1EVOIXMRK MR E 7MPS ;SVPH
8,) 2); '13 ',%00)2+)
(EZMH % %EOIV
©;I LEZI QIX XLI IRIQ] ERH LI MW YW ª
¨4SKS
LI ')3 SJ E PEVKI KPSFEP XIGLRSPSK] ´VQ [MXL SZIV TVSHYGX
´IJHSQW YWMRK XLI WEQI GSVTSVEXI FVERH HIGMHIH E JI[ ]IEVW EKS
XLEX XLI FVERH ERH QEVOIXMRK [IVI GSRJYWIH ERH YRGSSVHMREXIH
8ERH XLYW [IVI FSXL PIWW IJ´GMIRX ERH PIWW IJJIGXMZI XLER XLI] RIIHIH
XS FI %W E VIWYPX E GIRXVEP KPSFEP FVERH YRMX [EW JSVQIH PIH F] SRI SJ XLI XST
I\IGYXMZIW MR XLI ´VQ E TIVWSR [LS LEH WYGGIWWJYPP] VYR E QENSV VIKMSR JSV XLI
´VQ ,I LMVIH E LEPJ HS^IR I\XVIQIP] GSQTIXIRX FVERH ERH QEVOIXMRK TVSJIW
WMSREPW 0IWW XLER XLVII ]IEVW PEXIV XLI QEMR EGGSQTPMWLQIRX [EW XS VIHYGI XLI
RYQFIV SJ PSKSW JVSQ XS 8LI KVSYT HMWFERHIH ERH XLI I\IGYXMZI PIJX XLI
´VQ 8LI WMPSW [SR EW XLI] WS SJXIR HS
- [EW EWOIH XS TEVXMGMTEXI [MXL E GVSWW WMPS KVSYT VITVIWIRXMRK HMJJIVIRX
FYWMRIWW YRMXW ERH HMJJIVIRX VIKMSRW EX ERSXLIV QENSV KPSFEP ´VQ [MXL HS^IRW SJ
TVSHYGX PMRIW 8LI KVSYT [EW GLEVKIH [MXL FVMRKMRK WSQI HIKVII SJ GSLIWMSR
ERH WXVEXIKMG XLMROMRK EVSYRH XLI FVERH XLI] EPP WLEVIH 3ZIV WIZIVEP QIIXMRKW
XLI KVSYT WTIRX XLI FYPO SJ MXW XMQI XEPOMRK EFSYX LS[ XS GSRZMRGI XLI WMPS I\IG
YXMZIW XLEX XLIVI [EW EGXYEPP] E TVSFPIQ JSV [LMGL XLIMV IJJSVXW [SYPH FI E WSPY
XMSR 8LI] ´REPP] HIGMHIH XLEX XLI] GSYPH RSX GSQI YT [MXL E GSQTIPPMRK WXSV]
8LI WMPSW [SR [MXLSYX IZIR ´VMRK E WLSX
% WMPS MW HI´RIH EW E XEPP WIPJ GSRXEMRIH G]PMRHIV YWYEPP] WIEPIH ERH YWIH
XS WXSVI GSQQSHMXMIW *EVQIVW YWI WMPSW XS WXSVI KVEMRW EJXIV E LEVZIWX -X MW EPWS E
8LMW EVXMGPI MW FEWIH SR XLI FSSO F] (EZMH % %EOIV TYF
PMWLIH F] ,EVZEVH &YWMRIWW 7GLSSP 4VIWW
'%0-*362-% 1%2%+)1)28 6):-); :30 23 *%00 '16 &)6/)0)= )(9
1EVOIXMRK MR E 7MPS ;SVPH 8LI 2I[ '13 'LEPPIRKI
QIXETLSV JSV SVKERM^EXMSREP YRMXW XLEX LEZI XLIMV S[R QEREKIQIRX XIEQ ERH
PEGO XLI QSXMZEXMSR SV HIWMVI XS [SVO [MXL SV IZIR GSQQYRMGEXI [MXL SXLIV
SVKERM^EXMSREP YRMXW
:MVXYEPP] EPP SVKERM^EXMSRW JVSQ +1 XS ,4 XS 9RMPIZIV XS 'MXMKVSYT EVI
GSPPIGXMSRW SJ WMPSW 7SQI XIVQIH TVSHYGX WMPSW EVI FYWMRIWW YRMXW HI´RIH F]
TVSHYGX SV WIVZMGI SJJIVMRKW 3XLIVW XIVQIH GSYRXV] WMPSW EVI KISKVETLMG WMPSW
HI´RIH F] GSYRXVMIW SV VIKMSRW -X MW RSX HMJ´GYPX XS ´RH ´VQW WYGL EW 8SWLMFE
XLEX LEZI [IPP SZIV FYWMRIWW YRMXW QER] SJ [LMGL STIVEXI MR SZIV
GSYRXVMIW )EGL TVSHYGX SV GSYRXV] WMPS SV KVSYTMRKW SJ WMPSW X]TMGEPP] LEW MXW S[R
QEVOIXMRK XIEQ GLEVKIH [MXL QEOMRK XLI FVERH ERH XLI QEVOIXMRK TVSKVEQ
[SVO JSV XLEX WMPS FYWMRIWW 8LI I\MWXIRGI SJ TEVEPPIP QEVOIXMRK KVSYTW GVIEXIW E
LSWX SJ TVSFPIQW ERH PSWX STTSVXYRMXMIW -R EHHMXMSR XLIVI EVI JYRGXMSREP QEV
OIXMRK ERH GSQQYRMGEXMSR WMPSW WXVMZMRK SJXIR MR ZEMR XS EGLMIZI MRXIKVEXIH
QEVOIXMRK GSQQYRMGEXMSR
1SWX SVKERM^EXMSRW EVI TVSYH SJ XLIMV HIGIRXVEPM^IH TVSHYGX ERH GSYRXV]
WXVYGXYVI¨ERH [MXL KSSH VIEWSR (IGIRXVEPM^EXMSR TSXIRXMEPP] MRZSPZIW QEREKI
QIRX XIEQW XLEX EVI MRXMQEXI [MXL GYWXSQIVW ERH QEVOIXW GSRZIVWERX [MXL
TVSHYGXW ERH ETTPMGEXMSRW GPSWI XS GSQTIXMXSV WXVEXIKMIW EGGSYRXEFPI JSV VIWYPXW
ERH IQTS[IVIH XS EGX UYMGOP] 7XVEXIK] GER FI HIPIKEXIH XS GSRXI\XW XLEX EVI
VIPEXMZIP] WMQTPI ERH REVVS[ MR WGSTI 8LIWI EXXVMFYXIW SJ HIGIRXVEPM^EXMSR LEZI
FIIR ETTPMIH ERH VI´RIH WMRGI EX PIEWX XLI W [LIR +1 (Y4SRX ERH SXLIVW
WLS[IH XLI TS[IV SJ HIGIRXVEPM^EXMSR EW ER SVKERM^EXMSREP WXVYGXYVI
6IP]MRK SR ER YRJIXXIVIH HIGIRXVEPM^IH SVKERM^EXMSR [MXL LMKLP]
EYXSRSQSYW WMPS YRMXW MW RS PSRKIV GSQTIXMXMZIP] ZMEFPI 8LI [SVPH LEW GLERKIH
-X MW QSVI GSQTIXMXMZI [MXL I\GIWW GETEGMX] IZIV][LIVI 8LI MRIJ´GMIRG] SJ WMPSW
GVIEXIW E WIVMSYW LERHMGET 8LI QEVOIXW EVI RS[ QSVI H]REQMG [MXL WLMJXMRK
FSYRHEVMIW +PSFEPM^EXMSR MW E VIEPMX] 'SQQYRMGEXMSR ERH FVERH FYMPHMRK RS[
MRZSPZI E ZEVMIX] SJ JEWX GLERKMRK QSHEPMXMIW XLEX HS RSX PIRH XLIQWIPZIW XS XLI
WMPS [SVPH 'YWXSQIVW EVI HIQERHMRK WMPS WTERRMRK SJJIVMRKW ERH WIVZMGIW 8LIVI
MW NYWX XSS QYGL EX WXEOI XS EPPS[ WMPS MRXIVIWXW XS MRLMFMX SV TVIZIRX XLI IJJSVX
XS[EVH EGLMIZMRK FVERH ERH QEVOIXMRK W]RIVKMIW EGVSWW XLI SVKERM^EXMSR
-R SVHIV XS MHIRXMJ] WMPS MWWYIW ERH WSPY
XMSRW SZIV TISTPI MR '13 'LMIJ 1EVOIX
(EZMH % %EOIV MW XLI :MGI 'LEMVQER SJ 4VSTLIX
MRK 3J´GIV SV GSQTEVEFPI TSWMXMSRW [IVI &VERH 7XVEXIK] ERH 4VSJIWWSV )QIVMXYW SJ
1EVOIXMRK 7XVEXIK] EX XLI ,EEW 7GLSSP SJ
EWOIH XS HIWGVMFI WMPS GVIEXIH TVSFPIQW ERH
&YWMRIWW 9' &IVOIPI]
[LEX ETTVSEGLIW [SVOW XS EPPIZMEXI XLSWI
TVSFPIQW %PXLSYKL XLI SVKERM^EXMSREP
FILEZMSV PMXIVEXYVI LEW FIIR WXYH]MRK VIPIZERX XSTMGW WYGL EW XIEQW ERH QEXVM\
SVKERM^EXMSRW XLIVI MW FIIR PMXXPI W]WXIQEXMG VIWIEVGL IWTIGMEPP] MR XLI QEVOIXMRK
GSRXI\X [LIVI XLI MWWYIW EVI QSWX MRXVYWMZI EVSYRH LS[ XS EHETX E WMPS SVKERM
^EXMSR XS E [SVPH MR [LMGL MX MW RS PSRKIV [SVOMRK
;LEX I\EGXP] EVI XLI TVSFPIQW GVIEXIH JSV QEVOIXMRK WXVEXIKMWXW F] WMPS
SVKERM^EXMSRW# 'LERKMRK XLI WMPSŹW TS[IV ERH JYRGXMSR MW EPQSWX EP[E]W KSMRK XS
FI EVHYSYW I\TIRWMZI ERH ZIV] HMWVYTXMZI XS XLI SVKERM^EXMSR -X XEOIW RSX SRP]
´RERGMEP ERH XEPIRX VIWSYVGIW FYX MRZIWXQIRXW MR GYPXYVI ERH GYPXYVI GLERKI¨E
'%0-*362-% 1%2%+)1)28 6):-); :30 23 *%00 '16 &)6/)0)= )(9
1EVOIXMRK MR E 7MPS ;SVPH 8LI 2I[ '13 'LEPPIRKI
*-+96) ;L] E '13#
1EVOIXMRK 6IWSYVGIW EVI
1MWEPPSGEXIH
7MPS 7TERRMRK &VERHW 0EGO 'PEVMX]
ERH 0MROEKI
7MPS 7TERRMRK 3JJIVMRKW SV 4VSKVEQW
EVI -RLMFMXIH SV 1MWWIH
7MPS
7XVYGXYVI
(VMZIR
4VSFPIQW
1EVOIXMRK 1EREKIQIRX 'SQTIXIRGI
MW ;IEOIRIH
7YGGIWW MW RSX 0IZIVEKIH
EGVSWW 7MPSW
7MPS 7TERRMRK 'SQQYRMGEXMSR ERH
'SSTIVEXMSR EVI ;IEO
QSWX TVIGMSYW GSQQSHMX] 4ISTPI MR WMPSW ERH MR XLI I\IGYXMZI WYMXI LEZI XS
FY] MR 8LI GSWX MW WS LMKL ERH XLI XEWO SJ KIXXMRK GSSTIVEXMSR JVSQ HMZIVWI GEWX
SJ GLEVEGXIVW WS HMJ´GYPX XLEX XLI GSVVIWTSRHMRK QSXMZEXMSR RIIHW XS FI ZMWMFPI
7M\ (IFMPMXEXMRK 4VSFPIQW (VMZIR F] E 7MPS 7XVYGXYVI
8LIVI EVI E LEPJ HS^IR WTIGM´G TVSFPIQW XLEX EVI GVIEXIH SV [SVWIRIH
F] XLI WMPS WXVYGXYVI -RHMZMHYEPP] ERH GSPPIGXMZIP] XLI] TVSZMHI E VEXMSREPI JSV
LEVRIWWMRK XLI WMPS IRIVK] WS XLEX FSXL FYWMRIWW ERH QEVOIXMRK WXVEXIKMIW GER
IQIVKI ERH WYGGIIH -X MW MQTSVXERX XS YRHIVWXERH XLIWI TVSFPIQW RSX SRP] XS
QSXMZEXI GLERKI FYX XS TVSZMHI E GLERKI XEVKIX WII *MKYVI
1EVOIXMRK 6IWSYVGIW EVI 1MWEPPSGEXIH
8LI WMPS WXVYGXYVI RIEVP] EP[E]W PIEHW XS XLI QMWEPPSGEXMSR SJ VIWSYVGIW
EGVSWW TVSHYGX ERH GSYRXV] WMPS YRMXW JYRGXMSREP XIEQW FVERHW ERH QEVOIXMRK
TVSKVEQW 'SVVIGXMRK QMWEPPSGEXMSR MW XLI ´VWX TVMSVMX]
92-:)67-8= 3* '%0-*362-% &)6/)0)= :30 23 *%00 '16 &)6/)0)= )(9
1EVOIXMRK MR E 7MPS ;SVPH 8LI 2I[ '13 'LEPPIRKI
4VSHYGX ERH 'SYRXV] 7MPSW
7MPS XIEQW EVI SVKERM^EXMSREPP] ERH TW]GLSPSKMGEPP] YREFPI XS QEOI GVSWW
WMPS NYHKQIRXW *YVXLIV WYGL NYHKQIRXW VIUYMVI E LEVH RSWIH EREP]WMW SJ XLI
TSXIRXMEP SJ XLI FYWMRIWW YWMRK GVSWW WMPS HEXE TPYW WTIGMEPM^IH JVEQI[SVOW ERH
QIXLSHW XLEX [MPP WIPHSQ FI HIZIPSTIH SYXWMHI SJ E GIRXVEP QEVOIXMRK YRMX
;MXLSYX GIRXVEPP] HVMZIR HMWGMTPMRI EPPSGEXMSR MW YWYEPP] QEHI F] TSPMXMGEP
JSVGIW [MXL IEGL WMPS XIPPMRK XLI FIWX WXSV] MQEKMREFPI MR SVHIV XS VIXEMR MXW S[R
GEWL µS[ ERH IEVR MXW WLEVI SJ RI[ MRZIWXQIRXW %W E VIWYPX XLI PEVKIWX ERH
QSWX IWXEFPMWLIH WMPSW YWYEPP] VIGIMZI XLI FYPO SJ XLI VIWSYVGIW FIGEYWI XLI]
ETTIEV XS FI EFPI XS TE] XLIMV S[R [E] 7QEPPIV WMPSW QE] FI WYTIVMSV MRZIWX
QIRXW SJ QEVOIXMRK VIWSYVGIW FYX XIRH XS FI YRHIVJYRHIH XS XLI WXVEXIKMG HIXVM
QIRX SJ XLI SVKERM^EXMSR
8LI &VERH 4SVXJSPMS MW RSX 4VMSVMXM^IH
;MXLSYX XLI HMWGMTPMRI SJ E TVSGIWW QEREKIH F] E GIRXVEP QEVOIXMRK
KVSYT TVSHYGX WMPSW ERH WSQIXMQIW GSYRXV] WMPSW EW [IPP [MPP XIRH XS EXXEGL E
RI[ FVERH XS RI[ SJJIVMRKW ;MXL XLI WMPSW MR GLEVKI MX MW YRVIEPMWXMG XS I\TIGX
ER] HMWGMTPMRI XLEX [SYPH GYVF FVERH TVSPMJIVEXMSR ERH IRGSYVEKI E WQEPP WIX SJ
QEWXIV FVERHW 8LI VIWYPX MW E HMWTIVWMSR SJ QEVOIXMRK FYHKIXW ER EFWIRGI SJ
TVMSVMXMIW ERH ER EGGSQTER]MRK HMPYXMSR SJ QEVOIXMRK MQTEGX
1EVOIXMRK 4VSKVEQW
;MXL WMPS EYXSRSQ] XLIVI MW EPWS ER MREFMPMX] XS PSSO GPSWIP] EX XLI EGXYEP
ERH TSXIRXMEP VIXYVRW SJ XLI QEVOIXMRK TVSKVEQW )ZIR WXVSRK WMPSW QE] [EWXI
QEVOIXMRK VIWSYVGIW MJ XLI] LEZI [IEO QEVOIXMRK TVSKVEQW ;MXLSYX E QEVOIX
MRK IJJIGXMZIRIWW QIEWYVIQIRX W]WXIQ ERH E GSQQSR HEXEFEWI SVKERM^IH F] XLI
GIRXVEP QEVOIXMRK XIEQ ERH ETTPMIH EGVSWW WMPSW XLI EPPSGEXMSR MW PMOIP] XS KS XS
QEVOIXMRK TVSKVEQW XLEX [MPP LEZI MRJIVMSV VIXYVRW
7MPS 7TERRMRK &VERHW 0EGO 'PEVMX] ERH 0MROEKI
8SS SJXIR E QEWXIV FVERH TIVLETW IZIR XLI GSVTSVEXI FVERH MW WLEVIH F]
WMPS KVSYTW )EGL WMPS MW QSXMZEXIH XS QE\MQM^I XLI TS[IV SJ XLI FVERH [MXLSYX
ER] GSRGIVR JSV XLI FVERHŹW VSPI MR SXLIV FYWMRIWW YRMXW )WTIGMEPP] [LIR XLIVI MW
SZIVPET MR QEVOIXW MRGSRWMWXIRX TVSHYGX ERH TSWMXMSRMRK WXVEXIKMIW GER HEQEKI
XLI FVERH ERH VIWYPX MR HIFMPMXEXMRK QEVOIXTPEGI GSRJYWMSR ,EZMRK E QM\IH
FVERH QIWWEKI EPWS QEOIW MX LEVH XS GSRZMRGI XLI SVKERM^EXMSR XLEX XLI FVERH
WXERHW JSV WSQIXLMRK 8LIVIJSVI MX MW [SVXL[LMPI XS LEZI HMWGMTPMRI MR FIMRK XVYI
XS XLEX QIWWEKI
7MPS 7TERRMRK 3JJIVMRKW ERH 4VSKVEQW EVI -RLMFMXIH SV 1MWWIH
%R SVKERM^EXMSR [MXL QER] TVSHYGX ERH GSYRXV] WMPSW WLSYPH LEZI E LYKI
EHZERXEKI FIGEYWI SJ XLI TSXIRXMEP W]RIVKMIW EZEMPEFPI F] GVIEXMRK GVSWW WMPS
SJJIVMRKW SV F] HIZIPSTMRK QEVOIXMRK TVSKVEQW XLEX EVI WLEVIH F] QYPXMTPI WMPSW
7EHP] [LIR XLI WMPS FEVVMIVW EVI MR TPEGI MX FIGSQIW HMJ´GYPX XS VIEPM^I XLIWI
W]RIVKMIW
'%0-*362-% 1%2%+)1)28 6):-); :30 23 *%00 '16 &)6/)0)= )(9
1EVOIXMRK MR E 7MPS ;SVPH 8LI 2I[ '13 'LEPPIRKI
1EVOIXMRK 4VSKVEQW 7LEVIH F] 7MPSW
-R XSHE]ŹW JVEKQIRXIH QIHME IRZMVSRQIRX QER] SJ XLI QEVOIXMRK TVS
KVEQ STXMSRW JSV FYMPHMRK FVERHW SV E GYWXSQIV FEWI EVI MRJIEWMFPI ERH QER] SJ
XLI VIWX EVI RSX GSWX IJJIGXMZI JSV E WMPS FYWMRIWW XLEX PEGOW XLI RIGIWWEV]
IGSRSQMIW SJ WGEPI ;LIR WMPS FYWMRIWW YRMXW EVI EKKVIKEXIH EGVSWW TVSHYGXW SV
GSYRXVMIW XLI IGSRSQMGW GLERKI 4VSKVEQW WYGL EW XLI ;SVPH 'YT WTSRWSVWLMT
XLI GSWX SJ [LMGL GER FI WTVIEH EGVSWW GSYRXVMIW ERH SV TVSHYGXW FIGSQI JIEWM
FPI 3XLIVW WMQTP] FIGSQI QSVI IJ´GMIRX ERH IJJIGXMZI % LSXIP PS]EPX] TVSKVEQ
WYGL EW XLEX SJ 7XEV[SSH SV ,MPXSR FIGSQIW QSVI IJ´GMIRX [LIR MX MW WTVIEH SZIV
E LEPJ HS^IR SV QSVI GLEMRW XLER [LIR SRP] SRI QYWX GSZIV XLI GSWX *YVXLIV MX
MW QSVI IJJIGXMZI FIGEYWI XLI ZEPYI TVSTSWMXMSR JSV XLI GYWXSQIV MW IRLERGIH
;LIR GSQTIXMXSVW EVI I\TPSMXMRK WGEPI IGSRSQMIW XLI] EVI W[MQQMRK YTWXVIEQ
F] GPMRKMRK XS E WMPS [SVPH
'VSWW 7MPS 3JJIVMRKW
7MPS FEVVMIVW GER WIVMSYWP] MRLMFMX XLI HIZIPSTQIRX SJ GVSWW WMPS SJJIVMRKW
MR TEVX FIGEYWI XLI GVSWW WMPS GSPPEFSVEXMSR RIIHIH XS I\IGYXI QE] RSX FI MR XLI
(2% SJ XLI WMPSW ERH MR TEVX FIGEYWI EYXSRSQSYW WMPS YRMXW XIRH XS PSSO EX XLI
QEVOIX [MXL E REVVS[ TIVWTIGXMZI ERH GER SJXIR QMWW GLERKIW MR XLI QEVOIX
TPEGI XLEX EVI QEOMRK XLIMV WMPSIH SJJIVMRK PIWW VIPIZERX =IX QER] GYWXSQIVW EVI
HVE[R XS WMPS WTERRMRK TVSHYGXW SV WIVZMGIW ;EP 1EVX JSV I\EQTPI [ERXW XS HS
FYWMRIWW [MXL 4 + ERH RSX [MXL HS^IRW SJ TVSHYGX HMZMWMSRW 'YWXSQIVW GER FI
JVYWXVEXIH FIGEYWI XLI] EVI PSSOMRK JSV W]WXIQW WSPYXMSRW ERH WIVZMGI FEGO YT
XLEX WTER TVSHYGX WMPSW 8LI QSZIQIRX JVSQ TVSHYGXW XS W]WXIQW WSPYXMSRW LEW
FIGSQI E XMHEP [EZI ERH VIUYMVIW GVSWW WMPS SJJIVMRKW +PSFEP GYWXSQIVW EVI
MRGVIEWMRKP] HIQERHMRK KPSFEP WIVZMGIW ERH SJJIVMRKW 'MXMFERO JSV I\EQTPI
[ERXW WYTTPMIVW XLEX GER MRXIVEGX ERH HIPMZIV KPSFEPP] XS VIHYGI XLI MRIJ´GMIRGMIW
XLEX EVI EWWSGMEXIH [MXL E GSYRXV] F] GSYRXV] SJJIVMRK
1EVOIXMRK 1EREKIQIRX 'SQTIXIRGIW EVI ;IEOIRIH
8LI UYEPMX] SJ QEVOIXMRK XEPIRX WTIGMEPM^IH WYTTSVX ERH QEREKIQIRX
WSTLMWXMGEXMSR XIRHW XS FI HMWTIVWIH ERH [IEO [LIR WMPSW EVI VYRRMRK XLIMV FYWM
RIWW EYXSRSQSYWP]
8SHE] QEVOIXMRK RIIHW XS HVE[ SR WTIGMEPM^IH WOMPPW MR QYPXMTPI EVIEW WYGL
EW HMKMXEP QEVOIXMRK '61 TVSKVEQW QEVOIXMRK IJJIGXMZIRIWW QSHIPMRK WSGMEP
XIGLRSPSK] FPSK QEREKIQIRX WTSRWSVWLMT QEREKIQIRX 46 MR E -RXIVRIX
[SVPH ERH SR ERH SR *YVXLIV EPP SJ XLMW RIIHW QSVI XLER IZIV XS FI MRXIKVEXIH
ERH KYMHIH F] FVERH ERH QEVOIXMRK WXVEXIKMIW -X WMQTP] HSIW RSX QEOI WIRWI JSV
E WMPS KVSYT XS EXXIQTX XS GVIEXI XLIWI OMRHW SJ EWWIXW ERH WOMPPW MR JEGX MX YWYEPP]
MW RSX JIEWMFPI FIGEYWI XLI WMPSW PEGO WGEPI *YVXLIV VIHYRHERX QEVOIXMRK WXEJJ
VIWYPXW MR GSWXP] MRIJ´GMIRGMIW ERH PMQMXW STTSVXYRMXMIW JSV GEVIIV STTSVXYRMXMIW
ERH WTIGMEPX] KVS[XL %X (IPP 7IVZMGIW SRI SJ X[S QENSV VIEWSRW XLEX KPSFEP
QEVOIXMRK [EW GIRXVEPM^IH [EW XS GVIEXI E WXVSRKIV QSVI TVSJIWWMSREP QEVOIXMRK
XIEQ XLEX [SYPH STIVEXI [MXLSYX VIHYRHERG]
92-:)67-8= 3* '%0-*362-% &)6/)0)= :30 23 *%00 '16 &)6/)0)= )(9
1EVOIXMRK MR E 7MPS ;SVPH 8LI 2I[ '13 'LEPPIRKI
7MPSW STIVEXMRK EYXSRSQSYWP] EVI SJXIR PEGOMRK MR RSX SRP] JYRGXMSREP
I\TIVXMWI FYX EPWS TPERRMRK TVSGIWW WSTLMWXMGEXMSR ERH WIEWSRIH EHZMGI 8SS
SJXIR WMPSW EVI ZYPRIVEFPI XS QEREKIQIRX QIHMSGVMX] SV [SVWI 6EXLIV XLER
LEZMRK ER EHZERXEKI JSV FIMRK E TEVX SJ E QYPXM FYWMRIWW ´VQ XLI FYWMRIWWIW [MPP
QSVI PMOIP] FI EX E HMWEHZERXEKI GSQTIXMRK [MXL SXLIV ´VQW XLEX EVI GETXYVMRK
´VQ [MHI QEREKIQIRX GETEFMPMX] % GIRXVEP QEVOIXMRK YRMX GER LIPT F] GVIEXMRK
E GSQQSR QEVOIXMRK TPERRMRK TVSGIWW F] [LMGL EPP FYWMRIWW YRMXW [MPP FI RSX
SRP] SR XLI WEQI TEKI FYX [MPP FI VIUYMVIH XS MQTSWI TVSJIWWMSREP NYHKQIRXW
EFSYX XLI QEVOIXW XLI WXVEXIKMG STXMSRW ERH XLI WYTTSVXMRK TVSKVEQW 'IRXVEP
QEVOIXMRK GER EPWS TVSZMHI KYMHERGI JSV FSXL WXVEXIK] ERH XEGXMGW ERH TEVXMGY
PEVP] LS[ XLIWI GER FI PMROIH XS SXLIV WMPSW KIRIVEXMRK W]RIVK] JSV EPP
7YGGIWW MW RSX 0IZIVEKIH EGVSWW 7MPSW
;MXL E QYPXM WMPS SVKERM^EXMSR TSGOIXW SJ FVMPPMERGI QE] VIWYPX FYX XLI]
[MPP XIRH XS FI MWSPEXIH ERH EVI VEVIP] PIZIVEKIH -X MW RSX IRSYKL XS LEZI E WYG
GIWW LIVI ERH XLIVI 8LI OI] XS QSZMRK JVSQ KSSH XS KVIEX MW XS HIZIPST ER SVKE
RM^EXMSR XLEX [MPP MHIRXMJ] QEVOIXMRK I\GIPPIRGI [MXLMR XLI WMPSW ERH FI RMQFPI
IRSYKL XS PIZIVEKI XLEX I\GIPPIRGI
)\GIPPIRGI GER XEOI QER] JSVQW ERH LEZI QER] WSYVGIW FYX MX RIIHW XS
FI PIZIVEKIH EGVSWW WMPSW *SV I\EQTPI XLI (SGOIVWŹ GPSXLMRK PMRI [LMGL FIGEQI
E LYKI WYGGIWW JSV 0IZMŹW SVMKMREXIH MR 7SYXL %QIVMGE 8LI MRRSZEXMSRW EX
(VI]IVŹW -GI 'VIEQ WYGL EW (MFW FMXI WM^I GLSGSPEXI GSZIVIH MGI GVIEQ [IVI
VSPPIH SYX MRXS SXLIV GSYRXVMIW F] 2IWXPrŹW GIRXVEP MGI GVIEQ KPSFEP QEVOIXMRK
KVSYT 4ERXIRIŹW TSWMXMSR EVSYRH XLI XEKPMRI ©LEMV WS LIEPXL] MX WLMRIWª [EW
HIZIPSTIH MR 8EM[ER &IWX TVEGXMGIW GER MRZSPZI TSWMXMSRMRK EHZIVXMWMRK TVSQS
XMSR SV WTSRWSVWLMTW ,S[IZIV QEVOIX I\TIVMIRGI XLEX LIPTW SRI WMPS ERH JEMPW
XS FI PIZIVEKIH MW E QMWWIH STTSVXYRMX]
'VSWW 7MPS 'SQQYRMGEXMSR ERH 'SSTIVEXMSR MW ;IEO SV 2SR )\MWXIRX
8LI PEGO SJ GSQQYRMGEXMSR ERH GSSTIVEXMSR FIX[IIR WMPSW MW E FEWMG TVSF
PIQ XLEX GER HMVIGXP] EJJIGX SVKERM^EXMSREP TIVJSVQERGI ;LIR MRWMKLXW MRXS GYW
XSQIVW QEVOIXMRK XVIRHW GLERRIPW SV XIGLRSPSKMIW XLEX GSYPH EJJIGX WXVEXIK] EVI
RSX WLEVIH ER STTSVXYRMX] QE] FI PSWX ;LIR GSSTIVEXMSR MW RSX GSRWMHIVIH SV
MW HMJ´GYPX XS MQTPIQIRX WYGGIWWJYP W]RIVKMWXMG TVSKVEQW EVI YRPMOIP] XS IQIVKI
*YVXLIV GSQQYRMGEXMSR ERH GSSTIVEXMSR JEMPYVIW EVI ER YRHIVP]MRK GEYWI SJ
QER] SJ XLI SXLIV WMPS HVMZIR TVSFPIQW *M\MRK XLIQ VIUYMVIW RSX SRP] YWMRK
QIXLSHW ERH TVSGIWWIW FYX GLERKMRK XLI GYPXYVI XLEX MRLMFMXW GSQQYRMGEXMSR
ERH GSSTIVEXMSR
8LIVI WIIQW PMXXPI HSYFX XLEX XLI EFWIRGI SJ GVSWW WMPS GSQQYRMGEXMSR
ERH GSSTIVEXMSR EX 7SR] LEH EJJIGXIH MXW TIVJSVQERGI ;LIR ,S[EVH 7XVMRKIV
FIGEQI ')3 MR XLI WMPS TVSFPIQ [EW E FEVVMIV XS XLI WXVEXIK] SJ GSRRIGXMRK
8:W QYWMG TPE]IVW 4PE]7XEXMSRW ERH 7SR]ŹW HS[RPSEH RIX[SVO 7SR] [EW
HIWGVMFIH EW FIMRK ©H]WJYRGXMSREP [MXL HMZMWMSRW KYEVHIH XLIMV XIVVMXSV] WS
´IVGIP] XLEX QERKIVW [SVOMRK JSV SRI HMZMWMSR [SYPHRŹX VIXYVR TLSRI GPEWW JVSQ
'%0-*362-% 1%2%+)1)28 6):-); :30 23 *%00 '16 &)6/)0)= )(9
1EVOIXMRK MR E 7MPS ;SVPH 8LI 2I[ '13 'LEPPIRKI
-RHMGEXSVW XLEX (IGIRXVEPM^EXMSR MW 3YX SJ 'SRXVSP
6IWSYVGI EPPSGEXMSR XS TVSHYGX ERH GSYRXV] WMPSW MW QEMRP] FEWIH SR XLI TVMSV ]IEVŹW
FYHKIX
8LIVI MW PMXXPI EGGSYRXEFMPMX] JSV QEVOIXMRK TVSKVEQW 1IEWYVIW ERH QSHIPW XS IZEPYEXI
TVSKVEQW EVI RSX EZEMPEFPI
1IXVMGW ERH WGSVIGEVHW HMJJIV EGVSWW WMPSW
8LI FVERH TSVXJSPMS WYJJIVW JVSQ SZIVFVERHMRK ERH GSRJYWMSR
7MPS WTERRMRK FVERHW HS RSX LEZI E GSRWMWXIRX PSSO JIIP ERH QIWWEKI
1EVOIXMRK TVSKVEQW EVI RSX WLEVIH F] WMPSW
3JJIVMRKW XLEX WTER WMPSW EVI HMJ´GYPX XS HIZIPST ERH MQTPIQIRX
8LI QEVOIXMRK GETEFMPMX] MW MREHIUYEXI SV RSRI\MWXIRX MR OI] EVIEW WYGL EW HMKMXEP QEVOIX
MRK SV WTSRWSVWLMT 8LIVI MW HYTPMGEXMSR SJ JYRGXMSREP QEVOIXMRK KVSYTW
8LI SVKERM^EXMSR GYPXYVI MW RSX WXVSRK MR EPP WMPSW
7MPSW HS RSX GSQQYRMGEXI SV GSSVHMREXI [IPP 8LIVI MW PMXXPI MRGIRXMZI XS MQTVSZI
XLIMV GSYRXIVTEVXW MR SXLIV HMZMWMSRW ª 3RI SJ 7XVMRKIVŹW TVMSVMXMIW [EW XS GLERKI
XLI GYPXYVI ERH TVSGIWWIW
)RXIV XLI '13
6IGSKRM^MRK XLEX EYXSRSQSYW WMPS SVKERM^EXMSRW EVI RS PSRKIV E ZMEFPI
STXMSR XLIVI EVI E LSWX SJ ´VQW XLEX EVI HIZIPSTMRK I\TERHMRK SV IRIVKM^MRK
XLI GSVTSVEXI '13 TSWMXMSR ERH GVIEXMRK SV IRLERGMRK XLI WYTTSVXMRK GIRXVEP
QEVOIXMRK KVSYT )JJSVXW F] E '13 ERH LMW SV LIV XIEQ XS KEMR GVIHMFMPMX] XVEG
XMSR ERH MRµYIRGI VITVIWIRXW E JSVQMHEFPI XEWO MR XLI JEGI SJ WMPS MRHMJJIVIRGI
SV QSVI PMOIP] VIWMWXERGI 7YGGIIHMRK ERH IZIR WYVZMZMRK MR XLMW IJJSVX MW EX FIWX
YRGIVXEMR %W E VIWYPX '13W PEWX SRP] E JI[ ]IEVW¨MR SRI WXYH] XLI XIRYVI SJ
'13W [EW JSYRH XS EZIVEKI QSRXLW 8LI EQE^MRKP] WLSVX [MRHS[ VIµIGXW
XLI HMJ´GYPXMIW SJ XLI RI[ '13ŹW NSF IZIR [LIR XLI EWWMKRQIRX MW PEFIPIH E
WXVEXIKMG MQTIVEXMZI
6IHYGMRK 7MPS 4S[IV ;L] MW MX ,EVH#
8LI WSPYXMSR XS WMPS TS[IV HSIW WSYRH HSEFPI MJ RSX WXVEMKLXJSV[EVH 7MQ
TP] VIHYGI XLI WMPS TS[IV SZIV WXVEXIKMIW FYHKIXW ERH TVSKVEQW F] GIRXVEPM^MRK
HIGMWMSR QEOMRK ERH WXERHEVHM^MRK QSVI ERH QSVI SJJIVMRKW ERH EGXMZMXMIW ;L]
EPPS[ XLI WMPS TVSFPIQW XS VIQEMR# -X XYVRW SYX XLEX MX MW RSX WMQTPI *MVQW
EXXIQTXMRK XS GSRXVSP WMPS TS[IV ERH IRIVK] ERH XS XYVR WMPS I\IGYXMZIW MRXS
92-:)67-8= 3* '%0-*362-% &)6/)0)= :30 23 *%00 '16 &)6/)0)= )(9
1EVOIXMRK MR E 7MPS ;SVPH 8LI 2I[ '13 'LEPPIRKI
XIEQ TPE]IVW JEGI WIZIVEP FEVVMIVW %R YRHIVWXERHMRK SJ XLIWI FEVVMIVW MW MQTSV
XERX [LIR HMWGYWWMRK XLI GLERKI TVSKVEQW RIIHIH
'13 EW E 8LVIEX
*MVWX WMPS QEREKIVW TIVGIMZI ER] QSZI XS GIRXVEPM^I QEVOIXMRK QEREKI
QIRX XS FI E XLVIEX XS XLIQ 8LI] VIWMWX ER] IJJSVX XS VIWXVMGX XLIMV EFMPMX] XS GSR
XVSP EPP XLI PIZIVW EVSYRH QEVOIXMRK ERH XLI FVERH FIPMIZMRK XLEX XLIMV
TIVJSVQERGI XS [LMGL XLI] EVI LIPH EGGSYRXEFPI [MPP WYJJIV ERH XLEX XLI] ORS[
XLI QEVOIX FIWX 6IQSZMRK HIKVIIW SJ JVIIHSQ JVSQ XLI WMPSW MW TIVGIMZIH EW
FIMRK RSX SRP] YR[MWI FYX EPWS YRJEMV KMZIR XLEX MX GSYPH EJJIGX VIWYPXW XLEX
HIXIVQMRI XLIMV GSQTIRWEXMSR VIGSKRMXMSR ERH GEVIIV TEXL *YVXLIV EYXSRSQ]
MW TIVGIMZIH XS KIRIVEXI IRIVK] ZMXEPMX] IQTS[IVQIRX PSGEP ORS[PIHKI RMQ
FPIRIWW ERH VIWTSRWMZIRIWW -R GSRXVEWX GIRXVEPM^IH QEVOIXMRK QEREKIQIRX MW
SJXIR QMWXEOIRP] ZMI[IH EW RIGIWWEVMP] QSZMRK XLI SVKERM^EXMSR XS SRI XLEX
[SYPH FI FYVIEYGVEXMG MRIJ´GMIRX GSR´RMRK ERH GSRXVSPPMRK
1SXMZEXMSR MW 1MWWMRK
% WIGSRH FEVVMIV XS '13 WYGGIWW MW XLEX WMPS QEREKIVW EVI RSX QSXMZEXIH
XS YRHIVXEOI WMPS WTERRMRK EGXMZMX] 8LIMV VITSVXMRK WXVYGXYVI ERH TIVJSVQERGI
IZEPYEXMSR W]WXIQ FSXL SJ [LMGL EVI XMIH XS TIVWSREP EHZERGIQIRX ERH GSQ
TIRWEXMSR EVI WMPS HI´RIH -R QSWX GEWIW XLIVI MW WMQTP] RS MRGIRXMZI JSV XLIQ
XS GSPPEFSVEXI EGVSWW WMPSW SV IZIR XS VIEGL SYX [MXL MHIEW SV MRJSVQEXMSR 4EWWMRK
SR WYGGIWWJYP MHIEW RSX SRP] XEOIW TVIGMSYW XMQI ERH IJJSVX FYX GSYPH IZIR QEOI
XLIMV GSYRXIVTEVXŹW TIVJSVQERGI FIXXIV ERH XLIVIF] VIHYGI XLI VIPEXMZI TIVJSV
QERGI SJ XLIMV S[R YRMX 'SPPEFSVEXMSR MRZSPZIW VMWOW 2SX SRP] HSIW XLI GSPPEFS
VEXMSR GSRGITX RIIH XS FI [SVXL[LMPI FYX XLIVI MW XLI VMWO SJ ER I\IGYXMSR
FVIEOHS[R TPYW XLI VMWO XLEX ER] WYGGIWW [MPP JEMP XS EHIUYEXIP] VIµIGX XLI GSR
XVMFYXMSR SJ XLI WMPS
-REHIUYEXI 6IWSYVGIW 8EPIRX ERH %YXLSVMX]
% XLMVH FEVVMIV MW E JEMPYVI XS TVSZMHI XLI VIWSYVGIW XEPIRX EYXLSVMX] ERH
XST QEREKIQIRX VIWSPZI XS QEOI XLI '13 MRXIKVEXMSR XEWO WYGGIWWJYP 1ER]
GSQTERMIW HS HIGMHI XS KIX WIVMSYW EFSYX FYMPHMRK FVERHW ERH QEVOIXMRK SV WS
XLI] WE] 8LI] X]TMGEPP] JSVQ GVSWW WMPS FVERH SV QEVOIXMRK QEREKIQIRX IRXMXMIW
*SV E XMQI XLIWI IRXMXMIW GVIEXI TVSKVEQW ERH TVSGIWWIW SV EX PIEWX MHIRXMJ] XLI
RIIH JSV XLIQ FYX YPXMQEXIP] RSXLMRK LETTIRW ERH JVYWXVEXMSR WIXW MR 8LI IRXM
XMIW WMQTP] HS RSX VIGIMZI XLI RIIHIH EYXLSVMX] XEPIRX ERH VIWSYVGIW XS WYGGIIH
8LIVI MW PMT WIVZMGI KMZIR XS WMPS WTERRMRK FVERH FYMPHMRK FYX XLI FVERH QEREKI
QIRX KVSYT MW PIJX [MXLSYX XLI XSSPW XS EGXYEPP] HS XLI NSF 9PXMQEXIP] XLI ')3
LEW SXLIV TVMSVMXMIW ERH MW RSX [MPPMRK XS WYTTSVX E KVSYT XLEX F] RIGIWWMX] LEW
XS FI SVKERM^EXMSREPP] HMWVYTXMZI
'LEPPIRKMRK 8EWO
8LI JSYVXL FEVVMIV MW XLEX XLI XEWO SJ WMPS WTERRMRK QEVOIXMRK QEREKI
QIRX MW HMJ´GYPX IZIR [MXLSYX SVKERM^EXMSREP MWWYIW (IZIPSTMRK QEVOIXMRK XLEX
'%0-*362-% 1%2%+)1)28 6):-); :30 23 *%00 '16 &)6/)0)= )(9
1EVOIXMRK MR E 7MPS ;SVPH 8LI 2I[ '13 'LEPPIRKI
LEW E WMPS WTERRMRK WGSTI MW GLEPPIRKMRK FIGEYWI GSRGITXYEPM^MRK TVMSVMXM^MRK
ERH MQTPIQIRXMRK QEVOIXMRK WXVEXIKMIW ERH XEGXMGW MR E QYPXM WMPS SVKERM^EXMSR
MRZSPZIW GSQTPI\MXMIW XLEX EVI JSVQMHEFPI &VERH WXVEXIK] JSV I\EQTPI MW LEVH
IRSYKL [MXLSYX XLI GSQTPMGEXMSR XLEX MX LEW XS [SVO MR E WIX SJ HMZIVWI TVSHYGX
QEVOIXW XLEX SJXIR LEZI VIEP HMJJIVIRGIW -R WSQI GEWIW XLI WMPS QEVOIXW EVI WS
HMJJIVIRX XLEX IJJSVXW XS WXERHEVHM^I SV IZIR GSSVHMREXI WIIQ JVYMXPIWW SV MRJIEWM
FPI -R XLI PEYRHV] EVIE JSV I\EQTPI 4 + ´RHW XLEX [EWLMRK LEFMXW EVI HMJJIV
IRX EGVSWW GSYRXVMIW MR TEVX FIGEYWI XLI EZEMPEFMPMX] SJ KSSH [EXIV ZEVMIW WS MX MW
LEVH XS FI ER]XLMRK FYX PSGEP XS TVSZMHI GSQTIXMXMZI IRXVMIW -R JEGX ´VQW XLEX
EXXIQTXIH XS WXERHEVHM^I QEVOIXMRK EVI VIXVIEXMRK MR XLI JEGI SJ QEVOIX LIXIVS
KIRIMX]
1EVOIXMRK MW 4IVGIMZIH EW 8EGXMGEP
8LI ´JXL FEVVMIV MW XLI PEGO SJ E WXVEXIKMG GYWXSQIV HVMZIR QEVOIXMRK GYP
XYVI [LMGL QIERW XLEX XLI TVSFPIQW IZIR XLSWI XLEX EVI WIZIVI XIRH RSX XS VMWI
XS XLI XST 1EVOIXMRK LEW FIIR GSRWMHIVIH XEGXMGEP WSQIXLMRK XS FI HIPIKEXIH XS
EHZIVXMWMRK ERH TVSQSXMSRW TVSJIWWMSREPW [LS EVI GLEVKIH [MXL GVIEXMRK WLSVX
XIVQ WEPIW FYQTW /I] I\IGYXMZIW HS RSX YRHIVWXERH XLI ZEPYI SJ E GSLIWMZI
W]RIVKMWXMG SZIVEPP FVERH WXVEXIK] -R JEGX FVERHW QE] RSX FI GSRWMHIVIH EW PSRK
XIVQ EWWIXW IREFPMRK XLI FYWMRIWW WXVEXIK] 8LMW [EW XVYI JSV E QENSV .ETERIWI
´VQ XLEX EWWMKRIH SRI SJ MXW XST I\IGYXMZIW XS XLI NSF )ZIR LI GSYPH RSX I\IV
GMWI EYXLSVMX] SV GSQQERH VIWSYVGIW ERH [EW YPXMQEXIP] VIHYGIH XS PSSOMRK
EJXIV REQIW ERH PSKSW
*VSQ 7MPSW XS 7]RIVK]
,S[ GER WMPS FEVVMIVW XS XLI GVIEXMSR SJ KVIEX QEVOIXMRK ERH QEVOIXMRK
SVKERM^EXMSRW FI VIHYGIH SV IPMQMREXIH# ,S[ GER WMPS TS[IV FI GSRZIVXIH JVSQ
ER MRLMFMXSV XS ER IREFPIV SJ IJJIGXMZI ERH IJ´GMIRX QEVOIXMRK# 8LIVI EVI E [MHI
ZEVMIX] SJ TEXLW ERH XEGXMGW 8LI JSPPS[MRK VITVIWIRXW WSQI SJ XLI QSWX IJJIGXMZI
FIWX TVEGXMGI ´RHMRKW
6IEPM^I XLEX 2SR 8LVIEXIRMRK 6SPIW GER FI 4S[IVJYP 'LERKI %KIRXW
8LI '13 GER XEOI GSRXVSP SJ IPIQIRXW SJ WXVEXIK] ERH XEGXMGW JVSQ WMPSW
ERH XLEX GER FI XLI VMKLX GSYVWI MR GIVXEMR GMVGYQWXERGIW ,S[IZIV XLIVI EVI
SXLIV PIWW XLVIEXIRMRK VSPIW [MXL VIHYGIH VMWO SJ JEMPYVI SV IZIR µEQI SYX XLEX
GER LEZI WMKRM´GERGI MRµYIRGI -R TEVXMGYPEV XLI '13 GER EWWYQI XLI VSPI SJ
JEGMPMXEXSV GSRWYPXERX SV WIVZMGI TVSZMHIV -R E JEGMPMXEXSV VSPI XLI '13 XIEQ GER
IWXEFPMWL E GSQQSR TPERRMRK JVEQI[SVO JSWXIV GSQQYRMGEXMSR IRGSYVEKI ERH
IREFPI GSSTIVEXMSR GVIEXI HEXE ERH ORS[PIHKI FEROW ERH YTKVEHI XLI PIZIP SJ
QEVOIXMRK XEPIRX XLVSYKLSYX XLI SVKERM^EXMSR -R XLI GSRWYPXERX VSPI XLI '13
[SYPH FIGSQI ER MRZMXIH TEVXMGMTERX MR XLI WMPS WXVEXIK] HIZIPSTQIRX TVSGIWW
%W E WIVZMGI TVSZMHIV XLI WMPS FYWMRIWW YRMXW [SYPH ©LMVIª XLI '13 XIEQ XS TVS
ZMHI QEVOIXMRK WIVZMGIW WYGL EW QEVOIXMRK VIWIEVGL WIKQIRXEXMSR WXYHMIW XVEMR
MRK SV QEVOIXMRK EGXMZMXMIW WYGL EW WTSRWSVWLMTW SV TVSQSXMSRW
92-:)67-8= 3* '%0-*362-% &)6/)0)= :30 23 *%00 '16 &)6/)0)= )(9
1EVOIXMRK MR E 7MPS ;SVPH 8LI 2I[ '13 'LEPPIRKI
8LIWI QSHIWX VSPIW F] WXMQYPEXMRK ERH IREFPMRK GSQQYRMGEXMSR ERH
W]RIVKMWXMG TVSKVEQW LEZI LEH E QENSV MQTEGX SR XLI WXVEXIK] ERH GYPXYVI SJ XLI
SVKERM^EXMSR MR QER] ´VQW -X MW RSX RIGIWWEV] XS FI MR GSRXVSP SJ FYHKIXW ERH
TVSKVEQW MR SVHIV XS IJJIGX GLERKI ERH VIWYPXW *YVXLIV TYVWYMRK XLIWI VSPIW GER
PIEH XS FYMPHMRK GVIHMFMPMX] ERH VIPEXMSRWLMTW XLEX [MPP FI OI] XS XLI IWXEFPMWLQIRX
SJ QSVI MRµYIRXMEP VSPIW
+IX ')3 3VKERM^EXMSREP 7YTTSVX
8S QEOI TVSKVIWW XLI '13 XIEQ RIIHW GVIHMFMPMX] ERH FY] MR -X MW
MQTSVXERX XS SFXEMR ZMWMFPI ')3 WYTTSVX TVSZMHMRK EYXLSVMX] ERH VIWSYVGIW 3RI
VSYXI XS KIXXMRK XLI ')3 SR FSEVH MW XS EPMKR XLI VSPI SJ QEVOIXMRK [MXL XLEX SJ
XLI ')3ŹW TVMSVMX] EKIRHE *SGYW SR KVS[XL SFNIGXMZIW MRWXIEH SJ FVERH I\XIR
WMSRW IJ´GMIRG] ERH GSWX SFNIGXMZIW MRWXIEH SJ QEVOIXMRK W]RIVK] SV WGEPI ERH
FYMPHMRK EWWIXW XS WYTTSVX WXVEXIKMG MRMXMEXMZIW MRWXIEH SJ FVERH MQEKI GEQTEMKRW
8LI SFNIGXMZI MW XS VIJVEQI QEVOIXMRK EW WXVEXIKMG ERH EW E HVMZIV SJ XLI FYWMRIWW
WXVEXIK] MRWXIEH SJ FIMRK E XEGXMGEP QEREKIQIRX JYRGXMSR 8LI KSEP MW XS EZSMH
LEZMRK XLI '13 FI TSWMXMSRIH EW ERSXLIV JYRGXMSREP EVIE EHZSGEXI IZIV] WPSX
RIIHW QSVI VIWSYVGIW %RSXLIV VSYXI MW XS YWI LEVH RYQFIVW MR WLS[MRK XLI
VIPEXMSRWLMT FIX[IIR QEVOIXMRK ERH ´RERGMEP TIVJSVQERGI ;LIR '13 XIEQW
GER HIQSRWXVEXI ER 63- SV MXW EFWIRGI XLIMV WXEXYVI [MPP FI IRLERGIH ERH
XLIMV MQEKI SJ FIMRK WSJX ERH RSR EREP]XMGEP [MPP EX PIEWX FI VIHYGIH -R XLMW IVE
SJ ´RERGMEP EGGSYRXEFMPMX] XLI ' WYMXI XIEQ MW SJXIR YRGSQJSVXEFPI [LIR TIVJSV
QERGI MW RSX QIEWYVIH
'VIHMFMPMX] EPWS GSQIW JVSQ GYWXSQIV ORS[PIHKI¨MR JEGX MX MW XLI YPXM
QEXI WSYVGI SJ MRµYIRGI 8LI ©GYWXSQIV MW XIPPMRK YW XLEX ª MW E TS[IVJYP ERH
LEVH XS VIJYXI EVKYQIRX ;LIR XLI '13 XIEQ LEW E FIXXIV KVEWT SJ XLI
GYWXSQIV XLER XLI WMPSW SV EX PIEWX LEW XLI WEQI PIZIP SJ GYWXSQIV YRHIVWXERH
MRK XLI HMWGYWWMSRW GER TVSGIIH [MXLSYX XLI ©]SY HSRŹX YRHIVWXERH XLMW QEVOIXª
SZIVPE] ,EZMRK ´VWX LERH ORS[PIHKI SJ E WIKQIRXEXMSR WXYH] IXLRSKVETLMG
VIWIEVGL WEXMWJEGXMSR VIWIEVGL SV XVEGOMRK HEXE [MPP GVIEXI GVIHMFMPMX] -J XLI '13
MRTYXW EVI FEWIH SR XLI IQIVKIRGI SJ E RI[ WIKQIRX E RI[ ETTPMGEXMSR E W]W
XIQEXMG HMWWEXMWJEGXMSR [MXL XLI TVSHYGX SV E HIGPMRMRK FVERH XLI] [MPP FI LEVH
XS MKRSVI
9WI 'VSWW 7MPS 3VKERM^EXMSREP (IZMGIW WYGL EW 8IEQW ERH 2IX[SVOW
8LI '13 WLSYPH PSSO XS[EVH IQTPS]MRK WSQI SJ XLI EZEMPEFPI SVKERM^E
XMSREP XSSPW XLEX [MPP EHZERGI GVSWW WMPS GSQQYRMGEXMSR 8IEQW¨WYGL EW ,4ŹW
'YWXSQIV )\TIVMIRGI 'SYRGMP (S[ 'SVRMRKŹW +PSFEP 1EVOIXMRK )\GIPPIRGI
'SYRGMP -&1ŹW +PSFEP 1EVOIXMRK &SEVH SV 4 +ŹW +PSFEP 1EVOIXMRK 3J´GIVŹW
0IEHIVWLMT XIEQ¨EVI TS[IVJYP ZILMGPIW XS GVIEXI GSRWMWXIRG] ERH SV W]RIVK]
8LI MWWYI MW RSX [LIXLIV XS YWI XIEQW FYX LS[ XS QEOI XLIQ IJJIGXMZI *SVXY
REXIP] XLIVI LEW FIIR GSRWMHIVEFPI VIWIEVGL SR [LEX QEOIW XIEQW TIVJSVQ
IJJIGXMZIP] 8LI TVSFPIQ MW XS XVERWPEXI XLEX ORS[PIHKI JSV XLI I\IGYXMZIW [LS
GLEVKI PIEH SV TEVXMGMTEXI MR XIEQW -X MW GPIEV XLEX XS WYGGIIH XLI XIEQ RIIHW XS
LEZI QIQFIVW [MXL KSSH KVSYT WOMPPW EW [IPP EW XLI VMKLX I\TIVXMWI PIEHIVW XLEX
'%0-*362-% 1%2%+)1)28 6):-); :30 23 *%00 '16 &)6/)0)= )(9
1EVOIXMRK MR E 7MPS ;SVPH 8LI 2I[ '13 'LEPPIRKI
GER HIEP [MXL QYPXMTPI GYPXYVIW ERH GPEVMX] SJ QMWWMSR 4 + [MXL E PSX SJ I\TIVM
IRGI MR GVSWW WMPS XIEQW IRKEKIW MR XLI ©VIPIRXPIWW TYVWYMX SJ GPEVMX]ª WS XLEX
XLIVI MW RS EQFMKYMX] EFSYX XLI XIEQ XEWO
*SVQEP ERH MRJSVQEP RIX[SVOW ERSXLIV OI] SVKERM^EXMSREP XSSP GER FI
FEWIH SR XSTMGW WYGL EW GYWXSQIV KVSYTW QEVOIX XVIRHW GYWXSQIV I\TIVMIRGI
GSRXI\XW KISKVETLMIW SV JYRGXMSREP EVIEW WYGL EW WTSRWSVWLMT SV HMKMXEP QEVOIX
MRK 2IWXPr JSV I\EQTPI LEW HIZIPSTIH MRJSVQEXMSR RIX[SVOW EVSYRH KPSFEP
GYWXSQIVW WYGL EW 8IWGS ERH ;EP 1EVX ERH WMPS WTERRMRK MRXIVIWX EVIEW WYGL EW
XLI ,MWTERMG QEVOIX ERH QSQW ERH OMHW 8LI RIX[SVO QIQFIVW EVI QSXMZEXIH
XS OIIT MR GSRXEGX [MXL GSYRXIVTEVXW MR SXLIV GSYRXVMIW F] XLI VIPIZERGI SJ XLI
XSTMGW % JSVQEP RIX[SVO [MPP LEZI EWWMKRIH QIQFIVWLMT E PIEHIVWLMT WXVYGXYVI
ERH E WYTTSVXMRK MRJVEWXVYGXYVI WYGL EW ORS[PIHKI FEROW
-RWXEPP E 'SQQSR 1EVOIXMRK 4PERRMRK 4VSGIWW ERH -RJSVQEXMSR 7]WXIQ
% WXERHEVHM^IH FVERH ERH SV QEVOIXMRK TVSKVEQ SRI XLEX MW ZMVXYEPP] XLI
WEQI EGVSWW GSYRXV] SV TVSHYGX WMPSW MW VEVIP] STXMQEP ;LEX MW STXMQEP MW XS LEZI
FSXL E TPERRMRK TVSGIWW MRGPYHMRK XIQTPEXIW ERH JVEQI[SVOW ERH E WYTTSVXMRK
MRJSVQEXMSR W]WXIQ XLEX EVI XLI WEQI IZIV][LIVI ,EZMRK E GSQQSR TPERRMRK
TVSGIWW TVSZMHIW XLI FEWMW JSV GSQQYRMGEXMSR F] GVIEXMRK E GSQQSR ZSGEFYPEV]
QIEWYVIW MRJSVQEXMSR ERH HIGMWMSR WXVYGXYVIW -X EPWS PIEHW XS E QMRMQEP PIZIP SJ
TVSJIWWMSREPMWQ XLVSYKLSYX XLI WMPS YRMXW 9RPIWW XLIVI MW E GPIEV EGGITXIH TPER
RMRK TVSGIWW [MXL YRHIVWXERHEFPI ERH EGXMSREFPI GSQTSRIRXW IZIV] YRMX [MPP KS
MXW S[R [E] ERH MRIZMXEFP] WSQI [MPP EW E VIWYPX FI QMWQEREKIH WXVEXIKMGEPP]
ERH XEGXMGEPP]
,EZI E 4VSGIWW XLEX %HETX &VERHW XS 7MPS 'SRXI\XW
8S EZSMH LEZMRK E FVERH XLEX WTERW WMPSW FIGSQMRK GSRJYWIH ERH MRGSRWMW
XIRX E FIWX TVEGXMGI SVKERM^EXMSR [MPP LEZI FVERHW XLEX EVI EHETXIH XS WMPS GSR
XI\XW [LMPI WXMPP QEMRXEMRMRK E GSRWMWXIRG] SJ XLI FVERH GLEVEGXIV
'LIZVSR8I\EGS JSV I\EQTPI LEW E GSVI FVERH MHIRXMX] XLEX GSRWMWXW SJ JSYV ZEP
YIW¨GPIER WEJI VIPMEFPI ERH UYEPMX] 8LI WMPS QEVOIXW EVI JVII XS MRXIVTVIX XLI
GSVI IPIQIRXW MR XLIMV QEVOIXTPEGI 7S [LEX MW UYEPMX] MR XLI GSRXI\X SJ E GSRZI
RMIRGI WXSVI# 3V MR E PYFI FYWMRIWW# 3V MR %WME# -R EHHMXMSR XLI WMPS FYWMRIWW
YRMXW LEZI XLI µI\MFMPMX] XS EHH SRI EHHMXMSREP IPIQIRX XS XLI JSYV IPIQIRX GSVI
MHIRXMX] 8LI PYFI FYWMRIWW GSYPH EHH ©TIVJSVQERGIª ERH XLI %WMER KVSYT
©VIWTIGXJYPP] LIPTJYP ª 8LI VIWYPX MW QSVI EFMPMX] XS PMRO [MXL XLI WMPS GYWXSQIV
%MQ EX XLI 7MPS (VMZIR 4VSFPIQW
8LI EPP XSS GSQQSR MRWXMRGX SJ JSVGMRK GIRXVEPM^EXMSR ERH WXERHEVHM^EXMSR
SR XLI SVKERM^EXMSR GER FI H]WJYRGXMSREP IZIR VIWYPXMRK MR E µEQI SYX SJ XLI
'13 XIEQ 6IHYGMRK WMPS EYXLSVMX] QEOMRK XLI SVKERM^EXMSR QSVI GIRXVEPM^IH
ERH QSZMRK XS[EVH QSVI WXERHEVHM^IH SJJIVMRKW ERH QEVOIXMRK TVSKVEQW MW
SJXIR [EVVERXIH ERH YWIJYP -R JEGX XLIVI MW E WXVSRK XVIRH MR XLEX HMVIGXMSR JSV
KSSH VIEWSR ,S[IZIV XLIWI GLERKIW WLSYPH RSX FI KSEPW MR XLIQWIPZIW FYX
92-:)67-8= 3* '%0-*362-% &)6/)0)= :30 23 *%00 '16 &)6/)0)= )(9
1EVOIXMRK MR E 7MPS ;SVPH 8LI 2I[ '13 'LEPPIRKI
VEXLIV SRI SJ XLI VSYXIW XS E WIX SJ KSEPW 8LI KSEPW VEXLIV WLSYPH FI XS QEOI
TVSKVIWW EKEMRWX XLI WMPS HVMZIR TVSFPIQW REQIP] XS
-QTVSZI EPPSGEXMSR SJ QEVOIXMRK VIWSYVGIW (IZIPST EREP]XMGEP QIXLSHW ERH
JVEQI[SVOW XS IZEPYEXI WMPS FYWMRIWWIW .YWX LEZMRK E JVEQI[SVO GER
IRGSYVEKI MXW YWI %PWS [SVO XS HIZIPST EREP]XMGW ERH XIWX ERH PIEVR
QIXLSHW XS QIEWYVI QEVOIXMRK IJJIGXMZIRIWW 1IEWYVIQIRX [MPP TVSZMHI
GVIHMFMPMX] ERH QSXMZEXMSR JSV EPPSGEXMSR MRMXMEXMZIW
'VIEXI QSVI GSLIVIRX ERH PMROIH FVERH WXVEXIKMIW ;SVO XS[EVH E FVERH IUYMX]
QSHIP XLEX GER KYMHI FVERH FYMPHMRK 'SRWMHIV [E]W XLEX E FVERH GER ERH
WLSYPH FI EHETXIH XS PSGEP QEVOIXW TIVLETW [MXL E FVERHIH JIEXYVI SV
WIVZMGI SV XLVSYKL MRXIVTVIXMRK SV TVMSVMXM^MRK XLI FVERH EWWSGMEXMSRW HMJ
JIVIRXP] 'SRWMHIV [E]W XS GSQQYRMGEXI FVERHW MRXIVREPP]
)RGSYVEKI WMPS WTERRMRK SJJIVMRKW ERH TVSKVEQW (IZIPST E HIIT YRHIVWXERH
MRK SJ GYWXSQIVW XLEX GER PIEH XS GVSWW WMPS SJJIVMRKW ;SVO XS HIZIPST
I\TIVXMWI MR TVSKVEQ EVIEW XLEX LEZI XLI TSXIRXMEP XS WTER WMPSW WYGL EW
WTSRWSVWLMTW ERH [IFWMXI FEWIH TVSKVEQW ;MXL VIWTIGX XS WMPS EYXLSVMX]
[LEX IPIQIRXW SJ XLI FVERH ERH XLI FVERH FYMPHMRK TVSKVEQW WLSYPH HMW
GVIXMSREV] ERH [LEX WLSYPH FI EHETXEFPI# ;LEX QIXLSHW GER VIEPMWXMGEPP]
FI IQTPS]IH XS QEOI XLI STXMQEP PIZIP SJ µI\MFMPMX] IQIVKI#
-QTVSZI QEVOIXMRK QEREKIQIRX GETEFMPMX] %YHMX XLI QEVOIXMRK XEPIRX ERH
HIXIVQMRI [LIVI XLI KETW EVI (IZIPST E TVSKVEQ MRZSPZMRK LMVMRK QSZ
MRK XVEMRMRK ERH GEVIIV TEXL QEREKIQIRX XS GPSWI XLI KETW %YHMX XLI
JYRGXMSREP EVIE WOMPPW WIX TVMSVMXMIW ERH HIZIPST TVSKVEQW XS GVIEXI XLI
SVKERM^EXMSREP WOMPPW RIIHIH XS WYGGIIH
0IZIVEKI WYGGIWW ;SVO XS ´RH W]WXIQEXMG [E]W XS VIGSKRM^I WYGGIWW [MXL
WMPSW ERH XS I\TSVX XLSWI WYGGIWWIW MRXS SXLIV WMPSW %PWS EXXIQTX XS
HIZIPST IJJIGXMZI WMPS WTERRMRK TVSKVEQW XLEX GER FI XIWXIH EHETXIH
ERH WSPH MRXS XLI WMPSW
*SWXIV GSQQYRMGEXMSR ERH GSSTIVEXMSR 8LIVI EVI E ZEVMIX] SJ [E]W XLEX XLI
'13 GER IRGSYVEKI GSQQYRMGEXMSR MRGPYHMRK TIVWSREP GSRXEGX [MXL WMPS
XIEQW JSVQEP QIIXMRKW SV IZIRXW ERH E WSTLMWXMGEXIH MRJSVQEXMSR W]WXIQ
% GYPXYVI SJ GSSTIVEXMSR GER FI RYVXYVIH F] GVIEXMRK ERH GSQQYRMGEXMRK
WQEPP ERH PEVKI WYGGIWW WXSVMIW 3RI GSQTER] XLEX LEW EZSMHIH WMPS TEVEP]
WMW MW 4M\EV XLI WSYVGI SJ E WXVMRK SJ LMX QSZMIW [LS STIVEXI YRHIV XLI
TVMRGMTPIW XLEX IZIV]SRI QYWX LEZI XLI JVIIHSQ XS GSQQYRMGEXI [MXL
ER]SRI ERH MX QYWX FI WEJI JSV IZIV]SRI XS SJJIV MHIEW
4VSKVIWW EQSRK XLIWI KSEPW [MPP PIEH XS WXVSRKIV SJJIVMRKW ERH FVERHW ERH
IJJIGXMZI W]RIVKMWXMG QEVOIXMRK WXVEXIKMIW ERH TVSKVEQW 8LI VIWYPX GER FI ER
SVKERM^EXMSR XLEX VIXEMRW QYGL SJ XLI HIGIRXVEPM^IH WXVYGXYVI XLEX LEW WIVZIH
XLIQ [IPP FYX [MXL WMPS YRMXW XLEX [SVO EW XIEQ QIQFIVW
2SXIW
8LI ´VQW [IVI WIPIGXIH XS VITVIWIRX E VERKI SJ MRHYWXVMIW ERH LSQI GSYRXVMIW 8LI WIX SJ
´VQW MRGPYHIH %HSFI %PPWXEXI &%, 1MPPIVW &EVGPE]ŹW &&:% 7TEMR &IVRIWWI .ETER &4
'%0-*362-% 1%2%+)1)28 6):-); :30 23 *%00 '16 &)6/)0)= )(9
1EVOIXMRK MR E 7MPS ;SVPH 8LI 2I[ '13 'LEPPIRKI
'ERSR 'EVPWSR 'EXIVTMPPIV '(; 'LIZVSR8I\EGS 'PSVS\ ((& (IPP (IRXWY (SPF] (S[
'SVRMRK (VI]IVŹW *MHIPMX] +) +-+2% +1 +SSKPI ,MXEGLM ,7&' -&1 -RXIP 0SKMXIGL
1G(SREPHŹW 1 1SRWERXS 2IWXPI 4 + 4VSTLIX 7%&1MPPIV 7IEKVEQŹW 7IMFIP 7]VSXVE
'LMRE 8S]SXE 'LMRE 9&7 :-7% ERH = 6 8SQ %KEMR TEVXMGMTEXIH MR WSQI IEVP] MRXIV
ZMI[W ERH LEW GSRXVMFYXIH EW [IPP [MXL MRWMKLXW EFSYX XLI VSPI SJ XLI '13 XIEQ
*SV ER I\XIRHIH HMWGYWWMSR SJ SZIVFVERHMRK ERH E JVEQI[SVO XS HIEP [MXL MX WII (EZMH
%EOIV &VERH 4SVXJSPMS 7XVEXIK] 2I[ =SVO 2= 8LI *VII 4VIWW TT
*SV E ZMZMH I\EQTPI SJ LS[ E QSZIQIRX XS[EVH ER MRXIKVEXIH W]WXIQW SJJIVMRK WEZIH -&1
HYVMRK XLI W WII XLI EGGSYRX MR 0SYMW : +IVWXRIV .V ;LS 7E]W )PITLERXW 'ERŹX (ERGI#
2I[ =SVO 2= ,EVTIV&YWMRIWW IWTIGMEPP] 'LETXIV
*SV E FVSEHIV HMWGYWWMSR WII *VIHIVMGO ) ;IFWXIV .V %PER . 1EPXIV ERH 7LEROEV +ERIWER
©8LI (IGPMRI ERH (MWTIVWMSR SJ 1EVOIXMRK 'SQTIXIRGI ª 7PSER 1EREKIQIRX 6IZMI[
7YQQIV
6SF]R 1IVIHMXL ©-X 8EOIW E 'VMWMW ª *SVFIW %YKYWX TT
+VIK ;IPGL ©'13 8IRYVI 7PS[MRK (S[R XLI 6IZSPZMRK (SSV ª 7TIRWIV 7XYEVX &PYI 4ETIV
*SV E TVSZSGEXMZI TSMRX SJ ZMI[ WII +EMP . 1G+SZIVR ERH .SLR % 5YIPGL ©8LI *EPP ERH
6MWI SJ XLI '13 ª 7XVEXIK] &YWMRIWW ;MRXIV
7II JSV I\EQTPI .SR 6 /EX^IRFEGL ERH (SYKPEW / 7QMXL 8LI ;MWHSQ SJ 8IEQW 2I[ =SVO
2= 'SPPMRW &YWMRIWW . 6MGLEVH ,EGOQER 0IEHMRK 8IEQW 7IXXMRK XLI 7XEKI JSV +VIEX
4IVJSVQERGIW &SWXSR 1% ,EVZEVH &YWMRIWW 7GLSSP 4VIWW %VZMRH 1EPLSXVE %RR
1ENGLV^EO ERH &IRWSR 6SWIR ©0IEHMRK :MVXYEP 8IEQW ª %GEHIQ] SJ 1EREKIQIRX 4IVWTIGXMZIW
*IFVYEV]
%R I\EQTPI [SYPH FI XLEX HIWGVMFIH MR (EZMH %EOIV 7XVEXIKMG 1EVOIX 1EREKIQIRX XL IHM
XMSR 4EVX - 2I[ =SVO 2= .SLR ;MPI] 'SQTER]
)H 'EXQYPP ©,S[ 4M\EV *SWXIVW 'SPPIGXMZI 'VIEXMZMX] ª ,EVZEVH &YWMRIWW 6IZMI[ 7IT
XIQFIV
92-:)67-8= 3* '%0-*362-% &)6/)0)= :30 23 *%00 '16 &)6/)0)= )(9