100% found this document useful (1 vote)
309 views138 pages

Comentario Biblico Beacon-Tomo 1 CNP PDF

This document is an introduction to the Biblical Commentary written by G.B. Williamson. It provides a brief overview of the inspiration and purpose of Scripture according to Christian faith. It acknowledges that the Bible must be interpreted with discretion and diversity, as no single interpretation can encompass its full meaning. The commentary aims to thoughtfully engage the text and provide guidance to readers through careful exegesis and exposition, without asserting conclusiveness.
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
100% found this document useful (1 vote)
309 views138 pages

Comentario Biblico Beacon-Tomo 1 CNP PDF

This document is an introduction to the Biblical Commentary written by G.B. Williamson. It provides a brief overview of the inspiration and purpose of Scripture according to Christian faith. It acknowledges that the Bible must be interpreted with discretion and diversity, as no single interpretation can encompass its full meaning. The commentary aims to thoughtfully engage the text and provide guidance to readers through careful exegesis and exposition, without asserting conclusiveness.
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 138

&O%JF[5PNPT

50.0*

(²/&4*4
(FPSHF)FSCFSU-JWJOHTUPO #% 1I%

²90%0
-FP($PY ." #% 1I%

-&7¶5*$0
%FOOJT',JOMBX ." #% 1I%

/Á.&304
-BVSJTUPO+%V#PJT ." %%

%&65&30/0.*0
+BDL'PSE #% 1I%
"3(%FBTMFZ ." 1I%

*ĞġģĖĤĠġĠģ

&ĞĒĚĝĔğġ!ğĒīĒģĖğĖĠģĘ

&RPB%HDFRQB,BQYDBPHGLQGG 
$0.*4*»/&%*503*"-
"')BSQFS 1I% %% 8.(SFBUIPVTF ." %%
1SFTJEFOUF 4FDSFUBSJP
3BMQI&BSMF #% ." ɩ% 851VSLJTFS 1I% %%
&EJUPSEFM/VFWP5FTUBNFOUP &EJUPSEFM"OUJHVP5FTUBNFOUP



 


$0.*4*»/$0/46-503"

&41IJMMJQT "')BSQFS
1SFTJEFOUF
+'SFE1BSLFS /PSNBO30LF
4FDSFUBSJP
(#8JMMJBNTPO ."-VOO


&RPB%HDFRQB,BQYDBPHGLQGG 
&O%JF[5PNPT

 * (ÏOFTJT²YPEP-FWÓUJDP/ÞNFSPT%FVUFSPOPNJP
 ** +PTVÏ +VFDFT 3VU  Z  4BNVFM  Z  3FZFT  Z  $SØOJDBT
&TESBT/FIFNÓBT&TUFS
 *** +PC4BMNPT1SPWFSCJPT&DMFTJBTUÏT$BOUBSFT
 *7 *TBÓBT+FSFNÓBT-BNFOUBDJPOFT&[FRVJFM%BOJFM
 7 0TFBT +PFM "NØT "CEÓBT +POÈT .JRVFBT /BIVN )BCBDVD
4PGPOÓBT)BHFP;BDBSÓBT.BMBRVÓBT
 7* .BUFP.BSDPT-VDBT
 7** +VBO)FDIPT
 7*** 3PNBOPTZ$PSJOUJPT
 *9 (ÈMBUBT&GFTJPT'JMJQFOTFT$PMPTFOTFTZ5FTBMPOJDFOTFTZ
5JNPUFP5JUP'JMFNØO
 9 )FCSFPT4BOUJBHPZ1FESP Z+VBO+VEBT"QPDBMJQTJT

&RPB%HDFRQB,BQYDBPHGLQGG 
1SFGBDJP
i5PEBMB&TDSJUVSBFTJOTQJSBEBQPS%JPT ZÞUJMQBSBFOTF×BS QBSBSFEBSHàJS 
QBSBDPSSFHJS QBSBJOTUSVJSFOKVTUJDJB BmOEFRVFFMIPNCSFEF%JPTTFBQFS
GFDUP FOUFSBNFOUFQSFQBSBEPQBSBUPEBCVFOBPCSBw 5J

$SFFNPTFOMBJOTQJSBDJØOQMFOBSJBEFMB#JCMJB%JPTIBCMBBMPTIPNCSFT
NFEJBOUFTV1BMBCSB²MOPTIBIBCMBEPQPSTV)JKP1FSPTJOMB1BMBCSBFTDSJUB 
{DØNPTBCSÓBNPTRVFÏMGVFIFDIPDBSOF ²MOPTIBCMBQPSTV&TQÓSJUVQFSPFM
&TQÓSJUVVTBMB1BMBCSBFTDSJUBDPNPWFIÓDVMPEFTVSFWFMBDJØO QPSRVFÏMFTFM
WFSEBEFSP"VUPSEFMBT4BHSBEBT&TDSJUVSBT5PEPMPRVFFM&TQÓSJUVOPTSFWFMB
FTUÈFODPODPSEBODJBDPOMB1BMBCSB
-BGFDSJTUJBOBFNBOBEFMB#JCMJB&MMBFTFMGVOEBNFOUPEFMBGF MBTBMWB
DJØOZMBTBOUJmDBDJØO&TMBHVÓBQBSBFMDBSÈDUFSZMBDPOEVDUBDSJTUJBOBi-ÈN
QBSBFTBNJTQJFTUVQBMBCSB ZMVNCSFSBBNJDBNJOPw 4BM

-B SFWFMBDJØO EF %JPT Z TV WPMVOUBE QBSB MPT IPNCSFT FO MB #JCMJB TPO
DPNQMFUBTZBEFDVBEBT1PSMPUBOUP MBHSBOUBSFBEFMBJHMFTJBFTUSBOTNJUJSFM
DPOPDJNJFOUPEFMBQBMBCSBEF%JPT BCSJSMPTPKPTEFMFOUFOEJNJFOUPZEFTQFS
UBSFJMVNJOBSMBTDPODJFODJBTQBSBRVFMPTIPNCSFTBQSFOEBOBiWJWJSFOFTUF
TJHMP TPCSJB KVTUBZQJBEPTBNFOUFw&TUPDPOEVDFBMBQPTFTJØOEFFTBiIFSFODJB
RVFFT
JODPSSVQUJCMF JODPOUBNJOBEBFJONBSDFTJCMF SFTFSWBEBFOMPTDJFMPTw
$VBOEPDPOTJEFSBNPTMBUSBEVDDJØOFJOUFSQSFUBDJØOEFMB#JCMJB BENJUJ
NPTRVFTPOIPNCSFTOPJOTQJSBEPTMPTRVFOPTHVÓBO-BMJNJUBDJØOIVNBOB 
UBOUPDPNPMBSFBMJEBEEFRVFOJOHVOBFTDSJUVSBFTEFQBSUJDVMBSJOUFSQSFUBDJØO 
QFSNJUFEJWFSTJEBEFOMBFYÏHFTJTZFYQPTJDJØOEFMB&TDSJUVSB
1SFTFOUBNPTFM$PNFOUBSJP#ÓCMJDP#FBDPOFOEJF[UPNPTDPONPEFTUJBQSP
QJB/PPDVQBFMMVHBSEFPUSPT OJQSFUFOEFTFSDPNQMFUPPDPODMVTJWP-BUBSFB
FTDPMPTBM)BOQBSUJDJQBEPEFMBPCSBDVBSFOUBEFMPTNÈTDBQBDFTFTDSJUPSFT4F
USBUBEFIPNCSFTQSFQBSBEPT RVFBCPSEBOMPTUFNBTDPOTFSJFEBE EFEJDBDJØO
QSPGVOEBZTVQSFNBQJFEBE-PTFEJUPSFTSFTQPOTBCMFT UBOUPDPNPMPTRVFIBO
DPOUSJCVJEP DPO TVT USBCBKPT  PSBO QBSB RVF FTUB WFSTJØO BDUVBMJ[BEB EFM DP
NFOUBSJPEFMB#JCMJBQSPQPSDJPOFBZVEBBQSFEJDBEPSFT NBFTUSPTZMBJDPTQBSB
EFTDVCSJSFMTJHOJmDBEPEFMBQBMBCSBEF%JPTZQBSBNBOJGFTUBSDPODMBSJEBETV
NFOTBKFBUPEPTMPTPZFOUFT
(#8JMMJBNTPO

&RPB%HDFRQB,BQYDBPHGLQGG 
$JUBTZ3FGFSFODJBT
&OFTUBPCSBTFVTØMBWFSTJØOEFMB#JCMJB3FJOB7BMFSB-BTDJUBTEF
PUSBTWFSTJPOFTBQBSFDFOFOUSFDPNJMMBT JOEJDBOEPMBWFSTJØO
&OSFGFSFODJBTFTDSJUVSBMFT VOBMFUSB B C D FUD
JOEJDBVOBDMÈVTVMBFOFM
WFSTÓDVMP$VBOEPOPTFNFODJPOBOJOHÞOMJCSPTJHOJmDBRVFTFUSBUBEFMRVFTF
FTUÈFTUVEJBOEP
1VFEFOFODPOUSBSTFEBUPTCJCMJPHSÈmDPTTPCSFVOBPCSBDJUBEB DPOTVMUBO
EPMBQSJNFSBSFGFSFODJBBMMJCSPNFODJPOBEPQPSFTFFTDSJUPSPFYBNJOBOEPMB
CJCMJPHSBGÓB
/PTFQSFUFOEFRVFMBTCJCMJPHSBGÓBTTFBOFYIBVTUJWBT QFSPFTUÈOJODMVJEBT
QBSBQSPWFFSEBUPTDPNQMFUPTEFQVCMJDBDJØOQBSBMPTWPMÞNFOFTDJUBEPTFOFM
UFYUP
-BTSFGFSFODJBTBVOBVUPSDVBMRVJFSB PMBJODMVTJØOEFTVTPCSBTFOMBCJ
CMJPHSBGÓB OPOFDFTBSJBNFOUFTJHOJmDBRVFTFMFEBSFTQBMEPBEJDIPTQVOUPTEF
WJTUB4FEFCFBOBMJ[BSUPEBMFDUVSBFOFMDBNQPEFMBJOUFSQSFUBDJØOCÓCMJDBDPO
EJTDFSOJNJFOUPZQSFDBVDJØO

&RPB%HDFRQB,BQYDBPHGLQGG 
$ØNPVTBSFM
$PNFOUBSJP#ÓCMJDP#FBDPO
-B#JCMJBFTVOMJCSPRVFUPEPTEFCFOMFFS FOUFOEFS PCFEFDFSZDPNVOJDBS
BPUSPT4FQSFQBSØFTUFDPNFOUBSJPQSFDJTBNFOUFQBSBBZVEBSFOFTBUBSFBEF
DPNQSFOTJØOZDPNVOJDBDJØO
1PSMPHFOFSBM MBNJTNB#JCMJBFTTVNFKPSJOUÏSQSFUF&MRVFMBMFBDPO
MBNFOUFBCJFSUBZFMFTQÓSJUVSFDFQUJWPVOBZPUSBWF[ QSPOUPTFEBSÈDVFOUB
EFRVF%JPTMFFTUÈIBCMBOEP6ODPNFOUBSJPTJSWFDPNPVOSFDVSTPEFWBMPS
DVBOEPFMTJHOJmDBEPEFMQBTBKFOPFTDMBSP5BNCJÏO DVBOEPVOPIBTBDBEPTVT
QVOUPTEFWJTUBTPCSFBMHVOPTUFYUPT FTEFHSBOVUJMJEBEDPOPDFSMPRVFPUSPT
IBOFODPOUSBEPFOFMNJTNPMVHBS"MHVOBTWFDFT UBNCJÏO FTUPDPSSFHJSÈDVBM
RVJFSDPODFQUPFRVJWPDBEPRVFFMMFDUPSIBZBQPEJEPGPSNBSTF
4FFTDSJCJØFM$PNFOUBSJP#ÓCMJDP#FBDPOQBSBRVFTFVUJMJDFDPOMB#JCMJBFO
MBNBOP-BNBZPSQBSUFEFFTUFUJQPEFPCSBTUJFOFJNQSFTPFMQBTBKFCÓCMJDPFO
MBQBSUFTVQFSJPSEFMBQÈHJOB-PTFEJUPSFTEFMBQSFTFOUFIBOEFDJEJEPSPNQFS
DPOFTUBNPEBMJEBE DSFZFOEPRVFMBNBZPSÓBEFMPTRVFMBVTFOMPIBSÈOEFT
QVÏTEFIBCFSMFÓEPMB#JCMJBZ QPSMPUBOUP ZBUFOESÈOFONFOUFFMQBTBKFRVF
MFTJOUFSFTB5BNCJÏOEFCFSÓBOUFOFSMB#JCMJBBNBOPQBSBDVBMRVJFSSFGFSFODJB
BMUFYUP4JTFIVCJFSBJNQSFTPFMUFYUPDPNQMFUPEFMB#JCMJB IBCSÓBPDVQBEP
MBTEPTUFSDFSBTQBSUFTEFMFTQBDJPEJTQPOJCMFEFVOBPCSBEFFTUFUBNB×P-PT
FEJUPSFTEFDJEJFSPOEFKBSFTFFTQBDJPQBSBSFDVSTPTBEJDJPOBMFTFOCFOFmDJPEFM
MFDUPS1PSPUSBQBSUF MPTBVUPSFTIBOJOUSPEVDJEPTVmDJFOUFTDJUBTFOMBTFYQMJ
DBDJPOFTEFMPTQBTBKFTFOEJTDVTJØOQBSBRVFFMMFDUPSNBOUFOHBTVQFOTBNJFO
UP FO DPOUJOVP DPOUBDUP DPO MBT QBMBCSBT EF MB #JCMJB -BT DJUBT BQBSFDFO FO
OFHSJUBQBSBTVNÈTSÈQJEBJEFOUJmDBDJØO

*ĝĦĞĚğĒĔĚŭğġĠģġĒĤĒěĖĤģĖĝĒĔĚĠğĒĕĠĤ

-B#JCMJBFTFMNFKPSJOUÏSQSFUFEFTÓNJTNBDVBOEPTFRVJFSFTBCFSMPRVF
EJDFVODBQÓUVMPPQBTBKF-PTFTDSJUPSFTZFEJUPSFTEFM$PNFOUBSJP#ÓCMJDP#FB
DPOTFIBOFTGPS[BEPTJFNQSFQBSBCSJOEBSMBNÈYJNBBZVEBFOFTUFQVOUP4F
JODMVZFSPOSFGFSFODJBTEFPUSBTPCSBTBmOFT DVJEBEPTBNFOUFTFMFDDJPOBEBT DPO
FMPCKFUPEFRVFFMMFDUPSFODVFOUSFMB#JCMJBGÈDJMNFOUFJOUFSQSFUBEBFJMVTUSBEB
QPSTÓNJTNB

&RPB%HDFRQB,BQYDBPHGLQGG 
1ģĠĔĖĕĚĞĚĖğĥĠĔĠğĝĠĤġśģģĒėĠĤēŧēĝĚĔĠĤ
-BT WFSEBEFT EF MB #JCMJB TF DPNQSFOEFO NFKPS DVBOEP OPT BQSPQJBNPT
EFMQFOTBNJFOUPEFMBVUPSFOTVPSEFOZDPIFSFODJB-BEJWJTJØOEFMB#JCMJBFO
WFSTÓDVMPT DPOMBDVBMFTUBNPTUBOGBNJMJBSJ[BEPT TFIJ[PFOÏQPDBTCBTUBOUF
SFDJFOUFT MBEFDJNPTFYUBDFOUVSJBQBSBFM/VFWP5FTUBNFOUPZMBEFDJNPTÏQUJ
NBQBSBFM"OUJHVP
&TUBEJWJTJØOTFIJ[PDPOQSJTBZFOBMHVOBTPDBTJPOFTTF
QFSEJØEFWJTUBFMQFOTBNJFOUPDFOUSBMEFMPTFTDSJUPSFTJOTQJSBEPT-PNJTNP
QVFEFEFDJSTFEFMBEJWJTJØOFODBQÓUVMPT-BNBZPSÓBEFMBTUSBEVDDJPOFTNP
EFSOBTPSEFOBOMBTQBMBCSBTEFMPTFTDSJUPSFTTBHSBEPTTFHÞOVOBEJWJTJØONÈT
GBNJMJBSQPSQÈSSBGPT
-PTFTDSJUPSFTEFM$PNFOUBSJP#FBDPOSFBMJ[BSPOTVUBSFBCBKPFTUFQSPDFEJ
NJFOUP4JFNQSFUSBUBSPOEFSFTQPOEFSBMBQSFHVOUB{RVÏFTMPRVFFMFTDSJUPS
JOTQJSBEPEJDFFOFTUFQBTBKF 1BSBGBDJMJUBSMBJEFOUJmDBDJØOEFDBEBWFSTÓDVMP
TFNBOUVWPTVOVNFSBDJØO QFSPTVTJHOJmDBEPTFEFTBSSPMMBEFVOBGPSNBEF
QFOTBNJFOUPNÈTFYUFOTBZDPNQMFUB

*ğĥģĠĕĦĔĔĚŭğĒĝĠĤĝĚēģĠĤĕĖĝĒēĚēĝĚĒ
-B #JCMJB FT VO MJCSP BCJFSUP QBSB RVJFO MB MFF DVJEBEPTBNFOUF 1FSP TF
BDMBSBDPONBZPSBNQMJUVEDVBOEPDPNQSFOEFNPTTVPSJHFO{2VJÏOFTDSJCJØ
FTUFMJCSP {%ØOEFMPFTDSJCJØ {&ORVÏÏQPDBWJWJØFMFTDSJUPS {#BKPRVÏDJS
DVOTUBODJBTFTDSJCJØ -BTSFTQVFTUBTBFTUPTJOUFSSPHBOUFTTJFNQSFBSSPKBOMV[
TPCSFMBTQBMBCSBTEFMB&TDSJUVSB
&O MB JOUSPEVDDJØO B DBEB VOP EF MPT MJCSPT IBMMBNPT MB SFTQVFTUB B FT
UBTQSFHVOUBT5BNCJÏOIBMMBNPTVOCPTRVFKP-BJOUSPEVDDJØOOPTTJSWFQBSB
EBSOPT VO WJTUB[P EFM MJCSP DPNQMFUP  QBSB QSPWFFSOPT VO DPOmBCMF NBQB EF
DBNJOPTBOUFTEFDPNFO[BSFMWJBKFZQBSBQSPQPSDJPOBSOPTVOQVOUPEFSFGF
SFODJBDVBOEPFTUFNPTJOTFHVSPTEFMBTFOEBRVFEFCFNPTUPNBS/PQBTFNPT
QPS BMUP BM IPNCSF RVF BHJUB MB CBOEFSB EF QFMJHSP  RVJFO OPT EJDFi.JSB MB
JOUSPEVDDJØOw"MmOBMEFMDPNFOUBSJPEFDBEBMJCSPTFIBMMBSÈVOBCJCMJPHSBGÓB
QBSBFTUVEJPTNÈTFYUFOTJWPT

.ĒġĒĤĪĕĚĒĘģĒĞĒĤ
&OMB#JCMJBTFEFTDSJCFOQVFCMPTRVFWJWJFSPOFOQBÓTFTFYUSB×PTZEFTDP
OPDJEPTQBSBMBNBZPSQBSUFEFMBHFOUFEFIBCMBIJTQBOB"NFOVEP MBNFKPS
DPNQSFOTJØOEFMBT&TDSJUVSBTEFQFOEFEFVONFKPSDPOPDJNJFOUPEFMBHFP
HSBGÓBCÓCMJDB$VBOEPFMIPNCSFDJMMPNFODJPOBEPBHJUFMBCBOEFSBRVFEJDF
i.JSFFMNBQBw VTUFEEFCFEFUFOFSTFQBSBFYBNJOBSMP DPOFMmOEFBERVJSJSVO

&RPB%HDFRQB,BQYDBPHGLQGG 
FOUFOEJNJFOUPNÈTQSFDJTPEFMBVCJDBDJØO MBTEJTUBODJBTZMPTTVDFTPTWJODVMB
EPTDPOMPTIPNCSFTEFMPTRVFUSBUBMBIJTUPSJB
&MDPOPDJNJFOUPEFMBHFPHSBGÓBCÓCMJDBMPBZVEBSÈBTFSNFKPSQSFEJDBEPS
Z NBFTUSP EF MBT &TDSJUVSBT "VO FO MB QSFTFOUBDJØO NÈT GPSNBM EFM TFSNØO 
TJSWF EF BZVEB TBCFS RVF MBiIVÓEB B &HJQUPw GVF VO WJBKF B QJF EF VOPT 
LN IBDJB FM TVS &O HSVQPT NÈT QFRVF×PT Z NFOPT GPSNBMFT  UBMFT DPNP MBT
DMBTFTEFMBFTDVFMBEPNJOJDBM MBSFVOJØOEFPSBDJØOZEFFTUVEJPCÓCMJDP FTEF
NVDIBVUJMJEBEUFOFSVOHSBONBQBEPOEFBMNJTNPUJFNQPRVFMBHFOUFPZF 
QVFEFWFSMBVCJDBDJØOEFMPTMVHBSFTNFODJPOBEPT$VBOEPVTUFEIBZBWJTUPMB
TJUVBDJØOHFPHSÈmDBFOMPTNBQBTRVFTFFODVFOUSBOFOFMDPNFOUBSJP FTUBSÈ
NFKPS QSFQBSBEP QBSB USBOTNJUJS MB JOGPSNBDJØO DPO MPT DPNQPOFOUFT EF TV
DMBTFCÓCMJDB
%JBHSBNBTZUBCMBTDPOMBOØNJOBEFMPTIFDIPTCÓCMJDPTBDMBSBOBNFOVEP
MBTEJTUJOUBTSFMBDJPOFTIJTUØSJDBT EFMBNJTNBNBOFSBRVFFMNBQBBZVEBBMB
DPNQSFOTJØOEFMBHFPHSBGÓB$VBOEPVOPWFFOPSEFOMBMJTUBEFMPTSFZFTEF
+VEÈPMBTBQBSJDJPOFTEF+FTÞTEFTQVÏTEFTVSFTVSSFDDJØO DPNQSFOEFDPONBZPS
DMBSJEBEVOQVOUPQBSUJDVMBSEFOUSPEFMBIJTUPSJB&TUPTEJBHSBNBTDPOTUJUVZFO
QBSUFEFMBTWBMJPTBTBZVEBTRVFTFQSFTFOUBOFOFTUBTFSJFEFDPNFOUBSJPT
&M $PNFOUBSJP#ÓCMJDP#FBDPOFTUÈ EJTF×BEP UBOUP QBSB FM RVF SFBMJ[B QPS
QSJNFSBWF[VOFTUVEJPCÓCMJDPDPNPQBSBFMRVFFTUÈGBNJMJBSJ[BEPDPOMBQB
MBCSB EF %JPT IBDF NVDIP UJFNQP -PT FTDSJUPSFT Z FEJUPSFT IBO FYBNJOBEP
DBEBDBQÓUVMP DBEBWFSTÓDVMP UPEBTMBTDMÈVTVMBT GSBTFTZQBMBCSBTEFMB7FSTJØO
3FJOB7BMFSB  3FWJTJØO  )FNPT QMBOUFBEP MB QSFHVOUB {2VÏ TJHOJmDBO
FTUBTQBMBCSBT 4JMBSFTQVFTUBOPSFTVMUBCBFWJEFOUFQPSTÓNJTNB OPTIFNPT
SFTQPOTBCJMJ[BEPEFEBSMBNFKPSFYQMJDBDJØORVFFTUVWJFSBBOVFTUSPBMDBODF
&MMFDUPSQPESÈKV[HBSIBTUBEØOEFIFNPTUFOJEPÏYJUPQFSP MPTJOWJUBNPTB
FYBNJOBSMBJOUFSQSFUBDJØOEFUPEBTMBTQBMBCSBTPQBTBKFTRVFQVFEBOEFKBSMP
QFSQMFKPBMMFFSMBQBMBCSBFTDSJUBEF%JPT

&ĩţĘĖĤĚĤĪĖĩġĠĤĚĔĚŭğ
-PTDPNFOUBSJTUBTCÓCMJDPTFNQMFBOBNFOVEPFTUBTQBMBCSBTQBSBEFTDSJCJS
EPTNBOFSBTEFBDMBSBSFMTFOUJEPEFVOQBTBKFEFMBT&TDSJUVSBT
&YÏHFTJTFTFMFTUVEJPEFMBTQBMBCSBTEFMPSJHJOBMHSJFHPPIFCSFP QBSBBDMB
SBSFMTFOUJEPEFFTUPTUÏSNJOPTDVBOEPMPFNQMFBCBOMPTIPNCSFTZNVKFSFTEF
MPTUJFNQPTCÓCMJDPT$POPDFSFMTJHOJmDBEPEFMBTQBMBCSBTQPSTFQBSBEP UBOUP
DPNPTVSFMBDJØOHSBNBUJDBMDPOPUSBT FTVOBEFMBTNBOFSBTEFDPNQSFOEFS
DPONBZPSDMBSJEBEMPRVFRVJTJFSPOEFDJSMPTFTDSJUPSFTJOTQJSBEPT&OFTUFDP
NFOUBSJPFODPOUSBSÈBNFOVEPFTUBDMBTFEFBDMBSBDJPOFT1FSP FMNFSPFTUVEJP
EFMBTQBMBCSBTOPTJFNQSFQSPQPSDJPOBTVWFSEBEFSPTFOUJEP

&RPB%HDFRQB,BQYDBPHGLQGG 
-BFYQPTJDJØODPOTJTUFFOVOFTGVFS[PEFMDPNFOUBSJTUBQPSBDMBSBSFMTJHOJ
mDBEPEFVOQBTBKFRVFQVFEFFTUBSBGFDUBEPQPSVOPPWBSJPTIFDIPTDPOPDJEPT
QPS FM FTDSJUPS  QFSP RVF RVJ[È OP TPO GBNJMJBSFT QBSB FM MFDUPS -PT IFDIPT
NFODJPOBEPTQPESÓBOTFS 
FMDPOUFYUP FTEFDJS MPTWFSTÓDVMPTPDBQÓUVMPTRVF
SPEFBOBMRVFTFFTUVEJB
 
FMUSBTGPOEPIJTUØSJDP 
MBTFOTF×BO[BTSFMBDJPOB
EBT EFPUSBTQBSUFTEFMB#JCMJB 
FMTJHOJmDBEPEFFTUPTNFOTBKFTEF%JPT
FOTVWJODVMBDJØODPOIFDIPTVOJWFSTBMFTEFMBWJEBIVNBOB 
MBQFSUJOFODJB
EF FTBT WFSEBEFT BQMJDBEBT B TJUVBDJPOFT IVNBOBT UFNQPSBMNFOUF ÞOJDBT &M
DPNFOUBSJTUBQSPDVSBFYQMJDBSFMDPNQMFUPTFOUJEPEFVOQBTBKFCÓCMJDPBMBMV[
EFTVNFKPSDPNQSFOTJØOEF%JPT EFMIPNCSFZEFMNVOEPFOFMRVFWJWJNPT
"MHVOPTDPNFOUBSJPTTFQBSBOMBFYÏHFTJTEFFTUBCBTFNÈTBNQMJBEFEJMV
DJEBDJØO&OFM$PNFOUBSJP#ÓCMJDP#FBDPOMPTFTDSJUPSFTIBODPNCJOBEPBNCBT
&T OFDFTBSJP FM FTUVEJP DPSSFDUP EF MBT QBMBCSBT QBSB UFOFS VOB FYBDUB DPN
QSFOTJØOEFMB#JCMJB-BNBZPSQBSUFEFMBTWFSTJPOFTNPEFSOBTIBOIFDIPVO
FTUVEJPUBODVJEBEPTPEFFTUPTUÏSNJOPTRVFTPMPFTOFDFTBSJPSFBMJ[BSFMFTUVEJP
UFPMØHJDP&ODBEBQVOUPUSBUBEP MPTFTDSJUPSFTZFEJUPSFTIBOQSPDVSBEPIBDFS
VOBFYÏHFTJTWFSEBEFSBZmFM QFSPUBNCJÏOIBOJOUSPEVDJEPEJTDVTJPOFTFYFHÏ
UJDBTQBSBBSSPKBSMV[TPCSFFMTJHOJmDBEPEFMPTQBTBKFT NÈTRVFQBSBFOUSBSFO
EJTDVTJPOFTFSVEJUBT
-B#JCMJBFTVOMJCSPQSÈDUJDP$SFFNPTRVF%JPTJOTQJSØBTBOUPTIPNCSFT
EFMBBOUJHàFEBEQBSBEFDMBSBSFTUBTWFSEBEFT BmOEFRVFTVTMFDUPSFTQVEJF
SBODPNQSFOEFSNÈTZDVNQMJSNFKPSDPOTVWPMVOUBE)FNPTFNQSFOEJEPFM
$PNFOUBSJP#ÓCMJDP#FBDPO DPO FM ÞOJDP QSPQØTJUP EF BZVEBS B MPT IPNCSFT B
FODPOUSBS DPONBZPSFmDBDJB MBWPMVOUBEEF%JPTQBSBFMMPTTFHÞOMPRVFFTUÈ
SFWFMBEPFOMBT4BHSBEBT&TDSJUVSBT

"ĪĦĕĒġĒģĒĝĒġģĖĕĚĔĒĔĚŭğĪĖğĤĖūĒğīĒēŧēĝĚĔĒ
:BIFNPTEJDIPRVFMB#JCMJBFTVOMJCSPQBSBUSBOTNJUJSBPUSPT-PTQSF
EJDBEPSFTZNBFTUSPTDSJTUJBOPTEFTEFMBQSJNFSBDFOUVSJBIBOQSPDVSBEPFNJUJS
TV NFOTBKF MFZFOEP Z FYQMJDBOEP QBTBKFT TFMFDDJPOBEPT EF MBT &TDSJUVSBT &M
$PNFOUBSJP#ÓCMJDP#FBDPOBQPZBFTUBDMBTFEFQSFEJDBDJØOZFOTF×BO[BFYQPTJ
UJWBT-BTFSJFDPNQMFUBDPOUJFOFNÈTEFNJMCPTRVFKPTFYQMJDBUJWPTCSFWFTRVF
FNQMFBSPOTPCSFTBMJFOUFTQSFEJDBEPSFTZNBFTUSPTEFMB#JCMJB5BOUPMPTFTDSJ
UPSFTDPNPMPTFEJUPSFTIBODPPQFSBEPFOMBDPOUSJCVDJØOPTFMFDDJØOEFFTUBT
TVHFSFODJBTIPNJMÏUJDBT&TEFFTQFSBSRVFUPEPFTUPBZVEFBTVHFSJSNPEPTFO
MPTRVFFMMFDUPSRVFSSÈFYQMJDBSMBQBMBCSBEF%JPTBTVDMBTFPDPOHSFHBDJØO
"MHVOPTEFFTUPTCPTRVFKPTQBSBTFSNPOFTMPIBOQSPQPSDJPOBEPQSFEJDBEPSFT
DPOUFNQPSÈOFPT"MQSFTFOUBSFTUPTCPTRVFKPT TFEBOBVUPSFTZSFGFSFODJBTQBSB
RVFFMMFDUPSQVFEBJSBTVGVFOUFEFPSJHFOQBSBNBZPSJOGPSNBDJØO

&RPB%HDFRQB,BQYDBPHGLQGG 
&OMB#JCMJBFODPOUSBNPTMBWFSEBEEFMPSEFONÈTTVCMJNF&OFMMBUFOF
NPTMBWPMVOUBEEF%JPTQBSBOVFTUSBWJEB MBDVBMGVFFTDSJUBQPSJOTQJSBDJØO
EJWJOB5BNCJÏOUFOFNPTVOBEJSFDDJØOTFHVSBOFDFTBSJBQBSBOVFTUSBSFMBDJØO
DPO%JPTZCBKPTVTØSEFOFT UBNCJÏODPOOVFTUSPQSØKJNP$PNPFTUBTWFS
EBEFT FUFSOBT OPT MMFHBO FO MFOHVBKF IVNBOP Z NFEJBOUF NFOUFT IVNBOBT 
OFDFTJUBOTFSFYQSFTBEBTFOQBMBCSBTBDUVBMFT QPSRVFMPTJEJPNBTDBNCJBOZMBT
GPSNBTEFQFOTBNJFOUPTFNPEJmDBO&OFM$PNFOUBSJP#ÓCMJDP#FBDPOIFNPT
QSPDVSBEPBZVEBSBRVFMB#JCMJBSFTVMUFVOBMÈNQBSBNÈTFmDB[FOFMTFOEFSP
EFMPTIPNCSFTRVFTFFODVFOUSBOSFDPSSJFOEPFMTJHMP99*

o"')ĒģġĖģ

&RPB%HDFRQB,BQYDBPHGLQGG 
¶/%*$&

50.0*

&-1&/5"5&6$0 
(²/&4*4
*OUSPEVDDJØO  
$PNFOUBSJP  
#JCMJPHSBGÓB  
²90%0
*OUSPEVDDJØO  
$PNFOUBSJP  
#JCMJPHSBGÓB  
-&7¶5*$0
*OUSPEVDDJØO  
$PNFOUBSJP  
#JCMJPHSBGÓB  
/Á.&304
*OUSPEVDDJØO  
$PNFOUBSJP  
#JCMJPHSBGÓB  
%&65&30/0.*0
*OUSPEVDDJØO  
$PNFOUBSJP  
#JCMJPHSBGÓB  
."1"4:%*"(3"."4  

&RPB%HDFRQB,BQYDBPHGLQGG 
&M1FOUBUFVDP
-B#JCMJBDPNJFO[BDPOVOHSVQPEFDJODPMJCSPTEFTJOHVMBSJNQPSUBODJB
-PTDPOPDFNPTDPOFMOPNCSFEFi1FOUBUFVDPw UÏSNJOPHSJFHPRVFTJHOJmDB
iDJODPMJCSPTw%FTEFMPTUJFNQPTNÈTSFNPUPT (ÏOFTJT ²YPEP -FWÓUJDP /Þ
NFSPTZ%FVUFSPOPNJPIBOTJEPSFDPOPDJEPTDPNPFMDPSB[ØOEFMDBOPOEFM
"OUJHVP5FTUBNFOUP
$POTUJUVZFMBQSJNFSBEFMBTUSFTEJWJTJPOFTNBZPSFTEFMBT&TDSJUVSBTIF
CSFBT4FMPDPOPDFDPNPMB5PSBIPMFZ UÏSNJOPRVFUBNCJÏOJNQMJDBMBJEFBEF
iFOTF×BO[B JOTUSVDDJØOPHVÓBw
-B#JCMJBNJTNBEFTDSJCFMB5PSBI PQBSUFTEFFMMB
DPNPiFTUFMJCSPEFMB
MFZw %U+PT
iFMMJCSPEFFTUBMFZw %U
iFMMJCSP
EFMBMFZEF.PJTÏTw +PT3
RVFFRVJWBMÓBTJNQMFNFOUFBiFM
MJCSPEFMBMFZw +PT
PiFMMJCSPEF.PJTÏTw $S

i&MMJCSPEFMBMFZEF+FIPWÈw $S
TFVUJMJ[ØFOMBÏQPDBEF+PTBGBU
QBSBFOTF×BSBMQVFCMP&MSPMMPEFTDVCJFSUPFOFMUFNQMPQPS)JMDÓBT FMTBDFS
EPUF TFMPEFTDSJCFDPNPiFMMJCSPEFMBMFZw 3 
iFMMJCSPEFMQBDUPw 
3 $S
iFMMJCSPEFMBMFZEF+FIPWÈEBEBQPSNFEJPEF.PJTÏTw
$S
ZiFMMJCSPEF.PJTÏTw $S

&TESBTIBCMBEFiFMMJCSPEF.PJTÏTw&MiMJCSPEFMBMFZEF.PJTÏTwZ
iFMMJCSPEFMBMFZEF%JPTwTFMPTVTBFOQBTBKFTQBSBMFMPTFO/FIFNÓBT   
Z/FIFNÓBTJEFOUJmDBB%FVUFSPOPNJPDPNPQSPWFOJFOUFT
EFiFMMJCSPEF.PJTÏTwi-BMFZEF.PJTÏTwTFNFODJPOBFO3FZFTZ%BOJFM

%F JHVBM NPEP  FM /VFWP 5FTUBNFOUP BMVEF BM iMJCSP EF .PJTÏTw .S

ZiMBMFZEF.PJTÏTw $P
BUSJCVZÏOEPMFNBOEBUPTZEFDMBSBDJPOFT
BVUPSJUBUJWBTB.PJTÏT .U.S)DI3P

)BZUBNCJÏOOVNFSPTBTSFGFSFODJBTFOFM/VFWP5FTUBNFOUPFODVBOUP
BiMBMFZwDPNPDPSUFEFBQFMBDJØOmOBM
$ĠğĥĖğĚĕĠĪėĠģĞĒ
-PTMJCSPTEFM1FOUBUFVDPDPOUJFOFOEJWFSTBTDMBTFTEFNBUFSJBM&OÏMFO
DPOUSBNPTIJTUPSJB (ÏOFTJT
MFHJTMBDJØO ²YPEP
SJUVBM -FWÓUJDP
HPCJFSOP
/ÞNFSPT
ZSFUØSJDB %FVUFSPOPNJP
DPONVDIBTDPNCJOBDJPOFTZUSBOTQP
TJDJPOFT FO EJTUJOUPT UJQPT MJUFSBSJPT &M SFHJTUSP IJTUØSJDP TF FYUJFOEF QPS VO
USFNFOEPQFSÓPEPEFUJFNQP‰EFTEFMBDSFBDJØOIBTUBMBNVFSUFEF.PJTÏTVO
MBQTPNÈTMBSHPRVFUPEPFMSFTUPEFMBIJTUPSJBCÓCMJDB
2VFMPTDJODPMJCSPTEFMBMFZTFFTDSJCJFSPOPSJHJOBSJBNFOUFQPSTFQBSBEP 
TFEFEVDFEFMIFDIPEFRVFDBEBMJCSPFTVOBVOJEBEMJUFSBSJBZ UBNCJÏO UJFOF
FMNÈYJNPEFFYUFOTJØORVFQPEÓBEÈSTFMFFOVOSPMMPBOUJHVP4JOFNCBSHP 


&RPB%HDFRQB,BQYDBPHGLQGG 
UJFOFO VOB QFSGFDUB TFDVFODJB IJTUØSJDB Z FO FM PSEFO OFDFTBSJP %FTQVÏT EF
(ÏOFTJT DBEBMJCSPQSFTVQPOFBMPBMPTRVFMPQSFDFEJFSPO

"ĦĥĠģŧĒ
&MQSPCMFNBEFMBBVUPSÓBEFMPTMJCSPTEFM1FOUBUFVDPFTDPNQMFKP%FOUSP
EFTVQSPQJPUFYUP FTUPTMJCSPTTPOBOØOJNPTZOPDPOUJFOFOOBEBRVFQVFEB
TFSWJS EF JOEJDJP QBSB EFTDVCSJS TV PSJHFO P BVUPS &M KVEBÓTNP BOUJHVP Z MB
USBEJDJØODSJTUJBOBMFEBOFMDSÏEJUPB.PJTÏT-PTNJTNPTMJCSPTBUSJCVZFOQPS
DJPOFTEF²YPEP /ÞNFSPTZMBNBZPSQBSUFEF%FVUFSPOPNJPEJSFDUBNFOUFEF
MBNBOPEF.PJTÏTZMPTFSVEJUPTDPOTFSWBEPSFTOPIBMMBOSB[ØOQBSBQPOFSFO
UFMBEFKVJDJPFTBTEFDMBSBDJPOFT ²Y/N%U
   

1PSPUSBQBSUF FMUFYUPNJTNP FOMBTSFGFSFODJBTZBDJUBEBT QSFTFOUBEJ
GFSFODJBTFOUSFMPRVF.PJTÏTFTDSJCJØPIBCMØZMPRVFTFFTDSJCJØBDFSDBEF
ÏM)BZBMHVOPTFMFNFOUPTOPNPTBJDPTRVFTFIBDFOFWJEFOUFTQBSBFMMFDUPS
RVFTFQSPGVOEJ[B(ÏOFTJTFNQMFBFMOPNCSFi%BOwQBSBFMMVHBSFORVF
"CSBIBNQVTPUÏSNJOPBMBQFSTFDVDJØOEFMPTDJODPSFZFTRVFIBCÓBOJOWBEJEP
B4PEPNB&TFOPNCSFOPTFMFEJPIBTUBFMUJFNQPEFMPTKVFDFT +VF
MP
DVBMJNQMJDBRVFFTFWFSTÓDVMPTFFTDSJCJØEFTQVÏTEFMBÏQPDBEF.PJTÏT
(ÏOFTJTIBCMBEFMPTSFZFTEF&EPNiRVFSFJOBSPOBOUFTRVFIVCJFTF
SFZTPCSFMPTIJKPTEF*TSBFMw QBMBCSBTRVFJNQMJDBOIBCFSTFFTDSJUPEFTQVÏTEF
MBDPSPOBDJØOEF4BÞM 4ZTT

-B EFTDSJQDJØO EF MB PCSB EF .PJTÏT FO ²YPEP  -FWÓUJDP Z /ÞNFSPT TF
FODVFOUSBFOUFSDFSBQFSTPOB FODPOUSBQPTJDJØODPO%FVUFSPOPNJP EPOEFMPT
EJTDVSTPTEF.PJTÏTFTUÈOFOQSJNFSBQFSTPOB)BZEPTCJFONFSFDJEPTUSJCVUPT
BMHSBOEBEPSEFMBMFZRVFEFCFIBCFSMPTFTDSJUPBMHÞOPUSP²YPEPEJDF
i.PJTÏTFSBUFOJEPQPSHSBOWBSØOFOMBUJFSSBEF&HJQUPw Z/ÞNFSPTi:
BRVFMWBSØO.PJTÏTFSBNVZNBOTP NÈTRVFUPEPTMPTIPNCSFTRVFIBCÓBTPCSF
MBUJFSSBw
²YPEPi"TÓDPNJFSPOMPTIJKPTEF*TSBFMNBOÈDVBSFOUBB×PT IBTUB
RVFMMFHBSPOBUJFSSBIBCJUBEBNBOÈDPNJFSPOIBTUBRVFMMFHBSPOBMPTMÓNJUFT
EFMBUJFSSBEF$BOBÈOw TPMPQVEPIBCFSTJEPFTDSJUPEFTQVÏTEFMBNVFSUFEF
.PJTÏTZFMDSVDFEFM+PSEÈO +PT
QVFTUPRVFMBNFODJØOBMNBOÈFTUÈ
FOUJFNQPQBTBEP
/ÞNFSPTDJUBBMiMJCSPEFMBTCBUBMMBTEF+FIPWÈw"QBSFOUFNFOUF
TFUSBUBCBEFVOMJCSPEFQPFNBTRVFEFTDSJCÓBMBTPCSBTEF%JPTBGBWPSEFTV
QVFCMPEVSBOUFMPTB×PTQBTBEPTFOFMEFTJFSUP/BEBTFTBCFEFFTUPEFPUSB
GVFOUF1VFEFIBCFSTJEPVOPEFMPTFTDSJUPTEFMNJTNP.PJTÏT
/ÞNFSPTEFTDSJCFMBTDJVEBEFTFEJmDBEBTQPSMBTUSJCVTEF3VCÏO 
(BEZ.BOBTÏTFOFMUFSSJUPSJPIFSFEBEPBMPSJFOUFEFM+PSEÈO QFSPFMMBTOP


&RPB%HDFRQB,BQYDBPHGLQGG 
QPTFZFSPOFTBTUJFSSBTIBTUBEFTQVÏTEFMBDPORVJTUBEF$BOBÈOEFMBRVFQBS
UJDJQBSPO +PT

%FVUFSPOPNJP  Z  TPO QBTBKFT FOUSF QBSÏOUFTJT  BHSFHBEPT
NÈT UBSEF QBSB FYQMJDBS FM TJHOJmDBEP EF UÏSNJOPT Z DPOEJDJPOFT RVF ZB OP
FTUBCBOFOWJHFODJB%FVUFSPOPNJP EPOEFTFSFMBUBMBNVFSUFEF.PJ
TÏT QBSFDJFSBIBCFSTJEPFTDSJUPEFTQVÏTEFMBBQBSJDJØOEFMPTQSPGFUBT W

EVSBOUFMBÏQPDBEF4BNVFM
5PEBTMBTDJUBTEFDVBMRVJFSMVHBSEFMB#JCMJBSFGFSFOUFTBMPRVF.PJTÏT
FTDSJCJØ QVFEFO TFS DJSDVOTDSJQUBT BM MJCSP EF %FVUFSPOPNJP  DPO MB QPTJCMF
FYDFQDJØOEF&TESBTRVFTJUÞBQBTBKFTEF/ÞNFSPTFOiFMMJCSPEF.PJTÏTw
Z.BSDPTRVFDJUBiFMMJCSPEF.PJTÏTwQBSBFMSFMBUPRVFTFFODVFOUSBFO
²YPEPTPCSFFMMMBNBEPEF.PJTÏTEFTEFMB[BS[BBSEJFOEP&OUBMFTSFGFSFODJBT 
FTNVZQPTJCMFRVFDVBOEPEJDFiFMMJCSPEF.PJTÏTwTFSFmFSBBiFMMJCSPBDFSDB
EF.PJTÏTw PiBMMJCSPCBTBEPFOMBBVUPSJEBEEF.PJTÏTw1PSFKFNQMP ZEF
4BNVFMMMFWBOFMOPNCSFEFFTFHSBOQSPGFUBBVORVFTVNVFSUFFTUÈSFMBUBEBFO
EF4BNVFM FTEFDJS NVDIPTB×PTBOUFTEFRVFPDVSSJFSBOMPTBDPOUFDJ
NJFOUPTEF4BNVFM
$POTJEFSBDJPOFTUBMFTDPNPMBTNFODJPOBEBTBRVÓ NÈTRVFBMBTSFDPOT
USVDDJPOFTEFMBDSÓUJDBMJUFSBSJBFIJTUØSJDB DPOEVDFOBMPTFSVEJUPTDPOTFSWB
EPSFTBMBTTBOBTBEWFSUFODJBTGPSNVMBEBTQPSFMQSPGFTPS($I"BMEFSTFOTV
MJCSP RVFIJ[PÏQPDB"4IPSU*OUSPEVDUJPOUPUIF1FOUBUFVDI <#SFWF*OUSPEVD
DJØOBM1FOUBUFVDP>-PRVFUJFOFFOPSNFJNQPSUBODJBFTFMSFDPOPDJNJFOUPEF
MBBVUFOUJDJEBEFJOUFHSJEBEEFMBQBSUFTJHOJmDBUJWBEFMBQBMBCSBEF%JPT
&MDPOTFOTPEFMBUSBEJDJØOCÓCMJDBFTUBCMFDF QPSDJFSUP MBBVUPSJEBENP
TBJDB EFM 1FOUBUFVDP $VBOEP UBM WFSEBE IBZB TJEP DMBSBNFOUF SFDPOPDJEB  FM
BTVOUPEFRVJÏOIBZBFTDSJUPMBUPUBMJEBEEFMPTMJCSPT CJFOQVFEFTFSEFKBEP
EPOEF0SÓHFOFTEFKØFMQSPCMFNBEFMBQBUFSOJEBEMJUFSBSJBEFMMJCSPEF)F
CSFPTi4PMP%JPTMPTBCFw
-PT FTUVEJPTPT RVF UFOHBO JOUFSÏT FODPOUSBSÈO MB QPTJDJØO DPOTFSWBEPSB
WJHPSPTBNFOUFFYQVFTUBFOFMMJCSPZBNFODJPOBEPEFMQSPGFTPS"BMEFS $IJDB
HP*OUFS7BSTJUZ$ISJTUJBO'FMMPXTIJQ TG
ZFOFTUPTPUSPT0TXBME5"MMJT 
DzF'JWF#PPLTPG.PTFT 'JMBEFMmBɩF1SFTCZUFSJBOBOE3FGPSNFE1VCMJTIJOH
$P 
%BWJE")VCCBSE 1FOUBUFVDI DzF/FX#JCMF%JDUJPOBSZ FEJUBEP
QPS+%%PVHMBT (SBOE3BQJET8JMMJBN#&FSENBOT1VCMJTIJOH$PNQBOZ 

QQJHVBMNFOUFFOFMCSFWFFOTBZPEFMQSPGFTPS"BMEFSRVFTF
FODVFOUSBFODzF)JTUPSJDBM-JUFSBUVSFPGUIF0ME5FTUBNFOU DzF/FX#JCMF$PN
NFOUBSZ FEJUBEPQPS'SBODJT%BWJETPO (SBOE3BQJET8JMMJBN#&FSENBOT
1VCMJTIJOH$PNQBOZ 
QQ

‰851VSLJTFS


&RPB%HDFRQB,BQYDBPHGLQGG 
&M-JCSPEF
(²/&4*4
(ĖĠģĘĖ)ĖģēĖģĥ-ĚħĚğĘĤĥĠğ

&RPB%HDFRQB,BQYDBPHGLQGG 
*OUSPEVDDJØO

" 5ŧĥĦĝĠ
-BQSJNFSBQBMBCSBEFM"OUJHVP5FTUBNFOUPIFCSFPCFSFTIJU iFOFMQSJODJ
QJPwTJSWFEFUÓUVMPBMMJCSP&TUBQSÈDUJDBEFUPNBSMBTQSJNFSBTQBMBCSBTEFVOB
PCSBQBSBOPNCSBSMBFSBNVZDPNÞOFOFMBOUJHVP$FSDBOP0SJFOUF-BWFSTJØO
HSJFHB MMBNBEB 4FQUVBHJOUB -99
 TF BQSPYJNØ BMHP B MB GSBTF JOJDJBM DPO MB
QBMBCSBHÏOFTJT RVFTJHOJmDBiPSJHFOwPiQSJODJQJPw4FIBDPOUJOVBEPVTBOEPFM
UÏSNJOPIFMÏOJDPFOMBTWFSTJPOFTWFSOÈDVMBTQPSRVFEFTDSJCFNVZCJFOTVDPO
UFOJEP&TUFFTFMMJCSPEFMPTDPNJFO[PTEFMVOJWFSTP EFMIPNCSF EFMQFDBEP 
EFMBTBMWBDJØO EFMBOBDJØOIFCSFB EFMQBDUP
.BSUÓO -VUFSP GVF FM QSJNFSP FO BHSFHBS MB GSBTF i&M 1SJNFS -JCSP EF
.PJTÏTwBMBOUJHVPUÓUVMP&MSFGPSNBEPSMPDPOTJEFSØBQSPQJBEPQPSRVF(ÏOF
TJTFTFMQSJNFSPEFM1FOUBUFVDPZ USBEJDJPOBMNFOUF TFIBDPOTJEFSBEPB.PJTÏT
DPNPFMBVUPSEFMPTDJODPMJCSPT

# 1ĒĥĖģğĚĕĒĕĝĚĥĖģĒģĚĒ
6OCSFWFUSBUBEPTPCSFFTUFUFNBOPQPESÓBQPTJCMFNFOUFIBDFSKVTUJDJBB
MBDBOUJEBEEFMJUFSBUVSBOJBMBDPNQMFKJEBEEFMPTQSPCMFNBT-BDPOUSPWFSTJB
IBHJSBEPFOUPSOPBTJFMMJCSPEF(ÏOFTJT UBMDPNPMPDPOPDFNPTFOUPEPTMPT
NBOVTDSJUPTFYJTUFOUFT GVFQSPEVDUPEF.PJTÏTZEFTVÏQPDBPEFBVUPSFTBOØ
OJNPTEFUJFNQPTNÈTSFDJFOUFT%VSBOUFMPTEPTTJHMPTQBTBEPT MPTFSVEJUPTTF
IBOEJWJEJEPFOUSFMPTRVFBDFQUBCBOMBQBUFSOJEBEMJUFSBSJBEF.PJTÏTZMPTRVF
WFÓBOFOFMNBUFSJBMEF(ÏOFTJTDPNPMBPCSBEFNVDIPTiBVUPSFTwEFTDPOPDJEPT
7ÏBTFMBEJTDVTJØOFOi&M1FOUBUFVDPw Q

&MUFYUPEFMMJCSPOPNFODJPOBFMOPNCSFEF.PJTÏTZ DPNPZBGVFNFO
DJPOBEP  -VUFSP 
 GVF FM QSJNFSP FO B×BEJS TV OPNCSF BM UÓUVMP
$PNPBVOFMÞMUJNPEFMPTBDPOUFDJNJFOUPTOBSSBEPTFO(ÏOFTJTTFMPEFTDSJCF
DPNPPDVSSJEPNVDIPBOUFTEFMBÏQPDBEF.PJTÏT MPTFSVEJUPTPSUPEPYPTIBO
TPTUFOJEPRVFÏMVTØNBOVTDSJUPTBOUJHVPTZMFTEJPMBGPSNBRVFDPOPDFNPT
&TUBPQJOJØOTFBQPZBFTQFDJBMNFOUFTPCSFFWJEFODJBTJOUFSOBTEF B
MPTPUSPT
DVBUSPMJCSPTEFM1FOUBUFVDPBMFGFDUPEFRVFFMMPTQSPWJOJFSPOEF.PJTÏT PQPS
MPNFOPTEFTVÏQPDBZCBKPTVEJSFDDJØO C
FMSFTUPEFM"OUJHVP5FTUBNFOUP 
RVFBUSJCVZFB.PJTÏTMBUPUBMJEBEEFM1FOUBUFVDPZ D
FM/VFWP5FTUBNFOUP
RVF BMIBDFSSFGFSFODJBBFMMPT FTQFDJBMNFOUFB%FVUFSPOPNJP
TFMPTBUSJCVZF
B.PJTÏT


&RPB%HDFRQB,BQYDBPHGLQGG 
$ ²ġĠĔĒĪĔĠĞġĠĤĚĔĚŭğĝĚĥĖģĒģĚĒ
-BÏQPDBZMBDPNQPTJDJØOMJUFSBSJBFTUÈOÓOUJNBNFOUFMJHBEBTBMQSPCMF
NBEFMBQBUFSOJEBEEFMBPCSB EFNPEPRVF FOVOTFOUJEP EFCFOUSBUBSTFEF
GPSNBDPOKVOUB
'VF+PIBOO&JDIIPSO QSPGFTPSEFMB6OJWFSTJEBEEF+FOB "MFNBOJB FMQSJ
NFSPRVFQVTPFOEVEBMBQBUFSOJEBENPTBJDBEFM1FOUBUFVDP"QPZBCBTVQPTJ
DJØOTPCSFMBTEPTTVQVFTUBTGVFOUFTEFEPDVNFOUPTDPOPDJEBTDPNP+ EF+FIPWÈ

Z& EF&MPIJN
TPCSFMBTDVBMFTTFIBCSÓBDPNQVFTUPFM(ÏOFTJTFOGFDIBNVZ
QPTUFSJPSB.PJTÏT"OUFTRVFÏM VONÏEJDPGSBODÏTMMBNBEP+FBO"TUSVPIBCÓB
FTUVEJBEPFMBTVOUPTPCSFMBNJTNBCBTFZTFOUBEPMBUFPSÓBEFMPTEPDVNFOUPT
+Z&&OMPTQSJNFSPTB×PTEFMTJHMP9*9 MPTFSVEJUPTBMFNBOFTEJTDVUJFSPO
BDFSDBEFMBTEJTUJOUBTGVFOUFTEFEPOEFTFIBCSÓBDPNQVFTUPFM(ÏOFTJT TJFSBO
USFT EPTPVOBTPMB'FDIBCBOFTBTGVFOUFTEFTEFFMUJFNQPEF4BMPNØOIBTUB
FMUJFNQPEF&TESBT4FWBMÓBOQBSBMBQPMÏNJDBEFMPTEJTUJOUPTOPNCSFTRVF
UJFOFMB%JWJOJEBE MBTEJGFSFODJBTEFWPDBCVMBSJPZFTUJMP ZMPTEJTUJOUPTFOGPRVFT
UFPMØHJDPT"MHVOPTTPTUFOÓBOVOBDPNQPTJDJØOGSBHNFOUBSJB DBTJVONPTBJDP
EFUSBEJDJPOFT ZPUSPTRVFIBCÓBVOBDPNQPTJDJØOÞOJDBZVOÞOJDPBVUPS
+VMJVT8FMMIBVTFOGVFFMQSJNFSPRVFQPQVMBSJ[ØDPOÏYJUPMBJEFBEFRVF
FYJTUÓBOUSFTGVFOUFTQSJODJQBMFTFOFMMJCSPEF(ÏOFTJT+ &Z1"MBQSJNFSB 
FTEFDJS+ TFMBVCJDBFOMBOPWFOBDFOUVSJBBOUFTEF$SJTUPBMBTFHVOEB FOMB
PDUBWBZ1 FOMBRVJOUB&TUBOPDJØOMMFHØBTFSOPSNBUJWBFOUSFTVTTFHVJEPSFT 
ZTVNBNFOUFQPQVMBSFOMPTDÓSDVMPTQSPUFTUBOUFTZKVEÓPTEFUPEPFMNVOEP
PDDJEFOUBM-B*HMFTJB$BUØMJDB3PNBOBSFBDDJPOØOFHBUJWBNFOUFBFTUBUFPSÓB
)FSNBOO(VOLFMQSPDVSØBNQMJmDBSMBQPTJDJØOEF8FMMIBVTFOFYBNJ
OBOEPMBTGPSNBTMJUFSBSJBTEFBOUJHVPTSFMBUPSFT DPNPMPTJMVTUSBEPTFO(ÏOFTJT
-MFHØBMBDPODMVTJØOEFRVFNJMB×PTBOUFTEF$SJTUPIVCPVOMBSHPQFSÓPEPEF
USBOTNJTJØOPSBMEFHSBOQBSUFEFMDPOUFOJEPEFMMJCSPEF(ÏOFTJTBOUFTBVOEF
RVFMMFHBSBOBDVBKBSTFFOMBGPSNBEFMPTMMBNBEPTEPDVNFOUPT + &Z1
&O B×PT NÈT SFDJFOUFT  MPT FSVEJUPT RVF SFDIB[BO MB BVUPSÓB EF .PJTÏT
TFJODMJOBOBEFDJSRVFIVCPVOMBSHPQFSÓPEPEFUSBEJDJØOPSBM BMSFEFEPSEF
DFOUSPTDVMUVSBMFTZUSJCBMFT0UUP&JTTGFMEUGVFVOPEFMPTQSJODJQBMFTSFQSF
TFOUBOUFTEFFTUBQPTJDJØO5BNCJÏOTFTPTUVWPRVFFMMJCSPGVFDPNQMFUBEPFO
MPTUJFNQPTEFMFYJMJP QFSPRVFFTEFDBSÈDUFSTVTUBODJBMNFOUFNPTBJDP8'
"MCSJHIUGVFVOPEFMPTHSBOEFTEFGFOTPSFTEFFTUBPUSBPQJOJØO
-PT FSVEJUPT DPOTFSWBEPSFT  RVF FODPOUSBSPO JOBDFQUBCMF FTUB UFPSÓB  TF
BOJNBSPONVDIPQPSMBDBOUJEBEEFFWJEFODJBTDPOUSBSJBTQSPWJTUBTQPSMPTFT
UVEJPTFGFDUVBEPTFOFM$FSDBOP0SJFOUF$POOVFWPTCSÓPT JOTJTUJFSPOFORVF
MBNÈTSFDJFOUFEFMBTQSVFCBTOPTPMPIBDFQPTJCMFMBDPNQPTJDJØOEFM(ÏOFTJT
FOMBÏQPDBEF.PJTÏT TJOPRVFUBNCJÏOFTTVNBNFOUFQSPCBCMF7BSJPTUJQPT


&RPB%HDFRQB,BQYDBPHGLQGG 
EFFTDSJUVSBT JODMVTPEFUJQPBMGBCÏUJDP FSBOEFVTPDPSSJFOUFTJHMPTBOUFTEF
.PJTÏT FYJTUJFOEPVOBOPUBCMFDBOUJEBEEFMJUFSBUVSB HSBOQBSUFEFMBDVBMFT
TJHOJmDBUJWBQBSBFTUVEJBSFM(ÏOFTJT"IPSBTFTBCFRVFMBUSBOTNJTJØOPSBMEF
USBEJDJPOFTJNQPSUBOUFT FTQFDJBMNFOUFTJTFSFMBDJPOBDPOVOBEFJEBE UJFOFVO
HSBEPEFFYBDUJUVESFBMNFOUFBTPNCSPTB
$BEBWF[NÈTMPTFSVEJUPTTFFTUÈODPOWFODJFOEPEFRVFFMDPOUFOJEPEFMPT
DBQÓUVMPTFSBEFMDPOPDJNJFOUPEFMPTIFCSFPTZBFOMBÏQPDBEF"CSBIBN
4FSFDPOPDFBIPSBRVFMBPSJFOUBDJØOTPDJBM FDPOØNJDBZQPMÓUJDBEFMBTIJTUP
SJBTEFMPTQBUSJBSDBTFTUBCBmSNFNFOUFBSSBJHBEBFOFMQFSÓPEPRVFWBEFM
BMB$&MÞOJDPPCTUÈDVMPFTEFOBUVSBMF[BUFPMØHJDB)PZTFBDFQUBNV
DIPNÈTRVFBOUFTRVFMBTDSFFODJBTNPOPUFÓTUBTQSFWBMFDÓBOFOUSFMPTIFCSFPT
EFM UJFNQP EF .PJTÏT   QFSP TPMP MPT FSVEJUPT DPOTFSWBEPSFT TF BUSFWJFSPO B
TPTUFOFSRVFFMNPOPUFÓTNPGVFMBGFEFMPTQBUSJBSDBTEFTEFFMQSJODJQJP
5PEPFMQSPCMFNBTFSFEVDFBVOBDVFTUJØOCÈTJDB{.PJTÏTFTDSJCJØFM(Ï
OFTJT PFTVODPNQVFTUPEFGFDIBNVZQPTUFSJPS CBTBEPFOEJWFSTBTGVFOUFTZ
USBEJDJPOFT &TUF$PNFOUBSJP#FBDPOBmSNBMBQPTJDJØODPOTFSWBEPSBTJHVJFOUF
&M(ÏOFTJTGVFFTDSJUPQPS.PJTÏT QPSTVNBOPZFOTVÏQPDB

% &ĤĥģĦĔĥĦģĒ
&MMJCSPEF(ÏOFTJTDPOTUBEFVOBJOUSPEVDDJØO o
ZEJF[EJWJTJPOFT 
DBEBVOBEFMBTDVBMFTDPNJFO[BDPOMBGSBTFi&TUBTTPOMBTHFOFSBDJPOFTEFw
-BQBMBCSBIFCSFBUPMFEPU RVFTFUSBEVDFDPNPiHFOFSBDJPOFTw UJFOFNÈTCJFO
FMTJHOJmDBEPEFiIJTUPSJBwPiSFMBUPw NÈTRVFEFVOBTJNQMFHFOFBMPHÓB&TBT
EJWJTJPOFTDPNJFO[BOFO
5BNCJÏO FMMJCSPQVFEFEJWJEJSTFFOEPTTFDDJPOFTMBQSJNFSBBCBSDBSÓB
EFTEFoZMBTFHVOEBEFTEFFMIBTUBFMmOBM-BQSJNFSBEFFTUBT
HSBOEFTEJWJTJPOFTUSBUBCÈTJDBNFOUFTPCSFMPTPSÓHFOFT-BTFHVOEB TPCSFFM
FTUBCMFDJNJFOUP EFM QBDUP EF %JPT DPO MPT BOUFDFTPSFT EFM QVFCMP IFCSFP 4J
TJHVJÏSBNPTB($BNQCFMM.PSHBO MBTEJWJTJPOFTTFFGFDUVBSÓBOEFTEFUSFT
QVOUPTEFWJTUB&MQSJNFSPTFSÓBo RVFUSBUBTPCSFMBHFOFSBDJØOTF
HVOEP o RVFUSBUBTPCSFMBEFHFOFSBDJØOZUFSDFSP TFSÓBo
DFOUSBEPFOMBSFHFOFSBDJØO
%FTQVÏTEFMSFMBUPQSFMJNJOBSEFMBDSFBDJØO FMMJCSPFOGPDBQSJODJQBMNFO
UFBMPTIPNCSFTDMBWFZTVTEFTDFOEJFOUFT"EÈO /PÏ "CSBIBN *TBBD +BDPC
Z+PTÏ-BTmHVSBTEFNFOPSJNQPSUBODJBWJODVMBEBTBFTUPTOPUBCMFTBQBSFDFO
TJNQMFNFOUFFOMBMJTUBEFMBTHFOFBMPHÓBT
&O (ÏOFTJT IBZ VO NPWJNJFOUP POEVMBOUF EF TFDVFODJBT RVF WBO EF MP
VOJWFSTBM B MP FTQFDÓmDP -B IJTUPSJB EF MB DSFBDJØO EFM VOJWFSTP UFSNJOB DPO
"EÈOZ&WB TVFTQPTBEFTEFBMMÓTFFYUJFOEFQBSBUSB[BSVOCPTRVFKPEFTVT


&RPB%HDFRQB,BQYDBPHGLQGG 
EFTDFOEJFOUFTBUSBWÏTEFMPTMJOBKFTEF$BÓOZ4FU$POMBEFTDSJQDJØOFOÏS
HJDBEFMBDPSSVQDJØOEFFTUBHFOUF FO FMSFMBUPBOVODJBMBEFDJTJØOEFM
5PEPQPEFSPTP EF DBTUJHBSMPT QPS NFEJP EF VO UFSSJCMF EJMVWJP QFSP B MB WF[ 
MBTBMWBDJØOEFVOSFTUPQPSMBQSPUFDDJØONJMBHSPTBEF/PÏZTVGBNJMJBFOVO
BSDB"/PÏZTVTEFTDFOEJFOUFT FOBVNFOUPOVNÏSJDPZFTQBSDJNJFOUPFNJ
HSBUPSJP TFMPTQSFTFOUBUBNCJÏOFOVOBMJTUBHFOFBMØHJDB&OUPODFT "CSBIBN
QBTBBMGSFOUFEFUPEP
%FTEFFMQVOUPEFWJTUBHFPHSÈmDP MPTQSJNFSPTDBQÓUVMPTFTUÈOPSJFO
UBEPTIBDJBFMWBMMFEFMB.FTPQPUBNJB WFSNBQB
%FTQVÏTRVF"CSBIBN
SFTQPOEJØBMMMBNBEPEF%JPTEFTBMJSBEPOEFMFJOEJDBSB UPEBTMBTIJTUPSJBT
RVFTFMFWJODVMBOFTUÈODPODFOUSBEBTFO$BOBÈO WÏBTFNBQB
ZTPMPBMHVOBT
QPDBTFTUÈOSFMBDJPOBEBTDPO&HJQUPPTVBOUJHVPIPHBSFO)BSÈO&YDFQUPFO
MPRVFTFSFmFSFBMBCÞTRVFEBEFVOBFTQPTBFOFTUFÞMUJNPMVHBS MBWJEBEF
*TBBDFTUÈUPUBMNFOUFMJNJUBEBBMBUJFSSBEF$BOBÈOQFSP+BDPCQBTØVOPT
B×PTFO)BSÈOZMPTÞMUJNPTEFTVFYJTUFODJBFO&HJQUP BVORVFTVKVWFOUVEZ
WJSJMJEBEUSBOTDVSSJFSPOFO$BOBÈO"QBSUFEFTVNPDFEBE WJWJEBFO$BOBÈO 
+PTÏQBTØTVNBEVSF[FO&HJQUP VOBQBSUFFOMBFTDMBWJUVEZQSJTJØO ZFMSFTUP
DPNPQPEFSPTPPmDJBMEFMHPCJFSOP

& 0ēěĖĥĠĪĞĖğĤĒěĖ
&MQSJODJQBMQSPQØTJUPEFMMJCSPEF(ÏOFTJTFTNPTUSBSDØNP%JPTFMJHJØ
BMQVFCMPEF*TSBFMQBSBMBFTUJQVMBDJØOEFVOQBDUPDPOÏM SFMBUÈOEPMFTDØNP
USBUØDPOTVTBOUFDFTPSFT"VODVBOEPIBZTPSQSFOEFOUFTTJNJMJUVEFTFOUSFMPT
FTDSJUPTBOUJHVPTZMBTIJTUPSJBTCÓCMJDBTEFMBDSFBDJØO MBDBÓEBEFMIPNCSFZFM
EJMVWJP FMJOUFSÏTCÓCMJDPFOMPSFGFSFOUFBMPSJHFOEFMVOJWFSTPFTGVOEBNFO
UBMNFOUF UFPMØHJDP 4V JORVJFUVE FT EFDMBSBS RVF UPEBT MBT DPTBT QSPWJFOFO Z
TPOTPTUFOJEBTQPSFM%JPT$SFBEPS"MQPMJUFÓTNPZTVTDPODPNJUBOUFTTFMPT
JHOPSBDVJEBEPTBNFOUF
&O FM MJCSP EF (ÏOFTJT  FM JOUFSÏT FO FM PSJHFO EFM IPNCSF Z EFM QFDBEP
DPODJFSOFQSJODJQBMNFOUFBMBOBUVSBMF[BEFMBSFMBDJØOFOUSFFMIPNCSFZ%JPT 
UBOUP FO TV DPNVOJØO PSJHJOBM DPNP EFTQVÏT FO TV QPTUFSJPS QSPWPDBDJØO Z
EFTPCFEJFODJBBMBWPMVOUBEEF%JPT4JFNQSFTFDPOTJEFSBBMBQSJNFSBSFMBDJØO
DPNPFMJEFBMZNFUBEFUPEPTMPTGVUVSPTUSBUPTEF%JPTDPOFMIPNCSF-BT
NJTFSJDPSEJBTEJWJOBTTFIBOFYUFOEJEPBUPEPTMPTTFSFTIVNBOPTQBSBRVFFTBT
SFMBDJPOFTQPTJUJWBTQVEJFSBOSFFTUBCMFDFSTFNFEJBOUFMBBDUJWJEBETBMWBEPSBEF
%JPT FTUBCMFDJEBFOVOQBDUP-PTBUJTCPTEFMBSFBMJ[BDJØOGVUVSBEFMPTQSP
QØTJUPT SFEFOUPSFT EF %JPT TF PSJFOUBO OP TPMP IBDJB MP JOEJWJEVBM TJOP B MB
SFDPODJMJBDJØOEFMIPNCSFDPOFM"MUÓTJNPFOFMQMBOPOBDJPOBM JOUFSOBDJPOBMZ
VOJWFSTBM&ODPOTFDVFODJB FODPOUSBNPTFO(ÏOFTJTMPTUFNBTNFTJÈOJDPTRVF
IBZFOMBÞMUJNBQBSUFEFM"OUJHVP5FTUBNFOUPZEFM/VFWP


&RPB%HDFRQB,BQYDBPHGLQGG 
%FTEFFMQVOUPEFWJTUBUFPMØHJDP FMDPOUFOJEPEF(ÏOFTJTFTJOnFYJCMF
NFOUF NPOPUFÓTUB &M QBHBOJTNP OP FTUÈ EJTDVUJEP P SFDIB[BEP BCJFSUBNFO
UF FT NBZPSNFOUF JHOPSBEP &M (ÏOFTJT TPMP EFTDSJCF BMHVOBT DJSDVOTUBODJBT
EFQSÈDUJDBTJEØMBUSBT DVBOEPMPIBDFFOGPSNBJOEJSFDUBFOFMDBQÓUVMP P
SFQVEJÈOEPMBT EJSFDUBNFOUF FO FM DBQÓUVMP  &M ÓNQFUV SBDJPOBM Z SFMJHJPTP
RVFUVWPFMQBHBOJTNPFO.FTPQPUBNJB $BOBÈOZ&HJQUPFTUÈDBTJUPUBMNFOUF
BVTFOUFFO(ÏOFTJT
&M OÞNFSP MJNJUBEP EF BTVOUPT SFMJHJPTPT Z GSBTFT MJUFSBSJBT  RVF QVFEFO
FODPOUSBSTFUBOUPFOMBBOUJHVBMJUFSBUVSBNFTPQPUÈNJDBDPNPFOFMNBUFSJBMEF
(ÏOFTJT TPOJODJEFOUBMFTBMBTIJTUPSJBTEFMQSJNFSMJCSPEFMB#JCMJB4VJNQPS
UBODJBIBTJEPTPCSFWBMPSBEBQPSBMHVOPTFTUVEJPTPTEFM"OUJHVP5FTUBNFOUP
&MMJCSPEF(ÏOFTJTFTVOSFUPBMBWBMJEF[EFMQPMJUFÓTNP FMEVBMJTNP FM
EFÓTNPZFMQBOUFÓTNPOPQPSVOBOÈMJTJTOFHBUJWPEFTVTEFCJMJEBEFT TJOPQPS
MBBmSNBDJØOQPTJUJWBEFMBVOJEBE MBTPCFSBOÓBZSFBMJEBEQFSTPOBMEF%JPT&O
(ÏOFTJTTFQSFTFOUBOMBTDVBMJEBEFTQFSTPOBMFTZEJOÈNJDBTEFMQBDUPEFMBSFMB
DJØOEJWJOPIVNBOB NBZPSNFOUFFOGPSNBOBSSBUJWB ZEFNBOFSBTFDVOEBSJB
QPSNFEJPEFDPNQFOEJPTHFOFBMØHJDPT

/05"4#*#-*0(3«'*$"4

1SPMFHPNFOBUPUIF)JTUPSZPG*TSBFM &EJOCVSHI"EBNBOE$IBSMFT#MBDL 


DzF -FHFOET PG (FOFTJT /VFWB :PSL 4DIPDLFO #PPLT    QVCMJDBEP QSJNFSBNFOUF FO



DzF0ME5FTUBNFOU /VFWB:PSL)BSQFSBOE3PX 


DzF"SDIBFPMPHZPG1BMFTUJOF #BMUJNPSF1FOHVJO#PPLT 
QQ

(&8SJHIU #JCMJDBM"SDIBFPMPHZ 'JMBEFMmBɩF8FTUNJOTUFS1SFTT 
QQ

:,BVGNBOO DzF3FMJHJPOPG*TSBFM -POESFT(FPSHF"MMFOBOE6OXJO -UE 
QQ


.'6OHFS *OUSPEVDUPSZ(VJEFUPUIF0ME5FTUBNFOU (SBOE3BQJET;POEFSWBO1VCMJTIJOH
)PVTF 
&+:PVOH "O*OUSPEVDUJPOUPUIF0ME5FTUBNFOU (SBOE3BQJET8N#&FSENBOT
1VCMJTIJOH$P 
(-"SDIFS  "4VSWFZPG0ME5FTUBNFOU*OUSPEVDUJPO $IJDBHP.PPEZ
1SFTT 


DzF"OBMZ[FE#JCMF /VFWB:PSL'MFNJOH)3FWFMM $P 
 

#PTRVFKP
 *$SJTJTJOEJWJEVBMZEFDBEFODJBDPMFDUJWB o

 "&M$SFBEPSFOBDDJØO o

 #&M$SFBEPSFOSFMBDJØODPOMBDSJBUVSB o

 $&MDSJNFOZTVTDPOTFDVFODJBT 

 %&YQBOTJØOEFTEFVOOVFWPDPNJFO[P o

 &-BDPSSVQDJØOVOJWFSTBMZTVTDPOTFDVFODJBT o



&RPB%HDFRQB,BQYDBPHGLQGG 
 **"CSBIBN FMIPNCSFFMFHJEPQPS%JPT o

 "%FTDFOEJFOUFTEFMBGBNJMJBEF5BSÏ 

 #6OFYUSBOKFSPFOVOB/VFWB5JFSSB o

 $1BDUPEF%JPTDPO"CSBIBN o

 %&OFTQFSBEFM)JKPWFSEBEFSP o

 &1SVFCBTEFMBWFSEBEFSBmEFMJEBE o

 '-BSFTQPOTBCJMJEBEQPSPUSPT o

****TNBFM FMIPNCSFBRVJFO%JPTSFDIB[Ø 

 *7*TBBD FMIPNCSFBRVJFO%JPTQSFTFSWØMBWJEB o

 "-BQSJNPHFOJUVSBQPSVOHVJTBEPEFMFOUFKBT 

 #&MUSBUPEF*TBBDDPOTVTWFDJOPT 

 $*TBBDZTVGBNJMJB o

 7+BDPC FMIPNCSFRVF%JPTSFIJ[P o

 "$POGSPOUBEPQPS%JPT 

 #&MBNPSGSVTUSBEPOVODBNVFSF 

 $6OBQFOPTBDPNQFUFODJB o

 %1BTUPSFTBTUVUPT o

 &6OBQSPGVOEBDSJTJTFTQJSJUVBM 

 '3FVOJØOEFMPTIFSNBOPT 

 (6OB5SBHFEJBFO4JRVFN o

 )3FOPWBDJØOEFMQBDUPFO#FUFM 

 *6OWJBKFFOTPNCSFDJEPQPSMBUSJTUF[B 

7*&TBÞ FMIPNCSFRVFTFSFDPODJMJØDPOTVIFSNBOP 



 "-BTFTQPTBTFIJKPTEF&TBÞ 

 #)JKPTZOJFUPTEF&TBÞ 

 $*NQPSUBODJBEFMBQPTUFSJEBEEF&TBÞ 

 %)JKPTEFMPTIBCJUBOUFTEFMBTDBWFSOBT 

 &3FZFTEF&EPN 

 '5FSSJUPSJPTEPOEFWJWÓBOMPTFEPNJUBT 

7**+PTÏ FMIPNCSFQSFTFSWBEPQPS%JPT o



 "7FOEJEPDPNPFTDMBWP 

 #$BÓEBNPSBMEF+VEÈ 

 $5SJCVMBDJPOFTEF+PTÏFO&HJQUP o

 %%SBNÈUJDBBTDFOTJØOEF+PTÏBMQPEFS 

 &.JTUFSJPTPTQSPCMFNBTFO&HJQUP o

 '&MOVFWPIPHBSFO&HJQUP o

 ("OUJDJQBDJPOFTEFMGVUVSP o



&RPB%HDFRQB,BQYDBPHGLQGG 
$SPOPMPHÓBEFM%JMVWJP
(²/&4*4o



&RPB%HDFRQB,BQYDBPHGLQGG 
4ĖĔĔĚŭğ $SJTJTJOEJWJEVBM
* ZEFDBEFODJBDPMFDUJWB

(ÏOFTJTo

&O VOB TFSJF EF IJTUPSJBT EF HFOFBMPHÓBT TVNBNFOUF DPNQSJNJEBT  FTUB
TFDDJØOEFMMJCSPTFSFmFSFBMPTPSÓHFOFTEFMVOJWFSTP EFMPSEFOFOMBUJFSSB EF
MBWJEB EFMIPNCSF EFMQFDBEP EFMBWJPMFODJB EFMEFTPSEFOZEFMBTEJGFSFODJBT
MJOHàÓTUJDBTZOBDJPOBMFT
"&-$3&"%03&/"$$*»/ o

-BCSFWFEBEZCFMMF[BEFDPNQPTJDJØOZWPDBCMPTEFFTUBWJ×FUBEFMBDSFB
DJØOOPUJFOFODPNQBSBDJØO%PNJOBOEPMBFTDFOBWFNPTBM%JPT$SFBEPSRVF
IBCMB  Z SÈQJEBNFOUF TVT ØSEFOFT TF USBOTGPSNBO FO FYJTUFODJBT  QSPWFZFOEP
VOBCJFOQSPWJTUBZIFSNPTBNPSBEBQBSBMBNÈTTVCMJNFEFUPEBTTVTPCSBT FM
IPNCSF.BKFTUBEZQPEFSSFBM[BODBEBPSBDJØO
&MBDUPJOJDJBM 

&O SFTQVFTUB B MB QSFHVOUB {RVJÏO IJ[P UPEBT MBT DPTBT  MBT &TDSJUVSBT
EFDMBSBOHBMMBSEBNFOUF$SFØ%JPT 
&OSFTQVFTUBBMJOUFSSPHBOUF{RVJÏOFT
BOUFSJPSBUPEPMPDSFBEPZNBZPSRVFFMMP DPOJHVBMBSSPKPMB#JCMJBBOVODJB
&OFMQSJODJQJPDSFØ%JPTM-PTDJFMPTZMBUJFSSBOPTPO%JPTOJEJPTFTUBN
QPDP%JPTFTTJOØOJNPEFOBUVSBMF[B%JPTFTFM$SFBEPSZMBOBUVSBMF[BFTTV
PCSBNBFTUSB
"VORVFIBCÓBTJEPDSFBEBQPS%JPT MBUJFSSBOPFTUBCBMJTUBQBSBTFSIBCJ
UBEBQPSFMIPNCSFUPEBWÓBFTUBCBFODPOGVTJØO EFTPSEFOBEBZWBDÓB 
ZOP
IBCÓBMV[4JOFNCBSHP SFJOBCBMBBDUJWJEBE:FM&TQÓSJUVEF%JPTDPOUJOVB
NFOUFTFNPWÓBTPCSFMBTBHVBT
&MEÓBEFMV[ZUJOJFCMBT 

-BFOFSHÓBFTVOBOFDFTJEBEWJUBMQBSBMBIBCJUBDJØOEFMIPNCSFZMBMV[FT
FOFSHÓB1PSFTBDBVTB MBQSJNFSBPSEFOEF%JPTGVF4FBMBMV[ 
&MÏOGBTJT
TPCSF MB QBMBCSB IBCMBEB QPS %JPT FT UBO HSBOEF RVF DBEB EÓB EF MB DSFBDJØO
DPNJFO[BDPOVONBOEBUPPFYQSFTJØOEFMBWPMVOUBEEJWJOB&OTFHVJEBWJFOF
MB FKFDVDJØO EF MB PSEFO Z MVFHP MB EFDMBSBDJØO DVMNJOBOUF FSBCVFOP  P TVT
FRVJWBMFOUFT    FUD

&MEÓBEFMBEJWJTJØOEFMBTBHVBT 

-BTBHVBTGVFSPOTFQBSBEBTZIVCPFYQBOTJØO 
TPCSFMBUJFSSB&OBM


&RPB%HDFRQB,BQYDBPHGLQGG 
$SJTJTZ%FDBEFODJB -JCSP

HVOBTWFSTJPOFTTFVUJMJ[BMBQBMBCSBmSNBNFOUPRVFQSPWJFOFEFMMBUÓOmSNB
NFOUVN ZFTUFBTVWF[EFMHSJFHPTUFSFPNBBNCPTUÏSNJOPTJNQMJDBOMBJEFB
EFTPMJEF[4JOFNCBSHP FMÏOGBTJTEFMBQBMBCSBPSJHJOBMIFCSFBSBRJBOPFTUÈ
TPCSFFMNBUFSJBMNJTNPTJOPTPCSFFMBDUPEFFYQBOEJS EJMBUBSPMBDPOEJDJØOEF
QPEFSTFSFOTBODIBEP%FNPEPRVFMBQBMBCSBiFYQBOTJØOwVTBEBFOOVFTUSBT
WFSTJPOFTFTMBRVFEBFMTFOUJEPFYBDUPEFMPSJHJOBM
&OWBSJPTMVHBSFTEFM"OUJHVP5FTUBNFOUP FMBDUPEFFYUFOEFSMPTDJFMPT
FTNVZQSPNJOFOUF WÏBTF+PC4BM*T+FS
;BD
-BFWJEFODJBEFRVF%JPTFTFM$SFBEPSTFBQPZBNÈTFOFMBDUPEF
MBFYUFOTJØORVFFOMBÓOEPMFEFMPRVFGVFQMBTNBEP%FTEFFMQSJODJQJPIBTUB
FMmO FMJOUFSÏTEFM"OUJHVP5FTUBNFOUPTFDPODFOUSBFOMBWJODVMBDJØOEJWJOB
DPOMBOBUVSBMF[BZFMIPNCSF%JPTFTFM$SFBEPSZ EFTEFFTUBEFDMBSBDJØO 
FM"OUJHVP5FTUBNFOUPDPOUJOVBNFOUFJSÈEFNPTUSBOEPRVFMBOBUVSBMF[BFT
VOBDSJBUVSBZVOBIFSSBNJFOUB%FJHVBMNBOFSB %JPTKV[HB MJCFSBZDVJEB
BMIPNCSF
&MEÓBEFMBUJFSSBZMPTNBSFT 

&MUFSDFSBDUPEF%JPTGVFMBDSFBDJØOEFVOIPHBSGVUVSPQBSBFMIPNCSF 
RVFFTVOBDSJBUVSBUFSSFOBM4VBMJNFOUP MBWFHFUBDJØO TFEFTBSSPMMBFOMBUJFSSB
1PSFTP %JPTJNQBSUJØMBPSEFO ZMBUJFSSBZMBTBHVBTTFTFQBSBSPOZMBGPSNB 
MBWJEBZMBCFMMF[BBHSBDJBSPOMBUJFSSB/PTFEFTDSJCFDØNPTFFGFDUVBSPOMBT
TFQBSBDJPOFTOJMBTGVFS[BTEJOÈNJDBTOBUVSBMFTJOWPMVDSBEBT1FSPTÓTFQSFTFOUB
DPOTVNBDMBSJEBEMBWJODVMBDJØOEFVO%JPT5PEPQPEFSPTP$SFBEPSDPOVOB
DSJBUVSBPCFEJFOUFZEØDJMFTUPTJFNQSFTFNVFTUSBBOUFMPTPKPTEFMMFDUPS
-MBNBUJWBNFOUF  %JPT TF WVFMWF BIPSB B MB UJFSSB WJTJCMF Z MF PSEFOB TV
DPMBCPSBDJØO 1SPEV[DB MB UJFSSB 
 OP TJHOJmDB RVF MBT TVTUBODJBT JOPS
HÈOJDBTQPTFFOQPEFSFTJOIFSFOUFTQBSBQSPEVDJSWJEB1PSFMDPOUSBSJP FMMB
EFTDBOTBBCTPMVUBNFOUFFOMBQBMBCSBDSFBEPSBEF%JPTZFOSFTQVFTUB CSPUB
EFJONFEJBUP
"DPOUJOVBDJØOEFFTUBTFSJFEFQBSFTMV[UJOJFCMBT BHVBTEFBSSJCBBHVBT
EFBCBKP UJFSSBNBS PDVSSJSÈBIPSBVOBTFSJFEFUFSDFUPTPUSÓPT-BUJFSSBQSP
EVKPIJFSCBWFSEF IJFSCBRVFEBTFNJMMByZÈSCPMRVFEBGSVUP W 
 TPO
HFOFSBMJ[BDJPOFTZEFOJOHVOBNBOFSBEFCFODPOTJEFSBSTFDPNPDMBTJmDBDJPOFT
CPUÈOJDBTFOFMTFOUJEPNPEFSOPEFFTUBDJFODJB
-BGSBTFTFHÞOTVOBUVSBMF[BJOEJDBMPTMÓNJUFTEFMPTQPEFSFTEFSFQSP
EVDDJØO1FSPOPQSPWFFVODMJTÏRVFEFMJOFBSÓHJEBNFOUFMPTUJQPT-PRVFTF
×BMBFTMBWJTJCMFEFQFOEFODJBEFMBOBUVSBMF[BFMUSÏCPMQSPEVDFUSÏCPM FMUSJHP
EBUSJHP FUD"TÓGVFZBTÓTFHVJSÈTJFOEP
&MEÓBEFMPTEPTiTF×PSFBEPSFTw 

-PT QBHBOPT BEPSBCBO BM TPM  MB MVOB Z MBT FTUSFMMBT  DPNP EJPTFT EF UF


&RPB%HDFRQB,BQYDBPHGLQGG 
-JCSP $SJTJTZ%FDBEFODJB

NJCMFQPEFS&OFMSFMBUPEFFTUFEÓBEFMBDSFBDJØO MBMVNCSFSBNBZPS 

Z MBMVNCSFSB NFOPS BÞO OP IBCÓBO SFDJCJEP OPNCSFT $PO QPDBT Z IÈCJMFT
TFOUFODJBTTFQSFTFOUBTVDSFBDJØO ZMVFHPTVEFTJHOBDJØOBQSFTUBSTFSWJDJPFO
FMmSNBNFOUP4VTF×PSÓPFTTJNQMFNFOUFEFMFHBEP'PSNØUBNCJÏOMBTFTUSF
MMBT MBTDVBMFTOPSFDJCFONÈTRVFVOBIPOPSBCMFNFODJØO`2VÏHPMQFQBSBFM
QBHBOJTNP
&MEÓBEFMPTQFDFTZMBTBWFT 

$PNP MB MV[ Z MBT UJOJFCMBT TPO DPNVOFT B BNCPT  FM QSJNFS EÓB 
 Z
FMDVBSUP 
FTUÈOSFMBDJPOBEPT5BNCJÏOMPFTUÈOFMTFHVOEP 
ZFM
RVJOUP 
RVFIBCMBTPCSFMBFYQBOTJØOBSSJCBZMBTBHVBTBCBKP&MRVJOUP
EÓB %JPTEJPTVQBMBCSBBMBTBHVBT 
ZFMMBTQSPEVKFSPODSJBUVSBTZMBTBWFT
QPCMBSPOFMBJSF&OFMWFSTÓDVMPWFNPTPUSPUSÓPHSBOEFTNPOTUSVPTNBSJ
OPT UPEPTFSWJWJFOUFRVFTFNVFWFyZUPEBBWFBMBEB
&MUFYUPOPOPTEJDFEFRVÏNBOFSBMBTBHVBTDPPQFSBSPODPOFM$SFBEPS 
QFSPTFFNQMFBMBQBMBCSBDSFØQBSBEFTUBDBSFMFTUSFDIPWÓODVMPFYJTUFOUFFOUSF
%JPT Z FTBT DSJBUVSBT %F FTUB NBOFSB  TF BUSJCVZF B VO BDUP EJWJOP MB TPS
QSFOEFOUFEJGFSFODJBFOUSFMBWJEBCJPMØHJDBZMBCPUÈOJDB:%JPTMFTCFOEJKP

&OFM"OUJHVP5FTUBNFOUP VOBCFOEJDJØOEJWJOBFTBDDJØODSFBEPSBRVF
DBQBDJUBSÈBMSFDFQUPSQBSBDVNQMJSTVEFTUJOPTFHÞOMBWPMVOUBEEF%JPT&O
FTUFDBTP BCVOEBOUFNFOUFQSPEVKFSPOTFHÞOTVFTQFDJF 
&TUFTJSWJØQBSB
BOVMBSMBQSJNJUJWBQBMBCSBiWBDÓBw 

&MEÓBEFMPTBOJNBMFTZFMIPNCSF 

/VFWBNFOUFBMFNJUJSMBPSEFO1SPEV[DBMBUJFSSB 
%JPTMBQPCMØDPO
DSJBUVSBTCFTUJBTEFMBUJFSSB HBOBEP ZUPEPBOJNBMRVFTFBSSBTUSB 

1FSPBRVFMEÓBIBCSÓBVOBDUPRVFTFSÓBMBDPSPOBEFMPTEFNÈT-B%JWJ
OJEBEFODPOTFKPEJKP)BHBNPTBMIPNCSF 
&TUBDSJBUVSBTFSÓBEJTUJOUB
%JPTIBCÓBEJDIPIBHBNPTBMIPNCSFBOVFTUSBJNBHFO DPOGPSNFBOVFTUSB
TFNFKBO[B  UFOJFOEP DJFSUB BQBSJFODJB EF MB SFBMJEBE  QFSP DBSFDJFOEP EF TV
QMFOJUVE5FOESÓB RVF TFS B OVFTUSB TFNFKBO[B  TFHÞO TVT QBMBCSBT  DPO VOB
DPOGPSNJEBE B %JPT  QFSP OP TFSÓB TV FYBDUP EVQMJDBEP /P MMFHBSÓB B TFS VO
%JPTFOQFRVF×P TJOPRVFFTUBSÓBSFMBDJPOBEPDPOÏMZIBCSÓBEFTFSFMQPSUBEPS
EFTVTEJTUJOUJWPTFTQJSJUVBMFT EFNPEPUBMRVFMPDBSBDUFSJ[BSÓBODPNPFMTFS
TVQFSJPSBUPEPTMPTBOJNBMFT&OFMUFYUPFODPOUSBNPTBMi)PNCSF
)FDIPBMB*NBHFOEF%JPTw 
6OTFSFTQJSJUVBMDPODBQBDJEBEQBSBMBJONPS
UBMJEBE BC 
VOTFSNPSBMRVFMMFWBMBTFNFKBO[BEF%JPT  
VOTFS
JOUFMFDUVBMDPOMBGBDVMUBEEFMBSB[ØOZTF×PSÓP D  (#8JMMJBNTPO

6OBFWJEFODJBEFMBJNBHFOGVFMBDPODFTJØOEJWJOBBMIPNCSFEFMTUBUVTZQPEFS
EFBVUPSJEBE&MEFSFDIPIVNBOPRVFJNQMJDBOMBTQBMBCSBT TPKV[HBEMB 

TF×BMB MB SFBMJEBE EF RVF %JPT MP DBQBDJUØ QBSB HPCFSOBS -B JEPOFJEBE QBSB


&RPB%HDFRQB,BQYDBPHGLQGG 
$SJTJTZ%FDBEFODJB -JCSP

EJSJHJS BCBSDB VOB BEFDVBEB GBDVMUBE JOUFMFDUVBM QBSB SB[POBS  PSHBOJ[BS  QMB
OFBSZFWBMVBS&TBGBDVMUBEEFEJSJHJSUBNCJÏOJNQMJDBVOBBEFDVBEBDBQBDJEBE
FNPDJPOBMQBSBEFTFBSFMNBZPSCJFOFTUBSEFMPTTÞCEJUPT BQSFDJBSZIPOSBSMP
RVFFTCVFOP WFSEBEFSPZIFSNPTP EFTBQSPCBOEPMPDSVFM GBMTPZSFQVHOBOUF 
QBSBUFOFSVOBQSPGVOEBQSFPDVQBDJØOQPSMBCJFOBOEBO[BEFUPEBMBOBUVSBMF[B
ZBNBSB%JPTRVFMBDSFØ&TBJEPOFJEBEQBSBHPCFSOBSJNQMJDBVOBDBQBDJEBE
WPMJUJWBBEFDVBEBQBSBFMFHJSMPRVFEFCFIBDFSFOUPEPUJFNQP PCFEFDFSSÈQJEB
ZQPTJUJWBNFOUFMPTNBOEBNJFOUPTEF%JPT SFOEJSMFDPOSFHPDJKPZBEPSBDJØO
UPEPTMPTQPEFSFT ZQBSUJDJQBSEFVOBFEJmDBOUFDPNVOJØODPOMBOBUVSBMF[BZ
DPO%JPT
%JPT DSFØ BM IPNCSF  VO TFS EPUBEP EF DPODJFODJB  BVUPEFUFSNJOBDJØO Z
TBOUJEBE &D&G$PM
&TUBJNBHFOMFGVFDPODFEJEBUBOUPBM
IPNCSFDPNPBMBNVKFSTJOEJTUJODJØO IBDJÏOEPMPTJHVBMFTBOUFFM$SFBEPS
$PNP%JPTCFOEJKP 
UPEPMPRVFIBCÓBDSFBEPQSFWJBNFOUF 
EF
OVFWP CFOEJKP %JPT 
 FTUB GBTF EF TV PCSB QPOJFOEP TPCSF FM IPNCSF MB
SFTQPOTBCJMJEBEEFGSVDUJmDBS MMFOBSMBUJFSSBZTPKV[HBSMBDPOUPEPMPRVFFMMB
DPOUVWJFSB MPDVBMRVFEBCBBTÓCBKPTVTVQFSWJTJØO
-BCFOEJDJØOTPCSFMBIVNBOJEBEFTJOmOJUBNFOUFNÈTBNQMJBFOTVTJH
OJmDBEPRVFMBJNQBSUJEBTPCSFMPTBOJNBMFT 
&MIPNCSFFTDBQB[EFSF
DPOPDFSFTBCFOEJDJØOZSFTQPOEFSBFMMBi#FOEJDJØOw FOSFMBDJØODPOVOTFS
SBDJPOBM FTVOBDUPEFDPNVOJDBSMBWPMVOUBEEF%JPTBBRVFMRVFIBTJEPCFO
EFDJEP&TUPFTTVNBNFOUFTJHOJmDBUJWPQBSBFMIPNCSF QPSRVFFMNBOEBUPEF
QSPDSFBSMFEBBMBDUPEFSFQSPEVDDJØOMBBQSPCBDJØOEF%JPT&TFODJBMNFOUF MB
SFMBDJØOQSPDSFBEPSBEFMIPNCSFZMBNVKFSFTCVFOB FTUÈEFOUSPEFMBWPMVOUBE
EF%JPTZFTGVOEBNFOUBMQBSBTVCJFOFTUBS
&OFM"OUJHVP5FTUBNFOUP FMDPOGFSJSMBCFOEJDJØOTFOPTQSFTFOUBCBKP
EPTBTQFDUPT1PSFMMBEPEJWJOP FYJTUFMBBDDJØOEFVO4FSTVQFSJPSDPODFEJFOEP
GBWPSFT B BRVFMMPT RVF EFQFOEFO EF ÏM 1PS FM MBEP EFM IPNCSF  FODPOUSBNPT
MBSFUSJCVDJØOEFHSBUJUVEIBDJBFM%BEPSEFMBTHSBDJBT (O%UZ
PUSPT

6O BTQFDUP JNQPSUBOUF EF MBT CFOEJDJPOFT EF %JPT GVF FM PUPSHBNJFOUP
EF QPEFS Z DBQBDJEBE QBSB IBDFS MP RVF MFFNPT FO MBT QBMBCSBT TPKV[HBEMBZ
TF×PSFBE 
 TPCSF UPEBT MBT DPTBT DSFBEBT 1FSP TF USBUB EF VOB BVUPSJEBE
EFMFHBEB VOFTUBEPEFTVCPSEJOBDJØOQPSFMRVFFMIPNCSFFTSFTQPOTBCMFBOUF
TV$SFBEPS%FCFEBSTFQPSTFOUBEPRVFMBSFTQPOTBCJMJEBEEFDPOUSPMBSMBWJEB
BOJNBMOPMFDPOmFSFFMEFSFDIPEFBCVTBSEFFMMB QPSRVFFOUPODFTOPIVCJFSB
TJEPCVFOP
%JPTPUPSHØBMIPNCSFFMQSJWJMFHJPEFVTBSMPTWFHFUBMFTQBSBTVBMJNFOUB
DJØO 
&TUPOPMFEBFMEFSFDIPEFFYQMPUBSMBOBUVSBMF[B EFKBOEPUSBTEFTÓ
MBSVJOBZMBEFTPMBDJØO1PSFMDPOUSBSJP MBTQMBOUBTQSPEVDUPSBTEFGSVUPEFCÓBO


&RPB%HDFRQB,BQYDBPHGLQGG 
-JCSP $SJTJTZ%FDBEFODJB

TFS EFCJEBNFOUF DVJEBEBT 


 Z UPEBT MBT GVFOUFT OBUVSBMFT EF QSPEVDDJØO
DPOTFSWBEBT
&MIFDIPEFRVFMPTBOJNBMFT TVKFUPTBMDPOUSPMEFMIPNCSF UVWJFSBOUBN
CJÏORVFBMJNFOUBSTFEFMBWFHFUBDJØO UPEBQMBOUBWFSEF 
JOEJDBBEFNÈTMB
SFTQPOTBCJMJEBERVFUFOÓBFMIPNCSFEFNBOFKBSMBOBUVSBMF[BEFUBMNPEPRVF
TJSWJFSBQBSBTVQMJSMBTOFDFTJEBEFTEFUPEBTMBTDSJBUVSBTWJWJFOUFTZOPTPMPEF
MPTTFSFTIVNBOPT WÏBTF DPNPSFGFSFODJBBMQFSNJTPEFDPNFSDBSOF

/PTFIBDFNFODJØOEFMBNVFSUFEFMPTBOJNBMFT BVORVFOPIBZSB[ØO
QBSBTVQPOFSRVFOPIVCPNVFSUFEFBOJNBMFTBOUFTEFMBDBÓEB&MBDFOUPTF
QPOFTPCSFMBWJEB BSNPOÓB PSEFOZDPOWFOJFODJBEFGPSNBZFOGVODJØOEFMB
SFTJEFODJBUFSSFOBMEFMIPNCSF
&O  WFNPTi-BDSFBDJØOQPSWPMVOUBEPNOJQPUFOUFwDVZBJEFB
DFOUSBMTFFODVFOUSBFOFMWFSTÓDVMP 
$BVTBBEFDVBEB  
%FTJHOJP
FWJEFOUF  
&MIPNCSFTFNFKBOUFB%JPT  
$PODFQDJØOPNOJ
TBQJFOUF  (#8JMMJBNTPO

&MEÓBEFMTBOUPSFQPTP 

-PTUSFTQSJNFSPTWFSTÓDVMPTEFFTUFDBQÓUVMPFOSFBMJEBEQFSUFOFDFOBMDPO
UFOJEP EFM DBQÓUVMP   QVFT USBUBO EFM TÏQUJNP EÓB FO MB TFSJF EF MB DSFBDJØO
%VSBOUFTFJTEÓBT %JPTIBCÓBDSFBOEPZGPSNBEPNBUFSJBTJOPSHÈOJDBT QMBOUBT 
BOJNBMFTZBMIPNCSF%FBMHVOBNBOFSB UPEPFMMPPDVQBZTFSFMBDJPOBDPOFM
FTQBDJP&MIPNCSFIBCÓBSFDJCJEPFMNBOEBUPFTQFDÓmDPEFTF×PSFBSTPCSFMP
RVFFTUÈFOFMSFJOPFTQBDJBM%JPTMPIBCÓBFYBNJOBEPUPEPZIBCÓBEJDIPRVF
FSBNVZCVFOPIBCÓBMMFHBEPBMBSFBMJ[BDJØOEFUPEPMPRVFTFIBCÓBQSPQVFTUP
DSFBS
"MHVOPTEFMPTBOUJHVPTSBCJOPTTFRVFEBCBOBOPOBEBEPTQPSRVFDSFÓBO
WFSFOFTUPVOBJNQMJDBDJØOEFRVF%JPTIBCÓBSFBMJ[BEPBMHVOBUBSFBEVSBOUF
FMTÈCBEP&MSBCÓ3BTIJEFDMBSØRVFBMNVOEPUPEBWÓBMFGBMUBCBBMHPRVFFSBFM
EFTDBOTPEFNPEPRVFFMÞMUJNPBDUPEJWJOPEFMBDSFBDJØOGVFFMTÈCBEPFOFM
DVBMFTUÈOMBDBMNBZFMEFTDBOTP
&OMPT%JF[.BOEBNJFOUPT MBSFMBDJØOEFTFJTEÓBTEFMBCPSEF%JPTFO
DPTBTNBUFSJBMFTQPSVOEÓBEFEFTDBOTP TFUPNBDPNPCBTFQBSBMBPCTFSWBODJB
QPSQBSUFEFMIPNCSFEFVOEÓBEFSFQPTP ²Y
&TUFIBTJEPFTUBCMFDJ
EPQPSFM$SFBEPSZEFCFPCTFSWBSTFSFHVMBSNFOUF0USPTEÓBTEFEFTDBOTPRVF
DBNCJBODPOMBTFTUBDJPOFTQVFEFOTFSFTUBCMFDJEPTQPSFMIPNCSF QFSPFMTÈ
CBEPFTJOEFQFOEJFOUFEFFMMPTPEFMPTQSPCMFNBTRVFTFQVFEBUFOFSQBSBmKBS
VOBGFDIBEFUFSNJOBEB$POFMNBOEBNJFOUPEFVOEÓBEFSFQPTPTFNBOBMTF
EFKBEFMBEPNPNFOUÈOFBNFOUFFMNBOEBUPEF%JPTEFEPNJOBSMBOBUVSBMF[B 
ZFMIPNCSFSFDPOPDFVOBMFZTVQFSJPSRVFMPMMFWBBTPNFUFSTFB%JPT
&O4BMNPTIBZVOBJOTJOVBDJØOEFRVF%JPTSFIÞTBEBSMFTiSFQPTPw


&RPB%HDFRQB,BQYDBPHGLQGG 
$SJTJTZ%FDBEFODJB -JCSP

TBCCBUI
 B MPT RVF MF TFBO EFTPCFEJFOUFT &M FTDSJUPS OFPUFTUBNFOUBSJP EF MB
&QÓTUPMB B MPT )FCSFPT UPNB FTUB JOEJSFDUB  Z MB MFWBOUB EJDJFOEP RVF RVFEB
VOSFQPTPQBSBFMQVFCMPEF%JPTZBHSFHBi1SPDVSFNPT QVFT FOUSBSFOBRVFM
SFQPTP QBSBRVFOJOHVOPDBJHBFOTFNFKBOUFFKFNQMPEFEFTPCFEJFODJBw )F

%FFTUBNBOFSB FMEÓBEFSFQPTPTVHJFSFVOBDFTBDJØOEFMBTPCSBTEF
EFTPCFEJFODJBZMBBDFQUBDJØOEFMHPCJFSOPEF%JPTFOFMTFSJOUFSJPS
$POUSBSJBNFOUF BM TBCCBUUV EF MPT CBCJMPOJPT  EVSBOUF FM DVBM EFNPOJPT
BNFOB[BEPSFTSPOEBCBOMJCSFNFOUF CFOEJKP%JPTFMTÏQUJNPEÓB&TUFEFCÓB
TFSVOUJFNQPEFHP[PZBMFHSÓB EFSFOPWBDJØOJOUFSJPS EFBMBCBO[BBVO%JPT
NJTFSJDPSEJPTP1BSBFMQBHBOJTNP BBMHVOBTGVFS[BTOBUVSBMFT PCKFUPT QMBOUBT 
BOJNBMFT P QFSTPOBT  TF MPT DPOTJEFSBCB JOUSÓOTFDBNFOUF TBOUBT  BVO EJWJOBT
QFSP  FO OJOHVOB QBSUF EF FTUB IJTUPSJB EF MB DSFBDJØO TF BUSJCVZF TBOUJEBE B
DPTBBMHVOBEFMBOBUVSBMF[B%JDFRVFUPEPMPRVF%JPTDSFØFSBCVFOP QFSPOP
EJDFRVFGVFSBTBOUP&MTÏQUJNPEÓBFTMPQSJNFSPRVFBMPRVFTFEFDMBSBTBOUP
%JPTBQBSUØFTFEÓBQBSBRVFFMIPNCSFQVEJFSBDPOPDFSNÈTQSPGVOEBNFOUF
TVSFMBDJØODPOÏM
4BOUJmDØFMTÏQUJNPEÓBEÈOEPMFVOTJHOJmDBEPFTQFDJBMQBSBDPOÏM"TÓ
TFFODVFOUSBFOMPT%JF[.BOEBNJFOUPTTFNBOEBBMIPNCSFSFJUFSBEBNFO
UFBTBOUJmDBSFMTÈCBEP SFDPOPDJFOEPRVFUJFOFVOBDPOFYJØOFTQFDJBMDPOFM
$SFBEPS
&M IFDIP EF RVF MB TBOUJEBE FTUVWJFSB BTPDJBEB DPO FM UJFNQP Z OP DPO
VOMVHBSmKPIJ[PQPTJCMFRVFEVSBOUFFMFYJMJPTVSHJFSBMBTJOBHPHB RVFQPEÓB
MFWBOUBSTF FO DVBMRVJFS QBSUF %F FTB NBOFSB  MBT EPT JOTUJUVDJPOFT HFNFMBT 
FMTÈCBEPZMBTJOBHPHB QVEJFSPOSFTJTUJSMBTWJDJTJUVEFTEFMBEJTQFSTJØOZFO
OVFTUSPTEÓBTDPOUJOÞBOTJFOEPMBTGVFS[BTQPEFSPTBTEFMKVEBÓTNP
-PNJTNPTVDFEJØDPOFMEÓBEPNJOHPZMBJHMFTJBDSJTUJBOBBUSBWÏTEFMB
IJTUPSJB&MGVOEBNFOUPEFMTÈCBEPGVFUSBOTGFSJEPEFMEÓBEFMBDSFBDJØOBMEF
MBSFTVSSFDDJØOEFBIÓFMDBNCJPEFMTÈCBEPQPSFMEPNJOHP1FSP TJOFNCBS
HP MBFTFODJBQFSTJTUFFMIPNCSFUJFOFTFJTEÓBTQBSBEPNJOBSMBOBUVSBMF[BFM
TÏQUJNPFTEFM4F×PS

#&-$3&"%03&/3&-"$*»/$0/-"$3*"563" ‰

&MJNQVMTPDFOUSBMEFFTUBIJTUPSJBJNQMJDBFMTJHOJmDBEPEFMIPNCSFDPNP
MBTVQSFNBDSFBDJØOEF%JPT-BSFMBDJØOJEFBMTFEFTDSJCFFOUSFFM$SFBEPSZFM
TFSIVNBOP RVFBTVWF[FTMBCBTFQBSBMBQFSGFDUBSFMBDJØOFOUSFFMIPNCSFZ
MBNVKFSFOFMNBUSJNPOJP$PNPDPOUSBTUF TFFYQPOFMBOBUVSBMF[BEFMQFDBEP
RVFQSPEVDFFMDBPTFOFTBTSFMBDJPOFT
-BIJTUPSJBUJFOFVOBDMBSBTFDVFODJB)BZVOBSFMBDJØOHFOFSBM 

VONBOEBUP 
MBJOTFSDJØOEFVOBDUPDSFBUJWP 
VOBWJPMBDJØO

VOBJOUFSSPHBDJØO 
VOKVJDJP 
ZVOBFYQVMTJØO 


&RPB%HDFRQB,BQYDBPHGLQGG 
-JCSP $SJTJTZ%FDBEFODJB


$PNPFMDBQÓUVMPUFSDFSPDPOUJFOFFMSFMBUPEFMBJOGSBDDJØOZMBTFOUFODJB 
TVUFOPSEFEVEB UFNPSFJSBFTOPUBCMFNFOUFEJGFSFOUFEFMTFHVOEP RVFFTUÈ
SPEFBEPQPSVOBBUNØTGFSBEFQB[ BSNPOÓBZFODBOUP

&MIPNCSFDPOMBWJEBJOIBMBEB 

-BFYQSFTJØOHFOFSBDJPOFT W
EFBMHVOBTWFSTJPOFT MB3FWJTJØOEF
MBUSBEVDFDPNPPSÓHFOFT
UJFOFVOTJHOJmDBEPNÈTBNQMJPRVFFMEFHFOFBMPHÓB
&OFMDBTPEFHFOFSBDJPOFT FMDPODFQUPEFPSJHFOOPFTFTFODJBMBMBQBMBCSB
&TUBBQBSFDFVOBTWFDFTFOFM(ÏOFTJT   
 
VOBWF[ 
TJOHFOFBMPHÓB QFSPFOMBNBZPSÓBEFDBTPT BEF
NÈTEFFTUB TFNFODJPOBONVDIPTFWFOUPTJNQPSUBOUFT
"MHVOPT DPMPDBSÓBO MB QSJNFSB QBSUF EFM WFSTÓDVMP  DPO FM NBUFSJBM BO
UFSJPS QFSP  FO DVBMRVJFS MVHBS RVF TF FODVFOUSFO MBT QBMBCSBT &TUBTTPOMBT
HFOFSBDJPOFT PSÓHFOFT
 EF  TJFNQSF TJSWFO QBSB FODBCF[BS MP RVF TJHVF 1PS
FTPTFMBTEFKBBMMÓ
&YJTUF DJFSUP QBSBMFMP FOUSF MPT WFSTÓDVMPT  EF FTUF DBQÓUVMP Z  EFM
DBQÓUVMPBVORVFFMDBQÓUVMPIBCMBQPDPTPCSFMPTBDPOUFDJNJFOUPTDSFBUJWPT
JOUFSNFEJPTRVFDPOEVDFOBMBDSFBDJØOEFMIPNCSF/PIBZJOEJDBDJØODMBSB
EFRVFMBIJTUPSJBSFMBUBEBFOFMDBQÓUVMPUFOHBBMHÞOJOUFSÏTFOFMPSEFOEFM
UJFNQP EF BQBSJDJØO EF MBT QMBOUBT Z MPT BOJNBMFT 1PS FM DPOUSBSJP  TF MMBNB
MBBUFODJØOBMIFDIPEFRVFTJOMBMMVWJBZFMDVJEBEPWJHJMBOUFEFMIPNCSF MB
UJFSSBFSBPSJHJOBMNFOUFJNQSPEVDUJWB1PSMPUBOUP %JPTQSPWFZØIVNFEBEZ
GPSNØBMIPNCSF EFNPEPRVFMBTQMBOUBTRVFOFDFTJUBCBODVMUJWP QVEJFSBO
GSVDUJmDBS
&OFTUFQBTBKFUFOFNPTNÈTEFUBMMFTTPCSFMBDSFBDJØOEFMIPNCSFRVFFO
 &O   TF QSFTFOUB BM TFS IVNBOP DPNP DSJBUVSB UFSSFOBM  GPSNBEP EFM
QPMWP$POÓOUJNPJOUFSÏT %JPTTPQMØFOÏMBMJFOUPEFWJEB BDUPDPOFMRVFTF
EFTUBDBFMIFDIPEFRVFUPEBMBWJUBMJEBEZEJOÈNJDBJOUFSJPSEFMIPNCSFQSP
WJFOFOEJSFDUBNFOUFEF%JPT$VBMRVJFSPUSPPCKFUPEFBNPSZFTQFSBO[BEFMTFS
IVNBOPFTQVSBJMVTJØO²MFTUÈIFDIPQBSBEPTNVOEPTQPSMPUBOUP TFQBSBSMP
EF%JPTFTQFSNJUJSRVFTFTFRVF DPNPFMQÈNQBOPDPSUBEPEFMBWJE
-BT EPT FYQSFTJPOFT BMJFOUP EF WJEB   OJTINBU DIBZZJN
 Z TFS WJWJFOUF
OFGFTIDIBZZBI
UJFOFONVDIPFODPNÞO4FVTBOUBOUPQBSBFMBOJNBMDPNP
QBSBFMIPNCSF"MJFOUP OJTINBU
FTUÈBTPDJBEPNÈTBNFOVEPDPOMPTTFSFT
IVNBOPTQFSPUBNCJÏOFODPOUSBNPTFTFUÏSNJOPBQMJDBEPBMPTBOJNBMFTFO
(ÏOFTJT4FUSBEVKPBMNBTWJWJFOUFTDPNPiTFSFTWJWJFOUFTwZTFVUJMJ[BDPO
SFGFSFODJBBUPEBMBFTQFDJF[PPMØHJDBFO(ÏOFTJT   

-BQBMBCSBOFGFTIUJFOFVOBDPOOPUBDJØONÈTBNQMJBRVFOJTINBU6OBZ
PUSBQVFEFOTJHOJmDBSiBMJFOUPw QFSPMBQSJNFSBJODMVZFBDFQDJPOFTUBMFTDPNP


&RPB%HDFRQB,BQYDBPHGLQGG 
$SJTJTZ%FDBEFODJB -JCSP

TFSWJWJFOUF BMNB WJEB ZP QFSTPOB EFTFP BQFUJUP FNPDJØOZQBTJØO&MIPN


CSFFTÞOJDPFOTVHÏOFSP&TMPRVFFT QSFDJTBNFOUF QPSRVF%JPTyTPQMØFO
TVOBSJ[BMJFOUPEFWJEB&M$SFBEPSKBNÈTIJ[PUBMDPTBDPOMPTBOJNBMFT
&MKBSEÓOEFM&EÏO 

-BQBMBCSBIVFSUP 
FTVOBUSBEVDDJØOEFMBIFCSFBHBO RVFTFSFmFSFB
VOMVHBSDJSDVOTDSJUP-B4FQUVBHJOUBMBJOUFSQSFUBDPNPiQBSBÓTPwQBSBEFJTPO 
UÏSNJOPQFSTBRVFTJHOJmDBQBSRVF
-BQBMBCSB&EÏOOPFTVOBUSBEVDDJØOTJOPVOBBEFDVBDJØOEFMPTTPOJEPT
IFCSFPTBMBMFOHVBWFSOÈDVMB'VOEBNFOUBMNFOUFTJHOJmDBiQMBDFSwPiEFMJDJBw
1BSFDJFSB JOEJDBS VOB SFHJØOi&EÏOw QVFEF QSPWFOJS EF MB QBMBCSB BTJSJB FEJ
OV RVFTJHOJmDBMMBOP QSBEFSBPEFTJFSUP ZEFTJHOBFMUFSSJUPSJPDPNQSFOEJEP
FOUSFMPTSÓPT5JHSJTZ²VGSBUFT4JMBFYQSFTJØO:TBMÓBEF&EÏOVOSÓP 
TF
JOUFSQSFUBDPNPTJVOPNJSBSBSÓPBSSJCB FMIVFSUPQPESÓBIBCFSFTUBEPTJUVBEP
FOMBQBSUFNÈTCBKBEFMB.FTPQPUBNJB4JFODBNCJPTFQFOTBSBFOFMMBDPNP
NJSBOEP iSÓP BCBKPw  FM SFGFSJEP MVHBS QPESÓB FTUBS FO "SNFOJB  DFSDB EF MBT
GVFOUFTEFM5JHSJTZEFM²VGSBUFT WÏBTFNBQB
)BTUBFMQSFTFOUFOPTFIB
MMFHBEPBOJOHVOBDPODMVTJØOBMSFTQFDUP
.ÈTJNQPSUBOUFQBSBMBIJTUPSJBFTMBQSFTFODJBEFMÈSCPMEFMBWJEB 
ZFM
ÈSCPMEFMBDJFODJBEFMCJFOZEFMNBM1BSFDFRVFFMQSJNFSÈSCPMNFODJPOBEPFT
MBGVFOUFEFWJEBEFMBDVBMFMIPNCSFUVWPRVFTFSTFQBSBEPEFTQVÏTEFTVDBÓEB
FOFMQFDBEP 
&O1SPWFSCJPTTFNFODJPOBiVO
ÈSCPMEFWJEBw SFQSFTFOUÈOEPMPDPNPGVFOUFEFGFMJDJEBE TBCJEVSÓBZFTQFSBO[B 
FOTFOUJEPmHVSBEP-BGSBTFUBNCJÏOTFFODVFOUSBFO"QPDBMJQTJTDPNPMB
SFDPNQFOTBTVQSFNBEFMPTmFMFT ZDPNPTÓNCPMPEFWJEBFUFSOB  

&O MP RVF DPODJFSOF BM ÈSCPMEFMBDJFODJBEFMCJFOZEFMNBM  FTUPT EPT
PQVFTUPTSFQSFTFOUBOMPTFYUSFNPTEFMDPOPDJNJFOUPZTPOVOBFYQSFTJØOJEJP
NÈUJDB RVF TF VUJMJ[B QBSB FYQSFTBS UPUBMJEBE ‰FO FTUF DBTP  PNOJTDJFODJB Z
QPEFS&O%FVUFSPOPNJPF*TBÓBT MBGBMUBEFDPOPDFSMPCVFOPZ
MPNBMPJOEJDBJONBEVSF[ NJFOUSBTRVFFO4BNVFM MBQMFOBNBEVSB
DJØOFTUÈJOEJSFDUBNFOUFBTPDJBEBDPOMBGBDVMUBEQBSBEJTDFSOJSFOUSFMPCVFOP
ZMPNBMP1FSP(ÏOFTJTTVHJFSFRVFFTBQSFSSPHBUJWBFTVOBUSJCVUPEJWJOP
Z 1SPWFSCJPT  IBDF VOB DMBSB BTFWFSBDJØO EF RVF FT VO FRVJWBMFOUF EF MB
PNOJTDJFODJB WÏBTF43

+BNÈT TF IB JEFOUJmDBEP TBUJTGBDUPSJBNFOUF BM SÓP 1JTØO 
 BVORVF TF
IBO QSFTFOUBEP DPOKFUVSBT FOUSF MBT DVBMFT FTUÈ MB EFM SÓP *OEVT EF MB *OEJB
)BWJMBFTFMOPNCSFEFVOUFSSJUPSJPBSFOPTPQSPEVDUPSEFmOÓTJNPPSP&OFTB
UJFSSBIBCÓBCFEFMJP 
BQBSFOUFNFOUFVOBHPNBEFHSBOWBMPSNVZDPOPDJEB
QPSMPTJTSBFMJUBT WÏBTF/N
&TJODJFSUPRVFMBQBMBCSBØOJDFTFBMBUSB
EVDDJØODPSSFDUBEFMBIFCSFBTIPIBNMB4FQUVBHJOUBTVHJFSFCFSJMP


&RPB%HDFRQB,BQYDBPHGLQGG 
-JCSP $SJTJTZ%FDBEFODJB

5BNQPDPTFIBSFDPOPDJEP(JIØO 
%VSBOUFNVDIPUJFNQPTFDPOKF
UVSØRVFFTFSÓPQPESÓBTFSFM/JMP QPSRVFMB4FQUVBHJOUB MB7VMHBUBZMBWFSTJØO
JOHMFTBJEFOUJmDBOMBQBMBCSB,VTIDPO&UJPQÓB1FSP DPNPFO(ÏOFTJT
MPTEFTDFOEJFOUFTEF$VTFSBOUSJCVTPDJVEBEFTÈSBCFTPNFTPQPUÈNJDBT BMHV
OPTIBOTPTUFOJEPRVF(JIØOFTFMSÓP"SBYFTRVFDPSSFIBTUBFM$ZSPZMVFHP
EFTFNCPDBFOFMNBS$BTQJP$VTTFSÓBFMOPNCSFRVFMPTIFCSFPTEBCBOBMPT
DBTTJUBT IBCJUBOUFTEFBRVFMMBTSFHJPOFT
&MUFSDFSSÓPy)JEFLFM 
TFUSBUBEFMCJFODPOPDJEP5JHSJT WÏBTFFM
NBQB
RVFFOFMBOUJHVPBDBEJBOPFSBMMBNBEPJEJHMBU&M²VGSBUFTDPSSFQBSB
MFMPBM5JHSFT DPOFMRVFTFVOFQBSBCB×BSFMWBMMFEFMB.FTPQPUBNJB5PEBWÓB
TJHVFTJFOEPVOSÓPJNQPSUBOUF-PTBTJSJPTMPEFOPNJOBCBOQVSBUV QFSPFOFM
BOUJHVPQFSTBFSBVGSBUV RVFTJSWJØEFCBTFBMHSJFHPFVGSBUFT
&MNBOEBNJFOUPRVFFTUBCMFDFMPTMÓNJUFT 

$VBOEP%JPTQVTPBMIPNCSFFOFMIVFSUP 
MFEJPEPTUBSFBTRVFMP
MBCSBSBZMPHVBSEBTF-BCSBSMPTJHOJmDBDVMUJWBSMP MPRVFUBNCJÏOJODMVZFMB
QPEBEFMPTWJ×FEPT
$VBOEPNBOEØ+FIPWÈ%JPTBMIPNCSF 
ÏMEFDMBSØTVQSPQJBSFMBDJØO
TPCFSBOBDPOFMIPNCSFZMBTVCPSEJOBDJØOEFFTUFQBSBDPOÏM%JPTUFOÓBFTUF
EFSFDIPQPSRVFÏMFSBFM$SFBEPSZFMIPNCSFVOBDSJBUVSB
4FFNQMFBMBGPSNBNÈTFOÏSHJDBQPTJCMFEFFYQSFTBSVOBQSPIJCJDJØOFO
FMIFCSFPQBSBQPOFSFMÈSCPMEFMBDJFODJBEFMCJFOZEFMNBMGVFSBEFMPTEF
SFDIPTEFMIPNCSF 
4JFOEPFMMFOHVBKFEJSFDUPJOIFSFOUFNFOUFQFSTPOBM 
MBPSEFOOPDPNFSÈTUBNCJÏOMPFT ZMBDBMJEBEEFOFHBUJWPFOFMIFCSFPMF
EBMBDVBMJEBEEFQFSNBOFOUF-BJNQPSUBODJBEFFTFNBOEBUPBVNFOUBQPSMB
TFWFSJEBEEFMDBTUJHP5PEBFTUBFYQSFTJØOFTNVZGVFSUFFOMBTJOUBYJTIFCSFB
RVJ[ÈMBQBMBCSBUSBEVDJEBDPNPDJFSUBNFOUFDPOTFSWBVOUBOUPTVWJHPSFOMB
MFOHVBFTQB×PMB
-BNVKFSRVF%JPTIJ[P 

)BCÓBVOBTQFDUPEFMBDSFBDJØOEF%JPTRVFOPMBIBDÓBUPUBMNFOUFTBUJT
GBDUPSJBFMIFDIPEFRVFFMIPNCSFUPEBWÓBFTUBCBTPMP 
OPFSBCVFOP&M
BJTMBNJFOUPFTOPDJWP&TUPJNQMJDBRVFMBSFMBDJØOTPDJBM FTEFDJS FMDPNQB×F
SJTNP FTCVFOP1PSFTP%JPTSFTPMWJØQSPWFFSMFBMIPNCSFVOBBZVEBJEØOFB
QBSBÏM -JUFSBMNFOUF  VOB BZVEBOUF DPNP MF DPSSFTQPOEÓB  BMHVJFO RVF GVFSB
JHVBMZBEFDVBEP
$PNPFOFMIFCSFPOPIBZGPSNBTRVFFYQSFTFOFMUJFNQP OPTFQVFEFFT
UBCMFDFSFYBDUBNFOUFFMPSEFOEFMBDSFBDJØOEFMPTBOJNBMFTZFMIPNCSF1VFEF
TFSRVFFM$SFBEPSIBZBUPNBEPMPTBOJNBMFTRVFQSFWJBNFOUFIBCÓBDSFBEPZ
MPTUSBKPB"EÈO 
&MPSEFOOPFTVOUFNBEFJNQPSUBODJBFOFTUFMVHBS
6OPEFMPTBTQFDUPTEFMBJNBHFOHSBCBEBEF%JPTRVFEØEFNPTUSBEPQPS


&RPB%HDFRQB,BQYDBPHGLQGG 
$SJTJTZ%FDBEFODJB -JCSP

FMQPEFSEF"EÈOQBSBEJTDFSOJSMBOBUVSBMF[BEFDBEBBOJNBMZEBSMFFMOPNCSF
BQSPQJBEPQPSRVFFOIFCSFPFMOPNCSFZFMDBSÈDUFSDPJODJEÓBO$VBOEPQVTP
"EÈOOPNCSFT 
QVEPEBSTFDVFOUBEFRVFFOUSFMPTBOJNBMFTOPTFIBMMØ
BZVEBJEØOFBQBSBÏM"EÈO MPNJTNPRVF%JPT UVWPRVFQFSDBUBSTFEFFTUP
QBSBQPEFSBQSFDJBSMPRVFFM$SFBEPSFTUBCBQPSIBDFS
&MTVF×PQSPGVOEP 
TFSFmFSFBFTPTNPNFOUPTFOMPTDVBMFTMBTFOTJ
CJMJEBEDFTBFOTVTGVODJPOBNJFOUPTOPSNBMFT7ÏBTF(ÏOFTJT +PC
 EPOEFMBGSBTFFTUÈSFMBDJPOBEBDPOMBTWJTJPOFTZOPTFBMVEFBFMMBTFO
4BNVFMZ+POÈT7ÏBTFUBNCJÏO*TBÓBT EPOEFFMUÏSNJOPTVHJFSF
GBMUBEFTFOTJCJMJEBEFTQJSJUVBM-BDPTUJMMB 
QVFEFIBDFSSFGFSFODJBUBOUPBM
IVFTPDPNPBMNÞTDVMPRVFMPSPEFB&TMBQBSUFEFMDVFSQPNÈTDFSDBOBBMDP
SB[ØO RVFQBSBMPTIFCSFPTFSBFMDFOUSPEFMPTBGFDUPT-BNVKFSOPGVFIFDIB
EFOJOHVOBTVTUBODJBJOGFSJPS
1BSBEBSÏOGBTJTBMPFYDFQDJPOBMEFFTUFBDUPTFFNQMFBVOWFSCPEJTUJOUP
ZJCFO
RVFTJHOJmDBGPSNBS FEJmDBS DPOVOTFOUJEPNÈTBNQMJPRVFFMDBTUF
MMBOPIJ[P%JPTMBUSBKPBMIPNCSFQBSBTVBQSPCBDJØOZBMBCBO[B&TBQBSUF
EF MB IJTUPSJB TJHVF FM PSEFO EF TVDFTJØO EF MPT EÓBT DSFBUJWPT ZB WJTUPT FO FM
DBQÓUVMPDPOFTQFDJBMJEBE MBEFDJTJØO 
FMBDUPDSFBEPS 
ZMB
BQSPCBDJØO 

*ONFEJBUBNFOUF "EÈO 
WJPMPBEFDVBEPEFFTUBBZVEB&SBVOBQBSUF
ÓOUJNBEFÏMNJTNP IVFTPEFNJTIVFTPTZDBSOFEFNJDBSOFEFFTUBNBOFSB 
BMHVJFONVZBEFDVBEBQBSBÏM1FSP BTVWF[ UBNCJÏO"EÈOEFNPTUSØTVBVUP
SJEBEEÈOEPMFOPNCSF
&OFGFDUP BRVÓUFOFNPTMBJOTUJUVDJØOEFMWÓODVMPNBUSJNPOJBM%FTEFFM
QSJODJQJP%JPTFTUBCMFDJØRVFFMNBUSJNPOJPEFCÓBTFSFYDMVTJWPFÓOUJNP-B
NVKFSOPEFCÓBEFQFOEFSEFMIPNCSFDPNPTJGVFSBVOTJNQMFBDDFTPSJP1BSB
BDMBSBSMBSFTQPOTBCJMJEBEEFMIPNCSF %JPTMFPSEFOØTFVOJSÈBTVNVKFS 

FOMBNVUVBSFBMJ[BDJØOEFVOBVOJØOWFSEBEFSB&MFOMBDFEFCÓBTFSJOEJTPMVCMF 
JORVFCSBOUBCMFBUSBWÏTEFUPEBMBWJEB QPSRVFEJKPTFSÈOVOBTPMBDBSOF FT
EFDJS FMVOPJEFOUJmDBEPDPOFMPUSP:FOUPEPFTUPOPTFBWFSHPO[BCBO 

-BNVKFSTFEVDJEBQPSMBTFSQJFOUF 

-BTFSQJFOUF 
TFEFTMJ[ØFOFMUSBORVJMPIVFSUP TFNFKBOUFBVOGPSBTUFSP
TJOJFTUSP&OMBTUSBEJDJPOFTTFNÓUJDBTBOUJHVBTTFSFMBDJPOBCBBMPTSFQUJMFTDPO
JOnVFODJBTEFNPOÓBDBT ZFTUFWFSTÓDVMPOPTEJDFMBTFSQJFOUFFSBBTUVUB NÈT
RVFUPEPTMPTBOJNBMFTEFMDBNQP1SPTJHVJFOEPMBIJTUPSJB TJFNQSFTFQSFTFO
UBBMBTFSQJFOUFDPNPVOJOTUSVNFOUPEFQPEFSFTQJSJUVBMPDVMUP&OFM/VFWP
5FTUBNFOUP +FTÞTWJODVMBBMBTFSQJFOUFDPOFMEJBCMP +O
MPNJTNPIBDF
1BCMP 3PDG$P5J
Z+VBO "Q
&OUPEPT
FTUPT FKFNQMPT  MB GVFOUF EF MB UFOUBDJØO FT PCKFUJWBNFOUF EJGFSFOUF DPOTJEF


&RPB%HDFRQB,BQYDBPHGLQGG 
-JCSP $SJTJTZ%FDBEFODJB

SÈOEPMBEFTEFFMQVOUPEFWJTUBEF%JPTPEFMTFSIVNBOP&OOJOHÞODBTPTF
DPOTJEFSBBMBTFSQJFOUFDPNPVOBTJNQMFiQFSTPOJmDBDJØOEFMBUFOUBDJØOwP
iEFMQPEFSEFMBUFOUBDJØOw
-BTFSQJFOUFJOJDJØMBDPOWFSTBDJØODPOVOBFYQSFTJØOEFTPSQSFTB{$PO
RVF%JPTPTIBEJDIPy :MVFHPQSPTJHVJØDJUBOEPGBMTBNFOUFMBPSEFOPSJHJ
OBMEF%JPT IBDJÏOEPMBQBSFDFSBCTVSEB-BQSPIJCJDJØOEJWJOBTPMPUFOÓBRVF
WFSDPOVOÈSCPM QFSPMBTFSQJFOUFEJKPEFUPEPÈSCPM GSBTFRVFFOFMDBQÓUVMP
UJFOFVONBOEBUPQFSNJTJWPRVFOPFODPOUSBNPTFOMBPSEFOOFHBUJWBEFM
%FFTBNBOFSBMBTFSQJFOUFQVTPFOUFMBEFKVJDJPMBCPOEBEEJWJOB NPT
USBOEPBVO%JPTEFNBTJBEPSFTUSJDUJWPRVFSFUFOÓBJOOFDFTBSJBNFOUFCFOFmDJPT
EFHSBOWBMPS
&TB NJTNB QSFHVOUB QBSFDÓB JOPDFOUF  QFSP FNCBVDØ B MB NVKFS 
 MB
RVFUBNCJÏOEJTUPSTJPOØFMNBOEBUPQPSRVFFMMBMPSFMBUØNVDIPNÈTGVFSUF
EFMPRVFFSB%JPTOPIBCÓBEJDIPiOJMFUPDBSÏJTw 
1FSPIBCÓBIFDIPRVF
MBBNFOB[BEFMDBTUJHPGVFSBNÈTGVFSUFRVFTJNQMFNFOUFQBSBRVFOPNVSÈJT
4JOTBCFSMP FMMBIBCÓBUPSOBEPFMNBOEBUPJSSB[POBCMF ZFMDBTUJHPDPNPVOB
NFSBQPTJCJMJEBENÈTRVFDPNPVOBSFBMJEBEEFMBDVBMOPTFQPEÓBFTDBQBS-B
NVKFSQFSEJØTVPQPSUVOJEBEEFPSPEFEFSSPUBSMBTVHFTUJØOEFMBTFSQJFOUF4J
FMMBIVCJFSBDJUBEPDPSSFDUBNFOUFFMNBOEBNJFOUP ZTFIVCJFSBBGFSSBEPBÏM FM
UFOUBEPSOPIBCSÓBQPEJEPQSPDFEFS
-B TFSQJFOUF WJP TV WFOUBKB Z FOUSØ FO BDDJØO QBSB OFHBS BVEB[NFOUF MB
WFSEBE EFM DBTUJHP EJWJOP  BM EFDMBSBS MMBOBNFOUF /P NPSJSÏJT 
 "DFOUVØ
TVBUBRVFEFTQFSUBOEPFMSFTFOUJNJFOUPDPOUSBMBQSPIJCJDJØOZFYBDFSCBOEPFM
EFTFPEFMQPEFSmOBM{"DBTP%JPTOPFTUBCBVTBOEPMBmOBMJEBEEFMBNVFSUF
DPNPVOSFDVSTPQBSBJNQFEJSRVFMBIVNBOJEBEEFTDVCSJFSBMPEFTDPOPDJEP
‰4FSÈOBCJFSUPTWVFTUSPTPKPT  
{/PFTUBCBUSBUBOEPEFFWJUBSRVFFMIPN
CSFQPTFZFSBVOCJFOQBSBFMDVBMUFOÓBMFHÓUJNPEFSFDIP -BTFSQJFOUFFTUBCB
BDVTBOEP B %JPT EF BCSJHBS NPUJWPT JNQSPQJPT BM NBOUFOFS FHPÓTUBNFOUF BM
IPNCSFFOVOOJWFMJOGFSJPS&MWFSEBEFSPEFTUJOPEFMIPNCSF TVHJSJØMBTFS
QJFOUF FTTFSDPNP%JPT-BQBMBCSBTBCJFOEPOPJNQMJDBCBVODPOPDJNJFOUP
BCTUSBDUP TJOPMBDBQBDJEBEQSÈDUJDBEFDPOPDFSUPEBTMBTDPTBT ZMBJOUFMJHFODJB
QBSBEJTDFSOJSZFTUBCMFDFSMBTOPSNBTÏUJDBT
-BTFSQJFOUFIBCÓBTVHFSJEPDPOBTUVDJBRVF FGFDUJWBNFOUF FMRVFCSBOUB
NJFOUPEFMNBOEBUPEF%JPTOPQSPQPSDJPOBSÓBMBNVFSUFTJOPVOBWJEBSJDBZ
QMFOBQBSBFMIPNCSF/PFTRVFIJDJFSBQSPNFTBTQPTJUJWBT TJOPRVFJOTJOVØ
QPTJCJMJEBEFTIBMBHàF×BTZNJTUFSJPTBT"RVÓFTUÈMBBUSBDDJØOFTFODJBMEFMQB
HBOJTNPMBDSFFODJBEFRVFMBTHSBOEFTDPORVJTUBT FMDPOPDJNJFOUPQSPGVOEP
PVOSJUVBMDVJEBEPTBNFOUFPCTFSWBEPQVFEFOJOUSPEVDJSBMBTQFSTPOBTFOFM
SFJOP EF %JPT5BNCJÏO BQBSFDF BRVÓ FM QFDBEP GVOEBNFOUBM EFM IPNCSF  MB
MVDIBQBSBTFSBCTPMVUBNFOUFMJCSFZBVUPTVmDJFOUF


&RPB%HDFRQB,BQYDBPHGLQGG 
$SJTJTZ%FDBEFODJB -JCSP

&OFMDBQÓUVMPFODPOUSBNPTMBi"QFMBDJØOEFMB4FSQJFOUFw 
"M
EFTFPGÓTJDP BC 
BMBDVSJPTJEBEJOUFMFDUVBM  
BMBEJTQPTJDJØOQBSBMB
BVUPBmSNBDJØO   (#8JMMJBNTPO

&MBDUPEFWJPMBDJØO 

-PT BSHVNFOUPT EF MB TFSQJFOUF BQFMBSPO B USFT GBDFUBT EF MB OBUVSBMF[B
GFNFOJOB MBTDVBMFTTPOBTQFDUPTBVUÏOUJDPTQSPQJPTEFTVDSFBDJØO4FJODJUØTV
IBNCSFGÓTJDB QPSRVFFMÈSCPMFSBCVFOPQBSBDPNFS 
TFFTUJNVMØTVTFOUJEP
FTUÏUJDP QVFTFSBBHSBEBCMFBMPTPKPTZTFJODJUØTVGBDVMUBEEFDPOPDJNJFOUP
ZEFQPEFSQBSBBMDBO[BSMBTBCJEVSÓB MPRVFJODMVÓBMBBQUJUVEQBSBEPNJOBSB
PUSPT DPUÏKFTFDPOMBUFOUBDJØOEF+FTÞT .U-DZ+O

&OSFBMJEBE IBDÓBCBTUBOUFRVFMBNVKFSIBCÓBTJEPEFSSPUBEBZMBDPOUFN
QMBDJØOEFMNBMQSPOUPMBDPOEVKPBMIFDIP4FRVFCSBOUØFMNBOEBNJFOUPEF
%JPTZ QBTNPTBNFOUF TVNBSJEPMBTJHVJØFOMBEFTPCFEJFODJB%FTQVÏTEFRVF
BNCPTIVCJFSPODPNJEP GVFSPOBCJFSUPTTVTPKPT 
QFSPOPEFMBNBOFSB
FORVFMBTFSQJFOUFMFTIBCÓBJOTJOVBEP&OMVHBSEFBTDFOEFSEFOJWFM DBZFSPO
BM NÈT CBKP :DPOPDJFSPORVFFTUBCBOEFTOVEPT &O WF[ EF VOJSTF B %JPT 
JHVBMÈOEPTFMFFOFTFODJB MMFHBSPOBTFSFYUSB×PTFMVOPBMPUSP QPSRVFTVBDDJØO
OPEFSJWØFOFMDPOPDJNJFOUPRVFFMMPTIBCÓBOBOUJDJQBEP4VTPSQSFTBFTUBCB
SFMBDJPOBEBDPOFMTBCFSRVFFTUBCBOEFTOVEPT-BEFTPCFEJFODJBIBCÓBTVTDJ
UBEPDVMQBCJMJEBEZWFSHàFO[B"OUFFTUFÞMUJNPTFOUJNJFOUP BNCPTDPTJFSPO
IPKBTEFIJHVFSBDPOMBTDVBMFTTFIJDJFSPOEFMBOUBMFT NBSHJOBMi$PTBTQBSB
DF×JSTFw
4JNQMFNFOUFTFIBCÓBOIFDIPDPCFSUVSBTQBSBUBQBSTVDVFSQP
&M IPNCSF Z MB NVKFS EFCÓBO IBCFS FTUBEP GBNJMJBSJ[BEPT DPO MBWP[EF
+FIPWÈ%JPT 
QPSTVGSFDVFOUFDPNQB×FSJTNPDPOÏM&MBJSFEFMEÓBFTVOB
MPDVDJØORVFTJHOJmDBiQPSMBUBSEFw BMBOPDIFDFSQPSRVFFOFM$FSDBOP0SJFO
UFTPQMBVOBCSJTBGSFTDBBMBQVFTUBEFMTPM-BQBSFKBOPFTUBCBQSFQBSBEBQBSB
FODPOUSBSTFDPO%JPTFOFTBPDBTJØO-BFYQSFTJØOMBQSFTFODJBFTDBSBDUFSÓTUJ
DBNFOUFWÓWJEBFOIFCSFP/PTFUSBUBEFVOBJOnVFODJBWBHB JOEFmOJEB TJOP
EFVOBDPOGSPOUBDJØOEJSFDUB FWJEFOUFZQFSTPOBM-PTDVMQBCMFTTFFTDPOEJF
SPOQFSPJOÞUJMNFOUF
$PNQBSFDJFOEPBOUFMBQSFTFODJBEF%JPT 

%JPTOPGPSNVMØMBQSFHVOUB{%ØOEFFTUÈTUÞ  
QPSRVFJHOPSBSBBMHP 
TJOPQPSRVFÏMRVFSÓBPCUFOFSMBSFTQVFTUBZDPOEVDJSBMIPNCSFZBMBNVKFSB
SFBMJ[BSTVQSPQJBDPOGFTJØO
-BDPOUFTUBDJØOEF"EÈOUVWFNJFEP 
BDMBSBMBSB[ØOEFMQPSRVÏTF
FTDPOEJFSPO&MDPNFSEFMGSVUPEFMÈSCPMOPMPIBCÓBIFDIPTFNFKBOUFB%JPT 
DPNP MB TFSQJFOUF MFT IBCÓB EJDIP  FOHB×PTBNFOUF  TJOP RVF NÈT CJFO IBCÓB
DPNQSPNFUJEPTVQSPQJBZWFSEBEFSBFTFODJBDPNPTFSIVNBOPGSFOUFB%JPT
&M$SFBEPSDPOPDFFMCJFOZFMNBMEFTEFMBQPTJDJØOWFOUBKPTBEFTVTVQSF


&RPB%HDFRQB,BQYDBPHGLQGG 
-JCSP $SJTJTZ%FDBEFODJB

NBWJSUVEZCPOEBE1FSPFMIPNCSF TJFOEPIVNBOPZEFQFOEJFOUFEFÏM TPMP


QPEÓBUFOFSFMDPOPDJNJFOUPBDFSDBEFMCJFOZEFMNBMEFTEFFMMVHBSWFOUBKP
TPEFMBPCFEJFODJBP QPSFMDPOUSBSJP EFTEFMBTJUVBDJØOFORVFMPDPMPDBSÓB
MBEFTPCFEJFODJB MPRVFFSBVOSFQVEJPBMBWPMVOUBEFYQSFTBEBQPS%JPT-B
CÞTRVFEBEFMIPNCSFQPSMPHSBSFMTUBUVTEJWJOPTPMBNFOUFQPEÓBMBO[BSMPBMB
EFTPCFEJFODJBDPNPDPOTFDVFODJB FTUFDPOPDJNJFOUPEFMCJFOZEFMNBMWJOP
NF[DMBEPDPOFMTFOUJNJFOUPEFDVMQBCJMJEBEZNJFEP
-B QSJNFSB QSFHVOUB EJSFDUB QBSB FM IPNCSF GVF {)BTDPNJEPy  

"EÈOOPUFOÓBFYDVTBÏMTBCÓBNVZCJFOMPRVF%JPTMFTIBCÓBNBOEBEP4F
USBUBCBEFVOBQSPIJCJDJØOTFODJMMBFJOEJTDVUJCMF1FSPÏMOPFTUBCBEJTQVFTUP
BIBDFSGSFOUFBTVSFTQPOTBCJMJEBEMFQBTØMBDVMQBBTVFTQPTBMBNVKFSyNF
EJP 
ZBDBTP{%JPTOPTFMBIBCÓBEBEP &OUPODFT FMMBUFOESÓBRVFTFSEJHOB
EFDPOmBO[B
-BNVKFS 
UBNCJÏOUSBUØEFFMVEJSMBSFTQPOTBCJMJEBE ZEJKP-BTFS
QJFOUFNFFOHBר4JOFNCBSHP BIPSBWFÓBRVFMBTFSQJFOUFMBiIBCÓBUPNBEP
QPSCPCBw
&MTF×PS(#8JMMJBNTPOTF×BMBTPCSFFMDBQÓUVMPFOi%JPTZFM
QFDBEPSw RVF 
FMQFDBEPQSPEVDFDVMQBQFSTPOBM  
FMQFDBEPTF
QBSBBMIPNCSFEF%JPTC 
%JPTCVTDBBMQFDBEPSB  
%JPTQFSEPOB
MBDVMQBEFMIPNCSF
1SPOVODJBNJFOUPEFMBTTFOUFODJBT 

-PTQFDBEPTDPNFUJEPTFTUÈODPOTJEFSBEPTFOMPTDBTUJHPTRVFGVFSPOBQMJ
DBEPT-BTFSQJFOUF 
GVFNBMEFDJEB&OUSFUPEPTOPRVJFSFEFDJSiNÈTRVF
FMMPTw DPOMBTVHFSFODJBEFRVFFMMPTUBNCJÏOFTUBCBONBMEJUPT TJOPNÈTCJFO
UFOÓBFMTFOUJEPEFiBQBSUFEFFMMPTwPiTFQBSBEBNFOUFEFFMMPTw.PĊBUUUSBEVDF
i%FUPEBTMBTDSJBUVSBT MBNBMEJDJØOTFBTPCSFUJw-BTFSQJFOUFIBCÓBQSFTVNJEP
TFSTVQSFNBNFOUFTBCJBQFSPTVNPEPEFBSSBTUSBSTFTFSÓBQBSBTJFNQSFFMTÓN
CPMPEFTVIVNJMMBDJØO-BGSBTFTPCSFUVQFDIPOPTJHOJmDBRVFPSJHJOBMNFOUF
UVWJFSBQBUBTZMBTQFSEJFSBFOFMNPNFOUPEFSFDJCJSMBNBMEJDJØO TJOPRVFTV
NPEPEFMPDPNPDJØOIBCJUVBMSFQSFTFOUBSÓBTVDBTUJHP
-BDMÈVTVMBZQPMWPDPNFSÈTFTJEJPNÈUJDBNFOUFFRVJWBMFOUFBiTFSÈTIV
NJMMBEBw DG4BM*T.J EPOEFMBTQBMBCSBTiMBNFSÈOFMQPMWPw
FYQSFTBODPODMBSJEBEFTUFTJHOJmDBEP

&MDBTUJHPJNQMJDBSÓBFOFNJTUBE 
IPTUJMJEBEFOUSFMBTQFSTPOBT-BTJ
NJFOUFEFMBTFSQJFOUFFTBMPRVF+FTÞTBMVEFSFmSJÏOEPTFBMPTiIJKPTEFMNBMPw
.U+O
ZMBTJNJFOUFEFMBNVKFS UJFOFVOTFOUJEPGVFSUFNFOUF
QFSTPOBM"MBTFSQJFOUFTFMFEJKPFODVBOUPBMBTJNJFOUFEFMBNVKFSFTUB
UFIFSJSÈFOMBDBCF[B$PNQBSFMBBMVTJØOEF1BCMPBMSFTQFDUPFO3PNBOPT
-BTFSQJFOUFTPMPQPESÓBIFSJSMBFOFMDBMDB×BS%FIFDIP IFSJSÈTOPFT


&RPB%HDFRQB,BQYDBPHGLQGG 
$SJTJTZ%FDBEFODJB -JCSP

VOBFYQSFTJØONVZGVFSUFFOIFCSFPRVFQVFEBTJHOJmDBSEFTUSVJSPBOJRVJMBS
6OBDBCF[BRVFCSBEBRVFQVFEFMMFWBSBMBNVFSUFFTNVZEJGFSFOUFBVODBMDB
×BSIFSJEPRVFQVFEFDVSBSTF&MWFSTÓDVMP BNFOVEP TFMPIBEFOPNJOBEP
FMiQSPUPFWBOHFMJPw QPSRVFFODJFSSBVOBQSPNFTBEFFTQFSBO[BQBSBMBQBSFKB
QFDBEPSB&MNBMOPFTUÈEFTUJOBEPBTFSUPEPWJDUPSJPTP%JPTUFOÓBQSFQBSBEP
VOWFODFEPSQBSBMBSB[BIVNBOB&OFTUFWFSTÓDVMPFODPOUSBNPTVOJOUFOTP
BDFOUPNFTJÈOJDP
7FNPTFOi&M$BMDB×BS)FSJEPwRVF 
FM4BMWBEPSQSPNFUJEP
FSBMBTJNJFOUFEFMBNVKFS‰FM%JPTIPNCSF 
FTUB4JNJFOUFTBOUBIFSJSÓBMB
DBCF[BEFMBTFSQJFOUF‰WFODFSÓBBMQFDBEP 
MBTFSQJFOUF BTVWF[ IFSJSÓBFM
DBMDB×BSEFM4BMWBEPS‰FOMBDSV[ EPOEFNVSJØ (#8JMMJBNTPO

&MDBTUJHPEFMBNVKFSGVFMPPQVFTUPBiMBEFMJDJBwRVFFMMBCVTDBCBFOFM
WFSTÓDVMP$POPDFSÓBEPMPSFT 
BMEBSBMV[MPTIJKPT BMHPNVZEJGFSFOUFEF
MBOVFWBDMBTFEFWJEBRVFIBCÓBUSBUBEPEFDPORVJTUBSQPSNFEJPEFMBEFTPCF
EJFODJB"EFNÈT MBTVKFDJØOEFTVGVUVSPEFTFPBTVNBSJEPFSBVOSFWÏTBTV
EFDJTJØOEFQSPDVSBSMBJOEFQFOEFODJB4JFNQSFUFOESÓBRVFEFQFOEFSEFÏM
"MFYBOEFS.BDMBSFOWFFOFMDBQÓUVMPi$ØNPFOUSØFMQFDBEPw 

MBJOEVDDJØOBMNBM  
SJOEJÏOEPTFBMBUFOUBDJØO  
MBTDPOTFDVFODJBT
GBUBMFT &OMVHBSEFRVFMBNBMEJDJØODBZFSBTPCSFFMIPNCSFEJSFDUBNFO
UF DBZØTPCSFMBUJFSSB"EÈOIBCÓBTJEPDPNJTJPOBEPQBSBMBCSBSMB (O

QFSPFTUBMBCPSEFKBSÓBEFTFSQVSPSFHPDJKP&MIPNCSFTFIBCÓBTPNFUJEPBMB
TVHFTUJØO EF TV NVKFS EF DPNFS EFM GSVUP QSPIJCJEP "IPSB  TV USBCBKP EF MB
UJFSSB FTUBSÓB NF[DMBEP DPO EPMPS 
 1PS UPEBT QBSUFT WFSÓB DPNQFUJEPSFT 
FTQJOPTZDBSEPT 
MPTDVBMFTDSFDFOFOHSBOQSPGVTJØOTJORVFTFMPTDVMUJWFO
ZOPQSPWFFOBMJNFOUPQBSBFMIPNCSF&O0TFBT FTUBTQMBOUBTBQBSFDFO
DPNPTÓNCPMPEFKVJDJPZEFTPMBDJØOFOVOMVHBSEFDVMUP$PNQÈSFTFUBNCJÏO
+VFDFT 4BNVFM4BMNPT*TBÓBT+FSFNÓBT
&[FRVJFM&OUPEPTMPTDBTPTTFBHSFHBVOBNBMBSFGFSFODJBBFTUBT
QMBOUBT WÏBTFUBNCJÏO.U)F

-B NVFSUF GÓTJDB OP TFSÓB JONFEJBUB  QFSP TÓ JOFWJUBCMF  QPSRVF BM QPMWP
WPMWFSÈT 
-BNVFSUFJONFEJBUBRVFFMIPNCSFTVGSJSÓBTFSÓBMBFTQJSJUVBM 
MBTFQBSBDJØOEF%JPT
&OFODPOUSBNPTMBSFQSFTFOUBDJØOHSÈmDBEFiMBNBMEJDJØODBVTB
EBQPSFMQFDBEPw 
TPCSFMBTFSQJFOUF  
TPCSFMBNVKFS  
TPCSF
"EÈO   
TPCSFMBUJFSSB C (#8JMMJBNTPO

-BFYQVMTJØOEFMIVFSUP 

&OMBMPCSFHVF[EFMKVJDJPIVCPSBZPTEFFTQFSBO[BZNJTFSJDPSEJB"USBWÏT
EFTVFTQPTB FMIPNCSFQVEPWFSMBQPTJCJMJEBEEFVOGVUVSP&OUPODFTMBMMBNØ
&WB 
RVFTJHOJmDBiWJEBw QVFTEFFMMBTBMESÓBVOBQPTUFSJEBE


&RPB%HDFRQB,BQYDBPHGLQGG 
-JCSP $SJTJTZ%FDBEFODJB

&OUPODFT FOTVNJTFSJDPSEJB %JPTMFTQSPWFZØUÞOJDBTEFQJFMFT 


:
BVORVFFMUFYUPOPMPEJDFFTQFDÓmDBNFOUF OPIBZEVEBEFRVFQFSUFOFDJFSPO
BBOJNBMFTTBDSJmDBEPT
)BZBMHPEFJSPOÓBFOMBPCTFSWBDJØOEJWJOB BMEFDJSFMIPNCSFFTDPNP
VOPEFOPTPUSPT 
-BQSFQPTJDJØOEF NJO
JOEJDBVOBNBSDBEBEJTUJODJØO
FOUSF %JPT Z FM IPNCSF NÈT RVF VOB JEFOUJEBE %FM NJTNP NPEP  DPOUSBTUB
DPNP VOP  RVF EFOPUB VOJEBE &M IPNCSF Z MB NVKFS IBCÓBO QSPDVSBEP TFS
DPNP%JPT TBCJFOEPFMCJFOZFMNBM DPNPTFSFTTPCFSBOPT1FSPKBNÈTMPHSB
SÓBOFTUBQPTJDJØO4PMPQPTFÓBOFMBMJFOUP 
ZMBJNBHFO 
EF%JPT
$POTFDVFOUFNFOUF TVJOUSVTJØOFOVOSFJOPRVFOPMFTQFSUFOFDÓBDPOTUJUVÓB
VOBOFHBDJØOEFTVOBUVSBMF[BDPNPDSJBUVSBTZVOBDUPEFSFCFMEÓBDPOUSBMB
TJOHVMBSJEBEEFM$SFBEPS1PSFTBDBVTBTFMPTEFCÓBBQBSUBSEFMÈSCPMEFMBWJEB 
QVFTEFPUSPNPEPQFSNBOFDFSÓBOFOTVSFCFMJØO
-PTRVFSVCJOFT 
NFODJPOBEPTFSBOTFSFTBOHFMJDBMFTRVFSFQSFTFOUB
CBOFMQPEFSEF%JPTZRVF BNFOVEP FTUBCBOWJODVMBEPTDPOTVUSPOP4PCSF
MBUBQBEFMBSDBIBCÓBEPTmHVSBTRVFSFQSFTFOUBCBORVFSVCJOFT ²Y

UBNCJÏOIBCÓBRVFSVCJOFTFOUSFUFKJEPTFOMBTDPSUJOBTEFMUBCFSOÈDVMP
²Y  
ZHSBCBEPTFOMBTQBSFEFTZQVFSUBTEFMUFNQMP 3
$S
&[FRVJFMMPTEFTDSJCJØDPNPDPNQVFTUPTQPSDVBUSP
DBSBTVOBEFMFØO PUSBEFCVFZ VOBEFÈHVJMBZPUSBEFIPNCSFDPONBOPT
IVNBOBT  FYUSFNJEBEFT JOGFSJPSFT EF UFSOFSP Z DVBUSP BMBT DG DPO MPT DVBUSP
TFSFTWJWJFOUFTEF"Q
&TUPTTFSFTUFOÓBOBTVDBSHPMBUBSFBEFJNQFEJS
RVFFMIPNCSFMMFHBSBIBTUBFMÈSCPMEFMBWJEB NJFOUSBTFTUVWJFSBCBKPMBDBSHB
EFMQFDBEP

$&-$3*.&/:46$0/4&$6&/$*" 

6OBTQFDUPUFSSJCMFEFMQFDBEPFTRVFOPTFQVFEFBJTMBS OJQBTBSQPSBMUP
DPOGBDJMJEBE1SPHSFTJWBNFOUF SFBMJ[BTVEFWBTUBEPSBUBSFBBUSBWÏTEFMBTP
DJFEBEZEFHFOFSBDJØOFOHFOFSBDJØO&MQFDBEPEF"EÈOZ&WBOPQSPEVKP
TPMBNFOUFVOEFTBTUSFFOTVTWJEBTDPOUJOVØEFIJKPBIJKPZEFFEBEFOFEBE
-BIJTUPSJBEFMDBQÓUVMPJMVTUSBDPOESBNBUJTNPFTUBSFBMJEBE ZMBTHFOFBMPHÓBT
BNQMJmDBOMBTSFQFSDVTJPOFTEFMNBMBUSBWÏTEFMBIJTUPSJBEFMNVOEP
&MBTFTJOBUPEFVOIFSNBOPÓOUFHSP 

&OTVFTUSVDUVSBHFOFSBM FTUBIJTUPSJBTFQBSFDFNVDIPBMBBOUFSJPS5JFOF
VOUSBTGPOEP 
VOBDUPEFWJPMFODJB 
VOBFTDFOBEFKVJDJP 
Z
MBFKFDVDJØOEFMBTFOUFODJB 

-BIJTUPSJBEFMPTEPTQSJNFSPTIJKPTRVFUVWJFSPO"EÈOZ&WB 
FOGPDB
MBTSFQFSDVTJPOFTEFMQFDBEPEFOUSPEFMBVOJEBEGBNJMJBS-PTNVDIBDIPT $BÓO
Z"CFM FSBOEFUFNQFSBNFOUPTTPSQSFOEFOUFNFOUFPQVFTUPT"$BÓOMFDPN


&RPB%HDFRQB,BQYDBPHGLQGG 
$SJTJTZ%FDBEFODJB -JCSP

QMBDÓBFMUSBCBKPEFMBBHSJDVMUVSBZ"CFMTFHP[BCBDPOMBHBOBEFSÓB6OPZPUSP
UFOÓBOVONBSDPSFMJHJPTP-PTIJKPTEF"EÈOMMFWBSPOVOBPGSFOEBB+FIPWÈ

TJFOEPFTUBMBQSJNFSBNFODJØOEFTBDSJmDJPTEFMB#JCMJB
&MIFDIPEFRVF"CFMyUSBKPEFMPTQSJNPHÏOJUPTEFTVTPWFKBTZEFMP
NÈTHPSEPEFFMMBT 
OPTJHOJmDBOFDFTBSJBNFOUFRVFMPTBOJNBMFTTFBOTV
QFSJPSFTQBSBPGSFDFSDPNPTBDSJmDJPRVFMBTQMBOUBT-BSB[ØOQPSMBDVBMNJSØ
+FIPWÈDPOBHSBEPB"CFMZBTVPGSFOEB 
TFQPOFEFNBOJmFTUPBNFEJEB
RVFFMSFMBUPTFEFTBSSPMMB
&M QSJNFS JOEJDJP TF OPT QSFTFOUB DBTJ EF JONFEJBUP $BÓO OP TPQPSUBCB
VCJDBSTFEFUSÈTEFOBEJFFOVOTFHVOEPQVFTUP-BQSFGFSFODJBEF%JPTQPS"CFM
MMFOØEFJSBB$BÓO4PMPÏMQPEÓBTFSiFMOÞNFSPVOPw
&M4F×PSOPFTUBCBBVTFOUFFOFMNPNFOUPEFMBBEPSBDJØO4FFODPOUSØ
DPO$BÓOZMPBNPOFTUØ/PMPDPOEFOØEJSFDUBNFOUF QFSP DPOVOKVFHPEF
QBMBCSBT MFIJ[PFOUFOEFSRVFFTUBCBSFBMNFOUFFOQFMJHSP-BTQBMBCSBTiEF
DBÓEPwZiFOBMUFDJEPwPGSFDFOVODPOUSBTUFFOMBMFOHVBPSJHJOBM-BNJSBEBP
TFNCMBOUFEFDBÓEPOPFTFMNBSDPBQSPQJBEPQBSBVOBDPODJFODJBMJNQJBPVOB
BDDJØODPSSFDUB%JPT QPSNFEJPEFFTBTQSFHVOUBT FTUBCBQSPDVSBOEPDPOEVDJS
B$BÓOBVOBVUPFYBNFOZBMBSSFQFOUJNJFOUP
4J $BÓO IBDÓB FM CJFO 
 DPO UPEB TFHVSJEBE RVF %JPT MP SFDJCJSÓB DPO
BHSBEP{1FSP TJQPSFMDPOUSBSJP OPIVCJFSBPCSBEPCJFO &TUFFSBFMWFSEBEFSP
BTVOUPZFOWF[EFWFSMP $BÓOMFFDIØMBDVMQBB"CFM4VWJEBFTQJSJUVBMOP
FTUBCBNVZMFKPTEFWFSTFBNFOB[BEB&MQFDBEPFTUBCBFYBDUBNFOUFBMPUSPMBEP
EFMBQVFSUB MJTUPQBSBMMFWBSB$BÓOBMBSVJOB
&TNFOFTUFSQSFTUBSBUFODJØOBEPTQBMBCSBTEFMWFSTÓDVMP&MUÏSNJOPQF
DBEP IBUUBM
QVFEFTJHOJmDBSUBOUPQFDBEPDPNPPGSFOEBQSPQJDJBUPSJB&TUF
ÞMUJNP TJHOJmDBEP QBSFDF FTUBS GVFSB EF EJTDVTJØO  QPSRVF MB QSFTFODJB GVFSB
EFMBQVFSUBOPQBSFDFBMHPEFQSPWFDIPNÈTCJFOEBMBJEFBEFBMHPBDJBHP
&OFMIFCSFP MPRVFTFUSBEVDFDPNPFTUÈ SPCFTI
FTVOTVTUBOUJWPWFSCBM&M
QSPCMFNBRVFTFMFQSFTFOUBBMUSBEVDUPSFT{TFVTBFTUBQBMBCSBDPNPWFSCP
FTUÈ P DPNP VO OPNCSF RVF EB FM TFOUJEP EF RVF FM QFDBEP FTUÈ B MB FTQFSB 
BHB[BQBEP
&"4QFJTFSTF×BMBRVFFMBDBEJBOP VOJEJPNBEFMDVBMQSPDFEFFMIFCSFP
CÓCMJDP VTBCÈTJDBNFOUFMBNJTNBQBMBCSB SBCJTIVN OØUFTFRVFMBTUSFTQSJNF
SBTDPOTPOBOUFTTPOMBTNJTNBT
RVFTJHOJmDBiEFNPOJPw-BIJTUPSJBCÓCMJDB
RVFOPTPDVQBQSPWJFOFEFMBNJTNB[POBHFPHSÈmDBEFNPEPRVFTJDPOTJEF
SBNPTRVFMBQBMBCSBSPCFTIQSPWJFOFPTFMBUPNØEFMBDBEJBOPFTUBNPTDFSDBEF
MBTPMVDJØO&MQFDBEPFTUÈSFQSFTFOUBEPDPNPVOEFNPOJPNBMJHOP MJTUPQBSB
EBSFM[BSQB[PTPCSF$BÓOTJFTUFTFTFQBSBCBEF%JPTTJOIBCFSTFBSSFQFOUJEP
4JOFNCBSHP %JPT FOTVNJTFSJDPSEJB PGSFDJØB$BÓOFMQPEFSQBSBWFODFSMP
5ÞUFFOTF×PSFBSÈTEFÏM


&RPB%HDFRQB,BQYDBPHGLQGG 
-JCSP $SJTJTZ%FDBEFODJB

1PEFNPTQBSBGSBTFBSMBÞMUJNBQBSUFEFMWFSTÓDVMP EFMBTJHVJFOUFNBOF
SBi)BTQFSNJUJEPRVFBSEBFOUJMBMMBNBEFMFOPKPQPSMPUBOUP DVBOEPTBMHBT
EFNJNPSBEBFMQFDBEPUFUPNBSÈFTNFKPSRVFEPNJOFTUVJSB QPSRVFEFPUSP
NPEPMBEFTUSVDDJØOUFIVOEJSÈw
1FSP$BÓOTBMJØEFMBQSFTFODJBEF%JPTZTVFOTB×BNJFOUPTFWPMWJØDFMP FM
RVFBTVWF[EJPQBTPBMBJSBDSJNJOBMVOJEBBVOQMBOFBNJFOUPBTUVUP6OEÓB 
FOFMDBNQP TFMMFWØBDBCPMBNBMEBE‰$BÓOyNBUØ 
B"CFM EFMJCFSBEB
NFOUFZTJOQSPWPDBDJØO
1FSP$BÓOOPQPEÓBFWJUBSB+FIPWÈ 
7JOPQSPOUPMBFTDFOBEFMKVJDJP-B
WP[EFMBTBOHSFEFUVIFSNBOPDMBNBBNÓ 
FTVOBGSBTFRVFDPOUJFOFVO
MFOHVBKFWÓWJEPRVFTJHOJmDBi5ÞQVFEFTUSBUBSEFPMWJEBSUVBDUPEFWJPMFODJB 
QFSPZPOP$VBMRVJFSDPTBRVFMFTVDFEBBVOPEFNJTIJKPTBNÓNFDPODJFSOFw
"TÓ $BÓOQFSEJØFMQSJWJMFHJPEFDVMUJWBSMBUJFSSBZTFMPMBO[ØBMEFTJFSUPQBSB
DPOWFSUJSTFFOFSSBOUFZFYUSBOKFSP 
-BSFWFMBDJØOEFTVQFDBEPDBNCJØB
$BÓO &M PEJP BSSPHBOUF MMFHØ B USBOTGPSNBSTF FO VO UFNPS QVTJMÈOJNF NF[
DMBEPDPOMÈTUJNBEFTÓNJTNP2VFEBCBFYQVFTUPBTVGSJSFMNJTNPmORVFMF
IBCÓBEBEPBTVIFSNBOP:QBSBÏMFSBJNQPTJCMFTPQPSUBSFTFQFOTBNJFOUP
1FSP%JPTOPTFFTUBCBCVSMBOEPEFÏM%FOVFWP FOTVNJTFSJDPSEJB TVBWJ[ØFM
DBTUJHP1VTPTF×BMFO$BÓO 
%FNPEPRVFUVWPRVFTBMJSQBSBDPOGSPOUBS
VOBWJEBUPUBMNFOUFOVFWB MFKPTEF%JPT5JFSSBEF/PE 
TJHOJmDBiUJFSSB
EFMFSSBOUFw RVFOPQBSFDFQFSUFOFDFSBOJOHVOBSFHJØOFTQFDÓmDB EFMBRVF
TPMPIBZVOBJOEJDBDJØOHFOFSBMFODVBOUPBTVEJSFDDJØOBMPSJFOUFEF&EÏO
( # 8JMMJBNTPO CPTRVFKB EF MB TJHVJFOUF NBOFSB MBT EJGFSFODJBT FOUSF
i$BÓOZ"CFMw FO 
MBEJGFSFODJBFOUSFBNCPTIPNCSFT‰BVOTJFOEP
IFSNBOPT C C  
MBEJGFSFODJBTJHOJmDBUJWBEFTVTPGSFOEBT B
DPUÏKFTF)FCSFPT 
MBSFWFMBDJØOEFMBCPOEBEZTFWFSJEBEEF%JPT B
-PTBDUJWPTQFSPJNQÓPTEFTDFOEJFOUFTEF$BÓO 

-BJNQPSUBODJBEF$BÓODPNPQFSTPOBKFTFBHPUBBRVÓ4VQPTUFSJEBETF
NFODJPOBCSFWFNFOUFFOVOBEFTDSJQDJØOHFOFBMØHJDB
1PSMPRVFQVFEFJNQMJDBSTF MBFTQPTBEF$BÓOGVFVOBIFSNBOB DG

RVFQBSUJØDPOÏMBMFYJMJP&MQSJNFSDSJNJOBMDPNFO[ØBFEJmDBSVOBWJWJFOEB
GPSUJmDBEB VOBDJVEBE 
ZPSHVMMPTBNFOUFMFQVTPFMOPNCSFEFTVQSJNP
HÏOJUP &OPD-BCÞTRVFEBEFTFHVSJEBEEF$BÓOZMPTTVZPTTFWFSFQSFTFOUBEB
QPS MB DPOTUSVDDJØO EF GVFSUFT NVSPT  FM IBCFS FOHFOESBEP NVDIPT IJKPT EF
EJWFSTBTNVKFSFT ZFOMBDSFBDJØOEFQPEFSPTBTBSUFTBOÓBT BSNBNFOUPZFOFM
PEJP&MQSJNFSQPFNBEFMBT&TDSJUVSBT 
JMVTUSBMBBNBSHVSBGFSP[RVF
FOWFOFOBCBFMFTQÓSJUVEFBRVFMMPTIPNCSFT&MWFSTÓDVMPTJHOJmDBi)FNB
UBEPBVOIPNCSF TJNQMFNFOUF
QPSRVFÏMNFIJSJØ ZBVOKPWFOTPMPQPSRVF


&RPB%HDFRQB,BQYDBPHGLQGG 
$SJTJTZ%FDBEFODJB -JCSP

NFHPMQFØw&TUPTIPNCSFTBMDBO[BSPOVOBMUPOJWFMEFDJWJMJ[BDJØO QFSPUBN
CJÏOTFIVOEJFSPOFOMBTQSPGVOEJEBEFTEFMNBM

%&91"/4*»/%&4%&6//6&70$0.*&/;0 o

&OFMMJCSPEF(ÏOFTJTSFDJCFOQPDBBUFODJØOMBTDPSSJFOUFTEFQFOTBNJFOUP
PHSVQPTEFJOEJWJEVPTNFOPTJNQPSUBOUFT QBSBBCBOEPOBSTFEFTQVÏT&MJOUF
SÏTTFFOGPDBFOMBEPDUSJOBPMBTQFSTPOBTRVFTPODFOUSBMFTFOFMQMBOSFEFOUPS
EF%JPTQBSBFMIPNCSF
&MUFSDFSIJKPEF"EÈO 

"MNVDIBDIPRVFSFFNQMB[ØBMBTFTJOBEP"CFMMPMMBNBSPO4FU 
RVF
TJHOJmDBiBTJHOBEPwPiTVTUJUVJEPw MPRVFJNQMJDBCBMBNJTFSJDPSEJBEFM4F×PS
-FTDPODFEJØB"EÈOZ&WBVOIJKPRVFQSFTFSWBSÓBMBGFFOFMÞOJDPZWFSEBEFSP
%JPT"TÓ FOTVGBNJMJBDPOUJOVBSÓBNBOUFOJÏOEPTFBSEJFOUFNFOUFFMGVFHPEF
MBBEPSBDJØOWFSEBEFSB"RVÓTFFODVFOUSBFMGVOEBNFOUPEFMBFTQFSBO[BEF
RVFFTQPTJCMFMBQJFEBEFOUSFMPTTFSFTIVNBOPT
"CVOEBODJBEFB×PT QFSPFTDBTF[EFGF 

-PTWFSTÓDVMPTZTPOMBTÓOUFTJTEF(ÏOFTJTZ FOTVGPSNB TV


HJFSFORVFFTUBHFOFBMPHÓBFTVOBVOJEBEFOTÓNJTNB&M"MUÓTJNPUVWPDPNP
WFSEBEFSP NPUJWP EF TV BDUP DSFBEPS IBDFS BM IPNCSF B TFNFKBO[B EF %JPT

&OFMIVFSUP FMQFDBEPDBVTØMBEFQSBWBDJØOEFFTBTFNFKBO[B MBDVBMTF
QFSWJSUJØBVOFOMPTMPHSPTDVMUVSBMFTEFMPTEFTDFOEJFOUFTEF$BÓO:4FUUBN
QPDPIBCÓBOBDJEPBMBTFNFKBO[BEF%JPT&TUBCBFOFMFTUBEPDPSSPNQJEPEFM
IPNCSFQFDBEPS QPSRVFGVFIFDIPBTFNFKBO[BEF"EÈO/JOHVOBDBOUJEBEEF
B×PTTPCSFMBUJFSSBQPESÓBODBNCJBSFTFIFDIP-BQBHBEFMQFDBEPFSBMBNVFS
UFGÓTJDB ZMBÞOJDBNBOFSBEFFTDBQBSBFTFEFTUJOPTFJMVTUSBFOMBWJEBEF&OPD
$BNJOØ QVFT &OPDDPO%JPT ZEFTBQBSFDJØ QPSRVFMFMMFWØ%JPT 
-B
ÞOJDBGPSNBEFFTDBQBSEFMBNVFSUFFSBNFEJBOUFVOBÓOUJNBDPNVOJØODPO
FM4F×PS VOJEBBVOBDUPEFMJCFSBEPEFM5PEPQPEFSPTP$POFYDFQDJØOEFFTUF 
UPEPTMPTIPNCSFTNVSJFSPO   ZPUSPTWW

6OB DPNQBSBDJØO EF HFOFBMPHÓBT FO BNCPT UFTUBNFOUPT BDMBSB WBSJBT EF
TVTDBSBDUFSÓTUJDBT4POTVNBNFOUFTFMFDUJWBTZOPNFODJPOBOOFDFTBSJBNFOUF
DBEBHFOFSBDJØO4PMPFOFMIFCSFPQVFEFIBDFSTFBEFDVBEBNFOUFVOFTUVEJP
EFMBTQBMBCSBTiQBESFwFiIJKPw MPDVBMSFWFMBRVFFTUPTUÏSNJOPTBNFOVEPTF
SFmFSFOBDVBMRVJFSBOUFDFTPSPBVOEFTDFOEJFOUF&MPCKFUPEFMBTHFOFBMPHÓBT
FOMBT&TDSJUVSBTOPFTTJFNQSFFMEFQSPWFFSVOBDSPOPMPHÓBIJTUØSJDB4VGVO
DJØOWBSÓBTFHÞOFMMVHBS
&TJOUFSFTBOUFOPUBSVOQVOUPEFDPNQBSBDJØOFOUSFMBMÓOFBEF$BÓOZMB
EF4FU&MTÏQUJNPEFTQVÏTEF$BÓOGVF-BNFD RVFTFDPOTUJUVZØFOFQÓUPNF
EFBNBSHBIPTUJMJEBE TJCJFOTVTUSFTIJKPTGVFSPOHFOJPTDSFBEPSFT&MTÏQUJNP


&RPB%HDFRQB,BQYDBPHGLQGG 
-JCSP $SJTJTZ%FDBEFODJB

FOMBMÓOFBEF4FUGVFFMQJBEPTP&OPD BRVJFOMMFWØ%JPT/PÏ 
FMEÏDJNP
EFMBNJTNBSBNB ZTVTUSFTIJKPT JCBOBDPNFO[BSMBOVFWBIVNBOJEBEEFT
QVÏTEFMEJMVWJP
/PFTDPTBGÈDJMBDFQUBSMBFYUFOTJØOEFMBWJEBBUSJCVJEBBMPTQBUSJBSDBTFO
FMDBQÓUVMP-BNFDUVWPMBNÈTCSFWF RVFGVFEFB×PT.BUVTBMÏO RVF
MMFHØBMPT GVFRVJFONÈTWJWJØ-PTFSVEJUPTDPOTFSWBEPSFTIBOFTDPHJEP
VOBEFEPTJOUFSQSFUBDJPOFT"MHVOPT FTQFDJBMNFOUF+PIO%BWJTFOTVNVZQP
QVMBS#JCMF%JDUJPOBSZ ZQPTUFSJPSNFOUF#FSOBSE3BNN IBOTVHFSJEPRVFMPT
OPNCSFTOPTPMPSFQSFTFOUBOJOEJWJEVPTTJOPUBNCJÏOTVUSJCVPGBNJMJB4FFO
DVFOUSBVOQBSBMFMPCÓCMJDPFO)FDIPT FOFMRVFFMOPNCSFEFi"CSBIBNw
IBDFSFGFSFODJBBTVGBNJMJBPUSJCV QPSRVFMBUSBOTBDDJØONFODJPOBEBBDBFDJØ
EFTQVÏTEFMBNVFSUFEFMQBUSJBSDB0USPTPQJOBORVFFOMPTBMCPSFTEFMBSB[B
IVNBOB BOUFTRVFFMQFDBEPQSPMPOHBEPZQFSTJTUFOUFSFEVKFSBMBWJUBMJEBEEFM
IPNCSFZTFEFTBSSPMMBSBOUBOUBTFOGFSNFEBEFTDPNPFYJTUFOFOMBBDUVBMJEBE 
CJFOQVEPIBCFSTJEPQPTJCMFMBBWBO[BEBFEBEEFMPTBOUJEJMVWJBOPT
-BHSBOBQPTUBTÓB 

-BTHFOFBMPHÓBTEF$BÓOZ4FUUFSNJOBODPOVOBIJTUPSJBESBNÈUJDBQPSTV
BDVTBDJØO4JOFNCBSHP FOMPRVFDPODJFSOFBFTFQBTBKF TFIBTVTDJUBEPVOB
HSBODPOUSPWFSTJB
6OPEFMPTBTQFDUPTEFMQSPCMFNBTFDJGSBFOFMTFOUJEPEFMBGSBTFMPTIJKPT
EF%JPT 
$PNPFTUBTQBMBCSBTBQBSFDFOFO+PCZ%BOJFM 
EPOEFTFSFmFSFOBTFSFTDFMFTUJBMFTPÈOHFMFT TFIBTPTUFOJEPRVFMPTÈOHFMFT
DBÓEPTEFTDFOEJFSPOBMBUJFSSBZUPNBSPOFTQPTBT DG4BM EPOEFMPT
iIJKPT EF MPT QPEFSPTPTw iIJKPT EF MPT QPUFOUBEPTw  TF SFmFSFO B %JPT
 4JO
FNCBSHP FOOJOHVOBQBSUFEFMBT&TDSJUVSBTFODPOUSBNPTBMPTTFSFTDFMFTUJBMFT
EFTDSJUPTDPNPQFSWFSUJEPSFTEFMBIVNBOJEBE4JFNQSFTFMPTQSFTFOUBDPNP
CFOÏmDPT FO TVT SFMBDJPOFT DPO FM IPNCSF +FTÞT FTUBCMFDJØ DPO DMBSJEBE RVF
MPTRVFSFTVDJUFOiOJTFDBTBSÈOOJTFEBSÈOFODBTBNJFOUP TJOPTFSÈODPNPMPT
ÈOHFMFTEF%JPTFOFMDJFMPw .U
%FNPEPRVFFTFDSJUFSJPFTPQVFTUP
BMUFOPSHFOFSBMEFMB#JCMJB
"MHVOPTIBOTPTUFOJEPRVFFTUFQBTBKFFTQVSBIJTUPSJBNJUPMØHJDB MBRVF
FSBNVZEJGVOEJEBFOUSFMPTBOUJHVPTQBHBOPTSFNPOUÈOEPTFIBTUBMBÏQPDBEF
MPTIVSSJBOPT  BMB$
RVFFOTVTSFMBUPTNJUPMØHJDPTSFQSFTFOUBCBO
BMPTEJPTFTEFMBOBUVSBMF[BFOSFMBDJPOFTJMÓDJUBTDPOMBTEJPTBT4JOFNCBSHP 
FTUÈBCTPMVUBNFOUFBENJUJEPRVFMBNJUPMPHÓBFSØUJDBOPBQBSFDFFOOJOHVOB
QBSUFEFMBT&TDSJUVSBT&OUPODFT FTUPTFSVEJUPTTBDBOMBDPODMVTJØOEFRVFFM
BVUPSEF(ÏOFTJTUSBOTGPSNØVODVFOUPEFMBNJUPMPHÓBZMPQSFTFOUØQBSBKVT
UJmDBSFMKVJDJPRVF%JPTFOWJBSÓBFOCSFWF
0USPQVOUPEFWJTUBHFOFSBMJ[BEPFTRVFMPTIJKPTEF%JPTFSBOMPTEFTDFO


&RPB%HDFRQB,BQYDBPHGLQGG 
$SJTJTZ%FDBEFODJB -JCSP

EJFOUFTEF4FU&TEFHSBOJNQPSUBODJBBRVÓMBQBMBCSBIBFMPIJN RVFFOUPEP
FM"OUJHVP5FTUBNFOUPTJHOJmDBiFMÞOJDPWFSEBEFSP%JPTw EJGFSFODJÈOEPMPBTÓ
EFMBTEJWJOJEBEFTQBHBOBT&TUFQVOUPEFWJTUBQBSFDFEFTFDIBSMBUFPSÓBNJUP
MØHJDB
/PQVFEFTPTUFOFSTFWFSEBEFSBNFOUFRVFFMDPODFQUPEFMBSFMBDJØOmMJBM
FOUSF%JPTZTVTBEPSBEPSFTIBZBTJEPFYUSB×PBM"OUJHVP5FTUBNFOUP&TPOP
TPMPTFBQPZBTPCSFVOBGSBTFQBSUJDVMBSTJOPTPCSFVODPODFQUP&OSFGFSFODJB
BMWFSEBEFSP%JPTIBZVOBEFDMBSBDJØOFO%FVUFSPOPNJPRVFEJDFi-BDP
SSVQDJØOOPFTTVZBEFTVTIJKPTFTMBNBODIBw )FCCBOBX iTVTIJKPTw
5BN
CJÏOBMVEJFOEPB%JPTEJDFFMTBMNJTUBFOi)FBRVÓ BMBHFOFSBDJØOEFUVT
IJKPTFOHB×BSÓBw )FCCBOBZLB iUVTIJKPTw
4FHVSBNFOUF FOFTUPTDPOUFYUPT 
iTVTIJKPTwZiUVTIJKPTwFRVJWBMFOBiIJKPTEF%JPTw: DPONBZPSDMBSJEBE 0TFBT
EJDFBDFSDBEF*TSBFMiMFTTFSÈEJDIP4PJTIJKPTEFM%JPTWJWJFOUFw AFMIBZ

&OFM"OUJHVP5FTUBNFOUPFTJNQPTJCMFRVFFMDPODFQUPEFIFFMPIJNZFMEFAFM
IBZTFIBZBOSFGFSJEPBEPTEJPTFTTFQBSBEPT/ØUFTFUBNCJÏOFO0TFBTRVF
MBTQBMBCSBTiNJIJKPwFTUÈOFOSFMBDJØODPOFM4F×PS
&OFM/VFWP5FTUBNFOUP MBGSBTFiIJKPTEF%JPTwTFSFmFSFBTFSFTIVNB
OPT  FO +VBO   3PNBOPT  'JMJQFOTFT   +VBO  Z "QPDBMJQTJT
&TUPTQBTBKFTOFPUFTUBNFOUBSJPTOPTFEFSJWBOEFMQBHBOJTNP TJOPRVF
FTUÈOTØMJEBNFOUFCBTBEPTTPCSFMPTDPODFQUPTEFM"OUJHVP5FTUBNFOUPRVFZB
NFODJPOBNPT
-BDPODMVTJØOEFRVFMPTBEPSBEPSFTEFM4F×PS (O
EFMMJOBKFEF4FU
GVFSPOUBNCJÏOMPTIJKPTEF%JPTDJFSSBEFNBOFSBOBUVSBMMBCSFDIBFOUSFMBT
HFOFBMPHÓBTZFMEJMVWJP&TUPTIPNCSFTOPCVTDBSPOFTQPTBUFOJFOEPFODVFOUB
TVGF TJOPQPSJNQVMTP TJOUFOFSFODVFOUBTVSFMJHJØO-BDPSSVQDJØOTJHVJØB
FTUBWJEBGSÓWPMBZ%JPTSFBDDJPOØDPOJSBEJWJOB
-BQBMBCSBIFCSFBDPOUFOEFSÈ  ZBEPO
UJFOFEJWFSTBTBDFQDJPOFT$JFSUB
WFSTJØO ,+7
TFBQPZBTPCSFFMTJHOJmDBEPEFiKV[HBS SFTUSJOHJSw1FSPMBGPS
NBDJØOEFMWFSCPQPESÓBJOEJDBSSBÓDFTRVFJNQMJRVFOiQFSNBOFODJBw iTFSIV
NJMMBEPw PTJTFSFUSPDFEFBMBDBEJBOP iFTDVEPw iQSPUFDDJØOw4FBDPOUFOEFS
PiFTDVEPw FTUÈOEFBDVFSEPDPOFMDPOUFYUP&MIPNCSFOPJCBBTFSNJNBEP
TPMPQPSRVFDJFSUBNFOUFÏMFTDBSOF:TFMPQVTPBQSVFCBQPSDJFOUPWFJOUF
B×PT
&OOPTFODPOUSBNPTDPOFMQPEFSPTPQFOTBNJFOUPi/PQBSBTJFNQSFw

 FM &TQÓSJUV EF %JPT DPOUJFOEF DPO FM IPNCSF 
 FM &TQÓSJUV OP TJFNQSF
DPOUFOEFSÈ 
FMIPNCSFQVFEFFODPOUSBSHSBDJBBMPTPKPTEFM4F×PS  (#
8JMMJBNTPO

-BUSBEVDDJØOHJHBOUFT  OFmMJN
SFUSPDFEFIBTUBMB4FQUVBHJOUB&MDPO
UFYUPEFPUSPMVHBSEPOEFBQBSFDF /N
TVHJFSFVOBFTUBUVSBGVFSBEFMP
OPSNBMQFSP EFIFDIP MBDPOUFYUVSBGÓTJDBOPUJFOFOBEBRVFWFSDPOFMTJHOJ


&RPB%HDFRQB,BQYDBPHGLQGG 
-JCSP $SJTJTZ%FDBEFODJB

mDBEPEFMBQBMBCSB-JUFSBMNFOUF OFmMJNRVJFSFEFDJSiMPTDBÓEPTwPiMPTRVF
DBZFSPOTPCSFPUSPTPBUBDBSPOBPUSPTw%FUPEPTNPEPT TFUSBUBCBEFHFOUF
JNQÓB'VFSPOMPTRVFQSFDFEJFSPOZDPFYJTUJFSPODPOMPTEFTDFOEJFOUFTEFMB
VOJØOEFMPTIJKPTEF%JPTDPOMBTIJKBTEFMPTIPNCSFT/PIBZOBEBFOFM
UFYUPRVFTPTUFOHBMBJEFBRVFGVFSBOWÈTUBHPTEFFTUPTÞMUJNPT RVFSJWBMJ[BSPO
DPOFMMPTDPNPWBSPOFTEFSFOPNCSF FTEFDJS IPNCSFTEFOPUPSJFEBE
-BSFBDDJØOEJWJOBGSFOUFBMPTBTVOUPTEFMBTPDJFEBEIVNBOBGVFBVNFO
UBOEPNÈTZNÈTBNFEJEBRVFMBDPSSVQDJØOJCBTVCJFOEPFOMBFTDBMBVOJWFSTBM
-BEFHSBEBDJØOJOUFSJPSEFMIPNCSFGVFBCTPMVUB FSBEFDPOUJOVPTPMBNFOUF
FMNBM 

-B FYQSFTJØO :TFBSSFQJOUJØ+FIPWÈ 
 Z PUSBT TFNFKBOUFT WÏBOTF ²Y
4+FS  +PO
IBOQFSUVSCBEPBNV
DIPTFTUVEJPTPT&MDPODFQUPHFOFSBMTPCSFFMBSSFQFOUJNJFOUPFTUÈWJODVMBEP
BMBCBOEPOPEFMBTDPTUVNCSFTJONPSBMFT&TUFBDUPJNQMJDBVODBNCJPEFEJ
SFDDJØO EFDBSÈDUFSZQSPQØTJUP4JOFNCBSHP IBZEPTQBTBKFTFOFM"OUJHVP
5FTUBNFOUPEPOEFSPUVOEBNFOUFTFEFDMBSBRVF%JPTOPFTIPNCSFQBSBRVF
NJFOUBZQBSBRVFTFBSSFQJFOUB /N4
6OFTUVEJPEFMPTQB
TBKFTDJUBEPTNVFTUSBRVFFMBSSFQFOUJNJFOUPEJWJOPOPTVSHFEFMBUSJTUF[BQPS
MPTNBMFTDPNFUJEPT-PRVFJNQMJDBNÈTCJFOFTRVFMPTDBNCJPTFOMBSFMBDJØO
EFMIPNCSFDPO%JPTQSPWPDBODBNCJPTFOFMUSBUPEF%JPTDPOMPTIPNCSFT
$VBOEPFTUPTTFWVFMWFOEFM4F×PSBMQFDBEP ÏMDBNCJBTVSFMBDJØOEFDPNQB
×FSJTNPQPSVOBEFSFQSFOTJØOZKVJDJP$VBOEPFMTFSIVNBOPTFWVFMWFEFM
QFDBEPB%JPT ÏMFTUBCMFDFVOOVFWPWÓODVMPEFDPNVOJØO&TFFTFMBSSFQFOUJ
NJFOUPEJWJOP&OOVFTUSPUFYUP 
%JPTTFWVFMWFEFMBDPNVOJØOBMKVJDJP
&M"OUJHVP5FTUBNFOUPOVODBEFTDSJCFFOGPSNBJNQFSTPOBMZQBTJWBMPT
DBNCJPTEFSFMBDJØORVF%JPTSFBMJ[B$PNPFTFDBNCJPTJFNQSFFTQFSTPOBM 
{RVÏUÏSNJOPTQPESÓBOFNQMFBSTFNFKPSRVFDJFSUBTFYQSFTJPOFTQSPGVOEBNFOUF
FNPUJWBT :BRVÓUFOFNPTMFEPMJØ B%JPT
FOTVDPSB[ØO$VBOEPFMIPNCSF
QFDB %JPTKV[HB QFSPUBNCJÏOTVGSFJOUFOTBNFOUF
%FNPEPRVF%JPTOPTFHMPSJØDPOMBBENJOJTUSBDJØOEFVOBDUPEFKVJDJP
$BEBQBMBCSBEFTVQSPOVODJBNJFOUPFTUÈDBSHBEBEFBHPOÓB2VFIFDSFBEP

TVHJFSFi-PTQSPEVDUPTEFNJDSFBDJØOEFBNPSEFCFOTFSUPEPTEFTUSVJEPT 
FYDFQUPVOPw4PMPVOIPNCSFFSBBEPSBEPSEF%JPT/PÏIBMMØHSBDJBBOUFMPT
PKPTEF+FIPWÈ 

(#8JMMJBNTPOFYQMJDB(ÏOEFMBTJHVJFOUFNBOFSBi&MEJMVWJPw

FMKVJDJPQPSFMQFDBEPFTJOFWJUBCMF  
MBKVTUJDJBFTJOEFTUSVDUJCMF  

MBmEFMJEBEEF%JPTFTJONVUBCMFQBSBRVJFOFTMFPCFEFDFOZDPOGÓBOFOÏM 

&-"$03361$*»/6/*7&34"-:464$0/4&$6&/$*"4 o

/VFWBNFOUFVOJOEJWJEVPQBTBBMGSFOUFDPNPPCKFUPQSJODJQBMEFMBQSF


&RPB%HDFRQB,BQYDBPHGLQGG 
$SJTJTZ%FDBEFODJB -JCSP

PDVQBDJØOEF%JPT%FTQVÏTEFIBCFSMJCSBEPB/PÏZTVGBNJMJBEFMiEÓBEFM
KVJDJPw FM4F×PSFTUBCMFDFVOQBDUPDPOFMMPT1FSPBQFOBTIBCÓBOTJEPQSPOVO
DJBEPTMPTWPUPT MBDPSSVQDJØOFOUSØPUSBWF[QBSBFOUVSCJBSMBTJUVBDJØO/P
IVCPDBNCJPTNJFOUSBTMBEFTDFOEFODJBEF/PÏJCBFOBVNFOUPZTFFYQBOEÓB
TPCSFMBUJFSSB1BSFDFTFSMBUSJTUFSFQFUJDJØOEFVOBBOUJHVBIJTUPSJB
-BTQSPF[BTEFMKVTUP/PÏ o

"VORVFFTUFSFMBUPFTQPQVMBSNFOUFDPOPDJEPDPNPi-BIJTUPSJBEFMEJ
MVWJPw TPOQPDPTMPTEFUBMMFTRVFDPOPDFNPTTPCSFÏM&MÏOGBTJTQSJODJQBMFTUÈ
QVFTUPFOMBSFMBDJØOEF%JPTDPOMBIVNBOJEBE FTQFDJBMNFOUFDPOFMIPNCSF
RVFÏMFTDPHFQBSBUFOFSVOUSBUPEJSFDUP ZMBTSFTQVFTUBTEFFTUFBMBTEFNBOEBT
EJWJOBT/PÏFTFMQFSTPOBKFQSPNJOFOUFEFMSFMBUP4VPCFEJFODJBFTEFTVNB
JNQPSUBODJBQBSBFMBDUPTBMWBEPSEF%JPT ZOPTPMBNFOUFQBSBFMKVJDJP
&MPSEFOEFMBIJTUPSJBMPDPOTUJUVZFVONBSDPIJTUØSJDP 
VOBTFSJF
EFNBOEBUPT o
MBFKFDVDJØOEFMKVJDJP 
VOBFYUFOTJØOEFNJ
TFSJDPSEJB 
ZVOQBDUP 

B6OIPNCSFKVTUPFOVONVOEPDPSSPNQJEP 
*ONFEJBUBNFOUF TFMP
TF×BMBB/PÏ 
DPNPVOBQFSTPOBFYDFQDJPOBM BVORVFTVTDBSBDUFSÓTUJDBTOP
TPOQPDPGSFDVFOUFTFOUSFMPTIPNCSFTEF%JPT UBOUPFOFM"OUJHVP5FTUBNFOUP
DPNPFOFM/VFWP&SBVOWBSØOKVTUP UTBEJL
FTEFDJS WJWÓBTFHÞOVOBOPSNB 
ZTVFYJTUFODJBTFDBSBDUFSJ[BCBQPSMBPCFEJFODJBB%JPTZTVQSFPDVQBDJØOQPS
MBIVNBOJEBE&SBQFSGFDUP UBNJN
FOPUSBTQBMBCSBT ÓOUFHSPFOTVMFBMUBE 
PSJFOUBEPIBDJBVOCMBODPEFmOJEPFJOTQJSBEPQPSVOBQBTJØOQSFEPNJOBOUF
$PNP&OPD 
DPO%JPTDBNJOØ/PÏFYQSFTBOEPDPOFTUPRVFEJTGSVUBCB
EFDPNVOJØOÓOUJNBZDPOUJOVBDPOÏM5BMNBOFSBEFWJWJSJOGVOEJØFO/PÏ
GFSWPS Z QSPGVOEJEBE FTQJSJUVBM  Z MP MMFWØ B EFTBSSPMMBS VOB SFMBDJØO QFSTPOBM
DPO%JPTRVFTPCSFQVKBUPEBSFMJHJØODFSFNPOJBM
-B DPOEJDJØO NPSBM EF MB HFOFSBDJØO EF FTUF QBUSJBSDB OP TPMP DPOUSBTUB
DPOTVQSPQJBWJEBTJOPRVFBSSPKBMV[TPCSFMBTQBMBCSBTRVFMBEFTDSJCFO-B
QFSWFSTJØOEFTVTDPOUFNQPSÈOFPTTFFOGSFOUBBMBKVTUJDJBEF/PÏ&TUFNBOJ
GFTUØmEFMJEBEZDPOGPSNJEBEBMBWPMVOUBEEF%JPT MBHFOUFOP4VTJODFSJEBE
ZQMFOJUVEEFWJEB UBNJN
FSBOSBEJDBMNFOUFEJTUJOUBTEFMBWJPMFODJB DIBNBT 

RVFQMBHBCBMBTPDJFEBEEFTVÏQPDB6OBDPNQBSBDJØOFOUSFMPTWFSTÓDVMPT
DPOFMOPTEFNPTUSBSÈRVFMBWJPMFODJBFSBJOUFSJPS TVNBNFOUFDPOUB
NJOBEBDPOJNÈHFOFTJONPSBMFTZUFOEFODJBTDPSSPNQJEBT
-BEFDMBSBDJØO:NJSØ%JPT 
OPRVJFSFEFDJSRVFÏMOFDFTJUBSBJOGPS
NBDJØO TJOPRVFMBTJUVBDJØORVFIBCÓBFOMBUJFSSBMPUFOÓBTVNBNFOUFQSFPDV
QBEPZFYJHÓBVOBJNQPSUBOUFDPOTJEFSBDJØO/PUFTJHOJmDBEPTTJNJMBSFTFOMPT
WFSTÓDVMPT 4JFNQSFTFIBDFVOBFWBMVBDJØOEFMBEFDJTJØOZEFMB
BDDJØO


&RPB%HDFRQB,BQYDBPHGLQGG 
-JCSP $SJTJTZ%FDBEFODJB

C +VJDJP EF %JPT TPCSF MB SB[B IVNBOB o


 -B QBMBCSB EJWJOB )F
EFDJEJEPFMmOEFUPEPTFS 
SFQFSDVUJØDPNPUB×JEPEFNVFSUFEFOUSPEF
/PÏ-BSFBMJEBENPTUSBCBRVFMBUJFSSBFTUBCBMMFOBEFWJPMFODJBZZBOPQPEÓB
DPOUJOVBSDPOFTFEFTFOGSFOP%JPTIBCÓBUPNBEPVOBEFDJTJØO ZBIPSBFTUBCB
MJTUPQBSBMMFWBSMBBDBCP-BEFTPCFEJFODJBEFMBHFOUFIBCÓBTJEPNVZHSBOEF
FMDBTUJHPEFCÓBTFSESÈTUJDP&MIPNCSFZTVIPHBS MBUJFSSB TFSÓBOEFTUSVJEPT
:FMMPTFSFBMJ[BSÓBEFKBOEPEFTPTUFOFSMBWJEBNJFOUSBTEVSBSBFMEJMVWJP
&MKVJDJPOPJCBBFTUBSFYFOUPEFVOBPQPSUVOJEBEEFTBMWBDJØO1PSFTP 
/PÏ SFDJCJØ JOTUSVDDJPOFT FTQFDÓmDBT %FCÓB UPNBS NBEFSB EF HPGFS 
 Z
DPOTUSVJSVOBHSBOBSDBFOGPSNBEFDBKØO4FJHOPSBDØNPFSBMBNBEFSBEF
HPGFS QFSPFMDBMBGBUFPTFIJ[PDPONBUFSJBMBTGÈMUJDPNVZDPOPDJEPFOFMWBMMF
EFMB.FTPQPUBNJB4JTFDPOTJEFSBRVFFMDPEPNFEÓBDNEFMBSHP FOUPODFT
FMBSDBNFEJSÓBVOPTNEFMPOHJUVEQPSEFBODIPZEFBMUVSB6OB
WFOUBOB 
MFQSPWFZØWFOUJMBDJØO PRVJ[ÈTFUSBUØEFVOBBCFSUVSBQBSBRVF
FOUSBSBMV[MBRVFQVEPIBCFSFTUBEPVCJDBEBQPSEFCBKPEFMUFDIP&MUFYUP
EJDFNVZQPDPFODVBOUPBMPTEFUBMMFTEFMBDPOTUSVDDJØO"VODPTUBEPEFMBSDB
EFCÓBIBDFSMFVOBQVFSUB TJOFNCBSHPOPIBZOJOHVOBJOEJDBDJØOEFMBGPSNB
FORVFTFDPNVOJDBSÓBDPOMPTUSFTQJTPT
6O EJMVWJP EF BHVBT 
 TFSÓB FM JOTUSVNFOUP EF DBTUJHP QFSP TF JCB B
FTUBCMFDFSVOQBDUP 
DPO/PÏ WÏBTF
&TUBFTMBQSJNFSBWF[RVF
MB QBMBCSB QBDUP BQBSFDF FO FM "OUJHVP5FTUBNFOUP &O QBTBKFT GVUVSPT TFSÈ
MBFYQSFTJØOGBWPSJUBQBSBEFTDSJCJSMBSFMBDJØOQFSTPOBMFOUSF%JPTZFMQVFCMP
BRVJFOÏMFTDPHJØQBSBUFOFSVOBDPNVOJØOFTQFDJBM&OFTUFDBTP /PÏZMPT
TVZPT  JODMVZFOEP TVT OVFSBT  TFSÓBO MPT QPDPT FMFHJEPT: FO FTUB PDBTJØO  MB
SFMBDJØOEFMQBDUPTPMPFSBVOBQSPNFTB
*ONFEJBUBNFOUF %JPTJOGPSNØB/PÏRVFEFCÓBJOUSPEVDJSQBSFKBTEFBWFT
ZBOJNBMFTFOFMBSDB-BGSBTFTFHÞOTVFTQFDJF 
RVFUBNCJÏOFODPOUSBNPT
FO(ÏOFTJT QBSBSFGFSJSTFBMPTBOJNBMFT OPFTDMBSBFOMPDPODFS
OJFOUF B TV DMBTJmDBDJØO "RVÓ TPMP TF NFODJPOBO MPT HSVQPT HFOFSBMFT BWFT
PG
CFTUJBT CFIFNBI
ZEFUPEPSFQUJMEFMBUJFSSB SFNFT 
1BSBFMQFOTB
NJFOUPBDUVBM IBCMBSEFiDMBTFTwEFBOJNBMFTFTVOBSFGFSFODJBBMBTFTQFDJFT 
EFMBTDVBMFTTFDPOTJEFSBOBMSFEFEPSEFVONJMMØO4FSÓBVOFSSPSQFOTBSRVF
MPTBOUJHVPTDPOTJEFSBCBOMBTDMBTFTEFBOJNBMFTFOFMNJTNPTFOUJEPRVFMBT
DPOTJEFSBNPTIPZ4VDSJUFSJP TJOEVEB FTUVWPNVZDFSDBEFMPRVFOPTPUSPT
EFOPNJOBNPTiDMBTFT ØSEFOFT GBNJMJBTPHÏOFSPw1FSPOPIBZGPSNBEFQPEFS
EFUFSNJOBSFTUFQVOUP5BNCJÏOTFMMFWØBMJNFOUP 
BMBSDB
"VORVFMBQBMBCSBEF%JPTFSBJOVTJUBEB /PÏPCFEFDJØmFMNFOUFMBTJOT
USVDDJPOFT&O)FCSFPTTFIBDFMBPCTFSWBDJØOEFRVFiDPOUFNPSQSFQBSØ
FM BSDBw NJFOUSBT PCFEFDÓB B %JPT 1FESP TF SFmSJØ B ÏM DPNP iQSFHPOFSP EF
KVTUJDJBw 1



&RPB%HDFRQB,BQYDBPHGLQGG 
$SJTJTZ%FDBEFODJB -JCSP

#BTBEPFO "MFYBOEFS.BDMBSFOQSFEJDØTPCSFi&M4BOUPFOUSFQF
DBEPSFTw 
FMTBOUPTPMJUBSJP  
MBBQPTUBTÓBVOJWFSTBM 
MBTFOUFODJB
TFWFSB  
MBPCFEJFODJBBCTPMVUBEF/PÏ  
MBWJOEJDBDJØOEFGF 

$VBOEPFMBSDBFTUBCBUFSNJOBEB +FIPWÈOVFWBNFOUFWJOPB/PÏ 
4F
BMBCØTVPCFEJFODJB JEFOUJmDBEBDPOMBQBMBCSBKVTUP-PRVF/PÏIBCÓBIFDIP
NFSFDJØMBBQSPCBDJØOEF%JPT
&OMBMJTUBEFMPTBOJNBMFTRVFEFCÓBOFOUSBSBMBSDBTFIBDFEJTUJODJØOFOUSF
BOJNBMMJNQJP 
ZMPTRVFOPTPOMJNQJPT-PTQSJNFSPT FOTFOUJEPSJUVBM 
HP[BCBOEFMQSJWJMFHJPEFRVFFOUSBSÓBOTJFUFQBSFKBT/PRVFEBDMBSPTJSFBM
NFOUFTFSFmFSFBTJFUFQBSFKBTPBUSFTQBSFTZVOPBEJDJPOBM%FMPTRVFOPFSBO
MJNQJPTTPMPJOHSFTBSÓBVOB/PIBZDMBTJmDBDJØOFOUSFBWFTMJNQJBT 
ZMBTRVF
OPMPFSBOQFSP UBNCJÏOEFMBTQSJNFSBTEFCÓBOFOUSBSTJFUFQBSFKBT/PÏUVWP
RVFFTQFSBSTJFUFEÓBT 
MVFHPEFDBSHBSFMBSDB QBSBRVFDPNFO[BSBFMKVJDJP
&TUFJCBBTFSVOEJMVWJPQPSNFEJPEFMDVBM%JPTEJKPSBFSÏEFTPCSFMBGB[EF
MBUJFSSBBUPEPTFSWJWJFOUF&MQBUSJBSDBPCFEFDJØSÈQJEBZNJOVDJPTBNFOUFFM
NFOTBKFEF%JPT
D &M EJMVWJP 
 %FCFNPT OPUBS RVF /PÏ FSB EF TFJTDJFOUPT B×PT

DVBOEPPDVSSJØMBDBUÈTUSPGF4FEFTDSJCFMBFOUSBEBBMBSDBDPNPVOTVDFTP
DBMNPZPSEFOBEP IBCJÏOEPTFSFBMJ[BEPTFHÞOMPRVF%JPTIBCÓBPSEFOBEP%F
BDVFSEPDPOFMSFMBUP MBTBHVBTEFMEJMVWJPWJOJFSPO 
TPCSFMBUJFSSB
-BTFHVOEBOPUBDJØODSPOPMØHJDBNFODJPOBFMNFTZFMEÓBFOFMRVFDP
NFO[ØFMEJMVWJP-BTBHVBTQSPWJOJFSPOEFEPTMVHBSFTEFBCBKP MBTGVFOUFT
EFMHSBOBCJTNP 
ZEFBSSJCB MBTDBUBSBUBTEFMPTDJFMPT6OBEFTDSJQDJØO
UBOTVDJOUBIBEFTQFSUBEPDPOKFUVSBTBDFSDBEFMTJHOJmDBEPEFFTBTGSBTFT-B
#JCMJBTPMBNFOUFOPTEJDFRVFMBUVSCVMFODJBDPOUJOVØEVSBOUFDVBSFOUBEÓBT
ZDVBSFOUBOPDIFT 
"OUFTEFRVFDPNFO[BSBFMEJMVWJP /PÏZTVGBNJMJB 
KVOUPDPOMPTBOJNBMFT FOUSBSPOBMBSDBEFBDVFSEPDPOMPPSEFOBEPQPS%JPT
&M"MUÓTJNPDFSSØMBQVFSUB EFNPEPRVFFMMPTnPUBSPOBTBMWPTPCSFMBTBHVBT
RVFDSFDJFSPOFOHSBONBOFSB 
IBTUBRVFUPEPTMPTNPOUFTBMUPTyGVFSPO
DVCJFSUPT 

&M SFMBUP BHSFHB RVF MBT BHVBT TVCJFSPO RVJODF DPEPT NÈT BMUP 
 FT
EFDJS VOPTTJFUFNFUSPTQFSPMPRVFOPTFBDMBSBFTTJFTUPFSBEFTEFMBDJNBEF
MBNPOUB×BNÈTFMFWBEBPEFTEFBMHÞOPUSPQVOUP&MBHVBSFBMJ[ØTVPCKFUJWP
DBUBTUSØmDPEFTUSVZFOEPUPEPMPRVFIBCÓBFOMBUJFSSB 
%PTWFDFTTFIBDF
ÏOGBTJTFOMBEFTUSVDDJØO  
QPSRVFFMKVJDJPGVFBMHPQBWPSPTP4PMPMPT
RVFFTUBCBOFOFMBSDBFTDBQBSPOEFMEJMVWJPMVFHP MBTBHVBTQSFWBMFDJFSPOTP
CSFMBUJFSSBDJFOUPDJODVFOUBEÓBT 

E1FSP%JPTTFBDPSEØ 
-BEFDMBSBDJØO4FBDPSEØ%JPT 
FTDPNP
VOSBZPEFMV[FOMBUFOFCSPTBFTDFOB-BWJPMFODJBZMBNBMEBEUSBFOVOBDPTF


&RPB%HDFRQB,BQYDBPHGLQGG 
-JCSP $SJTJTZ%FDBEFODJB

DIBEFEFTUSVDDJØOQFSPMBPCFEJFODJBmFMEFVOPTQPDPTQSPEVDFFYQSFTJPOFT
CPOEBEPTBTEFQBSUFEFM+VF[DFMFTUJBM&MEJMVWJPOPJCBBEVSBSQBSBTJFNQSF OJ
MPTRVFFTUBCBOFOFMBSDBRVFEBSÓBOBMMÓDPNPTJGVFSBVOBQSJTJØO/VFWBNFOUF
%JPTBDUVØ FOWJBOEPVOWJFOUPTFDPQBSBCBSSFSMBTBHVBT MBTRVFSÈQJEBNFOUF
TFSFUJSBSPOEFMBTDJNBTEFMBTNPOUB×BT1SPOUPFMBSDB 
SFQPTØTPCSFFM
NPOUF"SBSBU RVFTFFODVFOUSBFOMBQBSUFPSJFOUBMEF5VSRVÓB-FOUBNFOUF 
MPTNPOUFT 
GVFSPOEFTDVCSJÏOEPTFQFSPDVBOEPBCSJØ/PÏMBWFOUBOBEFM
BSDB 
ZFOWJØVOBQBMPNB 
OPIBMMØUJFSSBTFDBTPCSFMBDVBMQPTBSTF EF
NPEPRVFWPMWJØBÏMBMBSDB 
6OBTFNBOBNÈTUBSEFWPMWJØBTPMUBSMBQBMP
NB 
ZOVFWBNFOUFSFHSFTØ QFSPDPOVOBIPKBEFPMJWP 

%FTQVÏT EF PUSPT TJFUF EÓBT 
 TPMUØ MB QBMPNB QPS UFSDFSB WF[ 1FSP
FO FTUB PDBTJØO OP WPMWJØ  MP RVF JNQVMTØ B RVF /PÏ RVJUBSB MB DVCJFSUBEFM
BSDB 
1FSPOPQFSNJUJØRVFOBEJFTBMJFSBEFMBSDBIBTUBRVFMBUJFSSBFTUVWP
DPNQMFUBNFOUFTFDB EÓBTNÈTUBSEF/PUFRVFFOFMWFSTÓDVMPEJDFRVF
MBT BHVBT TF TFDBSPO IBSFWV
 QFSP FO FM TJHVJFOUF BmSNB TF TFDØ MB UJFSSB
ZBWFTBI
&MDBNCJPEFMWFSCPIFCSFPJOEJDBVOTFDBEPTVQFSJPSBMFGFDUVBEP
QPSMBEFTBQBSJDJØOEFMBTBHVBTTPCSFMBUJFSSB 
&OSFTQVFTUBBMNBOEBUP
EF%JPT /PÏ 
BCSJØFMBSDB ZUPEPTMPTRVFIBCÓBOFTUBEPBEFOUSP TBMJFSPO
EFMBSDB 

F4BDSJmDJPZQSPNFTB 
"MTBMJSEFMBSDB /PÏEJSJHFQSJNFSBNFOUF
TVT QFOTBNJFOUPT Z BDDJPOFT EF HSBDJBT B %JPT 4PCSF FM BMUBS 
 TBDSJmDØ
BMHVOPTEFMPTBOJNBMFTMJNQJPT EFMBTBWFTFOJHVBMDPOEJDJØO DVZPOÞNFSP
FSBFYDFTJWP  
ZFM4F×PSMFSFTQPOEJØ-BTQBMBCSBTZQFSDJCJØ+FIPWÈ
PMPSHSBUP 
OPTVHJFSFORVF%JPTUFOÓBBQFUJUPTJOPRVFUPNØFODVFOUBMB
BDDJØOEF/PÏZMBBQSPCØ4FMPQSFTFOUBB%JPTEFUFSNJOBEPBOPWPMWFSB
VTBSKBNÈTFMEJMVWJPDPNPNFEJPEFDBTUJHP-BTSB[POFTQBSBVOKVJDJPUPEBWÓB
QFSNBOFDFO QPSRVFFMJOUFOUPEFMDPSB[ØOEFMIPNCSFFTNBMPEFTEFTVKV
WFOUVE 
QFSPMBNJTFSJDPSEJBEF%JPTFYDMVZØBMEJMVWJPDPNPDBTUJHP&TUP
OPTJHOJmDBRVFZBOPIBCSÈNÈTDBTUJHP&TUFWFOESÈNJFOUSBTFMQFDBEPQFS
TJTUBFOUSFMPTIPNCSFT BVORVFQPSPUSPTNFEJPT$PNPTF×BMEFTVEFDJTJØO FM
"MUÓTJNPFTUBCMFDJØVOPSEFOEFTFDVFODJBTOBUVSBMFTRVFBOJNBSÓBOBMIPNCSF
BBCSJHBSFTQFSBO[BTQBSBFMGVUVSP
G1BDUPEF%JPTDPO/PÏ 
.VZTJNJMBSBMPNFODJPOBEPFO(ÏOFTJT
 #FOEJKP%JPTB/PÏZBTVTIJKPT 
ZMFTEJPFMNJTNPNBOEBNJFOUP
EFQPCMBSMBUJFSSB&MMPTUFOESÓBORVFEPNJOBSTPCSFUPEPTMPTEFNÈTTFSFTRVF
MBIBCJUBSBO"EFNÈTEFMBTQMBOUBTQBSBDPNFS BIPSBTFMFTBVUPSJ[BCBBDPNFS
DBSOFDPOVOBTPMBMJNJUBDJØOOPQPEÓBODPNFSDBSOFRVFBÞOUVWJFSBWJEB DPO
TVTBOHSF 
-BTBOHSFFSBTÓNCPMPEFMBWJEBZ FOFMIPNCSFFOQBSUJDVMBS 
FTUPOPTFEFCÓBUSBUBSDPOMJWJBOEBE²MIBCÓBTJEPIFDIPBJNBHFOEF%JPT 

ZQPSFTPUFOÓBVOBQPTJDJØOFTQFDJBM


&RPB%HDFRQB,BQYDBPHGLQGG 
$SJTJTZ%FDBEFODJB -JCSP

)BCJFOEPBDMBSBEPFMQBQFMÞOJDPEFMIPNCSFTPCSFMBUJFSSB FM4F×PSDPO
UJOÞB EFTUBDBOEP TV SFMBDJØO FTQFDJBM DPO ÏM  FTUBCMFDJFOEP VO QBDUP 
 DPO
/PÏZTVTEFTDFOEJFOUFT&OFTFQBDUPTFQPOÓBNBZPSÏOGBTJTFOMBNJTFSJDPS
EJBRVFFOFMDBTUJHP NJTFSJDPSEJBRVFTFFYUFOEÓBBUPEBTTVTDSJBUVSBT ZTV
TF×BMQFDVMJBSNJBSDPIFQVFTUPFOMBTOVCFT 
OPRVFSÓBEFDJSRVFFMBSDP
JSJTOPIVCJFSBBQBSFDJEPBOUFT4VFTUSFDIBSFMBDJØODPOMBMMVWJBQBSFDFIBCFS
TJEPFMQSJODJQBMNPUJWPQPSFMRVFTFMPVTØDPNPTF×BMEFMQBDUPEJWJOPEF
RVFKBNÈTTFSFQFUJSÓBFMEJMVWJP&MQVOUPFTUBOFTFODJBMRVFTFSFJUFSBFOTFJT
PDBTJPOFTFOMPTWFSTPT
-BTTVHFSFODJBTUFPMØHJDBTEFMBTFYQFSJFODJBTEF/PÏSFMBDJPOBEBTDPOFM
EJMVWJP BVORVFBNFOVEPTPMBNFOUFJNQMÓDJUBT TPODMBSBT-BSBÓ[EFMBEJmDVM
UBEZBDFFOMBSFCFMJØOEFMIPNCSFDPOUSB%JPTZTVQSPQFOTJØOFJNBHJOBDJØO
IBDJBFMNBM5BNQPDP%JPTUPMFSBEFTNFTVSBEBNFOUFFMQFDBEP)BZVOQVOUP
mOBMRVFSFTVMUBFOKVJDJPQBSBFMIPNCSF QFSPOPTJOEPMPSQBSB%JPT 
²M
GVFRVJFOEJPFMQSJNFSQBTPQBSBQSFQBSBSMPTQBSBFMKVJDJP IBDJFOEPQSPWJTJØO
QBSBBRVFMMPTRVFWJWÓBODPOGPSNFBTVWPMVOUBE-PTEFNÈTUVWJFSPORVFQBTBS
QPS FM KVJDJP QPS IBCFS EFTFDIBEP B %JPT -B FYQFSJFODJB EF /PÏ QSFTFOUB B
%JPTDPNPFM"NPTVQSFNPEFUPEBTMBTGVFS[BTOBUVSBMFT BMHVOBTEFMBTDVBMFT
TFVTBODPNPJOTUSVNFOUPTEFDBTUJHPZPUSBTEFTBMWBDJØO-BTPMJDJUVEEJWJOB
FONFEJPEFMKVJDJPTFQPOFEFNBOJmFTUPFOMBEFDMBSBDJØOBUSBWÏTEFMBDVBM
ÏMTFBDVFSEBEFBRVFMMPTRVFQFSNBOFDÓBOFOFMBSDB"VORVFMBTJUVBDJØOEF
FMMPTFSBBSSJFTHBEB KBNÈTFTUVWJFSPOBVTFOUFTEFMQFOTBNJFOUPEFM"MUÓTJNP
$VBOEPUFSNJOØFMQFMJHSP FM4F×PSQVTPFOFWJEFODJBTVBNPSFTUBCMFDJFOEP
VOQBDUPRVFJNQMJDBSÓBVOBSFMBDJØOQFSTPOBMZFTQPOUÈOFBDPOFMIPNCSFZMBT
DSJBUVSBT IBDJÏOEPMFTQSPNFTBTEFHSBDJBTGVUVSBT-BWJODVMBDJØOEF%JPTDPO
FMIPNCSFOPUFOÓBMBÓOEPMFEFVODPNQMFKPEFGVFS[BTOBUVSBMFTBRVJFOFTTF
MFTBTJHOBSBFMOPNCSFEFEJPTFTZEJPTBTDBSBDUFSJ[BEPTQPSMBFYUSBWBHBODJBZ
FMDBQSJDIP²MFTFM%JPT$SFBEPSRVFEFNBOEBKVTUJDJBZDBTUJHBMBDPSSVQDJØO
4VUSBUPDPOFMIPNCSFFTQSPGVOEBNFOUFQFSTPOBM
%FTJOUFHSBDJØOFTQJSJUVBM o

" QFTBS EF MB MFDDJØO EFM EJMVWJP  VOB WF[ QBTBEP  OP UPEPT MPT IPNCSFT
GVFSPOmFMFTB%JPT
B%FTBUJOPFOMBGBNJMJBEF/PÏ 
/PÏFSBBHSJDVMUPS DPNPMPIBCÓB
TJEP$BÓO-MFHØBBNBSQSPGVOEBNFOUFMBTQMBOUBT FOUSFMBTRVFTFDPOUBCB
MBWJE&TUBFTMBQSJNFSBWF[RVFFOMB#JCMJBTFNFODJPOBMBQSPEVDDJØOEF
WJOP ZFTNVZTJHOJmDBUJWPFMIFDIPEFRVFFTUÏWJODVMBEBDPOVOBTJUVBDJØO
EFTHSBDJBEB
&TQPTJCMFRVF/PÏIBZBTJEPJOPDFOUFZRVFJHOPSBSBFMFGFDUPEFMBGFS
NFOUBDJØO TPCSF FM [VNP EF VWB  TJO TBCFS DØNP BGFDUBCB FM WJOP BM DFSFCSP
IVNBOP 1FSP FTP OP JNQJEJØ RVF FM CPDIPSOP IJDJFSB FOUSBEB FO FM DÓSDVMP


&RPB%HDFRQB,BQYDBPHGLQGG 
-JCSP $SJTJTZ%FDBEFODJB

GBNJMJBS"MQFSEFSFMTFOUJEP /PÏTFEFTQPKØEFTVTSPQBTZRVFEØEFTOVEP
-BEFTOVEF[FSBBCPSSFDJEBQPSMPTQSJNJUJWPTTFNJUBT FTQFDJBMNFOUFQPSMPT
IFCSFPT RVJFOFTMBBTPDJBCBODPOMBMJDFODJBTFYVBM DG-W
4

6OPEFMPTIJKPTEF/PÏ $BN 
FOUSØBMBUJFOEB7JFOEPBTVQBESF 
OPQSPDVSØDVCSJSMPTJOPRVFGSÓWPMBNFOUFMMFWØMBOPUJDJBBTVTIFSNBOPT-PT
PUSPTEPTJONFEJBUBNFOUFDVCSJFSPOMBEFTOVEF[EFTVQBESF 
DBNJOBOEP
EJTDSFUBNFOUFIBDJBBUSÈT BMFOUSBSBMBUJFOEB
"MSFDPCSBSTVMVDJEF[ /PÏTFEJPDVFOUBEFMPTVDFEJEPZIBCMØDPOTVT
IJKPT%FKØB$BNTJOCFOEJDJØOZDPODFOUSØTVSFQSFOTJØOTPCSF$BOBÈO DVZPT
EFTDFOEJFOUFT IJTUØSJDBNFOUF MMFHBSPOBTFSVOQVFCMPOPUBCMFQPSTVTNBMBT
DPTUVNCSFTZMBGVFOUFQSJODJQBMEFDPSSVQDJØOQBSBMPTJTSBFMJUBT-BBEPSBDJØO
EFM#BBMDBOBOFPEFTDFOEJØBMPTOJWFMFTNÈTCBKPTEFMBEFHSBEBDJØONPSBM
"VORVFDPNPGFOJDJPTMPHSBSPOBMHPEFQPEFS NFEJBOUFFMDPNFSDJPNBSÓUJNP
FOFM.FEJUFSSÈOFP OVODBTFMFWBOUBSPODPNPVOBHSBOOBDJØO-PTDBOBOFPT
DBTJTJFNQSFFTUVWJFSPOEPNJOBEPTQPSPUSPTQVFCMPT
-BCFOEJDJØOTPCSF4FN 
UJFOFVOGVFSUFÏOGBTJTSFMJHJPTPZGVFFTBMÓ
OFBEFEFTDFOEJFOUFTEF/PÏMBRVFFKFSDJØTVNBZPSJOnVFODJBDPNPQPSUBEPSB
EFMNFOTBKFEFSFEFODJØOBMNVOEP-BNÈTJNQPSUBOUFEFFTBTOBDJPOFTGVF
*TSBFM BRVJFOTFMFEJPMBSFWFMBDJØOEF%JPTFOMBT&TDSJUVSBT1BSUJDVMBSNFOUF 
FOMBÏQPDBEF%BWJEZ4BMPNØO FMQVFCMPEF%JPTEPNJOØBMPTDBOBOFPTB
RVJFOFTTFMPTFNQMFØFOMBDPOTUSVDDJØOEFMQSJNFSUFNQMPEF+FSVTBMÏO
-B CFOEJDJØO PUPSHBEB B +BGFU 
 FT VO SFUSVÏDBOP  QPSRVF TV OPNCSF
TJHOJmDBiFOHSBOEFDJEPw-BMÓOFBEF+BGFUTFFMFWØBVOQBQFMEFQPEFSÓPQPMÓ
UJDPBUSBWÏTEFMPTQFSTBT HSJFHPTZSPNBOPT&WBOHFMJ[BEPTQPS1BCMPZPUSPT 
GVFSPO MPT NÈT SFDFQUJWPT BM DSJTUJBOJTNP Z  EF FTF NPEP  TF DVNQMJFSPO MBT
QBMBCSBTIBCJUFFOMBTUJFOEBTEF4FN 
1PDPTFEJDFBDFSDBEFMPTÞMUJNPT
EÓBTEF/PÏ*HVBMRVFDPOTVTBOUFDFTPSFT TPMPTFEJDFZNVSJØ 

C -B EJTFNJOBDJØO EF MPT EFTDFOEJFOUFT EF /PÏ 
 &ODPOUSBNPT FO
FTUFQBTBKFMBNJTNBGPSNBEFQSFTFOUBDJØOEFMBTHFOFBMPHÓBTEFMDBQÓUVMP 
EPOEFBQFOBTTFNFODJPOBBMPTIJKPTEF$BÓOQBSBDFOUSBSMBBUFODJØOFO4FU
%FJEÏOUJDPNPEP TFEBOMBTMÓOFBTEF+BGFUZ$BN ZZBOPWVFMWFOBDJUBSTF
1PSFMWFSTÓDVMPOPTEBNPTDVFOUBRVFMBOØNJOBFTUÈCBTBEBOPTPMPFOEJWJ
TJPOFTEFGBNJMJBT TJOPUBNCJÏOFOEJGFSFODJBTEFTEFFMQVOUPEFWJTUBOBDJPOBM
ZMJOHàÓTUJDP"VORVFMPTOPNCSFTQVFEFOSFGFSJSTFBJOEJWJEVPT MBTHFOFBMPHÓBT
FOQSJNFSMVHBSTFSFmFSFOBMBTOBDJPOFTRVFEFTDJFOEFOEF+BGFU0DVQBSPO
MBTSFHJPOFTTFQUFOUSJPOBMFTFYUFOEJÏOEPTFQPS5VSRVÓB MBTJTMBTEFMNBS.F
EJUFSSÈOFPZFMTVSEF&VSPQB&OTVNBZPSÓB MBTMFOHVBTEFFTUPTQVFCMPTTPO
JOEPFVSPQFBT
"(PNFS 
TFMPJEFOUJmDØDPOMPTTVNFSJPTEFMBTJOTDSJQDJPOFTBTJSJBT


&RPB%HDFRQB,BQYDBPHGLQGG 
$SJTJTZ%FDBEFODJB -JCSP

.BHPHRVJ[ÈTFBVOUÏSNJOPBQMJDBEPBUPEPTMPTTFQUFOUSJPOBMFT WÏBOTF&[
 
QFSPQBSUJDVMBSNFOUFBMPTEFMB5VSRVÓBPSJFOUBM EPOEFBQBSFO
UFNFOUFFTUBCBOTJUVBEBT5VCBMZ.FTFD
.BEBJFSBMBBOUJHVB.FEJB RVFFOFMTJHMP7*B$TFVOJØDPOMPTQFSTBT
QBSBGPSNBSFM*NQFSJP1FSTB+BWÈOFSBMBOBDJØOHSFHPKPOJB EFUBOUBQSPNJ
OFODJBFOMPTQPFNBTEF)PNFSP5JSBTGVFQSPCBCMFNFOUFFMHSJFHP5ZSTFOP 
RVFWJWJØFOMBTJTMBTEFMNBS&HFP"MHVOPTDSFFORVFQPESÓBOIBCFSTJEPMPT
FUSVTDPT
"TLFOB[ 
QPTJCMFNFOUFIBZBFTUBEPFOMB[POBDBVDÈTJDB DFSDBEFMPT
NBSFT/FHSPZ$BTQJP DG+FS
1VFEFIBCFSBMHÞOWÓODVMPDPOFMOPN
CSFNFTPQPUBNJP"TIHV[BTFUSBUBEFMPTFTDJUBT3JGBU BMQBSFDFSIBCJUBCBFO
"OBUPMJBP5VSRVÓB5PHBSNBRVJ[ÈTFBMBNJTNBRVFMMFWBFMOPNCSFNFTP
QPUÈNJDP5FHBSBNB DFSDBOBB$BSRVFNJT TPCSFFMSÓP²VGSBUFT&MJTB 
BQB
SFDFUBNCJÏOFOMJTUBTDVOFJGPSNFTDPNP&MBTIJZB BOUJHVPOPNCSFEF$IJQSF
5BSTJT UBNCJÏO QVEP IBCFS TJEP $IJQSF FO UJFNQPT NÈT BOUJHVPT QFSP MPT
HSJFHPT MPDBMJ[BCBO B 5BSUFTP FO MB DPTUB NFSJEJPOBM EF &TQB×B  BM PFTUF EF
(JCSBMUBS2VJUJN JHVBMRVFFOFMHSJFHP,JUJPO TFTJUÞBFO$IJQSF%PEBOJN 
RVJ[ÈGVFSBOMPTEBSEBOJBMPTEÈSEBOPT USPZBOPT
EF"OBUPMJBPMPTIBCJUBOUFT
EF3PEBTFOMBTJTMBTEFM&HFP&OMB4FQUVBHJOUB MBWFSTJØOHSJFHBEFM"OUJHVP
5FTUBNFOUP FTUFOPNCSFFTUÈFTDSJUPDPOVOBSJOJDJBM&OIFCSFP MPTDBSBDUFSFT
EZSTPONVZQBSFDJEPTZGÈDJMNFOUFTFQSFTUBOBDPOGVTJØO
$VT FTUÈ SFMBDJPOBEP DPO EPT EJGFSFOUFT ÈSFBT HFPHSÈmDBT &TUF QVFCMP 
QSJNFSBNFOUF FTUBCMFDJØ ,JT FO FM WBMMF EF MB .FTPQPUBNJB  Z EF BMMÓ QSPWJ
OJFSPO MPT LBTTJUBT 1BSFDF RVF BMHVOPT EF FMMPT FNJHSBSPO BM TVS EF "SBCJB
QPSRVFUPEBTMBTGBNJMJBTBMJTUBEBTFOFMDBQÓUVMPIBCÓBOTJEPIBCJUBOUFT
EFBRVFMMBTSFHJPOFT&OUPODFTTFQSPEVKPVONPWJNJFOUPIBDJB"CJTJOJBFOFM
«GSJDBPSJFOUBM MPRVFIPZDPOTUJUVZF&UJPQÓB-PTEFTDFOEJFOUFTEF$VT RVF
QFSNBOFDJFSPO FO FM WBMMF EF MB .FTPQPUBNJB  IPOSBSPO B VO IÏSPF MMBNBEP
/JNSPE 
RVFFSJHJØVOSFJOP 
EFDJVEBEFTJNQPSUBOUFT#BCFM &SFD 
"DBEZ$BMOF&MEFTJHOJPEFDB[BEPSQBSFDFBMVEJSBMBUFOEFODJBEF/JNSPE
BEPNJOBSBMBTQFSTPOBTZFYQMPUBSMPTSFDVSTPTOBUVSBMFT&MDB[BEPSDPOUSBTUB
DPOMBDPNÞOQBMBCSBTFNÓUJDBiQBTUPSw DPOMBRVFTFEFTJHOBBMHPCFSOBOUFRVF
UJFOFBTVDBSHP EFDPSB[ØO FMCJFOFTUBSEFTVQVFCMP&MQPEFSÓPEF/JNSPETF
FYUFOEJØIBTUBFMSÓP5JHSJT [POBEPOEFTFMFWBOUØNÈTUBSEFFMEPNJOJPBTJSJP
DPOTUJUVJEP QPS /ÓOJWF 3FIPCPU $BMB 
 Z 3FTÏO 
 &T JOUFSFTBOUF FM
IFDIPEFRVFBMBTSVJOBTEF$BMB FOMPTUJFNQPTNPEFSOPT TFMBTIBZBEFOP
NJOBEP/JNSVE
.J[SBJN 
FTFMOPNCSFIFCSFPEF&HJQUP RVFUFOÓBTVTFEFFOFMWBMMF
EFM/JMP"MPFTUFEFFTUFQBÓTTFFODVFOUSB-VEJN MPTMJCJPT-PTEFNÈTNFO
DJPOBEPTFOFMWFSTÓDVMPBÞOOPIBOTJEPJEFOUJmDBEPT1BUSVTJN 
FTBD


&RPB%HDFRQB,BQYDBPHGLQGG 
-JCSP $SJTJTZ%FDBEFODJB

UVBMNFOUFDPOPDJEPDPNPFMQVFCMPEF1BUSPT FOFMBMUP&HJQUP$BTMVIJNFSB
MBUJFSSBOBUBMEFMPTmMJTUFPT EFRVJFOFTUPNØTVOPNCSFMB1BMFTUJOB$BGUPSJN
MMFHØBTFS$SFUB RVFUBNCJÏOGVFIPHBSPSJHJOBMEFMPTmMJTUFPT
-PTDBOBOFPT BRVJFOFTMPTHSJFHPTEFOPNJOBSPOGFOJDJPT GVFSPOVOQVF
CMPEFIBCMBTFNÓUJDB4VTQSJODJQBMFTDJVEBEFTGVFSPO4JEØO 
Z5JSP RVF
BÞOFYJTUFOFOFM-ÓCBOP-PTFHJQDJPTEPNJOBSPOBMPTDBOBOFPTEVSBOUFNV
DIPUJFNQP)FUTFSÓBOMPTIJUJUBT RVFFTUBCMFDJFSPOTVQPEFSFOFMDFOUSPEF
"OBUPMJB 5VSRVÓB
QFSPFTUBCMFDJFSPOBMHVOBTDPMPOJBTFO1BMFTUJOB FOUSFMBT
DVBMFTEFTDPMMØ)FCSØO (O
&MKFCVTFP 
SFQSFTFOUBBMPTIB
CJUBOUFT IVSSJBOPT EF +FSVTBMÏO  BOUFT FM SFZ %BWJE MB UPNBSB  4 

-BT USJCVT EFM BNPSSFP TF VCJDBSPO FO MBT [POBT NPOUB×PTBT EF 1BMFTUJOB Z
5SBOTKPSEBOJB-BTDPMPOJBTIVSSJBOBTEF1BMFTUJOBUBNCJÏOSFDJCJFSPOFMOPN
CSFEFIFWFPT 
QFSPFMHFSHFTFPGVFVOQVFCMPNVZPTDVSPFOMBIJTUPSJB
-PTQVFCMPTNFODJPOBEPTFOFMWFSTÓDVMPWJWÓBOBMOPSUFEF4JEØO IBTUB
FM SÓP 0SPOUFT  Z FTUVWJFSPO HFOFSBMNFOUF CBKP FM DPOUSPM QPMÓUJDP EF &HJQUP
FOMPTUJFNQPTEFM"OUJHVP5FTUBNFOUP-BEFTDSJQDJØOEFMPTDBOBOFPT RVF
PDVQBCBOMBDPTUBEFM.FEJUFSSÈOFPIBTUB(B[BFOFMTVSZRVFBMDBO[BCBOFM
WBMMFEFM+PSEÈOIBTUBFMNBS.VFSUP DPODVFSEBDPOMPTSFTUPTEFDPMPOJBTFTUB
CMFDJEBTFOUSFFMZFMB$RVFMPTBSRVFØMPHPTEFMBBOUJHVB1BMFTUJOB
EFTDVCSJFSPO
&MOPNCSFEFMPTIJKPTEF)FCFS 
RVFNÈTUBSEFEFTJHOBSÓBTPMBNFO
UFBMQVFCMPIFCSFP BRVÓBMVEFBMBHFOUFEFIBCMBTFNÓUJDBEFMJOUFSJPSZMPT
BMSFEFEPSFTEFMEFTJFSUPEF"SBCJB4JOFNCBSHP &MBN  
OPFSBTFNJUB&M
QVFCMPEF"TVS "TJSJB
WFODJØBMPTTVNFSJPT MPTEF4JOBS QPSFMB×PB$
ZTFUSBOTGPSNØFOVOQPEFSPTPJNQFSJP
"SGBYBEQBSFDFIBCFSFTUBEPBMOPSFTUFEFMPTBTJSJPT-VEMMFHØBTFSMB
-JEJB Z"SBNTFUSBOTGPSNØFOFMJOnVZFOUFQVFCMPBSBNFP DVZPMFOHVBKFZ
FTDSJUVSBGVFSPOMPTNFEJPTJOUFSOBDJPOBMFTEFDPNVOJDBDJØOEVSBOUFFMQFSÓP
EPEFMPTJNQFSJPTBTJSJP CBCJMØOJDPZQFSTB%BNBTDPGVFMBDBQJUBMEF4JSJB6[

RVFEBCBBMFTUFEFM+PSEÈO BMPMBSHPEFMEFTJFSUPEF"SBCJB+PCQFSUFOFDÓB
BFTUFHSVQP +PC
/BEBTFTBCFEF)VM (FUFSZ.BT
-BNBZPSÓBEFMPTNFODJPOBEPTDPO+PDUÈO 
TPOEFTDPOPDJEPT QFSP
MBTJOTDSJQDJPOFTÈSBCFTJOGPSNBOEF)B[BSNBWFU 0CBM "CJNBFMZ4FCB 

0mSZ)BWJMB 
4FCBFTGBNPTPQPSRVFMBSFJOBEFFTFMVHBSWJBKØVOBWF[
QBSBWFSBMSFZ4BMPNØO 3
5PEPTFTUPTQVFCMPTTFNF[DMBSPOFOUSF
TÓ  QFSP DPOTFSWBOEP DJFSUB BmOJEBE B DBVTB EF TV MFOHVB %F NPEP RVF OPT
SFGFSJNPTBFMMPTTFHÞOMBTDBSBDUFSÓTUJDBTEFTVJEJPNB DPNPJOEPFVSPQFPT 
TFNÓUJDPTZDBOBOFPT
D-BDPOGVTJØOEFMBTMFOHVBT 
&MUSBTGPOEPEFFTUBCSFWFQFSPJO
USJHBOUFIJTUPSJBFTRVF TJNQMFNFOUF EFTQVÏTEFMEJMVWJPMPTEFTDFOEJFOUFTEF


&RPB%HDFRQB,BQYDBPHGLQGG 
$SJTJTZ%FDBEFODJB -JCSP

/PÏTFIBMMBCBOMJHBEPTQPSVOJEJPNBDPNÞO ZQSPOUPDPNFO[BSPOBFNJ
HSBSBOVFWPTUFSSJUPSJPT-BIJTUPSJBTFSFmFSFBMPTQSPDFTPTQSJNJUJWPTEFMB
FNJHSBDJØO QPSRVFFO(OOPTSFMBUBMBEJWJTJØOEFMBUJFSSBFOUJFNQPT
EF1FMFH ZFOFMOPTIBCMBEFMBEJTQFSTJØOEFMBTUSJCVT"MQBSFDFS MBSF
GFSFODJBTFDPMPDØEFTQVÏTEFMBTUSFTHFOFBMPHÓBTEFMDBQÓUVMP EFNPEPRVF
OPRVFEBSBJODPOFYBDPOSFTQFDUPBMBQSPGFDÓBEF/PÏ 

4BMJFOEPEFMÈSFBEFMNPOUF"SBSBU MBHFOUFQPCMØ4JOBS 
RVFFTFMWBMMF
EFMB.FTPQPUBNJB VCJDBDJØOEFMPTNÈTBOUJHVPTSFTUPTEFMBDJWJMJ[BDJØODP
OPDJEPT&MWBMMFFTUÈSFHBEPQPSMPTSÓPT5JHSJTZ²VGSBUFT ZFTNVZGÏSUJM
-B IJTUPSJB OPT SFMBUB RVF MPT IBCJUBOUFT EF 4JOBS  SFVOJEPT FO DPODJMJP 
UPNBSPOVOBEFDJTJØOGVFSBEFMBWPMVOUBEEF%JPT&TFWJEFOUFFMPCKFUJWPEFMB
BDDJØOQSPQVFTUB2VFSÓBODFMFCSJEBEIBHÈNPOPTVOOPNCSF 
:EFTFBCBO
TFHVSJEBEQPSTJGVÏSFNPTFTQBSDJEPT"NCBTBTQJSBDJPOFTEFCÓBOMPHSBSTFTP
MBNFOUFDPOFMFTGVFS[PIVNBOP"GBMUBEFQJFESBTIJDJFSPOMBESJMMPTEFCBSSP
ZEJKFSPODP[ÈNPTMPDPOGVFHP 
7JFSPOMBVUJMJEBEEFMBTGBMUPBCVOEBOUFEF
MB[POBZMPVUJMJ[BSPOFOMVHBSEFNF[DMB5SBCBKBSPODPOQFSTJTUFODJBIBTUB
RVFFMMBESJMMPFTUVWPMJTUPQBSBMBDPOTUSVDDJØO
&MQSJODJQBMJOUFSÏTEFFTUBHFOUFFSBUFOFSVOBUPSSF 
BVORVFUBNCJÏO
VOBDJVEBE-BQSJNFSB TFEJKFSPO DVZBDÞTQJEFMMFHVFBMDJFMP/BEBTFQSP
ZFDUØTPCSFVOUFNQMPFOFMSFNBUFEFMBUPSSF EFNPEPRVFOPRVFEBDMBSPTJ
FTUBTFQBSFDÓBBMPTUFNQMPTDPOGPSNBEFQJSÈNJEFUSVODBEBEFMPTQPTUFSJPSFT
CBCJMPOJPT&TUPTFSBOFOPSNFTUFSSBQMFOFTBSUJmDJBMFTIFDIPTEFMBESJMMP FMF
WÈOEPTFBMHVOPTIBTUBNTPCSFMBTVQFSmDJF$POTUSVJEPTFOMPTDFOUSPTEF
MBTDJVEBEFT UFSNJOBCBOFOVOUFNQMPEFEJDBEPBVOBEJWJOJEBEQBHBOBZ FO
MBTBOUJHVBTJOTDSJQDJPOFT FTUÈOSFQSFTFOUBEPTDPNPTJMMFHBTFOBMDJFMP
&MQBHBOJTNPFTUVWPJOEJSFDUBNFOUFJNQMJDBEPFOFTUBIJTUPSJBQPSRVFFM
FEJmDJPTFPSJFOUØIBDJBFMDJFMP QFSPFMÞOJDPZWFSEBEFSP%JPTFTUVWPFYDMVJEP
EFTVTQMBOFTZNFUBT1FSPFM4F×PSOPQFSNBOFDÓBJOBDUJWP²MPCTFSWBCBMP
RVFTVDFEÓB ZQSPOUPIJ[PDPOPDFSTVWPMVOUBEDPOSFTQFDUPBFTBTJUVBDJØO&M
IPNCSFOPIBCÓBTJEPDSFBEPQBSBTFSJOEFQFOEJFOUFEFÏM&MIBCFSTJEPIFDIP
iBOVFTUSBJNBHFOw 
TJHOJmDBCBRVFFMIPNCSFFTUBCBEPUBEPEFHSBOEFT
QPEFSFT QFSPUBNCJÏORVFEFCÓBTFSDPNQMFUBNFOUFEFQFOEJFOUFEFÏM QBSBMP
FTFODJBMEFMBWJEBZMBSB[ØOEFTVFYJTUFODJB
)BZVOBJSPOÓBFOFMTPMJMPRVJPEFM4F×PS-PTTFSFTIVNBOPTFTUBCBOVOJ
EPTFOGSBODBDPNVOJDBDJØOMPTVOPTDPOMPTPUSPT TJOFNCBSHP IBCÓBOTVCWFS
UJEPFTBTCFOEJDJPOFTSFCFMÈOEPTFDPOUSBTV$SFBEPS1FSPOPQPEÓBJHOPSBSTFB
%JPT ZMBJOTFOTBUF[EFMFSSPSIVNBOPEFQFOTBSRVFMBTQPTFTJPOFTZMBBDUJWJ
EBEDSFBEPSBTPOGVOEBNFOUBMFTOPRVFEBSÓBTJODBTUJHP
-PTKVJDJPTEJWJOPTQSPOUPEFTDVCSJFSPOFTUPTFOHB×PT:QBSBEFNPTUSBS
RVFMBVOJEBEIVNBOBTJO%JPTFTTVQFSmDJBM TJNQMFNFOUFJOUSPEVKPMBDPO


&RPB%HDFRQB,BQYDBPHGLQGG 
-JCSP $SJTJTZ%FDBEFODJB

GVTJØOEFTPOJEPTFOFMMFOHVBKFIVNBOP*ONFEJBUBNFOUFTFQSPEVKPFMDBPT
&MHSBOQSPZFDUPTFBCBOEPOØZBRVFMMBTPDJFEBEVOJEB QFSPJOmFM RVFEØEFT
NFOV[BEBFOGSBHNFOUPT&OFMWFSTÓDVMP FOIFCSFP IBZVOKVFHPNPSEB[
EFQBMBCSBT#BCFM 
TJHOJmDBiDPOGVTJØOw ZEJWFSTPTJEJPNBTMBUJFOFODPNP
iQBSMFSÓBw MPDVBMTFNBOUJFOFUBNCJÏOFOFMJOHMÏTZFMFTQB×PM
E-PTEFTDFOEJFOUFTEF4FN 
&TUBHFOFBMPHÓBFTNÈTTFMFDUBRVFMB
BOUFSJPSEFMDBQÓUVMP1BSFDFSFDPHFSMPRVFEFKBBGVFSBMBEFMDBQÓUVMP
 ZUJFOFBMHVOBTEFTVTDBSBDUFSÓTUJDBT4FNFODJPOBMBFEBEEFWBSJPTIPNCSFT 
ZDPNP/PÏGVFFMEÏDJNPEFTEF"EÈO 5BSÏ  
MPGVFEFTEF4FN 
4F
NFODJPOBOUSFTIJKPTEF/PÏZUBNCJÏOJHVBMOÞNFSPEF5BSÏ$POUSBTUBOEP
DPOFMMJOBKFEF4FN EFM FTUBMJTUBTF×BMBFMMJOBKFEF"SGBYBE 

QBTBOEPQPSBMUPBMPTPUSPTIJKPTEF4FN-BHFOFBMPHÓB FOUPODFTUPNBBMPT
IJKPTEF1FMFH 
OPDJUBEPFOMBOØNJOBBOUFSJPS1PSNFEJPEFFTUBHFOFB
MPHÓB MBIJTUPSJBQBTBSÈQJEBNFOUFEF/PÏB"CSBN 
FMTJHVJFOUFQFSTPOBKF
EFJNQPSUBODJBFOMBIJTUPSJBEFMBSFEFODJØO

/05"4#*#-*0(3«'*$"4

1BSBFMBTVOUPEFMBDPOTUSVDDJØOHSBNBUJDBMEF(O WÏBTF+4LJOOFS"$SJUJDBMBOE
&YFHFUJDBM$PNNFOUBSZPO(FOFTJTiɩF *OUFSOBUJPOBM $SJUJDBM $PNNFOUBSZw  FE 4 3 %SJWFS 
FUBM &EJOCVSH5BOE5$MBSL 
* +1-BOHF i(FOFTJTw $PNNFOUBSZPOUIF)PMZ
4DSJQUVSFT (SBOE3BQJET;POEFSWBO1VCMJTIJOH)PVTF SFJNQSFTJØO TG
* &+:PVOH 
DzF*OUFSQSFUBUJPOPG(FOFTJT 8FTUNJOTUFSɩFPMPHJDBM+PVSOBM 99*** .BZ  ZTT

1BSBMBEJTDVTJØOTPCSFMBEVSBDJØOEFMiEÓBwEF(ÏOFTJT WÏBOTFMBTTJHVJFOUFTPCSBTQBSB
MPTRVFQVFEFOMFFSJOHMÏT5BZMFS-FXJT i(FOFTJTw *OUSPEVDUJPO
JO-BOHF PQDJU QQ
)&%PTLFS i%BZw DzF*OUFSOBUJPOBM4UBOEBSE#JCMF&ODZDMPQFEJB FE+BNFT0SS FUBM (SBOE
3BQJET8N#&FSENBOT1VCMJTIJOH$P SFJNQSFTJØO 
** &MEPDUPS)0SUPO
8JMFZEFDMBSBi&MSFMBUPEF(ÏOFTJTTPCSFMBDSFBDJØOFTQSJNPSEJBMNFOUFVOEPDVNFOUPSFMJHJPTP
/PTFMPQVFEFDPOTJEFSBSDPNPVOBBmSNBDJØODJFOUÓmDB QFSPOPPCTUBOUFOPTFMPEFCFNJSBS
DPNPTJFTUVWJFSBFOQVHOBDPOMBDJFODJB&TNÈTCJFOVOBJMVTUSBDJØOTVQSFNBEFMBNBOFSBFOMB
DVBMMBWFSEBESFWFMBEBBSSPKBMV[JOEJSFDUBNFOUFTPCSFMPTDBNQPTDJFOUÓmDPT-BQBMBCSBIFCSFB
ZPN RVFTFUSBEVDFDPNPAEÓB BQBSFDFVOBTWFDFTFOFM"OUJHVP5FTUBNFOUPZTFJOUFSQSFUB
QPSNÈTEFWPDBCMPTEJTUJOUPT JODMVZFOEPUÏSNJOPTUBMFTDPNPUJFNQP WJEB IPZ FEBE QBSB
TJFNQSF DPOUJOVBNFOUFZQFSQFUVBNFOUF$POVOVTPUBOnFYJCMFEFMPSJHJOBMFTJNQPTJCMFEPHNB
UJ[BSPFYJHJSVOTFOUJEPSFTUSJOHJEPBVOPTPMPEFFTPTTJHOJmDBEPT4FIBEBEPQPSTFOUBEPRVF
MBDSFFODJBPSJHJOBMNFOUFPSUPEPYBTPTUFOÓBRVFTFUSBUBCBEFVOEÓBTPMBSEFWFJOUJDVBUSPIPSBT Z
RVFMBJHMFTJBDBNCJØTVFYÏHFTJTCBKPMBQSFTJØOEFMPTNPEFSOPTEFTDVCSJNJFOUPTHFPMØHJDPT&M
EPDUPS4IFFETF×BMBRVFUBMBTFWFSBDJØODPOTUJUVZFVOPEFAMPTFSSPSFTQPSJHOPSBODJB-PTNFKPSFT
DPNFOUBSJPTIFCSFPTKBNÈTIBODPOTJEFSBEPMPTEÓBTEF(ÏOFTJTDPNPTPMBSFT TJOPDPNPQFSÓPEPT
EFEVSBDJØOJOEFmOJEBy5BNQPDPFTVOBGPSNBNFUBGØSJDBEFMBQBMBCSB TJOPFMPSJHJOBM RVF
RVJFSFEFDJSAFTUBCMFDFSVODJDMP PTF×BMBSVOUJFNQPDPNQMFUPFOTÓw $ISJTUJBODzFPMPHZ<,BOTBT
$JUZ .P#FBDPO)JMM1SFTT >  


4 3 %SJWFS  DzF #PPL PG (FOFTJT  i8FTUNJOTUFS $PNNFOUBSJFTw  FE 8 -PDL -POESFT
.FUIVFOBOE$P -UE 


,.:BUFT i(FOFTJTw DzF8ZDMJąF#JCMF$PNNFOUBSZ FE$IBSMFT1GFJĊFS FUBM $IJDBHP
.PPEZ1SFTT 
Q



&RPB%HDFRQB,BQYDBPHGLQGG 
/PUBT#JCMJPHSÈmDBT (ÏOFTJT‰


&',FWFO i(FOFTJTw DzF/FX#JCMF$PNNFOUBSZ FE'%BWJETPO (SBOE3BQJET8N#
&FSENBOT1VCMJTIJOH$P 
QQ

+#1BZOF iɩF$PODFQUPGA,JOET JO4DSJQUVSFw +PVSOBMPGUIF"NFSJDBO4DJFOUJmD"ĆMJB
UJPO 9 /ÞN  +VOJP


+PIO$BMWJO "$PNNFOUBSZPOUIF'JSTU#PPLPG.PTFT$BMMFE(FOFTJT USBEVDJEPQPS+PIO
,JOH (SBOE3BQJET8N#&FSENBOT1VCMJTIJOH$P SFJNQSFTJØO 
* 

)$-FVQPME &YQPTJUJPOPG(FOFTJT (SBOE3BQJET#BLFS#PPL)PVTF 
* 

6$BTTVUP "$PNNFOUBSZPOUIF#PPLPG(FOFTJT USBEQPS*TSBFM"CSBIBNT +FSVTBMFNɩF
.BHOFTT1SFTT 
QQ

1)FJOJTI DzFPMPHZPGUIF0ME5FTUBNFOU USBEQPS8()FJEU $PMMFHFWJMMF .JOOɩF
-JUVSHJDBM1SFTT 
Q

i"$PIFO DzF4PODJOP$IVNBT )JOEIFBE 4VSSFZ *OHMBUFSSBɩF4PODJOP1SFTT 

Q

"+)FTDIFM DzF4BCCBUI /VFWB:PSL'BSSBS Z4USBVTZ:PVOH *OD 
QQ

'#SPXO 43%SJWFS $"#SJHHT ")FCSFXBOE&OHMJTI-FYJDPOPGUIF0ME5FTUBNFOU
0YGPSE$MBSFOEPO1SFTT 
BEMPD

%SJWFS PQDJU Q

" 3JDIBSETPO  (FOFTJT *9* i5PSDI #JCMF $PNNFOUBSJFTw -POESFT 4$. 1SFTT  -UE 

Q

%SJWFS PQDJU P
*
)3FODLFOT *TSBFMT$PODFQUPGUIF#FHJOOJOH /VFWB:PSL)FSEFSBOE)FSEFS 
QQ


*CJE QQ

&MQSPOPNCSFTJOHVMBSFTUB IV
QVFEFEFTJHOBSVOJOEJWJEVP

& ) #SPXOF  i(ÏOFTJTw  DzF #JCMF $PNNFOUBSZ  FE ' $ $PPL /VFWB :PSL $IBSMFT
4DSJCOFST4POT 
* QQ

(FOFTJT iɩF"ODIPS#JCMFw(BSEFO$JUZ /VFWB:PSL%PVCMFEBZBOE$P 
QQ


7ÏBOTF,FWBO PQDJU QZ:BUFT PQDJU QQ

7ÏBTF4QFJTFS PQDJU QQ

-FVQPME PQDJU * 

3)&MMJPUU DzF.FTTBHFPG(FOFTJT /BTIWJMMF#SPBENBO1SFTT 
QQ

"3JDIBSETPO FE"DzFPMPHJDBM8PSE#PPLPGUIF#JCMF /VFWB:PSLɩF.BDNJMMBO$P 

BEMPD

#3BNN DzF$ISJTUJBO7JFXPG4DJFODFBOE4DSJQUVSF (SBOE3BQJET8N#&FSENBOT
1VCMJTIJOH$P 
QQ

+$8IJUDPNC Z)..PSSJT DzF(FOFTJT'MPPE (SBOE3BQJET#BLFS#PPL)PVTF 

QQ

*CJE QQ

#SPXOF PQDJU Q

&"4QFJTFS i&UIOJD%JWJTJPOTPG.BOw DzF*OUFSQSFUFST%JDUJPOBSZPGUIF#JCMF FE("
#VUUSJDL /BTIWJMMF"CJOHEPO1SFTT 
7PM,2 QQ

*"TJNPW 8PSETJO(FOFTJT #PTUPO)PVHIUDJO.JČJO$P 
QQ



&RPB%HDFRQB,BQYDBPHGLQGG 
&M-JCSPEF
²90%0
-ĖĠ($Ġĩ

&RPB%HDFRQB,BQYDBPHGLQGG 
*OUSPEVDDJØO
²YPEPUPNBTVOPNCSFEFMB4FQUVBHJOUB -99
WFSTJØOHSJFHBEFM"O
UJHVP5FTUBNFOUP VTBEB FO MB ÏQPDB EF $SJTUP &M UÓUVMP IFCSFP DPOTJTUÓB FO
MBTQSJNFSBTQBMBCSBTEFMUFYUPi&TUPTTPOMPTOPNCSFTw ²Y
-BQBMBCSB
²YPEPQSPQPSDJPOBFMUFNBEFMBQSJNFSBNJUBEEFMMJCSP QPSRVFJOWPMVDSBBVO
HSBOOÞNFSPEFQFSTPOBTRVFBCBOEPOBOVOQBÓT4JOFNCBSHP MBÞMUJNBNJUBE
EFFTUFMJCSPEFTDSJCFMBGVOEBDJØOEFJOTUJUVDJPOFT MFZFTZFMDVMUPEF*TSBFM

""ĦĥĠģĪėĖĔęĒ
2VFEB QFSGFDUBNFOUF DMBSP RVF FM BVUPS GVF UFTUJHP PDVMBS EF MPT BDPO
UFDJNJFOUPT OBSSBEPT -BT WÓWJEBT EFTDSJQDJPOFT EF MBT QMBHBT EF &HJQUP  MPT
USVFOPTZFMSFMBNQBHVFPFOFMNPOUF4JOBÓ ZFMNBOÈFOFMEFTJFSUP SFRVJFSFO
MBQSFTFODJBEFVOUFTUJHP-PTEFUBMMFTNJOVDJPTPTEFMBTGVFOUFTZQBMNFSBTFO
&MJN MBTEPTUBCMBTEFQJFESB MBBEPSBDJØOEFMCFDFSSPEFPSP ZNVDIBTDPTBT
NÈT EFNVFTUSBORVFBMMÓIVCPVOUFTUJHPPDVMBS:BRVFIBZQPDBPOJOHVOB
FWJEFODJBEFBHSFHBEPTQPTUFSJPSFTBMMJCSP QVFEFBTFHVSBSTFRVFFMFTDSJUPSEF
²YPEP QSFQBSØ TV NBUFSJBM EVSBOUF MBT FYQFSJFODJBT SFHJTUSBEBT FO FM MJCSP  P
QPDPUJFNQPEFTQVÏT
4JTFDPODMVZFRVFVOJTSBFMJUBDPOUFNQPSÈOFPFTDSJCJØMPTSFMBUPTEF²YP
EP  GÈDJMNFOUF QVFEFO BUSJCVJSTF B .PJTÏT 4V BVUPS OP QVEP TFS VO IFCSFP
DPNÞOUVWPRVFIBCFSTJEPVOIPNCSFTVNBNFOUFEPUBEP JOTUSVJEPZDVMUP
{2VJÏONFKPSQSFQBSBEPFOFTUFQVFCMPEFFTDMBWPTRVF.PJTÏT +FTÞTDPOmSNØ
RVFMB-FZGVFFTDSJUBQPSÏM .S+O
TVTEJTDÓQVMPTBTÓUBNCJÏO
MPEFDMBSBSPO +O)DI
&OFMNJTNPMJCSPIBZFWJEFODJBTJOUFSOBT
EFRVF.PJTÏTFTDSJCJØDJFSUBTQBSUFT 
$POOFMMFTDSJCFi/BEBFO
FMMJCSPTFPQPOFBMBQSFUFOTJØOEFRVF.PJTÏTTFBTVBVUPS-BGSFDVFOUFNFO
DJØOEFTVOPNCSFFOUFSDFSBQFSTPOBUJFOFTVQBSBMFMPFOMPTMJCSPTEF*TBÓBT
Z+FSFNÓBTNJFOUSBTFMSFMBUPEFTVMMBNBEPFOFMDBQÓUVMPUJFOFMBTNJTNBT
FWJEFODJBTEFBVUFOUJDJEBERVFTVTOBSSBDJPOFTw
-BBMUBDSÓUJDBIBBUBDBEPMBBmSNBDJØOEFRVF.PJTÏTIBZBTJEPFMFTDSJUPS
EFM1FOUBUFVDP ZTPTUJFOFRVFFTUPTMJCSPTTPOVOBDPNQJMBDJØOEFEPDVNFOUPT
FTDSJUPTFOÏQPDBTQPTUFSJPSFT-BQPTJDJØOSBEJDBMRVFOJFHBMBBVUPSJEBENP
TBJDBTPCSFFM-JCSPEFMB-FZOPFTUÈFOMBBDUVBMJEBEUBOBNQMJBNFOUFBWBMBEB
DPNPUJFNQPBUSÈTi"VORVFNVDIPTFSVEJUPTMJCFSBMFTUPEBWÓBQPOFOFOUFMB
EFKVJDJPMBBVUPSJEBENPTBJDBEFM1FOUBUFVDP MPTEFTDVCSJNJFOUPTBSRVFPMØ
HJDPTIBOJOTQJSBEPNBZPSSFTQFUPBMPTFSVEJUPTEFUPEPTMPTUSBTGPOEPT EBEP
FMDBSÈDUFSIJTUØSJDPEFMPTFWFOUPTRVFEFTDSJCFOw/PFYJTUFOJOHVOBSB[ØO
WBMFEFSBBMBMV[EFMBTJOWFTUJHBDJPOFTBDUVBMFTQBSBBCBOEPOBSFMUSBEJDJPOBM


&RPB%HDFRQB,BQYDBPHGLQGG 
QVOUPEFWJTUBEFRVF.PJTÏTFTDSJCJØFM²YPEPEVSBOUFMBQFSFHSJOBDJØOQPS
FMEFTJFSUP
-BTGFDIBTEFMBTBMJEBEF&HJQUPZEFMBQSPNVMHBDJØOEFMBMFZIBOTJEP
VOQSPCMFNBQBSBMPTFSVEJUPTEVSBOUFDFOUVSJBT ZBÞOOPTFIBSFTVFMUP4F
TVHJSJFSPO GFDIBT UBO SFNPUBT DPNP  "$  Z UBO BWBO[BEBT DPNP 
"$-BTFWJEFODJBTBSRVFPMØHJDBTQBSFDFOTF×BMBSBMHÞOQFSÓPEPEFOUSPEFMB
EFDJNPUFSDFSBDFOUVSJB BVORVFUBMBTFWFSBDJØOFTUÈFOBQBSFOUFDPOnJDUPDPO
MBGFDIBRVFIBMMBNPTFO3FZFT1FSPiMBNBUFSJBOPFTBTVOUPEFEPDUSJOB
TJOPEFJMVNJOBDJØOIJTUØSJDBw

#$ĠğĥĖğĚĕĠ
&MNBUFSJBMRVFIBMMBNPTFO²YPEPTJHVFOBUVSBMNFOUFBMMJCSPEF(ÏOFTJT
-BGSBTFi&TUPTTPOMPTOPNCSFTw 
TJSWFEFQVFOUFDPOFMMJCSPBOUFSJPS
4JOMPTSFMBUPTEF(ÏOFTJT FMNBUFSJBMEF²YPEPDBSFDFSÓBEFTJHOJmDBEP4JO
FNCBSHP EFTQVÏTEFVOBCSFWFSFGFSFODJBBMPBOUFSJPS FMBVUPSTFMBO[BBVOB
EFTDSJQDJØOEFMPSEFOEFDPTBT&MQVFCMPEF%JPT RVFVOBWF[GVFTFIVÏTQFE
GBWPSFDJEP QPS 'BSBØO  TF USBOTGPSNB FO VOB OBDJØO EF FTDMBWPT +FIPWÈ FN
QSFOEFMBMJCFSBDJØOEFTVQVFCMPQBSBIBDFSEFFMMPTVOBOBDJØOCBKPTVUVUFMB 
DPOJOTUJUVDJPOFTZMFZFTEBEBTQPSSFWFMBDJØOEJWJOB²YPEPFTVODVBESPEFMB
PCSBNBSBWJMMPTBEFM4F×PS SFEJNJFOEPZDSFBOEPVOQVFCMPQBSBÏM
&MUFNBEFFTUFMJCSPFTDMBSBNFOUFMBSFEFODJØOQPSJOUFSNFEJPEFMPTQP
EFSPTPTBDUPTEF%JPT&MMÓEFSEF*TSBFMFTFM5PEPQPEFSPTP VTBOEPBTVTJFSWP
.PJTÏTDPNPJOTUSVNFOUP-BUBSFBEFMJCFSUBSMPTQBSFDÓBJNQPTJCMF QFSP%JPT
MBSFBMJ[ØDPONBOPQPUFOUF&MFTUBCMFDJNJFOUPEFFTUFQVFCMPEJGÓDJMFOVOB
OVFWBUJFSSBDPNPOBDJØOQJBEPTBTFQSFTFOUBCBDPNPVOBUBSFBJNQPTJCMFQFSP
FMMJCSPUFSNJOBDPOFMUSJVOGPEFMBHSBDJBEF%JPT&MGPDPTFDFOUSBFOFMDBSÈD
UFSEFM4F×PSDPNP"RVFMRVFTFSFWFMBBTÓNJTNPDPNPQPEFSPTPZKVTUP ZB
MBWF[UJFSOPZQFSEPOBEPS"USBWÏTEFMBTQÈHJOBTEFTVIJTUPSJB *TSBFMFDIBSÓB
VOBNJSBEBSFUSPTQFDUJWBBFTPTFWFOUPTQBSBWFSDPONBZPSDMBSJEBEBUSBWÏTEFM
²YPEPBM%JPTRVFTFIBCÓBNBOJGFTUBEPBTVQVFCMP
&MQSPQØTJUPEFFTDSJCJSFTUFMJCSPFTFWJEFOUF&MSFMBUPEFMPRVF%JPTIJ[P
QBSBMJCFSUBSBTVQVFCMPEF&HJQUP ZEBSMFTTVTMFZFTFJOTUJUVDJPOFT TFSÓBVO
DPOTUBOUFSFDPSEBUPSJPEFMFTQFDJBMBNPSEFM4F×PSQPSFTUFQVFCMP ZVOGBDUPS
VOJmDBEPSFOTVDVMUP*TSBFMOVODBIVCJFSBMMFHBEPBTFSFMQVFCMPDVZP%JPT
FTFM4F×PSTJOFMDPOPDJNJFOUPEFFTUPTTVDFTPTEJWJOPTRVFTFFODVFOUSBOFO
TVIJTUPSJB&MSFMBUPEFMPTFWFOUPTJOTQJSØGFFOMBTHFOFSBDJPOFTQPTUFSJPSFT
EF*TSBFM&TUPTNJTNPTBDPOUFDJNJFOUPTFTUÈOFTQJSJUVBMJ[BEPTFOMBHSBOPCSB
SFEFOUPSBIFDIBFOMBDSV[QPSOVFTUSP4F×PS+FTVDSJTUP-PTDSJTUJBOPTDPOTJEF
SBOSFUSPTQFDUJWBNFOUFFTUBTNBOJGFTUBDJPOFTEJWJOBTDPNPTÓNCPMPTEFMBPCSB
EF%JPTQPSFMMPTFO$SJTUP DG+O)F



&RPB%HDFRQB,BQYDBPHGLQGG 
/05"4#*#-*0(3«'*$"4

+$PFSU3ZMBBSTEBN *OUSPEVDUJPOBOE&YFHFTJT
Z+&EHBS1BSL &YQPTJUJPO
iɩF#PPLPG
&YPEVTw DzF*OUFSQSFUFST#JCMF FE(FPSHF"#VUUSJDL FUBM /VFWB:PSL"CJOHEPO$PLFTCVSZ
1SFTT 
* 

(FPSHF3BXMJOTPO i&YPEVTw $PNNFOUBSZPOUIF8IPMF#JCMF FE$IBSMFT+&MMJDPUU (SBOE
3BQJET;POEFSWBO1VCMJTIJOH)PVTF TG
* 

w&YPEVTw DzF/FX#JCMF$PNNFOUBSZ FE3%BWJETPO (SBOE3BQJET8N#&FSENBOT
1VCMJTIJOH$P 
Q

1IJMJQ$+PIOTPO i&YPEVTw DzF8ZDMJąF#JCMF$PNNFOUBSZ FE$IBSMFT'1GFJĊFSZ&WFSFUU
')BSSJTPO $IJDBHP.PPEZ1SFTT 
Q

*CJE

#PTRVFKP
 *-BPQSFTJØOFO&HJQUP o
 "*OUSPEVDDJØO 
 #1SFQBSBDJØOEFM-JCFSUBEPS o
 $1SFMVEJPBMBMJCFSBDJØO o
 %-BTQMBHBTEF&HJQUP o
 **-JCFSBDJØOZWJDUPSJBT o
 "-BQBTDVB 
 #&MÏYPEP o
 $&MWJBKFBM4JOBÓ o
***&MQBDUPFOFMNPOUF4JOBÓ o
 "&MQBDUPQSPQVFTUPQPS%JPT 
 #-PT%JF[.BOEBNJFOUPT o
 $&MUFNPSEFMQVFCMP 
 %-BTMFZFTEFMQBDUP o
 &3BUJmDBDJØOEFMQBDUP 
 *7*OTUJUVDJØOEFMDVMUPB%JPT o
 "1MBOEF%JPTQBSBFMUBCFSOÈDVMP o
 #3VQUVSBZSFTUBVSBDJØOEFMQBDUP o
 $$POTUSVDDJØOEFMUBCFSOÈDVMP o
 %$POGFDDJØOEFMBTWFTUJEVSBT 
 &1SFTFOUBDJØOB.PJTÏTEFMNBUFSJBMDPNQMFUP 
 '$POTUSVDDJØOEFMUBCFSOÈDVMP 
 (%FEJDBDJØOEJWJOB 

&RPB%HDFRQB,BQYDBPHGLQGG 
4ĖĔĔĚŭğ -JCFSBDJØOZWJDUPSJBT
**
²YPEPo

"-"1"4$6" 
-BMJCFSBDJØOEF*TSBFMEFMZVHPFHJQDJPGVFVOIFDIPUSFNFOEPRVFTFSÓB
SFDPSEBEPQPS*TSBFMBUSBWÏTEFMUJFNQP&MUÏSNJOPQBTDVBQVFEFTFSFOUFOEJEP
EFWBSJBTGPSNBT&MTVDFTPRVFUSBUBNPTBRVÓFTMBIVÓEBTFHVSBEFMPTIJKPTEF
*TSBFMDVBOEP%JPTEFTUSVZØBMPTQSJNPHÏOJUPTEF&HJQUP 
-BmFTUBRVF
EFCÓBDFMFCSBSTFQBSBFTUBPDBTJØOTFMMBNBSÓBMBQBTDVBEF+FIPWÈ 
%FCÓB
SFBMJ[BSTFBOVBMNFOUFQBSBRVFFTFEÓBMFTGVFSBFONFNPSJBUPEP*TSBFMFTUBCB
JODMVJEP 
-BQBMBCSBQBTDVBTFFNQMFBQBSBEFTDSJCJSFTUBTUSFTPDBTJPOFT
.PJTÏTSFDJCFJOTUSVDDJPOFTQBSBMBQSJNFSBmFTUBEFMBQBTDVB 


%JPTJOTUJUVZØVOB×POVFWPQBSB*TSBFM-BDPTUVNCSFIBTUBFOUPODFTFSB
DPNFO[BSFMB×PFOFMPUP×P FOFMNFTEF5JTSJ1FSPBIPSB "CJC 
TFSÓB
QSJODJQJPEFMPTNFTFTEFMB×PSFMJHJPTP TFJTNFTFTBOUFTEFMDPNJFO[PEFMB×P
DJWJM%FTQVÏTEFMFYJMJP FTFNFTTFMPDPOPDJØDPOFMOPNCSFEF/JTÈO
.PJTÏTEFCÓBJOTUSVJSBMPTJTSBFMJUBTRVFUPNBSBOVODPSEFSPQPSGBNJMJB

 FMEÓBEJF[EFFTUFNFT &M WFSTÓDVMP  TF BDMBSB EF MB TJHVJFOUF NBOFSB
i$BEB IPNCSF CVTDBSÈ VO DPSEFSP QBSB TV GBNJMJB QBUFSOB  VO DPSEFSP QBSB
DBEBIPHBSw #FSL
4JFMBOJNBMFSBEFNBTJBEPQBSBVOBGBNJMJB MPTWFDJOPT
QPEÓBOVOJSTF TFHÞOFMOÞNFSPEFMPTRVFQPEÓBODPNFSMP 
-BFMFDDJØOEFM
DPSEFSPDVBUSPEÓBTBOUFTEFMBmFTUB DGW
FSBQSPCBCMFNFOUFQBSBPCTFSWBS
BMBOJNBM5FOÓBORVFFTUBSTFHVSPTEFRVFGVFSBTJOEFGFDUP 
NBDIPEFVO
B×P &M BOJNBM NÈT KPWFO TJNCPMJ[BCB MB JOPDFODJB &TUF DPSEFSP TFI
 CJFO
QPEÓBTFSEFMBTPWFKBTPEFMBTDBCSBT BVORVFFOMBQSÈDUJDBTPMPQBSFDFRVFTF
FNQMFBCBOMBTPWFKBT
&MEÓBTFEFCÓBNBUBSBMDPSEFSPFOUSFMBTEPTUBSEFT 
&TUPQPESÓB
TJHOJmDBSFOUSFMBQVFTUBEFMTPMZMBOPDIF PFMEFDMJOBSEFMBMV[TPMBSZFM
PDBTP-BOHFQJFOTBRVFMPIBDÓBOBVOBIPSBUFNQSBOB BMBOPDIFDFS QVFTUP
RVF FTUP EFKBCB NÈT UJFNQP QBSB MBT BDUJWJEBEFT QBTDVBMFT .PĊBUU USBEVDF
i$BEBNJFNCSPEFMBDPNVOJEBEEF*TSBFMMPNBUBSÈFOUSFMBQVFTUBEFMTPMZMB
PTDVSJEBEw-BTBOHSFEFCÓBDPMPDBSTFiFOMPTEPTQPTUFTw 347Z3FJOB7BMFSB

ZFOFMEJOUFMEFMBTDBTBT 
&TUPQPESÓBTJHOJmDBSVOBDFMPTÓBTPCSFMBQVFSUB
"RVFMMBOPDIFDPNFSÓBOMBDBSOFBTBEBBMGVFHP 
-BTIJFSCBTBNBSHBTOP
FTUÈOJEFOUJmDBEBT QFSPUSBEJDJPOBMNFOUFJODMVÓBOFTDBSPMB CFSSP QFQJOPT SÈ


&RPB%HDFRQB,BQYDBPHGLQGG 
-JCSP -JCFSBDJØOZ7JDUPSJBT

CBOPT MFDIVHBZQFSFKJM&MDPSEFSPTFEFCÓBBTBSFOTVUPUBMJEBE JODMVZFOEPMB


DBCF[B MPTQJFTZMBTFOUSB×BT 
i-PTDPNFOUBSJTUBTKVEÓPTEJDFORVFTBDBCBO
MPTJOUFTUJOPT MPTMBWBCBO MJNQJBCBOZMVFHPWPMWÓBOBDPMPDBSMPT ZTFBTBCBFM
DPSEFSPFOVOBFTQFDJFEFIPSOPw/JOHVOBDPTBEFKBSÏJTEFÏMIBTUBMBNB×B
OBMPRVFOPTFDPNÓB TFEFCÓBRVFNBS 

-PTEFUBMMFTEFMPTWFSTÓDVMPT TFQVFEFOJOUFSQSFUBSDPNPTÓNCPMPT
EFi$SJTUP FM$PSEFSPEF%JPT 
4JOEFGFDUPZTJONBODIBw  
.VSJØBMB
UBSEF  
"MEFSSBNBSTVTBOHSF MPTDPSB[POFTEFMPTDSFZFOUFTIBDFOQSPQJB
MBTBOHSFEF$SJTUP  
4FWVFMWFFM4VTUJUVUPRVFDBSHBDPOMBJSBEF%JPT 
 
 %FCF TFS UPUBMNFOUF SFDJCJEP QPS FM DSFZFOUF    TJO MB MFWBEVSB EF
QFDBEPZDPOFTQÓSJUVQJBEPTPEFBSSFQFOUJNJFOUP 
.JFOUSBTDPNÓBO MPTJTSBFMJUBTEFCÓBOFTUBSMJTUPTQBSBWJBKBSDPOTVTMBSHBT
WFTUJEVSBT SFDPHJEBT  DF×JEPT MPT MPNPT DPO VO DJOUVSØO 
 %FCÓBO FTUBS
DBM[BEPT DPOFMCPSEØOFOMBNBOPZMFTEJKPMPDPNFSÏJTBQSFTVSBEBNFOUF
‰BDDJØO RVF TJNCPMJ[B FO QBSUF FM IFDIP EF RVF MPT DSJTUJBOPT EFCFO FTUBS
MJTUPT QBSB MB TFHVOEB WFOJEB EF $SJTUP %VSBOUF MB OPDIF  EJKP %JPT IFSJSÏ
BMPTFHJQDJPTZFKFDVUBSÏNJTKVJDJPTFOUPEPTMPTEJPTFTEF&HJQUP 
-B
HFOUFEFFTFQBÓTDPOTJEFSBSÓBMBNVFSUFEFMPTQSJNPHÏOJUPTEFMPTBOJNBMFTEF
&HJQUPDPNPVODBTUJHPTPCSFTVTEJPTFT
:MBTBOHSFPTTFSÈQPSTF×BMRVFTFSÓBWJTUBQPS%JPTQBSBOPIFSJSMBTDBTBT
EPOEFFTUBFTUVWJFSB 

-BTmFTUBTEFDPONFNPSBDJØO 

:FTUFEÓB  FM  EF "CJC  %JPT MP BQBSUØ DPNP FTUBUVUPQFSQFUVPQBSB
*TSBFM 
4FUSBUBCBEFVOSFDPSEBUPSJPBOVBMEFMBMJCFSBDJØOEF&HJQUP RVF
EFCÓBHVBSEBSTFEVSBOUFMBTHFOFSBDJPOFT&TUFFTUBUVUPTPMBNFOUFTFSÓBQMF
OBNFOUF DVNQMJEP  Z QBSB MB FUFSOJEBE  FO $SJTUP -PT DSJTUJBOPT DFMFCSBO MB
4BOUB$FOBFONFNPSJBEFM$PSEFSPEF%JPTTBDSJmDBEP&TUPDPOUJOVBSÈIBTUB
RVFTFPCTFSWFOVFWBNFOUFFOFMSFJOPEF%JPT .U

-BQBTDVBTFSÓBTFHVJEBJONFEJBUBNFOUFQPSMBmFTUBEFMPTQBOFTTJOMFWB
EVSB 
/PFTOFDFTBSJPDPOKFUVSBSRVFMPTWFSTÓDVMPTGVFSPOBHSFHBEPT
EFTQVÏTEFVOBJOTUJUVDJØOQPTUFSJPSEFFTUBmFTUB-BÓOUJNBDPOFYJØODPOMB
QBTDVBIJ[PEFFTUBmFTUBVOBQBSUFFTFODJBMEFMQSJNFSFWFOUP-PTJTSBFMJUBT
OPIBCÓBOMFVEBEPQBOEVSBOUFMBQBTDVBZ EBEBMBQSJTBEFTVQBSUJEB OPIB
CÓBOUFOJEPUJFNQPQBSBQSFQBSBSMP"EFNÈT TJFOEPMBMFWBEVSBVOTÓNCPMPEF
&HJQUP EFCÓBRVFEBSBUSÈT
&TUBmFTUBEFCÓBEVSBSTJFUFEÓBT DPNFO[BOEPDPOFMRVFTFHVÓBBMBQBT
DVB&MQSJNFSPZÞMUJNPEÓBTEFCÓBOTFSEFTBOUBDPOWPDBDJØO SFVOJØOTBHSB
EB
EVSBOUFMPTDVBMFTOJOHVOBPCSBTFIBSÈ 
/PFSBOTÈCBEPT SFQPTP
FO


&RPB%HDFRQB,BQYDBPHGLQGG 
-JCFSBDJØOZ7JDUPSJBT -JCSP

FMTFOUJEPFTUSJDUP TJOPEÓBTEFBEPSBDJØO&SBVONFNPSJBMEFM²YPEP FMWJBKF


RVFDPNFO[BCBFOUPODFTQBSBTBMJSEF&HJQUP
-BMFDDJØOQSFEPNJOBOUFEFFTUBTmFTUBTFSBMBDPNQMFUBTFQBSBDJØOEFMB
MFWBEVSB/PTPMPOPEFCÓBBNBTBSTFDPOFMQBOTJOPRVFOPEFCÓBIBCFSMFWB
EVSBBMHVOBFOMBTDBTBT 
$VBMRVJFSQFSTPOBRVFDPNJFSBBMHPMFVEBEP
SFTVFMUBNFOUFZBTBCJFOEBT
TFSÓBDPSUBEPEFMBDPOHSFHBDJØOEF*TSBFM FT
EFDJS  KBNÈT WPMWFSÓB B HP[BS EF MPT QSJWJMFHJPT Z EFSFDIPT EF MPT JTSBFMJUBT
&TUFNBOEBNJFOUPTFBQMJDBSÓBUBOUPBMJTSBFMJUBEFOBDJNJFOUP‰OBUVSBMEFM
QBÓT‰DPNPBMFYUSBOKFSPRVFTFJEFOUJmDBCBDPOFMMPTQPSFMFDDJØO&MQBOOP
MFVEBEPFSBTF×BMQBSB*TSBFMEFRVFIBCÓBFOUSBEPBVOBOVFWBWJEBDPO%JPT 
MJCSF EF MB DPOUBNJOBDJØO EF &HJQUP -B MFWBEVSB FT TÓNCPMP EF DPSSVQDJØO
QPSRVFTFGPSNBQPSGFSNFOUBDJØO&TmHVSBEFMBBOUJHVBWJEBEFQFDBEPZEF
MBNBMBOBUVSBMF[BRVFFTUÈFOFMIPNCSF1BCMPFTDSJCJØi-JNQJBPT QVFT EFMB
WJFKBMFWBEVSBBTÓRVFDFMFCSFNPTMBmFTUBOPDPOMBMFWBEVSBEFNBMJDJBZEF
NBMEBETJOPDPOQBOFTTJOMFWBEVSB EFTJODFSJEBEZEFWFSEBEw $P

5BOUPFOFM"OUJHVPDPNPFOFM/VFWP5FTUBNFOUPT TFFOTF×BDMBSBNFOUFMB
MJNQJF[BEFUPEPQFDBEP
*OTUSVDDJPOFTBMPTBODJBOPT 

"IPSB.PJTÏTFTUBCBMJTUPQBSBUSBOTNJUJSMPRVF%JPTMFIBCÓBEJDIP`$VÈO
OFDFTBSJPFTRVFFMIPNCSFEF%JPTTFQBQSJNFSBNFOUFDVÈMEFCFTFSTVNFO
TBKF4FEFCÓBVOUBSMBTBOHSFTPCSFFMEJOUFMZMPTEPTQPTUFTDPOIJTPQP 

&TUBQMBOUBFSBiDPOWFOJFOUFQBSBFTQBSDJSTBOHSFwZiTVVTPGSFDVFOUFQBSBFTUF
QSPQØTJUP MMFHØ B TFS TÓNCPMP EF QVSJmDBDJØO FTQJSJUVBMw DG 4BM 
 -PT
JTSBFMJUBTSFDJCJFSPOMBPSEFOEFOPTBMJSEFMBTDBTBTDVZBTQVFSUBTFTUVWJFSBO
VOUBEBTDPOMBTBOHSFIBTUBMBNB×BOB 

.PJTÏT MFT BTFHVSØ B MPT BODJBOPT RVF FM 4F×PS QBTBSÓB QPS BMUP B *TSBFM
DVBOEP IJSJFSB B MPT FHJQDJPT BM QBTBS FM IFSJEPS 
 -B TFHVSJEBE QBSB MPT
QSJNPHÏOJUPTFTUBCBFOMBTQBMBCSBTDVBOEPWFBMBTBOHSF4FSFRVFSÓBMBTBO
HSFQJOUBEBUBOUPDPNPMBQSPWJTUB‰IFDIPRVFUJFOFFMNJTNPTJHOJmDBEPFO
OVFTUSPTEÓBTFOMPRVFDPODJFSOFBMTBDSJmDJPFYQJBUPSJPEF$SJTUP 1

(VBSEBSÏJTFTUP  MBBDUJWJEBEEFMBOPDIF
DPNPVOSFDVFSEPBOVBMP
NFNPSJBM PMBBDDJØOPCKFUJWBQBSBTVTIJKPT 
$VBOEPPZØFMQMBOEF
%JPT FMQVFCMPTFJODMJOØZBEPSØ 
-BQSPNFTBEJWJOBEFVOGBWPSFTQFDJBM
QBSBFMMPTMFTBGFDUØTJOUJFOEPSFWFSFODJBZTBOUBFNPDJØO%FTQVÏTEFBEPSBS
B%JPT MPTIJKPTEF*TSBFMGVFSPOFIJDJFSPOQVOUVBMNFOUFBTÓ DPNP+FIPWÈ
IBCÓBNBOEBEP 

-BNVFSUFFO&HJQUP 

$PNP%JPTIBCÓBQSFEJDIP BNFEJBOPDIF+FIPWÈIJSJØBUPEPQSJNPHÏ
OJUPFOMBUJFSSBEF&HJQUP 
&OMVHBSEFiMBTJFSWBw 
NFODJPOBEBFOMB


&RPB%HDFRQB,BQYDBPHGLQGG 
-JCSP -JCFSBDJØOZ7JDUPSJBT

QSPGFDÓBDPNPMBQFSTPOBNÈTIVNJMEF BIPSBEJDFFMQSJNPHÏOJUPEFMDBVUJWP
RVFFTUBCBFOMBDÈSDFM"QBSFOUFNFOUF IBCÓBFTDBTBEJGFSFODJBEFDMBTFTPDJBM
FOUSFFMMPT
'BSBØOTBCÓBRVFFTUBQMBHBWFOESÓBQPSRVF.PJTÏTTFMPIBCÓBEJDIP 

QFSPTVEVSPDPSB[ØOMPDFHØFODVBOUPBMPTBDPOUFDJNJFOUPTEFMPTDVBMFT
OPIBCÓBEVEB4JOFNCBSHP DVBOEPFMIFDIPPDVSSJØOPIVCPDØNPFWBEJSMB
WFSEBE ‰MPT QSJNPHÏOJUPT NVSJFSPO &MHSBODMBNPS IBCÓB MMFHBEP FO DBEB
DBTB IBCÓB VO IJKP NVFSUP 
 4JFOEP BÞO EF OPDIF  'BSBØO IJ[P MMBNBSB
.PJTÏTZB"BSØO ZOPTPMPMFTQFSNJUJØTJOPRVFMFTPSEFOØRVFTBMJFSBOEF
&HJQUPMMFWÈOEPTFUPEBTTVTQFSUFOFODJBT 
4FUSBUBCBEFVOBPSEFOEFT
FTQFSBEBNÈTRVFVODPOTFOUJNJFOUPWPMVOUBSJP-BTQBMBCSBTZCFOEFDJENF
UBNCJÏOBNÓ TJNQMFNFOUFFYQSFTBOVOEFTFPEFQSFWFOJSVOBDBMBNJEBENB
ZPS"RVÓIBCÓBVOBIVNJMMBDJØOFYUSFNBTJOiVODPSB[ØOSFBMNFOUFDPOUSJUPw
$PNP.PJTÏTIBCÓBEJDIPRVFOPWPMWFSÓBBWFSB'BSBØO FTQSPCBCMFRVFFM
NPOBSDBIBZBFOWJBEPFMNFOTBKFBMIPNCSFEF%JPTQPSNFEJPEFBMHVOPEF
TVTTJFSWPT
/PTPMP'BSBØOZTVTTJFSWPTTJOPUPEPTMPTFHJQDJPTBQSFNJBCBOBMQVFCMP
EF*TSBFMQBSBRVFTFNBSDIBSB‰w-PTFHJQDJPTBQVSBCBOBMPTIFCSFPTQBSBRVF
TFBQSFTVSBSBOw #FSL
5FNÓBORVFQSPOUPMBNVFSUFMFTMMFHBSBBUPEPT 

-B USBEVDDJØO RVF .PĊBUU IBDF EFM WFSTÓDVMP  JOEJDB FM BQVSP DPO FM DVBM
TBMJØFMQVFCMPEF*TSBFMi%FNPEPRVFMBHFOUFMFWBOUØMBNBTBDPNPFTUBCB 
TJOMFVEBS ZFOWPMWJØFMSFDJQJFOUFRVFMBDPOUFOÓBDPOTVTNBOUPT MMFWÈOEPMB
TPCSFMPTIPNCSPTw:BFMMPTIBCÓBOQFEJEP 347
BMIBKBTBMPTFHJQDJPTFOUBM
FTDBMBRVFMPTEFTQPKBSPO 
1BSFDFRVFNVDIPTBZVEBCBOB*TSBFMBBMJT
UBSTFQBSBMBTBMJEBBOUFTRVFQBTBTFMBQBTDVB"IPSBJOTJTUÓBOFORVFTFGVFSBO
QSPOUP"TÓ*TSBFMTBMJØEFMBFTDMBWJUVEFHJQDJBEFTQVÏTEFVOBQBWPSPTBOPDIF
EF WJDUPSJB -B FYQSFTJØOiQJEJFSPO QSFTUBEPw 
 EF MBT WFSTJPOFT JOHMFTBT Z
BMHVOBTFTQB×PMBT JNQMJDBMBPCMJHBDJØOEFEFWPMWFS RVFIBDSFBEPVOJOOF
DFTBSJPQSPCMFNBÏUJDP4FQVFEFUSBEVDJSJHVBMNFOUFEFMIFCSFPTIBFMDPNP
iQJEJFSPOwPiEFNBOEBSPOw4PMPQPSFYUFOTJØOQVFEFBUSJCVÓSTFMFFMTJHOJmDBEP
EFiQSFTUBSw $BTJ UPEBT MBT WFSTJPOFT BDUVBMFT VTBO MB QBMBCSBiQJEJFSPOw -PT
FHJQDJPTEFCÓBOBMPTIFCSFPTNVDIPTTBMBSJPTRVFUFOÓBOQFOEJFOUFQPSMBCPSFT
JOWPMVOUBSJBT
-BWJDUPSJBQBSB*TSBFMUSBKPi-BHSBOTBMWBDJØOw PCTFSWBEBFOMPTWFSTÓDVMPT
 
-PTSFRVJTJUPT-PTIJKPTEF*TSBFMIJDJFSPODPNP+FIPWÈMFTIBCÓB
NBOEBEP  
4VQSPUFDDJØO‰%JPTQBTØQPSFODJNBEFMBTDBTBTEF
MPTIJKPTEF*TSBFM   
4VQSPWJTJØO‰+FIPWÈEJPHSBDJBBMQVFCMP 



&RPB%HDFRQB,BQYDBPHGLQGG 
-JCFSBDJØOZ7JDUPSJBT -JCSP

#&-²90%0 o
-BQBSUJEBEF&HJQUP 

B&MQVFCMPFONBSDIB 
"MEÓBTJHVJFOUFEFMBNVFSUFEFMPTFHJQ
DJPT QBSUJFSPOMPTIJKPTEF*TSBFMB4VDPU 
/PTFTBCFDPOTFHVSJEBEMB
VCJDBDJØOEFFTFMVHBS BVORVFQBSFDFRVFFTUBCBBDPSUBEJTUBODJBEF3BNFTÏT 
IBDJBFMFTUF EJSJHJÏOEPTFBMNBS3PKP WÏBTFNBQB
%FCFIBCFSTJEPVOB
FOPSNFUBSFBMBEFDPOEVDJSBVOHSVQPUBOHSBOEFBVOMVHBSDFOUSBM&WJEFO
UFNFOUFIVCPBMHÞOQMBODVBOEPTFJCBBQSPYJNBOEPMBWJDUPSJB
)BIBCJEPNVDIBDPOUSPWFSTJBBDFSDBEFMOÞNFSPEFQFSTPOBTRVFQBSUJØ
EF &HJQUP -PT FSVEJUPT MJCFSBMFT  SFOVFOUFT B EBS QPS TFOUBEP MB QSPWJEFO
DJB NJMBHSPTB  TF OJFHBO B BDFQUBS VO OÞNFSP UBO HSBOEF DPNP TFJTDJFOUPT
NJMIPNCSFT0CKFUBOMBQPTJCJMJEBEEFRVF*TSBFMIVCJFSBBVNFOUBEPIBTUB
UBMQVOUP FOEJDIPUJFNQPZCBKPMBTBEWFSTBTDPOEJDJPOFTEFTDSJUBT5BNCJÏO
SFDIB[BOMBQPTJCJMJEBEEFMBTVQFSWJWFODJBEFUBMNVMUJUVEFOFMEFTJFSUP&T
QPTJCMFRVFMBQBMBCSBIFCSFBNJM FMFQ
QVFEBTFSUSBEVDJEBDPNPiDMBOwPiGB
NJMJBTw DPNPTVDFEFFO+VF
&OFTUFDBTP TJTFUSBUBSBEFGBNJMJBT
FMOÞNFSPUPUBMTFSÓBNVDIPNFOPS
4JOFNCBSHP DPOTJEFSBOEPMBCFOEJDJØOFTQFDJBMEF%JPT VOPQVFEFBDFQ
UBSRVF*TSBFMIBCÓBBVNFOUBEP MMFHBOEPBUSFTNJMMPOFTEFQFSTPOBT"EFNÈT 
CBKPFMQPEFSFTQFDJBMEF%JPT MBTQSPWJTJPOFTOFDFTBSJBTFOFMEFTJFSUPIBCSÓBO
EFTFSBEFDVBEBT
-BHSBOEFNVMUJUVEEFUPEBDMBTFEFHFOUF 
RVFQBSUJØDPOFMQVFCMP
EF*TSBFMQPESÓBOTFSFHJQDJPTBUSBÓEPTIBDJB*TSBFMZTVSFMJHJØOUBNCJÏOQPESÓB
USBUBSTF EF FTDMBWPT FYUSBOKFSPT RVF CVTDBCBO TV MJCFSBDJØO EF FTB NBOFSB  P
RVFFTUBCBODBTBEPTDPOIFCSFPT&TUBHFOUFNÈTUBSEFMMFHØBDPOTUJUVJSTFFO
VOBUSBNQBQBSB*TSBFM /N
&TJOUFSFTBOUFRVF*TSBFMQPTFZFSBPWFKBTZ
NVDIÓTJNPHBOBEP:BFSBOEFFMMPTBOUFTEFMBTQMBHBTZIBCÓBOTJEPQSPUF
HJEPTEFMBEFTUSVDDJØO 
/PTFEJDFDØNPMPTJTSBFMJUBTQVEJFSPOMMFHBSB
QPTFFSUBOUBHBOBEFSÓB/VFWBNFOUFUFOFNPTRVFBDFQUBSRVFMBTCFOEJDJPOFT
EF%JPTEFTDBOTBCBOTPCSF*TSBFMEVSBOUFTVDBVUJWFSJP$IBEXJDLTVHJFSFRVF
FTUPTFTDMBWPTEF&HJQUPIBCÓBOBMDBO[BEPDJFSUPTQSJWJMFHJPTQPSVOBNPUJOB
NJFOUPQSFWJP%FUPEPTNPEPT %JPTMFTIBCÓBTVQMJEPEÈOEPMFTNVDIÓTJNP
HBOBEP
&NQFSPMBSFQFOUJOBTBMJEBEF&HJQUPEFKØB*TSBFMQBSDJBMNFOUFEFTQSFWF
OJEPQVFTMPTKVEÓPTOPIBCÓBOUFOJEPUJFNQPOJQBSBQSFQBSBSTFDPNJEB 

%F NPEP RVF DPNJFSPO TPMP UPSUBTTJOMFWBEVSB &TUP FT MP RVF UFOÓBO RVF
DPNFSEVSBOUFTJFUFEÓBT FTEFDJSNJFOUSBTEVSBCBMBmFTUBNFNPSJBM 

C'FDIBEFMBQBSUJEB 
&MUJFNQPRVFMPTIJKPTEF*TSBFMIBCJ
UBSPOFO&HJQUPGVFDVBUSPDJFOUPTUSFJOUBB×PT 
&MBVUPSOPOPTEJDFTJ


&RPB%HDFRQB,BQYDBPHGLQGG 
-JCSP -JCFSBDJØOZ7JDUPSJBT

FTUFUJFNQPMPQBTBSPOUPUBMNFOUFFOFTUFQBÓTPTJJODMVZFFMRVFQBTBSPOFO
1BMFTUJOB1BCMP (È
NFODJPOBRVFTFPUPSHØMBMFZB×PTEFTQVÏTEF
"CSBIBN4JOFNCBSHP &TUFCBO )DI
EJKPRVF*TSBFMIBCÓBFTUBEPFODBV
UJWFSJPFOUJFSSBFYUSB×BQPSB×PT&MOÞNFSPSFEPOEFBEPFODPODVFSEB
DPO(ÏOFTJT QBTBKFRVFUBNCJÏOEBBFOUFOEFSRVFFTBFSBMBDBOUJEBE
EFB×PTRVFFTUBSÓBOFOBnJDDJØO1PEFNPTFTUBSTFHVSPTRVFFMFTDSJUPSBRVÓTF
SFmFSFBMPTB×PTUSBOTDVSSJEPTFOMBUJFSSBEF&HJQUP&OWFSEBE TFDPNQVUØ
MBGFDIBFOFMSFMPKEF%JPTDPOVOBFYBDUJUVERVFEFNPTUSØRVFMB1BMBCSBFT
EJWJOB 

`2VÏOPDIFQBSBSFDPSEBSi'VFVOBOPDIFFORVF%JPTFTUVWPEFHVBSEJBw
#FSL
&OFMUSBOTDVSTPEFFMMB %JPTNBOUVWPTVTPKPTTPCSFTVTIJKPT 
1PS
FTPEFCFSÓBODFMFCSBSMBDPNPiOPDIFEFWJHJMJBwEVSBOUFUPEBTMBTHFOFSBDJPOFT
GVUVSBTEFMPTJTSBFMJUBT1BSBFTUFQVFCMPFSBDPNPVOEÓBEFOVFWPOBDJNJFOUP 
RVFQBSBMPTDSJTUJBOPTFRVJWBMESÓBBFTFEÓBEFMDVBMDBOUBNPTi%ÓBGFMJ[ DVBO
EPFTDPHÓTFSWJSUF NJ4F×PSZ3FZw
-BMFZEFMBQBTDVB o

.PJTÏTSFDJCJØNÈTJOTUSVDDJPOFTFOMPDPODFSOJFOUFBMBDFMFCSBDJØOEFMB
mFTUBEFMBQBTDVB B
/JOHÞOFYUSB×P FYUSBOKFSP
EFCÓBDPNFSEFFMMB 

C
QFSPMPTFYUSBOKFSPTZTJFSWPT BMTFSDJSDVODJEBEPT QPEÓBOQBSUJDJQBSEFFMMB
 
 D
&MDPSEFSPEFCÓBDPNFSTFFOVOBDBTBZOPTFQPEÓBTBDBSOJOHVOB
QBSUFEFFTUB 
 E
OPRVFCSBSÓBOOJOHÞOIVFTP 
 F
MBNJTNBMFZTF
BQMJDBSÓBUBOUPQBSBFMOBUVSBM OBUJWP
DPNPQBSBFMFYUSBOKFSP 

-PTÞMUJNPTUSFTQVOUPTDJUBEPTIBDÓBOIJODBQJÏFOMBVOJEBEEFMBDPNV
OJØO&OMBDPOHSFHBDJØOEF*TSBFMOPUFOESÓBRVFIBCFSEJWJTJØO‰FMDPSEFSP
FSBVOPZFMQVFCMPUBNCJÏO"TÓ UPEPTTPNPTVOPFO$SJTUPMBTEJWJTJPOFTOP
UJFOFOMVHBSFOTVDVFSQP $P

-BSFTQVFTUBEFMPTJTSBFMJUBTGVFJONFEJBUB 
-BSFDJFOUFWJDUPSJBIJ[P
SFUPSOBSTVTDPSB[POFTBMBPCFEJFODJB$VBOEP%JPTPCSB MBWJDUPSJBFTDPN
QMFUB.FKPSUSBEVDDJØORVFFKÏSDJUPT 
TFSÓBiIVFTUFTw 347
1FSP MBTCFO
EJDJPOFTEF%JPTTPCSFVOQVFCMPUBNCJÏOBDBSSFBOSFTQPOTBCJMJEBEFT:BRVF
%JPTIBCÓBTBMWBEPBUPEPQSJNPHÏOJUPUBOUPEFMPTIPNCSFTDPNPEFMPT
BOJNBMFT MPTQSJNPHÏOJUPTEFCÓBOTFSDPOTBHSBEPTBÏM 
%JPTSFDMBNBCBEF
FTPTIPNCSFTRVFMFEJFSBOMPRVFBÏMMFQFSUFOFDÓB&OMBWFSTJØOJOHMFTB ZFO
PUSBTBOUJHVBTFTQB×PMBT TFFNQMFBMBQBMBCSBTBOUJGÓDBNFFOMB3FJOB7BMFSB
DPOTÈHSBNF RVFFTFMWFSEBEFSPTFOUJEPEFMBQBMBCSBBRVÓ ZBNFOVEP
FOUPEPFM"OUJHVP5FTUBNFOUPFTEFDJS FMTFOUJEPEFEFEJDBSPBQBSUBSDPNP
EFFTQFDJBMQSPQJFEBEEJWJOB DPNQBSBEPDPOFMTJHOJmDBEPEFM/VFWP5FTUB
NFOUP  RVF JODMVZF QVSF[B NPSBM &G  )F 
 4BOUJmDBS  FO
FMTFOUJEPNÈTFYUFOTPEFM"OUJHVP5FTUBNFOUP TFVTBUBOUPFOSFGFSFODJBB
QFSTPOBTDPNPBDPTBT


&RPB%HDFRQB,BQYDBPHGLQGG 
-JCFSBDJØOZ7JDUPSJBT -JCSP

%JTDVSTPEF.PJTÏT 

B&MEÓBEFMSFDVFSEP 
.PJTÏTBIPSBUFOÓBRVFSFQFUJSBMQVFCMP
MBTJOTUSVDDJPOFTRVF%JPTMFIBCÓBEBEP-PTWFSTÓDVMPTSFJUFSBONVDIPMP
NFODJPOBEPFO -ÏBTFFMDPNFOUBSJPDPSSFTQPOEJFOUF
&OFMWFSTÓ
DVMP .PJTÏTOPNCSBDJODPEFMBTTJFUFOBDJPOFTDVZPUFSSJUPSJPTFSÓBIFSFODJB
EF*TSBFM-BTPUSBTEPTFSBOMPTQFSF[FPTZMPTHFSHFTFPT RVFQSPCBCMFNFOUF
FSBOEFNFOPSDVBOUÓB DG##$ ** 

%FCÓBO SFDPNFOEBS B MPT IJKPT MB JNQPSUBODJB EF DFMFCSBS 
 :UFTFSÈ
DPNPVOBTF×BMTPCSFUVNBOPZDPNPVONFNPSJBMEFMBOUFEFUVTPKPT 

OPFTVOBSFGFSFODJBBFTDSJUVSBTNBUFSJBMFTPimMBDUFSJBTw DG%U
.ÈT
CJFO MBmFTUBZMBTQBMBCSBTEFMBCPDBRVFTBMÓBOEFMDPSB[ØOEFCFSÓBOTFSDPO
UJOVPTSFDPSEBUPSJPT-PTPCKFUPTNBUFSJBMFTQVFEFOTFSWJSIBTUBDJFSUPQVOUP
QBSBBZVEBSBSFDPSEBSBMHVOPTEFMPTBDUPTNJTFSJDPSEJPTPTEF%JPT QFSPMBMFZ
EF+FIPWÈFOUVCPDB 
‰FMDPSB[ØOMMFOPEFBMBCBO[BZUFTUJNPOJP WJTUP
QPSMPTIJKPT‰FTFMNFEJPNÈTFmDB[EFUSBOTNJTJØO%JPTTBCFRVFFTGÈDJMRVF
FMIPNCSFTFPMWJEFEFÏM QPSFTPNBOEØ1PSUBOUP UÞHVBSEBSÈTFTUFSJUP FO
TVUJFNQP iFOFMUJFNQPJOEJDBEPw 347
EFB×PFOB×P 

C$POTBHSBDJØOEFMQSJNPHÏOJUP 
0USPSFDPSEBUPSJPDPOTUBOUFTF
SÓBMBFOUSFHBEFMPTQSJNPHÏOJUPTB%JPT  
ZMBSFTQVFTUBBMBTQSFHVOUBTEF
MPTIJKPT 
TPCSFMBTDFSFNPOJBT5PEPTMPTQSJNPHÏOJUPTEFMPTHBOBEPTNB
DIPTQFSUFOFDÓBOB%JPT 
ZEFCÓBOFYQMJDBSMPQPSFTUBDBVTBZPMPTBDSJmDP

5PEPQSJNPHÏOJUPNBDIPTFSFGFSÓBBMRVFiBCSÓBMBNBUSJ[TJFOEPNBDIPw
347
5PEPJODMVÓBTPMPBMPTBOJNBMFTMJNQJPT-PTJONVOEPT UBMFTDPNP
FMBTOP TFEFCÓBOSFEJNJSQPSMBTVTUJUVDJØOEFVODPSEFSPPDBCSJUP4JOPTF
FGFDUVBCBMBSFEFODJØO MBCFTUJBJONVOEBEFCÓBNPSJS4FNFODJPOBBMBTOPFO
FTUFMVHBSQPSRVFGVFFMÞOJDPBOJNBMEFDBSHBRVFTBMJØEF&HJQUP
4FIJ[PVOBSSFHMPFTQFDJBMUPDBOUFBMPTIJKPTWBSPOFT$PNPOPQPEÓBO
PGSFDFSTFFOTBDSJmDJPTFEFCÓBOSFEJNJS 
-BPCMJHBDJØOEFTFSWJSB%JPT
QPTUFSJPSNFOUFTFUSBOTmSJØBMPTMFWJUBT ZFMQSFDJPEFMBTVTUJUVDJØOEFMPTQSJ
NPHÏOJUPTRVFEØFTUBCMFDJEPFODJODPTJDMPTQPSDBCF[B RVFFRVJWBMESÓBODPNP
BDJODPEØMBSFT /N
&TUFQBHPFSBVOBFTQFDJFEFSFDPOPDJNJFOUPEFM
EFSFDIPRVF%JPTUFOÓBTPCSFMPTQSJNPHÏOJUPT
-BSB[ØOEFFTUBEFNBOEBFTDMBSB%JPTIBCÓBTBDBEPB*TSBFMEF&HJQUP
EFTUSVZFOEPBUPEPQSJNPHÏOJUP 
1PSMPUBOUP MBIJTUPSJBEFCÓBSFQFUJSTF 
FOMPQPTJCMF DPODBEBIJKP QFSPFTQFDJBMNFOUFDPOFMQSJNPHÏOJUP4FEFCÓBO
SFDPSEBS UBOUP FTUF BDUP EF SFEFODJØO DPNP FM EF TBDSJmDJP DPNP VOB TF×BM
TPCSFUVNBOP ZQPSNFNPSJBMEFMBOUFEFUVTPKPT WÏBTFFMDPNFOUBSJP
TPCSFFMW



&RPB%HDFRQB,BQYDBPHGLQGG 
-JCSP -JCFSBDJØOZ7JDUPSJBT

-BDPMVNOBEFOVCFZMBEFGVFHP 

-BSVUBTFQUFOUSJPOBMEJSFDUBEF&HJQUPB1BMFTUJOB WÏBOTFNBQBTZ

NFEÓBBMSFEFEPSEFLJMØNFUSPT ZTFQPEÓBIBCFSSFDPSSJEPFOBQSPYJNB
EBNFOUFEPTTFNBOBT4JOFNCBSHP DVBOEP%JPTTBDØB*TSBFMEF&HJQUPMPT
DPOEVKPQPSVODBNJOPNÈTMBSHPQBSBFWJUBSMFTVOFODVFOUSPCÏMJDPDPOMPT
mMJTUFPT 
&MQVFCMPEF*TSBFMOPFTUBCBBEJFTUSBEPQBSBFMMPZTVGFFSBBÞO
NVZEÏCJM%JKPFM4F×PSQBSBRVFOPTFBSSFQJFOUBDVBOEPWFBMBHVFSSB 
Z TF WVFMWB B &HJQUP %JPT DPOPDÓB MB MJNJUBEB GPSUBMF[B EF FTUB HFOUF Z MPT
QSPUFHJØEFUFOUBDJPOFTJOOFDFTBSJBT WÏBTF$P
"NFOVEP FMDBNJOP
EF%JPTOPQBSFDFTFSFMNÈTTJNQMFZEJSFDUP"TÓHVJØB*TSBFMQPSFMDBNJOP
EFMEFTJFSUPEFM.BS3PKP WÏBOTFMPTDPNFOUBSJPTTPCSFFMNBS3PKPFOFM


-B QBMBCSB BSNBEPT 
 BVORVF FT VOB FYQSFTJØO NJMJUBS FO FM PSJHJ
OBM EFCFIBDFSSFGFSFODJBBMBNBSDIBPSHBOJ[BEB.PĊBUUEJDFi-PTJTSBFMJUBT
TBMJFSPO EF &HJQUP FO GPSNBDJØO PSEFOBEBw &TUB PSHBOJ[BDJØO QVEP IBCFSTF
QMBOFBEPEVSBOUFFMUJFNQPEFDPOUJFOEBDPO'BSBØO
$VNQMJFOEPDPOMBQFUJDJØOEF+PTÏDVBOEPFTUBCBNPSJCVOEP (O

UPNØUBNCJÏODPOTJHP.PJTÏTMPTIVFTPT 
EFFTFQBUSJBSDB$POUPEBTF
HVSJEBE .PJTÏTDPOPDÓBEFTEFBOUFTMBIJTUPSJBEFFTUFMÓEFS ZTVQSPQJBGFTF
GPSUBMFDJØQPSMBFTQFSBO[BWJHPSPTBRVFBRVFMIBCÓBTVTUFOUBEP"TVEFCJEP
UJFNQP *TSBFMTFQVMUØmFMNFOUFMPTSFTUPTEF+PTÏFO$BOBÈO +PT

%FTQVÏTEF4VDPU MBTJHVJFOUFQBSBEBEF*TSBFMGVFFO&UBN BMBFOUSBEB
EFMEFTJFSUP WÏBTFNBQB
-BVCJDBDJØOEFFTUPTMVHBSFTFTJODJFSUB NB
ZPSNFOUFQPSRVFUBNCJÏOMPFTFMQVOUPEFTEFFMDVBMDSV[BSPOFMNBS3PKP
1FSP EPOEFRVJFSBRVFIBZBTJEP +FIPWÈFSBFM-ÓEFS²MTFBQBSFDJØBOUF*TSBFM
FOGPSNBEFDPMVNOBEFOVCF 
DPNPIVNPEFEÓBZEFOPDIFFOVOB
DPMVNOBEFGVFHP%FFTUBNBOFSBFTUVWPUPEPFMUJFNQPDPO*TSBFMQBSBDPO
EVDJSMPTFOTVTQFSFHSJOBDJPOFT TJNCPMJ[BOEPBM&TQÓSJUV4BOUP VOGVFHP .U

RVFHVÓBBMDSFZFOUFFOTVDBNJOP
&OMPTWFSTÓDVMPTWFNPTi-BMV[EF%JPTRVFHVÓBw 
%JSJHFBMPT
IJKPTEF%JPT BMFKÈOEPMPTEFMPTTFOEFSPTEFNBZPSQFMJHSP  
"MHVOBTWF
DFT QPSDBNJOPTUPSUVPTPTBMVHBSFTEFTBHSBEBCMFT B 
%FGPSNBPSEFOBEB
ZPCFEJFOUF C 
$POQPEFSPTBFWJEFODJBEFRVFÏMFTUÈDPOFMMPT 
$SV[BOEPFMNBS3PKP 

B6OMVHBSQFMJHSPTP 
$PNPOPFTDMBSPFMMVHBSEPOEFDSV[BSPO 
MPNFKPSFTTVQPOFSRVFMPTIJKPTEF*TSBFMGVFSPONBSDIBOEPQPSFMMÓNJUFEF
&HJQUP EFTEFEPOEFQPEÓBODSV[BS IBDJBFMEFTJFSUP&OUPODFT%JPTMFTPSEFOØ
RVFEJFSBOMBWVFMUB iRVFTFWPMWJFSBOw 347
ZBDBNQBSBOKVOUPBMNBS/P
TFTBCFTJTFWPMWJFSPOIBDJBFMOPSUFEPOEFFTUÈFMMBHP.BO[BMFI PIBDJBFM


&RPB%HDFRQB,BQYDBPHGLQGG 
-JCFSBDJØOZ7JDUPSJBT -JCSP

TVSEPOEFTFIBMMBOMPTMBHPT"NBSHPT-PFWJEFOUFFSBMBSFBMJEBEEFRVFUF
OÓBOGSFOUFBFMMPTVOBNBTBEFBHVBRVFDPOTUJUVÓBVOPCTUÈDVMPQBSBFMDSVDF
'BSBØO DPNFO[Ø B DBMDVMBS MP RVF MF IBCÓB DPTUBEP MB MJCFSBDJØO EF TVT
FTDMBWPT&TQPTJCMFRVFIBZBSFDJCJEPOPUJDJBTEFTVUSBZFDUPSJB BQBSFOUFNFOUF
WBOB ZIBZBTVQVFTUPRVFFTUBCBOFODFSSBEPTFOMBUJFSSB 
RVFFMEFTJFSUP
MPTIBCÓBFODFSSBEP1FOTØRVFFM%JPTEFFMMPT RVFTFIBCÓBNPTUSBEPQP
EFSPTPFO&HJQUP FSBJNQPUFOUFFOFMEFTJFSUP$SFZØRVFFTUBCBOGBUBMNFOUF
QFSEJEPT &T WFSEBE RVF EF OP IBCFS TJEP QPS FM %JPT5PEPQPEFSPTP *TSBFM
IVCJFSBBDBCBEPBMMÓ"MHVOBTWFDFT%JPTOPTMMFWBBMVHBSFTFTUSFDIPTEPOEF
QVFEFMJCSBSOPTZNPTUSBSRVFÏMFT+FIPWÈ 

C1FSTFHVJEPTQPS'BSBØO 
%PMPSJEPTQPSMBSFDJFOUFEFSSPUBZGSVT
USBDJØO DBVTBEB QPS MB QÏSEJEB EF UBOUPT USBCBKBEPSFT 
 'BSBØOZTVTTJFS
WPT DPOTFKFSPT
DBNCJBSPOEFJEFB1FOTBOEPRVFFMQVFCMPEF*TSBFMFTUBCB
SFBMNFOUFBUSBQBEPFOFMEFTJFSUP FMSFZVODJØTVDBSSP 
ZUPNØDPOTJHPTV
QVFCMP TV FKÏSDJUP  347
: UPNØTFJTDJFOUPTDBSSPTFTDPHJEPT 
 Z UPEPT
MPTRVFQVEPSFVOJS QPSTVQVFTUPEFFTBDMBTF
 FOMBFNFSHFODJB$POFTUB
GPSNBDJØO 'BSBØOTFMBO[ØUSBTMPTJTSBFMJUBT4VPCDFDBEPDPSB[ØOTFFOEVSFDJØ
BÞONÈT QPSRVFQBSBÏMFTUPTFTDMBWPTIBCÓBOTBMJEPDPONBOPQPEFSPTB  
QSPWPDBUJWBNFOUF 347
&TUPDPOUSBTUBDPOFMHSBONJFEPRVFQSPOUPJCBOB
TFOUJS 
:MPTTJHVJFSPOIBTUBEPOEFBDBNQBCBOKVOUPBMNBS WÏBTFNBQB

1JIBIJSPUTJHOJmDBiMVHBSEFKVODPTTPCSFFMMBEPFHJQDJPEFMNBS3PKPw
#FSL

D&MNJFEPEFMQVFCMP 
&MWFSBMPTFKÏSDJUPTEF'BSBØOBNJMBOØFM
DPSB[ØOEFMQVFCMPZDMBNBSPOB+FIPWÈ 
&SBVODMBNPSEFEFTFTQFSBDJØO
QPSRVFOPWFÓBOTJOPMBNVFSUFBOUFFMMPT FJODSFQBCBOB.PJTÏTQPSIBCFSMPT
TBDBEPEF&HJQUPQBSBNPSJSFOFMEFTJFSUP 
1BSBFMMPT FMDBVUJWFSJPFSB
NFKPSRVFMBNVFSUFZEFCÓBIBCFSMPTEFKBEPTFSWJSFO&HJQUP 
&OUÏSNJ
OPTNPEFSOPTiNFKPSFTDMBWPTRVFNVFSUPTw
-PTJTSBFMJUBT DPNPUBOUPTOVFWPTDPOWFSUJEPT BVORVFMJCSFTEFMBTFSWJ
EVNCSFEFMBFTDMBWJUVE UPEBWÓBUFOÓBOVOiDPSB[ØONBMPEFJODSFEVMJEBEw&T
UBCBOMMFOPTEFUFNPSZEVEB IBCJFOEPPMWJEBEPQSPOUPMPTNBSBWJMMPTPTBDUPT
EF%JPTBTVGBWPS)BCÓBOTFHVJEPBTVTMÓEFSFT QFSPBIPSB BMBTQVFSUBTEFVOB
BQBSFOUFDBUÈTUSPGF TFSFWFMBCBTVGBMUBDBTJDPNQMFUBEFEFEJDBDJØO
E&MQSPQØTJUPEF%JPT 
`$VÈOBNFOVEPMBGFTFEFCJMJUBDVBOEP
%JPTFTUÈBQVOUPEFIBDFSTVPCSBNÈTHSBOEJPTB1FSP%JPTUFOÓBTVIPNCSF
EFGF/PTFOPTEJDFDVÈOUPUFNCMBCB.PJTÏTQPSEFOUSP OJTJUFOÓBJEFBEFMP
RVF%JPTJCBBIBDFS1FSPTVTFYQFSJFODJBTQBTBEBTMFBTFHVSBCBORVF%JPTMP
FTUBCBHVJBOEP/PIBCÓBOBEBRVFQVEJFSBIBDFSQPSFMQVFCMP TJOPDBMNBSTVT
UFNPSFT BTÓRVFMFTEJKPFTUBEmSNFTZWFEMBTBMWBDJØORVF+FIPWÈIBSÈ 

%JPTMFIBCÓBEJDIPB.PJTÏT 
RVFMFTEBSÓBPUSBWJDUPSJB ZÏMDSFZØMBQBMBCSB


&RPB%HDFRQB,BQYDBPHGLQGG 
-JCSP -JCFSBDJØOZ7JDUPSJBT

EJWJOB1PSFTPQVEPEFDMBSBS+FIPWÈQFMFBSÈQPSWPTPUSPT ZWPTPUSPTFTUBSÏJT
USBORVJMPT 
i7PTPUSPTTPMBNFOUFUFOESÏJTRVFFTUBSRVJFUPTw 347

:BOPIBCÓBSB[ØOQBSBTFHVJSDMBNBOEPB%JPT)BCÓBMMFHBEPMBIPSBEF
NBSDIBS&WJEFOUFNFOUFFSBVOBNBSDIBEFGFQPSRVFEFMBOUFEFFMMPTTPMPTF
FYUFOEÓBFMNBSTJOFNCBSHP MBPSEFOEFM4F×PSFSB%JBMPTIJKPTEF*TSBFM
RVFNBSDIFO 
&OMBWJEBFTQJSJUVBM mOBMNFOUF TJFNQSFTFMMFHBBMMVHBSFO
EPOEFMBPSBDJØOUFNFSPTBDFTBQBSBRVFEFNPTFMQBTPBMBGF
5PEPFMUJFNQPFORVFFMQVFCMPIBCÓBUFNJEPRVF%JPTMPTBCBOEPOBSB 
ÏMIBCÓBFTUBEPMMFWBOEPBDBCPTVEFTJHOJP$VBOEP.PJTÏTBM[BSBTVWBSBZ
FYUFOEJFSB TV NBOP TPCSF FM NBS MBT BHVBT TF EJWJEJSÓBO 
 &M FOEVSFDJEP
DPSB[ØOEF'BSBØOMPMMFWBSÓBBFOGSFOUBSTFDPO%JPT TJHVJFOEPB*TSBFMQFSPFM
QMBOEJWJOPFSBEFTUSVJSBFTFFKÏSDJUPFHJQDJPZBTÓ EJKP+FIPWÈ NFHMPSJmDBSÏ

:BTFSÓBEFNBTJBEPUBSEFQBSB'BSBØOZTVHFOUFEFBDBCBMMP 
QFSP
FMSFTUPEFMPTFHJQDJPT BHSFHØ TBCSÈORVFZPTPZ+FIPWÈ
&OFMWFSTÓDVMPWFNPTFMEFTBGÓPEF%JPTBTVQVFCMPi2VFNBSDIFOw

4VIJTUPSJBMPTFNQVKBCBIBDJBBEFMBOUF  
&MQSFTFOUFMPTBHVJ
KPOFBCBIBDJBBEFMBOUF  
&MGVUVSPMPTMMBNBCBIBDJBBEFMBOUF 
 (#8JMMJBNTPO

F-BDPMVNOBQSPUFDUPSB 
:FMÈOHFMEF%JPT 
BRVJFOTFMMB
NBiFMÈOHFMEF+FIPWÈwFO ZRVFIBCÓBJEPEFMBOUFEF*TSBFM BIPSBTFIBCÓB
BQBSUBEPZFTUBCBEFUSÈTEFFMMPT&MNPWJNJFOUPJOWJTJCMFEF%JPTTFWFÓBFOMB
BDUJWJEBEEFMBDPMVNOBEFOVCF RVFTFIBCÓBUSBTMBEBEPEFEFMBOUFEFFMMPT
QBSBDPMPDBSTFBTVTFTQBMEBT-BDPMVNOBTFQVTPFOUSFMPTEPTDBNQBNFOUPT
JNQJEJFOEPRVFMPTFHJQDJPTTFBDFSDBSBOB*TSBFMFOUPEBBRVFMMBOPDIF 

-B WFSTJØO 3FJOB7BMFSB EB MB JEFB DPSSFDUB  BVORVF OP MB USBEVDDJØO FYBDUB
-B DPMVNOB QSPEVKP UJOJFCMBT QBSB MPT FHJQDJPT  NJFOUSBT RVF BMVNCSBCB B
*TSBFM
&MQSPDFTPEFMiNJFEPWFODFEPSwQVFEFWFSTFFOMPTWFSTÓDVMPT 

"MBSNBEPTBMWFSFMQPEFSÓPEF4BUBOÈT  
&YQSFTBEPFOMBBOHVTUJBBOUF
MBT QSPWJEFODJBT EF %JPT   
 5SBORVJMPT DVBOEP MB QBMBCSB EJWJOB TF
QSFTFOUBDPODMBSJEBE  
$PNQMFUBNFOUFDBMNPTDVBOEPTFNBOJmFTUB
MBQSFTFODJBEF%JPT 
G&MDBNJOPBUSBWÏTEFMNBS 
&TBOPDIF DVBOEP.PJTÏTFYUFO
EJØTVNBOPTPCSFFMNBSMBTBHVBTRVFEBSPOEJWJEJEBT 
4FNFODJPOBB
VOSFDJPWJFOUPPSJFOUBMRVFIJ[PWPMWFSFMNBSFOTFDP RVJ[È TFDBOEPFMMFDIP
QPSEPOEFDPSSFOMBTBHVBT5FOFNPTRVFTFSDBVUFMPTPTZOPGPS[BSFMMFOHVBKF
QPÏUJDP 4BM
DPOWJSUJÏOEPMPFOFTUSFDIPMJUFSBMJTNP FYJHJFOEPMB
DSFFODJBEFRVFMBTBHVBTWFODJFSPOMBHSBWFEBE PTFDPOHFMBSPODPNPVOTØ
MJEP-BQBMBCSBNVSP 
TFSFmFSFBMBCBSSFSBEFBHVBRVFTFMFWBOUBCBB
BNCPTMBEPTEF*TSBFMNJFOUSBTFMMPTDSV[BCBO


&RPB%HDFRQB,BQYDBPHGLQGG 
-JCFSBDJØOZ7JDUPSJBT -JCSP

/PTBCFNPTMBEJTUBODJBEFMDSVDFEFMNBSOJUBNQPDPFMBODIPEFMQBTP
&MFTQBDJPGVFTVmDJFOUFQBSBRVFDFSDBEFUSFTNJMMPOFTEFQFSTPOBTQVEJFSBO
DSV[BSMPFOVOBOPDIF ZDPNPQBSBRVFUPEBMBIVFTUFEF'BSBØOTFNFUJFSB
IBTUBMBNJUBEEFMNBS 
4FBRVFMPTFHJQDJPTIBZBODPOTJEFSBEPDPNPVO
FWFOUPOBUVSBMRVFFMNBSTFBCSJFSB PRVFFMMPTFOTVPCTUJOBDJØOQSFTVNJFSPO
RVFUFOESÓBOMBNJTFSJDPSEJBEJWJOB TFMBO[BSPOQPSMBBCFSUVSB/PEJDFOMBT
&TDSJUVSBTTJ'BSBØOGVFDPOTVTUSPQBT QFSPTÓRVFFOUSØUPEBMBDBCBMMFSÓB
TVTDBSSPTZTVHFOUFEFBDBCBMMP OPTFNFODJPOBBRVÓFMFKÏSDJUPEFMW

"MBWJHJMJBEFMBNB×BOB 
 FOUSF MBT  Z MBT    %JPT USBTUPSOØFM
DBNQBNFOUPEFMPTFHJQDJPT1PTJCMFNFOUF MBDPMVNOBUFOFCSPTBDPNFO[ØB
GVMHVSBS UBMWF[DPOSFMÈNQBHPT&MNJFEPTFBQPEFSØEFMPTFHJQDJPTDVBOEP
DPNFO[BSPOBUFOFSEJmDVMUBEFTDPOMBTSVFEBTEFTVTDBSSPT 
iUSBCÈOEP
TFwPiBUBTDÈOEPTFw 347
RVFEBOEPHSBWFNFOUFJNQPTJCJMJUBEPT:EJKFSPO
)VZBNPTQPSRVF+FIPWÈQFMFBQPSFMMPTDPOUSBMPTFHJQDJPT6OBWF[NÈT 
FTUPTIPNCSFTSFDPOPDJFSPOFMQPEFSEF%JPT4VDPOGVTJØOEJPUJFNQPB*TSBFM
QBSB DPNQMFUBS FM DSVDF Z TVT QFSTFHVJEPSFT FHJQDJPT UFSNJOBSPO FO FM GPOEP
EFMNBS
H .VFSUF EF MPT FHJQDJPT 
 "IPSB %JPT JOWJSUJØ TV BDDJØO Z MBT
BHVBTWPMWJFSPOBTVDBVDFBOUFSJPS 
/PTFOPTEJDFTJDBNCJØMBEJSFDDJØO
EFMWJFOUP DG
QFSPFMSFUPSOPEFMBTBHVBTGVFUBMRVFEFSSJCBSPOBMPT
FHJQDJPTRVFUSBUBCBOEFIVJSZMPTEFTUSVZØ 
-BTNJTNBTBHVBTRVF
IBCÓBOTFSWJEPEFNVSPQBSBFMQVFCMPEF%JPT 
GVFSPOJOTUSVNFOUPTEF
EFTUSVDDJØOQBSBMPTFHJQDJPT
-BÞMUJNBDPOUJFOEBEF%JPTDPO'BSBØO RVFSFTVMUØFOMBWJDUPSJBDPN
QMFUBZEFmOJUJWBQBSBFM4F×PS DBVTØVOUSFNFOEPJNQBDUPTPCSFMPTJTSBFMJ
UBT-BOPDIFBOUFSJPSMBTJUVBDJØOQBSFDÓBEFTFTQFSBOUF"IPSB*TSBFMWJPBMPT
FHJQDJPTNVFSUPT B MB PSJMMB EFM NBS 
 -BT BHVBT UVSCVMFOUBT  P FM PMFBKF 
IBCÓBOBSSPKBEPMPTDBEÈWFSFTBMBQMBZB&M4F×PSTBMWØB*TSBFM"OUFTVTPKPT
TFFODPOUSBCBUPEBMBFWJEFODJBOFDFTBSJB
$VBOEPWJP*TSBFMBRVFMHSBOEFIFDIP 
FMQVFCMPUFNJØB+FIPWÈ Z
DSFZFSPO&TUFBDUPQPEFSPTPRVJUØFMUFNPSRVFMPTIBCÓBBUPSNFOUBEP 

Z TFNCSØ FM WFSEBEFSP UFNPS EF %JPT ‰FTF UFNPS RVF DPOEVDF B MB GF WJWB
1PSFTUBNBOJGFTUBDJØO iMPTJTSBFMJUBTJCBOBEJTDFSOJSOPTPMPBMNJTFSJDPSEJPTP
-JCFSUBEPSTJOPUBNCJÏOBM+VF[TBOUPEFMPTJNQÓPT QBSBRVFBRVFMMPTDSFDJF
SBOUBOUPFOFMUFNPSEF%JPTDPNPFOMBGFSFDJFOUFNFOUFEFNPTUSBEBw-B
QBMBCSBDSFZFSPO 
UJFOFFMTFOUJEPEFiEFQPTJUBSPOTVDPOmBO[BFOw 347

&TUBDMBTFEFGFTFBQPEFSBmSNFNFOUFEFVOBQFSTPOB"IPSBQPEÓBODPOmBSFO
%JPTZFO.PJTÏTTVTJFSWP QPSRVFMBGFEFFMMPTTFIBCÓBIFDIPNÈTQFSTPOBM
&O MPT WFSTÓDVMPT  WFNPT MB i1PEFSPTB MJCFSBDJØO EF %JPTw 
 "
GBWPSEFVOQVFCMPBTVTUBEP  
$POQPEFSTPCSFMPTPCTUÈDVMPTOBUV


&RPB%HDFRQB,BQYDBPHGLQGG 
-JCSP -JCFSBDJØOZ7JDUPSJBT

SBMFT   


%FMPTSFCFMEFTFOFNJHPTEF%JPT   
&OMB
DSFBDJØOEFVOQVFCMPDSFZFOUF 
$ÈOUJDPTEFMJCFSBDJØO 

B$ÈOUJDPEF.PJTÏT 
{)BZBMHPNÈTOBUVSBMRVFDBOUBSIJNOPTEF
BMBCBO[BDVBOEP%JPTOPTIBMJCSBEPHSBOEFNFOUF %FTQVÏTEFVOUJFNQPEF
QSPGVOEBFTDMBWJUVEZOFHSBOPDIFEFEFTFTQFSBDJØO FMDPNQSFOEFSSFQFOUJOB
NFOUFRVFTFIBQSPEVDJEPMBWJDUPSJBJOVOEBEFHP[PFMDPSB[ØO&TUFi$ÈOUJDP
EF.PJTÏTwTFSWJSÈEFUÓUVMPBMDÈOUJDPEFMPTSFEJNJEPTEFBRVFMÞMUJNPEÓB "Q


"MHVOPTDSÓUJDPTEJDFORVFFTUBDBODJØOPQBSUFEFFMMBTFFTDSJCJØFOÏQP
DBTQPTUFSJPSFTBMBEF.PJTÏT ZMVFHPBMHVOPTFEJUPSFTMBTBHSFHBSPOBRVÓ
#BTBOTVTPQJOJPOFTFOJEFBTFODPOUSBEBTFOMPTWFSTÓDVMPTZTPCSFUV
TBOUBNPSBEB Z FM MVHBS EF MB IBCJUBDJØO EJWJOB  FM TBOUVBSJP 4VQPOFO RVF
.PJTÏTOPQVEPIBCFSUFOJEPDPOPDJNJFOUPEFUBMFTDPODFQUPTEFMGVUVSPEF
*TSBFM 1FSP  QBSB RVJFO BDFQUB FM IFDIP EF MB JOTQJSBDJØO EJWJOB FO IPNCSFT
DPNP.PJTÏT BRVÓIBZNVZQPDPPOJOHÞOQSPCMFNB&MFNQMFPEFVOQBTBEP
ZQSFTFOUFQSPGÏUJDP DPNPFOFMW
OPFTSBSPFOFM"OUJHVP5FTUBNFOUP FK
*T
-BTJNQMJDJEBEEFMQPFNB UBOUPDPNPTVHSÈmDPQPEFSEFEFTDSJQDJØO 
iTF×BMBOBFTUBDPNQPTJDJØODPNPEFMBÏQPDBEF.PJTÏTw

%JPTFTFM)ÏSPF 
%JPTFTHSBOEF QPSRVFÏMBSSPKØBMDBCBMMPZBM
KJOFUFFOFMNBS 
+FIPWÈ NJGPSUBMF[BZNJDÈOUJDPFTUBNCJÏOMBTBMWBDJØO
EFMDBOUPS 
UBOUPDPNPIBCÓBTJEPFM%JPTEFTVQBESF BOUFQBTBEP
4VWJD
UPSJBTPCSFMPTFHJQDJPTIBCÓBQSPCBEPB+FIPWÈDPNPWBSØOEFHVFSSB 
FTUBT
QBMBCSBTDPOTUJUVZFOVOBOUSPQPNPSmTNP QBSBEFTDSJCJSTJNQMFNFOUFTVQPEFS
FOMBCBUBMMB&TUFUJQPEFMFOHVBKFFOUÏSNJOPTIVNBOPT QPSQBSUFEF%JPT TF
FODVFOUSBGSFDVFOUFNFOUFFOFM"OUJHVP5FTUBNFOUP4VOPNCSFFT:BIXFI 
USBEVDJEPDPNPFM4F×PS P+FIPWÈ BVORVF'BSBØOOPMPSFDPOPDJFSB

 &M4F×PS TVQSFNPTPCSFUPEP 
 -BEJFTUSB EFM 4F×PS 
 PUSP
BOUSPQPNPSmTNP RVFCSBOUØBMFOFNJHPIVOEJÏOEPMPFOFMNBS Z MPTFHJQ
DJPT
EFTDFOEJFSPOBMBTQSPGVOEJEBEFTDPNPQJFESB 
.JFOUSBT*TSBFMDPO
UFNQMBCB MPTDBQJUBOFTBSNBEPTTFIVOEÓBOSÈQJEBNFOUFFOMBTDPSSJFOUFTEF
BHVB RVF SFUPSOBCBO %JPT  FYDFMFOUF FO NBKFTUBE  EFSSJCØ B TVT BEWFSTBSJPT
DPOJSBZMPTDPOTVNJØDPNPBIPKBSBTDB 
&MWJFOUPRVFNPWÓBMBTBHVBT
TFEFTDSJCFDPNPFMTPQMPEFMBMJFOUPEF%JPT 
&MMFOHVBKFQPÏUJDPVTBB
NFOVEPBOBMPHÓBTIVNBOBTQBSBEFTDSJCJSVOBBDDJØOEJWJOB TJOQSFUFOEFSVO
MJUFSBMJTNPFTUSJDUP$VBOEP%JPTTFNPWJØ TFKVOUBSPOMBTDPSSJFOUFTDPNPFO
VONPOUØOMPTBCJTNPTTFDVBKBSPOFONFEJPEFMNBS&TUPQVFEFSFGFSJSTFB
MBTBHVBTDPNPNVSPTRVFnBORVFBCBOB*TSBFM  PBMDJFSSFEFMBTGVFOUFTEF
EPOEFQSPWFOÓBOMBTBHVBT


&RPB%HDFRQB,BQYDBPHGLQGG 
-JCFSBDJØOZ7JDUPSJBT -JCSP

&O FM WFSTÓDVMP  WFNPT MB EFTBmBOUF BDUJUVE EFM FOFNJHP 4V PSHVMMPTB
TFHVSJEBEZTVDPEJDJB JOUFODJPOFTPEFTFPT
FSBOFWJEFOUFT1FSPDVBOEP%JPT
TPQMØDPOTVWJFOUP MPTDVCSJØFMNBS 
"RVÓTFTVHJFSFVOOVFWPIFDIP
%JPT VTØ UBNCJÏO VO WJFOUP QBSB SFUPSOBS MBT BHVBT EFM NBS ²M FT TVQSFNP
TPCSFUPEPTMPTEJPTFT 
OJOHVOPQVFEFBMDBO[BSTVHMPSJB TBOUJEBEZQP
EFS&TUBFTMBQSJNFSBNFODJØOFYQMÓDJUBEFMBTBOUJEBEEF%JPTFOFM"OUJHVP
5FTUBNFOUP DG
²MFYUFOEJØTVEJFTUSBZMBUJFSSBMPTUSBHØ 
"RVÓTF
DPOTJEFSBBMNBSDPNPQBSUFEFMBUJFSSB

&M4F×PSFT3FZEF*TSBFM 
%JDFFMDBOUPSB%JPT$POEVKJTUF
ZSFEJNJTUF 
BUVQVFCMPÏMMPTIBCÓBMMFWBEP ZMPTFTUBCBMMFWBOEP
 5V
TBOUBNPSBEB DPOTFHVSJEBE FTVOBSFGFSFODJBBMBUJFSSBQSPNFUJEB$PNPFM
FTDSJUPSBOUJDJQBCBFMNPWJNJFOUPIBDJB1BMFTUJOB 1BMFTUJOBQSPWJFOFEFMOPN
CSFEFMPTFOFNJHPTEF*TSBFM 'JMJTUJB
ÏMQPEÓBWJTMVNCSBSMBQSFPDVQBDJØOZFM
UFNPSEFMBUJFSSBEFMPTmMJTUFPTBDBVTBEFMQPEFSEF%JPT 
&EPN .PBC
Z$BOBÈO 
TFTPCSFDPHFSÓBOEFUFNPS-PTDBVEJMMPTTPOMPTQSÓODJQFT5FN
CMPSZFTQBOUPDBVTBEPTQPSMBHSBOEF[BEFMCSB[PEF%JPT 
JONPWJMJ[B
SÓBOBMPTFOFNJHPTIBTUBRVF*TSBFMMMFHBSBBMBPUSBDPTUB"TÓGVFBTFHVSBEP
TVFTUBCMFDJNJFOUPmOBMFO$BOBÈO4FIBCMBDPNPEFBMHPZBIFDIP DPNPTJ
SFBMNFOUFZBTFIVCJFSBSFBMJ[BEPMBDPMPOJ[BDJØOEFMBUJFSSBZMBFEJmDBDJØOEFM
TBOUVBSJP DPTBTRVFQFSUFOFDÓBOBMGVUVSP 
+FIPWÈSFJOBSÈFUFSOBNFOUF

NJFOUSBTRVFTFEFTUSVZØMBTIVFTUFTEF'BSBØOF*TSBFMTFTBMWØ 
&MFT
DSJUPSEFMDÈOUJDPFTUBCBMMFOPEFSFHPDJKPQPSFTUFNBSBWJMMPTPBDPOUFDJNJFOUP
C&MDBOUPEF.BSÓB 
:.BSÓBIFSNBOBEF"BSØO 
BQB
SFOUFNFOUFFSBEFJHVBMDBUFHPSÓBRVFTVIFSNBOP BVORVFOPDPNP.PJTÏT
&MMBFSBQSPGFUJTB MBQSJNFSBNFODJPOBEBFOMB#JCMJB&MQBOEFSPFSBVOBQBO
EFSFUBi-BTEBO[BTTPMFNOFTDPNPFYQSFTJØOEFDVMUP BVORVFBQSPQJBEBTFO
MPTUJFNQPTEF.PJTÏTZEFMTBMNJTUB TPOQSPQFOTBTBMBCVTPZKBNÈTIBOUFOJEP
VOMVHBSHFOFSBMNFOUFBDFQUBEPFOMBBEPSBDJØOEFMBJHMFTJBDSJTUJBOBw
4FDSFFRVFDVBOEP.BSÓBMFTSFTQPOEÓB DGW
FMMBZMBTEFNÈTNV
KFSFTDBOUBCBOMBTQBMBCSBTEFFTUFFTUSJCJMMP DPNPSFTQVFTUBBDBEBVOBEFMBT
QBSUFTEFMDÈOUJDPEF.PJTÏT5PDBCBOJOTUSVNFOUPTEFNÞTJDBZTFNPWÓBODPO
HSBDJBFOUSFMPTDBOUPSFTiFOEBO[BNBKFTUVPTBZTPMFNOFw
$&-7*"+&"-4*/"¶ o
&O.BSBZ&MJN 

-PTJTSBFMJUBTTBMJFSPOBMEFTJFSUPEF4IVS BMFTUFEFM.BS3PKP
TJOIB
MMBSBHVB 
-BGFEFMQVFCMPOFDFTJUBCBNBZPSFTQSVFCBT6OBHSBOWJDUPSJB
DPNPMBEFMDSVDFEFM.BS3PKPMFTIBCÓBEBEPVOBWJTJØONBSBWJMMPTBBDFSDBEF
MBPNOJQPUFODJBEF%JPTQFSPOPIBCÓBFKFSDJUBEPTVGFQBSBMPTQSPCMFNBTEF
MBWJEBEJBSJB-BTOFDFTJEBEFTDPUJEJBOBTEFDPNJEBZCFCJEBQSVFCBOMBGFEF


&RPB%HDFRQB,BQYDBPHGLQGG 
-JCSP -JCFSBDJØOZ7JDUPSJBT

BMHVOBTQFSTPOBTNÈTRVFMPTPCTUÈDVMPTNBZPSFT1FSP%JPTFTUBCBBEJFTUSBOEP
BTVQVFCMPFOUPEPTMPTBTQFDUPTEFMBWJEB EFNPEPRVFMPTDPOEVKPB.BSB
EPOEF MBT BHVBT FSBO BNBSHBT  WÏBTF NBQB 
 *NBHJOFNPT FM QSPGVOEP
EFTFOHB×PEFVOQVFCMPTFEJFOUPRVFFODVFOUSBBHVBTPMPQBSBDPNQSPCBSRVF
OP TF QVFEF CFCFS 4F IB DPNQSPCBEP MB FYUSFNB BNBSHVSB EF MBT WFSUJFOUFT
QPSWJBKFSPTEFFTB[POBEFMEFTJFSUPEF4IVS P&UBN /N
iDBSFOUFEF
ÈSCPMFT BHVBTZ FYDFQUPFOFMQSJODJQJPEFMBQSJNBWFSB EFTUJUVJEPEFWFHFUB
DJØOw
&MQVFCMPNVSNVSØDPOUSB.PJTÏT 
&MMJEFSB[HPFTDPTUPTP QPSRVF
FOMBBEWFSTJEBEMPTMÓEFSFTDBSHBODPOUPEBMBDVMQB
&TUBHFOUFTBCÓBRVF.PJTÏTFSBVOIPNCSFEF%JPTEFNPEPRVFTVQFDB
EPUBNCJÏOFSBDPOUSBFM4F×PS-BTHSBOEFTFYQFSJFODJBTDPO%JPTOPTJFNQSF
DVSBO FM DPSB[ØO EFM NBM EF MB RVFKB 4PMP DVBOEP VOP IB TJEP DSVDJmDBEP 
Z$SJTUPIBFTUBCMFDJEPBMMÓTVUSPOPQPSDPNQMFUP DFTBMBNVSNVSBDJØO &G


:.PJTÏTDMBNØB+FIPWÈ 
MPÞOJDPRVFÏMQPEÓBIBDFS/PIBZEVEBEF
RVFTJ*TSBFMIVCJFSBQFSNBOFDJEPmSNF %JPTMFTIBCSÓBQSPWJTUPEFBHVBEVMDF
DPNPSFTQVFTUBBMBGFQBDJFOUFEFFMMPT.VDIBTWFDFTFM4F×PSQVFEFTBUJTGBDFS
MBTOFDFTJEBEFTEFVOBQFSTPOBFOEFUSJNFOUPEFTVGF"RVÓMBTBHVBTTFFOEVM
[BSPODVBOEP.PJTÏTMFTFDIØVOÈSCPM QFSPMBGFEF*TSBFMQFSNBOFDJØEÏCJM
&TUFNJMBHSPOPTFQVFEFFYQMJDBSQPSOJOHÞONFEJPOBUVSBMDPOPDJEP
%JPTVTØFTUBPQPSUVOJEBEQBSBFOTF×BSMFB*TSBFMVOBMFDDJØO QVFTBMMÓMFT
EJPFTUBUVUPTZPSEFOBO[BT 
4JFMQVFCMPIVCJFSBFTDVDIBEPB%JPTZPCF
EFDJEPQMFOBNFOUFTVQBMBCSBIBCSÓBOTJEPTBOBEPTEFUPEBFOGFSNFEBEEF
MBTRVFIBCÓBFOWJBEPBMPTFHJQDJPT 
"TÓDPNPTBOØMBTBHVBTBNBSHBTEF
.BSB UBNCJÏOMPIBSÓBDPO*TSBFMTVQMJFOEPUPEBTTVTOFDFTJEBEFTGÓTJDBTZ MP
RVFFTNÈTJNQPSUBOUFBÞO MJCSBOEPBMQVFCMPEFTVQSPQJBOBUVSBMF[BDPSSPN
QJEB%JPTRVFSÓBRVJUBSMFTFMFTQÓSJUVEFRVFKBZDPODFEFSMFTVOBGFWJHPSPTB
/PUPEBTMBTFYQFSJFODJBTEFMBWJEBTPOBNBSHBT&MQSØYJNPDBNQBNFOUP
EF*TSBFMGVFFO&MJN VOPBTJTEPOEFIBCÓBEPDFGVFOUFTEFBHVB WFSUJFOUFT

VOB QPS DBEB USJCV  Z TFUFOUBQBMNFSBT 
 4J *TSBFM IVCJFSB TPQPSUBEP MBT
BNBSHVSBTEFMBTBHVBTEF.BSB QSPOUPTFIBCSÓBOSFDSFBEPFO&MJN-BFTDBTB
QBDJFODJBEFBMHVOPTDSFZFOUFTFNQB×BFMHP[PEFMBWJDUPSJBDVBOEPFTUBWJFOF
&MJNFSBVOIFSNPTPMVHBSQBSBBDBNQBS QFSPUPEBWÓBOPFSBTVEFTUJOP
&MNBOÈZMBTDPEPSOJDFT 

B*TSBFMWVFMWFBNVSNVSBS 
-PTJTSBFMJUBTEFCFSÓBOIBCFSTFFN
QBQBEPEFMPTiFTUBUVUPTwEF%JPTZDSFÓEPTVTiPSEFOBO[BTw 
QFSPOPMP
IJDJFSPO4VGSBDBTPFOFTUFQBSUJDVMBSSFTVMUØFOOVFWBTRVFKBT)BCÓBOEFKBEP
VOEFTJFSUP 4IVS
ZFOUSBEPFOPUSP 4JO
FOTVDBNJOPBM4JOBÓ ZZBIBCÓBO


&RPB%HDFRQB,BQYDBPHGLQGG 
-JCFSBDJØOZ7JDUPSJBT -JCSP

FTUBEP WJBKBOEP EVSBOUF VO NFT 


 "QBSFOUFNFOUF  MBT QSPWJTJPOFT EF BMJ
NFOUPT JCBO EJTNJOVZFOEP Z OP IBCÓB FWJEFODJB EF QPEFS SFQPOFSMPT %JPT
QFSNJUJØ RVF TVSHJFSB FM QSPCMFNB DPNP QSVFCB EF MB GF EF *TSBFM 1FSP FTUF
QVFCMPNVSNVSØDPOUSB.PJTÏTZ"BSØO 
ZEFTFØIBCFSNVFSUPFO&HJQUP
DPOFMFTUØNBHPMMFOPBOUFTEFNPSJSEFIBNCSFFOFMEFTJFSUP 
1BSFDFRVF
FO&HJQUPIBCÓBODPNJEPCJFOZUPEPBIPSBMFTQBSFDÓBNBMP1PSTVQVFTUP MB
DPNJEBFTOFDFTBSJBQBSBWJWJS QFSP%JPTOPMPTIBCÓBPMWJEBEP²MMFTIVCJFSB
QSPWJTUPEFVOBNBOFSBNÈTTBUJTGBDUPSJBTJ*TSBFMTFIVCJFSBNBOUFOJEPmSNF
FOMBGF
C1SPNFTBEFQBOZDBSOF 
/PIBZEVEBEFRVF%JPTZBUFOÓBVO
QMBOQBSBBMJNFOUBSB*TSBFMFOFMEFTJFSUPEVSBOUFUPEPFTFUJFNQP$VBOEP
FMMPTNVSNVSBSPO ÏMMFTEJPBDPOPDFSTVQMBOEFBCBTUFDFSMPTDPOQBOEFMDJFMP

MBQPSDJØOEFVOEÓB4JOFNCBSHP BMEBSMFTFMQBO ÏMQSPCBSÓBBTVQVFCMP
TJBOEBFONJMFZ POP%FBDVFSEPBMBMFZTBCÈUJDB FMTFYUPEÓBFODPOUSBSÓBO
TVmDJFOUFQSPWJTJØOQBSBEPTEÓBT 

%JPTRVFSÓBRVFFTUFQVFCMPTVQJFSBRVFRVJFOMPTIBCÓBTBDBEPEF&HJQUP
UPEBWÓBFTUBCBDPOFMMPT"MBUBSEFTBCSÏJT 
ZBMBNB×BOBWFSÏJT 
-B
HMPSJBRVFTFNFODJPOBFOFMWFSTÓDVMPTFSFGFSÓBBRVFTFEJFSBODVFOUBRVFMB
NBOPEF%JPTFTUBCBEFQPSNFEJPFOMBQSPWJTJØOEFMQBO NJFOUSBTRVFMBHMP
SJB FOFMWFSTÓDVMP JOEJDBVOBNBOJGFTUBDJØOFTQFDJBMEFM4F×PSFOMBOVCF
.PJTÏTSFQSFOEJØBMQVFCMPQPSTVTNVSNVSBDJPOFTFODPOUSBEFÏMZEF
"BSØO QVFTUPRVFFMMPTOPFSBOOBEBFSB+FIPWÈRVJFOMPTFTUBCBDPOEVDJFOEP

$VBOEP%JPTMFTEJFSBDBSOFZQBOQBSBDPNFS FMMPTTBCSÓBORVFÏMIBCÓB
PÓEPTVTNVSNVSBDJPOFTDPOUSBÏM 
&OVOTFOUJEP MBDPODFTJØOEFMQBO
EFFTUBNBOFSBDPOTUJUVÓBVOSFQSPDIF&M4F×PSOPMFTDPODFEFSÓBBMJNFOUP
TJNQMFNFOUFQPSRVFFMMPTIBCÓBONVSNVSBEPTJOPRVFRVFSÓBRVFFMMPTTV
QJFTFORVFÏMFSBFM4F×PS ZRVFOPIBCÓBONVSNVSBEPDPOUSBTVTTJFSWPTTJOP
DPOUSBÏM
*TSBFMUFOÓBRVFTFSIVNJMMBEPEFMBOUFEF%JPT"BSØOMPTSFVOJØZMFTEJKP
"DFSDBPTBMBQSFTFODJBEF+FIPWÈ QPSRVFÏMIBPÓEPWVFTUSBTNVSNVSBDJP
OFT 
:DVBOEPMPIJDJFSPOZNJSBSPOIBDJBFMEFTJFSUP EFSFQFOUFMBHMPSJB
EÏ+FIPWÈBQBSFDJØFOMBOVCF 
i-BJOFRVÓWPDBFWJEFODJBEFMBQSFTFODJB
EF%JPTFOMBDPMVNOBEFGVFHPBVUFOUJDØMBTQBMBCSBTEF.PJTÏTZQSFQBSØBM
QVFCMPQBSBMBNÈTWFMBEBHMPSJBEFMNJMBHSPQPSWFOJSw:DPODFEJØBFTUPT
EÏCJMFTTFHVJEPSFTEFM4F×PSVOBPQPSUVOJEBEEFWFSFMNBMEFTVTQSPQJPTDPSB
[POFT BMDPOUFNQMBSMBmEFMJEBEEF%JPTQBSBDPOFMMPT4FSFBMJ[BSÓBFMNJMBHSP
EFSFDJCJSDBSOFZQBO ZFOUPODFTFMMPTTBCSÓBORVF+FIPWÈFSBTV%JPT 
²M
FSBQBDJFOUFDPOFTPTEÏCJMFTDSFZFOUFTDVZBGFOFDFTJUBCBJSFOBVNFOUP.ÈT
UBSEF EFTQVÏTEFRVFIBCÓBOUFOJEPUJFNQPQBSBNBEVSBS /N
TF
MPTDBTUJHØQPSDBVTBEFTVJODSFEVMJEBE


&RPB%HDFRQB,BQYDBPHGLQGG 
-JCSP -JCFSBDJØOZ7JDUPSJBT

D%JPTMFTFOWÓBDPEPSOJDFTZQBO 
-BTDPEPSOJDFTRVFTVCJFSPO
ZDVCSJFSPOFMDBNQBNFOUP 
OPSNBMNFOUFFNJHSBCBOiBUSBWÏTEFM.BS
3PKPFOHSBOEFTCBOEBEBTFOFTBÏQPDBEFMB×P RVJFOFT FYIBVTUBTQPSTVMBSHP
WVFMP GÈDJMNFOUFCJFOTFMBTIVCJFSBOQPEJEPBUSBQBSDFSDBEFMBUJFSSBw
" MB NB×BOB TJHVJFOUF  IBCÓB SPDÓP BMSFEFEPS EFM DBNQBNFOUP 
 :
DVBOEPFMSPDÓPDFTØFODPOUSBSPORVFIBCÓBEFKBEPBMHPTFNFKBOUFBVOBTim
OBTFTDBNJUBT DPNPFTDBSDIBNFOVEBTPCSFFMTVFMPw  347
:WJÏOEPMPMB
HFOUF QSFHVOUØi{2VÏFTFTUP w  347
:.PJTÏTMFTSFTQPOEJØ&TFMQBO
RVF+FIPWÈPTEBQBSBDPNFSi&MOPNCSFNBOÈQVEPIBCFSTVSHJEPEFMBJO
UFSSPHBDJØO {RVÏFTFTUP
PCJFOMBTJNJMJUVEEFTPOJEPTQVEPIBCFSWJODVMBEP
MBTEPTQBMBCSBTw
"MHVOPT IBO QSPDVSBEP JEFOUJmDBS FM NBOÈ FTDSJUVSBM DPO MBT TVTUBODJBT
OBUVSBMFTRVFTFIBMMBOFOMBSFHJØO"VORVFTJNJMBSFTFOBMHVOPTBTQFDUPT MBT
ÞMUJNBTOPFODBKBODPOFMSFMBUPCÓCMJDP/PTPOTVmDJFOUFTFODBOUJEBEOJUBN
QPDPQPEÓBODPOTUJUVJS FM QSJODJQBMBMJNFOUP "EFNÈT TPMPBQBSFDFOEVSBOUF
VOBCSFWFÏQPDBEFMB×P&MNBOÈEFMB#JCMJB 
TFSÓBFMTVTUFOUPGVOEBNFOUBM
EF*TSBFMEVSBOUFB×PT 
MBQSPWJTJØOFSBFOHSBOEFTDBOUJEBEFT 
FTUB
QSPWJTJØOEVSBCBUPEPFMB×P 
DBÓBTPMPEVSBOUFTFJTEÓBTEFMPTTJFUFEFMB
TFNBOBZ 
DSJBCBHVTBOPTTJTFHVBSEBCBQBSBFMEÓBTJHVJFOUF FYDFQUVBOEP
MPTTÈCBEPT4JOMVHBSBEVEBTFTUFNBOÈFSBVONJMBHSPEF%JPTZTÓNCPMPEFM
$SJTUPRVFQPTUFSJPSNFOUFEFTDFOEFSÓBEFMDJFMP +O

-BTJOTUSVDDJPOFTTPCSFMBSFDPMFDDJØOEFMNBOÈFSBOQSFDJTBT$BEBGBNJMJB
EFCÓBSFDPHFSMPTVmDJFOUFQBSBVOEÓB VOHPNFSQPSDBCF[B  
DPOGPSNFBM
OÞNFSPEFQFSTPOBTRVFDPOTUJUVZFSBOMBGBNJMJB1PSVONJMBHSPEFFYQBO
TJØOPEJTNJOVDJØO TFHÞOMBOFDFTJEBEEFMNPNFOUP OPTPCSØBMRVFIBCÓB
SFDPHJEPNVDIPOJGBMUØBMRVFIBCÓBSFDPHJEPQPDP 

.PJTÏT BDMBSØ RVF OBEB EFM NBOÈ EFCÓB RVFEBS QBSB NB×BOB 
 4JO
FNCBSHP  BMHVOPT RVF UPEBWÓB OFDFTJUBCBO BQSFOEFS MP RVF FSB MB PCFEJFODJB
FYQMÓDJUBDPOTFSWBSPOBMHPQBSBFMEÓBTJHVJFOUF4JOFNCBSHP DSJØHVTBOPT Z
IFEJØ 
1FSPBTÓDPNPFMNBOÈSFTFSWBEPQBSBFMTÈCBEPOPTFFDIØBQFSEFS

 MB EFTPCFEJFODJB EF MPT PGFOTPSFT RVFEØ EFNPTUSBEB Z DBTUJHBEB DPO MB
QVUSFGBDDJØO
5BOUPQBSB*TSBFMDPNPQBSBMPTDSJTUJBOPT MBMFDDJØOEJWJOBFOFTUFFQJTP
EJPFTRVFMPTDSFZFOUFTEFCFOEFQFOEFSEFÏM EÓBBEÓB-BWJEBEF$SJTUPFO
FMDSJTUJBOPTFDPOTFSWBNPNFOUPUSBTNPNFOUPQFSNBOFDJFOEPFO%JPT-B
PCFEJFODJBEJBSJBZDVJEBEPTBUJFOFDPNPDPOTFDVFODJBMBQSPWJTJØOSFHVMBSFM
EFTDVJEPBDBSSFBQFSQMFKJEBEZDBTUJHP*TSBFMBQSFOEJØBSFDPHFSQPSMBNB×BOB
BOUFTRVFFMTPMEFSSJUJFSBFMNBOÈ 
FMBMJNFOUPFTQJSJUVBMSFDPHJEPUFNQSB
OPTPQPSUBFMDBMPSEFMEÓB
E0CTFSWBODJBEFMTÈCBEP 
$VBOEPMMFHØFMTFYUPEÓB ZBMHVOPT


&RPB%HDFRQB,BQYDBPHGLQGG 
-JCFSBDJØOZ7JDUPSJBT -JCSP

DPNFO[BSPOBSFDPHFSEPCMFQPSDJØOEFNBOÈ QBSFDFRVFMPTQSÓODJQFTEFMB
DPOHSFHBDJØO 
OPMPDPNQSFOEJFSPO/VFWBNFOUF.PJTÏTBDMBSØMBSFHMB
OPIBCSÈNBOÈFMEÓBEFSFQPTP 
&MTFYUPEÓBMPUFOÓBORVFDPDJOBSZDPDFS
VTÈOEPMPDPNPQBOPDPNPQPUBKF
MPRVFQSFDJTBCBO ZMPRVFTPCSBCBEFCÓBO
HVBSEBSMP QBSB FM EÓB TJHVJFOUF 
 "TÓ BQSFOEJFSPO RVF FM NBOÈ HVBSEBEP
QBSBFMTÏQUJNPEÓBOPTFBHVTBOØOJIFEJØ 

&TUPTWFSTÓDVMPTJOEJDBOVODPOPDJNJFOUPQSFWJPBMBQSPNVMHBDJØOEFMPT
%JF[.BOEBNJFOUPT 
$VBOEPDSFØFMNVOEP %JPTFTUBCMFDJØVOEÓB
EF SFQPTP (O 
 QBSFDF IBCFS TJEP DPOPDJEP QPS "CSBIBN  ZB RVF FO
DJFSUPTFOUJEPMPTCBCJMPOJPTPCTFSWBCBOFTUBSFHMB4JOFNCBSHP OJMPTIFCSFPT
QSJNJUJWPTOJMPTFHJQDJPTDPOPDÓBOVOBTFNBOBEFTJFUFEÓBT1VFTUPRVFOP
TFNFODJPOBFMTÈCBEPEFTQVÏTEFMBDSFBDJØOIBTUBFTUFBDPOUFDJNJFOUP QVFEF
BTFHVSBSTFRVFFTUBGVFVOBSFOPWBDJØOEFMBPCTFSWBODJBEFMEÓBEFSFQPTP%V
SBOUFMBPQSFTJØOFHJQDJB TVDVNQMJNJFOUPIBCSÓBTJEPJNQPTJCMFQPSFTP QBSB
FTUBHFOUF MBTQBMBCSBTEF.PJTÏTFSBOOVFWBT
"VORVFÏMIBCÓBBDMBSBEPRVFOPIBCSÓBQBOFMEÓBEFSFQPTP 
BMHVOPT
EFMQVFCMPTBMJFSPOJHVBMNFOUFBSFDPHFS 
4JFNQSFIBZRVJFOFTOPDSFFOMB
QBMBCSBEF%JPT ZOPRVJFSFOHVBSEBSTVTNBOEBNJFOUPTZTVTMFZFT 
-B
PSEFOTFIJ[PNÈTFYQMÓDJUBOBEJFTBMHBEFÏMFOFMTÏQUJNPEÓB 
7ÏBOTF
DPNFOUBSJPTBEJDJPOBMFTTPCSFFMTÈCBEPFO
&MNBOÈFSBDPNPTFNJMMBEFDVMBOUSP 
iVOBTFNJMMBQFRVF×BEFVO
CMBODPHSJTÈDFP DPOVOBHSBEBCMFTBCPSBFTQFDJBTNVZVTBEBDPNPUBM QBSB
DPDJOBSw4VTBCPSFSBDPNPEFIPKVFMBTBNBTBEBTDPOIBSJOB BDFJUFZNJFM
&MEPOEF%JPTQBSBBMJNFOUBSMPTFSBBHSBEBCMFBMHVTUP
F&MNBOÈNFNPSJBM 
%FCÓBOMMFOBSVOHPNFSEFNBOÈ 
Z
QPOFSMPEFMBOUFEF+FIPWÈ EFMBOUFEFM5FTUJNPOJP 
5FOÓBRVFTFSHVBS
EBEP QBSB TVT EFTDFOEJFOUFT 
 &M FTDSJUPS EF MB &QÓTUPMB B MPT )FCSFPT
NFODJPOBiMB VSOB EF PSP RVF DPOUFOÓB NBOÈw FOiFM -VHBS 4BOUÓTJNPw )F

/PEJDFTJTFEJPFTUFNBOEBUPFOFTBPDBTJØOPNÈTUBSEF DVBOEPTF
DPOTUSVZØFMBSDBEFMQBDUP1VFEFTVQPOFSTFRVF.PJTÏTBHSFHØFTUBTFDDJØO

BM-JCSPEF²YPEPBDFSDBEFMmOBMEFTVWJEB&M5FTUJNPOJP 
TF
SFmFSFBMPT%JF[.BOEBNJFOUPTEFQPTJUBEPTFOFMBSDBEFMQBDUP
1BSBMBQPTUFSJEBE .PJTÏTBmSNØRVF*TSBFMDPNJØNBOÈIBTUBRVFMMF
HBSPOBMPTMÓNJUFTEFMBUJFSSBEF$BOBÈO&TUPOPRVJFSFEFDJSRVFOPUVWJF
SPOPUSPBMJNFOUPEVSBOUFFMWJBKF QFSPTJFNQSFTFMFTQSPWFZØFMNBOÈ+PTVÏ
JOGPSNØTPCSFFMDFTFEFFTUFNJMBHSPEFTQVÏTEFMMFHBSBMBUJFSSBQSPNFUJEB
+PT 
 &M HPNFS Z FM FGB FSBO NFEJEBT FNQMFBEBT FO &HJQUP Z TF
OFDFTJUØFTUBOPUBQPSRVFMPTJTSBFMJUBTDPOUJOVBSPODPOFMVTPEFMFGB6OFGB
FRVJWBMÓBBVOPTMJUSPTZFMHPNFSB
&OFMDBQÓUVMP FMBMJNFOUPEF%JPTTF×BMBBM1BOEF7JEBEFM/VFWP


&RPB%HDFRQB,BQYDBPHGLQGG 
-JCSP -JCFSBDJØOZ7JDUPSJBT

5FTUBNFOUP i$SJTUPOVFTUSP.BOÈw 
%BEPBVOQVFCMPIBNCSJFOUPZEFTPS
EFOBEP  
4FUSBOTGPSNBFOMBNBOJGFTUBDJØOEFMBHMPSJBEF%JPT 

4BUJTGBDFDPNQMFUBNFOUFBRVJFOFTMPSFDPHFO  
&TFmDB[BUSBWÏT
EFMBPCFEJFODJBEJBSJB  
&TVOBFYQFSJFODJBNFNPSJBMFUFSOB 
-BSPDBFO3FmEJN 

*TSBFMQBSUJØEFMEFTJFSUPEF4JOiQPSTVTKPSOBEBTw  347
B3FmEJN
WÏBTFNBQB
QPTJCMFNFOUFFM8BEJ3FGBZJE VOWBMMFOPMFKPTEF)PSFC 

&TUFOPNCSFQPESÓBJEFOUJmDBSBMBDBEFOBEFNPOUB×BTRVFJODMVÓBFM4JOBÓ
-B QBMBCSB 3FmEJN TJHOJmDB iEFTDBOTPw P iMVHBSFT EF EFTDBOTPw -B HFOUF
FTUBCBOFDFTJUBOEPBHVBZFTQFSBCBIBMMBSMBFOFTFMVHBS QFSPOPGVFBTÓ%JPT
OPFTUBCBGBDJMJUÈOEPMFTFMDBNJOPFOUPEPTMPTBTQFDUPT
&MQVFCMPBMUFSDØ OVFWBNFOUF DPO .PJTÏT FYJHJÏOEPMF BHVB 
 -B GB
NJMJBSJEBEEF.PJTÏTDPOMBSFHJØOQVFEFIBCFSMFTIFDIPQFOTBSRVFÏMTBCÓB
EØOEFIBCÓBBHVB1FSPOPFSBÏMRVJFOIBCÓBFTDPHJEPDPOEVDJSMFTBFTFMVHBS
.PJTÏT TPMP FSB FM SFQSFTFOUBOUF EF %JPT &TUF BMUFSDBEP FO DPOUSB EF ÏM FSB
FO SFBMJEBE DPOUSB %JPT QPS FTP MFT EJKP UFOUÈJT iQSPCÈJTw PiFYBTQFSÈJTw
 B
+FIPWÈ{/PIBCÓBEFNPTUSBEPFM4F×PSRVFMFTQSPWFÓBMPTVmDJFOUFQBSBDBEB
TJUVBDJØO {/PQPEÓBODPOmBSFORVFÏMMFTQSPWFFSÓBBHVB .PJTÏTTFFTUBCB
EBOEPDVFOUBRVFFTUFQVFCMPFSBFOSFBMJEBEVOBQSVFCBQBSBTVQBDJFODJB
4JOMBJOUFSWFODJØOEJWJOB IBCÓBVOBCVFOBSB[ØOQBSBBMBSNBSTF"NF
OPTRVFQVEJFSBOFODPOUSBSBHVBNPSJSÓBOFMMPT TVTIJKPTZTVTHBOBEPT 

6OPOPQVFEFDVMQBSMPTQPSTVQSFPDVQBDJØOQFSP{EØOEFFTUBCBTVGF {/P
IBCÓBOWJTUPTVmDJFOUFQPEFSEF%JPTQBSBFTUBSTFHVSPTEFRVFOPJCBBEF
KBSMPTQFSFDFS "MHVOPTFSBOUBOEFTDPOmBEPTRVFQPEÓBODBVTBSMBTVmDJFOUF
QFSUVSCBDJØODPNPQBSBBGFDUBSBUPEPFMQVFCMP ZTFFTUBCBOUPSOBOEPNÈTZ
NÈTQFMJHSPTPT
$MBNØ .PJTÏT B +FIPWÈ 
 4BCJBNFOUF  OP IBCÓB PUSB DPTB RVÏ IBDFS
%FBRVÓBVOQPDPNFBQFESFBSÈO SFDPOPDJØ.PJTÏT ZDPOmBNPTRVFPUSPT
UBNCJÏO FTUBCBEJTQVFTUPBFTQFSBSFMUJFNQPEF%JPTTBCJFOEPRVFÏMOPMPT
EFTBNQBSBSÓB &M 4F×PS QPEÓB UBSEBSTF NÈT Z BTÓ SFBMJ[BS VO NJMBHSP NBZPS
DPNPQPTUFSJPSNFOUF FOÏQPDBTEFM/VFWP5FTUBNFOUP TVDFEJFSBDPO-È[BSP 
DVBOEP+FTÞTEFNPSØIBTUBRVFTVBNJHPNVSJØ +O
1FSP {RVÏQP
EÓBIBDFS.PJTÏTDPOFTUFQVFCMPTFEJDJPTPRVFZBOPFTQFSBSÓBNÈTBRVF%JPT
PCSBSB
&OTVNJTFSJDPSEJB FM4F×PSMPJOTUSVZØFODVBOUPBMPRVFUFOÓBRVÏIB
DFS1BTBEFMBOUFDPOBMHVOPTEFMPTBODJBOPT MÓEFSFTOPNCSBEPT
EF*TSBFM
ZUPNBFOUVNBOPUVWBSB RVFFSBEF%JPT
 
`2VÏDPOTVFMPEFCFIBCFSMF
QSPQPSDJPOBEPFTBWBSBB.PJTÏT$POFMMBIBCÓBSFBMJ[BEPBMHVOBTQPSUFOUPTBT
NBSBWJMMBT


&RPB%HDFRQB,BQYDBPHGLQGG 
-JCFSBDJØOZ7JDUPSJBT -JCSP

%JPT MF IBCÓB QSPNFUJEP B .PJTÏT FTUBS EFMBOUF EF ÏM TPCSF MB QF×B FO
)PSFC 
QSPCBCMFNFOUFFOMBNJTNBDBEFOBEFNPOUBOBTEFM4JOBÓ WÏBTFMB
OPUBOÞNQBSBNBZPSFTFYQMJDBDJPOFT
$VBOEPFMFTGVFS[PIVNBOPGSBDB
TBCB %JPTFTUBCBBMMÓQBSBTFHVJSBEFMBOUFDPOTVQPEFS.PJTÏTEFCÓBHPMQFBS
MB QF×B EF MB DVBM JCB B CSPUBS FM BHVB 4V BDDJØO QSPQPSDJPOØ UPEB FM BHVB
TVmDJFOUFQBSBTBUJTGBDFSMBTOFDFTJEBEFTEFBRVFMMBOVNFSPTBIVFTUFZMBEFTVT
HBOBEPT%JPTTBCÓBEØOEFFTUBCBFMBHVB ZÏMQPEÓBIBDFSCSPUBSNBOBOUJBMFT
FOFMEFTJFSUP-PTBODJBOPTGVFSPOUFTUJHPTEFFTUFHSBONJMBHSP
.PJTÏTEFOPNJOØBMMVHBS.BTBIZ.FSJCB iQSVFCBwZiDPOUJFOEBw QPS
RVFFMQVFCMPIBMMØGBMUBEFBHVBZGPS[ØB%JPTBRVFQSPCBSBTVQPEFS 

`2VÏOPNCSFTNÈTIFSNPTPTQPESÓBIBCFSMFQVFTUP.PJTÏTBFTBTFYQFSJFODJBT
TJTPMBNFOUFIVCJFSBQPEJEP TJOFODPOUSBSGBMUBTOJJODSFEVMJEBE FTQFSBSQB
DJFOUFNFOUFFMUJFNQPEF%JPT QFSNJUJÏOEPMFPCSBS
$SJTUPFTFM"HVBRVFTBDJBMBTFEFTQJSJUVBMEFMIPNCSF +O
²MFTMB
i3PDBFTQJSJUVBMwEFMBDVBMNBOBMBiCFCJEBFTQJSJUVBMw $P
&TBi3PDBw
GVFIFSJEBBOUFTRVFMBHSBDJBQVEJFSBnVJSBMDBO[BOEPBUPEBMBIVNBOJEBE DG
(È

&O WFNPTBi%JPTOVFTUSB3PDBw 
1JFESBEFUSPQJF[PQBSBMPTJO
DSÏEVMPT  
5VWPRVFTFSIFSJEBBOUFTRVFQVEJFSBCSPUBSMBHSBDJB 

4BUJTGBDFMBTFEEFRVJFOFTMBCFCFO C 
4JNCPMJ[BMBDSV[ FNCMFNBEF
MBWFSHàFO[B 
%FSSPUBEFMPTBNBMFDJUBT 

B -B CBUBMMB 


 &O NFEJP EFM NJMBHSP EF MB SPDB  MPT BNBMFDJUBT
JSSVNQJFSPO DPOUSB MPT IJKPT EF *TSBFM 
 BUBDBOEP B MPT EÏCJMFT FO MB SFUB
HVBSEJB NJFOUSBT FTUBCBO EFTGBMMFDJEPT Z BCSVNBEPT %U 
 4JFOEP RVF
FM BUBRVF TF SFBMJ[Ø FO 3FmEJN DG 
 FT QSPCBCMF RVF QSJNFSBNFOUF IBZB
BGFDUBEPBBRVFMMPTRVFUPEBWÓBOPIBCÓBOMMFHBEPBMDBNQBNFOUP"NBMFDFSB
EFTDFOEJFOUFEF&TBÞ (O 
BVORVFOPFSBVOBQBSUFEF&EPNDPNP
FTUBEP-BPNJTJØOEF%JPTQPSMPTBNBMFDJUBT ZTVBUBRVFDPOUSB*TSBFM MPT
DPMPDØCBKPFMKVJDJPEJWJOP
+PTVÏ 
NFODJPOBEPQPSQSJNFSBWF[FOFTUFMVHBS TFMPDPOPDJØJOJDJBM
NFOUFDPOFMOPNCSFEF0TFBT /N
QFSP.PJTÏTMPMMBNØi+FIPTIVBw
RVFTFUSBTGPSNØFO+PTVÏ
RVFTJHOJmDBi+FIPWÈFTNJTBMWBDJØOw&TUFBZV
EBOUFEF.PJTÏT TVTFSWJEPS 
SFDJCJØMBPSEFOEFPSHBOJ[BSVOFKÏSDJUP
QBSBQFMFBSDPOUSBFMFOFNJHP&TQPTJCMFRVFFTUFDPOUJOHFOUFTFIBZBGPSNBEP
DPOFMFRVJQPEFMPTFHJQDJPTNVFSUPT 
Z+PTVÏDPOEVKPBTVIVFTUFB
IBDFSGSFOUFBMPTBNBMFDJUBT 

1BSFDFRVFMBCBUBMMBTFEFTBSSPMMØFOFMWBMMF QPSRVF.PJTÏTTFGVFB MB
DVNCSFEFMDPMMBEPDPOMBWBSBEF%JPT 
MMFWBOEPDPOTJHPB"BSØOZ)VS


&RPB%HDFRQB,BQYDBPHGLQGG 
-JCSP -JCFSBDJØOZ7JDUPSJBT


)VS RVFBZVEØB"BSØODVBOEP.PJTÏTTVCJØBMNPOUF 
FSBBCVF
MP EF #F[BMFFM 
 FM FYQFSUP PCSFSP EFM UBCFSOÈDVMP -B USBEJDJØO KVEÓB 
TFHÞO+PTFGP MPJEFOUJmDBDPNPFMFTQPTPEF.BSÓB
$VBOEP BM[BCB .PJTÏT TV NBOP 
 DPO MB WBSB FYUFOEJEB 
 *TSBFM
QSFWBMFDÓBQFSPDVBOEPTFDBOTBCBOTVTCSB[PTQSFWBMFDÓB"NBMFD&OUPODFT
"BSØOZ)VSTPTUFOÓBOTVTNBOPT 
DPMPDBOEPVOBQJFESBDPNPBTJFOUP
QBSB .PJTÏT  Z TPTUVWJFSPO TVT CSB[PT IBTUB mOBMJ[BS FM EÓB %F FTUB NBOFSB 
+PTVÏ DPOMBBZVEBEF%JPT iEFTIJ[PwB"NBMFDZBTVFKÏSDJUPBmMPEFFTQBEB

"RVÓ MBWBSBEF%JPTTVHJFSFDMBSBNFOUFMBJNQPSUBODJBEFMBPSBDJØOZMB
GF$VBOEPMBPSBDJØOFTFmDB[ WJFOFMBWJDUPSJBFOMBCBUBMMBDPOUSB4BUBOÈT4VT
GVFS[BTJOWJTJCMFTRVFEBOEFSSPUBEBTDVBOEPMPTIJKPTEF%JPTPSBODPOGF&M
TPTUFOFSBPUSPTDPOMBPSBDJØOBZVEBBMPHSBSFTUBWJDUPSJB-PTMÓEFSFTSFTQPO
TBCMFTEFMBPCSBEFM4F×PSGSBDBTBSÓBOTJOPMPTBQPZBSBMBPSBDJØOTVTUFOUBEPSB
EFMPTDSFZFOUFT
i0SBDJØOw 
&TOFDFTBSJBDVBOEPBUBDBFMFOFNJHP  
4FIBDFQPEF
SPTBTPCSFFMNPOUFEF%JPT  
/FDFTJUBEFMBQPZPEFPUSPT  

1SFWBMFDFFOVOBWJDUPSJBFGFDUJWB 
&OMPTWFSTÓDVMPTOPTEBNPTDVFOUBEFRVFi-BPSBDJØOUSBFWJDUPSJBw

&MUSBCBKPEF%JPTQSPTQFSBDPOMBPSBDJØO  
&TOFDFTBSJPPSBSFO
VOJEBE   
 -PT BMUBSFT UFTUJmDBO B MBT GVUVSBT HFOFSBDJPOFT RVF %JPT
DPOUFTUBMBPSBDJØO (#8JMMJBNTPO

C&MNFNPSJBM 
-BCBUBMMBDPOMPTBNBMFDJUBTOPUFSNJOØ QFSP
MMFHBSÓBVOBWJDUPSJBmOBM-BGSBTFFOVOMJCSP  iFMMJCSPw "NQ05
JOEJDB
RVFMPTMJCSPTEF.PJTÏTZBFTUBCBOFOQSPDFTPEFDPNQPTJDJØO&MTVDFTPSEF
.PJTÏTUBNCJÏOEFCÓBDPOPDFSFMQMBOEF%JPTQPSFTP²MMFPSEFOØB.PJTÏT
iRVFTFMPMFZFSBFOWP[BMUBB+PTVÏw  .PĊBUU
"NBMFDQPSmOTFSÓBEFT
USVJEP
:.PJTÏTFEJmDØVOBMUBS 
ZMMBNØTVOPNCSF+FIPWÈOJTJ i&M4F×PS
FTNJCBOEFSBw 347
MPRVFDPOTUJUVJSÓBVOBiTF×BMEFRVFMPTBNBMFDJUBTRVF
IBCÓBOMFWBOUBEPTVNBOPDPOUSBMBCBOEFSBEFM4F×PSw  347
RVFEBSÓBO
CBKPFMKVJDJPEF%JPTIBTUBTFSEFTUSVJEPT&MQVFCMPEF%JPTIBCÓBTJEPBUB
DBEPQPSVOFOFNJHPEFM4F×PS QPSMPUBOUPMBHVFSSBDPOUJOVBTFSÓBVOBBNF
OB[BFODPOUSBEFFMMPT1PTUFSJPSNFOUF TFDBTUJHØBMSFZ4BÞMQPSOPPCFEFDFS
FMNBOEBUPEF%JPTEFEFTUSVJSB"NBMFD 4
1PSmO TFBOJRVJMØBFTUF
QVFCMPFOMBÏQPDBEF&[FRVÓBT $S
1PEFNPTWFSFOFTUPMBQSFT
DJFODJBEF%JPTBOUFMBJNQFOJUFODJBDPOUJOVBEFFTUBHFOUFGFSP[ZCÏMJDB-B
MVDIBFOUSFMBTOBDJPOFTUSBFDPNPSFTVMUBEPFMKVJDJPEF"RVFMRVFIBDFRVFMB
JSBEFMIPNCSFMFBMBCF 4BM
6OBZPUSBWF[ FOMBT&TDSJUVSBTUFOFNPT
MBQSVFCBEFRVFFMQFDBEP‰TFBQFSTPOBMPEFUPEBMBOBDJØO‰UFSNJOBQPS
EFTUSVJSTFBTÓNJTNP


&RPB%HDFRQB,BQYDBPHGLQGG 
-JCFSBDJØOZ7JDUPSJBT -JCSP

-BWJTJUBEF+FUSP 

B-MFHBEBEF+FUSP 
+FUSP TBDFSEPUFEF.BEJÈO TVFHSPEF.PJ
TÏT WÏBTFFMDPNFOUBSJPTPCSF
PZØQPSNFEJPTJOEJSFDUPTMPRVF%JPT
IBCÓBIFDIPQPS*TSBFM4ÏGPSB MBNVKFSEF.PJTÏT 
IBCÓBWVFMUPBMIPHBS
QBUFSOPEFTQVÏTEFMDPNJFO[PEFMWJBKFB&HJQUP 
ZQFSNBOFDJØBMMÓ
IBTUBRVF*TSBFMTFBQSPYJNØB)PSFC4VTEPTIJKPT 
OBDJFSPONJFOUSBTWJWÓB
DPOTVTVFHSPFO.BEJÈO 
ZTFRVFEBSPODPOMBNBESF"MQSJNFSP
.PJTÏTMPMMBNØ(FSTØOQPSRVFEJKP'PSBTUFSPIFTJEPFOUJFSSBBKFOB"MTF
HVOEPMPMMBNBSPO&MJF[FS 
QPSRVF.PJTÏTIBCÓBTJEPMJCSBEPEFMBFTQBEB
EF'BSBØO 
4FJHOPSBRVÏFEBEUFOÓBOFOFTFUJFNQPQVFEFOIBCFSTJEP
NVZKØWFOFT PQVFEFOIBCFSFTUBEPDFSDBEFMPTB×PT ZBRVF.PJTÏTFTUVWP
FO.BEJÈOFOFTFMBQTPEFUJFNQP DG)DI 

1BSFDFRVF+FUSPWJOPDVBOEP*TSBFMTFBDFSDBCBBMBTWFDJOEBEFTEFM4JOBÓ 
MMBNBEPFMNPOUFEF%JPT DGZ
QPDPEFTQVÏTEFMBEFSSPUB
EFMPTBNBMFDJUBT QFSPBOUFTEFMBMMFHBEBB4JOBÓ
C.PJTÏTJOGPSNBB+FUSP 
&MWFSTÓDVMP NÈTRVFVOBQBMBCSBEJ
SFDUBEF+FUSPBTVZFSOP QBSFDFVONFOTBKFRVFMFGVFSBFOWJBEPBBRVFMQPSTV
TVFHSPBUSBWÏTEFVOUFSDFSP PQPSBMHÞOJOGPSNF 347
"MFOUFSBSTF .PJTÏT
TBMJØBSFDJCJSBTVTVFHSP 
%FBDVFSEPDPOMBDPTUVNCSFPSJFOUBM .PJTÏT
TFJODMJOØ iIJ[P SFWFSFODJBw  "NQ 05
 ZMP CFTØ -B SFMBDJØO FOUSF FTUPT
IPNCSFT GVF TJFNQSF EF BMUP OJWFM &O DBEB DJSDVOTUBODJB DBEB VOP EF FMMPT
QSPDVSBCBMPNFKPSQBSBFMPUSP
.PJTÏT DPOUØ B TV TVFHSP UPEBT MBT DPTBT RVF +FIPWÈ IBCÓB IFDIP QPS
*TSBFM ZDØNP%JPTMFTIBCÓBDPODFEJEPMBWJDUPSJBTPCSF'BSBØOZMPTFHJQDJPT

5VWP DVJEBEP EF EBS B %JPT UPEB MB HMPSJB Z OP SFTFSWBSTF OBEB QBSB ÏM
5BNCJÏOMFDPOUØUPEBTMBTQSVFCBTRVFIBCÓBOQBTBEPFOFMDBNJOPZDØNP
%JPTMPTIBCÓBMJCSBEP
D -B BMBCBO[B EF +FUSP 
 1BSB RVF VO IPNCSF TF HP[BSB DPNP
+FUSP DPNPMFFNPTBRVÓ TJHOJmDBRVFTVDPSB[ØOFTUBCBBCJFSUPBOUFFM4F×PS

"NFOVEPTFIBCMBEFPUSBTOBDJPOFTDPNPFOFNJHPTEF%JPTZMPTNBEJB
OJUBTMPGVFSPONÈTUBSEF +VF
%JPTOPDPOTJEFSØBMPTFHJQDJPT BNBMFDJUBT
V PUSPT DPNP FOFNJHPT TPMP QPSRVF OP FSBO JTSBFMJUBT VOB OBDJØO FSB JNQÓB
TJNQMFNFOUFQPSRVFTVTJOEJWJEVPTMPFSBO1FSPFM4F×PSBNFOVEPUJFOFIJKPT
TVZPTWJWJFOEPFOUSFMPTNBMWBEPT$VBOEPTFFODVFOUSBBVOKVTUP UBMDPNP
+FUSP  %JPT TJFNQSF MP IPOSB DG .FMRVJTFEFD  (O   "CJNFMFD  (O
Z+PC +PC 

4FJHOPSBDVÈOUPTBCÓB+FUSPBDFSDBEFM%JPTEF*TSBFMBOUFTEFFTUFFWFOUP
4VT BOUFQBTBEPT FSBO EFTDFOEJFOUFT EF "CSBIBN &SBiTBDFSEPUFw DG W 
 Z
DPNPUBM VOIPNCSFSFMJHJPTP.PJTÏTIBCÓBWJWJEPDPOÏMEVSBOUFB×PT QFSP
FTUPGVFBOUFTEFTVFYQFSJFODJBFOMB[BS[BRVFBSEÓB1PSMPNFOPT UFOÓBVO


&RPB%HDFRQB,BQYDBPHGLQGG 
-JCSP -JCFSBDJØOZ7JDUPSJBT

DPSB[ØOSFDFQUJWP$VBOEPPZØMPRVF%JPTIBCÓBIFDIP QVEPEFDJS#FOEJUP
TFB+FIPWÈ  :BIXFI
JEFOUJmDBOEPBTÓEFFTUBNBOFSBBM%JPTEFMBTWJDUP
SJBTEF*TSBFM&TWFSEBERVFEJKP+FIPWÈFTNÈTHSBOEFRVFUPEPTMPTEJPTFT

FOWF[EFiFMÞOJDP%JPTw4JOFNCBSHP FTVOMFOHVBKFTJNJMBSBMRVFVTBSB
4BMPNØOFOMBEFEJDBDJØOEFMUFNQMP $S
ZFMTBMNJTUBFOTVBMBCBO[B
4BM
-BJEFBRVF+FUSPUFOÓBTPCSFPUSPTEJPTFTFSBRVFTFPQPOÓBOBM
4F×PS 
1PSMPUBOUPFSBOFTQÓSJUVTNBMPT4FIBJOUFSQSFUBEPMBÞMUJNBQBS
UFEFMWFSTÓDVMPDPNPi²MMJCSØBMQVFCMPEFNBOPEFMPTFHJQDJPTDVBOEP
FMMPTMPTUSBUBCBODPOTPCFSCJBw 347
-BTQBMBCSBT"IPSBDPOP[DPJNQMJDBO
VOOVFWPDPOPDJNJFOUPEFQBSUFEF+FUSP ZQVFEFOTJHOJmDBSRVFÏMNJTNPTF
IBCÓBDPOWFSUJEPB:BIXFI
-BEFWPDJØOSFMJHJPTBEF+FUSPMPJNQFMÓBBPGSFDFSIPMPDBVTUPTZTBDSJm
DJPTQBSB%JPT 
Z"BSØOZUPEPTMPTBODJBOPTEF*TSBFMTFSFVOJFSPOFOMB
PDBTJØOZUVWJFSPODPNVOJØODPO+FUSP4FVOJFSPOFOMBBEPSBDJØOBMNJTNP
%JPT BVORVFFSBOEFEJTUJOUBTOBDJPOFTZDVMUVSBT+FUSPOPTFIJ[PJTSBFMJUB 
QFSPGVFVOPDPO*TSBFMFOTVBNPSIBDJB:BIXFI
E&MDPOTFKPEF+FUSP 
"MEÓBTJHVJFOUF +FUSPPCTFSWØDØNP.PJ
TÏTTFPDVQBCBEFKV[HBSBMQVFCMP 
1BSFDFRVF.PJTÏTIBCÓBDBSHBEPTPCSF
TÓMBUBSFBEFKV[HBSBFTPTEPTPNÈTNJMMPOFTEFQFSTPOBT TJOSFQBSUJSMBSFT
QPOTBCJMJEBEFOUSFPUSPT+FUSPDVFTUJPOØMBTBCJEVSÓBEFTVZFSOPEFTFSWJSTPMP

ZIBDFSRVFFMQVFCMPFTQFSBSBTVTEFDJTJPOFTEVSBOUFUPEPFMEÓB
.PJTÏTMFQSFTFOUØTVTSB[POFT 
QBSBIBDFSFMUSBCBKPEFMBTJHVJFOUF
NBOFSB 
#VTDBCBMBWPMVOUBEEF%JPTQBSBSFTPMWFSMBTEJTQVUBTRVFTFTVT
DJUBCBO 
"QSPWFDIBCBMBPDBTJØOQBSBFOTF×BSBMQVFCMPMBTPSEFOBO[BTEF
%JPTZTVTMFZFT$PNPÏMFSBRVJFOFTDVDIBCBMBQBMBCSBEJWJOB TFOUÓBRVFFSB
OFDFTBSJPRVFBDUVBSBÏMQFSTPOBMNFOUFBOUFDBEBQSPCMFNB
1FSP+FUSPOPRVFEØTBUJTGFDIPDPOTVTSB[POFT ZMFEJKPMPRVFIBDFTOP
FTUÈCJFO 
5FOÓBRVFSFDPSEBSRVF BVODPOMBGPSUBMF[BRVFUFOÓB FSBIV
NBOP ZBHSFHØ%FTGBMMFDFSÈT 
DPOFTUFQSPHSBNB:B×BEJØ/PQPESÈT
IBDFSMPUÞTPMP.PJTÏTUFOESÓBRVFIBCFSTBCJEPUBMDPTB QFSPÏM DPNPNV
DIPTPUSPT OFDFTJUBCBEFVOBNJHPRVFTFMPIJDJFSBWFS&TUFNÏUPEPOPTPMP
FSBEVSPQBSBÏMTJOPUBNCJÏOQBSBFMQVFCMP RVFIBCÓBUFOJEPEJmDVMUBEFTBM
WFSTFPCMJHBEPBFTQFSBSTVUVSOPUBOUPUJFNQP
6OPOPQVFEFEFKBSEFBENJSBSMBDPSUFTÓBZWBMFOUÓBEF+FUSP{2VJÏOTF
IVCJFSBBUSFWJEPBDPSSFHJSBVOIPNCSFRVF CBKPMBEJSFDDJØOEF%JPT IBCÓB
USBÓEPQMBHBTTPCSF&HJQUP EJWJEJEPFMNBS IFDIPCSPUBSBHVBZDBFSQBOFO
FMEFTJFSUP ZDPOEVDJSBNÈTEFEPTNJMMPOFTEFQFSTPOBT .PJTÏT RVFIBCÓB
FTDVDIBEPEJSFDUBNFOUFB%JPT BIPSBEFCÓBPÓSBBMHVJFORVFUFOÓBVONFOTBKF
EF%JPTQBSBÏM+FUSPOPOFHBCBFMMVHBSEF.PJTÏTDPNPQPSUBWP[EFM4F×PS
BÞOEFCÓBTFHVJSEFMBOUFEF%JPTQPSFMQVFCMP 
FTEFDJSDPNPTVSFQSF


&RPB%HDFRQB,BQYDBPHGLQGG 
-JCFSBDJØOZ7JDUPSJBT -JCSP

TFOUBOUF EFMBOUF EF ÏM 347


 .PJTÏT UPEBWÓB UFOESÓB RVF DPOUJOVBS MB UBSFB
EFFOTF×BSMBTPSEFOBO[BTZMBTMFZFT 
ZNPTUSBSMFTFMDBNJOPQPSEPOEF
EFCÓBOBOEBSZMPRVFUFOÓBORVFIBDFS
4JOFNCBSHP QBSBQPEFSMMFWBSBDBCPDPOTBCJEVSÓBMPTQSPQØTJUPTEFM4F
×PS EFCÓBFMFHJSWBSPOFTUFNFSPTPTEF%JPT WBSPOFTEFWFSEBE RVFBCPSSF
DJFSBOMBDPEJDJBZQPOFSMPTTPCSFFMQVFCMPQPSKFGFTEFNJMMBSFT EFDFOUFOBT 
EFDJODVFOUBZEFEJF[ 
&TUPTOÞNFSPTUJFOFORVFIBCFSUFOJEPSFMBDJØO
DPOGBNJMJBTZOPDPOQFSTPOBT-PTIPNCSFTUFOÓBORVFTFSWJSFOMPTUSJCVOB
MFTNÈTBMUPTZNÈTCBKPTDBEBMÓEFSEFHSVQPQFRVF×PFSBSFTQPOTBCMFBOUFFM
RVFFTUBCBTPCSFÏM-BTQFSTPOBTOPTBUJTGFDIBTDPOMBEFDJTJØOEFVOUSJCVOBM
NFOPSQPEÓBOBQFMBSBVOPNBZPS&TUPIBSÓBRVFNVMUJUVEEFQFRVF×PTQMFJUPT
TFSFTPMWJFSBOTJOMBJOUFSWFODJØOEF.PJTÏT 

6OPTFTPSQSFOEFEFRVF.PJTÏTOPIBZBFNQMFBEPFTUFQMBOVPUSPTFNF
KBOUF:BUFOÓBBODJBOPTZMÓEFSFTRVFIBCÓBOSFQSFTFOUBEPBMQVFCMPFOEJTUJOUBT
PDBTJPOFT&TUBTJEFBTZBFSBODPOPDJEBTFO&HJQUP ZQBSFDFRVF+FUSPFTUBCB
SFMBDJPOBEPDPOFTUBDMBTFEFPSHBOJ[BDJØO-PTSFRVJTJUPTQBSBFTUPTKVFDFT
FSBOTBOPT TPMPUFOÓBORVFiQSPDVSBSMBBQSPCBDJØOEF%JPT OPMBEFMPTIPN
CSFT TFSTJODFSPTFOTVTWFSFEJDUPTFJONVOFTBMTPCPSOPw 

+FUSPUVWPDVJEBEPEFSFDPOPDFSMBBVUPSJEBEEFMIPNCSFBRVJFOTFFTUBCB
EJSJHJFOEP2VFSÓBRVF.PJTÏTMPIJDJFSBQPSEFDJTJØOQSPQJB‰4JFTUPIJDJFSFT

²MUBNCJÏOTBCÓBRVF.PJTÏTPCSBSÓBCBKPMBBVUPSJEBEEJWJOBZ%JPTUF
MPNBOEBSF4JFMMÓEFSEF%JPTQPEÓBWFSMBTBCJEVSÓBEFFTUFQMBOZFM4F×PSMP
HVJBSB FOUPODFTMFEJKPUÞQPESÈTTPTUFOFSUFZFTUFQVFCMPJSÈFOQB[
F*OTUJUVDJØOEFMOVFWPQMBO 
 .PJTÏT WJP MB TBCJEVSÓB EFM QMBO
QSFTFOUBEPQPS+FUSP FIJ[PUPEPMPRVFEJKP 
1VFEFEBSTFQPSTFOUBEPRVF
.PJTÏTCVTDØZPCUVWPFMQFSNJTPEF%JPTQBSBVTBSFTUFNÏUPEP4FMFDDJPOØ
MPTIPNCSFTOFDFTBSJPTZMPTQVTPQPSKFGFTTPCSFFMQVFCMP 
&MMPTKV[HB
CBOBMQVFCMP 
&MBTVOUPEJGÓDJMMPEFSJWBCBOB.PJTÏT QFSPTFSFTFSWBCBO
MPTQSPCMFNBTQFRVF×PTQBSBFMMPT
&O%FVUFSPOPNJP .PJTÏTEFUBMMØFMOPNCSBNJFOUPEFFTUPTKVF
DFT MMBNBEPTUBNCJÏOiKFGFTw"FTUPTTFMPTEFTJHOØFOFMUJFNQPFORVF*TSBFM
FTUBCBMJTUPQBSBQBSUJSEF4JOBÓ EFTQVÏTEFIBCFSSFDJCJEPMBMFZ1BSFDFRVFMB
HFOUFUFOÓBDJFSUBQBSUFFOMBTFMFDDJØOEFMPTPmDJBMFT %U
&TUPJNQMJDB
RVF BVORVF+FUSPBDPOTFKØUBMDPTBBOUFTEFM4JOBÓZMBQSPNVMHBDJØOEFMBMFZ 
MBPSHBOJ[BDJØOOPTFSFBMJ[ØDPNQMFUBNFOUFIBTUBRVF*TSBFMFTUVWPMJTUPPUSB
WF[QBSBNBSDIBS
&MNJOJTUFSJPEF+FUSPIBCÓBUFSNJOBEP%FTQJEJØ.PJTÏTBTVTVFHSPZFTUF
TFGVFBTVUJFSSB 
1BSFDFRVF4ÏGPSBZTVTIJKPTTFRVFEBSPODPO.PJTÏT
&OQVFEFOFODPOUSBSTFMPTi3FRVJTJUPTQBSBMPTMÓEFSFTw 
)VNJM
EBEQBSBBDPOTFKBS  
3FDPOPDJNJFOUPEFMBTEFCJMJEBEFTIVNBOBT 


&RPB%HDFRQB,BQYDBPHGLQGG 
-JCSP /PUBT#JCMJPHSÈmDBT


1SFPDVQBDJØOQPSIBDFSMPNFKPSQBSB%JPT   
*OUFHSJEBEEF
DBSÈDUFS  
%JTQPTJDJØOBMBPCFEJFODJB 

/05"4#*#-*0(3«'*$"4
3BXMJOTPO JCJE Q


+PIOTPO PQDJU Q





3BXMJOTPO $8# * Q

0QDJU Q

3BXMJOTPO 1$ * 

*CJE Q

3BXMJOTPO $8# * 

*CJE

+PIOTPO PQDJU Q

-BOHF PQDJU Q

$MBSLF PQDJU * 

*CJE Q

$POOFMM PQDJU Q

*CJE

3ZMBBSTEBN PQDJU &YFHFTJT
* 

+PIOTPO PQDJU Q

3BXMJOTPO $8# * 

iɩF#PPLPG&YPEVTw DzF&YQPTJUPST#JCMF FE83PCFSUTPO/JDPMM (SBOE3BQJET8N
#&FSENBOT1VCMJTIJOH$P 
* 

*CJE

3BXMJOTPO $8# * 

+PIOTPO PQDJU Q

3BXMJOTPO 1$ * 

1GFJĊFS PQDJU Q

3BXMJOTPO $8# * 

7ÏBTF MB EJTDVTJØO TPCSF MBT QPTJCMFT UFPSÓBT FO &NJM ,SBFMJOH  #JCMF"UMBT /VFWB:PSL
3BOE.D/BMMZBOE$PNQBOZ 
QQ

+PIOTPO PQDJU Q

3BXMJOTPO $8# * 

*CJE Q

$POOFMM PQDJU Q

3BXMJOTPO $8# * 

$MBSLF PQDJU * $POOFMM PQDJU Q

+PIOTPO PQDJU Q

*CJE

*# * 

3BXMJOTPO $8# * 

$POOFMM PQDJU Q

*# * 

3BXMJOTPO $8# * 



&RPB%HDFRQB,BQYDBPHGLQGG 
/PUBT#JCMJPHSÈmDBT -JCSP

$POOFMM PQDJU Q




3BXMJOTPO $8# * 





*CJE

1GFJĊFS PQDJU Q

$POOFMM PQDJU Q

1GFJĊFS PQDJU Q

3BXMJOTPO $8# * 

$POOFMM PQDJU Q

3BXMJOTPO $8# * 

*CJE Q

1GFJĊFS PQDJU Q

3BXMJOTPO $8# * 

*CJE

1GFJĊFS  PQDJU Q  4JO FNCBSHP  MB NBZPS QBSUF EF MPT HFØHSBGPT CÓCMJDPT DPOTJEFSBO
)PSFCZ4JOBÓ EJTUJOUPTOPNCSFTQBSBFMNJTNPQJDP FMBDUVBM+FCFM.VTB

3BXMJOTPO $8# * 

1GFJĊFS PQDJU Q

$POOFMM PQDJU Q

*# * 

3BXMJOTPO $8# * 

1GFJĊFS PQDJU Q

*CJE

3BXMJOTPO $8# * 

$POOFMM PQDJU Q

3BXMJOTPO $8# * 



&RPB%HDFRQB,BQYDBPHGLQGG 
&MMJCSPEF
-&7¶5*$0
%ĖğğĚĤ',ĚğĝĒĨ

&RPB%HDFRQB,BQYDBPHGLQGG 
*OUSPEVDDJØO

"/ĠĞēģĖ
&M OPNCSF EF -FWÓUJDP QSPWJFOF EF MB 4FQUVBHJOUB -99
 B USBWÏT EF MB
7VMHBUB%VSBOUFMPTQSJNFSPTTJHMPTEFMBFSBDSJTUJBOB MPTDSFZFOUFTVTBCBO
MB#JCMJBHSJFHB&OFMDVBSUPTJHMP+FSØOJNPMBUSBEVKPBMMBUÓO DPNQMFUÈOEPMB
IBDJBFMB×PE$&TUBWFSTJØO MMBNBEBMB7VMHBUB MMFHØBTFSMB#JCMJBEF
MBJHMFTJBPDDJEFOUBMIBTUBMBÏQPDBEFMB3FGPSNB-FWFJUJLPOFSBFMOPNCSFEFM
UFSDFSMJCSPEFM1FOUBUFVDPFOMB4FQUVBHJOUB&OMBUÓOMMFHØBTFS-FWJUJDVT4F
EFOPNJOØBTÓBMMJCSPQPSRVFUSBUBDPOFMTJTUFNBMFWÓUJDPEFBEPSBDJØOFOFM
"OUJHVP5FTUBNFOUP

#1ĒĥĖģğĚĕĒĕĝĚĥĖģĒģĚĒ
&MUFTUJNPOJPEFMNJTNPMJCSPEJDFRVFTVBVUPSFT%JPTZOP.PJTÏT%F
TVTDBQÓUVMPT DPNJFO[BODPOMBGØSNVMBi)BCMØ+FIPWÈB.PJTÏT EJDJFO
EPw1PSMPHFOFSBMTFNBOEBB.PJTÏTBEBSVONFOTBKF PCJFOB*TSBFM 
oFUBM
PB"BSØOZBTVTIJKPT   FUBM
0DBTJPOBMNFOUF
FMUFYUPEJDFRVF%JPTIBCMØB.PJTÏTZB"BSØO 
1PS
MPNFOPTVOBWF[FM4F×PSMFIBCMBTPMPB"BSØO 
BVORVFMBNBZPSQBSUF
EFMNBUFSJBMTFQSFTFOUBDPNPEFEJSFDUBQSPDFEFODJBEJWJOBB.PJTÏT&MQVOUP
EFWJTUBUSBEJDJPOBMFOMBJHMFTJBFTRVF.PJTÏTFOUSFHØFTUFMJCSPB*TSBFM ZEF
FTFNPEPQBTØBOPTPUSPT
&MOBDJNJFOUPEFMBFSVEJDJØODSÓUJDBNPEFSOBIBSFDIB[BEPFTUBOPDJØO
-BBEPQDJØOEFMBIJQØUFTJTEPDVNFOUBM + & % 1
DPOEVKPBMDPODFQUPEF
RVF-FWÓUJDPFSBVOBQBSUFEFMDØEJHPTBDFSEPUBMRVFFTUVWPEVSBOUFNVDIPT
TJHMPTFODPNQJMBDJØOZRVFOPSFDJCJØTVGPSNBmOBMTJOPIBTUBFMQFSÓPEPQPT
UFYÓMJDP4FIBJOTJTUJEPFORVFHSBOQBSUFEFMNBUFSJBM DPNPFMUJUVMBEPiDØEJHP
EFTBOUJEBEw DBQÓUVMPT FSBNÈTBOUJHVPRVFFMNFODJPOBEPQFSÓPEP Z
RVFQBSUFEFMNBUFSJBMMFHJTMBUJWPUBNCJÏOQVFEFTFSCBTUBOUFBOUJHVP4JOFN
CBSHP IBCÓBTJEPMBmSNFDPOWJDDJØOEFMBNBZPSQBSUFEFMPTDSÓUJDPTRVF1GVF
FMÞMUJNPEFMPTDPNQPOFOUFTEFM1FOUBUFVDP
&TUVEJPTNÈTSFDJFOUFTIBOTBDVEJEPMBBQBSFOUFVOBOJNJEBEEFMPTFSVEJ
UPTTPCSFFTUFQVOUP&MUSBCBKPEFIPNCSFTDPNP+1FEFSTFO *WBO&OHOFMM :F
IF[LFM,BVGNBOOZPUSPTIBEFKBEPDJFSUBJODFSUJEVNCSF-PTFTUVEJPTEFMBT
MFZFTEFM$FSDBOP0SJFOUFBOUJHVPIBDFOFWJEFOUFFTUFIFDIP-FWÓUJDPQPTFF
FTDBTBTJNJMJUVEDPOMBMJUFSBUVSBEFMNVOEPBOUJHVP RVFOPMPIBMMFUBNCJÏO


&RPB%HDFRQB,BQYDBPHGLQGG 
FOMBMJUFSBUVSBEFMTFHVOEPNJMFOJP"$1PSFMDPOUFOJEPEF-FWÓUJDP RVFFT
DPNÞOBMBOUJHVPNVOEPJTSBFMJUB OPIBZSB[ØOQBSBTVQPOFSRVFFTUFMJCSPOP
QSPWFOHBEFMQFSÓPEPNPTBJDP
*OWFTUJHBDJPOFTNPEFSOBTSFBMJ[BEBTQPSQFSTPOBTDPNP8'"MCSJHIUIBO
EFNPTUSBEPRVFFTSB[POBCMFEBSQPSTFOUBEPRVFFMDBSÈDUFSÞOJDPNPOPUFÓTUB
EFMBSFMJHJØOEF*TSBFMQSPWJFOFEFMBÏQPDBEF.PJTÏT-PTFSVEJUPTEFIPZ
DVFOUBODPOVONBZPSDPOPDJNJFOUPTPCSFMBUSBEJDJØOMFHBMEFMNVOEPEFMTF
HVOEPNJMFOJP"$FOFTBQBSUFEFMNVOEP"MBMV[EFFTUFOVFWPDPOPDJNJFO
UP QBSFDFQPTJCMFRVFFMDBSÈDUFSMFHBMEFMBSFMJHJØOJTSBFMJUB TFHÞOMBQSFTFOUB
-FWÓUJDP FODBKFFOFMQFSÓPEPNPTBJDPZ QPSMPUBOUP QVFEFUFOFSFTFPSJHFO

$'ĖĔęĒĕĖĝġĖğĥĒĥĖĦĔĠ
&MQFSÓPEPTF×BMBEPQPSFM1FOUBUFVDPQBSBMBQSPNVMHBDJØOEFFTUBMFZZ
MPTTVDFTPTJODMVJEPTFO-FWÓUJDPFTQSFDJTP4FMPVCJDBFOUSFMBDPOTUSVDDJØOEFM
UBCFSOÈDVMP FOFMQSJNFSNFTEFMTFHVOEPB×PEFTQVÏTEFMBQBSUJEBEF*TSBFMEF
&HJQUP ²Y
ZFMQSJNFSEÓBEFMTFHVOEPNFTEFMNJTNPB×P /N


%.ĖğĤĒěĖ
&T JNQPSUBOUF WFS MB QSPHSFTJØO EFM 1FOUBUFVDP BM CVTDBS FM NFOTBKF EF
-FWÓUJDP (ÏOFTJT OPT SFMBUB FM MMBNBEP EFM QBUSJBSDB "CSBIBN Z MB FMFDDJØO
EFTVGBNJMJBQBSBTFSFMQVFCMPEFMQBDUPFOMBIJTUPSJBIVNBOB²YPEPSFMBUB
MBMJCFSBDJØOEFMPTEFTDFOEJFOUFTEF"CSBIBN MPTJTSBFMJUBT EFMDBVUJWFSJPEF
&HJQUP ZFMFTUBCMFDJNJFOUPEFMQBDUPEF%JPTDPOFTUFQVFCMPFO4JOBÓ²YPEP
UBNCJÏOJOEJDBFMDBSÈDUFSMFHBMEFFTFQBDUP FMUFTUJNPOJPEFFTUFFOFMUBCFS
OÈDVMPZEFUBMMFTEFMBDPOEVDDJØOEFMDVMUP-FWÓUJDPFTVOBFTQFDJFEFNBOVBM
RVFTFMFTFOUSFHØBMPTTBDFSEPUFTZBMQVFCMPEF*TSBFM QBSBRVFTVQJFSBODØNP
SFBMJ[BS MB BEPSBDJØO SFRVFSJEB QPS FTF QBDUP EF NPEP FmDJFOUF QBSB FMMPT Z
BDFQUBCMFBM%JPTEF*TSBFM%FFTUFNPEP -FWÓUJDPFTVOUSBUBEPEFMJUVSHJB
*ODMVZFUBNCJÏOWBSJBTJOTUSVDDJPOFTBDFSDBEFDØNPWJWJSEFNBOFSBRVFFTB
BEPSBDJØOTFBBDFQUBCMFBM4F×PS FM%JPTEFMQBDUP
&MDPOUFOJEPEFMMJCSPSFWFMBMPTQSJODJQJPTCÈTJDPTEFMBSFMJHJØOEFM"O
UJHVP5FTUBNFOUP%FTEFFMQSJODJQJPBMmOTFJNQMJDBOMBTTJHVJFOUFTBmSNB
DJPOFT
 /PIBZOJOHVOBQPTJCJMJEBEEFUFOFSDPNVOJØODPO%JPT BNFOPTRVF
TFBTPCSFMBCBTFEFMTBDSJmDJPQPSFMQFDBEP1PSFTP MPTDBQÓUVMPTJOUSPEVDUPSJPT
EF-FWÓUJDPEFTDSJCFOMBTEJWFSTBTPGSFOEBTRVFTFOFDFTJUBCBOQBSBMBSFBMJ[B
DJØOEFMBQSPQJDJBDJØOZMBDPNVOJØO
 &MIPNCSFFOTÓNJTNPFTUÈJNQPTJCJMJUBEPEFFYQJBSTVTQSPQJPTQF


&RPB%HDFRQB,BQYDBPHGLQGG 
DBEPT&TOFDFTBSJPVOTJTUFNBEFNFEJBDJØO%FFTUBNBOFSBTFDVNQMFQMF
OBNFOUF FM QBQFM EF MPT TBDFSEPUFT  IJKPT EF "BSØO -B UPUBMJEBE EFM TJTUFNB
QSFTVQPOFVONFEJBEPS
 -B QSPQJDJBDJØO EFCF TFS EF BDVFSEP BM QMBO EJWJOP /ØUFTF RVF HSBO
QBSUFEF-FWÓUJDPFTFMMFOHVBKFEJSFDUPEF%JPT5BNCJÏO FMUSÈHJDPmOBMEF
/BEBCZ"CJÞ DVBOEPFMMPTBEPSBSPOEFBDVFSEPBTVQSPQJPDSJUFSJPFOWF[EF
TFHVJSFMEFDIBEPRVFMFTEJP.PJTÏTEFQBSUFEFM4F×PS
 4PMBNFOUFMPCVFOP MPMJNQJPZMPÓOUFHSP QFSGFDUP
FTBDFQUBCMFDPNP
TBDSJmDJPB%JPT&MIPNCSFOPQVFEFBDFSDBSTFBM4F×PSDPOMBTNBOPTWBDÓBT
%JPTFTUBCMFDFDPOEJDJPOFTFTUSJDUBTFODVBOUPBMPRVFFTBDFQUBCMFQBSBÏM
 &MQVFCMPRVFBOEBDPO%JPTEFCFTFSTBOUPQPSRVFÏMFTTBOUP&TUPFY
QMJDBQPSRVÏTFIBDFUBOUPIJODBQJÏFOMBEJGFSFODJBFOUSFMPMJNQJPZMPJONVO
EP MPQVSPZMPBCPNJOBCMF MPTBOUPZMPQSPGBOP-FWÓUJDPFT EFFTUFNPEP 
iVONBOVBMEFMPTBOUPw-BTBOUJEBEFYJHJEBOPTPMPFTDFSFNPOJBM UBNCJÏOFT
ÏUJDBZTPDJBM DPNPFOFMDBQÓUVMP RVFFTNBZPSNFOUFVOBSFDBQJUVMBDJØOEFM
%FDÈMPHP-BQSFPDVQBDJØOEFMMJCSPFTMBKVTUJDJBNPSBMJOUFSJPS%F-FWÓUJDP
UFOFNPTFMNBOEBNJFOUPi"NBSÈTBUVQSØKJNPDPNPBUJNJTNPw 
4F
EFDMBSBDPODMBSJEBEFMTJHOJmDBEPEFFTUBFYJHFODJB RVFFTUÈFOUÏSNJOPTEF
KVTUJDJBQFSTPOBMZTPDJBM
 -BDPNVOJØODPO%JPTJOWPMVDSBMBFOUSFHBEFMBUPUBMJEBEEFMBWJEB
&MMJCSPBDMBSBRVFOPIBZÈSFBEFMBFYJTUFODJBQFSTPOBMRVFFTUÏNÈTBMMÈEFM
EFSFDIPEFDPOUSPMEFM%JPTEF*TSBFM)BZJOTUSVDDJPOFTFODVBOUPBMBDPNJEB 
MPTIÈCJUPTTFYVBMFT MBQPTFTJØOEFQSPQJFEBEFT MBTPGSFOEBTB%JPT MBTEFNBO
EBTTPCSFFMUJFNQPEFMBWFSEBEFSBBEPSBDJØOZMBTSFMBDJPOFTDPOMPTWFDJOPTZ
MPTFYUSBOKFSPT&M4BOUPEF*TSBFMEFNBOEBCBRVFUPEBMBWJEBEFBRVFMMPTRVF
BOEBCBODPOÏMTFQVTJFSBCBKPTVTPCFSBOPEPNJOJPZTVJOnVKPTBOUJmDBEPS
/PFTEJGÓDJMQBSBRVJFODPOP[DBFM/VFWP5FTUBNFOUPFODPOUSBSFO-FWÓUJ
DPMBTSBÓDFTEFMBQJFEBEDSJTUJBOB5BMWF[MBGPSNBEFFYQSFTBSMBOPFTUÏUBOEF
TBSSPMMBEBDPNPFOFM/VFWP5FTUBNFOUP QFSPMPTQSJODJQJPTTPOOPUBCMFNFOUF
MPTNJTNPT:BVO-FWÓUJDPTJFOUFMBOFDFTJEBEEFVODBNJOPNFKPS4FEFUBMMB
MBOFDFTJEBEFOMPTSFRVJTJUPTQBSBMPTNFEJBEPSFTEFMTJTUFNBMFWÓUJDP MPTTB
DFSEPUFTEFMBGBNJMJBEF"BSØO-BOFDFTJEBEEFNFEJBDJØO UBNCJÏOBGBWPS
EFFMMPT FTVOBQSVFCBFWJEFOUFEFRVFFMTJTUFNBOPFTEFmOJUJWP4PMBNFOUF
FSBVOTÓNCPMPRVFTF×BMBCBiVODBNJOPNFKPSw FMTFOEFSPRVFOPTNPTUSBSÓB
$SJTUPZTVOVFWPQBDUP RVFFO-FWÓUJDPFTQSFmHVSBEP

/ĠĥĒĤēĚēĝĚĠĘģśėĚĔĒĤ
(MFBTPO"SDIFS "4VSWFZPG0ME5FTUBNFOU*OUSPEVDUJPO $IJDBHP.PPEZ1SFTT 
QQ




'SPN4UPOF"HF5P$ISJTUJBOJUZ #BMUJNPSF+PIO)PQLJOT1SFTT 




&RPB%HDFRQB,BQYDBPHGLQGG 
#PTRVFKP
 *6ONBOVBMEFBEPSBDJØO o
 "*OTUSVDDJPOFTQBSBMPTJTSBFMJUBT o
 #*OTUSVDDJPOFTQBSBMPTTBDFSEPUFT o
 **$POTBHSBDJØOEFMPTTBDFSEPUFT o
 ".PJTÏTDPOTBHSBB"BSØOZBTVTIJKPT 
 #"BSØOBTVNFFMPmDJPTBDFSEPUBM 
 $6ODBTPEFTBDSJMFHJP 
***-FZFTDPODFSOJFOUFTBMBJNQVSF[B o
 "*NQVSF[BEFMPTBOJNBMFT 
 #*NQVSF[BEFMBMVNCSBNJFOUP 
 $*NQVSF[BEFMBMFQSB o
 %*NQVSF[BTGÓTJDBT 
 *7&M%ÓBEFMB&YQJBDJØO 
 "1SFQBSBDJØOEF"BSØO 
 #&MNBDIPDBCSÓPFYQJBUPSJP 
 $"MHVOBTDPODMVTJPOFT
 7-BTBOUJEBEFOMBWJEBEJBSJB o
 ".BUBO[BEFBOJNBMFTEPNÏTUJDPT 
 #3FHMBNFOUPTTPDJBMFT o
7*4BOUJEBEEFMTBDFSEPUF o
7**-PTEÓBTTBOUPTZMBTGFTUJWJEBEFT 
 "&MTÈCBEP 
 #-BQBTDVB 
 $-BPGSFOEBEFMPTQSJNFSPTGSVUPT 
 %-BmFTUBEFMBTTFNBOBT 
 &-PTEÓBTTBOUPTEFMNFTTÏQUJNP 
7***&MBDFJUFTBOUP FMQBOTBOUPZFMOPNCSFTBOUP 
 "&MBDFJUFTBOUP 
 #&MQBOTBOUP 
 $&MOPNCSFTBOUP 
*9-PTB×PTTBOUPT 
 "&MB×PTBCÈUJDP 
 #&MKVCJMFP 
 91BMBCSBTmOBMFTEFQSPNFTBZBNPOFTUBDJØO 
 "*EPMBUSÓB EÓBTEFSFQPTPZFMTBOUVBSJP 
 #1SPNFTB 
 $"EWFSUFODJBT 
9*"QÏOEJDF7PUPTZEJF[NPT 


&RPB%HDFRQB,BQYDBPHGLQGG 
4ĖĔĔĚŭğ -FZFTDPODFSOJFOUFT
*** BMBJNQVSF[B

-FWÓUJDPo

*TSBFMEFCÓBTFSVOQVFCMPTBOUP{-BSB[ØO )BCÓBOIFDIPVOQBDUPDPOFM
4F×PS FM4BOUP&TFQBDUPEFNBOEBCBRVFTFTPNFUJFSBMBUPUBMJEBEEFMBWJEB
BMBDPOGPSNJEBEEFMBTEFNBOEBTEJWJOBT&TUBT FOMPDPODFSOJFOUFBMBBEPSB
DJØO ZBFTUBCBOEFUBMMBEBTFO-FWÓUJDPo&MFTUBCMFDJNJFOUPEFMTBDFSEPDJP
ZFMDPNJFO[PEFTVNJOJTUFSJPTFFODVFOUSBFOMBTFHVOEBTFDDJØO 
-PT
TBDFSEPUFTEFCÓBOFOTF×BSMBEJGFSFODJBFOUSFMPMJNQJPZMPJONVOEP MPTBOUPZ
MPQSPGBOP 
"IPSB FOMBUFSDFSBTFDDJØOEFMMJCSP TFSFWFMBFMTJHOJmDBEP
EFMQBDUPFOMPRVFDPODJFSOFBMBWJEBEJBSJB DDo
UBOUPFOMPRVFFT
MJNQJPDPNPFOMPRVFOPMPFT"TVOUPTEFEJFUB FMDPOUBDUPDPOPTBNFOUBT
EFBOJNBMFT MBJONVOEJDJBEFQFSTPOBT WFTUJEPT NVFCMFTZDBTBTQBSBIBCJUBS 
UPEPFTUÈUSBUBEPBMMÓ&MQSPQØTJUPFTUÈDMBSBNFOUFFTUBCMFDJEPRVF*TSBFMOPTF
DPOUBNJOBSB 

"*.163&;"%&-04"/*."-&4 
-BTQBMBCSBTDMBWFTEFFTUBTFDDJØOTPOMJNQJP JONVOEP BCPNJOBDJØO 
NBODIB TBOUJmDBS TBOUP6OSÈQJEPWJTUB[PQPSFMDBQÓUVMP QBSBDPOUBSMBT
WFDFTRVFBQBSFDFOFTUBTQBMBCSBT TVCSBZBSÈFMQSPQØTJUPEFFTUBQBSUFTFEJFSPO
QBSBFTUBCMFDFSMBEJGFSFODJBFOUSFMPMJNQJPZMPJONVOEP&OMPTDBQÓUVMPT
 MBQBMBCSBiJONVOEPwBQBSFDFBMSFEFEPSEFWFDFT
-BEJGFSFODJBIFDIBFOFTUPTDBQÓUVMPTQBSFDFFYUSB×BQBSBFMIPNCSFNP
EFSOPRVFMFFZDPOPDFQPDPEFMNVOEPBOUJHVP2VJ[ÈMPNÈTJNQPSUBOUFOP
TFBOMBTFTQFDJmDBDJPOFTEFMPRVFFTMJNQJPZMPRVFFTJONVOEP TJOPFMNPUJWP
TVCZBDFOUFRVFFYJHFFMUSB[BEPEFTFNFKBOUFMÓOFB"RVÓ MBWFSEBEFTRVF%JPT
FTUÈJOUFSFTBEPFOMBUPUBMJEBEEFMBWJEBEFTVQVFCMP RVFOBEBIBZRVFFTUÏ
GVFSBEFMJOUFSÏTEJWJOP4JOFNCBSHP TFHÞOMBDPNQSFOTJØOEFM/VFWP5FTUB
NFOUPBDFSDBEFMPTSFRVJTJUPTEJWJOPT FTFWJEFOUFRVFNVDIPTEFMPTBSUÓDVMPT
NFODJPOBEPTDBSFDFOEFTJHOJmDBDJØOÏUJDBPNPSBM
(ÏOFTJTBDMBSBRVFFTUBDPTUVNCSFEFEJGFSFODJBSFOUSFMPMJNQJPZMP
JONVOEPFTNVDIPNÈTBOUJHVBRVF.PJTÏT&MFTUVEJPEFPUSPTQVFCMPTBO
UJHVPTSFWFMBVOTJTUFNBTJNJMBS&MWJFKPQSPWFSCJPi-BTNJTNBTDPTBTIFDIBT
QPSEPTQVFCMPTEJTUJOUPTOPTPOMBTNJTNBTwTFQVFEFBQMJDBSBRVÓ&JDISPEU
JOEJDBRVFFTUBTSFTUSJDDJPOFT UBOJOVTJUBEBTQBSBOPTPUSPT QVFEFOIBCFSUFOJ
EPVOBMDBODFSFMJHJPTPNVDIPNÈTFYUFOTPZ EFFTUBNBOFSB VOBTJHOJmDBDJØO


&RPB%HDFRQB,BQYDBPHGLQGG 
-FZFT$PODFSOJFOUFTBMB*NQVSF[B -JCSP

NPSBMNBZPSEFMPRVFVOPQJFOTBFOFMNPNFOUP4VHJFSFRVFNFEJBOUFFTUBT
MFZFTTFDPOEFOBCBDPNPJONVOEPUPEBTMPRVFUVWJFSBRVFWFSDPOMPTEJPTFT
BKFOPTPFMDVMUPBFMMPT-PTDBOBOFPTVTBCBOFOTVTTBDSJmDJPTBOJNBMFTDPNP
FMDFSEP5BNCJÏOMPTSBUPOFT TFSQJFOUFT MJFCSFT‰BMPTRVFMFTBUSJCVÓBOQPEF
SFTFTQFDJBMFT1PSFTPEFCÓBOFWJUBSMPT
"MPTBDUPTEFMBWJEBTFYVBMZMBTQSÈDUJDBTSFMBDJPOBEBTDPOMPTNVFSUPT
TFMPTDPOTJEFSBCBODPNPTJUVWJFSBODPOTFDVFODJBTFTQJSJUVBMFTZNÈHJDBT-B
JEFOUJmDBDJØOEFMPTEJPTFTZEJPTBTEFMPTDBOBOFPTDPOMBHFOFSBDJØOZFMOB
DJNJFOUP ZMBTEJWJOJEBEFTFHJQDJBTDPOFMDVMUPEFMPTNVFSUPT QVFEFOFYQMJDBS
MBTEFNBOEBTRVFTFSFMBDJPOBCBODPOFTBTGVODJPOFT&MCFCFSTBOHSFEFDJFSUPT
BOJNBMFTDPNPQBSUFEFMDVMUP PDPNPNFEJPEFJODJUBSFMÏYUBTJTQSPGÏUJDP P
DPNPQBSUFEFSJUPTPSHJÈTUJDPTEFDPOUFOJEPJEPMÈUSJDP QVEJFSPOPSJHJOBSMBT
MFZFTSFGFSFOUFTBMBTBOHSF4FDPOTJEFSBCBODPOUBNJOBOUFTMBTFOGFSNFEBEFT
RVFPCMJHBCBOBMBTFQBSBDJØOEFVOBQFSTPOBEFTVHSVQPTPDJBM EJWJEJFOEPB
MPTJTSBFMJUBTEFMBDPNVOJEBEEFM4F×PS&TUPDPOEVKPB&JDISPEUBEFDJSRVF
FTBQVSF[BSJUVBMGÈDJMNFOUFQPESÓBTFSVOTÓNCPMP VOBFYQSFTJØOFYUFSJPS EFMB
QMFOJUVEFTQJSJUVBMPEFMBQFSGFDDJØONPSBM$JFSUBNFOUFTFQVFEFEFDJSRVFMB
JHMFTJBNPEFSOBOPIBEFNPTUSBEPTVmDJFOUFBDJFSUPQBSBEJTDSJNJOBSFOUSFMP
TBOUPZMPQSPGBOP ZEFFOUSFHBSTFDPOFTQÓSJUVTFODJMMPBMPQSJNFSP

#*.163&;"%&-"-6.#3".*&/50 
&TUFDBQÓUVMPIBSFTVMUBEPUSBEJDJPOBMNFOUFEJGÓDJMQBSBMPTDPNFOUBSJTUBT
&MQSPCMFNBFTUÈFOFYQMJDBSQPSRVÏFMBMVNCSBNJFOUPEFCFFTUBSWJODVMBEP
DPOMBJNQVSF[B-BGFDVOEJEBEFSBPCFEJFODJBBMNBOEBUPEJWJOP TFHÞO(Ï
OFTJT4FDPOTJEFSBCBBMPTIJKPTDPNPCVFOBTEÈEJWBTEF%JPT (O

BMPTDVBMFTTFEFCÓBFTUJNBTVNBNFOUF 4BM
"MBNVKFSQSPMÓmDBTF
MBDPOTJEFSBCBDPNPCFOEFDJEB NJFOUSBTRVFBMBRVFDBSFDÓBEFIJKPTTFMBWFÓB
DPNPTJFTUVWJFSBCBKPNBMEJDJØO
"MHVOPTFSVEJUPTWFOBRVÓVOEVBMJTNPEFBDVFSEPBMDVBMMBDBSOFIVNBOB
FTUÈBTPDJBEBDPOFMNBM0USPTIBOQFOTBEPRVFMBJNQVSF[BBMEBSBMV[FTFM
SFTVMUBEPEFMBDBÓEBEFMIPNCSF ZUFTUJHPEFMIFDIPEFRVFFTUFOBDFFOQFDBEP
ZFTUÈQFSEJEPBNFOPTRVFFODVFOUSFB%JPT
5BMWF[MBDMBWFQBSBMBDPNQSFOTJØOEFFTUPDPOTJTUBFOMBBTPDJBDJØOEFM
OBDJNJFOUPDPOFMNJTUFSJPEFMTFYP EFMBWJEBZDPOMBTFNPDJPOFTRVFTFQSP
EVDFOFOFMQBSUP&TUBEJTDVTJØOFTUÈFOMBNJTNBTFDDJØOEF-FWÓUJDP DPNPFM
DBQÓUVMP RVFUSBUBEFMBTJNQVSF[BTDPODPNJUBOUFTDPOEJTUJOUBTFNJTJPOFT 
FOQBSUJDVMBSFMQBTBKFEF%FCFNPTSFDPSEBSRVFFYJTUÓBVONJTUFSJP
JOmOJUBNFOUFNBZPSBDFSDBEFMBWJEBQBSBFMIPNCSFBOUJHVPRVFQBSBFMBDUVBM
.JDLMFNIBQBSBGSBTFBEPMPTWFSTÓDVMPTEFMBTJHVJFOUFNBOFSBi$VBOEP
VOBNVKFSEBBMV[VOIJKP FMTFOUJNJFOUPDPSSFDUPSFRVJFSFRVFQFSNBOF[DB


&RPB%HDFRQB,BQYDBPHGLQGG 
-JCSP -FZFT$PODFSOJFOUFTBMB*NQVSF[B

SFDMVJEBEVSBOUFVOBTFNBOBMVFHP FMOJ×PEFCFTFSDJSDVODJEBEPEFTQVÏT FMMB


UJFOFRVFQFSNBOFDFSFODBTBEVSBOUFVONFT ZTVQSJNFSBTBMJEBEFCFTFSBMB
JHMFTJBw&OVOBTPDJFEBEDPNPMBOVFTUSB EPOEFDBTJOPFYJTUFZBFMQFMJHSPEFM
OBDJNJFOUPEFCJEPBMBNFEJDJOBNPEFSOB ZEPOEFFMNJTUFSJPIBEFTBQBSFDJEP
EFCJEPBMPTDPOPDJNJFOUPTCJPMØHJDPT {RVJÏOQVFEFEFDJSRVFBMHVOBTEFFTUBT
DPTUVNCSFTOPTFBOOFDFTBSJBTQBSBSFTUBVSBSFMFMFNFOUPEFTBHSBEPNJTUFSJPZ
TBOUJEBEEFUBMFTBDPOUFDJNJFOUPT
-BFTUSFDIBJEFOUJmDBDJØOEFBMHVOBTEFJEBEFTDBOBOFBTDPOFMFOHFOESBS
ZFMOBDJNJFOUPQVFEFIBCFSDPOUSJCVJEPBMBJOUFOTJmDBDJØOEFMBMFHJTMBDJØO
MFWÓUJDBFODVBOUPBMBJNQVSF[BFOSFMBDJØODPOFMQSPDFTPEFMBMVNCSBNJFOUP
5BNCJÏOQVEPIBCFSTJEPVOGBDUPSFOFTFBTVOUPMBBTPDJBDJØOEFMOBDJNJFO
UPDPOQPEFSFTNÈHJDPTZEFNPOÓBDPTEFMPTWFDJOPTEF*TSBFM&NQFSP EFCF
EFDJSTFRVFMBJNQVSF[BFOMPTUFYUPTMFWÓUJDPTOVODBFT FOTÓ VOQPEFSEFNP
OÓBDP$PNPMPIBJOEJDBEP,BVGNBOO MBJNQVSF[BOPFTOBEBNÈTRVFVOB
DPOEJDJØOZ FODPOUSBTUFDPOFMDPODFQUPQBHBOP OPFTFOTÓVOQFMJHSP QVFTUP
RVFOPUJFOFPSJHFOEJWJOPOJEJBCØMJDP%FFTUFNPEP VOQBTBKFDPNPFTUF 
UBOFYUSB×PQBSBMPTPÓEPTNPEFSOPT QBSBMBBOUJHàFEBEEFM$FSDBOP0SJFO
UFFSBVOBTVOUPQFSGFDUBNFOUFDPNQSFOTJCMF&MQFMJHSPSFTJEÓBFOQPOFSFO
DPOUBDUPMPJNQVSPDPOMBTBOUJEBE)BZVOQPEFSEFTUSVDUPSFOMBGVFOUFEFMB
TBOUJEBE1PSFOEF FSBOFDFTBSJPSFBMJ[BSBMHVOBDFSFNPOJBRVFSFTUBVSBTFBMB
NVKFSJNQVSBBMBDPNVOJØODPOFMQVFCMPEF%JPT)FDIPFTUP TFQFSNJUÓBB
MBNBESFQBSUJDJQBSEFOVFWPFOMBDPNVOJØOZMBBEPSBDJØO
4JFMIJKPFSBWBSØOTFMPEFCÓBDJSDVODJEBSBMPDUBWPEÓB-BNBESFEF+FTÞT
TJHVJØDVJEBEPTBNFOUFFTUBMFZ -D
&SBMBTF×BMEFMBQBSUJDJQBDJØOFOFM
QBDUPEF"CSBIBN"MHVOPTDSÓUJDPTIBOEJDIPRVFMBDJSDVODJTJØOMMFHØBTFS
TÓNCPMPEFMBFOUSBEBB*TSBFMTPMBNFOUFEVSBOUFZEFTQVÏTEFMFYJMJP(ÏOFTJT
²YPEPZFTUFQBTBKFJOEJDBOMPDPOUSBSJP1BSBBQSFDJBSFMTJHOJmDBEPEF
MBDJSDVODJTJØOFOFMBOUJHVPQBDUPVOPUFOESÓBRVFDPNQBSBSMPDPOFMCBVUJTNP
CBKPFMOVFWP TFHÞOMPEFTDSJUPQPS1BCMPFO$PMPTFOTFT

$*.163&;"%&-"-&13" o
&MBTVOUPRVFTFEJTDVUFBRVÓTFEFOPNJOBFOIFCSFPUTBSBBU-B-99USB
EVKPFTUFUÏSNJOPDPNPMFQSB&MSFTVMUBEPFTRVFUPEBTMBTFOGFSNFEBEFTRVF
TFDPOTJEFSBOBRVÓDBFOCBKPFMDPNÞOEFOPNJOBEPSEFiMFQSBw&TUPJODMVZF
JOGFDDJPOFTEFMBQJFMZNBODIBT FOMBTWFTUJNFOUBTZFOMBTDBTBT&TUBTFDDJØO
TPMPUSBUBBDFSDBEFMBTJNQVSF[BTMFHBMFT ZTFMJNJUBTPMPBFMMP$PNÞONFOUF
TFVUJMJ[BBRVÓMBQBMBCSBFSVQDJØO 
-BJONVOEJDJBFSBVOUFNBCBTUBOUF
TFSJP EFNPEPRVFTFEFCÓBFYDMVJSBMBQFSTPOBDPOUBNJOBEBEFMDBNQBNFOUP

4JMBNBODIBIVCJFSBFTUBEPFOVOBWFTUJEVSB EFCÓBRVFNBSTFMB
QBSUFJOGFDUBEBPUPEBMBQSFOEB  
4JFTUBCBFOVOBDBTB TFEFCÓBO


&RPB%HDFRQB,BQYDBPHGLQGG 
-FZFT$PODFSOJFOUFTBMB*NQVSF[B -JCSP

RVJUBSMBTQJFESBTDPOUBNJOBEBTZMMFWBSMBTBVOMVHBSJONVOEPFOMBTBGVFSBT
EFMBDJVEBE 
4JMBJOGFDDJØOTFHVÓBDVOEJFOEP TFEFCÓBEFSSJCBSMBDBTB
Z MBT QJFESBT  Z FM BOEBNJBKF Z MB NF[DMB TF EFCÓBO MMFWBS GVFSB EF MB DJVEBE


/PTFQSFTDSJCFUSBUBNJFOUPQBSBMBQFSTPOBFOGFSNB1PSFMMPNVDIPTIBO
EFEVDJEPRVFMBFOGFSNFEBEFSBJODVSBCMF4JOFNCBSHP FMPCKFUPEFFTUFDB
QÓUVMP FT QSJODJQBMNFOUF JEFOUJmDBS MB FOGFSNFEBE Z QSPWFFS FM USBUP QBSB MB
JONVOEJDJBJNQMJDBEB-BSFGFSFODJBBDVBOEPTFMJNQJBSF 
QBSFDFJOEJDBS
DPODMBSJEBERVFFSBDVSBCMF8BUFSTPODSFFRVFMBMFQSBBRVÓQPEÓBJOWPMVDSBS
VOBWBSJFEBEEFJOGFDDJPOFT JODMVZFOEPMBWFSEBEFSBMFQSB
-BEJBHOPTJT 

&SBFMEFCFSEFMTBDFSEPUFEFUFSNJOBSMBQSFTFODJBEFMBMFQSBFJOTUSVJSFO
MPDPODFSOJFOUFBMUSBUBNJFOUPEFMBJNQVSF[BRVFMBBDPNQB×BCB&OFTUBQBSUF
TFJOGPSNBDØNPFMTBDFSEPUFQVFEFSFDPOPDFSMBMFQSBFOFMDVFSQPIVNBOP

FOVOWFTUJEP 
ZFOVOBDBTB 
1BSFDFRVFMBMFQSBFOMB
SPQBTFSÓBBMHÞOUJQPEFNPIPVIPOHP-BEFMBDBTB VOBGPSNBEFQPESFEVN
CSFTFDBFOMBNBEFSB PVOBFTQFDJFEFMJRVFOFOMBQJFESB
B-FQSBFOFMDVFSQP 
"RVÓTFUSBUBEFTFJTDBTPTEJTUJOUPTVOB
FSVQDJØO 
VOBNBODIBEFTQVÏTEFMEJWJFTP 
EFTQVÏTEFVOBRVF
NBEVSB 
JOGFDDJØOFOMBDBCF[BPFOMBCBSCB 
NBODIBTFOMB
QJFM 
ZVOBMMBHBFOMBDBMWBEFVOIPNCSF 

4JFMTBDFSEPUFQPEÓBEJBHOPTUJDBSEFJONFEJBUPFMDBTPDPNPMFQSB MBQFS
TPOBEFCÓBEFDMBSBSTFJONVOEBEFJONFEJBUP 
4JFTUBCBJOTFHVSP MBPSEFO
FSBFODFSSBSÈBMMMBHBEPQPSTJFUFEÓBT 
:TJEFTQVÏTEFMMBQTPNFODJPOBEP
MB MMBHB OP TF IVCJFSB FYUFOEJEP  MP WPMWFSÓB B FODFSSBSQPSPUSPTTJFUFEÓBT

4JEFTQVÏTMBFOGFSNFEBEOPIVCJFSBDVOEJEP FMTBDFSEPUFMPEFDMBSBSÈ
MJNQJP 
 1FSP TJTFFYUFOEJFSFMBFSVQDJØO MP EFDMBSBSÈJONVOEP 

4JTFEFTDVCSJFSFMBDBSOFWJWBMPEFDMBSBSÈJONVOEPFMTBDFSEPUF 

$VBOEPMBDBSOFWJWBTFWPMWJFSFCMBODBPTJFMIPNCSFTFUPSOBSBCMBODP 
TFMPEFDMBSBSÓBMJNQJP 
&OFMDBTPEFRVFNBEVSB TJOPTFIVCJFSBFY
UFOEJEPEFTQVÏTEFMPTTJFUFEÓBT TFSÈEFDMBSBEPMJNQJP 
-BUJ×BFSBVOB
NBODIBPFOGFSNFEBEDPTUSPTBEFMDVFMMPDBCFMMVEP-BDBMWJDJFOBUVSBMOPFSB
TF×BMEFJONVOEJDJB 

C "JTMBDJØO EFM MFQSPTP 
 4F EFCÓB TFQBSBS B MB QFSTPOB MFQSPTB
EFMBTPDJFEBE5FOÓBRVFSBTHBSTVTWFTUJEPTZEFTDVCSJSTFMBDBCF[B DGiRVF
MMFWF MPT DBCFMMPT TVFMUPTw  347
 Z EFCÓB BOEBS FNCP[BEP 
 &TUBT FSBO
EFNPTUSBDJPOFT EF MBNFOUP 
 "JTMBEP EFM DPNQB×FSJTNP EF TV QVFCMP 
EFCÓBBMFSUBSEFTVJONVOEJDJBBUPEPFMRVFTFMFBQSPYJNBSB/PTPMPFTUBCB
iNVFSUPwTPDJBMNFOUF TJOPRVFFSBVOQPSUBEPSEFDPOUBHJPRVFQSPEVDJSÓBMB


&RPB%HDFRQB,BQYDBPHGLQGG 
-JCSP -FZFT$PODFSOJFOUFTBMB*NQVSF[B

NJTNBiNVFSUFwFOBRVFMMPTRVFBÞOTFFODPOUSBCBOTPDJBMNFOUFiWJWPTw/PTF
EBOJOHÞOSJUVBMQBSBMBMJNQJF[BEFMBMFQSBFOFTUFMVHBS QFSPTFQSFTDSJCFQBSB
QSPOVODJBSBMBQFSTPOBiMJNQJBw FODBTPEFRVFTBOBSBEFMBFOGFSNFEBE&M
IFDIPEFRVF+FTÞTQFSNJUJFSBRVFVOMFQSPTPMPUPDBSBJOEJDBTVQSPQJBFTUJNB
DJØOEFTÓ²MTVQFSØMBTMFZFTTPCSFMBJNQVSF[BDFSFNPOJBMRVFIBCÓBFYJHJEP
RVFPUSPTPCTFSWBSBO5BNCJÏOMBMJNQJF[BEFMFQSPTPTFTTF×BMEFTVNJOJTUFSJP
SBEJDBMEFTBOJEBE .U

D -FQSB FO FM WFTUJEP 
 1SPCBCMFNFOUF TF USBUBCB EF VO IPOHP
RVF BQBSFDÓB FO MB SPQB &TUB QPEÓB TFS EF MJOP  EF MBOB P DVFSP 
 4J
MBWFTUJEVSBUVWJFTFNBODIBWFSEPTBPSPKJ[B 
FMTBDFSEPUFQPOESÓBMBSPQB
GVFSBEFVTPQPSTJFUFEÓBT 
4JBMTÏQUJNPTFIVCJFSFFYUFOEJEPMBQMBHB

TFMBEFDMBSBSÓBMFQSPTBZTFMBEFCÓBRVFNBS&SBMFQSBNBMJHOB  347

Z QPSMPUBOUP DPOUBHJPTB4JMBQMBHBOPTFIVCJFSBFYUFOEJEP EFCÓBMBWBSTFFM
WFTUJEPZBJTMBSTFEVSBOUFTJFUFEÓBTNÈTZTJOPIVCJFSBDBNCJBEPEFBTQFDUP 
MBT QBSUFT JOGFDUBEBT EFCÓBO RVFNBSTF 4J MB QMBHB TF IVCJFSB PTDVSFDJEP  MBT
QBSUFTNBODIBEBTTFDPSUBSÓBOEFMWFTUJEP QFSPTJTFIVCJFSBFTQBSDJEP MBSPQB
EFCÓBRVFNBSTF 
1PSPUSPMBEP TJBMMBWBSMBEFTBQBSFDÓBMBNBODIB MB
WFTUJNFOUBTFMBWBCBEFOVFWPZTFMBEFDMBSBCBMJNQJB 

-FZEFMBMJNQJF[B 

&TUBTFDDJØOFTUÈEJWJEJEBFOEPTQBSUFT-BQSJNFSBUSBUBTPCSFMBMFZHFOF
SBMEFMJNQJF[BQBSBFMMFQSPTPNJTNP-BTFHVOEBUJFOFRVFWFSDPOFMIPNCSF
QPCSFRVFOPQVFEFIBDFSGSFOUFBMPTSFRVJTJUPTFYJHJEPTQBSBMBMJNQJF[B6OB
UFSDFSBEJWJTJØOQSFTDSJCFFMSJUVBMQBSBMBMJNQJF[BEFVOBDBTB TJHVJFOEPMBT
JOTUSVDDJPOFTQBSBMBEJBHOPTJTEFiMBMFQSBwFOMBTWJWJFOEBT
B3JUPSFHVMBSQBSBMBMJNQJF[B 
-PTQSPDFEJNJFOUPTTVNJOJTUSB
EPTBRVÓFOEFUBMMFOPTSFDVFSEBOBMEFMBDPOTBHSBDJØOEFMPTTBDFSEPUFT DD

ZFMSJUVBMQBSBFM%ÓBEFMB&YQJBDJØO D
%FMBNJTNBNBOFSBRVF
IBCÓBVONPNFOUPFOFMRVFTFEFDMBSBCBJONVOEPBMMFQSPTP FYJTUÓBUBNCJÏO
VOSJUVBMZUJFNQPQBSBMBSFTUBVSBDJØOEFMMFQSPTPBMBDPNVOJEBE&TFSJUPOP
TFDPOTJEFSBCBDPNPVOPEFMPTNFEJPTEFMJNQJF[BTJOPQBSBEBSUFTUJNPOJP
EFFMMB
&MRVFIBCÓBUFOJEPMBFOGFSNFEBEFSBUSBÓEPBMTBDFSEPUF RVJFOTFFO
DPOUSBCBDPOÏMGVFSBEFMDBNQBNFOUP 
&MMFQSPTPOPQPEÓBFOUSBSIBTUB
TFSEFDMBSBEPMJNQJP4JFMTBDFSEPUFDPNQSPCBCBRVFMBFOGFSNFEBETFIBCÓB
DVSBEP MBQFSTPOBJONVOEBEFCÓBUSBFSEPTBWFDJMMBTWJWBT BMHPEFNBEFSBEF
DFESP HSBOBFIJTPQP 
%FCÓBNBUBSTFVOBBWFDJMMBTPCSFVOWBTPEFCBSSP
TPCSFBHVBTDPSSJFOUFT GSFTDBT
 
-BBWFDJMMBWJWB 
FMDFESP MBHSBOBZ
FMIJTPQP UPEPEFCÓBNPKBSTFDPOMBBWFDJMMBWJWB FOMBTBOHSFEFMBBWFDJMMB
NVFSUByTPCSFBHVBTDPSSJFOUFT$POFTUP FMTBDFSEPUFBTQFSKBCBBMJONVOEP
TJFUFWFDFTZTPMUBCBMBBWFDJMMBWJWBFOFMDBNQP&MIPNCSFRVFBOUFTIBCÓB


&RPB%HDFRQB,BQYDBPHGLQGG 
-FZFT$PODFSOJFOUFTBMB*NQVSF[B -JCSP

UFOJEPMFQSBEFCÓBMBWBSTVTWFTUJEPT SBFSUPEPTVQFMP CB×BSTFZNPSBSGVFSB


EFTVUJFOEBTJFUFEÓBTFOUPODFT FMTÏQUJNPEÓB 
OVFWBNFOUFEFCÓBSBFSUPEP
TVQFMPMBWBSTVTWFTUJEPT CB×BSTFDVJEBEPTBNFOUFZFOUPODFTTFMPSFTUBVSB
CBBTVGBNJMJBZBMBTPDJFEBE
"MPDUBWPEÓB 
EFCÓBOIBDFSTFTBDSJmDJPTQPSTVJONVOEJDJBBOUFSJPS
&TUPTJODMVÓBOMBHBNBDPNQMFUBEFMPTTBDSJmDJPTMFWÓUJDPTPGSFOEBQPSMBDVM
QB QPSFMQFDBEP FODFOEJEBZEFDPNJEBT5SFTEÏDJNBTEFFGB 
FTiTFJT
MJUSPTw #FSL
ZVOMPHEFBDFJUF NFEJPMJUSP&MTBDFSEPUFUPNBSÈEFMBTBOHSF

EFMTBDSJmDJPQPSMBDVMQBZMBQPOESÈTPCSFFMMØCVMPEFMBPSFKBEFSFDIB 
TPCSFFMQVMHBSEFTVNBOPEFSFDIBZEFMQJFEFSFDIPEFBRVFMBRVJFOTFEF
DMBSØMJNQJP/PUFMBTJNJMJUVEEFMSJUVBMEFMBSFTUBVSBDJØOEFMMFQSPTPDPOFM
EFMBDPOTBHSBDJØOTBDFSEPUBM 
&OUPODFT FTQBSDJSÓBBDFJUFTJFUFWFDFT
EFMBOUFEF+FIPWÈZ DPNPMPIBCÓBIFDIPDPOMBTBOHSF DPMPDBSÓBBMHPEFMBDFJUF
TPCSFFMQVMHBSEFMBNBOPZFMEFMQJF 
ZMPRVFRVFEBSBMPQPOESÓBTPCSF
MBDBCF[BEFRVJFOTFMPEFDMBSØMJNQJP 

&MQSPQØTJUPEFUBOJOUSJODBEBDFSFNPOJBFSBMBSFTUBVSBDJØOEFVOIPNCSF
BTVQVFTUPFOUSFFMQVFCMPEFMQBDUPEF%JPT%FTQVÏTEFIBCFSTJEPFYDMVJEP
EFMBDPNVOJEBEZTVDVMUP TFMPJOUSPEVDÓBOVFWBNFOUFBMSFJOPEFTBDFSEPUFT 
UBM DPNP TF MP DPOTJEFSBCB B *TSBFM -B TFSJFEBE EF MB TFQBSBDJØO EFM QVFCMP
QVFEFWFSTFFOUPEPTMPTEFUBMMFTEFMSJUVBMEFSFTUBVSBDJØO
)BTJEPNVZDPNÞOFMDPNQBSBSMBMFQSBDPOFMQFDBEPZWFSFOFTUFQBTBKF
VOBQBSÈCPMB-BMFQSBFTJOTJEJPTB BQFOBTTJTFOPUBDVBOEPDPNJFO[B
QSP
HSFTJWB  QFOFUSBOUF  FOUVNFDFEPSB  SFQVHOBOUF Z TFQBSBEPSB &M SFUPSOP B MB
DPNVOJØOEFNBOEBCBTBDSJmDJPZDPOTBHSBDJØO/PTFIJ[PBMIPNCSFQBSBUBM
TFQBSBDJØO ZMBUBSFBEFMBJHMFTJBFTBCSJSFMDBNJOPEFSFHSFTPQBSBMBQFSTPOB
RVFIBFTUBEPFYDMVJEB
C3JUVBMQBSBFMQPCSF 
"RVÓ DPNPFOPUSPTMVHBSFT FODPOUSB
NPTRVFBMQPCSFTFMPUFOÓBFODVFOUB 
-BTEPTUØSUPMBTPEPTQBMPNJOPT
SFFNQMB[BCBOBMBPGSFOEBNFDJEBZEFFYQJBDJØOQPSFMQFDBEPVOBEÏDJNB
EFFGBEFnPSEFIBSJOB  iUSFTDVBSUPTEFHBMØOw#FSL DGFMDPNFOUBSJPTP
CSFFMW
TFSWÓBQBSBMBPGSFOEBEFBMJNFOUP/PTFSFEVKPMBPGSFOEBNFDJEB

&TFWJEFOUFRVFFTBFSBMBDPOEJDJØOQBSBSFTUBVSBSBMBDPNVOJØOBVOBMPT
NÈTQPCSFT5PEPTEFCÓBOTPNFUFSTFBBMHVOBTEFMBTDPOEJDJPOFT
D-FQSBFOMBTDBTBT 
&TTJHOJmDBUJWPRVFTFEJFSBOFTUBTJOTUSVD
DJPOFTFOWJTUBBMGVUVSPFTUBCMFDJNJFOUPEFMQVFCMPFO$BOBÈO&MQBTBKFMMFWB
FMUFTUJNPOJPEFMBQSPNFTBRVFTFMFIBCÓBEBEPB"CSBIBN (O
FUBM
-BQMBHB 
FTQSPCBCMFNFOUFFMDSFDJNJFOUPEFIPOHPTPMÓRVFOFT
4VPSJHFOTFEFCÓBB%JPTNJTNP C
-BMFQSBOPTFPSJHJOBQPSVOFTQÓSJUV
GVOFTUP&M"OUJHVP5FTUBNFOUPQSFTUBQPDBBUFODJØOBMBTDBVTBTTFDVOEBSJBTZ
OPBUSJCVZFOBEBEFFTUPBOJOHÞOSJWBMEFNPOÓBDPEFM4F×PS


&RPB%HDFRQB,BQYDBPHGLQGG 
-JCSP -FZFT$PODFSOJFOUFTBMB*NQVSF[B

4JVOIPNCSFDSFÓBRVFIBCÓBMFQSBFOTVDBTB 
EFCÓBBWJTBSBMTBDFSEP
UF4JIBCÓBBMHVOBEVEB EFCÓBNBOEBSBEFTPDVQBSMBDBTB 
QBSBRVFOPTF
DPOUBNJOBSBUPEPZUVWJFSBORVFEFTUSVJSMB.BODIBTWFSEPTBTPSPKJ[BTNÈT
QSPGVOEBT 
FSBOMBTTF×BMFTJOEJDBEPSBT4JIBCÓBNBODIBTFMTBDFSEPUFEF
CÓBDFSSBSMBDBTBQPSTJFUFEÓBT 
4JMBQMBHBTFFYUFOEÓBRVJUBSÓBOMBTQJFESBT
FORVFFTUVWJFSBMBQMBHBZMBTFDIBSÓBOGVFSBEFMBDJVEBEFOMVHBSJONVOEP

5FOÓBORVFSBTQBSMBDBTB 
ZMMFWBSFMQPMWPGVFSBEFMBDJVEBE&OUPO
DFTTFMBQPEÓBSFFEJmDBS:TJMBQMBHBWPMWÓB 
TFEFCÓBEFDMBSBSJONVOEBMB
DBTB 
EFSSJCBSMBZSFNPWFSMB 
$VBMRVJFSBRVFIVCJFSBFOUSBEPEVSBOUF
FTFUJFNQPTFSÓBJONVOEP 
IBTUBMBOPDIF&OMPRVFTFSFmFSFBMBMFQSB
NBMJHOB 
WÏBTFFMDPNFOUBSJPTPCSF
&MSJUVBMQBSBMBMJNQJF[BSFRVFSÓBEPTBWFDJMMBT BMHPEFNBEFSBEFDFESP 
HSBOBFIJTPQP 
&TUPT DPOMBBWFDJMMBWJWBTFEFCÓBONPKBSFOMBTBOHSFEF
MBBWFDJMMBNVFSUBDPOMBTBHVBTDPSSJFOUFT 
$POFTPEFCÓBOSPDJBSMBDBTB
TJFUFWFDFT-VFHP TFEFCÓBTPMUBSBMBBWFDJMMBWJWBGVFSBEFMBDJVEBE%FFTUB
NBOFSBTFIBSÓBFYQJBDJØOQPSMBDBTB 
&MDBQÓUVMPDPODMVZFDPOVOCSFWF
TVNBSJP 


%*.163&;"4'¶4*$"4 
&M DBQÓUVMP USBUB EFM nVKP EF MPT ØSHBOPT HFOJUBMFT Z TV DPSSFTQPOEJFOUF
JNQVSF[B4FSFmFSFBDVBUSPDBUFHPSÓBTFNJTJØOBOPSNBMPQBUPMØHJDBEFMPT
IPNCSFT 
FNJTJØOOPSNBMEFMPTIPNCSFT 
nVKPOPSNBMEFTBO
HSFEFMBNVKFS 
QÏSEJEBBOPSNBMEFTBOHSFFOMBTNVKFSFT 

&NJTJPOFTBOPSNBMFTFOMPTIPNCSFT 

5PEB EFTDBSHB EF MPT QSJODJQBMFT ØSHBOPT TFYVBMFT TFSÓB JONVOEJDJB DF
SFNPOJBM 
-BTFNJTJPOFTDPSQPSBMFT BVODVBOEPIVCJFSBODFTBEPEFnVJS 
IBDÓBOBMBQFSTPOBJONVOEB&MMPOPTPMPJNQMJDBCBMBQÏSEJEBEFTFNFO TJOP
DVBMRVJFSDPTBDPOMBDVBMUVWJFSBDPOUBDUPÓOUJNP&TFWJEFOUFFMWBMPSIJHJÏOJ
DPEFFTUBMFHJTMBDJØO BVORVFFTEJGÓDJMRVFTPMPUVWJFSBVOPCKFUJWPQSPmMÈDUJDP
&MFOGFSNPOPUFOÓBMVHBSFOFMUBCFSOÈDVMPPFOMBDPNVOJEBEEFBEPSBDJØO
/VFWBNFOUFTFJMVTUSBFMIFDIPEFRVFFTNVZEJGÓDJMTFQBSBSFYJUPTBNFOUFMP
GÓTJDPEFMPFTQJSJUVBMZMPSFMJHJPTPEFMPQVSBNFOUFTFDVMBSFOFMNVOEPEFM
"OUJHVP5FTUBNFOUP-BJONVOEJDJBGÓTJDBQSJWBCBBMIPNCSFEFTFSBDFQUBEP
QBSBNBOUFOFSÓOUJNBDPNVOJØODPO%JPTPDPOFMQSØKJNP4FTFOUÓBRVFUBMFT
BDUPTFYUFSJPSFTUFOÓBOVOTJHOJmDBEPJOUFSOP
"RVÓ MBQVSJmDBDJØOBCBSDBFMMBWBEP 
EFDVBMRVJFSDPTBDPOUBNJOBEB
DPOMBJNQVSF[B FYDFQUPMBTWBTJKBTEFCBSSPRVFEFCÓBOTFSRVFCSBEBT 

-BQFSTPOBRVFQBEFDJFSBnVKPEFCÓBDPOUBSTJFUFEÓBT 
EFTEFTVDFTBDJØO 
CB×BSTFZMBWBSTVTWFTUJEPT6OBWF[RVFFTUVWJFSBMJNQJP UFOÓBRVFQSFTFOUBS


&RPB%HDFRQB,BQYDBPHGLQGG 
-FZFT$PODFSOJFOUFTBMB*NQVSF[B -JCSP

VOBPGSFOEBQPSFMQFDBEPZPUSBFODFOEJEBEFEPTUØSUPMBTPEPTQBMPNJOPT

QBSBIPMPDBVTUP 
&TUÈDMBSPRVFBRVÓOPTFUSBUBEFVOBSFDPODJMJBDJØO
NPSBMTJOPEFVOBSFIBCJMJUBDJØOTPDJBM
&NJTJPOFTTFYVBMFTSFHVMBSFT 

-BJONVOEJDJBEFFTUBTFTTJNJMBSBMBTEFMDBTPBOUFSJPS FYDFQUPRVFOP
TFFYJHÓBTBDSJmDJPQBSBMBMJNQJF[B&MUJFNQP IBTUBMBOPDIF
ZFMMBWBEPDPS
QPSBMZEFMBTSPQBTRVJUBCBOMBJNQVSF[B/PTFEFCFTVHFSJSRVFBRVÓTFUSBUB
EFBMHPQSPIJCJEPQPS%JPT-PÞOJDPRVFMFFTUBCBWFEBEPBVOJTSBFMJUBFSB
NBOUFOFSSFMBDJPOFTTFYVBMFTDPOVOBNVKFSNFOTUSVPTB&MQVOUPFODVFTUJØO
FSBNBOUFOFSMPMFHÓUJNPQFSPiJONVOEPwTFQBSBEPEFMPiTBOUPw$POUBNJOBSMP
FSBVOQFMJHSPRVFEFCÓBFWJUBSTF OPUFMBSFGFSFODJBBNBODIBSFMUBCFSOÈDVMP
FOFM

.FOTUSVBDJØOOPSNBM 

-BJONVOEJDJBQSFTFOUBEBFOFTUFMVHBSFTJEÏOUJDBBMBEFMDBTPBOUFSJPS
&MUJFNQP TJFUFEÓBTFOMVHBSEFIBTUBMBOPDIF
FMCB×PZFMMBWBEPEFMBSPQB
EFKBCBOMJNQJBBMBQFSTPOB/PFSBONFOFTUFSIBDFSTBDSJmDJPT QVFTUPRVFFT
VOBGVODJØOOPSNBMFOMBWJEBEFMBNVKFS
'MVKPEFTBOHSFBOPSNBM 

&TUFQSPCMFNBEFCÓBUSBUBSTFCÈTJDBNFOUFDPNPFMEFMQSJODJQJPEFMDBQÓ
UVMP4JFUFEÓBT 
EFTQVÏTEFMDFTFEFMBQÏSEJEBMBNVKFSEFCÓBCB×BSTF MBWBS
TVSPQB FMUFYUPJNQMJDBFTUPBVORVFOPMPEFDMBSB
:BMPDUBWPEÓB 
EFCÓB
QSFTFOUBSTVTPGSFOEBTEPTUØSUPMBTPEPTQBMPNJOPT 

6OQBSBMFMPFOUSFFTUFDBQÓUVMPZMBMJUFSBUVSBEFMPTWFDJOPTQBHBOPTEF*T
SBFMSFWFMBMBTVCMJNJEBEBMBRVFIBCÓBMMFHBEPMBGFJTSBFMJUB FODPOUSBTUFDPOMB
EFFMMPT-PTDPODFQUPTEFMJNQJPFJONVOEPFSBODPNVOFTQBSBUPEPTFMMPT-P
NJTNPQVFEFEFDJSTFEFMPTMBWBEPTZTBDSJmDJPTQBSBMBQVSJmDBDJØO1FSPFOMB
MJUFSBUVSBQSPGBOBMBJONVOEJDJBNFODJPOBEBFTUBCBWJODVMBEBDPOEFNPOJPTZ
NBMFmDJPT1PSFOEF MPTSJUPTQVSJmDBEPSFTWFOÓBOBTFSBTVOUPEFDPOnJDUPDPO
MBTGVFS[BTNBMJHOBT4FIBDÓBOOFDFTBSJPTFODBOUBNJFOUPTZDPOKVSPTNÈHJDPT
&OMB#JCMJBOPBQBSFDFOOJTF×BTEFUBMDPOUJFOEB OJIBZNJFEPBMPTFTQÓSJUVT
RVFQSPEVDÓBOJNQVSF[B4PMPTFEFCÓBUFNFSB%JPT:MBPCFEJFODJBIVNJMEFB
TVTMFZFTTJFNQSFDPMPDBBMIPNCSFPBMBNVKFSFOVOMVHBSEFTEFEPOEFQVFEF
BDFSDBSTFBM4F×PSZSFDPCSBSTVMVHBSEFOUSPEFMBDPNVOJEBESFMJHJPTB
&TUF DBQÓUVMP SFDVFSEB  Z IBDF UBOUP NÈT OPUBCMF  MB IJTUPSJB EF BRVFMMB
NVKFSTBOBEBEFnVKPEFTBOHSFQPS$SJTUP .S
&MIFDIPEFRVFFMMB
MPUPDBSBEFNVFTUSBTVGFEFRVFOPQPEÓBDPOUBNJOBSMP2VF+FTÞTOPTJOUJFSB
OFDFTJEBEEFMBWBEPTSFWFMBRVF BVORVFIBCÓBOBDJEPCBKPMBMFZ (È
ÏM
USBTDFOEÓBMPTSFRVJTJUPTEFFTBMFHJTMBDJØO/PFTUBCBMJHBEPQPSFMMB`$ØNP


&RPB%HDFRQB,BQYDBPHGLQGG 
-JCSP -FZFT$PODFSOJFOUFTBMB*NQVSF[B

EFCFOIBCFSTFNBSBWJMMBEPZFOPKBEPMPTGBSJTFPTDVBOEP+FTÞTOPTFTJOUJØDPO
UBNJOBEPQPSTVDPOUBDUP`"MHVJFONBZPSRVF.PJTÏTFTUBCBBMMÓ
/05"4#*#-*0(3«'*$"4

DzFPMPHZPGUIF0ME5FTUBNFOU USBEQPS+"#BLFS iɩF0ME5FTUBNFOU-JCSBSZw'JMBEFMmB
ɩF8FTUNJOTUFS1SFTT 
QQ6OBSFDJFOUFFYQMJDBDJØONÏEJDBEFNVDIPTEFFTUPT
SFRVFSJNJFOUPTIBDF4*.D.JMMFO .% /POFPGDzFTF%JTFBTFT 8FTUXPPE /+'MFNJOH)
3FWFMM$P 


0QDJU Q

0QDJU Q

DzF3FMJHJPOPG*TSBFM USBE.PTIF(SFFOCFSH $IJDBHPɩF6OJWFSTJUZPG$IJDBHP1SFTT 

QQTT

)FMNFS 3JOHHSFO  *TSBFMJUF3FMJHJPO USBE QPS %BWJE & (SFFO 'JMBEFMmB 'PSUSFTT 1SFTT 

Q

i-FQSPTZw %JDUJPOBSZPG$ISJTUBOEUIF(PTQFMT CZ&8.BTUFSNBO1BSBVOFYBNFOEFMBT
FOGFSNFEBEFTEFMB#JCMJB WÏBTFFMBSUJDVMPEF"18BUFSTPOFODzF/FX#JCMF%JDUJPOBSZ QQ
TT

&SENBO PQDJU Q



&RPB%HDFRQB,BQYDBPHGLQGG 
&MMJCSPEF
/Á.&304
-ĒĦģĚĤĥĠğ+%Ħ#ĠĚĤ

&RPB%HDFRQB,BQYDBPHGLQGG 
*OUSPEVDDJØO

"/ĠĞēģĖĪĠēěĖĥĠ
&OMBTWFSTJPOFTFTQB×PMBTEFMB#JCMJB FMOPNCSFEFMDVBSUPMJCSPEFM"OUJ
HVP5FTUBNFOUPFT/ÞNFSPT TJHVJFOEPFMUÓUVMP /VNFSJ EFMB7VMHBUB-BUJOB
4FVTBTJOEVEBQBSBEFTUBDBSMPTEPTDFOTPTRVF.PJTÏTSFBMJ[Ø&MQSJNFSPFSB
QBSUFEFMQSPHSBNBEFPSHBOJ[BDJØOEFMQVFCMPEF*TSBFMEFTQVÏTEFMSFQFOUJOP
ZESBNÈUJDPÏYPEPEF&HJQUP&MPUSPFSBDPOFMmOEFQSFQBSBSMPTQBSBFMWJBKF
IBDJBMBUJFSSBQSPNFUJEB4JOFNCBSHP FTUBTiOVNFSBDJPOFTwDPOTUJUVZFOVOB
QFRVF×BQBSUFEFMMJCSP NBZPSNFOUFMPTDBQÓUVMPTZFM%FBRVÓRVF EF
DVBOEPFODVBOEP TFIBZBOTVHFSJEPPUSPTUÓUVMPTNÈTBQSPQJBEPT
-PTIFCSFPT QPSMPHFOFSBM VTBODPNPUÓUVMPTEFTVTMJCSPTVOBQBMBCSB
DBSBDUFSÓTUJDBEFMBTQSJNFSBTGSBTFT$POTFDVFOUFNFOUF BMHVOBTWFDFTTFMMBNØ
i)BCMØw 7BJEBCCFS
 RVF FT TV QBMBCSB JOJDJBM -B NBZPS QBSUF EF MBT #JCMJBT
IFCSFBTMPUJUVMBOi&OFMEFTJFSUPw #FNJECBS
RVFOPFTTPMPMBRVJOUBQBMBCSB
EFMQSJNFSWFSTÓDVMPTJOPRVFUBNCJÏOUJFOFRVFWFSDPOMBNBUFSJBQSJODJQBM
EFMMJCSP
%FTEFFMQVOUPEFWJTUBEFTVDPOUFOJEP B/ÞNFSPTTFMPQPESÓBEFTJHOBS
DPNPi-JCSPEF.PJTÏTw"RVÓTFEFTDSJCFB.PJTÏTDPNPFMIPNCSFEF%JPT
QBSBMBIPSB EFVOBNBOFSBNÈTQSPGVOEBBÞORVFFOMPTEPTMJCSPTQSFDFEFOUFT
Z RVJ[È UPEBWÓBNÈTRVFFOFMRVFMFTJHVF%PNJOBFMFTDFOBSJPDPNPMFHJTMB
EPS JOUFSDFTPS QBDJmDBEPS QSPWFFEPS DPOTFKFSPTBCJP HFOJBMIPNCSFEFFTUBEP 
HFOFSBMQFSTQJDB[ MÓEFSKVTUPZIVNJMEFTJFSWPEF%JPT
5BNCJÏOTFQPESÓBEFOPNJOBSBMMJCSPEF/ÞNFSPTDPNPi)JTUPSJBEFMB
mEFMJEBEEF%JPTw-BIJTUPSJBCÈTJDBEFMMJCSPFTMBPCSBEF%JPTFONFEJPEF
TVQVFCMP²MFTMBDPMVNOBEFGVFHPBMBOPDIF MBDPMVNOBEFOVCFEVSBOUF
FMEÓB FMQSPWFFEPSEFBHVBZEFNBOÈ FM$BQJUÈOBMGSFOUFEFTVTFKÏSDJUPT MB
1SFTFODJBRVFSFWPMPUFBTPCSFUPEPFMDBNQBNFOUP%FBRVÓRVF/ÞNFSPTIBZB
DPOUSJCVJEPHSBOEFNFOUFBUSBWÏTEFMBTDFOUVSJBTBGVOEBNFOUBSMBGFEFMPT
JTSBFMJUBTFO%JPT
&MPCKFUPEFMMJCSPQPESÓBTFSNÈTNJOVDJPTBNFOUFFYQMÓDJUPDPOFMUÓUVMP
EFi1FSFHSJOBKFw FODVZPDBTPFMQÈSSBGPDMBWFOPFTUBSÓBBMQSJODJQJP TJOPFOFM
DPSB[ØOEFMSFMBUPi/PTPUSPTQBSUJNPTQBSBFMMVHBSEFMDVBM+FIPWÈIBEJDIP
:PPTMPEBSÏ7FODPOOPTPUSPT ZUFIBSFNPTCJFOQPSRVF+FIPWÈIBQSPNFUJEP
FMCJFOB*TSBFMw 

0CJFO DPOTJEFSBOEPFMMJCSPEFTEFFMQVOUPEFWJTUBEFMBIJTUPSJBIFCSFB
ZDSJTUJBOB UBNCJÏOQPESÓBTFSEFOPNJOBEPi-BUSBHFEJBEFVOQVFCMPRVFKVN


&RPB%HDFRQB,BQYDBPHGLQGG 
CSPTPw5PEPFTUÈTBMQJDBEPDPOSFMBUPTEFNVSNVSBDJPOFTZRVFKBTEFMQVFCMP
QPSMBTQFOBMJEBEFTRVFTVGSÓBO5BNCJÏO UJFOFDPNPDFOUSPIJTUØSJDPFMHSBO
QFDBEPEFJODSFEVMJEBEFO$BEFTCBSOFB EPOEFFMQVFCMPQBTØEFDSJUJDBSBMPT
MÓEFSFTBDSJUJDBSBMNJTNP%JPT
"VORVF BMHVOPT QJFOTBO RVF FTUF MJCSP OP FT UBO EFUBMMBEP P BVUÏOUJDP
DPNP PUSPT MJCSPT IJTUØSJDPT  TJO FNCBSHP FT TJHOJmDBUJWP QBSB MB IJTUPSJB EF
*TSBFMZMBEFMPTQSPDFEJNJFOUPTEF%JPTDPOTVQVFCMP

#&ĤĥģĦĔĥĦģĒĕĖĝĝĚēģĠ
%FWBSJBTNBOFSBT /ÞNFSPTFTÞOJDPFOTVFTUSVDUVSBZFOMPTEBUPTRVF
DPOUJFOF/PFTVOBPCSBJOEFQFOEJFOUFRVFMMFWBTVQSPQJPTFOUJEPEJTUJOUJWP 
QFSPFT KVOUPDPO-FWÓUJDP iMBQBSUFNFEJBEFVOBIJTUPSJBDPOUJOVBRVFWBEFT
EF(ÏOFTJTIBTUB%FVUFSPOPNJPZMMFHBIBTUB+PTVÏ&TUPRVJFSFEFDJSRVF
FMMPT
EFTFNQF×BSPOVOBQBSUFEFDJTJWBFOMBDPNQSFOTJØOEFMPTPUSPTw&O
FMMJCSPNJTNP MPTDBQÓUVMPToTFSFmFSFOBMBTFYQFSJFODJBTEF²YPEP
Z-FWÓUJDP ZMBQPSDJØOTJHVJFOUF IBTUBFMmOBM EFTUBDBMBTFYQFSJFODJBT
RVFBQVOUBCBOIBDJB$BOBÈO
/ÞNFSPTTFDPNQPOFEFOBSSBDJPOFT JOTUSVDDJPOFT MFZFT SJUPTSFMJHJPTPTZ
MJUFSBUVSBÏQJDB&MBSSFHMPEFFTUFNBUFSJBMEBMBJNQSFTJØOEFRVFQVEPIBCFS
QSPDFEJEPEFNVDIBTGVFOUFT&OBMHVOPTMVHBSFT QPSFKFNQMP FMUFNBMFHJTMB
UJWPRVFFTUÈFOUSFNF[DMBEPDPOMBOBSSBDJØOFNBOBFOFGFDUPEFFTUB ZNVFTUSB
VOBDPOFYJØOOBUVSBMDPOFMMB&OPUSPTDBTPT TJOFNCBSHP UBMWJODVMBDJØOOP
FTFWJEFOUF
-B OBSSBDJØO FO TÓ NJTNB FT JSSFHVMBS F JOUFSSVNQJEB /P TF EFTBSSPMMB
DPNPVOBIJTUPSJBDPOUJOVBZDPNQMFUB TJOPDPNPVOSFHJTUSPEFDJFSUPTJODJ
EFOUFT BMHVOPTEFMPTDVBMFTTFUSBUBODPONVDIBCSFWFEBEZPUSPTEFNBOFSB
NÈT FYUFOTB 1PS FKFNQMP  FM MJCSP EB NVDIB JNQPSUBODJB B MPT QSFQBSBUJWPT
QBSBMBQBSUJEBEF4JOBÓZBMPTJODJEFOUFTRVFQSFDFEJFSPOMBEFSSPUBFTQJSJUVBM
FO$BEFT:MFDPODFEFNFOPSJNQPSUBODJBBMSFMBUPEFMBNBSDIBmOBMIBDJB
$BOBÈOZBMPTFQJTPEJPTRVFMBSPEFBSPO$POUJFOFTPMPVOBOPUB
CSFWFZNVZQPDBTSFTQVFTUBTBMPTJOUFSSPHBOUFTRVFVOPTFIBDFUPDBOUFB
MPTB×PTEFMBQFSFHSJOBDJØOQPSFMEFTJFSUP
%FNPEPRVFFMMJCSPEFCFMFFSTFBMBMV[EFFTUFDBSÈDUFSiEFSFNJFOEPTw
1BSFDF RVF OP QPTFF VOB USBNB VOJEB RVF GBDJMJUF MBT USBOTJDJPOFT BCSVQUBT 
FYQMJRVFMPTMVHBSFTPTDVSPT PQPOHBVOQVFOUFTPCSFMBTBCVOEBOUFTMBHVOBT
$POTUBEFNVDIPTQSJODJQJPTZNVDIPTmOBMFT4JOFNCBSHP FMSFDPOPDFSFTUBT
MBHVOBT FO MB FTDSJUVSB EF /ÞNFSPT OP FRVJWBMF B EFCJMJUBS TV QPTJDJØO FO FM
DBOPOEFMBT4BHSBEBT&TDSJUVSBT5PEBWÓBTFZFSHVFDPNPVOBGVFOUFmEFEJHOB
EFFTBGBNPTBFNJHSBDJØOEFMQVFCMPEF*TSBFMEFTEF4JOBÓIBTUB$BOBÈO


&RPB%HDFRQB,BQYDBPHGLQGG 
$%ĖĤĔĦēģĚĞĚĖğĥĠĤĒģĢĦĖĠĝŭĘĚĔĠĤ
&T MBNFOUBCMF RVF MB BSRVFPMPHÓB FSVEJUB OP QSPQPSDJPOF NÈT BZVEB BM
FTUVEJPEFMBTÏQPDBTZÈSFBTDVCJFSUBTQPSFMMJCSPEF/ÞNFSPT-PTEFTDVCSJ
NJFOUPTIBOTJEPNVZMJNJUBEPTZQPDPTEFFMMPTFTUÈOTVmDJFOUFNFOUFEPDV
NFOUBEPTDPNPQBSBRVFTFMPTEFDMBSFJODVFTUJPOBCMFT
$PNP SFTVMUBEP  FT OFDFTBSJP EFQFOEFS EF MB USBEJDJØO FO BTVOUPT UBMFT
DPNPMBEFNBSDBDJØOEFMBSVUBEFWJBKF MBVCJDBDJØOEFNVDIPTEFMPTFWFOUPT
DPOFDUBEPTDPOFMMBZPUSPTEBUPTOPFYQMJDBEPTQPSFMSFHJTUSPCÓCMJDP-VHBSFT
UBOJNQPSUBOUFTDPNPMBNPOUB×BEFM4JOBÓ MBTGVFOUFTEF$BEFTCBSOFBZNV
DIPTEFMPTMVHBSFTEFFTDBMB 
OPTFQVFEFOVCJDBSDPOFYBDUJUVEFOVO
NBQBNPEFSOP1PSFOEF DVBMRVJFSJOUFOUPEFNPTUSBSMBSVUBEFMWJBKFQVFEF 
FOFMNFKPSEFMPTDBTPT TFSTPMBNFOUFVOBTVQPTJDJØOPDÈMDVMP
1PS TVQVFTUP  JODMVZF EFTDVCSJNJFOUPT B MPT DVBMFT MPT BSRVFØMPHPT MFT
BUSJCVZFOBMHVOBJNQPSUBODJB1PSFKFNQMP FYJTUFOFWJEFODJBTEFRVFBMHVOBT
[POBTEFMEFTJFSUPOPGVFSPOTJFNQSFUBOÈSJEBTFJNQSPEVDUJWBTDPNPMPTPO
BDUVBMNFOUF&OSFBMJEBE QPESÓBOIBCFSQSPQPSDJPOBEPVOSFDVSTPEFTVTUFOUP
BMBTOFDFTJEBEFTEFBMJNFOUPEFVOBNVMUJUVEUBOOVNFSPTBDPNPMBRVFSFHJT
USBOMBT&TDSJUVSBT BVORVF OPPCTUBOUF GVFNFOFTUFSRVF%JPTPCSBSBNJMBHSPT
QBSBRVFQVEJFSBOTPCSFWJWJS5BNCJÏOIBZQSVFCBTEFRVFFTBT[POBTEFM4JOBÓ
QSPEVDÓBOHSBODBOUJEBEEFNFUBMFT IJFSSP DPCSFZRVJ[ÈPUSPT
FOFTPTUJFN
QPT&TUPFYQMJDBSÓBMBNFODJØOEFNFUBMFTZGVOEJDJPOFTRVFTFFODVFOUSBOFO
FTFQFSÓPEP"EFNÈTTFSWJSÓBEFBQPZPBMPRVFMBOBSSBDJØOCÓCMJDBJNQMJDB EF
RVFBRVFMMBTQBSUFTOPFSBOUBOEFTPMBEBTDPNPMBTDPOEJDJPOFTNPEFSOBTMP
TVHJFSFO
$JFSUPT FSVEJUPT IBO TVQVFTUP RVF MBT NFKPSFT FWJEFODJBT BSRVFPMØHJDBT
BQPZBOBMQFSÓPEPiUBSEÓPw BMSFEFEPSEFM"$
EFM²YPEP&MMPTTF×BMBO
EPTDPNPMBTNÈTTJHOJmDBUJWBT 
)BIBCJEPVOBGFDIBNÈTFYBDUBEFMPSJHFO
EFMBEJOBTUÓBEFMPTIJDTPTFO&HJQUP DVZPTQSJODJQJPTTFDSFFRVFDPJODJEFO
DPOMPTUJFNQPTEF+PTÏZMBFNJHSBDJØOEF+BDPCZTVGBNJMJBB&HJQUP 
)BZ
FWJEFODJBTRVFTPTUJFOFOMBJEFBEFMBSÈQJEBBQBSJDJØOEFDJVEBEFTFOMB1BMFT
UJOBNFSJEJPOBMZFOMB5SBOTKPSEBOJBFOMBEFDJNPUFSDFSBDFOUVSJBB$ DVZBT
DPOEJDJPOFTDJFSUBNFOUFQFSUFOFDFOBMNPNFOUPFORVFMPTJTSBFMJUBTIJDJFSPO
DPOUBDUPDPOFTPTMVHBSFTBUSBWÏTEFTVTWJBKFT
4FIBFTQFDVMBEPNVDIPFODVBOUPBMBQBUFSOJEBEMJUFSBSJBEF/ÞNFSPT 
QFSPTFIBEFTDVCJFSUPQPDBFWJEFODJBQBSBDBNCJBSMBQPTJDJØOUSBEJDJPOBMRVF
BDFQUBB.PJTÏTDPNPBVUPSEFMBNBZPSQBSUFEFMMJCSP&TUPTFQVFEFNBO
UFOFSBQFTBSEFMPTJOEJDJPTEFBMHVOBTJOUFSQPMBDJPOFTFGFDUVBEBT ZBTFBQPS
FMDPNQJMBEPSPSJHJOBMPQPSBMHÞOSFWJTPSQPTUFSJPS ZEFMBQSFTFODJBEFQBSUFT
NÈTCJFOJODPOFYBTEFMJUFSBUVSBÏQJDBRVFQVEJFSPOQSPDFEFSEFPUSBTGVFOUFT


&RPB%HDFRQB,BQYDBPHGLQGG 
'BMUBFWJEFODJBTØMJEBQBSBRVFBMHVJFOQVFEBBTJHOBSMBQBUFSOJEBECÈTJDBEFM
MJCSPBPUSPRVFOPTFB.PJTÏT
-BJOGPSNBDJØOTPCSFFTUFQFSÓPEPFTNVZMJNJUBEBNÈTBÞORVFMBDPSSFT
QPOEJFOUFBMPTÞMUJNPTUJFNQPTEFMFTUBCMFDJNJFOUPEF*TSBFMFO$BOBÈO%F
BRVÓRVFDPOUBNPTDPOQPDBBZVEBEFGVFOUFTFYUFSOBTQBSBMMFOBSMBTCSFDIBT 
Z OP FT NVDIP MP RVF QVFEF BHSFHBSTF GVOEBNFOUBMNFOUF B MB JOGPSNBDJØO
QSFTFSWBEBQPSFMSFMBUPCÓCMJDP

/05"4#*#-*0(3«'*$"4

-&MMJPU#JOOTiɩF#PPLPG/VNCFSTw  *OUSPEVDUJPO
8FTUNJOTUFS$PNNFOUBSJFT -PO
ESFT.FUIVFOBOE$P 
QQ-7*-9

+PIO.BSTI i/VNCFSTw *OUSPEVDUJPO
DzF*OUFSQSFUFST#JCMF FEJUBEPQPS(FPSHF"#VU
USJDL FUBM ** /VFWB:PSL"CJOHEPO1SFTT 
Q

0MJWF.8JODIFTUFS FOTVTDMBTFTEFIJTUPSJBIFCSFB QPOÓBVOFOÏSHJDPÏOGBTJTFOMBSFMB
DJØOFYJTUFOUFFOUSFMBNVSNVSBDJØOZMBJODSFEVMJEBE

*# ** 

+BNFT-.BZT iɩF#PPLPG-FWJUJDVT UIF#PPLPG/VNCFSTw DzF-BZNBOT#JCMF$PN
NFOUBSZ FEJUBEPQPS#BMNFS),FMMZ FUBM 3JDINPOE 7JSHJOJB+PIO,OPY1SFTT 
*7 

ɩPNBT8IJUFMBX i*OUSPEVDUJPOUP/VNCFSTw 1VMQJU$PNNFOUBSZ FEJUBEPQPS+PTFQI4
&YFMM /VFWB:PSL'VOLBOE8BHOBMMT TG
Q

+FTTF-ZNBO)VSCVU "#JCMF"UMBT /VFWB:PSL3BOE.D/BMMZBOE$P 
QQZTT
$G+BNFT-.BZT PQDJU Q

+"ɩPNQTPO "SDIBFPMPHZBOEUIF0ME5FTUBNFOU (SBOE3BQJET8N#&FSENBOT1V
CMJTIJOH$P 
Q

&SOFTUP8SJHIU #JCMJDBM"SDIBFPMPHZ "CSJEHFE&EJUJPO'JMBEFMmBɩF8FTUNJOTUFS1SFTT 

QQ+PIO&MEFS 1SPQIFUT *EPMTBOE%JHHFST *OEJBOBQPMJT#PCT.FSSJMM 
Q
,BUIMFFO.,FOZPO "SDIBFPMPHZJOUIF)PMZ-BOE -POESFT&SOFTUP#FOO -UE 
Q

7ÏBTFDPNFOUBSJPTPCSFTVBVUPSFOFMBSUÓDVMPTPCSFiDzF1FOUBUFVDIw QQ

#PTRVFKP
 *1SFQBSBDJPOFTFO4JOBÓ o
 "&MDFOTP o
 #1SPWJTJPOFTQBSBMPTMFWJUBT o
 $3FTQPOTBCJMJEBEFTTPDJBMFT 
 %&MWPUPEFMOB[BSFBUP 
 &-BCFOEJDJØO 
 '0GSFOEBTEFMPTQSÓODJQFT 
 (-JNQJF[BEFMPTMFWJUBT 
 )&OWÓTQFSBTEFMBQBSUJEB o
 **%FMBNPOUB×BBMEFTJFSUP o
 ".VEBO[BEFMDBNQBNFOUP 


&RPB%HDFRQB,BQYDBPHGLQGG 
 #&MQVFCMPTFRVFKB 
 $.PJTÏTTJFOUFTVDBSHB 
 %%JPTQSPNFUFDBSOFBMQVFCMP 
 &&MEPOEFM&TQÓSJUV 
 '-BTDPEPSOJDFT 
 (&MQFDBEPEF.BSÓB 
 )-PTFTQÓBTJOTQFDDJPOBO$BOBÈO o
 *3FTQVFTUBEFMQVFCMP 
 +&MKVJDJPEF%JPT 
***&YQFSJFODJBTFOFMEFTJFSUP o
 "-PTB×PTEFPTDVSJEBE
 #3FWJTJØOEFDJFSUBTMFZFT 
 $*OTVSSFDDJØOEF$PSÏ o
 %%FCFSFTEFMPTMFWJUBTZEFMPTTBDFSEPUFT 
 &1SPWJTJPOFTQBSBMBMJNQJF[B 
 *7%F$BEFTB.PBC o
 ""DPOUFDJNJFOUPTFO$BEFT 
 #"MmOIBDJB$BOBÈO o
 $-BTFSQJFOUFBSEJFOUF 
 %*ODJEFOUFTFOMBNBSDIB o
 7&M%SBNBEF#BMBBN o
 "$BSBDUFSÓTUJDBFYDFQDJPOBMEFMBTFDDJØO
 #*OWJUBDJØOEF#BMBDZMBSFTQVFTUBEF#BMBBN 
 $-BQSJNFSBQSPGFDÓB 
 %-BTFHVOEBQSPGFDÓB 
 &-BUFSDFSBQSPGFDÓB o
 '-BDVBSUBQSPGFDÓB 
7*"DPOUFDJNJFOUPTFO.PBC o
 "'SBDBTPTNPSBMFT 
 #0USPDFOTP 
 $-FZEFMBIFSFODJBVOJWFSTBM 
 %&MFDDJØOEF+PTVÏ 
 &²QPDBTEFBEPSBDJØO o
 '7PUPTEFMBTNVKFSFT 
 ((VFSSBDPOUSBMPTNBEJBOJUBT 
 )&TUBCMFDJÏOEPTFFOMBTBGVFSBTEF$BOBÈO 
7**%BUPTNJTDFMÈOFPT o
 "$BNQBNFOUPTEF&HJQUPB$BOBÈO 
 #%FNBSDBDJØOEFMÓNJUFT 
 $$JVEBEFTEFSFGVHJP 
 %$BTBNJFOUPZIFSFODJB 


&RPB%HDFRQB,BQYDBPHGLQGG 
4ĖĔĔĚŭğ %F$BEFTB.PBC
*7
/ÞNFSPTo

""$0/5&$*.*&/504&/$"%&4 
-BTUSJCVTTFSFÞOFO B

-MFHBSPOMPTIJKPTEF*TSBFMZBDBNQØFMQVFCMPFO$BEFT 
)BCÓB
UFSNJOBEPFMUJFNQPEFWBHBSQPSFMEFTJFSUP*TSBFMIBCÓBQBHBEPMBUPUBMJEBE
EFMQSFDJPQPSTVQFDBEP-BBOUJHVBHFOFSBDJØOIBCÓBQBTBEPZMBOVFWBFTUBCB
MJTUBQBSBSFUPNBSFMQMBOEF%JPTEFTQVÏTEFB×PTEFJOUFSSVQDJØO%FNPEP
RVFOVFWBNFOUFMBTUSJCVTTFSFVOJFSPOFO$BEFT WÏBTFNBQB
QSPCBCMFNFO
UFFMQSJNFSNFTEFMDVBESBHÏTJNPQSJNFSB×PEFTEFRVFFMHSVQPPSJHJOBMQBS
UJFSBEF&HJQUP1FSNBOFDJFSPOFO$BEFT TFHÞO%FVUFSPOPNJP iNVDIPT
EÓBTw RVFQVFEFOIBCFSMMFHBEPBTFSUSFTPDVBUSPNFTFT&TUPGVFOFDFTBSJPQPS
MPNFOPTQPSUSFTSB[POFTTFOFDFTJUBCBUJFNQPQBSBWPMWFSBSFVOJSZPSJFOUBS
BMBOVFWBHFOFSBDJØOFOMPTQMBOFTEFMDBNQBNFOUP D
VOQFSÓPEPEFEVFMP
QPSMBNVFSUFEF.BSÓBZMBDPNVOJDBDJØODPOMPTEJSJHFOUFTEF&EPN
.VFSUFEF.BSÓB C

:BMMÓNVSJØ.BSÓB ZBMMÓGVFTFQVMUBEB 
".BSÓBTFMBIBSFDPOPDJEPFO
MBIJTUPSJBDPNPVOBEFMBTGVFS[BTCBKPMBNBOPEF%JPTFOMPTHSBOEFTFWFOUPT
EFM ²YPEP  B QFTBS EF MB EFTIPOSB Z MB IVNJMMBDJØO RVF UVWP RVF BUSBWFTBS B
DBVTBEFTVFYQMPTJØOEFDFMPT W
&MQSJODJQBMBDPOUFDJNJFOUPEFTVWJEB
GVFTVJOTQJSBDJØOZMJEFSB[HPFOMBDFMFCSBDJØOEFMBWJDUPSJBEFTQVÏTEFMDSVDF
EFMNBS3PKP ²Y
1PEFNPTEBSQPSTFOUBEPRVFBQPZØDPOTJTUFOUF
NFOUFB.PJTÏTZB"BSØOFOFMQSPHSBNBRVF%JPTIBCÓBUSB[BEPQBSB*TSBFM
"VOBTÓ TFOBSSBTVGBMMFDJNJFOUPDPONVZQPDBTQBMBCSBT-BDBVTBEFM4F×PS
FTJOmOJUBNFOUFNBZPSRVFTVTNÈTDÏMFCSFTZDBQBDFTPCSFSPT$VBOEPBFMMPT
TFMPTTFQVMUB MBPCSBJHVBMTJHVFBEFMBOUF
&MQVFCMPDMBNBQPSBHVB 

/PTFNFODJPOBQSFWJBNFOUFRVFIVCJFSBGBMUBEPBHVBFO$BEFT2VJ[ÈTF
IBCÓBOBHPUBEPMBTGVFOUFTPEJTNJOVJEPFMDBVEBMEFMPTBSSPZPT EFNPEPRVF
IBCÓBJOTVmDJFODJBQBSBMBQSPWJTJØOEFMQVFCMP5BNCJÏOQVFEFTFSRVFFMBHVB
OPIBZBTJEPBDDFTJCMFQBSBUPEPTQPSRVFMPTBDBNQBOUFTFTUBCBOEJTQFSTPTFO
VOBHSBOTVQFSmDJF%FUPEPTNPEPT TFRVFKBSPOQPSRVFOPIBCÓBBHVBQBSB
MBDPOHSFHBDJØO 
&TUPTFHVÓBFMNPEFMPRVFIBCÓBDBSBDUFSJ[BEPTVTNVS


&RPB%HDFRQB,BQYDBPHGLQGG 
%F$BEFTB.PBC -JCSP

NVSBDJPOFTFOFMQBTBEP&MDBTPNÈTSFDJFOUFIBCÓBTJEPMBSFCFMJØOEF$PSÏ
D

-BTSB[POFTEFMBRVFKBZMBTGSBTFTTPONVZTFNFKBOUFTBMDBTPBOUFSJPS
`0KBMÈ IVCJÏSBNPT NVFSUP 
y {1PSRVÏIJDJTUFWFOJSMBDPOHSFHBDJØOEF
+FIPWÈBFTUFEFTJFSUP  
{:QPSRVÏOPTIBTIFDIPTVCJSEF&HJQUP  
1PS
TVQVFTUPRVFMBOVFWBHFOFSBDJØOOPIBCÓBFYQFSJNFOUBEPQFSTPOBMNFOUFOJ
MPTQMBDFSFTEF&HJQUPOJMBTQSVFCBTDPNQMFUBTEFMWJBKF QFSP OPIBZEVEBEF
RVFIBCÓBOFTDVDIBEPTVIJTUPSJB-BTRVFKBTQVEJFSPOIBCFSTJEPJOTQJSBEBT
QPSMPTNBZPSFT QBSBRVJFOFTOPFSBOUBOSFNPUPTMPTBDPOUFDJNJFOUPTEFMQB
TBEP1BSFDFRVFMBDPOHSFHBDJØOFTUBCBMJTUBQBSBSFDPHFSDVBMRVJFSDPTBRVFMF
EJFSBMBPQPSUVOJEBEEFRVFKBSTF-BNVSNVSBDJØOOPTFEFTUBDBQPSTVMØHJDB
OJFTUÈDPOmOBEBBDJFSUBTDJSDVOTUBODJBTOJBVOBHFOFSBDJØO
1BSBIBDFSGSFOUFBMBBHJUBDJØODPOUJOVB GVFSPO.PJTÏTZ"BSØOBMB
QVFSUBEFMUBCFSOÈDVMPZDBZFSPOQPTUSBEPTEFMBOUFEFM4F×PS$PNPTJFNQSF 
%JPTGVFmFM-BHMPSJBEF+FIPWÈBQBSFDJØTPCSFFMMPT 
:IBCMØ+FIPWÈB
.PJTÏT EÈOEPMFJOTUSVDDJPOFT5FOÓBRVFUPNBSMBWBSB SFVOJSBMBDPOHSF
HBDJØOZiIBCMBSBMBQF×BBOUFTVTPKPTQBSBRVFEJFSBBHVBw   "NQ05

"VORVF .PJTÏT OP IJ[P FYBDUBNFOUF DPNP %JPT MF IBCÓB PSEFOBEP  B QFTBS
EFUPEP %JPTGVFmFM iZTBMJFSPONVDIBTBHVBTZCFCJØMBDPOHSFHBDJØOZTVT
CFTUJBTw 

&MQFDBEPEF.PJTÏTZ"BSØO 

%JPTTFEJTHVTUØDPOMBDPOEVDUBEF.PJTÏTZ"BSØOZMFTEJKPRVFOPNF
UFSÓBOFTBDPOHSFHBDJØOFOMBUJFSSB 
/PTFFTQFDJmDBMBOBUVSBMF[BFYBDUB
EFMQFDBEPRVFNFSFDJØUBMDBTUJHP4JOFNCBSHP BVODVBOEPTFMFBFMSFMBUP
CBKPMBJOUFSQSFUBDJØONÈTGBWPSBCMF TFQVFEFWFSRVFMBSFTQVFTUBEF.PJTÏT
OPDPJODJEFDPOFMNBOEBUPEF%JPT&TFOFTUBMFWFWBSJBDJØOEPOEFSFTJEFMB
OBUVSBMF[BEFMQFDBEP6OBDPNQBSBDJØOMPSFWFMB
B%JPTPSEFOØB.PJTÏTRVFiIBCMBSBwBMBiQF×Bw 
&OMVHBSEFIBCMBS 
ÏM BM[ØTVNBOPZHPMQFØMBQF×BDPOTVWBSB 
 "RVÓ MB DVMQB SFTJEÓB FO
OPPCFEFDFSFYQMÓDJUBNFOUFFMNBOEBUPEF%JPT.PJTÏTTJHVJØTPMPMBMÓOFB
HFOFSBMEFMBPSEFO ZFTQPTJCMFRVFEFTDVJEBEBNFOUFIVCJFSBSFHSFTBEPBVOB
NBOFSBEFPCSBSFOPUSBTPDBTJPOFTTJNJMBSFTFOMBTRVFTÓIBCÓBUFOJEPMBBQSP
CBDJØOEFM4F×PS ²Y
-BBDVTBDJØOEJWJOBB.PJTÏTGVFOPDSFÓTUFJT
FONÓ 
&TBJODSFEVMJEBEOPGVFQSPCBCMFNFOUFMBDBSFODJBEFGFFOFMQPEFS
EF%JPTQBSBSFBMJ[BSFMNJMBHSPEFMBNBOFSBRVF%JPTTFIBCÓBQSPQVFTUP.ÈT
CJFO  QPS DBVTB EF TVT EFTFPT QFSTPOBMFT P TV EJTQPTJDJØO EF ÈOJNP EFM NP
NFOUP MFGBMUØMBJODMJOBDJØOQBSBPCFEFDFSFYQMÓDJUBNFOUFMBWPMVOUBEEJWJOB
TJONPEJmDBDJPOFT%JPTDPOEFOØB.PJTÏTZB"BSØOQPSTVSFCFMEÓB 
&O
FMNJTNPNPNFOUPFORVFFTUBCBMMBNBOEPSFCFMEFT 
BMPTJTSBFMJUBT ÏMTF
OFHØBTFHVJSFMTFODJMMPZCJFOEFmOJEPNBOEBUPEF%JPT


&RPB%HDFRQB,BQYDBPHGLQGG 
-JCSP %F$BEFTB.PBC

C %JPT NBOEØ B .PJTÏT iRVF SFVOJFSB MB DPOHSFHBDJØO Z IBCMBSB B MB
QF×BBMBWJTUBEFFMMPTw 
&OMVHBSEFFMMP .PJTÏTMFTEJKPNJFOUSBTHPMQFBCB
MBQF×BDPOTVWBSBi{0TIFNPTEFIBDFSTBMJSBHVBTEFFTUBQF×B w  347

"RVÓ .PJTÏTZ"BSØOGVFSPODVMQBCMFTEFFOBMUFDFSTFFMMPTNJTNPT ZFMQPEFS
IVNBOP FOMVHBSEFFYBMUBSB%JPT 
&M4F×PSKV[HØBFTUPTMÓEFSFTQPSRVF
OPMPTBOUJmDBSPOEFMBOUFEFMPTIJKPTEF*TSBFM DPNPÏMMFTIBCÓBNBOEBEP
-W
TFHÞOMPFYJHÓBMBTBOUJEBEEFTVOBUVSBMF[B 4BM 
.PJTÏTZ
"BSØOGVFSPODVMQBCMFTEFMQFDBEPFTFODJBMZCÈTJDP FTQFDJBMNFOUFHSBWFQBSB
MPTMÓEFSFTFTQJSJUVBMFT EFFYBMUBSTFBTÓNJTNPTFOMVHBSEFBM4F×PS²MEFCF
SFDJCJSMBIPOSBDVBOEPTVTTJFSWPT IVNJMEFNFOUF SFDPOPDFORVFOPFTQPSTVT
NBOPTTJOPQPSFMQPEFSEF%JPTRVFTFSFBMJ[BONJMBHSPTFOTVSFJOP
D&TWFSEBERVF%JPTIBCÓBPSEFOBEPB.PJTÏTRVFUSBUBSBDPOMBFTDBTF[
EFBHVB4JOFNCBSHP FMFTQÓSJUVZNÏUPEPEF%JPTGVFEFQBDJFODJBZBNPS Z
TVTJOTUSVDDJPOFTTFEJFSPODPODBMNBZFRVJMJCSJP/PFYJTUÓBSB[ØOQPSMBDVBM
.PJTÏTOPQVEJFSBTFHVJSDPOFMNJTNPNPEFMP&OMVHBSEFFTP QFSEJØFMDPO
USPMEFMBTJUVBDJØOZEFTÓNJTNP&OTVFOPKPHPMQFØMBQF×B OPVOBWF[ TJOP
EPTWFDFT 
"RVÓGVFDVMQBCMFEFVOHSBOQFDBEPFOTVMJEFSB[HPQFSEFSMB
QBDJFODJBDPOMBHFOUFRVFFTUBCBUSBUBOEPEFHVJBS Z UBNCJÏO JNQBDJFOUBSTF
DPO%JPT
"EFNÈT  GVF DVMQBCMF EF WJPMBS TV QSPQJB QFSTPOBMJEBE .PJTÏT FSB VO
IPNCSFDVZBWJEBSFnFKBCBDPOTJTUFOUFNFOUFMBTDVBMJEBEFTEFNBOTFEVNCSF
ZQBDJFODJBBVOGSFOUFBMBTDJSDVOTUBODJBTNÈTQSPWPDBEPSBT&OVOTFOUJEP 
FTUBTDBSBDUFSÓTUJDBTFSBOMBTNBSDBTEFTVDBSÈDUFS DG
&TUBFYQMPTJØOEF
WFIFNFODJBZBNBSHVSBFSBTFSJB QPSRVFWJPMBCBMPRVFFSBÏMBDBVTBEFTVGFFO
%JPT'VFFOFTUFQVOUPEPOEFTFDMBTJmDØTVQFDBEPDPNPiJODSFEVMJEBEw
E:BÞONÈT FMNBOEBUPEF%JPTB.PJTÏTSFnFKBCBBNPSZQBDJFODJBIB
DJBTVTIJKPTBVORVFFMMPTGVFSBONVSNVSBEPSFTZRVFKPTPTi:EBSÈTEFCFCFS
BMBDPOHSFHBDJØOZBTVTCFTUJBTw 
4JOFNCBSHP .PJTÏTOPTPMPHPMQFØMB
QF×BDPOTVWBSBTJOPRVFDBTUJHØWFSCBMNFOUFBMQVFCMP HSJUBOEP`0ÓEBIPSB 
SFCFMEFT 
"RVÓGVFDVMQBCMFEFMNÈTHSBOEFQFDBEPRVFQVFEBFYJTUJSFOMB
TPDJFEBENFOPTQSFDJBSMBQFSTPOBMJEBEEFMIPNCSF .U
NBMPHSBOEPFM
SFDPOPDJNJFOUPEFRVFBRVFMMPTDPORVJFOFTUSBUBNPTUBNCJÏOTPOQFSTPOBT
$VBMRVJFSBRVFIBZBTJEPMBOBUVSBMF[BEFMBTBDDJPOFTDPNFUJEBTQPSFTUPT
MÓEFSFT %JPTMBTEFOPNJOØQFDBEP‰JODSFEVMJEBEZSFCFMJØO&SBOQFDBEPTEFM
FTQÓSJUV RVFTPODJFSUBNFOUFMPTNÈTGVOEBNFOUBMFTZTFSJPT1PSDJFSUPRVFFM
DBTUJHPRVF%JPTMFTPUPSHØJOEJDBMBHSBWFEBERVFQBSBÏMSFWFTUÓB1PSUBOUP 
OPNFUFSÏJTFTUBDPOHSFHBDJØOFOMBUJFSSB 
'VFBTÓRVFFTUPTEPTQPEFSP
TPTMÓEFSFTTVGSJFSPOJHVBMKVJDJPRVFFMRVFIBCÓBTVGSJEPMBBOUJHVBHFOFSBDJØO
-BUSBHFEJBEFMGSBDBTPEF.PJTÏTZ"BSØOTFBQSFDJBNÈTDVBOEPTFSFDVFSEB
RVFIBTUBFTFNPNFOUPTFIBCÓBODPOEVDJEPTVNBNFOUFCJFO1FSPFMSFMBUP


&RPB%HDFRQB,BQYDBPHGLQGG 
%F$BEFTB.PBC -JCSP

QFSNBOFDFDPNPMFDDJØOQBSBUPEBTMBTHFOFSBDJPOFTEFRVFMBmEFMJEBEEFCFTFS
DPOUJOVBZDPNQMFUB MMFHBOEPIBTUBFMmOBMEFMBWJEB .U)F

1FUJDJØOB&EPN 

1PS DBVTB EF MB EFTBTUSPTB EFSSPUB TVGSJEB BOUFSJPSNFOUF 


iFM DB
NJOPEFMPTFTQÓBTwGVFFMJNJOBEPDPNPSVUBB$BOBÈO1PSMPUBOUP.PJTÏT
DPOTJEFSØMBQPTJCJMJEBEEFCVTDBSVODBNJOPQPSFMPSJFOUF&MNÈTDPSUPTFSÓB
BUSBWÏTEF&EPN WÏBTFFMNBQB
&TUPTWFSTÓDVMPTNVFTUSBOMBUFOUBUJWBEF
.PJTÏTQPSPCUFOFSiVOMJCSFUSÈOTJUPw EFQBSUFEFMPTMÓEFSFTEF&EPN QBSB
RVF*TSBFMDSV[BSBTVUFSSJUPSJP
.PJTÏTMFTMMBNØMBBUFODJØOIBDJBFMIFDIPEFRVF&EPNFSBEFTDFOEJFOUF
EF&TBÞ IFSNBOPEF*TSBFM 
&OUPODFTTJHVJØDPOVOCSFWFSFMBUPTPCSFMB
QFSNBOFODJBEFMPTJTSBFMJUBTFO&HJQUP 
ZTVIVÓEBEFFTFQBÓT 
-VFHP 
TJHVJØNFODJPOBOEPMBTJUVBDJØOEFMNPNFOUP RVFTFSÓBWFOUBKPTPQBSBMPTJT
SBFMJUBTQBTBSQPSFMUFSSJUPSJPRVFFTUBCBFONBOPTEF&EPN-FTBTFHVSØRVF
*TSBFMOPQBTBSÓBQPSMBCSBO[BOJQPSWJ×B OJCFCFSÓBOBHVBEFQP[PT TJOPRVF
JSÓBOQPSFMDBNJOPSFBM 

&EPNTFOFHØBFTUBQSPQVFTUBDPOVOBBNFOB[BTBMESÏDPOUSBUJBSNBEP

.PJTÏTJOTJTUJØOVFWBNFOUFRVFMPTJTSBFMJUBTOPMFTIBSÓBOOJOHÞOEB×P 
TJOPRVFNBSDIBSÓBOBUSBWÏTEFMUFSSJUPSJPZBVOMFTQBHBSÓBOFMBHVBRVFVTBSBO

"MSFDJCJSFTUBQSPQPTJDJØO TBMJØ&EPNDPOUSBÏM 
DPOVOBEFNPTUSB
DJØOEFGVFS[BQBSBBTFHVSBSTFEFRVF*TSBFMOPQBTBSÓBQPSBMUPTVOFHBUJWB/P
RVJTP QVFT &EPNEFKBSQBTBSB*TSBFMQPSTVUFSSJUPSJP 


#"-'*/ )"$*"$"/"«/ o


6OOVFWPEÓB 

)BCÓBUSBOTDVSSJEPNVDIPUJFNQP-BFYQFDUBUJWBFSBJOUFOTB BVODVBOEP
TF USBUBCB EF VOB OVFWB HFOFSBDJØO -B FTQFSBO[B NBOUFOJEB B USBWÏT EF MPT
B×PTEFWBHBSFOFMEFTJFSUPIBCÓBTVQFSBEPFMUJFNQPEFTVDBTUJHP ZBIPSBJCBO
BFOUSBSFO$BOBÈO/JMBTFWFSJEBEEFTVGSVTUSBDJØO OJMBBOHVTUJBOJMPTTV
GSJNJFOUPTIBCÓBQPEJEPPTDVSFDFSMB4JOFNCBSHP FMSFMBUPEJDFTJNQMFNFOUF
1BSUJFOEPEF$BEFT MPTIJKPTEF*TSBFMWJOJFSPOBMNPOUFEF)PS 

&MNPOUFEF)PS 

/VODB IB TJEP EFCJEBNFOUF MPDBMJ[BEP F JEFOUJmDBEP FM NPOUFEF)PS


-PTFSVEJUPTNPEFSOPTTPTUJFOFORVFFTVOMVHBSJEFOUJmDBEPDPNP+FCFM.B
EVSBI BVOPTLJMØNFUSPTEF$BEFT WÏBTFNBQB
ZOPMB[POBUSBEJDJPOBM
IBDJBFMTVSFTUF DFSDBOBB1FUSPT5BMVCJDBDJØOFTUBSÓBUPEBWÓBiFOMBTGSPOUF
SBTEF&EPNw  347
QFSPNÈTDFSDBEF$BOBÈO&TUBQPTJDJØOIBSÓBNÈT
JOUFMJHJCMFFMJODJEFOUFSFMBUBEPBDPOUJOVBDJØO 
RVFPDVSSJØTPCSFMB


&RPB%HDFRQB,BQYDBPHGLQGG 
-JCSP %F$BEFTB.PBC

SVUBNFSJEJPOBMIBDJB$BOBÈOZRVF QPSMPUBOUP TPTUJFOFNFKPSMBJMBDJØOEFM


UFYUP
.VFSUFEF"BSØO 

&OFMNPOUF)PS %JPTSFDPSEØB.PJTÏTZ"BSØO 
RVFFTUFÞMUJNPOP
FOUSBSÓBFOMBUJFSSBQPSTVQBSUJDJQBDJØOFOFMQFDBEPFOMBTBHVBTEFMBSFODJMMB

"TÓTFmKØFMFTDFOBSJPQBSBRVFTFUSBOTmSJFSBOMPTBUSJCVUPTTBDFSEPUBMFT
EF"BSØOBTVIJKP&MFB[BS%JPTJOTUSVZØB.PJTÏTQBSBRVFMPTIJDJFSBTVCJS
BMNPOUF)PS 
EPOEFSFBMJ[BSÓBMBDFSFNPOJBEFUSBTQBTPEFMBTWFTUJEVSBT
TBDFSEPUBMFT:FOFTFMVHBS FOFMNPOUF USBORVJMB IVNJMEFZNBKFTUVPTBNFOUF 
"BSØONVSJØ$VBOEP.PJTÏTZ&MFB[BSSFHSFTBSPOEFMNPOUF 
FMQVFCMP 
WJFOEPMBTWFTUJEVSBTTBDFSEPUBMFTTPCSFTVIJKP FOUFOEJØRVFFMBODJBOPTBDFS
EPUFIBCÓBGBMMFDJEP:BOUFTEFDPOUJOVBSTVWJBKF MFIJDJFSPOEVFMPQPSUSFJOUB
EÓBT 

%FSSPUBZWJDUPSJB 

/PRVFEBDMBSPFMTJHOJmDBEPFYBDUPEFFTUFJODJEFOUF.PJTÏTQVEPIBCFS
QMBOFBEPQSPCBSMBSVUBEFMTVSIBDJB$BOBÈODPNPIBCÓBTJEPQSPZFDUBEPBM
QSJODJQJP&TUPIBCSÓBTJEPOBUVSBMBOUFFMSFDIB[PEF&EPOEFQFSNJUJSMFTQBTBS
IBDJBFMFTUF4JOFNCBSHP FMSFZEF"SBE 
FOUFOEJØMBTJOUFODJPOFTEF*TSBFM
5FOÓBNJFEPEFRVFVODPOUJOHFOUFUBOHSBOEFTFNPWJFSBFOTVEJSFDDJØO BTÓ
RVFBUBDØBMPTJTSBFMJUBTDPODJFSUPÏYJUP
$VBOEPFTUPTVDFEJØ *TSBFMIJ[PWPUPB+FIPWÈ 
RVFTJ%JPTFOUSFHBCB
BMPTDBOBOFPTFOTVTNBOPTFMMPTEFTUSVJSÓBOQPSDPNQMFUPTVTDJVEBEFT%JPT
MFTDPODFEJØVOBOPUBCMFWJDUPSJBFO)PSNB 
&TUBQVFEFTFSVOBMPDBMJEBE
WÏBTFNBQB
PCJFOQVFEFTJHOJmDBSRVFMPTDBOBOFPTTVGSJFSPOVOBDPNQMF
UBEFTUSVDDJØO IPSNBIDG
&YJTUFOUBNCJÏODJFSUBTJOEJDBDJPOFTEPOEF
WFNPTRVFFMSFMBUP BEFNÈTEFEFTDSJCJSVOBCBUBMMBPTFSJFEFCBUBMMBT JODPS
QPSBBMHVOBTQSPGFDÓBTSFGFSFOUFTBMBWJDUPSJBmOBMEF*TSBFMFOTVDPORVJTUBEF
$BOBÈO +VF

-BSVUBB.PBC B

1BSFDFRVFMPTJTSBFMJUBT EFTQVÏTEFRVFTFMFTQSPIJCJØDSV[BSQPS&EPN 
QSPCBSPOMBSVUBNFSJEJPOBMIBDJB$BOBÈO:BTFBQPSMBSFTJTUFODJBFODPOUSBEB
PQPSPUSPTNPUJWPTOPSFHJTUSBEPT DBNCJBSPOMBJEFBEFTFHVJSFTUFÞMUJNPDB
NJOP1PSFTPWPMWJFSPOIBDJBFMTVS DBNJOPEFM.BS3PKP 
1BSBGSBORVFBS
FMMÓNJUFTVSEF&EPNEFCÓBOJSIBDJBFMDBCPTFQUFOUSJPOBMEFMHPMGPEF"LBCB 
RVF TF FODPOUSBCB DFSDB EF MB NJUBE EFM DBNJOP EF SFHSFTP BM NPOUF 4JOBÓ
&OUPODFTWPMWJFSPOIBDJBFMFTUF QBTBOEPDFSDBEFMPRVFIPZFTFMQVFSUPEF
&JMBU &[JØOHFCFS
QBSBQPEFSMMFHBSBMPSJFOUFEFMUFSSJUPSJPEF&EPN WÏBTF
NBQB



&RPB%HDFRQB,BQYDBPHGLQGG 
%F$BEFTB.PBC -JCSP

"MHVOPTFSVEJUPTIBOTVHFSJEPVOBSVUBBMUFSOBUJWBDPNPNÈTMØHJDB&TUB
DPOEVDJSÓBB*TSBFMIBDJBFMTVSEFTEFFMNPOUF)PSBVOQVOUPBNJUBEEFDBNJ
OPFOUSFFMNBS.VFSUPZFMHPMGPEF"LBCB%FBMMÓWPMWFSÓBOBCSVQUBNFOUFQPS
FMOPSPFTUFB1VSØO BMBRVFVCJDBOFOFMJOUFSJPSEF&EPN%FBMMÓFMDBNJOP
UPNBSÓBB0CPUI MPDBMJ[BEBQPSFMMPTFOMBQPSDJØOOPSUFDFOUSBMEFMB"SBCBI
MVFHP TFHVJSÓBO IBDJB MB QVOUB TVS EFM NBS .VFSUP  EPOEF EFTBHVB FM BSSPZP
;BSFEEFTEFFMFTUF7PMWJFOEPBMPSJFOUFIBCSÓBOTFHVJEPFTBDPSSJFOUF FOUSF
&EPNZ.PBC DJSDVOEBOEP.PBCIBDJBFMFTUF ZEFBMMÓBMSÓP"SOØO WÏBOTF
MPTOPNCSFTEFMPTMVHBSFTEFMBM


$-"4&31*&/5&"3%*&/5& 
-BQMBHBEFTFSQJFOUFT 

$PNPMBDPOHSFHBDJØOTFGVFNPWJFOEPIBDJBFMTVS FODPOUSØUFEJPTBTMBT
DPOEJDJPOFTEFMWJBKF TJNJMBSFTBMBTRVFTVTQBESFTIBCÓBOTPQPSUBEPFOFMQB
TBEP"MDSV[BSFTBTFYUFOTJPOFTEFTÏSUJDBT MBNVSNVSBDJØOTVSHJØDPONBZPS
JOUFOTJEBERVFOVODB/PIBZQBO OJBHVB 
TFRVFKBCBO1PSTVQVFTUPRVF
FSBWFSEBERVFOPIBCÓBQBSBDPNFSOJCFCFSFOFTFEFTJFSUP1FSP%JPTDPOUJ
OVBNFOUFMFTIBCÓBQSPWJTUPQBSBTVTOFDFTJEBEFTCÈTJDBT QPSMPDVBMOPUFOÓBO
SB[ØOQBSBRVFKBSTF'VOEBNFOUBMNFOUFGVFFTBGBMUBEFGFMBRVFQSPWPDØFM
EFTBHSBEPEJWJOP
1PS DBVTB EF FTB NVSNVSBDJØO  %JPT MFT FOWJØ VOB QMBHB EF TFSQJFOUFT
BSEJFOUFT 
4FMBTEFOPNJOØBTÓ TJOEVEB QPSMBDMBTFEFWFOFOPRVFJOZFD
UBCBO ZQPSTVDPMPSDPCSJ[PCSJMMBOUF
-BTFSQJFOUFEFCSPODF 

"MWFSUBOUBTNVFSUFTDBVTBEBTQPSFTUFOVFWPB[PUF FMQVFCMPTFEJPDVFO
UBEFMQFDBEPEFRVFKB ZTFBMMFHBSPOB.PJTÏT-FEJKFSPO)FNPTQFDBEPQPS
IBCFSIBCMBEPDPOUSB+FIPWÈ ZDPOUSBUJ 
:MFQJEJFSPORVFSPHBSBB+FIPWÈ
RVFRVJUBSBEFFMMPTFTBTTFSQJFOUFT&TOPUBCMFWFSRVFFMQVFCMPFOFTBDJS
DVOTUBODJB NÈTRVFFOPUSBT QJEJØB.PJTÏTRVFJOUFSDFEJFSBBOUFFM4F×PS
%JPTMFEJPJOTUSVDDJPOFTB.PJTÏTQBSBRVFIJDJFSBVOBTFSQJFOUFEFCSPODF
ZMBDPMPDBSBTPCSFVOBBTUB 
%FCÓBQPOFSMBCJFOBMUB DPNPQBSBRVFUPEP
FMDBNQBNFOUPQVEJFSBWFSMB-PTRVFIBCÓBOTJEPNPSEJEPTQPSMPTPmEJPT 
QPEÓBOFWJUBSMBNVFSUFTJNQMFNFOUFNJSBOEPMBTFSQJFOUFEFCSPODF 

.JFOUSBT RVF BMHVOPT IBO RVFSJEP EFTBDSFEJUBS FTUF SFMBUP  MPT FSVEJUPT
DPOTFSWBEPSFTDSFFORVFTFMFWBOUBDPNPVOPEFMPTNJMBHSPTRVFQSFmHVSBOFM
$BMWBSJP$SJTUPNJTNPFTMBQSJODJQBMBVUPSJEBEQBSBFTUBBTFWFSBDJØO QPSRVF
EJKPi:DPNP.PJTÏTMFWBOUØMBTFSQJFOUFFOFMEFTJFSUP BTÓFTOFDFTBSJPRVF
FM)JKPEFM)PNCSFTFBMFWBOUBEP QBSBRVFUPEPBRVFMRVFFOÏMDSFF OPTF
QJFSEB NBTUFOHBWJEBFUFSOBw +O



&RPB%HDFRQB,BQYDBPHGLQGG 
-JCSP %F$BEFTB.PBC

%FFTUFNPEP MBTFSQJFOUFEFCSPODFFTVOTÓNCPMPEF$SJTUP RVJFOBMTFS


MFWBOUBEPFOMBDSV[USBKPTBMWBDJØOZWJEBFTQJSJUVBMBUPEPTMPTRVFQPOFOTVT
PKPTDPOGFFOÏM&MSFMBUPJNQMJDBUBNCJÏOFTUBPUSBWFSEBERVFiTFNFKBO[B
DVSBTFNFKBO[Bw%JPTMFTEJPVOBNJMBHSPTBTFSQJFOUFEFNFUBMQBSBDVSBSMB
JOGFDDJØONPSUBMDBVTBEBQPSFMWFOFOPEFMBTTFSQJFOUFTBSEJFOUFT-BT&TDSJUV
SBTEJDFOBDFSDBEF+FTÞTiQPSTVMMBHBGVJNPTOPTPUSPTDVSBEPTNBT+FIPWÈ
DBSHØFOÏMFMQFDBEPEFUPEPTOPTPUSPTw *T
5BNCJÏOi %JPT
BMRVF
OP DPOPDJØ QFDBEP $SJTUP
 MP IJ[P QFDBEP QPS OPTPUSPT  QBSB RVF OPTPUSPT
GVÏTFNPTIFDIPTKVTUJDJBEF%JPTFO²Mw $PDG3P

&O MPT WFSTÓDVMPT  FODPOUSBNPT MB WFSEBE EFi-B TFSQJFOUF BSEJFOUFw

&MQFDBEPFTSBDJBMZQFSTPOBM  
-BTFSQJFOUFZFM4BMWBEPSGVFSPO
MFWBOUBEPT WÏBTF+VBO 
)BZWJEBQPSVOBNJSBEBWPMVOUBSJB DPOUSJUB 
DPOGF WÏBTF+VBO (#8JMMJBNTPO

{%FEØOEFQSPWFOÓBFMNJMBHSP
%FCFNPTDPNQSFOEFSDPODMBSJEBERVFMBTBMWBDJØOZMBWJEBOPQSPWFOÓBO
EFMBTFSQJFOUFEFCSPODFDPNPUBM&TBTCFOEJDJPOFTWFOÓBOEFMQPEFSEF%JPT 
RVFMBTPGSFDÓBQPSGF ZEFMBBDFQUBDJØOQFSTPOBMEFMQMBORVFÏMIBCÓBUSB[BEP
"VOFOUPODFT GVFFMQPEFSEFVOBDSV[RVFUPEBWÓBEFCÓBTFSMFWBOUBEB MPRVF
USBKPMBTBOJEBE
%FCFRVFEBSFTUBCMFDJEPQBSBTJFNQSFRVFOPFTFMTÓNCPMPFMRVFSFEJNF
TJOPFM$SJTUPRVFFTUÈEFUSÈTEFÏM.ÈTUBSEF MPTIFCSFPTRVFIBCÓBODPOTFSWB
EPMBTFSQJFOUFDBZFSPOFOFMFSSPSEFBEPSBSMB 3
1PSDBVTBEFFTUFVTP
FRVJWPDBEP &[FRVÓBTTBDØMBTFSQJFOUFEFMUFNQMPZMBIJ[PQFEB[PT"VORVF
UVWPVOMVHBSFOFMQMBOEF%JPTFOFMEFTJFSUP ZRVJ[ÈUBNCJÏOQVEPIBCFS
RVFEBEPDPNPVOBSFMJRVJBEJHOBEFDJFSUBSFWFSFODJBFOMBTNFNPSJBTEF*TSBFM 
OVODBEFCJØBEPSBSTFOJWFOFSBSTFDPNPBMHPRVFUVWJFSBQPEFSFTTPCSFOBUVSB
MFTJOIFSFOUFT

%*/$*%&/5&4&/-"."3$)" o
"MHVOBTFTUBDJPOFTFOMBSVUB   

&OFMDBQÓUVMPFODPOUSBNPTMBMJTUBEFMPTDBNQBNFOUPTRVFMFWBOUBSPO
MPTJTSBFMJUBTFOFMWJBKFEFTEF&HJQUPB$BOBÈO&OFTUBQBSUFTPMPTFOPTEBO
MPTQSJODJQBMFT FOFMUSBNPEFMNPOUF)PSB.PBC&TDPNPTJFMIJTUPSJBEPS
RVJTJFSBUSBTMBEBSBMMFDUPS DPOMBTCPUBTEFMBTTJFUFMFHVBT EFTEFFMEFTJFSUPEF
1BSÈOIBTUBMBTGÏSUJMFTMMBOVSBTEF.PBC
/PTFQVFEFOMPDBMJ[BSMPTMVHBSFTNFODJPOBEPTFOMPTNBQBTNPEFSOPT
"0CPU 
TFMBIBJEFOUJmDBEPNFSBNFOUFDPNPiMBHSBOÓUJDBQMBUBGPSNB
BM FTUF EF &EPNw  QFSP OP TF MB IB QPEJEP TF×BMBS DPO NBZPS FYBDUJUVE &M
OPNCSF*KFBCBSJN 
TJHOJmDBiMBTSVJOBTTPCSFMBPUSBQBSUFw QFSPOPIBO


&RPB%HDFRQB,BQYDBPHGLQGG 
%F$BEFTB.PBC -JCSP

QPEJEPSFDPOPDFSTF&MWBMMFEF;FSFE 
iFTUÈTPCSFFMWBEPEF;FSFERVF
nVZFFOUSFFMNBS.VFSUPZTVFYUSFNJEBETFQUFOUSJPOBMw%FBMMÓQBSUJFSPO
ZBDBNQBSPOQPSMB[POBOPSUFEFMBSSPZPEF"SOØOMÓNJUFFOUSF.PBCZFM
BNPSSFP 
&TDPNQMFUBNFOUFJNQPTJCMFMPDBMJ[BS#FFS iCVFOQVFCMPw 

.BUBOB /BIBMJFMZ#BNPU 
1JTHBQSPCBCMFNFOUFOPTIBCMFEFVOBPNÈT
DPMJOBTFMFWBEBTEFMBNFTFUBNPBCJUBRVFTFQSPZFDUBOIBDJBFMNBS.VFSUP
RVFNJSBIBDJB FMEFTJFSUP 
 %FTEF BRVÓ TF WFSÓBO DPO UPEB DMBSJEBE MPT
NPOUFTEF$BOBÈO EFMPTDVBMFTFMNÈTFMFWBEPFTFMNPOUF/FCP TPCSFFM
RVFNVSJØ.PJTÏT %U

'SBHNFOUPTEFFQPQFZBTEFMBIJTUPSJB B

&TUPTWFSTÓDVMPTOPTNVFTUSBOQBSUFTSFQSFTFOUBUJWBTEFFTUFQFSÓPEPEFMB
IJTUPSJB&MMJCSPEFMBTCBUBMMBTEF+FIPWÈ 
OPTFNFODJPOBFOOJOHÞOPUSP
MVHBSEFMB#JCMJBQFSPFMIFDIPEFRVFTFIBHBSFGFSFODJBBÏMFOFTUFMVHBS
JOEJDB EF NBOFSB TVDJOUB RVF TF DPOTFSWBSPO FTPT SFMBUPT &TUPT FSBO QBSUFT
EFCBMBEBTPDBOUPTQPQVMBSFT SFDVFSEPTEFMBTQSPF[BTEFHSBOEFTQFSTPOBTP
BDPOUFDJNJFOUPT MPTDVBMFTTFDBOUBCBOBMSFEFEPSEFMPTGPHPOFTPFOMBTQMB[BT
/P TPO EJGFSFOUFT EF PUSPT DÈOUJDPT EFTDVCJFSUPT RVF SFMBUBO MBT CSBWVSBT EF
SFZFTZMÓEFSFTNJMJUBSFTEFFTBÏQPDBEFMBIJTUPSJB-BJODMVTJØOEFFTUPTGSBH
NFOUPTBRVÓDPOmSNB FOMVHBSEFEFTBDSFEJUBS MBWBMJEF[EFMBOBSSBDJØO
&MQSJNFSDÈOUJDPTFSFmFSFBMBTWJDUPSJBTEF*TSBFMFOFM.BS3PKPZFOMPT
BSSPZPTEF"SOØO 
&MTFHVOEPOPTDVFOUBMPTJODJEFOUFTFO#FFS EPOEF
TFDBWØVOQP[P 
ZTFFMFWØVOBDBODJØO&TUFBOUJHVPDÈOUJDPIBTJEPVOB
GVFOUFEFCFOEJDJPOFTBUSBWÏTEFMPTTJHMPT UBOUPQBSBKVEÓPTDPNPQBSBDSJTUJB
OPT)BCMBEFMBDPNCJOBDJØOEFMPTNJMBHSPTEF%JPTDPOMBTPCSBTEFMIPNCSF
&M 4F×PS QSPNFUJØ MFTEBSÏBHVB 1FSP  QP[P RVFDBWBSPOMPTTF×PSFT MP
DBWBSPOMPTQSÓODJQFTEFMQVFCMPDPOTVTCÈDVMPT 
2VJ[ÈFTUBDPNCJOB
DJØOIBZBTJEPMBDBVTBEFMHP[PFTQFDJBMRVFQBSFDFJOIFSFOUFFOFTUFDÈOUJDP
.BSDBCBVOBUSBOTJDJØOFOMBNBOFSBEJWJOBEFPCSBSDPOTVTIJKPT1SFWJPB
FTUP FOPDBTJPOFTTJNJMBSFT %JPTMFTIBCÓBEBEPFMBHVBFOGPSNBNJMBHSPTB
"IPSB FMQVFCMPEFCÓBSFBMJ[BSTVQBSUF&OFGFDUP TFUSBUBCBEFVOBUSBOTJDJØO
IBDJBVOOVFWPNPEPEFWJEBZEFSFTQPOTBCJMJEBEFOMBDPORVJTUBEF$BOBÈO
%FTUSVDDJØOEFMPTBNPSSFPT 

-PTBNPSSFPT 
DPOTUJUVÓBOVOBEFMBTQSJODJQBMFTUSJCVTEFMPTDBOBOFPT
(O
4FVTBFTFOPNCSFEFNBOFSBHFOFSBMDVBOEPTFIBDFVOBSFGFSFO
DJBNÈTBNQMJBBMBTOBDJPOFTDBOBOFBT DG%U  
5BNCJÏOTFFNQMFB
iQBSBEFOPNJOBSBUPEPTMPTIBCJUBOUFTEF4JSJBBOUFTEFMUJFNQPEFM²YPEPw
6OBUSJCVEFMPTBNPSSFPTCBKPMBEJSFDDJØOEF4FIØOTFIBCÓBUSBTMBEBEPSF
DJFOUFNFOUFEFTEFFMOPSUFEF1BMFTUJOB)BCÓBOWFODJEPZUPNBEPMBTDJVEBEFT
EFMPTNPBCJUBT EFUFOJÏOEPTFFOFMSÓP"SNØO


&RPB%HDFRQB,BQYDBPHGLQGG 
-JCSP %F$BEFTB.PBC

-BQSPNFTBPSJHJOBMEF%JPTB"CSBIBN 
OPJODMVÓBFMUFSSJUPSJP
PDVQBEP QPS 4FIØO 4JO FNCBSHP  QPS FTUBS BIPSB FO QPTFTJØO EF VO QVFCMP
DBOBOFP MPJODMVÓB (O%U
1PSFTBDBVTB.PJTÏTOPUJUVCFØ
FOIBDFSDPOUBDUPTDPO4FIØO&OWJØFNCBKBEPSFT QJEJFOEPQFSNJTPQBSB
BUSBWFTBSTVUFSSJUPSJPQBSBQPEFSMMFHBSBMPTWBEPTEFM+PSEÈOPQVFTUPTB+FSJDØ
1FSP4FIØOTFSFIVTØ TBMJØDPOTVTFKÏSDJUPTZMVDIØDPOUSB*TSBFM"VORVFBM
FKÏSDJUPJTSBFMJUBMFGBMUBCBFYQFSJFODJB MFTPCSBCBWBMPS GVFS[BZDPOmBO[B%JPT
MFTDPODFEJØMBWJDUPSJBF*TSBFMPDVQØUPEBTFTUBTDJVEBEFT 
EFMBNPSSFP
DG%U

'VFBDFSDBEFFTPTUSJVOGPTDPOUSBFMBNPSSFPRVFDBOUBSPOUPEPTMPTQSP
WFSCJTUBT 
-BTDBODJPOFTTPOVOBDPNCJOBDJØOEFBMFHSÓBQPSFMEB×PDBV
TBEP F JNQSPQFSJPT DPOUSB MPT WFODJEPT $PNJFO[B DPO MB WJDUPSJB EF 4FIØO

TPCSFMPTNPBCJUBTZDFOUSBMBBUFODJØOFOFMGSBDBTPEF2VFNPT 
FM
EJPTEFFTFQVFCMP5FSNJOBDPOFMTJNQMFSFTVNFOEFMBWJDUPSJBEFMPTJTSBF
MJUBTTPCSF4FIØO 
&MDÈOUJDPFOUFSPDPMPDBFOVOMVHBSEFQSPNJOFODJBB
)FTCØO QSJODJQBMDJVEBEEFMPTBNPSSFPT 
%FSSPUBEF0H o

"VORVFBQFOBTBQBSFDFOVOBTQPDBTQBMBCSBTSFGFSFOUFTBMSFMBUP MBWJDUPSJB
TPCSF0H 
FTNVZTJHOJmDBUJWB:BVORVFQSPCBCMFNFOUF EFBMHVOBNB
OFSB TFQPESÓBDMBTJmDBSBFTUFSFZDPNPDBOBOFP TFEJTUJOHVÓBQPSTFSFMÞMUJNP
EFVOBSB[BEFHJHBOUFT"EFNÈTEFTFSGPSNJEBCMFTHVFSSFSPT MPTTFDVBDFTEF
0HUFOÓBODJVEBEFTJOFYQVHOBCMFT1SPCBCMFNFOUF*TSBFMOPMPTIVCJFSBWFO
DJEPTJFMMPTTFIVCJFSBORVFEBEPEFOUSPEFTVTDJVEBEFTBNVSBMMBEBT1FSP FO
MVHBSEFFTP TBMJØDPOUSBFMMPT0H SFZEF#BTÈO ZMPEFSSPUBSPO
"EFNÈT EF MPT IFDIPT WJDUPSJPTPT  FT JNQPSUBOUF OPUBS RVF FM UFSSJUPSJP
DPOUSPMBEPQPS0HTFFYUFOEÓBQPSFMOPSUFIBTUBVOQVOUPPQVFTUPBMNBSEF
(BMJMFB&MIFDIPEFRVF*TSBFMDPORVJTUBSBFTB[POBTVTDJUØMBQFUJDJØOEFMBT
USJCVT EF 3VCÏO  (BE Z NFEJB EF .BOBTÏT EF RVF MFT QFSNJUJFSBO PDVQBSMB
DPNPIFSFEBE FOMVHBSEFMBRVFMFIBCÓBTJEPQSPNFUJEBBOUFSJPSNFOUF D
%U

%FNPEPRVFQBSUJFSPOMPTIJKPTEF*TSBFMZBDBNQBSPOFOMPTDBNQPTEF
.PBC 
QSPCBCMFNFOUFNJFOUSBTMPTFKÏSDJUPTFTUBCBOUFSNJOBOEPMBDBN
QB×BDPOUSB0HBMOPSUF-PTDBNQPTEF.PBCDPOTUJUVÓBOVOWBMMFIÞNFEP
ZGÏSUJM CBKPFMOJWFMEFMNBS EFTEF+FSJDØEFMPUSPMBEPEFM+PSEÈO&TUBFSBMB
QSJNFSBQSVFCBEFRVFTFDVNQMJSÓBMBQSPNFTBEFRVFMPTJTSBFMJUBTPDVQBSÓBO
VOBUJFSSBRVFnVÓBMFDIFZNJFM1PSDJFSUP FSBVOHSBODBNCJPEFBNCJFOUF
DPNQBSBEPDPOFMFTDFOBSJPEFMEFTJFSUP FMDVBMIBCÓBTJEPTVSFTJEFODJBEFTEF
RVFIBCÓBOTBMJEPEF&HJQUP


&RPB%HDFRQB,BQYDBPHGLQGG 
/PUBT#JCMJPHSÈmDBT -JCSP

/05"4#*#-*0(3«'*$"4

"MHVOBTBVUPSJEBEFTDPMPDBOMBSFCFMJØOEF$PSÏIBDJBFMmOBMEFMUJFNQPEFWBHBSQPSFM
EFTJFSUP QPSMPRVFTFSÓBDFSDBOBBMQSFTFOUFMFWBOUBNJFOUP

$G&MMJDPUU PQDJU Q

/P RVFEB DMBSP TJ TF USBUBCB EF MB WBSB EF "BSØO RVF IBCÓB SFWFSEFDJEP 
 P EF
BRVFMMBRVFIBCÓBTJEPTÓNCPMPEFMQPEFSEF%JPTFONBOPTEF.PJTÏTFOFMQBTBEP ²Y
 


&TFWJEFOUF QPSFMIFDIPEFRVFTFJODMVZØB"BSØOFOFMDBTUJHP RVFUBOUPÏMDPNP.PJTÏT
FSBODVMQBCMFTEFMNJTNPQFDBEP1FSPFMSFMBUPOPEFDMBSBDVÈMFSBTVJNQMJDBDJØO

&MDBNJOPSFBMTFSÓBTJNQMFNFOUFMBSVUBQSJODJQBMEFMBTDBSBWBOBT OPBMHPCJFOUFSNJOBEP
ZTØMJEPDPNPMBTDPOTUSVJEBTQPSMPTSPNBOPT ZNFOPTDPNPMBTDBSSFUFSBTBDUVBMFT

&SBBMHPDPNÞO FOFTBÏQPDB FTBTDPOEJDJPOFTEFWJBKFBUSBWÏTEFVOUFSSJUPSJPFYUSBOKFSP

$G*#** 5BNCJÏO)BSQFST#JCMF%JDUJPOBSZ i.PVOU)PSw Q

"SBEFTUBSÓBTPMPBVOBDPSUBEJTUBODJBEFMOPSFTUFEFMNPOUF)PS

&MIFDIPTFFTUBCMFDFQPSFMVTPEFMBQBMBCSBTBSBQIQPSiTFSQJFOUFw RVFQSPCBCMFNFOUF
TJHOJmDBSBiMPRVFFTUÈBSEJFOEPw iBSEJFOUFw4FHÞOTFMBVTBFO*T &[ TBSBQI
JODMVZFMBJEFBEFRVFMPTTFSFTTJNCØMJDPTUFOÓBOVOCSJMMPNFUÈMJDP&TPUBNCJÏOTFBQPZBQPSFM
IFDIPEFRVF%JPTPSEFOØRVFTFIJDJFSBVOBTFSQJFOUFEFNFUBMCSJMMBOUF 8JOUFSCPUIBN PQDJU 
Q


/PRVFEBDMBSPEFRVÏNBUFSJBMFTUBCBIFDIBMBTFSQJFOUF1VFEFIBCFSTJEPEFMBUØO DPCSF
PCSPODF%FBIÓ FMVTPPDBTJPOBMEFMUÏSNJOPiCSPODFw

6OPEFMPTFTUBOEBSUFTPJOTJHOJBTFNQMFBEPTQBSBJOEJDBSMBQPTJDJØOEFMBTUSJCVT PVOB
BTUBMBSHBMFWBOUBEBQBSBMBPDBTJØO

$GVCJDBDJPOFTBMUFSOBTFOMPTDPNFOUBSJPTTPCSFB

$G%U

*# ** 

)FSU[ FE PQDJU Q

*# ** 

)FSU[ FE PQDJU Q

&TUPFTVODPOUSBTUFDPOMBUJFSSBPDVQBEBQPSMPTBNPSSFPT NPBCJUBT NBEJBOJUBTZFEP
NJUBT UPEPTEFPSJHFOTFNÓUJDPRVFUSB[BOTVEFTDFOEFODJBEF5BSÏ $G%U
-BTBDDJPOFT
NJMJUBSFTFODPOUSBEFFTUPTQVFCMPTUVWJFSPOPUSPTNPUJWPT DGDBQ


)FTCØO iDJVEBEEFIJKBTwPiMBDJVEBENBESFw-BTDJVEBEFTQFSNBOFOUFTFSBOVOBOPWF
EBEFOFTUB[POB-PTBSRVFØMPHPTTPTUJFOFORVF SFQFOUJOBNFOUFZTJOFYQMJDBDJØO MPTQVFCMPTEF
FTUBTÈSFBTBCBOEPOBSPOMBWJEBOØNBEBQBSBFEJmDBSDJVEBEFTBNVSBMMBEBT&TUPIBCÓBPDVSSJEP
OPNVDIPBOUFTEFRVF*TSBFMJOJDJBSBTVFNJHSBDJØOIBDJB$BOBÈO4JOFNCBSHP EFCFBTVNJSTF
RVFFTBTDJVEBEFTFTUBCBOiFOGPSNBDJØOw TJONVSPT DPNPUBNCJÏOFOFMDBTPEFMBTEF0H %U

&TUBTDJVEBEFTOPBNVSBMMBEBTPQBSDJBMNFOUFFEJmDBEBTEFQFOEÓBOEFMBiDJVEBENBESFwQBSB
TVQSPUFDDJØO

$G%U

5BOUPFTBTÓ RVFFMBDPOUFDJNJFOUPTFNFODJPOBNVDIBTWFDFTFOFM"5 %U
+PT3/FI4BM




&RPB%HDFRQB,BQYDBPHGLQGG 
&MMJCSPEF
%&65&30/0.*0
+ĒĔĜ'Ġģĕ

"3(%ĖĒĤĝĖĪ



&RPB%HDFRQB,BQYDBPHGLQGG 
*OUSPEVDDJØO

""ĦĥĠģĪėĖĔęĒ
&MMJCSPEF%FVUFSPOPNJPFTUÈDPNQVFTUPDBTJFOTVUPUBMJEBEQPSEJTDVS
TPTBUSJCVJEPTB.PJTÏT"EFNÈT DPOUJFOFCSFWFTTFDDJPOFTIJTUØSJDBTSFGFSFO
UFTBFTUFMÓEFS&TFTBQBSUFEFM1FOUBUFVDPBMBRVFTFSFmFSFODPOUBOUBGSF
DVFODJBBNCPT5FTUBNFOUPT DPNPMB-FZEF.PJTÏT1PSFTUBTZPUSBTSB[POFT 
MPTFSVEJUPTDPOTFSWBEPSFTBUSJCVZFOMBQBUFSOJEBEMJUFSBSJBEFFTUBPCSBBMHSBO
MFHJTMBEPSEF*TSBFM&TUPOPRVJFSFEFDJSRVFOPDPOUFOHBDPNFOUBSJPTZBSUÓ
DVMPTEFJOGPSNBDJØOIJTUØSJDBQSPWFOJFOUFTEFPUSBTGVFOUFT1FSPFTUFQVOUP
EFWJTUBUPNBFOTFSJPMBTEFDMBSBDJPOFTEFMNJTNPMJCSPZFMUFTUJNPOJPHFOFSBM
EFMSFTUPEFMB#JCMJBFOMPRVFDPODJFSOFBMBBVUPSJEBENPTBJDB
"RVFMMPTRVFBEPQUBOMPRVFQPESÓBNPTMMBNBSFMDSJUFSJPEF8FMMIBVTFO 
DPOBMHVOBTNPEJmDBDJPOFT TPTUJFOFORVF%FVUFSPOPNJPFTVOBDPNQPTJDJØO
RVFDPOUJFOFBMHVOPTNBUFSJBMFTBOUJHVPT QBSUFEFMPTDVBMFTQVFEFOEFSJWBSTF
EF.PJTÏT QFSPRVFMPTFTDSJCJØBMHÞOQSPGFUBPFTDVFMBEFQSPGFUBT OPNVDIP
BOUFTEFM"$&OFTFB×P )FMDÓBTEFTDVCSJØFOFMUFNQMPFMMJCSPEFMB
MFZZMPMFZØBOUFFMSFZ+PTÓBT&TUPEJPMVHBSBVOBTFSJFEFSFGPSNBTRVFMPT
FSVEJUPT EF FTUB QFSTVBTJØO EFDMBSBO RVF TF CBTBSPO FO %FVUFSPOPNJP  3
Z$S
&OUSFFTBTSFGPSNBTGVFQSPNJOFOUFOPTPMP
MBFMJNJOBDJØOEFMPTBMUBSFTJEØMBUSBT TJOPUBNCJÏOEFBRVFMMPTFSJHJEPTFOMPT
MVHBSFTBMUPT-PTSFGPSNBEPSFTUBNCJÏOJOTJTUJFSPOFORVFMPTTBDSJmDJPTTPMP
EFCÓBOQSFTFOUBSTFFOFMTBOUVBSJPDFOUSBMFO+FSVTBMÏO
&TUPT FSVEJUPT BmSNBO UBNCJÏO RVF MB QFSTQFDUJWB EF %FVUFSPOPNJP FT
TJNJMBSBMBEFMMJCSPEF+FSFNÓBT FMQSJNFSPZTFHVOEPMJCSPEF3FZFTZPUSB
MJUFSBUVSBQSPGÏUJDBEFMBÞMUJNBQBSUFEFMPDUBWPZTÏQUJNPTJHMPB$"TFWFSBO
RVFTFEFTDPOPDÓBMBJEFBEFVOTBOUVBSJPDFOUSBMFYDMVTJWPQBSBQFSTPOBKFTUBMFT
DPNP4BNVFMZ&MÓBT&TUBTTPOBMHVOBTEFMBTQSJODJQBMFTSB[POFTQSFTFOUBEBT
QBSBBUSJCVJSFMMJCSPEF%FVUFSPOPNJPBVOFTDSJUPSQSPGÏUJDP PBBMHVOBFTDVF
MBEFQSPGFUBTEFMDPNJFO[PEFMTÏQUJNPTJHMPBOUFTEF$SJTUP
-BFWJEFODJBQBSBTPTUFOFSFTUFQVOUPEFWJTUBOPFTCBTUBOUFGVFSUFDPNP
QBSBRVFFYJTUBVOBOJNJEBEFOUPEPTMPTFSVEJUPT&3PCFSUTPOBUSJCVZFFMMJCSP
B4BNVFM)PMFTDIFS QPSPUSBQBSUF MPBTJHOBBMQFSÓPEPQPTUFYÓMJDP
4JOFNCBSHP TJTFFTDSJCJØFMMJCSPQBSBDPSSFHJSMBQSÈDUJDBEFMBBEPSBDJØO
FOMVHBSFTBMUPT FTOPUBCMFRVFUBMFTDPTUVNCSFTOPTFNFODJPOFOFTQFDÓmDB
NFOUF4FQPESÓBQFOTBSRVFVOBVUPSRVFFTDSJCJFSBBMQSJODJQJPEFMTÏQUJNP
TJHMP UFOESÓBRVFBMVEJSB+FSVTBMÏODPNPTBOUVBSJPDFOUSBM TJFTRVFVOPEFTVT


&RPB%HDFRQB,BQYDBPHGLQGG 
QSJODJQBMFTPCKFUJWPTIVCJFTFTJEPDFOUSBMJ[BSBMMÓUPEPTMPTTBDSJmDJPT-BTJNJMJ
UVEEFBQBSJFODJBFYUFSOBFOUSFFTUFMJCSPZMBMJUFSBUVSBQSPGÏUJDBTFFYQMJDBQPS
MBJOnVFODJBEF%FVUFSPOPNJPFOMPTFTDSJUPSFTQSPGÏUJDPT
&M IFDIP EF RVF MB MFDUVSB EF %FVUFSPOPNJP QSPEVKFSB DJFSUBT SFGPSNBT
OPJOEJDBRVFTVFTDSJUPEBUBEFVOBÏQPDBEFBCVTPTDPOFMNJTNPDSJUFSJP
QPESÓBEFDJSTFRVFMB#JCMJBFOUFSBTFFTDSJCJØQPDPUJFNQPBOUFTEFMB3FGPSNB
1SPUFTUBOUF
6OBDPOUSJCVDJØOSFDJFOUFTPCSFFMUFNBFT5SFBUZPGUIF(SFBU,JOH,MJOF
TPTUJFOFRVFMBFTUSVDUVSBZDPOUFOJEPEF%FVUFSPOPNJPTFBKVTUBOBMNPEFMP
EFSFEBDDJØOEFDPOWFOJPTFOUSFVOTPCFSBOPZTVTWBTBMMPT$PNJFO[BDPOVO
QSFÈNCVMP JEFOUJmDBOEP BM QSJNFSP DG 
 -VFHP DPOUJOÞBO MBT FTUJ
QVMBDJPOFTEFMUSBUBEP DGDD
TFHVJEBTQPSVOSFDJUBEPEFBOBUFNBTFO
DBTP EF GBMUB EF DVNQMJNJFOUP  Z EF CFOEJDJPOFT EFSSBNBEBT FO DBTP EF mFM
PCTFSWBODJB DGDD
&MUSBUBEPUFSNJOBDPOMBMJTUBEFUFTUJHPT DG
o
MBEJSFDDJØOQBSBEFQPTJUBSMPZTVQFSJØEJDBQSPDMBNBDJØO DG

BTÓDPNPUBNCJÏODPOMBTQSPWJTJPOFTQBSBMBTVDFTJØOEJOÈTUJDB DGDD
 QBTTJN
,MJOFUBNCJÏOPQJOBRVFMBFTUSVDUVSBEF%FVUFSPOPNJPUJFOF
MBNÈTFTUSFDIBBmOJEBEDPOMPTUSBUBEPTEFMTFHVOEPNJMFOJP"$-BUPUBMJ
EBEEFTVUFTJTIBDFIJODBQJÏFOMBOPDJØOEFRVF%FVUFSPOPNJPFTVOBVOJEBE
QFSUFOFDJFOUFBMBÏQPDBNPTBJDB
&MBTVOUPEFMBQBUFSOJEBEMJUFSBSJBEFFTUFMJCSPFTFYUFOTPFJOUSJDBEPZOP
FTFMPCKFUJWPEFFTUFDPNFOUBSJPEJTDVUJSMPFOEFUBMMF-BTCSFWFTEFDMBSBDJPOFT
BOUFSJPSFTTPMPUJFOFODPNPQSPQØTJUPQSFTFOUBSJOEJDBDJPOFTTPCSFBMHVOPTEF
MPT QVOUPT QSJODJQBMFT  Z MB SB[ØO QBSB USBUBS FTUF MJCSP DPNP FTFODJBMNFOUF
NPTBJDP

#$ĒģĒĔĥĖģŧĤĥĚĔĒĤ
&TQSPCBCMFRVFFMUÓUVMPi%FVUFSPOPNJPwQSPWFOHBEFEFVUFSPOPNJPOUPVUP 
RVFFTMBUSBEVDDJØOEFMB-99EFMBTQBMBCSBTiDPQJBEFFTUBMFZw 
MJUF
SBMNFOUFiFTUBTFHVOEBMFZw$PNPMBNBZPSQBSUFEFMMJCSPHVBSEBSFMBDJØODPO
VOBSFQFUJDJØOEFMBMFZRVFEJP.PJTÏTBOUFTEFMDSVDFEFM+PSEÈOFODBNJOPB
$BOBÈO TFMPBDFQUBDPNPVOUÓUVMPBQSPQJBEP
&OTVNBZPSQBSUF %FVUFSPOPNJPDPOTJTUFFOVOBTFSJFEFEJTFSUBDJPOFTEF
.PJTÏT4FFODVFOUSBOFTDSJUBTFOFMMFOHVBKFDPNÞOEFMQVFCMPZWBOEJSJHJEBT
BUPEP*TSBFM4VQSPQØTJUPFTSFDPSEBSFMQBTBEPFJOGPSNBSBMBOVFWBHFOFSB
DJØOUPEPMPSFMBDJPOBEPDPOFMQBDUPDPO%JPTZMBTMFZFTRVFMPDPNQPOFO
%FNBOEBCBDPNQMFUBMFBMUBEBM4F×PSZUBNCJÏOMBTFQBSBDJØOEFUPEPTMPT
EJPTFTGBMTPTZTVBEPSBDJØO 
&OFTUFTFOUJEP +FIPWÈFTVO%JPTDFMPTP OP
UPMFSBSJWBMZSFQVEJBMBMFBMUBEEJWJEJEB 
/PEFCÓBTPCSFWJWJSOBEBRVF


&RPB%HDFRQB,BQYDBPHGLQGG 
BQBSUBSBBMBHFOUFEF%JPTPRVFSFCBKBSBTVDBSÈDUFSZDPOEVDUB 
4FEFCÓB
EFTUSVJS B MPT MJDFODJPTPT DBOBOFPT QBSB RVF OP DPOUBNJOBSBO BM QVFCMP DPO
TVTNBMBTQSÈDUJDBT 
&TUPTUFSSJCMFTFEJDUPTIBDFOFTUSFNFDFS 
QFSP FM FOWJMFDJNJFOUP EF MB SB[B FTDPHJEB QBSB FM BEWFOJNJFOUP EFM .FTÓBT
UFOESÓBFGFDUPTNÈTEFTBTUSPTPT
"TJNJTNP  UBNCJÏO FODPOUSBNPT FO FM MJCSP OPUBT EF CPOEBE Z HFOFSP
TJEBE"RVÓ NÈTRVFFODVBMRVJFSPUSBQBSUFEFM1FOUBUFVDP %JPTEFDMBSBTV
BNPSQPSTVQVFCMP 
ZTVTEFTFPTBGBWPSEFFMMPT 

"MQVFCMPEF%JPTTFMFFOTFרBTFSHFOFSPTPDPOMPTIVÏSGBOPT MBTWJVEBT MPT
QPCSFTZMPTFYUSBOKFSPT 

4FJOTJTUFFOMBKVTUJDJBTJODMBVEJDBS&TUBOPTPMPEFCÓBBQMJDBSTFJOEJTDSJ
NJOBEBNFOUFBSJDPTZQPCSFT HSBOEFTZQFRVF×PT 
TJOPRVFEFCÓB
FYUFOEFSTFBMBDPSSFDDJØOEFQFTBTZNFEJEBT 

%FVUFSPOPNJPFTVOMJCSPEFiSFMBDJPOFTDPOFMQSØKJNPw%FCÓBJNQFEJSTF
RVFTFFTDBQBSBFMBTOPEFMWFDJOP ZTJFTUBCBFOEJmDVMUBEFTIBCÓBRVFQSFTUBSMF
BZVEB 

-BPCFEJFODJBB%JPTUSBFSÈDPNPSFTVMUBEPMBWJEBZMBCFOEJDJØOMBEFT
PCFEJFODJB MBNVFSUFZMBNBMEJDJØO 
&TUPIBPSJHJOBEPMB
FYQSFTJØOiFM DPODFQUP EFVUFSPOØNJDP EF WJEBw MB CPOEBE USBF QSPTQFSJEBE
MBNBMEBE BEWFSTJEBEZEPMPS4FTPTUJFOFRVFFTUBJOUFSQSFUBDJØOEFMBWJEBTF
USBOTNJUFBUSBWÏTEFMPTMJCSPTIJTUØSJDPTEFMB#JCMJB-PTDSÓUJDPTBDFQUBOFTUP 
ZIBZDJFSUBWFSEBEFOFMMP QFSPQPTFFTVTTFWFSBTMJNJUBDJPOFT%JDFORVF*TBÓBT
NVFTUSB NBZPS QFSDFQDJØO FTQJSJUVBM  DPOTJEFSBOEP MPT TVGSJNJFOUPT WJDBSJPT
NÈTJNQPSUBOUFTRVFMBQSPTQFSJEBEEFMIPNCSFKVTUP&MMJCSPEF+PCQSPCBCMF
NFOUFTFFTDSJCJØFOEJSFDUBDPOUSBEJDDJØODPOVOBBQMJDBDJØOEFNBTJBEPSÓHJEB
EFMQVOUPEFWJTUBEFVUFSPOØNJDP1FSPFMWBMPSEFMBEJTDJQMJOBEFMTVGSJNJFOUP
FTUÈSFDPOPDJEPFO&MNJTNP.PJTÏTFTVOFKFNQMPTPCSFTBMJFOUFEFVO
IPNCSFKVTUPRVFTVGSFWPMVOUBSJBNFOUFQPSTVJEFOUJmDBDJØODPOVOQVFCMP
SFCFMEF 


$*ĞġĠģĥĒğĔĚĒ
/PQVFEFIBCFSEVEBTTPCSFFMWBMPSQFSNBOFOUFEF%FVUFSPOPNJP-JCF
SBMFTZDPOTFSWBEPSFTFTUÈOEJTQVFTUPTBSFDPOPDFSMBQBSUFRVFMFIBUPDBEPFO
FMEFTBSSPMMPEFMBSFMJHJØOEF*TSBFM-BIJTUPSJBEFFTUBOBDJØOFTUÈFTDSJUBEFTEF
TVQVOUPEFWJTUB ZTVTNPOBSDBTIBOTJEPQFTBEPTQPSTVTCBMBO[BT1SPCBCMF
NFOUFTFMFZØDVBOEPTFQSFTFOUØMBMFZ FOMBSFGPSNBFGFDUVBEBCBKP&TESBT
Z/FIFNÓBT EFTQVÏTEFMBWVFMUBEFMFYJMJPZFTQPTJCMFRVFIBZBPDVQBEPVO
MVHBSQSPNJOFOUFFOMPTGFTUJWBMFTDVMUVSBMFT
5FOFNPTFWJEFODJBEFRVFFM4F×PSNFEJUBCBQSPGVOEBNFOUFFO%FVUF


&RPB%HDFRQB,BQYDBPHGLQGG 
SPOPNJP FIJ[PGSFOUFBMUSJQMFBUBRVFEF4BUBOÈTDPOTFOEBTFTUPDBEBTQSPWF
OJFOUFTEFTVBSTFOBM 
$JUØQBSUFEFM4IFNB 
DVBOEPTFMF
QSFHVOUØFODVBOUPBMHSBONBOEBNJFOUP .BSDPT
&MBQØTUPM1BCMP
BQMJDØMBEFTDSJQDJØONPTBJDBEFMBMFZBMFWBOHFMJP BMIBCMBSTPCSFTVTJNQMF[B
ZBDDFTJCJMJEBE 3PDG%U


%%ĖĦĥĖģĠğĠĞĚĠĪĝĒĤĒğĥĚĕĒĕ
{2VÏMV[FTQBSDF%FVUFSPOPNJPTPCSFMBEPDUSJOBEFMBTBOUJEBE -PTFY
QPTJUPSFT  JOnVJEPT QPS )FCSFPT  Z PUSBT FTDSJUVSBT EFM /VFWP 5FTUB
NFOUP WFOFOMBUJFSSBEF$BOBÈOVOTÓNCPMPEFMBFYQFSJFODJBEFMBFOUFSB
TBOUJmDBDJØOPFMTFSMMFOPTEFM&TQÓSJUV4BOUP DG)DI
%FVUFSPOPNJP
BCVOEBFOQSPNFTBTDPODFSOJFOUFTBMBUJFSSBZFYIPSUBDJPOFTBQPTFFSMBIFSF
EBEQSPWJTUBEJWJOBNFOUF FUBM

"EFNÈTEFFTUBTJHOJmDBDJØOTJNCØMJDB FMMJCSPOPTSFDVFSEBRVFTFSFTQBM
EBVOBFYQFSJFODJBSFMJHJPTBHFOVJOBNFEJBOUFVOBDPOEVDUBSFDUB&MÏYUBTJT
SFMJHJPTPFTFTQVSJPTJOPFODVFOUSBTVFWJEFODJBFOMBTDPSSFDUBTSFMBDJPOFTDPO
FMQSØKJNPZMBKVTUJDJBTPDJBMZDPNFSDJBM
%FVUFSPOPNJPOPTFOTF×BRVFMBMFBMUBEB%JPTFTMBFTFODJBEFMBWFSEBEF
SBQJFEBE&TUPOPTJNQJEFDPNQSPNFUFSOPTDPOMPRVFFTEFTBHSBEBCMFB%JPT
ZOPTJOWJUBBTFQBSBSOPTEFUPEBTMBTSFMBDJPOFTZQSÈDUJDBTJMFHÓUJNBT
-B FTFODJB EF MB TBOUJEBE FT FM BNPS &M 4IFNB 
 SFTVNF FO UBMFT
UÏSNJOPTFMEFCFSTVQSFNPEFMIPNCSF%JPTBNBBTVQVFCMPZCVTDBTVBNPS
%FTFBTFSTFSWJEPDPOHP[P ZIBSÈQPTJCMFFTUFBNPSRVJUBOEPUPEPTMPTPCTUÈ
DVMPTBmOEFRVFQPEBNPTBNBSMPDPOUPEPOVFTUSPDPSB[ØO 


/05"4#*#-*0(3«'*$"4
.(,MJOF 5SFBUZPGUIF(SFBU,JOH (SBOE3BQJET8N#&FSENBOT1VCMJTIJOH$P 





#PTRVFKP
*"MPDVDJØOJOUSPEVDUPSJB3FTF×B ‰
 "5JFNQPZMVHBS 
 #%FTEF)PSFCB$BEFTCBSOFB 
 $1SPDFEJNJFOUPTDPO&EPN .PBCZ"NØO 
 %$PORVJTUBEF4FIØOZ0H o


&RPB%HDFRQB,BQYDBPHGLQGG 
 &&YIPSUBDJØOmOBM 
 '%FTJHOBDJØOEFMBTDJVEBEFTEFSFGVHJP 
**%JTDVSTPQSJODJQBM-B-FZ o
 "*OUSPEVDDJØO 
 #-PT%JF[.BOEBNJFOUPT o
 $0USPTNBOEBNJFOUPT o
***%JTDVSTPmOBM&MQBDUP o
 "$FSFNPOJBEFSBUJmDBDJØO o
 #-BTTBODJPOFTEFMQBDUP 
 $5PNBEFMKVSBNFOUPEFMQBDUP o
 *71FSQFUVBDJØOEFMQBDUP o
 "4BMWBHVBSEJBTQSFMJNJOBSFT 
 #1SPDFEJNJFOUPBDVTBEPS&MDBOUPEFUFTUJNPOJP 
 7.VFSUFEF.PJTÏT o
 "-BCFOEJDJØOEF.PJTÏT o
 #.VFSUFEF.PJTÏTZTVDFTJØOEF+PTVÏ 



&RPB%HDFRQB,BQYDBPHGLQGG 
4ĖĔĔĚŭğ "MPDVDJØOJOUSPEVDUPSJB
* 3FTF×B

%FVUFSPOPNJPo

"5*&.10:-6("3 
&TUBT TPO MBT QBMBCSBT P EJTDVSTPT RVF IBCMØ .PJTÏT B UPEP *TSBFM 

%FVUFSPOPNJPGVFQBSUJDVMBSNFOUFVOMJCSPQBSBMPTMBJDPT EFMBNJTNBNBOFSB
RVF-FWÓUJDPFSBVONBOVBMQBSBTBDFSEPUFTZMFWJUBT&TJNQSPCBCMFRVFUPEPFM
QVFCMPKVOUPQVEJFSBFTDVDIBSB.PJTÏT QFSPFTUBSÓBOQSFTFOUFTMPTSFQSFTFO
UBOUFTEFUPEBTMBTUSJCVT
"FTUFMBEPEFM+PSEÈOFTMJUFSBMNFOUFFCFS iFMDSVDFwPiWBMMFwEFM+PSEÈO
4FSFmFSFBMPTEPTMBEPT FMPSJFOUBM  
ZFMPDDJEFOUBM  

/PIBZOJOHVOBFYQSFTJØORVFJOEJRVFBDVÈMEFFMMPTTFSFGFSÓBQVFEFJOEJDBS
FMMBEPPQVFTUPBMRVFFTUBCBTJUVBEPFMFTDSJUPS&OFTFDBTP FMMFOHVBKFJOEJDBSÓB
RVFMPTWFSTÓDVMPTJOJDJBMFTTFFTDSJCJFSPOFOMBUJFSSBEF$BOBÈO DPNPVOBFY
QMJDBDJØOFEJUPSJBMEFMMVHBSEFTEFEPOEFTFQSPOVODJBSPOMPTEJTDVSTPT"EBN
$MBSLFTVHJFSFRVFFTBTQBMBCSBTCJFOQVEJFSPOIBCFSTJEPBHSFHBEBTQPS+PTVÏ
P&TESBT1FSPBMHVOPTFSVEJUPTTPTUJFOFORVFFCFS:PSEFOFTVOBEFTDSJQDJØO
UÏDOJDBEFMMBEPPSJFOUBMEFM+PSEÈO
-BQBMBCSBIFCSFBEFTJFSUPTJHOJmDBDVBMRVJFS[POBEFTIBCJUBEB ZOPOF
DFTBSJBNFOUF VO ZFSNP -B MMBOVSB EF "SBCÈ FT VO QSPGVOEP WBMMF RVF DPSSF
EFOPSUFBTVSEFMNBS.VFSUP-BJEFOUJmDBDJØOEFMPTPUSPTMVHBSFT1BSÈO 
5PGFM -BCÈO )B[FSPUZ%J[BIBCIBTJEPPCKFUPEFEJTDVTJØOFOUSFMPTEPDUPT
"MHVOPTMPTUPNBOQBSBJOEJDBSMBSVUBEF)PSFC  PUSPOPNCSFQBSB4JOBÓ

IBTUBMBGSPOUFSBEFMBUJFSSBEF$BOBÈO4JBTÓGVFSB MBSFGFSFODJBBFMMPTTFSÓB
BMBWF[IJTUØSJDBZESBNÈUJDBUBOUPDPNPHFPHSÈmDB-BEFQSFTJØOEFM"SBCÈ 
MVHBSEPOEFTFQSPOVODJBSPOFTBTQBMBCSBT DPOUJOVBCBIBTUBFMHPMGPEF"LBCB
NBS3PKPWÏBTFNBQB
ZBMPMBSHPEFTVMBEPPDDJEFOUBMFTUÈMBSVUBB4JOBÓ 
MVHBSEFMBQSJNFSBQSPDMBNBDJØOEFMBMFZ0USPQVOUPEFWJTUBFTRVFTFSFmFSF
BVOMVHBSMMBNBEP4QVI DG347
OPBMNBS3PKP ZBNTVQI
ZRVFMPTPUSPT
OPNCSFTQFSUFOFDFOBMVHBSFTRVFZBOPQVEJFSPOJEFOUJmDBSTF FO[POBTEFM
WBMMFEFM+PSEÈOFOPQPTJDJØOB#FUQFPSFOMBUJFSSBEF.PBC DG

&MFTDSJUPSBHSFHBVODPNFOUBSJPGFDVOEP0ODFKPSOBEBTIBZEFTEF)P
SFC DBNJOPEFMNPOUF4FJS MBSVUBPSJFOUBMPSJMMBOEPMBGSPOUFSBEF&EPN

IBTUB$BEFTCBSOFB 
`4PMPPODFKPSOBEBT QFSPMFTIBCÓBMMFWBEPNÈTEF


&RPB%HDFRQB,BQYDBPHGLQGG 
"MPDVDJØO*OUSPEVDUPSB -JCSP

B×PT`$VÈOUPTEFCFSÓBODPOEFOBSTFBFMMPTNJTNPTQPSMPTB×PTRVFIBOSFDP
SSJEPWBHBOEPFOFMEFTJFSUPFTQJSJUVBM DVBOEPQVEJFSPOIBCFSEJTGSVUBEPEFMB
QMFOJUVEEFMBCFOEJDJØOEFMBFOUFSBTBOUJmDBDJØO DG)F

$PNP+BDPC (O
+PTVÏ +PT
4BNVFM 4
%BWJE 3
Z
OVFTUSP4F×PS +VBO
.PJTÏTMFTEJPVOBFYIPSUBDJØOmOBMDVBOEPTV
WJEBDVMNJOBCB4VMJEFSB[HPUFSNJOØDPOVOBOPUBEFWJDUPSJBQPSMBEFSSPUBEF
4FIØO DG
Z0H DG

%FTQVÏT EF IBCFS JOEJDBEP DVJEBEPTBNFOUF FM UJFNQP Z FM MVHBS  TF OPT
JOGPSNBRVF.PJTÏTIBCMØBMPTIJKPTEF*TSBFMDPOGPSNFBUPEBTMBTDPTBTRVF
+FIPWÈMFIBCÓBNBOEBEP 
-BCBTFEFTVEJTDVSTPmOBMGVFMBSFWFMBDJØORVF
%JPTMFIBCÓBEBEP BVORVFBMHVOBTMFZFTTFNFODJPOBOQPSQSJNFSBWF[ZPUSBT
ZBIBCÓBOTJEPNPEJmDBEBT&TUBFSBFTFODJBMNFOUFTVÞMUJNBEJTFSUBDJØOTPCSF
MBMFZ QPSRVFFTFFTFMTFOUJEPEFMBQBMBCSBEFDMBSBS 

-BFYQSFTJØOIFCSFBUSBEVDJEBDPNPiMFZwFTUPSBIi&MWPDBCMPUPSBIQVFEF
SFGFSJSTFBVOBEJSFDDJØONPSBMPBVOBTFODJMMBFOTF×BO[BQBSUJDVMBS DPNPFO
1S AOPEFTQSFDJFTMBEJSFDDJØO UPSBI
EFUVNBESF5BNCJÏOTFBQMJDBBVO
DVFSQPEFQSFDFQUPTPFOTF×BO[BTSFMJHJPTBT UBMFTDPNPMBQPSDJØODFOUSBMEFM
MJCSP %U
"NFOVEPEFOPUBMBUPUBMJEBEEFMBTEPDUSJOBTZWJEBSFMJHJPTB
EF*TSBFM‰MB5PSBIEF.PJTÏTw-BMFZ 5PSBI
MMFHØBTFSQBSBMPTIFCSFPTFM
OPNCSFEFM1FOUBUFVDP &TE
ZBMHVOBTWFDFTEFMBUPUBMJEBEEFM"OUJHVP
5FTUBNFOUP 3P

#%&4%&)03&#"$"%&4#"3/&" 
&MQSJNFSEJTDVSTPFTQSJODJQBMNFOUFVOBSFWJTJØOIJTUØSJDBEFMPTQSPDFEJ
NJFOUPTEF%JPTDPO*TSBFM*OWFTUJHBDJPOFTSFDJFOUFTIBOQVFTUPEFNBOJmFT
UPRVFMBFTUSVDUVSBEF%FVUFSPOPNJPDPSSFTQPOEFTØMJEBNFOUFBMPTUSBUBEPT
FYUFOEJEPTFOUSFVOTPCFSBOPZTVTWBTBMMPTQPSMBTOBDJPOFTEFBRVFMMPTEÓBT
(FOFSBMNFOUFDPNFO[BCBODPOVOSFDJUBMIJTUØSJDPZMVFHPTFHVÓBMBMJTUBEF
MBTDPOEJDJPOFTRVFFTUBCMFDÓBOMPTUÏSNJOPTEFMQBDUP$PODMVÓBODPOFMQSP
OVODJBNJFOUPEFMBCFOEJDJØOTJFSBOmFMFTFOMBPCTFSWBODJBEFMPDPOWFOJEP 
ZEFVOBNBMEJDJØOFOFMDBTPEFJOmEFMJEBE WÏBTFMBJOUSPEVDDJØO1BUFSOJEBE
MJUFSBSJB
1PSMPUBOUP MBGPSNBFORVFFTUÈFTDSJUP%FVUFSPOPNJPFTVOBQSVF
CBEFTVBSNPOÓBZBOUJHàFEBE
-MBNBEPBQPTFFSMBUJFSSB 

-BSFWFMBDJØOMMBNBBMBPCSB*TSBFMOPUFOÓBRVFBDBNQBSJOEFmOJEBNFOUF
FO)PSFC&M4F×PSMMBNØBMBOBDJØOBQPTFFSMBUJFSSBEF$BOBÈO EFMBDVBMTF
EBDMBSBEFTDSJQDJØO 
-BDPNBSDBFTMBQBSUFOPSUFEF"SBCÈ FMWBMMFEFM+PS
EÈO DPODMVZFOEPFOFMNBS.VFSUP&MNPOUFFTMBDBEFOBDFOUSBM-PTWBMMFT
TPOMB4FGFMB BMQJFEFMBNPOUB×BFOUSFMBDBEFOBDFOUSBMZMBMMBOVSBNBSÓUJNB
-BDPTUBEFMNBSFTMBMMBOVSBRVFTFFYUJFOEFIBDJBFMJOUFSJPSEFTEFMBDPTUB


&RPB%HDFRQB,BQYDBPHGLQGG 
-JCSP "MPDVDJØO*OUSPEVDUPSB

EFM.FEJUFSSÈOFPBVOBEJTUBODJBRVFWBEFTEFBLJMØNFUSPT&MTVSFTFM
/FHVFW FMEJTUSJUPEFMBFTUFQBÈSJEBBMTVSEF+VEÈ-BDBEFOBEFNPOUB×BTEFM
-ÓCBOPQPSFMOPSUFZFM²VGSBUFTBMFTUFTPOMPTMÓNJUFTOBUVSBMFTJEFBMFT
%PT QVFCMPT NBZPSFT TF JEFOUJmDBO DPO MB UJFSSB &MBNPSSFP P "OVSSV 
QPEFSPTBOBDJØORVFQFOFUSØFOMB1BMFTUJOBEFTEFFMOPSUFZTFFTUBCMFDJØFO
MB[POBNPOUB×PTB&MDBOBOFP RVFPDVQBCBMBMMBOVSB FSBQSPCBCMFNFOUFEF
FTUJSQFGFOJDJB
&MWFSTÓDVMPJOUSPEVDFVOUFNBRVFTFQSFTFOUBBUSBWÏTEFMMJCSP:PPT
IFFOUSFHBEPMBUJFSSBFOUSBEZQPTFFEMBUJFSSBRVF+FIPWÈKVSØBWVFTUSPT
QBESFTRVFMBTEBSÓBBFMMPTZBTVEFTDFOEFODJB&SBVOEPOEJWJOPQBSBTFS
QPTFÓEPQPSGFFOMBQSPNFTBEJWJOBRVFTJHVFFTUBOEPFOWJHFODJBQBSBUPEBT
MBTHFOFSBDJPOFTEFDSFZFOUFT
/PNCSBNJFOUPEFHPCFSOBEPSFTBZVEBOUFT 

&MBVNFOUPUJFOFTVTQSPCMFNBT`0KBMÈUPEPTOVFTUSPTQSPCMFNBTGVFSBOEF
FTBDMBTF-BQSPNFTBEF%JPTB"CSBIBNEFRVFTVTJNJFOUFTFSÓBUBOOVNFSP
TBDPNPMBTFTUSFMMBT 
FOFMmSNBNFOUPTFFTUBCBDVNQMJFOEP DG
&O
FMWFSTÓDVMP.PJTÏTTFSFmFSFBMBEJmDVMUBEEFHPCFSOBSTFNFKBOUFNVMUJUVE
$BSHBT Z NPMFTUJBT QSPCBCMFNFOUF TFBO VOB SFGFSFODJB B MBT SFTQPOTBCJMJEB
EFTEFMMJEFSB[HP ZQMFJUPTBMBTEJTQVUBTFOUSFHSVQPTFJOEJWJEVPT/PUBSEØ
NVDIP.PJTÏTFODPNQSFOEFSRVFOFDFTJUBCBBZVEB&MDPOTFKPIBCÓBQBSUJEP
EF+FUSP TVTVFHSP DG
QFSPFTQPTJCMFRVFZBIVCJFTFQFOTBEPFO
VOB TPMVDJØO EF FTF UJQP -B BEPQUØ Z MB QSPQVTP B MBT USJCVT 1SJNFSBNFOUF
QBSUJDVMBSJ[Ø MBT DBMJmDBDJPOFT QBSB TFS MÓEFSFT iWBSPOFT TBCJPT  FYUFOEJEPT Z
FYQFSUPTw  347Z7BMFSB
.PJTÏTMFDPODFEJØBMQVFCMPVOBPQPSUVOJEBE
EFRVFQSFTFOUBSBODBOEJEBUPTRVFMFTGVFSBOBDFQUBCMFTZMPTEFTJHOØQBSBFTB
UBSFB&OFM/VFWP5FTUBNFOUPFODPOUSBNPTVONÏUPEPTJNJMBSQBSBMBFMFDDJØO
EFMPTQSJNFSPTEJÈDPOPT )DI

"MPTIPNCSFTEFTJHOBEPTTFMPTEFTDSJCFDPNPQSJODJQBMFT  SBTIJN

DBCF[BT 7FSTJØO.PEFSOB 1SBUU
DBVEJMMPT TBSJN
 7.
ZHPCFSOBEPSFT
TIPUFSJN
 iNBHJTUSBEPTw7.
&TUPTÞMUJNPTFSBOMPTRVFIBDÓBODVNQMJSMBT
ØSEFOFTFNBOBEBTEFVOTVQFSJPS PCJFODSPOJTUBT-BQBMBCSBKVFDFT EFMWFS
TÓDVMP QBSFDFIBDFSSFGFSFODJBB HPCFSOBEPSFTDPODBQBDJEBEKVEJDJBM-B
FRVJEBEZMBDPNQBTJØODBSBDUFSÓTUJDBTEF%FVUFSPOPNJPEFCÓBOEFNPTUSBSTF
KV[HBOEPKVTUBNFOUF-BPSEFOGVF/PIBHÈJTEJTUJODJØOEFQFSTPOBTFOFM
KVJDJPEFCÓBOTFSJNQBSDJBMFTZFTDVDIBSBMQFRVF×PDPNPBMHSBOEF 
BM
IFSNBOPJTSBFMJUB Z BM FYUSBOKFSP 
 /P UFOÓBO RVF UFNFS B MPT IPNCSFT 
QPSRVFFSBOSFQSFTFOUBOUFTEF%JPT 
.PJTÏTMFTJNQBSUJØEJSFDUJWBT 
Z
RVFEØDPNPBVUPSJEBEÞMUJNB 

"RVÓUFOFNPTEJSFDUJWBTQBSBFMi-JEFSB[HPEFMBJHMFTJBw 
3FTQPOTBCJ


&RPB%HDFRQB,BQYDBPHGLQGG 
"MPDVDJØO*OUSPEVDUPSB -JCSP

MJEBEEFMMJEFSB[HP  
1BSUJDJQBDJØOZDVBMJEBEFTEFMPTMÓEFSFT   

%FTFNQF×PEFMMÓEFS 
&YQMPSBDJØOEFMBUJFSSB 

&OFMWFSTÓDVMPUFOFNPTSFTVNJEPTMPTSFDVFSEPTESBNÈUJDPT-BTHVF
SSBTSFDJFOUFTFOUSF*TSBFMZMPTÈSBCFTIBONPTUSBEPDVÈODSVFMFTTPOMPTDBMPSFT
ZMBEFTPMBDJØOEFMHSBOEFZUFSSJCMFEFTJFSUP MBQFOÓOTVMBEF4JOBÓ1FSPFO
MPTEÓBTBMPTRVFTFSFmFSF.PJTÏT MBOBDJØOFTUBCBFONBSDIBIBDJBVOBUJFSSB
RVFnVÓBMFDIFZNJFM&TJNQPTJCMFVCJDBS$BEFTCBSOFBDPOQSFDJTJØO QFSP
TBCFNPTRVFFTUBCBDFSDBEFMMÓNJUFTVSEF$BOBÈO WÏBTFFMNBQB

.PJTÏTIBCMØDPOBQFHPBMBSFBMJEBE QFSPDPOGF‰MPRVFFTVOBCVFOB
DPNCJOBDJØO$POTJEFSØFMNPOUFEFMBNPSSFP 
QFSPWJPMBUJFSSBDPNPVO
EPOZBMBWF[VOBQFSUFOFODJB&YIPSUØBMPTJTSBFMJUBTTVCFZUPNBQPTFTJØO
EF FMMB OP UFNBT OJ EFTNBZFT 
 5PNBS QPTFTJØO ZBSBTI
 RVJFSF EFDJS
iFOUSBSBUPNBSVOBUJFSSBPQSPQJFEBEFYQVMTBOEPPSFFNQMB[BOEPMPTBOUJHVPT
PDVQBOUFTQPSNFEJPEFMBDPORVJTUBPQPSIFSFODJB&OFMMJCSPEF%FVUFSPOP
NJPFTUPPDVSSFOPNFOPTEFWFDFTw
&OFMWFSTÓDVMPFODPOUSBNPTVOBOVFWBQFOFUSBDJØOFOMBFYQMPSBDJØO
EFMBUJFSSBQPSMPTFTQÓBT&O/ÞNFSPT %JPTMFEJDFB.PJTÏTRVFFOWÓF
IPNCSFTQBSBRVFSFDPOP[DBOMBUJFSSB-PTSBCJOPTKVEÓPTJOTJTUFOFORVFBRVÓ
TFVTBFMUÏSNJOPMFLB iFOWÓBQPSUVDVFOUBwMPRVFEFCFJOUFSQSFUBSTFDPNPiTJ
RVJFSFTFOWJBSFTQÓBT IB[MPw&OPUSBTQBMBCSBT %JPTMPQFSNJUFTJOBQSPCBSMP
&TUPQVFEFTFSVOBJOEJDBDJØOEFRVFMBJOJDJBUJWBQBSUJØEFMQVFCMP DPNPTF
FYQSFTBBRVÓDPODMBSJEBE.PJTÏTMPBQSPCØ 
DPOmBOEPFORVFMBUJFSSBQB
TBSÓBMBJOTQFDDJØO 
&TEFOPUBSDØNPTFQSFPDVQØEFRVFDBEBUSJCVUVWJFSB
TVSFQSFTFOUBOUFFOMBJOWFTUJHBDJØO-PTFTQÓBTMFQVTJFSPOOPNCSFBMWBMMFEF
&TDPM&TUBCBDFSDBEF)FCSØO WÏBTFNBQB
"MSFHSFTP FTUPTQSFTFOUBSPO
VOFYDFMFOUFDPNJFO[P.PTUSBSPOFMGSVUPEFMQBÓTZEJFSPOUFTUJNPOJPEFTV
CPOEBE 
1FSPGSBDBTBSPOUSJTUFNFOUFDVBOEPTFEFTMJ[BSPOQPSFMMFOHVBKF
EFMBJODSFEVMJEBE
-BOFHBUJWBBFOUSBS 

-BOFHBDJØOEFMQVFCMPBQPTFFSMBUJFSSBTFEFDMBSBDPOWJHPSZTFDPOEFOB
FOUPOPTVNBNFOUFFOGÈUJDP1SJNFSP OPRVJTJFSPOTVCJS 
TFHVOEP NVS
NVSBSPOFOTVTUJFOEBT 
4FRVFEBSPOFOTVDBTBZTFOFHBSPOBGPSNBSTF
QBSB DPOUJOVBS MB NBSDIB :  mOBMNFOUF  DVMQBSPO B %JPT EF BCPSSFDFSMPT :
UPEPTVDFEJØQPSRVFMPTJOGPSNBOUFTNBHOJmDBSPOMPTPCTUÈDVMPTZNFOPTQSF
DJBSPO MBT QPTJCJMJEBEFT 
 1BSB DPNFOUBSJP TPCSF MPT IJKPT EF "OBD 

DG&TWFSEBERVFMBTDJVEBEFTFSBOHSBOEFTZBNVSBMMBEBT QFSP%JPT
QPEÓBEFSSJCBSMBT‰DPNPFOSFBMJEBEMPIJ[PNÈTUBSEFDPO+FSJDØ +PT

&M DBOBOFP FSB NBZPS Z NÈT BMUP RVF FMMPT QFSP  DPSSFDUBNFOUF MFT SFDPSEØ


&RPB%HDFRQB,BQYDBPHGLQGG 
-JCSP "MPDVDJØO*OUSPEVDUPSB

.PJTÏTRVF+FIPWÈZBMPTIBCÓBMJCSBEPEF&HJQUP VOBOBDJØONVDIPNBZPS
RVFDVBMRVJFSBEFMBTEF$BOBÈO ZRVF%JPTJCBEFMBOUFEFFMMPTZQFMFBSÓBQPS
*TSBFM 

&OSÏQMJDBBMBBCTVSEBBDVTBDJØOEFRVFFM4F×PSMPTBCPSSFDÓB .PJTÏTMFT
IBCMBUJFSOBNFOUFEFMDVJEBEPQBUFSOBMEFM4F×PSFOFMEFTJFSUP 
-FTIBDFS
WFSRVF%JPTJCBEFMBOUFEFFMMPTDPNPVOQBTUPS QBSBFODPOUSBSMFTVOMVHBS
EPOEFQVEJFSBOBDBNQBSDPODFEJÏOEPMFTTVQSFTFODJBOPDIFZEÓB 

+VJDJPEFM4F×PS 

&M4F×PSTFEJTHVTUØHSBOEFNFOUFDPOMPTJTSBFMJUBTQPSIBCFSTFOFHBEPB
FOUSBSBMBUJFSSBQSPNFUJEB UBMDPNPIBCÓBPDVSSJEPDVBOEPFMMPTTFIJDJFSPOFM
CFDFSSPEFPSP DG/N
&MSFDIB[PEFMJCFSBEPBSFDJCJSMBTCFOEJDJP
OFTEF%JPTQVFEFTFSUBOEFTBTUSPTPDPNPMBUSBOTHSFTJØOQPTJUJWB
-BJSSFWPDBCMFTFOUFODJBMMFHØ/PWFSÈIPNCSFBMHVOPEFFTUPT EFFTUB
NBMBHFOFSBDJØO MBCVFOBUJFSSB 
1PEFNPTQPOFSFOQFMJHSPOVFTUSBVUJ
MJEBEZGFMJDJEBEGVUVSBTFOVONPNFOUPEFJODSFEVMJEBEZSFCFMEÓB&MQVFCMP
TFEFTIFSFEØBTÓNJTNPZRVFEØGVFSBEFMQSPQØTJUPEJWJOPEVSBOUFVOBHF
OFSBDJØOFOUFSB4JOFNCBSHP IVCPFYDFQDJPOFT$BMFCZ+PTVÏTFMFWBOUBSPO
DPOUSBFMNPWJNJFOUPEFSFCFMJØOBVOQFMJHSBOEPTVTWJEBT /N
1PS
FTUBDBVTB RVFEBSPOFYDMVJEPTQPSFM4F×PSEFMBTFOUFODJBRVFDBZØTPCSFMPT
SFCFMEFT  RVJFO MFT DPODFEJØ VO MVHBS FO MB UJFSSB " $BMFC TF MP NFODJPOB
QSJNFSP {2VÏ SFDPNFOEBDJØO NBZPS QBSB VO IPNCSF RVF MB RVF SFDJCJØ ÏM 
QPSRVFIBTFHVJEPmFMNFOUFB+FIPWÈ  
i4PMBNFOUFIPNCSFTDPNP+PTVÏ
Z$BMFCRVFDPOGÓBOFOMPRVF%JPTEJDFZRVFTBCFORVFDPOUSBFMMPTOPIBZ
GVFS[BRVFQVFEBQSFWBMFDFSTPOMPTRVFTJHVFOBCTPMVUBNFOUFBM4F×PSZSFDJCFO
MBMPOHJUVE MBBODIVSB MBQSPGVOEJEBEZMBBMUVSBEFMBTBMWBDJØOEF%JPTw
$BMFCPCUVWPQBSBTVEFTDFOEFODJBMBQPSDJØOEFUJFSSBRVFIBCÓBJOTQFD
DJPOBEP DG+PT 
+PTVÏ 
SFDJCJØFMQSJWJMFHJPEFDPOEVDJSUPEB
MB TFHVOEB HFOFSBDJØO B MB UJFSSB QSPNFUJEB -P RVF IBDFNPT BGFDUB B PUSPT
UBOUPDPNPBOPTPUSPTNJTNPT
)BZVOBOPUBEFUSBHFEJBQFSTPOBMFOFTUFEJTDVSTPEF.PJTÏT5BNCJÏO
DPOUSBNÓTFBJSØ+FIPWÈQPSWPTPUSPT 
i.ÈTCJFO QPSDBVTBEFWPTPUSPT
-B QBMBCSB IFCSFB HBMBM
 WJFOF EF VOB SBÓ[ RVF TJHOJmDB HJSBS  Z SFQSFTFOUB
QSJODJQBMNFOUF VO HJSP EF MPT BDPOUFDJNJFOUPT  VOB DJSDVOTUBODJB  PDBTJØO P
SB[ØOw
-B TFOUFODJB RVF %JPT EFUFSNJOØ TPCSF FTF QVFCMP SFCFMEF MF SFDPSEØ B
.PJTÏTTVQSPQJBFYDMVTJØO FOMBRVFÏMNJTNPIBCÓBJODVSSJEPFO$BEFTWBSJPT
B×PTEFTQVÏT1SPWPDBEPQPSMBTRVFKBTEFMBHFOUF TFIBCÓBDPNQPSUBEPEFNB
OFSBUBMRVFIBCÓBEFTBHSBEBEPBM4F×PS4FEFTDSJCFTVGBMUBDPNPJODSFEVMJEBE 
SFTVMUBOEPFOFMGSBDBTPEFTBOUJmDBSBM4F×PS /N
RVFCSBOUBOEPMB


&RPB%HDFRQB,BQYDBPHGLQGG 
"MPDVDJØO*OUSPEVDUPSB -JCSP

GFFOFM4F×PSZOPSFWFSFODJÈOEPMPDPNPTBOUP %U 347


FOVOFTQÓ
SJUVBNBSHBEPZQBMBCSBTÈTQFSBT 4BM 347
&OVOTFOUJEPWFSEBEFSP
FTUFFSBVOTVGSJNJFOUPWJDBSJP QPSRVFTJ.PJTÏTOPTFIVCJFSBJEFOUJmDBEPEF
VOBNBOFSBUBODPNQMFUBDPOFMQVFCMP IBCSÓBDPOTFOUJEPFOTVEFTUSVDDJØO
ZIBCSÓBTJEPQBESFEFPUSBOBDJØO ²Y/N
i&MMPTMPIJDJFSPO
FOPKBSFOMBTBHVBTEFMBSFODJMMB EFNPEPRVFQPSDBVTBEFFMMPT MFGVFNBMB
.PJTÏTQPSRVFIJDJFSPOSFCFMBSBTVFTQÓSJUV ZMFIBCMØQSFDJQJUBEBNFOUFDPO
TVTMBCJPTw 4BM

6OBJOEJDBDJØOEFMBFTUBUVSBNPSBMEF.PJTÏTQVFEFWFSTFDVBOEP%JPTMF
FODPNFOEØMBUBSFBEFBOJNBSBTVKPWFOBZVEBOUF +PTVÏ BSFBMJ[BSFMUSBCBKP
RVFMFFTUBCBWFEBEPBÏM&MBNPSEF.PJTÏTQPSTVSFCB×PFSBUBOHSBOEFRVF
FTUVWPEJTQVFTUPBFNQSFOEFSMBUBSFBEFQSFQBSBSBMIPNCSFQBSBDPOEVDJSMPT
BMBUJFSSBRVFBÏMMFFTUBCBQSPIJCJEB`/PFTFYUSB×PRVFTFBVOTÓNCPMPEFM
.FTÓBT $G)DI

:WVFTUSPTOJ×PT EFMPTDVBMFTEJKJTUFJTRVFTFSWJSÓBOEFCPUÓOFMMPTFO
USBSÈOBMMÈ 
%JPTFTUÈTJFNQSFNÈTQSFPDVQBEPQPSFMCJFOFTUBSEFOVFTUSPT
IJKPTRVFOPTPUSPT'SFDVFOUFNFOUFQVFEFQBSFDFSRVFFMBOEBSFOTVTDBNJOPT
MFTJNQPOFEVSF[BT QFSPTJFNQSFFTMPNFKPSQBSBFMMPTZQBSBOPTPUSPT/PUF
NPTMBJOEVMHFODJBEF%JPTQBSBRVJFOFTOPTPONPSBMNFOUFSFTQPOTBCMFT-B
FYQSFTJØOIFCSFBWVFTUSPTOJ×PT UBQQJN
TFSFmFSFBBRVFMMPTRVFFTUÈOEBOEP
TVTQSJNFSPTQBTJUPT-PTQFRVF×PTFSBOJODBQBDFTEFUPNBSVOBEFDJTJØODP
SSFDUBTPCSFFMBTVOUP"VOMPTKØWFOFTEFB×PTFODPOUSBSÓBOEJGÓDJMEJTDFSOJS
FMBTQFDUPNPSBMJNQMJDBEPFOMBOFHBUJWBDVBOEPUPEPT BFYDFQDJØOEF.PJTÏT 
"BSØO +PTVÏZ$BMFC SFIVTBSPOVOÈOJNFNFOUFFOUSBSFOMBUJFSSB
&OFTUFQBTBKFFTEFEFTUBDBSMBTPMJEBSJEBEEFMBOBDJØO.PJTÏTTFFTUBCBEJ
SJHJFOEPFOFTQFDJBMBMPTEFTDFOEJFOUFTEFMPTQSJODJQBMFTBDUPSFTEFBRVFMESBNB
EFSFCFMJØOQFSPTFMPTUSBUBDPNPQBSUFEFMBOBDJØORVFIBCÓBQBTBEPQPSBRVF
MMBTFYQFSJFODJBT-PTRVFDPOUBCBOFOBRVFMFOUPODFTDPONÈTEFB×PT ZBVO
NFOPSFT SFDPSEBSÓBOBMHVOBTFTDFOBTQFSTPOBMFTEFBRVFMMPTBDPOUFDJNJFOUPT
&MQSFDJPEFMBQSFTVODJØO 

&TDBSBDUFSÓTUJDPEFMBOBUVSBMF[BIVNBOB FTQFDJBMNFOUFEFMBDBÓEB FMOP
BQSFDJBSMPCVFOPIBTUBRVFTFMPQJFSEF&TUPEFCFTFSVOPEFMPTQSJODJQBMFT
UPSNFOUPTEFMJOmFSOP$VBOEPTFMFTEJKPBMPTJTSBFMJUBTRVFOPEFCÓBOIBDFS
FYBDUBNFOUFMPNJTNPRVFBOUFSJPSNFOUFTFIBCÓBOOFHBEPBSFBMJ[BS EFJONF
EJBUPEFDJEJFSPOFGFDUVBSMP1SPCBCMFNFOUFFTPGVFVOBUFSSJCMFBDDJØO QPSRVF
OPIBCÓBPUSBBMUFSOBUJWBQBSBBRVFMMPTB×PTEFFYQFSJFODJBFOiBRVFMHSBOEF
ZUFSSJCMFEFTJFSUPw 
$VBMRVJFSDPTBFSBNFKPSRVFFTP
&O MB BDUJUVE EF MB HFOUF IBZ UBNCJÏO VO FMFNFOUP EF EFTQSFPDVQBDJØO
NPSBMi"NFOVEPJOUFOUBNPTDPNQFOTBSOVFTUSBGBMMBNPSBMEFOPIBDFSMP


&RPB%HDFRQB,BQYDBPHGLQGG 
-JCSP "MPDVDJØO*OUSPEVDUPSB

EFCJEPFOFMNPNFOUPPQPSUVOPDPOVOMJWJBOPJOUFOUPEFIBDFSBIPSB FOFM
UJFNQPJOPQPSUVOP MPRVFEFCJNPTIBDFSZOPIJDJNPTw
*OTJTUJSFOIBDFSMPCVFOPFOFMNPNFOUPJOEFCJEPFTVOBDUPEFSFCFMJØO
UBOUPDPNPMPGVFFMIBDFSMPNBMPDVBOEPEFCJNPTPCFEFDFS 
"QFTBSEF
MBBNPOFTUBDJØOEFM4F×PSEFRVFÏMOPFTUBCBFOUSFFMMPT 
EFDJEJFSPOTVCJS
$POBMUJWF[FTVOBUFSNJOPMPHÓBNVZFOÏSHJDBFOMBMFOHVBPSJHJOBM&RVJWBMF
B iBDUVBS DPO JOTPMFODJB  DPO GFSPDJEBE  DPO NBMEBEw &M SFTVMUBEP OP QPEÓB
TFSPUSP-PTBNPSSFPTMPTQFSTJHVJFSPODPNPIBDFOMBTBWJTQBT 
&O/Þ
NFSPTTFNFODJPOBOFMBNBMFDJUBZFMDBOBOFP&TUPOPTNVFTUSBRVF
TFFNQMFBOMPTHFOUJMJDJPTBNPSSFPZDBOBOFPBMUFSOBUJWBNFOUF-PTBNBMFDJUBT
FOTFHVJEB BQSPWFDIBSPO MB PQPSUVOJEBE EF MB WJDUPSJB DG 
 )PSNB
iEFTUSVDDJØOw
FTUBCBFOFMFYUSFNPTVS QSPCBCMFNFOUFBMHPNÈTBMOPSUFRVF
$BEFTCBSOFB WÏBTFNBQB
-PTQFSTJHVJFSPODBTJIBTUBFMDBNQBNFOUP`/P
OPTFYUSB×FRVFIBZBOMMPSBEP1FSP BQBSFOUFNFOUFFSBNÈTEFSFNPSEJNJFOUP
RVFEFBSSFQFOUJNJFOUP QPSRVF+FIPWÈOPFTDVDIØTVWP[ 

&MWFSTÓDVMPFTVONPEJTNPTFNÓUJDP FNQMFBEPBNFOVEPQPSVOFT
DSJUPS RVF OP QVFEF P OP UJFOF MB PQPSUVOJEBE EF IBCMBS FYQMÓDJUBNFOUF :
FTUVWJTUFJTFO$BEFTQPSNVDIPTEÓBT MPTEÓBTRVFIBCÏJTFTUBEPBMMÓ
&OMBIJTUPSJBEF*TSBFMWFNPTRVFFO$BEFTCBSOFBiMBPCFEJFODJBTJHOJmDB
QSPHSFTPw-BJEFBDMBWFFTUÈFOFM 
-BEFTPCFEJFODJBMFTUSBKPQPTUFSHB
DJØO B×PTEFGSVTUSBDJØOFJOVUJMJEBE-BPCFEJFODJBMPTIBCSÓBDPOEVDJEP
BMBUJFSSBQSPNFUJEBFOEÓBT   
-BEFTPCFEJFODJBTJFNQSFQSP
EVDFBDUJWJEBEBHPCJBOUF TJOEFTDBOTPZTJOQSPHSFTP  FUD 
&M
SFTVMUBEPEFMBPCFEJFODJBFTTFOUJSRVFTFFTUÈFOMBEJSFDDJØODPSSFDUBIBDJBFM
DVNQMJNJFOUP  (#8JMMJBNTPO

$130$&%*.*&/504$0/&%0. .0"#:".»/ 
.PJTÏTWVFMWFEFMBEFTDSJQDJØOEFMBSFCFMJØOEF$BEFTCBSOFBZTVUSÈHJ
DPSFTVMUBEPIBTUBFMNPNFOUPQSFWJPBFTUFEJTDVSTP"QBSFDFBQFOBTVOBCSFWF
SFGFSFODJBBMPTMBSHPTB×PTRVFQBTBSPOFOFMEFTJFSUPFOMBSFHJØOEF$BEFT
CBSOFBZFMNPOUF4FJS
"OUFTEFSFGFSJSTFBMBTWJDUPSJBTPCUFOJEBTTPCSF4FIØOZ0H .PJTÏTTFSF
mFSFBMPTUSBUPTEFMPTJTSBFMJUBTDPOBRVFMMPTRVFFTUBCBOWJODVMBEPTBFMMPTQPS
MB[PTEFTBOHSFi-BBNJTUBENPTUSBEBB.PBC &EPNZ"NØODPNPAIFSNB
OPT FTDBSBDUFSÓTUJDBEFMPTUJFNQPTZUFTUJNPOJPEFMDBSÈDUFSDPOUFNQPSÈOFP
EFMBOBSSBDJØO&OMPTEÓBTEFMSFJOPEJPMVHBSBDPOTUBOUFTHVFSSBTZQSPGFDÓBT
EFMVDIBTDSVFOUBTw
&EPN B

%FTQVÏTEFNVDIPUJFNQP 
FO$BEFTCBSOFB 
MPTJTSBFMJUBTNBS
DIBSPOFOEJSFDDJØOTVEFTUFBMPMBSHPEFMBGSPOUFSBEF&EPNIBDJBFM.BS


&RPB%HDFRQB,BQYDBPHGLQGG 
"MPDVDJØO*OUSPEVDUPSB -JCSP

3PKP (PMGP EF "LBCB


 'VF FO FTUB SFHJØO EPOEF QSJODJQBMNFOUF USBOTDV
SSJFSPOMPTB×PT DPOBMHVOBRVFPUSBWJTJUBB$BEFTCBSOFB DG
4FHÞO
FM SFMBUP EF /ÞNFSPT   QBSFDF RVF FO VOP EF MPT WJBKFT B FTUF MVHBS 
*TSBFMTPMJDJUØQFSNJTPQBSBQBTBSQPSFMUFSSJUPSJPEF&EPN$VBOEPTFMFOFHØ
FTUF QFSNJTP  BDPNQB×BEP EF BNFOB[BT EF HVFSSB  FMMPT FWJUBSPO MB GSPOUFSB
EF&EPNZUPNBSPOMBEJSFDDJØOTVSIBDJBFMNBS3PKP HPMGPEF"LBCB /N

%FBRVÓ TFHÞOFMSFMBUPRVFFTUÈBOUFOPTPUSPT %JPTMFTNBOEØ7PMWFPT
BMOPSUF 
QBTBOEPQPSMBQBSUFPSJFOUBMEFMBUJFSSBEF&EPN 

&MMPTOPEFCÓBOBOFYBSOJOHÞOUFSSJUPSJP QPSRVFFM4F×PSIBCÓBDPODFEJEP
FTUB[POBQPSIFSFEBEBMPTEFTDFOEJFOUFTEF&TBÞ FMIFSNBOPEF+BDPC 

-PTJTSBFMJUBTEFCÓBOUPNBSQPTFTJØOTPMPEFMQBÓTRVFFM4F×PSMFTBTJHOBCBOP
EFCÓBOTFSNFSBNFOUFVOBOBDJØOEFDPORVJTUBEPSFT4FMFTSFDPNFOEØ$PN
QSBSÏJTMBDPNJEBPCFCJEBOFDFTBSJBT 
+FIPWÈ RVJFOMFTEBCBFTUFNBOEB
UP MPTDBQBDJUBCBQBSBDVNQMJSMP CFOEJDJÏOEPMPTBVOFOTVQFSFHSJOBKFQPSFM
EFTJFSUP"VOMBTFHVOEBCFOEJDJØOEF%JPTFTNÈTQSØTQFSBRVFMPNFKPSRVF
QVFEBEBSFMNVOEP
:OPTBMFKBNPTEFMPTIJKPTEF&TBÞEFTEF&MBUZ&[JØOHFCFS 
0
BNCPTOPNCSFTDPSSFTQPOEFOBVONJTNPMVHBSPTFUSBUBEF[POBTWFDJOBTEFM
FYUSFNPTFQUFOUSJPOBMEFMHPMGPEF"LBCB WÏBTFNBQB
%BMBJNQSFTJØOEF
RVF*TSBFMTFNBOUVWPFOMPTMÓNJUFTEFMUFSSJUPSJPFEPNJUB-BTGSPOUFSBTPSJFO
UBMFTOPFTUBCBOUBOCJFOEFmOJEBTDPNPMBTPDDJEFOUBMFTZOPTFMBTEFGFOEÓB
DPOUBOUBGBDJMJEBE
.PBC C

&M4F×PSEJPQSFDJTBNFOUFMBTNJTNBTJOTUSVDDJPOFTFODVBOUPB.PBCRVF
MBTRVFIBCÓBPSEFOBEPTPCSF&EPN
4FJODMVZFMBNBZPSQBSUFEFFTUFQÈSSBGPDPOVOBOPUBIJTUØSJDBDPODFS
OJFOUFBMPTQSJNFSPTIBCJUBOUFTEF"S 
MBDJVEBEQSJODJQBM5BMWF[MBJOGPS
NBDJØOTFBHSFHØNÈTUBSEFDPNPVOBOPUBFYQMJDBUJWB EFTQVÏTEFRVF*TSBFMTF
FTUBCMFDJØFOMBUJFSSB DGC
-BQBMBCSBIFCSFBRVFTFVTBQPSHJHBOUFT 

FTSFQIBJN 347
&TUPTFSBOVOBSB[BPSJHJOBSJBEFMBTSFHJPOFTIBCJUBEBTEFMB
1BMFTUJOB3FDJCJFSPOEJTUJOUPTOPNCSFT TFHÞOMBTMPDBMJEBEFTEPOEFSFTJEÓBO
&MUÏSNJOPFNJUBT 
QVFEFEFSJWBSTFEFFNBI iUFSSPSw-PTIJKPTEF"OBD
FSBOOPUBCMFTQPSTVFMFWBEBFTUBUVSB"OBDQVFEFTJHOJmDBSiEFDVFMMPMBSHPw
&MSFMBUPDPOUJOÞBDPOVOBSFGFSFODJBBMBEFTUSVDDJØOEFMPTQSJNFSPTIB
CJUBOUFTEF&EPNEFMNPOUF4FJS WÏBTFNBQB
BNBOPEFMPTFEPNJUBT
)BZEPTDSJUFSJPTTPCSFMPTIPSFPTVOPFTRVFNPSBCBOFODVFWBT QPTJCMFTJH
OJmDBEPEFIPSJN DG*T MVHBSFORVFTFUSBEVDFFMUÏSNJOPiDBWFSOBTw

0USP DSJUFSJP SFDJFOUF EJDF RVF GVFSPO MPT QPEFSPTPT Z DJWJMJ[BEPT IVSSJBOPT
BMHVOPTEFMPTDVBMFTTFFTUBCMFDJFSPOFO1BMFTUJOB


&RPB%HDFRQB,BQYDBPHGLQGG 
-JCSP "MPDVDJØO*OUSPEVDUPSB

&OFMGPOEPEFFTUBTSFGFSFODJBTUFOFNPTMBmMPTPGÓBEFMBTPCFSBOÓBEJWJOB
FOMBIJTUPSJBIVNBOB&ONFEJPEFMPTDPOnJDUPTEFQVFCMPTZOBDJPOFT TPCSF
QBTBOEPMPTNPUJWPTZFMQSPDFEFSEFMPTIPNCSFT %JPTMMFWBBEFMBOUFTVQSP
QØTJUP-BCBUBMMBOPTJFNQSFFTEFMPTGVFSUFT)BZPUSPGBDUPSFOMBIJTUPSJB
-FWBOUBPTBIPSB ZQBTBEFMBSSPZPEF;FSFE 
&MBSSPZPEF;FSFEFT
VOUPSSFOUFNPOUB×PTP TFDPMBNBZPSQBSUFEFMUJFNQP QFSPRVFTFMMFOBFO
MBUFNQPSBEBEFMMVWJBT$PSSFBMTVEFTUFEFMNBS.VFSUPZGPSNBMBGSPOUFSB
FOUSF&EPNZ.PBC WÏBTFNBQB
&O/ÞNFSPTTFOPTEJDFRVFMPT
JTSBFMJUBTBDBNQBSPOFOFTUFWBMMF"MMÓSFDJCJFSPOMBPSEFOMFWBOUBPT 
'VF
VOBFUBQBEFmOJEBEFTVWJBKFBMPMBSHPEFMBTGSPOUFSBTEF&EPNZ.PBCFO
EJSFDDJØOB"NØO
&MQFSÓPEPEFTEFMBQBSUJEBEF$BEFTCBSOFB 
IBTUBFMDSVDFEF;FSFE
TFDPNQVUBFOUSFJOUBZPDIPB×PT%JPTUVWPRVFFTQFSBSIBTUBRVFTFRVJUBSPO
BMPTRVFFTUBCBOFOFMDBNJOP
"NØO 

-PT BNPOJUBT 
 PDVQBCBO FM UFSSJUPSJP FOUSF MPT SÓPT "SOØO Z +BCPD
WÏBTFNBQB
BMPFTUFEFMQBÓTEFMPTSFZFTBNPSSFPT4FIØOZ0H$PNPMPT
JTSBFMJUBTNBSDIBCBOBMPMBSHPEFMBGSPOUFSBPSJFOUBMEF.PBC RVJ[ÈDSV[ÈO
EPMBDFSDBEF"S iQPESÓBOBQSPYJNBSTFBMPTMÓNJUFTEFMPTIJKPTEF"NØOw  
347
 1PS FTP UFOFNPT MB BNPOFTUBDJØO EF RVF OP EFCÓB BOFYBSTF OJOHVOB
QBSUFEFFTFUFSSJUPSJP4FEFCÓBUSBUBSBMPTBNPOJUBTDPNPIFSNBOPT MPNJTNP
RVFBMPTEF&EPNZ.PBC
-PTIBCJUBOUFTPSJHJOBMFTEF"NØOUBNCJÏOIBCÓBOTJEPiSFGBÓNw 347
Z
FMMPTMPTEFOPNJOBCBO[PN[PNFPT 
i4FIBSFMBDJPOBEPFTUFOPNCSFDPO
MBQBMBCSBÈSBCF;BN[BNBI ATPOJEPEJTUBOUFZDPOGVTP ZDPO[J[JN FMTPOJEP
EFMKJO RVFTFFTDVDIBCBFOFMEFTJFSUPEVSBOUFMBOPDIF&MUÏSNJOPQVFEFUSB
EVDJSTFDPNPATVTVSSBEPSFT ANVSNVSBEPSFT&TBQBMBCSBQVFEFSFGFSJSTFBMPT
FTQÓSJUVTEFMPTHJHBOUFTRVFTFTVQPOÓBRVFSPOEBCBOQPSMPTNPOUFTZSVJOBT
EFMB1BMFTUJOBPSJFOUBMw
&SB TBCJEP RVF MPT IFSNBOPT EF MPT JTSBFMJUBT FO &EPN Z .PBC IBCÓBO
QPEJEPFYQVMTBSBMPTHJHBOUFTEFMPTUFSSJUPSJPTRVF%JPTMFTIBCÓBEBEPDPNP
QPTFTJØO&TUFIFDIPIBDFBMQVFCMPFMFHJEPNÈTDVMQBCMFEFJODSFEVMJEBEFOMP
RVFDPODJFSOFBMQPEFSEJWJOPQBSBFOUSFHBSMFTMBUJFSSBEF$BOBÈO BQFTBSEFMB
QSFTFODJBEFMPTIJKPTEF"OBD 

)BZPUSBOPUBIJTUØSJDBBHSFHBEBBDFSDBEFMPTBWFPT 
iRVFWJWÓBOFOMBT
WJMMBTIBTUB(B[Bw 347
"FTUPTMPTEFTUSVZFSPOMPTDBGUPSFPT mMJTUFPT
RVF
WJOJFSPOEF$BGUP DSFUB
1VFEFTFSRVFTFNFODJPOFQPSRVFUBNCJÏOQFSUFOF
DÓBOBMPTSFGBÓN PQPSRVFMPTJOWBTPSFTMPTEFTQPTFZFSPOEFJHVBMGPSNB
&TUBTOPUBTIJTUØSJDBTBQPSUBOTVTMFDDJPOFT-PTWFSTÓDVMPTZ


&RPB%HDFRQB,BQYDBPHGLQGG 
"MPDVDJØO*OUSPEVDUPSB -JCSP

TVHJFSFO 
2VFFMQSFTFOUFQVFEFBQSFOEFSEFMQBTBEP-BIJTUPSJB UBOUPTB
HSBEBDPNPTFDVMBS FKFSDFVOBJOnVFODJBQPEFSPTBFOMBGPSNBDJØOEFMPTDBSBD
UFSFTEFMBSB[BIVNBOB 
2VFMBJHMFTJBQVFEFBQSFOEFSEFMNVOEP"RVÓTF
FTUJNVMBBMBOBDJØOTBOUBTF×BMÈOEPMFMPRVFPUSPTQVFCMPTIBCÓBOIFDIPQBSB
MPHSBSTVTBNCJDJPOFTTFDVMBSFT 
2VFMPTEFTBMFOUBEPTQVFEFOBQSFOEFSEF
MPTRVFIBOMPHSBEPÏYJUP&TEFHSBOBZVEBTFOUJSRVFOPTPNPTMPTQSJNFSPT
RVFIFNPTUFOJEPRVFFOGSFOUBSHJHBOUFT
%$0/26*45"%&4&)»/:0( o
"IPSB.PJTÏTTFWVFMWFBMBTSFDJFOUFTWJDUPSJBTTPCSFMPTEPTSFZFTBNP
SSFPT &TUBCBO FTDSJCJFOEP IJTUPSJB /P FSBO MBT QSJNFSBT WJDUPSJBT RVF %JPT
IBCÓBEBEPBTVQVFCMP DG²Y/N
1FSPFTUFFSBFMQSJODJQJP
EFMBQPTFTJØOEFMBUJFSSB
4FIØO SFZEF)FTCØO 

&MQSJNFSQBTPFOMBDPORVJTUBEF4FIØOGVFFMMMBNBEPEF%JPTBMBBDDJØO 
BQPZBEBQPSTVTFHVSJEBEEFMBWJDUPSJB&TUBZMBUJFSSBFSBOEPOFTRVF%JPT
MFDPODFEÓBB*TSBFM QFSPFMMPTEFCÓBOQPTFFSMBZMVDIBSQPSFMMB LJMØNFUSPUSBT
LJMØNFUSP%FCFIBCFSVODPNJFO[PTJFTRVFUFOESFNPTFMUSJVOGP-BNPSBM
FTVOGBDUPSWJUBMFOMBHVFSSB%JPTMFTQSPNFUFBRVÓ$PNFO[BSÏBQPOFSUV
UFNPSZUVFTQBOUPTPCSFMPTQVFCMPTEFCBKPEFUPEPFMDJFMP 
-BJOnVFO
DJBFTUBOFTFODJBMFOFMTFSWJDJPDPNPMPFTMBNPSBMFOMBHVFSSB%FCFNPTEF
QFOEFSEF%JPTTJRVFSFNPTBGFDUBSMPTDPSB[POFTEFBRVFMMPTRVFQSPDVSBNPT
HBOBSQBSBÏM
"VORVFZBTBCÓBMBSFTQVFTUBRVFPCUFOESÓB .PJTÏTTFBQSPYJNØB4FIØO
SFZ EF )FTCØO 
 DPO VO QSPQØTJUP SB[POBCMF Z QBDÓmDP %FCFNPT PCSBS
SFDUBNFOUFBVORVFTFQBNPTRVFOVFTUSPWFDJOPTFOPTPQPOESÈ1BSFDF QPSMB
QSPQPTJDJØOEF.PJTÏT RVFQPSMPNFOPTBMHVOPTEFMPTFEPNJUBTZNPBCJUBT
IBCÓBOUFOJEPUSBUPDPOFMQVFCMPEF*TSBFMNJFOUSBTWJBKBCBOBMPMBSHPEFTVT
GSPOUFSBTPSJFOUBMFT 
{4FUSBUBCBEFDPNFSDJBOUFTRVFOPRVFSÓBOQFSEFS
TVOFHPDJP PEFHFOUFOPCMFDPONPWJEBQPSMBTOFDFTJEBEFTEF*TSBFM
$PNPFOFMDBTPEF'BSBØO BRVÓUBNCJÏO%JPTEJKPRVFIBCÓBFOEVSFDJEP
FMFTQÓSJUVEF4FIØO ZPCTUJOBEPTVDPSB[ØOQBSBFOUSFHBSMP 
FOMBNBOP
EF*TSBFM&OVOTFOUJEPNVZWFSEBEFSP UPEPFMQSPDFTPEFMBWJEBNBUFSJBMZ
NPSBM EFCF BUSJCVJSTF B MB TPCFSBOÓB EF %JPT $VBOUP NÈT FM IPNCSF SFTJTUB
B%JPTPBMCJFO NÈTTFFODPOUSBSÈFOMBQFOEJFOUFEFTFHVJSIBDJÏOEPMPQPS
DBVTBEFMDBSÈDUFSRVFTFFTUÈGPSNBOEP ZMFTFSÈNFOPTGÈDJMFMFHJSMPDPSSFDUP
5BOUP4FIØODPNP'BSBØO CJFOQVFEFOIBCFSUFOJEPVOFOEVSFDJNJFOUPKV
EJDJBMDPNPMBDVMNJOBDJØOEFVOFOEVSFDJNJFOUPZPCTUJOBDJØOEFMJCFSBEBi"
RVJFOMPTEJPTFTRVJFSFOEFTUSVJSQSJNFSPMPIBDFOJOTFOTBUPw"TÓ4FIØO WP
MVOUBSJBZEFMJCFSBEBNFOUF TFVOJØBTVQVFCMPQBSBQPOFSTFFOVODVSTPRVFMFT


&RPB%HDFRQB,BQYDBPHGLQGG 
-JCSP "MPDVDJØO*OUSPEVDUPSB

BDBSSFBSÓBKVJDJP"IPSBTFIBCÓBDPNQMFUBEPMBJOJRVJEBEEFTVOBDJØO DG(O

ZEFCÓBOEFKBSMFTVMVHBSBVOQVFCMPRVFRVJUBSÓBFMNBMEFMBUJFSSB
-BCBUBMMBTFMJCSØFO+BIB[B 
RVFFTUBCBQSPCBCMFNFOUFTPCSFMBSVUB
B)FTCØO 
DJVEBEDBQJUBM.PJTÏTBUSJCVZFMBWJDUPSJBEFDJTJWBEF*TSBFMB
+FIPWÈOVFTUSP%JPT 
5PEBTMBTDJVEBEFTDPOTVTIBCJUBOUFTTFFYQVTJFSPO
CBKP MB NBMEJDJØO DIFSFN
FT EFDJS  UPUBMNFOUF EFTUSVJEBT  DG 

/PGVFDPNPDPOTFDVFODJBEFMBDPEJDJBEFTBOHSFOJQPSEFTUSVDDJØOEFTFO
GSFOBEB TJOPQBSBFWJUBSRVFFOTF×BSBOBMPTJTSBFMJUBTiBIBDFSTFHÞOUPEBTTVT
BCPNJOBDJPOFTRVFFMMPTIBCÓBOIFDIPQBSBTVTEJPTFTw 
&TUBTJODMVÓBO
FMTBDSJmDJPEFOJ×PT MBQSPTUJUVDJØOSJUVBMZMBTPEPNÓB4JOFNCBSHP OVFT
USPTDPSB[POFTTFRVFCSBOUBO ZDPOSB[ØO BMQFOTBSFOMBUPUBMEFTUSVDDJØOEF
IPNCSFT NVKFSFTZFTQFDJBMNFOUFOJ×PTQFRVF×PT1FSPFMQFDBEPFTBMHPOBV
TFBCVOEPDPOSFTVMUBEPTEFFTUBÓOEPMF ZBMHVOBTWFDFTTPMPMBNVFSUFQVFEF
EFUFOFSTVDVSTP&M)JKPEF%JPTNVSJØFOMBDSV[QBSBRVJUBSFMQFDBEP
-BUPUBMJEBEEFMSFJOPEF4FIØOEFTEF"SPFS RVFFTUÈKVOUPBMBSJCFSBEFM
BSSPZPEF"SOØOIBTUB(BMBBE 
UPEPGVFTPNFUJEP&TUPEJPB*TSBFMVOB
QPTFTJØOTPCSFMBGSPOUFSBEF"NØO RVFFMMPTOPUPDBSPO ZIBTUBFMBSSPZPEF
+BCPD 
FMMÓNJUFEF0H IBDJBRVJFOBIPSBTFWVFMWFMBIJTUPSJB
0HSFZEF#BTÈO 

&MDBQÓUVMPUSBUBQSJNFSPEFMBEFSSPUBEF0HZMVFHPEFMBEJTUSJCVDJØO
EFTVUFSSJUPSJP5FSNJOBDPOFMSVFHPEF.PJTÏTB%JPTQBSBRVFMFQFSNJUJFSB
FOUSBSFOMBUJFSSBRVFFTUBCBBMPFTUFEFM+PSEÈO BIPSBRVFIBCÓBDPNFO[BEPMB
QPTFTJØOEFMBT[POBTEFMBNBSHFOPSJFOUBM
B -B DPORVJTUB 
 0H FSB SFZ EF #BTÈO  QBÓT TJUVBEP BM OPSUF EFM
UFSSJUPSJP EF 4FIØO 2VFEBCB TPCSF FM BSSPZP +BCPD  UFOJFOEP B &ESFJ 
 Z
"TUBSPU 
 DPNP TVT DJVEBEFT DBQJUBMFT &M SFZ NJTNP FSB VO GPSNJEBCMF
DPOUFOEJFOUF QFSUFOFDJFOUFBMBSB[BEFHJHBOUFTSFQIBJN1FSP*TSBFM FTUJNV
MBEPQPSMBWJDUPSJBTPCSF4FIØO 
SFDJCJØFMÈOJNPEF%JPT JOWBEJFOEPTV
UFSSJUPSJPZEFSSPUÈOEPMPDPNQMFUBNFOUFFO&ESFJ&TUBTEPTWJDUPSJBTDBVTBSPO
VOBQSPGVOEBJNQSFTJØOFOMBDPODJFODJBOBDJPOBMEF*TSBFM ZTFMPDFMFCSØDPO
EJTDVSTPT /FI
ZDÈOUJDPT 4BM
7JWJSFOFMQBTBEPFT
VOBTF×BMEFEFDBEFODJBQFSPBQSFOEFSEFTVTMFDDJPOFTZUPNBSMBTFOTFSJPFT
FMTFDSFUPEFMPTÏYJUPTEFMGVUVSP
&TUFSFMBUPFTQBSUFEFMBPSBDJØOEF.PJTÏT)BZVOQSPQØTJUPFOMBSFDJ
UBDJØOEFMOÞNFSPEFDJVEBEFTZTVTGVFSUFTEFGFOTBTNVSPTBMUPT DPOQVFSUBT
ZCBSSBT 
-PTFTQÓBTIBCÓBOJOTJTUJEPFOMBJNQPTJCJMJEBEEFQPTFFS$BOBÈO
iQPSDBVTBEFTVTDJVEBEFTHSBOEFTZBNVSBMMBEBTIBTUBFMDJFMPwZFMHJHBOUF
"OBD 
1FSP DPOmBOEPFO%JPT *TSBFMQPEÓBIBCFSDBQUVSBEPMBTDJVEBEFT
GVFSUFNFOUFGPSUJmDBEBTEF#BTÈOZEFSSJCBSBTVHJHBOUFSFZ


&RPB%HDFRQB,BQYDBPHGLQGG 
"MPDVDJØO*OUSPEVDUPSB -JCSP

/VFWBNFOUF  MBT DJVEBEFT 


 RVFEBSPO FYQVFTUBT CBKP MB NBMEJDJØO
DIFSFN
1BSFDFUFSSJCMFNBOEBSBNBUBSBMBHFOUFZTBMWBSFMHBOBEP 
1FSP
FMIPNCSF RVFTFIBMMBFOVOOJWFMNÈTFMFWBEPRVFMBTCFTUJBT QVFEFIVOEJSTF
NÈTBCBKP BUBMQSPGVOEJEBERVFTVQSFTFODJBDPOTUJUVZFVOBBNFOB[BRVFMPT
BOJNBMFTKBNÈTQPESÓBODBVTBS
&MWFSTÓDVMPEFDMBSBMBFYUFOTJØOEFMBDSFDFOUBNJFOUPUFSSJUPSJBMEFTEFFM
BSSPZPEF"SOØO GSPOUFSBDPO.PBC WÏBTFNBQB
IBTUBFMNPOUFEF)FS
NØO BMOPSUF BVOBEJTUBODJBEFVOPTLJMØNFUSPT&OFMMÓNJUFPSJFOUBMTF
FODPOUSBCBFMQBÓTEF"NØO%FNPEPRVF.PJTÏT BOUFTEFTVNVFSUF QVEP
WFSB*TSBFMFOQPTFTJØOEFVOBCVFOBQBSUFEFMUFSSJUPSJP/ØUFOTFMPTEJWFSTPT
OPNCSFTRVFTFMFEBBMNPOUF)FSNØO 
WJTJCMFEFTEFMBNBZPSQBSUFEFMB
UJFSSB QSPNFUJEB5PEPT TPO EFTDSJQUJWPT )FSNØO iFM QJDP FMFWBEPw 4JSJØO
Z4FOJS 347Z7BMFSB
iFMQFDUPSBMwSFTQMBOEFDJFOUFEFIJFMP&MWFSTÓDVMP
FOVNFSBMBTDPORVJTUBTEFDJVEBEFTiDJVEBEFTEFMBMMBOVSBw 347Z7BMFSB
Z
&ESFJ MBDJVEBESFBMZi4BMDBw 347
FOFMFYUSFNPPDDJEFOUBM(BMBBEZ#BTÈO
FSBOFYDFMFOUFTUJFSSBTEFQBTUPSFP
-PT FSVEJUPT EJmFSFO FO DVBOUP B TJ FM WFSTÓDVMP  IBDF SFGFSFODJB B MB
BSNBEVSBEFIJFSSPEFMBDBNBEF0HPBMBUBÞEEFQJFESB TBSDØGBHP
4VMPOHJ
UVEFSBEFOVFWFDPEPT ZFMBODIPEFDVBUSP&OFTB[POBIBZNVDIPTBUBÞEFT
IFDIPTEFCBTBMUPOFHSP FMDVBMDPOUJFOFVOQPSDFOUBKFEFIJFSSP1BSFDFRVFMPT
BNPOJUBTTFBQPEFSBSPOEFÏMZMPQSFTFSWBSPOFOTVDJVEBEDBQJUBM 3BCÈ
C%JTUSJCVDJØOEFMUFSSJUPSJP 
1BSFDFRVFMBNFKPSQBSUFEFMBDP
NBSDB BVORVFOPMBNBZPS FTUBCBFOUSFMPTSÓPT"SOØOZ+BCPD4FMFDPODFEJØ
BEPTUSJCVTMBEF3VCÏOZMBEF(BE  
&MSFTUPEFMBSFHJØOTFQUFOUSJP
OBMTFMFPUPSHØBMBNFEJBUSJCVEF.BOBTÏT 
+BJS 
TVEFTDFOEJFOUF 
UPNØQPTFTJØOEFMBQBSUFTFQUFOUSJPOBMEFMUFSSJUPSJPEF0H MMBNBEB"SHPC 
IBTUBFMMÓNJUFEF(FTVSZ.BBDB EPTUSJCVTTJSJBTVCJDBEBTBMFTUFEF)FSNØO
+BJSEFOPNJOØBMBTWJMMBTQPSTVOPNCSFi#BTÈOIBWPUIKBJSw 347
FTEFDJS 
iEJF[WJMMBTEF+BJSw.BRVJS 
PCJFOFSBFMOPNCSFEFMMÓEFSEFMPTNBOBTJUBT
RVFTFBQPEFSBSPOEF(BMBBE PFSBPUSPOPNCSFEBEPBMBUSJCVEF.BOBTÏT
&MMÓNJUFPSJFOUBMEFMBTEPTUSJCVTZNFEJBFSBMBQBSUFFTUFEFMWBMMFEFM+PSEÈO
EFTEF$JOFSFU  DJVEBERVFEJPTVOPNCSFBMNBSEF(BMJMFB
IBTUBFMNBS
4BMBEP NBS.VFSUP

.PJTÏTMFTSFDPSEØTVTPCMJHBDJPOFTBMBTEPTUSJCVTZNFEJB5FOÓBORVF
BZVEBSBMBTPUSBTUSJCVTBSFDJCJSTVTIFSFEBEFTBMPFTUFEFM+PSEÈO BTÓDPNP
FMMBTIBCÓBODPPQFSBEPDPOFMMPTFOMBDPORVJTUBEFMBSFHJØOPSJFOUBM4VTNV
KFSFT IJKPTZHBOBEPTQPEÓBOQFSNBOFDFSFOTVQBUSJNPOJPSFDJFOUFNFOUFBE
RVJSJEPQFSPMPTIPNCSFTOPRVFEBSÓBOMJCSFTEFTVPCMJHBDJØOIBTUBRVFTVT
IFSNBOPTIVCJFSBOFOUSBEPFOQPTFTJØOEFTVIFSFODJB 



&RPB%HDFRQB,BQYDBPHGLQGG 
-JCSP "MPDVDJØO*OUSPEVDUPSB

"IPSBRVFQPEÓBWFSIBTUBFMPUSPMBEPEFM+PSEÈO .PJTÏTBOJNØB+PTVÏ
B RVF DPCSBSB WBMPS QBSB FM GVUVSP  JOTQJSÈOEPTF FO MPT USJVOGPT EFM QBTBEP


&TUPTWFSTÓDVMPTSFWFMBOi-BTDVBMJEBEFTEFVOMÓEFSw 
3FDPOPDJNJFOUP
EFMPTUSJVOGPTEJWJOPTEFMQBTBEP B 
$PNQSFOTJØOEFMBBZVEBEJWJOB 
C 
3FDIB[PEFMUFNPS 
D 1FUJDJØO EF .PJTÏT 
 .PJTÏT OP EFKB EF NPTUSBS TV QSPGVOEP
EFTFPEFFOUSBSFOMBUJFSSBQSPNFUJEB-PTQBTBKFTFOEPOEFÏMIBDFSFGFSFODJB
BTVGSVTUSBEPEFTFPTPOMBTQBSUFTNÈTUSJTUFTEF%FVUFSPOPNJP-BUSBHFEJBFT
RVFBRVFMRVFNÈTEFTFBCBFOUSBSFOMBUJFSSBMBIBMMØDFSSBEBQBSBÏM QPSVOB
JODSFEVMJEBERVFOPMFFSBQSPQJBZVOBDUPEFJOTFOTBUF[RVFOPEFTFØ2VJ[È
OPQPEBNPTFOUFOEFSFTUPQPSDPNQMFUP QFSPJOEJDBDMBSBNFOUFFMQSJODJQJPEF
RVFNVDIBMV[JNQMJDBNVDIBSFTQPOTBCJMJEBE
1BTFZP UFSVFHP ZWFB 
 1FSP+FIPWÈTFIBCÓBFOPKBEPDPONJHPB
DBVTBEFWPTPUSPT 
"MHVOPTFTUVEJPTPTJOUFSQSFUBOFTUPDPNPTJGVFSBQV
SBNFOUFTVGSJNJFOUPWJDBSJPEF.PJTÏTBGBWPSEFMQVFCMP$PODFEFNPTRVFB
DBVTBEFWPTPUSPTFTVOBFYQSFTJØOIFCSFBEJTUJOUBEFMBRVFFTUÈFOTJO
FNCBSHP QBSFDFRVFVOQFOTBNJFOUPTJNJMBSFTUÈQSFTFOUFUBOUPBRVÓDPNPBMMÓ 
ZFOBNCPTMVHBSFT 347Z7BMFSBMBUSBEVDFOiQPSWPTPUSPTw
1FSP+FIPWÈOPNFFTDVDIØ:NFEJKP+FIPWÈ#BTUB OPNFIBCMFTNÈT
EF FTUF BTVOUP "MHVOPT QJFOTBO RVF FTBT QBMBCSBT SFBMNFOUF RVJFSFO EFDJS
iCBTUBw QFSPPUSPTDSFFORVF.PJTÏTZBIBCÓBUFOJEPNVDIPTQSJWJMFHJPTQBSB
FTUBSQJEJFOEPNÈT
4JOFNCBSHP TFDPOUFTUØMBNJUBEEFTVPSBDJØO QPSRVFTFMFQFSNJUJØWFS
MBUJFSSBEFTEFMBTBMUVSBTEFMNPOUF1JTHB BVORVFOPTFMFDPODFEJØMBFOUSBEB
:SFDJCJØMBTFHVSJEBEEFRVFMBFNQSFTBRVFÏMIBCÓBDPNFO[BEPTFSÓBMMFWBEB
BGFMJ[UÏSNJOPQPS+PTVÏ 

&TUBOPFSBMBÞMUJNBWF[RVF.PJTÏTWFSÓBMBUJFSSBi1PSRVFTPCSFBMHÞO
NPOUFIFSNPTP )FSNØOP-ÓCBOP
.PJTÏTZ&MÓBTFTUVWJFSPODPOFM4BMWBEPS
EFMNVOEPZIBCMBSPOEFVOBDPORVJTUBNVDIPNÈTHMPSJPTBBÞORVFMBEF+P
TVÏZAEFTVÏYPEP FMDVBM+FTÞTDVNQMJSÓBFO+FSVTBMÏO -D
w
&TUFQÈSSBGPOPTEBVOBQFSTQFDUJWBTPCSFMPTi1SJODJQJPTEFMBPSBDJØOw

%FCFDPNFO[BSDPOBMBCBO[B  
*ODMVZFVOBOIFMP  
*ODJUBBVOB
DPOEVDUBEFPCFEJFODJBZGF  
%JPTSFTQPOEFTFHÞOTVDSJUFSJP 

&&9)035"$*»/'*/"- 
)BCJFOEPDPODMVJEPTVSFWJTJØOIJTUØSJDB .PJTÏTMBO[BTVFYIPSUBDJØOm
OBM-BNJTNBFTUÈFOUSFUFKJEBUBNCJÏODPOSFGFSFODJBTBFYQFSJFODJBTQBTBEBT
EFMBOBDJØO DPOFMmOEFEBSMFNBZPSTVTUBODJBBMBBQFMBDJØO


&RPB%HDFRQB,BQYDBPHGLQGG 
"MPDVDJØO*OUSPEVDUPSB -JCSP

&MQSJWJMFHJPEFMBSFWFMBDJØOEF*TSBFM 

.PJTÏTDPNJFO[BTVEJTDVSTPFYQMBZÈOEPTFTPCSFFMHSBOQSJWJMFHJPEFTFS
MPTSFDFQUPSFTEFMBSFWFMBDJØOEJWJOB&TUBSFWFMBDJØOEFNBOEBVOBSFTQVFTUB
QSÈDUJDB%FCFDPOTJEFSBSTFZUSBEVDJSTFFOVOBBDUJWBPCFEJFODJB0ZF 

"MHVOPT FSVEJUPT OP IBDFO EJTUJODJØO FOUSF FTUBUVUPT DIVRRJN
 Z EFDSFUPT
NJTIQBUJN
0USPTDPOTJEFSBOBMPTQSJNFSPTDPNPSFWFMBDJPOFTEFWBMJEF[QFS
NBOFOUF DIPRFTiHSBCBEPPJOTDSJUPw
ZTBODJPOBEPTQPS%JPTZMBDPODJFODJB
1PSDPOUSBTUF MPTEFDSFUPTTPOOPSNBTEFMFZiFTUBCMFDJEBTQPSMBBVUPSJEBEP
GVOEBEBTFOBOUJHVBTDPTUVNCSFT QPSMBTRVFVOKVF[ NJTIQBU
EFCFHVJBSTFFO
DJFSUPTDBTPTFTQFDÓmDPTw
4FHÞOMBUSBEJDJØOKVEÓB MPTFTUBUVUPTTPOMPTQSFDFQUPT MBSB[ØOEFDVZB
PCTFSWBODJBFTJODVMDBSEJTDJQMJOBZPCFEJFODJB‰QPSFKFNQMP MBTMFZFTEJFUÏUJ
DBT DG
-PTNBOEBNJFOUPT  NJUTXPUI
FTVOUÏSNJOPNÈTHFOFSBM
QBSBDVBMRVJFSPSEFOBO[BEF%JPT JODMVZFOEPMBTSFHMBTUFNQPSBMFT DPNPMBEF
MBSFDPMFDDJØOEFMNBOÈ ²Y

/BEBEFCFBHSFHBSTFPRVJUBSTFBMBMFZEF%JPT 
-BJEFBQSJODJQBMFTRVF
OPTFJOUFOUFQFSWFSUJSFMTFODJMMPTJHOJmDBEPEFMBMFZEBEBEJWJOBNFOUF+FTÞT
BDVTØBMPTGBSJTFPTEFiJOWBMJEBSMBQBMBCSBEF%JPTDPOTVUSBEJDJØOw .S

-B MFZ EFCF QSFTFSWBSTF DPO SFWFSFODJB Z EFCF QPOFSTF FO QSÈDUJDB (VBSEBS
MBQBMBCSBEF%JPTTJHOJmDBWJEBFMEFTPCFEFDFSRVJFSFEFDJSNVFSUF DPNPMP
UFTUJmDBFMEFTUJOPEFBRVFMMPTRVFNVSJFSPODPNPSFTVMUBEPEFTVDVNCJSBMBT
TFEVDDJPOFTEFMBTNPBCJUBTFOTVBEPSBDJØOB#BBMQFPS DG/N

#BBMTJHOJmDBiTF×PSw5PEBTMBTOBDJPOFTEFGVFSBZEFOUSPEF$BOBÈOQPTFÓBO
CBBMFT PTVTÓEPMPTMPDBMFT-BJONPSBMJEBEFSBQBSUFSFHVMBSEFTVDVMUP FMDVBM
UBNCJÏOJODMVÓBFMTBDSJmDJPEFOJ×PT#BBMQFPSFSBFMOPNCSFEFMBEJWJOJEBE
MPDBMEF1FPS#FUQFPS iDBTBEF1FPSw
QVFEFIBCFSTJEPFMMVHBSEFTV
UFNQMP4FHVJTUFJT 
FTVOBQBMBCSBRVFTVHJFSFWJHPSPTBmEFMJEBE DG)DI


/ØUFOTFMPTUÏSNJOPTFOTF×P 
ZIFFOTF×BEP 
%FVUFSPOPNJPFTVOB
FYQPTJDJØOEFMFZFTZBFOVODJBEBT UFOJFOEPFODVFOUBFTQFDJBMNFOUFMBTOVFWBT
DPOEJDJPOFTEFMBUJFSSBQSPNFUJEB-BPCFEJFODJBBFTUBTMFZFTJNQSFTJPOBSÓBB
MPTQVFCMPTWFDJOPTDPOMBTBCJEVSÓBFJOUFMJHFODJBEF*TSBFM/PIBCÓBOJOHVOB
OBDJØODPOUFNQPSÈOFB OJBVOEFMBTNÈTHSBOEFT DVZPTEJPTFTFTUVWJFTFOUBO
DFSDBOPTBFMMPTDPNPMPFTUBCB+FIPWÈEFTVQVFCMPFOUPEPMPRVFMFQFEÓBO

/PIBCÓBOJOHVOBOBDJØORVFGVFTFUBOFYBMUBEBQPSTVTFTUBUVUPTZKVJDJPT
KVTUPT 

&MQFMJHSPEFMBJEPMBUSÓB 

&MHSBOQSJWJMFHJPEFMBSFWFMBDJØOEF%JPTB*TSBFMFOUSB×BCBVOBSFTQPO
TBCJMJEBEFTQFDJBM


&RPB%HDFRQB,BQYDBPHGLQGG 
-JCSP "MPDVDJØO*OUSPEVDUPSB

B4FEFCÓBSFDPSEBSMBSFWFMBDJØOPSJHJOBM 
&OTVPQPSUVOJEBE ZPUSB
WF[BRVÓFO%FVUFSPOPNJP .PJTÏTSFBmSNBBMBOBDJØOMBSFWFMBDJØOIJTUØSJDB
EF%JPTFO)PSFC 
-PTQSJODJQBMFTIFDIPTEFCÓBODPOTFSWBSTFmSNFNFOUF
FOFMSFDVFSEPZFOTF×BSTFBUSBWÏTEFMBTHFOFSBDJPOFT-FTSFDBMDØFTQFDJBM
NFOUFMBBVTFODJBEFDVBMRVJFSGPSNBRVFQVEJFSBEBSMVHBSBMBJEPMBUSÓB4F
PZØVOBWP[  
MBDVBMEBCBMPTNBOEBNJFOUPTZSFBMJ[BCBFMQBDUP BQFMBOEP
BMBDPODJFODJBZBMBGF QFSPOPIVCPOJOHVOBmHVSB GPSNB 347
".PJTÏT
TFMFIBCÓBPSEFOBEPRVFEFCÓBFOTF×BSMFTMPTFTUBUVUPTZKVJDJPT 
EBOEP
WBMJEF[EFFTUFNPEPBMBSFWFMBDJØOEJWJOBQPSNFEJPEFVOIPNCSFFTDPHJEP
1FSPFO)PSFCOPIVCPOBEBRVFQVEJFSBWFSTFPQBMQBSTF QVFTEFPUSPNPEP 
MBBEPSBDJØOTFIBCSÓBNBUFSJBMJ[BEPZTFOTVBMJ[BEP ZMBNBUFSJBTFIBCSÓBJN
QVFTUPTPCSFFMFTQÓSJUV-PTDSJTUJBOPTTPNPTFYBDUBNFOUFDPNP*TSBFMDPOT
UBOUFNFOUFUFOFNPTRVFSFGFSJSOPTBMBSFWFMBDJØOPSJHJOBMRVFTFOPTEJPFOFM
/VFWP5FTUBNFOUPZDPOTFSWBSQVSPTOVFTUSBGFZTFSWJDJP
C/PTFEFCFDPSSPNQFSMBSFWFMBDJØODPOMBJEPMBUSÓB 
&OFTUFQÈ
SSBGPTFQSFTFOUBOMBTEJGFSFOUFTGPSNBTEFJEPMBUSÓB"*TSBFMTFMPBEWJSUJØFO
DPOUSBEFMBTFTDVMUVSBT QFTFM iFTDVMQJSw
JNBHFOEFmHVSBBMHVOB 
/P
EFCÓB DPQJBS OJOHVOB GPSNB P SFQSFTFOUBDJØO -B FmHJF EF WBSØO P IFNCSB
CJFOQVFEFSFGFSJSTFBMBFYBMUBDJØOEFMTFYPFOMPTDVMUPTQBHBOPT FOMPTRVF
TFBEPSBCBBMPTØSHBOPTTFYVBMFTDPOSJUPTPCTDFOPT#FTUJBT QÈKBSPT JOTFDUPT 
SFQUJMFTZQFDFTFSBOPCKFUPEFDVMUPFO&HJQUPZPUSBTOBDJPOFT 

&MWFSTÓDVMPMFQSPIÓCFB*TSBFMBEPSBSFMTPM MBMVOBZMBTFTUSFMMBT RVF
FSBOMBJOnVFODJBEPNJOBOUFFOMBSFMJHJØODBMEFB{2VÏTJHOJmDBQPSRVF+F
IPWÈUV%JPTMPTIBDPODFEJEPBUPEPTMPTQVFCMPTEFCBKPEFUPEPTMPTDJFMPT 

"MHVOPTJOUFSQSFUBORVF%JPTQFSNJUÓBFTUBGPSNBEFDVMUPBMBTOBDJPOFT
RVFOPUFOÓBOMBSFWFMBDJØOFTQFDJBMEF*TSBFM DPNPVOBFUBQBIBDJBFMWFSEB
EFSPDVMUP DG)DI
1FSP QBSBFMQVFCMPFTDPHJEP JODMJOBSTF
BOUFFMMPTTFMPDPOTJEFSBCBBQPTUBTÓBZSFQVEJPEFMQBDUPEF+FIPWÈ 
RVF
MPTIBCÓBMJCSBEP0TTBDØEFMIPSOPEFIJFSSP 
FTVOBNFUÈGPSBRVFTJH
OJmDBUFSSJCMFBnJDDJØO DG3*T+FS
'VFHPDPOTVNJEPS
%JPTDFMPTP 
JOEJDBVOBSEJFOUFBNPSRVFOPUPMFSBSJWBMZEFTUSVZFUPEP
MPDPOUSBSJPBTVOBUVSBMF[B-BBMVTJØOEF.PJTÏTBMFOPKPEFM4F×PSDPOÏM 
FYDMVZÏOEPMPEFMBUJFSSBQSPNFUJEB WVFMWFBSFQFUJSTFFOFTUFQBTBKF 

2VJ[ÈFMQSPQØTJUPIBZBTJEPSFDPSEBSMFBMQVFCMPRVFBM4F×PSOPTFMPQVFEF
CVSMBS  F JOEVDJSMPT B OP PMWJEBS FM QBDUP DVBOEP .PJTÏT ZB OP FTUVWJFSB DPO
FMMPTQBSBIBDFSMPDVNQMJS
D %JPTUSBUBSÈDPO*TSBFMFOCBTFBMBSFWFMBDJØO 
 4J MPT JTSBFMJUBT
NFOPTQSFDJBCBOMBÞOJDBSFWFMBDJØODPODFEJEBQPS%JPT ÏMMPTDBTUJHBSÓBQFSP
TJTFBSSFQFOUÓBOZSFUPSOBCBOBÏMFOMPTUÏSNJOPTEFMQBDUP FM4F×PSMPTSFT
UBVSBSÓB


&RPB%HDFRQB,BQYDBPHGLQGG 
"MPDVDJØO*OUSPEVDUPSB -JCSP

.PJTÏT QSFWJØ FM QFMJHSP EFM PMWJEP FO MBT GVUVSBT HFOFSBDJPOFT $VBOUP
NÈTBWBO[BNPTFOB×PT EFTEFFMEÓBEFMDPOWFOJPPSJHJOBM FTNBZPSFMQFMJHSP
EFMBEFDBEFODJBFTQJSJUVBM BNFOPTRVFTFSFOVFWFFMQBDUPFOMBGSFTDBSFOP
WBDJØOEFM&TQÓSJUV-BFYQSFTJØORVFTFUSBEVDFDPNPIBZÈJTFOWFKFDJEP 

DPOUJFOFMBJEFBEFDSFDJNJFOUPZEFTHBTUF&TPQVFEFTVDFEFSDPOBRVFMMPTRVF
IBOFOUSBEPFOMB$BOBÈOEFMBTBOUJEBEEFMDPSB[ØO"MOPSFOPWBSFMQBDUP TV
FYQFSJFODJBTFFOWFKFDFZQJFSEFOTVIFSFODJB
.PJTÏTQVTPQPSUFTUJHPTBMDJFMPZBMBUJFSSB 
&TUPFSBVOBBQFMBDJØO
BMUFTUJNPOJPUFSSFOBMZDFMFTUJBM PVOBBQFMBDJØOQPÏUJDBBMQFSFOOFGFOØNF
OPEFMBOBUVSBMF[BRVFQFSEVSBBUSBWÏTEFMBTQBTBKFSBTHFOFSBDJPOFTEFMPT
IPNCSFT"mSNBRVFFMKVJDJPTFSÈFMSFTVMUBEPJOFWJUBCMFEFDVBMRVJFSGPSNB
EFJEPMBUSÓBRVFSPNQBFMQBDUP:RVFSFTVMUBSÓBMPDPOUSBSJPEFMBTCFOEJDJPOFT
FTQFSBEBTQPSMBmFMPCTFSWBODJBFMMPTTFSÓBOFTQBSDJEPTFOUSFMPTQVFCMPTZSF
EVDJEPTFOOÞNFSP 
/VFWBNFOUFDBFSÓBOFOFMDBVUJWFSJPEFMBTOBDJPOFT
JEØMBUSBT Z  BM TFSWJSMBT  mOBMNFOUF TFSÓBO FTDMBWPT EF TVT EJPTFT  IFDIVSBT EF
IPNCSF DJFHPT TPSEPTFJOBOJNBEPT
1FSPFM%JPTRVFFTGVFHPDPOTVNJEPSUBNCJÏOFTNJTFSJDPSEJPTPZOPTF
PMWJEBSÈEFMQBDUP 
&OFMFYJMJPFTDVDIBSÈFMDMBNPSEFTVQVFCMP TJEFTEF
BMMÓ MP CVTDBSBO EFUPEP TV DPSB[ØO ZEFUPEB TV BMNB 
 Z TF WPMWJFSBO B
+FIPWÈTV%JPTZPZFSBOTVWP[ 

.PJTÏT iDPNPFMQSJNFSPZNÈTHSBOEFEFMBMBSHBTVDFTJØOEFQSPGFUBTw 
UVWPVOBDPNQSFOTJØOUBOHSBOEFEFMDBSÈDUFSEJWJOPZEFMBGSBHJMJEBEEFTV
QVFCMP RVF FTUVWP EJTQVFTUP B EJDUBS MBT OPSNBT EF GVUVSPT BDPOUFDJNJFOUPT
"EFNÈTEFFTUP OPIBZEVEBEFRVF DPNPTVDFEJØDPOPUSPTQSPGFUBT UVWP
WJTJPOFTFYUÈUJDBTEFMGVUVSP
&MQSJWJMFHJPEFTFSFMFMFHJEPEF%JPT 

&OFTUFQÈSSBGP FMEJTDVSTPEF.PJTÏTTFFODBNJOBIBDJBVOBDVMNJOBDJØO
HSBOEJPTB
B 6O QSJWJMFHJP ÞOJDP 
 &TUPT WFSTÓDVMPT TF QSFTFOUBO FO GPSNB
EFQSFHVOUBTSFUØSJDBT.PJTÏTJOWJUBBMPTUJFNQPT B
BMFTQBDJP C
BMB
IJTUPSJBZBMBHFPHSBGÓBBPGSFDFSPUSPFKFNQMPEFVOBOBDJØORVFIBZBUFOJEP
MBFYQFSJFODJBDPO%JPTRVF*TSBFMIBCÓBDPOPDJEP/PTFIBCÓBPÓEPEFOJOHÞO
QVFCMPBMRVF%JPTIBCMBSBEFFONFEJPEFMGVFHPZTPCSFWJWJFSB 
/JOHÞO
PUSPEJPTIBCÓBJOUFOUBEPUPNBSQBSBTÓVOQVFCMPEFMQV×PEFPUSBHSBOOB
DJØO 
 {)BJOUFOUBEP%JPTBMHVOP 7.1SBUU{)BJOUFOUBEP%JPT 
7FSTJØO3FJOB7BMFSB
1SVFCBTBMHVOPTIBDFOSFGFSFODJBB'BSBØO PUSBTBMBT
QSVFCBT RVF %JPT NBOEØ B *TSBFM 1SPCBCMFNFOUF MPT EPT FTUÏO FO MP DJFSUP
4F×BMFTJNQMJDBOBDUPTNJMBHSPT IFDIPTTPCSFOBUVSBMFTHVFSSB MBDBÓEBEFM
FKÏSDJUPFHJQDJPFOFMNBS3PKP.BOPQPEFSPTBZCSB[PFYUFOEJEPSFQSFTFOUBO


&RPB%HDFRQB,BQYDBPHGLQGG 
-JCSP "MPDVDJØO*OUSPEVDUPSB

FMQPEFSEJWJOPFOBDDJØO)FDIPTBUFSSBEPSFTTPOMBTEFNPTUSBDJPOFTBUFSSP
SJ[BOUFTEFMQPEFSEJWJOP-BSFEFODJØOEF*TSBFMTFGVOEBNFOUBFOMBIJTUPSJB
ZMBOVFTUSBUBNCJÏO FOMBDSV[ZMBSFTVSSFDDJØO%FMPTUSFTWPDBCMPTHSJFHPT
FNQMFBEPTFOFM/VFWP5FTUBNFOUPQBSBMBQBMBCSBiNJMBHSPTw EPTTFFODVFO
USBOFOFTUFQBTBKFFOMB-99TFNFJPO iTF×BMw ZUFSBT iNBSBWJMMBw-BUFSDFSBFT
EZOBNJT iPCSBEFQPEFSw DG)F

C&MQSPQØTJUPEFMQSJWJMFHJP 
%JPTFTDPHJØBMPTJTSBFMJUBTQPSRVF
BNØBTVTQBESFT 
'VFVOBFMFDDJØOGVOEBNFOUBEBFOFMBNPSZMBHSBDJB
EJWJOBQFSPMBSFTQVFTUBEFGFZPCFEJFODJBEFQBSUFEFMPTQBUSJBSDBT QBSUJDV
MBSNFOUFMBEF"CSBIBN OPEFCFQBTBSTFQPSBMUP1PSDBVTBEFFTFBNPS %JPT
MFEJPB*TSBFMOPTPMPTVQPEFSTJOPUBNCJÏOTVQSFTFODJB DG²Y
:
TVQSPQØTJUPQSJNPSEJBMFSB BOUFTRVFOBEB RVFTVQJFTFRVF+FIPWÈFT%JPT Z
OPIBZPUSPGVFSBEFÏM 
%BWJFTEJDFRVFMPTWFSTÓDVMPTZFEVDBOiFM
NPOPUFÓTNPBCTPMVUPw&OTFHVOEPMVHBS QBSBJOTUSVJSMPT iEJTDJQMJOBSMPTw 
347
FOTVTDBNJOPT 
Z UFSDFSP QBSBFTUBCMFDFSMPTFOMBUJFSSBQSPNFUJEB

D-BPCMJHBDJØOEFMQSJWJMFHJP 
-PTJTSBFMJUBTOPJCBOBTFSMPT
OJ×PTNJNBEPTEFVO%JPTJOEVMHFOUF5BMDPODFQUPIVCJFSBTJEPVOJOTVMUPBM
DBSÈDUFSEJWJOP1FSUFOFDFSBMQVFCMPFMFHJEPJNQMJDBCBMBPCMJHBDJØOEFIPO
SBSMPFOTVDPSB[ØODPNPFM4VQSFNP 
ZHVBSEBSTVTFTUBUVUPT 
4PMP
BTÓQPESÓBJSMFTCJFO&YJTUFVOBWFSEBEWJUBMFOFMÏOGBTJTEF%FVUFSPOPNJP
mOBMNFOUFFTUBNPTBSFTHVBSEPTJPCTFSWBNPTMBQBMBCSBEF%JPTPBSSVJOBEPT
TJMBJOGSJOHJNPT

'%&4*(/"$*»/%&-"4$*6%"%&4%&3&'6(*0 
1BSFDFRVFFTUPPDVSSJØFOUSFFMQSJNFSPZFMTFHVOEPEJTDVSTP&MSFMBUP
QVEP IBCFSMP FTDSJUP .PJTÏT P CJFO UFOFS MB OBUVSBMF[B EF VOB OPUB FEJUP
SJBM1BSBMPTQSPQØTJUPTEFVOBDJVEBEEFSFGVHJPWÏBOTFMPTDPNFOUBSJPTTPCSF
Z/ÞNFSPT 
&TJNQPTJCMFMPDBMJ[BSDPOTFHVSJEBEBFTUBTUSFTDJVEBEFTTFDSFFRVFB
#FTFS 
TFMBUPNØEFMFTUFEFMMVHBSEFMBBSFOHB FOFMUFSSJUPSJPEF3VCÏO
"3BNPUTFMBJEFOUJmDØDPO3BNPUEF(BMBBE4JOFNCBSHP FTUBTFIBMMBCBFO
MBDPNBSDBEF.BOBTÏTZOPFOMBEF(BE4FDSFFRVF(PMÈOFTUBCBBMOPSUFEF
.BOBTÏT4FFTDPHÓBOBUPEBTMBTDJVEBEFTQBSBRVFQVEJFSBOTFSBDDFTJCMFTBMB
NBZPSÓBEFMBQPCMBDJØO EFNPEPRVFDVBMRVJFSIPNJDJEBJOWPMVOUBSJPUVWJFSB
MBPQPSUVOJEBEEFQSPCBSTVJOPDFODJB"FTUFMBEPEFM+PSEÈO 
JOEJDBFYBD
UBNFOUFTVVCJDBDJØOTPCSFMBSJCFSBPSJFOUBM DGDPNFOUBSJPTTPCSF


/05"4#*#-*0(3«'*$"4
"EBN$MBSLF $PNNFOUBSZPOUIF8IPMF#JCMF -POESFT8N5FĊBOE$P 
* 


i%FVUFSPOPNZw  DzF 1FOUBUFVDI BOE )BGUPSBIT  FE + ) )FSU[ -POESFT 4PODJOP 1SFTT 



Q



&RPB%HDFRQB,BQYDBPHGLQGG 
/PUBT#JCMJPHSÈmDBT -JCSP


(5.BOMFZ i%FVUFSPOPNZw DzF/FX#JCMF$PNNFOUBSZ FE'%BWJETPO -POESFT*OUFS
7BSTJUZ'FMMPXTIJQ 
Q

$MBSLF PQDJU * 

8-"MFYBOEFS %FVUFSPOPNZiɩF1VMQJU$PNNFOUBSZw FE4QFODFBOE&YFMM -POESFT
'VOLBOE8BHOBMMT 
Q

)$VOMJĊF+POFT %FVUFSPOPNZ i5PSDI#JCMF$PNNFOUBSJFTw FE+.BSTI FUBM -POESFT
4$.1SFTT 
Q

43%SJWFS %FVUFSPOPNZ iɩF*OUFSOBUJPOBM$SJUJDBM$PNNFOUBSZw FE43%SJWFS FUBM
&EJNCVSHP5BOE5$MBSL 
Q

.BOMFZ PQDJU Q
%+8JTFNBO i)PSJUFT )PSJNw DzF/FX#JCMF%JDUJPOBSZ FE+%%PVHMBT FUBM -PO
ESFT*OUFS7BSTJUZ'FMMPXTIJQ 
Q

8'#PZE i;BN[VNNJNw %JDUJPOBSZPGUIF#JCMF FE+BNFT)BTUJOHT FUBM &EJNCVSHP
5BOE5$MBSL 
Q

1VMQJU$PNNFOUBSZ MPDDJU

$G%SJWFS PQDJU Q

$)8BMMFS i%FVUFSPOPNZw "#JCMF$PNNFOUBSZ FE$IBSMFT+&MMJDPUU -POESFT.BS
TIBMM#SPUIFST TG
** 

.BOMFZ PQDJU Q

)FSU[ FE PQDJU Q

''#SVDF *TSBFMBOEUIF/BUJPOT &YFUFS *OHMBUFSSB1BUFSOPTUFS1SFTT 
Q

i%FVUFSPOPNZw "$PNNFOUBSZPOUIF#JCMF FE"41FBLF -POESFT5/FMTPOBOE4POT 

Q



&RPB%HDFRQB,BQYDBPHGLQGG 
.BQB



&RPB%HDFRQB,BQYDBPHGLQGG 

You might also like