Manual para La Elaboracion de Planes Municipales de Gestion Integral de Residuos Solidos

.
BOVBMQBSBMB
&MBCPSBDJOEF
1MBOFT.VOJDJQBMFT
EF(FTUJO*OUFHSBM
EF3FTJEVPT4MJEPT
0$56#3&
1MBUBGPSNB
*OUFSJOTUJUVDJPOBM

1SPHSBNB$PNQFUJUJWJEBEZ.FEJP"NCJFOUF $:."

1N .BOVBMQBSBMB&MBCPSBDJOEF1MBOFT.VOJDJQBMFTEF(FTUJO
*OUFHSBMEF3FTJEVPT 1.(*34
FE4BO+PT $PTUB3JDB
$:."
QYDN
*4#/
.BOVBMQBSBMBFMBCPSBDJOEF1.(*34

1MBOFT.VOJDJQBMFT(FTUJO*OUFHSBMEF3FTJEVPT1MBOJGJDBDJO
&TUSBUHJDB(FTUJO"NCJFOUBM.VOJDJQBM.BOVBMFT$PTUB
3JDB*$PTUB3JDB.*/4"-6%**$PTUB3JDB.*/"&5***$PTUB
3JDB.*%&1-"/*7$PTUB3JDB*'".7$PTUB3JDB$*$37*
(5;7**5UVMP
"HSBEFDJNJFOUPT
/VFTUSP SFDPOPDJNJFOUP B UPEBT MBT QFSTPOBT JOUFHSBOUFT EF MPT EJWFSTPT
HSVQPTTPDJBMFT DPNJUTDPPSEJOBEPSFTNVOJDJQBMFTQPSFMBQPSUFEFTVUBMFOUP
FOUVTJBTNP Z DPNQSPNJTP FO MB QVFTUB FO QSDUJDB EF MB WFSTJO QSFMJNJOBS
EF FTUF .BOVBM Z DPOUSJCVJS DPO TVT DPNFOUBSJPT DPOPDJNJFOUPT Z WBMJPTB
FYQFSJFODJBBTVFOSJRVFDJNJFOUP
%PDVNFOUPFMBCPSBEPQPSFM1SPHSBNB$PNQFUJUJWJEBEZ.FEJP"NCJFOUF
$:."
FO DPPSEJOBDJO DPO MB "TPDJBDJO $FOUSPBNFSJDBOB QBSB MB
&DPOPNB MB4BMVEZFM"NCJFOUF "$&1&4"
4BO+PT $PTUB3JDB
0DUVCSF
3FWJTJOEFUFYUPT1SPHSBNB$:."
%JTFPZ%JBHSBNBDJO$BSMPT,JEE DBSMPTLJEE!HNBJMDPN
*NQSFTJO.BTUFSMJUIP4"
.BOVBMQBSBMB
&MBCPSBDJOEF
1MBOFT.VOJDJQBMFT
EF(FTUJO*OUFHSBM
EF3FTJEVPT4MJEPT
0$56#3&
/%*$&
-JTUBEF'JHVSBT
-JTUBEF5BCMBT
1SFGBDJP

*OUSPEVDDJO

"OUFDFEFOUFT

{1BSBRVIBDFSQMBOFTNVOJDJQBMFTEFHFTUJOJOUFHSBMEFSFTJEVPTTMJEPT
{"RVJOFTTFEJSJHFFTUFNBOVBM

{$NPVTBSFTUFNBOVBM

"MHVOBTDPOTJEFSBDJPOFTTPCSFMBHFTUJOJOUFHSBMEFSFTJEVPT

'VFOUFTDPOTVMUBEBT

#JCMJPHSBGBHFOFSBM

-JTUBEFBDSOJNPT

(MPTBSJP

"OFYPT

"OFYP-JTUBEFQFSTPOBTQBSUJDJQBOUFTFOMBQSJNFSBGBTFEFMBFMBCPSBDJOEFM.BOVBM

"OFYP-JTUBEFQFSTPOBTJOUFHSBOUFTEFMPT$PNJUT$PPSEJOBEPSFT

"OFYP$PTUB3JDB$MBTJGJDBDJOEFMBTNVOJDJQBMJEBEFT TFHOUBNBPEFMBQPCMBDJO

ZQSPEVDDJOQFSDQJUB "P

&TUSVDUVSBHFOFSBMEFMQSPDFTPEFFMBCPSBDJOEFM1.(*34

5BSFB6OJNPTWPMVOUBEFTQBSBIBDFSFM1MBO

"DUJWJEBE0SHBOJ[BSFMDPNJUDPPSEJOBEPSQBSBMBFMBCPSBDJOEFM1.(*34
"DUJWJEBE1MBOJGJDBSFMQSPDFTPEFQMBOJGJDBDJO

"DUJWJEBE-PHSBSMBWBMJEBDJOQPMUJDBEFMDPNJUDPPSEJOBEPSZEFMQMBOUSBCBKP
'VFOUFTDPOTVMUBEBT

"OFYPT

"OFYP&KFSDJDJPQBSBMBJEFOUJGJDBDJOZBOMJTJTEFBDUPSFTTPDJBMFT

"OFYP"OMJTJTEFMBJOGMVFODJBFJNQPSUBODJBEFMPTBDUPSFTTPDJBMFT

"OFYP.PEFMPEFVODPOWFOJPEFDPPQFSBDJO

"OFYP&KFNQMPEFDVFTUJPOBSJPTPCSFOFDFTJEBEFTEFDBQBDJUBDJO

5BSFB&MBCPSBNPTFMEJBHOTUJDP

"DUJWJEBE3FBMJ[BSFMEJBHOTUJDP
"DUJWJEBE1SFTFOUBSMPTSFTVMUBEPTBMPTBDUPSFTTPDJBMFTPSFQSFTFOUBOUFTEFMBDPNVOJEBE
"DUJWJEBE4FMFDDJPOBSMPTUFNBTDMBWFT

'VFOUFTDPOTVMUBEBT

"OFYPT

"OFYP*OTUSVNFOUPEFMFWBOUBNJFOUPEFJOGPSNBDJOTPCSF

BTQFDUPTTPDJPDVMUVSBMFT4FDUPSSFTJEFODJBM

"OFYP%BUPTEFMBQSPEVDDJOQFSDQJUBFOMBTEJGFSFOUFTSFHJPOFT TFHO*'".

"OFYP(VBNFUPEPMHJDBQBSBSFBMJ[BSVOFTUVEJPEFDPNQPTJDJOGTJDBZVOFTUVEJPEFDBTP
"OFYP*OEJDBEPSFTEFMBQSPEVDDJOQFSDQJUBEFMPTDPNFSDJPT SFTUBVSBOUFT FOUSFPUSPT
"OFYP*OGPSNBDJOTPCSFFMTJTUFNBEFSFDPMFDDJOZUSBUBNJFOUPEFMPTSFTJEVPT

"OFYP&ODVFTUBBFNQSFTBT DPNFSDJPFJOEVTUSJBT

"OFYP$VBESP3FTVNFOEFMPTFMFNFOUPTEFMEJBHOTUJDP

5BSFB5SB[BNPTMBFTUSBUFHJB

"DUJWJEBE%FGJOJSMPTBMDBODFTEFMBQMBOJGJDBDJO

"DUJWJEBE%FGJOJSMBWJTJO MBNJTJO MPTPCKFUJWPTZMBTNFUBT
'VFOUFTDPOTVMUBEBT

5BSFB*EFOUJGJDBNPTZFWBMVBNPTMBTBMUFSOBUJWBT

"DUJWJEBE"OBMJ[BSMBTBMUFSOBUJWBT

"DUJWJEBE3FBMJ[BSFMBOMJTJTEFGBDUJCJMJEBEUDOJDBZFDPONJDBGJOBODJFSB
"DUJWJEBE1SJPSJ[BSMBTBMUFSOBUJWBTFOVOUBMMFS

"DUJWJEBE7FSJGJDBSMBDPOTJTUFODJBZMBQPTJCJMJEBEEFJOUFHSBSMBTEJGFSFOUFT

BMUFSOBUJWFTFOVOBFTUSBUFHJBDPNO

"DUJWJEBE3FWJTBSZSFEFGJOJSMBTBMUFSOBUJWBTRVFTPOJODPNQBUJCMFT

FOUSFTZDPOFMNBSDPHFOFSBMEFM1MBO

'VFOUFTDPOTVMUBEBT

"OFYPT

"OFYP*OGPSNBDJOTPCSFMBUDOJDB.FUBQMBOP;011

5BSFB&MBCPSBNPTZFKFDVUBNPTFMQMBOEFBDDJO

"DUJWJEBE%FGJOJSMBFTUSVDUVSBEFMQMBOEFBDDJO

"DUJWJEBE*EFOUJGJDBSMPTSFDVSTPTGJOBODJFSPT

"DUJWJEBE-PHSBSMBBQSPCBDJOEFMQMBOQPSFM$PODFKP.VOJDJQBM
'VFOUFTDPOTVMUBEBT

5BSFB3FBMJ[BNPTFMNPOJUPSFPEFMBTBDUJWJEBEFT
EFMQMBOEFBDDJO

"DUJWJEBE0SHBOJ[BSFMNPOJUPSFP

"DUJWJEBE%FGJOJSMBNFUPEPMPHBZFKFDVDJOEFMNPOJUPSFP
"DUJWJEBE"OBMJ[BSMPTSFTVMUBEPTEFMNPOJUPSFP

'VFOUFTDPOTVMUBEBT

4JUJPTEFJOUFSTFO*OUFSOFU

/%*$&
-JTUBEF'JHVSBT
*OUSPEVDDJO
'JHVSB&TUSVDUVSBHFOFSBMEFMQSPDFTPEFFMBCPSBDJOEFM1.(*34
'JHVSB(FTUJO*OUFHSBEBZ4PTUFOJCMFEF3FTJEVPT

'JHVSB+FSBSRVBFOFMNBOFKPEFSFTJEVPTTMJEPT

5BSFB
'JHVSB&TUSVDUVSBHFOFSBMEFMB5BSFB

'JHVSB&KFNQMPEFDSPRVJTEFCPUBEFSPTJMFHBMFT
'JHVSB&KFNQMPEFDSPRVJTEFSVUBTEFSFDPMFDDJO

5BSFB
5BSFB

'JHVSB"TQFDUPTOFDFTBSJPTQBSBUSB[BSFMIPSJ[POUF
'JHVSB3FMBDJOFOUSF0CKFUJWPTZ.FUBT
5BSFB
5BSFB
5BSFB
-JTUBEF5BCMBT
*OUSPEVDDJO
5BCMB-JTUBEFMPTDBOUPOFTQJMPUPTTFMFDDJPOBEPTQBSBMBDPPQFSBDJODPOFM1SPHSBNB$:."
5BCMB%FTDSJQDJOEFMPTEJGFSFOUFTUJQPTEFBTQFDUPTEFMB(*43

5BSFB

5BCMB'PSNBUPQBSBFMMJTUBEPEFBDUPSFTMPDBMFT
5BCMB.VFTUSBEFMNBQFPEFBDUPSFTEF4BO3BGBFMEF)FSFEJB

5BCMB'PSNBUPQBSBMBFMBCPSBDJOEFMQMBOEFUSBCBKP

5BCMB&KFNQMPEFDPTUPTOPWJTJCMFTRVFTFEFCFODPOTJEFSBSFOMBQMBOJGJDBDJOEFM1.(*34

5BSFB
5BCMB3BOHPTNTVTBEPTEFMBHFOFSBDJOEFSFTJEVPTTMJEPTQFSDQJUB

5BCMB%JTUSJCVDJOQPSEJTUSJUPEFMBQPCMBDJOEFMDBOUOEF4BOUP%PNJOHPEF)FSFEJB

5BCMB&TUJNBDJOEFMBDPNQPTJDJOGTJDBEFMPTSFTJEVPTTMJEPTPSEJOBSJPTFO$PTUB3JDB
5BCMB&TUJNBDJOEFMBDPNQPTJDJOGTJDBEFMPTSFTJEVPTTMJEPTPSEJOBSJPTEFMDBOUOEF

4BOUP%PNJOHPFOFM

5BCMB$BSBDUFSTUJDBTEFMPTWFIDVMPTEFSFDPMFDDJOTFHOUJQPZDBQBDJEBE

5BCMB3VUBTEFSFDPMFDDJOTFHOMVHBSFTBUFOEJEPT DBOUJEBEEFSFTJEVPTSFDPMFDUBEPT
ONFSPTEFWJBKFTZEJTUBODJBTSFDPSSJEBT

5BCMB'PSNBUPEFDVFTUJPOBSJPQBSBMBFWBMVBDJOEFMBTSVUBTEFSFDPMFDDJO

5BCMB-VHBSFTBUFOEJEPTQPSMBMJNQJF[BEFWBT TFHOSVUBZDBOUJEBEEFQFSTPOBT

5BCMB3FTVNFOEFMBMFHJTMBDJOHFOFSBMWJHFOUFEFSFTJEVPTTMJEPTZQMBOFT

5BCMB1FSGJMEFFWBMVBDJOEFMTJTUFNBEFHFTUJOEFSFTJEVPTTMJEPTFO&TDB[

5BCMB&WBMVBDJOEFMTJTUFNBEFHFTUJOEFMNBOFKPEFSFTJEVPTTMJEPT

5BCMB3FTVNFOEFMBTJUVBDJOFODPOUSBEBFOFMDBOUO

5BCMB*EFOUJGJDBDJOZQSJPSJ[BDJOEFMPTQSPCMFNBTDMBWFTRVFTFSFMBDJPOBODPOMPTSFTJEVPT
TMJEPTFOFMDBOUOEF4BOUP%PNJOHP

5BSFB
5BCMB%JGFSFODJBTFOUSF.JTJOZ7JTJO

5BCMB&KFNQMPEFIFSSBNJFOUBQBSBFMBOMJTJTEFBMUFSOBUJWBT
5BCMB&KFNQMPEFDMDVMPEFMGMVKPEFDBKB

5BSFB
5BSFB
5BCMB&KFNQMPEFMBSFMBDJOFOUSF1SPHSBNBTZ1SPZFDUPT

5BCMB&KFNQMPEFGPSNBUPQBSBFTUSVDUVSBSMPTFMFNFOUPTHFOFSBMFTEFVOQSPZFDUPEFMQMBOEFBDDJO
5BCMB&KFNQMPEF1MBOEF"DDJO

5BSFB
5BCMB%JGFSFODJBTFOUSFFM.POJUPSFPZMB&WBMVBDJO

1SFGBDJP
-BDPOUBNJOBDJOEFMBNCJFOUFZTVSFMBDJODPOMBTBMVE
TPOUFNBTNFEVMBSFTQBSBMBTPDJFEBEBDUVBM
$PTUB3JDBTJFNQSFTFIBEJTUJOHVJEPQPSVOBQPMUJDBOBDJPOBM
FO GBWPS EF MB DPOTFSWBDJO EF MB CJPEJWFSTJEBE EF MPT SFDVSTPT
OBUVSBMFT MBDVBMMFIBEFQBSBEPSFDPOPDJNJFOUPJOUFSOBDJPOBM4JO
FNCBSHP OPIBBMDBO[BEPFMNJTNPOJWFMFONBUFSJBEFBHFOEB
BNCJFOUBMVSCBOB
B EJBHOPTUJDBS Z QSJPSJ[BS MPT QSPCMFNBT BDUVBMFT Z GVUVSPT BT

DPNPMBTOFDFTJEBEFTZSFDVSTPTEJTQPOJCMFTQBSBTPMWFOUBSEFMB
NFKPS NBOFSB EJDIB QSPCMFNUJDB 5JFOF VOB WJTJO JOUFHSBEPSB
PSJFOUBEBBMBCTRVFEBEFTPMVDJPOFTTPTUFOJCMFTRVFDPOTJEFSFO
OPTMPBTQFDUPTUDOJDPTPGJOBODJFSPTTJOPBEFNTMPTTPDJBMFT
JOTUJUVDJPOBMFT MFHBMFT BNCJFOUBMFTZTBOJUBSJPT%FKBBUSTQPSMP
UBOUP FMFOGPRVFUSBEJDJPOBMEFSFDPMFDDJO USBOTQPSUFZEJTQPTJDJO
GJOBMQPSVOFOGPRVFNPEFSOPFJOUFHSBEPSEFKFSBSRVJ[BDJOEF
SFTJEVPT CVTDBOEP MB NFOPS HFOFSBDJO QPTJCMF Z TV NYJNP
BQSPWFDIBNJFOUP
)PZFOEBMBHFTUJOEFMPTSFTJEVPTTFIBDPOWFSUJEPFOVO
TFSJPQSPCMFNB FODVZBTPMVDJOJOGMVZFONMUJQMFTGBDUPSFT&MQBT
EFNBOEBMBBUFODJOEFFTUBQSPCMFNUJDBEFNBOFSBJONFEJBUBZ
DPOQSPQVFTUBTDPODSFUBTZTPTUFOJCMFTFOFMUJFNQP
1SPNVFWF BEFNT FM USBCBKP DPOKVOUP FOUSF MPT EJWFSTPT

BDUPSFTTPDJBMFTQSFTFOUFTFOFMDBOUOZGPNFOUBFMFTUBCMFDJNJFOUP
EFMB[PTEFDPPQFSBDJOFOUSFJOTUJUVDJPOFTZFOUSFNVOJDJQBMJEBEFT
WFDJOBT RVFDPNQBSUFOMBNJTNBQSPCMFNUJDBZMBNJTNBWJTJO Z
RVFQVFEFOSFBMJ[BSFTGVFS[PTNBODPNVOBEPTFOMBCTRVFEBEF
TPMVDJPOFTJOUFHSBMFTBMBQSPCMFNUJDBEFTVTSFTJEVPT
&OFTUFTFOUJEP FOFMNBSDPEFMB$PPQFSBDJO$PTUBSSJDFOTF
"MFNBOB FM1SPHSBNB$PNQFUJUJWJEBEZ.FEJP"NCJFOUF $:."

MJEFSBEP QPS VOB QMBUBGPSNB JOUFSJOTUJUVDJPOBM DPOGPSNBEB QPS
FM .JOJTUFSJP EF 1MBOJGJDBDJO /BDJPOBM Z 1PMUJDB &DPONJDB
.*%&1-"/
FM.JOJTUFSJPEF4BMVE .*/4"-6%
FM.JOJTUFSJPEF
"NCJFOUF &OFSHBZ5FMFDPNVOJDBDJPOFT .*/"&5
FM*OTUJUVUPEF
'PNFOUPZ"TFTPSB.VOJDJQBM *'".
ZMB$NBSBEF*OEVTUSJBT
EF $PTUB 3JDB $*$3
FOGPDB FM GPSUBMFDJNJFOUP EF MB HFTUJO EF
SFTJEVPT TMJEPT B OJWFM NVOJDJQBM Z MPDBM FO VOP EF TVT DVBUSP
DPNQPOFOUFTEFUSBCBKP
&TUFJOTUSVNFOUPIBTJEPQSPCBEPDPOYJUPFOVOHSVQP
TFMFDDJPOBEPEF.VOJDJQBMJEBEFT RVFHSBDJBTBFTUFEPDVNFOUP
HVB Z B TV FTGVFS[P Z SFTQPOTBCJMJEBE DVFOUBO ZB DPO 1MBOFT
.VOJDJQBMFT EF (FTUJO *OUFHSBM EF 3FTJEVPT 4MJEPT 1.(*34

FMBCPSBEPT BQSPCBEPT QPS MPT $PODFKPT .VOJDJQBMFT Z RVF IBO
JOJDJBEP MB FUBQB EF JNQMFNFOUBDJO EF MBT BDDJPOFT QSPQVFTUBT
QBSBEBSTPMVDJOBTVQSPCMFNUJDBDBOUPOBMFOMBHFTUJOEFMPT
SFTJEVPTTMJEPT
&TUF .BOVBM QBSB MB FMBCPSBDJO EF QMBOFT NVOJDJQBMFT

EF HFTUJO EF SFTJEVPT TMJEPT FT VO QSPEVDUP EFM FTGVFS[P EF
FTB DPPQFSBDJO Z SFTBMUB MB JNQPSUBODJB EFM USBCBKP DPOKVOUP Z
DPPSEJOBEP EF MBT JOTUJUVDJPOFT EFM &TUBEP MBT NVOJDJQBMJEBEFT
DPNP HPCJFSOPT MPDBMFT Z MBT DPNVOJEBEFT &TUB VOJO EF
FTGVFS[PTQSPQJDJBMBTTJOFSHJBTOFDFTBSJBTQBSBFMEFTBSSPMMPZFM
NFKPSBNJFOUPEFMBDBMJEBEEFWJEBFOFMDBOUO
&TVOJOTUSVNFOUPEJEDUJDP QSDUJDPZBNJHBCMF EJTFBEP
QBSBRVFTFBEBQUFGDJMNFOUFBMPTSFRVFSJNJFOUPTEFNVOJDJQJPT
HSBOEFT NFEJBOPTZQFRVFPT4VQSPQTJUPFTTFSWJSEFHVBQBSB
MBQMBOJGJDBDJOFOMBHFTUJOJOUFHSBMEFSFTJEVPTTMJEPT BZVEBOEP
1PS UBM SB[O FTUF FT VO JOTUSVNFOUP WBMJPTP QBSB MB
QMBOJGJDBDJOEFMBHFTUJOEFMPTSFTJEVPT RVFIBTJEPQSPCBEP
Z FOSJRVFDJEP DPO MPT BQPSUFT EF MPT EJWFSTPT DPNJUT RVF IBO
USBCBKBEPFOMBFMBCPSBDJOEFMPTQMBOFTFODBEBNVOJDJQBMJEBE
BTDPNPEFMBTJOTUJUVDJPOFTRVFDPOGPSNBOFMQSPHSBNB$:."
Z EF MB $PPQFSBDJO "MFNBOB &TUP MP DPOWJFSUF FO VO USBCBKP
BQMJDBEP FWBMVBEP TJTUFNBUJ[BEP NFKPSBEP Z WBMJEBEP FO TV
BQMJDBDJOZRVFBIPSBQSFUFOEFBZVEBSZBQPSUBSFTUBFYQFSJFODJB
QBSB DPOUSJCVJS DPO BRVFMMBT PUSBT NVOJDJQBMJEBEFT RVF BQFOBT
FNQJF[BOTVDBNJOPIBDJBMBHFTUJOJOUFHSBMEFMPTSFTJEVPT
&TUF.BOVBMUJFOFBEFNTFMSFTQBMEPZFTBDPSEFFOUPEPT
TVTFYUSFNPTDPOFM1MBOEF3FTJEVPT4MJEPT$PTUB3JDB13&40-
BQSPCBEP NFEJBOUF %FDSFUP &KFDVUJWP /4.*/"& FM

EFKVMJPEFZFTMBIFSSBNJFOUBRVFQFSNJUJSIBDFSSFBMJEBE
MB"DDJO&TUSBUHJDB/EFMNJTNP DVZPPCKFUJWPFTRVFDBEB
.VOJDJQBMJEBE DVFOUF Z FKFDVUF TV 1MBO .VOJDJQBM EF (FTUJO
*OUFHSBMEF3FTJEVPT4MJEPT
&M QSFTFOUF EPDVNFOUP TF JOUFHSB UBNCJO EFOUSP EF
MB 1PMUJDB EF %FTDFOUSBMJ[BDJO Z 'PSUBMFDJNJFOUP EFM 3HJNFO
.VOJDJQBM$PTUBSSJDFOTF QSPNVMHBEBFMEFGFCSFSPEFM FO

TVFKFUSBOTWFSTBMEF4PTUFOJCJMJEBE"NCJFOUBMZWJODVMBEPBEFNT
BMPTFKFTEF(OFSPZEF1BSUJDJQBDJO$JVEBEBOB
$PONVDIBFTQFSBO[BZFOUVTJBTNP QPOFNPTFOTVTNBOPT
FTUBIFSSBNJFOUBZMFJOWJUBNPTBJOJDJBSFMDBNCJPIBDJBVOBOVFWB
NBOFSBEFBCPSEBSMBHFTUJONVOJDJQBMEFMPTSFTJEVPTZBCSJSMPT
IPSJ[POUFTEFMEFTBSSPMMPDBOUPOBMZOBDJPOBM
*OUSPEVDDJO
"OUFDFEFOUFT
{1BSBRVIBDFSQMBOFTNVOJDJQBMFTEFHFTUJOJOUFHSBMEFSFTJEVPTTMJEPT
{"RVJOFTTFEJSJHFFTUFNBOVBM
{$NPVTBSFTUFNBOVBM
'VFOUFTDPOTVMUBEBT
#JCMJPHSBGBHFOFSBM
-JTUBEFBDSOJNPT
(MPTBSJP
"OFYPT
"OFYP-JTUBEFQFSTPOBTQBSUJDJQBOUFTFOMBQSJNFSBGBTFEFMBFMBCPSBDJOEFM.BOVBM

"OFYP-JTUBEFQFSTPOBTJOUFHSBOUFTEFMPT$PNJUT$PPSEJOBEPSFT
"OFYP$PTUB3JDB$MBTJGJDBDJOEFMBTNVOJDJQBMJEBEFT TFHOUBNBPEFMBQPCMBDJO
ZQSPEVDDJOQFSDQJUB "P
&TUSVDUVSBHFOFSBMEFMQSPDFTPEFFMBCPSBDJOEFM1.(*34

&OUSFHBPGJDJBM QPSQBSUFEFM$PNJU$PPSEJOBEPSEF4BOUP%PNJOHP EFM1MBO.VOJDJQBMEF(FTUJOEF3FTJEVPT4MJEPTBM"MDBMEF.VOJDJQBM'PUPHSBGBEF(5;

*OUSPEVDDJO
"OUFDFEFOUFT
&TUFNBOVBMFTQBSUFEFVOFTGVFS[POBDJPOBM DPPSEJOBEP
QPS FM 1SPHSBNB $PNQFUJUJWJEBE Z .FEJP "NCJFOUF $:."

DPOGPSNBEPQPSFM.JOJTUFSJPEF4BMVE .*/4"-6%
FM.JOJTUFSJP
EF"NCJFOUF &OFSHBZ5FMFDPNVOJDBDJPOFT .*/"&5
FM.JOJTUFSJP
EF 1MBOJGJDBDJO /BDJPOBM Z 1PMUJDB &DPONJDB .*%&1-"/
FM
*OTUJUVUPEF'PNFOUPZ"TFTPSB.VOJDJQBM *'".
MB$NBSBEF
*OEVTUSJBTEF$PTUB3JDB $*$3
ZMB"HFODJBEF$PPQFSBDJO5DOJDB
"MFNBOB (5;
&TUB QMBUBGPSNB JOUFSJOTUJUVDJPOBM MF QFSNJUF
BM 1SPHSBNB $:." JOUFHSBS FO TV MBCPS MPT BTQFDUPT TPDJBMFT
FDPONJDPT UDOJDPT JOTUJUVDJPOBMFTZMFHBMFTSFMBDJPOBEPTDPOMB
QSPCMFNUJDBEFMBHFTUJOEFMPTSFTJEVPTTMJEPTFO$PTUB3JDB
&MPCKFUJWPHFOFSBMEFM1SPHSBNB$:."FTQSPNPWFSVOB
HFTUJOJOUFHSBMEFSFTJEVPTTMJEPT (*34
FOFMQBTFOHFOFSBM
ZFOQBSUJDVMBSFONVOJDJQJPTZFOFMTFDUPSJOEVTUSJBMEFSFHJPOFT
TFMFDDJPOBEBT
&M 1SPHSBNB $:." EFTBSSPMMB TVT BDDJPOFT NFEJBOUF
DPNQPOFOUFT
$PPQFSBDJO $PNVOJDBDJOZ%JMPHP
&TUSBUFHJBT QMBOFTZNBSDPKVSEJDP
(FTUJO*OUFHSBEBEF3FTJEVPTBOJWFM
$PNVOBM
$PNQFUJUJWJEBEZ$PNQPSUBNJFOUP
"NCJFOUBMNFOUF"NJHBCMFEFMB
*OEVTUSJB

&MPCKFUJWPEFM$PNQPOFOUFTFFOGPDBFOFMGPSUBMFDJNJFOUP
EF MB DBQBDJEBE EF MBT NVOJDJQBMJEBEFT QBSB MMFWBS B DBCP VOB
HFTUJOJOUFHSBMEFMPTSFTJEVPTTMJEPT
&O FTUF NBSDP FM QSPHSBNB $:." IB QSPNPWJEP MB
GPSNVMBDJO EFM i1SPZFDUP EF -FZ QBSB MB (FTUJO *OUFHSBM EF
3FTJEVPTw QFOEJFOUFEFBQSPCBDJOFOMB"TBNCMFB-FHJTMBUJWBZ
MBFMBCPSBDJOEFM1MBOEF3FTJEVPT4MJEPT$PTUB3JDB13&40-
%FDSFUP&KFDVUJWP4.*/"& QVCMJDBEPFOMB(BDFUBEFM
NBSUFTEFKVMJPEF
"NCBTQSPQVFTUBTTFIBOQSFQBSBEP
DPOMBQBSUJDJQBDJOEFSFQSFTFOUBOUFTEFMTFDUPSQSJWBEP QCMJDP
NVOJDJQBMJEBEFT BDBEFNJBZPSHBOJ[BDJPOFTOPHVCFSOBNFOUBMFT

0/(T

&OFM1SPZFDUPEF-FZTFEFGJOFMBHFTUJOJOUFHSBMEFSFTJEVPT
DPNP FM iDPOKVOUP BSUJDVMBEP F JOUFSSFMBDJPOBEP EF BDDJPOFT
SFHVMBUPSJBT PQFSBUJWBT GJOBODJFSBT BENJOJTUSBUJWBT FEVDBUJWBT EF
QMBOJGJDBDJO NPOJUPSFPZFWBMVBDJOQBSBMBHFTUJOEFSFTJEVPT
EFTEFTVHFOFSBDJOIBTUBMBEJTQPTJDJOGJOBMw
-B"DDJO&TUSBUHJDB/EFM13&40-QMBOUFBRVFi-PT1MBOFT
.VOJDJQBMFTEF(FTUJO*OUFHSBMEF3FTJEVPT4MJEPT 1.(*34
TPO
IFSSBNJFOUBTCBTFQBSBMBQMBOJGJDBDJOUDOJDBZGJOBODJFSB ZQBSB
JNQMFNFOUBS VO PQUJNJ[BEP Z TPTUFOJCMF NBOFKP FO UPEBT MBT
FUBQBTEFMB(*341PSFTUBSB[O FTFTFODJBMRVFTFEFTBSSPMMFOF
JNQMFNFOUFOFTUPTQMBOFTFOUPEBTMBTNVOJDJQBMJEBEFTEFMQBT
ZBTFBEFGPSNBJOEJWJEVBM SFHJPOBMPNBODPNVOBEBw&MQSPZFDUP
EF -FZ QVOUVBMJ[B RVF TUPT 1MBOFT TFSO QSFTFOUBEPT BOUF FM
.JOJTUFSJP EF 4BMVE QBSB TV SFHJTUSP TFHVJNJFOUP Z NPOJUPSFPw
1SPZFDUPEF-FZEF(FTUJO*OUFHSBMEF3FTJEVPT

1SPEVDUP EF FTUF FTGVFS[P IPZ FM QBT DVFOUB DPO
NVOJDJQBMJEBEFTDPOTVSFTQFDUJWPT1.(*34ZVO.BOVBMQBSBMB
QMBOJGJDBDJO NVOJDJQBM DVZP PCKFUJWP FT TFS VO EPDVNFOUP EF
DPOTVMUBZVOBHVBNFUPEPMHJDBQBSBFMQSPDFTPEFDPOGFDDJOEF
MPT1.(*34FOMPTEFNTDBOUPOFT
-B"TPDJBDJO$FOUSPBNFSJDBOBQBSBMB&DPOPNB MB4BMVE
ZFM"NCJFOUF "$&1&4"
PSHBOJ[BDJOUDOJDBWJODVMBEBDPOFM
GPSUBMFDJNJFOUPEFDBQBDJEBEFTMPDBMFTFOFMSFBEFTBOFBNJFOUP
GVFDPOUSBUBEBQBSBMBFMBCPSBDJOEFM.BOVBMZQBSBMBQPTUFSJPS
TJTUFNBUJ[BDJOEFMBFYQFSJFODJBEFFMBCPSBDJOEFMPT1.(34FO
MPTEJF[DBOUPOFTTFMFDDJPOBEPT
&O FTUF DPOUFYUP FO FM BP TF FMBCPS MB WFSTJO
QSFMJNJOBSEFMi.BOVBMQBSBMBFMBCPSBDJOEF1MBOFT.VOJDJQBMFT
EF(FTUJOEF3FTJEVPT4MJEPTwo1.(34wDPNPVOBIFSSBNJFOUB
QBSBPSJFOUBSMBQMBOJGJDBDJONVOJDJQBM
1BSB RVF FM .BOVBM GVFSB VOB IFSSBNJFOUB EF USBCBKP
BEBQUBEBBMBSFBMJEBEDPTUBSSJDFOTFTVGPSNVMBDJOTFEJFOEPT
NPNFOUPT
B "M JOJDJP TF SFBMJ[BSPO WBSJPT UBMMFSFT DPO VO HSVQP EF
GVODJPOBSJPTBT EF NVOJDJQBMJEBEFT QFRVFBT NFEJBOBT Z
HSBOEFTEFUPEBTMBTQSPWJODJBTEFMQBT BTDPNPEFPUSPTTFDUPSFT
WJODVMBEPTDPOMBHFTUJOEFSFTJEVPTTMJEPT RVFQSPQPSDJPOBSPO
JOTVNPTZPSJFOUBDJOTPCSFMPTBTQFDUPTZDPOUFOJEPTEFM.BOVBM
BTDPNPEFMBNFUPEPMPHB QBSUJFOEPEFTVSFBMJEBEZFYQFSJFODJB
-BQSJNFSBQSPQVFTUBEFM.BOVBMGVFWBMJEBEBQPSFTUFHSVQP WFS
FOFM"OFYPMBMJTUBEFSFQSFTFOUBOUFTEFNVOJDJQBMJEBEFTZPUSBT
PSHBOJ[BDJPOFTQBSUJDJQBOUFT

C &M 1SPHSBNB $:." FO DPMBCPSBDJO DPO FM 1SPZFDUP EF
%FTBSSPMMP-PDBM 130%&-0(5;
SFBMJ[VOQSPDFTPEFTFMFDDJO
EF NVOJDJQBMJEBEFT RVF DPODVSTBSPO QBSB QBSUJDJQBS FO MB
FMBCPSBDJOEF1MBOFT.VOJDJQBMFTEF(FTUJOEF3FTJEVPT4MJEPT
DPO FM BQPZP UDOJDP EF FNQSFTBT DPOTVMUPSBT JHVBMNFOUF
TFMFDDJPOBEBTNFEJBOUFVODPODVSTP-BTFYQFSJFODJBT QSPEVDUP
EFMBBQMJDBDJOEFM.BOVBMFOFTPTEJF[DBOUPOFT TJSWJFSPOQBSB
FOSJRVFDFSZNFKPSBSMBWFSTJOQSFMJNJOBSZMMFHBSBMBQSFTFOUF
WFSTJOEFM.BOVBM
-BT FNQSFTBT DPOTVMUPSBT CSJOEBSPO BTJTUFODJB UDOJDB

DBQBDJUBDJOZFOHFOFSBM GBDJMJUBSPOFMQSPDFTPEFQMBOJGJDBDJO
"EFNT TFFODBSHBSPOEFSFDPOTUSVJSFMQSPDFTPEFTEFMBQSDUJDB
SFDVQFSBOEP MP NT WBMJPTP EF MBT FYQFSJFODJBT Z TPDJBMJ[BOEP
MPT DPOPDJNJFOUPT HFOFSBEPT DPO MB QVFTUB FO QSDUJDB EF FTUB
NFUPEPMPHB
&OFTUBTFHVOEBGBTF FODBEBVOPEFMPTEJF[NVOJDJQJPT
QBSUJDJQBOUFT TF DPOGPSN FM DPNJU DPPSEJOBEPS JOUFHSBEP QPS
VOP P WBSJPT GVODJPOBSJPT NVOJDJQBMFT Z PUSPT BDUPSFT TPDJBMFT
MPDBMFT 7FSFOFM"OFYPMBMJTUBEFQFSTPOBTJOUFHSBOUFTEFMPT
$PNJUT$PPSEJOBEPSFT

%FUBMNBOFSBRVFFOFMQFSPEPoFM.BOVBM
TJSWJEFBQPZPQBSBMBQMBOJGJDBDJOFOMPTTJHVJFOUFTDBOUPOFT
%VSBOUFFMMBQTPEFTFUJFNCSFEFMBNBS[PEFM
MPTDPNJUTDPPSEJOBEPSFTDPOTUJUVJEPT TFEFEJDBSPOBFMBCPSBS
TVTSFTQFDUJWPTQMBOFTNVOJDJQBMFTEFHFTUJOEFSFTJEVPTTMJEPT
DPOMBHVBEFM.BOVBMZDPOFMBQPZPEFMBFNQSFTBDPOTVMUPSB
BTJHOBEB-PTSFTVMUBEPTPCUFOJEPTEFFTUFQSPDFTPQSPQPSDJPOBSPO
JOTVNPT WBMJPTPT RVF TF JODMVZFSPO FO FTUB WFSTJO EFM .BOVBM
HSBDJBTBVOBBNQMJBTJTUFNBUJ[BDJOEFFYQFSJFODJBT
5BCMB
-JTUBEFMPTDBOUPOFTQJMPUPTTFMFDDJPOBEPT
QBSBMBDPPQFSBDJODPOFM1SPHSBNB$:."
&TUF.BOVBMJODPSQPSBFOUPODFTMBTMFDDJPOFTBQSFOEJEBT MBT
SFDPNFOEBDJPOFTQSPEVDUPEFMBTFYQFSJFODJBTFOMBFMBCPSBDJO
EF1MBOFT.VOJDJQBMFTEF(FTUJO*OUFHSBMEFMPT3FTJEVPT4MJEPT
1.(*34
FOFTUPTDBOUPOFT
1SPWJODJB
$BOUO
4BO+PT
"MBKVFMJUB
%FTBNQBSBEPT
&TDB[
7TRVF[EF$PSPOBEP
"MBKVFMB
$FOUSBM"MBKVFMB
$BSUBHP
"MWBSBEP
)FSFEJB
5BSFB&MBCPSBNPTFMEJBHOTUJDPPMOFBEFCBTF
5BSFB5SB[BNPTMBFTUSBUFHJB
5BSFB3FBMJ[BNPTFMNPOJUPSFPZMBFWBMVBDJOEFMBT
BDUJWJEBEFTEFMQMBOEFBDDJO
4BO3BGBFM
4BOUP%PNJOHP
4BSBQJRV
1VOUBSFOBT
&M.BOVBMFTUBSUJDVMBEPFOUBSFBTQSJODJQBMFT
$PSSFEPSFT
$BCFTFBMBSRVFMBQSJNFSBWFSTJOEFM.BOVBMGVFUBNCJO
VUJMJ[BEBDPNPVOJOTUSVNFOUPEFQMBOJGJDBDJOFOWBSJPTNVOJDJQJPT
EF.YJDPZ&M4BMWBEPS-PT1.(34QVFEFOTFSDPOTVMUBEPTFOMB
QHJOBXFCEFM1SPHSBNB$:." XXXQSPHSBNBDZNBDPN

*OUSPEVDDJO
"OUFDFEFOUFT
*OUSPEVDDJO
{1BSBRVIBDFSQMBOFT
NVOJDJQBMFTEFHFTUJO
JOUFHSBMEFSFTJEVPTTMJEPT
&O TV RVFIBDFS DPUJEJBOP NVDIBT NVOJDJQBMJEBEFT FO FM
QBTFOGSFOUBOVOBTFSJFEFDPOEJDJPOFTRVFEJGJDVMUBOMBQSFTUBDJO
EFVOTFSWJDJPNVOJDJQBMEFHFTUJOEFSFTJEVPTTMJEPTFGJDJFOUF
EFTEFFMQVOUPEFWJTUBPQFSBUJWPZGJOBODJFSP RVFNJOJNJDFTV
JNQBDUPFOFMBNCJFOUFZMBTBMVEEFMBQPCMBDJOEFMDBOUO
&O HFOFSBM MBT BDUJWJEBEFT SFTQPOEFO B MBT FNFSHFODJBT
EFDBEBEBFMTJTUFNBEFHFTUJOEFSFTJEVPTTFEFGJOFDPOGPSNF
MBQSDUJDBZMBFYQFSJFODJBEFMQFSTPOBM MBPQFSBDJOEFMTJTUFNB
EFNBOEBVOBMUPQPSDFOUBKFEFMQSFTVQVFTUPNVOJDJQBMZFONVDIBT
PDBTJPOFTEFCFTFSTVCTJEJBEPQPSMBNVOJDJQBMJEBE/PIBZVOB
DPCFSUVSBUPUBMEFMTFSWJDJPEFSFDPMFDDJOPEFCBSSJEPEFDBMMFTMPT
DBNJPOFTSFDPMFDUPSFTTVGSFOEFTQFSGFDUPTDPOTUBOUFTZOPFYJTUFO
FOFTUPTDBTPT QMBOFTEFDPOUJOHFODJBQBSBMBSFDPMFDDJO
1PS PUSB QBSUF OP TF QSPNVFWF MB SFDVQFSBDJO EF MPT
NBUFSJBMFTSFDJDMBCMFTZDVBOEPFTUPTFIBDF OPFYJTUFVOTJTUFNB
PQFSBUJWPRVFBTFHVSFMBSFDPMFDDJOZBDPQJPEFFTUPTNBUFSJBMFT
MPRVFQSPWPDBMBGSVTUSBDJOEFMPTBTWFDJOPTBTNTDPODJFOUFT
-B EJTQPTJDJO GJOBM FT VO QSPCMFNB TFSJP FO NVDIPT
DBOUPOFT$BEBEBTVSHFOOVFWPTUJQPTEFNBUFSJBMFTPQSPEVDUPT
QPSFKFNQMPSFTJEVPTFMFDUSOJDPT RVFOPQVFEFOTFSNBOFKBEPT
EFOUSPEFMBDPSSJFOUFNVOJDJQBMEFSFDPMFDDJOPEJTQPTJDJOGJOBM
EFSFTJEVPTQPSTVDPNQMFKJEBEPQFMJHSPTJEBE
$VBOEPFMNBOFKPEFMPTSFTJEVPTOPTFQMBOJGJDB FTEJGDJM
PCUFOFSMPTSFTVMUBEPTFTQFSBEPTPHBSBOUJ[BSVOVTPFGJDJFOUFEF
MPTSFDVSTPTIVNBOPT UDOJDPT GJOBODJFSPT NBUFSJBMFT BTDPNP
EFMUJFNQP
-BQMBOJGJDBDJOFTVOQSPDFTPNFEJBOUFFMDVBMTFEFGJOF
VOB FTUSBUFHJB EF MBSHP QMB[P EF MP RVF TF EFTFB BMDBO[BS DPO
NFUBTBDPSUP NFEJBOPZMBSHPQMB[PRVFQFSNJUFVOBVUJMJ[BDJO

SBDJPOBMEFMPTSFDVSTPTEJTQPOJCMFTPEFMPTRVFQPESBEJTQPOFSTF
FWJUBOEPEFFTUBGPSNB RVFTFVTFOEFVOBNBOFSBEFTPSEFOBEB
ZTJONFUBTDMBSBT
-B QMBOJGJDBDJO JNQMJDB UBNCJO RVF BOUFT EF UPNBS
EFDJTJPOFTTPCSF{RVIBDFSPFORVJOWFSUJS TFSFBMJDFVOBOMJTJT
EFMBTDPOEJDJPOFTBDUVBMFTZTVTQPTJCMFTDBNCJPT
6OBWF[QVFTUPFOQSDUJDBFMQMBOEFBDDJO VOFMFNFOUP
FTFODJBM EF FTUF QSPDFTP FT FM NPOJUPSFP Z FWBMVBDJO EF MB
JNQMFNFOUBDJOEFMNJTNP MPRVFQFSNJUFMMFWBSVODPOUSPMTPCSF
MPTBWBODFTFOFMDVNQMJNJFOUPEFMPQSPQVFTUPZSFBMJ[BSBKVTUFT
DVBOEPTFBOFDFTBSJP
-BQMBOJGJDBDJOFTGVOEBNFOUBMQPSRVFQFSNJUFSPNQFSDPO
MBJNBHFOUSBEJDJPOBMEFMNBOFKPEFiMBCBTVSBwZQSPNPWFSMBJEFB
EFMBHFTUJOEFMPTSFTJEVPTTMJEPTDPNPBMHPTFSJP JNQPSUBOUFZ
BCPSEBEPEFNBOFSBQSPGFTJPOBMZUSBOTQBSFOUF DPOJOTUSVNFOUPT
NPEFSOPTEFHFTUJOZDPOWJTJOBNFEJBOPZMBSHPQMB[P
{"RVJOFTTFEJSJHF
FTUF.BOVBM
&M .BOVBM FT VO JOTUSVNFOUP QSDUJDP EF BQPZP QBSB FM
QFSTPOBMNVOJDJQBMBDBSHPEFMTFSWJDJPEFHFTUJOEFMPTSFTJEVPT
TMJEPT QSJODJQBMNFOUFFONVOJDJQBMJEBEFTNFEJBOBTZQFRVFBT
WFSDMBTJGJDBDJOEFM$FOUSP1BOBNFSJDBOPEF*OHFOJFSB4BOJUBSJB
$&1*4
FO FM "OFYP
RVF EFTFBO P TF WFO PCMJHBEBT TFB
QPS NBOEBUP EF MB MFHJTMBDJO P QPS QSFTJO EF MB QPCMBDJO
B
NFKPSBSMP IBDJFOEPVOVTPFGJDJFOUFEFMPTSFDVSTPTZNJOJNJ[BOEP
FMJNQBDUPEFMNBOFKPEFMPTSFTJEVPTFOFMBNCJFOUF MBTBMVEEFM
QFSTPOBMNVOJDJQBMZEFMBQPCMBDJOFOHFOFSBM
5BNCJO QVFEF TFS VO JOTUSVNFOUP EF QMBOJGJDBDJO QBSB
NVOJDJQBMJEBEFT HSBOEFT F JOTUJUVDJPOFT Z PSHBOJ[BDJPOFT RVF
MBCPSBO FO DPPSEJOBDJO DPO MPT HPCJFSOPT MPDBMFT UBMFT DPNP
NJOJTUFSJPT GFEFSBDJPOFT FM *OTUJUVUP EF 'PNFOUP Z "TFTPSB
.VOJDJQBM *'".
MB6OJO/BDJPOBMEF(PCJFSOPT-PDBMFT 6/(-

FNQSFTBTDPOTVMUPSBT 0/(T FOUSFPUSPT
{$NPVTBSFTUF.BOVBM
&M.BOVBMFTVOJOTUSVNFOUPEFUSBCBKPRVFEFUBMMBQBTP
BQBTPMBTUBSFBTZMBTBDUJWJEBEFTRVFTFEFCFOEFTBSSPMMBSFOVO
QSPDFTPEFQMBOJGJDBDJONVOJDJQBMEFHFTUJOEFSFTJEVPTTMJEPT
&O MB QSDUJDB FM .BOVBM EFCF TFS BKVTUBEP B MB SFBMJEBE
EF DBEB DBOUO Z EF DBEB NVOJDJQBMJEBE OP FT VOB SFDFUB
NFUPEPMHJDB TJOPVOBHVBUDOJDBZGMFYJCMF RVFFTQFSUJOFOUF
BEBQUBSBMDPOUFYUPQBSUJDVMBSEFDBEBDBOUO QBSBRVFGVODJPOF
FODBMJEBEEFVOJOTUSVNFOUPPQFSBUJWP
-BFMBCPSBDJOEFM1.(*34OPFTVOBBDUJWJEBERVFTFSFBMJDF
FOVOQBSEFEBT UBNQPDPFM1MBOFTiMBGSNVMBNHJDBwQBSB
SFTPMWFSFMQSPCMFNBEFHFTUJOEFSFTJEVPTEFMDBOUO4FUSBUB
NTCJFO EFVOQSPDFTPFOFMUJFNQP RVFJOWPMVDSBWBSJBTQFSTPOBT
VPSHBOJ[BDJPOFTMPDBMFT EFNBOFSBQFSNBOFOUFPFTQFDGJDBQPS
BDUJWJEBE
RVFUJFOFOBMHOWODVMPDPOFMNBOFKPEFMPTSFTJEVPT
TMJEPT MBTBMVEIVNBOBPFMBNCJFOUF4JCJFOFTDJFSUP QVFEFO

QPTFFS EJGFSFOUFT JOUFSFTFT QBSUJDVMBSFT OP NFOPT DJFSUP FT RVF
QVFEFOUFOFSVOJOUFSTDPNODPOUSJCVJSBMEFTBSSPMMPTPTUFOJCMF
EFMDBOUO
1PSMPBOUFSJPS FOFM.BOVBMTFQSPQPOFBMBNVOJDJQBMJEBE
GPNFOUBSMBQBSUJDJQBDJODJVEBEBOB NFEJBOUFMBDPOTUJUVDJOEF
VOHSVQPEFBDUPSFTTPDJBMFT RVFQVFEFTFSHVJBEPQPSFMQFSTPOBM
NVOJDJQBMSFTQPOTBCMFEFFMBCPSBSFM1.(*34 EFUBMNBOFSB RVFMB
NVOJDJQBMJEBEFOFMNFKPSEFMPTDBTPTTFBMBSFDUPSBEFMQSPDFTP
-B FYQFSJFODJB JOEJDB RVF NJFOUSBT NT QBSUJDJQBDJO
DJVEBEBOB IBZB NT GVFSUF FT FM DPNQSPNJTP EF MPT EJGFSFOUFT
BDUPSFTJOWPMVDSBEPTFOMBJNQMFNFOUBDJOEFM1.(*34ZNFOPT
QSPCBCMFFTRVFTFQSFTFOUFPQPTJDJOBMPQSPQVFTUP
1BSBMBFMBCPSBDJOEFM1.(*34TFQSPQPOFMBSFBMJ[BDJOEF
TFJTUBSFBTRVFBTVWF[TFDPNQPOFOEFBDUJWJEBEFTZQBTPT TFHO
TFEFUBMMBFOMB'JHVSB
'JHVSB&TUSVDUVSBHFOFSBMEFMQSPDFTPEFFMBCPSBDJOEFM1.(*34

*OUSPEVDDJO
{$NPVTBSFTUF.BOVBM
*OUSPEVDDJO
"MHVOBTDPOTJEFSBDJPOFTTPCSF
MBHFTUJOJOUFHSBMEFSFTJEVPT
&MFOGPRVFNFUPEPMHJDPRVFPSJFOUBMBTEJGFSFOUFTGBTFTEFM
QSPDFTPEFQMBOJGJDBDJOTFGVOEBNFOUBFOFMNBSDPBOBMUJDPEF
i(FTUJO*OUFHSBEBZ4PTUFOJCMFEF3FTJEVPT (*43
w&MDPODFQUP
EF MB (*34 GVF EFTBSSPMMBEP QPS VO HSVQP EF PSHBOJ[BDJPOFT EF
PDIP QBTFT EF EJWFSTPT DPOUJOFOUFT JODMVJEB $PTUB 3JDB DPO
FMGJOEFQSPNPWFSTPMVDJPOFTQBSBMPTQSPCMFNBTEFHFTUJOEF
SFTJEVPT TMJEPT RVF TFBO BQSPQJBEBT QBSB VOB MPDBMJEBE P VO
DBOUOEFUFSNJOBEP EFTEFFMQVOUPEFWJTUBUDOJDP FDPONJDP
BNCJFOUBMZTPDJBM

&MDPODFQUPEFMB(*43OPTMPUPNBFODVFOUBMPTBTQFDUPT
EF TPTUFOJCJMJEBE UDOJDB P GJOBODJFSPFDPONJDB DPNP TF IBDF
USBEJDJPOBMNFOUF TJOP RVF UBNCJO JODMVZF MPT BTQFDUPT TPDJP
DVMUVSBMFT BNCJFOUBMFT JOTUJUVDJPOBMFTZQPMUJDPTRVFJOUFSWJFOFO
FOMBTPTUFOJCJMJEBEEFMBHFTUJOEFSFTJEVPTTMJEPT&TVOFOGPRVF
FTUSBUHJDP Z EF MBSHP QMB[P RVF QPOF FM BDFOUP FO FM QBQFM
GVOEBNFOUBMEFVOBWBSJFEBEEFBDUPSFTTPDJBMFTRVFQBSUJDJQBOEF
NBOFSBDPUJEJBOBFOMBTEJGFSFOUFTGBTFTEFMBHFTUJOEFSFTJEVPT
TMJEPT

$PNPTFNVFTUSBFOMB'JHVSB MB(*43UJFOFUSFTEJNFOTJPOFT
QSJODJQBMFTRVFFTUOJOUFSSFMBDJPOBEBT

-PTBDUPSFTTPDJBMFTJOWPMVDSBEPTFOMBHFTUJO

EFSFTJEVPT

-PTFMFNFOUPT PQFSBUJWPTZUDOJDPT
EFM

TJTUFNBEFSFTJEVPTZ

-PTBTQFDUPTEFMDPOUFYUPMPDBMZOBDJPOBMRVF

EFCFOTFSDPOTJEFSBEPTDVBOEPTFBOBMJ[BZ

QMBOJGJDBVOTJTUFNBEFHFTUJOEFSFTJEVPT
4FHVJEBNFOUF TF BNQMBO BMHVOPT EF MPT DPODFQUPT
NPTUSBEPTFOMB'JHVSB
'JHVSB(FTUJO*OUFHSBEBZ4PTUFOJCMFEF3FTJEVPT
'VFOUF"EBQUBEPEF8BTUF

&M1SPHSBNB68&1 &TQFDJBMJ[BDJOFOFMNBOFKPEFSFTJEVPTVSCBOPT
GVFVOQSPHSBNBEFPDIPBPTDPPSEJOBEPQPSMBPSHBOJ[BDJOIPMBOEFTB8"45&Z
GJOBODJBEPQPSFM%(*4EFMPT1BTFT#BKPT&OUSFMBTQSJODJQBMFTPSHBOJ[BDJPOFTRVFQBSUJDJQBSPOTFFODVFOUSBO$"14EF'JMJQJOBT $&%"3&EF&HJQUP $&,EF.BMJ
*&.EF#VMHBSJB *1&4EF1FS .ZUISJEF*OEJBZ"$&1&4"EF$PTUB3JDB

-PTBDUPSFTTPDJBMFT
6O BDUPS TPDJBM FT VOB QFSTPOB PSHBOJ[BDJO FNQSFTB P
JOTUJUVDJORVFUJFOFVOJOUFSTFOVOBTVOUPFOQBSUJDVMBS&OMB
HFTUJOEFSFTJEVPTFYJTUFOBMHVOPTBDUPSFTTPDJBMFTRVFTJFNQSF
FTUO QSFTFOUFT DPNP FT FM DBTP EF MB NVOJDJQBMJEBE QFSP FO
HFOFSBMMPTBDUPSFT WBSBOFODBEBDBOUO QPSMPRVFEFCFOTFS
JEFOUJGJDBEPTFODBEBMVHBSQBSBJOUFHSBSMPTBMQSPDFTP
-PT FMFNFOUPT EF MB PQFSBDJO EFM

TJTUFNBEFNBOFKPEFSFTJEVPT
6O TJTUFNB EF HFTUJO EF SFTJEVPT JODMVZF VOB TFSJF EF
FMFNFOUPTFOFMNBOFKPEFMGMVKPEFNBUFSJBMFTEFVOBMPDBMJEBE
DBOUOPSFHJO-PTFMFNFOUPTJODMVZFOEFTEFMBHFOFSBDJOEF
MPTSFTJEVPT TVSFDPMFDDJO MBWBMPSJ[BDJO IBTUBFMUSBUBNJFOUPZ
MBEJTQPTJDJOGJOBM

)BCJUVBMNFOUF FODBTJUPEPTMPTDBOUPOFTIBZFMFNFOUPT
RVF TJFNQSF FTUO QSFTFOUFT P TF MFT EB NBZPS JNQPSUBODJB
1PSFKFNQMP BMBSFDPMFDDJO FMUSBOTQPSUFZMBEJTQPTJDJOGJOBM
.JFOUSBTRVFPUSPTFMFNFOUPT QPSSB[POFTIJTUSJDBT DVMUVSBMFT
HFPHSGJDBT DPNFSDJBMFTVPUSPTNPUJWPT VTVBMNFOUFOPSFDJCFO

UBOUB BUFODJO 5BM FT FM DBTP EF MB NJOJNJ[BDJO P SFEVDDJO
MB SFVUJMJ[BDJO MB SFDVQFSBDJO EF NBUFSJBMFT SFDJDMBCMFT TV
WBMPSJ[BDJOPFMDPNQPTUBKFBQBSUJSEFMPTSFTJEVPTPSHOJDPT

$POMBGPSNVMBDJOEFM1MBO.VOJDJQBMEF(FTUJO*OUFHSBM
EF3FTJEVPT4MJEPT 1.(*34
TFEFGJOFVOBFTUSBUFHJBTPCSFDNP
TFEFCFEBSFMDJDMPEFMPTSFTJEVPTTMJEPT MPRVFQVFEFSFRVFSJS
JOUSPEVDJS BDDJPOFT QBSB RVF UPEPT MPT FMFNFOUPT EFM TJTUFNB
FTUOQSFTFOUFTPBMNFOPTBMHVOPTEFFMMPT1PSFKFNQMP FOVO
NVOJDJQJP EPOEF OP TF SFDVQFSBO MPT NBUFSJBMFT SFDJDMBCMFT TF
QVFEFJOJDJBSVOQSPZFDUPQBSBQSPNPWFSMBTFQBSBDJOFOMBGVFOUF
WJWJFOEBT DPNFSDJP CBODPT JOTUJUVDJPOFTFEVDBUJWBTZEFM&TUBEP

ZPSHBOJ[BSMBSFDPMFDDJOTFQBSBEBEFFTUPTNBUFSJBMFT
-PT BTQFDUPT EFM DPOUFYUP OBDJPOBM Z

MPDBM
.FEJBOUF MB DPOTJEFSBDJO EF MPT BTQFDUPT OBDJPOBMFT Z
MPDBMFTTFHBSBOUJ[BRVFFOMBFWBMVBDJOZFOMBQMBOJGJDBDJOEF
VO TJTUFNB EF HFTUJO EF SFTJEVPT OP TF FYDMVZBO GBDUPSFT RVF
JOUFSWJFOFOFOTVTPTUFOJCJMJEBE
5BCMB%FTDSJQDJOEFMPTEJGFSFOUFTUJQPTEFBTQFDUPTEFMB(*43

"TQFDUPT
$POUFOJEP
"NCJFOUBMFT
$POTJEFSBMPTFGFDUPTEFMBHFTUJOEFSFTJEVPTTPCSFFMTVFMP FMBHVB FMBJSF FMQBJTBKF MBCJPEJWFSTJEBEZMBTBMVEIVNBOB

*ODMVZFUBNCJORVFBDDJPOFTTFFGFDUBOQBSBNJOJNJ[BSMBDPOUBNJOBDJOZQBSBQSPUFHFSMBTBMVEIVNBOB
-FHBMFTZEF
QPMUJDBT
*OTUJUVDJPOBMFT
4PDJPDVMUVSBMFT
.BSDPMFHBMZSFHVMBDJPOFTFYJTUFOUFTPFOQSPDFTPEFBQSPCBDJO BOJWFMOBDJPOBMZMPDBMQSJPSJEBEFTQCMJDBTOBDJPOBMFTZ
MPDBMFT QPMUJDBTWJHFOUFT
*OTUJUVDJPOFTRVFSFHVMBOFJNQMFNFOUBOMBHFTUJOEFSFTJEVPTGVODJPOFTZ
SFTQPOTBCJMJEBEFTQSPDFEJNJFOUPTZNUPEPTDBQBDJEBEFTJOTUJUVDJPOBMFTQBSBJNQMFNFOUBSMB(*34$POEJDJPOFTFYJTUFOUFT
QBSBJOWPMVDSBSBMTFDUPSQSJWBEP
*OGMVFODJBEFMBDVMUVSBTPCSFMBHFOFSBDJOZMBHFTUJOEFSFTJEVPT ICJUPTZDPTUVNCSFT
QBQFMEFMBDPNVOJEBEFOMB
HFTUJOEFSFTJEVPTZDPOEJDJPOFTTPDJBMFTZEFUSBCBKPEFMBQPCMBDJOUSBCBKBEPSBEFMPTSFTJEVPT*ODMVZFOEPBTQFDUPTEF
FEVDBDJO NFDBOJTNPTZSFDVSTPTQBSBMBDPNVOJDBDJO
&DPONJDP
GJOBODJFSPT
4JTUFNBUBSJGBSJPZEFDPCSP NPSPTJEBEFGJDJFODJBEFMPTTJTUFNBTEFHFTUJOEFSFTJEVPT#BMBODFEFJOHSFTPTZFHSFTPT
$PNFSDJBMJ[BDJOEFMPTNBUFSJBMFTSFDJDMBCMFTDPNQSBEPSFT QSFDJPT FUD
5DOJDPTZEF
PQFSBDJOEFM
TFSWJDJP
5JQPZFTUBEPEFMFRVJQPFJOTUBMBDJPOFTRVFFTUOFOVTPPQMBOJGJDBEBTGVODJPOBNJFOUP QFSTPOBM DBQBDJUBDJO DPCFSUVSB

EFMTFSWJDJP WBMPSJ[BDJOEFNBUFSJBMFT FOUSFPUSPT0QFSBEPSFTEFMTFSWJDJPNVOJDJQBMPQSJWBEP

*OUSPEVDDJO
*OUSPEVDDJO
6OQSJODJQJPRVFPSJFOUBMBGPSNVMBDJOEFMPTQMBOFTFTMB
+FSBSRVJ[BDJOEFMB(FTUJO*OUFHSBMEF3FTJEVPT RVFFTUBCMFDF
RVFFTUBEFCFIBDFSTFEFBDVFSEPBMTJHVJFOUFPSEFOKFSSRVJDP
* &WJUBS
** 3FEVDJS
***3FVUJMJ[BS
*7 7BMPSJ[BS
7 5SBUBS
7*%JTQPOFS
'VFOUFTDPOTVMUBEBT
$FOUSP /BDJPOBM EF 1SPEVDDJO NT -JNQJB i+FSBSRVB EF MPT
SFTJEVPTTMJEPTw"GJDIF
"TBNCMFB-FHJTMBUJWBEF$PTUB3JDB
i1SPZFDUPEF-FZEF
(FTUJO*OUFHSBMEF3FTJEVPTw
&OMB'JHVSB TFJMVTUSBFTUFDPODFQUP FMDVBMQSPNVFWF

JOWFSUJSMBTQSJPSJEBEFTFOFMNBOFKPEFMPTSFTJEVPT QSJPSJ[BOEP
MBTBDDJPOFTEFFWJUBS SFEVDJS ZBTTVDFTJWBNFOUFBMDPOUSBSJPEFM
NBOFKPUSBEJDJPOBMRVFTFDFOUSBFOMBSFDPMFDDJOZEJTQPTJDJO
GJOBM
8BTUF
i(FTUJO *OUFHSBEB Z 4PTUFOJCMF EF 3FTJEVPT
4MJEPT FM DPODFQUPw )FSSBNJFOUBT QBSB MPT UPNBEPSFT EF
EFDJTJPOFT &YQFSJFODJBT EFTBSSPMMBEBT FO FM i6SCBO 8BTUF
&YQFSUJTF1SPHSBNNFw(PVEB 1BTFT#BKPT
'JHVSB+FSBSRVBFOFMNBOFKPEFMPTSFTJEVPT
'VFOUF"EBQUBEPEF$FOUSP/BDJPOBMEF1SPEVDDJONT-JNQJB

#JCMJPHSBGBHFOFSBM
"DDJO &DPMHJDB
.BOVBMFT EF NPOJUPSFP BNCJFOUBM
DPNVOJUBSJP .BOVBM i4JTUFNBT EF NPOJUPSFP BNCJFOUBM
DPNVOJUBSJPJOEJDBEPSFTCJPMHJDPTEFDPOUBNJOBDJOBNCJFOUBMw
&DVBEPS 2VJUP
"OTDIU[ +VTUJOF FUBM
i1POJFOEPFO1SDUJDBMB(FTUJO
*OUFHSBEB Z 4PTUFOJCMF EF 3FTJEVPT (*34
.FUPEPMPHB EF MB
(*34BQMJDBEBFOFM1SPHSBNB68&11MVT(PVEB 1BTFT#BKPT
"SBNCVS $BSMPT &EVBSEP
i%JBHOTUJDP MOFB CBTBM
Z QPCMBDJO PCKFUJWPw FO (FSFODJB TPDJBM %JTFP NPOJUPSFP Z
FWBMVBDJO EF QSPZFDUPT TPDJBMFT -JNB1FS 6OJWFSTJEBE EFM
1BDGJDP
$PSUJOBT EF /BWB $SJTUJOB $NP JNQMBOUBS QMBOFT EF NBOFKP

EFSFTJEVPTEFKVSJTEJDDJOMPDBM1SFTFOUBDJOFOFMTJUJPXXX
DSJTUJOBDPSUJOBTDPN
%*/"%&$0
i.EVMP EF 1SPZFDUPTw SFB 5DOJDB Z
0QFSBUJWB$BQBDJUBDJOZ&EVDBDJO4BO+PT $PTUB3JDB
'VOEBDJO1SPNPUPSBEF7JWJFOEB
i4FSJFEF'PSUBMFDJNJFOUP
$PNVOBM.POJUPSFPZFWBMVBDJOw4BO+PT $PTUB3JDB
'VOEBDJO1SPNPUPSBEF7JWJFOEB '61307*
(FTUJO-PDBM
EF3FDVSTPT 'PMMFUP

1BSUJDJQBOEP
DPOEFDJTJOZBDDJO )JTUPSJFUB

"TBNCMFB-FHJTMBUJWBEF$PTUB3JDB
i1SPZFDUPEF-FZEF
(FTUJO*OUFHSBMEF3FTJEVPTw

i.FUPEPMPHB
EF NPOJUPSFP QBSB QSPZFDUPT EF GPSUBMFDJNJFOUP DPNVOBM MB
FYQFSJFODJBEF'61307*w4BO+PT $PTUB3JDB
"TPDJBDJO $FOUSPBNFSJDBOB QBSB MB &DPOPNB MB 4BMVE Z FM

"NCJFOUF "$&1&4"
i%JBHOTUJDP EF MB TJUVBDJO EFM
NBOFKPJOUFHSBEPZTPTUFOJCMFEFMPTEFTFDIPTEFDPNQPOFOUFT
FMFDUSOJDPTFO$PTUB3JDBw4BO+PT $PTUB3JDB TJOFEJUBS
(FJMGVT '

iIFSSBNJFOUBTQBSBFMEFTBSSPMMPQBSUJDJQBUJWPw
&M4BMWBEPS**$"

"NCJFOUF "$&1&4"
i3FTPMWJFOEP OVFTUSPT DPOGMJDUPT
$POGFEFSBDJO/BDJPOBMEF"TPDJBDJPOFTEF%FTBSSPMMP$PNVOBMw
&EJUBEPQPS$0/"%&$0
"ZBMFT *WBOOJB FU BM
i)BDJFOEP DBNJOP BM BOEBS
(VB NFUPEPMHJDB QBSB MB BDDJO DPNVOJUBSJBw &EJUPSJBM 0&'
*OUFSOBDJPOBM
#PEF 3FJOIJOME
i.POJUPSFP 1BSUJDJQBUJWP EF *NQBDUPTw
"MFNBOJB("5&(5;
$FOUSP $PPQFSBUJWP 4VFDP
i1MBOJGJDBDJO NPOJUPSFP Z
FWBMVBDJOQSPZFDUPTEFEFTBSSPMMPTPDJBMZIVNBOPw4BO+PT
$PTUB3JDB
$FOUSP /BDJPOBM EF 1SPEVDDJO NT -JNQJB i+FSBSRVB EF MPT
SFTJEVPTTMJEPTw"GJDIF
(FSNBOO %Z(PM & TG

i.POJUPSFP1BSUJDJQBUJWPEF*NQBDUPTw
'PMMFUP .POJUPSFP EF JNQBDUPT B USBWT EFM HSVQP EF CBTF
$FOUSP"MFNOEF5FDOPMPHBTQBSBFM%FTBSSPMMPo("5& 4PDJFEBE
"MFNBOBQBSBMB$PPQFSBDJO5DOJDB (5;
(.#)
(5;
i(VBEF.POJUPSFPEF*NQBDUPw&M4BMWBEPS4PDJFEBE

*'". .JOJTUFSJPEF4BMVEZPUSPT
i&WBMVBDJO/BDJPOBMEF
MPT4FSWJDJPTEF.BOFKPEF3FTJEVPT4MJEPT.VOJDJQBMFTFO$PTUB
3JDBw
*+HPTTF+FSPFO FUBM
i1MBOJGJDBDJOQBSBMB(FTUJO*OUFHSBM
EF 3FTJEVPTw 8"45& Z &3. %JTQPOJCMF FO MOFB FO XXX
XBTUFLFZTIFFUTOFU
*OTUJUVUP $FOUSPBNFSJDBOP EF "ENJOJTUSBDJO 1CMJDB *$"1

i'PSNBDJO Z BOUPMPHB EFM DVSTP TPCSF GPSNVMBDJO Z
FWBMVBDJOEFQSPZFDUPTEFEFTBSSPMMP4BO+PT $PTUB3JDB

*OUSPEVDDJO
#JCMJPHSBGBHFOFSBM
*OUSPEVDDJO
,BSU"MCSFDIUZ3PO;FNLF
i"ENJOJTUSBDJOEFPQFSBDJPOFTw
.YJDP
.JOJTUFSJPEF"NCJFOUF
i.FUPEPMPHBQBSBMB&MBCPSBDJO
EFMPT1MBOFTEF(FTUJO*OUFHSBMEF3FTJEVPT4MJEPTw$PMPNCJB
.VOJDJQBMJEBEEF"MBKVFMB
i1MBO.VOJDJQBMEF(FTUJOEF
3FTJEVPT4MJEPTEFM$BOUOEF"MBKVFMBw
.VOJDJQBMJEBEEF"MBKVFMJUB
1MBONVOJDJQBMEFHFTUJOEF
SFTJEVPTTMJEPTEFM$BOUOEF"MBKVFMJUB
.VOJDJQBMJEBEEF"MWBSBEP
SFTJEVPTTMJEPTEFM$BOUOEF"MWBSBEP
.VOJDJQBMJEBEEF$PSSFEPSFT
1MBONVOJDJQBMEFHFTUJO
EFSFTJEVPTTMJEPTEFM$BOUOEF$PSSFEPSFT
.VOJDJQBMJEBE EF %FTBNQBSBEPT
1MBO NVOJDJQBM EF
HFTUJOEFSFTJEVPTTMJEPTEFM$BOUOEF%FTBNQBSBEPT
.VOJDJQBMJEBEEF&TDB[
SFTJEVPTTMJEPTEFM$BOUOEF&TDB[
.VOJDJQBMJEBEEF4BO3BGBFM
1MBONVOJDJQBMEFHFTUJO
EFSFTJEVPTTMJEPTEFM$BOUOEF4BO3BGBFMEF)FSFEJB
0SHBOJ[BDJO 1BOBNFSJDBOB EF MB 4BMVE 014

i.BOVBM
EFNPOJUPSFPEFMBFKFDVDJOEFQSPZFDUPTw%JTQPOJCMFFOMOFB
XXXQBIPPSH
i(VB
NFUPEPMHJDBQBSBMBQSFQBSBDJOEFQMBOFTEJSFDUPSFTEFMNBOFKP
EF MPT SFTJEVPT TMJEPT NVOJDJQBMFT FO DJVEBEFT NFEJBOBTw
8BTIJOHUPO &&66
0SHBOJ[BDJO1BOBNFSJDBOBEFMB4BMVE 014
i&WBMVBDJO
3FHJPOBM EF MPT 4FSWJDJPT EF .BOFKP EF 3FTJEVPT 4MJEPT
.VOJDJQBMFT *OGPSNF "OBMUJDP EF $PTUB 3JDB &WBMVBDJO w
4BO+PT $PTUB3JDB
1BSBHVBTT'FSOBOEPZ3PKBT3PDP
i*OEJDBEPSFTQBSBFM
HFSFODJBNJFOUPEFMTFSWJDJPEFMJNQJF[BQCMJDBw&EJDJO$&1*4
-JNB 1FS
1FOJEP .POUFJSP FUBM
i.BOVBMEFHFTUJOJOUFHSBEBEF
SFTJEVPTTMJEPTNVOJDJQBMFTFODJVEBEFTEF"NSJDB-BUJOBZFM
$BSJCF3P+BOFJSP#SBTJM
130'"$
i.EVMP 0DIP QBTPT NFUPEPMHJDPT QBSB MB
QMBOJGJDBDJO"VUPHFTUJPOBSJB{1PSRVZQBSBRVMB1MBOJGJDBDJO
4FSJF"VUPHFTUJOZ$VMUVSBEF1B[4BO+PT $PTUB3JDB
.VOJDJQBMJEBE EF 4BOUP %PNJOHP

1MBO NVOJDJQBM EF
HFTUJO EF SFTJEVPT TMJEPT EFM $BOUO EF 4BOUP %PNJOHP EF
)FSFEJB
1SPHSBNB $PNQFUJUJWJEBE Z .FEJP "NCJFOUF

*OGPSNF
'JOBMEFDPOTVMUPSBi4JTUFNBUJ[BDJOEFMBTFYQFSJFODJBTDPOMB
FMBCPSBDJOEF1MBOFT.VOJDJQBMFTEF(FTUJOEFMPT3FTJEVPT4MJEPT
FONVOJDJQBMJEBEFTZBKVTUFEFMNBOVBMDPSSFTQPOEJFOUFw
.VOJDJQBMJEBEEF4BSBQJRV
SFTJEVPTTMJEPTEFM$BOUOEF4BSBQJRVEF)FSFEJB
1SPZFDUPEF-FZQBSBMB(FTUJO*OUFHSBMEF3FTJEVPT
4BO
+PT $PTUB3JDB
.VOJDJQBMJEBEEF7TRVF[EF$PSPOBEP
1MBONVOJDJQBMEF
HFTUJOEFSFTJEVPTTMJEPTEFM$BOUOEF7TRVF[EF$PSPOBEP
4FDSFUBSBEF%FTBSSPMMP4PDJBM
i.BOVBMQBSBEFUFSNJOBSMB
'BDUJCJMJEBEEF3FEVDDJOZ3FVTPEF3FTJEVPT4MJEPT.VOJDJQBMFT
.YJDP
0SHBOJ[BDJO1BOBNFSJDBOBEFMB4BMVE 014

i3FTJEVPT
TMJEPTNVOJDJQBMFT(VBQBSBFMEJTFP DPOTUSVDDJOZPQFSBDJO
EFSFMMFOPTTBOJUBSJPTNBOVBMFTw

4PUP4JMWJBi%VPEDJNP*OGPSNFTPCSFFM&TUBEPEFMB/BDJOFO
%FTBSSPMMP)VNBOP4PTUFOJCMF*OGPSNF'JOBM 4JUVBDJO"DUVBMEF
MB(FTUJOEFMPT3FTJEVPT4MJEPTFO$PTUB3JDB$POTFKP/BDJPOBM
EF3FDUPSFT %FGFOTPSBEFMPT)BCJUBOUFTw4BO+PT $PTUB3JDB
5DIPCBOPHMPVT+ 5IFJTFO)Z7JHJM4BNVFM

i(FTUJOJOUFHSBM
EFSFTJEVPTTMJEPTw7PMVNFO*Z**.BD(SBX)JMM.YJDP
6OJWFSTJEBEQBSBMB1B[
i-B1MBOJGJDBDJOFO"VUPHFTUJO
Z$VMUVSBEF1B[w4BO+PT $PTUB3JDB
8FIFOQPIM (OUIFS FU BM

i(VB FO FMBCPSBDJO EF
QMBOFT NBFTUSPT QBSB MB HFTUJO JOUFHSBM EF MPT SFTJEVPT TMJEPT
NVOJDJQBMFT 1.(*34.
.YJDP
8JMTPO %BWJE FUBM
i4USBUFHJD1MBOOJOH(VJEFGPS.VOJDJQBM
4PMJE8BTUF.BOBHFNFOUw8PSME#BOLBOE&3. WFSTJOFO$%

8BTUF
i(FTUJO *OUFHSBEB Z 4PTUFOJCMF EF 3FTJEVPT
4MJEPT FM DPODFQUPw )FSSBNJFOUBT QBSB MPT UPNBEPSFT EF
EFDJTJPOFT &YQFSJFODJBT EFTBSSPMMBEBT FO FM i6SCBO 8BTUF
&YQFSUJTF1SPHSBNNFw(PVEB 1BTFT#BKPT

*OUSPEVDDJO
#JCMJPHSBGBHFOFSBM
*OUSPEVDDJO
-JTUBEFBDSOJNPT
"
"$&1&4"
"%$
"3-*4"
"4"%"4

"TPDJBDJO$FOUSPBNFSJDBOBQBSBMB&DPOPNB MB4BMVEZFM"NCJFOUF
"TPDJBDJPOFTEF%FTBSSPMMP$PNVOBM
"TPDJBDJO3FDJDMBEPSB"MWBSBEP-JNQJPZ4BOP
"TPDJBDJPOFT"ENJOJTUSBEPSBTEF"DVFEVDUPT3VSBMFT
#
#$*&
#BODP$FOUSPBNFSJDBOPEF*OUFHSBDJO&DPONJDB
$
$"14
$&%"3&
$&(&45*
$&,
$&1*4
$(3
$*$3
$/'-
$/1-
$0/"%&$0
$:."

$FOUFS'PS"EWBODFE1IJMJQQJOF4UVEJFT
$FOUSPQBSBFM.FEJP"NCJFOUFZFM%FTBSSPMMPEFMB3FHJOSBCFZ&VSPQB
$FOUSPEF(FTUJO5FDOPMHJDBF*OGPSNUJDB*OEVTUSJBM
$BCJOFU%&UVEFT,FJUB
$FOUSP1BOBNFSJDBOPEF*OHFOJFSB4BOJUBSJB
$POUSBMPSB(FOFSBMEFMB3FQCMJDB
$NBSBEF*OEVTUSJBTEF$PTUB3JDB
$PNQBB/BDJPOBMEF'VFS[BZ-V[
$FOUSP/BDJPOBMEF1SPEVDDJONT-JNQJB
$POGFEFSBDJO/BDJPOBMEF"TPDJBDJPOFTEF%FTBSSPMMP$PNVOBM
1SPHSBNB$PNQFUJUJWJEBEZ.FEJP"NCJFOUF $PTUB3JDB JOUFHSBEPQPS.*%&1-"/ .*/"& .*/4"-6%
*'". $*$3Z(5;

%
%(*4
%*(&$".*/"&5
%*/"%&$0
%4$.*/"&5

.JOJTUFSJPEFMB$PPQFSBDJOEFMPT1BTFT#BKPT QPSTVTTJHMBTFOIPMBOET
%JSFDDJOEF(FTUJOEFMB$BMJEBE"NCJFOUBM.*/"&5
%JSFDDJO/BDJPOBMEF%FTBSSPMMPEFMB$PNVOJEBE
%JSFDDJOEF4JTUFNBT$PNVOBMFT.*/"&5
&
&41)
&NQSFTBEF4FSWJDJPT1CMJDPTEF)FSFEJB
'
'&%&.63
'&.&530.
'0%"

'FEFSBDJO.VOJDJQBM3FHJPOBMEFM&TUF
'FEFSBDJO.FUSPQPMJUBOBEF.VOJDJQBMJEBEFTEF4BO+PT
'PSUBMF[BT 0QPSUVOJEBEFT %FCJMJEBEFTZ"NFOB[BT
(
(*43
(*34
(5;

(FTUJO*OUFHSBEBZ4PTUFOJCMFEF3FTJEVPT
(FTUJO*OUFHSBMEF3FTJEVPT4MJEPT
"HFODJB"MFNBOBEF$PPQFSBDJO5DOJDB TJHMBTFOBMFNO
*
*$"1
*$$"
*$&
*%"
*&.
*'".
*(/
*./

*OTUJUVUP$FOUSPBNFSJDBOPEF"ENJOJTUSBDJO1CMJDB
*OTUJUVUP$PTUBSSJDFOTFEF"DVFEVDUPTZ"MDBOUBSJMMBEPT
*OTUJUVUP$PTUBSSJDFOTFEF&MFDUSJDJEBE
*OTUJUVUPEF%FTBSSPMMP"HSBSJP
*OTUJUVUFGPS&DPMPHJDBM.PEFSOJTBUJPO
*OTUJUVUPEF'PNFOUPZ"TFTPSB.VOJDJQBM
*OTUJUVUP(FPHSGJDP/BDJPOBM
*OTUJUVUP.FUFPSPMHJDP/BDJPOBM

*/"
*/#*0
*/&$
*1&4

*OTUJUVUP/BDJPOBMEF"QSFOEJ[BKF
*OTUJUVUP/BDJPOBMEF#JPEJWFSTJEBE
*OTUJUVUP/BDJPOBMEF&TUBETUJDBZ$FOTPTEF$PTUB3JDB
*OTUJUVUPQBSBMB1SPNPDJOEFMB&DPOPNB4PDJBM
.
.&1
.&4
.*%&1-"/
.*/"&5
.*/4"-6%
.015

.JOJTUFSJPEF&EVDBDJO1CMJDB
.POJUPSFP &WBMVBDJOZ4FHVJNJFOUP
.JOJTUFSJPEF1MBOJGJDBDJO/BDJPOBMZ1PMUJDB&DPONJDB
.JOJTUFSJPEF"NCJFOUF &OFSHBZ5FMFDPNVOJDBDJPOFT
.JOJTUFSJPEF4BMVE
.JOJTUFSJPEF0CSBT1CMJDBTZ5SBOTQPSUF
0
0/(T
014

0SHBOJ[BDJPOFTOPHVCFSOBNFOUBMFT
0SHBOJ[BDJO1BOBNFSJDBOBEFMB4BMVE
1
1"0
1.(*34
11$
13&40-
130%&-0
130'"$
130.6%&
136(".

1MBO"OVBM0QFSBUJWP
1MBO.VOJDJQBMEF(FTUJO*OUFHSBMEF3FTJEVPT4MJEPT
1SPEVDDJO1FS$QJUB
1MBO3FTJEVPT4MJEPTEF$PTUB3JDB
1SPZFDUPEF%FTBSSPMMP-PDBMZ$PNVOBM $PTUB3JDB JOUFHSBEPQPS*'". 6/(- %*/"%&$0 $0/"%&$0:(5;
1SPZFDUPEF'PSUBMFDJNJFOUPEFMB$PNVOJEBE
1SPHSBNBEF%FTDFOUSBMJ[BDJOZ%FTBSSPMMP-PDBM &M4BMWBEPS
1MBOJGJDBDJO3FHJPOBMZ6SCBOBEFMB(SBOSFB.FUSPQPMJUBOBEFM7BMMF$FOUSBMEF$PTUB3JDB
3
3*"
3FE*OUFSJOTUJUVDJPOBMEF"MBKVFMJUB
4
4*/"-&7*
4JTUFNB/BDJPOBMEF-FHJTMBDJO7JHFOUF
5
5*3
5BTB*OUFSOBEF3FUPSOP
6
6$"%&"
6/"
6/(-

6OJO$BOUPOBMEF"TPDJBDJPOFTEF%FTBSSPMMP$PNVOBMEF"MBKVFMJUB
6OJWFSTJEBE/BDJPOBMEF$PTUB3JDB
6OJO/BDJPOBMEF(PCJFSOPT-PDBMFT
7
7"/
71/

7BMPS"DUVBM/FUP
7BMPS1SFTFOUF/FUP
8
8"45&
68&1

8"45&BEWJTFSTPOVSCBOFOWJSPONFOUBOEEFWFMPQNFOU TJHMBTFOIPMBOET
1SPHSBNBEFFTQFDJBMJ[BDJOFOFMNBOFKPEFSFTJEVPTVSCBOPT TJHMBTFOJOHMT
;
;011
1MBOJGJDBDJOEF1SPZFDUPT0SJFOUBEBBMPT0CKFUJWPT TJHMBTFOBMFNO

*OUSPEVDDJO
"DSOJNPT
*OUSPEVDDJO
(MPTBSJP
"DUPS FT
TPDJBM FT
(SVQP EF QFSTPOBT PSHBOJ[BDJO
&TUSBUFHJB$POKVOUPEFBDDJPOFTRVFQFSNJUFOBMDBO[BSVOGJO
FNQSFTB F JOEJWJEVPT RVF UJFOFO VOB JOGMVFODJB P QBSUJDJQBDJO

SFMFWBOUF FO EFUFSNJOBEP BTQFDUP EF MB HFTUJO EF MPT SFTJEVPT
TMJEPTNVOJDJQBMFT
EFUFSNJOBEP
&WBMVBDJO1SPDFTPNFEJBOUFFMDVBMTFEFUFSNJOBMPTDBNCJPT
"OMJTJTEFTFOTJCJMJEBE$POTJTUFFODPOPDFSMBFWPMVDJO
HFOFSBEPTQPSVOQMBOBQBSUJSEFMBDPNQBSBDJOFOUSFMBTJUVBDJO
JOJDJBMZFMFTUBEPQSFWJTUPFOMBQMBOJGJDBDJO
GJOBODJFSB EF VO QSPZFDUP EFCJEP B DBNCJPT FO MBT QSJODJQBMFT

WBSJBCMFTZEFDJEJSMBFTUSBUFHJBQBSBNJOJNJ[BSMPTSJFTHPT
'MVKPEFDBKBPEFFGFDUJWP%JGFSFODJBFOUSFMPTCFOFGJDJPT
"TQFDUPT EFM TJTUFNB EF HFTUJO EF SFTJEVPT

TMJEPT'BDUPSFTRVFJOGMVZFOFOMBTPTUFOJCJMJEBEEFVOTJTUFNB
ZMPTDPTUPTEFVOQSPZFDUP FOVOEFUFSNJOBEPUJFNQP
(FOFSBEPS 1FSTPOB GTJDB P KVSEJDB QCMJDB P QSJWBEB RVF
EFHFTUJOEFSFTJEVPT UBMFTDPNPUDOJDPT TPDJBMFT FDPONJDPT

ZGJOBODJFSPT BNCJFOUBMFT JOTUJUVDJPOBMFT MFHBMFTZQPMUJDPT
QSPEVDFSFTJEVPT BUSBWTEFMEFTBSSPMMPEFQSPDFTPTQSPEVDUJWPT
BHSPQFDVBSJPT EFTFSWJDJPT EFDPNFSDJBMJ[BDJOPEFDPOTVNP
$BNJOEFBESBMFT7FIDVMPUJQPHBOBEFSPRVFTFVUJMJ[BQBSB
MBSFDPMFDDJOEFMPTSFTJEVPTTMJEPTFOBMHVOBTSFBTEFMQBT
(FTUJO *OUFHSBM EF 3FTJEVPT $POKVOUP BSUJDVMBEP EF
$MBTJGJDBDJO5SNJOPRVFDPNONFOUFTFVTBQBSBEFTDSJCJS
BDDJPOFT SFHVMBUPSJBT PQFSBUJWBT GJOBODJFSBT BENJOJTUSBUJWBT

FEVDBUJWBT EFQMBOJGJDBDJO NPOJUPSFPZFWBMVBDJOQBSBFMNBOFKP
EFMPTSFTJEVPT EFTEFTVHFOFSBDJOIBTUBMBEJTQPTJDJOGJOBM
MBTBDUJWJEBEFTEFTFQBSBDJOEFMPTNBUFSJBMFTSFDJDMBCMFTQBSBTV
QPTUFSJPSDPNFSDJBMJ[BDJOPBQSPWFDIBNJFOUP
(FTUPS1FSTPOBGTJDBPKVSEJDB QCMJDBPQSJWBEB FODBSHBEBEF
$PNQPTU .FKPSBEPS EFM TVFMP RVF TF PCUJFOF MVFHP EF VO
MBHFTUJOUPUBMPQBSDJBMEFMPTSFTJEVPTZBVUPSJ[BEBDPOGPSNFBMP
FTUBCMFDJEPFOMB-FZPTVTSFHMBNFOUPT
QSPDFTPEFEFTDPNQPTJDJOEFMBNBUFSJBPSHOJDBFODPOEJDJPOFT
INFEPBFSCJDBTPDPOQSFTFODJBEFPYHFOP
*OEJDBEPSFT4POHVBTQBSBEBSTFHVJNJFOUPBMDVNQMJNJFOUP
$PNQPTUBKF .UPEP RVF QFSNJUF MB EFTDPNQPTJDJO EF MB
EFMBTBDDJPOFTEFTBSSPMMBEBT TFFMBCPSBSBOUPNBOEPFODVFOUBMPT
PCKFUJWPT
NBUFSJBCJPEFHSBEBCMFEFGPSNBDPOUSPMBEB
%JBHOTUJDP 1SPDFTP RVF TF SFBMJ[B QBSB EFUFSNJOBS MB
*OUFSOBMJ[BDJOEFMPTDPTUPT1SPDFTPNFEJBOUFFMDVBM FM
OBUVSBMF[B Z MBT DBVTBT EF VO PCKFUP TJUVBDJO P GFONFOP

EFUFSNJOBEPQBSBUPNBSNFEJEBT
HFOFSBEPSEFMPTSFTJEVPTFTSFTQPOTBCMFQPSFMNBOFKPJOUFHSBMZ
TPTUFOJCMFEFMPTNJTNPT BMBTVNJSMPTDPTUPTRVFFTUPJNQMJDBFO
QSPQPSDJOBMBDBOUJEBEZDBMJEBEEFSFTJEVPTRVFHFOFSB
%JTQPTJDJO GJOBM MUJNB FUBQB EFM QSPDFTP EF NBOFKP EF
-JYJWJBEP-RVJEPRVFQFSDPMBEPBUSBWTEFMPTSFTJEVPTTMJEPT
SFTJEVPTTMJEPT FOMBDVBMTPOEFQPTJUBEPTFOGPSNBEFGJOJUJWB
&MFNFOUPT EFM TJTUFNB EF NBOFKP EF SFTJEVPT

$PNQPOFOUFTEFMBPQFSBDJOEFVOTJTUFNBEFHFTUJOEFSFTJEVPT
RVFJODMVZFEFTEFMBHFOFSBDJOEFMPTSFTJEVPT SFVTP TFQBSBDJO
FOMBGVFOUF SFDPMFDDJO USBOTQPSUF WBMPSJ[BDJO USBUBNJFOUPZMB
EJTQPTJDJOGJOBM

BDBSSFBNBUFSJBMFTEJTVFMUPTPTVTQFOEJEPT
.BOFKP EF SFTJEVPT TMJEPT NVOJDJQBMFT $POKVOUP

EFBDUJWJEBEFTUDOJDBTZPQFSBUJWBTEFMBHFTUJOEFSFTJEVPTRVF
JODMVZF BMNBDFOBNJFOUP SFDPMFDDJO USBOTQPSUF WBMPSJ[BDJO
USBUBNJFOUPZEJTQPTJDJOGJOBM
5PNBEPTEFMQSPZFDUPEF-FZEF(FTUJO*OUFHSBMEF3FTJEVPT"$&1&4" 014 Z014

.FUBT-BTNFUBTTPOMPTQSPEVDUPTEFTFBEPTFOUSNJOPTEF
DBOUJEBE {DVOUP
DBMJEBE {RVUBOCVFOP
ZUJFNQP DVOEP

UBNCJOTFQVFEFBNQMJBSBMMVHBS {EOEF

.JOJNJ[BSMPTSFTJEVPTTMJEPT P3FEVDJS
"DDJPOFT
UFOEJFOUFT B MB SFEVDDJO EF MB DBOUJEBE EF SFTJEVPT TMJEPT
HFOFSBEPT QPS FKFNQMP DPNQSB EF QSPEVDUPT DPO NFOPT
FNQBRVF

.JTJO3B[OEFTFSPMBGJOBMJEBEEFMQMBOEFHFTUJONVOJDJQBM
EFSFTJEVPTTMJEPTRVFJOEJDBDPODMBSJEBEFMBMDBODFZMBEJSFDDJO
EFTVTBDUJWJEBEFT&TFMNPUJWP QSPQTJUP GJOPSB[OEFTFSEFMB
FYJTUFODJBEFMQMBOEFHFTUJONVOJDJQBMEFSFTJEVPTTMJEPT EFGJOF
MPRVFQSFUFOEFDVNQMJSFOTVFOUPSOPPTJTUFNBTPDJBMFOFMRVF
BDUB MPRVFQSFUFOEFIBDFS ZFMQBSBRVJOMPWBBIBDFS
.POJUPSFP 1SPDFTP EF SFGMFYJO Z EF BQSFOEJ[BKF DPMFDUJWP

GSFDVFOUF Z QFSNBOFOUF EPOEF UPEPTBT MPTBT BDUPSFT
JOWPMVDSBEPTBTSFBMJ[BOBMUPTFOFMDBNJOP QBSBWBMPSBSFMBWBODF
EFMQMBOEFBDDJO
0CKFUJWPT &YQSFTBO MP RVF TF RVJFSF MPHSBS Z TPO MB SB[O
QSJODJQBMEFMQMBO4FFMBCPSBODPOFMGJOEFSFTPMWFSMPTQSPCMFNBT
EFUFDUBEPTFOFMEJBHOTUJDPPBDPOTPMJEBSBTQFDUPTQPTJUJWPTEFM
TJTUFNBEFHFTUJOEFSFTJEVPTTMJEPTFYJTUFOUFFOFMDBOUO
1MBO EF BDDJO $POKVOUP FTUSVDUVSBEP EF BDUJWJEBEFT
DPODFQUPTFQVFEFBQMJDBSBSFTJEVPTOPEPNJDJMJBSJPT QPSFKFNQMP
LJMPHSBNPTEFSFTJEVPTMJEPTQPSSFTUBVSBOUFZQPSEB

3FDJDMBKF 1SPDFTP NFEJBOUF FM DVBM MPT NBUFSJBMFT TPO

TFHSFHBEPTEFMPTSFTJEVPT SFJODPSQPSOEPMPTDPNPNBUFSJBQSJNB
BMDJDMPQSPEVDUJWP
3FVUJMJ[BDJO6TBSVOQSPEVDUPPNBUFSJBMWBSJBTWFDFTPEBSMF
PUSPVTP4FSFGJFSFBMBSFVUJMJ[BDJOEFQSPEVDUPTRVFOPSNBMNFOUF
WBOBMSFMMFOPTBOJUBSJPPEJTQPTJDJOGJOBM QPSFKFNQMP SFVUJMJ[BS
MBTCPUFMMBTEFWJESJPQBSBBMNBDFOBSQSPEVDUPTEFMIPHBS

3FEVDJS7BTF.JOJNJ[BS
3FTJEVP .BUFSJBM TMJEP TFNJTMJEP HBTFPTP MRVJEP P HBT
DPOUFOJEPFOVOSFDJQJFOUFPEFQTJUP DVZPHFOFSBEPSPQPTFFEPS
EFTFBPEFCFEFTIBDFSTFEFM ZRVFQVFEFPEFCFTFSWBMPSJ[BEP
P USBUBEP SFTQPOTBCMFNFOUF P FO TV EFGFDUP TFS NBOFKBEP QPS
TJTUFNBTEFEJTQPTJDJOGJOBMBEFDVBEPT
3FTJEVPT QFMJHSPTPT 4PO BRVFMMPT RVF QPS TV SFBDUJWJEBE

RVNJDB Z TVT DBSBDUFSTUJDBT UYJDBT FYQMPTJWBT DPSSPTJWBT
SBEJPBDUJWBT CJPMHJDBT CJPJOGFDDJPTBT JOGMBNBCMFT DPNCVTUJCMFT
VPUSBT PQPSTVUJFNQPEFFYQPTJDJOQVFEBODBVTBSEBPTBMB
TBMVEEFMBTQFSTPOBTZBMBNCJFOUF
3FTJEVPT PSEJOBSJPT 3FTJEVPT EF PSJHFO QSJODJQBMNFOUF
RVF TF EFCFO SFBMJ[BS QBSB JNQMFNFOUBS FM 1MBO .VOJDJQBM EF
(FTUJO*OUFHSBMEF3FTJEVPT4MJEPT EFUBMMBEBTEFNPEPBOVBMP
TFNFTUSBM
EPNJDJMJBSJPPRVFQSPWJFOFOEFDVBMRVJFSPUSBBDUJWJEBEDPNFSDJBM
EF TFSWJDJPT MJNQJF[B EF WBT Z SFBT QCMJDBT QFSP RVF UFOHBO
DBSBDUFSTUJDBTTJNJMBSFT TJFNQSFRVFOPTFBODPOTJEFSBEPTQPSMB
-FZZTVSFHMBNFOUPDPNPSFTJEVPTEFNBOFKPFTQFDJBM
1MBOJGJDBDJO1SPDFTPQBSUJDJQBUJWPQBSBGJKBSPCKFUJWPT NFUBT
4FQBSBDJO 1SPDFEJNJFOUP QPS FM DVBM TF FWJUB EFTEF MB
ZFTUSBUFHJBTEFMBSHPQMB[P BPT
ZTVTDPSSFTQPOEJFOUFT
BDDJPOFTEFDPSUP BPT
ZNFEJBOPQMB[P
"EFNT EFM
QSPDFEJNJFOUPNFEJBOUFFMDVBMTFTFMFDDJPOBO PSEFOBOZEJTFBO
MBTBDDJPOFTRVFEFCFOSFBMJ[BSTFQBSBFMMPHSPEFEFUFSNJOBEPT
QSPQTJUPT QSPDVSBOEP VOB VUJMJ[BDJO SBDJPOBM EF MPT SFDVSTPT
EJTQPOJCMFT
1SFDJQJUBDJO"HVBBUNPTGSJDBRVFDBFBMTVFMPFOFTUBEP
MRVJEPPTMJEPT UBMDPNPMMVWJB OJFWFZHSBOJ[P
1SPEVDDJO QFS DQJUB 11$

(FOFSBDJO VOJUBSJB EF
SFTJEVPT TMJEPT (FOFSBMNFOUF TF SFGJFSF B MB HFOFSBDJO EF
SFTJEVPT TMJEPT QPS QFSTPOB Z QPS EB BVORVF UBNCJO FTUF
GVFOUF HFOFSBEPSB RVF TF NF[DMFO MPT SFTJEVPT QBSB GBDJMJUBS FM
BQSPWFDIBNJFOUPEFNBUFSJBMFTWBMPSJ[BCMFT
5BTB*OUFSOBEF3FUPSOP&TVOJOEJDBEPSEFMPTCFOFGJDJPT
OFUPTRVFTFFTQFSBOEFVOQSPZFDUPEVSBOUFTVWJEBUJM FYQSFTBEP
DPNPVOQPSDFOUBKFDPNQBSBCMFDPOMBUBTBEFJOUFSTQSFWBMFDJFOUF
FOFMNFSDBEP&TEFDJS MBUBTBEFJOUFSTS MBEFEFTDVFOUPEF
NFSDBEPPMBTPDJBM
RVFSFEVDFBDFSPFMWBMPSBDUVBMOFUP 7"/

5SBUBNJFOUP 1SPDFTP EF USBOTGPSNBDJO GTJDP RVNJDP P

CJPMHJDPEFMPTSFTJEVPTTMJEPTRVFQSPDVSBPCUFOFSCFOFGJDJPT
TBOJUBSJPT P FDPONJDPT SFEVDJFOEP P FMJNJOBOEP MPT FGFDUJWPT
OPDJWPTQBSBMBTBMVEZFMBNCJFOUF

*OUSPEVDDJO
(MPTBSJP
*OUSPEVDDJO
7BMPSJ[BDJO$POKVOUPEFBDDJPOFTBTPDJBEBTDVZPPCKFUJWPFT
7FDUPSFT4FSFTRVFBDUBOFOMBUSBOTNJTJOEFFOGFSNFEBEFT
SFDVQFSBSFMWBMPSEFMPTSFTJEVPTQBSBMPTQSPDFTPTQSPEVDUJWPT
NFEJBOUF MBT FTUSBUFHJBT EF SFDVQFSBDJO EF NBUFSJBMFT Z EF
BQSPWFDIBNJFOUPFOFSHUJDP
MMFWBOEPFMBHFOUFEFMBFOGFSNFEBEEFVOBQFSTPOBFOGFSNBB
VOBTBOB
7FIDVMPSFDPMFDUPS&RVJQPRVFTFVTBQBSBMBSFDPMFDDJO
7BMPS QSFTFOUF OFUP %JGFSFODJB FOUSF FM DPTUP EF DBQJUBM
P EF JOWFSTJO Z FM WBMPS QSFTFOUF P BDUVBM EFM GMVKP EF FGFDUJWP
OFUPGVUVSPEFMBJOWFSTJO1BSBFTUJNBSFTUFJOEJDBEPS TFEFCF
EFUFSNJOBSMBUBTBEFEFTDVFOUP MBDVBMUSBEVDFUPEPTMPTDPTUPTZ
MPTCFOFGJDJPTGVUVSPTBWBMPSFTBDUVBMFT

EF SFTJEVPT TMJEPT NVOJDJQBMFT &TUF QVFEF TFS NPUPSJ[BEP VO

DBNJO
POPNPUPSJ[BEP VOBDBSSFUBPUSJDJDMP

7JTJO*NBHFOPTJUVBDJOEFTFBEB RVFTFFTQFSBRVFFMDBOUO
QSPZFDUFFOVOGVUVSP
"OFYP
-JTUBEFQFSTPOBTQBSUJDJQBOUFTFOMBQSJNFSBGBTFEFMBFMBCPSBDJOEFMNBOVBM
/PNCSF
.VOJDJQBMJEBE*OTUJUVDJO
3JDBSEP'VOFT"HFSP
.JHVFM4PMBOP
(FPWBOOJ4BOEPWBM3PESHVF[
-FEB6SFB'BMMBT
-JHJB7BMFSJP3PTT
+VBO$BSMPT;BNPSB.POUFSP
.JDIFMMF"SJBT'FSOOEF[
.BSJDFMMF.OEF[4PUP
8JMMJBN;JHB
.BZFMB$TQFEFT.PSB
-VJT%JFHP3VC#PMBPT
&OSJRVF.POHF7BMWFSEF
:FOTZ7JMMBMPCPT
+PT$IBO0MNB[P
'SFEEZ3FZFT"MQJ[BS
+BWJFS4BOBCSJB+JNOF[
%PNJUJMB#FSNEF[
3PHFST"SBZB(VFSSFSP
$BSNFO"DPTUB4BMBT
"OB'MPS7JMMBMPCPT4ODIF[
)DUPS#FSNEF[7RVF[
+PSHF.BESJHBM3PESHVF[
&EHBS#BSSJFOUPT(NF[
$BSMPT3PTBT
.OJDB.POUFSP
%BOJFM2VFTBEB
+PSHF)FSOOEF[4ODIF[
3BGBFM.FOFTFT
'FSOBOEP.BUBNPSPT
)FOSZ$IBWBSSB
&VHFOJP"OESPWFUUP
.BSB5FSFTB-FDIBEP
.JOPS1BMBDJPT(PEJOF[
4BO+PT
4BO+PT
"MBKVFMB
%FTBNQBSBEPT
%FTBNQBSBEPT
(PJDPFDIFB
&TDB[
&TDB[
4BO3BGBFM
4BOUP%PNJOHP
4BOUP%PNJOHP
+JNOF[
4BO$BSMPT
1VOUBSFOBT
1VOUBSFOBT
#VFOPT"JSFT
#VFOPT"JSFT
#BSWB
#BSWB
4BO*TJESP
.POUFTEF0DB
$VSSJEBCBU
4BOUB#SCBSB
136(".
136(".
$0/"%&$0
'&%&.63
1FRVFPFNQSFTBSJPEFSFDVQFSBDJOEFNBUFSJBMFTSFDJDMBCMFT
$FOUSPEFBDPQJPEFNBUFSJBMFTSFDJDMBCMFTEF4BO3BGBFMEF)FSFEJB
3FHJEPS1SFTJEFOUF$PNJTJO"NCJFOUBM 4BO3BGBFMEF)FSFEJB
.JOJTUFSJPEF4BMVE
.JOJTUFSJPEF4BMVE
"TPDJBDJOEF3FDPMFDUPSFTEFMB;POB/PSUF

*OUSPEVDDJO
"OFYPT
*OUSPEVDDJO
-VJT&MBEJP"MQJ[BS3PESHVF[
'FSOBOEP"SBZB"OEFSTPO
"ESJBOB3PJH
1FUFS5IPNBT
+BO+BOTTFO
3PTBSJP;JHB
+PT2VJST7FHB
-VDSFDJB/BWBSSP7BSHBT
/JDPMT1PMUFSB4PUP
4BOESB4QJFT
4VTZ-PCP6HBMEF
.BSJU[B.BSJO"SBZB
7JDUPSJB3VEJO7FHB
"TPDJBDJOEF3FDPMFDUPSFTEFMB;POB/PSUF
%JSJ$POTVMUPSFT4"
'&.&530.
6/($&(&45*
%*(&$".*/"&5
%4$.*/"&5
.JOJTUFSJPEF4BMVE
$:."(5;
$:."(5;
"$&1&4"
"$&1&4"
"$&1&4"
"OFYP
-JTUBEFQFSTPOBTJOUFHSBOUFTEFMPT$PNJUT$PPSEJOBEPSFT
"/PWJFNCSF
/PNCSF
'MJY"OHVMP
(JPWBOOJ4BOEPWBM
'SBODJTDP4ODIF[
+PT'SBODJTDP.PZB
.BZFMB)JEBMHP
(VJTFMMF"MGBSP
-BVSB"MGBSP
3PZ%FMHBEP
%JWB-VJTB"SJBT
+VBO+PT'FSOOEF[
/PNCSF
.BSB5FSFTB.FOB
%BOJFM2VFTBEB
.BSDP*CBSSB
.BSJCFM4BOE

$PNJU$PPSEJOBEPSEF"MBKVFMB
/PNCSFEFMBPSHBOJ[BDJOFNQSFTBJOTUJUVDJO
(FTUJO"NCJFOUBM
%FTFDIPT4MJEPT
4FSWJDJPT.VOJDJQBMFT
1MBOJGJDBDJOZ%FTBSSPMMP
1SPNPDJOEF%FTBSSPMMP4PDJBM
"USBDDJOEFJOWFSTJPOFT
%FTFDIPT4MJEPT
%JSFDDJO6SCBOB
.*/"&5
SFBEFTBMVE
$PNJU$PPSEJOBEPSEF"MBKVFMJUB
/PNCSFEFMBPSHBOJ[BDJOFNQSFTB*OTUJUVDJO
4OEJDB$PODFQDJO
6$"%&"
'VODJPOBSJPNVOJDJQBM
7JDF"MDBMEFTB.VOJDJQBM
4JMFOF.POUFSP
3JDBSEP-BNVHVF
#FIFSFOE4BMB[BS
3PESJHP.PSB
.BSJFM$IJODIJMMB
-BOEFS#FUBODPVSU
3PZ1FB
5FPEPSP(BSDB
-JMMJBOB7BSHBT
1BVMJOP%WJMB
/PNCSF
$BSMPT.BSUOF[3PESHVF[
OHFM3BRVFM-QF[(NF[
&OSJRVF3PESHVF["MWBSBEP
3PEPMGP.FMOEF[
"OBCFMMF+JNOF[
#FBUSJ[.PMJOB
:PSMFOZ+JNOF[
3BM4FHVSB$BSMPT$JTOFSPT
.JHVFM3PESHVF[(BNCPB
.BOVFM3PMEO#SFOFT
&EXJO.PMJOB$BTBTPMB
.BSKPSJF*)FSOOEF[.FOB
+BJNF$PSSBMFT.POUPZB
+PT-VOB
:BNJMFUI(NF[$BSUO
+PSHF6MMPB3BNSF[
'SBOLMJO.PZB0SP[DP
5FSFTJUB4BOBCSJB
3FHJEPSB.VOJDJQBM
3*"
1VOUP5SJQMF
1VOUP5SJQMF
6$"%&"
&TDVFMB4BO'FMJQF
&TDVFMB4BO'FMJQF
6$"%&"
'VODJPOBSJBNVOJDJQBM
(SVQP3&/"$&3
$PNJU$PPSEJOBEPS"MWBSBEP
/PNCSFEFMBPSHBOJ[BDJOFNQSFTBJOTUJUVDJO
3FHJEPS1SFTJEFOUFEF$PNJTJOEF"NCJFOUF.VOJDJQBMJEBEEF
"MWBSBEP
"MDBMEF.VOJDJQBM.VOJDJQBMJEBEEF"MWBSBEP
3FHJEPSQPS$BQFMMBEFT&TDVFMB
&NQSFTBSJPSFDPMFDUPSEFSFTJEVPTFO"MWBSBEP
*OUFHSBOUFEF"3-*4" "TPDJBDJO3FDJDMBEPSB"MWBSBEP-JNQJPZ4BOP
%JSFDUPSB."(
1SFTJEFOUB.VOJDJQBMEF"MWBSBEP
1SFTJEFOUFZ4FDSFUBSJPEFMB"%$EF$BQFMMBEFT
&NQSFTBSJP%&'&1"Z3FTUBVSBOUFi&M4BQJUPw
*OUFOEFOUF.VOJDJQBM$POTFKP.VOJDJQBMEF%JTUSJUPEF$FSWBOUFT
1SFTJEFOUF.VOJDJQBMZ1SFTJEFOUFEF$PNJTJOEF"NCJFOUF$POTFKP
.VOJDJQBMEF$FSWBOUFT
3FHJEPSB1SPQJFUBSJB$POTFKP.VOJDJQBMEF%JTUSJUPEF$FSWBOUFT
1SFTJEFOUF"TPDJBDJOEF%FTBSSPMMP*OUFHSBMEF$FSWBOUFT1SPEVDUPSEF$IJMF
&NQSFTBSJP 1PTBEBEFMB-VOB
"NBEFDBTB$PNJUEF7JWJFOEB WPDBM
$FOUSP"HSDPMB$FSWBOUFT
3FDVQFSBEPSEFMB[POB$FSWBOUFT
$PMFHJP-*.&3&$FSWBOUFT

*OUSPEVDDJO
"OFYPT
*OUSPEVDDJO
/PNCSF
&RVJQP$BOUPOBM $PNJU$PPSEJOBEPS
EF$PSSFEPSFT
(PO[BMP(PEPZ
*EBMZ-FEF[NB
%BOOZ1J[BSSP
&EHBS(VUJSSF[
+FTTFOJB0WBSFT
(FSBSEP.OEF[
&MFOB'MPSFT
&TUFMJB(PO[MF[#SFOFT
.BZFMB)FSOOEF[.FOB
4BSBZ$BTUSP
,BUIFSJO6HBMEF
3BNO(PEJOF[
"MGPOTP1BEJMMB
&OSJRVF"MFHSB.
(FSBSEP3BNSF[
.BSWJO0SP[DP
'FSOBOEP0SUJ[
1BUSJDJB7BSHBT#FJUB
/PNCSF
4FDUPS1CMJDP
$PNJTJO"NCJFOUF .*/"&5
0SHBOJ[BDJO3FDJDMBKF
$PNQSBEPSEFNBUFSJBMFTSFDJDMBCMFT
&EVDBDJO1BMNBUJDB
$PNQBB"DFJUFSB$PUP
"TBEB$BSBDPM
$PNJU"NCJFOUF
(SVQP3FDJDMBKF
3FDJDMBOEP&TQFSBO[B
"Z"
3FDJDMBKF$BSBDPM
$PNJU$WJDP1BTP$BOPBT
&ODBSHBEP4BOJEBE.VOJDJQBM
"MDBMEF
1SFTJEFOUF$PODFKP.VOJDJQBM
*$&
'FEFSBDJOEF.VOJDJQBMJEBEFTEFM4VS
$PNJU$PPSEJOBEPSEF%FTBNQBSBEPT
.BSB-VJTB7BMWFSEF
$PNJTJOEFSFTJEVPTEFMB.VOJDJQBMJEBE
.BSJDFMB.PSBMFT
$PNJTJOEFBNCJFOUFEFMB.VOJDJQBMJEBE
+PT1PSSBT
$PNJTJOEF)BDJFOEBZ1SFTVQVFTUP
4JMWJB$BSCBMMP
0SEFOBNJFOUPUFSSJUPSJBMEFMB.VOJDJQBMJEBE
4PQIJB5SJHVFSPT
(FTUJO4PDJBMEFMB.VOJDJQBMJEBE
*WBO8POH
)BDJFOEB.VOJDJQBM
%BWJE)JEBMHP
SFB"ENJOJTUSBUJWBEFMB.VOJDJQBMJEBE
.BVSFFO'BMMBT
"MDBMEFTB
&WFMZO)FSOOEF[
4FSWJDJPT1CMJDPTEFMB.VOJDJQBMJEBE
-FEB6SFB
&DPMPHB4PDJBMEFMB.VOJDJQBMJEBE
"TESCBM'POTFDB
0CSBT1CMJDBTEFMB.VOJDJQBMJEBE

/PNCSF
"ESJO-PSB$BNQPT
.JDIFMMF"SJBT'FSOOEF[
.BSMFO$IBDO
.BSJDFMMF.OEF[4PUP
+PTF-JOP+JNOF[
"OB3PTB3PMEO1PSSBT
:BNJMFUI.BUB3JWFSB
&WFSMZ/BWBSSP
/VSJB7BSHBT"SJBT
'BCJPMB"SHVFEBT8IJUF
/PNCSF
"MCFSUP7BSHBT&TRVJWFM
)FOSZ$IBWBSSB%FMHBEP
:FOTJ"MGBSP)FSOOEF[
'FSOBOEP.BUBNPSPT7JMMBMPCPT
.BSB&VHFOJB7BMFSJP.JSBOEB
+PSHF*TBBD)FSSFSB1BOJBHVB
8JMMJBN;JHB.BSO
7BOFTB7BMFSJP)FSOOEF[
"OB*TBCFM)FSOOEF["SDF
/PNCSF
(FSBSEP"MWBSBEP
4BM;BNPSB
3PCFSUP3BNSF[
+BWJFS3PESHVF[.BOVFM'BMMBT
7DUPS6NBB
"OB7JSHJOJB$IBDO
.BSBEFMPTOHFMFT7BMFSJP
-VJT%JFHP3VC
$PNJU$PPSEJOBEPSEF&TDB[
$/'-$0%&$&
$POUSBMPSB.VOJDJQBM
&TDB[3FDJDMB
'VODJPOBSJB.VOJDJQBM
4OEJDP
$PNVOJEBE
.JOJTUFSJPEF4BMVE
.JOJTUFSJPEF4BMVE
'VODJPOBSJB.VOJDJQBM
3FHJEPSBEFM$PODFKP.VOJDJQBMZGVODJPOBSJBEFM.&1
$PNJU$PPSEJOBEPSEF4BO3BGBFM
"MDBMEF.VOJDJQBM
.VOJDJQBMJEBE3FHJEPS
.VOJDJQBMJEBE1SFTJEFOUB$PODFKP.VOJDJQBM
"TPDJBDJOEF(FTUJO"NCJFOUBM
$PNJU#BOEFSB"[VM/P$PTUFSB
"TPDJBDJOEF(FTUJO"NCJFOUBM
.VOJDJQBMJEBE'VODJPOBSJP
6OJWFSTJEBE/BDJPOBM&TDVFMB$JFODJBT"NCJFOUBMFT
"TPDJBDJPOFTEF%FTBSSPMMP$PNVOBM
$PNJU$PPSEJOBEPSEF4BOUP%PNJOHP
7JDFBMDBMEF$PNJU#BOEFSB"[VM
(SVQP3FTDBUFNPT4BOUP%PNJOHP
4OEJDP1BS4&/"3"
*OTUJUVUP/BDJPOBMEF#JPEJWFSTJEBE */#*0
6OJO$BOUPOBMEF(PCJFSOPT-PDBMFT
SFB4BMVEEF4BOUP%PNJOHP
0GJDJOB4VCSFHJPOBMEF)FSFEJB .*/"&5
%FQBSUBNFOUPEF(FTUJO"NCJFOUBM.VOJDJQBMJEBEEF4BOUP%PNJOHP

*OUSPEVDDJO
"OFYPT
*OUSPEVDDJO
/PNCSF
-V[.BSJOB.JSBOEB&MJ[POEP
(JMCFSUI(PO[MF[(VFSSFSP
-VJT'FSOBOEP4BMBT4BSLJT
"SOPMEP.POUFSP)FSOOEF[
.BSFO#BSCFF
&NJMJP"SBZB.
0TDBS4PUP"MGBSP
,FOFUI1SF[
7FSOJDB1FSB[B"MWBSF[
-V[.BSJOB.JSBOEB&MJ[POEP
/PNCSF
"MGSFEP;FMFEO
-FPOBSEP)FSSFSB
(JTFMMF$BTUSP.OEF[
0TDBS3BNSF[-J[BOP
+VMJP0SUFHB$FDJMJBOP
0WFM2VJST3PT
.BSMFO"4BODIF[
.BSJB*TBCFM3PESHVF[;
+PSHF"WFMMO
8BMUFS.OEF[
#JFOWFOJEP;JHB7FHB
+FOOZ4PMBOP-PSB
.BSBEFMPT4BMB[BS4
(SBDF"SJBT
$BSMPT1PSSBT)FSSFSB
"OHMJDB.BUBNPSPT
7FSB.OEF[
$SJTUJBO+JNOF[.POUFSP

$PNJU$PPSEJOBEPSEF4BSBQJRV
4FDSFUBSJB
%JSFDUPS-JDFP"NCJFOUBMJTUBEF)PSRVFUBT
4JTUFNB/BDJPOBMEFSFBTEF$POTFSWBDJO .*/"&5
3FHJEPS
%JSFDUPSB$FOUSP"QSFOEJ[BKFZ$POTFSWBDJOEF4BSBQJRV
.JOJTUFSJPEF4BMVE
&ODBSHBEPEF0GJDJOB"NCJFOUBM
(FMPHP.VOJDJQBM
3FHJEPSB
4FDSFUBSJB
$PNJU$PPSEJOBEPS7[RVF[EF$PSPOBEP
&ODBSHBEP4BOFBNJFOUP"NCJFOUBM.VOJDJQBMJEBEEF$PSPOBEP
"MDBMEF
"TJTUFOUFEF"MDBMEF
3FHJEPS1SFTJEFOUF$POTFKP.VOJDJQBM.VOJDJQBMJEBEEF$PSPOBEP
4BO1FESPEF$PSPOBEP
$FOUSP"HSDPMB$BOUPOBM
$MOJDBEF$PSPOBEP
$MOJDBEF$PSPOBEP
$PNJU130NFKPSBTB$PSPOBEP
$PPSEJOBDJO4FSWJDJPTEFMB.VOJDJQBMJEBE
4VQFSNFSDBEP-B(BMMJOB'FMJ[
*OUFHSBOUFEFM4JTUFNB&EVDBUJWP
$PNVOJEBE
.JOJTUFSJPEF4BMVE
1BSSPRVJB4BO*TJESP-BCSBEPS
$PNQBB/BDJPOBMEF'VFS[BZ-V[
"ENJOJTUSBEPSBEFM$FOUSP%JVSOPEFMB5FSDFSB&EBE
'SBUFSOJEBE$SJTUJBOB
"OFYP
$PTUB3JDB$MBTJGJDBDJOEFMBTNVOJDJQBMJEBEFT
TFHOUBNBPEFMBQPCMBDJOZQSPEVDDJOQFSDQJUB "P
$JVEBE
1PCMBDJO
11$
/DMFPT1PCMBDJPOBMFT(SBOEFT IBC
4BO+PT
"MBKVFMB
%FTBNQBSBEPT

/DMFPT1PCMBDJPOBMFT.FEJBOPT IBC
$BSUBHP
4BO$BSMPT
1SF[;FMFEO
(PJDPFDIFB
)FSFEJB
1PDPD
1VOUBSFOBT

/DMFPT1PCMBDJPOBMFT.FEJBOPT IBC
-JNO
-B6OJO
5JCT
"MBKVFMJUB
5VSSJBMCB
4BO3BNO
(SFDJB
$VSSJEBCBU
7TRVF[EF$PSPOBEP
4JRVJSSFT

*OUSPEVDDJO
"OFYPT
*OUSPEVDDJO
$JVEBE
1PCMBDJO
11$
1BSBTP
&TDB[
.POUFTEF0DB
.PSBWJB
"TFSS

/DMFPT1PCMBDJPOBMFT1FRVFPT IBC
-JCFSJB
4BSBQJRV
/JDPZB
4BOUB$SV[
$PUP#SVT
#VFOPT"JSFT
0SFBNVOP
6QBMB
/BSBOKP
$PSSFEPSFT
4BO3BGBFM
(VDJNP
4BOUP%PNJOHP
4BOUB"OB

(PMGJUP
&M(VBSDP
.BUJOB
#BSWB
1BMNBSFT
1VSJTDBM
4BOUB#SCBSB
$BSSJMMP

$JVEBE
1PCMBDJO
11$
5BMBNBODB
0TB
1PT
$BBT
&TQBS[B
"UFOBT
.PSB
4BO1BCMP
"HVJSSF
-PT$IJMFT
#FMO
"DPTUB
5JMBSO
-B$SV[
7BMWFSEF7FHB
"CBOHBSFT
4BO*TJESP
#BHBDFT
0SPUJOB
'MPSFT

5BSSB[
+JNOF[
(VBUVTP
"MWBSBEP
1BSSJUB
-FO$PSUT
.POUFTEF0SP
"MGBSP3VJ[
(BSBCJUP
/BOEBZVSF
%PUB

*OUSPEVDDJO
"OFYPT
*OUSPEVDDJO
$JVEBE
1PCMBDJO
11$
)PKBODIB
4BO.BUFP
5VSSVCBSFT

'VFOUF$&1*4
&WBMVBDJOSFHJPOBMEFMPTTFSWJDJPTEFNBOFKPEFSFTJEVPTTMJEPT$PTUB3JDB

&TUSVDUVSBHFOFSBMEFMQSPDFTPFMBCPSBDJOEFM1.(*34

*OUSPEVDDJO
&TUSVDUVSBHFOFSBM
5BSFB
6OJNPTWPMVOUBEFT
QBSBIBDFSFM1MBO
"DUJWJEBE0SHBOJ[BSFMDPNJUDPPSEJOBEPSQBSBMBFMBCPSBDJOEFM1.(*34
"DUJWJEBE1MBOJGJDBSFMQSPDFTPEFQMBOJGJDBDJO
"DUJWJEBE-PHSBSMBWBMJEBDJOQPMUJDBEFMDPNJUDPPSEJOBEPSZEFMQMBOUSBCBKP
'VFOUFTDPOTVMUBEBT
"OFYPT

"OFYP&KFSDJDJPQBSBMBJEFOUJGJDBDJOZBOMJTJTEFBDUPSFTTPDJBMFT
"OFYP"OMJTJTEFMBJOGMVFODJBFJNQPSUBODJBEFMPTBDUPSFTTPDJBMFT
"OFYP.PEFMPEFVODPOWFOJPEFDPPQFSBDJO
"OFYP&KFNQMPEFDVFTUJPOBSJPTPCSFOFDFTJEBEFTEFDBQBDJUBDJO
&RVJQP$BOUPOBMEFMB.VOJDJQBMJEBEEF$PSSFEPSFT'PUPHSBGBEF*EBMZ-FEF[NB
i2VJFOBCVFOSCPMTFBSSJNB
CVFOBTPNCSBMPDPCJKBw

5BSFB
6OJNPTWPMVOUBEFT
QBSBIBDFSFM1MBO
6OB QSJNFSB QSFHVOUB RVF QPESB TVSHJS BM JOJDJBS FM
QSPDFTP EF QMBOJGJDBDJO EF VO 1MBO .VOJDJQBM EF
(FTUJO*OUFHSBMEF3FTJEVPT4MJEPT 1.(*34
FT{RV
FTNFKPSIBDFSVOQMBOTPMBNFOUFDPOMBQBSUJDJQBDJOEFMQFSTPOBM
NVOJDJQBM SFMBDJPOBEP DPO MB HFTUJO EF MPT SFTJEVPT TMJEPT P
{JOWPMVDSBSBMPTQSJODJQBMFTBDUPSFTTPDJBMFT NVKFSFTZIPNCSFT
EFMDBOUORVFFTUOSFMBDJPOBEPTDPOMBQSPCMFNUJDBPRVFTFSO
BGFDUBEPTQPSDVBMRVJFSDBNCJPFOFMTJTUFNBBDUVBM
-P DPNO FO MBT NVOJDJQBMJEBEFT FT RVF BOVBMNFOUF FM

QFSTPOBM EF DBEB EFQBSUBNFOUP P SFB FMBCPSB TV QMBO BOVBM
PQFSBUJWP 1"0
MVFHPTFDPOTPMJEBOFTUPTQMBOFT EBOEPPSJHFO
BM QMBO PQFSBUJWP BOVBM EF MB NVOJDJQBMJEBE FM DVBM TF QSFTFOUB
BOUFFM$PODFKP.VOJDJQBM QBSBTVBQSPCBDJOZQPTUFSJPSNFOUFTF
FOWBBMB$POUSBMPSB(FOFSBMEFMB3FQCMJDB $(3
QBSBRVFTFB
SFGSFOEBEPZBQSPCBEPFMQSFTVQVFTUPNVOJDJQBM
&OUPODFT BOUFMBJEFBEFJOWPMVDSBSBMPTBDUPSFTTPDJBMFT
TF QPESB QSFHVOUBS FM QFSTPOBM NVOJDJQBM {QPS RV IBDFSMP EF
NBOFSBEJGFSFOUF {TFWBBDVNQMJDBSZBMBSHBSNTTJTFJODMVZFO
PUSPT BDUPSFT P {QPS RV JODMVJS B PUSBT QFSTPOBT BKFOBT B MB
NVOJDJQBMJEBE FOMBFMBCPSBDJOEFMQMBOEFHFTUJOEFMPTSFTJEVPT
TMJEPT
&OFTUF.BOVBM TFMFQSPQPOFBMBNVOJDJQBMJEBE TBMJSEFMB
SVUJOB EFMPIBCJUVBMZEFTBSSPMMBSVOQSPDFTPEFQMBOJGJDBDJO
QBSUJDJQBUJWBPQMBOJGJDBDJODPOQBSUJDJQBDJODJVEBEBOB
-BT OVFWBT UFOEFODJBT FO MB QMBOJGJDBDJO EFTUBDBO MBT
WFOUBKBT EF JOWPMVDSBS BDUJWBNFOUF B MBT QFSTPOBT Z HSVQPT RVF
UJFOFOVOJOUFSTPJODJEFODJBFOVOQSPCMFNBFOQBSUJDVMBS UBOUP
FOMBGPSNVMBDJO DPNPMBFKFDVDJOZMBFWBMVBDJOEFMPTQMBOFT
QSPHSBNBTZQSPZFDUPT
.JFOUSBTNBZPSQBSUJDJQBDJOUFOHBOMPTBDUPSFTTPDJBMFTFO
MBTEJGFSFOUFTFUBQBTEFMQSPDFTPEFQMBOJGJDBDJO NFKPSFTTFSO
MPTSFTVMUBEPT

"MHVOBT EF MBT WFOUBKBT EF MB QMBOJGJDBDJO QBSUJDJQBUJWB RVF

QVFEFOTFBMBSTF TPO
t
t
t
t
t
t
4F UPNBO FO DVFOUB MBT OFDFTJEBEFT EF MPT

EJGFSFOUFTTFDUPSFTPBDUPSFTMPDBMFTJOUFSFTBEPT
TFSFTDBUBOTVTDPOPDJNJFOUPTEFMBTJUVBDJOZTVT
QSPQVFTUBTEFTPMVDJO"EFNTDPOUSJCVZFBVOJS
FTGVFS[PT DBQBDJEBEFTZWPMVOUBEFTQBSBNFKPSBS
MBTDPOEJDJPOFTEFWJEBEFMBTDPNVOJEBEFT
1FSNJUF IBDFS VOB QSJPSJ[BDJO DPOKVOUB Z
OFHPDJBEB EF MPT UFNBT B BUFOEFS P QSPCMFNBT
NT BQSFNJBOUFT FO GVODJO EF MPT SFDVSTPT
EJTQPOJCMFT &TUP GPNFOUB VO FTQBDJP EF
DPPSEJOBDJO DPNVOJDBDJOZDPOTFOTP RVFGBDJMJUB
MMFWBSBMBQSDUJDBBDDJPOFTQBSBFMEFTBSSPMMPEFM
DBOUO
4F QVFEF NPWJMJ[BS PSHBOJ[BS Z BSUJDVMBS B MPT
BDUPSFT TPDJBMFT JOUFSFTBEPT BMSFEFEPS EF MPT
UFNBT RVF FMMPT DPOTJEFSBO SFMFWBOUFT QBSB TV
QSPQJPEFTBSSPMMP
'PNFOUB MB TPTUFOJCJMJEBE EF MPT DBNCJPT RVF TF
JOUSPEV[DBO FOMBNFEJEBFORVFMPTQSJODJQBMFT
BDUPSFTMPTTJFOUBODPNPTVZPT FTEFDJS IBZVOB
BQSPQJBDJO EFM QSPDFTP BM BTVNJS FMMPTBT VO SPM
BDUJWPFOMBTEJWFSTBTGBTFT
-BQBSUJDJQBDJOFOFMQSPDFTPEFQMBOJGJDBDJOZTV
JNQMFNFOUBDJO UBNCJODPOUSJCVZFBMEFTBSSPMMP
EF MPT BDUPSFT QBSUJDJQBOUFT ZB RVF TF DPOWJFSUF
FO VO QSPDFTP EF BQSFOEJ[BKF Z EF EFTBSSPMMP EF
EJWFSTBTEFTUSF[BT DBQBDJEBEFTZDPNQSFOTJOEF
UFNBTDPNQMFKPT
-B TPMVDJO EF BMHVOPT QSPCMFNBT NVOJDJQBMFT
SFRVJFSFMBJOUFSWFODJOPMBDPPSEJOBDJODPOPUSPT
BDUPSFT UBMFT DPNP MPT NJOJTUFSJPT .*/4"-6%
.*/"&5 ."( .&1
V PUSBT JOTUBODJBT DPNP FM
*'". 6/(- *$& $/'- &41) */" "Z" "4"%"4
BTPDJBDJPOFT EF EFTBSSPMMP Z FNQSFTBT QSJWBEBT
QPS MP RVF FTUSFDIBS MB[PT EF DPPSEJOBDJO Z
DPPQFSBDJOJOUFSJOTUJUVDJPOBMFT TJFNQSFTFSVO
GBDUPS QPTJUJWP F JNQPSUBOUF B DPOTJEFSBS QBSB
QSPNPWFSZMJEFSBSFMEFTBSSPMMPDBOUPOBM
-B QBSUJDJQBDJO EF EJWFSTPT BDUPSFT FO FM QSPDFTP EF

QMBOJGJDBDJO QFSNJUF VO DBNCJP FO MB BDUJUVE EF MBT QFSTPOBT
IBDJBFMEFEJMPHP MBOFHPDJBDJOZMBCTRVFEBEFDPOTFOTPT
EFNBOFSBRVFQBTFOEFFOGSFOUBSTFZWFSTFDPNPBEWFSTBSJPTP
FOFNJHPTBTFSBMJBEPTIBDJBVOPCKFUJWPDPNO
TJMBQMBOJGJDBDJOGVFSBFKFDVUBEBFYDMVTJWBNFOUFQPSFMQFSTPOBM
NVOJDJQBM4JOFNCBSHP MBJOWFSTJOEFUJFNQPFYUSBTFDPNQFOTB
DPOMBHBSBOUBEFMYJUPEFMQSPDFTPEFQMBOJGJDBDJO FWJUBOEPRVF
FTUFRVFEFBSDIJWBEPPFOHBWFUBEPFOMBTPGJDJOBTNVOJDJQBMFT TJO
JNQMFNFOUBSTF
0CWJBNFOUF MB QMBOJGJDBDJO QBSUJDJQBUJWB SFRVJFSF VOB

NBZPS JOWFSTJO EF SFDVSTPT Z FTQFDJBMNFOUF EF UJFNQP FO FM
QSPDFTP DPNP TF EFUBMMBS NT BEFMBOUF
ZB RVF JNQMJDB MB
FKFDVDJOEFBMHVOBTBDUJWJEBEFTRVFOPUFOESBORVFSFBMJ[BSTF
&M PCKFUJWP EF MB 5BSFB FT FTUBCMFDFS MBT CBTFT

PSHBOJ[BUJWBTZPQFSBUJWBTQBSBFMSFTUPEFMQSPDFTP
EF FMBCPSBDJO EFM 1MBO Z TV JNQMFNFOUBDJO &TU
DPNQVFTUBQPSUSFTBDUJWJEBEFT
"DUJWJEBE
{$NPJOUFHSBSFMDPNJU
0SHBOJ[BS FM DPNJU DPPSEJOBEPS QBSB MB

FMBCPSBDJOEFM1.(*34
1BTP
&TUFFTVOQBTPGVOEBNFOUBMQBSBMBTPUSBTUBSFBT
EFMQSPDFTP QPSRVFDPNQSFOEFMBJEFOUJGJDBDJOZ
MBNPUJWBDJOEFMPTBTQSJODJQBMFTBDUPSFTTPDJBMFT
JOUFSFTBEPTBT QBSB RVF TF JOUFHSFO EF NBOFSB
QFSNBOFOUFPFTQFDGJDBBMHSVQPRVFDPPSEJOBS
MB FMBCPSBDJO EFM 1.(*34 DPO TVT EJGFSFOUFT
DPNQPOFOUFT TVQVFTUBFOQSDUJDB FMNPOJUPSFP
ZMBFWBMVBDJOEFMPTBWBODFT
4FTVHJFSFFMTJHVJFOUFQSPDFEJNJFOUP
*EFOUJGJDBSMPTBTBDUPSFTTPDJBMFT
-PTBDUPSFTTPDJBMFTTPOBRVFMMBTQFSTPOBTPSFQSFTFOUBOUFT
EFPSHBOJ[BDJPOFT JOTUJUVDJPOFTPFNQSFTBTRVFUJFOFOVOiJOUFST
FOFMUFNBEFHFTUJOEFSFTJEVPT RVFQVFEFOWFSTFBGFDUBEPT
QPSVODBNCJP RVFUJFOFOVOQPEFSEFJOGMVFODJBPRVFQVFEFO
BQPSUBSFMFNFOUPTZDPOUSJCVJSFOMBFMBCPSBDJOEFM1.(*34ZTV
JNQMFNFOUBDJO

5BSFB
"DUJWJEBE
SFDJDMBCMFT SFDVQFSBEPSFTJOGPSNBMFTPCV[PTEFMB
DBMMFPEFMTJUJPEFEJTQPTJDJOGJOBM DPNQSBEPSFT
EFNBUFSJBMFTSFDJDMBCMFTFOMPTTJUJPTEFEJTQPTJDJO
GJOBM JOEVTUSJBT SFDJDMBEPSBT RVF SFBMJ[BO
USBOTGPSNBDJOJOEVTUSJBMEFMPTNBUFSJBMFTDPNP
QBQFM WJESJP DBSUO FUD
VCJDBEBTFOFMDBOUO
FNQSFTBTRVFPQFSBOTJUJPTEFEJTQPTJDJOGJOBM
$BEB NVOJDJQBMJEBE EFCF UFOFS VOB MJTUB FTQFDGJDB EF

BDUPSFTMPDBMFTRVFUJFOFOSFMBDJODPOMBHFTUJOEFMPTSFTJEVPT
FOFMDBOUO ZBTFBQPSRVFJODJEFOPEFTFBOJODJEJSFOFMQSPDFTPP
QPSRVFTFSOBGFDUBEPTQPSDVBMRVJFSEFDJTJORVFTFUPNF
"MHVOPTEFMPTBDUPSFTRVFQVFEFOMPDBMJ[BSTFFOVODBOUOTPO
t
3FQSFTFOUBOUFTEFMB.VOJDJQBMJEBEFTVOBDUPS
TPDJBM QSJODJQBM &T SFTQPOTBCMF EF MB HFTUJO EF
SFTJEVPTTMJEPTFOTVKVSJTEJDDJOUFSSJUPSJBM TFHO
GBDVMUBE FTUJQVMBEB QPS -FZ *ODMVZF EPT UJQPT
EF BDUPSFT B
MBT BVUPSJEBEFT QPMUJDBT DPODFKP
NVOJDJQBMZDPODFKPTEFEJTUSJUP
ZC
FMQFSTPOBM
BENJOJTUSBUJWP UDOJDPZPQFSBUJWP
t
3FQSFTFOUBOUFT EF JOTUJUVDJPOFT EF HPCJFSOP

EFPGJDJOBTDFOUSBMFT SFHJPOBMFTPMPDBMFTUBMFT
DPNP.JOJTUFSJPEF"NCJFOUFZ&OFSHB .*/"&

FM .JOJTUFSJP EF 4BMVE 1CMJDB .*/4"-6%

.JOJTUFSJPEF&EVDBDJO1CMJDB .&1
.JOJTUFSJP
EF1MBOJGJDBDJOZ1PMUJDB&DPONJDB .*%&1-"/

.JOJTUFSJP EF "HSJDVMUVSB Z (BOBEFSB ."(

.JOJTUFSJPEF0CSBT1CMJDBTZ5SBOTQPSUFT .015

.JOJTUFSJP EF (PCFSOBDJO Z 4FHVSJEBE 1CMJDB
FOUSFPUSPT
t
3FQSFTFOUBOUFT EF &NQSFTBT 1CMJDBT

P *OTUJUVDJPOFT "VUOPNBT FM *OTUJUVUP
$PTUBSSJDFOTF EF "DVFEVDUPT Z "MDBOUBSJMMBEPT
"Z"
MB $PNQBB /BDJPOBM EF 'VFS[B Z -V[
$/'-
FM *OTUJUVUP $PTUBSSJDFOTF EF &MFDUSJDJEBE
*$&
FM*OTUJUVUP/BDJPOBMEF"QSFOEJ[BKF */"
FM
*OTUJUVUPEF%FTBSSPMMP"HSBSJP *%"
MB&NQSFTBEF
4FSWJDJPT1CMJDPTEF)FSFEJB &14)
FOUSFPUSPT
t

3FQSFTFOUBOUFT EF FNQSFTBT HFTUPSBT EF

SFTJEVPT FO FTUF HSVQP TF VCJDBO MBT FNQSFTBT
GPSNBMFTPJOGPSNBMFTEFEJDBEBTBMBHFTUJOEFMPT
SFTJEVPTPEFMPTNBUFSJBMFTSFDJDMBCMFTFOBMHVOB
EFMBTFUBQBTEFMQSPDFTP1PSFKFNQMPSFDPMFDUPSFT
EF SFTJEVPT HSBOEFT NFEJBOPT Z QFRVFPT BO
DVBOEP USBCBKFO TJO QFSNJTP P DPOUSBUP DPO MB
NVOJDJQBMJEBE
DFOUSPT EF BDPQJP EF NBUFSJBMFT
t
3FQSFTFOUBOUFT EF HSBOEFT HFOFSBEPSFT EF

SFTJEVPTDPNPJOEVTUSJBT BHSPJOEVTUSJBT IPUFMFT
IPTQJUBMFT CBODPT JOTUJUVDJPOFTFTUBUBMFT FUD
t
3FQSFTFOUBOUFTEFPSHBOJ[BDJPOFTDPNVOBMFT
BTPDJBDJPOFTEFEFTBSSPMMPDPNVOBM "%$
6OJPOFT
$BOUPOBMFT "TPDJBDJPOFT "ENJOJTUSBEPSBT EF
"DVFEVDUPT 3VSBMFT "4"%"4
0/(T HSVQPT
BNCJFOUBMJTUBT HSVQPT EF KWFOFT EF NVKFSFT
PSHBOJ[BDJPOFT RVF QSPNVFWFO FM SFTDBUF EF MB
DVMUVSBMPDBMZMBNFKPSBEFMBDBMJEBEEFWJEBDPNP
FM $MVC EF -FPOFT BTPDJBDJPOFT EF QFOTJPOBEPT
Z EF QFSTPOBT DPO EJTDBQBDJEBE 5BNCJO
QPCMBDJPOFTRVFFTUOTJFOEPBGFDUBEBTPQPESBO
TFSBGFDUBEBTEJSFDUBNFOUFQPSMBTBDUJWJEBEFTEF
HFTUJOEFSFTJEVPT QPSFKFNQMPRVJFOFTIBCJUBO
DPOUJHVPBMTJUJPEFEJTQPTJDJOGJOBM
t
3FQSFTFOUBOUFTEFDFOUSPTFEVDBUJWPTQCMJDPT
Z QSJWBEPT DFOUSPT EF FEVDBDJO UDOJDB QBSB
VOJWFSTJUBSJBZVOJWFSTJUBSJB RVFQVFEFOBQPZBSFO
MBFMBCPSBDJOEFM1.(*34ZTVJNQMFNFOUBDJO"T
DPNPDFOUSPTEFFEVDBDJOQSJNBSJBZTFDVOEBSJB
RVFQVFEFOQBSUJDJQBSFOQSPDFTPTEFTFQBSBDJOZ
BDUJWJEBEFTEFFEVDBDJO
t
3FQSFTFOUBOUFT EF JHMFTJBT EF UPEP UJQP EF

DSFEP QSFTFOUFTFOFMDBOUO MBTDVBMFTQVFEFO
UFOFS VO QBQFM JNQPSUBOUF FO BDUJWJEBEFT EF
FEVDBDJOZEJWVMHBDJO
t
5DOJDPTBT QSPGFTJPOBMFT Z FTQFDJBMJTUBT

BDUJWPTZQFOTJPOBEPT
RVFMBCPSBOPSFTJEFOFO
FMDBOUO
"DUJWJEBE
t
"VORVFOPTFFODVFOUSFOGJTJDBNFOUFFOFMDBOUO
FTCVFOPDPOTJEFSBSMBT*OTUJUVDJPOFTRVFBQPZBOMB
MBCPSEFMBNVOJDJQBMJEBEUBMFTDPNPFM*OTUJUVUPEF
'PNFOUPZ"TFTPSB.VOJDJQBM *'".
MB%JSFDDJO
/BDJPOBM EF %FTBSSPMMP $PNVOBM %*/"%&$0
MB
6OJO /BDJPOBM EF (PCJFSOPT -PDBMFT 6/(-
MB
$POGFEFSBDJO /BDJPOBM EF %FTBSSPMMP $PNVOBM
$0/"%&$0
MBT'FEFSBDJPOFTEF.VOJDJQBMJEBEFT
FUD
6OBTQFDUPRVFOPQVFEFGBMUBSFOMBDPOGPSNBDJO
EFM DPNJU FT MB QSPNPDJO EF VOB QBSUJDJQBDJO
BDUJWBDPOMBTNJTNBTPQPSUVOJEBEFTQBSBIPNCSFT
ZNVKFSFT DPOFMGJOEFRVFOPIBZBFYDMVTJOOJ
EJTDSJNJOBDJOZQBSBQPEFSCFOFGJDJBSTFEFMQVOUP
EFWJTUBEFBNCPTHOFSPT
/P UPEPT MPT BDUPSFT TPDJBMFT UJFOFO FM NJTNP HSBEP EF
JOGMVFODJB F JNQPSUBODJB FO FM QSPDFTP EF QMBOJGJDBDJO Z FO MB
JNQMFNFOUBDJO EF MBT NFEJEBT EFUFSNJOBEBT QPS MP RVF FT
OFDFTBSJP EJGFSFODJBS DBEB OJWFM 4F FOUFOEFS QPS JOGMVFODJB
MBDBQBDJEBEEFMPTBDUPSFTTPDJBMFTQBSBDPOWFODFSBPUSPTQBSB
UPNBS DJFSUBT EFDJTJPOFT P TFHVJS DJFSUBT MOFBT EF BDDJO : QPS
JNQPSUBODJBDVBOEPMPTQSPCMFNBT MBTOFDFTJEBEFTZMPTJOUFSFTFT
EF VO BDUPS TPDJBM FO QBSUJDVMBS TPO VOB QSJPSJEBE EFOUSP VO
QSPZFDUPPVOQMBO
6OBUDOJDBRVFQVFEFVUJMJ[BSTFQBSBEFUFSNJOBSFMHSBEP
EF JOGMVFODJB JNQPSUBODJB Z MBT SFMBDJPOFT FYJTUFOUFT FOUSF MPT
BDUPSFTTPDJBMFTFT
t
&M i%JBHSBNB EF SFMBDJPOFTw QBSB WJTVBMJ[BS MPT

EJGFSFOUFTBDUPSFTTPDJBMFT TVSFTQFDUJWPQBQFMZ
TVTSFMBDJPOFT FOFMTJTUFNBEFHFTUJOEFSFTJEVPT
TMJEPT $PO FM VTP EF GMFDIBT TF QVFEF JOEJDBS P
NPTUSBSMBTSFMBDJPOFTFYJTUFOUFTRVFQVFEFOTFS
VOJEJSFDDJPOBMFT Z CJMBUFSBMFT WFS EFUBMMF FO FM
"OFYP

t
-B i.BUSJ[ EF JOGMVFODJB F JNQPSUBODJBw RVF

QFSNJUF EFUFSNJOBS FM HSBEP EF JOGMVFODJB Z EF
JNQPSUBODJBEFDBEBBDUPSPTFDUPSFOFMNBOFKP
EFMPTSFTJEVPTFOFMDBOUO WFSEFUBMMFFO"OFYP

$POTJEFSBOEPRVFFTFM$PODFKP.VOJDJQBMRVJFOBQSVFCBFM
1MBOFOMUJNBJOTUBODJB TFSFDPNJFOEB FOMBNFEJEBEFMPQPTJCMF
JOUFHSBS SFHJEPSFT BT
FO FM DPNJU DPPSEJOBEPS QBSB GBDJMJUBS FM
DBOBMEFDPNVOJDBDJOZMBSFMBDJOFOUSFFMDPNJUZFM$PODFKP
.VOJDJQBM
&OFMDBTPRVFMBNVOJDJQBMJEBEOPQPTFBVOBMJTUBEFMPT
BDUPSFTMPDBMFT QVFEFFNQF[BSQPSMFWBOUBSVOQSJNFSMJTUBEPDPO
CBTFFOFMDPOPDJNJFOUPQSDUJDPZPSFHJTUSPTNVOJDJQBMFT1BSB
FMMPQVFEFVTBSPBEFDVBSFTUFGPSNBUP
5BCMB'PSNBUPQBSBFMMJTUBEPEFBDUPSFTMPDBMFT
/PNCSFEFMB
/PNCSFEFM
PSHBOJ[BDJOFNQSFTB
SFQSFTFOUBOUFP
JOTUJUVDJO
QFSTPOBEFDPOUBDUP
$BSHP
5FMGPOP'BY
%JSFDDJO
%JSFDDJO
FMFDUSOJDB

5BSFB
t
{%OEFCVTDBSNTJOGPSNBDJO
TPCSFMPTBDUPSFTTPDJBMFT
t
1BSBMBCTRVFEBEFJOGPSNBDJOTPCSFMPTBDUPSFTTPDJBMFT
TFQVFEFDPOTVMUBSFMSFHJTUSPEFQBUFOUFTNVOJDJQBMFT MBMJTUBEF
"TPDJBDJPOFTEF%FTBSSPMMP$PNVOBMEFMB%JSFDDJO/BDJPOBMEF
%FTBSSPMMPEFMB$PNVOJEBE %*/"%&$0
SFHJTUSPTEF4FHVSJEBE
$PNVOJUBSJB EFM .JOJTUFSJP EF (PCFSOBDJO Z 4FHVSJEBE 1CMJDB
$NBSBEF*OEVTUSJBTEF$PTUB3JDB $NBSBEF$PNFSDJPEF$PTUB
3JDB FOUSFPUSPT
%BEBTFTUBTDPOEJDJPOFT FTJNQPSUBOUFEFUFSNJOBS
RVBDUPSFTTPOGVOEBNFOUBMFTQBSBFMQSPDFTP
EF QMBOJGJDBDJO QPS MP RVF IBCS RVF EFEJDBS
FTGVFS[PT FTQFDJBMFT QBSB NPUJWBS TV JOUFHSBDJO
EF NBOFSB DPOUJOVB %FTQVT EF UPEP iRVJO B
CVFOSCPMTFBSSJNB CVFOBTPNCSBMPDPCJKBw
t
5BNCJO TF QVFEFO JEFOUJGJDBS NFDBOJTNPT

QBSB NBOUFOFS B BMHVOPT BDUPSFT JOWPMVDSBEPT
EF NBOFSB NFOPT BDUJWB QPS FKFNQMP TJ OP
QBSUJDJQBO FO MB SFBMJ[BDJO EFM EJBHOTUJDP P
MB MOFB EF CBTF 5BSFB
QVFEF IBDFSTF VOB
BDUJWJEBE EF QSFTFOUBDJO EF MPT SFTVMUBEPT EFM
EJBHOTUJDPEPOEFQVFEBOBTJTUJSUPEPTMPTBDUPSFT
JEFOUJGJDBEPT
t
$POSFTQFDUPBMONFSPEFJOUFHSBOUFTEFMHSVQP
PDPNJU FMQSPNFEJPEFMPTDBOUPOFTGVFEF
QFSTPOBT4FSFDPNJFOEB DPOCBTFBMBFYQFSJFODJB
DPOTPMJEBSHSVQPTEFBQFSTPOBTQBSBUFOFS
B MB WF[ VOB CVFOB SFQSFTFOUBDJO EF BDUPSFT
TPDJBMFTZVOUBNBPEFMHSVQPEFUSBCBKPRVFTFB
HJMZNBOFKBCMF
BMHVOBTBDUJWJEBEFTEFMQSPDFTP
&M MJTUBEP JOJDJBM MP QVFEF IBDFS FM QFSTPOBM NVOJDJQBM Z

DPNQMFUBSMP DPO CBTF FO MB JOGPSNBDJO DPOTVMUBEB P CSJOEBEB
QPS MPT NJTNPT BDUPSFT TPDJBMFT JOJDJBMNFOUF JEFOUJGJDBEPT &T
QSPCBCMF RVF FO FM QSPDFTP EF MB FMBCPSBDJO EFM 1.(*34 TF
WBZBOJEFOUJGJDBOEPFJOUFHSBOEPOVFWPTBDUPSFT QFSPMPJEFBMFT
DPOGPSNBS VO ODMFP CTJDP DPNJU DPPSEJOBEPS
RVF QBSUJDJQF
EVSBOUFUPEPFMQSPDFTP
&TQSPCBCMFRVFDVBOEPTFFTUDPOGFDDJPOBOEPFMQSJNFS
MJTUBEP EF BDUPSFT TPDJBMFT TVSKBO JOUFSSPHBOUFT BMHVOBT EF FMMBT
QVFEFO TFS {2VJOFT EFCFO QBSUJDJQBS Z RVJOFT OP {$NP
HBSBOUJ[BSRVFMBTQFSTPOBTRVFBTJTUBOOPPCTUBDVMJDFOFMQSPDFTP
{$NP BTFHVSBS RVF MB HFOUF OP BCBOEPOF FM QSPDFTP B NFEJP
DBNJOP {$VBOUBTQFSTPOBTEFCFSBOJOUFHSBSFMHSVQPPDPNJU
"DPOUJOVBDJOTFBOBMJ[BOFTBTJOUFSSPHBOUFT
t
1SJNFSP FT QSPCBCMF RVF WBSJPT EF MPT BDUPSFT

TPDJBMFTOPTFTJFOUBONPUJWBEPTPUFOHBOSB[POFT
QBSBOPJOUFHSBSTFBMQSPDFTPEFTEFFMJOJDJP

t 1PS PUSB QBSUF BMHVOBT QFSTPOBT QSFGJFSFO
NBOUFOFSTF JOGPSNBEBT QFSP OP EFTFBO P OP
QVFEFO QBSUJDJQBS BDUJWBNFOUF QPS MJNJUBDJPOFT
EFUJFNQPVPUSPTNPUJWPT
t
t

5BNCJO FT DPNO RVF BMHVOBT QFSTPOBT TF

JOUFHSFO BM QSJODJQJP QFSP FO FM USBOTDVSTP
EFM UJFNQP EFKFO EF BTJTUJS B MBT BDUJWJEBEFT
QMBOJGJDBEBT
%F JHVBM NBOFSB BMHVOPT TF BQBSUBSO QPS VO
UJFNQP QFSP MVFHP TF JOUFHSBSO EF OVFWP B
5PEPTFTUPTBTQFDUPTFTUOSFMBDJPOBEPTDPOMBNPUJWBDJO
EFMPTBDUPSFTQBSBJOUFHSBSTFZNBOUFOFSTFWJODVMBEPTBMQSPDFTP
&OFMQBTPTFBCPSEBFTUFUFNB
1BTP
.PUJWBSMPTBDUPSFTJEFOUJGJDBEPTQBSBRVF
TFJOUFHSFODPODPNQSPNJTPBMQSPDFTPEF
QMBOJGJDBDJOQBSUJDJQBUJWB
&TUF QBTP FT GVOEBNFOUBM QBSB FM YJUP EFM QSPDFTP
QSPCBCMFNFOUFFOBMHVOPTDBOUPOFTFTNTEJGDJMRVFFOPUSPT
EFQFOEJFOEP EF MB WPMVOUBE Z EF SFTQBMEP QPMUJDP BM QSPDFTP
UBNCJO JODJEF MB IJTUPSJB DBOUPOBM EF FYQFSJFODJBT TJNJMBSFT EF
DPPQFSBDJO JOUFSTFDUPSJBM F JOUFSJOTUJUVDJPOBM MB SFMFWBODJB RVF
UFOHBFMUFNBFOFMMVHBSFOUSFPUSPTGBDUPSFT
"DUJWJEBE
%BEPRVFMPTBDUPSFTTPDJBMFTUJFOFOEJWFSTPTJOUFSFTFTZSPMFT
EFOUSPEFMTJTUFNBEFHFTUJOEFSFTJEVPTTMJEPTMPDBMPOBDJPOBM
TF QVFEF NPUJWBS TV QBSUJDJQBDJO FODPOUSBOEP FM FMFNFOUP P
JOUFST DPNO RVF QPESB NPWJMJ[BS B MB NBZPSB UBMFT DPNP FM
iBNPSBMDBOUOw QPSiDJWJTNPw QPSWJWJSFOVODBOUOTBMVEBCMF
QPSiQSPUFDDJOEFMBNCJFOUFw QPSFMGVUVSPEFTVTIJKPTFIJKBT QBSB
BQPZBSFMUSBCBKPEFMBNVOJDJQBMJEBEZPUSPTBDUPSFTJNQPSUBOUFT
0USBTQFSTPOBTTFJOUFHSBSONPUJWBEBTQPSDVNQMJSDPOTVUSBCBKP
EFNBOFSBFGJDJFOUFVPUSPTQPSNPUJWPTNTQBSUJDVMBSFT
.PUJWBSMBQBSUJDJQBDJOEFMPTBDUPSFTJEFOUJGJDBEPTQVFEFJNQMJDBS
WBSJBTBDDJPOFT
t
t
NBZPSB
t
&T JNQPSUBOUF BOUFT EFM JOJDJP EF MB SFVOJO Z

NFEJBOUF VOB IPKB EF BTJTUFODJB SFDPHFS MPT
EBUPTCTJDPTTPCSFMPTBDUPSFTOPNCSFDPNQMFUP
PSHBOJ[BDJO RVF SFQSFTFOUB DBSHP EJSFDDJO
UFMGPOPT EJSFDDJOFMFDUSOJDB PUSPT
t
1SFWJBNFOUF P FO FM NPNFOUP EF MB SFVOJO TF

EFCF GBDJMJUBS MB JOGPSNBDJO OFDFTBSJB RVF MFT
QFSNJUBBUPEBTMBTQFSTPOBTBTJTUFOUFT PQJOBSZ
DPOTVMUBSTPCSFFMUFNBEFJOUFST MBTJOUFODJPOFT
NVOJDJQBMFTZRVFTFFTQFSBEFTVQBSUJDJQBDJO
t
&OFTUBSFVOJOQVFEFSFBMJ[BSTFVOFKFSDJDJPQBSB
DPOPDFS MPT JOUFSFTFT Z MBT SFMBDJPOFT FOUSF MPT
BDUPSFT WJODVMBEPT B MB HFTUJO EF SFTJEVPT EFM
DBOUO WFSEFUBMMFFOMPT"OFYPTZ

t
&O FM NFKPS EF MPT DBTPT VOB WF[ FYQVFTUB MB
JOUFODJO EF MB NVOJDJQBMJEBE EF FMBCPSBS VO
1MBO .VOJDJQBM EF (FTUJO *OUFHSBM EF 3FTJEVPT
4MJEPTZMBTBDUJWJEBEFTRVFFTUPQVFEFJNQMJDBS
Z FWBDVBEBT MBT DPOTVMUBT Z DPNFOUBSJPT TF
FTUJNVMBZTPMJDJUBBMPTBDUPSFTTPDJBMFTJOUFHSBSVO
FRVJQP HSVQPPODMFPEFUSBCBKPQBSBRVFBTVNB
DPOKVOUBNFOUF DPO MB NVOJDJQBMJEBE FM QSPDFTP
QBSBMBFMBCPSBDJOEFM1.(*34
$POCBTFFOFMMJTUBEPJOJDJBMEFBDUPSFTFMBCPSBEP
QPS MB NVOJDJQBMJEBE TF FGFDUBO WJTJUBT P
DPNVOJDBDJPOFT UFMFGOJDBT ZP FMFDUSOJDBT
QBSB FYQMJDBS FO RV DPOTJTUF MB QMBOJGJDBDJO
QBSUJDJQBUJWB Z MB JNQPSUBODJB EF RVF MPT
DJVEBEBOPTBT QBSUJDJQFO EFTUBDBOEP FM JOUFST
FYJTUFOUF FO MB NVOJDJQBMJEBE QBSB JOWPMVDSBS B
MB QPCMBDJO FO MB CTRVFEB EF TPMVDJPOFT B MB
QSPCMFNUJDBEFMNBOFKPEFMPTSFTJEVPTTMJEPT
&TUP TF QVFEF BDPNQBBS DPO VOB JOWJUBDJO
GPSNBM EF MB NVOJDJQBMJEBE QBSB MB QSJNFSB
SFVOJODPOUPEPTMPTBDUPSFT IPNCSFTZNVKFSFT
JEFOUJGJDBEPT
6O FMFNFOUP EF NPUJWBDJO QPTJUJWB FT RVF FM DPNJU

DPPSEJOBEPS QVFEF DPOWFSUJSTF FO VO FTQBDJP EF SFMBDJPOFT Z
DPPQFSBDJPOFTJOUFSJOTUJUVDJPOBMFT RVFGBDJMJUFMBHFTUJOMPDBM MB
DPNVOJDBDJOZMPTWODVMPTFOUSFMPTBDUPSFTTPDJBMFT&OTVTFOP
TFQVFEFOBSUJDVMBSMPTQMBOFTEFUSBCBKPEFMPTEJGFSFOUFTBDUPSFT
IBDJFOEPVONFKPSVTPEFMPTSFDVSTPTEJTQPOJCMFTZFWJUBOEPMB
EVQMJDJEBEEFBDUJWJEBEFT
1BSBSFBMJ[BSMBTSFVOJPOFTDPOMPTBDUPSFTTPDJBMFT
EFCF TFMFDDJPOBSTF VO TJUJP BDDFTJCMF PSEFOBEP
Z MJNQJP FO FM NFKPS EF MPT DBTPT RVF QPTFB
DPOEJDJPOFT EF MV[ OBUVSBM BHVB FMFDUSJDJEBE Z
NPCJMJBSJPBEFDVBEP QBSBSFBMJ[BSMBSFVOJOFOFM
EBEFMBTFNBOBZMBIPSBNTDPOWFOJFOUFQBSBMB
.PUJWBSBMPTBDUPSFTMPDBMFTEFNBOFSBBTFSUJWBEFNBOEB
RVFMBQFSTPOBBDBSHPEFMQSPDFTPQPSQBSUFEFMBNVOJDJQBMJEBE
QSPNVFWB VO MJEFSB[HP QBSUJDJQBUJWP TF MF IBZB EFMFHBEP DJFSUP
HSBEP EF QPEFS EF EFDJTJO Z QPTFB EFTUSF[B FO FM NBOFKP EF
SFVOJPOFT1BSBFTUPEFCFDPOUBSDPOFMSFTQBMEPFGFDUJWPEFMBT
BVUPSJEBEFTMPDBMFTZEFMB"MDBMEB

5BSFB
&TQPSFTUPRVFFOBMHVOPTDBTPTMBNPUJWBDJOJOJDJBEFTEF
MPJOUFSOPEFMBNVOJDJQBMJEBE QBSBMPHSBSFMDPNQSPNJTPSFBMEF
MBTBVUPSJEBEFTQPMUJDBTDPOFMQSPDFTP ZBTFBQBSBRVFCSJOEFOTV
SFTQBMEP FYQSFTBEPFOSFDVSTPTPRVFEJSFDUBNFOUFTFJOWPMVDSFO
QBSUJDJQBOEP FO FM DPNJU DPPSEJOBEPS DPO SFQSFTFOUBOUFT EFM
DPODFKP NVOJDJQBM &TUB MBCPS EF NPUJWBDJO FT JNQPSUBOUF RVF
TFFYUJFOEBBMSFTUPEFMQFSTPOBMNVOJDJQBM UBOUPBENJOJTUSBUJWP
DPNPPQFSBUJWPQBSBRVFDPOP[DBZBQPZFMBTEJWFSTBTUBSFBTEF
MBQMBOJGJDBDJO
1BTP
$POGPSNBSFMDPNJUDPPSEJOBEPS
EFMBFMBCPSBDJOEFM1MBO
6OBWF[JOUFHSBEPFMFRVJQP HSVQPPODMFPEFUSBCBKP TF
MFQVFEFBTJHOBSFMOPNCSFDPOFMRVFFMDPMFDUJWPTFTJFOUBNT
JEFOUJGJDBEP&OFTUF.BOVBMQBSBFGFDUPTQSDUJDPTTFEFOPNJOBS
DPNPDPNJUDPPSEJOBEPS QFSPQVFEFTFSDPNJTJOEFDPPSEJOBDJO
FRVJQPDPPSEJOBEPS FRVJQPDBOUPOBM HSVQPEFUSBCBKP FUD
&O MB TJUVBDJO EF RVF FM DPNJU DPPSEJOBEPS RVFEF
DPOGPSNBEPQPSVOBDBOUJEBEHSBOEFEFQFSTPOBTPFOFMDBTPEF
MBTNVOJDJQBMJEBEFTHSBOEFT QBSBGBDJMJUBSTVUSBCBKPTFSFDPNJFOEB
DSFBSTVCDPNJUT TVCDPNJTJPOFTPHSVQPTEFUSBCBKP ZOPNCSBS
EFFOUSFTVTJOUFHSBOUFTBVODPNJUPFRVJQPFKFDVUJWPDFOUSBM FM
DVBMGBDJMJUBSZDPODJMJBSFMQSPDFTPEFQMBOJGJDBDJOEFMSFTUPEF
MPTHSVQPT
-P DPOWFOJFOUF QBSB NBOUFOFS P GPSUBMFDFS FM MJEFSB[HP

NVOJDJQBM FT RVF MB QFSTPOB SFQSFTFOUBOUF EF MB NVOJDJQBMJEBE
RVFFTUQSPNPWJFOEPMBFMBCPSBDJOEFM1.(*34 TFBRVJFOEJSJKB
FTUFDPNJUDPPSEJOBEPS BVORVFEFQFOEJFOEPEFMBSFBMJEBEEFM
DBOUO QVFEFBQPZBSTFFOMBEJSJHFODJBMPDBMJOUFHSBOUFEFMDPNJU
QBSBDPOEVDJSFTUFUSBCBKP
/P OFDFTBSJBNFOUF FT FMMB GVODJPOBSJPB NVOJDJQBM FM P
MBRVFQPTFFDVBMJEBEEFTFSVOMEFSQBSUJDJQBUJWP QPSMPRVFFT
EFTVNBJNQPSUBODJBJEFOUJGJDBSBFTUBQFSTPOBQBSBRVFNPUJWFZ
MPHSFBHMVUJOBSBPUSPTBDUPSFTEFMDBOUO
4JFTVOMEFSPVOBMJEFSF[BMPDBM MBQFSTPOBRVFEJSJHFFM
QSPDFTP Z OP UJFOF FYQFSJFODJB FO QMBOJGJDBDJO QVFEF CVTDBSTF
BTJTUFODJBUDOJDBMPDBMPFYUFSOBQBSBGBDJMJUBSMPTBTQFDUPTUDOJDPT
EFMQSPDFTP
&ODVBOUPBMBQBSUJDJQBDJOEFMBTQFSTPOBTJOUFHSBOUFTFO
FMDPNJUDPPSEJOBEPSFTJNQPSUBOUFUPNBSFODVFOUBTVTJOUFSFTFT
DPNQSPNJTPZEJTQPOJCJMJEBEEFUJFNQP BTDPNPTVFYQFSJFODJB
JNQPSUBODJBFJOGMVFODJBFOFMTFDUPSRVFSFQSFTFOUB WFS"OFYP
Z"DUJWJEBE 1BTP

-BTTFTJPOFTEFUSBCBKPPSFVOJPOFTEFMDPNJUDPPSEJOBEPS
TPO FTQBDJPT EF PQJOJO EPOEF DBEB VOPB EF TVT JOUFHSBOUFT
NBOJGJFTUBTVQVOUPEFWJTUBEFGPSNBDMBSB EJSFDUBZSFTQFUVPTB
IBDFTVTBQPSUFTQBSBEFGJOJS BOBMJ[BSZFMBCPSBSTPMVDJPOFTRVF
DPOUSJCVZBOBMBUPNBEFEFDJTJPOFTDPODFSUBEBPBQSPCBEBQPS
MBNBZPSB
6O BTQFDUP JNQPSUBOUF RVF QVFEF BGFDUBS MB NPUJWBDJO EF MBT
QFSTPOBTEFMDPNJUDPPSEJOBEPSFTMBDBMJEBEEFMBTSFVOJPOFTQPS
MPRVFFTDPOWFOJFOUFQSFQBSBSMBTDPOBOUFMBDJODPOTJEFSBOEPMPT
TJHVJFOUFTFMFNFOUPT
t
&MBCPSBS DPO BOUJDJQBDJO MB BHFOEB EF SFVOJO

RVFOPEFCFEFFYDFEFSEFBQVOUPT&OFMDBTP
EFVOUFNBFYUFOTP TFEFCFDJUBSBVOBSFVOJO
FYUSBPSEJOBSJB EPOEF TMP TF USBUF DPNP QVOUP
OJDP
t
0SHBOJ[BS QSFWJBNFOUF MPT BTQFDUPT MPHTUJDPT

DPNP FM MVHBS EF SFVOJPOFT RVF FO MB NFEJEB
EF MP QPTJCMF UFOHB CVFOBT DPOEJDJPOFT EF
JMVNJOBDJO WFOUJMBDJO Z CBKP OJWFM EF SVJEP FM
FRVJQP BVEJPWJTVBM NBUFSJBMFT EF USBCBKP P EF
JOGPSNBDJOTPCSFMPTUFNBT FMSFGSJHFSJP
t
-BIPSBZEBEFMBSFVOJOEFCFTFSDPOWFOJFOUF
QBSBMBNBZPSB
-BQFSTPOBRVFWBBNPEFSBSMBSFVOJOUBNCJOEFCFQSFQBSBS
DPOBOUFMBDJOMBTUDOJDBTZPQSPDFEJNJFOUPTBFNQMFBSBMBMBSHP
EFMBSFVOJO-BTTJHVJFOUFTTPOBMHVOBTSFDPNFOEBDJPOFTRVFTF
QVFEFOUPNBSFODVFOUBQBSBMPHSBSVOBCVFOBDPOEVDDJOEFVOB
SFVOJO CBTBEBFOVOMJEFSB[HPQBSUJDJQBUJWP
t
4FHVJSMBBHFOEBQVOUPQPSQVOUP TJOFOUSFNF[DMBS
UFNBT Z QSPDVSBOEP RVF MB HFOUF OP QBTF EF VO
BTVOUPBPUSP TJOBDBCBSEFWFSFMBOUFSJPS
t
&T DPOWFOJFOUF BTJHOBS VO UJFNQP EFUFSNJOBEP

QBSBFMBCPSEBKFEFDBEBUFNB
t
-B QFSTPOB RVF NPEFSB OP EFCF BDBQBSBS MB
"DUJWJEBE
t
t
t
t
t
t
(BSBOUJ[BSRVFUPEBTMBTQFSTPOBTDPNQSFOEFOMP
RVFTVDFEFFOMBSFVOJO
4F EFCF JNQVMTBS MB NYJNB QBSUJDJQBDJO FO
JHVBMEBE EF DPOEJDJPOFT EF UPEBT MBT QFSTPOBT
HBSBOUJ[BOEP MB JOGPSNBDJO OFDFTBSJB Z EBOEP
FTQBDJP QBSB RVF UPEBT QVFEBO TFS FTDVDIBEBT
&TUPQVFEFJNQMJDBSVTBSBMHVOPTSFDVSTPT NPUJWBS
MBQBSUJDJQBDJOEFMBTQFSTPOBTNTUNJEBTPDPO
NFOPSOJWFMBDBENJDPRVFQVFEBOTFOUJSRVFQPS
FTUFNPUJWPTVPQJOJOTFBNFOPTWBMJPTB
&WJUBSRVFMBEJTDVTJOTFBBDBQBSBEBQPSMPTRVF
NFKPS EPNJOBO FM UFNB RVF TF FTU EFCBUJFOEP
1BSB FTUP TJ FT OFDFTBSJP TF QVFEF DPOUSPMBS FM
VTP EF MB QBMBCSB FTUBCMFDJFOEP VO UJFNQP EF
JOUFSWFODJO Z BT DPOUBS DPO NBZPS DBOUJEBE EF
PQJOJPOFT
1BSBMBUPNBEFEFDJTJPOFT BOBMJ[BSFMBTVOUPFO
GVODJOEFMPTJOUFSFTFTNVOJDJQBMFToDPNVOBMFT
ZCVTDBSMBBQSPCBDJOQPSDPOTFOTPPFOTVEFGFDUP
QPSNBZPSB
-B QFSTPOB RVF NPEFSB EFCF QSPDVSBS DPOUSPMBS
TVT FNPDJPOFT Z USBUBS EF RVF OP TF QSPEV[DBO
EJTDVTJPOFTEFDBSDUFSQFSTPOBMRVFMFTJPOFOMBT
CVFOBTSFMBDJPOFTFOFMDPNJU
)BZRVFFMBCPSBSVOBNJOVUBEFMBSFVOJOEPOEF
TFDPODSFUFOBDVFSEPT SFTQPOTBCMFTZQFSPEPTEF
DVNQMJNJFOUP
t
&OMBTJHVJFOUFTFTJOBOUFTEFJOJDJBSDPOMBBHFOEB
EFMEBIBZRVFSFBMJ[BSVODPOUSPMEFDVNQMJNJFOUP
EFMPTBDVFSEPT
&TBDPOTFKBCMFRVFVOBSFVOJOOPFYDFEBMBTBIPSBT-B
GSFDVFODJBEFMBTSFVOJPOFTMBTEFDJEFFMDPNJUDPPSEJOBEPS
$PNP FO DVBMRVJFS HSVQP IVNBOP FT QSDUJDBNFOUF
JOFWJUBCMFRVFUBSEFPUFNQSBOP TFQSFTFOUFODPOGMJDUPTFOFMTFOP
EFMDPNJUDPPSEJOBEPS
6ODPOGMJDUPFTVOEFTBDVFSEPFOUSFEPTPNTQBSUFTTPCSF
MBTEFDJTJPOFTRVFTFEFCFOEFUPNBSBOUFVOBTJUVBDJO&OMPT
DPOGMJDUPT TF EB VOB TJUVBDJO EF UFOTJO FO MB RVF EPT P NT
QFSTPOBTPHSVQPT TFFOGSFOUBOQPSBMHPRVFFTJNQPSUBOUFQBSB
BNCPTZFTUOFOEFTBDVFSEPFOPQJOJPOFT JOUFSFTFT WBMPSFTP
NUPEPT&TUPOPEFCFTFSQFSDJCJEPDPNPBMHPOFHBUJWP TJOPBM
DPOUSBSJPDPNPVOBPQPSUVOJEBEQBSBCVTDBSZOFHPDJBSBDVFSEPT
&TQSPCBCMF RVFBMDPNJUDPPSEJOBEPSMPBMDBODFMBJOGMVFODJB
PJOUSPNJTJOEFJOUFSFTFTQPMUJDPQBSUJEJTUBTMPDBMFT SFHJPOBMFTP
OBDJPOBMFTZFTUPHFOFSFEFTBDVFSEPTPEFTNPUJWBDJO&TUFFTVO
FMFNFOUPDPORVFFMDPNJUDPPSEJOBEPSEFCFMJEJBS
6OBGPSNBEFNBOFKBSDPOTUSVDUJWBNFOUFFMDPOGMJDUPDPO
MBT BVUPSJEBEFT QPMUJDBT FT JOUFHSBSMBT DPNP QBSUF EFM DPNJU
DPPSEJOBEPSPNBOUFOFSMBTJOGPSNBEBTZTPMJDJUBSMFTTVPQJOJOP
DPOTFKPTPCSFMPTQSPDFEJNJFOUPTPUFNBT
$PNPDVBMRVJFSPUSPFMFNFOUPFORVFFYJTUBEJGFSFODJBEF
PQJOJPOFTZQPSFOEFTFHFOFSFVODPOGMJDUP EFCFTFSBCPSEBEP
QBSBMMFHBSBBDVFSEPTTBUJTGBDUPSJPTQBSBMBTQBSUFTFODPOGMJDUP
1BSBBCPSEBSVODPOGMJDUPTFEFCFFOUFOEFSRVFMBTQFSTPOBT
OPTPOFMQSPCMFNB QPSMPUBOUPOPIBZRVFQFSTPOBMJ[BSMP"EFNT
MPRVFTFSFDPNJFOEBFTDFOUSBSTFFOMPTJOUFSFTFTRVFFYJTUFOZOP
FOMBTQPTJDJPOFTRVFUJFOFOMBTQFSTPOBT TJOPOBEJFRVJFSFiDFEFSw
ZQFSEFSGSFOUFBMPUSP

5BSFB
SFVOJO TJOP RVF EFCF FTUJNVMBS B MBT QFSTPOBT

QBSBRVFPQJOFO QSFHVOUFODVBOEPUFOHBOEVEBT
ZBQPSUFOBMBUPNBEFEFDJTJPOFTZQBSUJDJQFOFO
MBT BDUJWJEBEFT EFM DPNJU %FNPTUSBOEP SFTQFUP
IBDJBMBQPTJDJOZPQJOJOEFDBEBVOB
-P JEFBM FT USBUBS EF OFHPDJBS FOUSF MBT QBSUFT JOUFSFTBEBT QBSB
SFTPMWFSFMDPOGMJDUP"MHVOBTTVHFSFODJBTCTJDBTQBSBFMBCPSEBKF
EFVODPOGMJDUPTPO


3FDPOPDFS MB FYJTUFODJB EFM DPOGMJDUP ZB RVF FM

PCWJBSMPOPQFSNJUFTVSFTPMVDJO
.BOJGFTUBSMBWPMVOUBEEFSFTPMWFSMP
&TUBS FO JHVBMEBE EF DPOEJDJPOFT QBSB CVTDBS
BMUFSOBUJWBTZQPEFSSFTPMWFSMP
5FOFSBDDFTPBJOGPSNBDJOBEFDVBEBZPQPSUVOB
TPCSFFMUFNBPTJUVBDJORVFHFOFSBFMDPOGMJDUP
$POUSPMBS MBT FNPDJPOFT NBOUFOFS FM SFTQFUP
QBSBTZMPTEFNT4BCFSFTDVDIBSBMBPUSBQBSUF
EFKBSMPFYQSFTBSTVQVOUPEFWJTUB
"OBMJ[BSFMDPOGMJDUPQPOJFOEPFODMBSPDVBMFTTPO
MPTJOUFSFTFTEFDBEBVOPZCVTDBSKVOUPTQPTJCMFT
TPMVDJPOFT
-BFYQFSJFODJBEFJEFOUJGJDBDJO
EFBDUPSFTMPDBMFTZ
DPOGPSNBDJOEFMDPNJU
DPPSEJOBEPSFO
4BO3BGBFMEF)FSFEJB
&OMBFUBQBJOJDJBM MB.VOJDJQBMJEBEEF4BO3BGBFMEF
)FSFEJBDPOWPDBVOHSVQPEFQFSTPOBTSFDPOPDJEBTQPSTV
BDUJWJTNPFOGVODJOEFMCJFOFTUBSEFMDBOUO WBSJPTEFMPT
DVBMFT SFQSFTFOUBCBO TFDUPSFT Z PSHBOJ[BDJPOFT FTQFDGJDBT
EF MB MPDBMJEBE &TUF HSVQP QSPDFEJ DPNP QSJNFS QBTP B
MBJEFOUJGJDBDJOEFBDUPSFTMPDBMFT NBQFP
EFGJOJFSPOTVT
OFDFTJEBEFT F JOUFSFTFT FO FM QSPDFTP Z GVFSPO GJOBMNFOUF
DPOWPDBEPTBRVFMMPTRVFDPOGPSNBSBOFM$PNJU$PPSEJOBEPS
EFM1.(34

5PNBS BDVFSEPT TBUJTGBDUPSJPT QBSB MBT QBSUFT Z

SFHJTUSBSMPT
$VBOEPFMOJWFMEFMDPOGMJDUPFTEFNBTJBEPBMUP OPFYJTUB
JHVBMEBEEFDPOEJDJPOFTQBSBMBTQBSUFTPOPIBZBWPMVOUBESFBM
EF CVTDBS MB DPPQFSBDJO TF EFCFO JNQMFNFOUBS PUSBT GPSNBT
EFTPMVDJPOBSMPTDPOGMJDUPT UBMDPNPMBNFEJBDJOEFVOUFSDFSP
JNQBSDJBM
1BSB FM FOGSFOUBNJFOUP BMUFSOBUJWP EF MPT DPOGMJDUPT MBT
QFSTPOBT QVFEFO DBQBDJUBSTF NFEJBOUF MFDUVSBT P QBSUJDJQBDJO
FO DVSTPT FTQFDGJDPT RVF PGSFDFO BMHVOBT PSHBOJ[BDJPOFT P
JOTUJUVDJPOFT
-PTDSJUFSJPTRVFTFTJHVJFSPOQBSBMBJEFOUJGJDBDJO
EFBDUPSFTGVFSPO
t 2VFUVWJFSBOQSFTFODJBQFSNBOFOUFFOFMDBOUO
t $POQPSUBHPOJTNPFOFMDBNQPRVFPQFSBO BNCJFOUBM
TPDJBM JOWFTUJHBDJO JOEVTUSJBM DPNFSDJBM FUD
t 3FDPOPDJEPT B OJWFM MPDBM Z EF DPOGJBO[B QBSB

FTUBCMFDFSSFMBDJPOFTEVSBEFSBT
t 2VFIBZBOEFNPTUSBEPJOUFSTQPSBDUVBSBGBWPSEFM
BNCJFOUFZFMCFOFGJDJPTPDJBM
&M $PNJU PSHBOJ[ Z EFGJOJ TVT GVODJPOFT Z

SFTQPOTBCJMJEBEFT 5BNCJO GVFSPO EPDVNFOUBEBT MBT
QPTJCMFT SFEFT EF DPPQFSBDJO JOUFSJOTUJUVDJPOBM Z MPT
SFRVFSJNJFOUPTEFDPOWFOJPTZDBSUBTEFJOUFODJOOFDFTBSJPT
QBSBFMEJTFPFJNQMFNFOUBDJOEFM1.(34FOFMDBOUO
5BOUPMBDPOGPSNBDJOEFM$PNJUDPNPTVQSPQVFTUBJOJDJBM
EFUSBCBKPGVFSPOTPNFUJEPTBMBBQSPCBDJOQPSQBSUFEFM
$PODFKP
'VFOUF1MBO.VOJDJQBMEF(FTUJOEF3FTJEVPT4MJEPTEFMDBOUOEF4BO3BGBFMEF)FSFEJB

"DUJWJEBE
"DPOUJOVBDJOTFQSFTFOUBVOBNVFTUSBEFMNBQFPEFBDUPSFTEFBMHVOPTEFMPTBDUPSFTJEFOUJGJDBEPTFOFM$BOUOEF4BO3BGBFM
EF)FSFEJB
"$503
.VOJDJQBMJEBEEF4BO
3BGBFMEF)FSFEJB
{2VJOUFSTUJFOF
{$NPTFFTQFSBRVFQBSUJDJQF
r%JTNJOVJSFMUPOFMBKFEFCBTVSB
r#BKBSMPTDPTUPTEFSFDPMFDDJO
r.BOUFOFSVODBOUOMJNQJP TBMVEBCMFZ
BNJHBCMFDPOFMBNCJFOUF
r%FGJOJSQPMUJDBTBNCJFOUBMFT
r"QPZBSBMPT$PNJUTBNCJFOUBMFT FODPODPSEBODJBDPO
MFHJTMBDJOWJHFOUF
r"QPZBSMBTDBNQBBTEFFEVDBDJOBNCJFOUBM
r3FDPHFSMPTEFTFDIPTOPUSBEJDJPOBMFT QFSJEJDBNFOUF
r$SFBSSFHMBNFOUBDJOBNCJFOUBM
r1SPQPOFSVOTJTUFNBEFFTUNVMPTQBSBRVJFOFT
EJTNJOVZFOMBHFOFSBDJOEFSFTJEVPT
r1SPUFHFSMPTSFDVSTPTOBUVSBMFT
r"QMJDBSMBMFHJTMBDJOBNCJFOUBMWJHFOUF
r7JHJMBSZTVQFSWJTBSMBTBOPNBMBTBNCJFOUBMFT
.JOJTUFSJPEF4BMVE
r&WJUBSMBDPOUBNJOBDJO
r1SPUFHFSMBTBMVEEFMPTDJVEBEBOPT
r"QMJDBSMBTMFZFTZSFHMBNFOUPTFOGPSNBFTUSJDUB
r1SPWFFSJOGPSNBDJO
&NQSFTBEF4FSWJDJP
1CMJDPTEF)FSFEJB
4"
&41)4"
r1SPUFHFSMPTNBOUPTBDVGFSPT
r&WJUBSMPTEFTFDIPTFOSPTZSJBDIVFMPT
r&WJUBSMBEFGPSFTUBDJO
r&KFDVUBSDBNQBBTEFQSPUFDDJOEFSPT
r&KFDVUBSDBNQBBTEFSFGPSFTUBDJO
r"QPZBSDBNQBBTEFTFQBSBDJOEFEFTFDIPT
r'JOBODJBSBMHVOPTQSPDFTPTEFMPTQSPZFDUPT
BNCJFOUBMFT
6OJO$BOUPOBMEF
"TPDJBDJPOFTEF
%FTBSSPMMP$PNVOBM
r$PBEZVWBSBMBMJNQJF[BEFMDBOUO BMB
TBMVCSJEBEZBMBQSPUFDDJOEFMBNCJFOUF
r$BOBMJ[BSMBJOGPSNBDJOBNCJFOUBMBUPEPFMDBOUO
r'JOBODJBSBGJDIFT WPMBOUFT HVBTEFSFDPMFDDJOEF
EFTFDIPTSFDJDMBCMFTZPUSPT
r%POBSSFDPMFDUPSFTFTUBDJPOBSJPTZWBMMBTQVCMJDJUBSJBT
FDPMHJDBT
$PODFKPTEF%JTUSJUP
r&WJUBSEFTBTUSFTQPSFYDFTPEFCBTVSBFOSPT
ZBMDBOUBSJMMBT
r1SFWFOJSMBTFOGFSNFEBEFTFOMBMPDBMJEBE
r$PPSEJOBSBDDJPOFTBNCJFOUBMFT DPOFOUFT
DPNVOJUBSJPT
r4FSWJSEFFOMBDFDPOMB.VOJDJQBMJEBE FOUPEBHFTUJO
BNCJFOUBM
r%FOVODJBSBOUFMBTBVUPSJEBEFTDPNQFUFOUFT MBT
JOGSBDDJPOFTBNCJFOUBMFTFOFM%JTUSJUP
*HMFTJBT EFEJGFSFOUFT
EFOPNJOBDJPOFT
r%FTBSSPMMBSFWBOHFMJ[BDJORVFFOGBUJDFMB
PCMJHBDJONPSBMEFQSPUFHFSFMBNCJFOUFZMB
TBMVEQCMJDB
r1SPQJDJBOMBSFGMFYJOFJOTUBOBDPNQSPNFUFSTFDPO
MBMJNQJF[BDPNVOJUBSJB TFQBSBDJOEFEFTFDIPTZ
DPOTFSWBDJOEFMPTSFDVSTPTOBUVSBMFT
"TPDJBDJOEF
.BFTUSPT
1FOTJPOBEPT
"/%&"%&1
r$PMBCPSBODPOVOBDJVEBEMJNQJBZTBMVEBCMF
r&KFDVUBSDBNQBBTEFTFOTJCJMJ[BDJOBNCJFOUBM
r1BSUJDJQBSEFMBTDBNQBBTEFMJNQJF[B
.*/"&

5BSFB
5BCMB.VFTUSBEFMNBQFPEFBDUPSFTEF4BO3BGBFMEF)FSFEJB
"$503
{2VJOUFSTUJFOF
{$NPTFFTQFSBRVFQBSUJDJQF
.JOJTUFSJPEF
&EVDBDJO1CMJDB
&TDVFMBTZ$PMFHJPT
r$PMBCPSBOFOMBGPSNBDJOEFICJUPTEF
MJNQJF[BDPNVOJUBSJB
r1SPNVFWFOFMEFTBSSPMMPTPTUFOJCMF DPNPMB
GPSNBEFQSPUFHFSBM1MBOFUBZTBMWBHVBSEBSB
MPTTFSFTWJWPT
r4FOTJCJMJ[BSBMBQPCMBDJOFTUVEJBOUJMSFTQFDUPBMPT
CFOFGJDJPTEFSFTQFUBSBMBOBUVSBMF[BZNBOUFOFSTV
FRVJMJCSJP
r"QSPWFDIBSMBTBDUJWJEBEFTDVSSJDVMBSFTZQBSBPSHBOJ[BS
ZFKFDVUBS BDUJWJEBEFTBNCJFOUBMFT PCSBTEFUFBUSP
DPODVSTPTMJUFSBSJPTZBSUTUJDPT NBOVBMJEBEFTDPO
EFTFDIPTTMJEPT WJTJUBTBSPT DFOUSPTEFBDPQJP QMBOUBT
EFUSBUBNJFOUP FUD

&TDVFMBEF$JFODJBT
"NCJFOUBMFT6/"
r0GSFDFOPQPSUVOJEBEUFSJDPQSDUJDBQBSB
FTUVEJBOUFTEF(FTUJO"NCJFOUBM
r3FUSPBMJNFOUBOMPTDPOPDJNJFOUPTEFMB
BDBEFNJB
r7BMJEBOQSPDFEJNJFOUPTEFHFTUJOBNCJFOUBM
r%FTBSSPMMBSQSDUJDBTQSPGFTJPOBMFT
r"QMJDBDJOEFNFUPEPMPHBTQBSUJDJQBUJWBT UBMMFSFT

r$PNQBSUJSMPTSFTVMUBEPTEFMBTJOWFTUJHBDJPOFTDPOMPT
JOUFSFTBEPT
r3FBMJ[BSTVBDUJWJEBEFOBSNPOBDPOFM
BNCJFOUF
r1SPDFTBSEFCJEBNFOUFMPTEFTFDIPTPSHOJDPTZ
BQSPWFDIBSMPTDPNPBCPOP
r4FQBSBSMPTEFTFDIPTTMJEPTZBQPZBSMBTDBNQBBT
BNCJFOUBMFTEFM$BOUO
r1SPQJDJBOZNBOUJFOFOMBCFMMF[BFTDOJDBEF
NPOUBBT SPTZEFNTQBSBKFTEFM$BOUO
r1FSUFOFDFSBVODBOUOMJNQJPZTBMVEBCMF
r1PTJDJPOBSVOBJNBHFOEFFNQSFTBiBNJHBCMF
DPOFMBNCJFOUFw
r3FBMJ[BSQSPDFEJNJFOUPTBEFDVBEPTQBSBMPTEFTFDIPT
TMJEPTQFSFDFEFSPT
r&TUBCMFDFSSFDPMFDUPSFTSPUVMBEPTQBSBMBTFQBSBDJOEF
MPTEFTFDIPT
r'JOBODJBSSFDPMFDUPSFTEFEFTFDIPTQBSBDPMPDBSFOTVT
WBTEFBDDFTP
#FOFGJDJBEPSBT
EFDBG
&NQSFTBT5VSTUJDBT
'VFOUF1MBO.VOJDJQBMEF(FTUJOEF3FTJEVPT4MJEPTEFMDBOUOEF4BO3BGBFMEF)FSFEJB
1BTP

3FBMJ[BDJOEFMEJBHOTUJDPTJUVBDJPOBM NFEJBOUFMB
CTRVFEBEFMBJOGPSNBDJOFYJTUFOUF FKFDVUBOEP
JOWFTUJHBDJPOFT TJ TF DPOTJEFSB DPOWFOJFOUF
PSHBOJ[BOEP BOBMJ[BOEP Z QSFTFOUBOEP MB
JOGPSNBDJO

#SJOEBSDBQBDJUBDJOZDBQBDJUBSTF

&TUBCMFDFS MPT DBOBMFT EF DPNVOJDBDJO Z EF

EJWVMHBDJO UBMMFSFTEFDPOTVMUBPEFQSFTFOUBDJO
EF SFTVMUBEPT Z QSPQVFTUBT QSFTFOUBDJO B
NFEJPTEFDPNVOJDBDJO DBNQBBTEFFEVDBDJO
FO MB DPNVOJEBE
DPO MPT EJWFSTPT TFDUPSFT
QBSB SFUSPBMJNFOUBS Z MFHJUJNBS FM QSPDFTP EF
QMBOJGJDBDJO
%FGJOJSMBTGVODJPOFT
EFMDPNJUDPPSEJOBEPS
-B EFGJOJDJO EF MBT GVODJPOFT Z SFTQPOTBCJMJEBEFT EFM $PNJU
FT JNQPSUBOUF QPSRVF QFSNJUF PSJFOUBS FM RVFIBDFS Z USB[BS FM
OPSUFEFMBHFTUJOEFMDPNJU$POCBTFFOMBFYQFSJFODJBEF
.VOJDJQBMJEBEFT TFDPOTJEFSBODPNPMBTGVODJPOFTFTFODJBMFTEF
VO$PNJU$PPSEJOBEPSMBTTJHVJFOUFT

4FS FM FOUF GBDJMJUBEPS FO MB FMBCPSBDJO EFM QMBO

NVOJDJQBM DPOEVDJFOEPFMQSPDFTP FTUBCMFDJFOEP
MBT QBVUBT EF USBCBKP Z DPPSEJOBOEP DPO
JOTUJUVDJPOFT MEFSFTZHSVQPTDPNVOBMFT

(FTUJPOBSSFDVSTPTIVNBOPTZGJOBODJFSPT (FTUJO
-PDBM

1SPDVSBS MB WBMJEBDJO EFM 1MBO QPS QBSUF EFM

$PODFKP.VOJDJQBM

%BS TFHVJNJFOUP Z FWBMVBS QFSNBOFOUFNFOUF FM

QSPDFTP
-BT GVODJPOFT Z MBT SFTQPOTBCJMJEBEFT FTQFDGJDBT EF DBEB

QFSTPOBJOUFHSBOUFEFMHSVQPEFDPPSEJOBDJOEFCFOTFSEFGJOJEBT
FOFMQMBOEFUSBCBKPEFMDPNJUDPPSEJOBEPS UBMDPNPTFNVFTUSB
FOMB"DUJWJEBE 1BTP

&TDPOWFOJFOUFRVFMPTJOUFHSBOUFTEFM$PNJUFTUBCMF[DBO
EFTEFVOJOJDJPMBGSFDVFODJBEFTVTSFVOJPOFT QPSFKFNQMPVOBWF[
BMBTFNBOBPDBEBRVJODFEBT EFGJOJFOEPFMEBZMBIPSBEFMBT
SFVOJPOFT1PSFKFNQMP FMDPNJUDPPSEJOBEPSEF4BOUP%PNJOHP
EF)FSFEJBTFFTUVWPSFVOJFOEPDBEBKVFWFTQPSMBNBBOBEVSBOUF
UPEBMBGBTFEFFMBCPSBDJOZNBOUVWPFTFSJUNPQBSBMBGBTFEF
JNQMFNFOUBDJOEFMQMBO
1BTP
&MBCPSBSBDVFSEPTEFDPPQFSBDJOPEF
DBSUBTEFJOUFODJPOFTFOUSFJOUFHSBOUFT
1VFEF TFS RVF FO MB QSDUJDB MB NBZPSB EF MPT DPNJUT
GVODJPOFO TJO OFDFTJEBE EF GJSNBS DPOWFOJPT P DBSUBT EF
JOUFODJPOFT 4JO FNCBSHP DVBOEP TF DPOTJEFSF DPOWFOJFOUF TF
QVFEFOTVTDSJCJSDPOWFOJPTEFDPPQFSBDJOPDBSUBTEFJOUFODJPOFT
FOUSF MB NVOJDJQBMJEBE Z MBT PSHBOJ[BDJPOFT F JOTUJUVDJPOFT RVF
QBSUJDJQBCBO FO FM DPNJU DPPSEJOBEPS DPO FM GJO EF GPSNBMJ[BS
TV BQPSUF FO FM QSPDFTP Z MB BTJTUFODJB EF TV SFQSFTFOUBOUF %F
FTUB GPSNB FM GVODJPOBSJPB EFTJHOBEPB QPS VOB JOTUJUVDJO V
PSHBOJ[BDJO QPESJODMVJSZKVTUJGJDBSFMUJFNQPEFEJDBEPBFTUF
QSPDFTPFOTVTBDUJWJEBEFTMBCPSBMFTZFWJUBSRVFTFMPDPOTJEFSF
DPNPVOSFDBSHP WFS"OFYPNPEFMPHFOFSBMEFVOBDVFSEPEF
DPPQFSBDJO

"DUJWJEBE
1MBOJGJDBSFMQSPDFTP
EFQMBOJGJDBDJO
6OBWF[DPOGPSNBEPFMDPNJUDPPSEJOBEPS TUFQSPDFEFB
FMBCPSBSTV1MBOEFUSBCBKPDPOFMGJOEFPSHBOJ[BSFMUJFNQPZMPT
SFDVSTPTQBSBDVNQMJSDPOFMQMB[PZMPTQSPDFEJNJFOUPTEFMQSPDFTP
EFFMBCPSBDJOEFM1.(*34ZTVJNQMFNFOUBDJO
1BTP
&MBCPSBSFMQMBOEFUSBCBKPEFMDPNJU
DPPSEJOBEPS
&M1MBOEFUSBCBKPTFDPOTUSVZFEFUBMMBOEPMBTBDUJWJEBEFT
MPT UJFNQPT EF FKFDVDJO MPT SFTQPOTBCMFT EF MB FKFDVDJO EF
MBT BDUJWJEBEFT EF QBSUF EF MBT QFSTPOBT JOUFHSBOUFT EFM DPNJU
DPPSEJOBEPS BTDPNPMPTSFDVSTPTSFRVFSJEPTQBSBFMBCPSBSFM1MBO
.VOJDJQBMEF(FTUJO*OUFHSBMEF3FTJEVPT4MJEPT 1.(*34

"DPOUJOVBDJOTFQSFTFOUBBNBOFSBEFFKFNQMPVOGPSNBUP
QBSBFMBCPSBSFMQMBOEFUSBCBKP
5BCMB'PSNBUPQBSBMBFMBCPSBDJOEFMQMBOEFUSBCBKP
"DUJWJEBEFT
'FDIBT
3FTQPOTBCMFT
'JSNBEFDBSUBTEFFOUFOEJNJFOUP
EF0DUVCSF
.VOJDJQBMJEBEZ
.JOJTUFSJPEF4BMVE
3FVOJPOFTEFM$PNJU$PPSEJOBEPS
1SJNFSMVOFTEF
DBEBNFT
$PPSEJOBEPSEFM
$PNJU
3FDVSTPTSFRVFSJEPT
&GFDUJWPa
&TQFDJF
-PDBM3FEBDDJO
a 3FGSJHFSJP
'PUPDPQJBT
-PDBM
-MBNBEBTUFMFGODJBT
3FGSJHFSJPT

5BSFB
"DUJWJEBE
-PT SFDVSTPT QVFEFO TFS EF EJWFSTB OEPMF IVNBOPT

FDPONJDPT UDOJDPTNBUFSJBMFTZHFOFSBMFT QVFEFOTFSBQPSUBEPT
UBOUPFOFTQFDJFDPNPFOFGFDUJWP
-PTSFDVSTPTHFOFSBMFTPEFMPHTUJDBDPNQSFOEFOVOMPDBM
QBSB SFVOJPOFT SFGSJHFSJPT QBQFM GPUPDPQJBT QBHP EF UFMGPOP
DPOWPDBUPSJBT TFHVJNJFOUP FUD
USBOTQPSUF WJUJDPT PUSPT&TUPT
SFDVSTPTNVDIBTWFDFTOPTFDPOUBCJMJ[BOPWJTVBMJ[BO TPODPTUPT
PDVMUPTRVFPDBTJPOBMNFOUFQVFEFOJNQBDUBSFMBEFDVBEPEFTBSSPMMP
EFMBTBDUJWJEBEFT4JTFQSFWTVOFDFTJEBEQVFEFOFHPDJBSTFTV
BQPSUF QPS BMHVOPT EF MPT BDUPSFT TPDJBMFT JOWPMVDSBEPT Z PUSPT
QVFEFOTFSJODMVJEPTFOFMQSFTVQVFTUPEFM1MBO0QFSBUJWP"OVBM
10"
EFMBNVOJDJQBMJEBEVEFPUSBTJOTUJUVDJPOFT
"DPOUJOVBDJOTFJOEJDBOBMHVOPTDPTUPTOPWJTJCMFTEFMPT
SFDVSTPTHFOFSBMFT
5BCMB&KFNQMPEFDPTUPTOPWJTJCMFTRVFTFEFCFODPOTJEFSBSFOMBQMBOJGJDBDJOEFM1.(*34
t
$PTUPTEFMBTSFVOJPOFTMPDBM NBUFSJBMFT SFGSJHFSJPT JNQSFTJPOFT MBEJTUSJCVDJOEFMBTJOWJUBDJPOFT
MPTNBUFSJBMFTEFSFHJTUSP MPTQSPHSBNBT MBTNFNPSJBT
t
$PTUPTEFQSFQBSBDJOEFMPTNBUFSJBMFTZMBTQSFTFOUBDJPOFTQBSBMBTSFVOJPOFT
t
$PTUPTEFDPNVOJDBDJOZEFJOGPSNBDJOUFMGPOP JOUFSOFU DPSSFPQPTUBM JNQSFTJO UFMFGBY NFOTBKFSP
t
$PTUPTEFQVCMJDBDJPOFTFTDSJUVSB EJTQPTJDJO JNQSFTJO EJTUSJCVDJO
t
$PTUPTEFJOWFTUJHBDJOEFDBNQP UBMFTDPNPUSBOTQPSUFZDPTUPTEFMPTWFIDVMPTEFMBTQFSTPOBT
RVFSFDPMFDUBOEBUPT WJUJDPT FOUSFPUSPT
'VFOUF"EBQUBEPEF"OTDIU[ FUBM

1BTP
*EFOUJGJDBSMBTOFDFTJEBEFT
EFDBQBDJUBDJO
$POFMGJOEFHBSBOUJ[BSMBQBSUJDJQBDJOBDUJWBEFUPEBTMBT
QFSTPOBTJOUFHSBOUFTEFMDPNJUDPPSEJOBEPSFTWJUBMRVFUPEBTZ
DBEBVOBEFFMMBTDPNQSFOEBOFMQSPDFTPQBSBMBFMBCPSBDJOEFM
1.(*34
1BSBFTUPFTOFDFTBSJPRVFMBTZMPTJOUFHSBOUFTEFMDPNJU
QBSUJDJQFO FO VOB DBQBDJUBDJO DPO FM PCKFUJWP EF RVF UPEPTBT
DPNQBSUBOVOBNJTNBWJTJOPBDFSDBNJFOUPEFMUFNBPTFBRVF
iIBCMFOVONJTNPJEJPNBw
5BNCJO TF EFCF DPOTJEFSBS RVF QVFEF TFS RVF BMHVOBT
EFFTUBTQFSTPOBTQPTFBONBZPSFYQFSJFODJBPDPOPDJNJFOUPFO
BMHVOBTEFMBTGBTFTPBTQFDUPTEFMTJTUFNBEFHFTUJOEFSFTJEVPT
QPSMPRVFIBZRVFUPNBSNFEJEBTQBSBHBSBOUJ[BSVOBQBSUJDJQBDJO

FRVJMJCSBEBZRVFQVFEBODPNQBSUJSFOFMHSVQPFTBTFYQFSJFODJBT
ZDPNQFUFODJBT
1BSB BTVNJS Z DPNQBSUJS MBT GVODJPOFT RVF BNFSJUB FM
QSPDFTPEFFMBCPSBDJOEFM1.(*34MBDBQBDJUBDJOFTVOSFRVJTJUP
JOEJTQFOTBCMFZVOQSJNFSQBTPFTJEFOUJGJDBSMBTOFDFTJEBEFT
EFDBQBDJUBDJOEFMBTQFSTPOBTJOUFHSBOUFTEFMDPNJU UBOUP
FOUFNBTEFHFTUJOEFSFTJEVPTTMJEPT DPNPFOMBNFUPEPMPHB
EF MB QMBOJGJDBDJO QBSUJDJQBUJWB HFTUJO EF SFDVSTPT V PUSPT &M
BQSFOEJ[BKF BZVEBS B FRVJMJCSBS MB QBSUJDJQBDJO EFM HSVQP FO
MB UPNB EF EFDJTJPOFT FWJUBS RVF FO VOBT QPDBT QFSTPOBT TF
SFDBSHVFOMBTBDUJWJEBEFTZRVFPUSBTTFEFTNPUJWFO TFDBOTFOZ
BCBOEPOFOFMHSVQP
/PTFUSBUBEFRVFMPTBTJOUFHSBOUFTEFMDPNJUDPMBCPSFO
PDPOP[DBOEFUPEP QPSFMDPOUSBSJP FTJEFBMRVFFYJTUBOEJWFSTBT
GPSNBT EF DPPQFSBDJO RVF QFSNJUBO B MBT QFSTPOBT BZVEBS Z
QBSUJDJQBSTFHOTVTQPTJCJMJEBEFTSFBMFT
"DUJWJEBE
$BQBDJUBSTFIBDFRVFMBTQFSTPOBTUPNFODPODJFODJBEFTVT
IBCJMJEBEFT EFTUSF[BT EFSFDIPTZEFCFSFT1PSPUSBQBSUF BZVEBB
VUJMJ[BSJOTUSVNFOUPTZNUPEPTQBSBNFKPSBSMPTNFDBOJTNPTEF
OFHPDJBDJO DPPSEJOBDJOZDPNVOJDBDJOEFMDPNJU
t
t
-B JEFOUJGJDBDJO EF MBT OFDFTJEBEFT EF DBQBDJUBDJO TF

QVFEFIBDFSNFEJBOUFMBBQMJDBDJOEFVODVFTUJPOBSJPJOEJWJEVBM
&O FM "OFYP TF FODVFOUSB VO FKFNQMP EF DVFTUJPOBSJP QBSB
PCUFOFSFTUBJOGPSNBDJO
t

t
t
6OBWF[RVFTFDVFOUBDPOMBJOGPSNBDJOQSPDFTBEBEFFTUF
DVFTUJPOBSJP TF QVFEFO JODMVJS FO FM QMBO EF USBCBKP EFM DPNJU
BDDJPOFT EF DBQBDJUBDJO RVF SFTQPOEBO B MBT OFDFTJEBEFT EFM
HSVQPPEFBMHVOPTTFDUPSFTEFMHSVQP ZBTFBODIBSMBT UBMMFSFTP
WJTJUBTEJEDUJDBTBDFOUSPTEFBDPQJP SFMMFOPTTBOJUBSJPT FNQSFTBT
SFDJDMBEPSBT QBSB DPOPDFS MB PSHBOJ[BDJO EFM TFSWJDJP FO PUSBT
NVOJDJQBMJEBEFT FOUSF PUSBT &TUP EFCF DPOTJEFSBSTF EFOUSP EFM
QSFTVQVFTUPEFMQMBOEFUSBCBKP
&TUBTDBQBDJUBDJPOFTQVFEFOTFSCSJOEBEBTDPOFMBQPZPEF
VOJWFSTJEBEFT FM*/" QSPGFTJPOBMFTEFM*'".ZPUSBTPSHBOJ[BDJPOFT
RVF USBCBKBO FO FM UFNB -BT WJTJUBT TF QVFEFO DPPSEJOBS DPO
FNQSFTBT NVOJDJQBMJEBEFT Z PUSPT RVF QVFEFO NPTUSBS TVT
FYQFSJFODJBT
1PSFKFNQMP BMHVOPTUFNBTHFOFSBMFTRVFQPESBOEFTBSSPMMBSTF
EFTFSOFDFTBSJPTPO
t
t
*OTUSVNFOUPTEFEJBHOTUJDP
1MBOJGJDBDJOFTUSBUHJDB
.POJUPSFPZFWBMVBDJO
3FTPMVDJOBMUFSOBUJWBEFDPOGMJDUPT
5BSFB
"MHVOPTUFNBTUDOJDPTRVFQPESBTFSBCPSEBEPTTPO
*NQBDUPTBNCJFOUBMFTZEFTBMVEEFMNBOFKP
JOBEFDVBEPEFMPTSFTJEVPTTMJEPT
.BUFSJBMFTRVFTFSFDJDMBOFO$PTUB3JDB
.UPEPTEFEJTQPTJDJOGJOBMEFMPTSFTJEVPT
0USP FMFNFOUP B DPOTJEFSBS FT RVF FM QSPDFTP EF

QMBOJGJDBDJOQBSUJDJQBUJWBQBSBMBFMBCPSBDJOEFM1.(*34QVFEF
FODPOUSBS PQPTJDJO FOUSF FM NJTNP QFSTPOBM NVOJDJQBM QPS MP
RVF FT JNQPSUBOUF RVF FM DPNJU TF DPOUBDUF DPO MBT KFGBUVSBT
EF MB NVOJDJQBMJEBE QBSB JNQVMTBS DPOKVOUBNFOUF BDUJWJEBEFT
EF JOGPSNBDJO EJWVMHBDJO Z TFOTJCJMJ[BDJO FOUSF TV QFSTPOBM
QBSB DPOUBS DPO TV SFTQBMEP BM EFTBSSPMMP EFM 1.(*34 Z TV
JNQMFNFOUBDJO
&YQFSJFODJBEFDBQBDJUBDJO
EFM$PNJU$PPSEJOBEPSFO
FMDBOUOEF"MBKVFMJUB
&M JOTUSVNFOUP TF BQMJD B QFSTPOBT OP TMP TF

CVTDBCBJEFOUJGJDBSOFDFTJEBEFTEFDBQBDJUBDJO TJOPWBMPSBS
MPT OJWFMFT EF FYQFSJFODJB FO FM UFNB RVF NBOFKBCBO MBT
QFSTPOBTJOUFSFTBEBT
1BSBMBJNQMFNFOUBDJOEFMQSPHSBNBEFDBQBDJUBDJO TF
BQMJDFOMBTTFTJPOFTJOJDJBMFT FMJOTUSVNFOUPTPCSFOFDFTJEBEFT
EF DBQBDJUBDJO &M PCKFUJWP EF SFBMJ[BS FTUB FWBMVBDJO GVF
JEFOUJGJDBS OFDFTJEBEFT RVF QVEJFSBO TFS OJWFMBEBT DPO VO
QSPHSBNBEFDBQBDJUBDJO RVFJOTUSVNFOUBSBBMBTQFSTPOBT
FOIFSSBNJFOUBTCTJDBTQBSBFMUFNBEFHFTUJOJOUFHSBMEF
SFTJEVPT
-PTSFTVMUBEPTPCUFOJEPT SFGMFKBSPORVFFMEFMBT
QFSTPOBT UFOB VO DPOPDJNJFOUP NVZ HFOFSBM TPCSF FM UFNB
EF SFTJEVPT TMJEPT BTPDJBEP QSJODJQBMNFOUF FO SFDJDMBKF Z
DPNQPTUBKF 4PCSF FM UFNB EF QMBOJGJDBDJO FM FYQSFT
IBCFSQBSUJDJQBEPFOMBFMBCPSBDJOEFQMBOFTFTUSBUHJDPT MP
RVFDPOTUJUVBVOSFDVSTPJNQPSUBOUFQBSBFMQSPDFTP

-PT SFTVMUBEPT EFM JOTUSVNFOUP GVFSPO QSFTFOUBEPT B

MBT QFSTPOBT QBSUJDJQBOUFT Z TF WBMJEBSPO MPT TJHVJFOUFT FKFT
UFNUJDPTQBSBMBDBQBDJUBDJO
.EVMP

$PODFQUPEFHFTUJOJOUFHSBMEFSFTJEVPT
TMJEPTZMPTJNQBDUPTBNCJFOUBMFTZFOMB
TBMVEEFTVNBOFKPJOBEFDVBEP

*OTUSVNFOUPTEFEJBHOTUJDPZ
TJTUFNBUJ[BDJOEFEBUPT
"DUJWJEBE

.BUFSJBMFTSFDJDMBCMFTFO$PTUB3JDB

$PNQPTUBKFMPNCSJDVMUVSB

.UPEPTEFEJTQPTJDJOGJOBM
.EVMP

4JTUFNBUJ[BDJOEFEBUPT
.EVMP

.FUPEPMPHBQBSBMBQMBOJGJDBDJOFTUSBUHJDB
.EVMP
3FTPMVDJOEFDPOGMJDUPT
&TGVOEBNFOUBMHBSBOUJ[BSMBMFHJUJNJEBEEFMDPNJU
ZTVUSBCBKP QPSMPUBOUPEFCFTFSBWBMBEPZBTVNJEPEFTEFFM
JOJDJPQPSMBTBVUPSJEBEFTQPMUJDBTMPDBMFT
4JGVFSBEFMDBTP FTUBPDBTJOQVFEFBQSPWFDIBSTFQBSBMB
GJSNBEFMBTDBSUBTEFJOUFODJPOFTPBDVFSEPTEFDPPQFSBDJOFOUSF
MBTPSHBOJ[BDJPOFTQBSUJDJQBOUFTZMBNVOJDJQBMJEBE
6OB WF[ RVF TF DVFOUB DPO FM QMBO EF USBCBKP QBSB MB
FMBCPSBDJOEFM1.(*34 FMDPNJUDPPSEJOBEPSEFCFSTPMJDJUBSVOB
BVEJFODJBBM$PODFKP.VOJDJQBM QBSBQSFTFOUBSMFKVOUPDPOVOBMJTUB
6OBWF[JOUFHSBEPFMDPNJUDPPSEJOBEPSZBQSPCBEPTVQMBO
EFUSBCBKP TFDPOUJOVBDPOMB5BSFBi&MBCPSBNPTFMEJBHOTUJDPw
-PHSBSMBWBMJEBDJOQPMUJDBEFMDPNJU
DPPSEJOBEPSZEFMQMBOEFUSBCBKP
EFMBTQFSTPOBTJOUFHSBOUFTEFMDPNJUZFMQMBOEFUSBCBKPQBSBTV
BQSPCBDJOZSFTQBMEP RVFJEOFBNFOUFMVFHPTFEFCFFYQSFTBS
FO MB JODPSQPSBDJO EF SFDVSTPT QBSB MB JNQMFNFOUBDJO EF MBT
BDDJPOFTDPOUFNQMBEBTFOFM1MBO

"DUJWJEBE

*OUFHSBEBZ4PTUFOJCMFEF3FTJEVPT (*34
.FUPEPMPHBEFMB(*34
BQMJDBEBFOFM1SPHSBNB68&11MVT(PVEB 1BTFT#BKPT
"NCJFOUF "$&1&4"
i3FTPMWJFOEP OVFTUSPT DPOGMJDUPT
$POGFEFSBDJO/BDJPOBMEF"TPDJBDJPOFTEF%FTBSSPMMP$PNVOBMw
&EJUBEPQPS$0/"%&$0
*+HPTTF +FSPFO FU BM i1MBOJGJDBDJO QBSB MB (FTUJO *OUFHSBM

XBTUFLFZTIFFUTOFU
1MBO.VOJDJQBMEF(FTUJOEF
3FTJEVPT4MJEPT
1MBO.VOJDJQBMEF(FTUJOEF
3FTJEVPT4MJEPT
"ZBMFT *WBOOJB FU BM

i)BDJFOEP DBNJOP BM BOEBS
(VB NFUPEPMHJDB QBSB MB BDDJO DPNVOJUBSJBw &EJUPSJBM 0&'
*OUFSOBDJPOBM

*OGPSNF
'JOBM EF DPOTVMUPSB i4JTUFNBUJ[BDJO EF MBT FYQFSJFODJBT DPO MB
FMBCPSBDJO EF 1MBOFT .VOJDJQBMFT EF (FTUJO EF MPT 3FTJEVPT
4MJEPTFONVOJDJQBMJEBEFTZBKVTUFEFMNBOVBMDPSSFTQPOEJFOUFw

$PSUJOBT EF /BWB $SJTUJOB $NP JNQMBOUBS QMBOFT EF NBOFKP

EFSFTJEVPTEFKVSJTEJDDJOMPDBM1SFTFOUBDJOFOFMTJUJPXXX
DSJTUJOBDPSUJOBTDPN
1SPZFDUPEF-FZQBSBMB(FTUJO*OUFHSBMEF3FTJEVPT
4BO
+PT $PTUB3JDB

(FTUJO-PDBM
EF3FDVSTPT 'PMMFUP

6OJWFSTJEBEQBSBMB1B[
i-B1MBOJGJDBDJOFO"VUPHFTUJO
Z$VMUVSBEF1B[w4BO+PT $PTUB3JDB

1BSUJDJQBOEP
DPOEFDJTJOZBDDJO )JTUPSJFUB

8JMTPO %BWJE FUBM

4PMJE8BTUF.BOBHFNFOUw8PSME#BOLBOE&3. WFSTJPOFO$%

5BSFB
'VFOUFTDPOTVMUBEBT
"OFYP
&KFSDJDJPQBSBMBJEFOUJGJDBDJOZBOMJTJTEFBDUPSFTTPDJBMFT
JOWPMVDSBEPTEJSFDUBNFOUFFOFMQSPDFTP QFSPOP
PCTUBOUFQVFEFOWFSTFBGFDUBEPTQPSVOQSPZFDUP
PBDDJOFTQFDGJDB&OHFTUJOEFSFTJEVPTTMJEPT
TUFFTVOHSVQPJNQPSUBOUFZIBZNVDIPTBDUPSFT
QPUFODJBMFT
"EFNT EF DPOPDFS RV PSHBOJ[BDJPOFT JOTUJUVDJPOFT

FNQSFTBT Z QFSTPOBT FTUO WJODVMBEBT B MB HFTUJO EF SFTJEVPT
TMJEPTFOFM$BOUO FTOFDFTBSJPDPOPDFS
t
{$VMFTTPOMPTJOUFSFTFTEFFTUPTBDUPSFTTPDJBMFT
t
{$VMFTTPOMBTSFMBDJPOFTRVFFYJTUFOFOUSFBDUPSFT
QPTJDJPOFT DPNVOFT SFMBDJPOFT EF DPPQFSBDJO
DPOGMJDUPTEFJOUFSFTFT SFMBDJPOFTEFDPNQFUFODJB
FUD
t
.FUPEPMPHB
4F QVFEF TPMJDJUBS B DBEB QFSTPOB JEFOUJGJDBEB DPNP
SFQSFTFOUBOUFEFBMHOHSVQPEFJOUFST RVFMMFOFVODVFTUJPOBSJP
RVFQPESBUFOFSMBTTJHVJFOUFTQSFHVOUBT
4V EJTQPTJDJO B QBSUJDJQBS FO FM QSPDFTP EF

QMBOJGJDBDJOZFORVQBSUFTEFMQSPDFTP
t
{$VMFTTVQBQFMZBDUJWJEBEFTFOFMNBOFKPEFMPT
SFTJEVPT
&TUP DPO FM GJO EF WBMPSBS DPO NBZPSFT FMFNFOUPT EF
KVJDJPDVBMFTBDUPSFTTPDJBMFTQPESBOPEFCFSBOQBSUJDJQBSFOMBT
EJGFSFOUFTGBTFTEFMQSPDFTPEFQMBOJGJDBDJO
t
{2VJOFT TPO PUSBT PSHBOJ[BDJPOFT JOTUJUVDJPOFT

FNQSFTBTPQFSTPOBTRVFFTUOJOWPMVDSBEPTFOFM
NBOFKPEFSFTJEVPTZDVMFTTVSFMBDJODPOFTUBT
DPPQFSBDJO DPOGMJDUPT QPTJDJPOFT DPNVOFT

%FUBMMFQPSGBWPS
t
{-F QBSFDF JOUFSFTBOUF MB FMBCPSBDJO EFM 1MBO Z

QPSRV
t
{$NP DSFF RVF TF WF CFOFGJDJBEB P QFSKVEJDBEB

TV PSHBOJ[BDJOFNQSFTBJOTUJUVDJO DPO FTUF
USBCBKP
t
{$VMQPESBTFSTVQBSUJDJQBDJOFOMBTEJGFSFOUFT
FUBQBT EFM QMBO EJBHOTUJDP QMBOJGJDBDJO Z
FKFDVDJOEFQMBO
t
{2V PUSBT PSHBOJ[BDJPOFT BDUPSFT TPDJBMFT

DSFF
VTUFERVFEFCFNPTJOWPMVDSBSFOFTUFQSPDFTP
t
{$VMFTTPOTVTFYQFDUBUJWBTFOHFOFSBMTPCSFFTUB
QSPQVFTUB
-PTBDUPSFTTPDJBMFTTFQVFEFODMBTJGJDBSFOUSFTDBUFHPSBTCTJDBT
t
t
t

-PT BDUPSFT TPDJBMFT QSJODJQBMFT P SFMFWBOUFT

TPO MPT RVF TF WF BGFDUBEPT EJSFDUBNFOUF EF
NBOFSB QPTJUJWB P OFHBUJWB QPS MB FKFDVDJO EF
VOB NFEJEB QSPZFDUP P BDUJWJEBE EF HFTUJO EF
SFTJEVPTTMJEPT1PSFKFNQMPFMEFQBSUBNFOUPEF
HFTUJOEFMPTSFTJEVPTTMJEPTEFMB.VOJDJQBMJEBE
MPT SFDVQFSBEPSFT JOGPSNBMFT FYJTUFOUFT FO FM
NVOJDJQJP
-PT BDUPSFT TPDJBMFT TFDVOEBSJPT TPO MPT RVF
UJFOFOBMHOQBQFMEFJOUFSNFEJBSJPPGBDJMJUBEPS
Z QVFEFO UFOFS VOB JOGMVFODJB JNQPSUBOUF FO FM
SFTVMUBEP EFM QSPZFDUP P BDUJWJEBE 1PS FKFNQMP
FM .JOJTUFSJP EF &EVDBDJO DPO VO QSPHSBNB EF
FEVDBDJOBNCJFOUBM
-PT BDUPSFT TPDJBMFT FYUFSOPT OP FTUO
"OFYPT
$POFTUBJOGPSNBDJOEJTQPOJCMF FYJTUFOEPTPQDJPOFT
4PMJDJUBSBMPTBDUPSFTRVFHSBGJRVFOPIBHBOVONBQBEFTVTSFMBDJPOFTDPOMPTPUSPTBDUPSFT P
)BDFSVTUFETVQSPQJPHSGJDP QPTUFSJPSBMBBDUJWJEBE1PSFKFNQMP
5BSFB
t
t
'JHVSB""OMJTJTEFSFMBDJPOFTFOUSFBDUPSFTTPDJBMFTJOWPMVDSBEPT
FOMBFYQFSJFODJBEFSFDVQFSBDJOEFNBUFSJBMFTSFDJDMBCMFT
$BOUOEF4BO*TJESPEF)FSFEJB
'VFOUF"$&1&4"

"OFYP
"OMJTJTEFMBJOGMVFODJBFJNQPSUBODJBEFMPTBDUPSFTTPDJBMFT
-PTBDUPSFTTPDJBMFTDMBWFTTPOBRVFMMPTRVFQVFEFOJOGMVJS
TJHOJGJDBUJWBNFOUFPRVFTPOJNQPSUBOUFTQBSBFMYJUPEFM1.(*34
ZQPSMPUBOUP FTJNQPSUBOUFQPEFSFTUJNBSFTPTBTQFDUPTBUSBWT
EFVOBNFUPEPMPHB
-B JOGMVFODJB TF SFGJFSF B DVBOUP QPEFS UJFOF VO BDUPS
TPDJBM&TUFTFSFGJFSFBMQPEFSEFDJTJORVFUJFOFPTVDBQBDJEBE
QBSBQFSTVBEJSPJODJEJSTPCSFPUSBTQFSTPOBTVPSHBOJ[BDJPOFTBM
NPNFOUPEFVOBUPNBEFEFDJTJOTPCSFVOEFUFSNJOBEPUFNBP
BTVOUPBTDPNPGBDJMJUBSVPCTUBDVMJ[BSMBQVFTUBFOQSDUJDBEFM
QMBO
-B JNQPSUBODJB FT MB QSJPSJEBE RVF UJFOFO FO FM QSPDFTP
EFMBQMBOJGJDBDJOMPTQSPCMFNBT OFDFTJEBEFTFJOUFSFTFTEFVO
BDUPSTPDJBMPHSVQPEFBDUPSFT%FUBMNBOFSBRVFTJFTUPTBDUPSFT
TPDJBMFTiJNQPSUBOUFTwOPTPOJODMVJEPT FOUPODFTMBQMBOJGJDBDJO
EFMBHFTUJOEFMPTSFTJEVPTOPTFQVFEFDPOTJEFSBSiFYJUPTBw
$PNCJOBOEPMBJOGMVFODJBZJNQPSUBODJBNFEJBOUFFMVTPEF
VOBNBUSJ[ WBTF'JHVSB"
TFQVFEFODMBTJGJDBSMPTBDUPSFTFO
HSVQPTEJGFSFOUFTRVFBZVEBSOBJEFOUJGJDBSMBTTVQPTJDJPOFTZMPT
SJFTHPTRVFEFCFOTFSDPOTJEFSBEPTFOFMQSPDFTPEFQMBOJGJDBDJO
"OUFTEFIBDFSMBNBUSJ[ TFTVHJFSFOEJGFSFOUFTNBOFSBTEF
FWBMVBSMBJOGMVFODJBFJNQPSUBODJB

&WBMVBDJOEFMB*OGMVFODJB
-BJOGMVFODJBTFQVFEFFOUFOEFSDPNPFMHSBEPFORVFMBT
QFSTPOBT HSVQPTVPPSHBOJ[BDJPOFTQVFEFOQFSTVBEJSPQSFTJPOBSB
PUSPTFOMBUPNBEFEFDJTJPOFTPFOMBJNQMFNFOUBDJOEFBDDJPOFT
&TUFQPEFSQVFEFEFSJWBSTFEFMBOBUVSBMF[BEFMBDUPSTPDJBMPEF
TVQPTJDJODPOSFTQFDUPBPUSPBDUPS"VORVFUBNCJOIBZPUSBT
GPSNBT EF JOGMVFODJB JOGPSNBMFT DPNP WODVMPT QFSTPOBMFT DPO
QFSTPOBTRVFUJFOFOQPEFS
-BEFUFSNJOBDJOEFMBJOGMVFODJBQVFEFTFSEJGDJMFJNQMJDB
MBJOUFSQSFUBDJOEFGBDUPSFTRVFMBBGFDUBOUBMFTDPNP

5SBEVDJEPZBEBQUBEPEF"OTDIU[ Z8JMTPO

t
"VUPSJEBE P MJEFSB[HP GPSNBM JOGPSNBM P QPS

SFMBDJPOFTQPMUJDBT
t
$POUSPMEFSFDVSTPTFTUSBUHJDPTQBSBMBFMBCPSBDJO
EFM1MBOZTVJNQMFNFOUBDJO QPSFKFNQMPGPOEPT
UFSSFOPT USBOTQPSUFVPUSPT
t
&TUBUVTTPDJBM FDPONJDPZQPMUJDP
t
1PTFFS DPOPDJNJFOUP FTQFDJBMJ[BEP QPS FKFNQMP

QFSTPOBMEFJOHFOJFSB
t
/JWFMFTEFPSHBOJ[BDJO DPOTFOTPZMJEFSB[HPFOFM
HSVQP
t
/JWFMFTEFEFQFOEFODJBDPOPUSPTBDUPSFT
&WBMVBDJOEFMBJNQPSUBODJB
-BJNQPSUBODJBJOEJDBMBQSJPSJEBERVFUJFOFFOFM1MBOMB
TBUJTGBDDJOEFMBTOFDFTJEBEFTFJOUFSFTFTEFVOBDUPSTPDJBM
1VFEFEBSTFFMDBTPEFBDUPSFT FTQFDJBMNFOUFFOTFDUPSFT
QSJNBSJPT OP PSHBOJ[BEPT B MPT RVF FM QMBO QVFEF QSJPSJ[BS QPS
FKFNQMP NVKFSFT SFDVQFSBEPSFT JOGPSNBMFT P CV[PT IBCJUBOUFT
EF BTFOUBNJFOUPT JOGPSNBMFT B QFTBS EF RVF OP QBSUJDJQFO
EJSFDUBNFOUFFOMBFMBCPSBDJOEFM1MBOZUFOFSQPDPQPEFSQBSB
JOGMVJSFOMBTEFDJTJPOFT
" DPOUJOVBDJO TF QSFTFOUB VOB TFSJF EF QSFHVOUBT RVF
QVFEFOBZVEBSBWBMPSBSMBJNQPSUBODJBEFMPTBDUPSFTTPDJBMFTFO
MBFMBCPSBDJOEFM1MBO

{$VMFTTPOMPTQSPCMFNBTRVFBGFDUBOBMPTBDUPSFT
TPDJBMFTZRVFFM1MBOQSFUFOEFBUFOEFSPNJUJHBS

{$VMFTTPOMPTBDUPSFTRVFTPOQSJPSJUBSJPTFOFM
1MBO QBSB BUFOEFS TVT OFDFTJEBEFT JOUFSFTFT Z
FYQFDUBUJWBT
"OFYPT
{$VMFT JOUFSFTFT EF MPT BDUPSFT DPJODJEFO EF

NBOFSBNTDFSDBOBDPOMPTJOUFSFTFTVPCKFUJWPT
EFMBNVOJDJQBMJEBE
$POTUSVDDJOEFMBNBUSJ[EFJOGMVFODJBF
JNQPSUBODJB
-BNBUSJ[EFJOGMVFODJBFJNQPSUBODJBTFEJWJEFFODVBUSP
DVBESBOUFT EFOPNJOBEPT " # $ Z % EF VOB HSGJDB DVZPT
FKFTWFSUJDBMFTZIPSJ[POUBMFTWBOFOVOBFTDBMBEFB TFHO
TFPCTFSWBFOFMFKFNQMPEFMB'JHVSB"$BEBSFBJOEJDBVOB
DPNCJOBDJOEFMHSBEPEFJOGMVFODJBFJNQPSUBODJBRVFMPTBDUPSFT
TPDJBMFTUJFOFO
"QBSUJSEFMMJTUBEPEFMPTBDUPSFTMPDBMFTTFDBMJGJDBDBEBVOPB
FOVOBFTDBMBEFBTFHOTFWBMPSFTVJNQPSUBODJB JHVBMNFOUF
EFBTFHOTVHSBEPJOGMVFODJBFOFMQSPDFTPEFQMBOJGJDBDJO
FJNQMFNFOUBDJOEFM1MBO$POCBTFFOFTUBDBMJGJDBDJOTFVCJDB
DBEBBDUPSFOVOPEFMPTDVBESBOUFTEFMBNBUSJ[-BDBMJGJDBDJO
EFDBEBVOPEFMPTBDUPSFTTPDJBMFTFTDVBMJUBUJWBQPSMPRVFEFCF
TFSWFSJGJDBEBDPOEJWFSTBTGVFOUFTPTFQVFEFUBNCJOEFGJOJSEF
VOBNBOFSBQBSUJDJQBUJWB DPOTJEFSBOEPFMQVOUPEFWJTUBEFWBSJPT
BDUPSFTMPDBMFT EFNBOFSBBPCUFOFSVOSFTVMUBEPMPNTPCKFUJWP
ZMPNTDFSDBOPEFMBSFBMJEBEQPTJCMF
-PT BDUPSFT TPDJBMFT EFM HSVQP " TPO MPT RVF UJFOFO VOB
BMUB JNQPSUBODJB QBSB FM QSPDFTP EF QMBOJGJDBDJO QFSP UJFOFO
VOB JOGMVFODJB CBKB 3FQSFTFOUBO BRVFMMPT RVF QVFEFO TFS RVF
OP QBSUJDJQFO EJSFDUBNFOUF FO FM QSPDFTP EF QMBOJGJDBDJO QFSP
RVFTPOJNQPSUBOUFTQBSBHBSBOUJ[BSFMYJUP QPSMPRVFTFEFCFO
FTUBCMFDFSMPTNFDBOJTNPTQBSBDPNQSFOEFSTVTQSFPDVQBDJPOFT
ZPQJOJPOFTZSFEVDJSMPTSJFTHPTEFRVFMBTBDDJPOFTEFM1MBOMPT
QFSKVEJRVFO
-PT BDUPSFT TPDJBMFT EFM HSVQP # TPO BRVFMMPT DPO BMUB
JNQPSUBODJB Z BMUB JOGMVFODJB QPS MP UBOUP TV DPOTVMUB DPNP
QBSUJDJQBDJOFOMBUPNBEFEFDJTJPOFTFTGVOEBNFOUBMQBSBBTFHVSBS
VOBEFGJOJDJOBQSPQJBEBEFMQMBOPQSPZFDUPZTVFKFDVDJO
-PTBDUPSFTEFMHSVQP$TPOBRVFMMPTDPOJNQPSUBODJBCBKB
QFSPBMUBJOGMVFODJB4POBNFOVEPMPTBDUPSFTTPDJBMFTRVFUJFOFO
JOGMVFODJBTPCSFEFDJTJPOFT QFSPUJFOFOQPDPRVFHBOBSPQFSEFS
EJSFDUBNFOUFDPOMBJNQMFNFOUBDJOEFM1MBO4FEFCFONBOUFOFS
JOGPSNBEPT
-PTBDUPSFTTPDJBMFTEFMHSVQP%TPOBRVFMMPTDPOJNQPSUBODJB
CBKB F JOGMVFODJB CBKB EF NBOFSB RVF TJ OP TPO DPOTVMUBEPT OJ
JODMVJEPT FO MB UPNB EF EFDJTJPOFT OP EFCF BGFDUBS EF NBOFSB
EFDJTJWBFOFMYJUPEFM1MBO
"MDPOTJEFSBSVOBTJUVBDJOFOQBSUJDVMBSTFEFCFBOBMJ[BS
FMHSBEPEFJOGMVFODJBFJNQPSUBODJBEFDBEBVOPEFMPTBDUPSFT
TPDJBMFT F JSMPT VCJDBOEP FO FM DVBESBOUF RVF DPSSFTQPOEF &TUB
VCJDBDJOFTGVOEBNFOUBMZBRVFMVFHPQVFEFBZVEBSBEFUFSNJOBS
RVUJQPEFBDFSDBNJFOUPZEFJOWPMVDSBNJFOUPQVFEFOUFOFSFOFM
QSPDFTPEFQMBOJGJDBDJO
" DPOUJOVBDJO TF QSFTFOUB VO FKFNQMP EF NBUSJ[ EPOEF
TF IBO VCJDBEP FO MPT DVBESBOUFT " # $ Z % MPT ONFSPT RVF
DPSSFTQPOEFOBMMJTUBEPEFBDUPSFTRVFTFNVFTUSBBDPOUJOVBDJO

QBSUJFOEPEFVOBTJUVBDJOIJQPUUJDBEFFMBCPSBDJOEFVO1.(*34
FOVONVOJDJQJP9

5BSFB

'JHVSB".BUSJ[EF*OGMVFODJBF*NQPSUBODJBEF"DUPSFT4PDJBMFT&KFNQMPGJDUJDJP
#"+"*.1035"/$*"


#"+"*/'-6&/$*"
7FDJOPTEFMMVHBSEPOEFTFVCJDBSFMQSPZFDUPEF
SFDJDMBKF
3FDVQFSBEPSFTJOGPSNBMFTEFNBUFSJBMFT
SFDJDMBCMFT
1FRVFBTFNQSFTBTEFSFDPMFDDJOEFSFTJEVPT
RVFQSFTUBOFMTFSWJDJPFOQBSUFEFMDBOUOZTPO
DPOUSBUBEBTQPSMBNVOJDJQBMJEBE
"VUPSJEBEFTMPDBMFT "MDBMEFZSFHJEPSFTBT
1FSTPOBMNVOJDJQBMBDBSHPEFMTFSWJDJP
0GJDJOBSFHJPOBMEFM.*/"&5
SFB3FDUPSBEF4BMVE
"TPDJBDJOEFEFTBSSPMMP
1PMJDB
*EFOUJGJDBDJOEFTVQPTJDJPOFTZSJFTHPT
&M YJUP EFM 1MBO EFQFOEF FO QBSUF EF MB WBMJEF[ EF MBT
TVQPTJDJPOFT RVF TF IBHBO TPCSF MPT BDUPSFT Z EF MPT SJFTHPT
RVF QVFEF FOGSFOUBS FM QMBO "MHVOPT EF FTUPT SJFTHPT QVFEFO
HFOFSBSTFQPSDPOGMJDUPTEFJOUFSFTFTFTQFDJBMNFOUFFOUSFBDUPSFT
RVFTFVCJDBOFOFMDVBESBOUF$ RVFUJFOFOVOBBMUBJOGMVFODJB
Z
DVZBTQPTJDJPOFTQVFEFOTFSDPOUSBSJBTBMPTPCKFUJWPTEFM1MBO

$VBESBOUF#

$VBESBOUF$
$VBESBOUF%
"-5"*.1035"/$*"
$VBESBOUF"

"-5"*/'-6&/$*"
0SHBOJ[BDJOEFKWFOFTZEFNVKFSFT
$PNJTJONVOJDJQBMEFBNCJFOUF
1SPEVDUPSFTBHSDPMBTVTVBSJPTEFMDPNQPTU
.JOJTUFSJPEF&EVDBDJO
$NBSBEF$PNFSDJBOUFT
*OTUJUVDJPOFTGJOBODJFSBT
0/(BNCJFOUBMJTUB
;POBJOEVTUSJBM
&TUFUJQPEFBOMJTJTDPOUSJCVZFBBTFHVSBSRVFTF
DPOTVMUFPHBSBOUJDFMBQBSUJDJQBDJOEFMPTHSVQPTEF
JOUFSTQBSBFMYJUPEFM1MBOZTVFKFDVDJO
-BTTJHVJFOUFTQSFHVOUBTQVFEFOTFSUJMFTQBSBSFWJTBSMBT
TVQPTJDJPOFTZSJFTHPTFTQFDGJDPTQBSBDBEBBDUPSTPDJBM
t
t
t
{$VMFTFMQBQFMRVFFMBDUPSEFCFBTVNJSPMB
SFTQVFTUBRVFEFCFEBSQBSBRVFFM1MBOTFB
FYJUPTP {&TFTFQBQFMQPTJCMFPSFBMJTUB
{2VUJQPEFSFTQVFTUBTOFHBUJWBTQVFEFO
FTQFSBSTF DPOTJEFSBOEPMPTJOUFSFTFTEFMBDUPS
4JFTUBTSFTQVFTUBTTFEBO {RVJNQBDUPQVFEF
UFOFSFOFM1MBO {3FQSFTFOUBOVOSJFTHPBMUP
"OFYPT
1PTJCMFTGPSNBTZOJWFMFTEFQBSUJDJQBDJO
EFMPTBDUPSFTTPDJBMFT
&OSFTVNFO {DVMFTTVQPTJDJPOFTIFDIBTTPCSF
MPTBDUPSFTBQPZBOPBNFOB[BOFMQSPDFTPEF
QMBOJGJDBDJO
$POCBTFFOFTUFBOMJTJTTFQVFEFOEFGJOJSFTUSBUFHJBTQBSB
BTFHVSBSEJWFSTBTGPSNBTEFQBSUJDJQBDJOEFMPTBDUPSFTDMBWFRVF
DPOUSJCVZBOBMYJUPEFMBFMBCPSBDJOEFM1MBOZTVJNQMFNFOUBDJO
BUFOEJFOEPMPTQPTJCMFTSJFTHPTEFUFDUBEPT
$PO CBTF FO MB JOGPSNBDJO PCUFOJEB FO MB .BUSJ[ EF
JOGMVFODJBFJNQPSUBODJB TFQVFEFIBDFSVOBEFGJOJDJOJOJDJBMEF
MBTQPTJCMFTGPSNBTEFQBSUJDJQBDJOEFMPTBDUPSFTJEFOUJGJDBEPT ZB
RVFOPUPEPTZUPEBTFTQFSBOPQVFEFO QPSEJWFSTPTNPUJWPT UFOFS
FMNJTNPOJWFMEFQBSUJDJQBDJO&OFTUFTFOUJEPVOJOTUSVNFOUPRVF
QVFEFTFSVUJMJ[BEPQBSBBQPZBSMBDMBSJGJDBDJOEFMSPMPQBQFMRVF
DBEBBDUPSTPDJBMQVFEFKVHBSFOEJGFSFOUFTNPNFOUPTEFMQSPDFTP
EFQMBOJGJDBDJOZEFMBJNQMFNFOUBDJOEFMQMBOFTMB.BUSJ[RVF
TFQSFTFOUBBDPOUJOVBDJO
5BCMB".BUSJ[EFMOJWFMEFQBSUJDJQBDJOFOFMQSPDFTP
/JWFMEFQBSUJDJQBDJOTFHO
MBFUBQBEFMQSPDFTP
%JBHOTUJDP
1MBOJGJDBDJO
*NQMFNFOUBDJO
.POJUPSFPZFWBMVBDJO
*OGPSNBS
$POTVMUBS
"T TJSFUPNBBMHVOPEFMPTBDUPSFTEFMFKFNQMPEFMBNBUSJ[
EFJOGMVFODJBFJNQPSUBODJB TFQVFEFEFGJOJSDVBMFTTVSPMQPUFODJBM
1PSFKFNQMP FOFMDBTPEFMPTSFQSFTFOUBOUFTEFMBBTPDJBDJOEF
EFTBSSPMMPFTDPOWFOJFOUFRVFQBSUJDJQFOFOUPEBTMBTFUBQBTDPNP
JOUFHSBOUFTEFMDPNJU QFSPDVBOEPTFSFGJFSFBMBTJOTUJUVDJPOFT
*OUFHSBSFOFM
"WBMBSQSPQVFTUBT
DPNJU
TPMJDJUVEFTEFMDPNJU
GJOBODJFSBT QVFEF QSPQPOFSTF NBOUFOFSMBT JOGPSNBEBT EFM

EJBHOTUJDPZDPOTVMUBSMBTFOMBGBTFEFQMBOJGJDBDJO%FFTUBGPSNB
TFQVFEFUFOFSVOBQSPQVFTUBEFNBUSJ[EFQBSUJDJQBDJOQBSBDBEB
BDUPSZGJOBMNFOUFVOBNBUSJ[DPOTPMJEBEBRVFJODMVZBUPEPTMPT
BDUPSFTSFMFWBOUFTQBSBFMQSPDFTP

5BSFB
t
"OFYP
.PEFMPEFVOBDVFSEPEFDPPQFSBDJO
'VFOUF"$&1&4"

"OFYPT
"OFYP
5BSFB
&KFNQMPEFDVFTUJPOBSJPTPCSFOFDFTJEBEFTEFDBQBDJUBDJO
'VFOUF"$&1&4"

5BSFB
&MBCPSBNPTFM
EJBHOTUJDP
"DUJWJEBE3FBMJ[BSFMEJBHOTUJDP
"DUJWJEBE1SFTFOUBSMPTSFTVMUBEPTBMPTBDUPSFTTPDJBMFTPSFQSFTFOUBOUFT
EFMBDPNVOJEBE
"DUJWJEBE4FMFDDJPOBSMPTUFNBTDMBWFT
'VFOUFTDPOTVMUBEBT
"OFYPT

"OFYP*OTUSVNFOUPEFMFWBOUBNJFOUPEFJOGPSNBDJOTPCSFBTQFDUPTTPDJPDVMUVSBMFT4FDUPSSFTJEFODJBM
"OFYP%BUPTEFMBQSPEVDDJOQFSDQJUBFOMBTEJGFSFOUFTSFHJPOFT TFHO*'".
"OFYP(VBNFUPEPMHJDBQBSBSFBMJ[BSVOFTUVEJPEFDPNQPTJDJOGTJDBZVOFTUVEJPEFDBTP
"OFYP*OEJDBEPSFTEFMBQSPEVDDJOQFSDQJUBEFMPTDPNFSDJPT SFTUBVSBOUFT FOUSFPUSPT
"OFYP*OGPSNBDJOTPCSFFMTJTUFNBEFSFDPMFDDJOZUSBUBNJFOUPEFMPTSFTJEVPT
"OFYP&ODVFTUBBFNQSFTBT DPNFSDJPFJOEVTUSJBT
"OFYP$VBESP3FTVNFOEFMPTFMFNFOUPTEFMEJBHOTUJDP
#PUBEFSPJMFHBM5PNBEBQPS-JMMJBOB7BSHBT JOUFHSBOUFEF$PNJU$PPSEJOBEPSEF"MBKVFMJUB
i&OUSFDJFMPZUJFSSB
OPIBZOBEBPDVMUPw

5BSFB
&MBCPSBNPTFMEJBHOTUJDP
&O MB UBSFB BOUFSJPS TF EFTBSSPMMBSPO MBT BDUJWJEBEFT
OFDFTBSJBTQBSBMBDPOGPSNBDJOEFMDPNJUDPPSEJOBEPS VOBWF[
RVF TF IB DVNQMJEP DPO FTUB UBSFB TF QSPDFEF B MB FMBCPSBDJO
EFMEJBHOTUJDP QBSBDPOPDFSMBTJUVBDJOBDUVBMEFMBHFTUJOEF
SFTJEVPTTMJEPTFOFMDBOUO
&MEJBHOTUJDPQFSNJUFDPNQSFOEFSDVMFTMBSFBMJEBEEFMB
HFTUJOEFSFTJEVPTTMJEPT JODMVZFOEPMBTEJWFSTBTBDUJWJEBEFT
GPSNBMFTFJOGPSNBMFTRVFTFFTUOEFTBSSPMMBOEPFOFMDBOUOZ
DVMFTTPOMBTUFOEFODJBTGVUVSBT
&TUF QSPDFTP QFSNJUF JEFOUJGJDBS DVMFT TPO MPT UFNBT P
BTVOUPT DMBWFT RVF FTUO JODJEJFOEP FO MB QSPCMFNUJDB EF UBM
NBOFSB RVF FM QMBO NVOJDJQBM EF HFTUJO JOUFHSBM EF SFTJEVPT
TMJEPT 1.(*34
TFFMBCPSFTPCSFFMBOMJTJTEFMBTJUVBDJOSFBM
MBQSJPSJ[BDJOEFQSPCMFNBTZMBTQSPZFDDJPOFTQBSBMPTQSYJNPT
BPT
&T SFDPNFOEBCMF RVF FM EJBHOTUJDP TFB VO QSPDFTP

QBSUJDJQBUJWP FOFMRVFUPEBTMBTQFSTPOBTEFMDPNJUDPPSEJOBEPS
TFJOWPMVDSFOBDUJWBNFOUF&ODBTPRVFOJOHVOBEFMBTQFSTPOBT
JOUFHSBOUFT EFM DPNJU DPPSEJOBEPS DVFOUF DPO FYQFSJFODJB FO
JOWFTUJHBDJO TFSDPOWFOJFOUFCVTDBSFMBQPZPEFBMHVOBQFSTPOB
PJOTUJUVDJOEFMDBOUORVFQVFEBCSJOEBSMBBTFTPSBBMQSPDFTP
5BNCJO DBCF QSFDJTBS RVF FO PDBTJPOFT OP FT OFDFTBSJP
SFBMJ[BS VO FTUVEJP EF DBNQP EFCJEP B RVF MB JOGPSNBDJO
OFDFTBSJBQVFEFTFSPCUFOJEBEFGVFOUFTTFDVOEBSJBT UBMFTDPNP
FTUVEJPTSFDJFOUFTEFVOJWFSTJEBEFT EFJOTUJUVDJPOFTEFHPCJFSOP
SFHJTUSPT NVOJDJQBMFT BHFODJBT EF DPPQFSBDJO FOUSF PUSPT
4JOFNCBSHP BOUFTEFEFDJEJSOPIBDFSVOFTUVEJPEFDBNQPFM
DPNJUDPPSEJOBEPSEFCFWFSJGJDBSRVFMBJOGPSNBDJOEFMBTGVFOUFT
TFDVOEBSJBTTFBUJM BEFDVBEBZDPOGJBCMFQBSBTVQSPQTJUP
"DPOUJOVBDJOTFNVFTUSBMBFTUSVDUVSBEFMB5BSFB MBDVBM
FTUDPNQVFTUBQPSUSFTBDUJWJEBEFT

"DUJWJEBE
3FBMJ[BSFMEJBHOTUJDP
&MUJFNQPRVFUPNBEFTBSSPMMBSFMEJBHOTUJDPFTSFMBUJWP
EFQFOEF EF GBDUPSFT JOUFSOPT EF MB NVOJDJQBMJEBE EF MB
EJTQPOJCJMJEBEEFUJFNQPEFMBTQFSTPOBTJOUFHSBOUFTEFMDPNJU EF
MBDPNQMFKJEBEEFMDBOUO EFMBDDFTPBMBJOGPSNBDJOZBFYJTUFOUF
EFMBTDPOEJDJPOFTDMJNUJDBT EFMBQPZPMPHTUJDP FOUSFPUSPT
1BTP
%FGJOJSMBFTUSVDUVSBEFMEJBHOTUJDP
$PO FM GJO EF SFDBCBS OJDBNFOUF MB JOGPSNBDJO RVF FT
OFDFTBSJBQBSBFMEJBHOTUJDP FMDPNJUDPPSEJOBEPSEFCFEFGJOJS
EFTEFVOJOJDJPVOBFTUSVDUVSBHFOFSBM RVFMFQFSNJUBJEFOUJGJDBS
DVMFTUFNBTPBTVOUPTDMBWFTTFWBOBJODMVJSFOFMFTUVEJPZDNP
WBBDPOTFHVJSMBJOGPSNBDJOTPCSFFMMPT
&OFTUF.BOVBMTFQSPQPOFPSHBOJ[BSMBJOGPSNBDJO
FOMPTTJHVJFOUFTUFNBT
B"OMJTJTEFMPTBDUPSFTTPDJBMFTEFM$BOUO
ZTVTSFMBDJPOFT
%FDPOTJEFSBSMPDPOWFOJFOUFFMDPNJUDPPSEJOBEPS QVFEF
SFUPNBSFOFTUFQVOUPFMBOMJTJTEFBDUPSFTTPDJBMFTRVFSFBMJ[MB
NVOJDJQBMJEBEFOMB5BSFB DPOGPSNBDJOEFMDPNJUDPPSEJOBEPS

DPOFMGJOEFQSPGVOEJ[BSFOMPTWODVMPTRVFTFEBOFOUSFTUPTZMPT
FMFNFOUPTEFMTJTUFNB
&O FM DBTP EF OP IBCFSTF BQMJDBEP OJOHVOB UDOJDB QBSB
EFUFSNJOBS MB JOGMVFODJB F JNQPSUBODJB Z MBT SFMBDJPOFT EF MPT
BDUPSFTTPDJBMFTTFQVFEFFNQMFBSFMi%JBHSBNBEFSFMBDJPOFTwZMB
i.BUSJ[EF*OGMVFODJBF*NQPSUBODJBw WFS"OFYPTZEFMB5BSFB

VPUSBTUDOJDBTRVFTFQSFGJFSB
C"OMJTJTEFMPTFMFNFOUPTEFMTJTUFNBEFNBOFKP
EFMPTSFTJEVPT JODMVZF
t (FOFSBDJOZDBSBDUFSJ[BDJOEFSFTJEVPT
t 4FSWJDJPEFSFDPMFDDJOZUSBOTQPSUF
t
3FDVQFSBDJOEFSFTJEVPTWBMPSJ[BCMFT
t %JTQPTJDJOGJOBM
D"OMJTJTEFMTJTUFNBDPOTJEFSBOEPMPTBTQFDUPT
QBSBMBTPTUFOJCJMJEBE RVFDPNQSFOEF
t "TQFDUPTTPDJPDVMUVSBMFT
t "TQFDUPTMFHBMFT
t "TQFDUPTFDPONJDPTGJOBODJFSPT
t
"TQFDUPTJOTUJUVDJPOBMFTZEFQPMUJDBT
t "TQFDUPTBNCJFOUBMFTZTBOJUBSJPT
&O FM DBQUVMP EF *OUSPEVDDJO TF EFUBMMBO BNQMJBNFOUF
FTUPTDPODFQUPT
5BSFB
"DUJWJEBE
1BTP
%FUFSNJOBSMBTGVFOUFT
EFJOGPSNBDJO
6OB WF[ RVF TF IB EFGJOJEP MB FTUSVDUVSB P DPOUFOJEP
EFM EJBHOTUJDP TF EFCFO JEFOUJGJDBS MBT QPTJCMFT GVFOUFT EF
JOGPSNBDJO"MHVOBEFMBJOGPSNBDJOSFRVFSJEBQVFEFTFSRVFZB
FYJTUBZFTUEJTQPOJCMFFOMPTSFHJTUSPTEFMBNVOJDJQBMJEBEPEF
BMHVOB JOTUJUVDJO QCMJDB P QSJWBEB PSHBOJ[BDJPOFT TPDJBMFT FO
CJCMJPUFDBTPJOUFSOFU
&O PUSPT DBTPT MB JOGPSNBDJO SFRVFSJEB EFCFS CVTDBSTF
QPS MP RVF TF SFRVJFSF JEFOUJGJDBS B MBT QFSTPOBT P JOGPSNBOUFT
DMBWFT QBSBFOUSFWJTUBSMPT BTDPNP MPTTJUJPTPQSPDFTPTRVFIBZ
RVFPCTFSWBS
6O FMFNFOUP RVF EFCF UFOFSTF FO DPOTJEFSBDJO FT
RVF QVFEFO EBSTF MJNJUBDJPOFT DPO MPT EBUPT QPSRVF OP FYJTUB
JOGPSNBDJO Z TFB EJGDJM EF PCUFOFSMB P QPSRVF MB JOGPSNBDJO
FYJTUFOUFOPFTNVZDPOGJBCMF&OFTUPTDBTPTFTDPOWFOJFOUFQBSUJS
EFTVQVFTUPT
$POTJEFSBOEP RVF MB QFSDFQDJO EF MPT QSPCMFNBT Z MBT
QSPQVFTUBT EF TPMVDJPOFT QVFEFO TFS EJGFSFOUFT FO FM DBTP EF
NVKFSFT Z EF IPNCSFT FT QSJNPSEJBM USBUBS EF DPOPDFS FTUBT
EPT WJTJPOFT $PO FTUF GJO TF QVFEFO PSHBOJ[BS UBMMFSFT TMP DPO
IPNCSFTZTMPDPONVKFSFT PIBDFSFOUSFWJTUBTBVOONFSPJHVBM
EFNVKFSFTZIPNCSFT

1BTP
0SHBOJ[BSFMUSBCBKPEF
SFDPMFDDJOEFMBJOGPSNBDJO
6OBWF[RVFTFUJFOFDMBSPRVTFWBBJOWFTUJHBSZEOEF
CVTDBSMBJOGPSNBDJO TFEFCFPSHBOJ[BSFMUSBCBKPEFDBNQPQBSB
MBSFDPMFDDJOEFEBUPT
-BBDUJWJEBEQVFEFTFSFKFDVUBEBQPSVOFRVJQPEFTJHOBEP
EFQSPGFTJPOBMFTPTFQVFEFODPOGPSNBSHSVQPTEFUSBCBKPFOUSFMBT
QFSTPOBTJOUFHSBOUFTEFMDPNJUDPPSEJOBEPSRVFNVFTUSFOJOUFST
FOQBSUJDJQBS JODMVTPQVFEFOGPSNBSTFHSVQPTNJYUPTEFBDUPSFT
TPDJBMFTDPOFMBQPZPEFQSPGFTJPOBMFTEFMDBOUO FTUVEJBOUFTEF
TFDVOEBSJBPVOJWFSTJEBEFT-BPSHBOJ[BDJOEFMUSBCBKPEFDBNQP
EFQFOEFSEFMPTSFDVSTPTIVNBOPTZEFMBTDBSBDUFSTUJDBTQSPQJBT
EFDBEBMVHBS
&T DPOWFOJFOUF RVF FO MB SFBMJ[BDJO EFM EJBHOTUJDP TF

JOWPMVDSFOMPTZMBTJOUFHSBOUFTEFMDPNJU ZBRVFMBQBSUJDJQBDJO
MFT QFSNJUF QSPGVOEJ[BS FO TVT QSPQJPT DPOPDJNJFOUPT EFM UFNB
ZBMBWF[DPOUSBTUBSTVQSPQJBWJTJODPOMPTQVOUPTEFWJTUBEFM
SFTUPEFBDUPSFTMPDBMFT DPOUSJCVZFOEPBBNQMJBSTVWJTJOEFMB
QSPCMFNUJDBDBOUPOBM
1PSFTUPFTSFDPNFOEBCMFRVFFTUBTQFSTPOBTTFVCJRVFO
FOUFNBTRVFOPTFBOFOMPTRVFDPUJEJBOBNFOUFTFEFTFNQFBO
1PS FKFNQMP VOB QFSTPOB JOUFHSBOUF EFM DPNJU RVF OP TFB
GVODJPOBSJPBNVOJDJQBM QVFEBBZVEBSBEJBHOPTUJDBSMBTJUVBDJO
EF MB SFDPMFDDJO EF SFTJEVPT -HJDBNFOUF NVDIPT EF FTUPT
BDUPSFT TPDJBMFT UBNCJO TFSO VOB GVFOUF EF JOGPSNBDJO FO
BMHVOPTBTQFDUPTEFMEJBHOTUJDP
6OBMJNJUBOUFRVFQVFEFQSFTFOUBSTFQBSBMBQBSUJDJQBDJO
EFMPTBDUPSFTTPDJBMFTFOFMEJBHOTUJDPFTTVGBMUBEFFYQFSJFODJB
FOQSPDFTPTEFSFDPMFDDJOZEFBOMJTJTEFMBJOGPSNBDJO QPSMP
RVFUFOESORVFEFEJDBSTFFTGVFS[PTBDBQBDJUBSBFTUBTQFSTPOBT
FOFMEFTBSSPMMPEFFTUBTEFTUSF[BT PCVTDBSBQPZPFYUFSOP DPNP
TFTFBMBOUFSJPSNFOUF0USBMJNJUBOUF QVFEFTFSTVEJTQPOJCJMJEBE

QPSGBDUPSUJFNQP ZBRVFFTUPQVFEFPCTUBDVMJ[BSFMDVNQMJNJFOUP
EFMBTUBSFBTEFMEJBHOTUJDPFOFMUJFNQPQSFWJTUP
-PTHSVQPTEFUSBCBKPQVFEFOCVTDBSFOUSFTVTJOUFHSBOUFT
V PUSBT GVFOUFT SFDVSTPT EF BQPZP DPNP DNBSBT GPUPHSGJDBT
DNBSBT EF WJEFP FUD &M EJBHOTUJDP CSJOEB MB PQPSUVOJEBE EF
SFBMJ[BSVOSFHJTUSPEFJNHFOFTEFMNBOFKPEFMPTSFTJEVPTTMJEPT
EFMDBOUO MBTDVBMFTQVFEFOTFSVUJMJ[BEBTDPNPJMVTUSBDJPOFTP
CJFOQBSBMFWBOUBSMBIJTUPSJBHSGJDBEFMQSPDFTP
1BTP
&MBCPSBSJOTUSVNFOUPT
QBSBSFDPMFDUBSMBJOGPSNBDJO
6OB EF MBT BDUJWJEBEFT DFOUSBMFT EFM EJBHOTUJDP FT MB
FMBCPSBDJO EF MPT JOTUSVNFOUPT QBSB SFDPMFDUBS MB JOGPSNBDJO
UBMFTDPNPDVFTUJPOBSJPT FODVFTUBT HVBTEFFOUSFWJTUBT HVBTEF
PCTFSWBDJO DPOCBTFFOMBFTUSVDUVSBEFGJOJEBQBSBFMEJBHOTUJDP
EFCFO TFS SFWJTBEPT Z DPODFSUBEPT FO TFTJPOFT EF USBCBKP EFM
DPNJU
-B FMBCPSBDJO EF FTUPT JOTUSVNFOUPT FT GVOEBNFOUBM
EFCJEPBRVFTPOFMNFEJPQBSBPCUFOFSMPTJOTVNPTRVFQFSNJUFO
SFBMJ[BSFMEJBHOTUJDPZBTFHVSBSMBDBMJEBEEFMBJOGPSNBDJO
&T SFDPNFOEBCMF RVF VOB WF[ BQSPCBEP FM JOTUSVNFOUP
EFEJBHOTUJDP TFBQMJRVFBNBOFSBEFQSVFCBQJMPUP DPOFMGJO
EFSFBMJ[BSMBTNPEJGJDBDJPOFTQFSUJOFOUFTRVFTFSFRVJFSBOQBSB
GBDJMJUBSTVBQMJDBDJO&OFTUFDBTPTFEFCFEFGJOJSMBNVFTUSB4J
FMDPNJUDPPSEJOBEPSOPUJFOFFYQFSJFODJB QVFEFCVTDBSBQPZPEF
QSPGFTJPOBMFT
$VBOEP QBSUJDJQFO PUSPT BDUPSFT MPDBMFT FO DBMJEBE EF
FODVFTUBEPSFTBT P FOUSFWJTUBEPSFTBT FT OFDFTBSJP CSJOEBSMFT
MBJOTUSVDDJOCTJDBQBSBHBSBOUJ[BSMBDBMJEBEEFMBJOGPSNBDJO
SFDPMFDUBEB JOEFQFOEJFOUFNFOUFRVFFMJOTUSVNFOUPDVFOUFDPO
VOJOTUSVDUJWPQBSBTVBQMJDBDJO
&MBCPSBDJOEFMEJBHOTUJDP
EFMBHFTUJOEFSFTJEVPTFOFM
$BOUOEF"MWBSBEP
t
t
&O MB SFBMJ[BDJO EFM EJBHOTUJDP FO FM DBOUO EF

"MWBSBEPywQBSB DPNQFOTBS MB GBMUB EF JOGPSNBDJO
TFDVOEBSJB FM FRVJQP DPOTVMUPS MMFW B DBCP VOB TFSJF EF
BDUJWJEBEFT DPO FM PCKFUJWP EF SFDPQJMBS MB JOGPSNBDJO
SFRVFSJEBQBSBMBFMBCPSBDJOEFWBSJPTEFMPTBQBSUBEPTEFM
EJBHOTUJDPw UBMFTDPNP
t
t
t
7JTJUBTEFDBNQP
7JTJUBT DPO BVUPSJEBEFT NVOJDJQBMFT Z
NJFNCSPTEFM$PNJUBQSPZFDUPTEFTFQBSBDJO
Z SFDJDMBKF BT DPNP FYQPTJDJPOFT TPCSF PUSP
UJQPEFFYQFSJFODJBTJOOPWBEPSBT
&OUSFWJTUBT BCJFSUBT B QFSTPOFSPT EF MPT
TFSWJDJPT EF SFDPMFDDJO GVODJPOBSJPT Z
BVUPSJEBEFT NVOJDJQBMFT FY GVODJPOBSJPT
NVOJDJQBMFT GVODJPOBSJPT EF EJWFSTBT
FOUJEBEFTZDFOUSPTFEVDBUJWPT QPCMBEPSFTFO
HFOFSBM FUD
t
&ODVFTUBT BM TFDUPS DPNFSDJBM Z SFTJEFODJBM

BTDPNPFOWJBEBT QPSNFEJPEFNBFTUSPT
DPOOJPTEFFTDVFMBBTVTGBNJMJBT
$POSFTQFDUPBFTUFMUJNPQVOUP MBOFDFTJEBE
EF SFDPQJMBS JOGPSNBDJO QPS NFEJP EF
FODVFTUBT TF QMBOUF BOUF MB JNQPSUBODJB
EF BOBMJ[BS BTQFDUPT SFMBDJPOBEPT DPO MB
QBSUJDJQBDJO BDUVBM EF EJGFSFOUFT TFDUPSFT
EFMBQPCMBDJOFOMBCPSFTEFDMBTJGJDBDJOZ
SFDJDMBKF EF MPT SFTJEVPT TMJEPT FO QSJNFS
MVHBS &O TFHVOEP MVHBS QBSB EFUFSNJOBS
BTQFDUPTEFUJQPTPDJPDVMUVSBMSFMBDJPOBEPT
DPO FM UFNB RVF QVEJFSBO FOUPSQFDFS P
GBDJMJUBSMBJODPSQPSBDJOEFMBQPCMBDJOFO
HFOFSBM FOMBBQMJDBDJOEFM1.(34
1BSB FTUF DPNFUJEP FM FRVJQP DPOTVMUPS
EJTF GPSNVMBSJPT QBSB MB SFDPQJMBDJO EF
MB JOGPSNBDJO B BQMJDBS B VOB NVFTUSB EF
MPT EJGFSFOUFT UJQPT EF FTUBCMFDJNJFOUPT
DPNFSDJBMFT Z EF TFSWJDJPT B GBNJMJBT EF
EJGFSFOUFTTFDUPSFTSFTJEFODJBMFTEFMDBOUO
Z B GBNJMJBT EF FTDPMBSFT &M GPSNVMBSJP
VUJMJ[BEPTFQSFTFOUBFOFM"OFYP
'VFOUF1MBO.VOJDJQBMEF(FTUJOEF3FTJEVPT4MJEPTEF"MWBSBEP
1BTP
3FDPMFDUBSMBJOGPSNBDJO
6OBWF[RVFUPEPFTUQSFQBSBEP JOJDJBMBSFDPMFDDJOEFMB
JOGPSNBDJOEFMBTEJGFSFOUFTGVFOUFT&TDPOWFOJFOUFFODBSHBSB
VOBQFSTPOBQBSBRVFEFTFHVJNJFOUPBMUSBCBKPSFBMJ[BEPQPSMPT
HSVQPT JODMVZFOEPFMBOMJTJTEFMBJOGPSNBDJO
4FHVJEBNFOUF TF QSFTFOUB VOB QSPQVFTUB EF HVB EPOEF
TFEFUBMMBOVOBTFSJFEFNUPEPT UDOJDBT GSNVMBT EJBHSBNBT
FKFNQMPT RVF QVFEFO GBDJMJUBS MB SFBMJ[BDJO EFM EJBHOTUJDP EF
BDVFSEPBMPTUSFTHSBOEFTUFNBTQSPQVFTUPT

5BSFB
"DUJWJEBE
(VBQBSBMBFMBCPSBDJO
EFMEJBHOTUJDP
-BBQMJDBDJOEFFTUBHVB BTDPNPMBFMFDDJOEFBMHO
NUPEP P UDOJDB RVF TF QSPQPOF RVFEB B DSJUFSJP EFM DPNJU
DPPSEJOBEPS
5FNB
"OMJTJTEFMPTBDUPSFTTPDJBMFTEFMTJTUFNB
EF HFTUJO EF MPT SFTJEVPT TMJEPT FO FM
$BOUO
&OMB5BSFBGVFBCPSEBEPFMUFNBEFMBOMJTJTEFMPTBDUPSFT
TPDJBMFTJOWPMVDSBEPTFOMBHFTUJOEFSFTJEVPTFOFMDBOUO1FSP
FO FM EJBHOTUJDP TF USBUB EF SFUPNBS F JOUFHSBS MB JOGPSNBDJO
Z MPT BOMJTJT ZB SFBMJ[BEPT TPCSF MPT BDUPSFT DPO FM SFTUP EF MPT
FMFNFOUPTZBTQFDUPTEFMTJTUFNBEFHFTUJOJOUFHSBMEFSFTJEVPT
TMJEPT (*34

1BSBEFUFSNJOBSMBJOGMVFODJBFJNQPSUBODJBZMBTSFMBDJPOFT
EF MPT BDUPSFT TPDJBMFT TF QVFEF FNQMFBS FM i%JBHSBNB EF
SFMBDJPOFTwZMBi.BUSJ[EF*OGMVFODJBF*NQPSUBODJBw WFS"OFYPTZ
EFMB5BSFB
VPUSBTUDOJDBTRVFFMDPNJUDPPSEJOBEPSDPOP[DB
DPNPJOTUSVNFOUPTQBSBDBSBDUFSJ[BSMPTUJQPTEFSFMBDJPOFTFOUSF
MPTBDUPSFTZTVHSBEPEFJOGMVFODJBFJNQPSUBODJBFOFMUFNBEFMB
HFTUJOJOUFHSBMEFSFTJEVPTTMJEPT
5FNB
"OMJTJT EF MPT FMFNFOUPT EFM TJTUFNB
EF HFTUJO EF MPT SFTJEVPT TMJEPT FO FM
$BOUO
$PO FM BOMJTJT EF MPT FMFNFOUPT TF CVTDB SFTQPOEFS B
MB QSFHVOUB {2V SFTJEVPT TF HFOFSBO FO FM DBOUO Z RV FTU
TVDFEJFOEPDPOFMMPT
-PTFMFNFOUPTEFMTJTUFNBRVFTFQSJPSJ[BOFOFTUFDBTPTPO
B (FOFSBDJOZDBSBDUFSJ[BDJOEFSFTJEVPT
C 3FDPMFDDJOZUSBOTQPSUF
D 3FDVQFSBDJOEFNBUFSJBMFTSFDJDMBCMFT
E %JTQPTJDJOGJOBM
(FOFSBDJOZDBSBDUFSJ[BDJOEFMPTSFTJEVPT
FOFM$BOUO
4FHO MBT DBSBDUFSTUJDBT EFM MVHBS EPOEF TF HFOFSBO BT
TFSOMPTSFTJEVPTRVFTFQSPEVDFO QPSFKFNQMPEPNJDJMJPT MPDBMFT
DPNFSDJBMFT MJNQJF[B EF WBT JOEVTUSJBT Z PGJDJOBT IPTQJUBMFT
DMOJDBT MBCPSBUPSJPT FOUSFPUSPT
$POSFTQFDUPBMBHFOFSBDJODPOWJFOFNFODJPOBSRVFMPT
ICJUPT EF DPOTVNP Z MBT DBSBDUFSTUJDBT FDPONJDBT TPDJBMFT
DVMUVSBMFT EF MB QPCMBDJO JODJEFO FO MBT DBOUJEBEFT Z MPT UJQPT
EFSFTJEVPTHFOFSBEPT1PSFKFNQMP FODPNVOJEBEFTEPOEFMBT
GBNJMJBTQFSDJCFOVOCBKPJOHSFTPQSPCBCMFNFOUFMPTSFTJEVPTRVF
QSPEVDFOWBOBTFSNTPSHOJDPT DPONFOPTFOWBTFT NJFOUSBT
RVFFOPUSBTGBNJMJBTDPOBMUPTJOHSFTPTQPESBOQSPEVDJSTFNT
SFTJEVPTEFFOWBTFT
%F JHVBM NBOFSB FYJTUFO EJGFSFODJBT FO MBT DBOUJEBEFT Z
MPT UJQPT EF SFTJEVPT FOUSF HSBOEFT HFOFSBEPSFT DPNP BMHVOPT
DPNFSDJPTFJOEVTUSJBTZMPTQFRVFPTHFOFSBEPSFT&TUBHVBTF
DFOUSB FO FTUPT MUJNPT EPNJDJMJPT DPNFSDJPT QFRVFPT DPNP
QVMQFSBT WFSEVMFSBT TBMPOFTEFCFMMF[B FOUSFPUSPT
$BSBDUFSJ[BDJOEFMPTSFTJEVPTHFOFSBEPT
-B DBSBDUFSJ[BDJO EF MPT SFTJEVPT TJSWF QBSB DPOPDFS MB
DBOUJEBE EF SFTJEVPT RVF TF QSPEVDFO FO FM DBOUO P FO VOB
[POBFTQFDGJDBZTVTDBSBDUFSTUJDBTFOUSNJOPTEFDPNQPTJDJO
GTJDBZRVNJDB5BNCJOFTJNQPSUBOUFDPOPDFSMBEFOTJEBEZMB
HFOFSBDJOQPSQFSTPOBQPSEB 11$

%F FTUB NBOFSB TF QVFEF EFGJOJS FM UJQP EF HFTUJO RVF
TF QPESB EBS ZB TFB QBSB EFTBSSPMMBS QSPHSBNBT EF SFEVDDJO
TFQBSBDJO Z BQSPWFDIBNJFOUP EF NBUFSJBMFT SFDJDMBCMFT P
FMBCPSBDJOEFDPNQPTU
-BEFOTJEBEEFMPTSFTJEVPTQFSNJUFEFUFSNJOBSTJMBDBOUJEBEEFSFTJEVPTRVFUSBOTQPSUBVOWFIDVMPWBEFBDVFSEPDPOTVDBQBDJEBE MPRVFQFSNJUFWFSJGJDBSMB
TPCSFDBSHBEFMWFIDVMP

"DUJWJEBE
-BQSPEVDDJOQFSDQJUB 11$
SFMBDJPOBMPTLJMPHSBNPTEF
SFTJEVPTHFOFSBEPTQPSQFSTPOBDPOSFTQFDUPBMUPUBMEFMBQPCMBDJO
FO FTUVEJP &T EFDJS JOEJDB DVOUPT LJMPHSBNPT EF SFTJEVPT FTU
QSPEVDJFOEPVOBQFSTPOBQPSEB1PSPUSBQBSUF FTUPQFSNJUJS
EFUFSNJOBSMBTEJNFOTJPOFTEFMPTWFIDVMPT EFMBNBRVJOBSJBZFM
FRVJQP MBJOGSBFTUSVDUVSBZFMSFDVSTPIVNBOPRVFTFSFRVJFSF
:B FYJTUF JOGPSNBDJO FO FM QBT Z B OJWFM JOUFSOBDJPOBM
EPOEFTFIBFTUJNBEPMB11$&OFM"OFYPTFQSFTFOUBFMEFUBMMF
EFMB11$EFM TFHOVOFTUVEJPEFM*'".4JOFNCBSHP FTUB

JOGPSNBDJOOPFTUDPNQMFUBPOPFTUBDUVBMJ[BEBEFCJEPBRVF
BMHVOBTNVOJDJQBMJEBEFTOPIBOSFOPWBEPMPTEBUPT
5BNCJOFYJTUFVOFTUVEJPEFMBFTUJNBDJOEFMB11$TFHO
EJGFSFOUFTUBNBPTEFDJVEBEZQBSBQPCMBDJOVSCBOBFO"NSJDB
-BUJOBZFM$BSJCF"DPOUJOVBDJOTFJODMVZFFMEFUBMMF RVFQPESB
VUJMJ[BSTFDPNPVOQBSNFUSPQBSBMPTDBOUPOFTEF$PTUB3JDBRVF
OPUJFOFOEBUPT
5BNBPEFMBDJVEBE
1FRVFB
.FEJBOB
(SBOEF
.FHBMQPMJT
1PCMBDJOVSCBOB
IBCJUBOUFT
)BTUB
%FB
%FB
.TEF
5BSFB
5BCMB3BOHPTNTVTBEPTEFMBHFOFSBDJOEFSFTJEVPTTMJEPTQFSDBQJUB
(FOFSBDJOQFSDBQJUB
LHIBCEB

EF B
EF B
.TEF
'VFOUF1FOJEP.POUFJSP FUBM

i.BOVBMEFHFTUJOJOUFHSBEBEFSFTJEVPTTMJEPTNVOJDJQBMFTFODJVEBEFTEF"NSJDB-BUJOBZFM$BSJCF3P+BOFJSP
#SBTJM
.UPEPTQBSBMBFTUJNBDJOEFMBHFOFSBDJO
EFSFTJEVPTTMJEPT
&YJTUFOWBSJPTNUPEPTRVFTFQVFEFOVUJMJ[BSQBSBFTUJNBS
MBHFOFSBDJOEFSFTJEVPTTMJEPT"DPOUJOVBDJOTFQSFTFOUBO
EFFMMPTQBSBRVFFMDPNJUDPPSEJOBEPSVUJMJDFFMRVFDPOTJEFSFNT
DPOWFOJFOUF
.UPEP
QVFEFUPNBSTFEF5BCMB BOUFTNFODJPOBEBPEFEBUPTEFM*'".

4FVUJMJ[BMBTJHVJFOUFGSNVMB
'SNVMB$MDVMPEFMBQSPEVDDJOUPUBM
EJBSJBEFSFTJEVPTFOGVODJOEFM11$
153
1PCMBDJOEFJOUFSTY11$
&TUJNBDJOEFMBQSPEVDDJOUPUBMEFSFTJEVPT
4FUPNBFMEBUPUPUBMEFMBQPCMBDJOEFMDBOUOPTJTFEFTFB
FMEBUPEFQPCMBDJOEFDBEBEJTUSJUPZTFNVMUJQMJDBQPSMB11$ RVF
%POEF
1531SPEVDDJOUPUBMEFSFTJEVPTFOLHEB
11$1SPEVDDJOQPSQFSTPOBFOLHIBCEB

" DPOUJOVBDJO TF QSFTFOUB VO FKFNQMP EF MB FTUJNBDJO UPUBM EF SFTJEVPT EF MB NVOJDJQBMJEBE EF 4BOUP %PNJOHP EF )FSFEJB
DPOTJEFSBOEPMBQPCMBDJOUPUBM
5BCMB%JTUSJCVDJOQPSEJTUSJUPEFMBQPCMBDJOEFMDBOUOEF4BOUP%PNJOHPEF)FSFEJB
%JTUSJUP
)PNCSFT
.VKFSFT
5PUBM
4BOUP%PNJOHP

4BO7JDFOUF

4BO.JHVFM

1BSBTJUP

4BOUP5PNT

4BOUB3PTB

5VSFT

1BS

505"-&4

'VFOUF*/&$ &ODVFTUBEF)PHBSFT
4VQPOJFOEPVOBQSPEVDDJOQFSDQJUBEFLJMPHSBNP
IBCJUBOUFEB TFHOEBUPEFM*'".o

%POEF
153
1PCMBDJOEFJOUFSTY11$
%POEF
153 IBCJUBOUFTDBOUOY11$

153 LHSEB
&TUPTJHOJGJDBRVFFO4BOUP%PNJOHPMBQSPEVDDJOEJBSJBEF
SFTJEVPTFTEF LJMPHSBNPT
4JTFRVJFSFODPOWFSUJSMPTLJMPHSBNPTBUPOFMBEBT FOUPODFT
MPTLJMPHSBNPTTFEJWJEFOFOUSFPTFB
UPOFMBEBT EJBSJBT &T EFDJS RVF FO FM FM DBOUO EF 4BOUP
%PNJOHP QSPEVDB VO UPUBM EF BQSPYJNBEBNFOUF UPOFMBEBT
EJBSJBTEFSFTJEVPTTMJEPTNVOJDJQBMFT
.UPEP
&TUJNBDJOEFMBQPCMBDJO
&O DBTP EF OP UFOFS MB JOGPSNBDJO EF MB QPCMBDJO EFM
DBOUO QFSPTFDVFOUBDPOFMEBUPEFMBTWJWJFOEBTZTVTPDVQBOUFT
TFQVFEFVUJMJ[BSFTUFNUPEP
&MEBUPEFMBTWJWJFOEBTQPSEJTUSJUPZFMQSPNFEJPEFQFSTPOBT
QPSWJWJFOEBQVFEFTFSVUJMJ[BEPQBSBFTUJNBSMBQPCMBDJO&O$PTUB
3JDBFMQSPNFEJPEFQFSTPOBTQPSWJWJFOEBFTEF1BSBDPOPDFS
FMEBUPQPSQSPWJODJBTFQVFEFDPOTVMUBSMBQHJOB8FCEFM*/&$
XXXJOFDHPDS
&TUBETUJDBT4PDJBMFTEFM
'SNVMB$MDVMPEFMB1PCMBDJO&TUJNBEB
1&
$BOUJEBEEFWJWJFOEBTY
QSPNFEJPEFIBCJUBOUFT
QPSWJWJFOEB
%POEF1&1PCMBDJOFTUJNBEB

"DUJWJEBE
&TUFNUPEPOPTCSJOEBVOBBQSPYJNBDJOEFMPTSFTJEVPT
HFOFSBEPT4PCSFUPEPTFBQMJDBDVBOEPOPIBZEBUPTDPOGJBCMFTEF
MBQPCMBDJO&TQSPCBCMFRVFMBDBOUJEBEUPUBMEFSFTJEVPTEJGJFSB
EF MB FTUJNBEB DPO FM VTP EF MB 'SNVMB FM DVBM DPOTJEFSB MB
QPCMBDJOSFBM
.UPEP
$POTVMUBFOFMTJUJPEFEJTQPTJDJOGJOBM
&ONVDIPTMVHBSFT BQFTBSEFUFOFSMBJOGPSNBDJOEFMB
QPCMBDJO FMEFTBSSPMMPVSCBOTUJDPDSFDFDPOTJEFSBCMFNFOUFMPRVF
JNQMJDBRVFMMFHBONTQFSTPOBTBWJWJSBMDBOUO&OFTUPTDBTPTFT
DPOWFOJFOUFEFTBSSPMMBSFTUFNUPEPEFDMDVMP
$VBOEP MPT WFIDVMPT SFDPMFDUPSFT EFQPTJUBO TVT SFTJEVPT
FOFMTJUJPEFEJTQPTJDJOGJOBMZMPTSFTJEVPTTPOQFTBEPTFOVOB
CTDVMBDBNJPOFSB TFUJFOFOMPTSFHJTUSPTEFDBOUJEBEEFSFTJEVPT
QPSMVHBSEFQSPDFEFODJB"TQPEFNPTPCUFOFSVOBFTUJNBDJO
DFSDBOBEFMBHFOFSBDJOEFSFTJEVPT RVFFTSFDPMFDUBEB
&TUJNBDJOEFMBDPNQPTJDJOGTJDB
EFMPTSFTJEVPTTMJEPT
6OBWF[RVFTFUJFOFMB11$ZMBHFOFSBDJOUPUBMEFSFTJEVPT
EFM NVOJDJQJP TF QVFEF DBMDVMBS MB DPNQPTJDJO GTJDB EF FTUPT
SFTJEVPT
&TUFFTUVEJPTFQVFEFSFBMJ[BSEFEPTNBOFSBT
B 1BSUJFOEP EF MB DPNQPTJDJO GTJDB FTUJNBEB FO
FTUVEJPTSFBMJ[BEPTQPSPSHBOJTNPTJOUFSOBDJPOBMFT
POBDJPOBMFT
C %FNBOFSBQSDUJDBDPNPTFJMVTUSBFOFM"OFYP
$POSFTQFDUPBMBDPNQPTJDJOGTJDBEFMPTSFTJEVPTTMJEPT
FO $PTUB 3JDB FYJTUFO QPDPT FTUVEJPT RVF QFSNJUFO FTUJNBS
MB DPNQPTJDJO GTJDB EF MPT SFTJEVPT TMJEPT -B 0SHBOJ[BDJO
1BOBNFSJDBOB EF MB 4BMVE 014
VUJMJ[B MB TJHVJFOUF FTUJNBDJO
OBDJPOBM 5BCMB
RVFQVFEFTFSWJSEFSFGFSFODJBQBSBTVDBOUO
5BCMB&TUJNBDJOEFMBDPNQPTJDJOGTJDB
EFMPTSFTJEVPTTMJEPTPSEJOBSJPTFO$PTUB3JDB
5JQPSFTJEVPT
0SHOJDP

1BQFM

1MTUJDP

.BEFSB

5FMBT

.FUBMFT

7JESJP

1JFESB

5JFSSB

2VNJDPT

"HVB

)VMF

5BSFB
-VFHPTFNVMUJQMJDBMB1&Y11$ ZFMSFTVMUBEPFTMBDBOUJEBE
EFSFTJEVPTHFOFSBEPTFOFMMVHBSEFFTUVEJP
'VFOUF014
1BSB IBDFS FM DMDVMP FO MB MPDBMJEBE DBOUO P MVHBS EF
JOUFSTTFQVFEFQBSUJSEFMQPSDFOUBKFEFMBDPNQPTJDJOGTJDBEF
MPTSFTJEVPTZTFNVMUJQMJDBQPSFMUPUBMEFSFTJEVPTEFMEJTUSJUPP
DBOUOZTFEJWJEFFOUSF
'SNVMB$MDVMPEFMBTDBOUJEBEFTEF
SFTJEVPTTFHOFMUJQPEFSFTJEVP
3$'
$PNQPTJDJOGTJDBY3%
%POEF
3%3FTJEVPTEFMEJTUSJUPFOLJMPHSBNPT
3$'3FTJEVPTTFHODPNQPTJDJOGTJDBFOLJMPHSBNPT
1PS FKFNQMP QBSB FM DBTP EF 4BOUP %PNJOHP DPO VO
FTUJNBEP EF LJMPHSBNPTEB HFOFSBEPT MB DPNQPTJDJO
GTJDBTFPCTFSWBFOMB5BCMB

5BCMB&TUJNBDJOEFMBDPNQPTJDJOGTJDB
EFMPTSFTJEVPTTMJEPTPSEJOBSJPTEFMDBOUO
EF4BOUP%PNJOHPFOFM
5JQPSFTJEVPT
,JMPHSBNPT
0SHOJDP

1BQFM

1MTUJDP

.BEFSB

5FMBT

.FUBMFT

7JESJP

1JFESB

5JFSSB

2VNJDPT

"HVB

)VMF

5PUBM

'VFOUF&MBCPSBDJOQSPQJB
&T JNQPSUBOUF NFODJPOBS RVF MPT FKFNQMPT BOUFT

QSFTFOUBEPTTPOTPMBNFOUFQBSBSFTJEVPTEPNJDJMJBSFT&OFMDBOUO
EFCFOJODMVJSTFBEFNT MPTSFTJEVPTEFMPTQFRVFPTDPNFSDJPTZ
EFMNFSDBEP&OFM"OFYPTFQSFTFOUBOMPTJOEJDBEPSFTQBSBMB
FTUJNBDJOEFMBQSPEVDDJOQFSDQJUBEFMDPNFSDJP SFTUBVSBOUFT
TPEBTZFMNFSDBEP
&T QSJNPSEJBM DPOTJEFSBS OP TPMBNFOUF MB DBOUJEBE EF
QFSTPOBT RVF WJWFO FO FM DBOUO TJOP UBNCJO FM ONFSP EF
QFSTPOBTRVFUSBCBKBOFOFMDBOUOZMPTBTUVSJTUBTRVFMMFHBOUBOUP
FOUFNQPSBEBBMUBDPNPCBKB ZBRVFFTUPBGFDUBTFOTJCMFNFOUF
MPTEBUPTEFHFOFSBDJOZDPNQPTJDJOEFMPTSFTJEVPTEFMMVHBS
QPSRVFTFJODSFNFOUB

3FDPMFDDJOZUSBOTQPSUFEFSFTJEVPT
&MTJTUFNBEFSFDPMFDDJOFTVOPEFMPTQVOUPTNFEVMBSFT
EFMNBOFKPEFMPTSFTJEVPT EFCJEPBRVFMBDBMJEBEEFMTFSWJDJPRVF
TFCSJOEFBMBQPCMBDJOSFQFSDVUFFOMBCVFOBPNBMBJNBHFOEF
MBNVOJDJQBMJEBE
&MTFSWJDJPEFSFDPMFDDJOJNQMJDBMBEFDJTJOTPCSFFMUJQPEF
WFIDVMPTBVUJMJ[BS DPNQBDUBEPSFTPEFPUSPUJQP
MBEFGJOJDJOEF
MPTIPSBSJPTEFSFDPMFDDJO ZTVTGSFDVFODJBTFMEJTFPEFMBTSVUBT
EF SFDPMFDDJO TFQBSBEB P TFMFDUJWB MB DPOUSBUBDJO EFM TFSWJDJP
FOUSFPUSPT
-BSFDPMFDDJOZFMUSBOTQPSUFEFSFTJEVPTQVFEFOPSHBOJ[BSTF
QBSBIBDFSMPDPOMPTSFTJEVPTTFHSFHBEPTPSFWVFMUPT&TJNQPSUBOUF
JODMVJS UBOUP FMTFSWJDJPCSJOEBEPQPSMBNVOJDJQBMJEBE DPNPQPS
FNQSFTBTQSJWBEBT GPSNBMFTPJOGPSNBMFT HSBOEFTZQFRVFBT
{1BSBRVTJSWF
1BSB BOBMJ[BS MB FGJDJFODJB EF MB SFDPMFDDJO FO DVBOUP BM
UJFNQP MBTSVUBT FMDPTUP MBGSFDVFODJBZFMIPSBSJPFTUBCMFDJEP
1PSPUSBQBSUF QFSNJUFEFUFSNJOBSFMFTUBEPEFMBGMPUJMMB
EF MPT WFIDVMPT DPO MPT RVF TF SFDPMFDUBO MPT SFTJEVPT Z TJ TPO
MPT BQSPQJBEPT QBSB MBT DBSBDUFSTUJDBT EF MB [POB QBSB IBDFS MB
SFDPMFDDJO TFQBSBEB BT DPNP QBSB BNQMJBS MB DPCFSUVSB EFM
TFSWJDJPEFSFDPMFDDJO
{%OEFCVTDBSMBJOGPSNBDJO
-B JOGPSNBDJO QVFEF MPDBMJ[BSTF FO MPT SFHJTUSPT EF MB
NVOJDJQBMJEBE FO FM *OTUJUVUP (FPHSGJDP /BDJPOBM *(/
FO MB
PGJDJOBEFUSOTJUPFOFM.JOJTUFSJPEF0CSBT1CMJDBTZ5SBOTQPSUFT
.015
FOFM*OTUJUVUP.FUFPSPMHJDP/BDJPOBM *./
FOMBHVB
UFMFGOJDB FO*OUFSOFUZFOGPMMFUPTEFJOGPSNBDJOUVSTUJDB
"DUJWJEBE
-BJOGPSNBDJORVFTFSFRVJFSFCVTDBSFT
t &MDMJNBZMBUFNQFSBUVSB
t -BVCJDBDJOEFMPTEJTUSJUPT
t
-BUPQPHSBGBEFMMVHBS
t 3VUBT EF SFDPMFDDJO UJFNQPT EF SFDPSSJEP Z
MJNQJF[BEFWBT
t $BSBDUFSTUJDBTEFMPTWFIDVMPT
t $BOUJEBEEFQFSTPOBMQPSSVUBPWFIDVMP
&MDMJNBZMBUFNQFSBUVSBTPOEPTGBDUPSFTBDPOTJEFSBS1PS
FKFNQMP FOQPDBMMVWJPTBMPTSFTJEVPTUJFOFOVONBZPSDPOUFOJEP
EF IVNFEBE TV QFTP TF BVNFOUB Z TF BDFMFSB FM QSPDFTP EF
EFTDPNQPTJDJO EF MB NBUFSJB PSHOJDB &O FM DBTP EF MB QPDB
TFDBFMDPOTVNPEFCFCJEBTIBDFRVFTFHFOFSFONTFOWBTFTEF
SFGSFTDPT
&TUB JOGPSNBDJO TJSWF QBSB EFUFSNJOBS MPT IPSBSJPT EF
SFDPMFDDJOFOQPDBTFDBZMMVWJPTB EFEBPEFOPDIF FMUJQPEF
FRVJQPEFQSPUFDDJOQFSTPOBMEFMPTUSBCBKBEPSFTBTZMBUFDOPMPHB
BVUJMJ[BS
-B VCJDBDJO EF MPT EJTUSJUPT CBSSJPT DPNVOJEBEFT
EFM DBOUO GBDJMJUB EFUFSNJOBS MBT EJTUBODJBT RVF FYJTUFO FOUSF
MBT DPNVOJEBEFT EPOEF TF SFDPMFDUBO MPT SFTJEVPT Z MPT TJUJPT
EF EJTQPTJDJO GJOBM QPS FOEF MB OFDFTJEBE EF FTUBDJPOFT EF
USBOTGFSFODJBZMBMPDBMJ[BDJOEFMPTDFOUSPTEFBDPQJPEFNBUFSJBMFT
SFDJDMBCMFT
&MUJQPEFUPQPHSBGBEFMMVHBS QFSNJUFEFDJEJSMPTNUPEPTEF
SFDPMFDDJO1PSFKFNQMP TJTFSFDPMFDUBFODBEBWJWJFOEB PEFCFO
FTUBCMFDFSTFQVOUPTEFBMNBDFOBNJFOUPUFNQPSBM DPOUFOFEPSFT

TPCSF UPEP FO MBT MPDBMJEBEFT DPO UPQPHSBGB JSSFHVMBS 5BNCJO

QBSBEFGJOJSFMUJQPEFWFIDVMPQBSBMBSFDPMFDDJOTFEFCFUPNBS
FODVFOUBTJTPOTJUJPTDPOTVQFSGJDJFTQMBOBT DPOQFOEJFOUFT TJIBZ
RVFDSV[BSSJBDIVFMPTPQVFOUFT TJMBTDBMMFTTPOQBWJNFOUBEBT EF
MBTUSFPEFUJFSSB
"T NJTNP TF EFCF DPOTJEFSBS TJ TPO WBT QSJODJQBMFT FM
TFOUJEPZFMUBNBPEFMBTDBMMFTZMPTBDDFTPT&OVODSPRVJTP
NBQBTFQVFEFNBSDBSFTUBJOGPSNBDJO
0USBJOGPSNBDJORVFTFOFDFTJUBTPOMBTSVUBTEFSFDPMFDDJO
ZMJNQJF[BEFWBTFTUBCMFDJEBT MPRVFTFQVFEFUBNCJOHSBGJDBS
FOVODSPRVJT TJOPTFUJFOF

"EFNT TF QVFEFO SFHJTUSBS MBT DBSBDUFSTUJDBT EF MPT
WFIDVMPT B TBCFS UJQP NBSDB DBQBDJEBE QFTP P WPMVNFO

BP QFSJPEJDJEBE EF NBOUFOJNJFOUP IPSBSJPT GSFDVFODJB EF
SFDPMFDDJO ONFSPEFWJBKFTQPSSVUBZEJTUBODJBSFDPSSJEBQPSSVUB
ZWFIDVMP4FEFCFEFUFSNJOBSTJTFVUJMJ[BMBDBQBDJEBENYJNB
EFMPTWFIDVMPT WFSJGJDBSTJMPTSFQVFTUPTEFMPTWFIDVMPTFTUO
EJTQPOJCMFTFOFMNFSDBEPOBDJPOBM
&T JNQPSUBOUF SFDPQJMBS FM ONFSP Z FM OPNCSF EF MBT
FNQSFTBTGPSNBMFTFJOGPSNBMFTEFSFDPMFDDJOEFSFTJEVPT RVF
QSFTUFOFMTFSWJDJPFOFM$BOUO
5BNCJO TF OFDFTJUB DPOPDFS MB DBOUJEBE EF QFSTPOBM QPS
SVUBPWFIDVMP&TUBJOGPSNBDJOTFQVFEFSFDPMFDUBSJOGPSNBDJO
NFEJBOUFMBPCTFSWBDJOEFDBNQP FOUSFWJTUBTBMPTDIPGFSFTEF
MPTWFIDVMPTSFDPMFDUPSFTZFNQSFTBSJPT TJFYJTUFO WFS"OFYP

-B JOGPSNBDJO EF MPT WFIDVMPT EF SFDPMFDDJO TF QVFEF
TJTUFNBUJ[BSEFMBTJHVJFOUFNBOFSB
5BCMB$BSBDUFSTUJDBTEFMPTWFIDVMPTEFSFDPMFDDJOTFHOUJQPZDBQBDJEBE
5JQP
"P
$BNJOTJODPNQBDUBDJO
PEFBESBMFT
7BHPOFUB
$BQBDJEBE
$BNJO
$PNQBDUBEPS
1FTP
5PO
7PMVNFO
N
'VFOUF"$&1&4"

5BSFB
*OGPSNBDJOBCVTDBSFJOTUSVNFOUPT
5BCMB3VUBTEFSFDPMFDDJOTFHOMVHBSFTBUFOEJEPT DBOUJEBEEFSFTJEVPT
SFDPMFDUBEPT ONFSPEFWJBKFTQPSEBZEJTUBODJBSFDPSSJEB
3VUB
-VHBSFTBUFOEJEPT
5PUBMSFDPMFDUBEP
5POEB
NEB
$BQBDJEBE
1FTP
5PO
/NFSPEF
WJBKFTQPSEB
,JMNFUSPT
1PSSVUB
7PMVNFO
N
'VFOUF"$&1&4"
"DPOUJOVBDJOTFQSFTFOUBVOGPSNBUPEFDVFTUJPOBSJPRVFTFQVFEFVUJMJ[BSQBSBSFBMJ[BSMBFWBMVBDJOEFMBTSVUBTEFSFDPMFDDJOEF
TVNVOJDJQJP
5BCMB'PSNBUPEFDVFTUJPOBSJPQBSBMBFWBMVBDJOEFMBTSVUBTEFSFDPMFDDJO
6OGPSNBUPQPSEB'FDIB@@@@@@@@)PSB@@@@@@@@@
/PNCSFEFMBQFSTPOBRVFSFDPMFDUBMBJOGPSNBDJO@@@@@@@@@@@@@@@@@@@@@@%BTEFSFDPMFDDJO@@@@@@@@@@
5FMGPOP@@@@@@@@@@@@@@@/NFSPEFUSBCBKBEPSFT@@@@@@@@@@@@@
)BDFSFMDSPRVJTEFMBSVUBEFFTUFEB DPOFMDIPGFS3FDPNFOEBDJOIBDFSMPBOUFTEFTBMJSBIBDFSMFMSFDPSSJEP
.BSDBEFMWFIDVMP5JQP
.PEFMP
$BSSPDFSB
N
5POFMBEBT
-VHBS
/NFSPEF
SFGFSFODJBFO
DSPRVJT
$BSBDUFSTUJDBTEFMBTSVUBTEFSFDPMFDDJO
$BUFHPSB
4BMJEBEFMMVHBSEPOEFHVBSEBOFMWFIDVMP
-MFHBEBBMMVHBSEFJOJDJPEFMBSFDPMFDDJO
1SJNFSMMFOBEPEFMWFIDVMP
-MFHBEBBMTJUJPEFEJTQPTJDJOGJOBM
%FTDBSHBFOFMTJUJP
4BMJEBEFMTJUJPBMQVOUPEFSFDPMFDDJO
-MFHBEBBMMVHBSEFSFDPMFDDJO
4FHVOEPMMFOBEPEFWFIDVMP
-MFHBEBBMTJUJPEFEJQPTJDJOGJOBM

5JFNQP
)PSB
,JMPNFUSBKF
"DUJWJEBE
%FTDBSHBFOFMTJUJP
4BMJEBEFMTJUJPEFEJTQPTJDJOGJOBM
-MFHBEBBMQVOUPGJOBM
0CTFSWBS&MNUPEPEFSFDPMFDDJO FMUJQPEFSFDJQJFOUFTEPOEFTFFODVFOUSBOMPTSFTJEVPT FMUJFNQPRVFTFJOWJFSUFFOBMJNFOUBDJO
MPTICJUPTEFMJNQJF[BEFMPTUSBCBKBEPSFT FMVTPEFFRVJQPEFQSPUFDDJOQFSTPOBM MBBHMPNFSBDJOEFWFIDVMPT
'VFOUF"$&1&4"
-JNQJF[BEFWBTZSFBTQCMJDBT
-B MJNQJF[B EF WBT Z SFBT QCMJDBT UBNCJO HFOFSB
SFTJEVPT -P JEFBM FT RVF IBZB SFDJQJFOUFT EPOEF MBT QFSTPOBT
QVFEBO EFQPTJUBS MPT SFTJEVPT VCJDBEPT FO MPT TJUJPT EF NBZPS
BGMVFODJBDPNPQBSBEBTEFCVTFT QBSRVFT FOUSFPUSPT5BNCJO
IBZRVFDPOTJEFSBSMBDVBOEPTFSFBMJ[BOGFSJBT UVSOPT FYQPTJDJPOFT
HBOBEFSBTPIBZBGMVFODJBUVSTUJDB QPSRVFJODSFNFOUBMBDBOUJEBE
EFSFTJEVPTHFOFSBEPT
&TDPOWFOJFOUFRVFMBMJNQJF[BEFWBTZSFBTQCMJDBTFTU
DPPSEJOBEB DPO FM TFSWJDJP EF SFDPMFDDJO ZB RVF NVDIBT WFDFT
RVFEBOSFTJEVPTUJSBEPTFOMBTBDFSBTPDBMMFT
{1BSBRVTJSWF
1BSB EFUFSNJOBS MBT SFBT FO EPOEF FT OFDFTBSJP DPMPDBS
SFDJQJFOUFTQBSBMBSFDPMFDDJOUFNQPSBMEFMPTSFTJEVPT JEFOUJGJDBS
TJTFSFRVJFSFBNQMJBSFMTFSWJDJPEFMJNQJF[BEFWBTZFWBMVBSTV
DBMJEBE&OMPTDBTPTEFNVOJDJQBMJEBEFTRVFUJFOFOMJUPSBMFT FT
JNQPSUBOUFEFUFSNJOBSMBFGJDJFODJBZMPTNUPEPTEFUSBCBKP QVFT
TPOEJGFSFOUFTBMBMJNQJF[BEFDBMMFTPBDFSBT
NVOJDJQBMJEBEPEFSFDPSSJEPTSFBMJ[BEPTQPSFMDBOUO
6OBWF[RVFTFUJFOFJOGPSNBDJOEFMPTMVHBSFTEPOEFFYJTUF
FMTFSWJDJPEFMJNQJF[BEFWBT [POBT DBMMFT QMBZBT
FTJNQPSUBOUF
SFDPSSFS FTUPT MVHBSFT QBSB PCTFSWBS FM NUPEP EF USBCBKP TJ FT
NBOVBM PNFDBOJ[BEP FMFRVJQPZIFSSBNJFOUBTVUJMJ[BEBT
5BNCJO TF EFCF FTUJNBS FM SFOEJNJFOUP QPS QFSTPOB
LJMNFUSPTQFSTPOBEB
ZMBDBOUJEBEEFSFDJQJFOUFTJOTUBMBEPT
4FEFCFCVTDBSFMDSPRVJTPNBQBEFMDBOUOPTVTEJTUSJUPT
QBSBSFGMFKBSFOMMBTSVUBTFYJTUFOUFTZMBTRVFTFQPESBOBNQMJBS
PNPEJGJDBS
1BSBSFDPMFDUBSJOGPSNBDJOTFQVFEFIBDFSPCTFSWBDJOEF
DBNQPZFOUSFWJTUBTBMPTBTWFDJOPTBTZQFSTPOBMNVOJDJQBM
-BJOGPSNBDJOSFDPMFDUBEBQPESBTFSTJTUFNBUJ[BEBFOVO
GPSNBUPTJNJMBSBMNPTUSBEPFOMB5BCMB
5BCMB-VHBSFTBUFOEJEPTQPSMBMJNQJF[BEF
WBT TFHOSVUBZDBOUJEBEEFQFSTPOBT
3VUB
-VHBSFT
BUFOEJEPT
$BOUJEBEEFQFSTPOBM
'FNFOJOP
.BTDVMJOP
-BJOGPSNBDJOTFQVFEFPCUFOFSEFSFHJTUSPTEFMB

'VFOUF"$&1&4"

5BSFB
&M GPSNBUP BOUFSJPS FT VOB HVB QBSB MB SFDPMFDDJO EF
JOGPSNBDJOTPCSFMBTSVUBT RVFQVFEFTFSNPEJGJDBEPTFHOMB
JOGPSNBDJORVFTFSFRVJFSB&TJNQPSUBOUF TJTFQVFEF RVFTF
UPNFOGPUPHSBGBTZFOFMNFKPSEFMPTDBTPTWJEFPEFMPTQSPDFTPT
EFUSBCBKP QPSRVFFTUPQFSNJUFDPOUBSDPOVOSFHJTUSPWJTVBMEFMBT
SVUBTEFSFDPMFDDJO
5BNCJOQVFEFVTBSTFVOGPSNVMBSJPTJNJMBSBMEFMBTSVUBT
EFSFDPMFDDJO BOUFTQSFTFOUBEP
3FDVQFSBDJOEFSFTJEVPTWBMPSJ[BEPT
&O$PTUB3JDBEFTEFIBDFNTEFBPTFYJTUFOQFRVFBT
FNQSFTBTEFEJDBEBTBMBDPQJPEFSFTJEVPTWBMPSJ[BEPT&OMBMUJNB
EDBEB WBSJBT NVOJDJQBMJEBEFT IBO QSPNPWJEP MB DSFBDJO EF
BTPDJBDJPOFTQBSBBENJOJTUSBSDFOUSPTEFBDPQJPDPNVOBMFT
1BSUFEFMEJBHOTUJDPFOFMDBOUOFTJEFOUJGJDBSTJFYJTUFO
t
t
QSPZFDUPTEFTFQBSBDJOFOMBGVFOUF
DFOUSPT EF SFDVQFSBDJO EF SFTJEVPT WBMPSJ[BEPT
P DFOUSPT EF BDPQJP QSJWBEPT P DPNVOBMFT

DBOUJEBE Z VCJDBDJO UJQPT EF NBUFSJBMFT RVF
SFDJCFO Z WPMNFOFT RVF NBOFKBO UJFNQP EF
GVODJPOBNJFOUP EFRVJOFTSFDJCFOMPTNBUFSJBMFT
QPCMBDJO CV[PT JOUFSNFEJBSJPT PUSPT
FRVJQP
RVF VUJMJ[BO DPOEJDJPOFT JOGSBFTUSVDUVSB PSEFO
ZMJNQJF[B TFHVSJEBEEFMQFSTPOBM
JNQBDUPTFO
FM FOUPSOP SVJEP QPMWP NBMPT PMPSFT WFDUPSFT
TBOJUBSJPT
TJUVBDJOMFHBM FOUSFPUSPT
t PUSBT BDUJWJEBEFT EF WBMPSJ[BDJO EF SFTJEVPT
FMBCPSBDJO EF DPNQPTU FMBCPSBDJO EF
BSUFTBOBTDPOSFTJEVPT FUD

t FYJTUFODJBEFCV[PTBTFOMBTDBMMFTPFOFMTJUJPEF
EJTQPTJDJO GJOBM ONFSP QSFTFODJB EF NFOPSFT
EFFEBE DPOEJDJPOFT FUD
5BNCJO JNQMJDB DPOPDFS RV FNQSFTBT SFDJCFO MPT
NBUFSJBMFT SFDJDMBCMFT QBSB SFDJDMBKF P DPNFSDJBMJ[BDJO GVFSB EFM
QBT
4F QVFEF SFDPQJMBS JOGPSNBDJO NFEJBOUF MB PCTFSWBDJO
EFDBNQPZFOUSFWJTUBT&OFM"OFYPTFQSFTFOUBVOGPSNBUPEF
FODVFTUBQBSBDPNFSDJPT FNQSFTBTFJOTUJUVDJPOFT
{1BSBRVTJSWF
&TUB JOGPSNBDJO QFSNJUF JEFOUJGJDBS RVF BDDJPOFT EF
SFDVQFSBDJOEFSFTJEVPTWBMPSJ[BEPTTFEBOFOFMNVOJDJQJP ZB

RVFMPJEFBMFTJOUFHSBSFTUBTJOJDJBUJWBTBMQMBOZOPQBSUJSEFDFSP
3FHJTUSPT EF MB NVOJDJQBMJEBE JOGPSNBDJO FO MBT
FNQSFTBTSFDJDMBEPSBTZMPTTJUJPTEFEJTQPTJDJOGJOBM SFHJTUSPTEF
0SHBOJ[BDJPOFTOP(VCFSOBNFOUBMFT PUSPT
%JTQPTJDJOGJOBMEFSFTJEVPT
$PNQSFOEFMBTBDDJPOFTEFDPOGJOBNJFOUPEFMPTSFTJEVPT
*OUFSFTB DPOPDFS MBT DPOEJDJPOFT EF PQFSBDJO EFM TJUJP EF
EJTQPTJDJOGJOBMZTVJNQBDUPFOFMBNCJFOUF5BNCJOQVFEFTFS
RVFMPTSFTJEVPTTFEJTQPOHBOEFGPSNBJODPSSFDUBFOWFSUFEFSPTB
DJFMPBCJFSUP
&O FTUF BTQFDUP TF EFCF DPOTJEFSBS USBUBNJFOUP EF MPT
MJYJWJBEPT EFEOEFQSPWJFOFFMNBUFSJBMEFDPCFSUVSB FMUJQPEF
SFTJEVPTZPCBTVSBRVFSFDJCF MBEJTQPTJDJOEFSFTJEVPTFTQFDJBMFT
PQFMJHSPTPT MBQSFTFODJBEFCV[PTBTZFMFGFDUPFOMBTQPCMBDJPOFT
BMFEBBT0CTFSWBSTJIBZSFTJEVPTRVFUJFOFOWBMPS FTEFDJSRVF
QVFEFODPNFSDJBMJ[BSTFZRVFFTUOTJFOEPFOUFSSBEPT
{1BSBRVTJSWF
%FCFNPT DPOPDFS MBT DPOEJDJPOFT EF PQFSBDJO EFM TJUJP
EF EJTQPTJDJO GJOBM Z TV JNQBDUP FO FM BNCJFOUF 1PS FKFNQMP
FM USBUBNJFOUP EF MPT MJYJWJBEPT EF EOEF QSPWJFOF FM NBUFSJBM
EF DPCFSUVSB FM UJQP EF SFTJEVPT ZP CBTVSB RVF TF SFDJCF MB
EJTQPTJDJO EF SFTJEVPT UYJDPT Z SBEJPBDUJWPT MB QSFTFODJB EF
CV[PTBTZFMFGFDUPFOMBTQPCMBDJPOFTBMFEBBT0CTFSWBSTJIBZ
SFTJEVPTRVFUJFOFOWBMPS FTEFDJSRVFQVFEFODPNFSDJBMJ[BSTFZ
RVFFTUOTJFOEPFOUFSSBEPT
&TUB JOGPSNBDJO QVFEF PCUFOFSTF EFM *'". SFHJTUSPT
NVOJDJQBMFTZEFMPTSFHJTUSPTEFMBTFNQSFTBTHFTUPSBTEFTJUJPT
EFEJTQPTJDJOGJOBM
6CJDBDJO EFM TJUJP EF EJTQPTJDJO GJOBM QFSNJTP EF

GVODJPOBNJFOUP WPMNFOFT RVF SFDJCF QSPDFEFODJB EF MPT
SFTJEVPT UJQPT EF SFTJEVPT RVF JOHSFTBO DBOUJEBE EFM QFSTPOBM
Z FRVJQP VUJMJ[BEP DNP TF USBUBO MPT SFTJEVPT QSFTFODJB EF
SFDPMFDUPSFTJOGPSNBMFT iCV[PTBTw
BEVMUPTZNFOPSFTEFFEBE
MBDBOUJEBEZUJQPEFNBUFSJBMFTSFDVQFSBEPT FMNPOJUPSFPRVFTF
SFBMJ[B DPOUBNJOBDJOEFMBTGVFOUFTEFBHVB RVFNBT USBUBNJFOUP
EFMJYJWJBEPT
*OEBHBS TJ FYJTUFO JOWFTUJHBDJPOFT EF FTUF UFNB FO FM

DBOUOFODFOUSPTEFFTUVEJPTZDFOUSPTEFJOWFTUJHBDJO"EFNT
TF QVFEF SFDPMFDUBS JOGPSNBDJO QPS NFEJP EF MB BQMJDBDJO EF
DVFTUJPOBSJPTBMBQPCMBDJO FKFNQMPFO"OFYP
ZMBPCTFSWBDJO
EFDBNQP1BSBSFBMJ[BSFTUBUBSFBTFQVFEFCVTDBSMBDPMBCPSBDJO
EFVOJWFSTJEBEFT 0/(TZQSPGFTJPOBMFTEFMBTDJFODJBTTPDJBMFTRVF
WJWBOFOFMDBOUO
&TUBJOGPSNBDJOTFQVFEFSFDPQJMBSNFEJBOUFMBPCTFSWBDJO
EFDBNQPZEFFOUSFWJTUBT
5FNB
"OMJTJTEFMTJTUFNBDPOTJEFSBOEP
MPTBTQFDUPTQBSBMBTPTUFOJCJMJEBE
"TQFDUPTFDPONJDPTGJOBODJFSPT
1BSB HBSBOUJ[BS MB TPTUFOJCJMJEBE FDPONJDB Z GJOBODJFSB
EFM TFSWJDJP NVOJDJQBM Z FO HFOFSBM EFM TJTUFNB EF HFTUJO EF
SFTJEVPTEFMDBOUO FTGVOEBNFOUBMDPOPDFSMBTJUVBDJOSFBMEF
FTUFBTQFDUP
-PT BTQFDUPT UDOJDPT Z PQFSBUJWPT GVFSPO BCPSEBEPT FO

FM5FNB"OMJTJTEFMPTFMFNFOUPTEFMNBOFKPEFMPTSFTJEVPT
TMJEPT"DPOUJOVBDJOTFUSBUBSOPUSPTBTQFDUPTRVFJOGMVZFOFO
MBTPTUFOJCJMJEBEEFMTJTUFNBEFHFTUJOEFSFTJEVPT ZQPSMPUBOUP
FTGVOEBNFOUBMJODMVJSMPTFOFMEJBHOTUJDP
&TUP JODMVZF NPOUPT EF MB UBSJGB QPS TFSWJDJPT EF BTFP Z
SFDPMFDDJOFJOHSFTPT NPOUPEFMQSFTVQVFTUPNVOJDJQBMBTJHOBEP
QBSBMPTTFSWJDJPTEFMJNQJF[B SFDPMFDDJOZEJTQPTJDJOGJOBMDPTUPT
UPUBMFT EJSFDUPTFJOEJSFDUPT
BOVBMFTEFMPTTFSWJDJPTTJTUFNBEF
DPCSP QPSDFOUBKFEFNPSPTJEBE5BNCJO MBDPSSFTQPOEFODJBEFM
QSFTVQVFTUPDPOMPTJOHSFTPTBDUVBMFTZQSPZFDUBEPT MBSFMBDJO
FOUSFQSFTQVFTUP HFTUJOEFSFTJEVPTZQSFTVQVFTUPUPUBMNVOJDJQBM
ZMPTDPTUPTDPOMBTUBSJGBTWJHFOUFT
"TQFDUPTTPDJPDVMUVSBMFT
*ODMVZF FM BOMJTJT EF MPT ICJUPT Z DPTUVNCSFT EF MB

QPCMBDJO FO FM NBOFKP EF MPT SFTJEVPT TVT OFDFTJEBEFT Z
EFNBOEBT FTQFDGJDBT TV EJTQPTJDJO Z QPTJCJMJEBE EF QBHP Z
EF DPPQFSBDJO FO QSPHSBNBT JNQVMTBEPT QPS MB NVOJDJQBMJEBE
V PUSBT JOTUJUVDJPOFT "EFNT JOUFSFTB DPOPDFS TV JOUFST EF
QBSUJDJQBSFOQSPZFDUPTQJMPUPEFOVFWBTQSDUJDBTEFNBOFKP UBMFT
DPNP QSPZFDUPT EF TFQBSBDJO EF NBUFSJBMFT SFDJDMBCMFT 4BCFS
MBTDBSBDUFSTUJDBTTPDJPDVMUVSBMFTEFMBQPCMBDJOEFMDBOUOOPT
QFSNJUFQMBOJGJDBSMBTBDUJWJEBEFTZPSJFOUBSMPTTFSWJDJPTEFNBOFSB
NTSFBMJTUBZQSDUJDB
-B JOGPSNBDJO TF QVFEF FODPOUSBS FO MPT SFHJTUSPT EF MB
NVOJDJQBMJEBE FOMB$POUSBMPSB(FOFSBMEFMB3FQCMJDB $(3
FO
FTUVEJPTUBSJGBSJPTEFM*'". PUSPT
"TQFDUPTMFHBMFT

$POFMGJOEFDPOPDFSMPTMNJUFTZMBTQPTJCJMJEBEFTEFMBT
DPNQFUFODJBTEFMBNVOJDJQBMJEBEZEFMPTPUSPTFOUFTFOMBHFTUJO
NVOJDJQBMEFMPTSFTJEVPTZMBHFTUJOEFSFTJEVPTFOHFOFSBM TF
EFCFO DPOPDFS MBT MFZFT OBDJPOBMFT Z SFHMBNFOUPT SFMBDJPOBEPT
UBMFTDPNPFM$EJHP.VOJDJQBM

5BSFB
"DUJWJEBE
4JOPFYJTUFEJDIBSFHMBNFOUBDJO FTJNQPSUBOUFSFDPSEBS
RVF MBT NVOJDJQBMJEBEFT UJFOFO MB QMFOB QPUFTUBE EF DSFBS TVT
QSPQJPT SFHMBNFOUPT P OPSNBT DPO FM GJO EF NFKPSBS MB HFTUJO
EFMPTSFTJEVPTTMJEPT MPTDVBMFTEFCFSOHVBSEBSMBDPIFSFODJB
DPOMBMFHJTMBDJOWJHFOUFZDPOMBUFOEFODJBOBDJPOBMPSJFOUBEBBMB
HFTUJOJOUFHSBMEFSFTJEVPT&OFMQBTZBFYJTUFOBMHVOPTFKFNQMPT
EF3FHMBNFOUPTQBSBMB(FTUJO.VOJDJQBMEF3FTJEVPTFO&TDB[Z
4BOUB"OB FOUSFPUSBT
4JZBFYJTUFVOSFHMBNFOUPNVOJDJQBMEFSFTJEVPTQVFEFTFS
DPOWFOJFOUFBOBMJ[BSTVBQMJDBCJMJEBEFOFM$BOUOPMBOFDFTJEBE
EFSFEJTFBSMP1PSFKFNQMPFOMBFMBCPSBDJOEFMEJBHOTUJDPQBSB
IBDFSFM1MBO.VOJDJQBMEF(FTUJOEF3FTJEVPTEF%FTBNQBSBEPT
TFJODMVZVOSFTVNFOEFMBMFHJTMBDJOWJHFOUF"DPOUJOVBDJOTF
JODMVZFFTUBJOGPSNBDJO
5BCMB3FTVNFOEFMBMFHJTMBDJOHFOFSBMWJHFOUFEFSFTJEVPTTMJEPTZQMBOFT
-FHJTMBDJO1MBO
&OUJEBE3FTQPOTBCMF
-FZ(FOFSBMEF4BMVE
.*/4"-6%
-FZ0SHOJDBEFM
"NCJFOUF .*/"&
1MBO/BDJPOBMEF
%FTBSSPMMPo
.*%&1-"/

/NFSP GFDIB
5FNBTNTSFMFWBOUFTQBSBMB(*34
-FZ/PEFEF
0DUVCSFEFZTVT
SFGPSNBT
0CMJHBDJOEFTFQBSBS SFDPMFDUBS SFVUJMJ[BSZEJTQPOFSGJOBMNFOUFMPT

SFTJEVPT
$PNQFUFODJBTEFMBTNVOJDJQBMJEBEFTFOSFDPMFDDJO BDBSSFPZEJTQPTJDJO
EFSFTJEVPT
0CMJHBDJOEFMBTQFSTPOBTEFVUJMJ[BSFTPTTFSWJDJPTZDPOUSJCVJSBTV
GJOBODJBNJFOUP
$PNQFUFODJBTEF.JOJTUFSJPEF4BMVEQBSBBVUPSJ[BSTJTUFNBTEF
SFDPMFDDJO USBOTQPSUF BDVNVMBDJO SFDVQFSBDJO BQSPWFDIBNJFOUPZ
EJTQPTJDJOGJOBMEFSFTJEVPT
0CMJHBDJOEFHFOFSBEPSFTEFEFTFDIPTRVFQPSTVDBOUJEBEPQPSTVT
DBSBDUFSTUJDBTOPQVFEFOVTBSTFSWJDJPPSEJOBSJP QBSBDPOUBSDPOTJTUFNBT
EFTFQBSBDJO SFDPMFDDJOZEJTQPTJDJOGJOBM
-FZ/PEFEF
0DUVCSFEF
0CMJHBDJOEFTPNFUFSTFBVOBFWBMVBDJOEFJNQBDUPBNCJFOUBMQBSB
BRVFMMBTBDUJWJEBEFTRVFHFOFSFOSFTJEVPTQFMJHSPTPT
"DUJWJEBEFTQSPEVDUJWBTEFCFOFWJUBSEFQTJUPEFSFTJEVPTFOTVFMP
1SPIJCJDJOEFJNQPSUBSEFTFDIPTQBSBMBEJTQPTJDJOGJOBM TBMWPQBSB
SFDJDMBEPPSFVUJMJ[BEP
1SPIJCJDJOEFJNQPSUBSEFTFDIPTSBEJPBDUJWPTZUYJDPT
&OFSP
$PNPNBSDPPSJFOUBEPSEFM(PCJFSOPFTUBCMFDF FOUSFPUSPT MBOFDFTJEBE

EFEBSiVOUSBUBNJFOUPBEFDVBEPBMPTEFTFDIPTTMJEPT BUSBWTEF
NFDBOJTNPTQBSBSFEVDJS SFDJDMBSZQSPDFTBSMPTEFTFDIPTTMJEPTw
"DUJWJEBE
/NFSP GFDIB
1MBO/BDJPOBMEF.BOFKP %FDSFUP&KFDVUJWP/P
EF%FTFDIPTEF$PTUB3JDB 4.*3&/&.EF
FMBCPSBEPBP

EFEJDJFNCSFEF
.*/4"-6%
NBSDPEFSFGFSFODJBRVFSJKFMBTFTUSBUFHJBTEFTPMVDJOJOUFHSBMEFDPSUP
NFEJBOPZMBSHPQMB[PQBSBFMNBOFKPBEFDVBEPEFMPTEFTFDIPTEFMQBT
FTUBCMFDFMBOFDFTJEBEEFQSPNPWFSiVOBFTUSBUFHJBOBDJPOBMQBSB
FMNBOFKPEFEFTFDIPT DPODSJUFSJPTUDOJDPTZDJFOUGJDPT UFOEJFOUFB
EJTNJOVJSTVQSPEVDDJOw
FM1MBOOVODBGVFJNQMFNFOUBEP
$EJHP.VOJDJQBM
&TUBCMFDFMBTDPNQFUFODJBTNVOJDJQBMFTFOFMUFNB
&TUBCMFDFMBGPSNBEFDPCSBSMBTUBTBTQPSMPTTFSWJDJPT
&TUBCMFDFMBQPTJCJMJEBEEFEBSMPTTFSWJDJPTFODPODFTJOPFODPOKVOUP
DPOPUSBTNVOJDJQBMJEBEFT
&TUBCMFDFTBODJPOFTQPSJODVNQMJSSFHVMBDJPOFTTPCSFSFTJEVPT
-FZ/PEF
EF"CSJMEFZTVT
SFGPSNBT
3FHMBNFOUPTPCSFFM
.BOFKPEF#BTVSBT
&TUBCMFDFMBTNFEJEBTQBSBFMBMNBDFOBNJFOUP SFDPMFDDJO USBOTQPSUFZ

EJTQPTJDJOTBOJUBSJBEFCBTVSBT
%FDSFUP&KFDVUJWP/P
%JWJEFFMNBOFKPEFCBTVSBTFOTFSWJDJPPSEJOBSJPZFTQFDJBM
4EFEF+VOJPEF
1SPICFMBRVFNBEFCBTVSBQFSPQFSNJUFMBJODJOFSBDJO
ZTVTSFGPSNBT
3FHVMBMBSFDVQFSBDJOEFSFTJEVPTZFMSFDJDMBKF
&TUBCMFDFPCMJHBDJPOFTQBSBMPTVTVBSJPTEFMPTTFSWJDJPT
3FHMBNFOUPTPCSF
3FMMFOPT4BOJUBSJPT
$MBTJGJDBBMPTSFMMFOPTTBOJUBSJPTFONBOVBMFTZNFDBOJ[BEPT
&TUBCMFDFMBTDBSBDUFSTUJDBTRVFEFCFOUFOFSMBTQSPQJFEBEFTEPOEFTF
%FDSFUP&KFDVUJWP/P DPOTUSVZBOSFMMFOPTTBOJUBSJPT
EFEFPDUVCSFEF &TUBCMFDFMPTQFSNJTPTRVFEFCFUFOFSVOSFMMFOPTBOJUBSJP
ZTVTSFGPSNBT
*OEJDBRVFNJFOUSBTOPFYJTUBFOFMQBTQMBOUBTEFUSBUBNJFOUPPSFMMFOPT
EFTFHVSJEBEQBSBSFTJEVPTQFMJHSPTPT TUPTTFFOUJFSSBOFOMPTSFMMFOPT
TBOJUBSJPTFODFMEBTTFQBSBEBT
3FHMBNFOUPTPCSFMBT
DBSBDUFSTUJDBTZFMMJTUBEP
EFMPTEFTFDIPTQFMJHSPTPT
JOEVTUSJBMFT
%FDSFUP&KFDVUJWP/P
EFEF"CSJMEF

&TUBCMFDFMBTDBSBDUFSTUJDBTEFMPTSFTJEVPTQFMJHSPTPT FMMJTUBEPEFMPT
NJTNPTZMPTMJNJUFTRVFIBDFOBVOSFTJEVPQFMJHSPTPQPSTVUPYJDJEBEBM
BNCJFOUF

5BSFB
-FHJTMBDJO1MBO
&OUJEBE3FTQPOTBCMF
-FHJTMBDJO1MBO
&OUJEBE3FTQPOTBCMF
3FHMBNFOUPQBSBFM
.BOFKPEFMPT%FTFDIPT
1FMJHSPTPT*OEVTUSJBMFT
/NFSP GFDIB
%FDSFUP&KFDVUJWP/P
EFEF"CSJMEF

&TUBCMFDFSFTQPOTBCJMJEBEEFMHFOFSBEPSQPSFMUSBUBNJFOUPZEJTQPTJDJO
GJOBM
0CMJHBBDPOUBSDPOVOBEFDVBEPTJTUFNBEFNBOFKPEFEFTFDIPT
RVFJODMVZBHFOFSBDJO BDVNVMBDJOZBMNBDFOBNJFOUP USBOTQPSUF
USBUBNJFOUPZEJTQPTJDJOGJOBM
0CMJHBBSFBMJ[BSBDDJPOFTEFSFEVDDJOEFEFTFDIPTQFMJHSPTPTQBSB
NBOFKBSMBNFOPSDBOUJEBEQPTJCMF
0CMJHBBDMBTJGJDBSBEFDVBEBNFOUFTVTEFTFDIPTQFMJHSPTPT DPMFDUOEPMPT
TFQBSBEBNFOUFFOFMNPNFOUPRVFTFQSPEVDFOFJEFOUJGJDBSMPTZ
DMBTJGJDBSMPT
0CMJHBBNBOUFOFSBMEBMBTJHVJFOUFJOGPSNBDJO1VOUPTEFMQSPDFTP
EPOEFTFHFOFSBOEFTFDIPTQFMJHSPTPT QVOUPTEPOEFFTQPTJCMFSFEVDJS
ZQSPQPSDJOEFEFTFDIPTRVFQVFEFTFSFWJUBEPTFODBEBQVOUPEF
HFOFSBDJO
3FHMBNFOUPTPCSFFM
QSPDFEJNJFOUPQBSB
MMFWBSBDBCPMBQSVFCB
EFFYUSBDDJOQBSB
EFUFSNJOBSDPOTUJUVZFOUFT
RVFIBDFOVOSFTJEVP
QFMJHSPTPQPSTVUPYJDJEBE
BMBNCJFOUF
%FDSFUP&KFDVUJWP/P
EFEF"CSJMEFM

-FZEF6TP .BOFKPZ
$POTFSWBDJOEF4VFMPT
-FZ/PEFMEF
"CSJM
%FGJOFMPTQSPDFEJNJFOUPTQBSBMMFWBSBDBCPMBQSVFCBEFFYUSBDDJOQBSB
EFUFSNJOBSDPOTUJUVZFOUFTRVFIBDFOVOSFTJEVPQFMJHSPTPQPSTVUPYJDJEBE
BMBNCJFOUF
7FSDBQUVMP
'VFOUF1SPHSBNB$:."
i1MBOEF3FTJEVPT4MJEPT$PTUB3JDB 13&40-
%JBHOTUJDPZSFBT1SJPSJUBSJBTw
4F QVFEF PCUFOFS MB JOGPSNBDJO FO FM .JOJTUFSJP EF

4BMVE *'". FOMB"TBNCMFB-FHJTMBUJWB FOMB6OJO/BDJPOBMEF
(PCJFSOPT-PDBMFT 6/(-
FOJOUFSOFU FOFM4JTUFNB/BDJPOBMEF
-FHJTMBDJO7JHFOUF 4*/"-&7*
IUUQXXXQHSHPDSTDJK
FO-B
(BDFUB IUUQXXXHBDFUBHPDS

6O QMBO EF HFTUJO EF SFTJEVPT TMJEPT JNQMJDB MB

JNQMFNFOUBDJOEFVOBTFSJFEFBDDJPOFTFODBNJOBEBTBNFKPSBS
MBDBMJEBEEFWJEBEFMBQPCMBDJO&TPTFMPHSBTJBMPJOUFSOPEFMB
NVOJDJQBMJEBETFPQUJNJ[BOMPTQSPDFTPTRVFUJFOFOSFMBDJODPOFM
NBOFKPEFSFTJEVPT1PSFKFNQMP FMTJTUFNBEFDPCSP FMTFSWJDJPEF
SFDPMFDDJO FMTFSWJDJPEFMJNQJF[BEFWBT MBJOUFSBDDJOFOUSFMPT
EFQBSUBNFOUPTSFMBDJPOBEPT MBDBQBDJUBDJOEFMSFDVSTPIVNBOP
JOWPMVDSBEP MBTFHVSJEBEMBCPSBM FOUSFPUSPT

"DUJWJEBE
t
3FMBDJPOFTJOUFSOBTFOUSFEFQBSUBNFOUPT
t
-PTQSPDFEJNJFOUPTEFUSBCBKP
t
-BUFDOPMPHBVTBEB
t
3FDVSTPT IVNBOPT Z GJOBODJFSPT BTJHOBEPT B MBT

BDUJWJEBEFT
%F JHVBM NBOFSB FT JNQPSUBOUF DPOTJEFSBS MBT QPMUJDBT

OBDJPOBMFTZEFMHPCJFSOPMPDBMTPCSFFMUFNB
-B JOGPSNBDJO QVFEF MPDBMJ[BSTF FO FM PSHBOJHSBNB
BDUVBMJ[BEP EF MB NVOJDJQBMJEBE FO FM NBOVBM EF GVODJPOFT Z
FO FM NBOVBM EF QSPDFEJNJFOUPT Z FO MBT QPMUJDBT OBDJPOBMFT Z
NVOJDJQBMFT
%FTBSSPMMPEFVOQFSGJMQBSBFM
EJBHOTUJDPZFMNPOJUPSFPEFMB
TJUVBDJOEFMBHFTUJOEFSFTJEVPT
FOFM$BOUOEF&TDB[
&O&TDB[ZFO"MBKVFMJUB TFBQMJDVOQFSGJMQBSBMB
FWBMVBDJOEFMTFSWJDJPEFBTFPQCMJDP%FCFNFODJPOBSTF
RVFFMQFSGJMFTVOBNFUPEPMPHBEFFWBMVBDJORVFQFSNJUF
DPOPDFSHSGJDBNFOUFMBTJUVBDJOEFMNBOFKPEFMPTSFTJEVPT
TMJEPT &TUF JOTUSVNFOUP GVF WBMJEBEP QPS FM DPNJU
DPPSEJOBEPSZEFCFTFSBGJOBEPFOTVTQVOUVBDJPOFTPFOTVT
WBMPSFTQBSBQPEFSTFSBQMJDBEPFOPUSPTNVOJDJQJPT
3FDVSTPIVNBOPRVFTFSFMBDJPOBEFVOBVPUSBNBOFSBDPO
FMNBOFKPEFSFTJEVPT TFSWJDJPEFMJNQJF[BEFWBT SFDPMFDDJO
EJTQPTJDJO GJOBM
Z UDOJDPBENJOJTUSBUJWP DPOUSBUBDJPOFT
UFNQPSBMFT MPT UJQPT EF DPOUSPMFT FTUBCMFDJEPT .BOVBMFT EF
GVODJPOFT DBQBDJUBDJPOFTSFDJCJEBTQPSFMQFSTPOBM VTPEFFRVJQP
EFQSPUFDDJOQFSTPOBM SFHJTUSPEFBDDJEFOUFTZQSJODJQBMFTEPMFODJBT
EFMQFSTPOBM.BOVBMFTEFQSPDFEJNJFOUPT#JUDPSBEFSFDPMFDDJO
.FDBOJTNPTEFTVQFSWJTJO*OUFSBDDJOFOUSFEFQBSUBNFOUPT
&M 1SPZFDUP 130.6%& EF &M 4BMWBEPS EFTBSSPMM VO
JOTUSVNFOUPEFBVUPFWBMVBDJOEFMBHFTUJONVOJDJQBMEFSFTJEVPT
TMJEPT&TEFVOVTPNVZGDJMZNVZWJTVBMZFTFTQBDJBMNFOUF
QSDUJDP QBSB EFGJOJS EVSBOUF VOB CSFWF TFTJO EF USBCBKP MB
TJUVBDJOEFMBTEJGFSFOUFTSFBTEFMBHFTUJONVOJDJQBMEFSFTJEVPT
TMJEPTZ QPSFOEF MBTSFBTQSJPSJUBSJBTBDPOTJEFSBSFOVOQSPDFTP
EF QMBOJGJDBDJO FTUSBUHJDB "EFNT QFSNJUF TFS EFTBSSPMMBEP Z
BEBQUBEPFOGVODJOEFMBTOFDFTJEBEFTEFMPTVTVBSJPT%FCJEPB
FTBTWFOUBKBT TFTVHJFSFVUJMJ[BSMPDPNPDPNQMFNFOUPBMQSPDFTP
EFFMBCPSBDJOEFMEJBHOTUJDPPDPNPVOJOTUSVNFOUPEFOUSPEFM
TJTUFNB EF NPOJUPSFP Z FWBMVBDJO 1VFEF TFS DPOTVMUBEP FO FM
TJUJPIUUQXXXQSPNVEFPSHTW
&TUF TF USBCBK FO HSVQPT EPOEF DBEB VOP EJP

VOB QVOUVBDJO EF MP RVF DSFB DPSSFTQPOEB MB TJUVBDJO
EF MPT UFNT QSFHVOUBEPT MB QVOUVBDJO GVF EF B
1PTUFSJPSNFOUFTFPCUVWPVOQSPNFEJP
&O MB 5BCMB TF PCTFSWB FM SFTVNFO EFM QFSGJM
BQMJDBEP TFHO MPT FMFNFOUPT EF HFOFSBDJO EF SFTJEVPT
SFDPMFDDJO EJTQPTJDJO GJOBM Z EF MPT BTQFDUPT TPDJBMFT FO
MB QBSUF EF FEVDBDJO Z DPNVOJDBDJO FM JOTUJUVDJPOBM Z FM
FDPONJDPGJOBODJFSP
-BNVOJDJQBMJEBEPCUVWPVOQVOUBKFFYDFMFOUFFOMB
NBZPSBEFMPTBTQFDUPTFWBMVBEPT

5BSFB
1PS MP UBOUP QVFEF RVF TFB OFDFTBSJP IBDFS VO BOMJTJT EF MPT
QSPDFTPTEFUSBCBKPEFMBTVOJEBEFTNVOJDJQBMFTQBSBDPOPDFSFM
GVODJPOBNJFOUPEFMTJTUFNBBMPJOUFSOPEFMBNVOJDJQBMJEBE MBT
VOJEBEFTJOWPMVDSBEBTZTVTSFMBDJPOFT DPOFMGJOEFEFUFSNJOBSMB
DPIFSFODJBEF
5BCMB1FSGJMEFFWBMVBDJOEFMTJTUFNBEFHFTUJOEFSFTJEVPTTMJEPTFO&TDB[
&MFNFOUPT"TQFDUPT
1VOUBKF
(FOFSBDJOEFSFTJEVPTFOFMDBOUO

3FDPMFDDJOTFQBSBDJO

%JTQPTJDJO'JOBM

&DPONJDP'JOBODJFSP

&EVDBDJODPNVOJDBDJO

*OTUJUVDJPOBM-FHBM

#JFO
'VFOUF$PNJU$PPSEJOBEPS
1PSDFOUBKF
"""""
.FEJP
.BM
"DPOUJOVBDJOTFQSFTFOUBDPNPTFFWBMVVOPEFMPTFMFNFOUPTEFMTJTUFNB DPNPFTMBHFOFSBDJOEFSFTJEVPTTMJEPT
5BCMB&WBMVBDJOEFMTJTUFNBEFHFTUJOEFMNBOFKPEFSFTJEVPTTMJEPT
&MFNFOUPT
(FOFSBDJOEFMPTSFTJEVPTFOFMDBOUO
-BNVOJDJQBMJEBEUJFOFQSPZFDDJPOFTEFMBQPCMBDJOEFMDBOUO

1BSBMBFTUJNBDJOEFMBHFOFSBDJOEFSFTJEVPTTFDPOTJEFSBMBT
FTUBDJPOFTEFMBP

/"

4FDPOPDFMBDPCFSUVSBEFMBSFDPMFDDJO

4FDPOPDFMBDPCFSUVSBEFMCBSSJEP

/"

$VBOEPTFQSPHSBNBVOBGFSJB UVSOP VPUSBBDUJWJEBETF

DPOTJEFSBMBQPTJCMFHFSFSBDJOEFSFTJEVPT

-BSVUBTEFSFDPMFDDJOFTUOEFGJOJEBTZTPOFGJDJFOUFT

/"

-BSVUBTEFMCBSSJEPFTUOEFGJOJEBTZTPOFGJDJFOUFT

/"

-BNVOJDJQBMJEBEUJFOFVOSFHJTUSPEFMBTWJWJFOEBTFYJTUFOUFTFO
FMDBOUO

-BVOJEBEDPSSFTQPOEJFOUFDPOPDFMBDBOUJEBEZEJTUSJCVDJOEF
MBTWJWJFOEBTQPSEJTUSJUPTZCBSSJPTEFMBDJVEBE

4FUJFOFOSFHJTUSPTEFMBDBOUJEBEEFDPNFSDJPTFYJTUFOUFTFOFM
DBOUO

1PSDFOUBKF
" " " " "
"DUJWJEBE
4FUJFOFOSFHJTUSPTEFMBDBOUJEBEEFJOEVTUSJBTFYJTUFOUFTFOFM
DBOUO

4FDVFOUBDPOJOGPSNBDJOUPQPHSGJDBEFUPEPFMDBOUO

4FUJFOFDPOPDJNJFOUPEFMBQSPEVDDJOQFSDQJUBQPSQFSTPOB
QPSEB

4FUJFOFDPOPDJNJFOUPEFMBQSPEVDDJOEFSFTJEVPTEFMDPNFSDJP

4FUJFOFDPOPDJNJFOUPEFMBQSPEVDDJOEFSFTJEVPTEFMPT
SFTUBVSBOUFT

4FUJFOFDPOPDJNJFOUPEFMBQSPEVDDJOEFSFTJEVPTEFMNFSDBEP
GFSJB

/"

4FDPOPDFMBDPNQPTJDJOGTJDBEFMPTSFTJEVPT

6OEFMBQPCMBDJOTFQBSBMPTSFTJEVPT

&YJTUFOSFDJQJFOUFTQBSBSFDPMFDUBSMPTSFTJEVPTFOEJGFSFOUFT
QVOUPTEFMDBOUO

1PSDFOUBKF
" " " " "
5BSFB
&MFNFOUPT
'VFOUF.VOJDJQBMJEBEEF&TDB[
i1MBO.VOJDJQBMEF3FTJEVPT4MJEPTw
"TQFDUPTBNCJFOUBMFTZTBOJUBSJPT
%FCF SFDPSEBSTF RVF UPEB BDUJWJEBE IVNBOB QSPWPDB
JNQBDUPTOFHBUJWPTBMBNCJFOUF QPSMPUBOUP TFSFRVJFSFRVFFOFM
EJBHOTUJDP TFBOBMJDFOMPTJNQBDUPTRVFQVFEFOFTUBSTVDFEJFOEP
FOFMDBOUOEFCJEPBMNBOFKPEFMPTSFTJEVPTTMJEPT
"MHVOPTEFMPTBTQFDUPTRVFQVFEFOSFWJTBSTFTPO
t &M JNQBDUP OFHBUJWP EF MPT SFTJEVPT FO MB UJFSSB
FMBJSF FMBHVBZFOMBTBMVEQCMJDB QBSBCVTDBS
TPMVDJPOFTRVFMPSFEV[DBO
t -B HFOFSBDJO EF SFTJEVPT QBSB USBUBS EF
NJOJNJ[BSMBVUJMJ[BOEPUFDOPMPHBTMJNQJBT FOUSF
PUSPT
t "OBMJ[BS FM SFVTP Z SFDJDMBKF USBUBOEP EF
NBYJNJ[BSMPTQBSBFWJUBSMBQSEJEBEFNBUFSJBMFT
FOFSHBZOVUSJFOUFT
t 7FSJGJDBSRVFMBEJTQPTJDJOGJOBMEFMPTSFTJEVPTTF
SFBMJDFEFVOBNBOFSBDPOUSPMBEB OPFYDFEJFOEP
MBDBQBDJEBEEFMTJUJP
t
5SBUBSMPTSFTJEVPTZMPTNBUFSJBMFTSFDJDMBCMFTUBO
DFSDBEFMBGVFOUFDPNPTFBQPTJCMF
1BTP
1SPDFTBSZBOBMJ[BS
MBJOGPSNBDJO
6OB WF[ SFDPQJMBEB MB JOGPSNBDJO TF EFCFS UBCVMBS
QSPDFTBSZBOBMJ[BS-BJOGPSNBDJOTFQVFEFPSEFOBSQPSUFNBT
DPNP ZB TF NFODJPO BOUFSJPSNFOUF 1PS FKFNQMP UPEPT MPT
EBUPTRVFUJFOFOSFMBDJODPOMBHFOFSBDJO DPOMBSFDPMFDDJOZ
USBOTQPSUF DPOMPTDFOUSPTEFBDPQJPZSFDJDMBKFZGJOBMNFOUFDPO
FMUSBUBNJFOUPZMBEJTQPTJDJOGJOBM&OFM"OFYPTFQSFTFOUBVO
DVBESPSFTVNFOEFMPTFMFNFOUPTEFMEJBHOTUJDP
$POMBJOGPSNBDJOPSEFOBEBQPSUFNBTTFEFCFEFTDSJCJS
BOBMJ[BSFJOUFSQSFUBSZEFUFSNJOBSTJFTBJOGPSNBDJOSFTQPOEFB
MPT PCKFUJWPT QSPQVFTUPT $BEB UFNB HFOFSBDJO SFDPMFDDJO Z
USBOTQPSUF DFOUSPTEFBDPQJPZSFDJDMBKF USBUBNJFOUPZEJTQPTJDJO

GJOBM
EFCFTFSBOBMJ[BEPFOEFUBMMF{2VTVDFEF {$VMFTTPOMBT
QSJODJQBMFT DBVTBT {$VMFT TPO MBT QSJODJQBMFT DPOTFDVFODJBT Z
{-BTNFEJEBTBUPNBS
&M TJHVJFOUF GPSNBUP MF GBDJMJUB BOBMJ[BS MB JOGPSNBDJO EF

VOBNBOFSBHJM
5BCMB3FTVNFOEFMBTJUVBDJOFODPOUSBEBFOFMDBOUO
{2VTVDFEF
{$BVTBT
{$POTFDVFODJBT
{.FEJEBTBUPNBS
(FOFSBDJO
3FDPMFDDJOZUSBOTQPSUF
4FQBSBDJOZSFDJDMBKF
4FQBSBDJOZDPNQPTUBKF
%JTQPTJDJOGJOBM
'VFOUF"$&1&4"
&YJTUFOPUSBTUDOJDBTRVFTFQVFEFOVUJMJ[BS QPSFKFNQMP
FMSCPMEFDBVTBT FM'0%"PBOMJTJTEFGPSUBMF[BT PQPSUVOJEBEFT
EFCJMJEBEFTZBNFOB[BT ZDBNQPEFGVFS[BT QBSBFTUPFYJTUFFOFM
QBTVOBTFSJFEFCJCMJPHSBGBRVFTFQVFEFDPOTVMUBSGDJMNFOUF
'JHVSB&KFNQMPEFDSPRVJT
EFCPUBEFSPTJMFHBMFT
1BSB MB QSFTFOUBDJO EF MB JOGPSNBDJO FT DPOWFOJFOUF

VUJMJ[BSEJBHSBNBT HSGJDPT GPUPHSBGBTVPUSPTSFDVSTPTRVFIBHBO
NTDPNQSFOTJCMFMBJOGPSNBDJO"DPOUJOVBDJOTFQSFTFOUBOVOB
TFSJFEFFKFNQMPT
B$SPRVJTEFCPUBEFSPTJMFHBMFTQPSEJTUSJUP
EFM$BOUOEF"MBKVFMJUB
&O VO UBMMFS SFBMJ[BEP DPO FM DPNJU DPPSEJOBEPS EF
"MBKVFMJUB TFEJCVKBSPOMPTQSJODJQBMFTGPDPTEFDPOUBNJOBDJOFO
FM$BOUO 'JHVSB
EPOEFMPTMVHBSFTDPONBZPSFTQSPCMFNBTTF
SFQSFTFOUBODPOQVOUPTSPKPT MPTQVOUPTBNBSJMMPTTPOQSPCMFNBT
JOUFSNFEJPTZMPTQVOUPTWFSEFTSFGMFKBOMBTMPDBMJEBEFTPCBSSJPT
DPOVOCVFONBOFKPEFSFTJEVPTTMJEPTZSFBTWFSEFTFOHFOFSBM
'VFOUF1MBO.VOJDJQBMEF(FTUJOEF3FTJEVPT4MJEPTEFM$BOUOEF
"MBKVFMJUB

"DUJWJEBE
C3VUBTEF3FDPMFDDJOEF3FTJEVPT4PMJEPT
FOFM$BOUOEF4BSBQJRV
5BSFB
'JHVSB&KFNQMPEFDSPRVJT
EFSVUBEFSFDPMFDDJO
3FDVQFSBEPS-PDBM
'PUHSBGB*EBMZ-FEF[NB*OUFHSBOUF$PNJU$PPSEJOBEPS
'FDIB0DUVCSF
"MBKVFMJUB
D'PUPHSBGBT
0USPSFDVSTPNVZWBMJPTPTPOMBTGPUPHSBGBT&TJNQPSUBOUF
RVFTUBTFTUOEPDVNFOUBEBTDPOVOUUVMPPEFTDSJQDJO GFDIBEF
MBUPNBZOPNCSFEFMGPUHSBGPB"DPOUJOVBDJOVOBTGPUPHSBGBT
VUJMJ[BEBTQPSFM$PNJU$PPSEJOBEPSEFM$BOUOEF$PSSFEPSFT
3FDVQFSBOEPNBUFSJBMFTSFDJDMBCMFT
'PUHSBGB4BSBZ$BTUSP
*OUFHSBUFEFM$PNJU$PPSEJOBEPS.VOJDJQBMJEBEEF$PSSFEPSFT
'FDIB0DUVCSF
3FDVQFSBOEPNBUFSJBMFTSFDJDMBCMFT
'PUHSBGB4BSBZ$BTUSP
*OUFHSBOUF$PNJU$PPSEJOBEPS.VOJDJQBMJEBEEF$PSSFEPSFT
'FDIB0DUVCSF

6OBWF[QSPDFTBEPTMPTEBUPTEFMBJOGPSNBDJOSFDPQJMBEB
TFSFEBDUBVOQSJNFSCPSSBEPSEFJOGPSNFEFMEJBHOTUJDPRVFEFCF
TFSBOBMJ[BEPFOFMTFOPEFMDPNJUDPPSEJOBEPS IBTUBPCUFOFSVOB
WFSTJO GJOBM &T SFDPNFOEBCMF QBSB GBDJMJUBS MB DPNQSFOTJO EFM
JOGPSNFRVFTFJODMVZBOHSGJDPT GPUPT NBQBT DSPRVJT EFSVUBT
EFVCJDBDJOEFTJUJPTQSPCMFNUJDPT
FOUSFPUSPT
4J MPTBT JOUFHSBOUFT EFM DPNJU OP UJFOFO FYQFSJFODJB FO
FTUBTUBSFBTQVFEFOTPMJDJUBSDPMBCPSBDJOBMBNVOJDJQBMJEBEPB
VOQSPGFTJPOBMEFMBMPDBMJEBEQBSBRVFBTVNBPHVJFFMUSBCBKP P
CJFODPOUSBUBSMPTTFSWJDJPTQSPGFTJPOBMFTEFVOBFNQSFTBRVFTF
EFEJRVFBFTUFUJQPEFMBCPS
"DUJWJEBE
TFOTJCJMJ[BSMPTZSFDJCJSTVSFUSPBMJNFOUBDJOQBSBFMJOGPSNFZMBT
TJHVJFOUFTBDUJWJEBEFTEFMBQMBOJGJDBDJO
"DUJWJEBE
4FMFDDJPOBSMPTUFNBTDMBWFT
&O MB NJTNB BDUJWJEBE EF QSFTFOUBDJO TJ TF DPOTJEFSB
DPOWFOJFOUFPFOVOBTFTJOEFUSBCBKPFTQFDGJDB TFSFBMJ[BSMB
JEFOUJGJDBDJOEFMPTUFNBTDMBWFTPQSJPSJ[BEPT MOFBTEFUSBCBKP

SFTVMUBOUFT EFM EJBHOTUJDP RVF TFSO MPT FKFT EF BDDJO RVF
QFSNJUJSOPSJFOUBSMBFMBCPSBDJOEFM1MBO.VOJDJQBMEF(FTUJO
*OUFHSBMEF3FTJEVPT4MJEPT
1SFTFOUBSMPTSFTVMUBEPTBMPT
BDUPSFTTPDJBMFTPSFQSFTFOUBOUFT
EFMBDPNVOJEBE
-BQSJPSJ[BDJOEFUFNBTDMBWFTPMOFBTEFUSBCBKP TFQVFEF
IBDFSNFEJBOUFVOMJTUBEPFMBCPSBEPBQBSUJSEFVOBMMVWJBEFJEFBT
RVFTFFOUSFHBBDBEBQFSTPOBQBSUJDJQBOUFQBSBRVFMBTOVNFSF
EF VOP B DJODP FO PSEFO EF JNQPSUBODJB MVFHP TF TVNBO Z TF
SFDPNJFOEBTFMFDDJPOBSVONYJNPEFBUFNBTQSJPSJUBSJPT
&M*OGPSNF'JOBMEF%JBHOTUJDPQPESTFSQSFTFOUBEPBMPT
BDUPSFTTPDJBMFTDMBWFTEFMNVOJDJQJPRVFOPFTUOQBSUJDJQBOEPFO
FMDPNJUDPPSEJOBEPS SFHJEPSFTZTOEJDPT 0/(T BTPDJBDJPOFTEF
EFTBSSPMMP DPODFKPTEFEJTUSJUP SFBEFTBMVE KVOUBTEFFEVDBDJO
DNBSB EF DPNFSDJP P EF UVSJTNP FOUSF PUSBT
DPO FM GJO EF
&OMB5BCMBTFQSFTFOUBVOBNVFTUSBEFMBJEFOUJGJDBDJOZ
QSJPSJ[BDJOEFMPTQSPCMFNBTDMBWFTSFMBDJPOBEPTDPOFMNBOFKPEF
MPTSFTJEVPTTMJEPTFOFMDBOUOEF4BOUP%PNJOHP
5BCMB*EFOUJGJDBDJOZQSJPSJ[BDJOEFMPTQSPCMFNBTDMBWFTRVFTFSFMBDJPOBO
DPOMPTSFTJEVPTTMJEPTFOFMDBOUOEF4BOUP%PNJOHP
130#-&.""$6.6-"$*/%&3&4*%604/053"%*$*0/"-&4 FMFDUSPEPNTUJDPT NVFCMFT DPOTUSVDDJO
$"64"4
&'&$504
/PFYJTUFOQSPHSBNBTRVFPSJFOUFORVIBDFSDPOFTPTSFTJEVPT
"DVNVMBDJOEFSFTJEVPTFOMPUFT CBSSBODPTZSPT
"MBTQFSTPOBTMFTFTUPSCBOFTPTSFTJEVPTFOTVTDBTBT ZCVTDBO
DNPRVJUBSMPT BDPNPEMVHBS
*OVOEBDJPOFTQPSMBBDVNVMBDJOEFSFTJEVPTFOMPT
DBVDFTEFSPTZSJBDIVFMPT
&MDSFDJNJFOUPVSCBOTUJDP DPNFSDJBMFJOEVTUSJBM
HFOFSBSFTJEVPTUPEPTMPTEBT
3JFTHPTQBSBMBTBMVEZTFHVSJEBEEFMBTQFSTPOBT
0CTUSVDDJOEFWBT
13016&45"4%&40-6$*0/&4
r
.FDBOJTNPTQBSBEFOVODJBSZDBTUJHBSBRVJFOCPUFFTPTSFTJEVPTFOSPTZMPUFT
r
1SPHSBNBTQBSBQPEFSEBSNBOFKPBEFDVBEPBFTPTSFTJEVPT
r
#VTDBSFNQSFTBTRVFDPNQSFOSFTJEVPTOPUSBEJDJPOBMFT VTBSMPTDPNPNBUFSJBQSJNB
'VFOUF1MBO.VOJDJQBMEF(FTUJOEF3FTJEVPT4MJEPTEFM$BOUOEF4BOUP%PNJOHP )FSFEJB

"DUJWJEBE
4JFMDPNJUDPPSEJOBEPSMPDPOTJEFSBOFDFTBSJPVOBWF[RVFTFUJFOFFMEPDVNFOUPEFEJBHOTUJDPDPOMPTUFNBTQSJPSJ[BEPT TF
QSFTFOUBBMBTBVUPSJEBEFTNVOJDJQBMFTQBSBTVJOGPSNBDJOZBQPZP
"OTDIVU[+VTUJOFZPUSPT.FUPEPMPHBEFMB(*34BQMJDBEBFOFM
1SPHSBNB68&11MVT
1BTFT#BKPT
"NCJFOUF "$&1&4"
i%JBHOTUJDP EF MB TJUVBDJO EFM
NBOFKPJOUFHSBEPZTPTUFOJCMFEFMPTEFTFDIPTEFDPNQPOFOUFT
FMFDUSOJDPTFO$PTUB3JDBw4BO+PT $PTUB3JDB TJOFEJUBS
$PSUJOBT EF /BWB $SJTUJOB i$NP JNQMBOUBS QMBOFT EF NBOFKP
EFSFTJEVPTEFKVSJTEJDDJOMPDBMw1SFTFOUBDJOFOFMTJUJPXXX
DSJTUJOBDPSUJOBTDPN
*'". .JOJTUFSJPEF4BMVEZPUSPT
i&WBMVBDJO/BDJPOBMEF
MPT4FSWJDJPTEF.BOFKPEF3FTJEVPT4MJEPT.VOJDJQBMFTFO$PTUB
3JDBw
,BSU "MCSFDIU Z 3PO ;FNLF
i"ENJOJTUSBDJO EF
PQFSBDJPOFTw.YJDP
SFTJEVPTTMJEPT 1.(34
.VOJDJQBMJEBEEF"MWBSBEP
014
i&WBMVBDJO3FHJPOBMEFMPT4FSWJDJPTEF.BOFKPEF
3FTJEVPT 4MJEPT .VOJDJQBMFT *OGPSNB "OBMUJDP EF $PTUB 3JDB
&WBMVBDJOw4BO+PT $PTUB3JDB
014
i3FTJEVPTTMJEPTNVOJDJQBMFT(VBQBSBFMEJTFP
DPOTUSVDDJOZPQFSBDJOEFSFMMFOPTTBOJUBSJPTNBOVBMFTw
014
i(VBNFUPEPMHJDBQBSBMBQSFQBSBDJOEFQMBOFT
EJSFDUPSFT EFM NBOFKP EF MPT SFTJEVPT TMJEPT NVOJDJQBMFT FO
DJVEBEFTNFEJBOBTw 8BTIJOHUPO &&66
1BSBHVBTT'FSOBOEPZ3PKBT3PDP
i*OEJDBEPSFTQBSBFM
HFSFODJBNJFOUPEFMTFSWJDJPEFMJNQJF[BQCMJDBw&EJDJO$&1*4
-JNB 1FS
1FOJEP .POUFJSP FUBM
i.BOVBMEFHFTUJOJOUFHSBEBEF
SFTJEVPTTMJEPTNVOJDJQBMFTFODJVEBEFTEF"NSJDB-BUJOBZFM
$BSJCF3P+BOFJSP#SBTJM
*OGPSNF
'JOBM EF $POTVMUPSB i4JTUFNBUJ[BDJO EF MBT FYQFSJFODJBT DPO MB
i1MBO EF
3FTJEVPT 4MJEPT $PTUB 3JDB 13&40-
%JBHOTUJDP Z SFBT
1SJPSJUBSJBTw

1MBO NVOJDJQBM EF
HFTUJOEFSFTJEVPTTMJEPT 1.(34
4PUP4JMWJBi%VPEDJNP*OGPSNFTPCSFFM&TUBEPEFMB/BDJOFO
%FTBSSPMMP)VNBOP4PTUFOJCMF*OGPSNF'JOBM 4JUVBDJO"DUVBMEF
MB(FTUJOEFMPT3FTJEVPT4MJEPTFO$PTUB3JDB$POTFKP/BDJPOBM
EF3FDUPSFT %FGFOTPSBEFMPT)BCJUBOUFTw4BO+PT $PTUB3JDB
.VOJDJQBMJEBE EF &TDB[

1MBO NVOJDJQBM EF HFTUJO EF
5DIPCBOPHMPVT+ 5IFJTFO)Z7JHJM4BNVFM

i(FTUJOJOUFHSBM
EFSFTJEVPTTMJEPTw7PMVNFO*Z**.BD(SBX)JMM.YJDP

1MBO NVOJDJQBM EF
8FIFOQPIM (OUIFS FU BM

i(VB FO FMBCPSBDJO EF
QMBOFT NBFTUSPT QBSB MB HFTUJO JOUFHSBM EF MPT SFTJEVPT TMJEPT
NVOJDJQBMFT 1.(*34.
.YJDP

5BSFB
'VFOUFTDPOTVMUBEBT
"OFYP
*OTUSVNFOUPEFMFWBOUBNJFOUPEFJOGPSNBDJOTPCSFBTQFDUPTTPDJPDVMUVSBMFT4FDUPSSFTJEFODJBM
i&TUJNBEPTNBESFQBESFEFGBNJMJB&TUBNPTMMFWBOEPBDBCPVOFTUVEJPFODPPSEJOBDJODPOMB.VOJDJQBMJEBE QBSBQSPQPOFSVOBFTUSBUFHJBEFNBOFKPEFMPTSFTJEVPTTMJEPTHFOFSBEPTFO
FMDBOUO4FSBUBOBNBCMFEFDPOUFTUBSOPTBMHVOBTQSFHVOUBT w
/PNCSFEFMBMVNOP@@@@@@@@@@@@@@@@@@@@@@$BOUO@@@@@@@@@@@@@@@&TDVFMB$PMFHJP@@@@@@@@@@@@@@@@@@@@@#BSSJP@@@@@@@@@@@
@@@#PMFUB/@@@@@
103'"703$0/5&45&-"413&(6/5&44*(6*&/%0-"4&$6&/$*"/6.&3*$"
3FMBDJO EF MB 1&340/"
26&
$0/5&45"
&-
$6&45*0/"3*0 DPO FM KFGF
EFGBNJMJB
+FGF FTQPTBP IJKPB NBESF
FUD
"PTEFWJWJSFOFMMVHBS
.FOPTEFBPT
BBPT
.TEFBPT
/TOS
%BTEFSFDPMFDDJO
4FBMFMPTEBTDPOVO
DSDVMP
{2VJO CSJOEB FM TFSWJDJP EF

SFDPMFDDJO EF CBTVSB FO FTUF
TFDUPS

.VOJDJQBMJEBE
4FSWJDJPQSJWBEP
0USP &TQFDJGJRVF

@@@@@@@@@@@@@@@@@@
/BEJF
/TOS
&MTFSWJDJPEFSFDPMFDDJOEF
iCBTVSBwFT

%FGJDJFOUF
3FHVMBS
"DFQUBCMF
#VFOP
&YDFMFOUF

/TOS
{$VMFTFMQSJODJQBM
QSPCMFNB
4MPTJFO1SFHDPOUFTU
EFGJDJFOUFPSFHVMBS
@@@@@
/EFQFSTPOBTEFFTUBGBNJMJB
MPTRVFIBCJUBOMBDBTB

@@@@
{$VMFTFMQSJODJQBM
QSPCMFNB
{"RVJOMFFOUSFHBOFM
NBUFSJBMSFDJDMBCMF
.VOJDJQBMJEBE
4FSWJDJPQSJWBEP
0USP@@@@@@@@@@@
/TOS
{2VJOPGSFDFFTUF
TFSWJDJP
.VOJDJQBMJEBE
4FSWJDJPQSJWBEP
0USP@@@@@@@@@@@@@
&TUJNFFMUJQPZDBOUJEBEEFCBTVSBRVFTFCPUB
UBNBPEFCPMTBT

5JQP
%FTFDIPTPSHOJDPT
7JESJP
1MTUJDP
1BQFMDBSUO
-BUB
0USP
%FTFDIPTRVFNTTFQSPEVDFOQPS
JNQPSUBODJB
4
/P
/TOS
{2VUJQPEFEFTFDIPTFQBSBO
%FTFDIPTRVFNTTFQBSBQPS
5JQP
JNQPSUBODJB
%FTFDIPTPSHOJDPT
7JESJP
1MTUJDP
1BQFMDBSUO
-BUB
0USP
{4JFOTVDBTBRVFEBBMHOUJQP
EF CBTVSB 26& /0 &4 3&$0(*%"
RVMBIBDF
4FCPUBOFOTJUJPEFUFSNJOBEP
4FCPUBFODVBMRVJFSTJUJP
4FRVFNB
4FFOUJFSSB
0USP@@@@@@@@@@@@@@
{$POPDF BMHO CPUBEFSP

JMFHBMFOFTUFTFDUPS
{&YJTUFFOFTUFMVHBS SFDPMFDDJOEFCBTVSBOPUSBEJDJPOBM
."%&3" .6&#-&4 &-&$530%0.&45*$04 %&4&$)04 %&
$0/4536$$*0/ &5$
{$PORVGSFDVFODJB
{$POTJEFSB6ERVFMBT
UBSJGBTEFSFDPMFDDJOEF
CBTVSBTPO

.VZBMUBT
"MUBT
"EFDVBEBT
#BKBT
.VZBCBKBT
/TOS
4MPTJDPOUFTUBSPOEFGJDJFOUFPSFHVMBS
FOMBQSFHVOUBBOUFSJPS
%FWF[FODVBOEP
6OBWF[BMBP
.TBNFOVEP
/TOS
/TOS
{&TUBSBEJTQVFTUPBBQBSUJDJQBSFOBMHOQSPHSBNB
QBSBNFKPSBSFMNBOFKPEFMPTEFTFDIPTTMJEPT
4
/P
/TOS
5BNBP(.1
&-/6.&306/0&41"3"&-5*10%&#"463"26&."44&130%6$&&/
46$"4" &-/6.&30%041"3"&-4*(6*&/5&&/*.1035"/$*":"4*
46$&4*7".&/5&6UJMJDFFTUFNJTNPDSJUFSJPQBSBDPOUFTUBSMBQSFHVOUB
/
-,.+74
-BMJNQJF[BEFDBMMFTFO
TVCBSSJPFT
%FGJDJFOUF
3FHVMBS
"DFQUBCMF
#VFOP
&YDFMFOUF
*OFYJTUFOUF
/TOS
{$VOUBTCPMTBTEFCBTVSB "1309*."%".&/5& TFHFOFSB

FOFTUBDBTBQPSTFNBOB @@@@@@QPSTFNBOB
{&OFTUBDBTBTFTFQBSB
BMHOUJQPEFEFTFDIPQBSB
SFDJDMBS
4
%OEF@@@@@@@
/P
/TOS
{2VUJQPEFQSPHSBNB
4
/P
/TOS
{&TUBSB6EEJTQVFTUPBBDFQUBSVOBVNFOUPFOMBUBSJGB
EFSFDPMFDDJOEFEFTFDIPT
4
/P
/PQVFEP
%FQFOEF@@@@@@@@@@@@@@@@@@@@@@@
/TOS
{4JFTUVWJFSBVTUFEEJTQVFTUPBTFQBSBSSFTJEVPT
QBSBSFDJDMBKF RVEBTFMFGBDJMJUBFOUSFHBSFMNBUFSJBM
-..+74%
.VDIBTHSBDJBTQPSTVDPMBCPSBDJO&TUBJOGPSNBDJOFTDPOGJEFODJBM1PESBEBSOPTTVOPNCSFQPSGBWPS@@@@@@@@@@@@@@@@@@@@@@@
5FMGPOP@@@@@@@@@@@@@@@@@@@@@@@@@@@
'VFOUF.VOJDJQBMJEBEEF"MWBSBEP
i1MBO.VOJDJQBMEF3FTJEVPT4MJEPTw&MBCPSBEPQPS6/4"5$POTVMUPSFTZBEBQUBEPQPSFM1SPHSBNB$:."

"OFYPT
"OFYP
3FHJPOFT
11$
#FMO

3FHJO$FOUSBM
'MPSFT

0SFBNVOP

(SFDJB

1BSBTP

)FSFEJB

5VDVSSJRVF

/BSBOKP

3FHJO$FOUSBM
1BMNBSFT

"DPTUB

1PT

"MBKVFMJUB

4BO1BCMP

"TFSS

4BO*TJESP

$VSSJEBCBU

4BO3BNO

%FTBNQBSBEPT

4BO3BGBFM

&TDB[

4BOUB#SCBSB

(PJDPFDIFB

4BOUP%PNJOHP

.POUFTEF0DB

7BMWFSEF7FHB

.PSB

.PSBWJB

1VSJTDBM

5JCT

4BO+PT

4BOUB"OB

7TRVF[EF$PSPOBEP

3FHJO$FOUSBM
"MBKVFMB

"MGBSP3VJ[

"UFOBT

3FHJO1BDGJDP$FOUSBM
&TQBS[B
(BSBCJUP
.POUFWFSEF
1BSSJUB
3FHJO)VFUBS"UMOUJDB
3FHJO)VFUBS/PSUF
3FHJO#SVODB
3FHJO$IPSPUFHB
"CBOHBSFT
6QBMB

#BSWB

5BSFB
$PTUB3JDB
%BUPTEFMBQSPEVDDJOQFSDQJUBFOMBTEJGFSFOUFTSFHJPOFT TFHO*'". "P
'VFOUF*'". 4FHVOEP4FNFTUSF +VMJP%JDJFNCSF

EFMBP

"OFYP
(VB.FUPEPMPHBQBSBSFBMJ[BSVOFTUVEJPEFDPNQPTJDJOGTJDB
MOUSPEVDDJO
"DPOUJOVBDJOTFEFTBSSPMMBVOBHVBQBSBMBFMBCPSBDJOEF
VOFTUVEJPEFMBDPNQPTJDJOGTJDBEFMPTSFTJEVPTTMJEPT
-B EFUFSNJOBDJO EF MB QSPEVDDJO EF SFTJEVPT TMJEPT
TF IBDF SFDPHJFOEP MPT SFTJEVPT RVF HFOFSB DBEB WJWJFOEB Z MPT
FTUBCMFDJNJFOUPTDPNFSDJBMFT JOEVTUSJBMFTFJOTUJUVDJPOFTQCMJDBT
Z QSJWBEBT EF MB NVFTUSB HFOFSBEPT FO VO EB EF MB TFNBOB
QSFGFSJCMFNFOUF VO NJSDPMFT P FM EB EF NBZPS HFOFSBDJO EF
SFTJEVPT
FTUPTFHODBEBMPDBMJEBE
4FQSPDFEFEFMBTJHVJFOUFNBOFSBVOBWF[EFUFSNJOBEBMB
NVFTUSB TFJOGPSNBBMBQPCMBDJOTPCSFFMFTUVEJP MBSFDPMFDDJO
Z FM BOMJTJT EFCFO SFBMJ[BSTF SQJEBNFOUF B GJO EF FWJUBS RVF MB
IVNFEBEEFMPTSFTJEVPTTMJEPTWBSFNVDIP
4FHVJEBNFOUFTFEFUBMMBDBEBVOPEFMPTDPNQPOFOUFT
&MNVFTUSFP
&M NVFTUSFP DPOTUJUVZF FM QSJNFS QBTP EFM FTUVEJP Z EF
TUFEFQFOEFTJHOJGJDBUJWBNFOUFMBDBMJEBEZDPOUBCJMJEBEEFMPT
SFTVMUBEPTRVFTFPCUFOHBO
-PT SFTJEVPT TMJEPT EPNTUJDPT SFQSFTFOUBO VOB
FYUSBPSEJOBSJB IFUFSPHFOFJEBE Z EJWFSTJEBE FO DVBOUP B MB
DPNQPTJDJOZFMUBNBPEFTVTDPNQPOFOUFT MPRVFPCMJHBBTFS
DVJEBEPTPTFOFMQSPDFEJNJFOUPEFMNVFTUSFP
/PSNBMNFOUF FMNVFTUSFPZFMBOMJTJTTFEFCFOSFBMJ[BSTJO
BMUFSBSMBGPSNBEFSFDPMFDDJOOPSNBMEFMPTSFTJEVPT

.UPEPQBSBMBEFUFSNJOBDJOEFMB
NVFTUSB
&OQSJNFSMVHBSTFEFUFSNJOBDVMFTMBQPCMBDJOUPUBMRVF
IBCJUBFOFMMVHBSFOFTUVEJP
1BSB FM DBTP FT GVOEBNFOUBM DPOPDFS MPT EBUPT
EFNPHSGJDPTNTJNQPSUBOUFTEFEJDIBQPCMBDJO-B
JOGPSNBDJORVFTFEFCFDPOPDFSFTMBTJHVJFOUF
t
t
t
t
t
&M ONFSP EF WJWJFOEBT UPUBM Z QPS NBO[BOBT P

DVBESBOUF
&MONFSPEFQFSTPOBTQPSWJWJFOEB
-BEJTUSJCVDJOEFMBQPCMBDJOFOFMMVHBSP[POB
FO FTUVEJP EF BDVFSEP B MPT FTUSBUPT TPDJBMFT
FYJTUFOUFT
&M ONFSP EF FTUBCMFDJNJFOUPT DPNFSDJBMFT
JOEVTUSJBMFTFJOTUJUVDJPOFTQCMJDBTPQSJWBEBT
&M ONFSP BQSPYJNBEP EF USBCBKBEPSFTBT QPS
FTUBCMFDJNJFOUP
$PNP MB HFOFSBDJO EF MPT SFTJEVPT Z TVT DBSBDUFSTUJDBT

GTJDBT WBSBO FO GVODJO EF MPT OJWFMFT TPDJPFDPONJDPT EF MB
QPCMBDJO QSPEVDUPSB EF MPT NJTNPT TF EFCF TFMFDDJPOBS MPT
FTUSBUPTTPDJBMFTSFQSFTFOUBUJWPTEFDBEBMVHBS QBSBFMDBTPQVFEF
UPNBSTFFODVFOUBMBTTJHVJFOUFTDBSBDUFSTUJDBT
&TUSBUP BMUP

DPOTUJUVJEP HFOFSBMNFOUF QPS

VSCBOJ[BDJPOFTRVFQPTFFOUPEPFMFRVJQBNJFOUPVSCBOP VCJDBEBT
FO[POBTSFTJEFODJBMFTEFDMBTFNFEJBZNFEJBBMUB-BNBZPSBEF
MPTQPCMBEPSFTUJFOFOJOHSFTPTFDPONJDPTGBNJMJBSFTQPSFODJNB
EFMBNFEJBEFMQBT
&MBCPSBEPQPS"$&1&4"ZFYUSBEPEFMA.BOVBMEF5FDOPMPHB"QSPQJBEBQBSBFMNBOFKPEFSFTJEVPTTMJEPTw 0"$"*-." -JNB DPOBMHVOBT

NPEJGJDBDJPOFTSFBMJ[BEBTQPSFM*1&4Z"$&1&4"

"OFYPT
BOUJHVBT CBSSJPTPCSFSPT
EFOTBNFOUFQPCMBEBTZDPOTFSWJDJPTFO
NBMFTUBEP&MJOHSFTPFDPONJDPGBNJMJBSFTJHVBMPQPDPNBZPS
RVFMBNFEJBEFMQBT
&TUSBUP CBKP
DPOGPSNBEP QPS BTFOUBNJFOUPT EF
WJWJFOEBTJNQSPWJTBEBTPQSFDBSJBT DPOHSBWFDBSFODJBPBVTFODJB
UPUBMEFFRVJQBNJFOUPVSCBOPZTFSWJDJPT&OHFOFSBM TVQPCMBDJO
UJFOFJOHSFTPTFDPONJDPTGBNJMJBSFTQPSEFCBKPEFMBNFEJBEFM
QBT
$MDVMPEFMBEFOTJEBEEFMPTSFTJEVPT
TMJEPT
1BSB FM DMDVMP EF MBT EJGFSFOUFT WBSJBCMFT B EFUFSNJOBS DPO FM
FTUVEJPEFSFTJEVPT TFSFBMJ[BOMBTJHVJFOUFNFUPEPMPHB
t
t
t
%FCFDPOTJEFSBSTFRVFFOBMHVOPTMVHBSFTQVFEFFYJTUJSVOP
PEPTEFMPTFTUSBUPTJOEJDBEPT
t
1PS DBEB FTUSBUP TPDJPFDPONJDP TF EFCF EFGJOJS VOB
NVFTUSBSFQSFTFOUBUJWBEFUPEPFMMVHBSFOFTUVEJP QPSFTUP EFCF
UFOFSTFFODVFOUBRVFTUBEFCFDPNQSFOEFSFOUSPBEFMB
DBOUJEBEEFSFTJEVPTHFOFSBEBFOFMMVHBSPEFMBQPCMBDJOUPUBM B
GJOEFPCUFOFSEBUPTDPOUBCMFT
-BT WJWJFOEBT TF EFUFSNJOBO DPOTJEFSBOEP NBO[BOBT P
BHSVQBDJPOFTVOJUBSJBT BMB[BS&OMPQPTJCMF TJFOBMHVOBTDBTBT
OP TF FODVFOUSBO MBT QFSTPOBT FOUPODFT EFCF DPOTJEFSBSTF
SFFNQMB[BSMBT QPS PUSBT WJWJFOEBT QBSB HBSBOUJ[BS FM ONFSP EF
WJWJFOEBTEFUFSNJOBEP%FJHVBMNBOFSBDPOMPTFTUBCMFDJNJFOUPT
DPNFSDJBMFT JOEVTUSJBMFT F JOTUJUVDJPOFT QCMJDBT P QSJWBEBT Z FM
ONFSPEFUSBCBKBEPSFTFOQSPNFEJPQPSFTUBCMFDJNJFOUP
"QMJDBDJOEFMBFODVFTUB
$PO FM PCKFUJWP EF DPOPDFS MB PQJOJO EF MB QPCMBDJO
FO EPOEF TF SFBMJ[B FM FTUVEJP EF SFTJEVPT TMJEPT BT DPNP
JOGPSNBDJO BEJDJPOBM Z DPNQMFNFOUBSJB FT JNQPSUBOUF BQMJDBS
VOB FODVFTUB UBOUP QBSB FM TFDUPS WJWJFOEBT DPNP FM DPNFSDJBM
JOEVTUSJBMFJOTUJUVDJPOFTQCMJDBTZQSJWBEBT
t
4FQSFQBSBVOFTUBORVFTJSWFQBSBDPOUFOFSMPT
SFTJEVPTTMJEPT BEFNTEFVOBCBMBO[BEFQJF
4FQFTBFMFTUBOWBDPZTFNJEFTVWPMVNFO Q
FK N

4F DPMPDBO MPT SFTJEVPT FO FM FTUBO TJO IBDFS
QSFTJO Z TF HPMQFB FM NJTNP QBSB MMFOBS MPT
FTQBDJPTWBDPT
4FQFTBVOBWF[MMFOPZQPSEJGFSFODJBTFPCUJFOFFM
QFTPEFMPTSFTJEVPT
4F PCUJFOF MB EFOTJEBE EF MPT SFTJEVPT BM EJWJEJS
TVQFTPFOLJMPTFOUSFFMWPMVNFOEFMFTUBOFO
NFUSPTDCJDPT VUJMJ[BOEPMBTJHVJFOUFGSNVMB
%FOTJEBEEFMPT
SFTJEVPT LHN
1FTPEFSFTJEVPTFOLH

7PMVNFOEFMFTUBPO
FON
.UPEPQBSBEFUFSNJOBSMB
DPNQPTJDJOGTJDBEFMPTSFTJEVPTTMJEPT
1BSBFMDMDVMPEFMBDPNQPTJDJOGTJDBEFMPTSFTJEVPTTMJEPT TF
SFBMJ[BOMBTTJHVJFOUFTBDDJPOFT
J 4F QSFQBSB VOB NVFTUSB SFQSFTFOUBUJWB EF MPT
SFTJEVPTTMJEPTEFBMSFEFEPSEFN
JJ 6OBWF[RVFTFUJFOFMBNVFTUSBFTQBSDJEBFOVO
MVHBS QMBOP TJ IBZ DBSUPOFT FO MPT SFTJEVPT TF
DPSUBOIBTUBDPOTFHVJSVOUBNBPEFDNQPS
DNBQSPYJNBEBNFOUF
JJJ 4FIPNPHFOJ[BMBNVFTUSBNF[DMOEPMBFOGPSNB
NBOVBMDPOMBTNBOPTPVUJMJ[BOEPQBMBT
JW 4FIBDFVONPOUDVMPEFSFTJEVPTMPNTSFEPOEP
QPTJCMF Z TF EJWJEF FO DVBESBOUFT -VFHP TF
FTDPHFO DVBMRVJFS QBS EF DVBESBOUFT RVF TFBO

.FUPEPMPHBEF,4BLVSBJEFM$&1*4 -JNB 1FS

5BSFB
&TUSBUP NFEJP
DPOTUJUVJEP QPS VSCBOJ[BDJPOFT
W
WJ
WJJ
WJJJ
JY
Y
PQVFTUPT &M QSPDFEJNJFOUP BOUFSJPS TF SFQJUF

IBTUBMPHSBSVOBNVFTUSBNBOFKBCMF
-BNVFTUSBDPOMBRVFTFWBBUSBCBKBSTFDPMPDB
FO VO FTUBO P UBNCPS QSFWJBNFOUF QFTBEP Z
TF UPNB FM QFTP UPUBM QPS EJGFSFODJB TF QVFEF
PCUFOFSFMQFTPOFUPEFMPTSFTJEVPT

6OBWF[QFTBEBMBNVFTUSBTFFTQBSDFFOFMQJTP
Z TF TFQBSBO MPT DPNQPOFOUFT EF MPT SFTJEVPT
DMBTJGJDOEPMPTEFBDVFSEPBTVTDBSBDUFSTUJDBT
-PTSFTJEVPTEFVONJTNPUJQPTFDPMPDBOFODBKBT
QFRVFBT
4FQFTBOMBTDBKBTBOUFTEFJOJDJBSMBDMBTJGJDBDJO
VTBOEPMBCBMBO[BEFQJF
6OB WF[ UFSNJOBEB MB DMBTJGJDBDJO TF QFTBO MBT
DBKBTDPOMPTEJGFSFOUFTSFTJEVPTZQPSEJGFSFODJB
TFPCUJFOFFMQFTPEFMPTNJTNPT
4FPCUJFOFFMQPSDFOUBKFEFDBEBUJQPEFSFTJEVP
QPSNFEJPEFMPTQFTPTQBSDJBMFTZFMQFTPUPUBM
6OBDMBTJGJDBDJOGTJDBEFMPTSFTJEVPTSFDPNFOEBCMF
FTMBTJHVJFOUF
t 3FTJEVPTEFBMJNFOUBDJO NBUFSJBPSHOJDB
t 1BQFMZDBSUO
t -BUBT
t 1MTUJDPT
t $VFSPT
t 5FYUJMFTZUSBQPT
t
.BEFSBT
t 7JESJP
t .FUBMFTOPGFSSPTPTBMVNJOJPZCSPODF
t .FUBMFTGFSSPTPT
t -BESJMMPT QJFESBT QPMWP DFOJ[BT JOFSUFT

/PFYJTUFVOBGPSNBEFGJOJEBQBSBMBDMBTJGJDBDJOGTJDBEF
MPTSFTJEVPTTMJEPT-BNFKPSGPSNBEFNFEJSMBTDBOUJEBEFTEFMPT
NJTNPT FTQFTOEPMPTZFYQSFTBOEPTVQFTPFOLJMPTPUPOFMBEBT
BMEBPQPSBP
1BSBPCUFOFSMBDPNQPTJDJOGTJDB TFWVFMDBFMDPOUFOJEP
EFMFTUBPOFOVOQBUJPEFUSBCBKP EPOEFMPTSFTJEVPTTFTFQBSBO
NBOVBMNFOUFZTFQFTBO

-BDPNQPTJDJOGTJDBTFFYQSFTBFOQPSDFOUBKFEFQFTPP
BWFDFT EFWPMVNFO1BSBDBMDVMBSFMQFTPEFMBFTQFDJFTFQBSBEB
DPOFMQFTPUPUBMEFMPTSFTJEVPT PCUFOJFOEPMBGSBDDJOEFEJDIB
FTQFDJFFOMBNVFTUSB TFQVFEFIBDFSMPTJHVJFOUF
EFMBGSBDDJO1FTPEFMBFTQFDJFPGSBDDJOTFQBSBEB

1FTPUPUBMEFMPTSFTJEVPTTMJEPT
%FUFSNJOBDJOEFMBQSPEVDDJO
QFSDQJUBEFSFTJEVPTTMJEPT
-BQSPEVDDJOEFSFTJEVPTTMJEPTHFOFSBEPTQPSQFSTPOB
QPS EB MMBNBEB UBNCJO QSPEVDDJO QFSDQJUB 11$
FT NVZ
UJM QBSB FTUJNBS MB QSPEVDDJO EF MPT SFTJEVPT TMJEPT EF VOB
QPCMBDJOEFUFSNJOBEBZBTEJNFOTJPOBSFMTJTUFNBEFSFDPMFDDJO
ZUSBUBNJFOUPEFMPTNJTNPT
1BSBIBMMBSMB11$ TFUPNBFMQFTPEFMBNVFTUSBSFDPMFDUBEB
ZTFBQMJDBMBTJHVJFOUFGSNVMB
5PUBMEF,HSFDPMFDUBEPT
11$

/NFSPEFIBCJUBOUFT
3FTVMUBEPT
"MGJOBMJ[BSMPTQBTPTNFODJPOBEPT TFEFCFOPCUFOFSVOBTFSJFEF
SFTVMUBEPT RVFTFNFODJPOBOBDPOUJOVBDJO
t %BUPTPCUFOJEPTEFMFTUVEJP BMUVSBEFMSFDJQJFOUF
EJNFUSPEFMSFDJQJFOUF QFTPEFMSFDJQJFOUFWBDP
ZQFTPEFMSFDJQJFOUFMMFOPDPOSFTJEVPTTMJEPT

t %FSJWBDJOEFMWPMVNFOZQFTPOFUPEFMPTSFTJEVPT
TMJEPT
t $MDVMPEFMBEFOTJEBEEFMPTSFTJEVPTTMJEPT
t %FUFSNJOBDJOEFMPTDPNQPOFOUFTEFMPTSFTJEVPT
TMJEPT
t 1FTP EF DBEB VOP EF MPT DPNQPOFOUFT EF MPT
SFTJEVPTTMJEPTZFMQFTPUPUBMEFUPEPTSFTJEVPT
TMJEPT
t $MDVMPEFMBDPNQPTJDJOEFMPTSFTJEVPTTMJEPT
FOQPSDFOUBKF
t
t
$MDVMPEFMBQSPEVDDJOEFSFTJEVPTQFSDQJUB
%BUPTGJOBMFTEFMFTUVEJP UBCMBSFTVNFO

t
t
3VCSP
%BUP LHMEB
1SPEVDDJOEFNBUFSJBPSHOJDB
1SPEVDDJOQBQFMZDBSUO
1SPEVDDJOEFMBUBT
t
t
t
t
1SPEVDDJODVFSPT
1SPEVDDJOUFYUJMFTZUSBQPT
1SPEVDDJONBEFSBT
1SPEVDDJOEFQMTUJDP
1SPEVDDJOWJESJP
1SPEVDDJONFUBMFTOPUFSSPTPT BMVNJOJP
ZCSPODF
t
t
t
t
t
1SPEVDDJONFUBMFTGFSSPTPT
1SPEVDDJOMBESJMMPT QJFESBT QPMWP
DFOJ[BT
JOFSUFT
7FIDVMP UJQP QJDLVQ DPO DBQBDJEBE QBSB

USBOTQPSUBSMPTSFTJEVPTSFDPMFDUBEPT
/NFSPEFBZVEBOUFTFOGVODJOEFMUBNBPEFMB
NVFTUSB
6OBSPNBOBPCTDVMBDPODBQBDJEBEEFLHT
#PMTBT DBKBT
&TUBPOFT
7BSJMMB MBSHB QBSB SFBMJ[BS DVBSUFP &M DVBSUFP TF
SFGJFSF BM QSPDFEJNJFOUP EFTDSJUP BOUFSJPSNFOUF
FTEFDJSFOEPOEFTFIBDFVONPOUDVMPEFSFTJEVPT
MPNTSFEPOEPQPTJCMFZTFEJWJEFFODVBESBOUFT
-VFHP TFFTDPHFODVBMRVJFSQBSEFDVBESBOUFTRVF
TFBOPQVFTUPT&MQSPDFEJNJFOUPBOUFSJPSTFSFQJUF
IBTUBMPHSBSVOBNVFTUSBNBOFKBCMF
6OMVHBSQMBOPQBSBIBDFSMBNFEJDJO
(VBOUFT
.BTDBSJMMBT
"HVBZKBCO
&TDPCBZSFDPHFEPS
*OGPSNFGJOBM
%FOTJEBE
,HN
1SPEQFSDQJUB
,HIBCEB
6OBWF[GJOBMJ[BEPFMFTUVEJPTFQSPDFEFBTJTUFNBUJ[BSMB
JOGPSNBDJOFOVOJOGPSNFTFODJMMP SFTBMUBOEPMBTDPODMVTJPOFTZ
SFDPNFOEBDJPOFTPCUFOJEBT-BJOGPSNBDJORVFTFSFDPMFDUFFT
CBTFQBSBSFBMJ[BSFMFTUVEJPUDOJDP QPSMPRVFTFQVFEFBOFYBSFO
FMFTUVEJPEFGBDUJCJMJEBEUDOJDBZFDPONJDB
3FRVFSJNJFOUPT
&MFRVJQPOFDFTBSJPQBSBSFBMJ[BSFMFTUVEJPFT
t .BQBEFMB[POBQBSBTFDUPSJ[BSMBNVFTUSB
"OFYP
*OEJDBEPSFTQBSBMBFTUJNBDJOEFMBQSPEVDDJOQFSDQJUBSFTJEVPTEFMDPNFSDJP
SFTUBVSBOUFT TPEBTZNFSDBEP
1SPEVDDJOQFSDQJUBEF
$PNFSDJPT
1SPEVDDJOQFSDQJUBDPNFSDJP LHSNEB
1FTP
NFUSPTDVBESBEPTEFMMPDBM
3FTUBVSBOUFTZTPEBT
1SPEVDDJOQFSDQJUBSFTUBVSBOUFTZTPEBT LHSN
NFTBTEB
1FTPNFUSPTDVBESBEPTEFMMPDBMP
ONFSPEFNFTBT
.FSDBEP
1SPEVDDJOQFSDQJUBNFSDBEP LHSNQVFTUPEFWFOUBEB

1FTPNFUSPTDVBESBEPTEFMMPDBMQVFTUPTEFWFOUB

5BSFB
"OFYPT
"OFYP
*OGPSNBDJOTPCSFFMTJTUFNBSFDPMFDDJOZUSBUBNJFOUPEFMPTSFTJEVPT

3VUBEFSFDPMFDDJO@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@
$BSBDUFSTUJDBTEFMWFIDVMPEFSFDPMFDDJO
5JQP
$BQBDJEBE
"P
$PNQBDUBEPS
7BHPOFUB
$BNJOTJO
DPNQBDUBDJO

1FTP
5PO
7PMVNFO
N

$BOUJEBESFDPMFDUBEB MVHBSFTEFSFDPMFDDJOZONFSPEFWJBKFT
"P

-VHBSFTBUFOEJEPT
5PUBMSFDPMFDUBEP
/EFWJBKFTQPSEB
5POEB
NEB

1SPDFEJNJFOUPEFSFDPMFDDJOHFOFSBM1VFEFNBSDBSNTEFVOBPQDJO

6OMBEPEFMBDBMMF

)BDJFOEPHSVQPTEFSFTJEVPTFOMBTFTRVJOBTEFMBTDBMMFT

1PSDPOUFOFEPSFT

%PTMBEPTEFMBDBMMFTJNVMUOFBNFOUF

0USB@@@@@@@@@@@@@

5JQPEFFOWBTFTQSFEPNJOBOUFT1VFEFNBSDBSNTEFVOBPQDJO

#BSSJMFT

&TUBPOFT

3FDJQJFOUFTQMTUJDPT

#PMTBT

0USP@@@@@@@@@@@@@
1VOUPTEFSFDPMFDDJO

"DFSBT

&OFMKBSEO

7FSFEBT

&OMBDBMMF
"OFYPT
5SBUBNJFOUPEFMPTSFTJEVPT

3FMMFOPTBOJUBSJP

#PUBEFSPDPOUSPMBEP

#PUBEFSPTJODPOUSPM

1MBOUBEFTFQBSBDJO DFOUSPEFBDPQJP

&MBCPSBDJOEFDPNQPTU
1"3"015*.*;"3-"4365"4%&3&$0-&$$*/4&%&#&#64$"3-"4*(6*&/5&*/'03."$*/
5BSFB
$BOUJEBEEFQFSTPOBTRVFDPOGPSNBOMBDVBESJMMBEFSFDPMFDDJO*ODMVZFOEPBMDIPGFS@@@@@@@
+PSOBEB-BCPSBM@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@
5JFNQPQSPNFEJPEJBSJPEFUSBCBKP@@@@@@@@@@IPSBT@@@@@@@NJOVUPT
5JFNQPQSPNFEJPOPFNQMFBEPFOSFDPMFDDJO@@@@@@IPSBT@@@@@NJOVUPT
%JTUBODJBEFMBSVUBBMCPUBEFSP@@@@@@@@@@LNT
5JFNQPEFWJBKF@@@@@@@@@@@@@@@@@NJOVUPT
$BOUJEBEBQSPYJNBEBEFSFTJEVPTSFDPMFDUBEPTQPSQBSBEB@@@@@@@@LHT
5JFNQPEFDBSHBFOFMQVOUPEFSFDPMFDDJO@@@@@@@@@@NJOVUPT
5JFNQPEFUSBTMBEPFOUSFQBSBEBTEFSFDPMFDDJO@@@@@@@@@@NJOVUPT
%JTUBODJBQSPNFEJPFOUSFQBSBEBTEFSFDPMFDDJO@@@@@@@@@@NFUSPT
/NFSPEFDBMMFTDPOQFOEJFOUFTFOMBSVUB@@@@@@@@@@
5JFNQPEFEFTDBSHBFOFMTJUJPEFEJTQPTJDJOGJOBM@@@@@@@@@@@NJOVUPT
5JFNQPEFSFDPMFDDJOQPSQBSBEB@@@@@@@@NJOVUPT
&TQBDJPQBSBPCTFSWBDJPOFT&TDPOWFOJFOUFFMBCPSBSVODSPRVJTEFMBTSVUBT

"OFYP
&ODVFTUBB&NQSFTBT $PNFSDJPTF*OTUJUVDJPOFT
'FDIB@@@@@@

&ODVFTUB/@@@@
/PNCSFEFMBFNQSFTB@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@
/PNCSFEFMQSPQJFUBSJP@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@
5FMGPOP@@@@@@@@@@@@@@@@@@@@
%JSFDDJOEFMBFNQSFTBJOTUJUVDJO@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@
{%FRVFTUDPNQVFTUBMBiCBTVSBwRVFQSPEVDFTVOFHPDJP QVFEFTFMFDDJPOBSWBSJBTPQDJPOFT
$PNQPTJDJO
7JESJP
1BQFM
1FSJEJDP
$BSUO
-BUBTEFBMVNJOJP
1MTUJDPT
.BUFSJBPSHOJDB
0USPT@@@@@@
.BSDBSDPO9
{$POPDFVTUFERVNBUFSJBMFTTPOSFDJDMBCMFT
PSFVUJMJ[BCMFT
4

/P

QBTFBMBQSFHVOUB
/4/3

QBTFBMBQSFHVOUB
{4FQBSBVTUFEMPTNBUFSJBMFTSFDJDMBCMFTEFMPT
NBUFSJBMFTOPSFDJDMBCMFT
4

/P
/4/3
{2VIBDFDPOMPTNBUFSJBMFTSFDJDMBCMFTP
SFVUJMJ[BCMFT
0QDJO
.BSRVF
DPO9
{2VIBDFDPOMPT
NBUFSJBMFTSFDJDMBCMFT
7JESJP
1BQFM
1FSJEJDP
$BSUO
-BUBTBMVNJOJP
1MTUJDP
0USPT
{$BEBDVOUPUJFNQPSFBMJ[BFTBBDUJWJEBE
%JBSJP
4FNBOBM
2VJODFOBM
.FOTVBM
0USP
/4/3
{&TUBSBVTUFEEJTQVFTUPBBFOUSFHBSMPT
NBUFSJBMFTSFDJDMBCMFTBVO$FOUSPEF"DPQJP
4

.FODJPOFRVFEBTTFQVFEFQBTBSBSFDPHFS

-VOFT

.BSUFT

.JSDPMFT

+VFWFT

7JFSOFT
/P
/34/

&MSFDJDMBKFFTVOQSPDFTPFOFMRVFTFSFDVQFSBONBUFSJBMFTQBSBUSBOTGPSNBSMPTFONBUFSJBQSJNB ZBTFBQBSBGBCSJDBSFMNJTNPQSPEVDUPPQBSBIBDFSVOP
EJGFSFOUF6ONBUFSJBMFTSFVUJMJ[BCMFDVBOEPTFMFEBVOBGVODJOTJNJMBSPEJTUJOUBQBSBMPRVFGVFDSFBEP

"OFYP
$VBESP3FTVNFOEFMPTFMFNFOUPT
EFMEJBHOTUJDP
-JTUBEFDIFRVFPQBSBMBSFDPMFDDJO
EFJOGPSNBDJO
"DUJWJEBEFTZUFNBT
.BSDB
5FNB-BTDBSBDUFSTUJDBTHFOFSBMFTEFMDBOUO
6CJDBDJO DMJNBUFNQFSBUVSBIVNFEBE
.FTFTEFMMVWJB

5FNQFSBUVSBFOQPDBTFDB

5FNQFSBUVSBFOQPDBMMVWJPTB

)VNFEBE

;POBTTVTDFQUJCMFTBJOVOEBDJPOFT

6TPEFMTVFMP
6SCBOJ[BDJPOFTPCBSSJPT

-VHBSFTUVSTUJDPT

-VHBSFTEFSFDSFBDJO

;POBTJOEVTUSJBMFT

*EFOUJGJDBDJOEFCPUBEFSPTJMFHBMFT

1PCMBDJO WJWJFOEBTQPSEJTUSJUPT
$BOUJEBEEFQPCMBDJOTFHOEJTUSJUPT

1PCMBDJOVSCBOB

1PCMBDJOSVSBM

$BOUJEBEEFWJWJFOEBTTFHOEJTUSJUPT

5BTBEFDSFDJNJFOUPEFMBQPCMBDJO

5SBOTQPSUFZWJBMJEBE
$BMMFTEFTVQFSGJDJFQMBOB

$BMMFTQBWJNFOUBEBT

$BMMFTEFMBTUSF

$BMMFTEFUJFSSB

7BTQSJODJQBMFT

4FOUJEPEFMBTDBMMFT

5BNBPEFMBTDBMMFT

1FOEJFOUFT

7BTQSJODJQBMFT
"DUJWJEBEFTZUFNBT
.BSDB
7BTTFDVOEBSJBT

7BTEFBDDFTPT

$SPRVJTEFMPTQSJODJQBMFTDFOUSPT

VSCBOPTEFM$BOUO
"DUJWJEBEJOEVTUSJBM DPNFSDJBMZEFTFSWJDJPT
5JQPEFBDUJWJEBEZVCJDBDJO

$BOUJEBEEFDPNFSDJPT

$FOUSPTFEVDBUJWPT
/NFSPEFFTDVFMBTZTVVCJDBDJO

/NFSPEFDPMFHJPTZTVVCJDBDJO

/NFSPEFVOJWFSTJEBEFTZTVVCJDBDJO

/PNCSFZONFSPEFBMVNOPTZQSPGFTPSFT

4BMVEQCMJDB
1SJODJQBMFTFOGFSNFEBEFTEFMBQPCMBDJO

*ODJEFODJBEFMBTFOGFSNFEBEFT

.FDBOJTNPTEFUSBOTNJTJOEFFTUBT

FOGFSNFEBEFT
4FSWJDJPTCTJDPT
/NFSPEFVTVBSJPTQPSUJQPEFTFSWJDJPT

6CJDBDJOEFMPTVTVBSJPTQPSTFDUPSFTPEJTUSJUPT

0SHBOJ[BDJPOFTTPDJBMFT
/PNCSFEFMBPSHBOJ[BDJO

"DUJWJEBEQSJODJQBM

/NFSPEFBGJMJBEPTQPSTFYP FEBE

/PNCSF EJSFDDJOZUFMGPOPEFMBQFSTPOB

SFQSFTFOUBOUF
5FNB-PTFMFNFOUPTEFMTJTUFNB
EFNBOFKPEFSFTJEVPTEFM$BOUO
(FOFSBDJOZ$BSBDUFSJ[BDJOEFMPTSFTJEVPT
1SPEVDDJOQFSDQJUB

$BOUJEBEEFSFTJEVPTHFOFSBEPT

$PNQPTJDJOGTJDBEFMPTSFTJEVPT

$BOUJEBEEFWJWJFOEBT

1SPNFEJPEFIBCJUBOUFTQPSWJWJFOEB

3FHJTUSPEFQFTPEFMPTSFTJEVPTQPSWFIDVMP

3FHJTUSPEFQFTPEFMPTSFTJEVPTQPSSVUBQPSEB

5BSFB
"OFYPT
"DUJWJEBEFTZUFNBT
.BSDB
3FDPMFDDJOZUSBOTQPSUFEFSFTJEVPT
$BSBDUFSTUJDBEFMPTWFIDVMPTUJQP NBSDB

DBQBDJEBE BP
1FSJPEJDJEBEEFNBOUFOJNJFOUP

%JTQPOJCJMJEBEEFSFQVFTUPTFO$PTUB3JDB

7FIDVMPTDPODPNQBDUBEPSB

7FIDVMPTTJODPNQBDUBEPSB

7BHPOFUB

%JTUBODJBSFDPSSJEBQPSSVUBZWFIDVMP

6UJMJ[BDJOEFMBDBQBDJEBENYJNB

EFMPTWFIDVMPT
)PSBSJPT EBTEFMBTFNBOBZ

GSFDVFODJBEFSFDPMFDDJO
/NFSPEFWJBKFTQPSSVUB

$SPRVJTEFMBTSVUBTZEB

-JNQJF[BEFWBTZSFBTQCMJDBT
4FSWJDJPEFCBSSJEP [POBT DBMMFT QMBZBT

.UPEPEFCBSSJEP

#BSSJEPNBOVBM NFDBOJ[BEP

&RVJQPZIFSSBNJFOUBTVUJMJ[BEBT

3FOEJNJFOUPQPSQFSTPOB

LJMNFUSPTQFSTPOBEB
3FDJQJFOUFTJOTUBMBEPT

"TFPEFMBTQMBZBT

3FDVQFSBDJOEFSFTJEVPTWBMPSJ[BCMFT
$BOUJEBEZVCJDBDJOEFMPTDFOUSPTEFBDPQJP

5JQPTEFNBUFSJBMFTRVFTFSFDJCFO

FOMPTDFOUSPTEFBDPQJP
5JFNQPEFGVODJPOBNJFOUP

$MJFOUFTRVFFOUSFHBONBUFSJBMFTSFDJDMBCMFT

7PMNFOFTRVFNBOFKBOQPSUJQPEFNBUFSJBM

&RVJQPRVFVUJMJ[BO

*OGSBFTUSVDUVSB PSEFOZMJNQJF[B

TFHVSJEBEEFMQFSTPOBM
*NQBDUPTFOFMFOUPSOP SVJEP QPMWP NBMPT

PMPSFT WFDUPSFTTBOJUBSJPT
TJUVBDJOMFHBM

"DUJWJEBEFTZUFNBT
%JTQPTJDJOGJOBMEFSFTJEVPT
6CJDBDJOEFMTJUJPEFEJTQPTJDJOGJOBM
3FHJTUSPEFMQFSNJTPEFGVODJPOBNJFOUP
7PMNFOFTEFSFTJEVPTRVFNBOFKBO
1SPDFEFODJBEFMPTSFTJEVPT
5JQPTEFSFTJEVPT
$BOUJEBEEFQFSTPOBMZFRVJQPVUJMJ[BEP
$NPTFUSBUBOMPTSFTJEVPTZPCBTVSB
$BOUJEBEEFiCV[PTBT
$BOUJEBEEFNBUFSJBMFTSFDVQFSBEPT
.POJUPSFPRVFTFSFBMJ[B
$POUBNJOBDJOEFGVFOUFTEFBHVB
&YJTUFODJBEFRVFNBT
5SBUBNJFOUPEFMJYJWJBEPT
#PUBEFSPTJMFHBMFT
3FTJEVPTCJPEFHSBEBCMFTRVFJOHSFTBO
BMBQMBOUBEFDPNQPTUBKF
5FNB-PTBTQFDUPTEFMTJTUFNB
EFSFTJEVPTFOTVDBOUO
"TQFDUPTTPDJPDVMUVSBMFT
$PTUVNCSFTZICJUPTEFNBOFKP
#VFOBTQSDUJDBTDPNVOBMFT
"TQFDUPTFDPONJDPTGJOBODJFSPT
.POUPTEFMBUBSJGBEFCBSSJEPZSFDPMFDDJO
$PTUPTEFMTFSWJDJP
*OHSFTPTUPUBMFTQPSUBSJGBEFCBSSJEPZSFDPMFDDJO
.POUPEFMQSFTVQVFTUPNVOJDJQBMQBSB
FMCBSSJEPZMBSFDPMFDDJO
1PSDFOUBKFEFMQSFTVQVFTUPEFMTFSWJDJP
EFBTFPQCMJDPFOSFMBDJODPOFM
QSFTQVFTUPNVOJDJQBMUPUBM
$PTUPUPUBMBOVBMEFMTFSWJDJPEFCBSSJEP
SFDPMFDDJOZEJTQPTJDJOGJOBM
4JTUFNBEFDPCSP
1PSDFOUBKFEFNPSPTJEBE
3FMBDJOEFMPTDPTUPTDPOMBTUBSJGBTWJHFOUFT
.BSDB

"OFYPT
.BSDB
"TQFDUPTMFHBMFT
-FHJTMBDJOEFMQBTFONBUFSJBEFSFTJEVPT

TMJEPT DEJHPNVOJDJQBM
3FDVSTPIVNBOPEFMCBSSJEP SFDPMFDDJO

ZEJTQPTJDJOGJOBM
3FDVSTPIVNBOPUDOJDPBENJOJTUSBUJWP

$POUSBUBDJPOFTUFNQPSBMFT

1PMUJDBTOBDJPOBMFTQBSBMBHFTUJOEFSFTJEVPT
3FHMBNFOUPEFSFTJEVPTNVOJDJQBMFT
1PMUJDBTMPDBMFTQBSBMBHFTUJOEFSFTJEVPT
5JQPTEFDPOUSPMFTFTUBCMFDJEPT

.BOVBMFTEFGVODJPOFT

$BQBDJUBDJPOFTSFDJCJEBTQPSFMQFSTPOBM

6TPEFFRVJQPEFQSPUFDDJOQFSTPOBM
"DUJWJEBEFTZUFNBT
3FHJTUSPEFBDDJEFOUFTZQSJODJQBMFT
EPMFODJBTEFMQFSTPOBM
.BOVBMFTEFQSPDFEJNJFOUPT
#JUDPSBEFSFDPMFDDJO
.FDBOJTNPTEFTVQFSWJTJO
*OUFSBDDJOFOUSFEFQBSUBNFOUPT
"TQFDUPTBNCJFOUBMFTZTBOJUBSJPT
*NQBDUPTPCSFFMSFDVSTPIESJDP
*NQBDUPTPCSFMBUJFSSB
*NQBDUPTPCSFFMBJSF
*NQBDUPWJTVBMZTPCSFFMQBJTBKF
*NQBDUPTPCSFMBTBMVE
.FEJEBTFYJTUFOUFTEFNJUJHBDJOEFMPT
JNQBDUPTBNCJFOUBMFTZTBOJUBSJPT
.BSDB

5BSFB
"DUJWJEBEFTZUFNBT

5BSFB
5SB[BNPTMB&TUSBUFHJB
"DUJWJEBE%FGJOJSMPTBMDBODFTEFMBQMBOJGJDBDJO
"DUJWJEBE%FGJOJSMBWJTJO MBNJTJO MPTPCKFUJWPTZMBTNFUBT
'VFOUFTDPOTVMUBEBT

$PNJUDPPSEJOBEPSEF.VOJDJQBMJEBEEF"MBKVFMJUB'PUPHSBGBEF"$&1&4"
i1FSTPOBQSFWFOJEB
WBMFQPSEPTw

5BSFB5SB[BNPTMB&TUSBUFHJB
5BSFB
5SB[BNPTMBFTUSBUFHJB
6OBWF[DVNQMJEBMB5BSFBi&MBCPSBNPTFMEJBHOTUJDPw FMDPNJUDPPSEJOBEPSEFCFDPOUJOVBSDPOFMQSPDFTPEFQMBOJGJDBDJO FMDVBM
TFEFTDSJCFBDPOUJOVBDJO"DPOUJOVBDJOTFNVFTUSBMBFTUSVDUVSBEFMB5BSFB MBDVBMFTUDPNQVFTUBQPSEPTBDUJWJEBEFT
"OUFSJPSNFOUF TFIBCBTFBMBEPRVFiMBQMBOJGJDBDJOFTFM
QSPDFEJNJFOUPNFEJBOUFFMDVBMTFTFMFDDJPOBO PSEFOBOZEJTFBO
MBTBDDJPOFTRVFEFCFOSFBMJ[BSTFQBSBFMMPHSPEFEFUFSNJOBEPT
QSPQTJUPT QSPDVSBOEP VOB VUJMJ[BDJO SBDJPOBM EF MPT SFDVSTPT
EJTQPOJCMFTw
-B GPSNVMBDJO EF MB FTUSBUFHJB TFBMB FM DBNJOP Z MPT

NFEJPT MPTDVBMFTUSBUBOEFBMDBO[BSMPTPCKFUJWPTZMBTNFUBT/P
PCTUBOUF EFCF SFDPSEBSTF RVF FO FTF DBNJOP QVFEF TFS RVF TF
SFRVJFSBSFBMJ[BSBKVTUFTZDBNCJPT QPSMPRVFFMDPNJUDPPSEJOBEPS
EFCFFTUBSQSFQBSBEPQBSBFTBTNPEJGJDBDJPOFTFOFMGVUVSP
&O MB FMBCPSBDJO EF MB QMBOJGJDBDJO FT OFDFTBSJP USB[BS

VOBFTUSBUFHJB RVFJNQMJDBJEFOUJGJDBSEFBOUFNBOPMBTEJTUJOUBT
BMUFSOBUJWBT EF TPMVDJO RVF UJFOF VO QSPCMFNB Z EF RV GPSNB
FOGSFOUBSMP FTUBCMFDJFOEPMPTPCKFUJWPTZMBTNFUBTRVFTFEFTFBO
BMDBO[BS&TUFQSPDFTPJNQMJDBRVFTFEFCFOUPNBSEFDJTJPOFTTPCSF
MBTQSJPSJEBEFT DPOTJEFSBOEPJOJDJBSQPSMPTBTQFDUPTNTVSHFOUFT
BBUFOEFS
&OFMEJTFPEFMBFTUSBUFHJBZFOMBFMBCPSBDJOEFM1MBOEF
"DDJOEFCFDPOTJEFSBSTFMBWJTJO JOUFSFTFTZOFDFTJEBEFTUBOUP
EFNVKFSFTDPNPEFIPNCSFT RVFQVFEFOTFSEJGFSFOUFT5BNCJO
IBZRVFUFOFSQSFTFOUFVUJMJ[BSVOMFOHVBKFJODMVTJWPFOMBSFEBDDJO
EFMBNJTJO MBWJTJOZMPTPCKFUJWPT QPSRVFNVDIBTWFDFTTFIBCMB
FOUSNJOPTNBTDVMJOPTRVFFYDMVZFOBMBTNVKFSFT

130'"$
i.EVMPQBTPTNFUPEPMHJDPTQBSBMBQMBOJGJDBDJO"VUPHFTUJPOBSJB{1PSRVZQBSBRVMB1MBOJGJDBDJO w4FSJF"VUPHFTUJOZ$VMUVSB
EF1B[4BO+PT $PTUB3JDB

"DUJWJEBE
%FGJOJSMPTBMDBODFT
EFMBQMBOJGJDBDJO
6OQSJNFSQBTPBOUFTEFTFMFDDJPOBSMBTBMUFSOBUJWBTQBSB
BUFOEFS MPT QSPCMFNBT JEFOUJGJDBEPT FO FM EJBHOTUJDP FT EFGJOJS
DVMFTMBDPCFSUVSBPFMBMDBODFRVFUFOESFM1.(*34&TUPTF
SFGJFSFBMSFBHFPHSGJDB BMQFSPEPRVFDPNQSFOEFZBMUJQPEF
SFTJEVPTRVFTFSOJODMVJEPTFOMBQMBOJGJDBDJO
&O VOB SFVOJO EFM DPNJU DPPSEJOBEPS DPO FM BQPZP EF
VOBQFSTPOBRVFGBDJMJUFMBEJTDVTJO MBUPNBEFEFDJTJPOFTZMB
CTRVFEBEFDPOTFOTP TFQVFEFUSBCBKBSTFHOMPTQBTPTRVFTF
NFODJPOBOBDPOUJOVBDJO
1BTP
%FMJNJUBSMBDPCFSUVSB
HFPHSGJDBEFM1MBO
1BSBJOJDJBSMBQMBOJGJDBDJO FMDPNJUDPPSEJOBEPSEFCFS
EFMJNJUBSMBDPCFSUVSBZFMBMDBODFHFPHSGJDPEFM1MBO
1BTP
%FMJNJUBSFMQFSJPEPEFQMBOJGJDBDJO
6OB WF[ BDPSEBEB FM SFB HFPHSGJDB TF QBTB B EFGJOJS
FMQFSJPEPQBSBFMDVBMTFFMBCPSBSFM1.(*34PFMQMB[PFORVF
TFFTQFSBMPHSBSMPTPCKFUJWPTZMBTNFUBTQSPQVFTUBT&MQFSJPEP
VIPSJ[POUFEFQMBOJGJDBDJOEFQFOEFEFMPRVFFTUBCMF[DBDBEB
DPNJU DPPSEJOBEPS &M QFSPEP QVFEF TFS MP TVGJDJFOUFNFOUF
BNQMJPEFNPEPUBMRVFMBTTPMVDJPOFTEFDPSUPQMB[PTFQVFEBO
DPOKVHBSDPOMBTNFEJEBTEFNFEJBOPZMBSHPQMB[P PQUJNJ[BOEP
FMVTPEFMPTSFDVSTPTEJTQPOJCMFT
4FQVFEFODPOTJEFSBSMPTTJHVJFOUFTQFSPEPTEFUJFNQP
t
t
t
%FDPSUPQMB[P%FBBPT
%FNFEJBOPQMB[P%FBBPT
%FMBSHPQMB[P%FBBPT
5BSFB
"DUJWJEBE
1BTP
%FGJOJSFMUJQPEFSFTJEVPT
RVFJODMVZFFM1MBO
%FMJNJUBSFMBMDBODFHFPHSGJDPEFM1.(*34FOMBTEJGFSFOUFT
[POBTEFBDUVBDJOFTGVOEBNFOUBM OPTMPQPSMBOFDFTJEBEEF
DPODSFUBS MB JOUFSWFODJO TJOP UBNCJO QBSB MB QMBOJGJDBDJO EF
MPT SFDVSTPT OFDFTBSJPT QBSB SFBMJ[BS FM USBCBKP QSPQVFTUP EBSMF
TFHVJNJFOUPZFWBMVBSMP
%FBDVFSEPBMBDMBTJGJDBDJOEFMPTSFTJEVPTTFHOTVPSJHFO
TUPTTFQVFEFOBHSVQBSFOSFTJEVPTNVOJDJQBMFT MPTQSPWFOJFOUFT
EF MBT SFTJEFODJBT FM DPNFSDJP MBT PGJDJOBT MB MJNQJF[B EF WBT
Z SFBT WFSEFT DPNP MPT QBSRVFT Z MPT KBSEJOFT
Z MPT SFTJEVPT
OP NVOJDJQBMFT MPT EF PSJHFO JOEVTUSJBM EF MB DPOTUSVDDJO Z
IPTQJUBMBSJPT FOUSFPUSPT

&O FM QBT MPT MNJUFT QPMUJDP BENJOJTUSBUJWPT FTUBCMFDFO

FM SFB HFPHSGJDB Z UBNCJO MB KVSJTEJDDJO UFSSJUPSJBM EF VO
DBOUO /P PCTUBOUF TUF OP EFCF TFS FM OJDP DSJUFSJP ZB RVF
QVFEF USBCBKBSTF FO GPSNB DPOKVOUB DPO PUSPT DBOUPOFT WFDJOPT
QMBOJGJDBDJONBODPNVOBEB

&M1.(*34EFCFFTUBCMFDFSFMUJQPEFSFTJEVPTTMJEPTDPO
MPTRVFTFWBBUSBCBKBSZDVZBHFTUJOTFSSFTQPOTBCJMJEBEEFMB
NVOJDJQBMJEBE ZBTFBRVFTVNBOFKPMPSFBMJDFEJSFDUBNFOUFPB
USBWTEFUFSDFSPT
-BEFDJTJOGJOBMTPCSFFMBMDBODFHFPHSGJDPTFCBTBFOFM
BOMJTJTZMBEJTDVTJODPOTFOTVBEBEFMPTSFTVMUBEPTEFMEJBHOTUJDP
FOQSJNFSBJOTUBODJBFOFMTFOPEFMDPNJUZFOTFHVOEBFODPOTVMUB
DPOPUSPTBDUPSFTMPDBMFTDMBWF
4JO FNCBSHP FM 1.(*34 QVFEF JODMVJS UPEPT MPT SFTJEVPT

TMJEPTRVFTFHFOFSBOFOFMDBOUO DPOFMGJOEFFTUBCMFDFSMBT
OFDFTJEBEFT EF DPPSEJOBDJO DPO MBT FOUJEBEFT FODBSHBEBT EFM
NBOFKP EF MPT SFTJEVPT OP NVOJDJQBMFT QPS FKFNQMP SFTJEVPT
IPTQJUBMBSJPT SFTJEVPTJOEVTUSJBMFT FOUSFPUSPT

-B EFDJTJO EF DVMFT SFTJEVPT JODMVJS Z DVMFT OP EFCF

CBTBSTF FO MPT DSJUFSJPT EF PSJHFO QFMJHSPTJEBE SFRVFSJNJFOUP
EF NBOFKP FTQFDJBM QPS TV WPMVNFO P DBSBDUFSTUJDBT FTQFDJBMFT
QPS FKFNQMP SFTJEVPT EF BVUPNWJMFT MMBOUBT FMFDUSOJDPT
FMFDUSPEPNTUJDPT PUSPT
SFTJEVPT TMJEPT FTUP PDBTJPOB DPOTJEFSBCMFT SJFTHPT B MB TBMVE

QCMJDBZBMPTUSBCBKBEPSFTEFMBSFDPMFDDJO EBEPFMDPNQPOFOUF
JOGFDUPDPOUBHJPTPEFMPTQSJNFSPT-BBUFODJOEFFTUFDBTP BT
DPNPEFPUSPTSFTJEVPTQFMJHSPTPTOPFTPCKFUPEFFTUF.BOVBM
%FCFEFTUBDBSTFRVFFOFMQBT FM1SPZFDUPEF-FZQBSBMB
(FTUJO*OUFHSBMEF3FTJEVPT FOFMDBQUVMPEFSFTJEVPTQFMJHSPTPT
EFGJOFRVFMBSFTQPOTBCJMJEBEEFTVNBOFKPEVSBOUFUPEPFMDJDMPEF
WJEBEFMPTSFTJEVPT BTDPNP EFTFQBSBSMPTBEFDVBEBNFOUFZOP
NF[DMBSMPTFTEFMBTQFSTPOBTGTJDBTPKVSEJDBTRVFMPTHFOFSFO
"DUJWJEBE
"EFNT FO FM $BQUVMP EF 1SPIJCJDJPOFT TF FTUBCMFDF MB

QSPIJCJDJO EF iMB NF[DMB FOUSF SFTJEVPT PSEJOBSJPT EF NBOFKP
FTQFDJBMZSFTJEVPTQFMJHSPTPT DPOUSBWJOJFOEPMPEJTQVFTUPFOFTUB
-FZZEFNTPSEFOBNJFOUPTRVFEFFMMBTEFSJWFOw
&O MB NBZPSB EF OVFTUSPT NVOJDJQJPT MPT SFTJEVPT EF
IPTQJUBMFT Z FTUBCMFDJNJFOUPT EF TBMVE MBNFOUBCMFNFOUF TF
NF[DMBO FO FM QSPDFTP EF SFDPMFDDJO Z EJTQPTJDJO GJOBM EF MPT
%FGJOJSMBWJTJO MBNJTJO
MPTPCKFUJWPTZMBTNFUBT
5SB[BSFMIPSJ[POUFJNQMJDBEFGJOJSRVFTMPRVFTFRVJFSF
MPHSBS B MBSHP P NFEJBOP QMB[P FO MB HFTUJO EF SFTJEVPT FO FM
NVOJDJQJP P NVOJDJQJPT Z DNP TF WB B MPHSBS MP QMBOUFBEP FO
USNJOPT HFOFSBMFT 1BSB SFBMJ[BS MP BOUFSJPS TF SFRVJFSF RVF FM
DPNJUDPPSEJOBEPSFTUBCMF[DBMBWJTJO MBNJTJO MPTPCKFUJWPTZ
NFUBTEFM1.(*34
&O MB 'JHVSB TF NVFTUSBO MBT SFMBDJPOFT FOUSF FTUPT
BTQFDUPT
'JHVSB"TQFDUPTOFDFTBSJPTQBSBUSB[BSFMIPSJ[POUF
'VFOUF"$&1&4"

"DUJWJEBE
{$NPIBDFSMP
&O FM UBMMFS EPOEF FM DPNJU DPPSEJOBEPS IB EFGJOJEP FM
BMDBODFEFM1.(*34 PFOPUSBTTFTJPOFTEFUSBCBKP TFQVFEFEFGJOJS
MBWJTJO MBNJTJO MPTPCKFUJWPTZNFUBTEFM1MBO
1BTP
%JTFBSMBWJTJO
" DPOUJOVBDJO TF QSFTFOUBO BMHVOPT FKFNQMPT EF

GPSNVMBDJOEFMB7JTJOFOVO1MBO.VOJDJQBM
i&O FM BP MB QPCMBDJO EF 7[RVF[ EF $PSPOBEP
FODPOKVOUPZDPOFMBQPZPEFMBTBVUPSJEBEFTNVOJDJQBMFT IBCS
PQFSBEP VO DBNCJP TPDJPDVMUVSBM FO FM RVF MB HFTUJO JOUFHSBM EF
MPTSFTJEVPTTMJEPTTFSVOPEFMPTFKFTQSJODJQBMFTFOFMEFTBSSPMMP
BSNPOJPTPEFMDBOUOw
&YJTUFO NVDIBT EFGJOJDJPOFT EF WJTJO FOUSF BMHVOBT TF

FODVFOUSBOMBTTJHVJFOUFT
t
&T MB EFTDSJQDJO EF DNP TF WFSB FM DBOUO TJ
TF MMFWBO B DBCP DPO YJUP TVT FTUSBUFHJBT EF
EFTBSSPMMPZBMDBO[BTVNBZPSQPUFODJBM
t
4F USBUB EF VOB EFTDSJQDJO EF MPT DBNCJPT B

HSBOFTDBMB FDPONJDPT QPMUJDPT TPDJBMFTZBN
CJFOUBMFT
RVFTFEFTFBOMPHSBS
t
t
*NBHFOPTJUVBDJOEFTFBEB RVFTFFTQFSBRVFFM
DBOUOQSPZFDUFFOVOGVUVSP
&TVOBFYQPTJDJODMBSBRVFJOEJDBIBDJBEOEFTF
EJSJHFFM1.(*34BMBSHPQMB[PZFORVTFEFCFS
DPOWFSUJSFMDBOUO4JSWFEFSVNCP
1BSB SFEBDUBS MB WJTJO FM DPNJU DPPSEJOBEPS QVFEF

BZVEBSTFVUJMJ[BOEPMBTTJHVJFOUFTQSFHVOUBT
{" RV BTQJSBNPT {$NP RVFSFNPT RVF TFB
FM$BOUO {2VJNBHFORVFSFNPTQSPZFDUBS {2V
RVFSFNPT TFS {)BDJB EOEF RVFSFNPT JS {2V
EFCFNPTIBDFS
"EFNT FTJNQPSUBOUFRVFMBWJTJORVFTFDPOTUSVZBUFOHB
MBTTJHVJFOUFTDBSBDUFSTUJDBT
t
t
t
*OTQJSBEPSB
3FBMJTUB
$PNQBSUJEBQPSUPEBTMBTQFSTPOBTQBSUJDJQBOUFT
i&M $BOUO EF 4BSBQJRV QBSB FM EFTBSSPMMB VOB

(FTUJO*OUFHSBMEF3FTJEVPT MJEFSBEBQPSTVHPCJFSOPMPDBM DPOMB
QBSUJDJQBDJOBDUJWBEFTVTBDUPSFTTPDJBMFT JOTUJUVDJPOFT FNQSFTBT
QSJWBEBT Z UPEB TV QPCMBDJO BNCJFOUBMNFOUF TFOTJCJMJ[BEB
JOGPSNBEBZDBQBDJUBEBRVFQFSNJUJSRVFTVTIBCJUBOUFTZWJTJUBOUFT
EJTGSVUFOEFVOFOUPSOPMJNQJP CFMMPZTBMVEBCMFw
4BSBQJRV
&O FM "MBKVFMJUB TFS VO DBOUO MJNQJP MEFS FO FM
NFKPSBNJFOUPEFMNFEJPBNCJFOUFZFOMBHFTUJOEFTVEFTBSSPMMP
TPTUFOJCMF
"MBKVFMJUB
1BSBFMBP&TDB[TFSVONPEFMPFOMBHFTUJOJOUFHSBM
EF SFTJEVPT TMJEPT RVF QSPNVFWB VOB NFKPS DBMJEBE EF WJEB
NFEJBOUFMBQBSUJDJQBDJOZMBSFTQPOTBCJMJEBEDPNQBSUJEBEFUPEPT
MPTTFDUPSFTEFMDBOUO
'VFOUF1MBO.VOJDJQBMEF(FTUJOEF3FTJEVPT4MJEPTEFM$BOUOEF&TDB[

1BTP
%JTFBSMBNJTJO
"MJHVBMRVFMBWJTJO FYJTUFONVDIPTDPODFQUPTRVFEFGJOFO
MBNJTJO QPSFKFNQMP
t
&TMBSB[OEFTFSPMBGJOBMJEBEEFM1MBOFJOEJDB
DPO DMBSJEBE FM BMDBODF Z MB EJSFDDJO EF TVT
BDUJWJEBEFT

5BSFB
7[RVF[EF$PSPOBEP
t
&T FM NPUJWP QSPQTJUP GJO P SB[O EF TFS EF MB
FYJTUFODJBEFM1MBO EFGJOFMPRVQSFUFOEFDVNQMJS
FOTVFOUPSOPPTJTUFNBTPDJBMFOFMRVFBDUB MP
RVQSFUFOEFIBDFSZFMQBSBRVJOMPWBBIBDFS
t
$PNP NOJNP MB GPSNVMBDJO EF MB NJTJO EFCF

JODMVJSMBUBSFBZTVQSPQTJUP
t
6OJGJDB FM 1MBO FOUPSOP B iTV SB[O EF TFS Z BM

MPHSPEFTVTPCKFUJWPTZNFUBT
1BSBTVDPOTUSVDDJOTFQVFEFDPOTJEFSBSFTUBTQSFHVOUBT
{2VJOFTTPNPT {1BSBRVFYJTUJNPT {%OEF

FTUBNPT {2V QSPCMFNBT RVFSFNPT SFTPMWFS
{1BSB RVJO USBCBKBNPT {2V IBDFNPT {$NP MP
IBDFNPT
5BCMB%JGFSFODJBTFOUSF.JTJOZ7JTJO
7JTJO
(FOSJDB
OGBTJTFOFMGVUVSP
.JTJO
1SFDJTB
OGBTJTFOMBBDUVBMJEBE
$POUJOVBOEPDPOFMFKFNQMP TFDJUBMBNJTJOEFM1.(34EF
MB.VOJDJQBMJEBEEF7[RVF[EF$PSPOBEPZEF4BSBQJRV
i1SPQJDJBS NFEJBOUFQSPDFTPTFEVDBDJPOBMFT EFJOGPSNBDJO
ZEFTFOTJCJMJ[BDJO BTDPNPQPSNFEJPEFVOBBEFDVBEBHFTUJO
NVOJDJQBM VOBHFTUJOJOUFHSBMEFMPTSFTJEVPTTMJEPTRVFDPOUSJCVZB
BMEFTBSSPMMPTPTUFOJCMFEFMDBOUOw
7[RVF[EF$PSPOBEP
i$POUSJCVJS BM NFKPSBNJFOUP EFM BNCJFOUF EFM DBOUO EF

4BSBQJRVNFEJBOUFVOBPQUJNJ[BDJOEFMB(*34 MBDVBMHBSBOUJDF
TVTPTUFOJCJMJEBEw
1BTP
'PSNVMBSMPTPCKFUJWPT
-PTPCKFUJWPTFYQSFTBOMPRVFTFRVJFSFMPHSBSZTPOMBSB[O
QSJODJQBMEFM1.(*344FFMBCPSBODPOFMGJOEFSFTPMWFSMPTQSPCMFNBT
EFUFDUBEPTFOFMEJBHOTUJDPOPPCTUBOUF TVGPSNVMBDJOUBNCJO
QVFEFJSEJSJHJEBBSFGPS[BSPBDPOTPMJEBSBTQFDUPTQPTJUJWPTEFM
TJTUFNBEFHFTUJOEFSFTJEVPTTMJEPTFYJTUFOUFFOFMDBOUO
5BNCJO FT SFDPNFOEBCMF RVF MPT PCKFUJWPT Z TVT
DPSSFTQPOEJFOUFTNFUBTTFSFGJFSBOBMPTQFSPEPTVIPSJ[POUFTEF
QMBOJGJDBDJODPSUP NFEJBOPZMBSHPQMB[P
&YJTUFOEPTDMBTFTEFPCKFUJWPTHFOFSBMFT FTUSBUHJDPT
Z
FTQFDGJDPT PQFSBUJWPT
6TVBMNFOUF TF BDPTUVNCSB GPSNVMBS VO
OJDPPCKFUJWPHFOFSBM QFSPQVFEFEBSTFFMDBTPRVFTFDPOTJEFSF
OFDFTBSJPGPSSNVMBSWBSJPTPCKFUJWPTHFOFSBMFT
-PTPCKFUJWPTFTQFDGJDPTFYQSFTBOVONBZPSOJWFMEFEFUBMMF
QBSB DPODSFUBS FM PCKFUJWP HFOFSBM Z TF QMBOUFBO FO USNJOPT
OVNSJDPTPEFDBMJEBE
5PEP PCKFUJWP ZB TFB HFOFSBM P FTQFDGJDP TF SFEBDUB EF
GPSNBRVFMBTJUVBDJOEFTFBEB GPSNVMBEBFOFMPCKFUJWP
IBZB
TJEP BMDBO[BEB HFOFSBMNFOUF VTBOEP VO WFSCP DPOKVHBOEP FO
QSFTFOUFEFMJOEJDBUJWP QFK -PTTFSWJDJPTQCMJDPTSFMBDJPOBEPTDPO
SFTJEVPTTMJEPTTFCSJOEBODPODBMJEBE CBTBEPTFOMPTQSJODJQJPT
EFFGJDJFODJBZFGJDBDJB
PFOQSFUSJUPQFSGFDUPDPNQVFTUP QFK -B
HFTUJOGJOBODJFSBNVOJDJQBMSFMBDJPOBEBDPO(*34IBNFKPSBEP

-PTPCKFUJWPTEFCFOTFS
t
1SFDJTPT%FUBMGPSNBRVFTFQVFEBSFBMJ[BSVOB
CVFOB QMBOJGJDBDJOB EFDVBEB FWBMVBDJO EF MPT
PCKFUJWPT
t
"EFDVBEPTFOFMUJFNQP2VFTFQVFEBODVNQMJS
FOVOQFSPEPSB[POBCMF
t
'MFYJCMFT2VFTFBOQPTJCMFTEFNPEJGJDBSDVBOEP
TFQSFTFOUFOTJUVBDJPOFTJOFTQFSBEBT
4BSBQJRV

"DUJWJEBE
t
.PUJWBEPSFT2VFTFBOVOSFUPQPTJCMFEFBMDBO[BS
QBSBMBTQFSTPOBTZBTMPHSBSTVJOWPMVDSBNJFOUP
FOMBTBDUJWJEBEFT
1PS TV QBSUF %FTBNQBSBEPT TF QMBOUFB MPT TJHVJFOUFT

PCKFUJWPTFTQFDGJDPT

5PEPT MPT BDUPSFT JOWPMVDSBEPT FO MPT EJGFSFOUFT

EJTUSJUPT EFM $BOUO EF %FTBNQBSBEPT IBO TJEP
FEVDBEPTZTFOTJCJMJ[BEPTFO(FTUJO*OUFHSBMEF
3FTJEVPT4MJEPT

&M DPOPDJNJFOUP EF MB MFHJTMBDJO NVOJDJQBM Z

OBDJPOBMWJHFOUFTPCSFFMUFNBEFSFTJEVPTTMJEPT
ZTVBQMJDBDJOBOJWFMEFMB.VOJDJQBMJEBEIBOTJEP
BNQMJBEP

-PT TFSWJDJPT QCMJDPT SFMBDJPOBEPT DPO SFTJEVPT

TMJEPT TF CSJOEBO DPO DBMJEBE CBTBEPT FO MPT
QSJODJQJPTEFFGJDJFODJBZFGJDBDJB

-B HFTUJO GJOBODJFSB NVOJDJQBM SFMBDJPOBEB DPO

(*34IBNFKPSBEP

-B JNQMFNFOUBDJO Z FM GVODJPOBNJFOUP EF

DFOUSPT EF BDPQJP FO MBT DPNVOJEBEFT IBO TJEP
GBDJMJUBEPT
'BDUJCMFT%FCFOTFSSFBMFT QSDUJDPTZQPTJCMFTEF
MPHSBS
"NBOFSBEFJMVTUSBDJOTFDPOUJOBDJUBOEPMPTPCKFUJWPTEFM
1.(34EFMBT.VOJDJQBMJEBEFTEF4BSBQJRVZEF%FTBNQBSBEPT
&OFMDBTPEF4BSBQJRV MPTPCKFUJWPTQMBOUFBEPTTPO
0CKFUJWP(FOFSBM
i6OBFTUSBUFHJBEF(*34IBTJEPJNQMFNFOUBEBFO4BSBQJRV
CBKPMBDPPSEJOBDJOEFMHPCJFSOPMPDBMZMBQBSUJDJQBDJOEFBDUPSFT
TPDJBMFTw
-PTPCKFUJWPTFTQFDGJDPT
-BHFTUJONVOJDJQBMFOMB(*34IBTJEPGPSUBMFDJEB
FOTVTBTQFDUPTJOTUJUVDJPOBM GJOBODJFSP PQFSBUJWP
ZMFHBM

6OBPGJDJOBBNCJFOUBMNVOJDJQBMRVFGVODJPOFFO
FTUSJDUB DPPSEJOBDJO DPO MPT BDUPSFT TPDJBMFT EFM
$BOUOIBTJEPDSFBEBZDPOTPMJEBEB

6OB QMBOUB EF DPNQPTUBKF NVOJDJQBM IB TJEP

JNQMFNFOUBEBQBSBEBSVOBEFDVBEPNBOFKPBMPT
SFTJEVPTPSHOJDPT

6O QSPHSBNB FEVDBUJWP 1MBO EF 4FOTJCJMJ[BDJO

TPCSF (*34 JOWPMVDSBOEP JOTUJUVDJPOFT QCMJDBT
Z PSHBOJ[BDJPOFT QSJWBEBT QBSB MBT DPNVOJEBEFT
TFMFDDJPOBEBT EFM 1.(34 IB TJEP EJTFBEP Z
DPPSEJOBEP

6O QMBO EF JODFOUJWPT IB TJEP DSFBEP QBSB MBT

FNQSFTBT JOTUJUVDJPOFT P DPNVOJEBEFT RVF
DVNQMFOPJNQVMTBOJOJDJBUJWBTEF(*34

&MDMJNBPSHBOJ[BDJPOBMEFOUSPEFMB.VOJDJQBMJEBE
QBSBGPSUBMFDFSMB(FTUJOEFMPT3FTJEVPT4MJEPT
IBNFKPSBEP

6O QSPHSBNB EF SFDVQFSBDJO EF NBUFSJBMFT

SFDJDMBCMFT EJSJHJEP B MPT DFOUSPT FEVDBUJWPT Z
PSHBOJ[BDJPOFT DPNVOBMFT Z FNQSFTBT QSJWBEBT
EFM$BOUOIBTJEPEFTBSSPMMBEP
'VFOUF"EBQUBEPEFM1MBO.VOJDJQBMEF(FTUJOEF3FTJEVPT4MJEPTEFM
$BOUOEF4BSBQJRV
6O TJTUFNB UFDOPMHJDP NPEFSOP IB TJEP

JNQMFNFOUBEPQBSBMBWBMPSJ[BDJOEJTQPTJDJOZP
USBUBNJFOUPEF3FTJEVPT4MJEPT
'VFOUF"EBQUBEPEFM1MBO.VOJDJQBMEF(FTUJOEF3FTJEVPT4MJEPTEFM
$BOUOEF4BSBQJRV

5BSFB
t
1BTP
%JTFBSMBTNFUBT
-BTNFUBTDPSSFTQPOEFOEJSFDUBNFOUFBMPTPCKFUJWPTZTF
GPSNVMBOEFNPEPUBMRVFTFQVFEBONFEJSFOUJFNQP QMB[P

DBOUJEBE DBMJEBE ZP MVHBS &T EFDJS MBT NFUBT TPO PCKFUJWPT
DVBOUJGJDBCMFT FKFNQMP BNQMJBS MB DPCFSUVSB EF SFDPMFDDJO BM
FOVOQMB[PEFBPT FUD
1VFEFFYJTUJSNTEFVOBNFUB
QPSDBEBPCKFUJWP&OFM'JHVSBTFPCTFSWBMBSFMBDJOFYJTUFOUF
FOUSFPCKFUJWPTZNFUBT
'JHVSB3FMBDJOFOUSF0CKFUJWPTZ.FUBT
'VFOUF"$&1&4"
-BTBDUJWJEBEFTEFMQMBOEFBDDJOTFGPSNVMBODPOCBTFFO
MBTNFUBT UFNBRVFTFSSFUPNBEPFOMB5BSFB
-BTNFUBTEFCFOTFS
t
&O UPEP DBTP UBOUP MPT PCKFUJWPT DPNP MBT NFUBT TF
SFDPNJFOEB RVF DPNQSFOEBO UPEPT MPT BTQFDUPT EFM TJTUFNB EF
HFTUJOEFMPTSFTJEVPTTMJEPT MFHBMFT JOTUJUVDJPOBMFT FDPONJDP
GJOBODJFSBT UDOJDP PQFSBUJWBT TPDJBMFT BNCJFOUBMFT Z
TBOJUBSJBT

t
t
t
t
3FBMJTUBT2VFTFQVFEFOBMDBO[BSDPOMPTSFDVSTPT
EJTQPOJCMFT
1SFDJTBT%FCJEBNFOUFFYQMDJUBT
1FSJEJDBT %FGJOJS MB GFDIB FO MB RVF TF EFTFBO
BMDBO[BS
.FEJCMFT4FBMBSVOJEBEFTEFNFEJEB
$PIFSFOUFT7JODVMBEBTDPOMPTPCKFUJWPT
-BTNFUBTTPOMPTQSPEVDUPTEFTFBEPTFOUSNJOPT
EFDBOUJEBE {DVOUP
DBMJEBE {DVOCVFOP
UJFNQP
{DVOEP
ZSFBHFPHSGJDBPMVHBS {EOEF

"DPOUJOVBDJOTFQSFTFOUBVOFKFNQMP EFM
1MBO.VOJDJQBMEFMDBOUOEF&TDB[
0CKFUJWPFTQFDGJDP
i&TUSBUFHJBTQBSBMBSFDPMFDDJO
ZUSBUBNJFOUPEFMPTSFTJEVPT
PSHOJDPTEFMDBOUOIBO
TJEPEFTBSSPMMBEBTw
'VFOUF"EBQUBDJOEFM1MBO.VOJDJQBMEF(FTUJOEF3FTJEVPT4MJEPT
EFM$BOUOEF&TDB[
'VFOUFTDPOTVMUBEBT
%*/"%&$0
i.EVMP EF 1SPZFDUPTw SFB 5DOJDB Z
0QFSBUJWB$BQBDJUBDJOZ&EVDBDJO4BO+PT $PTUB3JDB
1MBO NVOJDJQBM EF
.VOJDJQBMJEBEEF&TDB[
.VOJDJQBMJEBEEF7TRVF[EF$PSPOBEP
1MBONVOJDJQBMEF

"M 5*&.10
TFDPOUBSDPOVOBQMBOUBEF
DPNQPTUBKF $"/5*%"%
QBSBFMUSBUBNJFOUPEF
MPTSFTJEVPTPSHOJDPT $"-*%"%
EFMDBOUO
-6("3

"M 5*&.10
TFIBCSBHSFHBEPWBMPSBM
QSPEVDUP $"/5*%"%
QBSBTVDPNFSDJBMJ[BDJO
$"-*%"%

"M 5*&.10
TFDPNFSDJBMJ[BSFM
$"/5*%"%
EFMBQSPEVDDJOPSHOJDB $"-*%"%

.FUPEPMHJDBQBSBMBQSFQBSBDJOEFQMBOFTEJSFDUJWPTEFMNBOFKP
EFMPTSFTJEVPTTMJEPTNVOJDJQBMFTFODJVEBEFTNFEJBOBT$BQJUVMP
8BTIJOHUPO &&66
130'"$
i.EVMP QBTPT NFUPEPMHJDPT QBSB MB
QMBOJGJDBDJO"VUPHFTUJPOBSJB{1PSRVZQBSBRVMB1MBOJGJDBDJO
4FSJF"VUPHFTUJOZ$VMUVSBEF1B[4BO+PT $PTUB3JDB
*OGPSNF
8JMTPO %BWJE FUBM
4PMJE 8BTUF .BOBHFNFOUw 8PSME #BOL BOE &3. WFSTJO FO
$%

0SHBOJ[BDJO 1BOBNFSJDBOB EF MB 4BMVE

i(VB

5BSFB
"DUJWJEBE
5BSFB
*EFOUJGJDBNPTZFWBMVBNPT
MBTBMUFSOBUJWBT
"DUJWJEBE"OBMJ[BSMBTBMUFSOBUJWBT
"DUJWJEBE3FBMJ[BSFMBOMJTJTEFGBDUJCJMJEBEUDOJDBZFDPONJDBGJOBODJFSB
"DUJWJEBE1SJPSJ[BSMBTBMUFSOBUJWBTFOVOUBMMFS
"DUJWJEBE7FSJGJDBSMBDPOTJTUFODJBZMBQPTJCJMJEBEEFJOUFHSBSMBTEJGFSFOUFT
BMUFSOBUJWFTFOVOBFTUSBUFHJBDPNO
"DUJWJEBE3FWJTBSZSFEFGJOJSMBTBMUFSOBUJWBTRVFTPOJODPNQBUJCMFTFOUSFTZDPOFM
NBSDPHFOFSBMEFM1MBO
'VFOUFTDPOTVMUBEBT
"OFYPT

"OFYP*OGPSNBDJOTPCSFMBUDOJDB.FUBQMBOP;011
$FOUSPEF"DPQJPEFMB.VOJDJQBMJEBEEF4BO3BGBFMEF)FSFEJB'PUPHSBGBEF(5;
i&MRVFNVDIPBCBSDB
QPDPBQSJFUBw

5BSFB
*EFOUJGJDBNPTZFWBMVBNPT
MBTBMUFSOBUJWBT
6OBWF[EFGJOJEPTMPTBMDBODFTEFMIPSJ[POUFEFQMBOJGJDBDJO
ZMBFTUSBUFHJBTFIBDFOFDFTBSJPJEFOUJGJDBSZBDPSEBSMBTBMUFSOBUJWBT
QBSBBUFOEFSMPTQSPCMFNBTEFUFDUBEPTFOFMEJBHOTUJDP
&YJTUFONMUJQMFTBMUFSOBUJWBTQBSBFOGSFOUBSMPTQSPCMFNBT
QFSPFTJNQPSUBOUFRVFDBEBBMUFSOBUJWBTFBOBMJDFFOEFUBMMFQBSB
PQUBSQPSMBNTDPOWFOJFOUF MBRVFFTGBDUJCMFEFSFBMJ[BSFOFM
DBOUOPMBRVFNBZPSFTCFOFGJDJPTPSJHJOBDPOMBNFOPSBTJHOBDJO
EFSFDVSTPT
1BSB FM YJUP EFM USBCBKP FT GVOEBNFOUBM FM DPOTFOTP P

QPS MP NFOPT FM BDVFSEP EF MB NBZPSB FO UPEP FM QSPDFTP EF
MB QMBOJGJDBDJO &M USBCBKP FO FRVJQP Z MB SFBMJ[BDJO EF UBMMFSFT
QBSUJDJQBUJWPTTFSOMBHBSBOUBEFRVFMBTTPMVDJPOFTQMBOUFBEBT
SFGMFKFOMBTOFDFTJEBEFTEFMHSVQPDPOEVDUPSZRVFTVTJOUFHSBOUFT
TFWBZBOBQSPQJBOEPEFMQSPDFTP
-BHFTUJOEFSFTJEVPTUJFOFNVDIBTGBDFUBTZSFTQPOEFB
MBTQFSTQFDUJWBTEFMPTEJGFSFOUFTBDUPSFTTPDJBMFTJOWPMVDSBEPT1PS
FKFNQMP MBVCJDBDJOEFMTJUJPQBSBMBEJTQPTJDJOGJOBMQVFEFMMFWBS
B DPOUSBQPOFS MB PQJOJO EF MB DPNVOJEBE TFMFDDJPOBEB DPO MBT
BVUPSJEBEFTNVOJDJQBMFT%FBIMBJNQPSUBODJBEFMPTQSPDFTPTEF
OFHPDJBDJOZDPODFSUBDJO"DPOUJOVBDJOTFNVFTUSBMBFTUSVDUVSB
EFMB5BSFB MBDVBMFTUDPNQVFTUBQPSDJODPBDUJWJEBEFT

"DUJWJEBE
"DUJWJEBE
"OMJTJTEFPQDJPOFTQBSBFM1.(*34
EF4BO3BGBFMEF)FSFEJB
"OBMJ[BSEFBMUFSOBUJWBT
-BJEFOUJGJDBDJOZMBEFGJOJDJOEFBMUFSOBUJWBTTPOMBCBTF
QBSBEJTFBSFMQMBOEFBDDJO
6OBBMUFSOBUJWBEFCFUFOFSGBDUJCJMJEBEUDOJDBZFDPONJDB
QFSPUBNCJOWJBCJMJEBEQPMUJDBZTPDJBMQBSBHBSBOUJ[BSFMYJUPEF
MBNJTNB
-BT BMUFSOBUJWBT TF SFGJFSFO BM {RV IBDFS QBSB MPHSBS MPT
PCKFUJWPTZMBTNFUBTRVFQFSNJUBOSFTPMWFSMPTQSPCMFNBTQFSP
BEFNT SFGPS[BS MPT BTQFDUPT QPTJUJWPT EFM TJTUFNB EF HFTUJO
NVOJDJQBMEFMPTSFTJEVPTTMJEPT
&O4BO3BGBFMZFO4BOUP%PNJOHPEF)FSFEJBTFBQMJDBSPO
VOBTQMBOUJMMBTQBSBIBDFSMPT&TUVEJPTEF7JBCJMJEBEQPSUJQPEF
SFTJEVPTMJEP DPOCBTFFOMPTTVQVFTUPTEFBQPSUFTZCFOFGJDJPT
SFTUSJDDJPOFTZPMJNJUBOUFT ZGBDUPSFTDSUJDPTEFYJUP
5PNBOEPDPNPCBTFFTUBJOGPSNBDJO GVFSPOTFMFDDJPOBEBT
MBTPQDJPOFTWJBCMFTEFNBOFKPEFSFTJEVPTQBSBFMDPSUP NFEJBOP
ZMBSHPQMB[P
"DPOUJOVBDJOTFQSFTFOUBVOBNVFTUSBEFFTUFJOTUSVNFOUP
DPNPGVFVUJMJ[BEPQPSFM$PNJU$PPSEJOBEPSEFM$BOUOEF4BO
3BGBFM
1BSBFMBOMJTJTEFMBTBMUFSOBUJWBT FOMB.VOJDJQBMJEBEEF
4BO3BGBFMZ4BOUP%PNJOHP TFVUJMJ[FMTJHVJFOUFJOTUSVNFOUP
4616&450
7*"#*-*%"%
"1035&4:#&/&'*$*04

."/&+0%&3&4*%60403%*/"3*04"1307&$)"#-&43&$*$-"#-&4
3&453*$$*0/&4:0
-*.*5"/5&4
r$PNQSPNJTPNVOJDJQBM
r3FDVSTPTQPSHFTUJOEFSFTJEVPT
SFDJDMBCMFT
10-5*$"
5&$/0-(*$"
r$BQBDJEBEUDOJDB
r5SBOTGFSFODJBEFDPOPDJNJFOUP
r$FOUSPEFBDPQJP
r$BNJOSFDPMFDUPS
r1FSTPOBMDBMJGJDBEP
r#TRVFEBEFHFTUPSFT
r$BSFODJBEFFRVJQP
UFDOPMHJDPDPNQMFUP
r$PCFSUVSBHFPHSGJDBEF
SFDPMFDDJO
'"$503&4$35*$04%&9*50
r"QPZPNVOJDJQBM
r1SFTVQVFTUPQBSBPQFSBDJOEF
DFOUSPEFBDPQJP SFDPMFDDJO NBOFKP
DMBTJGJDBDJO FUD
r$PPSEJOBDJOFGFDUJWBFOUSF
JOTUBODJBTNVOJDJQBMFT $PODFKP
.VOJDJQBM $PNJTJOEF"TVOUPT
"NCJFOUBMFT "MDBMEB
ZMB
PSHBOJ[BDJOTPDJBM
r$PNVOJEBEFEVDBEB
r"MJBO[BTDPOFNQSFTBTSFDJDMBEPSBT
r$PNQMFUBSFRVJQPUFDOPMHJDP
r$PNQSBEFFRVJQPZNBRVJOBSJB

5BSFB
5BCMB&KFNQMPEFIFSSBNJFOUBQBSBFMBOMJTJTEFBMUFSOBUJWBT
4616&450
7*"#*-*%"%
"1035&4:#&/&'*$*04
r*OGSBFTUSVDUVSBBEFDVBEBEF
DFOUSPEFBDPQJP
r6CJDBDJOBQSPQJBEBEFDFOUSP
'4*$0 /"563"-: EFBDPQJP
".#*&/5"r$POEJDJPOFTGTJDPOBUVSBMFTEF
VCJDBDJOHFPHSGJDBEFMDBOUO
r*ODSFNFOUPFOMBWJEBUJMEFM
TJUJPEFEJTQPTJDJOGJOBM
r&YQFSJFODJBEFDFOUSPEFBDPQJP
r*EFOUJEBEDBOUPOBM
r"QSPQJBDJOEFMUFNBBNCJFOUBM
40$*"-:$6-563"- r(FOFSBDJOEFFNQMFPT
r.FKPSBNJFOUPEFPSOBUPZ
BSCPSJ[BDJOFOQBSRVFTZDFOUSPT
FEVDBUJWPT
r"QPZPQPMUJDPNVOJDJQBMQPS
QFSPEPT
r0SHBOJ[BDJPOFTTPDJBMFTRVF
JODPSQPSBOUFNBBNCJFOUBM
*/45*56$*0/"-:%&
r"MJBO[BTDPOJOTUJUVDJPOFTZ
(&45*/
FNQSFTBT
"%.*/*453"5*7":
-&("-
&$0/.*$":
'*/"/$*&3"

."/&+0%&3&4*%60403%*/"3*04"1307&$)"#-&43&$*$-"#-&4
3&453*$$*0/&4:0
-*.*5"/5&4
'"$503&4$35*$04%&9*50
r$BQBDJEBEEFBMNBDFOBNJFOUP r*OGSBFTUSVDUVSB
EFDFOUSPEFBDPQJP
r-JNQJF[BEFSFTJEVPT
SFDPMFDUBEPT JNQBDUP
BNCJFOUBM
r7BDPTFEVDBUJWPTF
JOGPSNBUJWPTEFMBDPNVOJEBE
r*ODSFNFOUPEFQPCMBDJO
GPSOFB
r$PNVOJEBEFEVDBEB
r$BNCJPEFBVUPSJEBEFT
r"QPZPQPMUJDPGVUVSP
NVOJDJQBMFT
r'BMUBEFDPNQSPNJTPEF
BMHVOBTJOTUJUVDJPOFT
r'BMUBEFQSPDFTPEFJOEVDDJO
FJOGPSNBUJWPTFODBNCJPTEF
HPCJFSOP
r'BMUBEFQSPZFDDJOEFJNBHFO
r%FQFOEFODJBEFMWPMVOUBSJBEP
r$VNQMJNJFOUPMFHBM -FHJTMBDJO r$BSFODJBQPMUJDBT
r*ODFOUJWPT
QPSBQSPCBS (*34
SFHVMBDJPOFTQBSBNBOFKPEF
r%JWVMHBDJO1VCMJDJEBE&EVDBDJO
r1FSTPOBMDPOUSBUBEPQBSBDFOUSP EFTFDIPTTMJEPT
EFBDPQJP
r1MBUBGPSNBBENJOJTUSBUJWB
r"MJBO[BT$POUSBUPTDPOFNQSFTBT
r0CUFODJOEFSFDVSTPTQPSWFOUB r#BKPQSFTVQVFTUPNVOJDJQBMBM r1SFTVQVFTUP
EFSFTJEVPT
SVCSPBNCJFOUBM
r3FOUBCJMJEBE
r"QPZPEF0/(T BHFODJBTEF
r'BMUBEFJODFOUJWPTZNPEFMPT
DPPQFSBDJO ZPUSBTJOTUJUVDJPOFT EFUBSJGBTQSFGFSFODJBMFT
r4JTUFNBEFDMDVMPEFMBUBSJGB
r1BHPEFQFSTPOBM HBSBOUBT
TPDJBMFT
ZTFSWJDJPTCTJDPT
r1BHPEFUSBOTQPSUFQBSB
SFDPMFDDJOZDPNFSDJBMJ[BDJO
r%FQSFDJBDJOEFFRVJQPZ
FEJGJDJP
"DUJWJEBE
4616&450
7*"#*-*%"%
%&.&3$"%0

."/&+0%&3&4*%60403%*/"3*04"1307&$)"#-&43&$*$-"#-&4
3&453*$$*0/&4:0
-*.*5"/5&4
"1035&4:#&/&'*$*04
r"QFSUVSB0QDJPOFT.FSDBEP
FODSFDJNJFOUPEFSFTJEVPTTMJEPT
r"MUFSOBUJWBTQBSBEJWFSTJGJDBS
FMBQSPWFDIBNJFOUPEFSFTJEVPT
TMJEPT
r1BSUJDJQBDJO
r"DFQUBDJOFOUPEPTMPT
TFDUPSFTHFPHSGJDPTTPDJBMFT
EFMDBOUO
'"$503&4$35*$04%&9*50
r*ODFOUJWPT
r%JWVMHBDJO1VCMJDJEBE&EVDBDJO
'VFOUF1MBO.VOJDJQBMEF(FTUJOEF3FTJEVPT4MJEPTEFM$BOUOEF4BO3BGBFMEF)FSFEJB
"DUJWJEBE
3FBMJ[BSFMBOMJTJTEFGBDUJCJMJEBE
UDOJDBZFDPONJDBGJOBODJFSB
i-BGBDUJCJMJEBEUDOJDBTFSFGJFSFBMBEJTQPOJCJMJEBEZDBMJEBE
EF MPT SFDVSTPT OFDFTBSJPT QBSB MB FKFDVDJO EF MB BMUFSOBUJWB
%FCF DPOTJEFSBS MPT SFDVSTPT IVNBOPT JOWPMVDSBEPT GJOBODJFSPT Z
NBUFSJBMFT OFDFTBSJPT MB PSHBOJ[BDJO JOUFSOB MB DBQBDJEBE EF MPT
FRVJQPTFJOGSBFTUSVDUVSBJOTUBMBEBTZMBUFDOPMPHBBQSPQJBEBQBSB
FMGVODJPOBNJFOUPw
1PS PUSB QBSUF MB FWBMVBDJO FDPONJDB GJOBODJFSB
QSPQPSDJPOBMPTQSJODJQBMFTNFEJPTQBSBEFUFSNJOBSTJMBJOWFSTJO
QSPQVFTUB FT KVTUJGJDBCMF Z BDFQUBCMF QBSB MB TPDJFEBE QBSB BT
FMFHJSMBFOUSFPUSBTBMUFSOBUJWBT&TEFDJS MBFWBMVBDJOFDPONJDB
GJOBODJFSBDPOTJEFSB
t
{$VM FT MB NFKPS NBOFSB EF JOWFSUJS MPT SFDVSTPT

MJNJUBEPTEJTQPOJCMFTQBSBQSPQPSDJPOBSMBWFOUBKB
NYJNB B MBT BMUFSOBUJWBT TFMFDDJPOBEBT QBSB FM

DBOUO
t
{$VMFTFMNFOPSDPTUPBJOWFSUJSQBSBBMDBO[BSVO
PCKFUJWPTPDJBMEFUFSNJOBEP
-B FWBMVBDJO FDPONJDB GJOBODJFSB FT FM QSJODJQBM

JOTUSVNFOUPRVFQFSNJUFDPNQBSBSZEFDJEJSMBTPMVDJOEFNFOPS
DPTUP NOJNPDPTUP
EBEPRVFUPNBFODVFOUBMPTDPTUPTUPUBMFT
JOWFSTJOZPQFSBDJOZNBOUFOJNJFOUP
ZBTFBOGJKPTPWBSJBCMFT
4JOFNCBSHP OPTJFNQSFMBBMUFSOBUJWBEFNFOPSDPTUPFTMB
NFKPS QPSFTPTFEFCFOBOBMJ[BSMBTBMUFSOBUJWBTEFTEFMPUDOJDP
TPDJBM BNCJFOUBMZQPMUJDP
&OSFTVNFOMBFWBMVBDJOFDPONJDB
t
$POTJEFSB MPT DPTUPT Z MPT CFOFGJDJPT EF DBEB

PQDJO
t
&TMBIFSSBNJFOUBQSJODJQBMQBSBEFUFSNJOBSTJVOB
JOWFSTJOQSPQVFTUBEFCFSFBMJ[BSTFPOP
t
&YBNJOB MBT EJGFSFODJBT EF MBT WFOUBKBT Z EF MPT

DPTUPT FOUSF MB TJUVBDJO FYJTUFOUF DBTP iTJO
QSPZFDUPw
Z MB TJUVBDJO EFTQVT EF RVF TF IBZB
QVFTUP FO FKFDVDJO FM OVFWP QSPZFDUP DBTP iDPO
QSPZFDUPw

$FOUSP$PPQFSBUJWP4VFDP
i1MBOJGJDBDJO NPOJUPSFPZFWBMVBDJOQSPZFDUPTEFEFTBSSPMMPTPDJBMZIVNBOPw4BO+PT$PTUB3JDB

5BSFB
1BSBEFUFSNJOBSDVMEFMBTBMUFSOBUJWBTFTNTDPOWFOJFOUF
FOPDBTJPOFTFTOFDFTBSJPSFBMJ[BSVOBOMJTJTEFGBDUJCJMJEBEUDOJDBZ
FDPONJDBEFMBTPQDJPOFT"VORVFIBZRVFEFTUBDBSRVFTFSFBMJ[B
OJDBNFOUFFOMPTDBTPTRVFTFDPOTJEFSFDPOWFOJFOUFFOGVODJO
EFMHSBEPEFDPNQMFKJEBEPEFMPTSFDVSTPTRVFSFRVJFSBOJOWFSUJSTF
FOMBBMUFSOBUJWB
&MFTUVEJPEFGBDUJCJMJEBEFDPONJDPGJOBODJFSP JODMVZFFM
BOMJTJTEFMPTDPTUPTZMPTCFOFGJDJPT4FWBOBQSFTFOUBSEPTUJQPT
EFDPTUPT
t
t
$PTUPEFJOWFSTJO
$PTUPTEFPQFSBDJOZGVODJPOBNJFOUP
4F DPOTJEFSB RVF MB FTDBTF[ EF GPOEPT EF DBQJUBM P

EF JOWFSTJO FT FM QSJODJQBM JNQFEJNFOUP QBSB FM EFTBSSPMMP
OP PCTUBOUF FM GJOBODJBNJFOUP EF MPT DPTUPT EF PQFSBDJO Z
NBOUFOJNJFOUPFTQSPCBCMFNFOUFMBQBSUFNTDSUJDB QVFTEFFMMB
EFQFOEFMBTPTUFOJCJMJEBEGJOBODJFSBEFMTJTUFNB1PSFTBSB[OFO
USNJOPTEFQMBOJGJDBDJOBNCBTUJFOFOJHVBMJNQPSUBODJB
&MDPTUPEFJOWFSTJOFOFMFKFNQMPVUJMJ[BEP MPFTUBCMFDF
MBBMUFSOBUJWBEFSFDVQFSBDJOZSFDPMFDDJORVFTFBEPQUF1FSP
TJOJDBNFOUFTFDPNQBSBFMDPTUPEFDBEBBMUFSOBUJWB FMBOMJTJT
FTUBS JODPNQMFUP EFCJEP B RVF EFCF DPOTJEFSBSTF FM DPTUP EFM
FRVJQP Z NBRVJOBSJB FM USBOTQPSUF MPT HBTUPT BENJOJTUSBUJWPT Z
PQFSBUJWPT FOUSFPUSBTWBSJBCMFT
1PSPUSBQBSUF FOFMBOMJTJTQBSBDBEBBMUFSOBUJWBTFSFRVJFSF
RVFTFQSFTFOUFMBJOGPSNBDJOEFMBTGVFOUFTEFGJOBODJBNJFOUP
TVT SFRVJTJUPT Z DBSBDUFSTUJDBT EF QBHP DPO FM GJO EF GBDJMJUBS MB
UPNBEFEFDJTJPOFT
1PS FKFNQMP FM *'". UJFOF VO EFQBSUBNFOUP EF DSEJUP
EJTQPOJCMFQBSBMBTNVOJDJQBMJEBEFT1FSP UBNCJOFYJTUFOPUSBT
GVFOUFTEFGJOBODJBNJFOUPDPNPCBODPTQCMJDPTZQSJWBEPT GPOEPT
QSPWFOJFOUFTEFMBDPPQFSBDJOJOUFSOBDJPOBM FOUJEBEFTGJOBODJFSBT
SFHJPOBMFT DPNP FM #BODP $FOUSPBNFSJDBOP EF *OUFHSBDJO
&DPONJDB #$*&
FM #BODP *OUFSBNFSJDBOP EF %FTBSSPMMP #*%

SFDVSTPTEFMHPCJFSOP FNQSFTBQSJWBEBZEFMBDPNVOJEBE
&OFTUFBQBSUBEPOPTFFTQFDJGJDBDNPSFBMJ[BSVOFTUVEJP
EF GBDUJCJMJEBE TJOP RVF TF SFTBMUBO BMHVOPT BTQFDUPT RVF FT
JNQPSUBOUFRVFFMDPNJUDPPSEJOBEPSDPOTJEFSFPTPMJDJUFDVBOEP
TF FGFDUB VO FTUVEJP EF FTUF UJQP 4F SFDPNJFOEB BM DPNJU
DPPSEJOBEPSRVFTJOPDVFOUBDPOFMSFDVSTPIVNBOPQBSBMMFWBSMP
B DBCP FTUBCMF[DB PUSPT NFDBOJTNPT QBSB QPEFS IBDFSMP DPNP

QPS FKFNQMP MB DPOUSBUBDJO EF VOB QFSTPOB FTQFDJBMJTUB P MB

CTRVFEBFOMBDPNVOJEBEPFOMBNVOJDJQBMJEBEEFVOBQFSTPOB
PSHBOJ[BDJOPJOTUJUVDJORVFUFOHBMPTDPOPDJNJFOUPTSFRVFSJEPT
5BNCJO TF QVFEF TPMJDJUBS BZVEB B BMHO DFOUSP EF FEVDBDJO
TVQFSJPS
&M BOMJTJT EF GBDUJCJMJEBE GJOBODJFSB EFCF DPOUFNQMBS VOB
TFSJFEFFMFNFOUPTCTJDPTRVFTPOMPTRVFMFGBDJMJUBSOBMDPNJU
DPPSEJOBEPS MB UPNB EF EFDJTJPOFT TPCSF MB NFKPS BMUFSOBUJWB
UPNBOEPDPNPCBTFDSJUFSJPTEFSFOUBCJMJEBE1PSFKFNQMP
'MVKP EF DBKB P EF FGFDUJWP TF EFGJOF DPNP MB
EJGFSFODJB FOUSF MPT CFOFGJDJPT Z MPT DPTUPT EF MB BMUFSOBUJWB B
FWBMVBS FO VO EFUFSNJOBEP UJFNQP TF SFDPNJFOEB BM NFOPT
BPT
-PTQSJODJQBMFTJOEJDBEPSFTGJOBODJFSPTTFFMBCPSBOBQBSUJS
EFFTUFGMVKP
4J TF DPOTJEFSB VO FKFNQMP IJQPUUJDP QBSB MB JOTUBMBDJO
EFVODFOUSPEFBDPQJP EFCFDPOTJEFSBSTFBMNFOPTUSFTSVCSPT
QSJODJQBMFT
B
C
D
-BJOWFSTJO
-PTJOHSFTPT
-PTDPTUPTPFHSFTPT
1BSB FMBCPSBS FM GMVKP EF DBKB RVF NBOFKBS FM DFOUSP EF
BDPQJPOPTFJODMVZFMBJOWFSTJOSFBMJ[BEB"MHVOPTFKFNQMPTEF
JOWFSTJOTPO
t
t
t
t
$PNQSBEFMUFSSFOP
$POTUSVDDJOEFMBJOGSBFTUSVDUVSB
$PNQSBEFFRVJQPZNBRVJOBSJB
$PNQSBEFFRVJQPEFQSPUFDDJOQFSTPOBM
/PPCTUBOUF TJTFIJ[PBMHOQSTUBNPBVOCBODPQBSBMB
JOWFSTJOEFCFOSFHJTUSBSTFMPTQBHPTNFOTVBMFTRVFTFIBSOBM
CBODPFOFMSVCSPEFFHSFTPT
&OUSFMPTJOHSFTPTPCFOFGJDJPTRVFTFDBMDVMBOFOVOGMVKP
EFDBKBTFFODVFOUSBOMPTJOHSFTPTQPSWFOUBEFNBUFSJBMSFDJDMBCMF
"DUJWJEBE
-PTDPTUPTEFPQFSBDJOZNBOUFOJNJFOUPRVFTFQPESBO
QSFTFOUBSTPO
t
t
t
1BHPEFMQFSTPOBM
1BHP EF QSFTUBDJPOFT JODMVZFOEP QSFTUBDJPOFT Z
HBSBOUBTTPDJBMFT
1BHP EF USBOTQPSUF QBSB MB SFDPMFDDJO Z MB

DPNFSDJBMJ[BDJO
t
t
t
t
%JWVMHBDJOZQSPNPDJO
.BUFSJBMFTZTVNJOJTUSPTEFPGJDJOB
%FQSFDJBDJOEFMFRVJQPZEFMFEJGJDJP CPEFHB
1BHP EF TFSWJDJPT CTJDPT FMFDUSJDJEBE BHVB

UFMGPOP
t *NQSFWJTUPT PUSPT

&TUPTUBNCJOTFJODMVZFOFOFMGMVKPEFDBKB DPNPTFJMVTUSB
BDPOUJOVBDJO
5BCMB&KFNQMPEFDMDVMPEFMGMVKPEFDBKB
*OHSFTPT&HSFTPT
"P
"P
"P
"P
"P
"P

1BHPEFMQFSTPOBM
1BHPEFQSFTUBDJPOFT JODMVZFOEPQSFTUBDJPOFTZ

HBSBOUBTTPDJBMFT
1BHPEFUSBOTQPSUFQBSBMBSFDPMFDDJOZMB

DPNFSDJBMJ[BDJO
%JWVMHBDJOZQSPNPDJO
.BUFSJBMFTZTVNJOJTUSPTEFPGJDJOB
%FQSFDJBDJOEFMFRVJQPZEFMFEJGJDJP CPEFHB
1BHPEFTFSWJDJPTCTJDPT FMFDUSJDJEBE BHVB

*OHSFTPT
*OHSFTPTQPSWFOUBEFNBUFSJBMSFDJDMBCMF
5PUBMJOHSFTPT
UFMGPOP
*NQSFWJTUPT PUSPT
5PUBMEF&HSFTPT
'MVKPEFDBKB
5BSFB
&HSFTPT
'VFOUF"$&1&4"
&OMBNFEJEBEFMPQPTJCMF BMBMJTUBEFDPTUPT TFSFDPNJFOEB

RVF TF BHSFHVFO MPT EBPT BM BNCJFOUF P DPTUPT BNCJFOUFT Z
MPT EBPT B MB TBMVE FOGFSNFEBEFT
DBVTBEPT QPS FM NBOFKP
JOBEFDVBEPEFMPTSFTJEVPTTMJEPT"MJHVBMRVFMPTCFOFGJDJPTRVF
TFFTUBOHFOFSBOEPDPOFMBVNFOUPEFMBWJEBUJMEFMPTSFMMFOPT
TBOJUBSJPTZQPSMBWBMPSJ[BDJOEFMPTNBUFSJBMFTSFDJDMBCMFT"VORVF
TV DVBOUJGJDBDJO FO USNJOPT NPOFUBSJPT OP FT GDJM FYJTUFO
NFUPEPMPHBTQBSBiJOUFSOBMJ[BSwFTPTDPTUPT
4F DPOTJEFSB VO CFOFGJDJP DVBMRVJFS DPTB RVF BVNFOUF

FMCJFOFTUBSIVNBOPZVODPTUPDVBMRVJFSDPTBRVFEJTNJOVZBFM
CJFOFTUBSIVNBOP&MCJFOFTUBSIVNBOPFTEFUFSNJOBEPQPSMPRVF
QSFGJFSFOMBTQFSTPOBT"MUPUBMEFCFOFGJDJPTTFMFTSFTUBFMUPUBMEF
DPTUPTZTFPCUJFOFMBVUJMJEBEOFUB
$POFTUPTEBUPTTFDPOUJOBDPOFMQSPDFTPEFPCUFODJOEF
MPTPUSPTJOEJDBEPSFTEFSFOUBCJMJEBE
7BMPSBDUVBMOFUP 7"/
P7BMPS1SFTFOUF/FUP
71/
MBMHJDBEFFTUFDPODFQUPFTEFUFSNJOBSMBFRVJWBMFODJB
FOUJFNQPQSFTFOUF EFGMVKPTEFFGFDUJWPGVUVSPTRVFHFOFSBVOB
BMUFSOBUJWB Z DPNQBSBSMB DPO MB JOWFSTJO JOJDJBM 1PS MP UBOUP FM
7"/EFVOBJOWFSTJOFTMBEJGFSFODJBFOUSFTVDPTUPEFDBQJUBMZ
FMWBMPSQSFTFOUFPBDUVBMEFMGMVKPEFFGFDUJWPOFUPGVUVSPEFMB
JOWFSTJO1BSBFTUJNBSFTUFJOEJDBEPSTFEFCFEFUFSNJOBSMBUBTB
EF EFTDVFOUP MB DVBM USBEVDF UPEPT MPT DPTUPT Z MPT CFOFGJDJPT
GVUVSPTBWBMPSFTBDUVBMFT

&MDPODFQUPEFM7"/ UJFOFSFMBDJODPOFMWBMPSEFMEJOFSPFO
FMUJFNQP FTEFDJSRVFMPRVFWBMFIPZVOBDBOUJEBEEFEJOFSP OP
UJFOFFMNJTNPWBMPSEFOUSPEFVOBP1PSFKFNQMP
t
4JFM7"/FT FOUPODFTMBJOWFSTJOQSPQVFTUB
FTFDPONJDBNFOUFBDFQUBCMFPGBDUJCMF
" NBZPS DVBOUB EFM 7"/ NBZPS FT FM CFOFGJDJP

OFUPRVFTFPCUFOHBQPSFKFDVUBSMBBMUFSOBUJWB
t
4JFM7"/ TFBDFQUBMBBMUFSOBUJWB FTJOEJGFSFOUF

SFBMJ[BSPOPMBBMUFSOBUJWB
t
4J7"/ TFSFDIB[BMBBMUFSOBUJWB QPSRVFFTP

TJHOJGJDBRVFMBBMUFSOBUJWBOPFTFDPONJDBNFOUF
BDFQUBCMFPGBDUJCMF
1PS FKFNQMP FO FM DBTP EFM DFOUSP EF BDPQJP TF QPESB
BGJSNBS RVF FM 7"/ FT MB DBOUJEBE NYJNB RVF QPESB QBHBS MB
.VOJDJQBMJEBE QPS MB PQPSUVOJEBE EF SFBMJ[BS MB JOWFSTJO TJO
RVJUBSMFNSJUPBTVQPTJDJOGJOBODJFSB&TFMNPOUPRVFTFQVFEF
QBHBSFOFYDFTPQPSMBBMUFSOBUJWBZSFDVQFSBSTVJOWFSTJOBMBUBTB
EFTFBEB 4FDSFUBSBEF%FTBSSPMMP4PDJBM

&OFTFDBTP TJMB7"/PCUFOJEBQPSGSNVMBTFTUBETUJDBT
FT NBZPS RVF TF QVFEF BGJSNBS RVF FM DFOUSP EF BDPQJP FT
FDPONJDBNFOUFBDFQUBCMFPGBDUJCMF
5BTBJOUFSOBEFSFOEJNJFOUP 5*3
FTVOOEJDF
EFSFOUBCJMJEBEQBSBVOBTFSJFEFGMVKPTEFFGFDUJWP4FEFGJOFDPNP
MBUBTBEFJOUFSTS MBEFEFTDVFOUPEFNFSDBEPPMBTPDJBM
RVF
SFEVDFBDFSPFMWBMPSBDUVBMOFUP 7"/

t
t
t
4J5*3S TFBDFQUBMBBMUFSOBUJWB
4J5*3S FTJOEJGFSFOUFSFBMJ[BSPOPMB
BMUFSOBUJWB
4J5*3S TFSFDIB[BMBBMUFSOBUJWB
4JHVJFOEP DPO FM FKFNQMP EFM DFOUSP EF BDPQJP TF QVFEF
JOUFSQSFUBSBTFTBDFQUBCMFTJMBUBTBEFEFTDVFOUPRVFTFEFTFB
PCUFOFSFTNFOPSRVFMB5*3 QVFTFM7"/FTQPTJUJWP-B5*3FTFM
WBMPSMNJUFQBSBSFDVQFSBSMBJOWFSTJO QVFTBFTBUBTB7"/
4FHOFMFKFNQMPEFMDFOUSPEFBDPQJP MB5*3PCUFOJEPDPO
VOBUBTBEFJOUFSTEFM SFDPNFOEBEBQBSBFTUPTQSPZFDUPT

FTEF QPSMPRVFFTNBZPSRVFFTF4FQVFEFBGJSNBS
FOUPODFTRVFMBBMUFSOBUJWBFTSFDPNFOEBCMF
"OMJTJT EF TFOTJCJMJEBE 1BSB FM BOMJTJT EF MBT
BMUFSOBUJWBTTFSFDPNJFOEBFTUFJOTUSVNFOUP FMDVBMDPOTJTUFFO
DPOPDFSMBFWPMVDJOGJOBODJFSBEFCJEBBDBNCJPTFOMBTQSJODJQBMFT
WBSJBCMFT Z EFDJEJS MB FTUSBUFHJB QBSB NJOJNJ[BS MPT SJFTHPT 4F
BOBMJ[BOEJGFSFOUFTFTDFOBSJPT QPSFKFNQMPTJTFQVFEFODBNCJBSMPT
QSFDJPTEFMPTNBUFSJBMFTSFDJDMBCMFT FTUPJOGMVJSFOMPTCFOFGJDJPT
P JOHSFTPT B QFSDJCJS FO MB BMUFSOBUJWB -B JEFB FT QMBOUFBSTF
FTDFOBSJPTPQUJNJTUBTZQFTJNJTUBT QBSBFWJUBSFSSPSFTBMBIPSBEF
MBUPNBEFEFDJTJPOFT
6OBWF[RVFFMDPNJUDPPSEJOBEPSDVFOUBDPOMPTSFTVMUBEPT
EFMPTFTUVEJPTEFMBTBMUFSOBUJWBT EFCFSFDPSEBSTFRVFTFSFBMJ[B
OJDBNFOUFFOMPTDBTPTRVFTFDPOTJEFSFODPOWFOJFOUFTFOGVODJO
EFMHSBEPEFDPNQMFKJEBEPMPTSFDVSTPTRVFSFRVJFSBJOWFSUJSTFFO
MBBMUFSOBUJWB
TFQSPDFEFBMBQSJPSJ[BDJOEFEJDIBTBMUFSOBUJWBT
"DUJWJEBE
1SJPSJ[BSMBTBMUFSOBUJWBT
6OBWF[BOBMJ[BEBTMBTBMUFSOBUJWBT TFQSPQPOFSFBMJ[BSVO
UBMMFSEFDPOTVMUB DPOFMGJOEFQSJPSJ[BSMBTZEFVOBNBOFSBHJM
ZFGJDJFOUFTFSFBMJDFMBUPNBEFEFDJTJPOFT&MDPNJUDPPSEJOBEPS
EFCFEFUFSNJOBSFMUJFNQPEFEVSBDJOEFMUBMMFS
4F QVFEF VUJMJ[BS MB UDOJDB DPOPDJEB DPNP .FUBQMBO P
NUPEP EF QMBOJGJDBDJO EF QSPZFDUPT PSJFOUBEB B MPT PCKFUJWPT
QPS TVT TJHMBT FO BMFNO ;011 &TUB UDOJDB FT VO DPOKVOUP EF
IFSSBNJFOUBTEFDPNVOJDBDJO RVFQVFEFOTFSVTBEBTFOHSVQPT
DPOFMPCKFUJWPEFCVTDBSJEFBTZTPMVDJPOFTQBSBMPTQSPCMFNBT
QBSB FM EFTBSSPMMP EF PQJOJPOFT Z BDVFSEPT MB GPSNVMBDJO EF
SFDPNFOEBDJPOFTZQMBOFTEFBDDJO FOUSFPUSBT1FSNJUF NFEJBOUF
FMVTPEFUBSKFUBT QSPNPWFSMBQBSUJDJQBDJOEFUPEBTMBTQFSTPOBT
QBSUJDJQBOUFT QBSBNTJOGPSNBDJOTPCSFMBUDOJDBWFS"OFYP

"DUJWJEBE
7FSJGJDBSMBDPOTJTUFODJBZMBQPTJCJMJEBEEF
JOUFHSBSMBTEJGFSFOUFTBMUFSOBUJWBTFOVOB
FTUSBUFHJBDPNO
&TUBCMFDFSSFMBDJPOFTPQVOUPTFODPNOEFMBTBMUFSOBUJWBT
TFMFDDJPOBEBT QFSNJUJS RVF FM DBNJOP QVFEB TFS SFDPSSJEP CBKP
VOBTPMBSVUB
1PSFKFNQMPTFFTUBCMFDJQPSVOMBEPRVFFMNUPEPNT
FDPONJDP Z UDOJDBNFOUF NT DPOWFOJFOUF EF SFDPMFDDJO EF
MPTSFTJEVPTTMJEPTFOVOBDPNVOJEBERVFUJFOFBMBNFEBTPDPO
BDDFTPMJNJUBEPQBSBFMUSOTJUPEFWFIDVMPT FTNFEJBOUFFMVTP
EFDPOUFOFEPSFTVCJDBEPTBMJOJDJPEFMBTDVBESBT1FSP QPSPUSB
QBSUFTFQVFEFQSFTFOUBSFMSJFTHPEFRVFMBQPCMBDJOOPIBHBVO
CVFOVTPEFFMMPT&TUBTJUVBDJODPOMMFWBRVFFMDPNJUEFCB
QSFHVOUBSTFBMNPNFOUPEFMBQMBOJGJDBDJO
t
t
{2VBDUJWJEBEFTTFQVFEFOSFBMJ[BSQBSBRVFMB
DPNVOJEBEMPTBDFQUF
{4FSNFKPSB
DPMPDBSMPTDPOUFOFEPSFT
EFTBSSPMMBSQSPHSBNBTEFFEVDBDJOBNCJFOUBMZ
GJTDBMJ[BSTVCVFOVTP PC
DBNCJBSFMNUPEPEF
t
SFDPMFDDJO
{2VPUSBTBDDJPOFTTFEFCFOFKFDVUBSQBSBUFOFS
YJUP
&TUF FKFSDJDJP FT VOB BDUJWJEBE FTFODJBMNFOUF DVBMJUBUJWB

CBTBEBFOMBFYQFSJFODJBZKVJDJPTEFWBMPSEFMDPNJUDPPSEJOBEPS
RVF QFSNJUF BTFHVSBS RVF MBT EJGFSFOUFT BMUFSOBUJWBT TF JOUFHSFO
CBKPMPTPCKFUJWPTDPNVOFTQMBOUFBEPTFOVOBFTUSBUFHJBDPIFSFOUF
ZGBDUJCMF
"DUJWJEBE
3FWJTBSZSFEFGJOJSMBTBMUFSOBUJWBTRVF
TPOJODPNQBUJCMFTFOUSFTZDPOFMNBSDP
HFOFSBMEFM1MBO
&TUSFDIBNFOUFWJODVMBEPDPOMPBOUFSJPS TFEFCFEFUFSNJOBS
TJFYJTUFOBMUFSOBUJWBTRVFTPOJODPNQBUJCMFTFOUSFTZEFFTBGPSNB
QPEFSSFBMJ[BSBKVTUFTZDMDVMPT
&TUBBDUJWJEBESFRVJFSFSFBMJ[BSVOSFQBTPEFMBTBMUFSOBUJWBT
Z EF FODPOUSBSTF BMHVOB JODPNQBUJCJMJEBE QVFEF TFS OFDFTBSJP
NPEJGJDBS MB BMUFSOBUJWB TFMFDDJPOBEB Z WPMWFS B BOBMJ[BS TVT
DPSSFTQPOEJFOUFT FTUJNBDJPOFT SFWJTJO EF DPTUPT GBDUJCJMJEBE
GJOBODJFSB FUD
PJODMVTPUPNBSMBEFDJTJOEFFMJNJOBSBMHVOBEF
FMMBT
$POUJOVBOEP DPO FM FKFNQMP EFM DFOUSP EF BDPQJP TJ VOB
WF[SFBMJ[BEBMBGBDUJCJMJEBEUDOJDBZFDPONJDB TFEFUFSNJOBRVF
FMQSPZFDUPQVFEFFKFDVUBSTF FOUPODFTQBSUFEFMBFTUSBUFHJBFT
EFGJOJSDPNPTFIBSMBSFDPMFDDJOEFMPTNBUFSJBMFTSFDJDMBCMFT
&OFTUFFKFNQMP QPESBOQSFTFOUBSTFEPTBMUFSOBUJWBT
t
t
6OBFTMBDPNQSBSEFVOWFIDVMP
0USBFTFMBMRVJMFSEFMWFIDVMP
*OEFQFOEJFOUFNFOUF EF MB BMUFSOBUJWB RVF TF TFMFDDJPOF

MP JNQPSUBOUF FT RVF FM UJQP EF WFIDVMP EFCF SFTQPOEFS B MBT
OFDFTJEBEFTEFMQSPHSBNBEFSFDPMFDDJOTFMFDUJWB QPSMPRVFMB
DPNQSB EF VO WFIDVMP DPNQBDUBEPS OP TFSB SFDPNFOEBCMF P
DPNQBUJCMFDPOFMQSPZFDUPPSJHJOBM ZFTFFTFMUJQPEFBOMJTJTRVF
EFCFSFBMJ[BSTF

5BSFB
"DUJWJEBE
'VFOUFTDPOTVMUBEBT
*OUFHSBEBZ4PTUFOJCMFEF3FTJEVPT (*34
.FUPEPMPHBEFMB(*34
BQMJDBEBFOFM1SPHSBNB68&11MVT(PVEB 1BTFTCBKPT
$PTUB3JDB
*+HPTTF +FSPFO FU BM i1MBOJGJDBDJO QBSB MB (FTUJO *OUFHSBM
XBTUFLFZTIFFUTOFU

FWBMVBDJOEFQSPZFDUPTEFEFTBSSPMMP4BO+PT $PTUB3JDB

0SHBOJ[BDJO1BOBNFSJDBOBEFMB4BMVE
i(VB.FUPEPMHJDB
QBSBMBQSFQBSBDJOEFQMBOFTEJSFDUJWPTEFMNBOFKPEFMPTSFTJEVPT
TMJEPTNVOJDJQBMFTFODJVEBEFTNFEJBOBT8BTIJOHUPO &&66
*OGPSNF
4FDSFUBSBEF%FTBSSPMMP4PDJBM
i.BOVBMQBSBEFUFSNJOBSMB
'BDUJCJMJEBEEF3FEVDDJOZ3FVTPEF3FTJEVPT4MJEPT.VOJDJQBMFT
.YJDP
8JMTPO %BWJE FUBM
4PMJE8BTUF.BOBHFNFOUw8PSME#BOLBOE&3. WFSTJOFO$%

"OFYPT
"OFYP
*OGPSNBDJOTPCSFMBUDOJDB.FUBQMBOP;011
t
t
t
t
t
0USBTWFOUBKBT
t
t
&M.FUBQMBOUBNCJOTJSWFQBSB
t
(FOFSBS FO MPT HSVQPT VO QSPDFTP EF

QBSUJDJQBDJOPSHBOJ[BEB
'PSUBMFDFS DPOPDJNJFOUPT EFTBSSPMMBS
IBCJMJEBEFTZQSPQJDJBSDPNQPSUBNJFOUPT
QPTJUJWPT
%FTBSSPMMBS JEFBT DSFBUJWBT TPMVDJPOFT
QSDUJDBT Z SQJEBT B QSPCMFNBT
DPNVOFT
$PNQSPNFUFS B MPT HSVQPT FO FM MPHSP
EFTVTQSPQJPTPCKFUJWPTDPOTJEFSBOEPFM
WBMPSEFTVTJEFBT
&TUJNVMBS MB DPPQFSBDJO FOUSF HSVQPT
RVFEFCFOUPNBSEFDJTJPOFTDPNQMFKBTZ
EJTFBSFTUSBUFHJBTEFJOUFSWFODJO
t
t
t
t
t
t
t
.BOUJFOF FM IJMP DPOEVDUPS IBDJB MPT

PCKFUJWPTQSPQVFTUPT
1FSNJUFMBSFDVQFSBDJOTJTUFNUJDBEFMB
JOGPSNBDJOFODVBMRVJFSNPNFOUP
4F BTFHVSB VOB TFDVFODJB MHJDB EF MPT
SFTVMUBEPT
1FSNJUF VO SQJEP PSEFOBNJFOUP Z
QSJPSJ[BDJOEFJEFBT
.BOUJFOFMBNPUJWBDJOHSVQBMZFTUJNVMB
MBDSFBUJWJEBE
1FSNJUF MB FYQSFTJO TJNVMUOFB EF
JEFBT
$BOBMJ[BMBQBSUJDJQBDJOHSVQBMIBDJBMP
NTJNQPSUBOUF
0QUJNJ[B MPT QSPDFTPT EF QBSUJDJQBDJO
FWJUBEJTDVTJPOFTMBSHBT
'BDJMJUB MB NFNPSJ[BDJO EF JEFBT Z MB
DPODFOUSBDJOFOFMUFNBEFEJTDVTJO
4F EB VOB NBZPS GJKBDJO EF MB
JOGPSNBDJO
5BSFB
-B UDOJDB EF .FUBQMBO QFSNJUF RVF UPEBT MBT

QFSTPOBTQVFEBOPQJOBSTJOJOUFSGFSFODJBT TJOUFNPSFT
Z B MB WF[ QFSNJUF RVF TFBO DPODSFUBT B MB IPSB EF
QSFTFOUBSMBTJEFBT1PSPUSBQBSUF MPTBQPSUFTOPTF
QJFSEFO TFBQSPWFDIBNFKPSFMUJFNQPZTFEFTBSSPMMBFM
FWFOUPEFNBOFSBPSEFOBEB
-BUDOJDBUJFOFSFHMBTQBSBTVVTP
t
t
t
t
t
6OBJEFBQPSUBSKFUB
'SBTFTDPSUBT NYJNPSFOHMPOFT
-FUSBHSBOEFZMFHJCMF JNQSFOUB
.FOTBKFDPODSFUPZCJFOFTDSJUP
#VFOVTPEFMFTQBDJP

-BTUBSKFUBTRVFTFQVFEFOVUJMJ[BSUJFOFOGPSNBTEJWFSTBTTFHOTVVTP

5BSFB
5BSFB
&MBCPSBNPTZFKFDVUBNPT
FMQMBOEFBDDJO
"DUJWJEBE%FGJOJSMBFTUSVDUVSBEFMQMBOEFBDDJO
"DUJWJEBE*EFOUJGJDBSMPTSFDVSTPTGJOBODJFSPT
"DUJWJEBE-PHSBSMBBQSPCBDJOEFMQMBOQPSFM$PODFKP.VOJDJQBM
'VFOUFTDPOTVMUBEBT

$PNJU$PPSEJOBEPSEFMB.VOJDJQBMJEBEEF4BSBQJRV'PUPHSBGBEF"$&1&4"
i/PEFKFTQBSBNBBOB
MPRVFQVFEFTIBDFSIPZw

5BSFB
&MBCPSBNPTZFKFDVUBNPT
FMQMBOEFBDDJO
&M DPNJU DPPSEJOBEPS EFSJWB FM QMBO EF BDDJO EF MB
FTUSBUFHJBGPSNVMBEBDPOCBTFBMBTMOFBTEFUSBCBKPPQSJPSJ[BDJO
EFMPTSFTVMUBEPTEFMEJBHOTUJDP
&MQMBOEFBDDJOFTVOBIFSSBNJFOUBRVFQFSNJUFPSHBOJ[BSZ
QMBOJGJDBSMBTBDUJWJEBEFT BMPMBSHPEFVOQFSJPEPEFUJFNQP ZBRVF
QSFTFOUBFOEFUBMMFMBTBDUJWJEBEFT MBTQFSTPOBTSFTQPOTBCMFT MPT
UJFNQPTEFDVNQMJNJFOUP FMQSFTVQVFTUPQBSBMBJNQMFNFOUBDJO
EF MPT PCKFUJWPT MPT SFTVMUBEPT MBT NFUBT F JOEJDBEPSFT RVF TF
QSPZFDUBSPOBMDBO[BSFOFM1.(*34
"DPOUJOVBDJOTFNVFTUSBMBFTUSVDUVSBEFFTUB5BSFB MB
DVBMFTUDPNQVFTUBQPSUSFTBDUJWJEBEFT
-P QSJNFSP RVF TF EFCF IBDFS QBSB FMBCPSBS FM QMBO EF
BDDJOFTEFGJOJSFMQMB[PEFUJFNQP EFGPSNBSFBMJTUB FORVFTF
WB B FKFDVUBS FM 1.(*34 4V FTUSBUFHJB 5BSFB
TF QVEP IBCFS
QMBOUFBEPQBSBVOIPSJ[POUFEFBBPT4JOFNCBSHP FMQMBO
EFBDDJO QVFEFGPSNVMBSTFQBSBEPTNPNFOUPT EFQFOEJFOEPEF
MBTJOWFSTJPOFTQSFWJTUBT
B$PSUPQMB[PEFNFOPTEFBPBBPT
&OMBTBDDJPOFTEFDPSUPQMB[PTFJODMVZFOMBTBDUJWJEBEFT
RVFTFQVFEFOJNQMFNFOUBSDPOQPDBPOVMBJOWFSTJOEFDBQJUBM
&T EFDJS RVF TF PSJFOUBO B iNFKPSBS MP FYJTUFOUFw QPS FKFNQMP
PQUJNJ[BS MBT SVUBT EF SFDPMFDDJO FMBCPSBS VO SFHMBNFOUP
NVOJDJQBMEFHFTUJOEFSFTJEVPTTMJEPT JOTUBMBDJOEFVOCV[O
EFRVFKBT DPNQSBEFVOJGPSNFT ZFRVJQPEFQSPUFDDJOQFSTPOBM
&O MBT BDDJPOFT EF DPSUP QMB[P TF DPOTJEFSBO UBNCJO MBT

BDUJWJEBEFTNTJNQPSUBOUFTZVSHFOUFT EFNBOFSBBQPEFSJOJDJBS
DPOMPTDBNCJPTQSJPSJUBSJPT
5BNCJOQVFEFOTFSMBCBTFQBSBEFTBSSPMMBSMBTBDUJWJEBEFT
EFNFEJBOPQMB[P DPNPQPSFKFNQMPSFBMJ[BSFTUVEJPTFTQFDGJDPT
QBSB EFTBSSPMMBS BDDJPOFT FO FM NFEJBOP QMB[P DBQBDJUBS BM
QFSTPOBM BDUVBMJ[BSMBCBTFEFDPOUSJCVZFOUFT FKFDVUBSQSPHSBNBT
EFTFOTJCJMJ[BDJOBNCJFOUBM FOUSFPUSBT
C.FEJBOPQMB[PEFBBPT
$PNQSFOEFBDUJWJEBEFTRVFSFRVJFSFOEFNBZPSFTOJWFMFT
EFJOWFSTJOPVOBNBZPSDBQBDJEBEBENJOJTUSBUJWBZHFSFODJBMQPS
QBSUFEFMBNVOJDJQBMJEBE QPSFKFNQMPJNQMFNFOUBSQSPHSBNBT
EFSFDVQFSBDJOEFNBUFSJBMFTSFDJDMBCMFT JNQMFNFOUBSVOBQMBOUB
EFDPNQPTUBKF FOUSFPUSPT
&M NPOUP EF MBT JOWFSTJPOFT QSFWJTUBT TF QVFEF FNQMFBS

DPNPDSJUFSJPQBSBEFGJOJSFMONFSPEFBPTRVFDPNQSFOEFFM
QMBOEFBDDJO%FCFFYJTUJSVOBSFMBDJOMHJDBFOUSFMBTBDDJPOFT
EFDPSUPZNFEJBOPQMB[P QBSBHBSBOUJ[BSMBDPOUJOVJEBEEFM1MBO
1PS MP HFOFSBM MPT QMBOFT EF BDDJO JOUFHSBO EJWFSTBT
BDUJWJEBEFTRVFTFBHSVQBOFOQSPZFDUPT MPTDVBMFTTFFOHMPCBO
FOQSPHSBNBT
$POGJOFTEJEDUJDPTTFDPOTJEFSBOMPTTJHVJFOUFTDPODFQUPT
1SPZFDUPFTVODPOKVOUPEFBDDJPOFTDPPSEJOBEBT
F JOUFSSFMBDJPOBEBT QBSB MPHSBS VO PCKFUJWP
EFUFSNJOBEP EVSBOUF VO QFSJPEP EF UJFNQP

EFGJOJEPZDPOSFDVSTPTMJNJUBEPT
1SPHSBNB DPOTUJUVZF VOB BDDJO EF NBZPS

BNQMJUVE OPSNBMNFOUFJOUFHSBEBQPSVODPOKVOUP
EFQSPZFDUPTSFMBDJPOBEPTRVFDPOUSJCVZFOBMMPHSP
EFPCKFUJWPTEFUFSNJOBEPTw
&OMBTJHVJFOUFUBCMBTFPCTFSWBVOFKFNQMPEFQSPHSBNBTZ
TVTSFTQFDUJWPTQSPZFDUPT
5BCMB&KFNQMPEFMBSFMBDJOFOUSF1SPHSBNBTZ1SPZFDUPT
130(3"."4
1SPHSBNBEFGPSUBMFDJNJFOUP
JOTUJUVDJPOBM
130:&$504
1SPZFDUPEFBVUPNBUJ[BDJOEFMTJTUFNBDPOUBCMF
1SPZFDUPEFDBUBTUSPFJOWFOUBSJPEFMBCBTFEF
DPOUSJCVZFOUFT
1SPHSBNBEFNFKPSBNJFOUPZBNQMJBDJOEFMBDPCFSUVSB 1SPZFDUPEFMBPQUJNJ[BDJOEFSVUBT
EFSFDPMFDDJOEFMPTSFTJEVPTTMJEPTNVOJDJQBMFT
1SPZFDUPEFBNQMJBDJOEFDPCFSUVSBEFSFDPMFDDJO
1SPZFDUPEFJOGPSNBDJODJVEBEBOB
1SPZFDUPEFFEVDBDJOBNCJFOUBM
&TUBGPSNBEFFTUSVDUVSBDJOEFMQMBOEFBDDJOQFSNJUFPSEFOBSZEJTUSJCVJSNFKPSMBTBDUJWJEBEFTZHFTUJPOBSFMGJOBODJBNJFOUPBOUF
EJWFSTBTFOUJEBEFT ZBTFBQPSQSPHSBNBTPQPSQSPZFDUPT
1SPDFTPEFQMBOJGJDBDJO
FOFM$BOUOEF"MBKVFMB
-B.VOJDJQBMJEBEEF"MBKVFMBTFQMBOUFBQSPZFDUPT QBSB
FKFDVUBSFOMPTQSYJNPTBPTMBFKFDVDJOEFM1MBOEF
(FTUJOEF3FTJEVPT4MJEPT"MHVOPTEFFMMPTFTUONVZ
FOUSFMB[BEPTFOUSFTJZTVYJUPEFQFOEFEFBMDBO[BSQSJNFSP
PUSBTGBTFTFOQSPZFDUPTBOUFSJPSFT-PTQSPZFDUPTTPO
t 1SPZFDUP&EVDBDJOGPSNBM
t 1SPZFDUP&EVDBDJOOPGPSNBM
t 1SPZFDUP4FSWJDJPEFSFDPMFDDJO
t 1SPZFDUP3FHVMBDJOUDOJDBBMTFSWJDJP
EFSFDPMFDDJO
t 1SPZFDUP-JNQJF[BEFWBT
t 1SPZFDUP%FTFDIPTOPUSBEJDJPOBMFT
t 1SPZFDUP$PPSEJOBDJOJOUFSJOTUJUVDJPOBM
t 1SPZFDUP3FMMFOPMPT.BOHPT
t 1SPZFDUP$FOUSPEFBDPQJPNVOJDJQBM

5BSFB
1SPHSBNBEFJOGPSNBDJO FEVDBDJOZDPNVOJDBDJO
t
t
t
1SPZFDUP $FOUSPT EF USBOTGFSFODJB

DPNVOBMFT
1SPZFDUP 3FHVMBDJO FDPONJDB BM
TFSWJDJPEFSFDPMFDDJO
1SPZFDUP 4JTUFNBT EF JOGPSNBDJO
HFPHSGJDBQBSB(*34
5BNCJO MPT QMBOFT EF BDDJO DPNONFOUF DPNQSFOEFO

iQSPZFDUPTQJMPUPPEFNPTUSBUJWPTw MPTDVBMFTTFJNQMFNFOUBOB
QFRVFBFTDBMBDPOMBGJOBMJEBEEFWBMJEBSEFUFSNJOBEBBMUFSOBUJWB
PUFDOPMPHBZBTVWF[ DSFBSVOBPQJOJOGBWPSBCMFQBSBTVQPTUFSJPS
JNQMFNFOUBDJOBVOBFTDBMBNBZPS
t
t
"MBKVFMB

1PSPUSPMBEP UPEBTMBTBDUJWJEBEFTEFMQMBOEFBDDJOTF
EFCFODBMFOEBSJ[BSZBTJHOBSMFVOBPNTQFSTPOBTSFTQPOTBCMFT
QPSBDUJWJEBE QBSBBTFHVSBSTVDVNQMJNJFOUP"EFNT FMQMBOEF
BDDJOEFCFJODMVJSNFDBOJTNPTEFNPOJUPSFPZFWBMVBDJODPOTVT
SFTQFDUJWPTJOEJDBEPSFT FTUFUFNBTFBCPSEBDPONBZPSEFUBMMFFO
MB5BSFB

"DUJWJEBE
%FGJOJSMBFTUSVDUVSB
EFMQMBOEFBDDJO
%BEP RVF FYJTUFO EJWFSTBT FTUSVDUVSBT EF DPOUFOJEPT
QBSB GPSNVMBS VO QMBO EF BDDJO TFHVJEBNFOUF TF QSPQPOF
VOBFTUSVDUVSBTFODJMMBZCTJDB RVFQVFEBBZVEBSBPSJFOUBSTV
FMBCPSBDJO4JOFNCBSHP TFSFMDPNJUDPPSEJOBEPSFMRVFEFGJOB
TJ VUJMJ[B MB FTUSVDUVSB QSPQVFTUB V PUSB MP GVOEBNFOUBM FT RVF
MB FTUSVDUVSB RVF TF FMJKB GBDJMJUF FM QSPDFTP EF JNQMFNFOUBDJO
NPOJUPSFPZFWBMVBDJO

%FGJOJDJO EF MBT BDUJWJEBEFT MBT DVBMFT TF

FTUBCMFDFOFOGVODJOEFMPTPCKFUJWPTFTQFDGJDPT
EFUFSNJOBEPT FO MB 5BSFB EF QMBOJGJDBDJO
FTUSBUHJDB
%JTFPEFMPTJOEJDBEPSFTEFDVNQMJNJFOUP
"TJHOBDJOEFSFTQPOTBCMFT
1SPZFDUP&TUVEJPTDPNQMFNFOUBSJPT
1SPZFDUP*ODFOUJWPT
%FUFSNJOBDJOEFSFDVSTPTIVNBOPT NBUFSJBMFT
FRVJQP Z IFSSBNJFOUBT FDPONJDPT MFHBMFT
QPMUJDPT FOUSFPUSPT
%FGJOJDJO EF GFDIBT DSPOPHSBNB P
DBMFOEBSJ[BDJO

&MBCPSBDJOEFVOQMBOEFDPOUJOHFODJB
&OVOBPWBSJBTTFTJPOFTEFUSBCBKPTFQVFEFDPOTUSVJSFM
QMBOEFBDDJO VOFKFNQMPTFQSFTFOUBBMGJOBMJ[BSFTUFBQBSUBEP"
DPOUJOVBDJOTFEFUBMMBFMDPOUFOJEPEFDBEBDPNQPOFOUFEFMQMBO
EFBDDJO
%FGJOJDJOEFMBTBDUJWJEBEFT
&O FM QSPDFTP EF FMBCPSBDJO EF MB FTUSBUFHJB EFUBMMBEP
BOUFSJPSNFOUFFOMB5BSFBTFGPSNVMBSPOMPTPCKFUJWPTZMBTNFUBT
EFM1MBO"QBSUJSEFTUPT TFFMBCPSBOMBTBDUJWJEBEFT RVFTPO
UPEBTBRVFMMBTBDDJPOFTPFWFOUPTRVFOFDFTJUBNPTSFBMJ[BSQBSB
DVNQMJSDPOMPTPCKFUJWPTFTUBCMFDJEPTFOFM1MBO(FOFSBMNFOUFTF
SFEBDUBODPOWFSCPTFOJOGJOJUJWPQPSRVFFYQSFTBOVOBBDDJO1PS
FKFNQMP
t
t
t
t
&MBCPSBSJOTUSVNFOUPTEFMEJBHOTUJDP
/FHPDJBS VO QSTUBNP P GJOBODJBNJFOUP DPO FM
*'".
"DUVBMJ[BSMBTUBSJGBT
$BQBDJUBSBMQFSTPOBMNVOJDJQBMTPCSFQBSUJDJQBDJO
DJVEBEBOBFOHFTUJOEFMPTSFTJEVPTTMJEPT
1BSBJEFOUJGJDBSMBTBDUJWJEBEFTTFEFCFQFOTBSDVMFTTPOMPT
QBTPTRVFTFSFRVJFSFOQBSBBMDBO[BSVOBNFUB FTEFDJS {RVTF
EFCFIBDFS Z{DNPTFEFCFIBDFS
"DUJWJEBE
%JTFPEFMPTJOEJDBEPSFT
EFDVNQMJNJFOUP
t
t
"OUFSJPSNFOUF TF JOEJD RVF MBT BDUJWJEBEFT QFSNJUFO

FTUBCMFDFSFMDBNJOPBTFHVJS FOFMDBTPEFMPTJOEJDBEPSFT FTUPT
QVFEFO EFGJOJSTF DPNP NBSDBT EF TFBMJ[BDJO NVFTUSBO TJ TF
TJHVFFOMBSVUBDPSSFDUBZDVOUPTFIBBWBO[BEPw
-BSFEBDDJOEFMBTNFUBTZMPTJOEJDBEPSFTQVFEFDBVTBS
DPOGVTJO EBEPRVFSFTQPOEFOBMPTPCKFUJWPTZBNCPTQVFEFOTFS
EFGJOJEPTFOUSNJOPTEFDBOUJEBE UJFNQPZMVHBS
&OFMTJHVJFOUFFKFNQMPEFMB.VOJDJQBMJEBEEF"MBKVFMB TF
JMVTUSBDMBSBNFOUFTVTEJGFSFODJBT-BNFUBFTUBCMFDFRVFTFDVCSJS
FMEFMBDPCFSUVSBEFMDBOUOFOSFDPMFDDJOZFMJOEJDBEPSFT
MBDBOUJEBEEFDBNJOPTDVCJFSUPT QVFEFTFSRVFDVBOEPTFSFBMJDF
FMNPOJUPSFP TFPCTFSWFRVFTFEJVOBDPCFSUVSBEFMZTF
DVCSJFSPODBNJOPT
-PTJOEJDBEPSFTTPOHVBTQBSBEBSTFHVJNJFOUPBMBTBDDJPOFT
EFTBSSPMMBEBTZWFSJGJDBSMPTBWBODFTPSFUSBTPT TFFMBCPSBOUPNBOEP
FODVFOUBMPTPCKFUJWPTZQPTFFOMBTTJHVJFOUFTDBSBDUFSTUJDBT
t
t
RVFSFNPTMPHSBS
1PCMBDJOTFSFGJFSFBMBTQFSTPOBTJOWPMVDSBEBT
5JFNQPMBEVSBDJOPFMQMB[PRVFWBBUFOFS
$BOUJEBEFMONFSPPQPSDFOUBKF
$VBMJEBETFSFGJFSFBMBBDDJOPDBSBDUFSTUJDBRVF
5BCMB&KFNQMPEFGPSNBUPQBSBFTUSVDUVSBSMPTFMFNFOUPTHFOFSBMFT
EFVOQSPZFDUPEFMQMBOEFBDDJO
1SPZFDUP.FKPSBEFMB$PCFSUVSBEFM4FSWJDJPEF3FDPMFDDJO
'FDIBEFNBS[P
*OEJDBEPS
$BOUJEBEEFDBNJOPT
DVCJFSUPQPSFMTFSWJDJP
UPUBMEFDBNJOPTBDDFTJCMFT
EFMDBOUO
'VFOUFEFEBUPT
QBSBNFEJDJO
.FUB
$VCSJSFMEFMPT
MVHBSFTRVFUJFOFOBDDFTP
DPODBNJOQBSBFM
.VOJDJQBMJEBEEF
"MBKVFMB
'SFDVFODJBEFNFEJDJO
"OVBM
3FTQPOTBCMFHFOFSBM
3FDPMFDDJOEF%FTFDIPT
4MJEPT
5BSFB
0CKFUJWPFTQFDGJDP
&MTFSWJDJPEFSFDPMFDDJOEFSFTJEVPT
TMJEPTFOFM$BOUOEF"MBKVFMBIB
NFKPSBEP
1MB[PFTUJNBEPQBSBBMDBO[BSMBNFUB
'VFOUF"EBQUBEPEF.VOJDJQBMJEBEEF"MBKVFMB1MBO.VOJDJQBMEF(FTUJOEF3FTJEVPT4MJEPT
-PTJOEJDBEPSFT QFSNJUFONFEJSFMBWBODFZFMDVNQMJNJFOUP
EF MPT PCKFUJWPT 4JO FNCBSHP TF SFDPNJFOEB FMBCPSBS TMP MPT
JOEJDBEPSFTOFDFTBSJPTQVFTTJTFFMBCPSBOEFNBTJBEPTJOEJDBEPSFT
QVFEFDPNQMJDBSMBFKFDVDJOEFMQMBOEFBDDJOZTVNPOJUPSFPZ
FWBMVBDJO
"TJHOBDJOEFSFTQPOTBCMFT
6OBWF[EFGJOJEBTMBTUBSFBTPBDUJWJEBEFT FTJOEJTQFOTBCMF
RVF FM QMBO EF BDDJO DPOUFNQMF FO MOFBT FTQFDGJDBT DVMFT
JOTUBODJBT P QFSTPOBT TPO MBT FODBSHBEBT EFM DVNQMJNJFOUP
EF DBEB BDUJWJEBE P HSVQP EF BDUJWJEBEFT DPO FM QSPQTJUP EF
EFMJNJUBSDMBSBNFOUFMBTSFTQPOTBCJMJEBEFTEFDBEBBDUPSRVFIBZB
NPTUSBEPDPNQSPNJTPFOFMQSPDFTP QBSBMBDPOTFDVDJOEFMBT
NFUBTQSPQVFTUBT

#PEF 3FJOIJOMEi.POJUFSPQBSUJDJQBUJWPEFJNQBDUPTFMNPEFMP1*.ZFYQFSJFODJBTEFTVBQMJDBDJOFOFM1SPZFDUP*OUFHSBM130%6#"-w

0SHBOJ[BDJOQBSBMB
JNQMFNFOUBDJOEFM1MBOFO
4BOUP%PNJOHP
t
t
1BSBMBFUBQBEFJNQMFNFOUBDJOEFM1MBO.VOJDJQBM
EF(FTUJOEF3FTJEVPT4MJEPT QSFWJTUBQBSBJOJDJBSMVFHP
EFMBBQSPCBDJOEFM1MBOQPSQBSUFEFM$PODFKP.VOJDJQBM
EF 4BOUP %PNJOHP TF QSPQPOF MB DPOGPSNBDJO EF VOB
$PNJTJO&KFDVUPSBEFM1MBO
&M$PNJU&KFDVUPSTFSVODPNJUJOUFSJOTUJUVDJPOBMF
JOUFSTFDUPSJBMBETDSJUBZQSFTJEJEBQPSMB"MDBMEB.VOJDJQBMZ
TVTGVODJPOFTTFSOMBTTJHVJFOUFT
t
t
t
t
t
*NQMFNFOUBSZFKFDVUBSFM1.(34
"SUJDVMBS Z DPPSEJOBS MBT BDDJPOFT DPO MBT
JOTUJUVDJPOFT SFQSFTFOUBEBT FO FM $PNJU
BTDPNPDPOUPEBTBRVFMMBTRVFEVSBOUFFM
QSPDFTPTFWBZBOJOUFHSBOEPQBSBBMDBO[BS
MPTSFTVMUBEPTFTQFSBEPT
1SPNPWFS Z DPPSEJOBS FM FTUBCMFDJNJFOUP
EFDPOWFOJPTZDBSUBTEFJOUFODJPOFTFOUSF
JOTUJUVDJPOFT QCMJDBT Z QSJWBEBT RVF
JOUFSWJFOFO FO FM DPSUP NFEJBOP Z MBSHP
QMB[PFOFMQSPDFTP
%JTFBS MPT 1SPHSBNBT Z 1SPZFDUPT RVF
QFSNJUFOFMMPHSPEFMBTBDDJPOFTFTUSBUHJDBT
FTUBCMFDJEBTFOFM1.(34
(FTUJPOBSMBDPOTFDVDJOEFGPOEPTQCMJDPT
QSJWBEPT EF DPPQFSBDJO JOUFSOBDJPOBM Z
PSHBOJ[BDJPOFTNVMUJMBUFSBMFT RVFQFSNJUBO
FM EFTBSSPMMP EF MPT QSPHSBNBT Z QSPZFDUPT
EFM1.(34
-BTSFTQPOTBCJMJEBEFTEFM$PNJU&KFDVUPSTPO
t
t
t
t
t
'VFOUF1MBO.VOJDJQBMEF(FTUJOEF3FTJEVPT4MJEPTEFM$BOUOEF4BOUP%PNJOHP

$PPSEJOBS MB DPOGPSNBDJO EFM $PNJU EF

.POJUPSFP &WBMVBDJOZ4FHVJNJFOUP .&4

QBSBFMNPOJUPSFPZTFHVJNJFOUPEFM1.(34
(FTUJPOBS Z EPDVNFOUBS MPT DBNCJPT
SFRVFSJEPT TFHO MB TJTUFNBUJ[BDJO Z
NPOJUPSFP EFM QSPDFTP DPO FM QSPQTJUP
EF HBSBOUJ[BS FM MPHSP EF MPT SFTVMUBEPT
FTQFSBEPT
.BOUFOFSJOGPSNBEP EFGPSNBWFSCBMZQPS
FTDSJUP BM $PODFKP "MDBMEF Z BVUPSJEBEFT
JOTUJUVDJPOBMFTSFQSFTFOUBEBTFOFM$PNJU
TPCSFMPTBWBODFT MPHSPTZMJNJUBDJPOFTEFM
QSPDFTPEFJNQMFNFOUBDJOZFKFDVDJOEFM
1.(34
"UFOEFS F JODPSQPSBS MBT SFDPNFOEBDJPOFT
RVF TF HFOFSFO EF MPT JOGPSNFT QFSJEJDPT
EFM$PNJU.&4 .POJUPSFPZ&WBMVBDJOEFM
1.(34

.BOUFOFS VOB DPNVOJDBDJO USBOTQBSFOUF
GMVJEBZQFSNBOFOUFDPOMPTEJTUJOUPTBDUPSFT
JOWPMVDSBEPTFOFMQSPDFTPEFM1.(34
#SJOEBS MPT JOGPSNFT PGJDJBMFT EF HFTUJO
UDOJDB BENJOJTUSBUJWB Z GJOBODJFSB RVF MF
TFBOSFRVFSJEPT
1BSUJDJQBSEFMBTBDUJWJEBEFTEFJOUFSDBNCJP
EF FYQFSJFODJBT RVF TF DPOWPRVFO B OJWFM
OBDJPOBM F JOUFSOBDJPOBM RVF QFSNJUB MB
EJWVMHBDJOEFMUSBCBKPSFBMJ[BEP
"DUJWJEBE
%FGJOJDJOEFGFDIBT DSPOPHSBNB
PDBMFOEBSJ[BDJO
FMBQPSUFFTFOFTQFDJF QPSFKFNQMPNBUFSJBMFT USBOTQPSUF UJFNQP

EFMBTQFSTPOBT FUDPFOFGFDUJWPZEFEOEFTFQPESBPCUFOFSFM
EJOFSP
5PEPT MPT QMBOFT EF BDDJO DPOUJFOFO VO DSPOPHSBNB

EFUBMMBEPEFMBTBDUJWJEBEFTDPOVOUJFNQPEFDVNQMJNJFOUP
&MBCPSBDJOEFVOQMBOEFDPOUJOHFODJB
%FUFSNJOBEBT MBT BDUJWJEBEFT TF QSPTJHVF DPO MB

JEFOUJGJDBDJOEFMPTSFDVSTPTIVNBOPT NBUFSJBMFT FDPONJDPTZ
PUSPTRVFTFSFRVJFSFOQBSBMBFKFDVDJOEFMQMBOEFBDDJO&TUP
QBSBBTFHVSBSRVFMBTBDUJWJEBEFTTFWBZBOSFBMJ[BOEPDPOGPSNFB
MPQMBOFBEP
-BFTUJNBDJOFDPONJDBEFMBTBDUJWJEBEFTEBSPSJHFOBM
QSFTVQVFTUPEFMQMBOEFBDDJO"RVFTJNQPSUBOUFEFUFSNJOBSTJ
&M1MBOEFBDDJOEFCFSDPOUBSDPOVOiQMBOEFDPOUJOHFODJBT
FO FM DVBM TF EFGJOFO BDUJWJEBEFT BDDJPOFT Z QSPDFEJNJFOUPT B
EFTBSSPMMBSFODBTPEFQSFTFOUBSTFEFTBTUSFTEFPSJHFOOBUVSBM DPO
FMGJOEFTVNJOJTUSBSEFNBOFSBBMUFSOBUJWBFMTFSWJDJPZSFTUBCMFDFS
FOFMNFOPSUJFNQPQPTJCMFTVGVODJPOBNJFOUPOPSNBMw .JOJTUFSJP
EF"NCJFOUF

5BNCJO TF EFCF DPOUBS DPO VO QMBO EF DPOUJOHFODJB
QBSBHBSBOUJ[BSMBSFDPMFDDJO DVBOEPTFQSFTFOUBOGBMMBTFOMPT
WFIDVMPT PDVBOEPTFQSPEVDFVODJFSSFOPQMBOJGJDBEPEFMTJUJP
EFEJTQPTJDJOGJOBM&MQMBOEFDPOUJOHFODJBQSFTFOUBMBTNFEJEBT
BMUFSOBUJWBTFOFMDBTPEFRVFTFEFOEJGJDVMUBEFTQBSBMBSFBMJ[BDJO
EFMQMBOEFBDDJO
5BSFB
%FUFSNJOBDJOEFSFDVSTPTIVNBOPT
NBUFSJBMFT FRVJQPZIFSSBNJFOUBT
FDPONJDPT MFHBMFT QPMUJDPT FOUSFPUSPT

%JTFBSFM
QSPHSBNBEF
DBQBDJUBDJO
QFSNBOFOUF
TPCSFFMNBOFKP
BEFDVBEPEFMPT
SFTJEVPTTMJEPT
FOFMDBOUO
"DUJWJEBE
(FTUJPOBSMPTSFDVSTPT
OFDFTBSJPTQBSBDBEBUJQPEF
DBQBDJUBDJO FDPONJDPT
IVNBOPT NBUFSJBMFT
FRVJQPT USBOTQPSUF
%JTFBSQSFTFOUBDJPOFT
QBSBEJGFSFOUFTQCMJDPT
NFUBDPNVOJEBE
GVODJPOBSJPT FEVDBDJO
GPSNBM FTUVEJBOUFT

DPNFSDJBOUFT GPSNBEPSFT
4VC"DUJWJEBEFT
$PPSEJOBEPS
*NQMFNFOUBDJO
DFOUSPTEFBDPQJP
3FTQPOTBCMF
a
.BZP
3FDVSTPT
'FDIBEFDVNQMJNJFOUP
0CKFUJWPFTQFDGJDP-BFEVDBDJOFOHFTUJOJOUFHSBMEFSFTJEVPTTMJEPTIBTJEP
QSPNPWJEBFOUPEPTMPTBDUPSFTJOWPMVDSBEPTFOMPTEJGFSFOUFTEJTUSJUPTEFM
$BOUOEF%FTBNQBSBEPT
4FSWJDJPT1CMJDPT
3FTQPOTBCMFHFOFSBM

*NQPSUBODJBEFOPDSFBSCPUBEFSPT
DMBOEFTUJOPTZFSSBEJDBDJOEFMPT
FYJTUFOUFT UBOUPQBSBMBDPNVOJEBE
DPNPQBSBFMDPNFSDJP
*NQPSUBODJBEFDVNQMJSDPOIPSBSJPT
EFSFDPMFDDJOQBSBDPNVOJEBEFTZ
GVODJPOBSJPTNVOJDJQBMFT
"TQFDUPTJOUSPEVDUPSJPTEF(*34
JOEVDDJOBM1MBO.VOJDJQBM
0CTFSWBDJPOFT
4FNFTUSBM
'SFDVFODJBEF
NFEJDJO
"WBODF
$POUBSDPOVOBFTUSBUFHJBFEVDBUJWB
DPOUJOVB
1SPHSBNBEF
DBQBDJUBDJO
FMBCPSBEP
*OEJDBEPSQPS
BDUJWJEBE
.VOJDJQBMJEBEEF
%FTBNQBSBEPT
/EFBDUJWJEBEFTFEVDBUJWBTEJTFBEBT 'VFOUFEFEBUPT
FJNQMFNFOUBEBT
QBSBNFEJDJO
.VOJDJQBMJEBEEF%FTBNQBSBEPT
.FUB
*OEJDBEPSQSJODJQBM
1MBOEF.BOFKP*OUFHSBMEF3FTJEVPT4MJEPT
1MBOEFBDDJO&EVDBDJO"NCJFOUBM
5BCMB1MBOEFBDDJO%FTBNQBSBEPT
&OMBTQHJOBTTJHVJFOUFTTFQSFTFOUBVOFKFNQMPEF1MBOEF"DDJOQBSBVOQSPZFDUPFTQFDGJDP
*NQMFNFOUBS
FMQSPHSBNBEF
DBQBDJUBDJO
QFSNBOFOUF
"DUJWJEBE

%JDJFNCSF
$PNVOJEBEFTDPO
DFOUSPTEFBDPQJP
-PT(VJEP 'SBJMFTZ
4BO.JHVFM
5BSFB
a
$BQBDJUBSBMPT
GVODJPOBSJPTNVOJDJQBMFT
SFMBDJPOBEPTDPOMB(*34
BHSVQBEPTQPSHSVQPT
EFBGJOJEBEJOTQFDUPSFT
DPPSEJOBEPSFTEF
EFQBSUBNFOUP USBCBKBEPSFT
EFSFDPMFDDJOEFSFTJEVPT
.BZP

"HPTUP(SVQPT
PSHBOJ[BEPTEFMBT
BTPDJBDJPOFTEF
EFTBSSPMMP
a
+VOJP
+VOJP#FDBEPT
EFMBNVOJDJQBMJEBE
FEVDBUJWPJOUFSOP

HVBTTDPVUT
DPNVOJEBEFT
a
"WBODF
'FDIBEF
DVNQMJNJFOUP
3FDVSTPT
a
$PPSEJOBEPS
*NQMFNFOUBDJO
DFOUSPTEFBDPQJP
3FTQPOTBCMF
*OGPSNBSTPCSF(*34B
MPTDPNFSDJBOUFTEFMDBTDP
DFOUSBMEF%FTBNQBSBEPTZ
QPTUFSJPSNFOUFFYUFOEFSMP
BMSFTUPEFMDPNFSDJPFOFM
DBOUO
*NQBSUJSDIBSMBTZ
UBMMFSFTTPCSF(*34BMBT
$PNVOJEBEFTIVTQFEEF
MPTDFOUSPTEFBDPQJP
$BQBDJUBSBHSVQPT
FTQFDGJDPTQBSBRVF
DPOUSJCVZBODPNP
GPSNBEPSFTEFMB(*34
4VC"DUJWJEBEFT
4FQBSBDJOEFEFTFDIPT TVQPUFODJBMJEBE
ZTVJNQBDUPFOFMBNCJFOUFZFOMBTBMVE
*ODMVJSFOMBDBQBDJUBDJOMPRVFTFEFCF
UFOFSQBSBQPEFSTFQBSBSFOMBTDBTBT
4FQBSBDJOZSFDJDMBKF DFOUSPTEFBDPQJP
EFNBUFSJBMFT
0CTFSWBDJPOFT
/EFBDUPSFT
JOWPMVDSBEPT
DBQBDJUBEPT
UPUBMEFBDUPSFT
JOWPMVDSBEPT
*OEJDBEPSQPS
BDUJWJEBE
"DUJWJEBE

*NQMFNFOUBDJO
DFOUSPTEFBDPQJP
DBNQBBQVCMJDJUBSJB
&MBCPSBSVOBQSPQVFTUB
EFQSPZFDUPQBSBQFEJS
BQPZPDPOIPSBTEF5$6P
QSDUJDBQSPGFTJPOBMEFMBT
VOJWFSTJEBEFT
3FBMJ[BSVOEFTHMPTFEF
BDUJWJEBEFTFOMBTRVFQVFEF
DPOUSJCVJSMB6OJWFSTJEBEP
VOJWFSTJEBEFTQPSBP
%JDJFNCSF

0CTFSWBDJPOFT
6$3 QSDUJDBTQSPGFTJPOBMFTZ5$6 $*$"1
1SFWFODJOEFQSPCMFNBTHFOFSBEPTQPS
FMNBMNBOFKPEFMPTSFTJEVPTTMJEPT

'FDIBEFBDUVBMJ[BDJO@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@
$PPSEJOBEPS
*NQMFNFOUBDJO
DFOUSPTEFBDPQJP
'VFOUF"EBQUBEPEFM1MBO.VOJDJQBMEF(FTUJOEF3FTJEVPT4MJEPTEFM$BOUOEF%FTBNQBSBEPT
$PPSEJOBSDPO
6OJWFSTJEBEFT
VPUSBT
PSHBOJ[BDJPOFT
BDUJWJEBEFTEF
BQPZPFOFMUFNB
DVSTPTGPSNBMFT
ZDIBSMBT
FTQFDJBMJ[BEBT

"HPTUP
EFTHMPTF
QSFTVQVFTUFTUBSJP
a
1FSJEJDP MJTUPDBEB
GFCSFSPEFBP

+VMJP
QSJNFSBTWBMMBT
a

.BZP
a
"WBODF
$PPSEJOBEPS
*NQMFNFOUBDJO
DFOUSPTEFBDPQJP
.BS[P
'FDIBEF
DVNQMJNJFOUP
%JTFBSMBDBNQBB
QVCMJDJUBSJBEFEJWVMHBDJO
EFMBEFDVBEPNBOFKPEF
SFTJEVPTTMJEPT
3FDVSTPT
a
3FTQPOTBCMF
&TUBCMFDFSMBTQBVUBT
BTFHVJSQBSBRVFMPT
GPSNBEPSFTSFQMJRVFOMB
DBQBDJUBDJOSFDJCJEBFOTVT
DFOUSPTFEVDBUJWPT
4VC"DUJWJEBEFT
$SFBSF
JNQMFNFOUBS
VOBDBNQBB
#VTDBSMPTSFDVSTPT
QVCMJDJUBSJBEF
JOUFSOPTZFYUFSOPT
$PPSEJOBEPS
EJWVMHBDJOEFM OFDFTBSJPTQBSBMBDBNQBB 4FSWJDJPT1CMJDPT
BEFDVBEPNBOFKP
EFEJWVMHBDJO
EFSFTJEVPT
$PPSEJOBEPS
TMJEPT
*NQMFNFOUBSMB
"DUJWJEBE
/EFQSPZFDUPT
DPO6OJWFSTJEBEFTV
PUSBTJOTUJUVDJPOFT
*OGPSNFTEFBWBODF
EFBDUJWJEBEFTEFMB
DBNQBB
3FDVSTPT
BERVJSJEPTSFDVSTPT
TPMJDJUBEPT
$BNQBB
QVCMJDJUBSJB
FMBCPSBEB
*OEJDBEPSQPS
BDUJWJEBE
"DUJWJEBE
*EFOUJGJDBSMPTSFDVSTPTGJOBODJFSPT
6OBWF[RVFTFUJFOFFMQMBOEFBDDJOFTOFDFTBSJPDPOPDFS
MBDBOUJEBEEFEJOFSPRVFTFWBBSFRVFSJSQBSBMMFWBSBDBCPMBT
BDUJWJEBEFTQSPHSBNBEBT
1BSBMBSFBMJ[BDJOEFFTUBBDUJWJEBE TJFMDPNJUDPPSEJOBEPS
OP UJFOF FYQFSJFODJB QVFEF TPMJDJUBS MB DPMBCPSBDJO EF VO
QSPGFTJPOBMFOFTUFDBNQP ZBTFBVOBENJOJTUSBEPSEFFNQSFTBT
VO FDPOPNJTUB VO DPOUBEPS V PUSP FTQFDJBMJTUB 4F QVFEFO
FTUBCMFDFS BMJBO[BT DPO DFOUSPT EF FEVDBDJO TVQFSJPS V PUSBT
JOTUJUVDJPOFTEFM$BOUO
BQPSUBSBMBFKFDVDJOEFMQMBODPOSFDVSTPTIVNBOPTZGJOBODJFSPT
5BNCJOQVFEFTFSRVFTFFTUBCMF[DBOBMJBO[BTQCMJDPQSJWBEBT
DPOFNQSFTBTVCJDBEBTFOFMDBOUOEFUFDUBEBTFOFMEJBHOTUJDP
"DUJWJEBE
-PHSBSMBPCUFODJOEFMBBQSPCBDJOEFM
QMBOEFBDDJOQPSFM$PODFKP.VOJDJQBM
$PNP TF JOEJD BOUFSJPSNFOUF FT JNQPSUBOUF NBOUFOFS
JOGPSNBEPBM$PODFKP.VOJDJQBMEFMPTBWBODFTFOMBFMBCPSBDJO
EFM 1MBO &TF DBOBM EF DPNVOJDBDJO DMBWF FOUSF FM DPNJU Z FM
$PODFKP.VOJDJQBMTFWFFOPSNFNFOUFGBDJMJUBEPDVBOEPFMDPNJU
FTUUBNCJOJOUFHSBEPQPSSFHJEPSFT BT

-B .VOJDJQBMJEBE DVFOUB DPO SFDVSTPT QSPDFEFOUFT EF MBT

UBSJGBT EFM TFSWJDJP QCMJDP MBT DVBMFT QVFEFO TFS SFDBMJGJDBEBT
EPT WFDFT BM BP 0USB QPTJCMF GVFOUF EF SFDVSTPT QVFEF TFS MB
DPNFSDJBMJ[BDJO EF NBUFSJBMFT SFDJDMBCMFT SFDVQFSBEPT FOUSF
PUSPT
"OUFTEFQPOFSFOQSDUJDBFMQMBOEFBDDJO TUFEFCFTFS
PGJDJBMJ[BEPZDPOUBSDPOMBBQSPCBDJOGJOBMEFM$PODFKP.VOJDJQBM
%FCJEPBRVFHSBOQBSUFEFMGJOBODJBNJFOUPEFMQMBOUBNCJOQBTB
QPSMBBQSPCBDJOEFMBTBVUPSJEBEFT FTJOEJTQFOTBCMFVOBDVFSEP
NVOJDJQBMQBSBMFHJUJNBSZDPOUBSDPOFMSFTQBMEPSFTQFDUJWPQBSBMB
GBTFEFJNQMFNFOUBDJO&OFTUBTFTJODPOFM$PODFKP.VOJDJQBM
TFEFCFQSFTFOUBSFM1.(*34FOHFOFSBMZ FOQBSUJDVMBS FM1MBO
EF"DDJOKVOUPDPOTVTJTUFNBEF.POJUPSFPZ&WBMVBDJO WFTF
5BSFB

%VSBOUF MB SFBMJ[BDJO EFM EJBHOTUJDP TF QVFEF JOJDJBS MB

JEFOUJGJDBDJO EF BMHVOPT SFDVSTPT RVF FYJTUFO MPDBMNFOUF P FO
FMNCJUPOBDJPOBMQBSBBQPZBSMBJNQMFNFOUBDJOEFM1MBO1PS
FKFNQMP QVFEFTFSRVFFYJTUBFOFMDBOUOBMHVOBPSHBOJ[BDJO
OPHVCFSOBNFOUBMRVFFTUUSBCBKBOEPFOFMUFNBZRVFQVFEF
4F SFDPNJFOEB BEFNT PSHBOJ[BS VOB BDUJWJEBE QCMJDB

QBSB TV EJWVMHBDJO FOUSF MB QPCMBDJO EFM DBOUO DPO FM GJO EF
UFOFSFMBQPZPZNPUJWBSMBQBSUJDJQBDJOEFMBQPCMBDJOFOUPEBT
MBTBDUJWJEBEFTRVFTFWBOBSFBMJ[BS4FQVFEFIBDFSVTPEFMPT
NFEJPTMPDBMFTEFDPNVOJDBDJODVBOEPFTUPTFYJTUBO
5BNCJOTFSFRVJFSFMBFMBCPSBDJOEFVOGMVKPEFDBKBPEF
FGFDUJWPZMBJEFOUJGJDBDJOEFMBTQPTJCMFTGVFOUFTEFSFDVSTPT UBOUP
MPDBMFT DPNPOBDJPOBMFTFJOUFSOBDJPOBMFT

5BSFB
"DUJWJEBE
'VFOUFTDPOTVMUBEBT
#PEF 3FJOIJOMEi.POJUFSPQBSUJDJQBUJWPEFJNQBDUPTFMNPEFMP
1*. Z FYQFSJFODJBT EF TV BQMJDBDJO FO FM 1SPZFDUP *OUFHSBM
130%6#"-w
$PTUB3JDB
.JOJTUFSJPEF"NCJFOUF
i.FUPEPMPHBQBSBMB&MBCPSBDJO
EFMPT1MBOFTEF(FTUJO*OUFHSBMEF3FTJEVPT4MJEPTw$PMPNCJB

.VOJDJQBMJEBEEF"MBKVFMB
i1MBO.VOJDJQBMEF(FTUJOEF
3FTJEVPT4MJEPTEFM$BOUOEF"MBKVFMBw
1MBO .VOJDJQBM EF
(FTUJOEF3FTJEVPT4MJEPTEFM$BOUOEF%FTBNQBSBEPTw
1MBO .VOJDJQBM EF
(FTUJOEF3FTJEVPT4MJEPTEFM$BOUOEF4BOUP%PNJOHPw
8JMTPO %BWJE FUBM
4USBUFHJD1MBOOJOH(VJEFGPS.VOJDJQBM
4PMJE8BTUF.BOBHFNFOU8PSME#BOLBOE&3. WFSTJOFO$%

5BSFB
5BSFB
3FBMJ[BNPTFMNPOJUPSFP
EFMBTBDUJWJEBEFT
EFMQMBOEFBDDJO
"DUJWJEBE0SHBOJ[BSFMNPOJUPSFP
"DUJWJEBE%FGJOJSMBNFUPEPMPHBZFKFDVDJOEFMNPOJUPSFP
"DUJWJEBE"OBMJ[BSMPTSFTVMUBEPTEFMNPOJUPSFP
'VFOUFTDPOTVMUBEBT

$FOUSPEF"DPQJPEFMB.VOJDJQBMJEBEEF&TDB['PUPHSBGBEF'BCJPMB"SHVFEBT SFHJEPSBFJOUFHSBOUFEFMDPNJUDPPSEJOBEPSEFMB.VOJDJQBMJEBEEF&TDB[
i&MUJFNQPQFSEJEPIBTUB
MPTTBOUPTMPMMPSBOwZ
i$VFOUBTDMBSBTDIPDPMBUF
FTQFTP

5BSFB3FBMJ[BNPTFMNPOJUPSFPEFMBTBDUJWJEBEFTEFMQMBOEFBDDJO
5BSFB
#VTDBEBSTFHVJNJFOUP
DPOUJOVPBMQSPZFDUP
$PNQBSBFMBWBODFSFBMEFM
QSPZFDUPDPOMPQMBOJGJDBEP
3FBMJ[BNPTFMNPOJUPSFP
EFMBTBDUJWJEBEFTEFMQMBO
EFBDDJO
&MNPOJUPSFPFTVOQSPDFTPEFSFGMFYJOZEFBQSFOEJ[BKF
GSFDVFOUF Z QFSNBOFOUF EPOEF MBT QFSTPOBT JOWPMVDSBEBT FO
MBJNQMFNFOUBDJOEFM1.(*34SFBMJ[BOBMUPTFOFMDBNJOP QBSB
WBMPSBS FM DVNQMJNJFOUP P MBT WBSJBDJPOFT FO MBT BDUJWJEBEFT
QMBOJGJDBEBT"EFNT QFSNJUFJEFOUJGJDBSMPTBWBODFTFTQFDGJDPTZ
HFOFSBMFTDPOSFMBDJOBMDVNQMJNJFOUPEFMPTPCKFUJWPTUSB[BEPT
BTDPNPMBFGJDBDJBZMBFGJDJFODJBFOFMVTPEFMPTSFDVSTPTEFEJDBEPT
BFTUFGJO
1PSTVQBSUF MBFWBMVBDJOFTFMQSPDFTPNFEJBOUFFMDVBM
TF EFUFSNJOBO MPT DBNCJPT HFOFSBEPT QPS FM 1MBO B QBSUJS EF MB
DPNQBSBDJO FOUSF MB TJUVBDJO JOJDJBM Z FM FTUBEP QSFWJTUP FO MB
QMBOJGJDBDJO &T EFDJS TF JOUFOUB DPOPDFS RV UBOUP FM 1MBO IB
MPHSBEPDVNQMJSDPOMPQMBOFBEP
-BFWBMVBDJOZFMNPOJUPSFPTPOEPTDPODFQUPTRVFUJFOEFO
B DPOGVOEJSTF "NCPT TPO QSPDFTPT RVF FTUO EJSFDUBNFOUF
JOUFSSFMBDJPOBEPT Z RVF TPO OFDFTBSJPT FO FM BOMJTJT EF UPEB
JOUFSWFODJO &O FM DBTP EFM NPOJUPSFP TF SFHJTUSB FM BWBODF EFM
QSPZFDUPTPCSFMPQMBOJGJDBEP NJFOUSBTRVFMBFWBMVBDJONJEFFM
JNQBDUPEFMQSPZFDUPZBOBMJ[BMPTUSBOTGPSNBDJPOFTHFOFSBEBTQPS
FMNJTNP
5BCMB%JGFSFODJBTFOUSFFM
.POJUPSFPZMB&WBMVBDJO
.0/*503&0
&7"-6"$*/
4FSFBMJ[BQFSJEJDBNFOUF "DUJWJEBEFWFOUVBM4FSFBMJ[B
EVSBOUFFMUSBOTDVSTPEFUPEP
BMGJOBMEFMBTQSJODJQBMFT
FMQSPZFDUP
FUBQBTZBMGJOBMEFMQSPZFDUP
6OJEBEEFBOMJTJTFMBWBODF 6OJEBEEFBOMJTJTFMJNQBDUP
EFMQSPZFDUP
EFMQSPZFDUP

"OBMJ[BMBTUSBOTGPSNBDJPOFT
HFOFSBEBTQPSFMQSPZFDUP
.JEFFMHSBEPFOFMRVFTF
NPEJGJDBMBTJUVBDJOEFTFBEB
DPNPDPOTFDVFODJBEFM
DVNQMJNJFOUPEFMPTPCKFUJWPT
FTUBCMFDJEPTQBSBFMQSPZFDUP
'VFOUF'61307*
"NCPTQSPDFTPTSFTQPOEFOBNPNFOUPTEJTUJOUPT QFSPMB
FKFDVDJO EF MPT NJTNPT HBSBOUJ[B MB SFUSPBMJNFOUBDJO FGFDUJWB
EFMBJNQMFNFOUBDJOEFMQMBO&OFTUFTFOUJEP FMNPOJUPSFPZMB
FWBMVBDJODPNQBSUFOBMHVOPTPCKFUJWPT
t
.FKPSBS MB HFTUJO EF MPT QMBOFT Z WFMBS

QPSRVF TF IBHB VO VTP QUJNP EF MPT SFDVSTPT
DPSSFTQPOEJFOUFT
t
'PNFOUBSMBSFTQPOTBCJMJEBEZMBUSBOTQBSFODJBEF
MBTQFSTPOBTQBSUJDJQBOUFTFOFMQSPDFTPEFHFTUJO
EFMPTQMBOFT
t
"TFHVSBSRVFMBBTJTUFODJBUDOJDBTFBQFSUJOFOUF
FGJDB[ZFGJDJFOUF
t
1SPQPSDJPOBS JOGPSNBDJO CJFO GVOEBNFOUBEB

TPCSFFMBWBODFEFMQMBOZTPCSFMPTSFTVMUBEPTB
MBTBVUPSJEBEFTMPDBMFTZPUSPTBDUPSFTTPDJBMFT
t
"QSPWFDIBSMBTMFDDJPOFTEFKBEBTQPSMBFYQFSJFODJB
DPOFMGJOEFNFKPSBSFMEJTFP MBGPSNVMBDJOZMB
HFTUJOEFSFTJEVPT
%FCJEP B MB QFSJPEJDJEBE EFM QSPDFTP EF NPOJUPSFP FTUB

5BSFB IBS OGBTJT FO MB NFUPEPMPHB SFRVFSJEB QBSB RVF MPT
DPNJUTDPPSEJOBEPSFTEFTBSSPMMFOQMBOFTEFNPOJUPSFPEFOUSPEF
MBJNQMFNFOUBDJOEFMPT1.(*34
&MNPOJUPSFPFTQFDGJDBNFOUFUJFOFUSFTPCKFUJWPTCTJDPT
"DUJWJEBE
t
t
t
7FSJGJDBS MPT BWBODFT FTQFDGJDPT SFTQFDUP BM QMBO

EF BDDJO Z BM DVNQMJNJFOUP EF MPT PCKFUJWPT EFM
1.(*34
%FUFDUBSBOUJDJQBEBNFOUFMBTQPTJCMFTWBSJBDJPOFT
EF MBT BDUJWJEBEFT EFM 1.(*34 P TVT QMBOFT
PQFSBUJWPT Z TVHFSJS MPT DPSSFDUJWPT P BKVTUFT
OFDFTBSJPT
7FSJGJDBS MB DPOTJTUFODJB FOUSF MB BTJHOBDJO EF
MPT SFDVSTPT Z MPT MPHSPT P QSPEVDUPT RVF TF WBO
PCUFOJFOEPDPOGPSNFFMBWBODFEFM1.(*34
1BSBSFBMJ[BSVONPOJUPSFPFTJOEJTQFOTBCMFSFTQPOEFSBMBT
QSFHVOUBT{$NPTFTBCFRVTFFTUMMFHBOEPEPOEFTFRVJFSF Z
{$VOEPTFTBCFTJTFMMFHPOP QPSRVFFTUPQFSNJUFWFSJGJDBSTJ
TFFTUFOFMDBNJOPDPSSFDUP TJTFMMFHBEPOEFTFRVFSBZRV
EJGFSFODJBTFIBNBSDBEP
"DPOUJOVBDJOTFNVFTUSBMBFTUSVDUVSBEFMB5BSFB MBDVBM
FTUDPNQVFTUBQPSUSFTBDUJWJEBEFT
-BT DPOEJDJPOFT QBSB HBSBOUJ[BS MB FKFDVDJO EF VO CVFO

QMBOEFNPOJUPSFPEFM1.(*34TPO
t
t
t
$POGJBCMF-BTNFEJDJPOFTZPCTFSWBDJPOFTEFCFO
TFSSFHJTUSBEBTBEFDVBEBNFOUF QSFGFSFOUFNFOUF
SFDVSSJFOEP B WFSJGJDBDJPOFT FO FM DBNQP -PT
IFDIPT EFGJOJEPT EFCFO NFEJSTF Z BOBMJ[BSTF UBM
DPNPTFQSFTFOUBO (5;

0QPSUVOP %FCF SFBMJ[BSTF FO FM NPNFOUP
BEFDVBEP FWJUBOEP MPT FGFDUPT OFHBUJWPT RVF
QSPEVDFFMQBTPEFMUJFNQP (5;

1BSUJDJQBUJWP%FCFJODMVJSTFBUPEBTMBTQFSTPOBT
JOWPMVDSBEBTFOMBFKFDVDJOEFM1.(*34 CVTDBOEP
EFSFGMFKBSTVTFYQFSJFODJBT OFDFTJEBEFT JOUFSFTFT
ZQFSDFQDJPOFT-PTSFTVMUBEPTEFVONPOJUPSFPZ
VOBFWBMVBDJOOPEFCFOEJSJHJSTFTMPBRVJFOFT
UJFOFO BMUPT DPOPDJNJFOUPT UDOJDPT TJOP RVF
EFCF TFSWJS QBSB RVF DVBMRVJFS JOWPMVDSBEPB
QVFEB UPNBS DPOPDJNJFOUP EF MB TJUVBDJO EFM
1.(*34 (5;
"DUJWJEBE
0SHBOJ[BSFMNPOJUPSFP
&TUB BDUJWJEBE QFSNJUF QSFQBSBS EF GPSNB PSEFOBEB UPEB
MBMPHTUJDBQSFWJBBMNPOJUPSFP6OBCVFOBPSHBOJ[BDJOOPTMP
QFSNJUFUSBCBKBSEFGPSNBNTDPPSEJOBEB TJOPUBNCJOHBSBOUJ[B
FMYJUP&MNPOJUPSFPTFEFCFQMBOJGJDBSFTUBCMFDJFOEPRV RVJO
DNPZDVOEPTFIBDF

5BSFB
1BTP
DBNCJPTFOMBTQSPCMFNUJDBNVOJDJQBMJEFOUJGJDBEB
*EFOUJGJDBSMPTBTQFDUPT
RVFTFSONPOJUPSFBEPT
1BTP
&M QSJNFS QBTP FT RVF FM $PNJU $PPSEJOBEPS JEFOUJGJRVF

RVBTQFDUPTEFMQMBOEFBDDJORVJFSFNPOJUPSFBS1PSMPHFOFSBM
MPT QMBOFT EF BDDJO JOUFHSBO EJWFSTBT BDUJWJEBEFT QPS FTUP FT
JNQPSUBOUF EFGJOJS DVMFT FMFNFOUPT TF RVJFSFO NPOJUPSFBS MBT
BDUJWJEBEFT MPT SFTVMUBEPT MPT JOEJDBEPSFT MPT PCKFUJWPT P FM
QSFTVQVFTUPZMBBENJOJTUSBDJOEFMPTSFDVSTPT
6TVBMNFOUF MBT PSHBOJ[BDJPOFT RVF JNQMFNFOUBO MB
IFSSBNJFOUB EFM NPOJUPSFP EFEJDBO NT UJFNQP B NPOJUPSFBS
MBTBDUJWJEBEFT MPTSFTVMUBEPTZMBBENJOJTUSBDJOEFMPTSFDVSTPT
EFTDVJEBOEP PUSPT BTQFDUPT DMBWFT DPNP MPT JOEJDBEPSFT Z MPT
PCKFUJWPTZRVFBQPSUBOVOBWJTJOEFJOUFHSBMJEBEBMNPOJUPSFP
&TQFSUJOFOUFRVFEFOUSPEFMQMBOEFBDDJOTFQMBOJGJRVFMBT
TFTJPOFTEFNPOJUPSFPRVFTFUFOESOEVSBOUFMBJNQMFNFOUBDJO
EFM 1.(*34 EJGFSFODJBEP MPT NPNFOUPT RVF TF WBO B SFBMJ[BS
MBT NFEJDJPOFT TPCSF DBEB VOP EF MPT BTQFDUPT RVF DPOGPSNBO
FM 1.(*34 PCKFUJWPT JOEJDBEPSFT BDUJWJEBEFT SFTVMUBEPT Z
QSFTVQVFTUP
.POJUPSFBS MBT BDUJWJEBEFT Z MPT SFTVMUBEPT QFNJUF
EBSMF TFHVJNJFOUP BM BWBODF EF MBT UBSFBT SFRVFSJEBT QBSB MB
JNQMFNFOUBDJOEFMPT1.(*34%FUFDUBSBUJFNQPWBSJBDJPOFTFO
MBTUBSFBTQMBOJGJDBEBTEFOUSPEFMQMBOEFBDDJOQFSNJUFSFBMJ[BS
BDDJPOFTDPSSFDUJWBTBUJFNQPRVFSFPSJFOUFOMBTBDUJWJEBEFTIBDJB
MPTSFTVMUBEPTZMPTPCKFUJWPTRVFTFFTQFSBOBMDBO[BS
"T NJTNP FM NPOJUPSFP EF JOEJDBEPSFT FT DMBWF QPSRVF
QFSNJUFNFEJSIBTUBRVQVOUPTFFTUMPHSBOEPMBDPOTFDVTJOEF
MPTPCKFUJWPTGJKBEPTQSFWJBNFOUF-PTJOEJDBEPSFTTPOFYQSFTJPOFT
DVBMJUBUJWBTPDVBOUJUBJWBTRVFQFSNJUFONFEJSZFWBMVBSFMBMDBODF
EF MPT PCKFUJWPT QMBOUFBEPT ZB RVF TJSWFO QBSB BQSFIFOEFS MPT
DBNCJPTRVFTFQSFTFOUBOFOMTPSFTVMUBEPTZFOMPTPCKFUJWPT 4$$

1PSTVQBSUF MBWBMPSBDJOEFMPTPCKFUJWPTQFSNJUFNFEJS
FMFGFDUPFOMBQPCMBDJONFUBEFMBJNQMFNFOUBDJOEFM1.(*34
FTEFDJSDNPBUSBWTEFMPTSFTVMUBEPTBMDBO[BEPTTFQSPEVDFO

%FGJOJSRVJFOIBDFFMNPOJUPSFP
&M TJHVJFOUF QBTP FT MB EFGJOJDJO EF MBT QFSTPOBT
SFTQPOTBCMFTEFPSHBOJ[BSFMNPOJUPSFP-BTQFSTPOBTFODBSHBEBT
EFCFSODPPSEJOBSMBMPHTUJDB MBDPOWPDBUPSJB MBFMBCPSBDJOEFMB
BHFOEB MBCTRVFEBEFNBUFSJBMFT MBEFGJOJDJOEFMMVHBS FOUSF
PUSBT 4J MP DPOTJEFSB DPOWFOJFOUF FM DPNJU DPPSEJOBEPS QVFEF
CVTDBS BQPZP P DPOUSBUBS MPT TFSWJDJPT EF VOB QFSTPOB FYUFSOB
RVFGBDJMJUFFMNPOJUPSFP QPSRVFEFFTBNBOFSBTFHBSBOUJ[BMB
QBSUJDJQBDJOBDUJWBEFTVTJOUFHSBOUFT BTDPNPMBOFVUSBMJEBEZMB
PCKFUJWJEBEEFMPTSFTVMUBEPT
1BTP
&MBCPSBSVODBMFOEBSJP
EFMPTNPOJUPSFPT
$PO FM GJO EF BTFHVSBS RVF MBT BDUJWJEBEFT EF NPOJUPSFP
TF DVNQMBO FT DPOWFOJFOUF QMBOJGJDBSMBT FO VO DSPOPHSBNB RVF
GPSNFQBSUFEFMQMBOEFBDDJO EPOEFTFJODMVZBOMBTGFDIBTZMB
QFSJPEJDJEBE DPORVTFWBOBSFBMJ[BS EFNBOFSBRVFTFDPOWJFSUB
FOVOQSPDFTPEFSFWJTJOQFSNBOFOUF
&M NPOJUPSFP EFCF SFBMJ[BSTF QFSJEJDBNFOUF EVSBOUF
FMDVSTPEFMBJNQMFNFOUBDJOEFM1MBONVOJDJQBMEFHFTUJOEF
SFTJEVPTTMJEPT TVGSFDVFODJBMBEFUFSNJOBSFMDPNJUDPPSEJOBEPS
TFHO FM UJFNQP FTUJNBEP QBSB MB SFBMJ[BDJO EFM 1.(*34 4JO
FNCBSHP FTSFDPNFOEBCMFRVFMBTBDUJWJEBEFT MPTSFTVMUBEPTZFM
QSFTVQVFTUPTFNPOJUPSFBOQFSJEJDBNFOUFZRVFMPTPCKFUJWPTZ
MPTJOEJDBEPSFTTFNPOJUPSFFOBMNFOPTTFNFTUSBMNFOUF
"DUJWJEBE
%FGJOJSMBNFUPEPMPHBZFKFDVDJO
EFMNPOJUPSFP
1BSBMBSFBMJ[BDJOEFMNPOJUPSFPTFUJFOFORVFTFMFDDJPOBS
MPTNUPEPTPUDOJDBTRVFWBOBTFSVUJMJ[BEPT&MFHJSMBTUDOJDBT
BQSPQJBEBT GBWPSFDF SFDPMFDUBS JOGPSNBDJO EF NT SJRVF[B Z
"DUJWJEBE
HBSBOUJ[BSRVFFMQSPDFTPEFSFWJTJOTFBQBSUJDJQBUJWP
&YJTUF NVDIB CJCMJPHSBGB TPCSF UDOJDBT QBSUJDJQBUJWBT
DPNPMMVWJBEFJEFBT USBCBKPFOHSVQP ESBNBUJ[BDJPOFT QMFOBSJBT
FUD
RVFTFQVFEFODPOTVMUBSQBSBTFMFDDJPOBSMBTNTBQSPQJBEBT
BMBSFBMJEBEEFMBTQFSTPOBTJOUFHSBOUFTEFMDPNJUDPPSEJOBEPS
&TOFDFTBSJPRVFMBTUDOJDBTTFMFDDJPOBEBTFTUOBEBQUBEBTBMBT
DBSBDUFSTUJDBTEFMBTQFSTPOBTQBSUJDJQBOUFT QPSRVFQPSFKFNQMP
TJBMHVJFOOPTBCFMFFSOJFTDSJCJS VTBSVOBUDOJDBFTDSJUBBGFDUBSB
TVEFTFNQFPZQPESBJOIJCJSMPB

1BSB MB SFBMJ[BDJO EFM NPOJUPSFP EFCFO FYJTUJS BMHVOBT

DPOEJDJPOFTCTJDBT RVFUBNCJOJODJEFOFOMBNFUPEPMPHBRVF
TFVUJMJDF
%FGJOJDJOEFMBNFUPEPMPHB
EFNPOJUPSFPZFWBMVBDJO
EFM1MBOFO4BO3BGBFM
EF)FSFEJB
&OFMDBOUOEF4BO3BGBFMTFBDPSERVFMBNFUPEP
MPHBQBSBFMNPOJUPSFP FWBMVBDJOZTJTUFNBUJ[BDJOEFM
1MBO .VOJDJQBM EF (FTUJO EF 3FTJEVPT 4MJEPT .&4
1.(3443
EFCBDVNQMJSDPOMPTTJHVJFOUFTQSJODJQJPT
t
t
t
&T QBSUJDJQBUJWB %FCF GPNFOUBS RVF UPEBT Z

UPEPT RVJFOFT JOUFSWJFOFO FO FM QSPDFTP EFM
.&41.(*3443 UJFOFO JHVBMFT EFSFDIPT Z
PQPSUVOJEBEFT EF JOUFSWFOJS Z BQPSUBS FO VO
NBSDPEFPSEFO BDVFSEPTZDPOTFOTPT
t
&T SFGMFYJWB -B QBSUJDJQBDJO OP FT VO GJO FO

TNJTNP EFCFTFSVONFEJPQBSBVOBBDDJO
SFGMFYJWB BOBMUJDBZRVFQSPEV[DBBQSFOEJ[BKFT
ZPCKFUJWPTWJBCMFTEFBQMJDBS
t
&T BVUP DSUJDB *NQMJDB GPNFOUBS MB BDUJUVE

QBSB MB BVUP FWBMVBDJO CBKP FM TVQVFTUP
RVFiFOUBOUPBDFQUPZBQSFOEPEFNJBDDJO
FO FTB NJTNB NFEJEB QVFEP BQPSUBS QBSB
FM NFKPSBNJFOUP EF MP RVF IBDFO MBT Z MPT
EFNTw
t
&T JODMVTJWB %FCF GPNFOUBS MB QBSUJDJQBDJO

ZFMBQPSUFEFUPEBTMBTQFSTPOBT TJOEJTUJOHP
EFHOFSP FEBE PGJDJP HSVQPUOJDP SFMJHJO
FUD
t
&TSFTQFUVPTB4FEFCFCBTBSFOFMSFTQFUPBMBT
EJGFSFODJBTEFPQJOJO
&TVOQSPDFTPEFFOTFBO[BoBQSFOEJ[BKF
%FCF MMFWBS JNQMDJUBT EJONJDBT RVF
GPNFOUFO FM JOUFSDBNCJP EF FYQFSJFODJBT
Z DPOPDJNJFOUPT TPCSF MB JNQMFNFOUBDJO
EFM1.(3443 CBKPMBQSFNJTBRVFUPEBTZ
UPEPTBQSFOEFOFOUSFT
&MBQSFOEJ[BKFFTEFDPOTUSVDDJODPOKVOUB
*NQMJDB RVF FM DPOPDJNJFOUP Z MPT
BQSFOEJ[BKFTTPCSFMBJNQMFNFOUBDJOEFM
1.(3443 TFFMBCPSBOFODPOKVOUPZRVF
DPOTFDVFOUFNFOUFFMQSPEVDUPGJOBMFTEF
QSPQJFEBEDPMFDUJWB
%JTQPTJDJOEFUPEBTMBTQFSTPOBTJOUFHSBOUFTEFM
DPNJUDPPSEJOBEPSBQSPNPWFSMBQBSUJDJQBDJO
$BQBDJEBE EFM DPNJU DPPSEJOBEPS EF SFBMJ[BS
FWBMVBDJPOFTBVUPDSUJDBTTPCSFTVTBDDJPOFTFOFM
1.(*34
%FTFP EF NBOFKBS FM 1.(*34 CBKP VO DSJUFSJP EF
USBOTQBSFODJB
'MFYJCJMJEBE QBSB BDFQUBS DBNCJPT FO FM 1.(*34
EVSBOUFTVJNQMFNFOUBDJO
%JTQPTJDJOQBSBSFBMJ[BSBDDJPOFTDPSSFDUJWBTBMBT
WBSJBDJPOFTJEFOUJGJDBEBTFOFMNPOJUPSFP

5BSFB

1PS MP BOUFSJPS MB SVUB NFUPEPMHJDB EFM .&4

1.(3443 EFCF CBTBSTF FO MBT TJHVJFOUFT JOUFSSPHBOUFT
FTUSBUHJDBT

{2V DBNCJPT P USBOTGPSNBDJPOFT TF

NBOJGJFTUBOFOMBTJUVBDJOTPDJPBNCJFOUBM
EFM DBOUO EF 4BO 3BGBFM DPNP QSPEVDUP
EFMBJNQMFNFOUBDJOEFM1.(3443

{2V OVFWBT OFDFTJEBEFT Z EFNBOEBT TVSHFO

EFFTFQSPDFTPEFUSBOTGPSNBDJOPDBNCJP
"QBSUJSEFMQSPDFTPEFDBNCJP {$VMFTTPOMBT
BTQJSBDJPOFTZDVMFTMBWJTJOGVUVSB
{$VMFTTPOMPTDBNCJPTPBKVTUFTRVFSFRVJFSF
FM QMBO EF BDVFSEP B MPT SFTVMUBEPT EFM .&4
1.(3443
'VFOUF1MBO.VOJDJQBMEF(FTUJOEF3FTJEVPT4MJEPTEFM$BOUOEF4BO3BGBFMEF)FSFEJB
0USPFMFNFOUPBEFTUBDBSFTMBJNQPSUBODJBEFEPDVNFOUBS
MPTSFTVMUBEPTZQSFTFOUBSMPTBMBTBVUPSJEBEFTFJOUFSFTBEPTKVOUP
DPOMBTSFDPNFOEBDJPOFT QPSFTUPEFCFBTFHVSBSTFMBFMBCPSBDJO
EF VOB HVB QBSB MB SFDPMFDDJO EF MB JOGPSNBDJO RVF QFSNJUB
SFDPHFSEFGPSNBDPNQMFUBMBJOGPSNBDJOBQPSUBEBFOMBTFTJOEF
NPOJUPSFP ZBRVFTMPEFFTUBNBOFSB TFQVFEFMMFWBSVODPOUSPM
SJHVSPTPEFMPTBWBODFT
" DPOUJOVBDJO TF QSFTFOUBO USFT FKFNQMPT EF HVBT RVF

QVFEFOTFSJOTUSVNFOUPTUJMFTQBSBSFBMJ[BSFTUBMBCPS MBQSJNFSB
EF FMMBT TF QVFEF VTBS QBSB FM NPOJUPSFP TPCSF BDUJWJEBEFT
QMBOJGJDBEBT MBTFHVOEBQVFEFTFSEFVUJMJEBEQBSBFMNPOJUPSFP
EFMBFKFDVDJOEFMQSFTVQVFTUPZMBUFSDFSBQFSNJUFFMSFHJTUSPEFM
NPOJUPSFPEFPCKFUJWPTFJOEJDBEPSFT
B
(VBEFTFHVJNJFOUPQBSBFMDVNQMJNJFOUPEFBDUJWJEBEFT
"DUJWJEBEFT
1MBOJGJDBEBT
"DUJWJEBEFT
&KFDVUBEBT
/JWFM
DVNQMJNJFOUP
3FTQPOTBCMFT
(FTUJPOBSMBDPNQSB
EFVOWFIDVMP
QBSBMBSFDPMFDDJO
TFMFDUJWB
/JOHVOB
#BKP
$BSMPT4BMB[BS
7JTJUBSBVOQSPZFDUP
EFDPNQPTUZ
.POUFWFSEF
7JTJUBB
.POUFWFSEF
#BKP
3FZOBMEP'VFOUFT
$BQBDJUBSBM
EFMQFSTPOBM
RVFSFBMJ[BSMB
SFDPMFDDJO
EFMQFSTPOBM
DBQBDJUBEP
"MUP
"OB.BSUOF[

$PNFOUBSJPT
3FDPNFOEBDJO
/PTFIBQPEJEP 3FEFGJOJSFMDSPOPHSBNB
SFBMJ[BSOJOHVOB
EFUSBCBKP
HFTUJOQPSFYDFTP
EFJNQSFWJTUPT
/PTFIBO
SFBMJ[BEPMBHJSB
BVOQSPZFDUP
EFDPNQPTUQPS
QSPCMFNBTEF
DPPSEJOBDJODPO
MPTDPOUBDUPT
&MQFSTPOBM
TFFODVFOUSB
TBUJTGFDIPDPO
FMQSPDFTPEF
DBQBDJUBDJO
SFDJCJEP
'FDIBEFFMBCPSBDJOEFKVOJPEFM
$POUJOVBSMB
DPPSEJOBDJOEVSBOUF
EPTTFNBOBTZTJOPTF
PCUJFOFOSFTVMUBEPT
DBNCJBSFMQSPZFDUP
"DUJWJEBE
C
(VBEFTFHVJNJFOUPQBSBFMDVNQMJNJFOUPEFMQSFTVQVFTUP
1SFTVQVFTUP
1MBOJGJDBEP
DPMPOFT
1SFTVQVFTUP
(BTUBEP
DPMPOFT
/JWFM
&KFDVDJO

3FTQPOTBCMF
$PNFOUBSJP
3FDPNFOEBDJPOFT
.BSUB4ODIF[
&MQSFTVQVFTUPOPTF 4FHVJNJFOUPBMDVNQMJNJFOUP
QVEPFKFDVUBSQPSRVF
EFMBTBDUJWJEBEFT
OPTFDVNQMJFSPOFOTV
UPUBMJEBEMBTBDUJWJEBEFT
QMBOJGJDBEBT
'FDIBEFFMBCPSBDJOEFNBS[PEFM
D
(VBEFTFHVJNJFOUPQBSBFMDVNQMJNJFOUPEFPCKFUJWPTFJOEJDBEPSFT
$BVTBTRVFFYQMJDBOMB
&GFDUPTOP
EJGFSFODJB
QSFWJTUPT
0CKFUJWP
$PPSEJOBDJPOFTJOJDJBMFT
-BTBDDJPOFTQBSBFM
-PTMPHSPTEFM
/VFWBTQSDUJDBTFOFM.BOFKPEFMPT3FTJEVPT DPO$FOUSPT&EVDBUJWPT
DVNQMJNJFOUPEFFTUFPCKFUJWP
$PNJUFOFM
4MJEPT NFEJBOUFQSPDFTPTFEVDBUJWPTIBO
TFIBOWJTUPQPTUFSHBEBTQPSMBT PCKFUJWPIBO
TJEPGPNFOUBEBTFOFMDBOUO
BDUJWJEBEFTQBSBFMDVNQMJNJFOUP EFTWJBEPMBBUFODJO
EFMPCKFUJWP&TOFDFTBSJP
EFMDVNQMJNFOUP
*OEJDBEPSFT
SFQMBOUFBSMPTUJFNQPTQBSBFM
EFBDUJWJEBEFT MP
"MJNQMFNFOUBEPTFOFMDBOUO
DVNQMJNJFOUPEFMBTNFUBT
RVFIBSFUSBTBEPMB
B6OQMBOEFFEVDBDJOTPCSFNBOFKP
DPOTFDVDJOEFFTUF
EFSFTJEVPTTMJEPTFO$FOUSPT&EVDBUJWPT
PCKFUJWP
QCMJDPTZQSJWBEPT
C"MNFOPTFMEFMBTDPNVOJEBEFT
TFMFDDJPOBEBTEFTBSSPMMBOOVFWBTQSDUJDBTFO
FMNBOFKPSFTJEVPTTMJEPT
0CKFUJWP
&M$PNJUDPPSEJOBEPS
-BDBQBDJEBEEFHFTUJO
&MDVNQMJNJFOUP
&MEFQBSUBNFOUPEF3FDPMFDDJOEF3FTJEVPT
MPHSHFTUJPOBS
DPPSEJOBDJOZNPWJMJ[BDJOEFM EFFTUFPCKFUJWPTF
IBTJEPEPUBEPEFMBJOGSBFTUSVDUVSB FRVJQPT GJOBODJBNJFOUPQBSBMB
$PNJU$PPSEJOBEPS
FTUJNBCBQBSBFM
FJNQMFNFOUPTOFDFTBSJPTQBSBPQUJNJ[BSTV JOGSBFTUSVDUVSBSFRVFSJEB
ZTFBMDBO[BFO
BDUJWJEBE
QBSBVOQMBOUFMNVOJDJQBM
6ONBQFPSJHVSPTPEF
FM
ZMBNBRVJOBSJBZFRVJQP
PSHBOJTNPTRVFGJOBODJBO
*OEJDBEPSFT
OFDFTBSJPQBSBMBFKFDVDJO
QSPZFDUPT
"MFM%FQBSUBNFOUPEF3FDPMFDDJOEF
FGJDJFOUFEFMTFSWJDJPEF
3FTJEVPTDVFOUBDPOMBJOGSBFTUSVDUVSBZFM
SFDPMFDDJO
FRVJQPOFDFTBSJPQBSBCSJOEBSVOTFSWJDJP
FGJDJFOUF
"MDBO[BEP

1BSBMBFMBCPSBDJOEFFTUFFKFNQMPTFVUJMJ[BDPNPCBTFFM1MBO.VOJDJQBMEF(FTUJOEF3FTJEVPTEFMB.VOJDJQBMJEBEEF"MBKVFMJUB-PTSFTVMUBEPTRVFTF
SFGMFKBOTPONFSBNFOUFJMVTUSBUJWPT

5BSFB
1MBOJGJDBEP
0CKFUJWP
&M$PNJU$PPSEJOBEPS
-BTBDUJWJEBEFTEFMPCKFUJWP
&MGJOBODJBNJFOUP
-BTPTUFOJCJMJEBEGJOBODJFSBEFMTFSWJDJPEF
IBMPHSBEPHFTUJPOBS
TFIBOEFTBSSPMMBEPFO
QBSBMB
SFDPMFDDJO USBUBNJFOUPZEJTQPTJDJOGJOBMEF
DPOPSHBOJTNPEF
DPSSFTQPOEFODJBDPOMPQMBOFBEP JNQMFNFOUBDJO
MPT3FTJEVPT4MJEPTIBTJEPMPHSBEB
DPPQFSBDJOJOUFSOBDJPOBM
EFMPCKFUJWPTF
GJOBODJBNJFOUPQBSB
BMDBO[BOUFTEFMP
*OEJDBEPSFT
JNQMFNFOUBSFMPCKFUJWP
QMBOFBEP
B"MFM$PNJU$PPSEJOBEPSIB
EFM1.(*34
HFTUJPOBEPSFDVSTPTGJOBODJFSPTQBSBMB
JNQMFNFOUBDJOEFM1.(*34
&M%FQBSUBNFOUPEF
C"MMB.VOJDJQBMJEBESFEVDFFOVO
$POUBCJMJEBEDVFOUBDPOMB
TVUBTBEFNPSPTJEBEFOMPTUSJCVUPT
QSPHSBNBDJOQBSBJOJDJBS
NVOJDJQBMFTEFSFDPMFDDJOEFSFTJEVPT
FMQSPDFTPEFBDUVBMJ[BDJO
TMJEPT
EFUBSJGBT
D"MTFDVFOUBDPOFMEFMBT
UBTBTEFMNBOFKPEFMPT3FTJEVPT4MJEPT
-B"ENJOJTUSBDJO
BDUVBMJ[BEBT
NVOJDJQBMTFFODVFOUSB
FMBCPSBOEPMBQSPQVFTUB
QBSBVOQMBOEFSFEVDDJO
EFMBNPSPTJEBE
'FDIBEFFMBCPSBDJOEFKVMJPEFM
'VFOUF"$&1&4"
$PO FTUF NJTNP GJO TF SFRVJFSF EFTJHOBS B VOB QFSTPOB

FODBSHBEB QBSB SFHJTUSBS QPS FTDSJUP MBT PCTFSWBDJPOFT MBT
WBMPSBDJPOFTZMBTSFDPNFOEBDJPOFTRVFTFSFBMJDFOBMPMBSHPEFM
QSPDFTPEFNPOJUPSFPPEFMBFWBMVBDJO&TJNQPSUBOUFRVFFTUB
QFSTPOBUFOHBDPOPDJNJFOUPEFMQMBOEFBDDJOZMBQMBOJGJDBDJO
FTUSBUHJDB BEFNT EF RVF QPTFB IBCJMJEBEFT QBSB QSJPSJ[BS
MB JOGPSNBDJO PSEFOBS MBT JEFBT QSJODJQBMFT TJTUFNBUJ[BS MPT
SFTVMUBEPT3FHJTUSBSMBJOGPSNBDJOEFGPSNBDPNQMFUBFTMPRVF
WBBQFSNJUJSMMFWBSFMQVMTPEFMPTBWBODFT
"DUJWJEBE
"OBMJ[BSMPTSFTVMUBEPTEFMNPOJUPSFP
6OBWF[RVFTFIBOSFBMJ[BEPMBTBDUJWJEBEFTEFNPOJUPSFP
MBJOGPSNBDJOSFDPQJMBEBEFCFTFSDMBTJGJDBEBZPSHBOJ[BEB QBSBTV
QPTUFSJPSBOMJTJT
-BJOGPSNBDJOPCUFOJEBFOFMNPOJUPSFPTFSFWJTB TFPSEFOB
ZTFDMBTJGJDBVUJMJ[BOEPMPTTJHVJFOUFTDSJUFSJPT{DVMJOGPSNBDJO

OFDFTJUBNPT Z{DVOUBJOGPSNBDJOTFSFRVJFSF
&M BOMJTJT EF MPT SFTVMUBEPT EFM NPOJUPSFP TVQPOF
CTJDBNFOUF DPNQBSBS FM EFTFNQFP SFBM DPO MP QMBOFBEP
JEFOUJGJDBOEP MBT NFKPSBT Z MBT BDDJPOFT DPSSFDUJWFT OFDFTBSJBT
BOBMJ[BOEP DVBMRVJFS EFTWJBDJO P EJTDSFQBODJB &MMP TF QVFEF
FYQSFTBSUBOUPFOQBMBCSBTDPNPNFEJBOUFDVBESPTZEJBHSBNBT
1PSMPHFOFSBM MPTDVBESPTZHSGJDPTSFTVMUBONTGDJMFTZSQJEPT
EFJOUFSQSFUBS FJMVTUSBODMBSBNFOUFMBDPNQBSBDJOFOUSFQMBOFTZ
SFTVMUBEPT
5BNCJO FYJTUF MB QPTJCJMJEBE EF RVF OP TF BMDBODFO MPT
SFTVMUBEPTPRVFTFEFOSFTVMUBEPTOPFTQFSBEPT DPNPEFNPSBT
PFYDFTPEFHBTUPT TPCSFHJSPT
RVFQVFEFOEFCFSTFBTJUVBDJPOFT
PDBNCJPTFOFMFOUPSOPEFM1.(*34 DPNPUSBTUPSOPTQPMUJDPT
EFTBTUSFTOBUVSBMFT MFZFTOVFWBTPJOGMBDJODSFDJFOUF
&MBOMJTJTEFMBJOGPSNBDJOQFSNJUFJOUFSQSFUBSMPTDBNCJPT
FJEFOUJGJDBSMPTBQSFOEJ[BKFTQBSBNFKPSBSFMBWBODFEFMQMBOEF
BDDJO4FGBDJMJUBTJTFEFGJOFOQSFHVOUBTHVBTRVFMPPSJFOUFO
"DUJWJEBE
t
t
t
t
t
t
t
t
t
{$VMFTFMHSBEPEFFKFDVDJOUDOJDB DPOSFTQFDUP
B MPT SFTVMUBEPT FTQFSBEPT Z DPO SFTQFDUP B MBT
BDUJWJEBEFT
{2VDBNCJPTPDVSSJFSPO
{2VGBDUPSFTDBVTBSPOMPTDBNCJPT
{$VMFT TPO MBT DPOTFDVFODJBT EF MPT DBNCJPT
PDVSSJEPT
{$VMFTTPOMPTSFTVMUBEPTJOFTQFSBEPT QPTJUJWPTP
OFHBUJWPT
{2V EFGJDJFODJBT P QSPCMFNBT TF QSFTFOUBSPO Z

TVTDBVTBT
{4FQSFTFOUBSPOJNQSFWJTUPT
{$VMFTTPOOVFTUSBTFYQFDUBUJWBTBDFSDBEFMQMBO
EFBDDJO
{4F SFHJTUSBSPO QSPCMFNBT FO FM FOUPSOP EFM
QSPZFDUP GVFSBEFMDPOUSPMEFMPTFODBSHBEPTEF
TVHFTUJO
t
1SPQVFTUBEFJOTUSVNFOUPQBSBFM
NBQFPHFOFSBMEFMQSPDFTPEF
JNQMFNFOUBDJOEFM1MBO.VOJDJQBM
EF3FTJEVPT4MJEPTFOFMDBOUOEF
4BO3BGBFM 1.(3443

4F QSPQPOF QBSB SFTQVFTUBT BCJFSUBT Z TPCSF

WBMPSBDJPOFT DVBMJUBUJWBT QSJODJQBMNFOUF MP RVF OP EFCF
JNQFEJSMBJODMVTJOEFFMFNFOUPTDVBOUJUBUJWPT
4F QSPQPOF FM VTP EF FTUB IFSSBNJFOUB B QBSUJS

EF QSFHVOUBT PSJFOUBEPSBT RVF UJFOFO DPNP SFGFSFOUF
VO PCKFUJWP FTUSBUHJDP RVF TF QSFTFOUBO BRV DPNP MBT
JOUFSSPHBOUFT CTJDBT RVFEBOEP B DSJUFSJP EFM DPNJU
.&41.(3443 NPEJGJDBSMBTPJODMVJSPUSBT EFBDVFSEPB
MPRVFTFIBQSJPSJ[BEP4FBQMJDBFTUBIFSSBNJFOUBBQBSUJS
EFDBEBPCKFUJWPFTUSBUHJDPEFM1.(3443 MPDVBMJNQMJDB
PCMJHBUPSJBNFOUF UFOFS DMBSP MBT BDUJWJEBEFT F JOEJDBEPSFT
RVFTFSFMBDJPOBODPOFMPCKFUJWP
-B IFSSBNJFOUB JHVBM QVFEF BEBQUBSTF QBSB UFOFS
DPNP SFGFSFOUF FO MBT QSFHVOUBT PSJFOUBEPSBT ZB TFB
BDUJWJEBEFTFTUSBUHJDBT QSPZFDUPTFJOEJDBEPSFT
{4F QSPEVKP BMHO SFTVMUBEP JOFTQFSBEP ZB TFB

QPTJUJWPPOFHBUJWP
{$VM FT FM HSBEP EF FKFDVDJO GJOBODJFSB Z
EFTWJBDJPOFTDPOSFTQFDUPBMQSFTVQVFTUP
&O GVODJO EF MPT SFTVMUBEPT EFM BOMJTJT FM DPNJU

DPPSEJOBEPSQVFEFPQUBSQPSQSPQPOFSNFEJEBTDPSSFDUJWBT QBSB
RVF TF SFWJTF MB QMBOJGJDBDJO P TF SFDUJGJRVF MB BTJHOBDJO EF
SFDVSTPT5BMWF[EFCBOIBDFSTFSFBKVTUFTFOFMNBSDPPQFSBUJWPP
MBBTJHOBDJOEFSFTQPOTBCJMJEBEFT-PTSFTVMUBEPTEFMNPOJUPSFP
BZVEBSO B KVTUJGJDBS EJDIBT NFEJEBT Z FO FTUF TFOUJEP TF EFCF
SFTQPOEFSBMBTTJHVJFOUFTQSFHVOUBT
t
t
t
{$VMFT TPO MPT BKVTUFT RVF EFCFO SFBMJ[BSTF BM

QMBOEFUSBCBKP
{$VMFTTPOMBTNFEJEBTJONFEJBUBT
{2VBKVTUFTTFEFCFOIBDFSBMQSFTVQVFTUP
)FSSBNJFOUB QBSB FM NBQFP HFOFSBM EFM QSPDFTP EF

JNQMFNFOUBDJOEFM1.(3443
0#+&5*70&453"5&(*$0
-B BVUPOPNB Z TPTUFOJCJMJEBE EFM 1.(34 UBOUP
GJOBODJFSB QPMUJDBDPNPUDOJDB IBTJEPBMDBO[BEBBUSBWT
EF VOB FTUSVDUVSB BENJOJTUSBUJWB JOEFQFOEJFOUF EPOEF
MB NVOJDJQBMJEBE DVNQMF VO QBQFM QSFQPOEFSBOUF EF
BDVFSEP B TVT DPNQFUFODJBT F JOUFSBDDJO Z DPNQBSUJFOEP
SFTQPOTBCJMJEBEFTDPOMPTEFNTBDUPSFTEPNJOHVFPT

{$VMFT TPO MPT DBNCJPT TPDJPBNCJFOUBMFT

RVF TF FTUO EBOEP SFMBDJPOBEPT DPO FTUF
PCKFUJWP
FTQFDGJDPT DPO SFMBDJO B MPT SFTJEVPT
TMJEPT

5BSFB
t
"DPOUJOVBDJOTFQSFTFOUBOBMHVOPTFKFNQMPT

2VBTQFDUPTDPODSFUPTOPTFTUOJOEJDBOEP
RVF FGFDUJWBNFOUF TF FTUO EBOEP FTPT
DBNCJPT
{$VMFT TPO MBT OVFWBT OFDFTJEBEFT Z
EFNBOEBT RVF TVSHFO EF FTF QSPDFTP EF
DBNCJP

{%FRVNBOFSBFTBTOFDFTJEBEFTPEFNBOEBT
BNFOB[BO P JNQVMTBO FM DVNQMJNJFOUP EFM
PCKFUJWP
{2VBDDJPOFTTFFTUOUPNBOEPQBSBBUFOEFS
FTBTOVFWBTOFDFTJEBEFT
'VFOUF"EBQUBEPEFM1MBO.VOJDJQBMEF(FTUJOEF3FTJEVPT4MJEPTEFM$BOUOEF4BO3BGBFMEF)FSFEJB

'VFOUFTDPOTVMUBEBT
"&DLFSNBOO 8.BJo(5;.BOVBM4J.*.FYi.POJUPSFPPSJFOUBEP
IBDJBJNQBDUPTFOQBTPT
"DDJO &DPMHJDB
.BOVBMFT EF NPOJUPSFP BNCJFOUBM
DPNVOJUBSJP .BOVBM i4JTUFNBT EF NPOJUPSFP BNCJFOUBM
DPNVOJUBSJPJOEJDBEPSFTCJPMHJDPTEFDPOUBNJOBDJOBNCJFOUBMw
&DVBEPS 2VJUP
(FJMGVT '

iIFSSBNJFOUBTQBSBFMEFTBSSPMMPQBSUJDJQBUJWPw
&M4BMWBEPS**$"
(FSNBOO %Z(PM & TG
i.POJUPSFP1BSUJDJQBUJWPEF*NQBDUPTw
'PMMFUP .POJUPSFP EF JNQBDUPT B USBWT EFM HSVQP EF CBTF
$FOUSP"MFNOEF5FDOPMPHBTQBSBFM%FTBSSPMMPo("5& 4PDJFEBE
(.#)
(5;
i(VBEF.POJUPSFPEF*NQBDUPw&M4BMWBEPS4PDJFEBE

"SBNCVS $BSMPT &EVBSEP

i%JBHOTUJDP MOFB CBTBM
Z QPCMBDJO PCKFUJWPw FO (FSFODJB TPDJBM %JTFP NPOJUPSFP Z
FWBMVBDJO EF QSPZFDUPT TPDJBMFT -JNB1FS 6OJWFSTJEBE EFM
1BDGJDP

FWBMVBDJOEFQSPZFDUPTEFEFTBSSPMMPw4BO+PT $PTUB3JDB
#PEF 3

i.POJUPSFP1BSUJDJQBUJWPEF*NQBDUPTw"MFNBOJB
("5&(5;

i1MBO NVOJDJQBM EF
HFTUJOEFSFTJEVPTTMJEPT 1.(34w

FWBMVBDJO QSPZFDUPT EF EFTBSSPMMP TPDJBM Z IVNBOPw 4BO +PT
$PTUB3JDB
i1MBONVOJDJQBMEFHFTUJO
EFSFTJEVPTTMJEPT 1.(34w

i.FUPEPMPHB
EF NPOJUPSFP QBSB QSPZFDUPT EF GPSUBMFDJNJFOUP DPNVOBM MB
FYQFSJFODJBEF'61307*w4BO+PT $PTUB3JDB

i(VB
NFUPEPMHJDBQBSBMBQSFQBSBDJOEFQMBOFTEJSFDUPSFTEFMNBOFKP
EF MPT SFTJEVPT TMJEPT NVOJDJQBMFT FO DJVEBEFT NFEJBOBTw
8BTIJOHUPO &&66
5BSFB
'VOEBDJO 1SPNPUPSB EF 7JWJFOEB '61307*

i4FSJF EF
'PSUBMFDJNJFOUP $PNVOBM .POJUPSFP Z FWBMVBDJOw 4BO +PT
$PTUB3JDB

i.BOVBM
EFNPOJUPSFPEFMBFKFDVDJOEFQSPZFDUPTw%JTQPOJCMFFOMOFB
XXXQBIPPSH

4JUJPTEFJOUFSTFO*OUFSOFU
1SPHSBNB$PNQFUJUJWJEBEZ.FEJP"NCJFOUF $:."
$FOUSP 1BOBNFSJDBOP EF *OHFOJFSB 4BOJUBSJB Z $JFODJBT EFM "NCJFOUF
.*%&1-"/ .*/"&5 .*/4"-6% *'". $*$3Z(5;
$&1*4
EFMB0SHBOJ[BDJO1BOBNFSJDBOBEFMB4BMVE 014
XXXQSPHSBNBDZNBDPN
4FDDJOTPCSFSFTJEVPTTMJEPT
XXXDFQJTPQTPNTPSHTEFPQTTEFCWSFTJEVPTTIUNM
.JOJTUFSJPEF4BMVE .*/4"-6%
XXXOFUTBMVETBDS
1PSUBM -BUJOPBNFSJDBOP EF 3FTJEVPT 4MJEPT o (FTUJO *OUFHSBM EF

3FTJEVPT4MJEPT (*3&40-
.JOJTUFSJPEF"NCJFOUF &OFSHBZ5FMFDPNVOJDBDJPOFT .*/"&5
XXXHJSFTPMPSH
XXXNJOBFHPDS
"TPDJBDJO*OUFSBNFSJDBOBEF*OHFOJFSB4BOJUBSJBZ"NCJFOUBM "*%*4
Z
.JOJTUFSJPEF1MBOJGJDBDJO/BDJPOBMZ1PMUJDB&DPONJDB .*%&1-"/
%JWJTJOEF3FTJEVPT4MJEPT %*34"
XXXNJEFQMBOHPDS
XXXBJEJTPSHCSTQBOIUNJOEFY@FTQIUNZ
XXXEJSTBPSHJOJDJPIUN
*OTUJUVUPEF'PNFOUPZ"TFTPSB.VOJDJQBM *'".
Z.PEFMP*OGPSNUJDP
TPCSFMB(FTUJO*OUFHSBMEF3FTJEVPT4MJEPT.VOJDJQBMFTEF$PTUB3JDB
(FTUJOEFSFTJEVPTQFMJHSPTPTFO$IJMF
1SPZFDUP014*'".
BDDFTJCMFEFTEFQHJOBQSJODJQBM
XXXSFTQFMDM
XXXJGBNHPDS
#BODP.VOEJBM
$NBSB EF *OEVTUSJBT EF $PTUB 3JDB $*$3
Z .FSDBEP EF 3FTJEVPT Z
XXXCBODPNVOEJBMPSH
4VCQSPEVDUPT*OEVTUSJBMFTEF$PTUB3JDB
XXXDJDSDPNZXXXDJDSDPNNFSTJ
1SPHSBNBEFMBT/BDJPOFT6OJEBTQBSBFM.FEJP"NCJFOUF
XXXQOVNBPSH
*OTUJUVUP/BDJPOBMEF&TUBETUJDBTZ$FOTPT */&$
XXXJOFDHPDS
8"45&o"TFTPSFTFOFMNFEJPBNCJFOUFZEFTBSSPMMPVSCBOP TJUJPFO
JOHMT
4JTUFNB/BDJPOBMEF-FHJTMBDJO7JHFOUF 4*/"-&7*
XXXXBTUFOM
XXXQHSHPDSTDJK
"HFODJB EF $PPQFSBDJO 5DOJDB "MFNBOB (5;
TJUJP FO JOHMT Z
%JBSJP0GJDJBM-B(BDFUB
BMFNO
4FDDJOEFHFTUJOEFSFTJEVPTTMJEPT
XXXHBDFUBHPDS
XXXHU[EFFOUIFNFOVNXFMUJOGSBTUSVLUVSIUN
$PNJTJO$FOUSPBNFSJDBOBEF"NCJFOUFZ%FTBSSPMMP
1SPHSBNB"NCJFOUBM3FHJPOBMQBSB$FOUSP"NSJDB
XXXDDBEXTQSPBSDB HVJBTQBSBNVOJDJQBMJEBEFT

.BOVBMQBSBMB
&MBCPSBDJOEF
1MBOFT.VOJDJQBMFT
EF(FTUJO*OUFHSBM
EF3FTJEVPT4MJEPT
&M1SPHSBNB$PNQFUJUJWJEBEZ.FEJP"NCJFOUF
$:."
MJEFSBEPQPSVOBQMBUBGPSNB
JOUFSJOTUJUVDJPOBMDPOGPSNBEBQPSFM
.JOJTUFSJPEF1MBOJmDBDJO/BDJPOBMZ1PMUJDB
&DPONJDB .*%&1-"/
FM.JOJTUFSJPEF4BMVE
.*/4"-6%
FM.JOJTUFSJPEF"NCJFOUF
&OFSHBZ5FMFDPNVOJDBDJPOFT .*/"&5
FM
*OTUJUVUPEF'PNFOUPZ"TFTPSB.VOJDJQBM
*'".
ZMB$NBSBEF*OEVTUSJBTEF$PTUB3JDB
$*$3
KVOUPDPOFMBQPZPEFMB$PPQFSBDJO
"MFNBOB (5;
CVTDBNFKPSBSZGPSUBMFDFSMB
HFTUJOEFSFTJEVPTTMJEPTFO$PTUB3JDB UBOUP
BOJWFMOBDJPOBMDPNPMPDBM DPPSEJOBOEPZ
VOJFOEPMPTFTGVFS[PTEFUPEPTMPTTFDUPSFTZ
BDUPSFTEFMBTPDJFEBEIBDJBMBHFTUJOJOUFHSBM
EFSFTJEVPTTMJEPT
&M1SPHSBNB$:."BHSBEFDFBMB"TPDJBDJO
$FOUSPBNFSJDBOBQBSBMB&DPOPNB MB4BMVE
ZFM"NCJFOUF "$&1&4"
FMBQPZPFOMB
SFBMJ[BDJOEFMQSFTFOUF.BOVBMQBSBMB
&MBCPSBDJOEF1MBOFT.VOJDJQBMFTEF(FTUJO
*OUFHSBMEF3FTJEVPT4MJEPTFO$PTUB3JDB

Manual para La Elaboracion de Planes Municipales de Gestion Integral de Residuos Solidos

Enviado por

Dados do documento

Título original

Direitos autorais

Formatos disponíveis

Compartilhar este documento

Compartilhar ou incorporar documento

Opções de compartilhamento

Você considera este documento útil?

Este conteúdo é inapropriado?

Direitos autorais:

Formatos disponíveis

Manual para La Elaboracion de Planes Municipales de Gestion Integral de Residuos Solidos

Enviado por

Direitos autorais:

Formatos disponíveis

.

"OFYP%BUPTEFMBQSPEVDDJOQFSDQJUBFOMBTEJGFSFOUFTSFHJPOFT TFHO*'". 

B EJBHOPTUJDBS Z QSJPSJ[BS MPT QSPCMFNBT BDUVBMFT Z GVUVSPT BT

1SPNVFWF BEFNT FM USBCBKP DPOKVOUP FOUSF MPT EJWFSTPT

&TUF .BOVBM QBSB MB FMBCPSBDJO EF QMBOFT NVOJDJQBMFT

BQSPCBEP NFEJBOUF %FDSFUP &KFDVUJWP /4.*/"& FM 

.VOJDJQBM$PTUBSSJDFOTF QSPNVMHBEBFMEFGFCSFSPEFM FO

&OUSFHBPGJDJBM QPSQBSUFEFM$PNJU$PPSEJOBEPSEF4BOUP%PNJOHP EFM1MBO.VOJDJQBMEF(FTUJOEF3FTJEVPT4MJEPTBM"MDBMEF.VOJDJQBM'PUPHSBGBEF(5;

-BT FNQSFTBT DPOTVMUPSBT CSJOEBSPO BTJTUFODJB UDOJDB

TMJEPT MBTBMVEIVNBOBPFMBNCJFOUF4JCJFOFTDJFSUP QVFEFO

 -PT FMFNFOUPT EF MB PQFSBDJO EFM

HFPHSGJDBT DPNFSDJBMFTVPUSPTNPUJWPT VTVBMNFOUFOPSFDJCFO

 -PT BTQFDUPT EFM DPOUFYUP OBDJPOBM Z

$POTJEFSBMPTFGFDUPTEFMBHFTUJOEFSFTJEVPTTPCSFFMTVFMP FMBHVB FMBJSF FMQBJTBKF MBCJPEJWFSTJEBEZMBTBMVEIVNBOB

5JQPZFTUBEPEFMFRVJQPFJOTUBMBDJPOFTRVFFTUOFOVTPPQMBOJGJDBEBTGVODJPOBNJFOUP QFSTPOBM DBQBDJUBDJO DPCFSUVSB

&OMB'JHVSB TFJMVTUSBFTUFDPODFQUP FMDVBMQSPNVFWF

$PSUJOBT EF /BWB $SJTUJOB $NP JNQMBOUBS QMBOFT EF NBOFKP

'VOEBDJO1SPNPUPSBEF7JWJFOEB '61307* 

"TPDJBDJO $FOUSPBNFSJDBOB QBSB MB &DPOPNB MB 4BMVE Z FM

(FJMGVT ' 

"TPDJBDJO $FOUSPBNFSJDBOB QBSB MB &DPOPNB MB 4BMVE Z FM

(FSNBOO %Z(PM & TG

0SHBOJ[BDJO 1BOBNFSJDBOB EF MB 4BMVE 014 

.VOJDJQBMJEBE EF 4BOUP %PNJOHP 

1SPHSBNB $PNQFUJUJWJEBE Z .FEJP "NCJFOUF 

0SHBOJ[BDJO1BOBNFSJDBOBEFMB4BMVE 014 

5DIPCBOPHMPVT+ 5IFJTFO)Z7JHJM4BNVFM 

8FIFOQPIM (OUIFS FU BM 

FNQSFTB F JOEJWJEVPT RVF UJFOFO VOB JOGMVFODJB P QBSUJDJQBDJO

GJOBODJFSB EF VO QSPZFDUP EFCJEP B DBNCJPT FO MBT QSJODJQBMFT

"TQFDUPT EFM TJTUFNB EF HFTUJO EF SFTJEVPT

(FOFSBEPS 1FSTPOB GTJDB P KVSEJDB QCMJDB P QSJWBEB RVF

EFHFTUJOEFSFTJEVPT UBMFTDPNPUDOJDPT TPDJBMFT FDPONJDPT

(FTUJO *OUFHSBM EF 3FTJEVPT $POKVOUP BSUJDVMBEP EF

BDDJPOFT SFHVMBUPSJBT PQFSBUJWBT GJOBODJFSBT BENJOJTUSBUJWBT

(FTUPS1FSTPOBGTJDBPKVSEJDB QCMJDBPQSJWBEB FODBSHBEBEF

$PNQPTUBKF .UPEP RVF QFSNJUF MB EFTDPNQPTJDJO EF MB

%JBHOTUJDP 1SPDFTP RVF TF SFBMJ[B QBSB EFUFSNJOBS MB

OBUVSBMF[B Z MBT DBVTBT EF VO PCKFUP TJUVBDJO P GFONFOP

%JTQPTJDJO GJOBM MUJNB FUBQB EFM QSPDFTP EF NBOFKP EF

&MFNFOUPT EFM TJTUFNB EF NBOFKP EF SFTJEVPT

.BOFKP EF SFTJEVPT TMJEPT NVOJDJQBMFT $POKVOUP

5PNBEPTEFMQSPZFDUPEF-FZEF(FTUJO*OUFHSBMEF3FTJEVPT"$&1&4" 014 Z014 

.POJUPSFP 1SPDFTP EF SFGMFYJO Z EF BQSFOEJ[BKF DPMFDUJWP

1MBO EF BDDJO $POKVOUP FTUSVDUVSBEP EF BDUJWJEBEFT

3FDJDMBKF 1SPDFTP NFEJBOUF FM DVBM MPT NBUFSJBMFT TPO

3FTJEVPT QFMJHSPTPT 4PO BRVFMMPT RVF QPS TV SFBDUJWJEBE

3FTJEVPT PSEJOBSJPT 3FTJEVPT EF PSJHFO QSJODJQBMNFOUF

4FQBSBDJO 1SPDFEJNJFOUP QPS FM DVBM TF FWJUB EFTEF MB

1SPEVDDJO QFS DQJUB 11$

5SBUBNJFOUP 1SPDFTP EF USBOTGPSNBDJO GTJDP RVNJDP P

EF SFTJEVPT TMJEPT NVOJDJQBMFT &TUF QVFEF TFS NPUPSJ[BEP VO

/DMFPT1PCMBDJPOBMFT(SBOEFT   IBC

/DMFPT1PCMBDJPOBMFT.FEJBOPT   IBC

/DMFPT1PCMBDJPOBMFT.FEJBOPT   IBC

/DMFPT1PCMBDJPOBMFT1FRVFPT   IBC

/DMFPT1PCMBDJPOBMFT1FRVFPT   IBC

/DMFPT1PCMBDJPOBMFT1FRVFPT  IBC

-P DPNO FO MBT NVOJDJQBMJEBEFT FT RVF BOVBMNFOUF FM

"MHVOBT EF MBT WFOUBKBT EF MB QMBOJGJDBDJO QBSUJDJQBUJWB RVF

4F UPNBO FO DVFOUB MBT OFDFTJEBEFT EF MPT

-B QBSUJDJQBDJO EF EJWFSTPT BDUPSFT FO FM QSPDFTP EF

0CWJBNFOUF MB QMBOJGJDBDJO QBSUJDJQBUJWB SFRVJFSF VOB

"OFYP%BUPTEFMBQSPEVDDJOQFSDQJUBFOMBTEJGFSFOUFTSFHJPOFT TFHO*'".

B EJBHOPTUJDBS Z QSJPSJ[BS MPT QSPCMFNBT BDUVBMFT Z GVUVSPT BT

BQSPCBEP NFEJBOUF %FDSFUP &KFDVUJWP /4.*/"& FM

.VOJDJQBM$PTUBSSJDFOTF QSPNVMHBEBFMEFGFCSFSPEFM FO

&OUSFHBPGJDJBM QPSQBSUFEFM$PNJU$PPSEJOBEPSEF4BOUP%PNJOHP EFM1MBO.VOJDJQBMEF(FTUJOEF3FTJEVPT4MJEPTBM"MDBMEF.VOJDJQBM'PUPHSBGBEF(5;

TMJEPT MBTBMVEIVNBOBPFMBNCJFOUF4JCJFOFTDJFSUP QVFEFO

-PT FMFNFOUPT EF MB PQFSBDJO EFM

-PT BTQFDUPT EFM DPOUFYUP OBDJPOBM Z

$POTJEFSBMPTFGFDUPTEFMBHFTUJOEFSFTJEVPTTPCSFFMTVFMP FMBHVB FMBJSF FMQBJTBKF MBCJPEJWFSTJEBEZMBTBMVEIVNBOB

5JQPZFTUBEPEFMFRVJQPFJOTUBMBDJPOFTRVFFTUOFOVTPPQMBOJGJDBEBTGVODJPOBNJFOUP QFSTPOBM DBQBDJUBDJO DPCFSUVSB

&OMB'JHVSB TFJMVTUSBFTUFDPODFQUP FMDVBMQSPNVFWF

$PSUJOBT EF /BWB $SJTUJOB $NP JNQMBOUBS QMBOFT EF NBOFKP

'VOEBDJO1SPNPUPSBEF7JWJFOEB '61307*

(FJMGVT '

0SHBOJ[BDJO 1BOBNFSJDBOB EF MB 4BMVE 014

.VOJDJQBMJEBE EF 4BOUP %PNJOHP

1SPHSBNB $PNQFUJUJWJEBE Z .FEJP "NCJFOUF

0SHBOJ[BDJO1BOBNFSJDBOBEFMB4BMVE 014

5DIPCBOPHMPVT+ 5IFJTFO)Z7JHJM4BNVFM

8FIFOQPIM (OUIFS FU BM

(FOFSBEPS 1FSTPOB GTJDB P KVSEJDB QCMJDB P QSJWBEB RVF

EFHFTUJOEFSFTJEVPT UBMFTDPNPUDOJDPT TPDJBMFT FDPONJDPT

(FTUJO *OUFHSBM EF 3FTJEVPT $POKVOUP BSUJDVMBEP EF

(FTUPS1FSTPOBGTJDBPKVSEJDB QCMJDBPQSJWBEB FODBSHBEBEF

$PNQPTUBKF .UPEP RVF QFSNJUF MB EFTDPNQPTJDJO EF MB

%JBHOTUJDP 1SPDFTP RVF TF SFBMJ[B QBSB EFUFSNJOBS MB

%JTQPTJDJO GJOBM MUJNB FUBQB EFM QSPDFTP EF NBOFKP EF

&MFNFOUPT EFM TJTUFNB EF NBOFKP EF SFTJEVPT

.BOFKP EF SFTJEVPT TMJEPT NVOJDJQBMFT $POKVOUP

5PNBEPTEFMQSPZFDUPEF-FZEF(FTUJO*OUFHSBMEF3FTJEVPT"$&1&4" 014 Z014

.POJUPSFP 1SPDFTP EF SFGMFYJO Z EF BQSFOEJ[BKF DPMFDUJWP

1MBO EF BDDJO $POKVOUP FTUSVDUVSBEP EF BDUJWJEBEFT

3FDJDMBKF 1SPDFTP NFEJBOUF FM DVBM MPT NBUFSJBMFT TPO

3FTJEVPT QFMJHSPTPT 4PO BRVFMMPT RVF QPS TV SFBDUJWJEBE

3FTJEVPT PSEJOBSJPT 3FTJEVPT EF PSJHFO QSJODJQBMNFOUF

4FQBSBDJO 1SPDFEJNJFOUP QPS FM DVBM TF FWJUB EFTEF MB

5SBUBNJFOUP 1SPDFTP EF USBOTGPSNBDJO GTJDP RVNJDP P

EF SFTJEVPT TMJEPT NVOJDJQBMFT &TUF QVFEF TFS NPUPSJ[BEP VO

/DMFPT1PCMBDJPOBMFT(SBOEFT IBC

/DMFPT1PCMBDJPOBMFT.FEJBOPT IBC

/DMFPT1PCMBDJPOBMFT.FEJBOPT IBC

/DMFPT1PCMBDJPOBMFT1FRVFPT IBC

/DMFPT1PCMBDJPOBMFT1FRVFPT IBC

/DMFPT1PCMBDJPOBMFT1FRVFPT IBC

&M PCKFUJWP EF MB 5BSFB FT FTUBCMFDFS MBT CBTFT

5DOJDPTBT QSPGFTJPOBMFT Z FTQFDJBMJTUBT

-PT SFDVSTPT QVFEFO TFS EF EJWFSTB OEPMF IVNBOPT

&M JOTUSVNFOUP TF BQMJD B QFSTPOBT OP TMP TF

"OTDIU[ +VTUJOF FUBM

+HPTTF +FSPFO FU BM i1MBOJGJDBDJO QBSB MB (FTUJO OUFHSBM

"ZBMFT *WBOOJB FU BM

1SPHSBNB $PNQFUJUJWJEBE Z .FEJP "NCJFOUF

$PSUJOBT EF /BWB $SJTUJOB $NP JNQMBOUBS QMBOFT EF NBOFKP

'VOEBDJO1SPNPUPSBEF7JWJFOEB '61307*

'VOEBDJO1SPNPUPSBEF7JWJFOEB '61307*

8JMTPO %BWJE FUBM

-PT BDUPSFT TPDJBMFT QSJODJQBMFT P SFMFWBOUFT

5SBEVDJEPZBEBQUBEPEF"OTDIU[ Z8JMTPO

1PTFFS DPOPDJNJFOUP FTQFDJBMJ[BEP QPS FKFNQMP

"OFYP%BUPTEFMBQSPEVDDJOQFSDQJUBFOMBTEJGFSFOUFTSFHJPOFT TFHO*'".

"OFYP*OEJDBEPSFTEFMBQSPEVDDJOQFSDQJUBEFMPTDPNFSDJPT SFTUBVSBOUFT FOUSFPUSPT

EFMB11$EFM TFHOVOFTUVEJPEFM*'".4JOFNCBSHP FTUB

'VFOUF1FOJEP.POUFJSP FUBM

'VFOUF*/&$ &ODVFTUBEF)PHBSFT

TPCSF UPEP FO MBT MPDBMJEBEFT DPO UPQPHSBGB JSSFHVMBS 5BNCJO