKFC 6WEJDC¡
TGFQPFQUVCODK«PPCFCO£USWGSWGFCPNGLQU
QPDCK¡³FJC¡EJKFJKEJLCFWW³PC[C¡EJ
=RNC¡QK¡³IC¡P?
RCZKCTCKO!0CEJIW¡LC¡ROQQZKDR©MEJCO
QK¡³MCOUFWG³QU
FGNCECUC %JCOOK¡ LWRDKC¡IWV©OMCNJ3W«NGXCOQUCUGTXKTC
FJCTCCCOIWQK¡³MCOOW2WPVC6C¡OPC GUVGRCTKGPVGPWGUVTQSWGPQUGUV£XKUKVCPFQ!
³KEJV©KRCZKCTO©TCMVCMCCD0QGUVCDCPNQU 2QTSWGRQTGNOQOGPVQPQVGPGOQUVQTVKNNCU
FWG³QUFGNCECUCGP.C2WPVCEWCPFQHWKCNN¯C =RTGVQPDCK¡RTGUQPDCIK¡³?
RCUGCTC[GT8«CUGMKQMCO
QPMCMCFLUCNCFQSWGVKGPGUWHKEKGPVGUCN
NKV
QMFJCOUOCFTQ³Q
£TDQNHTWVC $JCOO©PK UCDGCUCN t,KZQPMCMCCFJKLCODJKKPC
FJ©TLKZLQK¡³FJC¡COIWMCMCTDCZPCO RKOVWMWC¡MC¡IW¡RWEJCOOKDWK¡³LC³KEJ!
 6'2'*7ƒ0Ê'52#“1. Q¡FCO

tLWRMCK¡EJIW.WWRGt,KZQPMCMLKOCVI©O XQ[CTGEQUGTOKHCNFCRWGUCJQTCVGPIQHNQLGTC
tLWRMCK¡EJCOIWK¡PCOVWMWC¡t6KGPG =RNQ¡LQ¡PEQRLKZ?
UWHKEKGPVGUCNNCEQOKFCFGWUVGFGUQPQNGGEJ« QTCC¡XaVEQUGEJCT
OC¯\ RK\ECT-CZKEJ³©©TC¡
UWHKEKGPVG!tRTGIWPVµ.WRGt'UV£DKGP KEJPCZDJCK¡MCZKICMKC¡FJKLWWPPCEJDC¡
tEQPVGUVCTQPNQUSWGGUVCDCPEQOKGPFQ DCVWQTCC¡8COQUCGURGTCTJCUVCSWGUGUGSWG
=EQRLKZ?8«CUGMCCM DKGPGNOC¯\[GPUGIWKFCRK\ECOQU=RTGVQQ
Q³KC¡XaKFGURGLCTUG
EKGNQ #C³©NJKK¡³PC RTGUQT?
MCDWKOWMDCQ³KC¡6©©¡PCDC¡ZKC¡NJDKLC¡M ♦Q¡TCDJCMU«RQECFGRK\EC
R©ZDCLKOIWV©DCC¡;QRKGPUQSWGOC³CPCUG QTPKNJUJQTPQ
FGDCTTQQRKGFTC $JCK¡RKOZK
FGURGLCT£GNEKGNQRWGUH¯LGUGSWGNCUPWDGU[C O©©OFC¡FJKQTPKNJMWEJLQQVQODJCKFJC¡IW
XCPJCEKCGNQTKGPVG RCCP#VK\GPGNHWGIQGPGNJQTPQRCTCSWG
NKORKCTUG
VTCUVGUQTQRC ,KZDJCK¡RKOOQQ EQ\COQUT£RKFCOGPVGGNRCP
DCMWCPC¡FJKLQQZKC¡DCMWCPMCTM©¡PPCDC¡
QTQUKKTUCNIWCEKN:KDUCRDJCLKOIWQTQUKKT
Q³KC¡IWZIKQ¡.CXGPDKGPEQPLCDµPGUVGRNCVQ
PQ¡RKOEJCMWKOWLKOKC¡PCLCODCK¡³IW
RCTCSWGUGNKORKGNCITCUCSWGVKGPG
LQKU&KEGSWGCJQTKVCXKGPGGNCNIWCEKNUKPQXCP
=UWLRNWC¡MKC¡RTGVWCP©WC¡M©?
XQNWPVCTKCOGPVGCFQPFGNGUNNCOCGNLWG\
♦EJCOW¡WCMPQUGSWKVCNQUWEKQ
=RNQ¡TQUKKT?
QQ=RTGVFGQTCC¡?RK\Eµ
QTTQIKC¡XaKITW³KT
EGTFQ 6WMCC¡DCMOCC¡P
QQICZUV¯Q
GURQUQFGNCJGTOCPCFGNRCR£QFG [C¡C¡L©IWVQQZMQNJO©L©RCK¡R©ZQTTQ¡PFC¡
NCOCO£ #C³LKTLK³QQICZIW2QQNFQPCIW¡ %TGQSWGGPNCPQEJGNNGIµWPEGTFQRWGUUGQ[µ
D©©OC¡PFCCIW³DCDQQNJ.GQRQNFQGUOKV¯Q SWGGUVCDCITW³GPFQ=RTGVQTTQI©RTGUQTTQ¡
RQTSWGGUGURQUQFGOKV¯C
NKVGURQUQFGNC EQPVQTTQ¡PFC¡?
JGTOCPCFGOKOCO£ 
QUCC¡OUTGUKPCFGRKPQ$C³LWWTWIWQUCC¡O
UQDTKPQUQDTKPC
JKLQQJKLCFGNJGTOCPQQFGNC
PC³KEJDJCK¡MCZK³UKKULWMUCPQQRDCMIW¡Z
JGTOCPCFGNCGURQUC $JCK¡ZK³DJ©K¡³LK³
QUDJC¡LK5GOGRGIµNCTGUKPCEWCPFQOG
QQICZFJKDCK³FJCUPCOK¡MCCV5QDTKPQ
CRQ[«GPGNRKPQRWGUPQUCD¯CSWGNCVGP¯C
FCOGGUCJCEJCSWGGUV£CNN¯
QUDJC¡UUCXKC
GURGUCFGEKGTVQU£TDQNGU 
=RNC¡QQICZCRQUQQICZK¡³C¡QQICZK¡³?
=CRQUQUDJCIC¡P?
QQIC¡P=CRQUFGQQ¡?UWUWGITQ
QUDJC¡CFLSWGVKGPGUCXKCGURGUC
£TDQN 2CC
QQOMKC¡=EQORNRNFGQO³KC¡?UGSWGDTCT£P
DC¡³LWWTWIWQUCC¡OPCDC¡IÀ¡ZQUDJC¡IW³
=RTGVQQOM©RTGUQQOKM?8CTQ¡OMKC¡
ZCDWKTCZ!/QQEJKOWPC³ZKFJCCMCVLWM
QQOMK¡=RNFGQO³K¡?SWGDTCFK\QU
EQUCUNCTICU  VC¡O&µPFGOGOCPEJ«EQPNCTGUKPCSWGGUV£
=EQRLKZ? RGICFCGPOKRCPVCNµP!2WGFGUGTSWGCNN£
QQOUC¡=EQORNRNFGQOPC¡?HTCEVWTCTNQU FQPFGGUVCDCUGPVCFQLWPVQCNVTQPEQFGWPRKPQ
=RTGVQQOUCRTGUQQOKU?8CTQ¡OUC¡ =EQRLKZ?
QQ¡UUWGITQ/C³³KQMVCMCCDIW³QQ¡PC QZKCUXCTC
FGCWVQTKFCF 1ZKCZKWC¡FC¡IW
³KEJUCREJCORCNJDWKPCVRCK¡FJWWMVWQQ QTQUKKTPCRCK¡FJWWMDCLCDCKFJKFJC¡IW
#[GTOGTGIC³µOKUWGITQRQTSWGPQNGC[WF« LC¡VMCOOWLC¡MEJKQRPCOLWOMWTWUVWFC¡
EWCPFQRK\Eµ=CRQUQQIC¡P? 'NCNIWCEKNUKGORTGNNGXCWPCXCTCEWCPFQXC
QQ¡CFLHWGTVG,CZFJWKPCIW¡EJCMWKR©M KPXKVCPFQCNCIGPVGCTG\CTGPNCKINGUKC
DJCK¡QQ¡FJKOCCEJW¡PCIW¡MCRWRLKT =RNQ¡ZKC?
L©IKCTWORCNJ©©RMKC¡R©ZOCCEJKOPCVW Q¡FCOUVGRGJW£P
RGTUQPC 1¡FCOMCO
DJKK³QTC¡'UVGOCEJQVQFCX¯CPQVKGPG VW¡KK¡FJKPCCDCVPCZEJWCV©V©K¡'UGOGUVK\Q
UWHKEKGPVGHWGT\CRCTCECTICTRQTSWGVQFCX¯CGUV£ RCTGEGWPVGRGJW£PRQTSWGGUV£XGUVKFQFGRWTQ
WPRQEQDTWVQRWGUCRGPCUGUV£CRTGPFKGPFQC DNCPEQ
ECTICT=RNQ¡LQ¡EQRLKZ? VGRGJW£P
KFKµOC #CIW¡ZDJCK¡³KQMLKLKC
QQ¡PCFLSWGVKGPGHNQLGTC-CDWKOWMLC³DC¡ IWQ¡FCOUKCMWV©KTPCCDCVIWK¡PCV[C¡ÀÀM
LKKUOC¡FJK³KRWWT,KZQQ¡PK³ZKD/C³CPC VCMCCD,KZDJCK¡RWV©KPCVRCK¡FJWWMLKEJ
³KQ¡MKIKQPCVRCK¡FJWWMZKEJVCDWKOIKFJCM
Q¡KK¡³ 6'2'*7ƒ0Ê'52#“1. 

DCLKK'NOGUVK\QSWGXKPQC[GTU¯UCDGJCDNCT PKPIWPCRCTVGRTQDCDNGOGPVGUGGUEQPFKµ
DKGPGNVGRGJW£PRWGUNQRTQPWPEKµDKGPEWCPFQ FGDCLQFGWPGPEKPQEWCPFQXKQSWG[Q[CXGP¯C
PQUUCNWFµ[VCODK«PEWCPFQUGFGURKFKµCNKTUG tTGURQPFKµ,WCP=RTGVQ¡³EJQ?
KPF¯IGPC
RGTUQPC /GGLKMQK¡³EJCO©VIW Q¡³ZKFJC¡XaVRGTFGTGUEQPFGT
EQORNCPKO 
D©©R©¡MCOQ¡FCOFCKPCOOCCMCOVW #C³OC³Q¡³ZKIW³DJWTW¡ZK¡%JCORCK¡V©©
³KQMFCVEJCOVW¡RWK¡PCCCEJQ¡FCO,WMV©T ³KEJVCMCCDPC³V©KVWIC¡PICKO©M5GOG
MCO#PVKIWCOGPVGXKX¯CIGPVGKPF¯IGPCGP RGTFKµWPDWTTQ0QNQJCNN«C[GTEWCPFQNQ
/«ZKEQPCFCO£USWGJCDNCDCFGWPCHQTOC GUVWXGDWUECPFQ=RTGVQ¡³ZKRTGUQ¡³ZK¡³
FKHGTGPVGCNCSWGJCDNCOQUPQUQVTQUSWGUQOQU EQPVC¡QQ¡³ZK¡³FJC¡?
FG5CPVC/CT¯C1EQV£P
Q¡TUKZVNG
OCIWG[RGSWG³Q 'GMW³OQQWC¡TC¡
♦Q¡FCOM©¡PGPVGRGJW£P
IWQ¡TMW³VWLWOCC¡PC³V©V©VTQRK³C¡8Q[C
Q¡KK¡³=RTGUFGQK¡FJC¡?LWIWGVGCP VTCGTKZVNGRCTCVCNNCT[JCEGTUQICU
Q¡KK¡³FJC¡=EQPVFGQK¡FJC¡?GUVCTLWIWGVGCPFQ Q¡TCDJCMCFX«RQECFGRK\EC
PQXKGODTG 
Q¡LQ¡=RNFGQQ¡?HWGTVGU=EQRLKZ? t2CCRFWWMIKQDJCK¡RDCQKT©!tLWRMCK¡EJ
Q¡LQ¡P=RNFGQQ¡P?SWGVKGPGPHNQLGTC=EQRLKZ? IW,WCPt&JQPQ¡IKQRDCTQ¡TCDJCMPC³DC¡
EJCOWCOC¡tLWRMCK¡EJIW2GGITQ
Q¡MKZUV¯C
JGTOCPCOC[QTFGNCOCO£ 6W
t%W£PFQXCUCXGPKTQVTCXG\!tRTGIWPVµ
QPDCK¡³FJC¡CRIWOQ¡MKZPQ¡DJCK¡DCLKO
,WCPt2WGUJCUVCSWGNNGIWGNC«RQECFGRK\EC
LC¡Z³KPCIW¡UCRDJCLKOFC¡2QTHCXQTFCNG
RCTCPQOQTKTOGFGJCODTGtEQPVGUVµ2GFTQ
CNIQFGEQOGTCVWV¯CCNTCVQEWCPFQXGPIC
8«CUGQTCC¡
RQTSWGFKLQSWGKDCCXGPKT
UQDTKPQUQDTKPC
JKLQQJKLCFGNCJGTOCPC Q¡TQUKKT=RNFGQTQUKKT?CNIWCEKNGU
OGPQTFGWPCOWLGT t/K¡FJCCCCIWOPCCP Q¡ZDK¡CFLSWGGUOCNCUG³CN,KZQ¡ZDK¡UCRIW
LK³Q¡MKZ!tLWRMCK¡EJIW5QRKK[Ct/K¡FJQ MCZKQPQ¡COWWDMWWRCK¡LCZEJW¡OMKKEJCO
FCCtLWRMCK¡EJIWV©©[CZt5QDTKPCCNN¯ 5GFKEGSWGGUOCNCUG³CNEWCPFQWPC\QTTC
GUV£VWOCO£!tRTGIWPVµ5QH¯Ct5¯CNN¯GUV£ EJKNNCEGTECFGNCECUC=EQRLKZ?
tEQPVGUVµNCPK³C Q¡ZKC=RNFGQZKC?XCTCU
=RNC¡Q¡MKZCRQUQ¡MKZK¡³C¡Q¡MKZK¡³?
Q¡[CUCTGPC)À¡OKOV©©IWQ¡[COK¡³KPCRCK¡
Q¡NJKC=RNFGQNJKC?TQFKNNCU=CRQUQ¡NJKC¡P? VWWMCDMCV©F©¡MCVPCVRCK¡FJWWMOKO©©IW
Q¡NJKCEJKC¡XaKCTTQFKNNCTUG,C¡RLC¡MZK UWWFCK¡'NJQ[QITCPFGSWGGUVCDCRQTCNN¯UG
DQK¡³ZK¡³FJKUWWFCK¡PCDC¡COR©MDCVW NNGPµFGCTGPCEWCPFQEQTTKµGNCIWC
ICMKC¡MCDWKOWMPC³OK¡Q¡NJKCEJKC¡PC³VW ♦Q¡[CVCORNC[CCTGPCN
DQRMQPC¡IWLCLCPPWNJ*C\WPCEWPGVCRCTC
FGUXKCTGNCIWCCWPNCFQRCTCSWG[CGUV«DKGP
UGEQOC³CPCRQTSWGCNN¯XQ[CCTTQFKNNCTOGRCTC

2
NCXCTNCTQRC=RTGVQ¡NJKCEJQQ¡NJKCEJ©Q
Q¡NJKCV©?
Q¡OMKC¡=UWLRNFGQO³KC¡?UGSWGDTCT£P
=RTGVQ¡OM©RTGUQ¡OKM?8CTQQOMKC¡
Q¡OUC¡=EQORNRNFGQOPC¡?HTCEVWTCTNQU ÊREN¯V+PFKECUWLGVQFGNCUGIWPFCRGTUQPCFGN
=RTGVQ¡OUCRTGUQ¡OKU?8CTQQOUC¡
UKPIWNCT-CDWKOWMPCRLCZDCOIKC¡ROQQLC
Q¡PUQRF©TLC¡M=XCTFGC¡PUCRF©TLC¡M?CN CC¡³FJCTC¡IW$CCNJ$©VC¡QK¡³MCOPCODJC
NCFQK\SWKGTFQ LKKOFC¡OCCZFJKLC¡RLCRLCV©©FC¡PCOOQQ
Q¡³EJQ¡XaTGUEQPFGTUG
UWLCPKO t2CCDCO [C¡RVWK¡MC¡/C³CPCGPEWCPVQVGNGXCPVGUXG
PCOIW2KNKKRPCVO©L©LKFJWW!tLWRMCK¡EJ C.CU%CPCUVCUCFGEKTNGUCNCURGTUQPCUSWGXKXGP
IW/CMCCTKQt%JCORCK¡³³CPO©MMC¡DC¡ CNN¯SWGXGPICPRCUCFQOC³CPC[FKNGUSWGPQ
IW¡OK¡RCK¡ZKOQ¡³EJQVWCUCPQQRPC³P©K¡³ HCNNGP=5GRTGUGPVCFGURW«UFGWPCXQECNQWPC
PC³DJCK¡DCLKO!tLWRMCK¡EJ©RIW,WCP RCWUCINQVCN)TCO?8CTLCRCR
t&µPFGVGGPEQPVTµ(GNKRG!2WGUUGHWGRCTC 8«CPUGRKEJLCRKEJ
CNN£tFKLQ/CECTKQt0QPQUGPEQPVTCOQUGP
 6'2'*7ƒ0Ê'52#“1. RCK¡PCR©Z

RCCCFXFµPFG!#CRRCCMKQ!&µPFGXKXGU RCCUWNJUV¯C
JGTOCPCOC[QTFGNRCR£ t,K³
V¼! ³CCPLCZUCRMWVDC¡EJCODJCLKKIW³
♦RCCRKEJLC¡MDCLKKCFµPFGXCU! RCCUWNJVCMCCDPCRMCK¡EJPCUCCMDJCLKOFC¡
♦RCLC¡MCFXCFµPFG!CSW«RCTVG! I©V!tLWRMCK¡EJIW#PTGCt&JQUCREJCO
♦RCK¡CFXGPFQPFGRQTFQPFG LCZLKZDJCK¡PCIW¡VW¡ZDWCtLWRV©VFCIW
♦PCRCK¡CFXFQPFG F©¡©©¡Pt/CO£RQTSW«PQXKPQOKV¯CC[GTUK
FKLKUVGSWGKDCCXGPKT!tRTGIWPVµ#PFTGC
RCCFWWMCFXEW£PFQ!
NKVFµPFGGUVCT£GN
t2QTSWGPQVKGPGVKGORQRQTNQUSWGJCEGTGUSWG
5QN! 2CCFWWMUCR[C¡DCCC[C¡IW[C
VKGPGtEQPVGUVµUWOCO£
MKQMCO!%W£PFQFKLQSWGKDCCNNGICTGNSWG
UQDTKPQUQDTKPC
JKLQQJKLCFGNJGTOCPQOGPQT
XKXGCSW¯!8«CUGFWW
FGWPCOWLGT $CLKOKC¡CRLK³RCCUWNJMWVVW
♦RCCLC¡RFWWMCSW«JQTC!
IW¡DCOI©©¡IWOPCCPEJKV©KDCOP©©TC#CR
♦RCCR©PFWWMEW£PFQUGT£!
PQOG
IW¡FCKOV©VDK;CXGVGUQDTKPQCNN£EQPVW
CEWGTFQ 
OCO£CNQOGLQT[CVGGUV£GURGTCPFQ2WGFGUGT
RCCIKKPVGTL5GWUCRCTCKPVTQFWEKTWPCRTGIWPVC SWGVGRGIWGRWGUPCFCO£UGUV£ULWICPFQ
TGVµTKECFGTGURWGUVCPGICVKXC2CCIKVW¡LCZLWR =RNRCRUWNJCRQURCCUWNJK¡³RCRUWNJK¡³?
DWCFC¡FJK2GGITQPQ¡EJCOLCTQK¡LWCP!)W RCK¡CFXGPFQPFGRQTFQPFG2CK¡PCZZC¡KK¡EJ
VCCVC¡PPCOWF©MQQIK¡³FJC¡PCDC¡UKCOTKV©
OQQV©DKCRW¡PCODC¡EJCOWC¡OC¡IWEJ
©UFC¡2GFTQPQJCEGPCFC
NKVSW«JKEKGTC
MCMDCK¡0QUSWGFCTGOQURQTFQPFGJC[RCUVQ
2GFTQ! EWCPFQPCFKGNGFKEGPCFC[EWCPFQ
RCTCSWGPWGUVTQUECDCNNQUPQUWHTCPFGJCODTG
UKGODTCGURQTSWGUWRCR£NGCPKOC
8«CUGRCC
RCCNJUUCEGTFQVG$©©R©¡[CLC¡RDWWUIWRCCNJ ♦PCRCK¡CFXFQPFG
DJCOO©PKLC¡MZKEJ©O©NJKKEJ$QQLK$KDKC¡'N ♦OKLC¡RRCK¡CFXRQTCJ¯
EGTEC 
UCEGTFQVGRCUµRQTCSW¯JCEGTCVQ[UGHWGGPUW ♦OWRCK¡CFXRQTCNN£
CDCLQNGLQU 
ECOKQPGVCC%K«PGICFGN1UQ=RNRCRCCNJ? ♦OWLC¡RRCK¡CFXRQTCJ¯
NGLQU 
RCCPURCP#NJK¡EJR©ZLCRLCK³FJC¡FJKCNJKK RCK¡FJWWMCFXCNI¼PF¯C2CK¡FJWWMLCEJ
IWRCCPPCIW¡EJCOL©¡ZMCVLWIKQMC¡PQ¡ RCZKCTRW¡/CUCMNCPPQ¡EJOWK¡DCDKC¡IW
RKEJD©©ZOCC&CNGPCFCO£UWPRGFCEKVQFG VWWOK³#NI¼PF¯CKTGOQUC/C\CVN£PCRCUGCT
RCPCNPK³QRQTSWGPQRWGFGEQO«TUGNQVQFQ
'N EWCPFQ[CVGPICOQUOWEJQFKPGTQ8«CUGPC
RCPUGJCEGGPWPJQTPQFGDCTTQ'UTGFQPFQ RCK¡FJWWM
[FGNICFQEQOQWPCVGNGTCITCPFG[WPRQEQ
FWNEG  RCK¡L©CFXCXGEGU#C³RCK¡L©OCLKOKC¡
DJCOO©PKFJ©TLK³³WWEJKZDWKPC³LKZ
RCC³KQ¡URC³Q
TGIKQPCNKUOQ RC³WGNQ,KZ QQ¡PFC¡PC³F©©NJ[CFCCMC¡#XGEGUXQ[CNN£
ZWW¡PIK¡VWRCC³KQ¡IW³LKKMWNJCVVKKTWLC¡M EQPOKEW³CFCRQTSWGOGGPHCFQFGGUVCTUQNC
F©TLKZEJWOCCZ/KV¯QVKGPGWPRC³WGNQ CSW¯
VTCPURCTGPVGRWGUUGFKXKUCENCTCOGPVGCVTCX«U
FG«N
0QODTGFGNRC³WGNQNCTIQFGEQNQT RCK¡L©R©ZCFXFGXG\GPEWCPFQ2CK¡L©R©ZLKZ
DTKNNCPVG[VGNCVTCPURCTGPVGSWGNQUJQODTGUUWGNGP KQ¡OLKZKKDJCK¡³MC¡FJK[QQMPQ¡VLKZM©¡PMQD
NNGXCTCVCFQGPGNEWGNNQ =RNRCRCC³KQ¡Q FWW¡P&GXG\GPEWCPFQEWCPFQNNWGXGCPVGU
RCR³KQ¡? FGVKGORQGUVGCIWCECVGVKGPGOWEJCHTWVC
RCCU©NJCFXCFµPFGOGTQ!2CCU©NJM©©MIW RCK¡PCLCZCFXGPEKGTVCURCTVGU$CCRCKEJC¡O
DCCMVCMCCDPCRKEJMQDZK¡³O©TCM2GGITQ! VWQK¡³EJCTCOIWO©©O©DRCK¡PCLCZV©F©©F©¡
$JCK¡CCPCRCK¡ZMQVDQTC¡MC¡DJCOO©CC .CUCDGLCUXKXGPGPNQURG³CUEQUGPEKGTVCURCTVGU
FCCOF©T!#FµPFGOGTQGUVCDCNCXCECC[GT FQPFGJC[CIWLGTQU
EWCPFQHWKUVGCXGTNC2GFTQCNN¯GPGNNNCPKVQQ RCK¡PCR©ZCFXGPEWCNSWKGTRCTVGFQPFGSWKGTC
CNN£CTTKDC! t2CCEJV©DKCRW¡!tLWRMCK¡EJIW,WCP
RCCUWK¡EJUGRC\QVG2CCUWK¡EJM©¡PLKZK¡QQD t2CK¡PCR©ZFJQtLWRV©VFCIW2GGITQ
IWDJCDLKFJQQT.QUHTKLQNGUUQPUCDTQUQUEQP t&µPFGXCOQUCRCUCTNCPQEJG!tRTGIWPVµ
GRC\QVG ,WCPt&QPFGSWKGTCtEQPVGUVµ2GFTQ
8«CUGPCRCK¡
♦RCCUWK¡EJLWPOC¡POQNGFGGRC\QVG
RCK¡PCR©ZFJWWM 6'2'*7ƒ0Ê'52#“1. 

RCK¡PCR©ZFJWWMCFXEWCPFQSWKGTC RKEµWPCCXKURCCNN£CTTKDCFQPFGVWOD«GNRCPCN
EWCNSWKGTF¯Ct2CCRKOFWWMIKQDJCK¡RDC tEQPVGUVµ(«NKZ
RCZKCT!tLWRMCK¡EJIW,QUGGt2CK¡PCR©Z RCPCN
FGCXKURC ,CK¡VWVWCVC¡OPCPIKCMC¡
FWWMFJQPCEJIW¡TOKC¡PMCOtLWRMCK¡EJ COIWRC¡RPCNJK¡ZLCK¡DCCRCKEJC¡O#NIWPCU
IW2GGITQt%W£PFQXKGPGPCRCUGCTQVTC CXKURCUJCEGPUWURCPCNGUGPNQUGPEKPQU[QVTCU
XG\!tRTGIWPVµ,QU«t%WCNSWKGTF¯CRQTSWG GPNQURG³CUEQU
XKXKOQUEGTECtEQPVGUVµ2GFTQ8«CUGPCRCK¡ =RNRC¡RPCNJKZ?
FJWWM RCPCCUCFXRCTGEGSWG$JCOO©PKQKRQCO
RCK¡PCR©ZLC¡MCFXCEWCNSWKGTRCTVG RCPCCUIWMCTDCZPCRCK¡R©ZCOLKZEJ©V©©FW¡
CFQPFGSWKGTC2CK¡PCR©ZLC¡MLKZLQK¡³PC #NN£GPNCRCTVGXGTFGRCTGEGSWGCPFCPNQU
QKT©FC¡FJKDJWTW¡Z%JCOQDP©P©K¡³FJC¡³DC¡ EJKXQU
PQ¡³KEJV©KDCLKICCICO'UVGDWTTQUWGNG EQPLCWPSWGCRGUCTFGSWG%JCOQPMCM
CPFCTCFQPFGSWKGTCRQTGUQPQNQGPEWGPVTQ FJKDJCD2CPCCULC³KEJV©KIÀ¡OKDWK¡³0Q
RTQPVQEWCPFQNQDWUEQ GUV£PUCNCFQUNQUHTKLQNGUCWPSWGNGUGEJ«OWEJC
RCLC¡MCFXCFµPFG!CSW«RCTVG!2CLC¡MLK UCN
FJWWIWOCC¡PMCOPCOK¡MCM©©MCVVWTCCUPW RCRCCNJ=RNFGRCCNJ?UCEGTFQVGU
D©VC¡!#FµPFGUGHWGNCRGTUQPCSWGGUVCDC RCRCC³KQ¡=RNFGRCC³KQ¡?RC³QU8CTRCR³KQ¡
RCTCFCCNN¯FGDCLQFGGUGFWTC\PQ!8«CUGRCC RCRUWNJ=RNFGRCCUWNJ?V¯CUUQDTKPQUUQDTKPCU
♦PCRCLC¡MCFXCFµPFGCSW«RCTVG =CRQURCRUWNJK¡³?
RCNJDWKFJC¡XaVC[WFCT,K³RCNJDWKFJC¡CR RCRZKCTFCO=RNFGRCZKCTFCO?XKUKVCPVGU
LC³OKEJQK¡FJC¡FJK³MCDCK¡IWUWWUMC¡P
#[¼FCOGCRQPGTNGNCUJGTTCFWTCUCOKECDCNNQ RCTDCPCFXOCNPQDKGP
KPEQORNGVQQFGHKEKGPVG 
RQTHCXQT 2CTDCPLCRKEJDCMZK³LKKUOKFJCMFJK³
XaTRTQVGIGTUG2CK¡PCZDCDCC¡LC¡MZKO MWVWWPOCC¡PPCVLCZLWOUQQODJKQ¡0QOG
RCNJDWKFJC¡IWMCTDCZPQ¡VDCLKQKIWDJCP EQUKUVGDKGPOKECOKUCRWGUUGFGUEQUKµ
'NEJKXQUGRTQVGIGGPNCDCTTCPECEWCPFQNQ 8CTRCTDQP
CVCECGNEQ[QVG RCTDCPR©ZCFXPQOW[DKGPOW[OCN2CTDCP
=RTGVRCNJDWKRTGURCNJDWK¡³? R©ZLKOFWWMFJKOCC¡PMCOV©KIKKNJKOLKTLKZ
RCNJ©©RCFXRQSWKVQ
VKGORQ %JCODJCK¡MQK EJWO³KICO0QUGXKUVGOW[DKGPGUCRGTUQPC
³KEJCC³ZKD2CNJ©©RLC³KEJR©ZMQKRWZKDPC CWPSWGGUOW[TKEC8CTRCTDQPR©Z
DCZKC¡NJKO:KDLC³DC¡V©KDCZMQQZKOPCVLK³ RCT©©R=XCTFGRCNJ©©R?RQSWKVQ
CODCVQP;QPQFQTO¯DKGPCPQEJGFQTO¯ RCVCCUC¡XaVECODKCTTGGORNC\CT%JCOLK
RQSWKVQEWCPFQ[CGUVCDCCOCPGEKGPFQ[CJQTC PC³CKZFJKUCDWKTCZPC³KEJV©KUCDC¡NJ)KQ³
SWG[COGRGIµGNUQNOGFKQUWG³Q EJKROCRCVCCUO©TC¡LWOCKM©¡POWPC³KEJ
RGFC\Q2CNJ©©RDJC³LCK³K¡³FJKMKKUPC RCK¡UCDC¡NJ0QOGSWGFCPGUVQURCPVCNQPGU
DJCK¡FJCCPC³M©¡PVWLWIKC¡&COGWPRGFC\Q SWGCECDQFGEQORTCT6GPIQSWGKTCECODKCTNQU
FGNSWGUQSWGGUV£CNN¯RCTCEQO«TOGNQ RQTQVTQUCNN£FQPFGNQUEQORT«
CEQORC³CFQEQPVQTVKNNC XaTECODKCTUG
TQRCWQHKEKQ 'GMW³OQQ
8CTRCT©©R LCK¡³RCVCCUC¡IW³LCLCPPWNJ$CZEJWK¡MQTC¡
♦RCNJ©©RCNJOW[RQSWKVQ FJK¡PCEJV©V©©¡%TGQSWGOGXQ[CECODKCTFG
♦RCNJ©©RLWOFWWMCORGSWG³CEQUC TQRCRWGUGUV£UWEKCNCSWGVTCKIQRWGUVC
RCNJ©©RLWOFWWMCO=CPVµPFGIÀ¡RLWO =RTGVRCVCCUCRTGURCVCCU?
FWWMCO?PQITCPEQUC RCZKCTC¡XaVXKUKVCT
CQVTCRGTUQPC %JCO
RCPCCNJK¡ZUCXKURC
EJKSWKVCPGITCEQP RCK¡MCRCZKCTIW³DCDQQNJPC[C¡MC³
RGSWG³CUTC[CUDNCPECU t6W¡DJCCOFWWO RCZKCTFC¡;CPQOGXKUKVCVCPVQOKV¯CRWGU
MCCOCOPCDC¡IÀ¡ZDCKI©M!tLWRMCK¡EJIW CPVGUOGXKUKVCDCUGIWKFQ
#PTGGUt&JQDJC³M©KOCC¡PIWRCPCCNJK¡Z XaKRCUGCT#C³OCC¡PPKOIW,WMV©T
OWMC¡PFCCOF©TPC³KEJLKDWCtLWRMCK¡EJ QK¡³MCOLCD©©ORCZKCTO©TCMDJCOO©/GGLKM
IW2GGNGUt2QTSW«GUV£JKPEJCFCVWOGLKNNC! 7PCXG\HWKEQPWPCURGTUQPCUFG5CPVC/CT¯C
3W«VGRCUµ!tRTGIWPVµ#PFT«Ut2WGUOG
 6'2'*7ƒ0Ê'52#“1. RKTKK³

1EQV£PCRCUGCTC/«ZKEQ 2WGFGRTGUGPVCTUGEQOQUWHKLQCWPCRCNCDTCSWG
=RTGVRCZKCTCRTGURCZKCT? CPVGEGFGCNXGTDQ2CCRKEJVWVCCFJKZC¡LQK
RCZKCTFCOUXKUKVCPVG,CDCKFJCMIW DJCDPCRKEJDCLK©K!&µPFGEQORTCUVGGUG
RCRZKCTFCOIW³CDWKNPCUCRVWLC HTKLQNRKPVQSWGXCUCUGODTCT!
QPDCK¡³FJC¡/KCDWGNCKPXKVµCNQUXKUKVCPVGUC =5GRTGUGPVCFGURW«UFGWPCXQECNQWPCRCWUC
EQOGT=RNRCRZKCTFCO? INQVCN)TCO?8CTLCRKEJ8«CUGÊR
RC¡RCTVCNIQWPRQEQOGFKQ,KZICMRC¡DKK RKKRKNJURQNNKVQ,KZDJCK¡OCC¡PC³LCMWMRC¡
³KEJPCVLKZKQ¡OVW³CK$CL«WPRQEQFGRGUQ IWRKRRKNJPCEJCOLCWK¡MC¡IWVQDJCD'U
RQTSWGOGGPHGTO«ITCXGOGPVG PGEGUCTKQGPLCWNCTDKGPCNQURQNNKVQURCTCSWG
5GWUCGPNCRCTVGOGPQTFGWPCEQORCTCEKµP PQUGNQUNNGXGGNICXKN£P=RNRKRRKNJQZKZRKNJ?
,KZKQ¡OLKTIÀ¡IWUWWFCK¡[C¡FJKQK¡³IC¡PIW
F©D©©TLKTCNJK¡EJRC¡*C[OC[QTUWRGTHKEKGFG
CIWCGPGNOWPFQSWGFGVKGTTC
RC¡EJOCFC¡XaVGPXGPGPCT
VTCORC $WNJKC¡
RKOFJKICIQQZPCEJCOOWLC¡MDJ©©[C¡ICC
V©TPCVIW¡UCCMO©L©LC¡RLWOFCTCKIWDCMCCZ

RC¡EJOCFJKZMCO#OCTTGPCNRGTTQRCTCSWG RKOEN¯V+PFKECUWLGVQFGNCUGIWPFCRGTUQPCFGN
PQUGXC[CCNCOKNRCRQTSWGFKEGPSWGRQTCJ¯ RNWTCN2WGFGRTGUGPVCTUGEQOQUWHKLQCNXGTDQ
RWUKGTQPECTPGGPXGPGPCFC=RTGVRC¡EJOCK ,CMWWRC¡RKOZKDFJKDJG¡OUGTPCOEJCOVW
RTGURC¡EJOC¡PTGURC¡EJOCFJKZ? ZK¡[C¡VWMCC¡MWEJVWUWWUUCKVWK¡[C¡IWDKK¡O
MCDWKOWM2QTHCXQTGPEGTTCNQUDGEGTTQURCTC
♦CNJLC¡ROQQZDJCK¡³RC¡EJOCKd#[EµOQ
SWGPQOCOGPGPNCPQEJG[OC³CPCRQFCOQU
OGGPXGPGPµ
5GFKEGEWCPFQNGTGICNCP
QTFG³CTNCUXCECURCTCVQOCTNCNGEJG
EQOKFCUKPOCNCKPVGPEKµP 
2WGFGRTGUGPVCTUGEQOQUWLKHQCWPCRCNCDTCSWG
RC¡RPCNJKZ=RNFGRCPCCNJK¡Z?CXKURCURCPCNGU CPVGEGFGCNXGTDQ/QQRKOCNJZKIWIWWZFJC¡
RC¡TKKPURCFTKPQOCFTKPC$JCK¡DCLKOIWO IW2GGNGUPCLCK¡LKOKC¡-QTKCPPCEJ
RC¡TKKP/QQRPCOMKC¡IWPQDKK¡³PCRCK¡ ³KQ¡MFJCRW¡IWZMCK¡*CICPNQRQUKDNGRCTC
FJWWMLWO³KQ¡MFJC¡;CXKGPGVWRCFTKPQ CPKOCTC(«NKZRCTCSWGVCODK«PXC[CC&WTCPIQ
&GDGUDGUCTNGNCOCPQEWCPFQVGUCNWFG RCTCRNCVKECTEQPGNIQDGTPCFQT
RKCOEQPLQ
CNVGTPCVKXCPQRTGIWPVC ,C¡Z³K =5GRTGUGPVCFGURW«UFGWPCXQECNQWPCRCWUC
LWTP©MLCRVWVCC³O©TC¡IWQPOWPCRCK¡O INQVCN)TCO?8CTLCRKO8«CPUGLCRKO©V
IC¡TCRKCORWZKDLCROWK¡ZKLKOKC¡VW¡IK RKO©V
R©M©R!'PNCVCTFGVKGPGUSWGKTCEQORTCTUCNC RKO©VEN¯V+PFKECUWLGVQFGNCUGIWPFCRGTUQPCFGN
NCVKGPFCQRWGFGUKTFGWPCXG\[CSWGPQVKGPGU RNWTCN[VKGORQRTGV«TKVQ2WGFGRTGUGPVCTUG
PCFCSWGJCEGT EQOQUWHKLQCNXGTDQ)KCRKO©VCCIWOCCEJW¡
KPVGTLXGTFCF!,C¡Z³KUCR[C¡CC[C¡IW³ PCRKOOKLC¡RMCIKIK¡FJCVVCMCCD!
³CCPRKCOCC6GGDCP!#NTCVQNNGICT£OK .QITCTQPNC\CTGNOCEJQSWGGUVCDCPVTCVCPFQ
OCO£XGTFCF'UVGDCP! FGNC\CTC[GT!
=)TCO? 2WGFGRTGUGPVCTUGEQOQUWHKLQCWPCRCNCDTCSWG
RKCUVCVC¡XaKJCEGTWPCHKGUVC/CC¡PLCEJVW CPVGEGFGCNXGTDQ'CIQTZKEJWC¡ICPC³ZK
KCTC¡IWVWWTPCEJVWRKCUVCVC¡MCDWKOWMPCT LCOMÀÀMÀ¡PCRKO©VVW¡M©¡PDJCCMPCRKODC¡
LK³EJCPQQNJK¡MC¡8COQUCOCVCTWPVQTQRCTC RWK¡FJK¡M©¡PEJCOMCVWOC¡C¡IK¡³
JCEGTWPCHKGUVCOC³CPCSWGGUF¯CFGOKUCPVQ 2NCV¯SWGPOGRCTCUCDGTRQTSW«UGGPQLCTQP[[C
=RTGVRKCUVCVCRTGURKCUVCV? PQUGJCDNCP
=5GRTGUGPVCFGURW«UFGWPCXQECNQWPCRCWUC
RKEJEN¯V+PFKECUWLGVQFGNCUGIWPFCRGTUQPCFGN
INQVCN)TCO?8CTLCRKO©V8«CUGRKO
UKPIWNCT[VKGORQRTGV«TKVQ2WGFGRTGUGPVCTUG
EQOQUWHKLQCNXGTDQ$WNJMCKRKEJCCFJKO RKRRKNJ=RNFGRKKRKNJ?RQNNKVQU8CTZKZRKNJ
KRWWTPCUCCMLKZFJWUCCTCOMCOCKZKEJIW RKTKK³UHTGPKNNQ
FGECDCNNQ #C³OCC¡PV©KZ
LWTDC¡P!4GFWLKUVGVWHCNFCGPNCEKPVWTCNC UCDC¡FCOIWRKTKK³IWZKDMCOPCIW¡DCT
SWGVGSWGFCDCHNQLC! M©NJK¡³IC¡PFJK¡PC³[CDKC¡3WKGTQEQORTCT
R©M 6'2'*7ƒ0Ê'52#“1. 

WPHTGPKNNQPWGXQRQTSWG«UVGSWGVGPIQGUV£ DQTFGFGNRG³CUEQSWGGUV£GNCDQTCPFQVCDNCU!
ICUVCFQ=RNRKRTK³CRQURKTKK³IC¡P? =RTGVR©ZEJ©KRTGUR©ZMCK¡EJ?
R©MRCTV+PFKECSWGNCUKVWCEKµPECUKGUV£ R©ZLKEJ©MCFXUGIWKFQ6©KR©ZLKEJ©MIW,QUGG
EQORNGVCOGPVGFGUCTTQNNCFC,C¡RR©MDCLK[QQ PCVWOC¡[CUEJCOLKDWRRCIWDJQ¡OMQZ
FJKKKDJCKR©MCODCVCLCC³KZ;COGTQ ,QU«NGJCVKTCFQUGIWKFQCNVGEJCNQVGRGTQPQNG
GORKG\CCHNQTGEGTGUVGPQRCNRWGU[CUGGUV£P JCFCFQ
CDTKGPFQNCUHNQTGU R©ZMCKFJC¡XaKFGEKTUGEQOGPVCTUG
TWOQT 
+PFKECSWGNCUKVWCEKµPGUV£FGHKEKGPVGGPCNI¼P 8«CPUGMCKFJC¡MCK¡³EJC¡
CURGEVQ5WUFCIW³³QQPQDPC³KEJZKEJWLWC
R©ZMCK¡EJ=RTGUFGR©ZEJ©¡[C¡?UGQ[G
FGNGLQU 
PC³IW¡EJCOL©¡ZFJC¡R©MMCVWLWCP/G
UCNKGTQPCORQNNCUGPNCUOCPQUEWCPFQVTCDCL« RQFGGTQ¡XaKRQFGTVGPGTECRCEKFCF‰NJKK¡³
RQTSWG[CECUKPWPECVTCDCLQEQPGNNCU CRCCPCRRQFGGTPCRVWDJKK³QTC¡FJKLWWP
IWF©©NJMC¡³LKIW¡ORCNJDWKFJC¡!%TGGU
R©PRCTV+PFKECSWGPQTGEWGTFCGZCEVCOGPVG
SWGV¼UQNQRWGFGUECTICTGUVGOC¯\QSWKGTGU
$JCOO©PKPCOQKRQQKFJC¡VC¡OIWEJ
SWGVGC[WFG!
MCMDCK¡5CCMR©PLKKO©V!0WGUVTQUECDCNNQU
RQFGTVGPGTVKGORQ%JC¡RKCORQFGGTPCR
CPFCPCNN£GPGNEGTTQ0QSWGJCD¯CPJWKFQ!
LK³RCNJDWKFJC¡MCDWKOWMPC³VWDQQR³KC¡!
R©ZRCTVPCFCO£Ut6W¡RLCZDWC!tLWR 0QRQFT¯CUC[WFCTOGCFGU[GTDCTOC³CPC!
MCK¡EJIW,WCPt;C¡³R©ZLC¡RQKT©tLWR =RTGVRQFGGTQRTGURQFGGT?8CTRWFGGTW¡
MCK¡EJIW2GGITQt3W«JCEGU!tRTGIWPVµ
ÊRQ¡UWHaX+PFKECSWGNCCEEKµPUGNNGXCT£CECDQGP
,WCPt0CFCO£UCPFQRQTCSW¯tEQPVGUVµ
QVTCRCTVGRQTO£UFGWPCRGTUQPCRGLVW
2GFTQ
MQK¡RQ¡COKT£PCEQOGTRCZKCTRQ¡COKT£PC
5GRTGUGPVCEQPQVTQCFXGTDKQEQOQFKOKPWVKXQ
RCUGCT=)TCO?8CTÊRW¡8«CUGÊO©TC¡
,CTQQ³WK¡ZFJCMIW³ZWWUCMPCDC¡OK¡R©Z
EJCOVWLCK¡EJPC³RCK¡MCVWC¡MCV!3WK«PUG RWRTGHaX+PFKECSWGNCUKVWCEKµPGUTGNCVKXCOGPVG
NNGXµOKUJWCTCEJGU!2WGUPQGUV£PCNN¯
NKVCNN¯ UGPEKNNC#CROK¡FJ©TRWLKKCCLCPQ¡PCRLCZ
PCFCO£U FQPFGNQUVGP¯C OWF©TMCQKT©V$GTPCNFQDWKMC¡RVKIKQOK¡
♦F©©NJR©ZCFXRQTU¯OKUOQ FJ©TLWRZKÀÀMCC$CLKK[Q!#SWGNF¯CEWCPFQ
CPFCDCUFGCSWGNNCFQEQP$GTPCTFQVGHWKUVGQ
R©ZCOCFXEQOQSWG2©ZCOO©MLC¡MLWWI©V
VGXKPKUVGQVTCXG\CN$CL¯Q!=)TCO?
DCCRMKNJKO[C¡PCVRCK¡M©KIWPCMU©T%QOQ
SWGUGOGGUV£GPVWOGEKGPFQCNTGFGFQTFGCSW¯ RWEJW¡OCFXKIWCN
CRCTKGPEKC 2WEJW¡OLWR
FQPFGOGRKEµGNCNCET£P WC¡IW³LKKMWNJIWMCDCKPCLCZEJW¡OIW³
EJCCVIC¡P/KV¯QVTCGWPECDCNNQKIWCNCNSWG
R©ZEJ©D©©RCFXHQTOCFQU
GPWPCHKNC /WPK
VKGPGOKRCR£
LC¡RR©ZEJ©D©©RMCVVWCOIWLC¡VMCOPCO©V
DCMCKOIWZMCK¡PCUCCMDJCCC[C¡ RWFGGTW¡=XCTFGRQFGGTQ¡?RQFGTVGPGT
5WUDC¡PVCO2QTCJ¯XCPNCURGTUQPCUHQTOCFCU ECRCEKFCF
GPWPCHKNCRCTCXGTCNIQDGTPCFQTSWKGPXCC RWKCFXVQFCX¯C2WKDJCK¡FJCCCCIW2CUMWCN
NNGICTC.QU%JCTEQU DJCOO©F©T)KQV©T$KDKC¡MC¡OCCMCOLC¡MDC
R©ZEJ©K=RTGVFGR©ZEJ©¡[C¡?UGQ[µ
FGNGLQU  MKQCC!6QFCX¯CGUV£XKXKGPFQ2CUEWCNCNN£GP
.NCPQFGN/CPCPVKCNQ[CXKXGGPQVTQNWICT!
R©ZEJ©TPKC¡XaKGZVGPFGTUG
HWGIQNKVUGQ[G
CTFGT )KKNJKOLKZEJ©O©K¡³MC¡VCCDJCMLC¡M RWK¡CFXCU¯
GPIGPGTCN 6©KEJKEJDCVWC¡IK
PCIW¡ZEJWICMMC¡2CNJ©©RPQ¡³KEJOKLC¡R FJK2GGITQPCEJCODJCCK¡PCRWK¡EJW
ZKM©KIWVCKR©ZEJ©TPKC¡(£EKNOGPVGGORKG\CP DWCFC¡6TCVCOQUFGCFXGTVKTNGC2GFTQSWGPQ
NQUKPEGPFKQUGPNC«RQECFGUGSW¯CRQTSWGVQFQ GUV£DKGPCEVWCTCU¯
GUV£UGEQUKRTGPFQWPRQSWKVQFGNWODTGRQT CU¯
UKPJCEGTNQWUWCN 2WK¡EJCOVWLWICCM
CNN¯UGGZVKGPFGT£RKFCOGPVG=RTGVR©ZEJ©T DCVWLWCPCOIW/KNKVQQP/GNKVµPUGHWGC
RTQITR©ZEJ©T³KO? VTCDCLCTCU¯UKPEQOGT
CRKG2WK¡UCRDJCLKKDJCK¡FJ©T
R©ZEJ©¡[C¡XaKQ¯TUG
FGNGLQU ,CTQQOWRCK¡
5WUDJC¡PVCOIW%JGGPFQ&KEG4QUGPFQSWG
R©ZMCK¡EJMQQMDC¡PPCVWUQDMQPIW
UGXKPQCRKGFG.QU%JCTEQU
VCC¡ONCU!3WK«PUGQ[GSWGCPFCRQTCJ¯GPGN
 6'2'*7ƒ0Ê'52#“1. TWTW¡Z

♦DCRWK¡©RCFXVCODK«P
FGNCOKUOC JQLCUFGGUG£TDQNUQPECUKKIWCNGUCNCUJQLCUFGN
OCPGTC  CIWCECVG
♦FJK¡RWK¡CFXGUQGUVQ
GPRCTVKEWNCT 
♦OK¡RWK¡CFXCNN¯OGTQFGKIWCNHQTOC

4
RWK¡LC¡MCFXCU¯
RQTEQUVWODTG ,WOCC¡PCR
OWPCOMKTC¡IWOCMI©OPCDC¡DJCLKOKC¡PC
IW¡RWK¡LC¡MLWODWC%JCOL©¡ZMCVDJCLKOKC¡
LKIWF©©NJ'UPGEGUCTKQSWGXC[CUCDWUECTCN
EWTCPFGTQRCTCSWGXGPICEQPVKIQRQTSWGCU¯GU
NCEQUVWODTGRWGUPWPECXCCXGPKTUQNQ
ÊTEN¯V+PFKECEµRWNCFGNQUUWUVCPVKXQU[CNIWPQU
RWK¡LKCFXGUV£DKGPDWGPQ
TGURWGUVCCNSWG CFLGVKXQURGLLC¡RLKPCTCOSW«DWGPQOK¡T
CECDCFGNNGICT t#C³IKQDJCLC¡M©RtLWR RKCUVCMC¡CNN¯JCDT£HKGUVC=5GRTGUGPVCFGURW«U
MCK¡EJIW#PTGGUt#CRWK¡LKtLWRMCK¡EJIW FGWPCXQECNQRCWUCINQVCN)TCO[?
2CCDNQt;CXKPGQVTCXG\tFKLQ#PFT«U 8CTLKT
t'UV£DKGPtTGURQPFKµ2CDNQ
ÊTCORQURGPGPEKOCFG
RCTVGFGNEWGTRQ 
RWK¡MWDC¡EQPLRQTGUQ5À¡MCVDCMIW Î+K¡³EJWFKOFJQIWPCKNQFJKICIQQZPCRDJC
VQQPC¡PIWMCTDCZDJCLC¡REJKMKKTVC¡ORWK¡ DCCZK¡³OQ¡TCO,WR³KFJC¡CRÏLWRV©VFCIW
MWDC¡V©KUCTCCM.CRCVCFGNCEJKXCGUVCDC F©¡©©¡PIW,WCPCÎ.CDQNUCFGRN£UVKEQSWGNG
CVQTCFCGPWPCRCTVGFGNTGFKN[RQTGUQGUVCDC RWUKUVGGPNCECDG\CCNRGTTQNQGUV£CUHKZKCPFQ
DCNCPFQFGFQNQT 3W¯VCUGNCÏNGFKLQUWOCO£C,WCPC
RWK¡PCLCZCFXCU¯EQOQ:KDLQKFJCOLKZ GPRQTFGPVTQFG2CCDC¡UCDC¡PFC¡IW
DJCK¡VCPQQTEJCOVW¡RWK¡PCLCZVCMCCDPC 2GGITQIWRC¡EJPCDC¡ICOO©L©VW
COR©ZRWK¡ZEJ©DCC¡*C[O£UUQNCJQTCSWG RC¡EJOC¡PFC¡OWICC¡TCOPCRCK¡FJWWMDC
C[GT
NKVPQEQOQC[GT EWCPFQGUVCDCPWDNCFQ VWMCK¡OVW¡PMC¡!&µPFGEQORTCT£2GFTQGN
RWK¡RCFXCU¯EQOQ
FGKIWCNOCPGTC ,K³ XGPGPQ!2WGUUKGORTGRQPGPVTCORCUXGPGPQUCU
³CCPMCPKRWK¡RLK³CC¡³ZKFJKOIW+NKK[CUPC³ GPUWOKNRCEWCPFQJC[GNQVGU
LCZLK³DWKOPC³LKO/CO£H¯LCVGEµOQ'N¯CU =5GRTGUGPVCGPUWUVCPVKXQURQUGUKXQUFGVGTEGTC
UGXKGPGDWTNCPFQFGO¯TGOGF£PFQOG
NKV RGTUQPCFGNUKPIWNCT?8CTÊTCP8«CUGCO
JCEKGPFQCU¯EQOQJCIQ[Q  TCOWWLWURCNQEQPWPCNCODTG
RCTCCOCTTCT 
QVTCXG\FGPWGXQ,CK³PCRKEJDC¡IKQ ,CTQQIC¡PFJKICIQQZPCOK¡DWNJTCOWWLW
RWK¡RDCV©KPCRUCCMEJCORWK¡MCMCK¡EJFJC¡ M©¡P!&GSWK«PGUGUGRGTTQSWGGUV£COCTTCFQ
0QSWG[CPQKDCUCFGEKTGUQ!RWGU[CNQ CNRCNQEQPWPCNCODTG!
FKLKUVGCJQTCQVTCXG\ TCTQK¡P=RNFGTQK¡P?TWGFCU
='UEQPVTCEEKµPFGRWK¡O£ULWR?
ÊTC¡UWHaX+PFKECSWGNCCEEKµPUGNNGXCT£CECDQGP
RWK¡R©ZCFXPCFCO£UCU¯2WK¡R©ZLKPCRLK³ QVTCRCTVGRQTWPCRGTUQPCRGLVWMQK¡TC¡KT£C
OCMKC¡FJKODQPCCOVW¡IK!PCIW¡DCT EQOGTDCVDKTC¡KT£CDC³CTUG
M©NJK¡³IC¡P4GI£NCOG
NKVFCOGPCFCO£UCU¯  =0QTOCNOGPVGUGRTGUGPVCFGURW«UFGWPCXQECN
VWUQODTGTQRWGU[CGUV£FGUICUVCFQ )TCO?8CTÊO©TC¡
♦RWK¡R©ZLKZOCCVSWGVKGPGGUCEQUVWODTG
TKDJWWUUTGDQ\Q/WOOWDCMRWRFCCIW³

NKVPCFCO£UCU¯UCDG 
TKDJWWUVWCD©VC¡PC³KEJRCK¡ZK³L©©RFJCM
RWRCFXWPRQEQO£U
ECPVKFCF #NJK¡EJRWR #NN£UGSWGFµOKTGDQ\QFQPFGFGUECPU«FGDCLQ
IWLCOUWW¡PIK¡&COGWPRQEQO£UFGCIWC FGWPGPEKPQ=RNTKUDJWU?
RQTHCXQT TQK¡PUTWGFCNNCPVC/WOOWPKFJ©TDJCK¡DC
RCTV+PFKECSWGNCUKVWCEKµPUGNNGXCCECDQUKP
VWWNJRCKOOCC¡PIWTQK¡PIW2CCEQ#NN£
KPVGPEKµP$J©KFJKMC¡CRIWDQPOC¡PIWOVCCV
XKGPG2CEQTQFCPFQWPCNNCPVC=RNTCTQK¡P?
/K¡DCMRWRFCC.N«XCNGGNUQODTGTQCVW
RCR£RWGUCNN¯UGNGSWGFµ TWTW¡ZUJCOCECÎ$JCOO©PKRZKDQQFCK
TWTW¡ZEJC¡OFJKCNJKKZKLQK³FJC¡MWMQZKC¡
RW¡³KCFXKIWCNC+COR©ZRW¡³KEJW¡OLWRVW #OR©ZUWCMPCIW¡EJKZMQQZKOÏLWRV©VFC
LCC¡FJKWWZPCLCZEJW¡OVWLCC¡IW[QQM.CU
IW#OCCNKCIWOCTCC¡PÎ2QPCNPK³QGPNC
UCCD 6'2'*7ƒ0Ê'52#“1. 

JCOCEC[OW«XGNQRCTCSWGUGFWGTOCRWGUGUV£ UCCNJCFXFGURCEKQRQEQCRQEQ5CCNJVWQKT©
NNQTCPFQRQTSWGVKGPGUWG³QÏNGFKLQ#OCNKCCUW IWOWWNJ.CVQTVWICCPFCFGURCEKQ
JKLC=RNTWTTW¡Z? UCCO³KC¡XaVUQPCT
ECORCPC ,CTQQDC¡DJCK¡
RCK¡VWDKRKC¡PCDC¡DJ©L©RCK¡UCCOWPIWLC
UGPUGTPQIWMCMCTDCZ!/QQEJKIWORCCUWNJ

5
3WK«PGUVCT£RCUVQTGCPFQRQTCNN£!2WGUUGQ[G
SWGUWGPCGNEGPEGTTQFGNCUEJKXCU#NQOGLQTGU
VWV¯CSWGXKGPG=RTGVUCCORTGUUCCOWP?
UCCRCVUU£DCFQ5CCRCVUCRVWOC¡ICFC¡O©L©
,WMV©T&KEGPSWGGNU£DCFQXCCJCDGTWPC
=0QVC/WEJCURCNCDTCUSWGGORKG\CPEQPZ TGWPKµPGP5CPVC/CT¯C
VKGPGPXCTKCPVGUSWGGORKG\CPEQPUNCUEWCNGU UCCTC¡RUSWGNKVG6©K³KEJVWICC¡O©TCMIW
PQUGKPENW[GPGPGUVGFKEEKQPCTKQ? UCCTC¡RDJCOO©PKLC¡R©¡NJKEJC¡CMM©¡PPC³
UCRM©¡PDKUFC¡I©VIWLCCM#VVKKTWMK¡UOKZ
UCCDUVCNNQ
FGOCIWG[ SWKQVG%JCORCK¡
DCMIW¡DJCLC¡RVWODKRKC¡FC¡(WKCDWUECT
M©©MCVCCIWUCCDLKZOQKMOWLC¡RRCK¡PC
SWGNKVGGPNQUCTTQ[QURCTCEQOGTEQPOC¯\
RKEJVWDKC¡TCMPCRI©VDJCK¡ZKDJ©KPCEJ
VQUVCFQRGTQGUVCDCPCECDCFCUNCUJQLCURQTNCU
LKFJQQTCKLWPOCFC¡!0QGPEQPVTCUVGWPSWKQVG
EJKXCUSWGUGEWKFCPCNN£
VKGTPQRQTCNN£FQPFGHWKUVGCEWKFCTNCUEJKXCU!
ECOQVGUKNXGUVTG-CDWKOWMLCEJMQDKKRQ¡IW
6GNQJWDKGTCUVTC¯FQRCTCJGTXKTNQ[JCEGTOQNG
UCCTC¡RPCEJVWLKFJQQTC¡8COQUCGZECXCT
UCCDVWFC¡XaVJCEGTC[WPCT
EQOQECUVKIQ #C³ ECOQVGUUKNXGUVTGUOC³CPCRCTCEQEGTNQU
[C¡V©KUCCDVWFCKOFJKOCCEJW¡PCIKKNJKO =GURTGIUCTCDKSWG?
LWODWCPCEJV©KWNJKKU-CDWKOWMF©TLCEJV©K
UCCUCDUO¼UKEC'CROCC¡POK¡ZKEJWUCCUCD
[C¡DCDWTPCRCK¡ZEJWFCCRCM'UVQ[
LCZEJW¡OPCZCDJCCTLQKFJCO-C¡EJCOCC
JCEKGPFQC[WPCTCGUVGOCEJQRQTSWGPQNGIWUVC
VWMWWFJKOTCCFKQ¡!6QECCNIWPCO¼UKEC
SWGNGRQPICNCUKNNCFGOQPVCTRWGUFGUFGNC
DQPKVCGPVWTCFKQQPQUKTXG!
OC³CPCNQCOCTT«CSW¯FQPFGPQJC[RCUVQ
=RTGVUCCDVWFCRTGUUCCDVW¡P? UCCUDKC¡XaKVQECT
O¼UKEC ,K³DJ©K¡³O©TIW³
NCDGGTOWDC¡MEJ©TMW³[C¡PKOCC¡POKGGEJ
UCCDW¡XaTC[WPCT%JCOVWMWC¡IW³EJCCV
VWUCCUDKC¡LQKFJCODCZEJWUCCUDKOK³8GC
PC³V©KEJKCPPCVWLWIKC¡D©©R©¡LWOUCCDUCR
VTCGTOGOKXKQN¯PFGNCECUCRCTCVQECTCNIQRWGU
0QSWGT¯CEQOGTOKRCR£JCEGTCVKVQEWCPFQNG
VGPIQICPCUFGVQECT=RTGVUCCURTGUUCD
QHTGE¯FGEQOGTRWGUFKEGSWGGUV£C[WPCPFQ
RTQITUCDKKO?
=RTGVUCCDWRTGUUCCD?
UCCUDKFJC¡XaVVQECT
O¼UKECRCTCQVTCRGTUQPC 
UCCFC¡XaVCTTGCT
UKPNC\CT $JCUCC¡PFJK
,CZLC³EJW¡OOK¡ZKOUCCUDKFJC¡,QUGG!
DJGUGGTMWVWZK¡[C¡#TT«CRCTCCE£GUG
,CZLCRVW¡OLQKFJCOMÀÀ!%W£NECPEKµP
DGEGTTKVQRCTCSWGOCOG=RTGVUCKRTGUUCUFC
SWKGTGUSWGVGVQSWG,QU«!%W£NVGIWUVCO£U!
OQXUCC¡PVW¡?
=RTGVUCCUDKRTGUUCDKK¡³?
UCCMRCTV+PFKECKPHQTOCEKµPKPFKTGEVC[CEQPQEKFC
UCCUDKMCTUKPUVTWOGPVQOWUKECN#CRLCZ
RQTGNQ[GPVG/CC¡PLCRDJCK¡ZK³EJC³ZKFJCK
EJW¡OUCCUDKMCTLKZOCCV©VUCDIWMKEJCCTCC
IWDQZMCTPCRUCCMOWLKOKC¡)À¡#M%JC¡O
MC¡IWNCDGGTCC!%W£NKPUVTWOGPVQUCDGU
;CSWGXCUCKTC4¯Q)TCPFGOGEQORTCUWPC
VQECTNCIWKVCTTCQGNXKQN¯P!=RNUCUCCUDKMCT
GUEQDC=)TCO?
CRQUUCCUDKMCTW¡PUCUCCUDKMCTW¡P?
UCCMWURW³Q
FGITCPQUUGEQU /CC¡PUCCMW
UCCUMKC¡=UWLRNFGUCTPKC¡?UGTCUICT£P
VGNCUQ
OWZKLCKCDWK¡³IWLWWPIWVCVMCTWK¡&GNGU
XCSWGVCU =RTGVUCCUM©RTGUUCCUCM?
WPRW³QFGOC¯\CNCUICNNKPCU=GURUCEQ?
UCCMWUDNWUC
CFQTPCFCEQPGURKIWKNNCQGPECLG 
UCCUUC¡=EQORNRNFGUCTPC¡?TCUICTNCU
VGNCUQ
XCSWGVCU =RTGVUCCUCRTGUUCCUCU?
,QKFJCOLKZCDJCCTFJKOUCCMWPCVQK¡FJKZ
6WDNWUCGUV£OW[DQPKVCEQOQGUV£CFQTPCFC UCCUWC¡=RNFGUC¡WC?EQDKLCU8CTUCUWC¡
=RNUCUMWGURUCEQ? UCC¡³FJCPCFXGPVTGGPOGFKQFG
FQPFGGUV£P
RCTCFQU $JCOO©PK³DWWUPKC¡UCC¡³FJCPFJK
 6'2'*7ƒ0Ê'52#“1. UCMCCNJLKKOFCO

QK¡FJC¡PQ¡³KEJ6WWURCLC¡MDCLKK%WCPFQ ITCPFGÏFKLQ2GFTQCUWGURQUC=RNUCUDWKTCZ
XQ[C6WZRCPRCUQGPOGFKQFGGUQUFQUEGTTQU CRQUUCDWKTCZIC¡P?
UCD=RTGUFGUCCUDKC¡?VQECO¼UKEC UCK=RTGVFGUCCFC¡?NQCTTGµ
UKPNC\CTNQ 

UCDCCTCFXCPEJQ
T¯Q DCUVCPVG
CIWC  UCK=RTGVFGUC¡[C¡?UGCVQTµ

5CDCCTDCO©TIWUWWFCK¡PCVLKZKQ¡OZK UCK¡U\CECVG[GTDC$QQRPKC¡CRFJKUCK¡PC
FJWW¡P;CEQTTGDCUVCPVGCIWC
NKVGNT¯QEQTTG EJCOOK¡WCOCVFC¡FJKKOCK#TTCPECGUC
CPEJQ RQTNCHWGTVGNNWXKCSWGEC[µ JKGTDCRCTCSWGPQJCICOCTEJKVCTGUCECNCDC\C
CORNKCECPVKFCFDCUVCPVG
EQUCUUGECU 
UCK¡DJKQ¡MC¡XaVFGUCVQTCT$CUCKIWV©TDK³C¡P
#NJK¡EJLKKMO©TIWUCK¡PCEJM©¡POQ¡TIKFJC¡
IWMCDCK/K¡FJ©TZKUCK¡DJKQ¡MMWICOO©L©
FJKDC¡CCMPCEJCODJCLC¡MQQVFC¡5CDCCT
LC¡MVWMQK¡TC¡;CUGCVQTµNCUQICFGNECDCNNQ
LCROQQDJCLKKMKMC¡8GCEQTVCT\CECVGRCTC
2QTHCXQTFGUCVµTCNQRCTCSWGXC[CCEQOGTRQT
VCRCTGNVGEJQFGGUVCECUCRCTCSWGPQIQV«G
CNN£=RTGVUCK¡DJKQ¡RTGUUCK¡DJKQ¡M?
RGTQSWGUGCDCUVCPVG
UCK¡DJKQ¡MFJC¡XaDFGUCVQTCT
RCTCQVTC
UCDC¡FC¡XaVEQORTCT/CLKM©NJKK¡³EJCFJK³
RGTUQPC )À¡UCTLKDCMIW¡IW³EJCOCCTTC
ZKKT/QQ³EJKLWOCKOCUCDC¡FC¡;CUGGUV£
[©L©PKFJ©TLK³MQOCOPCVUCKOWMC¡P
FGUICUVCPFQOKUKNNCFGOQPVCT%TGQSWGXQ[C
CNCCOTKEJC¡OPC³DJCK¡MCDWUCCMPC³KEJ
EQORTCTWPCPWGXC=RTGUUCDC¡PRTGVUCDC¡NJ?
IW¡DJCK¡GDDC³KKUPCEJCOLCTQK¡LCK¡EJPC³
UCDC¡PUEQUCEQORTCFCt,CTQQUCDC¡NJFJK UCK¡DJKQ¡MFC¡5GTCUIµOWEJQOKEJCOCTTCGP
MCTWWO!tLWRMCK¡EJIW,WCPCt#C³K¡FJQT NCGURCNFCRQTSWGUGCVQTµEWCPFQVTCVCDCFG
LK³ZCDC¡P,CTQQIKDC¡©R!tLWRMCK¡EJIW UCNKTFGFQPFGJC[CNCODTGFGR¼CURWGUNC
F©¡©©¡Pt3WK«PEQORTµGUQURN£VCPQU! GUVKT«RQTSWGPQJCD¯CSWKGPOGNCFGUCVQTCTC
tRTGIWPVµ,WCPCt2WGU[QNQUEQORT«SWK«P =RTGVUCK¡DJKQ¡MQUCK¡DJKQ¡MK?
O£U!tEQPVGUVµUWOCO£=CRQUUCDC¡PIC¡P?
UCK¡EJC¡XaKETGEGT
\CECVG 6CCVUCDV©KV©©KIW
UCDC¡PFCOUEQORTCFQTEQORTCFQTCENKGPVG /KIKCNIW¡LKPCVIW¡EJCOVWDQQR/K¡RW
ENKGPVCt)QQMLC³IC¡NJKFJC¡IW,WCPIW UCK¡EJC/KIWGNUGODTµGPVKGTTCE£NKFCPCFC
MCMCTDCZtLWRMCK¡EJIW.WWRKt-WZUCR O£USWGETGEKµRWTQ\CECVGRQTSWGPQNKORKµ
LKTUCDC¡PFCO!tLWRMCK¡EJIW4QQUCt.G =RTGVUCK¡EJCEQPVUCUCK¡EJCTFC¡?
XQ[CXGPFGTWPCUEJKXCUC,WCPtFKLQ
UCK¡EJFJC¡XaVEQNICT5CK¡EJFJC¡CRFJK
)WCFCNWRGt#RQEQ«NGUEQORTCFQT!
CTRWWUPCEJCOOK¡VW¡VQQZMQNJM©K¡MC¡
tTGURQPFKµ4QUC
%WGNICGNOQTTCNPQUGCSWGCNI¼POCTTCPQUGNQ
UCDC¡³ZKFJC¡XaDEQORTCT
RCTCQVTCRGTUQPC  NNGXG=EQORNRNPCPIKC¡RTGVUC¡KKEJPCPIKC
%JK³KC¡CRIWOZKKZMWOUCDC¡³ZKFJC¡IWO RTGUUCUCK¡EJW¡PPCPIKCT?
UWUUCMPCOEJCOOK¡ODJWTWMOCFC¡2¯FGNG ♦UÀ¡XaGGUVCTEQNICFQ
CVWJGTOCPQOC[QTSWGVGEQORTGNQU
UCK¡OCTUEJCRWN¯PXGTFG%JCOOCCZIWUCK¡
JWCTCEJGURCTCSWGPQVGGPIC³GP
OCTPQ¡OK¡RCK¡FCCUCK¡EJ©TPCIW¡RWK¡RLKZ
=RTGVUCDC¡³ZKRTGUUCDC¡³ZK¡³?
EJ©©FW¡PCLCZIWUCK¡'NEJCRWN¯PXGTFGPQUG
5KPµPVCC³ZKFJC¡
XGEWCPFQGUV£GPGN\CECVGRQTSWGGUKIWCNFG
UCDFCOUO¼UKEQ,K³MQ¡TCCTFJKUCCUCDPCO XGTFGEQOQGN\CECVG=RNUCK¡OCCOCT?
IW¡LQKFJCODWCIWUCUCDFCOIW+¡IQMEJCO
MCO/GIWUVCGUCO¼UKECRQTSWGGUVQUO¼UKEQU
UCMCCNJCFXGPHKNC5CMCCNJLCRKOZKIW¡MKC¡
MW³LCOFKVTCVCCTW¡2µPICPUGGPHKNCRCTC
FG*WGLWSWKNNCUCDGPVQECTDKGP=RNUCUCDFCO?
VQOCTNGUWPCHQVQITCH¯C#PVµPMQ¡MOCT
UCDKKO=RTQITFGUCCUDKC¡?GUV£VQECPFQO¼UKEC
UCMCCNJKMUEQTFKNNGTC#C³ICOCK¡DJCOO©PK
UCDKK¡³=RTGUFGUCCUDKFJC¡?NGVQECO¼UKEC FJ©TLC¡MMKKEJC¡FJKLWOCKUCMCCNJKMPCIW¡
UCDWKTCZURCPVCNµP
FGOCPVC Î,K³ DJCOO©F©TLQKFJCOLKZIKQQ¡'NC³QSWG
FJCCZZKFJC¡CRFJK³ZCDWKTCZOK¡QNJKC¡TCO GPVTCXQ[CXKXKTGPCSWGNNCEQTFKNNGTCRQTSWG
6©©¡PCL©¡ZIÀ¡DCV©F©¡ÏLWRV©VFCIW2GGITQ CNN£GUV£RNCPQ=RNUC¡UMCNJKM?
IWD©PIC¡PÎ2QTHCXQTR£TEJCOGOKRCPVCNµP ♦UCMCCNJKMCOGPEKOCFGNCEQTFKNNGTC
GPNCTQFKNNCRWGUH¯LCVGEQOQVKGPGWPCIWLGTQ UCMCCNJLKKOFCOU1UC/C[QT
EQPUVGNCEKµP 
'CROWK¡ZKEJ©©¡IWUCMCCNJLKKOFCO2CK¡Z
UCOKK¡ 6'2'*7ƒ0Ê'52#“1. 

R©MDCFCTCC!#XGTOKTCCNC1UC/C[QTCXGT UCRQQM=RTGUFGUQRMKC¡?2GLVWUCRQQM

FµPFGGUV£ EWGPVC
EWGPVC 
UCOKK¡UECOCTµP2WK¡RLKTLWOMWC¡FCOIW UCRR©MDC¡CFXCRQEQ!t#C³VCMCCDLK³
UCOKK¡LC¡RPCIWDCVQQR'NECOCTµPGU LKDWCFJK³MCDCK¡tLWRMCK¡EJIW#WIWVKKP
EQOGUVKDNGCNKIWCNSWGGNRGUECFQ=RNUCUOK¡? t5CRR©MDC¡tLWRMCK¡EJIW+TKPGG[Qt#[GT
UCPFCCTWK¡ZUUQNFCFQ$JCOO©PKFJ©TR©ZLKZ OGVWODµOKECDCNNQtFKLQ#WIWUV¯Pt#
MQQOC¡VW¡COIWUCPFCCTWK¡ZPCODJCK¡DC RQEQ!tFKLQ+TKPGQ
LKKO6W¡OUCRICCIKO!2QTCNN£XKGPGPNQU UWRWGUVCOGPVG,WRMCK¡EJFJC¡COPCUCR
UQNFCFQUXGUVKFQUFGITKU3W«GUV£PDWUECPFQ! R©MDC¡ZZKFJWWIWLWWPPQ¡³ICPO©O©K¡³
UCPFKK[CUUUCPF¯C$CUWWNJIWUCPFKK[CUPC UWCMFC¡UCR5WRWGUVCOGPVGPQFGDGOQU
SWGOCTGNOC¯\RQTSWGPQUJCT£NNQTCT
EJKEJ©KOQQEJCNJVWLWIKC¡PQ¡VDCDJCK;C
8CTUCR©MDC¡
VKGPGPHTWVQUNCUUCPF¯CUSWGUGODTCOQUJC[SWG
EQOGTNQUEWCPFQUGOCFWTGP UCTCMMKC¡XaKNNQTCTITKVCT
FQNQTQUCOGPVG 
/WPKZKFJCC¡IWCNJKK)KKNJKOUCTCCM
UCPQQRRQURCNRKG/WOOWQKRQVCO
#ICTTGCNPK³QRWGUGUV£NNQTCPFQOWEJQ
QKFJC¡UCPQQRIWMCMCTDCZ.QUEJKXQU
=UWLRNUCUTCMKC¡RTGVUCTCCUCUTC
CPFCDCPCNRKGFGNEGTTQ
RTGUUCTCCMUCUTCM?
CNNCFQ$JCK¡UCPQQRLCRLKDQ¡[C¡'UVGGNC
IWOZKKZ'UVGNCCEW«UVCVGCNNCFQFGVW UCTDJCMCFLITWGUQ
FGHQTOCEKN¯PFTKEC /WPK
JGTOCPC FJ©TLCOQK¡FJC¡IWO©©O©DOCC¡PUCTDJCM
♦LK³ZCPQQRCOKNCFQ VWCVC¡O)À¡EJKDCCZCO&GCSWGNNCFQJC[
WPCEQNOGPCFGCDGLCUGPWPGPEKPQITWGUQRWGU
UCRRCTVSWG
KPHQTOCEKµPKPFKTGEVCPQEQPQEKFC
UGOGJCEGSWGJC[OWEJCOKGN
RQTGNQ[GPVG /CKMLCEJDK³RW¡IWLWPDQ¡
=RNUC¡UDJCTCMEQRLKT?#PVµP©TFK¡EJ
$JC¡³KRCK¡UCRDCOCKEJ8COQUCEQOGTEC³C
♦DCTUCTDJCMFJKWDKKGUVCOWLGTGUV£
FGC\¼ECTRWGUFKEGPSWGRQTCNN£VTCLGTQP
SWG
KPHQTOCEKµPKPFKTGEVCPQEQPQEKFCRQTGN GODCTC\CFC
JCDNCPVG t,CTQQUCRFC¡IWK¡PCVDJCK¡ZK UCTPC¡XaVTCUICT
VGNCQXCSWGVC ‰TDCPLKPCR
ÀÀMVCMCCD!tLWRMCK¡EJIW5CCPVWU UCTPC¡I©VFJKLCPPWNJCCRIW¡ICKFJ©TR©Z
t,WODJC!#C³EJCOLWRV©V©MMC¡LKDC¡PCT LWRUCT&GDGT¯CUJCDGTTCUICFQGUCVGNCRQTGP
LCTQK¡DC¡FC¡tLWRMCK¡EJIW/CTUKNKKP OGFKQRGTQV¼NCTCUICUVGFGWPNCFQ
t3WK«PFKEGPSWGGTCNCRGTUQPCSWGNNGIµCNN¯ =EQORNRNUCCUUC¡RTGVUCTUCCUCRTGUUCTCCU
C[GT!tRTGIWPVµ5CPVQUt3WK«PUCDG!0QNGU UCCUCU?5KPµPVCKMPC¡
RTGIWPV«SWK«PGTCtEQPVGUVµ/CTEGNKPQ UCTPKC¡XaKTCUICTUGTQORGTUG
VGNCQXCSWGVC 
SWG
RCTCTGRGVKTNQSWGCNIWKGPFKLQCQVTC 6©KEJCOMCLQK¡³K³FJK³ZCRCCVWKZ,C¡ROQQ
RGTUQPC %JC¡RUCROK¡VCC¡DK¡³MC¡IWCNJKK EJCOLWRVWUCCUCM;CPQOGIWUVCPOKU
/K¡UCRLKZL©©¡O0QNGQDUVTW[CUGNECNQTFGN \CRCVQURGTQPQUGTQORGPRTQPVQ
HWGIQCNPK³QRWGUFKEGSWGVKGPGHT¯Q =UWLRNUCCUMKC¡RTGVUCTUCCUM©RTGUUCCUCM?
=)TCO? 5KPµPVCKM³KC¡
UCRCCVWKZU\CRCVQ,KZDJCK¡RZKCC¡³FJCKFJK UCTPKFJC¡XaDTCUICTEQTVCT
VGNCQXCSWGVCRCTC
CNJKKIWUCURCVWKZK¡³$CLWWRMKO2QPNGDKGP QVTCRGTUQPC #NJNK¡EJDJC³UCTPK¡³FJK
NQU\CRCVQUCNPK³QRQTSWG[CUGNGGUV£P\CHCPFQ LCPPWNJPCRCK¡UÀ¡MW³M©¡PDWNJKC¡IWPQD
=RNUCURCVWKZCRQUUCRCCVWKZK¡³ ;C¡³KEJDC³LKMKKEJ%µTVCOGWPRGFC\QFGGUC
UCURCVWKZK¡³? VGNCSWGGUV£EQNICFCCNN¯RCTCCOCTT£TOGNCRWGU
UCRQQ=RTGVFGUQRMKC¡?EQPVµ
EWGPVQ  [COGEQTV«NCOCPQ=RTGVUCTPKRTGUUCTPK¡³?
UCRQQMUEWGPVQ/CC¡PZK³UQRMK¡³LK³ UCTQMMKC¡XaKTQPECT)À¡VWUCTQQMIW.CCNQ
QQICZ%JCORWKZLCOCCVCRPCRRCPCCU PQ¡VDCMQK%JCODJCK¡³MQMZKEJW¡PFC¡.CNQ
OWK¡MCZLCOCCV©VIWDCL©MF©TMCOUCRQQMK¡! TQPECOWEJQEWCPFQFWGTOG[PQOGFGLC
%W«PVCOGWPEWGPVQV¯Q1[CPQUCDGU! FQTOKTDKGP
2CTGE¯CSWGUCD¯CUOWEJQUEWGPVQUCPVKIWQU DWHCTFCTTGUQRNKFQU5CTQMM©KPCOO©ZK
8CTUCRQQMK¡ EJWW¡PPKC¡FJKOCCEJW¡PQ¡³COWWDV©KOWK¡
ZKC¡L©PCIW¡MCTL©IKCTWOMWDC¡RWK¡ODWC
 6'2'*7ƒ0Ê'52#“1. UÀ¡

5KKPVGPVQCEGTECTOGCGUGOCEJQDWHC[DTKPEC /CV«CWPVGEJCNQVGPCFCO£USWGUGSWGFµ
JCEKCCNN£RQTSWGVQFCX¯CPQUGCOCPUCRQTGUQ CVQTCFQGPWPCJQTSWGVCFGWPRKPQ
NQJCEG FQPFGJC[WPCFGUXKCEKµP
GPGNECOKPQ 5©NJ
=UWLRNUQUTQMKC¡RTGVUCTQQUQUTQ LCRLKOFC¡FJK¡³KDJCCPFJKDQKPCOWLC¡M
RTGUUCTQQMUQUTQM?8CTUQTMKC¡ DJ©KZ+¡MQDK¡PCOO©F©TPCRDCCCLKFJC¡DC¡
UCUCCUDKMCT=RNFGUCCUDKMCT?KPUVTWOGPVQU OCC¡PM©©¡PF©TLC¡MUC¡TCMIWDQK&JK¡RDC¡
OWUKECNGU=CRQUUCUCCUDKMCTW¡P? OWK¡ZKQKFJC¡PCIW¡OWLC¡MDJ©KZXKPCVGGT
PCRRCK¡UCCMLKO5KIWGGUVGECOKPQSWGXC
UCUCDFCO=RNFGUCDFCO?O¼UKEQU
TWODQC.QU#OQNGU[EWCPFQ[CGUV«UEGTEC
UCUCK¡EJCTFC¡=EQPVFGUCK¡EJC¡?GUVCTETGEKGPFQ FQPFGJC[WPCFGUXKCEKµPFGDGUKTVGCNC

\CECVG  FGTGEJCRCTCKTJCEKCGNXK³GFQCFQPFGFKEGU
UCUCK¡EJW¡P=RTGUFGUCK¡EJFJC¡?NQEWGNIC SWGXCU
UCUC¡=RTGUFGUC¡[C¡?UGCVQTC8CTUÀUÀ¡ =RNUC¡UCTCM?
UCUDWKTCZ=RNFGUCDWKTCZ?RCPVCNQPGU
FG UC¡TMCFC¡XaKFGUXKCTUG
FGNECOKPQRTKPEKRCN 
OCPVC  /CC¡PU©NJDJ©KZIWDQKOWLC¡M;QQZK¡%JC¡O
IW¡DC¡PQ¡RIW¡/CPKCICULC¡MLKODJCLC¡M
UCUFC=RTGUFGUCCFC¡?NQCTTGC
UKPNC\CTNQ 
F©TOCC¡PUC¡TCMIWDQK&JK¡RDC¡DJCCPOW
UCUMW=RNFGUCCMW?DNWUCU LC¡MUC¡TMCFC¡*C[WPECOKPQSWGXCFGTGEJQ
UCUOK¡=RNFGUCOKK¡?ECOCTQPGU C.CU(NQTGURGTQUKV¼XCUC.QU/CPGCFQU
UCUQK¡=RNFGUQK¡?CPKOCNGU VKGPGUSWGVQOCTGNECOKPQSWGUGFGUX¯CCPVGU
=CRQUUCUQKIC¡P? FGNNGICTC.CU(NQTGU=RTGVUC¡TMCK?
UCUQK¡PVC¡=EQORNRNFGUQK¡PVC¡?FQOGUVKECTNQU UC¡UDJCTCM=RNFGUCTDJCM?ITWGUQU
FGHQTOC

CPKOCNGU =RTGVUCUQK¡PVCRTGUUCUQK¡PVCT? EKN¯PFTKEC =EQRLKT?
UCUQK¡³EJKZKO=RNFGUQK¡³EJKZKO? UC¡UMCNJKM=RNFGUCMCCNJKM?EQTFKNNGTCU
FQOGUVKECFQU
CPKOCNGUUCNXCLGU =EQRLKT? UC¡WCUEQDKLC)©DMC³KEJRC¡VWMCC¡PC³KEJ
UCUQQUOQEQ
FGNCPCTK\ ,CZMWRDC¡EJCO OCC¡PR©ZV©KIWUC¡WC6WXGOWEJQHT¯Q
WC³K¡³IWUCUQQ¡PFJKCNJKK!)KKNJKOVW¡KK¡ CPQEJGRQTSWGOGEWDT¯EQPWPCUQNCEQDKLC
2QTSW«PQNGNKORKCUGNOQEQCGUVGPK³Q!2WGU =RNUCUWC¡QUCCUWC¡CRQUUC¡WC¡PUCUWC¡P?
UGXGOCN=CRQUUCUQQ¡P? ♦MCUPKTUC¡WCUEQDKLCFGNCPC
FGDQTTGIQ 
♦VQMUC¡WCUEQDKLCFGCNIQFµP
UCUQQOMCT=RNFGUQQOMCT?CIWLCU
FGEQUGT 
UC¡[C¡XaKCVQTCTUG/K¡FJ©TZK³UCK¡DJKQMK¡³
UCUQQ³MCT=RNFGUQQ³MCT?RKGFTCUFWTCU
RCTC
FJK³V©TDK³O©L©RCK¡DCUCK2QTHCXQTFGUCVQTC
RGICT 
OKUQICRWGURQTCNN¯UGCVQTµGPCNIQ
UCUQ¡=RNFGUC¡QQ¡?NKGPFTGU =UWLRNPCPI©[C¡RTGVUCKPCPIKCRTGUUCUC¡Q
UCUQ¡NJMC¡=UWLRNFGUQ¡NJMC¡?UGGPEQIGT£P UÀUÀ¡PCPI©T?
=RTGVUCUQ¡NJMCRTGUUCUQ¡NJMCT? UGTTCVCFXRQTWPTCVQ-CDQQDQMKEJUGTTCV
UCURCVWKZ=RNFGUCRCCVWKZ?\CRCVQU 6W¡IKR©MOQQLCZLWRDCOFW³KC!0QU
=CRQUUCURCVWKZK¡³? SWGFCTGOQUCEQUVCFQURQTWPTCVQO£U3W«XC
UCUTCMKC¡=UWLRNFGUCTCMMKC¡?2GLUCUTCMKC¡ CUWEGFGTUKPQPQUNGXCPVCOQUCJQTKVC!
CONNQTCT£P=RTGVUCUTCRTGUUCUTCM? =GURCWPSWGUGCWPTCVQ?5KPµPCNJKQ
UCUWC¡=RNFGUC¡WC?EQDKLCU=CRQUUCUWC¡P? UÀÀUÀ¡=UWLRNFGUÀ¡?EQNICFQU8CTPCPIKC¡
8CTUCCUWC¡ UÀUÀ¡=RTGUFGUC¡[C¡?UGCVQTC8CTUCUC¡
UC¡KKEJ=RTGVFGUCK¡EJFJC¡?NQEQNIµ UÀ¡XaGGUVCTEQNICFQ
VGORQTCNOGPVG $JC³
UC¡QQ¡UNKGPFTG5CUQ¡VC¡OF©TVCCVCMCOIW DJ©K¡³FJKCUCCMPCDCCU©¡PUÀ¡MNCCDWUVC¡O
C¡CCV.QURKQLQUPCEGPFGNCUNKGPFTGU &COGGUCVCNGICSWGGUV£EQNICFCGPGUGENCXQ
=RNUCUQ¡? GUVCTEQNICFQ
FGRQTU¯ -C¡EJLKZKLKDWCLK
FJKRCPCCNJK¡ZPCDJCK¡UÀ¡!6WODCOQUGUG
UC¡TCMCFXGPWPCJQTSWGVC
FGWP£TDQN 
RCPCNSWGGUV£EQNICFQCNN¯!3W«RKGPUCU!
/CC¡PLC³KEJV©KOWCIWDJQ¡OMQZFCKPCV
GUVCTEQNICFQ
GPWPCNVCTEGTGOQPKCN 6ÀUÀ¡
DJCOO©OV©©LWMVC¡ODJCK¡PCRCK¡UC¡TCM
UKC 6'2'*7ƒ0Ê'52#“1. 

FJQUCRZKDOWPCRCK¡VWDK³MC¡PIW/KIKCN =EQORNRNUKUUCRC¡RTGVUKKUUKUUCRC
FCKPCEJDCVWMQK¡RQ¡PCRCK¡FJWWMLK RTGUUKKUCRUKUUCR?
ZKC¡NJKC¡'UV£PEQNICFCUNCULCTTCUEGTGOQPKCNGU UKKURKFJC¡XaDUQRQTVCTUQUVGPGT
RCTCQVTC
CNN£FQPFG/KIWGNGUV£DGPFKEKGPFQCWPPK³Q RGTUQPC ,K³UKKURKFJC¡CROCCRF©TPC³VW
RWGUJC[SWGKTCEQOGTEWCPFQVGTOKPGPFG DJKK³QTC¡PCIW¡EJCODJCK¡IWF©©NJ
EWORNKTUWUQDNKICEKQPGU 5QUV«POGNQFGWPNCFQOKGPVTCUNQECTIQRQTSWG
=UWLRNUÀÀUÀ¡QPCPIKC¡?8«CUGUCK¡EJFJC¡ PQRWGFQ[QUQNQ=RTGVUKKURKRTGUUKKURK¡³?
♦COUÀ¡GUV£UWURGPFKFQ
GPGNCKTG 
UKNC[QQVUEJC[QVG$CLKTIÀ¡IÀTOQQFJK
♦UWWFCK¡FJCCOUÀ¡GUV£HNQVCPFQ
GPEKOC
UKNC[QQVOQQEJVWLKFJQQTC¡PQ¡ZKQ¡ODCT
FGNCIWC  IÀ¡IÀT;CGUV£PITCPFGUNQUEJC[QVGUJC[SWG
UKCEQPLCWPSWG,KZL©©RK¡³LKIW¡UKCMWV©K EQEGTNQUEWCPFQGUV«PC¼PO£UITCPFGU
VCPQQT*CEGHT¯QCWPSWGGNUQNDTKNNC UKPKKUUOK«TEQNGUFGEGPK\C:KDUCRFJK
=GURUGC)TCO? OKCTMQNKUPCOCCLKOLKTUKPKKUMC¡'UVG
UKIWWTCFXUGIWTQDKGP,KZOQKMLWOCC¡PC³ OK«TEQNGUSWGXKGPGGUGNFGEGPK\C
VWOQ¡V©MC¡PC³DC¡UKIWWTMQZKC¡5GPGEGUKVC UKUDJKQ¡MC¡XaVFGURGICTFGUCDTQEJCTÎ'CRZK
WPCCNOQJCFCDNCPFCRCTCRQFGTFQTOKTDKGP UKUDJKQ¡MFJKOMWVWWPEJKQ¡³PC³ZKEJ©IKC¡
UKKURC¡XaVCUGIWTCTCDTQEJCT5KKURCKFJCVCR PCL©¡ZLKZZCTCCPIWODQQMPCRKEJM©¡PI©KÏ
FJKMK¡³IQDPQ¡RKEJOWRCK¡DCLKK&GDGU LWRV©VFCIWF©¡©©¡PIWCNJKKÎ&GUCDTµEJCVGNC
CUGIWTCTNCRWGTVCUKUCNGUCCNIWPCRCTVG ECOKUCJKLQRCTCXGTSW«VCPVQVGNCUVKOCUVGNC
XaVUQRQTVCTUQUVGPGT/CCRF©TWWZM©¡PZK RCP\CEWCPFQVGEC¯UVGÏFKLQUWOCO£CNPK³Q
UKKURCMPCVVWDJKK³IW³EJCCVIWLWWPPCVDC¡ =RTGVUKUDJKQ¡RTGUUKUDJKQ¡M?
EJCOICKI©KPCVLC¡RF©TDJCK¡RLKDJKK³IW UKUUCRC¡=EQORNRNFGUKKURC¡?CUGIWTCTNQU
LWOCKVQQODJCK¡OMCT%WCPFQOKRCR£ UQRQTVCTNQU=RTGVUKUUCRCRTGUUKUUCR?
ECTICDCOC¯\RQP¯CWPRCNQEQOQUQRQTVG
FGDCLQFGNEQUVCNSWGECTICDCFGWPNCFQ U©K=RTGVFGU©ZKC¡?NGRKEµ
OKGPVTCUECTICDCGNFGNQVTQNCFQ U©©UUC¡XaVGUVKTCT
CNIQNCTIQ /©L©³ZK³
XaVENCXCT/CC¡PDJC¡³KZKUKKUCRIW U©©UUC¡+KTOC)CKFJ©TLCRZKEJWCC¡FJKO
MNCCDWUPC³DJCCPUCK¡EJFJC¡FJKUQURQMCNJ VQQVQP2QPNCURKGTPCUCWPNCFQ+TOCRWGU
%NCXCWPENCXQCNN¯RCTCEQNICTNCTCOCFCFGN CNN¯XQ[CGUVKTCTNCUO¯CU
VQOCVKNNQ GPFGTG\CT
RNCPVC /QQRCNJLKZDJCK¡ZK
XaVGODCUVCTJKNXCPCT0Q¡DCUKKUCRIW U©©UUCKFJC¡FJKLWWPPCO[CCURCKO2QTHCXQT
MWVWWPEJCOMCZKLCKMC¡PC³UQQOC¡ FGUVCRC[GPFGTG\CDKGPNCOKNRCSWGUGGUV£
OCCMKPCVC¡O5K[CGUV£JKNXCPCFCNCECOKUC GPVGTTCPFQ
GUO£UH£EKNEQUGTNCCO£SWKPC RGKPCT$JCK¡ZKICC¡IWICZDKMCTMW³M©¡P
XaVRTGUVCT
FKPGTQ #C³LC¡RV©KEJ©©NJFJCM LWOU©©UUC¡$WUECWPRGKPGRCTCRGKPCTVGEQP
DC¡RWK¡OQQ[COO©LC¡RDCLKDWWULKPCRRCK¡ «N
CNJRWK¡ZKOOCCVLK³MQORCCNJPQ¡ROQQ =RTGVU©©UUCRTGUU©©U©UKORGTU©©UNJK³?
RWK¡RLWRLWOFWWMC¡I©VPCRMC³UKKURC¡I©V 8«CUGU©NJ³C¡
UKCL©¡MOCC¡PQQ¡OM©¡P;QJGXGPKFQCXGTVG ♦LWOU©©UUCUGOWTKµ
NKVUGGUVKTµ 
EQORCFTGEQPNCGURGTCP\CFGSWGOGJCICUGN ♦CC³CNJKQMCZK³Z©©UUC¡XQ[CECOKPCTWP
HCXQTFGRTGUVCTOGWPCRGSWG³CECPVKFCFFG TCVQRCTCGUVKTCTNCURKGTPCU
FKPGTQCWPSWGUGCWPQUXGKPVGRGUQU U©©ZZKFJC¡XaDGPFGTG\CT
RNCPVCRCTCQVTC
XaTCRQ[CTUGTGECTICTUG%JC¡RDJCO RGTUQPC ,K³U©©ZZKFJC¡CRIWLWWPPCEJVW
UKKUCRMC¡DJCCPFJKMQTCCT/K¡KCPCIW¡ LKOEJWFC¡PCEJCOLWO[CCURCKFJC¡
RCTDCPM©©M0QVGCRQ[GUGPGNEQTTCNRQTSWG #[¼FCOGCFGUVCRCT[GPFGTG\CTNCOKNRCSWG
UGECGRWGUGUV£HNQLQ XQ[CTGRCUCTRCTCSWGPQUGSWGFGGPVGTTCFQGN
XaTCVQTCTUG,QFCKROKFCCZFJC¡ICVWWM OC¯\=RTGVU©©ZZKRTGUU©©ZZK¡³?
F©TFJKVTQQMCPCDJCCPLWOUKKUCRMC¡PC
U©©¡UNQDQ)KKNJKOLKZLCPCCCOIWU©U©©¡IW
EJCOOWK¡MWWLKFJCK¡³³KC¡2QPWPCRKGFTC
DCCMUKCVW¡PCOCCLKFJC¡ICOMCMDCK#NQU
FGVT£UFGGUCECOKQPGVCRCTCSWGUGCVQTGGP
NQDQUNGUIWUVCPOWEJQNCUXCECUQEWCNSWKGTQVTQ
ECUQFGSWGUGXC[CRCTCCVT£U
 6'2'*7ƒ0Ê'52#“1. U©¡NJKM

CPKOCNSWGGPEWGPVTGPCWPNQUECDCNNQU .WKU#U¯EQOQGUV£UGPEQIKFQRCTGEGSWGVKGPGU
=RNU©U©©¡? HT¯Q
U©NJCFXFGTGEJQ,CZDC¡MWDC¡OQQU©NJ =EQORNRNU©©UUC¡RTGVU©NJU©©UUCRTGUU©NJKKU
C¡PUCRLWRLWTWW³[C¡IWDQK!)KPQ¡Z U©©U©UKORGTU©NJKK³U©©UNJK³?8«CUGU©©UUC¡
LQKFJCOPQQPQNJ2QTSW«UGT£SWGGUVG U©NJVWVVW¡=EQORNRNFGU©NJM©©UC¡?RCTCTNQU
ECOKPQEWGUVCCDCLQGUFGTGEJQ!0QUGT¯COGLQT =RTGVU©NJVWVVW?
SWGVWXKGTCEWTXCU! U©NJVWWV=UWLRNKPCPFGU©NJM©©M?GUVCTRCTCFQU
FKTGEVQFKTGEVCOGPVG5©NJLWTC¡TCOLCROQQ
FGTGEJQU 
U©ZKC¡³MQORCCNJFJKVQQZMQNJPCDC¡OCC¡P
U©RFJK¡³UUWJGTOCPQUWJGTOCPC
OGPQT 
LKOFCOOWMKC¡PCEJCOLWOVWNJKK³FJC¡
,KTU©RFJK¡³CCIWK¡PCOOCCRLKKOIW³
2¯ECNGCGUGOCTTCPQFKTGEVCOGPVGGPGNEQTC\µP
³WWEJKZ/KIKCN!'UGNJGTOCPQOGPQTFGOK
EQORCFTGRCTCSWGUGOWGTCFGWPCXG\[PQ
EW³CFQ/KIWGNGNSWGXGP¯CEQP«N!
UWHTCOWEJQ
UWRTKOQJGTOCPQUWRTKOCJGTOCPC
JKLQQ
U©NJIWIWWM=UWLRNCPKOFGU©NJM©©M?GUVCT JKLCFGNJGTOCPQQFGNCJGTOCPCOGPQTFGNRCR£Q
RCTCFQU
FGTGEJQU  FGNCOCO£ t,KTU©RFJK¡³CCFJK.CCUCTIW
U©NJMCOCFLEKGTVQ,C¡RCCU©NJMCOLCRKEJ ,QUGG!tLWRMCK¡EJIW,WCPCt,©©¡FJQPCO
IC¡TCIWOMCDCK¡IWZEJWMMC¡PCRLK³KCVIK¡³ IW¡TLWOLCLCC¡PKOIWLCPCPCCPtLWRMCK¡EJ
CCPCRLCZFJWKEJCOLK³IC¡NJKFJCO!5GT£ IWF©¡©©¡Pt.£\CTQGURTKOQFG,QU«!
EKGTVQSWGXGPFKUVGVWECDCNNQRTKGVQQOGGUV£U tRTGIWPVµ,WCPCt2WGUU¯RQTSWGUWUOCO£U
OKPVKGPFQRQTSWGPQOGNQSWKGTGUXGPFGT! UQPJGTOCPCUtEQPVGUVµUWOCO£
=EQRLKT? =RNU©URKFJK¡³?8«CUGZKMW¡
♦U©NJMCOCCFGXGTCU! ♦LKTLWOU©URKFJKOCOUQPJGTOCPQUUQP
♦LC¡RLKU©NJMCOFGXGTCU JGTOCPCUUQPRTKOQUJGTOCPQUUQPRTKOCU
♦U©NJMCOM©¡PEQPNCXGTFCF JGTOCPCU
U©NJM©©MXaGGUVCTRCTCFQ
FGTGEJQ -CPKI©V U©U©©¡=RNFGU©©¡?NQDQU
PCZL©©OKOVW¡KK¡IWMCTDCZPCU©NJM©©MPCVW U©URKFJK¡³=RNFGU©RFJK¡³?UWUJGTOCPQUUWU
MWC¡IWQ¡MFJCO/KTCEµOQUGXGEJKUVQUCGUC JGTOCPCUUWURTKOQUUWURTKOCU
OGPQTGU 
EJKXCCNRCTCTUGFGTGEJCRCTCEQOGTOCFTQ³Q
U©ZKC¡XaVRKECTJGTKT
RTQHWPFCOGPVG ,K³U©K
=UWLRNCPKOU©NJIWIWWMUWLRNKPCPU©NJ
IWUQQOMCTPC³MCUQQOIW³MWVWWP/G
VWWV?
RKSW«EQPNCCIWLCEWCPFQGUVCDCEQUKGPFQOK
U©NJM©©UC¡XaVRCTCT
FGTGEJQEQORNKPCP  ECOKUC
0CRU©NJM©©UC¡CCFJKV©VPQTC¡MWRDC¡V©K XaKRKECT
WPCXGEQPUWRKEQ ,K³U©KIW
DCRRW!8CUCRQPGTFGTGEJCGUCJQTSWGVC! VQDCCPC³MCVWOCCM$CMIW¡ZDJCPCC¡PQ¡
2QTGUQNCGUV£UUCECPFQ!=EQORNRNU©NJ ©¡NJKEJVWOCCOCT/GRKEµNCIWCLQNQVC
VWVVW¡RTGVU©NJM©KU©NJVWVVW? EWCPFQGUVCDCF£PFQNGFGEQOGTRWGUGUDTCXC
U©NJ³C¡XaVGZVGPFGTGPFGTG\CT
CNIQNCTIQ  EWCPFQVKGPGRQNNWGNQU
'CRZKU©NJKK³FJKV©TDK³,©¡ZR©MLKTVÀD!# XaKUG³CNCT
EQPNCOCPQ 6W¡EJKDC¡C¡IC
XGTGZVKGPFGNCUQIC3W«VCPNCTICUGT£! FJKOCC¡PMCOPCDC¡R©ZCOPCK¡V©U©UU©!&G
XaTCEQUVCTUG
RCTCFGUECPUCT /CC¡PDJC³ SW«GUVCT£JCDNCPFQGUCRGTUQPCSWGUG³CNCRQT
DJ©K¡³IWVQQODJCK¡OMCTMW³CNJKQ[C¡PKLC¡R VQFQUNCFQUEQPUWFGFQ!
ZK³U©NJ³C¡PCRCK¡Z©©MC¡6T£GOGWPEQUVCN =RTGVU©KRTGUU©UU©?
RCTCCEQUVCTOGGP«NWPTCVQCSW¯GPNCUQODTC U©ZZKFJC¡XaVRKECT
UWRGTHKEKCNOGPVG ,WOCC¡
XaTCNKXKCTUG
FGGUVCTNCUVKOCFQNKVGPFGTG\CT IWVQQVMQOPC³M©¡PLCU©ZZKFJC¡IWVWVWWT
GNDTC\QQGNRKG ,WOU©NJCCIWOVQQPPC PQ¡³KEJDCLKEJWLWCPCODC¡ZK¡LKOFC¡
UCCMMCZICDKK³MCV!;CVGCNKXKCUVGFGNC %WCPFQVTCDCLQEQPNC[WPVCPGEGUKVQWPECTTK\Q
RKGTPCSWGVGP¯CUNCUVKOCFC! NCTIQRCTCRKECTNGCNQUVQTQURCTCSWGECOKPGP
XaTECOKPCT
RCTCECNGPVCTUGQJCEGTGLGTEKEKQ T£RKFQ=EQRTGVU©ZZKFJCVRTQITU©ZZKO?
NKVGUVTGEJCTNQURKGU ,WOU©©U©UMC¡R©R.WKU
U©¡NJKMUVTGP\CFG\Q[CVG2CK¡L©LCOQQOCOLC
IWOVQQVQP#ITGG¡PMCDWNJEJ©MCR/QQ
DWWRWTFC¡COIWU©¡NJKMIWK¡PCODCLKO
LC¡RLKZL©©¡OCRCC!&GDGUECOKPCTWPRQEQ
UQDMQPC¡ 6'2'*7ƒ0Ê'52#“1. 

PCPDCKEJFJC¡PCODJCCPZKC¡NJKEJMC¡IW =EQORNRNUCUQK¡PVC¡RTGVUQK¡PVCUCUQK¡PVC
[QQZK¡RKCOPQ¡O©VDCOZKZFJWVDKQ¡# RTGUUQK¡PVCTUCUQK¡PVCT?
XGEGUGPNQUTKVQUEQOQGPNCEGTGOQPKCFG UQK¡³EJKZKOCFLFQOGUVKECFQ
CPKOCNUCNXCLG 
VQOCTGNOG\ECNQEWCPFQVGTOKPCPFGIWCTFCTNC ,KTUQK¡³EJKZKOCCIWUWKOCNJPCOWQKT©
UCNUGNGUCOCTTCPVTGP\CUFG\Q[CVGGPNCECDG\C 2WWPVC6C¡O!'UV£FQOGUVKECFQGNXGPCFQ
[NCUCFQTPCPEQPHNQTGU SWGCPFCGP.C4GLC!=RNUCUQK¡³EJKZKO
UQDMQPC¡XaVRGNCTVCNNCT
OCFGTC +CTCKR EQRLKT?
UQDMQPC¡FJK©NJK¡EJLKZICMLWM5KOQQPPC UQMDQNJUECTCEQN,WRMCK¡EJFJC¡COIW
OWPKM©©MPCEJOWMC¡PV©MKC¡MQTCCTVC¡O LC¡VMCOPC³UCRFCKW¡WWDVWOCCOCTMC¡
6WODC[RGNCGUGRKPKVQUGEQSWGGUV£CNN¯ PQ¡³ICPV©VDKCIWUQMDQNJ.CIGPVGFKEGSWG
5KOµPRCTCSWGNQRQPICOQUCTTKDCFGNEQTTCN UKLWGIQEQPNQUECTCEQNGUTGFQPFQUOKUJKLQU
TGDCLCTGORCTGLCT
OCFGTCQRKGFTC #NJK¡EJ UGT£PRWTCUOWLGTGU
RWRUCRUQDMQPC¡IW³LKKMWNJFJKVC¡ONCPC O¼UKEQ
FGNOKVQVG 5QMDQNJLWOV©©V©¡IWK¡
IW¡UCRZK¡ZMCDQQM&KEGOKV¯QSWGXCC PCICCVM©¡PVWUCDFC¡OWLC¡RP©K¡MCTVCOPC
TGDCLCTWPRQEQO£UGUVCVCDNCRQTSWGFKEGSWG RCK¡FJWWMLKLWT³KFJC¡5GNNCOCÎECTCEQNÏGN
GUV£OW[ITWGUC SWGVQECGNCTEQGPGNRCVKQEGTGOQPKCNGNF¯CGP
=RTGVUQDMQRTGUUQDMQP? SWGDCKNCPVQFCNCPQEJG
UQDJCC¡P=XCTFGUWDJCC¡P?TCPC =RNUQUQMDQNJ?
UQKUEJCRWN¯PUCNVCOQPVGU,CK¡TIÀ¡IÀTCOIW UQNJOQPC¡=XCTFGUQQUPKC¡?RGICT
UQUUQKLCK¡DC¡ZDKK#NIWPQUUCNVCOQPVGUUQP UQOCKIK¡UECVCTTQITKRC,KZDWCOVWVCVFCMC¡
ITCPFGU[QVTQUUQPEJKSWKVQU=RNUQUUQK? PQ¡³ÀÀIWUQOCKIK¡#OR©ZLKZMQQZKOMC¡K³
♦MCCNJKUQKUITKNNQ %WCPFQWPQVKGPGECVCTTQUGUKGPVGOCN[NGFCC
♦MCDCCMUQKUNCPIQUVC
KPUGEVQ  WPQOWEJQUWG³Q
UQK³EJKC¡XaVIQNRGCT
EQPJCEJC JCEJGCT UQPUVQEµP/©KFJC¡CRFJKUQPMWLCIKC¡PC
$CK³FJCUM©¡PLCRUQK³EJKC¡FJKLWMMW MCRDJCK¡MCZICM;CSWGGUV£UGEQGUGVQEµP
LQVOQFC¡©MKC¡2CCIKFJWWMLWR©MKC¡FJK SW«OCNQRCTCSWGUGCECDG=RNUQQUQP
OCZKKEJM©¡P!%QTVCGUGQEQVGEQPGNJCEJC CRQUUQPCC¡P?
RCTCSWGNQEQTVGUT£RKFQRQTSWGEQPGUG ♦UQPC¡TCOGPGNVQEµP
FG«NQFGGNNC 
OCEJGVGPQUGEQTVCT£RKFQ=RTGVUQPKC
UQPDKC¡XaVOCEJCECT$CZK¡O³KFJKZCCFJK
RTGUUQPKCM?
RKKNCMWEJOK¡DCUQPDKC¡FJKOCK!;CGUV£
UQK¡CFXJWOKNFGJWOKNFGOGPVG$KEJWOCCM
RTGRCTCFCNCRKNCRCTCOCEJCECTGNOCIWG[!
IQTFJK5KKITQOKLC¡RV©KUQK¡EJW¡KK¡PCZDJKQ¡ =RTGV[RTGUUQPDKCRWPVUQPDKCMQUQPD©M?
&GPNGFGEQOGTC+UKFTQRWGUUGXGSWGGU
UQPFJK³MCTUGUVCEC/CC¡PLCRZKUQK³EJ©KIW
JWOKNFG[FGDGFGVGPGTJCODTG
UQPFJK³MCTPCRDJCCPDWNJKC¡FJKDJWTW¡Z
♦LKEJ:QK¡MCOU,GUWETKUVQ
NKVPWGUVTC
*C\WPCGUVCECRCTCSWGCOCTTGUCNDWTTQGP
RGTUQPCJWOKNFG  GNNC=RNUQPFJKFJK³MCT?
UQK¡UCPKOCN
FQO«UVKEQ OCUEQVCt,CZ
UQPKC=RTGVFGUQK³EJKC¡?NQIQNRGµ
EQPJCEJC 
LCO©VFWWMMQKIWOUCUQK¡!tLWRMCK¡EJIW
5CCPVWUt&JQPCVCNJLC¡ROQQIKKNJKOO©M UQPKCM=RTGUFGUQK³EJKC¡?NQIQNRGC
EQPJCEJC 
OCVCC¡OtLWRMCK¡EJIW5COQKNt%µOQ UQPRCPRTGRCNRKGFG/WOOWQKRQCOIW
HWGSWGUGOWTKGTQPVWUCPKOCNGU!tRTGIWPVµ MCTDCZUQPRCPIW¡³KQKFJC¡.QUEJKXQUCPFCP
5CPVQUt2WGURQTSWGPQNNQXKµRTQPVQ CNRKGFGCSWGNEGTTQ
tEQPVGUVµ5COWGN=RNUCUQK¡CRQUUQKIC¡P LWPVQCCNNCFQFG$J©L©PKRLKDCMKC¡'UVGGNC
UCUQKIC¡P? UQPRCPIWOZKKZPQ¡RDCZMQQZKO#EW«UVCVG
UQK¡PVC¡XaVFQOGUVKECT
CPKOCN )À¡OCC¡PC³ LWPVQCVWJGTOCPC'UVGNCUK[CVKGPGUUWG³Q
MWWRC¡IWUWWFCK¡PQ¡³LKZLCUCUQK¡PVCOIW UQQDQNJURCNOC%JCOMCDCCMIWUQQDQNJ
RCRCCVPC³DC¡OK¡LCDKC¡MC¡5KSWKGTQ V©TDK³#OR©Z©¡M©PQ¡VDCICC0QGUTGUKUVGPVG
FQOGUVKECTNQURCVQUPGEGUKVQEQPUVTWKTWPC NCUQICFGRCNOCRQTSWGEWCPFQGUV£UGECUG
RTGUCFGCIWCRCTCVGPGTNQUCNN¯ TGXKGPVCH£EKNOGPVG
 6'2'*7ƒ0Ê'52#“1. UQURQ¡MCNJLWPOC¡P

UQQDQNJDCCNJUECPCUVCFGRCNOC΁2CCIW RGICT
EQPCNIQFWTQRCTCSWGDTCTNQ /CTTW
UQQDQNJDCCNJPC³DJCCPOKKKEJCKOIW M©¡PLWOCC¡PC³UQQUPKC¡FJKLQQFCKPCDC¡
MCKEJWM!ÏLWRMCK¡EJIWF©¡©©¡PIW,WCPC LCKMKC¡5GPGEGUKVCWPOCTTQRCTCRGICTNGUC
΁&µPFGGUV£NCECPCUVCFGRCNOCGPNCSWGGUVQ[ GUVCURKGFTCURCTCSWGUGSWKGDTGP
RQPKGPFQNCUGOKNNCFGECNCDC\C!ÏRTGIWPVµNC RGICTFCTIQNRGU
EQPCNIQFWTQRCTCJCEGTNQ
OCO£FG,WCPC=RNUQQDQNJDCRCCNJ? £URGTQ ,WOCC¡PC³UQQPFC¡IWOCVVWT
UQQDQNJDQPCCOUUQODTGTQFGRCNOC#OR©Z UQQ³MCTM©¡PPQ¡VDCFCCRMCPCDC¡ZDJCK¡VW
LK³DJ©DJ©VV©MK¡³IWL©D©©NJIW³DQPCCO VWC¡FC¡#XGEGUGUPGEGUCTKQFCTIQNRGUCN
LQKFJCOR©Z©NJKK¡³PCTUQQDQNJDQPCCO OGVCVGEQPWPCRKGFTCFGEWCT\QRCTCSWGOWGNC
5GIWKFQOGXWGNCGNCKTGOKUQODTGTQRWGUGUV£ DKGP
NKXKCPKVQRQTSWGGUFGRCNOC=RNUQQDQNJ VQECT
CNCRWGTVC ,CTQQEJKFJC¡FJK¡PC
DQRPCO? OWRCK¡FJ©TDJCEJWUQQPMK¡³IQD!'CRZK
MWRKQ¡MK¡³3WK«PUGT£GNSWGGUV£VQECPFQNC
UQQOC¡XaVEQUGT
WPCRTGPFC 6W¡³DC¡M©¡P RWGTVC!2QTHCXQT£DTGNG
UQQOC¡EJKFJKZCDWKTCZPCIW¡EJCOLCK¡EJ =RTGVUQQURTGUUQQP?8CTUQNJOQPC¡
IWLKKN!%QPSW«XQ[CEQUGTGUVQURCPVCNQPGU
FGOCPVC!2QTSWGPQJC[JKNQ UQQUQP=RNFGUQP?VQEQPGU
XaTEQUGT
GPIGPGTCN #C³MC³UQQOO©TC¡ UQQUQ¡OUEQNNCT$JC³EJCC³ZKFJKMC¡UCRIW
OW³DCDQQNJDWKPCDKC¡IWOCCMKPC+T«C UQQUQ¡OIW³EJCCVDJCOO©F©T-QTKCP&KLQ
EQUGTCFQPFGXKXGOKV¯CRWGUGNNCVKGPGWPC OKRCR£SWGOGXCCEQORTCTWPEQNNCTGP
O£SWKPCFGEQUGT &WTCPIQ
=RTGVUQQRTGUUQQO? UQQ¡OFJC¡XaVQDUVTWKT
RCUQ FGVGPGTCVCLCT
UQQOFJC¡XaDEQUGT
RCTCQVTCRGTUQPC ,WO /WLC¡MLCCTFKCMM©¡PLC¡MIW³ZKMW¡IW
ZKEJWK¡IWK¡PC³CNJDJCCPMC³UQQOFCV2WK¡ MCMDCKPCEJKEJDC¡OK¡LCUQQ¡OFJCMLC
EJKDC¡VWWOWCIK¡³FJC¡K³R©ZDC¡PCOVW³ IKKIKC/KJGTOCPKVQEQTTKµCNQUECDCNNQUCN
UQQOK¡³FJC¡5GFGUEQORWUQNCO£SWKPCGPNC CTTQ[Q[CU¯NQITCOQUCVCLCTNQU[NC\CTNQU
EWCNGUVCDCEQUKGPFQRQTNQSWGVGPFT«SWG =RTGVUQQ¡ORTGUUQUDJK¡³KORGTUQQDJK¡³?
RGFKTNGCQVTCURGTUQPCUSWGOGJCICPGNHCXQT UQRMKC¡XaKEQPVCTEWGPVQUEJCTNCT/CC¡PPKO
FGEQU«TOGNQ=RTGVUQQORTGUUQQOK¡³? [C¡V©DKCOCC¡PIWPCCDCV,C¡ROQQEJCO
UQQOMCTUCIWLC
FGEQUGT )QQMLCRLK³ DJCK¡EJMQQMZKEJPCIW¡D©ZEJWMCC¡VW
IC¡NJKFJC¡IWOUCUQQOMCTPC³M©¡PVWUQQOC¡ UCRQQM7PCXG\RCUµNCPQEJGCSW¯WPOGUVK\Q
IWMWMVWPIWK¡PCO©VLK³EJKC2QTHCXQT RGTQPQFQTOKOQUDKGPRQTSWGGUVWXQEQPVCPFQ
X«PFCOGFQUCIWLCURCTCEQUGTNCUECOKUCUSWG EWGPVQUVQFCNCPQEJG=RTGVUCRQQ
OGOCPFCTQPEQUGT=RNUCUQQOMCT? RTGUUCRQQM?
UQQ³MCTURKGFTCFWTC
RCTCRGICT ,WR UQRMKFJC¡XaVEQPVCTEWGPVQU
CQVTCRGTUQPC 
MCK¡EJFJC¡COPCUCRLKTCOIWOCVVWTPQ¡V EJCTNCT
EQPQVTCRGTUQPC 'CPC³OCC¡PLWO
DCFCCRMCFCKPCZKOICC¡O©TCKIWUQQ³MCT UQRMKFJC¡PCEJMCRDJCK¡[C¡R©ZMCFCTCC
M©¡PLWOUQQUPKC¡PCDC¡IKQZDJCK¡RDCVW 8Q[CEQPVCTVGWPEWGPVQOKGPVTCUGUVCOQUCSW¯
VWC¡FC¡&KEGPSWGEWCPFQUGCRNCPCGNOGVCVG UKPPCFCSWGJCEGT=RTGVUQRMKRTGUUQRMK¡³?
JC[SWGDWUECTGUVGVKRQFGEWCT\QRCTC UQTMKC¡=XCTFGUCTQMMKC¡?TQPECT
IQNRGCTNQRCTCSWGQVTCXG\OWGNCDKGP UQUDJK¡³=RTGUFGUQQ¡OFJC¡?NQQDUVTW[G
=RNUCUQQ³MCT?
UQUQMDQNJ=RNFGUQMDQNJ?ECTCEQNGU
UQQUPC¡PUTKPEµP
CNRKGFGWPEGTTQQEQTFµPQ
GPHTGPVGFGWP£TDQN /WOOWPKLC¡RUQQUPC¡P UQURQ¡MCNJUVQOCVKNNQ
TGIKQPCNKUOQ VQOCVG
LCRZKLCDKC¡TC¡IWDCCM.NGXCNCUXCECUC
XGTFGFGE£UECTC /K¡ZKUQPDKC¡IWMQ¡MQNJ
CRCEGPVCTRQTCNN£GPGNTKPEµP D©©ZLCRD©PMCOOKUQPDKC¡IWUQURQ¡MCNJPC
DC¡EJCOR©MMC¡QQMMC¡/WGNCGNEJKNG[
UQQUPKC¡XaVRGICT
EQPCNIQFWTQEQOQ CIT«IWGNGNQUVQOCVKNNQURCTCSWGPQGUV«OW[
ECUVKIQ /K¡OUQQULCO©VIWUCPFCCTWK¡ZPCR
RKECPVG
ICPOWLC¡MLKOPCOUCCMO©L©FCTCC6GXCP
CRGICTNQUUQNFCFQUUKXCURQTCNN£RQTSWGFKEGP UQURQ¡MCNJLWPOC¡PUOQNGFGVQOCVKNNQ
SWGCNN¯GUV£P ,QKFJCOLKZK¡QQDIWUQURQ¡MCNJLWPOC¡P
UQUTQMKC¡ 6'2'*7ƒ0Ê'52#“1. 

D©PMCOIWMKKU'UV£OW[UCDTQUQGNOQNGFG UWUFC¡XaKUCNKTCIWCt5KCOTKMCLCK¡EJCC

VQOCVKNNQEQPSWGUQ IWUWWFCK¡O©L©PKLC¡RCMM©¡P!tLWRMCK¡EJIW
UQUTQMKC¡=UWLRNFGUCTQMMKC¡?2GLUQUTQMKC¡ /CNGPCt5KCOTKMCRWRUWUFC¡LKIW¡tLWR
COTQPECT£P=RTGVUQUTQRTGUUQUTQM? MCK¡EJIW.WKUCt6QFCX¯CJCDT£CIWCCNN¯GP
UQUUQK=RNFGUQK?EJCRWNKPGU GNCTTQ[Q!tRTGIWPVµ/CIFCNGPCt2WGUUCNG
OW[RQECRGTQU¯JC[tEQPVGUVµ.WKUC
UQ[QQVUCTOCFKNNQ,QKFJCOLKZK¡QQDIW UCNKTCORQNNCU5WUFCIW³³QQPQD³KEJZK
DCMZKIC¡PIWUQ[QQVICK¡ZKORKCO EJWUQ³KKEJVCMCCDPC³KEJIW¡OWK¡VCPQQNJ
LKFJQQNJZKO.CECTPGFGNCTOCFKNNQGUUCDTQUC EJCOVWUQ³KKEJ/GUCNKGTQPCORQNNCUGPNCU
CUCFCQGPECNFQ=RNUQU[QV?8CTUW[QQV OCPQURQTJCDGTJCEJCFQC[GTRWGUVGPIQ
OWEJQUF¯CUSWGPQNQJGJGEJQ
=RTGVUWUFCQUWUF©?
UWUFC¡XaGJCDGTEJCTEQU
FGCIWC ,QKFJCO

LKZM©©¡UWUFC¡MC¡VCCDJCMIWUWWFCK¡OWLC¡R
IÀ¡IÀTC¡CMEJC¡OV©¡PIKCMDC¡ZK¡MQQTC¡
 O©TFC¡'PNQUVKGORQUFGUGSW¯C¼PKECOGPVG
UQ¡NJMC¡XaKGPEQIGTUG5Q¡NJMC¡FJQFJKPCKNQ JC[EJCTEQUFGCIWCNKORKCGPNQUT¯QUITCPFGU[
PCOKLC¡RIKQR³KZVCPQQNJKQRPCIW¡IKKNJKO GPNQUVKGORQUFGNNWXKCGUV£PNNGPQUFGVKGTTC
LKZEJCVQK³5GXCCGPEQIGTGUCEWDKGTVCFG 8«CUGUWW¡P
RN£UVKEQSWGGUV£VKTCFCCNN¯RQTSWGJCEGOWEJQ UWUFC¡=UWLRNFGUWWFC¡?GUVCTNNGPQU
ECNQT=UWLRNUCUQ¡NJMC¡RTGVUQ¡NJMC
UCUQ¡NJMCRTGUUQ¡NJMCTUCUQ¡NJMCT? UWUFWKEJWNJFJC¡=EQORNRNFG
♦ZQ¡NJKMCFLGPEQIKFQ UWWFWKEJWNJFJC¡?NNGP£TUGNQU
♦ZQ¡NJMCNJK¡ZQ¡NJMCTC¡CFLSWGUGGPEQIG =RTGVUWUFWKEJWNJ?
H£EKNOGPVG UWUFWKFJC¡=EQORNRNFGUWWFWKFJC¡?NNGPCTNQU
UWCM=RTGUFGUWUWCMKC¡?NNQTC=UWLRNUWCP? =RTGVUWUFWK¡RTGUUWUFWK¡³?
UWDJCC¡PUTCPCUCRQ6©¡PIKCMLC¡MIKKNJKO UWUFW[C¡=UWLRNFGUWWFW[C¡?UGNNGPCT£P
MWWFC¡COIWUWUDJC¡POWLC¡RIKQ¡PV©TPC =RTGVUWUFWRTGUUWUFCT?
RCK¡LCZUWWUW¡PMC¡IWUWWFCK¡'PNC«RQECFG UWUIKEJC¡=UWLRNFGUWW¡PIKEJC¡?2GL
NNWXKCNCUTCPCUETQCPOWEJQGPNQUNNCPQUFQPFG UWUIKEJC¡COUGRQPFT£PCIWCFQU
JC[EJCTEQUFGCIWC=RNUWUDJC¡P? =RTGVUWUIKEJCRTGUUWUIK¡?
8CTUQDJCC¡P UWUUCM=RNFGUWWUCM?JWCTCEJGU
UWKOCNJUXGPCFQ$JCOO©PKFJ©TLKZ =CRQUUWUUCMC¡P?
LQK¡³FJC¡COPCOVWKQ¡FC¡IWUWKUOCNJPC UWUWCMKC¡XaKNNQTCT#OR©ZRWK¡DCLKUWUWCMKC¡
RCK¡UCDCCTF©©DQPIWUWWFCK¡#NQUXGPCFQU FJK³EJKQ¡³PQ¡EJV©KRCZKCTCKO%WCPFQ
NGUIWUVCVQOCTCIWCFGCSWGNOCPCPVKCNFQPFG CPFCOQURCUGCPFQGUVGJKLQO¯QUKGORTG
UCNGOWEJCCIWC=RNUWKUOCNJ? GORKG\CCNNQTCT=UWLRNUWUWC³KC¡RTGUUWCM
UWCPRTGVUWUWCUWUWCP©?
UWWFCK¡UCIWC$CK¡O©TC¡UCRIW³³CCPPCV
IW¡DCLWWOIWUWWFCK¡/KOCO£XCCVTCGT
CIWCRQTSWGUGCECDµ
UWWFC¡XaGGUVCTNNGPQt,©¡ZOKUWW¡PIW
UWWFCK¡FJKDCK¡³FJCMCTVC¡O!5WWFC¡CC!
 tLWRMCK¡EJIWF©¡©©¡PIW6CCNJKCt5WWFC¡
UWUDJC¡P=RNFGUWDJCC¡P?TCPCU FJQtLWRMCK¡EJIW6CCNJKCt%W£PVCCIWC
5WUDJC¡PVCOCFX.QU%JCTEQU
NKVNWICTFGNCU VKGPGGUCVKPCLC!'UV£NNGPC!tRTGIWPVµNC
TCPCU 6CMCCDLC³KEJDJCOO©F©TDJCLKK OCO£FG0CVCNKCt5¯GUV£NNGPCtEQPVGUVµ
5WUDJC¡PVCOLWTP©MLC³KEJ[C¡CK/GXKPG 0CVCNKC=UWLRNUWUFC¡?8CTUWWFCK¡
C[GTFG.QU%JCTEQU[RQTNCVCTFGNNGIW«CSW¯ 8«CUGUWWFW[C¡
 6'2'*7ƒ0Ê'52#“1. ÊV

UWWFWKEJWNJFJC¡XaDNNGPCT
RCTCQVTCRGTUQPC UWWUCMPCCM©OUGUVTGNNCFGNCVCTFG$CLK
QCPKOCN $JCLC¡MZKLCW¡FJKOC¡TRWUMW³ DJK¡³IWUWWUCMPCCM©OFWOCCNJR©ZDCFCC
OK¡ZKOUWUFWKEJWNJFJC¡FJKDJCD ;CUGGUV£RQPKGPFQNCGUVTGNNCFGNCVCTFGRWGU
2GTO¯VCOGUWUOQTTCNGURCTCNNGP£TUGNQUFGHTKLQN GUV£OW[CDCLQGPGNEKGNQ
=EQORNRNUWUFWKEJWNJFJC¡RTGVUWWFWKEJWNJ UWWUUC¡XaVQTFG³CT#CROK¡MCZKEJW
UWUFWKEJWNJ? DJCKFJC¡CC³MCLCUWWUUC¡IWDCCM*C\V¼
UWWFWKFJC¡XaVNNGPCT,WOLQK³ICVFC¡CR NCUVQTVKNNCUOKGPVTCU[QQTFG³QNCUXCECU
2CCRDC¡FWWMLWRLCUWUFWKFJC¡FJKVCVQQO =RTGVUWWUUCRTGUUWWUWU?
DJCCDJCK¡OMCTPCROQQLC¡RUCCNJ!&GDGU UWW¡PXaGGUVCPECTUG
CIWC %JCOQDIC¡M©IW
CRWTCTVGRWGUPWPECXCUCNNGPCTGUVQUEQUVCNGUUK UWWFCK¡OWLC¡RCMM©¡P/©MOKLC¡RUWUFC¡
VTCDCLCUVCPFGURCEKQ=EQORNRNUWUFWKFJC¡ MC¡'NCIWCGPNQUCTTQ[QUPQUGUGECRTQPVQUG
RTGVUWWFWK¡UWUFWK¡RTGUUWUFWK¡³? GUVCPECRQTOWEJQVKGORQ=UWLRNUWWUW¡PQ
UWWFW[C¡XaKNNGPCTUG,QKFJCOIÀ¡OKUWW¡P UWUFC¡?8«CUGUWWFW[C¡
IWUWWFCK¡PCEJKEJRCK¡MQNJDKZVCMCCD'UV£ UWW¡PIKEJC¡XaKRQPGTUGCIWCFQ5WW¡PIKEJC¡
DKGPNNGPQFGCIWCCNN¯FQPFGGZECXCOQUC[GT FJQFJKCVWWNJPQ¡RICPIÀ¡OKEJQK¡FJKOIW
UCNKTCORQNNCU$CUWWFWKOFJK³³QDPCEJ UWWFCK¡5KUKIWGUGEJ£PFQNGCIWCCNCVQNGUG
V©KVWOQKMC¡P/GUCNGPCORQNNCUGPNCOCPQ RQPFT£OW[CIWCFQ=UWLRNUWUIKEJC¡
RQTVTCDCLCTFWTQRTGRCTCPFQNCVKGTTC RTGVUWW¡PIKEJQUWW¡PIKEJCUWUIKEJC
=UWLRNUWUFW[C¡RTGVUWW¡PUWUFW RTGUUWW¡PIK¡UWUIK¡?
RTGUUWUFCT?8CTUWWFW¡UWW¡PPKC¡ ♦ZWW¡PIK¡CFLCIWCFQENCTQVTCPURCTGPVG
♦UWWFC¡XaGGUVCTNNGPQ
UWW¡PIK¡UCIWC
FGCNIWKGP #NJK¡EJLK³OCCM
♦UWW¡PI©OXaGGUVCTDKGPNNGPQ
IWOUWW¡PIK¡$CZEJCPQQOK³PCZEJCVQK³
♦UWW¡PXaGGUVCTCNOCEGPFCFC
CIWC 
4GI£NCOGVCPVKVCCIWCRQTHCXQTRWGU[COGFKQ
UWWNJIC¡XaVJCEGTVQTVKNNCU
FGOCUC[CJGEJC  UGFRQTSWGJCEGOWEJQECNQT
#CROQQOK¡DCUWWNJIC¡FJKVWK¡PC³CC³MC =CRQUUWW¡PIKIC¡P?
DCK¡TC¡*C\V¼NCUVQTVKNNCUFGGUVCOCUC
UWW¡PI©OXaGGUVCTNNGPQ5WW¡PI©OLCROQQ
OKGPVTCU[QXQ[CNCIWC
DJCDJ©KMC¡IWUWWFCK¡FJKDCNFKEJCOVW¡
UWWNJIKC¡=UWLRNFGI©ZKC¡?2GLUWWNJIKC¡ RCNJ©©R6TCGGUGDCNFGNNGPQFGCIWCPQPCFC
COPCEGT£PPCFCT£P=RTGVUWWNJ O£UWPRQEQ=UWLRNUWUFCI©O?
RTGUUWWNJK¡? 8CTUWW¡PICO8«CUGUWWFW[C¡
UWWNJIKFJC¡XaDRGICT
EQPUQICCQVTC UW[QQV=XCTFGUQ[QQV?CTOCFKNNQ
RGTUQPC /KOUWWNJIKFJC¡³FJQFJK¡³KEJ©TDK³
UW¡NJDJKKEJ=UKPµPFGLWMKKDJCKFJC¡?RK³C
PQ¡ROQQLC¡MEJCOLK³MÀÀPCEJVW¡OEJKCP
EQPQ
FGRKPQ 
6GXQ[CRGICTEQPGUVCUQICUKPQQDGFGEGUNQ
SWGVGFKIQ
JCEGTVQTVKNNCU
FGOCUC[CJGEJCRCTCQVTC

6
RGTUQPC 0Q¡ROQQEJCOVW¡LCZDWCFC¡I©VLK³
Q¡MKZPCROK¡FJ©TOK¡DC³UWWNJIKFJC¡I©V
FJK³EJWK¡PC³CC³OWOOWPKMCVW
UQQ¡OFJCTC¡IW³MCTDCZK¡5KPQVKGPGUQVTC
EQUCSWGJCEGTUQDTKPCRQTHCXQTJC\OGVQTVKNNCU
FGGUVCOCUCOKGPVTCU[QXQ[CVTCGTOKUEJKXCU =0QVC/WEJCURCNCDTCUSWGGORKG\CPEQPEJ
=RTGVUWWNJIKRTGUUWWNJIK¡³? VKGPGPXCTKCPVGUSWGGORKG\CPEQPVNCUEWCNGU
UWWUCMUJWCTCEJG/CLWROCC¡PIW³ZWWUCM PQUGKPENW[GPGPGUVGFKEEKQPCTKQ?
VWMCC¡PC³O©L©LC¡RV©KVWUQQ¡OFJKOIW ÊVUWHaX+PFKECVKGORQEQRTGV«TKVQFGGXGPVQUR
MCMCTDCZPCO©VOCLKDQK¡³³QT5GOG\CHµWP
GLCCI©VSWGT¯CDCVDKCVUGDC³CDC
JWCTCEJGCPQEJGEWCPFQGUVCDCCVCLCPFQNCU
+PFKECVKGORQRCUCFQFGNQUGUVCFQURGL
EJKXCUSWGEQTTKGTQP=RNUWUUCM
CRQUUWWUMC¡PUWUUCMC¡P? DKC¡MCVVGP¯CD©©V©VGUVCDCPCEQUVCFQU
=)TCO?
ÊV 6'2'*7ƒ0Ê'52#“1. 

ÊVEN¯V+PFKECUWLGVQFGNCVGTEGTCRGTUQPCFGN ♦EJCCVCMCFLPQDKGPOQNKFQ
UKPIWNCT[VKGORQRTGV«TKVQ$CMQZO©TC¡K³PCV VCCP=RTGUFGVC³KC¡?NQRKFG
EQORTCFQQ
IW¡DCVWM;COGXQ[CKTCFQTOKTRQTSWG[C TGICNCFQ 
UGQUEWTGEKµ=5QNCOGPVGUGRTGUGPVCEQP
VCC³ZKFJC¡XaDRGFKT
EQORTCFQQTGICNCFQRCTC
EQPLWPEKQPGU)TCO?
QVTCRGTUQPC $JCK¡RZK³EJCC³ZKFJCKIW³
ÊVCUWHaXJCEGTHCDTKECT,CTQQROK ZCRCCVWKZPQ¡RKEJOCLKK-QTKCP/GEQORTCU
DCCZFJCKOIWV©VPQTC¡OWIKQV©T!-C¡CCRCC OKU\CRCVQUGPECUQFGSWGXC[CUC&WTCPIQ
F©©NJOK¡VWEJKMKKTVC¡!3WK«PGUVCT£OGVKGPFQ =RTGVVCC³ZKRTGUVCC³ZK¡³?
RQUVGUGPNCOKNRC!1V¼XCUCJCEGTWPEQTTCNKVQ 5KPµPUCDC¡³ZKFJC¡
CNN¯!=HWVÊVC¡RTGVÊVC.CTC¯\GUWPUWUVCPVKXQ
VCCRPC¡XaVRCTVKTTCLCT
EQPJCEJCQEWEJKNNQ 
)TCO?8CTÊEJC¡
‰TDCPCC³VCCRPC¡FJKLWM!'UV£DKGPRCTVKT
VCC=RTGVFGVC³KC¡?NQRKFKµ
EQORTCFQQ GUVGQEQVGCNCOKVCF!=EQORNRNVCCVUC¡
TGICNCFQ  RTGVVCCRVCCVUCTGUVCCR³KZVCCEJZKZ?
VCCDJCMUNCUUGECU
TGIKQPCNKUOQ «RQECFG ♦LKZDJCK¡OVCCVCUSWGUGRWGFGPRCTVKT
UGSW¯C
FGFKEKGODTGCOC[Q )KKNJKOOWK¡MQ¡ DKGP
COIWUCUQK¡PCRCK¡FJWWMLKTVCCDJCMMC¡ VCCR³KC¡XaKRCTVKTUGTCLCTUG
RQTRGICT $JC
/WEJQUCPKOCNGUUGOWGTGPGPNC«RQECFG LC¡RZKDWCLQFCKEJC¡OFJKLWMDWKMW©TDCP
UGSW¯C VCCR³KC¡2«ICNGUQDTGNCRKGFTCCGUVGPWFQFGN
VCCDJC¡XaKNNGICTNC«RQECFGUGSW¯C/QQEJK QEQVGRCTCSWGUGRCTVCGPOGFKQ
IKKNJKOLKZKQ¡OVCCDJC¡ZKDPCVIW¡EJCO RCTVKTUGTCLCTUG
RQTUGECTUG /CVCCVMKC¡LK
FWW¡PIWMKDCCTPCOQQFWWMFC¡%TGQSWG DC¡IW³EJ©VMCRWPCVOCLKL©©RFJC5GOGXCP
CJQTCXCCJCDGTOWEJCUGSW¯CRQTSWGPQ CRCTVKTNQUVCNQPGURQTSWGJCEGHT¯Q
NNQXK\PµGPGNVKGORQEWCPFQPQTOCNOGPVG PCEGT
CXGNKVRCTVKTUGGNJWGXQ t,©¡M
NNQXK\PC=RTGVVCC¡O? VCPQQNJVWDQK¡UCRMC¡IWVCMCCTWK¡PCODC¡
♦DCLKEJCC¡O[CGUV£GORG\CPFQNC«RQEC DCVCCVMKC¡IWRKRRKNJ!tLWRMCK¡EJIW/KKNKC
FGUGSW¯C t,WODJC!tLWRMCK¡EJIWF©¡©©¡P
VCCIKQDCFXEGTEC
FGWPCRGTUQPCUGPVCFCQ t%W£PVQUF¯CUGORQNNCNCICNNKPCRCTCSWG
RCTCFC /©L©LC¡RLC³ZKDJ©©[C¡LCOVCCIKQD PC\ECPNQURQNNKVQU!tRTGIWPVµ'OKNKCt3WK«P
%QPUWRGTOKUQXQ[CRCUCTCNN¯EGTECFGWUVGFGU UCDG!tEQPVGUVµUWOCO£
8CTVCCIKD =EQORNRNVCCVMKC¡RTGVVCCRVCCVM©?
♦EJCCVMK¡CFLSWGUGRCTVGH£EKNOGPVG
RQT
VCCK¡UNKOCFGGPEGPFGT%JCODJCDJ©©M
U¯UQNQ 
LC³KEJDCMIWVCCK¡6W¡EJDC¡M©¡PVWPCCFC¡
OWRCK¡!0QVTCLGNCNKOCFGGPEGPFGT%QP VCCRWMUV«
FGEQTVG\CFGGPEKPQ $JCK¡ZKKQ¡
SW«XCOQUCRQPGTNWODTGRQTCNN£! FJKVCCRWMMWFQFJKC¡IWOLKMPCUCCMLKZ
FKPGTQ
RCTCUWDUKUVKT ,©¡MLCRWC¡IWVCCK¡ LQK³6µOCVGGUVGV«FGEQTVG\CFGGPEKPQRCTC
PCEJM©¡PVWUCDC¡FC¡ICOCLC¡MRCK¡PQ¡EJ SWGUGVGSWKVGPNCUTGVQTEKLQPGUFGNGUVµOCIQ
DCZDJKQ¡!%W£PVQFKPGTQVTCGURCTCEQORTCT ♦EJCCRWMCFLCOCTIQ
CNIQO£UCNN£EWCPFQVGPICOQUJCODTG! VCCUUVC\Ct#CRDJCDJ©©MCCIWVCCU
VCCMCFLRGFC\Q
ITCPFG ,CTQK¡DCMLK³ 4KOWWPFCPCRM©¡PVWDCK¡IKC¡!tLWRMCK¡EJ
LCK³EJWNJIWMKKUPC³DJC¡³KDKC¡CTRWWUVC¡O IW4QQUCt%JCOPC³IW¡EJCOOCCVPQ¡VW¡
6CCMR©ZDJCLKOPC³DJCK¡DCV©P©P©K¡³ VCCULWRLWOCC¡tLWRMCK¡EJIW4KOWWPFC
#NIWKGPVQOµITCPRCTVGFGNSWGUQSWGVGPIQ t6TCLKUVGNCVC\C4C[OWPFC!RCTCSWGRWGFCU
IWCTFCFQGPWPOQTTCNRQTSWGPCFCO£U UCECTCIWCtRTGIWPVµ4QUCt0QRQTSWGPQ
SWGFCDCWPRGFC\QEWCPFQNQXK UCD¯CSWGUGTGSWGT¯CVC\CtEQPVGUVµ4C[OWPFC
NCOKVCF)W,WWNKCPC³KEJV©KVW¡QPDCK¡ =RNVCVCCU?
OCC¡PZKFJCCI©MIWV©OMCNJVCCMZKLCK³FJCM VCCUPCTC¡UJQPIQ
FGRKPQ $©©R©¡PC³KEJOW
IWICIQQZIC¡PVCCMDC¡ZKLWICCM%CFCXG\ DWWUOWPKMCVWWV©VIWVCCUPCTC¡OCC¡PLKZ
SWGNGUKTXQEQOKFCC,WNKCUQNCOGPVGEQOGNC ICMLWMUCPQQR%JCORCK¡MCVWLCK¡EJPC
OKVCFFGNCUVQTVKNNCURQTSWGNGIWUVCFCTNGNCQVTC ³KEJIKQLC¡MLWRI©K,CTQK¡EJKOKDWWUP©MLWR
OKVCFCUWRGTTQ ZKW¡WWM*CEGTCVKVQEWCPFQKDCJCEKCCNN£
 6'2'*7ƒ0Ê'52#“1. VCK³DWKFJC¡

GPEQPVT«WPQUJQPIQULWPVQCWPRKPQUGEQRGTQ FGWUVGFGUCJQTCRQTSWGOGKT«FGTGEJQRQTVQFC
EWCPFQ[CXGP¯CFGTGITGUQ[CPQGUVCDCPETGQ NCEQTFKNNGTC[[CPQRCUQRQTCSW¯
SWGCNIWKGPRCUµRQTCNN¯[UGNQUNNGXµ =RWPVVCDWKOIKFJCM?
♦VCCUPCTC¡LWPOC¡POQNGFGJQPIQFGRKPQ VCDWKOWMKPVGTLCFKµU#C³OQQIKQRDCLKK
VCCVURCFTGRCR£;C¡DCCKCCIWOVCCVLK³ 6CDWKOWMIQT;COGXQ[#FKµUCVQFQU
LKKMWNJPCVUCCMMCP©©TCMIWZKQVCNJMC¡ VCDJKKMUUGPFC
GPVTGNCUNCFGTCU /CC¡PLC³KEJ
EJCMWKCC!;CNNGIµVWRCR£UQDTKPQFGKTC V©KV©©IWUWKOCNJOWPKMC¡PF©TPCRCK¡R©ZLKT
DCKNCTGNOKVQVGQVQFCX¯CPQ!=RNVCVCCV VCDJKKMFCKR©ZLKPCVIW¡OQQLCPQ¡LKOK³³QT
CRQUVCCVC¡P? PCVLCZLK³EJ©©'PEQPVT«WPXGPCFQFGCSWGN
♦LKEJEJCCVUPWGUVTQRCFTGUQN NCFQFGNCNCFGTCFQPFGGUV£NCUGPFCRGTQCN
VCCVCOUFKGPVG;C¡PKR©ZFCCOCC¡PIW XGTOGUGGEJµCEQTTGT[PQNGRWFGVKTCT
VCCVCO6W¡EJKTVCCVOW¡P!#SW¯GUV£WP =RNVCVDJKM?
FKGPVG&GSW«CPKOCNUGT£! VCKUNWODTG)KKNJKODJCLC¡MLKZEJQK³FJKVCK
=CRQUVCCVOW¡P? PCIÀ¡O©KO)QTLCK¡MCZKDJKC¡IWMW¡CC¡
VCCVC¡XaVUGPVKTRTQDCT6WMCC¡DCMLKZDKK 'UVCNWODTGGUV£OW[HWGTVGRQTSWGVKGPG
FWW¡P,C¡REJCOVCCVK³,KZDCC¡IW³ZC¡WC OWEJQUNG³QU5£SWGPNGWPQU
PC³KEJDJCK¡LK³K³KC2CTGEGSWGNNQXK\Pµ VCKDW¡UNWEK«TPCIC&CKV©¡PIKCMLC¡MLKZLQK¡³
CPQEJGRWGUGUVCDCOQLCFCOKEQDKLCEWCPFQOG COIWVCKVDW¡PCOO©O©©FC¡#NCUNWEK«TPCICU
FGURGTV«RGTQ[QPQNQUGPV¯ NGUIWUVCFGURGFKTUWUNWEGUPCFCO£UGPNC«RQEC
RCNRCTVGPVCT&JK%JGGOCUCRVCCVC¡IW FGNNWXKCU=RNVCKVDW¡?
OCVCKOC¡PPQ¡ZOCOQKM&KEG%JGOCSWGXCC
VCKMPC¡XaVEQTVCTTCUICT
TQRC ‰TDCPLCRZK
VGPVCTGNPKZVCOCNRCTCXGTUK[CGUV£DNCPFQ
VCKMPC¡FJKLCPPWNJPC³DC¡VCCMKRWWTVC¡IKQ
=RTGVVCCVCRTGUVCCV?8«CUGVCVFCEJKC¡
VCCMLC³MWVWWPVC¡%QTVCCNCOKVCFGUCVGNC
VCCVMKEJFJC¡XaVJCEGTUCNKTFGNECUECTµP
CXGU  RCTCSWGEQPWPCRCTVGRWGFCUJCEGTWPCHCNFC[
,©¡MVCPQQNJVWDQK¡UCRMC¡IWVCMCCTWK¡PC EQPNCQVTCRCTVGWPCDNWUC=RTGVVCKM?
DC¡DCVWVCCVMKEJFJC¡!%W£PVQUF¯CUGORQNNC 5KPµPUCTPC¡
NCICNNKPCRCTCJCEGTUCNKTFGNECUECTµPCNQU
VCKM³KC¡XaKTCUICTUGFGUEQUGTUG
TQRC ,WO
RQNNKVQU!=RTGVVCCVMKEJ?
VCKMIW³ZCDWKTCZPC³LC¡RICICKM©MMKO
VCCVOWVFC¡XaVEWTCTFKGPVGURQPGTFKGPVGU,K VCMCCDVWMCC¡PC³DJCK¡FJ©TDJCLWTPKOFJK
I©KOCC¡PIW³EJCCVCOPCVLK³LKDWCVCMCCD D©©ZC¡PUCR#[GTUGOGTQORKµOKRCPVCNµP
IWMCDCK,WOCK³EJKDC¡OC³EJCCVOWVFC¡ EWCPFQXGP¯CWPRQEQCICEJCFQRWGUGUVCDC
5GOGEC[µWPFKGPVGC[GTEWCPFQGNECDCNNQOG QUEWTQEWCPFQXGP¯CDCLCPFQ=RTGVVCKM?
VWODµ6GPIQSWGKTCSWGOGRQPICPQVTQ 5KPµPUCTPKC¡
=RTGVVCCVOWVRTGUVCCVOWVW¡P? ♦EJCKMC³CFLTCUICFC
TQRC 
VCCVUCDUVKGTTCE£NKFC;CLC¡RPCTLWMICOLKZ VCKMQDCFXEGTECFGNCNWODTG,QKFJCONCCVW
EJCVQK³IW¡EJKDC¡R©MOWLC¡RVCCVUCD5K DQ¡IWOKUVWK³OKVCKMQDPCZLWWM'NICVQ
JCEGECNQTCSW¯GPNCUKGTTCEW£PVQO£UGP GUV£CEQUVCFQCIWUVQEGTECFGNCNWODTGFQPFG
VKGTTCE£NKFC!=RNVCVCCVUCD?8CTVCUUCD GUV£ECNKGPVKVQ
VCC¡DKFJC¡XaVQDUVTWKT
NW\ECNQTQNNWXKC  VCK³DWKFJC¡XaDRTGUVCT
CQVTCRGTUQPC ,K³
%JC¡RUCROK¡VCC¡DK¡³MC¡IWCNJKK/K¡UCRLKZ EJCK³DWKFJC¡CRIWOZKKTPC³CNJKQWNJ³C¡IW
L©©¡O0QNGQDUVTW[CUGNECNQTFGNHWGIQCNPK³Q MCDCKL©IKCTWOMWUCCNJDCOCCPUWVKFJC¡
RQTSWGVKGPGHT¯Q=RTGVVCC¡DKRTGUVCC¡DK¡³? 2QTHCXQTRT«UVCOGVWUKNNCFGOQPVCTRCTC
VCC¡ONCUVCDNCOCFGTC:K¡ZO©KFJC¡IWUCK¡ RQP«TUGNCWPTCVQCNECDCNNQDTQPEQRCTCSWG[C
DC¡CCMIWVCC¡ONCUEJCOR©M5GRWGFG UGXC[CCOCPUCPFQ
SWGOCTO£UH£EKNOGPVGNCECUCFG\CECVGSWGNC XaTRGFKTRTGUVCFQ
FGQVTCRGTUQPC ,WO
FGVCDNCU=RNVCC¡ONCU? VCK³DWK¡³O©TC¡CROCC¡PIWMCDCKIC¡PIWO
VCDWKOIKFJC¡XaVFGURGFKTUG:KDLC³RWZKO VCVCCNJ2KCOPQ¡OD©©ZIQQMOK¡R©ZVWWV
VCDWKOIKFJC¡PC³IW¡RWU©NJR©ZDCDJ©©[C¡ D©©ZIQQMLCRDJCOVCK³DWKFJKMC¡8GC
OWMCPF©TD©©ZUCMCCNJKM/GXQ[CFGURGFKT RGFKTNGRTGUVCFQCVWV¯QWPQFGUWUECDCNNQUQUK
VCK¡ 6'2'*7ƒ0Ê'52#“1. 

NQUFQUGUV£PCNN¯R¯FGNGSWGVGRTGUVGNQUFQUFG tTGURQPFKµ2GFTQ
WPCXG\ =RTGVVCLCCRTGUVCLCCP?8CTVCLCC³KC¡
=RTGVVCK³DWKRTGUVCK³DWK¡³? VCLCC³K¡URTQIGPKVWTCFGUEGPFGPEKCÎ#C³OQQ
VCK¡CFXDQECCTTKDC6CK¡RZKDQ¡[C¡MW³LWO V©KUQK¡OV©VFCKFJCVLGPQ¡RI©VOQQRWK¡R
FCIKCUC¡#EW«UVCVGDQECCTTKDCRCTCUQDCTVGGN ©NJKK¡³FJC¡PCROCC¡PLK³OCMKC¡IWO
GUVµOCIQ#PVµPM©R©NJ VCLCC³K¡ÏLWRMCK¡EJIWDKCROC¡Î;QXGPIQ
VCK¡UUWDKFC#C³EJKEJCOVW¡OWLKOKC¡DJ©L© CPVGWUVGFTQI£PFQNGRCTCXGTUKSWK\£UG
RCK¡PCRWK¡TC¡IKEJCOMC¡PC³IW¡ZQQ¡P TGUWGNXCCSWGOGFKGTCWPCFGNCUFGUW
PCEJV©UFKC¡DJCK¡FJKVCK¡)KKNJKOLKZ FGUEGPFGPEKCÏFKLQGNLQXGP
OCIQQ³K¡%TGQSWGPQKT«CNN£CTTKDCEWCPFQ =CRQUVCLCC³IC¡P?
JC[CLWPVCRQTSWGVGPIQHNQLGTCFGUWDKTGUC VCMUTC¯\,KZDKKVWVCMFJKLWPDQ¡MWIW¡Z

UWDKFCRWGUUGECPUCWPQCNUWDKT=RNVCVCK¡? MCDCCMLKRWK¡LKEJW¡VPQ¡³DCVCMDWP.CU
#PVµPC¡PUCR EC³CUFGC\¼ECTVKGPGPTC¯EGUOW[FGNICFKVCU
VCK¡FJ©TLC¡MCFXFGNQTKGPVG6CK¡FJ©TLC¡M RGTQGUV£PFWTCUUKVTCVQFGCTTCPECTNCU
DJCK¡RDCLKL©DZKD6CMCCD[C¡PKFJ©TLC¡M =RNVCVCMCRQUVCMCC¡P?
DJCK¡RMCL©D©©TC¡PUCRF©T;CGORG\µCUQRNCT VCM=XCTFGDCM?+PFKECNQSWGGNJCDNCPVGETGG

CKTGFGNQTKGPVGRGTQC[GTUQRNµFGNRQPKGPVG SWGGUEKGTVQCDCUGFGNCGXKFGPEKCSWGVKGPG
#PVµPC¡PUCRF©TLC¡M VCMCCDCFXC[GT6CMCCDLKTLQKDKUMCVZKDLKT
VCK¡LC¡MCFXJCEKCCTTKDC
FKTGEEKµP EWGUVC DKCTPKU#[GTHWGLWGXGUJQ[GUXKGTPGU
CTTKDCt&CKC¡PUCRLC³LWTPKC¡OWRCK¡PCO VCMCCTWK¡UICNNQICNNKPC,K³LWIKK¡³LCO©V
RWK¡M©©MIWO©©O©D!tLWRMCK¡EJIW DCMIWVCVMCTWK¡IWLWWPPC³KEJOK¡MC
5GDCUVKCPt%JCO6CK¡LC¡MLKPCEJV©UFKC¡ KKEJCMDCCNJEJC¡O%JCOVWLCK¡EJPC³KEJ
RCNJ©©RtLWRMCK¡EJIWVCCVC¡Pt'URWTC RCK¡FJWWMOK¡V©V©©2CTGEGSWGNCUICNNKPCUUG
DCLCFCRQTCNN£FQPFGGUV£PNCUCDGLCU! EQOKGTQPGNOC¯\SWGVGP¯CGPNCECPCUVCRWGU
tRTGIWPVµ5GDCUVK£Pt0Q5GVKGPGSWGKTWP EWCPFQOKT«[CPQJCD¯CPCFC
RQEQEWGUVCCTTKDCtEQPVGUVµUWRCR£ RQNNQ)KKNJKOLC³DCZKK³COMCVIWDCMCCZ
JCEKCCTTKDC
RQUKEKµP 6CK¡LC¡MLWO ,QKFJCOLC³KEJLK³KK³DJKQ¡PC³KEJZKLWWIW
M©©ZFJCVI©FC¡IW2GGNGUPQ¡DCZOCKO VCMCCTWK¡LKFJQQT#PVGUVGP¯COWEJCUICPCUFG
%WCPFQ(«NKZGUV£DQTTCEJQUKGORTGUGRQPGUW EQOGTECTPGRGTQ[CSWGEQO¯ECNFQFGRQNNQUG
UQODTGTQJCEKCCTTKDC OGSWKVCTQPNCUICPCU
#PVµPC¡PUCRLC¡M =RNVCVMCTWK¡?8CTVCMCCTK¡
VCLCCPC¡XaTCDTKTUG
GNRGTKECTRKQFGWPC ♦VCMCCTWK¡LKFJQQTECNFQFGRQNNQ
RNCPVCFGJKUEGPVG $COVCLCCPC¡IWVQMPQ¡VDC ♦M©NJKKVCMCCTWK¡UICNNQ
ICC/K¡FJ©TFCKPCDCZDJCCK¡³MC¡PCO ♦WDKKVCMCCTWK¡UICNNKPC
DJ©©[C¡5GCDTGGNCNIQFµPEWCPFQUGUGEC[
GPVQPEGUNQRWGFGPTGEQIGT
CIKVCTUGTGXQNXGTUG
PWDGU $COVCLCCPFC¡
IWV©DCC¡PQ¡DCZFJWWFWKO.CUPWDGU
GORKG\CPCTGXQNXGTUGEWCPFQSWKGTGNNQXGT
UGTFGTTCOCFQ
UQDTGWPCRGTUQPC )WZ 
&JWWFW¡MCOLKZ7C³+K¡OFCIC¡PIW&KQU VCMDWPC¡XaVUCECTCTTCPECT
FGTC¯\ 
DJCCPLWOVCLCCIWEJ:QK¡MCOLCPQ¡PCVRCK¡ Î6CMDWPC¡CRFJKIÀ¡UCK¡PCOK¡M©©M6W¡IK
FJWWMLWODCMWC'N5CPVQ'UR¯TKVWFG&KQU MWRDC¡OKDK¡CKOPCIW¡EJCOVW¡TLWWPÏ
HWGFGTTCOCFQUQDTG,GUWETKUVQCSWGNNCXG\ LWRV©VFCIWVCCVC¡PIW/KNKVQQPÎ#TTCPECGUG
EWCPFQUGDCWVK\µ \CECVGITCPFGRWGUPQVKGPGECUQFGSWGGUV«
VTQPCT
VKTQUFGWPCTOCOQFKUOQ t;C¡RCK¡ CNN¯[CSWGPQGUOC¯\ÏFKLQC/GNKVµPUWRCR£
OKC¡PVWOVCLCCPVWMCC¡tLWRMCK¡EJIW =RTGVVCMDWRTGUVCMDWP?
,WCPt,CTQK¡EJKVWOC¡[CULKCtLWRMCK¡EJ
IW2GGITQt2QTCSW¯EGTECVTQPCDCCPQEJG
ÊVCOUWHaU+PFKECWPNWICTEQPQEKFQRQTEKGTVC
ECTCEVGT¯UVKECRGLP©K¡MCTVCORCVKQVTCFKEKQPCN
tFKLQ,WCPt%TGQSWGCNIWKGPGUVCDCVKTCPFQ

NKVNWICTFGNCRKUVCFGDCKNCT 5WUDJC¡PVCO.QU
 6'2'*7ƒ0Ê'52#“1. VCVPCMKC¡

%JCTEQU
NKVNWICTFGNCUTCPCU =)TCO? O©MDJCOO©PCO©VRCK¡DJCCPDJKK³QTRWMIW
8CTÊEJCO LWWP&CNGWPRQEQFGVNC\QNGCGUGDWTTQRWGU
VCODJWNJUVCODQT;COO©ZMCKFJC¡IW [CVKGPGJCODTGRQTSWGHWGTQPNGLQUCECTICT
VCODJWNJPCVWOUCDOWPCRCK¡TRKCUVC OC¯\
*CUVCCSW¯UGQ[GGNVCODQTSWGGUV£PVQECPFQ VCVCCDCFXFGF¯CFWTCPVGGNF¯C6CVCCDLC¡M
GPNCHKGUVC=RNVCVCODJWNJ? VWOLWCPEJCOVW¡VWMCC¡5GVTCDCLCFWTCPVG
VCOQ¡ZCFLSWGPQVKGPGEWGTPQU
FGRQTU¯  GNF¯CPQFWTCPVGNCPQEJG
%JCOEJKR©MLWOMQ¡MVQNJK¡³COLKCFJK VCVCCNJUV¯Q
JGTOCPQOGPQTFGNCOCO£ 
MCMCTDCZPQ¡O©VDCLKOMQKPCOIW¡FCK /WPKFJ©TDJCK¡DCLKOIW³EJCVCCNJOCC¡P
VCVOQ¡Z%TGQSWGPQRWGFGPIQNRGCTUGVCPVQ ZKWC¡IW[CMWC#NN¯XKGPGOKV¯Q[VTCGWP
GUVQUEJKXQUEWCPFQUGRGNGCPRQTSWGPQVKGPGP JQPIQ
EWGTPQU=RNVCVOQ¡Z? UQDTKPQUQDTKPC
JKLQQJKLCFGNCJGTOCPC
VCPCCTC¡UDCUWTC/©KFJC¡RKOFJKVCPCCTC¡ OC[QTFGWPJQODTG $CLKOKC¡CRLK³EJCVCCNJ
PCOK¡LWORCZDC¡CCMUCPQQR/K¡EJCODJCK¡ DJCOO©MKKEJCODCOP©©TCEJKIWOPCCP:K
PCEJOKLC¡RQKRQ3WGOGPGUCDCUWTCSWGGUV£ DJ©KFJCKCRFJK¡³KO©©DCV;CXGVGCNCECUC
COQPVQPCFCEGTECFGNCECUCRWGUPQUGUVQTDC UQDTKPQ[NN«XCNGGUVCOKGNCVWOCO£RWGU[CVG
EWCPFQCPFCOQURQTCNN¯ JCFGGUVCTGURGTCPFQ
=RNVCVVCNJCRQUVCVCCNJK¡³VCVVCNJK¡³?
VCPQQNJUF¯C$CKMVCPQQNJLC³KEJEJCOVW
LWWPCVIKKNJKOLKZKQ¡OVW³CK0QEQO¯ VCVCCU=RNFGVCCU?VC\CU
FWTCPVGVTGUF¯CURQTSWGOGRGIµWPC VCVCCV=RNFGVCCV?RCFTGU
GPHGTOGFCFOW[HWGTVG VCVCCVUCD=RNFGVCCVUCD?VKGTTCUE£NKFCU
5QN$JCK¡DCDWWUIWVCPQQNJ;CUCNKµGN
VCVCC¡UVGPFµP$CCDW¡CRIWVCVCC¡NWOICTCO
5QN
F©TFJKVWWTLK³IC¡NJKFJC¡RDC¡PC³M©¡P
♦D©ZEJCPQQNJVQFQGNF¯C
WWOCTIKFJC¡IW³W¡WWPC³M©¡PVWOWOWW[C¡
♦ZKDFJKVCPQQNJJQ[OKUOQ
DJCCP)À¡6CPQQNJ%JC¡O5CECNQUVGPFQPGU
♦)À¡6CPQQNJ%JC¡O(KGUVCFG,WGXGU[ FGNCGURCNFCFGGUGVQTQ[OGNQUXGPFGURCTC
8KGTPGU5CPVQ COCTTCTNGURNWOCUCNCUHNGEJCUEQPNCUSWGXQ[C
♦CNJK¡EJEJCPQQNJUF¯CEQTVQ
KPXKGTPQ  VKTCTGPNC5GOCPC5CPVC=CRQUVCVCC¡P?
♦IÀ¡VCPQQNJUF¯CNCTIQ
XGTCPQ  ♦EJCVCC¡CFLSWGVKGPGOWEJQUVGPFQPGU
VCPQQNJKQRCFXGPGNUQN,WRMCK¡EJFJC¡CO VCVCK¡=RNFGVCK¡?UWDKFCU
PCZDWCOVWDWCPQ¡³VCPQQNJKQRDQ¡PQ¡³LKZ
VCVCM=RNFGVCM?TC¯EGU
MC¡QQM&KEGPSWGGUFC³KPQCEQUVCTUGGPGNUQN
EWCPFQGUV£UGPHGTOQ VCVCODJWNJ=RNFGVCODJWNJ?VCODQTGU
VCPQQNJQZKCUEQTCNKNNQ
X¯DQTC )KQV©TLC¡R VCVDJKM=RNFGVCDJKKM?UGPFCU
GPVTGNCUNCFGTCU 
UKCZLQK¡³IWVCPQQNJQZKC#NCX¯DQTCEQTCNKNNQ VCVFCEJKC¡XaKUGPVKTUG)KQFJQEJCODJCK¡RLK
VCODK«PNGIWUVCCPFCTGPGNNNCPQ VWVCVFCEJKC¡PCRKEJDCLWWFJKVQQZMQNJ
VCPQQT=RTGUFGVQPPKC¡?DTKNNC
UQN 8CTVQVPQT DCMCCZPCIW¡UCCMEJCODJCK¡OKC¡FJK¡³
1VTCXG\VGUGPVKT£UF«DKNRQTSWGEQOKUVGECTPG
VC³KC¡XaVRGFKT
EQORTCFQQTGICNCFQ 6©MMC¡CR
FGOCTTCPQNCSWGFKEGUSWGPQVGECGDKGP
PQ¡IC¡TCPCRDC¡VC³KC¡2TGI¼PVCNGUKNQ
=RTGUVCVFC¡UGRTGUGPVCUKPUWLGVQGZRN¯EKVQ?
XGPFG[UKNQXGPFGR¯FGNGSWGVGNQXGPFCCVK
8«CUGVCCVC¡
=RTGVVCCRTGUVCCP?
♦LKZDJCK¡VWVCVFC¡UGPVKTUGDKGP
FGUCNWFQ
♦LKZEJWVCC³K¡NGIWUVCEQORTCT
FG£PKOQ 
VCR©©ZURWNICd,C¡ROQQ³M©M©¡COIWVCVR©Z
-CDWKOWMLC³LKVWVCC³O©TC¡LGIWQQMQPC³
VCVMCTWK¡=RNFGVCMCCTWK¡?ICNNKPCU
LK³LWWNJLKMQZKC¡d%µOQOGRKECPNCURWNICU VCVOQ¡Z=RNFGVCOQ¡Z?SWGPQVKGPGPEWGTPQU
/C³CPCXQ[CEQORTCTKPUGEVKEKFCRCTCWPVCTOG VCVPCMKC¡XaKVTQPCT
OCFGTCGPNCNWODTG 
[FQTOKTOGLQT=RNVCVR©Z? $JCK¡FJQR©ZLKEJCVPCMKC¡FJKIC¡FWMPCR
VCUQQNJUVNC\QNG#NJK¡EJOWZKDWK¡³IW DJCV©VMCVCKFJCCODJCLC¡MDC¡DCEJ
VCUQQNJFJKDJWTW¡Z$CZDJKQ¡EJKPCIW¡ O©KFJC¡PCPCK¡LKUWWNJIKC¡'UGEGFTQSWG
VCVQK³ 6'2'*7ƒ0Ê'52#“1. 

RWUKUVGGPNCNWODTGGORG\CT£CVTQPCT[PQU PQ¡EJCODJCLKOOCC¡PIWZICMMQ¡MQNJMW³
SWGOCT£PNCUEJKURCUSWGCXGPVCT£RQTVQFQU [C¡PKVWWOZKFJC¡FJK³DJKK8GCGPGUGOQTTCN
NCFQU UKPQJC[WPEJKNGUGEQRCTCFGURGFC\CTNQGPOK
VTQPCTCDTKTUG
OC¯\VQUVCFQ ,CTQQDC¡O©L© EQOKFC
VWLCCMMWUKKPPCDC¡O©L©R©ZVCVPCMIW 8CTEJC¡O
LCCMK¡³!3WK«PGUV£VQUVCPFQOC¯\GPNC VÀRTGHaX+PFKECSWGNCUKVWCEKµPUGGZVKGPFGRQTWP
EQEKPC!2WGUUGQ[GSWGGUV£VTQPCPFQCNCDTKTUG VKGORQQGPWP£TGC0Q¡ZL©©RK¡³ICOO©L©VÀ
RCTVKTUG
RQTUGECTUG %JC¡ROKLC¡RV©VMC¡ ÀÀFC¡IWUQOCKIK¡%WCPFQJCEGHT¯QUKGORTG
VCPQQNJKQRFJKDCK³FJCU$JCK¡FJQ RGUECOQUNCITKRC=5GRTGUGPVCCPVGUFGWPCÀ
LKEJCVPCMKC¡IWDJCK³0QFGLGUGNJCEJCGPGN )TCO?8CTEJÀ8«CUGVW
UQNRQTSWGGNOCPIQRWGFGRCTVKTUG
VÀDCFLNCTIQ
FGNQPIKVWF ,QKFJCOLKTVÀD
=RTGVVCVPCM©RTGUVCVPCM?
FJKOEJCDKPFC¡/QQREJK³IC¡NJKFJC¡'UV£
♦EJCVPCMCFLSWGUGRCTVGH£EKNOGPVG
DKGPNCTICVWUQICUGT¯CDWGPQSWGOGNC
VCVQK³UJQTOKIC,KZEJCVQK³UCRFJKVCVQK³PC XGPFKGTCU
DC¡OKLC¡RV©KO©NJEJW¡PCVWICCIKOPCRC CNVQGNGXCFQ
FGGUVCVWTC ,QKFJCOLKTVÀ¡VÀD
LC¡MLKZ©©MC¡2TQDCDNGOGPVGVKGPGECNQTNC FJKLWLWMPCDJCOO©PKEJWWVQKFJC¡VC¡O
RQDTGJQTOKIC[RQTGUQXCEQTTKGPFQDWUECPFQ 'UV£PDKGPCNVQUCSWGNNQURKPQUSWGGUV£PCNN£GP
NCUQODTC=RNVQVVQK³? GNEGTTQ
VCVQK³FJKC¡=XCTFGVWVQK³FJKC¡?JCEGTECNQT =RNVÀ¡VÀDEQRLKT?
VCVQQODJCCDJCK¡OMCT=RNFGVQQO ♦ICKLC¡MLKTVÀDGUO£UNCTIQSWGCPEJQ
DJCK¡OMCT?EQUVCNGU VÀ¡MQDCFXCNVQCTTKDC
FGCNVWTC 6À¡MQDLCR
VCVQQR=RTGVFGVQVRQMKC¡?JKTXKµ FCCUCKFJKMKKUPCEJCOVW¡ICIQQZ[CDCCM©KR
DCLWIKQMC¡2QPICGNSWGUQGPWPNWICTCNVQ
VCVQQVMQO=RNFGVQQVMQO?ECTTK\QU
FGVCNNQ
RCTCSWGPQUGNQXC[CCEQOGTGNRGTTQRQTUK
FWTQ 8CTVQVQQVMQO
CECUQGPVTCCSW¯8CTVÀ¡MÀD#PVµPFWOCCNJ
VCVQQZMQNJ=RNFGVQQZMQNJ?RWGTEQU
VÀ¡MQDFWWMCFXCPVGUFGNOGFKQF¯C
NCUFKG\Q
VCVQQZMQNJL©¡PIKCTWO=RNFGVQQZMQNJ NCUQPEGFGNCOC³CPCNKVGN5QNGUV£CNVQ ,KZ
L©IKCTWO?LCDCN¯GU M©¡PMQDRC¡RLWRLCFCFQ¡³EJQFC¡IW
VCVQQZMQ³KC¡=UWLRNFGVQZMQ³KC¡?2GL MCMCTDCZ#CRIW¡ZK¡VÀ¡MQDFWWM&GDGUKTC
VCVQQZMQ³KC¡COUGGORCEJCT£P FGLCTNQUEJKXQUO£UVGORTCPQRGTQV¼GURGTCU
=RTGVVCVQQZMQ? JCUVCCPVGUFGNOGFKQF¯C
VCVQQ¡O=RNFGVQQ¡O?EQPGLQU VÀ¡VÀD=RNFGVÀD?NCTIQU=EQRLKT?
VCVQZMQIKC¡=UWLRNFGVQZMQIKC¡?2GL VKOQQPUVKOµP
FGNCTCFQ -CTLCO©VIW
VCVQZMQIKC¡COCUQNGCT£P=RTGVVCVQZMQI© VWVWWTIWLCTCCTFCKVKOQQPDJCK¡RWR
RTGUVCVQZMQ¡? UCK¡EJW¡[WW¡VC¡O.QUVQTQUNGSWKVCTQPNCU
VCVR©Z=RNFGVCR©©Z?RWNICU CNGVCUCNCTCFQRWGUUQNCOGPVGGNVKOµPSWGFµ
EQNICFQGPGN[WIQ=RNVKVOQP?
VCVVCNJ=RNFGVCVCCNJ?V¯QUUQDTKPQUUQDTKPCU
=CRQUVCVVCNJK¡³? VKTKOKCZUHNCWVCFWNEG
JGEJCFGECTTK\QDNCPFQ 
,CK¡FJ©VVKVTKOKCZM©¡PVWUCDFC¡CODJCCP
VCVVCO=RTGUFGVCCVC¡?NQRCNRC
)À¡6CPQQNJ%JC¡OPCOVWFCCPFC¡DWK³QTIW
VCZEJCCDKPVGTLITCEKCU6CZEJCCD/K¡IWLCO &KQU#NIWPCURGTUQPCUVQECPO¼UKECEQPWPC
LQQZKC¡³KEJOQQOCVWLWW)TCEKCU#NN¯GUV£ HNCWVCFWNEGGPNC5GOCPC5CPVCRCTCCNCDCTC
UWRNCVQRWGU[CCECD«FGEQOGT &KQU=RNVKVTKOKCZ?
VC¡ORQURGP
NCUWRGTHKEKGFG UQDTG΁6W¡ VKVOQP=RNFGVKOQQP?VKOQPGU
FGNQUCTCFQU 
RKEJMC¡OVWLWWLQQZKC¡VC¡OCCMC¡RWK¡CR
VKVTKOKCZ=RNFGVKTKOKCZ?HNCWVCUFWNEGU
O©L©U©ZZKO©TFJK³LKFJQQT!ÏLWRMCK¡EJIW
F©¡©©¡PIW.WUKKPC΁'PSW«EQOKUVGGPWP V©RTGHaX+PFKECSWGNCUKVWCEKµPUGGZVKGPFGRQTWP
RNCVQQOGVKUVGNCOCPQGPNCQNNCFQPFGGUVQ[ VKGORQQGPWP£TGC$JC³WNJ³K¡³FJKMCDCK
EQEKPCPFQ!ÏNGRTGIWPVµUWOCO£C.WEKPC PC³DJCCPV©O©NJKKEJFJC¡'PU¯NNCOGGUG
GPFGPVTQFG$J©L©ZKEJ©V©©¡CTRWWUVC¡O
 6'2'*7ƒ0Ê'52#“1. V©K

ECDCNNQRCTCEQTTGTEQP«N=5GRTGUGPVCCPVGU V©DKCRW¡XaKRCUCT
NCPQEJG %JCOR©MVWC¡
FGWPC©)TCO?8CTEJ©8«CUGVW DCM©R[C¡PCEJKEJRCK¡V©DKCRWK¡MWDC¡
V©DCC³FJC¡XaVDCLCT6©DCC³FJC¡CRFJKCNJKK IKKNJKOLKZL©©RK¡³VWMCC¡0QJC[OWEJQU
PCIW¡EJCMWKOCCV©VV©OKKMIWF©©NJ$CLCC £TDQNGUCSW¯FQPFGPQUSWGFCOQURQTGUQJK\Q
GUGPK³QRQTSWGVQFCX¯CPQUCDGDCLCTUGUQNQ OWEJQHT¯QCPQEJG=RTGVV©DKCRTGUV©DKCR?
=EQORNRNV©©RZKFJC¡QV©©RWZFJC¡RTGVV©DCC³ V©D©©RCFXEQPUQICNCTIC6©D©©RLCRDWNJKC¡IW
V©©RZKRTGUV©DCCZK¡³V©©RZK¡³?8CTV©OKK³FJC¡ MCDCKPCDC¡O©MLC¡RLWWI©VVWMWC¡FC¡
#PVµPV©UCC¡³FJC¡ #OCTTCGNECDCNNQEQPWPCUQICUWHKEKGPVGOGPVG
V©DCC³ZKFJC¡XaDDCLCT
RCTCQVTCRGTUQPC  NCTICRCTCSWGRWGFCEQOGTNGLQU
%JK³KC¡CRIWOZKKZMWOV©DCC³ZKFJC¡IWO V©DJCKOUOC¯\
FGQVTCRCTVGPQFGUWRTQRKC
UC¡WCPCIW¡VÀ¡MQDFCC2¯FGNGCVWJGTOCPQ OKNRC #CRK¡OCCRWK¡V©DJCKOR©ZLWRMWC¡
SWGVGDCLGVWEQDKLCRQTSWGGUV£GPWPNWICT PCLCZCC³!6¼VCODK«PGUV£UEQOKGPFQOC¯\
CNVQ=EQORNRNV©©RZKEJWNJFJC¡RTGVV©DCC³ZK EQORTCFQEQOQ[Q!
V©©RZKEJWNJRTGUV©DCC³ZK¡³V©©RZKEJWNJK¡³? V©DJCKOKC¡XaKEQPUGIWKTSW«EQOGT:KDF©TLK
8CTV©OKK³ZKFJC¡ IW¡PCDCCC¡PC³DCRWRV©V©DJCKOKFJC¡V©©¡
V©DCC¡UPWDG,QKFJCOLKZEJQQVQVCLCCPIW PCIW¡DCLWIKKOIWLWWP;CGUPGEGUCTKQSWG
V©DCC¡LC¡RPCVW¡VQM.CUPWDGUUGGUV£P XC[CCEQPUGIWKTSW«EQOGTRQTSWG[CUGGUV£
XQNXKGPFQOW[DNCPECUEQOQGNCNIQFµP CECDCPFQGNOC¯\SWGVGPGOQU=RTGVV©DJCKO©
♦EJ©DCC¡CFLPWDNCFQ RTQRV©DJCKTC¡?
V©DCKRRK¡³FJC¡=EQPVFGV©©O©NJFJC¡?GUVCT V©IKC¡XaVXGTt/WZKEJ©©¡IWOMWWNUK
COCTTCPFQ
WPCPKOCNQCNIQRGUCFQ  2CCIKLC¡MDJ©K!tLWRV©VFCIWCNJKKIW
V©DICVC¡XaVGORG\CTKPKEKCT/CC¡PLCRR©Z .KPFCt/WPKQKT©VWMWC¡IWVWTCCUPWtLWR
V©DICVCKIWCUCCMV©©OQ¡EJCOVW¡PCROWK¡LC MCK¡EJIWK¡t8GCXGTCFµPFGUGHWGVW
DKC¡MC¡V©V©DICZKO%WCPFQGORKGEGUCJCEGT CDWGNKVQtNGFKLQ.KPFCCWPPK³Qt#NN¯CPFC
WPCVCNGICFGDGUVGTOKPCTNCRWGUPQGUV£DKGP EQOKGPFQFWTC\PQUtTGURQPFKµ«N
SWGGORKGEGUOWEJCUUKPVGTOKPCTNCU XaVJCNNCTGPEQPVTCT#C³OCK¡DWCIW³
=RTGVV©DICKRTGUV©DICV? FJWK³MCT,CZPC³DC¡FWKMCV©IKC¡!5GOG
RGTFKµOKRKRC%µOQNCXQ[CRQFGTJCNNCT!
V©DICZFJC¡XaDGORG\CTKPKEKCT
CNIQRCTCQVTC
XaKFGURGTVCTUG
[CNKUVQRCTCNGXCPVCTUG :K
RGTUQPC t,CTQQOV©DICZFJKOLKMRC¡PCR
³K³EJW¡PIW%TKUVKKPMWDCV©V©IKC¡IW¡EJLKDC
OK¡RFW³KKO!tLWRMCK¡EJIW2KNKUKCPt&JQ
LKOFC¡LKMCRDJCK¡PCMCZL©DQQ¡*£DNCNGC
IW³EJCCVFJQtLWRMCK¡EJIW-NGGV
%TKUVKPCRCTCSWG[CUGFGURKGTVGRQTSWGPQU
t3WK«PVGGORG\µNCVTGP\CFG\Q[CVGSWG
KTGOQUOKGPVTCUVQFCX¯CGUV«HTGUEQ
GUV£UJCEKGPFQ!tRTGIWPVµ(GNKEKCPQt2WGUOK
XaKXGTUG/QQLC¡RLKZLQK³K¡CCPCVI©¡©©T
RCR£tEQPVGUVµ#PCENGVQ=RTGVV©DICZ
FJK'NGGPCPCDC¡OQQIÀ¡DCOP©K¡³!2CPCCU
RTGUV©DICZK¡³?
ZKDMCT©NJK¡EJMC¡2CTGEGSWG'NGPCETGEKµ
V©DIKNJKC¡XaKPWDNCTUG$©©R©¡FJQZKL©NJDKO©K T£RKFQRWGU[CUGXGITCPFGEKVCRQTSWGJCEG
DJCK¡LKV©DIKNJKC¡OK¡FJ©TFCKPCDJCK¡LK RQEQVQFCX¯CGUVCDCEJKSWKVC
FJWWFW¡2TKOGTQJCEGCKTG[UGPWDNCNWGIQ =RTGVV©©RTGUP©K¡³EQRTGVP©KFJCV
GORKG\CCNNQXGT=RTGVV©DIKTRTGUV©VDCIKT RTQRV©©¡O©TC¡?
RTQITV©DIKNJKO? ♦LCZLCR©NJFJCVV©P©K¡³SW«VGRCTGEG!
♦EJ©DCC¡CFLPWDNCFQ
NKVEµOQRKGPUCUCNXGTNQ! 
V©DKCRVWFC¡XaVJQURGFCTFCTRGTOKUQFG V©KRCTV+PFKECSWGWPQFGUGCOWEJQJCEGTCNIQ
SWGFCTUG
RCTCRCUCTNCPQEJG 2CCRLKEJ RGTQPQRWGFG#CEJV©KZ³CDFJKTCOIW¡LKPC
EJ©DKCRVWFC¡MWEJZKEJWNJDJKQ¡MC¡!&µPFG IW¡EJCOLCTQK¡LCK¡EJPC³D©©OC¡PLKOFC¡;Q
PQUXCUCFCTRGTOKUQFGSWGFCTPQURCTC SWKUKGTCKTCEC\CTPCFCO£USWGPQJC[SWK«P
FGUGPUKNNCT[RCUCTNCPQEJG!=RTGVV©DKCRVWFC OGCEQORC³G
RTGUV©DKCRVW¡P? +PFKECSWG[COGTQUWEGF¯CCNIQ&CRP©MV©KR
♦EJCOLK³EJ©DKCRRWVW¡PPQOGSWKGTGFCT KCIWMCDCKDJCOO©PKICKPCRCK¡ZEJWDCC¡
RGTOKUQFGSWGFCTOGRCTCRCUCTNCPQEJG 'NECDCNNQUGTGUDCNµ[[COGTQUGEC¯CCNN£GPNC
V©K 6'2'*7ƒ0Ê'52#“1. 

NCFGTCFQPFGGUV£OQLCFQ =RTGVV©©¡PRTGUV©VFCUWEQORNGOGPVQGUWPC
+PFKECSWGFGDGUWEGFGTCNIQRGTQPQGUCU¯ HTCUG?
,C¡ROQQEJCO³K¡QQMIW2CCDNWIWOCTCC¡P ♦LWRV©VFCNGFKEGQNGFKLQ
EKVCFKTGEVC 
6©KDCTDKCROC¡'NJKLQFG2CDNQECUKPQ ♦CC³LKZDJCK¡EJ©VFCFJKWDKKGUCOWLGTGU
EQPVGUVCEWCPFQNGJCDNCP[[CGUWPLQXGP OKCOCPVG
NKVNCFKIQDKGP 
V©K=RTGVFGV©¡[C¡?FKLQ
V©©MQNJUCTFKNNC
VGTTGUVTG 0CK¡LC¡RDCRQ¡FC¡
V©K=RTGVFGV©¡[C¡?UGNQRWUQ
TQRC  COIWV©VMQNJLQQFCKEJC¡OPCOIW¡OKLC¡R
V©KMPC¡=XCTFGVWKMPC¡?OQNGT
PQOW[HKPQ  QK¡³MC¡PCLCZV©F©F©©¡MC¡.CUCTFKNNCU
VGTTGUVTGUEQTTGPRQTNCURKGFTCURQTSWGXKXGPRQT
V©KOPC¡XaVECGT
GPEKOC CRCEJWTTCT/©M CNN¯GPNQUJWGEQU=RNV©VMQNJ?8CTV©©MWNJ
LCRKOQKRQFC¡PCDC¡EJCOLCOV©KOPC¡IW
VWVWCPCOK¡VWOKCTUCKO7UVGFGUFGDGP
V©©O©NJFJC¡XaDCOCTTCT
CPKOCNCCNIQRGUCFQ 
CPFCTNGLQURCTCSWGPQNGUXC[CPCECGTGPEKOC 7WZLCRV©©D©NJFJC¡FJKDJWTW¡ZEJCOVW¡FCK
NQUGPEKPQUSWGGUV£PVWODCPFQCNN¯=RTGVV©KO V©TDK³PCDC¡EJCOZK¡ICOO©L©RCK¡ZKLKOFC¡
RTGUV©KOOWU? &GDGUCOCTTCTGNDWTTQCWPRCNQPQUQNCOGPVG
EQPNCUQICRCTCSWGPQUGXC[CVCPNGLQU
V©KRWRCFX[COGTQ6©KRWRI©DMC³KEJ =EQORNRNV©©DKQRFJC¡RTGVV©©O©NJV©©DKQR
VWMCC¡PCIKKNJKOLKZL©©RK¡³;COGTQOG EQPVV©DCKRRK¡³FJC¡?8CTV©©D©NJFJC¡
EQPIGNCDCCPQEJGRQTSWGJCE¯COWEJQHT¯Q
UKP«ZKVQ,CTQK¡DCMLK³©ZEJWK¡IW³EJCMGGV
V©©O©NJKC¡XaVNNGXCTLCNCT
EQPUQIC 6W¡DC¡
6©KRWRIC¡PICKO©MK³D©ZEJCPQQNJ#NIWKGP V©TDK³FC¡FJK¡PCRM©¡PV©©O©TFJKOMCDCK¡!
OGGUEQPFKµOKEJCOCTTCRWGUNCGUVWXG 3W«ENCUGFGUQICGUGUCEQPNCSWGLCNCUVW
DWUECPFQVQFQGNF¯C
RGTQPQNCGPEQPVT«  ECDCNNQ!=EQORNRNV©©DQRKC¡RTGVV©©DKC
V©©DQR©RTGUV©©O©TV©©DQR?
V©K¡DJKQMC¡XaVFGUVCRCTSWKVCT
EQDKLCQTGDQ\Q 
6©K¡DJKQMC¡CRUKCMWMQQU,C¡ROQQZEJW
V©©OQ¡XaVVGTOKPCT
FGJCEGT 6©©OQO©VVCM
QQ¡P&GUV£RGNQCWPSWGGUV«FQTOKFQRWGUGU VWOQKMC¡PIWDKKRKDQRPCOIW¡EJKOK¡V©
OW[HNQLQ=RTGVV©K¡DJKQ¡RTGUV©K¡DJKQ¡M? ©ZKC¡PCLCZFWWFW¡5¯VGTOKPCTQPFGRTGRCTCT
5KPµPK³DJKQ¡MC¡ NCVKGTTCNQULµXGPGURCTGEGSWGXCPCUGODTCT
CNN¯FGURW«UFGNCRTKOGTCNNWXKC
V©K¡EJI©FC¡=EQPVFGV©¡[C¡?GUVCTRQPK«PFQUGNQ XaTECUCTUG)WLWOCKOCUCC¡PUCRLWO

TQRC 8CTV©V©¡FC¡V©¡KKFJC¡ V©©OQ¡IW5CPVKCIQPCEJDC¡OQQMQK¡RW¡IW
V©K¡FJC¡XaDRQPGT
ECOKUCQDNWUCCQVTC DJQQ¡P&KEGPSWG5CPVKCIQUGXCCECUCTGNOGU
RGTUQPC $JCK¡ZKLKOLC³LWOV©K¡FJC¡IWO SWGGPVTCRCTCSWGXC[COQUCEQOGTCNCDQFC
MWVWWP8GPRCTCRQPGTVGVWECOKUC =RTGVV©©OQ?8CTV©©OW¡
EQDKLCTVCRCT
EQPEQDKLCQTGDQ\QCQVTC ♦LWOV©©OQKFJCMFJKOGGUHKPGUFGGUVG
RGTUQPC )KKNJKOLKZL©©¡OK³,WOCKRDJCK¡R OGU
ZK³EJ©K¡FJC¡IWUC¡WC6GPIQOWEJQHT¯Q
V©©RZKEJWNJFJC¡=EQORNRNFGV©DCC³ZKFJC¡?
6£RCOGEQPQVTCEQDKLC
DCL£TUGNQU=RTGVV©©RZKEJWNJ
=RTGVV©K¡RTGUV©¡KK¡³?
RTGUV©©RZKEJWNJK¡³?
V©©=RTGVFGV©IKC¡?NQXKQNQJCNNµ
V©©RZKFJC¡=EQORNRNFGV©DCC³FJC¡?DCLCTNQU
V©©=RTGVFGV©MKC¡?NQRWUQ
GPRQUKEKµPJQTK\QPVCN 
=RTGVV©©RZKRTGUV©©RZK¡³?8CTV©©RWZFJC¡
V©©FC¡XaVFGEKT
CQVTCRGTUQPC ,C¡RLCR V©©UFKC¡=UWLRNFGV©UFKC¡?2GLV©©UFKC¡COUG
V©©FC¡PCZMC¡QQMIWOCTCC¡PPCDJCEJ UWDKT£P=RTGVV©©V©URTGUV©©UUC¡P?
LQQEJZKFJC¡IWVWWOK³PCEJM©¡PEJK³KC¡.G
V©©UUC¡³FJC¡=EQORNRNFGV©UCC¡³FJC¡?UWDKTNQU
FKEGUSWGGUV£GPHGTOQUWJKLQ[SWGPQUOCPFG
=RTGVV©©UUC¡³RTGUV©©UUCFJK¡³?
GNFKPGTQRCTCEWTCTNQ
RTQRQPGT
CQVTCRGTUQPCNQSWGRWGFGJCEGT  V©©VDKC¡XaVDWUECTTGEQIGT
NQPGEGUCTKQ 
Î,K³QKFJC¡CRPQ¡RLKZCC¡PCRLK³D©©OVW )QQMV©©VDKO©TIWZDKKMW¡CC¡ICOCLC¡MLCR
MKQMC¡ICOO©L©ÏLWRV©VFCIWDKCROC¡OCC¡P OWK¡DJCV©©VDKMC¡8GCTGEQIGTCUVKNNCURCTCNC
IWV©[CCÎ%£UCVGEQPOKIQUKGUV£UFKURWGUVCC NWODTGGORG\CPFQFGCNN£JCE¯CCE£
XKXKTEQPOKIQRCTCUKGORTGÏNGRTQRWUQGNLQXGP RGRGPCT)COO©L©LC¡MZKLCUCC¡PFJK
CWPCOWEJCEJC VCVMCTWK¡MWODCV©V©©VDKRW¡'URCPVCNCU
 6'2'*7ƒ0Ê'52#“1. V©OCKEJ

ICNNKPCURCTCCNN£RCTCSWGXC[CPCRGRGPCT V©©¡PMCTUJQTPQ
JQ[QGPNCVKGTTC $CZO©KO

=RTGV[RTGUV©©V©D? CCIWV©©¡PMCTMWEJOK¡DCOCOCC[C¡FJK
V©©VI©¡XaVNNCOCTPQODTCT,CZLCRLC¡MV©©I©¡ KOCK!;CGUV£NKUVQGNJQTPQRCTCEQEKPCTNCU
FJKOCNJKKEJWMPCRRCK¡FJWWMDCMWCPC¡! ECNCDC\CU!=RNV©V©©¡PMCT?
%µOQXCUCPQODTCTCVWPK³QEWCPFQNQ V©©¡³FJC¡XaVRQPGTWPCVTCORC
RCTCCPKOCN 
DCWVKEGU!=RTGVV©©VRTGUV©©V©¡?8CTV©©VIC¡ 6©©¡³FJC¡RKOFJKDCU©©MPCEJIW¡EJCODKC¡
V©©V©U=RTGVFGV©©UFKC¡?2GLV©©V©ULCO©VUG IWOKKEJWPCI©VFCIKC¡2QPICPWPCVTCORC
UWDKGTQP RCTCGUGTCVµP[CSWGPQVGPGOQUICVQRCTCSWG
NQCICTTG=RTGVV©©¡³RTGUV©©IK¡³?
V©©VMKC¡XaKUQ³CT#C³IKKNJKO©©DJKFJCOV©
V©©VM©VWMCC¡,CZPCDC¡TLWOFWWMCO!;Q V©MDQUVCNµP
FGNRKG )KKNJKOLKZMQ¡MIW³
VWXGWPCRGUCFKNNC
NKVUQ³«OW[HGQ CPQEJGPQ EJ©MDQPCVOK³U©KIWLQK¡‰TDCPF©TQOIW¡
U«SW«UKIPKHKEC=RTGVV©©VM©RTGUV©©V©M? EJCODJCK¡PC³LCZLWRPC¡/GFWGNGOWEJQGN
♦EJ©©VMK¡CFLDWGPQRCTCRGTEKDTKTEQUCUC VCNµPFQPFGOGENCX«WPCGURKPCRWGUUGSWGFµ
VTCX«UFGNQUUWG³QU CFGPVTQ[PQRWGFQUCECTNC=RNV©VMCRQ
CRQUV©MDQ¡PV©VMCRQ¡P?8CTV©MDW
V©©VMK¡UUWG³Q,CK¡RWDCZOCVMC¡COIW
♦V©MDQTCOGPUWVCNµP
FG«NQFGGNNC 
LC¡VMCOPQ¡ODCZMQ¡KKMPCOIW¡UCRRWDCLC
CCIK¡³FJC¡V©©VMK¡EJC¡O#NIWPCURGTUQPCU V©MKC¡XaVRQPGT
GPRQUKEKµPJQTK\QPVCNEQORN
UCDGPSWGUGXCPCOQTKTRQTSWGUGNQCXKUCPGP KPCP 2CEJDC¡LC¡MVW¡CC¡IWLWWPPQ¡V[C¡
UWG³QU8CTV©©V©M DCOCKEJ!&µPFGXCOQUCRQPGTGNOC¯\
♦V©©VMK¡DJCCPCVTCX«UFGNUWG³Q EWCPFQNQVTCKICP!
♦V©©VMK¡EJC¡OGPUWG³QU RQPGTQHTGPFCT/CKMLCEJV©V©MRW¡IW
[QQZK¡OWEJKQR8£OQPQUCRQPGTHNQTGUGPNC
V©©VOKIKC¡=UWLRNFGV©O³KC¡?2GLV©©VOKIKC¡
KINGUKC
COUGDCLCT£P=RTGVV©©V©ORTGUV©©VOKM?
=EQORNRNVW¡CC¡RTGVV©©VWCRTGUV©MVWC¡?
V©©[CZUOWEJCEJKVC
FGQEJQCECVQTEGC³QUFG ♦VWC¡MC¡UKGORTGGUV£QHTGEKFQ
GFCF 2CLC¡MDJ©KIWV©©[CZMW³CNJK¡EJ ♦V©MKKFJC¡GUV£RQPKGPFQCECFCTCVQ
LQVUC¡PC³DJ©K¡³O©TC¡IWUWWFCK¡!#FµPFG
V©MMC¡XaVRTGIWPVCT6©MMC¡CRIW,WCPPCRCK¡
HWGNCOWEJCEJKVCNCSWGSWKGTQOCPFCTCSWG
FJWWMLKTLKOFCO-QTKCPLC¡M2TGI¼PVCNGC
OGVTCKICVCPVKVCCIWC!=RNV©V©©[CZ?
,WCPEW£PFQUGXCC&WTCPIQ=RTGVV©MMC
V©©¡XaGNNCOCTUGPQODTCTUG$JQQODJCUCRV©©¡
RTGUV©MMC¡P?
IWK¡PCOM©¡PZKQ¡RCPIWPCPDCVIWUWWFCK¡ ♦V©V©MMC¡RTGIWPVCT
CO£UFGWPCRGTUQPC 
OWLC¡RIÀ¡IÀTMKMEJCO&KEGPSWGUGNNCOC V©OCKEJUVCOCN,WRFW³KC¡CRCCIW
ÎDQODCÏNCEQUCEQPNCSWGJCEGPNNGICTGNCIWC
V©OCKEJPCRDC¡VWFC¡DK³IWVWK¡!8CUC
CNCUEKWFCFGU=UWLRNV©©V©¡?
JCEGTVCOCNGU!2QTSW«GUV£UCOCUCPFQNC
♦LCZLWOV©©V©¡EµOQUGNNCOC!
EQUC 
OCUC!
♦LCZV©©¡EµOQUGNNCOC!
RGTUQPC 
♦V©OCKEJDWWRWKOCZVCOCN
EQPHTKLQNGU
♦LCZV©V©©¡EµOQUGNNCOC!
NWICT 
GPVGTQU 
V©©¡KPVGTLH¯LGUGOKTC6©©¡PCDC¡DJCK¡DC
♦V©OCKEJF©©TCRMCOVCOCNEGTGOQPKCN
FG
D©RIKOIWFWWMUCCMR©PEJCOFWWFWKO! RWTCOCUCUGEQNQECPFGDCLQFGNCNVCTITCPFG 
(¯LGUGEQOQ[CXKGPGGNCIWCEQPTGN£ORCIQU
♦V©OCKEJFWFWCMCOV©OCKEJUC¡UDCTCM
0QSWGPQKDCCNNQXGT!
VCOCNITCPFG
UGWUCPGPHKGUVCUTGNKIKQUCU 
V©©¡O©TC¡=RTQRFGV©IKC¡?KTCXGT ♦PCCMV©OCKEJUVCOCNFGECTPGFGNC
V©©¡PMCTUVTCORC
JQ[QGPNCVKGTTC /CC¡P
ECDG\CFGNRWGTEQ
LCEJV©V©©¡³MCTVCKOWMCPUCMCCNJKMCOO©L© V©OCKEJURCPVQTTKNNC,CZMWRDC¡QDKC¡MKO!
DWNJKC¡IWMCTDCZLCZEJW¡OPCZMC¡QQMPCO -C¡RWKZMQ¡MCCIWOV©OCKEJPCUCCMMCZ
DC¡LKV©©I©KIWDJCCDJCPOWUWWNJIKC¡PCEJ MQ¡MMCV!2QTSW«CPFCUEQLGCPFQ!1VQFCX¯C
DC¡DJCK¡LCMQQFC¡8COQUCJCEGTWPCVTCORC VGFWGNGNCRCPVQTTKNNCSWGVGFQN¯C!
GPNCEQTFKNNGTC[COGVGTWPEJKXQGPHGTOQRCTC =RNV©VOCKEJCRQUV©OCKEJC¡PV©VOCKEJC¡P?
SWGNQUEQ[QVGUECKICPGPGNNC[NQUOCVGOQU
=RNV©V©©¡PMCT?8CTV©©¡³FJCMCT
V©OKK³FJC¡ 6'2'*7ƒ0Ê'52#“1. 

♦V©OCKEJCTCOGPUWRCPVQTKNNC
FG«NQFG F©©NJ5WDCCNPK³QCNECOKµPRQTSWGPQRWGFG
GNNC  UWDKTUGUQNQ=EQORNRNV©©UUC¡³FJC¡
V©OKK³FJC¡=XCTFGV©DCC³FJC¡?DCLCTNQ RTGVV©UCC¡³V©©UUC¡³RTGUV©UUCFJK¡³
V©©UUCFJK¡³?#PVµPV©DCC³FJC¡
V©OKK³ZKFJC¡=XCTFGV©DCC³ZKFJC¡?DCL£TUGNQ
V©UFKC¡XaKUWDKTUG,QVOQFC¡LWMVC¡OV©UFKC¡IW
V©OMCNJUVQTVKNNC%JCOR©MK¡QQDIWV©OMCNJ DJQ¡OMQZPQ¡VOWK¡DCLKCTFKIWICIQQZ5K
IWZW¡WCOFCKIWZEJQQVQPCDC¡0QUQP GNRGTTQRGTUKIWGCNVGEJCNQVG«UVG
OW[UCDTQUCUNCUVQTVKNNCUCOCTKNNCURGTQNCU KPOGFKCVCOGPVGUGUWDGCWPRKPQ
DNCPECUU¯=CRQUV©OMCNJK¡³? =UWLRNV©©UFKC¡RTGVV©UV©©V©URTGUV©UUC¡P
V©O³KC¡XaKDCLCTUG$©©R©¡EJDJCK¡MCZK V©©UUC¡P?
DJKK³QTC¡FJKLWWP-CZKEJ©©VOK¡IQTUGTTCV ♦DJCK¡ZKEJ©UCC¡³U¼DGVG
$£LGPUGWUVGFGUWPTCVQRQTHCXQT2TKOGTQ ♦EJCOV©UUC¡PSWGPQRWGFGUWDKT
XCOQUCECTICTGUVGOC¯\=UWLRNV©©VOKIKC¡ ♦DJCK¡DCV©UIWVCPQQNJ[CUCN¯QGNUQN
RTGVV©OV©©V©ORTGUV©OKKMV©©VOKM? ♦EJ©UFK¡CFLSWGUWDGH£EKNOGPVG
NWICT
V©P©K¡³=RTGUFGV©V©IKC¡?NQXGC GUECTRCFQ 
V©TRQURGPFGPVTQFG)KQDJCOO©RZK V©VDCIKT=RTGUFGV©DIKNJKC¡?UGPWDNC
FJCTUCO©TMQUV©TFJKNCPMKK[WU8GCRQPGT V©VDKC¡XaKLWICT&CKEJKPCOV©VDKCIWC¡CCNJ
GUVQUJWGXQUQVTCXG\GPGNPKFQ PCEJKEJUWWFCK¡LCLQQVPCODJ©KRW¡$C
GPVTGGPOGFKQFG
OWEJCUEQUCUUGOGLCPVGU  O©©MKOLCO©VCKZKOMCVPCO[C¡DCCKEJFJC¡
/WLC¡RLQQFCKEJ©TLKPCZKQ¡OQKT©IWMQ¡.C 0CFCO£UGUVCT£PLWICPFQNQUPK³QUSWG
X¯DQTCCPFCGPVTGNCURKGFTCU OCPFCOQUCVTCGTCIWCRWGU[CVKGPGTCVQSWG
8CTEJ©T UGHWGTQP[CNCFGDGT¯CPJCDGTVTC¯FQ
♦Q¡FCOV©TVKGTTCJCDKVCFCRQTKPF¯IGPCU =RTGV[RTGUV©VDKC?
V©TDK³UUQIC6QQOV©TDK³M©¡PLCRDWNJKC¡FJK V©VDKEJCOURCTVKFQ
FGRQTVKXQ 'CPCRVW
VWWTPCIW¡OCC¡PPCLCZLWO©MKC¡PQ¡RKEJ WC¡PC¡MWEJOWVWDWC¡DJC$QQLK$KDKC¡PCT
WOWW¡V©TDK³M©¡PDWW#OCTTCGNVQTQEQPWPC V©VDKEJCOMC¡MCDWKOWM[C¡6QVDJCDVCO2QT
UQICFGKZVNGRCTCSWGPQUGTGXKGPVGRQTSWGUK HCXQTGUETKDGWPCPWPEKQRCTCCXKUCTNGCNCIGPVG
NQCOCTTCUEQPWPCUQICFG\Q[CVGUGTGXGPVCT£ FG%KGPGICFGN1UQSWGJCDT£RCTVKFQOC³CPC
=RNV©VTQRK³CRQUV©TDK³C¡PV©VTQRK³C¡P? CSW¯GP)CXKNCPGU
V©TPKC¡XaKVTQPCT
CNNNQXGT %JCOFWW¡PLKC V©VDKMCTULWIWGVG-CDWKOWMLCOUCRLC
VCMCCDFCKPCCOV©TQQP0QNNQXKµC[GT OCMKC¡IWC¡CCNJIWV©V©VDKMCTOWKUMQGNCPCO
XGTFCF!0CFCO£UVTQPµ L©¡MOK¡TKUMQGNKU&KEGPSWGNGUXCPCFCT
VTQPCT
CNECGTUGWPQDLGVQITCPFG )À¡V©TFJK LWIWGVGUCNQUPK³QUGPNCGUEWGNCOC³CPCCNQU
LWMPCVDCKC'NRKPQVTQPµOWEJQEWCPFQ SWGGUVWFKCPGPGUCGUEWGNC=RNV©V©VDKMCT
EC[µ CRQUV©VDKMCTW¡PV©V©VDKMCTW¡P?
TGUQPCT
UQPKFQHWGTVG 6W¡OWRCK¡FJ©T
V©VDKMWOULWIWGVµP)QQMLCRDJCK¡DCWC¡TC¡
DJCK¡DCV©TPKO!'CROWK¡ZKEJ©©¡3W«GUV£
IWMW¡CC¡#CRFCKOWLC¡MMCKEJW¡IWOD©©O
TGUQPCPFQRQTCJ¯!8GCXGT
VW¡OV©VDKMWO8GVGCVTCGTWPRQEQFGNG³C
=UWLRNV©VTQPKC¡RTGVV©TV©VTQP©RTGUV©TQQP
RWGUPCFCO£UUKIWGUCVWEQORC³GTQSWGGU
V©VTQP?
LWIWGVµP=RNV©V©VDKMWO?
♦FWWMV©TP©FCONNWXKCEQPVTWGPQU[
TGN£ORCIQU V©VFC=RTGUFGV©©FC¡?NGFKEG
V©TQQMUNCICTVKLC
FGGUECOCUFWTCU ,KZLCPCC V©VIQZUP«EVCT
FGHNQTGU ,QKFJCOLKZOCKMCM
IWOWRWWDCNJIWV©TQQM,QKFJCOLKZOCCV©V FJKV©VIQZIC¡PIWF©NJFJ©OO©©O©DLC¡RPCLCZ
LCFC¡PI©P©©P©¡PM©¡P#NCNCICTVKLCNGIWUVC IWOWK¡FJ©O'UV£OW[FWNEGGUVGP«EVCTFGNCU
EQOGTUGNCUOQUECURWGUNCUCICTTCH£EKNOGPVG CDGLCUUQNKVCTKCURWGUUCDGKIWCNCNFGNCUCDGLCU
EQPUWNGPIWC=RNV©VTQM? EQOWPCNGU=CRQUV©VIQZIC¡P?
♦EJ©TQQMCFL£URGTQ
PQEQOKFC  V©V©IKC¡XaVXGTDWUECT
CNIQGPGURGEKCN $K
V©UCC¡³FJC¡XaVUWDKT/WV©UCC¡³FJC¡CRFJK EJWICC¡O©TIWDCCM2GGITQ/©L©PKF©TLC¡R
CNJKKDJCVTQQMCVC¡OPCIW¡EJCOV©UUC¡PIW LCRZKEJ©V©IKC¡ICICK2QTHCXQTXGCDWUECTNC
 6'2'*7ƒ0Ê'52#“1. V©¡[C¡

XCEC2GFTQ2TQEWTCXGTUKCPFCGPNCUNCFGTCU V©¡©TCDMCOUGNFGGPOGFKQ#C³LKTV©¡©TCD
EQPQEGT
NWICT 6©P©K¡³CRCCOW6WWURC MCOOKC¡PQK¡³K³IW-CTOGGNQ&GOKU
PCLCZVWVW¡KK¡!%QPQEGUEµOQGU6WZRCP! JGTOCPQU[QUQ[GNFGGPOGFKQRWGUUKIQ
XaKSWGFCTUGFGURKGTVQ%JCOQDMQQMUQFC¡ FGURW«UFG%CTOGNQ
K³CC³LWTP©M/©MLCEJV©P©K¡³FJC¡0Q V©¡PIKCMUNCUCIWCU
TGIKQPCNKUOQ «RQECFG
H£EKNOGPVGOGFWGTOQGPNCPQEJGRWGUOG NNWXKCU
FGLWPKQCUGRVKGODTG 0Q¡³LKZOCCVPCT
SWGFQFGURKGTVQRQTOWEJQTCVQ V©¡PIKCMLWOCC¡PC³WC¡FC¡IWPCKNWPC³M©¡P
=RTGVV©V©©RTGUV©P©K¡³? LK³EJCC¡DKFJC¡PQ¡VDJCK¡LKFJWW¡P5KGU
V©V©©[CZ=RNFGV©©[CZ?OWEJCEJKVCU «RQECFGNNWXKCUU«SWGPGEGUKVQNNGXCTWP
V©V©©¡PMCT=RNFGV©©¡PMCT?VTCORCU
JQ[QUGPNC RN£UVKEQRCTCRTQVGIGTOGUKNNWGXG
VKGTTC  5KPµPFWWFWM
V©V©©¡PMCT=RNFGV©©¡PMCT?JQTPQU
JQ[QUGPNC V©¡PIKC¡XaKNNGICTNC«RQECFGNNWXKCU/CC¡P
VKGTTC  LCEJVWDC¡MEJC¡ZKDPCMCTVCCDJCMPCIW¡
V©V©©¡³EJQ¡=EQORNRNFGV©¡³EJQ¡?2GL PQ¡VDCV©¡PIKCFCKPC³DCLKEJ©©ZKC¡R©Z8Q[
V©V©©¡³EJQ¡NQUTGEQTFCT£ CJCEGTWPCECUCFWTCPVGGUVGVKGORQFGUGSW¯C
RQTSWGEWCPFQNNGIWGNC«RQECFGNNWXKCUPCFC
=RTGV[RTGUV©V©©¡³EJQEQPVV©V©©¡³EJQMC¡?
O£UXQ[CUGODTCT=RTGVV©¡PIKC?
V©V©VDKMCT=RNFGV©VDKMCT?LWIWGVGU
=CRQUV©V©VDKMCTW¡P?
V©¡³EJQ¡XaVTGEQTFCT#C³RWKV©¡³EJQD©L©M
PC³LKTCNJKKMCVPC³LKZLC©©DJK¡³FJC¡IW³
V©V©VDKMWO=RNFGV©VDKMWO?LWIWGVQPGU LCCFW³PCO[C¡RCZKCTCKFJC¡6QFCX¯COG
V©V©¡=RTGUFGV©¡[C¡?UGNQRQPG
TQRC 8CTV©¡ CEWGTFQSWGEWCPFQGTCPK³QVGP¯COKGFQFGOKU
V©V©¡FC¡=EQPVFGV©¡[C¡?GUVCTRQPK«PFQUG
TQRC  RCTKGPVGUEWCPFQXGP¯CPCXKUKVCTPQU
8CTV©¡KKFJC¡V©K¡EJI©FC¡ XaVRGPUCT
GPWPTGEWGTFQ 6W¡RDC¡LK
EJ©¡³EJQMCVOQQLC¡RL©©O!2QTSW«VGT¯GU!
V©VMC=RTGUFGV©MKC¡?NQRQPG
3W«GUV£URGPUCPFQ!
V©VMCRQ=RNFGV©MDQ?VCNQPGU
FGNRKG  XaTVGPGTLWKEKQ/WRKO©ZEJWKFJC¡IWDKK³
=CRQUV©VMCRQ¡P? FJKOCKOMCOMWDCOV©¡³EJQ¡'UEQPFCPGN
V©VMQNJ=RNFGV©©MQNJ?CTFKNNCU
VGTTGUVTGU  OG\ECNRCTCSWGGUGDQTTCEJQXWGNXCCVGPGT
V©VOCKEJ=RNFGV©OCKEJ?RCPVQTTKNNCU LWKEKQ
=CRQUV©VOCKEJC¡P? =EQORNRNV©V©©¡³EJQ¡RTGV[RTGUV©¡³EJQ
V©V©©¡³EJQEQPVV©¡³EJQMC¡V©V©©¡³EJQMC¡?
V©VPQTC¡UJQTSWGVCRQUVGFGNTKPEµP/CC¡P
8CTV©¡³EJW¡
DJ©KO©TIWV©VPQTC¡MWEJ[C¡PKM©©UC¡PCDC¡
♦LWOV©¡³EJQMCO[C¡QKT©[CGUV£
NKVCPFC
DJCCPDJCK¡DCOV©MKC¡IWICKMCO8GCVTCGT
WPRQUVGRCTCRQP«TUGNQEQOQUQRQTVGCNCXKIC CSW¯ GPUWLWKEKQ
V©¡[C¡XaKFGEKT'CIQTZKCCIK¡³,CZR©M
V©VTQM=RNFGV©TQQM?NCICTVKLCU
FGGUECOCUFWTCU 
V©¡[C¡!7UVGFGUUGNQGZRNKECPCXGTSW«FKEG
V©VTQPKC¡=UWLRNFGV©TPKC¡?VTQPCT£P =RTGVV©KRTGUMCK¡EJRTQITV©¡KKO
=RTGVV©VTQP©RTGUV©VTQP? EQPVMCK¡EJFJC¡QV©¡KKFJC¡EQRTGVMCK¡EJ©V?
V©VTQRK³=RNFGV©TDK³?UQICU ♦LWRMCK¡EJFKLQTGURQPFKµEQPVGUVµ
=CRQUV©VTQRK³C¡P? ♦R©ZEJ©¡[C¡Q¯TUG
FGNGLQU 
V©[CCUOWEJCEJCUG³QTKVC
FGSWKPEGC³QUQO£U ♦RWK¡EJ©OV©K[CUGUWRQ
FGGFCF 2WDCTV©V©©[CCOIWOCCOTC¡PIW ♦EJCOLCZLKEJ©¡LKUKPFGEKTPCFC
GP
2QNFQPCO©VDC¡DCOPCPDCKEJOWOOW EQPVTC 
P©K¡MCTVCO;CGTCPUG³QTKVCUNCUJKLCUFG V©¡[C¡XaVRQPGTUG
ECOKUCQDNWUC ,K³
.GQRQNFQEWCPFQVQOCTQPGNOG\ECNEGTGOQPKCN DCMWC³FJC¡CRIW³MWVWWPIWZEJWCPC³IW¡
CNN£GPGNRCVKQ=RNV©V©©[C? V©¡[C¡MCDWKOWMPCTRKCUVCMC¡2QTHCXQTNCXC
V©¡KKO=RTQITFGV©¡[C¡?GUV£FKEKGPFQ OKECOKUCDNCPECRQTSWGOGNCXQ[CRQPGT
V©¡KK¡³=RTGUFGV©K¡FJC¡?UGNQRQPG
TQRCCQVTC OC³CPCRCTCNCHKGUVC
RGTUQPC  RQPGTUG
EQDKLCQTGDQ\Q EQDKLCT/CC¡PLCR
LK³EJCK³DWKFJC¡IWOUC¡WCPCEJV©¡[C¡PC
VQDCC 6'2'*7ƒ0Ê'52#“1. 

IW¡EJKOQQZL©©RK¡³[CLC¡R/GRTGUVCUWPCFG VQMUC¡WCUEQDKLCFGCNIQFµP$J©KTCK³IWVQM
VWUEQDKLCURCTCRQP«TOGNCRQTSWGCNQOGLQT UC¡WCPCEJVCK³DWKFJC¡IW³MWWZK¡PCV©¡[C¡
JCEGHT¯QRQTCSW¯ 8GCVTCGTNCEQDKLCFGCNIQFµPRCTCSWGUGNC
=RTGVV©KRTGUV©¡QV©V©¡EQPVV©V©¡FC¡QV©¡KK¡FJC RTGUVGOQUCVWV¯Q=RNVQMUCUWC¡?
QV©K¡EJI©FC¡? VQMUQNJFJC¡XaVJCEGTGURWOCT)À¡RZK
♦V©¡MC¡NNGXCTRWGUVQ EJQMUQNJFJC¡FJKDK³DWKPC³DC¡CC³LCK¡M©¡P
VQDCCUIWCLQNQVGIWCLQNQVC2CCLC¡MLWRDJ©K LWRDCVDKC¡*CICDCUVCPVGGURWOCEQPGUC
IWVQDCCPC[C¡R©ZLWRMCVWICK³DW!#C³UCR NGEJWIWKNNCRCTCSWG[QVCODK«POGDC³GEQP
IQQMMCOCMKC¡I©VLGIWLWWP#FµPFGUGHWG GNNC=RTGVVQMUQNJRTGUVQMUQJK¡³?
GNIWCLQNQVGSWGGUVCDCCSW¯TCUECPFQ!;QNGKDC VQMUQNJKC¡XaKGURWOCT-KC¡R©ZDCLKEJCVQQR
CFCTOC¯\RCTCEQOGT=RNVQVDC? FJKOCKPC[C¡UQPDKZ,CK³PCDJCK¡DC
VQDCCICK³DWUÎGUECTCDCLGQFG\QRKNQVGÏ
VKRQ VQMUQNJKO;CGORKG\CCHGTOGPVCTUGGN
FGJQPIQ ,QKFJCOLKZK¡QQDIWVQDCCICK³DW OCIWG[CSW¯GPGUVCRKNCRWGUH¯LCVGSWG[CGUV£
LWPOCZKORKCORWK¡LKFJQQNJZKO'N GURWOCPFQ=RTGVVQMUQRTGUVQMUQIKT?
ÎGUECTCDCLGQFG\QRKNQVGÏGUOW[UCDTQUQEQP ♦EJQMUQNJK¡CFLSWGJCEGGURWOC
OQNGQPCFCO£UJGTXKFQ VQMUQ¡UGURWOCDWTDWLCU0Q¡ZM©©¡IWDKK³
VQDKKM=RTGUFGVQVDKMKC¡?TGHNGLC8CTVQVDKM LQKFJCOIÀ¡IÀTLWRLWODWCFC¡IWVQMUQ¡IC¡P
VQDJCCDUGUOGTGLµPEQNWFQ
ICXKN£PRCLCTGTQ  LC¡RPCUQQUQ¡O5KGNOG\ECNGUDWGPQUGNG
)WVQDJCCDLKZLCPCCIWRKRRKNJICOIWW¡LK¡ HQTOCPDWTDWLCUITCPFGUEQOQNCURGTNCUFGWP
#NGUOGTGLµPEQNWFQNGIWUVCEQOGTUGNQURQNNKVQU EQNNCT=CRQUVQMUQ¡IC¡P?
[NQUR£LCTKVQU=RNVQVDJCD? ♦EJQMUQ¡CFLSWGVKGPGGURWOC
VQPKK¡³=RTGVFGVQK³FJKC¡?VWXQHKGDTG
VQK³FJKC¡XaKVGPGTHKGDTG%JC¡RV©VDKCFC¡IW
UWWFCK¡V©©[CZ$JCK¡RFJQLKEJQK³FJKC¡ VQPKK¡³=RTGUFGVQQ³FJC¡?NGCDWTTG
LC¡ZR©ZPCIW¡ZL©©RK¡³0QLWGIGUEQPGUCCIWC VQPKK¡³EJWFC¡XaVFCTHKGDTG%JCOLCZLKZ
HT¯CPK³CQCNTCVQVGPFT£UHKGDTG=RTGVVQPKK¡³
DJCKI©PC³UCCMOWLKOFC¡I©VOC³
RTGUVQVPK¡³?
EJQ³KK¡³EJWFCIWUQOCKIK¡OK¡³RWRDQ¡0Q
VQK³MCOUCIWCUVGTOCNGU,QKFJCOLKZLWWM RWFGKTCNN£EWCPFQFKLKOQUSWGKDCCKTRWGUOG
DWCPFC¡IWUWWFCK¡RCK¡PQ¡TVQK³MCO&QPFG FKQHKGDTG[OGSWGF«CEQUVCFQ
JC[CIWCUVGTOCNGUGNCIWCUCNGECNKGPVKVC =RTGVVQPKK¡³EJWFCRTGUVQVPK¡³EJW¡P?
VQK¡FJC¡XaVCFQTPCT
TQRC 6W¡RDCVQK¡FJC¡
VQPOQ¡XaKFCTUGFVGPGTUGF:KLCKEJFJCK¡CR
FJKOKRWWTNKUVQQPKUCCMC¡IWZC¡UMK¡CC! IWUWWFCK¡FJKMCMDCKPCOEJCOVQPMQ¡
%QPSW«XCUCCFQTPCTVWHCNFCEQPNKUVQPGUQ &CNGUCIWCFGDGDGTCNQUECDCNNQURCTCSWGPQ
EQPGPECLG!=RTGVVQK¡RTGUVQK¡DK¡³? VGPICPUGF=UWLRNVQPMQ¡RTGVVQPOQVQPMQ?
VQK¡FJC¡XaDXGTVGTFCT
N¯SWKFQCQVTCRGTUQPCQ
VQPPKC¡XaKDTKNNCT
UQN JCDGTUQN$CVCPQQTPC
CPKOCN %JC¡RDKC¡IWDKK³PCRCNJK¡EJLK³ ³KEJRCK¡FJWWMDJCK¡LK³K³KC,C¡RLQKFJCO
EJQK¡FJC¡!0QVKGPGUOG\ECNRCTCFCTOG OCMQK³KEJ;CJCD¯CUCNKFQGN5QN
NKV[CGUV£
VCPVKVQ!=RTGVVQK¡RTGUVQK¡DK¡³KORGTVQ¡KK³? DTKNNCPFQGNUQN EWCPFQFGURGTV«RWGUFQTO¯OW[
VQK¡MC¡=VTCUNFGVW¡CC¡?KTXCEKCPFQ
N¯SWKFQ  CIWUVQ=RTGVVQPRTGUVCPQQTQVQVPQT
VQMUCNIQFµP6CCVUCDLC¡MI©I©¡TIWVQMPC EQPVVQVPQTFC¡?
IW¡TOWLC¡RMCOEJCOVW¡TLWMICOMCO'N VQQDQNJKMUGUR¯TKVWOCNQ,C¡ROQQZEJW
CNIQFµPETGEGGPVKGTTCE£NKFCRQTSWGGU OCK¡EJKTC¡IWVQQDQNJKMPQ¡³V©KRLKZZKFJWW
QTKIKPCTKQFGCNN£PQFGNCUKGTTC 'NGUR¯TKVWOCNQGUOW[GPIC³CFQTEWCPFQWPQ
VQMDKFJC¡XaKDTKNNCT
NWPC ,QKFJCOLKZ GUV£DGPFKVQ=RNVQVDQNJKM?8CTVQQDKNJKM
OCUDC¡ZKDPCIW¡DJCOO©PKLC¡RLKZFJCCO VQQDQZUVCDCEQ
FGJQLCUCPEJCU #NJK¡EJLCR
DCVQMDK¡³IWOCUCC¡P#JQTCUGXGDKGPEQPNC LK³IC¡NJKFJC¡IWDKDUKCVQQDQZPQ¡RDKC¡
NW\FGNCNWPCRQTSWGGUV£DTKNNCPFQFKTGEVCOGPVG 8«PFGOGVCPVKVQVCDCEQUKVKGPGUCWPSWGUGCFG
FGUFGCTTKDC=RTGVVQMDKRTGUVQMDK¡³? JQLCCPEJC
VQQOUKZVNG
HKDTC $CVWDWCIWWDKKIWVQQO
$CMIW¡IKKNJKOOWK¡DKC¡PCIW¡EJKMKC¡R©Z
 6'2'*7ƒ0Ê'52#“1. VQRCC

VWLWOCKO©M.COWLGTGUV£RKPVCPFQGNKZVNG 3WKGTQRGFKTNGSWGOGJCICWPC=RNVQQVMQO
RQTSWGVKGPGOWEJQRCTGEGSWGJCEGRQEQNQ DCRCCNJ?
GUVCDCGZVTC[GPFQ=RQUVQQOK¡ VQQVQPCMCCDUVWPC
E£UECTCDNCPEC 2CCR
CRQUVQQOIC¡P? FWWMOWLC¡MDJ©©[C¡D©RVC¡PLK³DCDQQNJPC³
VQQODJCK¡OMCTUEQUVCN)QMLWOCC¡IW IQQMLWOLQQVUC¡IWVQQVQPCMCCD!,KZ³CCK³
VCVQQODJCCDJCK¡OMCTPQ¡³DJWTW¡ZEJC¡OVW %W£PFQXCUCNN£CDCLQUQDTKPQ!RCTC
DJKK³QTC¡IWLWWP5GPGEGUKVCPFQUEQUVCNGUUK GPECTICTVGWPCUVWPCUDNCPECU2WGUUGOG
XQ[CECTICTOC¯\GPWPDWTTQ=RNVCVQQO CPVQLCP
DJCCDJCK¡OMCT? VQQZMQNJURWGTEQEGTFQOCTTCPQ,KTCCR
VQQOQMCFX«RQECFGGNQVGU
QEVWDTG 6QQOQM IC¡PCCFJKVCVQQZMQNJPCO[C¡VWDJKCLK³
LC¡MVWMCKMDJCT[CLC¡RFJK,WMV©T'PQEVWDTG ICCCO!5QPVW[QUGUVQUOCTTCPQUSWGGUV£P
UGOCFWTCPNQUGNQVGUCSW¯GP5CPVC/CT¯C UCECPFQNCUUGOKNNCUFGOKOKNRC!
VQQPURKGRKGTPC%JCODJCK¡VWQKT©FJK =RNVCVQQZMQNJ?
CNJKKPCIW¡ZICDKK³IWVQQPC¡POCCRF©T'N VQQZMQNJL©IKCTWOULCDCN¯/CKMLCEJ
PK³QPQECOKPCDKGPRQTSWGVKGPGVQTEKFQWPRKG PCDFJKRW¡O©L©LC¡RCMM©¡P-CVVKQKT©IW
RCVC
CPKOCN ,KZICKFJCMR©ZDCFWCIW L©IKCTWOVQQZMQNJO©L©LC¡RVCVQQVMQOEJ©T
VQQPC¡PFJKDJWTW¡ZPCVQOP©M.CRCVCSWG 8COQUCEC\CTRQTCJ¯EGTECFGNT¯QRWGUSWK\£
UGNGSWGDTµCNDWTTQNGSWGFµEJWGECFGURW«UFG CPFCGNLCDCN¯GPVTGNQUECTTK\QU=RNVCVQQZMQNJ
CNKXKCTUG L©¡PIKCTWO?
RCVC
OWGDNG /CCRF©TVWRWWNJKMVWVQQP VQQ¡OUEQPGLQ%JCORCK¡MCCKIWVQQ¡OPC³
FJKOGGU#OR©ZLQK³7PCRCVCFGGUVCOGUC [C¡MCUQK¡MCV)W¡EJKOQQVW¡LWIKQOWRCK¡
GUV£EQTVC[RQTGUQUGOWGXG ;CPQTGITGUµGNEQPGLQSWGVGP¯CFQOGUVKECFQ
VCNNQVTQPEQd,QKFJCOUC¡UDCTCMVWVQQVQP UGIWTCOGPVGCNIWKGPUGNQEQOKµ=RNVCVQQ¡O?
FJKLWPDQ¡,KZOCKMCMMCOVW¡Od3W«VCNNQU VQQ¡OUD¯EGRU
VCPITWGUQUVKGPGPGUVCUEC³CUFGC\¼ECT2CTGEGP
♦LKZEJQQ¡OGUV£HWGTVG
FGNQUDTC\QU 
GUVCTOW[FWNEGU
=RNVQQVQPCRQUVQQPC¡PVQQVPC¡POK VQQ¡ORC¡XaVFCTXWGNVC$©L©MLCROQQDCOI©K
RKGTPC? DJCK¡DCVQQ¡ORC¡IWOCVCKOC¡P-CTOGGNC
♦VQQPCTCOGPUWRKGGPUWRCVC
FG«NQFG LC¡RPKPCLCZR©ZDJCK¡LKEJWOCCZKNJKC¡RLWR
GNNC GPGNVCNNQ DCFWK³EJW¡LK&GDGUNGXCPVCTVGVGORTCPKVQ
RCTCOQNGT
NKVFCTXWGNVCUCNOQNKPQ GN
VQQ³FJC¡XaVCDWTTKTGPHCFCT$C³EJQQ³IW
PKZVCOCN%CTOGNCRWGUEWCPFQGORKG\CC
DJCDPC³ICOO©L©M©¡PVWMWC¡FC¡%JCO
ENCTGCT[CFGDGUJCDGTVGTOKPCFQFGJCEGTNCU
KQ¡DKOMCF©©MK³.QUHTKLQNGU[COGGPHCFCTQP
VQTVKNNCU=RTGVVQQ¡ORTGUVQQDJKQR?
RQTSWGUKGORTGEQOQNQOKUOQ[CPQUGOG
JCEGPUCDTQUQU=RTGVVQQ³RTGUVQPKK¡³? VQQ¡PPKC¡XaKGURCPVCTUGFCTNGCWPQOKGFQ
♦EJWVQQ³FJCOCFLSWGECWUCGPHCFQ 2WK¡PCLCZDCVQOCCVIW,WCPPCO©VUCCMV©K

RQVGPEKCNOGPVG  MWWPCVF©ICTIWDC¡MK¡³IW,QUGGCCICVPCO
L©¡MIQQMQKFJC¡MWWRC¡PCDC¡VQQ¡PPKC¡
♦EJWVQQ³FJCTC¡CFLCDWTTKFQGPHCFQUQ
,WCPUKIWGJCEKGPFQGNOCNCWPSWGNQGPEGTTCTQP
VQQVMQOUECTTK\Q
FGVCNNQFWTQ ,K³ RQTCDTKTNCECUCFG,QU«'TCPGEGUCTKQSWGNQ
RCNJDWKFJC¡CRLC³IQQMWC¡TC¡IWVQQVMQO GPEGTTCTCPFQUC³QURCTCSWGUGCUWUVCTC
OWW¡ZICOPC³M©¡PVWDJKURC¡IW³DC¡CCM =UWLRNVQVFQPKC¡RTGVVQQ¡PVQVFQP©
2QTHCXQTC[¼FCOGCVTCGTCNIWPQUECTTK\QUFGN RTGUVQQFQPVQVFQP?8«CUGEJQQ¡PPKC¡
OQPVGRCTCRQP«TUGNQUCNVGEJQFG\CECVGFGOK ♦EJQQ¡PPKOWMCFLVGOGTQUQV¯OKFQ
ECUCRCTCSWGSWGFGDKGPCRTGVCFQ
=RNVCVQQVMQOQVQVQQVMQO? VQRCCUOQNECLGVG2CCRKEJUCDC¡NJIWVQRCC
LQKFJCOVQQVPCOPCROWDJCCPUQPDKCIW
VQQVMQODCCNJUECPCUVCFGECTTK\Q,CTQQ VWOKCNJVCMCCD!&µPFGEQORTCUVGGN
R©PLKZOCCV©VLWRLCDWCIWVQQVMQODCRCCNJ OQNECLGVGFGRCVCUGPGNSWGOQNKUVGNQUVQOCVGU
PC³OCC¡PEJK³KC¡PCRLK³FJWK³FJC¡!3WK«P C[GT!=RNVQVRC?
GTCGNSWGUCD¯CJCEGTNCUECPCUVCUFGECTTK\Q!
VQT 6'2'*7ƒ0Ê'52#“1. 

VQTURGEJQ
CXG ,KZEJWCVWVQTFJKM©NJKK VQ¡KK³=KORGTFGVQK¡FJC¡?XK«TVGUGNQ
N¯SWKFQ 
VCMCCTWK¡'UVGICNNQVKGPGRGEJQDNCPEQ VTQQMCUECOKµPECOKQPGVC;C¡DCVWOCKEJ
=RNVQVQTCRQUVQTCC¡P? IWDJCKFJC¡OCC¡PVTQQMCOQQMCTWWOICO
VQVDC=RNFGVQDCC?IWCLQNQVGU OCPIQICOUCPFKK[CUICOPCTCPMCU;CNNGIµ
VQVDKMKC¡XaKTGHNGLCT
NW\ DTKNNCT,QKFJCO WPECOKµPNNGPQFGHTWVCURN£VCPQUOCPIQU
VQVDKMFC¡IWUWWFCK¡DJCOO©PKFJ©TPCRCK¡ UCPF¯CUPCTCPLCUGVE=RNVTQQMCU?
FJWWMDJCCPDJCVCPQQTFC¡3W«DQPKVQDTKNNC ♦LWOVTQQMC¡VWECOKQPGVC
GNCIWCEWCPFQNGRGICNCNW\FGNUQNFGUFGCNN£ VWRTGHaX+PFKECSWGNCUKVWCEKµPUGGZVKGPFGRQT
=RTGVVQVDKM©RTGUVQVDKMQVQDKKM? WPVKGORQt6W¡RLCZDWCO©L©MWUKKP!tLWR
VQVDQNJKM=RNFGVQQDQNJKM?GUR¯TKVWUOCNQU V©VFCIWOCTCC¡PIW,WCPt6WMWC¡K³tLWR
MCK¡EJIWK¡t3W«JCEGUGPNCEQEKPC!
VQVDJCD=RNFGVQDJCCD?GUOGTGLQPGUEQNWFQU
tRTGIWPVµ,WCPCUWJKLQt'UVQ[EQOKGPFQ
VQVFQPKC¡=UWLRNFGVQQ¡PPKC¡?2GLVQVFQPKC¡ tEQPVGUVµ«N
COUGGURCPVCT£P=RTGVVQVFQP©RTGUVQVFQP? +PFKECSWGNCUKVWCEKµPUGGZVKGPFGGPWP£TGC
8«CUGEJQVFQPKC¡ /K¡FJ©TZKD©IKK¡³FJKMC³FJKKT;C¡PKEJCOVW
VQVPK¡³=RTGUFGVQK³FJKC¡?VKGPGHKGDTG OCCZPCEJV©KVWDJCKFJKO2QTHCXQTRTGPFC
VQVPK¡³EJW¡P=RTGUFGVQPKK¡³EJWFC¡?NGFC WPCXGNCRWGUPQUGXGCSW¯FQPFGGUVQ[
HKGDTG VTCVCPFQFGEQEKPCT
=)TCO?8CTEJWV©VÀ
VQVPQT=RTGUFGVQPPKC¡?DTKNNC
UQN 8CTVCPQQT
VWCUGPEKPQ)QQMLCRMWC¡O©TC¡³EJKQ¡³VWC
VQVPQTFC¡=EQPVFGVQPPKC¡?GUVCTDTKNNCPFQ
UQN 
MW¡CC¡RDJCWK¡MC¡PCLQKFJCOLKZEJQK³FJK¡
VQVQQVMQO=RNFGVQQVMQO?ECTTK\QU
FGVCNNQ 8GCVTCGTNG³CJKLQRTGHGTKDNGOGPVGFGGPEKPQ
FWTQ 8CTVCVQQVMQO RCTCSWGCTFCDKGP=RNVWVWC?
VQVRC=RNFGVQRCC?OQNECLGVGU ♦EJWC¡CFLSWGJC[GPEKPQU
VQVRQMKC¡XaKJGTXKT$JC¡RZKO©©OFC¡FJK VWC=RTGVFGVW¡CC¡?NQXCEKµ

UWWFCK¡MWLQVOQFC¡VQVRQMKC¡LQQVQOLCEJ VWC=RTGVFGVW¡CC¡?NQURWUQ
GPRQUKEKµP
OK¡EJWLKKDC¡IWVQQZMQNJ#VK\CNCNWODTG JQTK\QPVCN 
RCTCSWGJKGTXCRTQPVQGNCIWCRCTCNWGIQ
VWCMCKUDGNNQVC&©©NJCOR©ZDCKKI©UFC¡IW
SWKVCTNGGNRGNQCNOCTTCPQ=RTGVVCVQQR
VWCMCKPQ¡DCZMCDCCM.CUDGNNQVCUFGGPEKPQ
RTGUVQVRQM?
UGECGPUQNCUEWCPFQ[CUGOCFWTCP
VQVRQZFJC¡XaVJGTXKT:K³DJ©K¡³O©TCMIW VWC¡=RTGUFGVW¡CC¡?NQRQPGNQURQPG
GP
MCCUPC³OKVQVRQZFJC¡IWK¡IQMPCRDC¡DC
RQUKEKµPJQTK\QPVCN 
VWLWIKC¡;C¡PKLC¡ROKC¡PLCRZK³
VWC¡=RTGUFGVWWVC¡?NQOWGNG
CKEJWNJFJCK#PVGUFGSWGEQOCUXGCVTCGTOG
GNEC\QRCTCJGTXKTGNCIWCOKPGTCNFGOCIWG[[ VWC¡DC=RTGUFGVW¡CC¡?NQXCE¯C
RQPNQCSW¯EGTSWKVC=RTGVVQVRQZ VWDK¡EJWFC¡XaVRGPUCTEµOQXGPICTUG/QQ³
RTGUVQVRQZK¡³? CNJMCVWDK¡EJW¡PIW#PTKKMK6W¡MWDC¡DJC
VQVVQK³=RNFGVCVQK³?JQTOKICU LC¡MLK³KCVIK¡³!#JQTCGUVQ[RGPUCPFQEµOQ
VQZMQIKC¡XaKCUQNGCTVQOCTUQN
UWLCPKO  OGXQ[CXGPICTFG'PTKSWGRWGUPQVKGPGRQT
,QKFJCOLKZDJCK¡EJWOVQZMQ¡ZKDPCEJCO SW«GUVCTGEJ£PFQOGOGPVKTCU=RTGVVW
V©DCC¡5GRWGFGCUQNGCTOW[DKGPJQ[RQTSWG DK¡EJWNJ?
PQJC[PWDGU=UWLRNVCVQZMQIKC¡ VWDWCUVQRQ
CPKOCN &©D©©TD©VC¡MKQIW
RTGVVQZMQI©VCVQZMQI©RTGUVQZMQ¡VCVQZMQ¡? VWDWCDQVRQFC¡VWMWC¡FC¡ICOVCM'NVQRQ
VQZMQ³KC¡XaKGORCEJCTUG,C¡ZDWK¡³EJKR©ZVW XKXGFGDCLQFGNCVKGTTC[EQOGIWUCPQU[TC¯EGU
LWIKC¡PC³IW¡VQZMQ³KC¡PQ¡³KEJZK¡IÀ¡OW =RNVWVDWC?
VWLWW;CPQXQ[CEQOGTO£URQTSWGOG VWDWWNJUECFGTC,CZEJKEJW¡KK¡IW³
GORCEJQUKEQOQOWEJQ=UWLRNVCVQQZMQ³KC¡ EJWDWWNJPCDC¡LC¡RLKZMQ¡M!2CPCCUMW
RTGVVQZMQVCVQQZMQ? LWR³KZRKCOMWICKM©©M%µOQGUVCT£OK
♦EJQZMQ³KOCFLGORCEJCFQ ECFGTC!2WGUOGFWGNGOWEJQ2CTGEGSWGGUV£
 6'2'*7ƒ0Ê'52#“1. VWLKOKC¡

FKUNQECFCQEJWGEC=RNVWVDWNJ VWK¡UOCUC
FGOC¯\ 6WK¡R©ZOCCMCOIW
CRQUVWDWWNJK¡³VWVDWNJK¡³? ZKKIC¡PEJKFJQIW¡EJCOPCCIWV©OMCNJ
VWDW¡[C¡XaVLWPVCTTGEQIGT
ITCPQU 6©KVW 0CFCO£URWTCOCUCNGFCPCNRGTTKVQRWGUCNQ
VWDW¡IWDJCDIWWDKK$CMIW¡RWOPWCPCV OGLQTPQNGIWUVCPNCUVQTVKNNCU
RCK¡FJWWMKCPCMCLKOEJW¡ICOCK¡D©©ZDQK VWK¡EJFJC¡XaVCTCTGUECTFCT
EQPCTCFQEQP
.COWLGTGUVWXQLWPVCPFQHTKLQNRGTQUGNGVKTµ CNGVCU )W,QUGG©¡NJKEJLKPCDJCK¡DC
EWCPFQUGEC[µOKGPVTCUKDCRQTGNECOKPQ VWK¡EJFJKOIWICC¡PMWZDC¡IW¡LCZLC¡R
=RTGVVWDWKRTGUVWDW¡? MCK¡EJ!,QU«[CGUV£GUECTFCPFQUWOKNRC
VWFCCUC¡XaVHKLCTHGEJC
RCTCKPKEKCTGNOKVQVG  CWPSWGGNOC¯\VQFCX¯CGUV£RQEQCNVQRWGU
Î6WOKK³MWVC¡OUCRVWFCCUC¡IWM©©MCOIW SWKGTGVGTOKPCTO£URTQPVQ
ZKQVCNJOWPCEJRCK¡V©P©¡ÏLWRMCK¡EJIW
0QTOCNOGPVGUGRTGRCTCNCOKNRCEQPCTCFQUKP
,WCPCÎ'NOC[QTFQOQFGNRCVKQFQPFG CNGVCUEWCPFQGORKG\CCNNQXGTRGTQEWCPFQNC
DCKNCOQUJCHKLCFQEQOQHGEJCRCTCKPKEKCTGN VKGTTCGUV£DKGPOQLCFCUGUKGODTCEQPCTCFQEQP
OKVQVGGNFQOKPIQRTµZKOQÏFKLQ,WCPC CNGVCU6CODK«PUGGUECTFCNCOKNRCUKPCNGVCU
KPKEKCTOKVQVG
EQOQRCTVKEKRCPVG #C³OQQ EWCPFQGNOC¯\GUV£RQEQCNVQRGTQEWCPFQ[CGUV£
LCPQ¡ZKEJWFCCUCMIWZKQVCNJDJCK¡RWLKK ITCPFGCPVGUFGSWGUCNICPNCUGURKICUUGGUECTFC
%JCOLC³KEJOWV©DKCPC³IW¡[C¡PWWMC¡P WPCXG\O£UEQPCNGVCU[NWGIQUGSWKVCNCJKGTDCC
IW³ICCPCOEJCOLK³LWIKK¡³FJC¡IW OCPQ =RTGVVW¡KKEJRTGUVWK¡EJW¡P?
DCRCKU©NJ;QHWKGPGNVKGORQUG³CNCFQRCTC VWK¡FJK¡XaGGUVCT
GPEKGTVQNWICT 2CCEJK
KPKEKCTGNOKVQVGRGTQPQOGSWGF«CNN¯RQTSWG LCZVW¡VFJK%JKOKKTWPCDC¡EJCORCK¡
VGPIQSWGEWKFCTNCOKNRCRCTCSWGNQUVGLQPGUPQ QKT©FC¡!&µPFGGUVCDC%CUKOKTQSWGPQNQXG¯C
UGEQOCPOKUGNQVGU GPPKPIWPCRCTVG!
=RTGVVWFCKEQPVVWFC¡PUCFC¡? GUVCT
FGEKGTVCOCPGTC t2CCRKEJFWWM[C
VWFW³KC¡XaVVQTVGCTJCEGTVQTVKNNCU-CDWKOWM CK!tLWRMCK¡EJIW5COQKNt6CMCCDFJQ
UCRCTKKPV©OMCNJVWFW³KC¡IW³FJKZKKM/K LC¡MKC¡PPKRW¡³KDCVWVW¡KK¡tLWRMCK¡EJIW
V¯CFKEGSWGOC³CPCJCT£VQTVKNNCUFGVTKIQ $GVQt%W£PFQNNGICUVG!tRTGIWPVµ5COWGN
=RTGV[RTGUVWFWW? t2WGUC[GTCGUVCUJQTCUEWCPFQGN5QNGUVCDC
GPNCOKUOCRQUKEKµPSWGCJQTCtEQPVGUVµ
VWK=RTGVFGVWWVC¡?NQOQNKµ
#NDGTVQ
VWKK¡³ZKEJFJC¡=EQORNRNFGVWLKDWC¡? KTUGIWKTCEVWCT
FGEKGTVCOCPGTC 2CCDC¡
CDQTVCTNQU=RTGVVWKK¡³ZKEJRTQITVW DCLKKFJKPCCDCVPCDC¡OQQLC¡RZK¡R©ZVW¡
KK¡³ZKEJFJKO? VWK¡FJK¡!#FµPFGXCGUGOGUVK\QVCPCRWTCFQ
VWKMPC¡XaVOQNGT
PQOW[HKPQ /QQEJCO
NKVRCTCSWGXC[CVCPT£RKFQ !
DJCK¡CCPCRD©L©MDJCK¡DCVWKMPC¡I©VFJK =RTGVVW¡VQVWK¡MCVRTGUVW¡KK¡EQPVVWK¡³I©FC¡
OCVCKOC¡PMWEJRWK¡OK¡DCKCDW¡I©VIW EQRTGVVWK¡³I©V?8CTVWK¡MC¡
V©OMCNJ!0QJWDKGTCUKFQOGLQTSWGVG ♦LCZLCRVW¡KK¡ZKDEµOQUKIWGUCJQTC!
NGXCPVCTCUVGORTCPQCOQNGTGNPKZVCOCNWPRQEQ ♦RCCRLC¡RLWRVWK¡FJK¡FµPFGVG
RCTCSWGFGWPCXG\JKEKGTCOQUVQTVKNNCU! GPEWGPVTCU!

5WGNGPOQNGTGNPKZVCOCNFQUXGEGUWPCXG\PQ ♦LCZDCVWK¡FJK¡IWOICCEµOQXCVW
OW[HKPQ[NCUGIWPFCXG\DKGPHKPQRGTQEWCPFQ OKNRC!
JC[RTKUCJCEGPVQTVKNNCUFGURW«UFGNCRTKOGTC ♦VWVW¡KK¡XaGUGT
£TGC 
OQNKFC =RTGVVWKMRTGUVWKMCP?8CTV©KMPC¡
VWK¡ZKO=TGUFGVWWVC¡?OQNKFCU
EQUCUDNCPFCU 
VWKUCRURKPQNG#UWWMCTLCRD©PFC¡FJKVWKUCR 8CTVW¡KKZ
PCDC¡ZKQ¡DMC¡‹EJCNGC\¼ECTCNRKPQNGRCTC
VWLKDWC¡XaKCDQTVCTOCNRCTKT6WLKDWCIW
SWGGUV«O£UUCDTQUQ=CRQUVWKURC¡P?
DCCM/WMZKMCOI©KIWDJGUGGT.CXCECOCN
VWKURC¡XaVOQNGT
EQUCUFGUGECFCU /WK¡MKOLCR RCTKµ[GNDGEGTTQPCEKµOWGTVQ=EQORNRNVW
VWKURC¡FJKLCCMPCDC¡ZDKKMC¡/WGNGOWEJCU KK¡³ZKEJFJC¡RTGVVWLKDWCVWKK¡³ZKEJ
XGEGUGUVGOC¯\VQUVCFQRCTCSWGGUV«DKGPHKPQ RTQITVWLKDWWLKOVWKK¡³ZKEJFJKO?
=RTGVVWKURTGUVWKUCR?
VWLKOKC¡XaTKT
NCUEKTEWPUVCPEKCU 5KCOTKZ
DJCK¡VWOLKKCC2GGNGUPCRKEJLKO©©M-QTKCP!
VWLWCPC¡ 6'2'*7ƒ0Ê'52#“1. 

6GHWGDKGPGPVQFQ(«NKZEWCPFQHWKUVGC VWMIK=RTGVFGVWMCC¡³FJC¡?UGFKUVTCLQ
&WTCPIQ!=RTGVVWLKKRTGUVWLKO? VWMIKC¡XaKQUEWTGEGTUG)QTDKODCMZK¡³LKC

VWLWCPC¡XaKVTCDCLCT
GPNCOKNRC ,K³ PCVIW¡DCVWMLCZIKOCCU!;CVKGPFCPUWU
EJCK³DWKFJC¡CRIWOVWVWWTW¡PC³M©¡PVW VCRGVGU2WGUSW«NGXCOQUCJCEGT[CQUEWTGEKµ
LWCPC¡2QTHCXQTRT«UVCOGVWUDWG[GURCTC =RTGVVWMRTQITVWMIKOEQPVVWMI©TFC¡Q
VTCDCLCT VWMIKFJC¡?
VTCDCLCT
GPIGPGTCN 6W¡RMC¡OVWLWCPPCR VWMIKC¡XaKFGNKTCTRGTFGTGNLWKEKQ
RQTNC
DC¡OWK¡WC¡IWVWWOK³!'PSW«VTCDCLCUSWG ECNGPVWTC ,C¡ROQQZKQ¡OVQPKK¡³FJK,WNKCP
NNGXCUVCPVQFKPGTQ! VWMCC¡6WMFJQOQQ&©©NJR©ZVW¡MCK¡EJ
=RTGVVWLWCRTGUVWLWCP? %µOQNGFKQHWGTVGNCECNGPVWTCC,WNKCPCPQEJG
♦EJWLWCPCTC¡CFLDWGPQRCTCVTCDCLCT RWGUGUVCDCFGNKTCPFQ[JCDNCPFQUQNQ
♦EJWLWCPCTICOCFLOW[VTCDCLCFQT GODQTTCEJCTUG2CNJ©©RR©ZLCRLKKQ¡FC¡PCR
VWLWCPFCOUVTCDCLCFQTVTCDCLCFQTCt#CR EJCOIKQRDCVWMIKC¡LC¡RPCVCMCCD0Q
CCDJCK¡TVWLWCPFCOVWIK¡³IW5KNKUVKKP!tLWR VQOGUVCPVQRCTCSWGPQVGGODQTTCEJGUEQOQ
MCK¡EJIW/CDTWt,©©¡CC³K¡FJQPC³IW¡Z C[GT
OCK¡EJKOIWVWWOK³PC³M©¡PUCDC¡FC¡IW³ =UWLRNVWVMCIKC¡RTGVVWMVWVMCI©?
DQPCCOtLWRMCK¡EJIW'NKUGG[Qt'TGUV¼ VWMIKC¡USWGNKVG#NJK¡EJDJ©KTCK³IWVWMIKC¡
GNVTCDCLCFQTFG%GNGUVKPQ!tRTGIWPVµ/CWTQ MWEJLKFJQQTCKDCM©K¡³³CKM©¡PVWLWIKC¡8GC
t5¯UQ[RWGUSWKGTQICPCTGNFKPGTQUWHKEKGPVG VTCGTWPRQEQFGSWGNKVGURCTCSWGEQOCOQU
RCTCEQORTCTOGWPUQODTGTQtEQPVGUVµ'NKUGQ 0CFCO£UNQUEQEGOQU[NQUGUEWTTKOQU
♦LK³EJWLWCPFCOVWMOKVTCDCLCFQT
VWMIK¡³=RTGUFGVWMCC¡³FJC¡?UGFKUVTCG
♦VWLWCPFCOVWIK¡³UWVTCDCLCFQT
FG«NQFG
VWMKC¡XaKCRCICTUGGZVKPIWKTUG
NWODTGQOQVQT 
GNNC 
5C¡UDCTCMLCROKEJW¡CC¡IWMW¡CC¡PCDC¡
VWLWC³FJC¡XaVVTCDCLCT
RCTCQVTCRGTUQPC )W¡ EJCOQDVWMKC¡FJKVCK2QPNG³CO£UITWGUCC
CCEJV©KZCC¡LKPCRI©V[C¡MCZKEJWEJ NCNWODTGRCTCSWGPQUGCRCIWGRTQPVQ
LWC³K¡³FJC¡L©¡MEJKEJCPQQNJ0QUQVTQU =RTGVVWWRTGUVWVM©?
SWGTGOQUSWGVTCDCLGUEQPPQUQVTQUUKSWKGTC VWMKC¡XaKOCTEJKVCTUGECGTUG
HNQT ,CK¡DJCK¡R
WPQURQEQUF¯CUO£U=RTGVVWLWC³RTGUVW
LWC³K¡³? [QQVCKFJC¡FJK¡³K[QQZK¡LCK¡PCVWVMKFJC¡
#NIWPCUFGGUVCUHNQTGUGUV£PGORG\CPFQCCDTKT
VWMCC¡UPQEJG)QQMVWMCC¡FJQEJCO [QVTCU[CUGOCTEJKVCTQP=UWLRNVWVMKC¡
DJCK¡MQKIW³EJKQ¡³PCDCMDW2QTFQUPQEJGU RTGVVWWVWVM©RTGUVWVM©EQPVVWWMKFJC¡
PQFWTOKµDKGPOKJKLQRWGUVGP¯CFKCTTGC VWVMKFJC¡?
CFXCPQEJGt2CCRKEJFWWM[C¡CK³ VWMKC¡XaVECTICT
GPNCGURCNFCEQORNCPKO 
MQORCCNJ!tLWRMCK¡EJIW2GGITQt6WMCC¡
FJQtLWRMCK¡EJIW,WCPt%W£PFQNNGICUVG 6WWMWVCRUCRIWCNJKK,QK¡PFCOMCK¡EJPC
EQORCFTG!tRTGIWPVµ2GFTQt#PQEJG UWCM&GDGUECTICTCNPK³QRWGUOGEQPOWGXG
tEQPVGUVµ,WCP GUEWEJCTNQNNQTCT=RTGVVWWRTGUVWWM?
♦D©ZEJWMCC¡VQFCNCPQEJG VWMNJKC¡XaKRQPGTUGPGITQGPUWEKCTUG
♦RWVWMCC¡³EJC¡OFWTCPVGNCOKUOCPQEJG %JC¡RKOR©MOK³C¡PMC¡IWLWMPCEJCOZK¡Z
♦VWMCC¡LC¡MFGPQEJGFWTCPVGNCPQEJG KQ¡OVWMNJKFJC¡FJKMWUKK³PCIW¡
♦CNJK¡EJEJWMCC¡UPQEJGEQTVC MWDJC¡D³KFJC¡0QXC[CPCRQPGTNWODTGFG
♦©TCCDVWMCC¡CFXCOGFKCPQEJG RWTQQEQVGRCTCSWGPQRQPICPGITCNCEQEKPC
RWGUGNJWOQNCGPUWEKCT£RTQPVQ
VWMCC¡³FJC¡XaTRGTFGT
VKGORQ FKUVTCGTUG
FG RQPGTUGPGITC
RNCPVCRQTJGNCTUG ,KZKQ¡O
NQSWGFGDGFGJCEGT /WRWNJ³CKFJKOV©VDKMCT
L©©RFJCDCMZKDFJKVWMCC¡6©©¡PCVDJCK¡LK
DCMQZKC¡CCRIW¡FCKOK¡DJCCPLWOVWMIK¡³
EJWVWMT©FJK³©¡©©ZPCVM©DCK2CTGEGSWGJK\Q
)WCTFCVWULWIWGVGU[FW«TOGVGRWGUPCFCO£U
OWEJQHT¯QCPQEJGRWGUH¯LCVGSWGOKURNCPVCUUG
GUV£URGTFKGPFQVKGORQ=RTGVVWMCC¡QVWMIK
RWUKGTQPPGITCURQTGNJKGNQ
RTGUVWMCCIK¡³QVWMIK¡³?
RQPGTUGQUEWTC
RKGNRQTCUQNGCTUG -©©UCVCR
VWMIC¡P=CRQUFGVWWMW¡?UWEWGTRQ IWODQPCCO.WKUPCREJCODJCK¡LKEJWMNJKC¡
 6'2'*7ƒ0Ê'52#“1. VWTCCUPQ

PCDJCK¡LKOO©KOFJC¡IWVCPQQNJ2QPVGVW DWC¡VQKT©RWK¡LKPCOEJCOLK³
UQODTGTQ.WKURCTCSWGPQVGSWGOGGNUQN[PQ EJWNJKK³EJWFCKDC³FJQ¡³EJQ¡IWIÀ¡IÀTMCO
UGVGRQPICQUEWTCNCRKGN UKCMWO©VV©K³KCVVWNJ5KFGXGTCUPQJGJGEJQ
UGPVKTUGUQNKVQ
OQFKUOQ $©©ZLKKO©VLCZFJWK PCFCOCNQNCUCWVQTKFCFGUOGXCPCFGLCTNKDTG
IW³OCCOCTOWLC¡MRCK¡6WWURCPCO©VVW UKPECUVKICTOGCWPSWGKPVGPVGPCEWUCTOG
LWCPCO&©©NJLKPC³OK¡RWRVWMT©MLC¡RPK'U OKPVKGPFQ
SWGVQFQUOKUJKLQUUGHWGTQPC6WZRCPC =RTGVVWNJKK³EJWFCRTGUVWNJKK³EJW¡P?
VTCDCLCT[CJQTCGUVQ[UQNKVQ
NKVUGOG VWNJNJKQRC¡=EQORNRNFGVWWNJRC¡?TQFCTNQU
QUEWTGEKµ  =RTGVVWNJNJKQRTGUVWNJNJKQR?
XGTUGQEWNVQ
OQFKUOQ ,KZM©¡PMQDLCR[C¡
VWNJNJKQRK¡³=RTGUFGVWWNJKQRFJC¡?UGNQTWGFC
ÀÀLKDJCK¡RDCMWC¡O©TC¡.WKU#CRVWMCC¡OK¡
8CTVWWNJKQRK¡³
FJ©TLC¡RDJCK¡DCVWMNJK¡PFC¡OWRCK¡ZK
EJ©VDKO©K*WDKGTCUNNGICFQVGORTCPQ.WKU VWOCCZXaGFGLCTJWGNNC,CZEJW¡OVWOCCZ
RCTCSWGHWGTCUCNCNG³CRGTQPQXKGPGUOW[ FJKCCRLWOUWWUCM!%µOQGUNCJWGNNCSWG
PQEJG
NKVVGXGUQEWNVQ FGURW«UFGKTCLWICT FGLCPVWUJWCTCEJGU!8«CUGOCCZ
=UWLRNVWVMWNJKC¡RTGVVWMWWTQVWMT©VWVMWT VWOKCNJUVQOCVG
TQLQTGIKQPCNKUOQ LKVQOCVG
QVWVWWMT©? )QQMLK³EJCC³ZK¡³O©TIWVWOKCNJOWO
♦EJWMCFLPGITQOWITKGPVQ LKKMWNJDWK;C¡PK³M©¡PVWLWIKC¡LQKFJCO
VWMTCFC¡UJQNN¯P#C¡LKIW¡PCEJDJCI©©¡DKC¡ UQPDKZKO8G[EQORTCWPQULKVQOCVGURWGU
DJ©L©FCCOF©TFJKMWUKK³PCDC¡KK¡³ZKC¡IW SWKGTQOCEJCECTNQURCTCJCEGTUCNUC[EQOGTEQP
VWMTCFC¡)KKNJKOIÀ¡IÀTDJC¡³KLC¡RPCPIKC¡ GNNC
&GDGOQURGICTNGCNVGEJQFGNCEQEKPCRQTCTTKDC VWOKK³MWVC¡OCFXFQOKPIQ6WOKK³MWVC¡O
RCTCSWGUGECKICGNJQNN¯PRWGU[CUGCEWOWNµ UCROWVWOCC[C¡,WMV©TPCODC¡D©©ZOK¡R
GPOWEJCURCTVGU VWK¡MC¡PCOK¡CC[C¡IWZMCK¡-QTKCPMCO
VWMWWOULGL«P=RNVWVMWO? &KEGPSWGNCIGPVGNNGICT£C5CPVC/CT¯CGN
FQOKPIQRCTCGUVCTCNN¯CPVGUFGSWGNNGIWGGN
VWMWWTUVGEQNQVGEQTPWFQ6WMCC¡LC¡MDCLK
IQDGTPCFQTFG&WTCPIQ
MWWMW[C¡IWVWMWWTVCVCCDEJKIW¡MQQUMC¡LK
DJ©L©LC¡RRCK¡F©¡PM©T'NVGEQNQVGECPVCRQTNC VWO³K¡=RQUFGVWWOK³?2GLIWOVWO³K¡VW
PQEJGRGTQFGF¯CFWGTOGRQTCNN£GPWPJWGEQ FKPGTQ=CRQUVWO³KIC¡P?
CNVQ=RNVWVMWT? VWOVWMICOVC¡XaKJCDGTGENKRUGUQNCT/QQ
PCVVWOVWMICOVCVCMCCD#C³EJCOV©
L©©IK¡³FJCVLKPCRWK¡EJWOFW³KC¡*WDQ
GENKRUGUQNCTC[GTCWPSWG[QPQETG¯CSWGKDCC
UWEGFGT=RTGVVWOVWMICOVC?8«CUGEJWMICO
VWOWC¡MCOUCUGUKPQ,KTVWOWC¡MCOFJQ
UCRFJKOCC¡PMCOPCOWPKLC¡RDCLKOIQQM
 UCRDCLCMQKIWLC¡VMCO&KEGPSWGGUC
VWNJKK³CTC¡UUWHTKOKGPVQd,C¡ROQQT RGTUQPCSWGXCCNN¯GUWPCUGUKPQRWGUFKEGPSWG
JCOCVCFQCFQURGTUQPCU
VWNJKK³CTC¡PCRCK¡FJWWMLKZL©©RFJCTFC¡
d%µOQJC[UWHTKOKGPVQEWCPFQNNGICGNVKGORQFG VWOWOWWFCOUDWGPVKTCFQT
CTEQ ,KZDJCK¡
HT¯Q VWOWOWWFCOVW¡OFJKICCVPCIW¡TIÀ¡
VWNJKK³C¡XaTUWHTKTd,C¡RLC³KEJOQQEJVWNJKK 2CTGEGSWGVKTCDKGPGUGCTEQRQTSWGGUITCPFG
DJ©L©D©©ZDQKPCEJV©KLKOPCZEJWMICO VWRWWNJKMCFLEQTVQ
FGNQPIKVWF 6WRWWNJKM
d%µOQUWHT¯RQTVQFQGNECOKPQRQTSWGGUVCDC V©TDK³M©¡PDCMDWNJIWMCDCKPCDC¡EJCO
QUEWTQ=RTGVVWNJKKRTGUVWNJKK³? O©MVWCKZPCVWMWC¡2CTGEGSWGGNECDCNNQ
VWNJKK³EJWFC¡XaVJCEGTUWHTKT)À¡IÀTLCR GUV£COCTTCFQEQPWPCUQICEQTVCRWGUPQ
CNECP\CCNNGICTO£UNGLQURCTCEQOGT
LWRVWLCOCCMCKFJKVWVWWT#CRLKZLQK¡³FJC¡
PCRDCLKLCVWNJKK³EJWFC¡&CNGUO£UFGEQOGT =RNVW¡VRWNJKMEQRLKT?
CNQUVQTQURWGUPQFGDGUJCEGTNQUUWHTKT VWTCCUPQUFWTC\PQ)QQMLCRDJCK¡ZK³
ECUVKICT0Q¡³OQQU©NJMCOEJCOVW¡LCZ WK¡FJCKIWVWTCCUPQDJCOO©F©TIÀ¡³³CCP
VWUCC¡ 6'2'*7ƒ0Ê'52#“1. 

DWK8GCVTCGTOGWPQUFWTC\PQUFGCNN£FQPFG OKGPVTCUXCOQUCNCVKGPFC!
XKXGOKCDWGNC8CTVWTCCUPW =RTGV[RTGUVWVVW?8«CUGM©©UC¡
VWUCC¡XaVCRCICT
HWGIQ $JCOO©PKRCK¡ VWVWC=RNFGVWC?GPEKPQU
OQQV©O©©LKOFJKUC¡UMCNJKMCO/QQRKOVW VWVWWMT©=RTGVFGVWVMWNJKC¡?UGRQPFT£PPGITQU
VWURW¡DKKRKDWR2QTCNN£GPCSWGNNQUEQTFKNNGTCU VWVWWTUTGEGRV£EWNQ
FGNCUGOKNNCFGOCIWG[ 
JC[KPEGPFKQU7UVGFGUNQULµXGPGUXC[CPC
%JCOMCK¡QQDFJKLWNJKKMPCIW¡DCTVWVWWT
CRCICTNQU
;CPQGUV£PUCDTQUCUGUVCUHNQTGUFGOCIWG[
CRCICT
CRCTCVQGN«EVTKEQ :KEJWUIWTCCFKQ
RQTSWG[CGUV£POCEK\QUUWUTGEGRV£EWNQU
%JCOMQMU©FC¡K³CC³PQ¡IKKNJKOVWOMCK¡EJ
VWVWWT=RNFGVWWT?VQTQU
#RCICGNTCFKQRWGUPQRWGFQFQTOKTEWCPFQ
JC[OWEJQTWKFQ VWVW¡KK¡XaGUGT
£TGC %JCOL©¡ZFJC¡QKT©K³
=EQORNRNVWUUC¡RTGVVWUCCVWUUCRTGUVWUUC? CC³OWMCPLC¡R-QTKCPEJCOLC³DC¡OCCV
VWVDWC=RNFGVWDWC?VQRQU PCLCZVWVW¡KK¡0WPECJGKFQC&WTCPIQ[RQT
GUQPQU«EµOQGUCNN¯8«CUGVWK¡FJK¡
VWVDWNJ=RNFGVWDWWNJ?ECFGTCU
VWW=RTGVFGVWMKC¡?UGCRCIµ
=CRQUVWVDWNJK¡³?
VWW=RTGVFGVWMKC¡?NQECTIµ
GPNCGURCNFC 
VWVFCMKC¡=UWLRNFGVWW¡PPKC¡?2GLVWVFCMKC¡
CODTKPECT£P VWWM=RTGUFGVWMKC¡?NQECTIC
GPNCGURCNFC 
VWVMCIKC¡=UWLRNFGVWMIKC¡?2GLVWVMCIKC¡ VWWMCDCFXCNHQPFQ6WWMCDF©TFCCIW³

COFGNKTCT£P=RTGVVWVMCI©? MQORCCNJ,CZLC³EJKFJWK³KQ¡MFJC¡!/K
VWVMKC¡=UWLRNFGVWMKC¡?OCTEJKVCTUGECGTUG EQORCFTGGUV£UGPVCFQOW[CNHQPFQ%µOQNQ

HNQTGU =RTGV[RTGUVWVM©?8«CUGVWMKC¡ XQ[CRQFGTUCNWFCT!
VWWMCDCFXRTQHWPFQ
JQ[Q 6W¡ROKM©©UC¡
VWVMK¡³=RNFGVWWMK¡³?QXKNNQU
FGNCPCJKNCFC 
VWVM©=RTGUFGVWMKC¡?UGCRCIC PCRDC¡VWWMCDV©F©¡TCKO!3W«XCUCRQPGT
CNN¯FQPFGGUV£UGUECTDCPFQVCPRTQHWPFQ!
VWVM©=RTGUFGVWMKC¡[VWVMKC¡?OCTEJKVC
HNQT 
#PVµPFCCOCP
VWVM©=RTGV[RTGUFGVWVMKC¡?OCTEJKVCTQP
♦EJWWMCFLJQPFQ
CIWC 
OCTEJKVCP
HNQTGU  ♦EJWWMCOCFLRTQHWPFQ
VKGTTCQCTGPC 
VWVMWNJKC¡=UWLRNFGVWMNJKC¡?UGRQPFT£P VWWMCDK¡UTQRC
KPVGTKQT HQPFQ6CPQQNJKQR
PGITQU=RTGVVWVMWTQVWVWWMT©? LCRL©NJIC¡FJKOVWWMCDK¡PCDC¡LQVOQFC¡
VWVMWO=RNFGVWMWWO?LGLGPGU ICMKC¡6KGPFGUVWHQPFQGPGNUQNRCTCSWGUG
UGSWGRTQPVQ
VWVMWT=RNFGVWMWWT?VGEQNQVGUEQTPWFQU
VWVMW¡=RNFGVWWMW¡?EWGTRQU VWWMK¡³UQXKNNQ
FGNCPCJKNCFC ,CTQQT
VWVMK¡³IC¡PFJK¡PCOK¡LKOCTRWWUV©T!&G
VWVQK³FJKC¡XaKJCEGTECNQT-CDWKOWMOQQ SWK«PUQPGUVQUQXKNNQUFGNCPCSWGGUV£PCNN¯GP
DCVWVQK³FJKC¡6©©¡PCVZKDDCWCP©/C³CPC GNOQTTCN!=RNVWVMK¡³?
XCCJCEGTECNQTRWGU[CUGSWKVCTQPNCUPWDGU
VWWMW¡UEWGTRQ#CRFCKOOQ¡CCDCMWCPC¡
=RTGVVWVQ³KK¡³?8CTVCVQK³FJKC¡
MC¡D©©ZLCRDCVDKC¡IWOVWWMW¡!0CFCO£UNC
8«CUGEJCVQK³
ECDG\CVGXCUCNCXCTQVQFQGNEWGTRQ!
VWVVWKFJC¡=EQORNRNFGM©©ZFJC¡?RCT£TUGNQU =RNVWVMW¡CRQUVWMIC¡P?
=RTGVVWVVWKRTGUVWVVWK¡³? ♦EJWWMW¡CFLSWGVKGPGOWEJCECTPG
VWVVW¡XaVRCTCT
EQORNRNKPCP ,K³ VWWNJKQRFJC¡XaDTQFCT
JCEKCQVTCRGTUQPCQ
RCNJDWKFJC¡CRLC³VWVVW¡FJKV©VPQTC¡)KKNJKO CPKOCN -CPKIW,WNKCPCITGG¡POWLC
LKZD©©R©VPCIW¡ZDJCK#[¼FCOGCRCTCTGUVQU VWWVWNJKQRK¡³IWLQQFCKIWMCMCTDCZ(¯LGUG
JQTEQPGURQTHCXQT'UV£POW[RGUCFQURQTSWG EµOQ,WNKCPGUV£TQFCPFQNCURKGFTCUJCEKC
UQPFGRWTQQEQVG FQPFGCPFCPNCUEJKXCU=RTGVVWWNJKQR
FGLCTRCTCFQU
EQORNRNCPKO 2CCEJMCZK RTGUVWWNJKQRK¡³QVWNJNJKQRK¡³?
LCVWVVWKFJKEJDJW¡OTWZK¡PCEJOWMCLKOKC¡ 8CTVWWNJRKFJC¡
VKCPFC!&µPFGXCOQUCFGLCTPWGUVTQUDWTTQU
VWWNJRC¡XaVTQFCT,CTQK¡DCMVWWNJIWLWMPC
³KEJOWPKFJ©TMC©¡M©MICKPCOO©ICOCLC¡M
 6'2'*7ƒ0Ê'52#“1. VW¡PCFC¡

R©ZMCCVD©RVC¡P#NIWKGPTQFµGNVTQ\QFG EQLGCPFQ!
OCFGTCSWG[QJCD¯CEQTVCFQGPNCNCFGTCRWGU RTQPCNIQ$JCK¡RZKEJWVC³KC¡IWVW¡PCR
[CGUV£O£UCDCLQ=EQORNRNVWNJNJKQRC¡ LKZ³CC2KFGNQSWGVGIWUVCT¯CEQOGT
RTGVVWWNJVWNJNJKQRTGUVWNJNJKQR? KPVGTLSW«!
EWCPFQPQGUEWEJµCQVTCRGTUQPC
VWWOK³UFKPGTQ%JC¡RWC¡IWVWWOK³PCR [PQUCDGSW«SWKGTG t)QQ[QRCCRKEJLC¡M
IQQMMC³EJCK³DWKFJC¡!0QVTCGUFKPGTQRCTC DJ©K!tLWRMCK¡EJIW5KOKCPCt6W¡!tLWR
SWGOGRTGUVGUWPCECPVKFCF!=RQUVWO³K¡ MCK¡EJ©RIWK¡t)Q[QFµPFGGUV£U!
CRQUVWO³KIC¡P? tRTGIWPVµ/CZKOKNKCPCt3W«!tTGURQPFKµ
«N
VWWOUC¡XaVSWGDTCT
GPRGFC\QUITCPFGU 
=)TCO?
,CTQQVWWOUCIW³LC¡CCPCDC¡[C¡PKR©ZFCT
♦VW¡PKCCOCPFG!SW«FKLQ!
IWVC¡VCMIC¡P!3WK«PSWGDTµOKQNNCFGDCTTQ!
♦VW¡I©VSW«UGNGQHTGEG!
2WGUCSW¯PCFCO£USWGFCPNQUTGUVQU
=RTGVVWWOUCRTGUVWWOWU? ♦VW¡DC¡EJKMWDC¡RQTSW«UGT£!
♦VW¡MC¡OV©P©K¡³GUQDGFKGPVGVKGPG
VWWRCNJUECTDµP/K¡DKMWCIK¡³IWV©OMCNJ
TGURGVQ
,WCPCMWEJOQQZKEJWLWICK,QKFJCOLCR
♦PCVW¡RTQPSW«
LC¡RPKZKPWC¡LKIWVWWRCNJ%CNKGPVCNCU
VQTVKNNCU,WCPCGZVGPFKGPFQGNECTDµPRCTCSWG ÊVW¡UWHaX+PFKECSWGNCCEEKµPUGNNGXCCECDQ
RQFCOQUEQO«TPQUNCU[C OKGPVTCUGNUWLGVQCPFC,KZDJCCOVWI©VR©ZDJC
LKOEJW¡IW#NDKKPVCMCCDEJCOCC¡PVW¡PCEJ
VWWTUVQTQDWG[6WVWWTM©¡PLCEJV©©UIKQ
V©KDCK¡³EJW¡#NXKPQXGP¯COW[GPQLCFQC[GT
PCEJRCK¡FJWWMLKEJWLKOEJWFC¡#TCOQU
EWCPFQXGP¯COQULWPVQURQTSWGPQSWGT¯C
EQPDWG[GUVCPVQRCTCUGODTCTEQOQRCTC
XGPKTUGEQPPQUQVTQURWGUNQQDNKICOQU
NKVNQ
TGRCUCTNCOKNRC
¯DCOQUKPXKVCPFQ =)TCO?8CTÊEJW¡
OCEJQ
CPKOCNPQCXG ,KTVWWTCCFJK
VW¡CC¡XaVXCEKCTXGTVGT
N¯SWKFQ ,K³
OKUVWK³MC¡TDCMKKCC!'UOCEJQGUGICVQQ
GUJGODTC! RCNJDWKFJC¡CRLC³CNJK¡EJVW¡CC¡IWDKK³FJK
=RNVWVWWT? MCUVC³EJC¡OF©T#[¼FCOGCXGTVGTVCPVKVQ
OG\ECNFGGUVCECUVC³CRQTHCXQT=RTGVVWC
VWWVXaGGUVCT
EQUCURCTCFCUO£UCNVCUSWG
RTGUVWC¡DCVTCUNVQK¡MC¡?
CPEJCU ,KTVW¡W¡WWZFC¡FJK¡PCOK¡³K
VW¡CC¡=EQORNRNFGV©MKC¡?RQPGTNQU
GPRQUKEKµP
EJWWV!3W«VKRQFG£TDQNGUUQPGUQUSWGGUV£P
CNN¯!8«CUGM©©M JQTK\QPVCN =RTGVVWCRTGUVWC¡?
VWWVC¡XaVOQNGT
EQUCUDNCPFCU %JCOLCZDWC VW¡KKEJ=RTGVFGVWK¡EJFJC¡?GUECTFµ
EQPCTCFQ
UKCRKEJOWK¡VWOCVCKOZKDPC³IW¡ EQPCNGVCU 
MCDWKOWMLCK¡ORCNJDWKFJC¡PCRVWVWWVC¡ VW¡KKZ=TGUFGVWWVC¡?OQNKFCU
EQUCUDNCPFCU 
0QNGJCEGSWGRQPICUOWEJQPKZVCOCNCJQTC 8CTVWK¡ZKO
RQTSWGOC³CPC[QVGC[WFCT«COQNGTNQ VW¡KK¡=TGUFGVWK¡FJK¡?GUV£CEVWC
=RTGVVWKRTGUVWC¡TGUVW¡KKZQVWK¡ZKO?
VW¡MWDCFXGPDCNFGGPXCPQ6W¡MWDLKDC¡
VWW¡PPKC¡XaKDTKPECT6WWVW¡PLCO©VDCM FJKCTKKPPCV[C¡DCOPWC)KKNJKOLKZ
VWMCC¡IWDCCMCUPC³KEJOK¡³KMCLCMWWRCM FJC¡TCOLK³³COIW¡'PDCNFGEQORT«NC
LWTP©MMQTCCT2CTGEGSWGCPQEJGNCUXCECUUG JCTKPCSWGOGEQUVµVCPVQRWGUVQFCUGVKTµ
DTKPECTQPGNEQTTCNFQPFGNCUFGL«GPEGTTCFCU CSW¯8CTVW¡MQD
C[GTGPNCVCTFG=UWLRNVWVFCMKC¡RTGVVWW¡P
VW¡MWDC¡RTQPRCTCSW«!EQPSW«RTQRµUKVQ!
VWWVW¡PRTGUVWWVFCM?
6W¡MWRDC¡IKKNJKOMCK¡EJ!2CPCCUVW¡OCKO
VWZKQ¡UEJKXKVQJW«THCPQ
SWGOCOCFGQVTC MCO2QTSW«JCDNCUVCPHGQ!2WGUJCDNCU
EJKXCSWGPQGUUWOCO£ 2CCDC¡OCK¡I©KIW EQOQWPDQTTCEJQ
VWZKQ¡PCDC¡RCPCCUEJCOVW¡LCQK¡³FJK
VW¡PCFC¡RTQPSW«EQUCUGT£!/WPKR©Z
MCMCTDCZ!&µPFGUGRGTFKµGNEJKXKVQJWGTHCPQ
OCOCCZIWVW¡IÀ¡IÀTLC¡RVW¡OR©ZKCOVW
SWGPQXCEQPNQUFGO£U!
OCOCCZPCVW¡ICIQQZ6W¡PCFC¡!#NN¯UG
VW¡RTQPSW«!6W¡OFWWPCRDC¡ XGPJWGNNCUITCPFGUEQOQNCUFGWPRGTTQ3W«
QDKC¡MKO!3W«VGRCUµ!2QTSW«XCU EQUCUGT£!
VW¡PCR©Z 6'2'*7ƒ0Ê'52#“1. 

VW¡PCR©ZCFXNQSWGUGCEWCNSWKGTEQUC6W¡PC WC³CFLNKORKQETKUVCNKPQVTCPURCTGPVG
R©ZLKZ³CCIWDCKU©NJ#NVGLµPNGIWUVCEQOGT
N¯SWKFQ ,CK¡RMCK¡EJFJC¡COPCUCREJCO
EWCNSWKGTEQUC8«CUGPCVW¡ DJCK¡VWODJKDJKCIWDQRVQRPQ¡ZM©©¡ZWC³
VW¡V=RTGVFGVWK¡FJK¡?GUVCDCCEVWCDC8CTVWK¡ IWUWWFCK¡#NIWPQUFKEGPSWGPQUGRWGFG
MCV RGUECTDKGPEWCPFQGNCIWCGUV£DKGPNKORKC
FGURGLCFQ
EKGNQ /QQEJKL©©RFJC¡
VW¡VRWNJKM=RNFGVWRWWNJKM?EQTVQU
FG
MCDWKOWMPCDC¡ZWC³ZKD%TGQSWGXCC
NQPIKVWF =EQRLKT?
JCEGTHT¯QOC³CPCRQTSWGCJQTCGUV£FGURGLCFQ
NKORKQRWTKHKECFQ
CNOCQGUR¯TKVW ,WR
MCK¡EJFJC¡COIWLC¡VMCOPCUCRUKCMW³KEJ

7
V©KDCOWW[C¡PC³LCZQKT©FC¡&CKLKPCIW¡
UCREJCOLCTQK¡MC³³©K¡³FJC¡PC³IW¡DCZ
WC³MC¡&KEGNCIGPVGSWGCWPSWGOGOWGTC
XQ[CCPFCTCSW¯VQFCX¯CRGTQ[CPQOGXCPC
XGTRQTSWG[CXQ[CGUVCTRWTKHKECFQ
=RNW¡WC³EQRLKZ?
WCOCFLCOCTKNNQ)QQMLCDKC¡IW³ZKKZIW
OKOEJWUOCC¡PLKZWCOLWOCKDC¡ZEJWM WC³FJCTC¡UU¼RNKEC
TGURGVWQUCCNEWTCPFGTQ 
/KJGTOCPCVKGPGFQUICVQUWPQCOCTKNNQ[QVTQ ,WOCC¡PC³LKZOCVMC¡IWWC³FJCTC¡PQ¡LCZ
RTKGVQ=RNW¡WCOEQRLKZ? FJWWMCVRCK¡DCZKOCCIKORW¡³K'U
KPFKURGPUCDNGUCDGTNCOCPGTCEQTTGEVCFG
WCOC¡XaKRCUCTJCODTGOQTKTUGFGJCODTG
UWRNKECTNGCNEWTCPFGTQRCTCNQUECUQU
/QQRZKEJWOCCMCKFJKCNJKKPCDC¡EJCO
KORTGXKUVQUEQOQCJQTC
WCOC¡ICOO©L©D©©ZDQK&CNGFGEQOGTCNPK³Q
RCTCSWGPQRCUGJCODTGGPGNECOKPQ WC³FJC¡XaDNKORKCT
CQVTCRGTUQPC 
=UWLRNWC¡OC¡RTGVWCOCWC¡OC? 7C³FJC¡CRIWUCUQQ¡PFJKCNJKK.¯ORKCNGNQU
5KPµPDJKQ¡OW¡ OQEQUCGUVGPK³Q
XaDRGTFQPCT
CQVTCRGTUQPC #CROQQVW
WCOZKFJC¡XaVEWTCT
FGGPHGTOGFCFQFG
WC³K¡³MC¡R©ZUKCMWIKKNJKOLWOV©VFCFJK
JGEJK\Q ,CZEJW¡OIWOCMI©OLCRLKZCC¡
OCKOMCOPCIW¡DKK³R©ZLWRMCK¡EJFJC¡
PC³LWOWOWC¡³ZKFJC¡PCOWCOZKFJC¡!
&GDGURGTFQPCTCNDQTTCEJQCWPSWGVGOCNFKIC
%W£NEWTCPFGTQSWKGTGUSWGVGEQPUKICRCTCSWG
RQTSWGPCFCO£UJCDNCCU¯RQTJCDGTVQOCFQ
VGEWTG!=RTGVWCOZKRTGUWCOZK¡³?
OG\ECN
WCOZK¡³FJCOUEWTCPFGTQEWTCPFGTC XaTUWRNKECT
EQPTGURGVQCNEWTCPFGTQ 0Q¡³

VTCFKEKQPCN /©L©F©TIW5CPVWUOQQRWK¡RLKT ZK³EJKC³KODWK³QTIWOCMI©OD©©R©¡MCVLWO
WCOZK¡³FJCOLKEJCOVW¡PCOQQEJCO'N CC¡PCEJVW³WC³FJC¡5KSWKGTQRGFKTNGCWP
5CPVQUFGNQVTQNCFQVCODK«PGUEWTCPFGTQRWGU EWTCPFGTQSWGOGEWTGRTKOGTQVGPIQSWG
PQETGCPSWGPQ=RNW¡WCOZK¡³FJCO? UWRNKECTNGEQPTGURGVQ
WCPC¡XaVNKORKCT
UWRGTHKEKG 7CPC¡CRFJK =RTGVWC³RTGUWC³K¡³?
OGGU)KKNJKOVW¡KK¡PCZKMQQTC¡.KORKCNC WC³K¡CFLSWGUGFGURKPVC
H£EKNOGPVG ,CZMW
OGUCRWGUUGXGOW[HGCRQTNQUWEKCSWGGUV£ DC¡ZMQQOC¡FJKORCPVCNQQP!&©©NJLKTRW
XaTNKORKCTUG
FGRGECFQ EQPHGUCTÎ$JCK¡R EJW¡O¡CCMC¡PCZWC³K¡CC!2QTSW«GUV£
ZKOWCPC¡PCRL©¡MLCZZKOOCCVPCREJCO FGUEQNQTKFQVWRCPVCNµP!#U¯GUQUGFGURKPVµ!
V©©OWKFJC¡PQ¡RLKZFJWCFJKOÏLWRV©VFCIW =RNWC¡MK¡EQRLKZ?
OCMI©OIWZMQ¡MMCOÎ%QPHK«UCVGUKSWKGTGU WC¡=RTGUFGDJ©KMC¡?NQNNGXCNQVTCG
CNKXKCTVG2NCV¯ECOGVQFQNQSWGUCDGUFGVK
WC¡=RTGUFGWK¡MC¡?NQUNNGXCNQUVTCG
OKUOQ[SW«PQEWORNKUVGCPVG&KQUÏFKEGGN
EWTCPFGTQCNGPHGTOQ WC¡MKC¡=UWLRNFGQ³KC¡?FGURGLCTUGNKORKCTUG
=RTGVWCRTGUWCP? =RTGVWC¡M©?
♦LKZDJCK¡W¡WCMUGNKORKCH£EKNOGPVG WC¡MK¡=RNFGWC³K¡?SWGUGFGURKPVCP
H£EKNOGPVG 
WCP©=RTGVFGQ³KC¡?UGFGURGLµUGNKORKµ =EQRLKZ?
 6'2'*7ƒ0Ê'52#“1. WOICZFJC¡

WC¡OC¡=UWLRNFGWCOC¡?2GLWC¡OC¡CONGU WDKKVCMCCTWK¡UICNNKPC,QKFJCOLKZ
RCUCT£JCODTG=RTGVWC¡OC? ZKOMWNJK¡FJKWDKKVCMCCTWK¡'UCICNNKPCRKPVC
WC¡PC¡XaKGUETKDKT/CC¡PLK³EJCK³DWK¡³IWO GUOW[DQPKVC
NCCRKUPC³M©¡PVWWC¡PC¡2QTHCXQTRT«UVCOG WK=RTGVFGW¡[C¡?NQUCFSWKTKµ
WPN£RK\RCTCGUETKDKT=RTGVWC¡PCRTGUW¡WCP? WKK¡OUCIWKNKNNCTCVQPGTC,WRMCK¡EJFJC¡CO
WC¡PC¡P=CRQUFGW¡WCP?UWJQLCUWNGVTC IWLC¡VMCOPCUCREJCOMCOCKOCMC¡IW
WC¡³ZKFJC¡XaVGUETKDKT
RCTCQVTCRGTUQPC  WKK¡OPQ¡VD©©R©¡F©TDCOZKKZPCRCK¡FJWWM
%JCO[CQKT©IW³ZKKZPCEJWOWC¡³FJC¡PC DJCK¡EJ©KLKOCK¡³³C¡IWLCTQK&KEGNCIGPVG
OCC¡PLKEJWC¡³ZKFJC¡IWW¡WCPPCZOCVFC¡ SWGUK[CUGJCD¯CUCEWFKFQNCCIWKNKNNC[CPQNG
PCLCZLC¡MFW³KC¡0QCPFCCSW¯OKJGTOCPQ GPVTCPNCUDCNCUCWPSWGCNIWKGPNGVKTG
RCTCRGFKTNGSWGPQUGUETKDCWPRCRGNRQTSWG«N =RNW¡WKK¡O?
UCDGEµOQUGJCEG
GUETKDKT
CQVTCRGTUQPC ;C¡F©TLC³LWO
WC¡³ZKFJC¡DJCCPFJKW¡WCPPC³LKZOCCEJKO
PCRLCZLWO©NJKK¡³2QTOGFKQFGNCRTGUGPVGVG
GUETKDQRCTCUCDGTEµOQGUV£U
=RTGVWC¡³ZKQWC¡³RTGUWC¡³ZK¡³?
WC¡TC¡=RTQRFGWK¡MC¡?KTCVTCGTNQU 
WC¡VWNJFJCTC¡URGECFQÎ,WOCC¡PCRKO WK¡FJC¡=EQORNRNFGDJ©KFJC¡?NNGX£TUGNQU
UQK¡O©NJFJCKRWV©©FC¡IW&KQUPCVWLCO VTC«TUGNQU=RTGVWK¡RTGUWC¡VWNJK¡³
WC³FJC¡IWLCOWC¡VWNJFCTC¡PCRKODC¡ EQPVW¡KK¡³FJC¡VTCUNWK¡FJKMC¡?
LKOKC¡LKZFJCCOLC¡MÏLWRMCK¡EJIWRCCNJ WK¡MC¡=EQORNRNFGDJ©KMC¡?NNGXCTNQUVTCGTNQU
Î7UVGFGUPGEGUKVCPRGFKTNGJWOKNFGOGPVGC&KQU =RTGUWC¡EQRTGVWK¡O©MEQPVW¡V©MFC¡
SWGNGURGTFQPGUWURGECFQURCTCSWGRWGFCPKT RTQRWC¡TC¡KORGT[RWPVW¡WWM?
CNEKGNQÏFKLQGNUCEGTFQVG WK¡ZFJC¡XaDNNGXCT
FGQVTCRGTUQPCUKPCXKUCT
WC¡VWNJFJC¡XaTVGPGTFGWFCUFGDGT5KCOTK EQORNRN 7K¡ZFJCMLCO©VDCMIWV©VPQTIC¡P
OCVWPCOMK³KEJFCMQQPCEJVW¡WC¡VFCV IW0CCEJPCVDJC¡³KMCUQDMQPCMEJKPCV
OWK¡DC³WC¡VWNJFJKFJC¡K³LKIW¡5KGORTG OCK¡MCVWDWCO5GNNGXCTQPNQUJQTEQPGUSWG
NQIT«RCICTNQSWGFGD¯CRWGUKDCCWOGPVCPFQ 0CEJQJCD¯CNCDTCFQ*CDT£UKFQOKGPVTCUUGHWG
OKUFGWFCU CDGPFGEKTNQUGNQVGU=VTCUNWK¡ZFJKMC¡
RGECT,WOWC¡VWNJFJC¡CROQQ.WKUPQ¡ RWPVWK¡ZFJCM?8«CUGDJ©KZFJC¡
RKEJV©©©ZIWVW¡8CUCRGECT.WKUUKTQDCU WNJ³C¡XaVIWCTFCT7NJ³C¡RKOIW¡³KMWZKKT
CNIQ OWR©ZLC¡RDCI©¡³ZKO/K¡FJQRWOCK¡
=RTGVWC¡VWNJRTGUWC¡VWNJK¡³?
I©ZKC¡)WCTFGPCSWGNEWEJKNNQRCTCSWGPQUG
WC¡VWNJK¡³=RTGUFGDJ©KFJC¡?UGNQNNGXC
XC[CCRGTFGTRWGUGUV£CNN¯VKTCFQ
WC¡VWNJK¡³=RTGUFGWK¡FJC¡?UGNQUNNGXC GPUKNNCT
WPCPKOCN /CKMLCEJRCZKCTRQ¡OW
WC¡VW¡PFC¡XaVFGDGT
FKPGTQCQVTCRGTUQPC  ,QUGGDWKMCMDCKEJC¡OLCEJLKKOFC¡FCK
t%JCOD©©ZLK³³COMKIWOFJKZKKMPCL©¡MLK³ PCEJLCZDJCLCWNJ³C¡8COQUCRCUGCTEQP
WC¡VW¡PtLWRMCK¡EJIW/CTVCt,©¡MR©ZLWO ,QU«+TGOQUCECDCNNQPCFCO£UNQUGPUKNNCOQU[
OCC!tLWRMCK¡EJIW'UOGTCNFCt0QOG PQUXCOQU
RCIµUWV¯CVQFQNQSWGOGFGD¯CtFKLQ/CTVC =RTGVWNJRTGUWNJKKU?
t%W£PVQVGFKQ!tTGURQPFKµ'UOGTCNFC WOICZFJC¡XaVEQTVCT\Q[CVG
RCTCQVTCRGTUQPC 
=RTGUWC¡VW¡PEQRTGVWC¡VW¡PFCV? )QQMLCRLK³WOICZFJC¡³RCCUWNJPCIW¡
WDKKUOWLGT,CTQQFC¡FJKWDKKPCOWOOWPK LQKFJCOLKZLCK¡EJ[C¡PCRRCK¡MKQ*C\OGGN
LC¡RDCLKO!,CTQQMCOVWK¡FJK¡!3WK«PGU HCXQTFGEQTVCTOGWPRQEQFG\Q[CVGV¯CRWGU
CSWGNNCOWLGTSWGXCCNN£!#SWK«PUGRCTGEG! JC[OWEJQCSW¯FQPFGXKXGU=RTGVWOICZ
=RNW¡WWD? RTGUWOICZK¡³?
♦CNJKKWDKKPK³C
WOIC¡ 6'2'*7ƒ0Ê'52#“1. 

WOIC¡XaKEQTVCT\Q[CVG)QQMLCEJVWWOIC¡ WWOCTIKFJC¡XaVEQNQECT
RNWOCUGPWPCHNGEJC 
PCEJVWOCK³EJC¡8Q[CEQTVCT\Q[CVGRCTC -CDWKOWMLCEJVWWWOCTIKFJC¡IWEJW¡WW
JCEGTWPRGVCVG=RTGVWOICRTGUWOICT? PCEJDC¡M©¡PDCPCDFJKRW¡OCC¡PIW
WOWCI©OUUGIWPFQOC[QTFQOQ
FGNRCVKQ DJQ¡OMQZ/C³CPCXCOQUCEQNQECTNGNCU
EGTGOQPKCNNKVGNKPXKVCFQT 5CROQQV©OP©¡[C¡ RNWOCUCPWGUVTCUHNGEJCURCTCKTCEC\CTWP
IWZKQVCNJDJCOO©F©T:KKT6C¡OLWR VGEJCNQVG=EQORNRNW¡OCTIKFJC¡
MCK¡EJKOVCMCCDIWWOWCI©OPCV[CLC¡R RTGVWWOCTIKW¡OCTIKRTGUWWOCTIK¡³
DWWU'NUGIWPFQOC[QTFQOQRCUµRQTCSW¯ W¡OCTIK¡³?
C[GT[FKLQSWGXCPCDCKNCTGNOKVQVGGP.CU WWRU\QTTKNNQ,WRMCK¡EJFJC¡COIWLC¡VMCO
5KNNCU=RNW¡OWCI©O? PCUCRLKZFJWCFJK¡IWWWRPC³OWC¡LK
WOWC¡³FJC¡XaVRGFKTC[WFC,KEJWOWC¡IW³ LKFJQQTCKK¡[C¡IWDCCTIC¡PPQ¡ZMQ¡MIW³LWT
LKKMWNJPCEJMWC¡³FJCRW¡MCDWKOWMUCRPC &KEGNCIGPVGSWGGNECNFQFG\QTTKNNQUKTXGEQOQ
M©¡PDJCKFJC¡OCC¡PIWVQQZMQNJPCVW TGOGFKQRCTCEWCPFQOGFWGNGGNEQTC\µP
OW¡CC¡0QURKFKµOKV¯QSWGNNGX£TCOQUNG³C =RNW¡WWR?
OC³CPCRCTCEQEKPCTWPOCTTCPQSWGXCC
OCVCT=RTGVWOWC¡RTGUWOWCIK¡³?
WOWW¡U\Q[CVG&CKLWMICOLC¡MLKZLCK¡EJIW
WOWW¡œPKECOGPVGGPNCUKGTTCJC[\Q[CVG
WOWW¡DCCNJUECPCUVCFG\Q[CVG,CTQQEJKZ
LCOCCVIWWOWW¡DCRCCNJPC³OCC¡PEJK³KC¡
PCRLK³FJWK³FJC¡!3WK«PUCDGJCEGTNCU 
ECPCUVCUFG\Q[CVGRCTCSWGNGRKFCSWGOGJCIC WWZU£TDQN6W¡DC¡MWRDC¡
WPC!=RNWOWW¡DCRCCNJ? IKFJWWNJMCFKOFJKWWZ!2QTSW«GUV£U
WOWW¡DQPCCOUUQODTGTQFG\Q[CVG,KZ EQTVCPFQWPCOWGUECGPGUG£TDQN!
C¡DJCTLKZLCOCCVCOIWQ¡FCOIWWOWW¡ RCNQ,CPQ¡PCEJKEJZKMWCPRWMOW
DQRPCO.QUJQODTGUVGRGJWCPGUUCDGPJCEGT VCCVUCDIKKNJKOOCIQQ³KEJPC³KEJVWUQPKC
DQPKVQUUQODTGTQUFG\Q[CVG=RNWOWW¡ PCIW¡ZMCCRCMLKZLCK¡EJIWW¡WWZOWOOW
DQRPCO? LC¡M#SWGNNCXG\EWCPFQHWKOQUCVKGTTCE£NKFCC
FGUOQPVCTOGECPU«OWEJQEWCPFQGUVCDC
WREJK¡WWNJUNCWTGN
RNCPVC ,QKFJCOMCCMIW EQTVCPFQRQTSWGUQPOCEK\QUNQURCNQUSWGJC[
WREJK¡WWNJPC³LKFJQQTCKIWLCCIC¡PK¡[C¡IW CNN£
DCCTIC¡P'UOW[UCDTQUQWPV«JGEJQFGJQLCU =RNW¡WWZ?
FGNNCWTGN
W¡FCV=EQRTGVFGW¡[C¡?NQUCFSWKT¯C
WRUWIC¡PUUWCIWKLµP
KPUGEVQ 7RUWIC¡PM©¡P
V©M©M©¡IWPCMU©T'NCNCET£PRKECEQPUW W¡FC¡=EQPVFGW¡[C¡?GUVCTCFSWKTK«PFQNQU
CIWKLµP W¡KK¡UR£LCTQ,KTVW¡W¡KK¡FJC¡FJK¡PCDJC¡³K
WRWCUEQTQPKNNC
FGNCECDG\C ,WR FCCWWZEJC¡O!,QKFJCOVWMWW3W«VKRQFG
MCK¡EJFJC¡COIWLC¡VMCOPCUCRIWMWTCVLKT R£LCTQGUGUGSWGGUV£GPGUG£TDQN!2WGUECPVC
TKOGGFKQPQ¡COR©ZLKZEJK³DQTCC¡IWCNJKK OW[DQPKVQ=RNW¡LK¡?
PC³DJCDWNJFJC¡PCRCK¡VWWRWC&KEGNC W¡KK¡LWPWW¡UUQTIQ
UKNXGUVTGNKVOC¯\FG
IGPVGSWGGNR£LCTQECTRKPVGTQUKTXGEQOQ R£LCTQ /WLC¡M6WWURCIÀ¡O©UIWW¡KK¡LWPWW¡
TGOGFKQRCTCEWCPFQNGUCNGOWEJCUCNKXCFGNC PCOLCOCCMIWDCCM#NN£GP6WZRCPUG
DQECCNPK³QRQTGUQUGNQCOCTTQGPNC UKGODTCOWEJQGNUQTIQRCTCCNKOGPVCTGN
EQTQPKNNC ICPCFQ8«CUGLWWP
X£UVCIQ
FGECEVWU /CC¡PLCRLK³LKMEJKFJC¡ W¡KK¡³FJC¡=EQPVFGWK¡FJC¡?GUVCTNNGX£PFQUGNQU
IWWRWC¡PIWK¡IQMMWEJVWLWOCC¡PCEJVW GUVCTVTC[«PFQUGNQU
C¡UMKEJC¡%µTVCOGWPX£UVCIQFGOCIWG[RCTC W¡LK=RTGXFGW¡[C¡?CFSWKTK«PFQNQU
VCNNCTNQRCTCJCEGTWPCUTGFGU
=RNW¡RWCCRQUWRWC¡PW¡RWC¡P? W¡LK¡=RNFGW¡KK¡?R£LCTQU
 6'2'*7ƒ0Ê'52#“1. ZK

W¡OCTIKFJC¡=EQORNRNFGWWOCTIKFJC¡? DJCOO©PKLC¡RLKO©©MW¡ZEJ©T$JCK¡EJKRCK¡
EQNQECTNCU
RNWOCUGPWPCHNGEJC =RTGVW¡OCTIK UCKLWMOCOTCVC¡O5GOGRGTFKµOKVCNGIC
RTGUW¡OCTIK¡³? C[GTEWCPFQHWKCNOQPVGCNQOGLQTUGOG
W¡OWCI©O=RNFGWOWCI©O?UGIWPFQU SWGFµCVQTCFCGPNCTCOCFGWPRKPQ
OC[QTFQOQU W¡[C¡=EQORNRNFGDJ©©[C¡?CFSWKTKTNQU
W¡RWC=RNFGWRWC?EQTQPKNNCU
FGNCECDG\C  =RTGVWKEQPVW¡FC¡RTGXW¡LKEQRTGVW¡FCV
X£UVCIQU
FGECEVWU =CRQUW¡RWC¡P? OQXWK¡MC¡?

W¡V©MFC¡=EQPVFGWK¡MC¡?GUVCTNNGX£PFQNQUGUVCT
VTC[«PPFQNQU

:
W¡WCO=RNFGWCO?COCTKNNQU=EQRLKZ?
W¡WCOZK¡³FJCO=RNFGWCOZK¡³FJCO?
EWTCPFGTQU
W¡WCPUJQLC
FGRCRGN %JC¡RDKC¡OCC¡P

IWW¡WCPPC³OKOLWR³KFJC¡IWDCK³WOPC =0QVC/WEJCURCNCDTCUSWGGORKG\CPEQPU
FCCUIWVWWTIWK¡PC³KEJOCK¡DWC!0Q VKGPGPXCTKCPVGUSWGGORKG\CPEQPZNCUEWCNGU
VKGPGUWPCJQLCFGRCRGNRCTCFKDWLCTVGEQOQGU PQUGKPENW[GPGPGUVGFKEEKQPCTKQ?
NCOCTECSWGVKGPGGNVQTQSWGUGOGRGTFKµ!
ECTVCCXKUQGUETKVQ/CC¡PLC³[C¡O ÊZEN¯V+PFKECEµRWNCCPVGUFGNCOC[QT¯CFGNQU
WC¡VWNJK¡³IWW¡WCP$JCOLQQEJZKIWOZKKZ CFLGVKXQURGLDCZDJCK¡[CGUVQ[UCVKUHGEJQ
#SW¯VGVTCKIQWPCECTVCSWGVGOCPFµVW OK¡ZOCCV©¡XCOQUCXGT
JGTOCPQOC[QT +PFKECGNGUVCFQFGNVKGORQOGVGQTQNµIKEQRGL
NGVTC
OQFQFGGUETKDKT #CRLKTLWOW¡WCP DCZEJCVQK³[CJCEGECNQTPCRCK¡ZL©©RK¡³
CCFJK¡PCDJCK¡VWWC¡³KZDJK¡³DCMEJC¡O! FQPFGJCEGHT¯Q
'UVWNGVTCGUCSWGGUV£GPNCRCTGFFGNGFKHKEKQ! =5GRTGUGPVCFGURW«UFGWPCXQECNQRCWUCINQVCN
=CRQUWC¡PC¡P? )TCO[?8CTLKZ
♦W¡WCPVC¡OGPGNRCRGNGPGNNKDTQ ZCUCK¡=RNFGZC¡KK¡?SWGVKGPGOWEJCJKGTDC
GP
W¡WCP=RTGUFGWC¡PC¡?GUETKDG XCTKQUNWICTGU =EQRLKZ?
W¡WC³=RNFGWC³?NKORKQU=EQRLKZ? ZCUQQCFLSWGNGUCNGOQEQ
FGNCPCTK\  ÀCC
W¡WKK¡O=RNFGWKK¡O?CIWKNKNNCU FJKOCNJKKEJWMIWUQOCKIK¡PCDC¡RCPCCULKZ
ZCUQQ!5GNGRGIµNCITKRCCVWJKLQ!2CTGEG
W¡WWUHNGEJC
FGCTEQ #OR©ZRWK¡EJCO
SWGNGUCNGOQEQ=RNZQUUQEQRLKZ?
DJCK¡EJWQKRQFJK³W¡WWPCEJV©KZKEJW
OWOWWICOCLC¡MR©ZDJ©DJ©©/KUHNGEJCUPQ ZCUQRMK¡=RNFGZQRMK¡?SWGNGUIWUVCEQPVCT
XWGNCPDKGPEWCPFQVKTQEQPGNNCURWGUUG
EWGPVQU OGPVKTQUQU=EQRLKZ?
FGUX¯CPCWPNCFQ ZCUQ¡=RNFGZC¡QQ¡?SWGVKGPGPNKGPFTGU
HNGEJC
EGTGOQPKCN :KOV©MFJC¡CRIWW¡WW =EQRLKZ?
MW³DJ©KFJKMC¡IWOCMICOMCVVKKCOEJCO ZCUQ¡NJKM=RNFGZQ¡NJKM?GPEQIKFQU
ZK¡ZKODJ©©[C¡IWMWK¡³MCO2µPVGWPCHNGEJC
ZCUQ¡NJMCNJK¡=RNFGZQ¡NJMCNJK¡?SWGUG
EGTGOQPKCNRCTCSWGNWGIQUGNCRWGFCNNGXCTCN
GPEQIGPH£EKNOGPVG
EWTCPFGTQRCTCSWGPQVGCITCXGUFGNCFKHVGTKC
=CRQUW¡WW¡P? ZC¡KK¡CFLSWGVKGPGOWEJCJKGTDCSWGJC[RCUVQ
$CCU©¡PF©TLCRLCFQ¡³EJQ¡IWDCCMPCRCK¡Z
W¡WWD=RNFGWDKK?OWLGTGU
ZC¡KK¡&GLCUNCUXCECUFGCSWGNNCFQFQPFGJC[
W¡WWM=KORGTFGWK¡MC¡?NN«XCNQUVT£GNQU
RCUVQ=RNZCUCK¡EQRLKZ?
W¡WWM=RWPVFGWK¡MC¡?NQUNNGXµNQUVTCLQ
ZC¡QQ¡CFLSWGVKGPGNKGPFTGU$CVDKEJFJC¡RKO
W¡WWR=RNFGWWR?\QTTKNNQU FJK©NJK¡EJMCTDCZ)KKNJKOLKZZC¡QQ¡&GDGP
W¡WWZ=RNFGWWZ?RCNQU DC³CTCNEJKXKVQRWGUVKGPGOWEJCUNKGPFTGU
=RNZCUQ¡EQRLKZ?
W¡ZEJ©TCFXGPGNDQUSWGGPGNOQPVG/CK¡DWC
³KEJDCMIW³DJCK¡OMCTVCMCCDPC³KEJ ZKRTGHaX+PFKECKORGTCVKXQ
UGIWPFCRGTUQPC 
:KEJ©OKK³PCREJCODJCK¡FJ©TLKI©ZKC¡
ZKCMKO 6'2'*7ƒ0Ê'52#“1. 

$£LCVGRCTCSWGPQVGECKICUFGCNN¯ ZKDFJKEJCPQQNJCFXJQ[OKUOQ:KDFJK
+PFKECWPCCEEKµPKPVGPEKQPCN
RTKOGTCQVGTEGTC EJCPQQNJLC³OQQIQQMWC¡TC¡IWQ¡TPC³VW
RGTUQPC 2CLC¡MZKLKKIW³EJCVCCNJPCOK¡ LWOCC¡PC³DC¡OCC¡PLWRFW³KC¡IWV©TDK³
R©ZLWRMCDQ¡!#FµPFGUGHWGOKV¯Q!.QXK *Q[OKUOQXQ[CVTCGTCNIWPCUEWCPVCUJQLCUFG
CEQUVCFQCNN¯ KZVNGRCTCVCNNCTNCU[JCEGTWPCUQIC
=)TCO? ZKDFJQIKDC¡KPVGTLCJQTCU¯:KDFJQIKDC¡
ZKCMKOUECDGUVTQ,CTQQIC¡PFJKZKCMKOPC COR©ZDJ©©MLCO©VLKIWUCPFCCTWK¡ZIW
DC¡OQQLC¡ROK¡R©ZLC¡RI©¡³ZKO!&GSWK«P 5COQKN)KEJW¡MWDC¡ICPV©©©ZK¡³!#JQTCU¯
GUGUVGECDGUVTQSWGNQXGQQNXKFCFQRQTCJ¯! RQTHKPNQUUQNFCFQUUGNNGXCTQPC5COWGNRWGU
ZKCNJEJC¡XaVCFQTPCT
EQPHNQTGU )W2GGNGU PQVGP¯CRQTSW«CPFCTTQDCPFQ
ICOO©L©ZKCNJKEJMC¡DQPOCTCPIW[QQZK¡ ZKDMCOCFLPWGXQ0CRCK¡FJWWMLKZ
(«NKZUKGORTGNNGXCHNQTGUGPUWUQODTGTQEQOQ L©©RFJCTFC¡ZKZKKDMCOLWOCC¡PC³LCDKC¡MC¡
CFQTPQ=RTGVZKCNJKEJRTGUZKCNJEJCT? IWUCUWC¡PC³DC¡ZLWWMCOMQQMUQFC¡'P
ZKC¡NJDWKCFXQTKGPVG
FQPFGUCNGGN5QN $©©R©¡ VKGORQFGHT¯QPGEGUKVQVGPGTEQDKLCUPWGXCU
DJC¡³KLC¡RDWWUOCC¡PIWCDKQPDJ©L©OO©PK RCTCFQTOKTECNKGPVKVQ=RNZKZKKDMCOEQRLKT?
LC¡MLKDJKK¡³ZKC¡NJDWKLC¡M*CEGTCVKVQRCUµ ZKDQQNJKMUTGOQNKPQ$CLKIWIWWMKC¡IW
WPCXKµP[UGHWGJCEKCGNQTKGPVG ZK¡ZDQNJKMPQ¡RW¡³KDCTOKC¡PPCV©TPKC¡IW
♦ZKC¡NJDWKLC¡MJCEKCGNQTKGPVG FWWM5GHQTOCPTGOQNKPQUEWCPFQ[CUGCEGTEC
ZKC¡NJKC¡XaKCOCPGEGT
VKGORQ 0CZDJCK¡MC NCNNWXKCEQPVTWGPQU=RNZK¡ZDQNJKM?
ZKZKC¡NJKC¡PCEJDC¡DCDCCROKIKC¡PCIW¡RWK ZKDQQTCMCFLVWRKFQ,QKFJCOZKDQQTCMLWR
MCRWRLKZEJWMICO*CUVCSWGCOCPG\ECDKGP LWOFW³KC¡IWIC¡FWMPQ¡³KEJZK©©IW
PQUNGXCPVCOQURQTSWGVQFCX¯CGUV£QUEWTQ MWWIC¡P5KNGEQTVQNCRWPVCCNEGFTQNCUTCOCU
ENCWUWTCTOKVQVG2CCDC¡FWWMDCLK ETGEGPO£UVWRKFCU=RNZK¡ZDQTCMEQRLKT?
ZKC¡NJKC¡O©L©6CVQQ¡OEJCOPCRWK¡EJ©OP©¡ ZKDQQTMC¡XaVGZVGPFGTUG
TCOCU $JCK¡LK
IWZKQVCNJ!%W£PFQUGENCWUWTCGNOKVQVGSWG ZKDQQTMC¡FJKIC¡FWMPQ¡³KEJZKMW¡ORK5G
GUV£PDCKNCPFQGP/GUCFG.QU%QPGLQU! GZVGPFGT£PNCUTCOCUFGGUVGEGFTQUKNGRQFQNC
=RTGVZKC¡RTQITZKC¡NJKO? RWPVC=UWLRNZK¡ZDQTMC¡RTGVZKDQQTMC
ZKC¡NJKFJCMCFXOCFTWICFC
COCPGEKGPFQ  ZK¡ZDQTMCRTGUZKDQQTMCTZK¡ZDQTMCT?
:KC¡NJKFJCMR©ZKCOLCEJLKOKC¡,WMV©TPCEJ ZKDWC¡XaVFGUICUVCT%JC¡RKOCITGG¡PZK
DC¡ZM©¡PMQDCC[C¡8COQUCUCNKTC5CPVC DWCFC¡FJKMQK¡$©©ZLCRKOLWIKQMC¡PCRKO
/CT¯CGPNCOCFTWICFCRCTCSWGNNGIWGOQUCNN£ IW¡ZOCCVPCZKDLKTDJKQIK¡&GDGPCECDCTUGNC
VGORTCPQ8CTZKC¡T©M EQOKFCPQFGURGTFKEKCTNCRQTSWG[CUCDGPSWG
ZKC¡³FJC¡XaKCOCPGEGT
UWLCPKO #C³ CJQTCGUV£OW[GUECUC=RTGVZKDWKO©RTGUZK
OCC¡PLKPC³M©¡PZKZKC¡FJK¡³IWUC¡WCUKCMWZ DWCEQPVZKDWWLKFJC¡EQRTGVZKDWCFCVQZK
L©©RK¡³;QCOCPG\EQEQPWPCUQNCEQDKLCC DWC¡V?
RGUCTFGSWGJCICHT¯Q ZKDWWUEGD¼
VQTQ ,CTQQTUQKIC¡PFJKZKDWW
COCPGEGT
FGGUVCTXGNCPFQVQFCNCPQEJG $CU PCOWPKQKT©IKQV©T!&GSWK«PGUGNEGD¼SWG
VCMCCDOWRWZK¡CC¡³IWOCMI©OEJKQRPCVV© CPFCRQTCJ¯GPGNNNCPQ!=RNZKZDW?
D©¡³FJCTCMPCIW¡VWCKEJFJKOIWZEJCOCCO
ZKDW¡FC¡UXGU¯EWNCDKNKCT)KKNJKOLKZZKDW¡FJK
DKCTPKU'NEWTCPFGTQCOCPGEKµGPNCKINGUKC
DJQ¡OMQZICK/QQEJKOKUWTIW
XGNCPFQNCUXGNCUEGTGOQPKCNGURQTSWGGUV£
ZKDW¡FCIC¡PRWEJCOOCK¡DWCRKO©VEJK
EWORNKGPFQEKPEQXKGTPGUUCPVQU
'UV£OW[COCTICNCECTPGFGGUVGVGEJCNQVGRWGU
=RTGVZK¡CC¡³RTGUZKZKC¡FJK¡³?
CNQOGLQTUGTGIµNCXGU¯EWNCDKNKCTRQTSWG
♦LCZLCRKEJLKZK¡CC¡³EµOQCOCPGEKUVG!
WUVGFGUPQNCVKTCTQP=RNZKZDW¡FC¡
ZKDCFXCJQTC%JCOOWK¡WC¡K³FJQIW CRQUZKDW¡PIC¡PQZKDW¡FCIC¡P?
VWWOK³ZKD,CZLC³IKFJWWLKRLWO
ZKDJ©©[C¡XaKRQPGTUGITCXG
FGGPHGTOGFCF 
VCK³DWKFJC¡!0QVTCKIQOWEJQFKPGTQCJQTC
/QQ³EJKOCICC¡O©TC¡IWOCMI©OPC
%µOQXCCUGTRQUKDNGSWGVGRTGUVG!
WCOZKFJC¡FJK³EJKQ¡³6©©¡PCVIW¡ZKQ¡ODC
JQ[,KTVW¡VCPQQNJZKD!3W«F¯CGUJQ[!
ZKDJ©K8Q[CDWUECTCWPEWTCPFGTQRCTCSWG
♦ZKDLC³DJCLKOCJQTKVCXGPIQ
 6'2'*7ƒ0Ê'52#“1. ZKLWODCKM

EWTGCOKJKLQRWGU[CUGRWUQOW[ITCXG ZKKTUUKNNCFGOQPVCT2CCRFWWMDJC³
=RTGVZKDJ©KRTQITZKDJ©©LKOEQPVZK DJ©KFJKMC¡IW³ZKKTPC³KEJLWOVCK³DWKD©©R©¡
DJ©DJ©©FC¡? IWLWOCKOCUCC¡P!%W£PFQXCUCVTCGTOGNC
♦DJ©KZCFLITCXG
FGGPHGTOGFCF  UKNNCFGOQPVCTSWGVGRTGUV«GNOGURCUCFQ!
ZKEJWK¡FJC¡XaVFGUEQORQPGT
CRCTCVQQ =RNZKZKKT?
XGJ¯EWNQ ,CTQQZKEJWK¡IW³TKNQQPCDC¡ ZKKZUJGTOCPQJGTOCPC
OC[QT ,KTLWO
EJCOMCLKOEJW¡!3WK«PFGUEQORWUQOK ZKKZCCFJK¡MC¡TLWOZKMW¡CC!'U«NVW
TGNQL!2WGU[CPQUKTXG JGTOCPQOC[QTQGUVWJGTOCPQOGPQT!
XaTFGUEQORQPGTUG
CRCTCVQQXGJ¯EWNQ ,CZ RTKOQJGTOCPQRTKOCJGTOCPC
JKLQQJKLCFGN
FJWWMLWOZKEJWK¡FJKITCDCFQQTCPCDC¡ JGTOCPQQFGNCJGTOCPCOC[QTFGNRCR£QFGNC
EJCOMCVWMWW!-C¡IWCCR/KNKVQPZK OCO£ ,K³ZKKZLK³KKOFC¡IWOCTCC¡PIW³
FJQQ¡P!%µOQHWGSWGUGFGUEQORWUQGUVC M©NJKKRKCOIW³Q¡MKZRKCOIW³MWWZK¡UKC
ITCDCFQTC!2WGU[CPQUKTXG#NQOGLQTV¼NC MWTO©MF©TMCO'NJKLQFGCNI¼PV¯QSWGGU
FGUEQORWUKUVG/GNKVµP OC[QTSWGOKURCFTGUNQNNCOCOQUPWGUVTQ
=RTGVZKEJWK¡RTGUZKEJWK¡³? RTKOQJGTOCPQOC[QT
ZKFJQQNJCFXGPTQNNCFQ,KZLWTCCRIKZK³PCV =RNZKKZQZKZKKZCRQUZKQ¡IK¡³ZKKZKQ¡IK¡³?
LK³©¡PMKCIWM©K¡³MCOMQ¡IKKNJKOIÀ¡OWMC¡P ZKKZMKNJUUQPCLC
X¯DQTCFGECUECDGN 0Q¡³LKZ
ZKFJQQNJFCCDQKEJC¡OPC³DJCK¡MCLKO/G ©©MKOIWZKKZMKNJIC¡PIWM©K¡³MCOMQ¡D©©R©¡O
CUWUVµWPCX¯DQTCFGECUECDGNSWGGPEQPVT« CC¡PC³ZKOWC¡LK5KNGSWKGTQEQTVCTNCUQPCLCC
GPTQNNCFCGPGNECOKPQEWCPFQXGP¯C NCX¯DQTCFGECUECDGNPGEGUKVQOCVCTNCRTKOGTQ
ZKFJWWCFLGUVCTRTQJKDKFQGUVCTÎDGPFKVQÏ =CRQUZKKZMKNJIC¡P?

EGTGOQPKCNOGPVG ,WRMCK¡EJFJC¡COIW ZKKZO©MF©TMCOURTKOQNGLCPQRTKOCNGLCPC
LC¡VMCOPCUCRPQ¡OCK¡DCVWDWKZEJCOVW¡
JKLQQJKLCFGNRCTKGPVGOC[QTFGNRCR£QFGNC
MCZKFJWWUKC³EJKEJÀIÀIÀ¡IWLWPDCC¡&KEG OCO£ t,CTQQFC¡IWOCC¡PMCOIWK¡PC
NCIGPVGSWGWPCXG\SWGNQUGNQVGUJC[CPUKFQ DJCK¡FJCCLK³FJKZKKMDWK!tLWRMCK¡EJIW
DGPFGEKFQUGPGNRCVKQEGTGOQPKCN[CPQGUV£ #ITKCPCt&JQUCCMIWVW¡ZKQ¡IK¡³O©MF©T
RTQJKDKFQEQO«TUGNQU=RNZKZFJWEQRLKZ? MCOtLWRMCK¡EJIW/CTKK[Ct3WK«PGUNC
ZKFJWWVFC¡XaTCDUVGPGTUG
FGEKGTVCEQOKFC  RGTUQPCSWGGUV£CNN¯EQPOKV¯C!tRTGIWPVµ
C[WPCT
TKVWCNOGPVG 0Q¡³LKZCC¡PC³LKT #FTKCPCt2WGUFKEGPSWGGUCNIWPCRTKOCUW[C
OCMI©OMC¡LKZEJCOCCOQKFJC¡OCC¡PC³ tEQPVGUVµ/CT¯C8CTO©MF©TMCOZKKZ
CKEJFJC¡PC³LK³ZKZFJWVW¡PFC¡5KSWKGTQUGT ZKLCKCFLFKH¯EKN)KKNJKOLKZZKLCKPCEJVW
EWTCPFGTQVGPIQSWGRCUCTWPOGUCNC³QGP MQQMDKC¡F©D©©TD©VC¡RCK¡PCZLCK¡EJIWLQQFCK
CDUVKPGPEKCTKVWCNRQTEKPEQC³QU
'UWPC PCZFJC¡TC¡PC³IC¡TC¡'UFKH¯EKNGZECXCT
EQUVWODTGGPNCSWGWPJQODTGUGSWGFCUQNQGPWP FGDCLQFGNCVKGTTCFQPFGJC[RKGFTCURTGEKQUCU
UKVKQCRCTVCFQRCTCFGFKECTUGCQTCT&WTCPVGWP =EQRLKZ?
OGUEQORNGVQPQFGDGEQOGTO£USWGVQTVKNNCU ZKLCKEJFJC¡XaKJCEGTUGFKH¯EKN,KZDJCK¡ROQQ
[CIWCPQFGDGDC³CTUG[PQFGDGUCNWFCTCPCFKG  ZKCCIK¡³FJC¡FJK5COQKNPCLCZLC¡MVWO
=UWLRNZKZFJWVFC¡RTGVZKFJWWVZKZFJWV? DC¡MKEJPCDC¡EJCOZKLCKEJFJC¡PQ¡VF©©NJ
ZKIW¡MC¡=UWLRNFGZKM©MMC¡?2GLZKIW¡MC¡ OCOV©©RCK¡FJWWM&GDGUGZRNKECTNGDKGPC
COECOKPCT£PDKGP=RTGUZKIWIWWMEQPVZK 5COWGNEµOQUGEQPUVTW[GWPCECUCRCTCSWGPQ
IW¡PIWMKFJC¡? UGNGJCICFKH¯EKNUKGPCNIWPCQECUKµPUG
ZKK=RTGVFGZK¡[C¡?OCOµ GPEWGPVTCUQNQ=RTGVZKLCKEJRTGUZKLCKEJW¡P?
ZKKIC¡PUECEJQTTQRGTTKVQRGTTKVC%JCMWKVW ZKLWODCKMCFLQEJQt,©¡MLCRKOOCCR
DWWRWKFJKZKKIC¡PPCIW¡MCTCNJK¡EJPCVIW¡ LKKO©VOWLC¡M$QQFCOVCOPCRKO©VUCCM
MKC¡R©ZI©K6QFCX¯CPQUGNGCDTGPNQUQLQUC LKO©©M!tLWRMCK¡EJIW,WCPt:KLWODCKM
GUVGECEJQTTQRQTSWGGUV£EJKSWKVQVQFCX¯CRWGU FJQtLWRMCK¡EJIW2GGITQt%W£PVQU
CRGPCUPCEKµ=RNZKZIC¡P? HWGTQPC/G\SWKVCNKPENW[«PFQNQUCWUVGFGU!
tRTGIWPVµ,WCPt(WKOQUQEJQtEQPVGUVµ
ZKK³OC¡CFLEJKPQ
ECDGNNQQRGNQ ,QKFJCOLKZ
2GFTQ8CTLKZLWODCKM
ZKK³OC¡VWOQ¡IW%CTOGGNQ%CTOGNQVKGPGGN
ECDGNNQDKGPEJKPQ=RNZKZKK³OC¡EQRLKZ?
ZKLWOIQQM 6'2'*7ƒ0Ê'52#“1. 

ZKLWOIQQMCFLUKGVG:KLWOIQQMDJCCPFJK ZKMQQTMC¡XaKGZVGPFGTUG
FGNECRWNNQRNCPVC 
OCUCC¡PPCOWK¡DCODJ©KEJW¡UCRLKT %JCOR©MK¡QQDIW[CMWCPQ¡VDCZK¡ZMQTMC
C¡IKEJCOMC¡O©L©,WMV©T&KEGPSWGGNF¯CUKGVG FCKPCMCTMC¡MDWNJKMMC¡0QUQPUCDTQUQUNQU
FGGUVGOGUXCCJCDGTLWPVCGP5CPVC/CT¯C JQPIQUUKUGGZVKGPFGPPCFCO£UEWCPFQCECDCP
8CTLKZLWOIQQM FGDTQVCT
ZKLWOOCCMQDCFLPWGXGt,©¡MLCRDC¡LC GUVCTNNGPC
.WPC $CKMVCPQQNJM©¡POQQZ
DKC¡IWDCCMLK³MQORCCNJPCROCC¡PLK³ KQ¡ODCZKMQQTMC¡IWOCUCC¡P&GPVTQFGVTGU
IC¡NJKFJC¡!tLWRMCK¡EJIW.WKUt,C¡RPKCNJ F¯CUXCCGUVCTNNGPCNC.WPC
ZKLWOOCCMQDtLWRMCK¡EJIW,QUGG =UWLRNZK¡ZMQTMC¡RTGVZKMQQTMCZK¡ZMQTMC
t%W£PVCUXCECUVKGPGUEQORCFTG!3WKUKGTC RTGUZKMQQTMCTZK¡ZMQTMCT?
EQORTCTOGWPCtFKLQ.WKUt0QOWEJCU ZKMWCPC¡XaVFGUOQPVCT
RCTCDCTDGEJCT 
UQNCOGPVGWPCUPWGXGtTGURQPFKµ,QU«8CTLKZ -CDWKOWMLCRLK³RCNJDWKFJC¡PCEJVW
LWOOCCMQD ZKMWCPC¡OWPKMC¡PF©TICKPCDJCK¡©ZKC¡IW
ZKLWOOCC¡PCFLUGKUt,©¡MVWUWWUWUIWO DJCD2QTHCXQTC[¼FCOGOC³CPCCFGUOQPVCT
PCCP!tLWRMCK¡EJIW,WCPt:KLWOOCC¡P GPCSWGNNCNCFGTCRCTCUGODTCTHTKLQN
FJQtLWRMCK¡EJIW2GGITQt$KC¡DCMLKCIW NKORKCT
JKGTDCUKPUCECTNCTC¯\ -CDWKOWM
MKKUtLWRMCK¡EJIW,WCPt%W£PVCUXCECUFG LC³OQQZKMWCPC¡FJKUCK¡PC[C¡PKLC¡RVWWV
QTFG³CVKGPGVWOCO£!tRTGIWPVµ,WCPt5GKU DC¡MUCPQQR6À¡MQDDCLKOMQ¡QKT©FCOVW
tEQPVGUVµ2GFTQt'PVQPEGUU¯VKGPGSWGUQ VCVFC¡/C³CPCXQ[CEQTVCTGUGRCUVQSWGGUV£
XGTFCF!tKPUKUVKµ,WCP8CTLKZLWOOCC¡P CNTGFGFQTFGNCECUCRWGU[CETGEKµOWEJQ[
♦ZKLWOOCCFC¡PCOUQPUGKU VGPIQOKGFQFGSWGWPCX¯DQTCCPFGRQTCJ¯
=RTGVZKMWCRTGUZKMWCP?8«CUGMWCPC¡
ZKM©MMC¡XaKECOKPCTDKGP/QQRZK
M©MMKFJC¡³MQORCCNJPCREJCOZK¡R©MLWR ZKMW¡UJGTOCPQJGTOCPC
OGPQT 2CLC¡M
ZKOMQ¡MVWNJFJKFJC¡,KZKQ¡ODCMOCKO ZKDJ©KIW³ZKMW¡PCOK¡R©ZLC¡RLWRMCQKT©!
LCRKEJLKC%COKPCDKGPEQORCFTGRCTCSWGPQ #FµPFGUGHWGOKJGTOCPKVQ!2WGUNQXK
VGXC[CUCNCUVKOCTRCTGEGSWGVGJCU CPFCPFQRQTCJ¯
GODQTTCEJCFQOWEJQ RTKOQJGTOCPQRTKOCJGTOCPC
JKLQQJKLCFGN
GUVCTHKTOG
GPUWQRKPKµP ,CZFJWKPCIW¡ JGTOCPQQFGNCJGTOCPCOGPQTFGNRCR£QFGNC
IW³LKKMWNJZKM©©MC¡LCZPQ¡VLWRDC©NJEJCO OCO£ 2CCRKEJLC¡MRWDJ©K³ZKMW¡VCMCCD!
OCCV©VVÀMÀÀUKCMWLCTQK¡LCZV©KEJ©VFC0QUG /KLC¡RV©KOIC¡PICIW³LKKMWNJLWOVCCV#
RWGFGEQPXGPEGTCOKV¯QRWGUGUV£HKTOGGPUW FµPFGVGHWKUVGC[GTRTKOQ!6GCPFWXQDWUECPFQ
QRKPKµP[PQSWKGTGGUEJWEJCTNQSWGQVTC OKV¯QVWRCR£
RGTUQPCNGFKEG =RNZKZMW¡CRQUU©RFJK¡³U©URKFJK¡³?
=UWLRNZKIW¡MC¡RTGUZKM©©MZKIWIWWM ♦U©©RK¡³JGTOCPQOGPQT
HQTOCCPVKIWC 
EQPVZKM©MMKFJC¡ZKIW¡PIWMKFJC¡? ZKMW¡O©MF©TMCOURTKOQNGLCPQRTKOC
ZKMMWKFJC¡XaVOGPGCT
RCTCSWGUCNIC  NGLCPC
JKLQQJKLCFGNJGTOCPQQFGNRCTKGPVG
$J©L©OO©PKLKDCCVWCF©¡PM©TIWV©©MQNJ$JC³ OGPQTFGNRCR£QFGNCOCO£ t,CZLWOKKO
DJ©K¡³OCC¡PVÀDIWWWZPC³M©¡PDJ©L© CCRIW.WKU!tLWRMCK¡EJIW,WCPt&JQTLK³
ZKMMWKFJC¡'CPQ¡VEJCODWWU#NN¯UGOGVKµ ZKMW¡O©MF©TMCOtLWRMCK¡EJIW2GGNGU
WPCCTFKNNCGPGNJWGEQFGGUGGPEKPQ6T£GOGWP t3W«GUVW[Q.WKU!tRTGIWPVµ,WCPt2WGU
RCNKVQNCTIQRCTCRKECTNGOGPG£PFQNQCXGTUK GUOKRTKOQNGLCPQtEQPVGUVµ(«NKZ8CTO©M
UCNGFGCNN¯=RTGVZKMMWKRTGUZKMMWK¡³? F©TMCOZKMW¡
ZKMQQNJKMCFLTGFQPFQ,QKFJCOLKTZKMQQNJKM ZKOCCVURGPECFGOCIWG[
EQEKFC 2CCR
IWEJK³KK¡³FJKLC¡CC.CDQECFGGUVCQNNCGUV£ FWWMVWZKOCCVVC¡!6©KDCZ³CCK³%W£PFQ
DKGPTGFQPFC=RNZK¡ZMQNJKMEQRLKT? XCUCRTGRCTCTNCURGPECU!2WGUUGOGCPVQLCP
=RNZKZOCV?
ZKMQQTCMCFLNNGPC
.WPC 2CK¡³I©VLC¡MZK
LKOKC¡ZKDPCZOCUDC¡PCTZKMQQTCMIW ZKOFCC¡XaGPQFCTOWEJQHTWVQ
RNCPVC 
OCUCC¡P5GT¯CDWGPQSWGUCNKGTCRQTCJ¯CJQTC ,WRMCK¡EJFJC¡COIWLC¡VMCOPCUCRZKO
[CSWGEQPNC.WPCNNGPCUGRWGFGXGT=EQRLKT? FCC¡IWKOCK%JCOR©MUWWNJIKFJC¡&KEGNC
IGPVGSWGNCECNCDC\CPQFCOWEJQHTWVQUKPQ
 6'2'*7ƒ0Ê'52#“1. ZKZDW¡FC¡

RQEQ RCTCRTGPFGTNCEWCPFQXKGPGNCNNWXKCEQP
PQOWNVKRNKECTUGH£EKNOGPVG
CPKOCN 5CR VTWGPQU=RTGVZKQZOCK?
PQ¡³EJCOVW³OCK¡EJMK¡³EJCOUWWNJIKFJC¡ ZKQ¡=RTGUFGZK¡[C¡?OCOC
MC¡COIWDJG¡OUGTPCOIW¡UCRZKOFCC¡
ZKQ¡IK¡³UUWJGTOCPQUWJGTOCPC
OC[QT 
&KEGPSWGUKPQOGGPEQOKGPFQCWPUCPVQPQ
t-CPKIW¡PK&CTKK[CV©VDKCIWMWWDJ©ZtLWR
PCEGPH£EKNOGPVGNQUDGEGTTQURQTSWGPQUG
MCK¡EJIWZKQ¡IK¡³t2WK¡FJQZLQK¡³PCO
OWNVKRNKECPH£EKNOGPVG
DWCFC¡PCLCZFJWKOMWDJC¡D³KFJKFJC¡tLWR
=EQPVZKOFC¡FC¡?8«CUGFC¡VC¡
MCK¡EJIWLCPCCPt/KTCEQOQ&CT¯QLWGIC
ZKOMCKOC¡XaTH£EKNFGGPVGPFGT,QKFJCOLKZ EQPGNJWOQtFKLQUWJGTOCPQOC[QTt.G
DJCK¡ZKOMCKOCIWWC¡PC¡PIWLCTQK¡PCVLWR IWUVCJCEGTNQRCTCVK\PCTUGtTGURQPFKµUW
VWFWWFJKW¡WCP5GGPVKGPFGDKGPGNTGNCVQFG OCO£
NCRGTUQPCSWGJK\QGUVCGUETKVWTC=RTGUZKO UWRTKOQJGTOCPQUWRTKOCJGTOCPC
JKLQQ
MCKOC? JKLCFGNJGTOCPQQFGNCJGTOCPCOC[QTFGNRCR£Q
ZKOM©¡ZUEJWRCUCXKC,KZ³CCIWZKOM©¡ZIW FGNCOCO£ +KOEJW¡PFC¡CR©RFJK³EJKQ¡³IW
LWPDCC¡/K¡CCLKVWMQK¡O©KRCK¡PQ¡TICCV©T ZKQ¡IK¡³PCDC¡ZOCVMC¡PCLCZKKO'PU«³CNG
#NCEJWRCUCXKCNGIWUVCEQOGTUGNQUGNQVGURWGU COKJKLKVQSWK«PGUUWJGTOCPQOC[QTRCTCSWG
NNGICCEQO«TUGNQUFQPFGJC[OKNRC UGRC
=RNZKZKOM©¡Z? =RNZKKZKQ¡IK¡³?8«CUGZKKZ
ZKQ¡RPCFCOUEWTCPFGTQEWTCPFGTC
SWGEJWRC 
,CTQQTZKQ¡RPCFCO[CLC¡RPC³WOWC¡³FJC¡
PC³ZKQR³KFJC¡IW³OQ¡PCZMQ¡M!3WK«P
UCDGEWTCTRQTCSW¯!RCTCSWGRQTHCXQTOG
EWTGGNFQNQTFGECDG\C
ZKQ¡RPC¡XaVEJWRCT6WZKQ¡RCPIWDKRKKZIW
[QQZK¡'NEQNKDT¯NGUEJWRCGNP«EVCTCNCUHNQTGU
=RTGVZKQ¡RRTGUZKQ¡RCP?

ZKQPC¡XaVOGPGCT
N¯SWKFQ :KQPFC¡RKOFJK ZKQ¡R³KFJC¡XaDEJWRCT
RCTCEWTCT ,WOCC¡
DJQ¡OMQZLWPOC¡PPCDC¡EJCOO©©[C¡ PC³WOWC¡³FJC¡IWOCMI©OPC³ZKQ¡R³KFJC¡
VWWMCD5KICPOGPGCPFQGUGIWKUCFQFG PQ¡³LKZMC¡QQM%WCPFQGUVQ[GPHGTOQ
VGEJCNQVGRCTCSWGPQUGSWGOG=RTGVZKQ PGEGUKVQRGFKTNGCNEWTCPFGTQSWGOGEJWRGRCTC
RTGUZKQP? EWTCTOG=RTGVZKQ¡R³KRTGUZKQ¡RK¡³?
ZKQQKPVGTL.QSWGFKEGNCIGPVGEWCPFQGEJCPJCEKC ZKR³KC¡XaKGUVCNNCTVTQPCTt;C¡RCK¡OKC¡P
CVT£UWPRGFCEKVQFGNCECTPGFGRWGTEQCNQU VWOZKZRWPVWMCC¡tLWRMCK¡EJIW,WCP
GUR¯TKVWUOWGTVQUCPVGUFGEQO«TUGNCÎ:KQQÏLWR t,CTQK¡EJKVWOC¡[CULKCtLWRMCK¡EJIW
MCK¡EJIW,QUGGPCVLCZDJCK¡LKEJWLWWIW 2GGITQt2QTCSW¯EGTSWKVCUGQ[µVTQPCT
VQQZMQNJDCMCCZÎ:KQQÏFKLQ,QU«GPEWCPVQ CPQEJGtFKLQ,WCPt#NIWKGPGUVCT¯CVKTCPFQ
GORG\µCEQOGTUGNCECTPGFGRWGTEQ PQ!tTGURQPFKµ2GFTQ
RQPEJCTUG
NNCPVCQRGNQVC $©ZZKMF©TZKZRWP©
ZKQVCNJUOKVQVG6©P©¡COIWZKQVCNJIW
IWTCTQK¡³IC¡PIW³VTQQMC¡.CUNNCPVCUFGNQU
Q¡FCO.CIGPVGVGRGJWCPCDCKNCGNOKVQVG
FQUNCFQUFGOKECOKQPGVCUGRQPEJCTQP

5GEGNGDTCGUVCEQUVWODTGVTCFKEKQPCNVTGUXGEGUCN
=UWLRNZKZRW³KC¡RTGVZKRZKZKKRQZKZRWP©
C³Q&WTCPVGEKPEQF¯CUUGRTGRCTCNCIGPVGGPGN
RTGUZKRWPZKZRWP?
RCVKQEGTGOQPKCN[QTCPEKPEQPQEJGU&GURW«U
DCKNCPVQFCNCPQEJGJCUVCGNUGZVQF¯C  ZKZDW=RNFGZKDWW?EGD¼GU
VQTQU 
♦ZKQVCNJP©¡FCODCKNCFQTFGNOKVQVG ZKZDW¡XaKGUEWRKT6W¡DC¡MWRDC¡OQQLC¡R
ZKQZOCFC¡XaVDGPFGEKT,WRMCK¡EJFJC¡COIW LKTOCC¡PPCRZKZDW!2CPCCUVW¡OCKOMCO
LC¡VMCOPCUCRLWOCC¡IWMC³FJKKTPC³ 2QTSW«GUV£UGUEWRKGPFQECFCTCVQ!*CEGU
DKC¡MC¡ZKQZOCFJKZMCOPC³UCRDC¡LQVOQFC¡ EQOQWPDQTTCEJQ=RTGV[RTGUZKZDW?
D©¡³FJC¡PQ¡DJCK¡DCV©TPKOIWFWWM&KEGNC ZKZDW¡FC¡=RNFGZKDW¡FC¡?XGU¯EWNCUDKNKCTGU
IGPVGSWGGUPGEGUCTKQVGPGTWPCXGNCDGPFGEKFC
ZKZFJW 6'2'*7ƒ0Ê'52#“1. 

ZKZFJW=RNFGZKFJWW?GUVCTRTQJKDKFQU VTQRGE«[OGEC¯FGNCPVGFGNCUCWVQTKFCFGU

EGTGOQPKCNOGPVG =EQRLKZ? =RTGVZK¡©TDQRTGUZK¡©TCRRQ?
ZKZFJWVFC¡=UWLRNFGZKFJWWVFC¡?CDUVGPGTUG ZK¡©TIK¡³CFLVGPGTXGTI¾GP\C
FGCNIWKGP 
C[WPCT
TKVWCNOGPVG =RTGVZKZFJWV? “KQ¡MFJKFJC¡CRIWOZKKZCCRFCKPCRLKZ
ZKZIC¡P=RNFGZKKIC¡P?ECEJQTTQU ZK¡©TIK¡³&GDGUUCNWFCTCVWRTKOQ2QTSW«VG
FCXGTI¾GP\C!=EQRLKZ?
ZKZKC¡FJK¡³=RTGUFGZKC¡³FJC¡?COCPGEG
UWL
♦ZK³ZK¡©TIK¡³VKGPGXGTI¾GP\CFGO¯
CPKO 
ZK¡O³KFJC¡XaVVCRCT
DKGP -WW³KEJ
ZKZKKDMCO=RNFGZKDMCO?PWGXQU=EQRLKT?
OWOOWPKMC¡PPCORCK¡QK¡FJC¡IWV©VMWNJ
ZKZKK³OC¡=RNFGZKK³OC¡?EJKPQU
ECDGNNQQRGNQ  D©ZEJW¡W¡WWZICPCK¡LQQFCK³KEJDJ©L©VW
=EQRLKZ? ZK¡OPK%GTT«NCGPVTCFCFGFQPFGXKXGPNCU
ZKZKKT=RNFGZKKT?UKNNCUFGOQPVCT CTFKNNCUNCVCR«EQPRCNKVQU[RKGFTCU
ZKZKKZ=RNFGZKKZ?JGTOCPQUJGTOCPCURTKOQU =RTGVZK¡OPKRTQRZK¡OPK¡³O©TC¡?
RTKOCU
OC[QTGU 8CTZKKZ ZK¡ZDQNJKM=RNFGZKDQQNJKM?TGOQNKPQU
ZKZKOM©¡Z=RNFGZKOM©¡Z?EJWRCUCXKCU ZK¡ZDQTCM=RNFGZKDQQTCM?VWRKFQU=EQRLKT?
ZKZMW¡=RNFGZKMW¡?JGTOCPQUJGTOCPCU ZK¡ZDQTMC¡=UWLRNFGZKDQQTMC¡?GZVGPFGTUG
RTKOQURTKOCU
OGPQTGU 
TCOCU =RTGVZK¡ZDQTMCRTGUZK¡ZDQTMCT?
ZKZOCV=RNFGZKOCCV?RGPECUFGOCIWG[ ZK¡ZMQNJKM=RNFGZKMQQNJKM?TGFQPFQU

EQEKFCU  =EQRLKT?
ZKZRKNJ=XCTFGRKRRKNJ?RQNNKVQU ZK¡ZMQTMC¡=UWLRNFGZKMQQTMC¡?GZVGPFGTUG
FGN
ZKZRW³KC¡=UWLRNFGZKR³KC¡?RQPEJCTUG ECRWNNQRNCPVC =RTGVZK¡ZMQTMC
GUVCNNCTVTQPCT=RTGVZKZKKRQZKZRWP© RTGUZK¡ZMQTMCT?
RTGUZKZRWP? ZK¡[C¡XaKCOCOCPVCT-WWRC¡RKOFJKDJGUGGT
ZK¡CFXFGOCUKCFQ:K¡IÀ¡OKDWKZIWQPFJK PCEJCOVWZK¡[C¡VWMCC¡PQ¡DJCK¡DCLKOIW
DJCD)KKNJKOLKZQPMCM6KGPGPFGOCUKCFCUCN F©¡©©¡PPCEJIW¡UWUUC¡'PEKGTTGPCNDGEGTTQ
NQUHTKLQNGURWGUGUV£POW[UCNCFQU RCTCSWGPQXC[CCCOCOCPVCTNQGPNCPQEJGUK
XKGPGUWOCO£RQTSWGXCOQUCQTFG³CTNC
ZK¡CC¡³=RTGVFGZKC¡³FJC¡?COCPGEKµ
UWLCPKO  =RTGVZKKRTGUZKQ¡RWPVZK¡©©M?
ZK¡©TCFLSWGNGFCXGTI¾GP\C%JC¡ROQQ Z©©DCPKPVGTLDWGPQUF¯CUDWGPCUVCTFGUDWGPCU
VWLWCPCVQKT©FC¡,WCP#C³FJQIKOQQZZK¡©T
PQEJGU:©©DCPLK³LCFWW³#C³OQQPCK¡DCLK
LKPCOWRCK¡DCEJEJWVVWMC¡LQKUKUV©TIQQMF©V
LKKPCMCRDJCK¡MCZL©DQQ¡$WGPQUF¯CUOK
FJKOVCCVPQ¡RKEJVW¡LCZOCFJWWIKQIW¡ COKIQ;QCPFQIQ\CPFQFGNVKGORQ[CSWG
L©¡MPCODJCK¡DCEJEJCCPFC¡0QCPFGU
VQFCX¯CGUV£HTGUEQ
'NUCNWFQVTCFKEKQPCNVKGPGNC
JCEKGPFQEQUCUOCNCU,WCPRQTSWGOGFCT¯C OKUOCHQTOCCEWCNSWKGTJQTCFGNF¯CQFGNC
XGPI¾GP\CSWGPQUNNGXCTCPCPVGNCUCWVQTKFCFGU PQEJG =5GCEGPV¼CNCUGIWPFCU¯NCDC?
UKJCEGUCNIQOW[OCNQ[PQUGZKIKT£PRCICTWPC
♦DJCK¡RZ©©DCP
TGURWGUVCCNUCNWFQ
OWNVC=EQRLKZ?
VTCFKEKQPCN 
ZK¡©TCC¡XaKVGPGTXGTI¾GP\C%JCOCCIW¡RWZ
Z©NJKK³CFLFGTGEJQ
RNCPVC %JCOKCOLKZ
ZK¡©©PCVRWK¡LKOZK¡©TDQMPCIKKNJKOLCV©VFC
OW¡WWMCCIWODCK³FJCUPCRLK³
OCKOWMPCVDC¡OQQRWEJCOOWK¡MCLKK!
EJCK³DWKFJC¡PC³M©¡PICC¡O©TC¡OCC¡PIWLWM
;QETGQSWGVKGPGXGTI¾GP\CRQTSWGNGUOCNFKLQ
LKZZ©NJKK³PCEJVWVCDNGGVCUVC¡!0QVKGPGHKNQ
GUVCPFQDQTTCEJQ[RQTGUQ[CPQHWGCXGTNQU
VWJCEJC!RCTCSWGOGNCRTGUVGURCTCKTC
=RTGVZK¡©©RTGUZK¡©TEQRLKZ?
DWUECTWPRKPQFGTGEJQRCTCJCEGTVCDNGVCURCTC
♦ZK¡©TCCOMCK¡EJFKEGEQUCUXGTIQP\QUCU
GNVGEJQ=RNZ©ZNJK³EQRLKZ?
ZK¡©TDQ¡XaTCXGTIQP\CTUG6CMCCDLC³KEJOK¡
Z©¡NJKOCFXEQPEWKFCFQ2CPCCUQO³KZFJK
OC³ZK¡©TDQOWK¡MCOV©TOK¡PCMCVWOC¡IC
KUMCFJKKT,KZZ©¡NJKOLWOCC¡PC³DJCCP
/CKC³KEJLK³DJKCMOKLC¡RLCVCCIKQDIW
V©UFKC¡2CTGEGSWGGUV£SWGDTCFCGUVCGUECNGTC
IÀ¡IÀTMCO#[GTOGCXGTIQPE«GPVTGNC
UGPGEGUKVCUWDKTNCEQPEWKFCFQ=EQRLKZ?
OWEJGFWODTGEWCPFQJWDQLWPVCRWGUOG
 6'2'*7ƒ0Ê'52#“1. [CUUCRC¡

Z©¡U©NJKMCFLSWGVKGPGVGNCFGGURKIWKNNC)WZ OCFWTCFQ
Z©¡U©NJKMLKPCZCDJCCTPCRVQK¡FJC¡FJKO VTCPURCTGPVG
UµNKFQ )WZZWW¡PIK¡OKRWWT
KRWWT5GT¯CO£UDQPKVCVWHCNFCUKNGRWUKGTCU LCRMCZKCCFC¡.QQNCPC³MCODCMWC³FJC¡
VGNCFGGURKIWKNNC=EQRLKZ?8CTZ©¡U©TCM FJKLWOCKOKRWWT2QPVGVWHCNFCVTCPURCTGPVG
Z©¡U©TCMCFLSWGVKGPGFKUG³QFGEWTXCU)WK¡ .QNCRCTCSWGRWGFCNCXCTNCQVTC
PCZZ©¡U©TCMMC¡IWLKMRC¡U©¡NJKMLWOV©©V©¡ =RNZW¡UIK¡EQRLKZ?8«CUGUWW¡PIKEJC¡
7PCVTGP\CSWGVKGPGEWTXCUUGNNCOCÎU©¡NJKMÏ
=EQRLKZ?

;
ZQRMK¡CFLSWGNGIWUVCEQPVCT
EWGPVQU 
/CC¡PPKO[C¡ZKÀÀMOCC¡PIWOCC¡PMCO
LC¡ROQQLQKFJCOLKZZQRMK¡7PCXG\NNGIµ
CSW¯WPCRGTUQPCSWGGTCOW[DWGPCRCTCEQPVCT
EWGPVQU
OGPVKTQUQ,C¡ROQQZZQRMK¡FJK#IWUVKK³ [CRTGHaXCSW¯,K³LWOEJWNJVCMIWLCTQK¡IW³
PQ¡VRCNJ©©RDCKKUKCIKLKLWOV©¡³EJQMCO'U LWWIW¡,WRVW¡O[CM©©MIWDCMWC#NIWKGPUG
OW[OGPVKTQUQ#IWUV¯PEQPUµNQVQOCTRQSWKVQ[ VQOµOKLWIQRWGUCSW¯GUV£NCNCVCXCE¯C
CWPSWGVQFCX¯CGUV«GPUWLWKEKQ =)TCO?8«CUG[C¡
=RNZCUQRMK¡EQRLKZ?
[CC=RTGVFG[C¡CC¡?QTKPµ
ZQUUQ=RNFGZCUQQ?SWGNGUUCNGOQEQ=EQRLKZ?
[CCURC¡XaVGPVGTTCTt,CTQQ³KCCR©PUCCM
ZQ¡NJKMCFLGPEQIKFQ2CCRKEJDCMQOKKEJ [C¡PK[CCUCR!tLWRMCK¡EJIW'NKUGG[Qt&JQ
2GGITQPCDC¡LC¡ROQQIÀ¡ZZQ¡NJKMIWO UCRMCK¡³MCOIWOCDWKN4QQUCMCVtLWR
EJCOCTTC!&QTOKUVGEGTECFGNCNWODTG MCK¡EJIW/GUKKPFCt3WK«PGUV£GPVGTTCFQ
2GFTQ!6WEJCOCTTCUGXGOW[EJCOWUECFC
NKV CSW¯!tRTGIWPVµ'NKUGQt6WCDWGNCNCSWGUG
GPEQIKFC =RNZCUQ¡NJKMEQRLKZ? NNCOCDC4QUCtEQPVGUVµ)QOGUKPFC
8«CUGUQ¡NJMC¡ =EQORNRN[CUUCRC¡RTGV[CCU[CUUCRC
ZQ¡NJMCNJK¡CFLSWGUGGPEQIGH£EKNOGPVG RTGU[CCUCR[CUUCR?
)KKNJKOLKZZQ¡NJMCNJK¡FJK¡³KLC¡RVW¡OIW [CCVWKURCRC2WK¡RLKZK¡QQDIW[CCVWK
LCPPWNJPQ¡³KEJZKDCMWC#C¡PFC¡PC³IKQR KKDJCKFJC¡UQPDKZKOMQ¡MQNJD©PMCOLC¡RPC
DCKUU©PC¡'UVGVKRQFGTQRCUGGPEQIG LCZIWUQ¡URQMCNJ.CURCRCUUQPVCPUCDTQUCU
H£EKNOGPVGEWCPFQNCNCXQUKGORTGNCVGPIQSWG EQOQNQUVQOCVKNNQUEWCPFQUGRTGRCTCPGPUCNUC
GUVKTCTQVTCXG\=RNZCUQ¡NJMCNJK¡EQRLKZ? FGEJKNG
8CTZQ¡NJMCTC¡8«CUGUQ¡NJMC¡
[CLC¡RCFXRQTCSW¯2CCMCOEJKIW
ZWTKKNJOC¡CFLRKPVQ+COR©ZLKZQK¡³IW OCC¡PMCOIWK¡PCV[CLC¡RDWWUDCUOW
OCTCC¡PFJKZZWTKKNJOC¡DCCM'NDGEGTTKVQ VCMCCD!&GFµPFGUGT¯CNCRGTUQPCSWGRCUµ
ECUKGUKIWCNCUWOCO£SWGGURKPVC RQTCSW¯JCEGVTGUF¯CU!
=RNZWUTKNJOC¡EQRLKZ?
ZWWNJIK¡CFLSWGFCHTWVQ,KZKQ¡OLKZ
[CMWCUJQPIQ
ITCPFGCOCTKNNQQTQLQ $C
DWDWCMKOCCEJKIW[CMWCDJ©L©LC¡RICICK
ZWWNJIK¡IWEJKKNCMIWKOCKEJCOR©M.QU MWEJDCWC¡RW¡PCEJVWLKFJQQTC¡RCNJ©©RMKKU
EJKNCEC[QVGUFCPO£UHTWVQSWGNCUECNCDC\CU M©¡P!;CGUVCT£PUCNKGPFQNQUJQPIQURQTCNN£
=EQRLKZ? GPNCUNCFGTCU!RCTCKTCVTCGT[EQEGTNQUEQP
ZWWNJIK¡=RNFGI©©ZK¡?DWGPQURCTCPCFCT
VCPVKVQSWGUQ
=EQRLKZ? [COO©CFXCE£,CZLCRKEJDC¡FWWMCVD©©R©¡
ZWW¡PIK¡CFLCIWCFQENCTQ
N¯SWKFQ ,KZ MCV[COO©RDCCK!0C³KEJIW¡RCPCCUCC³
ZWW¡PIK¡R©ZVQVRQMFJKOCVCKOC¡P/QQEJK D©©R©¡DJCLKK%µOQNGJKEKUVGRCTCNNGICTCE£
EJCODQRIKO'UV£SWGFCPFQOW[CIWCFQGN RTKOGTQ!%TGQSWG[QOGXKPGRTKOGTQ
PKZVCOCNETGQSWGPQGUV£CDUQTDKGPFQNCECN [CUUCRC¡=EQORNRNFG[CCURC¡?GPVGTTCTNQU
DNCPFQ
PQOCFWTQHTWVQ -CZZWW¡PIK¡FJK =RTGV[CUUCRCRTGU[CUUCR?
[CCVWK%JCMWKDCMMCDMC6QFCX¯CGUV£P
DNCPFCUNCURCRCUGPVQPEGUVQFCX¯CPQUGJCP
[C¡ 6'2'*7ƒ0Ê'52#“1. 

[C¡CFXCSW¯;C¡RMC³³©©TCFC¡CNJKQ:KDLC³ OGCPVQLCP=CRQU[QQZEJWNK¡³Q
DJCLKO'UR«TCOGCSW¯WPTCVKVQCJQTKVC [QQZEJWNJIC¡P?
XGPIQ8«CUG[C [QQZK¡UHNQT-CRDJWKOWMLCRIQQMICC¡O©TC¡
[C¡CC¡XaKQTKPCT#CRICOCK¡DCLKOFC¡#C³ IW[QQZK¡MWEJOQQZKFJQ¡³EJQRWKOW
[C¡MC[C¡CC¡)COCLC¡MLC³DCOCC[C¡5KIWG EJKQR8GCDWUECTHNQTGUOC³CPCVGORTCPKVQ
V¼CFGNCPVG[[QVGCNECP\QO£UCNN£RWGUCSW¯ RCTCKTCFGLCTNCUCNCKINGUKC
OGSWGFQCQTKPCT=RTGV[CCRTGU[C¡? =CRQU[QQZIC¡P?
[C¡MCOCFXFGEGTEC
JCDKVCPVG %JCOLCTQK¡ [WW¡U[WIQ
[C¡QKT©LKCIWO©MMCOFCKIW[C¡MCOPC
IW¡EJKEJCOLCTQK¡LCCCIK¡³PQ¡[C¡RLKT

¡
V©VDKEJCOMC¡0QCPFCCSW¯PCFKGSWGUGCFG
NGLQUXGTFCF!5QNCOGPVGNQUFGEGTECRWGU
RTQDCDNGOGPVGPCFKGNGUCXKUµSWGKDCCJCDGT
LWGIQUFGRQTVKXQU#PVµPO©MMCO
[C¡PKCFXCSW¯
RTGEKUCOGPVG ;C¡PKOQQ³
MQ¡TCTPCEJVWDC¡MEJC¡#SW¯OGIWUVCT¯C
EQPUVTWKTWPCECUC
Ê¡UWHaX+PFKECVKGORQHWVWTQRGLDCCIC¡TGICT£
VWVVW¡RCTCT£=5GRTGUGPVCFGURW«UFGNCUXQECNGU
KPVGTLdXGP
RCTCNNCOCTCWPRGTTQ 
CQ[W)TCO?8CTÊC¡
Îd;C¡PKÏLWRLCV©VFCIW,QUGGIWIQ¡PIQZPC
Ê¡PUWHaUUWUWU+PFKECRQUGUKµPFGNCVGTEGTC
LCDCK¡³PCVWLCOCMKC¡Îd8GPICPÏFKLQ,QU«
EWCPFQNNCOµCNQURGTTQURCTCFCTNGUFGEQOGT RGTUQPCFGNUKPIWNCTRGLUWWUMC¡PUWJWCTCEJG
[C¡VFC¡XaVJCEGTQTKPCT:K[C¡VFCKCRFJK DC¡RMK¡³UWUECUCU=)TCO?8«CUGIC¡P
Ê¡P=RTGUFGÊFC?+PFKECCEEKµPEQPVKPWC
EJKQ¡³LC¡Z³KLWTP©MPQ¡RKEJDCLKDQQ¡PPC
DC¡EJCOOKOLK¡DMC¡VWMCC¡#JQTCGPNC
VCTFGNNGXCUCNPK³QCQTKPCTCHWGTCCPVGUFG
CEQUVCTNQRCTCSWGPQUGQTKPGGPNCPQEJG
=RTGV[C¡VFCRTGU[C¡VW¡P?
[©L©CFXCSW¯
CFGPVTQ ,CTQQFC¡IWK¡PCV[©L©
LKCKD©©R©¡PC³DJCOO©PKFJ©TDJCK¡ZKEJ©
P©K¡³!3WK«PGUNCRGTUQPCSWGNNGIµCSW¯JCEG
TCVKVQEWCPFQ[QGUVCDCOKTCPFQFGCNN£CTTKDC!
[QQMUCIWCECVG-CDWKOWMLC³OQQIQQM
VCC³O©TC¡IW[QQMIW³LKKMWNJOWLC¡M
D©RVC¡P%JCOCCEJKDCFCTCC!/C³CPC
RKGPUQKTCNN£CDCLQCRGFKTNGCOKV¯QSWGOGF«
WPQUCIWCECVGURWGU[CJCDT£PQ!
[QQVC¡XaKCDTKT
HNQT &CKPCLCZMKC¡R©ZLK
[QQVC¡IWLWNJKKMPCDC¡ZK¡QQD'PEWCPVQ
GORKG\CCCDTKTNCHNQTFGNOCIWG[GUV£DWGPC
RCTCEQOGT
JCEGTUGÎRCNQOKVCUÏ
OC¯\ :KQPFC¡CRFJK
LCCMPCDC¡D©©Z[QQVC¡/WGXGGUVGOC¯\
VQUVCFQRCTCSWGVQFQUGJCICÎRCNQOKVCUÏ
=RTGV[QQRTGU[QQV?
[QQZEJWNJURCNQOKVCU#C³PC³LKZ³CMMC¡LK
IW[QQZEJWNJPC³DC¡DCLKEJWLCCMKC¡FJK
LWWPPCZ[QQVCNJK¡'UVQ[VQUVCPFQGUVGOC¯\
RCNQOGTQRCTCVGPGTNCURCNQOKVCUSWGVCPVQUG
Segunda parte:
Diccionario español–tepehuán

 '52#“1.6'2'*7ƒ0 CHKNCT

CEGRVCTXVCCIC¡
MCKFJC¡
NQFKEJQ 

# CEGTECTXVMQDZKFJC¡
RCTCXGT 
OKCONJKC¡
VKGORQ 
CEJKECTXVDWNJMCFC¡
TQRC 
CRTGRLC¡M
EKGTVQFGUVKPQ  DWNJMCZFJC¡
NCTQRCFGQVTCRGTUQPC 
DWK
NNGICPFQCFQPFGGUV£WPCRGTUQPC  CEQORC³CTXVQKFJC¡
CDCLQCFXFWOCCNJ CEQPUGLCTXVC¡IKFJC¡
DQECCDCLQM©R©NJ CEQTTCNCTXVMWWRC¡
EWGUVCCDCLQC¡PUCRLC¡M
FKTGEEKµP D©©Z CEQUVCTXVDQQFC¡
EQORNCPKO 
C¡PUCR DQ¡[C¡
RCTCFQTOKTUWLCPKO 
JCEKCCDCLQC¡PUCRLC¡M
EQUCEQNICFC  U©NJ³C¡
RCTCFGUECPUCT 
CDGLCHO©©O©D GUVCTCEQUVCFQGUVCTCEQUVCFCDQ¡
UWLCPKO 
CDQTVCTXVVWLKDWC¡ MCCV
UWLKPCP 
UGTCDQTVCFQUGTCDQTVCFCLKI©ZKC¡ CEQUVCTNCECDG\COQ¡V©MC¡
CDTC\CTXVMQQOMKC¡ KTCEQUVCFQKTCEQUVCFCDQK¡EJI©FC¡
CDTKICTXV©RIKFJC¡ CEQUVWODTCTXVOCCV
CGUVCTGPWPNWICT 
CDTKTXVMWRKQ¡MC¡
RCTCGPVTCT[UCNKT  CEVWCTXKFW³KC¡
MWRKQ¡MFJC¡
RCTCQVTCRGTUQPCQCPKOCN  VWK¡FJK¡
FGEKGTVCOCPGTC 
DJ©KEJFJC¡
RCUQ  CEWGTFQO
F©¡TC¡
NCVC  FGCEWGTFQGC
VCLCCPC¡
GNRGTKECTRKQFGWPCRNCPVCFGJKUEGPVG  CEWUCTXVKCVVWNJFJC¡
CPVGWPCCWVQTKFCF 
VCVPCMKC¡
OC¯\VQUVCFQ 
CFGEWCFQCFGEWCFCCFL
[QQVC¡
HNQT 
CFGEWCFCOGPVGCOR©Z
PKO£UPKOGPQU 
CDTKTECOKPQDQK¡³ZKFJC¡
RCTCQVTCRGTUQPC 
CFGNCPVGCFXD©©R©¡
FKUVCPEKCEQTVC 
CDTQEJCTXVUKKURC¡
ICOCK¡
FKUVCPEKCNCTIC 
CDUQTDGTXV
CFGNIC\CTXKICMOW¡
CDUQTDGTECNDQRIKC¡
PKZVCOCN 
CFGPVTQCFX©TDCPF©T
CDUQTDKFQCDUQTDKFCDQRKK¡
ECNGPGN
PKZVCOCN  GUVCTCFGPVTQDCCZ
UWLCPKO 
RQPGTCFGPVTQDCCZFJC¡
RCTCQVTCRGTUQPC 
CDUVGPGTUGXRTPNZKFJWWVFC¡
FGEKGTVCEQOKFC 
DCCUC¡
CDWGNCHCDWKNIÀ¡PCCP
CFJGTKTXVDJK¡URC¡
EQPRGICOGPVQ 
V¯CCDWGNCCDWKN
CFKµUKPVGTLVCDWKOWM
CDWGNQOMWWNUKIÀ¡VCCV
CFKXKPCTXVOCK¡EJKC¡
EQOQEJKUVG 
V¯QCDWGNQMWWNUK
CFµPFGCFX
CDWTTKTXVVQQ³FJC¡
CFµPFGOGTQ!RCCU©NJ
CDWTTKFQEJWVQQ³FJCTC¡
CFQPFGSWKGTCCFXRCK¡PCR©ZLC¡M
CE£CFX[COO©
JCEKCCE£DJCDJCK¡DJCLC¡M CFQRVKXQCFQRVKXCCFL
RCTCCE£LC¡RLC¡M
WPRQEQ DJ©L©
NWICTFG JKLQCFQRVKXQJKLCCFQRVKXCI©¡NJIC¡P
FKH¯EKNCEEGUQ  CFQTPCTXVVQK¡FJC¡
TQRC 
RCTCCNN£[RCTCCE£ICPCK¡ ZKCNJEJC¡
EQPHNQTGU 
DCCRUC¡
EQPGUVCODTGU 
CECDCTXVLWOKC¡
N¯SWKFQ LWIKC¡
LWWOC¡
N¯SWKFQ LWIKQMC¡ CFSWKTKTXVDJ©©[C¡
LWOEJWNJFJC¡
N¯SWKFQFGQVTCRGTUQPCQ CHGEVCTXVKC¡³FJC¡
CPKOCN LWIKK¡³FJC¡
EQUCFGQVTCRGTUQPCQ H£EKNOGPVGNGCHGEVCDJ©KFJC¡
GPHGTOGFCF 
CPKOCN  CHKNCTXVOW¡MC¡OW¡MFC¡
CECUQCFXLCZFJWWM OW¡MZKFJC¡
RCTCQVTCRGTUQPCQCPKOCN 
FGUCHKNCFQFGUCHKNCFCEJCRQ¡ZK¡
CHNQLCT '52#“1.6'2'*7ƒ0 

RKGFTCFGCHKNCTOWC¡MCT CIWLGTQO
CHNQLCTXVFWUCCTMC¡ VGPGTCIWLGTQF©¡
CHWGTCCFXF©©TCR CJ¯CFX
CICEJCTXVXRTPN FGRQTCJ¯OWRCK¡FJ©T
CDCLQNGLQU O©L©F©T
GUVCTWPRQEQCICEJCFCICKM©©M
RGTUQPC 
CDCLQNWICTFGFKH¯EKNCEEGUQ 
CICTTCFGTQOPCCM
FGWPTGEKRKGPVG  RQTCJ¯OKLC¡RRCK¡
EGTEC OWLC¡RRCK¡

NGLQU DJ©L©R©Z
CTTKDCNWICTFGFKH¯EKN
CICTTCTXVFCIKC¡
CEEGUQ 
FCC¡³FJC¡
RCTCQVTCRGTUQPCQCPKOCN 
FC¡PIKC¡
WPQCNQVTQ  CJQICTXVDJCK¡OVWFC¡
EQPCIWC 
PQDEJKC¡
FGNCOCPQ  DJCK¡OW¡
SWGNGIWUVCCICTTCTEQUCUCLGPCUEJ©DJ©KOQM CJQTCCFXZKD
SWGUCDGCICTTCTFJCCIK¡ CJQTCU¯ZKDFJQIKDC¡
CIKVCTXVL©NJDKFJC¡
CKTG  CJQTCXGT£CNJOQQ
VCLCCPC¡
PWDGU  CJQTECTXVDJKKMEJKC¡DJKKMEJWFC¡
CIQVCTXVLWOKC¡
N¯SWKFQ LWIKC¡ CJW[GPVCTXVMWZIKFJC¡
EQPRGTTQEQORNCPKO 
CITCFCDNGCFL CKTGOL©D©©NJ
DKGPCITCFCDNGLQKFJCO JCEGTCKTGL©NJDKC¡L©D©©T
CITGICTXVD©PFC¡ CLGPQCLGPCCFL
CITKQCITKCCFLL©¡©©ML©¡MWO SWGNGIWUVCCICTTCTEQUCUCLGPCUEJ©DJ©KOQM
OG\ECNCITKQDJCK¡³MWWIC¡P
NQSWGUCNGCN CLWUVCTXVI©ZKC¡
FGVCOC³Q 
VGTOKPCTFGFGUVKNCTGNOCIWG[  CNCHMCTDQ
CXG 
RQPGTUGCITKQRQPGTUGCITKCL©¡MNJKC¡ UCNKTCNCUC¡PICVC¡
CIWCHUWWFCK¡ CNCDCTXVFC³KC¡
C&KQU 
UWW¡PIK¡
FGCNIWKGP  CNCET£POPCMU©T
FWWM
NNWXKCTGIKQPCNKUOQ  CNCTICTXVDCKUU©PC¡
DCCTIC¡P
FGHTWVCQXGTFWTCETWFC  DCKUU©³FJC¡
RCTCQVTCRGTUQPC 
CIWCUVGTOCNGUVQK³MCO
CNDC³KNODJK¡³DCMEJCFCO
CIWCFGNKOµPL©¡MQNJDCC¡
CNDQTQVCTXVDCZKLKOKC¡
CPKOCNFCPFQXQEGU 
GEJCTCIWCDCF©K¡FJC¡
GPEKOC 
CNECP\CTXVCC[C¡
NCUCIWCUFWWFWMV©¡PIKCM
FGLWPKQC
CC[C¡
CEQIGT 
UGRVKGODTGTGIKQPCNKUOQ 
NNGPCTFGCIWCDCK¡³FJC¡
RCTCQVTCRGTUQPC  CNGITCTXVL©MIKC¡
NNGXCTCIWCDCK¡³FJC¡
CQVTCRGTUQPC  CNIQRTQPVW¡RC¡
SWGJC[UWHKEKGPVGCIWCFJWC
CTTQ[Q  CNIQFµPOVQM
UCECTCIWCDCK¡³FJC¡
RCTCQVTCRGTUQPC  EQDKLCFGCNIQFµPVQMUC¡WC
DCK¡IKC¡ RQPGTCNIQFµPFCCZFJC¡
EGTGOQPKCN 
UCNKTCIWCUWUFC¡ CNIWCEKNOQTQUKKT
CIWCECVGO[QQM CNIWKGPRTQPLCTQK¡
CIWCPVCTXVXRTPNPCMIC¡ CNIWPQCNIWPCCFL
SWGUCDGCIWCPVCT³CMQQ¡ CNIWPQFGOCCF©V
RGTUQPCQCPKOCNRCTVGFG
CIWCTXVDCTIKFJC¡
N¯SWKFQ  WPITWRQ 
CIWCFQCIWCFCZWW¡PIK¡
N¯SWKFQ  CNIWPQUCNIWPCULCK¡L©¡OC¡P
RCTCEQORCTCT 
RQPGTUGCIWCFQRQPGTUGCIWCFCUWW¡PIKEJC¡ LCK¡FJ©VL©¡MEJK
CIWKLµPO CNIWPQUEWCPVQUCNIWPCUEWCPVCULCK¡R©Z
UWCIWKLµPWRUWIC¡P
KPUGEVQ  CNI¼PF¯CRCK¡FJWWM
FGCNI¼POQFQLCZFJWWM
£IWKNCH
FGCNIWPCOCPGTCPCLCZFJWK
VKGORQRTGUGPVG
£IWKNCTGCNDJC¡CC¡
QHWVWTQ 
CIWKNKNNCTCVQPGTCWKK¡O
CNKGPVQOKK¡OFC¡
CIWLCHUQQOMCT
FGEQUGT 


 '52#“1.6'2'*7ƒ0 C³Q

CNKOGPVQOMQK¡ COCTTCTXVDWNJKC¡
CNKUVCTXVGEJMCFC¡ DWNJFJC¡
RCTCQVTCRGTUQPC 
GEJMCZFJC¡
RCTCQVTCRGTUQPC  MWC¡³FJC¡
JKNQUFGNVGNCT 
ICCOFJC¡
EQUCU  V©©O©NJFJC¡
CPKOCNCCNIQRGUCFQ 
CNKXKCTXVFQFJKC¡FWC¡³FJC¡ COCTTCTEQPWPPWFQDJWUCCNJOCMKC¡
RCTC
M©©¡³FJC¡
FGWPCGPHGTOGFCF  SWGPQUGTGEQTTCNCUQIC 
U©NJ³C¡
FGGUVCTNCUVKOCFQ  COCUCTXVFC¡DK³C¡
EQPCIWC 
CNN£CFXOWOWOOWPCOO©
CDCLQNGLQUPQUG FC¡DK³FJC¡
EQPCIWCRCTCQVTCRGTUQPC 
XG  COKIQCOKICOHDJCK¡MCK¡EJFJCOLCFWW³
OWPKOWOOWPKPCOO©PK
CDCLQNGLQUPQUG CORNKQCORNKCCFL
XGRTGEKUCOGPVG  CORNKCOGPVGLWRCCDCP
NNGPQ 
DJCOO©
CTTKDCNGLQU  CORNKCECPVKFCFUCDCCT
EQUCUUGECU 
DJCOO©PK
CTTKDCNGLQURTGEKUCOGPVG 
CORQNNCH
JCEKCCNN£OCK¡
PQUGXG OWLC¡M
FKTGEEKµP
UCNKTCORQNNCUUWUFC¡UWWFW[C¡
IGPGTCN OWOWK¡
CPCTCPLCFQCPCTCPLCFCCFLOEJCKOC¡
NKV
RCTCCNN£O©L©
JCEKCWPCFKTGEEKµP
EQNQTFGHWGIQ 
FGVGTOKPCFC 
RQTCNN£OWRCK¡
CDCLQ DJCOO©RCK¡
CTTKDC CPECH
KPFGHKPKFQ DJCOO©PKFJ©TLC¡R
CTTKDC GPNCUCPECUCUCTCCPICU
FGWPCPKOCN 
RTGEKUCOGPVG  CPEJQCFLO
FGRQTCNN£PCOO©F©TLC¡M JCEGTUGO£UCPEJQLWCTMC¡
O£UCNN£DCCU
UGXG DCCUF©T
PQUGXG  CPEJQCPEJCCFLOMQOCCTCM
FGHQTOCRNCPC 
ICOO©L©
NGLQUPQUGXG ICOCLC¡M UCDCCT
T¯Q 
RCTCCNN£[RCTCCE£ICPCK¡ FGOCUKCFQCPEJQFGOCUKCFCCPEJCLWCTMCO
CNN¯CFXOKOK¡
CDCLQEGTEC  SWGVKGPGWPCTC[CCPEJCDJKKUCROC¡
CPKOCN 
OK¡³K
CDCLQEGTECRTGEKUCOGPVG  CPFCTXKQKNJKC¡
O©L©
CDCLQCRGTVWTCTGUVTKPIKFC  IWUVCTNGCPFCTLQKFJC¡
CPKOCN 
DJCDJCK¡
CTTKDCEGTEC  SWGCPFCH£EKNOGPVGDCCRCKFJC¡
FQPFGJC[
DJC¡³K
CTTKDCEGTECRTGEKUCOGPVG  WPCEWGUVCGORKPCFC 
DJ©L©
CTTKDCCRGTVWTCTGUVTKPIKFC 
CPIQUVQCPIQUVCCFLEJWDWNJ
ECOKPQ 
CNN¯OGTQOK¡RWK¡
CPKNNQO
FGCNN¯DJCK¡FJ©T
CTTKDCEGTEC OK¡FJ©T
EQTVCTWPCPKNNQIKDWWNJMCFC¡
GPNCEQTVG\CFG

CDCLQEGTEC 
WP£TDQN 
RQTCNN¯DJCLC¡R
CNVQ 
CPKOCNOUQK¡
FQO«UVKEQ 
CNOCHKK¡OFC¡
CPKOCTXVIWIWWZFJC¡
CNOQJCFCHOQ¡ZMCT
FCMQQ¡³FJC¡
EQPGZKIGPEKC 
CNTGFGFQTCFXD©©ZZKMQQNJ L©MI©VFC¡
CSWGPQNNQTG 
CNVCTODQRVQ¡ CPQEJGCFXVWMCC¡
CNVQCNVCCFLCFXVÀD
FGGUVCVWTC  CPQEJGEGTXKLWTPKC¡
VÀ¡MQD
FGCNVWTC  CNCPQEJGEGTLWTP©M
CNWODTCTXVD©¡³FJC¡ CPVGC[GTCFXDCUVCMCCD
COCDNGCFLDJCK¡MCO CPVGRCUCFQCFLO
COCOCPVCTXVZK¡[C¡ C³QCPVGRCUCFQDCUOCCM©¡P
COCPGEGTXKZKC¡NJKC¡
VKGORQ  CPVGUCFXD©©R©¡
ZKC¡³FJC¡
UWLCPKO  CPVGUSWGPCDC¡
COCPUCTXVOCOQKUC¡
CPKOCNUCNXCLG  CPVGUSWGPCFCD©©R©¡MCV
COCTXVCC¡
CWPCRGTUQPC  CPVQLCTUGXRTPN³CC
FC³KC¡
C&KQU 
CPWPEKCTXVCCIC¡
COCTIQCOCTICCFLEJCCRWM
C³QOQKFJC¡
COCTKNNQCOCTKNNCCFLWCO


CRCEGPVCT '52#“1.6'2'*7ƒ0 

C³QRCUCFQOCCM©¡P CTCTXVLKOEJWFC¡
EQPCTCFQUKPCNGVCU 
C³QCPVGRCUCFQDCUOCCM©¡P VWK¡EJFJC¡
EQPCTCFQEQPCNGVCU 
C³QSWGXKGPGICOCK¡
GORKG\CEQPNC«RQECFG £TDQNOWWZ
NNWXKCU  CTEQOICCV
JCEGVTGUC³QUDCUOWLWOCKOCCM©¡P CTFKNNCHDJQ¡OMQZ
CTDµTGC MCCUCK¡
CTDµTGC 
CRCEGPVCTXVDK¡CC¡
CPKOCN  V©©MQNJ
VGTTGUVTG 
CRCEJWTTCTXVMK¡URC¡V©KOPC¡ CTGPCHQ¡[C
CRCICTXVVWUCC¡ CTGVGOPCPMCIKC¡
VWMKC¡
NWODTGQOQVQT  CTOCHDCK³WO
FGHWGIQ 
CRCTVCTXVL©¡F©NJMCFC¡ CTOCFKNNQOUQ[QQV
CRCTVGCFLCFX CTTCPECTXVDQQR³KC¡
RGNQ 
NNGXCTCRCTVGDCCDW¡
RCTCJCDNCT  VCMDWPC¡
FGTC¯\ 
CRGPCUCFXF©MQQ CTTGCTXVCTFKOKC¡
MKC¡R©Z
VKGORQ  UCCFC¡
UKPNC\CT 
CRNCPCTXVLKKDC¡ CTTGINCTXVM©©¡ORKIC¡
DQK¡MPC¡
\CECVGQOKNRC  M©©¡ORKZFJC¡
RCTCQVTCRGTUQPC 
CRNCPCFQCRNCPCFCDQK¡MC³
\CECVGQOKNRC  GEJMCFC¡
CRNCUVCTXVDQK¡URC¡MK¡URC¡OCK¡URC¡ GEJMCZFJC¡
RCTCQVTCRGTUQPC 
CRNCWFKTXVMCRKCPC¡ CC¡³FJC¡
CRNKECTXVFCCZZKFJC¡
TGOGFKQGPGNEWGTRQFG CTTKDCCFXVÀ¡MQD
FGCNVWTC 
QVTCRGTUQPC  CTTKDCFGFCCOFCCOF©T
CRTGEKCTXVM©©ICNJFJC¡
EQORNCPKO  DQECCTTKDCVCK¡
CRTGPFGTXVOCEJKC¡ EWGUVCCTTKDCDCCU©¡PD©©ZEJCK¡VCK¡LC¡M
SWGCRTGPFGH£EKNOGPVGEJ©DJ©KFJC¡ JCEKCCTTKDCVCK¡LC¡M
CRTGVCTXVMCDMCFC¡ CTTQFKNNCTXVXRTPNQ¡NJKCEJKC¡
DJKURC¡
EQPWPCEKPEJC  CTTQNNCTXVKCTC¡
JKNQURCTCVGLGTWPCVCNGIC 
CRTGVCFQCRTGVCFCMCDMCO
TQRCQ\CRCVQU  CTTQ[QOCM
MQDMQO
GNRCUQ  CTTQ[KVQDCKMMCO
DKGPNNGPQ[CRTGVCFQDKGPNNGPC[CRTGVCFC CUCTXVIC¡[C¡
MCDMCOLKOFCO CUGIWTCTXVUKKURC¡
GUVCTCRTGVCFQGUVCTCRTGVCFCDJKKUCR FCNJZKFJC¡
CRNCUVCPFQ 

EKPEJC  CUGUKPQCFLVWOWC¡MCO
PQDKGPCRTGVCFQPQDKGPCRTGVCFCFJWUCCTCM
CUHKZKCTXVKK¡OEJW¡KK¡OEJWFC¡
CRWPVCTXVFCCUC¡
PQODTG  DJCK¡OW¡DJCK¡OVWFC¡
EQPCIWC 
CRWTCTXVXRTPNFCK¡EJFJC¡LQVOC¡³FJC¡ CU¯CFXEQPLRWK¡
CSWGNCSWGNNCCSWGNNQUCSWGNNCUCFLIW¡³K
PQ RWK¡LC¡M
RQTEQUVWODTG 
XKUKDNGGURGE¯HKEQ  LC¡Z³K
FGVCOC³QEQUCUITCPFGUFKEJQEQP
CSWGNNCXG\LCPQ¡ CFGOCPGU 
FGCSWGNNCFQDCCUF©T
FGWPCEQTFKNNGTC  L©¡Z³K
FGVCOC³QEQUCURGSWG³CUFKEJQEQP
D©©RICPF©T
PQUGXG  CFGOCPGU 
CSW«NCSW«NNCCSW«NNQUCSW«NNCURTQPIW¡³K
PQ CU¯EQOQRWK¡R
FGKIWCNOCPGTC RWK¡PCLCZ
XKUKDNGGURGE¯HKEQ  CU¯PCFCO£ULC¡RR©Z
CSW¯CFX[C[C¡ PCFCO£UCU¯FCKRW¡RWK¡R©Z
[C¡PK
RTGEKUCOGPVG  CUKGPVQOCVQQZMQT
[©L©
CFGPVTQ  CUQNGCTXVXRTPNVQZMQIKC¡
UWLCPKO 
RQTCSW¯DJCLC¡M[CLC¡R K¡OW¡
CPKOCN 
CTCFQOLCTCCT CUQNGCTFGOCUKCFQK¡OWVFC¡
CPKOCN 
EQNCFGNCTCFQLCTCCTDJCK £URGTQ£URGTCCFLEJ©TMCO
EQOKFC 
CTC³CHLQ¡MQTCK¡ EJ©TQQM
PQEQOKFC 


 '52#“1.6'2'*7ƒ0 DGPFKVQDGPFKVC

CUWUVCFK\QCUWUVCFK\CCFLO©NJOWM
CPKOCN  C\WNCFLEJ©©FQ¡
CUWUVCTXV©¡PMKCVC¡ EJ©V©©FQ¡
£TGC 
CVCLCTXVUQQ¡OFJC¡

$
CVCTFGEGTXK
CVCTFGEKGPFQLWT³KFJCM
GORG\CPFQCCVCTFGEGTOKCLKFJW³KKFJCM
CVCUECTXVXRTPNFWR³KC¡ DCIC\QODK³MCT
FGEC³COCUVKECFC 
CVKPCTXKCC[C¡
RQTVKTCT  DCKNCFQTDCKNCFQTCOHP©¡FCO
CVK\CTXVO©©OFC¡
HWGIQ  DCKNCTXKP©¡[C¡
CVQNGOCVWWNJ
DCLCFCHC¡PUCR
CVQNGFGEWKVNCEQEJGL©¡MQ¡P GPNCDCLCFCD©©ZC¡PUCR
CVQTCTXVXRTPNUC¡[C¡ DCLCTXVV©O³KC¡
UKKURC¡
V©DCC³FJC¡
©ZMWPC¡
FKH¯EKNFGUCECT  V©DCC³ZKFJC¡
RCTCQVTCRGTUQPC 
CVT£UCFXICVWWMF©T LWTPKC¡
EWGUVCCDCLQ 
RCTCCVT£UMWW¡ DCNFGODCNFK
CWPSWGEQPLUKCRCPCCU GPDCNFGVW¡MWD
CWTCHPWK
VKRQFG\QRKNQVG  DCPFGTCHDC³FJKKT
CWVQTKFCFHIÀ¡MCOLQKU DC³CTXVDCVDKC¡
CXCP\CTXKLKDWC¡
GPNQSWGGUV£JCEKGPFQ DCVDKEJFJC¡
EQORNCPKO 
OQFKUOQ  DCTCVQDCTCVCCFLDCTCCV
CXGPVCTXVDWC¡ DCTDCHEJK³DQ
DWKFJC¡
CQVTCRGTUQPCQCPKOCN  SWGVKGPGDCTDCQDKIQVGEJK³DQMCO
CXGTIQP\CTXVXRTPNZK¡©TDQ¡ UCNKTDCTDCEJK³DQVC¡
CXGTKIWCTXVP©©TC¡ DCTDGEJCTXVOQKMFC¡
RCTCUGODTCT 
CXKµPOCDKQP DCTEQOMCPWWD
CXKUCTXVCC¡³FJC¡ DCTTGTXVDQZMC¡
CXKUQO DCTTQODJK¡³
CXKUQGUETKVQW¡WCP QNNCFGDCTTQDJK¡³LC¡CC
CXKURCHDKKRKU
EQO¼P  RNCVQFGDCTTQDJK¡³LQQZKC¡
F©DQQT
FGEJCSWGVCCOCTKNNC  XCUKLCFGDCTTQDJKFJCC¡
ETWFC 
RCPCCNJK¡Z
EJKSWKVCPGITCEQPRGSWG³CUTC[CU SWGJC[OWEJQDCTTQDJKFJCC¡
DNCPECU 
DCUVCPVGCFLCFXUCDCCT
CZKNCHLKMVQD
DCUWTCHVCPCCTC¡
C[KPVGTLLCC
DCVKTXVDCCIC¡
OCUCEQPCIWC 
C[GTCFXVCMCCD
DCWVK\CTXVDCMWCPC¡
EQORNCPKO 
C[WFCH DCMWC³FJC¡
CNJKLQFGQVTCRGTUQPC 
RGFKTC[WFCWOWC¡³FJC¡
DC[QDC[CCFLODCKOC¡
C[WFCTXVRCNJDWKFJC¡
DC[WUCHLWNJKKM
TGIKQPCNKUOQ 
C[WFCTCECTICTOQQVQKFJC¡
UQDTGNCECDG\CQ
DGDGTXVK¡[C¡
GPNQUJQODTQU DJKK³QNJFJC¡
JCEGTDGDGTK¡EJFJC¡
C[WFCTCRCTCTM©MDWKEJFJC¡
C[WFCTCRCUCTLWTWW³FJC¡
NWICTHGQQT¯Q DGEGTTQODJGUGGT
ETGEKFQ  DGNNQVCHVWCMCK
C[WFCTCUGODTCT©ZFJC¡ ECTRKPVGTQDGNNQVGTQMWTCV
C[WPCTXKUCCDW¡ DGPFGEKTXVDKK³MCFC¡
RCTCQVTCRGTUQPC 
ZKFJWWVFC¡
TKVWCNOGPVG  ZKQZOCFC¡
JCEGTC[WPCTUCCDVWFC¡
EQOQECUVKIQ  DGPFKVQDGPFKVCCFL
DGTTKPEJWFQDGTTKPEJWFC '52#“1.6'2'*7ƒ0 

GUVCTÎDGPFKVQÏZKFJWW
EGTGOQPKCNOGPVG  DTKNNCTXKVQVDKMKC¡
DGTTKPEJWFQDGTTKPEJWFCCFLC¡NJOC
RQTSWGPQ VQPPKC¡
UQN 
SWKGTGGUVCTUQNQ  OCUDCNJKC¡VQMDKFJC¡
NWPC 
D¯EGRUOVQQ¡O SWGDTKNNCOCUDC¡
NWPC 
DKGPCFXLQKFJCOCOCO DTKPECTXKVWW¡PPKC¡
DJCK¡UKIWWT DTQOCHLCCZOCFC¡
M©©¡
FGUCNWF  DTQPEQDTQPECCFLLKIKCT
CPKOCNFQO«UVKEQ 
DKGPCITCFCDNGLQKFJCO DTQVCTXKKKRW³KC¡
[GOCUWJQLCU 
GUV£DKGPRWK¡LK
TGURWGUVCCNSWGCECDCFG DC¡RW³KC¡
N¯SWKFQ 
NNGICT GC SWGDTQVCO©NJOWM
TGUKPC 
PQDKGPRCTDCP
KPEQORNGVQQFGHKEKGPVG  DTWEGUH
PQOW[DKGPRCTDCPR©Z FGDTWEGUM©R©NJ
PQGUV£DKGPEJCODJCK¡
RQTSWGGUVQTDC  DWEGCTXKFWR³KC¡
PQGUV£DKGP!EJCODJCK¡ DWGPQRCTCDWEGCTFJWR³K¡
DKIQVGOEJK³DQ DWGPQDWGPCCFLCFXM©©¡
FGECNKFCFQFG
SWGVKGPGDCTDCQDKIQVGEJK³DQMCO ECT£EVGT 
UCNKTDKIQVGEJK³DQVC¡ RWK¡LK
TGURWGUVCCNSWGCECDCFGNNGICT 
DKUCDWGNCHDKKUCNJ DWGPCIGPVGDJCK¡MCO
DKUCDWGNQODQZKK DWGPQUF¯CUZ©©DCP
UCNWFQVTCFKEKQPCN 
DNCPEQDNCPECCFLEJWC SW«DWGPQHWGTCKCOI©V
DNCPFQDNCPFCCFLOQKM DWG[ODJWW[CZVWWT
EJWOQKM
£TGC  DWNGODCMWC
ZWW¡PIK¡
PQOCFWTQHTWVQ  DWTDWLCHVQMUQ¡
DNWUCHMWVWWP DWTNCTXVXRTPNCC¡³ZKFJC¡C¡ZKC¡
UCCMW
CFQTPCFCEQPGURKIWKNNCQGPECLG  LCCZOC¡³FJC¡
DQCHDKC¡UMQ¡ DWTTQODJWTW¡Z
DQECHEJK³ DWUECTXVICCIC¡
OCPVGPGTGPNCDQECMCCOVC¡ ICC¡³FJC¡
RCTCQVTCRGTUQPCQCWPEWTCPFGTQ 
DQNCH V©V©IKC¡
CNIQGPGURGEKCN 
HQTOCTWPCDQNCMCDWWNJMCFC¡

%
DQPKVQDQPKVCCFLCDJCCT
EJWCDJCCT
£TGC 
DQTFCTXVDCCRUC¡
EQPGUVCODTGU 
DQTFGO
ECDCNNQOMCDCK
GPGNDQTFGMQQMDC¡P
FGWPRG³CUEQ 
ECDGNNQOMWWR
DQTTCEJQDQTTCEJCCFLOCKO
OHOCKOMCO ECDGTXKCC[C¡
DQTTGIQDQTTGICOHMCUPKT PQECDGDKGPFJWUCCTCM
MCEJ³KNJ
TGEK«PPCEKFQ  ECDGUVTQOZKCMKO
NCPCFGDQTTGIQMCUPKTDCRQQ ECDG\CHOQ¡
DQUSWGOLWMICO
FGEQP¯HGTCU  CEQUVCTNCECDG\COQ¡V©MC¡
GPGNDQUSWGW¡ZEJ©T ECDTQECDTCOHMCTDCZ
DQUVG\CTXKEJK³³CMKC¡ MCNJDC¡EJ
TGEK«PPCEKFQ 
DQVGNNCHDJQVGG[C NGEJGFGECDTCMCTDCZDKK¡O
DTCXQDTCXCCFLDJCPCC¡DJCPICO ECEJQTTQECEJQTTCOHZKKIC¡P
DTC\QOPQD ECFCCFLPCDCR
F¯COGUQC³Q 
ECFCWPQL©¡OC¡P
ECFGTCHVWDWWNJ
 '52#“1.6'2'*7ƒ0 ECTVC

ECGTXKLKI©ZKC¡ ECORQOICOR©Z
FQPFGPQJCDKVCPCFKG 
I©ZKC¡
FGUFGWPCCNVWTC  ECPCNO
©NJKC¡
GPWPRNCPQQGPWPCRGPFKGPVG  JCEGTWPECPCNCMZKFJC¡
RCTCFGUXKCTGN
V©KOPC¡
GPEKOC  CIWC CRCC³EJKEJFJC¡
RCTCRTQVGIGTNCECUC 
PCMIC¡
EQORNKPCP 
ECPCUVCHDCCNJ
CC[C¡
GPWPCHGEJC 
ECPCUVCFGECTTK\QVQQVMQODCCNJ
FCD³KC¡
RKGN 
ECPCUVCFGRCNOCUQQDQNJDCCNJ
FGLCTECGTFQ¡PMQPC¡
ECPCUVCFG\Q[CVGWOWW¡DCCNJ
JCEGTECGTKCTC¡
ECPFGNCTKCH
ECNHOCVCK
.C%CPFGNCTKC-QDC¡TCO
NWICT 
CDUQTDGTECNDQRIKC¡
PKZVCOCN 
SWGUCDGCECNDCCRCM ECPUCTXVOCIQQ³KC¡
ECPUCFQECPUCFCOCIQQP
ECNCDC\CHKOCK
UGOKNNCFGECNCDC\CMCKEJWM ECPVCTXKLKK³MKC¡
ICNNQ 
MWWMW¡
KPUGEVQQR£LCTQ 
ECNCTXVMCRCK³C¡
NCCNCIKC¡
RGTUQPCQR£LCTQ 
ECNECTXVLWRPC¡
ECPVKFCFH
ECNFQODCCTIC¡P
FGECTPGQNGIWODTGU CORNKCECPVKFCFUCDCCT
EQUCUUGECU 
EQEKFCU 
EC³CHDCLCCM
OCEK\CFG\CECVG 
MCCNFQ
FGECTPGEQPVQFQ[JWGUQ 
DQ¡DJCT
FGOC¯\ 
SWGVKGPGECNFQDCTCC¡
CNIQEQEKFQ 
LWPDQ¡
FGC\¼ECT 
ECNGPVCTXVLWWMC¡³FJC¡LWWMIKC¡MWC¡³FJC¡
ECRCEKFCFH
SWGUGECNKGPVCDKGPEJQK³FJK¡
VGPGTECRCEKFCFRQFGGTQ¡
ECNGPVWTCH
ECRC\CFL
DCLCTECNGPVWTCL©RNJKC¡
UGTECRC\FCCUC¡
FGJCEGTCNIQFKH¯EKN 
SWGVKGPGECNGPVWTCEJQK³
ECRWNNQO©ZMW¡
FGOCTKRQUC 
E£NKFQE£NKFCCFLLWWM
ENKOC 
ECTCHDWKDCU
VKGTTCE£NKFCVCCVUCD
GPNCQVTCECTCLC¡MF©T
ECNKGPVGCFLEJQK³
ECTCEQNOMCTQMUQMDQNJ
ECNKGPVKVQLWWM
ECTCEVGT¯UVKECH
ECNK\QECNK\CCFLDCCRCM
SW«ECTCEVGT¯UVKECUVKGPG!LCZEJW¡O
ECNQTO
ECTDµPOVWWRCNJ
JCEGTECNQTEJCVQK³VWVQK³FJKC¡
ECTICHDJKK³QT
NNGXCFCGPCPKOCNQGPXGJ¯EWNQ 
ECOCHDQRVQ¡
FGVCDNCU 
ECTICTXVDJKK³QTC¡
GPCPKOCNQGPXGJ¯EWNQ 
ECOCTµPOUCOKK¡
OQQVQ[C¡
UQDTGNCECDG\CQGPNQUJQODTQU 
ECODKCTXVRCVCCUC¡ VWMKC¡
GPNCGURCNFCEQORNCPKO 
ECODKQODKK
OQPGFC  C[WFCTCECTICTOQQVQKFJC¡
UQDTGNCECDG\CQ
GPECODKQMWIW¡ GPNQUJQODTQU DJKK³QNJFJC¡
ECOKPCTXKQKNJKC¡ ECTPGHDCMCCZ
FGCPKOCN 
U©NJ³C¡
RCTCECNGPVCTUGQJCEGTGLGTEKEKQ  SWGVKGPGOWEJCECTPGEJWWMW¡
ECOKPCTDKGPZKM©MMC¡ ECTQECTCCFLFJC¡TC¡
JCEGTECOKPCTQKNJKEJFJC¡ ECTRKPVGTQO
SWGECOKPCTGEKQLKOFJC¡ ECTRKPVGTQDGNNQVGTQMWTCV
ECOKPQODQK ECTRKPVGTQFGCNCUTQLCUMKQ¡
CDTKTECOKPQDQK¡³ZKFJC¡
RCTCQVTCRGTUQPC  ECTTK\QODCCRCM
FGVCNNQDNCPFQ 
ECOKµPOVTQQMC VQQVMQO
FGVCNNQFWTQ 
ECOKQPGVCHVTQQMC ECPCUVCFGECTTK\QVQQVMQODCCNJ
ECOQVGOMCOC¡D ECTVCHW¡WCP
ECOQVGUKNXGUVTGUCCTC¡R
ECUC '52#“1.6'2'*7ƒ0 

ECUCHDC¡CCM EGUVCHDCCNJ
DJK¡³DCM
FGCFQDGNCFTKNNQQRKGFTC  EJCOWUECTXVDCRQKMFJC¡DCRQKMKC¡DCRQKUC¡
MKKEJCO
JCDKVCFC  EJCOWUECFQEJCOWUECFCDCRQKMDQKM
MK¡CCO
EQPGNVGTTGPQEQTTGURQPFKGPVG 
EJCRCTTQEJCRCTTCCFLFWOCCNJ
RNCPVC 
JCEGTWPCECUCDC¡MEJKFJC¡
RCTCQVTC
EJCRQVGCTXKDJ©©[C¡
VTCVCPFQFGPCFCT 
RGTUQPC DC¡MEJC¡
EJCRWN¯POUQK
ECUCTXVV©©OQ¡
LQQ³EJC¡DJ©©[C¡
JQODTG  EJCRWN¯PXGTFGUCK¡OCT
MWPVC¡QKFJC¡
OWLGT  EJCTEQO
ECUECFCHMWK¡DW¡ JCDGTEJCTEQUUWUFC¡
FGCIWC 
E£UECTCHMQO .QU%JCTEQU5WUDJC¡PVCO
NKVNWICTFGNCU
MQUDJCNJ
FGNKGPFTG  TCPCU 
ECUECTµPO EJCTNCTXKUQRMKC¡
UQRMKFJC¡
EQPQVTCRGTUQPC 
JCEGTUCNKTFGNECUECTµPVCCVMKEJFJC¡
CXGU 
EJC[QVGOUKNC[QQV
ECUGTQECUGTCOHMKQMCO
EJKEQEJKECCFLCNJK¡EJ
ECUQO
EJKSWKVQEJKSWKVC©NJK¡EJ
GPECUQFGSWGPQ¡
EJKHNCTXKMWKEJFJC¡
WUCPFQNCUOCPQU 
ECUVKICTXVVWNJKK³EJWFC¡
EJKNGOMQ¡MQNJ
ECVCTTQOUQOCKIK¡
EJKNNCTXKLKK³MKC¡
EC\CFQTEC\CFQTCOHPCDF©FCO
EJKPQEJKPCCFLOZKK³OC¡
ECDGNNQQRGNQ 
EC\CTXVPCDFJKC¡
CPKOCN 
DWGPQRCTCEC\CT³CDFJK¡ EJKUOGCTXKLQQLQKFJC¡
EGDQNNCHLQVMQZ EJKUVQUQEJKUVQUCCFLL©©OKO
EGD¼OZKDWW EJKXQEJKXCOHMCTDCZ
MCNJDC¡EJ
TGEK«PPCEKFQ 
EGLCHL©©DQ
VWZKQ¡
JW«THCPQ 
EGNGUVKCNCFL
EJWCNODQKM
GNQVGVQUVCFQ 
0WGUVTQ2CFTG%GNGUVKCNLKEJEJCCVLKZFJCCO
JCEGTEJWCNGUDQKMFJC¡
RCTCQVTCRGTUQPC 
MCO
DQKMVC¡
EGPK\CHOCVCK
EJWRCTXVZKQ¡RPC¡
OK«TEQNGUFGEGPK\CUKPKKU ZKQ¡R³KFJC¡
RCTCEWTCT 
EGT£OKECCFLH EJWRCTTQUCH
QNNCFGEGT£OKECIKTKEJLC¡CC EJWRCTTQUCQTGLKDNCPECDKRKKZ
EGTECCFXOKC¡P EJWRCUCXKCHZKOM©¡Z
VCCIKQD
FGWPCRGTUQPCUGPVCFCQRCTCFC 
EKECVTK\H
EGTECFGNCNWODTGVCKMQD
SWGVKGPGEKECVTK\DCK³OK¡
EGTECFGNCUWRGTHKEKGFCCOCP
N¯SWKFQ 
EKGNQOLKZFJCCO
EGTSWKVCCOWWD
FGEGTEC[C¡MCO
JCDKVCPVG  EKGTVQEKGTVCCFLU©NJMCO
EKGTVCOGPVGOCCZKM
EGTECTXVMWWRC¡
GPEKGTVCURCTVGURCK¡PCLCZ
EGTFQOVQQZMQNJ
EKPEJCTXVIKDWWNJMCFC¡
GPNCEQTVG\CFGWP
EGTGDTQOQDCC¡
£TDQN 
EGTGOQPKCNCFL
EKPEQCFLLKZEJCOCCO
RQPGTXGNCEGTGOQPKCND©¡³FJC¡
EKPEQXGEGULKZEJCOCCOKO
VCOCNEGTGOQPKCNDJCOOCZ
EKPVWTCHLWTCCD
EGTTCTXVMWWRC¡
CNCEKPVWTCLWTDCP
EGTTCFQEGTTCFCMQDMQO
GNRCUQ 
EKTWGNCHFWK
GUVCTEGTTCFCMWWR
RWGTVC 
EKWFCFHIÀ¡MKKEJCO
EGTTQOQKFJC¡
EKWFCFFG&WTCPIQ-QTKCP
 '52#“1.6'2'*7ƒ0 EQORTCT

EN£TGCTXKOCCZKNJKC¡
CPVGUFGCOCPGEGT  IW¡ZFJC¡
RQSWKVQGPNCOC³CPC 
ENCTQENCTCCFLEJWC¡IKO MWMOKC¡
EQUCUUGECU 
ZWW¡PIK¡
N¯SWKFQ  FCTFGEQOGTLW¡³EJWFC¡
TKVWCNOGPVG 
ENCUGH FGLCTFGEQOGTFQ¡³EJQ¡
RQTWPVKGORQ
FGVQFCENCUGD©©ZCKZKOVW¡O FGVGTOKPCFQ 
ENCWUWTCTXV IWUVCTNGEQOGT³CC
CCNIWKGP 
ENCWUWTCTOKVQVGZKC¡NJKC¡ KTEQOKGPFQMWOKKFJC¡
EQUCUUGECU MQ¡KKFJC¡
SWGSWKGTGEQOGTKK³CO
ECTPG 
ENCXCTXVUKKURC¡
M©MDQ¡
EQUCRWPVKCIWFC  EQOGUVKDNGCFLLWOMWC¡FCO
ENKGPVGENKGPVCOHUCDC¡PFCO EQOG\µPH
EQDKLCHUC¡WC SWGNGFCEQOG\µPEJWOWMCC¡
EWGTRQ
DCMZKFJCTC¡
RCTCFQTOKT  GPVGTQ OWMCC¡
EQDKLCFGCNIQFµPVQMUC¡WC EQOKFCHMQK¡
EQDKLCFGNCPCMCUPKTUC¡WC
FGDQTTGIQ  DJKK
UGTXKFC 
LKFJQQT
JGTXKFC 
EQDKLCTXVV©¡[C¡
EQOKFCRTGHGTKFCMQK¡FJCTC¡
V©K¡FJC¡
EQPEQDKLCQTGDQ\QCQVTCRGTUQPC 
ITCPEQOKFCMQK¡EJCO
EQEGTXVDJCC[C¡DJCKFJC¡
JCEGTEQOKFCDJCKFJC¡
DKGPEQEKFCDJCKMCO
EQOKFC 
EQOQCFXLC¡RVW¡O
UGOGLCPVGGPCRCTGPEKC 
EQEKFQEQEKFCDJCK
CU¯EQOQRWK¡R
FGKIWCNOCPGTC RWK¡PCLCZ
PQDKGPEQEKFQPQDKGPEQEKFCFJQ¡KK¡
EQOQSWKGTCCKZKO
SWGUGEWGEGT£RKFQDJCKFJC¡
EQOKFC 
EQOQPQLÀÀ¡
EQEKPCHMWUKK³
EQOQSWGLC¡ROQQR©ZCO
EQEKPCTXVDJCKFJC¡
EQOQUGCLCZPCR©Z
EQFQO©U
EµOQCFXLCZ
EQLGCTXKQDKC¡MKC¡ LCZFJWWM
VKGORQRCUCFQ LCZLC¡M
EQNCHDJCK
CPKOCN  PCLCZ
EQNCFGNCTCFQLCTCCTDJCK PCLCZFJWWM
VKGORQRCUCFQ PCLCZLC¡M
EQNICTXVUCK¡EJFJC¡ LC¡ROQQ
MWUDKQ¡
GPGNJQODTQQGPNCECDG\C  ÀK
EQOQSWGPQGUEWEJµ 
GUV£EQNICFQGUVCTEQNICFCUÀ¡ EµOQGUSWG!LCZDC¡
EQNNCTOUQQUQ¡O EµOQGU!LCZEJW¡O
EQNQECTXVWWOCTIKFJC¡
RNWOCUGPWPCHNGEJC  RWGUEµOQ!LCZFJWK
EQNQTGCTXVOCOZKFJC¡ EQORCFTGOMQORCCNJ
DWC¡
VGNCQJKNQ  EQORC³GTQEQORC³GTCOHD©©PC¡
EQNWOPCH EQORCUKµPH
EQNWOPCXGTVGDTCNDJCKZM©NJ EQPEQORCUKµPLQK¡OFCM
EQNWORKCTXVXRTPNLQNJDKZFJC¡ EQORNGVCTXVCKEJWNJFJC¡
ECPVKFCF[CHKLCFC 
EQOCFTGHMQOCCNJ EQORNGVQEQORNGVCCFL
EQOCNOMQOCCNJ EQORNGVCOGPVGLWRCCDCP
NNGPQ CVVKKTW

EKTEWPUVCPEKCPGICVKXC 
EQODKPCTXV
SWGEQODKPC³CO©©M
TQRCEQPNQUFGO£U EQORQPGTXVM©©¡ORKIC¡
EQNQTGUQGUVKNQUSWGVTCG  M©©¡ORKZFJC¡
RCTCQVTCRGTUQPC 
FWC¡³FJC¡
EQOGFGTQOMCPWWD
GPHQTOCFGECPQCRCTC
M©©¡³FJC¡
FGGUVCTGDTKQQOCTEJKVQ 
CPKOCNGU 
EQORTCFQTEQORTCFQTCOHUCDC¡PFCO
EQOGPVCTXVR©ZMCKFJC¡
EQORTCTXVUCDC¡FC¡
EQOGTXVLWIKC¡
UCDC¡³ZKFJC¡
RCTCQVTCRGTUQPC 
DJCK¡DEJWFC¡
FGOCUKCFQ 
EQUCEQORTCFCUCDC¡P
EQORTQOKUQ '52#“1.6'2'*7ƒ0 

EQORTQOKUQO EQPXGTVKTXVLWRFW³KC¡
CQVTCHQTOC 
VGPGTEQORTQOKUQDCPQQUC¡ EQPXKXKQOMQK¡EJCO
EQO¼PCFLLC¡RR©Z EµP[WIGOHD©©PC¡
EQOWPCNCFL EQTCOHMW¡WWT
KPF¯IGPC 
RCVKQEQOWPCNLKEJQ¡PVCO
FGNOKVQVG EQTCNKNNQOVCPQQNJQZKC
X¯DQTC 
VTCFKEKQPCN  EQTC\µPOLWT
EQPRTGRM©¡P EQTEQXGCTXKLQ³KC¡
D©©O
CEQORC³CPFQCQVTCRGTUQPCQRGTUQPCU 
EQTFKNNGTCHUCMCCNJKM
DWK
NNGICPFQCFQPFGGUV£WPCRGTUQPC 
DJCCP
CRCTCVQ  EQTPGCTXVOQK¡³³C¡
EQPNQSWGPCM©¡P EQTQPKNNCHWRWC
FGNCECDG\C 
EQPGEVCTXVM©©M©KFJC¡ EQTTCNOMQTCCT
PCOMKEJFJC¡
FQU£TGCU  EQTTCNKVQEJKMKKT
EQPGLQOVQQ¡O EQTTGTXKO©NJKC¡
UWLCPKO O©NJKC¡
EQPHGUCTXVWCPC¡
N¯SWKFQ 
FCK¡³³KC¡
RCTCCICTTCTXGNQEKFCFQRCTC
EQPHKCP\CH
CRWTCTUG 
SWGVKGPGEQPHKCP\CDKK³CM
EQORNCPKO 
F©©DQ³KC¡
N¯SWKFQ 
EQPHKCTXKDKK³MCFC¡
GPQVTCRGTUQPC  LKO©K³³QNJKC¡
RQTOKGFQ 
EQPIGNCTXV LQQVUC¡
CNOCFGURW«UFGWPC³QFGOWGTVQ 
EQPIGNCFQEQPIGNCFCM©DCK³ O©NJEJWFC¡
CECDCNNQQGPECOKQPGVC 
EQPQOLWMKKDJCKFJC¡ MCK¡³EJC¡
TWOQT 
EQPQEGTXVOCCV DWGPQRCTCEQTTGTO©NJFJC¡
OCEJKC¡
ECOKPQ  KTEQTTKGPFQFCK¡EJI©FC¡
TGEKQ 
V©V©IKC¡
NWICT  dEµTTGNGGGR
RCTCOCPFCTEQPWTIGPEKC 
EQPQEKFQEQPQEKFCLCFWW³ EQTTGURQPFGTXK
FCTCEQPQEGTCCIC¡ EQTTGURQPFGCMCO
UWLKPCP 
SWGEQPQEGEJWOCCV
GNECOKPQ  EQTTGURQPFKGPVGCFL
EQPQEKOKGPVQO N¯SWKFQEQTTGURQPFKGPVGDCTCC¡
SWGVKGPGEQPQEKOKGPVQOCVFC¡ EQTTGVGCTXVCTFKOKC¡
SWGVKGPGOWEJQEQPQEKOKGPVQEJWOCVFC¡ EQTTKGPVGCFLM©NJK¡³IC¡P
RQTPQGUVCTDKGPJGEJQ 
EQPUGIWKTXVDJ©©[C¡ EQTVCFQTO
EQPUGIWKTSW«EQOGTV©DJCKOKC¡ EQTVCFQTFGOCIWG[GUOCKLKKMFCO
EQPUKFGTCTXVLQQLQKFJC¡ EQTVCTXV©MKC¡
EQPUQNCTXVKQ¡OFC¡ LKMEJKC¡
EQPWPQDLGVQRWPVKCIWFQ 
EQPUWOKTXVLWWOC¡
N¯SWKFQ LWIKQMC¡ LKKMC¡
EQPEWEJKNNQVKLGTCUQUGTTWEJQ 
LWIKK¡³FJC¡
EQUCFGQVTCRGTUQPCQCPKOCN  VCKMPC¡
TQRC 
LCIKC¡
NG³CQJKGNQ  UCTPKFJC¡
VGNCRCTCQVTCRGTUQPC 
EQPVCIKCTXVCC[C¡KC¡³FJC¡ LCCRIC¡
TCOCUWJQLCU 
EQTVCFQEQTVCFC©©M
EQPVCTXVLC¡M©NJFJC¡
EQTVCTNCRWPVCMWW¡ORKIC¡
FGWPCRNCPVC 
EQPVCTEWGPVQUUQRMKFJC¡
CQVTCRGTUQPC 
UQRMKC¡ EQTVCTNG³CMWC¡IKC¡MWC¡³FJC¡
SWGNGIWUVCEQPVCTZQRMK¡
EWGPVQU  EQTVCTWPCOWGUECIKFJWWNJMCFC¡
GPWP£TDQN 
EQTVCTWPCPKNNQIKDWWNJMCFC¡
GPNCEQTVG\CFG
EQPVGPVCTXVL©MI©VFC¡
WP£TDQN 
EQPVGPVQEQPVGPVCCFLL©©MK¡
EQTVCT\Q[CVGWOICZFJC¡
RCTCQVTCRGTUQPC 
RQPGTUGEQPVGPVQRQPGTUGEQPVGPVCL©MIKC¡ WOIC¡
EQPXGPEGTXV EQTVGO
KPVGPVCTEQPXGPEGTDK¡EJWNJFJC¡
CQVTC EQTVGFGVGNCLCPPWNJ
FQUOGVTQU[OGFKQ 
RGTUQPC 
EQTVG\CHMQO
 '52#“1.6'2'*7ƒ0 EWORNKT

EQTVQEQTVCCFLVWRWWNJKM
FGNQPIKVWF  EWCNSWKGTEWCNSWKGTCCFLLCZPCR©ZEJW¡O
F¯CEQTVQCNJK¡EJEJCPQQNJ
KPXKGTPQ  CEWCNSWKGTRCTVGRCK¡PCR©ZLC¡M
PQEJGEQTVCCNJK¡EJEJWMCC¡ EWCNSWKGTEQUCVW¡PCR©Z
EQUCH EWCNSWKGTF¯CRCK¡PCR©ZFJWWM
EQUCEQORTCFCUCDC¡P EWCNSWKGTRGTUQPCLCTQK¡PCR©Z
EWCNSWKGTEQUCVW¡PCR©Z FGEWCNSWKGTOCPGTCLCZPCR©ZLC¡M
FGOWEJCUEQUCUCKZKO GPEWCNSWKGTRCTVGRCK¡PCR©Z
ITCPEQUCIÀ¡RLWOFWWMCO EWCPFQCFXEQPLPCRCK¡FJWWM
OWEJCUEQUCUD©ZEJW¡ PCDC¡
CPVGUSWG 
SW«EQUCUGT£!VW¡PCFC¡ PQ¡
UKVWCEKµPOW[RTQDCDNG 
EQUGEJCTXVQTCC¡
OC¯\  EWCPFQSWKGTCRCK¡PCR©ZFJWWM
DJ©©[C¡
GZEGRVQOC¯\  FGXG\GPEWCPFQRCK¡L©R©Z
©MKC¡
HTWVC  EW£PFQCFXRCCFWWM
KPVGTTQICVKXQ 
EQUGTXVUQQOC¡ PCRCK¡FJWWM
UQQOFJC¡
RCTCQVTCRGTUQPC  EW£PVQEW£PVCCFXL©¡M
EQUVCH EW£PVQUEW£PVCUL©¡M
GPNCEQUVCD©RVC¡P EWCPVQEWCPVCCFX
EQUVCNOVQQODJCK¡OMCT WPQUEWCPVQUIQQM
EQUVCTXKPCOMKC¡ EWCVTQCFLOCCMQD
EQUVKNNCHLCPQ¡O EWCVTQXGEGUOCCMQDKO
EQ[QVGODJCP EWDKGTVCHDCK³
FGRKGNQFGRN£UVKEQFWTQ 
EQ[WPFCHMW[WPFC EWDKGTVCFGRN£UVKEQPCKNQ
RCTCEWDTKTGN
EWGTRQ 
ETGEGTXKI©¡NJKC¡
KKRW³KC¡
RNCPVC  EWDTKTXVKK³C¡
UCK¡EJC¡
\CECVG  EWEJCTCHDJKKMCT
FGLCTFGETGEGTDJCK¡DEJKC¡ EWEJKNNQOMWZKKT
JCEGTETGEGTI©¡NJFJC¡
EQORNCPKO  EWGNNQOMWZDQ
SWGETGEGT£RKFQKKRW³K¡
RNCPVC EJ©¡VDKNJK¡ EWGPVQOUCRQQM
ETGGTXV©NJFJC¡ EWGTPQOC¡CC¡
FGCPKOCN 
L©©¡³FJC¡
NQFKEJQQNQGUETKVQ  SWGPQVKGPGEWGTPQUVCOQ¡Z
FGRQTU¯ 
DKK³MCFC¡
GPQVTCRGTUQPC 
EWGTQOLQ¡DCMGGV
ETGQSWGOQQEJK
EWGTRQOVWWMW¡
[ETGQSWGFJK¡OQQ
EWGTXQOMCMQQP
ET¯CHOCT
EWGUVCH
ETKCTXVI©¡NJFJC¡
EQORNCPKO 
EWGUVCCDCLQC¡PUCRLC¡M
FKTGEEKµP D©©Z
ETKUVCNKPQETKUVCNKPCCFLWC³
N¯SWKFQ  C¡PUCR
%TKUVQOLKEJ:QK¡MCO EWGUVCCTTKDCDCCU©¡PD©©ZEJCK¡
ETKVKECTXV³KQMDQ¡ EWGXCHEJKQD
³KQMDQKZFJC¡
RCTCRTQXQECT 
EWKFCTXVP©K¡³FJC¡
CK¡EJWZFJC¡
CCNIWKGP 
P©K¡³ZKFJC¡
RCTCQVTCRGTUQPC 
FWK³FJC¡
HKIWTCVKXQ 
DK¡CC¡
CPKOCN 
ETWFQETWFCCFLFJQ¡KK¡
CNKOGPVQ  EQPEWKFCFQZ©¡NJKO
ETWLKTXKM©TPKFJC¡
NQUFKGPVGU  dEWKFCFQOK¡
EWCPFQJC[RGNKITQ 
ETW\HMWTWWU EWKVNCEQEJGOLCTQK
JQPIQFGNOC¯\ 
ETW\CTXVLWTPKC¡
NWICTHGQQT¯QETGEKFQ  CVQNGFGEWKVNCEQEJGL©¡MQ¡P
EQPNCURKGTPCUETW\CFCUPCRCCNJ EWNGDTCHMQ¡
EWCLCTXKFCIKC¡ EWORNKTXVXRTPNMWWICNJFJC¡
OCPFCVQ
EW£NRTQPLCZEJW¡OPCLCZEJW¡O EGTGOQPKCNQVKGORQUG³CNCFQ 
EW³C '52#“1.6'2'*7ƒ0 

FWK³FJC¡
NQSWGQVTCRGTUQPCRKFKµ  FGENCTCTXVCCIC¡
NQQEWNVQ 
DJ©KEJFJC¡
VKGORQ  FGENKXGOICK
CKEJFJC¡
VKGORQUG³CNCFQ  FGFQO
EW³CHMWW³KC
RCTCRCTVKTOCFGTC  FGFQOG³KSWG©NJKEJFJC¡
OCPQQRKG 
EW³CFQEW³CFCOHPWWEJKZ FGFQRWNICTIÀ¡FC¡
OCPQQRKG 
EWTCPFGTQEWTCPFGTCOHOCMI©O FGLCTXVFCCZFJC¡
GPQVTQNWICTRCTCQVTC
WCOZK¡³FJCO
VTCFKEKQPCN  RGTUQPC 
ZKQ¡RPCFCO
SWGEJWRC  FQ¡³EJQ¡
CUWNWICTEQORNKPCP 
RGVCECFGEWTCPFGTQDQUCC
JGEJCFGUQ[CVG FGLCTFGEQOGTFQ¡³EJQ¡
RQTWPVKGORQ
RCTCIWCTFCTHNGEJCUEGTGOQPKCNGU  FGVGTOKPCFQ 
EWTCTXVFWC¡³FJC¡
CQVTCRGTUQPC  dF«LGOGOK¡
EWCPFQCNIWKGPGUV£OQNGUVCPFQ 
WCOZKFJC¡
FGGPHGTOGFCFQFGJGEJK\Q  FGNCPVGTQFGNCPVGTCCFL
F©©PMKFJC¡
HWOCPFQEGTGOQPKCNOGPVG 
RCVCFGNCPVGTCPQD
EWTCTFKGPVGUVCCVOWVFC¡
FGNICFQFGNICFCCFL©TFK¡EJ
FGHQTOC
EWTXCH EKN¯PFTKEC 
SWGVKGPGEWTXCU³QNJ
ECOKPQ  MQOCCNJKM
FGHQTOCRNCPC 
SWGVKGPGFKUG³QFGEWTXCUZ©¡U©TCM FGNICFKVQFGNICFKVCDKK
VTQ\QU 
EWTXQEWTXCCFL³QNJ
FGHQTOC  FGNKTCTXKVWMIKC¡
RQTNCECNGPVWTC 
FGOCUKCFQCFXZK¡

&
CUQNGCTFGOCUKCFQK¡OWVFC¡
CPKOCN 
FGOQPKQOLC¡QQM
FGPVTQCFX
FC³CTXV FGPVTQFGCO
TGEKRKGPVGQ£TGC MC¡O
WP
TGEKRKGPVG M©¡P
WPVKGORQFGVGTOKPCFQ 
FC³CFC©TCCO
HTWVC 
ÊTCOVC¡OV©T
FC³KPQFC³KPCCFLOCKOFC¡
FGRQUKVCTXVDWC¡
GPGNRCVKQEGTGOQPKCN 
FC³QO OCK¡VWDWC¡
RCTCUGTDGPFGEKFQGPGNRCVKQ
JCEGTFC³QFQQFC¡
CQVTCRGTUQPC OCKOVWFC¡ EGTGOQPKCN 
SWGJCEGFC³QEJWKC¡³FJCTC¡ FGTGEJQFGTGEJCCFLOU©NJ
FCTXVXRTPNOCMKC¡ Z©NJKK³
RNCPVC 
DWKFJC¡ CNNCFQFGTGEJQM©©¡PF©TLC¡M
DJ©KFJC¡
NQSWGWPQRKFG  FGTTCOCTXVPW¡CC¡
N¯SWKFQITCPQQRQNXQ 
EJK³OWKFJC¡
GPNCDQECCQVTCRGTUQPC 
UGTFGTTCOCFQVCLCCPC¡
UQDTGWPCRGTUQPC 
VQK¡FJC¡
N¯SWKFQCQVTCRGTUQPCQCPKOCN 
FGUCDTQEJCTXVUKUDJKQ¡MC¡
FCTFGEQOGTLW¡³EJWFC¡
TKVWCNOGPVG OCMKC¡
FCTNGCNDNCPEQCC[C¡
RQTVKTCT  FGUCTTQNNCTXVXRTPNI©¡NJKC¡
KKRW³KC¡
RNCPVC 
FGRTGRF©T
NWICTQVKGORQ 
FGUCVCTXVDJKRRKQ¡MC¡
FGDCLQCFX
DWNJKQ¡MC¡
EQORNCPKO 
FGDCLQFGD©VCC¡PF©TD©VC¡ DQK³MKFJC¡
CHWGT\CU 
FGDGTXVWC¡VWNJFJC¡ DJKRRKQ¡MFJC¡
RCTCQVTCRGTUQPCQCPKOCN 
WC¡VW¡PFC¡
FKPGTQCQVTCRGTUQPC  FGUCVQTCTXVUCK¡DJKQ¡MC¡
FGDKFQCDCMIW¡ UCK¡DJKQ¡MFJC¡
RCTCQVTCRGTUQPC 
F«DKNCFLFJ©©DJCZ FGUC[WPCTXVIW¡ZFJC¡
FGEKFKTXVCCIC¡ FGUDCTCVCTXVMCLCCPC¡
FGEKTXVCCIC¡V©¡[C¡ FGUECPUCTXKL©©RFJC¡
CC¡³FJC¡V©©FC¡
CQVTCRGTUQPC  L©DVQ¡³FJC¡
VQOCPFQCKTGHTGUEQ 
R©ZMCKFJC¡MCK¡³EJC¡
TWOQT  FGUEGPFGPEKCHVCLCC³K¡
RGPUCTFGEKTDK¡EJWNJFJC¡
CQVTCRGTUQPC 
FGUEQDKLCTXVK³DJKQ¡MC¡
UCDGSW«FGEKTCKZ
FGUEQNQTKFQFGUEQNQTKFCCFLMQQOC¡
 '52#“1.6'2'*7ƒ0 FKGPVG

FGUEQORQPGTXVXRTPNZKEJWK¡FJC¡
CRCTCVQQ FGURW«UCFXICVWWM
XGJ¯EWNQ  O©MMCV
FGWPTCVQ 
FGUEQTVG\CTXVMQORKIC¡ FGUVCRCTXVK³DJKQ¡MC¡
FGUEQUGTXKVCKM³KC¡
TQRC  V©K¡DJKQMC¡
EQDKLCQTGDQ\Q 
FGUFGRTGRF©T
NWICTQVKGORQ  FGUVKNCTXVDWWUCKFJC¡
OG\ECN 
FGUFGJCEGOWEJQVKGORQDCL©MF©T O©NJKKEJFJC¡
FGUGCTXVCC¡
JCEGTCNIQ  FGUVKPQO
FGUGEJCTXVOCK¡DWC¡ UKPFGUVKPQICOO©L©
FGUGPTGFCTXVDJKRRKQ¡MC¡ FGUVTWKTXV
DJKRRKQ¡MFJC¡
RCTCQVTCRGTUQPCQCPKOCN  FGUVTWKTEQPHWGIQO©KFJC¡
MCLCCPC¡
WPCHKDTC  FGUXCKPCTXVMCKRIC¡
FGUGPVGTTCTXVMQQMDKC¡ FGUXKCEKµPH
FGUICUVCTXVZKDWC¡ FQPFGJC[WPCFGUXKCEKµPUC¡TCM
GPGN
DKQPC¡
TQRC  ECOKPQ 
FGUITCPCTXVM©NJDC¡
OC¯\  FGUXKCTXVUC¡TMCFC¡
FGNECOKPQRTKPEKRCN 
FGUJCEGTXV UKPFGUXKCTLKTOCC¡P
SWGUGFGUJCEGH£EKNOGPVGLC¡³FJC¡ FGU[GTDCTXVDQQR³KC¡
\CECVG 
FGUJKNCTXVLWRPC¡ «RQECFGFGU[GTDGDQQ³DJCM
LWNKQ[CIQUVQ 
FGUJKNCFQFGUJKNCFCLWRCC³ FGVGPGTXVUQQ¡OFJC¡
SWGUGFGUJKNCH£EKNOGPVGLWR³K¡ M©MDQ¡
UWLCPKO 
FGUJKPEJCTXVXRTPNLCIKC¡ FGVGPGTGNOQXKOKGPVQM©©UC¡
EQORNKPCP 
FGUJQLCTXVMCTPC¡ FGVT£UCFXD©©RICPF©T
PQUGXG 
FGVT£UFGICVWWMF©T
UWLCPKO D©©DJK¡
FGUKIPCTXVKKOEJWFC¡
CQVTCRGTUQPCEQOQ
JGTGPEKC  FGWFCH
FGUOQPVCTXVZKMWCPC¡
RCTCDCTDGEJCT  VGPGTFGWFCUWC¡VWNJFJC¡
FGUPWFCTXVMWCPC¡ FGXQNXGTXVLC¡MDWC¡
LC¡MDWKFJC¡
CQVTCRGTUQPC 
FGUPWFQFGUPWFCFJCCRCM
FQ¡³EJKFJC¡
CNFWG³Q 
FGUPWVTKTUGXRTPN FQ¡³EJQ¡
CUWNWICTEQORNKPCP 
FGUPWVTKFQFGUPWVTKFCFJ©©DJCZ
F¯COVCPQQNJ
FGUQTFGPCTXV CNI¼PF¯CRCK¡FJWWM
GUVCTFGUQTFGPCFQGUVCTFGUQTFGPCFCFC¡DKZ EQTVQF¯CCNJK¡EJEJCPQQNJ
KPXKGTPQ 
FGURCEKQCFXUCCNJ EWCNSWKGTF¯CRCK¡PCR©ZFJWWM
FGURGFKTXVXRTPN³KQ¡MFJC¡VCDWKOIKFJC¡ FGF¯CVCVCCD
FGURGICTXVDJK¡URKQMC¡ F¯CNCTIQIÀ¡VCPQQNJ
XGTCPQ 
UKUDJKQ¡MC¡
TQRC  FWTCPVGGNF¯CVCVCCD
MWCPC¡
EWDKGTVQ  GNF¯CGPSWGLCPQ¡
FGURGLCTXVQ³KC¡
EKGNQ  GPGUVQUF¯CULC¡MKC¡P
FGURGLCFQFGURGLCFCWC³
EKGNQ  JCEGVTGUF¯CUDCUOWVCMCCD
FGURGTFKEKQO NNGICTCN¼NVKOQF¯CLWTWW³FJC¡
FGNOKVQVG 
FGURGTFKEKQUMQK¡DJCT
FGEQOKFC  RTKOGTF¯CFCKEJCO
FGNOKVQVG 
FGURGTVCTXV³K³KC¡ UGT¼NVKOQF¯CLWTPKC¡
FGNOKVQVG 
³K³KKEJFJC¡
EQORNCPKO  FKCDNQOLC¡QQM
V©IKC¡
[CNKUVQRCTCNGXCPVCTUG 
FKCTTGCHDCMDWKFJC¡
SWGFCTUGFGURKGTVQV©V©IKC¡
VGPGTFKCTTGCDCMDW¡
FGURKPVCTXV
FKDWLCTXVLWRPC¡
SWGUGFGURKPVCWC³K¡
H£EKNOGPVG  LWR³KFJC¡
RCTCQVTCRGTUQPC 
FGURKQLCTXVP©©NJFJC¡ FKGPVGOVCCVCO
FKG\ '52#“1.6'2'*7ƒ0 

FKG\CFLOCODJ©©Z FQUXGEGUIQQMKO
FKH¯EKNCFLZKLCK FQUGPFQUIQ¡IQM
JCEGTUGFKH¯EKNZKLCKEJFJC¡ FQUXGEGUO£UIQQMLC¡MDWK¡
FKHKEWNVCFH FGNQUFQUNCFQUD©ZZKMF©T
EQPFKHKEWNVCFF©MQQ FWG³QFWG³COHMKQMCO
FGNCECUC 
FKNCVCTXVO©©MKFJC¡ FWG³QUFWG³CUQK¡³MCO
FGNCECUC 
FKNWKTXVDCTIKFJC¡
N¯SWKFQ  FWNEGCFLOCKMCM
FKPGTQOVWWOK³ FWTCDNGCFLMCDCCM
VCCK¡
RCTCUWDUKUVKT  M©©¡
FGECNKFCFQFGECT£EVGT 
FKTGEVQFKTGEVCCFLU©NJ &WTCPIQ-QTKCP
FKTGEVCOGPVGU©NJ FWTC\PQOVWTCCUPQ
FKUEWVKTXV³KQMDQ¡ FWTQFWTCCFLMCDCCM
³KQMDQKZFJC¡
RCTCRTQXQECT  EJWMCDCCM
£TGC 
FKUHTC\CTXVLWRCCDFC¡ MQDMQNJ
HTWVC 
FKURCTGLQCFLEJWDCKMMCOK¡
NWICTEQPFGRTGUKQPGU JCEGTUGFWTQJCEGTUGFWTCIWDMC¡
EQUCFG
QJWPFKOKGPVQU  HQTOCRNCPC MCDMC¡
FKURWVCHMQMFC
FKUVTCGTXVVWMCC¡³FJC¡
FGNQSWGFGDGFGJCEGT 
FQDNCTXVPCCURC¡
FQDNCFQFQDNCFCFJWOCCTCM
JCEKCCDCLQUWL
'
KPCP  GDTKQGDTKCCFLOCKO
FQDNGCFLIQQMLC¡MDWK¡ GEJCTXVDWC¡
FQNGTXK DWKFJC¡
CQVTCRGTUQPCQCPKOCN 
SWGFWGNGEJWMQ¡M
EWGTRQGPVGTQ MQ¡M
WPC DWKFJC¡
EQUCUITCPWNCFCU 
RCTVGFGNEWGTRQ  KKEJC¡
ITCPQUGPWPTGEKRKGPVG 
SWGGORKG\CCFQNGTMQ¡MNJKC¡ GEJCTCIWCDCF©K¡FJC¡
GPEKOC 
FQNQTO GENKRUGO
SWGECWUCFQNQTMQ¡MQO JCDGTGENKRUGUQNCTVWOVWMICOVC¡
UGPVKTFQNQTO©KFJC¡
EQPCNIQECNKGPVG  GLQVGO
FQOGUVKECTXVUQK¡PVC¡
CPKOCN  GLQVGUOCOQKMDJCD
FQOGUVKECFQFQOGUVKECFCUQK¡³EJKZKO
CPKOCN GNGXCFQGNGXCFCCFLVÀD
FGGUVCVWTC 
UCNXCLG  GNQVGOLWPDCC¡
FQOKEKNKQOMK¡CCO
EQPGNVGTTGPQ «RQECFGGNQVGUVQQOQM
QEVWDTG 
EQTTGURQPFKGPVG  SWGJC[GNQVGUMCK¡O
OCFWTQU 
FQOKPIQOVWOKK³MWVC¡O GNNQNCNQUNCUCTVIW
FQPFGCFXPCRCK¡ FJK¡
XKUKDNG IWK¡
PQXKUKDNG 
GPFQPFGRCK¡ FJK¡³K
XKUKDNGGURGEKH¯EQ IW¡³K
PQXKUKDNG
RQTFQPFGRCK¡ GURGE¯HKEQ 
FµPFGCFXRCC EQPNQSWGPCM©¡P
CFµPFG!RCLC¡M NQSWGPCL©¡M
FQPFGSWKGTCCFXRCK¡PCR©Z NQSWGUGCVW¡PCR©Z
FQTOKTXKMQZKC¡ «NGNNQGNNCGNNQUGNNCURTQPIWK¡
PQXKUKDNG 
MQOEJKC¡
LWPVQCNCNWODTG  FJK¡
XKUKDNG 
FGLCTFQTOKTMQQZEJWFC¡ GODCUVCTXVUKKURC¡
RQPGTCFQTOKTMQQZEJWFC¡ GODQTTCEJCTXVOCKOVWFC¡OCKOW¡VWMIKC¡
FQTUQO GODQVCTXV
CNFQTUQLC¡MF©T GODQVCFQGODQVCFCEJCRQ¡ZK¡
HKNQ 
FQUCFLIQQM GODTKCICPVGCFL


 '52#“1.6'2'*7ƒ0 GPVTG

DGDKFCGODTKCICPVGLKZLWWMCNJICO GPFWN\CTXVMKRK¡EJFJC¡
RKPQNGRCTCQVTC
GORCECTXVICCOW¡
GPWPOQTTCN  RGTUQPC 
GORCEJCTXVVQZMQ³KC¡ GPHCFCTXVVQQ³FJC¡
GORCEJCFQGORCEJCFCEJQZMQ³KOKK¡OEJWO GPHCFQO
GORCRCTXVMCRCK³C¡ SWGECWUCGPHCFQEJWVQQ³FJCO
GORCRCFQGORCRCFCMCRCK³
EQORNGVCOGPVG 
RQVGPEKCNOGPVG 
GORCTGLCTXVUQDMQPC¡
OCFGTCQRKGFTC  GPHCFQUQGPHCFQUCCFLEJWVQQ³FJCTC¡
GORCTGPVCTXKKKOKC¡ GPHGTOCTXKCC[C¡
GORG\CTXVV©DICVC¡ GPHGTOGFCFHMQ¡MFCK¡
V©DICZFJC¡
CNIQRCTCQVTCRGTUQPC  GPHGTOGFCFNGXGQKT©FCO
GORQNNCTXVDQK¡URC¡
ICNNKPC  GPHGTOQGPHGTOCCFLMC¡QQM
GORWLCTXVPWK¡³³C¡ GPHNCSWGEGTXKICMOW¡
GPRTGRCODJCCP GPHTKCTXVL©RNJKC¡
LC¡R
£TGC  L©RNJKZFJC¡
RCTCQVTCRGTUQPC 
LC¡M
EKGTVCRCTVGFGNF¯C  SWGUGGPHT¯CT£RKFCOGPVGL©©RNJK¡
MC¡O
WPTGEKRKGPVG  GPIC³CTXVOCK¡EJKC¡
ÊTCO
RCTVGFGNEWGTRQ  GPOQJGEGTXVMQPDK¡³EJC¡
VC¡O
NCUWRGTHKEKGFG 
GPQLCTXVDJCCOW¡
V©T
CFGPVTQ 
GPQLCFQGPQLCFCM©¡©©¡P
VQFQGNVKGORQ 
GPNCUWRGTHKEKGFCCOCP
UµNKFQ 
DJCCO
GPECLCTXVM©©M©KFJC¡ SWGUGGPQLCH£EKNOGPVGDJCCOFCTC¡
GPECPKLCTXVXRTPN GPQLµPGPQLQPCCFLC¡NJOC
RQTSWGPQSWKGTG
GPECPKLCFQGPECPKLCFCFJC¡DK³
CPKOCN  GUVCTUQNQ 
GPECPVCTXVLQQLQK¡³ GPTGFCFGTCCFLHDCRRCPDCRRC³K¡
GPEGPFGTXVO©KEJFJC¡
EQPEGTKNNQQECTDµP  NNGPQFGGPTGFCFGTCUEJWCUMK¡
£TGC 
NKOCFGGPEGPFGTVCCK¡ GPTGFCFQTGPTGFCFQTCCFLODCRRC³K¡
GPEGTTCTXVMWWRC¡ GPTGFCTXV
MWWRFJC¡
RCTCQVTCRGTUQPC  GPTGFCFQGPTGFCFCEJCMUC¡
GUVCTGPEGTTCFQGUVCTGPEGTTCFCPMWWR
UWL
GPTQNNCTXVDJKKDIC¡
JKNQUQICQCNCODTG 
CPKO 
GPTQNNCFQGPTQNNCFCZKFJQQNJ
GPEKOCCFXOCCZKM
GPUCPITGPVCFQGPUCPITGPVCFCCFL©¡TOC¡
GPEKOCFGCO
RCTVGFGNEWGTRQ ÊTCO
RCTVG
FGNEWGTRQ FCCOFCCOF©T GPUCTVCTXV©ZMWPC¡
EQPRCNQQCIWLC 
GPEKPQOVWC GPUG³CTXVCC¡³FJC¡OCOVWZFJC¡
DKKEJWC
FGJQLCUCPIQUVCU  GPUKNNCTXVWNJ³C¡
WPCPKOCN 
EQPOWEJQUGPEKPQUEJWVWC¡ GPUWEKCTXVMQQOIKNJKC¡
EQPRQNXQQEGPK\C 
SWGJC[GPEKPQUEJWC¡ VWMNJKC¡
ÎRWNOµPFGGPEKPQÏLCDMCNJK¡³ GPVGPFGTXV
GPEQIGTXVUQ¡NJMC¡ H£EKNFGGPVGPFGTZKOMCKOC¡
GPEQIKFQGPEQIKFCZQ¡NJKM GPVGTCTXVXRTPNOCEJKC¡
CXKUQQPQVKEKC 
SWGUGGPEQIGH£EKNOGPVGZQ¡NJMCNJK¡ GPVGTQGPVGTCCFL
GPEQPVTCTXVXRTPNV©IKC¡ GPVGTCOGPVGCVVKKTW
EKTEWPUVCPEKCPGICVKXC 
PCOMKC¡
CWPCRGTUQPC  GPVGTTCTXV[CCURC¡
C¡[C¡
UWLRNCPKO  M©MDQ¡
EQUCRWPVKCIWFC 
FCC
GPWPNWICTJCDKVWCN  GPVTCFCH
GPFGTG\CTXVU©©UUC¡
RNCPVC  GPNCGPVTCFCMK¡³IQD
U©NJ³C¡
CNIQNCTIQ  GPVTCTXKDCMKC¡
UWLCPKO 
U©©ZZKFJC¡
RNCPVCRCTCQVTCRGTUQPC 
GPVTGRTGRV©T
OWEJCUEQUCUUGOGLCPVGU 
UCC¡³FJCP
FQPFGGUV£PRCTCFQU 
GPVTGICT '52#“1.6'2'*7ƒ0 

GPVTGICTXVFQ¡³EJKFJC¡
CNFWG³Q  GUµHCIQODCM
GPXGPGPCTXVOCKOVWFC¡ GURCNFCHMQO
RC¡EJOCFC¡
VTCORC  FGGURCNFCULC¡MF©T
GRC\QVGORCCUWK¡EJ GURCPVCTXVEJQQ¡PPKC¡©¡PMKCVC¡VQQ¡PPKC¡
«RQECH GURC³QNOMCUVKKN
«RQECFGFGU[GTDGDQQ³DJCM
LWNKQ[CIQUVQ  GURGTCTXVP©©TC¡
EQORNCPKO 
«RQECFGGNQVGUVQQOQM
QEVWDTG  GURGUQGURGUCCFLLCTCCO
N¯SWKFQ 
«RQECFGNNWXKCUFWWFWMV©¡PIKCM
FGLWPKQC GURKIWKNNCH
UGRVKGODTG 
SWGVKGPGVGNCFGGURKIWKNNCZ©¡U©NJKM
«RQECFGRK\ECQ¡TCDJCM
PQXKGODTG 
GURKPCHLQK¡
«RQECFGUGSW¯CVCCDJCM
FGFKEKGODTGCOC[Q 
SWGVKGPGGURKPCULQ¡KK¡
«RQECFGUKGODTC©¡ZKCDJCM
LWPKQ 
GUR¯TKVWOKK¡OFC¡
GTWEVCTXKLCTVWIKC¡
GUR¯TKVWOCNQVQQDQNJKM
GUECRCTXKOCK¡O©NJKC¡
GURQNXQTGCTXVDWKFJC¡
FGLCTGUECRCTPCMIC¡
EQORNCPKO 
GURQPLCTXVLCDMC¡
OCUC 
GUECTCDCLQO
MCLCCPC¡
WPCHKDTC 
ÎGUECTCDCLQFG\QRKNQVGÏVQDCCICK³DW
VKRQFG MQDMQ¡
JQPIQ 
GURQPLCFQGURQPLCFCMQVIKZ
RNWOCLGEWCPFQ
GUECTDCTXVLKKDC¡ GUV£GORQNNCPFQWPCXG 
GUECTFCTXVLKOEJWFC¡
EQPCTCFQUKPCNGVCU  GURQUCHLQQ³K¡
VWK¡EJFJC¡
EQPCTCFQEQPCNGVCU 
GURQUQOMWP
GUEQDCHDQZMCT
GURWOCHVQMUQ¡
GUEQIGTXVFCCUC¡
CWPECPFKFCVQ  SWGJCEGGURWOCEJQMUQNJK¡
GUEQPFGTXV©ZEJQ¡ SWGVKGPGGURWOCEJQMUQ¡
©ZEJQKFJC¡
FGQVTCRGTUQPC 
GURWOCTXKVQMUQNJKC¡
Q¡³EJQ¡
UWLCPKO 
JCEGTGURWOCTVQMUQNJFJC¡
Q¡³ZKFJC¡
EQORNCPKO 
CGUEQPFKFCU©ZEJWKZKO GUVCDNGEGTXVCCIC¡
EQOQEQUVWODTG 
GUETKDKTXVWC¡PC¡ GUVCECHUQPFJK³MCT
WC¡³ZKFJC¡
CQRCTCQVTCRGTUQPC  GUVCNNCTXKZKR³KC¡
CXKUQGUETKVQW¡WCP GUVCPECTXKUWW¡P
CIWC 
GUEWEJCTXVMCC[C¡ GUVCTXKVWK¡FJK¡
GUEWRKTXKZKZDW¡ XKLWTWW³FJC¡
GPWPNWICT 
XKFCC
GPWPNWICTJCDKVWCN 
GUEWTTKFK\QGUEWTTKFK\CCFLFJC¡PRKM
XKQKNJKC¡
CPFCPFQ 
GUGGUCGUQUGUCUCFLFJK
GURGE¯HKEQ  XM©©M
RCTCFQRWGUVQQENCXCFQXGTVKECNOGPVG 
FJK¡³K
XKUKDNGGURGEKH¯EQ  XKVWWV
RCTCFCUEQUCUO£UCNVCUSWGCPEJCU 
«UGGUQ«UC«UQU«UCURTQPFJK¡
XKUKDNG IWK¡ GUVGGUVCGUVQUGUVCUCFLFJK
GURGE¯HKEQ 

PQXKUKDNG  FJK¡³K
XKUKDNGGURGEKH¯EQ 
FJK¡³K
XKUKDNGGURGEKH¯EQ FJK¡RWK¡
OKUOQ 
«UVGGUVQ«UVC«UVQU«UVCURTQPFJK¡
XKUKDNG 
EQP«UGEQPGUQEQP«UCEQP«UVQUEQP«UVCU
IWK¡
PQXKUKDNG 
FJK¡M©¡P
NQSWGVTCG 
FJK¡³K
XKUKDNGGURGEKH¯EQ FJK¡RWK¡
OKUOQ 
RQTGUQRWK¡MWDC¡PCDC¡
EQP«UVGEQPGUVQEQP«UVCEQP«UVQUEQP
GUH«TKEQGUH«TKECCFLMCDWWNJKM «UVCUFJK¡M©¡P
NQSWGVTCG 
GUHQT\CTXVXRTPNFCMQQ¡³FJC¡ GUVK«TEQNODJKKEJ
UKPGUHQT\CTUGLC¡RR©Z GUVKTCTXVDCKUU©PC¡
GUOGTGLµPO DCKUU©³FJC¡
RCTCQVTCRGTUQPC 
GUOGTGLµPEQNWFQVQDJCCD
ICXKN£PRCLCTGTQ  U©©UUC¡
CNIQNCTIQ 
GUOGTKNOOWC¡MCT GUVµOCIQODQQM
 '52#“1.6'2'*7ƒ0 HQTOC

GUVQTPWFCTXKDJKZEJ©MKC¡ CHCXQTFGC¡OMCO
GUVTGNNCHEJK¡©©¡ HGEJCH
GUVTGNNCFGNCVCTFGUWWUCMPCCM©O HKLCTHGEJCVWFCCUC¡
RCTCKPKEKCTGNOKVQVG 
GUVWEJGOICCOMCT HGQHGCCFLDWKEJ©M
DCI©©U
RCTCIWCTFCTHNGEJCU  DWCO
OCPGTC 
GUVWFKCPVGO HGTQ\CFLDJCPCC¡
UGTGUVWFKCPVGKUMQGNVC¡ HKCTXVCDKCTW¡
GUVWFKCTXVOCOVWZFJC¡ HKGDTGH
GZCEVQGZCEVCCFL FCTHKGDTGL©DCCOW¡VQPKK¡³EJWFC¡
GZCEVCOGPVGCOR©Z
PKO£UPKOGPQU COR©M VGPGTHKGDTGVQK³FJKC¡
GZECXCTXVMQQMDKC¡ HKGTTQODCK³WO
GZETGOGPVQODJKKEJ HKGUVCH
GZKIKTXVFCK¡EJFJC¡FCMQQ¡³FJC¡ JCEGTWPCHKGUVCRKCUVCVC¡
GZKUVGPEKCH HKLCTXVXRTPN
GUVCTGPGZKUVGPEKCLCK¡EJ H¯LGUGV©©¡
«ZKVQO HKNCH
UKP«ZKVQV©KRWR GPHKNCUCMCCNJ
GZRGTKGPEKCH HKNQUQHKNQUCCFLOW¡WWM
SWGVKGPGGZRGTKGPEKCOCVFC¡ HKPO
GZRNKECTXVCC¡³FJC¡ CHKPGUFGLWOV©©OQKFJCM
GZRTGUCTXVXRTPNPQMKC¡
EQPRCNCDTCU  HKPQHKPCCFLDKK
GZVGPFGTXVXRTPNFCIKC¡
NCOCPQRCTC HKTOCOGPVQOLKZFJCCO
UCNWFCT  HKTOGCFL
IKQRPC¡
UKPEWKFCFQFGUQTFGPCFCOGPVG  GUVCTHKTOGZKM©MMC¡
GPUWQRKPKµP 
R©ZEJ©TPKC¡
HWGIQNKVUGQ[GCTFGT  HNCEQHNCECCFLICM
U©NJ³C¡
CNIQNCTIQ 
HNCOGCTXKP©PDJKMKC¡
NWODTG 
ZKDQQTMC¡
TCOCU 
ZKMQQTMC¡
FGNECRWNNQRNCPVC  HNCWVCH
GZVKPIWKTXVLCIKC¡
NG³CQJKGNQ  HNCWVCFWNEGVKTKOKCZ
JGEJCFGECTTK\QDNCPFQ 
VWMKC¡
NWODTGQOQVQT  HNGEJCHW¡WW
GZVTCGTXVLWRPC¡ HNGZKDNGCFL
LWR³KFJC¡
RCTCQVTCRGTUQPC  SWGGUHNGZKDNGEJCOQOKKM
NKVPQUGSWKGDTC 
DCZDJC¡
N¯SWKFQFGCDCLQJCEKCCTTKDC  HNQLGTCH
SWGVKGPGHNQLGTCQQ¡P

(
HNQLQHNQLCCFLFJWUCCTCMFJWUCCTCO
FGOCUKCFQHNQLQFGOCUKCFCHNQLCLWCTCM
GUVCTHNQLQGUVCTHNQLCFJWUCCTCOM©©M
HNQTH[QQZK¡
H£EKNCFL
HNQTFGNÎHTKLQNFGTCVµPÏDCU©M[QQZK¡
GLQVG
H£EKNFGGPVGPFGTZKOMCKOC¡
UKNXGUVTG 
HCLCTXVDJKURC¡
EQPWPCEKPEJC  HNQTFGOCIWG[LWNJKKM
GUVCTHCLCFQGUVCTHCLCFCDJKKUCR
HNQTGCTXVMQDMQ¡
HCNFCHKRWWT
HNQVCTXKDJ©©[C¡
VTCVCPFQFGPCFCT 
HCNVCTXKCCIC¡
VKGORQ 
HNWKTXKDWWUPKC¡
N¯SWKFQ 
SWGNGHCNVCEJWC¡IKO
UCNQC\¼ECT 
HQPFQOVWWMCDK¡
SWGNGHCNVCUCNDCUFCM
CNHQPFQVWWMCD
HCOKNKCTCFLOLCFWW³
HQTOCH
HCXQTO
FGKIWCNHQTOCOK¡RWK¡


HQTOCT '52#“1.6'2'*7ƒ0 

FGSW«HQTOCPCLCZLC¡M
HQTOCTXVLWRFW³KC¡
EQUC 
LWRFWK³FJC¡
RCTCQVTCRGTUQPC 
HQTOCFQUHQTOCFCUR©ZEJ©D©©R
GPWPCHKNC 
)
HQVQITCH¯CHFKVTCCVQ ICEJCH
HTCEVWTCTXVQOPC¡QO³KC¡ JCEGTICEJCULKKDC¡
FGRKPQNG 
HT£IKNCFL ICNNKPCHVCMCCTWK¡WDKKVCMCCTWK¡
EQUCHT£IKNLCKMICO ICNNQOM©NJKKVCMCCTWK¡VCMCCTWK¡
HTG¯TXVOCPVGGMOCFC¡
GPOCPVGEC  ICPCTXVOCK¡EJKC¡
HTGPKNNQORKTKK³
FGECDCNNQ  DJCK¡DEJKC¡
CNVWTCQFKUVCPEKC 
DJ©©[C¡
KTCEKGTVQNWICTTGIKQPCNKUOQ 
HTGPVGHMQD
ICTICPVCHMWKMWZDQ
HTGUEQHTGUECCFL
SWGGUV£HTGUEQL©DQQ¡
VKGORQ  ICTTCHLWWV
CPKOCN 
HTKLQNODJCD ICT\CH
ÎHTKLQNFGTCVµPÏDCU©MDJCDKK¡
GLQVGUKNXGUVTG  ICT\CITKUDCMQQP
HT¯QHT¯CCFLOL©©RK¡³ ICUVCTXVDWC¡
RQPGTUGHT¯QL©©RFJC¡
CODKGPVG  ICUVCFQICUVCFCDKQPC¡
TQRC M©NJK¡³IC¡P

RQTOWEJQWUQ 
SWGJCEGHT¯QL©©RK¡³
ICVQICVCOHOKUVWK³
SWGVKGPGHT¯QL©©¡O
ICVQOQPV«UOKUVWTCDJQQP
VGPGTOWEJQHT¯QI©DMC¡
UWLCPKO 
IGPVGHLC¡VMCO
HTWVCHDJCKFJC¡
EQOGUVKDNG 
NNGPCFGHTWVCKKDJCKFJC¡
RNCPVC  IGTOKPCTXKDWWUPKC¡
RNCPVC 
SWGFCOWEJCHTWVCKKDJCK¡³EJCNJK¡ IQDGTPCFQTOLKZMCK¡
VTCFKEKQPCN 
HTWVQOKKDJCKFJC¡ IQNRGO
FCTHTWVQLQKFJC¡
RNCPVC  FCTIQNRGUUQQUPKC¡
EQPCNIQFWTQRCTC
PQFCTOWEJQHTWVQZKOFCC¡
RNCPVC  JCEGTNQ£URGTQ 
SWGFCHTWVQZWWNJIK¡ IQNRGCTXVI©DKEJRCIC¡
VGPGTHTWVQFCC
RNCPVC  UQK³EJKC¡
EQPJCEJC 
LWWMC¡³FJC¡
OQFKUOQ 
HWGIQO
IQTFQIQTFCCFLFJWC
FGUVTWKTEQPHWGIQO©KFJC¡
FJWCMCO
RQTOWEJQVKGORQ 
HWGTCCFXF©©TCRF©T
FGNCECUC 
IQTTCHLCPPWNJDQPCCO
HWGTVGCFLQQ¡
IQ\QUQIQ\QUCCFLL©©MK¡
EJWMWWO
EQNQT 
GUV£HWGTVGEJQQOK¡
H¯UKECOGPVG  ITCEKCUHVCZEJCCD
HWGT\CH ITCEKQUQITCEKQUCCFLL©©OKO
VGPGTHWGT\CUWHKEKGPVGPCMIC¡ ITCPFGCFLIÀ¡
RGTFGTHWGT\COCOQKMC¡³FJC¡
H¯UKEC  ITCPGTQODQRVQ¡
HWOCTXVF©©¡PPKC¡
RKRC  ITCUCH
SWGHWOCOWEJQFJ©©³OWM ITCUCCPKOCNQDCC¡
HWOKICTXVMWOW¡TC¡
EQPJWOQ  ITCUKGPVQITCUKGPVCCFLIKQ¡
HWPFCHICCOMCT ITCXGCFLDJ©KZ
FGGPHGTOGFCF 
DCK³
FGRKGNQFGRN£UVKEQFWTQ  RQPGTUGITCXGZKDJ©©[C¡
FGGPHGTOGFCF 
JCEGTHWPFCDCK³EJWFC¡
FGRKGN  ITKNNQOMCCNJKUQK
ITKRCHUQOCKIK¡
ITKUCFLMQQOC¡
MQQOUCNJ
CPKOCN 
RQPGTUGITKUMQQOIKNJKC¡
EKGNQ 
 '52#“1.6'2'*7ƒ0 JKLQJKLC

ITKVCTXKLKK³MKC¡ FWK³FJC¡
NQSWGQVTCRGTUQPCRKFKµ 
LK³MCKFJC¡
CQVTCRGTUQPC  LCZFJW³KC¡
NQRGPUCFQ 
UCTCMMKC¡
FQNQTQUCOGPVG  LWRFW³KC¡
HQTOCT 
ITWGUQITWGUCCFLMCDQQM
FGHQTOCRNCPC  LWRFWK³FJC¡
HQTOCTRCTCQVTCRGTUQPC 
UCTDJCM
FGHQTOCEKN¯PFTKEC  FQQFC¡
NQSWGUWIKGTGP 
ITW³KTXKL©©TMKC¡ DWKFJC¡
FGNCOKUOCOCPGTC 
QTTQIKC¡
EGTFQ  JCEJCHDCK³FJCU
IWCEKUOPCMWCNJ JCEJGCTXVUQK³EJKC¡
IWCLGODCMWC JCEKCRTGRLC¡M
EKGTVQFGUVKPQ 
IWCLQNQVGIWCLQNQVCOVQDCC OWLC¡M
EKGTVQFGUVKPQ 
JCEKCCDCLQC¡PUCRLC¡M
EQUCEQNICFC 
IWCTFCTXVWNJ³C¡
DK¡FJC¡
EQOKFCRCTCQVTCRGTUQPCQCPKOCN  JCEKCCE£DJCDJCK¡DJCLC¡M
IWCTFKCH JCNNCTXVV©IKC¡
GUVCTFGIWCTFKCPWWMFC¡ JCOCECHTWTW¡Z
IWGTTCHL©IKCNJK¡ JCODTGH
IWKUCTXV RCUCTJCODTGWCOC¡
IWKUCTEQPOQNGLWPOCFC¡ SWGVKGPGJCODTGDJKQ¡
IWUCTEQPOQNGLWPOCZFJC¡
RCTCQVTC JCUVCRTGRLWWI©V
RGTUQPC  JGEJK\CTXVF©©PMKFJC¡
IWKVCTTCHMKEJCCT FCK¡EJFJC¡
RCTCSWGUCNICFGNCECUC 
IWUVCTXVMQ¡TCCTQ¡ JGNCTXVXRTPNI©DMC¡
UWLCPKO 
IWUVCTNGLQKFJC¡
EQORNCPKO LQQLQK¡³ M©DCK³C¡
RNCPVC 

OWEJQ  JGPFGTXVLCKMKC¡LCK³C¡
IWUVCTNGCPFCTLQKFJC¡
CPKOCN  JGPFKFWTCH
IWUVCTNGEQOGT³CC
CCNIWKGP  SWGVKGPGJGPFKFWTCLCKM
IWUVQO JGTKTXVU©ZKC¡
RTQHWPFCOGPVG 
CIWUVQCO©TFCV
UKPPKPI¼PRGPFKGPVG  JGTOCPQJGTOCPCOHZKKZ
OC[QT 
ZKMW¡
OGPQT 

*
UWJGTOCPQUWJGTOCPCZKQ¡IK¡³
OC[QT 
U©RFJK¡³
OGPQT 
UWRTKOQJGTOCPQUWRTKOCJGTOCPC
U©RFJK¡³
JKLQQJKLCFGNJGTOCPQQFGNC
JCDGTXKLCK¡EJLCK¡EJFJ©NJKC¡ JGTOCPCOGPQTFGNRCR£QFGNCOCO£ 
PQJCDGTJGEJQEJCMWK
JGEJQCNIQRQTOWEJQ ZKQ¡IK¡³
JKLQQJKLCFGNJGTOCPQQFGNC
VKGORQ  JGTOCPCOC[QTFGNRCR£QFGNCOCO£ 
UKJWDKGTCPQ¡
UKVWCEKµPUWRWGUVCPQRTQDCDNG JGTTCTXVDCK³OKEJFJC¡
EQPHKGTTQ 
QPQRQUKDNG  JGTXKTXVVQVRQMKC¡VQVRQZFJC¡
JCDKNKFCFH LKFJQQTC¡
EQOKFC 
SWGVKGPGJCDKNKFCFOCCV©V JGTXKTOC¯\DCMEJKC¡
UKPECN 
JCDKVCTXKMKQ JKGNQOM©D
JCDKVCGPMCO
CPKOCNQRNCPVC  RCTGEGJKGNQM©DCC¡
JCDNCH³K¡QQM
FGWPCRGTUQPC  JKGTDCH
JCDNCTXKC¡IC¡PQMKC¡ SWGVKGPGOWEJCJKGTDCZC¡KK¡
C¡IKFJC¡
CQVTCRGTUQPC  JKGTTQODCK³WO
DWGPQRCTCJCDNCTCKZ J¯ICFQONWOCC¡P
JCDNCTHWGTVGLK³MCKFJC¡
CQVTCRGTUQPC  JKIQO
SWGJCDNCDKGP³CDVC¡
UKPXGTI¾GP\C  VKRQFGJKIQDQQM©NJFJC¡
JCEGTXVXRTPNFW³KC¡ JKLQJKLCOHOCT
FW³KC¡
NQPGEGUCTKQ  JKLKVCOKJKLCOCTCCZ
V«TOKPQFGECTK³Q 
JKNCT '52#“1.6'2'*7ƒ0 

JKLKVQOKJKLQEJKQ¡³
V«TOKPQFGECTK³Q  EJKXKVQJW«THCPQEJKXKVCJW«THCPCVWZKQ¡
SWG
JKNCTXVDK¡³³C¡
NCPCQCNIQFµP  OCOCFGQVTCEJKXCSWGPQGUUWOCO£ 
JKNQOLKKN JWGUQOC¡QQ
JKNXCPCTXVUKKURC¡ JWGXQONCPMKK[W
FGCPKOCN 
JKPEJCTXVXRTPNDCKI©MEJWFC¡DCKI©MKC¡ KPEWDCTJWGXQUDQK¡URC¡
ICNNKPC 
JKPEJCFQJKPEJCFCDCKI©M JWKEJQNOHDKUW¡NJ
KPF¯IGPC 
JKPEJC\µPHDCKI©MK¡ JWKFK\QJWKFK\CCFLO©NJOWM
CPKOCN 
JKRCTXKL©¡P©IKC¡ JWKTXKOCK¡O©NJKC¡
PWK¡³³C¡
OQFKUOQ  LKO©K³³QNJKC¡
RQTOKGFQ 
JKRQO JWOGFGEGTXVDCIKQOEJC¡
FCTJKRQL©¡P©IKC¡ J¼OGFQJ¼OGFCCFLEJWDCIKQO
JQEKEQOEJK³FCCM JWOKNFGCFLUQK¡
JQICTOMKKEJCO JWOKNFGOGPVGUQK¡
JQLCHW¡WCP
FGRCRGN  JWOQOMWWDJ©Z
JQLCULCCLC¡
FGRNCPVCQ£TDQN  GEJCTJWOQMWW¡OZKC¡
JQLCFGOC\QTECLCCVWM SWGGEJCJWOQMWW¡OZK¡
JQNN¯POVWMTCFC¡ SWGJC[JWOQEJWMWW¡OZKOC¡
£TGCGZVGPUC 
JQODTGOEJKQ¡³ JWPFKTXVFWR³KC¡
JQODTQOMQVDQ JWPFKFC³QNJ
NCRCP\C 
JQPFQJQPFCCFLEJWWM
CIWC 
JQPIQOMWTCVOQ¡
TQLQEJKSWKVQ 
VCCUPCTC¡
FGRKPQ 
[CMWC
ITCPFGCOCTKNNQQTQLQ 
+
JQPIQFGNÎGUVµOCIQÏDQQMC¡P
KFKQOCO³K¡QQM
JQPIQGURQPLQUQMCRZKC¡
KINGUKCHEJKQR
JQTCH
KIWCNCFLRWEJW¡O
CRCTKGPEKC 
CGUVCUJQTCULC¡MKC¡P
FGKIWCNHQTOCQOCPGTCOK¡RWK¡
JQTOKICHVCVQK³
FGKIWCNP¼OGTQLC¡MDWK¡
JQTPQOQTPKNJ
FGDCTTQQRKGFTC 
KIWCNCLC¡RRW¡³K
V©©¡PMCT
JQ[QGPNCVKGTTC 
KIWCNEQOQLC¡RPCLCZ
JQTSWGVCHV©VPQTC¡
KIWCNFGVCOC³QLC¡ZDWK¡
GPWPCJQTSWGVCUC¡TCM
FGWP£TDQN 
SWGGUKIWCNQK¡³
CQVTCRGTUQPCGPCNI¼P
JQURGFCTXVV©DKCRVWFC¡
RCTCRCUCTNCPQEJG  CURGEVQ 
JQ[CFXZKD KIWCPCHMK¡CCU
JQ[OKUOQZKDFJKEJCPQQNJ KOKVCTXVCC¡³ZKFJC¡
JQ[QO KORQTVCPVGCFL
JCEGTWPJQ[QF©¡TC¡MQNJDKZFJC¡
RCTC RGTUQPCKORQTVCPVGIÀ¡MCO
CNOCEGPCTGNCIWC 
KPEWDCTXV
JQ\HLWWU
KPEWDCTJWGXQUDQK¡URC¡
ICNNKPC 
JQ\CTXVMQQMDKC¡ RQPGTCKPEWDCTDQQFC¡
CXG 
JWCTCEJGOUWWUCM KPFKECTXVCC¡³FJC¡
JCEGTJWCTCEJGUNKCTW¡
KPF¯IGPCOQ¡FCO
RGTUQPC 
TGRCTCTJWCTCEJGUNKCTW¡
PQKPF¯IGPCPCCDCV
RGTUQPC 
JWGNNCH
KPFµOKVQKPFµOKVCCFLDJCPICO
FGLCTJWGNNCVWOCCZ
KPHGTKQTCFL
XGTUGJWGNNCOCCZ
OCPF¯DWNCKPHGTKQTLCOM©U
JW«THCPQJW«THCPCOHF©¡TOWWM
KPHNCOCDNGCFLO©KFJC¡
 '52#“1.6'2'*7ƒ0 NCFQ

KPHQTOCTXVCC¡³FJC¡ LKVQOCVGOVWOKCNJ
KPKEKCTXVV©DICVC¡ LQXGPODKCROC¡
FGO£UFGC³QUFGGFCF 
V©DICZFJC¡
CNIQRCTCQVTCRGTUQPC  LWG\OLQKU
KPKEKCTOKVQVGVWFCCUC¡
EQOQRCTVKEKRCPVG  LWICTXKV©VDKC¡
KPUVKVWKTXVCCIC¡
EQOQEQUVWODTG  DWCODWCFC¡
RCTCOQNGUVCT 
KPUVTWKTXVOCOVWZFJC¡ LWIQODCCTIC¡P
FGHTWVCQXGTFWTCETWFC 
KPUVTWOGPVQO NNGPQFGLWIQFGPCTCPLCPCTCCPMCUOC¡
KPUVTWOGPVQOWUKECNUCCUDKMCT SWGVKGPGLWIQDCTCC¡
HTWVCQXGTFWTC 
KPVGNKIGPVGCFLEJ©DJ©KFJC¡ LWIWGVGOV©VDKMCT
KPVGPVCTXV LWIWGVGCTXKQK¡FJC¡
WPQEQPQVTQ 
KPVGPVCTEQPXGPEGTDK¡EJWNJFJC¡
CQVTC LWIWGVµPOV©VDKMWO
RGTUQPC  LWKEKQO
KPVGTTWORKTXVDCZKLKOKC¡
EQVQTTGCPFQ  RGTFGTGNLWKEKQVWMIKC¡
RQTNCECNGPVWTC 
KPVGUVKPQO VGPGTLWKEKQV©¡³EJQ¡
KPVGUVKPQULKLKK LWPVCH
KPXKVCTXVDCKFJC¡ JCDGTLWPVCC¡IC¡
DCK¡³ZKFJC¡
CCNIWKGPFGRCTVGFGQVTCRGTUQPC LWPVCTXVLWORCFC¡
RCTCSWGXC[C  D©PVC¡
UWLCPKO 
KTXKLKOKC¡ VWDW¡[C¡
ITCPQU 
DJ©©[C¡
CEKGTVQNWICT VWK¡FJK¡
FGEKGTVC PCOMKC¡
ECOKPQUQT¯QU 
OCPGTC  PCOMKEJFJC¡
FQU£TGCU 
VWLKOKC¡
NCUEKTEWPUVCPEKCU  LWPVQLWPVCCFXD©©O
CEQORC³CPFQCQVTC
L©©DCPMC¡
RQTUWRTQRKCEWGPVC  RGTUQPCQRGTUQPCU 
DJK¡³³KC¡
CFQPFG[CPQUGXG  LWPVQUOCCR
KTCEQUVCFQKTCEQUVCFCDQK¡EJI©FC¡ LWPVQCUQPRCP
KTEQOKGPFQMWOKKFJC¡
EQUCUUGECU MQ¡KKFJC¡ LWPVQEQPLWPVCEQPD©PMCO
KTEQTTKGPFQFCK¡EJI©FC¡
TGEKQ 
KTOCUVKECPFQMWOKKFJC¡
EQUCUUGECU 
KTUGPVCFQKTUGPVCFCFCKEJI©FC¡
KTXQNCPFQFCK¡EJI©FC¡
dXCOQUOCKM
V¼[[Q 
.
KZVNGOQ¡T
OCIWG[RGSWG³Q  NCFGCTXVICKI©ZKC¡
DWNVQQECTIC 
VQQO
HKDTC  GUVCTNCFGCFCICKM©©M
EQUCCNVC 
K\SWKGTFQK\SWKGTFCCFL GUVCTNCFGCFQGUVCTNCFGCFCICKMCCV
EQUC
CNNCFQK\SWKGTFQC¡PUCRF©TLC¡M O£UCPEJCSWGCNVC 
NCFGTCHICK

,
GPNCNCFGTCD©©ZICK
NCFQO
CNNCFQUCPQQR
CNNCFQFGUQPRCP
LCDCN¯OVQQZMQNJL©IKCTWO CNNCFQFGTGEJQM©©¡PF©TLC¡M
LCDµPODCMWCPMCT CNNCFQK\SWKGTFQC¡PUCRF©TLC¡M
LCNCTXVV©©O©NJKC¡
EQPUQIC  CNQVTQNCFQDCCU©¡PF©T
FGNCTTQ[QFGNT¯QQFG
LCO£UCFXL©¡ZFJC¡ NCHTQPVGTC OQOMQTCP
OW[NGLQUPQUGXG 
LGHGLGHCOIÀ¡MCO FGNQVTQNCFQMWW¡
EWCPFQGUV£CEQUVCFQUWL
LGL«POVWMWWO CPKO 
,GUWETKUVQOLKEJ:QK¡MCO FGCSWGNNCFQDCCUF©T
FGWPCEQTFKNNGTC 
D©©RICPF©T
PQUGXG 
LKPGVGO
FGNQUFQUNCFQUD©ZZKMF©T
SWGGUDWGPLKPGVGFJCKFJC¡
NCFTµP '52#“1.6'2'*7ƒ0 

FGWPNCFQOCCRF©T NKLCTXVLKKDC¡
NCFQCNCFQMQ¡MOCT NKOCHL©¡MQNJ
RQTVQFQUNCFQUD©©ZZKMQQNJPCK¡ NKOCFGGPEGPFGTVCCK¡
RQTWPNCFQICD©©NJ
FQPFGPQJC[ECOKPQ  NKOµPOL©¡MQNJ
ICMQQNJ
FGUXKCEKµP  CIWCFGNKOµPL©¡MQNJDCC¡
NCFTµPO©ZMWO NKORKCTXVDQZMC¡
EGTGOQPKCNOGPVG 
NCFTµPNCFTQPCOH M©©¡ORKIC¡
SWGGUNCFTµPSWGGUNCFTQPC©ZDK¡ M©©¡ORKZFJC¡
RCTCQVTCRGTUQPC 
NCICTVKLCHDCF©©T
FGGUECOCUNKUCU  M©©¡³FJC¡
V©TQQM
FGGUECOCUFWTCU  Q³KC¡
VTCUVGUQTQRC 
N£ITKOCUHDWWRWKDCTCC¡ WCPC¡
UWRGTHKEKGQFGRGECFQ 
WC³FJC¡
CQVTCRGTUQPC 
NCLCH
ZKMWCPC¡
JKGTDCUKPUCECTNCTC¯\ 
SWGJC[NCLCUCK¡
NKORKQNKORKCCFLWC³
N¯SWKFQCNOCQGUR¯TKVW 
NCPCH
N¯SWKFQO
EQDKLCFGNCPCMCUPKTUC¡WC
FGDQTTGIQ 
N¯SWKFQEQTTGURQPFKGPVGDCTCC¡
NCPCFGDQTTGIQMCUPKTDCRQQ
NKUQNKUCCFLFJCCRCMFJCR³K¡FJC¡PRKM
NCPIQUVCHMCDCCMUQK
KPUGEVQ 
NNCOCTXVV©©¡V©©VI©¡
NCTIQNCTICCFLVÀD
FGNQPIKVWF  DCKFJC¡
RCTCSWGXGPIC 
NCTKPIGHMWK LQQEJZKFJC¡
RCTCSWGXC[C 
NCUVKOCTXVICDPC¡
RCTVGFGNEWGTRQ  DCK¡³ZKFJC¡
CCNIWKGPFGRCTVGFGQVTCRGTUQPC
NCVCHDJQQVK
OGV£NKEC  RCTCSWGXGPIC 
NCWTGNOWREJK¡WWNJ
RNCPVC  NNCPQCFLOIKQV©T
NCXCTXVDCMWCPC¡
EQORNKPCP  .NCPQ)TCPFG)KQVCO
DCMWC³FJC¡
RCTCQVTCRGTUQPC  NNCPVCHTQK¡P
KMQKOFJC¡
NCUOCPQUQNCECTC  NNGICTXKCC[C¡
NC\CTXVIK¡CC¡
EQPUQICÎEJCXKPFCÏ  CC[C¡
CEQIGT 
NGRTQPLWOÊO CKEJFJC¡
FKUVCPEKC 
CCR
GPH£VKEQ  QKFJC¡
GPUGIWKFCFGURW«UFGQVTQ 
NGULC
CGNNQU LCO
CWUVGFGU  JCEGTNNGICTCKEJWNJFJC¡
CQVTCRGTUQPC 
NGEJGHDKK¡O CKEJFJC¡
NGEJGFGECDTCMCTDCZDKK¡O NNGICTCN¼NVKOQF¯CLWTWW³FJC¡
FGNOKVQVG 
NGEJGFGXCECDCCMDKK¡O NNGICT[TGITGUCTPQTIKC¡
NGEJWIWKNNCHDK³DWK
VKRQFGCICXG  NNGPCTXVXRTPNUWWFWKFJC¡
UWWFWKEJWNJFJC¡
RCTCQVTCRGTUQPCQCPKOCN 
NGGTXVLK³MCKFJC¡
UWWFW[C¡
LK³MCKZFJC¡
CQVTCRGTUQPC 
MQQDFC¡
FGEQOKFC 
NGLQUCFXO©M DKGPNNGPQ[CRTGVCFQDKGPNNGPC[CRTGVCFC
FGNGLQUO©MMCO MCDMCOLKOFCO
NGPIWCHP©©P
RCTVGFGNEWGTRQ  NNGPCTFGCIWCDCK¡³FJC¡
RCTCQVTCRGTUQPC 
NG³CHMW¡CC¡ NNGPQNNGPCCFLMQQDC¡P
FGURW«UFGEQOGT 
EQTVCTNG³CMWC¡IKC¡MWC¡³FJC¡ ZKMQQTCM
.WPC 
NGVTCHW¡WCP
OQFQFGGUETKDKT  GUVCTNNGPCZKMQQTMC¡
.WPC 
NGXCPVCTXVDCOIKC¡DCOKK¡³FJC¡ GUVCTNNGPQUWWFC¡UWW¡PI©O
SWGUGNGXCPVCVGORTCPQDCCOIK¡ NNGXCTXVDJ©KMC¡CKEJFJC¡
NKGPFTGHUC¡QQ¡ DJ©KFJC¡CKEJWNJFJC¡
CQVTCRGTUQPC 
SWGVKGPGNKGPFTGUZC¡QQ¡ DCKFJKMC¡
EQPUKIQEQORNCPKO 
DK¡³³C¡
RQTGNT¯QETGEKFQ 
NKIGTQNKIGTCCFLLCDQQM
DJ©KEJFJC¡
VKGORQ 
NKIGTCOGPVGMKDCCT
NNWXKCEQPVKPWCRQTXCTKQU
DJ©KZFJC¡
CNIQFGQVTCRGTUQPCUKPCXKUCTNG 
F¯CU 
 '52#“1.6'2'*7ƒ0 OCPIQ

MWUDKMC¡
RQTOGFKQFGWPCEQNICFGTCGPGN MQDMQ¡
RCTEKCNOGPVGHTWVC 
JQODTQQGPNCECDG\C  OQQOVC¡
VWD«TEWNQEQOGUVKDNG 
OQQVKMC¡
CRQ[CFQUQDTGNCECDG\CQGPNQU OGVGTCOCFWTCTGPGNJQTPQDJCKFJC¡
HTWVC 
JQODTQU  SWGOCFWTCT£RKFQDJCKFJC¡
HTWVC 
V©©O©NJKC¡
EQPUQIC  OCFWTQOCFWTCCFLOQQO
VWD«TEWNQ
NNGXCTCIWCDCK¡³FJC¡
CQVTCRGTUQPC  EQOGUVKDNG DJCK
HTWVC 
NNGXCTCRCTVGDCCDW¡
RCTCJCDNCT  DKGPOCFWTCDJCKMCO
HTWVC 
SWGTGTNNGXCTIC¡TCVW¡
GNFKCDNQOQFKUOQ  OGFKQOCFWTCMQDMQNJ
HTWVC 
NNQTCTXKUWUWCMKC¡ OCIWG[OOCK
UCTCMMKC¡
FQNQTQUCOGPVG  EQTVCFQTFGOCIWG[GUOCKLKKMFCO
NNQXGTXKFWWFW¡ HNQTFGOCIWG[LWNJKKM
NNQXGTNKIGTCOGPVGMKDCCTQ¡
RQTXCTKQUF¯CU  RGPECFGOCIWG[ZKOCCV
EQEKFC 
SWGNNWGXGOWEJQFJWWMFC¡ OC¯\OLWWP
NNWXKCHFWWM DCMEJ©M
JGTXKFQUKPECN 
«RQECFGNNWXKCUFWWFWMV©¡PIKCM
FGLWPKQC LCCM
VQUVCFQ 
UGRVKGODTG  JGTXKTOC¯\DCMEJKC¡
UKPECN 
NNGICTNC«RQECFGNNWXKCUV©¡PIKC¡ OCNRTQPRCTDCP
KPEQORNGVQQFGHKEKGPVG 
NQDQOU©©¡ JCDNCTOCNCK¡EJWZFJC¡
FGCNIWKGP 
NQFQUQNQFQUCCFLEJWFW¡PRKM OW[OCNRCTDCPR©Z
NWEK«TPCICHVCKDW¡ SWGGUOCNCUG³CNQ¡ZDK¡
NWICTOMCR OCNFCFH
GPNWICTFGC¡OMCO SWGVKGPGCNIWPCOCNFCFMQQZK¡
RQTPQ
NWODTGHVCK EQPHGUCT 
EGTECFGNCNWODTGVCKMQD OCNQOCNCCFLDWCO
RQPGTNWODTGPCCFC¡ GUR¯TKVWOCNQVQQDQNJKM
.WPCHOCUCC¡P OCNVTCVCTXVDWCODWCFC¡
NW\H FC¡DK³C¡
CPKOCN 
FCTCNW\F©DKC¡³EJWFC¡ OCNVTCVCFQOCNVTCVCFCFJC¡DK³
CPKOCN 
OCO£HPCCP

/
OCOCTXK
FGLCTFGOCOCTFQ¡³EJKFJC¡
OCPCPVKCNODKDKCVCO
OCPEJCTXVMQPDK¡³EJC¡
FGOQJQ 
OCEJCECTXVUQPDKC¡ OCPEJCFQOCPEJCFCFJCNJZK¡³OC¡
OCEJGVGOOCZKKEJ OCPFCTXVEJK³KC¡
OCEJQOOCCEJW¡ LQQVUC¡
CJCEGTQCNNGXCTCNIQ 
M©NJKK
CXG  LQQEJZKFJC¡
CQVTCRGTUQPC 
VWWT
CPKOCNPQCXG  OCPF¯DWNCH
OCFGTCHVCC¡ONC OCPF¯DWNCKPHGTKQTLCOM©U
OCFTGHPCCP OCPGTCH
OCFTKPCHRC¡TKKP FGCNIWPCOCPGTCPCLCZFJWK
VKGORQRTGUGPVG
OCFTQ³QOQMFJCO QHWVWTQ 
OCFTWICFCHZKC¡NJKFJCM
COCPGEKGPFQ  FGEWCNSWKGTOCPGTCLCZPCR©ZLC¡M
GPNCOCFTWICFCMCVWMICD
CPVGUFGN FGKIWCNOCPGTCOK¡RWK¡
ETGR¼UEWNQ  FGOWEJCUOCPGTCUCKZKO
OCFTWICFQTOCFTWICFQTCCFLDCCOIK¡³K³FJC¡ FGSW«OCPGTCPCLCZLC¡M
OCFWTCTXKMCDMC¡ FGSW«OCPGTC!LCZR©M
EWCPFQJC[FWFCFG
MCKDJC¡
GNQVGU  EµOQJCEGTCNIQ LCZLC¡M
DJCC[C¡
HTWVC  OCPIQOFCCUCTC¡
FGWPCJGTTCOKGPVC 
OCPKHGUVCT '52#“1.6'2'*7ƒ0 

OCPKHGUVCTXVCCIC¡
NQQEWNVQ  OC[QTFQOQRTKPEKRCNM©©MCO
FGNRCVKQ
OCPQHPQD EGTGOQPKCN 
OCPUQOCPUCCFLOCCPUW¡ UGIWPFQOC[QTFQOQWOWCI©O
FGNRCV¯Q
EGTGOQPKCNNKVGNKPXKVCFQT 
OC³CPCHCFXMCDWKOWM
UGTOC[QTFQOQFWK³DJ©©[C¡
FGWPCHKGUVC
GPNCOC³CPKVCMCRDJWKOWM
EWCPFQGORKG\CC
VTCFKEKQPCN 
COCPGEGT 
OW[FGOC³CPCMCVWMICD
CPVGUFGN OC\QTECH
ETGR¼UEWNQ  JQLCFGOC\QTECLCCVWM
RCUCFQOC³CPCOCCZFJK OGRTQPLK³ʳ
OC³QUQOC³QUCCFLLQK³OWM CC³
GPH£VKEQ 
OCRCEJGODCDQQM OGFKCFQUCFL
COGFKCFQUFG©TDCPLKODJCM
OGUQUGOCPC 
OCTECHDCK³WO
FGNHKGTTQ 
OGFKCPQEJGH
OCTECTXVDCK³OKEJFJC¡FCCUC¡
EQPHKGTTQ 
COGFKCPQEJG©TCCDVWMCC¡
OCTEJKVCTXVDJCCVC[C¡
RNCPVC 
OGFKQF¯CO
OCTEJKVQOCTEJKVCCFLDJCCVC¡
RNCPVC 
CNOGFKQF¯CLKZFJCCOFWWM
EWCPFQGNUQNGUV£
OCTKRQUCHLQMOCT FKTGEVCOGPVGCTTKDC 
OCTTCPQOVQQZMQNJ CPVGUFGNOGFKQF¯CVÀ¡MQDFWWM
NCUFKG\QNCU
O£UCFXFCOCP
RCTCEQPVCT  QPEGFGNCOC³CPCNKVGNUQNGUV£CNVQ 
KQ¡O
RCTCEQORCTCT  OGFKQOGFKCCFLORC¡
FQUXGEGUO£UIQQMLC¡MDWK¡ GPOGFKQFGV©T
OWEJCUEQUCUUGOGLCPVGU 
O£UCNN£DCCU
UGXG DCCUF©T
PQUGXG  UCC¡³FJCP
FQPFGGUV£PRCTCFQU LWTCCD
O£UQOGPQUKCOR©Z GNFGGPOGFKQV©¡©TCDMCO
PCFCO£UIW¡OQQ OGFKTXVLWRCCDFC¡
PCFCO£USWGFCKPC OGLKNNCHMCCO
QVTQO£UQVTCO£ULWOCK©R
FGNCOKUOC
OGLQTCFLCFX
HQTOCQENCUG 
CNQOGLQTOQQEJK
WPRQEQO£UKCO
FKUVCPEKC RWR
ECPVKFCF 
OGPGCTXVZKQPC¡
N¯SWKFQ 
OCUCHVWK¡
FGOC¯\ 
ZKMMWKFJC¡
RCTCSWGUCNIC 
LKKD
DCVKFCEQPCIWC 
FC¡OW³FJC¡
RCTCQVTCRGTUQPC 
OCUEQVCHUQK¡
OGPQTCFL
OCUVKECTXVDKR³KC¡
RCTCUCECTNGGNLWIQ  GNOGPQTNCOGPQTICVWWMMCO
MK¡DKC¡
UKPVTCICT 
OGPQUCFX
MK¡DFJC¡
RCTCQVTCRGTUQPCQCPKOCN 
MWMOKC¡
EQUCUUGECU  O£UQOGPQUKCOR©Z
KTOCUVKECPFQMWOKKFJC¡
EQUCUUGECU  OGPVKTXKKCVC¡
OCUVKECFQOCUVKECFCDKR³KZ KCVIKFJC¡
CQVTCRGTUQPC 
OCVCH OGPVKTQUQOGPVKTQUCCFLZQRMK¡
SWGJC[OCVCUOQ¡RQNJK¡
FGCTDWUVQUQ OGPWFQODQQMC¡PLKFJQQT
\CECVG  COGPWFQLKTOCC¡P
OCVCFQTOMQQ¡PFCO
FGCPKOCNGU  OG³KSWGCFLO
OCVCTXVOW¡CC¡ FGFQOG³KSWG©NJKEJFJC¡
OCPQQRKG 
OC[CVGOLKZMCK¡MQEJKC¡OCNJ OGTQOGTCCFL
OC[QTCFL CNN¯OGTQOK¡RWK¡
GNOC[QTD©©R©¡MCO [COGTQV©KRWR
RCVKQOC[QTLKEJQ¡PVCO
FGNOKVQVG CFµPFGOGTQ!RCCU©NJ
VTCFKEKQPCN  OGUOOCUCC¡P
OC[QTFQOQOFW³DKC¡MCO
FGWPCHKGUVC OGUVK\QOGUVK\COHPCCDCV
RGTUQPC 
VTCFKEKQPCN  OGVCVGOOCVVWT
 '52#“1.6'2'*7ƒ0 OWEJQOWEJC

OGVGTXVXRTPNDCCUC¡ FGSW«OQFQ!LCZFJWWM
VKGORQRCUCFQ 
DCCZFJC¡
RCTCQVTCRGTUQPC  OQJQUQCFLMQPDK¡³
ICCOW¡
GPWPUCEQQWPCDQNUC  OQLCTXVDCF©K¡FJC¡DC¡PPKC¡
ICCOFJC¡
RCTCQVTCRGTUQPC  DCTIKFJC¡
NNWXKC 
DCMKC¡
UWLCPKO  DC¡PPKFJC¡
EQORNKPCP 
LWTPKC¡
KPFGDKFCOGPVGCNT¯Q  DC¡PPKZFJC¡
RCTCQVTCRGTUQPCEQORNKPCP 
GUVCTOGVKFQGUVCTOGVKFCDCCZ
UWLKPCP  MKRK¡EJC¡
FGOCUKCFQVKGTTCWQVTCEQUC
OG\ECNOLKZMCK¡EJKQ¡³DQTFC¡
UCITCFQ  RQNXQTKGPVC 
OG\ECNCITKQDJCK¡³MWWIC¡P
NQSWGUCNGCN OQLCFQOQLCFCEJWDCC¡
£TGCQEQPLWPVQFG
VGTOKPCTFGFGUVKNCTGNOCIWG[  EQUCU MCRCK³
EQORNGVCOGPVG DCC¡DCTCC¡
VQOCTOG\ECNPCDCKEJFJC¡
EGTGOQPKCN  OQNECLGVGOVQRCC
OG\ENCTXVD©PFC¡ OQNGOLWPOC¡P
FC¡DK³C¡
EQPCIWC  OQNGFGVQOCVKNNQUQURQ¡MCNJLWPOC¡P
FC¡DK³FJC¡
EQPCIWCRCTCQVTCRGTUQPC 
OQNGTXVDKKNJFJC¡
HKPQ 
OG\SWKVCNO VWKMPC¡
PQOW[HKPQ 
'N/G\SWKVCN$QQFCOVCO
NWICT  VWKURC¡
EQUCUFGUGECFCU 
OKCFLLK³ʳ VWWVC¡
EQUCUDNCPFCU 
OKULK³ʳ PQDKGPOQNKFQPQDKGPOQNKFCEJCCVCM
O¯RTQP OQNGUVCTXVDWCODWCFC¡
CO¯CC³
GPH£VKEQ  OQPVCTXV
OKGFQO UKNNCFGOQPVCTZKKT
FCTNGCWPQOKGFQVQQ¡PPKC¡ OQPVGO
FCTNGOKGFQCWPQEJQQ¡PPKC¡ GPGNOQPVGW¡ZEJ©T
SWGVKGPGOKGFQ©©DJK¡³ OQTCFQOQTCFCCFLOL©¡MQ¡POC¡
UWDKFQ 
OKGFQUQOKGFQUCCFLEJ©©©DJK¡³ OWTCC¡POC¡
QUEWTQ 
OKGNHO©©DCVO©©DCV OQTFGTXVM©¡[C¡
EQPNCDQEC 
SWGVKGPGOKGNO©DVC¡ OQTGVµPO
OKGPVTCUCFXEQPLMCRWR SWGVKGPGWPOQTGVµP©TCCO
OK«TEQNGUO OQTKTXKOWMKC¡
OK«TEQNGUFGEGPK\CUKPKKU PQTIKC¡
GWHGOKUOQ 
OKNRCHICC OQTKTUGFGJCODTGWCOC¡
ICCDJCT
EQUGEJCFQ  OQTTCNOCTRWWU
FGVGLKFQHKPQFGCNIQFµP 
GPNCOKNRCICCV©T CUCCM
FGVGLKFQOCNNCFQFGKZVNG 
OKTCTXVLQQLQKFJC¡ DJCK¡OMCT
DQTFCFC 
OKTCV©©¡ OQUECHOWWDCNJ
OKUOQOKUOCCFLCFX OQUSWKVQODCCOW¡
JCEGTNQOKUOQDK¡EJWNJFJC¡
CQVTCRGTUQPC  OQVCHDJC¡UCNJ
FGJKNQRCTCCFQTPCTDQNUCU
RQTU¯OKUOQRQTU¯OKUOCF©©NJR©Z DQTFCFCUQVGLKFCU 
OKVCFH OQXGTXVXRTPNLQ³KC¡
CNCOKVCF©TDCP PWK¡³³C¡
MCKD³C¡
CNGUVCTCEQUVCFQ 
OKVQVGOZKQVCNJ
OWEJCEJCHV©[CC
FGSWKPEGC³QUQO£UFGGFCF 
KPKEKCTOKVQVGVWFCCUC¡
EQOQRCTVKEKRCPVG 
OWEJCEJKVCV©©[CZ
FGQEJQCECVQTEGC³QUFG
OQEQOUCUQQ
FGNCPCTK\ 
GFCF 
SWGNGUCNGOQEQZCUQQ
FGNCPCTK\ 
OWEJCEJQODKCROC¡
FGO£UFGC³QUFGGFCF 
OQFQO
OWEJQOWEJCCFXKQ¡OOWK¡
FGCNI¼POQFQLCZFJWWM
IÀ¡
ECPVKFCF 
FGQVTQOQFQOCCMCO
FGUFGJCEGOWEJQVKGORQDCL©MF©T
FGSW«OQFQPCLCZFJWWM
VKGORQRCUCFQ 
FGOWEJQUVKRQUD©©ZCKZKOVW¡O
OWGUEC '52#“1.6'2'*7ƒ0 

JCEGOWEJQVKGORQDCL©M PGDNKPCHLKMQQO
OWEJCUEQUCUD©ZEJW¡ PGEGUKVCTXVCCIC¡
OWEJQTCVQO©M P«EVCTOV©VIQZ
FGHNQTGU 
PQOWEJQEJCOR©M PGITQPGITCCFLEJWM
OWGUECH RQPGTUGPGITQRQPGTUGPGITCVWMNJKC¡
RQT
EQTVCTWPCOWGUECIKFJWWNJMCFC¡
GPWP£TDQN  JGNCTUGRNCPVC 
OWITKGPVQOWITKGPVCCFLEJWM
EWGTRQ[TQRC  RQPGTUGPGITQRQPGTUGPGITCVWMNJKC¡
OWLGTHWDKK XKWFCPGITCLKKEJQDC¡
CTC³C 
OWNVKRNKECTXV PKFQOMQU
PQOWNVKRNKECTUGH£EKNOGPVGZKOFCC¡
CPKOCN  PKGDNCHLKMQQO
SWGUGOWNVKRNKECOWK¡FJCNJK¡
RTQPVQ  SWGJC[PKGDNCLKMOC¡
OWPFQOQK¡³IC¡P PKGVQPKGVCOHCDWKN
FGWPCOWLGT 
OWTEK«NCIQOPCMO©NJ MWWNUK
FGWPJQODTG 
/WTJWCVC/WTDC¡V
NWICT  PKGXGHLCDQQMM©D
OWTOWTCTXKCK¡EJWZFJC¡
FGCNIWKGP  PKIWCHD©R©©¡
KPUGEVQ 
O¼UKECHUCCUCD PKPIWPQPKPIWPCCFL
OWUKECNCFL CPKPIWPCRCTVGEJCORCK¡
KPUVTWOGPVQOWUKECNUCCUDKMCT GPPKPIWPCRCTVGEJCORCK¡
O¼UKEQOUCDFCO PK³QPK³COHCNJKK
UQMDQNJ
FGNOKVQVG  PK³KVQPK³KVCNJKK
V«TOKPQFGECTK³Q 
OWUNQOMCK PKXGNO
OW[CFXCOIKKNJKOKQ¡O CNPKXGNLWRCCDCP
EJWMWWO
FWNEGQUCNCFQ  PKZVCOCNOOCVCKOC¡P
JCEGTPKZVCOCNOCVCKOFC¡

0
PQCFXEJCO
EJCOVW¡
EJC¡³
RCTCKPVTQFWEKTWPTGIC³Q 
EJC¡R
RCTCKPVTQFWEKTWPCRTQJKDKEKµP 
PCEGTXKF©DKC¡OCCZKNJKC¡ PQGUV£DKGPEJCODJCK¡
RQTSWGGUVQTDC 
I©ZKC¡
CPKOCNQHTWVQ  RQTSWGUKPQMWVVW
VCCR³KC¡
CXG  VQFCX¯CPQEJCMWK
PCFCHEJCOVW¡PKEJEJW¡PKL©¡Z PQSWG!PCDC¡
CPVGUSWGPCFCD©©R©¡MCV RQTSW«PQ!EJCODJCK¡
EQOQUKPQRCUCTCPCFCICO©TFCV PQEJGHVWMCC¡
FGPCFCEJCOVW¡
TGURWGUVC  CPQEJGVWMCC¡
PCFCO£UR©Z PQEJGEQTVCCNJK¡EJEJWMCC¡
PCFCO£USWGFCKPC PQODTCTXVV©©¡V©©VI©¡
PCFCTXKI©ZKC¡ FCCUC¡
CWPECPFKFCVQ 
DWGPQRCTCPCFCTI©©ZK¡ PQODTCTEQOQRCTKGPVGKKOKC¡
CNUCNWFCT 
PCKNQPOPCKNQ
RCTCEWDTKTGNEWGTRQ  PQRCNOKKDJCKPCD
PCNICHCVRQT PQURTQPLKEJÊEJ
PCTCPLCOPCTCCPMCU CCEJ
GPH£VKEQ 
NNGPQFGLWIQFGPCTCPLCPCTCCPMCUOC¡ PQUQVTQURTQPCCEJ
PCTCPLQOPCTCCPMCU CPQUQVTQUCCEJ
GPH£VKEQ 
PCTK\HFCCM
RGTUQPC  PQVCTXVOCCZ
RGICTUGFCMDW¡ PWDGHV©DCC¡
PCVKXQPCVKXCCFLO SWGJC[PWDGU©©MC¡
PCVKXQFGPCVKXCFGMCO
RGTUQPC  PWDNCTXKV©DIKNJKC¡
 '52#“1.6'2'*7ƒ0 RCFTG

PWDNCFQPWDNCFCEJ©DCC¡ QNNCHLC¡CC
FGEQEGT 
PWECHMWUWWR DCK¡³FJCMCT
RCTCCNOCEGPCTCIWC 
PWFQODWK
FGNCOCFGTC  QNNCFGDCTTQDJK¡³LC¡CC
COCTTCTEQPWPPWFQDJWUCCNJOCMKC¡
RCTC QNNCFGEGT£OKECIKTKEJLC¡CC
SWGPQUGTGEQTTCNCUQIC  QNXKFCTXVL©MDWC¡
PWGUVTQPWGUVTCCFLRTQPLKEJÊEJ QODNKIQOLKM
PWGXGCFLZKLWOOCCMQD QRTKOKTXVDQK¡URC¡
DQVµP 
PWGXQPWGXCCFLZKDMCO QTCEKµPHOCOVW¡P
TKVWCN 
FGPWGXQIKQR
FGURW«UFGRQEQVKGORQ RWK¡R QTCTXKFC³KC¡PQMKC¡
P¼OGTQO QTFG³CTXVUWWUUC¡
FGKIWCNP¼OGTQLC¡MDWK¡ QTFKPCTKQQTFKPCTKCCFLLC¡RR©Z
PWPECCFXEJCOL©¡ZFJC¡L©¡ZFJC¡ QTGLCHPCCM
UWLCPKO 
QTKGPVGOZKC¡NJDWK
FQPFGUCNGGN5QN 

1
FGNQTKGPVGVCK¡FJ©TLC¡M
QTKIKPCTKQQTKIKPCTKCCFL
QTKIKPCTKQFGQTKIKPCTKCFGMCO
RGTUQPC 
QTKNNCH
QEQPLRKCO
CNVGTPCVKXCPQRTGIWPVC 
GPNCQTKNNCLWIKK¡³
MC¡
CNVGTPCVKXCGPWPCRTGIWPVC 
QTKPCHLK¡
QDGFGEGTXVMCC[C¡
QTKPCTXK[C¡CC¡
QDUEWTQQDUEWTCCFL
JCEGTQTKPCT[C¡VFC¡
RQPGTUGQDUEWTQRQPGTUGQDUEWTCVWMNJKC¡

RQTCUQNGCTUGRKGN  QUEWTGEGTXKVWMIKC¡
QDUGTXCTXVLQQLQKFJC¡ CNQUEWTGEGTLKFJ©F©ORWI©M
QDUVTWKTXVUQQ¡OFJC¡
RCUQ  QUEWTQQUEWTCCFLEJWMICO
GNF¯C 
VCC¡DKFJC¡
NW\ECNQTQNNWXKC  QUQODQQLK
QDVGPGTXVDJ©©[C¡ 1UC/C[QTUCMCCNJLKKOFCO
EQPUVGNCEKµP 
QEJQCFLZKLWODCKM QVTQQVTCCFLRTQPLWOCK
QEQVGOLWMLWMLKZDJCKMCO CNQVTQNCFQDCCU©¡PF©T
FGNCTTQ[QFGNT¯QQFG
NCHTQPVGTC OQOMQTCP
OW[NGLQUPQUGXG 
QEWNVCTXVXRTPN
CQVTCRCTVGOWLC¡MRCK¡
XGTUGQEWNVQXGTUGQEWNVCVWMNJKC¡
OQFKUOQ 
FGNQVTQNCFQMWW¡
EWCPFQGUV£CEQUVCFQUWL
QEWNVQQEWNVCCFL
CPKO 
QEWNVCOGPVG©ZEJWKZKO
FGQVTQOQFQOCCMCO
QHTGEGTXVCC¡³FJC¡
CEKGTVQRTGEKQ  GPNCQVTCECTCLC¡MF©T
QHTGPFCTXVV©MKC¡ QVTCXG\IKQR
FGURW«UFGCNI¼PVKGORQ RWK¡R
Q¯FQOPCCM
UWLCPKO  QVTQUQVTCULCK¡L©¡OC¡P
RCTCEQORCTCT 
Q¯TXVMCC[C¡ QVTQO£UQVTCO£ULWOCK©R
FGNCOKUOC
MCKFJC¡ HQTOCQENCUG 
MCK¡EJFJC¡ QXGLCHMCUPKT
MCK¡³EJC¡
TWKFQ  MCEJ³KNJ
TGEK«PPCEKFQ 
R©ZEJ©¡[C¡
FGNGLQU 
QXKNNQOVWWMK¡³
FGNCPCJKNCFC 
JCEGTQ¯TMCKEJFJC¡
QXQKFGCFLMCDWWNJKM
Q[GÀÀR
QLQODWK
QNGTXV©¡DJKC¡
QNHCVQO
SWGVKGPGDWGPQNHCVQ©¡DJK¡
2
RCFTGOVCCVI©¡MQTC¡
RCFTKPQ '52#“1.6'2'*7ƒ0 

PWGUVTQRCFTGLKEJEJCCV SWGUGRCTGEGQK¡³
CQVTCRGTUQPC 
0WGUVTQ2CFTG%GNGUVKCNLKEJEJCCVLKZFJCCO SWGUGRCTGEGCPCLCZEJW¡O
MCOLKEJ)©¡MQTC¡ RCTGLCH
RCFTGUF©©F©¡P
FGHCOKNKC  RQTRCTGLCIQ¡IQM
RCFTKPQORC¡TKKP RCTGLQRCTGLCCFLLWRCCDCP
RCICTXVPCOMKFJC¡
EQPFKPGTQ  RCTKGPVGOLCFWW³
R£LCTQOW¡KK¡ PQODTCTEQOQRCTKGPVGKKOKC¡
CNUCNWFCT 
R£NKFQR£NKFCCFLEJW¡CC¡
UWLCPKO  UGTRCTKGPVGKKOKC¡
RCNOCHUQQDQNJ RCTKTXVF©DKC¡³EJWFC¡
ECPCUVCFGRCNOCUQQDQNJDCCNJ OCNRCTKTVWLKDWC¡
UQODTGTQFGRCNOCUQQDQNJDQPCCO RCTVGHMCR
RCNOCFCH CEWCNSWKGTRCTVGRCK¡PCR©ZLC¡M
FCTRCNOCFKVCUI©DZKFJC¡
EQPECTK³Q  CPKPIWPCRCTVGGPPKPIWPCRCTVGEJCORCK¡
RCNQOWWZ CQVTCRCTVGOWLC¡MRCK¡
RCNKVQDQQ¡
RCTCOGPGCTGNPKZVCOCN  FGRCTVGURGSWG³CUDKKO
RCNQEQPWPCNCODTGTCOWWLW
RCTCCOCTTCT  GPEKGTVCURCTVGURCK¡PCLCZ
RCNQOCH GPEWCNSWKGTRCTVGRCK¡PCR©Z
RCNQOCQEQVGTCIKQFC¡ CSW«RCTVG!RCLC¡M
RCNQOKVCH RCTVKFQOV©VDKEJCO
FGRQTVKXQ 
JCEGTUGÎRCNQOKVCUÏ[QQVC¡
OC¯\  RCTVKTXVQOPC¡
RCNQOKVCU[QQZEJWNJ VCCRPC¡
EQPJCEJCQEWEJKNNQ 
RCNRCTXVVCCVC¡ VCCR³KC¡
RQTRGICTQRQTUGECTUG 
VCVPCMKC¡
RQTUGECTUG 
RCPORCCP
SWGUGRCTVGH£EKNOGPVGEJCCVMK¡
RQTU¯UQNQ 
RCPCNORCPCCNJK¡Z
FGCXKURC  EJCVPCM
RCPVCNµPOUCDWKTCZ
FGOCPVC  RCUCTXVXRTPNDJ©©[C¡
RCPVCPQUQRCPVCPQUCCFLEJWFW¡PRKM DWWUPKC¡
UWLCPKO 
RCPVQTTKNNCHV©OCKEJ LWTPKC¡
NWICTHGQQT¯QETGEKFQ 
RCP\CHDJWWV FW³KC¡
RQTEKTEWPUVCPEKCTCTCQOCNCQRQT
RC³QORCC³KQ¡
TGIKQPCNKUOQ  CEVQPCVWTCN 
I©DMW¡
NKIGTCOGPVGRQTGNEWGTRQ 
RC³WGNQORCC³KQ¡
DJCK¡DEJKC¡
RGTFGTUWUCDQT 
RCRCH[CCVWK DJCK¡DEJWFC¡
GNVKGORQCFGEWCFQFGTGCTCTNC
RCR£OVCCV OKNRC 
PWGUVTQRCR£LKEJEJCCV V©DKCRW¡
NCPQEJG 
RCTCRTGR C[WFCTCRCUCTLWTWW³FJC¡
NWICTHGQQT¯Q
RCTCSWGPCDC¡ ETGEKFQ 
RCTCTXVM©©ZFJC¡
GPRQUKEKµPXGTVKECNRCTC DWGPQRCTCRCUCTLWTPK¡
NWICTHGQQT¯Q
QVTCRGTUQPC M©©MC¡ ETGEKFQ 
M©©UC¡
EQORNKPCP  JCEGTRCUCTDJ©KEJFJC¡
EQORNCPKO 
M©MDQ¡
UWLCPKO  R£UGNGLCDCCM
JCEKCCFGPVTQ LCOKCM
HQTOC
FCKDW¡
CXG  CPVKIWC LCOL©©R
NKVFGUECPUG 
U©NJM©©UC¡
FGTGEJQEQORNKPCP  SWGUGRWGFGRCUCTH£EKNOGPVGEJWDJCCK¡
C[WFCTCRCTCTM©MDWKEJFJC¡
£TGC 
GUVCTRCTCFQGUVCTRCTCFCU©NJM©©M
FGTGEJQ  RCUGCTXKRCZKCTC¡
RCTEJCTXVFCCZFJC¡ RCUQODWWUCP
GPGNECOKPQ 
FCCZZKFJC¡
RCTCQVTCRGTUQPC  LWTWW³
NWICTHGQQT¯QETGEKFQ 
RCTGEGTXK RCUVQO
RCTGEGJKGNQM©DCC¡ SWGJC[RCUVQZC¡KK¡
RCTGEGSWGEJKOQQPCDC¡RCPCCU RCVCHVQQP
 '52#“1.6'2'*7ƒ0 RKECPVG

RCVCFGNCPVGTCPQD RGPECFGOCIWG[ZKOCCV
EQEKFC 
RCVGCTXVM©K³³C¡ RGPUCTXVCCIC¡©NJFJC¡
MCRKCPC¡
EQPNCURCVCUFGNCPVGTCU  ICCIC¡
NKVDWUECTGPU¯OKUOQ 
RCVKQOP©K¡MCTVCO
EGTGOQPKCN  V©¡³EJQ¡
GPWPTGEWGTFQ 
RCVKQEQOWPCNLKEJQ¡PVCO
FGNOKVQVG RGPUCTFGEKTDK¡EJWNJFJC¡
CQVTCRGTUQPC 
VTCFKEKQPCN  RG³CUEQODCCRCK
RCVKQOC[QTLKEJQ¡PVCO
FGNOKVQVG RG³CUEQUQRG³CUEQUCCFLDCCRCK¡
VTCFKEKQPCN  RGRGPCTXVV©©VDKC¡
RCVTµPRCVTQPCOIÀ¡MCO RGSWG³QRGSWG³CCFLCNJK¡EJ
RGECFQOWC¡VWNJFJCTC¡ FGRCTVGURGSWG³CUDKKO
RGECTXKWC¡VWNJFJC¡ RGSWG³KVQRGSWG³KVC©NJK¡EJ
RGEJQODJCCUQV
RGTUQPCQCPKOCN  RGTEKDKTXV
VQT
CXG  DWGPQRCTCRGTEKDKTEQUCUCVTCX«UFGNQU
RGFC\QORCNJ©©R
RGSWG³Q  UWG³QUEJ©©VMK¡
VCCM
ITCPFG  RGTFGTXVXRTPNOCK¡DWC¡OCK¡I©ZKC¡
GPRGFCEKVQUDKK
OW[EJKSWKVQU DKKO
PQOW[ Q¡³ZKFJC¡
EQORNCPKO 
EJKSWKVQU  VWMCC¡³FJC¡
VKGORQ 
RGFKTXVEJK³KC¡
JCEGTCNIQ  GUVCTRGTFKFQGUVCTRGTFKFCMCCV
VC³KC¡
EQORTCFQQTGICNCFQ  RGTFQPCTXVWC³FJC¡
CQVTCRGTUQPC 
VCC³ZKFJC¡
EQORTCFQQTGICNCFQRCTCQVTC RGTOGCDNGCFLCUMK¡
VGLKFQ 
RGTUQPC 
RGTOKUQO
RGFKTC[WFCWOWC¡³FJC¡
FCTRGTOKUQFGSWGFCTUGV©DKCRVWFC¡
RCTC
RGFTGICNOEJKQ³EJ©T RCUCTNCPQEJG 
RGICLQUQRGICLQUCCFLEJWDJK¡URCTC¡ RGTQEQPLMWIW¡
RGICTXVI©©¡DKC¡
EQPRCNQQEWGTQEQORN IW¡OCVICO
CNEQPVTCTKQ 
CPKO  RGTTQRGTTCOHICIQQZ
KCDWKFJC¡
EQPRCNQQUQICEQORNCPKO 
RGTTKVQRGTTKVCZKKIC¡P
MCRKCPC¡
EQPNCUOCPQU UQQUPKC¡
EQPCNIQ
FWTQ  RGTUGIWKTXVCTFKOKC¡
UWWNJIKFJC¡
EQPUQIC  RGTUKIPCTXVMWTWWUVWFC¡
DJK¡URC¡
EQPRGICOGPVQ  RGTUQPCHOCC¡PMCO
GUVCTRGICFQGUVCTRGICFCDJK¡UCR
EQP EWCNSWKGTRGTUQPCLCTQK¡PCR©Z
RGICOGPVQ  RGTUQPCULC¡VMCO
RGICTUGFCMDW¡
GPNCPCTK\  RGTUQPCKORQTVCPVGIÀ¡MCO
SWGUGRGICH£EKNOGPVGKC¡³FJCTC¡
EQUC RGTUQPKHKECTXVLWRCCDFC¡
GURKPQUC  RGUCTXK
RGKPCTXVICZDW¡U©©UUC¡ CRGUCTFGSWGRCPCCU
RGNCTXV©NJRKIC¡
E£UECTC  RGUCFQRGUCFCD©©V
UQDMQPC¡
OCFGTC  SWGRGUCRQEQLCDQQM
RGNGCFQTCFLMQQMFCTC¡ RGUECFQODCVQQR
RGNGCTXKMQMFC¡ RGUVC³CHL©©DQ
FC¡PIKC¡
GPVTGU¯ 
RGVCECH
JCEGTRGNGCTMQMFJKEJFJC¡
EQORNRN 
RGVCECFGEWTCPFGTQDQUCC
JGEJCFGUQ[CVG
RGNGµPCFLMQQMFCTC¡ RCTCIWCTFCTHNGEJCUEGTGOQPKCNGU 
RGNKITQUQCFLIKFJWWNJ
ECOKPQ  RGVCVGOOCK³
RGNQODCRQQ DCMZKFJCTC¡
RCTCFQTOKT 
RGNµPRGNQPCCFLFJCCRCM SWGUCDGJCEGTRGVCVGUOCK³EJCNJK¡
RGNWSWGTQRGNWSWGTCOHLKKMFCO RG\ODCVQQR
RGPECH RKECPVGCFLMC¡QQM
RKECT '52#“1.6'2'*7ƒ0 

RKECTXVQOPC¡U©ZKC¡ JCDGTRN£VKECC¡IC¡
U©ZZKFJC¡
UWRGTHKEKCNOGPVG  RNCVQOLQQZKC¡
M©¡[C¡
EQPGNCIWKLµP  RNCVQFGDCTTQDJK¡³LQQZKC¡
DJCKFJC¡
EQPEJKNG 
RNC\QO
RKEQOEJK³ FCTRNC\QFCCZFJC¡
CQVTCRGTUQPC FCCUC¡
RKGOVQQP RNGKVQO
CNRKGFGUCPQQRUQPRCP SWGNGIWUVCDWUECTRNGKVQU³KQMDQNJK¡
CRKGMQM[QM©¡P
OQFKUOQ RWK¡
RNWOCHC¡PC¡
GUVCTFGRKGM©©MC¡
UCNKTRNWOCUC¡PICVC¡
RQPGTUGFGRKGM©MDQ¡
UWLCPKO 
RNWOCLGODCRQQ
R£LCTQ 
RKGFTCHLQFCK
RGSWG³C 
RQEQRQECCFLRTQP
RKGFTCFGCHKNCTOWC¡MCT
JCEGRQEQMKC¡R©Z
RKGFTCFWTCUQQ³MCT
RCTCRGICT 
RQEQCRQEQUCCNJ
SWGVKGPGRKGFTCULQQFCK¡
RQSWKVQRCNJ©©R
VKGORQ 
RKGNHLQ¡
RGTUQPCQCPKOCN 
WPRQEQCNJK¡EJRC¡
RKGTPCHVQQP WPRQEQO£UKCO
FKUVCPEKC RWR
ECPVKFCF 
EQPNCURKGTPCUETW\CFCUPCRCCNJ CRQEQ!UCRR©MDC¡
RKNQPEKNNQOOCKMCM RQFCTXVMWW¡ORKIC¡
RKPQOLWM RQFGTXVPCMIC¡RQFGGTQ¡
RKPQTGUKPQUQLWMLKZDJCKMCO SWGUGRWGFGDJCCK¡
TCOCUFGRKPQLWMOCCOTC
RQN¯VKEQRQN¯VKECCFLCKZMCO
TGUKPCFGRKPQQUCC¡O
SWGUGETGGRQN¯VKEQCKZ
RKPQNGOVWKUCR
RQNNQOVCMCCTWK¡
RKPVCTXVOCOZKFJC¡ RQNNKVQRKKRKNJ
RKPVQRKPVCCFLC¡QKFJCNJZK¡³OC¡ZWTKKNJOC¡ SWGVKGPGRQNNKVQUMQVIKZ
CXG 
RK³CHLWMKKDJCKFJC¡ RQNXQO
RKQLQOC¡CCV RQNXQTKGPVQEJWOQKM
£TGC 
RKQLQUQC¡CCV SWGJC[OWEJQRQNXQEJWMWWDJ©U
ECOKPQ 
SWGVKGPGRKQLQULKRVC¡
DNCPEQUGPGNEWGTRQ  RQPEJCTXVZKR³KC¡
NNCPVCQRGNQVC 
RKRCHFWK³MCT
FGHWOCT  RQPGTXVCCFC¡
RCPVCNµPHCNFCQ\CRCVQU 
RKUCTXVM©KURC¡ CC¡³FJC¡
RCPVCNµPHCNFCQ\CRCVQUCQVTC
RKUQOF©©TCR RGTUQPC 
RKUVCHP©K¡MCTVCO
FGNOKVQVGVTCFKEKQPCN  FCCUC¡
EQUCUPQNCTICU 
RKVCJC[CHIKUWNJ FCCZZKFJC¡
TGOGFKQGPGNEWGTRQFGQVTC
RGTUQPC 
RKVCTXVMWKEJFJC¡
ENCZQP  ICCOFJC¡
RCTCQVTCRGTUQPC 
RK\ECH ICCOW¡
GPWPUCEQQWPCDQNUC 
«RQECFGRK\ECQ¡TCDJCM
PQXKGODTG  M©©UC¡
EQORNKPCP 
RK\ECTXVQTCC¡ M©©UC¡
UQODTGTQ 
RNCPGVCOQK¡³IC¡P M©©ZFJC¡
GPRQUKEKµPXGTVKECNRCTCQVTCRGTUQPC 
V©K¡FJC¡
ECOKUCQDNWUCCQVTCRGTUQPC 
RNCPQRNCPCCFLIKQQ¡
V©MKC¡
GPRQUKEKµPJQTK\QPVCNEQORNKPCP 
RNCPVCTXVFCCUC¡ V©¡[C¡
TQRC 
RN£UVKEQO RQPGTUGWPUQODTGTQDQPOCVFC¡
EWDKGTVCFGRN£UVKEQPCKNQ
RCTCEWDTKTGN RQPGTCFGPVTQDCCZFJC¡
RCTCQVTCRGTUQPC 
EWGTRQ  DCCUC¡
RNCVCHQTOCHDQRVQ¡
FGVCDNCU  RQPGTCNIQFµPFCCZFJC¡
EGTGOQPKCN 
RN£VCPQOMCTWWO RQPGTCKPEWDCTDQQFC¡
CXG 
RN£VKECHC¡IKEJCO RQPGTFKGPVGUVCCVOWVFC¡


 '52#“1.6'2'*7ƒ0 RWTKHKECT

RQPGTXGNCEGTGOQPKCND©¡³FJC¡ UWRTKOQJGTOCPQUWRTKOCJGTOCPC
RQPKGPVGOLWTPKR U©RFJK¡³
JKLQQJKLCFGNJGTOCPQQFGNC
FGNRQPKGPVGC¡PUCRF©TLC¡M JGTOCPCOGPQTFGNRCR£QFGNCOCO£ 
ZKQ¡IK¡³
JKLQQJKLCFGNJGTOCPQQFGNC
RQTRTGRCOÊTCO
JGTOCPCOC[QTFGNRCR£QFGNCOCO£ 
D©©Z
NQNCTIQ 
RTKUCH
RQTSWGEQPLPCIW¡
VGPGTRTKUCLQVOC¡³FJC¡
RQTSWGUKPQMWVVW
RTQDCDNGCFL
RQTVCTXVXRTPNDWCODWCFC¡
OCNEQPQVTC
RGTUQPC  RTQDCDNGOGPVGIW¡EJK
RQUKDNGCFL RTQDCTXVVCCVC¡
F©©MC¡
CNKOGPVQ 
RQUKDNGOGPVGMCVVK
RTQDNGOCOMQMFC
RQUVGO
RQUVGFGNTKPEµPV©VPQTC¡ RTQFWEKTXVLQKFJC¡
RNCPVC 
RTQFWEKTO£UI©¡NJFJC¡
RTGEKUQRTGEKUCCFL
RTGEKUCOGPVGCOR©M RTQHWPFQRTQHWPFCCFLEJWWMCO
VKGTTCQ
CTGPC 
RTGIWPVCTXVV©MMC¡
VWWMCD
JQ[Q 
C¡IKFJC¡
CQVTCRGTUQPC 
PQRTQHWPFQMQOCCNJKO
VKGTTCQCTGPC 
RTGPFCHLCPPWNJ
RQEQRTQHWPFQOCCZKM
RTGPFGTXVD©¡³FJC¡
RCTCSWGCNWODTG 
RTQIGPKVWTCHVCLCC³K¡
O©KEJFJC¡
CRCTCVQGN«EVTKEQ 
O©©[C¡
HWGIQ  RTQJKDKTXV
GUVCTRTQJKDKFQGUVCTRTQJKDKFCZKFJWW
RTGQEWRCTXVCCIC¡

EGTGOQPKCNOGPVG 
RTGRCTCTXVDKQOC¡
CPKOCNOWGTVQRCTC
RTQPVQCFXEJCOZKKOLQQVQO
EQEGTNQ 
ICCOFJC¡
EQOKFCRCTCNNGXCTRCTCQVTC RTQRµUKVQO
RGTUQPC  EQPGUGRTQRµUKVQFJK¡M©¡P
KCTC¡
JKNQURCTCVGLGTWPCVCNGIC  EQPSW«RTQRµUKVQVW¡MWDC¡
DKGPRTGRCTCFQCDKCTZKO
EQPDWGPCTQRC[ RTQVGIGTXV©RIKFJC¡RCNJDWKFJC¡
CTOCU  RWFTKTXVF©DCC¡
RTGUGPVCTXVLW¡³EJWFC¡
CNPK³QGPGNOKVQVG RQFTKFQFJ©DCCNJ
JCEK«PFQNGEQOGTEQOKFCTKVWCN  RWGTEQOVQQZMQNJ
RTGUVCTXVVCK³DWKFJC¡
CQVTCRGTUQPC  RWGTVCH
UKKURC¡
FKPGTQ  GPNCRWGTVCMK¡³IQD
RGFKTRTGUVCFQVCK³DWKFJC¡
FGQVTCRGTUQPC 
RWGUEQPLDCMIW¡FJQ
RTKGVQRTKGVCCFLEJWM
RWGUVQCFLO
RTKOGTQCFXD©©R©¡MCV
TGEKDKTWPRWGUVQIÀ¡MCOVC¡
RQN¯VKEQ 
D©©R©¡
VKGORQ 
D©©R©¡F©T
CPVGUFGQVTQGXGPVQ  RWNICHVCR©©Z
RTKOGTQRTKOGTCCFLD©©R©¡
GPNCHKNC  RWNICTCFLO
GNRTKOGTNCRTKOGTCD©©R©¡MCO FGFQRWNICTIÀ¡FC¡
OCPQQRKG 
RTKOGTF¯CFCKEJCO
FGNOKVQVG  RWNOµPOLCDMCNJ
RTKOQRTKOCOH ÎRWNOµPFGGPEKPQÏLCDMCNJK¡³
RTKOQJGTOCPQRTKOCJGTOCPCZKKZ
JKLQQ RWPVCH
JKLCFGNJGTOCPQQFGNCJGTOCPCOC[QTFGN EQTVCTNCRWPVCMWW¡ORKIC¡
FGWPCRNCPVC 
RCR£QFGNCOCO£ ZKMW¡
JKLQQJKLCFGN RWPVKCIWFQRWPVKCIWFCCFLOW¡WWM
JGTOCPQQFGNCJGTOCPCOGPQTFGNRCR£Q RW³GVC\QO
FGNCOCO£  FCTRW³GVC\QUI©DKEJRCIC¡
RTKOQNGLCPQRTKOCNGLCPCZKKZO©MF©TMCO RW³QOUCCMW
FGITCPQUUGEQU 
ZKMW¡O©MF©TMCO
RWTKHKECTXV
SWG '52#“1.6'2'*7ƒ0 

RWTKHKECFQRWTKHKECFCWC³
CNOCQGUR¯TKVW  SWGTGTOWEJQFC¡VC¡
EQORNCPKO 
SWGNQSWKGTGOWEJQFJCCP
EQORNCPKO 

3
FJCC¡
EQORNKPCP 
SWGSWKGTGEQOGTKK³CO
ECTPG 
SWGUQOMKKU
JCEGTSWGUQFCIKCPC¡
SWGRTQPEQPLPCUCR SWKGPRTQPPC
RTQPQODTGTGNCVKXQ 
SWGVCPVQPCLCZ SWKGPUGCLCTQK¡PCR©Z
SW«RTQPLCZVW¡PCLCZPCVW¡ SWK«PRTQPLCTQQPCLCTQK¡
FGSW«OQFQPCLCZFJWWM
VKGORQRCUCFQ  SWK«PUCDG!LWODJC
SW«VCPVQSW«VCPPCL©¡Z SWKQVGOUCCD
CSW«RCTVG!RCLC¡M
SWKVCTXVXRTPNDCCDWKFJC¡
CQVTCRGTUQPC 
FGSW«OCPGTC!LCZR©M
EWCPFQJC[FWFCFG DJKC¡
FGNHWGIQ 
EµOQJCEGTCNIQ LCZLC¡M FCDPC¡
RNWOCUQRGNQ 
FGSW«OQFQ!LCZFJWWM
VKGORQRCUCFQ  FCD³KC¡
RKGN 
QSW«!LCZR©P
RCTCENCTKHKECT  MK¡UOC¡
EQPNQUFKGPVGU 
RCTCSW«!VW¡MWDC¡ M©©¡ORKIC¡
NQUWEKQ 
RQTSW«PQ!EJCODJCK¡ M©©¡ORKZFJC¡
RCTCQVTCRGTUQPC 
RQTSW«UGT£!LCZDC¡EJK
RTGIWPVCTGVµTKEC  MWCPC¡
EWDKGTVQECOKUCQUQODTGTQEQUC
LCZLKPCDC¡ OGVKFCGPNCVKGTTC 
RQTSW«!LCZDC¡LCZMWDC¡ MWC³FJC¡
TQRCFGQVTCRGTUQPC 
SW«ECTCEVGT¯UVKECUVKGPG!LCZEJW¡O V©K¡DJKQMC¡
EQDKLCQTGDQ\Q 
SW«EQUCUGT£!VW¡PCFC¡

4
SW«VCPVQ!L©¡Z
SW«VCPVQ!SW«VCPVC!LCZ
dSW«OQQIW¡
SWGDTCFK\QSWGDTCFK\CCFLQO³K¡
EQUCNCTIC 
TC¯\HVCM
SWGDTCTXVLCK³C¡LCKMKC¡
TCLCTXVLCK³C¡LCKMKC¡
QOPC¡
GPRGFC\QU QO³KC¡
VCCRPC¡
EQPJCEJCQEWEJKNNQ 
DKKOUC¡
GPRGFCEKVQU 
VCCR³KC¡
RQTRGICTQRQTUGECTUG 
VWWOUC¡
GPRGFC\QUITCPFGU 
LCK³FJC¡
RCTCFCTFGEQOGT  TCOCH
SWGDTCFQSWGDTCFCLCKM TCOCUOCOTC
£TDQN 
SWGUGSWKGDTCH£EKNOGPVGLCKMK¡
DCTTQQ TCOCUFGRKPQLWMOCCOTC
XKFTKQ  TCPCHUWDJCC¡P
SWGFCTXRTPNDK¡[C¡ T£RKFQT£RKFCCFLLQVOQFC¡QD
LWTWW³FJC¡
GPWPNWICT  SWGETGEGT£RKFQKKRW³K¡
RNCPVC EJ©¡VDKNJK¡
CC[C¡
FGVCNNC  SWGOCFWTCT£RKFQDJCKFJC¡
HTWVC 
I©ZKC¡
FGVCOC³Q  SWGUGEWGEGT£RKFQDJCKFJC¡
EQOKFC 
FCTRGTOKUQFGSWGFCTUGV©DKCRVWFC¡
RCTC TCUECTXVICK³DW¡
EQPNCUW³CU 
RCUCTNCPQEJG  IQQVC¡
EQPNCUW³CUQNCRG\W³C 
SWGFCTUCVKUHGEJQSWGFCTUCVKUHGEJCMQQDFC¡ TCUICTXVUCTPC¡
VGNCQXCSWGVC 

FGEQOKFC  UCTPKC¡
VGNCQXCSWGVC 
SWGNKVGOUCCTC¡RVWMIKC¡ VCKM³KC¡
TQRC 
SWGOCTXVXRTPNO©KFJC¡ VCKMPC¡
TQRC 
O©©[C¡
EQUCSWGUGECNKGPVC  TCUICFCEJCKMC³
TQRC 
SWGTGTXVCC¡
CWPCRGTUQPC CCIC¡ TCUIW³CTXVLQMKCPC¡
LQKFJC¡
EQORNCPKO  TCURCTXVLKKDC¡
CC¡
JCEGTCNIQ  LWOCC¡
RCTCGZVTCGTNQUJKNQU 
SWGTGTEQOGT³CC TCVGTQTCVGTCCFLO
 '52#“1.6'2'*7ƒ0 TKGUIQUQ

SWGGUTCVGTQSWGGUTCVGTC©ZDK¡ TGOCTXKDJ©©[C¡
DCTEQ 
TCVQO TGOGPFCTXVLKKUOC¡
CNTCVQLC¡Z³K TGOQLCTXVDCMEJKC¡
JCEGTCVKVQD©©R©¡ DCMEJKFJC¡
EWGTQRCTCQVTCRGTUQPC 
OWEJQTCVQO©M TGOQNKPQOZKDQQNJKM
RQTWPTCVQCNJKQUGTTCV TGPCEWCLQOOCMCTQKEJ
TCVµPODCU©©M TGPFKTXVI©¡NJFJC¡
ÎHTKLQNFGTCVµPÏDCU©MDJCDKK¡
GLQVGUKNXGUVTG  SWGTKPFGOWK¡FJCNJK¡
RTQPVQ 
TC[CH SWGTKPFGOWEJQMQDMQNJK¡
EQOKFCCN
SWGVKGPGWPCTC[CCPEJCDJKKUCROC¡
CPKOCN  EQEGTUG 
TC\µPH TGPSWGCTXKQDKC¡MKC¡
UKPTC\µPCNIWPCICO©TFCV TGRCTCTXVLQ³KC¡
TGDCLCTXVUQDMQPC¡
OCFGTCQRKGFTC  TGRGVKTXV
TGDCUCTXVDJCK¡DEJKC¡
CNVWTCQFKUVCPEKC  SWGNGIWUVCTGRGVKTEJWCC¡³ZKFJCTC¡
NQSWG
TGDQ\QOTKDJWWU WPQFKEGEQOQDWTNC 
TGDW\PCTXKMWWMW¡
DWTTQ  TGSWGTKTXVCCIC¡
TGECTICTXVUKKURC¡ TGUDCNCFK\QTGUDCNCFK\CCFLFJCR³K¡FJC¡PRKM
TGEGRV£EWNQOVWVWWT
FGNCUGOKNNCFGOCIWG[  EJWFC¡PRKM
£TGC 
TGEJKPCTXKM©TPKFJC¡
NQUFKGPVGU  TGUDCNCTXKFCRKK³FJC¡
KPVGPEKQPCNOGPVG 
FCR³KC¡
CEEKFGPVCNOGPVG 
TGEKDKTXV
TGUKFGPEKCH
TGEKDKTDKGPM©©ICNJFJC¡
EQORNCPKO 
GUVCDNGEGTTGUKFGPEKCMKKEJC¡
TGEKDKTWPRWGUVQIÀ¡MCOVC¡
RQN¯VKEQ 
TGUKPCHDCCTIC¡P
TGEKGPVGCFL
RKPQTGUKPQUQLWMLKZDJCKMCO
TGEKGPVGOGPVGMKC¡R©Z
TGUKPCFGRKPQQUCC¡O
TGEKQCFXMWWFCO
TGUKUVGPVGCFLMCDCCM
SWGECOKPCTGEKQLKOFJC¡
TGUQPCTXKV©TPKC¡
UQPKFQHWGTVG 
TGENCOCTXVC¡IKFJC¡
CCIC¡
NQRGFKFQ  TGURGVCTXV
TGEQIGTXVVWDW¡[C¡
ITCPQU  UGTTGURGVWQUQP©K¡³FJC¡
TGEQTFCTXVV©¡³EJQ¡ TGURKTCTXKKKDJKC¡
TGEQUGTXVLKKUOC¡ TGVQ³CTXKDCRRC³KC¡
RNCPVCGPTGFCFGTC 
KKRW³KC¡
[GOCUWJQLCU 
TGFQPFQTGFQPFCCFLZKMQQNJKM
TGVQ\CTXKQK¡FJC¡
WPQEQPQVTQ 
TGFWEKTXVXRTPN
TGVTCVQOFKVTCCVQ
TGFWEKFQTGFWEKFCEJWDWNJ
ECOKPQ 
TGWPKTXVLWORCFC¡
UWLCPKO 
TGGORNC\CTXVRCVCCUC¡
TGXGPVCTXK©MKC¡
UQICQJKNQ 
TGHNGLCTXVVQVDKMKC¡
NW\ 
MQDMQ¡
TGICNCTXVQPDCK¡³FJC¡ SWGUGTGXKGPVCH£EKNOGPVG©©MK¡
JKNQQUQIC 
KKOEJWFC¡
WPCPKOCNCQVTCRGTUQPC 
TGX«UO
TGIC³CTXV³KQMFJC¡
CNTGX«ULC¡MF©T
TGICTXVDCCIC¡
RNCPVC 
TGXQNECTXVXRTPNKCRV©MC¡
TGITGUCTXKF©DKC¡LC¡MI©ZKC¡
TGXQNXGTXVFC¡OW³FJC¡
RCTCQVTCRGTUQPC 
NNGICT[TGITGUCTPQTIKC¡ VCLCCPC¡
PWDGU 
TG¯TXKC¡ZKC¡L©©OKC¡ TG\CTXVOCOVWFC¡
TGNCORCIWGCTXKD©RIKC¡ DKK³MCFC¡
RCTCQVTCRGTUQPC 
TGNKIKQUQTGNKIKQUCCFL TG\QOOCOVW¡P
JCEGTTKVQTGNKIKQUQDCPQQUC¡ TKEQTKECCFLEJWO³KICO
TGNKPEJCTXKMWWMW¡
OCEJQQECDCNNQ  TKGUIQUQCFLIKFJWWNJ
ECOKPQ 
TKHNG '52#“1.6'2'*7ƒ0 

TKHNGOMCTCDK³
CTOCFGHWGIQ  UCDGTXVOCCV
T¯IKFQT¯IKFCCFLIWDWWM NNGICTCUCDGTOCEJKC¡
CXKUQQPQVKEKC 
TKPEµPOUQQUPC¡P
CNRKGFGWPEGTTQQEQTFµPQ SWGUCDGEJWOCCV
JCEGTEQUCUOCPWCNGU 
GPHTGPVGFGWP£TDQN  OCCV©V
JCEGTWPCEQUC 
RQUVGFGNTKPEµPV©VPQTC¡ SWGUCDGCECNDCCRCM
T¯QOCM SWGUCDGJCEGTRGVCVGUOCK³EJCNJK¡
T¯QITCPFGIÀ¡CM UCDGSW«FGEKTCKZ
TKUWG³QTKUWG³CCFLL©©ORC¡
NKVTKGPFQWPRQEQ  SWK«PUCDG!LWODJC
TKVQO UCDKQUCDKCCFLOEJWOCVFC¡
JCEGTTKVQTGNKIKQUQDCPQQUC¡ UCDQTO
TQDCTXV©©ZFJC¡
FGQVTCRGTUQPC  VGPGTUCDQTMCCM
TQDQO©©ZK¡³ UCDQTGCTXVF©©MC¡
CNKOGPVQ 
TQECHLQFCK
ITCPFG  UCDTQUQUCDTQUCCFLIK¡MCM
HTWVCQXGTFWTC 
K¡QQD
SWGGUTQECCK¡
UCECTXVDCCDW¡LWRPC¡
TQFCTXVVWWNJRC¡
DCCDWKFJC¡
RCTCQVTCRGTUQPC LWR³KFJC¡
RCTC
VWWNJKQRFJC¡
JCEKCQVTCRGTUQPCQCPKOCN 
QVTCRGTUQPC 
TQFKNNCHQNJKC DWWUCKEJWNJFJC¡
RCTCQVTCRGTUQPCEQORN
TQGTXVMK¡UOC¡ CPKO 
TQLQTQLCCFLD©¡ DCZDJC¡
N¯SWKFQFGCDCLQJCEKCCTTKDC 
EJ©D©RIK¡
£TGC  DJKC¡
FGNCIWC 
TQORGTXV©MKC¡
UQICQJKNQ  DJKKFJC¡
FGNCIWCRCTCQVTCRGTUQPC 
UCTPKC¡
VGNCQXCSWGVC  MWCPC¡
FGFQPFGGUV£OGVKFQ 
TQVQTQVC©©M VCMDWPC¡
FGTC¯\ 
DWWUCKFJC¡
OG\ECN 
TQPECTXKUCTQMMKC¡
LCCNQMKC¡
NKIGTCOGPVGDGD«  SWGUCDGUCECTEJWDJKCOWM
FGFQPFGGUV£
OGVKFQ 
TQPTQPGCTXKLCCNQMKC¡
ICVQ 
UCECTCIWCDCK¡³FJC¡
RCTCQVTCRGTUQPC 
TQRCHLCPPWNJMCM³K¡ DCK¡IKC¡
VWWMCDK¡
KPVGTKQT 
UCEGTFQVGORCCNJ
SWGVKGPGOWEJCTQRCLCLCPPWNJMCM³K¡
UCEWFKTXVDQZMC¡
RCTCSWKVCTNCUGURKPCU 
TQUCCFLHD©IKQO
UCNHQP
TQ\CTXVI©DMW¡
NKIGTCOGPVGRQTGNEWGTRQ 
SWGNGHCNVCUCNDCUFCM
TWGFCHTQK¡P
SWGVKGPGUWHKEKGPVGUCNQPMCM
TWIKTXKL©©TMKC¡
UCNCFQUCNCFCCFLQPMCM
TWKFQO
UCNKTXKDWWUPKC¡
JCEGTTWKFQDTQPEQUCTQMMKC¡ F©©DQ³KC¡
N¯SWKFQ 
RTQFWEKTTWKFQMCR³KC¡
EQOQGNFGCRNCWFKT  PW¡CC¡
N¯SWKFQITCPQQRQNXQ 
SWGUQPTWKFQUNGJCEGPGPUQTFGEGTMCC[W¡ I©ZKC¡
HTWVQFGWPCRNCPVCEWEWTDKV£EGC 
TWODQO JCEGTUCNKTDWWUCKEJWNJFJC¡
RCTCQVTCRGTUQPC
TWODQCOWLC¡M
EKGTVQFGUVKPQ OWLC¡R EQORNCPKO 

EKGTVC£TGC  JCEGTUCNKTFGNECUECTµPVCCVMKEJFJC¡
CXGU 
UKPTWODQICOO©L© SWGUCNGO©NJOWM
TGUKPC 
TWOKCTXVDKKNJFJC¡ UCNKTDCTDCQDKIQVGEJK³DQVC¡
UCNKXCHEJK³DCTCC¡

5
UCNVCOQPVGUOUQK
UCNWFCTXV³KQ¡MFJC¡
PCOMKC¡
EQPTGURGVQDGUCPFQNCOCPQ 
UCNXCLGCFLLKIKCTWO
CPKOCNFGNOQPVG 
U£DCFQOUCCRCV
 '52#“1.6'2'*7ƒ0 UQDTKPQUQDTKPC

UCPCTXVFWC¡³FJC¡
CQVTCRGTUQPC  UGPVKTXVXRTPN©NJFJC¡VCCVC¡VCVFCEJKC¡
UCPF¯CHUCPFKK[CU UGPVKTFQNQTO©KFJC¡
EQPCNIQECNKGPVG 
UCPITCTXK©¡TRWMKC¡ UGPVKTVGTTQTLCDMC¡
UCPITGH©¡©©T UG³CNH
UCNKTUCPITG©¡TRWMKC¡ SWGGUOCNCUG³CNQ¡ZDK¡
UCPVQCFLO UG³CNCTXVU©ZKC¡
EQPNCOCPQ 
5CPVC/CT¯C1EQV£P,WMV©T UG³QTKVCHV©[CC
FGSWKPEGC³QUQO£UFGGFCF 
UCRQOUWDJCC¡P UGRCTCTXVXRTPNL©¡F©NJMCFC¡
UCVKUHGEJQUCVKUHGEJCCFL UGSW¯CH
SWGFCTUCVKUHGEJQSWGFCTUCVKUHGEJCMQQDFC¡ «RQECFGUGSW¯CVCCDJCM
FGFKEKGODTGCOC[Q 

FGEQOKFC  NNGICTNC«RQECFGUGSW¯CVCCDJC¡
UCXKCHDCCTIC¡P UGTXKCC[C¡
WPCECPVKFCF 
QUDJC¡
GURGUCFGEKGTVQU£TDQNGU  C¡O
NCGUGPEKCFGNCRGTUQPC 
SWGVKGPGUCXKCGURGUCQUDJC¡
£TDQN  FC¡
EQUCPQEQPQEKFC 
UGRTQPLWOÊO VWVW¡KK¡
£TGC 
UGECTXVDJCCVC[C¡
RNCPVC  SW«EQUCUGT£!VW¡PCFC¡
ICMKC¡ UGTKQUGTKCCFL
ICMKK¡³FJC¡ EQPUGTKGFCFI©¡O
UGEQUGECCFLICM UGTXKTXVDJKKFJC¡
EQOKFCCQVTCRGTUQPC 
EJWICM
£TGCQEQPLWPVQFGEQUCU  FJCC¡
UWLKPCP 
DJCCVC¡
RNCPVC  QPDCK¡³FJC¡
EQOKFC 
EJ©F©©DJCZ
VKGTTC  UKEQPLPQ¡
NCUUGECUVCCDJCM
TGIKQPCNKUOQ  RQTSWGUKPQMWVVW
PQUGEQPQUGECDCC¡
RNCPVC  U¯RTQP
UGFH RQTU¯OKUOQF©©NJR©Z
FCTUGFVGPGTUGFVQPOQ¡ U¯CFXL©©¡LÀÀ¡
SWGNGFCUGFEJWVQPOQFC¡ DCCDWK¡
UKPEQORTQOGVGTUG 
SWGVKGPGUGFEJCPQQO UKGODTCH
UGFKGPVQUGFKGPVCCFLEJCPQQO «RQECFGUKGODTC©¡ZKCDJCM
LWPKQ 
UGIWKFQCFLLKTOCC¡PR©ZLKEJ©M UKGORTGCFXICOO©L©
UGIWKTXVF©©MEJKC¡
RQTNCUJWGNNCU  UKGTTCHLWMICO
FGEQP¯HGTCU 
QKFJC¡
RQTCVT£U  UKGVGCFLZKLWOIQQM
VWK¡FJK¡
FGEKGTVCOCPGTC 
UKIPKHKECFQOLWOFWWMCO
FGCNI¼PGXGPVQ 
SWGUKIWGOCC¡P
UKNNCHCVQQZMQT
SWGUKIWGJCEKGPFQNQOKUOQEJWPCO©©M
UKNNCFGOQPVCTZKKT
UGIWTQUGIWTCCFLUKIWWT
UKNXGUVTGCFLLKIKCTWO
RNCPVC 
UGIWTCOGPVGIW¡EJK
UKPQEQPL
UGKUCFLZKLWOOCC¡P
UKPQSWGIW¡OCVICO
CNEQPVTCTKQ 
UGODTCTXV©ZKC¡
UKSWKGTCCFXEQPL
C[WFCTCUGODTCT©ZFJC¡
PKUKSWKGTCEJCOL©¡Z
UGOKNNCHMCK
UQDTCTXKDK¡[C¡
©ZEJWM
FGUVKPCFCRCTCUGODTCT 
UGOKNNCFGECNCDC\CMCKEJWM UQDTGRTGRDJCCP
NCUWRGTHKEKGFG 
VC¡O
NCUWRGTHKEKGFG 
UGPFCHVCDJKKM
GPVTGNCUNCFGTCU 
UQDTKPQUQDTKPCOHCDWKN
FGWPCOWLGT 
UGPVCTXVFCCUC¡
CQVTCRGTUQPC 
MWWNUK
FGWPJQODTG 
FCKDW¡
RGTUQPCQCPKOCN 
OCT
JKLQQJKLCFGNJGTOCPQFGNGURQUQFGWPC
GUVCTUGPVCFQGUVCTUGPVCFCFCC OWLGT 
KTUGPVCFQKTUGPVCFCFCKEJI©FC¡ QQICZ
JKLQQJKLCFGNJGTOCPQQFGNCJGTOCPC
UQIC '52#“1.6'2'*7ƒ0 

FGNCGURQUC  SWGUWGPCPNQUFKGPVGUM©TPKO
CNEQOGTEQUCU
FJKZKKM
JKLQQJKLCFGNCJGTOCPCOC[QTFGWPC UGECU 
OWLGT  UQ³CTXVV©©VMKC¡
DCDQQNJ
JKLQQJKLCFGNJGTOCPQOC[QTFGWPC UQRNCTXKL©NJDKFJC¡
CKTG 
OWLGT 
UQRQTVCTXVUKKURC¡
Q¡MKZ
JKLQQJKLCFGNCJGTOCPCOGPQTFGWPC
UKKURKFJC¡
RCTCQVTCRGTUQPC 
OWLGT 
PCMIC¡
CIWCPVCT 
RCCUWNJ
JKLQQJKLCFGNJGTOCPQOGPQTFGWPC
OWLGT  UQTIQOW¡KK¡LWPWW¡
UKNXGUVTGNKVOC¯\FGR£LCTQ 
VCVCCNJ
JKLQQJKLCFGNCJGTOCPCOC[QTFGWP UQUVGPGTXVUKKURC¡
JQODTG  UKKURKFJC¡
RCTCQVTCRGTUQPC 
LKKMWNJ
JKLQQJKLCFGNJGTOCPQOC[QTFGWP UWCFLÊ¡P
FG«NQFGGNNC 
JQODTG  LCO
FGWUVGFGU 
MWWZK¡
JKLQQJKLCFGNCJGTOCPCOGPQTFGWP LC
FGGNNQU 
JQODTG  UWUÊ¡P
FG«NQFGGNNC LCO
FGWUVGFGU LC
M©NJKK
JKLQQJKLCFGNJGTOCPQOGPQTFGWP
FGGNNQU 
JQODTG 
UWCXGCFLOQKM
UQICHV©TDK³
UWDKFCHVCK¡
EQPUQICNCTICV©D©©R
GPNCUWDKFCD©©ZEJCK¡
5QNOVCPQQNJ
UWDKTXKV©UFKC¡V©UCC¡³FJC¡
GUVCTGN5QNFWW
GPEKGTVCRCTVGFGNEKGNQ  KC¡³FJC¡
CNEWGTRQ 
UQNOLKEJEJCCV SWGUWDGH£EKNOGPVGEJ©UFK¡
NWICTGUECTRCFQ 
GPGNUQNVCPQQNJKQR UWEGFGTXKLCZFJW³KC¡
JCDGTUQNVQPPKC¡ FW³KC¡
CEVQPCVWTCN 
VQOCTUQNVQZMQIKC¡
UWLCPKO  DWKFJC¡
NQRNCPGCFQ 
UQNCOGPVGCFXFCK UWEKQUWEKCCFLKMQQTC¡
UQNCTCFL UWFCFGTQOKCRVCTC¡
RCTCECDCNNQ 
JCDGTGENKRUGUQNCTVWOVWMICOVC¡ UWFCTXKDQQTVC¡
UQNFCFQOUCPFCCTWK¡Z UWFQTODQQTFC¡
UQNKVCTKQUQNKVCTKCCFLOF©NJFJ©O
CPKOCN  UWFQTQUQUWFQTQUCCFLDQQT
UQNQUQNCCFLF©©NJ UWGITCHFCC¡P
CUQNCUF©NJMQD UWGITQOQQ¡
UGPVKTUGUQNKVQUGPVKTUGUQNKVCVWMNJKC¡ UWGNQOF©D©©TF©©TCR

OQFKUOQ 
UWG³QOV©©VMK¡
UQNVCTXVFQ¡PMQPC¡
DWGPQRCTCRGTEKDKTEQUCUCVTCX«UFGNQU
MWRKQ¡MC¡
RCTCUCNKT 
UWG³QUEJ©©VMK¡
PCMIC¡
EQORNCPKO 
FQ¡³EJQ¡
RCTCSWGXC[CEQORNCPKO  SWGNGFCUWG³QEJWMQQZOQFC¡
SWGVKGPGUWG³QMQQZKO
NKVSWGSWKGTG
UQNVGTQUQNVGTCCFLOF©NJFJ©O
RGTUQPC 
FQTOKT 
UQODTCH
UWHKEKGPVGCFLCKZKO
FCTUQODTC©RIKFJC¡
UGTUWHKEKGPVGCC[C¡
JCDGTUQODTC©©MC[C¡
UWHKEKGPVGOGPVGLWRCCDCP
NNGPQ 
SWGJC[UQODTC©©MC¡
UWHTKOKGPVQOVWNJKK³CTC¡
UQODTGTQODQPCCO
UWHTKTXVVWNJKK³C¡
RQPGTUGWPUQODTGTQDQPOCVFC¡
JCEGTUWHTKTVWNJKK³EJWFC¡
UQODTGTQFGRCNOCUQQDQNJDQPCCO
UQODTGTQFG\Q[CVGWOWW¡DQPCCO UWLGVCTXVOCK¡URC¡
EQORNKPCP 
UQPCLCHZKKZMKNJ
X¯DQTCFGECUECDGN  UWOCTXVLC¡M©NJFJC¡
UQPCTXKMWWMW¡
KPUVTWOGPVQOWUKECN  UWRGTHKEKCNCFLMQOCCNJKO
VKGTTCQCTGPC 
UCCO³KC¡
ECORCPC  UWRGTHKEKGH
 '52#“1.6'2'*7ƒ0 VGTOKPCT

EGTECFGNCUWRGTHKEKGFCCOCP
N¯SWKFQ  VCRGVGODCMZKFJCTC¡
RCTCFQTOKT 
GPNCUWRGTHKEKGFCCOCP
UµNKFQ  VCRµPOMWWRCTC¡
GPNCUWRGTHKEKGFGFCCO VCTFCTXKO©©MKFJC¡
U¼RNKECHWC³FJCTC¡
TGURGVWQUCCNEWTCPFGTQ  VCTFGCFX
UWRNKECTXVWC³FJC¡
EQPTGURGVQCNEWTCPFGTQ  GUVTGNNCFGNCVCTFGUWWUCMPCCM©O
UWRWGUVQUWRWGUVCCFL JCEGTUGVCTFGLWTPKC¡
UWRWGUVCOGPVGUCRR©MDC¡ OGFKCVCTFGOKCFWWM
VCVGOCTXVOCOCC[C¡

6
VC\CHVCCU
VGRTQPLWOÊO
CCR
GPH£VKEQ 
V«OVCCRWM
FGEQTVG\CFGGPEKPQ 
VCDCEQODKD
VGCHLWM
VQQDQZ
FGJQLCUCPEJCU 
VGEJCNQVGODJQ¡OMQZ
TGIKQPCNKUOQ 
VCDNCHVCC¡ONC
VGEQNQVGO
VCEQO
VGEQNQVGEQTPWFQVWMWWT
JCEGTWPVCEQMK¡URKFJC¡
RCTCQVTCRGTUQPC 
VGLGTXVCUMKEJC¡
VCNGICFGKZVNG 
VCNGICHCTRWWU
FGVGLKFQHKPQFGCNIQFµP 
CUMKEJFJC¡
VCNGICFGKZVNGRCTCQVTCRGTUQPC 
CUCCM
FGVGLKFQOCNNCFQFGKZVNG 
KMZKEJC¡
OQTTCNFGCNIQFµP 
DJCK¡OMCT
DQTFCFC 
VGLKFQOCUMKEJ
FGKZVNG 
VCNNCTXVM©©MUC¡
KMZKEJ
FGCNIQFµP 
LWOCC¡
RCTCGZVTCGTNQUJKNQU 
UQDMQPC¡
OCFGTC  VGLµPODCKU©NJ
VCNNQOVQQP VGNCHMCM³K¡
UCCD
FGOCIWG[  EQTVGFGVGNCLCPPWNJ
FQUOGVTQU[OGFKQ 
VCNµPOV©MDQ
FGNRKG  VGOGTQUQVGOGTQUCCFLEJQQ¡PPKOWM
NKV
VCOCNOV©OCKEJ H£EKNOGPVGNGFCOKGFQ 
PCCMV©OCKEJ
FGECTPGFGNCECDG\CFGNRWGTEQ  VGORNQOEJKQR
VCOCNEGTGOQPKCNDJCOOCZ VGORTCPGTQVGORTCPGTCCFLLQQVQM
RNCPVC 
VCOCNFGFWNEGMKRK¡
FGRKPQNG  VGORTCPQCFXM©¡PMQD
VCOC³QO MCRDJWKOWM
EWCPFQGORKG\CCCOCPGEGT 
KIWCNFGVCOC³QLC¡ZDWK¡ SWGUGNGXCPVCVGORTCPQDCCOIK¡
VCOCTKPFQO VGORTCPKVQDCL©M
CPVGUFGFGUC[WPCT 
VCOCTKPFKNNQPCMWCNJ VGPFGTXVDCMVC¡
VCRGVGRGVCVGQEQDKLC 
VCODK«PCFXD©©ZIKQ DCMZKFJC¡
VCRGVGRGVCVGQEQDKLCRCTCQVTC
DCRWK¡©R
FGNCOKUOCOCPGTC  RGTUQPC 
LCK¡
LWPVQEQPQVTQU  L©NJIC¡
CUQNGCT 
VCODQTOVCODJWNJ VGPFµPOVCVCC¡
SWGVKGPGOWEJQUVGPFQPGUEJCVCC¡
VCPVQVCPVCCFX
PQVCPVQEJCOR©M VGPGTXVDKC¡
SWGVCPVQPCLCZ VGPVCTXVVCCVC¡
SW«VCPVQSW«VCPPCL©¡Z VG³KTXVDWC¡
VGNCQJKNQ 
VCPVKVQVCPVKVCL©¡Z³K
VKGORQ  VGRGJW£POHQ¡FCO
RGTUQPCQKFKQOC 
SW«VCPVQ!SW«VCPVC!LCZL©¡Z VGTOCNCFL
VCRCTXVKK³C¡ CIWCUVGTOCNGUVQK³MCO
DJKKDIC¡
EQPVGNCQRN£UVKEQ  VGTOKPCTXVCKEJFJC¡
FKUVCPEKCQVKGORQ
MWWRC¡
EQPVCRCFGTC  UG³CNCFQ 
V©K¡FJC¡
EQPEQDKLCQTGDQ\QCQVTCRGTUQPC  MWWICNJFJC¡
VKGORQUG³CNCFQ 
ZK¡O³KFJC¡
DKGP  V©©OQ¡
FGJCEGT 
VGTTGPQ '52#“1.6'2'*7ƒ0 

VGTTGPQOF©D©©T GUVCTVKTCFQGUVCTVKTCFCMCCV
VGTTµPO VK\PCTXVMWDJC¡DKFJC¡
JCDGTVGTTµPMCDQQTCM MWDJC¡DKFJC¡
XQNWPVCTKCOGPVG 
VKRTQP MWDJC¡D³KC¡
UWLKPCP 
CVKCCR
GPH£VKEQ  VK\PCFQVK\PCFCMWDJC¡DK³
V¯CHPCCP
GURQUCFGNJGTOCPQFGNRCR£QFGNC VNCEWCEJGOLQQD
OCO£  VNC\QNGOVCUQQNJ
Q¡MKZ
JGTOCPCOC[QTFGNCOCO£  VQDKNNQOMÀNJ
FJKZKKM
JGTOCPCOGPQTFGNCOCO£  VQECTXVL©NJDKFJC¡
CKTGEQORNCPKO 
RCCUWNJ
JGTOCPCOC[QTFGNRCR£  MWKEJFJC¡
KPUVTWOGPVQOWUKECNFGCNKGPVQ 
DCDQQNJ
JGTOCPCOGPQTFGNRCR£  UCCUDKC¡
O¼UKEC 
V¯CCDWGNCCDWKN UCCUDKFJC¡
O¼UKECRCTCQVTCRGTUQPC 
VKDKCHLQUGG
FGNCRKGTPC  UQQUPKC¡
CNCRWGTVC 
VKDKQVKDKCCFLOLWWM VQEµPOUQP
VKGORQO VQFCX¯CCFXMCMCRWRMKC¡RWK
FGUFGJCEGOWEJQVKGORQDCL©MF©T VQFCX¯CPQEJCMWK
JCEGOWEJQVKGORQDCL©M VQFQVQFCCFLRTQPD©©Z
VGPGTVKGORQRQFGGTQ¡ FGVQFCENCUGD©©ZCKZKOVW¡O
VKGTPQVKGTPCCFLOOQKM
RNCPVCQHTWVC  GUVQFQFCKRW¡
6KGTTCHQK¡³IC¡P RQTVQFQUNCFQUD©©ZZKMQQNJPCK¡
VKGTTCHF©D©©T VQFQUD©©ZPCDCR
F¯CUOGUGUQC³QU 
VKGTTCE£NKFCVCCVUCD VQOCTXVDJC¡[C¡
UµNKFQ 
VKGUQVKGUCCFL K¡[C¡
N¯SWKFQ 
RQPGTUGVKGUQIWDMC¡
EQUCFGHQTOCRNCPC  LWRPC¡
HQVQITCH¯C 
JCEGTVQOCTK¡EJFJC¡
VKITGOF©¡PDCNJ
VQOCTOG\ECNPCDCKEJFJC¡
EGTGOQPKCN 
V¯OKFQV¯OKFCCFLEJQQ¡PPKOWM
NKVH£EKNOGPVGNG
FCOKGFQ  VQOCVGOUQURQ¡MCNJ
XGTFGFGE£UECTC 
VWOKCNJ
TQLQ 
VKOµPOVKOQQP
FGNCTCFQ 
OQNGFGVQOCVKNNQUQURQ¡MCNJLWPOC¡P
VKPCLCHDCK¡³FJCMCT
RCTCCNOCEGPCTCIWC 
VQOCVKNNQUQURQ¡MCNJ
TGIKQPCNKUOQ 
V¯QOQQICZ
GURQUQFGNCJGTOCPCFGNRCR£QFG
VQRQOVWDWC
CPKOCN 
NCOCO£ 
MWWZK¡
JGTOCPQOC[QTFGNCOCO£  VQTEGTXVPCCURC¡
VCVCCNJ
JGTOCPQOGPQTFGNCOCO£  ICDPC¡
RCTVGFGNEWGTRQ 
M©NJKK
JGTOCPQOC[QTFGNRCR£  VQTEKFCICDKK³
WPCRCTVGFGNEWGTRQ 
LKKMWNJ
JGTOCPQOGPQTFGNRCR£  VQTQOVWWT
V¯QCDWGNQMWWNUK VQTVGCTXVVWFW³KC¡
VKRQO DWKFJC¡
RCTCQVTCRGTUQPC 
FGOWEJQUVKRQUD©©ZCKZKOVW¡O VQTVKNNCHV©OMCNJ
VKTCFQTVKTCFQTCOH JCEGTVQTVKNNCUDWKFJC¡
RCTCQVTCRGTUQPC 
DWGPVKTCFQTDWGPCVKTCFQTCVWOWOWWFCO UWWNJIC¡
FGOCUC[CJGEJC UWWNJIKFJC¡
FG

CTEQ  OCUC[CJGEJCRCTCQVTCRGTUQPC VWFW³KC¡
VKTCTXVXRTPNOCK¡DWC¡ VQTVWICHOWWNJ
OCK¡³³C¡
DCNCQRKGFTC  VQUHKQ¡IK¡
OWOWW[C¡
RTQ[GEVKNNCTIQ  VQUGTXKKQ¡IKC¡
PW¡CC¡
N¯SWKFQITCPQQRQNXQ  VQUVCFQTOLCKMMCT
LCCZEJC¡
N¯SWKFQ 
VQUVCTXVLCCMKC¡
ITCPQUQUGOKNNCU 
DWDWCMKC¡
N¯SWKFQQITCPQU 
LKDWC¡
CNUWGNQ  VTCDCLCFQTVTCDCLCFQTCCFLOVWLWCPFCO
FGLCTVKTCFQFGLCTVKTCFCIKQRPC¡ OW[VTCDCLCFQTOW[VTCDCLCFQTCEJW
LWCPCTICO
 '52#“1.6'2'*7ƒ0 X£OQPQU

VTCDCLCTXKVWLWCPC¡ VWRKFQVWRKFCCFLZKDQQTCM
VWLWC³FJC¡
RCTCQVTCRGTUQPC 

7
DWGPQRCTCVTCDCLCTEJWLWCPCTC¡
VTCGTXVDJ©KMC¡CKEJFJC¡
DJ©KFJC¡CKEJWNJFJC¡
CQVTCRGTUQPC 
MWUDKMC¡
RQTOGFKQFGWPCEQNICFGTCGPGN
JQODTQQGPNCECDG\C  WDKECTXRTPNDK¡[C¡
NWICT 
OQQVKMC¡
CRQ[CFQUQDTGNCECDG\CQGPNQU WJKPVGTLGGLC
JQODTQU  ¼NVKOQ¼NVKOCCFLOICVWWMMCO
VTCICTXVDJC¡[C¡
UµNKFQ  CN¼NVKOQICVWWM
VTCORCHV©©¡PMCT
JQ[QGPNCVKGTTC  GN¼NVKOQNC¼NVKOCICVWWMMCO
GPPCEGT 
RQPGTWPCVTCORCV©©¡³FJC¡
RCTCCPKOCN  NNGICTCN¼NVKOQF¯CLWTWW³FJC¡
FGNOKVQVG 
VTCPURCTGPVGCFLWC³
N¯SWKFQ  UGT¼NVKOQF¯CLWTPKC¡
FGNOKVQVG 
ZWW¡PIK¡
UµNKFQ  WPCTV
VTCURTGR FGWPNCFQOCCRF©T
VTCUFGQKFJCVF©T WPQUL©¡M
VTCXKGUQVTCXKGUCCFLLWCPDKNJLWCPDKNJK¡ WPKTXVD©PVC¡
UWLCPKO 
EJWOWMCC¡
OQFKUOQ 
WPQWPCCFLOCC¡P
VTGP\CHLKMRC¡
FGUQ[CVG  ECFCWPQECFCWPCL©¡OC¡P
VTGP\CFG\Q[CVGU©¡NJKM FGWPCXG\OCC¡PLKOFCO
VTGP\CTXVLKMRCVC¡
UQ[CVG  WPCXG\OCC¡PPKO
LKMRCZFJC¡
RCTCQVTCRGTUQPC  WPQUEWCPVQUIQQM
VTGRCFQTVTGRCFQTCCFLDCRRC³K¡ WPQFGOCCF©V
RGTUQPCQCPKOCNRCTVGFGWP
VTGUCFLDCKM ITWRQ 
VTGUXGEGUDCKMKO WPVCTXVLWWNJKC¡
VTKNNCTXVL©NJDKFJC¡
OC¯\HTKLQNQVTKIQ  LWWNJFJC¡
CQVTCRGTUQPC 
VTQORQOP©K¡ZMCNJ
LWIWGVG  WPWPCCTVOCC¡P
VTQPCTXKZKR³KC¡ WPWPCWPQUWPCUIW
V©TPKC¡
CNNNQXGTQCNECGTUGWPQDLGVQITCPFG  W³CHLWWV
RGTUQPC 
VCLCCPC¡
VKTQUFGWPCTOCOQFKUOQ  WTVKECTKCH
VCVPCMKC¡
OCFGTCGPNCNWODTGQOC¯\VQUVCFQ  SWGECWUCWTVKECTKCM©©M©KFJC¡
EQOKFC 
VTQPEQOVQQP WUCTXVDWC¡
VTQRG\CTXKDJKC¡ WUVGFRTQPCCR
VWCFLLWOÊO
RQUGUKµPFGUGIWPFCRGTUQPCFG CWUVGFCCR
GPH£VKEQ 
UKPIWNCT 
WUVGFGUCWUVGFGUCCRK¡O
VWULWOÊO
RQUGUKµPFGUGIWPFCRGTUQPCFG
UKPIWNCT 
V¼RTQPCCR
VWODCTXVLKDWC¡KCTC¡
©NJKC¡
GPWPRNCPQQGPWPCRGPFKGPVG 
8
VWPCHKKDJCK
E£UECTCCOCTKNNCRNCPVCITCPFG  XCECHDCCM
LQK¡U©NJ
ECRCTQLCRNCPVCRGSWG³C  NGEJGFGXCECDCCMDKK¡O
FC¡PRCMKKDJCK
ECRCNKUC  XCEKCTXVVW¡CC¡
N¯SWKFQ 
PCMCCD
E£UECTCTQLC 
VQQVQPCMCCD
E£UECTCDNCPEC  XCE¯QXCE¯CCFLLWRVW¡O
VWPCDNCPECLK³CDQQ¡
E£UECTCCOCTKNNCRNCPVC XCIQXCICCFLOQKT©FCO
EJCRCTTC  XCNGTXKPCOMKC¡
VWPCTQLCLKZD©R©©¡LK³CDQQ¡ XCNKQUQXCNKQUCCFLFJC¡TMCO
V¼PKECHMWVWWP
VTCFKEKQPCNFGJQODTG  X£OQPQUKPVGTLOCKM
V¼[[Q 
XCPQXCPC '52#“1.6'2'*7ƒ0 

XCPQXCPCCFL XGUVKTXVCC¡³FJC¡
GPXCPQVW¡MWD XG\H
XCTCHQZKC
FGCWVQTKFCF  CSWGNNCXG\LCPQ¡
XCTKQUXCTKCUCFLLCK¡FJ©VL©¡MEJK CXGEGURCK¡L©
XCUKLCH EKPEQXGEGULKZEJCOCCOKO
XCUKLCFGDCTTQDJKFJCC¡
ETWFC  EWCVTQXGEGUOCCMQDKO
X£UVCIQOWRWC
ECEVWU  FGWPCXG\OCC¡PLKOFCO
XGKPVGCFLOCC¡PQQ¡O FGXG\GPEWCPFQRCK¡L©R©Z
FQUXGEGUIQQMKO
XGLKICHLK¡DUQP
FQUXGEGUO£UIQQMLC¡MDWK¡
XGNCHMC³FJKKT
RCTCCNWODTCT 
QVTCXG\IKQR
FGURW«UFGCNI¼PVKGORQ RWK¡R
RQPGTXGNCEGTGOQPKCND©¡³FJC¡
VTGUXGEGUDCKMKO
XGNCFQTXGNCFQTCOHPWWMFCFCO
WPCXG\OCC¡PPKO
XGNNQODCRQQ
XKCLGTQOLKOFCO
NKVGNSWGCPFC 
XGNQ\CFLFJCK¡FJC¡
CNXQNCT 
X¯DQTCHMQ¡
XGPCFQOUWKOCNJ
X¯DQTCFGECUECDGNM©K¡³MCOMQ¡
XGPFGTXVIC¡TC¡
XKGPVQOL©D©©NJ
IC¡TCVW¡
UGIWKFQ 
IC¡NJKFJC¡
CQVTCRGTUQPC  XKICHICKMCO
XGPGPQUQXGPGPQUCCFLOCKOFC¡ XKIKNCTXVPWWMFC¡
XGPICTXV XKQN¯PONCDGGT
RGPUCTEµOQXGPICTUGVWDK¡EJWFC¡ XKUKVCPVGORCZKCTFCO
XGPKTXKLKOKC¡ XKUKVCTXVRCZKCTC¡
CQVTCRGTUQPC 
dXGP[C¡PK
RCTCNNCOCTCWPRGTTQ  XKUVCH
XGTXVV©IKC¡OCCZ VGPGTXKUVC³KC
LQQLQKFJC¡
QDUGTXCT  XKWFQXKWFCO
V©V©IKC¡
CNIQGPGURGEKCN  XKWFCPGITCLKKEJQDC¡
CTC³C 
RQFGTXGT³KC XKXKTXKFCC
VGORQTCNOGPVG 
SWGUGXGEJWOCCZ
£TGCGZVGPUC  MKQ
GPEKGTVQNWICT 
SWGUGXGDKGP³CO©©M
GNOQFQFGXGUVKTFG GUVCTXKXQFWC
CEWGTFQCUWRGTUQPCNKFCF  NNGICTCXKXKTMKKEJC¡
XGTFCFHRKCO XQNCTXKFC¡[C¡
FGXGTFCFOCCZKM JCEGTXQNCTFCK¡EJFJC¡
XGTFGCFLEJ©©FQ¡ KTXQNCPFQFCK¡EJI©FC¡
EJ©V©©FQ¡
£TGC  XQNXGTXKLC¡MI©ZKC¡
DCC¡
RNCPVC  I©ZKC¡
CNGUVCFQPQTOCN 
OQKM
RNCPVCQHTWVC  XQOKVCTXVDKQVC¡
SWGUGRQPGXGTFGEJWKKRWP
£TGC 
XWGNVCH
SWGUGXGXGTFGEJ©¡PIKEJ
CNCXWGNVCDCCUF©T
XGTFGDCLKVQOQPFQTC¡
EQNQTFGCNIC 
FCTNCXWGNVCPQTIKC¡
XGTI¾GP\CH FCTXWGNVCDJK¡³³KC¡VQQ¡ORC¡
SWGNGFCXGTI¾GP\CZK¡©T
VGPGTXGTI¾GP\CZK¡©TIK¡³
FGCNIWKGP ZK¡©TCC¡
XGTVGDTCNCFL
EQNWOPCXGTVGDTCNDJCKZM©NJ
XGTVGTXVVW¡CC¡
N¯SWKFQ 
;
VQK¡FJC¡
N¯SWKFQCQVTCRGTUQPCQCPKOCN  [EQPLIKQ
XGU¯EWNCH ICO
EQUCUFGNCOKUOCENCUG 
XGU¯EWNCDKNKCTZKDW¡FC¡ [CCFXDC
 '52#“1.6'2'*7ƒ0 \Q[CVG

[COGTQV©KRWR
[CSWGMCRDJCK¡
[GIWCHMCDCK
[GTDCHUCK¡
[QRTQPCC³
[WIQO[WW¡

<
\CECVGOUCK¡
\CHCTUGXRTPNLWR³KC¡
\CPECFKNNCH
RQPGTWPC\CPECFKNNCDJKC¡
SWGUCDGRQPGTNC\CPECFKNNCEJWDJKCOWM
\CPEWFQODCCOW¡
\CRCVQOUCRCCVWKZ
\CRQVGOLQDKK¡³
\CT\QOKVRC
FGECTTK\QFWTQRCTCUGECTSWGUQ 
\QRKNQVGO
ÎGUECTCDCLQFG\QRKNQVGÏVQDCCICK³DW
VKRQFG
JQPIQ 
\QTTCHMCZKQ
\QTTKNNQOWWR
\Q[CVGOWOWW¡
ECPCUVCFG\Q[CVGWOWW¡DCCNJ
EQTVCT\Q[CVGWOICZFJC¡
RCTCQVTCRGTUQPC 
WOIC¡
UQODTGTQFG\Q[CVGWOWW¡DQPCCO
VTGP\CFG\Q[CVGU©¡NJKM
Tercera parte:
Gramática tepehuana
233 ÍNDICE

Índice
INTRODUCCIÓN ................................................................................................................................................................237

ABREVIATURAS ................................................................................................................................................................238

CAPÍTULO 1. LAS CONSONANTES....................................................................................................................................239


&XDGUR/DVFRQVRQDQWHVGHOWHSHKXiQ   
'(6&5,3&,Ï1'(/$6&21621$17(6 
/DVRFOXVLYDVVRUGDV 
/DVRFOXVLYDVVRQRUDV 
/DVIULFDWLYDV
/DVDIULFDGDV
/DVQDVDOHV
/DVOtTXLGDV
/DVHPLYRFDO
/26352&(626)212/Ï*,&2648(&$0%,$1$/$6&21621$17(6 
/DSDODWDOL]DFLyQ 
(OHQVRUGHFLPLHQWRILQDO 
/DQDVDOL]DFLyQSUHJORWDOL]DGD

CAPÍTULO 2. LAS VOCALES ............................................................................................................................................247


&XDGUR/DVYRFDOHVGHOWHSHKXiQ  
'(6&5,3&,Ï1'(/$692&$/(6
/DVYRFDOHVFRUWDV
/DVYRFDOHVODUJDV
/RVGLSWRQJRV
/26352&(626)212/Ï*,&2648(&$0%,$1$/$692&$/(6 
/DUHDUWLFXODFLyQGHYRFDOHV
/DVXSUHVLyQGHYRFDOHVDOILQDOGHODSDODEUD 
/DVXSUHVLyQGHYRFDOHVGHVSXpVGHXQDVtODEDDFHQWXDGD

CAPÍTULO 3. LAS SÍLABAS ..............................................................................................................................................253


/$)250$'(/$66Ë/$%$6
/DVVtODEDVDELHUWDVFRQYRFDOHVFRUWDV
/DVVtODEDVDELHUWDVFRQYRFDOHVODUJDVRGLSWRQJRV 
/DVVtODEDVFHUUDGDVFRQYRFDOHVFRUWDV
/DVVtODEDVFHUUDGDVFRQYRFDOHVODUJDVRGLSWRQJRV
/DVVtODEDVFHUUDGDVTXHWHUPLQDQFRQXQDVHFXHQFLDGHFRQVRQDQWHV
/$$&(178$&,Ï1 
/DSULPHUDVtODEDDFHQWXDGD 
/DVHJXQGDVtODEDDFHQWXDGD
/$6&2175$&&,21(6 
*5$0È7,&$7(3(+8$1$ 

/DFRQWUDFFLyQGHOFOtWLFRGHOVXMHWR 
&XDGUR)RUPDVGHOFOtWLFRGHOVXMHWR  
&XDGUR)RUPDVGHOPRUIHPDGHOVXMHWR   
/DFRQWUDFFLyQGHSUHILMRV 
&XDGUR&RQWUDFFLRQHVFRPXQHVGHORVSUHILMRV   

CAPÍTULO 4. LA REDUPLICACIÓN...................................................................................................................................258
/$5('83/,&$&,Ï1&257$ 
/DUHGXSOLFDFLyQFRUWDGHXQDYRFDOLQLFLDOFRUWD 
/DUHGXSOLFDFLyQFRUWDGHXQDYRFDOLQFLDOODUJD 
/DUHGXSOLFDFLyQFRUWDGHXQGLSWRQJRLQLFLDO
/$5('83/,&$&,Ï1/$5*$
/DUHGXSOLFDFLyQODUJDGHXQDYRFDOLQLFLDOFRUWD
/DUHGXSOLFDFLyQODUJDGHXQDYRFDOLQLFLDOODUJD
/DUHGXSOLFDFLyQODUJDGHXQGLSWRQJRLQLFLDO

CAPÍTULO 5. LAS ORACIONES .........................................................................................................................................262


/$63$/$%5$6
/$6&/È868/$635,1&,3$/(6
/DVSDODEUDVGHHQODFH
(OHQIRTXH 
(OVXMHWR 
&XDGUR)RUPDVGHOFOtWLFRGHOSUHWpULWR  
&XDGUR)RUPDVGHOPRUIHPDGHOVXMHWRWLHPSRVSUHWpULWR\QRSUHWpULWR  
/RVREMHWRV 
&XDGUR)RUPDVGHOSUHILMRGHOREMHWR   
&XDGUR)RUPDVGHOSUHILMRUHIOH[LYR\UHFtSURFR   
/DIUDVHYHUEDO 
/DIUDVHQRPLQDO 
/DIUDVHDGYHUELDO 
/$6&/È868/$668%25',1$'$6 
/DVFOiXVXODVGHFDXVD\SURSyVLWR
/DVFOiXVXODVFRPSOHWLYDV\UHODWLYDV 
/DVFOiXVXODVTXHVHWUDGXFHQDOHVSDxROFRPRJHUXQGLRVRLQILQLWLYRV
/DVFOiXVXODVGHPi[LPRHQIRTXH
/2602'26'(/+$%/$ 
(OPRGRLQGLFDWLYR 
(OPRGRLQWHUURJDWLYR 
(OPRGRLPSHUDWLYR 
(OPRGRFRQGLFLRQDO 
&XDGUR/RVWUHVJUDGRVGHSRVLELOLGDG   

CAPÍTULO 6. LOS VERBOS...............................................................................................................................................277


/267,326'(5$',&$/(69(5%$/(6
/RVUDGLFDOHVYHUEDOHVVHQFLOORV
235 ÍNDICE

/RVUDGLFDOHVYHUEDOHVUHGXSOLFDGRV
/RVUDGLFDOHVYHUEDOHVUHGXFLGRV
/RVUDGLFDOHVYHUEDOHVGHULYDGRV
/DVYRFDOHVGHOUDGLFDOYHUEDO 
/$6&/$6(6'(9(5%26 
/RVYHUERVGHHYHQWR 
/RVYHUERVGHHVWDGR
&XDGUR/RVYHUERVFRPXQHVGHSRVLFLyQ  
/26$),-26<3$57Ë&8/$69(5%$/(6 
/RVVXILMRVGHWLHPSR
&XDGUR/RVDILMRVYHUEDOHV\ODVFODVHVGHYHUERV  
/RVDILMRVGHDVSHFWR
/RVDILMRVGHWUDQVLWLYLGDG\GHPRGDOLGDG 
/RVSUHILMRVGHGLUHFFLyQ\OXJDU 
&XDGUR/RVSUHILMRVGHOXJDU  
/DVSDUWtFXODVPRGDOHV 
&XDGUR/RVJUDGRVGHHYDOXDFLyQ   
&XDGUR/RVWLSRVGHHYLGHQFLDV  

CAPÍTULO 7. LOS SUSTANTIVOS .....................................................................................................................................296


/265$',&$/(6120,1$/(6 
/RVUDGLFDOHVQRPLQDOHVVHQFLOORV
/RVUDGLFDOHVQRPLQDOHVFRPSXHVWRV 
/RVUDGLFDOHVQRPLQDOHVUHGXSOLFDGRV
/RVUDGLFDOHVQRPLQDOHVGHULYDGRV
/RVUDGLFDOHVQRPLQDOHVWRPDGRVGHOHVSDxRO
/$326(6,Ï1'(6867$17,926 
/DSRVHVLyQRSFLRQDOGHORVVXVWDQWLYRV 
&XDGUR/RVDILMRVGHSRVHVLyQ   
/DSRVHVLyQREOLJDWRULDGHORVVXVWDQWLYRV 

CAPÍTULO 8. LOS PRONOMBRES .....................................................................................................................................300


/26352120%5(63(5621$/(6
&XDGUR/RVSURQRPEUHVSHUVRQDOHV   
/26352120%5(6'(02675$7,926 
&XDGUR/RVSURQRPEUHVGHPRVWUDWLYRV  
/26352120%5(6,17(552*$7,9265(/$7,926(,1'(),1,'26 
/26352120%5(6326(6,926 

CAPÍTULO 9. LOS ADJETIVOS .........................................................................................................................................303


/26$'-(7,926'(02675$7,926 
&XDGUR/RVDGMHWLYRVGHPRVWUDWLYRV   
/26$'-(7,926180(5$/(6 
/26$'-(7,926&$/,),&$7,926 
/RVSURFOtWLFRVFRSXODWLYRV 
*5$0È7,&$7(3(+8$1$ 

/RVUDGLFDOHVGHORVDGMHWLYRVFDOLILFDWLYRV 
/RVDILMRVIOH[LYRVGHORVDGMHWLYRVFDOLILFDWLYRV

CAPÍTULO 10. LOS ADVERBIOS .......................................................................................................................................308


/26$'9(5%,26'(/8*$5<',5(&&,Ï1 
&XDGUR/RVDGYHUELRVGHOXJDU   
&XDGUR/RVDGYHUELRVGHOXJDUGHGLItFLODFFHVR  
/26$'9(5%,26'(7,(032 
/26$'9(5%,26'(02'2 
/26$'9(5%,26,17(552*$7,9265(/$7,926(,1'(),1,'26 

CAPÍTULO 11. LAS ADPOSICIONES ..................................................................................................................................313


/$6326326,&,21(6 
/$635(326,&,21(6 

CAPÍTULO 12. LAS CONJUNCIONES ................................................................................................................................315


/$6&21-81&,21(6&225',1$17(6 
/DVFRQMXQFLRQHVDGLWLYDV 
/DVFRQMXQFLRQHVDXPHQWDWLYDV
/$6&21-81&,21(668%25',1$17(6 
/DVFRQMXQFLRQHVVXERUGLQDQWHVWHPSRUDOHV\ORFDWLYDV
/DVFRQMXQFLRQHVVXERUGLQDQWHVOyJLFDV
/DVFRQMXQFLRQHVUHODWLYDV 
/DVFRQMXQFLRQHVGHFRPSOHPHQWR 
/$6,17(5-(&&,21(6 

BIBLIOGRAFÍA ..................................................................................................................................................................323

GLOSARIO ........................................................................................................................................................................324
237 INTRODUCCIÓN

Introducción
(VWDJUDPiWLFDGHODOHQJXDWHSHKXDQDHPSLH]DFRQXQDH[SOLFDFLyQGHOVLVWHPDIRQROyJLFRTXHVHSUHVHQWDHQORV
FDStWXORVGHODO3ULPHURH[SOLFDPRVFXiOHVVRQORVUDVJRVIRQpWLFRVGHORVGLVWLQWRVVRQLGRVGHOWHSHKXiQWDQWR
FRQVRQDQWHVFRPRYRFDOHV\FyPRVHHVFULEHQFRQHODOIDEHWRSUiFWLFRDFWXDO/XHJRH[SOLFDPRVFyPRFDPELDQHVWRV
VRQLGRVVHJ~QORVFRQWH[WRVIRQROyJLFRVHQORVFXDOHVVHSUHVHQWDQ
'HVSXpVVLJXHFRQXQDH[SOLFDFLyQGHOVLVWHPDVLQWiFWLFRTXHVHSUHVHQWDHQHOFDStWXORVHJXLGRSRUXQD
H[SOLFDFLyQGHOVLVWHPDPRUIROyJLFRTXHVHSUHVHQWDHQORVFDStWXORVDO3ULPHURH[SOLFDPRVFRPRVHIRUPDQORV
HQXQFLDGRVOXHJRH[SOLFDPRVODVIRUPDV\ORVVLJQLILFDGRVGHORVQXPHURVRVPRUIHPDVJUDPDWLFDOHVTXHVHXVDQWDQWR
SDUDIRUPDUSDODEUDVFRPRSDUDXQLUODVSDUDIRUPDURUDFLRQHVFRPSOHWDV
(QWRGRVORVFDStWXORVDSDUHFHQUHPLVLRQHVDRWUDVSDUWHVGHODJUDPiWLFDGRQGHH[SOLFDPRVFRQPiVGHWDOOHFDGD
XQRGHORVUDVJRVJUDPDWLFDOHVPHQFLRQDGRV$GHPiVHQODELEOLRJUDItDVHOLVWDQODVREUDVDFDGpPLFDVSXEOLFDGDVTXH
QRVVLUYLHURQFRPREDVHSDUDODSUHSDUDFLyQGHHVWDJUDPiWLFD
3XHVWRTXHVHXVDQPXFKRVWpUPLQRVOLQJtVWLFRVSDUDH[SOLFDUGLFKRVUDVJRVpVWRVWpUPLQRVVHHVFULEHQFRQOHWUDV
PD\~VFXODVODSULPHUDYH]TXHVHXVDQHQXQDSDUWDGR7DPELpQVHSUHVHQWDQHQOLVWDGRVDOIDEpWLFDPHQWHHQHOJORVDULR
TXHVHHQFXHQWUDDOILQDOGHODJUDPiWLFDMXQWRFRQVXVGHILQLFLRQHVHQSDODEUDVPHQRVWpFQLFDVSDUDTXHODVSHUVRQDV
TXHQRORVFRQRFHQSXHGDQEXVFDUDOOtVXVVLJQLILFDGRV
*5$0È7,&$7(3(+8$1$ 

Abreviaturas
/DVVLJXLHQWHVDEUHYLDWXUDVVHXVDQDORODUJRGHHVWDJUDPiWLFD

 ILQDOGH6Ë/$%$ $/)$%(72)21e7,&2 
¾ YRFDOODUJD $/)$%(72)21e7,&2 
 VtODEDDFHQWXDGD $/)$%(72)21e7,&2 
m YRFDORFRQRVDQWHVRUGD $/)$%(72)21e7,&2 
 SULQFLSLRRILQDOGHXQD3$/$%5$
‘ 025)(0$18/2 QRSURQXQFLDGR 
 ILQDOGH025)(0$
± SULQFLSLRGH68),-2ILQDOGH35(),-2
 SULQFLSLRGH(1&/Ë7,&2ILQDOGH352&/Ë7,&2
²¾ FDPELRGHIRUPDIRQROyJLFD
 WUDQVFULSFLyQFRQHO$/)$%(7235È&7,&2
>@ SURQXQFLDFLyQUHSUHVHQWDGDFRQHO$/)$%(72)21e7,&2
DSHUVD 35,0(5$3(5621$
DSHUVD 6(*81'$3(5621$
DSHUVD 7(5&(5$3(5621$
$3 $&&,Ï135(9,$
&RQI &21),50$&,Ï1
&RQW &217,18$7,92
&RSUHW &235(7e5,72
'LU ',5(&&,Ï1
'LVWU ',675,%87,92
(3 (9,'(1&,$3(5&,%,'$
eQI e1)$6,6
(5 (9,'(1&,$5(3257$'$
([W (;7(16,Ï1
)XW )87852
,PS ,03(5$7,92
,UU ,55($/,'$'
OLW OLWHUDOPHQWH
SO 3/85$/GHO3/85$/
3RV 326(6,Ï1326(6,92326(625
3UHW 35(7e5,72
3URJ 352*5(6,92
3XQW 35(7e5,7238178$/
5HS 5(3(7,&,Ï1
VLQJ 6,1*8/$5GHO6,1*8/$5
 /$6&21621$17(6

Capítulo 1. Las consonantes


(QHVWHFDStWXORGHVFULELPRVORVVRQLGRVFRQVRQiQWLFRVGHOWHSHKXiQ3ULPHURGHVFULELPRVFDGDXQDGHODV
&21621$17(6LQGLYLGXDOPHQWH>@\OXHJRGHVFULELPRVORV352&(626)212/Ï*,&26PD\RUHVORVFXDOHVFDXVDQTXH
FDPELHODSURQXQFLDFLyQGHPXFKDVGHODVFRQVRQDQWHV>@
7RGDVODVFRQVRQDQWHVGHVFULWDVHQHVWHFDStWXORVHSUHVHQWDQHQHOFXDGUR/DVFROXPQDVUHJLVWUDQORVGLVWLQWRV
381726'($57,&8/$&,Ï1GHODVFRQVRQDQWHV\ORVUHQJORQHVUHJLVWUDQVXVGLIHUHQWHV0$1(5$6'($57,&8/$&,Ï1

(QODSDUWHVXSHULRUGHFDGDFHOGDHVFULWDVHQQHJULOODDSDUHFHQOHWUDVWRPDGDVGHO$/)$%(7235È&7,&2WHSHKXDQR
TXHIXHDSUREDGRSRUORVPDHVWURVELOLQJHVWHSHKXDQRVHQ(QODSDUWHLQIHULRUHQWUHFRUFKHWHVFXDGUDGRV
DSDUHFHQVtPERORVWRPDGRVGHO$/)$%(72)21e7,&2TXHIXHDSUREDGRSRUOD$VRFLDFLyQ,QWHUQDFLRQDOGHOD)RQpWLFDHQ


Punto de articulación

Manera de $OYHR
%LODELDO $OYHRODU 9HODU *ORWDO
articulación SDODWDO
R V  M ¡
2FOXVLYDVRUGD =R? =V? =M? =!?
DJ F  I 
2FOXVLYDVRQRUD =D? =F? =I?
D U Z  L
)ULFDWLYD =$? =U? =5? =J?
  EJ  
$IULFDGDVRUGD =V5?
  FJ  
$IULFDGDVRQRUD =F<?
O P ³  
1DVDO =O? =P? =½?
 T NJ  
/tTXLGD =4? =Š.?
  [  
6HPLYRFDO =L?

Cuadro 1. Las consonantes del tepehuán

1.1. Descripción de las consonantes


(QVHJXLGDGHVFULELPRVORV5$6*26)21e7,&26GHFDGD&21621$17(GHOWHSHKXiQLQGLFDQGRGHVSXpVGHHOOROD
PDQHUDHQTXHVRQFDPELDGDVSRUORV352&(626)212/Ï*,&26SULQFLSDOHV/RVDSDUWDGRVHVWiQRUJDQL]DGRVVHJ~QORV
PLVPRVJUXSRVGHFRQVRQDQWHVTXHVHSUHVHQWDQHQORVUHQJORQHVGHOFXDGURDVDEHU2&/86,9$662125$62&/86,9$6
625'$6)5,&$7,9$6$)5,&$'$61$6$/(6/Ë48,'$6\6(0,92&$/'HHVWDPDQHUDHOOHFWRUSXHGHDSUHFLDUFXiOHV
FRQVRQDQWHVWLHQHQUDVJRVLJXDOHVRVHPHMDQWHVDRWUDV
3DUDFDGDFRQVRQDQWHSURSRUFLRQDPRVHOPLVPRWLSRGHLQIRUPDFLyQ3ULPHURGDPRVODOHWUDGHO$/)$%(72
35È&7,&2WDQWRHQPLQ~VFXODFRPRHQPD\~VFXODVHJXLGDSRUHOVtPERORFRUUHVSRQGLHQWHGHO$/)$%(72)21e7,&2
/XHJRGDPRVOD'(6&5,3&,Ï17e&1,&$FRUUHVSRQGLHQWHMXQWRFRQVXV9$5,$&,21(6)212/Ï*,&$6\VXV5(675,&&,21(6
',675,%87,9$6RVHDODVPRGLILFDFLRQHVGHSURQXQFLDFLyQTXHVRQFDXVDGDVSRUVXSRVLFLyQHQODSDODEUDRSRURWURV
*5$0È7,&$7(3(+8$1$ 

VRQLGRV$OILQDOGDPRVHMHPSORVGHSDODEUDV\IUDVHVHQWHSHKXiQHQODVTXHVHSUHVHQWDQODVFRQVRQDQWHVHQWRGRVORV
&217(;726TXHFDXVDQXQFDPELRGHSURQXQFLDFLyQ

1.1.1. Las oclusivas sordas


/DV2&/86,9$6625'$6HQWHSHKXiQVHSURQXQFLDQHQFXDWUR381726'($57,&8/$&,Ï1DVDEHU%,/$%,$/
$/9(2/$59(/$5\*/27$/$GHPiVWUHV352&(626)212/Ï*,&26FDXVDQFDPELRVHQODSURQXQFLDFLyQGHODV
RFOXVLYDVVRUGDVDVDEHUOD3$/$7$/,=$&,Ï1HO(1625'(&,0,(172 R$63,5$&,Ï1 ),1$/\OD5($57,&8/$&,Ï1
92&È/,&$

R2=R? 2&/86,9$%,/$%,$/625'$
     6HSURQXQFLDFRQ$63,5$&,Ï1DO),1$/GHOD)5$6()212/Ï*,&$>@
     RCNJ©©R =RCŠ.»¾R*? XQSRFR

t, T =V? 2&/86,9$$/9(2/$5625'$
     6HSURQXQFLDFRQ3$/$7$/,=$&,Ï1FXDQGRVHSUHVHQWDMXQWRDXQDiRDXQD
      FRQVRQDQWH$/9(23$/$7$/>@
     6HSURQXQFLDFRQDVSLUDFLyQDOILQDOGHODIUDVHIRQROyJLFD>@
     LWOVCCV =JWOV#¾V*? WXSDSi
   LK³EJCCV =JK½V5#¾V*? PLSDSi

k, K =M? 2&/86,9$9(/$5625'$
     6HSURQXQFLDFRQDVSLUDFLyQDOILQDOGHODIUDVHIRQROyJLFD>@
     LKZMCDCCM =M#$#¾M*? HVGXUR

¡ =!? 2&/86,9$*/27$/625'$
     6XSURQXQFLDFLyQFDXVD5($57,&8/$&,Ï192&È/,&$RVHDODYRFDOHVUHSHWLGD
      GHVSXpVGHOVDOWLOORRDOILQDOGHXQD6Ë/$%$>@RDQWHVGHRWUDFRQVRQDQWH
      H[FHSWRDQWHVGHXQD1$6$/35(*/27$/,=$'$>@
   C¡PC¡ =!#!#P#!#m? SOXPD

&RQHODOIDEHWR35È&7,&2ODVYRFDOHVUHDUWLFXODGDVQRVHHVFULEHQ\ODVRFOXVLYDVJORWDOHVVRUGDVWDPSRFRVH
HVFULEHQDO,1,&,2GHODVSDODEUDV6LQHPEDUJRFRQHODOIDEHWR)21e7,&2TXHXWLOL]DPRVHQHVWDJUDPiWLFDVtVH
HVFULEHQ

1.1.2. Las oclusivas sonoras


/DV2&/86,9$662125$6HQWHSHKXiQVHSURQXQFLDQHQWUHVGHORVPLVPRV381726'($57,&8/$&,Ï1GRQGHVH
SURQXQFLDQODVRFOXVLYDV625'$6DVDEHU%,/$%,$/$/9(2/$5\9(/$5$GHPiVGRV352&(626)212/Ï*,&26FDXVDQ
FDPELRVHQODSURQXQFLDFLyQGHODVRFOXVLYDVVRQRUDVDVDEHUOD35(*/27$/,=$&,Ï11$6$/\OD3$/$7$/,=$&,Ï1

DJ$J =D? 2&/86,9$%,/$%,$/62125$


     6XSURQXQFLDFLyQFDPELDDXQDQDVDOSUHJORWDOL]DGDDO),1$/GHXQD6Ë/$%$>@
     DJCP  =D#PPm?   FR\RWH
     VCCDJC¡ =V#¾D#!#m? VHUiWHPSRUDGDGHVHTXtD
 VCC¡O =V#¾!OOm?  HVWHPSRUDGDGHVHTXtD
 /$6&21621$17(6

d, D =F? 2&/86,9$$/9(2/$562125$
     6HSURQXQFLDFRQ3$/$7$/,=$&,Ï1FXDQGRVHSUHVHQWDMXQWRDXQDiRDXQD
      FRQVRQDQWH$/9(23$/$7$/>@
   LWOFCC¡P =JWOF#¾!PPm? WXVXHJUD
 LK³FJCC¡P =JK½F<#¾!PPm? PLVXHJUD
     6XSURQXQFLDFLyQFDPELDDXQDQDVDOSUHJORWDOL]DGDDOILQDOGHXQDVtODED
      >@
     OQKMFC¡ =OQKMF#!#m? DUDUi
    OQKMC¡P =OQKM#!PPm? HVWiDUDQGR

g, G =I? 2&/86,9$9(/$562125$
     6XSURQXQFLDFLyQFDPELDDXQDQDVDOSUHJORWDOL]DGDDOILQDOGHXQDVtODED
      >@ODFXDOVHDGDSWDDOSXQWRGHDUWLFXODFLyQGHODVLJXLHQWHFRQVRQDQWH
FC¡PIKC¡  =F#¾!0IK#!#m? OHVDJDUUDUi
     IKQ¡PV©T =IKQ!PV»4m?  OODQRV
     6HSURQXQFLDFRPRRFOXVLYDJORWDOVRUGDDOILQDOGHOD3$/$%5$>@
     FCIKC¡  =F#IK#!#m?  ORDJDUUDUi
FCC¡   =F#¾!#m?   ORHVWiDJDUUDQGR

1.1.3. Las fricativas


/DVFRQVRQDQWHV)5,&$7,9$6HQWHSHKXiQVHSURQXQFLDQHQFXDWUR381726'($57,&8/$&,Ï1DVDEHU%,/$%,$/
$/9(2/$5$/9(23$/$7$/\*/27$//DIULFDWLYDELODELDOHV62125$\ODVGHPiVVRQ625'$6$GHPiVGRV352&(626
)212/Ï*,&26FDXVDQFDPELRVHQODSURQXQFLDFLyQGHODVIULFDWLYDVDVDEHUOD3$/$7$/,=$&,Ï1\HO(1625'(&,0,(172
),1$/

D$ =$? )5,&$7,9$%,/$%,$/62125$


     6HSURQXQFLD625'$DO),1$/GHOD)5$6()212/Ï*,&$
      >@
     DKD  =$KH?  WDEDFR
     7DPELpQVXIUHHQVRUGHFLPLHQWRDOILQDOGHXQD6Ë/$%$FXDQGRSUHFHGHDXQD
      FRQVRQDQWH625'$SHURVHPDQWLHQHVRQRUDFXDQGRSUHFHGHDXQDFRQVRQDQWH
      62125$
     ZKDOQQ  =5K$OQQm? DKRULWD
     ZKDMCO =5KHMCOOm? QXHYR

s, S =U? )5,&$7,9$$/9(2/$5625'$
     6HSURQXQFLDFRQSDODWDOL]DFLyQFXDQGRVHSUHVHQWDMXQWRDXQDKRDXQD
      FRQVRQDQWHDOYHRSDODWDO>@
     LWOUWWUCM =JWOUW¾U#M*? WXKXDUDFKH
 LK³ZWWUCM =JK½5W¾UCM*? PLKXDUDFKH
*5$0È7,&$7(3(+8$1$ 

     6HSURQXQFLDFRQDVSLUDFLyQDOILQDOGHODIUDVHIRQROyJLFD>@
     DWKDCU  =$WK$#U*? FDUD

x, X =5? )5,&$7,9$$/9(23$/$7$/625'$
     6HSURQXQFLDFRQDVSLUDFLyQDOILQDOGHODIUDVHIRQROyJLFD>@
     ZKQIK¡³ =5KQIK!½½m? VXKHUPDQRRKHUPDQDPD\RU
     VQQZMQNJ =VQ¾5MQŠ.? SXHUFR
     DKRKKZ =DKRK¾5*?  FKXSDUURVD

L,  >K@ )5,&$7,9$*/27$/625'$


     1XQFDVHSUHVHQWDDOILQDOGHXQDVtODED
     LWWP =JW¾PPm?   PDt]
     LQQLQK¡³ =JQ¾JQK!½½m? HVWiPLUDQGR

1.1.4. Las africadas


+D\GRVFRQVRQDQWHV$)5,&$'$6TXHVHSURQXQFLDQHQWHSHKXiQHQHOPLVPR38172'($57,&8/$&,Ï1HVGHFLU
$/9(23$/$7$/8QDDIULFDGDHV62125$\ODRWUDHV625'$$GHPiVGRV352&(626)212/Ï*,&26FDXVDQFDPELRVHQ
ODSURQXQFLDFLyQGHODVDIULFDGDVDVDEHUHO(1625'(&,0,(172),1$/\OD35(*/27$/,=$&,Ï11$6$/

EJ%J =V5?$)5,&$'$$/9(23$/$7$/625'$
     6HSURQXQFLDFRQDVSLUDFLyQDOILQDOGHODIUDVHIRQROyJLFD>@
     EJKQ¡³  =V5KQ!½½m?   KRPEUH
     LKKEJKEJ  =JK¾V5KV5*? VDOLPRV

FJ&J =F<? $)5,&$'$$/9(23$/$7$/62125$


     6XSURQXQFLDFLyQFDPELDDXQDQDVDOSUHJORWDOL]DGDDO),1$/GHXQD6Ë/$%$>@
     FJK¡³K =F<K!½KKm? pVWH
     DCKFJC¡ =$#KF<#!#m? ORLQYLWDUi
DCK¡³ =$#K!½½m?   ORLQYLWy

1.1.5. Las nasales


/DVFRQVRQDQWHV1$6$/(6HQWHSHKXiQVHSURQXQFLDQHQWUHV381726'($57,&8/$&,Ï1DVDEHU%,/$%,$/
$/9(2/$5\$/9(23$/$7$/7RGDVVRQVRQRUDV$GHPiVGRV352&(626)212/Ï*,&26FDXVDQFDPELRVHQODVQDVDOHV
DVDEHUHO(1625'(&,0,(172),1$/\OD3$/$7$/,=$&,Ï1

O/ =O? 1$6$/%,/$%,$/62125$


     6HSURQXQFLDFRQXQ'(6/,=),1$/625'2DOILQDOGHOD)5$6()212/Ï*,&$>@
     OCCMCO=O#¾M#OOm? GHRWURPRGR
 /$6&21621$17(6

P0 =P? 1$6$/$/9(2/$562125$


     6HSURQXQFLDFRQ3$/$7$/,=$&,Ï1FXDQGRVHSUHVHQWDMXQWRDXQDiRXQD
      FRQVRQDQWH$/9(23$/$7$/>@
     6HSURQXQFLDFRQXQGHVOL]ILQDOVRUGR>@DOILQDOGHODIUDVHIRQROyJLFD
     LWOPCCP =JWOP#¾PPm? WXPDPi
 LK³³CCP =JK½½#¾PPm? PLPDPi

³“ =½? 1$6$/$/9(23$/$7$/62125$


     $OILQDOGHODIUDVHIRQROyJLFDVHSURQXQFLDXQGHVOL]ILQDOVRUGR>@
     ³K³KC =½K½K##m?  VHGHVSHUWy
     LCFWW³ =J#FW¾½½m? SDULHQWH

1.1.6. Las líquidas


/DVFRQVRQDQWHV/Ë48,'$6HQWHSHKXiQVHSURQXQFLDQHQGRV381726'($57,&8/$&,Ï1/DOtTXLGD$/9(2/$5HV
XQD9,%5$17(6,03/(\ODOtTXLGD$/9(23$/$7$/HVXQD/$7(5$//DVGRVVRQ62125$6'RV352&(626
)212/Ï*,&26FDXVDQFDPELRVHQVXSURQXQFLDFLyQDVDEHUHO(1625'(&,0,(172),1$/\OD3$/$7$/,=$&,Ï1

T4  =4? 9,%5$17(6,03/($/9(2/$562125$


     6HSURQXQFLDFRQ3$/$7$/,=$&,Ï1FXDQGRVHSUHVHQWDMXQWRDXQDiRDXQD
      FRQVRQDQWH$/9(23$/$7$/>@
     TWTW¡Z =4W4W!W5*? KDPDFD
     DQQNJKC¡ =$Q¾Š.K#!#m? VXGDUi
     6HSURQXQFLD625'$DO),1$/GHOD)5$6()212/Ï*,&$>@
  DQQTFC¡ =$Q¾4F#!#m? VXGRU
   LKZDQQT  =JK5$Q¾4m?  HVWiVXGRURVR

NJ.J =Š.?/$7(5$/$/9(23$/$7$/62125$
     (VODFRPELQDFLyQGHXQD)5,&$7,9$9(/$5\XQDODWHUDO3$/$7$/,=$'$
     6HSURQXQFLD625'$DOILQDOGHODIUDVHIRQROyJLFD>@
     5DUDYH]VHSUHVHQWDDO,1,&,2GHOD6Ë/$%$
     CNJKK  =#Š.K¾Km? QLxRRQLxD
C¡CCNJ =#!#¾Zˆ?  QLxRV

1.1.7. La semi-vocal
+D\XQD6(0,92&$/HQWHSHKXiQODFXDOHV62125$\$/9(23$/$7$/

[; =L? 6(0,92&$/$/9(23$/$7$/62125$


     1XQFDVHSUHVHQWDDO),1$/GHXQD6Ë/$%$
     [QQZK¡ =LQ¾5K!Km? IORU
     V©¡[C¡ =V»!»L#!#m? GLUi
*5$0È7,&$7(3(+8$1$ 

1.2. Los procesos fonológicos que cambian a las consonantes


+D\WUHV352&(626)212/Ï*,&26TXHFDXVDQFDPELRVHQODSURQXQFLDFLyQGHODV&21621$17(6HQWHSHKXiQORV
FXDOHVGHVFULELPRVHQORVDSDUWDGRVVLJXLHQWHVDVDEHUOD3$/$7$/,=$&,Ï1HO(1625'(&,0,(172),1$/\OD35(
*/27$/,=$&,Ï11$6$/

1.2.1. La palatalización
/DVFLQFR&21621$17(6$/9(2/$5(6V,F,U,P\TFDVLVLHPSUHHVWiQHQ',675,%8&,Ï1&203/(0(17$5,$FRQODV
FLQFRFRQVRQDQWHV$/9(23$/$7$/(6FRUUHVSRQGLHQWHVEJ, FJ, Z, ³ \ NJ(VGHFLUODVFRQVRQDQWHVDOYHRODUHVVH
SURQXQFLDQFRPRFRQVRQDQWHVDOYHRSDODWDOHVFXDQGRVHSUHVHQWDQMXQWRDXQD92&$/$/7$$17(5,25KRDXQD
FRQVRQDQWHDOYHRSDODWDO

V=V?     EJ=V5?
VQQPC¡P    LK³EJQQP
VXSLHUQD    PLSLHUQD

F=F?    FJ=F<?
FCCMC¡P    LK³FJCCM
VXQDUL]     PLQDUL]

U=U?     Z=5?
LWOUQK¡    LK³ZQK¡
WXDQLPDOGRPpVWLFR PLDQLPDOGRPpVWLFR

P=P?    ³=½?
PQDKK¡³    LK³³QD
VXPDQRVXEUD]R  PLPDQRPLEUD]R

T=4?     NJ=Š.?
IC¡TC     LWOIC¡NJK
ORYHQGLy    WHORYHQGLy

(QSRFRVFDVRVODVFRQVRQDQWHVDOYHRODUHVVtVHSURQXQFLDQFRPRFRQVRQDQWHVDOYHRSDODWDOHVDSHVDUGHQR
SUHVHQWDUVHMXQWRDXQDKRDXQDFRQVRQDQWHDOYHRSDODWDO(VWRRFXUUHPD\RUPHQWHHQDOJXQDVSDODEUDVPX\FRPXQHV

EJCO  QR
FJQ  UHVSXHVWDDILUPDWLYD 
Z©©DCP  VDOXGR

(QDOJXQRVFDVRVODVFRQVRQDQWHVDOYHRODUHVQRVHSURQXQFLDQFRPRFRQVRQDQWHVDOYHRSDODWDOHVDSHVDUGHSUHVHQWDUVH
MXQWRDXQDKRDXQDFRQVRQDQWHDOYHRSDODWDO(VWRRFXUUHWDPELpQHQDOJXQDVSDODEUDVPX\FRPXQHV

UKC   DXQTXH
[C¡PK  DTXtPHUR

<DTXHHOSURFHVRGHSDODWDOL]DFLyQVHSUHVHQWDPX\DPHQXGRSHURQRHVFLHQSRUFLHQWRUHJXODU\SUHGHFLEOHWRGDV
ODVFRQVRQDQWHVDOYHRSDODWDOHVVHHVFULEHQWDOFRPRVHSURQXQFLDQHQHO$/)$%(7235È&7,&2HOFXDOVHXVDHQHVWH
GLFFLRQDULR
 /$6&21621$17(6

1.2.2. El ensordecimiento final


$O),1$/GHXQD6Ë/$%$RXQD)5$6()212/Ï*,&$WRGDVODV&21621$17(6VHYXHOYHQ625'$6SDUFLDOPHQWHR
WRWDOPHQWH
7DQWRODV2&/86,9$6625'$6FRPRODV)5,&$7,9$6VRUGDV\OD$)5,&$'$VRUGDVHSURQXQFLDQFRQ$63,5$&,Ï1DO
ILQDOGHODIUDVHIRQROyJLFD

=R?      =V?       =M?


DCVCCR     LKZOCCV      UWCM
=$#V#¾R*?   =JK5O#¾V*?   =UW#M*?
VDOLyGHOKXHYR    VDEH       HVWiOORUDQGR

=U?     =5?         =V5?


FCCU     LK³ZKKZ        V©OCKEJ
=F#¾U*?    =JK½5K¾5*?     =V»O#KV5*?
ORVHQWy     PLKHUPDQRRKHUPDQDPD\RU  WDPDO

/DV1$6$/(6WHUPLQDQFRQXQ'(6/,=VRUGRDOILQDOGHODIUDVHIRQROyJLFD

=O?     =P?    =½?


LK³MCCO    DJCP    VWWOK³
=JK½M#¾OOm?  =D#PPm?   =VW¾OK½½m?
PLPHMLOOD    FR\RWH   GLQHUR

7DQWRODIULFDWLYDVRQRUDFRPRODODWHUDOVHHQVRUGHFHQWRWDOPHQWHDOILQDOGHODIUDVHIRQROyJLFD

=$?     =H?
DCMCCZ    DJCD
=$#M#¾5*?  =DCH?
FDUQH     IULMROHV

=T?     =4m?
DJWTW¡Z    DJCK¡OMCT
=DW4W!W5*?  =D#K!OMC4m?
EXUUR     PRUUDOERUGDGR

=Š.?     =Zˆ?
M©NJKK     OWWNJ
=M»Š.K¾Km?  =OW¾Zˆ?
JDOOR     WRUWXJD

3XHVWRTXHHVWRVGLIHUHQWHVWLSRVGHHQVRUGHFLPLHQWRILQDOVRQFLHQSRUFLHQWRUHJXODUHV\SUHGHFLEOHVODPD\RUtDGH
HOORVQRVHHVFULEHQHQHO$/)$%(7235È&7,&2

1.2.3. La nasalización pre-glotalizada


7DQWRODV2&/86,9$662125$6FRPROD$)5,&$'$VRQRUDFDPELDQD1$6$/(635(*/27$/,=$'$6HQHOPLVPR
38172'($57,&8/$&,Ï1VLHPSUH\FXDQGRVHSUHVHQWHQDO),1$/GHXQD6Ë/$%$(VWHSURFHVRVHSXHGHFRQVLGHUDU
FRPRRWURWLSRGHHQVRUGLFLPHQWRILQDO>@6LQHPEDUJRODVIRUPDVSUHJORWDOL]DGDVVHHVFULEHQHQHODOIDEHWR
SUiFWLFR\DTXHVXSURQXQFLDFLyQHVPX\GLIHUHQWHDODGHODVRFOXVLYDVVRQRUDV
*5$0È7,&$7(3(+8$1$ 

=D?     =!O?
MCKDJC¡    MCK¡O
=M#KD#!#m?  =M#K!OOm?
PDGXUDUi PDt]   PDGXUy PDt] 

=F?     =!P?
FWWFW¡    FWW¡P
=FW¾FW!Wm?  =FW¾!PPm?
OORYHUi     OORYLy

=I?     =!0?
ICCIC¡     IC¡PIC¡
=I#¾I#!#m?  =I#!0I#!#m?
OREXVFDUi    OREXVFDUiHQWRGDVSDUWHV

=F<?     =!½?
DJCKFJC¡    DJCK¡³
=D#KF<#!#m?  =D#K!½½m?
ORFRFHUi    ORFRFLy

$GHPiVFXDQGRODRFOXVLYD9(/$5VRQRUDIVHSUHVHQWDDOILQDOGHXQDSDODEUDVLHPSUHFDPELDDXQDRFOXVLYD
*/27$/VRUGD¡(QORVVLJXLHQWHVHMHPSORVGDPRVHQWUHSDUpQWHVLVODVIRUPDVVREUHHQWHQGLGDVGHORVPRUIHPDVTXHVH
FRPELQDQSDUDIRUPDUODVSDODEUDVFLWDGDV

UQKIC¡P
UQKIC ¡P    LWOUQK¡
LWO UQKIC 
=UQKI#!PPm?    =JWOUQK!Km?
VXDQLPDOGRPpVWLFR    WXDQLPDOGRPpVWLFR
 /$692&$/(6


Capítulo 2. Las vocales


(QHVWHFDStWXORGHVFULELPRVORVVRQLGRVYRFiOLFRVGHOWHSHKXiQ3ULPHURGHVFULELPRVORV5$6*26)21e7,&26GH
FDGD92&$/LQGLYLGXDOPHQWH>@GHVSXpVGHVFULELPRVORV352&(626)212/Ï*,&26TXHFDXVDQFDPELRVHQWRGDVODV
YRFDOHV>@
7RGDVODVYRFDOHVGHVFULWDVHQHVWHFDStWXORVHSUHVHQWDQHQHOFXDGUR/DVUHQJORQHVUHJLVWUDQOD$/785$'(/$
/(1*8$DOSURQXQFLDUODV\ORVFROXPQDVUHJLVWUDQWDQWROD326,&,Ï1'(/$/(1*8$FRPROD)250$'(/26/$%,26

(QODSDUWHVXSHULRUGHFDGDFHOGDHVFULWDVHQQHJULOODVDSDUHFHQOHWUDVWRPDGDVGHO$/)$%(7235È&7,&2WHSHKXDQR
TXHIXHDSUREDGRSRUORVPDHVWURVELOLQJHVWHSHKXDQRVHQ(QODSDUWHLQIHULRUHQWUHFRUFKHWHVDSDUHFHQVtPERORV
WRPDGRVGHO$/)$%(72)21e7,&2TXHIXHDSUREDGRSRUOD$VRFLDFLyQ,QWHUQDFLRQDOGHOD)RQpWLFDHQ

Posición de la lengua y forma de los labios

Altura de la $QWHULRUQR 3RVWHULRUQR 3RVWHULRU


lengua UHGRQGHDGRV UHGRQGHDGRV UHGRQGHDGRV
K © W
$OWD
=K? =»? =W?
G À Q
0HGLD
=G? =“? =Q?
 C 
%DMD
=#?

Cuadro 2. Las vocales del tepehuán

2.1. Descripción de las vocales


(QVHJXLGDGHVFULELPRVORV5$6*26)21e7,&26GHFDGD92&$/GHOWHSHKXiQLQGLFDQGRGHVSXpVGHHOORODPDQHUDHQ
TXHVRQFDPELDGDVSRUORV352&(626)212/Ï*,&26SULQFLSDOHV/RVDSDUWDGRVHVWiQRUJDQL]DGRVVHJ~QORVWUHVJUXSRV
SULQFLSDOHVGHYRFDOHVDVDEHU92&$/(6&257$692&$/(6/$5*$6\',3721*26'HHVWDPDQHUDHOOHFWRUSXHGH
DSUHFLDUFXiOHVYRFDOHVWLHQHQUDVJRVLJXDOHVRVHPHMDQWHVDRWUDV
3DUDFDGDYRFDOSURSRUFLRQDPRVHOPLVPRWLSRGHLQIRUPDFLyQ3ULPHURGDPRVODOHWUDGHO$/)$%(7235È&7,&2
WDQWRHQPLQ~VFXODFRPRHQPD\~VFXODVHJXLGDSRUHOVtPERORFRUUHVSRQGLHQWHGHO$/)$%(72)21e7,&2/XHJRGDPRV
OD'(6&5,3&,Ï17e&1,&$FRUUHVSRQGLHQWHMXQWRFRQVXV9$5,$&,21(6)212/Ï*,&$6\VXV5(675,&&,21(6
',675,%87,9$6$OILQDOGDPRVHMHPSORVGHSDODEUDV\IUDVHVHQWHSHKXiQHQODVTXHVHSUHVHQWDODYRFDOHQWRGRVORV
&217(;726TXHFDXVDQXQFDPELRGHSURQXQFLDFLyQ

2.1.1. Las vocales cortas


7RGDVODV92&$/(6SXHGHQVHUFRUWDVRODUJDV/DV92&$/(6&257$6VHSURQXQFLDQGHODPLVPDPDQHUDTXHODV
YRFDOHVQRDFHQWXDGDVHQHVSDxRO

K+  =K? 92&$/&257$$/7$$17(5,25125('21'($'$


     ,JXDODODKGHOHVSDxRO
     OK¡³K =OK!K½KKm?  DOOtPLVPR
     K¡[C¡  =!K!KL#!##m? EHEHUi
*5$0È7,&$7(3(+8$1$ 

G'  =G? 92&$/&257$0(',$$17(5,25125('21'($'$


     ,JXDODODGGHOHVSDxRO
     6RODPHQWHVHSUHVHQWDHQLQWHUMHFFLRQHV\HQSDODEUDVWRPDGDVGHOHVSDxRO
     /DGQRDFHQWXDGDDPHQXGRFDPELDDK
     GCMWIK  =!G#MWIKKm? GHDFXHUGR
     TKRTGUMQ =4KR4GUMQQm? UHIUHVFR

©‰  =»? 92&$/&257$$/7$3267(5,25125('21'($'$


     1RH[LVWHHQHOHVSDxRO
     /DVHJXQGDYRFDOPiVIUHFXHQWH GHVSXpVGHODC 
     D©©R©¡ =$»¾R»!»m?  DQWHV
     ©¡DJKC¡ =!»!»DK#!#m? ROHUi

À   =“? 92&$/&257$0(',$3267(5,25125('21'($'$


     1RH[LVWHHQHOHVSDxRO
     /DYRFDOPHQRVIUHFXHQWHSHURVHSUHVHQWDHQDOJXQDVSDODEUDVFRPXQHV
     IÀ¡  =I“!“m?   JUDQGH
     VÀ¡MQD =V“!“mMQH? DOWR

C#=#? 92&$/&257$%$-$3267(5,25125('21'($'$
     ,JXDODODCGHOHVSDxRO
     DC¡CCM  =$#!#¾M*? FDVD
     VWC¡IC  =VW!#I##m? HVWiKDEODQGR

W7=W? 92&$/&257$$/7$3267(5,255('21'($'$
     ,JXDODODWGHOHVSDxRO
     &XDQGRVHSUHVHQWDHQHOSUHILMRtu–H[WHQVLyQVHSURQXQFLDLJXDOTXHODSULPHUD
      YRFDOGHOYHUERFXDQGRpVWDVHD©RÀSHURQRFDPELDDQWHC
     WOWW¡  =!WOW¾!Wm? ]R\DWH
     LWT   =JW4m?   FRUD]yQ

     LKZEJWDCC¡ =JK5V5W$#¾!#m? PRMDGD iUHDH[WHQVD 


     LKZEJ©D©©V  =JKUV5»$»¾V*? SHVDGR HQJHQHUDO 
     VÀMÀÀ   =V“M“¾“m?   SXHGHRtU

o, O =Q? 92&$/&257$0(',$3267(5,255('21'($'$
     ,JXDODODQGHOHVSDxRO
   MQO =MQOOm? HVSDOGD
  Q¡NJKC =!Q!QŠ.K##m? URGLOOD
 /$692&$/(6


2.1.2. Las vocales largas


/DV92&$/(6/$5*$6VHSURQXQFLDQFRQODPLVPDGXUDFLyQTXHORV',3721*26ORVFXDOHVVHGHVFULEHQHQHO
DSDUWDGRVLJXLHQWH(VGHFLUODVYRFDOHVWLHQHQXQDGXUDFLyQDOSURQXQFLDUVHFRPRVLIXHUDQXQDFRPELQDFLyQGHGRV
92&$/(6&257$6

MQU  =MQU*?  QLGR      DCCU  =$#!#U*? \DVHEXUOy


MQQU =MQ¾U*? HVWiGXUPLHQGR   DC¡CCM =$#!#¾M*? FDVD
MQK  =MQKKm?  GXUPLy   DCCKEJ =$#!#KV5*?\DORWUDMR

CC =#¾?92&$//$5*$%$-$3267(5,25125('21'($'$

     CCIK¡³ =!#¾IK!½½m? ORHVWiH[SOLFDQGR

GG =G¾?92&$//$5*$0(',$$17(5,25125('21'($'$

     DCMGGV =$#MG¾V*? FXHUR

ÀÀ =“¾?92&$//$5*$0(',$3267(5,25125('21'($'$

     ÀÀM  =!“¾M*? YLQR\VHIXH

KK =K¾?92&$//$5*$$/7$$17(5,25125('21'($'$

     LKLKK¡³=JKJK¾!½½m?  LQWHVWLQRV

©© =»¾?92&$//$5*$$/7$3267(5,25125('21'($'$

     V©©V©¡ =V»¾V»!»m?  VHOODPD FRVD 

QQ =Q¾?92&$//$5*$0(',$3267(5,255('21'($'$

     C¡QQ =!#!Q¾Qm? KXHVRKXHVRV

uu =W¾?92&$//$5*$$/7$3267(5,255('21'($'$

     W¡WW =!W!W¾Wm? IOHFKD

1RHVSRVLEOHSUHGHFLUFXiQGRXQDYRFDOGHEHVHUODUJDVLQRTXHSDUDFDGDSDODEUDHQWHSHKXiQVHWLHQHTXH
HVSHFLILFDUVLVXVYRFDOHVVRQFRUWDVRODUJDV3RUORWDQWRVHGLFHTXHHO$/$5*$0,(172'(/$692&$/(6HQWHSHKXiQ
HV³)21e0,&2´SRUTXHVH'(7(50,1$(1(//e;,&2QRHQOD)212/2*Ë$
(QFDPELROD$&(178$&,Ï1GHODVYRFDOHVWHSHKXDQDVVtHVSUHGHFLEOHSXHVWRGDYRFDOODUJDVLHPSUHVHDFHQW~D
SRUORTXHVHGLFHTXHODDFHQWXDFLyQHVXQ352&(62)212/Ï*,&2>@

2.1.3. Los diptongos


7RGRVORV',3721*26HQWHSHKXiQFRQVWDQGHXQD92&$/0(',$R%$-$PiVRWUDYRFDO$/7$TXHVHSURQXQFLDFRPR
'(6/,=$17(5,25R'(6/,=3267(5,25(VGHFLUODYRFDOPHGLDREDMDIRUPDODSDUWHFHQWUDOGHOGLSWRQJR\ODYRFDODOWD
VHSURQXQFLDUiSLGDPHQWHDQWHVRGHVSXpVGHHOOD
$GHPiVDOLJXDOTXHODV92&$/(6/$5*$6WRGRGLSWRQJRVLHPSUHVH$&(17Ò$(VGHFLU\DVHDODSULPHUDYRFDO
DOWDRQRpVDVLHPSUHVHSURQXQFLDPiVIXHUWHTXHODVHJXQGDYRFDO
*5$0È7,&$7(3(+8$1$ 

(QORVVLJXLHQWHVHMHPSORVPDUFDPRVODVYRFDOHVDFHQWXDGDVFRQDFHQWRRUWRJUiILFR

',3721*26&21'(6/,=$17(5,25
MWC¡   EJKC    KQ¡
=MW"C!#m?  =V5K"##m?  =!K"Q!Qm?
FRPH   JUDQL]R   WRVD

',3721*26&21'(6/,=3267(5,25
VCK    O©K   DQK   FWK 
=V#"KKm?  =O»"KKm?  =$Q"KKm?  =FW"KKm?
IXHJR   VHTXHPy  VHQGD   FLUXHOD

2.2. Los procesos fonológicos que cambian a las vocales


+D\WUHV352&(626)212/Ï*,&26TXHFDXVDQFDPELRVHQODSURQXQFLDFLyQGHODV92&$/(6HQWHSHKXiQORVFXDOHV
GHVFULELPRVHQORVVLJXLHQWHVDSDUWDGRVDVDEHUOD5($57,&8/$&,Ï1'(92&$/(6OD6835(6,Ï1'(92&$/(6DO),1$/GH
OD3$/$%5$\OD6835(6,Ï1GHYRFDOHVGHVSXpVGHXQD6Ë/$%$$&(178$'$

2.2.1. La rearticulación de vocales


&XDQGRXQD92&$/\DVHD&257$R/$5*$VHSUHVHQWDLQPHGLDWDPHQWHDQWHVGHXQD2&/86,9$*/27$/DO),1$/GH
XQD6Ë/$%$HVDYRFDOVLHPSUHVHUHDUWLFXODHVGHFLUVHSURQXQFLDRWUDYRFDOLJXDOGHVSXpVGHODRFOXVLYDJORWDO6LDOD
92&$/5($57,&8/$'$OHVLJXHXQD&21621$17(62125$GHQWURGHODPLVPD)5$6()212/Ï*,&$>@ODYRFDO
UHDUWLFXODGDWDPELpQVHSURQXQFLDVRQRUDSHURVLOHVLJXHXQDFRQVRQDQWH625'$RVHSUHVHQWDDOILQDOGHXQDIUDVH
IRQROyJLFDODYRFDOUHDUWLFXODGDVHSURQXQFLDVRUGD
(QORVVLJXLHQWHVHMHPSORVODVYRFDOHVUHDUWLFXODGDVHVWiQVXEUD\DGDV

Q¡FCO  =!Q!QF#OOm? JHQWHLQGtJHQD

V©V©©¡  =V»V»¾!»m?  VHOODPD OXJDU 

W¡FC¡  =!W!WF#!#m? ORVHVWiOOHYDQGR

W¡KK¡  =!W!K¾!Km?  SiMDUR

&XDQGRXQGLSWRQJRVHSUHVHQWDDQWHVGHXQDRFOXVLYDJORWDODOILQDOGHODVtODEDVRODPHQWHODVHJXQGDYRFDOVH
UHDUWLFXOD'HODPLVPDPDQHUDFXDQGRXQGLSWRQJRVHSUHVHQWDDOILQDOGHODIUDVHIRQROyJLFDVRODPHQWHODVHJXQGD
YRFDOVHUHDUWLFXOD

WK¡MC¡  =WK!KmM#!#m? ORVOOHYDUi

DKC¡  =$K#!#m?   WHQHU

2.2.2. La supresión de vocales al final de la palabra


$OILQDOGHXQDSDODEUDFXDQGRXQDYRFDOFRUWDVHSUHVHQWDLQPHGLDWDPHQWHGHVSXpVGHXQDVHFXHQFLDGHYRFDOPiV
FRQVRQDQWHFDVLVLHPSUHVH6835,0(OD~OWLPDYRFDOFRUWD(O~QLFRFDVRHQTXHQRVHVXSULPHHVFXDQGRODFRQVRQDQWH
TXHOHDQWHFHGHHVXQDL=J?RIXHLDQWHULRUPHQWH
(QORVVLJXLHQWHVHMHPSORVLQGLFDPRVHQWUHSDUpQWHVLVFyPRVHIRUPDQODVSDODEUDVFLWDGDV8QVLJQRGH³PiV´ 
LQGLFDGRQGHWHUPLQDXQ025)(0$\HPSLH]DRWUR\HOVLJQR³QXOR´ š UHSUHVHQWDDO025)(0$18/2RVHDXQ
PRUIHPDTXHQRVHSURQXQFLD
 /$692&$/(6


VWLWCPCV
VWJWCPC V       VWLWCP
VWJWCPC š 
=VWJW#P#V*?          =VWJW#PPm?
HVWDEDWUDEDMDQGR WUDEDMDUFRSUHWpULWR    HVWiWUDEDMDQGR WUDEDMDUSUHVHQWH 
M©MDQ             ÀÀLK
=M»M$QQm?          =!“¾JKKm?
SDUDUVH VXMHWRVLQJXODU         OOHJDQGR

'HVSXpVGHVXSULPLUOD~OWLPDYRFDOGHODSDODEUDVLOD&21621$17(TXHTXHGDDOILQDOHVXQD2&/86,9$62125$
VLHPSUHVHFDPELDDXQD1$6$/35(*/27$/,=$'$>@

RCNJDWKFJC¡
RCNJDWKFJC C¡     RCNJDWK¡³
RCNJDWKFJC š 
=R#Š.$WKF<#!#m?       =R#Š.$WK!½½m?
YDDD\XGDU D\XGDUIXWXUR       HVWiD\XGDQGR D\XGDUSUHVHQWH 

2.2.3. La supresión de vocales después de una sílaba acentuada


+D\GRVFDVRVHQORVFXDOHVVH6835,0(XQD92&$/GHOD6Ë/$%$SRVWHULRUDODVtODED$&(178$'$>@
(QSULPHUOXJDUVHVXSULPHQODVYRFDOHVHQODSULPHUDVtODEDGHVSXpVGHODVtODEDDFHQWXDGD\HQFDGDWHUFHUDVtODED
GHVSXpVGHpVDVLHPSUH\FXDQGRHVDVVtODEDVVHDQ6Ë/$%$60(',$1$6RVHDTXHQRVHSUHVHQWHQDOILQDOGHODSDODEUD
\WDPELpQTXHVHDQ6Ë/$%$6$%,(57$6HVGHFLUTXHQRWHUPLQHQFRQXQD&21621$17(7RGDVODVYRFDOHVVHVXSULPHQ
HQHVWH&217(;72\DVHDQYRFDOHV/$5*$6YRFDOHV&257$6R',3721*26DGLIHUHQFLDGHODVXSUHVLyQGHYRFDOHVDO
ILQDOGHODSDODEUD>@HQODTXHVRODPHQWHVHVXSULPHQODVYRFDOHVFRUWDV/DVXSUHVLyQGHYRFDOHVHQHOFRQWH[WR
DTXtGHVFULWRVHSUHVHQWDDPHQXGRHQODVSDODEUDV5('83/,&$'$6>@
(QORVVLJXLHQWHVHMHPSORVLQGLFDPRVHQWUHSDUpQWHVLVFyPRVHIRUPDQODVSDODEUDVFLWDGDV$VLPLVPRPDUFDPRVODV
YRFDOHVDFHQWXDGDVFRQDFHQWRRUWRJUiILFR

PCMU©T
PCMCU©Tt P£MU©T    PCCPMCU©T
PCCPCMCU©Tt P£CPMCU©T 
=P#MU»4m?        =P#¾PM#U»4m?
DODFUiQ           DODFUDQHV

PWWEJKZ
P¼WEJKZ     PWW³EJKZ
PWWPWWEJKZt P¼W³EJKZ 
=PW¾V5K5*?      =PW¾½V5K5*?
FXxDGRFXxDGD      FXxDGRVFXxDGDV

'HVSXpVGHVXSULPLUXQDYRFDOHQXQDVtODEDQRDFHQWXDGDVLXQD2&/86,9$62125$OOHJDUDDSUHVHQWDUVHDOILQDOGH
XQDVtODEDHVDRFOXVLYDVLHPSUHVHFDPELDDXQD1$6$/35(*/27$/,=$'$>@

IKQV©T
IKµV©T     IKQ¡PV©T
IKQIKQV©Tt IKQIV©Tt IKµ¡PV©T 
=IKQV»4m?    =IKQ!PV»4m?
OODQR       OODQRV

(VWHSURFHVRVHOODPD5(6,/$%,),&$&,Ï1SRUTXHGDFRPRUHVXOWDGRXQDUHRUJDQL]DFLyQGHODVVtODEDVGHODSDODEUD
(QVHJXQGROXJDUHQODVVtODEDVQRDFHQWXDGDVWRGDVODVYRFDOHVODUJDVVHKDFHQFRUWDV6LQHPEDUJRORVGLSWRQJRV
QRUPDOPHQWHQRFDPELDQHQHVWHFRQWH[WR

VQRCC
VQR£C     VQVRC
VQVQRCCt VµVRC 
=VQR#¾#m?     =VQVR##m?
PROFDMHWH      PROFDMHWHV
*5$0È7,&$7(3(+8$1$ 

LQFCK
LQF£K     LQQFCK
LµQFCK 
=JQF#KKm?     =JQ¾F#KKm?
SLHGUD       SLHGUDV
 /$66Ë/$%$6


Capítulo 3. Las sílabas


/DIRUPDGHODV6Ë/$%$6HQWHSHKXiQLQIOX\HWDQWRHQHOSURFHVRGH$&(178$&,Ï1GHSDODEUDVFRPRHQHOSURFHVR
GH&2175$&&,Ï1GHPRUIHPDV(QORVVLJXLHQWHVDSDUWDGRVSULPHURGHVFULELPRVODIRUPDGHODVVtODEDV>@OXHJR
GHVFULELPRVHOSURFHVRGHDFHQWXDFLyQGHODVVtODEDV>@\ILQDOPHQWHGHVFULELPRVHOSURFHVRGHFRQWUDFFLyQGH
PRUIHPDVHQHOKDEODGHORVDGXOWRV>@

3.1. La forma de las sílabas


&DVLVLHPSUHODV6Ë/$%$6HQODV3$/$%5$6HQWHSHKXiQHPSLH]DQFRQXQD&21621$17(/DV~QLFDVVtODEDVTXHQR
HPSLH]DQFRQXQDFRQVRQDQWHVRQDOJXQRV68),-26$GHPiVHQWRGDVODVVtODEDVXQD92&$/VLJXHDODSULPHUD
FRQVRQDQWHFRPR1Ò&/(2GHODVtODED(VWDYRFDOSXHGHVHUFRUWDODUJDRXQGLSWRQJR
+D\GRVIRUPDVGHVtODEDVHQWHSHKXiQDVDEHU6Ë/$%$$%,(57$RVHDTXHWHUPLQDFRQXQDYRFDO\6Ë/$%$
&(55$'$HVGHFLUTXHWHUPLQDFRQXQDFRQVRQDQWH$OJXQDVGHODVVtODEDVFHUUDGDVWHUPLQDQFRQXQDFRPELQDFLyQGH
FRQVRQDQWHVTXHVLHPSUHFRQVWDGHXQDRFOXVLYDJORWDOVHJXLGDSRURWUDRFOXVLYDVRUGDXQDIULFDWLYDRXQDQDVDO
(QORVVLJXLHQWHVHMHPSORVFRPRHQWRGRVORVHMHPSORVGHHVWDJUDPiWLFDGRQGHLQGLFDPRVODSURQXQFLDFLyQSRU
PHGLRGHO$/)$%(72)21e7,&2XQVLJQRFRPRDSyVWURIRUHFWR  LQGLFDTXHODVtODEDTXHVLJXHHVWi$&(178$'$\XQ
SXQWRLQGLFDTXHODVtODEDTXHVLJXHQRHVWiDFHQWXDGD
/DVGRVIRUPDVGHVtODEDVRVHDVtODEDVDELHUWDV\VtODEDVFHUUDGDVVHSUHVHQWDQWDQWRDOSULQFLSLRFRPRHQPHGLRR
DOILQDOGHODSDODEUD(QORVVLJXLHQWHVDSDUWDGRVVRODPHQWHGDPRVHMHPSORVGHODVGLIHUHQWHVIRUPDVGHODVSDODEUDVGH
GRVVtODEDV
(QWRGRVORVVLJXLHQWHVHMHPSORVXVDPRVHOVtPERORSDUDLQGLFDUHOOtPLWHGHXQDSDODEUD\DVHDDOSULQFLSLRRDO
ILQDO7DPELpQXVDPRVODOHWUDPD\~VFXOD%SDUDLQGLFDUXQDFRQVRQDQWHODOHWUDPD\~VFXOD8SDUDLQGLFDUXQDYRFDO
WUHVSXQWRV Ô SDUDLQGLFDUHOUHVWRGHODSDODEUD$VLPLVPRVXEUD\DPRVODVtODEDTXHWLHQHODIRUPDLQGLFDGD

3.1.1. Las sílabas abiertas con vocales cortas

%8       %8Ô       Ô%8


DC        DCMCCZ       EJK³DQ
=$#?        =$#M#¾5*?     =V5K½$QQm?
\D SUHILMRYHUEDO     FDUQH        EDUEDELJRWH

3.1.2. Las sílabas abiertas con vocales largas o diptongos

%88      %88Ô      Ô%88


RCC      VCCVC¡P       W¡WW
=R#¾#m?      =V#¾V#!PPm?    =!W!W¾Wm?
GyQGH       VXSDSi       IOHFKD
OCK      DJCKFJC¡    WDKK
=O#KKm?      =D#KF<#!#m?    =!W$K¾Km?
PDJXH\       IUXWD        PXMHU
*5$0È7,&$7(3(+8$1$ 

3.1.3. Las sílabas cerradas con vocales cortas

%8%      %8%Ô       Ô%8%


UCR        DCZDJC¡       V©UFKO
=U#R*?      =$#5D#!#m?    =V»\FKOOm?
VHJ~QGLFHQ     VDFDU        HVWiVXELHQGR

3.1.4. Las sílabas cerradas con vocales largas o diptongos

%88%      %88%Ô      %88%Ô


OCC¡P       LKK³MCK¡³      ICVWWM
=O#¾!PPm?     =JK¾½M#K!½Pm?   =I#VW¾M*?
XQRXQD      HVWiJULWDQGR      GHVSXpV
OCK³       DCK³FJCU      DCDJ©KEJ
=O#K½½m?      =$#K½F<#U*?    =$#D»KV5*?
SHWDWH       KDFKD        \DVHORHQWUHJy

3.1.5. Las sílabas cerradas que terminan con una secuencia de consonantes

%8¡%   %8¡%Ô    %88¡%Ô    Ô%8¡%


LC¡M    LC¡VMCO     OCC¡PMCO    TWTW¡Z
=J#!#mM*?  =J#!#mVM#OOm?  =O#¾!PM#OOm?  =4W4W!Wm5*?
KDFLD    SHUVRQDVJHQWH   SHUVRQD     KDPDFD

3.2. La acentuación
8QD6Ë/$%$$&(178$'$HQWHSHKXiQHVXQDTXHVHSURQXQFLDXQSRFRPiVIXHUWH\FRQXQWRQRXQSRFRPiVDOWR
TXHRWUDVVtODEDV
1RVHHVFULEHODWLOGHFRQHO$/)$%(7235È&7,&2WHSHKXDQRSRUTXHVLHPSUHVHSXHGHVDEHUFXiOVtODEDVHDFHQW~D
(VGHFLUVLHPSUHVHDFHQW~DODSULPHUDVtODEDGHO5$',&$/VLHVXQDVtODED³SHVDGD´6LODSULPHUDVtODEDHVXQDVtODED
³OLJHUD´\ODVHJXQGDVtODEDHV³SHVDGD´HQWRQFHVVHDFHQW~DODVHJXQGD
8QD6Ë/$%$/,*(5$HVXQDVtODED$%,(57$FX\R1Ò&/(2HVXQD92&$/&257$8QDVtODED3(6$'$HVXQDVtODED
&(55$'$RXQDVtODEDDELHUWDFX\RQ~FOHRHVXQD92&$//$5*$RXQ',3721*2

(QORVGRVVLJXLHQWHVDSDUWDGRVGDPRVHMHPSORVGHVtODEDVDFHQWXDGDV\DVHDQODSULPHUDHQXQDSDODEUDROD
VHJXQGD6LHPSUHTXHQRVHDFHQW~DODSULPHUDVtODEDODSULPHUDVtODEDHVOLJHUD\ODVHJXQGDHVSHVDGD

3.2.1. La primera sílaba acentuada

%8%Ô      %88%Ô      %88Ô


MQ¡MQNJ      VCCVUCD       DCCRCZ
=MQ!QmMQZˆ?   =V#¾VU#H?    =$#¾R#5*?
FKLOH       WLHUUDFiOLGD      PHWLGRV
 /$66Ë/$%$6


%8%Ô      %88%Ô      %88Ô


ZKDMCO      FWK³MCT       DJ©KMC¡
=5KHM#OOm?    =FWK½M#4m?    =D»KM#!#m?
QXHYR       SLSD        OOHYDUORV

3.2.2. La segunda sílaba acentuada

Ô%8%      Ô%88%      Ô%88


D©R©©¡       VCR©©Z       VQDCC
=$»R»¾!»m?    =V#R»¾5*?     =VQ$#¾#m?
URMRV       SXOJD        JXDMRORWH
VWVWM       V©OCKEJ       [CMWC
=VWVWM*?     =V»O#KV5*?    =L#MW##m?
QHJURV       WDPDOWDPDOHV     KRQJRKRQJRV

3.3. Las contracciones


(QHOKDEODGHORVDGXOWRVWHSHKXDQRVDOJXQDV3$/$%5$6GHXQDVROD6Ë/$%$VHSUHVHQWDQUHGXFLGDVHQFLHUWRV
&217(;726(VWDVIRUPDVUHGXFLGDVVHSURQXQFLDQFRPRVLIXHUDQ68),-26GHODVSDODEUDVDQWHULRUHV(OSURFHVRGH
UHGXFLUXQDSDODEUDDXQVXILMRVHOODPDFRQWUDFFLyQ
(QORVGRVVLJXLHQWHVDSDUWDGRVGHVFULELPRVODVFRQWUDFFLRQHVPiVFRPXQHVDVDEHUOD&2175$&&,Ï1GHO&/Ë7,&2
GHO68-(72\ODFRQWUDFFLyQGHO35(),-2

3.3.1. La contracción del clítico del sujeto


8Q&/Ë7,&2HVXQ025)(0$TXHIXQFLRQDFRPR35(),-2R68),-2GHDOJXQRVWLSRVGH3$/$%5$6(O&/Ë7,&2'(/
68-(72>@VLHPSUHHVHOVXILMRGHOSULPHU&20321(17(35,1&,3$/GHOD&/È868/$>@\DVHDXQD&21-81&,Ï1
>FDS@XQ6867$17,92>FDS@XQ$'9(5%,2>FDS@RXQ9(5%2>FDS@
/DIRUPDGHOFOtWLFRGHOVXMHWRFDPELDVHJ~QODSHUVRQD\HOQ~PHURGHOVXMHWRGHODFOiXVXOD7RGDVODVIRUPDVGHO
FOtWLFRGHOVXMHWRVHSUHVHQWDQHQHOFXDGUR

 6LQJXODU 3OXUDO

DSHUVRQD ³ EJ

DSHUVRQD R RKO

DSHUVRQD t O

Cuadro 3. Formas del clítico del sujeto


$GHPiVVHSXHGHQSUHVHQWDUXQRVVRQLGRVDGLFLRQDOHVDQWHVGHOFOtWLFRGHOVXMHWRSDUDIDFLOLWDUVXSURQXQFLDFLyQ
(VWRVVRQLGRVDGLFLRQDOHVVHOODPDQ$8;,/,$5(6(ODX[LOLDUQRHVXQPRUIHPDSRUTXHQRWLHQHVLJQLILFDGRHQVt\QXQFD
VHSUHVHQWDVLQHOFOtWLFRGHOVXMHWR/DIRUPDGHODX[LOLDUGHSHQGHGHWUHVIDFWRUHVGLIHUHQWHV  ODSHUVRQD\HOQ~PHUR
GHOVXMHWR  VLHOFOtWLFRGHOVXMHWRVHSUHVHQWDDQWHVRGHVSXpVGHOYHUER\  ODOHWUDTXHOHSUHFHGHFRPROR
GHPXHVWUDQORVHMHPSORVFLWDGRVDEDMR
/DFRPELQDFLyQGHODX[LOLDUPiVHOFOtWLFRGHOVXMHWRVHOODPDHO025)(0$'(/68-(727RGDVODVIRUPDVGHO
PRUIHPDGHOVXMHWRVHSUHVHQWDQHQHOFXDGUR(QODSDUWHVXSHULRUGHFDGDFHOGDDSDUHFHODIRUPDWDOFRPROR
*5$0È7,&$7(3(+8$1$ 

HVFULELPRVXVDQGRHO$/)$%(7235È&7,&2\HQODSDUWHLQIHULRUGHFDGDFHOGDDSDUHFHODSURQXQFLDFLyQHVFULWDFRQ
VtPERORVGHO$/)$%(72)21e7,&2
&RPSDUDQGRORVFXDGURV\VHQRWDTXHHO~QLFR&217(;72HQHOTXHHOFOtWLFRGHOVXMHWRVHSUHVHQWDVLQDX[LOLDU
HQWRGDVODVSHUVRQDVHVDQWHVGHOYHUER\GHVSXpVGHXQDYRFDORXQDRFOXVLYDJORWDO(QORVGHPiVFRQWH[WRVHOFOtWLFR
GHOVXMHWRVHSUHVHQWDSUHFHGLGRSRUXQDIRUPDGHODX[LOLDUH[FHSWRODVHJXQGDSHUVRQDGHOSOXUDOGHVSXpVGHOYHUER\
GHVSXpVGHXQDYRFDORXQDRFOXVLYDJORWDO

 Persona y número del sujeto

Posición del clítico DSHUV DSHUV DSHUV DSHUV DSHUV DSHUV


del sujeto GHOVLQJ GHOVLQJ GHOVLQJ GHOSO GHOSO GHOSO

K³ CR KEJ RKO CO


'HV 'HVSXpVGHXQDYRFDO t
SXpV RXQDRFOXVLYDJORWDO =!K½? =!#R? =!KV5? =J#RKO? =!#O?
GHO 'HVSXpVGHXQD K³ CR KEJ LCRKO CO
YHUER t
FRQVRQDQWH =!K½? =!#R? =!KV5? =J#RKO? =!#O?
'HVSXpVGHXQDYRFDO ³ R EJ RKO O
$QWHV t
RXQDRFOXVLYDJORWDO =½? =R? =V5? =RKO? =O?
GHO
YHUER 'HVSXpVGHXQD LC³ LCR LCEJ LCRKO LCO
t
FRQVRQDQWH =J#½? =J#R? =J#V5? =J#RKO? =J#O?

Cuadro 4. Formas del morfema del sujeto


(QORVVLJXLHQWHVHMHPSORVHOPRUIHPDGHOVXMHWRSDUDOD35,0(5$3(5621$GHO6,1*8/$5VHSUHVHQWDHQDOJXQRVGH
ORVWUHVFRQWH[WRVFLWDGRVHQHOFXDGUR

/W LKO K³  LC¡Z³K


OW LKO© ¡K³ LC¡Z³K
DOOi LU  \R  PiVWDUGH
,UpPiVWDUGH
,C¡Z³K³   OW LKO
LC¡Z³K  ³ OW LKO©
PiVWDUGH \R  DOOi LU
$OUDWRYR\
:KD LC³  OW LKO
ZKD LC³  OW LKO©
DKRUD \R  DOOi LU
$KRULWDYR\

3.3.2. La contracción de prefijos


+D\GRVJUXSRVGH35(),-26TXHSXHGHQSUHVHQWDUVHHQIRUPDGH&2175$&&,Ï1(OSULPHUJUXSRFRQVWDGHODVGRV
IRUPDVGHO&/Ë7,&2&238/$7,92LKZÊ\LKTÊ>@HOVHJXQGRJUXSRFRQVWDGHWUHVIRUPDVGHO35(),-2'(/2%-(72R
VHDLK³ÊLKEJÊ\LWOÊ>@
(OSULPHUVRQLGRGHHVWRVGRVJUXSRVHVOD&21621$17(L=J?VHJXLGDSRUOD92&$/KRSRUODYRFDOW/D
FRPELQDFLyQLK=JK?RLW=JW?FRQODFXDOHPSLH]DQHVWRVSUHILMRVQRVHSURQXQFLDFXDQGROD3$/$%5$TXHOD
DQWHFHGHWHUPLQDHQXQDYRFDO(QHVWHFRQWH[WRVRODPHQWHVHSURQXQFLDOD~OWLPDFRQVRQDQWHGHOSUHILMRODFXDOVH
FRQYLHUWHHQODSDUWH),1$/GHOD~OWLPD6Ë/$%$GHODSDODEUDDQWHULRUFRPRORGHPXHVWUDQORVHMHPSORVFLWDGRVDEDMR
(QHOFXDGURVHSUHVHQWDQODVIRUPDVGHODVFRQWUDFFLRQHVGHHVWRVGRVJUXSRVGHSUHILMRVFRQPXFKRVRWURV
SUHILMRVR3$57Ë&8/$6FRPXQHV
 /$66Ë/$%$6


(QODHVFULWXUDFRQHO$/)$%(7235È&7,&2WDQWRORVSUHILMRVVRORVFRPRODVFRQWUDFFLRQHVVHHVFULEHQFRPR
SDODEUDVVHSDUDGDVFRPRORGHPXHVWUDQORVVLJXLHQWHVHMHPSORV

LKZDCC¡   (VWiPRMDGD FRVD 


LKZEJWDCC¡  (VWiPRMDGD iUHD 
DCZEJQK³  <DKDFHFDORU
IWZEJWM   ODFRVDQHJUD

 Prefijo que se contrae
Proclítico copulativo Prefijo del objeto
Prefijo o partícula
$WULEXWLYR (TXLYDOHQWH DSHUVGHOVLQJ DSHUVGHOVLQJ DSHUVGHOSO
anterior
LKZ LKT LK³ LWO LKEJ
DC5HDOL]DGR DCZ DCT DC³ DCO DCEJ
MC7HPSRUDO MCZ MCT MC³ MCO MCEJ
RW6HQFLOOR RWZ RWT RW³ RWO RWEJ
VW([WHQVLyQ t t VW³ VWO VWEJ
ZK,PSHUDWLYR t t ZK³ ZKO ZKEJ
DJC+DFLDDFi DJCZ t DJC³ DJCO DJCEJ
OW+DFLDDOOi OWZ t OW³ OWO OWEJ
IW$UWtFXOR IWZ t IW³ IWO IWEJ
PC6XERUGLQDGRU  PCZ PCT PC³ PCO PCEJ
IW¡$GYHUVDWLYR IW¡Z IW¡T IW¡³ IW¡O IW¡EJ
PQ¡&RQGLFLRQDO PQ¡Z PQ¡T PQ¡³ PQ¡O PQ¡EJ
DC¡6HFXHQFLD DC¡Z DC¡T DC¡³ DC¡O DC¡EJ
V©K,QWHQWR V©KZ V©KT V©K³ V©KO V©KEJ

Cuadro 5. Contracciones comunes de los prefijos


<DTXHDOJXQDVGHODVIRUPDVGHOPRUIHPDGHOVXMHWRSDUDSULPHUDSHUVRQDWDQWRVLQJXODUFRPRSOXUDOVRQLJXDOHVD
DOJXQDVIRUPDVGHFRQWUDFFLyQGHORVSUHILMRVGHOREMHWRVHSXHGHQFRQIXQGLUIiFLOPHQWH6RODPHQWHHOFRQWH[WRD\XGDD
GLVWLQJXLUODV
(QORVVLJXLHQWHVHMHPSORVHOVLJQRGHLJXDOGDG LQGLFDXQFOtWLFR\XQJXLyQ ± LQGLFDXQSUHILMRRXQVXILMR

6©K³   EJKCP CO PC³   LKOKC¡


V©K  LK³Ê EJKCP  CO PC ³ LKO© ÊC¡
LQWHQWR PH SHGLU  HOORV TXH \R  LU  )XW
0HSLGHQTXHYD\D
6©K  ³KEJ   WOWC¡  PC³   VCK³DWKFJC¡
V©K  ³ KEJ WOWCIKFJC PC LK³Ê VCK³DWKFJC ÊC¡
LQWHQWR \R  3UHW URJDU3UHW TXH PH SUHVWDU  )XW
/HURJDEDTXHPHORSUHVWDUD
*5$0È7,&$7(3(+8$1$ 

Capítulo 4. La reduplicación
(QHVWHFDStWXORGHVFULELPRVHO352&(62)212/Ï*,&2GHOD5('83/,&$&,Ï1HOFXDOHVPX\FRP~QHQWHSHKXiQ
7DQWRODVIRUPDV3/85$/(6GHORV6867$17,926\$'-(7,926>@FRPRODIRUPDGHO$63(&72',675,%87,92GHORV
9(5%26>@VHIRUPDQDOUHSHWLUODSULPHUDVHFXHQFLDGHXQD&21621$17(VHJXLGDSRUXQD92&$/TXHVHSUHVHQWDHQ
OD5$Ë=
/DYRFDOGHODUDt]TXHVHUHSLWHHQODVtODEDUHGXSOLFDGDSXHGHVHU92&$/&257$92&$//$5*$R',3721*2
$GHPiVODYRFDOGHODVtODEDUHGXSOLFDGDSXHGHVHUFRUWDRODUJD(VGHFLUFXDOTXLHUDTXHVHDODIRUPDGHODSULPHUD
YRFDOGHODUDt]ODYRFDOGHODVtODEDUHGXSOLFDGDSXHGHUHSHWLUVHGHGRVPDQHUDVDVDEHU  5('83/,&$&,Ï1&257$
GRQGHODVtODEDUHGXSOLFDGDFRQWLHQHXQDYRFDOFRUWD\  5('83/,&$&,Ï1/$5*$GRQGHODVtODEDUHGXSOLFDGDFRQWLHQH
XQDYRFDOODUJD
1RHVSRVLEOHSUHGHFLUFXiOGHODVGRVIRUPDVGHUHGXSOLFDFLyQVHGHEHDSOLFDUDXQVXVWDQWLYRDGMHWLYRRYHUERVLQR
TXHVHWLHQHTXHHVSHFLILFDUHQHO/e;,&2DOLJXDOTXHHO$/$5*$0,(172GHODVYRFDOHV>@3RUORWDQWRHQHVWH
GLFFLRQDULRVHFLWDQWRGDVODVIRUPDVUHGXSOLFDGDVTXHVHSUHVHQWDQHQHOKDEODQRUPDO
(VSHFtILFDPHQWHHOSURFHVRGHUHGXSOLFDFLyQFDXVDORVVLJXLHQWHVFDPELRVIRQROyJLFRV
, /DUHGXSOLFDFLyQFRUWDWLHQHFRPRUHVXOWDGRXQDVtODEDUHGXSOLFDGDTXHFRQWLHQHXQDYRFDOFRUWDLJXDODODSULPHUD
YRFDOGHODUDt]GHODSDODEUD
,, /DUHGXSOLFDFLyQODUJDGHXQDSDODEUDFX\DSULPHUDYRFDOHVFRUWDRODUJD SHURQRXQGLSWRQJR GDFRPRUHVXOWDGR
XQDVtODEDUHGXSOLFDGDTXHFRQWLHQHXQDYRFDOODUJDLJXDODODSULPHUDYRFDOGHODUDt]
,,, /DUHGXSOLFDFLyQODUJDGHXQDSDODEUDFX\DSULPHUDYRFDOHVXQGLSWRQJRGDFRPRUHVXOWDGRXQDVtODEDUHGXSOLFDGD
TXHFRQWLHQHHOPLVPRGLSWRQJR
$VLPLVPRKD\RWURVGRVFDPELRVIRQROyJLFRVTXHVHSUHVHQWDQHQODVSDODEUDVUHGXSOLFDGDV
$ (QODUHGXSOLFDFLyQODUJDVHDFHQW~DODVtODEDUHGXSOLFDGDHQYH]GHXQDGHODVGRVVtODEDVGHODUDt]&RPRUHVXOWDGR
GHHVWHFDPELRVHDSOLFDOD5(6,/$%,),&$&,Ï1>@DOUHVWRGHODSDODEUDUHGXSOLFDGD
% 7DQWRHQODUHGXSOLFDFLyQFRUWDFRPRHQODUHGXSOLFDFLyQODUJDXQDIULFDWLYDELODELDOVRQRUDGHODUDt]YXHOYHDVHU
XQDRFOXVLYDELODELDOVRUGDHVGHFLUD²¾R$GHPiVVLODSULPHUDYRFDOHVXQDYRFDOPHGLDSRVWHULRUUHGRQGHDGD
pVWDYXHOYHDVHUXQDYRFDOEDMDSRVWHULRUQRUHGRQGHDGDHVGHFLUQ²¾C
(QHOUHVWRGHHVWHFDStWXORGDPRVHMHPSORVGHFyPRODUHGXSOLFDFLyQFDXVDHVWRVFDPELRVIRQROyJLFRV\RWURV
FRPRODVXSUHVLyQGHYRFDOHV>@HQWRGRVORVWLSRVGHSDODEUDVGHXQD\GHGRVVtODEDV(QFDGDHMHPSOR
VXEUD\DPRVODVtODEDUHGXSOLFDGD

4.1. La reduplicación corta


7RGDVODV92&$/(6WDQWR&257$6FRPR/$5*$6\',3721*26SXHGHQ5('83/,&$56(GHODPLVPDPDQHUDHV
GHFLUWRGDVSXHGHQUHSHWLUVHHQXQD6Ë/$%$UHGXSOLFDGDFRQXQDYRFDOFRUWD(QORVVLJXLHQWHVDSDUWDGRVGDPRV
HMHPSORVGHUHGXSOLFDFLyQFRUWDSDUDODVWUHVIRUPDVGHODSULPHUDYRFDOGHODUDt]GHODSDODEUDDVDEHU D GHXQDYRFDO
FRUWD E GHXQDYRFDOODUJD\ F GHXQGLSWRQJR

4.1.1. La reduplicación corta de una vocal inicial corta


$5Dt]GHXQDVtODED
  6tODEDDELHUWD
   (VWHWLSRGHUDt]QRVHSUHVHQWD 


 /$5('83/,&$&,Ï1


  6tODEDFHUUDGD
   LQ¡   LCLQ¡
LQLQ¡t LCLQ¡ 
   =JQ!Qm?  =J#JQ!Qm?
   SLHO   SLHOHV
%5Dt]GHGRVVtODEDV
  3ULPHUDVtODEDDELHUWD
   7RGDVODVUDtFHVGHHVWHWLSRVHUHGXSOLFDQGHIRUPDODUJD>@ 
  3ULPHUDVtODEDFHUUDGD
   MCTDCZ     MCMCTDCZ
   =M#4$#5*?  =M#M#4$#5*?
   FKLYR      FKLYRV

4.1.2. La reduplicación corta de una vocal incial larga


$5Dt]GHXQDVtODED
  6tODEDDELHUWD
   ICC     ICICC
   =I#¾#m?    =I#I#¾#m?
   PLOSD     PLOSDV
  6tODEDFHUUDGD
   ICCV     ICICCV
   =I#¾V*?   =I#I#¾V*?
   DUFR GHWLUDU   DUFRV
%5Dt]GHGRVVtODEDV
  3ULPHUDVtODEDDELHUWD
   DQQLK     DCRQQLK
DQDQQLKt DCRQQLK 
   =$Q¾JKKm?  =$#RQ¾JKKm?
   RVR     RVRV
  3ULPHUDVtODEDFHUUDGD
   VQQVMQO    VCVQQVMQO
   =VQ¾VMQOOm?  =V#VQ¾VMQOOm?
   FDUUL]R     FDUUL]RV

4.1.3. La reduplicación corta de un diptongo inicial


$5Dt]GHXQDVtODED
  3ULPHUDVtODEDDELHUWD
   DQK     DCRQK
DQDQKt DCRQK 
   =$QKKm?    =$#RQKKm?
   VHQGD     VHQGDV
*5$0È7,&$7(3(+8$1$ 

  3ULPHUDVtODEDFHUUDGD
   OCK³     OCOCK³
   =O#K½½mm?   =O#O#K½½m?
   SHWDWH     SHWDWHV
%5Dt]GHGRVVtODEDV
  3ULPHUDVtODEDDELHUWD
   DCK³WO    DCRCK³WO
   =$#K½WOOm? =$#R#K½WOOm?
   PHWDO FRVD    PHWDOHV

  3ULPHUDVtODEDFHUUDGD
   P©K ZMCNJ    P©P©K ZMCNJ
   =P»K!»m5M#Zˆ? =P»P»K!»m5M#Zˆ?
   WURPSR     WURPSRV

4.2. La reduplicación larga


7DQWRODV92&$/(6&257$6FRPRODV92&$/(6/$5*$6 SHURQRORV',3721*26 SXHGHQ5('83/,&$56(GHOD
PLVPDPDQHUDHVGHFLUSXHGHQUHSHWLUVHHQXQDVtODEDUHGXSOLFDGDFRQXQDYRFDOODUJD(QORVVLJXLHQWHVDSDUWDGRV
GDPRVHMHPSORVGHUHGXSOLFDFLyQODUJDSDUDODVWUHVIRUPDVGHODSULPHUDYRFDOGHODUDt]GHODSDODEUDDVDEHU D GH
XQDYRFDOFRUWD E GHXQDYRFDOODUJD\ F GHXQGLSWRQJR

4.2.1. La reduplicación larga de una vocal inicial corta


$5Dt]GHXQDVtODED
  3ULPHUDVtODEDDELHUWD
   (VWHWLSRGHUDt]QRVHSUHVHQWD 
  3ULPHUDVtODEDFHUUDGD
   PQR    PQQPQR
   =PQR*?   =PQ¾PQR*?
   WHFRORWH   WHFRORWHV
%5Dt]GHGRVVtODEDV
  3ULPHUDVtODEDDELHUWD
   V©TQM
V©TQM   V©©VTQM
V©©V©TQMt V©©VTQM 
   =V»4QM*?  =V»¾V4QM*?
   ODJDUWLMD    ODJDUWLMDV
  3ULPHUDVtODEDFHUUDGD
   V©TDK³
V©TQDK³t V©TDK³   V©©VTQRK³
V©©V©TQDK³t V©©VTQRK³ 
   =V»4$K½½m?      =V»¾V4QRK½½m?
   VRJD          VRJDV
 /$5('83/,&$&,Ï1


4.2.2. La reduplicación larga de una vocal inicial larga


$5Dt]GHXQDVtODED
  3ULPHUDVtODEDDELHUWD
   7RGDVODVUDtFHVGHHVWHWLSRVHUHGXSOLFDQGHIRUPDFRUWD>@ 
  3ULPHUDVtODEDFHUUDGD
   MCCO   MCCMCO
   =M#¾OOm?  =M#¾M#OOm?
   PHMLOOD   PHMLOODV
%5Dt]GHGRVVtODEDV
  3ULPHUDVtODEDDELHUWD
   RKKRKNJ     RKKRRKNJ
RKKRKKRKNJt RKKRRKNJ 
   =RK¾RKZˆ?  =RK¾RRKZˆ?
   SROOXHOR     SROOXHORV
  3ULPHUDVtODEDFHUUDGD
   7RGDVODVUDtFHVGHHVWHWLSRVHUHGXSOLFDQGHIRUPDFRUWD>@ 

4.2.3. La reduplicación larga de un diptongo inicial


$5Dt]GHXQDVtODED
  +LVWyULFDPHQWHHVWHWLSRGHSDODEUDWHQtDXQDL=J?HQWUHODVGRVYRFDOHVTXHKR\IRUPDQXQGLSWRQJR3RU
ORWDQWRDXQTXHHVWDVSDODEUDVVHSXHGHQUHGXSOLFDUGHIRUPDODUJDVHVLJXHKDFLHQGRFRPRVLODSULPHUDYRFDO
IXHUDFRUWD
   DWK
DWJKt DWK    DWWRWK
DWWRWJKt DWWRWK 
   =DWKKm?       =$W¾RWKKm?
   RMR        RMRV
%5Dt]GHGRVVtODEDV
  3ULPHUDVtODEDDELHUWD
   UWKOCNJ      UWKUOCNJ
UWKUWKOCNJt UWKUOCNJ 
   =UWKO#Zˆ?   =UWKUO#Zˆ?
   YHQDGR      YHQDGRV
  3ULPHUDVtODEDFHUUDGD
   7RGDVODVUDtFHVGHHVWHWLSRVHUHGXSOLFDQGHIRUPDFRUWD>@ 
*5$0È7,&$7(3(+8$1$ 

Capítulo 5. Las oraciones


(QHVWHFDStWXORGHVFULELPRVOD6,17$;,6GHOWHSHKXiQHVGHFLUODPDQHUDHQTXHORVKDEODQWHVIRUPDQ25$&,21(6
*5$0$7,&$/(6GHODV)5$6(63$/$%5$63$57Ë&8/$6\RWURV025)(0$6TXHVHHQFXHQWUDQHQHVWHGLFFLRQDULR

3ULPHURGHVFULELPRVFyPRVHIRUPDQODVSDODEUDV>@([SOLFDPRVSRUTXpDOJXQDVSDODEUDVHQWHSHKXiQFRPRORV
9(5%26WLHQHQPXFKRVPRUIHPDV\RWUDVFRPRODV&21-81&,21(6WLHQHQSRFRVPRUIHPDV7DPELpQH[SOLFDPRVFyPR
VHUHSUHVHQWDQORVGLIHUHQWHVPRUIHPDV\SDODEUDVHQORVHMHPSORVTXHXVDPRVSDUDLOXVWUDUODJUDPiWLFDWHSHKXDQD
/XHJRGHVFULELPRVFyPRVHIRUPDQODV&/È868/$6%È6,&$6>@ORVFXDOHVSXHGHQHPSH]DUFRQSDODEUDVGH
(1/$&(\RSDODEUDV(1)2&$'$6VLHPSUHVHJXLGDVGHXQD)5$6(9(5%$/MXQWRFRQVXVLQGLFDGRUHVGHOVXMHWR\2%-(72
\SXHGHQWHUPLQDUFRQ)5$6(6120,1$/(6\R)5$6(6$'9(5%,$/(6
(QVHJXLGDGHVFULELPRVFyPRVHIRUPDQODVFOiXVXODV68%25',1$'$6>@WDOHVFRPRORVGH&$86$\3523Ï6,72
5(/$7,9$6&203/(7,9$6ORVTXHFRQWLHQHQIUDVHV*(581',$/(6,1),1,7,9$6\FOiXVXODVGH(1)248(

)LQDOPHQWHGHVFULELPRVORVFXDWUR02'26'(/+$%/$>@DVDEHU,1',&$7,92,17(552*$7,92,03(5$7,92\
&21',&,21$/

5.1. Las palabras


(OWHSHKXiQHVXQLGLRPD32/,6,17e7,&2SRUTXHODPD\RUtDGHODVSDODEUDVFRQVWDQGHPRUIHPDVP~OWLSOHV3RUOR
WDQWRXQYHUERVHQFLOORTXHFRQVWDGHODUDt]PiVYDULRVSUHILMRV\VXILMRVSXHGHVHUWUDGXFLGRSRUXQDRUDFLyQFRPSOHWD
HQHVSDxRO3RUHMHPSORHOYHUERDCLKEJWLCCCIK¡³FJC¡KEJHVXQDVROD5$Ë=YHUEDO CCICKDEODU DODTXHVHOH
DxDGHQFXDWUR35(),-26\FXDWUR68),-26SDUDGHFLU<DVHORYDPRVD HPSH]DUD H[SOLFDUDHOORV

$C LK  EJW LC  CCIK¡³FJC¡     KEJ


DCÊ LKÊ EJWÊ LCÊ CCIC ÊKFJC ÊFC ÊC¡ Ê¡KEJ
\D LQLFLR ([W OHV KDEODU D  &RQW )XW QRVRWURV
<DVHORYDPRVDH[SOLFDUDHOORV

6LQHPEDUJRHQFXDQWRDOJUDGRGH)86,Ï1)212/Ï*,&$GHORVPRUIHPDVGHQWURGHODVSDODEUDVHOWHSHKXiQHV
SDUFLDOPHQWH)86,21$/3RUHMHPSORORVSUHILMRVYHUEDOHVQRWLHQGHQDIXVLRQDUVHRDXQLUVHHQWUHVtVLQRTXHVH
PDQWLHQHQVHSDUDGRVPLHQWUDVTXHORVVXILMRVYHUEDOHVVtWLHQGHQDIXVLRQDUVHHQWUHVt\DODUDt]YHUEDOGHPDQHUDTXHD
YHFHVHVGLItFLOLGHQWLILFDUGyQGHWHUPLQDODUDt]\FXiOHVVRQORVVXILMRV3RUHVWDUD]yQFRQHO$/)$%(7235È&7,&2
DFWXDOHVFULELPRVORVSUHILMRV FRPRDCÊLKÊEJWÊ\LCÊHQHOHMHPSORDUULEDFLWDGR VHSDUDGRVGHOYHUERFRPRVL
IXHUDQSDODEUDVLQGHSHQGLHQWHVSHURHVFULELPRVORVVXILMRV ÊKFJCÊFC\ÊC¡ SHJDGRVDOYHUER CCIC FRQH[FHSFLyQ
GHOPRUIHPDGHOVXMHWR –KEJ HOFXDOHVXQFOtWLFRTXHVHSXHGHSURQXQFLDUFRPRVXILMRHQFXDOTXLHUSDODEUDGHOD
FOiXVXOD>@
&XDQGRLGHQWLILFDPRVPRUIHPDVHQHVWDJUDPiWLFDORVUHSUHVHQWDPRVHQXQDIRUPDEiVLFDODFXDOSXHGHTXHQRVH
SURQXQFLHFRPRWDOHQHOKDEODQRUPDO3RUORUHJXODUHVWDIRUPDEiVLFDGHOPRUIHPDHVVXIRUPDDQWHVGHTXHORV
SURFHVRVIRQROyJLFRVOHKDJDQFDPELDURVHIXVLRQHFRQRWURPRUIHPDDGMXQWR(QHOVLJXLHQWHHMHPSORHOPRUIHPD
O©TCHVLQGLFDGRHQODOtQHDGHPRUIHPDVHQVXIRUPDEiVLFDSHURFRQHODOIDEHWRSUiFWLFRVHHVFULEHWDOFRPRVH
SURQXQFLDRVHDHQXQDIRUPDUHGXFLGD

/W DC VW  OQKMFCO     LC³KEJ  ICCDJCT  V©T


OWÊDCÊ VWÊ OQKMFC ÊO©TC 2TGV ÊLC³ ÊKEJ ICCDJCT   V©T
DOOi \D  ([W SUHSDUDU LUD    \R  3UHW PLOSDFRVHFKDGR HQ
<DPHYR\DODPLOSDDSUHSDUDUODWLHUUD

(QHOVHJXQGRGHORVGRVHMHPSORVVLJXLHQWHVODCILQDOGHODUDt]GHOYHUERIC¡TCYHQGHUVHVXSULPHDQWHVGHODKGHO
VXILMR$3/,&$7,92ÊKFJC$VLPLVPROD3$/$7$/,=$&,Ï1>@KDFHFDPELDUODUDt]SDUDTXHODTVHYXHOYDNJMXQWRD
 /$625$&,21(6

ODiGHOVXILMR$GHPiVODCDOILQDOGHOVXILMRDSOLFDWLYRÊKFJC\ODCDOSULQFLSLRGHOVXILMRGHO7,(032)87852ÊC¡VH
XQHQFRQYHUWLpQGRVHHQXQDVRODC>@'HLJXDOPDQHUDOD2&/86,9$*/27$/DOILQDOGHÊC¡VHXQHFRQODTXH
HPSLH]DHOPRUIHPDGHOVXMHWRÊK³

6W IC¡TC¡  K³


VWÊ IC¡TC ÊC¡ Ê¡K³
([W YHQGHU)XW \R
/RYR\DYHQGHU
,WO IC¡NJKFJC¡   K³
LWOÊ IC¡TC ÊKFJC ÊC¡ Ê¡K³
WH  YHQGHUD  )XW \R
7HORYR\DYHQGHU

(QORVVLJXLHQWHVSiUUDIRVH[SOLFDPRVODUD]yQSRUODFXDOXVDPRVKDVWDFXDWURUHQJORQHVSDUDHVFULELUODPD\RUtDGH
ORVHMHPSORVFLWDGRVHQHVWDJUDPiWLFDGHSHQGLHQGRGHOGHWDOOHTXHVHUHTXLHUDSDUDH[SOLFDUELHQODIRUPDGHORV
PRUIHPDV\ORTXHVLJQLILFDQ
(QHOSULPHUUHQJOyQGHORVHMHPSORVFLWDPRVODIUDVHXRUDFLyQWDOFRPRODHVFULELPRVFRQHODOIDEHWRSUiFWLFR
DFWXDOQDGDPiVTXHDTXtXVDPRVletra negrillaSDUDUHVDOWDUOD/RVVRQLGRVTXHHVWDVOHWUDVUHSUHVHQWDQHVWiQGHVFULWRV
HQORVSULPHURVFXDWURFDStWXORVGHHVWDJUDPiWLFD
(QHOVHJXQGRUHQJOyQGHORVHMHPSORVHVFULELPRVFDGDPRUIHPDSRUVHSDUDGRHQVXIRUPDEiVLFD3RUPHGLRGH
HVWHUHQJOyQSRGHPRVLGHQWLILFDUFXDOHVGHODVSDODEUDVHVFULWDVUHDOPHQWHVRQLQGHSHQGLHQWHV\FXDOHVHVWiQOLJDGDVD
HOODV3RUHMHPSORFRQHODOIDEHWRSUiFWLFRHVFULELPRVORVSUHILMRVFRPRSDODEUDVVHSDUDGDVDXQTXHGHSHQGHQGHOD
SDODEUDSULQFLSDOTXHOHVLJXHSHURHQHOVHJXQGRUHQJOyQHVFULELPRVORVSUHILMRVVHJXLGRVSRUXQJXLyQ ± DVtFRPR
HVFULELPRVORVVXILMRVSUHFHGLGRVSRUXQJXLyQ'HLJXDOPDQHUDHVFULELPRVORV352&/Ë7,&26>@VHJXLGRVSRUXQ
VLJQRGHLJXDOGDG \ORV(1&/Ë7,&26>@SUHFHGLGRVSRUHOPLVPRVLJQR8QPRUIHPDTXHQRHVWiHVFULWRQL
FRQXQJXLyQQLFRQXQVLJQRGHLJXDOGDGHVXQ5$',&$/RVHDODSDUWHFHQWUDOGHXQDSDODEUD
(OWHUFHUUHQJOyQGHORVHMHPSORVHVXQDWUDGXFFLyQOLWHUDOGHFDGDPRUIHPD<DTXHORVVLJQLILFDGRVGHDOJXQRV
025)(0$6*5$0$7,&$/(6VRQGLItFLOHVGHWUDGXFLUORVVXEVWLWXLPRVFRQXQDVWHULVFR SDUDLQGLFDUTXHQRVHSXHGHQ
WUDGXFLUHQWpUPLQRVVHQFLOORV3DUDRWURVPRUIHPDVJUDPDWLFDOHVXVDPRVXQDDEUHYLDWXUDTXHDSDUHFHHQODOLVWDTXHVH
HQFXHQWUDDOSULQFLSLRGHHVWDJUDPiWLFDKDFHPRVpVWRFXDQGRVXWUDGXFFLyQHVPX\ODUJD/RVVLJQLILFDGRVGHWRGRVORV
PRUIHPDVJUDPDWLFDOHVDGHPiVGHRWURVWpUPLQRVOLQJtVWLFRVVHSUHVHQWDQUHVXPLGRVHQHOJORVDULRTXHDSDUHFHDOILQDO
GHHVWDJUDPiWLFD
(O~OWLPRUHQJOyQGHORVHMHPSORVHVXQDWUDGXFFLyQOLEUHGHWRGDODIUDVHXRUDFLyQHVFULWDHQOHWUDFXUVLYD$YHFHV
LQFOXLPRVHQWUHSDUpQWHVLVLQIRUPDFLyQDGLFLRQDORLPSOtFLWDTXHD\XGDDHQWHQGHUPHMRUHOVLJQLILFDGRGHOHMHPSOR

5.2. Las cláusulas principales


/DVFOiXVXODV35,1&,3$/(6HQWHSHKXiQFRQVWDQGHFLQFR&20321(17(635,1&,3$/(6ORVFXDOHVVHSUHVHQWDQHQHO
RUGHQTXHDTXtVHxDODPRV

Enlace Enfoque FRASE VERBAL Frase nominal Frase adverbial

/DVSDODEUDVGH(1/$&(>@VLUYHQSDUDXQLUODFOiXVXODFRQVX&217(;72WDQWROLQJtVWLFRFRPRVRFLR
OLQJtVWLFR'HVFULELPRVHVWDV&21-81&,21(6H,17(5-(&&,21(6FRQPiVGHWDOOHHQHOFDStWXOR
/DSRVLFLyQGH(1)248(>@HVGRQGHSDUDGDUOHpQIDVLVVHSUHVHQWDXQ6867$17,92R$'9(5%,2DQWHVGHO
9(5%27DPELpQORV352120%5(6SHUVRQDOHV>@QRUPDOPHQWHVHSUHVHQWDQHQHVWDSRVLFLyQDOXVDU

/D)5$6(9(5%$/>@HVHO~QLFRFRPSRQHQWHREOLJDWRULRGHODFOiXVXODSXHVFRQXQVRORYHUERHVSRVLEOH
H[SUHVDUXQDLGHDFRPSOHWDFRPRVHSXHGHDSUHFLDUHQORVHMHPSORVFLWDGRVHQHODSDUWDGR3RUORWDQWRGHFLPRVTXH
ODIUDVHYHUEDOHVHO1Ò&/(2RFRPSRQHQWHFHQWUDOGHODFOiXVXOD'HVFULELPRVFRQPiVGHWDOOHFyPRVRQORVYHUERV
WDQWR5$',&$/(6FRPR$),-26HQHOFDStWXOR
*5$0È7,&$7(3(+8$1$ 

/RVVXVWDQWLYRVQRHQIRFDGRVVHSUHVHQWDQHQOD)5$6(120,1$/>@TXHVHSUHVHQWDGHVSXpVGHODIUDVHYHUEDO
3XHGHSUHVHQWDUVHPiVGHXQDIUDVHQRPLQDOSDUDLQGHQWLILFDUWDQWRDO68-(72FRPRDO2%-(72GHODFOiXVXODSHURHO
RUGHQUHODWLYRGHODVIUDVHVQRPLQDOHVQRWLHQHQDGDTXHYHUFRQHOSDSHOVLQWiFWLFRTXHFDGDXQDMXHJDHQODFOiXVXOD
/RV$'-(7,926WDQWR&$/,),&$7,926FRPR180(5$/(6>FiSLWXOR@VHSUHVHQWDQFRPRSDUWHGHODIUDVHQRPLQDODVt
FRPRODV35(326,&,21(6\326326,&,21(6>FDStWXOR@TXHLQGLFDQODSRVLFLyQUHODWLYDGHOVXVWDQWLYRHQHOFRQWH[WR
VRFLDO'HVFULELPRVFRQPiVGHWDOOHFyPRVRQORVVXVWDQWLYRVHQHOFDStWXOR
/D)5$6($'9(5%,$/>@VLUYHSDUDLQGLFDUGLUHFFLyQOXJDUWLHPSRRPDQHUD3XHGHSUHVHQWDUVHPiVGHXQD
IUDVHDGYHUELDOSDUDLQGLFDUPiVGHXQRGHHVRVVLJQLILFDGRV'HVFULELPRVFRQPiVGHWDOOHFyPRVRQORVDGYHUELRVHQHO
FDStWXOR
2WURVPRUIHPDVTXHVHSUHVHQWDQHQODVFOiXVXODVVRQORVLQGLFDGRUHVGHOVXMHWRHOFXDOVHSUHVHQWDFRPR(1&/Ë7,&2
REOLJDWRULRHQHOSULPHUFRPSRQHQWHGHODFOiXVXOD>@\HOREMHWRWDQWR',5(&72FRPR,1',5(&72>@TXHVH
SUHVHQWDFRPRSUHILMRGHOYHUER

5.2.1. Las palabras de enlace


/DVSDODEUDVGH(1/$&(VLUYHQSDUDXQLUODFOiXVXODFRQVX&217(;72WDQWROLQJtVWLFRFRPRVRFLROLQJtVWLFRHV
GHFLUKDFHQUHIHUHQFLDWDQWRDORTXHHOKDEODQWHDFDEDGHGHFLUFRPRDODPDQHUDHQTXHpVWROHD\XGDDUHODFLRQDUVHFRQ
VXVR\HQWHV/DV&21-81&,21(6\ODV,17(5-(&&,21(6>FDS@VRQODVSDODEUDVGHHQODFHPiVFRPXQHV

)KQ DC¡  IWDJCK¡³  PCT   FWCFJK¡ IWICD³K¡


IKQ DC¡  IWDJCK Ê¡P PC LKT FWCFJK¡ IWICD³K¡
\ HQWRQFHV OD FROD VX  TXH HV  UHPHGLR OD WRUFHGXUD
7DPELpQODFROD GHOWHMyQ VHXVDFRPRUHPHGLRFXDQGRXQRVHODVWtPD HOSLHRODPDQR 
+K MW³   OQQ  ZK   EJW LQQLQK¡³O©TCK
GG MW ³ OQQ  ZKÊ  VWÊ LQQLQKFJC ÊO©TCÊLK
LQWHQFLyQ \R  LQFLHUWR LQWHQFLyQ ([W PLUDU   LUD 
9R\DYHUTXpHVWiSDVDQGR

$YHFHVVHXVDXQD&/È868/$$'9(5%,$/(1)2&$'2FRPRSDODEUDGHHQODFHVLQDSR\DUVHHQXQDFRQMXQFLyQR
LQWHUMHFFLyQSHURQRUPDOPHQWHFRQHODSR\RGHDOJXQD3$57Ë&8/$FRPRODVSDUWtFXODV02'$/(6>@

/K¡ FJ©T UCR DC¡  OQQ OW LC¡M LWR DJ©K  PCRCK¡ MKQ IWDJCP
OK¡ F©T UCR DC¡  OQQ OW LC¡M LWR DJ©K[C PCRCK¡ MKQ IWDJCP
DOOt GH  VHJ~Q HQWRQFHV   DOOi 'LU 5HS SDVDU  GRQGH  YLYLU HO FR\RWH
/XHJRIXHD OLWGHDOOtOXHJRSRUDOOiSDVy GRQGHYLYHHOFR\RWH

5.2.2. El enfoque
&XDQGRHOKDEODQWHTXLHUH(1)2&$5VXDWHQFLyQHQFLHUWD)5$6(120,1$/R$'9(5%,$/ORSXHGH$'(/$17$5HQOD
FOiXVXODHVGHFLUSURQXQFLDUORDQWHVGHO9(5%2

)W DJQ¡OMQZ LKZ K¡QQD  IWLWWPOCZKO


IW DJQ¡OMQZ LKZ K¡QQD  IWLWWP ÊOCZKO
HO ³WHFKDORWH´ HV  VDEURVR HO PDt] PROH
/DFDUQHGHDUGLOODDUEyUHDHVVDEURVDSUHSDUDGDFRQPROH
:KD  LC³ DJC LKO
ZKD  LC³ DJCÊ LKO©
DKRUD \R  DFi LU
$KRULWDYHQJR
 /$625$&,21(6

$YHFHVVRODPHQWHXQDSDUWHGHODIUDVHQRPLQDOVHDGHODQWD\ODRWUDSDUWHQRVHSURQXQFLDKDVWDGHVSXpVGHOYHUER

)QQM LK³ OCC IW VCVMCTWK¡  IW³  ZKKZ


IQQM LK³Ê OCC IW VCÊVCMCCTWK¡ IWLK³Ê ZKKZ
GRV  PH GLR ODV SO JDOOLQD  OD PL  KHUPDQDPD\RU
0LKHUPDQDPHGLRGRVGHVXVJDOOLQDV
,KZ CDJCCT  MWUDKQ FJK OCC¡PMCO IW DJCK¡OMCT
LKZ CDJCCT MWUDKQ FJK OCC¡PMCO IW DJCK¡OMCT
HV  ERQLWR OOHYDU  HVD SHUVRQD  HO  PRUUDOERUGDGR
(VDSHUVRQDWUDHXQPRUUDOPX\ERQLWR

$VLPLVPRKD\FDVRVHQTXHHOKDEODQWHTXLHUHHQIRFDUDOYHUERFRPRHODFWRFHQWUDOGHXQUHODWR(QHVWHFDVRVH
SUHVHQWDHOSUHILMRGHO$&72&(175$/GG%ÊGRQGH%UHSUHVHQWDODUHSHWLFLyQGHODSULPHUD&21621$17(GHOYHUER$
PHQXGRVHSUHVHQWDHO$'9(5%,2DJCK¡ELHQMXQWRFRQHOSUHILMRGHODFWRFHQWUDO

)W ICIQQZ DJCK¡ GGM   M©K  DJCK¡TCO    IWDCCM


IW ICIQQZ DJCK¡GG%Ê   M©©[C  DJCK ÊIC  ÊTCO IWDCCM
HO SHUUR  ELHQ DFWRFHQWUDO PRUGHU FROD (67$786 HQ OD YDFD
/XHJRHOSHUURPRUGLyODFRODGHODYDFD
&CCI©M  DJCK¡  GGD   DWC VCK  EJ©T
FCI© ÊM  DJCK¡  GG%Ê   DWC VCK  V©T
DJDUUDU 3XQW ELHQ  DFWRFHQWUDO HFKDU OXPEUH HQ
$JDUUiQGRORORHFKyHQODOXPEUH

5.2.3. El sujeto
7DQWROD3(5621$FRPRHO1Ò0(52GHO68-(72GHODFOiXVXODVHLQGLFDSRUPHGLRGHXQ&/Ë7,&2(VWHFOtWLFRPiVXQ
$8;,/,$5IRUPDQHO025)(0$'(/68-(72WDOFRPRVHH[SOLFDHQHODSDUWDGR

(OPRUIHPDGHOVXMHWRVLHPSUHVHSURQXQFLDFRPR68),-2GHOSULPHU&20321(17(35,1&,3$/GHODFOiXVXODRVHDOD
35,0(5$3$/$%5$R)5$6((VWHFRPSRQHQWHSXHGHVHUXQDFRQMXQFLyQXQDGYHUELRRVXVWDQWLYRDGHODQWDGRSDUDGDUOH
pQIDVLVRELHQHOYHUERPLVPR(VWHSURFHVRPRUIROyJLFRQRYDUtDQLHQODVFOiXVXODV35,1&,3$/(6QLHQODVFOiXVXODV
68%25',1$'$6$GHPiVPXFKDVYHFHVHOFOtWLFRGHOVXMHWRHVHO~QLFRLQGLFDGRUGHODSHUVRQD\HOQ~PHURGHOVXMHWR
SRUTXHORV352120%5(63(5621$/(6>@VHXVDQVRODPHQWHSDUDGDUOHe1)$6,6DOVXMHWR\VLXQFOtFLWRGHOVXMHWRVH
SUHVHQWDDQWHVGHOYHUERHOYHUERQRWLHQHXQVXILMRTXHLQGLTXHFXiOHVHOVXMHWR

,CTQQO  FC¡ PCO   DJC LC¡M DC LKO!


LCTQQ O FC¡ PC O DJCÊ LC¡M DCÊ LKO©
TXLpQ HOORV VRQ TXH HOORV DFi 'LU \D  LU
¢4XLpQHVVRQORVTXHYLHQHQKDFLDDFi"
,WO OCMKC¡  K³  OCC¡P IW CUCCM
LWOÊ OCM© ÊC¡ ¡K³ OCC¡P IW CUCCM
WH  GDU )XW \R  XQR  HO  PRUUDOWHMLGR
7HYR\DGDUXQPRUUDO

$VLPLVPRHOFOtWLFRGHO7,(03235(7e5,72SXHGHSUHVHQWDUVHFRPRVXILMRGHOFOtWLFRGHOVXMHWR(OFOtWLFRGHO
SUHWpULWRWLHQHWUHVIRUPDVTXHYDUtDQVHJ~QODSHUVRQD\HOQ~PHURGHOVXMHWR>@(VWDVIRUPDVVHSUHVHQWDQHQHO
FXDGUR

*5$0È7,&$7(3(+8$1$ 

 6LQJXODU 3OXUDO

DSHUVRQD KEJ KEJ

DSHUVRQD KEJ ©V

DSHUVRQD V ©V

Cuadro 6. Formas del clítico del pretérito

7RGDVODVIRUPDVSRVLEOHVGHOPRUIHPDGHOVXMHWRMXQWRFRQHODX[LOLDU\HOFOtWLFRGHOSUHWpULWRVHSUHVHQWDQHQHO
FXDGURHOFXDOHVXQDYDULDQWHPiVFRPSOHWDGHOFXDGUR>@FRQODVIRUPDVHVFULWDVHQVXIRUPDEiVLFDWDOFRPR
DSDUHFHQHQHOVHJXQGRUHQJOyQGHORVHMHPSORVHQHVWDJUDPiWLFD

 Persona y número del sujeto

DSHUV DSHUV DSHUV DSHUV DSHUV DSHUV


Contexto
GHOVLQJ GHOVLQJ GHOVLQJ GHOSO GHOSO GHOSO
'HVSXpVGH K³
 CR t KEJ RKO CO
7LHPSR YRFDOX
QR RFOXVLYD
SUHWpULWR JORWDO
'HVSXpV 'HVSXpVGH K³
 CR t KEJ LCRKO CO
GHOYHUER FRQVRQDQWH
'HVSXpVGH ³KEJ RKEJ t EJKEJ RKO©V O©V
7LHPSR YRFDOX
SUHWpULWR RFOXVLYD
JORWDO
'HVSXpVGH LC³KEJ LCRKEJ t LCEJKEJ LCRKO©V LCO©V
FRQVRQDQWH
'HVSXpVGH ³ R t EJ RKO O
7LHPSR YRFDOX
QR RFOXVLYD
SUHWpULWR JORWDO

$QWHVGHO 'HVSXpVGH LC³ LCR t LCEJ LCRKO LCO


YHUER FRQVRQDQWH
'HVSXpVGH ³KEJ RKEJ V EJKEJ RKO©V O©V
7LHPSR YRFDOX
SUHWpULWR RFOXVLYD
JORWDO
'HVSXpVGH LC³KEJ LCRKEJ t LCEJKEJ LCRKO©V LCO©V
FRQVRQDQWH

Cuadro 7. Formas del morfema del sujeto, tiempos pretérito y no pretérito

/RVVLJXLHQWHVHMHPSORVLOXVWUDQDOJXQDVGHODVIRUPDVGHOPRUIHPDGHOVXMHWR (OYHUERFRPHUHVLUUHJXODUSXHVOD
IRUPDGHO7,(032)87852HVLWIKC¡\ODIRUPDGHO7,(03235(7e5,72HVLWWSHURODIRUPDGHO7,(03235(6(17(HV
MWC¡ 
 /$625$&,21(6

6W MWC¡ K³     6WMWC¡ KEJ


VWÊ LWI© ¡K³     VWÊLWI© ¡KEJ
([W FRPHU \R      ([W FRPHU QRVRWURV
(VWR\FRPLHQGR     (VWDPRVFRPLHQGR 
6W MWC¡ CR     6W MWC¡ RKO
VWÊ LWI© ¡CR     VWÊ LWI© RKO
([W FRPHU W~      ([W FRPHU XVWHGHV
(VWiVFRPLHQGR     (VWiQFRPLHQGR XVWHGHV 
6W MWC¡       6W MWC¡ CO
VWÊ LWI©       VWÊ LWI© ¡CO
([W FRPHU       ([W FRPHU HOORV
(VWiFRPLHQGR pORHOOD    (VWiQFRPLHQGR HOORV 
+KDJCK³ EJW MWC¡      $CMCCZ LC³ EJW MWC¡
KKDCK³ VWÊ LWI©      DJCD  LC³ VWÊ LWI©
WXQD \R  ([W FRPHU      IULMRO  \R  ([W FRPHU
(VWR\FRPLHQGRWXQDV      (VWR\FRPLHQGRIULMROHV
$C VW  LWW ³KEJ      $JCD M©¡P LC³KEJ  EJW LWW
DCÊ VWÊ LWI© ³ KEJ    DJCD M©¡P LC³ KEJ VWÊ LWI©
\D ([W FRPHU \R  3UHW    IULMRO FRQ \R  3UHW ([W FRPHU
<DFRPt          &RPtIULMROHV FRQODVWRUWLOODV 

5.2.4. Los objetos


/D3(5621$\HO1Ò0(52GHO2%-(72',5(&72GHXQD&/È868/$75$16,7,9$>@VHLQGLFDSRUPHGLRGHO
35(),-2PiVFHUFDQRDOD5$Ë=GHO9(5%2/DVIRUPDVGHOSUHILMRGHOREMHWRVHSUHVHQWDQHQHOFXDGUR


 6LQJXODU 3OXUDO

DSHUVRQD LK³Ê LKEJÊ

DSHUVRQD LWOÊ LCOÊ

DSHUVRQD t LCÊ

Cuadro 8. Formas del prefijo del objeto

/DVOHWUDVLQLFLDOHVLK=JK?\LW=JW?GHOSUHILMRGHOREMHWRQRUPDOPHQWHVHVXSULPHQHQHOKDEODQRUPDOGHORV
DGXOWRVFXDQGRHVWHSUHILMRVHSUHVHQWDGHVSXpVGHRWURSUHILMRRGHXQDSDUWtFXODTXHWHUPLQDFRQXQDYRFDO0XFKDVGH
ODVFRQWUDFFLRQHVTXHUHVXOWDQVHSUHVHQWDQHQHOFXDGUR>@&RQHO$/)$%(7235È&7,&2WDQWRORVSUHILMRVVRORV
FRPRODVFRQWUDFFLRQHVVHHVFULEHQFRPRSDODEUDVVHSDUDGDV

,WO PCOMKFJC¡   K³  MCDWKOWM PC³  L©¡M MCO   WC¡VW¡P


LWOÊ PCOMK ÊKFJC ÊC¡¡K³ MCDWKOWM PC³ L©¡M MCÊ LWOÊ WC¡VW¡P
WH  SDJDU  D  )XW \R PDxDQD  TXH\R WDQWR D~Q WH  GHEHU
7HSDJRPDxDQDORTXHWRGDYtDWHGHER
*5$0È7,&$7(3(+8$1$ 

(OSUHILMRGHOREMHWRVRODPHQWHVHSUHVHQWDFXDQGRHOREMHWRGLUHFWRHV$1,0$'26LHV,1$1,0$'2QRUPDOPHQWHQR
VHSUHVHQWD

-CDWKOWM LCO  LC  IC¡TC¡  IQQMIW VQVDC


MCDWKOWM  LCO LCÊ IC¡TC ÊC¡ IQQM IW VQÊVQDCC
PDxDQD   HOORV  ORV YHQGHU)XW GRV ORV SO JXDMRORWH
0DxDQDYDQDYHQGHUGRVJXDMRORWHV
-CDWKOWM LCO  IC¡TC¡  IQQM IW C¡VQZMCT
MCDWKOWM  LCO IC¡TC ÊC¡ IQQM IW ¡CÊ¡CVQQZMCT
PDxDQD   HOORV  YHQGHU)XW GRV ORV SO VLOOD  
0DxDQDYDQDYHQGHUGRVVLOODV

6LHOREMHWRGLUHFWRGHODFOiXVXODWUDQVLWLYDHVLQDQLPDGRSHURHO2%-(72,1',5(&72HVDQLPDGRVLHPSUHVH
SUHVHQWDHOSUHILMRGHOREMHWRSDUDLQGLFDUODSHUVRQD\HOQ~PHURGHOREMHWRLQGLUHFWR

-CDWKOWM LCO  LKEJ IC¡NJKFJC¡   IQQM IW C¡VQZMCT


MCDWKOWM  LCO LKEJÊ IC¡TC ÊKFJC ÊC¡ IQQM IW ¡CÊ¡CVQQZMCT
PDxDQD   HOORV  QRV YHQGHUD  )XW GRV ORV SO VLOOD
0DxDQDQRVYDQDYHQGHUGRVVLOODV

$VLPLVPRVLWDQWRHOREMHWRGLUHFWRFRPRHOREMHWRLQGLUHFWRVRQDQLPDGRVODIRUPDGHOSUHILMRGHOREMHWRVLHPSUHLQGLFD
ODSHUVRQD\HOQ~PHURGHOREMHWRLQGLUHFWR

-CDWKOWM LCO  LKEJ IC¡NJKFJC¡   IQQM IW VQVDC


MCDWKOWM  LCO LKEJÊ IC¡TC ÊKFJC ÊC¡ IQQM IW VQÊVQDCC
PDxDQD   HOORV  QRV YHQGHUD  )XW GRV ORV SO JXDMRORWH
0DxDQDQRVYDQDYHQGHUGRVJXDMRORWHV

6LHOVXMHWRGHXQDFOiXVXODWUDQVLWLYDHVHOPLVPRTXHHOREMHWRGLUHFWRHQYH]GHOSUHILMRGHOREMHWRVHSUHVHQWDHO
SUHILMR5()/(;,92\5(&Ë352&2VHJ~QODSHUVRQD\HOQ~PHURFRUUHVSRQGLHQWH/DVIRUPDVGHOSUHILMRUHIOH[LYR\
UHFtSURFRVHSUHVHQWDQHQHOFXDGUR

 6LQJXODU 3OXUDO
UHIOH[LYR  UHFtSURFR 

DSHUVRQD LK³Ê LKEJÊ

DSHUVRQD
LWOÊ
DSHUVRQD

Cuadro 9. Formas del prefijo reflexivo y recíproco

,KEJP©K¡³ KEJ
LKEJÊP©KFJC¡KEJ
QRV YHU QRVRWURV
1RVYHPRVDQRVRWURVPLVPRV
,WO Q¡KK¡³ CO IW C¡CCNJ
LWOÊ QK¡FJC ¡COIW ¡CÊ¡CNJKK
VH  MXJXHWHDU HOORV ORV SO QLxR
/RVQLxRVHVWiQMXJXHWHDQGRORVXQRVFRQORVRWURV
 /$625$&,21(6

5.2.5. La frase verbal


$VtFRPROD)5$6(9(5%$/HVHO1Ò&/(2R&20321(17(FHQWUDOGHODFOiXVXOD>@HO5$',&$/YHUEDOHVHOQ~FOHR
GHODIUDVHYHUEDO/DVSDUWHVGHODIUDVHYHUEDOVHSUHVHQWDQHQHORUGHQTXHDTXtVHxDODPRV

Prefijos– RADICAL –Sufijos Partículas

(OUDGLFDOYHUEDOSXHGHVHUXQD5$Ë=VHQFLOOD>@RXQDUDt]TXHVHKDPRGLILFDGRSRUXQRGHORV352&(626
025)2/Ï*,&26GH)250$&,Ï1'(5$',&$/DVDEHU5('83/,&$&,Ï1SRUHO$63(&72',675,%87,92>@5('8&&,Ï1
SRUHO7,(03235(7e5,72>@6867,78&,Ï1GHRWUDUDt]>@RHOXVRGH$),-26'(5,9$7,926SDUDIRUPDURWUD
SDODEUDQXHYD>@
/DIUDVHYHUEDOVHXVDSDUDH[SUHVDUWDQWR(9(1726FRPR(67$'26>@/RVHYHQWRVVRQDFFLRQHVGHORVFXDOHVHO
VXMHWRHVHO$*(17(RSURFHVRVGHORVFXDOHVHOVXMHWRHVHO3$&,(17(/RVHVWDGRVVRQORVUHVXOWDGRVGHODVDFFLRQHVR
SURFHVRVGHORVFXDOHVHOVXMHWRWDPELpQHVHOSDFLHQWH
/RV35(),-2668),-26\3$57Ë&8/$6VLHPSUHVHSUHVHQWDQHQODPLVPDSRVLFLyQUHODWLYDFRQUHVSHFWRDOUDGLFDO
YHUEDOHVGHFLUORVSUHILMRVVLHPSUHVHSUHVHQWDQDQWHVGHOYHUER\ORVVXILMRV\SDUWtFXODVVHSUHVHQWDQGHVSXpVGHO
YHUER(VWRV025)(0$6*5$0$7,&$/(602',),&$1HOVLJQLILFDGRGHOYHUERHQFXDQWRD7,(032$63(&72\
02'$/,'$'>@

5.2.6. La frase nominal


/DV)5$6(6120,1$/(6QRVRQREOLJDWRULDVFRPRODIUDVHYHUEDOVLQRTXHVHSUHVHQWDQFXDQGRHOKDEODQWHTXLHUH
KDFHUUHIHUHQFLDGLUHFWDDXQDSHUVRQDDQLPDORFRVD/DVSDUWHVGHODIUDVHQRPLQDOVHSUHVHQWDQHQHORUGHQTXHDTXt
VHxDODPRV

Determinante Posesión– RADICAL –Posposición Adjetivo

(O5$',&$/QRPLQDOTXHHVHO1Ò&/(2GHODIUDVHQRPLQDOSXHGHVHUXQD5$Ë=VHQFLOODR&2038(67$>@
7DPELpQSXHGHVHUXQDUDt]TXHVHKDPRGLILFDGRSRUXQRGHORV352&(626025)2/Ï*,&26GH)250$&,Ï1'(5$',&$/
DVDEHU5('83/,&$&,Ï1SRUHO3/85$/>@RHOXVRGH$),-26'(5,9$7,926SDUDIRUPDURWUDSDODEUDQXHYD>@
$OJXQDVUDtFHVVRQWRPDGDVGHOHVSDxRO>@
/RV'(7(50,1$17(6VRQ$57Ë&8/26XRWURV$'-(7,926'(02675$7,926>@RELHQSXHGHQVHU$'-(7,926
180(5$/(6>@

/D326(6,Ï1GHVXVWDQWLYRVVHLQGLFDSRUPHGLRGHXQ$),-2TXHVHSUHVHQWDFRPR35(),-2SDUDWRGDVODVSHUVRQDV
H[FHSWRODGHODWHUFHUDSHUVRQDGHOVLQJXODUHOFXDOVHSUHVHQWDFRPR68),-2>@
7DQWR35(326,&,21(6FRPR326326,&,21(6>FDS@LQGLFDQODSRVLFLyQUHODWLYDGHOVXVWDQWLYRFRQUHVSHFWRDRWURV
GHQWURGHO&217(;72
/DPD\RUtDGHORV$'-(7,926&$/,),&$7,926>@VHSUHVHQWDQFRPRORV9(5%26'((67$'2>@6LQHPEDUJR
DYHFHVORVDGMHWLYRVFDOLILFDWLYRVVHSUHVHQWDQFRPRSDUWHGHODIUDVHQRPLQDOGRQGH02',),&$1GLUHFWDPHQWHDO
VXVWDQWLYRDXQTXHWRGDYtDVHSUHVHQWDFRQVX352&/Ë7,&2&238/$7,92FRUUHVSRQGLHQWH>@(ORUGHQUHODWLYRGHO
VXVWDQWLYR\GHODGMHWLYRGHSHQGHGHO(1)248(TXHHOKDEODQWHTXLHUHUHIOHMDUSXHVQRUPDOPHQWHHOHOHPHQWRFRQPD\RU
pQIDVLVVHSUHVHQWDSULPHUR

IW MWVWWPC¡P  IWZ  EJWM


IW MWVWWPC Ê¡P IWLKZ VWM
OD EOXVD  VX  OD HV  QHJUD
VXEOXVDQHJUD
IWZ   FJWCMCO IWVQQZMQNJ
IW LKZ FWC MCO IWVQQZMQNJ
HO HV  JRUGR GH  HO PDUUDQR
HOPDUUDQRJRUGR
*5$0È7,&$7(3(+8$1$ 

5.2.7. La frase adverbial


/DV)5$6(6$'9(5%,$/(6WDPSRFRVRQREOLJDWRULDVFRPRODIUDVHYHUEDOVLQRTXHVHSUHVHQWDQFXDQGRHOKDEODQWH
TXLHUHUHIHULUVHDOWLHPSRPDQHUDOXJDURGLUHFFLyQ/DVSDUWHVGHODIUDVHDGYHUELDOVHSUHVHQWDQHQHORUGHQTXHDTXt
VHxDODPRV

ADVERBIO Partículas

(O$'9(5%,2HVHO1Ò&/(2GHODIUDVHDGYHUELDO/DVIUDVHVDGYHUELDOHVGHWLHPSR>@\PRGR>@VRQ
VHQFLOODVHVGHFLUFRQVWDQGHXQDGYHUELRVLQ3$57Ë&8/$6TXHOR02',),48(1

DCUVCMCCD       RW¡³K
DQWHD\HU        H[DFWDPHQWH

(QFDPELRORVDGYHUELRVGH/8*$5\GH',5(&&,Ï1>@DVtFRPRORVDGYHUELRV,1'(),1,'26>@SXHGHQVHU
FRPSOHMRVSXHVDGHPiVGHODGYHUELRSXHGHQSUHVHQWDUVHXQDRPiVSDUWtFXODVTXHPRGLILFDQHOVLJQLILFDGRGHO
DGYHUELR

OK¡³K
OK¡ ʳK
DOOt SUHFLVDPHQWH
OK¡³K  FJ©T LC¡M
OK¡³K  F©T LC¡M
DOOtPLVPR GH  'LU
GHSRUDOOt
OWOOW
DOOi OHMRV 
OWOOW DCCU  F©T QKFJC¡ UCPQQR
OWOOW DCCU  F©T QKFJC¡ UCPQQR
DOOi   PiVDOOi GH  FHUUR  DOSLH
DOOiDOSLHGHOFHUUR GRQGHQRVHYH 
RCK¡
GRQGH
RCK¡ PC R©Z   LC¡R FWWM
RCK¡  PC R©Z   LC¡R FWW  ÊM
GRQGH TXH QDGDPiV  iUHD HVWDUVRO 3XQW
DFXDOTXLHUKRUD OLWGRQGHTXLHUDTXHHVWpHOVRO 

5.3. Las cláusulas subordinadas


7RGDVODV&/È868/$668%25',1$'$6HQWHSHKXiQFRQH[FHSFLyQGHODVFOiXVXODV&21',&,21$/(6>@
HPSLH]DQFRQODPLVPD3$57Ë&8/$68%25',1$17(PC+D\FXDWURWLSRVGHFOiXVXODVVXERUGLQDGDVORVFXDOHV
GHVFULELPRVHQORVVLJXLHQWHVDSDUWDGRVDVDEHUODVFOiXVXODVGH&$86$\3523Ï6,72>@ODV&/È868/$6
&203/(7,9$6\5(/$7,9$6\>@ODVFOiXVXODVTXHVHWUDGXFHQDOHVSDxROFRPR*(581',26H,1),1,7,926>@\
ODVFOiXVXODVTXHVHXVDQSDUDLQGLFDUHOPi[LPRJUDGRGH(1)248(>@

5.3.1. Las cláusulas de causa y propósito


/D&/È868/$68%25',1$'$TXHLQGLFDODFDXVDGHXQ(9(172R(67$'2VLHPSUHHPSLH]DFRQODFRQMXQFLyQPC
IW¡SRUTXHODFXDOFRQVWDGHODSDUWtFXODVXERUGLQDQWHPCPiVODSDUWtFXOD$'9(56$7,9$IW¡TXHFXDQGRVHSUHVHQWD
VRODLQGLFDXQDVLWXDFLyQQRHVSHUDGD>@
 /$625$&,21(6

;C¡ CC³ LKT LK³ FJ©D©©T PC³ IW¡ DCL©M   F©T [C¡ V© ©U
[C¡ CC³ LKT LK³Ê F©D©©T  PC³IW¡ DCL©M   F©T [C¡ VWÊ©U©
DTXt \R  HV  PL  WLHUUD  SRUTXH\R KDFHPXFKR GHVGH DTXt ([W VHPEUDU
(VWHHVPLWHUUHQRSRUTXH\RKHVHPEUDGRDTXtGHVGHKDFHPXFKRWLHPSR

$VLPLVPRODFOiXVXODVXERUGLQDGDTXHLQGLFDHOSURSyVLWRGHXQHYHQWRRHVWDGRVLHPSUHHPSLH]DFRQODFRQMXQFLyQ
PCDC¡SDUDTXHODFXDOFRQVWDGHODSDUWtFXODVXERUGLQDQWHPCPiVODSDUWtFXODGH6(&8(1&,$(675(&+$DC¡TXH
FXDQGRVHSUHVHQWDVRODLQGLFDTXHODVLWXDFLyQVLJXHLQPHGLDWDPHQWHGHVSXpVGHRWUD>@

6©MMC¡    CR PQ¡ IC¡TC  PCR DC¡ VC³KC¡


V©MMC  ÊC¡ CR PQ¡ IC¡TC  PCRDC¡ VC³© ÊC¡
SUHJXQWDU )XW W~  VL  YHQGHU SDUDTXHW~ SHGLU )XW
3UHJ~QWDOHVLORYHQGHSDUDTXHORFRPSUHV

5.3.2. Las cláusulas completivas y relativas


$XQDFOiXVXODTXHHVHOFRPSOHPHQWRGHRWUDFOiXVXODVHOHGHQRPLQD&/È868/$&203/(7,9$8QDFOiXVXOD
FRPSOHWLYDVLHPSUHHPSLH]DFRQOD3$57Ë&8/$68%25',1$17(PC
,WR  MCK¡EJ PC EJCOLCK¡EJ
LWR MCK¡EJ PC EJCO LCK¡EJ
5HS GHFLU  TXH QR  KD\
'LFHTXHQRKD\
%JCOOCCVCR PCT   LCTQK¡ FJC¡!
EJCO OCCV©¡CR PC LKT LCTQQK¡ FC¡
QR  VDEHU W~  TXH HV  TXLpQ  VHU
¢6DEHVTXLpQHV"
0K L©¡Z MWO  EJCOLK³ L©©IK¡³ PC³  LCZ LC  V©VFC
PK L©¡Z MWO EJCO LK³Ê L©©¡³FJC PC³ LCZ LCÊ V©VFC
QL FXDQWR  HOORV QR  PH FUHHU  TXH\R FyPR OHV GHFLU
1RFUHHQQDGDGHORTXHOHVGLJR

$VLPLVPRFXDQGRXQD&/È868/$5(/$7,9$LQWURGXFHLQIRUPDFLyQDGLFLRQDODFHUFDGHXQVXVWDQWLYRWDPELpQ
HPSLH]DFRQPC(VGHFLUWRGRVORV352120%5(65(/$7,926>@\$'9(5%,265(/$7,926>@FRQVWDQGHPCPiV
RWUDVSDUWtFXODV

$C LKK  EJKEJ  OW PCRCK¡ VW  CC¡


DCÊ LKK  EJKEJ OWÊ PCRCK¡ VWÊ CCIC
\D LU3UHW QRVRWURV3UHW DOOi GRQGH  ([W KDEODU
)XLPRVDOOXJDUTXHQRVKDEtDLQGLFDGR
$©©Z LCRKO IWIWWMKC¡  PCRCK¡FJWWM [C¡ CC[C¡  IWRCCNJ
D©©Z  LCRKO IWIWWM© ÊC¡ PCRCK¡FJWWM [C¡ CCL© ÊC¡ IWRCCNJ
WRGRV XVWHGHV SDUDUVH )XW FXDQGR   DTXt OOHJDU)XW HO VDFHUGRWH
7RGRVGHEHQSDUDUVHFXDQGROOHJXHHOVDFHUGRWH

/DVFOiXVXODVUHODWLYDVSXHGHQVHU5(675,&7,9$6RQRUHVWULFWLYDV/RVFOiXVXODVUHODWLYDVUHVWULFWLYDVSURSRUFLRQDQ
LQIRUPDFLyQDILQGHTXHHOR\HQWHSXHGDLGHQWLILFDUDTXpRDTXLpQVHUHILHUHHOKDEODQWHSRUORTXHHQODVFOiXVXODV
UHODWLYDVUHVWULFWLYDVVLHPSUHVHSUHVHQWDXQ352120%5('(02675$7,92DQWHVGHOSURQRPEUHUHODWLYR

)WWRWMC VCM IW V©OMCNJ IWK¡ PC ³KEJ  VCMCCD VW  FWW
IWWRWMC VCM IW V©OMCNJ IWK¡ PC ³KEJ VCMCCD VWÊ FWW
HQGXUHFHU   ODV WRUWLOODV ODV TXH \R3UHW D\HU  ([W KDFHU3UHW
6HHQGXUHFLHURQODVWRUWLOODVTXHKLFHD\HU
*5$0È7,&$7(3(+8$1$ 

(QFDPELRODVFOiXVXODVUHODWLYDVQRUHVWULFWLYDVVRODPHQWHDJUHJDQGHWDOOHVDFHUFDGHODSHUVRQDRFRVD\D
LGHQWLILFDGDHOFXDOVHVHxDODSRUODDXVHQFLDGHXQSURQRPEUHGHPRVWUDWLYR

$JCK¡R   ZK³   DJ©KFJCK IW³  ZC¡WCPC DJCOO©  RWR FCC


DJCK¡ R ZKÊ LK³Ê DJ©KFJC ÊLKIW³ UC¡WC PC DJCOO©  RWR FCC
DFi  W~  ,PS PH WUDHU   OD PL  FRELMD TXH DOOiDUULED DVt HVWi
  PCR RCK¡ MKQ
  PCRRCK¡ MKQ
  TXHW~GRQGH YLYLU VLQJ 
3RUIDYRUWUiHPHODFRELMDTXHGHMpHQWXFDVD

5.3.3. Las cláusulas que se traducen al español como gerundios o infinitivos


/D3$57Ë&8/$68%25',1$17(PCWDPELpQVHSUHVHQWDDOSULQFLSLRGHODVFOiXVXODVTXHVHWUDGXFHQDOHVSDxROFRPR
*(581',26H,1),1,7,926

8QDFOiXVXODHQODTXHXQ(9(172R(67$'2VHHQFXHQWUDHQHO$63(&72352*5(6,9235(6(17(VHSXHGHWUDGXFLUDO
HVSDxROFRPRJHUXQGLR

/K¡EJ   R©Z   DQQDQM     CNJKQ PCZ   EJ© ©©MC¡


OK¡ EJ  R©Z   DQQÊ DQ¡  ÊM  CNJKQ PC LKZ VWÊ ©©MC¡
DOOt QRVRWURV QDGDPiV  SO  DFRVWDUVH 3XQW UDWR TXH HVWi ([W VRPEUD
+DELHQGRVRPEUDDOOt OLWTXHHVWiKDFLHQGRVRPEUD GHVFDQVDPRVXQUDWR
$JC³  DJ©K¡³ /CTVKKPCIW³  KMZKEJ PC³   L©¡Z ZK
DJCÊLK³Ê DJ©KFJC /CTVKPC IWLK³Ê KMZKEJ PC ³ L©¡Z ZKÊ
DFi PH WUDHU  0DUWLQD HO PL  WHMLGR  TXH \R  FXDQWRLQWHQFLyQ
  EJW KMZKEJC¡ PC MCRWR FWWM
  VWÊ KMZK ÊVC¡ PC MCRWR FWWM
  ([W WHMHU KDFHU TXH WRGDYtD OORYHU
7UiHPHPLWHMLGR0DUWLQDSDUDTXHSXHGDDYDQ]DUXQSRFRPLHQWUDVVLJXHOORYLHQGR OLWTXHWRGDYtDHVWi
OORYLHQGR 

6HKDFHUHIHUHQFLDDXQHYHQWRRHVWDGRHQJHQHUDOVLQHVSHFLILFDUQLHOWLHPSRQLHODVSHFWRXWLOL]DQGRXQDFOiXVXOD
TXHVHWUDGXFHDOHVSDxROFRPRLQILQLWLYR(QWHSHKXiQHOYHUERGHHVWDVFOiXVXODVVLHPSUHVHSUHVHQWDHQ7,(032
)87852HOFXDOHVHOPiVQHXWURGHORVWLHPSRVJUDPDWLFDOHV$VLPLVPRVLHPSUHVHSUHVHQWDHQODSULPHUDSHUVRQDOD
FXDOHVODPiVQHXWUDGHODVSHUVRQDVJUDPDWLFDOHV

,KZ  M©©¡ FJK UWWFCK¡ PC³   EJW K¡[C¡


LKZ M©©¡ FJK UWWFCK¡ PC ³ VWÊ K¡[C ÊC¡
HV  EXHQD HVWD DJXD  TXH \R  ([W EHEHU )XW
(VWDDJXDHVEXHQDSDUDWRPDU OLWTXH\RWRPDUp 
,KZ  OW¡WWM DCK³FJCU M©¡P LWO CC¡ PC³  KCTC¡   FJK LWM
LKZ OW¡WWM DCK³FJCU M©¡P LWOÊ CCIC PC³ KCTC ÊC¡ FJK LWM
HVWi  ILORVD  KDFKD   FRQ VH  TXHUHUTXH\R WXPEDU)XW HVWH SLQR
  PCIW¡T  UCTDJCM
  PCIW¡ LKT UCTDJCM
  SRUTXH HV  JUXHVR
(VQHFHVDULRXVDUXQDKDFKDELHQILORVDSDUDWXPEDU OLWTXH\RWXPEDUp HVWHSLQRSRUTXHHVWiJUXHVR
 /$625$&,21(6

5.3.4. Las cláusulas de máximo enfoque


/D3$57Ë&8/$68%25',1$17(PCWDPELpQVHSXHGHSUHVHQWDUHQWUHXQ6867$17,92R$'9(5%,2(1)2&$'2\HO
UHVWRGHODFOiXVXOD(VWDIRUPDGHUHRUGHQDUODFOiXVXODLQGLFDHOPi[LPRJUDGRGHpQIDVLVSRVLEOHHQHOWHPDGHXQD
KLVWRULDRGHVFULSFLyQ

&CK LK  IWICIQQZ D©©OC¡P PC DC¡  OK¡ LK  DKK


FCK LK  IWICIQQZ D©©OC¡P PC DC¡  OK¡ LKÊ DKK
VyOR eQI OD SHUUD  FRQpO  TXH HQWRQFHV DOOt LQLFLR VHTXHGy
  PCIW¡T  UQKIC¡P        LKC
  PCIW¡ LKT UQK     IC  Ê¡P LKC
  SRUTXH HV  DQLPDOGRPpVWLFR SURSLRVX  eQI
6RODPHQWHODSHUUDVHTXHGyFRQpOSXHVHUDVXPDVFRWD
&JQ IW¡ FJK LQQD  PCZ   NQQMQ¡ PC EJCODJCPCC¡
FJQ  IW¡ FJK LQQD  PC LKZ NQQMQ¡ PC EJCODJCPCC¡
SXHV SHUR HVWH WODFXDFKH TXH HVWi ORFR  TXH QR  EUDYR
  IKQ PCZ   ³CC  IWOCK
  IKQ PC LKZ PCC  IWOCK
  \  TXH OHJXVWDFRPHU HO PDJXH\
%XHQRHOWODFXDFKHHVXQDQLPDOORFRSHURQREUDYR\OHJXVWDFRPHUHOPDJXH\

5.4. Los modos del habla


(QORVVLJXLHQWHVDSDUWDGRVGHVFULELPRVORVFXDWUR02'26'(/+$%/$HQWHSHKXiQDVDEHUHO02'2,1',&$7,92
>@HO02'2,17(552*$7,92>@HO02'2,03(5$7,92>@\HO02'2&21',&,21$/>@

5.4.1. El modo indicativo


/RVKDEODQWHVGHOWHSHKXiQXVDQHO02'2,1',&$7,92SDUDGHFODUDURH[FODPDU/DVFOiXVXODVVHFRPSRQHQFRPR
\DORGHVFULELPRV\ODYR]GHOKDEODQWHEDMDDOILQDODVtFRPRHQODVRUDFLRQHVGHFODUDWLYDVHQHVSDxRO

%JCO R©M  FWW¡P  VWMCC¡


EJCO R©M  FWW¡P  VWMCC¡
QR  PXFKR OORYHU3UHW QRFKH
1ROORYLyPXFKRDQRFKH
d,QKFJCO LKZ EJW CDJCCT [C LC¡R
LQKFJCO LKZ VWÊ CDJCCT [CÊ LC¡R
PXFKR  HV  ([W ERQLWR DTXt iUHD
£4XpERQLWRHVSRUDTXt

5.4.2. El modo interrogativo


6HXVDHO02'2,17(552*$7,92SDUDSUHJXQWDU+D\GRVWLSRVGHSUHJXQWDVODV&21),50$7,9$6\ODV
,1)250$7,9$6

/DV35(*817$6&21),50$7,9$6SLGHQXQDFRQILUPDFLyQRVHDXQDUHVSXHVWDDILUPDWLYDRQHJDWLYD/DIRUPDGH
XQDFOiXVXODFRQILUPDWLYDHVODPLVPDTXHXQDFOiXVXODLQGLFDWLYDH[FHSWRTXHHQODFOiXVXODFRQILUPDWLYDVHSUHVHQWDOD
3$57Ë&8/$FRQILUPDWLYDCCTXHVHSURQXQFLDFRQXQWRQRPiVDOWR
*5$0È7,&$7(3(+8$1$ 

6WLWCP  CR CC!


VW LWCPC  ¡CR CC
'ZVWUDEDMDU W~  &RQI
¢(VWiVWUDEDMDQGR"
6WLWCP  K³  FJQ
VW LWCPC  ¡K³ FJQ
'ZVWUDEDMDU \R  (3
6tHVWR\WUDEDMDQGR

3RUPHGLRGHODV35(*817$6,1)250$7,9$6HOKDEODQWHSLGHFLHUWDLQIRUPDFLyQSRUORTXHVLHPSUHHPSLH]DQFRQOD
IRUPDLQWHUURJDWLYDGHXQ352120%5(5(/$7,92RGHXQ$'9(5%,25(/$7,92

2CC RKEJ  DC LKK!


RCC  RKEJ DCÊ LKK
GyQGH W~3UHW \D  LU3UHW
¢$GyQGHYDV"
,CTQQFC¡ FJK¡ PC OK¡³K DC LKO!
LCTQQ FC¡ FJK¡ PC OK¡³K  DCÊ LKO©
TXLpQ VHU pVH TXH DOOt  \D  LU
¢4XLpQHVHVDSHUVRQDTXHYDDOOt"

$GHPiVSXHGHSUHVHQWDUVHHQODVSUHJXQWDVLQIRUPDWLYDVODSDUWtFXODGH,1&5('8/,'$'IK

)K   LCZ DC¡T    LWO FWWMCO!


IK   LCZ DC¡  LKTÊ LWOÊ FWW MCO
LQFUpGXOR FyPR HQWRQFHV HV  VH  KDFHU GH
(QWRQFHV¢TXpVLJQLILFD"

2WUDSDUWtFXODTXHVHSUHVHQWDVRODPHQWHHQHOPRGRLQWHUURJDWLYRHVODSDUWtFXODGH$/7(51$7,9$MC¡ODFXDOLQGLFD
TXHDOFRQWHVWDUODSUHJXQWDKD\TXHHVFRJHUHQWUHGRVRPiVDOWHUQDWLYDV

/CKM  LCEJ  RCZKCTRQ¡   -C¡R  [C¡ MC DK¡[C¡!


OCKM  LCEJ  RCZKCTÊRQ ÊC¡ MC¡ R [C¡ MC  DK¡ ÊC¡
YiPRQRV QRVRWURV SDVHDULUD )XW R  W~  DTXt D~Q TXHGDU)XW
9DPRVDSDVHDU¢2SUHILHUHVTXHGDUWHDTXt"

&XDQGRODSDUWtFXODGHDOWHUQDWLYDHQHOPRGRLQWHUURJDWLYRVHSUHVHQWDMXQWRFRQODSDUWtFXODGHFRQILUPDFLyQHVR
LQGLFDTXHKD\TXHGHFLGLUHQWUHGRVDOWHUQDWLYDVLJXDOHV

6W¡R   DC K¡[C¡   DKK¡OCC MC¡ UWWFCK¡ CC!


VW¡ R DC K¡  ÊC¡ DKK¡O CC  MC¡ UWWFCK¡ CC
TXp W~  \D  EHEHU )XW OHFKH &RQI R  DJXD  &RQI
¢4XpTXLHUHWRPDUOHFKHRDJXD"

5.4.3. El modo imperativo


6HXVDHO02'2,03(5$7,92SDUDPDQGDURKDFHUXQDVXJHUHQFLD&XDQGRHO68-(72GHXQD&/È868/$,03(5$7,9$
QRVHPHQFLRQDVHHQWLHQGHTXHHVOD6(*81'$3(5621$

$JCK¡ ZK  LKO


DJCK¡ ZKÊ LKO©
DFi  ,PS LU
£9HQ
 /$625$&,21(6

/CKM  LCEJ  DC VW  MQK¡RQ¡


OCKM  LCEJ DCÊ VWÊ LWI© ÊRQ ÊC¡
YiPRQRV QRVRWURV \D  ([W FRPHU LUD )XW
9DPRVDFRPHU

6HSXHGHQH[SUHVDUWUHVJUDGRVGHLPSHUDWLYRSRUPHGLRGHORV$),-26LPSHUDWLYRV(O35(),-2DKÊLQGLFDXQ
LPSHUDWLYRFRUWpVHOFXDOVHXVDDPHQXGRHQWUHDGXOWRV

$K   ³K³KC   LK³ ZKKZ


DKÊ   ³K³KC   LK³Ê ZKKZ
,PSFRUWpV GHVSHUWDUVH PL  KHUPDQRPD\RU
'HVSLHUWDPLKHUPDQR

(OSUHILMRZKÊLQGLFDXQLPSHUDWLYRQRUPDOHOFXDOVHXVDDPHQXGRFRQORVQLxRV

/WZK  V©VDKO©T
OW ZKÊ V©VDKC ÊO©TC
DOOi ,PS MXJDU LUD
9HWHDMXJDUDOOi

(O68),-2ÊK³LQGLFDXQLPSHUDWLYRIXHUWHHOFXDOVHXVDFXDQGRKD\XUJHQFLD

$JKCK³     FJK LC¡CC


DJKC ÊK³   FJK LC¡CC
TXLWDU ,PSIXHUWH HVD ROOD
£4XLWDODROOD GHOIXHJR 

5.4.4. El modo condicional


(O02'2&21',&,21$/VHXVDSDUDLQGLFDUHOJUDGRGHSRVLELOLGDGGHTXHRFXUUDXQ(9(172R(67$'27RGDVODV
25$&,21(6FRQGLFLRQDOHVHPSLH]DQFRQOD&21-81&,Ï1FRQGLFLRQDOPQ¡VL

+D\WUHVJUDGRVGHSRVLELOLGDGTXHVHSXHGHQH[SUHVDUHQHOPRGRFRQGLFLRQDOORVFXDOHVVHVHxDODQSRUPHGLRGHO
68),-2GH7,(032TXHVHSUHVHQWDHQODFOiXVXODTXHHPSLH]DFRQPQ¡


Contrario a la realidad Hipotético Conforme a la realidad

7LHPSRIXWXUR 7LHPSRSUHVHQWH 7LHPSRSUHWpULWR

VL LPSRVLEOHLPSUREDEOH  VL SRVLEOHPHQWH  VL SUREDEOH FXDQGR

Cuadro 10. Los tres grados de posibilidad

&XDQGRHOYHUERVHSUHVHQWDHQHO7,(032)87852FRQODFRQMXQFLyQFRQGLFLRQDOPQ¡HVRLQGLFDTXHHVLPSRVLEOHR
LPSUREDEOHTXHHOHYHQWRRHVWDGRRFXUUD3DUDHQIDWL]DUHVWDIDOWDGHSUREDELOLGDGQRUPDOPHQWHVHSUHVHQWDWDPELpQOD
3$57Ë&8/$GH,55($/,'$'

0Q¡³  DKC¡ MC¡   I©V IW TCCFKQ


PQ¡ ³ DKC¡ ÊMC ÊC¡ I©V IW TCCFKQ
UK [Q WHQHU HVWDGR)XW ,UU 8Q UDGLR  
*5$0È7,&$7(3(+8$1$ 

 D©Z EJCPQQNJ LC³  MCC[C¡   I©V LK


 D©©Z VCPQQNJ  LC³ MCC[C ÊC¡ I©V LK
 WRGR GtD   \R  HVFXFKDU )XW ,UU eQI
6L\RWXYLHUDXQUDGLRORHVFXFKDUtDWRGRHOGtD

&XDQGRHOYHUERVHSUHVHQWDHQHO7,(03235(6(17(FRQODFRQMXQFLyQFRQGLFLRQDOPQ¡HVRLQGLFDTXHHVSRVLEOH
SHURQRSUREDEOHTXHHOHYHQWRRHVWDGRRFXUUD(VGHFLUODSUREDELOLGDGGHTXHRFXUUDRQRHVLJXDO

'CR  ZK  CC¡P FJK KRWWT PQ¡ EJCO ZKO   PCO©©M


'C R ZKÊ CCFC FJK KRWWT  PQ¡ EJCO  LKZ LWOÊ PCO©©M
ELHQ W~  ,PS SRQHU HVWD IDOGD  VL  QR   VH  WH  FRPELQD
3RQWHHVWDIDOGDSDUDYHUVLWHYHVELHQRQR

&XDQGRHOYHUERVHSUHVHQWDHQHO7,(03235(7e5,72FRQODFRQMXQFLyQFRQGLFLRQDOPQ¡HVRLQGLFDTXHHVSUREDEOH
TXHRFXUUDHOHYHQWRRHVWDGRGHWDOPRGRTXHVHSXHGHWUDGXFLUPQ¡FRPRVLRFRPRFXDQGR

2CCR   C¡L© PQ¡RKEJ  LKZFJCCO FWWM  [C¡ F©T OWK¡ LK  LKK!
RCC  R CC[C PQ¡RKEJ LKZFJCCO FWWM  [C¡ F©T OWK¡ LK  LKO©
GyQGH W~  OOHJDU VL W~3UHW  HV VREUH  HVWiVRO DTXt GH  DOOi LQLFLRLU
¢$GyQGHYDVDLUFXDQGRVDOJDVGHDTXtDOPHGLRGtD"
 /269(5%26


Capítulo 6. Los verbos


(QHVWHFDStWXORGHVFULELPRVORV9(5%26GHOWHSHKXiQ(VSHFtILFDPHQWHGHVFULELPRVORV352&(626025)2/Ï*,&26
GH)250$&,Ï1'(5$',&$/(6YHUEDOHV>@FXiOHVVRQODVFODVHVGHUDGLFDOHVYHUEDOHV>@\FXiOHVVRQORV$),-26\
3$57Ë&8/$6TXHDPHQXGRVHSUHVHQWDQFRQORVUDGLFDOHVHQOD)5$6(9(5%$/

6.1. Los tipos de radicales verbales


(QORVVLJXLHQWHVDSDUWDGRVGHVFULELPRVORVGLIHUHQWHVWLSRVGH5$',&$/(69(5%$/(6HQWHSHKXiQ/DPD\RUtDGH
ORVUDGLFDOHVYHUEDOHVFRQVWDQGHXQD5$Ë=VHQFLOOD>@RXQDUDt]5('8&,'$>@$OJXQRVUDGLFDOHVYHUEDOHV
WDPELpQVRQ5('83/,&$'26>@\RWURVVHIRUPDQSRUPHGLRGH68),-26'(5,9$7,926ORVFXDOHVKDFHQFDPELDUOD
FODVHGHUDGLFDO>@7DPELpQGHVFULELPRVFyPRVRQODV92&$/(6TXHDYHFHVVHSUHVHQWDQDOILQDOGHOUDGLFDOYHUEDO
>@

6.1.1. Los radicales verbales sencillos


/DIRUPDPiVVHQFLOODGHXQ5$',&$/9(5%$/HVOD5$Ë=YHUEDOODFXDOPRVWUDPRVHQHOVHJXQGRUHQJOyQGHORV
HMHPSORVDSHVDUGHTXHFDVLQXQFDVHSUHVHQWDDVtHQHOKDEODQRUPDOGHELGRDODVXSUHVLyQGHODYRFDOILQDO>@R
XQDGHODVYRFDOHVPHGLDQDV>@6LQHPEDUJRODUDt]VHQFLOODVHXVDIUHFXHQWHPHQWHSDUDLQGLFDUHO$63(&72
352*5(6,9235(6(17(HVGHFLUTXHXQ(9(172HVWiHQSURFHVRRTXHXQ(67$'2HVWiYLJHQWHDOPRPHQWRGHO
(181&,$'2

;C¡³  R©Z   LC¡R QKT©


[C¡ ³ R©Z   LC¡R QKT©
DTXt \R  QDGDPiV  iUHD DQGDU
$TXtDQGRSDVHDQGRQDGDPiV
$CZ  DJCK  CC IWDJCD PCEJ DC¡   M©¡P VW  LWIKC¡!
DCÊLKZ DJCK  CC  IWDJCD PCEJDC¡   M©¡P VWÊ LWI© ÊC¡
\D HVWiQ FRFLGRV &RQI ORVIULMROHV SDUDTXHQRVRWURV FRQ ([W FRPHU )XW
¢<DHVWiQOLVWRVORVIULMROHVSDUDTXHORVFRPDPRV"

$VLPLVPRODUDt]VHQFLOODGHXQYHUERDYHFHVVHSUHVHQWDSDUDLQGLFDUHODVSHFWR+$%,78$/35(6(17(HVGHFLUTXH
XQHYHQWRVHOOHYDDFDERUHJXODUPHQWH (ODVSHFWRKDELWXDOGHHVWDGRVVHLQGLFDSRUPHGLRGHODVSHFWRFRQWLQXDWLYR
>@ 

)À¡  MWC¡ K³  IWQP


IÀ¡  LWI© ¡K³ IWQP
JUDQGH FRPHU \R  OD VDO
<RFRPRPXFKDVDO

/DUDt]YHUEDOVHQFLOODWDPELpQVHSUHVHQWDFRQORV$),-26,03(5$7,926>@

$JC LKO MW³   LWO  CCIK¡³FJC¡


DJCÊ LKO© MW ³ LWOÊ  CCIC ÊKFJC ÊFC ÊC¡
DFi  LU  SDUD \R  DXVWHG KDEODU D  &RQW )XW
9HQJDSDUDTXHVHORSXHGDH[SOLFDU

$SHVDUGHTXHODUDt]VHQFLOODGHXQYHUERVLHPSUHLQGLFDHODVSHFWRSURJUHVLYRSUHVHQWHRKDELWXDOSUHVHQWHHQHO
VHJXQGRUHQJOyQGHORVHMHPSORVODVWUDGXFLPRVFRPRLQILQLWLYRVSDUDLQGLFDUFXiOHVODIRUPDEiVLFDGHOYHUER
*5$0È7,&$7(3(+8$1$ 

6.1.2. Los radicales verbales reduplicados


$OJXQDVUDtFHVYHUEDOHVFDPELDQGHIRUPDSRUPHGLRGHOSURFHVRIRQROyJLFRGHUHGXSOLFDFLyQ>FDS@&XDQGRVH
SUHVHQWDXQUDGLFDOUHGXSOLFDGRHVRSXHGHLQGLFDUXQRGHORVVLJXLHQWHVVLJQLILFDGRV D HO68-(72GHXQD&/È868/$
,175$16,7,9$HV3/85$/ E HO2%-(72GHXQDFOiXVXOD75$16,7,9$R%,75$16,7,9$HVSOXUDOR F XQDDFFLyQVHUHSLWH
YDULDVYHFHVHQXQVROROXJDURXQDYH]HQYDULRVOXJDUHVDORTXHVHOHOODPD$63(&72',675,%87,92

6XMHWRSOXUDOGHFOiXVXODLQWUDQVLWLYD
MQZKC¡     MQMZKC¡
MQU© ÊC¡   MQÊMQU© ÊC¡
GRUPLU )XW   SO GRUPLU )XW
GRUPLU 6XMVLQJ   GRUPLU 6XMSO 
2EMHWRSOXUDOGHFOiXVXODWUDQVLWLYD
DCK³OK¡EJFJC¡       DCRCK³OK¡EJFJC¡
DCK³OK¡ÊVW  ÊKFJCÊC¡   DCÊ DCK³OK¡ ÊVW  ÊKFJCÊC¡
KHUUDU FDXVDWLYR D  )XW   SO  KHUUDU  FDXVDWLYR D  )XW
KHUUDU 2EMVLQJ        KHUUDU 2EMSO 
$VSHFWRGLVWULEXWLYR
V©MMC¡      V©V©MMC¡
V©MMC  ÊC¡   V©Ê V©MMC  ÊC¡
SUHJXQWDU )XW   'LVWU SUHJXQWDU )XW
SUHJXQWDU XQDYH]   SUHJXQWDU PiVGHXQDYH] 

&RPRVHSXHGHDSUHFLDUHQHVWRVHMHPSORVHOUDGLFDOUHGXSOLFDGRPXFKDVYHFHVFDPELDGHIRUPDSRUHO352&(62
)212/Ï*,&2GH5(6,/$%,),&$&,Ï1>FK@GHOUDGLFDOYHUEDO

3XHVWRTXHORVUDGLFDOHVUHGXSOLFDGRVVRODPHQWHVHSUHVHQWDQHQDOJXQRVYHUERV\ODIRUPDUHGXSOLFDGDQRVHSXHGH
SUHGHFLUFRQH[DFWLWXGLQFOXLPRVHQHVWHGLFFLRQDULRWRGRVORVUDGLFDOHVUHGXSOLFDGRVGHORVYHUERVFRQORVFXDOHVVH
SUHVHQWDQ

6.1.3. Los radicales verbales reducidos


/DPD\RUtDGHODVUDtFHVYHUEDOHVVH5('8&(1GHIRUPDSDUDLQGLFDUHO7,(03235(7e5,72(OSURFHVRGHIRUPDUXQ
UDGLFDOUHGXFLGRQRUPDOPHQWHVLJXHXQRGHORVGRVSDVRVVLJXLHQWHV

6XSULPLUOD~OWLPDFRQVRQDQWH\OD~OWLPDYRFDOGHODUDt]
6LODFRQVRQDQWHVXSULPLGDQRIXHDOYHRODUDODUJDUOD6LIXHDOYHRODUDJUHJDUOHXQDK
LWIKC¡      LWW
LWI©  ÊC¡    LWI©²¾LW²¾LWW
FRPHU )XW    FRPHU    
FRPHUi      FRPLy
MQZKC¡      MQK
MQU© ÊC¡    MQU©t MQt MQK
GRUPLU ±)XW    GRUPLU   
GRUPLUi     GXUPLy

6LQHPEDUJRHOSURFHVRGHUHGXFFLyQGHOWLHPSRSUHWpULWRQRVHDSOLFDDWRGDVODVUDtFHVYHUEDOHVVLQRTXHDOJXQRV
QRFDPELDQXRWURVFDPELDQGHRWUDPDQHUD

DCVDKC
VHEDxDVHEDxy
 /269(5%26


UCDC¡FC  UCDC¡NJ
FRPSUD   FRPSUy

3XHVWRTXHORVUDGLFDOHVUHGXFLGRVVRODPHQWHVHSUHVHQWDQHQDOJXQRVYHUERV\ODIRUPDUHGXFLGDQRVHSXHGH
SUHGHFLUFRQIDFLOLGDGLQFOXLPRVHQHVWHGLFFLRQDULRWRGRVORVUDGLFDOHVUHGXFLGRVGHORVYHUERVFRQORVFXDOHVVH
SUHVHQWDQ

6.1.4. Los radicales verbales derivados


$OJXQRV5$',&$/(69(5%$/(6VRQGHULYDGRVGHRWURYHUERRGHXQ6867$17,92SRUPHGLRGHXQ68),-2
'(5,9$7,92ORVFXDOHVGHVFULELPRVHQHVWHDSDUWDGR(QORVVLJXLHQWHVHMHPSORVHOVLJQR8LQGLFDXQDUDt]YHUEDO\HO
VLJQR0LQGLFDXQDUDt]QRPLQDO
3RUHMHPSORFXDQGRVHSUHVHQWDHOVXILMR$3/,&$7,92ÊKFJCMXQWRDXQDUDt]YHUEDOORTXHUHVXOWDHVXQUDGLFDOTXH
WLHQHXQJUDGRPD\RUGH75$16,7,9,'$'>@(VGHFLUXQYHUER,175$16,7,92PiVÊKFJCGDFRPRUHVXOWDGRXQ
YHUER75$16,7,92\XQYHUERWUDQVLWLYRPiVÊKFJCGDFRPRUHVXOWDGRXQYHUER%,75$16,7,92ORTXHTXLHUHGHFLUTXHOD
DFFLyQVHOOHYDDFDERSDUDHOEHQHILFLRGHRWUDSHUVRQD

8ÊKFJCVSRUXQDSHUVRQDRSDUDRWUDSHUVRQD
DJCC[C¡      DJCKFJC¡
DJCC C¡     DJCC ÊKFJC ÊC¡
FRFHU )XW     FRFHU SRU )XW
VHFRFHUi VROR     ORFRFHUi XQDSHUVRQD 
DQRMQPC¡      DQRMQ³FJC¡
DQRMQPC ÊC¡    DQRMQPC ÊKFJC ÊC¡
ODYDU SO  )XW    ODYDU SO  SDUD )XW
ORVODYDUi XQDSHUVRQD   VHORVODYDUi XQDSHUVRQDDRWUD 

$GHPiVDOJXQRVYHUERVVHIRUPDQGHUDtFHVQRPLQDOHVSRUPHGLRGHSUHILMRV3RUHMHPSORHOSUHILMRQRPLQDOVWÊ
HOFXDOTXLHUHGHFLUH[WHQVLyQWHPSRUDORORFDWLYRFXDQGRVHSUHVHQWDHQORVYHUERV>@LQGLFD326(6,Ï1GHO
VXVWDQWLYR

VWÊ0  SRVHHUN
/CC¡P R©Z   VW  UC¡WCK³
OCC¡P R©Z   VWÊ UC¡WC ¡K³
XQR  QDGDPiV  ([W FRELMD \R
1DGDPiVWHQJRXQDVRODFRELMD
%JCO VW  VCCV FJK CNJKK
EJCO VWÊ VCCV FJK CNJKK
QR  ([W SDSi HVWH QLxR
(VWHQLxRQRWLHQHSDSi

$VLPLVPRFXDQGRHOVXILMRÊVCVHSUHVHQWDGHVSXpVGHXQVXVWDQWLYRLQGLFDKDFHUORRDGTXLULUOR

0ÊVC¡  KDFHUNDGTXLULUN
/K¡ VW  DC¡MEJC¡    UCR
OK¡ VWÊ DC¡CCM ÊVC ÊC¡ UCR
DOOt ([W FDVD  KDFHU )XW VHJ~Q
'LFHTXHDOOtYDDKDFHUVXFDVD
*5$0È7,&$7(3(+8$1$ 

$C VW  LQQ³EJCM     IW2GGITQ


DCÊ VWÊ LQQ³K  ÊVC  ÊM  IW2GGITQ
\D ([W HVSRVD DGTXLULU 3XQW HO 3HGUR
3HGUR\DVHFDVy OLWDGTXLULyXQDHVSRVD 

6.1.5. Las vocales del radical verbal


&XDQGROD92&$/),1$/GHXQD5$Ë=9(5%$/VHSUHVHQWDMXQWRFRQODIRUPDUHGXSOLFDGDGHOYHUERLQGLFDHO
$63(&72+$%,78$/

%JCO QD   IC¡M©


EJCO QD   ICÊ ICM©
QR  UiSLGDPHQWH 'LVWU VHFDUVH
1RVHVHFDUiSLGDPHQWH

$VLPLVPRODVYRFDOHVILQDOHVGHODVUDtFHVYHUEDOHVVHSUHVHQWDQMXQWRFRQHOVXILMRGHO&235(7e5,72±V>@

/K¡ VWLWCPCV   L©¡MEJK OCUCC¡P


OK¡ VWLWCPC ÊV   L©¡MEJK OCUCC¡P
DOOt WUDEDMDU &RSUHW XQRV  PHVHV
$OOtHVWXYRWUDEDMDQGRSRUDOJXQRVPHVHV

$GHPiVODV92&$/(60(',$1$6GHODVUDtFHVYHUEDOHVVHSUHVHQWDQSDUDLQGLFDUHO$63(&72352*5(6,9235(6(17(
>@DSHVDUGHTXHODVYRFDOHV),1$/(6VHVXSULPHQ

DKKNJFJC¡     DKKNJK¡³
DKKNJKFJC ÊC¡   DKKNJKFJC ʚ 
PROHU  )XW   PROHU   SUHVHQWH
ORPROHUi     ORHVWiPROLHQGR

$VLPLVPRODVYRFDOHVPHGLDQDVGHODVUDtFHVYHUEDOHVVHSUHVHQWDQFRQORV35(),-26,03(5$7,926>@

V©O³KC¡     ZK EJ©OKK³


V©OK³K ÊC¡    ZKÊ V©OK³K
EDMDUVH )XW    ,PS EDMDUVH
VHEDMDUi     £%iMDWH

6.2. Las clases de verbos


/RVYHUERVGHOWHSHKXiQVHSXHGHQGLYLGLUHQGRVFODVHVSULQFLSDOHVDVDEHUORVTXHGHVFULEHQXQ(9(172\ORVTXH
GHVFULEHQXQ(67$'2RVHDHOUHVXOWDGRGHXQHYHQWR
/DFODVHGHYHUERVTXHGHVFULEHQXQHYHQWRVHSXHGHQGLYLGLUHQORVTXHGHVFULEHQDFFLRQHV\HQORVTXHGHVFULEHQ
SURFHVRV>@

$C DC¡P  IWMW¡CC¡     $C LWWIKO  IWMW¡CC¡


DCÊ DC¡PP© IWMW¡CC¡     DCÊ LWI© ÊKO IWMW¡CC¡
\D PRMDU  OD OHxD      \D  DFDEDU3URJ OD OHxD
/DOHxDVHPRMy        /DOHxD\DVHHVWiDFDEDQGR

/DFODVHGHYHUERVTXHGHVFULEHQXQHVWDGRVHSXHGHQGLYLGLUHQORVTXHGHVFULEHQH[LVWHQFLD\HQORVTXHGHVFULEHQ
H[SHULHQFLD>@
 /269(5%26


%JCO LCK¡EJ IWMW¡CC¡    ,KZ DCC¡  IWMW¡CC¡


EJCO LCK¡EJ  IWMW¡CC¡    LKZ DCC¡  IWMW¡CC¡ 
QR  KD\  OD OHxD     HV PRMDGD OD OHxD
1RKD\OHxD         /DOHxDHVWiPRMDGD

6.2.1. Los verbos de evento


/RV9(5%26GH(9(172GHVFULEHQXQHYHQWRRVHDXQDDFFLyQTXHVHOOHYDDFDERXQDVRODYH]RXQSURFHVRTXH
WDUGDSDUDWHUPLQDU\FX\RUHVXOWDGRHVREVHUYDEOH
/RVYHUERVGHHYHQWRVRQODFODVHPiVJUDQGHGHYHUERVHQWHSHKXiQ7RGRVHVWRVYHUERVSXHGHQSUHVHQWDUVHHQWUHV
GLIHUHQWHVWLHPSRVDVDEHUHO7,(032)87852FXDQGRVHOOHYDUiDFDERODDFFLyQHO7,(03235(6(17(FXDQGRVHOOHYDD
FDERODDFFLyQ\HO7,(03235(7e5,72FXDQGRODDFFLyQ\DVHOOHYyDFDER

6W³DQRMQ³FJC¡     CR  IW³  MWVWWP


kuktun.
VWÊ LK³Ê DQRMQP ÊKFJC ÊC¡ ¡CR  ku- kutuun
IWLK³ MWVWWP
([W PH ODYDU  SDUD )XW W~   ODVPL V3OFDPLVD
/iYDPHPLVFDPLVDVSRUIDYRU
6W³  DQRMQ³K¡³  CR CC IW³  MWVWWP! kuktun.
ku- kutuun
VWÊ LK³Ê DQRMQP ÊKFJC ¡CR CC  IWLK³Ê MWVWWP
([W PH ODYDU  SDUD W~  &RQI ODV PLV3OFDPLVD
¢(VWiVODYDQGRPLVFDPLVDV"
6W³  DQRMQ³    LCRKEJ  CC IW³  MWVWWP! kuktun.
ku- kutuun
VWÊ LK³Ê DQRMQP
ÊKFJC  LCRKEJ CC  IWLK³Ê MWVWWP
([W PH ODYDU  SDUD  W~  3UHW &RQI ODV PLV3OFDPLVD
¢<DODYDVWHPLVFDPLVDV"

$VLPLVPRORVYHUERVGHDFFLyQVHSXHGHQSUHVHQWDUHQFXDWURJUDGRVGHWUDQVLWLYLGDGDVDEHUORVYHUERV
LQWUDQVLWLYRVORVYHUERVWUDQVLWLYRVORVYHUERVELWUDQVLWLYRV\ORVYHUERVUHIOH[LYRV
8QYHUER,175$16,7,92VRODPHQWHWLHQHXQ68-(72SHURQRWLHQH2%-(72

-CDWKOWM LC³  LKOKC¡  6QDCCVCO


MCDWKOWM  LC³  LKO© ÊC¡ VQDCC  ÊVCO
PDxDQD   \R   LU  )XW JXDMRORWHOXJDU
0DxDQDYR\D/D*XDMRORWD VXMHWR\R 
2CC FWWM  ³K³KC   FJK OCKOMCO!
RCC FWWM© ³K³KC   FJK OCKOW  MCO 
GRQGH HVWDUVRO GHVSHUWDUVH HVWH HPERUUDFKDU GH
¢&XiQGRVHGHVSHUWyHVHERUUDFKR" VXMHWRHVHERUUDFKR 

8QYHUER75$16,7,92WLHQHWDQWRXQVXMHWRFRPRXQ2%-(72',5(&72

&CK PC³  VW  VWKURC¡  FJK LCCM


FCK PC³ VWÊ VWKURCÊC¡ FJK LCCM
VyOR TXH\R ([W PROHU )XW HVWH PDt]WRVWDGR
1DGDPiVYR\DPROHUHVWHPDt]WRVWDGR VXMHWR\RREMHWRGLUHFWRHVWHPDt]WRVWDGR 
6W¡R  OK¡ WC¡VW¡    FJK IÀ¡O   CUCCM!
VW¡ R OK¡ WC¡ ÊVW¡   FJK IÀ¡ LWOÊ CUCCM
TXp W~  DOOt OOHYDU PRYLPLHQWR HVWH JUDQGHWX  WDOHJDGHL[WOH
¢4XpWUDHVHQWXWDOHJD" VXMHWRW~REMHWRGLUHFWRTXp 
*5$0È7,&$7(3(+8$1$ 

8QYHUER%,75$16,7,92WLHQHWDQWRXQVXMHWR\XQREMHWRGLUHFWRFRPRXQ2%-(72,1',5(&72

#NJK¡EJ LCR LK³ OCMKC¡  IWO  UWW¡PIK¡


CNJK¡EJ  LCR LK³ OCM© ÊC¡ IWLWOÊ UWWFCK¡ ÊIC
XQSRFR  W~  PH GDU )XW HO WX  DJXD  SRVHVLyQ
'DPHWDQWLWDDJXD VXMHWRW~REMHWRGLUHFWRDJXDREMHWRLQGLUHFWRPH 
$C M©¡ORKZ      LCRKEJ   CC IW ,QUGG IW UWWUMC¡P!
DCÊ M©¡ORK ÊZK
ÊKFJC  LCR KEJ  CC  IW ,QUGG  IW UWWUMC Ê¡P
\D DUUHJODU SDUD DSOLFDWLYR  W~  3UHW &RQI HO  -RVp  ORV KXDUDFKHVVX
¢<DDUUHJODVWHORVKXDUDFKHVGH-RVp" VXMHWRW~REMHWRGLUHFWRKXDUDFKHVREMHWRLQGLUHFWR-RVp 

8QYHUER5()/(;,92WLHQHXQVXMHWRTXHHVWDPELpQHOREMHWRGLUHFWRHVGHFLUHVWDQWRHO$*(17(FRPRHO
3$&,(17(

/WOOWEJ  DCEJ  PCOMKC¡    IKQV©T


OWOOWEJ  DCLKEJÊ PCOMK  ÊC¡ IKQV©T
DOOi  QRVRWURV \D QRV HQFRQWUDUVH )XW OODQR
1RVYDPRVDHQFRQWUDUHQHOOODQR VXMHWR\REMHWRGLUHFWRQRVRWURV 
5KCOTKO  IWIWWZ  CC IW,QUGG PC D©©Z  LKOKC¡!
UKCOTK LWOÊ IWIWWZFJC CC  IW,QUGG  PC D©©Z  LKO© ÊC¡
VLHPSUH VH  DQLPDUVH  &RQI HO -RVp  TXH WDPELpQ LU  )XW
¢)LQDOPHQWHVHDQLPy-RVpDLUWDPELpQ" VXMHWR\REMHWRGLUHFWR-RVp 

7DPELpQORVYHUERVGHHYHQWRSXHGHQSUHVHQWDUVHHQGRVGLIHUHQWHVYRFHVRVHDOD92=$&7,9$\OD92=3$6,9$
8QYHUERHQYR]DFWLYDWLHQHXQVXMHWRH[SOtFLWRHOFXDOHVHODJHQWHGHOHYHQWR

&CC O©V   IW ,WCP  IW Q¡TQUKKTKU


FCC  O ©V IW ,WCP  IW Q¡TQUKKTKU
DJDUUDU HOORV 3UHW HO  -XDQ  ORV DOJXDFLOHV
/RVDOJXDFLOHVDJDUUDURQD-XDQ VXMHWRORVDOJXDFLOHV 
/K¡ V©  P©¡ IW³  ZKKZ
OK¡ VWÊ P©¡[C IWLK³Ê ZKKZ
DOOt ([W EDLODU HO PL  KHUPDQRPD\RU
0LKHUPDQRHVWiEDLODQGRDOOt VXMHWRPLKHUPDQR 

(QFDPELRXQYHUERHQYR]SDVLYDQRWLHQHVXMHWRH[SOtFLWRSXHVHOKDEODQWHQRTXLHUHHQIRFDUVHHQHODJHQWHVLQR
HQHOSDFLHQWHVHPiQWLFR(VWRVHSXHGHH[SUHVDUSRUPHGLRGHXQVXMHWRLPSHUVRQDOGH7(5&(5$3(5621$'(/3/85$/
RELHQSRUPHGLRGHXQSUHILMRUHIOH[LYR

-WW O©V   IW,WCP


MWW  O ©V IW,WCP
HQFHUUDUHOORV 3UHW HO -XDQ
-XDQIXHHQFDUFHODGR OLW(OORVHQFHUUDURQD-XDQ 
/K¡ V©O   P©¡
OK¡ VWÊ LWOÊ P©¡
DOOt ([W VH  EDLODU
$OOtKD\XQEDLOH OLW$OOtVHHVWiEDLODQGR 
 /269(5%26


6.2.2. Los verbos de estado


/RV9(5%26GH(67$'2GHVFULEHQHOUHVXOWDGRGHXQ(9(172(VODFODVHPHQRVH[WHQVDGHYHUERVHQWHSHKXiQ3RU
ORWDQWRVRODPHQWHVHSXHGHQSUHVHQWDUFRQDOJXQRVGHORVDILMRVGH7,(032\$63(&72QRFRQWRGRVFRPRORVYHUERVGH
HYHQWR
6LQHPEDUJRVHSXHGHQSUHVHQWDUHQGRVGLIHUHQWHVWLSRVDVDEHUYHUERVGH(;,67(1&,$\YHUERVGH(;3(5,(1&,$
/RVYHUERVGHH[LVWHQFLDLQGLFDQODH[LVWHQFLDROD326,&,Ï1GHO$*(17('RVYHUERVGHH[LVWHQFLDFRPXQHVVRQ
DKC¡WHQHU\VW¡KK¡HVWDUHQFLHUWROXJDURHVWDGR

,©¡M LCR QKFJC¡ DKC¡!


L©¡M  LCR QKFJC¡ DKC¡
FXiQWRV W~  DxRV  WHQHU
¢&XiQWRVDxRVWLHQHV"
/W LKK  PCRCK¡R   VW¡KK¡ IWZ  MCK¡
OW LKK  PCRCK¡LWR VW¡KK¡ IWLKZ MCK¡
DOOi LU3UHW GRQGH5HS HVWDU HO JREHUQDGRUWUDGLFLRQDO
6HIXHDGRQGHHVWiHOJREHUQDGRUWUDGLFLRQDO

0XFKRVGHORVYHUERVGHSRVLFLyQVHSXHGHQWUDGXFLUFRPRHVWDUPiVODSRVLFLyQFRUUHVSRQGLHQWH/RVYHUERVGH
SRVLFLyQPiVFRPXQHVVHSUHVHQWDQHQHOFXDGUR

 6LQJXODU 3OXUDO
$QLPDGR ,QDQLPDGR $QLPDGR ,QDQLPDGR
HVWDU VHQWDGR  FCC FCTCC
HVWDU SDUDGR  M©©M IWIWWM VW¡V
HVWDU DFRVWDGR  DQ¡ MCCV DQQDQM D©©V
HVWDU DQGDQGR  QKT© t QKRQ t
YLYLU HQFLHUWROXJDU  MKQ t QK¡FJC¡ t

Cuadro 11. Los verbos comunes de posición

$JC³  DJ©K¡³  IW³ DQPCCO OK¡ FJ©T PCRCK¡ MCCV


DJCÊLK³Ê DJ©KFJC IWLK³Ê DQPCCO OK¡ F©T PCRCK¡ MCCV
DFi PH WUDHU  HO PL  VRPEUHUR DOOt GH  GRQGH  HVWiDFRVWDGR
7UiHPHPLVRPEUHURGHDOOtGRQGHHVWiSRUIDYRU
$JCOO©PK LC¡M  MQQMDC¡P LCO  QKRQ   IWMCMDCK
DJCOO©PK  LC¡M  MQQMDC¡P LCO QKRQ   IWMCÊ MCDCK
DOOiDUULED  GLUHFFLyQ SUHFLSLFLR HOORV  HVWDUDQGDQGRORVSO FDEDOOR
/RVFDEDOORVDQGDQDOOiDUULEDHQHOERUGHGHOSHxDVFR

/RVYHUERVGHH[SHULHQFLDLQGLFDQTXHHOVXMHWRHVHOSDFLHQWHVHPiQWLFRRVHDHOTXHH[SHULPHQWDHOHVWDGR7RGRV
HVWRVYHUERVVHSUHVHQWDQMXQWRFRQXQRGHORVGRV352&/Ë7,&26&238/$7,926TXHVHSUHVHQWDQFRQORV$'-(7,926
&$/,),&$7,926>@TXHVHSXHGHQWUDGXFLUFRPRVHURHVWDU

/WLC¡R LKZ LQK¡³  CMM©¡P IWDCMQQP


OW LC¡R LKZ LQK¡³  CMM©¡P IWDCMQQP
DOOi iUHD HV  JXVWDUOH UtRHQ  OD JDU]D
$ODJDU]DOHJXVWDDQGDUHQHOUtR
*5$0È7,&$7(3(+8$1$ 

)KKNJKO LKZ DJKQ¡   K³  PC³  O©M VWLWCPKO©M


IKKNJKO  LKZ DJKQ¡   ¡K³ PC³ O©M VWLWCPC ÊKO©M
PXFKR  HVWi WHQHUKDPEUH \R  TXH\R OHMRV WUDEDMDU HVWDED
7HQJRPXFKDKDPEUHSRUTXHHVWXYHWUDEDMDQGRPXFKR
;C¡ R©Z   LKZ OCCZ PCRCK¡ FCC   MCV    IWMCCU
[C¡ R©Z   LKZ OCCZ  PCRCK¡ FCC   MC  ÊV   IWMCCU
DTXt QDGDPiV  HV  YHUVH  GRQGH  HVWDUVHQWDGR HVWDGR&RSUHW OD FD]XHOD
$TXtVHYHGRQGHHVWDEDSXHVWDODFD]XHOD

6.3. Los afijos y partículas verbales


/RV$),-26\3$57Ë&8/$69(5%$/(6VHSUHVHQWDQSDUDH[SUHVDUYDULRV6,*1,),&$'26*5$0$7,&$/(6ORVFXDOHV
GHVFULELPRVHQORVVLJXLHQWHVDSDUWDGRVDVDEHUORVVXILMRVGHWLHPSR>@ORVDILMRVGH$63(&72>@ORVDILMRVGH
WUDQVLWLYLGDG\PRGDOLGDG>@ORVDILMRVGHGLUHFFLyQ\OXJDU>@\ODVSDUWtFXODV02'$/(6>@
(OFXDGUR HQODVLJXLHQWHSiJLQD GHPXHVWUDODUHODFLyQHQWUHORVDILMRVYHUEDOHV\ODVFODVHVGHYHUERVFRQODV
FXDOHVVHSUHVHQWDQ

6.3.1. Los sufijos de tiempo


3RUPHGLRGHORV68),-26GH7,(032HOKDEODQWHSXHGHUHIHULUVHDOWLHPSRUHODWLYRDOPRPHQWRGHO(181&,$'2(VWRV
VXILMRVVHSUHVHQWDQREOLJDWRULDPHQWHFRQWRGRVORVYHUERV(VGHFLUORVVXILMRVGHWLHPSRJHQHUDOHVVHSUHVHQWDQWDQWR
FRQORVYHUERVGH(67$'2FRPRFRQORVYHUERVGH(9(172SHURORVVXILMRVGHWLHPSRHVSHFtILFRVVHSUHVHQWDQVRODPHQWH
FRQORVYHUERVGHHYHQWR
$GHPiVFXDQGRORVVXILMRVGHWLHPSRJHQHUDOHVVHSUHVHQWDQFRQORVYHUERVGHHVWDGRHQORVWLHPSRVIXWXUR\
FRSUHWpULWRWDPELpQVHSUHVHQWDQGHVSXpVGHOVXILMRGHHVWDGRQRSUHVHQWHÊMC&XDQGRVHSUHVHQWDQFRQORVYHUERVGH
HYHQWRVLHPSUHVHSUHVHQWDQFRPRHO~OWLPRVXILMRGHOYHUERH[FHSWRHOFOtWLFRGHOVXMHWRTXHVHSUHVHQWDFRPRVXILMRQR
VRODPHQWHFRQYHUERVVLQRWDPELpQFRQVXVWDQWLYRV\DGYHUELRV>@SRUORTXHVHHVFULEHFRPRXQDSDODEUDVHSDUDGD
/RVVXILMRVGHWLHPSR*(1(5$/(6
/RVWUHVVXILMRVGHWLHPSRJHQHUDOHVVRQÊC¡IXWXURʚSUHVHQWH\ÊVFRSUHWpULWR

    ÊC¡ )XWXUR –š3UHVHQWH     ÊV &RSUHWpULWR


(VWDGR  FCC  MC¡    FCC       FCC  MCV
    FCC  MC ÊC¡  FCC  ʚ    FCC  MC  ÊV
    VHQWDGR HVWDGR)XW  VHQWDGR SUHVHQWH   VHQWDGR HVWDGR&RSUHW
HVWDUiVHQWDGR    HVWiVHQWDGR     HVWDEDVHQWDGR

(YHQWR  RCNJDWKFJC¡    RCNJDWK¡³     RCNJDWKFJCV


    RCNJDWKFJC ÊC¡   RCNJDWKFJC ʚ   RCNJDWKFJC ÊV
    D\XGDU  )XW   D\XGDU  SUHVHQWH  D\XGDU  &RSUHW
    D\XGDUi      HVWiD\XGDQGR    D\XGDED

(OVXILMRGHO7,(032)87852ÊC¡LQGLFDTXHHOHYHQWRRHVWDGRRFXUULUiGHVSXpVGHOPRPHQWRGHOHQXQFLDGR
&XDQGRVHSUHVHQWDFRQXQYHUERGHHYHQWRODYRFDOCGHOVXILMRVHVXSULPHH[FHSWRFXDQGROD~OWLPDYRFDOGHODUDt]HV
Ky©

IC¡TC¡      FWWFW¡     V©IKC¡      LKOKC¡


IC¡TC ÊC¡    FWWFW ÊC¡   V©©IK  ÊC¡   LKO© ÊC¡
YHQGHU )XW    OORYHU )XW   EXVFDU )XW   LU  )XW
YHQGHUi      OORYHUi     EXVFDUi     LUiYHQGUi

 /269(5%26


7LSRGH9(5%2
(67$'2 (9(172
(;3(5,(1&,$ (;,67(1&,$ 3URFHVR $FFLyQ
$),-26YHUEDOHV
LKZÊ$WULEXWLYR  ÊKO3URJUHVLYR 35(7e5,72029,0(172
LKTÊ(TXLYDOHQWH ÊKZ5HVXOWDWLYR ÊKEJDDVLQJDSOÊVW¡0RFLyQ
Ê©VDSODSOÊKMC¡7UDVODGR
ÊVDVLQJ
9$/(1&,$$63(&72
ÊZK%HQHIDFWLYROCÊ'LVWLQWLYR
ÊVW&DXVDWLYR–FC&RQWLQXDWLYR
ÊNJK&DXVDWLYRÊZKO5HVXOWDWLYR
ÊKFJC$SOLFDWLYR–EJQ7HUPLQDWLYR
02'27,(032
ZKÊ,PSHUDWLYR–M3UHW3XQWXDO
DKÊ,PSFRUWpV–KO©M&RSUHWpULWR
LKZÊÊO'HVLGHUDWLYR
–K³([LJHQFLD&21-81&,Ï1
ÊO©TC3URSyVLWRÊL©K$FFLyQSUHYLD
ÊMCÊ(VWDGRQRSUHVHQWH '(,;,6$63(&72
DJCÊ+DFLDR$UULEDLKÊ,QFLSLHQWH
OWÊ)XHUDR5HPRWRLWRÊ5HSHWLWLYR
OKÊ'LVWDQWH
[CÊ3Uy[LPR
68-(722%-(727,(032$63(&72
–³DVLQJLK³ÊDVLQJ–C¡)XWXURVWÊ([WHQVLYR
–RDVLQJLWOÊDVLQJ–V&RSUHWpULWRDCÊ5HDOL]DGR
–∅
∅DVLQJ∅–DVLQJ–∅
∅3UHVHQWHMCÊ7HPSRUDOPHQWH
–EJDSOLKEJÊDSORWÊ6LPSOHPHQWH
–RKODSOLCOÊDSO
ÊODSOLCÊDSO

Cuadro 12. Los afijos verbales y las clases de verbos

(OVXILMRGHO7,(03235(6(17(HVQXORHVGHFLUVHSUHVHQWDHOUDGLFDOVLQVXILMRGHWLHPSR&XDQGRHVWRVXFHGHOD
~OWLPDYRFDOGHOUDGLFDOVHVXSULPHORTXHDYHFHVFDXVDFDPELRVHQOD~OWLPDFRQVRQDQWH>@(VRLQGLFDTXHHO
HVWDGRHVWiYLJHQWHRTXHHOHYHQWRHVWiRFXUULHQGRXRFXUUHKDELWXDOPHQWHHQHOPRPHQWRGHOHQXQFLDGR
(OVXILMRGHO7,(032&235(7e5,72ÊVLQGLFDTXHHOHYHQWRRHVWDGRRFXUUtDDQWHVGHOPRPHQWRGHOHQXQFLDGR\TXH
GXUySRUXQWLHPSRLQGHWHUPLQDGR
/RVWUHVVXILMRVGHWLHPSRJHQHUDOHVWDPELpQVHSUHVHQWDQFRQYHUERVFX\DVUDtFHVVRQWRPDGDVGHOHVSDxRO(QHVWH
FDVRODYRFDOWRODYRFDOQVHSUHVHQWDHQWUHHOLQILQLWLYRGHOYHUERHQHVSDxRO\HOVXILMRGHWLHPSRHQWHSHKXiQ

MWORNKKTW¡   K³
MWORNKKT ÊWÊC¡ ¡K³
FXPSOLU   )XW \R
9R\DFXPSOLU
*5$0È7,&$7(3(+8$1$ 

MWORNKKTWV    K³
MWORNKKT ÊWÊV   ¡K³
FXPSOLU   &RSUHW \R
(VWDEDFXPSOLHQGR \R 
MWORNKKT    K³
MWORNKKT ʚ  ¡K³
FXPSOLU  SUHVHQWH \R
(VWR\FXPSOLHQGR

/RVVXILMRVGHWLHPSR(63(&Ë),&26
/RVVXILMRVGHWLHPSRHVSHFtILFRVSXHGHQSUHVHQWDUVHHQORVYHUERVGHHYHQWRHQYH]GHXQVXILMRGHWLHPSRJHQHUDO
(VGHFLUXQYHUERGHHYHQWRSXHGHSUHVHQWDUVHFRQXQVXILMRGHWLHPSRJHQHUDORFRQXQVXILMRGHWLHPSRHVSHFtILFR
SHURQRORVGRV
7DPELpQORVVXILMRVGHWLHPSRHVSHFtILFRVVRQPiVHVSHFtILFRVTXHORVVXILMRVGHWLHPSRJHQHUDOHVSRUTXHLQFOX\HQ
LQIRUPDFLyQDFHUFDGHO$63(&72GHHYHQWRRVHDDFHUFDGHVXUHODFLyQFRQHOWLHPSR\HOHVSDFLR>@
/RVWUHVVXILMRVGHWLHPSRHVSHFtILFRVVRQKEJ©VVSUHWpULWRÊMSXQWXDO\ÊKO©MFRSUHWpULWR
(OVXILMRGHO7,(03235(7e5,72LQGLFDTXHODDFFLyQ\DVHWHUPLQyVLQGHFLUTXHWDQWRWDUGyHQOOHYDUVHDFDER(VWH
VXILMRVLHPSUHVHSUHVHQWDFRQODIRUPDUHGXFLGDGHOUDGLFDOYHUEDO>@\FRQHOPRUIHPDGHOVXMHWR>@/DV
WUHVIRUPDVGHHVWHVXILMRVRQ KEJSULPHUDSHUVRQDGHOVLQJXODU\SOXUDO\VHJXQGDSHUVRQDGHOVLQJXODU©VVHJXQGD
\WHUFHUDSHUVRQDGHOSOXUDO\VWHUFHUDSHUVRQDGHOVLQJXODU

$C OCIQQ ³KEJ      $C OCIQQ O©V


DC OCIQQ ³ KEJ    DC OCIQQ O ©V
\D FDQVDUVH \R  3UHW    \D  FDQVDUVH HOORV 3UHW
<DPHFDQVp        <DVHFDQVDURQ

(OVXILMRGHOSUHWpULWRGHWHUFHUDSHUVRQDGHOVLQJXODUVQXQFDVHSUHVHQWDFRPRVXILMRGHOYHUERVLQRTXHVRODPHQWH
VHSUHVHQWDFRPRVXILMRGHXQDSDODEUDTXHVHSUHVHQWDDQWHVGHOYHUER

,QVOQFC¡  OCIQQ IWCNJKK


LQVOQFC¡  OCIQQ IWCNJKK 
UiSLGDPHQWH FDQVDUVH HO QLxR 
5iSLGDPHQWHVHFDQVyHOQLxR  
2CPCCUPCV   OCIQQ IWCNJKK
RCPCCU PC ÊV  OCIQQ IWCNJKK
SDUHFH TXH 3UHW FDQVDUVH HO QLxR
3DUHFHTXHHOQLxRVHFDQVy

(OVXILMRGHO7,(03238178$/ÊMLQGLFDTXHODDFFLyQHPSH]y\WHUPLQyHQDOJ~QSXQWRGHOWLHPSRHQHOFRSUHWpULWR
HVGHFLUTXHQRWXYRGXUDFLyQVLJQLILFDWLYD(VWHVXILMRVLHPSUHVHSUHVHQWDMXQWRFRQHOFOtWLFRGHOSUHWpULWR

$CVDKTCM  LC³KEJ  FJQ


DCVDKTC ÊM  LC³ KEJ FJQ
EDxDUVH 3XQW \R  3UHW (3
6tIXL DOUtR DEDxDUPH
7K¡ZFJCM      IWUWWFCK¡ IW³  ZWWUCM  PC³KEJ
WK¡ ÊZK ÊKFJC  ÊM  IWUWWFCK¡  IWLK³Ê UWWUCM  PC³KEJ
OOHYDUSDUD DSOLFDWLYR 3XQW HO DJXD   ORVPL  KXDUDFKHV TXH\R3UHW
 /269(5%26


OWK¡ V©K  LK  LWT


OWK¡ V©K  LKÊ LWTMK
DOOi  LQWHQWRLQLFLRFUX]DU
(ODJXDVHOOHYyPLVKXDUDFKHVFXDQGRLQWHQWpFUX]DUHOUtR

(OVXILMRGHO7,(032&235(7e5,72ÊKO©MLQGLFDTXHODDFFLyQVHHVWDEDOOHYDQGRDFDERSRUDOJ~QWLHPSRHVGHFLU
TXHVtWXYRGXUDFLyQVLJQLILFDWLYD&XDQGRHVWHVXILMRVHSUHVHQWDDOJXQRVKDEODQWHVVXSULPHQOD~OWLPDYRFDOGHOYHUER
SHURRWURVKDEODQWHVODPDQWLHQHQ

/W QKNJKO©M  D©©R©¡


OW QKT© ÊKO©M  D©©R©¡
DOOi DQGDU HVWDED  DQWHV
0iVWHPSUDQRDOOiDQGDED
$CL©M  IKKNJKO VWO   MQMFCKO©M  PCT  L©IKCNJK¡ MCV
DCL©M  IKKNJKO VWÊ LWOÊ MQMFCÊKO©M PCLKT L©IKCNJK¡ ÊMC ÊV
KDFHPXFKRPXFKR ([W VH  SHOHDU HVWDED TXHHV JXHUUD HVWDGR&RSUHW
+DFHPXFKRWLHPSRGXUDQWHODJXHUUDSHOHy OLWHVWDEDSHOHDQGR PXFKDJHQWH

6.3.2. Los afijos de aspecto


$GLIHUHQFLDGHORVVXILMRVGHWLHPSRORV$),-26GH$63(&72QRVRQREOLJDWRULRVSHURVHSUHVHQWDQDPHQXGRSDUD
SURSRUFLRQDULQIRUPDFLyQDGLFLRQDODFHUFDGHO(9(172R(67$'2HQFXDQWRDVXVGLPHQVLRQHVWDQWR7(0325$/(6FRPR
(63$&,$/(6SRUHMHPSORVLXQHYHQWRGXUyPXFKRWLHPSRRSRFRRVLXQHVWDGRDEDUFDPXFKRVOXJDUHVRSRFRV

$VtFRPRKD\GRVFODVHVGHDILMRVGHWLHPSRWDPELpQKD\GRVFODVHVGHDILMRVGHDVSHFWR/RVDILMRVGHDVSHFWR
JHQHUDOHVVHSUHVHQWDQWDQWRFRQORVYHUERVGHHVWDGRFRPRFRQORVYHUERVGHHYHQWRSHURORVDILMRVGHWLHPSR
HVSHFtILFRVVHSUHVHQWDQVRODPHQWHFRQORVYHUERVGHHYHQWR
/RVDILMRVGHDVSHFWR*(1(5$/(6
7RGRVORVDILMRVGHDVSHFWRJHQHUDOHVVRQ35(),-26DVDEHUVWÊEJWÊH[WHQVLyQDCÊUHDOL]DGRMCÊSURYLVLRQDO\
RWÊVHQFLOOH]
(OSUHILMRGH(;7(16,Ï1VWÊLQGLFDTXHHOKDEODQWHFRQVLGHUDTXHHOHYHQWRRHVWDGRDOTXHVHUHILHUHHVWiH[WHQGLGR
HQHOWLHPSRRHQHOHVSDFLRHVGHFLUTXHRFXSDUHODWLYDPHQWHPXFKRWLHPSRRVHDSOLFDDXQiUHDUHODWLYDPHQWHDPSOLD
6HSUHVHQWDDPHQXGRFRQDFWLYLGDGHVFRWLGLDQDVFXOWXUDOHVTXHUHTXLHUHQPXFKRWLHPSRRPXFKRHVSDFLRSDUDOOHYDUVHD
FDER

6W UQQO FJK WDKK OCC¡P IWKRWWT


VWÊ UQQOC FJK WDKK OCC¡P IWKRWWT
([W FRVHU  HVWD PXMHU XQD  OD IDOGD
(VWDPXMHUHVWiFRVLHQGRXQDIDOGD
,C¡ROQQ O©M LKZ EJW OCCZ [C¡ F©T
LC¡R OQQ O©M LKZ VWÊ OCCZ  [C¡ F©T
TXpWDQWR OHMRV HV  ([W YHUVH  DTXt GH
£4XpWDQOHMRVVHYHGHVGHDTXt

(VWHSUHILMRGHH[WHQVLyQVWÊWLHQHXQDYDULDQWHSDODWDOL]DGDEJWÊTXHVHSUHVHQWDFXDQGRHOVRQLGRTXHOHSUHFHGH
HVOD92&$/$/7$$17(5,25KRHVXQD&21621$17($/9(23$/$7$/>@

%JCO LCK¡EJ IWQP


EJCO LCK¡EJ  IWQP
QR  KDEHU  OD VDO
1RKD\VDO
*5$0È7,&$7(3(+8$1$ 

%JCO RCK¡ EJW LCK¡EJ IWMKQMCO


EJCO RCK¡ VWÊ LCK¡EJ  IWMKQ MCO
QR  GRQGH([W KDEHU  HO YLYLU GH
(OGXHxRGHODFDVDQRVHHQFXHQWUD OLWQRHVWiHQQLQJXQDSDUWH 

$GHPiVODSURQXQFLDFLyQGHODYRFDOGHOSUHILMRVWÊVHDGDSWDSDUDTXHVHDLJXDODODSULPHUDYRFDOGHOYHUERTXH
VLJXH(VGHFLUVLODSULPHUDYRFDOGHOYHUERHVCKQyWODYRFDOGHOSUHILMRVHSURQXQFLDXSHURVLODSULPHUDYRFDO
GHOYHUERHV©RÀODYRFDOGHOSUHILMRVHSURQXQFLD©RÀGHDFXHUGRFRQODYRFDOGHOYHUER

6© ©©Z  FJQ UCR IW DCCM


VWÊ ©©Z  FJQ UCR IW DCCM
([W UREDU (3 (5 ODV YDFDV
$VtHV'LFHQTXHUREyXQDVYDFDV
%JCO VÀ  MÀÀ
EJCO VWÊ MÀÀ
QR  ([W RtU
(VVRUGR OLWQRR\H 

(OSUHILMR5($/,=$'2DCÊLQGLFDTXHHOHYHQWRRHVWDGR\DHPSLH]DDOOHYDUVHDFDER(VGHFLUHQHO7,(032
)87852DCÊTXLHUHGHFLUTXHHOHYHQWRRHVWDGRHVWiDSXQWRGHHPSH]DUPLHQWUDVTXHHQHO7,(03235(6(17(DCÊ
TXLHUHGHFLUTXHDFDEDGHHPSH]DU\HQHO7,(032&235(7e5,72TXLHUHGHFLUTXH\DHPSH]yDUHDOL]DUVH3RUORWDQWRHO
VLJQLILFDGRGHHVWHSUHILMRHVVHPHMDQWHDOVLJQLILFDGRGHO$'9(5%,2\DHQHVSDxRO

/K¡ DCFCC
DOOt \D HVWiVHQWDGR
<DHVWiVHQWDGRDOOt
$C VW  LWW FJQ
\D ([W FRPLy (3
6t\DFRPLy
;C¡ DCCC[C¡ CO  IWLC¡VMCO PCO  VW LQQLQKFJC¡
[C¡ DCCC[C ÊC¡¡CO IWLC¡VMCO PCO VW LQQLQKÊFC ÊC¡
DTXt \D OOHJDU )XWHOORV OD JHQWH  TXHHOORV([W PLUDU &RQW)XW
  PCT   RKCUVCMC¡
  PC LKT HKGUVC ÊMC ÊC¡
  TXH HV  ILHVWD HVWDGR)XW
<DHPSH]DUiDOOHJDUODJHQWHSDUDYHUODILHVWD

(OSUHILMR3529,6,21$/MCÊLQGLFDTXHHOHYHQWRRHVWDGRRFXUUtDWRGDYtDRFXUUHXRFXUULUiSRUXQWLHPSR
OLPLWDGRSRUORTXHVHSXHGHWUDGXFLUFRPRD~QPLHQWUDVRWRGDYtD

/K¡ MC FCC


DOOt D~Q HVWiVHQWDGR
7RGDYtDHVWiVHQWDGRDOOt
;C¡³  MCO    P©©TC¡
[C¡ ³ MCÊ  LWOÊ P©©TC  ÊC¡
DTXt \R  PLHQWUDV WH  HVSHUDU )XW
$TXtWHHVSHUR
 /269(5%26


/K¡ MC  VW  MWC¡ PC³KEJ   LCZ DCCK


OK¡ MC   VWÊ LWI© PC³KEJ LCZ DCCK
DOOt WRGDYtD ([W FRPHU TXH\R3UHW FyPR \D OOHJDU3UHW
7RGDYtDHVWDEDFRPLHQGRDOOtFXDQGR\ROOHJXp

(OSUHILMRGH6(1&,//(=RWÊLQGLFDTXHHOHYHQWRRHVWDGRIXHHVRVHUiORPiVVHQFLOOR\QDWXUDOTXHXQRSXGLHUD
HVSHUDUHQHVDVFLUFXQVWDQFLDV

/K¡ RW   FCC   D©Z EJCPQQNJ


DOOt VLPSOHPHQWH HVWiVHQWDGR WRGR GtD
$OOtQDGDPiVVHTXHGyVHQWDGRWRGRHOGtD
2W³     EJ©VFC PC EJCO
RWÊ    LK³Ê V©©FC  PC EJCO
VLPSOHPHQWH PH GHFLU  TXH QR
0HGLMRTXHQR

/RVDILMRVGHDVSHFWR(63(&Ë),&26
/RVDILMRVGHDVSHFWRHVSHFtILFRVVHUHILHUHQVRODPHQWHDHYHQWRVQRDHVWDGRV'RVGHHOORVVRQ35(),-26\ORV
GHPiVVRQ68),-26DVDEHULKÊLQLFLROCÊQRWDEOHÊO©TCÊRQSURSyVLWRÊFCFRQWLQXDWLYRÊEJW¡PRYLPLHQWRÊEJQ
WHUPLQDWLYRÊKOSURJUHVLYRHÊKZUHVXOWDWLYR
3RUPHGLRGHOSUHILMRGH,1,&,2LKÊHOKDEODQWHSXHGHUHIHULUVHDOSXQWRGHLQLFLRGHOHYHQWR(VWHVLJQLILFDGRHV
VHPHMDQWHDOVLJQLILFDGRGHOSUHILMR5($/,=$'2DCÊSRUORTXHDPHQXGRVHSUHVHQWDQMXQWRV3HURHOSUHILMRLKÊHVPiV
HVSHFtILFRSRUTXHVHHQIRFDVRODPHQWHDOPRPHQWRHQHOTXHLQFLDHOHYHQWRQRDOKHFKRGHTXHHOHYHQWR\DFRPHQ]y\
HVWiHQPDUFKD

$JCK¡  DC LK  EJQP IWVCPQQNJ


DJCK¡  DCÊ LKÊ VQPPK IWVCPQQNJ
KDFLDDFi \D  LQLFLR EULOODU HO GtD
<DHPSH]yDWRFDUODOX]GHOVRODFi
)W ICIQQZ DC¡ OWK¡ LK  VQTMK ICOCK¡ LK  O©© IWDCCM
IW ICIQQZ DC¡ OWK¡ LKÊ VQTMKFJC ICOCK¡ LKÊ O©©NJKIWDCCM
HO SHUUR  OXHJR DOOi LQLFLR ODGUDU  PiVDOOi LQLFLR FRUUHU OD YDFD
/XHJRHOSHUURHPSH]yDODGUDUOHDODYDFD\HOODHPSH]yDFRUUHUKDFLDDOOi

3RUPHGLRGHOSUHILMR127$%/(OCÊHOKDEODQWHSXHGHUHIHULUVHDOHYHQWRFRPRXQVXFHVRUHODWLYDPHQWH
H[WUDRUGLQDULRRH[WUDxRHQVXH[SHULHQFLD

/C  FWW¡P VWMCC¡


OCÊ FWWFW VWMCC¡
QRWDEOH OORYHU  QRFKH
£/ORYLyDQRFKH
&©MQQ OC  CKEJ   OW RCK¡ PC UWWFCK¡
F©MQQ OCÊ  CKEJFJC  OW RCK¡ PC UWWFCK¡
DSHQDV QRWDEOH KDFHUOOHJDU DOOi GRQGH TXH DJXD
$SHQDVORJUyD\XGDUORDOOHJDUDGRQGHHVWDEDHODJXD

3RUPHGLRGHOVXILMRGH3523Ï6,72ÊO©TCHOKDEODQWHLQGLFDTXHHOHYHQWRVHOOHYDDFDERHQRWURVLWLROHMRVGH
GRQGHHVWiKDEODQGRSRUORTXHVHSXHGHWUDGXFLULUD(VWHVXILMRWLHQHGRVIRUPDVÊO©TCVLHO68-(72HV6,1*8/$5\Ê
RQVLHOVXMHWRHV3/85$/
*5$0È7,&$7(3(+8$1$ 

6W UCDC¡PO©TC¡   6QDCCVCO  MCDWKOWM 


VW UCDC¡FC ÊO©TCÊC¡ VQDCC  ÊVCO MCDWKOWM
([W FRPSUDU LUD )XW JXDMRORWH OXJDU PDxDQD
,UiD/D*XDMRORWDPDxDQDSDUDKDFHUFRPSUDV
/CKM LCEJ  VW  DK³ RQ¡   IWLWPDCC¡ junboൎ.
OCKM LCEJ  VWÊ DKR³K ÊRQ ÊC¡ IWLWPDCC¡ junboൎ
YiPRQRVQRVRWURV ([W FKXSDULUD )XW OD FDxDGHD]~FDU
9DPRVD LUD FRPHUFDxDGHD]~FDU OLWPDVWLFDUODFDxD\WUDJDUHOMXJR 

3RUPHGLRGHOVXILMR&217,18$7,92ÊFCHOKDEODQWHSXHGHLQGLFDUTXHHOHYHQWRWDUGyXQSHULRGRSURORQJDGRSDUD
OOHYDUVHDFDERHQXQDVRODRFDVLyQRTXHHOHYHQWRVHOOHYDDFDERHQYDULDVRFDVLRQHV

/K¡ UCR DC CK  MKC¡OK¡³  WC¡FCV     IWCJNKK alhii.


OK¡ UCR DCÊ CC[C MK¡CCO Ê¡P WC¡ ÊFC ÊV   IWCNJKK
DOOt (5 \D  OOHJDU KRJDU  VX  OOHYDU &RQW &RSUHW HO QLxR
/OHJyDVXFDVDOOHYDQGRDOQLxR
,QKFJCO LKZ LWWM  DWCPFC¡   IWUWWFCK¡ RCK¡ PCT  VQK³MCO
LQKFJCO LKZ LWWM  DWCP ÊFC ÊC¡IWUWWFCK¡ RCK¡ PCLKT VQK³ MCO
PXFKR  HV  FDOLHQWLWR VDOLU &RQW )XWHODJXD  GRQGH TXHHV DJXDWHUPDO
'RQGHKD\DJXDVWHUPDOHVHODJXDVDOHELHQFDOLHQWLWD

3RUPHGLRGHOVXILMRGH029,0,(172ÊEJW¡HOKDEODQWHSXHGHLQGLFDUTXHHOHYHQWRVHOOHYDDFDERPLHQWUDVTXHHO
VXMHWRHVWiHQPRYLPLHQWR

6WMEJW¡       IWCJNKK IW³  ZKMW¡


VWM©     ÊEJW¡   IWCNJKK IWLK³Ê ZKMW¡
OOHYDUHQHVSDOGD PRYLPLHQWR HO QLxR OD PL  KHUPDQRPHQRU
0LKHUPDQDHVWiFDUJDQGRDOQLxRHQVXHVSDOGD

3RUPHGLRGHOVXILMR7(50,1$7,92ÊEJQHOKDEODQWHSXHGHUHIHULUVHDOSXQWRWHUPLQDOGHOHYHQWR(VWHVLJQLILFDGRHV
ORRSXHVWRGHOVLJQLILFDGRGHOSUHILMRGHLQLFLRLKÊSHURHVPXFKRPHQRVFRP~Q

$C MQK¡EJQ   EJKEJ


DC LWI© ÊEJQ  EJ  KEJ
\D FRPHU WHUPLQDU QRVRWURV 3UHW
<DWHUPLQDPRVGHFRPHU

3RUPHGLRGHOVXILMR352*5(6,92ÊKOHOKDEODQWHSXHGHLQGLFDUTXHHOHYHQWRHVXQSURFHVRTXHVHHVWiOOHYDQGRD
FDERHQHOPRPHQWRGHOHQXQFLDGRRVHHVWDEDOOHYDQGRDFDERDQWHVGHOHQXQFLDGR(VWHVLJQLILFDGRHVPiVHVSHFtILFR
TXHHOGH$63(&72352*5(6,9235(6(17(SRUTXHHQFXDOTXLHUHYHQWRSXHGHSUHVHQWDUVHHODVSHFWRSURJUHVLYRSUHVHQWH
SHURVRODPHQWHDOJXQRVHYHQWRVSXHGHQSUHVHQWDUVHFRQHOVXILMRSURJUHVLYRORVTXHVRQSURFHVRVQDWXUDOHVRVHDORV
TXHVHGHVDUUROODQDWUDYpVGHOWLHPSR

$C OWWMKO
DC OWWMK ÊKO
\D PRULUVH 3URJ
(VWi RHVWDED PXULHQGR
5CCNJ   OW V©UFKO  CO
UCCNJ   OWÊ V©UF© ÊKO ¡CO
SRFRDSRFR DOOi VXELU 3URJ HOORV
/HQWDPHQWHVHHVWiQ RHVWDEDQ VXELHQGR HOORV 
 /269(5%26


(OVXILMRSURJUHVLYRÊKOVHSXHGHFRQIXQGLUIiFLOPHQWHFRQHOVXILMRÊOTXHHVODIRUPD35(7e5,7$GHOVXILMRGH
3523Ï6,72ÊO©TCLUD>@DXQTXHQRUPDOPHQWHVHSXHGHQGLVWLQJXLUSRUHOFRQWH[WRHQTXHVHSUHVHQWDQ

$C VW  MQ¡KKO  CO


DCÊ VWÊ LWI© ÊKO ¡CO
\D ([W FRPHU 3URJ HOORV
<DDQGDQFRPLHQGR HOORV 
$C VW  MQ¡KKO   LCO©V
DCÊ VWÊ LWI© ÊO  LCO©V
\D ([W FRPHU SURSyVLWR HOORV
<DIXHURQDFRPHU HOORV 

3RUPHGLRGHOVXILMR5(68/7$7,92ÊKZHOKDEODQWHSXHGHUHIHULUVHDXQSURFHVRTXH\DQRHVWiGHVDUUROOiQGRVHHV
GHFLUHOHQIRTXHGHHVWHVXILMRHVHOHVWDGRILQDOGHOSURFHVRHOFXDOGXUDGHVSXpVGHTXHHOSURFHVRKD\DWHUPLQDGR

$C LWIKKZ    FJK MW¡CC¡


DCÊ LWI©  ÊKZ  FJK MW¡CC¡
\D DFDEDUVH UHVXOWDGR HVWD OHxD
(VWDOHxD\DVHKDDFDEDGR

6.3.3. Los afijos de transitividad y de modalidad


$GHPiVGHORV$),-26GHWLHPSR\DVSHFWRKD\RWURVDILMRVYHUEDOHVORVFXDOHVVHUHILHUHQD75$16,7,9,'$'\D
02'$/,'$'

/RVVXILMRVGH75$16,7,9,'$'
+D\XQFRQMXQWRGHWUHV68),-26TXHDPHQXGRVHSUHVHQWDQSDUDLQGLFDUOD75$16,7,9,'$'GHXQ9(5%2GH(9(172
>@HVGHFLUVXSUHVHQFLDD\XGDDHVSHFLILFDUFXiQWRV2%-(726KD\\FyPRVHUHODFLRQDQFRQHO68-(72
(OVXILMRGHWUDQVLWLYLGDGPiVJHQHUDOHVHOVXILMR$3/,&$7,92ÊKFJCSXHVRFXUUHHQPXFKRVGHORVYHUERV
WUDQVLWLYRV(VWHVXILMRLQGLFDTXHHOHQIRTXHGHODFOiXVXODHVWiHQXQRGHORVREMHWRVHVGHFLUHOREMHWRGLUHFWRHVWi
HQIRFDGRHQXQYHUERWUDQVLWLYR\HOREMHWRLQGLUHFWRHVWiHQIRFDGRHQXQYHUERELWUDQVLWLYR>@

gaൎlhidhaൎ    
,WO IC¡JNKFJC¡ K³  OCC¡P IWCTRWWU
LWO  IC¡TC  ÊKFJC  ÊC¡ ¡K³ OCC¡P IWCTRWWU
WH  YHQGHU DSOLFDWLYR )XW \R  XQR  HO PRUUDO
7HYHQGHUpXQPRUUDO

/RVRWURVGRVVXILMRVGHWUDQVLWLYLGDGVRQHO%(1()$&7,92ÊZK\HO&$86$7,92ÊEJW(OVXILMREHQHIDFWLYRLQGLFD
TXHHOHYHQWREHQHILFLDDOREMHWRLQGLUHFWR\HOVXILMRFDXVDWLYRLQGLFDTXHHOVXMHWRFDXVDDOREMHWRLQGLUHFWRDKDFHU
DOJR

,CO M©¡ORKZFJC¡        IWOCCMKPC       


LCO  M©¡ORK ÊZK   ÊKFJC  ÊC¡ IWOCCMKPC
D8GV UHSDUDU EHQHIDFWLYR DSOLFDWLYR )XW OD PiTXLQDGHFRVHU
/HVUHSDUDUiODPiTXLQDGHFRVHUSDUDXVWHGHV
,C  DCVDKEJFJC¡       IWOCCOTC¡P   FJK WDKK
LC  DCVDKC ÊVW  ÊKFJC  ÊC¡ IWOCCÊ OCTCC Ê¡PFJK WDKK
DHOORV EDxDU  FDXVDWLYR DSOLFDWLYR )XW ORVSO  KLMR  VX HVWD PXMHU
(VWDPXMHUYDDEDxDUDVXVKLMRV
*5$0È7,&$7(3(+8$1$ 

/RVDILMRVGH02'$/,'$'
(O6,*1,),&$'2*5$0$7,&$/GH02'$/,'$'WUDWDGHOSXQWRGHYLVWDGHOKDEODQWHDFHUFDGHO(9(172>@
/RV$),-26'(6,'(5$7,926VRQGRVDILMRVTXHVHSUHVHQWDQMXQWRVSDUDLQGLFDUHOGHVHRGHOVXMHWRGHKDFHUDOJR8QR
GHHOORVHVHO352&/Ë7,&2&238/$7,92LKZTXHVHSUHVHQWDVRORFRQORV9(5%26GH(67$'2>@\FRQORVDGMHWLYRV
FDOLILFDWLYRV>@(ORWURHVODIRUPDGHO35(7e5,72GHO68),-2GH3523Ï6,72ÊOTXHVHSUHVHQWDVRODPHQWHFRQ
YHUERVGHHYHQWR>@&XDQGRHVWRVGRVDILMRVVHSUHVHQWDQMXQWRFRQXQYHUERGH(9(172ORKDFHQFDPELDUDXQ
YHUERGHHVWDGRHVSHFtILFDPHQWHXQYHUERGH(;3(5,(1&,$>@

,KZ  ZCDC¡FCO  IWMCM³K¡ IWWDKK


LKZ UCDC¡FC ÊO IWMCM³K¡ IWWDKK
HV  FRPSUDU TXLHUH OD WHOD  OD PXMHU
/DPXMHUTXLHUHFRPSUDUWHOD

(OVXILMRGHVLGHUDWLYRFDPELDGHIRUPDFXDQGRHOVXMHWRHVSOXUDOHVGHFLUODIRUPDVLQJXODUHVÊO\ODIRUPDSOXUDO
HVÊM

$CZ   MQQMZKM   CO  IWC¡CCNJ


DCÊ LKZ MQQMZ© ÊM   ¡CO IW¡CÊ¡CNJKK
\D VRQ GRUPLU TXLHUHQ HOORV  ORVSOQLxR
/RVQLxRV\DWLHQHQVXHxR OLWTXLHUHQGRUPLU 

6.3.4. Los prefijos de dirección y lugar


(QPXFKRVGHORVYHUERVGHHYHQWRVHSUHVHQWDQWDPELpQSUHILMRVGHGLUHFFLyQ\OXJDU
/RVGRVSUHILMRVGH',5(&&,Ï1LQGLFDQVLHOHYHQWRVHOOHYDDFDERHQXQDGLUHFFLyQRULHQWDGDKDFLDHOKDEODQWHRHQ
ODGLUHFFLyQRSXHVWDDVDEHUDJCÊKDFLDDFi\OWÊKDFLDDOOi

:KD  UCR DJC LKO


ZKD  UCR DJCÊ LKO©
DKRUD (5 DFi LU
'LMRTXHYLQLHUDDKRULWD
/W  LC¡R V©  P©K¡³
OWÊ LC¡R VWÊ P©KFJC
DOOi  iUHD ([W YHU
(VWiYLHQGRKDFLDDOOi

$VLPLVPRORVFXDWURSUHILMRVGH/8*$5LQGLFDQODGLVWDQFLD\ODDOWXUDUHODWLYDGHOHYHQWRHQFXDQWRDOOXJDUGHO
KDEODQWHHQHOPRPHQWRGHO(181&,$'2(VGHFLUSRUPHGLRGHORVSUHILMRVGHOXJDUHOKDEODQWHSXHGHGLVWLQJXLUWUHV
GLIHUHQWHVGLVWDQFLDVGHSUR[LPLGDGUHODWLYD LQPHGLDWDFHUFDQD\GLVWDQWH \GRVGLIHUHQWHVDOWXUDVUHODWLYDV PiVDOWD\
PiVEDMD (VWRVSUHILMRVVHSUHVHQWDQHQHOFXDGUR HQODVLJXLHQWHSiJLQD \VRQODIRUPDFRUWDGHORVDGYHUELRVGH
OXJDUFRUUHVSRQGLHQWHV>@

/K  DKK  DQK EJC¡O


OKÊ  DK¡  DQK VC¡O
DOOt  TXHGDUVH VHQGD HQ
$OOtVHTXHGyHQHOFDPLQR
$JC CK  MKC¡OK¡³
DJCÊ CC[C MK¡CCO Ê¡³
DUULED OOHJDU KRJDU  VX
/OHJy DUULED DVXFDVD

 /269(5%26


Altura

Proximidad $OWD %DMD

,QPHGLDWD [CÊ

&HUFDQD DJCÊ OKÊ

'LVWDQWH 
OWÊ

Cuadro 13. Los prefijos de lugar

'RVGHHVWRVSUHILMRVGHOXJDUVRQ+20Ï)2126FRQORVSUHILMRVGHGLUHFFLyQORTXHSXHGHFDXVDUFRQIXVLyQVLHO
R\HQWHQRSLHQVDELHQHQHOVLJQLILFDGRGHFDGDSUHILMRHQVXFRQWH[WR

/W    F©T DJC LKO


OWÊ   F©T DJCÊ LKO©
GLVWDQWHEDMR GH  DFi LU
'HDOOiYLHQHKDFLDDFi
/W  DC LKO
OWÊ DCÊ LKO©
DOOi  \D  LU
9DSDUDDOOi$KtYD OHMRV 

2WURVXILMRUHODFLRQDGRFRQORVGHGLUHFFLyQ\OXJDUHVHOGH75È16,72ÊKMCFX\DSUHVHQFLDLQGLFDTXHHOHIHFWRGHO
HYHQWRHVWUDQVIHULUDOJRGHXQOXJDUDRWUR

$JCO   DJ©KFJKMC¡
DJCÊ LWOÊ DJ©© ÊKFJC  ÊKMC  ÊC¡
DFi  WH  OOHYDU DSOLFDWLYR WUiQVLWR )XW
7HORWUDHUi

6.3.5. Las partículas modales


+D\YDULDV3$57Ë&8/$6TXHVHSUHVHQWDQFRQORV9(5%26ORVFXDOHVWLHQHQXQVLJQLILFDGR02'$/RVHDHOSXQWRGH
YLVWDGHOKDEODQWHDFHUFDGHO(9(172R(67$'28QJUXSRGHHVWDVSDUWtFXODVPRGDOHVLQGLFDODHYDOXDFLyQGHOKDEODQWH
DFHUFDGHODYHUDFLGDGGHOHYHQWRRHVWDGR\RWURJUXSRLQGLFDVXHYLGHQFLDSDUDOOHJDUDGLFKDHYDOXDFLyQ
3RUPHGLRGHODVSDUWtFXODVPRGDOHVVHSXHGHLQGLFDUFXDWURJUDGRVGHHYDOXDFLyQGHODYHUDFLGDGGHOHYHQWRR
HVWDGRWDOFRPRVHSUHVHQWDQHQHOFXDGUR HQODVLJXLHQWHSiJLQD 
(OPi[LPRJUDGRGH(9$/8$&,Ï1HVHOGHpQIDVLVHOFXDOVHLQGLFDFRQODVSDUWtFXODVLKLKCLKIW¡\LKIWK¡\XQ
JUDGRPHQRVDOWRHVHOGH$),50$&,Ï1HOFXDOVHLQGLFDFRQODVSDUWtFXODVMWIK

#CRK¡    LK
CCR  ÊK¡  LK
XVWHG SUHFLVR eQI
*UDFLDVDXVWHG
/K¡ RWR  IK¡DQM RW   VW  MCCO    LKIWK¡
OK¡ RWR  IK¡DQM RWÊ   VWÊ MCCO     LKIWK¡
DOOt QDGDPiV WHPEODU VHQFLOODPHQWH([W YROYHULQFRQVFLHQWH eQI
$OOtVHTXHGyLQFRQVFLHQWH\WHPEODQGR
*5$0È7,&$7(3(+8$1$ 

 eQIDVLV LKIWK¡
  LKIW¡
0iVFHUWH]D  LKC
 LK
$ILUPDFLyQ MWIK
'HVFRQRFLPLHQWR OQQ
0HQRVFHUWH]D
'XGD EJK

Cuadro 14. Los grados de evaluación

2WK¡ MWIK
DVt  DILUPDFLyQ
£%LHQ
#CEJ DJCK¡  DC V©©V©U  MWIK  DC LKK  EJKEJ
CCEJ DJCK¡  DCÊ V©UF©  MWIK   DCÊ LKO© EJ  KEJ
QRVRWURVDUULED  \D  VXELUVH DILUPDFLyQ \D  LU  QRVRWURV 3UHW
$VtTXHQRVRWURVVXELPRV DOWUHQ \QRVIXLPRV

(VWRVGRVJUXSRVGHSDUWtFXODVLQGLFDQDOJ~QJUDGRGHFHUWH]DPLHQWUDVTXHODVRWUDVSDUWtFXODVLQGLFDQDOJ~QJUDGR
GHLQFHUWH]DDVDEHUOQQ'(6&212&,0,(172\EJK'8'$

&JK¡ OQQO      Q¡³ZKFJC¡


FJK¡  OQQ    LWOÊ  Q¡³ZKFJC  ÊC¡
pVH  GHVFRQRFLPLHQWR WH   HVFRQGHUVH )XW
$ORPHMRUVHWHYDDHVFDSDUHVH FDEDOOR 
/K¡EJK RCK¡ QKT©
DOOt GXGD GRQGH DQGD
3XHGHTXHDQGHSRUDKt SHURORGXGR 

3RUPHGLRGHODVSDUWtFXODVGHHYLGHQFLDVHSXHGHQLQGLFDUWUHVWLSRVGHHYLGHQFLDVHQODVTXHHOKDEODQWHVHEDVD
SDUDKDFHUVXHYDOXDFLyQWDOFRPRVHSUHVHQWDHQHOFXDGUR

3HUFLELGD  FJQ
1RFRQRFLGDSRUHOR\HQWH UCR
5HSRUWDGD
<DFRQRFLGDSRUHOR\HQWH UCCM
'HGXFLEOH  DCM

Cuadro 15. Los tipos de evidencias

(OSULPHUWLSRGHHYLGHQFLDHOFXDOVHLQGLFDFRQODSDUWtFXODFJQDEDUFDWRGDODHYLGHQFLDSHUFLELGDGLUHFWDPHQWH
SRUHOKDEODQWH\DVHDSRUVXVRMRVRSRUFXDOTXLHURWURVHQWLGR

,K³ MCRKCUC FJQ IWMCDCK VCMCCD PC³  MC  WNJKKU


LK³Ê MCRKCUC FJQ IWMCDCK  VCMCCD PC³ MCÊ  WNJ³C
PH GDUSDWDGD(3 HO FDEDOOR D\HU  TXH\R PLHQWUDV GHVHQVLOODU
(OFDEDOORPHGLRXQDSDWDGDD\HUFXDQGRORGHVHQVLOODED
 /269(5%26


-CDWKOWM LC³ FJQ OK CC[C¡


MCDWKOWM  LC³ FJQ OKÊ CC[C ÊC¡
PDxDQD   \R  (3 DOOt OOHJDU )XW
0DxDQDOOHJDUpDOOt

/DSDUWtFXODFJQWDPELpQVHSUHVHQWDDOSULQFLSLRGHODFOiXVXODFRPRODLQWHUMHFFLyQSXHV>@

&JQL©©¡
SXHVVt
3XHVVt

(OVHJXQGRWLSRGHHYLGHQFLDHOFXDOVHLQGLFDFRQODVSDUWtFXODVUCR\UCCMDEDUFDODHYLGHQFLDUHSRUWDGD
RUDOPHQWHDOKDEODQWH6LHOKDEODQWHSLHQVDTXHHOR\HQWHWRGDYtDQRVHKDHQWHUDGRGHHVWDHYLGHQFLDVHSUHVHQWDOD
SDUWtFXODUCRSHURVLSLHQVDTXHHOR\HQWH\DODVDEHVHSUHVHQWDODSDUWtFXODUCCM

$JCK¡ UCR ZK  LKO


DJCK¡ UCR ZK LKO©
DFi  (5 ,PS LU
3LGH TXHWHYHQJDV
#C³DJC LKK  PC³   UCCM LWO RCNJDWKFJC¡
CC³ DJCÊ LKO© PC ³ UCCM LWOÊ RCNJDWKFJC ÊC¡
\R DFi LU  TXH \R  (5 WH  D\XGDU  )XW
9HQJRDD\XGDUWH FRPR\DKDEtDPRVDFRUGDGR 

/DSDUWtFXODUCRVHSUHVHQWDPX\IUHFXHQWHPHQWHHQORVFXHQWRVWUDGLFLRQDOHVSDUDLQGLFDUTXHHOKDEODQWHQRHVHODXWRU
GHOFXHQWR

/W RCK¡ UCR MKQMC¡    OCC¡PIW OCC¡PMCO


OW RCK¡ UCR MKQ ÊMC ÊC¡ OCC¡PIW OCC¡PMCO
DOOi GRQGH (5 YLYLU HVWDGR)XW XQD OD SHUVRQD
6HGLFHTXHYLYtDXQDSHUVRQDSRUDOOi

(OWHUFHUWLSRGHHYLGHQFLDHOFXDOVHLQGLFDFRQODSDUWtFXODDCMDEDUFDODHYLGHQFLDHQEDVHGHODFXDOHOKDEODQWH
SXHGHGHGXFLUHOHYHQWRRHVWDGR\DVHDSRUPHGLRGHODVVHxDVItVLFDVRSRUPHGLRGHUD]RQDPLHQWR

,QVOQFC¡  DC VWM   ZKD ,KT IÀ¡ VWMCC¡ DCM


LQVOQFC¡  DCÊ VWMIK   ZKD LKT IÀ¡ VWMCC¡ DCM
UiSLGDPHQWH \D  RVFXUHFHUVH KR\ HV  JUDQGHQRFKH  HQWRQFHV
5iSLGDPHQWHVHRVFXUHFLyKR\(QWRQFHVODVQRFKHV\DVRQPiVODUJDV

'RVSDUWtFXODVPRGDOHVSXHGHQSUHVHQWDUVHHQODPLVPD&/È868/$$YHFHVHOVLJQLILFDGRGHODVGRVMXQWDVVHSXHGH
GHGXFLUGHVXVVLJQLILFDGRVUHVSHFWLYRVHQHO&217(;72SHURRWUDVYHFHVQRVHSXHGHGHGXFLU

/QQ    EJK L©©¡


GHVFRQRFLPLHQWR GXGD Vt
&UHRTXHVt
,KT O©M FJQ DCM
HV OHMRV (3 HQWRQFHV
(QWRQFHVVtHVWiOHMRV
*5$0È7,&$7(3(+8$1$ 

Capítulo 7. Los sustantivos


(QHVWHFDStWXORGHVFULELPRVORV6867$17,926HQWHSHKXiQ3ULPHURGHVFULELPRVORVWLSRVGH5$',&$/(6QRPLQDOHV
>@\GHVSXpVGHVFULELPRVORV$),-26TXHVHXVDQSDUDLQGLFDUOD326(6,Ï1>@

7.1. Los radicales nominales


/RV5$',&$/(6120,1$/(6VHIRUPDQGHYDULDVPDQHUDV0XFKRVVRQ5$Ë&(6VHQFLOODV>@RFRPELQDFLRQHVGH
UDtFHVVHQFLOODV>@RWURVVRQ5('83/,&$'26>@R'(5,9$'26GHRWUDVSDODEUDV>@\DOJXQRVVRQ720$'26
GHOHVSDxRO>@

7.1.1. Los radicales nominales sencillos


/RV5$',&$/(6QRPLQDOHVVHQFLOORVVRQ5$Ë&(6VHQFLOODVODVFXDOHVVRQODVIRUPDVEiVLFDVGHORV6867$17,926
(VWDVUDtFHVVHQFLOODVSXHGHQVHUODIRUPD6,1*8/$5GHXQVXVWDQWLYR&217$%/(RVHDXQVXVWDQWLYRTXHVHSXHGH
FRQWDUSRUORTXHWLHQHWDQWRXQDIRUPDVLQJXODUFRPRXQDIRUPD3/85$/7DPELpQXQDUDt]VHQFLOODSXHGHVHUODIRUPD
LQYDULDEOHGHXQVXVWDQWLYR12&217$%/(RVHDTXHVHUHILHUHDPXFKRRSRFRFRQODPLVPDIRUPD

6XVWDQWLYRFRQWDEOH  DC¡CCM FDVD


6XVWDQWLYRQRFRQWDEOH DJCD  IULMROIULMROHV

7.1.2. Los radicales nominales compuestos


$OJXQRV5$',&$/(6120,1$/(6VHFRPSRQHQGHGRV5$Ë&(6VHQFLOODV&XDQGRVHSUHVHQWDXQUDGLFDOFRPSXHVWROD
SULPHUDUDt]VLHPSUH02',),&$DODVHJXQGD

WOW¡DQPCCO      MCUPKTDCRQQ
]R\DWHVRPEUHUR      ERUUHJRODQD
VRPEUHURGH]R\DWH     ODQDGHERUUHJR

7.1.3. Los radicales nominales reduplicados


/RV6867$17,926&217$%/(6WLHQHQGRVIRUPDVXQDIRUPD6,1*8/$5\RWUDIRUPD3/85$//DIRUPDVLQJXODUHVOD
5$Ë=VHQFLOOD>@SHURODIRUPDSOXUDOHVODIRUPD5('83/,&$'$GHODUDt](VGHFLUSDUDIRUPDUHOUDGLFDOQRPLQDO
GHOSOXUDOVHUHSLWHODSULPHUD&21621$17(\ODSULPHUD92&$/GHODUDt]FRQXQDYRFDO&257$>@RFRQXQDYRFDO
/$5*$>@GHVSXpVGHTXHVH5(6,/$%,),&$RVHDVHDMXVWDQODVVtODEDVGHOUDGLFDOVHJ~QVL6835,0(1ODVYRFDOHV
),1$/(6>@RODVYRFDOHV0(',$1$6>@$GHPiVDt×R\Qt×CHQIRUPDVUHGXSOLFDGDV>@

3XHVWRTXHHOSURFHVRGHUHGXSOLFDFLyQHVELHQFRPSOLFDGR\TXHQRVHSXHGHSUHGHFLUVLODYRFDOUHGXSOLFDGDGHO
UDGLFDOQRPLQDOGHOSOXUDOVHUiFRUWDRODUJDHQHVWHGLFFLRQDULRVHFLWDQWRGRVORVUDGLFDOHVQRPLQDOHVSOXUDOHVTXHVH
SUHVHQWDQHQHOKDEODFRWLGLDQDFRPRHQORVVLJXLHQWHVHMHPSORV

3OXUDOHVFRQ92&$/&257$
LWMSLQR>SOLWLWM@
LCCTCZFDQJUHMR >SOLCLCCTCZ@
DQQLKRVR>SODCRQQLK@
LQ¡SLHO>SOLCLQ¡?
 /266867$17,926


3OXUDOHVFRQ92&$//$5*$2',3721*2
DJCPFR\RWH>SODJCCDJCP@
MCOPHMLOOD>SOMCCMCO@
UWKOCNJYHQDGR>SOUWKUOCNJ@
IKQV©TOODQR>SOIKQ¡PV©T@

7.1.4. Los radicales nominales derivados


$OJXQRV5$',&$/(6120,1$/(6VHGHULYDQGH9(5%26R$'-(7,926SRUPHGLRGHXQ68),-2326326,&,Ï1R
$'-(7,92'(5,9$7,92

&XDQGRHOVXILMRÊFCOVHSUHVHQWDFRQXQYHUERHOUDGLFDOTXHVHIRUPDHVXQVXVWDQWLYRTXHTXLHUHGHFLUHOTXHR
ORTXHKDFHODDFFLyQ

IC¡TC¡  YHQGHU     DKRKC¡FC¡ DSDFHQWDU


IC¡TCFCO YHQGHGRU     DKRKC¡FCO SDVWRU

$VLPLVPRFXDQGRHOVXILMRÊMCTVHSUHVHQWDFRQXQYHUERHOUDGLFDOTXHVHIRUPDHVXQVXVWDQWLYRTXHTXLHUHGHFLU
FRQTXpVHKDFHODDFFLyQ

DCMWCPC¡  ODYDU     V©VDKC¡ MXJDU


DCMWCPMCT MDEyQ     V©VDKMCT MXJXHWH

7DPELpQFXDQGRODSRVSRVLFLyQMCOVHSUHVHQWDFRQXQDGMHWLYRHOUDGLFDOTXHVHIRUPDHVXQVXVWDQWLYRTXH
TXLHUHGHFLUHOTXHWLHQHHVDQDWXUDOH]D

D©©R©¡   SULPHUR    UWWFCK¡EJ©T  HQHODJXD


D©©R©¡MCO HOSULPHUR   UWWFCK¡EJ©TMCO HOGHODJXD

'HPDQHUDVHPHMDQWHDXQTXHORV$'-(7,926'(02675$7,926QRUPDOPHQWHVHSUHVHQWDQFRQORVVXVWDQWLYRVFRPR
$57Ë&8/26>@FXDQGRVHSUHVHQWDDQWHVGHXQDGMHWLYRFDOLILFDWLYR>@HOUDGLFDOTXHVHIRUPDHVXQVXVWDQWLYRTXH
TXLHUHGHFLUHOTXHWLHQHHVDFDOLGDG

IWZ  IWWRWM IWV©OMCNJ    FJK IÀ¡ FJK LQFCK


IW LKZ IWWRWM IWV©OMCNJ    FJK IÀ¡ FJK LQFCK
ODV VRQ GXUDV  ODVWRUWLOODV    HVWD JUDQGHHVWD SLHGUD
ODVWRUWLOODVGXUDV         HVWDSLHGUDJUDQGH

7.1.5. Los radicales nominales tomados del español


&XDQGRVHSUHVHQWDXQ5$',&$/120,1$/WRPDGRGHOHVSDxRODPHQXGRVH6835,0(OD~OWLPD92&$/$GHPiVHQ
GLFKRVUDGLFDOHVODQGHOHVSDxROVXHOHSURQXQFLDUVHFRPRW\ODGGHOHVSDxROVXHOHSURQXQFLDUVHFRPRK$VLPLVPRODV
YRFDOHV&257$6$&(178$'$6GHOHVSDxROVXHOHQSURQXQFLDUVHFRPRYRFDOHV/$5*$6HQWHSHKXiQ

MCDCKFDEDOOR>SOMCMDCK@
MWUKKPFRFLQD>SOMWMUKP@
RGGUSHVR>SORGGRGU@
RKNQQVSHORWD>SORKRNQV@
TKDJWWUUHER]R>SOTKUDJWU@
*5$0È7,&$7(3(+8$1$ 

7DOFRPRVHFLWDQHQHVWRVHMHPSORVODPD\RUtDGHORVUDGLFDOHVQRPLQDOHVWRPDGRVGHOHVSDxROWDPELpQSXHGHQ
SUHVHQWDUVHHQIRUPD5('83/,&$'$SDUDLQGLFDUHO3/85$/DXQTXHDOJXQRVWLHQHQIRUPDVLUUHJXODUHV

7.2. La posesión de sustantivos


/DPD\RUtDGHORV6867$17,926SXHGHQSUHVHQWDUVHWDQWRHQIRUPDVHQFLOODFRPRHQIRUPDGH326(6,Ï1>@OR
TXHVLJQLILFDTXHODSRVHVLyQGHWDOHVVXVWDQWLYRVHVRSFLRQDO3HURRWURVVXVWDQWLYRVVLHPSUHVHSUHVHQWDQHQIRUPDGH
SRVHVLyQ>@ORTXHVLJQLILFDTXHODSRVHVLyQGHWDOHVVXVWDQWLYRVHVREOLJDWRULR

7.2.1. La posesión opcional de los sustantivos


/D326(6,Ï1GHORV6867$17,926VHLQGLFDSRUPHGLRGHXQFRQMXQWRGH$),-26&DVLWRGRVHVWRVDILMRVVRQ
35(),-26ORVFXDOHVVRQLGpQWLFRVDORVSUHILMRVGHOREMHWR>@6RODPHQWHODSRVHVLyQGH7(5&(5$3(5621$'(/
6,1*8/$5VHLQGLFDSRUPHGLRGHXQ68),-2WDOFRPRVHSUHVHQWDHQHOFXDGUR

 6LQJXODU 3OXUDO

3ULPHUDSHUVRQD LK³Ê LKEJÊ

6HJXQGDSHUVRQD LWOÊ LCOÊ

7HUFHUDSHUVRQD Ê¡P LCÊ

Cuadro 16. Los afijos de posesión

LK³DQPCCO  PLVRPEUHUR
LWODQPCCO WXVRPEUHUR
  DQPOC¡P VXVRPEUHUR GHpOGHHOOD 
LKEJDQRPCO  QXHVWURVVRPEUHURV
LCODQRPCO VXVVRPEUHURV GHXVWHGHV 
LCDQRPCO  VXVVRPEUHURV GHHOORV 

3XHVWRTXHFXDQGRVHSUHVHQWDHOVXILMRGHSRVHVLyQSDUDODWHUFHUDSHUVRQDGHOVLQJXODUHOUDGLFDOQRPLQDOVXIUH
UHVLODELILFDFLyQ>@HQHVWHGLFFLRQDULRVHFLWDQWRGDVODVIRUPDVGHSRVHVLyQSDUDHVWDSHUVRQDTXHVHSUHVHQWDQHQHO
KDEODFRWLGLDQD6LVHSUHVHQWDQGRVIRUPDVGHSRVHVLyQXQDVLQJXODU\RWUDSOXUDOVHFLWDQHQWDORUGHQ

DCCNJ FDQDVWD >DSHUVSRVDCCNJK¡³DCRCCNJK¡³@

7.2.2. La posesión obligatoria de los sustantivos


/DPD\RUtDGHORV6867$17,926TXHVHUHILHUHQDODVSDUWHVGHOFXHUSR\ORVSDULHQWHVVLHPSUHVHSUHVHQWDQHQ
IRUPDGH326(6,Ï17RGRVHOORVVHSUHVHQWDQFRQORVPLVPRVDILMRVTXHVHXVDQSDUDLQGLFDUODSRVHVLyQQRREOLJDWRULD
DXQTXHDOJXQRVGHORVUDGLFDOHVQRPLQDOHVFRUUHVSRQGLHQWHVVRQLUUHJXODUHV

LK³OQ¡  PLFDEH]D
LKEJOQQO QXHVWUDVFDEH]DV
  OC¡QQ¡P VXFDEH]D GHpOGHHOOD 
LWOPCCP WXPDPi
LKEJ³CPCCP QXHVWUDVPDPiV
  F©¡©©¡P VXPDPi GHpOGHHOOD 
 /266867$17,926


6LODSRVHVLyQVHFRQVLGHUDQRUPDOUXWLQDULDRFRP~QSHURQRQHFHVDULDPHQWHREOLJDWRULDVHSUHVHQWDODSDUWtFXODGH
(67$786ICMXQWRFRQHODILMRGHSRVHVLyQ6LHODILMRGHSRVHVLyQHVXQSUHILMRVHVXSULPHOD~OWLPDYRFDOGHOVXILMRC
>@\ODRFOXVLYDYHODUVRQRUDIVHFRQYLHUWHHQRFOXVLYDJORWDOVRUGD>@DOILQDOGHOUDGLFDOQRPLQDO

LQQ³ IC¡P      LK³ LQQ³K¡


LQQ³ ÊIC  Ê¡P   LK³Ê LQQ³ ÊIC
HVSRVD (67$786 VX   PL  HVSRVD(67$786
VXHVSRVD GHpO      PLHVSRVD
UQK  IC¡P      LK³ ZQK¡
UQK  ÊIC  Ê¡P   LK³Ê UQK ÊIC
DQLPDO (67$786 VX   PL  DQLPDO(67$786
VXDQLPDOGRPpVWLFR    PLDQLPDOGRPpVWLFR
*5$0È7,&$7(3(+8$1$ 

Capítulo 8. Los pronombres


(QHVWHFDStWXORGHVFULELPRVORV352120%5(6GHOWHSHKXiQ3ULPHURGHVFULELPRVORVSURQRPEUHV3(5621$/(6
>@OXHJRGHVFULELPRVORVSURQRPEUHV'(02675$7,926>@GHVSXpVGHVFULELPRVORVSURQRPEUHV,17(552*$7,926
5(/$7,926H,1'(),1,'26>@\ILQDOPHQWHGHVFULELPRVORVSURQRPEUHV326(6,926>@

8.1. Los pronombres personales


/RV352120%5(63(5621$/(6VHSUHVHQWDQGHYH]HQFXDQGRSDUDHQIDWL]DUOD3(5621$\HO1Ò0(52GHO68-(72R
GHO2%-(72GHODFOiXVXOD6RODPHQWHH[LVWHQSURQRPEUHVSHUVRQDOHVHQWHSHKXiQSDUDOD35,0(5$3(5621$\OD
6(*81'$3(5621$WDQWRHQ6,1*8/$5FRPRHQ3/85$/&XDQGRHOKDEODQWHTXLHUHHQIDWL]DUTXHHOVXMHWRRHOREMHWRHV
GH7(5&(5$3(5621$GHOVLQJXODURGHOSOXUDOVHSUHVHQWDXQRGHORVSURQRPEUHV'(02675$7,926>@
7UHVGHORVSURQRPEUHVSHUVRQDOHVWLHQHQGRVIRUPDVXQDODUJD\ODRWUDFRUWD/DIRUPDODUJDGHHVWRVSURQRPEUHV
VHFRPSRQHGHODIRUPDFRUWDPiVHO68),-2GH35(&,6,Ï1ÊK¡WDOFRPRORGHPXHVWUDHOFXDGUR

 6LQJXODU 3OXUDO

3ULPHUDSHUVRQD CC³CC³K¡ CCEJCCEJK¡

6HJXQGDSHUVRQD CCRCCRK¡ CCRK¡O

Cuadro 17. Los pronombres personales


(QODPD\RUtDGHODVFOiXVXODVGHWHSHKXiQQRVHSUHVHQWDQORVSURQRPEUHVSHUVRQDOHV\DTXHODSHUVRQD\HO
Q~PHURGHOVXMHWRVHLQGLFDQREOLJDWRULDPHQWHSRUPHGLRGHOPRUIHPDGHOVXMHWR>@\ODSHUVRQD\HOQ~PHURGHO
REMHWRGHFOiXVXODVWUDQVLWLYDVVHLQGLFDQSRUPHGLRGHOSUHILMRGHOREMHWR>@3RUORWDQWRFXDQGRVHSUHVHQWDQORV
SURQRPEUHVSHUVRQDOHVHVRLQGLFDDOJ~QFRQWUDVWHRpQIDVLV
+D\GRVJUDGRVGHFRQWUDVWHRpQIDVLVTXHVHSXHGHQLQGLFDUSRUPHGLRGHORVSURQRPEUHVSHUVRQDOHV(OJUDGR
PHQRVIXHUWHVHLQGLFDSRUPHGLRGHXQSURQRPEUHSHUVRQDOHQYH]GHOPRUIHPDGHOVXMHWRRHOSUHILMRGHOREMHWR

,CTQQ ©¡MKC¡     FJK MW¡CC¡ CC³K¡   CC MC¡ CCRK¡   CC!


LCTQQ ©¡Ê ©MK ÊC¡ FJK MW¡CC¡ CC³ÊK¡  CC  MC¡ CCRÊK¡  CC
TXLpQ 'LVWU FRUWDU )XW HVWD OHxD  \R SUHFLVR &RQI R  W~ SUHFLVR &RQI
¢4XLpQYDDFRUWDUHVWDOHxDW~R\R"
#CR©MKC¡   FJK MW¡CC¡ CC³ DC¡ WNJ³C¡
CCR ©MK ÊC¡ FJK MW¡CC¡ CC³ DC¡ WNJ³C ÊC¡
W~ FRUWDU )XW HVWD OHxD  \R  OXHJR DOPDFHQDU)XW
7~FRUWDVHVWDOHxD\\RODDOPDFHQR

(OJUDGRPiVIXHUWHHQFRQWUDVWHRpQIDVLVVHLQGLFDSRUPHGLRGHXQSURQRPEUHSHUVRQDODGHPiVGHOPRUIHPDGHO
VXMHWRRHOSUHILMRGHOREMHWR

$C CCLKO  KEJ  PCEJ   RCK¡ QK¡FJC¡ CCEJ


DCÊ CC[C ÊKO ¡KEJ PCEJ  RCK¡ QK¡FJC¡ CCEJ
\D OOHJDU 3URJ QRVRWURV TXHQRVRWURV GRQGH YLYLUSO QRVRWURV
<DHVWDPRVOOHJDQGRDGRQGHYLYLPRVQRVRWURV QRXVWHGHV 
 /26352120%5(6

#CEJ  LCO  UCR D©©R©¡ LKEJ OCMKC¡  IW VWWOK³


CCEJ  LCO UCR D©©R©¡  LKEJÊ OCM© ÊC¡ IW VWWOK³
DQRVRWURV HOORV  (5 SULPHUR QRV GDU )XW HO  GLQHUR
'LFHQTXHQRVYDQDGDUHOGLQHURDQRVRWURVSULPHUR

8.2. Los pronombres demostrativos


/RV352120%5(6'(02675$7,926VHSUHVHQWDQSDUDLQGLFDUHO/8*$5GHXQ3$57,&,3$17(GH7(5&(5$3(5621$
/RVPLVPRVSURQRPEUHVGHPRVWUDWLYRVLQGLFDQWDQWRHOVLQJXODUFRPRHOSOXUDO$GHPiVSRUPHGLRGHODIRUPDODUJDGHO
VXILMRGH35(&,6,Ï1ʳK>@VHSXHGHFRPSRQHUXQDIRUPDODUJDGHFDGDSURQRPEUHGHPRVWUDWLYRSDUDSRGHULQGLFDU
FXDWURGLVWLQFLRQHVGH/8*$5\35(&,6,Ï1UHODWLYDVWDOFRPRORGHPXHVWUDHOFXDGUR

 0HQRV 0iV
SUHVLFR SUHFLVR

&HUFDQR FJK¡ FJK¡³K

'LVWDQWH IWK¡ IW¡³K

Cuadro 18. Los pronombres demostrativos

,KT LWO UQK¡    FJK¡ PC OK¡³K   M©©M!


LKT LWOÊ UQK IC   FJK¡ PC OK¡ ʳK  M©©M
HV  WX  DQLPDOHVSHFLDO pVH TXH DOOt SUHFLVR HVWiSDUDGR  
¢(VWXPDVFRWDODTXHHVWiDOOt"
%JCO )W¡³KLK
QR  DTXHO eQI
1R$TXpO HVPtR 

8.3. Los pronombres interrogativos, relativos e indefinidos


/RVSURQRPEUHVLQWHUURJDWLYRVUHODWLYRVHLQGHILQLGRVWLHQHQIRUPDVVHPHMDQWHVSXHVORVSURQRPEUHVLQWHUURJDWLYRV
VRQODEDVHSDUDWRGRV
/RVSURQRPEUHV,17(552*$7,926VHSUHVHQWDQVRORVSDUDSUHJXQWDUODLGHQWLGDGGHXQDSHUVRQDRFRVD

LCTQQ  ¢TXLpQ"
VW¡   ¢TXp"
LCZEJW¡O¢FXiO"

,CTQQO  FC¡ FJK¡ PCO  OK¡³K  FJ©T LC¡M DJC LKKO!


LCTQQ O FC¡ FJK¡ PCO OK¡ʳK  F©T LC¡M DJCÊ LKO©
TXLpQ HOORV VRQ HVRV TXHHOORV DOOtSUHFLVR GH  UXPERDFi LU
¢4XLpQHVVRQHOORVORVTXHYLHQHQSDUDDFi"

/RVSURQRPEUHV5(/$7,926VHIRUPDQMXQWDQGROD3$57Ë&8/$68%25',1$17(PCFRQXQSURQRPEUHLQWHUURJDWLYR
*5$0È7,&$7(3(+8$1$ 

PCLCTQK¡  TXLHQ
PCVW¡  TXH
PCLCZEJW¡O FXDO

%JCO OCCV K³ PC LCZEJW¡O LKTFJK¡


QR  VDEHU \R TXH FXiO   HV pVH
1RVpFXiOHV

/RVSURQRPEUHV,1'(),1,'26WDPELpQVHIRUPDQFRQORVSURQRPEUHVLQWHUURJDWLYRVVRORVRFRQHOVXILMRGH
35(&,6,Ï1ÊK¡RELHQFRQODVSDUWtFXODVLQGHILQLGDVPCR©Z

LCTQK¡    DOJXLHQ
LCTQK¡PCR©Z  TXLHQVHD
VW¡     DOJR
VW¡PCR©Z   ORTXHVHD
LCZEJW¡O   DOJ~Q
LCZPCR©ZEJW¡O FXDOTXLHUD

6W¡ M©¡P LKZ DJCCK¡ PC³  LWIKC¡!


VW¡ M©¡P LKZ DJCCK¡ PC³ LWI© ÊC¡
TXp FRQ HV  VHSXHGH TXH\R FRPHU )XW
¢4XpSXHGRFRPHU FRQODVWRUWLOODV " OLW¢&RQTXpSXHGRFRPHU" 
6W¡  PC R©Z  FJQ
DOJR  TXH QDGDPiV (3
/RTXHVHD

8.4. Los pronombres posesivos


/RV352120%5(6326(6,926VHIRUPDQMXQWDQGRODSDUWtFXODGH(67$786ICFRQHO68),-2GHSRVHVLyQ±¡PSDUD
IRUPDUOD3$57Ë&8/$GHSRVHVLyQIC¡PODTXHVHSUHVHQWDGHVSXpVGHXQVXVWDQWLYRRSURQRPEUHSHUVRQDOSDUDLQGLFDU
TXHHOVXVWDQWLYRSRVHtGRSHUWHQHFHDWDOSHUVRQD

CC³IC¡P  PtR     FJK¡ IC¡P GHpOHOODHOORVRHOODV FHUFDQR 


CCRIC¡P  WX\R     IWK¡ IC¡P GHpOHOODHOORVRHOODV GLVWDQWH 
CCEJIC¡P  QXHVWUR
CCRK¡OIC¡P GHXVWHGHV

,CTQQ IC¡P FJK¡!


TXLpQ GH  pVWH
¢'HTXLpQHVpVWH"
,KT CC³ IC¡PFJQ
HV PL  GH  (3
(VPtR
,KT ,WCPIC¡P FJQ
HV -XDQ GH  (3
(VGH-XDQ
 /26$'-(7,926


Capítulo 9. Los adjetivos


(QHVWHFDStWXORGHVFULELPRVORVWUHVWLSRVGH$'-(7,926HQWHSHKXiQ3ULPHURGHVFULELPRVORVDGMHWLYRV
'(02675$7,926>@OXHJRORVDGMHWLYRV180(5$/(6>@\DO~OWLPRORVDGMHWLYRV&$/,),&$7,926>@

9.1. Los adjetivos demostrativos


/RV$'-(7,926'(02675$7,926ORVFXDOHVWDPELpQVHOODPDQ$57Ë&8/26VRQPX\VHPHMDQWHVHQVXIRUPDDORV
SURQRPEUHVGHPRVWUDWLYRV
(ODUWtFXORPiVJHQHUDOIWHVWDPELpQHOTXHPiVFRP~QPHQWHVHSUHVHQWD&XDQGRVHSUHVHQWDDQWHVGHXQ
6867$17,92TXH\DKDVLGRLGHQWLILFDGRHQHO&217(;72IXQFLRQDFRPRDUWtFXOR'(),1,'2SHURFXDQGRVHSUHVHQWD
DQWHVGHXQVXVWDQWLYRTXHWRGDYtDQRKDVLGRLGHQWLILFDGRIXQFLRQDFRPRDUWtFXOR,1'(),1,'2

/K¡³K  M©©M   IWDJWTW¡ZPCR  IC¡PIC


DOOtSUHFLVR HVWiSDUDGR HO EXUUR  TXHW~  EXVFDU
$OOtHVWiHOEXUURTXHEXVFDV
/CC¡P OK¡³K  M©©M   IW DJWTW¡Z
XQR  DOOtSUHFLVR HVWiSDUDGR XQ  EXUUR
$OOtHVWiXQEXUUR

/RVRWURVWUHVDUWtFXORVVLHPSUHVRQGHILQLGRV\MXQWRFRQHODUWtFXORJHQHUDOIWVHSXHGHQHVSHFLILFDUFXDWURJUDGRV
GH/8*$5\35(&,6,Ï1DVtFRPRORVSURQRPEUHVGHPRVWUDWLYRV>@FRPRORGHPXHVWUDHOFXDGUR

 0HQRV 0iV
SUHVLFR SUHFLVR

&HUFDQR FJK FJK¡³K

'LVWDQWH IW IW¡³K

Cuadro 19. Los adjetivos demostrativos

6W¡ LCZ DWC IW¡³K EJKQ¡³!


TXp  FyPR KDFHU HVH KRPEUH   
¢4XpHVWiKDFLHQGRHVHKRPEUH"
,CZEJW¡O FJKZ   EJ©©FQ¡ CC MC¡ FJKZ   WCO  CC!
LCZEJW¡O FJK LKZ EJ©©FQ¡ CC  MC¡ FJK LKZ WCO  CC
FXiO   HVWH HV  D]XO  &RQI R  HVWH HV  DPDULOOR &RQI
¢&XiOHVWDD]XORHVWDDPDULOOD"

9.2. Los adjetivos numerales


/RV$'-(7,926180(5$/(6VHSUHVHQWDQSDUDHVSHFLILFDUHOQ~PHURODFDQWLGDGRHORUGHQUHODWLYRGHXQVXVWDQWLYR
UHODWLYRDRWURV
*5$0È7,&$7(3(+8$1$ 

6RODPHQWHXQRVFXDQWRVQ~PHURVFDUGLQDOHVWRGDYtDVHXVDQHQHOKDEODFRWLGLDQDGHOWHSHKXiQ

OCC¡P XQRXQD    OCODJ©©Z  GLH]


IQQM GRV     OCC¡PQQ¡O YHLQWH
DCKM WUHV
OCCMQD FXDWUR
LKZEJCOCCOFLQFR

+DFHPXFKRWLHPSRHVWRVQ~PHURVVHFRPELQDEDQHQYDULDVIRUPDVSDUDFRQWDUSHURDKRUDVHSUHVHQWDQDVtPX\UDUD
YH]

ZKLWOOCC¡P     VHLV
OCODJ©©ZFCOCPIQQM GRFH
IQQMQQ¡O     FXDUHQWD

7UHVDGMHWLYRVQXPHUDOHVVHSUHVHQWDQFRPRQ~PHURVRUGLQDOHVVHQFLOORV

D©©R©¡   V©¡©TCD   ICVWWM


SULPHUR   PHGLDQR   ~OWLPR
#C³LKTV©¡©TCD MCO PC³  OKC¡P QK¡³ IWEJ  ZKKZ
\R VR\PHGLDQR HOGH TXH\R FHUFD  VHJXLU QXHVWUR KHUPDQRPD\RU
<RVR\HOVHJXQGRKLMRGHODIDPLOLD

2WURVDGMHWLYRVQXPHUDOHVVHSUHVHQWDQSDUDHVSHFLILFDUHOQ~PHURRODFDQWLGDGUHODWLYD

D©©Z   WRGRV     LWOCK RWUR


L©¡OC¡P  SRFRV     LCK¡  RWURV
D©©ZL©¡OC¡P FDGDXQR    OWK¡  PXFKRV

/WK¡ [C¡ CC[C¡  CO IWLC¡VMCO PCT  RKCUVC MC¡


OWK¡ [C¡ CC[C ÊC¡ ¡COIWLC¡VMCO PCLKT RKCUVC ÊMC ÊC¡
PXFKRV DTXt OOHJDU )XW HOORV ODJHQWH  TXHHV ILHVWD  HVWDGR)XW
0XFKDJHQWHOOHJDUiFXDQGRKD\DILHVWD

9.3. Los adjetivos calificativos


(QORVVLJXLHQWHVDSDUWDGRVGHVFULELPRVWUHVDVSHFWRVGHORV$'-(7,926&$/,),&$7,9263ULPHURGHVFULELPRVORV
352&/Ë7,&26&238/$7,926>@OXHJRORV5$',&$/(6DGMHWLYDOHV>@\ILQDOPHQWHORV$),-26)/(;,926TXHVH
SUHVHQWDQFRQORVDGMHWLYRV>@

9.3.1. Los proclíticos copulativos


7RGR$'-(7,92&$/,),&$7,92VHSUHVHQWDFRQXQ352&/Ë7,&2&238/$7,92H[FHSWRFXDQGRVHHVWiQHJDQGRHO
VLJQLILFDGRGHODGMHWLYR+D\GRVSURFOtWLFRVFRSXODWLYRVORVFXDOHVVRQHTXLYDOHQWHVDORVYHUERVVHU\HVWDUHQHVSDxRO
&DGDDGMHWLYRVXHOHSUHVHQWDUVHVLHPSUHFRQHOPLVPRSURFOtWLFRFRSXODWLYRSRUORTXHHQHVWHGLFFLRQDULRVHFLWD
FXiOGHORVGRVVHXVDFRQFDGDDGMHWLYR\DVHDLKZ
#64+$76+81 TXHVHSUHVHQWDFRQODPD\RUtDGHORVDGMHWLYRV
GHVFULSWLYRVRLKT
'37+8#.'06' TXHVHSUHVHQWDFRQVXVWDQWLYRVDGYHUELRV\DOJXQRVDGMHWLYRVGHVFULSWLYRVWDOFRPR
ORVTXHGHVFULEHQODIRUPDItVLFDGHXQDSHUVRQDRFRVD
 /26$'-(7,926


,KZ EJWM IWMWWRC¡P


LKZEJWM IWMWWR Ê¡P
HV QHJUR HO SHOR VX
6XSHORHVQHJUR
,KZ EJQK³ FJK UWWFCK¡
LKZEJQK³  FJK UWWFCK¡
HVWi FDOLHQWH HVWD DJXD
(VWDDJXDHVWiFDOLHQWH
,KT UCTDJCM FJK WWZ
LKTUCTDJCM FJK WWZ
HV JUXHVR HVWH SDOR
(VWHSDORHVJUXHVR
,KT EJKQ¡³ K³
LKTEJKQ¡³ ¡K³
VR\ KRPEUH \R
6R\KRPEUH

1RUPDOPHQWHORVDGMHWLYRVFDOLILFDWLYRVVHSUHVHQWDQHQYH]GHOYHUERGHODFOiXVXODSRUORTXHHOSURFOtWLFR
FRSXODWLYRIXQFLRQDFRPRXQYHUERGH(67$'2>@DVtFRPRHQORVHMHPSORVTXHDFDEDPRVGHFLWDU3HURFXDQGRHO
DGYHUELRQHJDWLYREJCOQRVHSUHVHQWDSDUDQHJDUHOHVWDGRVHVXSULPHHOSURFOtWLFRFRSXODWLYR

%JCO R©M D©©V  FJK LQFCK


QR  WDQWR SHVDGR HVWD SLHGUD 
(VWDSLHGUDQRHVWDQSHVDGD

6LQHPEDUJRDYHFHVORVDGMHWLYRVFDOLILFDWLYRVVHSUHVHQWDQFRPRSDUWHGHOD)5$6(120,1$/>@GRQGH
02',),&$1GLUHFWDPHQWHDOVXVWDQWLYR$XQDVtVLHPSUHVHSUHVHQWDFRQVXSURFOtWLFRFRSXODWLYRFRUUHVSRQGLHQWH

,K³ EJCK³DWK¡³ IWO  MWVWWP IWZ  D©¡


LK³ VCK³DWKFJC IWLWOÊ MWVWWP IWLKZ D©¡
PH SUHVWDU  OD WX  EOXVD  OD HV  URMD
3RUIDYRUSUpVWDPHWXEOXVDURMD

&XDQGRXQVXVWDQWLYRVHGHULYDGHXQDGMHWLYRGHVFULSWLYRVHSUHVHQWDQORVGRVSURFOtWLFRVFRSXODWLYRVMXQWRVHQOD
PLVPDFOiXVXOD

,KT LKZ DJCK¡MCO FJK OCC¡PMCO


HV HV  EXHQRGH  HVD SHUVRQD
(VDSHUVRQDHVEXHQDJHQWH

9.3.2. Los radicales de los adjetivos calificativos


/RV5$',&$/(6GHORV$'-(7,926&$/,),&$7,926SXHGHQVHUUDtFHVVHQFLOODVGHDGMHWLYRVGHVFULSWLYRVVXVWDQWLYRVR
DGYHUELRVRELHQSXHGHQVHU5('83/,&$'26SDUDLQGLFDUHO3/85$/

$GMHWLYRGHVFULSWLYR  ,KZ CDJCCT FJK WDKK


        HV  ERQLWD  HVWD PXMHU
        (VWDPXMHUHVERQLWD
        :K¡T     IÀ¡  FJK DC¡CCM
        ZK¡   LKT IÀ¡  FJK DC¡CCM
        GHPDVLDGR HV  JUDQGH HVWD FDVD
        (VWDFDVDHVGHPDVLDGRJUDQGH
*5$0È7,&$7(3(+8$1$ 

6XVWDQWLYR  ,KT W¡KK¡ FJQ FJK¡


     HV  SiMDUR (3 HVH
     eVHHVXQSiMDUR
     ,KT LWO MWC¡FCO IW KKDJCK¡³IC¡P FJK ©¡©©Z
     LKT LWOÊ LWI© ÊFCO IW KKDJCK¡³ IC¡P FJK ©¡©©Z
     HV  VH  FRPHU HOTXH OD  IUXWD  VX  HVWD SODQWD
     /DIUXWDGHHVWDSODQWDHVFRPHVWLEOH OLWHVDOJRTXHVHFRPH 

$GYHUELR  ,KT CO   FJQ


     HV  H[DFWDPHQWH (3
     6tHVWiELHQ
     ,KT O©M [C¡ F©T
     HV  OHMRV DTXt GH
     (VOHMRVGHDTXt

/RVDGMHWLYRVFDOLILFDWLYRVVHSUHVHQWDQUHGXSOLFDGRVSDUDLQGLFDUSOXUDOGHODPLVPDPDQHUDTXHORVVXVWDQWLYRV
>FDS@(VGHFLUVLHOVXVWDQWLYRHVSOXUDOWDPELpQHVSOXUDOHODGMHWLYRTXHORPRGLILFD

,KZ D©©R©V  CO  IWOCOCK


LKZD©©Ê D©©V ¡CO IWOCÊ OCK
VRQ SO± SHVDGRHOORV  ORVSO± PDJXH\
/DVSHQFDVGHORVPDJXH\HVVRQSHVDGDV
,KT IÀ¡IÀT FJK LQQFCK
VRQ JUDQGHV HVWDV SLHGUDV
(VWDVSLHGUDVVRQJUDQGHV

9.3.3. Los afijos flexivos de los adjetivos calificativos


&XDQGRORVDGMHWLYRVFDOLILFDWLYRVVHSUHVHQWDQFRPRYHUERVGHHVWDGRSXHGHQSUHVHQWDUVHWDPELpQORVPLVPRDILMRV
TXHVHSUHVHQWDQFRQRWURVYHUERVGHHVWDGR>@(VGHFLUSXHGHQSUHVHQWDUVHORVDILMRVJHQHUDOHVGHWLHPSRDVSHFWR
SHUVRQD\Q~PHUR
/DSHUVRQD\HOQ~PHURGHOVXMHWRVHLQGLFDQFRQHOPRUIHPDGHOVXMHWR>@

,KZ EJWVWM CO


VRQ QHJURV HOORV
(OORVVRQQHJURV
,KT QTQUKKT K³
VR\ DOJXDFLO \R
6R\DOJXDFLO

(OVXILMRGHHVWDGRÊMCVHSUHVHQWDHQWUHHOUDGLFDOGHODGMHWLYR\ORVVXILMRVJHQHUDOHVGHWLHPSR>@

/QQ EJKZ   EJCVQK³  MC¡   MCDWKOWM


OQQ EJK LKZVCÊ VQK³ MC ÊC¡ MCDWKOWM
  GXGD HV  'LVWU FDORU HVWDGR)XW PDxDQD
&UHRTXHYDDKDFHUFDORUPDxDQD
)KKNJKO LKZ EJCVQK³  MCV    VCMCCD
IKKNJKO  LKZ VCÊ VQK³ MC ÊV   VCMCCD
PXFKR  HV  'LVWU FDORUHVWDGR&RSUHW D\HU
+L]RPXFKRFDORUD\HU  
 /26$'-(7,926


7RGRVORVDILMRVGHDVSHFWRJHQHUDOHV>@WDPELpQVHSXHGHQSUHVHQWDUFRQORVDGMHWLYRVFDOLILFDWLYRV

,KZ EJW DCC¡  IWF©D©©T


HV ([W PRMDGD OD WLHUUD
/DWLHUUDHVWiPRMDGD
$CZ   DJCK¡
DC LKZ
\D HV  EXHQR
<DHVVXILFLHQWH FRPLGD 
-CT   CNJK¡EJ CNJ  FJK CNJKK
MC LKT CNJK¡EJ CNJ  FJK CNJKK
D~Q HV  SHTXHxR SRTXLWR HVWH QLxR
(VWHQLxRWRGDYtDHVPX\FKLTXLWR
2WT      OCC¡PMCO
RW   LKT OCC¡PMCO
VHQFLOODPHQWH HV  SHUVRQD
(VXQDSHUVRQDQDGDPiV
*5$0È7,&$7(3(+8$1$ 

Capítulo 10. Los adverbios


(QHVWHFDStWXORGHVFULELPRVORV$'9(5%,26GHOWHSHKXiQ3ULPHURGHVFULELPRVORVDGYHUELRVGH/8*$5\
',5(&&,Ï1>@OXHJRGHVFULELPRVORVDGYHUELRVGH7,(032>@\ORVDGYHUELRVGH02'2>@\ILQDOPHQWH
GHVFULELPRVORVDGYHUELRV,17(552*$7,9265(/$7,926H,1'(),1,'26>@
+D\GRV3$57Ë&8/$6',0,187,9$6TXHVHSUHVHQWDQIUHFXHQWHPHQWHFRQWRGRWLSRGHDGYHUELRDVDEHUCNJSRTXLWR
FDULxRRVDWLVIDFFLyQ\R©ZQDGDPiV

RCNJ©©R CNJ     /K¡ R©Z   DQ¡


XQSRFR  SRTXLWR    DOOt QDGDPiV  HVWiDFRVWDGR
PX\SRFR       $OOtQDGDPiVHVWiDFRVWDGR

10.1. Los adverbios de lugar y dirección


+D\FLQFR$'9(5%,26GHOWHSHKXiQTXHLQGLFDQHO/8*$5UHODWLYRGHO(9(172R(67$'2(VGHFLULQGLFDQOD
GLVWDQFLD\ODDOWXUDUHODWLYDGHOHYHQWRHQFXDQWRDOOXJDUGHOKDEODQWHHQHOPRPHQWRGHO(181&,$'23RUPHGLRGHORV
DGYHUELRVGHOXJDUHOKDEODQWHSXHGHGLVWLQJXLUWUHVGLIHUHQWHVGLVWDQFLDVGHSUR[LPLGDGUHODWLYD LQPHGLDWDFHUFDQD\
GLVWDQWH \GRVGLIHUHQWHVDOWXUDVUHODWLYDV PiVDOWD\PiVEDMD (VWRVDGYHUELRVORVFXDOHVVHSUHVHQWDQHQHOFXDGUR
VRQODIRUPDVODUJDVGHORVSUHILMRVGHOXJDUFRUUHVSRQGLHQWHV>@

Altura

Proximidad $OWD %DMD

,QPHGLDWD [C¡
DJCK¡
&HUFDQD OK¡

'LVWDQWH DJCOO© OWOOW

Cuadro 20. Los adverbios de lugar

-KC¡R©Z OWOOWDC CCLKO  CMM©¡P


MKC¡R©Z  OWOOW DCÊ CC[C ÊKO CM M©¡P
DSHQDV  DOOiDEDMR \D  OOHJDU 3URJ UtRFRQ
$SHQDVHVWDUiOOHJDQGRDOUtRDKRUDPLVPR
,CTQQR  [C¡ MC   P©©TC  PCR   DC¡ [C¡ FCC!
LCTQQ R [C¡ MCÊ   P©©TC  PC R DC¡ [C¡ FCC
TXLpQ W~  DTXt SURYLVLRQDO HVSHUDU TXH W~  OXHJR DTXt HVWiVHQWDGR
¢$TXLpQHVWiVHVSHUDQGR"¢3RUTXpHVWiVDTXt"

8QOXJDUDOQLYHOGHORVSLHVGHOKDEODQWHVHFRQVLGHUDPiVEDMRORVGHPiVOXJDUHVVHFRQVLGHUDQPiVDUULED

/K¡   FJQT   MKKEJCO


OK¡   FJQ LKT MKKEJCO
DOOtDEDMR (3 HV  KRJDU
6tODFDVDTXHHVWiDOOtHVWiKDELWDGD
 /26$'9(5%,26


$JCK¡R    ZK  FJCKDW CVQQZMQT VC¡O


DJCK¡  R ZKÊ FJCKDW CVQQZMQT  VC¡O
DOOtDUULED W~  ,PS VHQWDUVH VLOOD   HQ
6LpQWDWHHQODVLOOD

/RVFLQFRDGYHUELRVGHOXJDUTXHVHSUHVHQWDQHQHOFXDGURVRQORVPiVFRPXQHVSHURKD\RWURVWUHVDGYHUELRVGH
OXJDUORVFXDOHVVHSUHVHQWDQGHYH]HQFXDQGRSRUTXHVXVLJQLILFDGRHVPiVHVSHFtILFR(VGHFLUORVDGYHUELRVGHOXJDU
TXHVHSUHVHQWDQHQHOFXDGURVRODPHQWHVHXVDQSDUDLQGLFDUTXHHOOXJDUHVXQOXJDUGHGLItFLODFFHVR(VWRVWUHV
DGYHUELRVQRWLHQHQSUHILMRVFRUUHVSRQGLHQWHV

 Altura

Proximidad $OWD %DMD

,QPHGLDWD [©L©
DJ©L©
&HUFDQDRGLVWDQWH O©L©

Cuadro 21. Los adverbios de lugar de difícil acceso

/©L©  LK  DCC IWMQ¡  LQFCK D©VC¡


O©L©   LKÊ DCMK IWMQ¡  LQFCK D©VC¡
DOOtDEDMR LQLFLR HQWUDU HO YtERUD SLHGUD GHEDMR
/DYtERUDVHPHWLyGHEDMRGHODSLHGUD

7RGRVORVDGYHUELRVGHOXJDUVHSXHGHQSUHVHQWDUFRQHO68),-2GH35(&,6,Ï1ÊPKʳKWDOFRPRVHSUHVHQWDQORV
SURQRPEUHVGHPRVWUDWLYRV>@$OSUHVHQWDUVHFRQHVWHVXILMRHODGYHUELRDJCK¡FDPELDXQSRFRGHIRUPDSHURORV
GHPiVDGYHUELRVVHSUHVHQWDQGHODPLVPDIRUPDFRQRVLQHOVXILMRGHSUHFLVLyQ

$JC¡³K     FCC   IWW¡KK¡ FJK¡³K   WWZ EJC¡O


DJCK¡  ÊPK  FCC   IWW¡KK¡ FJK¡ ÊPK  WWZ VC¡O
DOOtDUULED SUHFLVR HVWiVHQWDGR XQ SiMDUR HVWH SUHFLVR SDOR HQ
+D\XQSiMDURHQHVWHiUERO
#NJ  V©O   DJ©KEJW¡   IWDJCD DJCOO©PK   FJ©T
CNJ  VWÊ LWOÊ DJ©©[CÊEJW¡   IWDJCD DJCOO© ÊPK  F©T
SRTXLWR ([W VH  SDVDU PRYLPLHQWR HO IULMRO DOOiDUULEDSUHFLVR GH
(VWiQFRVHFKDQGRHOIULMRODOOi DUULEDGRQGHQRVHYH 
$J©L©PK   PC FCC   %JCO P©K¡³ CR CC!
DJ©L© ÊPK  PC FCC   EJCO P©KFJC ¡CR CC
DOOt  SUHFLVR TXH HVWiVHQWDGR QR  YHU  W~  &RQI
$OOtPLVPRHVWi¢1RORYHV"

$GHPiVGHORVDGYHUELRVGHOXJDUGRVDGYHUELRVGH',5(&&,Ï1LQGLFDQVLHOHYHQWRVHOOHYDDFDERHQXQDGLUHFFLyQ
RULHQWDGDKDFLDHOKDEODQWHRHQGLUHFFLyQRSXHVWDDVDEHUDJCK¡KDFLDDFi\OWK¡KDFLDDOOi

$JCK¡ DC LKO IWOCC¡PMCO


DJCK¡ DCÊ LKO© IWOCC¡PMCO
DFi  \D  LU  OD SHUVRQD
<DYLHQHXQDSHUVRQD
*5$0È7,&$7(3(+8$1$ 

/WK¡ DC LKO IWMCDCK


OWK¡ DCÊ LKO© IWMCDCK
DOOi  \D  LU  HO FDEDOOR
(OFDEDOORVHYDSDUDDOOi

(ODGYHUELRGHGLUHFFLyQDJCK¡KDFLDDFiVHSURQXQFLDLJXDOTXHHODGYHUELRGHOXJDUDJCK¡DOOtDUULED$VLPLVPR
HODGYHUELRGHGLUHFFLyQOWK¡KDFLDDOOiVHSURQXQFLDLJXDOTXHHO$'-(7,92180(5$/OWK¡PXFKRV

-KC¡R©Z DJCK¡  FJ©T DJCK¡  DC LK  LKK


MKC¡R©Z  DJCK¡  F©T DJCK¡  DCÊ LKÊ LKO©
DSHQDV  DOOtDUULED GH KDFLDDFi \D  LQLFLR LU
$SHQDVHPSLH]DDYHQLUGHVGHDOOt

/WK¡ OWK¡  DC LKKO CO  IWLC¡VMCO


OWK¡ OWK¡  DCÊ LKO© ¡CO IWLC¡VMCO
PXFKRV KDFLDDOOi \D  LU  HOORV  OD JHQWH
0XFKDJHQWH\DYDKDFLDDOOi

10.2. Los adverbios de tiempo


/RV$'9(5%,26GH7,(032D\XGDQDHVSHFLILFDUODVUHODFLRQHV7(0325$/(6UHODWLYDVDOPRPHQWRGHO(181&,$'2
0XFKRVGHHOORVVHUHILHUHQDORVGtDVDQWHVRGHVSXpVGHO(9(172R(67$'2

DCUOWVCMCCD  KDFHWUHVGtDV
DCUVCMCCD   KDFHGRVGtDVDQWHD\HU
VCMCCD    D\HU
ZKD      KR\DKRUD
MCDWKOWM  PDxDQDHQODPDxDQD
OCCZFJK    HQGRVGtDVSDVDGRPDxDQD
LWOCKOCCZFJK  HQWUHVGtDV

$CUVCMCCD LC³KEJ  DJCK¡ DC LK  LKK  LK³ MK¡CCO F©T


DCU VCMCCD LC³ KEJ DJCK¡ DCÊ LKÊ LKO© LK³Ê MK¡CCO F©T
DQWHD\HU  \R  3UHW DFi \D  LQLFLR LU  PL  KRJDU  GH
$QWHD\HUVDOtGHPLFDVDSDUDYHQLUDFi
:KD MCDWKOWM LC³KEJ  [C¡ DC CK
ZKD MCDWKOWM LC³ KEJ [C¡ DCÊ CC[C
KR\ PDxDQD  \R  3UHW DTXt \D  OOHJDU
+R\HQODPDxDQDOOHJXpDTXt

2WURVDGYHUELRVGHWLHPSRVHUHILHUHQDGLIHUHQWHVWLSRVGHUHODFLRQHVWHPSRUDOHV

LCPQ¡     D©L©M       ZKDRC¡


HQDTXHOWLHPSR  KDFHPXFKRWLHPSR   UHFLHQWHPHQWH
LKZM©¡PMQD   MCRDJWKOWM    VWMCC¡
WHPSUDQR    HQODPDxDQLWD    HQODQRFKH
D©©R©¡F©T    ICVWWM 
PiVWHPSUDQR  GHVSXpVPiVDOUDWR
 /26$'9(5%,26


d,C¡ROQQ IKKNJKO LKZ L©©RK¡³ VWMCC¡


H[FODPDFLyQ PXFKR HV  IUtR  QRFKH
£+L]RPXFKRIUtRDQRFKH
/CCMCO  VW  LKKOFCV      CO  IW Q¡FCO D©L©M
OCCMCO  VWÊ LKO© ÊFC  ÊV   ¡CO IW Q¡FCO D©L©M
GHRWURPRGR ([W LU  FRQWtQXR &RSUHW HOORV  ORV LQGtJHQDV KDFHPXFKRWLHPSR
+DFHPXFKRWLHPSRORVLQGtJHQDVWHQtDQRWUDVFRVWXPEUHV

10.3. Los adverbios de modo


/RV$'9(5%,26GH02'2HVSHFLILFDQGHTXpPDQHUDREDMRFXiOHVFLUFXQVWDQFLDVVHOOHYDDFDERHO(9(172RH[LVWH
XQ(67$'2

RWK¡  DVt
OK¡RWK¡ GHLJXDOPDQHUD
RCTDCP QRELHQ LQFRPSOHWRRGHILFLHQWH 
CNJK¡EJ XQSRFR
L©¡Z³K  DVtGHWDPDxR
LQVOQFC¡ UiSLGR
UCCNJ  GHVSDFLR
CKZKO  GHPXFKDVPDQHUDV
UCMCCNJ HQILOD

5CCNJ  VW QKT© IWOWWNJ


GHVSDFLR ([W DQGDU OD WRUWXJD
/DWRUWXJDFDPLQDGHVSDFLR
2CTDCP VW  DQR³KZ  FJK ICC
QRELHQ  ([W GHV\HUEDGD HVWD PLOSD
(VWDPLOSDQRHVWiELHQGHV\HUEDGD

8QRVSRFRVDGYHUELRVGHPRGRLQGLFDQFXiQWDVYHFHVVHOOHYDDFDERXQHYHQWR

)QQMKO LC³KEJ  V©K   DJC LC  DCK¡³


IQQMKO LC³ KEJ V©K   DJCÊ LCÊ DCKFJC
GRVYHFHV \R  3UHW LQWHQWR DFi OHV LQYLWDU
'RVYHFHVLQWHQWpLQYLWDUORV SHURQRYLQLHURQ 

(ODGYHUELRGHPRGR1(*$7,92WLHQHGRVIRUPDV/DIRUPDPiVFRP~QEJCOVHXVDHQODPD\RUtDGHODV
QHJDFLRQHVODIRUPDEJC¡RVHXVDSULQFLSDOPHQWHHQSURKLELFLRQHVFXDQGROHVLJXHHOPRUIHPDGHOVXMHWR>@

%JCO ZKLCK
QR  GLItFLO
(VIiFLO
%JC¡R   UWCMFC¡
EJCO LCR UWCMK ÊFC  ÊC¡
QR  W~  OORUDU FRQWtQXR )XW
1ROORUHV
*5$0È7,&$7(3(+8$1$ 

10.4. Los adverbios interrogativos, relativos e indefinidos


/RVDGYHUELRVLQWHUURJDWLYRVUHODWLYRVHLQGHILQLGRVWLHQHQIRUPDVVHPHMDQWHVFRPRVHLOXVWUDQHQORVVLJXLHQWHV
HMHPSORV

,QWHUURJDWLYR   5HODWLYR     ,QGHILQLGR


LCZ      PCLCZ     LCZPCR©Z
¢FyPR"     TXpWDQWR     FRPRVHD
LCZLC¡M    PCLCZLC¡M    LCZPCR©ZLC¡M
¢GHTXpPDQHUD"  GHTXpPDQHUD   GHFXDOTXLHUPDQHUD
LCZFJWWM   PCLCZFJWWM   LCZPCR©ZFJWWM
¢GHTXpPRGR"   GHTXpPRGR    GHFXDOTXLHUPRGR
RCC      PCRCK¡     RCK¡PCR©Z
¢GyQGH"    GRQGH      GRQGHTXLHUD
RCCFWWM    PCRCK¡FJWWM   RCK¡
PCR©Z FJWWM
¢FXiQGR"    FXiQGRFXDQGR   FXDQGRTXLHUD
L©¡M      PCL©¡M     L©¡MPCR©Z
¢FXiQWR"¢FXiQWRV" ORVTXH     FXDQWRVVHDQ
LCZLKZ    PCLCZLKZ
L©¡ZLKT     PCL©¡ZLKT
¢TXpWDQWR"   TXpWDQWR

2CCEJ   V©DKCRW¡     ZKD!


RCC  EJ  V©DKCRW   ÊC¡ ZKD
GyQGH QRVRWURV SDVDUODQRFKH )XW KR\ 
¢'yQGHDFDPSDUHPRVHVWDQRFKH"
2CK¡PCR©Z  FJQ 
GRQGHTXLHUD  (3 
'RQGHTXLHUD
VWC  D©VC¡ PCRCK¡Z  ICM 
VWC  D©VC¡ PCRCK¡LKZICM
HQFLQR GHEDMRGRQGH HVWi VHFR
'HEDMRGHXQHQFLQRGRQGHODWLHUUDHVWpVHFD
 /$6$'326,&,21(6


Capítulo 11. Las adposiciones


(QHVWHFDStWXORGHVFULELPRVODV$'326,&,21(6GHOWHSHKXiQODVFXDOHVVRQ3$/$%5$6VHQFLOODVVLQ$),-26TXHVH
SUHVHQWDQSDUDLQGLFDUODSRVLFLyQUHODWLYDGHO6867$17,926LVHSUHVHQWDGHVSXpVGHOVXVWDQWLYRVHOODPD326326,&,Ï1
>@\VLVHSUHVHQWDDQWHVGHOVXVWDQWLYRHQODFOiXVXODVHOODPD35(326,&,Ï1>@(QHOKDEODFRWLGLDQDGHO
WHSHKXiQDFWXDOVHSUHVHQWDQORVGRVWLSRVGHDGSRVLFLRQHV

11.1. Las posposiciones


/DVSDUWHVGHOD)5$6(326326,&,21$/VHSUHVHQWDQHQHORUGHQTXHDTXtVHxDODPRV

Artículo Sustantivo POSPOSICIÓN

3RUHMHPSOR

IW UWWFCK¡ FJCCO


HO DJXD  HQFLPDGH
HQFLPDGHODJXD

/DVSRVSRVLFLRQHVVHSUHVHQWDQFRQIUHFXHQFLDHQODVIUDVHVH[SOLFDWLYDV

PC M©¡P VWO   DJK¡URC¡


PC M©¡P VWÊ LWOÊ DJK¡URC ÊC¡
TXH FRQ ([W VH  SHJDU  )XW
FRQORTXHVHSHJD GHILQLFLyQGHSHJDPHQWR 

6RQPXFKDVODVSRVSRVLFLRQHVTXHVHXVDQFRQIUHFXHQFLD&RQHODOIDEHWR35È&7,&2VLHPSUHVHHVFULEHQFRPR
SDODEUDVVHSDUDGDV$OJXQDVSRVSRVLFLRQHVWLHQHQGRVIRUPDVODVFXDOHVYDUtDQVHJ~QORV&217(;726)212/Ï*,&26HQ
TXHVHSUHVHQWDQ

F©TFJ©T   GHGHVGH OXJDU 


MCO   GH OXJDURFLHUWDFDUDFWHUtVWLFD 
TCO¡CO  HQ SDUWHGHOFXHUSR 
LC¡R   iUHD
LC¡M   UXPER
V©TEJ©T   GHQWURGH
VC¡OEJC¡O HQODVXSHUILFLHGH
FCCOFJCCO HQFLPDGH
M©¡P  FRQ
MC¡O    HQGHQWURGH
D©VC¡    GHEDMRGH

OGGUVC¡O
HQODPHVD
DC¡MD©VC¡
GHEDMRGHODFDVD
QKFJC¡FCCO
HQODFLPDGHOFHUUR
*5$0È7,&$7(3(+8$1$ 

$OJXQDVSRVSRVLFLRQHVWDPELpQVHSUHVHQWDQHQODVIUDVHVDGYHUELDOHV

OK¡³K  FJ©T LC¡M


DOOtSUHFLVR GHVGH UXPER
GHSRUDOOt
UCK¡  EJ©T MCO IWMQ¡
]DFDWH HQ  GH  OD YtERUD
YtERUDGHO]DFDWH

11.2. Las preposiciones


/DVSDUWHVGHOD)5$6(35(326,&,21$/VHSUHVHQWDQHQHORUGHQTXHDTXtVHxDODPRV

PREPOSICIÓN Artículo Sustantivo

3RUHMHPSOR

FCCOF©T IW UWWFCK¡


HQFLPDGH HO  DJXD
HQFLPDGHODJXD

$XQTXHODPD\RUtDGHODVSUHSRVLFLRQHVVHSUHVHQWDQMXQWRFRQHO6867$17,92DOTXH02',),&$1DYHFHVVH
SUHVHQWDQVRODVFXDQGRHOVXVWDQWLYRVHVREUHHQWLHQGH

DCCU©¡PF©T 
IW CM 
DORWURODGRGH  HO UtR 
DORWURODGR GHOUtR 

6RQSRFDVODVSUHSRVLFLRQHVTXHVHSUHVHQWDQFRQIUHFXHQFLD/DPD\RUSDUWHGHHOODVWDPELpQVHSUHVHQWDQFRPR
326326,&,21(6>@GHODVFXDOHVVH'(5,9$1VXVIRUPDVSUHSRVLFLRQDOHVFRUUHVSRQGLHQWHVSRUPHGLRGHOD
SRVSRVLFLyQF©TGH

DJCCP IWOGGU
VREUH OD PHVD
HQODPHVD
©TDCPF©T IWDC¡CCM
DGHQWUR OD FDVD
GHQWURGHODFDVD
D©©RICPF©T FJK LQFCK
GHWUiVGH  HVWD SLHGUD
GHWUiVGHHVWDSLHGUD
DCCUF©T   IWQKFJC¡
GHDTXHOODGRGH HO FHUUR
DORWURODGRGHOFHUUR GRQGHQRVHYH 
 /$6&21-81&,21(6


Capítulo 12. Las conjunciones


(QHVWH~OWLPRFDStWXORGHVFULELPRVODV&21-81&,21(6GHOWHSHKXiQHVGHFLUORV025)(0$6TXHVHSUHVHQWDQSDUD
XQLUODV)5$6(6\ODV&/È868/$6SDUDIRUPDU25$&,21(6FRPSOHMDV3ULPHURGHVFULELPRVODVFRQMXQFLRQHV
FRRUGLQDQWHVTXHVRQODVTXHXQHQFOiXVXODVEiVLFDV>@OXHJRGHVFULELPRVODVFRQMXQFLRQHVVXERUGLQDQWHVODVTXH
XQHQXQDFOiXVXODEiVLFDDXQDFOiXVXODVXERUGLQDGD>@
$OILQDOGHOFDStWXORGHVFULELPRVODV,17(5-(&&,21(6HVGHFLUODVSDODEUDVTXHDYHFHVVHSUHVHQWDQSDUDLQGLFDU
FyPRVHVLHQWHHOKDEODQWHDFHUFDGHO(9(172R(67$'2GHTXHKDEOD

12.1. Las conjunciones coordinantes


/DV&21-81&,21(6&225',1$17(6VRQORV025)(0$6TXHDPHQXGRVHSUHVHQWDQDOSULQFLSLRGHODV)5$6(6RODV
&/È868/$6%È6,&$6SDUDXQLUODVIRUPDQGRDVt25$&,21(6PiVFRPSOHMDV+D\GRVWLSRVGHFRQMXQFLRQHVFRRUGLQDQWHV
DVDEHU
/DVFRQMXQFLRQHV$',7,9$6>@ODVFXDOHVLQGLFDQTXHODUHODFLyQHQWUHODVGRVFOiXVXODVTXHXQHHVWHPSRUDO
ROyJLFD
/DVFRQMXQFLRQHV$80(17$7,9$6>@ODVFXDOHVLQGLFDQTXHODUHODFLyQHQWUHODVGRVFOiXVXODVTXHXQHQRHV
QLWHPSRUDOQLOyJLFDVLQRTXHHVXQDDVRFLDFLyQFRLQFLGHQWHRFRQWUDULDDODOyJLFD

12.1.1. Las conjunciones aditivas


/DV&21-81&,21(6$',7,9$6LQGLFDQXQDUHODFLyQ7(0325$/R/Ï*,&$HQWUHGRV)5$6(6R&/È868/$6&XDWURGH
HVWDVFRQMXQFLRQHVDGLWLYDVVRQ3$57Ë&8/$6RWUDHVXQ68),-2\XQDVH[WDFRQMXQFLyQQRVHSURQXQFLD$FRQWLQXDFLyQ
GHVFULELPRVFDGDXQDGHHOODV
'RVSDUWtFXODVVHSUHVHQWDQSDUDDOLVWDUORVVXVWDQWLYRV8QDGHHOODVODSDUWtFXODICOVHSUHVHQWDSDUDDxDGLUXQ
VXVWDQWLYRDODOLVWDGHVXVWDQWLYRVGHODPLVPDFODVH/DRWUDODSDUWtFXODIKQVHSUHVHQWDSDUDDxDGLUXQVXVWDQWLYRDOD
OLVWDGHVXVWDQWLYRVTXHQRVRQGHODPLVPDFODVH

,KZ LC PCC   IWRKRRKNJ IWVQDJCCD  ICO IWW¡LK¡


HV OHVJXVWDUFRPHU ORVSROOXHORV HO JDYLOiQ  \  ORVSiMDURV
$OJDYLOiQOHJXVWDFRPHUSROOXHORV\RWURVSiMDURV
6WMCC¡LC¡M DWUCCM  IWPCMO©NJ IKQ IWVWMWWT
QRFKH UXPERVXHOHVDOLU HO PXUFLpODJR \  HO WHFRORWH
(OPXUFLpODJR\HOWHFRORWHVXHOHQVDOLUGHQRFKH
;C¡ UCRVWOIC¡TC D©ZEJW¡  MQTVKU ICO TKUDJWU IKQ UCR DCCNCU ©R
DTXt (5VH YHQGHQ PXFKDVFRVDV FRUWHV  \  UHER]RV \  (5 EDODV  WDPELpQ
$TXtYHQGHQPXFKDVFRVDVGHVGHWHODV\UHER]RVKDVWDEDODV

/DSDUWtFXODICOVRODPHQWHVHSUHVHQWDSDUDXQLUVXVWDQWLYRVPLHQWUDVTXHODSDUWtFXODIKQWDPELpQVHSUHVHQWDSDUD
XQLUWDQWRIUDVHVDGYHUELDOHVFRPRFOiXVXODV

/CC¡P UKOCCP D©ZEJCPQQNJ IKQ D©ZEJWMCC¡ PC FWMKKO©M


XQD  VHPDQD WRGRHOGtD  \  WRGDODQRFKH  TXH HVWDEDOORYLHQGR
/ORYLyGtD\QRFKHSRUXQDVHPDQD
6WVWWTM©¡P LCEJ  V©  ©U   IKQ PCEJ   VW  LKOEJWFC¡
WRURV FRQ QRVRWURV ([W VHPEUDU \  TXHQRVRWURV ([W DUDU
8WLOL]DPRVWRURVSDUDVHPEUDU\WDPELpQSDUDDUDU
*5$0È7,&$7(3(+8$1$ 

2WUDVGRVFRQMXQFLRQHVDGLWLYDVVHSUHVHQWDQSDUDXQLUIUDVHVRFOiXVXODV/DSDUWtFXODGH6(&8(1&,$(675(&+$DC¡
LQGLFDTXHXQHYHQWRRHVWDGRVLJXHDRWURSRUPHGLRGHXQDVHFXHQFLDHVWUHFKDTXHSXHGHVHUR7(0325$/R/Ï*,&$

-CDWKOWM DCO   LWIKC¡  IWDCMCCZ DC¡ DCDWWUPKC¡  IWRKCUVC


OC³CPC  DCÊLWOÊ LWI© ÊC¡ IWDCMCCZ DC¡ DCDWWUPK ÊC¡ IWRKCUVC
PDxDQD   \D VH   FRPHU )XW OD FDUQH  OXHJR \D VDOLU  ±)XW OD ILHVWD
0DxDQDVHFRPHODFDUQH\OXHJRVHDFDEDODILHVWD
,CTQQ DC¡  DJC¡³K   V©K DC VW  DC¡MKEJFJCV!     
LCTQQ DC¡  DJCK¡ ʳK  V©K  DCÊ VWÊ DC¡M ÊEJC ÊFC  ÊV
TXLpQ HQWRQFHV DOOt ±SUHFLVR LQWHQWR\D ([W FDVD KDFHU FRQWtQXR &RSUHW
  $JCK¡ DCM RW   EJCOMC   V©©OW
  DJCK¡ DCM RWÊ   EJCO MCÊ   V©©OW
  DOOt SDUHFHQDGDPiV  QR  SURYLVLRQDO WHUPLQDU
(QWRQFHV¢TXLpQHVWDEDKDFLHQGRXQDFDVDDOOt"3DUHFHTXHODGHMyDPHGLDVQDGDPiV

/DSDUWtFXODDC¡WDPELpQVHSUHVHQWDHQFRPELQDFLyQFRQRWUDVSDUWtFXODVRFRQDGYHUELRVSDUDIRUPDUFRQMXQFLRQHV
DGLWLYDVPiVFRPSOHMDV

/K¡ FJ©T DC¡ PC O©V   LCZ DCCRCO  UCR ZGGD     DQQR  
OK¡ F©T DC¡ PC O ©V LCZ DCCROKIK UCR ZKÊ  GG%Ê   DQQRQ
DOOt GH  OXHJR TXH HOORV 3UHW FyPR OHYDQWDUVH (5 LQWHQFLyQDFWRFHQWUDO FRUUHU
  LCO©V  CNJ   ICOO©L© LC¡M
  LCO©V CNJ   ICOO©L© LC¡M
  HOORV 3UHW QDGDPiV  PiVDOOi UXPER
5iSLGDPHQWHVHOHYDQWDURQ\FRUULHURQGHDOOt

/DFRQMXQFLyQDGLWLYDPiVJHQHUDOHVOD&21-81&,Ï118/$RVHDODTXHQRVHSURQXQFLDSXHVFXDQGRODUHODFLyQ
HQWUHODVGRVIUDVHVRODVGRVFOiXVXODVHVPX\REYLDQRHVQHFHVDULRXQLUODVFRQQLQJXQDFRQMXQFLyQDXGLEOH

,K³ RCNJDWKFJC¡ CR š LC³ LWRUC¡ FJK RQUVKULCK¡³ OK EJWVVW¡


LK³Ê RCNDWKFJCÊC¡ ¡CR š LC³ LWRUC ÊC¡FJK RQUVKULCK¡³OK VWVVW ÊC¡
PH D\XGDU )XW W~   \R  VDFDU )XWHVWRV SRVWHV RWURV\RDOOt PHWHU )XW
3RUIDYRUD\~GDPHDVDFDUHVWRVSRVWHV\PHWHURWURV

2WUDVGRVFRQMXQFLRQHVDGLWLYDVVHSUHVHQWDQVRODPHQWHSDUDXQLUFOiXVXODV8QDGHHOODVHVHOVXILMRGHOD$&&,Ï1
35(9,$ÊKTXHXQHGRVYHUERVGHQWURGHODPLVPDFOiXVXOD(VWRVYHUERVVLHPSUHVHUHILHUHQDGRVHYHQWRVUHODFLRQDGRV
ORVFXDOHVVHOOHYDQDFDERHQVHFXHQFLDLQPHGLDWDXQRWUDVRWUR

)COOWK  OWK¡ LK  LKK


ICCOW ÊK  OWK¡ LKÊ LKO©
PHWHU $3 DOOi LQLFLR LU
(FKiQGRORHQVXEROVDVHIXH
,Q¡  UWWUCM LC³ ZK   CCFCK  PQ¡³KEJ   DC P©¡KKO  IWZKQVCNJ
LQ¡  UWWUCM LC³ ZKÊ  CCFC ÊK  PQ¡³KEJ DCÊ P©¡ ÊO IWZKQVCNJ
FXHUR KXDUDFKHV\R  LQWHQFLyQ SRQHU $3 VL \R 3UHW \D  EDLODU LUD HOPLWRWH
&XDQGRYR\DEDLODUHOPLWRWHPHSRQJRKXDUDFKHVGHFXHUR

(VWHVXILMRWLHQHGRVIRUPDVPiVODUJDVÊLK\ÊL©KODVFXDOHVVHSUHVHQWDQFRQPHQRVIUHFXHQFLD
 /$6&21-81&,21(6


/WV©UF©LK  LC LWIKQMC¡


OW V©UF© ÊLK LCÊ LWIKQMC ÊC¡
DOOi VXELU $3 OHV DFDEDU )XW
6XELHQGRDOOt GRQGHYLYHQODVDEHMDV ODVDFDEDUi HOWODFXDFKH 

/DRWUDFRQMXQFLyQDGLWLYDTXHVRODPHQWHVHSUHVHQWDSDUDXQLUFOiXVXODVHVODSDUWtFXODGH)$&,/,7$&,Ï1MWODFXDO
LQGLFDTXHHVQHFHVDULROOHYDUDFDERHOSULPHUHYHQWRSDUDTXHVHSXHGDOOHYDUDFDERHOVHJXQGR

$JCK¡R  ZK  O©OFC¡   IWLC¡CC MW LQQVQO DJCC[C¡   IW DJCD


DJCK¡R ZKÊ O©OFC ÊC¡ IWLC¡CC MW LQQVQO DJCC[C ÊC¡ IW DJCD
ELHQ W~ ,PS DWL]DU  )XW OD ROOD SDUD SURQWR FRFHUVH )XW ORV IULMROHV
$WL]DODOXPEUHGHEDMRGHODROODGHIULMROHVSDUDTXHVHFXH]DQPiVUiSLGR
,K³ EJCK³DWK¡³ IWO  DCMWC MW³  DJCCP DJ©KTC¡    IWUWWFCK¡
MK³Ê VCK³DWKFJC IWLWOÊ DCMWC MW³ DJCCP DJ©K ÊTC ÊC¡ IWUWWFCK¡
PH SUHVWDU  HO WX  EXOH  SDUD\R HQ   WUDHU LUD )XW HO DJXD
3UpVWDPHWXEXOHSDUDLUDWUDHUDJXDHQpO

12.1.2. Las conjunciones aumentativas


/DV&21-81&,21(6$80(17$7,9$6LQGLFDQXQDUHODFLyQTXHQRHVQLWHPSRUDOQLOyJLFDHQWUHGRV)5$6(6R
&/È868/$6(VGHFLUVHSUHVHQWDQFXDQGRODUHODFLyQHQWUHODSULPHUDIUDVHRFOiXVXOD\ODVHJXQGDHVFRLQFLGHQWHR
FRQWUDULDDORTXHXQRHVSHUDUtD7RGDVODVFRQMXQFLRQHVDXPHQWDWLYDVVRQ3$57Ë&8/$6
/DFRQMXQFLyQDXPHQWDWLYDPiVFRP~QHVODSDUWtFXOD$'9(56$7,9$IW¡ODFXDOLQGLFDTXHHOHYHQWRRHVWDGRGHOD
VHJXQGDIUDVHRFOiXVXODHVORRSXHVWRGHODSULPHUD6HSUHVHQWDVROD\FRPRSDUWHGHRWUDVFRQMXQFLRQHVDGYHUVDWLYDV

MWIW¡  SHUR
IW¡LKPCIW¡ PiVELHQHQYH]GH
LC¡RLKIW¡ SRUHOFRQWUDULR
PQ¡IW¡  SHURVL
FCKPCIW¡ QDGDPiVTXH

2CTDCP R©Z  LKO   FWWM   FJK OCC¡PMCOV©K   IW¡ IKKNJKO


RCTDCP  R©Z  LKÊ LWOÊ FW³K ÊM  FJK OCC¡PMCO V©K   IW¡ IKKNJKO
QRELHQ  QDGDPiV LQLFLR VH  KDFHU 3XQW HVD SHUVRQD  LQWHQWR SHUR PXFKR
  LKT LKZ EJWO³KICO
  LKT LKZ VWO³KICO
  HV  HV  ULFR
$SHVDUGHVHUPX\ULFRHVHKRPEUHHVWiPDOYHVWLGR
$CK³EJWFC¡      CR FJK³   MWZKKT ,WO PCOMKFJC¡   K³
DCK³ÊEJW ÊFC  ÊC¡ ¡CR FJK LK³Ê MWZKKT LWOÊ PCOMKFJC ÊC¡ ¡K³
IXQGDFDXVDWLYRFRQWtQXR)XW W~  HVWH PL  FXFKLOOR WH  SDJDU   )XW \R
  MWIW¡ PQ¡ RKEJ   DC V©©OQ LK
  MWIW¡ PQ¡ R KEJ DCÊ V©©OQ  LK
  SHUR  VL  W~  3UHW \D  WHUPLQDU eQI
3RUIDYRUKD]XQDIXQGDSDUDPLFXFKLOORSHURWHODSDJRFXDQGRODWHUPLQHV

/DSDUWtFXODIW¡WDPELpQVHSUHVHQWDFRPRSDUWHGHODFRQMXQFLyQ68%25',1$17(PCIW¡SRUTXH>@
*5$0È7,&$7(3(+8$1$ 

2WUDVGRVSDUWtFXODVLQGLFDQUHODFLRQHVPiVHVSHFtILFDVDVDEHUFCKVRODPHQWH\UKCDXQTXH ODFXDOHVWRPDGDGHO
HVSDxROVHD /DVGRVVHSUHVHQWDQSDUDXQLUIUDVHVQRPLQDOHV\UKCWDPELpQSXHGHLQWURGXFLUFOiXVXODV

7C¡OC   KEJ  FCK  LCCM   LCEJ  MWC¡


SDVDUKDPEUH QRVRWURV VRODPHQWHPDt]WRVWDGR QRVRWURV FRPHU
(VWDPRVSDVDQGRKDPEUHSXHVVRODPHQWHWHQHPRVPDt]WRVWDGRSDUDFRPHU
)KKNJKO LKZDJCK¡Z ³KC IWOKUVWK³ UKC  VWMCC¡ LC¡M
PXFKR  HV EXHQR  YHU HO JDWR  DXQTXH QRFKH  UXPER
/RVJDWRVYHQPX\ELHQDXQTXHVHDGHQRFKH
5KCO   DCDCCV QK¡FJC¡ IWO©©O©DOW V©UF©LK  FJQLC LWIKQMC¡
UKC  O DCDCCV QK¡FJC¡ IWO©©O©D OWÊ V©UF© ÊLK FJQ LC LWIKQMC ÊC¡
DXQTXH HOORV HPSLQDGR YLYLU SO  ODVDEHMDV  DOOi VXELU $3 (3 OHVDFDEDU )XW
$XQTXHODVDEHMDVYLYDQHQOXJDUHVPX\HPSLQDGRV HOWODFXDFKH VXEHDOOt\VHODVFRPH

2WUDVWUHVSDUWtFXODVVHSUHVHQWDQSDUDLQGLFDUTXHODUHODFLyQHQWUHVGRVIUDVHVRFOiXVXODVHVXQDDHVFRJHUHQWUHGRV
RPiVDOWHUQDWLYDV8QDGHHVDVSDUWtFXODVHVODGH$/7(51$7,9$,17(552*$7,9$MC¡ODFXDOVRODPHQWHVHSUHVHQWDHQ
SUHJXQWDV>@/DVRWUDVGRVSDUWtFXODVVRQODGHDOWHUQDWLYDJHQHUDORKCO\ODGHDOWHUQDWLYDRSXHVWDLC¡RLK

$CK RKEJ   IWCVQQZMQT MC¡ OW RWR  FCC F©©TCR!


DCCUC RKEJ IWCVQQZMQT  MC¡ OW RWR  FCC F©©TCR
PHWHU W~3UHW  OD VLOOD   R  DOOi QDGDPiV HVWi DIXHUD
¢0HWLVWHODVLOOD HQODFDVD RVHTXHGyDIXHUD"
)W MWRCCNJ LKT LWM IWQUCC¡O IC¡P RKCO DCCT IC¡P IWW¡WWZ
IW MWRCCNJ LKT LWM IWQUCC¡O IC¡P RKCO DCCT IC¡P IW¡WÊ ¡WWZ
HO LQFLHQVR HV  SLQR OD UHVLQD  VX  R  VDYLD VX  ORVSO± iUERO
(OLQFLHQVRVHKDFHGHORFRWHGHSLQRRGHODUHVLQDGHRWURiUERO
,C¡RLK  PCR  DC DCKFJKMC¡    #CEJ  [C¡ P©©TC¡
LC¡R LK  PCR DCÊ DCKFJC ÊKMC  ÊC¡ CCEJ  [C¡ P©©TC  ÊC¡
DVt eQI TXHW~ \D  LQYLWDU WUDVODGR )XW QRVRWURV DTXt HVSHUDU )XW
$OFRQWUDULRYHW~DWUDHUOR\QRVRWURVORVHVSHUDPRVDTXt

12.2. Las conjunciones subordinantes


/DV&21-81&,21(668%25',1$17(6VRQORV025)(0$6TXHDPHQXGRVHSUHVHQWDQDOSULQFLSLRGHODVFOiXVXODV
68%25',1$'$6SDUDXQLUORVDODVFOiXVXODV%È6,&$6IRUPDQGR25$&,21(6PiVFRPSOHMDV+D\FXDWURWLSRVGH
FRQMXQFLRQHVVXERUGLQDQWHVDVDEHU
/DVFRQMXQFLRQHVVXERUGLQDQWHV7(0325$/(6\/2&$7,9$6>@ODVFXDOHVLQLFLDQFOiXVXODVTXHSURSRUFLRQDQ
PiVLQIRUPDFLyQDFHUFDGHOWLHPSR\GHOOXJDUGHO(9(172R(67$'2
/DVFRQMXQFLRQHVVXERUGLQDQWHV/Ï*,&$6>@ODVFXDOHVLQLFLDQFOiXVXODVTXHSURSRUFLRQDQPiVLQIRUPDFLyQ
DFHUFDGHODFDXVDHOSURSyVLWRRODPDQHUDGHOHYHQWRRHVWDGR
/DVFRQMXQFLRQHV5(/$7,9$6>@ODVFXDOHVLQLFLDQFOiXVXODVTXHSURSRUFLRQDQPiVLQIRUPDFLyQDFHUFDGH
XQVXVWDQWLYR
/DVFRQMXQFLRQHVGH&203/(0(172>@ODVFXDOHVLQLFLDQFOiXVXODVTXHVRQORVFRPSOHPHQWRVX2%-(726
',5(&726GHXQ9(5%2

12.2.1. Las conjunciones subordinantes temporales y locativas


+D\GRV&21-81&,21(668%25',1$17(6TXHLQLFLDQFOiXVXODVTXHSURSRUFLRQDQPiVLQIRUPDFLyQWHPSRUDOR
ORFDWLYDGHXQ(9(172R(67$'2/DFRQMXQFLyQVXERUGLQDQWHORFDWLYDHVPCRCK¡GRQGH\ODWHPSRUDOHVPCRCK¡
 /$6&21-81&,21(6


FJWWMFXDQGR/DVHJXQGDHVGHULYDGDGHODSULPHUDSXHVFJWWMHVXQYHUERGHIHFWLYRTXHTXLHUHGHFLUGRQGHHVWiHO
VROHQHOFLHOR

$CCU©¡PF©T LCR LC FQ¡³EJQ¡  IWDCCM PCRCK¡Z ZC¡KK¡


DCCU©¡PF©T LCR LC FQ¡³EJQ ÊC¡ IWDCCM PCRCK¡ LKZ UC¡KK¡
DORWURODGR  W~  OHVGHMDU  )XW ODVYDFDV GRQGH  KD\ SDVWR
/OHYDODVYDFDVDORWURODGRGHOUtRGRQGHKD\PiVSDVWR
5CCNJ  LWR LWO DWCFC¡     IW³  LKKMWNJ 
UCCNJ  LWR LWO DWC ÊFC  ÊC¡ IWLK³Ê LKKMWNJ
GHVSDFLR 5HS VH  KDFH FRQWtQXR )XW HO PL  WtR
  PCRCK¡ FJWWM LWO GEJMC¡PFC¡
  PCRCK¡ FJWWM LWOÊ GEJMCFC ÊFC  ÊC¡
  GRQGH  HVWiVRO VH  SUHSDUDU FRQWtQXR )XW
&XDQGRPLWtRVHSUHSDUDSDUDVDOLUVLHPSUHWDUGDPXFKRWLHPSR

12.2.2. Las conjunciones subordinantes lógicas


+D\WUHV&21-81&,21(668%25',1$17(6TXHLQLFLDQ&/È868/$668%25',1$'$6TXHSURSRUFLRQDQPiV
LQIRUPDFLyQDFHUFDGHORVDVSHFWRVOyJLFRVGHXQ(9(172R(67$'28QDGHHOODVHVPCIW¡SRUTXHODFXDOLQGLFDOD
&$86$SRUODFXDOVHOOHYDDFDERHOHYHQWRRSRUODFXDOH[LVWHHOHVWDGR

/CIQQ  ³KEJ   PC³KEJ   DCK¡³FJCTCM    IWIÀ¡³³CCP 


OCIQQP© ³KEJ PC³KEJ DCK¡³FJC  ÊTC ÊM  IWIÀ¡ LK³Ê PCCP
FDQVDUVH \R 3UHW  TXH\R3UHW VDFDUOHDJXD LUD 3XQW OD JUDQGHPL PDPi
  PCIW¡ O©M VWO   DC¡KK¡
  PCIW¡ O©M VWÊ LWOÊ DCK¡IK
  SRUTXH OHMRV ([W VH  VDFDUDJXD
(VWR\FDQVDGRSRUKDEHULGRDVDFDUDJXDSDUDPLDEXHOLWDSRUTXHHVWiOHMRVHOSR]R

/DVFOiXVXODVVXERUGLQDGDVTXHLQGLFDQHO3523Ï6,72GHXQHYHQWRRHVWDGRLQLFLDQFRQODFRQMXQFLyQVXERUGLQDQWH
PCDC¡SDUDTXH

2W   ZKD LCR FJQ ZK   EJW DCMEJ©K    PCDC¡ LC¡Z³K


RWÊ   ZKD LCR FJQ ZKÊ  VWÊ DCMEJ©  ÊK  PCDC¡ LC¡Z³K
QDGDPiV DKRUD W~  (3 LQWHQFLyQ ([W KHUYLUVLQFDO ±$3 SDUDTXH DOUDWR
FCK   PCR  DC¡ VW  LKKDC¡
FCK   PCR DC¡ VWÊ LKKDC   ÊC¡
VRODPHQWH TXHW~ OXHJR ([W KDFHUJDFKDV )XW
$KRUDKLHUYHHOPDt]VLQFDOSDUDTXHGHVSXpVQDGDPiVWHQJDVTXHKDFHUJDFKDV

/DVFOiXVXODVVXERUGLQDGDVTXHLQGLFDQOD0$1(5$HQTXHVHOOHYDDFDERXQHYHQWRVHLQLFLDQFRQODFRQMXQFLyQ
VXERUGLQDQWHPCLCZFyPRODFXDOSXHGHVHUPiVHVSHFtILFDVLVHSUHVHQWDMXQWRFRQODSDUWtFXODLC¡MPDQHUDRXQD
IRUPDGHOYHUERFW³KC¡KDFHU

2WK¡R  LWR ZKO    DWKFJC¡   PCLCZ LWO DWKO


RWK¡ R LWR ZKÊ  LWOÊ DWKFJC ÊC¡ PCLCZ LWOÊ DWC ÊKO
DVt W~  5HS LQWHQFLyQ WH  KDFHU  )XW TXHFyPR VH  KDFHU 3URJ
*5$0È7,&$7(3(+8$1$ 

  IWO  ZKKZ
  IWLWOÊ ZKKZ
  OD WX  KHUPDQDPD\RU

+D]ORFRPRORKDFHWXKHUPDQD
%JCO VW¡ DKC¡ K³  IWVWWOK³ PC³  LCZ FJWWLK  LWO VCK³DWKFJC¡
EJCO VW¡ DKC¡ ¡K³ IWVWWOK³ PC³ LCZ FWW ÊLK LWOÊ VCK³DWKFJC ÊC¡
QR  DOJR WHQHU \R  HO GLQHUR TXH\R FyPR KDFHU $3 WH  SUHVWDU  )XW
1RWHQJRGLQHURSDUDSUHVWDUWH

12.2.3. Las conjunciones relativas


8QD&/È868/$5(/$7,9$SURSRUFLRQDLQIRUPDFLyQDFHUFDGHO6867$17,92R352120%5(DOFXDO02',),&$

6W¡ FC¡ FJK¡ PC OK¡³K  MCCV!


TXp HV  HVH TXH DOOtSUHFLVR HVWiDFRVWDGR
¢4XpHVHVR" OLW¢4XpHVHVDFRVDTXHHVWiDOOt" 

(QWRGDVODVFOiXVXODVUHODWLYDVVHSUHVHQWDXQD&21-81&,Ï15(/$7,9$ODFXDOSXHGHFRQVWDUVRODPHQWHGHOD
3$57Ë&8/$68%25',1$17(PCTXHIXQFLRQDFRPRXQ352120%5(5(/$7,92DVtFRPRHQHOHMHPSORDQWHULRURELHQ
SXHGHFRQVWDUGHPCPiVXQSURQRPEUH,1'(),1,'2>@WDOFRPRHQHOHMHPSORTXHVLJXH

&JK¡T  FK¡ PCLCTQK¡³  ©©ZFJCM  IW³  MCDCK¡


FJK¡ LKT FJK¡ PCLCTQK¡ LK³Ê ©©ZFJCÊM  IWLK³Ê MCDCK  IC
pVH HV  pO  TXLHQ  PH UREDU 3XQW HO PL  FDEDOOR HVWDWXV
(VHKRPEUHHVHOTXHUREyPLFDEDOOR

$VLPLVPRWRGRVORV$'9(5%,265(/$7,926FRQVWDQGHPCPiVXQDGYHUELR>@

$©©Z DC KC¡TCKO©V   IWLC¡VMCO IWVWVWC  IWK¡ PC L©¡M


D©©Z  DCÊ KC¡TC O ©V IWLC¡VMCO IWVWÊVWC  IWK¡ PC L©¡M
WRGRV \D  WXPEDUHOORV3UHW OD JHQWH  ORVSO±HQFLQR HVRV TXH FXDQWRV
  OKC¡P MC VWWV©V   PCORCK¡  QK¡FJC¡
  OKC¡P MCÊ VWWV© ÊV   PCO RCK¡ QK¡FJC¡
  FHUFD  D~Q HVWDU &RSUHW TXHHOORV GRQGH YLYLU SO 
/DJHQWHKDWXPEDGRWRGRVORVHQFLQRVTXHKDEtDFHUFDGHGRQGHYLYHQ

/DVFOiXVXODVUHODWLYDVSXHGHQVHU'(),1,'$6R,1'(),1,'$6DGHPiVGHVHURQR5(675,&7,9$6>@VHJ~QOD
FRQMXQFLyQUHODWLYDTXHVHSUHVHQWD/DVFRQMXQFLRQHVUHODWLYDVGHILQLGDVVLHPSUHHPSLH]DQFRQPCFRQRVLQXQ
SURQRPEUHRDGYHUELRLQGHILQLGRFRPRHQORVHMHPSORVDQWHULRUHV/DVFRQMXQFLRQHVUHODWLYDVLQGHILQLGDVVLHPSUH
HPSLH]DQFRQXQSURQRPEUHRDGYHUELRLQGHILQLGRDQWHVGHPC

/CC¡P LCR LK³ EJCK³DWKFJC¡  IWO  MCDCK¡  LCZEJW¡OPCZ  OCPUW¡


OCC¡P LCR LK³Ê VCK³DWKFJC ÊC¡ IWLWOÊ MCDCK IC LCZEJW¡OPCLKZOCPUW¡
XQR  W~  PH SUHVWDU  )XW HO WX  FDEDOORHVWDWXVFXDOTXLHUTXHHV PDQVR
3RUIDYRUSUpVWDPHXQRGHWXVFDEDOORVFXDOTXLHUDTXHVHDPDQVR
 /$6&21-81&,21(6


12.2.4. Las conjunciones de complemento


8Q&203/(0(172HVXQD&/È868/$ODFXDOHVHO2%-(72',5(&72GHXQ9(5%2

2W³    EJ©VFC PC EJCO DJC LKO


RWÊ   LK³Ê V©VFC  PC EJCO  DJCÊ LKO©
QDGDPiV PH GHFLU  TXH QR   DFi LU
0HGLMRTXHQRYLHQH

/RVYHUERVFX\RVFRPSOHPHQWRVDPHQXGRVRQFOiXVXODVFRPSOHWLYDVVRQORVYHUERVTXHVHUHILHUHQDOD
SHUFHSFLyQDODFWRGHKDEODU\DODFWRGHFDXVDUXQHYHQWR(QWRGRFDVROD3$57Ë&8/$68%25',1$17(PCVLHPSUHVH
SUHVHQWDDOSULQFLSLRGHODVFOiXVXODVFRPSOHWLYDV

,C¡R LCR  V©©FC¡  PCZ   MC¡QQM IWOCTCC¡P


LC¡R  LCR  V©©FC ÊC¡ PC LKZ MC¡QQM IWOCTCC Ê¡P
DVt  W~   GHFLU )XW TXH HVWi HQIHUPR HO KLMR  VX
'LOHTXHVXKLMRHVWiHQIHUPR
-WRKEJ  EJCOP©K¡³ CC PC OK¡ RW  M©©M
MW RKEJ EJCO P©KFJC CC  PC OK¡ RWÊ  M©©M
  W~ 3UHW QR  YHU  &RQI TXH DOOt QDGDPiV HVWiSDUDGR
  PCEJKEJ   [C¡ CK!
  PCEJ  KEJ [C¡ CC[C
  TXHQRVRWURV 3UHW DTXt OOHJDU
¢1RORYLVWHDOOtFXDQGROOHJDPRV"

/DSDUWtFXODVXERUGLQDQWHPCWDPELpQVHSUHVHQWDVRODFRPRFRQMXQFLyQSDUDLQLFLDUODVFOiXVXODVFRPSOHWLYDVTXHVH
WUDGXFHQDOHVSDxROFRPR,1),1,7,926\*(581',26>@

1O  IWPQDKK¡³  IW,WCPPCMC   V©VDKCIWRKNQQV


QO³K IWPQDKK Ê¡P IW,WCP PCMCÊ   V©VDKC IWRKNQQV
TXHEUDU HO EUD]R VX  HO -XDQ TXHPLHQWUDV  MXJDU OD SHORWD
-XDQVHTXHEUyHOEUD]RPLHQWUDVHVWDEDMXJDQGRFRQODSHORWD
#CRD©©Z LKOKC¡ PCR  VW MCC[C¡  PCUCCM LKT C¡IKEJCO MC¡!
CCRD©©Z  LKO©ÊC¡ PCR VWÊMCC[CÊC¡ PCUCCM LKT C¡IC ÊVCO ÊMC ÊC¡
W~ WDPELpQLU )XW TXHW~ ([WRtU )XW TXH(5 HV  KDEODU OXJDU HVWDGR)XW
¢7~WDPELpQYDVDHVFXFKDUORTXHGLFHQHQODMXQWD"

12.3. Las interjecciones


/DV,17(5-(&&,21(6VRQ3$/$%5$6R)5$6(6FRUWDVTXHVHSUHVHQWDQSDUDH[SUHVDUODUHDFFLyQHPRFLRQDOGHO
KDEODQWHGHO(9(172R(67$'2WDOHVFRPRXQDFXHUGRVRUSUHVDGXGD\DGYHUWHQFLD1RVRQFRQMXQFLRQHVHQVtSRUTXH
QRXQHQFOiXVXODVSHURVLHPSUHVHSUHVHQWDQDOSULQFLSLRGHXQDFOiXVXOD\VXHOHQSUHVHQWDUVHFRQSDUWtFXODVTXHVtVRQ
FRQMXQFLRQHV

‰K!
¢0DQGH"¢&yPR" FXDQGRQRHVFXFKyELHQ 
-CPK
=M#PK?
£0LUD
*5$0È7,&$7(3(+8$1$ 

d#C IW¡ U©NJMCO LKC


DK SHUR FLHUWR  eQI
£(QWRQFHVVtHVFLHUWR
d/K¡ IWMQ¡
DOOt  OD YtERUD
£&XLGDGR£$OOtKD\XQDYtERUD
&JQIW¡Z   ZKLCK
FJQ IW¡ LKZ ZKLCK
SXHVSHUR HV GLItFLO
3XHVHVGLItFLO
'C   PC RWK¡ EJWK¡ MC¡
GC   PC RWK¡ VW¡KK¡ ÊMC ÊC¡
GHDFXHUGR TXH DVt VHU HVWDGR)XW
'HDFXHUGR4XHDVtVHD
+KMW³   OQQ    V©©¡O©TC¡
KKMW ³ OQQ    V©IK ÊO©TCÊC¡
LQWHQFLyQ\R GHVFRQRFLPLHQWR YHU LUD )XW
&UHRTXHYR\DYHU ORTXHSDVD 
 */26$5,2


Bibliografía
%DVFRP%XUWRQ3URWR7HSLPDQ 7HSHKXDQ3LPDQ 7HVLVGRFWRUDO8QLYHUVLW\RI:DVKLQJWRQ
0DVRQ-$OGHQ³7HSHFDQRD3LPDQODQJXDJHRIZHVWHUQ0H[LFR´$QQDOVRIWKH1HZ<RUN$FDGHP\RI6FLHQFH
±
/DQJDFNHU5RQDOG$QRYHUYLHZRI8WR±$]WHFDQJUDPPDU'DOODV6XPPHU,QVWLWXWHRI/LQJXLVWLFVDQG8QLYHUVLW\
RI7H[DVDW$UOLQJWRQ
5DPtUH]6ROtV&RUQHOLR\7KRPDV:LOOHWW³([SUHVLRQHVORFDWLYDVHQWHSHKXiQGHOVXUHVWH´7ODORFDQ;,±
0p[LFR')81$0
:LOOHWW(OL]DEHWK³1RXQSKUDVHFRPSRQHQWVLQ6RXWKHDVWHUQ7HSHKXDQ´6,/±81':RUNSDSHUV±
²²²²²³5HGXSOLFDWLRQDQGDFFHQWLQ6RXWKHDVWHUQ7HSHKXDQ´,QWHUQDWLRQDO-RXUQDORI$PHULFDQ/LQJXLVWLFV

²²²²²³3DODWDOL]DWLRQLQ6RXWKHDVWHUQ7HSHKXDQ´,QWHUQDWLRQDO-RXUQDORI$PHULFDQ/LQJXLVWLFV

²²²²²\7KRPDV/:LOOHWW7HSHKXiQ2[IRUG(QF\FORSHGLDRI0HVRDPHULFDQ&XOWXUHV1HZ<RUN2[IRUG
8QLYHUVLW\3UHVV
:LOOHWW7KRPDV³7KH6RXWKHDVWHUQ7HSHKXDQYHUE´$QWKURSRORJLFDO/LQJXLVWLFV±
²²²²²³&ODXVHW\SHVLQ6RXWKHDVWHUQ7HSHKXDQ´6,/±81':RUNSDSHUV±
²²²²²³6HQWHQFHFRPSRQHQWVLQ6RXWKHDVWHUQ7HSHKXDQ´6,/±81':RUNSDSHUV±
²²²²²0DUNLQJJUDPPDWLFDOUHODWLRQVLQ6RXWKHDVWHUQ7HSHKXDQ7HVLVGHPDHVWUtD8QLYHUVLW\RI1RUWK
'DNRWD
²²²²²³6XERUGLQDWLRQLQ6RXWKHDVWHUQ7HSHKXDQ´6,/±0H[LFR:RUNSDSHUV±
²²²²²³'LVFRXUVHVWUDWHJLHVLQ6RXWKHDVWHUQ7HSHKXDQ´6,/±0H[LFR:RUNSDSHUV±
²²²²²³$FURVVOLQJXLVWLFVXUYH\RIWKHJUDPPDWLFL]DWLRQRIHYLGHQWLDOLW\´6WXGLHVLQ/DQJXDJH
²²²²²$5HIHUHQFH*UDPPDURI6RXWKHDVWHUQ7HSHKXDQ'DOODV6XPPHU,QVWLWXWHRI/LQJXLVWLFVDQG
8QLYHUVLW\RI7H[DVDW$UOLQJWRQ
²²²²²³/RVPRUIHPDVJUDPDWLFDOHVGHSHUVRQD\Q~PHURHQHOWHSHKXiQGHOVXUHVWH´0HPRULDVGHO,,
(QFXHQWURGH/LQJtVWLFDHQHO1RURHVWH+HUPRVLOOR6RQRUD8QL6RQ
²²²²²³$FFLRQHVFRQSURSRVLWRHQHOWHSHKXiQGHOVXUHVWH´0HPRULDVGHO,,,(QFXHQWURGH/LQJtVWLFDHQ
HO1RURHVWH+HUPRVLOOR6RQRUD8QL6RQ
²²²²²³&RQMXQFLRQHVGHVXERUGLQDFLRQHQHOWHSHKXiQGHOVXUHVWH´0HPRULDVGHO9(QFXHQWUR
,QWHUQDFLRQDOGH/LQJtVWLFDHQHO1RURHVWH+HUPRVLOOR6RQRUD8QL6RQ
²²²²²³5HVXPHQGHORVHVWXGLRVOLQJtVWLFRVGHOWHSHKXiQQRUWH\VXU´(Q$YDQFHV\EDODQFHVGHOHQJXDV
\XWRD]WHFDV+RPHQDMHD:LFN50LOOHUHGLWDGRSRU-RVp/XLV0RFWH]XPD=DPDUUyQ\-DQH++LOO0p[LFR')
,QVWLWXWR1DFLRQDOGH$QWURSROJtDH+LVWRULD
²²²²²³&XDQGRXQDSDUWtFXODQRHVXQDSDUWtFXOD´0HPRULDVGHO9,(QFXHQWUR,QWHUQDFLRQDOGH/LQJtVWLFD
HQHO1RURHVWH+HUPRVLOOR6RQRUD8QL6RQ
²²²²²³9R]\YDOHQFLDHQWHSHKXiQGHOVXUHVWH´0HPRULDVGHO9,,,(QFXHQWUR,QWHUQDFLRQDOGH/LQJtVWLFD
HQHO1RURHVWH+HUPRVLOOR6RQRUD8QL6RQ

*5$0È7,&$7(3(+8$1$ 

Glosario
$&&,Ï135(9,$ &21-81&,Ï1TXHLQGLFDTXHXQDDFFLyQRFXUUHLQPHGLDWDPHQWHDQWHVGH
RWUDDFFLyQ
$&(172 )RUPDGHSURQXQFLDUXQD6Ë/$%$FRQPiVLQWHQVLGDG
$&(178$&,Ï1 352&(62)212/Ï*,&2TXHGHWHUPLQDFXiO6Ë/$%$VHSURQXQFLDFRQPiV
LQWHQVLGDG
$&72&(175$/ (9(172PiVLPSRUWDQWHGHXQ',6&8562
$'(/$17$5 0RYHUXQD3$/$%5$R)5$6(DQWHVGHO9(5%2GHQWURGHXQDFOiXVXOD
$',7,9$ &21-81&,Ï1TXHLQGLFDXQDUHODFLyQ7(0325$/R/Ï*,&$HQWUHGRV
)5$6(6R&/È868/$6

$'-(7,92 3$/$%5$TXH02',),&$DXQ6867$17,92
$'326,&,Ï1 3$/$%5$TXHVHSUHVHQWDDQWHV 35(326,&,Ï1 RGHVSXpV 326326,&,Ï1 
GHXQ6867$17,92SDUDHVSHFLILFDUVXSRVLFLyQUHODWLYD
$'9(5%,2 3$/$%5$TXH02',),&$DXQ9(5%2$'-(7,92XRWURDGYHUELR
$'9(5%,25(/$7,92 $'9(5%,2TXHVHSUHVHQWDGHVSXpVGHXQ6867$17,92SDUDLQLFLDUXQD
&/È868/$5(/$7,9$

$'9(56$7,92 3$57Ë&8/$R&21-81&,Ï1TXHLQGLFDTXHHO(9(172R(67$'2TXHVLJXH
HVGLIHUHQWHGHORTXHHOKDEODQWHHVSHUDED
$),-2 025)(0$FRUWRTXHVHSURQXQFLDLQPHGLDWDPHQWHDQWHVGHXQ5$',&$/
35(),-2 RLQPHGLDWDPHQWHGHVSXpVGHXQ5$',&$/ 68),-2 
$),-2'(5,9$7,92 $),-2TXHFDPELDHOVLJQLILFDGREiVLFRGHXQD3$/$%5$\VXFODVLILFDFLyQ
JUDPDWLFDO
$),-2)/(;,92 $),-2TXHVHSUHVHQWDFRQXQ5$',&$/SDUDDPSOLDUVXVLJQLILFDGRFHQWUDO
/RV$),-26)/(;,9269(5%$/(6LQGLFDQ7,(032$63(&72R02'$/,'$'
/RV$),-26120,1$/(6LQGLFDQ1Ò0(52R326(6,Ï1
$),50$&,Ï1 (9$/8$&,Ï1*5$0$7,&$/TXHDILUPDODYHUGDGGHXQ(181&,$'2
$)5,&$'$ &21621$17(TXHHVODFRPELQDFLyQGHXQD2&/86,9$VHJXLGDSRUXQD
)5,&$7,9$

$*(17( (17,'$'6(0È17,&$TXHOOHYDDFDERXQDDFFLyQ
$/$5*$0,(172 352&(62)212/Ï*,&2SRUPHGLRGHODFXDOODSURQXQFLDFLyQGHXQD
92&$/R&21621$17(VHDODUJDXQSRFR

$/)$%(72)21e7,&2 7RGRVORVVtPERORVGHO$OIDEHWR)RQpWLFR,QWHUQDFLRQDOTXHVHXWOL]DQ
SDUDUHSUHVHQWDUDORVVRQLGRV
$/)$%(7235È&7,&2 /HWUDVFRQODVFXDOHVQRUPDOPHQWHVHHVFULEHXQLGLRPD
$/7(51$7,9$ &21-81&,Ï1TXHLQGLFDXQDDOWHUQDWLYDHQWUH3$/$%5$6)5$6(6R
&/È868/$6VHPHMDQWHV

$/785$'(/$/(1*8$ $OWXUDUHODWLYDGHODOHQJXD $/7$0(',$R%$-$ FXDQGRVHSURQXQFLD


XQD92&$/
$/9(2/$5 &21621$17(TXHVHSURQXQFLDFXDQGRODOHQJXDWRFDHOFLHORGHODERFD
LQPHGLDWDPHQWHGHWUiVGHORVGLHQWHV
$/9(23$/$7$/ &21621$17(TXHVHSURQXQFLDFXDQGRODOHQJXDWRFDHOFLHORGHODERFD
HQWUHORVGLHQWHV\HOSDODGDU
 */26$5,2


$1,0$'2 6867$17,92TXHVHUHILHUHDXQDSHUVRQDRDQLPDO
$3/,&$7,92 68),-2'(5,9$7,92TXHLQGLFDTXHODDFFLyQDIHFWDDXQ2%-(72
$57Ë&8/2 $'-(7,92'(02675$7,92JHQHUDOTXHVLHPSUHVHSUHVHQWDFRQORV
6867$17,926

$63(&72 6,*1,),&$'2*5$0$7,&$/TXHLQGLFDODGXUDFLyQ7(0325$/UHODWLYDGH
XQ(9(172R(67$'2
$63,5$&,Ï1 7LSRGH(1625'(&,0,(172HQODFXDOVHHPLWHXQSRFRGHDLUHGHVSXpVGH
SURQXQFLDURWURVRQLGR
$80(17$7,9$ &21-81&,Ï1TXHLQGLFDXQDUHODFLyQFRLQFLGHQWHRFRQWUDULDHQWUHGRV
)5$6(6R&/È868/$6

$8;,/,$5 6RQLGRRFRQMXQWRGHVRQLGRVTXHVHSURQXQFLDQMXQWRFRQXQ025)(0$
SDUDTXHVHDPiVIiFLOSURQXQFLDUWDOPRUIHPDSHURTXHQRLQGLFDQ
QLQJ~QFDPELRGHVLJQLILFDGR
%(1()$&7,92 68),-2'(5,9$7,92TXHLQGLFDTXHODDFFLyQGHO68-(72HVGHEHQHILFLRDO
2%-(72

%,/$%,$/ &21621$17(TXHVHSURQXQFLDFRQORVODELRV
%,75$16,7,9$ &/È868/$TXHWLHQHXQ68-(72\GRV2%-(726XQR',5(&72\RWUR
,1',5(&727DPELpQVHUHILHUHDO9(5%2GHHVWDFOiXVXOD

&$/,),&$7,92 $'-(7,92TXHLQGLFDODFDOLGDGGHO6867$17,92DOTXH02',),&$
&$0%,2$/Ï)212 ,QVWDQFLDHVSHFtILFDGHXQ352&(62)212/Ï*,&2FDXVDGRSRUODSUHVHQFLD
GHRWURVRQLGRRVRQLGRVHQFLHUWR&217(;72
&$0%,2025)2/Ï*,&2 &DPELRHQODIRUPDGHXQD3$/$%5$SRUPHGLRGHDxDGLU6835,0,5R
6867,78,5XQ025)(0$SRURWUR

&$86$7,92 68),-2'(5,9$7,92TXHLQGLFDTXHHO68-(72REOLJDDO2%-(72DUHDOL]DU
ODDFFLyQ
&/È868/$ (181&,$'2TXHFRQVWDGHXQ9(5%2\VX68-(72FRUUHVSRQGLHQWH
&/È868/$%È6,&$ &OiXVXODFX\DGHVFULSFLyQGHXQ(9(172R(67$'2HVHOVLJQLILFDGR
FHQWUDOGHXQD25$&,Ï1
&/È868/$&203/(7,9$ &OiXVXODTXHHVHO2%-(72',5(&72GHRWURFOiXVXOD75$16,7,92
&/È868/$5(/$7,9$ &OiXVXODTXHVHSUHVHQWDGHVSXpVGHXQ6867$17,92HOFXDOSURSRUFLRQD
LQIRUPDFLyQDGLFLRQDODFHUFDGHpO
&/È868/$68%25',1$'$ &OiXVXODTXHGHVFULEHXQ(9(172R(67$'2TXHQRHVHOVLJQLILFDGR
FHQWUDOGHOD25$&,Ï1VLQRTXHOR02',),&$
&/Ë7,&2 025)(0$FRUWRTXHVHSURQXQFLDFRPR$),-2\DVHDDQWHV 352&/Ë7,&2 
RGHVSXpV (1&/Ë7,&2 GHPiVGHXQDFDWHJRULDJUDPDWLFDO
&20321(17(35,1&,3$/ 3$/$%5$R)5$6(TXHIXQFLRQDFRPR6867$17,929(5%2R$'9(5%,2
HQXQD&/È868/$
&21',&,21$/ 02'2'(/+$%/$TXHLQGLFDODSUREDELOLGDGUHODWLYDGHTXHRFXUUDXQ
(9(172R(67$'2

&21),50$&,Ï1 3$57Ë&8/$TXHLQGLFDXQD35(*817$&21),50$7,9$
&21-81&,Ï1 3$/$%5$TXHXQH)5$6(6R&/È868/$6
&21-81&,Ï118/$ &21-81&,Ï1TXHQRVHSURQXQFLDHVGHFLUODDXVHQFLDLQWHQFLRQDOGHXQD
FRQMXQFLyQHQWUHGRV)5$6(6R&/È868/$6SRUTXHVHVREUHHQWLHQGHOD
*5$0È7,&$7(3(+8$1$ 

UHODFLyQHQWUHHOODV
&21621$17( 6RQLGRTXHVHSURQXQFLDDOLPSHGLUHOIOXMRGHDLUHSDUFLDOPHQWHR
WRWDOPHQWH
&217$%/( 6867$17,92TXHVHSXHGHFRQWDUXVDQGRORV1Ò0(526&$5',1$/(6
&217(;72*5$0$7,&$/ /DV3$/$%5$6)5$6(6R&/È868/$6TXHVHSUHVHQWDQDQWHVRGHVSXpVGH
XQDSDODEUDODVFXDOHVD\XGDQDGHWHUPLQDUVXVLJQLILFDGR
&217(;72)212/Ï*,&2 /RTXHVHSUHVHQWDLQPHGLDWDPHQWHDQWHV\GHVSXpVGHXQVRQLGR\DVHD
RWURVRQLGRRXQDSDXVD
&217,18$7,92 68),-2TXHLQGLFDXQDDFFLyQTXHVHOOHYDDFDERSRUXQSHULRGRGHWLHPSR
UHODWLYDPHQWHODUJR
&2175$&&,Ï1 'RV025)(0$6TXHVHSURQXQFLDQMXQWRVHQPHQRVWLHPSRTXHVLVH
SURQXQFLDUDQSRUVHSDUDGR
&225',1$17( &21-81&,Ï1TXHLQGLFDTXHGRV)5$6(6R&/È868/$6VRQGHOPLVPR
WLSR
&235(7e5,72 7,(032*5$0$7,&$/TXHLQGLFDTXHXQ(9(172R(67$'2RFXUUtDHQHO
SDVDGRSRUXQSHULRGRGHWLHPSRUHODWLYDPHQWHODUJR
&238/$7,92 352&/Ë7,&2TXHIXQFLRQDFRPRHOYHUERVHURHVWDU
'(),1,'2 $'-(7,92R352120%5(HVSHFtILFR
'(,;,6 5HIHUHQWHDXQD',5(&&,Ï1RXQ/8*$5
'(02675$7,92 $'-(7,92R352120%5(TXHVHUHILHUHDXQD(17,'$'HVSHFtILFD
'(5,9$7,92 8Q$),-2TXHVHSUHVHQWDFRQOD5$Ë=GHXQDFDWHJRUtDJUDPDWLFDOSDUD
GHULYDUXQ5$',&$/GHRWUDFDWHJRUtD
'(6&212&,0,(172 (9$/8$&,Ï1*5$0$7,&$/TXHLQGLFDTXHHOKDEODQWHQRHVWiPX\VHJXUR
VLVXHQXQFLDGRHVFLHUWRRQR
'(6&5,3&,Ï17e&1,&$ 'HVFULSFLyQSUHFLVDGHXQD&21621$17(R92&$/XWLOL]DQGRWpUPLQRV
/,1*hË67,&26

'(6&5,37,92 $'-(7,92TXHGHVFULEHODVFXDOLGDGHVUHOHYDQWHVGHXQ6867$17,92
'(6,'(5$7,92 02'$/,'$'*5$0$7,&$/TXHLQGLFDTXHHO68-(72TXLHUHOOHYDUDFDER
XQDDFFLyQ
'(6/,=$17(5,25 6RQLGRTXHVHSURQXQFLDPiVUiSLGRGHORQRUPDODQWHVGHRWURVRQLGR
'(6/,=3267(5,25 6RQLGRTXHVHSURQXQFLDPiVUiSLGRGHORQRUPDOGHVSXpVGHRWURVRQLGR
'(7(50,1$17( $'-(7,92'(02675$7,92WDPELpQOODPDGR$57Ë&8/2TXHVHSUHVHQWD
FRQXQ6867$17,92SDUDHVSHFLILFDUFXiOHVODSHUVRQDDQLPDORFRVDDO
TXHVHUHILHUHHOVXVWDQWLYR
'(7(50,1$5(1(//e;,&2 352&(62)212/Ï*,&2R*5$0$7,&$/TXHHVLUUHJXODUSRUORTXHVHWLHQH
TXHHVSHFLILFDUSDUDFDGD3$/$%5$HQHO/e;,&2
',&&,21$5,2 /LVWDGH3$/$%5$6\025)(0$6FRQLQIRUPDFLyQ6(0È17,&$\
*5$0$7,&$/FRUUHVSRQGLHQWH

',)Ë&,/$&&(62 ',5(&&,Ï1TXHLQGLFDTXHXQDDFFLyQVHOOHYDDFDERKDFLDXQiUHDPX\
UHGXFLGD
',0,187,92 025)(0$*5$0$7,&$/TXHLQGLFDTXHXQHYHQWRRHVWDGRVHSUHVHQWDHQ
XQDIRUPDPHQRVVLJQLILFDWLYD
',3721*2 &RPELQDFLyQGHGRV92&$/(6GLIHUHQWHVODVFXDOHVVHSURQXQFLDQFRPR
 */26$5,2


XQDVRODVtODED
',5(&&,Ï1 0RYLPLHQWRKDFLDHOKDEODQWHRHQVHQWLGRRSXHVWR
',6&8562 &RQMXQWRGH3$/$%5$6)5$6(6X25$&,21(6TXHIRUPDQXQHQXQFLDGR
FRPSOHWRFRQVLJQLILFDGR
',675,%8&,Ï1&203/(0(17$5,$ $OWHUQDFLyQVLVWHPiWLFDHQWUHGRVRPiVVRQLGRVVHJ~QHO&217(;72HQ
TXHVHHQFXHQWUHQ
',675,%87,92 $63(&72*5$0$7,&$/TXHLQGLFDTXHODDFFLyQVHUHSLWHYDULDVYHFHV
'8'$ (9$/8$&,Ï1*5$0$7,&$/TXHLQGLFDTXHXQ(181&,$'2SXHGHVHUIDOVR
(1&/Ë7,&2 &/Ë7,&2TXHVHSURQXQFLDFRPR68),-2HQOD3$/$%5$DQWHULRU
e1)$6,6 (9$/8$&,Ï1*5$0$7,&$/TXHLQGLFDTXHXQHQXQFLDGRGHILQLWLYDPHQWH
HVFLHUWR
(1)248( 0DQHUDGHKDFHUUHVDOWDUXQ&20321(17(GHODFOiXVXOD
(1625'(&,0,(172 352&(62)212/Ï*,&2TXHFDPELDXQVRQLGR621252DXQVRQLGR625'2
(17,'$' 3HUVRQDDQLPDORFRVDDOTXHVHUHILHUHXQ(181&,$'2
(181&,$'2 &XDOTXLHUDFWRGHOKDEODKXPDQDTXHWLHQHVLJQLILFDGR\DVHDFRUWRR
ODUJR
(67$'2 &OiXVXODTXHGHVFULEHHOUHVXOWDGRILQDOGHXQDDFFLyQ
(67$786 3$57Ë&8/$TXHLQGLFDXQDUHODFLyQHVSHFLDOGH326(6,Ï1QRREOLJDWRULD
(9$/8$&,Ï1 02'$/,'$'*5$0$7,&$/TXHLQGLFDTXpWDQFLHUWRHVXQ(181&,$'2
VHJ~QHOKDEODQWH
(9(172 8QD&/È868/$TXHLQGLFDTXHVHOOHYDDFDERXQDDFFLyQ
(9,'(1&,$ 02'$/,'$'*5$0$7,&$/TXHLQGLFDHQTXpWLSRGHLQIRUPDFLyQVHEDVD
HO(181&,$'2
(9,'(1&,$'('8&,%/( (9,'(1&,$QR3(5&,%,'$QL5(3257$'$SRUPHGLRGHODFXDOHOKDEODQWH
SXHGHDYHULJXDUHO(9(172R(67$'2TXHODFDXVD
(9,'(1&,$3(5&,%,'$ (9,'(1&,$TXHHOKDEODQWHREWLHQHGLUHFWDPHQWHSRUPHGLRGHXQRRPiV
GHORVVHQWLGRVItVLFRV
(9,'(1&,$5(3257$'$ (9,'(1&,$TXHHOKDEODQWHQRSHUFLEHSHUVRQDOPHQWHVLQRTXHVHODGLFH
RWUDSHUVRQD
(;,67(1&,$ 7LSRGH9(5%2'((67$'2TXHLQGLFDTXHXQD(17,'$'HVWiHQFLHUWR
OXJDURHQFLHUWDSRVLFLyQHQHOPRPHQWRGHOHQXQFLDGR
(;3(5,(1&,$ 7LSRGH9(5%2'((67$'2TXHLQGLFDTXHHVHO68-(72TXLHQH[SHULPHQWD
XQ(67$'2
(;7(16,Ï1 $63(&72*5$0$7,&$/TXHLQGLFDTXHXQ(9(172VHSUHVHQWDGXUDQWHXQ
SHULRGRWHPSRUDOUHODWLYDPHQWHODUJRRTXHXQ(67$'2H[LVWHVREUHXQ
iUHDUHODWLYDPHQWHDPSOLD
)$&,/,7$&,Ï1 &21-81&,Ï1TXHLQGLFDTXHXQDDFFLyQHVQHFHVDULDSDUDSRGHUOOHYDUD
FDERRWUDDFFLyQ
),1$/ 6HUHILHUHDOVRQLGRTXHVHSUHVHQWDDOILQDOGHXQD6Ë/$%$3$/$%5$R
)5$6(

)/(;,92 $),-2TXHVHSUHVHQWDFRQXQ5$',&$/SDUDPRGLILFDUVXVLJQLILFDGRVLQ
FDPELDUORGHFDWHJRUtDJUDPDWLFDO
*5$0È7,&$7(3(+8$1$ 

)21e0,&2 6RQLGRGLVWLQWRHQXQLGLRPDHOFXDODOFDPELDUDRWURVRQLGRWDPELpQ
FDPELDHOVLJQLILFDGRGHO025)(0$
)21e7,&$ (VWXGLRGHFyPRVHSURQXQFLDQORVVRQLGRVGHOKDEODKXPDQDHQWRGRVORV
LGLRPDVGHOPXQGR
)212/2*Ë$ 6LVWHPDGHVRQLGRWDOFRPRORSURQXQFLDQORVKDEODQWHVGHXQLGLRPD
)250$'(/26/$%,26 0DQHUDGHSURQXQFLDUDOJXQDV92&$/(6FRQORVODELRV5('21'($'26R
125('21'($'26

)250$&,Ï1'(5$',&$/(6 352&(62025)2/Ï*,&2SRUPHGLRGHOFXDOXQD5$Ë=VHPRGLILFDSDUD
FUHDUXQ5$',&$/
)5$6( 3DUWHGHXQD&/È868/$TXHFRQVWDGHGRVRPiV3$/$%5$6XQDGHODV
FXDOHVHVODSDODEUDFHQWUDOSRUHMHPSORXQ6867$17,92HVODSDODEUD
FHQWUDOGHXQD)5$6(120,1$/
)5$6()212/Ï*,&$ 3DUWHGHXQ(181&,$'2TXHVHSUHVHQWDHQWUHGRVSDXVDV
)5,&$7,9$ &21621$17(TXHVHSURQXQFLDDOLPSHGLUHOIOXMRGHDLUHSDUFLDOPHQWH
SRUXQPRPHQWLWRORTXHKDFHXQOLJHURUXLGRSURGXFLGRSRUODIULFFLyQ
)86,Ï1 3URFHVR)212/Ï*,&2SRUPHGLRGHOFXDOXQVRQLGRVHSLHUGHSRUOD
LQIOXHQFLDGHRWURVHQHOFRQWH[WR
)86,21$/ ,GLRPDHQHOFXDOORV025)(0$6DPHQXGRVHSURQXQFLDQHQIRUPD
UHGXFLGD
)87852 7,(032*5$0$7,&$/TXHLQGLFDTXHXQHYHQWRRHVWDGRRFXUULUiGHVSXpV
GHOPRPHQWRGHO(181&,$'2
*(581',2 )RUPDGHO9(5%2TXHLQGLFDDFFLyQ&217Ë18$R352*5(6,9$
*/27$/ &21621$17(TXHVHSURQXQFLDFRQODFXHUGDVYRFDOHV
*5$0È7,&$ 6LVWHPDGHIRUPDFLyQGH3$/$%5$6DSDUWLUGH025)(0$6 025)2/2*Ë$ 
\GHIRUPDFLyQGH25$&,21(6DSDUWLUGH3$/$%5$6 6,17$;,6 
+$%,78$/ $63(&72*5$0$7,&$/TXHLQGLFDTXHXQDDFFLyQVHOOHYDDFDER
KDELWXDOPHQWH
+$%/$17( 3HUVRQDTXHSURQXQFLDXQ(181&,$'2
+,327e7,&2 7LSRGH02'2&21',&,21$/HQHOFXDOODSRVLELOLGDGGHTXHRFXUUDRQR
XQ(9(172R(67$'2HVUHODWLYDPHQWHLJXDO
+20Ï)2126 'RVRPiV025)(0$6R3$/$%5$6TXHVHSURQXQFLDQLJXDOHVDXQTXH
FDGDXQRWHQJDXQVLJQLILFDGRGLVWLQWR

,03(5$7,92 02'2'(/+$%/$TXHLQGLFDTXHHOKDEODQWHTXLHUHTXHHOR\HQWHOOHYHD
FDERDOJXQDDFFLyQ
,03(5$7,92&257e6 ,03(5$7,92VXDYHFRQTXHHOKDEODQWHSLGHFRQFRUWHVtDDOR\HQWHKDFHU
DOJR
,03(5$7,92)8(57( ,03(5$7,92IXHUWHFRQTXHHOKDEODQWHGHPDQGDDOR\HQWHTXHKDJDDOJR
,1$1,0$'2 6867$17,92TXHVHUHILHUHDXQDFRVDVLQYLGD
,1&5('8/,'$' $63(&72*5$0$7,&$/TXHLQGLFDTXHHOKDEODQWHQRHQWLHQGHHOSRUTXp
GHXQ(9(172R(67$'2
,1'(),1,'2 $'-(7,92R352120%5(QRHVSHFtILFR
,1',&$7,92 02'2'(/+$%/$TXHLQGLFDTXHHOKDEODQWHHVWiGHVFULELHQGRXQ
 */26$5,2


(9(172R(67$'2DOR\HQWH

,1),1,7,92 )RUPDGHO9(5%2TXHLQGLFDXQDDFFLyQSRWHQFLDO$PHQXGRVHSUHVHQWD
FRPRHO&203/(0(172GHRWUR9(5%2
,1,&,$/ 6HUHILHUHDOVRQLGRTXHVHSUHVHQWDDOSULQFLSLRGHXQD6Ë/$%$3$/$%5$
R)5$6(
,1,&,2 $63(&72*5$0$7,&$/TXHVHUHILHUHDOSXQWRLQLFLDOGHXQ(9(172R
(67$'2

,17(5-(&&,Ï1 3$/$%5$FRUWDTXHH[SUHVDODHPRFLyQTXHVLHQWHHOKDEODQWH
,17(552*$7,92 02'2'(/+$%/$TXHLQGLFDTXHHOKDEODQWHHVWiSUHJXQWDQGRDOR\HQWH
,175$16,7,9$ &/È868/$TXHWLHQHXQ68-(72SHURQRWLHQHXQ2%-(727DPELpQVH
UHILHUHDO9(5%2GHHVWDFOiXVXOD
,55($/,'$' 3$57Ë&8/$TXHLQGLFDTXHHO(9(172R(67$'2QRHVFLHUWRVLQRTXHHVWi
IXHUDGHODUHDOLGDG
/$7(5$/ &21621$17(/Ë48,'$HQODFXDOORVODGRVGHODOHQJXDFDVLQRSHUPLWHQHO
IOXMRGHDLUH
/e;,&2 /LVWDGHWRGRVORV025)(0$63$/$%5$6\02',6026TXHVHXVDQSDUD
KDEODUXQLGLRPD
/,1*hË67,&$ (VWXGLRFLHQWtILFRGHOOHQJXDMHHQJHQHUDOTXHVHSXHGHGLYLGLUHQODViUHDV
GHOD)21e7,&$OD)212/2*Ë$OD*5$0È7,&$ TXHFRQVWDGHOD
025)2/2*Ë$\OD6,17$;,6 OD6(0È17,&$\HO',6&8562

/Ë48,'$ &21621$17(HQODFXDOHOIOXMRGHDLUHSDVDSRUORVODGRVGHODOHQJXD
PLHQWUDVTXHODSXQWDGHODOHQJXDWRFDHOFLHORGHODERFD
35e67$02 3$/$%5$WRPDGDGHRWURLGLRPDTXHSXHGHWHQHUWDQWRGLIHUHQWH
SURQXQFLDFLyQFRPRGLIHUHQWHVLJQLILFDGR
/2&$7,92 5HIHUHQWHDO/8*$5GHXQ(9(172R(67$'2
/Ï*,&$ 5HODFLyQHQWUHGRV&/È868/$6EDVDGDHQODFDXVDGHO(9(172R(67$'2
VXPDQHUDRVXSURSyVLWR
/8*$5 'LVWDQFLDUHODWLYDHQWUHHOKDEODQWH\HOVLWLRGHO(9(172R(67$'2
0$1(5$'($57,&8/$&,Ï1 /DPDQHUDHQTXHVHSURQXQFLDXQD&21621$17(
0È;,02(1)248( &DPELRGHORUGHQGHODV3$/$%5$6HQHOFXDOXQD&21-81&,Ï1
68%25',1$17(VHSUHVHQWDHQWUHXQDSDODEUD$'(/$17$'$\HOUHVWRGHOD
FOiXVXOD
0(',$12 6RQLGRTXHVHSUHVHQWDHQPHGLRGHXQD6Ë/$%$3$/$%5$R)5$6(
02'$/,'$'02'$/ 6,*1,),&$'2*5$0$7,&$/TXHVHUHILHUHDODLQWHUDFFLyQHQWUHHOKDEODQWH
\ORVRWURVSDUWLFLSDQWHVHQHOPLVPRFRQWH[WRFRPRHOR\HQWH
02',),&$5 $xDGLULQIRUPDFLyQDOVLJQLILFDGRFHQWUDOGHXQD3$/$%5$3RUHMHPSOR
VHGLFHTXHXQ$'-(7,92PRGLILFDDO6867$17,92
02',602 (181&,$'2FX\RVLJQLILFDGRHVGLIHUHQWHDODVXPDGHORVVLJQLILFDGRVGH
WRGRVVXV025)(0$6
02'2 $'9(5%,2TXHLQGLFDFyPRVHOOHYDDFDERXQDDFFLyQ
02'26'(+$%/$ /DVFXDWURPDQHUDVGHIRUPDU(181&,$'26XQDGHFODUDFLyQ 02'2
,1',&$7,92 XQDSUHJXQWD 02'2,17(552*$7,92 XQPDQGDWRR
VXJHUHQFLD 02'2,03(5$7,92 RXQDSRVLELOLGDG 02'2&21',&,21$/ 
*5$0È7,&$7(3(+8$1$ 

025)(0$ 3DUWHPiVFRUWDGHXQD3$/$%5$TXHWLHQHVLJQLILFDGR
025)(0$*5$0$7,&$/ 025)(0$UHODWLYDPHQWHFRUWR FRPRORV$),-26ORV&/Ë7,&26ODV
3$57Ë&8/$6ODV&21-81&,21(6ODV$'326,&,21(6\ORV352120%5(6 
FX\RVLJQLILFDGRORVKDEODQWHVQDWLYRVQRSXHGHQGHILQLUIiFLOPHQWH
025)(0$/e;,&2 025)(0$UHODWLYDPHQWHODUJR FRPRORV9(5%26ORV6867$17,926ORV
$'-(7,926\ORV$'9(5%,26 FX\RVLJQLILFDGRORVKDEODQWHVQDWLYRV
SXHGHQGHILQLUVLQPXFKDGLILFXOWDG
025)(0$18/2 025)(0$TXHQRVHSURQXQFLDSHURFX\DDXVHQFLDWLHQHVLJQLILFDGR
025)2/2*Ë$ 6LVWHPD*5$0$7,&$/TXHH[SOLFDFyPRVHFRPELQDQORV025)(0$6SDUD
IRUPDU3$/$%5$6
029,0,(172 $FFLyQTXHVHOOHYDDFDERPLHQWUDVTXHHO68-(72VHPXHYHGHXQ/8*$5
DRWUR
1$6$/ &21621$17(TXHVHSURQXQFLDLPSLGLHQGRTXHHOIOXMRGHDLUHSDVHSRUOD
ERFDORTXHOHREOLJDDSDVDUSRUODQDUL]
1$6$/35(*/27$/,=$'$ )RUPDDOWHUQDGHXQD2&/86,9$62125$ODFXDOVHSURQXQFLDFRPR
2&/86,9$*/27$/625'$VHJXLGDSRUXQD&21621$17(1$6$/VLQTXH
LQWHUYHQJDQLQJXQD92&$/5($57,&8/$'$
1(*$7,92 $'9(5%,2GH02'2TXHQLHJDTXHXQ(9(172R(67$'2RFXUUH
12&217$%/( 6867$17,92TXHQRVHSXHGHFRQWDUFRQ1Ò0(526&$5',1$/(6
1235(6(17( &RQMXQWRGHO7,(032)87852\HO7,(032&235(7e5,72HVGHFLUHO
WLHPSRDQWHVRGHVSXpVGHO(181&,$'2
125('21'($'$ )250$'(/26/$%,26HQODFXDOHVWRVVHPDQWLHQHQDELHUWRVFXDQGRVH
SURQXQFLDXQD92&$/
125(675,&7,92 &OiXVXOD5(/$7,9$TXHSURSRUFLRQDPiVLQIRUPDFLyQDFHUFDGHXQ
3$57,&,3$17(TXH\DKDVLGRLGHQWLILFDGR

127$%/( $63(&72*5$0$7,&$/HOFXDOLQGLFDTXHXQDDFFLyQHVH[WUDRUGLQDULDR
HVSHFLDOGHDOJXQDPDQHUD
1Ò&/(2 3DUWHFHQWUDOGHXQD6Ë/$%$TXHFRQVWDGHXQDRPiV92&$/(6
180(5$/ $'-(7,92TXHLQGLFDODFDQWLGDGGHO6867$17,92TXH02',),&$
1Ò0(52 'LVWLQFLyQ*5$0$7,&$/HQWUH6,1*8/$5\3/85$/
1Ò0(52&$5',1$/ $'-(7,92180(5$/TXHLQGLFDDFXiQWDV(17,'$'(6VHUHILHUH
1Ò0(5225',1$/ $'-(7,92180(5$/TXHLQGLFDHORUGHQUHODWLYRGHDOJXQDV(17,'$'(6
2%-(72 (17,'$'*5$0$7,&$/TXHHVWiDIHFWDGDSRUXQDDFFLyQGHXQDPDQHUD
GLUHFWD 2%-(72',5(&72 RLQGLUHFWD 2%-(72,1',5(&72 
2%-(72',5(&72 /D(17,'$'*5$0$7,&$/TXHHVDIHFWDGDGLUHFWDPHQWHSRUXQDDFFLyQ
2%-(72,1',5(&72 (17,'$'*5$0$7,&$/TXHHVWiDIHFWDGDSRUXQDDFFLyQGHXQDPDQHUD
LQGLUHFWD
2&/86,9$ &21621$17(TXHVHSURQXQFLDDOLPSHGLUHOIOXMRGHODLUHFRPSOHWDPHQWH
SRUXQPRPHQWLWR
25$&,Ï1 (181&,$'2TXHFRQVWDGHXQDRPiV&/È868/$6
2<(17( 3HUVRQDDTXLHQHOKDEODQWHGLULMHVX(181&,$'2
3$&,(17( (17,'$'6(0È17,&$TXHHVWiDIHFWDGDSRUXQDDFFLyQ
 */26$5,2


3$/$%5$ 8QRRPiV025)(0$6TXHHQFRQMXQWRWLHQHQVLJQLILFDGRHQXQLGLRPD
SXHGHFRQVWDUGHXQ5$',&$/PiV$),-26RGHXQD3$57Ë&8/$
3$/$%5$&2038(67$ 3$/$%5$IRUPDGDDOFRPELQDUGRVRPiVSDODEUDV
3$/$%5$'((1/$&( &21-81&,Ï1,17(5-(&&,Ï1R$'9(5%,2TXHVLUYHSDUDXQLUGRV
&/È868/$6

3$/$7$/,=$&,Ï1 352&(62)212/Ï*,&2HQHOFXDOXQD&21621$17($/9(2/$5VH
FRQYLHUWHHQXQD&21621$17($/9(23$/$7$/FXDQGRVHSUHVHQWDMXQWR
DXQD92&$/$/7$$17(5,25RDXQD&21621$17($/9(23$/$7$/
3$57,&,3$17( (17,'$'DODTXHVHUHILHUHHOKDEODQWHFRPR68-(72X2%-(72
3$57Ë&8/$ 3$/$%5$FRUWDFX\R5$',&$/QRFDPELDGHIRUPD\QXQFDVHSUHVHQWD
FRQ$),-26
3(5621$ 'LVWLQFLyQ*5$0$7,&$/HQWUHHO+$%/$17( 35,0(5$3(5621$ HO
2<(17( 6(*81'$3(5621$ \FXDOTXLHURWUD(17,'$' 7(5&(5$
3(5621$ 

3/85$/ 1Ò0(52*5$0$7,&$/TXHVHUHILHUHDPiVGHXQD(17,'$'
32/,6,17e7,&2 ,GLRPDHQHOFXDOODV3$/$%5$6VXHOHQFRQVWDUGH025)(0$6P~OWLSOHV
326(6,92 $),-2R352120%5(HOFXDOLQGLFDTXHOD(17,'$'DODFXDOVHUHILHUHXQ
6867$17,92SHUWHQHFHDRWUD(17,'$'

326,&,Ï1'(/$/(1*8$ 3RVLFLyQUHODWLYDGHODOHQJXD $17(5,25&(175$/R3267(5,25 FXDQGR


VHSURQXQFLDXQD92&$/
326326,&,Ï1 $'326,&,Ï1TXHVHSUHVHQWDGHVSXpVGHXQ6867$17,92
35(&,6,Ï1 5HIHUHQFLDHVSHFtILFDRHQIiWLFD
35(),-2 $),-2TXHVHSURQXQFLDDQWHVGHXQ5$',&$/
35(*817$&21),50$7,9$ 3UHJXQWDGHODFXDOVHHVSHUDXQDUHVSXHVWDVHQFLOODDILUPDWLYDRQHJDWLYD
35(*817$,1)250$7,9$ 3UHJXQWDGHODFXDOVHHVSHUDXQDUHVSXHVWDTXHFRQWLHQHODLQIRUPDFLyQ
TXHHOKDEODQWHSLGH
35(326,&,Ï1 $'326,&,Ï1TXHVHSUHVHQWDDQWHVGHXQ6867$17,92
35(6(17( 7,(032*5$0$7,&$/TXHLQGLFDTXHXQ(9(172R(67$'2RFXUUHHQHO
PRPHQWRGHO(181&,$'2
35(7e5,72 7,(032*5$0$7,&$/TXHLQGLFDTXHXQDDFFLyQWHUPLQyGHOOHYDUVHD
FDERDQWHVGHOPRPHQWRGHO(181&,$'2
35,0(5$3(5621$ 5HIHUHQFLDDOKDEODQWHGHO(181&,$'2
352&(62)212/Ï*,&2 0RGLILFDFLyQVLVWHPiWLFDGHXQJUXSRGH92&$/(6R&21621$17(6HQ
&217(;726HVSHFtILFRV

352&(62025)2/Ï*,&2 0DQHUDVLVWHPiWLFDGHFDPELDUXQ5$',&$/FRPROD5('83/,&$&,Ï1
352&/Ë7,&2 8Q&/Ë7,&2TXHVHSURQXQFLDFRPR35(),-2GHOD3$/$%5$TXHVLJXH
352*5(6,92 $63(&72*5$0$7,&$/TXHLQGLFDTXHXQDDFFLyQVHHVWiOOHYDQGRDFDER
352120%5( 3$/$%5$FRUWDTXHVXEVWLWX\HDXQ6867$17,92
352120%5(3(5621$/ )RUPDFRUWDGHUHIHULUVHRDO+$%/$17(RDO2<(17(
352120%5(5(/$7,92 352120%5(TXHVHSUHVHQWDGHVSXpVGHXQ6867$17,92SDUDLQLFLDUXQ
&/È868/$5(/$7,9$
*5$0È7,&$7(3(+8$1$ 

3523Ï6,72 68),-2)/(;,21$/TXHLQGLFDTXHHO68-(72YDDRWUDSDUWHSDUDOOHYDUD
FDERXQDDFFLyQ
3529,6,21$/ $63(&72*5$0$7,&$/TXHLQGLFDTXHXQ(9(172R(67$'2RFXUUHSRUXQ
WLHPSROLPLWDGR
352;,0,'$'&(5&$1$ /8*$5UHODWLYRDXQDGLVWDQFLDQRPX\OHMRVGHOKDEODQWH
352;,0,'$'',67$17( /8*$5UHODWLYRPiVOHMRVGHOKDEODQWH
352;,0,'$',10(',$7$ /8*$5UHODWLYRPiVFHUFDGHOKDEODQWH
38178$/ 7,(032*5$0$7,&$/TXHLQGLFDTXHXQ(9(172VHOOHYyDFDERHQHO
SDVDGRSRUXQSHULRGRGHWLHPSRUHODWLYDPHQWHFRUWR
38172'($57,&8/$&,Ï1 /XJDUHQODERFDGRQGHVHSURQXQFLDXQD&21621$17(
5$',&$/ 3DUWHSULQFLSDOGHXQD3$/$%5$DODFXDOVHOHDxDGHQORV$),-26SXHGH
FRQVWDUGHXQD5$Ë=VHQFLOODRPRGLILFDGD
5$Ë= )RUPDEiVLFDRPiVVHQFLOODGHXQD3$/$%5$
5$6*2)21e7,&2 $VSHFWRGHODSURQXQFLDFLyQGHXQD92&$/R&21621$17(
5($/,=$'2 $63(&72*5$0$7,&$/TXHLQGLFDTXHXQDDFFLyQHVWiSDUDOOHYDUVH
7,(032)87852 DFDERRTXHDSHQDVHVWiHPSH]DQGRDOOHYDUVHDFDER
7,(03235(6(17( R\DHPSH]yDOOHYDUVHDFDER 7,(03235(7e5,72 
5($57,&8/$&,Ï1 352&(62)212/Ï*,&2HQHOFXDOVHUHSLWHXQD92&$/GHVSXpVGHXQD
&21621$17(

5(&Ë352&2 $FFLyQHQODFXDOHO68-(723/85$/\HO2%-(723/85$/VRQODVPLVPDV
(17,'$'(6

5('21'($'$ )250$'(/26/$%,26HQODFXDOVHKDFHXQDDSHUWXUDFLUFXODUUHGXFLGD
PLHQWUDVTXHVHSURQXQFLDXQD92&$/
5('8&&,Ï1 352&(62)212/Ï*,&2HQHOFXDOVH6835,0(1XQRRPiVVRQLGRVDOILQDO
GHXQ5$',&$/
5('83/,&$&,Ï1 352&(62)212/Ï*,&2HQHOFXDOODSULPHUD&21621$17(\92&$/GHO
5$',&$/VHUHSLWHQ

5('83/,&$&,Ï1&257$ )RUPDGH5('83/,&$&,Ï1HQODFXDOOD92&$/TXHVHUHSLWHHV&257$
5('83/,&$&,Ï1/$5*$ )RUPDGH5('83/,&$&,Ï1HQODFXDOOD92&$/TXHVHUHSLWHHV/$5*$RHV
XQ',3721*2
5()/(;,92 $FFLyQHQODFXDOHO68-(726,1*8/$5\HO2%-(726,1*8/$5HVODPLVPD
(17,'$'

5(6,/$%,),&$&,Ï1 352&(62)212/Ï*,&2HQHOFXDOODIRUPDGHXQD6Ë/$%$VHPRGLILFDSRU
DxDGLURVXSULPLUXQDRPiV92&$/(6R&21621$17(6
5(675,&&,21(6',675,%87,9$6 &217(;726)212/Ï*,&26HVSHFtILFRVHQORVFXDOHVXQVRQLGRSXHGHRQR
SUHVHQWDUVH
5(675,&7,9$ &OiXVXOD5(/$7,9$TXHD\XGDDOR\HQWHDLGHQWLILFDUDFXiO(17,'$'VH
UHILHUHXQ6867$17,92
5(68/7$7,92 $63(&72*5$0$7,&$/TXHLQGLFDTXHXQ(9(172KDWHUPLQDGR\TXH\D
RFXUUHXQ(67$'2FRPRUHVXOWDGRGHHVHHYHQWR
6(&8(1&,$(675(&+$ &21-81&,Ï1TXHLQGLFDTXHXQDDFFLyQRFXUUHLQPHGLDWDPHQWHGHVSXpV
GHRWUDDFFLyQ
6(*81'$3(5621$ 5HIHUHQFLDDOR\HQWHGHO(181&,$'2
 */26$5,2


6(0È17,&$ (VWXGLRGHORVVLJQLILFDGRVTXHVHH[SUHVDQSRUPHGLRGHOKDEODKXPDQD
6(0,92&$/ 8QD92&$/TXHIXQFLRQDFRPRVLIXHUDXQD&21621$17(
6(1&,//(= $63(&72*5$0$7,&$/TXHLQGLFDTXHXQ(9(172R(67$'2HVOD
VLWXDFLyQPiVOyJLFDTXHXQRSXGLHUDHVSHUDUHQWDOHVFLUFXQVWDQFLDV
6,*1,),&$'2*5$0$7,&$/ 6LJQLILFDGRTXHQRUPDOPHQWHVHH[SUHVDSRUPHGLRGH025)(0$6
*5$0$7,&$/(6

6,*1,),&$'2/e;,&2 6LJQLILFDGRTXHQRUPDOPHQWHVHH[SUHVDSRUPHGLRGHORV025)(0$6
/e;,&26

6Ë/$%$ *UXSRGH&21621$17(6\92&$/(6TXHIRUPDQ025)(0$6\TXHFRQVWD
GHXQDSDUWH,1,&,$/XQ1Ò&/(2\XQDSDUWH),1$/
6Ë/$%$$%,(57$ 6Ë/$%$TXHWHUPLQDFRQXQD92&$/R',3721*2
6Ë/$%$&(55$'$ 6Ë/$%$TXHWHUPLQDHQXQD&21621$17(
6Ë/$%$/,*(5$ 6Ë/$%$TXHWHUPLQDFRQXQD92&$/&257$
6Ë/$%$3(6$'$ 6Ë/$%$TXHWHUPLQDFRQXQD92&$//$5*$XQ',3721*2RXQD
&21621$17(

6,1*8/$5 1Ò0(52*5$0$7,&$/TXHVHUHILHUHDXQDVROD(17,'$'
6,17$;,6 6LVWHPD*5$0$7,&$/GHXQLGLRPDSRUPHGLRGHOFXDOVHIRUPDQ
25$&,21(6GHODV3$/$%5$6

621252 6RQLGRTXHVHSURGXFHPLHQWUDVODVFXHUGDVYRFDOHVHVWpQYLEUDQGR
625'2 6RQLGRTXHVHSURGXFHPLHQWUDVODVFXHUGDVYRFDOHVQRHVWpQYLEUDQGR
68%25',1$17( 3$57Ë&8/$R&21-81&,Ï1TXHLQGLFDTXHOD)5$6(R&/È868/$TXH
LQLFLDHVPHQRVVLJQLILFDWLYDTXHODFOiXVXODDODTXHVHXQH
68),-2 $),-2TXHVHSURQXQFLDGHVSXpVGHXQ5$',&$/
68-(72 (17,'$'*5$0$7,&$/TXHOOHYDDFDERXQ(9(172RH[SHULPHQWDXQ
(67$'2

6835(6,Ï1 352&(62)212/Ï*,&2HQHOFXDOQRVHSURQXQFLDXQD&21621$17(R
92&$/

6867$17,92 3$/$%5$TXHVHUHILHUHDXQD(17,'$'
6867,78&,Ï1 352&(62025)2/Ï*,&2HQHOFXDOXQ5$',&$/VHVXVWLWX\HSRURWUR
7(0325$/ 5HIHUHQWHDO7,(032GHXQ(9(172R(67$'2
7(5&(5$3(5621$ 5HIHUHQFLDDXQD(17,'$'TXHQRHVQLHO+$%/$17(QLHO2<(17(GHO
(181&,$'2

7(50,1$7,92 $63(&72*5$0$7,&$/TXHVHUHILHUHDOSXQWRGHWHUPLQDFLyQGHXQD
DFFLyQ
7,(032 6,*1,),&$'2*5$0$7,&$/TXHLQGLFDHOWLHPSRGHXQ(9(172R(67$'2
UHODWLYRDOWLHPSRGHO(181&,$'2
75$16,7,9$ &/È868/$TXHWLHQHXQ68-(72\XQ2%-(72',5(&72SHURQRWLHQHXQ
2%-(72,1',5(&727DPELpQVHUHILHUHDO9(5%2GHHVWDFOiXVXOD

75È16,72 $63(&72*5$0$7,&$/TXHLQGLFDTXHXQD(17,'$'HVWUDQVIHULGDGHXQ
/8*$5DRWUR

9$/(1&,$ *UDGRGHWUDQVLWLYLGDGGHXQD&/È868/$HVGHFLUVLHV%,75$16,7,9$
75$16,7,9$R,175$16,7,9$7DPELpQVHUHILHUHDORVVXILMRVTXHFDPELDQ
*5$0È7,&$7(3(+8$1$ 

HOJUDGRGHWUDQVLWLYLGDG $3/,&$7,92%(1()$&7,92R&$86$7,92 
9$5,$&,Ï1)212/Ï*,&$ &DPELRVLVWHPiWLFRHQODSURQXQFLDFLyQGHXQD&21621$17(R92&$/
9(/$5 &21621$17(TXHVHSURQXQFLDHQODSDUWHSRVWHULRUGHODERFDFHUFDGHO
YHOR
9(5%2 3$/$%5$TXHGHVFULEHXQ(9(172R(67$'2
9,%5$17(6,03/( &21621$17(/Ë48,'$HQODFXDOHOIOXMRGHDLUHSDVDVLQLPSHGLPHQWRSRU
ORVODGRVGHODOHQJXD
92&$/ 6RQLGRTXHVHHPLWHVLQREVWUXFFLyQGHOIOXMRGHDLUH
92&$/$/7$ 92&$/TXHVHSURQXQFLDFRQODOHQJXDVLWXDGDHQODSDUWHDOWDGHODERFD
92&$/$17(5,25 92&$/TXHVHSURQXQFLDFRQODOHQJXDVLWXDGDHQODSDUWHDQWHULRUGHOD
ERFD
92&$/%$-$ 92&$/TXHVHSURQXQFLDFRQODOHQJXDVLWXDGDHQODSDUWHEDMDGHODERFD
92&$/&257$ 92&$/TXHVHSURQXQFLDHQXQWLHPSRUHODWLYDPHQWHPiVFRUWRTXHXQD
92&$//$5*$

92&$//$5*$ 92&$/TXHVHWDUGDHQSURQXQFLDUUHODWLYDPHQWHPiVTXHXQD92&$/
&257$

92&$/0(',$ 92&$/TXHVHSURQXQFLDFRQODOHQJXDVLWXDGDHQPHGLRGHODERFDQL
$/7$QL%$-$

92&$/3267(5,25 92&$/TXHVHSURQXQFLDFRQODOHQJXDVLWXDGDHQODSDUWHSRVWHULRUGHOD
ERFD
92=$&7,9$ )RUPDGHXQD&/È868/$HQHOFXDOHO$*(17(HVHO68-(72
92=3$6,9$ )RUPDGHXQD&/È868/$HQHOFXDOHO3$&,(17(HVHO68-(72\HO$*(17(
HVHO2%-(72

Apéndices
Apéndice A.
Los términos de parentesco
7DQWRFXDQGRVHVDOXGDFRPRFXDQGRVHUHILHUHDXQDSHUVRQDORVTXHKDEODQWHSHKXiQVXHOHQXVDUWpUPLQRVGH
SDUHQWHVFRHQYH]GHQRPEUHVSURSLRV(VWRVWpUPLQRVVLHPSUHVHSUHVHQWDQDFRPSDxDGRVSRUXQRGHORVVLJXLHQWHV
$),-26GH326(6,Ï1

1  mi, mis      nuestro, nuestra, nuestros, nuestras


(! tu, tus    !  su, sus (de ustedes)
.1  su, sus (de él, de ella)      su, sus (de ellos)
$OJXQRVGHORVWpUPLQRVGHSDUHQWHVFRHQWHSHKXiQVRQmásgeneralesTXHORVWpUPLQRVFRUUHVSRQGLHQWHVHQHVSDxRO
3RUHMHPSORHOWpUPLQRSDUDparienteWDPELpQVHXVDSDUDhermanoR hermana,primoR prima,amigoR amiga
$VLPLVPRRWURVGHORVWpUPLQRVGHSDUHQWHVFRHQWHSHKXiQVRQmásespecíficosTXHORVWpUPLQRVFRUUHVSRQGLHQWHVHQ
HVSDxRO3RUHMHPSORKD\FLQFRWpUPLQRVSDUDtío\RWURVFLQFRWpUPLQRVSDUDtíaVHJ~QVLHVKHUPDQRRKHUPDQDPD\RU
RPHQRUGHOSDSiRGHODPDPiGHOTXHKDEOD
$GHPiVPXFKRVGHORVWpUPLQRVGHSDUHQWHVFRHQWHSHKXiQVRQrecíprocosHVGHFLUVHXVDQWDQWRSDUDUHIHULUVHDO
SDULHQWHGHODJHQHUDFLyQDQWHULRUGHOKDEODQWHFRPRSDUDUHIHULUVHDOSDULHQWHFRUUHVSRQGLHQWHGHODJHQHUDFLyQSRVWHULRU
GHOKDEODQWH3RUHMHPSORORVWpUPLQRVSDUDabuelo\abuelaWDPELpQVHXVDQSDUDnieto\nieta&XDQGRXQWpUPLQRHV
UHFtSURFRHVWRVHLQGLFDHQHVWHDSpQGLFHHQWUHFRUFKHWHVFXDGUDGRVGHVSXpVGHODWUDGXFFLyQDOHVSDxRO
7RGRVORVWpUPLQRVGHSDUHQWHVFRTXHVHSUHVHQWDQDFRQWLQXDFLyQVHFLWDQHQVXIRUPDVLQJXODUVLQSUHILMRGH
SRVHVLyQVHJXLGRVSRUVXHTXLYDOHQWHHQHVSDxROVXIRUPD3/85$/\VXVIRUPDV326(6,9$6GHOD7(5&(5$3(5621$GHO
6,1*8/$5WDOFRPRVHFLWDQHQODVHQWUDGDVUHVSHFWLYDVGHOGLFFLRQDULR3DUDDOJXQRVWpUPLQRVVHDFODUDSUHFLVDPHQWHD
FXDOHVSDULHQWHVVHSXHGHQUHIHULU 3DUDHMHPSORVGHOXVRGHHVWRVWpUPLQRVHQHOKDEODFRWLGLDQDYpDVHODVHQWUDGDV
FRUUHVSRQGLHQWHVGHOGLFFLRQDULR 

Términos generales
((1pariente, hermano, hermana, primo, prima, amigo o amiga [recíproco]
>pl:(1 3a. pers. pos.:."".1."".1@
3XHGHUHIHULUVHD
• ORVSDULHQWHVHQJHQHUDO
• ORVKHUPDQRV\ODVKHUPDQDV
• ORVSULPRV\ODVSULPDV
• ORVDPLJRV\FRQRFLGRVDORVFXDOHVVHTXLHUHWUDWDUFRQUHVSHWR
(( &abuelo, tío abuelo, nieto o nieta, sobrino o sobrina [recíproco]
>pl.:((( &3a. pers. pos.:(( &.1((( &.1@
3XHGHUHIHULUVHD
• HOSDGUHGHOSDSiRGHODPDPi WDPELpQVHGLFH2.'' 
• ORVKHUPDQRVGHORVDEXHORV\GHODVDEXHODV
• ORVQLHWRV\ODVQLHWDVGHORVDEXHORV\VXVKHUPDQRV
( abuela, nieto o nieta [recíproco]
>pl:.( 3a. pers. pos.:( .".( ."@
3XHGHUHIHULUVHD
• ODPDGUHGHOSDSiRGHODPDPi WDPELpQVHGLFH2."" 
• ODVKHUPDQDVGHORVDEXHORV\GHODVDEXHODV
• ORVQLHWRV\ODVQLHWDVGHORVDEXHODV\VXVKHUPDQDV


',&&,21$5,27(3(+8$12 

#)bisabuelo o antepasado [recíproco]


>pl:#$)3a. pers. pos.:#).1#$).1@
3XHGHUHIHULUVHD
• HOSDGUHGHODEXHORRGHODDEXHOD
• ORVKHUPDQRVGHORVELVDEXHORV\ODVELVDEXHODV
• ORVELVQLHWRV\ODVELVQLHWDVGHORVELVDEXHORV\VXVKHUPDQRV
• ORVDQWHSDVDGRVRGHVFHQGLHQWHVHQJHQHUDO
& bisabuela [recíproco]
>pl:$& 3a. pers. pos.:& .1$& .1@
3XHGHUHIHULUVHD
• ODPDGUHGHODEXHORRGHODDEXHOD
• ODVKHUPDQDVGHORVELVDEXHORV\ODVELVDEXHODV
• ORVELVQLHWRV\ODVELVQLHWDVGHODVELVDEXHODV\VXVKHUPDQDV
##)tío, sobrino o sobrina [recíproco]
>pl.:.##) 3a. pers. pos.: ##).1.##).1@
3XHGHUHIHULUVHD
• ORVHVSRVRVGHODVKHUPDQDVGHORVSDGUHV
• ORVVREULQRV\ODVVREULQDVTXHVRQKLMRVHKLMDVGHORVKHUPDQRV\ODVKHUPDQDVGHODHVSRVD
""mamá, tía
>pl:"""3a. pers. pos.:/.//."///."@
3XHGHUHIHULUVHD
• ODPDGUH
• ODVHVSRVDVGHORVKHUPDQRVGHORVSDGUHV
!%hijo o hija, sobrino o sobrina
>pl:!!%3a. pers. pos.:!%."!!%."@
3XHGHUHIHULUVHD
• HOSURSLRKLMRRKLMD
• HOKLMRRODKLMDGHOKHUPDQRGHOHVSRVR ORGLFHXQDPXMHU 
))hermano o hermana mayor, primo hermano o prima hermana
>pl:)))3a. pers. pos.:)#..1))#..1@
3XHGHUHIHULUVHD
• HOKHUPDQRRODKHUPDQDPD\RU
• HOKLMRRODKLMDGHOKHUPDQRRGHODKHUPDQDPD\RUGHOSDSiRGHODPDPi
)(.hermano o hermana menor, primo hermano o prima hermana
>pl:))(.3a. pers. pos.:&/$.1&/&$.1@
3XHGHUHIHULUVHD
• HOKHUPDQRRODKHUPDQDPHQRU
• HOKLMRRODKLMDGHOKHUPDQRRGHODKHUPDQDPHQRUGHOSDSiRGHODPDPi
!."((1pariente cercano [recíproco]
>pl:!."(13a. pers. pos.:!."."".1!."."".1@
3XHGHUHIHULUVHD
• HOKHUPDQRRODKHUPDQDPD\RURPHQRU
• HOSULPRRODSULPDPD\RURPHQRU
 $3e1',&($

!//%!((1 o ((1!//%!pariente lejano [recíproco]


>pl:!//%!(1 o (1!//%!3a. pers. pos.:!//%!."".1 o ."".1!//%
!!//%!."".1 o ."".1!//%!@
3XHGHUHIHULUVHD
• HOSULPROHMDQRRODSULPDOHMDQD
• HOWtROHMDQRRODWtDOHMDQD

Términos específicos para tíos y tías


/ tío, sobrino o sobrina [recíproco]
>pl:/// 3a. pers. pos.:/ .1/// .1@
3XHGHUHIHULUVHD
• HOKHUPDQRPD\RUGHOSDSi
• HOKLMRRODKLMDGHOKHUPDQRPHQRUGHXQKRPEUH
$&( tía, sobrino o sobrina [recíproco]
>pl:$$&( 3a. pers. pos.:$&( .1$$&( .1@
3XHGHUHIHULUVHD
• ODKHUPDQDPD\RUGHOSDSi
• HOKLMRRODKLMDGHOKHUPDQRPHQRUGHXQDPXMHU
( tío, sobrino o sobrina [recíproco]
>pl:( 3a. pers. pos.:( .1( .1@
3XHGHUHIHULUVHD
• HOKHUPDQRPHQRUGHOSDSi
• HOKLMRRODKLMDGHOKHUPDQRPD\RUGHXQKRPEUH
## tía, sobrino o sobrina [recíproco]
>pl:#$$# 3a. pers. pos.:## .1#$$# .1@
3XHGHUHIHULUVHD
• ODKHUPDQDPHQRUGHOSDSi
• HOKLMRRODKLMDGHOKHUPDQRPD\RUGHXQDPXMHU
(().tío, sobrino o sobrina [recíproco]
>pl:().3a. pers. pos.:(().1().1@
3XHGHUHIHULUVHD
• HOKHUPDQRPD\RUGHODPDPi
• HOKLMRRODKLMDGHODKHUPDQDPHQRUGHXQKRPEUH
#.)tía, sobrino o sobrina [recíproco]
>pl:.#.)3a. pers. pos.:#.).1.#.).1@
3XHGHUHIHULUVHD
• ODKHUPDQDPD\RUGHODPDPi
• HOKLMRRODKLMDGHODKHUPDQDPHQRUGHXQDPXMHU
'' tío, sobrino o sobrina [recíproco]
>pl:''' 3a. pers. pos.:'' .1''' .1@
3XHGHUHIHULUVHD
• HOKHUPDQRPHQRUGHODPDPi
• HOKLMRRODKLMDGHODKHUPDQDPD\RUGHXQKRPEUH
',&&,21$5,27(3(+8$12 

)tía, sobrino o sobrina [recíproco]


>pl:.1)3a. pers. pos.:).1.1).1@
3XHGHUHIHULUVHD
• ODKHUPDQDPHQRUGHODPDPi
• HOKLMRRODKLMDGHODKHUPDQDPD\RUGHXQDPXMHU

&XDQGRHOPLVPRWpUPLQRSXHGHUHIHULUVHDGRVWtRVRWtDVVHSXHGHGLVWLQJXLUHQWUHHOORVRHOODVSRUXQWpUPLQR
DGLFLRQDOTXHLQGLFDVXHGDGUHODWLYD3RUHMHPSOR2.1) la hermana menor más grande de mi mamá (lit.: mi tía
grande)R  .1)la hermana menor más pequeña de mi mamá (lit.: mi tía chica).&XDQGRVHXVDHOPLVPR
WpUPLQRSDUDPiVGHGRVWtRVRWtDVVHSXHGHGLVWLQJXLUHQWUHHOORVRHOODVVRODPHQWHSRUXQDIUDVHTXHLQGLFDGyQGH
YLYHQ3RUHMHPSOR1)(&."'!!mi tía de Los Charcos

Otros términos específicos


''papá
>pl:'''3a. pers. pos.:''."@
'''(.!padrastro
>pl:''''(('(.!3a. pers. pos.:''."'(.!@
""'(.!madrastra
>pl: """'(('(.!3a pers. pos.:""."'(.!
2.""abuela
>pl:2.2%"""3a. pers. pos.:2././/."2.2%///."@
.''abuelo
>pl:2.2%'''3a. pers. pos.:2.''."2.2%'''."@
 (hijito o hijita
>pl:. (3a. pers. pos.: (.1. (.1@
#.1hijito (cuando es niño)
>pl:#.1@
!%)hijita (cuando es niña)
>pl:!!%)@
!%'(.!hijastro o hijastra
>pl:!!%'(.!3a. pers. pos.: !%."'(.!!!%."'(.!@
"(()cuñado o cuñada [recíproco]
>pl:"((1)3a. pers. pos.:"(().1"((1).1@
#!$ compadre
>pl:#!$$ 3a. pers. pos.:#!$ .1#!$$ .1@
#! comadre
>pl:#! 3a. pers. pos.:#! .1#! .1@
.1ahijado, ahijada
>3a. pers. pos.:."."@
##.suegro
>3a. pers. pos.: ##."@
$.%1padrino, madrina
>3a. pers. pos.:$.%1."@
Apéndice B.
El cuerpo humano
$OJXQDVSDUWHVGHOFXHUSRVRQ120%5(6&217$%/(6SRUORTXHWLHQHQIRUPDV3/85$/(67RGDVODVSDUWHVWLHQHQ
IRUPDVGH326(6,Ï1TXHFRUUHVSRQGHQDOD7(5&(5$3(5621$GHO6,1*8/$5\RGHO3/85$//RVFXDWURWpUPLQRV
JHQHUDOHVVHSUHVHQWDQHQWUHUD\DV


Tepehuán Español Plural 3a. persona de posesión


'(((. cuerpo '('(. '(."
.## hueso , .##."
'$#% nalga .'$#% '.".'$#%."
) carne , )."
$## pelo, vello , $##."
## barriga, estómago ##$# ##."
&#' pecho &#' &#'."
)/  columna vertebral )/  )/ .1
 excremento , ."
/.//% sangre , /.%."
"#.! costilla "#! "#.!.""#!."
  pulmón    .1 .1
 intestinos , .1
 ombligo  ((."
.&#" vejiga .&#" .&#."o.&#"."
#. piel , #.1
(% corazón , (%."
(% cintura , (%."
#! espalda , #!.1
(!." hígado , (!."."
)(.. vesícula biliar ))(.. )(."."o)(.."
  
!#. cabeza , !.##."
 esófago , ."
$## vello  $##."
(& cara , (&."
( ojo (($( (.1(($(.1
(($(%. lágrima (($(%. (($(%."
1 boca , 1.1
1# bigote, barba , 1#."
1%. saliva , 1%."
 nariz  ."


',&&,21$5,27(3(+8$12 

Tepehuán Español Plural 3a. persona de posesión


!/& mandíbula , !/&."
//# ceja, pestaña ///# //#."///#."
! mejilla ! !."!."
# frente , #."
( laringue, garganta , (.1
(($ cabello , (($."
(&($ nuca , (&$."
()# cuello, garganta , ()#."
" oreja "" "."""."
" cerilla, cerumen , ,
"//" lengua , "//"/."
#. cerebro , #."
&&## moco (nariz) , &&##."
''! diente ''! ''!(."
  
"# brazo, mano "##"# "#.1"##".1
." dedo #& ."."#&."
/.. dedo grande //.. /..."//..."
/ . dedo meñique /. . / ."/. ."
/& codo /./& /&."/.&."
'# axila '# '#."'#."
((' uña ((' (('(."
#'# hombro #'#$# #'#."#'#$#."
  
'##" pie, pierna '##'#" '##"."'##'"."
 muslo  .1.1
//  tobillo ///  / .1/// .1
#  rodilla #.  # ."#. ."
'/# talón '/'$# '/#."'/'$#."
'/! pantorrilla '/'! '/!."'/'!."
'(((  cadera '('(  '((( .1'('( .1
Apéndice C.
Sistema numérico
$QWLJXDPHQWHKXERXQVLVWHPDQXPpULFRHQWHSHKXiQTXHHUDYLJHVLPDOHVGHFLUVHEDVDEDHQHOQ~PHUR/RV
~QLFRVWpUPLQRVSDUD1Ò0(526&$5',1$/(6TXHDFWXDOPHQWHVHXVDQFRQIUHFXHQFLDVRQORVQ~PHURV\
ORVFXDOHVVHHVFULEHQDTXtHQQHJULWD/RVGHPiVWpUPLQRVVHXVDQPX\SRFRSRVLEOHPHQWHSRUTXHVRQGHPDVLDGR
FRPSOLFDGRVHQFRPSDUDFLyQFRQORVWpUPLQRVFRUUHVSRQGLHQWHVGHOHVSDxRO
3DUDDOJXQRVQ~PHURVH[LVWHQGRVWpUPLQRVORVFXDOHVVRQVHSDUDGRVDTXtFRQHOVLJQRGHLJXDOGDG $VLPLVPR
ORVWpUPLQRVSDUDDOJXQRVQ~PHURVWLHQHQXQDSDUWHRSFLRQDOODFXDOHVWiHQFHUUDGDDTXtHQWUHSDUpQWHVLV
&XDQGRGRVWpUPLQRVVHQFLOORVVHMXQWDQFRQOD&21-81&,Ï1!"másSDUDIRUPDUXQWpUPLQRFRPSXHVWRORV
Q~PHURVFRUUHVSRQGLHQWHVVHVXPDQ3RUHMHPSOR!!//)!"!."onceHVOLWHUDOPHQWHdiez más uno.
$VLPLVPRFXDQGRGRVWpUPLQRVVHQFLOORVVHDGMXQWDQGHQWURGHXQWpUPLQRFRPSXHVWRORVQ~PHURVFRUUHVSRQGLHQWHVVH
PXOWLSOLFDQ3RUHMHPSOR####.!cuarentaHVOLWHUDOPHQWHdos por veinte

1 !."
2 ##
3 
4 !#
5 )!!
   
       
     
     
10 !!//)
 

 
  
 
 
 
 
 
 

 
  
 
    
 
   
 
   
 
 
   
  
  
  

   
     
    
    
 

 
  
 
  



',&&,21$5,27(3(+8$12 

 
  
 
  

 
  
 
  

 
  

 
   

 
   

 
   

 
 
 

 
   

 
     

 
    

 
    

 
 
 

 
  
 
 

 
  
 

 
 

 
  
 
   

 
 

 

   
 

 
  
 
  

 
    
 

  
 

 
   
 

   

 
   
 

  
 

 
 

 

  
 

Apéndice D.
Los sonidos
7DOFRPRHQRWURVLGLRPDVHQWHSHKXiQVHXVDQPXFKRVWpUPLQRVHVSHFLDOHVSDUDYDULRVVRQLGRVFRPXQHV$OJXQRV
GHHVWRVVRQLGRVVRQORVTXHVHKDFHQFXDQGRDOJRVXFHGHRWURVVRQVRQLGRVTXHODVSHUVRQDVVXHOHQKDFHU$GHPiV
H[LVWHQYDULDVYRFHVGHDQLPDOHVTXHVHXVDQFRQIUHFXHQFLDHQHOKDEODFRWLGLDQD

Sonidos que hacen las cosas


#       
/"  
"1 
$      
 
//)       
/%    
/&      
'" 
'/"          
'(!    
)$      

Sonidos que hace la gente


/   
22        
22'      
//*     
      
/%/) 
#    
#&.%!     ! "
(()      
!(  
$%#     
)      
*."  


',&&,21$5,27(3(+8$12 

Sonidos que emiten los animales


...   
    
$$    
((    
     
#%#%#%      
(((((    
((    
(((((  
( chillido de la zorra
        
##'##'    
((  
!   
!#.#.    
1((    
#%%    
$$$$(#  
$$4       
$%%% canto de la perdiz
  
''''%/          
'/'/'/    
'//%//.   
'(((%(((   
Apéndice E.
Topónimos
/RVQRPEUHVGHOXJDUHVTXHDTXtVHSUHVHQWDQGHODUHJLyQWHSHKXDQDIXHURQWRPDGRVGHODUWtFXOR³([SUHVLRQHV
ORFDWLYDVHQHOWHSHKXiQGHOVXUHVWH´FLWDGRHQODELEOLRJUDItD&RPRVHH[SOLFDDOOtDOJXQRVGHHOORVVHIRUPDQSRUXQD
FDUDFWHUtVWLFDQDWXUDOGHOOXJDU\RWURVSRUORTXHSDVyRORTXHSDVDDOOt
3DUDFDGDWRSyQLPRSULPHURVHSUHVHQWDVXIRUPDHQWHSHKXiQOXHJRVHSUHVHQWDQODVSDODEUDV\PRUIHPDVGHODV
FXDOHVVHFRPSRQHQ\DOILQDOVHSUHVHQWDHOQRPEUHGHHVHOXJDUHQHVSDxRO


Tepehuán Componentes Español


$((' $carrizos'(('parados /RV&DUUL]RV
//1! //1boscoso !de /D9HQWDQD
/./%. /.rojo/%.terreno 7LHUUDV&RORUDGDV
#"! /!// #"!sombrero!/!//prende 6RPEUHUR4XHPDGR
##!'! GHVFRQRFLGR  (O0H]TXLWDO
##. ##oso.ciénega &LpQHJDGHO2VR
"%! GHVFRQRFLGR  7HQHUDFDV
.(  // .( roble//parado (O5REOH
#'! #'/%llano±'!lugar /ODQR*UDQGH

/''! /'sacrificio 3'!lugar /XJDUGHODV3OXPDV

.#. .#.hay amoles /RV$PROHV
/%'! /%halcón±'!lugar /DV$JXLOLOODV
#."'! 3nuestro##."flojo3'!lugar SDWLRFRPXQDO
#.1! #.1zapote±'!lugar (O=DSRWH
#./% #.espina '/%entre /DV(VSLQDV
#'#).! #'#)cebolla '.!en /D&HEROOD
('/% (pino '/%entre 6DQWD0DUtD2FRWiQ
##"/'. ##"cuervo /'.abajo (O&XHUYR
%((!! %((!plátano !sobre 0HVDGH3ODWDQLWRV
&"%.! &"%borrego '.!en (O%RUUHJR
)#.! )#zorra '.!en /D=RUUD
#.%! #frente3%!en /D&DQGHODULD
#!.(&. #!.zarcas&(&.charcas $JLWD=DUFD
#%" GHVFRQRFLGR  'XUDQJR
#.#  // #.# chile //parado &KLODSD


',&&,21$5,27(3(+8$12 

Tepehuán Componentes Español


#) ! GHVFRQRFLGR  6DQ)UDQFLVFR2FRWiQ
!'(%//' !!'(%metates//'acostados /RV0HWDWHV
(.%'! !(.%piedra de amolar±'!lugar 3LHGUDVGH$PRODU
(%.' GHVFRQRFLGR  0XUKXDWD
'! "tuna±'!lugar ;RFRQRVWOH
&/%.! "&/%alacrán'.!en &HUURGHO$ODFUiQ
"/.%'! "/.*.bailar±%instrumento±'!lugar SDWLRGHOPLWRWH
"' ! #"sal#"' !hay piedras saladas 6DODWLWDV
."!((' #."!ramadas'(('parados /DV5DPDGDV
.* ' #.*arena'extendido /DV$UHQDV
  // $ sacerdote//parado (O3DGUH
%!%&'! !0%+apellido 3'!lugar SDWLRIDPLOLDUGHORV
5DPtUH]
(%) ($ &(%)calzón($se zafó &DO]yQ&DtGR
%( // &%gordo'(encino//parado (QFLQR*RUGR
# #! &#chapulín#!en la frente (O&KDSXOtQ
#"$" &#"$"al pie (O5LQFyQ
#& &'! # 0&apellido 3'!lugar SDWLRIDPLODUGHORV
6ROtV
(&."'! &(&."sapos±'!lugar /RV&KDUFRV
'##.1! ''##.!conejos±'!lugar (O&RQHMR
//#! '//#.verde!de &KDOFKLKXLWLOOR
#'! '#guajolote±'!lugar /D*XDMRORWD
(&$ /!// '(&$pinole!/!//prende 3LQROH4XHPDGR
(((. '(prieto&((.agua $JXD3ULHWD
('($. '('(prietos$.barranca %DUUDQFR3ULHWR
((% // '((%toro //parado 7RUR3DUDGR
%.! )%silla'.!en /D6LOOD
)( ((' ))( chachamoles '(('parados &KDFKDPROHV
'(.! *'(papas '.!en &HUURGHODV3DSDV
##((' *##aguacate'(('parados /RV$JXDFDWHV
##)..! *##).flores'.!en /DV)ORUHV
Apéndice F.
Trabalenguas
(OSULPHUWUDEDOHQJXDVGHORVTXHVLJXHQHVWRPDGRGHOHVSDxROSHURODWUDGXFFLyQDOHVSDxROTXHDTXtVHSUHVHQWDHV
PiVOLWHUDOTXHHORULJLQDO(OVHJXQGRWUDEDOHQJXDVHVWiEDVDGRHQODPDQHUDWUDGLFLRQDOGHHPSH]DUXQFXHQWR

1. “Se ha dicho que yo he dicho un dicho...”

-$$/$($.    ¿Es cierto que tú dijiste


"11$(.$.     que yo dije así como dicen
"!)..     los que dicen cosas
(."! !.    que no se deben decir?

-1(( !.   ¿Cuándo dije yo cosas


"!)..     así como dicen los que dicen
(."! !.    cosas que no se deben decir?

1$(.$/).     Yo nada más digo así como dicen


"!)$/).      los que no dicen cosas
(."!!).   que no se deben decir.

.&$).     Por eso, aunque tú digas,


&!).       o aunque digan otros,
!).1      yo no digo nada
('(." !(!.  de lo que no se debe decir.

2. Cómo empieza un cuento

.""!!."(!."!!."$)(!!(!!!! #'(
!!%.(!."!"!!$!."!."!($!(!."!!$(
!!.(!
Una vez una persona tatemó el maguey y se emborrachó. Esa persona tenía cuatro hijos que se ponían de
acuerdo para tatemar el maguey todo el tiempo...


Apéndice G.
Mapa de la región tepehuana


 $3e1',&(*

También podría gustarte