7PKUʬDI-BIPEB
*OTUJUVUFPG"SU)JTUPSZPGUIF"DBEFNZPG4DJFODFTPGUIF
$[FDI3FQVCMJD1SBHVF
ĂF "SUJTU BOE 1PMJUJDT 1BCMP
1JDBTTPBOEUIF$PNNVOJTU#MPD
EVSJOHUIF$PME8BS
5)&"35*45"/%10-*5*$4".0%&-$"4&
-FU VT USZ UP JNBHJOF B IZQPUIFUJDBM BWBOUHBSEF
BSUJTU MJWJOH JO $FOUSBM &VSPQF TQFDJĐDBMMZ JO
$[FDIPTMPWBLJB GSPN UIF 'JSTU 3FQVCMJD JO UIF
TUPUIFT4VDIBOBSUJTUXPVMEFNCPEZBMM
UIF PCTUBDMFT BOE IBSETIJQT PG BSUXPSL DPOOFDUFE
XJUIUIFQMBDFUIFFSBBOEUIFQPMJUJDBMSFHJNFTUIBU
IFIBEMJWFEUISPVHIĂF BSUJTU UIVT TFMFDUFE XPVME
CFBLJOEPGTUBUJTUJDBMBWFSBHFPGUIFGBUFPGUIFNP
EFSOJTUBOEBWBOUHBSEFBSUJTUXIPIBEFYQFSJFODFE
UIF DVMUVSBM CPPN EVSJOH UIF 'JSTU $[FDIPTMPWBL
3FQVCMJDJOBOEEVSJOHUIF/B[JPDDV
QBUJPOBOE4UBMJOJTUSFHJNFUIBUGPMMPXFE
(FSNBOZT "OTDIMVTT PG "VTUSJB IF SFBMJTFT UIBU
$[FDIPTMPWBLJB JT OFYU JO MJOF *G IF JT OPU +FXJTI
IFTVSWJWFTUIF1SPUFDUPSBUFJOTFDMVTJPO)FDBOOPU
FYIJCJUPSTFMMIJTDVCJTUPSTVSSFBMJTUXPSLT)FQSBZT
UIBUIFXJMMOPUCFDBMMFEUPEPGPSDFEMBCPVSJOUIF
(SFBU(FSNBO3FJDI)FMJTUFOTUPBTQFFDIJO
CZUIF.JOJTUFSPG$VMUVSFJOUIF1SPUFDUPSBUFHPW
FSONFOU "MPJT .PSBWFD XIP BUUBDLT $[FDI EFDB
EFOUBSUiĂF JOTPMFOU FDDFOUSJDJUZu PG iEFHFOFSBUFu
-FUVTCFHJOJOUIFNJET0VSBSUJTUMJWJOHJO
EFNPDSBUJD$[FDIPTMPWBLJBBOYJPVTMZPCTFSWFTUIF
HSPXJOHJOēVFODF PG /B[J (FSNBOZ )F SFBET JO UIF
OFXTQBQFST BCPVU UIF &OUBSUFUF ,VOTU DBNQBJHO
XIJDI BOBUIFNBUJTFT UIF BWBOUHBSEF )F BUUFOET
BOUJGBTDJTUNFFUJOHT)FTIBLFTIJTIFBEJOEJTCFMJFG
BUUIFTUVQJEJUJFTPGUIF/B[J,VMUVSUSÅHFS8IFUIFS
IJTXPSLJTDVCJTUPSTVSSFBMJTUmCPUIUSFOETIBWJOH
TFUEFFQSPPUTJO$[FDIBSUmIFDBOOPXBOEUIFO
FYIJCJU BOE TFMM TPNFUIJOH )F USJFT UP FYQSFTT IJT
PQQPTJUJPO UP CMBDLBOECSPXO UPUBMJUBSJBOJTN "U
UIJTQPJOUIFMFBSOTBCPVUUIF.PTDPXUSJBMT"GSPTU
FNBOBUFT GSPN UIF ,SFNMJO )F JT TIPDLFE CZ UIF
*UBMJBO PDDVQBUJPO PG "CZTTJOJB BOE UIF DJWJM XBS
JO4QBJO)FLOPXTUIBUIFTIPVMEBDUJGIFTCSBWF
IFMMKPJOUIFSFQVCMJDBOT*GUIBUJTUPPSJTLZIFXJMM
BU MFBTU TVQQPSU UIF 4QBOJTI 3FQVCMJD WJB DPMMFD
UJPOTBOEQBSUJDJQBUFJOEFNPOTUSBUJPOT"ĔFS /B[J
'JH1BCMP1JDBTTPJO8SPDMBX4PVSDF
VOJEFOUJĐFE OFXTQBQFS SFQSPEVDUJPO
.&/"4 * 3 1 0- *5*,"3: 5ɱ&63010+ &
,FZXPSETQBJOUJOH$[FDIPTMPWBLJB)VOHBSZ
DPNNVOJTN4UBMJO1BCMP1JDBTTP#ÊMB$[ÓCFM
" 35" / %10-*5*$4*/&"45&3/ &6301&
BSUJTUT BMMFHFEMZ UFSSPSJTFT UIF TPVM PG UIF BWFSBHF
QFSTPOi.PEFSOQBJOUFSTEPOPULOPXIPXUPQBJOU
B EFDFOU OBUVSBM BOE TQJSJUVBMMZ CFBVUJGVM GFNBMF
OVEFĂFZ BSF BFTUIFUJDBMMZ iEFHFOFSBUFuu .PSBWFD
TUBUFTUIBUVQUPOPXIFIBTQSPUFDUFE$[FDIBSUJTUT
CVUJOUIJTUJNFPGHFOFSBMNPCJMJTBUJPOPGDJWJMJBOT
GPSUIFXBSFćPSU BOE TUSJDU QVOJTINFOU PG TBCPUFVST
JOGBDUPSJFTIFNVTUBQQMZUIFTBNFTUBOEBSETUPB
QFSTPOXIPiXPSLTJOUIFĐFME PG UIF TQJSJU w JG IF
DVMUJWBUFTTPNFUIJOHUIBUVOEFSNJOFTUIFIFBMUIBOE
TUSFOHUIPGUIFOBUJPOĂFSFGPSF UIF $[FDI NVE PG
UPEBZXIJDIJTDBMMFEBSUJTUJDIBTUPCFCVSOFEPODF
JUCFDPNFTBIBSECSJDLJUXJMMMBTUUISPVHIUIFBHFT
8FXJMMUBLFDBSFPGUIFUFNQFSBUVSFu"TBEJSFDUSF
TVMUPGUIJTSBJTJOHPGUIFUFNQFSBUVSFiEFHFOFSBUFu
$[FDINPEFSOBSUJTUTBSFDBMMFEUPEPGPSDFEMBCPVS
0VSBSUJTUJTMVDLZIFJTOPUDBMMFE)FTVSWJWFTUIF
1SPUFDUPSBUF .BZ CSJOHT MJCFSBUJPO BOE UIF
FOEPGUIFXBS/FXIPQFTBOEIPSJ[POTĂF BSUJTU
FYIJCJUTBHBJO)FUSBWFMTUP1BSJTBOETBUFTIJNTFMG
POUIFEJWFSTJUZPGNPEFSOBSU)FJTGBTDJOBUFECZ
1JDBTTPJOQBSUJDVMBS)FSFUVSOTUPIJTDPVOUSZĂF
DPNNVOJTU DPVQ JT DBSSJFE PVU JO 'FCSVBSZ ĂF BSUJTU PODF BHBJO XJUIESBXT JOUP TFNJJMMFHBM TF
DMVTJPO)FQBJOUTCVUEPFTOUTFMMBOZUIJOH)FTVS
WJWFTPOPUIFSXPSLJOBXBSFIPVTFGPSFYBNQMF
$VCJTN PS QPTUDVCJTN XIBUFWFS POF DIPPTFT UP
DBMMJU
JTCBOOFEBHBJO*UJTUIFQFSJPEPGIBSEDPSF
4UBMJOJTN/PUVOUJMTPNFUJNFJOEPFTPVSBSU
JTUUSZUPPSHBOJTFIJTPXOTPMPFYIJCJUJPOmXIJDI
UIF 6OJPO PG "SUJTUT BQQSPWFT UIF GPMMPXJOH ZFBS
EVSJOHUIFQFSJPEPGUIFĂBX -FU VT TBZ UIBU JU JT
IJTĐSTU TPMP FYIJCJUJPO JO UIF QBTU UXFOUZ ZFBST
8):1*$"440
*O +BSNJMB ,VCÎʅLPWÃ QVCMJTIFE B CPPL FO
UJUMFE 1SPʧ QSÃWʬ 1JDBTTP 8IZ 1JDBTTP
8IZ EJE
1JDBTTPCFDPNFBOJDPOGPSTPNBOZBSUJTUTGSPNUIF
FOEPGUIFTUISPVHIUIFT
8IZ JT PVS WJSUVBM $[FDIPTMPWBL BSUJTU ESBXO UP
1JDBTTP "T 1JPUS #FSOBUPXJD[ IBT TIPXO JO UIF
TUVEZ 1JDBTTP X 1PMTDF [BSB[ QP XPKOJF 1JDBTTP JO
1PMBOESJHIUBĔFS 8PSME 8BS **
XFDPVMEBEEFY
BNQMFTGSPN1PMBOEBTXFMM"MPOHXJUIIJTPXOGBJUI
JOBSUUIFBSUJTUJOUIFQPTUXBSQFSJPEJTTVTUBJOFE
'JH1BCMP1JDBTTP4UBMJODIBMLESBXJOH4PVSDF
-FT-FUUSFT'SBOÉBJTFT.BSDI
CZUIFWJUBMJUZPGBOBSUJTUMJLF1BCMP1JDBTTPmBOBSU
JTU XIPTF BSUJTUJD MBOHVBHF BĔFS JT TVQSFNFMZ
NPEFSOXIPOFWFSSFTUTPOIJTMBVSFMTXIPBQQFBST
NZTUFSJPVT BOE ESBNBUJD BOE XIBUT NPSF JT BCMF
BTBGBNPVTBSUJTUUPSBJTFIJTWPJDFBHBJOTUJOKVTUJDF
BOEFWJM"OECZ1JDBTTPTGBJUIJOBSU*OEFFEFBSMZ
JO1JDBTTPIBEBMSFBEZSFBDUFEUP)JUMFSTJO
WBTJPO PG $[FDIPTMPWBLJB PO .BSDI PO
"QSJM IF QSPEVDFE ESBXJOHT BOE UIF QBJOUJOH
$BU$BUDIJOHB#JSEBTBOBMMFHPSZPGUIFMJRVJEBUJPO
PGBTNBMMTUBUFCZUIF/B[JiCFBTUPGQSFZu0VSBSU
JTUJTOPUPOMZGBNJMJBSXJUI1JDBTTPT(VFSOJDBIFJT
BMTPGBTDJOBUFEXJUI1JDBTTPTiOFXuQPTUXBSTUZMF
BT SFQSFTFOUFE CZ 'JTIJOH BU "OUJCFT *O UIF
QFSJPEPGUIFĂBX GPMMPXJOH UIF FOE PG UIF 4UBMJOJTU
QFSTPOBMJUZDVMUIFTFFLTBSPMFNPEFMJOUIFBSUJTUJD
XPSMEUPJOTQJSFIJNXJUIIJTDPOUFNQPSBSZBSUJTUJD
MBOHVBHFBOEIJTUSVTUXPSUIZPVUMPPLĂBU JT IPX
1JDBTTPJTTFFOCZUIF$[FDIPTMPWBLBSUJTUXIPIBT
TVSWJWFEUIF1SPUFDUPSBUFBOEUIFTBOEXIPJT
FOKPZJOHBTIPSUQFSJPEPGSFMBUJWFGSFFEPNGPSBGFX
ZFBSTEVSJOHUIFT1JDBTTPJTNPSFUIBOBSPMF
NPEFM)FJTBHVSVBMFBEFSXIPJOEJDBUFTUIFSJHIU
QBUI)FJTBNPSBMFYBNQMF
*OTIPSUIFIBEMJWFEUISPVHIUIF/B[JPDDVQBUJPO
XJUIPVUUPPNVDIEJĊDVMUZ
5P B DPOTJEFSBCMF EFHSFF JU XBT 1JDBTTP IJNTFMG
XIPIBEFTUBCMJTIFEIJTQPTJUJPO*UXBTOPUFOPVHI
UIBU IJT XPSL IBE BO FOPSNPVT JOēVFODF 1JDBTTP
DPOTJEFSFEJUOFDFTTBSZJOUPBOOPVODFUPUIF
XPSMEIJTSFBTPOTGPSKPJOJOHUIF$PNNVOJTU1BSUZ
PG'SBODFJO/FX.BTTFTBTZOEJDBUFEOFXTQBQFS
JOUIF64"0DUPCFSXFSFQVCMJTIFEOFXT
'PS NBOZ BSUJTUT JO DPVOUSJFT OFXMZ MJCFSBUFE CZ
UIF4PWJFU6OJPO1JDBTTPOBUVSBMMZFYFNQMJĐFE VO
TDBUIFETVSWJWBMJOBUPUBMJUBSJBOSFHJNF*GUIFZCF
MJFWFEUIFNZUIBCPVUIJTBMMFHFESPMFJOUIFSFTJTU
BODFIFFWFOFYFNQMJĐFE PQFO SFTJTUBODF UP TVDI
BSFHJNF
GPSUIFDBQJUBMJTUXPSMEJO-{)VNBOJUÊBDPNNV
OJTUOFXTQBQFSJO'SBODFm0DUPCFSXBT
QVCMJTIFE BO JOGPSNBUJPO GPS DPNSBEFT
" NZUI
TVQQPSUFECZ"MGSFE+#BSSTBTTFSUJPOUIBU1JDBTTP
IBE QMBZFE BO VOVTVBMMZ JNQPSUBOU SPMF XBT
5)&3&"$5*0/"3:"/%5)&130(3&44*7&
1*$"440
TQSFBE BCPVU 1JDBTTPT QBSUJDJQBUJPO JO UIF 'SFODI
3FTJTUBODF NPWFNFOU *U UVSOFE PVU UIBU 1JDBTTP
IBE OPU QBSUJDJQBUFE EJSFDUMZ JO UIF SFTJTUBODF IF
IBETVSWJWFEUIF7JDIZSFHJNFUIBOLTUPUIFQSPUFD
UJWFIBOEPGUIF/B[JTDVMQUPS"SOP#SFLFSXIPIBE
BQBSBEPYJDBMXFBLOFTTGPSFWFSZUIJOH'SFODIBOE
NPTUMJLFMZGPS1JDBTTPTXPSLBTXFMM0OFDBOOPU
IPXFWFS TBZ UIBU 1JDBTTP XBT QBSUJDVMBSMZ MPZBM UP
UIFPDDVQBUJPOBVUIPSJUJFTmIFXBTOPUBNFNCFS
PGUIFSFTJTUBODFCVUOFJUIFSXBTIFBDPMMBCPSBUPS
8IBU TUBODF EJE UIF PĊDJBM DSJUJDT UBLF SFHBSE
JOH1JDBTTPJO$[FDIPTMPWBLJBJOUIFTmXIFO
NBOZBSUJTUTMPPLFEVQUPIJN 1BSBEPYJDBMMZUIFPG
ĐDJBM QSFTT XBT OPU PWFSMZ DSJUJDBM PG IJT DVCJTU TUZMF
ĂFSF XBT OPUIJOH TBJE BCPVU DVCJTN BOE QFSIBQT JU
XBTDPOTJEFSFEBOBTQFDUPG1JDBTTPTXPSLUIBUXBT
PWFSBOEEPOFXJUI"ĔFS UIF DPNNVOJTU DPVQ UIF
1SBHVF QVCMJTIJOH IPVTF "UIPT QVCMJTIFE B USBOT
MBUJPO PG NFNPJST CZ 1JDBTTPT GSJFOE BOE NPEFM
'FSOBOEB 0MJWJFS 1JDBTTP BOE IJT 'SJFOET 1SBHVF
*O IJT JOUSPEVDUJPO +BSPNÎS 1SPDIÃ[LB
QSBJTFE 1JDBTTPT QBSUJDJQBUJPO JO UIF JOUFSOBUJPOBM
QFBDFDPOHSFTTPGJOUFMMFDUVBMTJO8SPDBX1PMBOE
JO $VCJTN IBE OPU ZFU CFFO DPOEFNOFE
ĂJT DIBOHFE JO +BSPTMBW #PVʅFL{T BSUJDMF FOUJUMFE
'PSNBMJTUJDLÊ AVNʬOÎ WF TMVßCÃDI WÃMFʧOÝDI QBMJʧ˖
'PSNBMJTU A"SU JO UIF 4FSWJDF PG 8BSNPOHFST
JO
WPMVNFUXPPGUIF7ÝUWBSOÊVNʬOÎKPVSOBMJO
*OJUIFTIBSQMZDSJUJDJTFEUIFiBSUPGUIFFQPDI
PGSPUUJOHDBQJUBMJTNuĂF DVCJTUT BOE TVSSFBMJTUT JO
QBSUJDVMBS 4BMWBEPS %BMÎ XIP iNBOBHFE UP EFQJDU
<1JDBTTP> BT B UFSSJCMF NPOTUFS XJUI BO FMFQIBOUT
USVOL UIBU HPFT UISPVHI FNQUZ FZF TPDLFUT BOE
B TQJLF UIBU HPFT UISPVHI UIF IFBE BOE QPLFT PVU
PGUIFNPVUIJOUIFGPSNPGBTQPPOuXFSFTIBSQMZ
DSJUJDJTFE1JDBTTPPGDPVSTFXBTTQBSFEBOZDSJUJ
DJTN"TPOFXPVMEFYQFDUUIFBVUIPSXSPUFBCPVU
1JDBTTPTEPWF
i1FPQMFBMMPWFSUIFXPSMEMPWFUPDSZXJUIUIJT
QBJOUJOHOPUCFDBVTFUIFBSUJTUXBTGPSNBOZ
ZFBSTDPOOFDUFEXJUIBOENBEFBOBNFGPS
'JH4BMWBEPS%BMÎ1PSUSBJUPG1JDBTTPPJMPO
DBOWBTYDN'VOEBDJPO(BMB4BMWBEPS%BMJ
'JHVFSBT
IJNTFMG BT B SFQSFTFOUBUJWF PG DVCJTN CVU
SBUIFSCFDBVTFUIFSFJTOPUIJOHJOUIFQBJOU
JOHPGUIFEPWFUIBUXPVMEEFGPSNJUTCFBVUZ
.&/"4 * 3 1 0- *5*,"3: 5ɱ&63010+ &
508)"5&95&/58&3&5)&)01&41-"$&%*/
1*$"440'6-'*--&%
" 35" / %10-*5*$4*/&"45&3/ &6301&
PS HFOUMFOFTT *O PUIFS XPSET CFDBVTF UIF
QBJOUJOHJTGSFFPGDVCJTNĂJT 1JDBTTP JT OP
MPOHFSDFMFCSBUFECZUIF5SPUTLZJUFTBOEGPS
NBMJTUTXIPCSBHHFEBCPVUIJT(VFSOJDBBOE
FYQMPJUFEJUBTBTVQQPSUBHBJOTUSFBMJTUJDBSU
w0OFIBTUPDPOTJEFSUIFGBDUUIBU1JDBTTPT
DVCJTUQBJOUJOHTIBOHJO"NFSJDBOHBMMFSJFT
BOEBSFBOBMZTFEBOEDFMFCSBUFEJOSFBDUJPO
BSZ "NFSJDBO KPVSOBMT BOE NPOPHSBQIT
:FUBTTPPOBT1JDBTTPQBJOUFEUIFEPWFUIF
QPSUSBJUPG.BVSJDFĂPSF[ BOE QPSUSBJUT PG
)FOSZ .BSUJO BOE /JDPT #FMPKBOOJT XIJDI
TIPXBNBSLFEUVSOUPXBSETSFBMJTNIFCF
DBNFQFSTPOBOPOHSBUBGPSUIF64"BOEXBT
FWFOSFGVTFEBO"NFSJDBOWJTBu
4UBMJOJTUSIFUPSJDUIVTSFDPHOJTFEUXP1JDBTTPTUIF
iPMEuPOFDPOOFDUFEXJUIDVCJTNBOEFNCSBDFECZ
"NFSJDBO DPMMFDUPST BOE UIF iOFXu SFBMJTUJD POF
DPOOFDUFE XJUI B DPNNVOJTU XPSME PVUMPPL ĂF
MBUUFS PG DPVSTF BDRVJSFE GBOBUJDBM QSPQPSUJPOT BU
UIF FOE PG UIF T *O 'FCSVBSZ 1JDBTTPT
GSJFOE-PVJT"SBHPODIPTFUIFQBJOUFSTESBXJOHPG
'JH7ÃDMBW3BCBT1ÎTF˂.ÎSVĂF 4POH PG 1FBDF
1SBHVF
UIFEPWFBTUIFNPUJGPOUIFQPTUFSGPSBQFBDFDPO
HSFTTXIJDIPQFOFEJO1BSJTPO"QSJMĂF QSFWJ
BVUPHSBQI TFUT PG TUBNQT XJUI IJT QFBDF EPWF UIBU
PVTEBZUIFTJYUZFJHIUZFBSPME1JDBTTPDFMFCSBUFE
IBE CFFO JTTVFE CZ UIF $[FDIPTMPWBL QPTU PĊDF
*O/PWFNCFS1JDBTTPSFDFJWFEBOPĊDJBM JOWJ
UBUJPOGSPNUIFHPWFSONFOUUPWJTJU$[FDIPTMPWBLJB
GPSĐĔFFO EBZT CVU EJE OPU BWBJM IJNTFMG PG UIF PQ
QPSUVOJUZ)FXBTBHBJOJOWJUFEJO.BSDIUIJT
UJNFCZUIF6OJPOPG$[FDIPTMPWBL"SUJTUTUPBUUFOE
UIFTFDPOE4QBSUBLJBE
UIFCJSUIPGIJTEBVHIUFSXIPNIFOBNFE1BMPNB
4QBOJTIGPSiEPWFu
/PU NVDI XBT XSJUUFO JO UIF $[FDIPTMPWBL QSFTT
BCPVU1JDBTTPEVSJOHUIF4UBMJOJTUQFSJPE8IBUMJU
UMF UIFSF XBT XBT NPTUMZ QPTJUJWF "OE OBUVSBMMZ
POMZPOFBTQFDUPGIJTBDUJWJUJFTmXIBUXFNJHIUDBMM
IPNPQPMJUJDVTmXBTNFOUJPOFE*OJUTĐSTU JTTVF JO
UIFPĊDJBM KPVSOBM 7ÝUWBSOÊVNʬOÎBO
OPVODFEUIBU1JDBTTPIBEXPOUIF-FOJO1SJ[F
ĂF $[FDIPTMPWBL SFHJNF DPSSFTQPOEFE GSFRVFOUMZ
XJUI 1JDBTTP EVSJOH UIF NPTU EPDUSJOBM 4UBMJOJTU
QFSJPE*O'FCSVBSZPOUIFUIJSEBOOJWFSTBSZ
PG UIF DPNNVOJTU DPVQ BNCBTTBEPS "EPMG
)PćNFJTUFS JOWJUFE 1JDBTTP BMPOH XJUI UIF QPFUT
1BCMP/FSVEBBOE1BVM&MVBSEUPUIF$[FDIPTMPWBL
FNCBTTZ JO 1BSJT ĂJT WJTJU TFSWFE BT UIF CB
TJT GPS TVCTFRVFOU DPOUBDUT *O .BSDI UIF
$[FDIPTMPWBLDIBSHÊEBćBJSFTJO1BSJTHBWF1JDBTTP
B CPPL FOUJUMFE 1ÎTF˂ NÎSV 4POH PG 1FBDF
CZ UIF
iOBUJPOBM BSUJTUu 7ÃDMBW 3BCBT BOE BTLFE IJN UP
ĂF EPVCMF GBDF PG 1JDBTTP m1JDBTTPUIFDVCJTUWFS
TVT1JDBTTPUIFSFBMJTUQPMJUJDJBOmXBTCBTJDBMMZBD
DFQUFE CZ UIF $[FDIPTMPWBL SFHJNF PG UIF T
/BUVSBMMZ POMZ UIF TFDPOE iOFXu QPMJUJDBMMZ JO
WPMWFE GBDF XBT FWBMVBUFE QPTJUJWFMZ OPU NVDI
XBT XSJUUFO BCPVU UIF ĐSTU GBDF
1BSBEPYJDBMMZ
UIJTEPVCMFGBDFIBEJUTQBSBMMFMJOBDPOUFNQPSBSZ
FWBMVBUJPOCZUIFPĊDJBM QSFTT JO UIF 64" *O +PTFQI#BSSZQVCMJTIFEBOBSUJDMFJO5JNF.BHB[JOF
EFBMJOH XJUI UIF QBJOUFST JOWPMWFNFOU XJUI DPN
NVOJTN FOUJUMFE ĂF 5XP 1JDBTTPT 1PMJUJDJBO BOE
1BJOUFS 5P KVTUJGZ UIF JOUFSFTU CZ "NFSJDBO DJS
DMFTJO1JDBTTPTXPSLXIJDIXBTPĔFO WFSZ QPMJUJ
DBM#BSSZUSJFEUPTFQBSBUFUIFGPSNFSGSPNQPMJUJDT
m BOE UIFSFCZ NBLF JU NPSF EJHFTUJCMF BOE IFODF
BDDFQUBCMFGPS"NFSJDBODPMMFDUPSTBOEHBMMFSJFT*U
XBTUIBOLTUPUIJTWJWJTFDUJPOPSEPVCMFGBDFUIBU
1JDBTTP NBOBHFE UP JOUFSFTU CPUI UIF DPNNVOJTU
SFHJNF BOE BT UIF 4UBMJOJTU WPDBCVMBSZ DBMMFE JU
iSPUUJOHDBQJUBMJTNu4FSHF(VJMCBVUSFGFSTUP1JDBTTP
BTBiEPVCMFBHFOUuJOIJTDPORVFTUPGUIF"NFSJDBO
QPTUXBSBSUJOEVTUSZTLJMGVMMZBOEFWFOiDZOJDBMMZu
NBOBHJOH UP DPNNVOJDBUF XJUI CPUI PSUIPEPY
DPNNVOJTUT BOE XJUI UIFJS TXPSO FOFNJFT JO
QPMJUJDJBOTGSPNUIFJSSFDPODJMBCMFDBNQTPGUIFMFĔ
BOE UIF SJHIU )F OFWFS HBWF VQ UIF NPOFZ UIBU
"NFSJDBONJMMJPOBJSFTQBJEGPSIJTQBJOUJOHTBOEIF
ESPWF "NFSJDBO MJNPVTJOFT CVU BU UIF TBNF UJNF
CPUI EJSFDUMZ BOE JOEJSFDUMZ XBT B TIBSQ DSJUJD PG
"NFSJDBOJNQFSJBMJTN
5)&)6/("3*"/(6&3/*$"
0O 0DUPCFS UIF )VOHBSJBO SFWPMVUJPO
CSPLFPVUJO#VEBQFTU*UXBTWJHPSPVTMZTVQQSFTTFE
CZ 4PWJFU EFUBDINFOUT XJUI UIF QBSUJDJQBUJPO
UP B MFTTFS EFHSFF PG )VOHBSJBO TUBUF USPPQT
PO
/PWFNCFS "T NBOZ BT )VOHBSJBO SFCFMT
BOE4PWJFUTPMEJFSTXFSFLJMMFEBOENBOZPUIFST
XPVOEFE ĂF SFWPMVUJPO DBVTFE EJWJTJPOT XJUIJO
8FTU&VSPQFBODPNNVOJTUQBSUJFT
" SFQSPEVDUJPO PG 1JDBTTPT QBJOUJOH FOUJUMFE
.BTTBDSFJO,PSFB
BQQFBSFEPOUIFTUSFFUTPG
8BSTBXJOBCMBDLGSBNFXSBQQFEJOBCMBDLSJCCPO
JO QSPUFTU BHBJOTU UIF 4PWJFU JOWBTJPO PG )VOHBSZ
)FMFOF1BSNFMJOB'SFODIDPNNVOJTUBOEBNBKPS
DPOUSJCVUPS UP -)VNBOJUÊ XSPUF 1JDBTTP BO PVU
SBHFE MFUUFS PO /PWFNCFS DPNQMBJOJOH
'JH+BNFT-PSE1BCMP1JDBTTPXJUI%PWF4PVSDF
VOJEFOUJĐFE OFU BEESFTT
UIBU UIF QSFTT IBE QVCMJTIFE B QIPUP PG B 8BSTBX
TUSFFUXJUIUIFSFQSPEVDUJPOJODPOOFDUJPOXJUIUIF
FWFOUTJO)VOHBSZ
.BOZ JOUFMMFDUVBMT FYQFDUFE 1JDBTTP UP SFBDU UP
UIF FWFOUT JO )VOHBSZ *O B CPPL DBMMFE 1JDBTTP
ĂF $PNNVOJTU :FBST (FSUKF 3 6UMFZ XSJUFT UIBU
i1JDBTTP XBT TFFO BT UIF DIBNQJPO PG DJWJMJBO WJD
UJNT PG NJMJUBSZ GPSDF )F XBT ēPPEFE XJUI MFUUFST
TVDIBTUIJTPOFGSPNBHSPVQPGFYJMFE)VOHBSJBOT
JNQMPSJOH IJN A%P GPS #VEBQFTU XIBU ZPV IBWF
EPOFGPS(VFSOJDBBOE,PSFBwTVQQPSUVTwSF
MJORVJTIZPVSSFTUSBJOUuĂF MFUUFS DBO CF GPVOE JO
UIFBSDIJWFTBUUIF1JDBTTPNVTFVNJO1BSJT%BUFE
/PWFNCFSJUXBTTFOUCZBHSPVQPGGPSNFS
TUVEFOUTGSPN#VEBQFTUXIPIBEBUPOFUJNFTUVE
JFE BU VOJWFSTJUJFT JO 'SBODF ĂFZ BTLFE 1JDBTTP
UP DSFBUF GPS #VEBQFTU TPNFUIJOH TJNJMBS UP XIBU
IF IBE EPOF GPS (VFSOJDB BOE GPS ,PSFB CFDBVTF
XIBUXBTIBQQFOJOHJO#VEBQFTUXBTB)VOHBSJBO
(VFSOJDB
"DDPSEJOHUP6UMFZ1JDBTTPTTJHOBUVSFBQQFBSFEPO
iBSBUIFSUBNFEFOVODJBUJPOuJO-F.POEFIFBOE
OJOFPUIFSNFNCFSTPGUIF'SFODI$PNNVOJTU1BSUZ
EFOPVODFE iUIF BUUBDLT BHBJOTU SFWPMVUJPOBSZ QSP
CJUZuBOEQSPUFTUFEiBOZUFOEFOUJPVTJOUFSQSFUBUJPO
.&/"4 * 3 1 0- *5*,"3: 5ɱ&63010+ &
DMVEJOHGPSFYBNQMF/FMTPO3PDLFGFMMFS
*O
1JDBTTPBTTVSFE3PDLFGFMMFSPGUIFiBQPMJUJDBMRVBMJ
UZuPGIJTXPSLUISPVHIUIFEJSFDUPSPGUIF.VTFVN
PG.PEFSO"SUJO/FX:PSL3FOÊE)BSOPODPVSU
*GE)BSOPODPVSUBOE3PDLFGFMMFSIBEIBEBDDFTTUP
-FT -FUUSFT 'SBOÉBJTFT PG .BSDI m UIFZ
XPVMEIBWFEJTDPWFSFEUIBUUIFUJUMFQBHFEJTQMBZFE
1JDBTTPTFYQSFTTFEBENJSBUJPOGPS4UBMJOJOUIFGPSN
PG B ESBXJOH CBTFE PO B QIPUPHSBQI UBLFO PO UIF
EBZGPMMPXJOH4UBMJOTEFBUI"DDPSEJOHUP(VJMCBVU
1JDBTTP XBT CPUI BO BSUJTUNVMUJNJMMJPOBJSF BOE B
DPNNVOJTUXIPQSBJTFE4UBMJOIFXBTTVSSPVOEFE
MJLFB)PMMZXPPETUBSCZCFBVUJGVMXPNFOBOECZ
PG UIJT DPMMFDUJWF MFUUFS BOE BOZ NJTUSVTU PG <UIFJS>
ĐEFMJUZ UP UIF 1BSUZ BOE UP JUT VOJUZu /PWFNCFS
ĂF MFUUFS XBT IBSEMZ B DPOEFNOBUJPO PG
4PWJFUBHHSFTTJPO
" 35" / %10-*5*$4*/&"45&3/ &6301&
1JDBTTP SFDFJWFE B TJNJMBSMZ VSHFOU MFUUFS GSPN IJT
GSJFOE UIF )VOHBSJBO QBJOUFS #ÊMB $[ÓCFM XIPTF
XPSLIFLOFXGSPNUIFQFSJPECFGPSFUIF'JSTU8PSME
8BS&BSMZJO$[ÓCFMIBEBTLFE1JDBTTPUPXSJUF
iRVFMRVFTNPUTFOHSJTFEFQSFGBDFuGPSBOFYIJCJUJPO
PGIJTXPSLUPCFIFMEBU(BMMFSZ;BL$[ÓCFMTMFUUFS
UP1JDBTTPPO%FDFNCFSJTDSVDJBM*OJUUIF
)VOHBSJBOQBJOUFSXSPUF
i* IBWF SFUVSOFE GSPN UIF IFMM JOTUBMMFE CZ
UIF4PWJFUTJO)VOHBSZ.ZĐSTU UIPVHIU XBT
UPXSJUFUPUFMMZPVUIBUXJUIPVULOPXJOHJU
ZPVBSFLFFQJOHDPNQBOZXJUICBOEJUTXIP
IBWFCFFOQMVOEFSJOHCVSOJOHBOEDSVTIJOH
NZ DPVOUSZ GPS FMFWFO ZFBST OPX w $PNF
UP#VEBQFTUUPIBWFBMPPLZPVSTFMGBOEZPV
XJMMTFFCVJMEJOHTEFTUSPZFECZ4PWJFU
UBOLTGPSOPHPPESFBTPOBOE*NOPUFWFO
DPVOUJOH UIF EFBE BOE UIF SFGVHFFTUPEBUFw*CFHZPVUPVTFZPVSBV
UIPSJUZBOEFOEPSTFNZUFTUJNPOZBTQVCMJDMZ
BTQPTTJCMFBOEQBJOUBOFX(VFSOJDBNVDI
NPSFIPSSJGZJOHUIBOUIFĐSTU w * XPVME CF
IBQQZJGXJUIPVUNFOUJPOJOHNZOBNFZPV
DPVME DJSDVMBUF UIJT MFUUFS UIF UFTUJNPOZ PG
DPOUFNQPSBSZFWFOUTCZBOVOCJBTFEQFSTPO
*UXPVMECFHPPEJGXFDPVMENFFUTPUIBU*
NJHIUUBMLXJUIZPVEJSFDUMZ:PVLOPXIPX
NVDI *WF MJLFE BOE SFTQFDUFE ZPV GPS ĐĔZ
ZFBSTOPX*DMBTQZPVSIBOET#ÊMB$[ÓCFMu
ĂF QBJOUFST SFRVFTU IBE BO BMNPTU DPNJD TFRVFM
XIJDITIPXFEUIBUFWFOGPSUIF)VOHBSJBO$[ÓCFM
XIP DFSUBJOMZ DPOEFNOFE XJUI BMM IJT IFBSU UIF
4PWJFUMJRVJEBUJPOPGUIF)VOHBSJBOVQSJTJOHJUXBT
OPUEFTJSBCMFUPUBMLBCPVUUIFTFNBUUFSTUPPPQFOMZ
BTBMSFBEZJOEJDBUFEJOIJTSFRVFTUUPSFNBJOBOPOZ
NPVT
"OPUIFSMFUUFSGSPN$[ÓCFMUP1JDBTTPEBUFE
"QSJMBQQFBSTJOUIF1JDBTTPNVTFVNBS
DIJWFTJODMVEFEXJUIJUJTBMFUUFSGSPNUIFFEJUPSTPG
-F'JHBSP-JUUÊSBJSFBEESFTTFEUP$[ÓCFMPO+BOVBSZ
FYQMBJOJOHUIBUUIFZIBESFDFJWFE$[ÓCFMT
DPNQMBJOUBTTFSUJOHUIBUIJTMFUUFSUP1JDBTTPQSPC
BCMZ UIF POF EBUFE %FDFNCFS IBE CFFO
QVCMJTIFE XJUIPVU IJT LOPXMFEHF ĂF FEJUPST BTL
$[ÓCFM UP BQQSPWF UIF QVCMJDBUJPO BĔFS UIF GBDU
"QQBSFOUMZ UIFZ IBE SFDFJWFE $[ÓCFMT MFUUFS UP
1JDBTTPGSPNUIF'SFODIXSJUFS"OESÊ#JMMZXJUIB
SFRVFTUUIBUJUCFQVCMJTIFE*OIJTTFDPOEMFUUFSUP
1JDBTTP $[ÓCFM DPNQMBJOT UIBU IJT QSFWJPVT DPN
NVOJDBUJPO UP IJT PME GSJFOE IBE CFFO QVCMJTIFE
XJUIPVUIJTLOPXMFEHFi"TGBSBTUIFDPOUFOUTPGNZ
MFUUFSu $[ÓCFM XSPUF i* XPVMEOU DIBOHF BOZUIJOH
w*POMZBEEUIBU*GFMUBOETUJMMGFFMXSFUDIFEUIBUJU
XBTQVCMJTIFEu
8*5)5)&$0..6/*451"35:'03&7&3
$[ÓCFM UIFSFCZ FYQSFTTFE B QBSBEPY PO UIF POF
IBOE IF XBOUFE QFPQMF UP UBML BCPVU UIF BUSPDJ
UJFTDPNNJUUFEJO)VOHBSZBOEIFXBOUFE1JDBTTP
UPNBLFBTUBUFNFOUPSDSFBUFBQBJOUJOHBCPVUUIF
'JH%BWJE%PVHMBT%VODBO1BCMP1JDBTTPEBODJOH
NJOVFUD4PVSDF%BWJE%PVHMBT%VODBO0OMJOF
&YIJCJUJPOĂF 6OJWFSTJUZ PG 5FYBT "VTUJO 64" XXX
ISDVUFYBTFEVHBMMFSZQJDBTTP
FWFOUTPOUIFPUIFSIBOEIFEJEOPUXBOUIJTPXO
SFRVFTUNBEFQVCMJD
8FEPOPULOPXIPX1JDBTTPSFBDUFEUPUIFMFUUFST
GSPNUIF)VOHBSJBOJOUFMMFDUVBMTPSUP$[ÓCFMTSF
m PUIFSXJTF IF XPVME QVCMJTI IJT DIBMMFOHF JO UIF
QSFTT*OUIFFOEUIBUJTXIBUIBQQFOFEmCVU1JDBTTP
TUJMMSFNBJOFETJMFOU*O%FDFNCFS1JDBTTPBQ
QFBSFE XJUI UIF IFBE PG UIF 'SFODI $PNNVOJTU
1BSUZ .BVSJDF ĂPSF[ IJT XJGF BOE BOPUIFS JN
QPSUBOU DPNNVOJTU -BVSFOU $BTBOPWB JO B QIP
UPHSBQI QVCMJTIFE JO -)VNBOJUÊ PO UIF PDDBTJPO
PGUIFPQFOJOHPGBOFYIJCJUJPOPGCPPLTJMMVTUSBUFE
CZ1JDBTTPBUUIF(BMMFSZ.BUBSBTTPJO/JDFJOUIF
TPVUIPG'SBODF*O'FCSVBSZPGUIFGPMMPXJOHZFBS
1JDBTTP XBT OBNFE IPOPSBSZ DJUJ[FO PG UIF UPXO
PG "OUJCFT ĂPSF[ BOE BOPUIFS FMJUF DPNNVOJTU
.BSDFM $BDIJO BUUFOEFE UIF DFSFNPOZ ĂF FEJUPS
TJUJFT BOE GBDUPSJFT XFSF PDDVQJFE EFNPOTUSBUJPOT
BOE TUSJLFT XFSF IFME *O (FSNBOZ 'SBODF BOE
64" QSPUFTUPST PCKFDUFE UP UIF FTUBCMJTIFE PSEFS
BOEUIFXJFMEJOHPGQPXFSCZUIFHPWFSONFOUTĂF
iQSPDFTT PG SFOFXBMu 1SBHVF 4QSJOH XBT VOEFS
XBZ JO $[FDIPTMPWBLJB CVU XBT CSPVHIU UP BO FOE
CZ"VHVTUĂF ESFBN PG B DIBOHF JO DPOEJUJPOT
JOJUJBUFEGSPNXJUIJOUIF$PNNVOJTU1BSUZPGiTP
DJBMJTNXJUIBIVNBOGBDFuDPMMBQTFE)VOESFETPG
UIPVTBOET PG IFBWJMZ BSNFE 8BSTBX 1BDU TPMEJFST
IFBEFE CZ UIF 6443 JOWBEFE UIF UFSSJUPSZ PG UIF
$[FDIPTMPWBL 4PDJBMJTU 3FQVCMJD PO UIF OJHIU PG
"VHVTUmĂF 4PWJFU BSNFE GPSDFT CFHBO
UIFJS iUFNQPSBSZu PDDVQBUJPO PG $[FDIPTMPWBL UFS
SJUPSZ
8IBUTUBODFEJE1JDBTTPUBLFJO )FFYQSFTTFE
TPMJEBSJUZXJUIUIFTUVEFOUTEFNPOTUSBUJOHJO1BSJT
JO .BZ ĂSFF NPOUIT MBUFS IF DPOEFNOFE UIF
4PWJFU JOWBTJPO PG $[FDIPTMPWBLJB JO DPOWFSTBUJPO
XJUIGSJFOETmCVUOPUQVCMJDMZ
"O BSUJDMF JO %FDFNCFS JO B NBHB[JOF DBMMFE
-PPL NBSLFE UIF FOE PG 1JDBTTPT QPMJUJDBM GBDF
DPNNVOJTNBOEIJTJOUFOUJPOUPTUBOECZUIF1BSUZ
4JNPOF (BVUIJFST QJFDF JT FOUJUMFE 1JDBTTP " 3BSF
*OUFSWJFXXJUIUIF7JOUBHF(FOJVTPG.PEFSO"SU*O
JU1JDBTTPSFGVTFTUPTQFBLBCPVUIJTQPMJUJDBMWJFXT
"NPOHIJTQBQFSTUIFNBOVTDSJQUPGUIFBSUJDMFGPS
-PPLSFWFBMTBQBTTBHFUIBU1JDBTTPIBEDSPTTFEPVU
i*EPOPUVOEFSTUBOEUIFQPMJUJDTPGUIFMFĔ BOZ NPSF
BOE*IBWFOPEFTJSFUPTQFBLBCPVUJU*IBWFMPOH
BHP BSSJWFE BU B DPODMVTJPO UIBU JG * XBOUFE UP SF
TQPOEUPTVDIRVFTUJPOT*TIPVMEDIBOHFNZQSPGFT
TJPOBOECFDPNFBQPMJUJDJBO#VUUIJTJTPGDPVSTF
JNQPTTJCMFu *O 1JDBTTP IBE GFMU UIF OFFE UP
GPSFWFS
BOOPVODFUPUIF64"BOEUP&VSPQFIJTSFBTPOTGPS
5)&:&"35)&1"*/5&3/0510-*5*$*"/
CFDPNJOHBDPNNVOJTUJOIFHBWFVQIJTPUIFS
iQPMJUJDBMuGBDF)FXBOUFEiKVTUuUPCFBQBJOUFS
" EFDBEF MBUFS XF BSSJWF BU UIF DSJUJDBM ZFBS $0/$-64*0/
PG 1BSJT1SFTTF M*OUSFBOTJHFBOU XSPUF UIF GPMMPXJOH
JO BO BSUJDMF DBMMFE 1JDBTTP 'PSHPU "CPVU #VEBQFTU
iĂPSF[ BOE $BDIJO XFSF OPU UIFSF UP BTL UIF QBJOU
FSPG(VFSOJDBUPQBJOUBDBOWBTFOUJUMFE#VEBQFTU
ĂF FWFOUT JO )VOHBSZ BOE IJT TUBODF IBWF JO OP
XBZ USPVCMFE IJT MPWF BćBJS XJUI UIF $PNNVOJTU
1BSUZu*O$BSMUPO-BLFDPOEVDUFEBOJOUFS
WJFXXJUI1JDBTTPGPSĂF $ISJTUJBO 4DJFODF .POJUPS
XJUIOPNFOUJPOPGUIFBSUJTUTSFBDUJPOUPUIFFWFOUT
JO)VOHBSZĂF QBJOUFS POMZ DPOĐSNFE IJT GBJUI JO
"OBTTBTTJOBUJPOBUUFNQUJO(FSNBOZIBTTFSJPVTMZ
XPVOEFE UIF DIBJSNBO PG UIF (FSNBO 4PDJBMJTU
4UVEFOU 6OJPO 3VEPMG %VUTDILF ĂJT FWFOU QSP
WPLFENBTTTUVEFOUQSPUFTUTJOBMMPG8FTU(FSNBOZ
JO.BZ"UWJSUVBMMZUIFTBNFUJNFUIF)VNBOJUJFT
'BDVMUZJO/BOUFSSF1BSJT
XBTDMPTFE4UVEFOUQSP
UFTUTRVJDLMZTQSFBEUISPVHIPVU'SBODFBOEJOTQJSFE
XPSLFSTBTXFMM%FTQJUFQPMJDFSFQSFTTJPOTVOJWFS
ĂF BSUJTU JO TPDJBMJTU $[FDIPTMPWBLJB JO UIF T
BOEFBSMZTTUJMMTFFT1JDBTTPUISPVHIUIFQSJTN
PGMFĔXJOH SFWPMVUJPO XIJDI BT UIF ZFBS EFN
POTUSBUFTPOFUIJOLTPGUIFDVMUPG$IF(VFWBSB
JT
TPFOUJDJOHBOEDPOUBHJPVT)FBMTPBENJSFT1JDBTTP
GPSIJTCSJMMJBOUBOEDSFBUJWFIZQFSBDUJWJUZXIJDIJT
VOEJNJOJTIFEFWFOJOPMEBHF1JDBTTPJTMJLFBMJW
.&/"4 * 3 1 0- *5*,"3: 5ɱ&63010+ &
RVFTU8FEPLOPXUIBUIFNBEFOPTUBUFNFOUBCPVU
UIF FWFOUT JO )VOHBSZ FYDFQU GPS UIF POF BMSFBEZ
NFOUJPOFE JO -F .POEF XIJDI XBT PSHBOJTFE WJB
B .BDIJBWFMMJBO NBOJQVMBUJPO PG JOGPSNBUJPO CZ
)FMFOF1BSNFMJOF1JDBTTPSFNBJOFERVJFUFWFOBG
UFSBOVSHFOUDIBMMFOHFGSPNIJTGSJFOEUIFZPVOH
"NFSJDBO+BNFT-PSEXIPXBTBGSFRVFOUWJTJUPSUP
1JDBTTPTTUVEJPBUUIBUUJNF-PSEXSPUFBMPOHFNP
UJPOBM MFUUFS BTLJOH 1JDBTTP UP DPOEFNO UIF 4PWJFU
JOUFSWFOUJPO JO )VOHBSZ CZ UIF FOE PG UIF XFFL
JOHXBMLJOHXBSFIPVTFPGDSFBUJWFJEFBTNBOJGFTUFE
JO QBJOUJOH BOE TDVMQUVSF )F JT TZOPOZNPVT XJUI
UIFGSFFEPNPGUIFNPEFSOBSUJTUBTBQQMJFEUPCPUI
QBJOUJOHBOETDVMQUVSF
" 35" / %10-*5*$4*/&"45&3/ &6301&
*UBQQFBSTUIBUPVSBSUJTUJTOPUEJTUVSCFECZ1JDBTTPT
JOWPMWFNFOU XJUI UIF $PNNVOJTU 1BSUZ )F PWFS
MPPLT1JDBTTPTQPSUSBJUPG4UBMJOBOEUIBOLTUPUIF
JOGPSNBUJPOFNCBSHPQSPCBCMZEPFTOPUFWFOLOPX
PG1JDBTTPTEPVCMFHBNFmUIFiNJOVFUuBT(JMCBVU
DBMMTJUXIJDIIFQFSGPSNTJOUIFTTPUIBUEPPST
XJMMPQFOJOUIF64"XIJMTUBUUIFTBNFUJNFCFJOH
QFSDFJWFEBTBDPSSFDUBOEUSVTUXPSUIZDPNNVOJTU
*GPVSBSUJTUIBTHPPEGSJFOETJOUIF8FTUXIPPDDB
TJPOBMMZTFOEIJNCPPLTBCPVUNPEFSOBSUIFXJMM
CFIBQQZUPSFDFJWFUIFMBUFTUDBUBMPHVFGPS1JDBTTPT
FYIJCJUJPO BU UIF .VTFVN PG .PEFSO "SU JO /FX
:PSLJOmPOUIFPDDBTJPOPGIJTUICJSUIEBZ
XIJDIIFDFMFCSBUFEJO8IBUHSFBUFSDPOTF
DSBUJPOPG1JDBTTPBTUIFiGBUIFSuPGNPEFSOJTNUIBO
BOFYIJCJUJPOPGIJTXPSLTBUUIFSFOPXOFE.P."m
BOFWFOUUIBUPWFSTIBEPXTUIFGBDUUIBUJOUIBUTBNF
ZFBS1JDBTTPSFDFJWFEIJTTFDPOE-FOJO1SJ[F
ĂVT GPS UIF BSUJTU PG UIF DPNNVOJTU CMPD 1JDBTTP
VOXJUUJOHMZ TFSWFT UP FYFNQMJGZ IPX BO JOEJWJEVBM
DBO NBOPFVWSF PO UIF CPSEFS CFUXFFO NPEFSO
BSU BOE QPMJUJDT CFUXFFO UIF JSSFDPODJMBCMF XPSMET
PG UIF 8FTU BOE UIF &BTU CFUXFFO iGPVMu DBQJUBM
JTN BOE DPNNVOJTN )PX BO JOEJWJEVBM DBO MJWF
JODPNNVOJTUiSFBMTPDJBMJTNuBOEBUUIFTBNFUJNF
BEPQUUIF8FTUFSONPEFMPGNPEFSOBSUBTSFQSF
TFOUFECZ1JDBTTP
/PUFT
&NBOVFM .PSBWFD A4BCPUÃßOÎDJ IMBW A4BCPUFVST PG
)FBET
JO-JEPWÊOPWJOZ+VMZ
+BSNJMB ,VCÎʅLPWÃ 1SPʧ QSÃWʬ 1JDBTTP 8IZ 1JDBTTP
1SBHVF"UIPT
1JPUS #FSOBUPXJD[ A1JDBTTP X 1PMTDF [BSB[ QP XPKOJF
A1JDBTTPJO1PMBOESJHIUBĔFS 8PSME 8BS **
JO "SUJVN
2VBFTUJPOFTWPM9*QQ
"MGSFE#BSSJOUIF.P."#VMMFUJO+BOVBSZRVPU
FE JO -BVSFODF #FSUSBOE %PSMÊBD A-B 3ÊTJTUBODF JO
-BVSFODF #FSUSBOE %PSMÊBD "OESPVMB .JDIBFM FET
1JDBTTP-PCKFUEVNZUIF1BSJT&/4#"Q
+BSPTMBW #PVʅFL A'PSNBMJTUJDLÊ AVNʊOÎ WF TMVßCÃDI
WÃMFʅOÝDI QBMJʅʴ A'PSNBMJTU A"SU JO UIF 4FSWJDF PG
8BSNPOHFST
JO7ÝUWBSOÊVNʬOÎWPM**QQ
*CJEQ
*CJE
-FUUFSEBUFE.BSDI$"SDIJWFT.VTÊF1JDBTTP
1BSJTIFSFBĔFS ".11
'SBOUJØFL 3BDIMÎL 7ÃDMBW 3BCBT m 1ÎTF˂ NÎSV $ZLMVT
OÃTUʬOOÝDI NBMFC B PCSB[˖ ʧFTLÊ LSBKJOZ [ MFU 7ÃDMBW3BCBTm4POHPG1FBDF"$ZDMFPG8BMM1BJOUJOHT
BOE 1BJOUJOHT PG UIF $[FDI -BOETDBQF GSPN 1SBHVF 1SBHVF )PVTF PG "SU .JOJTUSZ PG *OGPSNBUJPO
BOE$VMUVSF
-FUUFST GSPN UIF $[FDIPTMPWBLJBO FNCBTTZ JO 1BSJT UP
1JDBTTPEBUFE.BSDI.BSDI$".11
-FUUFSXJUIUIFMFUUFSIFBEPGUIF$[FDIPTMPWBLFNCBTTZ
JO1BSJTEBUFE.BSDI$".11
+PTFQI#BSSZAĂF 5XP 1JDBTTPT 1PMJUJDJBO BOE 1BJOUFS
JO5JNF.BHB[JOF.BZ*7QQ
4FSHF (VJMCBVU A1JDBTTP m 1JDBTTJFUUF MFT UVSCVMB
UJPOTEVOBHFOUEPVCMFBVUFNQTEFMBHVFSSFGSPJEFJO
-BVSFODF #BSUSBOE %PSMÊBD "OESPVMB .JDIBFM FET
1JDBTTP-PCKFUEVNZUIF1BSJT&/4#"QQ
(FSUKF 3 6UMFZ 1JDBTTP ĂF $PNNVOJTU :FBST /FX
)BWFO-POEPO:BMF6OJWFSTJUZ1SFTTQ
1JDBTTP DPMMFDUJPO $ MFUUFS EBUFE +BOVBSZ ".11
1JDBTTPDPMMFDUJPO$MFUUFSEBUFE%FDFNCFS
".11
1JDBTTP DPMMFDUJPO $ MFUUFS EBUFE "QSJM ".11
1BSJT1SFTTFM*OUSBOTJHFBOU'FCSVBSZRVPUFEJO
6UMFZQGO
5FTUJNPOZPG1JFSSF%BJYDG6UMFZQ
-PPLOP%FDFNCFSQ
1JDBTTPDPMMFDUJPO"SDIJWFTPGUIF1JDBTTPNVTFVNJO
6UMFZQQGO
+PIO3JDIBSETPOFE
1*$"440"O"NFSJDBO5SJCVUF
/FX:PSL1VCMJD&EVDBUJPO"TTPDJBUJPO
7PKUʬDI-BIPEB
ɤFLJKPT3FTQVCMJLPT.PLTM˕BLBEFNJKPT.FOPJTUPSJKPTJOTUJUVUBT1SBIB
.FOJOJOLBTJSQPMJUJLB1BCMP1JDBTTPJSLPNVOJTUJOJTCMPLBT»BMUPKPLBSP
NFUBJT
4BOUSBVLB
1BTJCBJHVT"OUSBKBNQBTBVMJOJBNLBSVJɂFLPTMPWBLJKPKFHJNʋWJMUJTUʍTUJUBSQVLBSJPNPEFSOJ[NʂLVSʖQSPUFLUP
SBUPMBJLPUBSQJVCVWPVßHOJBVßʍWPLJFʅJʳOBDJBJ1BMFOHWʋKJNPJSWJMUJFTMBJLPUBSQJTOFUSVLPJMHJBVOFJUSFKVTNFUVT
1SBIPTLPNVOJTUʳQFSWFSTNBTNWBTBSʖWJTJØLBJQBLFJUʋLVMUʲSPTTJUVBDJKʂTPDJBMJTUJOJPSFBMJ[NPEPLUSJOB
UBQPPĐDJBMJB JEFPMPHJKB JS WJMUJT BUHBJWJOUJ NPEFSOJ[Nʂ ßMVHP
%BVHFMJVJɂFLPTMPWBLJKPT-FOLJKPTJS7FOHSJKPTNFOJOJOLʳCFJJOUFMFLUVBMʳ1JDBTTPCVWPQBWZ[EZT+PSBEJLBMVT
NPEFSOJTUJOJTPLBSUVJSQPMJUJØLBJBOHBßVPUBTNFOBT99BPKPEFØJNUNFʅJPQBCBJHPKFJSBKBNFEFØJNUNFUZKF
WFJLʋEBVHFMʖLPNVOJTUJOJPCMPLPNFOJOJOLʳ1JDBTTPʖTJKVOHʋʖEJEßJVMʍUBSQUBVUJOʍLPNVOJTUJOʍtØFJNʂi
N JØMFJEʍT QBNēFUʂ ,PEʭM UBQBV LPNVOJTUV ÂFOHʍT Øʖ ßJOHTOʖ KJT HBMʋKP WJFOB WFSUVT MBJTWBJ FMHUJT TV EBVHF
MJV TUBMJOJTUJOJʳ TUSVLUʲSʳ 1SBODʲ[JKPT LPNVOJTUʳ QBSUJKPKF CFU LJUB WFSUVT JØMJLUJ CFLPNQSPNJTJV BWBOHBSEJ
OJV NFOJOJOLV %ʋM (VFSOJDPT ØMPWʋT 1JDBTTP CVWP MBJLPNBT ßNPHVNJ HBMJOʅJV TLJSUJ HʋSʖ OVP CMPHJP
»JOVPNPOʋQSBEʋKPLFJTUJT99BBKBNFEFØJNUNFUZKFN1JDBTTPOVUBQʋ,PSʭKPTßVEZOFTLBJQBUTBLʂʖ
+"7JNQFSJBMJTUJOʍ,PSʋKPTPLVQBDJKʂCFUNʖWZLVT7FOHSJKPTSFWPMJVDJKBJKJTUZMʋKP4USBJQTOZKFBQUBSJBNB
LFMFUBTWFOHSʳJOUFMFLUVBMʳMBJØLʳTJʳTUʳʖ1BSZßJʳ1JDBTTPLVSJVPTFQSBØPNBTVLVSUJOBVKʂ(VFSOJDʤJSÂVEZOFT
ØʖLBSUTNFSLJBOUßJBVSVNVT#VEBQFØUF»JTQSBØZNBTMJLPOFʖHZWFOEJOUBTEʋM1JDBTTPMPKBMVNP,PNVOJTUʳQBSUJ
KBJ1PMJUJOJPQPCʲEßJPUZMBUʍTʋTJJLJNLBJ1JDBTTPJSWʋMOFQBLPNFOUBWPTPWJFUʳJOWB[JKPTʖɂFLPTMPWBLJKʂ
NJOUFSWJVQBLMBVTUBTBQJFTBWPQP[JDJKʂQPMJUJLPTBUßWJMHJV1JDBTTPJS[MJBJBUTBLʋLBEKJTZSBUBQZUPKBTPOF
QPMJUJOʋĐHʲSB 1BSBEPLTBMV LBE UBJ CVWP UBT QBUT 1JDBTTP N QSJTJTUBUZEBWʍT JS LBJQ BWBOHBSEP NFOJOJOLBT
JSLBJQQPMJUJOʋĐHʲSB
(BVUB
1BSFOHUBTQBVEBJ
.&/"4 * 3 1 0- *5*,"3: 5ɱ&63010+ &
3FJLØNJOJBJßPEßJBJUBQZCBɂFLPTMPWBLJKB7FOHSJKBLPNVOJ[NBT4UBMJOBT1JDBTTP$[ÓCFMJT