Professional Documents
Culture Documents
;IMR&VYWWIPWJVIIP]EHQMXXLEXXLISTIVEXMSRSJXLI7MRKPI1EVOIXMW
MR WSQI VIWTIGXW ZIV] GSQTPI\;LMPWX MR QER] EVIEW XLI PE[W SJ
GSYRXVMIWLEZIFIIRVITPEGIHF]SRI(MVIGXMZIMXMWWXMPPEHEYRXMRKXEWO
JSVXLIGMXM^IRSVFYWMRIWWQERXSORS[XLIMVVMKLXWMRXLI7MRKPI1EVOIX
ERHMJXLIVI´WETVSFPIQXSORS[LS[XSIRJSVGISRI´WVMKLXW%W[IPP
EWTYVWYMRKETVSKVEQQISJVIKYPEXSV]WMQTPMJMGEXMSRXLI'SQQMWWMSR
TVSZMHIWWIVZMGIWWYGLEWXLI=SYV)YVSTI[IFWMXIXLI'MXM^IR´W7MKR
TSWX7IVZMGIERHXLITVSFPIQWSPZMRK730:-8WIVZMGI¯RS[GIPIFVEX
MRKMXWXLERRMZIVWEV][LMGLKSEPSRKXSJMPPMRKXLMWKETMRMRJSVQMRK
TISTPISJXLIMVVMKLXWERHWLS[MRKXLIQLS[XSKSEFSYXVIWSPZMRKER]
TVSFPIQMWWYIW7II7TIGMEP*IEXYVITEKI
8LI'SQQMWWMSRLEWTYXEPSXSJIJJSVXMRXSMQTVSZMRKXLI)9´WGSVTS
VEXIKSZIVRERGIPERHWGETIERHX[SWXYHMIW[LMGLLEZINYWXFIIRTYF
PMWLIHWLS[XLEXMXWIJJSVXWEVIFIKMRRMRKXSLEZIWSQIMQTEGX%VITSVX
SRHMVIGXSVW´VIQYRIVEXMSRWLS[WXLEXXVERWTEVIRG]WXERHEVHWEVIRS[
FIMRK[MHIP]JSPPS[IHMR)91IQFIV7XEXIW6IKEVHMRKXLIMWWYISJXLI
ETTSMRXQIRXSJMRHITIRHIRXRSRI\IGYXMZIHMVIGXSVWEJYVXLIVVITSVX
JMRHWXLEXVIEPTVSKVIWWFIMRKQEHIMRMQTVSZMRKKSZIVRERGIWXERHEVHW
MRXLMWJMIPHXLSYKLWSQISJXLIVIGSQQIRHIHWXERHEVHWLEZIRSXFIIR
JSPPS[IHMREPP1IQFIV7XEXIW7IITEKI
8LIPEXIWXEREP]WMWWLS[WGSRWMHIVEFPITVSKVIWWMWRS[FIMRKQEHIF]
1IQFIVW7XEXIWMRMQTPIQIRXMRKXLI(MVIGXMZIWEKVIIHEX)9PIZIP8LI
³7GSVIFSEVH´SJHEXETYFPMWLIHMR.YP]WLS[WXLEXQSWX1IQFIV
7XEXIW RS[ ETTIEV XS FI SR XLI VMKLX XVEGO %R EVIE SJ GSRXMRYMRK
GSRGIVRLS[IZIVMWXLIJEMPYVISJ1IQFIV7XEXIWXSETTP]XLI7MRKPI
1EVOIXVYPIWGSVVIGXP]-RHIIHSRP]JSYV1IQFIV7XEXIWLEZIQEREKIH
XSVIHYGIXLIRYQFIVSJMRJVMRKIQIRXTVSGIIHMRKWEKEMRWXXLIQ7II
TEKI
.}VKIR,SPQUYMWX
(MVIGXSV+IRIVEPJSV
-RXIVREP1EVOIXERH7IVZMGIW
)YVSTIER'SQQMWWMSR
-RWYVERGIVIKYPEXMSR
³7SPZIRG]--´
)9XSXEOIXLIKPSFEPPIEHMR
MRWYVERGIVIKYPEXMSR
%KVSYRHFVIEOMRKVIZMWMSRSJ)9MRWYVERGIPE[HIWMKRIHXSMQTVSZI
GSRWYQIV TVSXIGXMSR QSHIVRMWI WYTIVZMWMSR HIITIR QEVOIX MRXIKVE
XMSRERHMRGVIEWIXLIMRXIVREXMSREPGSQTIXMXMZIRIWWSJ)YVSTIERMRWYVIVW
LEWFIIRTVSTSWIHF]XLI'SQQMWWMSR8LIRI[QIEWYVIWEVIMRXIRHIH
XS FIXXIV QEXGL WSPZIRG] VIUYMVIQIRXW XS XLI VMWOW [LMGL MRWYVERGI
GSQTERMIWJEGIERHIRGSYVEKIXLIMRHYWXV]XSMQTVSZIXLIQIEWYVI
QIRXERHQSRMXSVMRKSJVMWOW8LIRI[VIKYPEXSV]JVEQI[SVO[MPPETTP]
XSVSYKLP]MRWYVERGIERHVIMRWYVERGIYRHIVXEOMRKWMRXLI)9ERH
XLI'SQQMWWMSREMQWXSLEZIXLIRI[W]WXIQMRSTIVEXMSRMR
9 RHIVXLIRI[VIKYPEXSV]JVEQI[SVO
JSVXLIMRWYVERGIMRHYWXV]ORS[REW
³7SPZIRG]--´MRWYVIVW[MPPFIVIUYMVIHXS
)9WSPZIRG]VIUYMVIQIRXWGYVVIRXP]SRP]
GSZIVMRWYVERGIVMWOW[LIVIEWMRJYXYVI
MRWYVIVW[SYPHFIVIUYMVIHXSLSPHGETM
RSXWYJJMGMIRXERHLEZIMQTPIQIRXIHXLIMV
S[R VIJSVQW XLIVIF] GVIEXMRK E TEXGL
[SVOSJVIKYPEXSV]VIUYMVIQIRXWEGVSWW
XEOIEGGSYRXSJEPPXLIX]TIWSJVMWOXLI] XEPEPWSEKEMRWXQEVOIXVMWOIKEJEPPMR XLI)98LMWLEQTIVWXLIJYRGXMSRMRKSJ
EVI I\TSWIH XS ERH XS QEREKI XLSWI XLI ZEPYI SJ ER MRWYVIV´W MRZIWXQIRXW
XLI7MRKPI1EVOIX
VMWOWQSVIIJJIGXMZIP] GVIHMX VMWO IK [LIR HIFX SFPMKEXMSRW
EVI RSX QIX
ERH STIVEXMSREP VMWO IK %GXMZIVMWOQEREKIQIRX
-R EHHMXMSR MRWYVERGI KVSYTW [MPP LEZI QEPTVEGXMGISVW]WXIQJEMPYVI
E HIHMGEXIH ³KVSYT WYTIVZMWSV´ XS IR 9RHIV XLI RI[ W]WXIQ MRWYVIVW [MPP FI
EFPI FIXXIV QSRMXSVMRK SJ XLI KVSYT EW %PPXLIWIVMWOX]TIWTSWIQEXIVMEPXLVIEXW VIUYMVIHXSJSGYWSRXLI EGXMZI MHIRXMJM
E[LSPI XS MRWYVIVW´ WSPZIRG] FYX EVI RSX WYJJM GEXMSRQIEWYVIQIRXERHQEREKIQIRXSJ
GMIRXP] GSZIVIH F] XLI GYVVIRX )9 W]W
XIQ 8LIW]WXIQTVSTSWIHF]XLI
%HIUYEXIGSRWYQIVTVSXIGXMSR 'SQQMWWMSR[SYPHMRXVSHYGIQSVI
WSTLMWXMGEXIHWSPZIRG]VIUYMVIQIRXW
7SPZIRG] VYPIW WXMTYPEXI XLI QMRMQYQ
EQSYRXW SJ JMRERGMEP VIWSYVGIW XLEX MR XSKYEVERXIIXLEXMRWYVIVWLEZIWYJ
WYVIVWERHVIMRWYVIVWQYWXLEZIMRSVHIV JMGMIRXGETMXEPXS[MXLWXERHEHZIVWI
XSGSZIVXLIVMWOWXS[LMGLXLI]EVII\
TSWIH)UYEPP]MQTSVXERXP]XLIVYPIWEPWS IZIRXWWYGLEWJPSSHWWXSVQWSVFMK
PE]HS[RXLITVMRGMTPIWXLEXWLSYPHKYMHI GEVEGGMHIRXW
MRWYVIVW´SZIVEPPVMWOQEREKIQIRXWSXLEX
XLI] GER FIXXIV ERXMGMTEXI ER] EHZIVWI
8LIWIRI[WSPZIRG]VIUYMVIQIRXW IZIRXWERHFIXXIVLERHPIWYGLWMXYEXMSRW VMWOW ERH XS GSRWMHIV ER] JYXYVI HIZIP
[MPPFIQSVIVMWOWIRWMXMZIERHQSVI STQIRXWWYGLEWRI[FYWMRIWWTPERWSV
WSTLMWXMGEXIHXLERMRXLITEWXXLYW 8LIVEXMSREPIJSV)9MRWYVERGIPIKMWPEXMSR XLITSWWMFMPMX]SJGEXEWXVSTLMGIZIRXWXLEX
IREFPMRKFIXXIVGSZIVEKISJXLIVIEPVMWOW MWXSJEGMPMXEXIXLIHIZIPSTQIRXSJE7MRKPI QMKLXEJJIGXXLIMVJMRERGMEPWXERHMRK
1EVOIXMRMRWYVERGIWIVZMGIW[LMPWXEXXLI
WEQIXMQIWIGYVMRKEREHIUYEXIPIZIPSJ 8LIWIRI[WSPZIRG]VIUYMVIQIRXW[MPPFI
8LIW]WXIQTVSTSWIHF]XLI'SQQMW GSRWYQIV TVSXIGXMSR8LI XLMVHKIRIVE QSVI VMWOWIRWMXMZI ERH QSVI WSTLMWXM
WMSR MRXVSHYGIW QSVI WSTLMWXMGEXIH WSP XMSR-RWYVERGI(MVIGXMZIWIWXEFPMWLIHER GEXIHXLERMRXLITEWXXLYWIREFPMRKFIX
ZIRG]VIUYMVIQIRXWXSKYEVERXIIXLEXMR )9TEWWTSVXWMRKPIPMGIRGI
JSVMRWYVIVW XIVGSZIVEKISJXLIVIEPVMWOWVYRF]ER]
WYVIVWLEZIWYJJMGMIRXGETMXEPXS[MXLWXERH FEWIH SR XLI GSRGITX SJ QMRMQYQ LEVV TEVXMGYPEVMRWYVIV8LIRI[VIUYMVIQIRXW
EHZIVWIIZIRXWWYGLEWJPSSHWWXSVQWSV QSRMWEXMSRERHQYXYEPVIGSKRMXMSR1ER] QSZIE[E]JVSQEGVYHISRIQSHIPJMXW
QENSVGEVEGGMHIRXW8LMW[MPPLIPTXSMR 1IQFIV7XEXIWLEZIGSRGPYHIHXLEXXLI EPP[E]SJIWXMQEXMRKGETMXEPVIUYMVIQIRXW
GVIEWIXLIMVJMRERGMEPWSYRHRIWW GYVVIRX )9 QMRMQYQ VIUYMVIQIRXW EVI XSQSVIIRXMX]WTIGMJMGVIUYMVIQIRXW
2 S , , ,
-RWYVERGIVIKYPEXMSR
2 S , , ,
'SVTSVEXI+SZIVRERGI
'SQQMWWMSRVITSVXWSRXLIMQTEGX
SJ)9VIGSQQIRHEXMSRWSR
HMVIGXSVW´TE]ERHMRHITIRHIRGI
8LI'SQQMWWMSRLEWTYFPMWLIHX[SVITSVXWSR1IQFIV7XEXIW´
ETTPMGEXMSRSJ)9VIGSQQIRHEXMSRWSRGSQTER]HMVIGXSVW´TE]
ERHMRHITIRHIRGI8LIVITSVXSRHMVIGXSVW´VIQYRIVEXMSRWLS[W
XLEX XVERWTEVIRG] WXERHEVHW EVI [MHIP] JSPPS[IH FYX MR WSQI
1IQFIV 7XEXIW MX MW WXMPP RSX VIGSQQIRHIH XLEX WLEVILSPHIVW
ZSXISRXLMWMWWYI8LIVITSVXSRXLIVSPISJMRHITIRHIRXRSR
I\IGYXMZI HMVIGXSVW JMRHW XLEX XLIVI LEW FIIR VIEP TVSKVIWW MR
MQTVSZMRKKSZIVRERGIWXERHEVHWMRXLMWJMIPHFYXWSQISJXLIVIG
SQQIRHIHWXERHEVHWLEZIRSXFIIRJSPPS[IHMREPPGSYRXVMIW
6 IQYRIVEXMSRMWSRISJXLIQEMREVIEW
SJ TSXIRXMEP GSRJPMGXW SJ MRXIVIWX JSV
I\IGYXMZI HMVIGXSVW )\GIWWMZI TE] TEGO
VIKEVHIHEWXLIQSWXZMWMFPIVIJPIGXMSRSJ
XLIEFMPMX]SJWLEVILSPHIVWSVXLIFSEVH
XS QSRMXSV QEREKIQIRX 'SRWIUYIRXP]
IVGLIGOWEVIPMOIP]
XSVIHYGIXLIVMWOW
MRLIVIRX MR WYGL
-
EKIW LEZI EPWS IQIVKIH EW E TVSQMRIRX XVERWTEVIRG] SR TE] MR MXWIPJ QE] GSR WGLIQIW S
JIEXYVIMRQER]GSVTSVEXIJVEYHWGERHEPW XVMFYXIXSEQSZIXS[EVHWFIXXIVGSRXVSP
8LI 'SQQMWWMSR´W 6IGSQQIRHE ERHLMKLIVIJJMGMIRG] 3R XLI [LSPI XLI
XMSRSRHMVIGXSVW´VIQYRIVEXMSRTVSZMHIW PIZIP SJ ETTPMGE M
JSV LMKL WXERHEVHW SJ HMWGPSWYVI SR XLMW 6IQYRIVEXMSRTSPMG]VIQEMRWGPSWIH XMSR SJ XLI VIGSQ
MWWYI ERH VIGSQQIRHW KVIEXIV MRZSPZI QIRHIH XVERWTEV V
QIRX SJ WLEVILSPHIVW MR XLI HIGMWMSRW 6IKVIXXEFP]XLIVIGSQQIRHEXMSRSRHMW IRG] VIUYMVIQIRXW
VIPEXMRKXSI\IGYXMZITE] GPSWYVI SJ XLI VIQYRIVEXMSR TSPMG] LEW SR VIQYRIVEXMSR
RSX FIIR [MHIP] JSPPS[IH MR 1IQFIV TSPMG] ERH SR XLI
-RERI[VITSVXSRLS[1IQFIV7XEXIW 7XEXIW TE]SJMRHMZMHYEPHM
EVIETTP]MRKXLIVIGSQQIRHIHWXERHEVHW VIGXSVW ETTIEVW XS
XLI'SQQMWWMSRJMRHWXLEXHMWGPSWYVISJ *YVXLIVQSVISRP]EHMWETTSMRXMRKP]PS[ FI VIPEXMZIP] LMKL
VIQYRIVEXMSRHIXEMPWMWRS[[MHIWTVIEH RYQFIV SJ 1IQFIV 7XEXIW GSRWMHIV MX IZIR XLSYKL XLI
FYXXLIVIETTIEVWXSFIEGIVXEMREQSYRX RIGIWWEV]XSVIGSQQIRHXLEXWLEVILSPH 'SQQMWWMSR[SYPHLEZII\TIGXIHQSVI
SJVIPYGXERGIXSJYPP]MRZSPZIWLEVILSPH IVWZSXISRXLIVIQYRIVEXMSRGVMXIVMESJ TVSKVIWW VIKEVHMRK XLSWI VIGSQQIRHE
IVW MR HIGMWMSRW SZIV XLIFSEVHSJQEREKIQIRXSVXSTI\IGY XMSRW [LMGL EMQ EX IPMQMREXMRK GSRJPMGXW
VIQYRIVEXMSRTSPMG] XMZIW SJMRXIVIWXWERHKMZIWLEVILSPHIVWQSVI
TS[IVMRHIGMWMSRWSRTE]TSPMG]
% PEVKI QENSVMX] SJ %PXLSYKLWLEVILSPHIVWYWYEPP]LEZIEWE]
1IQFIV 7XEXIW LEZI MR HIXIVQMRMRK XLI VIQYRIVEXMSR SJ XLI -XMWPMOIP]XLEXELMKLIVPIZIPSJXVERWTEV
V
MRXVSHYGIHLMKLHMWGPS WYTIVZMWSV]
FSEVHSRP]EJI[1IQFIV IRG][MPPMRHYGIMRZIWXSVWXSFIQSVIEG
WYVI WXERHEVHW VIKEVH 7XEXIWLEZIIRGSYVEKIHGSQTERMIWXSMR XMZIMRGSQTERMIW´EJJEMVWERHGPEMQKVIEX
MRKXLITE]SJMRHMZMHYEP ZSPZI WLEVILSPHIVW QSVI GPSWIP] MR XLI IVMRZSPZIQIRXMRVIQYRIVEXMSRQEXXIVW
I\IGYXMZIW -RHIIH E HIGMWMSR SR XLI VIQYRIVEXMSR TSPMG] SJ
WMKRMJMGERX RYQFIV SJ XLI QEREKIQIRX FSEVHI\IGYXMZI QER -X QE] EPWS GSRXVMFYXI XS XLI MQTVSZI
1IQFIV 7XEXIW LEZI EKIQIRXIZIRMJSRP]MREREHZMWSV]GE QIRX SJ XLI WXERHMRK SJ FYWMRIWW ERH
QEHI WYGL HMWGPSWYVI TEGMX] VIMRJSVGI MRZIWXSVW´ XVYWX MR GSVTSVEXI
GSQTYPWSV] XLYW KSMRK PIEHIVW
FI]SRH XLI 6IGSQ 1SWX1IQFIV7XEXIWLS[IZIVLEZIVIG
QIRHEXMSR´W WXERHEVHW SQQIRHIH SV SFPMKIH WLEVILSPHIV ET 8LI'SQQMWWMSRMRXIRHWXSGPSWIP]QSR
ERH XLI 'SQQMWWMSR TVSZEPSJWLEVIFEWIHMRGIRXMZIWGLIQIW MXSVQEVOIXHIZIPSTQIRXWFIJSVIHIGMH
JMRHW TVSKVIWW MR XLMW MRK[LIXLIVER]JYVXLIVQIEWYVI[SYPH
JMIPH MW QSWX [IPGSQI 8LI'SQQMWWMSRWIIWXLMWEWEZIV]TSWM FIRIGIWWEV]MRXLMWJMIPH
(MVIGXSVW´ TE] MW SJXIR XMZIHIZIPSTQIRXEWWXVSRKIVWLEVILSPH
2 S , , ,
'SVTSVEXI+SZIVRERGI
-RHITIRHIRXRSRI\IGYXMZIHMVIGXSVW GERFIWIIREWQENSVTVSKVIWW
2 S , , ,
7GSVIFSEVH
-RXIVREP1EVOIX7GSVIFSEVH
1IQFIV7XEXIWRIIHXSJSGYW
SRGSVVIGXP]ETTP]MRK-1VYPIW
%GGSVHMRKXSXLI'SQQMWWMSR´WPEXIWX-RXIVREP1EVOIX7GSVIFSEVHSR
EZIVEKI SJ-RXIVREP1EVOIX(MVIGXMZIWLEZIQMWWIHXLIHIEHPMRIJSV
FIMRK[VMXXIRMRXSREXMSREPPE[XLSYKLXLIKIRIVEPXVIRHMWKSMRKMRXLI
VMKLXHMVIGXMSR8LIMRGSVVIGXXVERWTSWMXMSRERHETTPMGEXMSRSJ-RXIVREP
1EVOIXVYPIWVIQEMRWETVSFPIQLS[IZIVERHXLIVIMWERYT[EVHXVIRH
MRXLIRYQFIVSJMRJVMRKIQIRXGEWIW
8 LI-RXIVREP1EVOIX³7GSVIFSEVH´TYF
PMWLIHMR.YP]WLS[IHXLEXQSWX
1IQFIV7XEXIWRS[ETTIEVXSFISRXLI
1IQFIV7XEXIWLEZIQEREKIHXSVIHYGI *MKYVIWJSV&YPKEVMEERH6SQERMELEZIRSX
XLIRYQFIVSJMRJVMRKIQIRXTVSGIIHMRKW FIIR MRXIKVEXIH MRXS XLMW 7GSVIFSEVH´W
EKEMRWXXLIQ JMKYVIW KMZIR XLI IRSVQSYW XEWO XLI]
VMKLX XVEGO MR MQTPIQIRXMRK XLI (MVIG JEGIHMRXVERWTSWMRKXLI[LSPI)9EGUYMW
XMZIWEKVIIHEX)9PIZIP%RHMRHIIHRMRI -QTPIQIRXEXMSRSJ(MVIGXMZIW MRXMQIJSVEGGIWWMSR-JXLIMVEZIVEKIHIJM
1IQFIV7XEXIWLEZIEPVIEH]VIEGLIHXLI GMX
[IVI XEOIR MRXS EGGSYRX XLI
RI[XEVKIXSJ WIXF]XLI'SYRGMPSJ %X XLIEZIVEKIXVERWTSWMXMSRHIJMGMX SZIVEPPEZIVEKI[SYPHFILMKLIVEX
1MRMWXIVWIEVPMIVXLMW]IEV ¯XLITIVGIRXEKISJ-RXIVREP1EVOIX(M
VIGXMZIWXLEXLEZIRSXFIIRMQTPIQIRXIH 2MRI 1IQFIV 7XEXIW ¯ 0MXLYERME 0EXZME
8LSYKL XLI PEXIWX JMKYVIW WLS[ E WPMKLX MRXS REXMSREP PE[ MR XMQI ¯ JSV XLI 7PSZEOME(IRQEVO+IVQER])WXSRME']
VIZIVWI MR XLI XVIRH GSQTEVIH XS XLI 1IQFIV7XEXIWMIRSXMRGPYHMRK&YPKEVME TVYW 1EPXE ERH 7PSZIRME ¯ LEZI EPVIEH]
TVIZMSYWWYVZI]XLI'SQQMWWMSRMWRIZ ERH6SQERME
VIQEMRWEFSZIXLIRI[MR VIEGLIHXLIRI[ MRXIVMQXEVKIX
IVXLIPIWW LSTIJYP XLEX TVSKVIWW [MPP FI XIVMQXEVKIXSJ
VIWYQIHERHVIJPIGXIHMRXLIRI\X7GSVI ,S[IZIV SRP] SYX SJ 1IQFIV
FSEVHXSFITYFPMWLIHMR.ERYEV] 8LI RI[ XEVKIX SJ SRI TIVGIRX XS FI 7XEXIW LEZI VIQEMRIH FIPS[ XLI GIMPMRK
EGLMIZIHF][EWWIXEJXIV1IQFIV SJE XVERWTSWMXMSRHIJMGMXGSQTEVIH
%REVIESJGSRGIVRLS[IZIVMWXLIJEMP 7XEXIWLEHVIEGLIHXLITVIZMSYWXEVKIXSJ XSMR(IGIQFIV
YVI SJ 1IQFIV 7XEXIW XS ETTP] -RXIVREP EXXLIIRHSJ
1EVOIXVYPIWGSVVIGXP]-RHIIHSRP]JSYV 0MXLYERMEWLS[WXLI[E]
-RXIVQWSJTYXXMRK)9VYPIWMRXSREXMSREP
%ZIVEKIXVERWTSWMXMSRHIJMGMXMR.YP] PE[0MXLYERMEMWJMVQP]MRJMVWXTSWMXMSRJSP
3TIRMRJVMRKIQIRXGEWIWEWSJ1E] PS[IHF]0EXZME)WXSRMEERH*VERGILEZI
EGLMIZIHXLIMVFIWXVIWYPXWIZIV&IPKMYQ
LEWIUYEPPIHMXW1E]FIWXTIVJSVQ
ERGI[MXLE HIJMGMXPIZIP[LMPI+IV V
QER]ERH1EPXELEZIIUYEPPIHXLIMVFIWX
VIWYPXWJVSQQSRXLWEKS
! " ! " ! "
(IRQEVOEPXLSYKLWXMPPGPSWIXSXLIXST
SJXLIPIEKYILEWWIIRMXWTIVJSVQERGI
WPMTF]TIVGIRXEKITSMRXMRGSRXVEWX
XSMXWTVIZMSYWI\GIPPIRXTIVJSVQERGI%PP
SXLIV1IQFIV7XEXIWXLEXLEZIVIQEMRIH
FIPS[ LEZIRIZIVXLIPIWWWIIRXLIMV
TIVJSVQERGIWPMT
2 S , , ,
7GSVIFSEVH
XEVKIXMR(IGIQFIVLEZIJEMPIH
XSHSWSXLMWXMQIEVSYRH8LIWIEVIXLI
&VIEOHS[RSJMRJVMRKIQIRXTVSGIIHMRKWTIVWIGXSV
8E\EXMSRERHGYWXSQWYRMSRVYPIWEVIXLIWIGSRHQSWXMQTSVXERXWSYVGISJMRJVMRKIQIRXW
2IXLIVPERHW-VIPERHF]EWQEPPQEVKMR
4SPERHERH7TEMR
.YWXMGIJVIIHSQWIGYVMX]
8LI 2IXLIVPERHW LS[IZIV WIIQ XS FI
,IEPXLERHGSRWYQIVTVSXIGXMSR
[IPPSRXVEGOXSMQTVSZISRXLMWTIVJSVQ
-RJSVQEXMSRWSGMIX]
ERGIMRWM\QSRXLW´XMQI
-46IKYPEXIHTVSJIWWMSRW
4SVXYKEPPEKWFILMRH )RXIVTVMWI
4YFPMGTVSGYVIQIRX
4SVXYKEP´WVIWYPXMWXMQIW[SVWIXLERXLI
7IVZMGIW
SPH)9XEVKIX0EWXXMQIEVSYRH4SVXYKEP
[EWEPVIEH]XLI[SVWXTIVJSVQIV]IXMXW
)QTPS]QIRX
HIJMGMXLEWMRGVIEWIHJYVXLIVF]E[SVV] )RIVK]ERHXVERWTSVX
MRK 8E\EXMSRERHGYWXSQWYRRMSR
)RZMVS
SRQIRX
0Y\IQFSYVKERH-XEP]LEZIFSXLWPMTTIH
SV QSVI FYX XLIVI EVI MRHMGEXMSRW
XLEXXLMWWPMTTEKI[MPPSRP]FIXIQTSVEV] )"&$''
JSV0Y\IQFSYVK
2 S , , ,
&IXXIV6IKYPEXMSR
)9GYXWVIHXETIEXVIGSVHWTIIH
WQEPPGSQTERMIWWEZIXMQIERHQSRI]
4YFPMGPMQMXIHPMEFMPMX]GSQTERMIW[MPPRSPSRKIVLEZIXSSVHIVGSWXP]I\
TIVXVITSVXWMRGEWIWSJQIVKIVWERHHMZMWMSRWYRPIWWXLIVIMWEWTIGMJMG
VIUYIWXJVSQWLEVILSPHIVW%JXIVEXLVIIQSRXLWJEWXXVEGOTVSGIHYVI
XLI)YVSTIER4EVPMEQIRXLEWEGGITXIHE'SQQMWWMSRTVSTSWEPJSVVI
QSZMRKYRRIGIWWEV]FYVHIRWSRWQEPPFYWMRIWWIW WLEVILSPHIVW XEOI ER EGXMZI TEVX MR XLI
HE]XSHE]QEREKIQIRXSJXLIFYWMRIWW
8 LITVSTSWEPXSGYXVIHX
E TEGOEKI SJ XIR³JEWX XVEGO EG
XS MRJSVQ WLEVILSPHIVW
EJX XIVQW SJ QIVKIVW SV HMZM
TVIWIRXIH F] XLI 'SQQMWWMSR E JI[ WMSRW MW GSRWMHIVIH XS FI YRRIGIWWEV]
71)WLEZIMHIRXMJMIHXLIVIUYMVIQIRXEW
EFYVIEYGVEXMGFYVHIR
MRJS
QSRXLW EKS ERH RS[ E[EMXW EKVIIQIRX ERH VITVIWIRXW GSWXP] TETIV[SVO RSX ,S[IZIVXLIRI[TVSTSWEPIRWYVIWXLEX
F]XLI1IQFIV7XEXIW VIUYMVIH F] WLEVILSPHIVW8LMW MW TEV V MJ WLEVILSPHIVW WXMPP WII E RIIH JSV XLI
XMGYPEVP] XLI GEWI [MXL WQEPP ERH QI I\TIVXVITSVXWXLI][MPPGSRXMRYIVIGIMZ
8LITVSTSWEPTSXIRXMEPP]ETTPMIWXSQSVI HMYQWM^IH IRXIVTVMWIW 71)W
[LIVI MRKXLIQ
XLERTYFPMGPMQMXIHPMEFMPMX]GSQ
TERMIW EGVSWW )YVSTI ERH MR TEVXMGYPEV
LQIRLXXTIGIYVSTEIYIRXIVTVMWIVIKYPEXMSRFIXXIVCVIKYPEXMSRMRHI\CIRLXQ
XSXLSWIS[RIHF]EPMQMXIHRYQFIVSJ
WLEVILSPHIVW
7YFWGVMFIXS)YVSTIER)GSRSQ]2I[WXLI
$.,1*+$;9+,/(
UYEVXIVP]QEKE^MRISJXLI(MVIGXSVEXI+IRIVEP
JSV)GSRSQMGERH*MRERGMEP%JJEMVWERHOIITYT
6+(5715+,1(5
XSHEXI[MXLHIZIPSTQIRXWVIPEXMRKXSIGSRSQ
MGWERHJMRERGIMRXLI)9
2 S , , ,
7TIGMEP
*IEXYVI
&IX[IIRERHXLI)9EHSTXIHRIEVP]WITE WMWXERGIWIVZMGIWXSLIPTMRHMZMHYEPWSVGSQTERMIWORS[
VEXIMXIQWSJPIKMWPEXMSREWTEVXSJETVSKVEQQIXSLIPT XLIMVVMKLXWERHMJRIIHFIXSIRJSVGIXLIQ
STIRREXMSREPQEVOIXWERHGSQTPIXIXLI7MRKPI1EVOIX
³=SYV)YVSTI³¯FEWMGJEGXW
-RQER]EVIEWHMJJIVIRXWIXWSJREXMSREPVIKYPEXMSRW[IVI
VITPEGIHF]SRIGSQQSR)YVSTIERVYPIXSZEWXP]VIHYGI % KSSH WXEVXMRK TSMRX JSV JMRHMRK SYX EFSYX ]SYV )9
XLI GSQTPMGEXMSR ERH GSWX SJ HSMRK FYWMRIWW EGVSWW )9 VMKLXW MW XLI =SYV )YVSTI [IFWMXI LXXTIGIYVSTEIY
FSVHIVW-RSXLIVEVIEWEWMQTPI³QYXYEPVIGSKRMXMSR´TVMR ]SYVIYVSTI
8LMW 'SQQMWWMSRVYR [IFWMXI [LMGL [EW
GMTPI[EWMRXVSHYGIH1IQFIV7XEXIWEKVIIHXSKMZIIEGL TVIZMSYWP]XLI(MEPSKYI[MXL'MXM^IRW&YWMRIWWTSVXEPSJJIVW
SXLIVW´PE[WERHXIGLRMGEPWXERHEVHWXLIWEQIZEPMHMX]EW KIRIVEPKYMHIWERHGSYRXV]WTIGMJMGJEGXWLIIXW[MXLMRJSV V
XLIMVS[RERHXLIGSQTPMGEXIHEHSTXMSRSJRI[PIKMWPE QEXMSRSRGMXM^IRW´VMKLXWMRGPYHMRKVMKLXWVIPEXIHXSJVII
XMSR[EWEZSMHIH QSZIQIRX -X EPWS TVSZMHIW EHZMGI SR LS[ XS I\IVGMWI
XLIWI VMKLXW MR TVEGXMGI ERH MW EZEMPEFPI MR EPP )9 SJJMGMEP
&EWMGVMKLXW PERKYEKIW
*SV GMXM^IRW XLI 7MRKPI 1EVOIX VYPIW VITVIWIRX XLI VMKLX 8LIEMQSJ=SYV)YVSTIMWXSTVSZMHISRPMRIMRJSVQEXMSR
XSPMZIERH[SVOMRSXLIV)9GSYRXVMIW[MXLEGGIWWXSE ERH MRXIVEGXMZI WIVZMGIW [MXL E GVSWWFSVHIV HMQIRWMSR
[MHIGLSMGISJUYEPMX]TVSHYGXWERHWIVZMGIWEXPS[TVMG -XFVMRKWXSKIXLIVMRJSVQEXMSRJVSQ'SQQYRMX]ERHRE
IW *SV XLI FYWMRIWW XMSREP WSYVGIW XS TVSZMHI GSQTVILIRWMZI ERH IEWMP] EG
GSQQYRMX] XLI 7MRKPI GIWWMFPI MRJSVQEXMSR SR OI] EWTIGXW SJ QSFMPMX] MR XLI
8LIVYPIWERHVIKYPEXMSRWVIPEXMRK 1EVOIX TVSZMHIW XLI 7MRKPI1EVOIX%XXLIWEQIXMQIMXSJJIVWMRJSVQEXMSRXS
STTSVXYRMX] XS XVEHI IRXIVTVMWIW SR FYWMRIWW HIZIPSTQIRX STTSVXYRMXMIW ERH
XSXLI7MRKPI1EVOIXEVIGSQTPI\ MR E HSQIWXMG QEVOIX TVEGXMGIWMRXLI)9-XWTVMQEV]JSGYWMWSRGMXM^IRW[MWL
ERHZSPYQMRSYW/RS[MRK]SYV SJQMPPMSRGSRWYQ MRK XS [SVO SV WXYH] MR ERSXLIV 1IQFIV 7XEXI SV )9
IVW FEWIH SR XLI VYPI IRXIVTVMWIW[ERXMRKXSVIPSGEXIXSSTIRERI[FVERGLMR
VMKLXWMRXLI)9GERFIEGLEPPIRKI SJ PE[ [MXL QYXYEP VI ERSXLIV)9GSYRXV]
JSVER]GMXM^IRSVFYWMRIWWQERFYX WTIGXERHXVYWX '77¯JVIIPIKEPEHZMGI
ERHMJRIGIWWEV]HMVIGXXLIGMXM^IRXS[EVHWXLIFSH][LMGL
GERFIWXLIPTWSPZIXLITVSFPIQ8LI]GEREPWSSJJIVEHZMGI
SRLS[XSEWWIVXGMXM^IR´WVMKLXWERHSFXEMRVIHVIWW-JER
MRGSVVIGXETTPMGEXMSRSJ)9PE[MWHMWGSZIVIHXLIGEWI[MPP
FIVIJIVVIHXSXLIVIPIZERXWIVZMGIGETEFPISJHIEPMRK[MXL
MX-RWSQIGEWIWXLMW[MPPFIXLI730:-8TVSFPIQWSPZMRK
WIVZMGIHIWGVMFIHFIPS[
=SYVVMKLXXSQSZIIWXEFPMWLEGSQTER]SVXVEHIMRER
SXLIV)9GSYRXV]EVIFEWMG)9TVMRGMTPIW,S[IZIVVYPIW
EVI STIR XS MRXIVTVIXEXMSR;LEX GER GMXM^IRW ERH FYWM
RIWWQIRHS[LIRXLI]ORS[XLIMV)9VMKLXWEVIRSXFIMRK
SFWIVZIH#
%PP)9GSYRXVMIWEW[IPPEW2SV[E]-GIPERHERH0MIGL
XIRWXIMR LEZI IWXEFPMWLIH XLIMV S[R REXMSREP 730:-8
XVEXMSRTVSFPIQWSFXEMRMRKWSGMEPWIGYVMX]GSZIVEKIIXG GIRXVIW8LIWIGIRXVIWEVIWXEJJIH[MXLWQEPPXIEQWSJ)9
XLMW EHZMWSV] WIVZMGI [MPP TVSZMHI KYMHERGI ERH WSQI WTIGMEPMWXW[LSGSSTIVEXIZMEERSRPMRIHEXEFEWIXSVETMH
TVEGXMGEPEHZMGI P]ERHTVEKQEXMGEPP]WSPZITVSFPIQWWYFQMXXIHF]GMXM^IRW
ERHFYWMRIWWIW8LI'SQQMWWMSRGSRXVMFYXIW[MXLEWYT
8LI'77WIVZMGIMWJVIISJGLEVKIERHXLIVITPMIWTVSZMHIH TSVXXIEQ[MXLMR(+-RXIVREP1EVOIXERH7IVZMGIW[LMGL
F] QYPXMPMRKYEP PIKEP I\TIVXW EVI TIVWSREPMWIH SFNIGXMZI TVSZMHIWHEMP]EWWMWXERGIXS730:-8GIRXVIWSRPIKEPXIGL
ERHUYMGO6IWTSRWIWEVIKMZIRF]TLSRISVIQEMPMRSRI RMGEPERHTVSGIHYVEPMWWYIW
SJXLISJJMGMEPPERKYEKIWXLEXGERFIVIUYIWXIH*VSQ
7ITXIQFIVSRXLIWIVZMGI[MPPFIEZEMPEFPIMRPERKYEKIW 730:-8 MW GSQQMXXIH XS JMRHMRK VIEP WSPYXMSRW [MXLMR E
[MXLXLIEHHMXMSRSJ6SQERMER&YPKEVMERERH-VMWL [IIOHIEHPMRIERH730:-8´WTIVJSVQERGIVITSVX
WLS[W ER MQTVIWWMZI XVEGO VIGSVH MR VIWSPZMRK E VEJX SJ
8LI'77PIKEPI\TIVXWWIXSYXXSGPEVMJ]XLIVIPIZERXVYPIW XLSVR]MWWYIWIZIRJEWXIVXLERMRTVIZMSYW]IEVW
³=SYV)YVSTI'MXM^IRW´ ³=SYV)YVSTI&YWMRIWW´
8LI 'MXM^IRW WIGXMSR SJ XLI [IFWMXI TVSZMHIW HIXEMPIH 8LI&YWMRIWWWIGXMSRTVSZMHIWTVEGXMGEPMRJSVQEXMSRERH
TVEGXMGEPMRJSVQEXMSRSRERMRHMZMHYEP´WVMKLXWERHSTTSV V EHZMGIXSLIPTFYWMRIWWQIRSTIVEXIMRSXLIV)9GSYR
XYRMXMIWMRXLI7MRKPI1EVOIXTPYWERHSJJIVWEHZMGISRLS[ XVMIW
XSI\IVGMWIXLIWIVMKLXWMRTVEGXMGI
)YVSTIER+IRIVEP+YMHIWEKIRIVEPSZIVZMI[SJ -XGSZIVWMWWYIWVERKMRKJVSQXLIVIKMWXVEXMSRSJGSQTE
]SYV)9[MHIVMKLXWERHSTTSVXYRMXMIWERHSJLS[XS RMIWTYFPMGTVSGYVIQIRXXE\IWFYWMRIWWHMVIGXSVMIWZEVM
QEOIIJJIGXMZIYWISJXLIQ SYWJYRHMRKSTTSVXYRMXMIWXSIQTPS]QIRXPE[W
)YVSTIERERH2EXMSREPTVEGXMGEPMRJSVQEXMSR )YVSTIERERH2EXMSREPMRJSVQEXMSRKIRIVEP)9
QSVIXLERMRHMZMHYEPJEGXWLIIXWTVSZMHIHIXEMPIH [MHIFYWMRIWWMRJSVQEXMSRMREZEVMIX]SJXLIQEXMG
TVEGXMGEPMRJSVQEXMSREFSYXI\IVGMWMRK]SYVVMKLXW EVIEWERHPERKYEKIW
FSXLEX)9PIZIPERHMREWTIGMJMG)9GSYRXV]
9WIJYP0MROW
%HHVIWWIW 9WIJYP0MROW
%HHVIWWIW
2 S , , ,
GEWIW WYFQMXXIH XS XLIQ [MXLMR ER EZIVEKI XMQI SJ
HE]W
-R SJ730:-8GEWIW[IVIWYFQMXXIHF]GMXM^IRW
8LI QENSV TVSFPIQ EVIEW JSV GMXM^IRW [IVI WSGMEP WIGY
VMX]
XE\EXMSR
ERHVIGSKRMXMSRSJTVSJIWWMSREP
UYEPMJMGEXMSRW
&YWMRIWWIWWYFQMXXIH SJEPPGEWIW
QSWXP]VIPEXIHXSQEVOIXEGGIWWJSVTVSHYGXW
ERHXLI
TVSZMWMSRSJWIVZMGIWERHIWXEFPMWLQIRX
(YVMRKMXWJMVWX]IEVSJSTIVEXMSR730:-8LERHPIHEVSYRH 7GSTIJSVJYVXLIVHIZIPSTQIRX
GEWIWTIVQSRXL8SHE]730:-8MWHIEPMRK[MXLQSVI
XLERGEWIWTIVQSRXLFVMRKMRKXLIW]WXIQSRETEV[MXL ;LMPWXXLIZEPMHMX]SJXLI730:-8ETTVSEGLMWVIGSKRMWIH
XLI'SQQMWWMSR´WJSVQEPGSQTPEMRXTVSGIHYVI[LMGLVIK 730:-8LEWGIVXEMRP]RSX]IXEGLMIZIHMXWJYPPTSXIRXMEP
MWXIVIHGSQTPEMRXWPEWX]IEV
4VIZMSYW ERRYEP VITSVXW EVKYIH
-X MW EPWS MRXIVIWXMRK XS RSXI *EGXWERHJMKYVIW XLEXXLIVIEPTSXIRXMEPSJ730:-8
XLEX XLI RYQFIV SJ VIKMW R XIVQW SJ GEWI ZSPYQI [EW
-R730:-8VIKMWXIVIHEVSYRHRI[GEWIWTIV
XIVIHMRJVMRKIQIRXGEWIWLEW MOIP]XSFIEXQSVIXLER
QSRXLJMZI]IEVWPEXIVXLMWJMKYVILEWMRGVIEWIHXS
HIGVIEWIHF] WMRGI GEWIWTIV]IEVFEWIHSRXLIGEWI
[LMPI730:-8LEWXVMTPIHMXW 3ZIVXLITEWXJMZI]IEVWXLIEZIVEKIVIWSPYXMSRVEXI WYFQMWWMSRPIZIPSJXLIQSWXEG
JSV730:-8GEWIWVIQEMRIHWXEFPIEX
GEWI ZSPYQI SZIV XLI WEQI XMZI730:-8GIRXVIW
TIVMSH 3JEPPVIWSPZIHGEWIWMRWMRGI [IVI
VIWSPZIH[MXLMRXLI730:-8HIEHPMRISJXIR[IIOW 8LMW ZSPYQI LEW RSX FIIR
730:-8 WIIQW XLIVIJSVI XS %ZIVEKIGEWILERHPMRKXMQIHIGVIEWIHWMKRMJMGERXP] VIEGLIH ]IX QEMRP] HYI XS XLI
FI JYPJMPPMRK MXW VSPI EW E JEWX JVSQEREZIVEKISJHE]WMRXSHE]WMR EGOSJVIWSYVGIWMREPQSWXLEPJ
ERH IJJMGMIRX EPXIVREXMZI JSV SJXLI730:-8GIRXVIW8LIJSYV
QER] TSXIRXMEP MRJVMRKIQIRX 'MXM^IRWWYFQMXXIHX[SXLMVHWSJ730:-8GEWIW8LI )9 GSYRXVMIW [MXL XLI PEVKIWX
GEWIW -X HIQSRWXVEXIW XLEX QENSVTVSFPIQEVIEWJSVGMXM^IRW[IVIWSGMEPWIGYVMX] TSTYPEXMSR WM^IW +IVQER] XLI
IZIR[MXLMREGSQTPI\QYPXM XE\EXMSRERHVIGSKRMXMSRSJTVSJIWWMSREP 9RMXIH /MRKHSQ *VERGI ERH
GYPXYVEPSVKERMWEXMSRPMOIXLI UYEPMJMGEXMSRW XEP]
WYFQMXXIHTVSTSVXMSREXIP]
)YVSTIER9RMSRMXMWTSWWMFPI &YWMRIWWIWWYFQMXXIHSRIXLMVHSJ730:-8GEWIW S[RYQFIVWSJGEWIWMR
XSWLMJXJVSQEXMQIGSRWYQ 8LIMVQEMRTVSFPIQEVIEWEVIXE\EXMSRQEVOIXEGGIWW
MRK JSVQEP TVSGIHYVI XS ER JSVTVSHYGXWXLITVSZMWMSRSJWIVZMGIWERHJVIIHSQ
MRJSVQEP TVEKQEXMG ERH JEWX SJIWXEFPMWLQIRX
XVEGOETTVSEGL
±3ZIVXLITEWXJMZI]IEVW730:-8LEWHIPMZIVIHVIEPWS
PYXMSRWXSLYRHVIHWSJVIEPTVSFPIQWMR )YVSTI%RHF]
,,,
2 S , , ,
2EXMSREPGIRXVIWMXMWVIGSKRMWIHRIIHXSFIWYJJMGMIRXP]
WXEJJIHXSFIEFPIXSWSPZIXLIMRGVIEWMRKZSPYQISJTVSF 8LIJMZIOI]WXS730:-8´WWYGGIWW
PIQWXLEXEVIWYFQMXXIHXSXLIQ1SVISZIVXLI]RIIHXS -RXLITEWXJMZI]IEVW730:-8LEWFYMPXYTEVITYXEXMSREW
WTIRHQSVIXMQISRTVSQSXMSREPEGXMZMXMIWXSQEOIQSVI ERIJJIGXMZITVSFPIQWSPZMRKRIX[SVOXLEROWXSMXW
GMXM^IRW ERH FYWMRIWWIW E[EVI SJ LS[ XLI] GER HIJIRH 'SQQMXQIRXXSHIJIRHMRKXLI)9VMKLXWSJGMXM^IRWERH
XLIMVVMKLXWMR)YVSTI FYWMRIWWIW
)QTLEWMWSRJEWXERHTVEKQEXMGWSPYXMSRW[MXLXLILIPTSJ
-XMW[SVXLRSXMRKXLEXEGGSVHMRKXSE)YVSFEVSQIXIVTYF ERSRPMRIGEWILERHPMRKHEXEFEWI
PMWLIHMR7ITXIQFIVSRP] SJXLI)9TSTYPEXMSRMW
/RS[PIHKISJ)9PE[ERHEGGIWWXS'SQQMWWMSRI\TIVXW´
E[EVISJXLII\MWXIRGISJ730:-8-R*VERGIXLMWTIVGIRX
EHZMGI
EKIMWEWPS[EW^IVS
7XVSRKRIX[SVOSJGSRXEGXW[MXLVIPIZERXEYXLSVMXMIWEX
REXMSREPPIZIP
8IEQWTMVMXERHJVMIRHP][SVOMRKVIPEXMSRW
7QEPPXIEQWSJ)9WTIGMEPMWXWMR1IQFIV7XEXIWJSVQELMKLP]IJJIGXMZIRIX[SVO
JSVVETMHERHMRJSVQEPTVSFPIQWSPZMRKVIKEVHMRK7MRKPI1EVOIXVMKLXW
,S[XSYWI730:-8
730:-8GERLIPTGMXM^IRW[MXLTVSFPIQWVIPEXIHXS 730:-8GERLIPTFYWMRIWWIW[MXLTVSFPIQWVIPEXIHXS
VIWMHIRGITIVQMXW[SVOTIVQMXWERHZMWEW QEVOIXEGGIWWJSVTVSHYGXW
VIGSKRMXMSRSJTVSJIWWMSREPUYEPM½GEXMSRW TVSZMWMSRSJWIVZMGIW
QSXSVZILMGPIVIKMWXVEXMSR IWXEFPMWLQIRXEWWIPJIQTPS]IH
IQTPS]QIRXVMKLXW JVIIQSZIQIRXSJGETMXEP
WSGMEPWIGYVMX] TYFPMGTVSGYVIQIRX
XE\EXMSR XE\EXMSR
HVMZMRKPMGIRWIW TVSHYGXPEFIPPMRK
HMWGVMQMREXMSRFEWIHSRREXMSREPMX] FSVHIVGSRXVSPW
SVER]SXLIVSFWXEGPIWTVIZIRXMRKGMXM^IRWJVSQJYPP]I\IV
V SVER]SXLIVSFWXEGPIWLMRHIVMRKFYWMRIWWIWMRGVSWWFSV
V
GMWMRKXLIMV)9VMKLXWXSJVIIQSZIQIRX HIVSTIVEXMSRW
-J]SYEVIJEGIH[MXLEGVSWWFSVHIVTVSFPIQGEYWIHF]MRGSVVIGXETTPMGEXMSRSJ
)9VYPIWF]ETYFPMGEYXLSVMX]EXREXMSREPVIKMSREPSVPSGEPPIZIP]SYGERXEOIMX
XS730:-8IMXLIVF]JMPPMRKSYXERSRPMRIGSQTPEMRXJSVQSVGSRXEGXMRKEREXMSREP
730:-8GIRXVIF]IQEMPSVXIPITLSRI
MRJS LXXTIGIYVSTEIYWSPZMXMRHI\LXQ
,,,
2 S , , ,
730:-8-2%'8-32
,IPTJSVE9/GSQTER]XSKIXMRXSXLI*VIRGLQEVOIX
% 9/ GSQTER] QERYJEGXYVMRK QIHMGEP WGEPIW [MWLIH XS LEZIXLIMVTVSHYGXEGGITXIHERHJMREPP]EWOIH730:-89/
I\TERHMXWQEVOIXMR*VERGI8LIGSQTER][EWQEVOIXMRK JSVLIPT8LI9/GSQTER]ERH730:-89/[SVOIHGPSWIP]
MXWTVSHYGXMRXLI9/ERHERYQFIVSJ1IQFIV7XEXIWERH XSKIXLIVXSWYGGIWWJYPP]QEVOIXXLITVSHYGXMR*VERGIMR
XLYWGSRJSVQIHXS)9VYPIW,S[IZIV*VIRGLEYXLSVMXMIW E QEXXIV SJ [IIOW%GGSVHMRK XS XLI GSQTER] 730:-8
VIJYWIHXSEGGITXXLITVSHYGXSRMXWQEVOIXERHVIUYIWX LIPTIHXLIQTVIZIRXEGSRWMHIVEFPIPSWW
IHEHHMXMSREPXIWXMRK*SVSZIVE]IEVXLIGSQTER]XVMIHXS
730:-8LIPTW-XEPMERIRXVITVIRIYVIWXEFPMWLEGSQTER]MR7PSZIRME
7[IHMWLGMXM^IRLIPTIHXSSFXEMRLIVYRIQTPS]QIRXFIRIJMX
% 7[IHMWL GMXM^IR ETTPMIH JSV YRIQTPS]QIRX FIRIJMXW MR XLMW[EWVIJYWIHF]XLITSWXSJJMGIERHXLIGLIUYIW[IVI
XLI 9/ MR EGGSVHERGI [MXL )9 VYPIW8LI 9/ EYXLSVM FPSGOIH*YVXLIVQSVIXLI7[IHMWLGMXM^IRXVMIHMRZEMRXS
XMIWXSSOWYGLEPSRKXMQIXLEX[LIRXLI]JMREPP]KVERXIH LEZIXLIRIGIWWEV]TETIVW[LMGLLEHFIIRWMKRIHF]XLI
XLIFIRIJMXXLI7[IHMWLGMXM^IRLEHEPVIEH]VIXYVRIHXS 9/YRIQTPS]QIRXEYXLSVMXMIWTVIWIRXIHXSXLI7[IHMWL
7[IHIRMRSVHIVRSXXSPSWILIV7[IHMWLYRIQTPS]QIRX EYXLSVMXMIW8LI9/730:-8GIRXVIGSRXEGXIHXLIEYXLSVM
FIRIJMX8LI9/EYXLSVMXMIWXLIRWIRXGLIUYIWXSLIVTVI XMIWERHXLIETTPMGERXVIGIMZIHFSXLXLIQSRI]ERHXLI
ZMSYW )RKPMWL EHHVIWW [LMPI WLI [EW EPVIEH] MR 7[IHIR QMWWMRKJSVQMR7[IHIR7SPZIH[MXLMR[IIOW
;LIR WLI QERHEXIH E JVMIRH XS GEWL XLIQ MR )RKPERH
4SVXYKYIWIGMXM^IRKIXWLMWXE\IWVIMQFYVWIHXLEROWXS730:-8
%JXIV[SVOMRKMR2SVXLIVR-VIPERHJSVSZIVXLVII]IEVWE GSQTER]RSPSRKIVI\MWXIH2MRIQSRXLWPEXIVLILEHWXMPP
4SVXYKYIWIREXMSREPVIXYVRIHXS4SVXYKEP,I[EWMRJSVQIH RSXVIGIMZIHXLIVIMQFYVWIQIRX%JXIVXLIMRXIVZIRXMSRSJ
XLEXLIGSYPHSFXEMREXE\VIMQFYVWIQIRXJSV[LMGLLI 730:-89/XLI-RPERH6IZIRYIWIVZMGIWIRXLMQEGLIUYI
JMPPIHMRXLIRIGIWWEV]JSVQWERHWYFQMXXIHEHIGPEVEXMSR JSVERH[VSXILMQEPIXXIVSJETSPSK]I\TPEMRMRK
JVSQ SRI SJ LMW TVIZMSYW IQTPS]IVW *SV E WIGSRH IQ XLIGEYWIJSVXLIHIPE]7SPZIH[MXLMR[IIOW
TPS]IVLIGSYPHRSXWYFQMXWYGLEHIGPEVEXMSRFIGEYWIXLI
730:-8LIPTW(YXGLQERGSPPIGXJYPPTIRWMSRVMKLXW
,,,
2 S , , ,
'SQTER]PE[
'SQQMWWMSRGSRWYPXWSRTSWWMFPI)YVSTIER4VMZEXI'SQTER]7XEXYXI
8LI 'SQQMWWMSR LEW PEYRGLIH E TYFPMG -R *IFVYEV] XLI )YVSTIER 4EVPME XLI TSWWMFPI WXEXYXI 8LI GSRWYPXEXMSR
GSRWYPXEXMSR SR XLI SFWXEGPIW GSQTE QIRX EHSTXIH E VIWSPYXMSR VIUYIWXMRK JSVQW TEVX SJ XLI MQTEGX EWWIWWQIRX
RMIW ¯ MR TEVXMGYPEV WQEPP ERH QIHMYQ XLI'SQQMWWMSRXSHVE[YTEWXEXYXIJSV TVSGIWW[LMGLEMQWEXZIVMJ]MRKXLIGSWX
WM^IH IRXIVTVMWIW 71)W
¯ JEGI [LIR E YRMJSVQ )4'8LI VIWYPXW SJ XLI JIEWM FIRIJMX VIPEXMSR SJ ER] TSWWMFPI JYXYVI
GSRHYGXMRKGVSWWFSVHIVFYWMRIWWMRXLI FMPMX] WXYH] LEZI WLS[R XLEX XLI ZMI[W QIEWYVIWSRXLIMWWYIWMRUYIWXMSR
)9ERHSRXLIGSRXIRXSJETSWWMFPI)Y SJWXEOILSPHIVWEVIHMZMHIHFSXLSRXLI
VSTIER 4VMZEXI 'SQTER] 7XEXYXI )4'
RIIHJSVXLI)4'ERHSRXLIWGSTIERH -RXIVREP 1EVOIX ERH 7IVZMGIW 'SQQMW
6IWTSRWIW[MPPFIXEOIRMRXSEGGSYRXMRE GSRXIRXSJXLITSWWMFPIWXEXYXI*YVXLIV V WMSRIV 'LEVPMI 1G'VIIZ] WXVIWWIH XLEX
JSVXLGSQMRKMQTEGXEWWIWWQIRXERHTSW QSVIXLIQSWXMQTSVXERXQEXXIVWXSFI ±-J[I[ERX)YVSTIERFYWMRIWWIWXSVIET
WMFPIPIKMWPEXMZITVSTSWEP8LIHIEHPMRIJSV GSZIVIHF]XLI)4'WXEXYXIMRTEVXMGYPEV XLIJYPPFIRIJMXWSJXLI7MRKPI1EVOIX[I
VIWTSRWIWMW3GXSFIV XLSWIWYKKIWXIHF]XLI)YVSTIER4EVPME QYWXTVSZMHIXLIQ[MXLXLIQSWXETTVS
QIRXMRMXWVITSVXWLSYPHFIWYFNIGXXSE TVMEXIQIERW
-RMXW%GXMSR4PERSR1SHIVRMWMRK'SQ GSRWYPXEXMSR
TER]0E[ERH)RLERGMRK'SVTSVEXI+SZ 8LI)YVSTIER4VMZEXI'SQTER]QE]FI
IVRERGIMRXLI)9XLI'SQQMWWMSRJSVI -RXLIPMKLXSJXLMWXLI'SQQMWWMSRLEW XLIVMKLX[E]JSV[EVH&YXJMVWX[IRIIH
WE[ XLI PEYRGL SJ E JIEWMFMPMX] WXYH] XS PEYRGLIHEWTIGMJMGTYFPMGGSRWYPXEXMSRSR XS LEZI E GPIEV TMGXYVI SJ XLI SFWXEGPIW
IZEPYEXI XLI EHZERXEKIW ERH HVE[FEGOW XLI)4'-XEMQWXSI\TPSVIXLISFWXEGPIW GSQTERMIWWXMPPJEGIMRXLI7MRKPI1EVOIX
SJ E TSWWMFPI )YVSTIER PIKEP WXEXYXI JSV XLEXGSQTERMIWERH71)WMRTEVXMGYPEV
ERHXSJMRHSYX[LIXLIVETSWWMFPI7XEX
WQEPP ERH QIHMYQ IRXIVTVMWIW8LI VI JEGI[LIRGSRHYGXMRKGVSWWFSVHIVFYWM YXIGSYPHFIEZMEFPIWSPYXMSR²
WYPXWSJXLIWXYH][IVITVIWIRXIHMR(I RIWWMRXLI)9-XEPWSMRZMXIWVIWTSRHIRXW
GIQFIV XSI\TVIWWXLIMVZMI[WSRXLIGSRXIRXSJ
MRJS LXXTIGIYVSTEIYMRXIVREPCQEVOIXGSQTER]ITGMRHI\CIRLXQ
2 S , , ,
%GGSYRXMRKERHEYHMXMRK
'SQQMWWMSRTPERXSWMQTPMJ])9
VYPIWSRGSQTER]PE[EGGSYRXMRK
ERHEYHMXMRK
8LI'SQQMWWMSRLEWTYXJSV[EVHQIEWYVIW[LMGLEMQXSWMQTPMJ]XLI
FYWMRIWWIRZMVSRQIRXJSV)9GSQTERMIWMRXLIEVIEWSJGSQTER]PE[
EGGSYRXMRKERHEYHMXMRK8LITVSTSWIHQIEWYVIWWIXSYXXSVIQSZISV
VIHYGIEVERKISJEHQMRMWXVEXMZIVIUYMVIQIRXWXLEXEVIGSRWMHIVIHSYX
HEXIHSVI\GIWWMZI%PPMRXIVIWXIHTEVXMIWEVIMRZMXIHXSGSQQIRXSR
XLITVSTSWEPWF]QMH3GXSFIV
- RXLIKIRIVEPGSRXI\XSJ&IXXIV6IKY
PEXMSRXLI'SQQMWWMSRLEWHIGMHIHXS
WMQTPMJ] XLI VIKYPEXSV] IRZMVSRQIRX JSV
8S MHIRXMJ] XLI WGSTI JSV WMQTPMJMGEXMSR
XLI 'SQQMWWMSR EHSTXIH SR .YP]
E'SQQYRMGEXMSRWIXXMRKSYXTVS
6IHYGMRKVIHXETI
8LI)YVSTIER'SYRGMPSJ1EVGLYR
)YVSTIER GSQTERMIW -XW SZIVVMHMRK SF TSWEPWJSVTSWWMFPIQIEWYVIWXSWMQTPMJ] HIVPMRIHXLIMQTSVXERGISJVIHYGMRKEH
NIGXMZIMWXSIRWYVIXLEX)9PIKMWPEXMSRMR XLI )9 EGUYMW MR XLI EVIEW SJ GSQTER] QMRMWXVEXMZI FYVHIRW JSV )9 FYWMRIWWIW
XLIJMIPHWSJGSQTER]PE[EGGSYRXMRKERH PE[EGGSYRXMRKERHEYHMXMRK 8LI 'SQQMWWMSR LEW SYXPMRIH XLI [E]
EYHMXMRKGSVVIWTSRHWXSXSHE]´WFYWMRIWW JSVEGLMIZMRKXLMWSFNIGXMZIF]EHSTXMRKE
RIIHWERHEPPS[W)YVSTIERFYWMRIWWIWXS 4VSTSWIHWMQTPMJMGEXMSRQIEWYVIW WMQTPMJMGEXMSRTVSKVEQQIMR[LMGL)YVS
GSQTIXI QSVI IJJIGXMZIP] MR XLI LMKLP] TIERGSQTER]PE[EGGSYRXMRKERHEYHMX
GSQTIXMXMZIKPSFEPIRZMVSRQIRX 8LI OI] QIEWYVIW YRHIV GSRWMHIVEXMSR MRKLEZIFIIRMHIRXMJMIHEWTVMSVMX]EVIEW
EVI
8LI MRMXMEXMZI MW PMROIH XS XLI SRKSMRK VITIEPMRKGSQTER]PE[(MVIGXMZIW *MVWXEREP]WIWGEVVMIHSYXF]ERYQFIVSJ
XLEXHIEPQEMRP][MXLHSQIWXMG 1IQFIV7XEXIWLEZIWLS[RXLEXEHQMRMW
WMXYEXMSRWIKHSQIWXMGQIVKIVW XVEXMZIGSWXWGEYWIHF])9VYPIWMRXLIWI
SJGSQTERMIWHSQIWXMGHMZMWMSRW EVIEWEVITEVXMGYPEVP]LMKL
GETMXEPSJTYFPMGPMQMXIHGSQTERMIW
ERHTVMZEXIWMRKPIQIQFIVPMQMXIH ±-J[I[ERXXSIREFPI)YVSTIERFYWMRIWW
PMEFMPMX]GSQTERMIW
SVVIQSZMRK IW XS GSQTIXI MR XSHE]´W KPSFEP QEVOIX
GIVXEMRMRJSVQEXMSRSFPMKEXMSRWMRXLI [I RIIH XS GYX VIH XETI GSQQIRXIH
GSQTER]PE[(MVIGXMZIW -RXIVREP 1EVOIX ERH 7IVZMGIW 'SQQMW
WMQTPMJ]MRKHMWGPSWYVIVIUYMVIQIRXW WMSRIV'LEVPMI1G'VIIZ]1ER])9VYPIW
JSVGSQTERMIWERHJSVFVERGLIW SRGSQTER]PE[ERHEGGSYRXMRKEVIQSVI
JYVXLIVVIHYGMRKVITSVXMRKERH XLERX[IRX]]IEVWSPHERHTPEGIYRRIGIW
EYHMXMRKVIUYMVIQIRXWJSVWQEPPERH WEV]FYVHIRWSR)9FYWMRIWWIW²
VIZMI[ SJ XLI 7MRKPI 1EVOIX MRMXMEXIH F] QIHMYQWM^IHIRXIVTVMWIW
XLI 'SQQMWWMSR -X JSVQW TEVX SJ XLI 3R XLI FEWMW SJ HMWGYWWMSRW [MXL 1IQ 'SQQIRXW GER FI WIRX HMVIGXP] XS
'SQQMWWMSR MRMXMEXMZI EMQMRK EX VIHYG FIV7XEXIWXLI)YVSTIER4EVPMEQIRXERH QEVOXGSQTPE[$IGIYVSTEIY
MRKEHQMRMWXVEXMZIFYVHIRWIWTIGMEPP]JSV WXEOILSPHIVWXLI'SQQMWWMSR[MPPGEVV]
71)W SYX JYPP ERH GSQTVILIRWMZI MQTEGX EW
WIWWQIRXW [LMGL [MPP EPWS XEOI EGGSYRX MRJS
-RXLMWGSRXI\XEJMVWXJEWXXVEGOTVSTSW SJEHQMRMWXVEXMZIGSWXW 'SVMRRE9PPVMGL
8)0
EP [EW XEFPIH F] XLI 'SQQMWWMSR SR *%<
1EVGLWIITEKI
[LMGLEMQWEX 1EVOX*$IGIYVSTEIY
2 S , , ,
%GGSYRXMRKERHEYHMXMRK
%YHMXTVSJIWWMSRKMZIWWYTTSVX
XSVIJSVQSJEYHMXSVWPMEFMPMX]
VYPIWMRXLI)9
'SRWYPXEXMSRWLS[WWYTTSVXJSVEGXMSRSRRSR)9EYHMXJMVQW
8LI 'SQQMWWMSR VIGIRXP] YRHIVXSSO E XLI HIZIPSTQIRX SJ IJJIGXMZI VIKYPEXSV] SR GSSTIVEXMSR MR VIKMWXVEXMSR TVSGI
TYFPMG GSRWYPXEXMSR SR XLI VIKYPEXMSR SJ W]WXIQWERHXSTVIZIRXQEVOIXJVEKQIR HYVIW
RSR)9EYHMXJMVQW3ZIVEPPVIWTSRHIRXW XEXMSR
WYTTSVX 'SQQMWWMSR EGXMSR [MXLMR XLI -RXIVREP 1EVOIX ERH 7IVZMGIW 'SQQMW
JVEQI[SVOSJXLI(MVIGXMZISR7XEXYXSV] 1ER]VIWTSRHIRXWIQTLEWMWIHXLIRIIH WMSRIV 'LEVPMI 1G'VIIZ] WEMH±8LI VI
%YHMXXSVIKYPEXIERHWYTIVZMWIRSR)9 XS HIZIPST E W]WXIQ SJ GSSTIVEXMSR MR WTSRWIW[ILEZIVIGIMZIH[MPPLIPTYWXS
EYHMXJMVQWEW[IPPEWXSMRGVIEWIGSST VIKMWXVEXMSRTVSGIHYVIWFIX[IIRXLIEY HIGMHI LS[ XS HIEP [MXL RSR)9 EYHMX
IVEXMSR[MXLGSQTIXIRXEYXLSVMXMIWJVSQ XLSVMXMIW SJ XLI )9 1IQFIV 7XEXIW 'S JMVQW[LMPIEZSMHMRKHMWVYTXMSRSJGETMXEP
RSR)9GSYRXVMIW STIVEXMSRMRVIKMWXVEXMSR[SYPHFIIWWIR QEVOIXW8LI]EPWSHIQSRWXVEXIXLEXGS
XMEPMRVIHYGMRKXLIEHQMRMWXVEXMZIFYVHIR STIVEXMSREQSRK)YVSTIEREYHMXVIKYPE
6IWTSRHIRXW EPWS [IPGSQIH XLI MHIE MQTSWIHSREYHMXIRXMXMIWXLEXEVIWYFNIGX XSVWMWIWWIRXMEP²
XLEX XLI 'SQQMWWMSR WLSYPH EWWIWW ERH XSQYPXMTPIVIKMWXVEXMSRW
HIGMHI SR IUYMZEPIRGI SJ RSR)9 GSYR 8LI VIWTSRWIW EYXLSVMWIH JSV TYFPMGE
XVMIW´TYFPMGWYTIVZMWMSRW]WXIQW 8LI)YVSTIER+VSYTSJ%YHMXSVW3ZIV V XMSR ERH XLI WYQQEV] SJ EPP VIWTSRWIW
WMKLX&SHMIW)+%3&
[EWGSRWMHIVIHEW EVIEZEMPEFPIEXXLIPMROFIPS[
-R TEVXMGYPEV XLI] WYTTSVXIH XLI MRXVS XLIETTVSTVMEXIJSVYQMR[LMGLXSEKVII
HYGXMSRSJXVERWMXMSREPQIEWYVIWJSVXLI
RSR)9EYHMXJMVQWGSRGIVRIHXSJSWXIV LQIR LXXTIGIYVSTEIYMRXIVREPCQEVOIXEYHMXMRKVIPEXMSRWMRHI\CIRLXQ
2 S , , ,
%GGSYRXMRKERHEYHMXMRK
6ITSVXWLS[WTVSKVIWWMR
GSRZIVKIRGISJEGGSYRX
MRKWXERHEVHWMROI]TEVXRIV
GSYRXVMIW
% VITSVX LEW FIIR TYFPMWLIH F] XLI 'SQQMWWMSR SR XLI
[SVOYRHIV[E]MR'EREHE.ETERERHXLI9RMXIH7XEXIWSR
GSRZIVKIRGI FIX[IIR XLIMV REXMSREP +IRIVEPP] %GGITXIH
%GGSYRXMRK4VMRGMTPIW+%%4W
ERHXLI-RXIVREXMSREP*MRER
GMEP6ITSVXMRK7XERHEVHW-*67
YWIHMRXLI)9
8 LIX[SQENSVW]WXIQWSJEGGSYRX
MRKMRXLI[SVPHEVI-*67YWIHMR
XLI)9ERHXLI9RMXIH7XEXIW+%%4
8LI'SQQMWWMSRMWEPWSIRGSYVEKIH
F]XLITSWMXMZIHIZIPSTQIRXWMR.ETER
'EREHE'LMREERH-RHME
W]WXIQ'SRZIVKIRGIFIX[IIRXLIX[S
ETTVSEGLIWMWFIMRKTVSQSXIHMRXLI 'SQQSRKPSFEPWXERHEVHW
MRXIVIWXSJIGSRSQMGIJJMGMIRG]ERH
XVERWTEVIRG] 8LI)9MWXLIPEVKIWXNYVMWHMGXMSRQEOMRK
YWISJ-*67ERHJYPP]WYTTSVXWEQSZI
9RHIV)9EGGSYRXMRKVYPIWXLI'SQ XS[EVHWGSQQSR[SVPH[MHIEGGSYRXMRK
QMWWMSRMWVIUYMVIHXSMRJSVQXLI)YVS WXERHEVHW
TIER4EVPMEQIRXERH)YVSTIER7IGYVMXMIW
'SQQMXXIIVIKYPEVP]EFSYXXLITVSKVIWW 8LILEVQSRMWEXMSRSJJMRERGMEPVITSVX
SRGSRZIVKIRGIERHSJTVSKVIWWSRXLI MRKEVSYRHXLI[SVPH[MPPLIPTXSVEMWI
IPMQMREXMSRSJVIGSRGMPMEXMSRVIUYMVI GSRJMHIRGISJMRZIWXSVWKIRIVEPP]MRXLI ,EVQSRMWEXMSRSJVIUYMVIQIRXWEPWS
QIRXWXLEXETTP]XS)9MWWYIVW MRJSVQEXMSRXLI]EVIYWMRKXSQEOIXLIMV EWWMWXWXLIMRXIVREXMSREPQSFMPMX]SJTVS
HIGMWMSRWERHEWWIWWXLIMVVMWOW JIWWMSREPP]UYEPMJMIHEGGSYRXERXWXLIQ
6IGSRGMPMEXMSRVIUYMVIQIRXW WIPZIW
*SVMRHMZMHYEPGSQTERMIWMXWLSYPHFI
-RMXWPEXIWXVITSVXXLI'SQQMWWMSR[IP XLIGEWIXLEXKVIEXIVGSRJMHIRGIMR 8LIVITSVXEPWSGSRXEMRWWSQITVIPMQM
GSQIWXLIVIGIRXERRSYRGIQIRXF]XLI VIPMEFPIERHXVERWTEVIRXMRJSVQEXMSR REV]MRJSVQEXMSRSRGSRZIVKIRGI[SVO
9RMXIH7XEXIW7IGYVMXMIW)\GLERKI'SQ XVERWPEXIWMRXSEPS[IVGSWXSJGETMXEP MRSXLIVMQTSVXERXNYVMWHMGXMSRW
QMWWMSR7)'
SJTVSTSWIHVYPIGLERKIW ¯VIHYGIHMRXIVIWXGSWXWERHLMKLIV
XSEPPS[-*67FEWIHJMRERGMEPWXEXIQIRXW WLEVITVMGIW ±-HVE[IRGSYVEKIQIRXJVSQXLI
XSFIJMPIH[MXLSYXER]VIGSRGMPMEXMSRXS TVSKVIWWQEHIMRXLIWIMQTSVXERXTEVX
97+%%4 'SWXWEZMRKW MRJS
RIVGSYRXVMIW-XWLS[WXLEX[IEVISR
XLIVMKLXXVEGOGSQQIRXIH-RXIVREP
,S[IZIVXLI'SQQMWWMSRVIGEPPWMXW *SVXLSWIGSQTERMIW[MXLNSMRXPMWXMRKW 1EVOIXERH7IVZMGIW'SQQMWWMSRIV
KIRIVEPSFNIGXMZISJVIQSZMRKXLMWVIG MRFSXLXLI9RMXIH7XEXIWERHERSXLIV 'LEVPMI1G'VIIZ]-[IPGSQIEPPMRMXME
SRGMPMEXMSRVIUYMVIQIRXJSV)YVSTIERMW GSYRXV]XLIVIWLSYPHFIWYFWXERXMEPWEZ MRJS
XMZIWXLEXTEZIXLI[E]JSV-*67XSFI
WYIVWYWMRK-*67EWEHSTXIHF]XLI)9 MRKWTEVXMGYPEVP]MRXIVQWSJTVITEVEXMSR GSQIXLIKPSFEPEGGSYRXMRKWXERHEVH²
GSWXW3FZMEXMRKXLIFYVHIRWSQI97
%XXLIWEQIXMQIXLI'SQQMWWMSRGEPPW +%%4VIGSRGMPMEXMSRWXEXIQIRXVIUYMVIH
JSVHIITIVGSSTIVEXMSRERHVIKYPEV EXTVIWIRX[SYPHFIE[SVXL[LMPITVM^I
QIIXMRKWFIX[IIRXLI)9ERH97XS
IWXEFPMWLWXEKMRKTSWXWERHXEOIWXSGOSJ
SRKSMRKHIZIPSTQIRXW
MRJS LXXTIGIYVSTEIYMRXIVREPCQEVOIXEGGSYRXMRKRI[WMRHI\CIRLXQ
2 S , , ,
4
6IXEMPFEROMRK
)\TIVXWWXYH]FEROEGGSYRXQSFMPMX]
8LI)\TIVX+VSYTSR'YWXSQIV1SFMPMX]
MRVIPEXMSRXS&ERO%GGSYRXW[EWIWXEF
PMWLIHMR1E]XSMHIRXMJ]SFWXEGPIW
8LI VITSVX EPWS GSZIVW E RYQFIV SJ MW
WYIWXLEXXLI+VSYTGSRWMHIVIHVIPIZERX
XSXLIHMWGYWWMSRWSRGYWXSQIVQSFMPMX]
FSSWXMRK GSQTIXMXMSR MR VIXEMP JMRERGMEP
WIVZMGIW QEVOIXW - EQ TPIEWIH XS WII
XLEX XLI +VSYT´W VITSVX GSRXEMRW E VMGL
JEGIHF]GYWXSQIVW[LIRW[MXGLMRKFERO WYGLEWJYXYVIHIZIPSTQIRXWMRXLITE] TSSP SJ MHIEW SR LS[ GYWXSQIV QSFMP
EGGSYRXWEXREXMSREPSV)9PIZIPSV[LIR QIRXW QEVOIX GSRWYQIV FILEZMSYV ERH MX]MRVIPEXMSRXSFEROEGGSYRXWGSYPHFI
STIRMRK FERO EGGSYRXW GVSWWFSVHIV -XW FEROWXVEXIKMIW MQTVSZIH GSQQIRXIH -RXIVREP 1EV
FVMIJMWXSTVSZMHIXLI'SQQMWWMSR[MXL OIX ERH 7IVZMGIW 'SQQMWWMSRIV 'LEVPMI
VIGSQQIRHEXMSRWSRLS[ER]MHIRXMJMIH 8LI +VSYT [LMGL GSRWMWXW SJ I\TIVXW 1G'VIIZ] 8LI 'SQQMWWMSR GSRWMHIVW
SFWXEGPIWGSYPHFIEHHVIWWIH [MXL FEGOKVSYRHW MR FEROMRK MRHYWXV] XLI+VSYT´WVITSVXEWEZIV]MQTSVXERX
GSRWYQIVEJJEMVWERHEGEHIQMEGEQIYT GSRXVMFYXMSR MR XLI TVITEVEXMSR SJ MXW
-X LEW NYWX MWWYIH MXW JMVWX VITSVX [LMGL [MXLVIGSQQIRHEXMSRWXSEHHVIWWEPP S[RTSPMG]HIGMWMSRWMRXLIEVIE²
LMKLPMKLXWJSYVQEMRSFWXEGPIWXSW[MXGL XLISFWXEGPIWMHIRXMJMIH
MRK FERO EGGSYRXW MRJSVQEXMSR EW]Q 8LI 'SQQMWWMSR [IPGSQIW GSQQIRXW
QIXV] ERH RSRXVERWTEVIRG] SJ TVMGIW 8LMW VITSVX [MPP EWWMWX XLI 'SQQMWWMSR JVSQ EPP MRXIVIWXIH WXEOILSPHIVW [LMGL
EHQMRMWXVEXMZIFYVHIRFYRHPMRKERHX]MRK MRWLETMRKMXWTSPMG]HIGMWMSRWMRXLIEVIE WLSYPHFIVIGIMZIHF]7ITXIQFIV
ERHGPSWMRKGLEVKIW FEROEGGSYRXQSFMPMX]-XMWEPWSERMQTSV 8LI'SQQMWWMSR[MPPXLIRIZEPYEXI[LEX
XERX GSRXVMFYXMSR XS XLI 'SQQMWWMSR´W EGXMSRWWLSYPHFIXEOIRXSMQTVSZIGYW
%W JEV EW XLI STIRMRK SJ FERO EGGSYRXW GYVVIRXIJJSVXWXSMQTVSZIVIXEMPJMRERGMEP XSQIV QSFMPMX] MR VIPEXMSR XS FERO EG
MW GSRGIVRIH XLI +VSYT MHIRXMJMIH GSR WIVZMGIWJSV)9GSRWYQIVWEWWIXSYXMR GSYRXW
WYQIV TVSFPIQW GEYWIH F] PIKEP ERH EVIGIRX+VIIR4ETIV
VIKYPEXSV]FEVVMIVWMRJSVQEXMSRFEVVMIVW 8LIVITSVXMWEZEMPEFPIEXXLIPMROFIPS[
YRGIVXEMRX]EFSYXXLIVYPIWXSFIETTPMIH ±'YWXSQIV QSFMPMX] MW E OI] JEGXSV MR
GSQQIVGMEPHIGMWMSRWF]FEROWERHGPSW
MRKGLEVKIW MRJS LXXTIGIYVSTEIYMRXIVREPCQEVOIXJMRWIVZMGIWVIXEMPFEIKCIRLXQ
#
!
!
# #
$
!
!
#"
$##
2 S , , ,
-RJVMRKIQIRXW
*6))13:)1)283*'%4-8%0
7TIGMEPVMKLXWMRZEVMSYWGSQTERMIW4SPERH
8LI'SQQMWWMSRLEWHIGMHIHXSWIRHEJSVQEPVIUYIWXXS IVIHSJWTIGMEPMQTSVXERGI8LIWIWTIGMEPVMKLXWGSRWMWXSJ
4SPERHXSEQIRHMXW%GXSR7TIGMEP4S[IVWSJXLI8VIEWYV] XLIVMKLXXSZIXSGIVXEMROI]QEREKIQIRXHIGMWMSRW[LMGL
ERHXLIMV)\IVGMWIMR'SQTERMIWSJ7TIGMEP-QTSVXERGIJSV QEOIWMXWYFWXERXMEPP]PIWWEXXVEGXMZIJSVSXLIV)9MRZIW
4YFPMG 3VHIV SV 4YFPMG 7IGYVMX]8LMW PE[ XSKIXLIV [MXL XSVWXSEGUYMVIXLIGSQTER]´WWLEVIW8LI'SQQMWWMSR´W
MXWMQTPIQIRXMRK SVHMRERGIWKVERXWWTIGMEPVMKLXWXSXLI VIUYIWXXEOIWXLIJSVQSJEVIEWSRIHSTMRMSR
4SPMWLWXEXIMRGYVVIRXP]JMJXIIR4SPMWLGSQTERMIWGSRWMH
7TIGMEPVMKLXWLIPHMRIRIVK]GSQTERMIW4SVXYKEP
8LI'SQQMWWMSRLEWJSVQEPP]VIUYIWXIH4SVXYKEPXSEFSP F]PIXXIVWSJJSVQEPRSXMGIMR3GXSFIV,EZMRKERE
MWLXLIWTIGMEPVMKLXWLIPHF]XLI4SVXYKYIWI7XEXIMRX[S P]WIHXLIVITPMIWXSXLIWIPIXXIVWJVSQXLI4SVXYKYIWIEY
IRIVK]GSQTERMIW)(4)RIVKMEWHI4SVXYKEP
ERH+%04 XLSVMXMIWXLI'SQQMWWMSRWXMPPGSRWMHIVWXLEXXLIWTIGMEP
)RIVKME8LIWTIGMEPVMKLXW[IVIIWXEFPMWLIHF]XLITVMZE TS[IVWEGXEWVIWXVMGXMSRWXSXLIJVIIQSZIQIRXSJGETMXEP
XMWEXMSRHIGVIIPE[WERH%VXMGPIWSJ%WWSGMEXMSRSJXLIWI MRZMSPEXMSRSJ)'8VIEX]VYPIW8LI'SQQMWWMSR´WVIUYIWX
GSQTERMIW&SXLMRJVMRKIQIRXTVSGIHYVIW[IVIMRMXMEXIH XEOIWXLIJSVQSJEVIEWSRIHSTMRMSR
463*)77-32%059%0-*-'%8-327
2EXMSREPMX]VIUYMVIQIRXWJSVRSXEVMIW
8LI'SQQMWWMSRLEWHIGMHIHXSXEOI&IPKMYQ+IVQER] VMIW8LI'SQQMWWMSRLEWEPWSHIGMHIHXSXEOI4SVXYKEPXS
+VIIGI*VERGI0Y\IQFSYVKERH%YWXVMEXSXLI)YVSTIER XLI'SYVXSJ.YWXMGIJSVMXWJEMPYVIXSXVERWTSWI(MVIGXMZI
'SYVXSJ.YWXMGI)'.
SRXLIKVSYRHWXLEXXLIWI1IQFIV ))'JSVRSXEVMIW
7XEXIWTIVQMXSRP]XLIMVS[RREXMSREPWXSTVEGXMWIEWRSXE
4VSGIIHMRKWEKEMRWX+VIIGIERH0Y\IQFSYVK
8LI'SQQMWWMSRLEWHIGMHIHXSVIJIV+VIIGIXSXLI)'. SJ XLI )'8VIEX] SZIV MXW PIKMWPEXMSR SR VIGSKRMXMSR
YRHIV%VXMGPISJXLI)'8VIEX]SZIVETVIZMSYW'SYVX SJHSGXSVW´UYEPMJMGEXMSRW*MREPP]XLI'SQQMWWMSRLEWJSV
NYHKQIRX VIUYMVMRK MX XS EPPS[ GSQTERMIW XS STIR STXM QEPP]VIUYIWXIH0Y\IQFSYVKXSQSHMJ]MXWPIKMWPEXMSRSR
GMERW´ WLSTW8LI 'SQQMWWMSR LEW EPWS HIGMHIH XS VIJIV VIGSKRMXMSR SJ PE[]IVW´ UYEPMJMGEXMSRW8LMW VIUYIWX XEOIW
+VIIGI XS XLI )YVSTIER 'SYVX SJ .YWXMGI YRHIV%VXMGPI XLIJSVQSJEVIEWSRIHSTMRMSR
2EXMSREPMQTPIQIRXEXMSRSJ7MRKPI1EVOIXVYPIW
8LI 'SQQMWWMSR LEW HIGMHIH XS VIJIV *VERGI ERH 0Y\ HSQXSIRWYVIGSVVIGXMQTPIQIRXEXMSRMRMXWREXMSREPPE[
IQFSYVK XS XLI )'. SZIV XLIMV JEMPYVI XS GSQQYRMGEXI SJXLI(MVIGXMZISRVIRXEPERHPIRHMRKVMKLXW
XSXLI'SQQMWWMSRXLIMVVIWTIGXMZIPMWXWSJ³'SQQYRMX]
HIWMKR GSYVXW´ EW VIUYMVIH F] XLI 6IKYPEXMSR SR 'SQ 8LMW VIUYIWX XEOIW XLI JSVQ SJ E VIEWSRIH STMRMSR
QYRMX](IWMKRW 8LI'SQQMWWMSR[MPPVIJIV*VERGI+IVQER]0Y\IQFSYVK
4SVXYKEPERH7[IHIRXSXLI)'.SZIVXLIMVJEMPYVIXSMQ
8LI'SQQMWWMSRLEWHIGMHIHYRHIV%VXMGPISJXLI)' TPIQIRX E (MVIGXMZI SR XLI IRJSVGIQIRX SJ MRXIPPIGXYEP
8VIEX]XSWIRHEVIEWSRIHSTMRMSRXS7TEMRERHEPIXXIV TVSTIVX]VMKLXW
SJJSVQEPRSXMGIXS-VIPERHEWOMRKXLSWI1IQFIV7XEXIW
JSVJYPPMRJSVQEXMSRSRXLIMVI\IGYXMSRSJTVIZMSYW'SYVX 8LI'SQQMWWMSR[MPPEPWSJSVQEPP]VIUYIWX+VIIGI1EPXE
NYHKIQIRXW VIPEXMRK XS MQTPIQIRXEXMSR SJ XLI (MVIGXMZI ERH7TEMRXSMQTPIQIRXXLI'ETMXEP6IUYMVIQIRXW(MVIG
SRVIRXEPERHPIRHMRKVMKLXW XMZI ERH 7TEMR XS MQTPIQIRX E (MVIGXMZI SR TYFPMG TVS
GYVIQIRX8LIWI JSVQEP VIUYIWXW XEOI XLI JSVQ SJ VIE
8LI'SQQMWWMSRLEWJSVQEPP]VIUYIWXIHXLI9RMXIH/MRK WSRIHSTMRMSRW
2 S , , ,
-RJVMRKIQIRXW
1EVOIXWMR*MRERGMEP-RWXVYQIRXW(MVIGXMZI
8LI'SQQMWWMSRLEWJSVQEPP]VIUYIWXIHEXSXEPSJ1IQ -RWXVYQIRXW(MVIGXMZI±1M*-(²
ERHMXWMQTPIQIRXMRK(M
FIV7XEXIW¯EPPI\GITXXLI9RMXIH/MRKHSQ-VIPERHERH6S VIGXMZI8LIWIVIUYIWXWXEOIXLIJSVQSJVIEWSRIHSTMRMSRW
QERME¯XS[VMXIMRXSREXMSREPPE[XLI1EVOIXWMR*MRERGMEP
*6))13:)1)283*7)6:-')7
7TSVXWFIXXMRKWIVZMGIW*VERGI+VIIGIERH7[IHIR
8LI'SQQMWWMSRLEWXEOIREGXMSRXSTYXERIRHXSSF VIUYIWXWXEOIXLIJSVQSJVIEWSRIHSTMRMSRW-RVIPEXMSR
WXEGPIWXSXLIJVIIQSZIQIRXSJWTSVXWFIXXMRKWIVZMGIW XS+VIIGIXLI'SQQMWWMSRLEWHIGMHIHXSWIRHERSJJMGMEP
MR*VERGI+VIIGIERH7[IHIR8LI'SQQMWWMSRLEWJSV V VIUYIWXJSVMRJSVQEXMSRSRREXMSREPPIKMWPEXMSRVIWXVMGXMRK
QEPP]VIUYIWXIH*VERGIERH7[IHIRXSEQIRHXLIMVPE[W XLIWYTTP]SJWTSVXWFIXXMRKWIVZMGIW8LMWXEOIWXLIJSVQ
JSPPS[MRKGSRWMHIVEXMSRSJXLIMVVITPMIWXSPIXXIVWSJJSV
V SJEPIXXIVSJJSVQEPRSXMGI
QEPRSXMGIWIRXMR%TVMPERH3GXSFIV8LIWIJSVQEP
4SWXMRKSJRSR)9[SVOIVW&IPKMYQ
8LI'SQQMWWMSRLEWHIGMHIHXSVIJIV&IPKMYQXSXLI)Y )9IQTPS]IVWTVSZMHMRKGVSWWFSVHIVWIVZMGIW[LS[ERX
VSTIER'SYVXSJ.YWXMGIJSVXLIGSRHMXMSRWMXMQTSWIWSR XSTSWXRSR)9[SVOIVWXSXLIGSYRXV]
4VSGIIHMRKWEKEMRWX%YWXVMEERH4SVXYKEP
8LI'SQQMWWMSRLEWHIGMHIHXSVIJIV%YWXVMEXSXLI)'. WXVYGXMSRWIVZMGIWERHSRXLIVIMQFYVWIQIRXSJQIHMGEP
SZIV MXW PIKMWPEXMSR SFPMKMRK HSGXSVW XS STIR ER EGGSYRX I\
EX E WTIGMJMG FERO8LI 'SQQMWWMSR LEW EPWS HIGMHIH XS 8L
JSVQEPP]VIUYIWX4SVXYKEPXSQSHMJ]MXWPIKMWPEXMSRSRGSR
*6))(313*)78%&0-7,1)28
7IVZMGIWXEXMSRWERHJYIPHMWXVMFYXMSR-XEP]
8LI'SQQMWWMSRLEWHIGMHIHXSJSVQEPP]VIUYIWX-XEP]XS HM
EQIRHMXWVYPIWSRXLIIWXEFPMWLQIRXSJWIVZMGIWXEXMSRW XL
8LI'SQQMWWMSR´WVIUYIWXMWMRXLIJSVQSJEVIEWSRIH HM
STMRMSR8LIMRJVMRKIQIRXTVSGIIHMRKWVIPEXIXSXLIVYPIW 7X
MRJSVGIEXFSXLREXMSREPERHVIKMSREPPIZIPMRXLIVIXEMPJYIP
+VERXMRKSJH[IPPMRKEYXLSVMWEXMSRW-VIPERH
8LI'SQQMWWMSRLEWHIGMHIHXSWIRHXS-VIPERHERSJJMGMEP H[
VIUYIWX JSV MRJSVQEXMSR SR GIVXEMR GSYRX] HIZIPSTQIRX XL
TPERWXLEXVIUYMVIWTIGMJMGGVMXIVMEXSFIJYPJMPPIHFIJSVIE
6IXEMPWIVZMGIW4SVXYKEP
8LI 'SQQMWWMSR LEW JSVQEPP] VIUYIWXIH 4SVXYKEP XS YRRIGIWWEVMP]FYVHIRWSQ QIERHYRJEMVMRKVERXMRKMRGYQ Q
EQIRHMXWPIKMWPEXMSRVIKYPEXMRKXLIIWXEFPMWLQIRXSJGSQ FIRXSTIVEXSVWEHIGMWMZIVSPI8LMWVIUYIWXXEOIWXLIJSVQ
Q
QIVGMEP SYXPIXW WMRGI MX GSRWMHIVW XLEX XLI EYXLSVMWEXMSR SJEVIEWSRIHSTMRMSR
TVSGIHYVIYRHIV4SVXYKYIWIPIKMWPEXMSRMWHMWGVMQMREXSV]
2 S , , ,