Principios Internacionales sobre la Independencia y

Anuncio
1SJODJQJPT*OUFSOBDJPOBMFT
TPCSFMB*OEFQFOEFODJBZ
3FTQPOTBCJMJEBEEF+VFDFT
"CPHBEPTZ'JTDBMFT
(VrBQBSB1SPGFTJPOBMFT/P
-PT TJTUFNBT KVEJDJBMFT TPO FTFODJBMFT QBSB MB
QSPUFDDJwOEFMPTEFSFDIPTIVNBOPTZFMNBOUFO
JNJFOUPEFMFTUBEPEFEFSFDIP-PTKVFDFTBCPHB
EPT Z GJTDBMFT UJFOFO VO QBQFM GVOEBNFOUBM FO
QSPUFHFSBMBTWrDUJNBTEFWJPMBDJPOFTEFEFSFDIPT
IVNBOPTZFOMMFWBSBOUFMBKVTUJDJBBMPTTVQVFTUPT
BVUPSFTEFBCVTPT"TJNJTNPTPOFMMPTMPTQSJODJ
QBMFT HBSBOUFT EFM EFSFDIP B VO KVJDJP KVTUP &M
QPEFSKVEJDJBMFTUBNCJnOSFTQPOTBCMFFOHBSBO
UJ[BSRVFMPTPUSPTQPEFSFTQ|CMJDPTSFTQFUFOFM
EFSFDIPJOUFSOBDJPOBMEFMPTEFSFDIPTIVNBOPTZ
FMFTUBEPEFEFSFDIP
&MPCKFUJWPEFMBQSFTFOUFHVrBQSgDUJDBFTEPUBSB
QSPGFTJPOBMFTEFMEFSFDIPHFTUPSFTEFMBTQPMrUJ
DBTJOTUJUVUPTEFDBQBDJUBDJwOZPSHBOJ[BDJPOFTEF
EFSFDIPT IVNBOPT EF SFGFSFODJBT EFUBMMBEBT Z
QSgDUJDBTBDFSDBEFMPTQSJODJQJPTJOUFSOBDJPOBMFT
TPCSFMBJOEFQFOEFODJBEFMTJTUFNBEFKVTUJDJB-B
QSJNFSBQBSUFEFMBHVrBDPOUJFOFVOBOgMJTJTEFM
EFSFDIPBQMJDBCMFZFKFNQMPTDPODSFUPTFYUSBrEPT
EFMBQSgDUJDBJOUFSOBDJPOBM*HVBMNFOUFTFUSBUBO
MBJOEFQFOEFODJBEFMPTBCPHBEPTZMBPCKFUJWJEBE
F JNQBSDJBMJEBE EF MB GJTDBMrB -B TFHVOEB QBSUF
DPOUJFOFUPEBTMBTOPSNBTVOJWFSTBMFTZSFHJPOBMFT
TPCSFFMUFNBQBSBGBDJMJUBSTVVTPQSgDUJDP
$PNJTJwO*OUFSOBDJPOBMEF+VSJTUBT
*$+°$*+
SVFEFT#BJOT
$BTJMMB1PTUBM
(JOFCSB
4VJ[B
ISBN 978-92-9037-119-6
$PNJTJwO*OUFSOBDJPOBMEF+VSJTUBT
-B$PNJTJwO*OUFSOBDJPOBMEF+VSJTUBT$*+
FTVOBPSHBOJ[BDJwOOPHVCFSOBNFOUBM
EFEJDBEBBQSPNPWFSFMDPOPDJNJFOUPZSFTQFUPEFMFTUBEPEFEFSFDIPZMBQSPUFD
DJwOMFHBMEFMPTEFSFDIPTIVNBOPTFOUPEPFMNVOEP4VTFEFTFFODVFOUSBFO
(JOFCSB4VJ[BZDVFOUBDPOTFDDJPOFTOBDJPOBMFTPSHBOJ[BDJPOFTB¾MJBEBT
ZFNJOFOUFTKVSJTUBTEFUPEBTMBTSFHJPOFTEFMNVOEP
SVFEFT#BJOT
$BTJMMB1PTUBM
(JOFCSB
4VJ[B
5FM
'BY
JOGP!JDKPSHXXXJDKPSH
1SFTJEFOUF
+VTUJDF"SUIVS$)"4,"-40/4VEgGSJDB
7JDFQSFTJEFOUFT
1SPG+PDIFO"'308&*/"MFNBOJB
1SPG-FJMB;&3306(6*"SHFMJB
$PNJUn&KFDVUJWP
+VTUJDF*BO#*//*&$BOBEg
%S3BKFFW%)"7"/*OEJB
1SPG7PKJO%*.*53*+&7*$4FSCJB
1SPG-PVJTF%048"-%#&$,4VJ[B
+VTUJDF6OJUZ%08#PUTXBOB
+VTUJDF+PIO%08%"VTUSBMJB
1SFTJEFOUFEFM$PNJUn&KFDVUJWP
%S(VTUBWP("--Î/(*3"-%0$PMPNCJB
4S4UFMMBO(`3%&4VFDJB
4S3BKJ4063"/*1BMFTUJOB
0USPT.JFNCSPTEFMB$PNJTJwO
4S3BKB"[J["%%364&.BMBTJB
1SPG"CEVMMBIJ"//"µ*.4VEgO
+VTUJDF4PMPNZ#"-6/(*#044"6HBOEB
&NCBKBEPS+VMJP#"3#0;""SHFOUJOB
1SPG"MFYBOEFS#3e45-&TMPWBRVJB
4SB$ISJTUJOF$)"/&5'SBODJB
4SB7FSB%6"35&-0#0%&1*/"$BCP7FSEF
1SPG1BVMB&4$"3".&*"1PSUVHBM
+VTUJDF&MJTBCFUI&7"55"VTUSBMJB
1SPG3VUI("7*40/*TSBFM
1SPG+FOOZ&(0-%4$).*%51BrTFT#BKPT
-PSE8JMMJBN(00%)"353FJOP6OJEP
.T"TNB+")"/(*31BLJTUgO
4SB*NSBOB+"-"-'JKJ
1SPG%BWJE,3&5;.&3*TSBFM
1SPG,B[JNJFS[.BSJB-"/,04;1PMPOJB
4SB(MBEZT7FSPOJDB-*)POH,POH
1SPG$FDJMJB.&%*/"26*30("$IJMF
4S,BUIVSJNB.µ*/05*,FOJB
4SB,BSJOOB.04,"-&/,03VTJB
1SPG7JUJU.6/5"3#)03/5BJMBOEJB
%S"EOBO#/"465*0/*OEPOFTJB
%S1FESP/*,,&/7FOF[VFMB
1SPG.BOGSFE/08","VTUSJB
1SPG"OESFJ3*$)5&33VTJB
+VTUJDF.JDIoMF3*7&5$BOBEg
%SB.BSZ30#*/40/*SMBOEB
4JS/JHFM30%-&:3FJOP6OJEP
+VTUJDF",.4"%&26&#BOHMBEFTI
4S+FSPNF+4)&45"$,&TUBEPT6OJEPT
%S)JQwMJUP40-"3*:3*(0:&/"SHFOUJOB
1SPG%BOJFM5)f3&34XJU[FSMBOE
1SPG60KJ6.0;63*,&/JHFSJB
+VTUJDF7JMFOBT7"%"1"-"4-JUVBOJB
1SPG:P[P:0,05"+BQwO
.JFNCSPT)POPSBSJPT
"SUVSP""-"'3*;'JMJQJOBT
1/#)"(8"5**OEJB
#PVUSPT#065304()"-*&HJQUP
8JMMJBN+#65-&3&TUBEPT6OJEPT
1SPG"OUPOJP$"44&4&*UBMJB
%BUPµ1BSBN$6."3"48".:.BMBTJB
%BMNP"%&"#3&6%"--"3*#SBTJM
"MGSFEP&5$)&#&33:$IJMF
%FTNPOE'&3/"/%04SJ-BOLB
15FMGPSE(&03(&4#BIBNBT
-FOOBSU(30--4VFDJB
)BOT)FJOSJDI+&4$)&$,"MFNBOJB
1+(,"15&:/1BrTFT#BKPT
.JDIBFM%,*3#:"$$.("VTUSBMJB
,P¾,6."%0(IBOB
+FBO'MBWJFO-"-*7&4VJ[B
$MBJSF-µ)&63&69%6#c$BOBEg
3VEPMG."$)"$&,"VTUSJB
%BOJFM)."3$)"/%'SBODJB
/PSNBO4."34$)3FJOP6OJEP
+384."8"--"5BO[BOJB
,FCB.µ#":&4FOFHBM
'SBOmPJT9BWJFS.#06:0.$BNFS|O
'BMJ4/"3*."/*OEJB
4ISJEBUI43".1)"-(VZBOB
#FSUSBOE3".$)"3"/(VZBOB
+PBRVrO36*;(*.c/&;&TQBvB
$ISJTUJBO50.64$)"5"MFNBOJB
.JDIBFM"53*"/5"':--*%&4$IJQSF
1SPGFTPS5IFP7"/#07&/1BrTFT#BKPT
%S+PTn;BMBRVFUU$IJMF
1SJODJQJPT*OUFSOBDJPOBMFTTPCSFMB
*OEFQFOEFODJBZ3FTQPOTBCJMJEBEEF
+VFDFT"CPHBEPTZ'JTDBMFT
(VrBQBSB1SPGFTJPOBMFT/P
‰$PQZSJHIU$PNJTJwO*OUFSOBDJPOBMEF+VSJTUBT
-B$*+QFSNJUFMBMJCSFSFQSPEVDDJwOEFFYUSBDUPTEFTVTQVCMJ
DBDJPOFTTJFNQSFRVFTFSFDPOP[DBTVBVUPSrBZVOBDPQJBEFMB
QVCMJDBDJwOFOMBRVFFMUFYUPTFBDJUBEPTFBFOWJBEBBMBPSHBOJ
[BDJwOBMBTJHVJFOUFEJSFDDJwO
$PNJTJwO*OUFSOBDJPOBMEF+VSJTUBT
*$+$*+
SVFEFT#BJOT
$BTJMMB1PTUBM
(JOFCSB
4VJ[B
ˆ1SJODJQJPT*OUFSOBDJPOBMFTTPCSFMB*OEFQFOEFODJBZ
3FTQPOTBCJMJEBEEF+VFDFT"CPHBEPTZ'JTDBMFT°(VrBQBSB
1SPGFTJPOBMFT
*4#/
(JOFCSB
1SJODJQJPT*OUFSOBDJPOBMFTTPCSFMB
*OEFQFOEFODJBZ3FTQPOTBCJMJEBE
EF+VFDFT"CPHBEPTZ'JTDBMFT
(VrBQBSB1SPGFTJPOBMFT/P
-B QSFTFOUF HVrB GVF FTDSJUB QPS +PTn ;FJUVOF 'FEFSJDP "OESFV
(V[NgOSFBMJ[wMBSFTFvBKVSrEJDB1SJZBNWBEB:BSOFMMBTJTUJwFOTV
QSPEVDDJwO
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
W
5" # - " % & $ 0 / 5 & / * % 0 4
1SwMPHP
YJ
1SJNFSBQBSUF
*OUSPEVDDJwO
&MEFSFDIPBVOKVJDJPKVTUPFOFMEFSFDIPJOUFSOBDJPOBM
&MQSJODJQJPEFMKVF[OBUVSBM
5SJCVOBMFTNJMJUBSFT
"+VFDFT
*OEFQFOEFODJB
(FOFSBMJEBEFT
/PSNBTJOUFSOBDJPOBMFT
&MQSJODJQJPEFEJWJTJwOEFQPEFSFT
*OEFQFOEFODJBJOTUJUVDJPOBM
*OEFQFOEFODJBJOEJWJEVBM
*NQBSDJBMJEBE
(FOFSBMJEBEFT
*NQBSDJBMJEBEBQBSFOUFZWFSEBEFSB
&MEFCFSKVEJDJBMEFJOIJCJSTFFOMBDBVTB
"VUPOPNrBGJOBODJFSBZSFDVSTPTTVGJDJFOUFT
(FOFSBMJEBEFT
/PSNBTJOUFSOBDJPOBMFTTPCSFBVUPOPNrBGJOBODJFSB
-JCFSUBEFTGVOEBNFOUBMFT
(FOFSBMJEBEFT
-JCFSUBEEFBTPDJBDJwO
-JCFSUBEEFFYQSFTJwO
/PNCSBNJFOUP
WJ
(6Ê"1"3"130'&4*0/"-&4/
(FOFSBMJEBEFT
$SJUFSJPTEFOPNCSBNJFOUP
1SPDFEJNJFOUPEFOPNCSBNJFOUP
&MFDDJwONFEJBOUFWPUPQPQVMBS
$POEJDJPOFTEFMDBSHPZBTDFOTPT
(FOFSBMJEBEFT
/PSNBTJOUFSOBDJPOBMFTEFQFSNBOFODJBFOFMDBSHP
1SgDUJDBTRVFBGFDUBOMBQFSNBOFODJBFOFMDBSHP
"TDFOTPT
3FTQPOTBCJMJEBE
(FOFSBMJEBEFT
/PSNBTJOUFSOBDJPOBMFTBDFSDBEFMBSFTQPOTBCJMJEBE
+VSJTQSVEFODJBJOUFSOBDJPOBM
#-B'VODJwOEFMPT"CPHBEPT
*OUSPEVDDJwO
-BJOEFQFOEFODJBEFMPTBCPHBEPT
(BSBOUrBTFTFODJBMFTQBSBFMGVODJPOBNJFOUPEFMBQSPGFTJwOKVSrEJDB 0CMJHBDJPOFTQSPGFTJPOBMFT
-JCFSUBEEFFYQSFTJwOZBTPDJBDJwO
3FTQPOTBCJMJEBE
$-B'VODJwOEFMPT'JTDBMFT
*OUSPEVDDJwO
*NQBSDJBMJEBEZPCKFUJWJEBE
'PSNBDJwOQSPGFTJPOBMTFMFDDJwOZDBQBDJUBDJwO
(BSBOUrBTQBSBFMEFTFNQFvPEFMPTGJTDBMFT
-JCFSUBEEFFYQSFTJwOZBTPDJBDJwO
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
%FCFSFTQSPGFTJPOBMFT
1SPDFEJNJFOUPTEJTDJQMJOBSJPT
4FHVOEBQBSUF
/BDJPOFT6OJEBT
"&TUgOEBSFTFTQFDrGJDPTTPCSFMBJOEFQFOEFODJBEFKVFDFT
BCPHBEPTZGJTDBMFT
1SJODJQJPTCgTJDPTSFMBUJWPTBMBJOEFQFOEFODJBEFMBKVEJDBUVSB
1SJODJQJPTCgTJDPTTPCSFMBGVODJwOEFMPTBCPHBEPT
%JSFDUSJDFTTPCSFMBGVODJwOEFMPTGJTDBMFT
1SPDFEJNJFOUPTQBSBMBBQMJDBDJwOFGFDUJWBEFMPT1SJODJQJPTCgTJDPT
SFMBUJWPTBMBJOEFQFOEFODJBEFMBKVEJDBUVSB
1SPZFDUPEF%FDMBSBDJwOTPCSFMB*OEFQFOEFODJBEFMB+VTUJDJB
#/PSNBTEFUSBUBEPT
1BDUP*OUFSOBDJPOBMEF%FSFDIPT$JWJMFTZ1PMrUJDPT
$POWFODJwOJOUFSOBDJPOBMTPCSFMBQSPUFDDJwOEFMPTEFSFDIPTEF
UPEPTMPTUSBCBKBEPSFTNJHSBUPSJPTZEFTVTGBNJMJBSFT
$POWFODJwOTPCSFMPT%FSFDIPTEFM/JvP
$POWFODJwO*OUFSOBDJPOBMQBSBMBQSPUFDDJwOEFUPEBTMBTQFSTPOBT
DPOUSBMBTEFTBQBSJDJPOFTGPS[BEBT
$/PSNBTEFDMBSBUPSJBT
%FDMBSBDJwO6OJWFSTBMEF%FSFDIPT)VNBOPT
%FDMBSBDJwOTPCSFFMEFSFDIPZFMEFCFSEFMPTJOEJWJEVPT
MPTHSVQPTZMBTJOTUJUVDJPOFTEFQSPNPWFSZQSPUFHFSMPT
EFSFDIPTIVNBOPTZMBTMJCFSUBEFTGVOEBNFOUBMFT
VOJWFSTBMNFOUFSFDPOPDJEPT
%0USPTFTUgOEBSFT
3FTPMVDJwOEFMB$PNJTJwOEF%FSFDIPT)VNBOPT
3FTPMVDJwOEFMB$PNJTJwOEF%FSFDIPT)VNBOPT
$wEJHPEFDPOEVDUBQSPGFTJPOBMEFMPTBCPHBEPTBOUFMB$PSUF
1FOBM*OUFSOBDJPOBM
WJJ
WJJJ
(6Ê"1"3"130'&4*0/"-&4/
1SPZFDUPEF1SJODJQJPTTPCSFMB"ENJOJTUSBDJwOEF+VTUJDJBQPSMPT
5SJCVOBMFT.JMJUBSFT
0USPTFTUgOEBSFTHMPCBMFT
-PT1SJODJQJPTEF#BOHBMPSFTPCSFMB$POEVDUB+VEJDJBM
&TUBUVUP6OJWFSTBMEFM+VF[
1SJODJQJPTEF#VSHI)PVTFTPCSFMBJOEFQFOEFODJBEFMB
KVEJDBUVSBJOUFSOBDJPOBM
$POTFKP%F&VSPQB
"/PSNBTFTQFDrGJDBTTPCSFMBJOEFQFOEFODJBEFMPTKVFDFT
BCPHBEPTZGJTDBMFT
3FDPNFOEBDJwO/P3
EFM$PNJUnEF.JOJTUSPTEFMPT
&TUBEPT.JFNCSPTTPCSFMB*OEFQFOEFODJB&GJDJFODJBZ'VODJwO
EFMPT+VFDFT
3FDPNFOEBDJwO/P3
EFM$PNJUnEF.JOJTUSPTEFMPT
&TUBEPT.JFNCSPTTPCSFMBMJCFSUBEEFMFKFSDJDJPEFMBQSPGFTJwO
EFBCPHBEP
3FDPNFOEBDJwO/P3
EFM$PNJUnEF.JOJTUSPTEFMPT
&TUBEPT.JFNCSPTTPCSFMBGVODJwOEFMBGJTDBMrBFOFMTJTUFNBEF
KVTUJDJBQFOBM
$BSUBFVSPQFBTPCSFFMFTUBUVUPEFMPTKVFDFTZ
.FNPSBOEP&YQMJDBUJWP
#/PSNBTEFUSBUBEPT
$POWFOJP&VSPQFPQBSBMB1SPUFDDJwOEFMPT%FSFDIPT)VNBOPT
ZMBT-JCFSUBEFT'VOEBNFOUBMFT
$0USBTOPSNBT
-rOFBTEJSFDUSJDFTEFM$PNJUnEF.JOJTUSPTEFM$POTFKPEF&VSPQB
TPCSFMPTEFSFDIPTIVNBOPTZMBMVDIBDPOUSBFMUFSSPSJTNP
4JTUFNB*OUFSBNFSJDBOP
"/PSNBTEFUSBUBEPT
$POWFODJwO"NFSJDBOBTPCSF%FSFDIPT)VNBOPT
#/PSNBTEFDMBSBUPSJBT
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
%FDMBSBDJwO"NFSJDBOBEFMPT%FSFDIPTZ%FCFSFTEFM)PNCSF
$BSUB%FNPDSgUJDB*OUFSBNFSJDBOB
4JTUFNB"GSJDBOP
"/PSNBTFTQFDrGJDBTTPCSFMBJOEFQFOEFODJBEFMPTKVFDFT
BCPHBEPTZGJTDBMFT
-PT1SJODJQJPTZ%JSFDUSJDFTSFMBUJWPTBM%FSFDIPBVO+VJDJP+VTUPZBMB
"TJTUFODJB+VSrEJDBFOÇGSJDB
#/PSNBTEF5SBUBEPT
$BSUB"GSJDBOBTPCSFMPT%FSFDIPT)VNBOPTZEFMPT1VFCMPT
$BSUB"GSJDBOBTPCSFMPT%FSFDIPTZFM#JFOFTUBSEFM/JvP
6OJwO&VSPQFB
$BSUBEF%FSFDIPT'VOEBNFOUBMFTEFMB6OJwO&VSPQFB
"TJB1BDrGJDP
%FDMBSBDJwOEF#FJKJOHTPCSFMPT1SJODJQJPTSFMBUJWPTBMB
*OEFQFOEFODJBEFMB+VEJDBUVSBFOMB3FHJwOEF-"8"4*"
$PNNPOXFBMUI
%JSFDUSJDFTEF-BUJNFS)PVTFQBSBFM$PNNPOXFBMUITPCSF
4VQSFNBDrB1BSMBNFOUBSJBF*OEFQFOEFODJB+VEJDJBM
%FSFDIP*OUFSOBDJPOBM)VNBOJUBSJP
"SUrDVMPDPN|OBMPTDVBUSP$POWFOJPTEF(JOFCSBEF
1SPUPDPMP"EJDJPOBMBMPT$POWFOJPTEF(JOFCSBEFMEFBHPTUP
EFSFMBUJWPBMB1SPUFDDJwOEFMBT7rDUJNBTEFMPT$POGMJDUPT
"SNBEPT*OUFSOBDJPOBMFT1SPUPDPMP*
1SPUPDPMPBEJDJPOBMBMPT$POWFOJPTEF(JOFCSBEFMEFBHPTUP
EFSFMBUJWPBMBQSPUFDDJwOEFMBTWrDUJNBTEFMPTDPOGMJDUPT
BSNBEPTTJODBSgDUFSJOUFSOBDJPOBM1SPUPDPMP**
*CFSPBNnSJDB
&TUBUVUPEFM+VF[*CFSPBNFSJDBOP
ÊOEJDF5FNgUJDP
JY
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
1SwMPHP
%FTEFTVDSFBDJwOIBDFNgTEFDJODPEnDBEBTMB$PNJTJwO*OUFSOBDJPOBMEF+VSJTUBT
$*+
IBUSBCBKBEPBDUJWBNFOUFFOMBQSPNPDJwOEFVOBBENJOJTUSBDJwOEFKVTUJDJB
KVTUBZF¾DJFOUFFOUPEPFMNVOEPDPNPHBSBOUrBFTFODJBMEFMPTEFSFDIPTIVNB
OPT$PNPSFEEFKVSJTUBTMB$*+TFIBFOGPDBEPFOFMSPMDSVDJBMRVFMPTTJTUFNBTEF
KVTUJDJBDVNQMFOFOBTFHVSBSRVFMBTWrDUJNBTPQPUFODJBMFTWrDUJNBTEFWJPMBDJPOFT
EFEFSFDIPTIVNBOPTTFBOQSPUFHJEBTZPCUFOHBOVOBSFQBSBDJwOF¾DB[ZRVF
MPTQFSQFUSBEPSFTEFMBTWJPMBDJPOFTBMPTEFSFDIPTIVNBOPTTFBOMMFWBEPTBOUF
MBKVTUJDJB"TJNJTNPMPTUSJCVOBMFTBTFHVSBORVFDVBMRVJFSTPTQFDIPTPEFIBCFS
DPNFUJEPVOEFMJUPSFDJCBVOKVJDJPKVTUPEFBDVFSEPDPOMBTOPSNBTJOUFSOBDJPOBMFTZ
RVFUBOUPFMQPEFSFKFDVUJWPDPNPFMMFHJTMBUJWPBDU|FOEFBDVFSEPDPOMPTEFSFDIPT
IVNBOPTDPOTBHSBEPTJOUFSOBDJPOBMNFOUFZFMFTUBEPEFEFSFDIP
&OEJGFSFOUFTSFHJPOFTZGPSPTJOUFSOBDJPOBMFTMB$*+DBCJMEFwQBSBMBBQSPCBDJwOZ
QPTUFSJPSQVFTUBFOQSgDUJDBEFFTUgOEBSFTSFMBUJWPTBMBBENJOJTUSBDJwOEFKVTUJDJB
RVFBTFHVSFOFMEFSFDIPEFDBEBJOEJWJEVPBPCUFOFSVOKVJDJPKVTUPQPSVOUSJCVOBM
JOEFQFOEJFOUFFJNQBSDJBM
-B$*+IBBDVNVMBEPVODVBSUPEFTJHMPEFFYQFSJFODJBUSBCBKBOEPDPOTJTUFNBT
KVEJDJBMFTQBSBBTFHVSBSTVJOEFQFOEFODJBZMBQSPUFDDJwOBDUJWBEFMPTEFSFDIPT
IVNBOPT"USBWnTEFM$FOUSPQBSBMB*OEFQFOEFODJBEFMPT+VFDFTZ"CPHBEPT$*+"
MB$*+IBQSPDVSBEPEFTBSSPMMBSNFDBOJTNPTQSgDUJDPTQBSBQSPNPWFSZQSPUFHFSMB
JOEFQFOEFODJBKVEJDJBMZKVSrEJDBJODMVJEPTMPT1SJODJQJPTCgTJDPTEF/BDJPOFT6OJEBT
SFMBUJWPTBMBJOEFQFOEFODJBEFMBKVEJDBUVSBZMBGVODJwOEFMPTBCPHBEPT
&TUBTFHVOEBFEJDJwOBDUVBMJ[BEBEFMB(VrBQBSB1SPGFTJPOBMFT/PCSJOEBVOB
FYQMJDBDJwOQSgDUJDBEFMBBQMJDBDJwOEFMPTQSJODJQJPTJOUFSOBDJPOBMFTTPCSFMBJOEF
QFOEFODJBZSFTQPOTBCJMJEBEEFKVFDFTBCPHBEPTZ¾TDBMFT"USBWnTEFVOBOgMJTJT
EFMBKVSJTQSVEFODJBZMPTFTUgOEBSFTSFMFWBOUFTMB(VrBQBSB1SPGFTJPOBMFTTFDPOT
UJUVZFFOVOBIFSSBNJFOUBEFBZVEBBMPTGVODJPOBSJPTOBDJPOBMFTFOFMEFTBSSPMMPEF
QPMrUJDBTSFMBUJWBTBMBBENJOJTUSBDJwOEFKVTUJDJBMBFWBMVBDJwOEFMTJTUFNBKVEJDJBM
EFVOQBrTFODPODSFUPZMBGPSNVMBDJwOEFSFDPNFOEBDJPOFTDPODSFUBTQBSBQPOFS
FOQSgDUJDBMPTFTUgOEBSFTJOUFSOBDJPOBMFT-B(VrBQSFTFOUBBTJNJTNPFMUFYUP
EFUPEBTMBTOPSNBTJOUFSOBDJPOBMFTSFMBUJWBTBMUFNBZBDUVBMJ[BMBSFDPQJMBDJwO
QVCMJDBEBQPSMB$*+FO
YJ
YJJ
(6Ê"1"3"130'&4*0/"-&4/
-B(VrBQBSB1SPGFTJPOBMFT/PTJSWFDPNPVOBIFSSBNJFOUBQBSBMBGPSNBDJwOEF
QPMrUJDBTZMBEFGFOTBEFMPTEFSFDIPTIVNBOPTQPSQBSUFEFMPTQSPGFTJPOBMFTEFM
EFSFDIPMPTHFTUPSFTEFMBTQPMrUJDBTMPTJOTUJUVUPTEFDBQBDJUBDJwOZMBTPSHBOJ[B
DJPOFTEFEFSFDIPTIVNBOPTZDPOUSJCVJSFOTVTBDUJWJEBEFTEFTEFMBDBQBDJUBDJwO
KVEJDJBMBMBBEPQDJwOEFMFZFTZQPMrUJDBTBDPSEFTDPOMBTOPSNBTJOUFSOBDJPOBMFT
/JDIPMBT)PXFO
4FDSFUBSJP(FOFSBM
13*.&3"1"35&
&M3PMEFMPT+VFDFT"CPHBEPTZ'JTDBMFT
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
²-BBENJOJTUSBDJwOEFKVTUJDJBFOQBSUJDVMBSMPTPSHB
OJTNPTFODBSHBEPTEFIBDFSDVNQMJSMBMFZZEFMFOKVJ
DJBNJFOUPBTrDPNPVOQPEFSKVEJDJBMZVOBBCPHBDrB
JOEFQFOEJFOUFTFOQMFOBDPOGPSNJEBEDPOMBTOPSNBT
DPOUFOJEBTFOMPTJOTUSVNFOUPTJOUFSOBDJPOBMFTEFEF
SFDIPTIVNBOPTTPOEFJNQPSUBODJBEFDJTJWBQBSBMB
DBCBMSFBMJ[BDJwOEFMPTEFSFDIPTIVNBOPTTJOEJTDSJNJ
OBDJwOBMHVOBZSFTVMUBOJOEJTQFOTBCMFTFOMPTQSPDFTPT
EFEFNPDSBUJ[BDJwOZEFTBSSPMMPTPTUFOJCMF³
*OUSPEVDDJwO
&MTJTUFNBKVEJDJBMEFVOQBrTFTFTFODJBMQBSBMBQSPUFDDJwOEFMPTEFSFDIPTIV
NBOPTZMBTMJCFSUBEFT-PTUSJCVOBMFTEFTFNQFvBOVOBGVODJwOGVOEBNFOUBMQBSB
BTFHVSBSRVFMBTWrDUJNBTPQPUFODJBMFTWrDUJNBTEFWJPMBDJwOEFEFSFDIPTIVNBOPT
TFBOQSPUFHJEBTEJTQPOHBOEFVOSFDVSTPFGFDUJWPZPCUFOHBOSFQBSBDJwORVFMPT
QFSQFUSBEPSFTEFMBTWJPMBDJPOFTBMPTEFSFDIPTIVNBOPTTFBOMMFWBEPTBOUFMB
KVTUJDJBZRVFDVBMRVJFSTPTQFDIPTPEFIBCFSDPNFUJEPVOEFMJUPUFOHBVOKVJDJP
KVTUPEFBDVFSEPDPOMBTOPSNBTJOUFSOBDJPOBMFT&MTJTUFNBKVEJDJBMFTVODPOUSB
QFTPFTFODJBMEFMPTEFNgTQPEFSFTEFMHPCJFSOPRVFBTFHVSBRVFMBTMFZFTEFM
QPEFSMFHJTMBUJWPZMPTBDUPTEFMQPEFSFKFDVUJWPSFTQFUFOMPTEFSFDIPTIVNBOPTZ
FMFTUBEPEFEFSFDIP
&TUBGVODJwODSVDJBMIBTJEPEFTUBDBEBQPSUPEPTMPTTJTUFNBTJOUFSHVCFSOBNFOUBMFT
EFEFSFDIPTIVNBOPT-B"TBNCMFB(FOFSBMEFMBT/BDJPOFT6OJEBTIBNBOJGFTUBEP
FOWBSJBTPQPSUVOJEBEFTRVF²FMJNQFSJPEFMEFSFDIPZMBBEFDVBEBBENJOJTUSBDJwOEF
KVTUJDJB<©>DVNQMFOVOQBQFMDFOUSBMFOMBQSPNPDJwOZQSPUFDDJwOEFMPTEFSFDIPTIV
NBOPT³ZRVF²MBBENJOJTUSBDJwOEFKVTUJDJBJODMVJEPTMPTPSHBOJTNPTFODBSHBEPTEF
IBDFSDVNQMJSMBMFZZEFMFOKVJDJBNJFOUPZFOQBSUJDVMBSVOQPEFSKVEJDJBMZVODPMFHJP
EFBCPHBEPTJOEFQFOEJFOUFTFOQMFOBDPOGPSNJEBEDPOMBTOPSNBTDPOUFOJEBTFOMPT
JOTUSVNFOUPTJOUFSOBDJPOBMFTEFEFSFDIPTIVNBOPTTPOFTFODJBMFTQBSBMBQMFOB
SFBMJ[BDJwOEFMPTEFSFDIPTIVNBOPTTJOEJTDSJNJOBDJwOBMHVOBZSFTVMUBOJOEJTQFO
TBCMFTQBSBMPTQSPDFTPTEFEFNPDSBUJ[BDJwOZFMEFTBSSPMMPTPTUFOJCMF³
&M4FDSFUBSJP(FOFSBMEFMBT/BDJPOFT6OJEBTFOGBUJ[wFMIFDIPEFRVF²$BEBWF[TF
SFDPOPDFNgTMBJNQPSUBODJBEFMFTUBEPEFEFSFDIPQBSBFMSFTQFUPEFMPTEFSFDIPT
%FDMBSBDJwOEF7JFOBZ1SPHSBNBEF"DDJwOBEPQUBEBQPSMB$POGFSFODJB.VOEJBMEF%FSFDIPT)VNBOPT
DFMFCSBEBFO7JFOBFMEFKVOJPEFQgSS
7FSQPSFKFNQMPSFTPMVDJPOFTEFEFEJDJFNCSFEFZEFEJDJFNCSFEFUJUVMBEBT
²-PTEFSFDIPTIVNBOPTFOMBBENJOJTUSBDJwOEFKVTUJDJB³
*CJEFN
(6Ê"1"3"130'&4*0/"-&4/
IVNBOPTZMBEFMQBQFMRVFDBCFBKVFDFTZBCPHBEPTFOMBEFGFOTBEFMPTEFSFDIPT
IVNBOPT³
-B$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPTIBTFvBMBEPRVF²-BHBSBOUrBEFMPT
EFSFDIPTJNQMJDBMBFYJTUFODJBEFNFEJPTMFHBMFTJEwOFPTQBSBMBEF¾OJDJwOZQSPUFD
DJwOEFBRVnMMPTDPOJOUFSWFODJwOEFVOwSHBOPKVEJDJBMDPNQFUFOUFJOEFQFOEJFOUF
FJNQBSDJBMDVZBBDUVBDJwOTFBKVTUFFTDSVQVMPTBNFOUFBMBMFZFOMBRVFTF¾KBSg
DPOGPSNFBDSJUFSJPTEFPQPSUVOJEBEMFHJUJNJEBEZSBDJPOBMJEBE³%FNPEPTJNJMBS
MB$PNJTJwO*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPTIBTFvBMBEPRVF²MBFGFDUJWB
JOEFQFOEFODJBEFM1PEFS+VEJDJBMFTVOSFRVJTJUPJNQSFTDJOEJCMFQBSBMBWJHFODJB
QSgDUJDBEFMPTEFSFDIPTIVNBOPTFOHFOFSBM³-B$PNJTJwOBTJNJTNPDPOTJEFSw
RVF²&MEFSFDIPBVOKVJDJPKVTUPDPOTUJUVZFVOPEFMPTQJMBSFTGVOEBNFOUBMFTEF
VOBTPDJFEBEEFNPDSgUJDB&TUFEFSFDIPFTVOBHBSBOUrBCgTJDBEFMSFTQFUPEFMPT
EFNgTEFSFDIPTSFDPOPDJEPTFOMB$POWFODJwOEFCJEPBRVFSFQSFTFOUBVOMrNJUF
BMBCVTPEFMQPEFSQPSQBSUFEFM&TUBEP³
*OEFQFOEFODJBFJNQBSDJBMJEBE
-BFYJTUFODJBEFUSJCVOBMFTJOEFQFOEJFOUFTFJNQBSDJBMFTDPOTUJUVZFFMO|DMFPDFOUSBM
EFVOTJTUFNBKVEJDJBMHBSBOUFEFMPTEFSFDIPTIVNBOPTFOQMFOBDPOGPSNJEBEDPO
FMEFSFDIPJOUFSOBDJPOBMEFMPTEFSFDIPTIVNBOPT-BDPOTUJUVDJwOMBTMFZFTZMBT
QPMrUJDBTEFVOQBrTEFCFOBTFHVSBSRVFFMTJTUFNBKVEJDJBMTFBWFSEBEFSBNFOUF
JOEFQFOEJFOUFEFMPTEFNgTQPEFSFTEFM&TUBEP%FOUSPEFMTJTUFNBKVEJDJBMMPT
KVFDFTBCPHBEPTZ¾TDBMFTEFCFOUFOFSMBMJCFSUBEQBSBEFTFNQFvBSTVTEFCFSFT
QSPGFTJPOBMFTTJOJOUFSGFSFODJBQPMrUJDBZEFCFOFTUBSQSPUFHJEPTFOFMEFSFDIPZFO
MBQSgDUJDBEFUPEPBUBRVFBDPTPZQFSTFDVDJwOFOFMEFTFNQFvPEFTVBDUJWJEBE
QSPGFTJPOBMFOMBEFGFOTBEFMPTEFSFDIPTIVNBOPT%FCFOQPSTVQBSUFTFSQSP
UFDUPSFTBDUJWPTEFMPTEFSFDIPTIVNBOPTSFTQPOTBCMFTBOUFMBQPCMBDJwOZEFCFO
NBOUFOFSFMNBZPSOJWFMEFJOUFHSJEBEFOWJSUVEEFMEFSFDIPOBDJPOBMFJOUFSOBDJPOBM
ZEFMBTOPSNBTnUJDBT
4JOFNCBSHPKVFDFTBCPHBEPTZ¾TDBMFTTPOBNFOVEPJODBQBDFTEFDVNQMJSMB
GVODJwOEFQSPUFDUPSFTEFMPTEFSFDIPTIVNBOPTEFCJEPBRVFDBSFDFOEFTV¾DJFOUF
NnSJUPQSPGFTJPOBMDBQBDJUBDJwOZSFDVSTPTPEFMDPOPDJNJFOUPOFDFTBSJPEFMEFSFDIP
JOUFSOBDJPOBMEFMPTEFSFDIPTIVNBOPTZTVBQMJDBDJwOJOUFSOB
"QFTBSEFRVFMPTKVFDFTBCPHBEPTZ¾TDBMFTHP[BOEFMPTNJTNPTEFSFDIPTIV
NBOPTRVFMBTEFNgTQFSTPOBTUBNCJnOHP[BOEFVOBQSPUFDDJwOFTQFDJBMEFCJEP
'PSUBMFDJNJFOUPEFMFTUBEPEFEFSFDIP*OGPSNFEFM4FDSFUBSJP(FOFSBMBMB"TBNCMFB(FOFSBMEFMBT/BDJPOFT
6OJEBT%PDVNFOUPEFMB0/6"QgSS
$POEJDJwO+VSrEJDBZ%FSFDIPT)VNBOPTEFM/JvP0QJOJwO$POTVMUJWBEFMB$PSUF*OUFSBNFSJDBOBEF%FSFDIPT
)VNBOPT0$EFBHPTUPEFQgSS
-B4JUVBDJwOEFMPT%FSFDIPT)VNBOPTFO$VCB4nQUJNP*OGPSNF%PDVNFOUPEFMB0&"0&"4FS-7
**EPDSFW$BQrUVMP*7QgSS$PNJTJwO*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPTFOBEFMBOUF
$*%)
$*%)*OGPSNF/œ$BTP(VZ.BMBSZDPOUSB)BJUrEFEJDJFNCSFEFQgSS
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
BTVQBQFMDPNPHBSBOUFTEFMPTEFSFDIPTIVNBOPTQBSBFMSFTUPEFMBQPCMBDJwO
4JMPTKVFDFTOPQVFEFOFWBMVBSMPTIFDIPTZBQMJDBSMBMFZUBOUPOBDJPOBMDPNP
JOUFSOBDJPOBMFMTJTUFNBKVEJDJBMTFWVFMWFBSCJUSBSJP4JMPTBCPHBEPTOPQVFEFO
DPNVOJDBSTFMJCSFNFOUFDPOTVTDMJFOUFTTFWJPMBFMEFSFDIPBMBEFGFOTBZFM
QSJODJQJPEFJHVBMEBEQSPDFTBMRVFFYJHFRVFBNCBTQBSUFTEFVOQSPDFTPQFOBM
TFBOUSBUBEBTEFJHVBMNBOFSB4JMBJOUFHSJEBEGrTJDBEFMPT¾TDBMFTOPFTQSPUFHJEB
DVBOEPTVTWJEBTDPSSFOQFMJHSPBDBVTBEFTVUSBCBKPTFWFBGFDUBEPTVEFCFSEF
JOTUJUVJSVOQSPDFTP
4JOFNCBSHPFTUBQSPUFDDJwOFTQFDJBMJNQMJDBSFTQPOTBCJMJEBEFTFTQFDJBMFT&M
QSJODJQJPEFJOEFQFOEFODJBEFMPTKVFDFTOPFTUgEJSJHJEPBPUPSHBSMFTCFOF¾DJPT
QFSTPOBMFTTVKVTUJ¾DBDJwOFTQSPUFHFSBMPTJOEJWJEVPTDPOUSBMPTBCVTPTEFQPEFSZ
HBSBOUJ[BSVOBSFDUBBENJOJTUSBDJwOEFKVTUJDJB&ODPOTFDVFODJBMPTKVFDFTOPQVFEFO
EFDJEJSDBTPTFOGPSNBBSCJUSBSJBEFBDVFSEPDPOTVTQSFGFSFODJBTQFSTPOBMFTTJOP
RVFEFCFOBQMJDBSFMEFSFDIPBMPTIFDIPT&OFMDBTPEFMPT¾TDBMFTTVEFCFSFT
FMEFJOWFTUJHBSFJOTUJUVJSQSPDFTPTFOUPEPTMPTDBTPTEFWJPMBDJwOEFMPTEFSFDIPT
IVNBOPTTJOQFSKVJDJPEFRVJnOMPTIBZBQFSQFUSBEP-PTBCPHBEPTQPSTVQBSUF
EFCFOFOUPEPNPNFOUPSFBMJ[BSTVUSBCBKPDPOUFNQMBOEPFMJOUFSnTEFMDMJFOUF
1PSMPUBOUPKVFDFTBCPHBEPTZ¾TDBMFTTPOFTFODJBMFTQBSBMBQMFOBWJHFODJBEFM
EFSFDIPBVOKVJDJPKVTUP"NFOPTRVFUPEPTFMMPTTFBODBQBDFTEFDVNQMJSTVT
GVODJPOFTBEFDVBEBNFOUFFMFTUBEPEFEFSFDIPZFMEFSFDIPBVOKVJDJPKVTUP
DPSSFOHSBWFQFMJHSP
&MEFSFDIPBVOKVJDJPKVTUPFOFMEFSFDIPJOUFSOBDJPOBM
JOTUSVNFOUPTVOJWFSTBMFTZSFHJPOBMFT
5PEPTMPTJOTUSVNFOUPTEFEFSFDIPTIVNBOPTVOJWFSTBMFTZSFHJPOBMFTHBSBOUJ[BO
FMEFSFDIPBVOBBVEJFODJBKVTUBEFOUSPEFMQSPDFTPKVEJDJBMZBTFBFONBUFSJB
QFOBMDJWJMEJTDJQMJOBSJBPBENJOJTUSBUJWB
BOUFVOBDPSUFPUSJCVOBMJOEFQFOEJFOUF
FJNQBSDJBM
5SBUBEPT
6OUSBUBEPFTVOBDVFSEPJOUFSOBDJPOBMQPSFTDSJUPBMDBO[BEPFOUSFWBSJPT&TUBEPT
ZVPSHBOJ[BDJPOFTJOUFSHVCFSOBNFOUBMFTZRVFTFSJHFQPSFMEFSFDIPJOUFSOBDJP
OBM&MOPNCSFRVFMBTQBSUFTMFEFOBMUSBUBEPOPUJFOFJNQPSUBODJBBRVr1BDUP
$POWFODJwO5SBUBEP1SPUPDPMPFUD
MPRVFJNQPSUBFTFMDPOUFOJEPZFMMFOHVBKF
EFMUSBUBEPDPNPBTrUBNCJnOMBJOUFODJwOEFMBTQBSUFTEFPCMJHBSTFNFEJBOUFFM
JOTUSVNFOUP6OUSBUBEPTJFNQSFDPOUJFOFMFOHVBKFNFEJBOUFFMDVBMMBTQBSUFT
TJHOBUBSJBTBDVFSEBOFMDBSgDUFSWJODVMBOUFEFMBDVFSEP
&OJOHMnT²FRVBMJUZPGBSNT²
7nBTFBSUrDVMPEFMB$POWFODJwOEF7JFOBTPCSFFM%FSFDIPEFMPT5SBUBEPTZBSUrDVMPEFMB$POWFODJwO
EF 7JFOB TPCSF %FSFDIP EF MPT 5SBUBEPT FOUSF &TUBEPT Z 0SHBOJ[BDJPOFT *OUFSOBDJPOBMFT P FOUSF
0SHBOJ[BDJPOFT
(6Ê"1"3"130'&4*0/"-&4/
-BTQBSUFTEFVOUSBUBEPFTUgOPCMJHBEBTFOWJSUVEEFMEFSFDIPJOUFSOBDJPOBMBDVNQMJS
FJNQMFNFOUBSMBTEJTQPTJDJPOFTEFMUSBUBEPEFCVFOBGFZQPSPUSBQBSUFVO&TUBEP
OPQVFEFJOWPDBSMBTEJTQPTJDJPOFTEFTVEFSFDIPJOUFSOPDPNPKVTUJ¾DBDJwOQBSB
JODVNQMJSFMUSBUBEP
&M1BDUP*OUFSOBDJPOBMEF%FSFDIPT$JWJMFTZ1PMrUJDPT1*%$1
¾SNBEPZSBUJ¾DBEPQPS
&TUBEPTEJTQPOFFOTVBSUrDVMP
RVF²5PEBTMBTQFSTPOBTTPOJHVBMFTBOUF
MPTUSJCVOBMFTZDPSUFTEFKVTUJDJB³ZRVF²5PEBQFSTPOBUFOESgEFSFDIPBTFSPrEB
Q|CMJDBNFOUFZDPOMBTEFCJEBTHBSBOUrBTQPSVOUSJCVOBMDPNQFUFOUFJOEFQFOEJFOUF
FJNQBSDJBMFTUBCMFDJEPQPSMBMFZFOMBTVCTUBODJBDJwOEFDVBMRVJFSBDVTBDJwOEF
DBSgDUFSQFOBMGPSNVMBEBDPOUSBFMMBPQBSBMBEFUFSNJOBDJwOEFTVTEFSFDIPTVPCMJ
HBDJPOFTEFDBSgDUFSDJWJM³&M$PNJUnEF%FSFDIPT)VNBOPTwSHBOPFODBSHBEPEF
WJHJMBSFMDVNQMJNJFOUPEFM1BDUPIBTPTUFOJEPFOGPSNBJOFRVrWPDBRVFFMEFSFDIP
BTFSKV[HBEPQPSVOUSJCVOBMJOEFQFOEJFOUFFJNQBSDJBM²FTVOEFSFDIPBCTPMVUP
RVFOPQVFEFTFSPCKFUPEFFYDFQDJwOBMHVOB³&M$PNJUnBTJNJTNPFTQFDJ¾DwRVF
JODMVTPFOUJFNQPEFHVFSSBPEVSBOUFVOFTUBEPEFFNFSHFODJB²4wMPVOUSJCVOBM
EFEFSFDIPQVFEFFOKVJDJBSZDPOEFOBSBVOBQFSTPOBQPSVOEFMJUP³&TQPSUBOUP
VOEFSFDIPBQMJDBCMFFOUPEBTMBTDJSDVOTUBODJBTZFOUPEPTMPTUSJCVOBMFTZBTFBO
PSEJOBSJPTPFTQFDJBMFT
%FNBOFSBTJNJMBSFMBSUrDVMP
EF$POWFODJwO*OUFSOBDJPOBMTPCSFMB1SPUFDDJwO
EFMPT%FSFDIPTEF5PEPTMPT5SBCBKBEPSFT.JHSBUPSJPTZEFTVT'BNJMJBSFTEJTQPOF
RVF²<M>PTUSBCBKBEPSFTNJHSBUPSJPTZTVTGBNJMJBSFT<©><U>FOESgOEFSFDIPBTFSPrEPT
Q|CMJDBNFOUFZDPOMBTEFCJEBTHBSBOUrBTQPSVOUSJCVOBMDPNQFUFOUFJOEFQFOEJFOUF
FJNQBSDJBMFTUBCMFDJEPQPSMBMFZ³
"OJWFMSFHJPOBMFMBSUrDVMP
EFMB$POWFODJwO"NFSJDBOBTPCSF%FSFDIPT)VNBOPT
EJTQPOFRVF²5PEBQFSTPOBUJFOFEFSFDIPBTFSPrEBDPOMBTEFCJEBTHBSBOUrBTZ
EFOUSPEFVOQMB[PSB[POBCMFQPSVOKVF[PUSJCVOBMDPNQFUFOUFJOEFQFOEJFOUFF
JNQBSDJBMFTUBCMFDJEPDPOBOUFSJPSJEBEQPSMBMFZFOMBTVTUBODJBDJwOEFDVBMRVJFS
BDVTBDJwOQFOBMGPSNVMBEBDPOUSBFMMBPQBSBMBEFUFSNJOBDJwOEFTVTEFSFDIPTZ
PCMJHBDJPOFTEFPSEFODJWJMMBCPSBM¾TDBMPEFDVBMRVJFSPUSPDBSgDUFS³
$POPUSBSFEBDDJwOQFSPFOUnSNJOPTTJNJMBSFTFMBSUrDVMP
EFMB$BSUB"GSJDBOB
EF%FSFDIPT)VNBOPTZEFMPT1VFCMPTEJTQPOFRVF²5PEPJOEJWJEVPUJFOFEFSFDIP
BRVFTVDBVTBTFBPrEB²MPRVFJNQMJDB²FMEFSFDIPBRVFTFQSFTVNBTVJOPDFODJB
NJFOUSBTOPTFQSVFCFTVDVMQBCJMJEBEBOUFVOUSJCVOBMDPNQFUFOUF³Z²FMEFSFDIP
BTFSKV[HBEPEFOUSPEFVOQMB[PSB[POBCMFQPSVOUSJCVOBMJNQBSDJBM³&TUFBSUrDVMP
EFCFTFSMFrEPKVOUPDPOFMBSUrDVMPEFMB$BSUBRVFFTUBCMFDFRVFMPT&TUBEPT
QBSUFT²UJFOFOFMEFCFSEFHBSBOUJ[BSMBJOEFQFOEFODJBEFMPTUSJCVOBMFTEFKVTUJDJB³
"SUrDVMPTZEFMB$POWFODJwOEF7JFOBTPCSFFM%FSFDIPEFMPT5SBUBEPT
$PNJUnEF%FSFDIPT)VNBOPT%JDUBNFOEFEFPDUVCSFEF$PNVOJDBDJwO/P.(PO[BMF[
EFM3rPD1FS|
%PDVNFOUPEFMB0/6$$13$%QgSS
$PNJUnEF%FSFDIPT)VNBOPT0CTFSWBDJwO(FOFSBM/P&TUBEPTEF&NFSHFODJBBSUrDVMP
%PDVNFOUP
EFMB0/6$$13$3FW"EEEFBHPTUPEFQgSS
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
-B$PNJTJwO"GSJDBOBEF%FSFDIPT)VNBOPTZEFMPT1VFCMPTIBEJDIPRVFFMBSUrDVMP
²EFCFSrBTFSDPOTJEFSBEPOPEFSPHBCMF³EFCJEPBRVFEJTQPOFVOB²QSPUFDDJwO
NrOJNBQBSBMPTDJVEBEBOPT³
&MBSUrDVMP
EFM$POWFOJP&VSPQFPEF%FSFDIPT)VNBOPTFYQMJDJUBRVF²5PEB
QFSTPOBUJFOFEFSFDIPBRVFTVDBVTBTFBPrEBEFNBOFSBFRVJUBUJWBQ|CMJDBNFOUF
ZEFOUSPEFVOQMB[PSB[POBCMFQPSVOUSJCVOBMJOEFQFOEJFOUFFJNQBSDJBMFTUB
CMFDJEPQPSMBMFZRVFEFDJEJSgEFMPTMJUJHJPTTPCSFTVTEFSFDIPTZPCMJHBDJPOFT
EFDBSgDUFSDJWJMPTPCSFFMGVOEBNFOUPEFDVBMRVJFSBDVTBDJwOFONBUFSJBQFOBM
EJSJHJEBDPOUSBFMMB³
&MEFSFDIPBUFOFSVOKVJDJPKVTUPUBNCJnOFTUgSFDPOPDJEPFOFMEFSFDIPJOUFSOBDJPOBM
IVNBOJUBSJP&MBSUrDVMP
EFM1SPUPDPMP"EJDJPOBMBMPT$POWFOJPTEF(JOFCSB
EJTQPOFRVF²/PTFJNQPOESgDPOEFOBOJTFFKFDVUBSgQFOBBMHVOBSFTQFDUPEFVOB
QFSTPOBEFDMBSBEBDVMQBCMFEFVOBJOGSBDDJwOQFOBMSFMBDJPOBEBDPOFMDPO¿JDUPBS
NBEPTJOPFOWJSUVEEFTFOUFODJBEFVOUSJCVOBMJNQBSDJBMDPOTUJUVJEPDPOBSSFHMPB
MBMFZZRVFSFTQFUFMPTQSJODJQJPTHFOFSBMNFOUFSFDPOPDJEPTQBSBFMQSPDFEJNJFOUP
KVEJDJBMPSEJOBSJP³
*OTUSVNFOUPTEFDMBSBUJWPT
-PTJOTUSVNFOUPTEFDMBSBUJWPTOPTPOKVSrEJDBNFOUFWJODVMBOUFTTJOPRVFFTUBCMF
DFOOPSNBTBNQMJBNFOUFSFDPOPDJEBTTPCSFEJWFSTPTUFNBTSFMBDJPOBEPTDPOMPT
EFSFDIPTIVNBOPT&OHFOFSBMFTUPTJOTUSVNFOUPTFTQFDJBMNFOUFMPTBEPQUBEPT
FOFMNBSDPEFMBT/BDJPOFT6OJEBTSF¿FKBOFMEFSFDIPJOUFSOBDJPOBM
.VDIPTEFFTUPTJOTUSVNFOUPTDPOUJFOFOEJTQPTJDJPOFTRVFTPONFSBTBEBQUBDJPOFT
PEFTBSSPMMPTEFMBTDPOUFOJEBTFOMPTUSBUBEPTZFOBMHVOPTDBTPTFOFMEFSFDIP
JOUFSOBDJPOBMDPOTVFUVEJOBSJP1PSFKFNQMPFM1SJODJQJPEFMPT1SJODJQJPTCgTJDPT
EF/BDJPOFT6OJEBTTPCSFMBGVODJwOEFMPTBCPHBEPTBDFSDBEFMEFSFDIPBMBSF
QSFTFOUBDJwOMFHBM
TJNQMFNFOUFGPSNVMBEFNPEPNgTDPNQSFIFOTJWPFMEFSFDIP
DPOUFOJEPFOFM"SUrDVMPJODJTPE
EFM1*%$1
6OBTFSJFEFJOTUSVNFOUPTEFDMBSBUJWPTDPOUJFOFOEJTQPTJDJPOFTBDFSDBEFMEFSF
DIPBVOKVJDJPKVTUPBOUFVOUSJCVOBMJOEFQFOEJFOUFFJNQBSDJBM-B%FDMBSBDJwO
6OJWFSTBMEF%FSFDIPT)VNBOPTBEPQUBEBFOQPSMB"TBNCMFB(FOFSBMEF
MB0/6DPOTBHSBRVF²5PEBQFSTPOBUJFOFEFSFDIPFODPOEJDJPOFTEFQMFOB
JHVBMEBEBTFSPrEBQ|CMJDBNFOUFZDPOKVTUJDJBQPSVOUSJCVOBMJOEFQFOEJFOUFF
$PNJTJwO"GSJDBOBEF%FSFDIPT)VNBOPTZEFMPT1VFCMPT0SHBOJ[BDJwOEF-JCFSUBEFT$JWJMFT$FOUSPEF
%FGFOTB+VSrEJDB1SPZFDUPEF%FGFOTBZ"TJTUFODJB+VSrEJDBD/JHFSJB$PNVOJDBDJwO/SFTPMVDJwO
BEPQUBEBFOTV1FSrPEP0SEJOBSJPEF4FTJPOFTEFBCSJM°EFNBZPQgSS
&TUPTQSJODJQJPTJODMVZFOMPTTJHVJFOUFT²B
FMQSPDFEJNJFOUPEJTQPOESgRVFFMBDVTBEPTFBJOGPSNBEPTJO
EFNPSBEFMPTEFUBMMFTEFMBJOGSBDDJwORVFTFMFBUSJCVZBZHBSBOUJ[BSgBMBDVTBEPFOMBTBDUVBDJPOFTRVF
QSFDFEBOBMKVJDJPZFOFMDVSTPEFnTUFUPEPTMPTEFSFDIPTZNFEJPTEFEFGFOTBOFDFTBSJPTC
OBEJFQPESg
TFSDPOEFOBEPQPSVOBJOGSBDDJwOTJOPFTTPCSFMBCBTFEFTVSFTQPOTBCJMJEBEQFOBMJOEJWJEVBM<>E
UPEB
QFSTPOBBDVTBEBEFVOBJOGSBDDJwOTFQSFTVNJSgJOPDFOUFNJFOUSBTOPTFQSVFCFTVDVMQBCJMJEBEDPOGPSNF
BMBMFZF
UPEBQFSTPOBBDVTBEBEFVOBJOGSBDDJwOUFOESgEFSFDIPBIBMMBSTFQSFTFOUFBMTFSKV[HBEB³
(6Ê"1"3"130'&4*0/"-&4/
JNQBSDJBMQBSBMBEFUFSNJOBDJwOEFTVTEFSFDIPTZPCMJHBDJPOFTPQBSBFMFYBNFO
EFDVBMRVJFSBDVTBDJwODPOUSBFMMBFONBUFSJBQFOBM³-BMrOFBEJSFDUSJ[*9EFMBT
-rOFBTEJSFDUSJDFTEFM$PNJUnEF.JOJTUSPTEFM$POTFKPEF&VSPQBTPCSFMPTEFSFDIPT
IVNBOPTZMBMVDIBDPOUSBFMUFSSPSJTNPFTUJQVMBRVF²<VOB>QFSTPOBBDVTBEBEF
BDUJWJEBEFTUFSSPSJTUBTUFOESgEFSFDIPBRVFTVDBVTBTFBKV[HBEB<©>QPSVOBKV
SJTEJDDJwOJOEFQFOEJFOUFJNQBSDJBMZFTUBCMFDJEBQPSMBMFZ²-B$BSUBEF%FSFDIPT
'VOEBNFOUBMFTEFMB6OJwO&VSPQFBFOTVBSUrDVMPTPTUJFOFRVF²<U>PEBQFSTPOB
UJFOFEFSFDIPBRVFTVDBVTBTFBPrEB<©>QPSVOKVF[JOEFQFOEJFOUFFJNQBSDJBM
FTUBCMFDJEPQSFWJBNFOUFQPSMBMFZ³&MBSUrDVMP997*EFMB%FDMBSBDJwO"NFSJDBOB
EFMPT%FSFDIPTZ%FCFSFTEFM)PNCSFFTUBCMFDFRVF²<©>5PEBQFSTPOBBDVTBEBEF
EFMJUPUJFOFEFSFDIP<©>BTFSKV[HBEBQPSUSJCVOBMFTBOUFSJPSNFOUFFTUBCMFDJEPTEF
BDVFSEPDPOMFZFTQSFFYJTUFOUFT³
&MEFSFDIPBVOKVJDJPKVTUPBOUFVOUSJCVOBMJOEFQFOEJFOUFFJNQBSDJBMOPTPMB
NFOUFFTUgSFDPOPDJEPFOMPTUSBUBEPTTJOPRVFUBNCJnOFTQBSUFEFMEFSFDIP
JOUFSOBDJPOBMDPOTVFUVEJOBSJP1PSMPUBOUPMPTQBrTFTRVFOPIBOBDDFEJEPBP
SBUJGJDBEPFTUPTUSBUBEPTFTUgOJHVBMNFOUFPCMJHBEPTBSFTQFUBSFTUFEFSFDIPZ
EFBDPNPEBSTVTJTUFNBKVEJDJBMEFBDVFSEPDPOFMNJTNP
&MQSJODJQJPEFMKVF[OBUVSBM
&MQSJODJQJPEFM²KVF[OBUVSBM²DPOTUJUVZFVOBHBSBOUrBGVOEBNFOUBMEFMEFSFDIPB
VOKVJDJPKVTUP&TUFQSJODJQJPTJHOJ¾DBRVFOBEJFQVFEFTFSKV[HBEPTJOPFTQPS
VOUSJCVOBMPKVF[PSEJOBSJPQSFFTUBCMFDJEPZDPNQFUFOUF$PNPDPSPMBSJPEFFTUF
QSJODJQJPFTUgOQSPIJCJEPTMPTUSJCVOBMFTEFFNFSHFODJBBEIPD²FYUSBPSEJOBSJPT³
FYQPTUGBDUPZFTQFDJBMFT4JOFNCBSHPFTUBQSPIJCJDJwOOPEFCFDPOGVOEJSTF
DPOMBDVFTUJwOEFMBTKVSJTEJDDJPOFTFTQFDJBMJ[BEBT"VORVFFMQSJODJQJPEFM²KVF[
OBUVSBM²TFCBTBFOFMQSJODJQJPEVBMEFMBJHVBMEBEBOUFMBMFZZMPTUSJCVOBMFTRVF
TJHOJ¾DBRVFMBTMFZFTOPEFCFOTFSEJTDSJNJOBUPSJBTOJEFCFOTFSBQMJDBEBTQPSMPT
KVFDFTEFVONPEPEJTDSJNJOBUPSJPFM$PNJUnEF%FSFDIPT)VNBOPTIBTFvBMBEP
RVF²<F>MEFSFDIPBMBJHVBMEBEBOUFMBMFZZBJHVBMQSPUFDDJwOEFMBMFZTJOOJOHVOB
EJTDSJNJOBDJwOOPIBDFRVFUPEBTMBTEJGFSFODJBTEFUSBUPTFBOEJTDSJNJOBUPSJBT³
%FDMBSBDJwO6OJWFSTBMEF%FSFDIPT)VNBOPT"SUrDVMP
-rOFBTEJSFDUSJDFTEFM$PNJUnEF.JOJTUSPTEFM$POTFKPEF&VSPQBTPCSFMPTEFSFDIPTIVNBOPTZMBMVDIB
DPOUSBFMUFSSPSJTNPBEPQUBEBTQPSFM$PNJUnEF.JOJTUSPTFMEFKVMJPEFFOMB›4FTJwOEF
%FMFHBEPTEF.JOJTUSPTEFM$POTFKPEF&VSPQB
$PNJUnEF%FSFDIPT)VNBOPT%JDUBNFOEFEFBCSJMEF$PNVOJDBDJwO/P48.#SPPLT
D1BrTFT#BKPT
%PDVNFOUPEFMB0/64VQ"
FOBOFYP7***#QgSS7nBTFUBNCJnOFOUSF
PUSPT%JDUBNFOEFEFBCSJM$PNVOJDBDJwO/P;XBBOEF7SJFTD1BrTFT#BKPT
%PDVNFOUP
EFMB0/64VQ/P"
FOBOFYP7***#%JDUBNFOEFEFBCSJMEF$PNVOJDBDJwO
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
4JOFNCBSHPDPNPFM$PNJUnIBEJDIPJOTJTUFOUFNFOUFMBEJGFSFODJBEFUSBUPTPMB
NFOUFFTBDFQUBCMFTJTFCBTBFODSJUFSJPTSB[POBCMFTZPCKFUJWPT
-B$PNJTJwOEF%FSFDIPT)VNBOPTIBSFJUFSBEPFOWBSJBTEFTVTSFTPMVDJPOFT
FMQSJODJQJPEFMKVF[OBUVSBM1PSFKFNQMPFOMB3FTPMVDJwOMB$PNJTJwO
SFDPNFOEwRVFMPT&TUBEPTEFCFSrBOUFOFSFODVFOUBMPTQSJODJQJPTDPOUFOJEPTFO
FM1SPZFDUPEF%FDMBSBDJwO6OJWFSTBMTPCSFMB*OEFQFOEFODJBEFMB+VTUJDJBUBNCJnO
DPOPDJEPDPNPMB%FDMBSBDJwOEF4JOHIWJ&MBSUrDVMPEFMB%FDMBSBDJwOEJTQPOF
RVF²C
OPTFFTUBCMFDFSgOUSJCVOBMFTFTQFDJBMFTEFOJOHVOBDMBTFQBSBTVTUJUVJSMB
KVSJTEJDDJwORVFDPSSFTQPOEBEFCJEBNFOUFBMPTUSJCVOBMFTD
UPEBQFSTPOBUFOESg
EFSFDIPBTFSKV[HBEBDPOMBEFCJEBQSPOUJUVEZTJOEFNPSBJOKVTUJ¾DBEBQPSUSJCV
OBMFTPSEJOBSJPTPUSJCVOBMFTEFKVTUJDJBRVFGVODJPOFOFOWJSUVEEFMBMFZZTVKFUPT
BSFWJTJwOQPSVOUSJCVOBMTVQFSJPS<>F
FOEJDIBTTJUVBDJPOFTFYDFQDJPOBMFT<RVF
QPOHBOFOQFMJHSPMBWJEBEFMBOBDJwO>FM&TUBEPWFMBSgQPSRVFMPTDJWJMFTBDVTBEPT
EFVOEFMJUPTFBOKV[HBEPTQPSUSJCVOBMFTDJWJMFTPSEJOBSJPT³5BNCJnOWBMFMBQFOB
EFTUBDBSEPTSFTPMVDJPOFTBDFSDBEFMB²JOUFHSJEBEEFMTJTUFNBKVEJDJBM³FOMBT
RVFMB$PNJTJwOSFJUFSwRVF²RVFUPEBQFSTPOBUJFOFEFSFDIPBTFSFOKVJDJBEBBOUF
USJCVOBMFTPKV[HBEPTPSEJOBSJPTNFEJBOUFQSPDFEJNJFOUPTKVSrEJDPTEFCJEBNFOUF
FTUBCMFDJEPTZRVFOPIBCSgOEFDSFBSTFUSJCVOBMFTRVFOPBQMJRVFOFTPTQSPDF
EJNJFOUPTZTFBSSPHVFOMBKVSJTEJDDJwOQSPQJBEFMPTUSJCVOBMFTKVEJDJBMFTPEFMPT
KV[HBEPTPSEJOBSJPT³
n -BFYJTUFODJBEFUSJCVOBMFTPKVSJTEJDDJPOFTFTQFDJBMJ[BEPTFTBNQMJBNFO
UFBDFQUBEBZTFCBTBFOMBFTQFDJGJDJEBEEFMBNBUFSJBRVFUSBUBO1PS
FKFNQMPMBTKVSJTEJDDJPOFTFTQFDJBMJ[BEBTFYJTUFOFONVDIPTTJTUFNBT
KVSrEJDPTQBSBUSBUBSUFNBTMBCPSBMFTBENJOJTUSBUJWPTDPNFSDJBMFTZEF
GBNJMJB"TJNJTNPFONBUFSJBQFOBMDPNPDBTPFYDFQDJPOBMMBFYJTUFODJB
EFKVSJTEJDDJPOFTFTQFDJBMJ[BEBTQBSBEFUFSNJOBEBTQBSUFTDPNPMBT
QPCMBDJPOFTJOErHFOBTZNFOPSFTFTSFDPOPDJEBFOWJSUVEEFMEFSFDIP
JOUFSOBDJPOBMZTFCBTBFOMBFTQFDJGJDJEBEEFRVJFOFTTPOKV[HBEPT
&M$PNJUnEF%FSFDIPT)VNBOPTOPIBEFTBSSPMMBEPKVSJTQSVEFODJBTJHOJ¾DBUJWB
TPCSFFMQSJODJQJPEFM´KVF[OBUVSBMµ4JOFNCBSHPIBBCPSEBEPMBDVFTUJwOEFMPT
USJCVOBMFT²FYUSBPSEJOBSJPT²PFTQFDJBMFT5SBEJDJPOBMNFOUFOPIBDPOTJEFSBEPB
MPTUSJCVOBMFTFTQFDJBMFTDPNP²JOUSrOTFDBNFOUFJODPNQBUJCMFTDPOFMBSUrDVMP
EFM1BDUP³
*CSBIJNB(VFZFZPUSPTD'SBODJB
%PDVNFOUPEFMB0/6$$13$%Z%JDUBNFO
EFEFKVMJPEF$PNVOJDBDJwO/P"MJOB4JNVOFLD3FQ|CMJDB$IFDB
%PDVNFOUPEFMB
0/6$$13$%
*CJEFN
-B%FDMBSBDJwOEF4JOHIWJTJSWJwEFCBTFQBSBMPT1SJODJQJPTCgTJDPTEF/BDJPOFT6OJEBTSFMBUJWPTBMB
JOEFQFOEFODJBEFMBKVEJDBUVSB
1gSSBGPEJTQPTJUJWPEFMBT3FTPMVDJPOFT/EFEFBCSJMEFZ/EFEFBCSJM
EF
(6Ê"1"3"130'&4*0/"-&4/
n &OMB0CTFSWBDJwO(FOFSBMGPSNVMBEBFOFM$PNJUnEF%FSFDIPT
)VNBOPTPQJOwRVF²-BTEJTQPTJDJPOFTEFMBSUrDVMPTFBQMJDBOBUPEPT
MPTUSJCVOBMFTZDPSUFTEFKVTUJDJBDPNQSFOEJEPTFOFMgNCJUPEFFTUF
BSUrDVMPZBTFBOPSEJOBSJPTPFTQFDJBMFT&M$PNJUnPCTFSWBMBFYJTUFODJB
FONVDIPTQBrTFTEFUSJCVOBMFTNJMJUBSFTPFTQFDJBMFTRVFKV[HBOBQFS
TPOBTDJWJMFT&TUPQPESrBQSFTFOUBSHSBWFTQSPCMFNBTFOMPRVFSFTQFDUB
BMBBENJOJTUSBDJwOFRVJUBUJWBJNQBSDJBMFJOEFQFOEJFOUFEFMBKVTUJDJB
.VZBNFOVEPMBSB[wOQBSBFTUBCMFDFSUBMFTUSJCVOBMFTFTQFSNJUJSMB
BQMJDBDJwOEFQSPDFEJNJFOUPTFYDFQDJPOBMFTRVFOPTFBKVTUBOBMBTOPS
NBTIBCJUVBMFTEFKVTUJDJB4JCJFOFM1BDUPOPQSPIrCFFTUBTDBUFHPSrBT
EFUSJCVOBMFTMBTDPOEJDJPOFTRVFFTUJQVMBJOEJDBODMBSBNFOUFRVFFM
QSPDFTBNJFOUPEFDJWJMFTQPSUBMFTUSJCVOBMFTEFCFTFSNVZFYDFQDJPOBM
ZPDVSSJSFODJSDVOTUBODJBTRVFQFSNJUBOWFSEBEFSBNFOUFMBQMFOBBQMJDB
DJwOEFMBTHBSBOUrBTQSFWJTUBTFOFMBSUrDVMP<©>4JMPT&TUBEPT1BSUFT
EFDJEFOFOTJUVBDJPOFTFYDFQDJPOBMFTDPNPQSFWnFMBSUrDVMPEFKBSFO
TVTQFOTPMPTQSPDFEJNJFOUPTOPSNBMFTSFRVFSJEPTFOWJSUVEEFMBSUrDVMP
EFCFOHBSBOUJ[BSRVFUBMTVTQFOTJwOOPSFCBTFMPRVFFTUSJDUBNFOUF
FYJKBMBTJUVBDJwOFOFMNPNFOUPZRVFTFSFTQFUFOMBTEFNgTDPOEJDJPOFT
FTUJQVMBEBTFOFMQgSSBGPEFMBSUrDVMP³
&OMPT|MUJNPTBvPTFM$PNJUnIBFYQSFTBEPFOWBSJBTPQPSUVOJEBEFTTVQSFPDVQB
DJwODPOSFTQFDUPBMVTPEFMPTUSJCVOBMFTFTQFDJBMFTZFOWBSJBTPQPSUVOJEBEFT
IBSFDPNFOEBEPRVFEJDIPTUSJCVOBMFTTFBOBCPMJEPT"TJNJTNPFM$PNJUnIB
DPOTJEFSBEPMBBCPMJDJwOEFMPTUSJCVOBMFTFTQFDJBMFTDPNPVOGBDUPSQPTJUJWPRVF
DPOUSJCVZFBMPHSBSMBJNQMFNFOUBDJwOEFM1*%$1BOJWFMOBDJPOBM
n &M$PNJUnIBSFDPNFOEBEPB/JHFSJBRVFSFWPRVF²UPEPTMPTEFDSFUPT
QPSMPTRVFTFFTUBCMFDFOUSJCVOBMFTFTQFDJBMFTPTFEFKBOTJOFGFDUPMBT
$PNJUnEF%FSFDIPT)VNBOPT0CTFSWBDJwO(FOFSBM/P*HVBMEBEBOUFMPTUSJCVOBMFTZDPSUFTEFKVTUJDJB
ZFMEFSFDIPBTFSPrEPQ|CMJDBNFOUFZDPOMBTEFCJEBTHBSBOUrBTQPSVOUSJCVOBMDPNQFUFOUFJOEFQFOEJFOUF
FJNQBSDJBMFTUBCMFDJEPQPSMFZBSUrDVMPEFM1BDUP
QgSS%PDVNFOUPEFMB0/6)3(&/3FW
Q
$PNJUn EF %FSFDIPT )VNBOPT %JDUBNFO EF EF KVMJP EF $PNVOJDBDJwO
/P 3PCFSUP ;FMBZB #MBODP D /JDBSBHVB
%PDVNFOUP EF MB 0/6 $$13
$%7nBTFUBNCJnO0CTFSWBDJPOFT'JOBMFTEFM$PNJUnEF%FSFDIPT)VNBOPT/JHFSJB
%PDVNFOUPTEFMB0/6$$13$"EEZ$$13$"EE0CTFSWBDJPOFT'JOBMFTEFM$PNJUnEF
%FSFDIPT)VNBOPT.BSSVFDPT%PDVNFOUPTEFMB0/6"QgSSZ$$13$"EEQgSS
0CTFSWBDJPOFT'JOBMFTEFM$PNJUnEF%FSFDIPT)VNBOPT'SBODJB%PDVNFOUPEFMB0/6$$13$
"EEQgSS0CTFSWBDJPOFT'JOBMFTEFM$PNJUnEF%FSFDIPT)VNBOPT*SBL%PDVNFOUPEFMB0/6
$$13$"EEQgSSZ0CTFSWBDJPOFT'JOBMFTEFM$PNJUnEF%FSFDIPT)VNBOPT&HJQUP%PDVNFOUP
EFMB0/6"QgSS
7nBTFQPSFKFNQMP0CTFSWBDJPOFT'JOBMFTEFM$PNJUnEF%FSFDIPT)VNBOPT(BCwO%PDVNFOUPEFMB
0/6$$13$0("#QgSS
7nBTFQPSFKFNQMP0CTFSWBDJPOFT'JOBMFTEFM$PNJUnEF%FSFDIPT)VNBOPT(VJOFB%PDVNFOUPEFMB
0/6$$13$"EEQgSSZ0CTFSWBDJPOFT'JOBMFTEFM$PNJUnEF%FSFDIPT)VNBOPT4FOFHBM
%PDVNFOUPEFMB0/6$$13$"EEQgSS
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
HBSBOUrBTDPOTUJUVDJPOBMFTOPSNBMFTEFMPTEFSFDIPTGVOEBNFOUBMFTPMB
KVSJTEJDDJwOEFMPTUSJCVOBMFTDPNVOFT³
n &OFMDBTPEF/JDBSBHVBFM$PNJUnDPOTJEFSwRVF²MPTQSPDFTPTDFMFCSBEPT
BOUF5SJCVOBMFT&TQFDJBMFTEF+VTUJDJB<USJCVOBMFTBEIPDFTQFDJBMFT>OP
PGSFDrBOMBTHBSBOUrBTEFKVJDJPJNQBSDJBMRVFTFEJTQPOFOFOFMBSUrDVMP
EFM1BDUP³
n &M$PNJUnEFUFSNJOwVOBWJPMBDJwOEFMEFSFDIPBVOKVJDJPKVTUPFOVODBTP
FOFMRVFFMBDVTBEPGVF²QSPDFTBEPZDPOEFOBEPFOQSJNFSBZTFHVOEB
JOTUBODJBQPSUSJCVOBMFTDPNQVFTUPTQPSKVFDFTTJOSPTUSPTJOMBTHBSBOUrBT
EFCJEBTEFBVEJFODJBQ|CMJDBZDPOUSBEJDDJwOFOQBSUJDVMBSTJOQFSNJUJSMF
FTUBSQSFTFOUFZEFGFOEFSTFFOFMKVJDJPEJSFDUBNFOUFPBUSBWnTEFTV
SFQSFTFOUBOUFZTJOQPTJCJMJEBEEFJOUFSSPHBSBMUFTUJHPEFDBSHP³
n &OVODBTPTJNJMBSSFMBUJWPBM1FS|FM$PNJUnFTUJNwRVF²MBNJTNBOB
UVSBMF[BEFMPTKVJDJPTBOUF´KVFDFTTJOSPTUSPµFOVOBQSJTJwOSFNPUBTF
CBTBFOMBFYDMVTJwOEFMQ|CMJDPEFMBTBDUVBDJPOFT&OFTUBTJUVBDJwOMPT
BDVTBEPTEFTDPOPDFORVJnOFTTPOMPTKVFDFTRVFMFTKV[HBOZMBQPTJCJ
MJEBEEFRVFMPTBDVTBEPTQSFQBSFOTVEFGFOTBZTFDPNVOJRVFODPOTVT
BCPHBEPTUSPQJF[BDPOPCTUgDVMPTJOBDFQUBCMFT"EFNgTFTUFTJTUFNB
OPHBSBOUJ[BVOBTQFDUPGVOEBNFOUBMEFVOKVJDJPKVTUPEFDPOGPSNJEBE
DPOFMTJHOJGJDBEPEFMBSUrDVMPEFM1BDUPFMEFRVFFM5SJCVOBMEFCB
UBOUPTFSDPNPQBSFDFSTFSJOEFQFOEJFOUFFJNQBSDJBM&OFMTJTUFNBEF
KVJDJPTDPO´KVFDFTTJOSPTUSPµOJMBJOEFQFOEFODJBOJMBJNQBSDJBMJEBEEF
MPTKVFDFTFTUgOHBSBOUJ[BEBTZBRVFFMUSJCVOBMFTUBCMFDJEPBEIPD
QVFEFFTUBSDPNQVFTUPQPSNJMJUBSFTFOTFSWJDJPBDUJWP³
&M$PNJUnEF%FSFDIPT)VNBOPTFTQFDJ¾DwRVFMPTUSJCVOBMFTFTQFDJBMFTEFCFO
BEFDVBSTFBMBTEJTQPTJDJPOFTEFMBSUrDVMPEFM1*%$14JOFNCBSHPBHSFHwRVF
²<N>VZBNFOVEPMBSB[wOQBSBFTUBCMFDFSUBMFTUSJCVOBMFTFTQFSNJUJSMBBQMJDBDJwO
EFQSPDFEJNJFOUPTFYDFQDJPOBMFTRVFOPTFBKVTUBOBMBTOPSNBTIBCJUVBMFTEF
KVTUJDJB³
$PODMVTJPOFT1SFMJNJOBSFTEFM$PNJUnEF%FSFDIPT)VNBOPT/JHFSJB%PDVNFOUPEFMB0/6$$13$
"EEQgSS
$PNJUnEF%FSFDIPT)VNBOPT%JDUBNFOEFEFKVMJPEF$PNVOJDBDJwO3PCFSUP;FMBZB
#MBODPD/JDBSBHVB
EPDDJUQgSS
$PNJUnEF%FSFDIPT)VNBOPT%JDUBNFOEFEFKVMJPEF$PNVOJDBDJwO/P.BOVFM
'SBODJTDP#FDFSSB#BSOFZW$PMPNCJB
%PDVNFOUPEFMB0/6$$13$%QgSS
$PNJUnEF%FSFDIPT)VNBOPT%JDUBNFOEFEFOPWJFNCSFEF$PNVOJDBDJwO/P7rDUPS
"MGSFEP1PMBZ$BNQPTW1FSV
%PDVNFOUPEFMB0/6$$13$%QgSS7FSUBNCJnO%JDUBNFO
EFEFPDUVCSFEF$PNVOJDBDJwO/P.BSMFN$BSSBO[B"MFHSFW1FS|
%PDVNFOUPEF
MB0/6$$13$%QgSS
$PNJUnEF%FSFDIPT)VNBOPT0CTFSWBDJwO(FOFSBM/PEPDDJUQgSS
(6Ê"1"3"130'&4*0/"-&4/
-B$PSUF&VSPQFBEF%FSFDIPT)VNBOPTZMB$PNJTJwO&VSPQFBEF%FSFDIPT)VNBOPT
IBB¾SNBEPFMEFSFDIPEFTFSKV[HBEPQPSVOUSJCVOBMFTUBCMFDJEPQPSMFZBQFTBS
EFOPSFGFSJSTFBFTQFDr¾DBNFOUFBMQSJODJQJPEFM²KVF[OBUVSBM³
n &OFMJOGPSNFEFMDBTP;BOEDPOUSB"VTUSJBMB$PNJTJwO&VSPQFBTPTUVWP
RVFMBGJOBMJEBEEFMBDMgVTVMBEFMBSUrDVMP
<EFM$POWFOJP&VSPQFPQBSB
MB1SPUFDDJwOEFMPT%FSFDIPT)VNBOPTZEFMBT-JCFSUBEFT'VOEBNFOUBMFT>
RVFFYJHFRVFMPTUSJCVOBMFTTFBOFTUBCMFDJEPTQPSMFZFTMBEFBTFHVSBS
RVFFOVOBTPDJFEBEEFNPDSgUJDBMBPSHBOJ[BDJwOEFMQPEFSKVEJDJBMOP
RVFEFMJCSBEBBMBEJTDSFDJwOEFMQPEFSFKFDVUJWPTJOPRVFFTUnSFHVMBEB
QPSVOBMFZQBSMBNFOUBSJB4JOFNCBSHPFMMPOPTJHOJGJDwRVFMBEFMFHB
DJwOEFQPEFSFTGVFSBFOTrNJTNBJOBDFQUBCMFFOFMDBTPEFMPTBTVOUPT
SFMBDJPOBEPTDPOMBPSHBOJ[BDJwOEFMQPEFSKVEJDJBM&MBSUrDVMP
OP
FYJHrBRVFFOFTUFDBNQPFMQPEFSMFHJTMBUJWPEFCBSFHVMBSDBEBEFUBMMF
NFEJBOUFVOBMFZGPSNBMTJFNQSFZDVBOEPFTUBCMF[DBFMNBSDPHFOFSBM
EFUSBCBKPEFMQPEFSKVEJDJBM
5SJCVOBMFTNJMJUBSFT
-BFYJTUFODJBEFMPTUSJCVOBMFTQFOBMFTNJMJUBSFTQMBOUFBTFSJPTEFTBGrPTFONBUFSJB
EFMBWJHFODJBEFMEFSFDIPBVOKVJDJPKVTUP&M$PNJUnEF%FSFDIPT)VNBOPTFOTVT
PCTFSWBDJPOFTBQBrTFTIBSFDPNFOEBEPFOWBSJBTPQPSUVOJEBEFTRVFMBMFHJTMBDJwO
TFBNPEJ¾DBEBEFNPEPRVFMPTDJWJMFTTFBOKV[HBEPTQPSUSJCVOBMFTDJWJMFTZOP
QPSUSJCVOBMFTNJMJUBSFT
n &M$PNJUnEF%FSFDIPT)VNBOPTFYQSFTwQSFPDVQBDJwODPOSFTQFDUPB
²MBBNQMJUVEEFMBKVSJTEJDDJwOEFMPTUSJCVOBMFTNJMJUBSFTEFM-rCBOPFO
QBSUJDVMBSTVFYUFOTJwOBDVFTUJPOFTRVFWBONgTBMMgEFMBTEJTDJQMJOBSJBT
ZTVBQMJDBDJwOBMPTDJWJMFT"M$PNJUnMFQSFPDVQBOUBNCJnOMPTQSPDF
EJNJFOUPTFNQMFBEPTQPSFTPTUSJCVOBMFTNJMJUBSFTBTrDPNPMBGBMUBEF
TVQFSWJTJwOEFMPTQSPDFEJNJFOUPTZGBMMPTEFMPTUSJCVOBMFTNJMJUBSFTQPS
QBSUFEFMPTUSJCVOBMFTPSEJOBSJPT&M<$PNJUnSFDPNFOEwRVF>FM&TUBEP
*OGPSNFEFEFPDUVCSFEF$BTP1SJNODW;BOED"VTUSJB4PMJDJUVE/QgSS
7nBTFQPSFKFNQMP0CTFSWBDJPOFT'JOBMFTEFM$PNJUnEF%FSFDIPT)VNBOPT1FS|%PDVNFOUPEFMB
0/6$$13$"EEQgSS0CTFSWBDJPOFT'JOBMFTEFM$PNJUnEF%FSFDIPT)VNBOPT6[CFLJTUgO
%PDVNFOUPEFMB0/6$$13$06;#QgSS0CTFSWBDJPOFT'JOBMFTEFM$PNJUnEF%FSFDIPT)VNBOPT
3FQ|CMJDBÇSBCF4JSJB%PDVNFOUPEFMB0/6$$13$04:3QgSS0CTFSWBDJPOFT'JOBMFTEFM$PNJUn
EF%FSFDIPT)VNBOPT,VXBJU%PDVNFOUPEFMB0/6$$13$0,85QgSS0CTFSWBDJPOFT'JOBMFT
EFM$PNJUnEF%FSFDIPT)VNBOPT&HJQUP%PDVNFOUPEFMB0/6$$13$"EEQgSSZ$$13$0
&(:QgSS0CTFSWBDJPOFT'JOBMFTEFM$PNJUnEF%FSFDIPT)VNBOPT'FEFSBDJwOEF3VTJB%PDVNFOUPEF
MB0/6$$13$"EEQgSS0CTFSWBDJPOFT'JOBMFTEFM$PNJUnEF%FSFDIPT)VNBOPT&TMPWBRVJB
%PDVNFOUPEFMB0/6$$13$"EEQgSS0CTFSWBDJPOFT'JOBMFTEFM$PNJUnEF%FSFDIPT)VNBOPT
7FOF[VFMB%PDVNFOUPEFMB0/6$$13$"EEQgSS0CTFSWBDJPOFT'JOBMFTEFM$PNJUnEF%FSFDIPT
)VNBOPT$BNFS|O%PDVNFOUPEFMB0/6$$13$"EEQgSS0CTFSWBDJPOFT'JOBMFTEFM$PNJUn
EF%FSFDIPT)VNBOPT"SHFMJB%PDVNFOUPEFMB0/6$$13$"EEQgSS0CTFSWBDJPOFT'JOBMFTEFM
$PNJUnEF%FSFDIPT)VNBOPT1PMPOJB%PDVNFOUPEFMB0/6$$13$"EEQgSSZ0CTFSWBDJPOFT
'JOBMFTEFM$PNJUnEF%FSFDIPT)VNBOPT$IJMF%PDVNFOUPEFMB0/6$$13$"EEQgSS
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
1BSUFEFCFSrBSFWJTBSMBKVSJTEJDDJwOEFMPTUSJCVOBMFTNJMJUBSFTZUSBTQBTBS
BMPTUSJCVOBMFTPSEJOBSJPTMBDPNQFUFODJBEFMPTUSJCVOBMFTNJMJUBSFTFO
UPEBTMBTDBVTBTSFMBUJWBTBDJWJMFTZUPEPTMPTDBTPTEFWJPMBDJwOEFMPT
EFSFDIPTIVNBOPTQPSNJFNCSPTEFMFKnSDJUP³
n &OFMDBTPEF1FS|FM$PNJUnDPOTJEFSwRVFFMQSPDFTBNJFOUPEFDJWJMFT
QPSQBSUFEFUSJCVOBMFTNJMJUBSFTFSBJODPNQBUJCMFDPOFMBSUrDVMPEFM
1*%$1EFCJEPBRVF²OPTFDPODJMJBDPOVOBBENJOJTUSBDJwOEFKVTUJDJB
FRVJUBUJWBJNQBSDJBMFJOEFQFOEJFOUF³
n &OFMDBTPEF5BZJLJTUgOUSBTPCTFSWBS²RVFMPTUSJCVOBMFTNJMJUBSFTUJF
OFOKVSJTEJDDJwOQBSBFYBNJOBSDBTPTQFOBMFTRVFJOUFSFTBOBNJMJUBSFT
ZDJWJMFT³FM$PNJUnSFDPNFOEw²JOUSPEVDJSMPTDBNCJPTOFDFTBSJPTFOTV
$wEJHPEF1SPDFEJNJFOUP1FOBMQBSBQSPIJCJSFTUBQSgDUJDBSFTFSWBOEP
FTUSJDUBNFOUFMBKVSJTEJDDJwOEFMPTUSJCVOBMFTNJMJUBSFTTwMPBMQFSTPOBM
NJMJUBS³
&OMBPQJOJwOEFM3FMBUPS&TQFDJBMEFMBT/BDJPOFT6OJEBTTPCSFMBJOEFQFOEFODJBEF
KVFDFTZBCPHBEPT²&OMPRVFSFTQFDUBBMBVUJMJ[BDJwOEFUSJCVOBMFTNJMJUBSFTQBSB
KV[HBSBDJWJMFTFOFMEFSFDIPJOUFSOBDJPOBMFTUgBQBSFDJFOEPVODPOTFOTPTPCSFMB
OFDFTJEBEEFSFTUSJOHJSSBEJDBMNFOUFPJODMVTPQSPIJCJSFTBQSgDUJDB³
0USPUFNBJNQPSUBOUFSFMBUJWPBMBFYJTUFODJBEFUSJCVOBMFTNJMJUBSFTFTFMBMDBODFEF
TVKVSJTEJDDJwOFOQBSUJDVMBSMBOBUVSBMF[BEFMPTEFMJUPTRVFQVFEFOTFSKV[HBEPT
QPSEJDIPTUSJCVOBMFT5BOUPFM$PNJUnEF%FSFDIPT)VNBOPTDPNPFM$PNJUnDPOUSB
MB5PSUVSBTFIBOSFGFSJEPFOWBSJBTPDBTJPOFTBMBQSgDUJDBFODJFSUPT&TUBEPTEF
PUPSHBSVOBNQMJPNBSHFOEFKVSJTEJDDJwOBUSJCVOBMFTNJMJUBSFTJODMVJEPTDBTPTEF
WJPMBDJPOFTEFEFSFDIPTIVNBOPTDPNFUJEBTQPSNJFNCSPTEFMBTGVFS[BTBSNBEBT
ZSFDPNFOEwSFTUSJOHJSEJDIBKVSJTEJDDJwOBDSrNFOFTEFOBUVSBMF[BNJMJUBSDPOFY
DMVTJwOEFWJPMBDJPOFTEFEFSFDIPTIVNBOPT
n &OFM$PNJUnEF%FSFDIPT)VNBOPTSFDPNFOEwB7FOF[VFMB²WFMBS
QPSRVFUPEPTMPTNJFNCSPTEFMBTGVFS[BTBSNBEBTPEFMBQPMJDrBRVF
0CTFSWBDJPOFT'JOBMFTEFM$PNJUnEF%FSFDIPT)VNBOPT-rCBOP%PDVNFOUPEFMB0/6$$13$"EE
QgSS
0CTFSWBDJPOFT'JOBMFTEFM$PNJUnEF%FSFDIPT)VNBOPT1FS|%PDVNFOUPEFMB0/6$$13$01&3
QgSS
0CTFSWBDJPOFT'JOBMFTEFM$PNJUnEF%FSFDIPT)VNBOPT5BZJLJTUgO%PDVNFOUPEFMB0/6$$13$0
5+,QgSS7FSUBNCJnO0CTFSWBDJPOFT'JOBMFTEFM$PNJUnEF%FSFDIPT)VNBOPT4FSCJB%PDVNFOUP
EFMB0/6$$13$04&.0QgSSEPOEFFM$PNJUnFYQSFTwTVQSFPDVQBDJwOQPS²MBQPTJCJMJEBEEF
RVFMPTDJWJMFTTFBOQSPDFTBEPTQPSUSJCVOBMFTNJMJUBSFTQPSEFMJUPTUBMFTDPNPMBSFWFMBDJwOEFTFDSFUPT
EF&TUBEP³ZSFDPNFOEwBM&TUBEP²MMFWBSBMBQSgDUJDBTVJOUFODJwOEFHBSBOUJ[BSRVFMPTDJWJMFTOPTFBO
QSPDFTBEPTQPSUSJCVOBMFTNJMJUBSFT³7FSUBNCJnO0CTFSWBDJPOFT'JOBMFTEFM$PNJUnEF%FSFDIPT)VNBOPT
(VJOFB&DVBUPSJBM%PDVNFOUPEFMB0/6$$13$0(/2QgSS
*OGPSNFEFM3FMBUPS&TQFDJBMTPCSFMBJOEFQFOEFODJBEFKVFDFTZBCPHBEPTTPCSFMBNJTJwOB1FS|%PDVNFOUP
EFMB0/6&$/"EEQgSS
(6Ê"1"3"130'&4*0/"-&4/
IBZBODPNFUJEPWJPMBDJPOFTEFMPTEFSFDIPTHBSBOUJ[BEPTFOFM1BDUP
TFBOKV[HBEPTZTBODJPOBEPTQPSUSJCVOBMFTDJWJMFT³
n &OFMDBTPEF#SBTJMFM$PNJUnFYQSFTwTVQSFPDVQBDJwOQPS²MBQSgDUJDB
EFFOKVJDJBSBMPTQPMJDrBTNJMJUBSFTBDVTBEPTEFWJPMBDJPOFTEFEFSFDIPT
IVNBOPTFOUSJCVOBMFTNJMJUBSFT²ZMBNFOUwRVFOPTFIBZBUSBOTGFSJEP
MBKVSJTEJDDJwOFOFTPTDBTPTBMPTUSJCVOBMFTDJWJMFT
n "MNPNFOUPEFBOBMJ[BSFMJOGPSNFQSFTFOUBEPQPS$PMPNCJBFOFM
$PNJUnFYQSFTwTVQSFPDVQBDJwOQPS²FMGFOwNFOPEFMBJNQVOJEBEEF
QFSTPOBMEFMBQPMJDrBMBTGVFS[BTEFTFHVSJEBEZFMFKnSDJUP&OFTUFTFOUJ
EPMBTNFEJEBTBEPQUBEBTOPQBSFDFOTFSTVGJDJFOUFTQBSBHBSBOUJ[BSRVF
DVBMRVJFSNJFNCSPEFMBTGVFS[BTBSNBEBTRVFBCVTFEFMQPEFSZWJPMF
MPTEFSFDIPTEFMPTDJVEBEBOPTTFSgTPNFUJEPBKVJDJPZDBTUJHBEP-PT
USJCVOBMFTNJMJUBSFTOPQBSFDFOTFSMPTNgTBEFDVBEPTQBSBMBQSPUFDDJwO
EFMPTEFSFDIPTEFMPTDJVEBEBOPTFOVODPOUFYUPFORVFMPTNJMJUBSFT
NJTNPTIBOWJPMBEPFTPTEFSFDIPT³
n $VBOEPBOBMJ[wVOQSPZFDUPEFMFZTPCSFKVSJTEJDDJwONJMJUBSQSFTFOUBEP
BOUFFM$POHSFTPEF(VBUFNBMBRVFQSFWFrBRVFMPTUSJCVOBMFTNJMJUBSFT
UFOESrBOKVSJTEJDDJwOQBSBFOKVJDJBSBQFSTPOBMNJMJUBSBDVTBEPEFIBCFS
DPNFUJEPDSrNFOFTDPNVOFTFM$PNJUnDPOUSBMB5PSUVSBSFDPNFOEw
²FONFOEBSEJDIPQSPZFDUPEFMFZBGJOEFMJNJUBSMBKVSJTEJDDJwOEFMPT
USJCVOBMFTNJMJUBSFTBMFOKVJDJBNJFOUPEFQFSTPOBMNJMJUBSBDVTBEPFYDMV
TJWBNFOUFEFEFMJUPTEFGVODJwONJMJUBS³
n &OFM$PNJUnEF%FSFDIPT)VNBOPTNBOJGFTUwTVQSFPDVQBDJwO²QPS
FMNBOUFOJNJFOUPEFMPTwSHBOPTEFKVTUJDJBNJMJUBSZQPSMBBVTFODJBEF
HBSBOUrBTEFKVJDJPJNQBSDJBMFOMBTBDUVBDJPOFTBOUFFTPTUSJCVOBMFT³FO
MB3FQ|CMJDB%FNPDSgUJDBEFM$POHPFJOWJUwBM&TUBEP1BSUFBRVFTVQSJNB
MBKVSJTEJDDJwONJMJUBSQBSBMPTEFMJUPTDPNVOFT
0CTFSWBDJPOFT'JOBMFTEFM$PNJUnEF%FSFDIPT)VNBOPT7FOF[VFMB%PDVNFOUPEFMB0/6$$13$
"EEQgSS
0CTFSWBDJPOFT'JOBMFTEFM$PNJUnEF%FSFDIPT)VNBOPT#SBTJM
%PDVNFOUPEFMB0/6$$13$
"EEQgSS&OFM$PNJUnSFJUFSwTVQSFPDVQBDJwOFOMPTTJHVJFOUFTUnSNJOPT²<©>-PTUSJCVOBMFT
PSEJOBSJPTEFCFSrBOUFOFSKVSJTEJDDJwOQFOBMFOUPEBTMBTWJPMBDJPOFTHSBWFTEFMPTEFSFDIPTIVNBOPT
DPNFUJEBTQPSMBQPMJDrBNJMJUBSJODMVJEPTFMVTPFYDFTJWPEFMBGVFS[BZFMIPNJDJEJPDVMQPTPBTrDPNPFM
IPNJDJEJPJOUFODJPOBM³0CTFSWBDJPOFT'JOBMFTEFM$PNJUnEF%FSFDIPT)VNBOPT#SBTJM
%PDVNFOUP
EFMB0/6$$13$#3"$0QgSS
0CTFSWBDJPOFT'JOBMFTEFM$PNJUnEF%FSFDIPT)VNBOPT$PMPNCJB%PDVNFOUPEFMB0/6$$13$
"EEQgSS
$PODMVTJPOFTZ3FDPNFOEBDJPOFTEFM$PNJUnDPOUSBMB5PSUVSB(VBUFNBMB%PDVNFOUPEFMB0/6$"5$
(5.$0QgSS7FSUBNCJnOFMDPNVOJDBEPEFQSFOTBEFMB$PNJTJwO*OUFSOBDJPOBMEF+VSJTUBTEFEF
NBZPEF²*OJDJBUJWBEF-FZTPCSF+VTUJDJB.JMJUBS*ODPNQBUJCMFDPO%FSFDIPT)VNBOPT³ZFMNFNPSBOEP
MFHBMQSFTFOUBEPBOUFFM$POHSFTPEF(VBUFNBMBBNCPTEJTQPOJCMFTFOFMTJUJPXFCEFMB$*+XXXJDKPSH
0CTFSWBDJPOFT'JOBMFTEFM$PNJUnEF%FSFDIPT)VNBOPT3FQ|CMJDB%FNPDSgUJDBEFM$POHP%PDVNFOUP
EFMB0/6$$13$$0%$0QgSS
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
n &M$PNJUnDPOUSBMB5PSUVSBSFDPNFOEwBVO&TUBEP1BSUF²HBSBOUJ[BSRVF
FMKV[HBNJFOUPEFEFMJUPTDPOUSBMPTEFSFDIPTIVNBOPTZFOFTQFDJBMMB
UPSUVSBZMPTUSBUPTDSVFMFTJOIVNBOPTZEFHSBEBOUFTQFSQFUSBEPTQPS
NJMJUBSFTDPOUSBDJWJMFTTFBOTJFNQSFEFDPNQFUFODJBEFMPTUSJCVOBMFT
DJWJMFTBVODVBOEPIBZBOPDVSSJEPFOBDUPEFTFSWJDJP³
&M(SVQPEF5SBCBKPEF/BDJPOFT6OJEBTTPCSFMB%FUFODJwO"SCJUSBSJBFTUBCMFDJw
SFHMBTDMBSBTDPOSFTQFDUPBMPTUSJCVOBMFTNJMJUBSFTBMDPOTJEFSBSRVF²EFTVCTJTUJS
BMHVOBGPSNBEFKVTUJDJBNJMJUBSEFCFSrBFOUPEPDBTPSFTQFUBSDVBUSPMrNJUFT
… EFCFSrBEFDMBSBSTFJODPNQFUFOUFQBSBKV[HBSBDJWJMFT
… EFCFSrBEFDMBSBSTFJODPNQFUFOUFQBSBKV[HBSBNJMJUBSFTTJFOUSFMBTWrDUJNBT
IBZDJWJMFT
… EFCFSrBEFDMBSBSTFJODPNQFUFOUFQBSBKV[HBSBDJWJMFTZBNJMJUBSFTFOMPT
DBTPTEFSFCFMJwOTFEJDJwOPDVBMRVJFSEFMJUPRVFQPOHBPQVFEBQPOFSFO
QFMJHSPVOSnHJNFOEFNPDSgUJDP
… OPFTUBSrBFOOJOH|ODBTPBVUPSJ[BEPBJNQPOFSMBQFOBEFNVFSUF³
&M5SJCVOBM&VSPQFPEF%FSFDIPT)VNBOPTUBNCJnOTFSF¾SJwBMPTKVFDFTZUSJCV
OBMFTNJMJUBSFTFOOVNFSPTBTPDBTJPOFT4FH|OFM5SJCVOBMMPTKVFDFTNJMJUBSFT
OPQVFEFODPOTJEFSBSTFJOEFQFOEJFOUFTFJNQBSDJBMFTEFCJEPBMBOBUVSBMF[BEFM
wSHBOPBMRVFQFSUFOFDFO
n &OFMDBTP'JOEMBZDPOUSBFM3FJOP6OJEPFM5SJCVOBM&VSPQFPEFUFSNJOw
RVFFMUSJCVOBMNBSDJBMOPFSBOJJOEFQFOEJFOUFOJJNQBSDJBMEFCJEPB
RVFTVTNJFNCSPTFTUBCBOTVCPSEJOBEPTFOKFSBSRVrBBMGVODJPOBSJP
DPOWPDBOUFRVFBEFNgTBDUVBCBDPNP²GVODJPOBSJPEFDPOGJSNBDJwO³
RVFQPErBNPEJGJDBSDVBMRVJFSDPOEFOB
&OUnSNJOPTHFOFSBMFTMB$PNJTJwO"GSJDBOBEF%FSFDIPT)VNBOPTZEFMPT1VFCMPT
$"%)1
BEPQUwMBPQJOJwOEFRVF²VOUSJCVOBMNJMJUBSOPFTFOTrNJTNPWJPMBUPSJP
EFMPTEFSFDIPTEFMB$BSUBOJUBNQPDPJNQMJDBVOQSPDFTPJOKVTUP³4JOFNCBSHPMB
$PODMVTJPOFTZ3FDPNFOEBDJPOFTEFM$PNJUnDPOUSBMB5PSUVSB.nYJDP%PDVNFOUPEFMB0/6$"5$.&9
$0QgSS7FSUBNCJnO$PODMVTJPOFTZ3FDPNFOEBDJPOFTEFM$PNJUnDPOUSBMB5PSUVSB1FS|%PDVNFOUP
EFMB0/6$"5$1&3$0QgSS²&M&TUBEP1BSUFEFCFB
(BSBOUJ[BSMBQSPOUBJNQBSDJBMZFYIBVTUJWB
JOWFTUJHBDJwOEFUPEBTMBTBMFHBDJPOFTEFBDUPTEFUPSUVSBZNBMUSBUPBTrDPNPEFEFTBQBSJDJPOFTGPS[B
EBTDPNFUJEPTQPSBHFOUFTFTUBUBMFT&TUBTJOWFTUJHBDJPOFTOPEFCFOTFSSFBMJ[BEBTQPSMBKVTUJDJBQFOBM
NJMJUBS
*OGPSNFEFM(SVQPEF5SBCBKPTPCSFMB%FUFODJwO"SCJUSBSJB%PDVNFOUPEFMB0/6&$/QgSS
'JOEMBZD3FJOP6OJEPTFOUFODJBEF5SJCVOBM&VSPQFPEF%FSFDIPT)VNBOPTFOBEFMBOUF5&%)
EFMEF
GFCSFSPEF4FSJF*QgSS&O*ODBMD5VSRVrBFM5SJCVOBMGBMMwRVFMBQSFTFODJBEFVOKVF[
NJMJUBSFOFM5SJCVOBMEF4FHVSJEBEEFM&TUBEPFSBDPOUSBSJBBMPTQSJODJQJPTEFJOEFQFOEFODJBFJNQBSDJBMJEBE
RVFTPOSFRVJTJUPTQSFWJPTFTFODJBMFTEFVOKVJDJPKVTUP*ODBMD5VSRVrBTFOUFODJBEFM5&%)EFMEFKVOJP
EF4FSJF*7QgSS
(6Ê"1"3"130'&4*0/"-&4/
$PNJTJwOBSHVNFOUwRVFMPT²USJCVOBMFTNJMJUBSFTEFCFOFTUBSTVKFUPTBMPTNJTNPT
SFRVJTJUPTEFKVTUJDJBBQFSUVSBJOEFQFOEFODJBZEFCJEPQSPDFTPBMJHVBMRVFDVBM
RVJFSPUSPQSPDFTP³-B$"%)1BTJNJTNPDPOTJEFSwRVFMBDVFTUJwOGVOEBNFOUBM
FSBEFUFSNJOBSTJEJDIPTUSJCVOBMFTDVNQMrBODPOMBTOPSNBTEFJOEFQFOEFODJBF
JNQBSDJBMJEBEFYJHJEBTQBSBDVBMRVJFSUSJCVOBM&OUPEPDBTPMB$"%)1IBDPOTJ
EFSBEPRVFMPTDJWJMFTOPEFCFOTFSKV[HBEPTQPSUSJCVOBMFTNJMJUBSFT
-B$PNJTJwO*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPTEFDMBSwRVF²MPTDJVEBEBOPT
EFCFOTFSKV[HBEPTQPSTVTKVFDFTOBUVSBMFTSFHJEPTQPSFMEFSFDIPDPN|OZMB
KVTUJDJBPSEJOBSJB1PSMPUBOUPMPTDJWJMFTOPEFCFOTFSTPNFUJEPTBMBKVSJTEJDDJwO
EFUSJCVOBMFTFTQFDJBMFT³
&OTVFTUVEJPTPCSFUFSSPSJTNPZEFSFDIPTIVNBOPTMB$PNJTJwO*OUFSBNFSJDBOB
EF%FSFDIPT)VNBOPTSFDPSEwRVF²MBKVSJTQSVEFODJBEFMTJTUFNBJOUFSBNFSJDB
OPIBWFOJEPEFOVODJBOEPEFTEFIBDFUJFNQPMBDSFBDJwOEFDPSUFTPUSJCVOBMFT
FTQFDJBMFTRVFEFTQMB[BOMBKVSJTEJDDJwORVFQFSUFOFDFBMBTDPSUFTPSEJOBSJBTP
USJCVOBMFTKVEJDJBMFTZRVFOPVUJMJ[BOMPTQSPDFEJNJFOUPTEFCJEBNFOUFFTUBCMFDJEPT
EFMQSPDFTPMFHBM&MMPIBJODMVJEPFOQBSUJDVMBSFMVTPEFUSJCVOBMFTFTQFDJBMFTP
DPNJTJPOFTNJMJUBSFTBEIPDQBSBQSPDFTBSBDJWJMFTQPSEFMJUPTDPOUSBMBTFHVSJEBE
FOUJFNQPTEFFNFSHFODJBQSgDUJDBRVFIBTJEPDPOEFOBEBQPSFTUB$PNJTJwOQPS
MB$PSUF*OUFSBNFSJDBOBZQPSPUSBTBVUPSJEBEFTJOUFSOBDJPOBMFT&MGVOEBNFOUPEF
FTUBDSrUJDBTFIBSFMBDJPOBEPFOHSBOQBSUFDPOMBGBMUBEFJOEFQFOEFODJBEFFTUPT
USJCVOBMFTGSFOUFBMFKFDVUJWPZMBBVTFODJBEFHBSBOUrBTNrOJNBTEFMEFCJEPQSPDFTP
ZEFVOKVJDJPKVTUPFOTVTBDUVBDJPOFT³
-B$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPTFOFMDBTPEF$BTUJMMP1FUSV[[JFU
BMDPOUSB1FS|BEPQUwVOBQPTJDJwODMBSBFJOFRVrWPDBBDFSDBEFMBQSgDUJDBEFJO
UFOUBSRVFMPTDJWJMFTTFBOKV[HBEPTFOUSJCVOBMFTNJMJUBSFT&OVOPCJUFSEJDUVNBMB
%FDJTJwOEFNBZPEF$PNVOJDBDJwO/JHFSJB
QgSS
7nBTFMB%FDJTJwOEFOPWJFNCSFEF$PNVOJDBDJwO4JFSSB-FPOB
%FDJTJwOEFBCSJMEF
$PNVOJDBDJwO$BNFS|O
%FDJTJwOEFOPWJFNCSFEF$PNVOJDBDJwO/JHFSJB
%FDJTJwO
EFOPWJFNCSFEF$PNVOJDBDJwO/JHFSJB
%FDJTJwOEF$PNVOJDBDJwO/JHFSJB
QgSSZ%FDJTJwOEF$PNVOJDBDJwO/JHFSJB
1SJODJQJPTZ%JSFDUSJDFTSFMBUJWPTBM%FSFDIPBVO+VJDJP+VTUPZBMB"TJTUFODJB+VSrEJDBFOÇGSJDBBEPQUBEPT
DPNPQBSUFEFMJOGPSNFEFBDUJWJEBEFTEFMB$PNJTJwO"GSJDBOBFOMB›$VNCSFZ3FVOJwOEF+FGFTEF&TUBEP
EFMB6OJwO"GSJDBOBDFMFCSBEBFO.BQVUPEFMEFKVMJPEF1SJODJQJP-
*OGPSNF"OVBMEFMB$PNJTJwO*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT%PDVNFOUPEFMB0&"0&"
4FS-7**%PD$BQrUVMP7**3FDPNFOEBDJwO²-B$PNJTJwOSFDPNJFOEBBMPT&TUBEPTNJFNCSPTMB
BEPQDJwOEFNFEJEBTUFOEJFOUFTBNFKPSBSMBBENJOJTUSBDJwOEFKVTUJDJBFOTVTSFTQFDUJWBTKVSJTEJDDJPOFT³
4PCSFFMQSJODJQJPEF´KVF[OBUVSBMµWnBTFUBNCJnO*OGPSNF/œEFEFBCSJMEF$BTP
3FJOBMEP'JHVFSFEP1MBODIBSUD3FQ|CMJDB#PMJWBSJBOBEF7FOF[VFMBZFM*OGPSNFTPCSFMB4JUVBDJwOEFMPT
%FSFDIPT)VNBOPTFO$IJMF%PDVNFOUPEFMB0&"0&"4FS-7**SFW%PD
$*%)*OGPSNFTPCSF5FSSPSJTNPZ%FSFDIPT)VNBOPT%PDVNFOUPEFMB0&"0&"4FS-7MM%PDSFW
DPSSEFPDUVCSFEFQgSS
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
TFOUFODJBEFMEFNBZPEFMB$PSUFDPOTJEFSwRVF²<D>POTUJUVZFVOQSJODJQJP
CgTJDPSFMBUJWPBMBJOEFQFOEFODJBEFMBKVEJDBUVSBRVFUPEBQFSTPOBUJFOFEFSFDIP
BTFSKV[HBEBQPSUSJCVOBMFTEFKVTUJDJBPSEJOBSJPTDPOBSSFHMPBQSPDFEJNJFOUPT
MFHBMNFOUFFTUBCMFDJEPT³
"VORVFVOKVJDJPBOUFVOBDPSUFPUSJCVOBMFTQFDJBMOPJNQMJDBFOTrNJTNPVOB
WJPMBDJwOEFMEFSFDIPBSFDJCJSVOKVJDJPKVTUPBOUFVOUSJCVOBMJOEFQFOEJFOUFF
JNQBSDJBMTFQVFEFFODPOUSBSVOWrODVMPJOFYUSJDBCMFFOUSFFMEFTQMB[BNJFOUPEF
MBKVSJTEJDDJwOOBUVSBMZMBJOKVTUJDJBEFVOEFUFSNJOBEPQSPDFTP#BKPFMEFSFDIP
JOUFSOBDJPOBMMPTUSJCVOBMFTNJMJUBSFTOPEFCFOCBKPOJOHVOBDJSDVOTUBODJB
FOKVJDJBSBDJWJMFTZTVKVSJTEJDDJwOEFCFMJNJUBSTFFTUSJDUBNFOUFBEFMJUPTEF
OBUVSBMF[BNJMJUBSDPOFYDMVTJwOEFMBTWJPMBDJPOFTEFEFSFDIPTIVNBOPT
$BTP$BTUJMMP1FUSV[[JFUBMD1FS|TFOUFODJBEFMB$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPTEFEF
NBZPEF4FSJF$/PQgSS7nBTFUBNCJnOFMDBTP$BOUPSBM#FOBWJEFTD1FS|TFOUFODJBEFMB
$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPTEFEFBHPTUPEF4FSJF$/PQgSS
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
"+VFDFT
*OEFQFOEFODJB
(FOFSBMJEBEFT
1BSBRVFVOKVJDJPTFBKVTUPFMKVF[PUSJCVOBMEFMBDBVTBEFCFOTFSJOEFQFOEJFOUFT
5PEPTMPTJOTUSVNFOUPTJOUFSOBDJPOBMFTEFEFSFDIPTIVNBOPTTFSF¾FSFOBVOKVJDJP
KVTUPQPS²VOUSJCVOBMJOEFQFOEJFOUFFJNQBSDJBM³&M$PNJUnEF%FSFDIPT)VNBOPT
BEPQUwFOSFQFUJEBTPDBTJPOFTMBPQJOJwOEFRVFFMEFSFDIPBVOUSJCVOBMJOEFQFO
EJFOUFFJNQBSDJBMFT²VOEFSFDIPBCTPMVUPRVFOPBENJUFFYDFQDJPOFT³
"QFTBSEFRVFFMEFSFDIPEFVOBQFSTPOBBVOKVJDJPKVTUPQVFEFTFSSFTQFUBEP
FOVODBTPFTQFDr¾DPDVBOEPFMKVF[FTJOEFQFOEJFOUFVO&TUBEPWJPMBSrBTVTPCMJ
HBDJPOFTJOUFSOBDJPOBMFTTJFMQPEFSKVEJDJBMOPGVFSBVOQPEFSJOEFQFOEJFOUF1PS
DPOTJHVJFOUFFOFTUFDPOUFYUPMBJOEFQFOEFODJBTFSF¾FSFUBOUPBVOKVF[JOEJWJEVBM
DPNPBMQPEFSKVEJDJBMFOTVDPOKVOUP
/PSNBTJOUFSOBDJPOBMFT
-PT1SJODJQJPTCgTJDPTEF/BDJPOFT6OJEBTSFMBUJWPTBMBJOEFQFOEFODJBEFMBKVEJ
DBUVSBFTUBCMFDFOFMSFRVJTJUPEFJOEFQFOEFODJBFOFMQSJNFS1SJODJQJP
²-BJOEFQFOEFODJBEFMBKVEJDBUVSBTFSgHBSBOUJ[BEBQPSFM&TUBEPZQSPDMB
NBEBQPSMB$POTUJUVDJwOPMBMFHJTMBDJwOEFMQBrT5PEBTMBTJOTUJUVDJPOFT
HVCFSOBNFOUBMFTZEFPUSBrOEPMFSFTQFUBSgOZBDBUBSgOMBJOEFQFOEFODJB
EFMBKVEJDBUVSB³
-B3FDPNFOEBDJwOEFM$POTFKPEF&VSPQBTPCSFMB*OEFQFOEFODJB&¾DJFODJBZ
'VODJwOEFMPT+VFDFTFTUBCMFDFRVFMBJOEFQFOEFODJBEFMPTKVFDFTEFCFHBSBO
UJ[BSTFNFEJBOUFMBJOUSPEVDDJwOEFEJTQPTJDJPOFTFOMBTDPOTUJUVDJPOFTVPUSB
MFHJTMBDJwOZRVF²-PTQPEFSFTFKFDVUJWPZMFHJTMBUJWPEFCFOBTFHVSBSRVFMPTKVFDFT
TFBOJOEFQFOEJFOUFTZRVFOPTFBEPQUFONFEJEBTRVFQVFEBOQPOFSFOQFMJHSPMB
JOEFQFOEFODJBEFMPTKVFDFT³
$PNJUnEF%FSFDIPT)VNBOPT%JDUBNFOEFEFPDUVCSFEF$PNVOJDBDJwO$BTP.JHVFM
(PO[gMF[EFM3rPD1FS|
EPDDJUQgSS
1SJODJQJPTCgTJDPTEF/BDJPOFT6OJEBTSFMBUJWPTBMBJOEFQFOEFODJBEFMBKVEJDBUVSBBEPQUBEPTQPSFM
4nQUJNP$POHSFTPEFMBT/BDJPOFT6OJEBTTPCSF1SFWFODJwOEFM%FMJUPZ5SBUBNJFOUPEFM%FMJODVFOUFDFMF
CSBEPFO.JMgOEFMEFBHPTUPBMEFTFQUJFNCSFEFZDPOGJSNBEPTQPSMB"TBNCMFB(FOFSBMFOTVT
SFTPMVDJPOFTEFEFOPWJFNCSFEFZEFEFEJDJFNCSFEF
$POTFKPEF&VSPQB3FDPNFOEBDJwO/P3
EFM$PNJUnEF.JOJTUSPTB&TUBEPT.JFNCSPTTPCSFMB
*OEFQFOEFODJB&GJDJFODJBZ'VODJwOEFMPT+VFDFTEFPDUVCSFEF1SJODJQJP*C
&OBEFMBOUF
3FDPNFOEBDJwO/P3
(6Ê"1"3"130'&4*0/"-&4/
-BJOEFQFOEFODJBEFMQPEFSKVEJDJBMUBNCJnOFTSFDPOPDJEBFTQFDr¾DBNFOUFFO
PUSPTDPOUFYUPTSFHJPOBMFTFOUSFFMMPTFOÇGSJDBZ"TJB1BDr¾DP&OFMQSJNFSDBTP
WBMFMBQFOBEFTUBDBSMBSFTPMVDJwOBDFSDBEFMSFTQFUPZGPSUBMFDJNJFOUPEFMTJTUFNB
KVEJDJBMBEPQUBEBFOQPSMB$PNJTJwO"GSJDBOBEF%FSFDIPT)VNBOPTZEFMPT
1VFCMPTRVFDPOUJFOFMPT1SJODJQJPTZ%JSFDUSJDFTTPCSFFM%FSFDIPBVO+VJDJP+VTUP
ZBMB"TJTUFODJB+VSrEJDBFOÇGSJDB&O"TJB1BDr¾DPMB%FDMBSBDJwOEF#FJKJOHTPCSF
MPT1SJODJQJPTSFMBUJWPTBMB*OEFQFOEFODJBEFMB+VEJDBUVSBFOMB3FHJwOEF-"8"4*"
1SJODJQJPTEF#FJKJOH
EJTQPOFRVFMB²JOEFQFOEFODJBEFMBKVEJDBUVSBFYJHFRVFMB
KVEJDBUVSBEFDJEBMPTBTVOUPTRVFDPOP[DBEFBDVFSEPDPOTVFWBMVBDJwOJNQBSDJBM
EFMPTIFDIPTZTVFOUFOEJNJFOUPEFMEFSFDIPTJOJO¿VFODJBTJNQSPQJBTEJSFDUBT
PJOEJSFDUBTEFDVBMRVJFSGVFOUF³
&OFMDPOUFYUPJCFSPBNFSJDBOPFM&TUBUVUPEFM+VF[*CFSPBNFSJDBOPBQSPCBEPQPSMPT
QSFTJEFOUFTEFMPTNgTBMUPTUSJCVOBMFTEFMPTQBrTFTEFMBSFHJwOTFSFDPOPDFRVF
²$PNPHBSBOUrBQBSBMPTKVTUJDJBCMFTMPT+VFDFTTPOJOEFQFOEJFOUFTFOFMFKFSDJDJPEF
TVTGVODJPOFTKVSJTEJDDJPOBMFTZTFFODVFOUSBOUBOTwMPTPNFUJEPTBMB$POTUJUVDJwO
ZBMBMFZDPOFTUSJDUPSFTQFUPBMQSJODJQJPEFKFSBSRVrBOPSNBUJWB³
&M&TUBUVUP6OJWFSTBMEFM+VF[VOJOTUSVNFOUPBQSPCBEPQPSKVFDFTEFUPEBTMBTSF
HJPOFTEFMNVOEPFTUBCMFDFRVF²-BJOEFQFOEFODJBEFMKVF[SFTVMUBJOEJTQFOTBCMF
QBSBFMFKFSDJDJPEFVOBKVTUJDJBJNQBSDJBMFOFMSFTQFUPEFMBMFZ-BJOEFQFOEFODJB
FTJOEJWJTJCMF5PEBTMBTJOTUJUVDJPOFTZBVUPSJEBEFTOBDJPOBMFTPJOUFSOBDJPOBMFT
EFCFSgOSFTQFUBSQSPUFHFSZEFGFOEFSFTUBJOEFQFOEFODJB³
&MQSJODJQJPEFEJWJTJwOEFQPEFSFT
&MQSJODJQJPEFVOQPEFSKVEJDJBMJOEFQFOEJFOUFEFSJWBEFMPTQSJODJQJPTCgTJDPTEFM
FTUBEPEFEFSFDIPFTQFDr¾DBNFOUFEFMQSJODJQJPEFEJWJTJwOEFQPEFSFT&M$PNJUnEF
%FSFDIPT)VNBOPTIBEJDIPRVFMPTQSJODJQJPTEFMFHBMJEBEZEFMFTUBEPEFEFSFDIP
TPOJOIFSFOUFTBM1BDUP-B$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPTUBNCJnOIB
IFDIPIJODBQJnFORVF²FMQSJODJQJPEFMFHBMJEBEMBTJOTUJUVDJPOFTEFNPDSgUJDBTZFM
1SJODJQJPTZ%JSFDUSJDFTTPCSFFM%FSFDIPBVO+VJDJP+VTUPZBMB"TJTUFODJB+VSrEJDBFOÇGSJDBDPOUFOJEPTFO
MBSFTPMVDJwOBEPQUBEBFOBCSJMEFFOMB›4FTJwOEFMB$PNJTJwO"GSJDBOBEF%FSFDIPT)VNBOPTZ
EFMPT1VFCMPT
%FDMBSBDJwOEF1SJODJQJPTEF#FJKJOHSFMBUJWPTBMBJOEFQFOEFODJBEFMBKVEJDBUVSBFOMBSFHJwOEF-"8"4*"
BEPQUBEBQPSMPT1SFTJEFOUFTEFMBT$PSUFT4VQSFNBTEFMBSFHJwOEF-"8"4*"ZPUSPTKVFDFTEF"TJBZFM
1BDrGJDPFOZBEPQUBEBQPSFM$POTFKPEF-"8"4*"FOQgSSBGPEJTQPTJUJWPB
&TUBUVUPEFM+VF[*CFSPBNFSJDBOPBQSPCBEPQPSMB7*$VNCSF*CFSPBNFSJDBOBEF1SFTJEFOUFTEF$PSUFT
4VQSFNBTZ5SJCVOBMFT4VQSFNPTEF+VTUJDJBDFMFCSBEBFO&TQBvBFONBZPEFBSUrDVMP
&TUBUVUP6OJWFSTBMEFM+VF[BQSPCBEPQPSMB6OJwO*OUFSOBDJPOBMEF.BHJTUSBEPT*"+6*.
FMEFOPWJFNCSF
EFBSUrDVMP-B*"+6*.GVFGVOEBEBFODPNPVOBPSHBOJ[BDJwOJOUFSOBDJPOBMQSPGFTJPOBMZ
BQPMrUJDBRVFBHSVQBOPTwMPKVFDFTJOEJWJEVBMFTTJOPUBNCJnOBTPDJBDJPOFTOBDJPOBMFTEFNBHJTUSBEPT&M
QSJODJQBMPCKFUJWPEFMB"TPDJBDJwORVFBCBSDBBTPDJBDJPOFTOBDJPOBMFTPHSVQPTSFQSFTFOUBUJWPTEFFTUF
UJQPFTFMEFTBMWBHVBSEBSMBJOEFQFOEFODJBEFMTJTUFNBKVEJDJBMDPNPVOSFRVJTJUPFTFODJBMEFMBGVODJwO
KVEJDJBMZHBSBOUrBEFMPTEFSFDIPTIVNBOPTZMBMJCFSUBE
$PNJUnEF%FSFDIPT)VNBOPT0CTFSWBDJwO(FOFSBM/P°&TUBEPTEF&NFSHFODJB"SUrDVMP
EPDDJU
QgSS
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
FTUBEPEFEFSFDIPTPOJOTFQBSBCMFT³%FBDVFSEPDPOFTUFQSJODJQJPMPTQPEFSFT
FKFDVUJWPMFHJTMBUJWPZKVEJDJBMDPOTUJUVZFOUSFTSBNBTTFQBSBEBTFJOEFQFOEJFOUFT
EFM&TUBEP-PTEJGFSFOUFTwSHBOPTEFM&TUBEPUJFOFOSFTQPOTBCJMJEBEFTFYDMVTJWBTZ
FTQFDr¾DBT&OWJSUVEEFFTUBEJWJTJwOOPFTBDFQUBCMFRVFDVBMRVJFSSBNBEFMQPEFS
JOUFS¾FSBFOMBFTGFSBEFMBTPUSBT
&MQSJODJQJPEFEJWJTJwOEFQPEFSFTFTMBQJFESBGVOEBNFOUBMEFVOTJTUFNBKVEJDJBM
JOEFQFOEJFOUFFJNQBSDJBM
n &M3FMBUPS&TQFDJBMTPCSFFKFDVDJPOFTFYUSBKVEJDJBMFTTVNBSJBTPBSCJUSB
SJBTZFM3FMBUPS&TQFDJBMTPCSFMBJOEFQFOEFODJBEFKVFDFTZBCPHBEPT
DPODMVZFSPORVF²<M>BTFQBSBDJwOEFMPTQPEFSFTZFMSFTQFUPQPSFMQPEFS
FKFDVUJWPEFFTBTFQBSBDJwOFTVOBDPOEJDJwOTJOFRVBOPOQBSBRVFQVFEB
GVODJPOBSFGFDUJWBNFOUFVOQPEFSKVEJDJBMJOEFQFOEJFOUFFJNQBSDJBM³
n &M3FMBUPS&TQFDJBMTPCSFMBJOEFQFOEFODJBEFKVFDFTZBCPHBEPTIB
TVCSBZBEPRVF²FMQSJODJQJPEFMBEJWJTJwOEFQPEFSFT<FT>MBCBTFEF
MPTSFRVJTJUPTEFMBJOEFQFOEFODJBFJNQBSDJBMJEBEEFMQPEFSKVEJDJBM
&MFOUFOEJNJFOUPZSFTQFUPEFMQSJODJQJPEFMBEJWJTJwOEFQPEFSFTFT
JOEJTQFOTBCMFQBSBVO&TUBEPEFNPDSgUJDP<©>³"TJNJTNPTFvBMw
RVF²MPTSFRVJTJUPTEFJOEFQFOEFODJBFJNQBSDJBMJEBEEFMBKVTUJDJBTPO
VOJWFSTBMFTZTFCBTBOUBOUPFOFMEFSFDIPOBUVSBMDPNPFOFMQPTJUJWP
&OFMQMBOPJOUFSOBDJPOBMMBTGVFOUFTEFFTUF|MUJNPEFSFDIPSBEJDBOFO
MPTDPNQSPNJTPTDPOWFODJPOBMFTMBTPCMJHBDJPOFTDPOTVFUVEJOBSJBTZ
MPTQSJODJQJPTHFOFSBMFTEFMEFSFDIP<><->PTQSJODJQJPTGVOEBNFOUBMFT
EFMBJOEFQFOEFODJBZMBJNQBSDJBMJEBEEFMBKVTUJDJB<©>TPO´QSJODJQJPT
HFOFSBMFTEFEFSFDIPSFDPOPDJEPTQPSMBTOBDJPOFTDJWJMJ[BEBTµFOFM
TFOUJEPEFMJODJTPD
EFMQgSSBGPEFM"SUrDVMPEFM&TUBUVUPEFMB$PSUF
*OUFSOBDJPOBMEF+VTUJDJB³
-B$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPTFOMBTFOUFODJBEFMDBTPEFM5SJCVOBM
$POTUJUVDJPOBM1FS|
EJKPRVF²VOPEFMPTPCKFUJWPTQSJODJQBMFTRVFUJFOFMBTFQB
SBDJwOEFMPTQPEFSFTQ|CMJDPTFTMBHBSBOUrBEFMBJOEFQFOEFODJBEFMPTKVFDFT³
&M)gCFBT$PSQVT#BKP4VTQFOTJwOEF(BSBOUrBTBSUTZ$POWFODJwO"NFSJDBOBTPCSF%FSFDIPT
)VNBOPT
0QJOJwO$POTVMUJWBEFMB$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT0$4FSJF"/P
QgSSZ
7FS$BSUB%FNPDSgUJDB*OUFSBNFSJDBOBBEPQUBEBQPSMB"TBNCMFB(FOFSBMEFMB0&"FMEFTFQUJFNCSFEF
BSUrDVMPTZ
*OGPSNFEFMPT3FMBUPSFT&TQFDJBMFTTPCSFMBTJUVBDJwOEFMPTEFSFDIPTIVNBOPTFO/JHFSJB%PDVNFOUPEF
MB0/6&$/"EEQgSSBGP
*OGPSNFEF3FMBUPS&TQFDJBMTPCSFJOEFQFOEFODJBEFKVFDFTZBCPHBEPT%PDVNFOUPEFMB0/6&
$/QgSSBGP
*CJEQgSSBGPTZ
$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT$BTPEFM5SJCVOBM$POTUJUVDJPOBM"HVJSSF3PDB3FZ5FSSZZ
3FWPSFEP.BSTBOPD1FS|
EPDDJUQgSSZSFTQFDUJWBNFOUF
(6Ê"1"3"130'&4*0/"-&4/
-B$PSUFQPSMPUBOUPDPOTJEFSwOFDFTBSJPRVF²TFHBSBOUJDFMBJOEFQFOEFODJBEF
DVBMRVJFSKVF[FOVOFTUBEPEFEFSFDIP<©>³
&M$PNJUnEF%FSFDIPT)VNBOPTUBNCJnOTFSF¾SJwBMQSJODJQJPEFTFQBSBDJwOEF
QPEFSFTBMOPUBSRVFMB²GBMUBEFDMBSJEBEFOMBEFMJNJUBDJwOEFMBTDPNQFUFODJBT
SFTQFDUJWBTEFMBTBVUPSJEBEFTFKFDVUJWBTMFHJTMBUJWBTZKVEJDJBMFTQVFEFQPOFSFO
QFMJHSPFMFTUBEPEFEFSFDIPZMBBQMJDBDJwOEFVOBQPMrUJDBDPIFSFOUFEFEFSFDIPT
IVNBOPT³&M$PNJUnIBSFDPNFOEBEPJOTJTUFOUFNFOUFBMPT&TUBEPTBEPQUBS
MFHJTMBDJwOZNFEJEBTRVFBTFHVSFOVOBDMBSBEJTUJODJwOFOUSFFMQPEFSFKFDVUJWPZ
KVEJDJBMEFNPEPRVFFMQSJNFSPOPJOUFS¾FSBFOBTVOUPTEFMPTRVFFMQPEFSKVEJDJBM
FTSFTQPOTBCMF
n &OFMDBTPEF$PSFBEFM/PSUFFM$PNJUnFYQSFTwTVQSFPDVQBDJwO²QPS
MBTEJTQPTJDJPOFTDPOTUJUVDJPOBMFTZMFHJTMBUJWBTRVFDPNQSPNFUFOHSBWF
NFOUFMBJNQBSDJBMJEBEZMBJOEFQFOEFODJBEFMBKVEJDBUVSBFOQBSUJDVMBS
FMIFDIPEFRVFFM5SJCVOBM$FOUSBMTFBSFTQPOTBCMFBOUFMB"TBNCMFB
1PQVMBS4VQSFNB³
1PSTVQBSUFFM5SJCVOBM&VSPQFPEF%FSFDIPT)VNBOPTSFB¾SNwRVFFMSFTQFUPEFM
QSJODJQJPEFEJWJTJwOEFQPEFSFTFTVOQSJODJQJPFTFODJBMEFVOBEFNPDSBDJBRVFOP
QVFEFTFSQVFTUPFOEVEB
&OWJSUVEEFMEFSFDIPJOUFSOBDJPOBMFM&TUBEPFTUgPCMJHBEPBPSHBOJ[BSTVBQBSBUP
EFNPEPEFHBSBOUJ[BSZBTFHVSBSFMHPDFEFMPTEFSFDIPTZMBTMJCFSUBEFTQSPUFHJEPT
JOUFSOBDJPOBMNFOUF"MSFTQFDUPMB$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPTIB
EJDIPRVF²FOMBQSPUFDDJwOBMPTEFSFDIPTIVNBOPTFTUgOFDFTBSJBNFOUFDPN
QSFOEJEBMBOPDJwOEFMBSFTUSJDDJwOBMFKFSDJDJPEFMQPEFSFTUBUBM³&MBQBSBUPEFM
&TUBEPEFCFFTUBSPSHBOJ[BEPEFNPEPRVFTFBDPNQBUJCMFDPOMBTPCMJHBDJPOFT
$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT$BTPEFM5SJCVOBM$POTUJUVDJPOBM"HVJSSF3PDB3FZ5FSSZZ
3FWPSFEP.BSTBOPD1FS|
EPDDJUQgSS
0CTFSWBDJPOFT'JOBMFTEFM$PNJUnEF%FSFDIPT)VNBOPT&TMPWBRVJB%PDVNFOUPEFMB0/6$$13$
"EEQgSS
0CTFSWBDJPOFT'JOBMFTEFM$PNJUnEF%FSFDIPT)VNBOPT3VNBOJB%PDVNFOUPEFMB0/6$$13$
"EEQgSS7nBTFUBNCJnO0CTFSWBDJPOFT'JOBMFTEFM$PNJUnEF%FSFDIPT)VNBOPT1FS|%PDVNFOUP
EFMB0/6$$13$01&3QgSS0CTFSWBDJPOFT'JOBMFTEFM$PNJUnEF%FSFDIPT)VNBOPT&M4BMWBEPS
%PDVNFOUPEFMB0/6$$13$"EEQgSS0CTFSWBDJPOFT'JOBMFTEFM$PNJUnEF%FSFDIPT)VNBOPT
5|OF[%PDVNFOUPEFMB0/6$$13$"EEQgSSZ0CTFSWBDJPOFT'JOBMFTEFM$PNJUnEF%FSFDIPT
)VNBOPT/FQBM%PDVNFOUPEFMB0/6$$13$"EEQgSS
0CTFSWBDJPOFT'JOBMFTEFM$PNJUnEF%FSFDIPT)VNBOPT3FQ|CMJDB1PQVMBS%FNPDSgUJDBEF$PSFB%PDVNFOUP
EFMB0/6$$13$013,QgSS-B"TBNCMFB1PQVMBS4VQSFNBFTFMQPEFSMFHJTMBUJWPEF$PSFBEFM
/PSUF
$IFWSPMD'SBODJBTFOUFODJBEFM5&%)EFEFGFCSFSPEF4FSJF***QgSS
-BFYQSFTJwO²MFZFT³FOFMBSUrDVMPEFMB$POWFODJwO"NFSJDBOBTPCSF%FSFDIPT)VNBOPT0QJOJwO
$POTVMUJWBEFMB$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPTEFEFNBZPEF0$4FSJF"/P
QgSS7nBTFUBNCJnO$BTP7FMgTRVF[3PESrHVF[D)POEVSBTTFOUFODJBEFMB$PSUF*OUFSBNFSJDBOB
EF%FSFDIPT)VNBOPTEFEFKVMJPEF4FSJF$/PQgSSZ$BTP(PErOF[$SV[D)POEVSBT
TFOUFODJBEFMB$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPTEFEFFOFSPEF4FSJF$/PQgSS
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
JOUFSOBDJPOBMFTEFM&TUBEPZBTFBOPCMJHBDJPOFTUgDJUBTPFYQSFTBT4PCSFFTUFUFNB
MB$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPTIBEFDMBSBEPRVF²MBPCMJHBDJwO<>
RVFFMBSUrDVMP<EFMB$POWFODJwO"NFSJDBOBTPCSF%FSFDIPT)VNBOPT>DPOUFNQMB
QBSBMPT&TUBEPTEFSFTQFUBSMPTZHBSBOUJ[BSMPT<MPTEFSFDIPTHBSBOUJ[BEPTQPSMB
$POWFODJwO>JNQMJDB<©>FMEFCFSEFMPT&TUBEPT1BSUFTEFPSHBOJ[BSUPEPFMBQBSBUP
HVCFSOBNFOUBMZFOHFOFSBMUPEBTMBTFTUSVDUVSBTBUSBWnTEFMBTDVBMFTTFNBOJ
¾FTUBFMFKFSDJDJPEFMQPEFSQ|CMJDPEFNBOFSBUBMRVFTFBODBQBDFTEFBTFHVSBS
KVSrEJDBNFOUFFMMJCSFZQMFOPFKFSDJDJPEFMPTEFSFDIPT³
&TJOIFSFOUFBMDVNQMJNJFOUPEFMBPCMJHBDJwOEFSFTQFUBSZHBSBOUJ[BSMPTEFSFDIPT
IVNBOPTMBPCMJHBDJwOEFPSHBOJ[BSFM&TUBEPEFGPSNBUBMEFBTFHVSBSRVFFOUSF
PUSBTDPTBTMBFTUSVDUVSBZPQFSBDJwOEFMQPEFSEFM&TUBEPFTUnGVOEBEBFOMB
WFSEBEFSBTFQBSBDJwOEFMPTQPEFSFTFKFDVUJWPMFHJTMBUJWPZKVEJDJBMMBFYJTUFODJB
EFVOTJTUFNBKVEJDJBMJOEFQFOEJFOUFFJNQBSDJBMZMBJNQMFNFOUBDJwOQPSQBSUFEF
MBTBVUPSJEBEFTFOUPEBTTVTBDUJWJEBEFTEFMFTUBEPEFEFSFDIPZEFMQSJODJQJPEF
MFHBMJEBE
&MQSJODJQJPEFTFQBSBDJwOEFQPEFSFTFTVOSFRVJTJUPFTFODJBMEFMBBEFDVBEBBE
NJOJTUSBDJwOEFKVTUJDJB%FIFDIPUFOFSVOTJTUFNBKVEJDJBMJOEFQFOEJFOUFEFMPT
PUSPTQPEFSFTEFM&TUBEPFTDPOEJDJwOOFDFTBSJBQBSBMBKVTUBBENJOJTUSBDJwOEFMB
KVTUJDJBZFTJOIFSFOUFBMFTUBEPEFEFSFDIP
*OEFQFOEFODJBJOTUJUVDJPOBM
-BJOEFQFOEFODJBZMBJNQBSDJBMJEBEFTUgOFTUSFDIBNFOUFWJODVMBEBTZFONVDIBT
JOTUBODJBTMPTUSJCVOBMFTZwSHBOPTEFEFSFDIPTIVNBOPTMBTIBOBCPSEBEPDPOKVO
UBNFOUF4JOFNCBSHPDBEBDPODFQUPUJFOFTVQSPQJPZFTQFDr¾DPTJHOJ¾DBEP&O
UnSNJOPTHFOFSBMFT²JOEFQFOEFODJB³TFSF¾FSFBMBBVUPOPNrBEFVOEFUFSNJOBEP
KVF[PUSJCVOBMQBSBEFDJEJSDBTPTBQMJDBOEPFMEFSFDIPBMPTIFDIPT&TUBJOEFQFOEFO
DJBBUBvFBMTJTUFNBKVEJDJBMDPNPJOTUJUVDJwOJOEFQFOEFODJBEFMPTPUSPTQPEFSFT
EFOPNJOBEB²JOEFQFOEFODJBJOTUJUVDJPOBM³
ZBMKVF[FTQFDr¾DPJOEFQFOEFODJBEF
PUSPTNJFNCSPTEFMQPEFSKVEJDJBMP²JOEFQFOEFODJBJOEJWJEVBM³
-B²JOEFQFOEFO
DJB³JNQMJDBRVFOJFMQPEFSKVEJDJBMOJMPTKVFDFTRVFMPJOUFHSBOFTUnOTVCPSEJOBEPT
BMPTEFNgTQPEFSFTQ|CMJDPT1PSFMDPOUSBSJPMB²JNQBSDJBMJEBE³TFSF¾FSFBMB
EJTQPTJDJwOEFVOKVF[PUSJCVOBMDPOSFTQFDUPBVODBTPZBMBTQBSUFTEFMNJTNP
&M$PNJUnEF%FSFDIPT)VNBOPTIBEFDMBSBEPRVFFOFMDPOUFYUPEFMBSUrDVMP
EFMB1*%$1²<M>B´JNQBSDJBMJEBEµEFMUSJCVOBMTVQPOFRVFMPTKVFDFTOPEFCFOUFOFS
&YDFQDJPOFTBM"HPUBNJFOUPEFMPT3FDVSTPT*OUFSOPTBSUTBZC$POWFODJwO"NFSJDBOB
TPCSF%FSFDIPT)VNBOPT
0QJOJwO$POTVMUJWBEFMB$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPTEFEF
BHPTUPEF0$4FSJF"/PQgSS7nBTFUBNCJnO$BTP7FMgTRVF[3PESrHVF[EPDDJUQgSS
Z$BTP(PErOF[$SV[EPDDJUQgSS
7FSQPSFKFNQMPMBT$PODMVTJPOFTZ3FDPNFOEBDJPOFTEFM$PNJUnDPOUSBMB5PSUVSB#VSVOEJ%PDVNFOUP
EFMB0/6$"5$#%*$0QgSS²1SFPDVQBBM$PNJUnMBTJUVBDJwOEFEFQFOEFODJBEFIFDIPEFMQPEFS
KVEJDJBMGSFOUFBMQPEFSFKFDVUJWPRVFSFQSFTFOUBVOPCTUgDVMPJNQPSUBOUFBMBBQFSUVSBJONFEJBUBEFVOB
JOWFTUJHBDJwOJNQBSDJBMDVBOEPIBZBNPUJWPTSB[POBCMFTQBSBDSFFSRVFTFIBDPNFUJEPVOBDUPEFUPSUVSB
FODVBMRVJFSUFSSJUPSJPCBKPTVKVSJTEJDDJwO³
(6Ê"1"3"130'&4*0/"-&4/
JEFBTQSFDPODFCJEBTFODVBOUPBMBTVOUPEFRVFFOUJFOEFOZRVFOPEFCFOBDUVBS
EFNBOFSBRVFQSPNVFWBOMPTJOUFSFTFTEFVOBEFMBTQBSUFT³
-BOPDJwOEFJOEFQFOEFODJBJOTUJUVDJPOBMFTUgFTUBCMFDJEBFOMBTFHVOEBPSBDJwOEFM
QSJODJQJPEFMPT1SJODJQJPTCgTJDPTSFMBUJWPTBMBJOEFQFOEFODJBEFMBKVEJDBUVSB
EPOEFTFHBSBOUJ[BFMEFCFSEFUPEBTMBTJOTUJUVDJPOFTEFSFTQFUBSZPCTFSWBSEJDIB
JOEFQFOEFODJB&TUBOPDJwOTJHOJ¾DBRVFFMQPEFSKVEJDJBMEFCFTFSJOEFQFOEJFOUF
EFMPTEFNgTQPEFSFTBTBCFSFMQPEFSFKFDVUJWPZFMQBSMBNFOUPMPTDVBMFTBMJHVBM
RVFMBTEFNgTJOTUJUVDJPOFTEFM&TUBEPUJFOFOFMEFCFSEFSFTQFUBSZDVNQMJSMBT
TFOUFODJBTZEFDJTJPOFTEFMQPEFSKVEJDJBM&TUPDPOTUJUVZFVOBTBMWBHVBSEBDPOUSB
MBTEJTDSFQBODJBTDPOSFTQFDUPBMBTEFDJTJPOFTEFPUSBTJOTUJUVDJPOFTZTVQPUFO
DJBMOFHBUJWBBDVNQMJSDPOFMMBT%JDIBJOEFQFOEFODJBFOMBUPNBEFEFDJTJPOFTFT
FTFODJBMQBSBNBOUFOFSFMFTUBEPEFEFSFDIPZMPTEFSFDIPTIVNBOPT
&M5SJCVOBM&VSPQFPEF%FSFDIPT)VNBOPTIBEFDMBSBEPRVFVOUSJCVOBMEFCFTFS
JOEFQFOEJFOUFUBOUPEFMQPEFSFKFDVUJWPDPNPEFMBTQBSUFTEFMQSPDFTP
-BJEFBEFJOEFQFOEFODJBJOTUJUVDJPOBMFTUgSFMBDJPOBEBDPOWBSJPTUFNBT&OFTUB
NBUFSJBMB$PNJTJwO*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPTIBEFDMBSBEPRVF
n ²<F>MSFRVJTJUPEFJOEFQFOEFODJB<>SFRVJFSFRVFMPTUSJCVOBMFTTFBOBVUw
OPNPTEFPUSBTSBNBTEFMHPCJFSOPFTUnOMJCSFTEFJOGMVFODJBTBNFOB[BT
PJOUFSGFSFODJBTEFDVBMRVJFSPSJHFOPQPSDVBMRVJFSSB[wOZDVFOUFODPO
PUSBTDBSBDUFSrTUJDBTOFDFTBSJBTQBSBHBSBOUJ[BSFMDVNQMJNJFOUPBQSPQJBEP
FJOEFQFOEJFOUFEFMBTGVODJPOFTKVEJDJBMFTJODMVJEBTMBFTUBCJMJEBEEF
VODBSHPZMBDBQBDJUBDJwOQSPGFTJPOBMBEFDVBEB³
&M$PNJUnEF%FSFDIPT)VNBOPTIBFYBNJOBEPVOBTFSJFEFDPOEJDJPOFTRVFTF
SFRVJFSFOQBSBHBSBOUJ[BSMBJOEFQFOEFODJBJOTUJUVDJPOBM1PSFKFNQMPTFvBMwRVF
MPTBUSBTPTFOFMQBHPEFTBMBSJPTZMBGBMUBEFVOBBEFDVBEBTFHVSJEBEEFMBQFSNB
OFODJBFOFMDBSHPEFMPTKVFDFTUJFOFOVOFGFDUPBEWFSTPFOMBJOEFQFOEFODJBEFM
TJTUFNBKVEJDJBM&M$PNJUnUBNCJnOIBDPOTJEFSBEPRVFMBGBMUBEFVONFDBOJTNP
JOEFQFOEJFOUFFODBSHBEPEFMOPNCSBNJFOUPZMBEJTDJQMJOBEFMPTKVFDFTMJNJUBMB
JOEFQFOEFODJBEFMQPEFSKVEJDJBM
$PNJUnEF%FSFDIPT)VNBOPT%JDUBNFOEFMEFPDUVCSFEF$PNVOJDBDJwO"SWP0
,BSUUVOFOD'JOMBOEJB
%PDVNFOUPEFMB0/6$$13$%QgSS
6OBEJTQPTJDJwOTJNJMBSTFFODVFOUSBFOFMBSUrDVMPEFM&TUBUVUPEFM+VF[*CFSPBNFSJDBOPRVFEJTQPOF
²-PTPUSPTQPEFSFTEFM&TUBEPZFOHFOFSBMUPEBTMBTBVUPSJEBEFTJOTUJUVDJPOFTZPSHBOJTNPTOBDJPOBMFT
PJOUFSOBDJPOBMFTBTrDPNPMPTEJGFSFOUFTHSVQPTZPSHBOJ[BDJPOFTTPDJBMFTFDPOwNJDPTZQPMrUJDPTEFCFO
SFTQFUBSZIBDFSFGFDUJWBMBJOEFQFOEFODJBEFMBKVEJDBUVSB²
3JOHFJTFOD"VTUSJBTFOUFODJBEFM5&%)EFEFKVMJPEF4FSJF"QgSS
$*%)*OGPSNFTPCSF5FSSPSJTNPZ%FSFDIPT)VNBOPTEPDDJUQgSS
0CTFSWBDJPOFT'JOBMFTEFM$PNJUnEF%FSFDIPT)VNBOPT(FPSHJB%PDVNFOUPEFMB0/6$$13$0
(&0QgSS
0CTFSWBDJPOFT'JOBMFTEFM$PNJUnEF%FSFDIPT)VNBOPT$POHP%PDVNFOUPEFMB0/6$$13$"EE
QgSS
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
&MEFSFDIPJOUFSOBDJPOBMDPOUJFOFVOBTFSJFEFEJTQPTJDJPOFTSFMBDJPOBEBTDPOEFUFS
NJOBEPTBTQFDUPTFTFODJBMFTEFMBJOEFQFOEFODJBJOTUJUVDJPOBMEFMQPEFSKVEJDJBM6OP
EFMPTNFEJPTQPTJCMFTQBSBDPOUSPMBSFMSFTVMUBEPEFDBTPTQBSUJDVMBSFTDPOTJTUFFO
BTJHOBSMPTBDJFSUPTKVFDFTRVFQPESrBOGBMMBSBGBWPSEFJOUFSFTFTQBSUJDVMBSFT1BSB
FWJUBSFTUBJOUFSGFSFODJBJOKVTUJ¾DBEBMPT1SJODJQJPTCgTJDPTSFMBUJWPTBMBJOEFQFO
EFODJBEFMBKVEJDBUVSBEJTQPOFORVF²-BBTJHOBDJwOEFDBTPTBMPTKVFDFTEFOUSPEFM
USJCVOBMEFRVFGPSNFOQBSUFFTBTVOUPJOUFSOPEFMBBENJOJTUSBDJwOKVEJDJBM³
n &OFMDBTPEF3VNBOJBFM$PNJUnEF%FSFDIPT)VNBOPTDPOTJEFSwRVFFM
QPEFSFKFSDJEPFM.JOJTUFSJPEF+VTUJDJBFOMPTBTVOUPTKVEJDJBMFTJODMVJEPT
MPTQSPDFTPTEFBQFMBDJwOZTVTGBDVMUBEFTEFJOTQFDDJPOBSMPTUSJCVOB
MFTDPOTUJUVrBOVOBJOUFSWFODJwOEFMQPEFSFKFDVUJWPZVOBBNFOB[BBMB
JOEFQFOEFODJBEFMQPEFSKVEJDJBM
"TJNJTNPMBJOEFQFOEFODJBEFMQPEFSKVEJDJBMFYJHFRVFnTUFUFOHBFYDMVTJWBKV
SJTEJDDJwOTPCSFUPEPTMPTUFNBTEFOBUVSBMF[BKVEJDJBMZMBGBDVMUBEQBSBEFDJEJSTJ
VOUFNBFTEFOBUVSBMF[BKVEJDJBMPOP$PNPDPSPMBSJPMBTEFDJTJPOFTKVEJDJBMFTOP
QVFEFOTFSDBNCJBEBTQPSVOBBVUPSJEBEOPKVEJDJBMTBMWPFOMPTDBTPTEFNJUJHBDJwO
PDPONVUBDJwOEFDPOEFOBTZQFSEPOFT
&M5SJCVOBM&VSPQFPEF%FSFDIPT)VNBOPTIBBOBMJ[BEPFYIBVTUJWBNFOUFMBSFMB
DJwOFOUSFFMQPEFSKVEJDJBMZFMMFHJTMBUJWPZDPODMVZwRVFFMQPEFSMFHJTMBUJWPEFCF
QSFTFSWBSZSFTQFUBSMBJOEFQFOEFODJBEFMPTUSJCVOBMFT
n &OVODBTPFORVFFMQBSMBNFOUPBEPQUwVOBMFZNPEJGJDBOEPMBKVSJT
EJDDJwOEFMPTUSJCVOBMFTQBSBDPOPDFSEFEFUFSNJOBEBTEFNBOEBTEF
DPNQFOTBDJwODPOUSBFMHPCJFSOPZEFDMBSBSOVMPTMPTEBvPTMFHBMNFOUF
EFUFSNJOBEPTFM5SJCVOBMIBMMwRVFTFIBCrBWJPMBEPMBJOEFQFOEFODJBEF
MPTUSJCVOBMFT4PTUVWPRVF²<F>MQSJODJQJPEFMFTUBEPEFEFSFDIPZMBOPDJwO
EFKVJDJPKVTUPDPOTBHSBEPTFOFM"SUrDVMPQSPIrCFOUPEBJOUFSWFODJwO
EFMQPEFSMFHJTMBUJWPFOMBBENJOJTUSBDJwOEFKVTUJDJBRVFFTUnEJSJHJEBB
JOGMVJSFOMBSFTPMVDJwOKVEJDJBMEFMMJUJHJP³
1SJODJQJPTCgTJDPTEF/BDJPOFT6OJEBTSFMBUJWPTBMBJOEFQFOEFODJBEFMBKVEJDBUVSB1SJODJQJP
0CTFSWBDJPOFT'JOBMFTEFM$PNJUnEF%FSFDIPT)VNBOPT3VNBOJB%PDVNFOUPEFMB0/6$$13$
"EEQgSS
1SJODJQJPTCgTJDPTEF/BDJPOFT6OJEBTSFMBUJWPTBMBJOEFQFOEFODJBEFMBKVEJDBUVSB1SJODJQJPTZ&M
1SJODJQJPFTUBCMFDF²-BKVEJDBUVSBTFSgDPNQFUFOUFFOUPEBTMBTDVFTUJPOFTEFrOEPMFKVEJDJBMZUFOESg
BVUPSJEBEFYDMVTJWBQBSBEFDJEJSTJVOBDVFTUJwORVFMFIBZBTJEPTPNFUJEBFTUgEFOUSPEFMBDPNQFUFODJB
RVFMFIBZBBUSJCVJEPMBMFZ³&M1SJODJQJPEJTQPOF²/PTFFGFDUVBSgOJOUSPNJTJPOFTJOEFCJEBTPJOKVTUJ
GJDBEBTFOFMQSPDFTPKVEJDJBMOJTFTPNFUFSgOBSFWJTJwOMBTEFDJTJPOFTKVEJDJBMFTEFMPTUSJCVOBMFT&TUF
QSJODJQJPTFBQMJDBSgTJONFOPTDBCPEFMBWrBEFSFWJTJwOKVEJDJBMOJEFMBNJUJHBDJwOPDPONVUBDJwOEFMBT
QFOBTJNQVFTUBTQPSMBKVEJDBUVSBFGFDUVBEBQPSMBTBVUPSJEBEFTBENJOJTUSBUJWBTEFDPOGPSNJEBEDPOMP
EJTQVFTUPFOMBMFZ³
4USBO(SFFL3FGJOFSJFTZ4USBUJT"OESFBEJTD(SFDJBTFOUFODJBEFM5&%)EFEFEJDJFNCSFEF4FSJF
"#QgSS
(6Ê"1"3"130'&4*0/"-&4/
n &O1BQBHFPSHJPVDPOUSB(SFDJBFM5SJCVOBMGBMMwRVFMBBEPQDJwOEFVOB
MFZQPSQBSUFEFMQBSMBNFOUPFOMBDVBMEFDMBSwRVFDJFSUPTDBTPTQPErBO
OPTFSFYBNJOBEPTQPSMPTUSJCVOBMFTZPSEFOwRVFTFTVTQFOEJFSBFM
QSPDFTPMFHBMJOJDJBEPDPOTUJUVrBVOBWJPMBDJwOEFMBJOEFQFOEFODJBEFM
QPEFSKVEJDJBM
n &O 'JOEMBZDPOUSBFM3FJOP6OJEPFM5SJCVOBMSFDPSEwFMQSJODJQJPBN
QMJBNFOUFSFDPOPDJEPEFRVFMBTEFDJTJPOFTKVEJDJBMFTOPEFCFOTFS
NPEJGJDBEBTQPSMBTBVUPSJEBEFTRVFOPGPSNBOQBSUFEFMQPEFSKVEJDJBM
&OPUSBTQBMBCSBTOPFTQPTJCMFQBSBMBWBMJEF[KVSrEJDBEFMBTEFDJTJPOFT
KVEJDJBMFTZTVDPOEJDJwOEFSFTKVEJDBUBDPTBKV[HBEB
FTUnOTVKFUBTBMB
BDDJwOEFMPTEFNgTQPEFSFTEFMHPCJFSOP1PSDPOTJHVJFOUFFM5SJCVOBM
EFUFSNJOwRVFTFIBCrBWJPMBEPMBJOEFQFOEFODJBEFMPTUSJCVOBMFTUPEB
WF[RVFTVTEFDJTJPOFTQPErBOTFSDBNCJBEBTQPSGVODJPOBSJPTVwSHB
OPTQFSUFOFDJFOUFTBMQPEFSFKFDVUJWPZEJDIBTEFDJTJPOFT|OJDBNFOUF
QPErBOTFSDPOTJEFSBEBTSFTKVEJDBUBTJIBCrBOTJEPDPOGJSNBEBTQPS
EJDIBTBVUPSJEBEFT-BJSSFWFSTJCJMJEBEEFMBTEFDJTJPOFTKVEJDJBMFTFM
IFDIPEFRVFOPQVFEBOTFSDBNCJBEBTPDPOGJSNBEBTQPSBVUPSJEBEFT
RVFOPQFSUFOF[DBOBMQPEFSKVEJDJBMFTTFH|OFM5SJCVOBMVOQSJODJQJP
CJFOFTUBCMFDJEPF²JOIFSFOUFBMBOPDJwONJTNBEF´USJCVOBMµZ<©>VO
DPNQPOFOUFEF<©>´JOEFQFOEFODJBµ³
*OEFQFOEFODJBJOEJWJEVBM
"QFTBSEFDPOTUJUVJSVOBHBSBOUrBWJUBMMBJOEFQFOEFODJBJOTUJUVDJPOBMOPFTTV¾DJFOUF
QBSBRVFTFSFTQFUFFMEFSFDIPBVOKVJDJPKVTUPFOUPEPTMPTDBTPT4JMPTKVFDFTOP
FTUgOMJCSFTEFJOUFSGFSFODJBTJOKVTUJ¾DBEBTBMEFDJEJSVODBTPFTQFDr¾DPTFWJPMBFM
EFSFDIPJOEJWJEVBMBUFOFSVOKVJDJPKVTUP
"MSFTQFDUPFM&TUBUVUPEFM+VF[*CFSPBNFSJDBOPEJTQPOF
²&OFMFKFSDJDJPEFMBKVSJTEJDDJwOMPTKVFDFTOPTFFODVFOUSBOTPNFUJEPTB
BVUPSJEBEFTKVEJDJBMFTTVQFSJPSFTTJOQFSKVJDJPEFMBGBDVMUBEEFnTUBTEF
SFWJTBSMBTEFDJTJPOFTKVSJTEJDDJPOBMFTBUSBWnTEFMPTSFDVSTPTMFHBMNFOUF
FTUBCMFDJEPTZEFMBGVFS[BRVFDBEBPSEFOBNJFOUPOBDJPOBMBUSJCVZBBMB
KVSJTQSVEFODJBZBMPTQSFDFEFOUFTFNBOBEPTEFMBT$PSUFT4VQSFNBTZ
5SJCVOBMFT4VQSFNPT³
&YJTUFVOBTFSJFEFDSJUFSJPTBMHVOPTEFMPTDVBMFTTFSgOUSBUBEPTNgTBEFMBOUFQBSB
EFUFSNJOBSTJVOUSJCVOBMFTJOEFQFOEJFOUF$PNPDSJUFSJPTHFOFSBMFTFM5SJCVOBM
1BQBHFPSHJPVD(SFDJBTFOUFODJBEFM5&%)EFEFPDUVCSFEF4FSJF7*
'JOEMBZD3FJOP6OJEPEPDDJUQgSS7nBTFUBNCJnO$BNQCFMMZ'FMMD3FJOP6OJEPTFOUFODJBEFM5&%)
EFMEFKVOJPEF4FSJF"QgSS
*CJEFN
&TUBUVUPEFM+VF[*CFSPBNFSJDBOPBSUrDVMP
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
&VSPQFPEF%FSFDIPT)VNBOPTIBFTUBCMFDJEPRVFDVBOEPTFFYBNJOBMBJOEFQFO
EFODJBEFVOUSJCVOBM²EFCFUFOFSTFFODVFOUBJOUFSBMJBMBGPSNBEFEFTJHOBDJwO
EFTVTJOUFHSBOUFTZTVNBOEBUPMBFYJTUFODJBEFTBMWBHVBSEJBTDPOUSBQSFTJPOFT
FYUFSOBTZMBDVFTUJwOEFTJUJFOFBQBSJFODJBEFJOEFQFOEJFOUF³&M5SJCVOBMFTUB
CMFDJwBEFNgTRVF²MBJOBNPWJMJEBEEFMPTKVFDFTQPSQBSUFEFMFKFDVUJWPEFCFTFS
DPOTJEFSBEBFOHFOFSBMDPNPDPSPMBSJPEFTVJOEFQFOEFODJB³"TJNJTNPTFvBMw
RVFVOUSJCVOBMPKVF[OPTPMBNFOUFEFCFDVNQMJSFTUPTDSJUFSJPTPCKFUJWPTTJOPRVF
BEFNgTEFCFTFSWJTUPDPNPJOEFQFOEJFOUF
%JDIBJOEFQFOEFODJBTJHOJ¾DBRVFMPTKVFDFTOPQVFEFOEFDJEJSDBTPTEFBDVFSEP
DPOTVTQSFGFSFODJBTQFSTPOBMFT-PTKVFDFTUJFOFOFMEFSFDIPZMBPCMJHBDJwOEF
EFDJEJSMPTDBTPTRVFTFQSFTFOUBOBOUFFMMPTEFBDVFSEPDPOFMEFSFDIPTJOUFNPSB
OJOH|OUJQPEFSFQSFTBMJBT$PNPMPFTUBCMFDFFM1SJODJQJPEFMPT1SJODJQJPTCgTJDPT
SFMBUJWPTBMBJOEFQFOEFODJBEFMBKVEJDBUVSB²-PTKVFDFTSFTPMWFSgOMPTBTVOUPT
RVFDPOP[DBODPOJNQBSDJBMJEBECBTgOEPTFFOMPTIFDIPTZFODPOTPOBODJBDPO
FMEFSFDIPTJOSFTUSJDDJwOBMHVOBZTJOJO¿VFODJBTBMJDJFOUFTQSFTJPOFTBNFOB[BT
PJOUSPNJTJPOFTJOEFCJEBTTFBOEJSFDUBTPJOEJSFDUBTEFDVBMFTRVJFSBTFDUPSFTP
QPSDVBMRVJFSNPUJWP³-BNFOUBCMFNFOUFNVDIPTKVFDFTFOFMNVOEPTVGSFOQSF
TJPOFTTVUJMFTZOPUBOTVUJMFTRVFWBOEFTEFQSFTJPOFTUSBTMBEPTQSPDFEJNJFOUPT
EJTDJQMJOBSJPTQPSDVNQMJSDPOTVTEFCFSFTQSPGFTJPOBMFTZEFTUJUVDJPOFTJMFHrUJNBT
IBTUBBNFOB[BTEFNVFSUFBHSFTJPOFTGrTJDBTZBTFTJOBUPT
7BSJPTwSHBOPTEFMB0/6IBOFYIPSUBEPBMPT&TUBEPTFOSFQFUJEBTPDBTJPOFTB
UPNBSMBTNFEJEBTOFDFTBSJBTQBSBQFSNJUJSRVFMPTKVFDFTEFTFNQFvFOTVTGVO
DJPOFTMJCSFNFOUF
n -B$PNJTJwOEF%FSFDIPT)VNBOPTEFMB0/6FYIPSUwBUPEPTMPTHPCJFS
OPTBRVF²SFTQFUFOZEFGJFOEBOMBJOEFQFOEFODJBEFMPTNBHJTUSBEPTZ
BCPHBEPTZDPOFTUFGJOBEPQUFONFEJEBTMFHJTMBUJWBTQBSBFMDVNQMJ
NJFOUPEFMBMFZVPUSBTNFEJEBTFGJDBDFTBQSPQJBEBTRVFMFTQFSNJUBO
EFTFNQFvBSTVTGVODJPOFTQSPGFTJPOBMFTTJOOJOH|OUJQPEFIPTUJHBNJFOUP
PJOUJNJEBDJwO³
n &OFMDPOUFYUPEF$PMPNCJBMB0GJDJOBEFM"MUP$PNJTJPOBEPEFMBT
/BDJPOFT6OJEBTQBSBMPT%FSFDIPT)VNBOPTFYIPSUwBM&TUBEP²BBTV
NJSMBSFTQPOTBCJMJEBEEFQSPUFHFSMBWJEBFJOUFHSJEBEEFMPTGJTDBMFT
*ODBMD5VSRVrBEPDDJUQgSS7nBTFBEFNgTFOUSFPUSPT'JOEMBZD3FJOP6OJEPEPDDJUQgSSZ
#SZBODFM3FJOP6OJEPTFOUFODJBEFM5&%)EFEFOPWJFNCSFEF4FSJF"/P"QgSS
$BNQCFMMZ'FMMDFM3FJOP6OJEPEPDDJUQgSS
7nBTFFOUSFPUSPT*ODBMD5VSRVrBEPDDJUQgSSZ'JOEMBZD3FJOP6OJEPEPDDJUQgSS
7nBTF²"UUBDLTPO+VTUJDF"(MPCBM3FQPSUPOUIF*OEFQFOEFODFPG+VEHFTBOE-BXZFST²›FEJDJwO$PNJTJwO
*OUFSOBDJPOBMEF+VSJTUBT(JOFCSB%JTQPOJCMFFOMrOFBFOXXXJDKPSH
3FTPMVDJwOEFMB$PNJTJwOEF%FSFDIPT)VNBOPTQgSSBGPEJTQPTJUJWP
(6Ê"1"3"130'&4*0/"-&4/
KVFDFTGVODJPOBSJPTEFQPMJDrBKVEJDJBMWrDUJNBTZUFTUJHPTTJOWVMOFSBS
DPOFMMPMPTEFSFDIPTGVOEBNFOUBMFTEFMPTQSPDFTBEPT³
%FTEFFMQVOUPEFWJTUBEFMBJOEFQFOEFODJBQFSTPOBMFTGVOEBNFOUBMRVFMPTKVFDFT
OPFTUnOTVCPSEJOBEPTKFSgSRVJDBNFOUFBMQPEFSFKFDVUJWPPMFHJTMBUJWPOJRVFTFBO
FNQMFBEPTDJWJMFTEFDVBMRVJFSBEFFTPTQPEFSFT6OSFRVJTJUPGVOEBNFOUBMEFMB
JOEFQFOEFODJBKVEJDJBMFTRVFMPTKVFDFTBUPEPTMPTOJWFMFTTFBOGVODJPOBSJPTEFM
QPEFSKVEJDJBMZOPFTUnOTVCPSEJOBEPTPSFTQPOEBOBMPTPUSPTQPEFSFTEFM&TUBEP
FTQFDJBMNFOUFBMFKFDVUJWP
n &OFMDBTP'JOEMBZDPOUSBFM3FJOP6OJEPFM5SJCVOBM&VSPQFPEF%FSFDIPT
)VNBOPTDPOTJEFSwRVFFMUSJCVOBMNBSDJBMRVFKV[HwBMTPMJDJUBOUFOPFSB
OJJOEFQFOEJFOUFOJJNQBSDJBMQPSRVFTVTNJFNCSPTFTUBCBOTVCPSEJOBEPT
KFSgSRVJDBNFOUFBVOGVODJPOBSJPEFMQPEFSFKFDVUJWPRVFEFTFNQFvBCB
MBGVODJwOEF²GVODJPOBSJPDPOWPDBOUF³ZEFGJTDBMZRVFFOTVDBMJEBE
EF²GVODJPOBSJPEFDPOGJSNBDJwO³UBNCJnOFTUBCBBVUPSJ[BEPBDBNCJBS
MBDPOEFOBRVFIBCrBTJEPJNQVFTUB
n &M(SVQPEF5SBCBKPEF/BDJPOFT6OJEBTTPCSFMB%FUFODJwO"SCJUSBSJB
DPOTUBUwRVFFMIFDIPEFRVFMBNBZPSrBEFMPTKVFDFTQFSUFOFDJFOUFB
VO5SJCVOBMEF4FHVSJEBEFOMB3FQ|CMJDBEF%KJCPVUJFSBOGVODJPOBSJPT
EFMHPCJFSOPDPOUSBSJBNFOUFBMPEJTQVFTUPQPSFMBSUrDVMPEFM1*%$1
RVFFYJHFRVFMPTUSJCVOBMFTTFBOJOEFQFOEJFOUFT
*OGPSNFEFMB"MUB$PNJTJPOBEBEFMBT/BDJPOFT6OJEBTQBSBMPT%FSFDIPT)VNBOPTTPCSFMB0GJDJOBFO
$PMPNCJB%PDVNFOUPEFMB0/6&$/QgSS7nBTFUBNCJnOFM*OGPSNFEFMB"MUB$PNJTJPOBEB
EFMBT/BDJPOFT6OJEBTTPCSFMPT%FSFDIPT)VNBOPTBMB$PNJTJwOEF%FSFDIPT)VNBOPT%PDVNFOUPEFMB
0/6&$/QgSSFOFMDVBMMB"MUB$PNJTJPOBEBJOWJUwBM(PCJFSOPDPMPNCJBOP²BMBBEPQDJwO
EFNFEJEBTJONFEJBUBTQBSBHBSBOUJ[BSFMQMFOPGVODJPOBNJFOUPEFMBKVTUJDJBFOQBSUJDVMBSBUSBWnTEFMB
QSPUFDDJwOFGJDB[EFMPTGVODJPOBSJPTEFMBSBNBKVEJDJBM<©>³
'JOEMBZD3FJOP6OJEPEPDDJUQgSSB7nBTFUBNCJnO$PZOFD3FJOP6OJEPTFOUFODJBEFM5&%)EF
EFTFQUJFNCSFEF4FSJF7QgSS
(SVQPEF5SBCBKPTPCSFMB%FUFODJwO"SCJUSBSJB0QJOJwO/œ%KJCPVUJ
EFTFQUJFNCSFEF
%PDVNFOUPEFMB0/6&$/
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
n -B$PNJTJwO*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPTDPOTUBUwRVFFMIFDIP
EFRVFVOUSJCVOBMFTUVWJFSBDPOGPSNBEPQPSGVODJPOBSJPTEFMQPEFSFKFDV
UJWPRVFFOFMDBTPQBSUJDVMBSTFUSBUBCBEFPGJDJBMFTNJMJUBSFTFOTFSWJDJP
WJPMBCBFMEFSFDIPBTFSKV[HBEPQPSVOUSJCVOBMJOEFQFOEJFOUF
5PEPTMPT&TUBEPTUJFOFOFMEFCFSEFFTUBCMFDFSMBTTBMWBHVBSEJBTOFDFTBSJBT
QBSBRVFMPTKVFDFTQVFEBOSFTPMWFSDBEBDBVTBEFNBOFSBJOEFQFOEJFOUF%FCFO
SFTQFUBSMBJOEFQFOEFODJBEFMQPEFSKVEJDJBMZBCTUFOFSTFEFJOUFSGFSJSFOTVMBCPS
ZBDBUBSTVTGBMMPT&MQPEFSKVEJDJBMEFCFUFOFSJOEFQFOEFODJBDPNPJOTUJUVDJwO
ZMPTKVFDFTEFCFOHP[BSJOEJWJEVBMNFOUFEFJOEFQFOEFODJBQFSTPOBMEFOUSPEFM
TJTUFNBKVEJDJBMZFOSFMBDJwODPOPUSBTJOTUJUVDJPOFT
$PNJTJwO*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT*OGPSNF/œ$BTPEPDDJUQgSS
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
*NQBSDJBMJEBE
(FOFSBMJEBEFT
&MEFSFDIPBVOKVJDJPKVTUPSFRVJFSFRVFMPTKVFDFTTFBOJNQBSDJBMFT&MEFSFDIP
BTFSKV[HBEPQPSVOUSJCVOBMJOEFQFOEJFOUFJNQMJDBRVFMPTKVFDFTBTrDPNPMPT
NJFNCSPTEFMKVSBEPOPUFOHBOJOUFSFTFTFOKVFHPFOVODBTPQBSUJDVMBSZRVFOP
UFOHBOPQJOJPOFTGPSNBEBTDPOSFTQFDUPBMBTQBSUFT-PTDBTPTTPMPQPESgOEF
DJEJSTF²CBTgOEPTFFOMPTIFDIPTZFODPOTPOBODJBDPOFMEFSFDIPTJOSFTUSJDDJwO
BMHVOB³"UBMFTFGFDUPTFM&TUBEPPUSBTJOTUJUVDJPOFTZMPTQBSUJDVMBSFTUJFOFOMB
PCMJHBDJwOEFBCTUFOFSTFEFQSFTJPOBSPJOEVDJSBMPTKVFDFTBRVFEFDJEBOEFVOB
EFUFSNJOBEBNBOFSBZMPTKVFDFTUJFOFOMBPCMJHBDJwODPSSFMBUJWBEFDPNQPSUBSTFFO
GPSNBJNQBSDJBM-PT1SJODJQJPTCgTJDPTEF/BDJPOFT6OJEBTSFMBUJWPTBMBJOEFQFOEFO
DJBEFMBKVEJDBUVSBFYQMJDJUBOFTUFSFRVJTJUP²<>MPTKVFDFTTFDPOEVDJSgOFOUPEP
NPNFOUPEFNBOFSBRVFQSFTFSWFMBEJHOJEBEEFTVTGVODJPOFTZMBJNQBSDJBMJEBEF
JOEFQFOEFODJBEFMBKVEJDBUVSB³&M$POTFKPEF&VSPQBIBSFJUFSBEPFTUFQSJODJQJP
BMQSFTDSJCJSRVFMPT²<K>VFDFTEFCFOUFOFSMJCFSUBEBCTPMVUBQBSBEFDJEJSDBTPTFO
GPSNBJNQBSDJBMEFBDVFSEPDPOTVDPODJFODJBZTVJOUFSQSFUBDJwOEFMPTIFDIPT
FODVNQMJNJFOUPEFMBTSFHMBTEFMEFSFDIPWJHFOUFT³
&M$PNJUnEF%FSFDIPT)VNBOPTIBBEPQUBEPMBPQJOJwOEFRVFMBJNQBSDJBMJEBEEFM
USJCVOBMZFMDBSgDUFSQ|CMJDPEFMPTQSPDFTPTTPOBTQFDUPTJNQPSUBOUFTEFMEFSFDIP
BVOKVJDJPKVTUPEFOUSPEFMTJHOJ¾DBEPEFMBSUrDVMPJODJTP
n ²-B´JNQBSDJBMJEBEµEFMUSJCVOBMTVQPOFRVFMPTKVFDFTOPEFCFOUFOFS
JEFBTQSFDPODFCJEBTFODVBOUPBMBTVOUPEFRVFFOUJFOEFOZRVFOPEF
CFOBDUVBSEFNBOFSBRVFQSPNVFWBOMPTJOUFSFTFTEFVOBEFMBTQBSUFT
&OMPTDBTPTFORVFMBMFZFTUJQVMBMPTNPUJWPTQBSBSFDVTBSBVOKVF[
DPSSFTQPOEFBMUSJCVOBMDPOTJEFSBSFYPGGJDJPFTPTNPUJWPTZSFFNQMB[BS
BMPTNJFNCSPTEFMUSJCVOBMBMPTRVFTFIBZBSFDVTBEP³
n &M$PNJUnBTJNJTNPTFvBMwRVFFMEFSFDIPBVOUSJCVOBMJNQBSDJBMFTUgFT
USFDIBNFOUFWJODVMBEPBMBTHBSBOUrBTQSPDFTBMFTDPOGFSJEBTBMBEFGFOTB
1PSDPOTJHVJFOUFFOVODBTPFM$PNJUnEJKPRVF²<V>OFMFNFOUPFTFODJBM
1SJODJQJPTCgTJDPTEF/BDJPOFT6OJEBTSFMBUJWPTBMBJOEFQFOEFODJBEFMBKVEJDBUVSB1SJODJQJP
*CJE1SJODJQJP7FSUBNCJnOFM&TUBUVUPEFM+VF[*CFSPBNFSJDBOPRVFFOTVBSUrDVMPFTUBCMFDF²-B
JNQBSDJBMJEBEEFMKVF[FTDPOEJDJwOJOEJTQFOTBCMFQBSBFMFKFSDJDJPEFMBGVODJwOKVSJTEJDDJPOBM²
$POTFKPEF&VSPQB3FDPNFOEBDJwO/P3
1SJODJQJP*E7nBTFUBNCJnOFM1SJODJQJP7C²-PTKVFDFT
EFCFOUFOFSFOQBSUJDVMBSMBTTJHVJFOUFTSFTQPOTBCJMJEBEFT%JSJHJSMPTDBTPTEFNBOFSBJNQBSDJBMEFBDVFSEP
DPOTVFWBMVBDJwOEFMPTIFDIPTZTVDPNQSFOTJwOEFMBMFZQBSBBTFHVSBSRVFUPEBTMBTQBSUFTUFOHBOVOB
BVEJFODJBKVTUBZRVFTFSFTQFUFOMPTEFSFDIPTQSPDFTBMFTEFMBTQBSUFTEFBDVFSEPDPOMBTEJTQPTJDJPOFT
EFM$POWFOJP<&VSPQFPQBSBMB1SPUFDDJwOEFMPT%FSFDIPT)VNBOPTZEFMBT-JCFSUBEFT'VOEBNFOUBMFT>³
$PNJUnEF%FSFDIPT)VNBOPT%JDUBNFOEFMEFPDUVCSFEF$PNVOJDBDJwO"SWP0
,BSUUVOFOD'JOMBOEJB
EPDDJUQgSS
(6Ê"1"3"130'&4*0/"-&4/
EFFTUFEFSFDIP<BVOUSJCVOBMJNQBSDJBM>FTRVFVOBDVTBEPEFCFEJTQPOFS
EFMUJFNQPZMPTNFEJPTBEFDVBEPTQBSBQSFQBSBSTVEFGFOTB³
1PSTVQBSUFMB$PNJTJwO*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPTIBEJDIPRVF²<V>O
USJCVOBMJNQBSDJBMFTVOPEFMPTQSJODJQBMFTFMFNFOUPTEFMBTHBSBOUrBTNrOJNBTFO
MBBENJOJTUSBDJwOEFMBKVTUJDJB³
*NQBSDJBMJEBEBQBSFOUFZWFSEBEFSB
-BJNQBSDJBMJEBEEFVOUSJCVOBMQVFEFEF¾OJSTFDPNPMBBVTFODJBEFQBSDJBMJEBE
BOJNPTJEBEPTJNQBUrBIBDJBDVBMRVJFSBEFMBTQBSUFT4JOFNCBSHPIBZDBTPTFO
MPTRVFFTUBQBSDJBMJEBEOPTFSgNBOJ¾FTUBTJOPTwMPBQBSFOUF&TBFTMBSB[wOQPS
MBDVBMMBJNQBSDJBMJEBEEFMPTUSJCVOBMFTEFCFTFSFYBNJOBEBEFTEFVOBQFSTQFDUJWB
TVCKFUJWBBMJHVBMRVFPCKFUJWB
&M5SJCVOBM&VSPQFPEF%FSFDIPT)VNBOPTIBDFVOBEJTUJODJwOFOUSF²VOFOGPRVF
TVCKFUJWPRVFQSPDVSBFTUBCMFDFSMBDPOWJDDJwOQFSTPOBMEFVOKVF[EBEPFOVOBDBVTB
EBEBZVOFOGPRVFPCKFUJWPRVFCVTDBEFUFSNJOBSTJPGSFDJwTV¾DJFOUFTHBSBOUrBT
QBSBFMJNJOBSUPEBEVEBMFHrUJNBBMSFTQFDUP³&MQSJNFSPEFFTUPTDPODFQUPTFT
EFOPNJOBEPJNQBSDJBMJEBETVCKFUJWBFMTFHVOEPTFEFOPNJOBJNQBSDJBMJEBEPCKFUJWB
6OKVJDJPOPTFSgKVTUPOPTPMBNFOUFTJFMKVF[OPFTJNQBSDJBMTJOPRVFBEFNgTTJ
FMKVF[OPFTQFSDJCJEPDPNPJNQBSDJBM
&M5SJCVOBM&VSPQFPEF%FSFDIPT)VNBOPTUJFOFVOBBNQMJBKVSJTQSVEFODJBFOMBDVBM
FTUPTEPTSFRVJTJUPTEFJNQBSDJBMJEBEFTUgOEF¾OJEPT4FH|OFM5SJCVOBMVOKVF[P
USJCVOBMTPMBNFOUFTFSgODPOTJEFSBEPTJNQBSDJBMFTTJQBTBOMBQSVFCBTVCKFUJWBZ
PCKFUJWB-BQSVFCBTVCKFUJWB²DPOTJTUFFOQSPDVSBSEFUFSNJOBSMBDPOWJDDJwOQFSTP
OBMEFVOKVF[QBSUJDVMBSFOVOBDBVTBEBEB³&TUPJNQMJDBRVF²OJOH|ONJFNCSP
EFVOUSJCVOBMEFCFBCSJHBSQSFKVJDJPTPQBSDJBMJEBEFTQFSTPOBMFT-BJNQBSDJBMJEBE
QFSTPOBMTFQSFTVNFBNFOPTRVFFYJTUBQSVFCBFODPOUSBSJP³&MSFRVJTJUPPCKF
UJWPEFJNQBSDJBMJEBE²DPOTJTUFFOEFUFSNJOBSTJFMKVF[CSJOEwHBSBOUrBTTV¾DJFOUFT
QBSBFMJNJOBSUPEBEVEBMFHrUJNB³DPOSFTQFDUPBTVJNQBSDJBMJEBE&OWJSUVEEFMB
KVSJTQSVEFODJBEFM5SJCVOBMTJBMHVOBEFMBTQSVFCBTOPFTBQSPCBEBFMKVJDJPTFSg
DPOTJEFSBEPJOKVTUP
$PNJUnEF%FSFDIPT)VNBOPT%JDUBNFOEFMEFKVMJPEF$PNVOJDBDJwO#BSSZ4UFQIFO
)BSXBSED/PSVFHB
%PDVNFOUPEFMB0/6$$13$%QgSS7nBTFUBNCJnO%JDUBNFO
EFMEFOPWJFNCSFEF$PNVOJDBDJwO7rDUPS"MGSFEP1PMBZ$BNQPTD1FS|
EPDDJUQgSS
FOMBDVBMFM$PNJUnPQJOwRVF²BTQFDUPGVOEBNFOUBMEFVOKVJDJPKVTUPEFDPOGPSNJEBEDPOFMTJHOJGJ
DBEPEFMBSUrDVMPEFM1BDUP<FT>FMEFRVFFM5SJCVOBMEFCBUBOUPTFSDPNPQBSFDFSTFSJOEFQFOEJFOUFF
JNQBSDJBM³
$*%)*OGPSNF/œ$BTPEPDDJUQgSS
$POSFTQFDUPBFTUBEJTUJODJwOWnBTFFOUSFPUSPT1JFSTBDLD#nMHJDBTFOUFODJBEFM5&%)EFMEFPDUVCSF
EF4FSJF"QgSS
5JFSDFZ0USPTD4BO.BSJOPTFOUFODJBEFM5&%)EFEFKVMJPEF4FSJF*9QgSS
%BLUBSBTD-JUVBOJBTFOUFODJBEFM5&%)EFEFPDUVCSFEF4FSJF9QgSS
1BEPWBOJD*UBMJBTFOUFODJBEFM5&%)EFEFGFCSFSPEF4FSJF"#QgSS
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
n &OFMDBTP%F$VCCFSDPOUSB#nMHJDBFM5SJCVOBMDPOTJEFSwRVFFMFKFSDJDJP
QPSQBSUFEFVOBNJTNBQFSTPOBEFMBGVODJwOEFKVF[EFJOTUSVDDJwOZ
EFKVF[EFMBDBVTBQVFEFHFOFSBSEVEBTMFHrUJNBTBDFSDBEFMBJNQBS
DJBMJEBEEFMUSJCVOBMZDPOTUJUVZFVOBWJPMBDJwOEFMEFSFDIPBTFSKV[HBEP
QPSVOUSJCVOBMJNQBSDJBM"QFTBSEFRVFFM5SJCVOBMOPIBMMwOJOHVOB
SB[wOQBSBEVEBSEFMBJNQBSDJBMJEBEEFMNJFNCSPEFMQPEFSKVEJDJBMRVF
IBCrBSFBMJ[BEPMBJOWFTUJHBDJwOQSFMJNJOBSSFDPOPDJwRVFTVQSFTFODJB
FOFMUSJCVOBMEBCBMVHBSBRVFTFHFOFSBSBOEVEBTMFHrUJNBTQPSQBSUF
EFMQSPDFTBEP
n &OFMDBTP$BTUJMMP"MHBSDPOUSB&TQBvBFM5SJCVOBMDPODMVZwRVFDVBOEPVO
KVF[RVFGPSNVMBVOBBDVTBDJwODPOCBTFFOQSVFCBTTVGJDJFOUFTDPOUSBFM
BDVTBEPDPOUJO|BGPSNBOEPQBSUFEFMUSJCVOBMRVFEFUFSNJOBSgFMNnSJUP
EFMDBTPQVFEFOTVSHJSEVEBTMFHrUJNBTBDFSDBEFMBJNQBSDJBMJEBEEFFTF
USJCVOBMDPOTUJUVZFOEPBTrVOBWJPMBDJwOEFMEFSFDIPBTFSKV[HBEPQPS
VOUSJCVOBMJNQBSDJBM
n &OFMDBTP4WFUMBOB/BVNFOLPD6DSBOJBFM5SJCVOBM&VSPQFPUVWPRVF
EFUFSNJOBSTJMBJNQBSDJBMJEBEEFVOKVF[TFWFrBBGFDUBEBQPSFMIFDIPEF
IBCFSQSFTFOUBEPVOB²QSPUFTUB³RVFGVFQPTUFSJPSNFOUFKV[HBEBQPSVO
USJCVOBMEFMRVFnMGPSNwQBSUB%FBDVFSEPDPOFM5SJCVOBMEJDIBQSgDUJDB
SFTVMUB²JODPNQBUJCMFDPOMB´JNQBSDJBMJEBETVCKFUJWBµEFVOKVF[FOVO
EFUFSNJOBEPDBTPZBRVFOBEJFQVFEFTFSEFNBOEBOUFZKVF[FOTVQSPQJP
DBTP³ZFODPOTFDVFODJBVOBWJPMBDJwOEFMEFSFDIPEFMQFUJDJPOBSJPB
SFDJCJSVOKVJDJPKVTUPQPSQBSUFEFVOUSJCVOBMJOEFQFOEJFOUF
n &O TV *OGPSNF TPCSF %FSFDIPT )VNBOPT Z5FSSPSJTNP MB $PNJTJwO
*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPTBGJSNwRVF²-BJNQBSDJBMJEBE
EFMPTUSJCVOBMFTEFCFTFSFWBMVBEBEFTEFVOBQFSTQFDUJWBTVCKFUJWBZ
PCKFUJWBQBSBHBSBOUJ[BSMBJOFYJTUFODJBEFVOQSFKVJDJPSFBMEFQBSUFEFM
KVF[PFMUSJCVOBMBTrDPNPHBSBOUrBTTVGJDJFOUFTQBSBFWJUBSUPEBEVEB
MFHrUJNBFOFTUFTFOUJEP&TUPTSFRVJTJUPTBTVWF[FYJHFORVFFMKVF[P
FMUSJCVOBMOPBCSJHVFOTFTHPSFBMBMHVOPFOVODBTPFOQBSUJDVMBSZRVF
FMKVF[PFMUSJCVOBMOPTFBOSB[POBCMFNFOUFQFSDJCJEPTDPNPJODMJOBEPT
QPSVOTFTHPEFFTFUJQP³
-B$PNJTJwO"GSJDBOBEF%FSFDIPT)VNBOPTZEFMPT1VFCMPTUBNCJnODPOTJEFSw
FMUFNBEFMBJNQBSDJBMJEBESFBMZBQBSFOUF&OFMDBTPEFM1SPZFDUPEF%FSFDIPT
$POTUJUVDJPOBMFTMB$PNJTJwOEFDJEJwRVFVOUSJCVOBMJOUFHSBEPQPSVOKVF[Z
%F $VCCFS D #nMHJDB TFOUFODJB EFM 5&%) EF EF PDUVCSF EF 4FSJF " QgSS FUTFR
$BTUJMMP"MHBSD&TQBvBTFOUFODJBEFM5&%)EFEFPDUVCSFEF4FSJF7***QgSSB
4WFUMBOB/BVNFOLPD6DSBOJBTFOUFODJBEFM5&%)EFEFOPWJFNCSFEF1FUJDJwOQBSB
$*%)*OGPSNFTPCSF5FSSPSJTNPZ%FSFDIPT)VNBOPTEPDDJUQgSS
(6Ê"1"3"130'&4*0/"-&4/
NJFNCSPTEFMBTGVFS[BTBSNBEBTOPQVFEFTFSDPOTJEFSBEPJNQBSDJBMQPSRVF
²JOEFQFOEJFOUFNFOUFEFMDBSgDUFSEFNJFNCSPTJOEJWJEVBMFTEFUBMFTUSJCVOBMFT
TVDPNQPTJDJwOQPSTrNJTNBDSFBMBBQBSJFODJBEFGBMUBTJOPMBBVTFODJBFGFDUJWB
EFJNQBSDJBMJEBE³
&OFMDPOUFYUPJCFSPBNFSJDBOPFM&TUBUVUPEFM+VF[*CFSPBNFSJDBOPEJTQPOF²-B
JNQBSDJBMJEBEEFMKVF[IBEFTFSSFBMFGFDUJWBZFWJEFOUFQBSBMBDJVEBEBOrB³QPS
MPRVFBEPQUBVOBQPTUVSBTJNJMBSBMBKVSJTQSVEFODJBZEPDUSJOBJOUFSOBDJPOBMFT
TPCSFFMUFNB
&MEFCFSKVEJDJBMEFJOIJCJSTFFOMBDBVTB
&MDPODFQUPEFJNQBSDJBMJEBEDSFBMBPCMJHBDJwODPSSFMBUJWBQBSBMPTKVFDFTEFOPBDUVBS
FODBTPTFOMPTRVFDPOTJEFSBORVFOPQPESgOJNQBSUJSKVTUJDJBDPOJNQBSDJBMJEBEP
DVBOEPMBJNQBSDJBMJEBESFBMQVFEFWFSTFDPNQSPNFUJEB&OFTUPTDBTPTOPEFCFO
FTQFSBSRVFMBTQBSUFTEFMDBTPJNQVHOFOTVJNQBSDJBMJEBEHFOFSBMNFOUFBUSBWnT
EFMSFDVSTPEFSFDVTBDJwO
TJOPRVFEFCFSgOEFDMBSBSTFJNQFEJEPTQBSBDPOPDFS
EFMBDBVTBZEFCFSgOBCTUFOFSTFEFBDUVBSFOFMDBTP
-PT1SJODJQJPTEF#BOHBMPSFTPCSFMB$POEVDUB+VEJDJBMBEPQUBEPTQPSFM(SVQP
+VEJDJBMTPCSF'PSUBMFDJNJFOUPEFMB*OUFHSJEBE+VEJDJBMZEFMPTRVFMB$PNJTJwOEF
%FSFDIPT)VNBOPTEFMB0/6UPNwOPUBJODMVZFOBMBJNQBSDJBMJEBEDPNPVOPEF
MPTWBMPSFTGVOEBNFOUBMFTJOIFSFOUFTBMBGVODJwOKVEJDJBM&M1SJODJQJPFTUBCMFDF
MJOFBNJFOUPTEFUBMMBEPTDPOSFTQFDUPBMPTDBTPTFOMPTDVBMFTMPTKVFDFTEFCFO
JOIJCJSTFEFDPOPDFS
6OKVF[TFEFTDBMJGJDBSgEFQBSUJDJQBSFODVBMRVJFSQSPDFTPFOFMRVFOP
QVFEBEFDJEJSFMBTVOUPFODVFTUJwOEFGPSNBJNQBSDJBMPFOFMRVFQVFEB
QBSFDFSBVOPCTFSWBEPSSB[POBCMFRVFFMKVF[FTJODBQB[EFEFDJEJSFMBTVOUP
JNQBSDJBMNFOUF-PTDJUBEPTQSPDFTPTJODMVJSgOTJOgOJNPEFFYIBVTUJWJEBE
TJUVBDJPOFTFOMBTRVF
&MKVF[UFOHBSFBMNFOUFQSFEJTQPTJDJwOPQSFKVJDJPTQBSBDPOVOBQBS
UFPQPTFBDPOPDJNJFOUPTQFSTPOBMFTTPCSFMPTIFDIPTQSPCBUPSJPT
DPOUSPWFSUJEPTSFMBUJWPTBMQSPDFTP
&MKVF[IBZBBDUVBEPQSFWJBNFOUFDPNPBCPHBEPPDPNPUFTUJHP
NBUFSJBMFOFMBTVOUPDPOUSPWFSUJEP
5IF$POTUJUVUJPOBM3JHIUT1SPKFDUD/JHFSJB$PNJTJwO"GSJDBOBEF%FSFDIPT)VNBOPTZEFMPT1VFCMPT
$PNVOJDBDJwO/P
QgSS
&OTVBSUrDVMPFM&TUBUVUPEFM+VF[*CFSPBNFSJDBOPFTUBCMFDF²-PTKVFDFTUJFOFOMBPCMJHBDJwOEFTFQBSBSTF
EFMBUSBNJUBDJwOZDPOPDJNJFOUPEFBTVOUPTFOMPTRVFUFOHBOBMHVOBSFMBDJwOQSFWJBDPOFMPCKFUPEFM
QSPDFTPQBSUFTPJOUFSFTBEPTFOFMNJTNPFOMPTUnSNJOPTQSFWJTUPTFOMBMFZ²
$PNJTJwOEF%FSFDIPT)VNBOPT3FTPMVDJwO
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
&MKVF[PBMH|ONJFNCSPEFTVGBNJMJBUFOHBVOJOUFSnTFDPOwNJDP
FOFMSFTVMUBEPEFMBTVOUPTVKFUPBDPOUSPWFSTJB
-PBOUFSJPSUFOJFOEPFODVFOUBRVFOPTFSgOFDFTBSJBMBEFTDBMJGJDB
DJwOEFVOKVF[TJOPQVFEFDPOTUJUVJSTFPUSPUSJCVOBMQBSBDPOPDFS
EFMDBTPPDVBOEPQPSDJSDVOTUBODJBTVSHFOUFTMBOPQBSUJDJQBDJwO
EFMKVF[QVFEFQSPEVDJSVOBEFOFHBDJwOEFKVTUJDJBHSBWF
-PT1SJODJQJPTZ%JSFDUSJDFTTPCSFFM%FSFDIPBVO+VJDJP+VTUPZBMB"TJTUFODJB+VSrEJDB
FOÇGSJDBDPOUJFOFODSJUFSJPTEFUBMMBEPTQBSBEFUFSNJOBSMBJNQBSDJBMJEBEEFVOUSJ
CVOBMZMBTTJUVBDJPOFTFTQFDr¾DBTFOMPTDVBMFTMBJNQBSDJBMJEBETFWFSrBTPDBWBEB
&OUSFFTUBT|MUJNBTMB$PNJTJwO"GSJDBOBIBJODMVJEPDBTPTUBMFTDPNPFMVOFY¾TDBM
PSFQSFTFOUBOUFMFHBMRVFBDUVwDPNPGVODJPOBSJPKVEJDJBMFOVODBTPFOFMRVFBDVTw
PSFQSFTFOUwBVOBQBSUFZFMEFVOGVODJPOBSJPKVEJDJBMRVFBDUVwDPNPNJFNCSP
EFVOUSJCVOBMEFBQFMBDJPOFTFOVODBTPFORVFEFDJEJwPQBSUJDJQwFOMBQSJNFSB
JOTUBODJB4JTFEBDVBMRVJFSBEFMBTDJSDVOTUBODJBTEFTDSJUBTFOMBT%JSFDUSJDFTFM
GVODJPOBSJPKVEJDJBMUFOESgMBPCMJHBDJwOEFBQBSUBSTFEFMDBTP
&M5SJCVOBM&VSPQFPEF%FSFDIPT)VNBOPTIBEFUFSNJOBEPRVF²DVBMRVJFSKVF[DPO
SFTQFDUPBRVJFOFYJTUBVOBSB[wOMFHrUJNBQBSBEVEBSEFTVJNQBSDJBMJEBEEFCF
SFUJSBSTFEFMDBTP³
-BJNQBSDJBMJEBEEFVOUSJCVOBMQVFEFEFGJOJSTFDPNPMBBVTFODJBEFQBSDJBMJEBE
BOJNPTJEBEPTJNQBUrBIBDJBDVBMRVJFSBEFMBTQBSUFT-PTUSJCVOBMFTEFCFOTFS
JNQBSDJBMFTZQBSFDFSJNQBSDJBMFT1PSMPUBOUPMPTKVFDFTUJFOFOMBPCMJHBDJwO
EFBQBSUBSTFEFMPTDBTPTFOMPTRVFIBZBNPUJWPTTVGJDJFOUFTQBSBQPOFSFO
EVEBTVJNQBSDJBMJEBE
1SJODJQJPTEF#BOHBMPSFTPCSFMB$POEVDUB+VEJDJBMBEPQUBEPTQPSFM(SVQP+VEJDJBMTPCSF'PSUBMFDJNJFOUP
EFMB*OUFHSJEBE+VEJDJBMTFH|ONPEJGJDBDJwOEFMB3FVOJwOEF.FTB3FEPOEBEF1SFTJEFOUFTEF5SJCVOBMFT
4VQFSJPSFTFO-B)BZB
1SJODJQJPTZ%JSFDUSJDFTSFMBUJWPTFM%FSFDIPBVO+VJDJP+VTUPZBMB"TJTUFODJB+VSrEJDBFOÇGSJDB1SJODJQJP"
QgSS
*OESBD4MPWBLJBTFOUFODJBEFM5&%)EFEFGFCSFSPEF1FUJDJwOQBSB
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
"VUPOPNrBGJOBODJFSBZSFDVSTPTTVGJDJFOUFT
(FOFSBMJEBEFT
&MQPEFSKVEJDJBMOFDFTJUBSFDVSTPTBEFDVBEPTQBSBEFTFNQFvBSTVTGVODJPOFTEF
NBOFSBBQSPQJBEB$PNPVOPEFMPTUSFTQPEFSFTEFM&TUBEPFMQPEFSKVEJDJBMSF
DJCFTVTSFDVSTPTEFMQSFTVQVFTUPOBDJPOBMRVFIBCJUVBMNFOUFFTUgEFUFSNJOBEP
QPSFMQPEFSMFHJTMBUJWPPFKFDVUJWP&TFTFODJBMRVFRVJFOFTFMBCPSBOZBQSVFCBO
FMQSFTVQVFTUPEFM&TUBEPUFOHBOFODVFOUBMBTOFDFTJEBEFTEFMQPEFSKVEJDJBM-B
BTJHOBDJwOEFSFDVSTPTJOBEFDVBEPTQVFEFOIBDFSRVFFMQPEFSKVEJDJBMTFBWVMOFSB
CMFBMBDPSSVQDJwOMPDVBMQPESrBSFTVMUBSFOFMEFCJMJUBNJFOUPEFTVJOEFQFOEFODJB
FJNQBSDJBMJEBE"MEFUFSNJOBSMPTSFDVSTPTEFTUJOBEPTBMQPEFSKVEJDJBMTFEFCF
DPOTVMUBSBKVFDFTPBTPDJBDJPOFTEFKVFDFT
0USPGBDUPSRVFTPDBWBMBJOEFQFOEFODJBFJNQBSDJBMJEBEEFMQPEFSKVEJDJBMFTMBGBMUB
EFQBSUJDJQBDJwOEFMQPEFSKVEJDJBMFOMBFMBCPSBDJwOEFTVQSFTVQVFTUP&TUPTFEFCF
BMIFDIPEFRVFVOBEFMBTGPSNBTNgTDPNVOFTZF¾DBDFTEFDPOUSPMBSDVBMRVJFS
JOTUJUVDJwOFTNFEJBOUFMBSFTUSJDDJwOEFTVT¾OBO[BT:BRVFMBTPUSBTSBNBTEFM
QPEFSQ|CMJDPPJOTUJUVDJPOFTEFM&TUBEPFKFSDFOVOBJNQPSUBOUFJO¿VFODJBFOMB
BTJHOBDJwOZBENJOJTUSBDJwOEFMPTSFDVSTPTPUPSHBEPTBMQPEFSKVEJDJBMFYJTUFVOB
QPTJCJMJEBESFBMEFJO¿VJSFOMPTSFTVMUBEPTEFDBTPTQBSUJDVMBSNFOUFTFOTJCMFTMP
RVFQPESrBJNQMJDBSVOBUBRVFBMBJOEFQFOEFODJBEFMQPEFSKVEJDJBM1BSBQSFWFOJSUBM
TJUVBDJwOWBSJPT&TUBEPTIBODSFBEPEFOUSPEFMQPEFSKVEJDJBMPSHBOJTNPTBDBSHP
EFBENJOJTUSBSMPTSFDVSTPTKVEJDJBMFTQBSBGPSUBMFDFSEFFTUFNPEPMBBVUPOPNrB
EFMwSHBOPKVEJDJBM
n -B$PNJTJwO*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPTIBDPOTJEFSBEP
RVFMBBVUPOPNrBJOTUJUVDJPOBMEFMQPEFSKVEJDJBMJODMVJEPTTVHFTUJwO
BENJOJTUSBDJwOZGJOBODJBNJFOUPTPO²BUSJCVUPTFTFODJBMFTFJOEJTQFO
TBCMFTQBSBNBOUFOFSFMFRVJMJCSJPEFQPEFSOFDFTBSJPFOVOBTPDJFEBE
EFNPDSgUJDB³
n &OWBSJBTPDBTJPOFTFM$PNJUnEF%FSFDIPT)VNBOPTIBJOTUBEPBMPT
&TUBEPTBQSPWFFSSFDVSTPTTVGJDJFOUFTBMQPEFSKVEJDJBMDPNPVONFEJP
QBSBBTFHVSBSTVJOEFQFOEFODJB
n &M$PNJUnEF%FSFDIPT)VNBOPTFYQSFTwTVQSFPDVQBDJwOQPSMBCBKB
SFNVOFSBDJwOEFMPTKVFDFTZWJODVMwUBMTJUVBDJwOBIFDIPTEFDPSSVQDJwO
7nBTF1PMJDZ'SBNFXPSLGPS1SFWFOUJOHBOE&MJNJOBUJOH$PSSVQUJPOBOE&OTVSJOHUIF*NQBSUJBMJUZPGUIF
+VEJDJBM4ZTUFN$FOUSPQBSBMB*OEFQFOEFODJBEF+VFDFTZ"CPHBEPTEFMB$PNJTJwO*OUFSOBDJPOBMEF+VSJTUBT
$*+-
$*+-:FBSCPPLQFUTFR
$*%)4FHVOEP*OGPSNFTPCSFMB4JUVBDJwOEFMPT%FSFDIPT)VNBOPTFO1FS|%PDVNFOUPEFMB0&"0&"
4FS-7**%PDSFW$BQrUVMP**²"ENJOJTUSBDJwOEFKVTUJDJBZ&TUBEPEF%FSFDIP³QgSS
7FSQPSFKFNQMP0CTFSWBDJPOFT'JOBMFTEFM$PNJUnEF%FSFDIPT)VNBOPT3FQ|CMJDB$FOUSPBGSJDBOB
%PDVNFOUPEFMB0/6$$13$$"'$0QgSS
(6Ê"1"3"130'&4*0/"-&4/
&ODPOTFDVFODJBSFDPNFOEwFMFTUBCMFDJNJFOUPEFHBSBOUJ[BSDPOEJDJP
OFTBEFDVBEBTBMPTKVFDFTZGJTDBMFTMPDBMFTQBSBQSPUFHFSMPTDPOUSBMB
DPSSVQDJwO
n &OFMDBTPEFM$POHPFM$PNJUnFYQSFTwTVQSFPDVQBDJwOQPSMB²FYJHVB
SFNVOFSBDJwO<QFSDJCJEBQPSMPTKVFDFT>ZQPSMBDPOTJHVJFOUFDPSSVQDJwO
BMBRVFGSFDVFOUFNFOUFEBMVHBS³
/PSNBTJOUFSOBDJPOBMFTTPCSFBVUPOPNrBGJOBODJFSB
7BSJPTJOTUSVNFOUPTJOUFSOBDJPOBMFTSFDPOPDFOMBOFDFTJEBEEFMQPEFSKVEJDJBMEF
SFDJCJSTV¾DJFOUFTGPOEPT1PSFKFNQMPMPT1SJODJQJPTCgTJDPTEF/BDJPOFT6OJEBT
SFMBUJWPTBMBJOEFQFOEFODJBEFMBKVEJDBUVSBFTUBCMFDFORVF²$BEB&TUBEP.JFNCSP
QSPQPSDJPOBSgSFDVSTPTBEFDVBEPTQBSBRVFMBKVEJDBUVSBQVFEBEFTFNQFvBSEFCJ
EBNFOUFTVTGVODJPOFT³-B$BSUBFVSPQFBTPCSFFMFTUBUVUPEFMPTKVFDFTFTUJQVMB
RVF²FM&TUBEPUJFOFFMEFCFSEFBTFHVSBSRVFMPTKVFDFTUFOHBOMPTNFEJPTOFDFTB
SJPTQBSBDVNQMJSTVTUBSFBTBEFDVBEBNFOUFZFOQBSUJDVMBSEFDJEJSDBTPTEFOUSPEF
VOQMB[PSB[POBCMF³-PT1SJODJQJPTEF#FJKJOHUBNCJnOSFDPOPDFOFTUFSFRVJTJUP
BMFTUBCMFDFSRVF²&TFTFODJBMRVFMPTKVFDFTSFDJCBOMPTSFDVSTPTOFDFTBSJPTQBSB
QPEFSEFTFNQFvBSTVTGVODJPOFT³
-BT%JSFDUSJDFTEF-BUJNFS)PVTFBQSPCBEBTQPSKVFDFTQFSUFOFDJFOUFTBMPTQBrTFTEFM
$PNNPOXFBMUIDPOUJFOFOVOBEJTQPTJDJwOEFUBMMBEBTBDFSDBEFM¾OBODJBNJFOUP
²4FEFCFQSPQPSDJPOBSGJOBODJBNJFOUPTVGJDJFOUFZTPTUFOJEPQBSBQFSNJUJS
RVFFMQPEFSKVEJDJBMEFTFNQFvFTVTGVODJPOFTEFBDVFSEPDPOMPTFTUgOEBSFT
NgTBMUPT%JDIPGJOBODJBNJFOUPVOBWF[BQSPCBEPQPSFMQPEFSMFHJTMBUJWP
QBSBFMQPEFSKVEJDJBMEFCFTFSQSPUFHJEPEFMBFOBKFOBDJwOPNBMBVUJMJ[BDJwO
-BBTJHOBDJwOPSFUFODJwOEFMGJOBODJBNJFOUPOPEFCFTFSVUJMJ[BEPDPNP
NFEJPEFFKFSDFSVODPOUSPMJOEFCJEPTPCSFMBKVEJDBUVSB³
&OFMDPOUFYUPBGSJDBOPMPT1SJODJQJPTZ%JSFDUSJDFTTPCSFFM%FSFDIPBVO+VJDJP+VTUP
FOÇGSJDBFTUBCMFDFORVFMPT²-PT&TUBEPTPUPSHBSgOBMPTwSHBOPTKVEJDJBMFTMPT
0CTFSWBDJPOFT'JOBMFTEFM$PNJUnEF%FSFDIPT)VNBOPT,PTPWP4FSCJB
%PDVNFOUPEFMB0/6$$13$
6/,$0QgSS7FSUBNCJnOMBT0CTFSWBDJPOFT'JOBMFTEFM$PNJUnEF%FSFDIPT)VNBOPT5BZJLJTUgO
%PDVNFOUPEFMB0/6$$13$05+,QgSS
0CTFSWBDJPOFT'JOBMFTEFM$PNJUnEF%FSFDIPT)VNBOPT3FQ|CMJDB%FNPDSgUJDBEFM$POHP%PDVNFOUP
EFMB0/6$$13$$0%$0QgSS
1SJODJQJPTCgTJDPTEF/BDJPOFT6OJEBTSFMBUJWPTBMBJOEFQFOEFODJBEFMBKVEJDBUVSB1SJODJQJP
$POTFKPEF&VSPQB$BSUBFVSPQFBTPCSFFMFTUBUVUPEFMPTKVFDFT%"+%0$
QgSSBGPEJTQPTJUJWP
%FDMBSBDJwOEF1SJODJQJPTEF#FJKJOHSFMBUJWPTBMBJOEFQFOEFODJBEFMBKVEJDBUVSBFOMB3FHJwOEF-"8"4*"
QgSSBGPEJTQPTJUJWP7nBTFUBNCJnOMB3FDPNFOEBDJwO/P3
EFM$PNJUnEF.JOJTUSPTEFM$POTFKP
EF&VSPQB1SJODJQJP***
%JSFDUSJDFTEF-BUJNFS)PVTFQBSBFM$PNNPOXFBMUITPCSF4VQSFNBDrB1BSMBNFOUBSJBF*OEFQFOEFODJB
+VEJDJBMBEPQUBEBTFMEFKVOJPEF%JSFDUSJ[**
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
SFDVSTPTBEFDVBEPTQBSBFMEFTFNQFvPEFTVTGVODJPOFT&MQPEFSKVEJDJBMTFSgDPO
TVMUBEPDPOSFTQFDUPBMBQSFQBSBDJwOEFMQSFTVQVFTUPZTVJNQMFNFOUBDJwO³
"TJNJTNPFM&TUBUVUPEFM+VF[*CFSPBNFSJDBOPEJTQPOFRVF²&M&TUBEPHBSBOUJ[BSg
MBJOEFQFOEFODJBFDPOwNJDBEFM1PEFS+VEJDJBMNFEJBOUFMBBTJHOBDJwOEFMQSFTV
QVFTUPBEFDVBEPQBSBDVCSJSTVTOFDFTJEBEFTZBUSBWnTEFMEFTFNCPMTPPQPSUVOP
EFMBTQBSUJEBTQSFTVQVFTUBSJBT³
7BMFMBQFOBTFvBMBSRVFMBTOPSNBTJOUFSOBDJPOBMFTQFSNJUFORVFDBEB&TUBEP
EFUFSNJOFMBNFKPSNBOFSBEFHBSBOUJ[BSRVFFMQPEFSKVEJDJBMSFDJCBMPTGPOEPT
BEFDVBEPT%FCJEPBRVFVOBEFDVBEP¾OBODJBNJFOUPDPOTUJUVZFVOFMFNFOUP
FTFODJBMEFMBJOEFQFOEFODJBEFMQPEFSKVEJDJBMFTUFQSJODJQJPEFCFFTUBSJODMVJEP
FOFMTJTUFNBKVSrEJDPEFDBEBQBrTQSFGFSFOUFNFOUFFOMBDPOTUJUVDJwO1BSBDVN
QMJSDPOFTUFSFRVJTJUPDJFSUBTDPOTUJUVDJPOFTJODMVZFOVOBEJTQPTJDJwONFEJBOUF
MBDVBMFTUJQVMBORVFVOQPSDFOUBKF¾KPEFMQSFTVQVFTUPEFCFSgTFSBTJHOBEPBMB
BENJOJTUSBDJwOEFKVTUJDJB
"MHVOPTQBrTFTFTQFDJBMNFOUFBRVFMMPTFOWrBTEFEFTBSSPMMPDPOEJ¾DVMUBEFTQBSB
QSPQPSDJPOBSBMQPEFSKVEJDJBMMPTSFDVSTPTRVFnTUFDPOTJEFSBOFDFTBSJPTQBSBFM
EFTFNQFvPBEFDVBEPEFTVTGVODJPOFT4PCSFFTUFUFNBMPT1SJODJQJPTEF#FJKJOH
FTUJQVMBORVF
²$VBOEPMBTSFTUSJDDJPOFTFDPOwNJDBTEJGJDVMUFOMBBTJHOBDJwOEFJOTUBMBDJP
OFTZSFDVSTPTRVFMPTKVFDFTDPOTJEFSFOBEFDVBEPTQBSBEFTFNQFvBSTVT
GVODJPOFTFMNBOUFOJNJFOUPFTFODJBMEFMFTUBEPEFEFSFDIPZMBQSPUFDDJwO
EFMPTEFSFDIPTIVNBOPTSFRVJFSFORVFTFEnNgYJNBQSJPSJEBEBMBTOFDF
TJEBEFTEFMBKVEJDBUVSBFOMBBTJHOBDJwOEFSFDVSTPT³
1SJODJQJPTZ%JSFDUSJDFTSFMBUJWPTFM%FSFDIPBVO+VJDJP+VTUPZBMB"TJTUFODJB+VSrEJDBFOÇGSJDBEPDDJU
QgSSBGP"W
7nBTFUBNCJnOFM&TUBUVUP6OJWFSTBMEFM+VF[BSUrDVMP
&TUBUVUPEFM+VF[*CFSPBNFSJDBOPBSUrDVMP
7nBTFMPT1SJODJQJPTCgTJDPTEF/BDJPOFT6OJEBTSFMBUJWPTBMBJOEFQFOEFODJBEFMBKVEJDBUVSBRVFSFRVJFSFO
RVFMPT&TUBEPTHBSBOUJDFOMBJOEFQFOEFODJBEFMBKVEJDBUVSBZMBDPOTBHSFOFOMB$POTUJUVDJwOPMFHJTMBDJwO
OBDJPOBM1SJODJQJP
%FDMBSBDJwOEF1SJODJQJPTEF#FJKJOHSFMBUJWPTBMBJOEFQFOEFODJBEFMBKVEJDBUVSBFOMB3FHJwOEF-"8"4*"
EPDDJUQgSSBGPEJTQPTJUJWP
(6Ê"1"3"130'&4*0/"-&4/
6OSFRVJTJUPBEJDJPOBMDPOSFMBDJwOBMBBVUPOPNrB¾OBODJFSBFTUBCMFDFRVFFMQPEFS
KVEJDJBMEFCFTFSBVUwOPNPQBSBEFDJEJSDwNPBTJHOBSMPTSFDVSTPT"MSFTQFDUPUPEBT
MBTEFNgTJOTUJUVDJPOFTEFCFOBCTUFOFSTFEFJOUFSGFSJSDPOMBGPSNBFORVFFMQPEFS
KVEJDJBMEJTQPOFEFMPTSFDVSTPTRVFMFTPOBTJHOBEPT"QFTBSEFRVFFMNPEPFO
RVFHBTUBOMPTSFDVSTPTFTVOBTVOUPJOUFSOPEFMQPEFSKVEJDJBMFTBSBNBEFMQPEFS
FTSFTQPOTBCMFBOUFMBTEFNgTNFEJBOUFFMTJTUFNBEFGSFOPTZDPOUSBQFTPT
&MQPEFSKVEJDJBMEFCFFTUBSEFCJEBNFOUFGJOBODJBEPQBSBEFTFNQFvBSTVTGVODJP
OFT-PT&TUBEPTUJFOFOMBPCMJHBDJwOEFHBSBOUJ[BSFTUFSFRVJTJUPQSFGFSFOUFNFOUF
NFEJBOUFMBMFHJTMBDJwO-BQBSUJDJQBDJwOKVEJDJBMFOMBEFMJOFBDJwOEFMQSFTVQVFTUP
DPOTUJUVZFVOBHBSBOUrBJNQPSUBOUFDPOUSBFMGJOBODJBNJFOUPJOTVGJDJFOUF"QFTBS
EFRVFFMQPEFSKVEJDJBMHP[BEFBVUPOPNrBGJOBODJFSBEFCFSFTQPOEFSBOUFMBT
PUSBTSBNBTEFMQPEFSQPSMBNBMBVUJMJ[BDJwOEFMPTGPOEPT
&OJOHMnT²DIFDLTBOECBMBODFT³
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
-JCFSUBEFTGVOEBNFOUBMFT
(FOFSBMJEBEFT
&M1SJODJQJPEFMPT1SJODJQJPTCgTJDPTEF/BDJPOFT6OJEBTSFMBUJWPTBMBJOEFQFO
EFODJBEFMBKVEJDBUVSBEJTQPOFRVF
²&ODPOTPOBODJBDPOMB%FDMBSBDJwO6OJWFSTBMEF%FSFDIPT)VNBOPTZBM
JHVBMRVFMPTEFNgTDJVEBEBOPTMPTNJFNCSPTEFMBKVEJDBUVSBHP[BSgOEF
MBTMJCFSUBEFTEFFYQSFTJwODSFFODJBTBTPDJBDJwOZSFVOJwODPOMBTBMWFEBE
EFRVFFOFMFKFSDJDJPEFFTPTEFSFDIPTMPTKVFDFTTFDPOEVDJSgOFOUPEP
NPNFOUPEFNBOFSBRVFQSFTFSWFMBEJHOJEBEEFTVTGVODJPOFTZMBJNQBS
DJBMJEBEFJOEFQFOEFODJBEFMBKVEJDBUVSB³
&TUBEJTQPTJDJwOSFB¾SNBMBJNQPSUBODJBEFFTUBTMJCFSUBEFTDPNPNFEJPQBSB
RVFMPTKVFDFTQSPUFKBOTVJOEFQFOEFODJB$PNPMPFTUBCMFDFFMQSJODJQJPPUSPT
DJVEBEBOPTUBNCJnOHP[BOEFFTUBTMJCFSUBEFTZMBTNJTNBTTPOSFDPOPDJEBTQPS
MPTNgTJNQPSUBOUFTUSBUBEPTJOUFSOBDJPOBMFTEFEFSFDIPTIVNBOPT4JOFNCBSHP
EFCJEPBRVFMPTKVFDFTTPOHBSBOUFTFTFODJBMFTEFMPTEFSFDIPTIVNBOPTZEFM
FTUBEPEFEFSFDIPFTUBTMJCFSUBEFTUJFOFOVOBJNQPSUBODJBBEJDJPOBM&OQBSUJDVMBS
MBMJCFSUBEEFBTPDJBDJwOZEFFYQSFTJwOTPOGVOEBNFOUBMFTQBSBFMEFTFNQFvPEF
TVTGVODJPOFT
-JCFSUBEEFBTPDJBDJwO
-BTBTPDJBDJPOFTEFKVFDFTKVFHBOVOQBQFMFTFODJBMFOHBSBOUJ[BSFMSFTQFUPEFMB
JOEFQFOEFODJBEFMQPEFSKVEJDJBMZEFMFTUBEPEFEFSFDIP&TUBTBTPDJBDJPOFTSF|OFO
BMPTKVFDFTZMFTQFSNJUFOPSHBOJ[BSTFQBSBEFGFOEFSTVJOEFQFOEFODJBZMBEFMB
QSPGFTJwOKVEJDJBMEFVONPEPNgTF¾DB[
"UBMFGFDUPMBT%JSFDUSJDFTEF-BUJNFS)PVTFFTUBCMFDFORVF²6OBQSPGFTJwOKVSrEJDB
JOEFQFOEJFOUFZPSHBOJ[BEBFTVOFMFNFOUPFTFODJBMQBSBMBQSPUFDDJwOEFMFTUBEP
EFEFSFDIP³-B$BSUBFVSPQFBTPCSFFMFTUBUVUPEFMPTKVFDFTSFDPOPDFMBGVODJwO
GVOEBNFOUBMRVFEFTFNQFvBOMBTBTPDJBDJPOFTEFMPTKVFDFTBMFTUBCMFDFSRVF
²-BTPSHBOJ[BDJPOFTQSPGFTJPOBMFTFTUBCMFDJEBTQPSMPTKVFDFTZBMBTRVF
UPEPTMPTKVFDFTQVFEFOBEIFSJSMJCSFNFOUFDPOUSJCVZFOOPUBCMFNFOUFBMB
EFGFOTBEFMPTEFSFDIPTDPOGFSJEPTBMPTNJTNPTFOTVFTUBUVUPFOQBSUJDVMBS
7nBTFFOUnSNJOPTTJNJMBSFTMPT1SJODJQJPTEF#BOHBMPSFTPCSFMB$POEVDUB+VEJDJBM1SJODJQJPZMPT
1SJODJQJPTZ%JSFDUSJDFTSFMBUJWPTFM%FSFDIPBVO+VJDJP+VTUPZBMB"TJTUFODJB+VSrEJDBFOÇGSJDB1SJODJQJP"
QgSSBGPT
%JSFDUSJDFTEF-BUJNFS)PVTF%JSFDUSJ[7**7nBTFUBNCJnOFMBSUrDVMPEFM&TUBUVUP6OJWFSTBMEFM+VF[²&M
EFSFDIPEFBTPDJBDJwOQSPGFTJPOBMEFMKVF[EFCFTFSSFDPOPDJEPQBSBQFSNJUJSBMPTKVFDFTTFSDPOTVMUBEPT
GVOEBNFOUBMNFOUFTPCSFMBEFUFSNJOBDJwOEFTVTOPSNBTFTUBUVUBSJBTnUJDBTVPUSBTMPTSFDVSTPTEFMB
KVTUJDJBZQBSBQFSNJUJSBTFHVSBSMBEFGFOTBEFTVTJOUFSFTFTMFHrUJNPT³
(6Ê"1"3"130'&4*0/"-&4/
DPOSFMBDJwOBMBTBVUPSJEBEFTZwSHBOPTJOWPMVDSBEPTFOMBTEFDJTJPOFTRVF
MPTBUBvFO³
&M$POTFKPEF&VSPQBUBNCJnOIBSFDPOPDJEPMBMJCFSUBEEFBTPDJBDJwOEFMPTKVFDFTFO
MB3FDPNFOEBDJwO/P3
²-PTKVFDFTEFCFOTFSMJCSFTEFGPSNBSBTPDJBDJPOFT
RVFZBTFBQPSDVFOUBQSPQJBPDPOPUSPPSHBOJTNPUFOHBOMBUBSFBEFQSPUFHFSTV
JOEFQFOEFODJBZTVTJOUFSFTFT³-PT1SJODJQJPTEF#FJKJOHUBNCJnOSFDPOPDFOFTUB
MJCFSUBEDVBOEPFTUBCMFDFORVF²-PTKVFDFTTFSgOMJCSFTEFBDVFSEPDPODVBMRVJFS
MFZBQMJDBCMFEFGPSNBSPJOUFHSBSVOBBTPDJBDJwORVFSFQSFTFOUFTVTJOUFSFTFTZ
QSPNVFWBTVDBQBDJUBDJwOQSPGFTJPOBMZUPNFMBTNFEJEBTOFDFTBSJBTQBSBQSPUFHFS
TVJOEFQFOEFODJBTFH|ODPSSFTQPOEB³
-PT1SFTJEFOUFTEFMPTNgTBMUPTUSJCVOBMFTEF*CFSP"NnSJDBSFDPOPDJFSPOFTUFEFSF
DIPFOFM&TUBUVUPEFM+VF[*CFSPBNFSJDBOPEPOEFTFEJTQPOFRVF²-BJNQBSDJBMJEBE
FTDPNQBUJCMFDPOFMSFDPOPDJNJFOUPEFMBMJCFSUBEEFBTPDJBDJwOEFMPTKVFDFTTBMWP
MBTFYDFQDJPOFTRVFFTUBCMF[DBMB$POTUJUVDJwOPMFHJTMBDJwOEFDBEBQBrT³
-JCFSUBEEFFYQSFTJwO
-BMJCFSUBEEFFYQSFTJwOUBNCJnOFTWJUBMQBSBMBGVODJwOEFMKVF[$PNPHBSBOUFT
EFMFTUBEPEFEFSFDIPZQBSUFJOUFHSBMEFMBDPNVOJEBEKVSrEJDBMPTKVFDFTEFCFO
OFDFTBSJBNFOUFQBSUJDJQBSFOFMEFCBUFEFMBTSFGPSNBTZPUSPTBTVOUPTKVSrEJDPT
.gTBMMgEFMSFDPOPDJNJFOUPHFOFSBMRVFSFDJCFFOMPTQSJODJQBMFTUSBUBEPTJOUFSOB
DJPOBMFTEFEFSFDIPTIVNBOPTFMEFSFDIPBMBMJCFSUBEEFFYQSFTJwOFTUgJODMVJEP
FOVOBTFSJFEFJOTUSVNFOUPTFTQFDr¾DPTSFMBDJPOBEPTDPOMBJOEFQFOEFODJBEFM
QPEFSKVEJDJBMQBSUJDVMBSNFOUFFOFM1SJODJQJPEFMPT1SJODJQJPTCgTJDPTSFMBUJWPT
BMBJOEFQFOEFODJBEFMBKVEJDBUVSB
4JOFNCBSHPFTUFEFSFDIPOPFTBCTPMVUPTJOPRVFFTUgTVKFUPBDJFSUBTMJNJUBDJP
OFTJOIFSFOUFTBMBGVODJwOKVEJDJBM&OFMDBTPEFMPTKVFDFTFMFKFSDJDJPJSSFTUSJDUP
EFMEFSFDIPBMBMJCFSUBEEFFYQSFTJwOQVFEFDPNQSPNFUFSTVJOEFQFOEFODJBP
JNQBSDJBMJEBEQPSFKFNQMPTJSFWFMBOJOGPSNBDJwOTPCSFVODBTPFTQFDr¾DPBVOB
EFMBTQBSUFTPBMPTNFEJPT%FNPEPRVFMPTKVFDFTEFCFOBCTUFOFSTFEFTPDBWBS
$BSUBFVSPQFBTPCSFFMFTUBUVUPEFMPTKVFDFTQgSSBGPEJTQPTJUJWP7nBTFUBNCJnOFM1SJODJQJPEFMPT
1SJODJQJPTCgTJDPTEF/BDJPOFT6OJEBTSFMBUJWPTBMBJOEFQFOEFODJBEFMBKVEJDBUVSB²-PTKVFDFTHP[BSgO
EFMEFSFDIPBDPOTUJUVJSBTPDJBDJPOFTEFKVFDFTVPUSBTPSHBOJ[BDJPOFTRVFUFOHBOQPSPCKFUPSFQSFTFOUBS
TVTJOUFSFTFTQSPNPWFSTVGPSNBDJwOQSPGFTJPOBMZEFGFOEFSMBJOEFQFOEFODJBKVEJDJBMBTrDPNPFMEFSFDIP
BBGJMJBSTFBFMMBT³
3FDPNFOEBDJwO/P3
1SJODJQJP*7
%FDMBSBDJwOEF1SJODJQJPTEF#FJKJOHSFMBUJWPTBMBJOEFQFOEFODJBEFMBKVEJDBUVSBFOMB3FHJwOEF-"8"4*"
QgSSBGPEJTQPTJUJWP7nBTFUBNCJnOMPT1SJODJQJPTZ%JSFDUSJDFTSFMBUJWPTFM%FSFDIPBVO+VJDJP+VTUPZB
MB"TJTUFODJB+VSrEJDBFOÇGSJDB1SJODJQJP"QgSSBGPU
²-PTGVODJPOBSJPTKVEJDJBMFTQPESgODPOTUJUVJSF
JOUFHSBSBTPDJBDJPOFTQSPGFTJPOBMFTVPUSBTPSHBOJ[BDJPOFTRVFUFOHBOQPSPCKFUPSFQSFTFOUBSTVTJOUFSFTFT
QSPNPWFSTVGPSNBDJwOQSPGFTJPOBMZQSPUFHFSTVQPTJDJwO³
&TUBUVUPEFM+VF[*CFSPBNFSJDBOPBSUrDVMP
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
FMEFSFDIPBVOKVJDJPKVTUPJODMVJEBMBQSFTVODJwOEFJOPDFODJBFTQFDJBMNFOUFFO
MPTDBTPTTVCKVEJDF
&OUBMTFOUJEPMB$BSUBFVSPQFBTPCSFFMFTUBUVUPEFMPTKVFDFTFTUJQVMBRVF²-PT
KVFDFTEFCFOBCTUFOFSTFEFUPEPDPNQPSUBNJFOUPBDDJwOPFYQSFTJwORVFBGFDUF
MBDPO¾BO[BFOTVJNQBSDJBMJEBEZTVJOEFQFOEFODJB³
-PT1SJODJQJPTEF#BOHBMPSFTPCSFMB$POEVDUB+VEJDJBMUBNCJnOFYIPSUBOBMPTKVFDFT
BBCTUFOFSTFEFUSBOTBSMPTSFRVJTJUPTRVFFYJHFTVDBSHPBMFTUBCMFDFSRVF
²6OKVF[DPNPDVBMRVJFSPUSPDJVEBEBOPUJFOFEFSFDIPBMBMJCFSUBEEF
FYQSFTJwO<©>QFSPDVBOEPFKFS[BMPTDJUBEPTEFSFDIPTZMJCFSUBEFTTF
DPNQPSUBSgOTJFNQSFGPSNBRVFQSFTFSWFMBEJHOJEBEEFMBTGVODJPOFTKV
SJTEJDDJPOBMFTZMBJNQBSDJBMJEBEFJOEFQFOEFODJBEFMBKVEJDBUVSB³
1PSDPOTJHVJFOUFNJFOUSBTRVFMPTKVFDFTQVFEFOFYQSFTBSTVTPQJOJPOFTMJCSF
NFOUFBDFSDBEFDVBMRVJFSBTVOUPEFCFOBCTUFOFSTFEFFNJUJSKVJDJPTRVFQBSB
VOPCTFSWBEPSPCKFUJWPQPESrBODPNQSPNFUFSTVDBQBDJEBEEFJNQBSUJSKVTUJDJBFO
GPSNBJOEFQFOEJFOUFFJNQBSDJBM
-PTKVFDFTHP[BOEFMBTNJTNBTMJCFSUBEFTGVOEBNFOUBMFTRVFMPTEFNgTJOEJWJ
EVPT%FCJEPMBGVODJwOGVOEBNFOUBMRVFEFTFNQFvBOFOMBBENJOJTUSBDJwOEF
KVTUJDJBMBMJCFSUBEEFFYQSFTJwOZEFBTPDJBDJwOUJFOFOFTQFDJBMJNQPSUBODJB&O
FMFKFSDJDJPEFFTBTMJCFSUBEFTMPTKVFDFTEFCFOUFOFSDVJEBEPEFOPDPNQSPNFUFS
TVJOEFQFOEFODJBFJNQBSDJBMJEBE
$BSUBFVSPQFBTPCSFFMFTUBUVUPEFMPTKVFDFTQgSSBGPEJTQPTJUJWP
1SJODJQJPTEF#BOHBMPSFTPCSFMB$POEVDUB+VEJDJBM1SJODJQJP7nBTFUBNCJnOFM1SJODJQJP²-B
JOGPSNBDJwODPOGJEFODJBMPCUFOJEBQPSVOKVF[FOFMFKFSDJDJPEFTVTDPNQFUFODJBTKVEJDJBMFTOPTFSgVUJMJ
[BEBPSFWFMBEBQPSFMKVF[QBSBOJOH|OPUSPQSPQwTJUPOPSFMBDJPOBEPDPOFMFKFSDJDJPEFTVTDPNQFUFODJBT
KVEJDJBMFT³
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
/PNCSBNJFOUP
(FOFSBMJEBEFT
1BSBHBSBOUJ[BSMBJOEFQFOEFODJBFJNQBSDJBMJEBEEFMQPEFSKVEJDJBMFMEFSFDIPJO
UFSOBDJPOBMFYJHFRVFMPT&TUBEPTEFTJHOFOBMPTKVFDFTNFEJBOUFFTUSJDUPTDSJUFSJPT
EFTFMFDDJwOZEFVONPEPUSBOTQBSFOUF"NFOPTRVFMPTKVFDFTTFBOOPNCSBEPT
ZBTDFOEJEPTDPOCBTFFOTVTBQUJUVEFTKVSrEJDBTFMQPEFSKVEJDJBMDPSSFFMSJFTHP
EFOPDVNQMJSDPOTVGVODJwOFTFODJBMJNQBSUJSKVTUJDJBFOGPSNBJOEFQFOEJFOUFF
JNQBSDJBM4JOFNCBSHPFMEFSFDIPJOUFSOBDJPOBMOPFTUBCMFDFDMBSBNFOUFVONnUPEP
EFOPNCSBNJFOUP&OFTUFDBNQPVODJFSUPHSBEPEFEJTDSFDJwORVFEBMJCSBEPBMPT
&TUBEPTTJFNQSFZDVBOEPMBTFMFDDJwOFTUnCBTBEBFOMBDBQBDJEBEQSPGFTJPOBMZ
MBJOUFHSJEBEQFSTPOBMEFMPTDBOEJEBUPT
1PSDPOTJHVJFOUFIBZEPTUFNBTDSVDJBMFTSFMBDJPOBEPTDPOFMOPNCSBNJFOUPEFMPT
KVFDFT&MQSJNFSPFTUgSFMBDJPOBEPDPOMPTDSJUFSJPTBQMJDBEPTFOMBEFTJHOBDJwO
EPOEFFMEFSFDIPJOUFSOBDJPOBMFTUBCMFDFEJSFDUSJDFTDMBSBT&MTFHVOEPUFNBDPOTJTUF
FOFMwSHBOPZFMQSPDFEJNJFOUPEFOUSPEFUBMwSHBOPFODBSHBEPEFOPNCSBSBMPT
NJFNCSPTEFMQPEFSKVEJDJBM$POSFTQFDUPBFTUFUFNBMBTOPSNBTJOUFSOBDJPOBMFT
OPEFUFSNJOBOFOGPSNBFYQMrDJUBRVnPSHBOJTNPEFOUSPEFM&TUBEPUJFOFMBGBDVMUBE
EFEFTJHOBSKVFDFTPEFFTUBCMFDFSFMQSPDFEJNJFOUPFYBDUPBTFHVJS4JOFNCBSHP
FTJNQPSUBOUFUFOFSFODVFOUBRVFDVBMRVJFSQSPDFEJNJFOUPEFOPNCSBNJFOUP
EFCFHBSBOUJ[BSMBJOEFQFOEFODJBKVEJDJBMUBOUPJOTUJUVDJPOBMDPNPJOEJWJEVBMZMB
JNQBSDJBMJEBEUBOUPPCKFUJWBDPNPTVCKFUJWB&TUFSFRVJTJUPEFSJWBEFMQSJODJQJPEF
EJWJTJwOEFQPEFSFTZEFGSFOPTZDPOUSBQFTPTRVFDPOTUJUVZFOHBSBOUrBTJOEJTQFO
TBCMFTBUBMFGFDUP
$SJUFSJPTEFOPNCSBNJFOUP
1BSBFWJUBSOPNCSBNJFOUPTRVFTPDBWFOMBJOEFQFOEFODJBFJNQBSDJBMJEBEEFMQPEFS
KVEJDJBMFMEFSFDIPJOUFSOBDJPOBMFYDMVZFDSJUFSJPTEFTFMFDDJwODPNPMBTPQJOJPOFT
QPMrUJDBTPB¾MJBDJPOFTQBSUJEJTUBTEFMBQFSTPOBDSJUFSJPTSBDJBMFTPEFDPMPS&TUPT
NPUJWPTTPOJSSFMFWBOUFTQBSBMBGVODJwOKVEJDJBMTJFOEPVOBFYDFQDJwOFMSFRVJTJUP
EFRVFMBQFSTPOBTFBOBDJPOBMEFM&TUBEPFODVFTUJwO
-PT1SJODJQJPTCgTJDPTEF/BDJPOFT6OJEBTSFMBUJWPTBMBJOEFQFOEFODJBEFMBKVEJ
DBUVSBFTUBCMFDFORVF
²-BTQFSTPOBTTFMFDDJPOBEBTQBSBPDVQBSDBSHPTKVEJDJBMFTTFSgOQFSTPOBT
rOUFHSBTFJEwOFBTZUFOESgOMBGPSNBDJwOPMBTDBMJGJDBDJPOFTKVSrEJDBT
BQSPQJBEBT5PEPNnUPEPVUJMJ[BEPQBSBMBTFMFDDJwOEFQFSTPOBMKVEJDJBM
HBSBOUJ[BSgRVFnTUFOPTFBOPNCSBEPQPSNPUJWPTJOEFCJEPT&OMBTFMFD
DJwOEFMPTKVFDFTOPTFIBSgEJTDSJNJOBDJwOBMHVOBQPSNPUJWPEFSB[B
DPMPSTFYPSFMJHJwOPQJOJwOQPMrUJDBPEFPUSBrOEPMFPSJHFOOBDJPOBMP
(6Ê"1"3"130'&4*0/"-&4/
TPDJBMQPTJDJwOFDPOwNJDBOBDJNJFOUPPDPOEJDJwOFMSFRVJTJUPEFRVFMPT
QPTUVMBOUFTBDBSHPTKVEJDJBMFTTFBOOBDJPOBMFTEFMQBrTEFRVFTFUSBUFOP
TFDPOTJEFSBSgEJTDSJNJOBUPSJP³
%FVONPEPTJNJMBSFM&TUBUVUP6OJWFSTBMEFM+VF[FTUJQVMBRVF²&MJOHSFTPFOMB
DBSSFSBZDBEBVOPEFMPTOPNCSBNJFOUPTEFMKVF[EFCFOIBDFSTFTFH|ODSJUFSJPT
PCKFUJWPTZUSBOTQBSFOUFTGVOEBEPTFOTVDBQBDJEBEQSPGFTJPOBM³
-B$BSUBFVSPQFBTPCSFFMFTUBUVUPEFMPTKVFDFTBTJNJTNPFYDMVZFMPTDSJUFSJPTJOBEF
DVBEPT²-BTOPSNBTEFMFTUBUVUP<©>CBTBOMBFMFDDJwOEFDBOEJEBUPTFOTVDBQBDJEBE
EFFWBMVBSMJCSFFJNQBSDJBMNFOUFMPTBTVOUPTMFHBMFTRVFMFTTPOQSFTFOUBEPTZEF
BQMJDBSMBMFZBUBMFTBTVOUPTSFTQFUBOEPMBEJHOJEBEJOEJWJEVBM&MFTUBUVUPFYDMVZF
RVFDVBMRVJFSDBOEJEBUPTFBEFTDBSUBEPQPSSB[POFTEFTFYPFUOJBVPSJHFOTPDJBM
PQPSTVTPQJOJPOFT¾MPTw¾DBTZQPMrUJDBTPDPOWJDDJPOFTSFMJHJPTBT
&M$POTFKPEF&VSPQBSFDPNFOEwRVF²5PEBTMBTEFDJTJPOFTSFMBDJPOBEBTDPOMB
DBSSFSBQSPGFTJPOBMEFMPTKVFDFTEFCFOFTUBSCBTBEBTFODSJUFSJPTPCKFUJWPTZMB
TFMFDDJwOZMBDBSSFSBEFMPTKVFDFTEFCFOFTUBSCBTBEBTFOFMNnSJUPUFOJFOEPFO
DVFOUBMBDBMJ¾DBDJwOJOUFHSJEBEDBQBDJEBEZF¾DJFODJB³%FCJEPBRVFMBEFTJH
OBDJwOEFVOKVF[FTUBNCJnOQBSUFEFTVDBSSFSBFTUBSFDPNFOEBDJwOTFSF¾FSF
UBOUPBMJOHSFTPBMBDBSSFSBKVEJDJBMDPNPBDVBMRVJFSBTDFOTPGVUVSP
-PT1SJODJQJPTZ%JSFDUSJDFTTPCSFFM%FSFDIPBVO+VJDJP+VTUPFOÇGSJDBFTUBCMFDFO
RVF
²-PT|OJDPTDSJUFSJPTEFEFTJHOBDJwOBVODBSHPKVEJDJBMTFSgOMBBEFDVBDJwO
EFMDBOEJEBUPBMDBSHPFOSB[wOEFTVJOUFHSJEBEBEFDVBEBDBQBDJUBDJwOP
FEVDBDJwOZDBQBDJEBE³
"TJNJTNPMPT1SJODJQJPTZ%JSFDUSJDFTTFSF¾FSFOBMBTBQUJUVEFTFTFODJBMFTRVFVO
DBOEJEBUPEFCFUFOFS
²/JOHVOBQFSTPOBTFSgOPNCSBEBBVODBSHPKVEJDJBMBNFOPTRVFDVFOUF
DPOMBDBQBDJUBDJwOPFEVDBDJwOBEFDVBEBTRVFMFQFSNJUBDVNQMJSTVTGVO
DJPOFTFOGPSNBBEFDVBEB³
1SJODJQJPTCgTJDPTEF/BDJPOFT6OJEBTSFMBUJWPTBMBJOEFQFOEFODJBEFMBKVEJDBUVSB1SJODJQJP
&TUBUVUP6OJWFSTBMEFM+VF[BSUrDVMP
$BSUBFVSPQFBTPCSFFMFTUBUVUPEFMPTKVFDFTQgSSBGPEJTQPTJUJWP-BDBSUBBTJNJTNPQSFWnRVF²&MFTUBUVUP
EJTQPOFDPOEJDJPOFTRVFHBSBOUJ[BONFEJBOUFSFRVJTJUPTWJODVMBEPTBMNnSJUPQSPGFTJPOBMPFYQFSJFODJB
QSFWJBMBDBQBDJEBEFTQFDrGJDBEFFKFSDFSEFCFSFTKVEJDJBMFT³QgSSBGPEJTQPTJUJWP
$POTFKPEF&VSPQB3FDPNFOEBDJwO/P3
1SJODJQJP*D
1SJODJQJPTZ%JSFDUSJDFTSFMBUJWPTBM%FSFDIPBVO+VJDJP+VTUPZBMB"TJTUFODJB+VSrEJDBFOÇGSJDB1SJODJQJP"
JODJTPTJ
ZL
-BT%JSFDUSJDFTUBNCJnODPOUJFOFOVOBDMgVTVMBEFOPEJTDSJNJOBDJwOBVORVFTPOBMHVOBT
FYDFQDJPOFT²5PEBQFSTPOBRVFSF|OBMPTSFRVJTJUPTUFOESgEFSFDIPBTFSDPOTJEFSBEBQBSBVODBSHPKVEJ
DJBMTJOEJTDSJNJOBDJwOQPSSB[BDPMPSFUOJBJEJPNBTFYPPQJOJwOQPMrUJDBPEFPUSBrOEPMFSFMJHJwODSFEP
EJTDBQBDJEBEPSJHFOOBDJPOBMPTPDJBMOBDJNJFOUPFTUBUVTFDPOwNJDPPEFPUSBrOEPMF4JOFNCBSHPOP
TFSgEJTDSJNJOBUPSJPRVFMPTFTUBEPTQSFTDSJCBOVOBFEBEPFYQFSJFODJBNrOJNBTQBSBMPTDBOEJEBUPTBM
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
&OMBSFHJwOEF"TJB1BDr¾DPMPT1SJODJQJPTEF#FJKJOHUBNCJnODPOUJFOFOVOBEJTQP
TJDJwODPOUSBMBEJTDSJNJOBDJwODPOVOBBEWFSUFODJBTJNJMBSBDFSDBEFMBOBDJPOBMJEBE
²&OMBTFMFDDJwOEFMPTKVFDFTOPEFCFIBCFSEJTDSJNJOBDJwODPOUSBOJOHVOBQFSTPOB
CBTBEBFOMBSB[BDPMPSHnOFSPSFMJHJwOPQJOJwOQPMrUJDBPEFPUSBrOEPMFPSJHFO
OBDJPOBMPTPDJBMFTUBEPDJWJMPSJFOUBDJwOTFYVBMQBUSJNPOJPOBDJNJFOUPPFTUBUVT
DPOMBTBMWFEBEEFRVFFMSFRVJTJUPEFRVFVODBOEJEBUPBVODBSHPKVEJDJBMEFCBTFS
EFMBOBDJPOBMJEBEEFMQBrTFODVFTUJwOOPTFDPOTJEFSBSgEJTDSJNJOBUPSJP³
-BT%JSFDUSJDFTEF-BUJNFS)PVTFDPOUJFOFOVOBEJTQPTJDJwOTJNJMBSBMBRVFTFFO
DVFOUSBFOPUSPTJOTUSVNFOUPTDPOMBQBSUJDVMBSJEBEEFRVFJODMVZFMBPCMJHBDJwOEF
UPNBSNFEJEBTIBDJBMBFMJNJOBDJwOEFEFTJHVBMEBEFTEFOUSPEFMTJTUFNBKVEJDJBM
²-PTOPNCSBNJFOUPTKVEJDJBMFTBUPEPTMPTOJWFMFTEFMQPEFSKVEJDJBMEFCFO
SFBMJ[BSTFDPOCBTFFOMPTNnSJUPTZEFCFOFYJTUJSEJTQPTJDJPOFTBEFDVBEBT
QBSBMBFMJNJOBDJwOQSPHSFTJWBEFMEFTFRVJMJCSJPEFHnOFSPZEFPUSPTGBDUPSFT
IJTUwSJDPTEFEJTDSJNJOBDJwO³
1PSTVQBSUFFM&TUBUVUPEFM+VF[*CFSPBNFSJDBOPIBDFIJODBQJnFOMBOFDFTJEBEEF
RVFUBOUPMPTwSHBOPTFODBSHBEPTEFTFMFDDJPOBSBMPTKVFDFTDPNPMPTQSPDFEJ
NJFOUPTQBSBSFBMJ[BSUBMTFMFDDJwOFTUnODMBSBNFOUFEF¾OJEPTFOMBMFZ"TVWF[
FM&TUBUVUPQSPIrCFUPEPUJQPEFEJTDSJNJOBDJwODPOMBFYDFQDJwOEFMSFRVJTJUPEF
MBOBDJPOBMJEBEEFMQBrTFODVFTUJwO
&M$PNJUnEF%FSFDIPT)VNBOPTTFIBSFGFSJEPFOWBSJBTPDBTJPOFTBMPTDSJUFSJPT
EFOPNCSBNJFOUPEFKVFDFTZIBFTUBCMFDJEPRVFFMDSJUFSJPQSJODJQBMEFCFTFSMB
JEPOFJEBEEFMPTDBOEJEBUPT
n -VFHPEFFYBNJOBSFMJOGPSNFEF#PMJWJBFM$PNJUnSFDPNFOEw²RVFFM
OPNCSBNJFOUPEFMPTKVFDFTZNBHJTUSBEPTTFCBTFFOTVDPNQFUFODJBZ
OPFOTVGJMJBDJwOQPMrUJDB³
DBSHPKVEJDJBMQSFTDSJCBOVOBFEBENgYJNBEFKVCJMBDJwOPEFEVSBDJwOFOFMDBSHPQBSBMPTGVODJPOBSJPT
KVEJDJBMFTQSFTDSJCBORVFMBFEBENgYJNBPEFSFUJSPPMBEVSBDJwOEFMDBSHPQVFEBOWBSJBSEFBDVFSEP
DPOMPTEJGFSFOUFTOJWFMFTEFKVFDFTNBHJTUSBEPTVPUSPTDBSHPTKVEJDJBMFTFYJKBORVFTwMPMPTOBDJPOBMFT
EFMQBrTEFRVFTFUSBUFTFSgOFMFHJCMFTQBSBDBSHPTKVEJDJBMFT³1SJODJQJPK
%FDMBSBDJwOEF1SJODJQJPTEF#FJKJOHSFMBUJWPTBMBJOEFQFOEFODJBEFMBKVEJDBUVSBFOMB3FHJwOEF-"8"4*"
QgSSBGPEJTQPTJUJWP
%JSFDUSJDFTEF-BUJNFS)PVTF%JSFDUSJ[**
&MBSUrDVMPEFM&TUBUVUPEFM+VF[*CFSPBNFSJDBOPEJTQPOF²-PTQSPDFTPTEFTFMFDDJwOZOPNCSBNJFOUP
EFCFOSFBMJ[BSTFQPSNFEJPEFwSHBOPTQSFEFUFSNJOBEPTQPSMBMFZRVFBQMJRVFOQSPDFEJNJFOUPTUBNCJnO
QSFEFUFSNJOBEPTZQ|CMJDPTRVFWBMPSFOPCKFUJWBNFOUFMPTDPOPDJNJFOUPTZNnSJUPTQSPGFTJPOBMFTEFMPT
BTQJSBOUFT²
*CJEBSUrDVMP
0CTFSWBDJPOFT'JOBMFTEFM$PNJUnEF%FSFDIPT)VNBOPT#PMJWJB%PDVNFOUPEFMB0/6$$13$"EE
QgSS7FSUBNCJnO0CTFSWBDJPOFT'JOBMFTEFM$PNJUnEF%FSFDIPT)VNBOPT-rCBOP%PDVNFOUPEFMB
0/6$$13$"EEQgSS
(6Ê"1"3"130'&4*0/"-&4/
n &OFMDBTPEF"[FSCBJZgOFM$PNJUnSFDPNFOEwBMQBrTRVF²TFFTUBCMF[DBO
QSPDFEJNJFOUPTDMBSPTZUSBOTQBSFOUFTQBSBFMQSPDFTPEFOPNCSBNJFOUPT
ZBTJHOBDJwOEFMPTKVFDFTBGJOEF<©>TBMWBHVBSEBSMBJOEFQFOEFODJBF
JNQBSDJBMJEBEEFMQPEFSKVEJDJBM³
n $POSFTQFDUPB4VEgOFM$PNJUnFYQSFTwQSFPDVQBDJwOEFRVF²UBOUPFO
UFPSrBDPNPEFIFDIPMBBENJOJTUSBDJwOEFKVTUJDJBOPFTWFSEBEFSBNFOUF
JOEFQFOEJFOUFRVFNVDIPTKVFDFTOPIBOTJEPEFTJHOBEPTUFOJFOEPQSJ
NPSEJBMNFOUFFODVFOUBTVTDBMJGJDBDJPOFTKVSrEJDBT<©>ZRVFQPRVrTJNPT
DJVEBEBOPTOPNVTVMNBOFTZNVKFSFTPDVQBOQVFTUPTEFOUSPEFMBDBSSFSB
KVEJDJBMFOUPEPTMPTOJWFMFT³1PSDPOTJHVJFOUFSFDPNFOEwRVF²TFIBO
EFBEPQUBSNFEJEBTQBSBNFKPSBSMBJOEFQFOEFODJBZMPTDPOPDJNJFOUPT
UnDOJDPTEFMQFSTPOBMKVEJDJBMFOQBSUJDVMBSNFEJBOUFFMOPNCSBNJFOUPEF
KVFDFTDBMJGJDBEPTEFTFYPGFNFOJOPPQFSUFOFDJFOUFTBNJOPSrBT³
n &OFMDBTPEF&TMPWBRVJBFM$PNJUn²BEWJSUJwDPOQSFPDVQBDJwO³RVF
MBTOPSNBTWJHFOUFTRVF²RVFSJHFOFMOPNCSBNJFOUPEFKVFDFTQPSFM
(PCJFSOPDPOMBBQSPCBDJwOEFM1BSMBNFOUPQVFEFONFOPTDBCBSMBJO
EFQFOEFODJBEFMQPEFSKVEJDJBM³ZSFDPNFOEwMBBEPQDJwOEF²NFEJEBT
FTQFDrGJDBTRVFHBSBOUJDFOMBJOEFQFOEFODJBEFMQPEFSKVEJDJBMZRVFQSP
UFKBOBMPTKVFDFTEFDVBMRVJFSGPSNBEFJOGMVFODJBQPMrUJDBQPSNFEJPEFMB
BQSPCBDJwOEFMFZFTRVFSFHMBNFOUFOFMOPNCSBNJFOUPMBSFNVOFSBDJwO
FMNBOEBUPMBEFTUJUVDJwOZMBTNFEJEBTEJTDJQMJOBSJBTSFMBDJPOBEPTDPO
MPTNJFNCSPTEFMBKVEJDBUVSB³
n &OFMDBTPEFMB3FQ|CMJDBEF.PMEBWJBFM$PNJUnFYQSFTwQSFPDVQBDJwO
BOUF²MBCSFWFEBEEFMQFSrPEPJOJDJBMEFTFSWJDJPEFMPTKVFDFTRVJFOFT
BMDPODMVJSFTFQFSrPEPJOJDJBMEFCFOTBUJTGBDFSEFUFSNJOBEPTDSJUFSJPT
QBSBPCUFOFSVOBQSwSSPHBEFTVNBOEBUP³ZSFDPNFOEwBMHPCJFSOPRVF
²EFCFSrBSFWJTBSTVMFHJTMBDJwOQBSBRVFMBJOBNPWJMJEBEEFMPTKVFDFTTFB
MPTVGJDJFOUFNFOUFQSPMPOHBEBDPNPQBSBHBSBOUJ[BSTVJOEFQFOEFODJBFO
DVNQMJNJFOUPEFMPRVFFYJHFFMQgSSBGPEFMBSUrDVMP<BDFSDBEFMEFSF
DIPBVOKVJDJPKVTUPBOUFVOUSJCVOBMJOEFQFOEJFOUFFJNQBSDJBM>³
n "MBOBMJ[BSFMJOGPSNFTPCSF1BSBHVBZFM$PNJUnMBNFOUw²MBGBMUBEF
DSJUFSJPTPCKFUJWPTFOSFMBDJwOBMOPNCSBNJFOUPZEFTUJUVDJwOEFKVFDFT
0CTFSWBDJPOFT'JOBMFTEFM$PNJUnEF%FSFDIPT)VNBOPT"[FSCBJZgO%PDVNFOUPEFMB0/6$$13$0
";&QgSS
0CTFSWBDJPOFT'JOBMFTEFM$PNJUnEF%FSFDIPT)VNBOPT4VEgO%PDVNFOUPEFMB0/6$$13$"EE
QgSS
0CTFSWBDJPOFT'JOBMFTEFM$PNJUnEF%FSFDIPT)VNBOPT&TMPWBRVJB%PDVNFOUPEFMB0/6$$13$
"EEQgSS
0CTFSWBDJPOFT'JOBMFTEFM$PNJUnEF%FSFDIPT)VNBOPT3FQ|CMJDBEF.PMEBWJB%PDVNFOUPEFMB0/6
$$13$0.%"QgSS
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
JODMVJEPTMPTEFMB$PSUF4VQSFNBMPRVFQVFEFNFOPTDBCBSMBJOEFQFO
EFODJBKVEJDJBM³
&TUPTDSJUFSJPTTPOUBNCJnOBQMJDBCMFTBKVFDFTJOUFSOBDJPOBMFTFOBRVFMMPTQBrTFT
EPOEFEFTFNQFvBOTVTGVODJPOFTQSPGFTJPOBMFT"MBOBMJ[BSFMJOGPSNFTPCSFMB
TJUVBDJwOFO,PTPWPEPOEFTFIBCrBOQSPEVDJEPOPNCSBNJFOUPTEFWBSJPTKVFDFT
JOUFSOBDJPOBMFTFM$PNJUnEF%FSFDIPT)VNBOPTFYQSFTwTVQSFPDVQBDJwOQPS²MB
BVTFODJBEFHBSBOUrBTBEFDVBEBTQBSBMBJOEFQFOEFODJBEFMPTKVFDFT<©>JOUFS
OBDJPOBMFT³ZSFDPNFOEwBMB.JTJwOEF/BDJPOFT6OJEBTFO,PTPWP²FTUBCMFDFS
QSPDFEJNJFOUPTJOEFQFOEJFOUFTQBSBMBDPOUSBUBDJwOFMOPNCSBNJFOUPZFMSnHJNFO
EJTDJQMJOBSJPEFMPTKVFDFT<©>JOUFSOBDJPOBMFT³&OFMDBTPEF2BUBSFM$PNJUn
DPOUSBMB5PSUVSBFYQSFTwTVQSFPDVQBDJwOQPS²MBTBNFOB[BTBMBJOEFQFOEFODJB
SFBMEFMPTKVFDFTRVFFOHSBOQBSUFTPOOBDJPOBMFTEFPUSPTQBrTFT³:BRVFFO
EJDIPQBrTDPNQFUFBMBTBVUPSJEBEFTDJWJMFTPUPSHBSFMQFSNJTPEFSFTJEFODJBBMPT
KVFDFTFYUSBOKFSPTFM$PNJUnOPUwRVFQPErBFYJTUJS²DJFSUBJODFSUJEVNCSFFODVBOUP
BMBQFSNBOFODJBFOFMDBSHPZEFQFOEFSJOEFCJEBNFOUFEFMBEJTDSFDJwOEFFTBT
BVUPSJEBEFTMPDVBMDPOTUJUVZFVOBQSFTJwOTPCSFMPTKVFDFT³
1SPDFEJNJFOUPEFOPNCSBNJFOUP
$PNPTFNFODJPOwFOMBJOUSPEVDDJwOEFFTUFDBQrUVMPFMEFSFDIPJOUFSOBDJPOBMOP
FTUBCMFDFOJOH|OQSPDFEJNJFOUPEFOPNCSBNJFOUP4JOFNCBSHPVOBTFSJFEFJOT
USVNFOUPTJOUFSOBDJPOBMFTDPOUJFOFOSFRVJTJUPTBUFOFSFODVFOUBFOFTUBNBUFSJBFO
FTQFDJBMBDFSDBEFMQBQFMEFMBTPUSBTSBNBTEFMQPEFSQ|CMJDPZMBTDBSBDUFSrTUJDBT
EFMPSHBOJTNPBDBSHPEFMPTOPNCSBNJFOUPT
&OUnSNJOPTHFOFSBMFTFTQSFGFSJCMFRVFMPTKVFDFTTFBOFMFHJEPTQPSTVTQBSFTP
QPSVOwSHBOPJOEFQFOEJFOUFEFMPTQPEFSFTFKFDVUJWPZMFHJTMBUJWP&TUPFTMPRVF
QSFWnQPSFKFNQMPMB$BSUBFVSPQFBTPCSFFMFTUBUVUPEFMPTKVFDFTBMFTUJQVMBSRVF
²3FTQFDUPEFDBEBEFDJTJwORVFBGFDUFMBTFMFDDJwOSFDMVUBNJFOUPOPNCSBNJFOUP
QSPHSFTPEFMBDBSSFSBPUFSNJOBDJwOEFMDBSHPEFVOKVF[FMFTUBUVUPQSFWnMBJO
UFSWFODJwOEFVOBBVUPSJEBEJOEFQFOEJFOUFEFMPTQPEFSFTFKFDVUJWPZMFHJTMBUJWP
EFOUSPEFMBDVBMBMNFOPTMBNJUBEEFTVTNJFNCSPTTPOKVFDFTFMFDUPTQPSTVT
QBSFTTJHVJFOEPNnUPEPTRVFHBSBOUJ[BOMBNgTBNQMJBSFQSFTFOUBDJwOEFMQPEFS
KVEJDJBM³
0CTFSWBDJPOFT'JOBMFTEFM$PNJUnEF%FSFDIPT)VNBOPT1BSBHVBZ%PDVNFOUPEFMB0/6$$13$13:
$0QgSS
0CTFSWBDJPOFT'JOBMFTEFM$PNJUnEF%FSFDIPT)VNBOPT,PTPWP4FSCJB
%PDVNFOUPEFMB0/6$$13$
6/,$0QgSS
0CTFSWBDJPOFT'JOBMFTEFM$PNJUnEF%FSFDIPT)VNBOPT2BUBS%PDVNFOUPEFMB0/6$"5$2"5$0
QgSS
$BSUBFVSPQFBTPCSFFMFTUBUVUPEFMPTKVFDFTQgSSBGPEJTQPTJUJWP
(6Ê"1"3"130'&4*0/"-&4/
1PSTVQBSUFFM$POTFKPEF&VSPQBFTUBCMFDJwEJSFDUSJDFTEFUBMMBEBTQBSBMPTQSPDF
EJNJFOUPTEFOPNCSBNJFOUPZFMwSHBOPBDBSHPEFMBTFMFDDJwOEFMPTKVFDFT
²-BBVUPSJEBERVFUPNBMBEFDJTJwOBDFSDBEFMBTFMFDDJwOZDBSSFSBEFMPT
KVFDFTEFCFTFSJOEFQFOEJFOUFEFMHPCJFSOPZEFMBBENJOJTUSBDJwO1BSB
TBMWBHVBSEBSTVJOEFQFOEFODJBMBTSFHMBTEFCFOBTFHVSBSRVFQPSFKFNQMP
TVTNJFNCSPTTFBOTFMFDDJPOBEPTQPSFMQPEFSKVEJDJBMZRVFMBBVUPSJEBE
EFDJEBQPSTrTPMBMBTSFHMBTQSPDFTBMFT³
4JOFNCBSHPFM$POTFKPSFDPOPDFRVFFOEFUFSNJOBEPT&TUBEPTFTDPN|ORVFFM
HPCJFSOPOPNCSFBMPTKVFDFTZRVFFTUBQSgDUJDBQVFEFTFSDPNQBUJCMFDPOMBJO
EFQFOEFODJBEFMQPEFSKVEJDJBMTJFNQSFZDVBOEPIBZBEFUFSNJOBEBTHBSBOUrBT&O
FTUFTFOUJEPFM$POTFKPFTUJQVMwRVF²<>EPOEFMBTEJTQPTJDJPOFTDPOTUJUVDJPOBMFT
PMFHBMFTZMBTUSBEJDJPOFTQFSNJUFORVFMPTKVFDFTTFBOEFTJHOBEPTQPSFMHPCJFSOP
EFCFIBCFSHBSBOUrBTRVFBTFHVSFORVFMPTQSPDFEJNJFOUPTQBSBEFTJHOBSKVFDFT
TPOUSBOTQBSFOUFTFJOEFQFOEJFOUFTFOMBQSgDUJDBZMBTEFDJTJPOFTOPFTUnOJO¿VJ
EBTQPSPUSBTSB[POFTRVFMBTSFMBDJPOBEBTDPOMPTDSJUFSJPTPCKFUJWPTNFODJPOBEPT
BOUFSJPSNFOUF³
1PSTVQBSUFMPT1SJODJQJPTZ%JSFDUSJDFTTPCSFFM%FSFDIPBVO+VJDJP+VTUPZBMB
"TJTUFODJB+VSrEJDBFOÇGSJDBTPOGBWPSBCMFTBMBJEFBEFVOwSHBOPJOEFQFOEJFOUFB
DBSHPEFMBTFMFDDJwOEFGVODJPOBSJPTKVEJDJBMFTQFSPQFSNJUFRVFPUSPTwSHBOPT
DPNPMPTPUSPTQPEFSFTQ|CMJDPTEFTFNQFvFOFTUBGVODJwOTJFNQSFZDVBOEPDVN
QMBODPOEFUFSNJOBEPTDSJUFSJPT
²&MQSPDFTPEFOPNCSBNJFOUPEFMPTwSHBOPTKVEJDJBMFTTFSgUSBOTQBSFOUFZ
SFTQPOTBCMFZTFGPNFOUBFMFTUBCMFDJNJFOUPEFVOwSHBOPJOEFQFOEJFOUFB
UBMFGFDUP5PEPNnUPEPEFTFMFDDJwOKVEJDJBMHBSBOUJ[BSgMBJOEFQFOEFODJB
FJNQBSDJBMJEBEEFMQPEFSKVEJDJBM³
&M$PNJUnEF%FSFDIPT)VNBOPTTFIBSFGFSJEPFOOVNFSPTBTPDBTJPOFTBMBGPSNB
FORVFMPTKVFDFTTPOOPNCSBEPTZSFDPNFOEwMBVUJMJ[BDJwOEFQSPDFEJNJFOUPT
USBOTQBSFOUFT
3FDPNFOEBDJwO/P3
1SJODJQJP*D7FSUBNCJnOFMBSUrDVMPEFM&TUBUVUP6OJWFSTBMEFM+VF[²<>
$VBOEPFTUPOPFTUnZBBTFHVSBEPQPSPUSBTWrBTDPNPDPOTFDVFODJBEFVOBUSBEJDJwOFTUBCMFDJEBZQSP
CBEBMBFMFDDJwOEFCFFTUBSBTFHVSBEBQPSVOwSHBOPJOEFQFOEJFOUFJOUFHSBEPQPSVOBQBSUFTVTUBOUJWBZ
SFQSFTFOUBUJWBEFKVFDFT³
*CJEFNFMnOGBTJTGVFBHSFHBEP1BSBBTFHVSBSFTUBUSBOTQBSFODJBMBSFDPNFOEBDJwOQSPQPSDJPOBVOBTFSJF
EFFKFNQMPT³VOwSHBOPFTQFDJBMJOEFQFOEJFOUFZDPNQFUFOUFQBSBBTFTPSBSBMHPCJFSOPZRVFnTUFTJHVF
FOMBQSgDUJDBPFMEFSFDIPEFVOJOEJWJEVPBBQFMBSVOBEFDJTJwOEFVOBBVUPSJEBEJOEFQFOEJFOUFPMB
BVUPSJEBERVFUPNBMBEFDJTJwOQSPUFHFEFJOGMVFODJBTJOEFCJEBTPJOBEFDVBEBT³&TUBMJTUBOPFTUBYBUJWB
ZMPTFKFNQMPTOPTPOFYDMVZFOUFTFOUSFTr
1SJODJQJPTZ%JSFDUSJDFTSFMBUJWPTBM%FSFDIPBVO+VJDJP+VTUPZBMB"TJTUFODJB+VSrEJDBFOÇGSJDB1SJODJQJP"
I
7FSUBNCJnOMB%FDMBSBDJwOEF1SJODJQJPTEF#FJKJOHSFMBUJWPTBMBJOEFQFOEFODJBEFMBKVEJDBUVSBFOMB
3FHJwOEF-"8"4*"QgSSBGPTEJTQPTJUJWPTBZMBT%JSFDUSJDFTEF-BUJNFS)PVTF%JSFDUSJ[**
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
n &OFMDBTPEFM$POHPFM$PNJUnFYQSFTwTVQSFPDVQBDJwOBOUFFM²NF
OPTDBCPEFMBJOEFQFOEFODJBEFMBKVEJDBUVSBFOWJPMBDJwOEFMQgSSBGP
EFMBSUrDVMPEFM1BDUP³ZEFTUBDwMPTMrNJUFTEFFTBJOEFQFOEFODJB
²EFCJEPBMBJOFYJTUFODJBEFIFDIPEFVONFDBOJTNPJOEFQFOEJFOUF
FODBSHBEPEFMOPNCSBNJFOUPZMBEJTDJQMJOBEFMPTKVFDFTBTrDPNPEF
CJEPBQSFTJPOFTFJOGMVFODJBTN|MUJQMFTDPNPMBTEFMQPEFSFKFDVUJWP
BMBTRVFFTUgOTPNFUJEPTMPTNBHJTUSBEPT³&M$PNJUnSFDPNFOEwBM
HPCJFSOPDPOHPMnTRVFUPNF²MBTNFEJEBTDPSSFTQPOEJFOUFTQBSBWFMBS
QPSMBJOEFQFOEFODJBEFMBKVTUJDJBFOQBSUJDVMBSQPSMBNPEJGJDBDJwOEF
MBTOPSNBTEFDPNQPTJDJwOZEFGVODJPOBNJFOUPEFM$POTFKPTVQFSJPSEF
MBKVEJDBUVSBZTVQVFTUBFONBSDIBFGFDUJWB³
n &OFMDBTPEF-JFDIUFOTUFJOFM$PNJUnDPOTJEFSwRVFMBJOUFSWFODJwOEFMQPEFS
FKFDVUJWPFOMBTFMFDDJwOEFKVFDFTNFEJBOUFWPUBDJwOWJDJwMBJOEFQFO
EFODJBEFMQPEFSKVEJDJBM
n &OFMDBTPEF5BZJLJTUgOUSBTFYQSFTBSTVQSFPDVQBDJwOQPSMB²BQBSFOUF
GBMUBEFJOEFQFOEFODJBEFMQPEFSKVEJDJBMDPNPTFPCTFSWBFOFMQSPDF
TPEFOPNCSBNJFOUPZEFTUJUVDJwOEFKVFDFT³FM$PNJUnSFDPNFOEwBM
(PCJFSOP²HBSBOUJ[BSMBQMFOBJOEFQFOEFODJBFJNQBSDJBMJEBEEFMQPEFS
KVEJDJBMFTUBCMFDJFOEPVOwSHBOPJOEFQFOEJFOUFRVFTFFODBSHVFEFM
OPNCSBNJFOUPMPTBTDFOTPTZMBTNFEJEBTEJTDJQMJOBSJBTEFMPTKVFDFT
FOUPEPTMPTOJWFMFT³
n "MBOBMJ[BSFMJOGPSNFQSFTFOUBEPQPS)POEVSBTFM$PNJUnEF%FSFDIPT
)VNBOPTFYQSFTwTVQSFPDVQBDJwOQPS²MBGBMUBEFFTUBCMFDJNJFOUPEFVO
wSHBOPJOEFQFOEJFOUFFODBSHBEPEFBTFHVSBSMBJOEFQFOEFODJBEFMQPEFS
KVEJDJBMZTVQFSWJTBSFMOPNCSBNJFOUPQSPNPDJwOZEJTDJQMJOBEFMBQSPGF
TJwO³ZSFDPNFOEw²FMQSPOUPFTUBCMFDJNJFOUP³EFEJDIPwSHBOP
0CTFSWBDJPOFT'JOBMFTEFM$PNJUnEF%FSFDIPT)VNBOPT$POHP%PDVNFOUPEFMB0/6$$13$"EE
QgSS&M$PNJUnEJKPBEFNgTRVF²EFCFDPODFEFSTFQBSUJDVMBSBUFODJwOBMBGPSNBDJwOEFMPTKVFDFTBTr
DPNPBMSnHJNFOQBSBTVOPNCSBNJFOUPZTVEJTDJQMJOBBGJOEFQSPUFHFSMPTEFMBTQSFTJPOFTQPMrUJDBT
GJOBODJFSBTZEFPUSPUJQPBTFHVSBSMBFTUBCJMJEBEEFTVDBSSFSBZBQPZBSMPTNFKPSQBSBMPHSBSRVFMBKVTUJDJB
TFBQSPOUBFJNQBSDJBM&M$PNJUnJOWJUBBM&TUBEP1BSUFBBEPQUBSNFEJEBTFGJDBDFTBUBMFGFDUPZBUPNBS
MBTJOJDJBUJWBTBQSPQJBEBTQBSBWFMBSQPSVOBGPSNBDJwOBEFDVBEBEFVONBZPSO|NFSPEFKVFDFT³
0CTFSWBDJPOFT'JOBMFTEFM$PNJUnEF%FSFDIPT)VNBOPT-JFDIUFOTUFJO%PDVNFOUPEFMB0/6$$13$0
-*&QgSS
0CTFSWBDJPOFT'JOBMFTEFM$PNJUnEF%FSFDIPT)VNBOPT5BZJLJTUgO%PDVNFOUPEFMB0/6$$13$0
5+,QgSS&M$PNJUnDPOUSBMB5PSUVSBFYQSFTwQSFPDVQBDJPOFTTJNJMBSFTEFCJEPBRVF²<F>MHSBEPEFJOEF
QFOEFODJBZFGJDBDJBEFMQPEFSKVEJDJBMFOFM&TUBEP1BSUFFTJOTVGJDJFOUFQVFTMPTKVFDFTTPOOPNCSBEPTZ
EFTUJUVJEPTQPSFM1SFTJEFOUF³7FS$PODMVTJPOFTZ3FDPNFOEBDJPOFTEFM$PNJUnDPOUSBMB5PSUVSB5BZJLJTUgO
%PDVNFOUPEFMB0/6$"5$5+,$0QgSS
0CTFSWBDJPOFT'JOBMFTEFM$PNJUnEF%FSFDIPT)VNBOPT)POEVSBT%PDVNFOUPEFMB0/6$$13$)/%
$0QgSS
(6Ê"1"3"130'&4*0/"-&4/
&M5SJCVOBM&VSPQFPEF%FSFDIPT)VNBOPTUBNCJnOFTUVEJwDBTPTFOMPTRVFTF
JNQVHOBCBMBJOEFQFOEFODJBZMBJNQBSDJBMJEBEEFVOUSJCVOBMEFCJEPBMBNBOFSB
FORVFMPTKVFDFTIBCrBOTJEPOPNCSBEPT
n &O*ODBMDPOUSB5VSRVrBFM5SJCVOBMUVWPRVFEFUFSNJOBSMBJNQBSDJBMJEBE
EFMUSJCVOBMRVFIBCrBQSPDFTBEPBM4S*ODBM&MEFNBOEBEPBSHVNFOUw
RVFMBQSFTFODJBEFVOKVF[NJMJUBSWJPMBCBTVEFSFDIPEFTFSKV[HBEPQPS
VOUSJCVOBMJOEFQFOEJFOUFEFCJEPBRVFEJDIPKVF[FTUBCBTVCPSEJOBEPBM
QPEFSFKFDVUJWP&M5SJCVOBMGBMMwRVF²&OFTUFUFNBIBTUBMBTBQBSJFODJBT
QVFEFOUFOFSDJFSUBJNQPSUBODJB-PRVFFTUgFOKVFHPFTMBDPOGJBO[BRVF
MPTUSJCVOBMFTFOVOBTPDJFEBEEFNPDSgUJDBEFCFOJOTQJSBSFOFMQ|CMJDPZ
TPCSFUPEPFOMPRVFSFTQFDUBBMPTQSPDFTPTQFOBMFTFOMPTBDVTBEPT
<>"MEFDJEJSTJIBZNPUJWPTMFHrUJNPTQBSBUFNFSRVFVOUSJCVOBMEFUFS
NJOBEPDBSFDFEFJOEFQFOEFODJBPEFJNQBSDJBMJEBEFMQVOUPEFWJTUB
EFMBDVTBEPFTJNQPSUBOUFBVORVFOPEFDJTJWP-PRVFFTEFDJTJWPFTTJ
FTQPTJCMFTPTUFOFSRVFTVTEVEBTUJFOFOVOBKVTUJGJDBDJwOPCKFUJWB³&M
5SJCVOBMDPODMVZwRVFFM4S*ODBM²QPErBUFNFSMFHrUJNBNFOUFRVFEFCJEP
BRVFVOPEFMPTKVFDFTEFM5SJCVOBMEF4FHVSJEBE/BDJPOBMEF*[NJSFSB
VOKVF[NJMJUBSQPESrBQFSNJUJSTFTFSJOEFCJEBNFOUFJOGMVFODJBEPQPS
DPOTJEFSBDJPOFTRVFOBEBUFOrBORVFWFSDPOMBOBUVSBMF[BEFMDBTP³Z
QPSDPOTJHVJFOUFRVF²UFOrBVOBDBVTBMFHrUJNBQBSBEVEBSEFMBJOEF
QFOEFODJBZMBJNQBSDJBMJEBEEFM<©>5SJCVOBM³
n &OFMDBTP-BVLPDPOUSB&TMPWBRVJBFM5SJCVOBMEFCrBEFUFSNJOBSTJFMEF
SFDIPEFM4S-BVLPBVOKVJDJPKVTUPIBCrBTJEPWJPMBEPMVFHPEFRVFVOB
PGJDJOBMPDBMMPNVMUBSBZRVFVOBPGJDJOBEFEJTUSJUPDPOGJSNBSBMBNVMUB
&M5SJCVOBMBEWJSUJwRVFMBPGJDJOBMPDBMZMBEFMEJTUSJUPGVFSPOBDVTBEBTEF
²MMFWBSMBBENJOJTUSBDJwOMPDBMFTUBUBMCBKPFMDPOUSPMEFMHPCJFSOP³ZRVF
²MBEFTJHOBDJwOEFMPTEJSFDUPSFTEFFTPTPSHBOJTNPTFTUgDPOUSPMBEBQPS
FMQPEFSFKFDVUJWPZTVTGVODJPOBSJPTDVZPTDPOUSBUPTEFUSBCBKPFTUgO
SFHJEPTQPSMBTEJTQPTJDJPOFTEFM$wEJHP-BCPSBMUJFOFOFMFTUBUVTEFFN
QMFBEPTBTBMBSJBEPT³&M5SJCVOBMDPODMVZwRVF²MBGPSNBEFEFTJHOBDJwO
EFMPTGVODJPOBSJPTEFMBTPGJDJOBTMPDBMFTZEFMPTEJTUSJUPTKVOUPDPOMB
GBMUBEFUPEPUJQPEFHBSBOUrBTDPOUSBMBTQSFTJPOFTFYUFSOBTZDVBMRVJFS
BQBSJFODJBEFJOEFQFOEFODJBNVFTUSBODMBSBNFOUFRVFFTPTPSHBOJTNPT
OPQVFEFOTFSDPOTJEFSBEPTJOEFQFOEJFOUFTEFMQPEFSFKFDVUJWPEFOUSP
*ODBMD5VSRVrBEPDDJUQgSS7FSUBNCJnO4BIJOFSD5VSRVrBTFOUFODJBEFM5&%)EFEFTFQUJFNCSF
EF4FSJF*9QgSSEPOEFFM5SJCVOBMEJKP²EPOEFDPNPFOFMQSFTFOUFDBTPVONJFNCSPEFM
USJCVOBMJODMVZFQFSTPOBTRVFPDVQBOVODBSHPTVCPSEJOBEPFOUnSNJOPTEFTVTEFCFSFTZMBPSHBOJ[BDJwO
EFTVDBSHPFOSFMBDJwODPOVOBEFMBTQBSUFTMBTQFSTPOBTBDVTBEBTQVFEFOUFOFSEVEBTMFHrUJNBTBDFSDB
EFMBJOEFQFOEFODJBEFFTBTQFSTPOBT5BMTJUVBDJwOBGFDUBTFSJBNFOUFMBDPOGJBO[BRVFMPTUSJCVOBMFTEFCFO
JOTQJSBSFOVOBTPDJFEBEEFNPDSgUJDB³&M5SJCVOBMDPODMVZwRVFFM4S4BIJOFSRVFIBCrBTJEPKV[HBEPFOVO
USJCVOBMNBSDJBMQPSMPTDBSHPTEFJOUFOUBSTPDBWBSMBPSEFODPOTUJUVDJPOBMEFMFTUBEP²QPErBUFOFSSB[POFT
MFHrUJNBTQBSBUFNFSRVFTFMPKV[HBSBQPSVOUSJCVOBMRVFJODMVrBBEPTKVFDFTNJMJUBSFTZBVOPGJDJBMEFM
FKnSDJUPRVFBDUVBCBCBKPMBBVUPSJEBEEFMDPNBOEBOUFEFMBMFZNBSDJBM&MIFDIPEFRVFEPTKVFDFTDJWJMFT
DVZBJOEFQFOEFODJBFJNQBSDJBMJEBEOPFTUgOFOEVEBJOUFHSBSBOFTFUSJCVOBMOPIBDFOJOHVOBEJGFSFODJB
MBSFTQFDUP³
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
EFMTJHOJGJDBEPEFMBSUrDVMP„EFMB$POWFODJwO<EFMEFSFDIPBVOKVJDJP
KVTUP>³4FH|OFM5SJCVOBM²DPOGJBSMBBDVTBDJwOZFMDBTUJHPEFEFMJUPT
NFOPSFTBMBTBVUPSJEBEFTBENJOJTUSBUJWBTOPDPOUSBEJDFBMB$POWFODJwO
FTQSFDJTPFOGBUJ[BSRVFMBQFSTPOBFODVFTUJwOEFCFUFOFSMBPQPSUVOJEBE
EFJNQVHOBSDVBMRVJFSEFDJTJwOUPNBEBFOTVDPOUSBBOUFVOUSJCVOBM
RVFPGSFDFMBTHBSBOUrBTEFMBSUrDVMP³&M5SJCVOBMIBMMwRVFFMEFSFDIP
EFM4S-BVLPBVOKVJDJPKVTUPIBCrBTJEPWJPMBEPQPSRVF²GVFJODBQB[EF
MPHSBSRVFVOUSJCVOBMJOEFQFOEJFOUFFJNQBSDJBMSFWJTBSBMBTEFDJTJPOFT
EFCJEPBRVFTVEFNBOEBGVFEFTFTUJNBEBQPSMB$PSUF$POTUJUVDJPOBM
FOCBTFBRVFFMEFMJUPNFOPSFODVFTUJwOOPQPErBTFSSFWJTBEPQPSVO
USJCVOBM³
$POSFTQFDUPBMBEFTJHOBDJwOEFMPTKVFDFTMB$PSUF*OUFSBNFSJDBOBEF%FSFDIPT
)VNBOPTDPOTJEFSwRVF²VOPEFMPTPCKFUJWPTQSJODJQBMFTRVFUJFOFMBTFQBSBDJwO
EFMPTQPEFSFTQ|CMJDPTFTMBHBSBOUrBEFMBJOEFQFOEFODJBEFMPTKVFDFTZQBSB
UBMFTFGFDUPTMPTEJGFSFOUFTTJTUFNBTQPMrUJDPTIBOJEFBEPQSPDFEJNJFOUPTFTUSJDUPT
UBOUPQBSBTVOPNCSBNJFOUPDPNPQBSBTVEFTUJUVDJwO³ZRVF²MBJOEFQFOEFODJBEF
DVBMRVJFSKVF[DVBMRVJFSKVF[TVQPOFRVFTFDVFOUFDPOVOBEFDVBEPQSPDFTPEF
OPNCSBNJFOUPEVSBDJwOFTUBCMFDJEBFOFMDBSHPZDPOVOBHBSBOUrBDPOUSBQSFTJPOFT
FYUFSOBT³
&MFDDJwONFEJBOUFWPUPQPQVMBS
&OBMHVOPTQBrTFTFTDPN|ORVFMPTKVFDFTTFBOFMFDUPTNFEJBOUFFMWPUPQPQVMBS
"VORVFFTUPQVFEFQBSFDFSNgTEFNPDSgUJDPZQPSDPOTJHVJFOUFNgTUSBOTQBSFO
UFRVFMBEFTJHOBDJwONFEJBOUFVOwSHBOPEFTJHOBEPMBFMFDDJwOQPQVMBSTVTDJUB
QSPCMFNBTDPOSFTQFDUPBMBJEPOFJEBEEFMPTDBOEJEBUPTFMFDUPT"MUSBUBSFTUBQSgD
UJDBFOBMHVOPT&TUBEPTEFMPT&TUBEPT6OJEPTEF"NnSJDBFM$PNJUnEF%FSFDIPT
)VNBOPTFYQSFTwTVQSFPDVQBDJwO²BOUFMBTSFQFSDVTJPOFTRVFFMBDUVBMTJTUFNB
EFFMFDDJwOEFKVFDFTQVFEFUFOFSFOBMHVOPT&TUBEPTTPCSFFMSFTQFUPEFMPT
EFSFDIPTQSFWJTUPTFOFMBSUrDVMPEFM1BDUP<SFMBUJWPBMEFSFDIPBTFSKV[HBEPQPS
VOUSJCVOBMJOEFQFOEJFOUFFJNQBSDJBM>³ZFMPHJw²MPTJOUFOUPTEFWBSJPT&TUBEPTEF
-BVLP D &TMPWBRVJB TFOUFODJB EFM 5&%) EF EF TFQUJFNCSF EF 4FSJF *7
QgSS
$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT$BTPEFM5SJCVOBM$POTUJUVDJPOBM"HVJSSF3PDB3FZ5FSSZZ
3FWPSFEP.BSTBOPD1FS|
EPDDJUQgSSZSFTQFDUJWBNFOUF
(6Ê"1"3"130'&4*0/"-&4/
BEPQUBSVOTJTUFNBEFTFMFDDJwOCBTBEPFOFMNnSJUP³"TJNJTNPFM$PNJUnSFDP
NFOEwRVF²TFSFDPOTJEFSFFMTJTUFNBWJHFOUFFOWBSJPT&TUBEPTEFOPNCSBSBMPT
KVFDFTNFEJBOUFFMFDDJPOFTB¾OEFTVTUJUVJSMPQPSVOTJTUFNBEFOPNCSBNJFOUPT
CBTBEPTFOFMNnSJUPZEFDJEJEPTQPSVOwSHBOPJOEFQFOEJFOUF
-PTKVFDFTEFCFOTFSOPNCSBEPTFOWJSUVEEFTVTNnSJUPTQSPGFTJPOBMFTZNF
EJBOUFVOQSPDFEJNJFOUPUSBOTQBSFOUF"QFTBSEFRVFMBTOPSNBTJOUFSOBDJPOBMFT
OPQSPIrCFORVFMPTOPNCSBNJFOUPTTFBOSFBMJ[BEPTQPSMPTQPEFSFTFKFDVUJWP
PMFHJTMBUJWPFTQSFGFSJCMFRVFMBTFMFDDJwOTFBFODPNFOEBEBBVOwSHBOP
JOEFQFOEJFOUFEFNPEPRVFMBTDPOTJEFSBDJPOFTQPMrUJDBTOPJOUFSGJFSBOFOMPT
QSPDFEJNJFOUPT4JOQSFKVJDJPEFDVgMTFBFMwSHBOPBDBSHPEFMOPNCSBNJFOUP
EFMPTKVFDFTFMSFTVMUBEPEFEJDIBTFMFDDJwOEFCFHBSBOUJ[BSTJFNQSFRVFMPT
DBOEJEBUPTEFTJHOBEPTFOFMQPEFSKVEJDJBMSF|OBOMBTBQUJUVEFTOFDFTBSJBTZ
TFBOJOEFQFOEJFOUFT
0CTFSWBDJPOFT'JOBMFTEFM$PNJUnEF%FSFDIPT)VNBOPT&TUBEPT6OJEPTEF"NnSJDB%PDVNFOUPEFMB0/6
$$13$"EE"QgSSQgSSZ7FSUBNCJnO0CTFSWBDJPOFT'JOBMFTEFM$PNJUnEF
%FSFDIPT)VNBOPT"SNFOJBEPOEFFM$PNJUnBGJSNwRVF²MBJOEFQFOEFODJBEFMQPEFSKVEJDJBMOPFTUgQMFOBNFO
UFHBSBOUJ[BEB&OQBSUJDVMBSPCTFSWBRVFMBFMFDDJwOEFMPTKVFDFTQPSWPUPQPQVMBSQBSBVONBOEBUPGJKPNgYJ
NPEFTFJTBvPTOPHBSBOUJ[BTVJOEFQFOEFODJBFJNQBSDJBMJEBE³%PDVNFOUPEFMB0/6$$13$"EE
QgSS
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
$POEJDJPOFTEFMDBSHPZBTDFOTPT
(FOFSBMJEBEFT
6OBEFMBTDPOEJDJPOFTCgTJDBTQBSBRVFMPTKVFDFTNBOUFOHBOTVJOEFQFOEFODJBFT
MBTFHVSJEBEEFMBQFSNBOFODJBFOFMDBSHP4JOPUJFOFOMBTFHVSJEBEEFQFSNBOFDFS
FOFMDBSHPEVSBOUFVOQFSrPEPQSPMPOHBEPMPTKVFDFTTPOTVTDFQUJCMFTBQSFTJPOFT
EFEJGFSFOUFTTFDUPSFTQSJODJQBMNFOUFEFRVJFOFTFTUgOBDBSHPEFSFOPWBSTVT
DBSHPT&TUFQSPCMFNBFTFTQFDJBMNFOUFHSBWFFOQBrTFTEPOEFFMQPEFSFKFDVUJWP
EFTFNQFvBVOBGVODJwOQSFEPNJOBOUFFOMBTFMFDDJwOZEFTJHOBDJwOEFMPTKVFDFT&O
EJDIPTQBrTFTMPTKVFDFTQVFEFOTFSTPNFUJEPTBZDFEFSBOUFQSFTJPOFTQPMrUJDBT
QBSBMPHSBSMBSFOPWBDJwOEFTVTDBSHPTMPRVFDPNQSPNFUFTVJOEFQFOEFODJB
6ONPEPEFHBSBOUJ[BSMBJOEFQFOEFODJBEFMQPEFSKVEJDJBMFTNFEJBOUFFMFTUB
CMFDJNJFOUPEFVOTJTUFNBDMBSPEFBTDFOTPTEFMPTKVFDFT&OFTUFTFOUJEPMPT
TJTUFNBTCBTBEPTFOMBDPNQFUFODJBPMBBOUJHFEBEEFMPTKVFDFTTPOBDFQUBCMFT
4JOQFSKVJDJPEFMTJTUFNBFMFDUPMPT&TUBEPTEFCFOBTFHVSBSRVFMPTKVFDFTBWBO
DFOFOTVTDBSSFSBTEFBDVFSEPDPODSJUFSJPTPCKFUJWPTEFUFSNJOBEPTQPSVOwSHBOP
JOEFQFOEJFOUF
/PSNBTJOUFSOBDJPOBMFTEFQFSNBOFODJBFOFMDBSHP
-BTOPSNBTJOUFSOBDJPOBMFTTPCSFMBJOEFQFOEFODJBEFMQPEFSKVEJDJBMFTUBCMFDFOVOB
TFSJFEFSFRVJTJUPTSFMBDJPOBEPTDPOMBTDPOEJDJPOFTEFTFSWJDJPZMBQFSNBOFODJB
EFMPTKVFDFT1PSFKFNQMPMPT1SJODJQJPTCgTJDPTEF/BDJPOFT6OJEBTSFMBUJWPTBMB
JOEFQFOEFODJBEFMBKVEJDBUVSBFTUJQVMBORVFMPT&TUBEPTUJFOFOFMEFCFSEFHBSBO
UJ[BSFOTVMFHJTMBDJwOMBTDPOEJDJPOFTEFMTFSWJDJPZMBQFSNBOFODJBEFMPTKVFDFT
FOTVDBSHP²-BMFZHBSBOUJ[BSgMBQFSNBOFODJBFOFMDBSHPEFMPTKVFDFTQPSMPT
QFSrPEPTFTUBCMFDJEPTTVJOEFQFOEFODJBZTVTFHVSJEBEBTrDPNPVOBSFNVOFSB
DJwOQFOTJPOFTZDPOEJDJPOFTEFTFSWJDJPZEFKVCJMBDJwOBEFDVBEBT³"MSFGFSJSTF
FTQFDr¾DBNFOUFBMBQFSNBOFODJBFOFMDBSHPMPT1SJODJQJPTFTUJQVMBORVF²4FHB
SBOUJ[BSgMBJOBNPWJMJEBEEFMPTKVFDFTUBOUPEFMPTOPNCSBEPTNFEJBOUFEFDJTJwO
BENJOJTUSBUJWBDPNPEFMPTFMFHJEPTIBTUBRVFDVNQMBOMBFEBEQBSBMBKVCJMBDJwO
GPS[PTBPFYQJSFFMQFSrPEPQBSBFMRVFIBZBOTJEPOPNCSBEPTPFMFHJEPTDVBOEP
FYJTUBOOPSNBTBMSFTQFDUP³4JCJFOFTUBEJTQPTJDJwOOPFTUBCMFDFJOFRVrWPDBNFOUF
RVFFTQSFGFSJCMFRVFMPTKVFDFTTFBOEFTJHOBEPTFOGPSNBWJUBMJDJBTJFNQSFTVKFUPT
BTVDBQBDJEBEEFEFTFNQFvBSBEFDVBEBNFOUFTVTGVODJPOFT
MBQFSNBOFODJBFO
FMDBSHPFOGPSNBWJUBMJDJBPGSFDFVOBHBSBOUrBEFJOEFQFOEFODJBKVEJDJBM
&MDBSHPWJUBMJDJPFTUgEJTQVFTUPFOMBT%JSFDUSJDFTEF-BUJNFS)PVTFEPOEFTFFT
UBCMFDFDMBSBNFOUFRVFMPTOPNCSBNJFOUPTQFSNBOFOUFTEFCFOTFSMBOPSNB-BT
1SJODJQJPTCgTJDPTEF/BDJPOFT6OJEBTSFMBUJWPTBMBJOEFQFOEFODJBEFMBKVEJDBUVSB1SJODJQJP
ÊCJE1SJODJQJP&M1SJODJQJP*EFMB3FDPNFOEBDJwO3
EFM$POTFKPEF&VSPQBFTJEnOUJDP
(6Ê"1"3"130'&4*0/"-&4/
%JSFDUSJDFTUBNCJnOSFDPOPDFORVFEFUFSNJOBEPTQBrTFTEFTJHOBSgOBMPTKVFDFTQBSB
DBSHPTUFNQPSBSJPT4JOFNCBSHPFTUBTEFTJHOBDJPOFTEFCFODVNQMJSDPOMBTDPO
EJDJPOFTHFOFSBMFTEFQFSNBOFODJBFOFMDBSHPQBSBHBSBOUJ[BSTVJOEFQFOEFODJB
&TUFUBNCJnOFTFMDBTPEFM&TUBUVUP6OJWFSTBMEFM+VF[RVFEJTQPOFRVF²&MKVF[FT
OPNCSBEPTJOMJNJUBDJwOEFUJFNQPPQPSVOQFSJPEPMJNJUBEPFODPOEJDJPOFTEFUFS
NJOBEBTBSFTFSWBEFRVFFMMPOPDPNQSPNFUBMBJOEFQFOEFODJBEFMBKVTUJDJB³
&OFMTJTUFNBBGSJDBOPMPT1SJODJQJPTZ%JSFDUSJDFTSFMBUJWPTBM%FSFDIPTBVO+VJDJP
+VTUPZBMB"TJTUFODJB+VSrEJDBFOÇGSJDBEJTQPOFORVF²-PTKVFDFTPNJFNCSPTEF
MPTwSHBOPTKVEJDJBMFTHP[BSgOEFTFHVSJEBEFOTVDBSHPIBTUBMBFEBEEFSFUJSP
PCMJHBUPSJPPIBTUBFM¾OEFTVNBOEBUP³ZRVF²MBEVSBDJwOEFMDBSHPSFNVOFSB
DJwOBEFDVBEBKVCJMBDJwOWJWJFOEBUSBOTQPSUFDPOEJDJPOFTEFTFHVSJEBEGrTJDBZ
TPDJBMFEBEEFSFUJSPNFDBOJTNPTZSFDVSTPTEJTDJQMJOBSJPTZPUSBTDPOEJDJPOFTEFM
DBSHPEFMPTGVODJPOBSJPTKVEJDJBMFTFTUBSgOQSFTDSJUPTZHBSBOUJ[BEPTQPSMFZ³-PT
1SJODJQJPTZ%JSFDUSJDFTEFÇGSJDBTPOBTJNJTNPCBTUBOUFDMBSBTBDFSDBEFMBTEFTJH
OBDJPOFTMJNJUBEBTFOFMUJFNQPBMFTUBCMFDFSRVF²OPTFSgOOPNCSBEPTNFEJBOUF
VODPOUSBUPQPSVOQFSrPEP¾KP³
&M&TUBUVUPEFM+VF[*CFSPBNFSJDBOPUPNBDPNPTJUVBDJwOEFTFBCMFQBSBHBSBOUJ[BSMB
JOEFQFOEFODJBEFMBKVEJDBUVSBRVFMPTKVFDFTTFBOJOBNPWJCMFTEFTVDBSHPVOBWF[
RVFIBZBOJOHSFTBEPBMBDBSSFSBKVEJDJBM4JOFNCBSHPFM&TUBUVUPSFDPOPDFRVF
FODJFSUPTQBrTFTMPTKVFDFTTPOOPNCSBEPTQPSVOUnSNJOPQSFFTUBCMFDJEPTJUVBDJwO
RVFEFCFNPEJ¾DBSTFFOQPTEFMBJOBNPWJMJEBEFOFMDBSHP²$PODPOPDJNJFOUPEF
RVFBMHVOPTQBrTFTBENJUFOFMOPNCSBNJFOUPBUnSNJOPEFKVFDFTTFBTQJSBBRVF
FTUBTJUVBDJwOTFNPEJ¾RVFQBSBBMDBO[BSMBHBSBOUrBEFJOBNPWJMJEBEFOMPTUnSNJOPT
EFMBSUrDVMPBOUFSJPS<TPCSFMBJOBNPWJMJEBEFOFMDBSHP>³
-PT1SJODJQJPTEF#FJKJOHBTJNJTNPFTUBCMFDFORVF²MPTKVFDFTEFCFOUFOFSTFHVSJ
EBEFOTVDBSHP³4JOFNCBSHPMPT1SJODJQJPTSFDPOPDFORVFFOEJGFSFOUFTTJTUFNBT
%JSFDUSJDFTEF-BUJNFS)PVTF%JSFDUSJ[**²-BTEFTJHOBDJPOFTKVEJDJBMFTOPSNBMNFOUFEFCFOTFSQFSNB
OFOUFTNJFOUSBTRVFFOBMHVOBTKVSJTEJDDJPOFTMBTEFTJHOBDJPOFTNFEJBOUFDPOUSBUPTPOJOFWJUBCMFTEJDIBT
EFTJHOBDJPOFTEFCFOFTUBSTVKFUBTBMBTFHVSJEBEFOFMNBOUFOJNJFOUPEFMDBSHP³
&TUBUVUP6OJWFSTBMEFM+VF[BSUrDVMP&MNJTNPBSUrDVMPDPOUJFOFVOBEJTQPTJDJwOBDFSDBEFMSFUJSP²$VBMRVJFS
DBNCJPSFGFSFOUFBMBFEBEEFKVCJMBDJwOOPQPESgUFOFSFGFDUPSFUSPBDUJWP³
1SJODJQJPTZ%JSFDUSJDFTSFMBUJWPTBM%FSFDIPBVO+VJDJP+VTUPZBMB"TJTUFODJB+VSrEJDBFOÇGSJDB1SJODJQJP"
QgSSBGPTM
ZN
*CJE1SJODJQJP"QgSSBGPO
&MBSUrDVMPEFM&TUBUVUPEFM+VF[*CFSPBNFSJDBOPEJTQPOF²$PNPHBSBOUrBEFTVJOEFQFOEFODJBMPTKVFDFT
EFCFOTFSJOBNPWJCMFTEFTEFFMNPNFOUPFORVFBERVJFSFOUBMDBUFHPSrBFJOHSFTBOBMB$BSSFSB+VEJDJBMFO
MPTUnSNJOPTRVFMB$POTUJUVDJwOFTUBCMF[DB²&MTFHVOEPQgSSBGPEFMBSUrDVMPTJOFNCBSHPSFDPOPDFRVFMPT
KVFDFTQVFEFOTFSSFNPWJEPTEFTVDBSHPQPSVOBTFSJFEFNPUJWPT²/PPCTUBOUFQPESgOTFSTVTQFOEJEPT
PTFQBSBEPTEFTVTDBSHPTQPSJODBQBDJEBEGrTJDBPNFOUBMFWBMVBDJwOOFHBUJWBEFTVEFTFNQFvPQSPGF
TJPOBMFOMPTDBTPTFORVFMBMFZMPFTUBCMF[DBPEFTUJUVDJwOPTFQBSBDJwOEFMDBSHPEFDMBSBEBFODBTPEF
SFTQPOTBCJMJEBEQFOBMPEJTDJQMJOBSJBQPSMPTwSHBOPTMFHBMNFOUFFTUBCMFDJEPTNFEJBOUFQSPDFEJNJFOUPT
RVFHBSBOUJDFOFMSFTQFUPEFMEFCJEPQSPDFTPZFOQBSUJDVMBSFMEFMPTEFSFDIPTEFBVEJFODJBEFGFOTB
DPOUSBEJDDJwOZSFDVSTPTMFHBMFTRVFDPSSFTQPOEBO²
&TUBUVUPEFM+VF[*CFSPBNFSJDBOPBSUrDVMP
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
²MBQFSNBOFODJBFOFMDBSHPEFMPTKVFDFTFTUgTVKFUPBMBDPO¾SNBDJwOQFSJwEJDB
NFEJBOUFFMWPUPEFMBQPCMBDJwOVPUSPQSPDFEJNJFOUPGPSNBM³&OUBMFTDBTPTFT
SFDPNFOEBCMF²RVFUPEPTMPTKVFDFTRVFFKFSDFOMBNJTNBKVSJTEJDDJwOTFBOEFTJH
OBEPTQPSVOQFSrPEPRVFWFODFSgBMBMDBO[BSVOBEFUFSNJOBEBFEBE³
1SgDUJDBTRVFBGFDUBOMBQFSNBOFODJBFOFMDBSHP
6OBEFMBTQSgDUJDBTNgTDPNVOFTRVFBGFDUBMBQFSNBOFODJBFOFMDBSHPEFMPT
KVFDFTFTMBEFTJHOBDJwOEF²KVFDFTQSPWJTJPOBMFT³FTEFDJSKVFDFTRVFOPHP[BOEF
FGFDUJWJEBEFOFMDBSHPZRVFQVFEFOTFSEFTUJUVJEPTPTVTQFOEJEPTMJCSFNFOUF%F
BDVFSEPDPOMB$PNJTJwO*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPTFMDBSgDUFSQSPWJTPSJP
EFFTUPTKVFDFT²QPESrBTVQPOFSVODPOEJDJPOBNJFOUPBMBBDUVBDJwOEFFTUPTKVFDFT
FOFMTFOUJEPEFRVFOPQVFEFOTFOUJSTFKVSrEJDBNFOUFQSPUFHJEPTGSFOUFBJOEFCJ
EBTJOUFSGFSFODJBTPQSFTJPOFTQSPWFOJFOUFTEFMJOUFSJPSPEFTEFGVFSBEFMTJTUFNB
KVEJDJBM³4PCSFFTUFUFNBMB$PNJTJwOIBFTUBCMFDJEPRVF²VOBMUPQPSDFOUBKFEF
KVFDFTQSPWJTJPOBMFTBGFDUBTFSJBNFOUFFMEFSFDIPEFMBDJVEBEBOrBBVOBBEFDVBEB
BENJOJTUSBDJwOEFKVTUJDJBZFMEFSFDIPEFMNBHJTUSBEPBMBFTUBCJMJEBEFOFMDBSHP
DPNPHBSBOUrBEFJOEFQFOEFODJBZBVUPOPNrBFOMBKVEJDBUVSB³
0USBGPSNBEFJO¿VJSFOMBQFSNBOFODJBEFVOKVF[FTTPNFUFSMPBVOQSPDFEJNJFOUP
EFSFDFSUJ¾DBDJwOFOJOUFSWBMPTQSFTDSJUPTQBSBEFUFSNJOBSTJQVFEFDPOUJOVBSFO
FMDBSHP
n &M$PNJUnEF%FSFDIPT)VNBOPTTFSFGJSJwBMBQSgDUJDBEFMPTQSPDFEJ
NJFOUPTEFSFDFSUJGJDBDJwOBMBOBMJ[BSFMDBTPEF1FS|&OEJDIBPDBTJwOFM
$PNJUnBEWJSUJwDPOQSFPDVQBDJwORVF²MPTKVFDFTDFTBOFOTVTGVODJPOFT
BMDBCPEFTJFUFBvPTZSFRVJFSFOVOBOVFWBDFSUJGJDBDJwOQBSBTFSEFTJH
OBEPTOVFWBNFOUFQSgDUJDBRVFUJFOEFBBGFDUBSMBJOEFQFOEFODJBEFM
QPEFSKVEJDJBMFODVBOUPFMJNJOBMBJOBNPWJMJEBEFOFMDBSHP³&M$PNJUn
SFDPNFOEwRVF²TFSFWJTFFMSFRVJTJUPEFVOBEPCMFDFSUJGJDBDJwOEFMPT
KVFDFTZRVFTFTVTUJUVZBQPSVOTJTUFNBEFJOBNPWJMJEBEEFMDBSHPZ
TVQFSWJTJwOKVEJDJBMJOEFQFOEJFOUF³
%FDMBSBDJwOEF1SJODJQJPTEF#FJKJOHSFMBUJWPTMBJOEFQFOEFODJBEFMBKVEJDBUVSBFOMB3FHJwOEF-"8"4*"
QgSSBGPTEJTQPTJUJWPT7FSUBNCJnOQgSSBGPEJTQPTJUJWPRVFFTUBCMFDFRVF²%VSBOUFTVNBOEBUP
MBQFSNBOFODJBFOFMDBSHPEFMPTKVFDFTOPEFCFBMUFSBSTFFOTVEFUSJNFOUP³
$*%)*OGPSNFTPCSFMBTJUVBDJwOEFMPT%FSFDIPT)VNBOPTFO7FOF[VFMB%PDVNFOUP0&"4FS-7**
EPDSFWEF%JDJFNCSFQgSS
ÊCJEQgSSZMBDPODMVTJwOEFMB$PNJTJwOEFRVF²MBQSPWJTJPOBMJEBEEFMBNBZPSrBEFMPTKVFDFTFO
7FOF[VFMBBGFDUBTVFTUBCJMJEBEFOFMDBSHPRVFDPOTUJUVZFVOBDPOEJDJwOOFDFTBSJBQBSBBTFHVSBSMBJOEF
QFOEFODJBEFM1PEFS+VEJDJBM³FOFMQgSS7FSUBNCJnOFM4FHVOEP*OGPSNFTPCSFMB4JUVBDJwOEFMPT
%FSFDIPT)VNBOPTFO1FS|0&"%PDVNFOUP0&"4FS-7**%PDSFWEFKVOJPEFQgSS
"TJNJTNPWFSFMBSUrDVMPEFM&TUBUVUPEFM+VF[*CFSPBNFSJDBOPBOUFTDJUBEP
0CTFSWBDJPOFT'JOBMFTEFM$PNJUnEF%FSFDIPT)VNBOPT1FS|*OGPSNFEFM$PNJUnEF%FSFDIPT)VNBOPT
7PMVNFO*("03"QgSSZ
(6Ê"1"3"130'&4*0/"-&4/
n &OFMDBTPEF-JUVBOJBFM$PNJUnBEWJSUJwRVF²MPTKVFDFTEFMPTUSJCVOBMFT
EFEJTUSJUPTJHVFOFTUBOEPPCMJHBEPTBTPNFUFSTFBVOFYBNFOPSHBOJ
[BEPQPSFMQPEFSFKFDVUJWPBMDBCPEFDJODPBvPTEFTFSWJDJPQBSBQPEFS
PCUFOFSTVOPNCSBNJFOUPQFSNBOFOUF³ZSFDPNFOEwRVF²FMFYBNFOTF
SFGJFSB|OJDBNFOUFBMBDPNQFUFODJBKVEJDJBMZFTUnBDBSHPEFVOBFOUJEBE
QSPGFTJPOBMJOEFQFOEJFOUFFYDMVTJWBNFOUF³
n &OFMDBTPEF7JFUOBNFM$PNJUnFYQSFTwTVQSFPDVQBDJwOBDFSDBEFMPT
²MPTQSPDFEJNJFOUPTEFTFMFDDJwOEFKVFDFTBTrDPNPTVGBMUBEFJOBNP
WJMJEBEFOFMDBSHP³QPSRVFMPTKVFDFTGVFSPOEFTJHOBEPTTPMPQPSDVBUSP
BvPT&TUPTGBDUPSFTDPNCJOBEPTDPOMBQPTJCJMJEBEEFUPNBSNFEJEBT
EJTDJQMJOBSJBTEFBNQMJPBMDBODFDPOUSBMPTKVFDFTMPTFYQVTPBMBQSFTJwO
QPMrUJDBZQVTPFOQFMJHSPTVJOEFQFOEFODJBFJNQBSDJBMJEBE
n -VFHPEFFWBMVBSFMJOGPSNFQSFTFOUBEPQPS,JSHVJTUgOFM$PNJUnBEWJS
UJwRVF²FMQSPDFEJNJFOUPEFEFTJHOBDJwOEFMPTKVFDFTFMSFRVJTJUPEF
SFWJTJwODBEBTJFUFBvPTFMCBKPOJWFMEFTVTTVFMEPTZTVJODFSUJEVNCSF
FOFMDBSHPQVFEFOJODJUBSBMBDPSSVQDJwOZBMPTTPCPSOPT²
n &OFMDBTPEF6[CFLJTUgOFM$PNJUnEF%FSFDIPT)VNBOPTSFJUFSwTV
QSFPDVQBDJwO²QPSRVFMBKVEJDBUVSBOPFTUPUBMNFOUFJOEFQFOEJFOUFZ
MPTKVFDFTEFCFOTFSOPNCSBEPTEFOVFWPQPSFM&KFDVUJWPDBEBDJODP
BvPT³
n &M$PNJUnDPOUSBMB5PSUVSBFWBMVwMBQPTJCJMJEBEEFOPNCSBSKVFDFTB
UJFNQPQBSDJBMZFYQSFTwTVQSFPDVQBDJwOQVFTUPRVFQPOESrBFOQVFEB
QPOFSFOQFMJHSPMBJOEFQFOEFODJBFJNQBSDJBMJEBEEFEJDIPTKVFDFT
"TDFOTPT
0USPBTQFDUPEFMBQFSNBOFODJBFOFMDBSHPTFSF¾FSFBMPTGBDUPSFTRVFEFUFSNJOBO
MPTBTDFOTPTEFKVFDFT&OFTUFDBTPMPTDSJUFSJPTTPOTJNJMBSFTBMPTRVFSFHVMBOMB
EFTJHOBDJwOFTEFDJSDSJUFSJPTPCKFUJWPT1PSFKFNQMPMPT1SJODJQJPTCgTJDPTSFMBUJWPT
BMBJOEFQFOEFODJBEFMBKVEJDBUVSBFTUBCMFDFORVF
0CTFSWBDJPOFT'JOBMFTEFM$PNJUnEF%FSFDIPT)VNBOPT-JUVBOJB%PDVNFOUPEFMB0/6$$13$
"EEQgSS7FSUBNCJnOMBT0CTFSWBDJPOFT'JOBMFTEFM$PNJUnEF%FSFDIPT)VNBOPT"[FSCBJZgO
%PDVNFOUPEFMB0/6$$13$0";&QgSSEPOEFFM$PNJUnFYQSFTwTVQSFPDVQBDJwOBOUF²MBGBMUB
EFTFHVSJEBEFOFMDBSHPRVFBGFDUBBMPTNBHJTUSBEPT³
0CTFSWBDJPOFT'JOBMFTEFM$PNJUnEF%FSFDIPT)VNBOPT7JFUOBN%PDVNFOUPEFMB0/6$$13$0
7/.QgSS
0CTFSWBDJPOFT'JOBMFTEFM$PNJUnEF%FSFDIPT)VNBOPT,JSHVJTUgO%PDVNFOUPEFMB0/6$$13$0
,(;QgSS
0CTFSWBDJPOFT'JOBMFTEFM$PNJUnEF%FSFDIPT)VNBOPT6[CFLJTUgO%PDVNFOUPEFMB0/6$$13$0
6;#QgSS
$PODMVTJPOFTZ3FDPNFOEBDJPOFTEFM$PNJUnDPOUSBMB5PSUVSB(VZBOB%PDVNFOUPEFMB0/6$"5$(6:
$0QgSS
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
²&MTJTUFNBEFBTDFOTPTEFMPTKVFDFTDVBOEPFYJTUBTFCBTBSgFOGBDUPSFT
PCKFUJWPTFTQFDJBMNFOUFFOMBDBQBDJEBEQSPGFTJPOBMMBJOUFHSJEBEZMB
FYQFSJFODJB³
-PT1SJODJQJPTEF#FJKJOHUJFOFOVOBSFEBDDJwOTJNJMBSQFSPBHSFHBOFMGBDUPSEFMB
JOEFQFOEFODJB²&MBTDFOTPEFMPTKVFDFTTFEFCFCBTBSFOVOBFWBMVBDJwOPCKFUJWBEF
GBDUPSFTDPNPMBDPNQFUFODJBMBJOUFHSJEBEMBJOEFQFOEFODJBZMBFYQFSJFODJB³
-B$BSUBFVSPQFBTPCSFFMFTUBUVUPEFMPTKVFDFTDPOUFNQMBEPTTJTUFNBTEFBTDFOTP
EFMPTKVFDFTQPSVOMBEPVOTJTUFNBCBTBEPFOMBBOUJHFEBEFOWJSUVEEFMDVBMMPT
KVFDFTTPOBTDFOEJEPTMVFHPEFPDVQBSVODBSHPEVSBOUFVOEFUFSNJOBEPQFSrPEP
EFUJFNQPTJFNQSFRVFDPOUJO|FOTJFOEPDBQBDFTEFEFTFNQFvBSTVTEFCFSFT
QSPGFTJPOBMFT
ZQPSPUSPMBEPVOTJTUFNBEFBTDFOTPCBTBEPFOFMNnSJUPFOFM
DVBMGBDUPSFTJOBQSPQJBEPTDPNPMBSB[BFMTFYPMBSFMJHJwOPMBB¾MJBDJwOQPMrUJDBOP
DVNQMFOOJOHVOBGVODJwO&MQgSSBGPEJTQPTJUJWPEJTQPOF²$VBOEPOPFTUnCBTBEP
FOMBBOUJHFEBEVOTJTUFNBEFBTDFOTPTFCBTBFYDMVTJWBNFOUFFOMBTDVBMJEBEFT
ZNnSJUPTPCTFSWBEPTFOFMEFTFNQFvPEFMPTEFCFSFTBTJHOBEPTBMKVF[NFEJBOUF
FWBMVBDJPOFTPCKFUJWBTSFBMJ[BEBTQPSVOPPWBSJPTKVFDFTZEJTDVUJEBTDPOFMKVF[
JOWPMVDSBEP-BTEFDJTJPOFTDPOSFTQFDUPBBTDFOTPTTPOMVFHPQSPOVODJBEBTQPS
MBBVUPSJEBENFODJPOBEBFOFMQgSSBGPEFMQSFTFOUFJOTUSVNFOUP<VOBBVUPSJEBE
JOEFQFOEJFOUFEFMQPEFSFKFDVUJWPZMFHJTMBUJWPEFOUSPEFMBDVBMBMNFOPTMBNJUBE
TPOKVFDFTFMFDUPTQPSTVTQBSFT>PBQSPQVFTUBPDPOFMDPOTFOUJNJFOUPEFEJDIB
BVUPSJEBE-PTKVFDFTRVFOPTPOQSPQVFTUPTDPOQFSTQFDUJWBTEFTFSBTDFOEJEPT
EFCFOUFOFSEFSFDIPBQSFTFOUBSVOBRVFKBBOUFFTUBBVUPSJEBE³
&M&TUBUVUPEFM+VF[*CFSPBNFSJDBOPUBNCJnODPOUJFOFVOBEJTQPTJDJwODPOSFTQFDUP
BMPTBTDFOTPTRVFFOUPEPTMPTDBTPTEFCFSgOSFTQPOEFSBDSJUFSJPTPCKFUJWPTQSF
EFUFSNJOBEPTFOMBMFZZEFCFSgOCBTBSTFEFQSJNPSEJBMNFOUFFOMBFYQFSJFODJBZ
DBQBDJEBEEFMPTKVFDFT
-BFTUBCJMJEBEFOFMDBSHPDPOTUJUVZFVOBHBSBOUrBFTFODJBMQBSBNBOUFOFSMB
JOEFQFOEFODJBKVEJDJBM-BTEFDJTJPOFTSFMBUJWBTBMBTDFOTPEFCFOFTUBSCBTBEBT
FOMPTNJTNPTDSJUFSJPTPCKFUJWPTRVFFOMBEFTJHOBDJwOZEFCFOTFSFMSFTVMUBEP
EFVOQSPDFEJNJFOUPUSBOTQBSFOUFZFRVJUBUJWP
1SJODJQJPTCgTJDPTEF/BDJPOFT6OJEBTSFMBUJWPTBMBJOEFQFOEFODJBEFMBKVEJDBUVSBQSJODJQJP&MQSJODJQJP
"QgSSBGPP
EFMPT1SJODJQJPTZ%JSFDUSJDFTSFMBUJWPTBM%FSFDIPBVO+VJDJP+VTUPZBMB"TJTUFODJB+VSrEJDB
FOÇGSJDBFTJEnOUJDP
%FDMBSBDJwOEF1SJODJQJPTEF#FJKJOHSFMBUJWPTMBJOEFQFOEFODJBEFMBKVEJDBUVSBFOMB3FHJwOEF-"8"4*"
QgSSBGPEJTQPTJUJWP
$BSUBFVSPQFBTPCSFFMFTUBUVUPEFMPTKVFDFTQgSSBGPEJTQPTJUJWP
&TUBUVUPEFM+VF[*CFSPBNFSJDBOPBSUrDVMP
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
3FTQPOTBCJMJEBE
(FOFSBMJEBEFT
"QFTBSEFRVFMBJOEFQFOEFODJBKVEJDJBMDPOTUJUVZFVOBHBSBOUrBJNQPSUBOUFQVFEF
MMFHBSBBDUVBSDPNPVOFTDVEPEFUSgTEFMDVBMMPTKVFDFTUJFOFOMBPQPSUVOJEBEEF
PDVMUBSQPTJCMFTDPOEVDUBTQPDPnUJDBT1PSFTUBSB[wOMPTKVFDFTEFCFODPNQPS
UBSTFEFBDVFSEPDPOMBTOPSNBTnUJDBT1BSBQSPQPSDJPOBSOPSNBTDMBSBTEFDPOEVDUB
BMPTKVFDFTWBSJPTQBrTFTIBOBQSPCBEPDwEJHPTEFnUJDBRVFSFHVMBOMBDPOEVDUB
KVEJDJBM&OBMHVOPTDBTPTMPTKVFDFTNJTNPTSFEBDUBSPOFTUPTDwEJHPTFOPUSPT
MPTHPCJFSOPTQJEJFSPOTVDPOUSJCVDJwO&OMBFTGFSBJOUFSOBDJPOBMMPT1SJODJQJPTEF
#BOHBMPSFTPCSFMB$POEVDUB+VEJDJBMDPOUJFOFOFMDPOKVOUPEFWBMPSFTRVFEFCFO
EFUFSNJOBSFMDPNQPSUBNJFOUPKVEJDJBM&TUPTWBMPSFTRVFBQBSFDFOSF¿FKBEPTFO
NVDIPTDwEJHPTEFDPOEVDUBTPOMBJOEFQFOEFODJBMBJNQBSDJBMJEBEMBJOUFHSJEBE
MBQSPQJFEBEMBJHVBMEBEMBDPNQFUFODJBZMBEJMJHFODJB-PTGVOEBNFOUPTQBSBMBEFT
UJUVDJwOEFVOKVF[QPSTVDPOEVDUBTFCBTBSgOHFOFSBMNFOUFFOFTUPTQSJODJQJPT
7BMFMBQFOBEJTUJOHVJSFOUSFMBSFTQPOTBCJMJEBEKVEJDJBMQPSFMEFTFNQFvPEFMBTGVO
DJPOFTQSPGFTJPOBMFTRVFTFSJHFQPSOPSNBTDMBSBTEFDPOEVDUBZMBSFTQPOTBCJMJEBE
QPSEFMJUPTDPNVOFTRVFQVFEFODPNFUFSMPTKVFDFTZRVFOPFTUnOSFMBDJPOBEPT
DPOTVGVODJwOQSPGFTJPOBMQBSBMPTDVBMFTMBTOPSNBTBQMJDBCMFTTPOMBTNJTNBT
RVFQBSBDVBMRVJFSJOEJWJEVP
/PSNBTJOUFSOBDJPOBMFTBDFSDBEFMBSFTQPOTBCJMJEBE
$PNPSFHMBHFOFSBMMPTKVFDFTTwMPQVFEFOTFSEFTUJUVJEPTQPSSB[POFTEFOPUPSJB
NBMBDPOEVDUBGBMUBTEJTDJQMJOBSJBTEFMJUPTPQPSMBJODBQBDJEBERVFMPTJOIBCJMJUF
QBSBEFTFNQFvBSTVTGVODJPOFT-BTEFTUJUVDJPOFTTwMPQVFEFOTFSEFDSFUBEBTUSBT
MBDFMFCSBDJwOEFVOQSPDFTPKVTUP-PTKVFDFTOPQVFEFOTFSEFTUJUVJEPTPDBTUJ
HBEPTQPSFSSPSFTEFCVFOBGFCPOB¾EF
PQPSEJTDSFQBSDPOVOBEFUFSNJOBEB
1BSBVOBEJTDVTJwOBDFSDBEFMBDPSSVQDJwOFOFMQPEFSKVEJDJBMWFS3JDIBSE+4DPUU²5PXBSETBOFUIJDUP
DPOUSPMKVEJDJBMDPSSVQUJPO³FO4USFOHUIFOJOH+VEJDJBM*OEFQFOEFODF&MJNJOBUJOH+VEJDJBM$PSSVQUJPO$*+-
:FBSCPPLQ
&O"NnSJDB-BUJOBWFSQPSFKFNQMPMPTDwEJHPTEFDPOEVDUBEF"SHFOUJOBFOEJTUJOUBTQSPWJODJBT
(VBUFNBMB
/PSNBTcUJDBTEFM0SHBOJTNP+VEJDJBMEFMB3FQ|CMJDBEF(VBUFNBMB
$IJMF1SJODJQJPTEFcUJDB+VEJDJBM
7FOF[VFMB$wEJHPEFcUJDBZ%JTDJQMJOBEFM+VF[7FOF[PMBOPP+VF[B7FOF[PMBOB
1FS|$wEJHPEFcUJDBEFM
1PEFS+VEJDJBMFO1FS|
.nYJDP$wEJHPEFcUJDBEFM1PEFS+VEJDJBMEFMB'FEFSBDJwO
)POEVSBT$wEJHPEF
cUJDBQBSB'VODJPOBSJPTZ&NQMFBEPT+VEJDJBMFTEF)POEVSBT
Z1BOBNg$wEJHP+VEJDJBMEFMB$PSUF4VQSFNB
EF1BOBNg
&OMPT&TUBEPT6OJEPTEF"NnSJDBFYJTUFFM$PEFPG$POEVDUGPS6OJUFE4UBUFT+VEHFT
7FS0CTFSWBDJPOFT'JOBMFTEFM$PNJUnEF%FSFDIPT)VNBOPT7JFUOBN%PDVNFOUPEFMB0/6$$13$0
7/.QgSSEPOEFFM$PNJUnFYQSFTwTVQSFPDVQBDJwO²MPTQSPDFEJNJFOUPTEFTFMFDDJwOEFKVFDFTBTr
DPNPTVGBMUBEFJOBNPWJMJEBEFOFMDBSHPOPNCSBNJFOUPTQPSTwMPDVBUSPBvPT
KVOUPDPOMBQPTJCJMJEBE
QSFWJTUBQPSMFZEFRVFTFUPNFONFEJEBTEJTDJQMJOBSJBTDPOUSBFMMPTQPSMBDPNJTJwOEFFSSPSFTKVEJDJBMFT
5PEBTFTUBTDJSDVOTUBODJBTFYQPOFOBMPTKVFDFTBMBQSFTJwOQPMrUJDBZNFOPTDBCBOTVJOEFQFOEFODJBZTV
JNQBSDJBMJEBE³TFBHSFHBFMnOGBTJT
(6Ê"1"3"130'&4*0/"-&4/
JOUFSQSFUBDJwOEFMEFSFDIP"TJNJTNPMPTKVFDFTHP[BOEFJONVOJEBEQFSTPOBMBOUF
EFNBOEBTDJWJMFTQPSEBvPTNPOFUBSJPTRVFTVSHFOEFTVTGBMMPT
-PT&TUBEPTUJFOFOFMEFCFSEFFTUBCMFDFSDBVTBMFTEFSFNPDJwODMBSBTZQSPDFEJ
NJFOUPTBEFDVBEPTQBSBFTUF¾O-BEFDJTJwODPOSFTQFDUPBTJFMDPNQPSUBNJFOUP
FTQFDr¾DPPMBDBQBDJEBEEFVOKVF[DPOTUJUVZFVONPUJWPQBSBTVEFTUJUVDJwOEFCF
TFSUPNBEBQPSVOwSHBOPJOEFQFOEJFOUFFJNQBSDJBMZUSBTVOBBVEJFODJBKVTUB
-PT1SJODJQJPTCgTJDPTEF/BDJPOFT6OJEBTSFMBUJWPTBMBJOEFQFOEFODJBEFMBKVEJDB
UVSBDPOUJFOFOVOBTFSJFEFEJTQPTJDJPOFTBDFSDBEFMBEJTDJQMJOBZEFTUJUVDJwOEFMPT
KVFDFT&M1SJODJQJPFTUBCMFDFRVF²5PEBBDVTBDJwOPRVFKBGPSNVMBEBDPOUSBVO
KVF[QPSTVBDUVBDJwOKVEJDJBMZQSPGFTJPOBMTFUSBNJUBSgDPOQSPOUJUVEFJNQBSDJBMJEBE
DPOBSSFHMPBMQSPDFEJNJFOUPQFSUJOFOUF&MKVF[UFOESgEFSFDIPBTFSPrEPJNQBSDJBM
NFOUF&OFTBFUBQBJOJDJBMFMFYBNFOEFMBDVFTUJwOTFSgDPO¾EFODJBMBNFOPTRVF
FMKVF[TPMJDJUFMPDPOUSBSJP³&M1SJODJQJPRVFWFSTBTPCSFMPTGVOEBNFOUPTEFMB
EFTUJUVDJwONFODJPOBMBTDBUFHPSrBTQFSNJUJEBTQBSBMBEFTUJUVDJwO
²-PTKVFDFTTwMPQPESgOTFSTVTQFOEJEPTPTFQBSBEPTEFTVTDBSHPTQPS
JODBQBDJEBEPDPNQPSUBNJFOUPRVFMPTJOIBCJMJUFQBSBTFHVJSEFTFNQFvBOEP
TVTGVODJPOFT³
"TJNJTNPMPT1SJODJQJPTCgTJDPTSFMBUJWPTBMBJOEFQFOEFODJBEFMBKVEJDBUVSBTBODJP
OBOMBPCMJHBDJwOEFBQSPCBSMFZFTQBSBQFSNJUJSRVFMPTKVFDFTBQFMFOMBTEFDJTJPOFT
EJTDJQMJOBSJBT&M1SJODJQJPFTUJQVMBRVFMBT²-BTEFDJTJPOFTRVFTFBEPQUFOFO
MPTQSPDFEJNJFOUPTEJTDJQMJOBSJPTEFTVTQFOTJwOPEFTFQBSBDJwOEFMDBSHPFTUBSgO
TVKFUBTBVOBSFWJTJwOJOEFQFOEJFOUF³
7BMFMBQFOBEFTUBDBSRVFMBSFDPNFOEBDJwOEFM$POTFKPEF&VSPQBBDFSDBEFMB
JOEFQFOEFODJBEFMQPEFSKVEJDJBMFTUBCMFDFMJOFBNJFOUPTDMBSPTBDFSDBEFMPTGVO
EBNFOUPTRVFQVFEFODPOEVDJSBMBEFTUJUVDJwOEFVOKVF[
²-PTKVFDFTEFTJHOBEPTOPQPESgOTFSEFTUJUVJEPTEFMDBSHPFOGPSNBQFS
NBOFOUFTJOSB[POFTWgMJEBTIBTUBTVSFUJSPPCMJHBUPSJP%JDIBTSB[POFT
RVFEFCFOFTUBSEFGJOJEBTQPSMBMFZFOUnSNJOPTQSFDJTPTQVFEFOBQMJDBSTF
FOQBrTFTEPOEFFMKVF[FTFMFDUPQPSVOEFUFSNJOBEPQFSrPEPPQVFEFO
7FS1SJODJQJPTCgTJDPTEF/BDJPOFT6OJEBTSFMBUJWPTBMBJOEFQFOEFODJBEFMBKVEJDBUVSBFM1SJODJQJPFT
UBCMFDFRVF²4JOQFSKVJDJPEFDVBMRVJFSQSPDFEJNJFOUPEJTDJQMJOBSJPPEFSFDIPEFBQFMBDJwOOJEFMEFSFDIP
BSFDJCJSJOEFNOJ[BDJwOEFM&TUBEPEFBDVFSEPDPOMBMFHJTMBDJwOOBDJPOBMMPTKVFDFTHP[BSgOEFJONVOJEBE
QFSTPOBMDPOSFTQFDUPBMBTBDDJPOFTDJWJMFTQPSEBvPTZQFSKVJDJPTEFSJWBEPTEFBDDJPOFTVPNJTJPOFT
JOEFCJEBTDPNFUJEBTFOFMFKFSDJDJPEFTVTGVODJPOFTKVEJDJBMFT³1PSPUSBTEJTQPTJDJPOFTEFDPOUFOJEP
TJNJMBSWFSQgSSBGPEJTQPTJUJWPEFMB%FDMBSBDJwOEF1SJODJQJPTEF#FJKJOHSFMBUJWPTBMBJOEFQFOEFODJBEF
MBKVEJDBUVSBFOMB3FHJwOEF-"8"4*"ZFMBSUrDVMPEFM&TUBUVUP6OJWFSTBMEFM+VF[
7FSUBNCJnO1SJODJQJPRVFFTUBCMFDFRVF²5PEPQSPDFEJNJFOUPQBSBMBBEPQDJwOEFNFEJEBTEJTDJQMJ
OBSJBTMBTVTQFOTJwOPMBTFQBSBDJwOEFMDBSHPTFSFTPMWFSgEFBDVFSEPDPOMBTOPSNBTFTUBCMFDJEBTEF
DPNQPSUBNJFOUPKVEJDJBM³&MQgSSBGPEJTQPTJUJWPEFMB%FDMBSBDJwOEF1SJODJQJPTEF#FJKJOHSFMBUJWPTBMB
JOEFQFOEFODJBEFMBKVEJDBUVSBFOMB3FHJwOEF-"8"4*"FTJEnOUJDP
&MQSJODJQJPFYDMVZFFTUFSFRVJTJUPFODBTPTFTQFDrGJDPTQSJODJQBMNFOUFFO²EFDJTJPOFTEFMUSJCVOBM
TVQSFNPZBMBTEFMwSHBOPMFHJTMBUJWPFOMPTQSPDFEJNJFOUPTEFSFDVTBDJwOPTJNJMBSFT³
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
SFMBDJPOBSTFDPOMBJODBQBDJEBEQBSBEFTFNQFvBSGVODJPOFTKVEJDJBMFTMB
DPNJTJwOEFGBMUBTPJOGSBDDJPOFTHSBWFTEFMBTSFHMBTEJTDJQMJOBSJBT³
"TJNJTNPFM$POTFKPFTUBCMFDJwSFRVJTJUPTDMBSPTBDFSDBEFMPTQSPDFEJNJFOUPTEF
EFTUJUVDJwOFTQFDr¾DBNFOUFMBDSFBDJwOEFVOwSHBOPFTQFDJBMTPNFUJEPBMDPOUSPM
KVEJDJBMEFUPEBTMBTHBSBOUrBTQSPDFTBMFT
²&ODBTPTFORVFTFBOFDFTBSJPUPNBSMBTNFEJEBT<EJTDJQMJOBSJBT>MPT
&TUBEPTEFCFODPOTJEFSBSFMFTUBCMFDJNJFOUPQPSNFEJPEFMBMFZEFVO
wSHBOPFTQFDJBMDPNQFUFOUFDVZBUBSFBTFBMBEFBQMJDBSTBODJPOFTZNFEJEBT
EJTDJQMJOBSJBTDVBOEPOPTFBOUSBUBEBTQPSFMUSJCVOBMZDVZBTEFDJTJPOFT
FTUnODPOUSPMBEBTQPSVOwSHBOPKVEJDJBMTVQFSJPSPRVFTFBFOTrNJTNPVO
wSHBOPKVEJDJBMTVQFSJPS-BMFZEFCFFTUBCMFDFSQSPDFEJNJFOUPTBEFDVBEPT
QBSBBTFHVSBSRVFMPTKVFDFTFODVFTUJwOUFOHBOBMNFOPTMPTSFRVJTJUPT
EFMEFCJEPQSPDFTPDPOUFOJEPTFOFM$POWFOJP<&VSPQFPQBSBMB1SPUFDDJwO
EFMPT%FSFDIPT)VNBOPTZEFMBT-JCFSUBEFT'VOEBNFOUBMFT>QPSFKFNQMP
RVFFMDBTPTFBPrEPEFOUSPEFVOQMB[PSB[POBCMFZFMEFSFDIPBSFTQPOEFS
DVBMRVJFSBDVTBDJwO³
-B$BSUBFVSPQFBTPCSFFMFTUBUVUPEFMPTKVFDFTJODMVZFEJTQPTJDJPOFTEFUBMMBEBT
BDFSDBEFFTUPTUFNBTFTQFDr¾DBNFOUFBDFSDBEFMBJOUFHSBDJwOEFMwSHBOPRVFEFCF
EJSJHJSPJOUFSWFOJSFOMPTQSPDFEJNJFOUPTMBTHBSBOUrBTQSPDFTBMFTRVFHP[BOMPT
KVFDFTZFMSFRVJTJUPEFRVFMBTTBODJPOFTTFBOQSPQPSDJPOBMFTBMEFMJUP&MQgSSBGP
EJTQPTJUJWPEJTQPOFRVF²-BOFHMJHFODJBEFVOKVF[FOFMEFTFNQFvPEFVOPEF
MPTEFCFSFTEF¾OJEPTFYQSFTBNFOUFFOFMFTUBUVUP|OJDBNFOUFQVFEFEBSMVHBSB
TBODJPOFTQPSEJTQPTJDJwOQSPQVFTUBSFDPNFOEBDJwOPDPOFMDPOTFOUJNJFOUPEF
VOUSJCVOBMPBVUPSJEBEMBNJUBEEFDVZPTNJFNCSPTEFCFOTFSKVFDFTFMFDUPTFO
FMNBSDPEFQSPDFEJNJFOUPTFORVFMBTQBSUFTHPDFOEFVOBBVEJFODJBQMFOBFOMB
RVFFMKVF[DPOUSBRVJFOTFDFMFCSFUJFOFEFSFDIPBTFSSFQSFTFOUBEP-BFTDBMBEF
TBODJPOFTRVFQVFEFOJNQPOFSTFTFFTUBCMFDFFOFMFTUBUVUPZTVJNQPTJDJwOFTUg
TPNFUJEBBMQSJODJQJPEFQSPQPSDJPOBMJEBE-BEFDJTJwOEFVOBBVUPSJEBEFKFDVUJWB
EFVOUSJCVOBMPVOBBVUPSJEBERVFQSPOVODJFVOBTBODJwODPNPTFQSFWnFOFM
QSFTFOUFJOTUSVNFOUPFTUBSgTVKFUBBBQFMBDJwOBOUFVOBBVUPSJEBEKVEJDJBMEF
NBZPSKFSBSRVrB³
&OFMDPOUFYUPBGSJDBOPMPT1SJODJQJPTZ%JSFDUSJDFTSFMBUJWPTBM%FSFDIPBVO+VJDJP
+VTUPZBMB"TJTUFODJB+VSrEJDBUBNCJnOJODMVZFODSJUFSJPTFTUSJDUPTQBSBMBEFTUJUVDJwO
3FDPNFOEBDJwO/P3
1SJODJQJP7*-B3FDPNFOEBDJwOUBNCJnODPOUFNQMBPUSBTTBODJPOFTEJTUJOUBT
EFMBEFTUJUVDJwO²$VBOEPMPTKVFDFTOPDVNQMBODPOTVTEFCFSFTEFNBOFSBFGJDJFOUFZBEFDVBEBPFODBTP
EFGBMUBTEJTDJQMJOBSJBTTFEFCFOUPNBSUPEBTMBTNFEJEBTOFDFTBSJBTRVFOPQFSKVEJRVFOMBJOEFQFOEFODJB
KVEJDJBM%FQFOEJFOEPEFMPTQSJODJQJPTDPOTUJUVDJPOBMFTZMBTEJTQPTJDJPOFTMFHBMFTZUSBEJDJPOFTEFDBEB
FTUBEPEJDIBTNFEJEBTQVFEFOJODMVJSQPSFKFNQMPB3FUJSBSDBTPTEFMKVF[C5SBOTGFSJSBMKVF[BPUSBT
UBSFBTKVEJDJBMFTEFOUSPEFMUSJCVOBMD4BODJPOFTFDPOwNJDBTDPNPMBSFEVDDJwOUFNQPSBSJBEFMTBMBSJPE
4VTQFOTJwO³1SJODJQJP7*
*CJE1SJODJQJP7*
$BSUBFVSPQFBTPCSFFMFTUBUVUPEFMPTKVFDFTQgSSBGPEJTQPTJUJWP
(6Ê"1"3"130'&4*0/"-&4/
BMFTUBCMFDFSRVFMPTKVFDFTTPMBNFOUFQVFEFOTFSEFTUJUVJEPTTJDPNFUFOVOBGBMUB
HSBWFPTJTPOJODBQBDFTEFEFTFNQFvBSTVTGVODJPOFTKVEJDJBMFT-PT1SJODJQJPTZ
%JSFDUSJDFTFTUBCMFDFORVF²-PTGVODJPOBSJPTKVEJDJBMFT|OJDBNFOUFQVFEFOTFS
EFTUJUVJEPTPTVTQFOEJEPTEFTVDBSHPQPSGBMUBTEFDPOEVDUBHSBWFTJODPNQBUJCMFT
DPOFMDBSHPKVEJDJBMPEFCJEPBJODBQBDJEBEGrTJDBPNFOUBMRVFOPMFTQFSNJUBEFT
FNQFvBSTVTPCMJHBDJPOFTKVEJDJBMFT³7BMFMBQFOBNFODJPOBSRVFnTUFFTFM|OJDP
JOTUSVNFOUPTPCSFMBJOEFQFOEFODJBEFMQPEFSKVEJDJBMRVFDPOUJFOFVOBQSPIJCJDJwO
FTQFDr¾DBTPCSFMBEFTUJUVDJwOEFMPTKVFDFTQPSSFWFSUJSTVTGBMMPT
²-PTKVFDFT<©>OPTFSgOEFTUJUVJEPTEFMDBSHPPTPNFUJEPTBPUSPTQSP
DFEJNJFOUPTEJTDJQMJOBSJPTPBENJOJTUSBUJWPT|OJDBNFOUFEFCJEPBRVFTV
EFDJTJwOGVFSFWPDBEBNFEJBOUFVOBBQFMBDJwOPSFWJTJwOEFVOwSHBOP
KVEJDJBMTVQFSJPS³
$POSFTQFDUPBMBTHBSBOUrBTQSPDFTBMFTFOMPTQSPDFEJNJFOUPTEJTDJQMJOBSJPTMPT
1SJODJQJPTZ%JSFDUSJDFTDPOUJFOFOMBTJHVJFOUFEJTQPTJDJwO
²-PTGVODJPOBSJPTKVEJDJBMFTRVFBGSPOUBOQSPDFEJNJFOUPTEJTDJQMJOBSJPTEF
TVTQFOTJwOPEFTUJUVDJwOUFOESgOEFSFDIPBTFSSFQSFTFOUBEPTQPSVOSFQSF
TFOUBOUFMFHBMEFTVFMFDDJwOZBVOBSFWJTJwOJOEFQFOEJFOUFEFMBTEFDJTJPOFT
EFMPTQSPDFEJNJFOUPTEJTDJQMJOBSJPTEFTVTQFOTJwOPEFTUJUVDJwO³
&OMBSFHJwOEF"TJB1BDr¾DPMPTDSJUFSJPTTPOTJNJMBSFT%FBDVFSEPDPOMPT1SJODJQJPT
EF#FJKJOHMPTKVFDFTTPMBNFOUFQVFEFOTFSEFTUJUVJEPTQPSJODBQBDJEBEPNBMB
DPOEVDUB²-PTKVFDFTEFCFOTFSTVTDFQUJCMFTEFTFSEFTUJUVJEPTEFTVDBSHPQPS
NPUJWPTEFJODBQBDJEBEEFNPTUSBEBQPSTFSEFDMBSBEPTDVMQBCMFTEFVOEFMJUPPQPS
DPOEVDUBRVFMPTWVFMWBJOBEFDVBEPTDPNPKVFDFT³&OMPRVFTFSF¾FSFBMQSPDFTP
EFEFTUJUVDJwOEFKVFDFTZBMwSHBOPFODBSHBEPEFUBMFTGVODJPOFTMPT1SJODJQJPTEF
#FJKJOHOPTPODPODMVZFOUFTZSFDPOPDFORVFMBTEJTQPTJDJPOFTBMSFTQFDUPQVFEFO
WBSJBSFOEJGFSFOUFTQBrTFT²4FBENJUFRVFQPSEJGFSFODJBTIJTUwSJDBTZDVMUVSBMFT
MPTQSPDFEJNJFOUPTBEPQUBEPTQBSBMBEFTUJUVDJwOEFMPTKVFDFTQVFEFOEJGFSJSFO
MBTEJTUJOUBTTPDJFEBEFT-BEFTUJUVDJwONFEJBOUFQSPDFEJNJFOUPTQBSMBNFOUBSJPT
GVFBEPQUBEBUSBEJDJPOBMNFOUFFOBMHVOBTTPDJFEBEFT&OPUSBTTPDJFEBEFTFTF
QSPDFEJNJFOUPFTJOBEFDVBEPOPFTBQSPQJBEPQBSBUSBUBSBMHVOPTGVOEBNFOUPTEF
MBEFTUJUVDJwOFTVUJMJ[BEPNVZSBSBWF[ZTVVUJMJ[BDJwOFOMVHBSEFTFSQPSNPUJWPT
TFSJPTFTBQUBQBSBDPOEVDJSBMBNBMBVUJMJ[BDJwO³4JOFNCBSHPDVBOEPFTUBQSF
SSPHBUJWBOPDPSSFTQPOEFBMQBSMBNFOUPPMBQPCMBDJwONFEJBOUFFMWPUPMBSFNPDJwO
1SJODJQJPTZ%JSFDUSJDFTSFMBUJWPTBM%FSFDIPBVO+VJDJP+VTUPZBMB"TJTUFODJB+VSrEJDBFOÇGSJDB1SJODJQJP"
QgSSBGPQ
*CJE1SJODJQJP"QgSSBGPO
*CJE1SJODJQJP"QgSSBGPR
&MQgSSBGPS
BTJNJTNPEJTQPOFRVF²<©>-BTRVFKBTDPOUSBGVODJPOBSJPT
KVEJDJBMFTTFQSPDFTBSgOFOSgQJEBFYQFEJUJWBZFRVJUBUJWBNFOUF³
%FDMBSBDJwOEF1SJODJQJPTEF#FJKJOHSFMBUJWPTMBJOEFQFOEFODJBEFMBKVEJDBUVSBFOMB3FHJwOEF-"8"4*"
QgSSBGPEJTQPTJUJWP
*CJEQgSSBGPEJTQPTJUJWP
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
EFKVFDFTEFCFFTUBSBDBSHPEFMQPEFSKVEJDJBM4JOFNCBSHPJOEFQFOEJFOUFNFOUF
EFMwSHBOPBDBSHPFMEFSFDIPBVOBBVEJFODJBKVTUBQFSNBOFDFJOUBDUP
-BT%JSFDUSJDFTEF-BUJNFS)PVTFEFTUJOBEBTBMBTKVSJTEJDDJPOFTEFM$PNNPOXFBMUI
UBNCJnODPOUJFOFOEJTQPTJDJPOFTSFMBDJPOBEBTBMBEJTDJQMJOBKVEJDJBMZBMBSFNPDJwO
EFKVFDFT-BT%JSFDUSJDFTFTQFDJ¾DBOMBTDBVTBMFTEFSFNPDJwOMBTHBSBOUrBTQSPDF
TBMFTZMBTDBSBDUFSrTUJDBTEFMwSHBOPBDBSHPEFMPTQSPDFEJNJFOUPT-B%JSFDUSJ[7*
EJTQPOF²&OMPTDBTPTFORVFVOKVF[DPSSBFMSJFTHPEFTFSEFTUJUVJEPFMKVF[EFCF
UFOFSEFSFDIPBTFSQMFOBNFOUFJOGPSNBEPEFMBTBDVTBDJPOFTRVFTFMFGPSNVMBO
TFSSFQSFTFOUBEPFOVOBBVEJFODJBEFTBSSPMMBSQMFOBNFOUFTVEFGFOTBZBKV[HBEP
BOUFVOUSJCVOBMJOEFQFOEJFOUFFJNQBSDJBM-PTNPUJWPTQBSBMBEFTUJUVDJwOEFVO
KVF[EFCFOMJNJUBSTFB"
*ODBQBDJEBEQBSBEFTFNQFvBSTVTGVODJPOFTKVEJDJBMFT
Z#
/PUPSJBNBMBDPOEVDUB³-BT%JSFDUSJDFTBTJNJTNPDPOUJFOFOVOBQSPIJCJDJwO
EFJNQPOFSBNPOFTUBDJPOFTQ|CMJDBT
&M&TUBUVUPEFM+VF[*CFSPBNFSJDBOPQPSTVQBSUFEJTQPOFRVFTwMPVOwSHBOPQFS
UFOFDJFOUFBMQPEFSKVEJDJBMQVFEFOFKFSDFSBDDJPOFTEJTDJQMJOBSJBTDPOUSBMPTKVFDFT
"TJNJTNPFM&TUBUVUPDPOUJFOFVOBTFSJFEFHBSBOUrBTSFMBUJWBTBMEFCJEPQSPDFTP
RVFEFCFOSFTQFUBSTFFOUPEPQSPDFEJNJFOUPEFFTUBrOEPMF
+VSJTQSVEFODJBJOUFSOBDJPOBM
&M$PNJUnEF%FSFDIPT)VNBOPTTFSF¾SJwBMBEFTUJUVDJwOEFMPTKVFDFTFOWBSJBT
PQPSUVOJEBEFTUBOUPFOFMDPOUFYUPEFMBTPCTFSWBDJPOFT¾OBMFTBMPTJOGPSNFTEF
QBrTFTDPNPFODBTPTJOEJWJEVBMFT&M$PNJUnIBDPO¾SNBEPMBOPSNBUJWBJOUFSOBDJP
OBMFOMPSFMBUJWPBMBQSPIJCJDJwOEFEFTUJUVJSKVFDFTDPOCBTFFOPUSPTGVOEBNFOUPT
RVFTVNBMBDPOEVDUBPMBJODBQBDJEBEQBSBDPOUJOVBSFOFMDBSHPZFMSFRVJTJUPEF
VOQSPDFEJNJFOUPKVTUP
n &OFMDBTPEF4SJ-BOLBFM$PNJUnFYQSFTwTVQSFPDVQBDJwOQPSRVF²FM
QSPDFEJNJFOUPEFEFTUJUVDJwOEFKVFDFTEFM5SJCVOBM4VQSFNPZEFMPT
USJCVOBMFTEFBQFMBDJwO<©>FTJODPNQBUJCMFDPOFMBSUrDVMPEFM1BDUP
QPSDVBOUPQFSNJUFBM1BSMBNFOUPFKFSDFSVODPOUSPMJNQPSUBOUFTPCSFFM
QSPDFEJNJFOUPEFEFTUJUVDJwOEFNBHJTUSBEPT³ZDPOUJO|BSFDPNFOEBOEP
%FDMBSBDJwOEF1SJODJQJPTEF#FJKJOHSFMBUJWPTMBJOEFQFOEFODJBEFMBKVEJDBUVSBFOMB3FHJwOEF-"8"4*"
QgSSBGPEJTQPTJUJWP7FSUBNCJnOQgSSBGPEJTQPTJUJWP²&ODBTPRVFOPTFBQMJRVFOMPTQSPDFEJNJFOUPT
QBSMBNFOUBSJPTPMPTQSPDFEJNJFOUPTQBSBMBEFTUJUVDJwOEFVOKVF[NFEJBOUFWPUBDJwOQPQVMBSZTFQSPQPOHB
UPNBSNFEJEBTQBSBEFTUJUVJSBVOKVF[EFCFSrBFOQSJNFSMVHBSIBCFSVOFYBNFOEFMBTSB[POFTTVHFSJEBT
QBSBTVEFTUJUVDJwOQBSBEFUFSNJOBSTJTFEFCFODPNFO[BSMPTQSPDFEJNJFOUPTGPSNBMFT-PTQSPDFEJNJFOUPT
GPSNBMFTEFCFODPNFO[BS|OJDBNFOUFTJFMFYBNFOQSFMJNJOBSJOEJDBRVFIBZSB[POFTBEFDVBEBTQBSB
MMFWBSMPTBDBCP³
*CJEQgSSBGPEJTQPTJUJWP²&ODVBMRVJFSDBTPFMKVF[RVFTFQSPDVSBEFTUJUVJSEFCFUFOFSEFSFDIPBVOB
BVEJFODJBKVTUB³
%JSFDUSJDFTEF-BUJNFS)PVTF%JSFDUSJ[7*QgSSB
J
*CJE%JSFDUSJ[7*QgSSB
JJJ
&TUBUVUPEFM+VF[*CFSPBNFSJDBOPBSUrDVMP
(6Ê"1"3"130'&4*0/"-&4/
RVF²&M&TUBEP1BSUFEFCFGPSUBMFDFSMBJOEFQFOEFODJBEFMQPEFSKVEJDJBM
NFEJBOUFMBTVQFSWJTJwOZMBEJTDJQMJOBKVEJDJBMFTNgTCJFORVFQBSMB
NFOUBSJBTEFMDPNQPSUBNJFOUPKVEJDJBM³
n &OFMDBTPEF#JFMPSSVTJBQSFPDVQwBM$PNJUnRVF²FM1SFTJEFOUFEFMB
3FQ|CMJDBUFOHBMBGBDVMUBEEFEFTUJUVJSTJORVFFYJTUBOTBMWBHVBSEJBTB
MPTNBHJTUSBEPTEFM5SJCVOBM$POTUJUVDJPOBMZEFM5SJCVOBM4VQSFNP³
n &OFMDBTPEF7JFUOBNFM$PNJUnFYIPSUwBM&TUBEPB²HBSBOUJ[BSRVF
MPTKVFDFTOPQVFEBOTFSEFTUJUVJEPTEFTVDBSHPTBMWPRVFVOUSJCVOBM
JOEFQFOEJFOUFMPTEFDMBSFDVMQBCMFTEFVODPNQPSUBNJFOUPJNQSPQJP
EFVOKVF[³
n $POSFMBDJwOBMBDPSSVQDJwOKVEJDJBMFOFMDBTPEF(FPSHJBFM$PNJUn
FTUBCMFDJwRVF²&M&TUBEP1BSUFEFCFBEPQUBSMBTNFEJEBTOFDFTBSJBT
QBSBHBSBOUJ[BSRVFMPTKVFDFTQVFEBOEFTFNQFvBSTVTGVODJPOFTDPO
UPUBMJOEFQFOEFODJB³
n &M$PNJUnBTJNJTNPEFUFSNJOwRVFMPTEFTQJEPTTVNBSJPTTPOJODPNQB
UJCMFTDPOFM1BDUPZRVF²MPTKVFDFTOPEFCFSrBOTFSTFQBSBEPTEFTVT
DBSHPTTJOPFOBQMJDBDJwOEFVOQSPDFEJNJFOUPPCKFUJWPFJOEFQFOEJFOUF
QSFTDSJUPQPSMBMFZ³
&OVODBTPEFKVFDFTEFTQFEJEPTQPSVOEFDSFUPQSFTJEFODJBMEFCJEPBRVFFSBO
²JONPSBMFTDPSSVQUPTEFTFSUPSFTPSFDPOPDJEPTDPNPJODPNQFUFOUFTDPOUSBSJPTB
TVTPCMJHBDJPOFTDPNPKVFDFTZBMIPOPSZMBEJHOJEBEEFTVTGVODJPOFT³FM$PNJUnEF
%FSFDIPT)VNBOPTDPODMVZwRVFMPTKVFDFT²OPTFIBOCFOF¾DJBEPEFMBTHBSBOUrBT
EFRVFHP[BOQPSTVTGVODJPOFTEFNBHJTUSBEPT³&OWJSUVEEFFTUBTHBSBOUrBTMPT
KVFDFTEFCJFSPOIBCFSTJEPMMFWBEPTBOUFFM$POTFKP4VQSFNPEFM1PEFS+VEJDJBMEF
BDVFSEPDPOMBMFZ&TNgTFM$PNJUnIBMMwRVF²FM1SFTJEFOUFEFM5SJCVOBM4VQSFNP
BOUFTEFMQSPDFTPNBOJGFTUwQ|CMJDBNFOUFTVBQPZPBMBTEFTUJUVDJPOFTBUFOUBOEP
BTrDPOUSBMBJNQBSDJBMJEBEEFM5SJCVOBM³ZDPODMVZwRVFMBEFTUJUVDJwOTJHOJ¾DBCB
0CTFSWBDJPOFT'JOBMFTEFM$PNJUnEF%FSFDIPT)VNBOPT4SJ-BOLB%PDVNFOUPEFMB0/6$$13$0
-,"QgSS
0CTFSWBDJPOFT'JOBMFTEFM$PNJUnEF%FSFDIPT)VNBOPT#JFMPSSVTJB%PDVNFOUPEFMB0/6$$13$
"EEQgSS7FSUBNCJnO$PNJUnEF%FSFDIPT)VNBOPT%JDUBNFOEFEFBHPTUPEF$PNVOJDBDJwO
/.JLIBJM*WBOPWJDI1BTUVLIPWD#JFMPSSVTJB
%PDVNFOUPEFMB0/6$$13$%
QgSS
0CTFSWBDJPOFTGJOBMFTEFM$PNJUnEF%FSFDIPT)VNBOPT7JFUOBN%PDVNFOUPEFMB0/6$$13$0
7/.QgSS
0CTFSWBDJPOFT'JOBMFTEFM$PNJUnEF%FSFDIPT)VNBOPT(FPSHJB%PDVNFOUPEFMB0/6$$13$0
(&0QgSS
0CTFSWBDJPOFT'JOBMFTEFM$PNJUnEF%FSFDIPT)VNBOPT(BNCJB%PDVNFOUPEFMB0/6$$13$0
(.#QgSS
0CTFSWBDJPOFT'JOBMFTEFM$PNJUnEF%FSFDIPT)VNBOPT3FQ|CMJDBEF.PMEBWJB%PDVNFOUPEFMB0/6
$$13$0.%"QgSS
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
²VOBUFOUBEPBMBJOEFQFOEFODJBEFMBKVEJDBUVSBRVFTFBNQBSBFOQgSSBGPEFM
BSUrDVMPEFM1BDUP³
n "DFSDBEFMBTDBSBDUFSrTUJDBTEFMBTNFEJEBTEJTDJQMJOBSJBTDPOUSBMPTFN
QMFBEPTQ|CMJDPTFM$PNJUnFTUBCMFDJwRVFFOQSJODJQJP²OPDPOTUJUVZF
QPSTrNJTNBVOBEFUFSNJOBDJwOEFMPTQSPQJPTEFSFDIPTZPCMJHBDJPOFT
FOVOKVJDJPOJFYDFQUPFOFMDBTPEFTBODJPOFTRVFJOEFQFOEJFOUF
NFOUFEFTVDBMJGJDBDJwOFOMBMFHJTMBDJwOJOUFSOBTFBOEFDBSgDUFSQFOBM
FRVJWBMFBMBEFUFSNJOBDJwOEFVOBBDVTBDJwOQFOBMFOFMTFOUJEPEFMB
TFHVOEBGSBTFEFMQgSSBGPEFMBSUrDVMP<©>4JCJFOMBEFDJTJwOTPCSFVO
EFTQJEPEJTDJQMJOBSJPOPEFCFTFSBEPQUBEBQPSVOBDPSUFPVOUSJCVOBM
FM$PNJUnDPOTJEFSBRVFTJFNQSFRVFDPNPFOFMQSFTFOUFDBTPBVO
wSHBOPKVEJDJBMTFFODPNJFOEBMBUBSFBEFEFDJEJSMBJNQPTJDJwOPOPEF
NFEJEBTEJTDJQMJOBSJBTEFCFSFTQFUBSMBHBSBOUrBEFJHVBMEBEEFUPEBT
MBTQFSTPOBTBOUFMPTUSJCVOBMFTDPOTBHSBEBFOFMQgSSBGPEFMBSUrDVMP
ZMPTQSJODJQJPTEFJNQBSDJBMJEBEKVTUJDJBFJHVBMEBEEFNFEJPTRVF
BDBSSFBJNQMrDJUBNFOUFFTUBHBSBOUrB³"TJNJTNPDPOSFTQFDUPBMB
EVSBDJwOEFMPTQSPDFEJNJFOUPTEJTDJQMJOBSJPTFM$PNJUnDPOTJEFSwRVF
²FMEFSFDIPBMBJHVBMEBEBOUFMPTUSJCVOBMFTDPOBSSFHMPBMQgSSBGPEFM
BSUrDVMPFOUSBvBVOBTFSJFEFSFRVJTJUPTJODMVJEBMBDPOEJDJwOEFRVF
FMQSPDFTPBOUFMPTUSJCVOBMFTOBDJPOBMFTEFCFSgDFMFCSBSTFDPOMBTVGJ
DJFOUFDFMFSJEBEDPNPQBSBOPQPOFSFOQFMJHSPMPTQSJODJQJPTEFKVTUJDJB
ZEFJHVBMEBEEFNFEJPT³
1PSTVQBSUFMB$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPTUBNCJnOTFSF¾SJwBM
UFNBEFMBEFTUJUVDJwOEFMPTKVFDFT&OFMDBTPEFM5SJCVOBM$POTUJUVDJPOBMMB$PSUF
FTUBCMFDJwRVFMPTKVFDFTHP[BOEFUPEBTMBTHBSBOUrBTQSPDFTBMFTFOMPTQSPDFEJ
NJFOUPTEFSFNPDJwO&MDBTPGVFQSFTFOUBEPQPSUSFTKVFDFTRVFIBCrBOTJEPEFTUJ
UVJEPTDPNPDPOTFDVFODJBEFMBBQMJDBDJwOEFVOBTBODJwOEFMQPEFSMFHJTMBUJWPFO
FMDPOUFYUPEFVOQSPDFTPEFKVJDJPQPMrUJDP5SBTBEWFSUJSRVF²MBBVUPSJEBEBDBSHP
EFMQSPDFTPEFEFTUJUVDJwOEFMKVF[EFCFDPOEVDJSTFJNQBSDJBMNFOUFFOFMQSPDFEJ
NJFOUPFTUBCMFDJEPQBSBFMFGFDUPZQFSNJUJSFMFKFSDJDJPEFMEFSFDIPEFEFGFOTB³MB
$PSUFEFDJEJwRVFTFIBCrBWJPMBEPFMEFSFDIPEFMPTKVFDFTBVOKVJDJPKVTUPEFCJEP
BRVF²FMQSPDFEJNJFOUPEFKVJDJPQPMrUJDPBMDVBMGVFSPOTPNFUJEPTMPTNBHJTUSBEPT
EFTUJUVJEPTOPBTFHVSwBnTUPTMBTHBSBOUrBTEFMEFCJEPQSPDFTPMFHBMZOPTFDVNQMJw
$PNJUnEF%FSFDIPT)VNBOPT%JDUBNFOEFEFKVMJPEF$PNVOJDBDJwO/"ESJFO
.VOEZP#VTZP5IPNBT0TUIVEJ8POHPEJ3FOn4JCV.BUVCVLBFUBMD3FQ|CMJDB%FNPDSgUJDBEFM$POHP
%PDVNFOUPEFMB0/6$$13$%QgSS
$PNJUnEF%FSFDIPT)VNBOPT%JDUBNFOEFEFKVMJPEF$PNVOJDBDJwO1BVM1FSUFSFSD
"VTUSJB
%PDVNFOUPEFMB0/6$$13$%QgSS
$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT$BTPEFM5SJCVOBM$POTUJUVDJPOBM"HVJSSF3PDB3FZ5FSSZZ
3FWPSFEP.BSTBOPD1FS|
EPDDJUQgSSZSFTQFDUJWBNFOUF
(6Ê"1"3"130'&4*0/"-&4/
DPOFMSFRVJTJUPEFMBJNQBSDJBMJEBEEFMKVF[³"EFNgTMB$PSUFUBNCJnOGBMMwRVF
FOFMDBTPQBSUJDVMBSEFMPTKVFDFT²FM1PEFS-FHJTMBUJWPOPSFVOJwMBTDPOEJDJPOFT
OFDFTBSJBTEFJOEFQFOEFODJBFJNQBSDJBMJEBEQBSBSFBMJ[BSFMKVJDJPQPMrUJDPDPOUSB
MPTUSFTNBHJTUSBEPTEFM5SJCVOBM$POTUJUVDJPOBM³
-PTKVFDFTEFCFODPOEVDJSTFEFBDVFSEPDPOOPSNBTnUJDBTZTFSgOSFTQPOTB
CMFTFODBTPEFJODVNQMJNJFOUP&MEFSFDIPJOUFSOBDJPOBMFTUBCMFDFDMBSBNFOUF
RVFMPTKVFDFTTPMBNFOUFQVFEFOTFSEFTUJUVJEPTQPSSB[POFTEFOPUPSJBNBMB
DPOEVDUBPJODBQBDJEBE-PTQSPDFEJNJFOUPTEJTDJQMJOBSJPTEFCFOTFSSFBMJ[BEPT
QPSVOwSHBOPJOEFQFOEJFOUFFJNQBSDJBMZDPOQMFOPSFTQFUPQPSMBTHBSBOUrBT
QSPDFTBMFT
*CJEQgSSBGPTZ
$PSUF*OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT$BTPEFM5SJCVOBM$POTUJUVDJPOBM"HVJSSF3PDB3FZ5FSSZZ
3FWPSFEP.BSTBOPD1FS|
EPDDJUQgSS
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
#-B'VODJwOEFMPT"CPHBEPT
*OUSPEVDDJwO
-PTBCPHBEPTTPOKVOUPDPOMPTKVFDFTZMPT¾TDBMFTVOPEFMPTQJMBSFTFORVFTF
CBTBOMPTEFSFDIPTIVNBOPTZFMFTUBEPEFEFSFDIP-PTBCPHBEPTEFTFNQFvBOVOB
GVODJwOGVOEBNFOUBMFOMBQSPUFDDJwOEFMPTEFSFDIPTIVNBOPTZFOHBSBOUJ[BSRVF
TFSFTQFUFFMEFSFDIPBVOKVJDJPKVTUPBMEFGFOEFSBMPTBDVTBEPTBOUFFMUSJCVOBM
$POSFTQFDUPBMBQSPUFDDJwOEFMPTEFSFDIPTIVNBOPTMPTBCPHBEPTDVNQMFOVOB
GVODJwOGVOEBNFOUBMFOMBQSPUFDDJwOEFMEFSFDIPEFOPTFSBSCJUSBSJBNFOUFEFUFOJEP
BMJNQVHOBSEFUFODJPOFTQPSFKFNQMPNFEJBOUFMBQSFTFOUBDJwOEFMSFDVSTPEFIBCFBT
DPSQVT-PTBCPHBEPTUBNCJnOBTFTPSBOZSFQSFTFOUBOBWrDUJNBTEFWJPMBDJPOFT
EFEFSFDIPTIVNBOPTZBTVTGBNJMJBSFTFOQSPDFTPTQFOBMFTDPOUSBMPTQSFTVOUPT
QFSQFUSBEPSFTEFEJDIBTWJPMBDJPOFTZFOMPTQSPDFTPTQBSBPCUFOFSSFQBSBDJPOFT
"TJNJTNPMPTBCPHBEPTTPORVJFOFTFTUgOFONFKPSFTDPOEJDJPOFTQBSBJNQVHOBS
BOUFMPTUSJCVOBMFTMBMFHJTMBDJwOOBDJPOBMRVFDPOUSBSrBMPTQSJODJQJPTCgTJDPTEF
MPTEFSFDIPTIVNBOPTZEFMFTUBEPEFEFSFDIP
&MEFSFDIPBTFSBTJTUJEPQPSVOBCPHBEPJODMVTPDVBOEPMBQFSTPOBDBSFDFEF
NFEJPTFDPOwNJDPTQBSBQSPDVSBSTFVOPDPOTUJUVZFVOBQBSUFJOUFHSBMEFMEFSFDIP
BVOKVJDJPKVTUPSFDPOPDJEPFOFMEFSFDIPJOUFSOBDJPOBM-PTJOEJWJEVPTBDVTBEPT
EFVOEFMJUPEFCFOFTUBSSFQSFTFOUBEPTFOUPEPNPNFOUPQPSVOBCPHBEPRVF
HBSBOUJ[BSgRVFTFSFTQFUFTVEFSFDIPBSFDJCJSVOKVJDJPKVTUPQPSVOUSJCVOBMJOEF
QFOEJFOUFFJNQBSDJBMBMPMBSHPEFUPEPFMQSPDFTP-PTBCPHBEPTQVFEFOJNQVHOBS
7FSQPSFKFNQMPMPTQSJODJQJPTZEFMPT1SJODJQJPTCgTJDPTEF/BDJPOFT6OJEBTTPCSFMBGVODJwOEF
MPTBCPHBEPTBEPQUBEPTQPSFM0DUBWP$POHSFTPEFMBT/BDJPOFT6OJEBTTPCSFMB1SFWFODJwOEFM%FMJUPZ
5SBUBNJFOUPEFM%FMJODVFOUF-B)BCBOB$VCBEFBHPTUPBMEFTFQUJFNCSFEFMB%FDMBSBDJwOTPCSF
FMEFSFDIPZMBSFTQPOTBCJMJEBEEFMPTJOEJWJEVPTHSVQPTZwSHBOPTEFMBTPDJFEBEEFQSPNPWFSZQSPUFHFS
MPTEFSFDIPTEFMIPNCSFZMBTMJCFSUBEFTGVOEBNFOUBMFTVOJWFSTBMNFOUFSFDPOPDJEPTBSUrDVMPTMB
%FDMBSBDJwOEF1SJODJQJPT'VOEBNFOUBMFTEF+VTUJDJBQBSBMBT7rDUJNBTEF%FMJUPTZ"CVTPEF1PEFS1SJODJQJP
MB%FDMBSBDJwOTPCSFMB1SPUFDDJwOEFUPEBTMBT1FSTPOBTDPOUSBMB%FTBQBSJDJwO'PS[PTBBSUrDVMPMPT
1SJODJQJPTQBSBMB&GJDB[1SFWFODJwOF*OWFTUJHBDJwOEF&KFDVDJPOFTFYUSBKVEJDJBMFTBSCJUSBSJBTZTVNBSJBT
1SJODJQJPMPT1SJODJQJPTSFMBUJWPTBMBJOWFTUJHBDJwOZEPDVNFOUBDJwOFGJDBDFTEFMBUPSUVSBZPUSPTUSBUPT
PQFOBTDSVFMFTJOIVNBOPTPEFHSBEBOUFT1SJODJQJPTZFM$POKVOUPEF1SJODJQJPTQBSBMB1SPUFDDJwO
EFUPEBTMBT1FSTPOBT4PNFUJEBTB$VBMRVJFS'PSNBEF%FUFODJwOP1SJTJwO1SJODJQJPT
ZMBT3FHMBTEFMBT/BDJPOFT6OJEBTQBSBMB1SPUFDDJwOEFMPT.FOPSFT1SJWBEPTEF-JCFSUBE
/PSNBTZMBT3FHMBT.rOJNBTEFMBT/BDJPOFT6OJEBTQBSBMB"ENJOJTUSBDJwOEF+VTUJDJBEF.FOPSFT
³3FHMBTEF#FJKJOH³
3FHMBTZMBT3FHMBT.rOJNBTQBSBFM5SBUBNJFOUPEFMPT3FDMVTPT3FHMB
MB$POWFODJwO*OUFSOBDJPOBMTPCSFMB1SPUFDDJwOEFMPT%FSFDIPTEF5PEPTMPT5SBCBKBEPSFT.JHSBUPSJPTZ
EFTVT'BNJMJBSFTBSUrDVMPTZ
$POMBFYDFQDJwOEFMDBTPFORVFMBQFSTPOBQSFGJFSBEFGFOEFSTFQPSTrNJTNBBSUrDVMP
EFM1BDUP
*OUFSOBDJPOBMEF%FSFDIPT$JWJMFTZ1PMrUJDPTBSUrDVMP
E
EFMB$POWFODJwO"NFSJDBOBTPCSF%FSFDIPT
)VNBOPTZ1SJODJQJPEFM$POKVOUPEF1SJODJQJPTQBSBMB1SPUFDDJwOEFUPEBTMBT1FSTPOBT4PNFUJEBTB
$VBMRVJFS'PSNBEF%FUFODJwOP1SJTJwO
(6Ê"1"3"130'&4*0/"-&4/
MBJOEFQFOEFODJBFJNQBSDJBMJEBEEFMUSJCVOBMZHBSBOUJ[BSRVFTFSFTQFUFOMPTEF
SFDIPTEFMPTBDVTBEPT
-BJOEFQFOEFODJBEFMPTBCPHBEPT
1BSBRVFMBBTJTUFODJBKVSrEJDBTFBF¾DB[EFCFTFSEFTFNQFvBEBEFNBOFSBJO
EFQFOEJFOUF-PT1SJODJQJPTCgTJDPTEF/BDJPOFT6OJEBTTPCSFMBGVODJwOEFMPT
BCPHBEPTFTUBCMFDFORVF²MBQSPUFDDJwOBQSPQJBEBEFMPTEFSFDIPTIVNBOPTZMBT
MJCFSUBEFTGVOEBNFOUBMFTRVFUPEBQFSTPOBQVFEFJOWPDBSZBTFBOFDPOwNJDPT
TPDJBMFTZDVMUVSBMFTPDJWJMFTZQPMrUJDPTSFRVJFSFRVFUPEBTMBTQFSTPOBTUFOHBO
BDDFTPFGFDUJWPBTFSWJDJPTKVSrEJDPTQSFTUBEPTQPSVOBBCPHBDrBJOEFQFOEJFOUF³
"UBM¾OFMEFSFDIPJOUFSOBDJPOBMFTUBCMFDFEFUFSNJOBEBTHBSBOUrBTRVFQSFUFOEFO
BTFHVSBSMBJOEFQFOEFODJBEFMPTBCPHBEPTBOJWFMJOEJWJEVBMBMJHVBMRVFEFMB
QSPGFTJwOKVSrEJDBFOTVDPOKVOUP
(BSBOUrBTFTFODJBMFTQBSBFMGVODJPOBNJFOUPEFMBQSPGFTJwO
KVSrEJDB
1BSBRVFMPTBCPHBEPTEFTFNQFvFOTVTGVODJPOFTQSPGFTJPOBMFTEFVONPEPJO
EFQFOEJFOUFFTOFDFTBSJPRVFMPT&TUBEPTMPTQSPUFKBOEFMBJOUFSGFSFODJBJMrDJUBFO
TVUSBCBKP%JDIBJOUFSGFSFODJBQVFEFDPOTJTUJSFOPCTUgDVMPTQBSBDPNVOJDBSTFDPO
TVTDMJFOUFTIBTUBBNFOB[BTZWJPMFODJBGrTJDB
n -PT1SJODJQJPTCgTJDPTEF/BDJPOFT6OJEBTTPCSFMBGVODJwOEFMPTBCPHB
EPTDPOUJFOFOVODPOKVOUPEFEJTQPTJDJPOFTRVFFTUBCMFDFOHBSBOUrBTB
FTUFSFTQFDUP²-PTHPCJFSOPTHBSBOUJ[BSgORVFMPTBCPHBEPTB
QVFEBO
EFTFNQFvBSUPEBTTVTGVODJPOFTQSPGFTJPOBMFTTJOJOUJNJEBDJPOFTPCTUg
DVMPTBDPTPTPJOUFSGFSFODJBTJOEFCJEBTC
QVFEBOWJBKBSZDPNVOJDBSTF
MJCSFNFOUFDPOTVTDMJFOUFTUBOUPEFOUSPEFTVQBrTDPNPFOFMFYUFSJPSZ
D
OPTVGSBOOJFTUnOFYQVFTUPTBQFSTFDVDJPOFTPTBODJPOFTBENJOJTUSB
UJWBTFDPOwNJDBTPEFPUSBrOEPMFBSBr[EFDVBMRVJFSNFEJEBRVFIBZBO
BEPQUBEPEFDPOGPSNJEBEDPOMBTPCMJHBDJPOFTSFHMBTZOPSNBTnUJDBT
RVFTFSFDPOPDFOBTVQSPGFTJwO³
n -PT1SJODJQJPTCgTJDPTEF/BDJPOFT6OJEBTTPCSFMBGVODJwOEFMPTBCPHB
EPTFTUJQVMBORVF²$VBOEPMBTFHVSJEBEEFMPTBCPHBEPTTFBBNFOB[BEBB
7FSQPSFKFNQMP1SJODJQJPTCgTJDPTEF/BDJPOFT6OJEBTTPCSFMBGVODJwOEFMPTBCPHBEPT1SJODJQJP1BDUP
*OUFSOBDJPOBMEF%FSFDIPT$JWJMFTZ1PMrUJDPTBSUrDVMPQgSSE
$BSUB"GSJDBOBEF%FSFDIPT)VNBOPTZ
EFMPT1VFCMPTBSUrDVMPQgSSD
$POWFOJP&VSPQFPQBSBMB1SPUFDDJwOEFMPT%FSFDIPT)VNBOPTZEF
MBT-JCFSUBEFT'VOEBNFOUBMFTBSUrDVMP$POWFODJwO"NFSJDBOBTPCSF%FSFDIPT)VNBOPTBSUrDVMP
1SJODJQJPTCgTJDPTEF/BDJPOFT6OJEBTTPCSFMBGVODJwOEFMPTBCPHBEPT1SJODJQJP0USPTJOTUSVNFOUPT
QFSUJOFOUFTSFMBUJWPTBMBGVODJwOEFMPTBCPHBEPTTPOMB3FDPNFOEBDJwO/P3
EFM$PNJUnEF
.JOJTUSPTEF&TUBEPT.JFNCSPTEFM$POTFKPEF&VSPQBTPCSFFMFKFSDJDJPEFMBQSPGFTJwOEFBCPHBEPZMPT
1SJODJQJPTZ%JSFDUSJDFTSFMBUJWPTBM%FSFDIPBVO+VJDJP+VTUPZBMB"TJTUFODJB+VSrEJDBFOÇGSJDB1SJODJQJP*
1SJODJQJPTCgTJDPTEF/BDJPOFT6OJEBTTPCSFMBGVODJwOEFMPTBCPHBEPT1SJODJQJP
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
SBr[EFMFKFSDJDJPEFTVTGVODJPOFTSFDJCJSgOEFMBTBVUPSJEBEFTQSPUFDDJwO
BEFDVBEB³-PT&TUBEPTUBNCJnOUPNBSgONFEJEBTQBSBBTFHVSBSRVF
MPTBCPHBEPTJOWPMVDSBEPTFOVOBEFNBOEBPFOVOBJOWFTUJHBDJwOEF
WJPMBDJPOFTEFEFSFDIPTIVNBOPTFTUnOQSPUFHJEPTDPOUSBFMNBMUSBUP
MBTJOUJNJEBDJPOFTZMBTSFQSFTBMJBT
&M$PNJUnEF%FSFDIPT)VNBOPTTFSF¾SJwFOWBSJBTPQPSUVOJEBEFTBMPTPCTUgDVMPT
RVFFOGSFOUBOMPTBCPHBEPTFOFMEFTFNQFvPEFTVTGVODJPOFTQSPGFTJPOBMFT
n "MFYBNJOBSMBOVFWBMFZEFMBBCPHBDrBFO"[FSCBJZgOFM$PNJUnDPODMVZw
RVFEJDIBMFZ²QVFEFQPOFSFOQFMJHSPFMFKFSDJDJPMJCSFFJOEFQFOEJFOUF
EFMBTGVODJPOFTEFMPTBCPHBEPT³ZSFDPNFOEwBMHPCJFSOPRVF²BTF
HVSBSRVFMPTDSJUFSJPTQBSBFMBDDFTPBMBBCPHBDrBZMBTDPOEJDJPOFTEF
JOHSFTPFOFM$PMFHJPEF"CPHBEPTOPDPNQSPNFUBOMBJOEFQFOEFODJB
EFMPTBCPHBEPT³
n &OFMDBTPEF-JCJBFM$PNJUnBEWJSUJwRVFTVSHJFSPOTFSJBTEVEBTDPO
SFTQFDUPB²<©>MBMJCFSUBEEFMPTBCPHBEPTQBSBFKFSDFSTVQSPGFTJwOTJO
JOUFSGFSFODJBTJNQSPDFEFOUFT³ZSFDPNFOEw²RVFTFBEPQUFONFEJEBTQBSB
DPOTFHVJSRVFTFDVNQMBQMFOBNFOUFFMBSUrDVMPEFM1BDUPBTrDPNP
MPT1SJODJQJPTCgTJDPTEFMBT/BDJPOFT6OJEBTSFMBUJWPTBMBJOEFQFOEFODJB
EFMBKVEJDBUVSBZMPT1SJODJQJPTCgTJDPTEFMBT/BDJPOFT6OJEBTTPCSFMB
GVODJwOEFMPTBCPHBEPT³
&MEFSFDIPJOUFSOBDJPOBMBTJNJTNPSFDPOPDFMBOFDFTJEBEEFRVFMPTBCPHBEPT
UFOHBOBDDFTPBUPEBMBJOGPSNBDJwOSFMBDJPOBEBDPOVODBTPFOFMRVFTFFTUnO
EFTFNQFvBOEPQSPGFTJPOBMNFOUF%FFTUFNPEPMPT&TUBEPTEFCFO²WFMBSQPSRVF
MPTBCPHBEPTUFOHBOBDDFTPBMBJOGPSNBDJwOMPTBSDIJWPTZEPDVNFOUPTQFSUJOFOUFT
RVFFTUnOFOTVQPEFSPCBKPTVDPOUSPMDPOBOUFMBDJwOTV¾DJFOUFQBSBRVFQVFEBO
QSFTUBSBTVTDMJFOUFTVOBBTJTUFODJBKVSrEJDBF¾DB[³
*CJE1SJODJQJP
7FSQPSFKFNQMPMB%FDMBSBDJwOTPCSFMB1SPUFDDJwOEF5PEBTMBT1FSTPOBTDPOUSBMBT%FTBQBSJDJPOFT'PS[PTBT
BSUrDVMP1SJODJQJPTTPCSFMB&GJDB[1SFWFODJwOF*OWFTUJHBDJwOEFMBT&KFDVDJPOFTFYUSBKVEJDJBMFTBSCJUSBSJBT
ZTVNBSJBT1SJODJQJPMPT1SJODJQJPTSFMBUJWPTBMBJOWFTUJHBDJwOZEPDVNFOUBDJwOFGJDBDFTEFMBUPSUVSBZ
PUSPTUSBUPTPQFOBTDSVFMFTJOIVNBOPTPEFHSBEBOUFT1SJODJQJP
0CTFSWBDJPOFT'JOBMFTEFM$PNJUnEF%FSFDIPT)VNBOPT"[FSCBJZgO%PDVNFOUPEFMB0/6$$13$0
";&QgSS
0CTFSWBDJPOFT'JOBMFTEFM$PNJUnEF%FSFDIPT)VNBOPT+BNBIJSJZBÇSBCF-JCJB%PDVNFOUPEFMB0/6
$$13$"EEQgSS
1SJODJQJPTCgTJDPTEF/BDJPOFT6OJEBTTPCSFMBGVODJwOEFMPTBCPHBEPT1SJODJQJP&TUFQSJODJQJPFTUJQVMB
BEFNgTRVF²&TUFBDDFTPTFGBDJMJUBSgMPBOUFTQPTJCMF³7FSBEFNgTMB%FDMBSBDJwOTPCSFFMEFSFDIPZMB
SFTQPOTBCJMJEBEEFMPTJOEJWJEVPTHSVQPTZwSHBOPTEFMBTPDJFEBEEFQSPNPWFSZQSPUFHFSMPTEFSFDIPTEFM
IPNCSFZMBTMJCFSUBEFTGVOEBNFOUBMFTVOJWFSTBMNFOUFSFDPOPDJEPTBSUrDVMPTMB%FDMBSBDJwOTPCSF
MB1SPUFDDJwOEF5PEBTMBT1FSTPOBTDPOUSBMBT%FTBQBSJDJPOFT'PS[PTBTBSUrDVMP
MPT1SJODJQJPTTPCSF
MB&GJDB[1SFWFODJwOF*OWFTUJHBDJwOEFMBT&KFDVDJPOFTFYUSBKVEJDJBMFTBSCJUSBSJBTZTVNBSJBT1SJODJQJPMPT
1SJODJQJPTSFMBUJWPTBMBJOWFTUJHBDJwOZEPDVNFOUBDJwOFGJDBDFTEFMBUPSUVSBZPUSPTUSBUPTPQFOBTDSVFMFT
JOIVNBOPTPEFHSBEBOUFT1SJODJQJPFM$POKVOUPEF1SJODJQJPTQBSBMB1SPUFDDJwOEF5PEBTMBT1FSTPOBT
(6Ê"1"3"130'&4*0/"-&4/
0USBEJTQPTJDJwOJNQPSUBOUFFTUgSFMBDJPOBEBDPOMBDPO¾EFODJBMJEBEEFMBTDP
NVOJDBDJPOFTFOUSFMPTBCPHBEPTZTVTDMJFOUFT1BSBRVFMPTBCPHBEPTQVFEBO
SFQSFTFOUBSBTVTDMJFOUFTEFNBOFSBF¾DB[MBTBVUPSJEBEFTDPNQFUFOUFTEFCFO
SFTQFUBSFMDBSgDUFSTFDSFUPEFUBMFTDPNVOJDBDJPOFTQJFESBGVOEBNFOUBMEFMB
SFMBDJwOBCPHBEPDMJFOUF$POFTUFQSPQwTJUPMPT1SJODJQJPTCgTJDPTEF/BDJPOFT
6OJEBTTPCSFMBGVODJwOEFMPTBCPHBEPTEJTQPOFORVF²-PTHPCJFSOPTSFDPOPDFSgO
ZSFTQFUBSgOMBDPO¾EFODJBMJEBEEFUPEBTMBTDPNVOJDBDJPOFTZDPOTVMUBTFOUSFMPT
BCPHBEPTZTVTDMJFOUFTFOFMNBSDPEFTVSFMBDJwOQSPGFTJPOBM³
6OQPTJCMFPCTUgDVMPRVFQVFEFOFOGSFOUBSMPTBCPHBEPTFTMBGBMUBEFSFDPOPDJ
NJFOUPDPNPUBMFTQPSQBSUFEFMPTPSHBOJTNPTP¾DJBMFTZBTFBOMPTUSJCVOBMFTV
PUSPT"FYDFQDJwOEFMPTDBTPTFOMPTRVFFMBCPHBEPFTFYQVMTBEPEFMDPMFHJPP
EFTDBMJ¾DBEPTJHVJFOEPMPTQSPDFEJNJFOUPTBEFDVBEPTEJDIPTPSHBOJTNPTUJFOFO
MBPCMJHBDJwOEFSFDPOPDFSMPTUrUVMPTEFMPTBCPHBEPT-PT1SJODJQJPTCgTJDPTEF
/BDJPOFT6OJEBTTPCSFMBGVODJwOEFMPTBCPHBEPTDPOUFNQMBOFTUFSFDPOPDJNJFOUP
BMB¾SNBSRVF²/JOH|OUSJCVOBMOJPSHBOJTNPBENJOJTUSBUJWPBOUFFMRVFTFSFDPOP[DB
FMEFSFDIPBTFSBTJTUJEPQPSVOBCPHBEPTFOFHBSgBSFDPOPDFSFMEFSFDIPEFVO
BCPHBEPBQSFTFOUBSTFBOUFnMFOOPNCSFEFTVDMJFOUFTBMWPRVFFMBCPHBEPIBZB
TJEPJOIBCJMJUBEPEFDPOGPSNJEBEDPOMBTMFZFTZQSgDUJDBTOBDJPOBMFTZDPOFTUPT
QSJODJQJPT³
%FBDVFSEPDPOFM1SJODJQJPEFMPT1SJODJQJPTCgTJDPTEF/BDJPOFT6OJEBTTPCSF
MBGVODJwOEFMPTBCPHBEPT²-PTBCPHBEPTOPTFSgOJEFOUJ¾DBEPTDPOTVTDMJFOUFT
OJDPOMBTDBVTBTEFTVTDMJFOUFTDPNPDPOTFDVFODJBEFMEFTFNQFvPEFTVTGVODJP
OFT³&TUBOPSNBFTFYUSFNBEBNFOUFJNQPSUBOUFEFCJEPBMBUFOEFODJBFOBMHVOPT
QBrTFTEFBTPDJBSMBTDBVTBTEFMPTDMJFOUFTDPOTVTBCPHBEPT
n &OVOJOGPSNFBMB$PNJTJwOEF%FSFDIPT)VNBOPTEFMB0/6FM3FMBUPS
&TQFDJBMTPCSFMBJOEFQFOEFODJBEFMPTKVFDFTZBCPHBEPTBEWJSUJwTV
QSFPDVQBDJwOBOUF²FMBVNFOUPEFMO|NFSPEFEFOVODJBTSFGFSFOUFTBMPT
HPCJFSOPTRVFJEFOUJGJDBOBMPTBCPHBEPTDPOMBTDBVTBTEFTVTDMJFOUFT
-PTBCPHBEPTRVFSFQSFTFOUBOBMPTBDVTBEPTFODBTPTQPMrUJDBNFOUF
EFMJDBEPTTVFMFOTFSPCKFUPEFUBMFTBDVTBDJPOFT³&M3FMBUPS&TQFDJBM
DPODMVZwRVF²JEFOUJGJDBSBMPTBCPHBEPTDPOMBTDBVTBTEFTVTDMJFOUFT
BNFOPTEFRVFIBZBQSVFCBTFOFTFTFOUJEPQPESrBJOUFSQSFUBSTFDPNP
JOUJNJEBDJwOZIPTUJHBNJFOUPEFMPTBCPHBEPTJOUFSFTBEPT³%FBDVFSEP
4PNFUJEBTB$VBMRVJFS'PSNBEF%FUFODJwOP1SJTJwO1SJODJQJPTZZMBT3FHMBT.rOJNBTQBSB
FM5SBUBNJFOUPEFMPT3FDMVTPT3FHMB
1SJODJQJPTCgTJDPTEF/BDJPOFT6OJEBTTPCSFMBGVODJwOEFMPTBCPHBEPT1SJODJQJP7FSBEFNgTFM$POKVOUP
EF1SJODJQJPTQBSBMB1SPUFDDJwOEF5PEBTMBT1FSTPOBT4PNFUJEBTB$VBMRVJFS'PSNBEF%FUFODJwOP1SJTJwO
QSJODJQJPZMBT3FHMBT.rOJNBTQBSBFM5SBUBNJFOUPEFMPT3FDMVTPT3FHMB
1SJODJQJPTCgTJDPTEF/BDJPOFT6OJEBTTPCSFMBGVODJwOEFMPTBCPHBEPT1SJODJQJP
*OGPSNFEFM3FMBUPS&TQFDJBMTPCSFMBJOEFQFOEFODJBEFKVFDFTZBCPHBEPTEPDVNFOUPEFMB0/6&
$/QgSS
*CJEFN
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
DPOFMEFSFDIPJOUFSOBDJPOBMFM3FMBUPS&TQFDJBMEJKP²DVBOEPIBZBQSVF
CBTEFRVFMPTBCPHBEPTTFJEFOUJGJDBODPOMBTDBVTBTEFTVTDMJFOUFT
DPSSFTQPOEFBM(PCJFSOPSFNJUJSMBTEFOVODJBTBMwSHBOPEJTDJQMJOBSJP
BEFDVBEPEFMBQSPGFTJwOKVSrEJDB³
0CMJHBDJPOFTQSPGFTJPOBMFT
.gTBMMgEFMBTQSPUFDDJPOFTRVFMFTQSPQPSDJPOBFMEFSFDIPJOUFSOBDJPOBMMPTBCP
HBEPTUJFOFOPCMJHBDJPOFTQSPGFTJPOBMFTCgTJDBTQSJODJQBMNFOUFSFMBDJPOBEBTDPO
TVTDMJFOUFT1PSDPOTJHVJFOUFFM1SJODJQJPEFMPT1SJODJQJPTCgTJDPTEF/BDJPOFT
6OJEBTTPCSFMBGVODJwOEFMPTBCPHBEPTFTUBCMFDFMBPCMJHBDJwOCgTJDBEFQSPQPS
DJPOBSBTJTUFODJBKVSrEJDBDPOMBEJMJHFODJBEFVOQBESFEFGBNJMJB%FBDVFSEPDPO
FTUF1SJODJQJPEJDIBPCMJHBDJwOJNQMJDB
²B
1SFTUBSMFTBTFTPSBNJFOUPDPOSFTQFDUPBTVTEFSFDIPTZPCMJHBDJPOFT
BTrDPNPDPOSFTQFDUPBMGVODJPOBNJFOUPEFMPSEFOBNJFOUPKVSrEJDPFOUBOUP
TFBQFSUJOFOUFBMPTEFSFDIPTZPCMJHBDJPOFTEFMPTDMJFOUFTC
1SFTUBSMFT
BTJTUFODJBFOUPEBTMBTGPSNBTBEFDVBEBTZBEPQUBSNFEJEBTKVSrEJDBT
QBSBQSPUFHFSMPTPEFGFOEFSTVTJOUFSFTFTD
1SFTUBSMFTBTJTUFODJBBOUF
MPTUSJCVOBMFTKVEJDJBMFTPUSPTUSJCVOBMFTVPSHBOJTNPTBENJOJTUSBUJWPT
DVBOEPDPSSFTQPOEB³
"TJNJTNP²-PTBCPHBEPTWFMBSgOMFBMNFOUFFOUPEPNPNFOUPQPSMPTJOUFSFTFT
EFTVTDMJFOUFT³
"EFNgTEFFTBTPCMJHBDJPOFTFTQFDr¾DBTMPTBCPHBEPTUJFOFOMBPCMJHBDJwOIBDJB
TVTDPMFHBTEFNBOUFOFS²FOUPEPNPNFOUPFMIPOPSZMBEJHOJEBEEFTVQSPGFTJwO
<©>³5BNCJnODPSSFTQPOEFBMPTBCPHBEPTEFCJEPBTVGVODJwOGVOEBNFOUBMFOMB
BENJOJTUSBDJwOEFMBKVTUJDJB²BQPZBSMPTEFSFDIPTIVNBOPTZMBTMJCFSUBEFTGVOEB
NFOUBMFTSFDPOPDJEPTQPSFMEFSFDIPOBDJPOBMFJOUFSOBDJPOBM<©>³1PS|MUJNPMPT
BCPHBEPT²<©>FOUPEPNPNFOUPBDUVBSgODPOMJCFSUBEZEJMJHFODJBEFDPOGPSNJEBE
DPOMBMFZZMBTSFHMBTZOPSNBTnUJDBTSFDPOPDJEBTRVFSJHFOTVQSPGFTJwO³
-JCFSUBEEFFYQSFTJwOZBTPDJBDJwO
$PNPFOFMDBTPEFMPTKVFDFTMBMJCFSUBEEFFYQSFTJwOZBTPDJBDJwODPOTUJUVZFO
SFRVJTJUPTFTFODJBMFTQBSBFMGVODJPOBNJFOUPBEFDVBEPEFMBQSPGFTJwOEFBCPHBEP
"QFTBSEFRVFUPEBTMBTQFSTPOBTHP[BOEFFTUBTMJCFSUBEFTMBTNJTNBTBERVJFSFO
JNQPSUBODJBFTQFDr¾DBFOFMDBTPEFMBTQFSTPOBTJOWPMVDSBEBTFOMBBENJOJTUSBDJwO
*OGPSNFEFM3FMBUPS&TQFDJBMTPCSFMBJOEFQFOEFODJBEFKVFDFTZBCPHBEPT%PDVNFOUPEFMB0/6&
$/QgSS
1SJODJQJPTCgTJDPTEF/BDJPOFT6OJEBTTPCSFMBGVODJwOEFMPTBCPHBEPT1SJODJQJP
*CJE1SJODJQJP
*CJE1SJODJQJP
1SJODJQJPTCgTJDPTEF/BDJPOFT6OJEBTTPCSFMBGVODJwOEFMPTBCPHBEPT1SJODJQJP
(6Ê"1"3"130'&4*0/"-&4/
EFMBKVTUJDJB&M1SJODJQJPEFMPT1SJODJQJPTCgTJDPTEF/BDJPOFT6OJEBTTPCSF
MBGVODJwOEFMPTBCPHBEPTFTUBCMFDFFTUBTMJCFSUBEFTFOUnSNJOPTDMBSPT²-PT
BCPHBEPTDPNPMPTEFNgTDJVEBEBOPTUJFOFOEFSFDIPBMBMJCFSUBEEFFYQSFTJwO
DSFFODJBTBTPDJBDJwOZSFVOJwO&OQBSUJDVMBSUFOESgOEFSFDIPBQBSUJDJQBSFOFM
EFCBUFQ|CMJDPEFBTVOUPTSFMBUJWPTBMBMFHJTMBDJwOMBBENJOJTUSBDJwOEFKVTUJDJBZMB
QSPNPDJwOZMBQSPUFDDJwOEFMPTEFSFDIPTIVNBOPTBTrDPNPBVOJSTFPQBSUJDJQBS
FOPSHBOJ[BDJPOFTMPDBMFTOBDJPOBMFTPJOUFSOBDJPOBMFTZBTJTUJSBTVTSFVOJPOFTTJO
TVGSJSSFTUSJDDJPOFTQSPGFTJPOBMFTBSBr[EFTVTBDUJWJEBEFTMrDJUBTPEFTVDBSgDUFSEF
NJFNCSPEFVOBPSHBOJ[BDJwOMrDJUB&OFMFKFSDJDJPEFFTUPTEFSFDIPTMPTBCPHBEPT
TJFNQSFPCSBSgOEFDPOGPSNJEBEDPOMBMFZZDPOMBTSFHMBTZOPSNBTnUJDBTRVFTF
SFDPOPDFOBTVQSPGFTJwO³
$POSFTQFDUPBMBTBTPDJBDJPOFTQSPGFTJPOBMFTEFBCPHBEPTMPT1SJODJQJPTCgTJDPT
EF/BDJPOFT6OJEBTTPCSFMBGVODJwOEFMPTBCPHBEPTFTUBCMFDFORVF²-PTBCPHBEPT
FTUBSgOGBDVMUBEPTBDPOTUJUVJSBTPDJBDJPOFTQSPGFTJPOBMFTBVUwOPNBTFJODPSQPSBSTF
BFTUBTBTPDJBDJPOFTDPOFMQSPQwTJUPEFSFQSFTFOUBSTVTJOUFSFTFTQSPNPWFSTV
DPOTUBOUFGPSNBDJwOZDBQBDJUBDJwOZQSPUFHFSTVJOUFHSJEBEQSPGFTJPOBM&MwSHBOP
FKFDVUJWPEFMBTBTPDJBDJPOFTQSPGFTJPOBMFTTFSgFMFHJEPQPSTVTNJFNCSPTZFKFSDFSg
TVTGVODJPOFTTJOJOKFSFODJBTFYUFSOBT³"TJNJTNP²-BTBTPDJBDJPOFTQSPGFTJPOBMFT
EFBCPHBEPTDPPQFSBSgODPOMPTHPCJFSOPTQBSBHBSBOUJ[BSRVFUPEBTMBTQFSTPOBT
UFOHBOBDDFTPFGFDUJWPZFODPOEJDJPOFTEFJHVBMEBEBMPTTFSWJDJPTKVSrEJDPTZRVF
MPTBCPHBEPTFTUnOFODPOEJDJPOFTEFBTFTPSBSBTVTDMJFOUFTTJOJOKFSFODJBTJOEF
CJEBTEFDPOGPSNJEBEDPOMBMFZZDPOMBTSFHMBTZOPSNBTnUJDBTRVFTFSFDPOPDFO
BTVQSPGFTJwO³-FrEBTFODPOKVOUPFTUBTEJTQPTJDJPOFTFTUBCMFDFODMBSBNFOUF
FMEFCFSEFMPT&TUBEPTEFBCTUFOFSTFEFJOUFSGFSJSFOFMFTUBCMFDJNJFOUPZUSBCBKP
EFMBTBTPDJBDJPOFTQSPGFTJPOBMFTEFBCPHBEPT
&M$PNJUnEF.JOJTUSPTEFM$POTFKPEF&VSPQBTPTUVWPRVF²<©>FTFTFODJBMQBSB
MBQSPUFDDJwOEFMPTEFSFDIPTIVNBOPTDPNPBTrUBNCJnOQBSBFMNBOUFOJNJFOUP
EFMFTUBEPEFEFSFDIPRVFIBZBVOBQSPGFTJwOMFHBMPSHBOJ[BEBDPOMJCFSUBEQBSB
NBOFKBSTVTBTVOUPTQSPQJPT³
-BTBTPDJBDJPOFTEFBCPHBEPTTFDSFBOQPSMPUBOUPDPOEPT¾OBMJEBEFTQSJODJQB
MFTQSPUFHFSMPTJOUFSFTFTQSPGFTJPOBMFTEFMPTBCPHBEPTZQSPUFHFSZGPSUBMFDFSMB
JOEFQFOEFODJBEFMBQSPGFTJwOKVSrEJDB
n &TUBTBTPDJBDJPOFTOPEFCFODPNPTFvBMwFM3FMBUPS&TQFDJBMTPCSFMB
JOEFQFOEFODJBEFKVFDFTZBCPHBEPT²QBSUJDJQBSFOQPMrUJDBQBSUJEJTUB³
MPDVBMDPOEVDJSrBBDPNQSPNFUFS²MBJOEFQFOEFODJBEFMBQSPGFTJwO
KVSrEJDB³&M3FMBUPS&TQFDJBMEJTUJOHVJwFOUSF²FMFNQFvPEFQSPUFHFS
*CJE1SJODJQJP
*CJE1SJODJQJP
.FNPSBOEP&YQMJDBUJWPEFMB3FDPNFOEBDJwO/P3
EFM$PNJUnEF.JOJTUSPTEFMPT&TUBEPT
.JFNCSPTTPCSFMBMJCFSUBEEFMFKFSDJDJPEFMBQSPGFTJwOEFBCPHBEPQgSS
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
MPTEFSFDIPTIVNBOPTDPODPOOPUBDJPOFTQPMrUJDBTEFMBEFEJDBDJwOBMB
QPMrUJDBDPNPUBM³
"QBSUFEFMBQSPIJCJDJwOEFFTUBCMFDFSBTPDJBDJPOFTQSPGFTJPOBMFTMBGPSNBNgT
DPN|OEFWJPMBSMBMJCFSUBEEFBTPDJBDJwOEFMPTBCPHBEPTFTNFEJBOUFFMFTUBCMF
DJNJFOUPEFMBB¾MJBDJwOPCMJHBUPSJBBVOBBTPDJBDJwODPOUSPMBEBQPSFM&TUBEPPEF
NPEPTJNJMBSFYJHJSBMH|OUJQPEFBVUPSJ[BDJwOEFMQPEFSFKFDVUJWPDPNPSFRVJTJUP
QBSBFMFKFSDJDJPEFTVUSBCBKP
n &M$PNJUnEF%FSFDIPT)VNBOPTTFSFGJSJwBFTUBTQSgDUJDBTFOFMDPO
UFYUPEF#JFMPSSVTJBEPOEFBEWJSUJwDPOQSFPDVQBDJwORVFFM²%FDSFUP
QSFTJEFODJBMTPCSFMBTBDUJWJEBEFTEFMPTBCPHBEPTZMPTOPUBSJPTEF
EFNBZPEFRVFGBDVMUBBM.JOJTUFSJPEF+VTUJDJBQBSBDPODFEFS
MJDFODJBTBMPTBCPHBEPTZTVQFEJUBMBBVUPSJ[BDJwOQBSBRVFQVFEBO
FKFSDFSTVQSPGFTJwOBRVFTFJOTDSJCBODPNPNJFNCSPTFOVODPMFHJP
DFOUSBMJ[BEPDPOUSPMBEPQPSFM.JOJTUFSJPMPDVBMWBFOEFUSJNFOUPEFMB
JOEFQFOEFODJBEFFTBQSPGFTJwO³-VFHPEFIBDFSIJODBQJnFORVF²MB
JOEFQFOEFODJBEFMBNBHJTUSBUVSBZEFMBQSPGFTJwOKVEJDJBMFTFTFODJBM
QBSBVOBDPSSFDUBBENJOJTUSBDJwOEFKVTUJDJBZQBSBFMNBOUFOJNJFOUPEF
MBEFNPDSBDJBZFMFTUBEPEFEFSFDIP³FM$PNJUnFYIPSUwBMHPCJFSOPEF
#JFMPSSVTJBBRVFUPNF²UPEBTMBTNFEJEBTBQSPQJBEBTJODMVJEBMBSFWJTJwO
EFMB$POTUJUVDJwOZEFMBMFHJTMBDJwOQBSBHBSBOUJ[BSRVFMPTKVFDFTZ
MPTBCPHBEPTTFBOJOEFQFOEJFOUFTEFDVBMRVJFSQSFTJwOFYUFSOBZBTFB
nTUBEFDBSgDUFSQPMrUJDPPEFPUSBrOEPMF³ZDPOFTFQSPQwTJUPMFMMBNw
MBBUFODJwODPOSFTQFDUPBMPT1SJODJQJPTCgTJDPTEFMB0/6BDFSDBEFMB
GVODJwOEFMPTBCPHBEPT
3FTQPOTBCJMJEBE
$PNPPUSPTJOEJWJEVPTDPOSFTQPOTBCJMJEBEFTQ|CMJDBTMPTBCPHBEPTEFCFODPNQPS
UBSTFEFBDVFSEPDPOOPSNBTnUJDBTOPSNBMNFOUFJODMVJEBTFODwEJHPTEFDPOEVDUB
&TUPTDwEJHPTJODMVJSgOOPSNBTDMBSBTEFDPNQPSUBNJFOUPZMBQPTJCJMJEBEEFRVF
MPTBCPHBEPTTFBOSFTQPOTBCJMJ[BEPTFODBTPEFNBMBDPOEVDUB1PSDPOTJHVJFOUF
FM1SJODJQJPEFMPT1SJODJQJPTCgTJDPTEF/BDJPOFT6OJEBTTPCSFMBGVODJwOEF
MPTBCPHBEPTEJTQPOFRVF²5PEPQSPDFEJNJFOUPQBSBMBBEPQDJwOEFNFEJEBTEJT
DJQMJOBSJBTTFSFHJSgQPSFMDwEJHPEFDPOEVDUBQSPGFTJPOBMZPUSBTSFHMBTZOPSNBT
nUJDBTSFDPOPDJEBTBMBQSPGFTJwOZUFOESgQSFTFOUFTFTUPTQSJODJQJPT³&TUPTDw
EJHPTEFCFOTFSSFEBDUBEPTQSFGFSFOUFNFOUFQPSMBTBTPDJBDJPOFTEFBCPHBEPTP
FODBTPEFTFSFTUBCMFDJEPTQPSMFZDPOMBBZVEBEFMBTBTPDJBDJPOFT$POSFTQFDUP
BFTUFQVOUPMPT1SJODJQJPTCgTJDPTEFMB/BDJPOFT6OJEBTTPCSFMBGVODJwOEFMPT
*OGPSNFEFM3FMBUPS&TQFDJBMTPCSFMBJOEFQFOEFODJBEFKVFDFTZBCPHBEPT%PDVNFOUPEFMB0/6
&$/QgSS
0CTFSWBDJPOFT'JOBMFTEFM$PNJUnEF%FSFDIPT)VNBOPT#JFMPSSVTJB%PDVNFOUPEFMB0/6$$13$"EE
QgSS
(6Ê"1"3"130'&4*0/"-&4/
BCPHBEPTFTUBCMFDFO²-BMFHJTMBDJwOPMBQSPGFTJwOKVSrEJDBQPSDPOEVDUPEFTVT
DPSSFTQPOEJFOUFTwSHBOPTFTUBCMFDFSgODwEJHPTEFDPOEVDUBQSPGFTJPOBMQBSBMPT
BCPHBEPTEFDPOGPSNJEBEDPOMBMFHJTMBDJwOZMBTDPTUVNCSFTEFMQBrTZMBTSFHMBTZ
OPSNBTJOUFSOBDJPOBMFTSFDPOPDJEBT³&OUPEPDBTPFTUPTDwEJHPTOPQVFEFOQSFWFS
NFEJEBTEJTDJQMJOBSJBTQBSBFMDPSSFDUPEFTFNQFvPQSPGFTJPOBMDPNPSFQSFTFOUBSB
VODMJFOUFEFUFSNJOBEPPSFBMJ[BSVOBEFDMBSBDJwOBOUFVOUSJCVOBM
-PT1SJODJQJPTCgTJDPTEFMB/BDJPOFT6OJEBTTPCSFMBGVODJwOEFMPTBCPHBEPT
UBNCJnODPOUJFOFOEFUFSNJOBEPTSFRVJTJUPTCgTJDPTRVFEFCFOTFSDVNQMJEPTFOMPT
QSPDFTPTEJTDJQMJOBSJPTDPOUSBBCPHBEPTEFNPEPRVFTFBOBDPSEFTBMEFSFDIPJOUFS
OBDJPOBM&TUPTSFRVJTJUPTEFMEFCJEPQSPDFTPFTUBCMFDFORVFMPTBCPHBEPTQVFEFO
TFSTBODJPOBEPT|OJDBNFOUFEFBDVFSEPDPOVOQSPDFTPRVFSFTQFUFVOBTFSJFEF
HBSBOUrBT&OQSJNFSMVHBSMBTEFNBOEBTDPOUSBBCPHBEPTFOTVDBMJEBEQSPGFTJPOBM
²TFUSBNJUBSgOSgQJEBFJNQBSDJBMNFOUFNFEJBOUFQSPDFEJNJFOUPTBQSPQJBEPT³
"TJNJTNP²-PTBCPHBEPTUFOESgOEFSFDIPBVOBBVEJFODJBKVTUBJODMVJEPFMEF
SFDIPBSFDJCJSMBBTJTUFODJBEFVOBCPHBEPEFTVFMFDDJwO³$POSFTQFDUPBMBT
DBSBDUFSrTUJDBTEFMwSHBOPBDBSHPEFMPTQSPDFEJNJFOUPTZMBQPTJCJMJEBEEFBQFMBS
MBTEFDJTJPOFTMPT1SJODJQJPTCgTJDPTFTUBCMFDFORVF²-BTBDUVBDJPOFTEJTDJQMJOBSJBT
DPOUSBBCPHBEPTTFTVTUBODJBSgOBOUFVODPNJUnEJTDJQMJOBSJPJNQBSDJBMFTUBCMFDJEP
QPSMBQSPGFTJwOKVSrEJDBBOUFVOPSHBOJTNPJOEFQFOEJFOUFFTUBCMFDJEPQPSMBMFZP
BOUFVOUSJCVOBMKVEJDJBMZTFSgOPCKFUPEFSFWJTJwOKVEJDJBMJOEFQFOEJFOUF³
-BBCPHBDrBDVNQMFVOBGVODJwOFTFODJBMFOMBEFGFOTBEFMPTEFSFDIPTIV
NBOPTZFMFTUBEPEFEFSFDIP-PTBCPHBEPTEFCFOQPEFSUSBCBKBSFOGPSNB
JOEFQFOEJFOUFTJOUFNPSFTZDPOMBMJCFSUBEQBSBDPNVOJDBSTFDPOTVTDMJFOUFT
-PTBCPHBEPTOPEFCFOTFSBTPDJBEPTDPOMBTDBVTBTEFTVTDMJFOUFTZUJFOFO
EFSFDIPBFYQSFTBSMJCSFNFOUFTVTPQJOJPOFTZGPSNBSBTPDJBDJPOFTTJOJOUFS
GFSFODJBT-PTBCPHBEPTEFCFOEFTFNQFvBSTVTGVODJPOFTQSPGFTJPOBMFTEF
BDVFSEPDPOOPSNBTnUJDBTZTPOSFTQPOTBCMFTQPSMBTWJPMBDJPOFTEFTVTOPSNBT
EFDPOEVDUBQSPGFTJPOBM
1SJODJQJPTCgTJDPTEF/BDJPOFT6OJEBTTPCSFMBGVODJwOEFMPTBCPHBEPT1SJODJQJP
7FSBSUrDVMPEFM1SPZFDUPEF%FDMBSBDJwO6OJWFSTBMTPCSFMB*OEFQFOEFODJBEFMB+VTUJDJB%FDMBSBDJwOEF
4JOHIWJ
RVFFTUBCMFDFRVF²/JOH|OBCPHBEPTFSgPCKFUPEFTBODJPOFTQFOBMFTDJWJMFTBENJOJTUSBUJWBT
FDPOwNJDBTPEFPUSBrOEPMFOJBNFOB[BEPDPOFMMBTQPSIBCFSBTFTPSBEPBVODMJFOUFPEFGFOEJEPVOB
DBVTBDVBMRVJFSB³"DFSDBEFMBJONVOJEBEEFMBTEFDMBSBDJPOFTWFS1SJODJQJPEFMPT1SJODJQJPTCgTJDPTEF
/BDJPOFT6OJEBTTPCSFMBGVODJwOEFMPTBCPHBEPTRVFFTUBCMFDFRVF²-PTBCPHBEPTHP[BSgOEFJONVOJEBE
DJWJMZQFOBMQPSMBTEFDMBSBDJPOFTRVFIBHBOEFCVFOBGFQPSFTDSJUPPFOMPTBMFHBUPTPSBMFTPCJFOBMDPN
QBSFDFSDPNPQSPGFTJPOBMFTBOUFVOUSJCVOBMKVEJDJBMPUSPUSJCVOBMVwSHBOPKVSrEJDPPBENJOJTUSBUJWP³
1SJODJQJPTCgTJDPTEF/BDJPOFT6OJEBTTPCSFMBGVODJwOEFMPTBCPHBEPT1SJODJQJP
*CJEFN
1SJODJQJPTCgTJDPTEF/BDJPOFT6OJEBTTPCSFMBGVODJwOEFMPTBCPHBEPT1SJODJQJP
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
$-B'VODJwOEFMPT'JTDBMFT
*OUSPEVDDJwO
-PT¾TDBMFTEFTFNQFvBOVOBGVODJwODSVDJBMFOMBBENJOJTUSBDJwOEFKVTUJDJB&M
SFTQFUPEFMPTEFSFDIPTIVNBOPTZEFMFTUBEPEFEFSFDIPQSFTVQPOFVOBBVUPSJEBE
BDVTBUPSJBGVFSUFBDBSHPEFJOWFTUJHBSZBDVTBSMPTEFMJUPTDPOJOEFQFOEFODJBF
JNQBSDJBMJEBE%FOUSPEFMBJOTUJUVDJwOBDVTBUPSJBDBEB¾TDBMEFCFFTUBSGBDVMUBEP
QBSBDVNQMJSTVTPCMJHBDJPOFTQSPGFTJPOBMFTEFVOBNBOFSBJOEFQFOEJFOUFJNQBS
DJBMZPCKFUJWB
-BT%JSFDUSJDFTEF/BDJPOFT6OJEBTTPCSFMBGVODJwOEFMPT¾TDBMFTGVFSPOGPSNVMB
EBTQBSBBTJTUJSBMPT&TUBEPT²FOTVGVODJwOEFHBSBOUJ[BSZQSPNPWFSMBF¾DBDJB
JNQBSDJBMJEBEZFRVJEBEEFMPT¾TDBMFTFOFMQSPDFEJNJFOUPQFOBM³-BT%JSFDUSJDFT
FTUBCMFDFOQSJODJQJPTBQMJDBCMFTBUPEBTMBTKVSJTEJDDJPOFTTJOQFSKVJDJPEFMBOBUV
SBMF[BEFMBBVUPSJEBEBDVTBUPSJB1PSDPOTJHVJFOUFMBT%JSFDUSJDFTTPOOFVUSBMFTFO
UFNBTDPNPMPTQSPDFEJNJFOUPTEFEFTJHOBDJwOZFMFTUBUVTEFMPT¾TDBMFTEFOUSP
EFMPT&TUBEPT
*NQBSDJBMJEBEZPCKFUJWJEBE
-PT&TUBEPTUJFOFOFMEFCFSEFBTFHVSBSRVFMPT¾TDBMFTQVFEBOMMFWBSBDBCPTVT
GVODJPOFTQSPGFTJPOBMFTDPOJNQBSDJBMJEBEZPCKFUJWJEBE"EJGFSFODJBEFMPTKVFDFT
ZMPTBCPHBEPTFMEFSFDIPJOUFSOBDJPOBMOPDPOUJFOFVOBEJTQPTJDJwORVFHBSBOUJDF
MBJOEFQFOEFODJBJOTUJUVDJPOBMEFMPT¾TDBMFT&TUPTFEFCFBMIFDIPEFRVFFOBM
HVOPTTJTUFNBTMPT¾TDBMFTTPOEFTJHOBEPTQPSFMQPEFSFKFDVUJWPPFTUgOCBKPVO
DJFSUPOJWFMEFEFQFOEFODJBEFFTUFQPEFSMPRVFJNQMJDBMBPCMJHBDJwOEFPCTFSWBS
EFUFSNJOBEBTwSEFOFTJNQBSUJEBTQPSFMHPCJFSOP"QFTBSEFRVFMBBVUPSJEBE
BDVTBUPSJBJOEFQFOEJFOUFFTQSFGFSJCMFBVOBRVFEFQFOEBEFMQPEFSFKFDVUJWPMPT
&TUBEPTTJFNQSFUJFOFOFMEFCFSEFQSPQPSDJPOBSHBSBOUrBTQBSBRVFMPT¾TDBMFT
QVFEBOSFBMJ[BSJOWFTUJHBDJPOFTFOGPSNBJNQBSDJBMZPCKFUJWB
&OBMHVOPTQBrTFTMBTGVODJPOFTGJTDBMFTFONBUFSJBQFOBMJOWFTUJHBSMPTEFMJUPTZFKFSDFSMBBDDJwOQFOBM
SBEJDBOFOwSHBOPTRVFFNQMFBOVOBEFOPNJOBDJwOEJTUJOUBBMBTEF²GJTDBM²P²GJTDBMrB²5BMFTFMDBTP
QPSFKFNQMPEF.nYJDPEPOEFMBTGVODJPOFTGJTDBMFTTPOFKFSDJEBTQPSMB1SPDVSBEVSrB(FOFSBMEF+VTUJDJB
*OEFQFOEJFOUFNFOUFEFMOPNCSFBTJHOBEPQPSDBEBTJTUFNBMFHBMOBDJPOBMVOwSHBOPTFSgDPOTJEFSBEP
²GJTDBM²EFBDVFSEPDPOMBTGVODJPOFTRVFEFTFNQFvB"TrMB1SPDVSBEVSrB(FOFSBMEF+VTUJDJBEF.nYJDPFOUSB
FOMBDBUFHPSrBEFMBTGJTDBMrBT/PPCTUBOUFFTJNQPSUBOUFEFTUBDBSRVFFOPUSPTQBrTFTMBUJOPBNFSJDBOPT
UBMFTDPNP$PMPNCJB(VBUFNBMBZ7FOF[VFMBMB1SPDVSBEVSrBOPFKFSDFGVODJPOFTGJTDBMFT
%JSFDUSJDFTEF/BDJPOFT6OJEBTTPCSFMBGVODJwOEFMPTGJTDBMFTBEPQUBEBTQPSFM0DUBWP$POHSFTPEFMBT
/BDJPOFT6OJEBTTPCSF1SFWFODJwOEFM%FMJUPZ5SBUBNJFOUPEFM%FMJODVFOUF-B)BCBOB$VCBEFMEFBHPTUP
BMEFTFQUJFNCSFEF0USPTJOTUSVNFOUPTSFMBUJWPTBMBGVODJwOEFMPTGJTDBMFTTPOMB3FDPNFOEBDJwO
/P3
EFM$PNJUnQBSBMPT.JOJTUSPTEFMPT&TUBEPT.JFNCSPTEFM$POTFKPEF&VSPQBTPCSFMB
GVODJwOEFMBGJTDBMrBQ|CMJDBFOFMTJTUFNBEFKVTUJDJBQFOBMZMPT1SJODJQJPTZ%JSFDUSJDFTSFMBUJWPTFM%FSFDIP
BVO+VJDJP+VTUPZBMB"TJTUFODJB+VSrEJDBFOÇGSJDB1SJODJQJP'
n &OFMDPOUFYUPEF.nYJDPMB$PNJTJwO*OUFSBNFSJDBOBEF%FSFDIPT
)VNBOPTTFSFGJSJwBMUFNBEFMBJOEFQFOEFODJBEFMPTGJTDBMFTEPOEF
SFJUFSwMBQSPQVFTUBEFRVF²&M.JOJTUFSJP1|CMJDPEFCFTFSVOwSHBOP
JOEFQFOEJFOUFEFMQPEFSFKFDVUJWPZHP[BSEFMBTQSFSSPHBUJWBTEFJONP
WJMJEBEZEFNgTHBSBOUrBTDPOTUJUVDJPOBMFTSFDPOPDJEBBMPTNJFNCSPTEFM
QPEFSKVEJDJBM³-B$PNJTJwOUBNCJnOBGJSNwRVFFMFKFSDJDJPBEFDVBEP
EFMBTGVODJPOFTBDVTBUPSJBTSFRVJFSF²JOEFQFOEFODJBZBVUPOPNrBEFMBT
EFNgTSBNBTEFMQPEFSQ|CMJDP³
&OTJUVBDJPOFTFOMBTRVFMPT¾TDBMFTQ|CMJDPTFTUgOVCJDBEPTFOCBTFTNJMJUBSFT
ZUSBCBKBOFODPPQFSBDJwODPOBVUPSJEBEFTNJMJUBSFTMB$PNJTJwO*OUFSBNFSJDBOB
EF%FSFDIPT)VNBOPTDPOTJEFSwRVF²FTUBTJUVBDJwODPNQSPNFUFTFSJBNFOUFMB
PCKFUJWJEBEFJOEFQFOEFODJBEFM¾TDBM³
'PSNBDJwOQSPGFTJPOBMTFMFDDJwOZDBQBDJUBDJwO
-BT%JSFDUSJDFTEF/BDJPOFT6OJEBTTPCSFMBGVODJwOEFMPT¾TDBMFTOPFTQFDJ¾DBO
VOUJQPEFQSPDFEJNJFOUPBTFHVJSFOFMOPNCSBNJFOUPEF¾TDBMFT4JOFNCBSHP
TJHVJFOEPMBTOPSNBTHFOFSBMFTZFTQFDr¾DBTEFEFSFDIPTIVNBOPTMBT%JSFDUSJDFT
DPOUJFOFOSFHMBTDMBSBTBDFSDBEFMPTDSJUFSJPTBDFQUBCMFTQBSBFMOPNCSBNJFOUP
EF¾TDBMFT1PSMPUBOUPMPT&TUBEPTTJOQFSKVJDJPEFMPTQSPDFTPTRVFJOTUJUVZBO
EFCFOBTFHVSBSRVF²-BTQFSTPOBTEFTJHOBEBTDPNP¾TDBMFTTFSgOQFSTPOBTQSPCBT
FJEwOFBTDPOGPSNBDJwOZDBMJ¾DBDJPOFTBEFDVBEBT³"TJNJTNPMPTDSJUFSJPTEF
TFMFDDJwOOPEFCFOTFSEJTDSJNJOBUPSJPTZEFCFODPOUFOFS²TBMWBHVBSEJBTDPOUSB
EFTJHOBDJPOFTCBTBEBTFOQSFEJMFDDJPOFTPQSFKVJDJPTZFYDMVZBOUPEBEJTDSJNJOB
DJwOFODPOUSBEFVOBQFSTPOBQPSNPUJWPTEFSB[BDPMPSTFYPJEJPNBSFMJHJwO
PQJOJwOQPMrUJDBPEFPUSBrOEPMFQSPDFEFODJBOBDJPOBMTPDJBMPnUOJDBQBUSJNPOJP
OBDJNJFOUPTJUVBDJwOFDPOwNJDBVPUSBDPOEJDJwO<©>³
n &OFMDBTPEF,PTPWPFM$PNJUnEF%FSFDIPT)VNBOPTFYQSFTwTVQSFPDV
QBDJwOQPS²MBBVTFODJBEFHBSBOUrBTBEFDVBEBTQBSBMBJOEFQFOEFODJB
EFMPT<©>GJTDBMFTJOUFSOBDJPOBMFT³ZQPSMB²CBKBSFNVOFSBDJwOEFMPT
<©>GJTDBMFTMPDBMFT³ZSFDPNFOEwRVFMB.JTJwOEF/BDJPOFT6OJEBTFO
,PTPWPFTUBCMF[DBQSPDFEJNJFOUPTJOEFQFOEJFOUFTQBSBMBDPOUSBUBDJwOFM
OPNCSBNJFOUPZFMSnHJNFOEJTDJQMJOBSJPEFMPT<©>GJTDBMFTJOUFSOBDJPOBMFT
$*%)*OGPSNFTPCSFMBTJUVBDJwOEFMPT%FSFDIPT)VNBOPTFO.nYJDP%PDVNFOUPEFMB0&"4FS-7**
%PDSFWQgSS
*CJEQgSS
$*%)5FSDFS*OGPSNFTPCSFMB4JUVBDJwOEFMPT%FSFDIPT)VNBOPTFO$PMPNCJB%PDVNFOUPEFMB0&"0&"
4FS-7**%PDSFWEFMEFGFCSFSPEFQgSS
%JSFDUSJDFTEF/BDJPOFT6OJEBTTPCSFMBGVODJwOEFMPTGJTDBMFT%JSFDUSJ[
*CJE%JSFDUSJ[B
"MJHVBMRVFFOFMDBTPEFMPTKVFDFTOPTFDPOTJEFSBEJTDSJNJOBUPSJP²FYJHJSRVFFM
DBOEJEBUPRVFTFQPTUVMFBMDBSHPEFGJTDBMTFBOBDJPOBMEFMQBrT³
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
ZHBSBOUJDF²DPOEJDJPOFTBEFDVBEBTBMPT<©>GJTDBMFTMPDBMFTQBSBQSPUF
HFSMPTDPOUSBMBDPSSVQDJwO³
(BSBOUrBTQBSBFMEFTFNQFvPEFMPTGJTDBMFT
1BSBRVFMPT¾TDBMFTEFTFNQFvFOTVTGVODJPOFTQSPGFTJPOBMFTFOGPSNBBEFDVBEB
FMEFSFDIPJOUFSOBDJPOBMDPOUJFOFVOBTFSJFEFHBSBOUrBTEJSJHJEBTBMPT&TUBEPT-B
HBSBOUrBNgTJNQPSUBOUFFTFMEFCFSEFMPT&TUBEPTEFBTFHVSBS²RVFMPT¾TDBMFT
QVFEBOFKFSDFSTVTGVODJPOFTQSPGFTJPOBMFTTJOJOUJNJEBDJwOUSBCBTIPTUJHBNJFOUP
JOKFSFODJBTJOEFCJEBTPSJFTHPJOKVTUJ¾DBEPEFJODVSSJSFOSFTQPOTBCJMJEBEDJWJMQFOBM
PEFPUSBrOEPMF³6ONPEPFTQFDJBMNFOUFHSBWFFORVFMPT¾TDBMFTQVFEFOTFS
JOUJNJEBEPTFTNFEJBOUFMBWJPMFODJBGrTJDB1PSFTFNPUJWPMBT%JSFDUSJDFTEF/BDJPOFT
6OJEBTTPCSFMBGVODJwOEFMPT¾TDBMFTDPOUJFOFOFMEFCFSFTQFDr¾DPEFMPT&TUBEPT
EFQSPUFHFSBMPT¾TDBMFTZBTVTGBNJMJBSFT²FODBTPEFRVFTVTFHVSJEBEQFSTPOBM
TFWFBBNFOB[BEBDPNPDPOTFDVFODJBEFMEFTFNQFvPEFTVTGVODJPOFT³
n &OFMDBTPEF$PMPNCJBMPT3FMBUPSFT&TQFDJBMFTTPCSFUPSUVSBZFKFDVDJP
OFTFYUSBKVEJDJBMFTTVNBSJBTPBSCJUSBSJBTSFDPNFOEBSPORVF²%FCFSrB
CSJOEBSTFVOBQSPUFDDJwOFGJDB[BUPEPTMPTNJFNCSPTEFMQPEFSKVEJDJBM
ZEFM.JOJTUFSJP1|CMJDPDPOUSBDVBMFTRVJFSBNFOB[BTEFNVFSUFPBUFO
UBEPTDPOUSBTVJOUFHSJEBEGrTJDBZEFCFSrBOJOWFTUJHBSTFFTBTBNFOB[BT
ZBUFOUBEPTDPONJSBTBEFUFSNJOBSTVPSJHFOFJOJDJBSQSPDFEJNJFOUPT
QFOBMFTPEJTDJQMJOBSJPTFOTVDBTP³
0USBTHBSBOUrBTQBSBFMBEFDVBEPEFTFNQFvPEFMBTGVODJPOFTBDVTBUPSJBTJODMVZFO
²DPOEJDJPOFTSB[POBCMFTEFTFSWJDJPVOBSFNVOFSBDJwOBEFDVBEBZDVBOEPDPSSFT
QPOEBTFHVSJEBEFOFMDBSHPQFOTJwOZFEBEEFKVCJMBDJwO³&TUPTSFRVJTJUPTTFSgO
FTUBCMFDJEPTNFEJBOUF²MBTMFZFTPMBTOPSNBTPSFHMBNFOUBDJPOFTEFDPOPDJNJFOUP
Q|CMJDP³
-PT¾TDBMFTBMJHVBMRVFMPTKVFDFTEFCFOTFSBTDFOEJEPTDPOCBTFFODSJUFSJPT
PCKFUJWPTFOFTQFDJBM²TVJEPOFJEBEDBQBDJEBEQSPCJEBEZFYQFSJFODJB³ZMBT
EFDJTJPOFTRVFTFBEPQUFOBMSFTQFDUPTFBUFOESgOBVOQSPDFEJNJFOUPFRVJUBUJWP
FJNQBSDJBM
0CTFSWBDJPOFT'JOBMFTEFM$PNJUnEF%FSFDIPT)VNBOPT,PTPWP4FSCJB
%PDVNFOUPEFMB0/6$$13$
6/,$0QgSS
%JSFDUSJDFTEF/BDJPOFT6OJEBTTPCSFMBGVODJwOEFMPTGJTDBMFT%JSFDUSJ[
*CJE%JSFDUSJ[
*OGPSNFDPOKVOUPEFM3FMBUPS&TQFDJBMFODBSHBEPEFMBDVFTUJwOEFMBUPSUVSBZEFM3FMBUPS&TQFDJBMFODBSHBEP
EFMBDVFTUJwOEFMBTFKFDVDJPOFTFYUSBKVEJDJBMFTTVNBSJBTPBSCJUSBSJBTFOTVWJTJUBB$PMPNCJB%PDVNFOUP
EFMB0/6&$/QgSSE
%JSFDUSJDFTEF/BDJPOFT6OJEBTTPCSFMBGVODJwOEFMPTGJTDBMFT%JSFDUSJ[
*CJE%JSFDUSJ[
(6Ê"1"3"130'&4*0/"-&4/
-JCFSUBEEFFYQSFTJwOZBTPDJBDJwO
"MJHVBMRVFMPTKVFDFTZMPTBCPHBEPT²-PT¾TDBMFTBMJHVBMRVFMPTEFNgTDJVEBEB
OPTHP[BSgOEFMJCFSUBEEFFYQSFTJwODSFFODJBTBTPDJBDJwOZSFVOJwO&OQBSUJDVMBS
UFOESgOEFSFDIPBUPNBSQBSUFFOEFCBUFTQ|CMJDPTTPCSFDVFTUJPOFTSFMBUJWBTB
MBTMFZFTMBBENJOJTUSBDJwOEFKVTUJDJBZFMGPNFOUPZMBQSPUFDDJwOEFMPTEFSFDIPT
IVNBOPTZBBEIFSJSTFBPSHBOJ[BDJPOFTMPDBMFTOBDJPOBMFTPJOUFSOBDJPOBMFTPDPOT
UJUVJSMBTZBBTJTUJSBTVTSFVOJPOFTTJORVFTVGSBOSFMFHBDJwOQSPGFTJPOBMQPSSB[wO
EFTVTBDUJWJEBEFTMrDJUBTPEFTVDBMJEBEEFNJFNCSPTEFPSHBOJ[BDJPOFTMrDJUBT&O
FMFKFSDJDJPEFFTPTEFSFDIPTMPT¾TDBMFTQSPDFEFSgOTJFNQSFEFDPOGPSNJEBEDPO
MBTMFZFTZMPTQSJODJQJPTZOPSNBTnUJDBTSFDPOPDJEPTFOTVQSPGFTJwO³
$POSFTQFDUPBMBMJCFSUBEEFBTPDJBDJwOMB%JSFDUSJ[EFMBT%JSFDUSJDFTEF/BDJPOFT
6OJEBTTPCSFMBGVODJwOEFMPT¾TDBMFTJODMVZFVOBEJTQPTJDJwOJEnOUJDBBMBRVF
PCUJFOFOMBTOPSNBTEF/BDJPOFT6OJEBTBQMJDBCMFTBMPTKVFDFTFOFMTFOUJEPRVF
²-PT¾TDBMFTQPESgODPOTUJUVJSBTPDJBDJPOFTQSPGFTJPOBMFTVPUSBTPSHBOJ[BDJPOFT
PJODPSQPSBSTFBFMMBTDPOFMQSPQwTJUPEFSFQSFTFOUBSTVTJOUFSFTFTQSPNPWFSMB
DBQBDJUBDJwOQSPGFTJPOBMZQSPUFHFSTVTEFSFDIPT³
%FCFSFTQSPGFTJPOBMFT
$PNPBDUPSFTFTFODJBMFTFOMBBENJOJTUSBDJwOEFMBKVTUJDJBBMPT¾TDBMFTTFMFT
BTJHOBOVOBTFSJFEFGVODJPOFTRVFEFTFNQFvBSgOBEFNBOFSBJNQBSDJBMZFWJUBSgO
UPEPUJQPEFEJTDSJNJOBDJwOQPMrUJDBTPDJBMSFMJHJPTBSBDJBMDVMUVSBMTFYVBMPEF
PUSBrOEPMF&TUFEFCFSDPOTUJUVZFVOQSJODJQJPRVFHVrBFMEFTFNQFvPBEFDVBEP
EFMBTGVODJPOFTBDVTBUPSJBTFJNQMJDBRVFMPT¾TDBMFTEFCFOFTUBSMJCSFTEFUPEB
TVCKFUJWJEBEBMEFTFNQFvBSUPEPTTVTEFCFSFTQSPGFTJPOBMFT"TJNJTNPMPT¾TDBMFT
UJFOFOEFCFSFTFTQFDJBMFTSFMBDJPOBEPTDPOMBQSPUFDDJwOEFMPTEFSFDIPTIVNBOPT
ZEFCFOBTFHVSBSFMEFCJEPQSPDFTPZVOBDPSSFDUBBENJOJTUSBDJwOEFKVTUJDJB
n -PTGJTDBMFTEFDPOGPSNJEBEDPOMBMFZEFCFSgODVNQMJSTVTGVODJPOFT
DPOJNQBSDJBMJEBEGJSNF[BZQSPOUJUVESFTQFUBSZQSPUFHFSMBEJHOJEBE
IVNBOBZEFGFOEFSMPTEFSFDIPTIVNBOPTDPOUSJCVZFOEPEFFTBNBOFSB
BBTFHVSBSFMEFCJEPQSPDFTPZFMCVFOGVODJPOBNJFOUPEFMTJTUFNBEF
KVTUJDJBQFOBM
-PT¾TDBMFTEFCFOUPNBSBDDJwOSFTQFDUPEFMBTWJPMBDJPOFTEFMPTEFSFDIPTIVNBOPT
EFMBTRVFUFOHBODPOPDJNJFOUPUBOUPFOUnSNJOPTEFJOWFTUJHBDJwODPNPEFQSVFCB
&OFTUF|MUJNPDBTPMPT¾TDBMFTUJFOFOFMEFCFSEFOFHBSTFBVUJMJ[BSQSVFCBTDVBOEP
²TFQBOPUFOHBOTPTQFDIBTGVOEBEBTEFRVFGVFSPOPCUFOJEBTQPSNnUPEPTJMrDJUPT
RVFDPOTUJUVZBOVOBWJPMBDJwOHSBWFEFMPTEFSFDIPTIVNBOPTEFMTPTQFDIPTP
%JSFDUSJDFTEF/BDJPOFT6OJEBTTPCSFMBGVODJwOEFMPTGJTDBMFT%JSFDUSJ[
*CJE%JSFDUSJ[QgSSB
*CJE%JSFDUSJ[
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
FTQFDJBMNFOUFUPSUVSBTUSBUPTPDBTUJHPTDSVFMFTJOIVNBOPTPEFHSBEBOUFTVPUSPT
BCVTPTEFMPTEFSFDIPTIVNBOPTTFOFHBSgOBVUJMJ[BSFTBTQSVFCBTDPOUSBDVBM
RVJFSQFSTPOBTBMWPDPOUSBRVJFOFTIBZBOFNQMFBEPFTPTNnUPEPTPMPJOGPSNBSgO
BMPTUSJCVOBMFTZBEPQUBSgOUPEBTMBTNFEJEBTOFDFTBSJBTQBSBBTFHVSBSRVFMPT
SFTQPOTBCMFTEFMBVUJMJ[BDJwOEFEJDIPTNnUPEPTDPNQBSF[DBOBOUFMBKVTUJDJB³
&OFMDBTPEFMBTWJPMBDJPOFTEFEFSFDIPTIVNBOPTMPT'JTDBMFT1|CMJDPTUJFOFOFM
EFCFSEFBTFHVSBSVOBJOWFTUJHBDJwOQSPOUBFYIBVTUJWBFJNQBSDJBM
n &M$PNJUnDPOUSBMB5PSUVSBDPOTJEFSwRVFVOKVF[BMBCTUFOFSTFEF
DPOUJOVBSTVTJOWFTUJHBDJPOFTJODVNQMFFMEFCFSEFJNQBSDJBMJEBERVF
MFJNQPOFMBPCMJHBDJwOEFFTDVDIBSBMPTUFTUJHPTEFDBSHPZEFTDBSHP
MPNJTNPTFBQMJDBBM'JTDBMEFMB3FQ|CMJDBRVFTFBCTUVWPEFQSFTFOUBS
VOSFDVSTPDPOUSBMBEFDJTJwOEFBSDIJWBSFMDBTP
-PT¾TDBMFTEFTFNQFvBOVOBGVODJwOBDUJWBFOMPTQSPDFTPTQFOBMFT"QFTBSEF
RVFTVTGVODJPOFTQSPGFTJPOBMFTWBSrBOFOMPTEJGFSFOUFTTJTUFNBTKVEJDJBMFTMBT
GVODJPOFTCgTJDBTEFMPT¾TDBMFTFTUgOSFTVNJEBTFOMB%JSFDUSJ[EFMBT%JSFDUSJDFT
EF/BDJPOFT6OJEBTTPCSFMBGVODJwOEFMPT¾TDBMFT²-PT¾TDBMFTEFTFNQFvBSgO
VOQBQFMBDUJWPFOFMQSPDFEJNJFOUPQFOBMJODMVJEBMBJOJDJBDJwOEFMQSPDFEJNJFOUP
ZDVBOEPBTrMPBVUPSJDFMBMFZPTFBKVTUFBMBQSgDUJDBMPDBMFOMBJOWFTUJHBDJwOEF
EFMJUPTMBTVQFSWJTJwOEFMBMFHBMJEBEEFFTBTJOWFTUJHBDJPOFTMBTVQFSWJTJwOEFMB
FKFDVDJwOEFGBMMPTKVEJDJBMFTZFMFKFSDJDJPEFPUSBTGVODJPOFTDPNPSFQSFTFOUBOUFT
EFMJOUFSnTQ|CMJDP³
%FBDVFSEPDPOMBT%JSFDUSJDFT²&MDBSHPEF¾TDBMFTUBSgFTUSJDUBNFOUFTFQBSBEP
EFMBTGVODJPOFTKVEJDJBMFT³"QFTBSEFRVFFTUBEJTQPTJDJwOFTDMBSBFOBMHVOPT
TJTUFNBTMPT¾TDBMFTUJFOFOEFUFSNJOBEBTGVODJPOFTKVEJDJBMFTRVFQVFEFOJODMVJS
MBGBDVMUBEEFPSEFOBSMBEFUFODJwOQSFWFOUJWBPSFDBCBSQSVFCBT&ODBTPEFTFS
BDFQUBEBTFOFMTJTUFNBKVSrEJDPFTUBTGVODJPOFTTJFNQSFEFCFOFTUBSMJNJUBEBTB
MBTFUBQBTBOUFSJPSFTBMKVJDJPZTFSFKFSDJEBTEFNBOFSBJNQBSDJBMZSFTQFUBOEPMPT
EFSFDIPTEFMPTTPTQFDIPTPT&TUBTGVODJPOFTTJFNQSFEFCFOFTUBSTVKFUBTBVO
DPOUSPMZSFWJTJwOKVEJDJBMJOEFQFOEJFOUF
&M$PNJUnEF%FSFDIPT)VNBOPTIBUSBUBEPFMFKFSDJDJPEFMPT¾TDBMFTEFMBTGVO
DJPOFTKVEJDJBMFT
n &OVODBTPFORVFVOGJTDBMTVCPSEJOBEPBMQPEFSFKFDVUJWPPSEFOwZTVC
TJHVJFOUFNFOUFSFOPWwVOBEFUFODJwOQSFWFOUJWBDPOCBTFFOQSVFCBTJO
TVGJDJFOUFTFM$PNJUnFTUBCMFDJwRVF²EJTDSFQBEFRVFQVFEBDPOTJEFSBSTF
BMGJTDBMDPNPEPUBEPEFMBPCKFUJWJEBEFJNQBSDJBMJEBEOFDFTBSJBTGSFOUF
BMBTJOTUJUVDJPOFTQBSBSFQSFTFOUBSFMQBQFMEF²GVODJPOBSJPBVUPSJ[BEP
%JSFDUSJDFTEF/BDJPOFT6OJEBTTPCSFMBGVODJwOEFMPTGJTDBMFT%JSFDUSJ[
$PNJUnDPOUSBMB5PSUVSB%JDUBNFOEFEFOPWJFNCSFEF$PNVOJDBDJwO/,IBMFE#FO
.µ#BSFLD5|OF[
%PDVNFOUPEFMB0/6$"5$%QgSS
(6Ê"1"3"130'&4*0/"-&4/
QPSMBMFZQBSBFKFSDFSGVODJPOFTKVEJDJBMFT³FOFMTFOUJEPEFMQgSSBGPEFM
BSUrDVMP<EFM1BDUP*OUFSOBDJPOBMEF%FSFDIPT$JWJMFTZ1PMrUJDPT>³
6OBEJTQPTJDJwODSVDJBMSFMBDJPOBEBDPOMPT¾TDBMFTFTUgFOMB%JSFDUSJ[EFMBT
%JSFDUSJDFTEF/BDJPOFT6OJEBTTPCSFMBGVODJwOEFMPT¾TDBMFTRVFEJTQPOFRVF
MPT²-PT¾TDBMFTQSFTUBSgOMBEFCJEBBUFODJwOBMFOKVJDJBNJFOUPEFMPTGVODJPOBSJPT
Q|CMJDPTRVFIBZBODPNFUJEPEFMJUPTFTQFDJBMNFOUFFOMPTDBTPTEFDPSSVQDJwO
BCVTPEFQPEFSWJPMBDJPOFTHSBWFTEFEFSFDIPTIVNBOPTZPUSPTEFMJUPTSFDPOPDJEPT
QPSFMEFSFDIPJOUFSOBDJPOBMZDVBOEPMPBVUPSJDFOMBTMFZFTPTFBKVTUFBMBQSgDUJDB
MPDBMBMBJOWFTUJHBDJwOEFFTPTEFMJUPT³&TUBEJTQPTJDJwOFTUBCMFDFMBQPTJDJwO
FTFODJBMRVFEFTFNQFvBOMPT¾TDBMFTFOMBEFGFOTBEFMFTUBEPEFEFSFDIPZFOMB
BQMJDBDJwOFRVJUBUJWBEFMBMFZBUPEPTMPTDJVEBEBOPTFTQFDJBMNFOUFBBRVFMMPT
RVFPDVQBODBSHPTP¾DJBMFT
)BZTJTUFNBTFOMPTDVBMFTMPT¾TDBMFTFTUgOJOWFTUJEPTEFGBDVMUBEFTEJTDSFDJPOB
MFTQSJODJQBMNFOUFSFMBDJPOBEBTDPOMBJOWFTUJHBDJwOEFDBTPTZMBQSFTFOUBDJwO
EFBDVTBDJPOFT&OEJDIPTDBTPTMBT%JSFDUSJDFTEJTQPOFORVF²MBMFZMBTOPSNBTP
MPTSFHMBNFOUPTQVCMJDBEPTQSPQPSDJPOBSgOEJSFDUSJDFTQBSBQSPNPWFSMBFRVJEBE
ZDPIFSFODJBEFMPTDSJUFSJPTRVFTFBEPQUFOBMUPNBSEFDJTJPOFTFOFMQSPDFTPEF
BDVTBDJwOJODMVJEPFMFKFSDJDJPEFMBBDDJwOPMBSFOVODJBBMFOKVJDJBNJFOUP³
0USBTPCMJHBDJPOFTEFMPT¾TDBMFTJODMVZFOBCTUFOFSTFEFJOJDJBSPEFUFOFSQSPDFTPT
DVBOEPMBTBDVTBDJPOFTTFBOJOGVOEBEBTUPNBSFODVFOUBMBQPTJDJwOEFMTPTQF
DIPTPZEFMBWrDUJNBZQSFTUBSMFBUFODJwOBUPEBTMBTDJSDVOTUBODJBTQFSUJOFOUFT
TJOQFSKVJDJPEFTJTPOWFOUBKPTBTPOPQBSBFMTPTQFDIPTPNBOUFOFSMPTBTVOUPT
FODPO¾EFODJBMJEBEBNFOPTRVFFMEFTFNQFvPEFTVTPCMJHBDJPOFTPMBOFDFTJ
EBEEFMBKVTUJDJBFYJKBOPUSBDPTBDPOTJEFSBSMBTPQJOJPOFTZQSFPDVQBDJPOFTEF
MBTWrDUJNBTDVBOEPTVTJOUFSFTFTQFSTPOBMFTTFWFBOBGFDUBEPTZBTFHVSBSRVFMBT
WrDUJNBTFTUnOJOGPSNBEBTEFTVTEFSFDIPTEFBDVFSEPDPOMB%FDMBSBDJwOTPCSF
MPTQSJODJQJPTGVOEBNFOUBMFTEFKVTUJDJBQBSBMBTWrDUJNBTEFEFMJUPTZEFMBCVTPEF
QPEFSZDPPQFSBSDPOMBQPMJDrBMPTUSJCVOBMFTMBQSPGFTJwOKVSrEJDBMPTEFGFOTPSFT
Q|CMJDPTZPUSPTPSHBOJTNPTPJOTUJUVDJPOFTHVCFSOBNFOUBMFT
1SPDFEJNJFOUPTEJTDJQMJOBSJPT
$VBOEPTFTPTQFDIBRVFMPT¾TDBMFTIBOWJPMBEPTVTPCMJHBDJPOFTQSPGFTJPOBMFT
EFCFOTFSSFTQPOTBCJMJ[BEPTNFEJBOUFQSPDFEJNJFOUPTEJTDJQMJOBSJPT-BT%JSFDUSJDFT
EF/BDJPOFT6OJEBTTPCSFMBGVODJwOEFMPT¾TDBMFTFTUBCMFDFODSJUFSJPTDMBSPTUBOUP
$PNJUnEF%FSFDIPT)VNBOPT%JDUBNFOEFEFNBS[PEF$PNVOJDBDJwO/7MBEJNJS
,VMPNJOD)VOHSrB
%PDVNFOUPEFMB0/6$$13$%QgSS&MBSUrDVMPEFM1BDUP
FTUJQVMBRVF²5PEBQFSTPOBEFUFOJEBPQSFTBBDBVTBEFVOBJOGSBDDJwOQFOBMTFSgMMFWBEBTJOEFNPSBBOUF
VOKVF[VPUSPGVODJPOBSJPBVUPSJ[BEPQPSMBMFZQBSBFKFSDFSGVODJPOFTKVEJDJBMFT³
%JSFDUSJDFTEF/BDJPOFT6OJEBTTPCSFMBGVODJwOEFMPTGJTDBMFT%JSFDUSJ[
*CJE%JSFDUSJDFTQgSSBGPTC
BE
Z%JSFDUSJ[
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
TPCSFMBSFTQPOTBCJMJEBEEFMPT¾TDBMFTDPNPTPCSFMBTHBSBOUrBTEFRVFHP[BOBM
FOGSFOUBSEJDIPTQSPDFEJNJFOUPT
$POSFTQFDUPBMPTGVOEBNFOUPTEFMBBDDJwOEJTDJQMJOBSJBMBT%JSFDUSJDFTFTUB
CMFDFORVF²MBTGBMUBTEFDBSgDUFSEJTDJQMJOBSJPDPNFUJEBTQPSMPT¾TDBMFTFTUBSgO
QSFWJTUBTFOMBMFZPFOMPTSFHMBNFOUPT³&TUBTSFHVMBDJPOFTEFCFOTFSDMBSBTDPO
SFTQFDUPBRVnBDUPTDPOTUJUVZFOTPOJNQSPQJPTZMBTQPTJCMFTTBODJPOFT"QFTBS
EFRVFMBT%JSFDUSJDFTOPTFSF¾FSFOFOGPSNBFYQMrDJUBBMBJODBQBDJEBEEFM¾TDBM
EFEFTFNQFvBSTVTGVODJPOFTFTUgJNQMrDJUPRVFnTUBDPOTUJUVZFVOGVOEBNFOUP
QBSBTVEFTUJUVDJwO
-BT%JSFDUSJDFTDPOUJFOFOVOBTFSJFEFQSJODJQJPTRVFTFBQMJDBOBMPTQSPDFEJNJFO
UPTEJTDJQMJOBSJPT1PSFKFNQMPMBTEFOVODJBTDPOUSBMPT¾TDBMFT²TFTVTUBODJBSgO
QSPOUBFJNQBSDJBMNFOUFDPOBSSFHMPBMQSPDFEJNJFOUPQFSUJOFOUF³"EFNgTMPT
¾TDBMFTUJFOFOEFSFDIPBVOBBVEJFODJBKVTUBZ²MBTEFDJTJPOFTFTUBSgOTPNFUJEBT
BSFWJTJwOJOEFQFOEJFOUF³1PS|MUJNPFMSFTVMUBEPEFMQSPDFEJNJFOUPEFCFTFS
²VOBFWBMVBDJwOZEFDJTJwOPCKFUJWBT³
-PTGJTDBMFTEFTFNQFvBOVOBGVODJwOFTFODJBMFOMBBENJOJTUSBDJwOEFMBKVTUJDJBBM
JOWFTUJHBSMBTWJPMBDJPOFTEFEFSFDIPTIVNBOPTZBDVTBSBMPTQSFTVOUPTBVUPSFT
EFFMMBT"TJNJTNPMPTGJTDBMFTBTFHVSBOFMSFTQFUPEFMEFSFDIPBVOKVJDJPKVTUP
-PTGJTDBMFTEFCFOEFTFNQFvBSTVTGVODJPOFTQSPGFTJPOBMFTEFNBOFSBJNQBSDJBM
ZPCKFUJWB-PT&TUBEPTEFCFOBTFHVSBSRVFMPTGJTDBMFTQVFEBOEFTBSSPMMBSTVT
GVODJPOFTTJOJOUFSGFSFODJBZEFCFOQSPUFHFSMPTBDUJWBNFOUF-PTGJTDBMFTEFCFO
QSFTUBSFTQFDJBMBUFODJwOBMPTEFMJUPTDPNFUJEPTQPSGVODJPOBSJPTQ|CMJDPTZ
EFCFOOFHBSTFBVUJMJ[BSQSVFCBTPCUFOJEBTDPNPSFTVMUBEPEFWJPMBDJPOFTEF
EFSFDIPTIVNBOPT
%JSFDUSJDFTEF/BDJPOFT6OJEBTTPCSFMBGVODJwOEFMPTGJTDBMFT%JSFDUSJ[
*CJE%JSFDUSJ[-BEJSFDUSJ[UBNCJnOEJDFRVFMBTBDUVBDJPOFTEJTDJQMJOBSJBT²4FEFUFSNJOBSgOEFDPOGPS
NJEBEDPOMBMFZFMDwEJHPEFDPOEVDUBQSPGFTJPOBMZPUSBTSFHMBTZOPSNBTnUJDBTFTUBCMFDJEBTZUFOJFOEP
QSFTFOUFTFTUBT%JSFDUSJDFT³
4&(6/%"1"35&
*OTUSVNFOUPTJOUFSOBDJPOBMFTSFMBUJWPTBMBJOEFQFOEFODJBZ
SFTQPOTBCJMJEBEEFMPTKVFDFTBCPHBEPTZ¾TDBMFT
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
/BDJPOFT6OJEBT
"&TUgOEBSFTFTQFDrGJDPTTPCSFMBJOEFQFOEFODJBEF
KVFDFTBCPHBEPTZGJTDBMFT
1SJODJQJPTCgTJDPTSFMBUJWPTBMBJOEFQFOEFODJB
EFMBKVEJDBUVSB
"EPQUBEPTQPSFM4nQUJNP$POHSFTPEFMBT/BDJPOFT6OJEBTTPCSF1SFWFODJwO
EFM%FMJUPZ5SBUBNJFOUPEFM%FMJODVFOUFDFMFCSBEPFO.JMgOEFMEFBHPTUPBM
EFTFQUJFNCSFEFZDPOGJSNBEPTQPSMB"TBNCMFB(FOFSBMFOTVTSFTPMVDJP
OFTEFEFOPWJFNCSFEFZEFEFEJDJFNCSFEF
$POTJEFSBOEPRVFFOMB$BSUBEFMBT/BDJPOFT6OJEBTMPTQVFCMPTEFMNVOEP
B¾SNBOFOUSFPUSBTDPTBTTVWPMVOUBEEFDSFBSDPOEJDJPOFTCBKPMBTDVBMFTQVFEB
NBOUFOFSTFMBKVTUJDJBZSFBMJ[BSTFMBDPPQFSBDJwOJOUFSOBDJPOBMFOFMEFTBSSPMMPZ
FTUrNVMPEFMSFTQFUPBMPTEFSFDIPTIVNBOPTZBMBTMJCFSUBEFTGVOEBNFOUBMFTTJO
IBDFSEJTUJODJwOBMHVOB
$POTJEFSBOEPRVFMB%FDMBSBDJwO6OJWFSTBMEF%FSFDIPT)VNBOPTDPOTBHSBDPODSF
UBNFOUFFMQSJODJQJPEFMBJHVBMEBEBOUFMBMFZFMEFSFDIPEFUPEBQFSTPOBBRVFTF
QSFTVNBTVJOPDFODJBZFMEFTFSPrEBQ|CMJDBNFOUFZDPOKVTUJDJBQPSVOUSJCVOBM
DPNQFUFOUFJOEFQFOEJFOUFFJNQBSDJBMFTUBCMFDJEPQPSMBMFZ
$POTJEFSBOEPRVFFM1BDUP*OUFSOBDJPOBMEF%FSFDIPT&DPOwNJDPT4PDJBMFTZ
$VMUVSBMFTZFM1BDUP*OUFSOBDJPOBMEF%FSFDIPT$JWJMFTZ1PMrUJDPTHBSBOUJ[BOFMFKFS
DJDJPEFFTPTEFSFDIPTZRVFFM1BDUP*OUFSOBDJPOBMEF%FSFDIPT$JWJMFTZ1PMrUJDPT
HBSBOUJ[BBEFNgTFMEFSFDIPBTFSKV[HBEPTJOEFNPSBJOEFCJEB
$POTJEFSBOEPRVFUPEBWrBFTGSFDVFOUFRVFMBTJUVBDJwOSFBMOPDPSSFTQPOEBBMPT
JEFBMFTFORVFTFBQPZBOFTPTQSJODJQJPT
$POTJEFSBOEPRVFMBPSHBOJ[BDJwOZMBBENJOJTUSBDJwOEFMBKVTUJDJBFODBEBQBrT
EFCFJOTQJSBSTFFOFTPTQSJODJQJPTZRVFIBOEFBEPQUBSTFNFEJEBTQBSBIBDFSMPT
QMFOBNFOUFSFBMJEBE
$POTJEFSBOEPRVFMBTOPSNBTRVFSJHFOFMFKFSDJDJPEFMPTDBSHPTKVEJDJBMFTEFCFOUF
OFSQPSPCKFUPRVFMPTKVFDFTQVFEBOBDUVBSEFDPOGPSNJEBEDPOFTPTQSJODJQJPT
$POTJEFSBOEPRVFMPTKVFDFTTPOMPTFODBSHBEPTEFBEPQUBSMBEFDJTJwOEF¾OJUJWB
DPOSFTQFDUPBMBWJEBMBMJCFSUBEMPTEFSFDIPTMPTEFCFSFTZMPTCJFOFTEFMPT
DJVEBEBOPT
(6Ê"1"3"130'&4*0/"-&4/
$POTJEFSBOEPRVFFM4FYUP$POHSFTPEFMBT/BDJPOFT6OJEBTTPCSF1SFWFODJwO
EFM%FMJUPZ5SBUBNJFOUPEFM%FMJODVFOUFFOTVSFTPMVDJwOQJEJwBM$PNJUnEF
1SFWFODJwOEFM%FMJUPZ-VDIBDPOUSBMB%FMJODVFODJBRVFJODMVZFSBFOUSFTVTUBSFBT
QSJPSJUBSJBTMBFMBCPSBDJwOEFEJSFDUSJDFTFONBUFSJBEFJOEFQFOEFODJBEFMPTKVFDFT
ZTFMFDDJwODBQBDJUBDJwOZDPOEJDJwOKVSrEJDBEFMPTKVFDFTZ¾TDBMFT
$POTJEFSBOEPRVFQPSDPOTJHVJFOUFFTQFSUJOFOUFRVFTFFYBNJOFFOQSJNFSMVHBS
MBGVODJwOEFMPTKVFDFTFOSFMBDJwODPOFMTJTUFNBEFKVTUJDJBZMBJNQPSUBODJBEFTV
TFMFDDJwODBQBDJUBDJwOZDPOEVDUB
-PTTJHVJFOUFTQSJODJQJPTCgTJDPTGPSNVMBEPTQBSBBZVEBSBMPT&TUBEPT.JFNCSPT
FOTVUBSFBEFHBSBOUJ[BSZQSPNPWFSMBJOEFQFOEFODJBEFMBKVEJDBUVSBEFCFOTFS
UFOJEPTFODVFOUBZSFTQFUBEPTQPSMPTHPCJFSOPTFOFMNBSDPEFMBMFHJTMBDJwOZ
MBQSgDUJDBOBDJPOBMFTZTFSQVFTUPTFODPOPDJNJFOUPEFMPTKVFDFTMPTBCPHBEPT
MPTNJFNCSPTEFMPTQPEFSFTFKFDVUJWPZMFHJTMBUJWPZFMQ|CMJDPFOHFOFSBM&TUPT
QSJODJQJPTTFIBOFMBCPSBEPUFOJFOEPQSFTFOUFTQSJODJQBMNFOUFBMPTKVFDFTQSPGF
TJPOBMFTQFSPTFBQMJDBOJHVBMNFOUFDVBOEPTFBQSPDFEFOUFBMPTKVFDFTMFHPT
EPOEFnTUPTFYJTUBO
*OEFQFOEFODJBEFMBKVEJDBUVSB
-BJOEFQFOEFODJBEFMBKVEJDBUVSBTFSgHBSBOUJ[BEBQPSFM&TUBEPZQSPDMB
NBEBQPSMB$POTUJUVDJwOPMBMFHJTMBDJwOEFMQBrT5PEBTMBTJOTUJUVDJPOFT
HVCFSOBNFOUBMFTZEFPUSBrOEPMFSFTQFUBSgOZBDBUBSgOMBJOEFQFOEFODJB
EFMBKVEJDBUVSB
-PTKVFDFTSFTPMWFSgOMPTBTVOUPTRVFDPOP[DBODPOJNQBSDJBMJEBECBTgOEPTF
FOMPTIFDIPTZFODPOTPOBODJBDPOFMEFSFDIPTJOSFTUSJDDJwOBMHVOBZTJO
JOGMVFODJBTBMJDJFOUFTQSFTJPOFTBNFOB[BTPJOUSPNJTJPOFTJOEFCJEBTTFBO
EJSFDUBTPJOEJSFDUBTEFDVBMFTRVJFSBTFDUPSFTPQPSDVBMRVJFSNPUJWP
-BKVEJDBUVSBTFSgDPNQFUFOUFFOUPEBTMBTDVFTUJPOFTEFrOEPMFKVEJDJBM
ZUFOESgBVUPSJEBEFYDMVTJWBQBSBEFDJEJSTJVOBDVFTUJwORVFMFIBZBTJEP
TPNFUJEBFTUgEFOUSPEFMBDPNQFUFODJBRVFMFIBZBBUSJCVJEPMBMFZ
/PTFFGFDUVBSgOJOUSPNJTJPOFTJOEFCJEBTPJOKVTUJGJDBEBTFOFMQSPDFTPKV
EJDJBMOJTFTPNFUFSgOBSFWJTJwOMBTEFDJTJPOFTKVEJDJBMFTEFMPTUSJCVOBMFT
&TUFQSJODJQJPTFBQMJDBSgTJONFOPTDBCPEFMBWrBEFSFWJTJwOKVEJDJBMOJEF
MBNJUJHBDJwOPDPONVUBDJwOEFMBTQFOBTJNQVFTUBTQPSMBKVEJDBUVSBFGFD
UVBEBQPSMBTBVUPSJEBEFTBENJOJTUSBUJWBTEFDPOGPSNJEBEDPOMPEJTQVFTUP
FOMBMFZ
5PEBQFSTPOBUFOESgEFSFDIPBTFSKV[HBEBQPSMPTUSJCVOBMFTEFKVTUJDJB
PSEJOBSJPTDPOBSSFHMPBQSPDFEJNJFOUPTMFHBMNFOUFFTUBCMFDJEPT/PTF
DSFBSgOUSJCVOBMFTRVFOPBQMJRVFOOPSNBTQSPDFTBMFTEFCJEBNFOUFFTUB
CMFDJEBTQBSBTVTUJUVJSMBKVSJTEJDDJwORVFDPSSFTQPOEBOPSNBMNFOUFBMPT
USJCVOBMFTPSEJOBSJPT
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
&MQSJODJQJPEFMBJOEFQFOEFODJBEFMBKVEJDBUVSBBVUPSJ[BZPCMJHBBMBKVEJ
DBUVSBBHBSBOUJ[BSRVFFMQSPDFEJNJFOUPKVEJDJBMTFEFTBSSPMMFDPOGPSNFB
EFSFDIPBTrDPNPFMSFTQFUPEFMPTEFSFDIPTEFMBTQBSUFT
$BEB&TUBEP.JFNCSPQSPQPSDJPOBSgSFDVSTPTBEFDVBEPTQBSBRVFMBKVEJ
DBUVSBQVFEBEFTFNQFvBSEFCJEBNFOUFTVTGVODJPOFT
-JCFSUBEEFFYQSFTJwOZBTPDJBDJwO
&ODPOTPOBODJBDPOMB%FDMBSBDJwO6OJWFSTBMEF%FSFDIPT)VNBOPTZBM
JHVBMRVFMPTEFNgTDJVEBEBOPTMPTNJFNCSPTEFMBKVEJDBUVSBHP[BSgOEF
MBTMJCFSUBEFTEFFYQSFTJwODSFFODJBTBTPDJBDJwOZSFVOJwODPOMBTBMWFEBE
EFRVFFOFMFKFSDJDJPEFFTPTEFSFDIPTMPTKVFDFTTFDPOEVDJSgOFOUPEP
NPNFOUPEFNBOFSBRVFQSFTFSWFMBEJHOJEBEEFTVTGVODJPOFTZMBJNQBS
DJBMJEBEFJOEFQFOEFODJBEFMBKVEJDBUVSB
-PTKVFDFTHP[BSgOEFMEFSFDIPBDPOTUJUVJSBTPDJBDJPOFTEFKVFDFTVPUSBT
PSHBOJ[BDJPOFTRVFUFOHBOQPSPCKFUPSFQSFTFOUBSTVTJOUFSFTFTQSPNPWFS
TVGPSNBDJwOQSPGFTJPOBMZEFGFOEFSMBJOEFQFOEFODJBKVEJDJBMBTrDPNPFM
EFSFDIPBBGJMJBSTFBFMMBT
$PNQFUFODJBQSPGFTJPOBMTFMFDDJwOZGPSNBDJwO
-BTQFSTPOBTTFMFDDJPOBEBTQBSBPDVQBSDBSHPTKVEJDJBMFTTFSgOQFSTPOBT
rOUFHSBTFJEwOFBTZUFOESgOMBGPSNBDJwOPMBTDBMJGJDBDJPOFTKVSrEJDBTBQSP
QJBEBT5PEPNnUPEPVUJMJ[BEPQBSBMBTFMFDDJwOEFQFSTPOBMKVEJDJBMHBSBO
UJ[BSgRVFnTUFOPTFBOPNCSBEPQPSNPUJWPTJOEFCJEPT&OMBTFMFDDJwOEF
MPTKVFDFTOPTFIBSgEJTDSJNJOBDJwOBMHVOBQPSNPUJWPEFSB[BDPMPSTFYP
SFMJHJwOPQJOJwOQPMrUJDBPEFPUSBrOEPMFPSJHFOOBDJPOBMPTPDJBMQPTJDJwO
FDPOwNJDBOBDJNJFOUPPDPOEJDJwOFMSFRVJTJUPEFRVFMPTQPTUVMBOUFTB
DBSHPTKVEJDJBMFTTFBOOBDJPOBMFTEFMQBrTEFRVFTFUSBUFOPTFDPOTJEFSBSg
EJTDSJNJOBUPSJP
$POEJDJPOFTEFTFSWJDJPFJOBNPWJMJEBE
-BMFZHBSBOUJ[BSgMBQFSNBOFODJBFOFMDBSHPEFMPTKVFDFTQPSMPTQFSrPEPT
FTUBCMFDJEPTTVJOEFQFOEFODJBZTVTFHVSJEBEBTrDPNPVOBSFNVOFSBDJwO
QFOTJPOFTZDPOEJDJPOFTEFTFSWJDJPZEFKVCJMBDJwOBEFDVBEBT
4FHBSBOUJ[BSgMBJOBNPWJMJEBEEFMPTKVFDFTUBOUPEFMPTOPNCSBEPTNF
EJBOUFEFDJTJwOBENJOJTUSBUJWBDPNPEFMPTFMFHJEPTIBTUBRVFDVNQMBOMB
FEBEQBSBMBKVCJMBDJwOGPS[PTBPFYQJSFFMQFSrPEPQBSBFMRVFIBZBOTJEP
OPNCSBEPTPFMFHJEPTDVBOEPFYJTUBOOPSNBTBMSFTQFDUP
&MTJTUFNBEFBTDFOTPTEFMPTKVFDFTDVBOEPFYJTUBTFCBTBSgFOGBDUPSFT
PCKFUJWPTFTQFDJBMNFOUFFOMBDBQBDJEBEQSPGFTJPOBMMBJOUFHSJEBEZMB
FYQFSJFODJB
(6Ê"1"3"130'&4*0/"-&4/
-BBTJHOBDJwOEFDBTPTBMPTKVFDFTEFOUSPEFMUSJCVOBMEFRVFGPSNFOQBSUF
FTBTVOUPJOUFSOPEFMBBENJOJTUSBDJwOKVEJDJBM
4FDSFUPQSPGFTJPOBMFJONVOJEBE
-PTKVFDFTFTUBSgOPCMJHBEPTQPSFMTFDSFUPQSPGFTJPOBMDPOSFTQFDUPBTVT
EFMJCFSBDJPOFTZBMBJOGPSNBDJwODPOGJEFODJBMRVFIBZBOPCUFOJEPFOFM
EFTFNQFvPEFTVTGVODJPOFTBNFOPTRVFTFUSBUFEFBVEJFODJBTQ|CMJDBT
ZOPTFMFTFYJHJSgRVFUFTUJGJRVFOTPCSFUBMFTBTVOUPT
4JOQFSKVJDJPEFDVBMRVJFSQSPDFEJNJFOUPEJTDJQMJOBSJPPEFSFDIPEFBQFMBDJwO
OJEFMEFSFDIPBSFDJCJSJOEFNOJ[BDJwOEFM&TUBEPEFBDVFSEPDPOMBMFHJTMB
DJwOOBDJPOBMMPTKVFDFTHP[BSgOEFJONVOJEBEQFSTPOBMDPOSFTQFDUPBMBT
BDDJPOFTDJWJMFTQPSEBvPTZQFSKVJDJPTEFSJWBEPTEFBDDJPOFTVPNJTJPOFT
JOEFCJEBTDPNFUJEBTFOFMFKFSDJDJPEFTVTGVODJPOFTKVEJDJBMFT
.FEJEBTEJTDJQMJOBSJBTTVTQFOTJwOZTFQBSBDJwOEFMDBSHP
5PEBBDVTBDJwOPRVFKBGPSNVMBEBDPOUSBVOKVF[QPSTVBDUVBDJwOKVEJDJBMZ
QSPGFTJPOBMTFUSBNJUBSgDPOQSPOUJUVEFJNQBSDJBMJEBEDPOBSSFHMPBMQSPDF
EJNJFOUPQFSUJOFOUF&MKVF[UFOESgEFSFDIPBTFSPrEPJNQBSDJBMNFOUF&O
FTBFUBQBJOJDJBMFMFYBNFOEFMBDVFTUJwOTFSgDPOGJEFODJBMBNFOPTRVF
FMKVF[TPMJDJUFMPDPOUSBSJP
-PTKVFDFTTwMPQPESgOTFSTVTQFOEJEPTPTFQBSBEPTEFTVTDBSHPTQPSJO
DBQBDJEBEPDPNQPSUBNJFOUPRVFMPTJOIBCJMJUFQBSBTFHVJSEFTFNQFvBOEP
TVTGVODJPOFT
5PEPQSPDFEJNJFOUPQBSBMBBEPQDJwOEFNFEJEBTEJTDJQMJOBSJBTMBTVTQFOTJwO
PMBTFQBSBDJwOEFMDBSHPTFSFTPMWFSgEFBDVFSEPDPOMBTOPSNBTFTUBCMFDJEBT
EFDPNQPSUBNJFOUPKVEJDJBM
-BTEFDJTJPOFTRVFTFBEPQUFOFOMPTQSPDFEJNJFOUPTEJTDJQMJOBSJPTEF
TVTQFOTJwOPEFTFQBSBDJwOEFMDBSHPFTUBSgOTVKFUBTBVOBSFWJTJwOJOEF
QFOEJFOUF1PESgOPBQMJDBSTFFTUFQSJODJQJPBMBTEFDJTJPOFTEFMUSJCVOBM
TVQSFNPZBMBTEFMwSHBOPMFHJTMBUJWPFOMPTQSPDFEJNJFOUPTEFSFDVTBDJwO
PTJNJMBSFT
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
1SJODJQJPTCgTJDPTTPCSFMBGVODJwOEFMPTBCPHBEPT
"QSPCBEPTQPSFM0DUBWP$POHSFTPEFMBT/BDJPOFT6OJEBTTPCSF1SFWFODJwOEFM
%FMJUPZ5SBUBNJFOUPEFM%FMJODVFOUFDFMFCSBEPFO-B)BCBOB$VCB
EFMEF
BHPTUPBMEFTFQUJFNCSFEF
$POTJEFSBOEPRVFMPTQVFCMPTEFMNVOEPB¾SNBOFOMB$BSUBEFMBT/BDJPOFT
6OJEBTFOUSFPUSBTDPTBTTVSFTPMVDJwOEFDSFBSDPOEJDJPOFTCBKPMBTDVBMFTQVFEB
NBOUFOFSTFMBKVTUJDJBZQSPDMBNBODPNPVOPEFTVTQSPQwTJUPTMBSFBMJ[BDJwOEFMB
DPPQFSBDJwOJOUFSOBDJPOBMFOMBQSPNPDJwOZFMFTUrNVMPEFMSFTQFUPBMPTEFSFDIPT
IVNBOPTZBMBTMJCFSUBEFTGVOEBNFOUBMFTEFUPEPTTJOEJTUJODJwOQPSNPUJWPTEF
SB[BTFYPJEJPNBPSFMJHJwO
$POTJEFSBOEPRVFMB%FDMBSBDJwO6OJWFSTBMEF%FSFDIPT)VNBOPTDPOTBHSBMPT
QSJODJQJPTEFMBJHVBMEBEBOUFMBMFZMBQSFTVODJwOEFJOPDFODJBFMEFSFDIPEFUPEB
QFSTPOBBTFSPrEBQ|CMJDBNFOUFZDPOKVTUJDJBQPSVOUSJCVOBMJOEFQFOEJFOUFF
JNQBSDJBMZFMEFSFDIPEFUPEBQFSTPOBBDVTBEBEFVOEFMJUPBUPEBTMBTHBSBOUrBT
OFDFTBSJBTQBSBTVEFGFOTB
$POTJEFSBOEPRVFFM1BDUP*OUFSOBDJPOBMEF%FSFDIPT$JWJMFTZ1PMrUJDPTQSPDMBNB
BEFNgTFMEFSFDIPEFMBTQFSTPOBTBTFSKV[HBEBTTJOEFNPSBTJOKVTUJ¾DBEBTZB
TFSPrEBTQ|CMJDBNFOUFZDPOKVTUJDJBQPSVOUSJCVOBMDPNQFUFOUFJOEFQFOEJFOUFF
JNQBSDJBMFTUBCMFDJEPQPSMBMFZ
$POTJEFSBOEPRVFFM1BDUP*OUFSOBDJPOBMEF%FSFDIPT&DPOwNJDPT4PDJBMFTZ
$VMUVSBMFTSFDVFSEBRVFMB$BSUBEFMBT/BDJPOFT6OJEBTJNQPOFBMPT&TUBEPTMB
PCMJHBDJwOEFQSPNPWFSFMSFTQFUPVOJWFSTBMZFGFDUJWPEFMPTEFSFDIPTZMJCFSUBEFT
IVNBOPT
$POTJEFSBOEPFM$POKVOUPEF1SJODJQJPTQBSBMB1SPUFDDJwOEF5PEBTMBT1FSTPOBT
4PNFUJEBTB$VBMRVJFS'PSNBEF%FUFODJwOP1SJTJwORVFFTUJQVMBRVFUPEBQFSTPOB
EFUFOJEBUFOESgEFSFDIPBMBBTJTUFODJBEFVOBCPHBEPBDPNVOJDBSTFDPOnMZB
DPOTVMUBSMP
$POTJEFSBOEPRVFMBT3FHMBT.rOJNBTQBSBFM5SBUBNJFOUPEFMPT3FDMVTPTSFDP
NJFOEBOFOQBSUJDVMBSRVFTFHBSBOUJDFMBBTJTUFODJBMFUSBEBZMBDPNVOJDBDJwO
DPO¾EFODJBMDPOTVBCPHBEPBMPTEFUFOJEPTFOQSJTJwOQSFWFOUJWB
$POTJEFSBOEPRVFMBT4BMWBHVBSEJBTQBSBHBSBOUJ[BSMBQSPUFDDJwOEFMPTEFSFDIPT
EFMPTDPOEFOBEPTBMBQFOBEFNVFSUFSFB¾SNBOFMEFSFDIPEFUPEPTPTQFDIPTP
PBDVTBEPEFVOEFMJUPTBODJPOBCMFDPOMBQFOBDBQJUBMBVOBBTJTUFODJBMFUSBEB
BEFDVBEBFOUPEBTMBTFUBQBTEFMQSPDFTPEFDPOGPSNJEBEDPOFMBSUrDVMPEFM
1BDUP*OUFSOBDJPOBMEF%FSFDIPT$JWJMFTZ1PMrUJDPT
$POTJEFSBOEPRVFFOMB%FDMBSBDJwOTPCSFMPT1SJODJQJPT'VOEBNFOUBMFTEF+VTUJDJB
QBSBMBT7rDUJNBTEF%FMJUPTZEFM"CVTPEF1PEFSTFSFDPNJFOEBONFEJEBTRVF
(6Ê"1"3"130'&4*0/"-&4/
EFCFOBEPQUBSTFFOMPTQMBOPTOBDJPOBMFJOUFSOBDJPOBMQBSBNFKPSBSFMBDDFTPBMB
KVTUJDJBZFMUSBUPKVTUPMBSFTUJUVDJwOMBDPNQFOTBDJwOZMBBTJTUFODJBFOGBWPSEF
MBTWrDUJNBTEFEFMJUPT
$POTJEFSBOEPRVFMBQSPUFDDJwOBQSPQJBEBEFMPTEFSFDIPTIVNBOPTZMBTMJCFSUBEFT
GVOEBNFOUBMFTRVFUPEBQFSTPOBQVFEFJOWPDBSZBTFBOFDPOwNJDPTTPDJBMFTZDVM
UVSBMFTPDJWJMFTZQPMrUJDPTSFRVJFSFRVFUPEBTMBTQFSTPOBTUFOHBOBDDFTPFGFDUJWP
BTFSWJDJPTKVSrEJDPTQSFTUBEPTQPSVOBBCPHBDrBJOEFQFOEJFOUF
$POTJEFSBOEPRVFMBTBTPDJBDJPOFTQSPGFTJPOBMFTEFBCPHBEPTUJFOFORVFEFTFN
QFvBSMBGVODJwOFTFODJBMEFWFMBSQPSMBTOPSNBTZMBnUJDBQSPGFTJPOBMFTQSPUFHFSB
TVTNJFNCSPTDPOUSBQFSTFDVDJPOFTZSFTUSJDDJPOFTPJOKFSFODJBTJOEFCJEBTGBDJMJUBS
TFSWJDJPTKVSrEJDPTBUPEPTMPTRVFMPTOFDFTJUFOZDPPQFSBSDPOMBTJOTUJUVDJPOFT
HVCFSOBNFOUBMFTZPUSBTJOTUJUVDJPOFTQBSBJNQVMTBSMPT¾OFTEFMBKVTUJDJBZFM
JOUFSnTQ|CMJDP
-PT1SJODJQJPT#gTJDPTTPCSFMB'VODJwOEFMPT"CPHBEPTRVF¾HVSBOBDPOUJOVBDJwO
GPSNVMBEPTQBSBBZVEBSBMPT&TUBEPT.JFNCSPTFOTVUBSFBEFQSPNPWFSZHBSBOUJ[BS
MBGVODJwOBEFDVBEBEFMPTBCPHBEPTEFCFOTFSUFOJEPTFODVFOUBZSFTQFUBEPT
QPSMPTHPCJFSOPTFOFMNBSDPEFTVMFHJTMBDJwOZQSgDUJDBOBDJPOBMFTZEFCFOTF
vBMBSTFBMBBUFODJwOEFMPTKVSJTUBTBTrDPNPEFPUSBTQFSTPOBTDPNPMPTKVFDFT
¾TDBMFTNJFNCSPTEFMPTQPEFSFTFKFDVUJWPZMFHJTMBUJWPZFMQ|CMJDPFOHFOFSBM
&TUPTQSJODJQJPTTFBQMJDBSgOUBNCJnODVBOEPQSPDFEBBMBTQFSTPOBTRVFFKFS[BO
MBTGVODJPOFTEFMBBCPHBDrBTJOUFOFSMBDBUFHPSrBP¾DJBMEFBCPHBEPT
"DDFTPBMBBTJTUFODJBMFUSBEBZBMPTTFSWJDJPTKVSrEJDPT
5PEBQFSTPOBFTUgGBDVMUBEBQBSBSFDVSSJSBMBBTJTUFODJBEFVOBCPHBEPEFTV
FMFDDJwOQBSBRVFQSPUFKBZEFNVFTUSFTVTEFSFDIPTZMPEFGJFOEBFOUPEBT
MBTGBTFTEFMQSPDFEJNJFOUPQFOBM
-PTHPCJFSOPTQSPDVSBSgORVFTFFTUBCMF[DBOQSPDFEJNJFOUPTFGJDJFOUFTZ
NFDBOJTNPTBEFDVBEPTQBSBIBDFSQPTJCMFFMBDDFTPFGFDUJWPZFODPOEJDJPOFT
EFJHVBMEBEBMBBTJTUFODJBMFUSBEBEFUPEBTMBTQFSTPOBTRVFTFFODVFOUSFO
FOTVUFSSJUPSJPZFTUnOTPNFUJEBTBTVKVSJTEJDDJwOTJOOJOH|OUJQPEFEJTUJO
DJwODPNPEJTDSJNJOBDJPOFTQPSNPUJWPTEFSB[BDPMPSPSJHFOnUOJDPTFYP
JEJPNBSFMJHJwOPQJOJPOFTQPMrUJDBTPEFPUSBrOEPMFPSJHFOOBDJPOBMPTPDJBM
QPTJDJwOFDPOwNJDBOBDJNJFOUPTJUVBDJwOFDPOwNJDBVPUSBDPOEJDJwO
-PTHPCJFSOPTWFMBSgOQPSRVFTFGBDJMJUFOGPOEPTZPUSPTSFDVSTPTTVGJDJFOUFT
QBSBBTJTUFODJBKVSrEJDBBMBTQFSTPOBTQPCSFTZFODBTPOFDFTBSJPBPUSBT
QFSTPOBTEFTGBWPSFDJEBT-BTBTPDJBDJPOFTQSPGFTJPOBMFTEFBCPHBEPTDP
MBCPSBSgOFOMBPSHBOJ[BDJwOZQSFTUBDJwOEFTFSWJDJPTNFEJPTNBUFSJBMFTZ
PUSPTSFDVSTPT
-PTHPCJFSOPTZMBTBTPDJBDJPOFTQSPGFTJPOBMFTEFBCPHBEPTQSPNPWFSgO
QSPHSBNBTQBSBJOGPSNBSBMQ|CMJDPBDFSDBEFTVTEFSFDIPTZPCMJHBDJPOFT
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
FOWJSUVEEFMBMFZZEFMBJNQPSUBOUFGVODJwORVFEFTFNQFvBOMPTBCPHBEPT
FOMBQSPUFDDJwOEFTVTMJCFSUBEFTGVOEBNFOUBMFT%FCFQSFTUBSTFFTQFDJBM
BUFODJwOBMBBTJTUFODJBEFMBTQFSTPOBTQPCSFTZEFPUSBTQFSTPOBTNFOPT
GBWPSFDJEBTBGJOEFRVFQVFEBOQSPCBSTVTEFSFDIPTZDVBOEPTFBOFDFTBSJP
SFDVSSJSBMBBTJTUFODJBEFVOBCPHBEP
4BMWBHVBSEJBTFTQFDJBMFTFOBTVOUPTQFOBMFT
-PTHPCJFSOPTWFMBSgOQPSRVFMBBVUPSJEBEDPNQFUFOUFJOGPSNFJONFEJB
UBNFOUFBUPEBTMBTQFSTPOBTBDVTBEBTEFIBCFSDPNFUJEPVOEFMJUPP
BSSFTUBEBTPEFUFOJEBTEFTVEFSFDIPBFTUBSBTJTUJEBTQPSVOBCPHBEPEF
TVFMFDDJwO
5PEBTFTBTQFSTPOBTDVBOEPOPEJTQPOHBOEFBCPHBEPUFOESgOEFSFDIP
TJFNQSFRVFFMJOUFSnTEFMBKVTUJDJBBTrMPEFNBOEFBRVFTFMFTBTJHOFO
BCPHBEPTDPOMBFYQFSJFODJBZDPNQFUFODJBRVFSFRVJFSBFMUJQPEFEFMJUP
EFRVFTFUSBUFBGJOEFRVFMFTQSFTUFOBTJTUFODJBKVSrEJDBFGJDB[ZHSBUVJUB
TJDBSFDFOEFNFEJPTTVGJDJFOUFTQBSBQBHBSTVTTFSWJDJPT
-PTHPCJFSOPTHBSBOUJ[BSgOBEFNgTRVFUPEBTMBTQFSTPOBTBSSFTUBEBT
PEFUFOJEBTDPOVOBBDVTBDJwOQFOBMPOPUFOHBOBDDFTPBVOBCPHBEP
JONFEJBUBNFOUFZFODVBMRVJFSDBTPEFOUSPEFMBTIPSBTTJHVJFOUFTBM
BSSFTUPPBMBEFUFODJwO
"UPEBQFSTPOBBSSFTUBEBEFUFOJEBPQSFTBTFMFGBDJMJUBSgOPQPSUVOJEBEFT
UJFNQPFJOTUBMBDJPOFTBEFDVBEBTQBSBSFDJCJSWJTJUBTEFVOBCPHBEPFOUSF
WJTUBSTFDPOnMZDPOTVMUBSMFTJOEFNPSBJOUFSGFSFODJBOJDFOTVSBZFOGPSNB
QMFOBNFOUFDPOGJEFODJBM&TUBTDPOTVMUBTQPESgOTFSWJHJMBEBTWJTVBMNFOUF
QPSVOGVODJPOBSJPFODBSHBEPEFIBDFSDVNQMJSMBMFZQFSPOPTFFTDVDIBSg
MBDPOWFSTBDJwO
$PNQFUFODJBZQSFQBSBDJwO
-PTHPCJFSOPTMBTBTPDJBDJPOFTQSPGFTJPOBMFTEFBCPHBEPTZMBTJOTUJUVDJPOFT
EFFOTFvBO[BWFMBSgOQPSRVFMPTBCPHBEPTUFOHBOMBEFCJEBGPSNBDJwOZ
QSFQBSBDJwOZTFMFTJODVMRVFMBDPODJFODJBEFMPTJEFBMFTZPCMJHBDJPOFT
nUJDBTEFMBCPHBEPZEFMPTEFSFDIPTIVNBOPTZMJCFSUBEFTGVOEBNFOUBMFT
SFDPOPDJEPTQPSFMPSEFOBNJFOUPKVSrEJDPOBDJPOBMFJOUFSOBDJPOBM
-PTHPCJFSOPTMBTBTPDJBDJPOFTQSPGFTJPOBMFTEFBCPHBEPTZMBTJOTUJUVDJPOFT
EFFOTFvBO[BWFMBSgOQPSRVFOPIBZBEJTDSJNJOBDJwOBMHVOBFODPOUSBEF
VOBQFSTPOBFODVBOUPBMJOHSFTPFOMBQSPGFTJwOPBMFKFSDJDJPEFMBNJTNB
QPSNPUJWPTEFSB[BDPMPSTFYPPSJHFOnUOJDPSFMJHJwOPQJOJPOFTQPMrUJDBT
ZEFPUSBrOEPMFPSJHFOOBDJPOBMPTPDJBMGPSUVOBOBDJNJFOUPTJUVBDJwO
FDPOwNJDBPDPOEJDJwOTPDJBMBVORVFOPTFDPOTJEFSBSgEJTDSJNJOBUPSJPFM
SFRVJTJUPEFRVFVOBCPHBEPTFBDJVEBEBOPEFMQBrTEFRVFTFUSBUF
(6Ê"1"3"130'&4*0/"-&4/
&OMPTQBrTFTFORVFIBZBHSVQPTDPNVOJEBEFTPSFHJPOFTDVZBTOFDFTJEBEFT
EFTFSWJDJPTKVSrEJDPTOPFTUnOBUFOEJEBTFOFTQFDJBMDVBOEPUBMFTHSVQPT
UFOHBODVMUVSBTUSBEJDJPOFTPJEJPNBTQSPQJPTPIBZBOTJEPWrDUJNBTEFEJT
DSJNJOBDJwOFOFMQBTBEPMPTHPCJFSOPTZMBTBTPDJBDJPOFTQSPGFTJPOBMFTEF
BCPHBEPTZMBTJOTUJUVDJPOFTEFFOTFvBO[BEFCFSgOUPNBSNFEJEBTFTQFDJBMFT
QBSBPGSFDFSPQPSUVOJEBEFTBDBOEJEBUPTQSPDFEFOUFTEFFTPTHSVQPTQBSB
RVFJOHSFTFOBMBQSPGFTJwOEFBCPHBEPZEFCFSgOWFMBSQPSRVFSFDJCBOVOB
GPSNBDJwOBEFDVBEBBMBTOFDFTJEBEFTEFTVTHSVQPTEFQSPDFEFODJB
0CMJHBDJPOFTZSFTQPOTBCJMJEBEFT
-PTBCPHBEPTNBOUFOESgOFOUPEPNPNFOUPFMIPOPSZMBEJHOJEBEEFTV
QSPGFTJwOFOTVDBMJEBEEFBHFOUFTGVOEBNFOUBMFTEFMBBENJOJTUSBDJwOEF
KVTUJDJB
-BTPCMJHBDJPOFTEFMPTBCPHBEPTQBSBDPOTVTDMJFOUFTTPOMBTTJHVJFOUFT
B 1SFTUBSMFTBTFTPSBNJFOUPDPOSFTQFDUPBTVTEFSFDIPTZPCMJHBDJPOFT
BTrDPNPDPOSFTQFDUPBMGVODJPOBNJFOUPEFMPSEFOBNJFOUPKVSrEJDPFO
UBOUPTFBQFSUJOFOUFBMPTEFSFDIPTZPCMJHBDJPOFTEFMPTDMJFOUFT
C 1SFTUBSMFTBTJTUFODJBFOUPEBTMBTGPSNBTBEFDVBEBTZBEPQUBSNF
EJEBTKVSrEJDBTQBSBQSPUFHFSMPTPEFGFOEFSTVTJOUFSFTFT
D 1SFTUBSMFTBTJTUFODJBBOUFMPTUSJCVOBMFTKVEJDJBMFTPUSPTUSJCVOBMFT
VPSHBOJTNPTBENJOJTUSBUJWPTDVBOEPDPSSFTQPOEB
-PTBCPHBEPTBMQSPUFHFSMPTEFSFDIPTEFTVTDMJFOUFTZEFGFOEFSMBDBVTB
EFMBKVTUJDJBQSPDVSBSgOBQPZBSMPTEFSFDIPTIVNBOPTZMBTMJCFSUBEFTGVO
EBNFOUBMFTSFDPOPDJEPTQPSFMEFSFDIPOBDJPOBMFJOUFSOBDJPOBMZFOUPEP
NPNFOUPBDUVBSgODPOMJCFSUBEZEJMJHFODJBEFDPOGPSNJEBEDPOMBMFZZMBT
SFHMBTZOPSNBTnUJDBTSFDPOPDJEBTRVFSJHFOTVQSPGFTJwO
-PTBCPHBEPTWFMBSgOMFBMNFOUFFOUPEPNPNFOUPQPSMPTJOUFSFTFTEFTVT
DMJFOUFT
(BSBOUrBTQBSBFMFKFSDJDJPEFMBQSPGFTJwO
-PTHPCJFSOPTHBSBOUJ[BSgORVFMPTBCPHBEPTB
QVFEBOEFTFNQFvBSUPEBT
TVTGVODJPOFTQSPGFTJPOBMFTTJOJOUJNJEBDJPOFTPCTUgDVMPTBDPTPTPJO
UFSGFSFODJBTJOEFCJEBTC
QVFEBOWJBKBSZDPNVOJDBSTFMJCSFNFOUFDPOTVT
DMJFOUFTUBOUPEFOUSPEFTVQBrTDPNPFOFMFYUFSJPSZD
OPTVGSBOOJFTUnO
FYQVFTUPTBQFSTFDVDJPOFTPTBODJPOFTBENJOJTUSBUJWBTFDPOwNJDBTPEFPUSB
rOEPMFBSBr[EFDVBMRVJFSNFEJEBRVFIBZBOBEPQUBEPEFDPOGPSNJEBEDPO
MBTPCMJHBDJPOFTSFHMBTZOPSNBTnUJDBTRVFTFSFDPOPDFOBTVQSPGFTJwO
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
$VBOEPMBTFHVSJEBEEFMPTBCPHBEPTTFBBNFOB[BEBBSBr[EFMFKFSDJDJPEF
TVTGVODJPOFTSFDJCJSgOEFMBTBVUPSJEBEFTQSPUFDDJwOBEFDVBEB
-PTBCPHBEPTOPTFSgOJEFOUJGJDBEPTDPOTVTDMJFOUFTOJDPOMBTDBVTBTEF
TVTDMJFOUFTDPNPDPOTFDVFODJBEFMEFTFNQFvPEFTVTGVODJPOFT
/JOH|OUSJCVOBMOJPSHBOJTNPBENJOJTUSBUJWPBOUFFMRVFTFSFDPOP[DBFM
EFSFDIPBTFSBTJTUJEPQPSVOBCPHBEPTFOFHBSgBSFDPOPDFSFMEFSFDIP
EFVOBCPHBEPBQSFTFOUBSTFBOUFnMFOOPNCSFEFTVDMJFOUFTBMWPRVFFM
BCPHBEPIBZBTJEPJOIBCJMJUBEPEFDPOGPSNJEBEDPOMBTMFZFTZQSgDUJDBT
OBDJPOBMFTZDPOFTUPTQSJODJQJPT
-PTBCPHBEPTHP[BSgOEFJONVOJEBEDJWJMZQFOBMQPSMBTEFDMBSBDJPOFTRVF
IBHBOEFCVFOBGFQPSFTDSJUPPFOMPTBMFHBUPTPSBMFTPCJFOBMDPNQBSFDFS
DPNPQSPGFTJPOBMFTBOUFVOUSJCVOBMKVEJDJBMPUSPUSJCVOBMVwSHBOPKVSrEJDP
PBENJOJTUSBUJWP
-BTBVUPSJEBEFTDPNQFUFOUFTUJFOFOMBPCMJHBDJwOEFWFMBSQPSRVFMPTBCP
HBEPTUFOHBOBDDFTPBMBJOGPSNBDJwOMPTBSDIJWPTZEPDVNFOUPTQFSUJOFOUFT
RVFFTUnOFOTVQPEFSPCBKPTVDPOUSPMDPOBOUFMBDJwOTVGJDJFOUFQBSBRVF
QVFEBOQSFTUBSBTVTDMJFOUFTVOBBTJTUFODJBKVSrEJDBFGJDB[&TUFBDDFTPTF
GBDJMJUBSgMPBOUFTQPTJCMF
-PTHPCJFSOPTSFDPOPDFSgOZSFTQFUBSgOMBDPOGJEFODJBMJEBEEFUPEBTMBT
DPNVOJDBDJPOFTZDPOTVMUBTFOUSFMPTBCPHBEPTZTVTDMJFOUFTFOFMNBSDP
EFTVSFMBDJwOQSPGFTJPOBM
-JCFSUBEEFFYQSFTJwOZBTPDJBDJwO
-PTBCPHBEPTDPNPMPTEFNgTDJVEBEBOPTUJFOFOEFSFDIPBMBMJCFSUBEEF
FYQSFTJwODSFFODJBTBTPDJBDJwOZSFVOJwO&OQBSUJDVMBSUFOESgOEFSFDIP
BQBSUJDJQBSFOFMEFCBUFQ|CMJDPEFBTVOUPTSFMBUJWPTBMBMFHJTMBDJwOMB
BENJOJTUSBDJwOEFKVTUJDJBZMBQSPNPDJwOZMBQSPUFDDJwOEFMPTEFSFDIPT
IVNBOPTBTrDPNPBVOJSTFPQBSUJDJQBSFOPSHBOJ[BDJPOFTMPDBMFTOBDJP
OBMFTPJOUFSOBDJPOBMFTZBTJTUJSBTVTSFVOJPOFTTJOTVGSJSSFTUSJDDJPOFT
QSPGFTJPOBMFTBSBr[EFTVTBDUJWJEBEFTMrDJUBTPEFTVDBSgDUFSEFNJFNCSP
EFVOBPSHBOJ[BDJwOMrDJUB&OFMFKFSDJDJPEFFTUPTEFSFDIPTMPTBCPHBEPT
TJFNQSFPCSBSgOEFDPOGPSNJEBEDPOMBMFZZDPOMBTSFHMBTZOPSNBTnUJDBT
RVFTFSFDPOPDFOBTVQSPGFTJwO
"TPDJBDJPOFTQSPGFTJPOBMFTEFBCPHBEPT
-PTBCPHBEPTFTUBSgOGBDVMUBEPTBDPOTUJUVJSBTPDJBDJPOFTQSPGFTJPOBMFT
BVUwOPNBTFJODPSQPSBSTFBFTUBTBTPDJBDJPOFTDPOFMQSPQwTJUPEFSFQSF
TFOUBSTVTJOUFSFTFTQSPNPWFSTVDPOTUBOUFGPSNBDJwOZDBQBDJUBDJwOZ
QSPUFHFSTVJOUFHSJEBEQSPGFTJPOBM&MwSHBOPFKFDVUJWPEFMBTBTPDJBDJPOFT
(6Ê"1"3"130'&4*0/"-&4/
QSPGFTJPOBMFTTFSgFMFHJEPQPSTVTNJFNCSPTZFKFSDFSgTVTGVODJPOFTTJO
JOKFSFODJBTFYUFSOBT
-BTBTPDJBDJPOFTQSPGFTJPOBMFTEFBCPHBEPTDPPQFSBSgODPOMPTHPCJFSOPT
QBSBHBSBOUJ[BSRVFUPEBTMBTQFSTPOBTUFOHBOBDDFTPFGFDUJWPZFODPOEJDJP
OFTEFJHVBMEBEBMPTTFSWJDJPTKVSrEJDPTZRVFMPTBCPHBEPTFTUnOFODPOEJ
DJPOFTEFBTFTPSBSBTVTDMJFOUFTTJOJOKFSFODJBTJOEFCJEBTEFDPOGPSNJEBE
DPOMBMFZZDPOMBTSFHMBTZOPSNBTnUJDBTRVFTFSFDPOPDFBTVQSPGFTJwO
"DUVBDJPOFTEJTDJQMJOBSJBT
-BMFHJTMBDJwOPMBQSPGFTJwOKVSrEJDBQPSDPOEVDUPEFTVTDPSSFTQPOEJFOUFT
wSHBOPTFTUBCMFDFSgODwEJHPTEFDPOEVDUBQSPGFTJPOBMQBSBMPTBCPHBEPT
EFDPOGPSNJEBEDPOMBMFHJTMBDJwOZMBTDPTUVNCSFTEFMQBrTZMBTSFHMBTZ
OPSNBTJOUFSOBDJPOBMFTSFDPOPDJEBT
-BTBDVTBDJPOFTPSFDMBNBDJPOFTDPOUSBMPTBCPHBEPTFOSFMBDJwODPOTV
BDUVBDJwOQSPGFTJPOBMTFUSBNJUBSgOSgQJEBFJNQBSDJBMNFOUFNFEJBOUFQSPDF
EJNJFOUPTBQSPQJBEPT-PTBCPHBEPTUFOESgOEFSFDIPBVOBBVEJFODJBKVTUB
JODMVJEPFMEFSFDIPBSFDJCJSMBBTJTUFODJBEFVOBCPHBEPEFTVFMFDDJwO
-BTBDVTBDJPOFTEJTDJQMJOBSJBTDPOUSBBCPHBEPTTFTVCTUBODJBSgOBOUFVO
DPNJUnEJTDJQMJOBSJPFJNQBSDJBMFTUBCMFDJEPQPSMBQSPGFTJwOKVSrEJDBBOUFVO
USJCVOBMKVEJDJBMZTFSgOPCKFUPEFSFWJTJwOKVEJDJBMJOEFQFOEJFOUF
5PEPQSPDFEJNJFOUPQBSBBEPQDJwOEFNFEJEBTEJTDJQMJOBSJBTTFSFHJSgQPSFM
DwEJHPEFDPOEVDUBQSPGFTJPOBMZPUSBTSFHMBTZOPSNBTnUJDBTSFDPOPDJEBTB
MBQSPGFTJwOZUFOESgQSFTFOUFTFTUPT1SJODJQJPT
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
%JSFDUSJDFTTPCSFMBGVODJwOEFMPTGJTDBMFT
"QSPCBEBTQPSFM0DUBWP$POHSFTPEFMBT/BDJPOFT6OJEBTTPCSF1SFWFODJwOEFM
%FMJUPZ5SBUBNJFOUPEFM%FMJODVFOUFDFMFCSBEPFO-B)BCBOB$VCB
EFMEF
BHPTUPBMEFTFQUJFNCSFEF
$POTJEFSBOEPRVFMPTQVFCMPTEFMNVOEPB¾SNBOFOMB$BSUBEFMBT/BDJPOFT
6OJEBTFOUSFPUSBTDPTBTTVSFTPMVDJwOEFDSFBSDPOEJDJPOFTCBKPMBTDVBMFTQVFEB
NBOUFOFSTFMBKVTUJDJBZQSPDMBNBODPNPVOPEFTVTQSPQwTJUPTMBSFBMJ[BDJwOEFMB
DPPQFSBDJwOJOUFSOBDJPOBMFOFMEFTBSSPMMPZFMFTUrNVMPEFMSFTQFUPBMPTEFSFDIPT
IVNBOPTZBMBTMJCFSUBEFTGVOEBNFOUBMFTEFUPEPTTJOIBDFSEJTUJODJwOQPSNPUJWPT
EFSB[BTFYPJEJPNBPSFMJHJwO
$POTJEFSBOEPRVFMB%FDMBSBDJwO6OJWFSTBMEF%FSFDIPT)VNBOPTDPOTBHSBMPT
QSJODJQJPTEFMBJHVBMEBEBOUFMBMFZMBQSFTVODJwOEFJOPDFODJBZFMEFSFDIPEF
UPEBQFSTPOBBTFSPrEBQ|CMJDBNFOUFZDPOKVTUJDJBQPSVOUSJCVOBMJOEFQFOEJFOUF
FJNQBSDJBM
$POTJEFSBOEPRVFFONVDIPTDBTPTMBSFBMJEBEUPEBWrBOPDPSSFTQPOEFBMPTJEFBMFT
FORVFTFGVOEBOFTPTQSJODJQJPT
$POTJEFSBOEPRVFMBPSHBOJ[BDJwOZMBBENJOJTUSBDJwOEFMBKVTUJDJBFODBEBQBrT
EFCFJOTQJSBSTFFOFTPTQSJODJQJPTZRVFIBOEFBEPQUBSTFNFEJEBTQBSBIBDFSMPT
QMFOBNFOUFSFBMJEBE
$POTJEFSBOEPRVFMPT¾TDBMFTEFTFNQFvBOVOQBQFMGVOEBNFOUBMFOMBBENJOJT
USBDJwOEFKVTUJDJBZRVFMBTOPSNBTRVFSJHFOFMEFTFNQFvPEFTVTJNQPSUBOUFT
GVODJPOFTEFCFOGPNFOUBSFMSFTQFUPZFMDVNQMJNJFOUPEFMPTQSJODJQJPTNFODJPOBEPT
ZDPOUSJCVJSEFFTBNBOFSBBVOTJTUFNBQFOBMKVTUPZFRVJUBUJWPZBMBQSPUFDDJwO
F¾DB[EFMPTDJVEBEBOPTDPOUSBMBEFMJODVFODJB
$POTJEFSBOEPRVFFTGVOEBNFOUBMBTFHVSBSRVFMPT¾TDBMFTQPTFBOMBTDBMJ¾DBDJPOFT
QSPGFTJPOBMFTOFDFTBSJBTQBSBFMEFTFNQFvPEFTVTGVODJPOFTNFKPSBOEPMPTNn
UPEPTEFDPOUSBUBDJwOZDBQBDJUBDJwOKVSrEJDBZQSPGFTJPOBMZQSPQPSDJPOBOEPUPEPT
MPTNFEJPTOFDFTBSJPTQBSBRVFQVFEBOEFTFNQFvBSDPSSFDUBNFOUFTVGVODJwOFOMB
MVDIBDPOUSBMBEFMJODVFODJBFOQBSUJDVMBSTVTOVFWBTGPSNBTZEJNFOTJPOFT
$POTJEFSBOEPRVFMB"TBNCMFB(FOFSBMFOTVSFTPMVDJwOEFEFEJDJFN
CSFEFBQSPCwFM$wEJHPEF$POEVDUBQBSB'VODJPOBSJPT&ODBSHBEPTEF)BDFS
$VNQMJSMB-FZTJHVJFOEPVOBSFDPNFOEBDJwOEFM2VJOUP$POHSFTPEFMBT/BDJPOFT
6OJEBTTPCSF1SFWFODJwOEFM%FMJUPZ5SBUBNJFOUPEFM%FMJODVFOUF
$POTJEFSBOEPRVFFM4FYUP$POHSFTPEFMBT/BDJPOFT6OJEBTTPCSF1SFWFODJwO
EFM%FMJUPZ5SBUBNJFOUPEFM%FMJODVFOUFFOTVSFTPMVDJwOQJEJwBM$PNJUn
EF1SFWFODJwOEFM%FMJUPZ-VDIBDPOUSBMB%FMJODVFODJBRVFJODMVZFTFFOUSFTVT
(6Ê"1"3"130'&4*0/"-&4/
QSJPSJEBEFTMBFMBCPSBDJwOEFEJSFDUSJDFTTPCSFMBJOEFQFOEFODJBEFMPTKVFDFTZMB
TFMFDDJwOMBDBQBDJUBDJwOZMBDPOEJDJwOEFMPTKVFDFTZ¾TDBMFT
$POTJEFSBOEPRVFFM4nQUJNP$POHSFTPEFMBT/BDJPOFT6OJEBTTPCSF1SFWFODJwO
EFM%FMJUPZ5SBUBNJFOUPEFM%FMJODVFOUFBQSPCwMPT1SJODJQJPT#gTJDPTSFMBUJWPTBMB
*OEFQFOEFODJBEFMB+VEJDBUVSBRVFMB"TBNCMFB(FOFSBMIJ[PTVZPTFOMBTSFTPMV
DJPOFTEFEFOPWJFNCSFEFZEFEFEJDJFNCSFEF
$POTJEFSBOEPRVFFOMB%FDMBSBDJwOTPCSFMPT1SJODJQJPT'VOEBNFOUBMFTEF+VTUJDJB
QBSBMBT7rDUJNBTEF%FMJUPTZEFM"CVTPEFM1PEFSTFSFDPNJFOEBMBBEPQDJwOEF
NFEJEBTFOMPTQMBOPTOBDJPOBMFJOUFSOBDJPOBMBMPT¾OFTEFNFKPSBSFMBDDFTPEF
MBTWrDUJNBTEFEFMJUPTBMBKVTUJDJBZBVOUSBUPKVTUPBMSFTBSDJNJFOUPMBJOEFNOJ
[BDJwOZMBBTJTUFODJB
$POTJEFSBOEPRVFFOTVSFTPMVDJwOFM4nQUJNP$POHSFTPFYIPSUwBM$PNJUnBRVF
FYBNJOBTFMBOFDFTJEBEEFFTUBCMFDFSEJSFDUSJDFTSFMBUJWBTFOUSFPUSBTDPTBTBMB
TFMFDDJwOMBGPSNBDJwOQSPGFTJPOBMZMBDPOEJDJwOEFMPT¾TDBMFTTVTGVODJPOFTZ
MBDPOEVDUBRVFEFFMMPTTFFTQFSBMPTNFEJPTEFNFKPSBSTVDPOUSJCVDJwOBMCVFO
GVODJPOBNJFOUPEFMTJTUFNBEFKVTUJDJBQFOBMZTVDPPQFSBDJwODPOMBQPMJDrBFMBM
DBODFEFTVTGBDVMUBEFTEJTDSFDJPOBMFTZTVQBQFMFOFMQSPDFEJNJFOUPQFOBMZBRVF
QSFTFOUBTFJOGPSNFTBMSFTQFDUPBMPTGVUVSPTDPOHSFTPTEFMBT/BDJPOFT6OJEBT
-BT%JSFDUSJDFTTJHVJFOUFTGPSNVMBEBTQBSBBTJTUJSBMPT&TUBEPT.JFNCSPTFOTVGVO
DJwOEFHBSBOUJ[BSZQSPNPWFSMBF¾DBDJBJNQBSDJBMJEBEZFRVJEBEEFMPT¾TDBMFTFO
FMQSPDFEJNJFOUPQFOBMEFCFOTFSSFTQFUBEBTZUFOJEBTFODVFOUBQPSMPTHPCJFSOPT
FOFMNBSDPEFTVTMFZFTZQSgDUJDBTOBDJPOBMFTZEFCFOTFvBMBSTFBMBBUFODJwOEF
MPT¾TDBMFTZEFPUSBTQFSTPOBTUBMFTDPNPKVFDFTBCPHBEPTZNJFNCSPTEFMQPEFS
FKFDVUJWPZMFHJTMBUJWPZEFMQ|CMJDPFOHFOFSBM-BTQSFTFOUFT%JSFDUSJDFTTFIBO
QSFQBSBEPCgTJDBNFOUFDPONJSBTBMPT¾TDBMFTEFMNJOJTUFSJPQ|CMJDPBVORVFTPO
BTJNJTNPBQMJDBCMFTDVBOEPQSPDFEBBMPT¾TDBMFTOPNCSBEPTBUrUVMPQBSUJDVMBS
$BMJGJDBDJPOFTTFMFDDJwOZDBQBDJUBDJwO
-BTQFSTPOBTEFTJHOBEBTDPNPGJTDBMFTTFSgOQFSTPOBTQSPCBTFJEwOFBT
DPOGPSNBDJwOZDBMJGJDBDJPOFTBEFDVBEBT
-PT&TUBEPTBEPQUBSgOMBTNFEJEBTOFDFTBSJBTQBSBRVF
B -PTDSJUFSJPTEFTFMFDDJwOEFMPTGJTDBMFTDPOUFOHBOTBMWBHVBSEJBT
DPOUSBEFTJHOBDJPOFTCBTBEBTFOQSFEJMFDDJPOFTPQSFKVJDJPTZFY
DMVZBOUPEBEJTDSJNJOBDJwOFODPOUSBEFVOBQFSTPOBQPSNPUJWPTEF
SB[BDPMPSTFYPJEJPNBSFMJHJwOPQJOJwOQPMrUJDBPEFPUSBrOEPMF
QSPDFEFODJBOBDJPOBMTPDJBMPnUOJDBTJUVBDJwOFDPOwNJDBOBDJNJFOUP
TJUVBDJwOFDPOwNJDBVPUSBDPOEJDJwODPOMBFYDFQDJwOEFRVFOPTF
DPOTJEFSBSgEJTDSJNJOBUPSJPFYJHJSRVFFMDBOEJEBUPRVFQPTUVMFBM
DBSHPEFGJTDBMTFBOBDJPOBMEFMQBrT
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
C -PTGJTDBMFTUFOESgOVOBGPSNBDJwOZDBQBDJUBDJwOBEFDVBEBTZTFSgO
DPOTDJFOUFTEFMPTJEFBMFTZPCMJHBDJPOFTnUJDBTDPSSFTQPOEJFOUFTB
TVDBSHPEFMBQSPUFDDJwORVFMB$POTUJUVDJwOZMBTMFZFTCSJOEBOBMPT
EFSFDIPTEFMTPTQFDIPTPZEFMBWrDUJNBZEFMPTEFSFDIPTIVNBOPT
ZMJCFSUBEFTGVOEBNFOUBMFTSFDPOPDJEPTQPSFMPSEFOBNJFOUPKVSrEJDP
OBDJPOBMFJOUFSOBDJPOBM
4JUVBDJwOZDPOEJDJPOFTEFTFSWJDJP
-PTGJTDBMFTFOTVDBMJEBEEFNJFNCSPTFTFODJBMFTEFMBBENJOJTUSBDJwOEFKVT
UJDJBNBOUFOESgOFOUPEPNPNFOUPFMIPOPSZMBEJHOJEBEEFTVQSPGFTJwO
-PT&TUBEPTHBSBOUJ[BSgORVFMPTGJTDBMFTQVFEBOFKFSDFSTVTGVODJPOFTQSPGF
TJPOBMFTTJOJOUJNJEBDJwOUSBCBTIPTUJHBNJFOUPJOKFSFODJBTJOEFCJEBTPSJFTHP
JOKVTUJGJDBEPEFJODVSSJSFOSFTQPOTBCJMJEBEDJWJMQFOBMPEFPUSBrOEPMF
-BTBVUPSJEBEFTQSPQPSDJPOBSgOQSPUFDDJwOGrTJDBBMPTGJTDBMFTZBTVTGBNJMJBT
FODBTPEFRVFTVTFHVSJEBEQFSTPOBMTFWFBBNFOB[BEBDPNPDPOTFDVFODJB
EFMEFTFNQFvPEFTVTGVODJPOFT
-BTMFZFTPMBTOPSNBTPSFHMBNFOUBDJPOFTEFDPOPDJNJFOUPQ|CMJDPTF
FTUBCMFDFSgOQBSBDPOEJDJPOFTSB[POBCMFTEFTFSWJDJPVOBSFNVOFSBDJwO
BEFDVBEBZDVBOEPDPSSFTQPOEBTFHVSJEBEFOFMDBSHPQFOTJwOZFEBEEF
KVCJMBDJwO
&MBTDFOTPEFMPTGJTDBMFTDVBOEPFYJTUBFTFTJTUFNBTFCBTBSgFOGBDUPSFT
PCKFUJWPTFTQFDJBMNFOUFFOTVJEPOFJEBEDBQBDJEBEQSPCJEBEZFYQFSJFODJB
ZMBTEFDJTJPOFTRVFTFBEPQUFOBMSFTQFDUPTFBUFOESgOBVOQSPDFEJNJFOUP
FRVJUBUJWPFJNQBSDJBM
-JCFSUBEEFFYQSFTJwOZBTPDJBDJwO
-PTGJTDBMFTBMJHVBMRVFMPTEFNgTDJVEBEBOPTHP[BSgOEFMJCFSUBEEF
FYQSFTJwODSFFODJBTBTPDJBDJwOZSFVOJwO&OQBSUJDVMBSUFOESgOEFSFDIP
BUPNBSQBSUFFOEFCBUFTQ|CMJDPTTPCSFDVFTUJPOFTSFMBUJWBTBMBTMFZFT
MBBENJOJTUSBDJwOEFKVTUJDJBZFMGPNFOUPZMBQSPUFDDJwOEFMPTEFSFDIPT
IVNBOPTZBBEIFSJSTFBPSHBOJ[BDJPOFTMPDBMFTOBDJPOBMFTPJOUFSOBDJP
OBMFTPDPOTUJUVJSMBTZBBTJTUJSBTVTSFVOJPOFTTJORVFTVGSBOSFMFHBDJwO
QSPGFTJPOBMQPSSB[wOEFTVTBDUJWJEBEFTMrDJUBTPEFTVDBMJEBEEFNJFNCSPT
EFPSHBOJ[BDJPOFTMrDJUBT&OFMFKFSDJDJPEFFTPTEFSFDIPTMPTGJTDBMFTQSPDF
EFSgOTJFNQSFEFDPOGPSNJEBEDPOMBTMFZFTZMPTQSJODJQJPTZOPSNBTnUJDBT
SFDPOPDJEPTFOTVQSPGFTJwO
-PTGJTDBMFTQPESgODPOTUJUVJSBTPDJBDJPOFTQSPGFTJPOBMFTVPUSBTPSHBOJ[B
DJPOFTPJODPSQPSBSTFBFMMBTDPOFMQSPQwTJUPEFSFQSFTFOUBSTVTJOUFSFTFT
QSPNPWFSMBDBQBDJUBDJwOQSPGFTJPOBMZQSPUFHFSTVTEFSFDIPT
(6Ê"1"3"130'&4*0/"-&4/
'VODJwOEFMPTGJTDBMFTFOFMQSPDFEJNJFOUPQFOBM
&M DBSHP EF GJTDBM FTUBSg FTUSJDUBNFOUF TFQBSBEP EF MBT GVODJPOFT
KVEJDJBMFT
-PTGJTDBMFTEFTFNQFvBSgOVOQBQFMBDUJWPFOFMQSPDFEJNJFOUPQFOBMJODMVJEB
MBJOJDJBDJwOEFMQSPDFEJNJFOUPZDVBOEPBTrMPBVUPSJDFMBMFZPTFBKVTUFBMB
QSgDUJDBMPDBMFOMBJOWFTUJHBDJwOEFEFMJUPTMBTVQFSWJTJwOEFMBMFHBMJEBEEF
FTBTJOWFTUJHBDJPOFTMBTVQFSWJTJwOEFMBFKFDVDJwOEFGBMMPTKVEJDJBMFTZFM
FKFSDJDJPEFPUSBTGVODJPOFTDPNPSFQSFTFOUBOUFTEFMJOUFSnTQ|CMJDP
-PTGJTDBMFTEFDPOGPSNJEBEDPOMBMFZEFCFSgODVNQMJSTVTGVODJPOFTDPO
JNQBSDJBMJEBEGJSNF[BZQSPOUJUVESFTQFUBSZQSPUFHFSMBEJHOJEBEIVNBOBZ
EFGFOEFSMPTEFSFDIPTIVNBOPTDPOUSJCVZFOEPEFFTBNBOFSBBBTFHVSBSFM
EFCJEPQSPDFTPZFMCVFOGVODJPOBNJFOUPEFMTJTUFNBEFKVTUJDJBQFOBM
&ODVNQMJNJFOUPEFTVTPCMJHBDJPOFTMPTGJTDBMFT
B %FTFNQFvBSgOTVTGVODJPOFTEFNBOFSBJNQBSDJBMZFWJUBSgOUPEP
UJQPEFEJTDSJNJOBDJwOQPMrUJDBTPDJBMSFMJHJPTBSBDJBMDVMUVSBMTFYVBM
PEFPUSBrOEPMF
C 1SPUFHFSgOFMJOUFSnTQ|CMJDPBDUVBSgODPOPCKFUJWJEBEUFOESgOEFCJ
EBNFOUFFODVFOUBMBTJUVBDJwOEFMTPTQFDIPTPZEFMBWrDUJNBZQSFT
UBSgOBUFODJwOBUPEBTMBTDJSDVOTUBODJBTQFSUJOFOUFTQSFTDJOEJFOEP
EFRVFTFBOWFOUBKPTBTPEFTWFOUBKPTBTQBSBFMTPTQFDIPTP
D .BOUFOESgOFMDBSgDUFSDPOGJEFODJBMEFMPTNBUFSJBMFTRVFPCSFOFO
TVQPEFSTBMWPRVFSFRVJFSBPUSBDPTBFMDVNQMJNJFOUPEFTVEFCFS
PMBTOFDFTJEBEFTEFMBKVTUJDJB
E $POTJEFSBSgOMBTPQJOJPOFTFJORVJFUVEFTEFMBTWrDUJNBTDVBOEPTF
WFBOBGFDUBEPTTVTJOUFSFTFTQFSTPOBMFTZBTFHVSBSgORVFTFJOGPSNF
BMBTWrDUJNBTEFTVTEFSFDIPTDPOBSSFHMPBMB%FDMBSBDJwOTPCSFMPT
1SJODJQJPT'VOEBNFOUBMFTEF+VTUJDJBQBSBMBT7rDUJNBTEF%FMJUPTZ
EFM"CVTPEFM1PEFS
-PTGJTDBMFTOPJOJDJBSgOOJDPOUJOVBSgOVOQSPDFEJNJFOUPPCJFOIBSgOUPEP
MPQPTJCMFQPSJOUFSSVNQJSMPDVBOEPVOBJOWFTUJHBDJwOJNQBSDJBMEFNVFTUSF
RVFMBBDVTBDJwOFTJOGVOEBEB
-PTGJTDBMFTQSFTUBSgOMBEFCJEBBUFODJwOBMFOKVJDJBNJFOUPEFMPTGVODJPOBSJPT
Q|CMJDPTRVFIBZBODPNFUJEPEFMJUPTFTQFDJBMNFOUFFOMPTDBTPTEFDPSSVQ
DJwOBCVTPEFQPEFSWJPMBDJPOFTHSBWFTEFEFSFDIPTIVNBOPTZPUSPTEFMJUPT
SFDPOPDJEPTQPSFMEFSFDIPJOUFSOBDJPOBMZDVBOEPMPBVUPSJDFOMBTMFZFTP
TFBKVTUFBMBQSgDUJDBMPDBMBMBJOWFTUJHBDJwOEFFTPTEFMJUPT
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
$VBOEPMPTGJTDBMFTUFOHBOFOTVQPEFSQSVFCBTDPOUSBTPTQFDIPTPTZTFQBO
PUFOHBOTPTQFDIBTGVOEBEBTEFRVFGVFSPOPCUFOJEBTQPSNnUPEPTJMrDJUPT
RVFDPOTUJUVZBOVOBWJPMBDJwOHSBWFEFMPTEFSFDIPTIVNBOPTEFMTPTQFDIPTP
FTQFDJBMNFOUFUPSUVSBTUSBUPTPDBTUJHPTDSVFMFTJOIVNBOPTPEFHSBEBOUFT
VPUSPTBCVTPTEFMPTEFSFDIPTIVNBOPTTFOFHBSgOBVUJMJ[BSFTBTQSVF
CBTDPOUSBDVBMRVJFSQFSTPOBTBMWPDPOUSBRVJFOFTIBZBOFNQMFBEPFTPT
NnUPEPTPMPJOGPSNBSgOBMPTUSJCVOBMFTZBEPQUBSgOUPEBTMBTNFEJEBT
OFDFTBSJBTQBSBBTFHVSBSRVFMPTSFTQPOTBCMFTEFMBVUJMJ[BDJwOEFEJDIPT
NnUPEPTDPNQBSF[DBOBOUFMBKVTUJDJB
'BDVMUBEFTEJTDSFDJPOBMFT
&OMPTQBrTFTEPOEFMPTGJTDBMFTFTUnOJOWFTUJEPTEFGBDVMUBEFTEJTDSFDJPOBMFT
MBMFZMBTOPSNBTPMPTSFHMBNFOUPTQVCMJDBEPTQSPQPSDJPOBSgOEJSFDUSJDFT
QBSBQSPNPWFSMBFRVJEBEZDPIFSFODJBEFMPTDSJUFSJPTRVFTFBEPQUFOBM
UPNBSEFDJTJPOFTFOFMQSPDFTPEFBDVTBDJwOJODMVJEPFMFKFSDJDJPEFMBBDDJwO
PMBSFOVODJBBMFOKVJDJBNJFOUP
"MUFSOBUJWBTEFMFOKVJDJBNJFOUP
%FDPOGPSNJEBEDPOMBMFHJTMBDJwOOBDJPOBMMPTGJTDBMFTDPOTJEFSBSgOEFCJEB
NFOUFMBQPTJCJMJEBEEFSFOVODJBSBMFOKVJDJBNJFOUPJOUFSSVNQJSMPDPOEJDJPOBM
PJODPOEJDJPOBMNFOUFPQSPDVSBSRVFFMDBTPQFOBMOPTFBDPOTJEFSBEPQPSFM
TJTUFNBKVEJDJBMSFTQFUBOEPQMFOBNFOUFMPTEFSFDIPTEFMTPTQFDIPTPZEFMB
WJDUJNB"FTUPTFGFDUPTMPT&TUBEPTEFCFOFYQMPSBSQMFOBNFOUFMBQPTJCJMJEBE
EFBEPQUBSTJTUFNBTQBSBSFEVDJSFMO|NFSPEFDBTPTRVFQBTBOMBWrBKVEJDJBM
OPTPMBNFOUFQBSBBMJWJBSMBDBSHBFYDFTJWBEFMPTUSJCVOBMFTTJOPUBNCJnO
QBSBFWJUBSFMFTUJHNBRVFTJHOJGJDBOMBQSJTJwOQSFWFOUJWBMBBDVTBDJwOZMB
DPOEFOBBTrDPNPMPTQPTJCMFTFGFDUPTBEWFSTPTEFMBQSJTJwO
&OMPTQBrTFTEPOEFMPTGJTDBMFTFTUgOJOWFTUJEPTEFGBDVMUBEFTEJTDSFDJPOB
MFTQBSBQSPOVODJBSTFTPCSFFMFOKVJDJBNJFOUPEFVONFOPSEFCFSgUFOFSTF
FTQFDJBMNFOUFFODVFOUBFMDBSgDUFSZMBHSBWFEBEEFMEFMJUPMBQSPUFDDJwO
EFMBTPDJFEBEZMBQFSTPOBMJEBEZMPTBOUFDFEFOUFTEFMNFOPS$VBOEPTF
QSPOVODJFOMPTGJTDBMFTUFOESgOFTQFDJBMNFOUFFODVFOUBMBTQPTJCMFTBMUFS
OBUJWBTEFMFOKVJDJBNJFOUPEFDPOGPSNJEBEDPOMBTMFZFTZQSPDFEJNJFOUPT
QFSUJOFOUFTFONBUFSJBEFKVTUJDJBEFNFOPSFT-PTGJTDBMFTIBSgOUPEPMP
QPTJCMFQPSFNQSFOEFSBDDJPOFTDPOUSBNFOPSFT|OJDBNFOUFFOMPTDBTPT
RVFTFBFTUSJDUBNFOUFOFDFTBSJP
3FMBDJPOFTDPOPUSPTPSHBOJTNPTPJOTUJUVDJPOFTHVCFSOBNFOUBMFT
"GJOEFBTFHVSBSMBFRVJEBEZFGJDBDJBEFMQSPDFEJNJFOUPMPTGJTDBMFTIBSgO
MPQPTJCMFQPSDPPQFSBSDPOMBQPMJDrBMPTUSJCVOBMFTMPTBCPHBEPTMPTEF
GFOTPSFTQ|CMJDPTZPUSPTPSHBOJTNPTPJOTUJUVDJPOFTHVCFSOBNFOUBMFT
(6Ê"1"3"130'&4*0/"-&4/
"DUVBDJPOFTEJTDJQMJOBSJBT
-BTGBMUBTEFDBSgDUFSEJTDJQMJOBSJPDPNFUJEBTQPSMPTGJTDBMFTFTUBSgOQSFWJTUBT
FOMBMFZPFOMPTSFHMBNFOUPT-BTSFDMBNBDJPOFTDPOUSBMPTGJTDBMFTFOMBT
RVFTFBMFHVFRVFIBOBDUVBEPDMBSBNFOUFGVFSBEFMNBSDPEFMBTOPSNBT
QSPGFTJPOBMFTTFTVTUBODJBSgOQSPOUBFJNQBSDJBMNFOUFDPOBSSFHMPBMQSPDF
EJNJFOUPQFSUJOFOUF-PTGJTDBMFTUFOESgOEFSFDIPBVOBBVEJFODJBJNQBSDJBM
-BTEFDJTJPOFTFTUBSgOTPNFUJEBTBSFWJTJwOJOEFQFOEJFOUF
-BTBDUVBDJPOFTEJTDJQMJOBSJBTDPOUSBMPTGJTDBMFTHBSBOUJ[BSgOVOBFWBMVBDJwO
ZEFDJTJwOPCKFUJWBT4FEFUFSNJOBSgOEFDPOGPSNJEBEDPOMBMFZFMDwEJHPEF
DPOEVDUBQSPGFTJPOBMZPUSBTSFHMBTZOPSNBTnUJDBTFTUBCMFDJEBTZUFOJFOEP
QSFTFOUFTFTUBT%JSFDUSJDFT
0CTFSWBODJBEFMBT%JSFDUSJDFT
-PTGJTDBMFTSFTQFUBSgOMBTQSFTFOUFT%JSFDUSJDFT"EFNgTIBSgOUPEPMP
RVFFTUnFOTVQPEFSQPSFWJUBSRVFTFJOGSJOKBOZTFPQPOESgOBDUJWBNFOUF
BFMMP
-PTGJTDBMFTRVFUFOHBONPUJWPTQBSBFTUJNBSRVFTFIBDPNFUJEPPRVFFTUg
QPSDPNFUFSTFVOBWJPMBDJwOEFMBTQSFTFOUFT%JSFDUSJDFTMPDPNVOJDBSgOB
TVTTVQFSJPSFTKFSgSRVJDPTZDVBOEPTFBOFDFTBSJPBPUSBTBVUPSJEBEFTV
wSHBOPTDPNQFUFOUFTDPOGBDVMUBEFTFONBUFSJBEFSFWJTJwOPSFDVSTP
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
1SPDFEJNJFOUPTQBSBMBBQMJDBDJwOFGFDUJWBEFMPT1SJODJQJPT
CgTJDPTSFMBUJWPTBMBJOEFQFOEFODJBEFMBKVEJDBUVSB
"EPQUBEPTQPSFM$POTFKP&DPOwNJDPZ4PDJBMNFEJBOUFSFTPMVDJwOZ
BQSPCBEPTQPSMB"TBNCMFB(FOFSBMFOTVSFTPMVDJwOEFEFEJDJFNCSF
EF
1SPDFEJNJFOUP
5PEPTMPT&TUBEPTBEPQUBSgOZBQMJDBSgOFOTVTTJTUFNBTKVEJDJBMFTMPT1SJODJQJPT
CgTJDPTSFMBUJWPTBMBJOEFQFOEFODJBEFMBKVEJDBUVSBDPOBSSFHMPBMPQSFWJTUPFOTVT
QSPDFEJNJFOUPTDPOTUJUVDJPOBMFTZFOMBQSgDUJDBKVSrEJDBJOUFSOB
1SPDFEJNJFOUP
/PTFOPNCSBSgPFMFHJSgBKVF[BMHVOPQBSB¾OFTRVFTFBOJODPNQBUJCMFTDPOMPT
1SJODJQJPTCgTJDPTOJMFTFSgFYJHJEPRVFEFTFNQFvFTFSWJDJPTRVFQVEJFSBOTFS
JODPNQBUJCMFTDPOFTPT1SJODJQJPT/JOH|OKVF[BDFQUBSgVODBSHPKVEJDJBMTPCSFMB
CBTFEFVOOPNCSBNJFOUPPFMFDDJwORVFTFBJODPNQBUJCMFDPOMPT1SJODJQJPTCgTJ
DPTOJEFTFNQFvBSgTFSWJDJPTRVFQVEJFSBOTFSJODPNQBUJCMFTDPOFTPT1SJODJQJPT
1SPDFEJNJFOUP
-PT1SJODJQJPTCgTJDPTTFSgOBQMJDBCMFTBUPEPTMPTKVFDFTBTrDPNPTFH|OQSPDFEB
BMPTKVFDFTMFHPTEPOEFMPTIBZB
1SPDFEJNJFOUP
-PT&TUBEPTQSPDVSBSgOEBSBDPOPDFSBNQMJBNFOUFFMUFYUPEFMPT1SJODJQJPTCgTJDPT
BMNFOPTFOFMJEJPNBPJEJPNBTQSJODJQBMFTVP¾DJBMFTEFM&TUBEPSFTQFDUJWP4F
JOGPSNBSgEFMBNBOFSBNgTBQSPQJBEBQPTJCMFBMPTKVFDFTBCPHBEPTNJFNCSPT
EFMFKFDVUJWPZEFMMFHJTMBUJWPZBMBTPDJFEBEFOHFOFSBMTPCSFFMDPOUFOJEPZMBJN
QPSUBODJBEFMPT1SJODJQJPTCgTJDPTB¾OEFRVFQVFEBOQSPNPWFSTVBQMJDBDJwOFOFM
NBSDPEFMTJTUFNBKVEJDJBM-PT&TUBEPTEFCFSgOQSPDVSBSFTQFDJBMNFOUFRVFFMUFYUP
EFMPT1SJODJQJPTCgTJDPTFTUnOBMBMDBODFEFUPEPTMPTNJFNCSPTEFMBKVEJDBUVSB
1SPDFEJNJFOUP
"MBQMJDBSMPT1SJODJQJPTCgTJDPTZMPT&TUBEPTQSFTUBSgOQBSUJDVMBSBUFODJwOB
MBOFDFTJEBEEFBTJHOBSSFDVSTPTBEFDVBEPTQBSBFMGVODJPOBNJFOUPEFMTJTUFNB
KVEJDJBMOPNCSBOEPVOO|NFSPEFKVFDFTRVFSFTVMUFTV¾DJFOUFQBSBBUFOEFSMPT
DBTPTQFOEJFOUFTQSPQPSDJPOBOEPBMPTUSJCVOBMFTFMFRVJQPZFMQFSTPOBMBVYJMJBS
OFDFTBSJPZPGSFDJFOEPBMPTKVFDFTVOOJWFMBQSPQJBEPEFTFHVSJEBEQFSTPOBMSF
NVOFSBDJwOZFNPMVNFOUPT
(6Ê"1"3"130'&4*0/"-&4/
1SPDFEJNJFOUP
-PT&TUBEPTGPNFOUBSgOPFTUJNVMBSgOMBDFMFCSBDJwOEFTFNJOBSJPTZDVSTPTEFFT
UVEJPEFgNCJUPOBDJPOBMZSFHJPOBMTPCSFMBGVODJwOEFTFNQFvBEBQBSMBKVEJDBUVSB
FOMBTPDJFEBEZTPCSFMBOFDFTJEBEEFQSFTFSWBSTVJOEFQFOEFODJB
1SPDFEJNJFOUP
%FDPOGPSNJEBEDPOMPQSFWJTUPFOMBTFDDJwO7EFMBSFTPMVDJwOEFM$POTFKP
&DPOwNJDPZ4PDJBMMPT&TUBEPT.JFNCSPTEFCFSgOJOGPSNBSBM4FDSFUBSJP(FOFSBM
DBEBDJODPBvPTBQBSUJSEFTPCSFMPTQSPHSFTPTSFBMJ[BEPTFOMBBQMJDBDJwO
EFMPT1SJODJQJPTCgTJDPTFOQBSUJDVMBSTPCSFTVEJGVTJwOTVJODPSQPSBDJwOBMB
MFHJTMBDJwOOBDJPOBMMPTQSPCMFNBTQMBOUFBEPTZMBTEJ¾DVMUBEFTVPCTUgDVMPTIB
MMBEPTBMBQMJDBSMPTFOFMgNCJUPOBDJPOBMZMBBTJTUFODJBRVFQPESrBOFDFTJUBSTFEF
MBDPNVOJEBEJOUFSOBDJPOBM
1SPDFEJNJFOUP
&M4FDSFUBSJP(FOFSBMQSFQBSBSgJOGPSNFTRVJORVFOBMFTJOEFQFOEJFOUFTQBSBFM
$PNJUnEF1SFWFODJwOEFM%FMJUPZ-VDIBDPOUSBMB%FMJODVFODJBTPCSFMPTQSPHSFTPT
FGFDUVBEPTFOMPSFMBUJWPBMBBQMJDBDJwOEFMPT1SJODJQJPTCgTJDPTRVFEFCFSgOFTUBS
CBTBEPTFOMBJOGPSNBDJwOSFDJCJEBEFMPTHPCJFSOPTEFBDVFSEPDPOMPQSFWJTUPFO
FMQSPDFEJNJFOUPBTrDPNPFODVBMRVJFSPUSBJOGPSNBDJwOEJTQPOJCMFFOFMTJTUFNB
EFMBT/BDJPOFT6OJEBTJODMVJEBMBJOGPSNBDJwOTPCSFDPPQFSBDJwOUnDOJDBZDBQB
DJUBDJwOGBDJMJUBEBQPSJOTUJUVUPTFYQFSUPTZBTFTPSFTSFHJPOBMFTFJOUFSSFHJPOBMFT
"MQSFQBSBSFTUPTJOGPSNFTFM4FDSFUBSJP(FOFSBMSFDBCBSgBTJNJTNPMBDPPQFSBDJwO
EFMPTPSHBOJTNPTFTQFDJBMJ[BEPTZEFMBTPSHBOJ[BDJPOFTJOUFSHVCFSOBNFOUBMFTZ
OPHVCFSOBNFOUBMFTQFSUJOFOUFTFOQBSUJDVMBSEFMBTBTPDJBDJPOFTQSPGFTJPOBMFT
EFKVFDFTZBCPHBEPTSFDPOPDJEBTDPNBFOUJEBEFTDPOTVMUJWBTQPSFM$POTFKP
&DPOwNJDPZ4PDJBMZEFCFSgUFOFSFODVFOUBMBJOGPSNBDJwOTVNJOJTUSBEBQPSFTBT
FOUJEBEFTZPSHBOJ[BDJPOFT
1SPDFEJNJFOUP
&M4FDSFUBSJP(FOFSBMEFCFSgEJGVOEJSMPT1SJODJQJPTCgTJDPTMPTQSPDFEJNJFOUPT
EFBQMJDBDJwOBRVrGPSNVMBEPTZMPTJOGPSNFTQFSJwEJDPTSFMBUJWPTBTVBQMJDBDJwO
NFODJPOBEPTFOMPTQSPDFEJNJFOUPTZFOFMNBZPSO|NFSPQPTJCMFEFJEJPNBT
ZEFCFSgQPOFSMPTBEJTQPTJDJwOEFUPEPTMPT&TUBEPTZEFMBTPSHBOJ[BDJPOFT
JOUFSHVCFSOBNFOUBMFTZOPHVCFSOBNFOUBMFTJOUFSFTBEBTB¾OEFEBSMFTMBNBZPS
EJGVTJwOQPTJCMF
1SPDFEJNJFOUP
&M4FDSFUBSJP(FOFSBMQSPDVSBSgRVFMBT/BDJPOFT6OJEBTSFDVSSBOZIBHBOSFGFSFODJB
FOMBNBZPSNFEJEBQPTJCMFFOUPEPTTVTQSPHSBNBTQFSUJOFOUFTBMUFYUPEFMPT
1SJODJQJPTCgTJDPTZEFMPTQSPDFEJNJFOUPTEFBQMJDBDJwOBRVrGPSNVMBEPTZTFPDV
QBSgEFJODMVJSMPT1SJODJQJPTCgTJDPTUBOQSPOUPDPNPTFBQPTJCMFFOMBQVCMJDBDJwO
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
EFMBT/BDJPOFT6OJEBTUJUVMBEB%FSFDIPT)VNBOPT3FDPQJMBDJwOEFJOTUSVNFOUPT
JOUFSOBDJPOBMFTDPOBSSFHMPBMPQSFWJTUPFOMBTFDDJwO7EFMBSFTPMVDJwO
EFM$POTFKP&DPOwNJDPZ4PDJBM
1SPDFEJNJFOUP
$PNPQBSUFEFTVQSPHSBNBEFDPPQFSBDJwOUnDOJDBMBT/BDJPOFT6OJEBTDPODSFUB
NFOUFFM%FQBSUBNFOUPEF$PPQFSBDJwO5nDOJDBQBSBFM%FTBSSPMMPEFMB4FDSFUBSJB
ZFM1SPHSBNBEFMBT/BDJPOFT6OJEBTQBSBFM%FTBSSPMMPEFCFSgO
B 1SFTUBSBTJTUFODJBBMPTHPCJFSOPTRVFMPTPMJDJUFOFODVBOUPBMFTUBCMFDJNJFOUP
ZGPSUBMFDJNJFOUPEFTJTUFNBTKVEJDJBMFTJOEFQFOEJFOUFTZFGJDBDFT
C 1POFSBEJTQPTJDJwOEFMPTHPCJFSOPTRVFMPTPMJDJUFOMPTTFSWJDJPTEFFYQFSUPT
ZBTFTPSFTSFHJPOBMFTFJOUFSSFHJPOBMFTFODVFTUJPOFTKVEJDJBMFTQBSBRVFMFT
BZVEFOBBQMJDBSMPT1SJODJQJPTCgTJDPT
D &TUJNVMBSMBTJOWFTUJHBDJPOFTTPCSFNFEJEBTFGJDBDFTQBSBMBBQMJDBDJwOEF
MPT1SJODJQJPTCgTJDPTQSFTUBOEPQBSUJDVMBSBUFODJOBMPTBDPOUFDJNJFOUPT
NgTSFDJFOUFTFOFTUBFTGFSB
E 1SPNPWFSMBDFMFCSBDJwOEFTFNJOBSJPTOBDJPOBMFTZSFHJPOBMFTBTrDPNPEF
PUSBTSFVOJPOFTBOJWFMQSPGFTJPOBMZOPQSPGFTJPOBMTPCSFMBGVODJwOEFMB
KVEJDBUVSBFOMBTPDJFEBEMBOFDFTJEBEEFQSFTFSWBSTVJOEFQFOEFODJBZMB
JNQPSUBODJBEFBQMJDBSMPT1SJODJQJPTCgTJDPTQBSBFMMPHSPEFFTUBTNFUBT
F 'PSUBMFDFSFMBQPZPTVTUBOUJWPQSFTUBEPBMPTJOTUJUVUPTSFHJPOBMFTFJOUFSSF
HJPOBMFTEFJOWFTUJHBDJwOZDBQBDJUBDJwOEFMBT/BDJPOFT6OJEBTFOMPSFMBUJWP
BMBQSFWFODJwOEFMEFMJUPZMBKVTUJDJBQFOBMBTrDPNPBPUSBTFOUJEBEFTEFM
TJTUFNBEFMBT/BDJPOFT6OJEBTJOUFSFTBEBTFOMBBQMJDBDJwOEFMPT1SJODJQJPT
CgTJDPT
1SPDFEJNJFOUP
-PTJOTUJUVUPTSFHJPOBMFTFJOUFSSFHJPOBMFTEFJOWFTUJHBDJwOZDBQBDJUBDJwOEFMBT
/BDJPOFT6OJEBTFOMPSFMBUJWPBMBQSFWFODJwOEFMEFMJUPZMBKVTUJDJBQFOBMBTrDPNP
PUSBTFOUJEBEFTJOUFSFTBEBTEFMTJTUFNBEFMBT/BDJPOFT6OJEBTEFCFSgOQSFTUBS
TVBTJTUFODJBBMQSPDFTPEFBQMJDBDJwOEFMPT1SJODJQJPTCgTJDPT&OTVTQSPHSBNBT
EFJOWFTUJHBDJwOZDBQBDJUBDJwOEFCFSgOQSFTUBSQBSUJDVMBSBUFODJwOBMPTNFEJPT
ZQSPDFEJNJFOUPTEFNFKPSBSMBBQMJDBDJwOEFFTUPT1SJODJQJPTZEFCFSgOQSPDVSBS
QSFTUBSMBBTJTUFODJBUnDOJDBRVFMFTTFBTPMJDJUBEBQPSMPT&TUBEPT.JFNCSPT"FTUF
¾OMPTJOTUJUVUPTEFMBT/BDJPOFT6OJEBTQSFQBSBSgOFODPPQFSBDJwODPOMBTJOTUJUV
DJPOFTOBDJPOBMFTZMBTPSHBOJ[BDJPOFTJOUFSHVCFSOBNFOUBMFTZOPHVCFSOBNFOUBMFT
JOUFSFTBEBTQMBOFTEFFTUVEJPTZNBUFSJBMEFDBQBDJUBDJwOBQSPQJBEPTJOTQJSBEPT
FOMPT1SJODJQJPTCgTJDPTZFOMPTQSPDFEJNJFOUPTEFBQMJDBDJwOBRVrGPSNVMBEPT
QBSBTVVUJMJ[BDJwOFOQSPHSBNBTEFGPSNBDJwOKVSrEJDBEFDVBMRVJFSOJWFMBTrDPNP
FODVSTPTFTQFDJBMJ[BEPTTPCSFEFSFDIPTIVNBOPTZPUSPTUFNBTDPOFYPT
(6Ê"1"3"130'&4*0/"-&4/
1SPDFEJNJFOUP
-BTDPNJTJPOFTSFHJPOBMFTPSHBOJTNPTFTQFDJBMJ[BEPTZPUSBTFOUJEBEFTEFMTJTUF
NBEFMBT/BDJPOFT6OJEBTBTrDPNPPUSBTPSHBOJ[BDJPOFTJOUFSHVCFSOBNFOUBMFT
JOUFSFTBEBTEFCFSgOQBSUJDJQBSBDUJWBNFOUFFOFMQSPDFTPEFBQMJDBDJwO%FCFSgO
BTJNJTNPJOGPSNBSBM4FDSFUBSJP(FOFSBMEFMPRVFTFIBZBIFDIPQBSBEJGVOEJSMPT
1SJODJQJPTCgTJDPTBTrDPNBEFMBTNFEJEBTBEPQUBEBTQBSBTVQVFTUBFOQSgDUJDB
ZEFUPEPTMPTPCTUgDVMPTZEF¾DJFODJBTDPORVFTFIBZBUSPQF[BEP&M4FDSFUBSJP
(FOFSBMEFMBT/BDJPOFT6OJEBTEFCFSgUBNCJnOUPNBSNFEJEBTQBSBRVFMBTPS
HBOJ[BDJPOFTOPHVCFSOBNFOUBMFTSFDPOPDJEBTDPNBFOUJEBEFTDPOTVMUJWBTQBSFM
$POTFKP&DPONJDPZ4PDJBMUPNFOQBSUFBDUJWBFOFTFQSPDFTPEFBQMJDBDJwOZFO
MPTQSPDFEJNJFOUPTDPOFYPTEFQSFTFOUBDJwOEFJOGPSNFT
1SPDFEJNJFOUP
&M$PNJUnEF1SFWFODJwOEFM%FMJUPZ-VDIBDPOUSBMB%FMJODVFODJBEFCFSgQSFTUBS
BTJTUFODJBBMB"TBNCMFB(FOFSBMZBM$POTFKP&DPOwNJDPZ4PDJBMFOMPSFMBUJWP
BMDPOPDJNJFOUPEFMPTQSPDFEJNJFOUPTEFBQMJDBDJwOBRVrGPSNVMBEPTJODMVJEBMB
QSFTFOUBDJwOEFJOGPSNFTQFSJwEJDPTQSFWJTUBFOMPTQSPDFEJNJFOUPTZTVQSB
"FTUF¾OFM$PNJUnEFCFSgEFUFSNJOBSMPTPCTUgDVMPTZEF¾DJFODJBTFYJTUFOUFT
FOMBBQMJDBDJwOEFMPT1SJODJQJPTCgTJDPTBTrDPNPTVTDBVTBT&M$PNJUnEFCFSg
GPSNVMBSTFH|ODPOWFOHBSFDPNFOEBDJPOFTDPODSFUBTMB"TBNCMFBZBM$POTFKPZ
BDVBMRVJFSPUSPwSHBOPEFMBT/BDJPOFT6OJEBTDPNQFUFOUFFONBUFSJBEFEFSFDIPT
IVNBOPTTPCSFMBTNFEJEBTOFDFTBSJBTFOFMGVUVSPQBSBMBBQMJDBDJwOFGFDUJWBEF
MPT1SJODJQJPTCgTJDPT
1SPDFEJNJFOUP
&M$PNJUnEF1SFWFODJwOEFM%FMJUPZ-VDIBDPOUSBMB%FMJODVFODJBEFCFSgQSFTUBS
BTJTUFODJBBMB"TBNCMFB(FOFSBMBM$POTFKP&DPOwNJDPZ4PDJBMZBDVBMRVJFSPUSP
wSHBOPEFMBT/BDJPOFT6OJEBTDPODFSOJFOUFFONBUFSJBEFEFSFDIPTIVNBOPTTFH|O
DPOWFOHBQSFTFOUBOEPSFDPNFOEBDJPOFTSFMBUJWBTBMPTJOGPSNFTEFMPTwSHBOPTB
DPNJTJPOFTFTQFDJBMFTEFJOWFTUJHBDJwOFOMPDPODFSOJFOUFBBTVOUPTSFMBDJPOBEPT
DPOMBBQMJDBDJwOQVFTUBFOQSgDUJDBEFMPT1SJODJQJPTCgTJDPT
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
1SPZFDUPEF%FDMBSBDJwOTPCSFMB*OEFQFOEFODJBEFMB+VTUJDJB
²%FDMBSBDJwOEF4JOHIWJ³
+VFDFT
0CKFUJWPTZGVODJPOFT
-PTPCKFUJWPTZGVODJPOFTEFMQPEFSKVEJDJBMJODMVJSgO
B "QMJDBSJNQBSDJBMNFOUFFMEFSFDIPDPOJOEFQFOEFODJBEFMBTQBSUFT
C 1SPNPWFSEFOUSPEFMPTMrNJUFTQSPQJPTEFMQPEFSKVEJDJBMFMSFDPOP
DJNJFOUPZPCTFSWBODJBEFMPTEFSFDIPTIVNBOPT
D 1SPDVSBSRVFMPTQVFCMPTQVFEBOWJWJSFOQB[CBKPFMJNQFSJPEFMB
MFZ
*OEFQFOEFODJB
&MKVF[UFOESgMJCFSUBEZPCMJHBDJwOEFEFDJEJSDPOUPUBMJNQBSDJBMJEBEMPT
BTVOUPTRVFTFMFTPNFUBOEFDPOGPSNJEBEDPOTVJOUFSQSFUBDJwOEFMPT
IFDIPTZEFMBMFZTJOOJOHVOBSFTUSJDDJwOJOGMVFODJBJODJUBDJwOQSFTJwO
BNFOB[BJOKFSFODJBEJSFDUBPJOEJSFDUBEFDVBMRVJFSPSJHFOPQPSDVBMRVJFS
NPUJWPRVFTFB
&ONBUFSJBEFEFDJTJPOFTKVEJDJBMFTFMKVF[TFSgJOEFQFOEJFOUFEFTVTDPMFHBT
ZEFTVTTVQFSJPSFT-BPSHBOJ[BDJwOKFSgSRVJDBEFMBNBHJTUSBUVSBZMBTEJGF
SFODJBTEFHSBEPPEFSBOHPOPJOUFSGFSJSgOEFOJOHVOBNBOFSBDPOFMEFSFDIP
EFMKVF[EFBEPQUBSDPOUPUBMMJCFSUBETVEFDJTJwO-PTKVFDFTQPSTVQBSUF
JOEJWJEVBMZDPMFDUJWBNFOUFFKFSDFSgOTVTGVODJPOFTUFOJFOEPQMFOBNFOUF
FODVFOUBMBTOPSNBTEFEFSFDIPEFTVPSEFOBNJFOUPKVSrEJDP
&MQPEFSKVEJDJBMTFSgJOEFQFOEJFOUFEFMQPEFSFKFDVUJWPZEFMMFHJTMBUJWP
B &MQPEFSKVEJDJBMFKFSDFSgTVDPNQFUFODJBEJSFDUBPQPSWrBEFSFWJTJwO
TPCSFUPEBTMBTDVFTUJPOFTEFDBSgDUFSKVEJDJBMFOQBSUJDVMBSMBTDVFT
UJPOFTEFTVQSPQJBKVSJTEJDDJwOZDPNQFUFODJB
C /PTFFTUBCMFDFSgOUSJCVOBMFTFTQFDJBMFTEFOJOHVOBDMBTFQBSBTVTUJ
UVJSMBKVSJTEJDDJwORVFDPSSFTQPOEBEFCJEBNFOUFBMPTUSJCVOBMFT
D 5PEBQFSTPOBUFOESgEFSFDIPBTFSKV[HBEBDPOMBEFCJEBQSPOUJUVE
ZTJOEFNPSBJOKVTUJGJDBEBQPSUSJCVOBMFTPSEJOBSJPTPUSJCVOBMFTEF
KVTUJDJBRVFGVODJPOFOFOWJSUVEEFMBMFZZTVKFUPTBSFWJTJwOQPSVO
USJCVOBMTVQFSJPS
(6Ê"1"3"130'&4*0/"-&4/
E 4FQFSNJUJSgMBTVTQFOTJwOEFDJFSUPTEFSFDIPTFOTJUVBDJPOFTFYDFQ
DJPOBMFTRVFQPOHBOFOQFMJHSPMBWJEBEFMBOBDJwOQFSPTPMBNFOUF
EFBDVFSEPDPOMBTDPOEJDJPOFTQSFTDSJUBTQPSMBMFZFTUSJDUBNFOUF
EFOUSPEFMPTMrNJUFTFTUBCMFDJEPTQPSMBTOPSNBTJOUFSOBDJPOBMFT
NrOJNBTZTVKFUBBSFWJTJwOQPSMPTUSJCVOBMFT
F &OEJDIBTTJUVBDJPOFTFYDFQDJPOBMFTFM&TUBEPWFMBSgQPSRVFMPT
DJWJMFTBDVTBEPTEFVOEFMJUPTFBOKV[HBEPTQPSUSJCVOBMFTDJWJMFT
PSEJOBSJPTZQPSRVFMBEFUFODJwOBENJOJTUSBUJWBTJOBDVTBDJwOFTUn
TVKFUBBSFWJTJwOQPSMPTUSJCVOBMFTZPUSBBVUPSJEBEJOEFQFOEJFOUF
QPSNFEJPEFMSFDVSTPEFIBCFBTDPSQVTPEFQSPDFEJNJFOUPTTJNJMBSFT
RVFBTFHVSFOMBMFHBMJEBEEFMBEFUFODJwOBTrDPNPMBJOWFTUJHBDJwO
EFMBTBMFHBDJPOFTEFNBMPTUSBUPT
G -BDPNQFUFODJBEFMPTUSJCVOBMFTNJMJUBSFTFTUBSgMJNJUBEBBMPTEFMJUPT
NJMJUBSFT&YJTUJSgTJFNQSFVOEFSFDIPEFBQFMBDJwODPOUSBMBTEFDJ
TJPOFTEFFTPTUSJCVOBMFTBOUFVOBDPSUFPUSJCVOBMEFBQFMBDJPOFT
MFHBMNFOUFDBMJGJDBEPTPFMSFDVSTPEFQFEJSMBSFWPDBDJwOEFUBMFT
EFDJTJPOFT
H /PTFBEPQUBSgOJOHVOBNFEJEBRVFJOUFSGJFSBFMQSPDFEJNJFOUP
KVEJDJBM
I &MQPEFSFKFDVUJWPOPFKFSDFSgDPOUSPMTPCSFMBTGVODJPOFTKVEJDJBMFT
EFMPTUSJCVOBMFTFOMBBENJOJTUSBDJwOEFKVTUJDJB
J &MQPEFSFKFDVUJWPOPQPESgDMBVTVSBSMPTUSJCVOBMFTOJTVTQFOEFS
BDUJWJEBEFT
K &MQPEFSFKFDVUJWPTFBCTUFOESgEFUPEBBDDJwOVPNJTJwORVFQSF
KV[HVFMBTPMVDJwOKVEJDJBMEFVOMJUJHJPPJNQJEBMBFKFDVDJwOOPSNBM
EFVOBEFDJTJwO
/PTFBEPQUBSgOJOHVOBMFZPEFDSFUPRVFSFUSPBDUJWBNFOUFEFSPHVFEF
DJTJPOFTDPODSFUBTEFMPTUSJCVOBMFTPRVFDBNCJFMBDPNQPTJDJwOEFMPT
USJCVOBMFTFOEFUSJNFOUPEFTVTEFDJTJPOFT
-PTKVFDFTUFOESgOEFSFDIPBJOJDJBSBDDJPOFTDPMFDUJWBTUFOEJFOUFTBQSPUFHFS
TVJOEFQFOEFODJBQSPGFTJPOBM
-PTKVFDFTBDUVBSgOTJFNQSFEFGPSNBUBMRVFQSFTFSWFOMBEJHOJEBEZSFTQPO
TBCJMJEBEEFTVTGVODJPOFTBTrDPNPMBJNQBSDJBMJEBEZMBJOEFQFOEFODJBEF
MBNBHJTUSBUVSB/PPCTUBOUFMPTKVFDFTHP[BSgOEFMJCFSUBEEFQFOTBNJFOUP
PQJOJwOQBMBCSBFYQSFTJwOBTPDJBDJwOQSPGFTJPOBMSFVOJwOZNPWJNJFOUP
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
$PNQFUFODJBQSPGFTJPOBMTFMFDDJwOZGPSNBDJwOEFKVFDFT
-PTQPTUVMBOUFTBDBSHPTKVEJDJBMFTTFSgOQFSTPOBTrOUFHSBTZDPNQFUFOUFT
5PEPTUFOESgOJHVBMFTPQPSUVOJEBEFTEFBDDFTPBMBNBHJTUSBUVSBZTBMWPFO
FMDBTPEFMPTKVFDFTEFQB[EFCFSgOUFOFSVOBCVFOBGPSNBDJwOUFwSJDBZ
QSgDUJDBEFMEFSFDIP
&OMBTFMFDDJwOEFMPTKVFDFTOPTFIBSgEJTUJODJwOBMHVOBQPSNPUJWPTEF
SB[BDPMPSTFYPJEJPNBSFMJHJwOPQJOJwOQPMrUJDBPEFPUSBrOEPMFPSJHFO
OBDJPOBMMJOHrTUJDPPTPDJBMQPTJDJwOFDPOwNJDBOBDJNJFOUPPDPOEJDJwOOP
PCTUBOUFMBTFMFDDJwOQPESgFTUBSTVKFUBBSFRVJTJUPTSFMBUJWPTBMBDJVEBEBOrB
ZBMBJEPOFJEBEQBSBMBGVODJwOKVEJDJBM
B &MQSPDFEJNJFOUPZMPTDSJUFSJPTEFTFMFDDJwOEFMPTKVFDFTUSBUBSgO
EFBTFHVSBSRVFFMQPEFSKVEJDJBMTFBGJFMSFGMFKPEFMBTPDJFEBEFO
UPEPTTVTBTQFDUPT
C 5PEPNnUPEPEFTFMFDDJwOEFKVFDFTEFCFQSPUFHFSDVJEBEPTBNFO
UFBMBJOTUJUVDJwODPOUSBMBTEFTJHOBDJPOFTGVOEBEBTFONPUJWPT
JOEFCJEPT
D -BQBSUJDJQBDJwOEFMPTQPEFSFTFKFDVUJWPPMFHJTMBUJWPPEFMFMFDUP
SBEPFOHFOFSBMFOMBEFTJHOBDJwOEFMPTKVFDFTTFSgDPNQBUJCMFDPO
MBJOEFQFOEFODJBEFMQPEFSKVEJDJBMFOMBNFEJEBFORVFEJDIBQBS
UJDJQBDJwOOPFTUnWJDJBEBQPSNPUJWPTZNnUPEPTJOEFCJEPTDPOUSB
MPTRVFEFCFSgFTUBSFTDSVQVMPTBNFOUFQSPUFHJEB1BSBHBSBOUJ[BS
RVFMBTEFTJHOBDJPOFTTFBOMBTNgTBEFDVBEBTEFTEFFMQVOUPEF
WJTUBEFMBDPNQFUFODJBZMBJOUFHSJEBEQSPGFTJPOBMZQSFTFSWBSMB
JOEFQFOEFODJBZMBJOUFHSJEBETFQSPDVSBSgRVFTJFNQSFRVFTFB
QPTJCMFTFDFMFCSFODPOTVMUBTDPOMPTNJFNCSPTEFMBNBHJTUSBUVSB
ZEFMBBCPHBDrBBMQSPDFEFSTFBMBTEFTJHOBDJPOFTEFKVFDFTPRVF
MBTEFTJHOBDJPOFTPSFDPNFOEBDJPOFTEFEFTJHOBDJwOTFIBHBOQPS
VOPSHBOJTNPFOFMRVFQBSUJDJQFOFGFDUJWBNFOUFNJFNCSPTEFMB
NBHJTUSBUVSBZEFMBBCPHBDrB
&T OFDFTBSJP RVF MPT KVFDFT UFOHBO BDDFTP B DVSTPT EF GPSNBDJwO
QFSNBOFOUF
"TJHOBDJwOBTDFOTPTZUSBTMBEPT
$VBOEPMBMFZEJTQPOHBRVFBMTFSOPNCSBEPPFMFHJEPQBSBVODBSHPKVEJDJBM
MBEFTJHOBDJwOEFVOKVF[QBSBVOQVFTUPTFIBHBEFGPSNBEJTDSFDJPOBMUBM
EFTJHOBDJwODPSSFTQPOEFSgBMQPEFSKVEJDJBMPBMDPOTFKPTVQFSJPSEFMQPEFS
KVEJDJBMDVBOEPFYJTUBVOwSHBOPEFFTUFUJQP
(6Ê"1"3"130'&4*0/"-&4/
&MBTDFOTPEFVOKVF[EFQFOEFSgEFVOBFWBMVBDJwOPCKFUJWBEFMBJOUFHSJEBE
EFMKVF[BTrDPNPEFTVJOEFQFOEFODJBEFDSJUFSJPDPNQFUFODJBQSPGFTJPOBM
FYQFSJFODJBIVNBOJEBEZDPNQSPNJTPFOMBQSPNPDJwOEFMJNQFSJPEFM
EFSFDIP/PTFFGFDUVBSgOJOH|OBTDFOTPQPSNPUJWPTJOEFCJEPT
4BMWPRVFTFUSBUFEFUSBTMBEPTIFDIPTFOFMNBSDPEFVOTJTUFNBEFSPUBDJwO
PBTDFOTPPSEJOBSJPTMPTKVFDFTOPTFSgOUSBTMBEBEPTEFVOBKVSJTEJDDJwOP
GVODJwOBPUSBTJOTVDPOTFOUJNJFOUPQFSPDVBOEPFTFUSBTMBEPTFIBDFFO
FMNBSDPEFVOBQPMrUJDBVOJGPSNFGPSNVMBEBMVFHPEFTVDPSSFTQPOEJFOUF
FYBNFOQPSFMQPEFSKVEJDJBMOJOH|OKVF[EFOFHBSgJOKVTUJGJDBEBNFOUFFTF
DPOTFOUJNJFOUP
1FSNBOFODJBFOFMDBSHP
B -BMFZHBSBOUJ[BMBQFSNBOFODJBFOFMDBSHPEFMPTKVFDFTQPSFMQFSrP
EPFTUBCMFDJEPTVJOEFQFOEFODJBZTFHVSJEBEBTrDPNPSFNVOFSBDJwO
ZDPOEJDJPOFTEFFKFSDJDJPBEFDVBEBTRVFOPTFQPESgOBMUFSBSFOTV
EFUSJNFOUP
C "SFTFSWBEFMBTEJTQPTJDJPOFTFONBUFSJBEFEJTDJQMJOBZEFTFQBSBDJwO
EFMDBSHPMPTKVFDFTUBOUPMPTOPNCSBEPTNFEJBOUFEFDJTJwOBENJ
OJTUSBUJWBDPNPMPTFMFHJEPTHP[BSgOEFHBSBOUrBTEFQFSNBOFODJB
FOFMDBSHPIBTUBRVFDVNQMBOMBFEBEQBSBMBKVCJMBDJwOGPS[PTBP
FYQJSFFMQFSrPEPEFMDBSHPRVFQSFTDSJCBMBMFZ
1PESgOFYJTUJSQFSrPEPTEFQSVFCBFOFMDBTPEFKVFDFTBRVJFOFTTFEFTJHOB
QPSQSJNFSBWF[QFSPFOFTPTDBTPTFMDBSHPQSPWJTJPOBMZMBDPOGJSNBDJwOFO
FMDBSHPQFSNBOFOUFEFCFOEFQFOEFSGVOEBNFOUBMNFOUFEFMQPEFSKVEJDJBM
PEFVODPOTFKPTVQFSJPSEFMQPEFSKVEJDJBM
B -PTKVFDFTEFCFSgOSFDJCJSVOBSFNVOFSBDJwOQPSTVTTFSWJDJPTNJFO
USBTQFSNBOF[DBOFOGVODJPOFT6OBWF[KVCJMBEPTSFDJCJSgOVOB
QFOTJwO
C -BSFNVOFSBDJwOZMBTQFOTJPOFTEFMPTKVFDFTTFSgOBEFDVBEBT
ZTVNPOUPTFGJKBSgFOQSPQPSDJwOBMBDBUFHPSrBMBEJHOJEBEZMB
SFTQPOTBCJMJEBEEFTVDBSHPZTFSgOSFWJTBEBTQFSJwEJDBNFOUFQBSB
DPOUSBSSFTUBSPNJOJNJ[BSMPTFGFDUPTEFMBJOGMBDJwO
D -BFEBEEFKVCJMBDJwOEFMPTKVFDFTFOBDUJWPOPQPESgTFSNPEJGJDBEB
TJOTVDPOTFOUJNJFOUP
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
-BTBVUPSJEBEFTBENJOJTUSBUJWBTHBSBOUJ[BSgOFOUPEPNPNFOUPMBTFHVSJEBE
ZMBQSPUFDDJwOGrTJDBEFMPTKVFDFTZEFTVTGBNJMJBT
*ONVOJEBEFTZQSJWJMFHJPT
-PTKVFDFTOPQPESgOTFSBQSFNJBEPTNFEJBOUFQMFJUPTEJSJHJEPTQPSSB[POFT
QFSTPOBMFTDPOUSBFMMPTFOSFMBDJwODPOTVTGVODJPOFTKVEJDJBMFTTBMWPFOMP
DPODFSOJFOUFBBDUPTEFMJDUJWPTZFOFTFTVQVFTUPTwMPDPOMBBVUPSJ[BDJwO
EFMBBVUPSJEBEKVEJDJBMDPNQFUFOUF
-PTKVFDFTFTUgOPCMJHBEPTBHVBSEBSFMTFDSFUPQSPGFTJPOBMFOMPRVFBUBvF
BTVTEFMJCFSBDJPOFTZBMBJOGPSNBDJwODPOGJEFODJBMRVFIBZBOBERVJSJEPFO
FMEFTFNQFvPEFTVTGVODJPOFTFYDFQUPFOMBTBDUVBDJPOFTQ|CMJDBT/PTF
FYJHJSgRVFQSFTUFOUFTUJNPOJPFOEJDIPTBTVOUPT
$BVTBTEFSFDVTBDJwO
-PTKVFDFTOPQPESgOEFTFNQFvBSGVODJPOFTOPKVEJDJBMFTRVFDPNQSPNFUBO
TVJOEFQFOEFODJBKVEJDJBM
-PTKVFDFTZMPTUSJCVOBMFTOPQPESgOEBSEJDUgNFOFTTBMWPEFDPOGPSNJEBE
DPOVOBEJTQPTJDJwODPOTUJUVDJPOBMPSFHMBNFOUBSJBFYQSFTB
-PTKVFDFTTFBCTUFOESgOEFUPEBBDUJWJEBEMVDSBUJWBFYDFQUPFOMPRVFTF
SFGJFSFBTVTQSPQJPTCJFOFTNVFCMFTPJONVFCMFT-PTKVFDFTOPQPESgO
FKFSDFSMBBCPHBDrB
-PTKVFDFTTFBCTUFOESgOEFDPOPDFSEFVOBTVOUPDVBOEPQVFEBIBCFS
TPTQFDIBSBDJPOBMEFQBSDJBMJEBEEFTVQBSUFPDPOGMJDUPEFJOUFSFTFTPJO
DPNQBUJCJMJEBEEFGVODJPOFT
.FEJEBTEJTDJQMJOBSJBTZTFQBSBDJwOEFMDBSHP
B 5PEBRVFKBGPSNVMBEBDPOUSBVOKVF[TFUSBNJUBSgDPOQSPOUJUVEEF
NBOFSBFRVJUBUJWBZDPOBSSFHMPBMQSPDFEJNJFOUPQFSUJOFOUF&MKVF[
UFOESgPQPSUVOJEBEEFGPSNVMBSPCTFSWBDJPOFTDPOSFTQFDUPBMBRVFKB
FOMBFUBQBJOJDJBMEFTVUSBNJUBDJwO&OFTBFUBQBJOJDJBMFMFYBNFOEF
MBRVFKBTFSgDPOGJEFODJBMBNFOPTRVFFMKVF[TPMJDJUFMPDPOUSBSJP
C -BTBDVTBDJPOFTFODBNJOBEBTBEFUFSNJOBSTJQSPDFEFTFQBSBSBVO
KVF[EFTVDBSHPPBEPQUBSDPOUSBnMNFEJEBTEJTDJQMJOBSJBTTFTFHVJSgO
BOUFVOUSJCVOBMPBOUFTVOBKVOUBJOUFHSBEBNBZPSJUBSJBNFOUFQPS
NJFNCSPTEFMQPEFSKVEJDJBM&MMPOPPCTUBOUFMBTGBDVMUBEFTFONBUFSJB
EFTFQBSBDJwOEFMDBSHPQPESgODPOGFSJSTFBMQPEFSMFHJTMBUJWPFMDVBM
(6Ê"1"3"130'&4*0/"-&4/
MBTFKFSDFSgQPSWrBEFBDVTBDJwOPEFQFUJDJwOQSFGFSJCMFNFOUFQSFWJB
SFDPNFOEBDJwOEFMNFODJPOBEPUSJCVOBMPKVOUB
5PEBTMBTNFEJEBTEJTDJQMJOBSJBTTFCBTBSgOFOOPSNBTEFDPOEVDUBKVEJDJBM
QSFWJBNFOUFFTUBCMFDJEBT
-PTQSPDFEJNJFOUPTEJTDJQMJOBSJPTDPOUSBVOKVF[EFCFSgOHBSBOUJ[BSBFTUF
FRVJEBEZMBPQPSUVOJEBEEFTFSPrEPQMFOBNFOUF
-BTTFOUFODJBTSFMBUJWBTBQSPDFEJNJFOUPTEJTDJQMJOBSJPTFOUBCMBEPTDPOUSB
VOKVF[ZBTFDFMFCSFOFOQSJWBEPPFOQ|CMJDPEFCFSgOQVCMJDBSTF
6OKVF[OPQPESgTFSTFQBSBEPEFTVDBSHPFYDFQUPQPSJODBQBDJEBEP
DPNQPSUBNJFOUPJOEFCJEPEFCJEBNFOUFQSPCBEPTRVFMPJOIBCJMJUFOQBSB
TFHVJSFOGVODJPOFT
&OFMDBTPEFRVFTFTVQSJNBVOUSJCVOBMMPTKVFDFTRVFMPJOUFHSFOFYDFQUP
MPTFMFHJEPTQPSVOQFSrPEPEFUFSNJOBEPOPTFWFSgOBGFDUBEPTQFSPQPESgO
TFSUSBTMBEBEPTBPUSPUSJCVOBMEFMBNJTNBDBUFHPSrB
"ENJOJTUSBDJwOEFMPTUSJCVOBMFT
-BSFTQPOTBCJMJEBEQSJODJQBMFODVBOUPBMBBENJOJTUSBDJwOEFMPTUSJCVOBMFT
JODMVTJWFMBTVQFSWJTJwOZFMDPOUSPMEJTDJQMJOBSJPEFMQFSTPOBMBENJOJTUSBUJWP
ZBVYJMJBSDPSSFTQPOEFSgBMQPEFSKVEJDJBMPBVOwSHBOPFORVFFMQPEFS
KVEJDJBMFTUnSFQSFTFOUBEPZDVNQMBVOBGVODJwOFGJDB[
&M&TUBEPEBSgMBNgTFMFWBEBQSJPSJEBEBQSPWFFSSFDVSTPTBEFDVBEPT
DPOPCKFUPEFQFSNJUJSRVFMBKVTUJDJBTFBENJOJTUSFFOEFCJEBGPSNBDPO
JODMVTJwOEFMPTNFEJPTNBUFSJBMFTBQSPQJBEPTQBSBFMNBOUFOJNJFOUPEFMB
JOEFQFOEFODJBMBEJHOJEBEZMBFGJDBDJBEFMQPEFSKVEJDJBMQFSTPOBMKVEJDJBM
ZBENJOJTUSBUJWPZQSFTVQVFTUPTEFGVODJPOBNJFOUP
&MQSFTVQVFTUPEFMPTUSJCVOBMFTTFSgQSFQBSBEPQPSFMwSHBOPDPNQFUFOUF
FODPMBCPSBDJwODPOFMQPEFSKVEJDJBMUFOJFOEPFODVFOUBMBTOFDFTJEBEFT
EFMBBENJOJTUSBDJwOEFKVTUJDJB
-BBTJHOBDJwOEFDBVTBTBKVFDFTPBTBMBTEFVOUSJCVOBMDPNQVFTUPQPS
WBSJPTKVFDFTTFSgDPNQFUFODJBFYDMVTJWBEFMQPEFSKVEJDJBMEFDPOGPSNJEBE
DPOMBMFZPDPOFMSFHMBNFOUPEFMPTUSJCVOBMFT
&MQSFTJEFOUFEFMUSJCVOBMQVFEFFKFSDFSGVODJPOFTTVQFSWJTPSBTTPCSFMPT
KVFDFTFYDMVTJWBNFOUFFOBTVOUPTBENJOJTUSBUJWPT
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
"TVOUPTWBSJPT
&MKVF[EFCFSgWFMBSQPSMFEFTBSSPMMPJNQBSDJBMEFMQSPDFTPFJOWFTUJHBSDB
CBMNFOUFUPEBEFOVODJBEFWJPMBDJwOEFMPTEFSFDIPTEFVOBQBSUFPEFVO
UFTUJHPJODMVJEBTMBTEFOVODJBTEFNBMPTUSBUPT
-PTKVFDFTEFCFSgOTFSSFTQFUVPTPTDPOMPTBCPHBEPTBTrDPNPMPTBTFTPSFT
MFUSBEPTGJTDBMFTZKVSBEPTTFH|OFMDBTP
&M&TUBEPHBSBOUJ[BSgMBEFCJEBFKFDVDJwOEFMBTwSEFOFTZTFOUFODJBTEFMPT
USJCVOBMFTQFSPDPSSFTQPOEFSgBMQPEFSKVEJDJBMMBTVQFSWJTJwOEFMBFKFDVDJwO
EFFTBTwSEFOFTZEFMPTUSgNJUFTZQSPDFEJNJFOUPT
-PTKVFDFTEFCFSgONBOUFOFSTFBMDPSSJFOUFEFMPTDPOWFOJPTZEFNgTJOT
USVNFOUPTJOUFSOBDJPOBMFTFOMPTRVFTFFTUBCMF[DBOOPSNBTTPCSFEFSFDIPT
IVNBOPTZQSPDVSBSgOBQMJDBSMPTFOMBNFEJEBEFMPQPTJCMFEFOUSPEFMPT
MrNJUFTFTUBCMFDJEPTQPSMBDPOTUJUVDJwOZMBTMFZFTOBDJPOBMFT
&TUPTQSJODJQJPTZOPSNBTTFBQMJDBSgOBUPEBTMBTQFSTPOBTRVFFKFS[BOGVODJP
OFTKVEJDJBMFTJODMVJEPTMPTKVFDFTJOUFSOBDJPOBMFTBTFTPSFTgSCJUSPTGJTDBMFT
ZMFUSBEPTRVFEFTFNQFvBOGVODJPOFTKVEJDJBMFTTBMWPFOFMDBTPEFRVFMBT
DJSDVOTUBODJBTMPTIBHBOGPS[PTBNFOUFJOBQMJDBCMFTPJOBEFDVBEPT
-PTBTFTPSFT
-PTBTFTPSFTQPESgOEFTFNQFvBSMBTGVODJPOFTEFKVF[PKVF[BEKVOUPP
BVYJMJBSPDPOTVMUPSPQFSJUPKVSrEJDPPUnDOJDP"MEFTFNQFvBSDVBMRVJFSB
EFFTBTGVODJPOFTMPTBTFTPSFTEFCFSgODVNQMJSDPOTVTEFCFSFTFOGPSNB
JNQBSDJBMFJOEFQFOEJFOUF4POBQMJDBCMFTBMPTBTFTPSFTMPTQSJODJQJPTZ
OPSNBTRVFTFBQMJDBOBMPTKVFDFTTBMWPFOFMDBTPEFRVFMBTDJSDVOTUBODJBT
MPTIBHBOGPS[PTBNFOUFJOBQMJDBCMFTPJOBEFDVBEPT
1VFEFOFMFHJSTFBTFTPSFTPBTFTPSFTEFMQVFCMPP/ZBZB1BODIBTQPSQFSrP
EPTFTQFDrGJDPTTPCSFMBCBTFEFMBTDPOEJDJPOFTEFFMFHJCJMJEBEZQPSQBSUF
EFMPTFMFDUPSFTQSFWJTUPTQPSMBMFZQBSBQBSUJDJQBSFOFMQSPDFTPDPMFHJBEP
EFBENJOJTUSBDJwOEFKVTUJDJBKVOUPDPOMPTKVFDFTFMFDUPTPEFTJHOBEPT&O
DVBOUPBMBTDPOEJDJPOFTQBSBBTQJSBSBMBFMFDDJwODPNPBTFTPSOPTFIBSg
EJTUJODJwOBMHVOBQPSNPUJWPEFSB[BDPMPSTFYPJEJPNBSFMJHJwOPQJOJwO
QPMrUJDBPEFPUSBrOEPMFPSJHFOOBDJPOBMPTPDJBMQPTJDJwOFDPOwNJDBOB
DJNJFOUPPDPOEJDJwOFOUSFMPTDJVEBEBOPT5SBTIBCFSTJEPFMFHJEPTEJDIPT
BTFTPSFTQPESgODPOTUJUVJSTFFOHSVQPTQPSQFSrPEPTDPSUPTZMJNJUBEPT
QBSBEFTFNQFvBSTVTGVODJPOFTDPNPBTFTPSFT1PESgOUBNCJnOEFTJHOBSTF
BTFTPSFTPDPOTUJUVJSTFFOHSVQPTQBSBQSFTUBSBTFTPSBNJFOUPPBTJTUFODJB
UnDOJDBTPCSFMBCBTFEFTVTDPOPDJNJFOUPTFTQFDJBMJ[BEPTFOVODBTPPVO
UJQPEFDBTPT4FSgBTJNJTNPQPTJCMFOPNCSBSKVFDFTEFQB[PDJVEBEBOPT
KVFDFTQBSBEFTFNQFvBSEFUFSNJOBEBTGVODJPOFTKVEJDJBMFTTFODJMMBT
(6Ê"1"3"130'&4*0/"-&4/
-PTBTFTPSFTSFDJCJSgOEFM&TUBEPBUrUVMPEFDPNQFOTBDJwOEFCJEBZTVGJDJFO
UFVOBSFNVOFSBDJwOEVSBOUFMBQSFTUBDJwOEFTVTTFSWJDJPTDPNPBTFTPSFT
TBMWPDVBOEPSFDJCBOUBMSFNVOFSBDJwOFOTVMVHBSEFUSBCBKP
-PTBTFTPSFTFMFHJEPTQBSBQBSUJDJQBSFOFMQSPDFEJNJFOUPEFBENJOJTUSBDJwO
EFMBKVTUJDJBPOPNCSBEPTQBSBQSFTUBSBTJTUFODJBUnDOJDBPEFPUSBrOEPMFOP
FTUBSgOTVKFUPTBOJOHVOBSFTUSJDDJwOJOGMVFODJBJODJUBDJwOQSFTJwOBNFOB[B
PJOKFSFODJBEJSFDUBPJOEJSFDUBDPNPOPTFBOMBTFYQMJDBDJPOFTQFSJwEJDBT
RVFQVFEBOPGSFDFSMPTBTFTPSFTFMFHJEPTEFTVFMFDUPSBEPDPNPQBSUFEFM
TJTUFNBEFQBSUJDJQBDJwOEFMPTDJVEBEBOPTFOFMTJTUFNBKVEJDJBM
-PTBTFTPSFTTFSgOJOEFQFOEJFOUFTEFMPTKVFDFTZEFMQPEFSFKFDVUJWPZMFHJT
MBUJWPZUFOESgOBUSJCVDJPOFTQBSBQBSUJDJQBSFOFMQSPDFTPEFBENJOJTUSBDJwO
EFKVTUJDJBDPOFMBMDBODFZMBTNPEBMJEBEFTQSFWJTUBTFOMBMFZZMBQSgDUJDB
EFMPSEFOBNJFOUPKVSrEJDP-PTBTFTPSFTEFMQVFCMPFMFHJEPTQBSBQBSUJDJQBS
FOFMQSPDFTPEFBENJOJTUSBDJwOEFKVTUJDJBFTUBSgOBTJNJTNPGBDVMUBEPTQBSB
IBDFSDPOTUBSTVTPCKFDJPOFTRVFRVFEBSgOJODPSQPSBEBTFOBDUB
4FWFMBSgFTDSVQVMPTBNFOUFQPSRVFFOMPTNnUPEPTEFEFTJHOBDJwOEFMPT
BTFTPSFTOPJOUFSWFOHBOJOH|ONwWJMJOEFCJEPBKFOPBUBMEFTJHOBDJwO
4FUPNBSgOEJTQPTJDJPOFTQBSBPSJFOUBSFJOTUSVJSBMPTBTFTPSFTEFMQVFCMP
/ZBZB1BODIBTFMFHJEPTQBSBQBSUJDJQBSFOFMQSPDFTPEFBENJOJTUSBDJwOEF
KVTUJDJB
&MBTFTPSQPESgTFSEFTUJUVJEPQPSFMFMFDUPSBEPPSFDVTBEPPTFQBSBEPEFM
DBSHPPQPESgOEBSTFQPSUFSNJOBEBTTVTGVODJPOFTQFSPTJFNQSFSJHVSPTB
NFOUFEFDPOGPSNJEBEDPOMPTQSPDFEJNJFOUPTFTUBCMFDJEPTQPSMBMFZ
<>
"CPHBEPT
%FGJOJDJPOFT
&OFMQSFTFOUFDBQrUVMP
B 1PS²BCPHBEP³TFFOUJFOEFVOBQFSTPOBRVFSF|OFMPTSFRVJTJUPTZ
FTUgBVUPSJ[BEBQBSBEFGFOEFSBTVTDMJFOUFTZBDUVBSFOTVOPNCSF
QBSBFKFSDFSMBBCPHBDrBZDPNQBSFDFSBOUFMPTUSJCVOBMFTZQBSBBTF
TPSBSZSFQSFTFOUBSBTVTDMJFOUFTFOBTVOUPTKVSrEJDPTZBMPTGJOFT
EFFTUFDBQrUVMPJODMVZFBMPTBQPEFSBEPTBVYJMJBSFTQSPDVSBEPSFT
QBSBQSPGFTJPOBMFTZEFNgTQFSTPOBTRVFFTUgOBVUPSJ[BEBTQBSB
EFTFNQFvBSVOBPNgTGVODJPOFTEFMPTBCPHBEPTZBRVJFOFTTF
MFTQFSNJUFIBDFSMPBNFOPTRVFVOBSFGFSFODJBBMDPOUFYUPIBHB
JOBQSPQJBEBPJOBQMJDBCMFFTBJODMVTJwO
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
C 1PS²$PMFHJPEF"CPHBEPT³TFFOUJFOEFVOBBTPDJBDJwOQSPGFTJPOBM
DPSQPSBDJwOGBDVMUBEDPMFHJPPGJDJOBPDVBMRVJFSwSHBOPQSPGFTJPOBM
SFDPOPDJEPCBKPDVBMRVJFSOPNFODMBUVSBFOVOBEFUFSNJOBEBKVSJT
EJDDJwOFJODMVJSgBMPTGJOFTEFFTUFDBQrUVMPBUPEBBTPDJBDJwOCBKP
DVBMRVJFSOPNFODMBUVSBEFBQPEFSBEPTBVYJMJBSFTQSPDVSBEPSFT
QBSBQSPGFTJPOBMFTZEFNgTQFSTPOBTRVFFTUgOBVUPSJ[BEBTQBSB
EFTFNQFvBSVOBPNgTGVODJPOFTEFMPTBCPHBEPTZBRVJFOFTTF
MFTQFSNJUFIBDFSMPBNFOPTRVFVOBSFGFSFODJBBMDPOUFYUPIBHB
JOBQSPQJBEBPJOBQMJDBCMFFTBJODMVTJwO
1SJODJQJPTHFOFSBMFT
-BJOEFQFOEFODJBEFMBBCPHBDrBDPOTUJUVZFVOBHBSBOUrBFTFODJBMQBSBMB
QSPNPDJwOZQSPUFDDJwOEFMPTEFSFDIPTIVNBOPT
6OTJTUFNBKVTUPZFRVJUBUJWPEFBENJOJTUSBDJwOEFKVTUJDJBEFCFSgHBSBO
UJ[BSMBJOEFQFOEFODJBEFMPTBCPHBEPTFOFMEFTFNQFvPEFTVTEFCFSFT
QSPGFTJPOBMFTTJOOJOHVOBDMBTFEFSFTUSJDDJPOFTJOGMVFODJBTJODJUBDJPOFT
QSFTJPOFTBNFOB[BTPJOKFSFODJBTEJSFDUBTPJOEJSFDUBTEFDVBMRVJFSPSJHFO
PNPUJWPRVFTFBO
5PEBQFSTPOBEFCFSgHP[BSFGFDUJWBNFOUFEFBDDFTPBMPTTFSWJDJPTKVSrEJDPT
QSFTUBEPTQPSVOBCPHBEPJOEFQFOEJFOUFEFTVFMFDDJwOBGJOEFBTFHVSBSZ
QSPUFHFSTVTEFSFDIPTFDPOwNJDPTTPDJBMFTDVMUVSBMFTDJWJMFTZQPMrUJDPT
'PSNBDJwOKVSrEJDBFJOHSFTPFOMBBCPHBDrB
&MBDDFTPBMBGPSNBDJwOKVSrEJDBZFMJOHSFTPFOMBBCPHBDrBFTUBSgOBCJFS
UPTBUPEBQFSTPOBRVFSF|OBMPTUrUVMPTFYJHJEPTZOPTFMFOFHBSgBOBEJF
QPSSB[POFTEFSB[BDPMPSTFYPJEJPNBSFMJHJwOPQJOJwOQPMrUJDBPEFPUSB
rOEPMFPSJHFOOBDJPOBMMJOHrTUJDPPTPDJBMQPTJDJwOFDPOwNJDBJOHSFTPT
OBDJNJFOUPPDPOEJDJwOTPDJBM
-BGPSNBDJwOKVSrEJDBFTUBSgDPODFCJEBQBSBQSPNPWFSFOFMJOUFSnTQ|CMJDP
BEFNgTEFMBDPNQFUFODJBUnDOJDBMBDPODJFODJBEFMPTJEFBMFTZEFCFSFT
nUJDPTEFMBCPHBEPZMBEFMPTEFSFDIPTIVNBOPTZMJCFSUBEFTGVOEBNFOUBMFT
SFDPOPDJEPTQPSMFEFSFDIPOBDJPOBMFJOUFSOBDJPOBM
-PTQSPHSBNBTEFGPSNBDJwOKVSrEJDBEFCFSgOUFOFSFODVFOUBMBTSFTQPOTBCJ
MJEBEFTTPDJBMFTEFMBCPHBEPJODMVTJWFMBDPPQFSBDJwOQBSBQSFTUBSTFSWJDJPT
KVSrEJDPTBMBTQFSTPOBTRVFDBSFDFOEFSFDVSTPTZMBQSPNPDJwOZEFGFOTBEF
MPTEFSFDIPTFDPOwNJDPTTPDJBMFTZDVMUVSBMFTFOFMQSPDFTPEFEFTBSSPMMP
5PEBQFSTPOBRVFQPTFBMBTDVBMJEBEFTOFDFTBSJBTJOUFHSJEBEZSFQVUBDJwO
IPOPSBCMFFTUBSgGBDVMUBEBQBSBTFSBCPHBEPZEFTFNQFvBSTVQSPGFTJwOTJO
RVFTFMFEJTDSJNJOFQPSNPUJWPTEFSB[BDPMPSTFYPSFMJHJwOPQJOJwOQPMrUJDB
PEFPUSBrOEPMFPSJHFOOBDJPOBMMJOHrTUJDPPTPDJBMQPTJDJwOFDPOwNJDB
(6Ê"1"3"130'&4*0/"-&4/
JOHSFTPTOBDJNJFOUPPDPOEJDJwOTPDJBMPQPSIBCFSTJEPDPOEFOBEPQPSIBCFS
FKFSDJUBEPTVTEFSFDIPTDJWJMFTPQPMrUJDPTJOUFSOBDJPOBMNFOUFSFDPOPDJEPT
-BTDPOEJDJPOFTQBSBMFFYQVMTJwOEFM$PMFHJPEF"CPHBEPTMBJOIBCJMJUBDJwO
PTVTQFOTJwOEFVOBCPHBEPTFFTQFDJGJDBSgOFOMBNFEJEBEFMPQPTJCMFFO
MPTFTUBUVUPTSFHMBNFOUPPQSFDFEFOUFTBQMJDBCMFTBMPTBCPHBEPTZEFNgT
QFSTPOBTRVFDVNQMBOGVODJPOFTEFBCPHBEP
&EVDBDJwOEFMQ|CMJDPFOSFMBDJwODPOFMEFSFDIP
-PTBCPHBEPTZMPT$PMFHJPTEF"CPHBEPTUJFOFOMBSFTQPOTBCJMJEBEEFFEV
DBSBMQ|CMJDPTPCSFMPTQSJODJQJPTEFMJNQFSJPEFMBMFZMBJNQPSUBODJBEFMB
JOEFQFOEFODJBEFMQPEFSKVEJDJBMZEFMBBCPHBDrBZMBGVODJwOEFTUBDBEBRVF
MFTDBCFBMPTBCPHBEPTKVFDFTKVSBEPTZBTFTPSFTFONBUFSJBEFQSPUFDDJwO
EFMPTEFSFDIPTZMJCFSUBEFTGVOEBNFOUBMFTFJOGPSNBSMFTPCSFTVTEFSFDIPT
ZPCMJHBDJPOFTBTrDPNPTPCSFMPTSFDVSTPTKVSrEJDPTBTVEJTQPTJDJwO&OQBSUJ
DVMBSMPT$PMFHJPTEF"CPHBEPTFMBCPSBSgOZBQMJDBSgOQSPHSBNBTFEVDBUJWPT
BQSPQJBEPTQBSBMPTBCPHBEPTZFMQ|CMJDPFOHFOFSBMZHVCFSOBNFOUBMFTMBT
BHSVQBDJPOFTEFDJVEBEBOPTZMBTJOTUJUVDJPOFTEPDFOUFTFOMBQSPNPDJwOZ
DPPSEJOBDJwOEFFTPTQSPHSBNBT
%FSFDIPTZEFCFSFTEFMPTBCPHBEPT
-PTEFCFSFTEFVOBCPHBEPQBSBDPOTVDMJFOUFDPOTJTUFOFO
B "TFTPSBSBMDMJFOUFTPCSFTVTEFSFDIPTZPCMJHBDJPOFTKVSrEJDBTZFO
DVBOUPBMGVODJPOBNJFOUPEFMTJTUFNBKVSrEJDPFOMBNFEJEBFORVF
FTUPTFBQFSUJOFOUFQBSBMPTNFODJPOBEPTEFSFDIPTZPCMJHBDJPOFT
C "ZVEBSBMDMJFOUFEFUPEBTMBTGPSNBTBQSPQJBEBTZBEPQUBSNFEJEBT
KVSrEJDBTQBSBQSPUFHFSMFBnMZBTVTJOUFSFTFTZ
D 3FQSFTFOUBSMP BOUF USJCVOBMFT KVEJDJBMFT P BVUPSJEBEFT
BENJOJTUSBUJWBT
&OFMDVNQMJNJFOUPEFTVTPCMJHBDJPOFTFMBCPHBEPBDUVBSgDPOUPUBMMJCFSUBE
EJMJHFODJBZWBMFOUrBEFBDVFSEPDPOMPTEFTFPTEFTVDMJFOUFZDPOTVKFDJwO
BMPTSFHMBNFOUPTFTUBCMFDJEPTZMBTOPSNBTZnUJDBEFTVQSPGFTJwOTJO
JOIJCJDJPOFTPQSFTJPOFTEFMBTBVUPSJEBEFTPEFMQ|CMJDP
5PEBQFSTPOBPHSVQPEFQFSTPOBTUJFOFOEFSFDIPBQFEJSBTJTUFODJBBVO
BCPHBEPQBSBRVFEFGJFOEBTVDBVTBPTVTJOUFSFTFTDPOTVKFDJwOBMBMFZZFM
BCPHBEPUJFOFMBPCMJHBDJwOEFIBDFSMPDPOBSSFHMPBTVMFBMTBCFSZFOUFOEFS
ZDPOJOUFHSJEBEFJOEFQFOEFODJB&ODPOTFDVFODJBOJMBTBVUPSJEBEFTOJFM
Q|CMJDPEFCFOJEFOUJGJDBSBMBCPHBEPDPOTVDMJFOUFPMBDBVTBEFTVDMJFOUF
QPSQPQVMBSPJNQPQVMBSRVFFTBDBVTBQVFEBTFS
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
/JOH|OBCPHBEPTFSgPCKFUPEFTBODJPOFTQFOBMFTDJWJMFTBENJOJTUSBUJWBT
FDPOwNJDBTPEFPUSBrOEPMFOJBNFOB[BEPDPOFMMBTQPSIBCFSBTFTPSBEPB
VODMJFOUFPEFGFOEJEPVOBDBVTBDVBMRVJFSB
4BMWPFOMPTDBTPTFORVFFMEFSFDIPBTFSSFQSFTFOUBEPQPSVOBCPHBEP
BOUFVOEFQBSUBNFOUPBENJOJTUSBUJWPPVOBJOTUBODJBOBDJPOBMQVFEBFTUBS
FYDMVJEPQPSMFZPDVBOEPVOBCPHBEPFTUgTVTQFOEJEPJOIBCJMJUBEPP
FYQVMTBEPEFM$PMFHJPEF"CPHBEPTQPSVOBBVUPSJEBEDPNQFUFOUFOJOH|O
USJCVOBMPBVUPSJEBEBENJOJTUSBUJWBQPESgOFHBSTFBSFDPOPDFSFMEFSFDIP
EFMBCPHBEPBDPNQBSFDFSBOUFFMMPTFOOPNCSFEFTVDMJFOUFTJFNQSFOP
PCTUBOUFRVFEJDIBFYDMVTJwOTVTQFOTJwOJOIBCJMJUBDJwOPFYQVMTJwOFTUn
TVKFUBBSFWJTJwOKVEJDJBMJOEFQFOEJFOUF
5PEPBCPHBEPUJFOFPCMJHBDJwOEFNPTUSBSFMEFCJEPSFTQFUPIBDJBFMQPEFS
KVEJDJBM4JOFNCBSHPnTUFOPMFJNQFEJSgQMBOUFBSPCKFDJPOFTBRVFQBSUJDJ
QFPBRVFDPOUJO|FQBSUJDJQBOEPVOKVF[FOVOBEFUFSNJOBEBDBVTBPBMB
NBOFSBFORVFFMKVF[DPOEV[DBVOKVJDJPPBVEJFODJB
4JTFJODPBVOQSPDFEJNJFOUPDPOUSBVOBCPHBEPQPSEFTBDBUPBMUSJCVOBM
FMKVF[PKVFDFTRVFIBZBOFOUFOEJEPEFMDBTPRVFIVCJFSBEBEPMVHBSBMB
BDVTBDJwOGPSNVMBEBDPOUSBFMBCPHBEPOPQPESgOEFDSFUBSOJOHVOBTBO
DJwODPOUSBnMFYDFQUPRVFFOUBMDBTPFMKVF[PKVFDFTJOUFSFTBEPTQVFEBO
TVTQFOEFSMBTBDUVBDJPOFTZOFHBSTFBTFHVJSBDFQUBOEPMBDPNQBSFODJBEFM
BCPHBEPEFRVFTFUSBUF
4BMWPFOMPTDBTPTBRVrQSFWJTUPTMPTBCPHBEPTHP[BSgOEFJONVOJEBEDJWJM
ZQFOBMQPSMBTFYQPTJDJPOFTQFSUJOFOUFTRVFQSFTFOUFOEFCVFOBGFQPS
FTDSJUPPWFSCBMNFOUFPFOTVTBDUVBDJPOFTQSPGFTJPOBMFTBOUFUSJCVOBMFTV
PUSBTBVUPSJEBEFTMFHBMFTPBENJOJTUSBUJWBT
&OMPTDBTPTEFQFSTPOBTEFUFOJEBTMBJOEFQFOEFODJBEFMPTBCPHBEPTFO
NBUFSJBEFBTFTPSBNJFOUPBTJTUFODJBZSFQSFTFOUBDJwOEFCFSgFTUBSHBSBO
UJ[BEBQBSBBTFHVSBSBFTBTQFSTPOBTVOBBTJTUFODJBKVSrEJDBHSBUVJUBZBEF
DVBEB4FSFRVJFSFOTBMWBHVBSEJBTQBSBFWJUBSUPEBQPTJCJMJEBEEFDPMVTJwO
DPNQPOFOEBPEFQFOEFODJBFOUSFFMBCPHBEPRVFBDU|BFOCFOFGJDJPEFMB
QFSTPOBEFUFOJEBZMBTBVUPSJEBEFT
-PTBCPHBEPTHP[BSgOEFUPEBTMBTEFNgTGBDJMJEBEFTZQSJWJMFHJPTOFDF
TBSJPTQBSBFMFKFSDJDJPFGJDB[EFTVTSFTQPOTBCJMJEBEFTQSPGFTJPOBMFT&O
FTQFDJBM
B -BDPOGJEFODJBMJEBEEFMBTSFMBDJPOFTFOUSFFMBCPHBEPZTVDMJFOUF
ZFMEFSFDIPBOFHBSTFBQSFTUBSEFDMBSBDJwOTJFTUPBGFDUBBUBM
DPOGJEFODJBMJEBE
C &MEFSFDIPEFEFTQMB[BSTFZEFFOUSFWJTUBSTFDPOTVTDMJFOUFTMJCSF
NFOUFUBOUPFOTVQSPQJPQBrTDPNPFOFMFYUSBOKFSP
(6Ê"1"3"130'&4*0/"-&4/
D &MEFSFDIPEFWJTJUBSBTVTDMJFOUFTDPNVOJDBSTFDPOFMMPTZSFDJCJS
TVTJOTUSVDDJPOFT
E &MEFSFDIPBCVTDBSSFDJCJSZDPOTVKFDJwOBMBTOPSNBTEFTVQSPGF
TJwODPNVOJDBSMJCSFNFOUFJOGPSNBDJPOFTFJEFBTSFMBDJPOBEBTDPO
TVTBDUJWJEBEFTQSPGFTJPOBMFTZ
F &MEFSFDIPEFBDFQUBSPSFDIB[BSVODMJFOUFPVOBDBVTBQPSNPUJWPT
QFSTPOBMFTPQSPGFTJPOBMFTSB[POBCMFT
-PTBCPHBEPTHP[BOEFMBMJCFSUBEEFPQJOJwOFYQSFTJwOBTPDJBDJwOZSFVOJwO
ZFOFTQFDJBMUFOESgOFMEFSFDIPEF
B 1BSUJDJQBSFOMPTEFCBUFTQ|CMJDPTEFDVFTUJPOFTSFMBUJWBTBMBMFHJT
MBDJwOZMBBENJOJTUSBDJwOEFKVTUJDJB
C "GJMJBSTFPDPOTUJUVJSMJCSFNFOUFPSHBOJ[BDJPOFTMPDBMFTOBDJPOBMFT
PJOUFSOBDJPOBMFT
D 1SPQPOFSZSFDPNFOEBSSFGPSNBTKVSrEJDBTFOJOUFSnTQ|CMJDPDVJEBEP
TBNFOUFFYBNJOBEBTFJOGPSNBSBMQ|CMJDPTPCSFFTUBTDVFTUJPOFT
E 1BSUJDJQBSQMFOBZBDUJWBNFOUFFOMBWJEBQPMrUJDBTPDJBMZDVMUVSBMEF
TVTQBrTFT
5PEBOPSNBPSFHMBNFOUBDJwODPODFSOJFOUFBMPTIPOPSBSJPTPSFNVOFSB
DJPOFTEFMPTBCPHBEPTFTUBSgDPODFCJEBQBSBHBSBOUJ[BSVOBSFUSJCVDJwO
BEFDVBEBZKVTUBZQBSBRVFFMQ|CMJDPEJTQPOHBEFTFSWJDJPTKVSrEJDPTFO
DPOEJDJPOFTSB[POBCMFT
4FSWJDJPTKVSrEJDPTQBSBMBTQFSTPOBTRVFDBSFDFOEFSFDVSTPT
$PSPMBSJPOFDFTBSJPEFMDPODFQUPEFVOBBCPHBDrBJOEFQFOEJFOUFFTRVFTVT
NJFNCSPTQSPDVSFOGBDJMJUBSTVTTFSWJDJPTBUPEPTMPTTFDUPSFTEFMBTPDJFEBE
ZFOQBSUJDVMBSBTVTTFDDJPOFTNgTEnCJMFTEFGPSNBUBMRVFFOMPTDBTPTRVF
DPSSFTQPOEBQVFEBQSFTUBSTFBTJTUFODJBKVSrEJDBHSBUVJUBRVFBOBEJFTFMF
OJFHVFFMBDDFTPBMBKVTUJDJBZRVFMPTBCPHBEPTQVFEBOQSPNPWFSMBDBVTB
EFMBKVTUJDJBQSPUFHJFOEPMPTEFSFDIPTIVNBOPTFDPOwNJDPTTPDJBMFT
DVMUVSBMFTDJWJMFTZQPMrUJDPTEFJOEJWJEVPTZHSVQPT
-PTQPEFSFTQ|CMJDPTUFOESgOMBSFTQPOTBCJMJEBEEFQSPQPSDJPOBSGPOEPT
OFDFTBSJPTQBSBQSPHSBNBTBEFDVBEPTEFTFSWJDJPTKVSrEJDPTEFTUJOBEPTB
RVJFOFTOPQVFEFODPTUFBSMPTHBTUPTEFMJUJHJPSB[POBCMFT5FOESgOUBNCJnO
MBSFTQPOTBCJMJEBEEFGPSNVMBSMPTDSJUFSJPTZFTUBCMFDFSFMQSPDFEJNJFOUP
QBSBPGSFDFSFOFTPTDBTPTTFSWJDJPTKVSrEJDPT
-PTBCPHBEPTRVFJOUFSWFOHBOFOQSPHSBNBTVPSHBOJ[BDJPOFTRVFQSFTUBO
TFSWJDJPTKVSrEJDPTGJOBODJBEPTUPUBMPQBSDJBMNFOUFDPOGPOEPTQ|CMJDPT
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
SFDJCJSgOVOBSFNVOFSBDJwOBEFDVBEBZHP[BSgOEFQMFOBTHBSBOUrBTFO
DVBOUPBTVJOEFQFOEFODJBQSPGFTJPOBMFOFTQFDJBMNFEJBOUF
B -BBTJHOBDJwOEFMBEJSFDDJwOEFFTPTQSPHSBNBTVPSHBOJ[BDJPOFTB
$PMFHJPTEF"CPHBEPTPBKVOUBTJOEFQFOEJFOUFTJOUFHSBEBTQSJODJQBM
PUPUBMNFOUFQPSNJFNCSPTEFMBQSPGFTJwODPOQMFOPDPOUSPMTPCSF
TVTQPMrUJDBTQSFTVQVFTUPBTJHOBEPZQFSTPOBM
C &MSFDPOPDJNJFOUPEFRVFBMTFSWJSMBDBVTBEFMBKVTUJDJBMBPCMJHBDJwO
QSJODJQBMEFMBCPHBEPFTQBSBDPOTVDMJFOUFBMRVFEFCFBTFTPSBSZ
SFQSFTFOUBSEFBDVFSEPDPOTVDPODJFODJBZDSJUFSJPQSPGFTJPOBMFT
&M$PMFHJPEF"CPHBEPT
&ODBEBKVSJTEJDDJwOQPESgOFTUBCMFDFSTFVOBPNgTBTPDJBDJPOFTBVUwOPNBT
FJOEFQFOEJFOUFTEFBCPHBEPTSFDPOPDJEBTQPSMBMFZDVZPDPOTFKPVwSHBOP
FKFDVUJWPTFSgFMFHJEPMJCSFNFOUFQPSUPEPTTVTNJFNCSPTTJOJOKFSFODJBEF
OJOHVOBDMBTFQPSQBSUFEFDVBMRVJFSPUSPwSHBOPPQFSTPOBT-BFYJTUFODJB
EFUBMBTPDJBDJwOOPQFSKVEJDBSgFMEFSFDIPEFMPTBCPHBEPTEFBGJMJBSTFP
DPOTUJUVJSPUSBTBTPDJBDJPOFTQSPGFTJPOBMFTEFBCPHBEPTPEFKVSJTUBT
$POPCKFUPEFGPNFOUBSMBTPMJEBSJEBEZEFNBOUFOFSMBJOEFQFOEFODJBEFMB
QSPGFTJwOKVSrEJDBTFSgPCMJHBDJwOEFVOBCPHBEPJOTDSJCJSTFDPNPNJFNCSP
EFMDPSSFTQPOEJFOUF$PMFHJPEF"CPHBEPT
'VODJPOFTEFM$PMFHJPEF"CPHBEPT
&OUSFMBTGVODJPOFTEFM$PMFHJPEF"CPHBEPTBGJOEFBTFHVSBSMBJOEFQFO
EFODJBEFMBBCPHBDrBGJHVSBO
B -B QSPNPDJwO Z EFGFOTB EF MB DBVTB EF MB KVTUJDJB TJO UFNPS OJ
GBWPSJUJTNPT
C &MNBOUFOJNJFOUPEFMIPOPSEJHOJEBEJOUFHSJEBEDPNQFUFODJBnUJDB
OPSNBTEFDPOEVDUBZEJTDJQMJOBEFMBQSPGFTJwO
D -BEFGFOTBEFMBGVODJwOEFMPTBCPHBEPTFOMBTPDJFEBEZFMNBOUF
OJNJFOUPEFMBJOEFQFOEFODJBEFMBQSPGFTJwO
E -BQSPUFDDJwOZEFGFOTBEFMBEJHOJEBEFJOEFQFOEFODJBEFMQPEFS
KVEJDJBM
F -BQSPNPDJwOEFMBMJCFSUBEFJHVBMEBEEFMBQPCMBDJwOQBSBBDDFEFS
BMBKVTUJDJBTPCSFUPEPBUSBWnTEFMBQSFTUBDJwOEFBTJTUFODJBZ
BTFTPSBNJFOUPKVSrEJDPT
(6Ê"1"3"130'&4*0/"-&4/
G -BQSPNPDJwOEFMEFSFDIPEFUPEBQFSTPOBBVOKVJDJPQ|CMJDPZFRVJ
UBUJWPBOUFVOUSJCVOBMDPNQFUFOUFJOEFQFOEJFOUFFJNQBSDJBMZDPO
GPSNFBMPTQSPDFEJNJFOUPTQFSUJOFOUFTFOUPEBTFTBTBDUVBDJPOFT
H -BQSPNPDJwOZBQPZPEFSFGPSNBTKVSrEJDBTZMBGPSNVMBDJwOEF
PCTFSWBDJPOFTZFMGPNFOUPEFEFCBUFTQ|CMJDPTTPCSFFMGPOEPMB
JOUFSQSFUBDJwOZMBBQMJDBDJwOEFMBMFHJTMBDJwOWJHFOUFZQSPQVFTUB
I -BQSPNPDJwOEFVOBMUPOJWFMEFGPSNBDJwOKVSrEJDBDPNPDPOEJDJwO
QSFWJBQBSBFMJOHSFTPFOMBQSPGFTJwO
J (BSBOUJ[BSRVFUFOHBOMJCSFBDDFTPBMBQSPGFTJwOUPEBTMBTQFSTPOBT
RVFQPTFBOMBDPNQFUFODJBQSPGFTJPOBMFJOUFHSJEBEOFDFTBSJBTTJO
EJTDSJNJOBDJwOEFOJOHVOBDMBTFZQSFTUBSBTJTUFODJBBMPTSFDJnO
JOHSFTBEPTFOMBQSPGFTJwO
K -BQSPNPDJwOEFMCJFOFTUBSEFMPTNJFNCSPTEFMBQSPGFTJwOZMB
QSFTUBDJwOEFBTJTUFODJBBMPTNJFNCSPTPBTVTGBNJMJBSFTDVBOEP
DPSSFTQPOEB
L &MBGJMJBSTFBPSHBOJ[BDJPOFTJOUFSOBDJPOBMFTEFBCPHBEPTZMBQBSUJ
DJQBDJwOFOMBTBDUJWJEBEFTEFnTUBT
$VBOEPVOBQFSTPOBRVFTFBQBSUFPUFOHBJOUFSnTFOVOMJUJHJPEFTFFDPO
USBUBSBVOBCPHBEPEFPUSPQBrTQBSBBDUVBSDPOKVOUBNFOUFDPOVOBCPHBEP
MPDBMFM$PMFHJPEF"CPHBEPTDPPQFSBSgFOMBNFEJEBEFMPQPTJCMFQBSB
BZVEBSBMBCPHBEPFYUSBOKFSPBPCUFOFSFMOFDFTBSJPEFSFDIPEFBDUVBSBOUF
MPTUSJCVOBMFTOBDJPOBMFT
"GJOEFRVFFM$PMFHJPEF"CPHBEPTQVFEBEFTFNQFvBSTVGVODJwOEF
NBOUFOFSMBJOEFQFOEFODJBEFMPTBCPHBEPTTFJOGPSNBSgJONFEJBUBNFOUF
BM$PMFHJPMPTNPUJWPTZGVOEBNFOUPTKVSrEJDPTEFMBEFUFODJwOPFODBSDFMB
NJFOUPEFDVBMRVJFSBEFTVTNJFNCSPTPEFDVBMRVJFSBCPHBEPRVFFKFS[B
MBQSPGFTJwOEFOUSPEFTVKVSJTEJDDJwOZDPOFMNJTNPQSPQwTJUPFM$PMFHJP
TFSgJOGPSNBEPEF
B 5PEPSFHJTUSPEFTVQFSTPOBPEFTVTCJFOFT
C 5PEBJODBVUBDJwOEFEPDVNFOUPTRVFTFFODVFOUSFOFOTVQPEFS
D 5PEBEFDJTJwOEFJOJDJBSQSPDFEJNJFOUPTKVEJDJBMFTRVFBGFDUFOP
DVFTUJPOFOMBJOUFHSJEBEEFVOBCPHBEP
&OUBMFTDBTPTFM$PMFHJPEF"CPHBEPTQPSNFEJPEFTVQSFTJEFOUFPEFMFHBEP
UFOESgEFSFDIPEFTFHVJSMPTQSPDFEJNJFOUPTZBTFHVSBSFOQBSUJDVMBSFMSFTQFUP
EFMTFDSFUPQSPGFTJPOBMZEFMBJOEFQFOEFODJB
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
1SPDFEJNJFOUPEJTDJQMJOBSJP
&M$PMFHJPEF"CPHBEPTFTUBCMFDFSgZIBSgBQMJDBSEFDPOGPSNJEBEDPOMB
MFZVODwEJHPEFEFPOUPMPHrBQSPGFTJPOBMQBSBMPTBCPHBEPT&TFDwEJHPEF
EFPOUPMPHrBQPESgFTUBCMFDFSTFUBNCJnOQPSMFZ
&M$PMFHJPEF"CPHBEPTPVOBBVUPSJEBEJOEFQFOEJFOUFDSFBEBQPSMFZF
JOUFHSBEBQSJODJQBMNFOUFQPSBCPHBEPTTFSgOEFPSEJOBSJPDPNQFUFOUFTFO
QSJNFSUnSNJOPQBSBMMFWBSBEFMBOUFQSPDFEJNJFOUPTEJTDJQMJOBSJPTDPOUSB
MPTBCPHBEPTQPSTVQSPQJBJOJDJBUJWBPBTPMJDJUVEEFVOMJUJHBOUFPEFVO
DJVEBEBOPDPOTDJFOUFEFMCJFOQ|CMJDP6OUSJCVOBMPVOBBVUPSJEBEQ|CMJDB
QPESgOEBSBDPOPDFSVODBTPBM$PMFHJPEF"CPHBEPTPBMBBVUPSJEBEFTUB
CMFDJEBQPSMFZMPTRVFQPESgOTPCSFFTBCBTFFOUBCMBSFMQSPDFEJNJFOUP
EJTDJQMJOBSJPDPSSFTQPOEJFOUF
&MQSPDFEJNJFOUPEJTDJQMJOBSJPFTUBSgBDBSHPFOQSJNFSBJOTUBODJBEFVO
DPNJUnEJTDJQMJOBSJPFTUBCMFDJEPQPSFM$PMFHJPEF"CPHBEPT
-BTEFDJTJPOFTEFMDPNJUnEJTDJQMJOBSJPQPESgOTFSPCKFUPEFBQFMBDJwOBOUF
VOwSHBOPEFBQFMBDJwOBEFDVBEP
&MQSPDFEJNJFOUPEJTDJQMJOBSJPTFDFMFCSBSgDPOQMFOBPCTFSWBODJBEFMPT
SFRVJTJUPTEFVOQSPDFEJNJFOUPKVTUPZFRVJUBUJWPBMBMV[EFMPTQSJODJQJPT
FOVODJBEPTFOMBQSFTFOUF%FDMBSBDJwO
(6Ê"1"3"130'&4*0/"-&4/
#/PSNBTEFUSBUBEPT
1BDUP*OUFSOBDJPOBMEF%FSFDIPT$JWJMFTZ1PMrUJDPT
"EPQUBEPZBCJFSUPBMBGJSNBSBUJGJDBDJwOZBEIFTJwOQPSMB"TBNCMFB(FOFSBMFO
TVSFTPMVDJwO"99*
EFEFEJDJFNCSFEFFOUSBEBFOWJHPSFMEF
NBS[PEF
"SUrDVMP
5PEBTMBTQFSTPOBTTPOJHVBMFTBOUFMPTUSJCVOBMFTZDPSUFTEFKVTUJDJB5PEB
QFSTPOBUFOESgEFSFDIPBTFSPrEBQ|CMJDBNFOUFZDPOMBTEFCJEBTHBSBOUrBT
QPSVOUSJCVOBMDPNQFUFOUFJOEFQFOEJFOUFFJNQBSDJBMFTUBCMFDJEPQPSMB
MFZFOMBTVCTUBODJBDJwOEFDVBMRVJFSBDVTBDJwOEFDBSgDUFSQFOBMGPSNVMB
EBDPOUSBFMMBPQBSBMBEFUFSNJOBDJwOEFTVTEFSFDIPTVPCMJHBDJPOFTEF
DBSgDUFSDJWJM
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
$POWFODJwOJOUFSOBDJPOBMTPCSFMBQSPUFDDJwOEFMPTEFSFDIPTEF
UPEPTMPTUSBCBKBEPSFTNJHSBUPSJPTZEFTVTGBNJMJBSFT
"QSPCBEBQPSMB"TBNCMFB(FOFSBMFOTVSFTPMVDJwOEFEFEJDJFNCSF
EF
"SUrDVMP
-PTUSBCBKBEPSFTNJHSBUPSJPTZTVTGBNJMJBSFTUFOESgOJHVBMFTEFSFDIPTRVF
MPTOBDJPOBMFTEFM&TUBEPEFRVFTFUSBUFBOUFMPTUSJCVOBMFTZMBTDPSUFTEF
KVTUJDJB5FOESgOEFSFDIPBTFSPrEPTQ|CMJDBNFOUFZDPOMBTEFCJEBTHBSBOUrBT
QPSVOUSJCVOBMDPNQFUFOUFJOEFQFOEJFOUFFJNQBSDJBMFTUBCMFDJEPQPSMB
MFZFOMBTVCTUBODJBDJwOEFDVBMRVJFSBDVTBDJwOEFDBSgDUFSQFOBMGPSNVMB
EBDPOUSBFMMPTPQBSBMBEFUFSNJOBDJwOEFTVTEFSFDIPTVPCMJHBDJPOFTEF
DBSgDUFSDJWJM
(6Ê"1"3"130'&4*0/"-&4/
$POWFODJwOTPCSFMPT%FSFDIPTEFM/JvP
"EPQUBEBZBCJFSUBBMBGJSNBZSBUJGJDBDJwOQPSMB"TBNCMFB(FOFSBMFOTVSFTP
MVDJwOEFEFOPWJFNCSFEFFOUSBEBFOWJHPSFMEFTFQUJFNCSFEF
"SUrDVMP
-PT&TUBEPT1BSUFTWFMBSgOQPSRVF
E 5PEPOJvPQSJWBEPEFTVMJCFSUBEUFOESgEFSFDIPBVOQSPOUPBDDFTPB
MBBTJTUFODJBKVSrEJDBZPUSBBTJTUFODJBBEFDVBEBBTrDPNPEFSFDIPB
JNQVHOBSMBMFHBMJEBEEFMBQSJWBDJwOEFTVMJCFSUBEBOUFVOUSJCVOBMV
PUSBBVUPSJEBEDPNQFUFOUFJOEFQFOEJFOUFFJNQBSDJBMZBVOBQSPOUB
EFDJTJwOTPCSFEJDIBBDDJwO
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
$POWFODJwO*OUFSOBDJPOBMQBSBMBQSPUFDDJwOEFUPEBTMBTQFSTPOBT
DPOUSBMBTEFTBQBSJDJPOFTGPS[BEBT
"EPQUBEBFMEFEJDJFNCSFEF
"SUrDVMP
<©>
5PEBQFSTPOBJOWFTUJHBEBFOSFMBDJwODPOVOEFMJUPEFEFTBQBSJDJwO
GPS[BEBSFDJCJSgHBSBOUrBTEFVOUSBUPKVTUPFOUPEBTMBTGBTFTEFM
QSPDFEJNJFOUP5PEBQFSTPOBTPNFUJEBBKVJDJPQPSVOEFMJUPEFEFT
BQBSJDJwOGPS[BEBHP[BSgEFMBTHBSBOUrBTKVEJDJBMFTBOUFVOBDPSUF
PVOUSJCVOBMEFKVTUJDJBDPNQFUFOUFJOEFQFOEJFOUFFJNQBSDJBM
FTUBCMFDJEPQPSMBMFZ
(6Ê"1"3"130'&4*0/"-&4/
$/PSNBTEFDMBSBUPSJBT
%FDMBSBDJwO6OJWFSTBMEF%FSFDIPT)VNBOPT
"EPQUBEBZQSPDMBNBEBQPSMB"TBNCMFB(FOFSBMFOTVSFTPMVDJwO"***
EF
EFEJDJFNCSFEF
"SUrDVMP
5PEBQFSTPOBUJFOFEFSFDIPFODPOEJDJPOFTEFQMFOBJHVBMEBEBTFSPrEBQ|CMJDB
NFOUFZDPOKVTUJDJBQPSVOUSJCVOBMJOEFQFOEJFOUFFJNQBSDJBMQBSBMBEFUFSNJOBDJwO
EFTVTEFSFDIPTZPCMJHBDJPOFTPQBSBFMFYBNFOEFDVBMRVJFSBDVTBDJwODPOUSBFMMB
FONBUFSJBQFOBM
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
%FDMBSBDJwOTPCSFFMEFSFDIPZFMEFCFSEFMPTJOEJWJEVPTMPT
HSVQPTZMBTJOTUJUVDJPOFTEFQSPNPWFSZQSPUFHFSMPTEFSFDIPT
IVNBOPTZMBTMJCFSUBEFTGVOEBNFOUBMFTVOJWFSTBMNFOUF
SFDPOPDJEPT
3FTPMVDJwOEFMB"TBNCMFB(FOFSBMBEPQUBEBFMEF
NBS[PEF
"SUrDVMP
<©>5PEBQFSTPOBDVZPTEFSFDIPTPMJCFSUBEFTIBZBOTJEPQSFTVOUBNFOUF
WJPMBEPTUJFOFFMEFSFDIPCJFOQPSTrNJTNBPQPSDPOEVDUPEFVOSFQSFTFO
UBOUFMFHBMNFOUFBVUPSJ[BEPBQSFTFOUBSVOBEFOVODJBBOUFVOBBVUPSJEBE
KVEJDJBMJOEFQFOEJFOUFJNQBSDJBMZDPNQFUFOUFPDVBMRVJFSPUSBBVUPSJEBE
FTUBCMFDJEBQPSMBMFZZBRVFFTBEFOVODJBTFBFYBNJOBEBSgQJEBNFOUFFO
BVEJFODJBQ|CMJDBZBPCUFOFSEFFTBBVUPSJEBEVOBEFDJTJwOEFDPOGPSNJEBE
DPOMBMFZRVFEJTQPOHBMBSFQBSBDJwOJODMVJEBMBJOEFNOJ[BDJwORVFDPSSFT
QPOEBDVBOEPTFIBZBOWJPMBEPMPTEFSFDIPTPMJCFSUBEFTEFFTBQFSTPOB
BTrDPNPBPCUFOFSMBFKFDVDJwOEFMBFWFOUVBMEFDJTJwOZTFOUFODJBUPEP
FMMPTJOEFNPSBJOEFCJEB
(6Ê"1"3"130'&4*0/"-&4/
%0USPTFTUgOEBSFT
3FTPMVDJwOEFMB$PNJTJwOEF%FSFDIPT)VNBOPT
"EPQUBEBTJOWPUBDJwOEFBCSJMEF
-BJOEFQFOEFODJBFJNQBSDJBMJEBEEFMQPEFSKVEJDJBMMPTKVSBEPTZBTFTPSFT
ZMBJOEFQFOEFODJBEFMPTBCPHBEPT
-B$PNJTJwOEF%FSFDIPT)VNBOPT
1JEFBUPEPTMPTHPCJFSOPTRVFSFTQFUFOZEFGJFOEBOMBJOEFQFOEFODJBEF
MPTNBHJTUSBEPTZBCPHBEPTZDPOFTUFGJOBEPQUFONFEJEBTMFHJTMBUJWBT
QBSBFMDVNQMJNJFOUPEFMBMFZVPUSBTNFEJEBTFGJDBDFTBQSPQJBEBTRVFMFT
QFSNJUBOEFTFNQFvBSTVTGVODJPOFTQSPGFTJPOBMFTTJOOJOH|OUJQPEFIPTUJ
HBNJFOUPPJOUJNJEBDJwO
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
3FTPMVDJwOEFMB$PNJTJwOEF%FSFDIPT)VNBOPT
"EPQUBEBQPSWPUPTDPOUSBDPOBCTUFODJPOFTFMEFBCSJMEF
*OUFHSJEBEEFMTJTUFNBKVEJDJBM
-B$PNJTJwOEF%FSFDIPT)VNBOPT
3FJUFSBRVFUPEBQFSTPOBUJFOFEFSFDIPFODPOEJDJPOFTEFQMFOBJHVBMEBEB
TFSPrEBQ|CMJDBNFOUFZDPOKVTUJDJBQPSVOUSJCVOBMJOEFQFOEJFOUFFJNQBSDJBM
QBSBMBEFUFSNJOBDJwOEFTVTEFSFDIPTZPCMJHBDJPOFTPQBSBFMFYBNFOEF
DVBMRVJFSBDVTBDJwODPOUSBFMMBFONBUFSJBQFOBM
3FJUFSBUBNCJnORVFUPEBQFSTPOBUJFOFEFSFDIPBTFSFOKVJDJBEBBOUFUSJCV
OBMFTPKV[HBEPTPSEJOBSJPTNFEJBOUFQSPDFEJNJFOUPTKVSrEJDPTEFCJEBNFOUF
FTUBCMFDJEPTZRVFOPIBCSgOEFDSFBSTFUSJCVOBMFTRVFOPBQMJRVFOFTPT
QSPDFEJNJFOUPTZTFBSSPHVFOMBKVSJTEJDDJwOQSPQJBEFMPTUSJCVOBMFTKVEJDJBMFT
PEFMPTKV[HBEPTPSEJOBSJPT
3FJUFSBBEFNgTRVFUPEBQFSTPOBUJFOFEFSFDIPBTFSPrEBQ|CMJDBNFOUFQPS
VOUSJCVOBMDPNQFUFOUFJOEFQFOEJFOUFFJNQBSDJBMFTUBCMFDJEPQPSMBMFZ
<©>
4VCSBZBRVFUPEPUSJCVOBMRVFKV[HVFBVOBQFSTPOBBDVTBEBEFEFMJUPEFCFSg
CBTBSTFFOMPTQSJODJQJPTEFJOEFQFOEFODJBFJNQBSDJBMJEBE
(6Ê"1"3"130'&4*0/"-&4/
$wEJHPEFDPOEVDUBQSPGFTJPOBMEFMPTBCPHBEPTBOUFMB$PSUF
1FOBM*OUFSOBDJPOBM
"QSPCBEPQPSDPOTFOTPFOMBUFSDFSBTFTJwOQMFOBSJBFMEFEJDJFNCSFEF
$BQrUVMP%JTQPTJDJPOFTHFOFSBMFT
<©>
"SUrDVMP*OEFQFOEFODJBEFMBCPHBEP
&MBCPHBEPBDUVBSgDPOJOUFHSJEBEJOEFQFOEFODJBZMJCFSUBE
&MBCPHBEPOPEFCFSg
B QFSNJUJSRVFTVJOUFHSJEBEJOEFQFOEFODJBPMJCFSUBERVFEFODPNQSP
NFUJEBTQPSQSFTJPOFTFYUFSOBT
C DPNQPSUBSTFEFNPEPRVFTVTDJUFTPTQFDIBTSB[POBCMFTEFRVFTV
JOEFQFOEFODJBFTUgDPNQSPNFUJEB
"SUrDVMP$POEVDUBQSPGFTJPOBMEFMBCPHBEP
&MBCPHBEPTFDPOEVDJSgDPOSFTQFUPZDPSUFTrBFOTVTSFMBDJPOFTDPOMBT
4BMBTFM'JTDBMZFMQFSTPOBMEFMB'JTDBMrBFM4FDSFUBSJPZFMQFSTPOBMEFMB
4FDSFUBSrBFMDMJFOUFMPTBCPHBEPTEFMBTPUSBTQBSUFTMPTBDVTBEPTMBT
WrDUJNBTMPTUFTUJHPTZDVBMFTRVJFSBPUSBTQFSTPOBTRVFQBSUJDJQFOFOMBT
BDUVBDJPOFT
&MBCPHBEPUFOESgVOBMUPOJWFMEFDPNQFUFODJBFOMBMFHJTMBDJwOBQMJDBCMF
BOUFMB$PSUFZBUBMFGFDUPQBSUJDJQBSgFOUPEBTMBTJOJDJBUJWBTEFGPSNBDJwO
OFDFTBSJBTQBSBNBOUFOFSFTBDPNQFUFODJB
&MBCPHBEPDVNQMJSgFOUPEPNPNFOUPMPEJTQVFTUPFOFM&TUBUVUPMBT3FHMBT
EF1SPDFEJNJFOUPZ1SVFCBFM3FHMBNFOUPEFMB$PSUFZUPEBTMBTEJTQPTJDJP
OFTSFMBUJWBTBMBDPOEVDUBZFMQSPDFEJNJFOUPRVFQVFEBBQSPCBSMB$PSUF
JODMVJEBTMBTRVFTFSFGJFSBOBMDVNQMJNJFOUPEFFTUF$wEJHP
&MBCPHBEPTVQFSWJTBSgFMUSBCBKPEFTVTBZVEBOUFTZEFMSFTUPEFQFSTPOBMB
TVTwSEFOFTJODMVJEPTJOWFTUJHBEPSFTBTJTUFOUFTKVSrEJDPTZBOBMJTUBTQBSB
BTFHVSBSTFEFRVFDVNQMFOFMQSFTFOUF$wEJHP
"SUrDVMP3FTQFUPEFMTFDSFUPQSPGFTJPOBMZMBDPOGJEFODJBMJEBE
&MBCPHBEPSFTQFUBSgZWFMBSgBDUJWBNFOUFQPSFMSFTQFUPEFMTFDSFUPQSPGF
TJPOBMZMBDPOGJEFODJBMJEBEEFMBJOGPSNBDJwOEFDPOGPSNJEBEDPOFM&TUBUVUP
MBT3FHMBTEF1SPDFEJNJFOUPZ1SVFCBZFM3FHMBNFOUPEFMB$PSUF
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
-BTEJTQPTJDJPOFTQFSUJOFOUFTBRVFTFIBDFSFGFSFODJBFOFMQgSSBGPEF
FTUFBSUrDVMPJODMVZFOFOUSFPUSBTFMJODJTPD
EFMQgSSBGPEFMBSUrDVMP
FMQgSSBGPEFMBSUrDVMPFMJODJTPC
EFMQgSSBGPEFMBSUrDVMPFMBSUr
DVMPZFMBSUrDVMPEFM&TUBUVUPMBTSFHMBTZEFMBT3FHMBTEF
1SPDFEJNJFOUPZ1SVFCBZMBOPSNBEFM3FHMBNFOUPEFMB$PSUF&MBCPHBEP
UBNCJnOEFCFSgDVNQMJSMBTEJTQPTJDJPOFTQFSUJOFOUFTEFMQSFTFOUF$wEJHPZ
MBTSFTPMVDJPOFTEFMB$PSUF
&MBCPHBEPTwMPQPESgSFWFMBSMBJOGPSNBDJwOQSPUFHJEBFOWJSUVEEFMPT
QgSSBGPTZEFMQSFTFOUFBSUrDVMPBMPTBCPHBEPTBZVEBOUFTZBMSFTUP
EFMQFSTPOBMRVFTFPDVQFEFMBDBVTBDPODSFUBDPORVFHVBSEFSFMBDJwOMB
JOGPSNBDJwOZFMMP|OJDBNFOUFQBSBQFSNJUJSFMEFTFNQFvPEFTVTGVODJPOFT
FOSFMBDJwODPOFTBDBVTB
"SFTFSWBEFMPEJTQVFTUPFOFMQgSSBGPEFFTUFBSUrDVMPFMBCPHBEPTPMB
NFOUFQPESgEJGVOEJSMBJOGPSNBDJwOQSPUFHJEBFOWJSUVEEFMPTQgSSBGPTZ
EFFTUFBSUrDVMPDVBOEPBTrTFQSFWFBFOVOBEFUFSNJOBEBEJTQPTJDJwOEFM
&TUBUVUPMBT3FHMBTEF1SPDFEJNJFOUPZ1SVFCBFM3FHMBNFOUPEFMB$PSUF
PFMQSFTFOUF$wEJHPPDVBOEPMB$PSUFPSEFOFMBEJGVTJwOEFFTBJOGPSNB
DJwO&OQBSUJDVMBSFMBCPHBEPOPSFWFMBSgMBJEFOUJEBEEFMBTWrDUJNBTZMPT
UFTUJHPTQSPUFHJEPTPUPEBJOGPSNBDJwODPOGJEFODJBMRVFQVFEBEFTDVCSJSTV
JEFOUJEBEPQBSBEFSPBNFOPTRVFIBZBTJEPBVUPSJ[BEPBIBDFSMPQPSVOB
SFTPMVDJwOEFMB$PSUF
"SUrDVMP3FMBDJwOFOUSFFMBCPHBEPZFMDMJFOUF
&MBCPHBEPOPEJTDSJNJOBSgBOBEJFZFOQBSUJDVMBSBTVTDMJFOUFTQPSSB[wO
EFSB[BDPMPSPSJHFOOBDJPOBMPnUOJDPOBDJPOBMJEBEDJVEBEBOrBPQJOJPOFT
QPMrUJDBTDSFFODJBTSFMJHJPTBTTFYPPSJFOUBDJwOTFYVBMEJTDBQBDJEBEFTUBEP
DJWJMPDVBMRVJFSPUSBTJUVBDJwOQFSTPOBMPFDPOwNJDB
&OTVTSFMBDJPOFTDPOTVDMJFOUFFMBCPHBEPUFOESgFODVFOUBMBTDJSDVOTUBO
DJBTQFSTPOBMFTEFMNJTNPZTVTOFDFTJEBEFTFTQFDrGJDBTFOFTQFDJBMDVBOEP
SFQSFTFOUFBWrDUJNBTEFUPSUVSBEFWJPMFODJBTFYVBMGrTJDBPQTJDPMwHJDBBTr
DPNPBOJvPTBODJBOPTPEJTDBQBDJUBEPT
$VBOEPMBDBQBDJEBEEFVODMJFOUFQBSBUPNBSEFDJTJPOFTSFMBUJWBTBMB
SFQSFTFOUBDJwOFTUnMJNJUBEBQPSEJTDBQBDJEBENFOUBMPQPSDVBMRVJFSPUSB
SB[wOFMBCPHBEPJOGPSNBSgBM4FDSFUBSJPZBMB4BMBQFSUJOFOUF"TJNJTNP
BEPQUBSgMBTNFEJEBTOFDFTBSJBTQBSBBTFHVSBSVOBBEFDVBEBSFQSFTFOUB
DJwOMFHBMEFTVDMJFOUFEFDPOGPSNJEBEDPOFM&TUBUVUPZDPOMBT3FHMBTEF
1SPDFEJNJFOUPZ1SVFCB
&MBCPHBEPOPMMFWBSgBDBCPDPOEVDUBTJOEFCJEBTUBMFTDPNPTPMJDJUBSSFMB
DJPOFTTFYVBMFTDPBDDJPOBSJOUJNJEBSPFKFSDFSDVBMFTRVJFSBPUSBTJOGMVFODJBT
JOEFCJEBTFOTVTSFMBDJPOFTDPOFMDMJFOUF
(6Ê"1"3"130'&4*0/"-&4/
"SUrDVMP1VCMJDBDJwOEFJOGPSNBDJwO
&MBCPHBEPQPESgQVCMJDBSJOGPSNBDJwOTJFNQSFRVFnTUB
B TFBFYBDUBZ
C SFTQFUFMBTPCMJHBDJPOFTEFMBCPHBEPFOSFMBDJwODPOFMTFDSFUPQSPGFTJPOBM
ZMBDPOGJEFODJBMJEBE
$BQrUVMP3FQSFTFOUBDJwOQPSBCPHBEP
<©>
"SUrDVMP*NQFEJNFOUPTEFMBSFQSFTFOUBDJwO
6OBCPHBEPOPQPESgSFQSFTFOUBSBVODMJFOUFFOVOBDBVTB
B DVBOEPnMQFSTPOBMNFOUFPBMHVOPEFTVTBTPDJBEPTJOUFSWFOHBO
PIBZBOJOUFSWFOJEPFOMBNJTNBDBVTBPFOPUSBFTUSFDIBNFOUF
SFMBDJPOBEBFOSFQSFTFOUBDJwOEFPUSPDMJFOUFDVZPTJOUFSFTFTTFBO
JODPNQBUJCMFTDPOMPTEFMDMJFOUFBDUVBMTBMWPRVFBNCPTDMJFOUFT
VOBWF[DPOTVMUBEPTEFOTVDPOTFOUJNJFOUPP
C DVBOEPIBZBJOUFSWFOJEPPUFOJEPDPOPDJNJFOUPEFBMHVOBJOGPSNBDJwO
DPOGJEFODJBMFODBMJEBEEFGVODJPOBSJPEFMB$PSUFFOSFMBDJwODPOMB
DBVTBFOMBRVFFMBCPHBEPQSFUFOEFBDUVBS-B$PSUFTJOFNCBSHP
QPESgMFWBOUBSFTUFJNQFEJNFOUPBQFUJDJwOEFMBCPHBEPTJMPDPOTJ
EFSBKVTUJGJDBEPFOJOUFSnTEFMBKVTUJDJB"VOBTrFMBCPHBEPTFHVJSg
FTUBOEPPCMJHBEPBSFTQFUBSMBTPCMJHBDJPOFTEFDPOGJEFODJBMJEBE
EFSJWBEBTEFTVBOUJHVPQVFTUPDPNPGVODJPOBSJPEFMB$PSUF
&OFMDBTPFYQVFTUPFOFMBQBSUBEPB
EFMQgSSBGPEFFTUFBSUrDVMPDVBOEP
TFIBZBPCUFOJEPFMDPOTFOUJNJFOUPUSBTDPOTVMUBSBMPTDMJFOUFTFMBCPHBEP
JOGPSNBSgBMB4BMBEFMB$PSUFRVFTFPDVQFEFMBTJUVBDJwOPMBDBVTBEFM
DPOGMJDUPZEFMDPOTFOUJNJFOUPPCUFOJEP&TUBOPUJGJDBDJwOTFFGFDUVBSgEF
NBOFSBDPIFSFOUFDPOMBTPCMJHBDJPOFTEFDPOGJEFODJBMJEBEEFMBCPHBEP
FTUJQVMBEBTFOFMBSUrDVMPEFMQSFTFOUF$wEJHPZFMQgSSBGPEFMBSFHMB
EFMBT3FHMBTEF1SPDFEJNJFOUPZ1SVFCB
6OBCPHBEPOPBDUVBSgFOMPTQSPDFEJNJFOUPTFORVFIBZBVOBBMUBQSPCBCJ
MJEBEEFRVFnMQFSTPOBMNFOUFPBMHVOPEFTVTBTPDJBEPTEFCBDPNQBSFDFS
DPNPUFTUJHPTBMWPTJ
B FMUFTUJNPOJPTFSFGJFSFBVOBDVFTUJwOJODPOUSPWFSUJEBP
C FMUFTUJNPOJPTFSFGJFSFBMBOBUVSBMF[BZFMWBMPSEFMPTTFSWJDJPTKVSr
EJDPTRVFTFQSFTUBOFOMBDBVTB
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
&TUFBSUrDVMPTFBQMJDBSgTJOQFSKVJDJPEFMPEJTQVFTUPFOFMBSUrDVMPEFM
QSFTFOUF$wEJHP
"SUrDVMP3FDIB[PQPSFMBCPHBEPEFVONBOEBUPEFSFQSFTFOUBDJwO
&M BCPHBEP QPESg SFDIB[BS VO NBOEBUP TJO OFDFTJEBE EF KVTUJGJDBS TV
EFDJTJwO
&MBCPHBEPEFCFSgSFDIB[BSVONBOEBUPDVBOEP
B TVSKBFMDPOGMJDUPEFJOUFSFTFTQSFWJTUPFOFMBSUrDVMPEFMQSFTFOUF
$wEJHP
C OPQVFEBUSBNJUBSMBDBVTBDPOMBEJMJHFODJBEFCJEBP
D DPOTJEFSFRVFOPQPTFFMPTDPOPDJNJFOUPTUnDOJDPTOFDFTBSJPT
"SUrDVMP$VNQMJNJFOUPEFCVFOBGFEFMNBOEBUPEFSFQSFTFOUBDJwO
-BSFMBDJwOFOUSFFMDMJFOUFZTVBCPHBEPTFCBTBSgFOMBGSBORVF[BZMB
DPOGJBO[BRVFPCMJHBSgOBMBCPHBEPBBDUVBSEFCVFOBGFBMPDVQBSTFEFTV
DMJFOUF&ODVNQMJNJFOUPEFFTBPCMJHBDJwOFMBCPHBEPBDUVBSgTJFNQSFDPO
JNQBSDJBMJEBEJOUFHSJEBEZTJODFSJEBESFTQFDUPEFTVDMJFOUF
$VBOEPSFQSFTFOUFBVODMJFOUFFMBCPHBEP
B DVNQMJSgMBTEFDJTJPOFTEFMDMJFOUFSFMBUJWBTBMPTPCKFUJWPTEFTVSF
QSFTFOUBDJwOTJFNQSFRVFOPTFBOJODPNQBUJCMFTDPOMBTPCMJHBDJPOFT
EFMBCPHBEPEJNBOBOUFTEFM&TUBUVUPMBT3FHMBTEF1SPDFEJNJFOUPZ
1SVFCBZFMQSFTFOUF$wEJHPZ
C DPOTVMUBSgBMDMJFOUFTPCSFMPTNFEJPTJEwOFPTQBSBDPOTFHVJSMPT
PCKFUJWPTEFTVSFQSFTFOUBDJwO
"SUrDVMP$PNVOJDBDJwOFOUSFBCPHBEPZDMJFOUF
&MBCPHBEPEBSgBMDMJFOUFUPEBTMBTFYQMJDBDJPOFTSB[POBCMFNFOUFOFDFTB
SJBTQBSBRVFnTUFQVFEBUPNBSEFDJTJPOFTJOGPSNBEBTFOSFMBDJwODPOTV
SFQSFTFOUBDJwO
&ODBTPEFUFSNJOBDJwOPGJOEFMNBOEBUPFMBCPHBEPEFCFSgUSBTMBEBSUBO
QSPOUPDPNPTFBQPTJCMFBMFYDMJFOUFPBMBCPHBEPRVFMFTVTUJUVZBUPEP
EPDVNFOUPRVFIBZBSFDJCJEPSFMBUJWPBMBSFQSFTFOUBDJwOTJOQFSKVJDJPEF
MBTPCMJHBDJPOFTRVFTVCTJTUBOVOBWF[DPODMVJEBnTUB
&MBCPHBEPEFCFSgHBSBOUJ[BSMBDPOGJEFODJBMJEBEEFMBTDPNVOJDBDJPOFT
DPOTVDMJFOUF
(6Ê"1"3"130'&4*0/"-&4/
"SUrDVMP$POGMJDUPEFJOUFSFTFT
&MBCPHBEPWFMBSgQPSFWJUBSMBBQBSJDJwOEFDPOGMJDUPTEFJOUFSFTFT"TJNJTNP
BOUFQPOESgMPTJOUFSFTFTEFTVDMJFOUFBTVTQSPQJPTJOUFSFTFTPBMPTEF
DVBMRVJFSPUSBQFSTPOBPSHBOJ[BDJwOP&TUBEPUFOJFOEPEFCJEBNFOUFFO
DVFOUBMBTEJTQPTJDJPOFTEFM&TUBUVUPMBT3FHMBTEF1SPDFEJNJFOUPZ1SVFCB
ZFMQSFTFOUF$wEJHP
$VBOEPTFIBZBDPOUSBUBEPPOPNCSBEPBVOBCPHBEPDPNPSFQSFTFOUBOUF
DPN|OEFWrDUJNBTPEFEFUFSNJOBEPTHSVQPTEFWrDUJNBTFTUFBCPHBEP
JOGPSNBSgEFJONFEJBUPBTVTDMJFOUFTEFMBOBUVSBMF[BEFMBSFQSFTFOUBDJwO
ZEFMPTDPOGMJDUPTEFJOUFSFTFTRVFQPESrBOQSPEVDJSTFFOFMJOUFSJPSEF
DBEBHSVQP&MBCPHBEPPCSBSgDPOMBNgYJNBEJMJHFODJBQBSBBTFHVSBSVOB
SFQSFTFOUBDJwOJNQBSDJBMEFMBTEJGFSFOUFTBVORVFDPNQBUJCMFTQPTJDJPOFT
EFTVTDMJFOUFT
&ODBTPEFRVFTVSKBVODPOGMJDUPEFJOUFSFTFTFMBCPHBEPJOGPSNBSgJONF
EJBUBNFOUFEFMBFYJTUFODJBEFMNJTNPBUPEPTMPTDMJFOUFTRVFQVFEBOWFSTF
BGFDUBEPTZPQUBSgQPS
B SFOVODJBSBMBSFQSFTFOUBDJwOEFVOPPWBSJPTDMJFOUFTQSFWJPDPOTFO
UJNJFOUPEFMB4BMBP
C TPMJDJUBSFMDPOTFOUJNJFOUPQMFOPFJOGPSNBEPQPSFTDSJUPEFUPEPTMPT
DMJFOUFTRVFQVFEBOWFSTFBGFDUBEPTQPSFMDPOGMJDUPQBSBDPOUJOVBS
MBSFQSFTFOUBDJwO
"SUrDVMP%VSBDJwOEFMNBOEBUPEFSFQSFTFOUBDJwO
&MBCPHBEPBTFTPSBSgZSFQSFTFOUBSgBMDMJFOUFIBTUBRVF
B TFIBZBSFTVFMUPGJOBMNFOUFMBDBVTBBOUFMB$PSUFJODMVJEBTUPEBT
MBTBQFMBDJPOFT
C FMBCPHBEPTFIBZBSFUJSBEPEFMNBOEBUPEFDPOGPSNJEBEDPOMPT
BSUrDVMPTPEFMQSFTFOUF$wEJHPP
D FMBCPHBEPBTJHOBEPQPSMB$PSUFIBZBTJEPSFUJSBEP
-BTPCMJHBDJPOFTEFMBCPHBEPDPOFMDMJFOUFDPOUJOVBSgOIBTUBRVFIBZBGJOB
MJ[BEPMBSFQSFTFOUBDJwOTBMWPFOFMDBTPEFMBTPCMJHBDJPOFTRVFTVCTJTUBO
DPOBSSFHMPBMQSFTFOUF$wEJHP
"SUrDVMP5FSNJOBDJwOEFMBSFQSFTFOUBDJwO
1SFWJPDPOTFOUJNJFOUPEFMB4BMBFMBCPHBEPQVFEFSFUJSBSTFEFVONBOEBUP
EFSFQSFTFOUBDJwOEFDPOGPSNJEBEDPOFM3FHMBNFOUPEFMB$PSUFTJFNQSF
RVF
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
B FMDMJFOUFJOTJTUBFOQFSTFHVJSVOPCKFUJWPRVFFMBCPHBEPDPOTJEFSF
SFQSPCBCMFP
C FMDMJFOUFJODVNQMBVOBPCMJHBDJwODPOTVBCPHBEPSFMBUJWBBMPT
TFSWJDJPTEFnTUFEFTQVnTEFRVFFMDMJFOUFIBZBTJEPBEWFSUJEP
SB[POBCMFNFOUFEFRVFFMBCPHBEPSFOVODJBSgTJQFSTJTUFFOFM
JODVNQMJNJFOUP
4JFMBCPHBEPTFSFUJSBEFMNBOEBUPTFHVJSgTPNFUJEPBMBTPCMJHBDJPOFT
DPOUFOJEBTFOFMBSUrDVMPEFMQSFTFOUF$wEJHPBTrDPNPFOMBTEJTQPTJ
DJPOFTEFM&TUBUVUPZMBT3FHMBTEF1SPDFEJNJFOUPZ1SVFCBSFMBUJWBTBMB
DPOGJEFODJBMJEBE
$VBOEPFMDMJFOUFEFDJEBBOVMBSFMNBOEBUPTVTDSJUPDPOFMBCPHBEPnTUF
RVFEBSgMJCSFEFTVTPCMJHBDJPOFTEFDPOGPSNJEBEDPOFM3FHMBNFOUPEFMB
$PSUF
$VBOEPMBTDPOEJDJPOFTGrTJDBTPNFOUBMFTEFMBCPHBEPNFOPTDBCFOTVDB
QBDJEBEQBSBSFQSFTFOUBSBMDMJFOUFMB4BMBQPESgSFUJSBSMFMBSFQSFTFOUBDJwO
BQFUJDJwOQSPQJBPBQFUJDJwOEFMDMJFOUFPEFM4FDSFUBSJPEFMB$PSUF
"EFNgTEFDVNQMJSMBTPCMJHBDJPOFTFTUJQVMBEBTFOFMQgSSBGPEFMBSUrDVMP
EFMQSFTFOUF$wEJHPFMBCPHBEPEFCFSgFOUSFHBSBMBCPHBEPRVFMFTVTUJUVZB
FMFYQFEJFOUFDPNQMFUPEFMBDBVTBDPOJODMVTJwOEFDVBMFTRVJFSBNBUFSJBMFT
PEPDVNFOUPTSFMBDJPOBEPTDPOFMNJTNP
"SUrDVMP$POTFSWBDJwOEFMPTBSDIJWPT
$PODMVJEBMBSFQSFTFOUBDJwOFMBCPHBEPNBOUFOESgEVSBOUFDJODPBvPTMPTBSDIJWPT
RVFDPOUFOHBOMBEPDVNFOUBDJwOZMPTSFHJTUSPTEFMUSBCBKPSFBMJ[BEPFODVNQMJ
NJFOUPEFMNBOEBUPEFSFQSFTFOUBDJwO&MBCPHBEPQFSNJUJSgBMBOUJHVPDMJFOUFMB
JOTQFDDJwOEFMPTBSDIJWPTBNFOPTRVFUFOHBSB[POFTGVOEBEBTQBSBPQPOFSTFB
FMMP5SBOTDVSSJEPFTUFQMB[PFMBCPHBEPQFEJSgJOTUSVDDJPOFTBMBOUJHVPDMJFOUFB
TVTIFSFEFSPTPBM4FDSFUBSJPTPCSFFMEFTUJOP¾OBMEFMPTBSDIJWPTDPOFMEFCJEP
SFTQFUPBMBDPO¾EFODJBMJEBE
"SUrDVMP)POPSBSJPTEFMBCPHBEP
"OUFTEFFTUBCMFDFSFMNBOEBUPEFSFQSFTFOUBDJwOFMBCPHBEPJOGPSNBSgBMDMJFOUF
QPSFTDSJUPEFTVTIPOPSBSJPTZEFMDSJUFSJPTFHVJEPQBSB¾KBSMPTMBCBTFQBSBFM
DgMDVMPEFMPTHBTUPTFMTJTUFNBEFGBDUVSBDJwOZFMEFSFDIPEFMDMJFOUFBSFDJCJS
VOBGBDUVSBEFMPTHBTUPT
"SUrDVMP1SPIJCJDJPOFT
4JOQFSKVJDJPEFMPEJTQVFTUPFOFMBSUrDVMPFMBCPHBEPOPBDFQUBSgOJOHVOB
SFNVOFSBDJwOFOFGFDUJWPPFOFTQFDJFRVFOPQSPDFEBEFTVQSPQJPDMJFOUF
(6Ê"1"3"130'&4*0/"-&4/
TBMWPTJFTUFEBTVDPOTFOUJNJFOUPQPSFTDSJUPUSBTIBCFSTJEPDPOTVMUBEPZ
TJFNQSFRVFMBJOEFQFOEFODJBEFMBCPHBEPZTVSFMBDJwODPOFMDMJFOUFOP
SFTVMUFOBGFDUBEBT
&MBCPHBEPOPTVQFEJUBSgOVODBTVTIPOPSBSJPTBMEFTFOMBDFEFMBDBVTBFO
MBRVFQBSUJDJQF
&MBCPHBEPOPNF[DMBSgGPOEPTEFVODMJFOUFDPOTVTQSPQJPTGPOEPTPMPTEFM
HBCJOFUFKVSrEJDPFORVFFTUnFNQMFBEPPMPTEFTVTBTPDJBEPT&MBCPHBEP
OPSFUFOESgFMEJOFSPSFDJCJEPFOOPNCSFEFVODMJFOUF
&MBCPHBEPOPUPNBSgQSFTUBEPEJOFSPOJCJFOFTEFMDMJFOUF
"SUrDVMP3FNVOFSBDJwOEFMBCPHBEPFOFMNBSDPEFMBBTJTUFODJBMFUSBEB
-PTIPOPSBSJPTEFVOBCPHBEPDVBOEPTVDMJFOUFTFCFOFGJDJBEFMBBTJTUFODJB
MFUSBEBTFSgOQBHBEPTFYDMVTJWBNFOUFQPSMB4FDSFUBSrBEFMB$PSUF&MBCP
HBEPOPBDFQUBSgSFUSJCVDJwOBMHVOBFOFGFDUJWPPFOFTQFDJFEFDVBMRVJFS
PUSBQSPDFEFODJB
&MBCPHBEPOPFOUSFHBSgOJQSFTUBSgUPUBMPQBSDJBMNFOUFMPTIPOPSBSJPT
SFDJCJEPTQPSMBSFQSFTFOUBDJwOEFVODMJFOUFPDVBMRVJFSPUSPCJFOPEJOF
SPBEJDIPDMJFOUFPBTVTGBNJMJBSFTPBQFSTPOBTSFMBDJPOBEBTDPOnMOJ
UBNQPDPBVOBUFSDFSBQFSTPOBVPSHBOJ[BDJwOFORVFFMDMJFOUFUFOHBVO
JOUFSnTQFSTPOBM
&MBCPHBEPGJSNBSgVODPNQSPNJTPEFSFTQFUBSMBTPCMJHBDJPOFTEJNBOBOUFT
EFMQSFTFOUFBSUrDVMPBMBDFQUBSTVEFTJHOBDJwOQBSBQSFTUBSBTJTUFODJBMFUSBEB
&MDPNQSPNJTPGJSNBEPTFFOWJBSgBMB4FDSFUBSrB
$VBOEPTFSFRVJFSBJOEV[DBPBMJFOUFBVOBCPHBEPBRVFJODVNQMBMBT
PCMJHBDJPOFTFTUJQVMBEBTFOFTUFBSUrDVMPFMBCPHBEPBEWFSUJSgBMDMJFOUFEF
RVFFTBDPOEVDUBFTUgQSPIJCJEB
&MJODVNQMJNJFOUPQPSVOBCPHBEPEFDVBMRVJFSBEFMBTPCMJHBDJPOFTEJ
NBOBOUFTEFMQSFTFOUFBSUrDVMPTFDPOTJEFSBSgDPOEVDUBJOEFCJEBZFTUBSg
TPNFUJEPBMQSPDFEJNJFOUPEJTDJQMJOBSJPQSFWJTUPFOFMQSFTFOUF$wEJHP&TUF
QSPDFEJNJFOUPQVFEFDPOEVDJSBMBQSPIJCJDJwOQFSNBOFOUFEFMBQSgDUJDB
QSPGFTJPOBMBOUFMB$PSUFZBMBFMJNJOBDJwOEFMTBODJPOBEPEFMBMJTUBEF
BCPHBEPTDPODPNVOJDBDJwOBMBBVUPSJEBEOBDJPOBMSFTQFDUJWB
$BQrUVMP3FMBDJPOFTDPOMB$PSUFZDPOUFSDFSPT
"SUrDVMP$PNVOJDBDJwODPOMBT4BMBTZMPTNBHJTUSBEPT
4BMWPRVFFMNBHJTUSBEPPMB4BMBRVFTFPDVQFOEFVOBDBVTBMPQFSNJUBOFODJS
DVOTUBODJBTFYDFQDJPOBMFTFMBCPHBEPOPQPESg
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
B QPOFSTFFODPOUBDUPDPOVONBHJTUSBEPOJDPOMB4BMBFOSFMBDJwODPOFMGPOEP
EFVOBDBVTBDPODSFUBBOPTFSRVFTFBEFOUSPEFMNBSDPEFMQSPDFTPP
C USBOTNJUJSQSVFCBTOPUBTPEPDVNFOUPTBVONBHJTUSBEPPBMB4BMBQPSPUSP
DBVDFRVFOPTFBMB4FDSFUBSrB
"SUrDVMP0CMJHBDJPOFTDPOMB$PSUF
&MBCPHBEPBEPQUBSgUPEBTMBTNFEJEBTOFDFTBSJBTQBSBRVFOJTVTBDDJPOFT
OJMBTEFTVTBZVEBOUFTPTVQFSTPOBMQFSUVSCFOMBTBDUVBDJPOFTFODVSTPP
DBVTFOEFTQSFTUJHJPBMB$PSUF
&MBCPHBEPTFSgQFSTPOBMNFOUFSFTQPOTBCMFEFMBUSBNJUBDJwOZEFMBQSF
TFOUBDJwOEFMBDBVTBEFTVDMJFOUFZFKFSDFSgTVKVJDJPQFSTPOBMTPCSFFM
DPOUFOJEPZQSPQwTJUPEFMBTEFDMBSBDJPOFTFGFDUVBEBTZEFMBTQSFHVOUBT
GPSNVMBEBT
&MBCPHBEPOPFOHBvBSgBMB$PSUFOJMBJOEVDJSgEFMJCFSBEBNFOUFBFSSPS
"TJNJTNPUPNBSgUPEBTMBTNFEJEBTOFDFTBSJBTQBSBDPSSFHJSMBTEFDMBSBDJPOFT
FSSwOFBTFGFDUVBEBTQPSnMPQPSTVTBZVEBOUFTPTVQFSTPOBMUBOQSPOUP
DPNPTFBQPTJCMFEFTQVnTEFUFOFSDPOPDJNJFOUPEFMBFRVJWPDBDJwO
&MBCPHBEPOPQSFTFOUBSgOJOHVOBQFUJDJwOPEPDVNFOUPBMB$PSUFDPOFM|OJ
DPQSPQwTJUPEFQFSKVEJDBSBVOPPWBSJPTQBSUJDJQBOUFTFOMBTBDUVBDJPOFT
&MBCPHBEPSFQSFTFOUBSgBMDMJFOUFTJOEJMBDJwOBMHVOBBGJOEFFWJUBSHBTUPT
JOOFDFTBSJPTPSFUSBTPTFOMBTBDUVBDJPOFT
"SUrDVMP1SVFCBT
&MBCPHBEPSFTQPOEFSgFOUPEPNPNFOUPEFMBJOUFHSJEBEEFMBTQSVFCBT
QSFTFOUBEBTBMB$PSUFZBTFBOFTDSJUBTPSBMFTPFOPUSBGPSNB&MBCPHBEP
OPQSFTFOUBSgQSVFCBTDVBOEPTFBDPOTDJFOUFEFTVGBMTFEBE
4JFMBCPHBEPBMSFVOJSQSVFCBTDSFFSB[POBCMFNFOUFRVFMBTQSVFCBT
FODPOUSBEBTQVFEFOTFSEFTUSVJEBTPGBMTJGJDBEBTQFEJSgBMB4BMBRVFEJDUF
VOBPSEFOQBSBPCUFOFSQSVFCBTDPOGPSNFBMBSFHMBEFMBT3FHMBTEF
1SPDFEJNJFOUPZ1SVFCB
"SUrDVMP3FMBDJPOFTDPOQFSTPOBTTJOSFQSFTFOUBDJwOMFHBM
&MBCPHBEPQPESgDPNVOJDBSTFDPOQFSTPOBTTJOSFQSFTFOUBDJwOMFHBMFO
JOUFSnTEFTVDMJFOUFTJBTrMPFYJHFMBSFQSFTFOUBDJwO
&OUBMTVQVFTUPFMBCPHBEP
B MFTJOGPSNBSgEFTVEFSFDIPBTFSBTJTUJEBTQPSVOBCPHBEPZTJQSP
DFEFEFTVEFSFDIPBEJTQPOFSEFBTJTUFODJBMFUSBEBZ
(6Ê"1"3"130'&4*0/"-&4/
C TJOJOGSJOHJSMBDPOGJEFODJBMJEBEEFMBSFMBDJwOEFDPOGJBO[BFOUSF
BCPHBEPZDMJFOUFMFTJOGPSNBSgEFMJOUFSnTRVFSFQSFTFOUBZEFM
QSPQwTJUPEFMBDPNVOJDBDJwO
4JFMBCPHBEPBEWJSUJFSBMBQPTJCJMJEBEEFVODPOGMJDUPEFJOUFSFTFTFOFMDVSTP
EFVOBDPNVOJDBDJwOPEFVOBSFVOJwODPOVOBQFSTPOBTJOSFQSFTFOUBDJwO
TJOQFSKVJDJPEFMPEJTQVFTUPFOFMQgSSBGPEFFTUFBSUrDVMPTFBCTUFOESg
JONFEJBUBNFOUFEFNBOUFOFSOVFWBTDPNVOJDBDJPOFTPSFVOJPOFTDPOEJDIB
QFSTPOB
"SUrDVMP3FMBDJPOFTDPOPUSPTBCPHBEPT
&OFMUSBUPDPOPUSPTBCPHBEPTZTVTDMJFOUFTFMBCPHBEPBDUVBSgDPOJNQBS
DJBMJEBEEFCVFOBGFZDPSUnTNFOUF
-BDPSSFTQPOEFODJBFOUSFBCPHBEPTRVFSFQSFTFOUFOBDMJFOUFTDPOJOUFSFTFT
DPNVOFTFOVOBDVFTUJwOTFBDPOUFODJPTBPOPZRVFBDVFSEFOJOUFSDBN
CJBSJOGPSNBDJwOTPCSFMBNJTNBTFSgDPOTJEFSBEBQPSMPTBCPHBEPTDPNP
TPNFUJEBBMTFDSFUPQSPGFTJPOBMZMBDPOGJEFODJBMJEBE
&OFMDBTPEFRVFVOBCPHBEPFOUJFOEBRVFEFUFSNJOBEBDPSSFTQPOEFODJB
FOUSFBCPHBEPTOPFTDPOGJEFODJBMBTrMPEFDMBSBSgEFTEFFMQSJODJQJP
"SUrDVMP3FMBDJPOFTDPOQFSTPOBTRVFZBFTUgOSFQSFTFOUBEBTQPSVO
BCPHBEP
&MBCPHBEPOPTFEJSJHJSgEJSFDUBNFOUFBMDMJFOUFEFPUSPBCPHBEPBOPTFSBUSBWnT
EFFTUF|MUJNPPDPOTVBVUPSJ[BDJwO
"SUrDVMP3FMBDJPOFTDPOMPTUFTUJHPTZMBTWrDUJNBT
&MBCPHBEPOPJOUJNJEBSgBDPTBSgPIVNJMMBSgBMPTUFTUJHPTPMBTWrDUJNBTOJ
MFTTPNFUFSgBQSFTJPOFTEFTQSPQPSDJPOBEBTPJOOFDFTBSJBTEFOUSPPGVFSB
EFMBTBMBEFBVEJFODJBT
&MBCPHBEPUFOESgFTQFDJBMDPOTJEFSBDJwOIBDJBMBTWrDUJNBTEFUPSUVSBTPEF
WJPMFODJBTFYVBMGrTJDBPQTJDPMwHJDBBTrDPNPIBDJBMPTOJvPTMPTBODJBOPT
ZMPTEJTDBQBDJUBEPT
$BQrUVMP3nHJNFOEJTDJQMJOBSJP
"SUrDVMP$POGMJDUPDPOPUSPTSFHrNFOFTEJTDJQMJOBSJPT
"SFTFSWBEFMPEJTQVFTUPFOFMBSUrDVMPEFFTUF$wEJHPFMQSFTFOUFDBQrUVMPTF
BQMJDBSgTJOQFSKVJDJPEFMBGBDVMUBEEJTDJQMJOBSJBEFDVBMFTRVJFSBPUSBTBVUPSJEBEFT
EJTDJQMJOBSJBTRVFQVFEBOBDUVBSTPCSFFMBCPHBEPRVFTFFODVFOUSFTVKFUPBM
QSFTFOUF$wEJHP
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
"SUrDVMP$POEVDUBJOEFCJEB
&MBCPHBEPJODVSSJSgFOVOBDPOEVDUBJOEFCJEBDVBOEP
B JOGSJOKBPJOUFOUFJOGSJOHJSDVBMRVJFSBEFMBTEJTQPTJDJPOFTEFFTUF$wEJHP
FM&TUBUVUPMBT3FHMBTEF1SPDFEJNJFOUPZ1SVFCBZFM3FHMBNFOUPEFMB
$PSUFPEFMB4FDSFUBSrBRVFMFJNQPOHBOVOBPCMJHBDJwOnUJDBPQSPGFTJPOBM
JNQPSUBOUF
C BZVEFPJOEV[DBEFMJCFSBEBNFOUFBPUSBQFSTPOBBJODVSSJSFOMBDPOEVDUB
JOEFCJEBBRVFTFSFGJFSFFMQgSSBGPB
EFMQSFTFOUFBSUrDVMPPMPIBHBQPS
JOUFSNFEJPEFVOUFSDFSPP
D OPDVNQMBVOBSFTPMVDJwOEJTDJQMJOBSJBEJDUBEBFOBQMJDBDJwOEFMQSFTFOUF
DBQrUVMP
"SUrDVMP3FTQPOTBCJMJEBEQPSMBDPOEVDUBEFMPTBZVEBOUFTPEFMSFTUP
EFMQFSTPOBM
&MBCPHBEPTFSgSFTQPOTBCMFEFMBDPOEVDUBJOEFCJEBBRVFTFSFGJFSFFM
BSUrDVMPEFMQSFTFOUF$wEJHPDPNFUJEBQPSTVTBZVEBOUFTPFMSFTUPEFM
QFSTPOBMDVBOEP
B IBZBPSEFOBEPPBQSPCBEPMBDPOEVDUBEFRVFTFUSBUFP
C DPOP[DBPEJTQPOHBEFJOGPSNBDJwORVFJOEJRVFRVFQVFEFODPNF
UFSTFJOGSBDDJPOFTZOPUPNFMBTNFEJEBTSB[POBCMFTQBSBJNQFEJS
TVDPNJTJwO
&MBCPHBEPJOGPSNBSgBTVTBZVEBOUFTPQFSTPOBMEFMBTOPSNBTBQMJDBCMFT
FOWJSUVEEFFTUF$wEJHP
"SUrDVMP&M$PNJTBSJP
-B1SFTJEFODJBOPNCSBSgQPSVOQFSrPEPEFDVBUSPBvPTVO$PNJTBSJPFODBS
HBEPEFJOWFTUJHBSMBTRVFKBTEFDPOEVDUBJOEFCJEBEFDPOGPSNJEBEDPOFTUF
DBQrUVMP&M$PNJTBSJPTFSgFMFHJEPFOUSFQFSTPOBTEFSFDPOPDJEBDPNQFUFODJB
FOnUJDBQSPGFTJPOBMZBTVOUPTKVSrEJDPT
&M$PNJTBSJPOPQPESgTFSOPNCSBEPVOBTFHVOEBWF[$VBOEPVO$PNJTBSJP
FTUnMMFWBOEPBDBCPVOBJOWFTUJHBDJwOBMFYQJSBSTVNBOEBUPTFHVJSgSFBMJ
[BOEPFTBJOWFTUJHBDJwOIBTUBTVDPODMVTJwO
"SUrDVMP1SFTFOUBDJwOEFRVFKBTEFDPOEVDUBJOEFCJEB
1PESgOQSFTFOUBSBMB4FDSFUBSrBRVFKBTDPOUSBBCPHBEPTFOSFMBDJwODPOMBT
DPOEVDUBTJOEFCJEBTRVFTFNFODJPOBOFOMPTBSUrDVMPTZEFMQSFTFOUF
$wEJHP
(6Ê"1"3"130'&4*0/"-&4/
B MB4BMBRVFTFPDVQFEFMBDBVTB
C FM'JTDBMP
D UPEBQFSTPOBPHSVQPEFQFSTPOBTDVZPTEFSFDIPTPJOUFSFTFTQVFEBO
IBCFSTFWJTUPBGFDUBEPTQPSMBQSFTVOUBDPOEVDUBJOEFCJEB
-BRVFKBTFQSFTFOUBSgQPSFTDSJUPPTJFMEFOVODJBOUFOPQVEJFSBIBDFSMP
EFWJWBWP[BOUFVOGVODJPOBSJPEFMB4FDSFUBSrB&OFMMBTFJEFOUJGJDBSgBM
EFOVODJBOUFZBMBCPHBEPDPOUSBFMRVFTFQSFTFOUBMBRVFKBZTFEFTDSJCJSg
DPOTVGJDJFOUFHSBEPEFEFUBMMFMBQSFTVOUBDPOEVDUBJOEFCJEB
&M4FDSFUBSJPUSBTMBEBSgMBRVFKBBM$PNJTBSJP
&M4FDSFUBSJPQPESgQPSQSPQJBJOJDJBUJWBQSFTFOUBSBM$PNJTBSJPRVFKBT
SFMBUJWBTBMBDPOEVDUBJOEFCJEBBMBRVFTFSFGJFSFOMPTBSUrDVMPTZEFM
QSFTFOUF$wEJHP
&M4FDSFUBSJPEBSgDBSgDUFSDPOGJEFODJBMBUPEBTMBTRVFKBTSFDJCJEBT
"SUrDVMP1SFTDSJQDJwO
&MEFSFDIPBQSFTFOUBSVOBRVFKBEFDPOEVDUBJOEFCJEBDPOUSBVOBCPHBEPQSFTDSJCJSg
USBOTDVSSJEPTDJODPBvPTBQBSUJSEFMBFYQJSBDJwOEFMNBOEBUPEFSFQSFTFOUBDJwO
"SUrDVMP$PNQPTJDJwOZGVODJPOBNJFOUPEFM$POTFKP%JTDJQMJOBSJP
&M$POTFKP%JTDJQMJOBSJPFTUBSgJOUFHSBEPQPSUSFTNJFNCSPTEPTEFFMMPTDPO
DBSgDUFSQFSNBOFOUFZVOPBEIPD
-PTNJFNCSPTEFM$POTFKP%JTDJQMJOBSJPEFTFNQFvBSgODPOJOEFQFOEFODJB
FJNQBSDJBMJEBEMBTGVODJPOFTRVFTFMFTBTJHOFOEFDPOGPSNJEBEDPOFM
QSFTFOUF$wEJHP
-B4FDSFUBSrBEJTQPOESgMPOFDFTBSJPQBSBFGFDUVBSMBTFMFDDJPOFTQSFWJTUBT
FOFMQgSSBGPEFMQSFTFOUFBSUrDVMPFODPOTVMUBDPOMPTBCPHBEPTZDVBOEP
QSPDFEBDPOMBTBVUPSJEBEFTOBDJPOBMFT
-PTEPTNJFNCSPTQFSNBOFOUFTBTrDPNPFMNJFNCSPTVQMFOUFRVFQPESg
EFTFNQFvBSTVTGVODJPOFTDPNPTVTUJUVUPEFDPOGPSNJEBEDPOFMQgSSBGP
EFFTUFBSUrDVMPTFSgOFMFHJEPTQPSVOQFSrPEPEFDVBUSPBvPTQPSUPEPTMPT
BCPHBEPTRVFQVFEBOFKFSDFSBOUFMB$PSUF4FSgOFMFHJEPTFOUSFQFSTPOBT
EFSFDPOPDJEBDPNQFUFODJBFOnUJDBQSPGFTJPOBMZBTVOUPTKVSrEJDPT
&MNJFNCSPBEIPDTFSgOPNCSBEPQPSMBBVUPSJEBEOBDJPOBMDPNQFUFOUF
QBSBSFHVMBSZDPOUSPMBSMBTBDUJWJEBEFTEFMBCPHBEPTVKFUPBMQSPDFEJNJFOUP
EJTDJQMJOBSJP
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
-PTNJFNCSPTQFSNBOFOUFTOPQPESgOTFSSFFMFHJEPT
4JOQFSKVJDJPEFMPEJTQVFTUPFOFMQgSSBGPEFFTUFBSUrDVMPFOMBQSJNFSB
FMFDDJwOVOPEFMPTNJFNCSPTQFSNBOFOUFTTFSgFMFHJEPQPSTPSUFPQPSVO
NBOEBUPEFTFJTBvPT
%FTQVnT EF DBEB FMFDDJwO Z BOUFT EF MB QSJNFSB SFVOJwO EFM $POTFKP
%JTDJQMJOBSJPSFDJnOFTUBCMFDJEPMPTNJFNCSPTQFSNBOFOUFTZFMTVQMFOUF
FMFHJSgOQSFTJEFOUFBVOPEFMPTNJFNCSPTQFSNBOFOUFT
5PEPTMPTNJFNCSPTEFM$POTFKP%JTDJQMJOBSJPUFOESgOMPTNJTNPTEFSFDIPTZ
FMNJTNPO|NFSPEFWPUPT&M$POTFKPBEPQUBSgTVTEFDJTJPOFTQPSNBZPSrB
EFWPUPT&MNJFNCSPTVQMFOUFRVFQBSUJDJQFFOVOBDBVTBDPOBSSFHMPBM
QgSSBGPEFFTUFBSUrDVMPUFOESgMPTNJTNPTEFSFDIPTZFMNJTNPO|NFSP
EFWPUPTRVFFMNJFNCSPQFSNBOFOUFZFMNJFNCSPBEIPDRVFQBSUJDJQFO
FOMBNJTNBDBVTB
4JVOPEFMPTNJFNCSPTQFSNBOFOUFTOPQVFEFPDVQBSTFEFMBDBVTBP
QBSUJDJQBSFOFM$POTFKP%JTDJQMJOBSJPFM1SFTJEFOUFPDVBOEPFM1SFTJEFOUF
TFBFMNJFNCSPQFSNBOFOUFFODVFTUJwOFMPUSPNJFNCSPQFSNBOFOUF
QFEJSgBMNJFNCSPTVQMFOUFRVFQBSUJDJQFDPNPTVTUJUVUPFOFM$POTFKP
%JTDJQMJOBSJP
-PTNJFNCSPTQFSNBOFOUFTPFMNJFNCSPTVQMFOUFDVZPTNBOEBUPTIBZBO
FYQJSBEPDPOUJOVBSgOPDVQgOEPTFEFMBTDBVTBTRVFFTUnOZBFYBNJOBO
EPIBTUBRVFFTBTDBVTBTTFBOGJOBMNFOUFSFTVFMUBTJODMVJEBTUPEBTMBT
BQFMBDJPOFT
&M4FDSFUBSJPOPNCSBSgBVOGVODJPOBSJPEFMB4FDSFUBSrBQBSBQSFTUBSTFSWJDJPT
EFTFDSFUBSrBBM$POTFKP%JTDJQMJOBSJP6OBWF[OPNCSBEPFMGVODJPOBSJPEFMB
4FDSFUBSrBFODVFTUJwOBDUVBSgEFNBOFSBOFVUSBMDPOSFTQFDUPBMB4FDSFUBSrB
ZBSFTFSWBEFMQgSSBGPEFMBSUrDVMPEFFTUF$wEJHPQSFTUBSgTFSWJDJPT
EFTFDSFUBSrBFYDMVTJWBNFOUFBM$POTFKP%JTDJQMJOBSJP
"SUrDVMP1SPDFEJNJFOUPTQSFMJNJOBSFT
4JMBRVFKBDVNQMFMPTSFRVJTJUPTGJKBEPTQPSFMBSUrDVMPEFFTUF$wEJHP
FM$PNJTBSJPMBSFNJUJSgBMBCPHBEPTPNFUJEPBMQSPDFEJNJFOUPEJTDJQMJOBSJP
RVFEFCFSgQSFTFOUBSVOBSFTQVFTUBFOFMQMB[PEFTFTFOUBErBTBQBSUJSEF
MBGFDIBEFFOWrP
-BSFTQVFTUBJOEJDBSgTJMBQSFTVOUBDPOEVDUBJOEFCJEBIBTJEPPFTPCKFUP
EFVOQSPDFEJNJFOUPEJTDJQMJOBSJPBOUFMBBVUPSJEBEOBDJPOBM&ODBTPBGJS
NBUJWPEFCFSgJODMVJS
B MBJEFOUJEBEEFMBBVUPSJEBEOBDJPOBMRVFWBBEFDJEJSTPCSFMBQSFTVOUB
DPOEVDUBJOEFCJEBZ
(6Ê"1"3"130'&4*0/"-&4/
C VOBDPNVOJDBDJwODFSUJGJDBEBEFMBBVUPSJEBEOBDJPOBMFYQPOJFOEP
MPTTVQVFTUPTIFDIPTRVFDPOTUJUVZFOMBCBTFEFMQSPDFEJNJFOUP
EJTDJQMJOBSJPBOUFMBNJTNB
"SUrDVMP$PNQMFNFOUBSJFEBEEFMBTNFEJEBTEJTDJQMJOBSJBT
-PTQSPDFEJNJFOUPTEJTDJQMJOBSJPTEFFTUF$wEJHPTFSgOBQMJDBEPTQPSFM
$POTFKP%JTDJQMJOBSJP
&MNJFNCSPBEIPDEFM$POTFKP%JTDJQMJOBSJPTFSWJSgEFFOMBDFDPOMBBV
UPSJEBEOBDJPOBMQBSBUPEBTMBTDPNVOJDBDJPOFTZDPOTVMUBTSFMBUJWBTBM
QSPDFEJNJFOUP
&MBCPHBEPTPNFUJEPBMQSPDFEJNJFOUPEJTDJQMJOBSJPQFEJSgBMBBVUPSJEBE
OBDJPOBMRVFDPOP[DBEFMBTVOUPRVFJOGPSNFBM$POTFKP%JTDJQMJOBSJPEFMPT
BWBODFTEFUPEPQSPDFEJNJFOUPEJTDJQMJOBSJPOBDJPOBMSFMBUJWPBMBQSFTVOUB
DPOEVDUBJOEFCJEBZEFTVEFDJTJwOGJSNFZUPNBSgUPEBTMBTNFEJEBTOFDF
TBSJBTQBSBGBDJMJUBSFTBDPNVOJDBDJwO
$VBOEPMBQSFTVOUBDPOEVDUBJOEFCJEBTFBMBCBTFEFVOQSPDFEJNJFOUP
EJTDJQMJOBSJPRVFIBZBTJEPZBJOJDJBEPBOUFMBBVUPSJEBEOBDJPOBMQFSUJOFOUF
FMQSPDFEJNJFOUPBOUFFM$POTFKP%JTDJQMJOBSJPTFTVTQFOEFSgIBTUBRVFTF
BMDBODFVOBEFDJTJwOGJSNFFOBRVFMQSPDFEJNJFOUPBNFOPTRVF
B MBBVUPSJEBEOBDJPOBMOPSFTQPOEBBMBTDPNVOJDBDJPOFTOJBMBTDPO
TVMUBTEFDPOGPSNJEBEDPOFMQgSSBGPEFFTUFBSUrDVMPEFOUSPEFVO
QMB[PEFUJFNQPSB[POBCMF
C FM$POTFKP%JTDJQMJOBSJPDPOTJEFSFRVFMBJOGPSNBDJwOSFDJCJEBOPFT
TBUJTGBDUPSJBP
D FM$POTFKP%JTDJQMJOBSJPFTUJNFRVFBMBMV[EFMBJOGPSNBDJwOSFDJCJ
EBMBBVUPSJEBEOBDJPOBMOPFTDBQB[EFDPODMVJSFMQSPDFEJNJFOUP
EJTDJQMJOBSJPPOPEFTFBIBDFSMP
5BOQSPOUPDPNPSFDJCBMBEFDJTJwOEFMBBVUPSJEBEOBDJPOBMFM$POTFKP
%JTDJQMJOBSJP
B EFDMBSBSgDFSSBEPFMQSPDFEJNJFOUPBNFOPTRVFMBEFDJTJwOBEPQUBEB
OPUSBUFEFNBOFSBBEFDVBEBMBRVFKBEFDPOEVDUBJOEFCJEBQSFTFO
UBEBFOWJSUVEEFFTUF$wEJHPP
C EFDMBSBSgRVFMBEFDJTJwOEFMBBVUPSJEBEOBDJPOBMOPSFDPHFPMP
IBDFTwMPQBSDJBMNFOUFMBDPOEVDUBJOEFCJEBEFOVODJBEBBOUFFM
$POTFKP%JTDJQMJOBSJPZRVFQPSDPOTJHVJFOUFFMQSPDFEJNJFOUPEFCF
DPOUJOVBS
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
&OFMDBTPEFMQgSSBGPZEFMBQBSBEPC
EFMQgSSBGPEFFTUFBSUrDVMPFM
$POTFKP%JTDJQMJOBSJPQPESgQFEJSBMBCPHBEPTPNFUJEPBQSPDFEJNJFOUP
EJTDJQMJOBSJPRVFQSPQPSDJPOFJOGPSNBDJwOEFUBMMBEBTPCSFFMQSPDFEJNJFOUP
JODMVJEBDVBMRVJFSBDUBPQSVFCBRVFQVEJFSBIBCFSTJEPQSFTFOUBEB
-BTEFDJTJPOFTEFM$POTFKP%JTDJQMJOBSJPCBTBEBTFOFMQSFTFOUFBSUrDVMP
QPESgOTFSSFDVSSJEBTBOUFFM$POTFKP%JTDJQMJOBSJPEF"QFMBDJwO
"SUrDVMP1SPDFEJNJFOUPEJTDJQMJOBSJP
&M$PNJTBSJPRVFEJSJKBMBJOWFTUJHBDJwOQPESgSFDIB[BSVOBRVFKBTJOOFDFTJEBE
EFJOWFTUJHBDJPOFTBEJDJPOBMFTDVBOEPDPOTJEFSFCBTgOEPTFFOMBJOGPSNBDJwO
BTVEJTQPTJDJwORVFMBRVFKBEFDPOEVDUBJOEFCJEBDBSFDFEFGVOEBNFOUPT
EFIFDIPPEFEFSFDIPZMPDPNVOJDBSgBTrBMEFOVODJBOUF
&ODBTPDPOUSBSJPFM$PNJTBSJPJOWFTUJHBSgTJOEFNPSBMBQSFTVOUBDPOEVDUB
JOEFCJEBEFMBCPHBEPZEFDJEJSgTJQSFTFOUBVOJOGPSNFTPCSFFMQBSUJDVMBSBM
$POTFKP%JTDJQMJOBSJPPEFDMBSBDPODMVJEPFMQSPDFEJNJFOUP
&M$PNJTBSJPUPNBSgFODPOTJEFSBDJwODVBMRVJFSQSVFCBZBTFBPSBMFTDSJUB
PFODVBMRVJFSPUSBGPSNBRVFTFBQFSUJOFOUFZUFOHBWBMPSQSPCBUPSJPZ
USBUBSgDPOGJEFODJBMNFOUFUPEBMBJOGPSNBDJwOSFMBUJWBBMQSPDFEJNJFOUP
EJTDJQMJOBSJP
4JFM$PNJTBSJPMPDPOTJEFSBPQPSUVOPQPESgUSBUBSEFFODPOUSBSVOBDVFSEP
BNJTUPTP&M$PNJTBSJPJOGPSNBSgEFMPTSFTVMUBEPTEFTVTFTGVFS[PTQPS
MPHSBSVOBDVFSEPBNJTUPTPBM$POTFKP%JTDJQMJOBSJPRVFMPTQPESgUFOFSFO
DVFOUB5PEPBDVFSEPBNJTUPTPTFIBSgTJOQFSKVJDJPEFMBDPNQFUFODJBPMPT
QPEFSFTEFM$POTFKP%JTDJQMJOBSJPFOWJSUVEEFFTUF$wEJHP
&MJOGPSNFEFM$PNJTBSJPTFQSFTFOUBSgBM$POTFKP%JTDJQMJOBSJP
-BTBVEJFODJBTEFM$POTFKP%JTDJQMJOBSJPTFSgOQ|CMJDBT&M$POTFKPTJO
FNCBSHPQPESgEFDJEJSDFMFCSBSVOBBVEJFODJBPQBSUFEFVOBBVEJFODJB
BQVFSUBDFSSBEBFOFTQFDJBMQBSBTBMWBHVBSEBSMBDPOGJEFODJBMJEBEEFMB
JOGPSNBDJwODPOUFOJEBFOFMJOGPSNFEFM$PNJTBSJPPQBSBQSPUFHFSBMBT
WrDUJNBTZBMPTUFTUJHPT
4FQFEJSgMBDPNQBSFDFODJBZTFFTDVDIBSgBM$PNJTBSJPZBMBCPHBEPTPNF
UJEPBQSPDFEJNJFOUPEJTDJQMJOBSJP&M$POTFKP%JTDJQMJOBSJPQPESgBTJNJTNP
QFEJSMBDPNQBSFDFODJBZFTDVDIBSBDVBMRVJFSPUSBQFSTPOBDVZPUFTUJNPOJP
TFDPOTJEFSF|UJMQBSBFMFTUBCMFDJNJFOUPEFMBWFSEBE
&ODBTPTFYDFQDJPOBMFTDVBOEPMBQSFTVOUBDPOEVDUBJOEFCJEBTFBEFOBUV
SBMF[BUBMRVFQVFEBEBvBSTFSJBNFOUFFMJOUFSnTEFMBKVTUJDJBFM$PNJTBSJP
QSFTFOUBSgVOBNPDJwOVSHFOUFBMB4BMBBOUFMBRVFDPNQBSFDFFMBCPHBEP
(6Ê"1"3"130'&4*0/"-&4/
PCKFUPEFMBRVFKBQBSBRVFTJMPDPOTJEFSBQSPDFEFOUFBDVFSEFMBTVTQFO
TJwOUFNQPSBMEFMBCPHBEP
"SUrDVMP%FSFDIPTEFMBCPHBEPTPNFUJEPBQSPDFEJNJFOUPEJTDJQMJOBSJP
&MBCPHBEPTPNFUJEPBQSPDFEJNJFOUPEJTDJQMJOBSJPUFOESgEFSFDIPBMBBTJT
UFODJBMFUSBEBEFPUSPBCPHBEP
&MBCPHBEPUFOESgEFSFDIPBHVBSEBSTJMFODJPBOUFFM$POTFKP%JTDJQMJOBSJP
RVFQPESgTBDBSMBTDPODMVTJPOFTRVFFTUJNFBEFDVBEBTZSB[POBCMFTEFFTF
TJMFODJPBMBMV[EFUPEBMBJOGPSNBDJwOEFRVFEJTQPOHB
&MBCPHBEPUFOESgEFSFDIPBDPOPDFSUPEBMBJOGPSNBDJwOZMBTQSVFCBT
SFDPHJEBTQPSFM$PNJTBSJPBTrDPNPFMDPOUFOJEPEFMJOGPSNFFMBCPSBEP
QPSFTUF|MUJNP
&MBCPHBEPEJTQPOESgEFMUJFNQPOFDFTBSJPQBSBQSFQBSBSTVEFGFOTB
&MBCPHBEPUFOESgEFSFDIPBJOUFSSPHBSQFSTPOBMNFOUFPQPSNFEJPEF
TVBCPHBEPBDVBMRVJFSQFSTPOBDJUBEBQPSFM$POTFKP%JTDJQMJOBSJPQBSB
EFDMBSBSBOUFFMMB
"SUrDVMP%FDJTJPOFTEFM$POTFKP%JTDJQMJOBSJP
&M$POTFKP%JTDJQMJOBSJPQPESgDPODMVJSFMQSPDFEJNJFOUPSFTPMWJFOEPRVF
EFBDVFSEPDPOMBTQSVFCBTQSFTFOUBEBTOPIBIBCJEPDPOEVDUBJOEFCJEB
PCJFOSFTPMWJFOEPRVFMBDPOEVDUBEFMBCPHBEPTPNFUJEPBMQSPDFEJNJFOUP
EJTDJQMJOBSJPIBTJEPJOEFCJEB
-BEFDJTJwOTFSgQ|CMJDBNPUJWBEBZQPSFTDSJUP
-BEFDJTJwOTFOPUJGJDBSgBMBCPHBEPTPNFUJEPBQSPDFEJNJFOUPEJTDJQMJOBSJP
ZBM4FDSFUBSJP
$VBOEPMBEFDJTJwOTFBGJSNFTFQVCMJDBSgFOFM#PMFUrO0GJDJBMEFMB$PSUFZ
TFUSBTNJUJSgBMBBVUPSJEBEOBDJPOBM
"SUrDVMP4BODJPOFT
&ODBTPEFRVFTFEFNVFTUSFRVFIBIBCJEPDPOEVDUBJOEFCJEBFM$POTFKP
%JTDJQMJOBSJPQPESgJNQPOFSVOBPWBSJBTEFMBTTJHVJFOUFTTBODJPOFT
B BNPOFTUBDJwO
C SFQSFOTJwOQ|CMJDBRVFTFBOPUBSgFOFMFYQFEJFOUFQFSTPOBMEFM
BCPHBEP
D QBHPEFVOBNVMUBEFIBTUBFVSPT
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
E TVTQFOTJwOEFMEFSFDIPBFKFSDFSBOUFMB$PSUFQPSVOQFSrPEPOP
TVQFSJPSBEPTBvPTZ
F QSPIJCJDJwOQFSNBOFOUFEFMBQSgDUJDBQSPGFTJPOBMBOUFMB$PSUFZ
FMJNJOBDJwOEFMTBODJPOBEPEFMBMJTUBEFBCPHBEPT
-BBNPOFTUBDJwOQPESgJODMVJSSFDPNFOEBDJPOFTEFM$POTFKP%JTDJQMJOBSJP
-BTDPTUBTEFMQSPDFEJNJFOUPEJTDJQMJOBSJPTFEFKBSgOBMBEJTDSFDJwOEFM
$POTFKP%JTDJQMJOBSJP
"SUrDVMP"QFMBDJPOFT
&MBCPHBEPTBODJPOBEPZFM$PNJTBSJPQPESgOSFDVSSJSMBEFDJTJwOEFM$POTFKP
%JTDJQMJOBSJPCBTgOEPTFFONPUJWPTEFIFDIPPEFEFSFDIP
-BJOUFSQPTJDJwOEFMSFDVSTPEFBQFMBDJwOTFOPUJGJDBSgBMBTFDSFUBSrBEFM
$POTFKP%JTDJQMJOBSJPFOFMQMB[PEFUSFJOUBErBTBQBSUJSEFMBGFDIBFORVF
TFQVCMJDwMBEFDJTJwO
-BTFDSFUBSrBEFM$POTFKP%JTDJQMJOBSJPUSBTMBEBSgFMFYQFEJFOUFEFMSFDVSTP
EFBQFMBDJwOBMBTFDSFUBSrBEFM$POTFKP%JTDJQMJOBSJPEF"QFMBDJwO
&M$POTFKP%JTDJQMJOBSJPEF"QFMBDJwOEFDJEJSgTPCSFMBBQFMBDJwOEFDPOGPS
NJEBEDPOFMQSPDFEJNJFOUPTFHVJEPBOUFFM$POTFKP%JTDJQMJOBSJP
"SUrDVMP$PNQPTJDJwOZGVODJPOBNJFOUPEFM$POTFKP%JTDJQMJOBSJPEF
"QFMBDJwO
&M$POTFKP%JTDJQMJOBSJPEF"QFMBDJwOEFDJEJSgTPCSFMBTBQFMBDJPOFTQSFTFO
UBEBTDPOUSBMBTEFDJTJPOFTEFM$POTFKP%JTDJQMJOBSJP
-PTNJFNCSPTEFM$POTFKP%JTDJQMJOBSJPEF"QFMBDJwOEFTFNQFvBSgOTVT
GVODJPOFTFOWJSUVEEFFTUF$wEJHPEFNBOFSBJOEFQFOEJFOUFFJNQBSDJBM
-B4FDSFUBSrBEFMB$PSUFUPNBSgMBTEJTQPTJDJPOFTBEFDVBEBTQBSBMBTFMFDDJP
OFTQSFWJTUBTFOFMQgSSBGPEFFTUFBSUrDVMPFODPOTVMUBDPOMPTBCPHBEPT
ZDVBOEPQSPDFEBDPOMBTBVUPSJEBEFTOBDJPOBMFT
&M $POTFKP %JTDJQMJOBSJP EF "QFMBDJwO FTUBSg DPNQVFTUP EF DJODP
NJFNCSPT
B MPTUSFTNBHJTUSBEPTEFMB$PSUFRVFUJFOFOQSFDFEFODJBFOWJSUVEEF
MBOPSNBEFM3FHMBNFOUPEFMB$PSUFFYDMVZFOEP
J BMPTNBHJTUSBEPTRVFJOUFSWFOHBOFOMBDBVTBFORVFTFPSJHJOw
MBRVFKBTPNFUJEBBMQSPDFEJNJFOUPEJTDJQMJOBSJPP
(6Ê"1"3"130'&4*0/"-&4/
JJ BUPEPNJFNCSPPBOUJHVPNJFNCSPEFMB1SFTJEFODJBRVFIBZB
OPNCSBEPBM$PNJTBSJP
C EPTQFSTPOBTFMFHJEBTEFDPOGPSNJEBEDPOFMQgSSBGPEFFTUF
BSUrDVMP
-PTEPTNJFNCSPTEFM$POTFKP%JTDJQMJOBSJPEF"QFMBDJwOBRVFTFSFGJFSFFM
BQBSUBEPC
EFMQgSSBGPTVQSBBTrDPNPVONJFNCSPTVQMFOUFRVFQPESg
BDUVBSDPNPTVQMFOUFEFDPOGPSNJEBEDPOFMQgSSBGPEFFTUFBSUrDVMPTFSgO
FMFHJEPTQPSDVBUSPBvPTQPSUPEPTMPTBCPHBEPTDPOEFSFDIPBFKFSDFSBOUF
MB$PSUF4FSgOFMFHJEPTFOUSFQFSTPOBTEFSFDPOPDJEBDPNQFUFODJBFOnUJDB
QSPGFTJPOBMZBTVOUPTKVSrEJDPT
&OFMDBTPEFRVFVOPEFMPTNJFNCSPTFMFHJEPTOPQVFEBPDVQBSTFEFM
BTVOUPPQBSUJDJQBSFOFM$POTFKP%JTDJQMJOBSJPEF"QFMBDJwOFM1SFTJEFOUF
QFEJSgBMNJFNCSPTVQMFOUFRVFMFSFFNQMBDFFOFM$POTFKP%JTDJQMJOBSJPEF
"QFMBDJwO
-BDPOEJDJwOEFNJFNCSPEFM$POTFKP%JTDJQMJOBSJPEF"QFMBDJwOFTJODPN
QBUJCMFDPOMBEFNJFNCSPEFM$POTFKP%JTDJQMJOBSJP
-PTNJFNCSPTFMFHJEPTOPQPESgOTFSSFFMFHJEPT
&MNBHJTUSBEPRVFUFOHBQSFDFEFODJBFOUSFMPTUSFTNBHJTUSBEPTNFODJPOBEPT
FOFMBQBSUBEPB
EFMQgSSBGPEFFTUFBSUrDVMPTFSgFM1SFTJEFOUFEFM$POTFKP
%JTDJQMJOBSJPEF"QFMBDJwO
5PEPTMPTNJFNCSPTEFM$POTFKP%JTDJQMJOBSJPEF"QFMBDJwOUFOESgOMPT
NJTNPTEFSFDIPTZFMNJTNPO|NFSPEFWPUPT-BTEFDJTJPOFTEFM$POTFKP
%JTDJQMJOBSJPEF"QFMBDJwOTFUPNBSgOQPSNBZPSrBEFWPUPT&MNJFNCSP
TVQMFOUFRVFQBSUJDJQFFOVOBDBVTBDPOBSSFHMPBMPEJTQVFTUPFOFMQgSSBGP
EFFTUFBSUrDVMPUFOESgMPTNJTNPTEFSFDIPTZFMNJTNPO|NFSPEFWPUPT
RVFMPTPUSPTNJFNCSPTRVFQBSUJDJQFOFOMBNJTNBDBVTB
-PTNJFNCSPTDVZPNBOEBUPIBZBFYQJSBEPDPOUJOVBSgOPDVQgOEPTFEFMPT
BTVOUPTRVFZBFTUgOFYBNJOBOEPIBTUBRVFTFBOGJOBMNFOUFSFTVFMUPT
&MGVODJPOBSJPEFMB4FDSFUBSrBOPNCSBEPQPSFM4FDSFUBSJPEFDPOGPSNJEBE
DPOFMQgSSBGPEFMBSUrDVMPEFFTUF$wEJHPQBSBTVNJOJTUSBSTFSWJDJPTEF
TFDSFUBSrBBM$POTFKP%JTDJQMJOBSJPBTVNJSgUBNCJnOMPTTFSWJDJPTEFTFDSFUBSrB
EFM$POTFKP%JTDJQMJOBSJPEF"QFMBDJwO6OBWF[OPNCSBEPFMGVODJPOBSJP
EFMB4FDSFUBSrBFODVFTUJwOBDUVBSgEFNBOFSBOFVUSBMDPOSFTQFDUPBMB
4FDSFUBSrB
<©>
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
1SPZFDUPEF1SJODJQJPTTPCSFMB"ENJOJTUSBDJwOEF+VTUJDJBQPSMPT
5SJCVOBMFT.JMJUBSFT
"EPQUBEPTQPSMB4VCDPNJTJwOEF1SPNPDJwOZ1SPUFDDJwOEFMPT%FSFDIPT
)VNBOPTFOTVQFSrPEPEFTFTJPOFT
1SJODJQJP/œ$SFBDJwOEFwSHBOPTKVEJDJBMFTNJMJUBSFTQPSMB
$POTUJUVDJwOPMBMFZ
-PT wSHBOPT KVEJDJBMFT NJMJUBSFT DVBOEP FYJTUBO TwMP QPESgO DSFBSTF QPS MB
$POTUJUVDJwOPMBMFZSFTQFUBOEPFMQSJODJQJPEFMBTFQBSBDJwOEFQPEFSFT-PTUSJ
CVOBMFTNJMJUBSFTEFCFSrBOGPSNBSQBSUFJOUFHSBOUFEFMTJTUFNBKVEJDJBMHFOFSBM
1SJODJQJP/œ3FTQFUPEFMBTOPSNBTEFEFSFDIPJOUFSOBDJPOBM
-PTUSJCVOBMFTNJMJUBSFTEFCFSrBOBQMJDBSFODVBMRVJFSDBTPMBTOPSNBTZMPTQSPDF
EJNJFOUPTSFDPOPDJEPTFOFMgNCJUPJOUFSOBDJPOBMFOHBSBOUrBEFVOKVJDJPJNQBSDJBM
JODMVJEBTMBTOPSNBTEFMEFSFDIPJOUFSOBDJPOBMIVNBOJUBSJP
<©>
1SJODJQJP/œ*ODPNQFUFODJBEFMPTwSHBOPTKVEJDJBMFTNJMJUBSFT
QBSBKV[HBSBDJWJMFT
-PTwSHBOPTKVEJDJBMFTNJMJUBSFTEFCFSrBOQPSQSJODJQJPTFSJODPNQFUFOUFTQBSB
KV[HBSBDJWJMFT&ODVBMRVJFSDBTPFM&TUBEPWFMBSgQPSRVFMPTDJWJMFTBDVTBEPTEF
VOBJOGSBDDJwOQFOBMTFBDVBMGVFSFTVOBUVSBMF[BTFBOKV[HBEPTQPSUSJCVOBMFT
DJWJMFT
<©>
1SJODJQJP/œ$PNQFUFODJBGVODJPOBMEFMPTwSHBOPTKVEJDJBMFT
NJMJUBSFT
-BDPNQFUFODJBEFMPTwSHBOPTKVEJDJBMFTNJMJUBSFTEFCFSrBFTUBSMJNJUBEBBMBT
JOGSBDDJPOFTDPNFUJEBTEFOUSPEFMgNCJUPFTUSJDUBNFOUFDBTUSFOTFQPSFMQFSTPOBM
NJMJUBS-PTwSHBOPTKVEJDJBMFTNJMJUBSFTQPESgOKV[HBSBMBTQFSTPOBTRVFUFOHBO
BTJNJMBDJwONJMJUBSQPSMBTJOGSBDDJPOFTFTUSJDUBNFOUFSFMBDJPOBEBTDPOFMFKFSDJDJP
EFTVGVODJwOBTJNJMBEB
1SJODJQJP/œ&OKVJDJBNJFOUPEFMPTBVUPSFTEFWJPMBDJPOFTHSBWFT
EFMPTEFSFDIPTIVNBOPT
&OUPEPDBTPMBDPNQFUFODJBEFMPTwSHBOPTKVEJDJBMFTNJMJUBSFTEFCFSrBFYDMVJSTF
FOGBWPSEFMBEFMPTUSJCVOBMFTEFKVTUJDJBPSEJOBSJPTQBSBJOTUSVJSEJMJHFODJBTTPCSF
WJPMBDJPOFTHSBWFTEFMPTEFSFDIPTIVNBOPTDPNPMBTFKFDVDJPOFTFYUSBKVEJDJBMFT
(6Ê"1"3"130'&4*0/"-&4/
MBTEFTBQBSJDJPOFTGPS[BEBTZMBUPSUVSBZQBSBQSPDFTBSZKV[HBSMPTBVUPSFTEF
FTPTDSrNFOFT
<©>
1SJODJQJP/œ(BSBOUrBEFIgCFBTDPSQVT
5PEBQFSTPOBQSJWBEBEFMJCFSUBEUFOESgFODVBMRVJFSDBTPEFSFDIPBJOUFSQPOFS
VOSFDVSTPDPNPFMEFIgCFBTDPSQVTBOUFVOUSJCVOBMB¾OEFRVFnTUFSFTVFMWB
TJOEFNPSBTPCSFMBMFHBMJEBEEFTVEFUFODJwOZPSEFOFTVQVFTUBFOMJCFSUBETJ
MBEFUFODJwOGVFSFJMFHBM&MEFSFDIPBJOTUBSFMQSPDFEJNJFOUPEFIgCFBTDPSQVTP
JOUFSQPOFSPUSPSFDVSTPKVEJDJBMEFOBUVSBMF[BBOgMPHBEFCFSgDPOTJEFSBSTFDPNPVO
EFSFDIPEFMBQFSTPOBDVZBHBSBOUrBDPSSFTQPOEFSgFOUPEPTMPTDBTPTBMBDPN
QFUFODJBFYDMVTJWBEFMBKVSJTEJDDJwOPSEJOBSJB&OUPEPTMPTDBTPTFMKVF[IBCSgEF
UFOFSBDDFTPTJOFYDFQDJwOBDVBMRVJFSMVHBSEPOEFQVFEBFODPOUSBSTFMBQFSTPOB
QSJWBEBEFMJCFSUBE
1SJODJQJP/œ%FSFDIPBVOUSJCVOBMDPNQFUFOUFJOEFQFOEJFOUFF
JNQBSDJBM
-BPSHBOJ[BDJwOZFMGVODJPOBNJFOUPEFMPTwSHBOPTKVEJDJBMFTNJMJUBSFTEFCFSrBO
HBSBOUJ[BSQMFOBNFOUFFMEFSFDIPEFUPEBQFSTPOBBVOUSJCVOBMDPNQFUFOUFJO
EFQFOEJFOUFFJNQBSDJBMFOUPEBTMBTGBTFTEFMQSPDFTPEFMBJOTUSVDDJwOBMKVJDJP
PSBMZMBTFOUFODJB-BTQFSTPOBTTFMFDDJPOBEBTQBSBEFTFNQFvBSMBTGVODJPOFTEF
NBHJTUSBEPFOMPTwSHBOPTKVEJDJBMFTNJMJUBSFTEFCFSgOTFSrOUFHSBTZDPNQFUFOUFT
ZQPTFFSMBGPSNBDJwOZMBTDBMJ¾DBDJPOFTKVSrEJDBTOFDFTBSJBT&MFTUBUVUPEFMPT
NBHJTUSBEPTNJMJUBSFTEFCFSgHBSBOUJ[BSTVJOEFQFOEFODJBZTVJNQBSDJBMJEBEFO
FTQFDJBMDPOSFTQFDUPBMBKFSBSRVrBNJMJUBS&OOJOH|ODBTPMPTwSHBOPTKVEJDJBMFT
NJMJUBSFTQPESgOSFDVSSJSBMPTQSPDFEJNJFOUPTEFOPNJOBEPTEFKVFDFTZ¾TDBMFT
TFDSFUPTP²TJOSPTUSP³
<©>
1SJODJQJP/œ*OUFSQPTJDJwOEFSFDVSTPTBOUFMPTUSJCVOBMFT
PSEJOBSJPT
&OUPEPTMPTDBTPTFORVFFYJTUBOwSHBOPTKVEJDJBMFTNJMJUBSFTTVDPNQFUFODJBEF
CFSrBFTUBSMJNJUBEBBMQSJNFSHSBEPEFKVSJTEJDDJwO1PSDPOTJHVJFOUFMPTSFDVSTPT
FTQFDJBMNFOUFFMEFBQFMBDJwOEFCFSrBOFKFSDJUBSTFBOUFMPTwSHBOPTKVSJTEJDDJPOBMFT
DJWJMFT&OUPEPTMPTTVQVFTUPTMPTMJUJHJPTDPODFSOJFOUFTEFMBMFHBMJEBEEFCFSrBO
TFSSFTVFMUPTQPSFMwSHBOPKVSJTEJDDJPOBMDJWJMTVQFSJPS
<©>
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
0USPTFTUgOEBSFTHMPCBMFT
-PT1SJODJQJPTEF#BOHBMPSFTPCSFMB$POEVDUB+VEJDJBM
&M#PSSBEPSEFM$wEJHPEF#BOHBMPSFTPCSFMB$POEVDUB+VEJDJBMEFBQSPCB
EPQPSFM(SVQP+VEJDJBMEF3FGPS[BNJFOUPEFMB*OUFHSJEBE+VEJDJBMUBMZDPNPGVF
SFWJTBEPFOMB3FVOJwOFO.FTB3FEPOEBEF1SFTJEFOUFTEF5SJCVOBMFT4VQFSJPSFT
DFMFCSBEBFOFM1BMBDJPEFMB1B[EF-B)BZB1BrTFT#BKPTFMZEFOPWJFN
CSFEF
1SFgNCVMP
$POTJEFSBOEPRVFMB%FDMBSBDJwO6OJWFSTBMEF%FSFDIPT)VNBOPTSFDPOPDFDPNP
GVOEBNFOUBMFMQSJODJQJPEFRVFUPEBQFSTPOBUJFOFEFSFDIPFODPOEJDJPOFTEF
QMFOBJHVBMEBEBTFSPrEBQ|CMJDBNFOUFZDPOKVTUJDJBQPSVOUSJCVOBMJOEFQFOEJFOUF
FJNQBSDJBMQBSBMBEFUFSNJOBDJwOEFTVTEFSFDIPTZPCMJHBDJPOFTPQBSBFMFYBNFO
EFDVBMRVJFSBDVTBDJwODPOUSBFMMBFONBUFSJBQFOBM
$POTJEFSBOEPRVFFM1BDUP*OUFSOBDJPOBMEF%FSFDIPT$JWJMFTZ1PMrUJDPTHBSBOUJ[B
RVFUPEBTMBTQFSTPOBTTPOJHVBMFTBOUFMPTUSJCVOBMFTZRVFUPEBQFSTPOBUFOESg
EFSFDIPBTFSPrEBQ|CMJDBNFOUFZDPOMBTEFCJEBTHBSBOUrBTQPSVOUSJCVOBMDPN
QFUFOUFJOEFQFOEJFOUFFJNQBSDJBMFTUBCMFDJEPQPSMBMFZFOMBTVCTUBODJBDJwOEF
DVBMRVJFSBDVTBDJwOEFDBSgDUFSQFOBMGPSNVMBEBDPOUSBFMMBPQBSBMBEFUFSNJOBDJwO
EFTVTEFSFDIPTVPCMJHBDJPOFTEFDBSgDUFSDJWJM
$POTJEFSBOEPRVFMPTBOUFSJPSFTQSJODJQJPTZEFSFDIPTGVOEBNFOUBMFTFTUgOUBNCJnO
SFDPOPDJEPTPSF¿FKBEPTFOMPTJOTUSVNFOUPTSFHJPOBMFTTPCSFEFSFDIPTIVNBOPT
FOMBTDPOTUJUVDJPOFTMFZFTZSFHMBNFOUPTOBDJPOBMFTZFOMBTDPOWFODJPOFTZUSB
EJDJPOFTKVEJDJBMFT
$POTJEFSBOEPRVFMBJNQPSUBODJBRVFUJFOFQBSBMBQSPUFDDJwOEFMPTEFSFDIPT
IVNBOPTVOBKVEJDBUVSBDPNQFUFOUFJOEFQFOEJFOUFFJNQBSDJBMBERVJFSFNBZPS
nOGBTJTQPSFMIFDIPEFRVFMBBQMJDBDJwOEFUPEPTMPTEFNgTEFSFDIPTEFQFOEFFO
|MUJNPUnSNJOPEFMBDPSSFDUBBENJOJTUSBDJwOEFMBKVTUJDJB
$POTJEFSBOEPRVFVOBKVEJDBUVSBDPNQFUFOUFJOEFQFOEJFOUFFJNQBSDJBMFTJHVBM
NFOUFFTFODJBMTJMPTUSJCVOBMFTIBOEFEFTFNQFvBSTVQBQFMEFEFGFOTPSFTEFM
DPOTUJUVDJPOBMJTNPZEFMQSJODJQJPEFMFHBMJEBE
$POTJEFSBOEPRVFMBDPO¾BO[BQ|CMJDBFOFMTJTUFNBKVEJDJBMZFOMBBVUPSJEBE
NPSBMZMBJOUFHSJEBEEFMQPEFSKVEJDJBMFTEFFYUSFNBJNQPSUBODJBFOVOBTPDJFEBE
EFNPDSgUJDBNPEFSOB
(6Ê"1"3"130'&4*0/"-&4/
$POTJEFSBOEPRVFFTFTFODJBMRVFMPTKVFDFTUBOUPJOEJWJEVBMNFOUFDPNPEFGPSNB
DPMFDUJWBSFTQFUFOZIPOSFOMBTGVODJPOFTKVSJTEJDDJPOBMFTDPNPVOBFODPNJFOEB
Q|CMJDBZMVDIFOQBSBBVNFOUBSZNBOUFOFSMBDPO¾BO[BFOFMTJTUFNBKVEJDJBM
$POTJEFSBOEPRVFMBKVEJDBUVSBFTMBSFTQPOTBCMFFODBEBQBrTEFQSPNPWFSZNBO
UFOFSMPTBMUPTFTUgOEBSFTEFMBDPOEVDUBKVEJDJBM
$POTJEFSBOEPRVFMPT1SJODJQJPTCgTJDPTSFMBUJWPTBMBJOEFQFOEFODJBEFMBKVEJDBUVSB
FTUgOGPSNVMBEPTQBSBHBSBOUJ[BSZQSPNPWFSMBJOEFQFOEFODJBEFMBKVEJDBUVSBZ
FTUgOEJSJHJEPTQSJODJQBMNFOUFBMPT&TUBEPT
-PTTJHVJFOUFTQSJODJQJPTQSFUFOEFOFTUBCMFDFSFTUgOEBSFTQBSBMBDPOEVDUBnUJDBEF
MPTKVFDFT&TUgOGPSNVMBEPTQBSBTFSWJSEFHVrBBMPTKVFDFTZQBSBQSPQPSDJPOBSBMB
KVEJDBUVSBVONBSDPRVFSFHVMFMBDPOEVDUBKVEJDJBM"TJNJTNPQSFUFOEFOBZVEBSB
RVFMPTNJFNCSPTEFMFKFDVUJWPZFMMFHJTMBUJWPMPTBCPHBEPTZFMQ|CMJDPFOHFOFSBM
QVFEBODPNQSFOEFSZBQPZBSNFKPSBMBKVEJDBUVSB
&TUPTQSJODJQJPTQSFTVQPOFORVFMPTKVFDFTTPOSFTQPOTBCMFTEFTVDPOEVDUBGSFOUF
BMBTJOTUJUVDJPOFTDPSSFTQPOEJFOUFTFTUBCMFDJEBTQBSBNBOUFOFSMPTFTUgOEBSFT
KVEJDJBMFTRVFEJDIBTJOTUJUVDJPOFTTPOJOEFQFOEJFOUFTFJNQBSDJBMFTZRVFUJFOFO
DPNPPCKFUJWPDPNQMFNFOUBSZOPEFSPHBSMBTOPSNBTMFHBMFTZEFDPOEVDUBFYJT
UFOUFTRVFWJODVMBOBMPTKVFDFT
7BMPS*OEFQFOEFODJB
1SJODJQJP
-BJOEFQFOEFODJBKVEJDJBMFTVOSFRVJTJUPQSFWJPEFMQSJODJQJPEFMFHBMJEBEZVOB
HBSBOUrBGVOEBNFOUBMEFMBFYJTUFODJBEFVOKVJDJPKVTUP&ODPOTFDVFODJBVOKVF[
EFCFSgEFGFOEFSZFKFNQMJ¾DBSMBJOEFQFOEFODJBKVEJDJBMUBOUPFOTVTBTQFDUPT
JOEJWJEVBMFTDPNPJOTUJUVDJPOBMFT
"QMJDBDJwO
6OKVF[EFCFSgFKFSDFSTVGVODJwOKVEJDJBMEFGPSNBJOEFQFOEJFOUFQBSUJFOEP
EFTVWBMPSBDJwOEFMPTIFDIPTZFOWJSUVEEFVOBDPNQSFOTJwODPOTDJFOUFEF
MBMFZMJCSFEFDVBMRVJFSJOGMVFODJBBKFOBEFJOTUJHBDJPOFTQSFTJPOFTBNF
OB[BTPJOUFSGFSFODJBTTFBOEJSFDUBTPJOEJSFDUBTQSPWFOJFOUFTEFDVBMRVJFS
GVFOUFPQPSDVBMRVJFSSB[wO
6OKVF[EFCFSgTFSJOEFQFOEJFOUFFOSFMBDJwODPOMBTPDJFEBEFOHFOFSBMZ
FOSFMBDJwODPOMBTQBSUFTQBSUJDVMBSFTEFVOBDPOUSPWFSTJBRVFEFCBSFTPMWFS
DPNPKVF[
6OKVF[OPTwMPFTUBSgMJCSFEFDPOFYJPOFTJOBQSPQJBEBTDPOMPTQPEF
SFTFKFDVUJWPZMFHJTMBUJWPZEFJOGMVFODJBTJOBQSPQJBEBTQPSQBSUFEFMPT
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
DJUBEPTQPEFSFTTJOPRVFUBNCJnOEFCFSgUFOFSBQBSJFODJBEFTFSMJCSFEF
MBTBOUFSJPSFTBMPTPKPTEFVOPCTFSWBEPSSB[POBCMF
"MDVNQMJSTVTPCMJHBDJPOFTKVEJDJBMFTVOKVF[TFSgJOEFQFOEJFOUFEFTVT
DPNQBvFSPTEFPGJDJPDPOSFTQFDUPBEFDJTJPOFTRVFFTUnPCMJHBEPBUPNBS
EFGPSNBJOEFQFOEJFOUF
6OKVF[EFCFSgGPNFOUBSZNBOUFOFSTBMWBHVBSEBTQBSBFMDVNQMJNJFOUPEF
TVTPCMJHBDJPOFTKVEJDJBMFTDPOFMGJOEFNBOUFOFSZBVNFOUBSMBJOEFQFO
EFODJBEFMBKVEJDBUVSB
6OKVF[FYIJCJSgZQSPNPWFSgBMUPTFTUgOEBSFTEFDPOEVDUBKVEJDJBMDPOFM
GJOEFSFGPS[BSMBDPOGJBO[BEFMQ|CMJDPFOMBKVEJDBUVSBRVFFTGVOEBNFOUBM
QBSBNBOUFOFSMBJOEFQFOEFODJBKVEJDJBM
7BMPS*NQBSDJBMJEBE
1SJODJQJP
-BJNQBSDJBMJEBEFTFTFODJBMQBSBFMEFTFNQFvPDPSSFDUPEFMBTGVODJPOFTKVSJTEJD
DJPOBMFT-BJNQBSDJBMJEBETFSF¾FSFOPTwMPBMBEFDJTJwOFOTrNJTNBTJOPUBNCJnO
BMQSPDFTPNFEJBOUFFMDVBMTFUPNBFTBEFDJTJwO
"QMJDBDJwO
6OKVF[EFCFSgEFTFNQFvBSTVTUBSFBTKVEJDJBMFTTJOGBWPSJUJTNPQSFEJTQP
TJDJwOPQSFKVJDJP
6OKVF[HBSBOUJ[BSgRVFTVDPOEVDUBUBOUPGVFSBDPNPEFOUSPEFMPTUSJCV
OBMFTNBOUJFOFZBVNFOUBMBDPOGJBO[BEFMQ|CMJDPEFMBBCPHBDrBZEFMPT
MJUJHBOUFTFOMBJNQBSDJBMJEBEEFMKVF[ZEFMBKVEJDBUVSB
6OKVF[EFCFSgEFOUSPEFMPSB[POBCMFDPNQPSUBSTFEFGPSNBRVFNJOJNJDF
MBTPDBTJPOFTFOMBTDVBMFTQVFEBTFSOFDFTBSJPRVFFMKVF[TFBEFTDBMJGJDBEP
QBSBDPOPDFSEFPEFDJEJSTPCSFBTVOUPT
$VBOEPVOQSPDFTPFTUgTPNFUJEPPQVFEBFTUBSTPNFUJEPBVOKVF[FMKVF[
OPSFBMJ[BSgJOUFODJPOBEBNFOUFOJOH|ODPNFOUBSJPRVFQVFEBFTQFSBSTF
SB[POBCMFNFOUFRVFBGFDUFBMSFTVMUBEPEFUBMQSPDFTPZRVFEFUFSJPSFMB
JNQBSDJBMJEBENBOJGJFTUBEFMQSPDFTP&MKVF[UBNQPDPIBSgOJOH|ODPNFO
UBSJPFOQ|CMJDPPEFDVBMRVJFSPUSBGPSNBRVFQVFEBBGFDUBSBMKVJDJPKVTUP
EFVOBQFSTPOBPBTVOUP
6OKVF[TFEFTDBMJGJDBSgEFQBSUJDJQBSFODVBMRVJFSQSPDFTPFOFMRVFOP
QVFEBEFDJEJSFMBTVOUPFODVFTUJwOEFGPSNBJNQBSDJBMPFOFMRVFQVFEB
QBSFDFSBVOPCTFSWBEPSSB[POBCMFRVFFMKVF[FTJODBQB[EFEFDJEJSFMBTVOUP
(6Ê"1"3"130'&4*0/"-&4/
JNQBSDJBMNFOUF-PTDJUBEPTQSPDFTPTJODMVJSgOTJOgOJNPEFFYIBVTUJWJEBE
TJUVBDJPOFTFOMBTRVF
&MKVF[UFOHBSFBMNFOUFQSFEJTQPTJDJwOPQSFKVJDJPTQBSBDPOVOBQBS
UFPQPTFBDPOPDJNJFOUPTQFSTPOBMFTTPCSFMPTIFDIPTQSPCBUPSJPT
DPOUSPWFSUJEPTSFMBUJWPTBMQSPDFTP
&MKVF[IBZBBDUVBEPQSFWJBNFOUFDPNPBCPHBEPPDPNPUFTUJHP
NBUFSJBMFOFMBTVOUPDPOUSPWFSUJEP
&MKVF[PBMH|ONJFNCSPEFTVGBNJMJBUFOHBVOJOUFSnTFDPOwNJDP
FOFMSFTVMUBEPEFMBTVOUPTVKFUPBDPOUSPWFSTJB
-PBOUFSJPSUFOJFOEPFODVFOUBRVFOPTFSgOFDFTBSJBMBEFTDBMJGJDBDJwOEFVO
KVF[TJOPQVFEFDPOTUJUVJSTFPUSPUSJCVOBMQBSBDPOPDFSEFMDBTPPDVBOEP
QPSDJSDVOTUBODJBTVSHFOUFTMBOPQBSUJDJQBDJwOEFMKVF[QVFEFQSPEVDJSVOB
EFOFHBDJwOEFKVTUJDJBHSBWF
7BMPS*OUFHSJEBE
1SJODJQJP
-B JOUFHSJEBE FT FTFODJBM QBSB FM EFTFNQFvP DPSSFDUP EF MBT GVODJPOFT
KVSJTEJDDJPOBMFT
"QMJDBDJwO
6OKVF[EFCFSgBTFHVSBSTFEFRVFTVDPOEVDUBFTUgQPSFODJNBEFDVBMRVJFS
SFQSPDIFBMPTPKPTEFVOPCTFSWBEPSSB[POBCMF
&MDPNQPSUBNJFOUPZMBDPOEVDUBEFVOKVF[EFCFSgOSFBGJSNBSMBDPOGJBO[B
EFMQ|CMJDPFOMBJOUFHSJEBEEFMBKVEJDBUVSB/PTwMPEFCFJNQBSUJSTFKVTUJDJB
UBNCJnOIBEFWFSTFDwNPTFJNQBSUF
7BMPS$PSSFDDJwO
1SJODJQJP
-BDPSSFDDJwOZMBBQBSJFODJBEFDPSSFDDJwOTPOFTFODJBMFTQBSBFMEFTFNQFvPEF
UPEBTMBTBDUJWJEBEFTEFVOKVF[
"QMJDBDJwO
6OKVF[FWJUBSgMBJODPSSFDDJwOZMBBQBSJFODJBEFJODPSSFDDJwOFOUPEBTTVT
BDUJWJEBEFT
$PNPPCKFUPEFVODPOTUBOUFFTDSVUJOJPQ|CMJDPVOKVF[EFCFSgBDFQUBS
SFTUSJDDJPOFTQFSTPOBMFTRVFQVFEBOTFSDPOTJEFSBEBTVOBDBSHBQBSBMPT
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
DJVEBEBOPTPSEJOBSJPTZMPEFCFSgIBDFSMJCSFNFOUFZEFGPSNBWPMVOUBSJB
1BSUJDVMBSNFOUFVOKVF[TFDPNQPSUBSgEFGPSNBDPOTFDVFOUFDPOMBEJHOJEBE
EFMBTGVODJPOFTKVSJTEJDDJPOBMFT
6OKVF[FOTVTSFMBDJPOFTQFSTPOBMFTDPONJFNCSPTJOEJWJEVBMFTEFMBBCPHB
DrBRVFQSBDUJRVFOTVUSBCBKPSFHVMBSNFOUFFOTVTBMBEFBVEJFODJBTFWJUBSg
TJUVBDJPOFTRVFQVFEBOMFWBOUBSTPTQFDIBTSB[POBCMFTPUFOFSBQBSJFODJB
EFGBWPSJUJTNPPQBSDJBMJEBE
6OKVF[OPQBSUJDJQBSgFOMBSFTPMVDJwOEFVODBTPFOFMRVFVONJFNCSPEF
TVGBNJMJBSFQSFTFOUFBVOMJUJHBOUFPFTUnBTPDJBEPEFDVBMRVJFSGPSNBDPO
FMDBTP
6OKVF[FWJUBSgRVFVUJMJDFTVSFTJEFODJBVONJFNCSPEFMBBCPHBDrBQBSB
SFDJCJSDMJFOUFTVPUSPTNJFNCSPTEFMBBCPHBDrB
6OKVF[DPNPDVBMRVJFSPUSPDJVEBEBOPUJFOFEFSFDIPBMBMJCFSUBEEF
FYQSFTJwOZEFDSFFODJBTEFSFDIPEFBTPDJBDJwOZEFSFVOJwOQFSPDVBOEP
FKFS[BMPTDJUBEPTEFSFDIPTZMJCFSUBEFTTFDPNQPSUBSgTJFNQSFEFGPSNB
RVFQSFTFSWFMBEJHOJEBEEFMBTGVODJPOFTKVSJTEJDDJPOBMFTZMBJNQBSDJBMJEBE
FJOEFQFOEFODJBEFMBKVEJDBUVSB
6OKVF[EFCFSgJOGPSNBSTFTPCSFTVTJOUFSFTFTQFSTPOBMFTZGJEVDJBSJP
GJOBODJFSPTZIBSgFTGVFS[PTSB[POBCMFTQBSBJOGPSNBSTFTPCSFMPTJOUFSFTFT
GJOBODJFSPTEFMPTNJFNCSPTEFTVGBNJMJB
6OKVF[OPQFSNJUJSgRVFTVGBNJMJBTVTSFMBDJPOFTTPDJBMFTPEFPUSPUJQP
JOGMVZBOJODPSSFDUBNFOUFFOMBDPOEVDUBKVEJDJBMEFMKVF[ZFOTVDSJUFSJP
DPNPKVF[
6OKVF[OPVUJMJ[BSgPQSFTUBSgFMQSFTUJHJPEFMBTGVODJPOFTKVSJTEJDDJPOBMFT
QBSBBZVEBSBTVTJOUFSFTFTQSJWBEPTBMPTEFVONJFNCSPEFTVGBNJMJBPB
MPTEFDVBMRVJFSPUSBQFSTPOBBTJNJTNPVOKVF[UBNQPDPEBSgOJQFSNJUJSg
BPUSPTRVFEFOMBJNQSFTJwOEFRVFOBEJFFTUgFOTJUVBDJwOEFJOGMVJSFOFM
KVF[EFGPSNBJODPSSFDUBDVBOEPEFTFNQFvBTVTPCMJHBDJPOFTKVEJDJBMFT
-BJOGPSNBDJwODPOGJEFODJBMPCUFOJEBQPSVOKVF[FOFMFKFSDJDJPEFTVTDPN
QFUFODJBTKVEJDJBMFTOPTFSgVUJMJ[BEBPSFWFMBEBQPSFMKVF[QBSBOJOH|OPUSP
QSPQwTJUPOPSFMBDJPOBEPDPOFMFKFSDJDJPEFTVTDPNQFUFODJBTKVEJDJBMFT
4VKFUP BM EFTFNQFvP DPSSFDUP EF TVT PCMJHBDJPOFT KVEJDJBMFT VO KVF[
QPESg
&TDSJCJSEBSDPOGFSFODJBTFOTFvBSZQBSUJDJQBSFOBDUJWJEBEFTSFMB
DJPOBEBTDPOMBMFZFMTJTUFNBMFHBMMBBENJOJTUSBDJwOEFKVTUJDJBZ
BTVOUPTDPOFYPT
(6Ê"1"3"130'&4*0/"-&4/
"QBSFDFSFOVOBBVEJFODJBQ|CMJDBEFVODVFSQPPGJDJBMFODBSHBEPEF
BTVOUPTSFMBDJPOBEPTDPOMBMFZFMTJTUFNBMFHBMMBBENJOJTUSBDJwOEF
KVTUJDJBPBTVOUPTDPOFYPTZ
4FSWJSDPNPNJFNCSPEFDVBMRVJFSDVFSQPPGJDJBMPEFPUSBTDPNJ
TJPOFTDPNJUnTPDVFSQPTBTFTPSFTTJUBMDPOEJDJwOEFNJFNCSPOP
FTJODPOTFDVFOUFDPOMBJNQBSDJBMJEBEQFSDJCJEBZDPOMBOFVUSBMJEBE
QPMrUJDBEFVOKVF[P
1BSUJDJQBSFOPUSBTBDUJWJEBEFTTJMBTDJUBEBTBDUJWJEBEFTOPEFTWJSU|BO
MBEJHOJEBEEFMBTGVODJPOFTKVSJTEJDDJPOBMFTPJOUFSGJFSFOEFDVBMRVJFS
PUSBGPSNBFOFMEFTFNQFvPEFMBTPCMJHBDJPOFTKVEJDJBMFT
6O KVF[ OP FKFSDFSg MB BCPHBDrB NJFOUSBT EFTFNQFvF GVODJPOFT
KVSJTEJDDJPOBMFT
6OKVF[QPESgGPSNBSPVOJSTFBBTPDJBDJPOFTEFKVFDFTPQBSUJDJQBSFOPUSBT
PSHBOJ[BDJPOFTRVFSFQSFTFOUFOMPTJOUFSFTFTEFMPTKVFDFT
6OKVF[ZMPTNJFNCSPTEFTVGBNJMJBOPQFEJSgOOJBDFQUBSgOOJOH|OSFHBMP
MFHBEPQSnTUBNPPGBWPSFOSFMBDJwODPODVBMRVJFSDPTBRVFFMKVF[IBZB
IFDIPPEFCBIBDFSPPNJUJSDPOSFTQFDUPBMEFTFNQFvPEFMBTPCMJHBDJPOFT
KVEJDJBMFT
6OKVF[OPQFSNJUJSgJOUFODJPOBEBNFOUFBMQFSTPOBMEFMPTUSJCVOBMFTPB
PUSBTQFSTPOBTTPCSFMBTDVBMFTFMKVF[QVFEBUFOFSJOGMVFODJBEJSFDDJwOP
BVUPSJEBERVFQJEBOPBDFQUFOOJOH|OSFHBMPMFHBEPQSnTUBNPPGBWPSFO
SFMBDJwODPODVBMRVJFSDPTBIFDIBQPSIBDFSPQPSPNJUJSFOSFMBDJwODPOTVT
PCMJHBDJPOFTPUBSFBT
%FBDVFSEPDPOMBMFZZDPOUPEPTMPTSFRVJTJUPTMFHBMFTTPCSFSFWFMBDJwO
Q|CMJDBVOKVF[QPESgSFDJCJSVOQFRVFvPSFHBMPQSFNJPPCFOFGJDJPTJNCw
MJDPTRVFTFBOBQSPQJBEPTQBSBMBPDBTJwOFORVFTFIBZBOIFDIPTJFNQSF
OPQVFEBQFSDJCJSTFEFGPSNBSB[POBCMFRVFUBMSFHBMPQSFNJPPCFOFGJDJP
TFFOUSFHBQBSBQSFUFOEFSJOGMVJSFOFMKVF[EVSBOUFFMEFTFNQFvPEFTVT
PCMJHBDJPOFTKVEJDJBMFTPRVFQVFEBUFOFSEFDVBMRVJFSPUSBGPSNBVOBBQB
SJFODJBEFQBSDJBMJEBE
7BMPS*HVBMEBE
1SJODJQJP
(BSBOUJ[BSMBJHVBMEBEEFUSBUBNJFOUPEFUPEPTBOUFVOUSJCVOBMFTFTFODJBMQBSB
EFTFNQFvBSEFCJEBNFOUFMBTGVODJPOFTKVSJTEJDDJPOBMFT
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
"QMJDBDJwO
6OKVF[TFFTGPS[BSgQBSBTFSDPOTDJFOUFEFZQBSBFOUFOEFSMBEJWFSTJEBEEFMB
TPDJFEBEZMBTEJGFSFODJBTQSPWFOJFOUFTEFWBSJBTGVFOUFTJODMVJEBTTJOgOJNP
EFFYIBVTUJWJEBEMBSB[BFMDPMPSFMTFYPMBSFMJHJwOFMPSJHFOOBDJPOBMMB
DBTUBMBTNJOVTWBMrBTMBFEBEFMFTUBEPDJWJMMBPSJFOUBDJwOTFYVBMFMOJWFM
TPDJBMZFDPOwNJDPZPUSBTDBVTBTTJNJMBSFT²NPUJWPTJSSFMFWBOUFT³
%VSBOUFFMEFTFNQFvPEFTVTPCMJHBDJPOFTKVEJDJBMFTVOKVF[OPNBOJGFT
UBSgQSFEJTQPTJDJwOPQSFKVJDJPTIBDJBOJOHVOBQFSTPOBPHSVQPQPSNPUJWPT
JSSFMFWBOUFT
6OKVF[DVNQMJSgTVTPCMJHBDJPOFTKVEJDJBMFTDPOMBBQSPQJBEBDPOTJEFSBDJwO
QBSBUPEBTMBTQFSTPOBTDPNPQPSFKFNQMPMBTQBSUFTMPTUFTUJHPTMPT
BCPHBEPTFMQFSTPOBMEFMUSJCVOBMZMPTPUSPTKVFDFTTJOEJGFSFODJBDJwOQPS
OJOH|ONPUJWPJSSFMFWBOUFZTJORVFBGFDUFBMDPSSFDUPDVNQMJNJFOUPEFMBT
DJUBEBTPCMJHBDJPOFT
6OKVF[OPQFSNJUJSgJOUFODJPOBEBNFOUFBMQFSTPOBMEFMPTUSJCVOBMFTPBPUSBT
QFSTPOBTTPCSFMBTDVBMFTFMKVF[QVFEBUFOFSJOGMVFODJBEJSFDDJwOPDPOUSPM
RVFIBHBOEJGFSFODJBTFOUSFMBTQFSTPOBTJNQMJDBEBTFOVOBTVOUPTPNFUJEP
BMBEFDJTJwOEFMKVF[CBTgOEPTFFONPUJWPTJSSFMFWBOUFT
6OKVF[QFEJSgBMPTBCPHBEPTRVFBDU|BOFOQSPDFTPTKVEJDJBMFTRVFTF
BCTUFOHBOEFNBOJGFTUBSNFEJBOUFQBMBCSBTPDPOEVDUBQSFEJTQPTJDJwOP
QSFKVJDJPTCBTBEPTFONPUJWPTJSSFMFWBOUFTFYDFQUPDVBOEPTFBOMFHBMNFOUF
SFMFWBOUFTQBSBVOBTVOUPQSPDFTBMZQVFEBOTFSPCKFUPEFMFKFSDJDJPMFHrUJNP
EFMBBCPHBDrB
7BMPS$PNQFUFODJB:%JMJHFODJB
1SJODJQJP
-BDPNQFUFODJBZMBEJMJHFODJBTPOSFRVJTJUPTQSFWJPTQBSBEFTFNQFvBSEFCJEBNFOUF
MBTGVODJPOFTKVSJTEJDDJPOBMFT
"QMJDBDJwO
-BTPCMJHBDJPOFTKVEJDJBMFTEFVOKVF[QSJNBSgOTPCSFUPEBTTVTEFNgT
BDUJWJEBEFT
6OKVF[EFEJDBSgTVBDUJWJEBEQSPGFTJPOBMBMBTPCMJHBDJPOFTKVEJDJBMFTRVF
OPTwMPJODMVZFOFMEFTFNQFvPEFPCMJHBDJPOFTKVEJDJBMFTFOFMUSJCVOBMZMB
QSPOVODJBDJwOEFSFTPMVDJPOFTTJOPUBNCJnOPUSBTUBSFBTSFMFWBOUFTQBSBMBT
GVODJPOFTKVSJTEJDDJPOBMFTPMBTPQFSBDJPOFTEFMPTUSJCVOBMFT
(6Ê"1"3"130'&4*0/"-&4/
6OKVF[EBSgMPTQBTPTSB[POBCMFTQBSBNBOUFOFSZBVNFOUBSTVTDPOPDJ
NJFOUPTIBCJMJEBEFTZDVBMJEBEFTQFSTPOBMFTOFDFTBSJBTQBSBFMDPSSFDUP
EFTFNQFvPEFMBTPCMJHBDJPOFTKVEJDJBMFTBQSPWFDIBOEPQBSBFTFGJOMPT
DVSTPTZGBDJMJEBEFTRVFQVFEBOFTUBSBEJTQPTJDJwOEFMPTKVFDFTCBKP
DPOUSPMKVEJDJBM
6OKVF[TFNBOUFOESgJOGPSNBEPTPCSFMPTDBNCJPTSFMFWBOUFTFOFMEFSFDIP
JOUFSOBDJPOBMJODMVJEPTMPTDPOWFOJPTJOUFSOBDJPOBMFTZMPTPUSPTJOTUSVNFOUPT
RVFFTUBCMF[DBOOPSNBTEFEFSFDIPTIVNBOPT
6OKVF[EFTFNQFvBSgUPEBTTVTPCMJHBDJPOFTKVEJDJBMFTJODMVJEBMBFNJTJwOEF
EFDJTJPOFTSFTFSWBEBTEFGPSNBFGJDB[KVTUBZDPOVOBSBQJEF[SB[POBCMF
6OKVF[NBOUFOESgFMPSEFOZFMEFDPSPFOUPEPTMPTQSPDFTPTFORVFQBSUJDJQF
ZTFSgQBDJFOUFEJHOPZDPSUnTDPOMPTMJUJHBOUFTMPTKVSBEPTMPTUFTUJHPT
MPTBCPHBEPTZMBTPUSBTQFSTPOBTDPORVFUSBUFFOTVDBQBDJEBEPGJDJBM&M
KVF[FYJHJSgVOBDPOEVDUBTJNJMBSEFMPTSFQSFTFOUBOUFTMFHBMFTEFMQFSTPOBM
EFMUSJCVOBMZEFMBTPUSBTQFSTPOBTTVKFUBTBMBJOGMVFODJBMBEJSFDDJwOPFM
DPOUSPMEFMKVF[
6OKVF[OPFYIJCJSgDPOEVDUBTJODPNQBUJCMFTDPOFMEFTFNQFvPEJMJHFOUFEF
MBTPCMJHBDJPOFTKVEJDJBMFT
"QMJDBDJwO
%FCJEPBMBOBUVSBMF[BEFMBTGVODJPOFTKVSJTEJDDJPOBMFTMBTKVEJDBUVSBTOBDJP
OBMFTBEPQUBSgONFEJEBTFGFDUJWBTQBSBQSPQPSDJPOBSNFDBOJTNPTEFBQMJDBDJwO
EFFTUPTQSJODJQJPTTJFTRVFMPTDJUBEPTNFDBOJTNPTUPEBWrBOPFYJTUFOFOTVT
KVSJTEJDDJPOFT
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
&TUBUVUP6OJWFSTBMEFM+VF[
"QSPCBEPQPSMB"TPDJBDJwO*OUFSOBDJPOBMEF+VFDFTFMEFOPWJFNCSFEF
1SFgNCVMP
&OMBFMBCPSBDJwOQSFMJNJOBSEFFTUF&TUBUVUPIBODPMBCPSBEPKVFDFTEFEJWFSTPT
QBrTFTEFMNVOEP&MQSFTFOUF&TUBUVUPFTFMSFTVMUBEPEFTVUSBCBKPZIBTJEP
DPOTFOTVBEPQPSMPTNJFNCSPTEFMBTBTPDJBDJPOFTJOUFHSBEBTFOMB"TPDJBDJwO
*OUFSOBDJPOBMEF.BHJTUSBEPTZSFQSFTFOUBMBTOPSNBTHFOFSBMFTNrOJNBT
&MUFYUPEFM&TUBUVUPGVFBQSPCBEPQPSVOBOJNJEBEEFMPTQSFTFOUFTFOMBSFVOJwO
EFM$POTFKP$FOUSBMEFMB6OJwO*OUFSOBDJPOBMEF.BHJTUSBEPTFO5BJQFJ5BJXgO
FM
EFOPWJFNCSFEF
"SUrDVMP*OEFQFOEFODJB
&OFMDPOKVOUPEFTVTBDUJWJEBEFTMPTKVFDFTEFCFOHBSBOUJ[BSMPTEFSFDIPTEF
UPEBQFSTPOBBVOQSPDFTPKVTUP%FCFOQPOFSFONBSDIBUPEPTMPTNFEJPTEFRVF
EJTQPOHBOQBSBQFSNJUJSRVFMPTBTVOUPTTFBOWJTUPTFOBVEJFODJBQ|CMJDBFOVO
QMB[PSB[POBCMFBOUFVOUSJCVOBMJOEFQFOEJFOUFFJNQBSDJBMFTUBCMFDJEPQPSMBMFZ
B¾OEFEFUFSNJOBSMPTEFSFDIPTZPCMJHBDJPOFTFONBUFSJBDJWJMPMBSFBMJEBEEFMPT
DBSHPTFONBUFSJBQFOBM
-BJOEFQFOEFODJBEFMKVF[SFTVMUBJOEJTQFOTBCMFQBSBFMFKFSDJDJPEFVOBKVTUJDJB
JNQBSDJBMFOFMSFTQFUPEFMBMFZ-BJOEFQFOEFODJBFTJOEJWJTJCMF5PEBTMBTJOTUJUV
DJPOFTZBVUPSJEBEFTOBDJPOBMFTPJOUFSOBDJPOBMFTEFCFSgOSFTQFUBSQSPUFHFSZ
EFGFOEFSFTUBJOEFQFOEFODJB
"SUrDVMP&TUBUVUP
-BJOEFQFOEFODJBEFMKVF[EFCFFTUBSHBSBOUJ[BEBQPSVOBMFZFTQFDr¾DBRVFMF
BTFHVSFVOBJOEFQFOEFODJBSFBMZFGFDUJWBDPOSFTQFDUPBMPTEFNgTQPEFSFTEFM
&TUBEP&MKVF[DPNPEFQPTJUBSJPEFMBBVUPSJEBEKVEJDJBMEFCFSgQPEFSFKFSDFSTVT
GVODJPOFTDPOUPUBMJOEFQFOEFODJBSFTQFDUPBUPEBTMBTGVFS[BTTPDJBMFTFDPOwNJ
DBTZQPMrUJDBTFJOEFQFOEJFOUFNFOUFEFMPTEFNgTKVFDFTZEFMBBENJOJTUSBDJwO
EFKVTUJDJB
"SUrDVMP4VNJTJwOBMBMFZ
&OFMFKFSDJDJPEFTVBDUJWJEBEQSPGFTJPOBMFMKVF[OPEFCFFTUBSTPNFUJEPNBTRVF
BMBMFZZOPQVFEFEFDJEJSNBTRVFDPOSFTQFDUPBFTUB
(6Ê"1"3"130'&4*0/"-&4/
"SUrDVMP"VUPOPNrBQFSTPOBM
/BEJFEFCFEBSPJOUFOUBSEBSwSEFOFTPJOTUSVDDJPOFTEFDVBMRVJFSUJQPBMKVF[&TUB
QSPIJCJDJwOOPTFBQMJDBBMBTJOTUBODJBTTVQFSJPSFTDVBOEPUJFOFODPNQFUFODJBQBSB
SFGPSNBSMBTEFDJTJPOFTEFMKVF[JOGFSJPS
"SUrDVMP*NQBSDJBMJEBEZEFCFSEFSFTFSWB
&MKVF[EFCFTFSZBQBSFDFSJNQBSDJBMFOFMFKFSDJDJPEFTVBDUJWJEBEKVSJTEJDDJPOBM
%FCFDVNQMJSTVTEFCFSFTDPONPEFSBDJwOZEJHOJEBESFTQFDUPEFTVGVODJwOZEF
DVBMRVJFSQFSTPOBBGFDUBEB
"SUrDVMP&GJDBDJB
&MKVF[EFCFDVNQMJSTVTPCMJHBDJPOFTQSPGFTJPOBMFTFOVOQMB[PSB[POBCMFZQPOFS
FONBSDIBUPEPTMPTNFEJPTOFDFTBSJPTRVFUJFOEBOBMBNBZPSF¾DBDJB
"SUrDVMP"DUJWJEBEFTBOFYBT
&MKVF[OPQVFEFEFEJDBSTFBOJOHVOBPUSBGVODJwOQ|CMJDBPQSJWBEBSFNVOFSBEBP
OPRVFOPTFBQMFOBNFOUFDPNQBUJCMFDPOTVTEFCFSFTZTVFTUBUVUP
&MKVF[OPQPESgTFSOPNCSBEPQBSBFMFKFSDJDJPEFGVODJPOFTBKFOBTBMFKFSDJDJP
KVEJDJBMTJOTVQSFWJPBDVFSEP
"SUrDVMP1SPUFDDJwOEFMFTUBUVUPEFMBGVODJwO
&MKVF[OPQVFEFTFSEFTQMB[BEPTVTQFOEJEPPEFTUJUVJEPEFTVTGVODJPOFTNBTRVF
FOMPTDBTPTQSFWJTUPTQPSMBMFZZDPOSFTQFUPEFMQSPDFEJNJFOUPEJTDJQMJOBSJP
&MKVF[FTOPNCSBEPTJOMJNJUBDJwOEFUJFNQPPQPSVOQFSJPEPMJNJUBEPFODPOEJ
DJPOFTEFUFSNJOBEBTBSFTFSWBEFRVFFMMPOPDPNQSPNFUBMBJOEFQFOEFODJBEFMB
KVTUJDJB
$VBMRVJFS DBNCJP SFGFSFOUF B MB FEBE EF KVCJMBDJwO OP QPESg UFOFS FGFDUP
SFUSPBDUJWP
"SUrDVMP/PNCSBNJFOUP
&MJOHSFTPFOMBDBSSFSBZDBEBVOPEFMPTOPNCSBNJFOUPTEFMKVF[EFCFOIBDFSTF
TFH|ODSJUFSJPTPCKFUJWPTZUSBOTQBSFOUFTGVOEBEPTFOTVDBQBDJEBEQSPGFTJPOBM
$VBOEPFTUPOPFTUnZBBTFHVSBEPQPSPUSBTWrBTDPNPDPOTFDVFODJBEFVOBUSBEJDJwO
FTUBCMFDJEBZQSPCBEBMBFMFDDJwOEFCFFTUBSBTFHVSBEBQPSVOwSHBOPJOEFQFOEJFOUF
JOUFHSBEPQPSVOBQBSUFTVTUBOUJWBZSFQSFTFOUBUJWBEFKVFDFT
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
"SUrDVMP3FTQPOTBCJMJEBEDJWJMZQFOBM
5BOUPMBBDDJwODJWJMEJSJHJEBDPOUSBVOKVF[DVBOEPTFBBENJUJEBDPNPMBBDDJwO
QFOBMZFOTVDBTPMBEFUFODJwOEFCFSgOTFSFKFSDJEBTFODPOEJDJPOFTRVFOPQVFEBO
UFOFSDPNPPCKFUJWPOJOHVOBJO¿VFODJBTPCSFTVBDUJWJEBEKVSJTEJDDJPOBM
"SUrDVMP"ENJOJTUSBDJwOZQSJODJQJPTFONBUFSJBEFEJTDJQMJOB
-BHFTUJwOBENJOJTUSBUJWBZEJTDJQMJOBSJBEFMPTNJFNCSPTEFMQPEFSKVEJDJBMEFCF
FKFSDFSTFFODPOEJDJPOFTRVFQFSNJUBOQSFTFSWBSTVJOEFQFOEFODJBZTFGVOEBNFOUB
TPCSFMBQVFTUBFOQSgDUJDBEFDSJUFSJPTPCKFUJWPTZBEBQUBEPT
$VBOEPFTUPOPFTUgTV¾DJFOUFNFOUFBTFHVSBEPQPSPUSBTWrBTSFTVMUBOUFTEFVOB
QSPCBEBUSBEJDJwOMBBENJOJTUSBDJwOKVEJDJBMZMBBDDJwOEJTDJQMJOBSJBEFCFOTFS
DPNQFUFODJBEFVOwSHBOPJOEFQFOEJFOUFJOUFHSBEPQPSVOBQBSUFTVTUBODJBMZ
SFQSFTFOUBUJWBEFKVFDFT
-BTTBODJPOFTEJTDJQMJOBSJBTGSFOUFBMPTKVFDFTOPQVFEFOBEPQUBSTFNBTRVFQPS
NPUJWPTJOJDJBMNFOUFQSFWJTUPTQPSMBMFZZPCTFSWBOEPSFHMBTEFQSPDFEJNJFOUP
QSFEFUFSNJOBEBT
"SUrDVMP"TPDJBDJPOFT
&MEFSFDIPEFBTPDJBDJwOQSPGFTJPOBMEFMKVF[EFCFTFSSFDPOPDJEPQBSBQFSNJUJSB
MPTKVFDFTTFSDPOTVMUBEPTGVOEBNFOUBMNFOUFTPCSFMBEFUFSNJOBDJwOEFTVTOPSNBT
FTUBUVUBSJBTnUJDBTVPUSBTMPTSFDVSTPTEFMBKVTUJDJBZQBSBQFSNJUJSBTFHVSBSMB
EFGFOTBEFTVTJOUFSFTFTMFHrUJNPT
"SUrDVMP3FNVOFSBDJwOZKVCJMBDJwO
&MKVF[EFCFSFDJCJSVOBSFNVOFSBDJwORVFTFBTV¾DJFOUFQBSBBTFHVSBSTVJOEFQFO
EFODJBFDPOwNJDB
-BSFNVOFSBDJwOOPEFCFEFQFOEFSEFMSFTVMUBEPEFMBBDUJWJEBEEFMKVF[ZOPEFCF
TFSSFEVDJEBNJFOUSBTQSFTUFTFSWJDJPQSPGFTJPOBM
&MKVF[UJFOFEFSFDIPBKVCJMBSTFZQFSDJCJSVOBQFOTJwORVFTFDPSSFTQPOEBDPOTV
OJWFMEFSFTQPOTBCJMJEBE
%FTQVnTEFMBKVCJMBDJwOOPTFMFQVFEFQSPIJCJSFMFKFSDJDJPEFPUSBBDUJWJEBEQSP
GFTJPOBMKVSrEJDBQPSFMTPMPIFDIPEFTVQSFWJBBDUJWJEBEKVEJDJBM
"SUrDVMP.FEJPTNBUFSJBMFT
$PSSFTQPOEFBPUSPTQPEFSFTQ|CMJDPTEFM&TUBEPQSPQPSDJPOBSBMQPEFSKVEJDJBMMPT
SFDVSTPTOFDFTBSJPTQBSBTVBDUVBDJwO
(6Ê"1"3"130'&4*0/"-&4/
&MQPEFSKVEJDJBMEFCFQPEFSQBSUJDJQBSPQPEFSTFSPrEPFOMPRVFSFTQFDUBBMBT
EFDJTJPOFTSFMBUJWBTBMPTNFEJPTNBUFSJBMFT
"SUrDVMP&M.JOJTUFSJP1|CMJDP
&OMPTQBrTFTFORVFMPTNJFNCSPTEFM.JOJTUFSJP1|CMJDPFTUgOBTJNJMBEPTBMPT
KVFDFTMPTBOUFSJPSFTQSJODJQJPTMFTTPOBQMJDBCMFTFODPOTJEFSBDJwOBMBOBUVSBMF[B
EFTVGVODJwO
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
1SJODJQJPTEF#VSHI)PVTFTPCSFMBJOEFQFOEFODJBEFMBKVEJDBUVSB
JOUFSOBDJPOBM
&M(SVQPEF&TUVEJPEFMB"TPDJBDJwO*OUFSOBDJPOBMEF%FSFDIPTPCSFMB1SgDUJDBZFM
1SPDFTPEFMBT$PSUFTZ5SJCVOBMFT*OUFSOBDJPOBMFTFOBTPDJBDJwODPOFM1SPZFDUP
TPCSF$PSUFTZ5SJCVOBMFT*OUFSOBDJPOBMFT
3FDPOPDJFOEPMBOFDFTJEBEEFEJSFDUSJDFTEFBQMJDBDJwOHFOFSBMQBSBDPOUSJCVJSBMB
JOEFQFOEFODJBFJNQBSDJBMJEBEEFMBKVEJDBUVSBJOUFSOBDJPOBMDPOMBJOUFODJwOEF
BTFHVSBSMBMFHJUJNJEBEZF¾DBDJBEFMQSPDFTPKVEJDJBMJOUFSOBDJPOBM
5FOJFOEPFODVFOUBMPT1SJODJQJPTCgTJDPTEFMBT/BDJPOFT6OJEBTTPCSFMBJOEFQFO
EFODJBEFMBKVEJDBUVSB
ZPUSBTSFHMBTZOPSNBTJOUFSOBDJPOBMFTSFMBDJPOBEBT
DPOMBJOEFQFOEFODJBEFMQPEFSKVEJDJBMZFMEFSFDIPBVOKVJDJPKVTUP
$POTJEFSBOEPMPTEFTBGrPTFTQFDJBMFTEFMBKVEJDBUVSBJOUFSOBDJPOBMFOWJTUBEFM
DPOUFYUPOPOBDJPOBMFOFMRVFPQFSBO
"EWJSUJFOEPFTQFDJBMNFOUFRVFDBEBDPSUFPUSJCVOBMUJFOFTVTQSPQJBTDBSBDUFSrTUJDBT
ZGVODJPOFTZRVFFOEFUFSNJOBEBTPDBTJPOFTMPTKVFDFTUSBCBKBONFEJPIPSBSJPP
DPNPKVFDFTBEIPDPBEMJUFN
$POTJEFSBOEPRVFMPTTJHVJFOUFTQSJODJQJPTEFMEFSFDIPJOUFSOBDJPOBMTPOEFBQMJ
DBDJwOHFOFSBM
… QBSBBTFHVSBSMBJOEFQFOEFODJBEFMBKVEJDBUVSBMPTKVFDFTEFCFOHP[BSEF
JOEFQFOEFODJBEFMBTQBSUFTEFMPTDBTPTRVFTFQSFTFOUBOBOUFFMMPTTVT
QSPQJPT&TUBEPTEPOEFOBDJFSPOPSFTJEFOMPTQBrTFTFOMPTRVFEFTFNQFvBO
TVTGVODJPOFTZMBTPSHBOJ[BDJPOFTJOUFSOBDJPOBMFTCBKPFMBVTQJDJPEFMBT
DVBMFTTFFTUBCMFDFMBDPSUFPFMUSJCVOBM
… MPTKVFDFTEFCFOFTUBSMJCSFTEFJOGMVFODJBTJOEFCJEBTEFDVBMRVJFSDMBTF
… MPTKVFDFTEFDJEJSgODBTPTFOGPSNBJNQBSDJBMTPCSFMBCBTFEFMPTIFDIPT
EFMDBTPZEFMEFSFDIPBQMJDBCMF
… MPTKVFDFTFWJUBSgODVBMRVJFSDPOGMJDUPEFJOUFSFTFTBMJHVBMRVFFWJUBSgOTFS
DPMPDBEPTFOVOBTJUVBDJwORVFQVFEBQFSDJCJSTFFOGPSNBSB[POBCMFRVF
EBMVHBSBVODPOGMJDUPEFJOUFSFTFT
… MPTKVFDFTFWJUBSgOFMBCVTPEFTVTBDUJWJEBEFTKVEJDJBMFTZSFMBDJPOBEBT
1SPQPOFMPTTJHVJFOUFT1SJODJQJPTRVFTFBQMJDBSgOQSJODJQBMNFOUFBMBTDPSUFTZ
MPTUSJCVOBMFTJOUFSOBDJPOBMFTFOBEFMBOUF²USJCVOBMFT³
ZBMPTKVFDFTEFUJFNQP
DPNQMFUP-PT1SJODJQJPTEFCFOBTJNJTNPBQMJDBSTFBMPTKVFDFTBEIPDKVFDFTBE
MJUFNZKVFDFTEFBUJFNQPQBSDJBMBMPTQSPDFEJNJFOUPTEFBSCJUSBKFJOUFSOBDJPOBMFT
ZBPUSPTFKFSDJDJPTEFMQPEFSKVEJDJBMJOUFSOBDJPOBM
(6Ê"1"3"130'&4*0/"-&4/
*OEFQFOEFODJBZMJCFSUBEGSFOUFBJOUFSGFSFODJBT
&MUSJCVOBMZMPTKVFDFTEFTFNQFvBSgOTVTGVODJPOFTMJCSFTEFJOUFSGFSFODJB
EJSFDUBPJOEJSFDUBPEFMBJOGMVFODJBEFDVBMRVJFSQFSTPOBPFOUJEBE
%POEFVOUSJCVOBMFTUnFTUBCMFDJEPDPNPVOwSHBOPPDPOFMBQPZPEFVOB
PSHBOJ[BDJwOJOUFSOBDJPOBMFMUSJCVOBMZMPTKVFDFTFKFSDFSgOTVTGVODJPOFT
KVEJDJBMFTMJCSFTEFJOUFSGFSFODJBEFPUSPTwSHBOPTPBVUPSJEBEFTEFEJDIB
PSHBOJ[BDJwO&TUBMJCFSUBETFBQMJDBSgUBOUPBMPTQSPDFTPTKVEJDJBMFTFO
DBTPTQFOEJFOUFTFOUSFFMMPTMBBTJHOBDJwOEFDBTPTBEFUFSNJOBEPTKVFDFT
DPNPBMBPQFSBDJwOEFMUSJCVOBMZTVSFHJTUSP
&MUSJCVOBMTFSgMJCSFEFFTUBCMFDFSMBTDPOEJDJPOFTEFTVBENJOJTUSBDJwOJOUFS
OBJODMVJEBTMBQPMrUJDBEFTFMFDDJwOEFQFSTPOBMMPTTJTUFNBTEFJOGPSNBDJwO
ZEFBTJHOBDJwOEFHBTUPTQSFTVQVFTUBMFT
-BTEFMJCFSBDJPOFTEFMUSJCVOBMUFOESgODBSgDUFSDPOGJEFODJBM
/PNCSBNJFOUPFMFDDJwOZEFTJHOBDJwO
%FBDVFSEPDPOMPTJOTUSVNFOUPTWJHFOUFTMPTKVFDFTTFSgOFMFDUPTFOUSF
QFSTPOBTEFDBSgDUFSNPSBMJOUFHSJEBEZDPODJFODJBTVQFSJPSFTRVFQPTFBO
MBDBMJGJDBDJwOQSPGFTJPOBMDPNQFUFODJBZFYQFSJFODJBFYJHJEBTQPSFMUSJCVOBM
FODVFTUJwO
.JFOUSBTRVFMPTQSPDFEJNJFOUPTEFOPNCSBNJFOUPFMFDDJwOZEFTJHOBDJwO
EFCFODPOTJEFSBSMBSFQSFTFOUBDJwOFRVJUBUJWBEFMBTEJGFSFOUFTSFHJPOFT
HFPHSgGJDBTZEFMPTQSJODJQBMFTTJTUFNBTKVSrEJDPTDPNPDPSSFTQPOEBBM
JHVBMRVFMPTKVFDFTEFTFYPGFNFOJOPZNBTDVMJOPFMQFSTPOBMZMBDBMJGJDB
DJwOQSPGFTJPOBMBEFDVBEPTEFCFSgTFSVOBDPOTJEFSBDJwOQSJNPSEJBMFOFM
OPNCSBNJFOUPFMFDDJwOZEFTJHOBDJwOEFMPTKVFDFT
-PTQSPDFEJNJFOUPTQBSBFMOPNCSBNJFOUPFMFDDJwOZEFTJHOBDJwOEFMPT
KVFDFTEFCFOTFSUSBOTQBSFOUFTZQSPQPSDJPOBSMBTHBSBOUrBTBEFDVBEBTQBSB
FWJUBSOPNCSBNJFOUPTFMFDDJPOFTZEFTJHOBDJPOFTNPUJWBEPTQPSDPOTJEF
SBDJPOFTJOBEFDVBEBT
-BJOGPSNBDJwOSFMBUJWBBMQSPDFTPEFOPNCSBNJFOUPFMFDDJwOZEFTJHOBDJwO
ZMBJOGPSNBDJwOBDFSDBEFMPTDBOEJEBUPTBDBSHPTKVEJDJBMFTEFCFIBDFSTF
Q|CMJDBFOFMEFCJEPUJFNQPZEFVONPEPFGFDUJWPQPSMBPSHBOJ[BDJwO
VwSHBOPJOUFSOBDJPOBMSFTQPOTBCMFEFEJDIPQSPDFTPEFOPNCSBNJFOUP
FMFDDJwOZEFTJHOBDJwO
$VBOEPMPTJOTUSVNFOUPTWJHFOUFTEFMUSJCVOBMQFSNJUBOMBSFFMFDDJwOEF
KVFDFTMPTQSJODJQJPTZDSJUFSJPTFTUBCMFDJEPTBOUFSJPSNFOUFQBSBFMOPN
CSBNJFOUPFMFDDJwOZEFTJHOBDJwOEFKVFDFTTFBQMJDBSgONVUBUJTNVUBOEJT
BTVSFFMFDDJwO
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
4FHVSJEBEFOFMDBSHP
-PTKVFDFTUFOESgOTFHVSJEBEEFQFSNBOFODJBFOFMDBSHPDPOSFMBDJwOBMB
EVSBDJwOEFTVNBOEBUP4PMBNFOUFQPESgOTFSEFTUJUVJEPTQPSDBVTBTZ
QSPDFEJNJFOUPTBEFDVBEPTQSFWJBNFOUFFTUBCMFDJEPT
-PTJOTUSVNFOUPTWJHFOUFTEFDBEBUSJCVOBMEFCFSgOEJTQPOFSRVFMPTKVFDFT
TFBOEFTJHOBEPTQPSVOQMB[PNrOJNPQBSBQFSNJUJSMFTFKFSDFSTVTGVODJPOFT
KVEJDJBMFTFOGPSNBJOEFQFOEJFOUF
$POEJDJPOFTEFTFSWJDJPZSFNVOFSBDJwO
-BTDPOEJDJPOFTFTFODJBMFTEFTFSWJDJPEFMPTKVFDFTFTUBSgOFOVNFSBEBTFO
JOTUSVNFOUPTMFHBMNFOUFWJODVMBOUFT
/PTFJOUSPEVDJSgODBNCJPTBEWFSTPTDPOSFTQFDUPBMBSFNVOFSBDJwOEFMPT
KVFDFTZPUSBTDPOEJDJPOFTFTFODJBMFTEFMTFSWJDJPEVSBOUFTVHFTUJwO
-PTKVFDFTEFCFSgOQFSDJCJSVOBSFNVOFSBDJwOBEFDVBEBRVFEFCFSgBKVTUBS
TFQFSJwEJDBNFOUFEFBDVFSEPDPOFMBVNFOUPEFMDPTUPEFWJEBFOFMMVHBS
EPOEFTFFTUBCMF[DBFMUSJCVOBM
-BT DPOEJDJPOFT EFM DBSHP EFCFSgO JODMVJS BSSFHMPT EF KVCJMBDJwO
BEFDVBEPT
1SJWJMFHJPTFJONVOJEBEFT
-PTKVFDFTHP[BSgOEFJONVOJEBEFRVJWBMFOUFBMBJONVOJEBEEJQMPNgUJDB
BCTPMVUBZFOFTQFDJBMHP[BSgOEFJONVOJEBEEFEFNBOEBTRVFTVSKBOEFM
FKFSDJDJPEFTVGVODJwOKVEJDJBM
4wMPFMUSJCVOBMUFOESgDPNQFUFODJBQBSBSFOVODJBSBMBJONVOJEBEEFMPT
KVFDFTEFCFSgSFOVODJBSBMBJONVOJEBEFODVBMRVJFSDBTPFOFMRVFFOTV
PQJOJwOMBJONVOJEBEJNQJEBFMDVSTPEFMBKVTUJDJBZOPBGFDUFFMFKFSDJDJP
EFTVGVODJwOKVEJDJBM
-PTEPDVNFOUPTZQBQFMFTEFMUSJCVOBMEFMPTKVFDFTZEFMSFHJTUSPFO
MBNFEJEBFORVFFTUnOSFMBDJPOBEPTDPOMPTBTVOUPTEFMUSJCVOBMTFSgO
JOWJPMBCMFT
&M&TUBEPFOFMDVBMGVODJPOBVOUSJCVOBMJOUFSOBDJPOBMUPNBSgMBTNFEJEBT
OFDFTBSJBTQBSBQSPUFHFSMBTFHVSJEBEEFMPTKVFDFTZTVTGBNJMJBSFTZQBSB
QSPUFHFSMPTEFNFEJEBTBEWFSTBTSFMBDJPOBEBTDPOFMEFTFNQFvPEFTV
GVODJwOKVEJDJBM
(6Ê"1"3"130'&4*0/"-&4/
1SFTVQVFTUP
-PT&TUBEPTQBSUFTZMBTPSHBOJ[BDJPOFTJOUFSOBDJPOBMFTQSPQPSDJPOBSgOSFDVSTPT
BEFDVBEPTDPNPJOTUBMBDJPOFTZQFSTPOBMQBSBQFSNJUJSRVFMPTUSJCVOBMFTZMPT
KVFDFTEFTFNQFvFOTVTGVODJPOFTF¾DB[NFOUF
-JCFSUBEEFFYQSFTJwOZBTPDJBDJwO
-PTKVFDFTHP[BSgOEFMJCFSUBEEFFYQSFTJwOZBTPDJBDJwONJFOUSBTEFTFN
QFvFOTVTDBSHPT&TUBTMJCFSUBEFTEFCFOTFSFKFSDJEBTEFNBOFSBRVFTFBO
DPNQBUJCMFTDPOMBGVODJwOKVEJDJBMZRVFOPBGFDUFOPQBSF[DBOBGFDUBSFO
GPSNBSB[POBCMFMBJOEFQFOEFODJBPJNQBSDJBMJEBEKVEJDJBM
-PTKVFDFTNBOUFOESgODPOGJEFODJBMJEBEFOMBTEFMJCFSBDJPOFTZOPDPNFO
UBSgOFYUSBKVEJDJBMNFOUFDBTPTQFOEJFOUFTEFSFTPMVDJwO
-PTKVFDFTSFTUSJOHJSgOBEFDVBEBNFOUFMPTDPNFOUBSJPTFYUSBKVEJDJBMFTEF
TFOUFODJBTZQSPDFTPTEFTVTUSJCVOBMFTZEFPUSPTZEFUPEBMFHJTMBDJwO
QSPZFDUPTEFMFZQSPQVFTUBTVPCKFUPTRVFQVFEBOTFSQSFTFOUBEPTFOTV
USJCVOBM
"DUJWJEBEFYUSBKVEJDJBM
-PTKVFDFTOPQBSUJDJQBSgOFOBDUJWJEBEFTFYUSBKVEJDJBMFTRVFTFBOJODPNQB
UJCMFTDPOTVGVODJwOKVEJDJBMPDPOFMGVODJPOBNJFOUPFGJDJFOUFEFMUSJCVOBM
EFRVFGPSNBOQBSUFPRVFQVFEBOBGFDUBSPQBSF[DBFOGPSNBSB[POBCMF
RVFQVFEBOBGFDUBSTVJOEFQFOEFODJBFJNQBSDJBMJEBE
-PTKVFDFTOPEFTFNQFvBSgOOJOH|ODBSHPQPMrUJDP
$BEBUSJCVOBMEFCFFTUBCMFDFSVONFDBOJTNPBEFDVBEPQBSBQSPQPSDJPOBS
EJSFDUSJDFTBMPTKVFDFTDPOSFMBDJwOBMBTBDUJWJEBEFTFYUSBKVEJDJBMFTZQBSB
HBSBOUJ[BSRVFMBTQBSUFTEFMPTQSPDFTPTDVFOUFODPOMPTNFEJPTBQSPQJBEPT
QBSBQMBOUFBSTVTQSFPDVQBDJPOFT
7rODVMPTBOUFSJPSFTBVODBTP
-PTKVFDFTOPQBSUJDJQBSgOFOVOBDBVTBFOMBRVFIBZBOQBSUJDJQBEPQSFWJB
NFOUFDPNPBHFOUFTBCPHBEPTBTFTPSFTQFSJUPTPFODVBMRVJFSPUSBDBMJEBE
QBSBDVBMRVJFSBEFMBTQBSUFTPDPNPNJFNCSPEFVOUSJCVOBMOBDJPOBMP
JOUFSOBDJPOBMVPUSPwSHBOPEFSFTPMVDJwOEFEJTQVUBTRVFIBZBDPOTJEFSBEP
FMPCKFUPEFMBEJTQVUB
-PTKVFDFTOPQBSUJDJQBSgOFOOJOH|ODBTPFOFMDVBMIBZBOUFOJEPBMH|OUJQP
EFWJODVMBDJwODPOFMPCKFUPRVFQVEJFSBBGFDUBSPQBSF[DBSB[POBCMFNFOUF
RVFQVFEBBGFDUBSTVJOEFQFOEFODJBFJNQBSDJBMJEBE
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
7rODVMPTBOUFSJPSFTBVOBEFMBTQBSUFT
-PTKVFDFTOPQBSUJDJQBSgOFOVODBTPRVFJOWPMVDSFBVOBQBSUFBMBDVBMIBZBOSF
QSFTFOUBEPDPNPBHFOUFTBCPHBEPTBTFTPSFTPQFSJUPTFOMPT|MUJNPTUSFTBvPT
PFODVBMRVJFSPUSPQFSrPEPTJNJMBSTFH|OMPFTUBCMF[DBFMUSJCVOBMFOTVTSFHMBT
PDPOMBDVBMIBZBOUFOJEPDVBMRVJFSPUSPWrODVMPTJHOJ¾DBUJWPZBTFBQSPGFTJPOBMP
QFSTPOBMFOMPTUSFTBvPTBOUFSJPSFTPFOFMQFSrPEPRVFFMUSJCVOBMFTUBCMF[DBFO
TVTSFHMBT
*OUFSnTFOFMSFTVMUBEPEFMDBTP
-PTKVFDFTOPQBSUJDJQBSgOFOOJOH|ODBTPDVZPSFTVMUBEPSFWJTUBBMH|OUJQP
EFJOUFSnTNBUFSJBMQFSTPOBMQSPGFTJPOBMPGJOBODJFSPQBSBTr
-PTKVFDFTOPQBSUJDJQBSgOFOOJOH|ODBTPDVZPSFTVMUBEPSFWJTUBBMH|OUJQP
EFJOUFSnTNBUFSJBMQFSTPOBMQSPGFTJPOBMPGJOBODJFSPQBSBPUSBTQFSTPOBT
PFOUJEBEFTWJODVMBEBTBMPTNJTNPT
-PTKVFDFTOPEFCFSgOBDFQUBSQBHPTOPSFWFMBEPTEFDVBMRVJFSBEFMBT
QBSUFTEFMQSPDFTPPDVBMRVJFSQBHPSFMBDJPOBEPDPOMBQBSUJDJQBDJwOEFM
KVF[FOFMQSPDFTP
$POUBDUPTDPOVOBEFMBTQBSUFT
-PTKVFDFTUFOESgOFMEFCJEPDVJEBEPFOTVTDPOUBDUPTQFSTPOBMFTDPOMBT
QBSUFTBHFOUFTBTFTPSFTBCPHBEPTZPUSBTQFSTPOBTZFOUJEBEFTBTPDJBEBT
DPOFMDBTPQFOEJFOUF$VBMRVJFSBEFFTPTDPOUBDUPTEFCFOTFSMMFWBEPTB
DBCPEFGPSNBDPNQBUJCMFDPOTVGVODJwOKVEJDJBMZRVFOPBGFDUFPQBSF[DB
FOGPSNBSB[POBCMFRVFQVFEBBGFDUBSTVJOEFQFOEFODJBFJNQBSDJBMJEBE
-PTKVFDFTTFPQPOESgOBMBTOPUJGJDBDJPOFTFYQBSUFEFDVBMRVJFSBEFMBT
QBSUFTZBFYDFQDJwOEFMPEJTQVFTUPQPSMBTSFHMBTEFMUSJCVOBMEJDIBT
OPUJGJDBDJPOFTTFSgOSFWFMBEBTBMUSJCVOBMZBMBPUSBQBSUF
-JNJUBDJPOFTQPTUFSJPSFTBMNBOEBUP
%VSBOUFFMEFTFNQFvPEFTVDBSHPMPTKVFDFTOPTPMJDJUBSgOOJBDFQUBSgO
FNQMFPTEFTJHOBDJPOFTPCFOFGJDJPTGVUVSPTEFDVBMRVJFSBEFMBTQBSUFTEF
VODBTPFOFMRVFIBZBOQBSUJDJQBEPPEFDVBMRVJFSFOUJEBESFMBDJPOBEBDPO
EJDIBTQBSUFTRVFQVFEBOBGFDUBSPQBSF[DBSB[POBCMFNFOUFRVFQVFEBO
BGFDUBSTVJOEFQFOEFODJBFJNQBSDJBMJEBE
-PTFYKVFDFTTBMWPTJMBTSFHMBTEFMUSJCVOBMMPQFSNJUFOOPBDUVBSgOFO
OJOHVOBDBMJEBEDPOSFMBDJwOBDVBMRVJFSDBTPFOFMDVBMTFIBZBOEFTFNQF
vBEPFOFMUSJCVOBM
(6Ê"1"3"130'&4*0/"-&4/
-PTFYKVFDFTOPBDUVBSgODPNPBHFOUFTBTFTPSFTPBCPHBEPTFODVBMRVJFSB
EFMPTQSPDFTPTBOUFFMUSJCVOBMFOFMRVFTFEFTFNQFvBSPOBOUFSJPSNFOUF
QPSVOQFSrPEPEFUSFTBvPTQPTUFSJPSFTBTVTFQBSBDJwOEFMDBSHPVPUSP
QFSrPEPRVFFTUBCMF[DBZQVCMJRVFFMUSJCVOBM
-PTFYKVFDFTEFCFSgOUFOFSFMDVJEBEPBEFDVBEPDPOSFTQFDUPBMBBDFQUBDJwO
EFDVBMRVJFSFNQMFPEFTJHOBDJwOPCFOFGJDJPFOQBSUJDVMBSEFDVBMRVJFSBEF
MBTQBSUFTEFMPTDBTPTFOMPTRVFIBZBOQBSUJDJQBEPPEFDVBMRVJFSFOUJEBE
SFMBDJPOBEBDPOEJDIBQBSUF
3FWFMBDJwO
-PTKVFDFTSFWFMBSgOBMUSJCVOBMZFODBTPRVFDPSSFTQPOEBBMBTQBSUFTEFM
QSPDFTPDVBMRVJFSDJSDVOTUBODJBRVFMMFHVFBTVDPOPDJNJFOUPFODVBMRVJFS
NPNFOUPFOWJSUVEEFMBDVBMTFBQMJRVFDVBMRVJFSBEFMPT1SJODJQJPTB
$BEBUSJCVOBMFTUBCMFDFSgQSPDFEJNJFOUPTBEFDVBEPTQBSBQFSNJUJSRVFMPT
KVFDFTSFWFMFOBMUSJCVOBMZDVBOEPDPSSFTQPOEBBMBTQBSUFTEFMPTQSPDF
TPTBTVOUPTRVFQVFEBOBGFDUBSPRVFQBSF[DBSB[POBCMFNFOUFRVFQVFEBO
BGFDUBSTVJOEFQFOEFODJBFJNQBSDJBMJEBEDPOSFMBDJwOBVODBTPQBSUJDVMBS
3FOVODJB
4JOQFSKVJDJPEFMPT1SJODJQJPTBOPTFJNQFEJSgBMPTKVFDFTBDUVBSFOVODBTPFO
FMRVFIBZBOSFWFMBEPIFDIPTFOGPSNBBEFDVBEBIBDJFOEPRVFPQFSFODVBMRVJFSB
EFFTPT1SJODJQJPTZEPOEFFMUSJCVOBMOPFYQSFTFPCKFDJPOFTZMBTQBSUFTEFOTV
DPOTFOUJNJFOUPFYQSFTPZDPODJFOUFBMKVF[BDUVBOUF
3FUJSPPEFTDBMJGJDBDJwO
$BEBUSJCVOBMFTUBCMFDFSgSFHMBTEFQSPDFEJNJFOUPRVFQFSNJUBOEFUFSNJOBSTJMPT
KVFDFTOPQVFEFOBDUVBSFOVODBTPQBSUJDVMBSDPNPSFTVMUBEPEFMBBQMJDBDJwOEF
FTUPT1SJODJQJPTPQPSNPUJWPTEFJODBQBDJEBE%JDIPTQSPDFTPTFTUBSgOEJTQPOJCMFT
BMPTKVFDFTUSJCVOBMFTPDVBMRVJFSBEFMBTQBSUFTEFMQSPDFTP
.BMBDPOEVDUB
$BEBUSJCVOBMFTUBCMFDFSgSFHMBTEFQSPDFTPQBSBUSBUBSVOBEFNBOEBFTQF
DrGJDBEFNBMBDPOEVDUBPJODVNQMJNJFOUPEFVOEFCFSQPSQBSUFEFVOKVF[
RVFQVFEBBGFDUBSMBJOEFQFOEFODJBFJNQBSDJBMJEBE
%JDIBEFNBOEBTJFTDMBSBNFOUFJOGVOEBEBQPESgSFTPMWFSTFFOGPSNBTV
NBSJB&ODBTPRVFFMUSJCVOBMEFUFSNJOFRVFTFSFRVJFSFVOBJOWFTUJHBDJwO
NgTFYIBVTUJWBMBTSFHMBTFTUBCMFDFSgOHBSBOUrBTBEFDVBEBTQBSBQSPUFHFS
MPTEFSFDIPTFJOUFSFTFTEFMPTKVFDFTZQBSBBTFHVSBSMBDPOGJEFODJBMJEBE
BEFDVBEBEFMPTQSPDFTPT
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
-PTJOTUSVNFOUPTWJHFOUFTEFMUSJCVOBMQSPQPSDJPOBSgOMBTNFEJEBTBEFDVBEBT
DPNPMBEFTUJUVDJwOEFVOKVF[EFTVDBSHP
&M SFTVMUBEP EF DVBMRVJFS EFNBOEB TFSg DPNVOJDBEB B MB QBSUF
EFNBOEBOUF
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
$POTFKP%F&VSPQB
"/PSNBTFTQFDrGJDBTTPCSFMBJOEFQFOEFODJBEFMPT
KVFDFTBCPHBEPTZGJTDBMFT
3FDPNFOEBDJwO/P3
EFM$PNJUnEF.JOJTUSPTEFMPT
&TUBEPT.JFNCSPTTPCSFMB*OEFQFOEFODJB&GJDJFODJBZ'VODJwOEF
MPT+VFDFT
"EPQUBEBQPSFM$PNJUnEF.JOJTUSPTFMEFPDUVCSFEFFOMB›TFTJwOEF
7JDFNJOJTUSPT
&M$PNJUnEF.JOJTUSPTFOWJSUVEEFMPTUnSNJOPTEFM"SUrDVMPCEFM&TUBUVUPEFM
$POTFKPEF&VSPQB
5FOJFOEPFODVFOUBFM"SUrDVMPEFM$POWFOJPQBSBMB1SPUFDDJwOEFMPT%FSFDIPT
)VNBOPT Z EF MBT -JCFSUBEFT 'VOEBNFOUBMFT FO BEFMBOUF SFGFSJEP DPNP ²FM
$POWFOJP³
RVFEJTQPOFRVF²5PEBQFSTPOBUJFOFEFSFDIPBRVFTVDBVTBTFBPrEB
FRVJUBUJWBQ|CMJDBNFOUFZEFOUSPEFVOQMB[PSB[POBCMFQPSVO5SJCVOBMJOEFQFO
EJFOUFFJNQBSDJBMFTUBCMFDJEPQPSMB-FZ²
5FOJFOEPFODVFOUBMPT1SJODJQJPTCgTJDPTEFMBT/BDJPOFT6OJEBTSFMBUJWPTBMBJO
EFQFOEFODJBEFMBKVEJDBUVSBDPO¾SNBEPTQPSMB"TBNCMFB(FOFSBMEFMBT/BDJPOFT
6OJEBTFOOPWJFNCSFEF
$POTJEFSBOEPMBGVODJwOFTFODJBMEFMPTKVFDFTZEFPUSBTQFSTPOBTRVFFKFSDFO
GVODJPOFTKVEJDJBMFTQBSBBTFHVSBSMBQSPUFDDJwOEFMPTEFSFDIPTIVNBOPTZMBT
MJCFSUBEFTGVOEBNFOUBMFT
$POFMEFTFPEFQSPNPWFSMBJOEFQFOEFODJBEFMPTKVFDFTQBSBGPSUBMFDFSFMFTUBEP
EFEFSFDIPFOMPT&TUBEPTEFNPDSgUJDPT
5FOJFOEPFODVFOUBMBOFDFTJEBEEFSFGPS[BSFMDBSHPZMBTGBDVMUBEFTEFMPTKVFDFT
QBSBMPHSBSVOTJTUFNBKVSrEJDPF¾DJFOUFZFRVJUBUJWP
$PODJFOUFTEFMBDPOWFOJFODJBEFBTFHVSBSFMBEFDVBEPFKFSDJDJPEFMBTSFTQPOTB
CJMJEBEFTKVEJDJBMFTRVFTPOVODPOKVOUPEFPCMJHBDJPOFTZGBDVMUBEFTKVEJDJBMFT
EJSJHJEPTBMBQSPUFDDJwOEFMPTJOUFSFTFTEFUPEBTMBTQFSTPOBT
3FDPNJFOEBRVFMPTHPCJFSOPTEFMPT&TUBEPTNJFNCSPTBEPQUFOPBQPZFOUPEBT
MBTNFEJEBTOFDFTBSJBTQBSBQSPNPWFSMBGVODJwOEFMPTKVFDFTJOEJWJEVBMFTZEFM
QPEFSKVEJDJBMFOTVDPOKVOUPGPSUBMF[DBOTVJOEFQFOEFODJBZF¾DJFODJBNFEJBOUF
MBJNQMFNFOUBDJwOFOQBSUJDVMBSEFMPTTJHVJFOUFTQSJODJQJPT
(6Ê"1"3"130'&4*0/"-&4/
ÇNCJUPEFBQMJDBDJwOEFMBSFDPNFOEBDJwO
&TUBSFDPNFOEBDJwOFTBQMJDBCMFBUPEBTMBTQFSTPOBTRVFFKFSDFOGVODJPOFT
KVEJDJBMFTJODMVTPMBTSFMBDJPOBEBTDPOBTVOUPTEFEFSFDIPDPOTUJUVDJPOBM
QFOBMDJWJMDPNFSDJBMZBENJOJTUSBUJWP
$POSFTQFDUPBMPTKVFDFTMFHPTZBPUSBTQFSTPOBTRVFFKFSDFOGVODJPOFT
KVEJDJBMFTMPTQSJODJQJPTFTUBCMFDJEPTFOFTUBSFDPNFOEBDJwOTFBQMJDBO
TBMWPEPOEFRVFEBDMBSPQPSFMDPOUFYUPRVFOPTFBQMJDBOBMPTKVFDFT
QSPGFTJPOBMFTQPSFKFNQMPDPOSFTQFDUPBMPTQSJODJQJPTWJODVMBEPTBMB
SFNVOFSBDJwOEFMPTKVFDFTEFDBSSFSB
1SJODJQJP*°1SJODJQJPTHFOFSBMFTTPCSFMBJOEFQFOEFODJBEFMPTKVFDFT
%FCFSgOUPNBSTFUPEBTMBTNFEJEBTOFDFTBSJBTQBSBSFTQFUBSQSPUFHFSZ
QSPNPWFSMBJOEFQFOEFODJBEFMPTKVFDFT
&OQBSUJDVMBSEFCFOUPNBSTFMBTTJHVJFOUFTNFEJEBT
B 4FEFCFHBSBOUJ[BSMBJOEFQFOEFODJBEFMPTKVFDFTEFBDVFSEPDPOMBT
EJTQPTJDJPOFTEFM$POWFOJPZEFMPTQSJODJQJPTDPOTUJUVDJPOBMFTQPS
FKFNQMPNFEJBOUFMBJOTFSDJwOEFEJTQPTJDJPOFTFTQFDrGJDBTFOMBT
DPOTUJUVDJPOFTPFOPUSBMFHJTMBDJwOPMBJODPSQPSBDJwOEFMBTEJTQP
TJDJPOFTEFFTUBSFDPNFOEBDJwOFOFMEFSFDIPJOUFSOP4VKFUBTBMBT
USBEJDJPOFTKVSrEJDBTEFDBEB&TUBEPEJDIBTSFHMBTQPESgOEJTQPOFS
QPSFKFNQMPMPTJHVJFOUF
J MBT EFDJTJPOFTEFMPTKVFDFTOPEFCFOFTUBSTPNFUJEBTB
SFWJTJwOTBMWPFOMPTQSPDFTPTEFBQFMBDJwOTFH|OMPEJTQPOF
MBMFZ
JJ MBEVSBDJwOEFMNBOEBUPEFMPTKVFDFTZTVSFNVOFSBDJwOEFCFO
FTUBSHBSBOUJ[BEBTQPSMFZ
JJJ OJOH|OwSHBOPEJTUJOUPEFMPTQSPQJPTUSJCVOBMFTEFCFEFDJEJS
BDFSDBEFMBDPNQFUFODJBEFnTUPTTFH|OMPEFGJOJEPQPSMB
MFZ
JW BFYDFQDJwOEFMBTEFDJTJPOFTEFBNOJTUrBJOEVMUPPTJNJMBSFT
FMHPCJFSOPPMBBENJOJTUSBDJwOOPQPESgOUPNBSEFDJTJPOFTRVF
JOWBMJEFOMBTEFDJTJPOFTKVEJDJBMFTFOGPSNBSFUSPBDUJWB
C -PTQPEFSFTFKFDVUJWPZMFHJTMBUJWPEFCFOBTFHVSBSRVFMPTKVFDFTTFBO
JOEFQFOEJFOUFTZRVFOPTFBEPQUFONFEJEBTRVFQVFEBOQPOFSFO
QFMJHSPMBJOEFQFOEFODJBEFMPTKVFDFT
D 5PEBTMBTEFDJTJPOFTSFMBDJPOBEBTDPOMBDBSSFSBQSPGFTJPOBMEFMPT
KVFDFTEFCFOFTUBSCBTBEBTFODSJUFSJPTPCKFUJWPTZMBTFMFDDJwOZMB
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
DBSSFSBEFMPTKVFDFTEFCFOFTUBSCBTBEBTFOFMNnSJUPUFOJFOEPFO
DVFOUBMBDBMJGJDBDJwOJOUFHSJEBEDBQBDJEBEZFGJDJFODJB-BBVUPSJEBE
RVFUPNBMBEFDJTJwOBDFSDBEFMBTFMFDDJwOZDBSSFSBEFMPTKVFDFT
EFCFTFSJOEFQFOEJFOUFEFMHPCJFSOPZEFMBBENJOJTUSBDJwO1BSB
TBMWBHVBSEBSTVJOEFQFOEFODJBMBTSFHMBTEFCFOBTFHVSBSRVFQPS
FKFNQMPTVTNJFNCSPTTFBOTFMFDDJPOBEPTQPSFMQPEFSKVEJDJBMZRVF
MBBVUPSJEBEEFDJEBQPSTrTPMBMBTSFHMBTQSPDFTBMFT
4JOFNCBSHPFODBTPRVFMBTEJTQPTJDJPOFTDPOTUJUVDJPOBMFTPKVSr
EJDBTZMBTUSBEJDJPOFTQFSNJUBORVFMPTKVFDFTTFBOEFTJHOBEPTQPS
FMHPCJFSOPEFCFSrBOFYJTUJSHBSBOUrBTQBSBBTFHVSBSRVFMPTQSPDFEJ
NJFOUPTEFEFTJHOBDJwOEFKVFDFTTFBOUSBOTQBSFOUFTFJOEFQFOEJFOUFT
FOMBQSgDUJDBZRVFMBTEFDJTJPOFTOPFTUnOJOGMVJEBTQPSSB[POFT
RVFOPFTUnOSFMBDJPOBEBTDPOMPTDSJUFSJPTPCKFUJWPTNFODJPOBEPT
BOUFSJPSNFOUF&TUBTHBSBOUrBTQPESrBOTFSQPSFKFNQMPVOBPWBSJBT
EFMBTTJHVJFOUFT
J VOwSHBOPFTQFDJBMJOEFQFOEJFOUFZDPNQFUFOUFQBSBBTFTPSBS
BMHPCJFSOPZRVFnTUFTJHVFFOMBQSgDUJDBP
JJ FMEFSFDIPEFVOJOEJWJEVPBBQFMBSVOBEFDJTJwOEFVOBBV
UPSJEBEJOEFQFOEJFOUFP
JJJ MBBVUPSJEBERVFUPNBMBEFDJTJwOQSPUFHFEFJOGMVFODJBTJO
EFCJEBTPJOBEFDVBEBT
E &OFMQSPDFTPEFUPNBEFEFDJTJPOFTMPTKVFDFTEFCFOTFSJOEFQFO
EJFOUFTZDBQBDFTEFBDUVBSTJOSFTUSJDDJPOFTJOGMVFODJBTJOBEFDVBEBT
JODFOUJWPTQSFTJPOFTBNFOB[BTPJOUFSGFSFODJBTZBTFBOEJSFDUBT
PJOEJSFDUBTEFDVBMRVJFSUJQPPQPSDVBMRVJFSNPUJWP-BMFZEFCF
FTUBCMFDFSTBODJPOFTDPOUSBMBTQFSTPOBTRVFQSFUFOEBOJOGMVJSBMPT
KVFDFTEFDVBMRVJFSBEFFTBTGPSNBT-PTKVFDFTEFCFOUFOFSMJCFSUBE
BCTPMVUBQBSBEFDJEJSDBTPTFOGPSNBJNQBSDJBMEFBDVFSEPDPOTV
DPODJFODJBZTVJOUFSQSFUBDJwOEFMPTIFDIPTFODVNQMJNJFOUPEFMBT
SFHMBTEFMEFSFDIPWJHFOUFT-PTKVFDFTOPEFCFOFTUBSPCMJHBEPTB
JOGPSNBSBDFSDBEFMPTNnSJUPTEFTVTDBTPTBOJOHVOBQFSTPOBRVF
OPGPSNFQBSUFEFMQPEFSKVEJDJBM
F -BEJTUSJCVDJwOEFMPTDBTPTOPEFCFFTUBSJOGMVJEBQPSMPTEFTFPTEF
DVBMRVJFSQBSUFEFVODBTPPEFDVBMRVJFSQFSTPOBJOUFSFTBEBFOMPT
SFTVMUBEPTEFMNJTNP%JDIBEJTUSJCVDJwOQPESgQPSFKFNQMPSFBMJ[BSTF
NFEJBOUFTPSUFPPVOTJTUFNBEFEJTUSJCVDJwOBVUPNgUJDBQPSPSEFO
BMGBCnUJDPVPUSPTJTUFNBTJNJMBS
G /PTFEFCFSgSFUJSBSVODBTPEFVOKVF[QBSUJDVMBSTJOSB[POFTWg
MJEBTDPNPFOGFSNFEBEHSBWFPDPOGMJDUPEFJOUFSFTFT$VBMRVJFSB
(6Ê"1"3"130'&4*0/"-&4/
EFFTUBTSB[POFTZMPTQSPDFEJNJFOUPTQBSBEJDIPSFUJSPEFCFOFTUBS
FTUBCMFDJEPTQPSMFZZOPQPESgOFTUBSJOGMVJEPTQPSDVBMRVJFSJOUFSnT
EFMHPCJFSOPPEFMBBENJOJTUSBDJwO-BEFDJTJwOEFSFUJSBSBVOKVF[
EFVODBTPEFCFTFSUPNBEBQPSVOBBVUPSJEBERVFHPDFEFMBNJTNB
JOEFQFOEFODJBKVEJDJBMRVFMPTKVFDFT
4FHBSBOUJ[BSgMBJOBNPWJMJEBEEFMPTKVFDFTUBOUPEFMPTOPNCSBEPTNF
EJBOUFEFDJTJwOBENJOJTUSBUJWBDPNPEFMPTFMFHJEPTIBTUBRVFDVNQMBOMB
FEBEQBSBMBKVCJMBDJwOGPS[PTBPFYQJSFFMQFSrPEPQBSBFMRVFIBZBOTJEP
OPNCSBEPTPFMFHJEPTDVBOEPFYJTUBOOPSNBTBMSFTQFDUP
1SJODJQJP**°-BBVUPSJEBEEFMPTKVFDFT
5PEBTMBTQFSTPOBTWJODVMBEBTBVODBTPJODMVTPMPTwSHBOPTFTUBUBMFTPTVT
SFQSFTFOUBOUFTEFCFOFTUBSTPNFUJEPTBMBBVUPSJEBEEFMKVF[
-PTKVFDFTEFCFOUFOFSGBDVMUBEFTTVGJDJFOUFTZTFSDBQBDFTEFFKFSDFSMBT
QBSBEFTFNQFvBSTVTEFCFSFTZNBOUFOFSTVBVUPSJEBEZMBEJHOJEBEEFM
USJCVOBM
1SJODJQJP***°$POEJDJPOFTMBCPSBMFTBEFDVBEBT
4FEFCFOQSPQPSDJPOBSMBTDPOEJDJPOFTBEFDVBEBTQBSBQFSNJUJSRVFMPT
KVFDFTUSBCBKFOFOGPSNBFGJDJFOUFZFOQBSUJDVMBSNFEJBOUF
B &MSFDMVUBNJFOUPEFVOO|NFSPTVGJDJFOUFEFKVFDFTZMBBEFDVBEB
DBQBDJUBDJwOQPSFKFNQMPDBQBDJUBDJwOQSgDUJDBFOMPTUSJCVOBMFTZTJ
FTQPTJCMFDPOPUSBTBVUPSJEBEFTZwSHBOPTBOUFTEFMBEFTJHOBDJwOZ
EVSBOUFTVDBSSFSB%JDIBDBQBDJUBDJwOEFCFTFSHSBUVJUBZFTUBSSFMBDJP
OBEBFTQFDrGJDBNFOUFDPOMBMFHJTMBDJwOZMBKVSJTQSVEFODJBSFDJFOUFT
4JDPSSFTQPOEJFSFMBDBQBDJUBDJwOEFCFJODMVJSWJTJUBTFEVDBUJWBTB
BVUPSJEBEFTFVSPQFBTZFYUSBOKFSBTBMJHVBMRVFBMPTUSJCVOBMFT
C &MBTFHVSBNJFOUPEFRVFFMFTUBUVTZMBSFNVOFSBDJwOEFMPTKVFDFT
TFDPSSFTQPOEBODPOMBEJHOJEBEEFMBQSPGFTJwOZMBDBSHBEFMBT
SFTQPOTBCJMJEBEFT
D 6OBDMBSBFTUSVDUVSBEFMBDBSSFSBQBSBSFDMVUBSZDPOTFSWBSBMPT
KVFDFTDBQBDJUBEPT
E 1FSTPOBMZFRVJQBNJFOUPEFBQPZPBEFDVBEPTFOQBSUJDVMBSFTUBCMF
DJNJFOUPTEFBVUPNBUJ[BDJwOEFMBTPGJDJOBTZEFQSPDFTBNJFOUPEF
EBUPTQBSBBTFHVSBSRVFMPTKVFDFTQVFEBOBDUVBSFOGPSNBFGJDJFOUF
ZTJOEFNPSBTJOEFCJEBT
F -B UPNBEFNFEJEBTBEFDVBEBTQBSBBTJHOBSUBSFBTOPKVEJDJBMFTB
PUSBTQFSTPOBTEFDPOGPSNJEBEDPOMB3FDPNFOEBDJwO/P3
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
SFMBUJWBTBMBTNFEJEBTQBSBQSFWFOJSZEJTNJOVJSMBDBSHBEFUSBCBKP
FYDFTJWBFOMPTUSJCVOBMFT
4FEFCFOUPNBSUPEBTMBTNFEJEBTOFDFTBSJBTQBSBBTFHVSBSMBTFHVSJEBEEF
MPTKVFDFTQPSFKFNQMPBTFHVSBSMBQSFTFODJBEFHVBSEJBTEFTFHVSJEBEFO
MPTFTUBCMFDJNJFOUPTEFMPTUSJCVOBMFTPQSPQPSDJPOBSQSPUFDDJwOQPMJDJBMB
MPTKVFDFTRVFQVFEBOTVGSJSPIBZBOTJEPWrDUJNBTEFBNFOB[BTHSBWFT
1SJODJQJP*7°"TPDJBDJPOFT
-PTKVFDFTEFCFOTFSMJCSFTEFGPSNBSBTPDJBDJPOFTRVFZBTFBQPSDVFOUBQSPQJBPDPO
PUSPPSHBOJTNPUFOHBOMBUBSFBEFQSPUFHFSTVJOEFQFOEFODJBZTVTJOUFSFTFT
1SJODJQJP7°3FTQPOTBCJMJEBEFTKVEJDJBMFT
&OMPTQSPDFTPTMPTKVFDFTUJFOFOFMEFCFSEFQSPUFHFSMPTEFSFDIPTZMJCFS
UBEFTEFUPEBTMBTQFSTPOBT
-PTKVFDFTUJFOFOFMEFCFSZTFMFTEFCFPUPSHBSMBGBDVMUBEEFFKFSDFSTVT
SFTQPOTBCJMJEBEFTKVEJDJBMFTQBSBBTFHVSBSRVFMBMFZFTBQMJDBEBFOGPSNB
BEFDVBEBZRVFMPTDBTPTTFBONBOFKBEPTFOGPSNBFRVJUBUJWBFGJDJFOUFZ
FYQFEJUJWB
-PTKVFDFTEFCFOUFOFSFOQBSUJDVMBSMBTTJHVJFOUFTSFTQPOTBCJMJEBEFT
B "DUVBSJOEFQFOEJFOUFNFOUFFOUPEPTMPTDBTPTMJCSFTEFDVBMRVJFS
JOGMVFODJBFYUFSOB
C %JSJHJSMPTDBTPTEFNBOFSBJNQBSDJBMEFBDVFSEPDPOTVFWBMVBDJwO
EFMPTIFDIPTZTVDPNQSFOTJwOEFMBMFZQBSBBTFHVSBSRVFUPEBT
MBTQBSUFTUFOHBOVOBBVEJFODJBKVTUBZRVFTFSFTQFUFOMPTEFSF
DIPTQSPDFTBMFTEFMBTQBSUFTEFBDVFSEPDPOMBTEJTQPTJDJPOFTEFM
$POWFOJP
D 3FUJSBSTFEFVODBTPPJOIJCJSTFEFBDUVBSDVBOEPTwMPIBZBSB[POFT
WgMJEBTZFOOJOH|OPUSPDBTP%JDIBTSB[POFTEFCFOFTUBSEFGJOJEBT
QPSMBMFZZQVFEFOQPSFKFNQMPFTUBSSFMBDJPOBEBTDPOQSPCMFNBT
EFTBMVEHSBWFTDPOGMJDUPTEFJOUFSnTPFOJOUFSnTEFMBKVTUJDJB
E $VBOEPTFBOFDFTBSJPFYQMJDBSFOGPSNBJNQBSDJBMUFNBTQSPDFTBMFT
BMBTQBSUFT
F $VBOEPDPSSFTQPOEBFTUJNVMBSBMBTQBSUFTBRVFBMDBODFOVOB
TPMVDJwOBNJTUPTB
G 4BMWPDVBOEPMBMFZPMBQSgDUJDBFTUBCMFDJEBEJTQPOHBOMPDPOUSBSJP
QSPQPSDJPOBSSB[POFTDMBSBTZFYIBVTUJWBTQBSBTVTKVJDJPTVUJMJ[BOEP
VOMFOHVBKFDPNQSFOTJCMF
(6Ê"1"3"130'&4*0/"-&4/
H 4PNFUFSTFBUPEBDBQBDJUBDJwORVFTFBOFDFTBSJBQBSBEFTFNQFvBS
TVTEFCFSFTEFNBOFSBFGJDJFOUFZBEFDVBEB
1SJODJQJP7*°*ODVNQMJNJFOUPFOFMEFTFNQFvPEFMBTSFTQPOTBCJMJEBEFTZ
GBMUBTEJTDJQMJOBSJBT
$VBOEPMPTKVFDFTOPDVNQMBODPOTVTEFCFSFTEFNBOFSBFGJDJFOUFZBEF
DVBEBPFODBTPEFGBMUBTEJTDJQMJOBSJBTTFEFCFOUPNBSUPEBTMBTNFEJEBT
OFDFTBSJBTRVFOPQFSKVEJRVFOMBJOEFQFOEFODJBKVEJDJBM%FQFOEJFOEPEF
MPTQSJODJQJPTDPOTUJUVDJPOBMFTZMBTEJTQPTJDJPOFTMFHBMFTZUSBEJDJPOFTEF
DBEB&TUBEPEJDIBTNFEJEBTQVFEFOJODMVJSQPSFKFNQMP
B 3FUJSBSDBTPTEFMKVF[
C 5SBOTGFSJSBMKVF[BPUSBTUBSFBTKVEJDJBMFTEFOUSPEFMUSJCVOBM
D 4BODJPOFTFDPOwNJDBTDPNPMBSFEVDDJwOUFNQPSBSJBEFMTBMBSJP
E 4VTQFOTJwO
-PTKVFDFTEFTJHOBEPTOPQPESgOTFSEFTUJUVJEPTEFMDBSHPFOGPSNBQFSNB
OFOUFTJOSB[POFTWgMJEBTIBTUBTVSFUJSPPCMJHBUPSJP%JDIBTSB[POFTRVF
EFCFOFTUBSEFGJOJEBTQPSMBMFZFOUnSNJOPTQSFDJTPTQVFEFOBQMJDBSTFFO
QBrTFTEPOEFFMKVF[FTFMFDUPQPSVOEFUFSNJOBEPQFSrPEPPQVFEFOSFMBDJP
OBSTFDPOMBJODBQBDJEBEQBSBEFTFNQFvBSGVODJPOFTKVEJDJBMFTMBDPNJTJwO
EFGBMUBTPJOGSBDDJPOFTHSBWFTEFMBTSFHMBTEJTDJQMJOBSJBT
&ODBTPTFORVFTFBOFDFTBSJPUPNBSMBTNFEJEBTFTUBCMFDJEBTFOMPTQgSSBGPT
ZEFMQSFTFOUFBSUrDVMPMPT&TUBEPTEFCFODPOTJEFSBSFMFTUBCMFDJNJFOUP
QPSNFEJPEFMBMFZEFVOwSHBOPFTQFDJBMDPNQFUFOUFDVZBUBSFBTFBMBEF
BQMJDBSTBODJPOFTZNFEJEBTEJTDJQMJOBSJBTDVBOEPOPTFBOUSBUBEBTQPSFM
USJCVOBMZDVZBTEFDJTJPOFTFTUnODPOUSPMBEBTQPSVOwSHBOPKVEJDJBMTVQFSJPS
PRVFTFBFOTrNJTNPVOwSHBOPKVEJDJBMTVQFSJPS-BMFZEFCFFTUBCMFDFS
QSPDFEJNJFOUPTBEFDVBEPTQBSBBTFHVSBSRVFMPTKVFDFTFODVFTUJwOUFOHBO
BMNFOPTMPTSFRVJTJUPTEFMEFCJEPQSPDFTPDPOUFOJEPTFOFM$POWFOJPQPS
FKFNQMPRVFFMDBTPTFBPrEPEFOUSPEFVOQMB[PSB[POBCMFZFMEFSFDIPB
SFTQPOEFSDVBMRVJFSBDVTBDJwO
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
3FDPNFOEBDJwO/P3
EFM$PNJUnEF.JOJTUSPTEFMPT
&TUBEPT.JFNCSPTTPCSFMBMJCFSUBEEFMFKFSDJDJPEFMBQSPGFTJwO
EFBCPHBEP
"EPQUBEBQPSFM$PNJUnEF.JOJTUSPTFMEFPDUVCSFEFFOMBBSFVOJwO
EF7JDFNJOJTUSPT
&M$PNJUnEF.JOJTUSPTFOWJSUVEEFMPTUnSNJOPTEFM"SUrDVMPCEFM&TUBUVUPEFM
$POTFKPEF&VSPQB
5FOJFOEPFODVFOUBMBTEJTQPTJDJPOFTEFM$POWFOJP&VSPQFPQBSBMB1SPUFDDJwOEF
MPT%FSFDIPT)VNBOPTZEFMBT-JCFSUBEFT'VOEBNFOUBMFTFOBEFMBOUFSFGFSJEP
DPNP²FM$POWFOJP³
5FOJFOEPFODVFOUBMPT1SJODJQJPTCgTJDPTEFMBT/BDJPOFT6OJEBTTPCSFMBGVODJwO
EFMPTBCPHBEPTDPO¾SNBEPQPSMB"TBNCMFB(FOFSBMEFMBT/BDJPOFT6OJEBTFO
EJDJFNCSFEF
5FOJFOEPFODVFOUBMB3FDPNFOEBDJwO/P3
TPCSFMBJOEFQFOEFODJBF¾DJFODJB
ZGVODJwOEFMPTKVFDFTBEPQUBEBQPSFM$PNJUnEF.JOJTUSPTEFM$POTFKPEF&VSPQB
FMEFPDUVCSFEF
4VCSBZBOEPFMQBQFMGVOEBNFOUBMRVFEFTFNQFvBOMPTBCPHBEPTZMBTBTPDJBDJPOFT
QSPGFTJPOBMFTEFBCPHBEPTFOBTFHVSBSMBQSPUFDDJwOEFMPTEFSFDIPTIVNBOPTZ
MBTMJCFSUBEFTGVOEBNFOUBMFT
$POFMEFTFPEFQSPNPWFSMBMJCFSUBEEFFKFSDJDJPEFMBQSPGFTJwOEFMBCPHBEPQBSB
GPSUBMFDFSFMFTUBEPEFEFSFDIPFOFMRVFMPTBCPHBEPTQBSUJDJQBOFOQBSUJDVMBSFO
MBGVODJwOEFEFGFOEFSMBTMJCFSUBEFTJOEJWJEVBMFT
$PODJFOUFEFMBOFDFTJEBEEFVOTJTUFNBKVTUPEFBENJOJTUSBDJwOEFKVTUJDJBRVF
HBSBOUJDFMBJOEFQFOEFODJBEFMPTBCPHBEPTFOFMEFTFNQFvPEFTVTEFCFSFTQSP
GFTJPOBMFTTJOSFTUSJDDJPOFTJO¿VFODJBTJODFOUJWPTQSFTJPOFTBNFOB[BTPJOUFSGF
SFODJBTJOEFCJEBTZBTFBOEJSFDUBTPJOEJSFDUBTQPSQBSUFEFDVBMRVJFSQFSTPOBP
QPSDVBMRVJFSNPUJWP
$PODJFOUFEFMBDPOWFOJFODJBEFBTFHVSBSFMBEFDVBEPFKFSDJDJPEFMBTSFTQPOTBCJMJ
EBEFTEFMPTBCPHBEPTZFOQBSUJDVMBSEFMBOFDFTJEBEEFMPTBCPHBEPTEFSFDJCJS
DBQBDJUBDJwOTV¾DJFOUFZEFFODPOUSBSVOFRVJMJCSJPBEFDVBEPFOUSFMPTEFCFSFT
IBDJBMPTUSJCVOBMFTZIBDJBTVTDMJFOUFT
$POTJEFSBOEPRVFFMBDDFTPBMBKVTUJDJBQVFEFFYJHJSRVFMBTQFSTPOBTEFCBKPT
SFDVSTPTPCUFOHBOMPTTFSWJDJPTEFVOBCPHBEP
(6Ê"1"3"130'&4*0/"-&4/
3FDPNJFOEBRVFMPTHPCJFSOPTEFMPT&TUBEPTNJFNCSPTUPNFOPSFGVFSDFOTFH|O
DPSSFTQPOEBMBTNFEJEBTRVFDPOTJEFSFOOFDFTBSJBTQBSBJNQMFNFOUBSMPTQSJODJQJPT
DPOUFOJEPTFOFTUBSFDPNFOEBDJwO
1BSBFMQSPQwTJUPEFFTUBSFDPNFOEBDJwO²BCPHBEP³TJHOJ¾DBVOBQFSTPOBDBQBDJ
UBEBZBVUPSJ[BEBEFBDVFSEPDPOFMEFSFDIPOBDJPOBMQBSBBSHJSZBDUVBSBOPNCSF
EFTVTDMJFOUFTQBSBEFEJDBSTFBMBQSgDUJDBEFMEFSFDIPQBSBDPNQBSFDFSBOUFMPT
USJCVOBMFTPBTFTPSBSZSFQSFTFOUBSBTVTDMJFOUFTFOBTVOUPTKVSrEJDPT
1SJODJQJP*1SJODJQJPTHFOFSBMFTTPCSFMBMJCFSUBEEFFKFSDJDJPEFMB
QSPGFTJwOEFMBCPHBEP
4FEFCFOUPNBSMBTNFEJEBTOFDFTBSJBTQBSBSFTQFUBSQSPUFHFSZQSPNPWFS
MBMJCFSUBEEFFKFSDJDJPEFMBQSPGFTJwOEFBCPHBEPTJOEJTDSJNJOBDJwOZTJO
JOUFSGFSFODJBTJNQSPQJBTEFMBTBVUPSJEBEFTPEFMQ|CMJDPFOHFOFSBMFO
QBSUJDVMBSBMBMV[EFMBTEJTQPTJDJPOFTSFMFWBOUFTEFM$POWFOJP
-BTEFDJTJPOFTSFMBDJPOBEBTDPOMBBVUPSJ[BDJwOEFQSBDUJDBSPBDDFEFSBMB
QSPGFTJwOEFBCPHBEPEFCFOTFSFKFSDJEBTQPSVOwSHBOPJOEFQFOEJFOUF
%JDIBTEFDJTJPOFTTFBOPOPUPNBEBTQPSVOwSHBOPJOEFQFOEJFOUFEFCFO
FTUBSTPNFUJEBTBMBSFWJTJwOEFVOBBVUPSJEBEKVEJDJBMJOEFQFOEJFOUFF
JNQBSDJBM
-PTBCPHBEPTEFCFOHP[BSEFMJCFSUBEEFQFOTBNJFOUPFYQSFTJwONPWJNJFO
UPBTPDJBDJwOZBTBNCMFBZFOQBSUJDVMBSEFCFOUFOFSEFSFDIPBQBSUJDJQBS
FOEJTDVTJPOFTQ|CMJDBTTPCSFMPTUFNBTWJODVMBEPTBMEFSFDIPZMBBENJOJT
USBDJwOEFKVTUJDJBZTVHFSJSSFGPSNBTMFHBMFT
-PTBCPHBEPTOPEFCFOTVGSJSPTFSBNFOB[BEPTDPODVBMRVJFSTBODJwOP
QSFTJwOQPSBDUVBSEFBDVFSEPDPOTVTOPSNBTQSPGFTJPOBMFT
-PTBCPHBEPTEFCFOUFOFSBDDFTPBTVTDMJFOUFTJODMVJEBTFTQFDJBMNFOUFMBT
QFSTPOBTQSJWBEBTEFMJCFSUBEQBSBQFSNJUJSMFTBTFTPSBSFOQSJWBEPZSFQSFTFO
UBSBTVTDMJFOUFTEFBDVFSEPDPOMBTOPSNBTQSPGFTJPOBMFTFTUBCMFDJEBT
4FEFCFOUPNBSUPEBTMBTNFEJEBTOFDFTBSJBTQBSBBTFHVSBSFMSFTQFUPEFMB
DPOGJEFODJBMJEBEEFMBSFMBDJwOBCPHBEPDMJFOUF4FQFSNJUJSgOFYDFQDJPOFT
BFTUFQSJODJQJPTwMPTJTPODPNQBUJCMFTDPOFMFTUBEPEFEFSFDIP
/PTFMFEFCFOFHBSBDDFTPBMPTBCPHBEPTBMUSJCVOBMBOUFFMDVBMFTUgO
DBMJGJDBEPTQBSBDPNQBSFDFSZEFCFOUFOFSBDDFTPBUPEPTMPTBSDIJWPTSF
MFWBOUFTQBSBEFGFOEFSMPTEFSFDIPTFJOUFSFTFTEFTVTDMJFOUFTEFBDVFSEP
DPOMBTOPSNBTRVFSJHFOTVQSPGFTJwO
5PEPTMPTBCPHBEPTRVFBDU|FOFOVONJTNPDBTPNFSFDFOFMNJTNPSFTQFUP
EFMUSJCVOBM
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
1SJODJQJP**&EVDBDJwOZDBQBDJUBDJwOKVSrEJDBFJOHSFTPBMBQSPGFTJwO
KVSrEJDB
/PTFEFCFOFHBSMBFEVDBDJwOKVSrEJDBFMJOHSFTPZFMFKFSDJDJPJOJOUFSSVNQJEP
EFMBQSPGFTJwOKVSrEJDBQPSSB[wOEFTFYPPQSFGFSFODJBTFYVBMSB[BDPMPS
EFQJFMSFMJHJwOPQJOJwOQPMrUJDBPEFPUSBrOEPMFPSJHFOnUOJDPPTPDJBM
QFSUFOFODJBBVOBNJOPSrBOBDJPOBMQBUSJNPOJPOBDJNJFOUPPEJTDBQBDJEBE
GrTJDB
4FEFCFOUPNBSMBTNFEJEBTOFDFTBSJBTQBSBBTFHVSBSVOBMUPOJWFMEFDBQB
DJUBDJwOKVSrEJDBZNPSBMDPNPSFRVJTJUPQSFWJPQBSBJOHSFTBSBMBQSPGFTJwOZ
QBSBQSPQPSDJPOBSFEVDBDJwOQFSNBOFOUFBMPTBCPHBEPT
-BFEVDBDJwOKVSrEJDBJODMVZFOEPMPTQSPHSBNBTEFFEVDBDJwOQFSNBOFOUF
EFCFOQSPDVSBSFMGPSUBMFDJNJFOUPEFMBTBQUJUVEFTKVSrEJDBTEJGVOEJSOPSNBT
nUJDBTZEFEFSFDIPTIVNBOPTZDBQBDJUBSBMPTBCPHBEPTQBSBRVFSFTQFUFO
QSPUFKBOZQSPNVFWBOMPTEFSFDIPTFJOUFSFTFTEFTVTDMJFOUFTZBQPZFOMB
BEFDVBEBBENJOJTUSBDJwOEFKVTUJDJB
1SJODJQJP***'VODJwOZEFCFSEFMPTBCPHBEPT
-PTDPMFHJPTEFBCPHBEPTVPUSBTBTPDJBDJPOFTQSPGFTJPOBMFTEFBCPHBEPT
EFCFOQSPEVDJSOPSNBTZDwEJHPTEFDPOEVDUBQSPGFTJPOBMFTZBTFHVSBS
RVFFOMBEFGFOTBEFMPTEFSFDIPTFJOUFSFTFTMFHrUJNPTEFTVTDMJFOUFT
MPTBCPHBEPTUFOHBOFMEFCFSEFBDUVBSFOGPSNBJOEFQFOEJFOUFEJMJHFOUF
ZFRVJUBUJWB
&MTFDSFUPQSPGFTJPOBMEFCFTFSSFTQFUBEPQPSMPTBCPHBEPTEFBDVFSEPDPO
MBTMFZFTSFHMBNFOUPTZOPSNBTQSPGFTJPOBMFTJOUFSOBT5PEBWJPMBDJwOEF
FTUFTFDSFUPTJOFMDPOTFOUJNJFOUPEFMDMJFOUFEFCFFTUBSTPNFUJEPBMBT
TBODJPOFTDPSSFTQPOEJFOUFT
-PTEFCFSFTEFMPTBCPHBEPTIBDJBTVTDMJFOUFTEFCFOJODMVJS
B "TFTPSBSMPTDPOSFTQFDUPBTVTEFSFDIPTZPCMJHBDJPOFTKVSrEJDBTBM
JHVBMRVFDPOSFTQFDUPBMQPTJCMFSFTVMUBEPZMBTDPOTFDVFODJBTEFM
DBTPJODMVJEPTMPTDPTUPTGJOBODJFSPT
C &TGPS[BSTF BOUFT RVF OBEB QBSB SFTPMWFS VO DBTP FO GPSNB
BNJTUPTB
D 5PNBSBDDJPOFTMFHBMFTQBSBQSPUFHFSSFTQFUBSZIBDFSDVNQMJSMPT
EFSFDIPTFJOUFSFTFTEFTVTDMJFOUFT
E &WJUBSMPTDPOGMJDUPTEFJOUFSFTFT
F /PBTVNJSNgTUSBCBKPRVFFMRVFQVFEBOSB[POBCMFNFOUFMMFWBSB
DBCP
(6Ê"1"3"130'&4*0/"-&4/
-PTBCPHBEPTEFCFOSFTQFUBSMBKVEJDBUVSBZEFTFNQFvBSTVTEFCFSFTQBSB
DPOFMUSJCVOBMEFNBOFSBDPOTJTUFOUFDPOMBTOPSNBTKVSrEJDBTOBDJPOBMFTZ
DPOPUSBTSFHMBTZOPSNBTQSPGFTJPOBMFT5PEPBMFKBNJFOUPEFMPTBCPHBEPT
EFTVTBDUJWJEBEFTQSPGFTJPOBMFTEFCFSgFWJUBSQFSKVEJDBSMPTJOUFSFTFTEF
TVTDMJFOUFTZEFPUSBTQFSTPOBTRVFQSPDVSFOTVTTFSWJDJPT
1SJODJQJP*7°"DDFTPEFUPEBTMBTQFSTPOBTBVOBCPHBEP
4FEFCFOUPNBSMBTNFEJEBTOFDFTBSJBTQBSBBTFHVSBSRVFUPEBTMBTQFSTPOBT
UFOHBOBDDFTPFGFDUJWPBMPTTFSWJDJPTMFHBMFTQSPQPSDJPOBEPTQPSBCPHBEPT
JOEFQFOEJFOUFT
4FEFCFFTUJNVMBSBMPTBCPHBEPTBQSPQPSDJPOBSTFSWJDJPTMFHBMFTBMBT
QFSTPOBTEFFTDBTPTSFDVSTPTFDPOwNJDPT
-PTHPCJFSOPTEFMPT&TUBEPTNJFNCSPTEFCFOEPOEFDPSSFTQPOEJFSFBTF
HVSBSFMBDDFTPFGFDUJWPBMBKVTUJDJBBTFHVSBSRVFMPTTFSWJDJPTMFHBMFTFTUnO
EJTQPOJCMFTQBSBUPEBTMBTQFSTPOBTEFFTDBTPTSFDVSTPTFOQBSUJDVMBSMBT
QFSTPOBTQSJWBEBTEFMJCFSUBE
-PTEFCFSFTEFMPTBCPHBEPTIBDJBTVTDMJFOUFTOPEFCFSgOFTUBSBGFDUBEPT
QPSFMIFDIPEFRVFMPTBSBODFMFTTPOBCPOBEPTFOTVUPUBMJEBEPFOQBSUF
QPSGPOEPTQ|CMJDPT
1SJODJQJP7"TPDJBDJPOFT
4FEFCFQFSNJUJSZFTUJNVMBSBMPTBCPHBEPTBGPSNBSFJOUFHSBSBTPDJBDJPOFT
MPDBMFTOBDJPOBMFTFJOUFSOBDJPOBMFTRVFZBTFBQPSDVFOUBQSPQJBPDPOPUSPT
wSHBOPTUFOHBODPNPUBSFBGPSUBMFDFSMBTOPSNBTQSPGFTJPOBMFTZHBSBOUJ[BS
MBJOEFQFOEFODJBZMPTJOUFSFTFTEFMPTBCPHBEPT
-PTDPMFHJPTEFBCPHBEPTVPUSBTBTPDJBDJPOFTQSPGFTJPOBMFTEFBCPHBEPT
EFCFOTFSwSHBOPTBVUPHFTUJPOBEPTJOEFQFOEJFOUFTEFMPTBVUPSJEBEFTZ
EFMQ|CMJDPFOHFOFSBM
4FEFCFSgSFTQFUBSMBGVODJwOEFMPTDPMFHJPTEFBCPHBEPTZEFPUSBTBTPDJB
DJPOFTEFBCPHBEPTQSPGFTJPOBMFTEFQSPUFHFSBTVTNJFNCSPTZEFGFOEFSTV
JOEFQFOEFODJBDPOUSBDVBMRVJFSSFTUSJDDJwOPJOGSBDDJwOJOBEFDVBEBT
4FEFCFGPNFOUBSRVFMPTDPMFHJPTEFBCPHBEPTZPUSBTBTPDJBDJPOFTEF
BCPHBEPTQSPGFTJPOBMFTBTFHVSFOMBJOEFQFOEFODJBEFMPTBCPHBEPTZFOUSF
PUSBTDPTBTRVF
B 1SPNVFWBOZBQPZFOMBKVTUJDJBTJONJFEP
C %FGJFOEBOMBGVODJwOEFMPTBCPHBEPTFOMBTPDJFEBEZFOFTQFDJBM
NBOUFOHBOTVIPOPSEJHOJEBEFJOUFHSJEBE
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
D 1SPNVFWBOMBQBSUJDJQBDJwOEFMPTBCPHBEPTFOQMBOFTRVFBTFHVSFOFM
BDDFTPBMBKVTUJDJBEFMBTQFSTPOBTEFFTDBTPTSFDVSTPTFDPOwNJDPT
FOFTQFDJBMNFEJBOUFFMBQPZPZBTFTPSBNJFOUPMFHBMFT
E 1SPNVFWBOZBQPZFOSFGPSNBTMFHJTMBUJWBTZEFCBUFTBDFSDBEFMB
MFHJTMBDJwOFYJTUFOUFZQPTJCMFTSFGPSNBTMFHBMFT
F 1SPNVFWBOFMCJFOFTUBSEFMPTNJFNCSPTEFMBQSPGFTJwOZBTJTUJSB
FMMPTZBTVTGBNJMJBSFTTJMBTDJSDVOTUBODJBTMPBNFSJUBO
G $PPQFSFODPOBCPHBEPTEFPUSPTQBrTFTQBSBQSPNPWFSMBGVODJwOEF
MPTBCPHBEPTFOFTQFDJBMNFEJBOUFMBUPNBFODPOTJEFSBDJwOEFMUSBCB
KPEFMBTPSHBOJ[BDJPOFTJOUFSOBDJPOBMFTEFBCPHBEPTZPSHBOJ[BDJPOFT
JOUFSOBDJPOBMFTJOUFSHVCFSOBNFOUBMFTZOPHVCFSOBNFOUBMFT
H 1SPNVFWBOMBTOPSNBTNgTBMUBTEFDPNQFUFODJBEFMPTBCPHBEPT
ZNBOUFOHBOFMSFTQFUPEFMPTBCPHBEPTEFMBTOPSNBTEFDPOEVDUB
ZEJTDJQMJOB
-PTDPMFHJPTEFBCPHBEPTVPUSBTBTPDJBDJPOFTEFBCPHBEPTQSPGFTJPOBMFT
EFCFOUPNBSMBTNFEJEBTOFDFTBSJBTDPNPEFGFOEFSMPTJOUFSFTFTEFMPT
BCPHBEPTBOUFFMwSHBOPBEFDVBEPFODBTPEF
B "SSFTUPPEFUFODJwOEFVOBCPHBEP
C %FDJTJPOFTEFMMFWBSBDBCPQSPDFTPTRVFDVFTUJPOFOMBJOUFHSJEBE
EFVOBCPHBEP
D &MSFHJTUSPEFMPTQSPQJPTBCPHBEPTZEFTVQSPQJFEBE
E -B DPOGJTDBDJwO EF EPDVNFOUPT P NBUFSJBM FO QPTFTJwO EF VO
BCPHBEP
F -BQVCMJDBDJwOEFJOGPSNFTEFQSFOTBRVFFYJKBOBDDJPOFTFOOPNCSF
EFMPTBCPHBEPT
1SJODJQJP7*°1SPDFEJNJFOUPTEJTDJQMJOBSJPT
&OMPTDBTPTFORVFMPTBCPHBEPTOPBDU|FOEFBDVFSEPDPOMBTOPSNBTQSPGF
TJPOBMFTFTUBCMFDJEBTFOMPTDwEJHPTEFDPOEVDUBSFEBDUBEPTQPSMPTDPMFHJPT
EFBCPHBEPTVPUSBTBTPDJBDJPOFTEFBCPHBEPTPQPSMBMFHJTMBDJwOTFEFCFSgO
UPNBSNFEJEBTOFDFTBSJBTJODMVJEPTQSPDFEJNJFOUPTEJTDJQMJOBSJPT
-PTDPMFHJPTEFBCPHBEPTVPUSBTBTPDJBDJPOFTQSPGFTJPOBMFTEFBCPHBEPT
EFCFOTFSSFTQPOTBCMFTEFPDVBOEPDPSSFTQPOEBUFOFSEFSFDIPBQBSUJDJQBS
FOMBDPOEVDDJwOEFMPTQSPDFEJNJFOUPTEJTDJQMJOBSJPTSFMBDJPOBEPTDPOMPT
BCPHBEPT
(6Ê"1"3"130'&4*0/"-&4/
-PTQSPDFEJNJFOUPTEJTDJQMJOBSJPTEFCFOTFSEJSJHJEPTSFTQFUBOEPQMFOBNFOUF
MPTQSJODJQJPTZMBTSFHMBTFTUBCMFDJEPTFOFM$POWFOJPJODMVJEPFMEFSFDIP
EFMBCPHBEPFODVFTUJwOBQBSUJDJQBSFOMPTQSPDFEJNJFOUPTZBTPMJDJUBSMB
SFWJTJwOKVEJDJBMEFMBEFDJTJwO
4FEFCFSFTQFUBSFMQSJODJQJPEFQSPQPSDJPOBMJEBEFOMBEFUFSNJOBDJwOEFMBT
TBODJPOFTQPSMBTGBMUBTEJTDJQMJOBSJBTDPNFUJEBTQPSMPTBCPHBEPT
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
3FDPNFOEBDJwO/P3
EFM$PNJUnEF.JOJTUSPTEFMPT
&TUBEPT.JFNCSPTTPCSFMBGVODJwOEFMBGJTDBMrBFOFMTJTUFNBEF
KVTUJDJBQFOBM
"EPQUBEBQPSFM$PNJUnEF.JOJTUSPTFMEFPDUVCSFEFFOMB›TFTJwO
EF7JDFNJOJTUSPT
&M$PNJUnEF.JOJTUSPTFOWJSUVEEFMPTUnSNJOPTEFM"SUrDVMPCEFM&TUBUVUPEFM
$POTFKPEF&VSPQB
3FDPSEBOEPRVFFMQSPQwTJUPEFM$POTFKPEF&VSPQBFTMPHSBSNBZPSVOJEBEFOUSF
TVTNJFNCSPT
5FOJFOEPFODVFOUBRVFFM$POTFKPEF&VSPQBUBNCJnOUJFOFMB¾OBMJEBEEFQSPNPWFS
FMFTUBEPEFEFSFDIPRVFDPOTUJUVZFMBCBTFEFMBTWFSEBEFSBTEFNPDSBDJBT
$POTJEFSBOEPRVFFMTJTUFNBEFKVTUJDJBQFOBMEFTFNQFvBVOBGVODJwOGVOEBNFOUBM
FOHBSBOUJ[BSFMFTUBEPEFEFSFDIP
$PODJFOUFTEFMBOFDFTJEBEDPN|OEFUPEPTMPT&TUBEPTNJFNCSPTEFBVNFOUBSMB
MVDIBDPOUSBFMEFMJUPUBOUPBOJWFMOBDJPOBMDPNPJOUFSOBDJPOBM
$POTJEFSBOEPRVFDPOUBM¾OTFEFCFBVNFOUBSMBF¾DJFODJBOPTPMPEFMPTTJTUFNBT
EFKVTUJDJBQFOBMOBDJPOBMFTTJOPUBNCJnOEFMBDPPQFSBDJwOJOUFSOBDJPOBMFOBTVOUPT
QFOBMFTNJFOUSBTTFTBMWBHVBSEBOMPTQSJODJQJPTJODMVJEPTFOFM$POWFOJPQBSBMB
1SPUFDDJwOEFMPT%FSFDIPT)VNBOPTZMBT-JCFSUBEFT'VOEBNFOUBMFT
$PODJFOUFTEFRVFFMNJOJTUFSJPQ|CMJDPUBNCJnODVNQMFVOBGVODJwODMBWFFOFM
TJTUFNBEFKVTUJDJBQFOBMBMJHVBMRVFFOMBDPPQFSBDJwOJOUFSOBDJPOBMFOBTVOUPT
QFOBMFT
$POWFODJEPTEFRVFBUBMFTFGFDUPTFTQSFDJTPGPNFOUBSMBEF¾OJDJwOEFQSJODJQJPT
DPNVOFTEFMPT¾TDBMFTFOMPT&TUBEPTNJFNCSPT
5FOJFOEPFODVFOUBUPEPTMPTQSJODJQJPTZMBTSFHMBTFTUBCMFDJEPTTPCSFBTVOUPT
QFOBMFTBEPQUBEPTQPSFM$PNJUnEF.JOJTUSPT
3FDPNJFOEBRVFMPTHPCJFSOPTEFMPT&TUBEPTNJFNCSPTCBTFOTVMFHJTMBDJwOZ
QSgDUJDBTBDFSDBEFMBGVODJwOEFMBBDVTBDJwOQ|CMJDBFOFMTJTUFNBEFKVTUJDJBQFOBM
FOMPTTJHVJFOUFTQSJODJQJPT
'VODJPOFTEFMGJTDBM
-PT²GJTDBMFT³TPOBVUPSJEBEFTQ|CMJDBTRVFFOOPNCSFEFMBTPDJFEBEZEFM
JOUFSnTQ|CMJDPBTFHVSBOMBBQMJDBDJwOEFMBMFZDVBOEPFMJODVNQMJNJFOUPEF
MBNJTNBJNQMJDBVOBTBODJwOQFOBMUFOJFOEPFODVFOUBUBOUPMPTEFSFDIPT
EFMJOEJWJEVPDPNPMBFGJDBDJBOFDFTBSJBEFMTJTUFNBEFKVTUJDJBQFOBM
(6Ê"1"3"130'&4*0/"-&4/
&OUPEPTMPTTJTUFNBTEFKVTUJDJBQFOBMMPTGJTDBMFT
…EFDJEFOJOJDJBSPDPOUJOVBSBDVTBDJPOFT
…EJSJHFOBDVTBDJPOFTBOUFUSJCVOBMFT
…QVFEFOBQFMBSUPEBTPBMHVOBTEFDJTJPOFTEFVOUSJCVOBM
&OBMHVOPTTJTUFNBTEFKVTUJDJBQFOBMMPTGJTDBMFTUBNCJnO
…QPOFOFOQSgDUJDBMBQPMrUJDBQFOBMOBDJPOBMBMUJFNQPRVFMBBEBQUBO
DVBOEPDPSSFTQPOEFBMBTDJSDVOTUBODJBTSFHJPOBMFTZMPDBMFT
…DPOEVDFOEJSJHFOPTVQFSWJTBOJOWFTUJHBDJPOFT
…BTFHVSBORVFMBTWrDUJNBTTFBOFGFDUJWBNFOUFBTJTUJEBT
…EFDJEFOBDFSDBEFMBTBMUFSOBUJWBTBMBBDVTBDJwO
…TVQFSWJTBOMBFKFDVDJwOEFMBTEFDJTJPOFTEFMUSJCVOBM
…FUD
1SPUFDDJwOQSPQPSDJPOBEBBMPTGJTDBMFTQBSBFMEFTFNQFvPEFTVTGVODJPOFT
-PT&TUBEPTEFCFOUPNBSNFEJEBTFGFDUJWBTQBSBHBSBOUJ[BSRVFMPTGJTDBMFT
QVFEBODVNQMJSDPOTVTPCMJHBDJPOFTZSFTQPOTBCJMJEBEFTQSPGFTJPOBMFTFO
DPOEJDJPOFTKVSrEJDBTZPSHBOJ[BDJPOBMFTBEFDVBEBTDPOSFTQFDUPBMPTNFEJPT
FOQBSUJDVMBSMPTNFEJPTQSFTVQVFTUBSJPTBTVBMDBODF%JDIBTDPOEJDJPOFT
EFCFOFTUBCMFDFSTFFOFTUSFDIBDPPQFSBDJwODPOMPTSFQSFTFOUBOUFTEFMPT
GJTDBMFT
-PT&TUBEPTEFCFOUPNBSNFEJEBTQBSBBTFHVSBSRVF
B -BTFMFDDJwOBTDFOTPZUSBOTGFSFODJBEFGJTDBMFTTFBOMMFWBEPTBDBCP
EFBDVFSEPDPOQSPDFEJNJFOUPTFRVJUBUJWPTFJNQBSDJBMFTRVFJODMVZBO
MBQSPUFDDJwODPOUSBDVBMRVJFSFOGPRVFRVFGBWPSF[DBMPTJOUFSFTFTEF
HSVQPTFTQFDrGJDPTZRVFFYDMVZBMBEJTDSJNJOBDJwOEFDVBMRVJFSUJQP
ZBTFBQPSTFYPSB[BDPMPSEFQJFMJEJPNBSFMJHJwOPQJOJwOQPMrUJDBP
EFPUSBrOEPMFOBDJPOBMJEBEPSJHFOTPDJBMBTPDJBDJwODPOVOBNJOPSrB
OBDJPOBMQBUSJNPOJPOBDJNJFOUPVPUSPFTUBUVT
C -BDBSSFSBEFMPTGJTDBMFTTVBTDFOTPZNPWJMJEBEFTUnOSFHJEPTQPSDSJ
UFSJPTPCKFUJWPTDPOPDJEPTDPNPMBDPNQFUFODJBZMBFYQFSJFODJB
D -BNPWJMJEBEEFMPTGJTDBMFTFTUnUBNCJnOSFHJEBQPSMBTOFDFTJEBEFT
EFMDBSHP
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
E -PTGJTDBMFTUFOHBODPOEJDJPOFTEFTFSWJDJPSB[POBCMFTFOUSFFMMBT
VOBSFNVOFSBDJwOFTUBCJMJEBEZKVCJMBDJwOBDPSEFTDPOTVGVODJwO
GVOEBNFOUBMBMJHVBMRVFVOBBEFDVBEBFEBEEFSFUJSPZRVFFTUBT
DPOEJDJPOFTFTUnOSFHJEBTQPSMFZ
F -PTQSPDFEJNJFOUPTEJTDJQMJOBSJPTDPOUSBMPTGJTDBMFTFTUnOSFHJEPTQPS
MBMFZZHBSBOUJDFOVOBFWBMVBDJwOZEFDJTJwOPCKFUJWBTZRVFFTUnO
TVKFUBTBSFWJTJwOJOEFQFOEJFOUFFJNQBSDJBM
G -PTGJTDBMFTUFOHBOBDDFTPBVOQSPDFEJNJFOUPEFRVFKBBEFDVBEPRVF
JODMVZBDVBOEPDPSSFTQPOEBFMBDDFTPBVOUSJCVOBMTJTVFTUBUVT
MFHBMTFWJFSBBGFDUBEP
H -BJOUFHSJEBEGrTJDBEFMPTGJTDBMFTZMBEFTVTGBNJMJBSFTFTUnQSPUFHJEB
QPSMBTBVUPSJEBEFTDVBOEPTVTFHVSJEBEQFSTPOBMTFWFBBNFOB[BEB
DPNPDPOTFDVFODJBEFMBEFDVBEPEFTFNQFvPEFTVTGVODJPOFT
-PT&TUBEPTUBNCJnOEFCFOUPNBSNFEJEBTQBSBBTFHVSBSRVFMPTGJTDBMFT
UFOHBOVOFGFDUJWPEFSFDIPBMBMJCFSUBEEFFYQSFTJwOQFOTBNJFOUPBTPDJB
DJwOZSFVOJwO&OQBSUJDVMBSEFCFOUFOFSEFSFDIPBQBSUJDJQBSFOEJTDVTJPOFT
Q|CMJDBTBDFSDBEFBTVOUPTWJODVMBEPTBMEFSFDIPMBBENJOJTUSBDJwOEFKVTUJDJB
ZMBQSPNPDJwOZQSPUFDDJwOEFMPTEFSFDIPTIVNBOPTZBGPSNBSPJOUFHSBS
PSHBOJ[BDJPOFTMPDBMFTOBDJPOBMFTFJOUFSOBDJPOBMFTZBTJTUJSBTVTSFVOJPOFT
FOTVDBQBDJEBEQFSTPOBMTJOTVGSJSEFTWFOUBKBTBDBVTBEFTVBDDJwOKVSrEJDB
PQPSGPSNBSQBSUFEFVOBPSHBOJ[BDJwOKVSrEJDB-PTEFSFDIPTNFODJPOBEPT
BOUFSJPSNFOUFTPMBNFOUFQVFEFOMJNJUBSTFFOMBNFEJEBFORVFFMMPFTUn
EJTQVFTUPQPSMFZZTFBOFDFTBSJPQSFTFSWBSFMDBSHPDPOTUJUVDJPOBMEFMPT
GJTDBMFT&OMPTDBTPTFORVFTFWJPMFOMPTEFSFDIPTNFODJPOBEPTBOUFSJPS
NFOUFVOSFNFEJPFGFDUJWPEFCFFTUBSEJTQPOJCMF
-BDBQBDJUBDJwOFTBMBWF[VOEFCFSZVOEFSFDIPEFUPEPTMPTGJTDBMFTBOUFT
EFTVEFTJHOBDJwOZFOGPSNBQFSNBOFOUF-PT&TUBEPTEFCFOQPSDPOTJHVJFO
UFUPNBSNFEJEBTFGFDUJWBTQBSBBTFHVSBSRVFMPTGJTDBMFTSFDJCBOFEVDBDJwO
ZDBQBDJUBDJwOBEFDVBEBTUBOUPBOUFTDPNPEFTQVnTEFTVEFTJHOBDJwO&O
QBSUJDVMBSMPTGJTDBMFTQ|CMJDPTEFCFODPOPDFS
B -PTQSJODJQJPTZMPTEFCFSFTnUJDPTEFTVDBSHP
C -BQSPUFDDJwODPOTUJUVDJPOBMZMFHBMEFTPTQFDIPTPTWrDUJNBTZ
UFTUJHPT
D -PTEFSFDIPTIVNBOPTZMBTMJCFSUBEFTFTUBCMFDJEPTQPSFM$POWFOJP
QBSB MB 1SPUFDDJwO EF MPT %FSFDIPT )VNBOPT Z MBT -JCFSUBEFT
-BQBMBCSB²DPOTUJUVDJPOBM³FTVUJMJ[BEBDPOSFGFSFODJBBMPTPCKFUJWPTZGBDVMUBEFTEFMPTGJTDBMTFTUBCMFDJEBT
QPSMFZZOPBMB$POTUJUVDJwOEFVOEFUFSNJOBEP&TUBEP
(6Ê"1"3"130'&4*0/"-&4/
'VOEBNFOUBMFTFTQFDJBMNFOUFMPTEFSFDIPTFTUBCMFDJEPTQPSMPT
BSUrDVMPTZEFM$POWFOJP
E -PTQSJODJQJPTZMBTQSgDUJDBTEFMBPSHBOJ[BDJwOEFMUSBCBKPHFTUJwO
ZSFDVSTPTIVNBOPTFOFMDPOUFYUPKVEJDJBM
F -PTNFDBOJTNPTZNBUFSJBMFTRVFDPOUSJCVZFOBMBDPIFSFODJBFOTVT
GVODJPOFT
"TJNJTNPMPT&TUBEPTEFCFOUPNBSNFEJEBTFGJDBDFTQBSBCSJOEBSDBQBDJUB
DJwOBEJDJPOBMTPCSFUFNBTFTQFDrGJDPTPFOTFDUPSFTFTQFDrGJDPTBMBMV[EF
MBTDPOEJDJPOFTBDUVBMFTUFOJFOEPFODVFOUBFOQBSUJDVMBSMPTUJQPTMFHBMFT
ZFMEFTBSSPMMPEFMBDSJNJOBMJEBEBMJHVBMRVFMBDPPQFSBDJwOJOUFSOBDJPOBM
FOBTVOUPTQFOBMFT
1BSBSFTQPOEFSNFKPSBMBTGPSNBTEFDSJNJOBMJEBEFOEFTBSSPMMPFOQBSUJDVMBS
FMDSJNFOPSHBOJ[BEPMBFTQFDJBMJ[BDJwOEFCFSgTFSDPOTJEFSBEBVOBQSJPSJEBE
FOUnSNJOPTEFMBPSHBOJ[BDJwOEFGJTDBMFTBMJHVBMRVFFOUnSNJOPTEFDBQB
DJUBDJwOZEFDBSSFSBT5BNCJnOTFEFCFSFDVSSJSBFRVJQPTEFFTQFDJBMJTUBT
JODMVZFOEPFRVJQPTNVMUJEJTDJQMJOBSJPTEJTFvBEPTQBSBBTJTUJSBMPTGJTDBMFT
FOFMEFTFNQFvPEFTVTGVODJPOFT
$POSFTQFDUPBMBPSHBOJ[BDJwOZMBPQFSBDJwOJOUFSOBEFMNJOJTUFSJPQ|CMJDP
FOQBSUJDVMBSMBBTJHOBDJwOZSFBTJHOBDJwOEFDBTPTMBGJTDBMrBEFCFDVNQMJS
DPOMPTSFRVJTJUPTEFJNQBSDJBMJEBEFJOEFQFOEFODJBZNBYJNJ[BSMBBEFDVBEB
PQFSBDJwOEFMBKVTUJDJBQFOBMFOQBSUJDVMBSFMOJWFMEFDBQBDJUBDJwOKVSrEJDB
EFEJDBEPBDBEBUFNB
5PEPTMPTGJTDBMFTHP[BOEFMEFSFDIPEFTPMJDJUBSRVFMBTJOTUSVDDJPOFTEJ
SJHJEBTBFMMPTTFBOSFBMJ[BEBTQPSFTDSJUP&OMPTDBTPTFORVFDPOTJEFSFO
RVFVOBJOTUSVDDJwOFTJMrDJUBPRVFWBDPOUSBTVDPODJFODJBEFCFFYJTUJSVO
QSPDFEJNJFOUPJOUFSOPBEFDVBEPBEJTQPTJDJwORVFQVFEBDPOEVDJSBTV
FWFOUVBMSFFNQMB[P
3FMBDJwOFOUSFMPTGJTDBMFTZMPTQPEFSFTFKFDVUJWPZMFHJTMBUJWP
-PT&TUBEPTEFCFOUPNBSMBTNFEJEBTBEFDVBEBTQBSBBTFHVSBSRVFMPT
GJTDBMFTTFBODBQBDFTEFEFTFNQFvBSTVTEFCFSFTZSFTQPOTBCJMJEBEFT
QSPGFTJPOBMFTTJOJOUFSGFSFODJBPFYQPTJDJwOJOKVTUJGJDBEBBSFTQPOTBCJMJEBE
DJWJMQFOBMPEFPUSBrOEPMF4JOFNCBSHPFMNJOJTUFSJPQ|CMJDPEFCFEBS
DVFOUBQFSJwEJDBZQ|CMJDBEFTVTBDUJWJEBEFTFODPOKVOUPZFOQBSUJDVMBS
EFMBGPSNBFORVFTFMMFWBSPOBDBCPTVTQSJPSJEBEFT
-PTGJTDBMFTOPEFCFOJOUFSGFSJSDPOMBDPNQFUFODJBEFMPTQPEFSFTFKFDVUJWP
ZMFHJTMBUJWP
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
$VBOEPFMNJOJTUFSJPQ|CMJDPGPSNFQBSUFPFTUnTVCPSEJOBEPBMHPCJFSOPMPT
&TUBEPTEFCFOUPNBSNFEJEBTFGJDBDFTQBSBHBSBOUJ[BSRVF
B -BOBUVSBMF[BZFMgNCJUPEFBQMJDBDJwOEFMBTGBDVMUBEFTEFMHPCJFSOP
DPOSFTQFDUPBMNJOJTUFSJPQ|CMJDPFTUnOFTUBCMFDJEPTQPSMFZ
C &MHPCJFSOPFKFS[BTVTGBDVMUBEFTFOGPSNBUSBOTQBSFOUFZEFBDVFSEP
DPOMPTUSBUBEPTJOUFSOBDJPOBMFTMBMFHJTMBDJwOOBDJPOBMZMPTQSJODJQJPT
HFOFSBMFTEFMEFSFDIP
D $VBOEPFMHPCJFSOPEnJOTUSVDDJPOFTEFOBUVSBMF[BHFOFSBMEJDIBT
JOTUSVDDJPOFTEFCFOTFSFTDSJUBTZQVCMJDBEBTFOGPSNBBEFDVBEB
E &ODBTPRVFFMHPCJFSOPUFOHBMBGBDVMUBEEFEBSJOTUSVDDJPOFTQBSB
BDVTBSFOVODBTPFTQFDrGJDPEJDIBTJOTUSVDDJPOFTEFCFOJODMVJSHB
SBOUrBTBEFDVBEBTQBSBRVFTFSFTQFUFOMBUSBOTQBSFODJBZMBFRVJEBE
EFBDVFSEPDPOFMEFSFDIPOBDJPOBMUFOJFOEPFMHPCJFSOPFMEFCFS
EFQPSFKFNQMP
… QSPDVSBSQSFWJPBTFTPSBNJFOUPQPSFTDSJUPZBTFBEFMGJTDBM
DPNQFUFOUFPEFMwSHBOPRVFMMFWFBDBCPMBBDVTBDJwO
… FYQMJDBSEFCJEBNFOUFMBTJOTUSVDDJPOFTFTDSJUBTFOFTQFDJBM
DVBOEPnTUBTTFBQBSUFOEFMBTFTPSBNJFOUPEFMGJTDBMZUSBOT
NJUJSMBTNFEJBOUFDBOBMFTKFSgSRVJDPT
… QSPDVSBSBOUFTEFMKVJDJPRVFFMBTFTPSBNJFOUPZMBTJOTUSVD
DJPOFTGPSNFOQBSUFEFMFYQFEJFOUFQBSBRVFMBTPUSBTQBSUFT
QVFEBODPOPDFSMPTZSFBMJDFODPNFOUBSJPT
F -PTGJTDBMFTDPOTFSWFOTVMJCFSUBEEFQSFTFOUBSDVBMRVJFSBSHVNFOUP
KVSrEJDPBOUFFMUSJCVOBMJODMVTPTJUJFOFOFMEFCFSEFSFGMFKBSQPSFTDSJUP
MBTJOTUSVDDJPOFTSFDJCJEBT
G -BTJOTUSVDDJPOFTEFOPBDVTBSFOVODBTPFTQFDrGJDPEFCFOFO
QSJODJQJPFTUBSQSPIJCJEBT4JFTFOPFTFMDBTPEJDIBTJOTUSVDDJPOFT
EFCFOQFSNBOFDFSDPNPFYDFQDJPOBMFTZTFSTPNFUJEBTOPTPMPB
MPTSFRVJTJUPTJOEJDBEPTFOMPTMJUFSBMFTEZFBOUFSJPSNFOUFTJOP
UBNCJnOBMDPOUSPMFTQFDrGJDPBEFDVBEPQSPDVSBOEPHBSBOUJ[BSMB
USBOTQBSFODJB
&OQBrTFTEPOEFFMNJOJTUFSJPQ|CMJDPFTJOEFQFOEJFOUFEFMHPCJFSOPFM
&TUBEPEFCFUPNBSNFEJEBTFGJDBDFTQBSBHBSBOUJ[BSRVFMBOBUVSBMF[BZ
FMgNCJUPEFBQMJDBDJwOEFMBJOEFQFOEFODJBEFMNJOJTUFSJPQ|CMJDPFTUnO
FTUBCMFDJEPTQPSMFZ
(6Ê"1"3"130'&4*0/"-&4/
1BSBQSPNPWFSMBFRVJEBEZMBFGJDBDJBEFMBQPMrUJDBDSJNJOBMMPTGJTDBMFTEF
CFODPPQFSBSDPOMPTPSHBOJTNPTFJOTUJUVDJPOFTEFMHPCJFSOPFOMBNFEJEB
FORVFFTUnEFBDVFSEPDPOMBMFZ
-PTGJTDBMFTEFCFOFOUPEPDBTPFTUBSFODPOEJDJPOFTEFBDVTBSTJOPCT
USVDDJwOBGVODJPOBSJPTQ|CMJDPTQPSMBTGBMUBTRVFDPNFUBOFOQBSUJDVMBSQPS
DPSSVQDJwOVTPJMrDJUPEFTVTGBDVMUBEFTWJPMBDJPOFTTFSJBTBMPTEFSFDIPT
IVNBOPTZPUSPTEFMJUPTSFDPOPDJEPTQPSFMEFSFDIPJOUFSOBDJPOBM
3FMBDJwOFOUSFMPTGJTDBMFTZMPTKVFDFTEFVOUSJCVOBM
-PT&TUBEPTEFCFOUPNBSMBTNFEJEBTBEFDVBEBTQBSBBTFHVSBSRVFFMFTUBUVT
MFHBMMBTDPNQFUFODJBTZMBGVODJwOQSPDFTBMEFMPTGJTDBMFTTFBOFTUBCMFDJEBT
QPSMFZEFNPEPRVFOPQVFEBOFYJTUJSEVEBTMFHrUJNBTDPOSFTQFDUPBMB
JOEFQFOEFODJBFJNQBSDJBMJEBEEFMPTKVFDFTEFVOUSJCVOBM&OQBSUJDVMBSMPT
&TUBEPTEFCFOHBSBOUJ[BSRVFVOBQFSTPOBOPQVFEBEFTFNQFvBSBMNJTNP
UJFNQPPCMJHBDJPOFTEFGJTDBMZEFKVF[EFVOUSJCVOBM
4JOFNCBSHPTJFMTJTUFNBKVSrEJDPMPQFSNJUFMPT&TUBEPTEFCFOUPNBSNFEJ
EBTQBSBIBDFSQPTJCMFRVFMBNJTNBQFSTPOBEFTFNQFvFTVDFTJWBNFOUFMBT
GVODJPOFTEFGJTDBMZMBTEFKVF[PWJDFWFSTB5BMFTDBNCJPTEFGVODJPOFTTPO
|OJDBNFOUFQPTJCMFTNFEJBOUFFMQFEJEPFYQSFTPEFMBQFSTPOBJOWPMVDSBEB
ZSFTQFUBOEPMBTHBSBOUrBT
-PTGJTDBMFTEFCFOSFTQFUBSFTUSJDUBNFOUFMBJOEFQFOEFODJBZMBJNQBSDJBMJ
EBEEFMPTKVFDFTFOQBSUJDVMBSOPDVFTUJPOBSgOMBTEFDJTJPOFTKVEJDJBMFTOJ
PCTUBDVMJ[BSgOTVFKFDVDJwOTBMWPDVBOEPFKFS[BOTVTEFSFDIPTEFBQFMBDJwO
PJOWPRVFOPUSPQSPDFEJNJFOUPEFDMBSBUPSJP
-PTGJTDBMFTEFCFOTFSPCKFUJWPTZKVTUPTEVSBOUFMPTQSPDFEJNJFOUPTKV
EJDJBMFT&OQBSUJDVMBSEFCFOBTFHVSBSRVFUPEPTMPTIFDIPTSFMFWBOUFTZ
BSHVNFOUPTMFHBMFTOFDFTBSJPTQBSBMBKVTUBBENJOJTUSBDJwOEFMBKVTUJDJB
TFBOQSPQPSDJPOBEBTBMUSJCVOBM
3FMBDJwOFOUSFMPTGJTDBMFTZMBQPMJDrB
&OHFOFSBMMPTGJTDBMFTEFCFOBOBMJ[BSMBMFHJUJNJEBEEFMBTJOWFTUJHBDJPOFT
QPMJDJBMFTBNgTUBSEBSBMEFDJEJSTJTFEFCFJOJDJBSPDPOUJOVBSVOBBDVTB
DJwO"MSFTQFDUPMPTGJTDBMFTUBNCJnOTVQFSWJTBSgORVFMBQPMJDrBSFTQFUF
MPTEFSFDIPTIVNBOPT
&OMPTQBrTFTFORVFMBQPMJDrBFTUnCBKPMBBVUPSJEBEEFMNJOJTUFSJPQ|CMJDP
PFORVFMBTJOWFTUJHBDJPOFTQPMJDJBMFTTPOEJSJHJEBTPTVQFSWJTBEBTQPSFM
GJTDBMFM&TUBEPEFCFUPNBSNFEJEBTFGJDBDFTQBSBHBSBOUJ[BSRVFFMGJTDBM
QVFEB
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
B %BSJOTUSVDDJPOFTBMBQPMJDrBTFH|ODPSSFTQPOEBQBSBMBFGFDUJWB
JNQMFNFOUBDJwOEFQSJPSJEBEFTEFQPMrUJDBTEFMEFMJUPFTQFDJBMNFOUF
DPOSFTQFDUPBEFDJEJSRVnDBUFHPSrBTEFDBTPTEFCFOTFSUSBUBEBTFO
QSJNFSMVHBSMPTNFEJPTVUJMJ[BEPTQBSBCVTDBSQSVFCBTFMQFSTPOBM
VUJMJ[BEPMBEVSBDJwOEFMBTJOWFTUJHBDJPOFTMBJOGPSNBDJwORVFTFSg
QSPQPSDJPOBEBBMGJTDBMFUD
C &ODBTPRVFFYJTUBOEJGFSFOUFTPSHBOJTNPTQPMJDJBMFTEJTQPOJCMFT
BTJHOBSDBTPTJOEJWJEVBMFTBMPSHBOJTNPRVFDPOTJEFSFNgTBEFDVBEP
QBSBNBOFKBSMP
D 3FBMJ[BSFWBMVBDJPOFTZDPOUSPMFTFOMBNFEJEBFORVFTFBOOFDFTBSJPT
QBSBNPOJUPSFBSFMDVNQMJNJFOUPEFMBTJOTUSVDDJPOFTZEFMBMFZ
E 4BODJPOBSZQSPNPWFSTBODJPOFTTJFTBQSPQJBEPFODBTPTEFFWFO
UVBMFTWJPMBDJPOFT
-PT&TUBEPTFOMPTRVFMBQPMJDrBFTJOEFQFOEJFOUFEFMNJOJTUFSJPQ|CMJDP
EFCFOUPNBSNFEJEBTQBSBHBSBOUJ[BSRVFFYJTUFDPPQFSBDJwOBEFDVBEBZ
GVODJPOBMFOUSFFMNJOJTUFSJPQ|CMJDPZMBQPMJDrB
%FCFSFTEFMGJTDBMIBDJBMPTJOEJWJEVPT
&ODVNQMJNJFOUPEFTVTEFCFSFTMPTGJTDBMFTEFCFOFOQBSUJDVMBS
B %FTFNQFvBS TVT GVODJPOFT FO GPSNB FRVJUBUJWB JNQBSDJBM Z
PCKFUJWB
C 3FTQFUBSZQSPDVSBSMBQSPUFDDJwOEFMPTEFSFDIPTIVNBOPTTFH|O
MPFTUBCMFDJEPFOFM$POWFOJPQBSBMB1SPUFDDJwOEFMPT%FSFDIPT
)VNBOPTZMBT-JCFSUBEFT'VOEBNFOUBMFT
D "TFHVSBSRVFFMTJTUFNBEFKVTUJDJBQFOBMPQFSFMPNgTFYQFEJUJWB
NFOUFQPTJCMF
-PTGJTDBMFTEFCFOBCTUFOFSTFEFEJTDSJNJOBSQPSSB[POFTEFTFYPSB[BDPMPS
EFQJFMJEJPNBSFMJHJwOPQJOJwOQPMrUJDBPEFPUSBrOEPMFPSJHFOOBDJPOBMP
TPDJBMWJODVMBDJwOBVOBNJOPSrBOBDJPOBMQBUSJNPOJPOBDJNJFOUPTBMVE
EJTDBQBDJEBEVPUSBTDPOEJDJPOFT
-PTGJTDBMFTEFCFOBTFHVSBSMBJHVBMEBEBOUFMBMFZZDPOPDFSUPEBTMBTDJS
DVOTUBODJBTSFMFWBOUFTJODMVTPMBTRVFBGFDUBOBMTPTQFDIPTPTJOQFSKVJDJP
EFTJTPOFOCFOFGJDJPPEFUSJNFOUPEFFTUF|MUJNP
-PTGJTDBMFTOPEFCFOJOJDJBSPDPOUJOVBSBDVTBDJPOFTDVBOEPVOBJOWFTUJHBDJwO
JNQBSDJBMEFNVFTUSBRVFMPTDBSHPTTPOJOGVOEBEPT
(6Ê"1"3"130'&4*0/"-&4/
-PTGJTDBMFTOPEFCFOQSFTFOUBSQSVFCBTDPOUSBTPTQFDIPTPTRVFTBCFOP
DSFFOSB[POBCMFNFOUFGVFSPOPCUFOJEBTSFDVSSJFOEPBNnUPEPTDPOUSBSJPT
BMBMFZ&ODBTPEFRVFFYJTUBOEVEBTMPTGJTDBMFTEFCFOTPMJDJUBSBMUSJCVOBM
RVFEFDJEBMBBENJTJCJMJEBEEFEJDIBQSVFCB
-PTGJTDBMFTEFCFOQSPDVSBSQSPUFHFSFMQSJODJQJPEFJHVBMEBEQSPDFTBMFO
FTQFDJBMNFEJBOUFMBSFWFMBDJwOBMBTPUSBTQBSUFTTBMWPRVFMBMFZFTUJQVMF
MPDPOUSBSJPEFUPEBJOGPSNBDJwORVFQPTFBORVFQVFEBBGFDUBSBMBKVTUJDJB
EFMPTQSPDFEJNJFOUPT
-PTGJTDBMFTEFCFONBOUFOFSMBDPOGJEFODJBMJEBEEFMBJOGPSNBDJwOPCUFOJEB
EFUFSDFSPTFOQBSUJDVMBSDVBOEPFTUnFOSJFTHPMBQSFTVODJwOEFJOPDFODJB
BNFOPTRVFTFFYJKBMBSFWFMBDJwOFOFMJOUFSnTEFMBKVTUJDJBPMBMFZ
&ODBTPRVFMPTGJTDBMFTUFOHBOEFSFDIPBUPNBSNFEJEBTRVFBGFDUFOMPT
EFSFDIPTZMJCFSUBEFTGVOEBNFOUBMFTEFMTPTQFDIPTPEFCFTFSQPTJCMFFKFSDFS
DPOUSPMKVEJDJBMTPCSFEJDIBTNFEJEBT
-PTGJTDBMFTEFCFOUPNBSEFCJEBOPUBEFMPTJOUFSFTFTEFMPTUFTUJHPTFT
QFDJBMNFOUFUPNBSPQSPNPWFSNFEJEBTQBSBQSPUFHFSTVWJEBTFHVSJEBEZ
QSJWBDJEBEPQSPDVSBSRVFTFUPNFOEJDIBTNFEJEBT
-PTGJTDBMFTEFCFOUPNBSEFCJEBOPUBEFMBTPQJOJPOFTZQSFPDVQBDJPOFT
EFMBTWrDUJNBTDVBOEPTVTJOUFSFTFTQFSTPOBMFTTPOBGFDUBEPTZUPNBSP
QSPNPWFSBDDJPOFTRVFBTFHVSFORVFMBTWrDUJNBTFTUgOJOGPSNBEBTBDFSDB
EFTVTEFSFDIPTZEFMEFTBSSPMMPEFMQSPDFTP
-BTQBSUFTJOUFSFTBEBTEFFTUBUVTSFDPOPDJEPPJEFOUJGJDBCMFFOQBSUJDVMBS
MBTWrDUJNBTEFCFOTFSDBQBDFTEFJNQVHOBSEFDJTJPOFTEFMPTGJTDBMFTEFOP
BDVTBSEJDIBJNQVHOBDJwOQVFEFSFBMJ[BSTFTFH|ODPSSFTQPOEBEFTQVnTEF
VOBSFWJTJwOKFSgSRVJDBZBTFBNFEJBOUFMBSFWJTJwOKVEJDJBMPEFMBTQBSUFT
BVUPSJ[BEBTBBDVTBSFOGPSNBQSJWBEB
-PT&TUBEPTEFCFOBTFHVSBSRVFFOFMEFTFNQFvPEFTVTPCMJHBDJPOFTMPT
GJTDBMFTFTUnOPCMJHBEPTQPS²DwEJHPTEFDPOEVDUB³&MJODVNQMJNJFOUPEF
EJDIPTDwEJHPTQVFEFDPOEVDJSBTBODJPOFTBEFDVBEBTEFBDVFSEPDPOFM
QBSgHSBGPEFMBQSFTFOUFSFDPNFOEBDJwO&MEFTFNQFvPEFMBGVODJwOEF
MPTGJTDBMFTEFCFFTUBSTPNFUJEPBVOBSFWJTJwOJOUFSOBQFSJwEJDB
B $POWJTUBTBQSPNPWFSMBBDUJWJEBEFRVJUBUJWBDPIFSFOUFZFGJDJFOUF
EFMPTGJTDBMFTMPT&TUBEPTEFCFOQSPDVSBS
… 0UPSHBSQSJNPSEJBMJNQPSUBODJBBMPTNnUPEPTKFSgSRVJDPTEF
PSHBOJ[BDJwOTJOQFSNJUJSTJOFNCBSHPRVFEJDIPTNnUPEPT
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
PSHBOJ[BUJWPTMMFWFOBFTUSVDUVSBTCVSPDSgUJDBTJOFGJDBDFTV
PCTUSVDUJWBT
… %FGJOJSMBTEJSFDUSJDFTHFOFSBMFTQBSBMBJNQMFNFOUBDJwOEFMB
QPMrUJDBEFQFSTFDVDJwODSJNJOBM
… %FGJOJSQSJODJQJPTZDSJUFSJPTHFOFSBMFTQBSBVUJMJ[BSNFEJBOUF
SFGFSFODJBTDPOUSBMBTDVBMFTTFEFCFOUPNBSEFDJTJPOFTFODB
TPTJOEJWJEVBMFTQBSBFWJUBSMBUPNBBSCJUSBSJBEFEFDJTJPOFT
C -PTNnUPEPTEFPSHBOJ[BDJwOMBTEJSFDUSJDFTMPTQSJODJQJPTZDSJUFSJPT
BOUFSJPSNFOUFNFODJPOBEPTEFCFOEFDJEJSTFQPSFMQBSMBNFOUPPFM
HPCJFSOPTJFMEFSFDIPOBDJPOBMDPOTBHSBMBJOEFQFOEFODJBEFMGJTDBM
QPSSFQSFTFOUBOUFTEFMNJOJTUFSJPQ|CMJDP
D &MQ|CMJDPEFCFFTUBSJOGPSNBEPEFMBPSHBOJ[BDJwOEJSFDUSJDFTQSJO
DJQJPTZDSJUFSJPTBOUFTNFODJPOBEPTTFSgODPNVOJDBEPTBDVBMRVJFS
QFSTPOBDVBOEPMPTTPMJDJUF
$PPQFSBDJwOJOUFSOBDJPOBM
"QFTBSEFMBGVODJwORVFQVFEBDPSSFTQPOEFSBPUSPTwSHBOPTFOBTVOUPT
WJODVMBEPTBMBDPPQFSBDJwOKVEJDJBMJOUFSOBDJPOBMTFEFCFOBVNFOUBSMPT
DPOUBDUPTEJSFDUPTFOUSFMPTGJTDBMFTEFEJGFSFOUFTQBrTFTFOFMNBSDPEFMPT
BDVFSEPTJOUFSOBDJPOBMFTDVBOEPFYJTUBOPEFPUSPNPEPTPCSFMBCBTFEF
BSSFHMPTQSgDUJDPT
4FEFCFOUPNBSNFEJEBTFOVOBDBOUJEBEEFgSFBTQBSBBWBO[BSDPOUBDUPT
FOUSFGJTDBMFTFOFMDPOUFYUPEFMBDPPQFSBDJwOKVEJDJBMJOUFSOBDJPOBM%JDIPT
QBTPTEFCFODPOTJTUJSFOQBSUJDVMBSFO
B %JGVOEJSEPDVNFOUBDJwO
C 3FDPQJMBSVOBMJTUBEFDPOUBDUPTZEJSFDDJPOFTDPOMPTOPNCSFTEFMBT
QFSTPOBTEFDPOUBDUPSFMFWBOUFTFOMBTEJGFSFOUFTBVUPSJEBEFTEFM
NJOJTUFSJPQ|CMJDPBMJHVBMRVFTVTDBNQPTEFFTQFDJBMJ[BDJwOTVT
gSFBTEFSFTQPOTBCJMJEBEFUD
D &TUBCMFDFSDPOUBDUPTQFSTPOBMFTFOUSFMPTGJTDBMFTEFEJGFSFOUFTQBr
TFTFOQBSUJDVMBSNFEJBOUFSFVOJPOFTQFSJwEJDBTFOUSFMPT'JTDBMFT
(FOFSBMFT
E 0SHBOJ[BSTFTJPOFTEFDBQBDJUBDJwO
F &TUBCMFDFSZEFTBSSPMMBSMBGVODJwOEFGVODJPOBSJPTKVSrEJDPTEFFOMBDF
VCJDBEPTFOVOQBrTFYUSBOKFSP
G $BQBDJUBDJwOFOMFOHVBTFYUSBOKFSBT
(6Ê"1"3"130'&4*0/"-&4/
H %FTBSSPMMBSFMVTPEFUSBOTNJTJwOFMFDUSwOJDBEFEBUPT
I 0SHBOJ[BSTFNJOBSJPTEFUSBCBKPDPOPUSPT&TUBEPTTPCSFUFNBTSFMB
DJPOBEPTDPOMBBTJTUFODJBNVUVBZTJUVBDJPOFTEFMJDUJWBTDPNVOFTB
EJTUJOUBTKVSJTEJDDJPOFT
1BSBNFKPSBSMBSBDJPOBMJ[BDJwOZMPHSBSDPPSEJOBDJwOFOMPTQSPDFEJNJFOUPT
EFBTJTUFODJBNVUVBTFEFCFOUPNBSNFEJEBTQBSBGPNFOUBS
B &OUSFMPTGJTDBMFTFOHFOFSBMDPODJFODJBBDFSDBEFMBOFDFTJEBEEF
QBSUJDJQBDJwOBDUJWBFOMBDPPQFSBDJwOJOUFSOBDJPOBMZ
C -BFTQFDJBMJ[BDJwOEFBMHVOPTGJTDBMFTFOFMDBNQPEFMBDPPQFSBDJwO
JOUFSOBDJPOBM
"UBMFTFGFDUPTMPT&TUBEPTEFCFOUPNBSNFEJEBTQBSBBTFHVSBSRVFFM¾TDBMEFM
&TUBEPTPMJDJUBOUFJOEFQFOEJFOUFNFOUFEFTJFTUgBDBSHPEFMBDPPQFSBDJwOJOUFSOB
DJPOBMQVFEBSFBMJ[BSTPMJDJUVEFTEFBTJTUFODJBNVUVBEJSFDUBNFOUFBOUFMBBVUPSJEBE
EFM&TUBEPSFRVFSJEPDPNQFUFOUFQBSBEFTFNQFvBSMBBDDJwOTPMJDJUBEBZRVFFTUB
|MUJNBBVUPSJEBEQVFEBSFNJUJSMBQSVFCBPCUFOJEBEJSFDUBNFOUFBM¾TDBM
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
$BSUBFVSPQFBTPCSFFMFTUBUVUPEFMPTKVFDFTZ.FNPSBOEP
&YQMJDBUJWP
%"+%0$
-PTQBSUJDJQBOUFTEFMBSFVOJwONVMUJMBUFSBMTPCSFFMFTUBUVUPEFMPTKVFDFTFO&VSPQB
PSHBOJ[BEBQPSFM$POTFKPEF&VSPQBFOUSFFMZFMEFKVMJPEF
5FOJFOEPFODVFOUBFM"SUrDVMPEFM$POWFOJP&VSPQFPQBSBMB1SPUFDDJwOEFMPT
%FSFDIPT)VNBOPTZMBT-JCFSUBEFT'VOEBNFOUBMFTRVFEJTQPOFRVF²5PEBQFSTPOB
UJFOFEFSFDIPBRVFTVDBVTBTFBPrEBFRVJUBUJWBQ|CMJDBNFOUFZEFOUSPEFVOQMB[P
SB[POBCMFQPSVOUSJCVOBMJOEFQFOEJFOUFFJNQBSDJBMFTUBCMFDJEPQPSMBMFZ³
5FOJFOEPFODVFOUBMPT1SJODJQJPTCgTJDPTEFMBT/BDJPOFT6OJEBTTPCSFMBJOEF
QFOEFODJBEFMBKVEJDBUVSBDPO¾SNBEPTQPSMB"TBNCMFB(FOFSBMEFMBT/BDJPOFT
6OJEBTFOOPWJFNCSFEF
)BCJnOEPTFSFGFSJEPBMB3FDPNFOEBDJwO/P3
EFM$PNJUnEF.JOJTUSPTEF
MPT&TUBEPTNJFNCSPTTPCSFMBJOEFQFOEFODJBF¾DBDJBZGVODJwOEFMPTKVFDFTZ
IBCJnOEPTFBQSPQJBEPEFMPTPCKFUJWPTBMMrFYQSFTBEPT
$POMBQSFPDVQBDJwOEFRVFTFQSPNVFWBMBJOEFQFOEFODJBKVEJDJBMOFDFTBSJBQBSB
GPSUBMFDFSFMQSFEPNJOJPEFMBMFZZIBDFSNgTFGFDUJWBMBQSPUFDDJwOEFMBTMJCFSUBEFT
JOEJWJEVBMFTFOMPT&TUBEPTEFNPDSgUJDPT
$PODJFOUFTEFMBOFDFTJEBEEFRVFMBTEJTQPTJDJPOFTFTUJQVMBEBTQBSBBTFHVSBS
MBTNBZPSFTHBSBOUrBTEFDPNQFUFODJBJOEFQFOEFODJBFJNQBSDJBMJEBEEFMPTKVF
DFTEFCFOTFSFYQMJDJUBEBTFOVOEPDVNFOUPGPSNBMEJSJHJEPBUPEPTMPT&TUBEPT
FVSPQFPT
%FTFPTPTEFRVFMPTFTUBUVUPTEFMPTKVFDFTEFMPTEJWFSTPT&TUBEPTFVSPQFPT
UPNFOFODVFOUBFTUBTEJTQPTJDJPOFTQBSBBTFHVSBSFOUnSNJOPTDPODSFUPTFMNgT
BMUPOJWFMEFHBSBOUrBT
"EPQUBSPOMBQSFTFOUF$BSUBFVSPQFBTPCSFFMFTUBUVUPEFMPTKVFDFT
1SJODJQJPTHFOFSBMFT
&MFTUBUVUPEFMPTKVFDFTQSFUFOEFBTFHVSBSMBDPNQFUFODJBJOEFQFOEFODJB
FJNQBSDJBMJEBERVFDBEBJOEJWJEVPFTQFSBMFHrUJNBNFOUFEFMPTUSJCVOBMFT
ZEFDBEBKVF[BMRVFMFDPOGrBMBQSPUFDDJwOEFTVTEFSFDIPT&YDMVZFDBEB
EJTQPTJDJwOZQSPDFEJNJFOUPQBTJCMFTEFQFSKVEJDBSMBDPOGJBO[BFOEJDIB
DPNQFUFODJBJOEFQFOEFODJBFJNQBSDJBMJEBE-BQSFTFOUF$BSUBFTUgDPN
QVFTUBQPSEJTQPTJDJPOFTDBQBDFTEFHBSBOUJ[BSFMMPHSPEFEJDIPTPCKFUJWPT
4VTEJTQPTJDJPOFTUJFOFOMBGJOBMJEBEEFBVNFOUBSFMOJWFMEFHBSBOUrBTFO
MPTEJWFSTPT&TUBEPTFVSPQFPT/PQVFEFOKVTUJGJDBSNPEJGJDBDJPOFTFO
(6Ê"1"3"130'&4*0/"-&4/
MPTFTUBUVUPTOBDJPOBMFTUFOEJFOUFTBEJTNJOVJSFMOJWFMEFHBSBOUrBTBMDBO[BEP
FOMPTQBrTFTJOWPMVDSBEPT
&ODBEB&TUBEPFVSPQFPMPTQSJODJQJPTGVOEBNFOUBMFTEFMFTUBUVUPEFMPT
KVFDFTTPOFTUBCMFDJEPTFOOPSNBTJOUFSOBTBMNgTBMUPOJWFMZTVTSFHMBT
TPOFTUBCMFDJEBTFOOPSNBTBMNFOPTBOJWFMMFHJTMBUJWP
3FTQFDUPEFDBEBEFDJTJwORVFBGFDUFMBTFMFDDJwOSFDMVUBNJFOUPOPNCSB
NJFOUPQSPHSFTPEFMBDBSSFSBPUFSNJOBDJwOEFMDBSHPEFVOKVF[FMFTUB
UVUPQSFWnMBJOUFSWFODJwOEFVOBBVUPSJEBEJOEFQFOEJFOUFEFMPTQPEFSFT
FKFDVUJWPZMFHJTMBUJWPEFOUSPEFMBDVBMBMNFOPTMBNJUBEEFTVTNJFNCSPT
TPOKVFDFTFMFDUPTQPSTVTQBSFTTJHVJFOEPNnUPEPTRVFHBSBOUJ[BOMBNgT
BNQMJBSFQSFTFOUBDJwOEFMQPEFSKVEJDJBM
&MFTUBUVUPPUPSHBBUPEPKVF[RVFDPOTJEFSFRVFFOWJSUVEEFBRVnMTVT
EFSFDIPTPFOVOTFOUJEPNgTHFOFSBMTVJOEFQFOEFODJBPMBEFMQSPDFTP
MFHBMTFWFOEFDVBMRVJFSNPEPBNFOB[BEBTPJHOPSBEBTMBQPTJCJMJEBEEF
SFNJUJSTFBEJDIBBVUPSJEBEJOEFQFOEJFOUFRVFQPTFFMPTNFEJPTFGFDUJWPT
QBSBEJDUBNJOBSPQSPQPOFSVOBTPMVDJwO
&OFMEFTFNQFvPEFTVTGVODJPOFTMPTKVFDFTEFCFOEFNPTUSBSEJTQPOJCJMJ
EBESFTQFUPQPSMBTQFSTPOBTZWJHJMBODJBFOFMNBOUFOJNJFOUPEFMBMUPOJWFM
EFDPNQFUFODJBRVFFYJHFMBEFDJTJwOEFDBTPTFODBEBPDBTJwOEFDJTJPOFT
EFMBTRVFEFQFOEFMBHBSBOUrBEFMPTEFSFDIPTJOEJWJEVBMFTZFOQSFTFSWBS
MBDPOGJEFODJBMJEBEEFMBJOGPSNBDJwORVFMFTFTDPOGJBEBFOFMDVSTPEFMPT
QSPDFEJNJFOUPT
&M&TUBEPUJFOFFMEFCFSEFBTFHVSBSRVFMPTKVFDFTUFOHBOMPTNFEJPTOFDF
TBSJPTQBSBDVNQMJSTVTUBSFBTBEFDVBEBNFOUFZFOQBSUJDVMBSQBSBEFDJEJS
DBTPTEFOUSPEFVOQMB[PSB[POBCMF
-BTPSHBOJ[BDJPOFTQSPGFTJPOBMFTFTUBCMFDJEBTQPSMPTKVFDFTZBMBTRVF
UPEPTMPTKVFDFTQVFEFOBEIFSJSMJCSFNFOUFDPOUSJCVZFOOPUBCMFNFOUFBMB
EFGFOTBEFMPTEFSFDIPTDPOGFSJEPTBMPTNJTNPTFOTVFTUBUVUPFOQBSUJDVMBS
DPOSFMBDJwOBMBTBVUPSJEBEFTZwSHBOPTJOWPMVDSBEPTFOMBTEFDJTJPOFTRVF
MPTBUBvFO
-PTKVFDFTTFBTPDJBOBUSBWnTEFTVTSFQSFTFOUBOUFTZTVTPSHBOJ[BDJPOFT
QSPGFTJPOBMFTFOMBTEFDJTJPOFTWJODVMBEBTBMBBENJOJTUSBDJwOEFMPTUSJCV
OBMFTZDPOSFTQFDUPBMBEFUFSNJOBDJwOEFTVTNFEJPTZTVBEKVEJDBDJwOB
OJWFMOBDJPOBMZMPDBM%FMNJTNPNPEPTPODPOTVMUBEPTBDFSDBEFQMBOFT
QBSBNPEJGJDBSTVFTUBUVUPZFOMBEFUFSNJOBDJwOEFMBTDPOEJDJPOFTEFSF
NVOFSBDJwOZEFTVCJFOFTUBSTPDJBM
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
4FMFDDJwOSFDMVUBNJFOUPZDBQBDJUBDJwOJOJDJBM
-BTOPSNBTEFMFTUBUVUPWJODVMBEBTBMBTFMFDDJwOZSFDMVUBNJFOUPEFKVFDFT
NFEJBOUFVOwSHBOPPQBOFMJOEFQFOEJFOUFCBTBOMBFMFDDJwOEFDBOEJEBUPT
FOTVDBQBDJEBEEFFWBMVBSMJCSFFJNQBSDJBMNFOUFMPTBTVOUPTMFHBMFTRVF
MFTTPOQSFTFOUBEPTZEFBQMJDBSMBMFZBUBMFTBTVOUPTSFTQFUBOEPMBEJHOJ
EBEJOEJWJEVBM&MFTUBUVUPFYDMVZFRVFDVBMRVJFSDBOEJEBUPTFBEFTDBSUBEP
QPSSB[POFTEFTFYPFUOJBVPSJHFOTPDJBMPQPSTVTPQJOJPOFTGJMPTwGJDBTZ
QPMrUJDBTPDPOWJDDJPOFTSFMJHJPTBT
&MFTUBUVUPEJTQPOFDPOEJDJPOFTRVFHBSBOUJ[BONFEJBOUFSFRVJTJUPTWJODV
MBEPTBMNnSJUPQSPGFTJPOBMPFYQFSJFODJBQSFWJBMBDBQBDJEBEFTQFDrGJDBEF
FKFSDFSEFCFSFTKVEJDJBMFT
&MFTUBUVUPBTFHVSBNFEJBOUFMBDBQBDJUBDJwOBEFDVBEBBDBSHPEFM&TUBEP
MBQSFQBSBDJwOEFMPTDBOEJEBUPTFMFHJEPTQBSBFMFKFSDJDJPFGJDB[EFMPT
EFCFSFTKVEJDJBMFT-BBVUPSJEBENFODJPOBEBFOFMQgSSBGPEFMQSFTFOUF
JOTUSVNFOUPBTFHVSBRVFMPTQSPHSBNBTEFDBQBDJUBDJwOZEFMBPSHBOJ[BDJwO
RVFMPTJNQMFNFOUBTFBOBEFDVBEPTBMBMV[EFMPTSFRVJTJUPTEFNFOUF
BCJFSUBDPNQFUFODJBFJNQBSDJBMJEBEWJODVMBEPTBMFKFSDJDJPEFMPTEFCFSFT
KVEJDJBMFT
/PNCSBNJFOUPFJOBNPWJMJEBE
-BEFDJTJwOEFEFTJHOBSBVODBOEJEBUPTFMFDDJPOBEPDPNPKVF[ZEFBTJHOBSMP
BVOUSJCVOBMFTUPNBEBQPSMBBVUPSJEBEJOEFQFOEJFOUFNFODJPOBEBFOFM
QgSSBGPEFMQSFTFOUFJOTUSVNFOUPPQPSQSPQVFTUBSFDPNFOEBDJwOPDPO
FMDPOTFOUJNJFOUPPTJHVJFOEPMBPQJOJwOEFEJDIBBVUPSJEBE
&MFTUBUVUPFTUBCMFDFMBTDJSDVOTUBODJBTFOMBTDVBMFTMBTBDUJWJEBEFTQSFWJBT
EFVODBOEJEBUPPEFMBTQFSTPOBTJOWPMVDSBEBTQPSTVTFTUSFDIBTSFMBDJP
OFTQVFEFOBDBVTBEFEVEBTMFHrUJNBTZPCKFUJWBTRVFQVFEBOTVSHJSDPO
SFTQFDUPBMBJNQBSDJBMJEBEFJOEFQFOEFODJBEFMDBOEJEBUPFODVFTUJwO
DPOTUJUVJSVOJNQFEJNFOUPBTVEFTJHOBDJwOFOVOUSJCVOBM
&ODBTPRVFFMQSPDFEJNJFOUPEFSFDMVUBNJFOUPEJTQPOHBVOQFSrPEPEFQSVF
CBOFDFTBSJBNFOUFDPSUPMVFHPEFMBOPNJOBDJwOBMDBSHPEFKVF[QFSPBOUFT
EFMBDPOGJSNBDJwOQFSNBOFOUFFOFMDBSHPPDVBOEPFMSFDMVUBNJFOUPTFB
SFBMJ[BEPQPSVOUJFNQPMJNJUBEPDPOQPTJCJMJEBEEFSFOPWBDJwOMBEFDJTJwO
EFOPSFBMJ[BSVOBEFTJHOBDJwOQFSNBOFOUFPEFOPSFOPWBSFMDBSHPTwMP
QVFEFTFSUPNBEBQPSMBBVUPSJEBEJOEFQFOEJFOUFNFODJPOBEBFOFMQgSSBGP
EFMQSFTFOUFJOTUSVNFOUPPQPSQSPQVFTUBSFDPNFOEBDJwOPDPOFMDPO
TFOUJNJFOUPPTJHVJFOEPMBPQJOJwOEFEJDIBBVUPSJEBE-BTEJTQPTJDJPOFTEFM
QgSSBGPEFMQSFTFOUFJOTUSVNFOUPUBNCJnOTPOBQMJDBCMFTBVOJOEJWJEVP
TPNFUJEPBVOQFSrPEPEFQSVFCB
(6Ê"1"3"130'&4*0/"-&4/
6OKVF[RVFEFTFNQFvBVODBSHPFOVOUSJCVOBMOPQPESgFOQSJODJQJPTFS
EFTJHOBEPBPUSPDBSHPKVEJDJBMPBTJHOBEPBPUSPMVHBSJODMVTPNFEJBOUFVO
BTDFOTPTJOIBCFSMPDPOTFOUJEPMJCSFNFOUF6OBFYDFQDJwOBFTUFQSJODJQJP
FTUgQFSNJUJEB|OJDBNFOUFFODBTPEFRVFFMUSBTMBEPTFBEJTQVFTUPZIBZB
TJEPEFDJEJEPNFEJBOUFMBJNQPTJDJwOEFVOBTBODJwOEJTDJQMJOBSJBFODBTP
EFVOBBMUFSBDJwOMrDJUBEFMTJTUFNBKVEJDJBMPFODBTPEFVOBBTJHOBDJwO
UFNQPSBSJBQBSBGPSUBMFDFSVOUSJCVOBMWFDJOP-BEVSBDJwONgYJNBEFEJDIB
BTJHOBDJwOFTUgFTUSJDUBNFOUFMJNJUBEBQPSFMFTUBUVUPTJOQFSKVJDJPEFMB
BQMJDBDJwOEFMBTEJTQPTJDJPOFTEFMQgSSBGPEFMQSFTFOUFJOTUSVNFOUP
%FTBSSPMMPEFMBDBSSFSB
$VBOEPOPFTUnCBTBEPFOMBBOUJHFEBEVOTJTUFNBEFBTDFOTPTFCBTB
FYDMVTJWBNFOUFFOMBTDVBMJEBEFTZNnSJUPTPCTFSWBEPTFOFMEFTFNQFvPEF
MPTEFCFSFTBTJHOBEPTBMKVF[NFEJBOUFFWBMVBDJPOFTPCKFUJWBTSFBMJ[BEBT
QPSVOPPWBSJPTKVFDFTZEJTDVUJEBTDPOFMKVF[JOWPMVDSBEP-BTEFDJTJPOFT
DPOSFTQFDUPBBTDFOTPTTPOMVFHPQSPOVODJBEBTQPSMBBVUPSJEBENFO
DJPOBEBFOFMQgSSBGPEFMQSFTFOUFJOTUSVNFOUPPBQSPQVFTUBPDPOFM
DPOTFOUJNJFOUPEFEJDIBBVUPSJEBE-PTKVFDFTRVFOPTPOQSPQVFTUPTDPO
QFSTQFDUJWBTEFTFSBTDFOEJEPTEFCFOUFOFSEFSFDIPBQSFTFOUBSVOBRVFKB
BOUFFTUBBVUPSJEBE
-PTKVFDFTEFTFNQFvBOMJCSFNFOUFBDUJWJEBEFTBKFOBTBTVNBOEBUPKVEJDJBM
JODMVZFOEPBRVFMMBTRVFMFTDPSSFTQPOEFOFOWJSUVEEFTVTEFSFDIPTDPNP
DJVEBEBOPT&TUBMJCFSUBEOPQVFEFFTUBSMJNJUBEBTBMWPFOMBNFEJEBFO
RVFEJDIBTBDUJWJEBEFTTFBOJODPNQBUJCMFTDPOMBDPOGJBO[BJNQBSDJBMJEBE
PJOEFQFOEFODJBEFVOKVF[PTVEJTQPOJCJMJEBEFYJHJEBQBSBNBOFKBSDPO
EFUFOJNJFOUPZEFOUSPEFVOQMB[PSB[POBCMFMBTBTVOUPTRVFTPOTPNFUJEPT
BTVDPOTJEFSBDJwO&MFKFSDJDJPEFVOBBDUJWJEBEBKFOBFYDFQUPBDUJWJEBEFT
MJUFSBSJBTPBSUrTUJDBTEFMBRVFTVSKBVOBSFNVOFSBDJwOEFCFTFSPCKFUPEF
QSFWJBBVUPSJ[BDJwOFOMBTDPOEJDJPOFTFTUBCMFDJEBTQPSFMFTUBUVUP
-PTKVFDFTEFCFOBCTUFOFSTFEFUPEPDPNQPSUBNJFOUPBDDJwOPFYQSFTJwO
RVFBGFDUFMBDPOGJBO[BFOTVJNQBSDJBMJEBEZTVJOEFQFOEFODJB
&MFTUBUVUPHBSBOUJ[BBMPTKVFDFTFMNBOUFOJNJFOUPZMBBNQMJBDJwOEFTV
DPOPDJNJFOUPUBOUPUnDOJDPDPNPTPDJBMZDVMUVSBMOFDFTBSJPQBSBEFTFN
QFvBSTVTGVODJPOFTNFEJBOUFFMBDDFTPQFSJwEJDPBMBDBQBDJUBDJwOBDBSHP
EFM&TUBEPZBTFHVSBTVPSHBOJ[BDJwOBMUJFNQPRVFSFTQFUBMBTDPOEJDJPOFT
FTUBCMFDJEBTFOFMQgSSBGPEFMQSFTFOUFJOTUSVNFOUP
3FTQPOTBCJMJEBE
-BOFHMJHFODJBEFVOKVF[FOFMEFTFNQFvPEFVOPEFMPTEFCFSFTEFGJOJEPT
FYQSFTBNFOUFFOFMFTUBUVUP|OJDBNFOUFQVFEFEBSMVHBSBTBODJPOFTQPS
EJTQPTJDJwOQSPQVFTUBSFDPNFOEBDJwOPDPOFMDPOTFOUJNJFOUPEFVOUSJCVOBM
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
PBVUPSJEBEMBNJUBEEFDVZPTNJFNCSPTEFCFOTFSKVFDFTFMFDUPTFOFM
NBSDPEFQSPDFEJNJFOUPTFORVFMBTQBSUFTHPDFOEFVOBBVEJFODJBQMFOB
FOMBRVFFMKVF[DPOUSBRVJFOTFDFMFCSFUJFOFEFSFDIPBTFSSFQSFTFOUBEP
-BFTDBMBEFTBODJPOFTRVFQVFEFOJNQPOFSTFTFFTUBCMFDFFOFMFTUBUVUPZ
TVJNQPTJDJwOFTUgTPNFUJEBBMQSJODJQJPEFQSPQPSDJPOBMJEBE-BEFDJTJwOEF
VOBBVUPSJEBEFKFDVUJWBEFVOUSJCVOBMPVOBBVUPSJEBERVFQSPOVODJFVOB
TBODJwODPNPTFQSFWnFOFMQSFTFOUFJOTUSVNFOUPFTUBSgTVKFUBBBQFMBDJwO
BOUFVOBBVUPSJEBEKVEJDJBMEFNBZPSKFSBSRVrB
-BDPNQFOTBDJwOQPSEBvPTVGSJEPJOKVTUBNFOUFDPNPSFTVMUBEPEFMBEFDJ
TJwOPFMDPNQPSUBNJFOUPEFVOKVF[FOFMFKFSDJDJPEFTVTPCMJHBDJPOFTFTUg
HBSBOUJ[BEBQPSFM&TUBEP&MFTUBUVUPQVFEFEJTQPOFSRVFFM&TUBEPUJFOF
MBQPTJCJMJEBEEFTPMJDJUBSEFOUSPEFVOMrNJUFFTUBCMFDJEPVOSFFNCPMTP
QPSQBSUFEFVOKVF[NFEJBOUFQSPDFEJNJFOUPTKVEJDJBMFTFOFMDBTPEFJO
DVNQMJNJFOUPHSBWFFJOFYDVTBCMFEFMBTOPSNBTRVFSJHFOFMEFTFNQFvP
EFMBTGVODJPOFTKVEJDJBMFT-BQSFTFOUBDJwOEFMBEFNBOEBBOUFFMUSJCVOBM
DPNQFUFOUFEFCFDPOTUJUVJSFMPCKFUPEFVOBDVFSEPQSFWJPDPOMBBVUPSJEBE
NFODJPOBEBFOFMQgSSBGPEFMQSFTFOUFJOTUSVNFOUP
$BEBJOEJWJEVPEFCFUFOFSMBQPTJCJMJEBEEFQSFTFOUBSBOUFVOwSHBOP
JOEFQFOEJFOUFZTJOOFDFTJEBEEFGPSNBMJEBEFTFTQFDrGJDBTVOBEFNBOEB
SFMBDJPOBEBDPOVOFSSPSEFMBKVTUJDJBFOVODBTPEFUFSNJOBEP%JDIPwSHBOP
UJFOFMBGBDVMUBETJVOFYBNFODVJEBEPTPZNJOVDJPTPEFNVFTUSBJOEJTDV
UJCMFNFOUFOFHMJHFODJBQPSQBSUFEFMKVF[DPNPMPQSFWnFMQgSSBGPEFM
QSFTFOUFJOTUSVNFOUPEFSFNJUJSFMBTVOUPBMBBVUPSJEBEEJTDJQMJOBSJBPBMP
TVNPEFSFDPNFOEBSRVFFMDBTPTFBSFNJUJEPBVOBBVUPSJEBEOPSNBMNFOUF
DPNQFUFOUFEFBDVFSEPDPOFMFTUBUVUPQBSBRVFIBHBUBMSFGFSFODJB
3FNVOFSBDJwOZ#JFOFTUBS4PDJBM
-PTKVFDFTRVFFKFSDFOGVODJPOFTKVEJDJBMFTFODBMJEBEQSPGFTJPOBMUJFOFO
EFSFDIPBQFSDJCJSVOBSFNVOFSBDJwODVZPOJWFMFTEFUFSNJOBEPEFNPEP
RVFMPTQSPUFKBEFQSFTJPOFTEJSJHJEBTBJOGMVJSTVTEFDJTJPOFTZEFNPEP
NgTHFOFSBMTVDPNQPSUBNJFOUPEFOUSPEFTVKVSJTEJDDJwOBGFDUBOEPTV
JOEFQFOEFODJBFJNQBSDJBMJEBE
-BSFNVOFSBDJwOQVFEFWBSJBSEFQFOEJFOEPEFMBEVSBDJwOEFMDBSHPMB
OBUVSBMF[BEFMBTUBSFBTBTJHOBEBTBMPTKVFDFTQBSBRVFMBTEFTFNQFvFO
QSPGFTJPOBMNFOUFZMBJNQPSUBODJBEFMBTUBSFBTJNQVFTUBTBMPTNJTNPT
FWBMVBEBTFODPOEJDJPOFTEFUSBOTQBSFODJB
&MFTUBUVUPEJTQPOFQBSBMPTKVFDFTRVFBDU|FOFODBMJEBEEFQSPGFTJPOBMFT
VOBHBSBOUrBDPOUSBMPTSJFTHPTTPDJBMFTWJODVMBEPTDPOFOGFSNFEBENBUFS
OJEBEEJTDBQBDJEBEFEBEBWBO[BEBZGBMMFDJNJFOUP
(6Ê"1"3"130'&4*0/"-&4/
&OQBSUJDVMBSFMFTUBUVUPBTFHVSBRVFMPTKVFDFTRVFIBOBMDBO[BEPMBFEBE
FYJHJEBQPSMFZQBSBKVCJMBSTFIBCJFOEPEFTFNQFvBEPTVTEFCFSFTKVEJDJBMFT
EVSBOUFVOQFSrPEPFTUBCMFDJEPQFSDJCBOVOBQFOTJwOQPSKVCJMBDJwODVZP
OJWFMEFCFBDFSDBSTFFOMBNBZPSNFEJEBQPTJCMFBTV|MUJNPTBMBSJPDPNP
KVF[
'JOBMJ[BDJwOEFMDBSHP
6OKVF[DFTBFMFKFSDJDJPEFTVDBSHPFOGPSNBQFSNBOFOUFNFEJBOUFMB
SFOVODJBDFSUJGJDBDJwONnEJDBEFJODBQBDJEBEGrTJDBBMBMDBO[BSFMMrNJUFEF
FEBEBMWFODFSVOQMB[PMFHBMFTUBCMFDJEPPNFEJBOUFMBEFTUJUVDJwOQSP
OVODJBEBEFOUSPEFMNBSDPEFVOQSPDFTPDPNPFMQSFWJTUPFOFMQgSSBGP
EFMQSFTFOUFJOTUSVNFOUP
-BPDVSSFODJBEFVOBEFMBTDBVTBTQSFWJTUBTFOFMQgSSBGPEFMQSFTFOUF
JOTUSVNFOUPDPOMBFYDFQDJwOEFMMrNJUFEFFEBEZFMWFODJNJFOUPEFVOQMB[P
EFUFSNJOBEPFOFMDBSHPEFCFOTFSWFSJGJDBEBTQPSMBBVUPSJEBENFODJPOBEB
FOFMQgSSBGPEFMQSFTFOUFJOTUSVNFOUP
.FNPSBOEP&YQMJDBUJWP
1SJODJQJPT(FOFSBMFT
-BTEJTQPTJDJPOFTEFMB$BSUBFVSPQFBBCBSDBOOPTwMPBMPTKVFDFTQSPGFTJPOBMFTTJOP
UBNCJnOBMPTOPQSPGFTJPOBMFTQPSRVFFTJNQPSUBOUFRVFUPEPTMPTKVFDFTHPDFOEF
EFUFSNJOBEBTQSPUFDDJPOFTWJODVMBEBTDPOFMSFDMVUBNJFOUPMBTJODPNQBUJCJMJEBEFT
TVDPOEVDUBOPKVEJDJBMZMB¾OBMJ[BDJwOEFMDBSHP4JOFNCBSHPMB$BSUBUBNCJnO
FTUBCMFDFEJTQPTJDJPOFTFTQFDr¾DBTTPCSFMPTKVFDFTQSPGFTJPOBMFTZEFIFDIPFTUB
FTQFDJ¾DJEBEFTJOIFSFOUFBEFUFSNJOBEPTDPODFQUPTDPNPMBTDBSSFSBT
-BTEJTQPTJDJPOFTEFMB$BSUBFTUgOSFMBDJPOBEBTDPOFMFTUBUVUPEFMPTKVFDFTEF
UPEBTMBTKVSJTEJDDJPOFTBMPTRVFTFJOEJDBBMBTQFSTPOBTRVFQSFTFOUFOTVDBTPP
RVFTPODPOWPDBEPTQBSBEFDJEJSTVDBTPZBTFBFONBUFSJBDJWJMQFOBMBENJOJT
USBUJWBPEFPUSBKVSJTEJDDJwO
-B$BSUBCVTDBEFGJOJSFMDPOUFOJEPEFMFTUBUVUPEFMPTKVFDFTDPOCBTFFO
MPTPCKFUJWPTQFSTFHVJEPTBTFHVSBSMBDPNQFUFODJBJOEFQFOEFODJBFJNQBS
DJBMJEBERVFFMQ|CMJDPUJFOFEFSFDIPBFTQFSBSEFMPTUSJCVOBMFTZMPTKVFDFT
BDBSHPEFMBQSPUFDDJwOEFTVTEFSFDIPT-B$BSUBFTQPSDPOTJHVJFOUFOP
VOGJOFOTrNJTNPTJOPVONFEJPQBSBHBSBOUJ[BSRVFMPTJOEJWJEVPTDVZPT
EFSFDIPTEFCFOTFSQSPUFHJEPTQPSMPTUSJCVOBMFTZMPTKVFDFTDVFOUBODPO
MBTSFTHVBSEPTFYJHJEPTDPOSFTQFDUPBMBFGJDBDJBEFEJDIBQSPUFDDJwO
&TUBQSPUFDDJwOEFMPTEFSFDIPTEFMPTJOEJWJEVPTFTUgBTFHVSBEBQPSMBDPN
QFUFODJBKVEJDJBMFOFMTFOUJEPEFDBQBDJEBEJOEFQFOEFODJBFJNQBSDJBMJEBE
&TUBTTPOSFGFSFODJBTQPTJUJWBTEFCJEPBRVFFMFTUBUVUPEFMPTKVFDFTEFCFO
FTGPS[BSTFQPSHBSBOUJ[BSMBTTJOFNCBSHPUBNCJnOTPOOFHBUJWBTQPSRVF
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
FMFTUBUVUPOPEFCFJODMVJSOJOH|OFMFNFOUPRVFQVFEBBGFDUBSMBDPOGJBO[B
Q|CMJDBFOEJDIBDPNQFUFODJBJOEFQFOEFODJBFJNQBSDJBMJEBE
4VSHJwMBQSFHVOUBBDFSDBEFTJMBTEJTQPTJDJPOFTEFMB$BSUBEFCFOTFSPCMJHB
UPSJBTFTEFDJSTJEFCFTFSPCMJHBUPSJPJODMVJSMBTFOMPTFTUBUVUPTOBDJPOBMFT
RVFSFHVMBOFMQPEFSKVEJDJBMPTJEFCFOUFOFSMBGVFS[BEFSFDPNFOEBDJPOFT
EFNPEPRVFTFBQPTJCMFJNQMFNFOUBSEJGFSFOUFTEJTQPTJDJPOFTDPOTJEFSBEBT
DBQBDFTEFBTFHVSBSHBSBOUrBTFRVJWBMFOUFT
&TUF|MUJNPFOGPRVFQPESrBKVTUJGJDBSTFNFEJBOUFMBSFOVFODJBBDSJUJDBS
TJTUFNBTOBDJPOBMFTFOMPTRVFMBQSgDUJDBBGJBO[BEBIBDFNVDIPUJFNQP
IBBTFHVSBEPMBTHBSBOUrBTEFMBQSPUFDDJwOFTUBUVUBSJBEFMQPEFSKVEJDJBM
JODMVTPDVBOEPFMTJTUFNBBQFOBTNFODJPOBEJDIBQSPUFDDJwO
4JOFNCBSHPUBNCJnOTFTPTUVWPRVFFOVOBJNQPSUBOUFDBOUJEBEEFQBr
TFTFOUSFFMMPTMPTOVFWPT&TUBEPTNJFNCSPTEFM$POTFKPEF&VSPQBRVF
OPSFHVMBOFMFKFSDJDJPEFMBTGBDVMUBEFTEFMBTBVUPSJEBEFTQPMrUJDBTDPO
SFTQFDUPBMOPNCSBNJFOUPBTJHOBDJwOBTDFOTPPGJOBMJ[BDJwOEFMDBSHPEF
MPTKVFDFTMBTHBSBOUrBTEFDPNQFUFODJBJOEFQFOEFODJBFJNQBSDJBMJEBE
DBSFDFOEFFGJDBDJB
1PSFTUBSB[wOTJCJFOMBTEJTQPTJDJPOFTEFMB$BSUBOPTPOEFIFDIPPCMJHB
UPSJBTTPOQSFTFOUBEBTDPNPFMNFEJPwQUJNPQBSBBTFHVSBSFMMPHSPEFMPT
PCKFUJWPTBOUFTNFODJPOBEPT
.VDIBTEJTQPTJDJPOFTEFMB$BSUBTPOJOBQMJDBCMFTFOTJTUFNBTFORVFMPT
KVFDFTTPOFMFDUPTEJSFDUBNFOUFQPSMPTDJVEBEBOPT)BCSrBTJEPJNQPTJCMF
FMBCPSBSMB$BSUBEFNPEPRVFTPMBNFOUFJODMVZFSBEJTQPTJDJPOFTDPNQBUJ
CMFTDPOEJDIPTTJTUFNBTFMFDUJWPTEFCJEPBRVFIVCJFSBBDPUBEPFMUFYUP
BMNFOPSDPN|OEFOPNJOBEPS-B$BSUBUBNQPDPFTUgEJSJHJEBB²JOWBMJEBS³
MPTTJTUFNBTFMFDUJWPTEFCJEPBRVFEPOEFnTUPTFYJTUFOQVFEFOTFSDPOTJ
EFSBEPTQPSMPTDJVEBEBOPTEFMPTQBrTFTFODVFTUJwODPNP²EFNPDSgUJDPT
QPSBOUPOPNBTJB³1PESrBNPTDPOTJEFSBSRVFMBTEJTQPTJDJPOFTTFBQMJDBO
FOMBNFEJEBEFMPQPTJCMFBTJTUFNBTFORVFFMQPEFSKVEJDJBMFTFMFDUP1PS
FKFNQMPMBTEJTQPTJDJPOFTFTUBCMFDJEBTFOMPTOVNFSBMFTZQSJNFS
JODJTP
TPOTJOEVEBBQMJDBCMFTBEJDIPTTJTUFNBTQBSBMPTDVBMFTEJTQPOFO
HBSBOUrBTNVZBEFDVBEBT
-BTEJTQPTJDJPOFTEFMB$BSUBFTUgOEJSJHJEBTBBVNFOUBSFMOJWFMEFHBSBOUrBT
FOMPTEJWFSTPT&TUBEPTFVSPQFPT-BJNQPSUBODJBEFFTUFBVNFOUPEFQFO
EFSgEFMOJWFMZBBMDBO[BEPFOFMQBrT1FSPMBTEJTQPTJDJPOFTEFMB$BSUBOP
QPESgOEFOJOH|ONPEPTFSWJSDPNPCBTFQBSBNPEJGJDBSMPTFTUBUVUPTOB
DJPOBMFTQBSBQPSFMDPOUSBSJPEJTNJOVJSFMOJWFMEFHBSBOUrBTZBBMDBO[BEP
FODVBMRVJFSBEFMPTQBrTFT
(6Ê"1"3"130'&4*0/"-&4/
-PTQSJODJQJPTGVOEBNFOUBMFTRVFDPOTUJUVZFOVOFTUBUVUPQBSBKVFDFTRVF
EFUFSNJOBOMBHBSBOUrBEFMBDPNQFUFODJBJOEFQFOEFODJBFJNQBSDJBMJEBEEF
MPTKVFDFTZUSJCVOBMFTEFCFOTFSQSPNVMHBEPTFOMBOPSNBUJWBBMNgTBMUP
OJWFMFTEFDJSFOMB$POTUJUVDJwOFOFMDBTPEFMPT&TUBEPTFVSPQFPTRVF
FTUBCMFDJFSPOEJDIPUFYUPFMFNFOUBM-BTSFHMBTJODMVJEBTFOFMFTUBUVUPTFSgO
QSPNVMHBEBTOPSNBMNFOUFBOJWFMMFHJTMBUJWPRVFBEFNgTFTFMNgYJNPOJWFM
FOMPT&TUBEPTDPODPOTUJUVDJPOFTGMFYJCMFT
&MSFRVJTJUPEFDPOTBHSBSMPTQSJODJQJPTZOPSNBTGVOEBNFOUBMFTFOMBMFHJT
MBDJwOPFOMB$POTUJUVDJwOQSPUFHFBFTUB|MUJNBEFTFSNPEJGJDBEBFOWJSUVE
EFVOQSPDFTPSgQJEPJODPNQBUJCMFDPOMPTBTVOUPTFOKVFHP&OQBSUJDVMBS
DVBOEPMPTQSJODJQJPTGVOEBNFOUBMFTFTUgOJODMVJEPTFOMB$POTUJUVDJwOTF
FWJUBMBQSPNVMHBDJwOEFMFHJTMBDJwOEJSJHJEBBPRVFUJFOFFMFGFDUPEF
JODVNQMJSMPT
"MFTUJQVMBSRVFFTUPTQSJODJQJPTEFCFOTFSJODMVJEPTFOMPTTJTUFNBTKVSrEJDPT
OBDJPOBMFTMB$BSUBOPQSFKV[HBFMSFTQFUPRVFTFEFCFFOWJSUVEEFEJDIPT
TJTUFNBTBMBTEJTQPTJDJPOFTQSPUFDUPSBTFTUBCMFDJEBTFOMPTJOTUSVNFOUPT
JOUFSOBDJPOBMFTRVFTPOWJODVMBOUFTQBSBMPT&TUBEPTFVSPQFPT&TUPFTFTQF
DJBMNFOUFDJFSUPEFCJEPBRVFMB$BSUBUPNBMPQSJODJQBMEFFTUBTEJTQPTJDJPOFT
DPNPGVFOUFEFJOTQJSBDJwODPNPMPFTUBCMFDFFMQSFgNCVMP
-B$BSUBEJTQPOFMBJOUFSWFODJwOEFVOwSHBOPJOEFQFOEJFOUFEFMQPEFS
FKFDVUJWPPMFHJTMBUJWPDVBOEPTFSFRVJFSBVOBEFDJTJwODPOSFTQFDUPBMB
TFMFDDJwOSFDMVUBNJFOUPPOPNCSBNJFOUPEFMPTKVFDFTFMEFTBSSPMMPEFTVT
DBSSFSBTPMBGJOBMJ[BDJwOEFTVDBSHP
-BSFEBDDJwOEFFTUBEJTQPTJDJwOFTUgEJSJHJEBBDVCSJSVOBWBSJFEBEEFTJUVB
DJPOFTEFTEFFMTJNQMFBTFTPSBNJFOUPBVOwSHBOPFKFDVUJWPPMFHJTMBUJWP
IBTUBMBTNJTNBTEFDJTJPOFTEFVOwSHBOPJOEFQFOEJFOUF
&TQSFDJTPUPNBSOPUBBRVrEFBMHVOBTEJGFSFODJBTFOMPTTJTUFNBTOBDJPOBMFT
"BMHVOPTQBrTFTMFTDPTUBSrBBDFQUBSVOwSHBOPJOEFQFOEJFOUFRVFSFFNQMBDF
BMwSHBOPQPMrUJDPSFTQPOTBCMFEFMPTOPNCSBNJFOUPT4JOFNCBSHPFOEJDIPT
DBTPTFMSFRVJTJUPEFPCUFOFSBMNFOPTMBSFDPNFOEBDJwOPMBPQJOJwOEFVO
wSHBOPJOEFQFOEJFOUFQVFEFTFSVOHSBOJODFOUJWPDVBOEPOPVOBWFSEBEFSB
PCMJHBDJwOQBSBFMwSHBOPPGJDJBMEFOPNCSBNJFOUP&OFMFTQrSJUVEFMB$BSUB
MBTSFDPNFOEBDJPOFTZPQJOJPOFTEFMwSHBOPJOEFQFOEJFOUFOPDPOTUJUVZFO
HBSBOUrBTEFRVFTFBODVNQMJEBTFOMBQSgDUJDB-BBVUPSJEBEQPMrUJDBPBE
NJOJTUSBUJWBRVFOPTJHBEJDIBSFDPNFOEBDJwOVPQJOJwOEFCFBMNFOPTFTUBS
PCMJHBEBBEBSBDPOPDFSTVTNPUJWPTQBSBSFIVTBSTFBIBDFSMP
-BSFEBDDJwOEFFTUBEJTQPTJDJwOEFMB$BSUBUBNCJnOQFSNJUFRVFFMDVFSQP
JOEFQFOEJFOUFJOUFSWFOHBQPSNFEJPEFVOBPQJOJwOEJSFDUBVOBPQJOJwO
PGJDJBMVOBSFDPNFOEBDJwOVOBQSPQVFTUBPVOBEFDJTJwO
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
4VSHJwMBDVFTUJwOEFMBJOUFHSBDJwOEFMwSHBOPJOEFQFOEJFOUF-B$BSUBFO
FTUFQVOUPFTUJQVMBRVFBMNFOPTMBNJUBEEFMPTNJFNCSPTEFMwSHBOPEFCFO
TFSKVFDFTFMFDUPTQPSTVTQBSFTMPRVFTJHOJGJDBRVFOPQSFUFOEFQFSNJUJS
RVFMPTKVFDFTTFBONJOPSrBFOFMwSHBOPJOEFQFOEJFOUFOJFYJHFRVFTFBO
NBZPSrB&OWJTUBEFMBWBSJFEBEEFDPODFQDJPOFTZEFCBUFTGJMPTwGJDPTFO
MPT&TUBEPTFVSPQFPTTVSHJwVOBSFGFSFODJBBVONrOJNPEFEFKVFDFT
DBQB[EFBTFHVSBSVOOJWFMFRVJUBUJWBNFOUFBMUPEFHBSBOUrBTBMUJFNQPRVF
TFSFTQFUBOPUSBTDPOTJEFSBDJPOFTEFQSJODJQJPQSFEPNJOBOUFTFOMPTEJTUJOUPT
TJTUFNBTOBDJPOBMFT
-B$BSUBFTUBCMFDFRVFMPTKVFDFTRVFTPONJFNCSPTEFMwSHBOPJOEFQFOEJFO
UFEFCFOTFSFMFDUPTQPSTVTQBSFTDPOFMGVOEBNFOUPEFRVFFMSFRVJTJUP
EFJOEFQFOEFODJBEFFTUFwSHBOPJNQJEFMBFMFDDJwOPEFTJHOBDJwOEFTVT
NJFNCSPTQPSQBSUFEFVOBBVUPSJEBEQPMrUJDBQFSUFOFDJFOUFBMQPEFSFKFDV
UJWPPMFHJTMBUJWP
&OWJSUVEEFEJDIPQSPDFEJNJFOUPIBCSrBVOSJFTHPEFUFOEFODJBQPMrUJDP
QBSUJEJTUBFOMBEFTJHOBDJwOZMBGVODJwOEFMPTKVFDFT4FFTQFSBRVFMPT
KVFDFTRVFJOUFHSBOFMwSHBOPJOEFQFOEJFOUFQSFDJTBNFOUFTFBCTUFOHBOEF
CVTDBSTFSGBWPSFDJEPTQPSQBSUJEPTQPMrUJDPTVwSHBOPTRVFTPOEFTJHOBEPT
PFMFDUPTQPSPBUSBWnTEFEJDIPTQBSUJEPT
1PS|MUJNPTJOJOTJTUJSFOOJOH|OTJTUFNBEFWPUBDJwOFTQFDrGJDPMB$BSUB
JOEJDBRVFFMNnUPEPEFFMFHJSKVFDFTQBSBFTUFwSHBOPEFCFHBSBOUJ[BSMB
NgTBNQMJBSFQSFTFOUBDJwOEFKVFDFTQPTJCMF
-B$BSUBJODMVZFFM²EFSFDIPBBQFMBS³EFDVBMRVJFSKVF[RVFDPOTJEFSBRVF
TVTEFSFDIPTFOWJSUVEEFMFTUBUVUPPFOGPSNBNgTHFOFSBMTVJOEFQFOEFO
DJBPMBJOEFQFOEFODJBEFMQSPDFTPKVEJDJBMFTUgBNFOB[BEBPBGFDUBEBEF
DVBMRVJFSNPEPQBSBRVFFMMBKVF[BQVFEBSFNJUJSFMBTVOUPBVOwSHBOP
JOEFQFOEJFOUFDPNPTFEFTDSJCFBOUFSJPSNFOUF
&TUPTJHOJGJDBRVFMPTKVFDFTOPTFFODVFOUSFOJOEFGFOTPTBOUFWJPMBDJPOFT
BTVJOEFQFOEFODJB&MEFSFDIPBBQFMBSFTVOBHBSBOUrBOFDFTBSJBQPSRVF
FTTJNQMFNFOUFJMVTPSJPFTUBCMFDFSQSJODJQJPTRVFQSPUFKBOMBKVEJDBUVSBB
NFOPTRVFFTUnOBQPZBEPTDPOTJTUFOUFNFOUFQPSNFDBOJTNPTRVFHBSBO
UJDFOTVFGFDUJWBJNQMFNFOUBDJwO-BJOUFSWFODJwOEFMwSHBOPJOEFQFOEJFOUF
BOUFTEFRVFTFUPNFVOBEFDJTJwOBDFSDBEFMFTUBUVTJOEJWJEVBMOPDVCSF
OFDFTBSJBNFOUFUPEBTMBTTJUVBDJPOFTQPTJCMFTFOMBTRVFTFWFBGFDUBEBMB
JOEFQFOEFODJBKVEJDJBMZFTWJUBMQBSBBTFHVSBSRVFMPTKVFDFTQVFEBOSFDVSSJS
QPSJOJDJBUJWBQSPQJBBFTUFwSHBOP
-B$BSUBFTUJQVMBRVFFMwSHBOPDPSSFTQPOEJFOUFEFCFFTUBSGBDVMUBEPQBSB
TPMVDJPOBSVOBTJUVBDJwORVFBGFDUFMBJOEFQFOEFODJBEFMKVF[EFNPUVQSPQSJP
PQSPQPOFSRVFMBBVUPSJEBEDPNQFUFOUFMPTPMVDJPOF&TUBGwSNVMBUPNBFO
DVFOUBMBEJWFSTJEBEEFMPTTJTUFNBTOBDJPOBMFTFJODMVTPVOBSFDPNFOEBDJwO
(6Ê"1"3"130'&4*0/"-&4/
EJSFDUBEFVOwSHBOPJOEFQFOEJFOUFFOVOBTJUVBDJwOEFUFSNJOBEBQSFTFOUB
VOJODFOUJWPDPOTJEFSBCMFQBSBRVFMBBVUPSJEBEFODVFTUJwOTPMVDJPOFMB
TJUVBDJwOEFOVODJBEB
-B$BSUBFTUBCMFDFMBTQSJODJQBMFTPCMJHBDJPOFTEFMKVF[FOFMFKFSDJDJPEF
TVTGVODJPOFT
-B²EJTQPOJCJMJEBE³TFSFGJFSFUBOUPBMUJFNQPFYJHJEPQBSBKV[HBSDBTPT
BEFDVBEBNFOUFZQBSBMBBUFODJwOZBMFSUBRVFPCWJBNFOUFFYJHFOEJDIPT
JNQPSUBOUFTEFCFSFTEBEPRVFMBEFDJTJwOEFMKVF[QSPUFHFMPTEFSFDIPT
JOEJWJEVBMFT&MSFTQFUPBMPTJOEJWJEVPTFTQBSUJDVMBSNFOUFJNQPSUBOUFFO
MPTDBSHPTEFQPEFSDPNPFMRVFPDVQBFMKVF[FTQFDJBMNFOUFEFCJEPBRVF
MPTJOEJWJEVPTBNFOVEPTFTJFOUFOWVMOFSBCMFTDVBOEPTPODPOGSPOUBEPT
QPSFMTJTUFNBKVEJDJBM&TUFQgSSBGPUBNCJnONFODJPOBMBPCMJHBDJwOEFMKVF[
EFSFTQFUBSMBDPOGJEFODJBMJEBEEFMBJOGPSNBDJwORVFDPOPDFFOFMDVSTPEF
MPTQSPDFEJNJFOUPT5FSNJOBTFvBMBOEPRVFMPTKVFDFTEFCFOBTFHVSBSRVF
NBOUJFOFOFMBMUPOJWFMEFDPNQFUFODJBFYJHJEPQPSFMUSBUBNJFOUPEFMPT
DBTPT&TUPTJHOJGJDBRVFFMBMUPOJWFMEFDPNQFUFODJBZEFDBQBDJEBEFTVO
SFRVJTJUPQFSNBOFOUFQBSBFMKVF[FOFMFYBNFOZBEKVEJDBDJwOEFMPTDBTPT
ZBTJNJTNPRVFFMKVF[EFCFNBOUFOFSFTUFOJWFMEFTFSOFDFTBSJPNFEJBOUF
NgTDBQBDJUBDJwO$PNPTFTFvBMBNgTBEFMBOUFFOFMUFYUPTFEFCFPUPSHBS
GBDJMJEBEFTEFDBQBDJUBDJwOBMPTKVFDFT
-B$BSUBEFKBFODMBSPRVFFM&TUBEPUJFOFFMEFCFSEFBTFHVSBSRVFMPTKVFDFT
EJTQPOHBOEFMPTNFEJPTOFDFTBSJPTQBSBEFTFNQFvBSTVTUBSFBTBEFDVBEB
NFOUFZFOQBSUJDVMBSQBSBSFTPMWFSDBTPTEFOUSPEFVOQMB[PSB[POBCMF
4JOVOBJOEJDBDJwOFYQMrDJUBEFRVFFTUBPCMJHBDJwOFTSFTQPOTBCJMJEBEEFM
&TUBEPTFBGFDUBSrBOMBTQSPQPTJDJPOFTSFMBDJPOBEBTDPOMBSFTQPOTBCJMJEBE
EFMPTKVFDFT
-B$BSUBSFDPOPDFMBGVODJwOEFMBTBTPDJBDJPOFTQSPGFTJPOBMFTGPSNBEBTQPS
KVFDFTBMBTDVBMFTUPEPTMPTKVFDFTUJFOFOEFSFDIPBBEIFSJSMJCSFNFOUF
RVFJNQJEFDVBMRVJFSGPSNBEFEJTDSJNJOBDJwOKVSrEJDBWJTgWJTFMEFSFDIPEF
JOUFHSBSMBT"TJNJTNPMB$BSUBTFvBMBRVFEJDIBTBTPDJBDJPOFTDPOUSJCVZFO
FOQBSUJDVMBSBMBEFGFOTBEFMPTEFSFDIPTFTUBUVUBSJPTEFMPTKVFDFTBOUF
BVUPSJEBEFTZwSHBOPTRVFFTUnOJOWPMVDSBEPTFOMBTEFDJTJPOFTRVFMPT
BGFDUBO1PSMPUBOUPMPTKVFDFTOPQVFEFOFTUBSJNQFEJEPTEFGPSNBSP
BEIFSJSTFBTPDJBDJPOFTQSPGFTJPOBMFT
"QFTBSEFRVFMB$BSUBOPBTJHOBBFTUBTBTPDJBDJPOFTMBSFTQPOTBCJMJEBE
FYDMVTJWBEFEFGFOEFSMPTEFSFDIPTFTUBUVUBSJPTEFMPTKVFDFTTrJOEJDBRVF
TVDPOUSJCVDJwOBEJDIBEFGFOTBBOUFMBTBVUPSJEBEFTZwSHBOPTJOWPMVDSBEPT
FOMBTEFDJTJPOFTRVFBGFDUBOBMPTKVFDFTEFCFTFSSFDPOPDJEBZSFTQFUBEB
&TUPTFBQMJDBFOUSFPUSBTDPTBTBMBBVUPSJEBEJOEFQFOEJFOUFNFODJPOBEB
FOFMQgSSBGP
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
-B$BSUBEJTQPOFRVFMPTKVFDFTEFCFOBTPDJBSTFNFEJBOUFTVTSFQSFTFOUBOUFT
FOQBSUJDVMBSBRVFMMPTRVFTPONJFNCSPTEFMBBVUPSJEBENFODJPOBEBFOFM
QgSSBGPZBUSBWnTEFTVTBTPDJBDJPOFTQSPGFTJPOBMFTQBSBUPEBEFDJTJwO
BDFSDBEFMBBENJOJTUSBDJwOEFMPTUSJCVOBMFTMBEFUFSNJOBDJwOEFMPTSFDVSTPT
QSFTVQVFTUBSJPTEFMPTUSJCVOBMFTZMBJNQMFNFOUBDJwOEFEJDIBTEFDJTJPOFT
BOJWFMMPDBMZOBDJPOBM
4JOEFGFOEFSVOBGPSNBKVSrEJDBPHSBEPEFSFTUSJDDJwOFTQFDrGJDPTFTUB
EJTQPTJDJwOFTUBCMFDFRVFMPTKVFDFTEFCFOBTPDJBSTFQBSBEFUFSNJOBSFM
QSFTVQVFTUPHFOFSBMEFTUJOBEPBMBKVTUJDJBZMPTSFDVSTPTEFTUJOBEPTBUSJ
CVOBMFTJOEJWJEVBMFTMPRVFJNQMJDBFTUBCMFDFSQSPDFEJNJFOUPTEFDPOTVMUB
PSFQSFTFOUBDJwOBOJWFMOBDJPOBMZMPDBM&TUPUBNCJnOTFBQMJDBEFGPSNB
HFOFSBMBMBBENJOJTUSBDJwOEFMBKVTUJDJBZEFMPTUSJCVOBMFT-B$BSUBOPFT
UJQVMBRVFMPTKVFDFTEFCFOTFSSFTQPOTBCMFTEFEJDIBBENJOJTUSBDJwOQFSP
FYJHFRVFOPTFBOFYDMVJEPTEFMBTEFDJTJPOFTBENJOJTUSBUJWBT
-BDPOTVMUBEFMPTKVFDFTQPSQBSUFEFTVTSFQSFTFOUBOUFTPBTPDJBDJPOFT
QSPGFTJPOBMFTBDFSDBEFDVBMRVJFSDBNCJPQSPQVFTUPFOTVFTUBUVUPPDVBMRVJFS
DBNCJPQSPQVFTUPDPOSFTQFDUPBMBCBTFTPCSFMBDVBMTPOSFNVOFSBEPTPDPO
SFTQFDUPBTVCJFOFTUBSTPDJBMJODMVJEBTVQFOTJwOKVCJMBUPSJBEFCFBTFHVSBS
RVFMPTKVFDFTOPTFBOFYDMVJEPTEFMQSPDFTPEFUPNBEFEFDJTJPOFTFOFTUPT
DBNQPT4JOFNCBSHPMB$BSUBOPBVUPSJ[BFMDFSDFOBNJFOUPEFMBTGBDVMUBEFT
EFUPNBEFEFDJTJPOFTDPOGFSJEBTBMPTwSHBOPTOBDJPOBMFTSFTQPOTBCMFTEF
EJDIPTBTVOUPTFOWJSUVEEFMB$POTUJUVDJwO
4FMFDDJwOSFDMVUBNJFOUPZDBQBDJUBDJwOJOJDJBM
-PTDBOEJEBUPTKVEJDJBMFTEFCFOTFSTFMFDDJPOBEPTZSFDMVUBEPTQPSVOwSHBOP
PQBOFMJOEFQFOEJFOUF
-B$BSUBOPFYJHFRVFFTUF|MUJNPTFBMBBVUPSJEBEJOEFQFOEJFOUFNFODJPOBEB
FOFMQgSSBGPMPRVFTJHOJGJDBQPSFKFNQMPRVFMPTQBOFMFTEFFYBNFO
PTFMFDDJwOQVFEFOTFSVUJMJ[BEPTTJFNQSFRVFTFBOJOEFQFOEJFOUFT&OMB
QSgDUJDBFMQSPDFEJNJFOUPEFTFMFDDJwOFTUgBNFOVEPTFQBSBEPEFMQSPDFEJ
NJFOUPEFOPNCSBNJFOUP&TJNQPSUBOUFFTQFDJGJDBSMBTHBSBOUrBTQBSUJDVMBSFT
RVFBDPNQBvBOFMQSPDFEJNJFOUPEFTFMFDDJwO
-BFMFDDJwOSFBMJ[BEBQPSFMwSHBOPEFTFMFDDJwOEFCFFTUBSCBTBEBFODSJUFSJPT
SFMFWBOUFTBMBOBUVSBMF[BEFMPTEFCFSFTBEFTFNQFvBS
&MQSJODJQBMPCKFUJWPEFCFTFSFMEFFWBMVBSMBDBQBDJEBEEFMDBOEJEBUPQBSB
EFDJEJSFOGPSNBJOEFQFOEJFOUFDBTPTUSBUBEPTQPSKVFDFTMPRVFJNQMJDBVO
QFOTBNJFOUPJOEFQFOEJFOUF-BDBQBDJEBEEFEFNPTUSBSMBJNQBSDJBMJEBE
FOFMFKFSDJDJPEFMBTGVODJPOFTKVEJDJBMFTFTUBNCJnOVOFMFNFOUPFTFODJBM
-BDBQBDJEBEEFBQMJDBSFMEFSFDIPTFSFGJFSFUBOUPBMDPOPDJNJFOUPEFMBMFZ
DPNPBMBDBQBDJEBEEFMMFWBSMPBMBQSgDUJDBRVFTPOEPTDPTBTEJGFSFOUFT
(6Ê"1"3"130'&4*0/"-&4/
&MwSHBOPEFTFMFDDJwOEFCFBTJNJTNPBTFHVSBSRVFMBDPOEVDUBEFMDBOEJEBUP
DPNPKVF[TFCBTBSgFOFMSFTQFUPQPSMBEJHOJEBEIVNBOBRVFFTWJUBMFO
MPTFODVFOUSPTFOUSFQFSTPOBTFODBSHPTEFQPEFSZMPTMJUJHBOUFTRVFTVFMFO
TFSQFSTPOBTRVFBUSBWJFTBOHSBOEFTEJGJDVMUBEFT
1PS|MUJNPMBTFMFDDJwOOPEFCFCBTBSTFFODSJUFSJPTEJTDSJNJOBUPSJPTSFMB
DJPOBEPTDPOFMHnOFSPFMPSJHFOnUOJDPPTPDJBMMBTPQJOJPOFTGJMPTwGJDBTP
QPMrUJDBTPMBTDPOWJDDJPOFTSFMJHJPTBT
1BSBBTFHVSBSMBDBQBDJEBEQBSBEFTFNQFvBSMBTGVODJPOFTRVFJNQMJDBFM
DBSHPKVEJDJBMMBTSFHMBTEFTFMFDDJwOZSFDMVUBNJFOUPEFCFOFTUBCMFDFSSF
RVJTJUPTDPOSFTQFDUPBMBDBMJGJDBDJwOZMBFYQFSJFODJBQSFWJB&TUPTFBQMJDB
QPSFKFNQMPBMPTTJTUFNBTFORVFFMSFDMVUBNJFOUPFTUgDPOEJDJPOBEPBVO
O|NFSPQSFFTUBCMFDJEPEFBvPTEFFYQFSJFODJBMFHBMPKVEJDJBM
-BOBUVSBMF[BEFMDBSHPKVEJDJBMRVFFYJHFRVFFMKVF[JOUFSWFOHBFOTJUVB
DJPOFTDPNQMFKBTRVFBNFOVEPTPOEJGrDJMFTFOUnSNJOPTEFMSFTQFUPQPSMB
EJHOJEBEIVNBOBFTUBMRVFMBWFSJGJDBDJwO²BCTUSBDUB³EFMBBQUJUVEQBSB
EJDIPDBSHPOPFTTVGJDJFOUF
-PTDBOEJEBUPTTFMFDDJPOBEPTQBSBEFTFNQFvBSMPTEFCFSFTKVEJDJBMFTEFCFO
QPSDPOTJHVJFOUFFTUBSQSFQBSBEPTQBSBMBUBSFBNFEJBOUFMBDBQBDJUBDJwO
BEFDVBEBRVFEFCFFTUBSGJOBODJBEBQPSFM&TUBEP
&TQSFDJTPUPNBSBMHVOBTQSFDBVDJPOFTFOMBQSFQBSBDJwOEFMPTKVFDFTQBSB
RVFUPNFOEFDJTJPOFTJOEFQFOEJFOUFTFJNQBSDJBMFTFOMPTRVFMBDPNQF
UFODJBMBJNQBSDJBMJEBEZFMSFRVJTJUPEFUFOFSVOBNFOUFBCJFSUBFTUnOHB
SBOUJ[BEPTUBOUPFOFMDPOUFOJEPEFMPTQSPHSBNBTEFDBQBDJUBDJwODPNPFO
FMGVODJPOBNJFOUPEFMPTwSHBOPTRVFMPTJNQMFNFOUBO1PSFTUFNPUJWPMB
$BSUBEJTQPOFRVFMBBVUPSJEBENFODJPOBEBFOFMQgSSBGPEFCFBTFHVSBS
MBBEFDVBDJwOEFMPTQSPHSBNBTEFDBQBDJUBDJwOZEFMBPSHBOJ[BDJwORVF
MPTJNQMFNFOUBBMBMV[EFMPTSFRVJTJUPTEFNFOUFBCJFSUBDPNQFUFODJB
FJNQBSDJBMJEBERVFFTUgOWJODVMBEPTBMFKFSDJDJPEFMPTEFCFSFTKVEJDJBMFT
%JDIBBVUPSJEBEEFCFUFOFSMPTSFDVSTPTQBSBBTFHVSBSMPT1PSDPOTJHVJFOUF
MBTSFHMBTFTUBCMFDJEBTFOFMFTUBUVUPEFCFOFTQFDJGJDBSFMQSPDFEJNJFOUPEF
TVQFSWJTJwOEFFTUFwSHBOPDPOSFMBDJwOBMPTSFRVJTJUPTEFMPTQSPHSBNBTZ
TVJNQMFNFOUBDJwOQPSQBSUFEFMPTwSHBOPTEFDBQBDJUBDJwO
/PNCSBNJFOUPF*OBNPWJMJEBE
-PTTJTUFNBTOBDJPOBMFTQVFEFOFTUBCMFDFSVOBEJTUJODJwOFOUSFFMQSPDFEJ
NJFOUPEFTFMFDDJwOQSPQJBNFOUFEJDIPZMPTQSPDFEJNJFOUPTEFOPNCSBNJFOUP
EFVOKVF[ZMBBTJHOBDJwOBVOUSJCVOBMFTQFDrGJDP&TQSFDJTPBEWFSUJSRVF
MBTEFDJTJPOFTQBSBOPNCSBSPBTJHOBSKVFDFTTPOUPNBEBTQPSMBBVUPSJEBE
JOEFQFOEJFOUFNFODJPOBEBFOFMQgSSBGPEFMQSFTFOUFJOTUSVNFOUPPB
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
QSPQVFTUBSFDPNFOEBDJwODPOTVDPOTFOUJNJFOUPPTJHVJFOEPMBPQJOJwO
EFEJDIBBVUPSJEBE
-B$BSUBUSBUBFMUFNBEFMBTJODPNQBUJCJMJEBEFT%FTDBSUBMBIJQwUFTJTEF
JODPNQBUJCJMJEBEFTBCTPMVUBTZBRVFFTUPQPESrBEJGJDVMUBSMPTOPNCSBNJFO
UPTKVEJDJBMFTDPOCBTFFOMBTBDUJWJEBEFTQSFWJBTEFMPTDBOEJEBUPTPEFTVT
GBNJMJBSFT1PSPUSBQBSUFDPOTJEFSBRVFDVBOEPVOKVF[FTBTJHOBEPBVO
USJCVOBMFTQFDrGJDPTFEFCFOUFOFSFODVFOUBMBTDJSDVOTUBODJBTBOUFTNFO
DJPOBEBTDVBOEPIBZBMVHBSBEVEBTMFHrUJNBTZPCKFUJWBTDPOSFTQFDUPBTV
JNQBSDJBMJEBEFJOEFQFOEFODJB1PSFKFNQMPVOBCPHBEPRVFIBQSBDUJDBEP
MBQSPGFTJwOFOVOBEFUFSNJOBEBMPDBMJEBEOPQVFEFTFSBTJHOBEPJONFEJB
UBNFOUFDPNPKVF[EFVOUSJCVOBMFOMBNJTNBMPDBMJEBE5BNCJnOSFTVMUB
EJGrDJMJNBHJOBSRVFVOKVF[TFBBTJHOBEPBVOUSJCVOBMFOVOBMPDBMJEBEFOMB
DVBMTVDwOZVHFQBESFPNBESFQPSFKFNQMPFTBMDBMEFPMFHJTMBEPS1PSMP
UBOUPDVBOEPMPTKVFDFTTPOBTJHOBEPTBVOEFUFSNJOBEPUSJCVOBMFMFTUBUVUP
SFMFWBOUFEFCFUFOFSFODVFOUBTJUVBDJPOFTQBTJCMFTEFEBSMVHBSBEVEBT
MFHrUJNBTZPCKFUJWBTDPOSFTQFDUPBTVJOEFQFOEFODJBFJNQBSDJBMJEBE
&MQSPDFEJNJFOUPEFSFDMVUBNJFOUPFOBMHVOPTTJTUFNBTOBDJPOBMFTEJTQPOF
VOQFSrPEPEFQSVFCBBOUFTEFRVFTFSFBMJDFFMOPNCSBNJFOUPQFSNBOFOUF
ZFOPUSPTTFSFDMVUBOKVFDFTDPODPOUSBUPTSFOPWBCMFTQPSQFSrPEPTGJKPT
&OEJDIPTDBTPTMBEFDJTJwOEFOPSFBMJ[BSOPNCSBNJFOUPTQFSNBOFOUFTP
EFOPSFOPWBSVOOPNCSBNJFOUPTwMPQVFEFTFSUPNBEBQPSMBBVUPSJEBE
JOEFQFOEJFOUFNFODJPOBEBFOFMQgSSBGPEFMQSFTFOUFJOTUSVNFOUP
PBQSPQVFTUBSFDPNFOEBDJwOVPQJOJwOGBWPSBCMFEFEJDIBBVUPSJEBE
$MBSBNFOUFMBFYJTUFODJBEFQFSrPEPTEFQSVFCBPSFRVJTJUPTEFSFOPWBDJwO
QSFTFOUBEJGJDVMUBEFTDVBOEPOPQFMJHSPTEFTEFFMQVOUPEFWJTUBEFMBJOEF
QFOEFODJBFJNQBSDJBMJEBEEFMKVF[FODVFTUJwORVFFTQFSBFTUBSFTUBCMFDJEP
FOFMDBSHPPRVFTFSFOVFWFTVDPOUSBUP1PSMPUBOUPEFCFOQSPQPSDJPOBSTF
HBSBOUrBTNFEJBOUFMBJOUFSWFODJwOEFMBBVUPSJEBEJOEFQFOEJFOUF&OMBNF
EJEBFORVFTFQVFEBEJTDVUJSMBDBMJEBEDPNPKVF[EFVOJOEJWJEVPTPNFUJEP
BVOQFSrPEPEFQSVFCBMB$BSUBFTUBCMFDFRVFFMEFSFDIPBSFGFSJSTFBVOB
BVUPSJEBEJOEFQFOEJFOUFDPNPTFNFODJPOBFOFMQgSSBGPTFBQMJDBB
EJDIPJOEJWJEVP
-B$BSUBDPOTBHSBMBJOBNPWJMJEBEEFMPTKVFDFTMPRVFTJHOJGJDBRVFVOKVF[
OPQVFEFTFSBTJHOBEPBPUSPUSJCVOBMOJTFQVFEFONPEJGJDBSTVTGVODJPOFT
TJOTVMJCSFDPOTFOUJNJFOUP4JOFNCBSHPEFCFOQFSNJUJSTFFYDFQDJPOFT
DVBOEPFMUSBTMBEPTFEFDJEFEFOUSPEFVONBSDPEJTDJQMJOBSJPDVBOEPMB
SFPSHBOJ[BDJwOMFHrUJNBEFMTJTUFNBEFUSJCVOBMFTJNQMJDBQPSFKFNQMPFM
DJFSSFEFVOUSJCVOBMPTJTFSFRVJFSFVOUSBTMBEPUFNQPSBSJPQBSBBTJTUJSB
VOUSJCVOBMWFDJOP&OFTUF|MUJNPDBTPMBEVSBDJwOEFMUSBTMBEPUFNQPSBSJP
EFCFFTUBSMJNJUBEBQPSFMFTUBUVUPDPSSFTQPOEJFOUF
(6Ê"1"3"130'&4*0/"-&4/
4JOFNCBSHPEFCJEPBRVFFMQSPCMFNBEFUSBTMBEBSBVOKVF[TJOTVDPOTFO
UJNJFOUPFTVOUFNBNVZEFMJDBEPTFSFDVFSEBRVFFOWJSUVEEFMPTUnSNJOPT
EFMQgSSBGPFMKVF[UJFOFFMEFSFDIPHFOFSBMEFBQFMBSBOUFVOBBVUPSJEBE
JOEFQFOEJFOUFRVFQVFEFJOWFTUJHBSMBMFHJUJNJEBEEFMUSBTMBEP%FIFDIP
FTUFEFSFDIPEFBQFMBDJwOUBNCJnOQVFEFTPMVDJPOBSTJUVBDJPOFTRVFOP
IBOTJEPBUFOEJEBTFOMBTEJTQPTJDJPOFTEFMB$BSUBEPOEFVOKVF[UJFOFVOB
DBSHBEFUSBCBKPFYDFTJWBRVFMFJNQJEFFOMBQSgDUJDBDVNQMJSOPSNBMNFOUF
DPOTVTSFTQPOTBCJMJEBEFT
%FTBSSPMMPEFMB$BSSFSB
"EFNgTEFMPTDBTPTFORVFMPTKVFDFTTPOBTDFOEJEPTFTUSJDUBNFOUFDPOCBTF
FOTVBOUJHFEBEFOFMDBSHPVOTJTUFNBRVFMB$BSUBOPFYDMVZwEFNPEP
BMHVOPEFCJEPBRVFTFDPOTJEFSBRVFCSJOEBQSPUFDDJwONVZFGFDUJWBBMB
JOEFQFOEFODJBQFSPRVFQSFTVQPOFVOSFDMVUBNJFOUPEFBMUBDBMJEBEFOMPT
QBrTFTFODVFTUJwOFTJNQPSUBOUFBTFHVSBSRVFTFSFTQFUFMBJOEFQFOEFODJB
FJNQBSDJBMJEBEEFMKVF[FOFMgSFBEFBTDFOTPT4FEFCFFTQFDJGJDBSRVFIBZ
EPTUFNBTQPUFODJBMFTBRVrKVFDFTBMPTRVFTFMFTJNQJEFFMBTDFOTPFO
GPSNBJMFHrUJNBZMPTKVFDFTRVFTPOBTDFOEJEPTFOGPSNBJOEFCJEB
1PSFTUFNPUJWPMB$BSUBEFGJOFMPTDSJUFSJPTEFBTDFOTPFYDMVTJWBNFOUF
DPNPMBTDVBMJEBEFTZNnSJUPTPCTFSWBEPTFOFMEFTFNQFvPEFMPTEFCFSFT
KVEJDJBMFTNFEJBOUFFWBMVBDJPOFTPCKFUJWBTSFBMJ[BEBTQPSVOPPNgTKVFDFT
ZEJTDVUJEBTDPOFMKVF[FWBMVBEP
-BTEFDJTJPOFTRVFDPSSFTQPOEFOBMBTDFOTPEFMPTKVFDFTTPOUPNBEBTDPO
CBTFFOEJDIBTFWBMVBDJPOFTBMBMV[EFMBQSPQVFTUBEFMBBVUPSJEBEJOEF
QFOEJFOUFNFODJPOBEBFOFMQgSSBGPPQPSSFDPNFOEBDJwOTVDPOTFOUJ
NJFOUPPTJHVJFOEPMBPQJOJwOEFEJDIBBVUPSJEBE4FFTUJQVMBFYQSFTBNFOUF
RVFVOKVF[RVFFTQSPQVFTUPQBSBTFSBTDFOEJEPZFTTPNFUJEPBMFYBNFO
EFMBBVUPSJEBEJOEFQFOEJFOUFEFCFUFOFSEFSFDIPBQSFTFOUBSTVDBTPBOUF
EJDIBBVUPSJEBE
-BTEJTQPTJDJPOFTEFMQgSSBGPPCWJBNFOUFOPFTUgOEJSJHJEBTBTVBQMJDB
DJwOFOTJTUFNBTFOMPTRVFMPTKVFDFTOPTPOBTDFOEJEPTZFOMPTRVFOPIBZ
KFSBSRVrBKVEJDJBMTJTUFNBTRVFFOFTUFTFOUJEPTPOTVNBNFOUFQSPUFDUPSFT
EFMBJOEFQFOEFODJBKVEJDJBM
-B$BSUBUSBUBBRVrTPCSFBDUJWJEBEFTSFBMJ[BEBTKVOUPDPOMBTGVODJPOFTKVEJ
DJBMFT%JTQPOFRVFMPTKVFDFTQVFEFOMJCSFNFOUFEFTFNQFvBSBDUJWJEBEFT
BKFOBTBTVNBOEBUPKVEJDJBMJODMVJEBTMBTRVFFNBOBOEFTVTEFSFDIPTDPNP
DJVEBEBOPT&TUBMJCFSUBERVFDPOTUJUVZFFMQSJODJQJPQVFEFEFTDPOPDFSMrNJ
UFTTBMWPFODBTPRVFMPTKVFDFTQBSUJDJQFOFOBDUJWJEBEFTJODPNQBUJCMFTZB
TFBDPOMBDPOGJBO[BQ|CMJDBFOTVJNQBSDJBMJEBEFJOEFQFOEFODJBDPNPDPO
MBEJTQPOJCJMJEBEFYJHJEBQBSBDPOTJEFSBSMPTDBTPTRVFMFTTPOQSFTFOUBEPT
DPOFMEFCJEPDVJEBEPZEFOUSPEFVOQMB[PSB[POBCMF
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
-B$BSUBOPFTQFDrGJDBVOUJQPEFBDUJWJEBEFOQBSUJDVMBS-PTFGFDUPTOFHBUJWPT
EFMBTBDUJWJEBEFTBKFOBTTPCSFMBTDPOEJDJPOFTFORVFEFTFNQFvBOMPTEF
CFSFTKVEJDJBMFTEFCFOTFSFWBMVBEBTFOGPSNBQSBHNgUJDB-B$BSUBFTUJQVMB
RVFMPTKVFDFTEFCFOTPMJDJUBSBVUPSJ[BDJwOQBSBQBSUJDJQBSFOBDUJWJEBEFTRVF
OPTFBOBSUrTUJDBTPMJUFSBSJBTDVBOEPTFBOSFNVOFSBEBT
-B$BSUBUSBUBMBDVFTUJwOEFMPRVFBWFDFTTFEFOPNJOB²EJTDSFDJPOBMJEBE
KVEJDJBM³"EPQUBVOBQPTJDJwORVFEFSJWBEFM"SUrDVMPEFM$POWFOJP&VSPQFP
QBSBMB1SPUFDDJwOEFMPT%FSFDIPT)VNBOPTZ-JCFSUBEFT'VOEBNFOUBMFTZ
MBKVSJTQSVEFODJBEFM5SJCVOBM&VSPQFPEF%FSFDIPT)VNBOPTRVFFTUBCMFDF
RVFMPTKVFDFTEFCFOBCTUFOFSTFEFUPEBDPOEVDUBBDUPPFYQSFTJwORVF
QVFEBBGFDUBSMBDPOGJBO[BQ|CMJDBFOTVJNQBSDJBMJEBEFJOEFQFOEFODJB-B
SFGFSFODJBBMSJFTHPEFRVFEJDIBDPOGJBO[BTFBTPDBWBEBFWJUBDVBMRVJFS
SJHJEF[FYDFTJWBRVFQSPWPDBSrBRVFFMKVF[TFUSBOTGPSNFFOVONBSHJOBEP
TPDJBMZDJWJM
-B$BSUBFTUBCMFDF²FMEFSFDIPEFVOKVF[BMBDBQBDJUBDJwOFOFMMVHBSEF
USBCBKP³FMKVF[EFCFUFOFSBDDFTPQFSJwEJDPBDVSTPTEFDBQBDJUBDJwOPSHB
OJ[BEPTDPOFMHBTUPQ|CMJDPZEJSJHJEPTBBTFHVSBSRVFMPTKVFDFTQVFEBO
NBOUFOFSZNFKPSBSTVBQUJUVEFTUnDOJDBTTPDJBMFTZDVMUVSBMFT&M&TUBEP
EFCFBTFHVSBSRVFEJDIPTQSPHSBNBTEFDBQBDJUBDJwOTFBOPSHBOJ[BEPTQBSB
SFTQFUBSMBTDPOEJDJPOFTFTUBCMFDJEBTFOFMQgSSBGPRVFTFSFMBDJPOBO
DPOMBGVODJwOEFMBBVUPSJEBEJOEFQFOEJFOUFNFODJPOBEBFOFMQgSSBGP
QBSBHBSBOUJ[BSRVFFMDPOUFOJEPEFMPTDVSTPTEFDBQBDJUBDJwOTFBEFDVFB
MPTSFRVJTJUPTEFNFOUFBCJFSUBDPNQFUFODJBFJNQBSDJBMJEBE
-BEFGJOJDJwOEFFTUBTHBSBOUrBTFTUBCMFDJEBTFOMPTQgSSBGPTZTPCSF
DBQBDJUBDJwOFTNVZGMFYJCMF1FSNJUFRVFMBNJTNBTFBEBQUFBMPTEJWFSTPT
TJTUFNBTOBDJPOBMFTEFDBQBDJUBDJwOFTDVFMBTEFDBQBDJUBDJwOBENJOJTUSBEBT
QPSFM.JOJTUFSJPEF+VTUJDJBJOTUJUVUPTRVFPQFSBOCBKPMBBVUPSJEBEEFVO
DPOTFKPTVQFSJPSEFKVFDFTGVOEBDJPOFTMFHBMFTQSJWBEBTFUD
3FTQPOTBCJMJEBE
-B$BSUBUSBUBFOFTUFQVOUPMBSFTQPOTBCJMJEBEEJTDJQMJOBSJBEFMPTKVFDFT
$PNJFO[BQPSIBDFSSFGFSFODJBBMQSJODJQJPEFMFHBMJEBEEFMBTTBODJPOFT
EJTDJQMJOBSJBTFTUJQVMBOEPRVFMB|OJDBSB[wOWgMJEBQBSBJNQPOFSTBODJPOFT
FTFMJODVNQMJNJFOUPEFVOBEFMBTPCMJHBDJPOFTFYQMrDJUBNFOUFEFGJOJEBT
FOFMFTUBUVUPEFMPTKVFDFTZMBFTDBMBEFTBODJPOFTBQMJDBCMFTEFCFOFTUBS
EFGJOJEBTFOUBMFTUBUVUP
"TJNJTNPMB$BSUBFTUBCMFDFHBSBOUrBTTPCSFMBTBVEJFODJBTEJTDJQMJOBSJBT
MBTTBODJPOFTEJTDJQMJOBSJBTTPMBNFOUFQVFEFOJNQPOFSTFTPCSFMBCBTF
EFVOBEFDJTJwOUPNBEBTJHVJFOEPVOBQSPQVFTUBSFDPNFOEBDJwOPDPOFM
DPOTFOUJNJFOUPEFVOUSJCVOBMPBVUPSJEBEFOFMRVFBMNFOPTMBNJUBEEF
MPTNJFNCSPTTFBOKVFDFTFMFDUPT4FMFEFCFPUPSHBSBMKVF[VOBBVEJFODJB
(6Ê"1"3"130'&4*0/"-&4/
DPNQMFUBZEFCFUFOFSEFSFDIPBTFSSFQSFTFOUBEP4JMBTBODJwOFTEFIFDIP
JNQVFTUBEFCFTFSFMFHJEBEFVOBFTDBMBEFTBODJPOFTUFOJFOEPEFCJEB
DPOTJEFSBDJwOQPSFMQSJODJQJPEFQSPQPSDJPOBMJEBE1PS|MUJNPMB$BSUB
EJTQPOFFMEFSFDIPEFBQFMBSBOUFVOBBVUPSJEBEKVEJDJBMEFNBZPSKFSBSRVrB
UPEBEFDJTJwORVFJNQPOHBVOBTBODJwOZRVFIBZBTJEPEFDSFUBEBQPSVOB
BVUPSJEBEFKFDVUJWBUSJCVOBMVwSHBOPMBNJUBEEFDVZPTNJFNCSPTEFCFO
TFSKVFDFTFMFDUPT
-BBDUVBMSFEBDDJwOEFFTUBEJTQPTJDJwOOPFYJHFMBEJTQPOJCJMJEBEEFEJDIP
EFSFDIPBBQFMBSVOBTBODJwOJNQVFTUBQPSFM1BSMBNFOUP
-B$BSUBTFSFMBDJPOBBRVrDPOMBSFTQPOTBCJMJEBEDJWJMZQFDVOJBSJBEFMPT
KVFDFT1MBOUFBFMQSJODJQJPEFRVFMBDPNQFOTBDJwOEFM&TUBEPEFCFTFS
BCPOBEBFODBTPEFEBvPTJOGMJHJEPTQPSNBMBDPOEVDUBEFVOKVF[PFM
FKFSDJDJPJMFHrUJNPEFTVTGVODJPOFTNJFOUSBTBDU|BDPNPKVF[&TUPTJHOJGJDB
RVFFOUPEPTMPTDBTPTFM&TUBEPFTFMHBSBOUFEFDPNQFOTBSBMBWrDUJNB
QPSEJDIPEBvP
"MFTQFDJGJDBSRVFEJDIBHBSBOUrBFTUBUBMTFBQMJDBBMEBvPRVFTVSHFDPNP
DPOTFDVFODJBEFMBNBMBDPOEVDUBEFVOKVF[PEFMFKFSDJDJPJMFHrUJNPEFTVT
GVODJPOFTMB$BSUBOPOFDFTBSJBNFOUFTFSFGJFSFBMBOBUVSBMF[BJOKVTUBP
JMFHBMPBMFKFSDJDJPEFTVTGVODJPOFTTJOPRVFIBDFIJODBQJnFOFMEBvPRVF
TVSHFDPNPDPOTFDVFODJBEFEJDIBOBUVSBMF[B²JOKVTUB³P²JMFHBM³&TUPFT
QMFOBNFOUFDPNQBUJCMFDPOMBSFTQPOTBCJMJEBECBTBEBOPFOMBNBMBDPO
EVDUBEFMKVF[TJOPFOMBOBUVSBMF[BBOPSNBMFTQFDJBMZHSBWFEFMEBvPRVF
SFTVMUwEFTVNBMBDPOEVDUBPEFMFKFSDJDJPJMFHrUJNPEFTVTGVODJPOFT&TUP
FTJNQPSUBOUFBMBMV[EFMBTQSFPDVQBDJPOFTEFRVFMBJOEFQFOEFODJBKVEJDJBM
EFMPTKVFDFTOPFTUnBGFDUBEBQPSVOTJTUFNBEFSFTQPOTBCJMJEBEDJWJM
-B$BSUBUBNCJnOEJTQPOFRVFDVBOEPFMEBvPRVFFM&TUBEPUJFOFRVFHBSBO
UJ[BSFTDPOTFDVFODJBEFVOJODVNQMJNJFOUPHSBWFFJOFYDVTBCMFEFMBTSFHMBT
RVFSJHFOFMEFTFNQFvPEFMPTEFCFSFTKVEJDJBMFTFMFTUBUVUPQVFEFDPOGFSJS
BM&TUBEPMBQPTJCJMJEBEEFJOJDJBSVOQSPDFTPKVEJDJBMRVFUFOHBDPNPPCKFUP
PCUFOFSEFMKVF[VOSFFNCPMTPEFEJDIBDPNQFOTBDJwOBCPOBEBEFOUSPEFVO
MrNJUFGJKBEPQPSFMFTUBUVUP&MSFRVJTJUPEFOFHMJHFODJBHSBWFFJOFYDVTBCMF
ZEFMBOBUVSBMF[BKVSrEJDBEFMPTQSPDFEJNJFOUPTQBSBPCUFOFSVOSFFNCPMTP
EFCFDPOTUJUVJSHBSBOUrBTTJHOJGJDBUJWBTEFRVFOPTFBCVTFEFMQSPDFTP4F
CSJOEBVOBHBSBOUrBBEJDJPOBMNFEJBOUFVOBDVFSEPQSFWJPRVFMBBVUPSJEBE
NFODJPOBEBFOFMQgSSBGPEFCFPUPSHBSBOUFTEFRVFTFQSFTFOUFVOB
EFNBOEBBOUFFMUSJCVOBMDPNQFUFOUF
"RVrMB$BSUBBOBMJ[BFMUFNBEFMBTEFNBOEBTQSFTFOUBEBTQPSNJFNCSPT
EFMQ|CMJDPBDFSDBEFFSSPSFTKVEJDJBMFT
-PT&TUBEPTPSHBOJ[BSPOTVTQSPDFEJNJFOUPTEFEFNBOEBDPOEJGFSFOUFT
HSBEPTZOPTJFNQSFFTUgOCJFOPSHBOJ[BEPT
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
1PSFTUFNPUJWPMB$BSUBEJTQPOFMBQPTJCJMJEBEEFQFSNJUJSBVOJOEJWJEVP
FOUBCMBSVOBEFNBOEBQPSFSSPSFTKVEJDJBMFTFOVODBTPEFUFSNJOBEPBVO
wSHBOPJOEFQFOEJFOUFTJOUFOFSRVFDVNQMJSDPOGPSNBMJEBEFTFTQFDrGJDBT
4JMBDPOTJEFSBDJwOBCTPMVUBZDVJEBEPTBEFEJDIPwSHBOPSFWFMBSBVODMBSP
JODVNQMJNJFOUPEFVOKVF[QSJNBGBDJFFMwSHBOPFODVFTUJwOFTUBSrBGBDVMUBEP
QBSBSFNJUJSFMBTVOUPBMBBVUPSJEBEEJTDJQMJOBSJBRVFUJFOFKVSJTEJDDJwOTPCSF
MPTKVFDFTPBMNFOPTBVOwSHBOPDPNQFUFOUFFOWJSUVEEFMBTOPSNBTEFM
FTUBUVUPOBDJPOBMQBSBIBDFSUBMSFNJTJwO/JFTUFwSHBOPOJFTUBBVUPSJEBE
FTUBSgOMJNJUBEPTBBEPQUBSMBNJTNBPQJOJwORVFFMwSHBOPBOUFFMDVBMRVF
TFQSFTFOUwMBRVFKB&OFMSFTVMUBEPIBZBVUnOUJDBTHBSBOUrBTDPOUSBMPT
SJFTHPTEFRVFMBTQFSTPOBTKV[HBEBTEFTWrFOFMQSPDFEJNJFOUPEFEFNBOEB
DPOFMGJOEFQSFTJPOBSBMTJTUFNBEFKVTUJDJB
&MwSHBOPJOEFQFOEJFOUFOPFTUBSgOFDFTBSJBNFOUFEJTFvBEPFTQFDrGJDBNFOUF
QBSBWFSJGJDBSTJMPTKVFDFTDPNFUJFSPOJOGSBDDJPOFT-PTKVFDFTOPUJFOFOFM
NPOPQPMJPEFMPTFSSPSFTKVEJDJBMFT1PSMPUBOUPTFSrBDPODFCJCMFRVFFM
NJTNPwSHBOPJOEFQFOEJFOUFSFNJUBMPTBTVOUPTEFNPEPTJNJMBSDVBOEPMP
DPOTJEFSFKVTUJGJDBEPBMBBVUPSJEBEEJTDJQMJOBSJBRVFUJFOFKVSJTEJDDJwOTPCSF
FMwSHBOPSFTQPOTBCMFEFJOJDJBSQSPDFTPTDPOUSBMPTBCPHBEPTGVODJPOBSJPT
EFMUSJCVOBMBMHVBDJMFTFUD
-B$BSUBTJOFNCBSHPSFMBDJPOBEBDPOFMFTUBUVUPEFMPTKVFDFTUJFOFRVF
DVCSJSFOGPSNBEFUBMMBEBMBTSFNJTJPOFTSFMBDJPOBEBTDPOMPTKVFDFT
3FNVOFSBDJwOZ#JFOFTUBS4PDJBM
-BTEJTQPTJDJPOFTCBKPFTUFUrUVMPFTUgOSFMBDJPOBEBTDPOMPTKVFDFTQSPGFTJPOBMFT
-B$BSUBEJTQPOFRVFFMOJWFMEFSFNVOFSBDJwOBMRVFMPTKVFDFTUJFOFOEFSFDIP
QPSEFTFNQFvBSTVTEFCFSFTKVEJDJBMFTEFCFOFTUBCMFDFSTFQBSBQSPUFHFSMPT
EFQSFTJPOFTRVFQSFUFOEBOJOGMVJSTVTEFDJTJPOFTPDPOEVDUBKVEJDJBMFO
HFOFSBMMPRVFBGFDUBTVJOEFQFOEFODJBFJNQBSDJBMJEBE
1BSFDrBQSFGFSJCMFFTUBCMFDFSRVFFMOJWFMEFSFNVOFSBDJwOBCPOBEPEFCrB
TFSUBMRVFQSPUFHJFSBBMPTKVFDFTEFQSFTJPOFTFOMVHBSEFFTUBCMFDFSFTUF
OJWFMFOSFGFSFODJBBMBSFNVOFSBDJwOQFSDJCJEBQPSRVJFOFTPDVQBODBSHPT
EFBMUBKFSBSRVrBFOFMQPEFSFKFDVUJWPPMFHJTMBUJWPZBRVFRVJFOFTPDVQBO
EJDIPTDBSHPTFTUgOMFKPTEFTFSUSBUBEPTFOVOBCBTFDPNQBSBCMFFOMPT
EJGFSFOUFTTJTUFNBTOBDJPOBMFT
&MOJWFMEFSFNVOFSBDJwOEFVOKVF[DPNQBSBEPDPOPUSPQVFEFFTUBSTVKFUP
BWBSJBDJPOFTEFQFOEJFOEPEFMBEVSBDJwOEFMDBSHPMBOBUVSBMF[BEFMBT
GVODJPOFTRVFMFTGVFSPOBTJHOBEBTZMBJNQPSUBODJBEFMBTUBSFBTJNQVFT
UBTBMJHVBMRVFFMUSBCBKPEVSBOUFMPTGJOFTEFTFNBOBT4JOFNCBSHPMBT
UBSFBTRVFKVTUJGJDBOVOBSFNVOFSBDJwOTVQFSJPSEFCFOTFSFWBMVBEBTDPO
CBTFFODSJUFSJPTUSBOTQBSFOUFTQBSBFWJUBSEJGFSFODJBTEFUSBUPRVFOPFTUnO
(6Ê"1"3"130'&4*0/"-&4/
WJODVMBEBTBDPOTJEFSBDJPOFTSFMBDJPOBEBTDPOFMUSBCBKPSFBMJ[BEPPMB
EJTQPOJCJMJEBEFYJHJEB
-B$BSUBEJTQPOFRVFMPTKVFDFTHP[BOEFMPTCFOFGJDJPTEFMBTFHVSJEBETPDJBM
FTEFDJSEFQSPUFDDJwODPOUSBMPTSJFTHPTTPDJBMFTDPNVOFTQSJODJQBMNFOUF
FOGFSNFEBEFTNBUFSOJEBEEJTDBQBDJEBEFEBEBWBO[BEBZGBMMFDJNJFOUP
&OFTUFDPOUFYUPMB$BSUBFTQFDJGJDBRVFMPTKVFDFTRVFBMDBODFOMBFEBEEF
KVCJMBDJwOKVEJDJBMMVFHPEFIBCFSTFEFTFNQFvBEPDPNPKVFDFTEVSBOUFFM
UJFNQPOFDFTBSJPEFCFOCFOFGJDJBSTFEFMQBHPEFVOBQFOTJwOKVCJMBUPSJBDVZP
OJWFMEFCFBDFSDBSTFMPNgTQPTJCMFBMOJWFMEFTV|MUJNPTVFMEPDPNPKVF[
5FSNJOBDJwOEFMNBOEBUP
&TOFDFTBSJPWJHJMBSMBTDPOEJDJPOFTFOMBTRVFFMFNQMFPEFMPTKVFDFTMMFHB
BTVGJO&TJNQPSUBOUFFTUBCMFDFSVOBMJTUBFYIBVTUJWBEFSB[POFTQBSBMB
GJOBMJ[BDJwOEFMFNQMFP&MMBTTPOMBSFOVODJBEFMKVF[DVBOEPVOKVF[FT
DFSUJGJDBEPQPSVONnEJDPDPNPGrTJDBNFOUFJODBQB[EFDPOUJOVBSEFTFN
QFvBOEPTVDBSHPKVEJDJBMPDVBOEPBMDBO[BMBFEBEEFKVCJMBDJwOMMFHBBM
GJOEFMQFSrPEPQPSFMRVFGVFOPNCSBEPPFTEFTQFEJEPFOFMDPOUFYUPEF
SFTQPOTBCJMJEBEEJTDJQMJOBSJB
4JBDBFDJFSBVOBEFMBTDJSDVOTUBODJBTRVFTPONPUJWPQBSBMBGJOBMJ[BDJwOEFM
FNQMFPEJTUJOUPEFBRVFMMPTRVFQVFEFOTFSEFUFSNJOBEPTTJOEJGJDVMUBEFT
EFDJSMBFEBEEFKVCJMBDJwOPFMGJOEFMNBOEBUPnTUBTEFCFOTFSWFSJGJDBEBT
QPSMBBVUPSJEBENFODJPOBEBFOFMQgSSBGP&TUBDPOEJDJwOFTGgDJMNFOUF
WFSJGJDBCMFDVBOEPFMGJOEFMNBOEBUPFTDPOTFDVFODJBEFVOBSFNPDJwOEF
DJEJEBQSFDJTBNFOUFQPSFTUBBVUPSJEBEPBTVQSPQVFTUBSFDPNFOEBDJwO
PDPOTVDPOTFOUJNJFOUP
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
#/PSNBTEFUSBUBEPT
$POWFOJP&VSPQFPQBSBMB1SPUFDDJwOEFMPT%FSFDIPT)VNBOPTZ
MBT-JCFSUBEFT'VOEBNFOUBMFT
"EPQUBEPFO3PNBFMEFTFQUJFNCSFEF
"SUrDVMP
5PEBQFSTPOBUJFOFEFSFDIPBRVFTVDBVTBTFBPrEBFRVJUBUJWBQ|CMJDBNFOUF
ZEFOUSPEFVOQMB[PSB[POBCMFQPSVOUSJCVOBMJOEFQFOEJFOUFFJNQBSDJBM
FTUBCMFDJEPQPSMBMFZRVFEFDJEJSgMPTMJUJHJPTTPCSFTVTEFSFDIPTZPCMJHB
DJPOFTEFDBSgDUFSDJWJMPTPCSFFMGVOEBNFOUPEFDVBMRVJFSBDVTBDJwOFO
NBUFSJBQFOBMEJSJHJEBDPOUSBFMMB
(6Ê"1"3"130'&4*0/"-&4/
$0USBTOPSNBT
-rOFBTEJSFDUSJDFTEFM$PNJUnEF.JOJTUSPTEFM$POTFKPEF&VSPQB
TPCSFMPTEFSFDIPTIVNBOPTZMBMVDIBDPOUSBFMUFSSPSJTNP
"EPQUBEBTFMEFKVMJPEF
*91SPDFEJNJFOUPTKVEJDJBMFT
6OBQFSTPOBBDVTBEBEFBDUJWJEBEFTUFSSPSJTUBTUFOESgEFSFDIPBRVFTV
DBVTBTFBKV[HBEBEFGPSNBKVTUBFOVOQMB[PSB[POBCMFQPSVOBKVSJTEJDDJwO
JOEFQFOEJFOUFJNQBSDJBMZFTUBCMFDJEBQPSMBMFZ
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
4JTUFNB*OUFSBNFSJDBOP
"/PSNBTEFUSBUBEPT
$POWFODJwO"NFSJDBOBTPCSF%FSFDIPT)VNBOPT
4VTDSJUBFO4BO+PTnEF$PTUB3JDBFMEFOPWJFNCSFEFFOMB$POGFSFODJB
&TQFDJBMJ[BEB*OUFSBNFSJDBOBTPCSF%FSFDIPT)VNBOPT
"SUrDVMP%FSFDIPBVO+VJDJP+VTUP
5PEBQFSTPOBUJFOFEFSFDIPBTFSPrEBDPOMBTEFCJEBTHBSBOUrBTZEFOUSP
EFVOQMB[PSB[POBCMFQPSVOKVF[PUSJCVOBMDPNQFUFOUFJOEFQFOEJFOUF
FJNQBSDJBMFTUBCMFDJEPDPOBOUFSJPSJEBEQPSMBMFZFOMBTVTUBODJBDJwOEF
DVBMRVJFSBDVTBDJwOQFOBMGPSNVMBEBDPOUSBFMMBPQBSBMBEFUFSNJOBDJwO
EFTVTEFSFDIPTZPCMJHBDJPOFTEFPSEFODJWJMMBCPSBMGJTDBMPEFDVBMRVJFS
PUSPDBSgDUFS
(6Ê"1"3"130'&4*0/"-&4/
#/PSNBTEFDMBSBUPSJBT
%FDMBSBDJwO"NFSJDBOBEFMPT%FSFDIPTZ%FCFSFTEFM)PNCSF
"QSPCBEBFOMB/PWFOB$POGFSFODJB*OUFSOBDJPOBM"NFSJDBOBDFMFCSBEBFO
#PHPUg$PMPNCJB
"SUrDVMP997*
4FQSFTVNFRVFUPEPBDVTBEPFTJOPDFOUFIBTUBRVFTFQSVFCFRVFFTDVMQBCMF
5PEBQFSTPOBBDVTBEBEFEFMJUPUJFOFEFSFDIPBTFSPrEBFOGPSNBJNQBSDJBMZQ|
CMJDBBTFSKV[HBEBQPSUSJCVOBMFTBOUFSJPSNFOUFFTUBCMFDJEPTEFBDVFSEPDPOMFZFT
QSFFYJTUFOUFTZBRVFOPTFMFJNQPOHBQFOBTDSVFMFTJOGBNBOUFTPJOVTJUBEBT
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
$BSUB%FNPDSgUJDB*OUFSBNFSJDBOB
"EPQUBEBQPSMB"TBNCMFB(FOFSBMEFMB0&"FOTFTJwOFTQFDJBMDFMFCSBEBFO
-JNB1FS|FMEFTFQUJFNCSFEF
"SUrDVMP
4POFMFNFOUPTFTFODJBMFTEFMBEFNPDSBDJBSFQSFTFOUBUJWBFOUSFPUSPTFMSFTQFUP
BMPTEFSFDIPTIVNBOPTZMBTMJCFSUBEFTGVOEBNFOUBMFT<>ZMBTFQBSBDJwOFJOEF
QFOEFODJBEFMPTQPEFSFTQ|CMJDPT
"SUrDVMP
<©>
-BTVCPSEJOBDJwODPOTUJUVDJPOBMEFUPEBTMBTJOTUJUVDJPOFTEFM&TUBEPBMBBVUPSJEBE
DJWJMMFHBMNFOUFDPOTUJUVJEBZFMSFTQFUPBMFTUBEPEFEFSFDIPEFUPEBTMBTFOUJEBEFT
ZTFDUPSFTEFMBTPDJFEBETPOJHVBMNFOUFGVOEBNFOUBMFTQBSBMBEFNPDSBDJB
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
4JTUFNB"GSJDBOP
"/PSNBTFTQFDrGJDBTTPCSFMBJOEFQFOEFODJBEFMPT
KVFDFTBCPHBEPTZGJTDBMFT
-PT1SJODJQJPTZ%JSFDUSJDFTSFMBUJWPTBM%FSFDIPBVO+VJDJP+VTUPZ
BMB"TJTUFODJB+VSrEJDBFOÇGSJDB
"EPQUBEPTDPNPQBSUFEFMJOGPSNFEFBDUJWJEBEFTEFMB$PNJTJwO"GSJDBOBFO
MB›$VNCSFZ3FVOJwOEF+FGFTEF&TUBEPEFMB6OJwO"GSJDBOBDFMFCSBEBFO
.BQVUPEFM°EFKVMJPEF
"1SJODJQJPTHFOFSBMFTBQMJDBCMFTBUPEPTMPTQSPDFEJNJFOUPTMFHBMFT
"VEJFODJB+VTUBZ1|CMJDB
&OMBEFUFSNJOBDJwOEFDVBMRVJFSBDVTBDJwOQFOBMDPOUSBVOBQFSTPOBPEFMPT
EFSFDIPTZPCMJHBDJPOFTEFVOBQFSTPOBUPEBTMBTQFSTPOBTUFOESgOEFSFDIPB
VOBBVEJFODJBKVTUBZQ|CMJDBBOUFVOwSHBOPKVEJDJBMDPNQFUFOUFJOEFQFOEJFOUFF
JNQBSDJBMMFHBMNFOUFDPOTUJUVJEP
5SJCVOBMJOEFQFOEJFOUF
B -BJOEFQFOEFODJBEFMPTwSHBOPTZGVODJPOBSJPTKVEJDJBMFTEFCFOFTUBSHB
SBOUJ[BEPTQPSMBDPOTUJUVDJwOZMBTMFZFTEFMQBrTZEFCFOTFSSFTQFUBEBTQPS
FMHPCJFSOPTVTPSHBOJTNPTZBVUPSJEBEFT
C 4FFTUBCMFDFSgQPSMFZRVFMPTwSHBOPTKVEJDJBMFTUFOESgOGVODJPOFTQBSBEF
DJEJSMPTBTVOUPTEFOUSPEFTVDPNQFUFODJBDPOCBTFFOFMFTUBEPEFEFSFDIP
ZEFBDVFSEPDPOMPTQSPDFEJNJFOUPTDPOEVDJEPTEFMNPEPQSFTDSJUP
D -BKVEJDBUVSBTFSgDPNQFUFOUFFOUPEBTMBTDVFTUJPOFTEFrOEPMFKVEJDJBMZUFO
ESgBVUPSJEBEFYDMVTJWBQBSBEFDJEJSTJVOBDVFTUJwORVFMFIBZBTJEPTPNFUJEB
FTUgEFOUSPEFMBDPNQFUFODJBRVFMBMFZIBZBBUSJCVJEPBVOUSJCVOBM
E -BKVSJTEJDDJwOEFVOwSHBOPKVEJDJBMQVFEFEFUFSNJOBSTFFOUSFPUSBTDPTBT
DPOTJEFSBOEPEwOEFTFEFTBSSPMMBSPOMPTFWFOUPTJOWPMVDSBEPTFOMBEJTQVUB
PEFMJUPEwOEFTFVCJDBMBQSPQJFEBEFOEJTQVUBFMMVHBSEFSFTJEFODJBP
EPNJDJMJPEFMBTQBSUFTZFMDPOTFOUJNJFOUPEFMBTQBSUFT
F /PTFDSFBSgOUSJCVOBMFTRVFOPBQMJRVFOOPSNBTQSPDFTBMFTEFCJEBNFOUF
FTUBCMFDJEBTQBSBTVTUJUVJSMBKVSJTEJDDJwORVFDPSSFTQPOEBOPSNBMNFOUFB
MPTUSJCVOBMFTEFKVTUJDJBPSEJOBSJPT
(6Ê"1"3"130'&4*0/"-&4/
G /PTFFGFDUVBSgOJOUSPNJTJPOFTJOEFCJEBTPJOKVTUJGJDBEBTFOFMQSPDFTPKV
EJDJBMOJTFTPNFUFSgOBSFWJTJwOMBTEFDJTJPOFTKVEJDJBMFTEFMPTUSJCVOBMFT
&TUFQSJODJQJPTFBQMJDBSgTJONFOPTDBCPEFMBWrBEFSFWJTJwOKVEJDJBMOJEF
MBNJUJHBDJwOPDPONVUBDJwOEFMBTQFOBTJNQVFTUBTFGFDUVBEBQPSMBTBVUP
SJEBEFTDPNQFUFOUFTEFDPOGPSNJEBEDPOMPEJTQVFTUPFOMBMFZ
H 5PEPTMPTwSHBOPTKVEJDJBMFTTFSgOJOEFQFOEJFOUFTEFMQPEFSFKFDVUJWP
I &MQSPDFTPEFOPNCSBNJFOUPEFMPTwSHBOPTKVEJDJBMFTTFSgUSBOTQBSFOUFZ
SFTQPOTBCMFZTFGPNFOUBFMFTUBCMFDJNJFOUPEFVOwSHBOPJOEFQFOEJFOUFB
UBMFGFDUP5PEPNnUPEPEFTFMFDDJwOKVEJDJBMHBSBOUJ[BSgMBJOEFQFOEFODJBF
JNQBSDJBMJEBEEFMQPEFSKVEJDJBM
J -PT|OJDPTDSJUFSJPTEFEFTJHOBDJwOBVODBSHPKVEJDJBMTFSgOMBJEPOFJEBE
EFMDBOEJEBUPBMDBSHPFOSB[wOEFTVJOUFHSJEBEBEFDVBEBDBQBDJUBDJwOP
FEVDBDJwOZDBQBDJEBE
K 5PEBQFSTPOBRVFSF|OBMPTSFRVJTJUPTUFOESgEFSFDIPBTFSDPOTJEFSBEB
QBSBVODBSHPKVEJDJBMTJOEJTDSJNJOBDJwOQPSSB[BDPMPSFUOJBJEJPNBTFYP
PQJOJwOQPMrUJDBPEFPUSBrOEPMFSFMJHJwODSFEPEJTDBQBDJEBEPSJHFOOBDJPOBM
PTPDJBMOBDJNJFOUPFTUBUVTFDPOwNJDPPEFPUSBrOEPMF4JOFNCBSHPOP
TFSgEJTDSJNJOBUPSJPRVFMPT&TUBEPT
QSFTDSJCBOVOBFEBEPFYQFSJFODJBNrOJNBTQBSBMPTDBOEJEBUPTBM
DBSHPKVEJDJBM
QSFTDSJCBOVOBFEBENgYJNBEFKVCJMBDJwOPEFEVSBDJwOFOFMDBSHP
QBSBMPTGVODJPOBSJPTKVEJDJBMFT
QSFTDSJCBORVFMBFEBENgYJNBPEFSFUJSPPMBEVSBDJwOEFMDBSHP
QVFEBOWBSJBSEFBDVFSEPDPOMPTEJGFSFOUFTOJWFMFTEFKVFDFTNB
HJTUSBEPTVPUSPTDBSHPTKVEJDJBMFT
FYJKBORVFTwMPMPTOBDJPOBMFTEFMQBrTEFRVFTFUSBUFTFSgOFMFHJCMFT
QBSBDBSHPTKVEJDJBMFT
L /JOHVOBQFSTPOBTFSgOPNCSBEBBVODBSHPKVEJDJBMBNFOPTRVFDVFOUFDPO
MBDBQBDJUBDJwOPFEVDBDJwOBEFDVBEBTRVFMFQFSNJUBDVNQMJSTVTGVODJPOFT
FOGPSNBBEFDVBEB
M -PTKVFDFTPNJFNCSPTEFMPTwSHBOPTKVEJDJBMFTHP[BSgOEFTFHVSJEBEFOTV
DBSHPIBTUBMBFEBEEFSFUJSPPCMJHBUPSJPPIBTUBFMGJOEFTVNBOEBUP
N -BEVSBDJwOEFMDBSHPSFNVOFSBDJwOBEFDVBEBKVCJMBDJwOWJWJFOEBUSBOT
QPSUFDPOEJDJPOFTEFTFHVSJEBEGrTJDBZTPDJBMFEBEEFSFUJSPNFDBOJTNPT
ZSFDVSTPTEJTDJQMJOBSJPTZPUSBTDPOEJDJPOFTEFMDBSHPEFMPTGVODJPOBSJPT
KVEJDJBMFTFTUBSgOQSFTDSJUPTZHBSBOUJ[BEPTQPSMFZ
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
O -PTGVODJPOBSJPTKVEJDJBMFT
OPTFSgOSFTQPOTBCMFTFOQSPDFEJNJFOUPTDJWJMFTPQFOBMFTQPSBDUPT
JNQSPQJPTVPNJTJPOFTFOFMFKFSDJDJPEFTVTGVODJPOFTKVEJDJBMFT
OPTFSgOEFTUJUVJEPTEFMDBSHPPTPNFUJEPTBPUSPTQSPDFEJNJFOUPT
EJTDJQMJOBSJPTPBENJOJTUSBUJWPT|OJDBNFOUFEFCJEPBRVFTVEFDJTJwO
GVFSFWPDBEBNFEJBOUFVOBBQFMBDJwOPSFWJTJwOEFVOwSHBOPKVEJDJBM
TVQFSJPS
OPTFSgOOPNCSBEPTNFEJBOUFVODPOUSBUPQPSVOQFSrPEPGJKP
P &MBTDFOTPEFMPTGVODJPOBSJPTKVEJDJBMFTTFCBTBSgFOGBDUPSFTPCKFUJWPTFO
QBSUJDVMBSFOTVDBQBDJEBEJOUFHSJEBEZFYQFSJFODJB
Q -PTGVODJPOBSJPTKVEJDJBMFTQPESgOTFSEFTUJUVJEPTPTVTQFOEJEPTEFTVDBSHP
TwMPQPSHSBWFTGBMUBTJODPNQBUJCMFTDPOFMDBSHPKVEJDJBMPQPSJODBQBDJEBE
GrTJDBPNFOUBMRVFMFTJNQJEBEFTFNQFvBSTVTGVODJPOFTKVEJDJBMFT
R -PTGVODJPOBSJPTKVEJDJBMFTRVFBGSPOUBOQSPDFEJNJFOUPTEJTDJQMJOBSJPTEF
TVTQFOTJwOPEFTUJUVDJwOUFOESgOEFSFDIPBTFSSFQSFTFOUBEPTQPSVOSFQSF
TFOUBOUFMFHBMEFTVFMFDDJwOZBVOBSFWJTJwOJOEFQFOEJFOUFEFMBTEFDJTJPOFT
EFMPTQSPDFEJNJFOUPTEJTDJQMJOBSJPTEFTVTQFOTJwOPEFTUJUVDJwO
S -PTQSPDFEJNJFOUPTEFRVFKBZEJTDJQMJOBEFGVODJPOBSJPTKVEJDJBMFTFTUBSgO
QSFTDSJUPTFOMBMFZ-BTRVFKBTDPOUSBGVODJPOBSJPTKVEJDJBMFTTFQSPDFTBSgO
SgQJEBFYQFEJUJWBZFRVJUBUJWBNFOUF
T -PT GVODJPOBSJPT KVEJDJBMFT UJFOFO EFSFDIP B MBT MJCFSUBEFT EF FYQSF
TJwODSFFODJBBTPDJBDJwOZSFVOJwO&OFMFKFSDJDJPEFFTUPTEFSFDIPTTF
DPOEVDJSgOTJFNQSFEFBDVFSEPDPOMBMFZZMBTOPSNBTZMBnUJDBSFDPOPDJEBT
EFTVQSPGFTJwO
U -PTGVODJPOBSJPTKVEJDJBMFTHP[BSgOEFMEFSFDIPBDPOTUJUVJSZBEIFSJSTFB
BTPDJBDJPOFTEFKVFDFTVPUSBTPSHBOJ[BDJPOFTRVFUFOHBOQPSPCKFUPSFQSF
TFOUBSTVTJOUFSFTFTQSPNPWFSTVGPSNBDJwOQSPGFTJPOBMZQBSBQSPUFHFSTV
FTUBUVT
V -PT&TUBEPTQVFEFOFTUBCMFDFSNFDBOJTNPTJOEFQFOEJFOUFTPBENJOJTUSB
UJWPTQBSBWJHJMBSFMEFTFNQFvPEFMPTGVODJPOBSJPTKVEJDJBMFTZMBSFBDDJwO
Q|CMJDBBMPTQSPDFTPTEFBENJOJTUSBDJwOEFKVTUJDJBEFMPTwSHBOPTKVEJDJBMFT
%JDIPTNFDBOJTNPTRVFDPOTJTUJSgOEFMBNJTNBDBOUJEBEEFNJFNCSPTEFM
QPEFSKVEJDJBMZEFSFQSFTFOUBOUFTEFMNJOJTUFSJPSFTQPOTBCMFEFMPTBTVOUPT
KVEJDJBMFTQVFEFOJODMVJSQSPDFTPTQBSBRVFMPTwSHBOPTKVEJDJBMFTSFDJCBOZ
QSPDFTFORVFKBTDPOUSBTVTGVODJPOBSJPT
(6Ê"1"3"130'&4*0/"-&4/
W -PT&TUBEPTPUPSHBSgOBMPTwSHBOPTKVEJDJBMFTMPTSFDVSTPTBEFDVBEPTQBSBFM
EFTFNQFvPEFTVTGVODJPOFT&MQPEFSKVEJDJBMTFSgDPOTVMUBEPDPOSFTQFDUP
BMBQSFQBSBDJwOEFMQSFTVQVFTUPZTVJNQMFNFOUBDJwO
5SJCVOBM*NQBSDJBM
B 6OwSHBOPKVEJDJBMCBTBSgTVEFDJTJwO|OJDBNFOUFFOQSVFCBTBSHVNFOUPTZ
IFDIPTQSFTFOUBEPTBOUFnM-PTGVODJPOBSJPTKVEJDJBMFTSFTPMWFSgOMPTBTVOUPT
RVFDPOP[DBODPOJNQBSDJBMJEBECBTgOEPTFFOMPTIFDIPTZFODPOTPOBODJB
DPOFMEFSFDIPTJOSFTUSJDDJwOBMHVOBZTJOJOGMVFODJBTBMJDJFOUFTQSFTJPOFT
BNFOB[BTPJOUSPNJTJPOFTJOEFCJEBTTFBOEJSFDUBTPJOEJSFDUBTEFDVBMFT
RVJFSBTFDUPSFTPQPSDVBMRVJFSNPUJWP
C $VBMRVJFSQBSUFEFVOQSPDFEJNJFOUPBOUFVOwSHBOPKVEJDJBMUFOESgEFSFDIP
BJNQVHOBSTVJNQBSDJBMJEBEDPOCBTFFOIFDIPTDPNQSPCBCMFTEFRVFMB
FRVJEBEEFMKVF[PEFMwSHBOPKVEJDJBMQBSFDFOFTUBSFOEVEB
D -BJNQBSDJBMJEBEEFMwSHBOPKVEJDJBMQVFEFEFUFSNJOBSTFDPOCBTFFOUSFT
IFDIPTSFMFWBOUFT
RVFFMDBSHPEFMGVODJPOBSJPKVEJDJBMMFQFSNJUFEFTFNQFvBSVOBGVO
DJwODSVDJBMFOMPTQSPDFEJNJFOUPT
RVFFMGVODJPOBSJPKVEJDJBMQVFEFIBCFSFYQSFTBEPVOBPQJOJwORVF
JOGMVJSrBFOMBUPNBEFEFDJTJPOFT
RVFFMGVODJPOBSJPKVEJDJBMUFOESrBRVFEFDJEJSTPCSFVOBDUPSFBMJ[BEP
FOVODBSHPBOUFSJPS
E -BJNQBSDJBMJEBEEFMwSHBOPKVEJDJBMFTUBSrBTPDBWBEBTJ
VOFYGJTDBMPSFQSFTFOUBOUFMFHBMTFEFTFNQFvBDPNPGVODJPOBSJP
KVEJDJBMFOVODBTPFOFMRVFPCSwDPNPGJTDBMPSFQSFTFOUBOUFEF
VOBEFMBTQBSUFT
VOGVODJPOBSJPKVEJDJBMQBSUJDJQwFOGPSNBTFDSFUBFOVOBJOWFTUJHBDJwO
EFMDBTP
VOGVODJPOBSJPKVEJDJBMUJFOFBMH|OWrODVMPDPOFMDBTPPDPOVOBEF
MBTQBSUFTEFMDBTP
VOGVODJPOBSJPKVEJDJBMFTNJFNCSPEFVOUSJCVOBMEFBQFMBDJPOFTFO
VODBTPRVFEFDJEJwPFOFMRVFQBSUJDJQwFOVOwSHBOPKVEJDJBMEF
JOGFSJPSKFSBSRVrB
&ODVBMRVJFSBEFMBTDJSDVOTUBODJBTNFODJPOBEBTBOUFSJPSNFOUFVOGVODJPOBSJP
KVEJDJBMUFOESrBMBPCMJHBDJwOEFSFUJSBSTFEFMDBTP
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
F 6OGVODJPOBSJPKVEJDJBMOPQVFEFDPOTVMUBSBVOBBVUPSJEBEPGJDJBMTVQF
SJPSBOUFTEFUPNBSVOBEFDJTJwOQBSBBTFHVSBSTFEFRVFTVEFDJTJwOTFSg
SFTQBMEBEB
#$BQBDJUBDJwOKVEJDJBM
B -PT&TUBEPTBTFHVSBSgORVFMPTGVODJPOBSJPTKVEJDJBMFTDVFOUFODPOMBFEV
DBDJwOZDBQBDJUBDJwOBEFDVBEBTZRVFDPOP[DBOMPTJEFBMFTZEFCFSFTnUJDPT
EFTVDBSHPMBTQSPUFDDJPOFTDPOTUJUVDJPOBMFTZMFHBMFTEFMPTEFSFDIPTEF
MBTQFSTPOBTBDVTBEBTWrDUJNBTZPUSPTMJUJHBOUFTZMPTEFSFDIPTIVNB
OPTZMBTMJCFSUBEFTGVOEBNFOUBMFTSFDPOPDJEPTQPSFMEFSFDIPOBDJPOBMF
JOUFSOBDJPOBM
C -PT&TUBEPTFTUBCMFDFSgOFODBTPRVFOPFYJTUBOJOTUJUVDJPOFTFTQFDJBMJ[BEBT
QBSBMBFEVDBDJwOZDBQBDJUBDJwOEFGVODJPOBSJPTKVEJDJBMFTZGPNFOUBSgOMB
DPMBCPSBDJwOFOUSFEJDIBTJOTUJUVDJPOFTFOQBrTFTEFMBSFHJwOZFOUPEPFM
DPOUJOFOUFBGSJDBOP
D -PT&TUBEPTHBSBOUJ[BSgORVFMPTGVODJPOBSJPTKVEJDJBMFTSFDJCBODBQBDJUBDJwOZ
FEVDBDJwOQFSNBOFOUFBMPMBSHPEFTVDBSSFSBJODMVJEBDVBOEPDPSSFTQPOEB
MBTFOTJCJMJ[BDJwOFOUFNBTSBDJBMFTDVMUVSBMFTZEFHnOFSP
<©>
''VODJwOEFMPTGJTDBMFT
B -PT&TUBEPTHBSBOUJ[BSgORVF
-PTGJTDBMFTSFDJCBOMBFEVDBDJwOZDBQBDJUBDJwOBEFDVBEBTZDPOP[DBO
MPTJEFBMFTZEFCFSFTnUJDPTEFTVDBSHPMBTQSPUFDDJPOFTDPOTUJUVDJP
OBMFTZMFHBMFTEFMPTEFSFDIPTEFMPTTPTQFDIPTPTZEFMBTWrDUJNBT
ZMPTEFSFDIPTIVNBOPTZMJCFSUBEFTGVOEBNFOUBMFTSFDPOPDJEPTQPS
FMEFSFDIPOBDJPOBMFJOUFSOBDJPOBMJODMVJEBMB$BSUB<"GSJDBOBTPCSF
MPT%FSFDIPT)VNBOPTZEFMPT1VFCMPT>
-PTGJTDBMFTQVFEBOEFTFNQFvBSTVTGVODJPOFTQSPGFTJPOBMFTTJO
JOUJNJEBDJwOPCTUgDVMPTBDPTPJOUFSGFSFODJBJNQSPQJBPFYQPTJDJwO
JOKVTUJGJDBEBBSFTQPOTBCJMJEBEDJWJMQFOBMPEFPUSBrOEPMF
C -BTDPOEJDJPOFTSB[POBCMFTEFMDBSHPEFMPTGJTDBMFTMBSFNVOFSBDJwOBEF
DVBEBZFODBTPEFRVFTFBBQMJDBCMFMBEVSBDJwOEFMDBSHPWJWJFOEB
USBOTQPSUFDPOEJDJPOFTEFTFHVSJEBEGrTJDBZTPDJBMKVCJMBDJwOZFEBEEF
SFUJSPZPUSBTDPOEJDJPOFTEFTFSWJDJPTFSgOFTUBCMFDJEBTQPSMFZPOPSNBT
ZSFHMBNFOUPT
D &MBTDFOTPEFMPTGJTDBMFTEPOEFFYJTUBUBMTJTUFNBFTUBSgCBTBEPFOGBDUP
SFTPCKFUJWPTFOQBSUJDVMBSMBDBMJGJDBDJwOQSPGFTJPOBMDBQBDJEBEJOUFHSJEBE
(6Ê"1"3"130'&4*0/"-&4/
ZFYQFSJFODJBZTFSgOEFDJEJEPTEFBDVFSEPDPOQSPDFEJNJFOUPTKVTUPTF
JNQBSDJBMFT
E -PTGJTDBMFTBMJHVBMRVFMPTEFNgTDJVEBEBOPTUJFOFOEFSFDIPBMBMJCFSUBE
EFFYQSFTJwODSFFODJBBTPDJBDJwOZSFVOJwO&OFMFKFSDJDJPEFFTPTEFSFDIPT
MPTGJTDBMFTQSPDFEFSgOTJFNQSFEFDPOGPSNJEBEDPOMBTMFZFTZMPTQSJODJQJPT
ZOPSNBTnUJDBTSFDPOPDJEPTFOTVQSPGFTJwO
F -PTGJTDBMFTQPESgODPOTUJUVJSBTPDJBDJPOFTQSPGFTJPOBMFTVPUSBTPSHBOJ[B
DJPOFTPJODPSQPSBSTFBFMMBTDPOFMQSPQwTJUPEFSFQSFTFOUBSTVTJOUFSFTFT
QSPNPWFSMBDBQBDJUBDJwOQSPGFTJPOBMZQSPUFHFSTVTEFSFDIPT
G &M DBSHP EF GJTDBM FTUBSg FTUSJDUBNFOUF TFQBSBEP EF MBT GVODJPOFT
KVEJDJBMFT
H -PTGJTDBMFTEFTFNQFvBSgOVOQBQFMBDUJWPFOFMQSPDFEJNJFOUPQFOBMJODMVJEB
MBJOJDJBDJwOEFMQSPDFEJNJFOUPZDVBOEPBTrMPBVUPSJDFMBMFZPTFBKVTUFBMB
QSgDUJDBMPDBMFOMBJOWFTUJHBDJwOEFEFMJUPTMBTVQFSWJTJwOEFMBMFHBMJEBEEF
FTBTJOWFTUJHBDJPOFTMBTVQFSWJTJwOEFMBFKFDVDJwOEFGBMMPTKVEJDJBMFTZFM
FKFSDJDJPEFPUSBTGVODJPOFTDPNPSFQSFTFOUBOUFTEFMJOUFSnTQ|CMJDP
I -PTGJTDBMFTEFDPOGPSNJEBEDPOMBMFZEFCFSgODVNQMJSTVTGVODJPOFTDPO
JNQBSDJBMJEBEGJSNF[BZQSPOUJUVESFTQFUBSZQSPUFHFSMBEJHOJEBEIVNBOBZ
EFGFOEFSMPTEFSFDIPTIVNBOPTDPOUSJCVZFOEPEFFTBNBOFSBBBTFHVSBSFM
EFCJEPQSPDFTPZFMCVFOGVODJPOBNJFOUPEFMTJTUFNBEFKVTUJDJBQFOBM
J &OFMEFTFNQFvPEFTVTGVODJPOFTMPTGJTDBMFT
%FTFNQFvBSgOTVTGVODJPOFTEFNBOFSBJNQBSDJBMZFWJUBSgOUPEP
UJQPEFEJTDSJNJOBDJwOQPMrUJDBTPDJBMSFMJHJPTBSBDJBMDVMUVSBMTFYVBM
PEFPUSBrOEPMF
1SPUFHFSgOFMJOUFSnTQ|CMJDPBDUVBSgODPOPCKFUJWJEBEUFOESgOEFCJ
EBNFOUFFODVFOUBMBTJUVBDJwOEFMTPTQFDIPTPZEFMBWrDUJNBZQSFT
UBSgOBUFODJwOBUPEBTMBTDJSDVOTUBODJBTQFSUJOFOUFTQSFTDJOEJFOEP
EFRVFTFBOWFOUBKPTBTPEFTWFOUBKPTBTQBSBFMTPTQFDIPTP
.BOUFOESgOFMDBSgDUFSDPOGJEFODJBMEFMPTNBUFSJBMFTRVFPCSFOFO
TVQPEFSTBMWPRVFSFRVJFSBPUSBDPTBFMDVNQMJNJFOUPEFTVEFCFS
PMBTOFDFTJEBEFTEFMBKVTUJDJB
$POTJEFSBSgOMBTPQJOJPOFTFJORVJFUVEFTEFMBTWrDUJNBTDVBOEPTF
WFBOBGFDUBEPTTVTJOUFSFTFTQFSTPOBMFTZBTFHVSBSgORVFTFJOGPSNFB
MBTWrDUJNBTEFTVTEFSFDIPTDPOBSSFHMPBMBTEJTQPTJDJPOFTWJODVMBEBT
BMBTWrDUJNBTRVFTFJODMVZFOFOFTUFJOTUSVNFOUP
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
K -PTGJTDBMFTOPJOJDJBSgOOJDPOUJOVBSgOVOQSPDFEJNJFOUPPCJFOIBSgOUPEP
MPQPTJCMFQPSJOUFSSVNQJSMPDVBOEPVOBJOWFTUJHBDJwOJNQBSDJBMEFNVFTUSF
RVFMBBDVTBDJwOFTJOGVOEBEB
L -PTGJTDBMFTQSFTUBSgOMBEFCJEBBUFODJwOBMFOKVJDJBNJFOUPEFMPTGVODJPOBSJPT
Q|CMJDPTRVFIBZBODPNFUJEPEFMJUPTFTQFDJBMNFOUFFOMPTDBTPTEFDPSSVQ
DJwOBCVTPEFQPEFSWJPMBDJPOFTHSBWFTEFEFSFDIPTIVNBOPTZPUSPTEFMJUPT
SFDPOPDJEPTQPSFMEFSFDIPJOUFSOBDJPOBMZDVBOEPMPBVUPSJDFOMBTMFZFTP
TFBKVTUFBMBQSgDUJDBMPDBMBMBJOWFTUJHBDJwOEFFTPTEFMJUPT
M $VBOEPMPTGJTDBMFTUFOHBOFOTVQPEFSQSVFCBTDPOUSBTPTQFDIPTPTZTFQBO
PUFOHBOTPTQFDIBTGVOEBEBTEFRVFGVFSPOPCUFOJEBTQPSNnUPEPTJMrDJUPT
RVFDPOTUJUVZBOVOBWJPMBDJwOHSBWFEFMPTEFSFDIPTIVNBOPTEFMTPTQFDIPTP
FTQFDJBMNFOUFUPSUVSBTUSBUPTPDBTUJHPTDSVFMFTJOIVNBOPTPEFHSBEBOUFT
VPUSPTBCVTPTEFMPTEFSFDIPTIVNBOPTTFOFHBSgOBVUJMJ[BSFTBTQSVF
CBTDPOUSBDVBMRVJFSQFSTPOBTBMWPDPOUSBRVJFOFTIBZBOFNQMFBEPFTPT
NnUPEPTPMPJOGPSNBSgOBMPTUSJCVOBMFTZBEPQUBSgOUPEBTMBTNFEJEBT
OFDFTBSJBTQBSBBTFHVSBSRVFMPTSFTQPOTBCMFTEFMBVUJMJ[BDJwOEFEJDIPT
NnUPEPTDPNQBSF[DBOBOUFMBKVTUJDJB
N "GJOEFBTFHVSBSMBFRVJEBEZFGJDBDJBEFMQSPDFEJNJFOUPMPTGJTDBMFTIBSgO
MPQPTJCMFQPSDPPQFSBSDPOMBQPMJDrBMPTUSJCVOBMFTMPTBCPHBEPTMPTEF
GFOTPSFTQ|CMJDPTZPUSPTPSHBOJTNPTPJOTUJUVDJPOFTHVCFSOBNFOUBMFT
O -BTGBMUBTEFDBSgDUFSEJTDJQMJOBSJPDPNFUJEBTQPSMPTGJTDBMFTFTUBSgOQSFWJTUBT
FOMBMFZPFOMPTSFHMBNFOUPT-BTSFDMBNBDJPOFTDPOUSBMPTGJTDBMFTFOMBT
RVFTFBMFHVFRVFIBOBDUVBEPDMBSBNFOUFGVFSBEFMNBSDPEFMBTOPSNBT
QSPGFTJPOBMFTTFTVTUBODJBSgOQSPOUBFJNQBSDJBMNFOUFDPOBSSFHMPBMQSPDF
EJNJFOUPQFSUJOFOUF-PTGJTDBMFTUFOESgOEFSFDIPBVOBBVEJFODJBJNQBSDJBM
-BTEFDJTJPOFTFTUBSgOTPNFUJEBTBSFWJTJwOJOEFQFOEJFOUF
P -BTBDUVBDJPOFTEJTDJQMJOBSJBTDPOUSBMPTGJTDBMFTHBSBOUJ[BSgOVOBFWBMVBDJwO
ZEFDJTJwOPCKFUJWBT4FEFUFSNJOBSgOEFDPOGPSNJEBEDPOMBMFZFMDwEJHPEF
DPOEVDUBQSPGFTJPOBMZPUSBTSFHMBTZOPSNBTnUJDBTFTUBCMFDJEBT
<©>
**OEFQFOEFODJBEFMPTBCPHBEPT
B -PT&TUBEPTMBTBTPDJBDJPOFTQSPGFTJPOBMFTEFMPTBCPHBEPTZMBTJOTUJUVDJP
OFTFEVDBUJWBTHBSBOUJ[BSgORVFMPTBCPHBEPTDVFOUFODPOMBFEVDBDJwOZ
DBQBDJUBDJwOBEFDVBEBTZDPOP[DBOMPTJEFBMFTZMBTPCMJHBDJPOFTnUJDBTEFM
BCPHBEPZMPTEFSFDIPTIVNBOPTZMBTMJCFSUBEFTGVOEBNFOUBMFTSFDPOPDJEPT
QPSFMEFSFDIPOBDJPOBMFJOUFSOBDJPOBM
C -PT&TUBEPTHBSBOUJ[BSgORVFMPTBCPHBEPT
(6Ê"1"3"130'&4*0/"-&4/
1VFEBOEFTFNQFvBSUPEBTTVTGVODJPOFTQSPGFTJPOBMFTTJOJOUJNJEB
DJPOFTPCTUgDVMPTBDPTPTPJOUFSGFSFODJBTJOEFCJEBT
1VFEBOWJBKBSZDPNVOJDBSTFMJCSFNFOUFDPOTVTDMJFOUFTUBOUPEFOUSP
EFTVQBrTDPNPFOFMFYUFSJPS
/PTVGSBOOJFTUnOFYQVFTUPTBQFSTFDVDJPOFTPTBODJPOFTBENJOJT
USBUJWBTFDPOwNJDBTPEFPUSBrOEPMFBSBr[EFDVBMRVJFSNFEJEBRVF
IBZBOBEPQUBEPEFDPOGPSNJEBEDPOMBTPCMJHBDJPOFTSFHMBTZOPSNBT
nUJDBTRVFTFSFDPOPDFOBTVQSPGFTJwO
D -PT&TUBEPTSFDPOPDFSgOZSFTQFUBSgOMBDPOGJEFODJBMJEBEEFUPEBTMBTDP
NVOJDBDJPOFTZDPOTVMUBTFOUSFMPTBCPHBEPTZTVTDMJFOUFTFOFMNBSDPEF
TVSFMBDJwOQSPGFTJPOBM
E -BTBVUPSJEBEFTDPNQFUFOUFTUJFOFOMBPCMJHBDJwOEFWFMBSQPSRVFMPTBCP
HBEPTUFOHBOBDDFTPBMBJOGPSNBDJwOMPTBSDIJWPTZEPDVNFOUPTQFSUJOFOUFT
RVFFTUnOFOTVQPEFSPCBKPTVDPOUSPMDPOBOUFMBDJwOTVGJDJFOUFQBSBRVF
QVFEBOQSFTUBSBTVTDMJFOUFTVOBBTJTUFODJBKVSrEJDBFGJDB[&TUFBDDFTPTF
GBDJMJUBSgMPBOUFTQPTJCMF
F -PTBCPHBEPTHP[BSgOEFJONVOJEBEDJWJMZQFOBMQPSMBTEFDMBSBDJPOFTRVF
IBHBOEFCVFOBGFQPSFTDSJUPPFOMPTBMFHBUPTPSBMFTPCJFOBMDPNQBSFDFS
DPNPQSPGFTJPOBMFTBOUFVOUSJCVOBMKVEJDJBMPUSPUSJCVOBMVwSHBOPKVSrEJDP
PBENJOJTUSBUJWP
G $VBOEPMBTFHVSJEBEEFMPTBCPHBEPTTFBBNFOB[BEBBSBr[EFMFKFSDJDJPEF
TVTGVODJPOFTSFDJCJSgOEFMBTBVUPSJEBEFTQSPUFDDJwOBEFDVBEB
H -PTBCPHBEPTOPTFSgOJEFOUJGJDBEPTDPOTVTDMJFOUFTOJDPOMBTDBVTBTEF
TVTDMJFOUFTDPNPDPOTFDVFODJBEFMEFTFNQFvPEFTVTGVODJPOFT
I -PTBCPHBEPTNBOUFOESgOFOUPEPNPNFOUPFMIPOPSZMBEJHOJEBEEFTV
QSPGFTJwOFOTVDBMJEBEEFBHFOUFTGVOEBNFOUBMFTEFMBBENJOJTUSBDJwOEF
KVTUJDJB
J -PTBCPHBEPTBMQSPUFHFSMPTEFSFDIPTEFTVTDMJFOUFTZEFGFOEFSMBDBVTB
EFMBKVTUJDJBQSPDVSBSgOBQPZBSMPTEFSFDIPTIVNBOPTZMBTMJCFSUBEFTGVO
EBNFOUBMFTSFDPOPDJEPTQPSFMEFSFDIPOBDJPOBMFJOUFSOBDJPOBMZFOUPEP
NPNFOUPBDUVBSgODPOMJCFSUBEZEJMJHFODJBEFDPOGPSNJEBEDPOMBMFZZMBT
SFHMBTZOPSNBTnUJDBTSFDPOPDJEBTRVFSJHFOTVQSPGFTJwO
K -PTBCPHBEPTWFMBSgOMFBMNFOUFFOUPEPNPNFOUPQPSMPTJOUFSFTFTEFTVT
DMJFOUFT
L -PTBCPHBEPTDPNPMPTEFNgTDJVEBEBOPTUJFOFOEFSFDIPBMBMJCFSUBEEF
FYQSFTJwODSFFODJBTBTPDJBDJwOZSFVOJwO&OQBSUJDVMBSUFOESgOEFSFDIP
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
BQBSUJDJQBSFOFMEFCBUFQ|CMJDPEFBTVOUPTSFMBUJWPTBMBMFHJTMBDJwOMB
BENJOJTUSBDJwOEFKVTUJDJBZMBQSPNPDJwOZMBQSPUFDDJwOEFMPTEFSFDIPT
IVNBOPTBTrDPNPBVOJSTFPQBSUJDJQBSFOPSHBOJ[BDJPOFTMPDBMFTOBDJP
OBMFTPJOUFSOBDJPOBMFTZBTJTUJSBTVTSFVOJPOFTTJOTVGSJSSFTUSJDDJPOFT
QSPGFTJPOBMFTBSBr[EFTVTBDUJWJEBEFTMrDJUBTPEFTVDBSgDUFSEFNJFNCSP
EFVOBPSHBOJ[BDJwOMrDJUB&OFMFKFSDJDJPEFFTUPTEFSFDIPTMPTBCPHBEPT
TJFNQSFPCSBSgOEFDPOGPSNJEBEDPOMBMFZZDPOMBTSFHMBTZOPSNBTnUJDBT
RVFTFSFDPOPDFOBTVQSPGFTJwO
M -PTBCPHBEPTFTUBSgOGBDVMUBEPTBDPOTUJUVJSBTPDJBDJPOFTQSPGFTJPOBMFT
BVUwOPNBTFJODPSQPSBSTFBFTUBTBTPDJBDJPOFTDPOFMQSPQwTJUPEFSF
QSFTFOUBSTVTJOUFSFTFTQSPNPWFSTVDPOTUBOUFGPSNBDJwOZDBQBDJUBDJwO
ZQSPUFHFSTVJOUFHSJEBEQSPGFTJPOBM&MwSHBOPFKFDVUJWPEFMBBTPDJBDJwO
QSPGFTJPOBMTFSgFMFHJEPQPSTVTNJFNCSPTZFKFSDFSgTVTGVODJPOFTTJO
JOKFSFODJBTFYUFSOBT
N -BMFHJTMBDJwOPMBQSPGFTJwOKVSrEJDBQPSDPOEVDUPEFTVTDPSSFTQPOEJFOUFT
wSHBOPTFTUBCMFDFSgODwEJHPTEFDPOEVDUBQSPGFTJPOBMQBSBMPTBCPHBEPT
EFDPOGPSNJEBEDPOMBMFHJTMBDJwOZMBTDPTUVNCSFTEFMQBrTZMBTSFHMBTZ
OPSNBTJOUFSOBDJPOBMFTSFDPOPDJEBT
O -BTBDVTBDJPOFTPSFDMBNBDJPOFTDPOUSBMPTBCPHBEPTFOSFMBDJwODPOTV
BDUVBDJwOQSPGFTJPOBMTFUSBNJUBSgOSgQJEBFJNQBSDJBMNFOUFNFEJBOUFQSPDF
EJNJFOUPTBQSPQJBEPT-PTBCPHBEPTUFOESgOEFSFDIPBVOBBVEJFODJBKVTUB
JODMVJEPFMEFSFDIPBSFDJCJSMBBTJTUFODJBEFVOBCPHBEPEFTVFMFDDJwO
P -BTBDVTBDJPOFTEJTDJQMJOBSJBTDPOUSBBCPHBEPTTFTVCTUBODJBSgOBOUFVO
DPNJUnEJTDJQMJOBSJPFJNQBSDJBMFTUBCMFDJEPQPSMBQSPGFTJwOKVSrEJDBBOUFVO
USJCVOBMKVEJDJBMZTFSgOPCKFUPEFSFWJTJwOKVEJDJBMJOEFQFOEJFOUF
Q 5PEPQSPDFEJNJFOUPQBSBBEPQDJwOEFNFEJEBTEJTDJQMJOBSJBTTFSFHJSgQPSFM
DwEJHPEFDPOEVDUBQSPGFTJPOBMZPUSBTSFHMBTZOPSNBTnUJDBTSFDPOPDJEBTB
MBQSPGFTJwOZMPTFTUgOEBSFTJOUFSOBDJPOBMFT
<©>
-&MEFSFDIPEFMPTDJWJMFTBOPTFSKV[HBEPTQPSUSJCVOBMFTNJMJUBSFT
B &M|OJDPQSPQwTJUPEFMPTUSJCVOBMFTNJMJUBSFTTFSgFMEFEFUFSNJOBSGBMUBTEF
OBUVSBMF[BFTUSJDUBNFOUFNJMJUBSDPNFUJEBTQPSQFSTPOBMNJMJUBS
C &OFMFKFSDJDJPEFTVGVODJwOMPTUSJCVOBMFTNJMJUBSFTEFCFSgOSFTQFUBS
MBTOPSNBTEFVOKVJDJPKVTUPFOVODJBEBTFOMB$BSUB"GSJDBOBZFOFTUBT
EJSFDUSJDFT
(6Ê"1"3"130'&4*0/"-&4/
D -PTUSJCVOBMFTNJMJUBSFTOPUFOESgOCBKPOJOHVOBTDJSDVOTUBODJBTKVSJTEJDDJwO
TPCSFMPTDJWJMFT%FNPEPTJNJMBSMPTUSJCVOBMFTFTQFDJBMFTOPEFCFSgOKV[HBS
GBMUBTDPNQSFOEJEBTFOMBKVSJTEJDDJwOEFMPTUSJCVOBMFTPSEJOBSJPT
<©>
25SJCVOBMFTUSBEJDJPOBMFT
<©>
D -BJOEFQFOEFODJBEFMPTUSJCVOBMFTUSBEJDJPOBMFTFTUBSgHBSBOUJ[BEBQPS
MBT MFZFT EFM QBrT Z TFSg SFTQFUBEB QPS FM HPCJFSOP TVT PSHBOJTNPT Z
BVUPSJEBEFT
TFSgOJOEFQFOEJFOUFTEFMQPEFSFKFDVUJWP
OPIBCSgOJOHVOBJOUFSGFSFODJBJOBEFDVBEBPJOKVTUJGJDBEBFOMPT
QSPDFEJNJFOUPTBOUFMPTUSJCVOBMFTUSBEJDJPOBMFT
E -PT&TUBEPTHBSBOUJ[BSgOMBJNQBSDJBMJEBEEFMPTUSJCVOBMFTUSBEJDJPOBMFT&O
QBSUJDVMBSMPTNJFNCSPTEFMPTUSJCVOBMFTUSBEJDJPOBMFTEFDJEJSgOBTVOUPT
RVFDPOP[DBOTJOSFTUSJDDJwOBMHVOBZTJOJOGMVFODJBTBMJDJFOUFTQSFTJPOFT
BNFOB[BTPJOUSPNJTJPOFTJOEFCJEBTTFBOEJSFDUBTPJOEJSFDUBTEFDVBMFT
RVJFSBTFDUPSFTPQPSDVBMRVJFSNPUJWP
-BJNQBSDJBMJEBEEFVOUSJCVOBMUSBEJDJPOBMTFWFSrBQFSKVEJDBEBTJ
VOPEFTVTNJFNCSPT
FYQSFTBSB VOB PQJOJwO RVF JOGMVJSrB FO MB UPNB EF
EFDJTJPOFT
UVWJFSBBMHVOBWJODVMBDJwOPFTUVWJFSBJOWPMVDSBEPFOFMDBTP
PDPOVOBEFMBTQBSUFTEFMDBTP
5VWJFSBVOJOUFSnTQFDVOJBSJPPEFPUSBrOEPMFDPOSFMBDJwOBM
SFTVMUBEPEFMDBTP
$VBMRVJFSQBSUFEFMPTQSPDFEJNJFOUPTBOUFVOUSJCVOBMUSBEJDJPOBM
UFOESgEFSFDIPBJNQVHOBSTVJNQBSDJBMJEBEDPOCBTFFOIFDIPT
WFSJGJDBCMFTRVFEFNVFTUSFORVFMBFRVJEBEEFDVBMRVJFSBEFTVT
NJFNCSPTPEFMUSJCVOBMUSBEJDJPOBMQBSFDFFTUBSFOEVEB
F -PTQSPDFEJNJFOUPTQPSRVFKBTZEJTDJQMJOBSJPTEFMPTNJFNCSPTEFMPT
USJCVOBMFTUSBEJDJPOBMFTEFCFSgOFTUBSQSFTDSJUPTQPSMFZ-BTRVFKBTDPOUSB
NJFNCSPTEFUSJCVOBMFTUSBEJDJPOBMFTTFQSPDFTBSgOQSPOUBZFYQFEJUJWBNFOUF
ZDPOUPEBTMBTHBSBOUrBTEFVOBBVEJFODJBKVTUBJODMVZFOEPFMEFSFDIPB
TFSSFQSFTFOUBEPTQPSVOSFQSFTFOUBOUFMFHBMBTVFMFDDJwOZBVOBSFWJTJwO
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
JOEFQFOEJFOUFEFMBTEFDJTJPOFTEFMPTQSPDFEJNJFOUPTEJTDJQMJOBSJPTEF
TVTQFOTJwOPEFTUJUVDJwO
(6Ê"1"3"130'&4*0/"-&4/
#/PSNBTEF5SBUBEPT
$BSUB"GSJDBOBTPCSFMPT%FSFDIPT)VNBOPTZEFMPT1VFCMPT
"EPQUBEBFMEFKVMJPEFWJHFOUFBQBSUJSEFMEFPDUVCSFEF
"SUrDVMP
-PT&TUBEPT¾SNBOUFTEFMBQSFTFOUF$BSUBUFOESgOFMEFCFSEFHBSBOUJ[BSMBJO
EFQFOEFODJBEFMPTUSJCVOBMFTEFKVTUJDJBZQFSNJUJSgOMBDSFBDJwOZMBNFKPSBEF
JOTUJUVDJPOFTOBDJPOBMFTBQSPQJBEBTRVFTFPDVQFOEFMBQSPNPDJwOZMBQSPUFDDJwO
EFMPTEFSFDIPTZMJCFSUBEFTHBSBOUJ[BEPTQPSMBQSFTFOUF$BSUB
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
$BSUB"GSJDBOBTPCSFMPT%FSFDIPTZFM#JFOFTUBSEFM/JvP
&OUSBEBFOWJHPSFMEFOPWJFNCSFEF
"SUrDVMP"ENJOJTUSBDJwOEFMB+VTUJDJBEF.FOPSFT
<©>
-PT&TUBEPTGJSNBOUFTEFMBQSFTFOUF$BSUBUPNBSgOMBTNFEJEBTOFDFTBSJBT
QBSB
<©>
D HBSBOUJ[BSRVFUPEPOJvPBDVTBEPEFJOGSJOHJSFMEFSFDIPQFOBM
<©>
JW EFUFSNJOBSgFMBTVOUPUBOSgQJEPDPNPTFBQPTJCMFQPSNFEJP
VOUSJCVOBMJNQBSDJBMZFODBTPEFTFSIBMMBEPDVMQBCMFUFOESg
EFSFDIPBBQFMBSBOUFVOUSJCVOBMTVQFSJPS
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
6OJwO&VSPQFB
$BSUBEF%FSFDIPT'VOEBNFOUBMFTEFMB6OJwO&VSPQFB
'JSNBEBZQSPDMBNBEBQPSMPTQSFTJEFOUFTEFM1BSMBNFOUP&VSPQFPFM$POTFKPZ
MB$PNJTJwOFOFM$POTFKP&VSPQFPFMEFEJDJFNCSFEF
$BQrUVMP7*+VTUJDJB
"SUrDVMP
%FSFDIPBMBUVUFMBKVEJDJBMFGFDUJWBZBVOKVF[JNQBSDJBM
<©>
5PEBQFSTPOBUJFOFEFSFDIPBRVFTVDBVTBTFBPrEBFRVJUBUJWBZQ|CMJDBNFOUFZEFO
USPEFVOQMB[PSB[POBCMFQPSVOKVF[JOEFQFOEJFOUFFJNQBSDJBMFTUBCMFDJEPQSFWJB
NFOUFQPSMBMFZ5PEBQFSTPOBQPESgIBDFSTFBDPOTFKBSEFGFOEFSZSFQSFTFOUBS
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
"TJB1BDrGJDP
%FDMBSBDJwOEF#FJKJOHTPCSFMPT1SJODJQJPTSFMBUJWPTBMB
*OEFQFOEFODJBEFMB+VEJDBUVSBFOMB3FHJwOEF-"8"4*"
"EPQUBEBQPSMPT1SFTJEFOUFTEFMBT$PSUFT4VQSFNBTEFMBSFHJwOEF-"8"4*"
ZQPSPUSPTKVFDFTEF"TJBZFM1BDrGJDPFO#FJKJOHFOZBEPQUBEBQPSFM
$POTFKPEF-"8"4*"FO
*OEFQFOEFODJBKVEJDJBM
-BKVEJDBUVSBFTVOBJOTUJUVDJwOEFNgYJNPWBMPSFOUPEBTPDJFEBE
-B %FDMBSBDJwO 6OJWFSTBM EF %FSFDIPT )VNBOPT "SU Z FM 1BDUP
*OUFSOBDJPOBMEF%FSFDIPT$JWJMFTZ1PMrUJDPT"SUM
TPTUJFOFORVFUPEBT
MBTQFSTPOBTEFCFOUFOFSEFSFDIPBVOKVJDJPKVTUPZQ|CMJDPBOUFVOUSJCVOBM
DPNQFUFOUFJOEFQFOEJFOUFFJNQBSDJBMFTUBCMFDJEPQPSMFZ
6OBKVEJDBUVSBJOEFQFOEJFOUFFTJOEJTQFOTBCMFQBSBMBJNQMFNFOUBDJwOEF
FTUFEFSFDIP
-BJOEFQFOEFODJBEFMBKVEJDBUVSBFYJHFRVF
B MBKVEJDBUVSBEFDJEBMPTBTVOUPTRVFDPOP[DBEFBDVFSEPDPOTVFWB
MVBDJwOJNQBSDJBMEFMPTIFDIPTZTVFOUFOEJNJFOUPEFMEFSFDIPTJO
JOGMVFODJBTJNQSPQJBTEJSFDUBTPJOEJSFDUBTEFDVBMRVJFSGVFOUFZ
C MBKVEJDBUVSBUFOHBKVSJTEJDDJwOEJSFDUBNFOUFPNFEJBOUFSFWJTJwO
TPCSFUPEPTMPTBTVOUPTEFOBUVSBMF[BKVEJDJBM
&MNBOUFOJNJFOUPEFMBJOEFQFOEFODJBEFMBKVEJDBUVSBFTFTFODJBMQBSBFM
MPHSPEFTVTPCKFUJWPTFOVOBTPDJFEBEMJCSFRVFDVNQMFDPOFMFTUBEPEF
EFSFDIP&TFTFODJBMRVFEJDIBJOEFQFOEFODJBFTUnHBSBOUJ[BEBQPSFM&TUBEP
FJODMVJEBFOMB$POTUJUVDJwOPMBMFZ
&TEFCFSEFMBKVEJDBUVSBSFTQFUBSZPCTFSWBSMPTPCKFUJWPTZMBTGVODJPOFTQSP
QJPTEFMBTPUSBTJOTUJUVDJPOFTEFMHPCJFSOP&TEFCFSEFEJDIBTJOTUJUVDJPOFT
SFTQFUBSZPCTFSWBSMPTPCKFUJWPTZGVODJPOFTQSPQJPTEFMBKVEJDBUVSB
&OFMQSPDFTPEFUPNBEFEFDJTJPOFTDVBMRVJFSPSHBOJ[BDJwOKFSgSRVJDBEFM
QPEFSKVEJDJBMZDVBMRVJFSEJGFSFODJBEFHSBEPPSBOHPOPJOUFSGFSJSgDPOFM
EFCFSEFMKVF[RVFFKFSDFMBKVSJTEJDDJwOJOEJWJEVBMNFOUFPEFMPTKVFDFTRVF
BDU|BODPMFDUJWBNFOUFQBSBEJDUBSTFOUFODJBEFBDVFSEPDPOFMBSUrDVMPB
&OJOHMnT²$IJFG+VTUJDFT³
(6Ê"1"3"130'&4*0/"-&4/
-BKVEJDBUVSBQPSTVQBSUFJOEJWJEVBMPDPMFDUJWBNFOUFFKFSDFSgMBTGVODJPOFT
EFBDVFSEPDPOMB$POTUJUVDJwOZMBMFZ
-PTKVFDFTEFGFOEFSgOMBJOUFHSJEBEZMBJOEFQFOEFODJBEFMBKVEJDBUVSB
FWJUBOEPJSSFHVMBSJEBEFTZMBBQBSJFODJBEFJSSFHVMBSJEBEFTFOUPEBTTVT
BDUJWJEBEFT
&OMBNFEJEBFORVFTFBDPOTJTUFOUFDPOTVTPUSBTPCMJHBDJPOFTDPNPNJFN
CSPTEFMQPEFSKVEJDJBMMPTKVFDFTBMJHVBMRVFMPTEFNgTDJVEBEBOPTUJFOFO
EFSFDIPBMBMJCFSUBEEFFYQSFTJwODSFFODJBBTPDJBDJwOZSFVOJwO
-PTKVFDFTTFSgOMJCSFTEFBDVFSEPDPODVBMRVJFSMFZBQMJDBCMFEFGPSNBS
PJOUFHSBSVOBBTPDJBDJwORVFSFQSFTFOUFTVTJOUFSFTFTZQSPNVFWBTV
DBQBDJUBDJwOQSPGFTJPOBMZUPNFMBTNFEJEBTOFDFTBSJBTQBSBQSPUFHFSTV
JOEFQFOEFODJBTFH|ODPSSFTQPOEB
0CKFUJWPTEFMBKVEJDBUVSB
-PTPCKFUJWPTZGVODJPOFTEFMBKVEJDBUVSBJODMVZFOMPTTJHVJFOUFT
B HBSBOUJ[BSRVFUPEBTMBTQFSTPOBTTFBODBQBDFTEFWJWJSDPOTFHVSJEBE
FOFMFTUBEPEFEFSFDIP
C QSPNPWFSEFOUSPEFMPTMrNJUFTQSPQJPTEFMBGVODJwOKVEJDJBMMBPC
TFSWBODJBZFMMPHSPEFMPTEFSFDIPTIVNBOPTZ
D JNQBSUJSKVTUJDJBFOGPSNBJNQBSDJBMFOUSFMBTQFSTPOBTZFOUSFMBT
QFSTPOBTZFM&TUBEP
/PNCSBNJFOUPEFKVFDFT
1BSBQFSNJUJSRVFMBKVEJDBUVSBMPHSFTVTPCKFUJWPTZEFTBSSPMMFTVTGVODJP
OFTFTFTFODJBMRVFMPTKVFDFTTFBOFMFHJEPTDPOCBTFFOTVDPNQFUFODJB
JOUFHSJEBEFJOEFQFOEFODJBDPNQSPCBEBT
&MNPEPEFOPNCSBNJFOUPEFMPTKVFDFTEFCFTFSUBMRVFHBSBOUJDFMBEFTJHOB
DJwOEFMBTQFSTPOBTRVFFTUnONFKPSDBMJGJDBEBTQBSBFMDBSHPKVEJDJBM%FCF
PUPSHBSQSPUFDDJwODPOUSBJOGMVFODJBTJOEFCJEBTEFNPEPRVF|OJDBNFOUF
QFSTPOBTDPNQFUFOUFTrOUFHSBTFJOEFQFOEJFOUFTTFBOOPNCSBEBT
&OMBTFMFDDJwOEFMPTKVFDFTOPEFCFIBCFSEJTDSJNJOBDJwODPOUSBOJOHVOB
QFSTPOBCBTBEBFOMBSB[BDPMPSHnOFSPSFMJHJwOPQJOJwOQPMrUJDBPEFPUSB
rOEPMFPSJHFOOBDJPOBMPTPDJBMFTUBEPDJWJMPSJFOUBDJwOTFYVBMQBUSJNPOJP
OBDJNJFOUPPFTUBUVTDPOMBTBMWFEBEEFRVFFMSFRVJTJUPEFRVFVODBOEJEBUP
BVODBSHPKVEJDJBMEFCBTFSEFMBOBDJPOBMJEBEEFMQBrTFODVFTUJwOOPTF
DPOTJEFSBSgEJTDSJNJOBUPSJP
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
-BFTUSVDUVSBEFMBQSPGFTJwOKVSrEJDBZMBTGVFOUFTEFMBTDVBMFTMPTKVFDFT
TPOBUSBrEPTBMBQSPGFTJwOKVSrEJDBEJGJFSFOFOMBTEJGFSFOUFTTPDJFEBEFT&O
BMHVOBTTPDJFEBEFTFYJTUFVOBDBSSFSBKVEJDJBMFOPUSBTMPTKVFDFTTPOFMF
HJEPTBQBSUJSEFMBQSgDUJDBEFMBQSPGFTJwO1PSDPOTJHVJFOUFTFBDFQUBRVF
FOEJGFSFOUFTTPDJFEBEFTTFBEPQUFOEJGFSFOUFTQSPDFEJNJFOUPTZHBSBOUrBT
QBSBBTFHVSBSMBBEFDVBEBEFTJHOBDJwOEFMPTKVFDFT
&OBMHVOBTTPDJFEBEFTMBEFTJHOBDJwOEFMPTKVFDFTDPOFMDPOTFOUJNJFOUP
EFPMVFHPEFDPOTVMUBSBMB$PNJTJwOEF4FSWJDJPT+VEJDJBMFTIBTJEP
DPOTJEFSBEBDPNPVONFEJPEFHBSBOUJ[BSRVFRVJFOFTTPOFMFDUPTDPNP
KVFDFTTPOBEFDVBEPTQBSBEJDIBGJOBMJEBE&ODBTPRVFFYJTUBVOB$PNJTJwO
EF4FSWJDJPT+VEJDJBMFTTFEFCFOJODMVJSSFQSFTFOUBOUFTEFMPTwSHBOPTKVEJ
DJBMFTTVQFSJPSFTZEFMBQSPGFTJwOKVSrEJDBJOEFQFOEJFOUFQBSBHBSBOUJ[BSMB
DPNQFUFODJBMBJOUFHSJEBEZMBJOEFQFOEFODJBKVEJDJBM
&OBVTFODJBEFVOB$PNJTJwOEF4FSWJDJPT+VEJDJBMFTMPTQSPDFEJNJFOUPTEF
OPNCSBNJFOUPEFKVFDFTEFCFOFTUBSDMBSBNFOUFEFGJOJEPTZGPSNBMJ[BEPTZ
MBJOGPSNBDJwOBDFSDBEFMPTNJTNPTEFCFFTUBSEJTQPOJCMFBMQ|CMJDP
&MBTDFOTPEFMPTKVFDFTTFEFCFCBTBSFOVOBFWBMVBDJwOPCKFUJWBEFGBDUPSFT
DPNPMBDPNQFUFODJBMBJOUFHSJEBEMBJOEFQFOEFODJBZMBFYQFSJFODJB
1FSNBOFODJBFOFMDBSHP
-PTKVFDFTEFCFOUFOFSTFHVSJEBEFOFMDBSHP
4FSFDPOPDFRVFFOBMHVOPTQBrTFTMBQFSNBOFODJBFOFMDBSHPFTUgTVKFUB
BDPOGJSNBDJwOQFSJwEJDBNFEJBOUFFMWPUPEFMBQPCMBDJwOVPUSPQSPDFEJ
NJFOUPGPSNBM
4JOFNCBSHPTFSFDPNJFOEBRVFUPEPTMPTKVFDFTRVFFKFSDFOMBNJTNB
KVSJTEJDDJwOTFBOEFTJHOBEPTQPSVOQFSrPEPRVFWFODFSgBMBMDBO[BSVOB
EFUFSNJOBEBFEBE
%VSBOUFTVNBOEBUPMBQFSNBOFODJBFOFMDBSHPEFMPTKVFDFTOPEFCF
BMUFSBSTFFOTVEFUSJNFOUP
-PTKVFDFTEFCFOFTUBSTVKFUPTBEFTUJUVDJwOEFMDBSHPTPMBNFOUFTJTFEF
NVFTUSBTVJODBQBDJEBETJTPODPOEFOBEPTQPSVOEFMJUPPDPOEVDUBRVF
TJHOJGJRVFTVJOBEFDVBDJwOQBSBEFTFNQFvBSTVTGVODJPOFT
4FSFDPOPDFRVFFOSB[wOEFEJGFSFODJBTIJTUwSJDBTZDVMUVSBMFTMPTQSP
DFEJNJFOUPTBEPQUBEPTQBSBMBEFTUJUVDJwOEFMPTKVFDFTQVFEFOEJGFSJSFO
EJTUJOUBTTPDJFEBEFT-BEFTUJUVDJwOQPSQSPDFEJNJFOUPTQBSMBNFOUBSJPTGVF
&OJOHMnT²+VEJDJBM4FSWJDFT$PNNJTTJPO³
(6Ê"1"3"130'&4*0/"-&4/
USBEJDJPOBMNFOUFBEPQUBEBFOBMHVOBTTPDJFEBEFT&OPUSBTFTFQSPDFEJ
NJFOUPFTJOBQSPQJBEPOPFTFMJOEJDBEPQBSBNBOFKBSBMHVOBTDBVTBMFTEF
MBEFTUJUVDJwOSBSBWF[TFVUJMJ[BPOPTFVUJMJ[BZBFODBTPTRVFOPTFBOMPT
NgTTFSJPTQVFEFSFEVOEBSFOBCVTPT
&ODBTPEFOPBQMJDBSTFMPTQSPDFEJNJFOUPTQBSMBNFOUBSJPTPQSPDFEJNJFOUPT
QBSBMBEFTUJUVDJwOEFVOKVF[NFEJBOUFWPUBDJwOQPQVMBSMPTQSPDFEJNJFOUPT
QBSBMBEFTUJUVDJwOEFMPTKVFDFTEFCFOFTUBSDPOUSPMBEPTQPSMBKVEJDBUVSB
&ODBTPRVFOPTFBQMJRVFOMPTQSPDFEJNJFOUPTQBSMBNFOUBSJPTPMPTQSP
DFEJNJFOUPTQBSBMBEFTUJUVDJwOEFVOKVF[NFEJBOUFWPUBDJwOQPQVMBSZTF
QSPQPOHBUPNBSNFEJEBTQBSBEFTUJUVJSBVOKVF[EFCFSrBFOQSJNFSMVHBS
IBCFSVOFYBNFOEFMBTSB[POFTTVHFSJEBTQBSBTVEFTUJUVDJwOQBSBEFUFSNJ
OBSTJTFEFCFODPNFO[BSMPTQSPDFEJNJFOUPTGPSNBMFT-PTQSPDFEJNJFOUPT
GPSNBMFTEFCFODPNFO[BS|OJDBNFOUFTJFMFYBNFOQSFMJNJOBSJOEJDBRVF
IBZSB[POFTBEFDVBEBTQBSBMMFWBSMPTBDBCP
&ODVBMRVJFSDBTPFMKVF[RVFTFQSPDVSBEFTUJUVJSEFCFUFOFSEFSFDIPBVOB
BVEJFODJBKVTUB
5PEPTMPTQSPDFEJNJFOUPTEJTDJQMJOBSJPTEFTVTQFOTJwOPEFTUJUVDJwOEFCFO
TFSEFUFSNJOBEPTEFBDVFSEPDPOMBTOPSNBTFTUBCMFDJEBTEFDPOEVDUB
KVEJDJBM
-BTTFOUFODJBTFOMPTQSPDFEJNJFOUPTEJTDJQMJOBSJPTZBTFBRVFTFMMFWFOB
DBCPBQVFSUBDFSSBEBPFOQ|CMJDPEFCFOTFSQVCMJDBEBT
&MDJFSSFEFVOUSJCVOBMEFMDVBMVOKVF[FTNJFNCSPOPEFCFTFSBDFQUBEB
DPNPVOBSB[wOPVOBPQPSUVOJEBEEFEFTUJUVDJwOEFVOKVF[$VBOEPVO
USJCVOBMFTBCPMJEPPSFFTUSVDUVSBEPUPEPTMPTNJFNCSPTEFMUSJCVOBMEF
CFOTFSEFTJHOBEPTOVFWBNFOUFBMUSJCVOBMRVFMPSFFNQMBDFPBTJHOBEPTB
PUSPDBSHPKVEJDJBMEFSBOHPFRVJWBMFOUF-PTNJFNCSPTEFMUSJCVOBMQBSBMPT
DVBMFTOPTFQVFEFFODPOUSBSVODBSHPBMUFSOBUJWPEFCFOTFSDPNQFOTBEPT
QMFOBNFOUF
-PTKVFDFTOPEFCFOTFSUSBOTGFSJEPTQPSFMQPEFSFKFDVUJWPEFVOBKVSJTEJDDJwO
PGVODJwOBPUSBTJOTVDPOTFOUJNJFOUPQFSPDVBOEPMBUSBOTGFSFODJBSFTQPO
EBBVOBQPMrUJDBVOJGPSNFGPSNVMBEBQPSFMQPEFSFKFDVUJWPMVFHPEFIBCFS
SFBMJ[BEPMBDPOTVMUBDPSSFTQPOEJFOUFDPOMBKVEJDBUVSBEJDIPDPOTFOUJNJFOUP
OPTFSgTPTUFOJEPEFNBOFSBJSSB[POBCMFQPSVOKVF[
$POEJDJPOFTKVEJDJBMFT
-PTKVFDFTEFCFOSFDJCJSVOBSFNVOFSBDJwOBEFDVBEBZTFMFTEFCFPUPSHBS
UnSNJOPTZDPOEJDJPOFTBEFDVBEPTQBSBFMEFTFNQFvPEFTVTGVODJPOFT-B
SFNVOFSBDJwOZMBTDPOEJDJPOFTEFMDBSHPEFMPTKVFDFTOPEFCFOTFSBMUFSBEBT
EFNPEPRVFMPTQFSKVEJRVFOEVSBOUFTVNBOEBUPTBMWPDPNPQBSUFVOB
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
NFEJEBQ|CMJDBVOJGPSNFBDPSEBEBQPSMPTKVFDFTEFVOUSJCVOBMSFMFWBOUF
PQPSMBNBZPSrBEFFMMPT
4JOQFSKVJDJPEFDVBMRVJFSQSPDFEJNJFOUPEJTDJQMJOBSJPPEFDVBMRVJFSEFSF
DIPEFBQFMBDJwOPEFDPNQFOTBDJwOEFM&TUBEPEFBDVFSEPDPOFMEFSFDIP
OBDJPOBMMPTKVFDFTEFCFOHP[BSEFJONVOJEBEQFSTPOBMFOMPTKVJDJPTDJWJMFT
QPSEBvPNPOFUBSJPBDBVTBEFBDUPTJOEFCJEPTVPNJTJPOFTFOFMFKFSDJDJP
EFTVTGVODJPOFTKVEJDJBMFT
+VSJTEJDDJwO
&MQPEFSKVEJDJBMEFCFUFOFSKVSJTEJDDJwOFOUPEPTMPTBTVOUPTEFOBUVSBMF[B
KVEJDJBMZEFCFUFOFSBVUPSJEBEFYDMVTJWBQBSBEFDJEJSTJVOBTVOUPTPNFUJEP
BTVEFDJTJwOTFFODVFOUSBEFOUSPEFTVDPNQFUFODJBDPNPMPEFGJOFMBMFZ
-BKVSJTEJDDJwOEFMUSJCVOBMTVQFSJPSFOVOBTPDJFEBEOPEFCFFTUBSMJNJUBEB
PSFTUSJOHJEBTJOFMDPOTFOUJNJFOUPEFMPTNJFNCSPTEFMUSJCVOBM
"ENJOJTUSBDJwOKVEJDJBM
-BBTJHOBDJwOEFDBTPTBKVFDFTFTVOBTVOUPEFBENJOJTUSBDJwOKVEJDJBMDVZP
DPOUSPM|MUJNPEFCFQFSUFOFDFSBMNgYJNPGVODJPOBSJPKVEJDJBMEFMUSJCVOBM
SFMFWBOUF
-BQSJODJQBMSFTQPOTBCJMJEBEEFMBBENJOJTUSBDJwOEFMPTUSJCVOBMFTJODMVJEPTFM
OPNCSBNJFOUPTVQFSWJTJwOZDPOUSPMEJTDJQMJOBSJPEFMQFSTPOBMBENJOJTUSBUJWP
ZQFSTPOBMEFBQPZPEFCFDPSSFTQPOEFSBMBKVEJDBUVSBPBVOwSHBOPFOFM
RVFMBKVEJDBUVSBFTUnSFQSFTFOUBEBZUFOHBVOBGVODJwOFGFDUJWB
&MQSFTVQVFTUPEFMPTUSJCVOBMFTEFCFTFSQSFQBSBEPQPSMPTUSJCVOBMFTPQPS
VOBBVUPSJEBEDPNQFUFOUFFODPMBCPSBDJwODPOMBKVEJDBUVSBUFOJFOEPFO
DVFOUBMBTOFDFTJEBEFTEFJOEFQFOEFODJBKVEJDJBMZBENJOJTUSBUJWB&MNPOUP
BTJHOBEPEFCFTFSTVGJDJFOUFQBSBQFSNJUJSRVFDBEBUSJCVOBMGVODJPOFTJO
VOBFYDFTJWBDBSHBEFUSBCBKP
3FMBDJwODPOFMQPEFSFKFDVUJWP
-PTQPEFSFTEFMFKFDVUJWPRVFQVFEBOBGFDUBSBMPTKVFDFTFOTVDBSHPSF
NVOFSBDJwODPOEJDJPOFTPMPTSFDVSTPTBTJHOBEPTOPEFCFOTFSVUJMJ[BEPT
QBSBBNFOB[BSPQSFTJPOBSBVOKVF[PKVFDFTEFUFSNJOBEPT
/PTFEFCFPGSFDFSOJMPTKVFDFTEFCFOBDFQUBSJODFOUJWPTPCFOFGJDJPT
TJnTUPTBGFDUBOPQVFEFOMMFHBSBBGFDUBSFMEFTFNQFvPEFTVTGVODJPOFT
KVEJDJBMFT
-BTBVUPSJEBEFTEFMQPEFSFKFDVUJWPEFCFOFOUPEPNPNFOUPHBSBOUJ[BSMB
TFHVSJEBEZQSPUFDDJwOGrTJDBEFMPTKVFDFTZEFTVTGBNJMJBSFT
(6Ê"1"3"130'&4*0/"-&4/
3FDVSTPT
&TFTFODJBMRVFMPTKVFDFTSFDJCBOMPTSFDVSTPTOFDFTBSJPTQBSBQPEFSEFT
FNQFvBSTVTGVODJPOFT
$VBOEPMBTSFTUSJDDJPOFTFDPOwNJDBTEJGJDVMUFOMBBTJHOBDJwOEFJOTUBMBDJP
OFTZSFDVSTPTRVFMPTKVFDFTDPOTJEFSFOBEFDVBEPTQBSBEFTFNQFvBSTVT
GVODJPOFTFMNBOUFOJNJFOUPFTFODJBMEFMFTUBEPEFEFSFDIPZMBQSPUFDDJwO
EFMPTEFSFDIPTIVNBOPTSFRVJFSFORVFTFEnNgYJNBQSJPSJEBEBMBTOFDF
TJEBEFTEFMBKVEJDBUVSBFOMBBTJHOBDJwOEFSFDVSTPT
&NFSHFODJB
$JFSUBTEFSPHBDJPOFTEFMBJOEFQFOEFODJBKVEJDJBMQVFEFOQFSNJUJSTFFO
UJFNQPTEFFNFSHFODJBQ|CMJDBHSBWFRVFBNFOBDFOMBWJEBEFMBTPDJFEBE
QFSPTPMBNFOUFQPSVOQFSrPEPEFUJFNQPFTUSJDUBNFOUFSFRVFSJEPQPSMBT
FYJHFODJBTEFMBTJUVBDJwOZFOMBTDPOEJDJPOFTQSFTDSJUBTQPSMFZTJFNQSF
RVFMBEFSPHBDJwOTFBFTUSJDUBNFOUFDPOTJTUFOUFDPOMBTOPSNBTNrOJNBT
SFDPOPDJEBTJOUFSOBDJPOBMNFOUFZTPNFUJEBBMBSFWJTJwOEFMPTUSJCVOBMFT
&OUJFNQPTEFFNFSHFODJBFM&TUBEPQSPDVSBSgRVFMPTDJWJMFTBDVTBEPTEF
EFMJUPTEFDVBMRVJFSUJQPTFBOKV[HBEPTQPSUSJCVOBMFTDJWJMFTPSEJOBSJPTZ
MBEFUFODJwOBENJOJTUSBUJWBEFMBTQFSTPOBTTJOBDVTBDJwOFTUBSgTPNFUJEB
BMFTDSVUJOJPEFMPTUSJCVOBMFTVPUSBBVUPSJEBEJOEFQFOEJFOUFNFEJBOUFFM
SFDVSTPEFIBCFBTDPSQVTPQSPDFEJNJFOUPTTJNJMBSFT
-BKVSJTEJDDJwOEFMPTUSJCVOBMFTNJMJUBSFTEFCFMJNJUBSTFBMPTEFMJUPTNJMJ
UBSFT4JFNQSFIBCSgEFSFDIPBBQFMBSMBTEFDJTJPOFTEFEJDIPTUSJCVOBMFT
BOUFVOUSJCVOBMEFBQFMBDJwOMFHBMNFOUFDBMJGJDBEPVPUSPSFDVSTPNFEJBOUF
MBTPMJDJUVEEFBOVMBDJwO
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
$PNNPOXFBMUI
%JSFDUSJDFTEF-BUJNFS)PVTFQBSBFM$PNNPOXFBMUITPCSF
4VQSFNBDrB1BSMBNFOUBSJBF*OEFQFOEFODJB+VEJDJBM
"EPQUBEBTFMEFKVOJPEFFOVOBSFVOJwOEFSFQSFTFOUBOUFTEFMB
"TPDJBDJwO1BSMBNFOUBSJBEFM$PNNPOXFBMUIMPT"TPDJBDJwOEF.BHJTUSBEPT
Z+VFDFTEFM$PNNPOXFBMUIZMB"TPDJBDJwOEF&EVDBDJwO+VSrEJDBEFM
$PNNPOXFBMUI
<©>
**1SFTFSWBDJwOEFMBJOEFQFOEFODJBKVEJDJBM
/PNCSBNJFOUPTKVEJDJBMFT
-BTKVSJTEJDDJPOFTEFCFOUFOFSVOQSPDFTPJOEFQFOEJFOUFBEFDVBEPQBSBMPTOPN
CSBNJFOUPTEFKVFDFT&ODBTPRVFOPFYJTUBVOTJTUFNBJOEFQFOEJFOUFMPTOPNCSB
NJFOUPTEFCFOSFBMJ[BSTFNFEJBOUFVOBDPNJTJwOEFTFSWJDJPTKVEJDJBMFTFTUBCMFDJEB
QPSMB$POTUJUVDJwOPVOBMFZ
PNFEJBOUFVOGVODJPOBSJPEFM&TUBEPBEFDVBEPRVF
BDU|FQPSSFDPNFOEBDJwOEFEJDIBDPNJTJwO
&MQSPDFEJNJFOUPEFOPNCSBNJFOUPZBTFBRVFJNQMJRVFPOPBVOBDPNJTJwOEF
TFSWJDJPTKVEJDJBMFTBEFDVBEBNFOUFDPOTUJUVJEBZSFQSFTFOUBUJWBEFCFTFSEJTFvBEP
EFNPEPRVFHBSBOUJDFMBDBMJEBEFJOEFQFOEFODJBEFPQJOJwOEFMPTKVFDFTTFMFD
DJPOBEPTQBSBTFSOPNCSBEPTBUPEPTMPTOJWFMFTEFMBKVEJDBUVSB
-PTOPNCSBNJFOUPTKVEJDJBMFTBUPEPTMPTOJWFMFTEFMQPEFSKVEJDJBMEFCFOSFB
MJ[BSTFDPOCBTFFOMPTNnSJUPTZEFCFOFYJTUJSEJTQPTJDJPOFTBEFDVBEBTQBSBMB
FMJNJOBDJwOQSPHSFTJWBEFMEFTFRVJMJCSJPEFHnOFSPZEFPUSPTGBDUPSFTIJTUwSJDPT
EFEJTDSJNJOBDJwO
-BTEFTJHOBDJPOFTKVEJDJBMFTOPSNBMNFOUFEFCFOTFSQFSNBOFOUFTNJFOUSBTRVFFO
BMHVOBTKVSJTEJDDJPOFTMBTEFTJHOBDJPOFTNFEJBOUFDPOUSBUPTPOJOFWJUBCMFTEJDIBT
EFTJHOBDJPOFTEFCFOFTUBSTVKFUBTBMBTFHVSJEBEFOFMNBOUFOJNJFOUPEFMDBSHP
-PTDBSHPTKVEJDJBMFTWBDBOUFTEFCFOTFSQVCMJDBEPT
'JOBODJBNJFOUP
4FEFCFQSPQPSDJPOBS¾OBODJBNJFOUPTV¾DJFOUFZTPTUFOJEPQBSBQFSNJUJSRVFFM
QPEFSKVEJDJBMEFTFNQFvFTVTGVODJPOFTEFBDVFSEPDPOMPTFTUgOEBSFTNgTBMUPT
%JDIP¾OBODJBNJFOUPVOBWF[BQSPCBEPQPSFMQPEFSMFHJTMBUJWPQBSBFMQPEFSKVEJDJBM
EFCFTFSQSPUFHJEPEFMBFOBKFOBDJwOPNBMBVUJMJ[BDJwO-BBTJHOBDJwOPSFUFODJwO
(6Ê"1"3"130'&4*0/"-&4/
EFM¾OBODJBNJFOUPOPEFCFTFSVUJMJ[BEPDPNPNFEJPEFFKFSDFSVODPOUSPMJOEFCJEP
TPCSFMBKVEJDBUVSB
-PTTBMBSJPTCFOF¾DJPTQFSTPOBMEFBQPZPSFDVSTPTZFRVJQBNJFOUPBEFDVBEPT
TPOFTFODJBMFTQBSBFMGVODJPOBNJFOUPBQSPQJBEPEFMQPEFSKVEJDJBM
1PSQSJODJQJPMPTTBMBSJPTZCFOF¾DJPTKVEJDJBMFTEFCFOTFSFTUBCMFDJEPTQPSVO
wSHBOPJOEFQFOEJFOUFZTVWBMPSEFCFTFSNBOUFOJEP
$BQBDJUBDJwO
4FEFCFEFTBSSPMMBSVOBDVMUVSBEFMBFEVDBDJwOKVEJDJBM
-BDBQBDJUBDJwOEFCFTFSPSHBOJ[BEBTJTUFNgUJDBZQFSNBOFOUFZEFCFFTUBSCBKP
FMDPOUSPMEFVOwSHBOPKVEJDJBM¾OBODJBEPBEFDVBEBNFOUF
-BDBQBDJUBDJwOKVEJDJBMEFCFJODMVJSMBFOTFvBO[BEFMEFSFDIPEFTUSF[BKVEJDJBMZFM
DPOUFYUPTPDJBMJODMVZFOEPUFNBTEFFUOJBZEFHnOFSP
&MQSPHSBNBEFFTUVEJPTEFCFTFSDPOUSPMBEPQPSGVODJPOBSJPTKVEJDJBMFTRVJFOFT
EFCFOTFSBTJTUJEPTQPSFTQFDJBMJTUBTMFHPT
$VBOEPDJFSUBTKVSJTEJDDJPOFTOPDVFOUFODPOJOTUBMBDJPOFTEFDBQBDJUBDJwOBEFDVB
EBTTFEFCFCSJOEBSBDDFTPBMBTJOTUBMBDJPOFTEFPUSBTKVSJTEJDDJPOFT
-PTDVSTPTEFFEVDBDJwOKVEJDJBMEFCFOTFSEJDUBEPTQPSBCPHBEPTRVFQSBDUJRVFO
MBQSPGFTJwODPNPQBSUFEFTVDBQBDJUBDJwOEFEFTBSSPMMPQSPGFTJPOBMQFSNBOFOUF
<©>
7cUJDBKVEJDJBMZQBSMBNFOUBSJB
cUJDBKVEJDJBM
B $BEBTJTUFNBKVEJDJBMEFCFEFTBSSPMMBSZBEPQUBSVO$wEJHPEFcUJDBZ$POEVDUB
DPNPNFEJPEFHBSBOUJ[BSMBSFTQPOTBCJMJEBEEFMPTKVFDFT
<©>
7*.FDBOJTNPTEFSFTQPOTBCJMJEBE
3FTQPOTBCJMJEBEKVEJDJBM
B %JTDJQMJOB
J &OMPTDBTPTFORVFVOKVF[DPSSBFMSJFTHPEFTFSEFTUJUVJEPFMKVF[
EFCFUFOFSEFSFDIPBTFSQMFOBNFOUFJOGPSNBEPEFMBTBDVTBDJPOFT
RVFTFMFGPSNVMBOTFSSFQSFTFOUBEPFOVOBBVEJFODJBEFTBSSPMMBS
QMFOBNFOUFTVEFGFOTBZBKV[HBEPBOUFVOUSJCVOBMJOEFQFOEJFOUFF
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
JNQBSDJBM-PTNPUJWPTQBSBMBEFTUJUVDJwOEFVOKVF[EFCFOMJNJUBSTF
B
" *ODBQBDJEBEQBSBEFTFNQFvBSTVTGVODJPOFTKVEJDJBMFTZ
# /PUPSJBNBMBDPOEVDUB
JJ &OUPEPTMPTEFNgTBTVOUPTFMQSPDFTPEFCFTFSEJSJHJEPQPSFMKVF[
EFNBZPSKFSBSRVrBEFMPTUSJCVOBMFT
JJJ -PTQSPDFEJNJFOUPTEJTDJQMJOBSJPTOPEFCFOJODMVJSBNPOFTUBDJPOFT
Q|CMJDBTBMPTKVFDFT5PEBBNPOFTUBDJwOEFCFTFSEBEBFOQSJWBEP
QPSFMKVF[EFNBZPSKFSBSRVrB
C $SrUJDBTQ|CMJDBT
J -BMFHrUJNBDSrUJDBQ|CMJDBEFMEFTFNQFvPKVEJDJBMFTVONFEJPQBSB
BTFHVSBSMBSFTQPOTBCJMJEBE
JJ &MEFSFDIPQFOBMZMPTQSPDFEJNJFOUPTEFEFTBDBUPOPTPONFDBOJTNPT
BEFDVBEPTQBSBSFTUSJOHJSMBDSrUJDBMFHrUJNBBMPTUSJCVOBMFT
<©>
7**-BGVODJwOEFMBTJOTUJUVDJPOFTOPKVEJDJBMFTZOPQBSMBNFOUBSJBT
<©>
&MQPEFSFKFDVUJWPEFCFBCTUFOFSTFEFUPNBSNFEJEBTEJSJHJEBTBJNQFEJSMB
MJCFSUBEEFQSFOTBJODMVZFOEPMPTNnUPEPTJOEJSFDUPTDPNPMBNBMBVUJMJ[BDJwO
EFMBQVCMJDJEBEPGJDJBM
6OBQSPGFTJwOKVSrEJDBJOEFQFOEJFOUFZPSHBOJ[BEBFTVOFMFNFOUPFTFODJBM
QBSBMBQSPUFDDJwOEFMFTUBEPEFEFSFDIP
4FEFCFOQSPQPSDJPOBSFTRVFNBTBEFDVBEPTEFBTJTUFODJBMFHBMQBSBMPT
MJUJHBOUFTEFNFOPSFTSFDVSTPTJODMVZFOEPMPTEFGFOTPSFTQ|CMJDPT
-BTPSHBOJ[BDJPOFTKVSrEJDBTQSPGFTJPOBMFTEFCFODPOUSJCVJSNFEJBOUFFT
RVFNBTQSPCPOPBGBDJMJUBSFMBDDFTPBMBKVTUJDJBEFMBTQFSTPOBTEFCBKPT
SFDVSTPT
&MQPEFSFKFDVUJWPEFCFBCTUFOFSTFEFPCTUSVJSFMGVODJPOBNJFOUPEFMB
QSPGFTJwOKVSrEJDBJOEFQFOEJFOUFBUSBWnTEFMBOFHBDJwOEFBVUPSJ[BDJwOEF
wSHBOPTQSPGFTJPOBMFT
<©>
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
%FSFDIP*OUFSOBDJPOBM)VNBOJUBSJP
"SUrDVMPDPN|OBMPTDVBUSP$POWFOJPTEF(JOFCSBEF
&ODBTPEFDPO¿JDUPBSNBEPRVFOPTFBEFrOEPMFJOUFSOBDJPOBMZRVFTVSKBFOFM
UFSSJUPSJPEFVOBEFMBT"MUBT1BSUFT$POUSBUBOUFTDBEBVOBEFMBT1BSUFTFODPO¿JDUP
UFOESgMBPCMJHBDJwOEFBQMJDBSDPNPNrOJNPMBTTJHVJFOUFTEJTQPTJDJPOFT
-BTQFSTPOBTRVFOPQBSUJDJQFOEJSFDUBNFOUFFOMBTIPTUJMJEBEFTJODMVJEPT
MPTNJFNCSPTEFMBTGVFS[BTBSNBEBTRVFIBZBOEFQVFTUPMBTBSNBTZMBT
QFSTPOBTQVFTUBTGVFSBEFDPNCBUFQPSFOGFSNFEBEIFSJEBEFUFODJwOP
QPSDVBMRVJFSPUSBDBVTBTFSgOFOUPEBTMBTDJSDVOTUBODJBTUSBUBEBTDPO
IVNBOJEBETJOEJTUJODJwOBMHVOBEFrOEPMFEFTGBWPSBCMFCBTBEBFOMBSB[BFM
DPMPSMBSFMJHJwOPMBDSFFODJBFMTFYPFMOBDJNJFOUPPMBGPSUVOBPDVBMRVJFS
PUSPDSJUFSJPBOgMPHP
"FTUFSFTQFDUPTFQSPIrCFOFODVBMRVJFSUJFNQPZMVHBSQPSMPRVFBUBvF
BMBTQFSTPOBTBSSJCBNFODJPOBEBT
<©>
E MBTDPOEFOBTEJDUBEBTZMBTFKFDVDJPOFTTJOQSFWJPKVJDJPBOUFVOUSJ
CVOBMMFHrUJNBNFOUFDPOTUJUVJEPDPOHBSBOUrBTKVEJDJBMFTSFDPOPDJEBT
DPNPJOEJTQFOTBCMFTQPSMPTQVFCMPTDJWJMJ[BEPT
(6Ê"1"3"130'&4*0/"-&4/
1SPUPDPMP"EJDJPOBMBMPT$POWFOJPTEF(JOFCSBEFMEFBHPTUP
EFSFMBUJWPBMB1SPUFDDJwOEFMBT7rDUJNBTEFMPT$POGMJDUPT
"SNBEPT*OUFSOBDJPOBMFT1SPUPDPMP*
"SUrDVMP(BSBOUrBT'VOEBNFOUBMFT
<©>
/PTFJNQPOESgDPOEFOBOJTFFKFDVUBSgQFOBBMHVOBSFTQFDUPEFVOBQFS
TPOBEFDMBSBEBDVMQBCMFEFVOBJOGSBDDJwOQFOBMSFMBDJPOBEBDPOFMDPOGMJDUP
BSNBEPTJOPFOWJSUVEEFTFOUFODJBEFVOUSJCVOBMJNQBSDJBMDPOTUJUVJEPDPO
BSSFHMPBMBMFZZRVFSFTQFUFMPTQSJODJQJPTHFOFSBMNFOUFSFDPOPDJEPTQBSB
FMQSPDFEJNJFOUPKVEJDJBMPSEJOBSJP
<©>
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
1SPUPDPMPBEJDJPOBMBMPT$POWFOJPTEF(JOFCSBEFMEFBHPTUP
EFSFMBUJWPBMBQSPUFDDJwOEFMBTWrDUJNBTEFMPTDPOGMJDUPT
BSNBEPTTJODBSgDUFSJOUFSOBDJPOBM1SPUPDPMP**
"SU%JMJHFODJBTQFOBMFT
&MQSFTFOUFBSUrDVMPTFBQMJDBSgBMFOKVJDJBNJFOUPZBMBTBODJwOEFJOGSBDDJPOFT
QFOBMFTDPNFUJEBTFOSFMBDJwODPOFMDPOGMJDUPBSNBEP
/PTFJNQPOESgDPOEFOBOJTFFKFDVUBSgQFOBBMHVOBSFTQFDUPEFVOBQFSTPOB
EFDMBSBEBDVMQBCMFEFVOBJOGSBDDJwOTJOPFOWJSUVEEFTFOUFODJBEFVOUSJCV
OBMRVFPGSF[DBMBTHBSBOUrBTFTFODJBMFTEFJOEFQFOEFODJBFJNQBSDJBMJEBE
<©>
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
*CFSPBNnSJDB
&TUBUVUPEFM+VF[*CFSPBNFSJDBOP
-B7*$VNCSF*CFSPBNFSJDBOBEF1SFTJEFOUFTEF$PSUFT4VQSFNBTZ5SJCVOBMFT
4VQSFNPTEF+VTUJDJBDFMFCSBEBFO4BOUB$SV[EF5FOFSJGF$BOBSJBT&TQBvBMPT
ErBTZEFNBZPEF
5PNBOEPFODVFOUBRVFMBFWPMVDJwOEFOVFTUSBTTPDJFEBEFTIBMMFWBEPBVONBZPS
QSPUBHPOJTNPEFMKVF[MPDVBMFYJHFRVFFM1PEFS+VEJDJBMSFTQPOEBBMBEFNBOEB
EFBQFSUVSBZTFOTJCJMJEBEFOSFMBDJwODPOMBTOFDFTJEBEFTFYQSFTBEBTQPSEJWFSTPT
TFDUPSFTZBHFOUFTTPDJBMFTZBEBQUFTVTUSBEJDJPOBMFTNnUPEPTEFUSBCBKPZBDUJUVEFT
BFTBTOVFWBTOFDFTJEBEFT
$POTJEFSBOEPRVFFM1PEFS+VEJDJBMEFCFFWPMVDJPOBSIBDJBMBDPOTFDVDJwOPDPOTP
MJEBDJwOEFTVJOEFQFOEFODJBOPDPNPQSJWJMFHJPEFMPTKVFDFTTJOPDPNPEFSFDIP
EFMPTDJVEBEBOPTZHBSBOUrBEFMDPSSFDUPGVODJPOBNJFOUPEFM&TUBEPDPOTUJUVDJPOBMZ
EFNPDSgUJDPEF%FSFDIPRVFBTFHVSFVOBKVTUJDJBBDDFTJCMFF¾DJFOUFZQSFWJTJCMF
$POTJEFSBOEPBEFNgTRVFBMBQBSEFMPTFTGVFS[PTRVFTFSFBMJ[BOFOMPRVFTFIB
EFOPNJOBEP§3FGPSNB+VEJDJBM¨DPOMBEJWFSTJEBERVFFOFMgNCJUPJCFSPBNFSJDBOP
TFPCTFSWBFTJOEJTQFOTBCMFEBSSFTQVFTUBBMBFYJHFODJBEFOVFTUSPTQVFCMPTEF
QPOFSMBKVTUJDJBFONBOPTEFKVFDFTEFDMBSBJEPOFJEBEUnDOJDBQSPGFTJPOBMZnUJDB
EFRVJFOFTEFQFOEFFO|MUJNPUnSNJOPMBDBMJEBEEFMBKVTUJDJB
$POWFODJEBEFRVFQBSBFMNFKPSEFTFNQFvPEFMBGVODJwOKVSJTEJDDJPOBMZKVOUPBMBT
EJTQPTJDJPOFTDPOTUJUVDJPOBMFTZMFHBMFTEFDBEBVOPEFMPT&TUBEPTRVFDPNQPOFOMB
DPNVOJEBEJCFSPBNFSJDBOBFTOFDFTBSJPRVFMPTKVFDFTJOEFQFOEJFOUFNFOUFEFTV
PSEFOKFSgSRVJDPEJTQPOHBOEFVOJOTUSVNFOUPRVFDPOEFOTFMPNgTQSFDJTBNFOUF
QPTJCMFMPTEFSFDIPTEFCFSFTDPOEJDJPOFTZSFRVJTJUPTRVFIBOEFBDPNQBvBSMPT
ZPSJFOUBSMPTFOFMFKFSDJDJPEFTVTEFMJDBEBTUBSFBT
%FTFBOEPQPS|MUJNPPGSFDFSVOSFGFSFOUFRVFJEFOUJ¾RVFMPTWBMPSFTQSJODJQJPT
JOTUJUVDJPOFTQSPDFTPTZSFDVSTPTNrOJNPTOFDFTBSJPTQBSBHBSBOUJ[BSRVFMBGVODJwO
KVSJTEJDDJPOBMTFEFTBSSPMMFFOGPSNBJOEFQFOEJFOUFEF¾OBFMQBQFMEFMKVF[FOFM
DPOUFYUPEFVOBTPDJFEBEEFNPDSgUJDBZFTUJNVMFMPTFTGVFS[PTRVFFOFTFTFOUJEP
EFTBSSPMMBOMPT1PEFSFT+VEJDJBMFTEFMBSFHJwO
"QSVFCBZQSPNVMHBFMTJHVJFOUF
&TUBUVUPEFM+VF[*CFSPBNFSJDBOP
(6Ê"1"3"130'&4*0/"-&4/
*OEFQFOEFODJB
"SU1SJODJQJPHFOFSBMEFJOEFQFOEFODJB
$PNPHBSBOUrBQBSBMPTKVTUJDJBCMFTMPT+VFDFTTPOJOEFQFOEJFOUFTFOFMFKFSDJDJPEF
TVTGVODJPOFTKVSJTEJDDJPOBMFTZTFFODVFOUSBOUBOTwMPTPNFUJEPTBMB$POTUJUVDJwO
ZBMBMFZDPOFTUSJDUPSFTQFUPBMQSJODJQJPEFKFSBSRVrBOPSNBUJWB
"SU0CMJHBDJwOEFSFTQFUPBMBJOEFQFOEFODJBKVEJDJBM
-PTPUSPTQPEFSFTEFM&TUBEPZFOHFOFSBMUPEBTMBTBVUPSJEBEFTJOTUJUVDJPOFT
ZPSHBOJTNPTOBDJPOBMFTPJOUFSOBDJPOBMFTBTrDPNPMPTEJGFSFOUFTHSVQPTZPS
HBOJ[BDJPOFTTPDJBMFTFDPOwNJDPTZQPMrUJDPTEFCFOSFTQFUBSZIBDFSFGFDUJWBMB
JOEFQFOEFODJBEFMBKVEJDBUVSB
"SU*OEFQFOEFODJBKVEJDJBMZNFEJPTEFDPNVOJDBDJwO
-BVUJMJ[BDJwOEFMPTNFEJPTEFDPNVOJDBDJwOTPDJBMDPOFMPCKFUPEFTVQMBOUBS
GVODJPOFTKVSJTEJDDJPOBMFTJNQPOFSPJO¿VJSFMDPOUFOJEPEFMBTSFTPMVDJPOFTKVEJ
DJBMFTFODPOEJDJPOFTRVFFYDFEBOFMMFHrUJNPEFSFDIPBMBMJCFSUBEEFFYQSFTJwOF
JOGPSNBDJwOTFDPOTJEFSBMFTJWBQBSBMBJOEFQFOEFODJBKVEJDJBM
"SU*OEFQFOEFODJBJOUFSOB
&OFMFKFSDJDJPEFMBKVSJTEJDDJwOMPTKVFDFTOPTFFODVFOUSBOTPNFUJEPTBBVUPSJEBEFT
KVEJDJBMFTTVQFSJPSFTTJOQFSKVJDJPEFMBGBDVMUBEEFnTUBTEFSFWJTBSMBTEFDJTJPOFT
KVSJTEJDDJPOBMFTBUSBWnTEFMPTSFDVSTPTMFHBMNFOUFFTUBCMFDJEPTZEFMBGVFS[B
RVFDBEBPSEFOBNJFOUPOBDJPOBMBUSJCVZBBMBKVSJTQSVEFODJBZBMPTQSFDFEFOUFT
FNBOBEPTEFMBT$PSUFT4VQSFNBTZ5SJCVOBMFT4VQSFNPT
"SU%FGFOTBEFMBJOEFQFOEFODJBKVEJDJBM
-PTBUFOUBEPTBMBJOEFQFOEFODJBKVEJDJBMIBOEFTFSTBODJPOBEPTQPSMFZRVFEFCFSg
QSFWFSMPTNFDBOJTNPTQPSNFEJPEFMPTDVBMFTMPTKVFDFTJORVJFUBEPTPQFSUVSCBEPT
FOTVJOEFQFOEFODJBQVFEBOPCUFOFSFMSFTQBMEPEFMPTwSHBOPTTVQFSJPSFTPEF
HPCJFSOPEFM1PEFS+VEJDJBM
"SU$POEJDJPOFTNBUFSJBMFTEFMBJOEFQFOEFODJB
&M&TUBEPHBSBOUJ[BSgMBJOEFQFOEFODJBFDPOwNJDBEFM1PEFS+VEJDJBMNFEJBOUFMB
BTJHOBDJwOEFMQSFTVQVFTUPBEFDVBEPQBSBDVCSJSTVTOFDFTJEBEFTZBUSBWnTEFM
EFTFNCPMTPPQPSUVOPEFMBTQBSUJEBTQSFTVQVFTUBSJBT
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
*NQBSDJBMJEBE
"SU1SJODJQJPEFJNQBSDJBMJEBE
-BJNQBSDJBMJEBEEFMKVF[FTDPOEJDJwOJOEJTQFOTBCMFQBSBFMFKFSDJDJPEFMBGVODJwO
KVSJTEJDDJPOBM
"SU*NQBSDJBMJEBEPCKFUJWB
-BJNQBSDJBMJEBEEFMKVF[IBEFTFSSFBMFGFDUJWBZFWJEFOUFQBSBMBDJVEBEBOrB
"SU"CTUFODJwOZSFDVTBDJwO
-PTKVFDFTUJFOFOMBPCMJHBDJwOEFTFQBSBSTFEFMBUSBNJUBDJwOZDPOPDJNJFOUPEF
BTVOUPTFOMPTRVFUFOHBOBMHVOBSFMBDJwOQSFWJBDPOFMPCKFUPEFMQSPDFTPQBSUFT
PJOUFSFTBEPTFOFMNJTNPFOMPTUnSNJOPTQSFWJTUPTFOMBMFZ
-BTBCTUFODJPOFTTJOGVOEBNFOUPZMBTSFDVTBDJPOFTJOGVOEBEBTBDFQUBEBTQPSFM
KVF[EFCFOTFSTBODJPOBEBTEFDPOGPSNJEBEDPOMPRVFEJTQPOHBMBMFZ
"SU*ODPNQBUJCJMJEBEFT
&MFKFSDJDJPEFMBGVODJwOKVSJTEJDDJPOBMFTJODPNQBUJCMFDPOPUSBTBDUJWJEBEFTB
FYDFQDJwOEFBRVnMMBTBENJUJEBTQPSMBMFZ
4FMFDDJwOEFMKVF[DBSSFSBKVEJDJBMFJOBNPWJMJEBE
"SUÎSHBOPZQSPDFEJNJFOUPEFTFMFDDJwOEFMPTKVFDFT
-PTQSPDFTPTEFTFMFDDJwOZOPNCSBNJFOUPEFCFOSFBMJ[BSTFQPSNFEJPEFwSHBOPT
QSFEFUFSNJOBEPTQPSMBMFZRVFBQMJRVFOQSPDFEJNJFOUPTUBNCJnOQSFEFUFSNJOBEPT
ZQ|CMJDPTRVFWBMPSFOPCKFUJWBNFOUFMPTDPOPDJNJFOUPTZNnSJUPTQSPGFTJPOBMFT
EFMPTBTQJSBOUFT
"SU0CKFUJWJEBEFOMBTFMFDDJwOEFKVFDFT
-PTNFDBOJTNPTEFTFMFDDJwOEFCFSgOBEBQUBSTFBMBTOFDFTJEBEFTEFDBEBQBrT
ZFTUBSgOPSJFOUBEPTFOUPEPDBTPBMBEFUFSNJOBDJwOPCKFUJWBEFMBJEPOFJEBEEF
MPTBTQJSBOUFT
"SU1SJODJQJPEFOPEJTDSJNJOBDJwOFOMBTFMFDDJwOEFKVFDFT
&OMBTFMFDDJwOEFMPTKVFDFTOPTFIBSgEJTDSJNJOBDJwOBMHVOBQPSNPUJWPEFSB[B
TFYPSFMJHJwOJEFPMPHrBPSJHFOTPDJBMQPTJDJwOFDPOwNJDBVPUSPRVFWVMOFSFFM
EFSFDIPBMBJHVBMEBERVFBNQBSBBMPTBTQJSBOUFT&MSFRVJTJUPEFOBDJPOBMJEBEEFM
QBrTEFRVFTFUSBUFOPTFDPOTJEFSBSgEJTDSJNJOBUPSJP
(6Ê"1"3"130'&4*0/"-&4/
"SU1SJODJQJPEFJOBNPWJMJEBE
$PNPHBSBOUrBEFTVJOEFQFOEFODJBMPTKVFDFTEFCFOTFSJOBNPWJCMFTEFTEFFM
NPNFOUPFORVFBERVJFSFOUBMDBUFHPSrBFJOHSFTBOBMB$BSSFSB+VEJDJBMFOMPT
UnSNJOPTRVFMB$POTUJUVDJwOFTUBCMF[DB
/PPCTUBOUFQPESgOTFSTVTQFOEJEPTPTFQBSBEPTEFTVTDBSHPTQPSJODBQBDJEBE
GrTJDBPNFOUBMFWBMVBDJwOOFHBUJWBEFTVEFTFNQFvPQSPGFTJPOBMFOMPTDBTPTFO
RVFMBMFZMPFTUBCMF[DBPEFTUJUVDJwOPTFQBSBDJwOEFMDBSHPEFDMBSBEBFODBTPEF
SFTQPOTBCJMJEBEQFOBMPEJTDJQMJOBSJBQPSMPTwSHBOPTMFHBMNFOUFFTUBCMFDJEPT
NFEJBOUFQSPDFEJNJFOUPTRVFHBSBOUJDFOFMSFTQFUPEFMEFCJEPQSPDFTPZFOQBS
UJDVMBSFMEFMPTEFSFDIPTEFBVEJFODJBEFGFOTBDPOUSBEJDDJwOZSFDVSTPTMFHBMFT
RVFDPSSFTQPOEBO
"SU/PNCSBNJFOUPBUnSNJOPEFMPTKVFDFT
$PODPOPDJNJFOUPEFRVFBMHVOPTQBrTFTBENJUFOFMOPNCSBNJFOUPBUnSNJOPEF
KVFDFTTFBTQJSBBRVFFTUBTJUVBDJwOTFNPEJ¾RVFQBSBBMDBO[BSMBHBSBOUrBEF
JOBNPWJMJEBEFOMPTUnSNJOPTEFMBSUrDVMPBOUFSJPS
"SU*OBNPWJMJEBEJOUFSOB
-BHBSBOUrBEFJOBNPWJMJEBEEFMKVF[TFFYUJFOEFBMPTUSBTMBEPTQSPNPDJPOFTZBT
DFOTPTRVFFYJHFOFMMJCSFDPOTFOUJNJFOUPEFMJOUFSFTBEP&YDFQDJPOBMNFOUFQPESg
FTUBCMFDFSTFFOMBMFZMBQPTJCJMJEBEEFMBTDFOTPPUSBTMBEPEFMKVF[QPSOFDFTJEBEFT
EFMTFSWJDJPPNPEJ¾DBDJwOEFMBPSHBOJ[BDJwOKVEJDJBMPFMEFTUJOPUFNQPSBMEFBRVnM
QPSJHVBMFTNPUJWPTQBSBSFGPS[BSPUSPwSHBOPKVSJTEJDDJPOBM
&ODBTPTDPNPFTUPTFORVFQSFWBMFDFFMJOUFSnTHFOFSBMTPCSFFMQBSUJDVMBSEFCFSg
HBSBOUJ[BSTFFMSFTQFUPEFMEFCJEPQSPDFTP
"SU0CKFUJWJEBEFOMBDPOGPSNBDJwOEFMBDBSSFSBKVEJDJBM
-PTUSBTMBEPTQSPNPDJPOFTZBTDFOTPTEFMPTKVFDFTTFEFDJEJSgODPODSJUFSJPTPC
KFUJWPTQSFEFUFSNJOBEPTFOMBMFZCBTBEPTGVOEBNFOUBMNFOUFFOMBFYQFSJFODJBZ
DBQBDJEBEQSPGFTJPOBMFTEFMPTTPMJDJUBOUFT
"SU*OBNPWJMJEBE§BEIPD¨
-BJOBNPWJMJEBEEFMKVF[HBSBOUJ[BUBNCJnODPNPQSJODJQJPHFOFSBMZTBMWPBRVFMMPT
DBTPTFYQSFTBNFOUFQSFWJTUPTFOMB-FZRVFOPQPESgTFSBQBSUBEPEFMDPOPDJNJFOUP
EFMPTBTVOUPTRVFMFFTUnOFODPNFOEBEPT
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
3FTQPOTBCJMJEBEJOTQFDDJwOZFWBMVBDJwOEFMKVF[
"SU1SJODJQJPEFMFHBMJEBEFOMBSFTQPOTBCJMJEBEEFMKVF[
-PTKVFDFTSFTQPOEFSgOQFOBMDJWJMZEJTDJQMJOBSJBNFOUFEFDPOGPSNJEBEDPOMP
FTUBCMFDJEPFOMBMFZ
-BFYJHFODJBEFSFTQPOTBCJMJEBEOPBNQBSBSgMPTBUFOUBEPTDPOUSBMBJOEFQFOEFODJB
KVEJDJBMRVFQSFUFOEBOFODVCSJSTFCBKPTVGPSNBMDPCFSUVSB
"SUÎSHBOPZQSPDFEJNJFOUPQBSBMBFYJHFODJBEFSFTQPOTBCJMJEBE
-BSFTQPOTBCJMJEBEEJTDJQMJOBSJBEFMPTKVFDFTTFSgDPNQFUFODJBEFMPTwSHBOPTEFM
1PEFS+VEJDJBMMFHBMNFOUFFTUBCMFDJEPTNFEJBOUFQSPDFEJNJFOUPTRVFHBSBOUJDFOFM
SFTQFUPEFMEFCJEPQSPDFTPZFOQBSUJDVMBSFMEFMPTEFSFDIPTEFBVEJFODJBEFGFOTB
DPOUSBEJDDJwOZSFDVSTPTMFHBMFTRVFDPSSFTQPOEBO
"SU4JTUFNBEFTVQFSWJTJwOKVEJDJBM
-PTTJTUFNBTEFTVQFSWJTJwOKVEJDJBMIBOEFFOUFOEFSTFDPNPVONFEJPQBSBWFSJ¾DBS
FMCVFOGVODJPOBNJFOUPEFMPTwSHBOPTKVEJDJBMFTZQSPDVSBSFMBQPZPBMBNFKPSB
EFMBHFTUJwOEFMPTKVFDFT
"SU&WBMVBDJwOEFMEFTFNQFvP
&OHBSBOUrBEFMBF¾DJFODJBZDBMJEBEEFMTFSWJDJPQ|CMJDPEFKVTUJDJBQVFEFFT
UBCMFDFSTFVOTJTUFNBEFFWBMVBDJwOEFMSFOEJNJFOUPZDPNQPSUBNJFOUPUnDOJDP
QSPGFTJPOBMEFMPTKVFDFT
"SU$POTFDVFODJBTEFMBFWBMVBDJwOOFHBUJWBEFMEFTFNQFvP
&MEFTFNQFvPJOBEFDVBEPPEF¾DJFOUFFOFMFKFSDJDJPEFMBGVODJwOKVSJTEJDDJPOBM
EFCJEBNFOUFBDSFEJUBEPNFEJBOUFQSPDFEJNJFOUPMFHBMZSFHMBNFOUBSJBNFOUFFTUB
CMFDJEPRVFQSFWFBMBBVEJFODJBEFMKVF[QVFEFDPOMMFWBSMBBQMJDBDJwOEFQFSJPEPT
EFDBQBDJUBDJwOPCMJHBUPSJBPFOTVDBTPMBBQMJDBDJwOEFPUSBTNFEJEBTDPSSFDUJWBT
PEJTDJQMJOBSJBT
$BQBDJUBDJwO
"SU$BQBDJUBDJwOJOJDJBM
-BDBQBDJUBDJwOJOJDJBMUJFOFQPSPCKFUJWPTMBTFMFDDJwOEFMPTDBOEJEBUPTNgT
BQUPTQBSBFMEFTFNQFvPEFMBGVODJwOKVEJDJBMFOVOBTPDJFEBEEFNPDSgUJDB
B USBWnT EF NFDBOJTNPT RVF QFSNJUBO DPNQSPCBS MBT DPOEJDJPOFT RVF EFCF
SFVOJSUPEPBTQJSBOUFBMBKVEJDBUVSBZMBGPSNBDJwOEFnTUFFOMPTDPOPDJNJFO
UPTZMBTEFTUSF[BTQSPQJBTEFTVGVODJwODPOVOBPSJFOUBDJwOUFwSJDPQSgDUJDB
RVFJODMVZBFOMBNFEJEBEFMPQPTJCMFVOQFSrPEPEFQBTBOUrBTFOwSHBOPT
KVSJTEJDDJPOBMFT
(6Ê"1"3"130'&4*0/"-&4/
"SU$FOUSPTEFDBQBDJUBDJwO
-BT&TDVFMBT+VEJDJBMFTTFBDVBMTFBMBEFOPNJOBDJwORVFFODBEBQBrTSFDJCBO
EFCFOBTVNJSMBSFTQPOTBCJMJEBEEFMBGPSNBDJwOJOJDJBMEFMPTKVFDFTZFOTVDBTP
EFMPTRVFQFSUFOFDFOBMBDBSSFSBKVEJDJBMTJHVJFOEPMBTJOEJDBDJPOFTFOTVDBTP
EFMwSHBOPTVQFSJPSEFHPCJFSOPKVEJDJBMFODVBOUPBMPTQSPQwTJUPTRVFEFCFO
QFSTFHVJSTFDPOFTBGPSNBDJwOEJTFvBOEPQMBOJ¾DBOEPZFKFDVUBOEPMPTQSPHSBNBT
FEVDBUJWPTZWBMPSBOEPTVTSFTVMUBEPT
"SU$PTUPTEFMBDBQBDJUBDJwOJOJDJBM
-PTDPTUPTEFMBGPSNBDJwOJOJDJBMEFCFOTFSBTVNJEPTQPSFM1PEFS+VEJDJBMDPO
DPMBCPSBDJwOFOTVDBTPEFJOTUJUVDJPOFTQ|CMJDBTZQSJWBEBTQSPDVSBOEPUBNCJnO
TJTVTQPTJCJMJEBEFTFDPOwNJDBTMPQFSNJUFOGBDJMJUBSGwSNVMBTEFBQPZP¾OBODJFSP
BMPTBTQJSBOUFTBKVFDFT
"SU/BUVSBMF[BZDPTUPTEFMBDBQBDJUBDJwODPOUJOVBEB
-BGPSNBDJwODPOUJOVBEBPDBQBDJUBDJwOFOTFSWJDJPDPOTUJUVZFVOEFSFDIPZVO
EFCFSEFMKVF[ZVOBSFTQPOTBCJMJEBEEFM1PEFS+VEJDJBMRVFEFCFSgGBDJMJUBSMBFO
SnHJNFOEFHSBUVJEBE
"SU7PMVOUBSJFEBEEFMBDBQBDJUBDJwODPOUJOVBEB
-BDBQBDJUBDJwODPOUJOVBEBQVFEFTFSDPODFCJEBDPNPPCMJHBUPSJBPDPNPWPMVO
UBSJBQBSBFMKVF[QFSPIBCSgEFSFWFTUJSDBSgDUFSPCMJHBUPSJPFODBTPTEFBTDFOTP
USBTMBEPRVFJNQMJRVFDBNCJPEFKVSJTEJDDJwOSFGPSNBTMFHBMFTJNQPSUBOUFTZPUSBT
DJSDVOTUBODJBTFTQFDJBMNFOUFDBMJ¾DBEBT
"SUÎSHBOPRVFUJFOFFODPNFOEBEBMBDBQBDJUBDJwODPOUJOVBEB
-BGPSNBDJwODPOUJOVBEBPDBQBDJUBDJwOFOTFSWJDJPEFCFPGSFDFSTFBKVFDFTZNB
HJTUSBEPTBUSBWnTEFMBT&TDVFMBT+VEJDJBMFTTJOQFSKVJDJPEFRVFnTUBTSFDVSSBOBMB
DPMBCPSBDJwOEFPUSBTJOTUJUVDJPOFTQ|CMJDBTPQSJWBEBTDVBOEPGVFSFOFDFTBSJP
"SU&WBMVBDJwOFOMBDBQBDJUBDJwO
-BFWBMVBDJwOEFMPTBTQJSBOUFTRVFSFBMJDFOQSPDFTPTPTJTUFNBTEFGPSNBDJwO
JOJDJBMTFSFBMJ[BSgBUFOEJFOEPBDSJUFSJPTPCKFUJWPTQBSBEFUFSNJOBSMBQPTJCJMJEBE
PJNQPTJCJMJEBEEFMJOHSFTPBMBGVODJwO
-BFWBMVBDJwOEFMBGPSNBDJwODPOUJOVBEBJODPSQPSBEBBMFYQFEJFOUFQFSTPOBMEFM
KVF[QVFEFDPOTUJUVJSVOFMFNFOUPEFWBMPSBDJwOEFMEFTFNQFvPKVEJDJBMZVODSJUFSJP
EFEFDJTJwOQBSBMBQSPNPDJwOZBTDFOTPEFMPTKVFDFT
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
"SU1BSUJDJQBDJwOKVEJDJBMFOMBQSPHSBNBDJwOEFMBDBQBDJUBDJwO
&OMBEF¾OJDJwOEFQPMrUJDBTEFGPSNBDJwOKVEJDJBMMPTwSHBOPTDPNQFUFOUFTEFCFSgO
UPNBSFODVFOUBMBPQJOJwOEFMPTKVFDFT
3FUSJCVDJwOTFHVSJEBETPDJBMZNFEJPTNBUFSJBMFT
"SU3FNVOFSBDJwO
-PTKVFDFTEFCFOSFDJCJSVOBSFNVOFSBDJwOTV¾DJFOUFJSSFEVDUJCMFZBDPSEFDPOMB
JNQPSUBODJBEFMBGVODJwORVFEFTFNQFvBOZDPOMBTFYJHFODJBTZSFTQPOTBCJMJEBEFT
RVFDPOMMFWB
"SU4FHVSJEBE4PDJBM
&M&TUBEPEFCFPGSFDFSBMPTKVFDFTTVBDDFTPBVOTJTUFNBEFTFHVSJEBETPDJBM
HBSBOUJ[BOEPRVFSFDJCJSgOBMDPODMVJSTVTBvPTEFTFSWJDJPQPSKVCJMBDJwOFOGFS
NFEBEVPUSBTDPOUJOHFODJBTMFHBMNFOUFQSFWJTUBTPFODBTPEFEBvPTQFSTPOBMFT
GBNJMJBSFTPQBUSJNPOJBMFTEFSJWBEPTEFMFKFSDJDJPEFMDBSHPVOBQFOTJwOEJHOBP
VOBJOEFNOJ[BDJwOBEFDVBEB
&TSFDPNFOEBCMFFOMBNFEJEBFORVFMBTQPTJCJMJEBEFTFDPOwNJDBTMPQFSNJUBO
MBQSFWJTJwOEFVOTJTUFNBEFTFHVSJEBEQBSBMPTKVFDFTRVFJODMVZBVOTFHVSPEF
SJFTHPTN|MUJQMFT
"SU3FDVSTPTIVNBOPTNFEJPTNBUFSJBMFTZBQPZPTUnDOJDPT
-PTKVFDFTEFCFSgODPOUBSDPOMPTSFDVSTPTIVNBOPTNFEJPTNBUFSJBMFTZBQPZPT
UnDOJDPTOFDFTBSJPTQBSBFMBEFDVBEPEFTFNQFvPEFTVGVODJwO
&MDSJUFSJPEFMPTKVFDFTEFCFTFSUPNBEPFODPOTJEFSBDJwOFOMBTEFDJTJPOFTRVFTF
BEPQUFOTPCSFFMQBSUJDVMBSQBSBMPRVFEFCFPrSTFTVPQJOJwO
&OQBSUJDVMBSMPTKVFDFTEFCFOUFOFSGgDJMBDDFTPBMBMFHJTMBDJwOZBMBKVSJTQSVEFODJB
ZEJTQPOFSEFMPTEFNgTSFDVSTPTOFDFTBSJPTQBSBMBSgQJEBZNPUJWBEBSFTPMVDJwO
EFMJUJHJPTZDBVTBT
"SU4FHVSJEBEQFSTPOBMZGBNJMJBS
&OHBSBOUrBEFMBJOEFQFOEFODJBFJNQBSDJBMJEBERVFIBOEFQSFTJEJSFMFKFSDJDJPEF
MBGVODJwOKVEJDJBMFM&TUBEPQSPQPSDJPOBSgMPTNFEJPTOFDFTBSJPTQBSBMBTFHVSJEBE
QFSTPOBMZGBNJMJBSEFMPTKVFDFTFOGVODJwOEFMBTDJSDVOTUBODJBTEFSJFTHPBRVF
TFWFBOTPNFUJEPT
(6Ê"1"3"130'&4*0/"-&4/
%FSFDIPEFBTPDJBDJwOQSPGFTJPOBM
"SU%FSFDIPEFBTPDJBDJwOEFMPTKVFDFT
-BJNQBSDJBMJEBEFTDPNQBUJCMFDPOFMSFDPOPDJNJFOUPEFMBMJCFSUBEEFBTPDJBDJwO
EFMPTKVFDFTTBMWPMBTFYDFQDJPOFTRVFFTUBCMF[DBMB$POTUJUVDJwOPMFHJTMBDJwOEF
DBEBQBrT
cUJDB+VEJDJBM
"SU4FSWJDJPZSFTQFUPBMBTQBSUFT
&OFMDPOUFYUPEFVO&TUBEPDPOTUJUVDJPOBMZEFNPDSgUJDPEF%FSFDIPZFOFMFKFSDJDJP
EFTVGVODJwOKVSJTEJDDJPOBMMPTKVFDFTUJFOFOFMEFCFSEFUSBTDFOEFSFMgNCJUPEF
FKFSDJDJPEFEJDIBGVODJwOQSPDVSBOEPRVFMBKVTUJDJBTFJNQBSUBFODPOEJDJPOFTEF
F¾DJFODJBDBMJEBEBDDFTJCJMJEBEZUSBOTQBSFODJBDPOSFTQFUPBMBEJHOJEBEEFMB
QFSTPOBRVFBDVEFFOEFNBOEBEFMTFSWJDJP
"SU0CMJHBDJwOEFJOEFQFOEFODJB
&MKVF[FTUgPCMJHBEPBNBOUFOFSZEFGFOEFSTVJOEFQFOEFODJBFOFMFKFSDJDJPEFMB
GVODJwOKVSJTEJDDJPOBM
"SU%FCJEPQSPDFTP
-PTKVFDFTUJFOFFMEFCFSEFDVNQMJSZIBDFSDVNQMJSFMQSJODJQJPEFMEFCJEPQSPDFTP
DPOTUJUVZnOEPTFFOHBSBOUFTEFMPTEFSFDIPTEFMBTQBSUFTZFOQBSUJDVMBSWFMBOEP
QPSEJTQFOTBSMFTVOUSBUPJHVBMRVFFWJUFDVBMRVJFSEFTFRVJMJCSJPNPUJWBEPQPSMB
EJGFSFODJBEFDPOEJDJPOFTNBUFSJBMFTFOUSFFMMBTZFOHFOFSBMUPEBTJUVBDJwOEF
JOEFGFOTJwO
"SU-JNJUBDJPOFTFOMBBWFSJHVBDJwOEFMBWFSEBE
-PTKVFDFTIBCSgOEFTFSWJSTFUBOTwMPEFMPTNFEJPTMFHrUJNPTRVFFMPSEFOBNJFOUP
QPOFBTVBMDBODFFOMBQFSTFDVDJwOEFMBWFSEBEEFMPTIFDIPTFOMPTDBTPTEFRVF
DPOP[DBO
"SU.PUJWBDJwO
-PTKVFDFTUJFOFOMBJOFYDVTBCMFPCMJHBDJwOFOHBSBOUrBEFMBMFHJUJNJEBEEFTV
GVODJwOZEFMPTEFSFDIPTEFMBTQBSUFTEFNPUJWBSEFCJEBNFOUFMBTSFTPMVDJPOFT
RVFEJDUFO
"SU3FTPMVDJwOFOQMB[PSB[POBCMF
-PTKVFDFTEFCFOQSPDVSBSRVFMPTQSPDFTPTBTVDBSHPTFSFTVFMWBOFOVOQMB[P
SB[POBCMF&WJUBSgOPFOUPEPDBTPTBODJPOBSgOMBTBDUJWJEBEFTEJMBUPSJBTPEFPUSP
NPEPDPOUSBSJBTBMBCVFOBGFQSPDFTBMEFMBTQBSUFT
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
"SU1SJODJQJPEFFRVJEBE
&OMBSFTPMVDJwOEFMPTDPO¿JDUPTRVFMMFHVFOBTVDPOPDJNJFOUPMPTKVFDFTTJO
NFOPTDBCPEFMFTUSJDUPSFTQFUPBMBMFHBMJEBEWJHFOUFZUFOJFOEPTJFNQSFQSFTFOUF
FMUSBTGPOEPIVNBOPEFEJDIPTDPO¿JDUPTQSPDVSBSgOBUFNQFSBSDPODSJUFSJPTEF
FRVJEBEMBTDPOTFDVFODJBTQFSTPOBMFTGBNJMJBSFTPTPDJBMFTEFTGBWPSBCMFT
"SU4FDSFUPQSPGFTJPOBM
-PTKVFDFTUJFOFOPCMJHBDJwOEFHVBSEBSBCTPMVUBSFTFSWBZTFDSFUPQSPGFTJPOBMFO
SFMBDJwODPOMBTDBVTBTFOUSgNJUFZDPOMPTIFDIPTPEBUPTDPOPDJEPTFOFMFKFSDJDJP
EFTVGVODJwOPDPOPDBTJwOEFnTUB
/PFWBDVBSgODPOTVMUBOJEBSgOBTFTPSBNJFOUPFOMPTDBTPTEFDPOUJFOEBKVEJDJBM
BDUVBMPQPTJCMF
Ê/%*$&5&.Ç5*$0
(6Ê"1"3"130'&4*0/"-&4/
BDDFTPBBCPHBEPTZBTFSWJDJPT
KVSrEJDPT
FOHFOFSBM
%FDMBSBDJwOEF4JOHIWJ"SUrDVMPT
1SJODJQJPTCgTJDPTEF/BDJPOFT
6OJEBTTPCSFMBGVODJwOEFMPT
BCPHBEPT1SJODJQJPTB
3FDPNFOEBDJwO/P3
1SJODJQJP*7
BDDFTPEFBCPHBEPTBDMJFOUFT
%FDMBSBDJwOEF4JOHIWJ"SUrDVMP
C
ZD
1SJODJQJPTCgTJDPTEF/BDJPOFT
6OJEBTTPCSFMBGVODJwOEFMPT
BCPHBEPT1SJODJQJPC
1SJODJQJPTZ%JSFDUSJDFTEFÇGSJDB
1SJODJQJP*C
3FDPNFOEBDJwO/P3
1SJODJQJP*
BDDFTPEFBCPHBEPTBJOGPSNBDJwO
FOHFOFSBM
%FDMBSBDJwOEF4JOHIWJ"SUrDVMP
E
1SJODJQJPTCgTJDPTEF/BDJPOFT
6OJEBTTPCSFMBGVODJwOEFMPT
BCPHBEPT1SJODJQJP
1SJODJQJPTZ%JSFDUSJDFTEFÇGSJDB
1SJODJQJP*E
3FDPNFOEBDJwO/P3
1SJODJQJP*
BDUJWJEBEFYUFSOB
KVFDFTEF
$BSUBFVSPQFB1gSSBGP
&TUBUVUP6OJWFSTBMEFM+VF[
"SUrDVMP
.FNPSBOEPFYQMJDBUJWPEFMB$BSUB
FVSPQFB
1SJODJQJPTEF#BOHBMPSF1SJODJQJPT
1SJODJQJPTEF#VSHI)PVTF
1SJODJQJP
BDVTBDJPOFTJOGVOEBEBT
FOHFOFSBM
%JSFDUSJDFTEFMB0/6%JSFDUSJ[
1SJODJQJPTZ%JSFDUSJDFTEFÇGSJDB
1SJODJQJP'K
3FDPNFOEBDJwO/P3
1gSSBGP
ÇGSJDB
$BSUB"GSJDBOBTPCSFMPT%FSFDIPT
)VNBOPTZEFMPT1VFCMPT
$BSUB"GSJDBOBTPCSFMPT%FSFDIPTZ
FM#JFOFTUBSEFM/JvP
$PNJTJwO"GSJDBOBEF%FSFDIPT
)VNBOPTZEFMPT1VFCMPT
1SJODJQJPTZ%JSFDUSJDFTSFMBUJWPT
BM%FSFDIPBVO+VJDJP+VTUPZB
MB"TJTUFODJB+VSrEJDBFOÇGSJDB
1SJODJQJPTZ%JSFDUSJDFTEFÇGSJDB
BTDFOTP
¾TDBMFTEF
FOHFOFSBM
%JSFDUSJDFTEFMB0/6%JSFDUSJ[
1SJODJQJPTZ%JSFDUSJDFTEFÇGSJDB
1SJODJQJP'D
3FDPNFOEBDJwO/P3
1gSSBGPTBZC
KVFDFTEF
FOHFOFSBM
$BSUBFVSPQFB1gSSBGP
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
%FDMBSBDJwOEF4JOHIWJ"SUrDVMP
&TUBUVUPEFM+VF[*CFSPBNFSJDBOP
"SUrDVMP
.FNPSBOEPFYQMJDBUJWPEFMB$BSUB
FVSPQFB
1SJODJQJPTCgTJDPTEF
/BDJPOFT6OJEBTSFMBUJWPTBMB
JOEFQFOEFODJBEFMBKVEJDBUVSB
1SJODJQJP
1SJODJQJPTEF#FJKJOH1gSSBGP
1SJODJQJPTZ%JSFDUSJDFTEFÇGSJDB
1SJODJQJP"P
"TJB1BDr¾DP
%FDMBSBDJwOEF#FJKJOHEF
MPT1SJODJQJPTSFMBUJWPTBMB
*OEFQFOEFODJBEFMB+VEJDBUVSBFOMB
3FHJwOEF-"8"4*"1SJODJQJPTEF
#FJKJOH
BVEJFODJBKVTUBZQ|CMJDBEFSFDIPB
VOB
$BSUBEF%FSFDIPT'VOEBNFOUBMFT
EFMB6OJwO&VSPQFB"SUrDVMP
$PNJTJwOEF%FSFDIPT)VNBOPTEF
MB0/63FTPMVDJwO
$PNJUnEF%FSFDIPT)VNBOPTEFMB
0/60CTFSWBDJwO(FOFSBM/P
$POWFODJwO"NFSJDBOBTPCSF
%FSFDIPT)VNBOPT"SUrDVMP
$POWFODJwOTPCSF5SBCBKBEPSFT
.JHSBUPSJPT"SUrDVMP
$POWFOJP&VSPQFPQBSBMB1SPUFDDJwO
EFMPT%FSFDIPT)VNBOPTZMBT
-JCFSUBEFT'VOEBNFOUBMFT"SUrDVMP
$POWFOJP&VSPQFPQBSBMB1SPUFDDJwO
EFMPT%FSFDIPT)VNBOPTZ
-JCFSUBEFT'VOEBNFOUBMFT"SUrDVMP
%FDMBSBDJwO6OJWFSTBMEF%FSFDIPT
)VNBOPT"SUrDVMP
&TUBUVUP6OJWFSTBMEFM+VF["SUrDVMP
1BDUP*OUFSOBDJPOBMEF%FSFDIPT
$JWJMFTZ1PMrUJDPT"SUrDVMP
1SJODJQJPTEF#FJKJOH1gSSBGP
1SJODJQJPTZ%JSFDUSJDFTEFÇGSJDB
1SJODJQJP"
BVUPOPNrB¾OBODJFSBEFMQPEFS
KVEJDJBM
FOHFOFSBM
$BSUBFVSPQFBTPCSFFMFTUBUVUPEF
MPTKVFDFT1gSSBGP
$PNJTJwO*OUFSBNFSJDBOBEF
%FSFDIPT)VNBOPT
%JSFDUSJDFTEF-BUJNFS)PVTF
%JSFDUSJ[**
&TUBUVUPEFM+VF[*CFSPBNFSJDBOP
"SUrDVMP
&TUBUVUP6OJWFSTBMEFM+VF["SUrDVMP
.FNPSBOEP&YQMJDBUJWPEFMB$BSUB
FVSPQFB1gSSBGP
1SJODJQJPTCgTJDPTEF/BDJPOFT
6OJEBTSFMBUJWPTBMBJOEFQFOEFODJB
EFMBKVEJDBUVSB1SJODJQJP
1SJODJQJPTEF#FJKJOH1gSSBGPT
1SJODJQJPTEF#VSHI)PVTF1SJODJQJP
1SJODJQJPTZ%JSFDUSJDFTEFÇGSJDB
1SJODJQJP"W
$"%)1WnBTF$PNJTJwO"GSJDBOBEF
%FSFDIPT)VNBOPTZEFMPT1VFCMPT
DBQBDJUBDJwO
BCPHBEPTEF
(6Ê"1"3"130'&4*0/"-&4/
%FDMBSBDJwOEF4JOHIWJ"SUrDVMPT
1SJODJQJPTCgTJDPTEF/BDJPOFT
6OJEBTTPCSFMBGVODJwOEFMPT
BCPHBEPT1SJODJQJPT
1SJODJQJPTZ%JSFDUSJDFTEFÇGSJDB
1SJODJQJP*B
3FDPNFOEBDJwO/P3
1SJODJQJP**
¾TDBMFTEF
FOHFOFSBM
%JSFDUJDFTEFMB0/6%JSFDUSJDFT
1SJODJQJPTZ%JSFDUJDFTEFÇGSJDB
1SJODJQJP'B
3FDPNFOEBDJwO/P3
1gSSBGP
KVFDFTEF
$BSUBFVSPQFB1gSSBGP
$BSUBFVSPQFB1gSSBGP
%FDMBSBDJwOEF4JOHIWJ"SUrDVMP
%JSFDUSJDFTEF-BUJNFS)PVTF
%JSFDUSJ[**
&TUBUVUPEFM+VF[*CFSPBNFSJDBOP
"SUrDVMPTB
.FNPSBOEP&YQMJDBUJWPEFMB$BSUB
FVSPQFB1gSSBGP
.FNPSBOEP&YQMJDBUJWPEFMB$BSUB
FVSPQFB1gSSBGP
1SJODJQJPTZ%JSFDUSJDFTEFÇGSJDB
1SJODJQJP#
3FDPNFOEBDJwO/P3
1SJODJQJP***B
3FDPNFOEBDJwO/P3
1SJODJQJP7H
$BSUBFVSPQFBWnBTF&VSPQB$POTFKP
EF&VSPQB$BSUBFVSPQFBTPCSFFM
FTUBUVUPEFMPTKVFDFT
$&%)WnBTF&VSPQB$POWFOJP
&VSPQFPQBSBMB1SPUFDDJwOEFMPT
%FSFDIPT)VNBOPTZMBT-JCFSUBEFT
'VOEBNFOU
$wEJHPEFDPOEVDUBQSPGFTJPOBMEF
MPTBCPHBEPTBOUFMB$PSUF1FOBM
*OUFSOBDJPOBM
DwEJHPTEFDPOEVDUB
EFMPTBCPHBEPT
%FDMBSBDJwOEF4JOHIWJ"SUrDVMP
1SJODJQJPTCgTJDPTEF/BDJPOFT
6OJEBTTPCSFMBGVODJwOEFMPT
BCPHBEPT1SJODJQJP
1SJODJQJPTZ%JSFDUSJDFTEFÇGSJDB
1SJODJQJP*N
1SJODJQJPTZ%JSFDUSJDFTEFÇGSJDB
1SJODJQJP*Q
3FDPNFOEBDJwO/P3
1SJODJQJP***
3FDPNFOEBDJwO/P3
1SJODJQJP7H
3FDPNFOEBDJwO/P3
1SJODJQJP7*
EFMPTKVFDFT
FOHFOFSBM
$PMFHJPTPBTPDJBDJPOFT
EF
"CPHBEPTWnBTFUBNCJnOMJCFSUBEEF
BTPDJBDJwO
%FDMBSBDJwOEF4JOHIWJ"SUrDVMP
C
%FDMBSBDJwOEF4JOHIWJ"SUrDVMPT
1SJODJQJPTCgTJDPTEF/BDJPOFT
6OJEBTTPCSFMBGVODJwOEFMPT
BCPHBEPT
3FDPNFOEBDJwO/P3
1SJODJQJP7
$PNJTJwO&VSPQFBEF%FSFDIPT
)VNBOPT
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
$PNJUnEF%FSFDIPT)VNBOPT
$PNNPOXFBMUI
%JSFDUSJDFTEF-BUJNFS)PVTFQBSBFM
$PNNPOXFBMUITPCSF4VQSFNBDrB
1BSMBNFOUBSJBF*OEFQFOEFODJB
+VEJDJBM
DPOEJDJPOFTEFTFSWJDJPWnBTFUBN
CJnOQFSNBOFODJBFOFMDBSHPEFMPT
KVFDFTTFHVSJEBETPDJBM
¾TDBMFTEF
FOHFOFSBM
%JSFDUSJDFTEFMB0/6%JSFDUSJ[
1SJODJQJPTZ%JSFDUSJDFTEFÇGSJDB
1SJODJQJP'C
3FDPNFOEBDJwO/P3
1gSSBGPE
DPO¾EFODJBMJEBETFDSFUPQSPGFTJPOBM
BCPHBEPTEF
FOHFOFSBM
%FDMBSBDJwOEF4JOHIWJ"SUrDVMP
B
1SJODJQJPTCgTJDPTEF/BDJPOFT
6OJEBTTPCSFMBGVODJwOEFMPT
BCPHBEPT1SJODJQJP
1SJODJQJPTZ%JSFDUSJDFTEFÇGSJDB
1SJODJQJP*D
3FDPNFOEBDJwO/P3
1SJODJQJP*
3FDPNFOEBDJwO/P3
1SJODJQJP***
¾TDBMFTEF
%JSFDUSJDFTEFMB0/6%JSFDUSJ[
D
1SJODJQJPTZ%JSFDUSJDFTEFÇGSJDB
1SJODJQJP'J
3FDPNFOEBDJwO/P3
1gSSBGP
KVFDFTEF
$BSUBFVSPQFB1gSSBGP
%FDMBSBDJwOEF4JOHIWJ"SUrDVMP
.FNPSBOEP&YQMJDBUJWPEFMB$BSUB
FVSPQFB1gSSBGP
1SJODJQJPTCgTJDPTEF
/BDJPOFT6OJEBTSFMBUJWPTBMB
JOEFQFOEFODJBEFMBKVEJDBUVSB
1SJODJQJP
1SJODJQJPTEF#BOHBMPSF1SJODJQJP
1SJODJQJPTEF#VSHI)PVTF
1SJODJQJP
1SJODJQJPTEF#VSHI)PVTF
1SJODJQJP
$POTFKPEF&VSPQBWnBTF&VSPQB
$POWFODJwO"NFSJDBOBTPCSF
%FSFDIPT)VNBOPT$"%)
$POWFODJwOJOUFSOBDJPOBMTPCSFMB
QSPUFDDJwOEFMPTEFSFDIPTEFUPEPT
MPTUSBCBKBEPSFTNJHSBUPSJPTZEFTVT
GBNJMJBSFT
$POWFODJwOTPCSFMPT%FSFDIPTEFM
/JvP
$POWFOJP&VSPQFPQBSBMB1SPUFDDJwO
EFMPT%FSFDIPT)VNBOPTZMBT
-JCFSUBEFT'VOEBNFOUBMFT
$POWFOJPTEF(JOFCSBEF
DPSSVQDJwOEFKVFDFTWnBTF
UBNCJnOJNQBSDJBMJEBE
FOHFOFSBM
1SJODJQJPTEF#BOHBMPSF
1SJODJQJP
1SJODJQJP
1SJODJQJPTEF#VSHI)PVTF
(6Ê"1"3"130'&4*0/"-&4/
1SJODJQJP
DSJUFSJPTEFOPNCSBNJFOUPWnBTF
UBNCJnODBQBDJUBDJwO
¾TDBMFTEF
FOHFOFSBM
%JSFDUSJDFTEFMB0/6%JSFDUSJDFT
1SJODJQJPTZ%JSFDUJDFTEFÇGSJDB
1SJODJQJP'B
KVFDFTEF
FOHFOFSBM
$BSUBFVSPQFB1gSSBGP
$PNJUnEF%FSFDIPT)VNBOPT
%FDMBSBDJwOEF4JOHIWJ"SUrDVMPT
Z
%JSFDUSJDFTEF-BUJNFS)PVTF
%JSFDUSJ[**
&TUBUVUPEFM+VF[*CFSPBNFSJDBOP
"SUrDVMPTB
&TUBUVUP6OJWFSTBMEFM+VF[
"SUrDVMP
.FNPSBOEP&YQMJDBUJWPEFMB$BSUB
FVSPQFB1gSSBGP
1SJODJQJPTCgTJDPTSFMBUJWPTBMB
JOEFQFOEFODJBEFMBKVEJDBUVSB
1SJODJQJP
1SJODJQJPTEF#FJKJOH1gSSBGPTB
1SJODJQJPTEF#VSHI)PVTF
1SJODJQJP
1SJODJQJPTZ%JSFDUSJDFTEFÇGSJDB
1SJODJQJP"I
BL
3FDPNFOEBDJwO/P3
1gSSBGP*D
%FDMBSBDJwO"NFSJDBOBEFMPT
%FSFDIPTZ%FCFSFTEFM)PNCSF
%FDMBSBDJwOEF4JOHIWJWnB
TF/BDJPOFT6OJEBT1SPZFDUP
EF%FDMBSBDJwO6OJWFSTBMEFMB
*OEFQFOEFODJBEFMB+VTUJDJB
%FDMBSBDJwO6OJWFSTBMEF%FSFDIPT
)VNBOPT
%JSFDUSJDFTEFMB0/6WnBTF/BDJPOFT
6OJEBT%JSFDUSJDFTTPCSFMBGVODJwOEF
MPT¾TDBMFT
%JSFDUSJDFTEF-BUJNFS)PVTFWnB
TF$PNNPOXFBMUI%JSFDUSJDFTEF
-BUJNFS)PVTFQBSBFM$PNNPOXFBMUI
TPCSF4VQSFNBDrB1BSMBNFOUBSJB
EJWJTJwOEFQPEFSFTWnBTF
UBNCJnOJOEFQFOEFODJB
FOHFOFSBM
$PNJUnEF%FSFDIPT)VNBOPT
$PSUF*OUFSBNFSJDBOBEF%FSFDIPT
)VNBOPT
%FDMBSBDJwOEF4JOHIWJ"SUrDVMP
3FMBUPSFTQFDJBMTPCSFFKFDVDJPOFT
FYUSBKVEJDJBMFTTVNBSJBTP
BSCJUSBSJBT
3FMBUPSFTQFDJBMTPCSFMB
JOEFQFOEFODJBEFKVFDFTZ
BCPHBEPT
5SJCVOBM&VSPQFPEF%FSFDIPT
)VNBOPT
FMFDDJwOEFKVFDFTNFEJBOUFWPUP
QPQVMBSWnBTFUBNCJnODSJUFSJPTEF
OPNCSBNJFOUPEFKVFDFTQSPDFEJNJFO
UPEFOPNCSBNJFOUPEFKVFDFT
FOHFOFSBM
$PNJUnEF%FSFDIPT)VNBOPT
FOKVJDJBNJFOUPEFEFMJUPTDPNFUJEPT
QPSGVODJPOBSJPTQ|CMJDPT
%JSFDUSJDFTEFMB0/6%JSFDUSJ[
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
1SJODJQJPTZ%JSFDUSJDFTEFÇGSJDB
1SJODJQJP'L
3FDPNFOEBDJwO/P3
1gSSBGP
&TUBUVUPEFM+VF[*CFSPBNFSJDBOP
&TUBUVUP6OJWFSTBMEFM+VF[
&VSPQB
$BSUBEF%FSFDIPT'VOEBNFOUBMFT
EFMB6OJwO&VSPQFB
$POTFKPEF&VSPQB
$BSUBFVSPQFB
-rOFBTEJSFDUSJDFTEFM$PNJUnEF
.JOJTUSPTEFM$POTFKPEF&VSPQB
TPCSFMPTEFSFDIPTIVNBOPTZMB
MVDIBDPOUSBFMUFSSPSJTNP
.FNPSBOEP&YQMJDBUJWPEFMB$BSUB
FVSPQFB
3FDPNFOEBDJwO/P3
EFM$PNJUnEF.JOJTUSPTEF
MPT&TUBEPT.JFNCSPTTPCSFMB
GVODJwOEFMB¾TDBMrBFOFMTJTUFNB
EFKVTUJDJBQFOBM
3FDPNFOEBDJwO/P3
EFM$PNJUnEF.JOJTUSPTEF
MPT&TUBEPT.JFNCSPTTPCSF
MBMJCFSUBEEFMFKFSDJDJPEFMB
QSPGFTJwOEFBCPHBEP
3FDPNFOEBDJwO/P3
EFM
$PNJUnEF.JOJTUSPTEFMPT&TUBEPT
.JFNCSPTTPCSFMB*OEFQFOEFODJB
&¾DJFODJBZ'VODJwOEFMPT+VFDFT
GPSNBDJwOQSPGFTJPOBMEFMPTBCPHB
EPTWnBTFUBNCJnODBQBDJUBDJwO
%FDMBSBDJwOEF4JOHIWJ"SUrDVMPT
1SJODJQJPTCgTJDPTEF/BDJPOFT
6OJEBTTPCSFMBGVODJwOEFMPT
BCPHBEPT1SJODJQJP
1SJODJQJPTZ%JSFDUSJDFTEFÇGSJDB
1SJODJQJP*B
3FDPNFOEBDJwO/P3
1SJODJQJP**
GVODJPOFTEJTDSFDJPOBMFTEFMPT
¾TDBMFT
FOHFOFSBM
%JSFDUSJDFTEFMB0/6%JSFDUSJ[
JEFOUJ¾DBDJwOEFMPTBCPHBEPTDPO
TVTDMJFOUFTPDPOMBTDBVTBTEFTVT
DMJFOUFT
FOHFOFSBM
%FDMBSBDJwOEF4JOHIWJ"SUrDVMP
1SJODJQJPTCgTJDPTEF/BDJPOFT
6OJEBTTPCSFMBGVODJwOEFMPT
BCPHBEPT1SJODJQJP
1SJODJQJPTZ%JSFDUSJDFTEFÇGSJDB
1SJODJQJP*H
3FMBUPS&TQFDJBMTPCSFMB
JOEFQFOEFODJBEFKVFDFTZ
BCPHBEPT
JNQBSDJBMJEBE
¾TDBMFTEF
FOHFOFSBM
%JSFDUSJDFTEFMB0/6%JSFDUSJ[
1SJODJQJPTZ%JSFDUSJDFTEFÇGSJDB
1SJODJQJP'J
Z
3FDPNFOEBDJwO/P3
1gSSBGP
3FDPNFOEBDJwO/P3
1gSSBGPB
KVFDFTEFWnBTFUBNCJnODPSSVQDJwO
EFKVFDFT
FOHFOFSBM
(6Ê"1"3"130'&4*0/"-&4/
$"%)1
$PNJTJwO*OUFSBNFSJDBOB
$PNJUnEF%FSFDIPT)VNBOPT
EFCFSEFJOIJCJSTFFOMBDBVTB
&TUBUVUPEFM+VF[*CFSPBNFSJDBOP
"SUrDVMPTB
&TUBUVUPEFM+VF[*CFSPBNFSJDBOP
"SUrDVMPTB
&TUBUVUP6OJWFSTBMEFM+VF[
"SUrDVMP
JNQBSDJBMJEBEBQBSFOUFPCKFUJWB
JNQBSDJBMJEBEWFSEBEFSB
TVCKFUJWB
1SJODJQJPTCgTJDPTEF
/BDJPOFT6OJEBTSFMBUJWPTBMB
JOEFQFOEFODJBEFMBKVEJDBUVSB
1SJODJQJP
1SJODJQJPTEF#BOHBMPSF1SJODJQJP
1SJODJQJPTEF#BOHBMPSF7BMPS
1SJODJQJPTEF#BOHBMPSF7BMPS
1SJODJQJPTEF#VSHI)PVTF
1SJODJQJPTB
1SJODJQJPTZ%JSFDUSJDFTEFÇGSJDB
1SJODJQJP"
1SJODQJPTEF#VSHI)PVTF
1SJODJQJPTB
3FDPNFOEBDJwO/P3
1SJODJQJP*E
3FDPNFOEBDJwO/P3
1SJODJQJP7C
3FDPNFOEBDJwO/P3
1SJODJQJP7D
3FTPMVDJwOEFMB$PNJTJwOEF
%FSFDIPT)VNBOPTEFMB0/6
1gSSBGPTZ
5SJCVOBM&VSPQFPEF%FSFDIPT
)VNBOPT
JNQBSUJBMJUZ
KVEHFTPG
EVUZUPFYDVTFUIFNTFMWFT
#BOHBMPSF1SJODJQMFT1SJODJQMF
JOEFQFOEFODJB
BCPHBEPTEF
FOHFOFSBM
$wEJHPEFDPOEVDUBQSPGFTJPOBMEF
MPTBCPHBEPTBOUFMB$PSUF1FOBM
*OUFSOBDJPOBM"SUrDVMP
$PNJUnEF%FSFDIPT)VNBOPT
%FDMBSBDJwOEF4JOHIWJ"SUrDVMP
%FDMBSBDJwOEF4JOHIWJ"SUrDVMP
%FDMBSBDJwOEF4JOHIWJ"SUrDVMPT
1SJODJQJPTCgTJDPTEF/BDJPOFT
6OJEBTTPCSFMBGVODJwOEFMPT
BCPHBEPT1SJODJQJP
1SJODJQJPTZ%JSFDUSJDFTEFÇGSJDB
1SJODJQJP*
3FDPNFOEBDJwO/P3
1SJODJQJP*
3FTPMVDJwOEFMB$PNJTJwOEF
%FSFDIPT)VNBOPTEFMB0/6
1gSSBGP
EFMPTKVFDFTJOEJWJEVBM
$PNJTJwOEF%FSFDIPT)VNBOPT
EFMB0/6
$PNJTJwO*OUFSBNFSJDBOB
%FDMBSBDJwOEF4JOHIWJ"SUrDVMPT
Z
&TUBUVUPEFM+VF[*CFSPBNFSJDBOP
"SUrDVMP
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
&TUBUVUPEFM+VF[*CFSPBNFSJDBOP
"SUrDVMP
&TUBUVUPEFM+VF[*CFSPBNFSJDBOP
"SUrDVMP
&TUBUVUP6OJWFSTBMEFM+VF[
"SUrDVMP
(SVQPEF5SBCBKPEF/BDJPOFT
6OJEBTTPCSFMB%FUFODJwO
"SCJUSBSJB
0¾DJOBEFM"MUP$PNJTJPOBEP
EF/BDJPOFT6OJEBTQBSBMPT
%FSFDIPT)VNBOPTEFMB0/6
1SJODJQJPTCgTJDPTEF
/BDJPOFT6OJEBTSFMBUJWPTBMB
JOEFQFOEFODJBEFMBKVEJDBUVSB
1SJODJQJP
1SJODJQJPTEF#BOHBMPSF7BMPS
1SJODJQJPTEF#VSHI)PVTF
1SJODJQJP
1SJODJQJPTZ%JSFDUSJDFTEFÇGSJDB
1SJODJQJP"B
5SJCVOBM&VSPQFPEF%FSFDIPT
)VNBOPT
EFMQPEFSKVEJDJBMJOTUJUVDJPOBM
WnBTFUBNCJnOBVUPOPNrB¾OBODJFSB
EFMQPEFSKVEJDJBMEJWJTJwOEF
QPEFSFT
FOHFOFSBM
$PNJTJwO*OUFSBNFSJDBOB
$PNJUnEF%FSFDIPT)VNBOPT
%FDMBSBDJwOEF4JOHIWJ"SUrDVMPT
B
1SJODJQJPTCgTJDPTEF
/BDJPOFT6OJEBTSFMBUJWPTBMB
JOEFQFOEFODJBEFMBKVEJDBUVSB
1SJODJQJP
1SJODJQJPTEF#VSHI)PVTF
1SJODJQJP
1SJODJQJPTZ%JSFDUSJDFTEFÇGSJDB
1SJODJQJP"B
5SJCVOBM&VSPQFPEF%FSFDIPT
)VNBOPT
QPEFSKVEJDJBMEFM
FOHFOFSBM
%JSFDUSJDFTEF-BUJNFS)PVTF
%JSFDUSJ[**
1SJODJQJPTCgTJDPTEF
/BDJPOFT6OJEBTSFMBUJWPTBMB
JOEFQFOEFODJBEFMBKVEJDBUVSB
1SJODJQJPT
1SJODJQJPTEF#FJKJOH1gSSBGPT
1SJODJQJPTZ%JSFDUSJDFTEFÇGSJDB
1SJODJQJP"
3FDPNFOEBDJwO/P3
1SJODJQJP*
3FTPMVDJwOEFMB$PNJTJwOEF
%FSFDIPT)VNBOPTEFMB0/6
1gSSBGPTZ
3FTPMVDJwOEFMB$PNJTJwOEF
%FSFDIPT)VNBOPTEFMB0/6
1gSSBGP
JONVOJEBE
BCPHBEPTEF
%FDMBSBDJwOEF4JOHIWJ"SUrDVMP
1SJODJQJPTCgTJDPTEF/BDJPOFT
6OJEBTTPCSFMBGVODJwOEFMPT
BCPHBEPT1SJODJQJP
1SJODJQJPTZ%JSFDUSJDFTEFÇGSJDB
1SJODJQJP*F
KVFDFTEF
&TUBUVUP6OJWFSTBMEFM+VF[
"SUrDVMP
1SJODJQJPTCgTJDPTEF
/BDJPOFT6OJEBTSFMBUJWPTBMB
JOEFQFOEFODJBEFMBKVEJDBUVSB
1SJODJQJP
(6Ê"1"3"130'&4*0/"-&4/
1SJODJQJPTEF#FJKJOH1gSSBGP
1SJODJQJPTEF#VSHI)PVTF
1SJODJQJP
1SJODJQJPTZ%JSFDUSJDFTEFÇGSJDB
1SJODJQJP"O
JOUJNJEBDJwOIPTUJHBNJFOUPWnBTF
UBNCJnOJOEFQFOEFODJBJNQBSDJBMJEBE
BCPHBEPTDPOUSB
FOHFOFSBM
1SJODJQJPTCgTJDPTEF/BDJPOFT
6OJEBTTPCSFMBGVODJwOEFMPT
BCPHBEPT1SJODJQJPB
1SJODJQJPTZ%JSFDUSJDFTEFÇGSJDB
1SJODJQJP*C
3FDPNFOEBDJwO/P3
1SJODJQJP*
¾TDBMFTDPOUSB
FOHFOFSBM
%JSFDUSJDFTEFMB0/6%JSFDUSJ[
1SJODJQJPTZ%JSFDUSJDFTEFÇGSJDB
1SJODJQJP'B
3FDPNFOEBDJwO/P3
1gSSBGP
KVFDFTDPOUSB
FOHFOFSBM
1SJODJQJPTCgTJDPTEF
/BDJPOFT6OJEBTSFMBUJWPTBMB
JOEFQFOEFODJBEFMBKVEJDBUVSB
1SJODJQJP
1SJODJQJPTCgTJDPTEF
/BDJPOFT6OJEBTSFMBUJWPTBMB
JOEFQFOEFODJBEFMBKVEJDBUVSB
1SJODJQJP
1SJODJQJPTEF#BOHBMPSF1SJODJQJP
1SJODJQJPTZ%JSFDUSJDFTEFÇGSJDB
1SJODJQJP"B
3FDPNFOEBDJwO/P3
1SJODJQJP*E
3FDPNFOEBDJwO/P3
1SJODJQJP*E
KVF[OBUVSBMQSJODJQJPEFM
FOHFOFSBM
$PNJTJwOEF%FSFDIPT)VNBOPTEF
MB0/6
$PNJTJwO&VSPQFBEF%FSFDIPT
)VNBOPT
$PNJUnEF%FSFDIPT)VNBOPT
%FDMBSBDJwOEF4JOHIWJ"SUrDVMPC
BF
1SJODJQJPTZ%JSFDUSJDFTEFÇGSJDB
1SJODJQJP"F
MJCFSUBEEFBTPDJBDJwO
KVFDFTEF
FOHFOFSBM
-JCFSUBEEFBTPDJBDJwO
¾TDBMFTEF
FOHFOFSBM
MJCFSUBEEFBTPDJBDJwO
BCPHBEPTEF
$PNJUnEF%FSFDIPT)VNBOPT
%FDMBSBDJwOEF4JOHIWJ"SUrDVMP
FOHFOFSBM
1SJODJQJPTCgTJDPTEF/BDJPOFT
6OJEBTTPCSFMBGVODJwOEFMPT
BCPHBEPT1SJODJQJPTB
1SJODJQJPTZ%JSFDUSJDFTEFÇGSJDB
1SJODJQJP*M
3FDPNFOEBDJwO/P3
1SJODJQJP*
3FDPNFOEBDJwO/P3
1SJODJQJP7
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
3FMBUPS&TQFDJBMTPCSFMB
JOEFQFOEFODJBEFKVFDFTZ
BCPHBEPT
¾TDBMFTEF
%JSFDUSJDFTEFMB0/6%JSFDUSJ[
1SJODJQJPTZ%JSFDUSJDFTEFÇGSJDB
1SJODJQJP'E
ZF
3FDPNFOEBDJwO/P3
1gSSBGP
KVFDFTEF
$BSUBFVSPQFB1gSSBGP
%FDMBSBDJwOEF4JOHIWJ"SUrDVMP
%JSFDUSJDFTEF-BUJNFS)PVTF
%JSFDUSJ[7**
&TUBUVUPEFM+VF[*CFSPBNFSJDBOP
"SUrDVMP
&TUBUVUP6OJWFSTBMEFM+VF[
"SUrDVMP
.FNPSBOEP&YQMJDBUJWPEFMB$BSUB
FVSPQFB1gSSBGP
1SJODJQJPTCgTJDPTSFMBUJWPTBMB
JOEFQFOEFODJBEFMBKVEJDBUVSB
1SJODJQJP
1SJODJQJPTEF#BOHBMPSF1SJODJQJP
1SJODJQJPTEF#BOHBMPSF1SJODJQJP
1SJODJQJPTEF#FJKJOH1gSSBGPTZ
1SJODJQJPTEF#VSHI)PVTF
1SJODJQJP
1SJODJQJPTZ%JSFDUSJDFTEFÇGSJDB
1SJODJQJP"T
ZU
3FDPNFOEBDJwO/P3
1SJODJQJP*7
MJCFSUBEEFFYQSFTJwO
BCPHBEPTEF
FOHFOFSBM
%FDMBSBDJwOEF4JOHIWJ"SUrDVMP
1SJODJQJPTCgTJDPTEF/BDJPOFT
6OJEBTTPCSFMBGVODJwOEFMPT
BCPHBEPT1SJODJQJP
1SJODJQJPTZ%JSFDUSJDFTEFÇGSJDB
1SJODJQJP*L
3FDPNFOEBDJwO/P3
1SJODJQJP*
¾TDBMFTEF
%JSFDUSJDFTEFMB0/6%JSFDUSJ[
1SJODJQJPTZ%JSFDUSJDFTEFÇGSJDB
1SJODJQJP'E
3FDPNFOEBDJwO/P3
1gSSBGP
KVFDFTEF
FOHFOFSBM
$BSUBFVSPQFB1gSSBGP
%FDMBSBDJwOEF4JOHIWJ"SUrDVMP
.FNPSBOEP&YQMJDBUJWPEFMB$BSUB
FVSPQFB1gSSBGP
1SJODJQJPTCgTJDPTEF
/BDJPOFT6OJEBTSFMBUJWPTBMB
JOEFQFOEFODJBEFMBKVEJDBUVSB
1SJODJQJP
1SJODJQJPTEF#BOHBMPSF1SJODJQJP
1SJODJQJPTEF#FJKJOH1SJODJQJP
1SJODJQJPTEF#VSHI)PVTF
1SJODJQJP
1SJODJQJPTZ%JSFDUSJDFTEFÇGSJDB
1SJODJQJP"T
/BDJPOFT6OJEBT0/6
"TBNCMFB(FOFSBM
(6Ê"1"3"130'&4*0/"-&4/
$PNJTJwOEF%FSFDIPT)VNBOPT
3FMBUPS&TQFDJBMTPCSF
FKFDVDJPOFTFYUSBKVEJDJBMFT
TVNBSJBTPBSCJUSBSJBT
3FMBUPS&TQFDJBMTPCSFMB
DVFTUJwOEFMBUPSUVSB
3FMBUPS&TQFDJBMTPCSFMB
JOEFQFOEFODJBEFKVFDFTZ
BCPHBEPT
%FDMBSBDJwOTPCSFFMEFSFDIP
ZMBSFTQPOTBCJMJEBEEFMPT
JOEJWJEVPTHSVQPTZwSHBOPT
EFMBTPDJFEBEEFQSPNPWFSZ
QSPUFHFSMPTEFSFDIPTEFMIPNCSF
ZMBTMJCFSUBEFTGVOEBNFOUBMFT
VOJWFSTBMNFOUFSFDPOPDJEPT
$PNJUnDPOUSBMB5PSUVSB
$POTFKP&DPOwNJDPZ4PDJBM
1SPDFEJNJFOUPTQBSBMBBQMJDBDJwO
FGFDUJWBEFMPT1SJODJQJPTCgTJDPT
SFMBUJWPTBMBJOEFQFOEFODJBEFMB
KVEJDBUVSB
%FDMBSBDJwOEF4JOHIWJ
%JSFDUSJDFTTPCSFMBGVODJwOEFMPT
¾TDBMFT%JSFDUSJDFTEFMB0/6
1SJODJQJPTCgTJDPTSFMBUJWPTBMB
JOEFQFOEFODJBEFMBKVEJDBUVSB
1SJODJQJPTCgTJDPTTPCSFMBGVODJwO
EFMPTBCPHBEPT
4FDSFUBSJPHFOFSBM
4VCDPNJTJwOEF1SPNPDJwOZ
1SPUFDDJwOEFMPT%FSFDIPT)VNBOPT
1SPZFDUPEF1SJODJQJPTTPCSFMB
"ENJOJTUSBDJwOEF+VTUJDJBQPSMPT
5SJCVOBMFT.JMJUBSFT
PCMJHBDJPOFTQSPGFTJPOBMFTWnBTF
UBNCJnODwEJHPTEFDPOEVDUB
BCPHBEPTEF
FOHFOFSBM
%FDMBSBDJwOEF4JOHIWJ"SUrDVMP
%FDMBSBDJwOEF4JOHIWJ"SUrDVMPT
1SJODJQJPTCgTJDPTEF/BDJPOFT
6OJEBTTPCSFMBGVODJwOEFMPT
BCPHBEPT1SJODJQJPTB
3FDPNFOEBDJwO/P3
1SJODJQJP***
¾TDBMFTEF
FOHFOFSBM
$PNJUnDPOUSBMB5PSUVSB
$PNJUnEF%FSFDIPT)VNBOPT
%FDMBSBDJwOTPCSFMPTQSJODJQJPT
GVOEBNFOUBMFTEFKVTUJDJBQBSBMBT
WrDUJNBTEFEFMJUPTZEFMBCVTPEF
QPEFS
%JSFDUSJDFTEFMB0/6%JSFDUSJ[
QSPUFDDJwOEFMPTEFSFDIPTEFMBT
WrDUJNBT
FOHFOFSBM
1SJODJQJPTZ%JSFDUSJDFTEFÇGSJDB
1SJODJQJP'J
Z
3FDPNFOEBDJwO/P3
1gSSBGPC
3FDPNFOEBDJwO/P3
1gSSBGPT
QSPUFDDJwOEFMPTEFSFDIPTEFMPT
TPTQFDIPTPT
%JSFDUSJDFTEFMB0/6%JSFDUSJ[
C
1SJODJQJPTZ%JSFDUSJDFTEFÇGSJDB
1SJODJQJP'J
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
3FDPNFOEBDJwO/P3
1gSSBGP
3FDPNFOEBDJwO/P3
1gSSBGPC
QSPUFDDJwOEFMPTEFSFDIPTEFMPT
UFTUJHPT
3FDPNFOEBDJwO/P3
1gSSBGP
3FDPNFOEBDJwO/P3
1gSSBGPC
3FDPNFOEBDJwO/P3
1gSSBGPTB
KVFDFTEF
1SJODJQJPTEF#BOHBMPSF7BMPS
1SJODJQJPTEF#FJKJOH1gSSBGPTZ
3FDPNFOEBDJwO/P3
1SJODJQJP7
1BDUP*OUFSOBDJPOBMEF%FSFDIPT
$JWJMFTZ1PMrUJDPT
WnBTFUBNCJnO$PNJUnEF
%FSFDIPT)VNBOPT
QFSNBOFODJBFOFMDBSHPEFMPT
KVFDFTWnBTFUBNCJnODPOEJDJPOFTEF
TFSWJDJPTFHVSJEBETPDJBM
FOHFOFSBM
%FDMBSBDJwOEF4JOHIWJ"SUrDVMPT
B
%JSFDUSJDFTEF-BUJNFS)PVTF
%JSFDUSJ[**
&TUBUVUPEFM+VF[*CFSPBNFSJDBOP
"SUrDVMPTZ
&TUBUVUP6OJWFSTBMEFM+VF["SUrDVMP
QSgDUJDBTRVFBGFDUBOMB
QFSNBOFODJBFOFMDBSHP
FOHFOFSBM
$PNJTJwO*OUFSBNFSJDBOB
$PNJUnEF%FSFDIPT)VNBOPT
KVFDFTQSPWJTJPOBMFT
SFDFSUJ¾DBDJwO
1SJODJQJPTCgTJDPTEF/BDJPOFT
6OJEBTSFMBUJWPTBMBJOEFQFOEFODJB
EFMBKVEJDBUVSB"SUrDVMPTZ
1SJODJQJPTEF#FJKJOH1gSSBGPTB
1SJODJQJPTEF#VSHI)PVTF1SJODJQJP
1SJODJQJPTZ%JSFDUSJDFTEFÇGSJDB
1SJODJQJP"M
N
ZO
3FDPNFOEBDJwO/P3
1SJODJQJP*
QPMJDrB
SFMBDJwODPOMPT¾TDBMFT
%JSFDUSJDFTEFMB0/6%JSFDUSJ[
1SJODJQJPTZ%JSFDUSJDFTEFÇGSJDB
1SJODJQJP'N
3FDPNFOEBDJwO/P3
1gSSBGPTB
1SJODJQJPTCgTJDPTEF/BDJPOFT6OJEBT
SFMBUJWPTBMBJOEFQFOEFODJBEFMB
KVEJDBUVSBWnBTF/BDJPOFT6OJEBT
0/6
1SJODJQJPTCgTJDPTSFMBUJWPTBMB
JOEFQFOEFODJBEFMBKVEJDBUVSB
1SJODJQJPTCgTJDPTEF/BDJPOFT
6OJEBTTPCSFMBGVODJwOEFMPTBCP
HBEPTWnBTF/BDJPOFT6OJEBT0/6
1SJODJQJPTCgTJDPTTPCSFMBGVODJwOEF
MPTBCPHBEPT
1SJODJQJPTEF#BOHBMPSFTPCSFMB
$POEVDUB+VEJDJBM1SJODJQJPTEF
#BOHBMPSF
1SJODJQJPTEF#FJKJOHWnBTF"TJB
1BDr¾DP%FDMBSBDJwOEF#FJKJOHEFMPT
1SJODJQJPTSFMBUJWPTBMB*OEFQFOEFODJB
EFMB+VEJDBUVSB
(6Ê"1"3"130'&4*0/"-&4/
1SJODJQJPTEF#VSHI)PVTFTPCSFMB
JOEFQFOEFODJBEFMBKVEJDBUVSBJOUFS
OBDJPOBM1SJODJQJPTEF#VSHI)PVTF
1SJODJQJPTZ%JSFDUSJDFTSFMBUJWBT
BM%FSFDIPBVO+VJDJP+VTUPZB
MB"TJTUFODJB+VSrEJDBFOÇGSJDB
1SJODJQJPTZ%JSFDUSJDFTEFÇGSJDB
QSPDFEJNJFOUPEFOPNCSBNJFOUP
¾TDBMFTEF
FOHFOFSBM
3FDPNFOEBDJwO/P3
1gSSBGPB
KVFDFTEF
FOHFOFSBM
$BSUBFVSPQFB1gSSBGP
$BSUBFVSPQFB1gSSBGP
$PNJUnEF%FSFDIPT)VNBOPT
$PSUF*OUFSBNFSJDBOBEF%FSFDIPT
)VNBOPT
%FDMBSBDJwOEF4JOHIWJ"SUrDVMP
%JSFDUSJDFTEF-BUJNFS)PVTF
%JSFDUSJ[**
&TUBUVUPEFM+VF[*CFSPBNFSJDBOP
"SUrDVMPTB
&TUBUVUP6OJWFSTBMEFM+VF[
"SUrDVMP
.FNPSBOEP&YQMJDBUJWPEFMB$BSUB
FVSPQFB1gSSBGP
.FNPSBOEP&YQMJDBUJWPEFMB$BSUB
FVSPQFB1gSSBGP
1SJODJQJPTEF#FJKJOH1gSSBGPTB
1SJODJQJPTEF#VSHI)PVTF
1SJODJQJPTB
1SJODJQJPTZ%JSFDUSJDFTEFÇGSJDB
1SJODJQJP"I
BL
3FDPNFOEBDJwO/P3
1gSSBGP*D
5SJCVOBM&VSPQFPEF%FSFDIPT
)VNBOPT
QSPDFEJNJFOUPTEJTDJQMJOBSJPT
BCPHBEPTDPOUSB
FOHFOFSBM
%FDMBSBDJwOEF4JOHIWJ"SUrDVMPT
B
1SJODJQJPTCgTJDPTEF/BDJPOFT
6OJEBTTPCSFMBGVODJwOEFMPT
BCPHBEPT1SJODJQJPTB
1SJODJQJPTZ%JSFDUSJDFTEFÇGSJDB
1SJODJQJP*O
BQ
3FDPNFOEBDJwO/P3
1SJODJQJP7*
¾TDBMFTDPOUSB
FOHFOFSBM
%JSFDUSJDFTEFMB0/6%JSFDUSJDFT
Z
1SJODJQJPTZ%JSFDUSJDFTEFÇGSJDB
1SJODJQJP'O
ZP
3FDPNFOEBDJwO/P3
1gSSBGPF
KVFDFTDPOUSB
FOHFOFSBM
$BSBFVSPQFB1gSSBGP
$BSUBFVSPQFB1gSSBGP
$PNJUnEF%FSFDIPT)VNBOPT
$PSUF*OUFSBNFSJDBOBEF%FSFDIPT
)VNBOPT
%JSFDUSJDFTEF-BUJNFS)PVTF
%JSFDUSJ[7*
&TUBUVUPEFM+VF[*CFSPBNFSJDBOP
"SUrDVMP
&TUBUVUP6OJWFSTBMEFM+VF[
"SUrDVMP
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
.FNPSBOEP&YQMJDBUJWPEFMB$BSUB
FVSPQFB1gSSBGP
1SJODJQJPTCgTJDPTEF
/BDJPOFT6OJEBTSFMBUJWPTBMB
JOEFQFOEFODJBEFMBKVEJDBUVSB
1SJODJQJPTB
1SJODJQJPTEF#FJKJOH1gSSBGPT
B
1SJODJQJPTEF#FJKJOH1gSSBGPT
B
1SJODJQJPTEF#VSHI)PVTF
1SJODJQJP
1SJODJQJPTZ%JSFDUSJDFTEFÇGSJDB
1SJODJQJP"O
Q
R
ZS
3FDPNFOEBDJwO/P3
1SJODJQJP7*
KVFDFTEF
%FDMBSBDJwOEF4JOHIWJ"SUrDVMPT
B
1SPDFEJNJFOUPTQBSBMBBQMJDBDJwO
FGFDUJWBWnBTF1SPDFEJNJFOUPTQBSB
MBBQMJDBDJwOFGFDUJWBEFMPT1SJODJQJPT
CgTJDPTSFMBUJWPTBMBJOEFQFOEFODJB
QSPQJFEBEWnBTFPCMJHBDJPOFT
QSPGFTJPOBMFT
QSPUFDDJwO
BCPHBEPTEF
FOHFOFSBM
1SJODJQJPTCgTJDPTEF/BDJPOFT
6OJEBTTPCSFMBGVODJwOEFMPT
BCPHBEPT1SJODJQJP
1SJODJQJPTZ%JSFDUSJDFTEFÇGSJDB
1SJODJQJP*G 3FDPNFOEBDJwO/P3
1SJODJQJP*
¾TDBMFTEF
FOHFOFSBM
%JSFDUSJDFTEFMB0/6%JSFDUSJ[
3FDPNFOEBDJwO/P3
1gSSBGPH
3FMBUPS&TQFDJBMTPCSFMBDVFTUJwO
EFMBUPSUVSBZ3FMBUPS&TQFDJBM
TPCSFFKFDVDJPOFTFYUSBKVEJDJBMFT
TVNBSJBTPBSCJUSBSJBT
KVFDFTEF
%FDMBSBDJwOEF4JOHIWJ"SUrDVMP
&TUBUVUPEFM+VF[*CFSPBNFSJDBOP
"SUrDVMP
1SJODJQJPTEF#FJKJOH1gSSBGP
1SJODJQJPTEF#VSHI)PVTF
1SJODJQJP
3FDPNFOEBDJwO/P3
1SJODJQJP***
1SPUPDPMP"EJDJPOBMBMPT$POWFOJPT
EF(JOFCSBEFMEFBHPTUPEF
SFMBUJWPBMBQSPUFDDJwOEFMBTWrDUJNBT
EFMPTDPO¿JDUPTBSNBEPTJOUFSOBDJP
OBMFT1SPUPDPMP*
1SPUPDPMPBEJDJPOBMBMPT$POWFOJPT
EF(JOFCSBEFMEFBHPTUPEF
SFMBUJWPBMBQSPUFDDJwOEFMBTWrDUJNBT
EFMPTDPO¿JDUPTBSNBEPTTJODBSgDUFS
JOUFSOBDJPOBM1SPUPDPMP**
1SPZFDUPEF%FDMBSBDJwOTPCSFMB
*OEFQFOEFODJBEFMB+VTUJDJBWnB
TF%FDMBSBDJwOEF4JOHIWJ
QSVFCBTPCUFOJEBTJMFHBMNFOUF
FOHFOFSBM
%JSFDUSJDFTEFMB0/6%JSFDUSJ[
1SJODJQJPTZ%JSFDUSJDFTEFÇGSJDB
1SJODJQJP'M
3FDPNFOEBDJwO/P3
1gSSBGP
(6Ê"1"3"130'&4*0/"-&4/
3FDPNFOEBDJwO/P3
WnBTF&VSPQB$POTFKPEF&VSPQB
3FDPNFOEBDJwO/P3
EFM
$PNJUnEF.JOJTUSPTEFMPT&TUBEP
3FDPNFOEBDJwO/P3
WnBTF&VSPQB$POTFKPEF&VSPQB
3FDPNFOEBDJwO/P3
EFM
$PNJUnEF.JOJTUSPTEFMPT&TUBEP
3FDPNFOEBDJwO/P3
WnBTF&VSPQB$POTFKPEF&VSPQB
3FDPNFOEBDJwO/P3
EFM
$PNJUnEF.JOJTUSPTEFMPT&TUBEPT
SFDPOPDJNJFOUPEFBCPHBEPT
FOHFOFSBM
%FDMBSBDJwOEF4JOHIWJ"SUrDVMP
1SJODJQJPTCgTJDPTEF/BDJPOFT
6OJEBTTPCSFMBGVODJwOEFMPT
BCPHBEPT1SJODJQJP
3FDPNFOEBDJwO/P3
1SJODJQJP*
SFUSJCVDJwO
BCPHBEPTEF
%FDMBSBDJwOEF4JOHIWJ"SUrDVMP
%FDMBSBDJwOEF4JOHIWJ"SUrDVMP
¾TDBMFTEF
%JSFDUSJDFTEFMB0/6%JSFDUSJ[
1SJODJQJPTZ%JSFDUSJDFTEFÇGSJDB
1SJODJQJP'C
3FDPNFOEBDJwO/P3
1gSSBGPE
KVFDFTEF
$BSUBFVSPQFB1gSSBGPTZ
%FDMBSBDJwOEF4JOHIWJ"SUrDVMP
B
%FDMBSBDJwOEF4JOHIWJ"SUrDVMP
BC
&TUBUVUPEFM+VF[*CFSPBNFSJDBOP
"SUrDVMP
&TUBUVUP6OJWFSTBMEFM+VF[
"SUrDVMP
.FNPSBOEP&YQMJDBUJWPEFMB$BSUB
FVSPQFB1gSSBGPTZ
1SJODJQJPTEF#FJKJOH1gSSBGP
1SJODJQJPTEF#VSHI)PVTF
1SJODJQJPB
1SJODJQJPTEF/BDJPOFT6OJEBT
SFMBUJWPTBMBJOEFQFOEFODJBEFMB
KVEJDBUVSB1SJODJQJP
1SJODJQJPTZ%JSFDUSJDFTEFÇGSJDB
1SJODJQJP"N
1SPDFEJNJFOUPTQBSBMBBQMJDBDJwO
FGFDUJWB1SPDFEJNJFOUP
3FDPNFOEBDJwO/P3
1SJODJQJP*BJJ
3FDPNFOEBDJwO/P3
1SJODJQJP*C
TFHVSJEBETPDJBMKVCJMBDJwOWnB
TFDPOEJDJPOFTEFTFSWJDJPQFSNBOFO
DJBFOFMDBSHPEFMPTKVFDFT
¾TDBMFTEF
%JSFDUSJDFTEFMB0/6%JSFDUSJ[
1SJODJQJPTZ%JSFDUSJDFTEFÇGSJDB
1SJODJQJP'C
3FDPNFOEBDJwO/P3
1gSSBGPE
KVFDFTEF
$BSUBFVSPQFB1gSSBGPTZ
%FDMBSBDJwOEF4JOHIWJ"SUrDVMP
BC
&TUBUVUPEFM+VF[*CFSPBNFSJDBOP
"SUrDVMP
-"*/%&1&/%&/$*":3&410/4"#*-*%"%%&+6&$&4"#0("%04:'*4$"-&4
&TUBUVUP6OJWFSTBMEFM+VF[
"SUrDVMP
.FNPSBOEP&YQMJDBUJWPEFMB$BSUB
FVSPQFB1gSSBGPTZ
1SJODJQJPTEF#VSHI)PVTF
1SJODJQJP
1SJODJQJPTEF/BDJPOFT6OJEBT
SFMBUJWPTBMBJOEFQFOEFODJBEFMB
KVEJDBUVSB1SJODJQJP
1SJODJQJPTZ%JSFDUSJDFTEFÇGSJDB
1SJODJQJP"N
TVTQFOTJwOEFPCMJHBDJPOFT
$PNJUnEF%FSFDIPT)VNBOPT
%FDMBSBDJwOEF4JOHIWJ"SUrDVMPE
ZF
1SJODJQJPTEF#FJKJOH1gSSBGP
UFSNJOBDJwOEFMDBSHPKVCJMBDJwO
WnBTFUBNCJnODPOEJDJPOFTEFTFSWJDJP
QFSNBOFODJBFOFMDBSHPEFMPTKVFDFT
¾TDBMFTEF
FOHFOFSBM
%JSFDUSJDFTEFMB0/6%JSFDUSJ[
1SJODJQJPTZ%JSFDUSJDFTEFÇGSJDB
1SJODJQJP'C
KVFDFTEF
$BSUBFVSPQFB1gSSBGP
%FDMBSBDJwOEF4JOHIWJ"SUrDVMP
D
&TUBUVUP6OJWFSTBMEFM+VF[
"SUrDVMP
&TUBUVUP6OJWFSTBMEFM+VF[
"SUrDVMP
.FNPSBOEP&YQMJDBUJWPEFMB$BSUB
FVSPQFB1gSSBGP
1SJODJQJPTCgTJDPTEF
/BDJPOFT6OJEBTSFMBUJWPTBMB
JOEFQFOEFODJBEFMBKVEJDBUVSB
"SUrDVMPTZ
1SJODJQJPTZ%JSFDUSJDFTEFÇGSJDB
1SJODJQJP"K
M
ZN
3FDPNFOEBDJwO/P3
1SJODJQJP*
USJCVOBMFTNJMJUBSFTPFTQFDJBMFT
FOHFOFSBM
$"%)1
$PNJTJwO*OUFSBNFSJDBOB
$PNJUnDPOUSBMB5PSUVSB
$PNJUnEF%FSFDIPT)VNBOPT
$PSUF*OUFSBNFSJDBOBEF%FSFDIPT
)VNBOPT
%FDMBSBDJwOEF4JOHIWJ"SUrDVMPG
(SVQPEF5SBCBKPEF/BDJPOFT
6OJEBTTPCSFMB%FUFODJwO"SCJUSBSJB
1SJODJQJPTEF#FJKJOH1gSSBGP
1SJODJQJPTZ%JSFDUSJDFTEFÇGSJDB
1SJODJQJP"F
1SJODJQJPTZ%JSFDUSJDFTEFÇGSJDB
1SJODJQJP-
1SPZFDUPEF1SJODJQJPTTPCSFMB
"ENJOJTUSBDJwOEF+VTUJDJBQPSMPT
5SJCVOBMFT.JMJUBSFT
5SJCVOBM&VSPQFPEF%FSFDIPT
)VNBOPT5&%)
USJCVOBMFTUSBEJDJPOBMFT
1SJODJQJPTZ%JSFDUSJDFTEFÇGSJDB
1SJODJQJP2
5SJCVOBM&VSPQFPEF%FSFDIPT
)VNBOPT5&%)
Descargar