6JG(GFGTCN2NCP

HQT/GVGQTQNQIKECN5GTXKEGU

CPF5WRRQTVKPI4GUGCTEJ

(+5%#.;'#4

('&'4#.%114&+0#614

(14

/'6'141.1)+%#.5'48+%'5#0&5722146+0)4'5'#4%*

%QNGUXKNNG4QCF5WKVG

5KNXGT5RTKPI/&

(%/2

,70'

9#5*+0)610&%

'FKVQTU $NCKPG6UWICYC

4QDGTV&WOQPV

#UUKUVCPV'FKVQT -GPPGVJ$CTPGVV
KK

24'(#%'

5KPEGVJG1HHKEGQHVJG(GFGTCN%QQTFKPCVQTJCUFGXGNQRGFCHGFGTCNRNCPYJKEJ

CTVKEWNCVGUVJGOGVGQTQNQIKECNUGTXKEGURTQXKFGFCPFUWRRQTVKPITGUGCTEJEQPFWEVGFD[CIGPEKGU

QHVJGHGFGTCNIQXGTPOGPV#UKPVJGRCUVKVRTQXKFGU%QPITGUUCPFVJG'ZGEWVKXG$TCPEJC

EQORTGJGPUKXGRNCPHQTOGVGQTQNQIKECNUGTXKEGUCPFUWRRQTVKPITGUGCTEJYKVJKPVJGHGFGTCN

OGVGQTQNQIKECNEQOOWPKV[5WRRQTVKPITGUGCTEJKUFGHKPGFCUVJQUGTGUGCTEJCPFFGXGNQROGPV


4&RTQITCOUVJCVFKTGEVN[UWRRQTVCPFKORTQXGOGVGQTQNQIKECNUGTXKEGU6JGRNCPTGXKGYU

CIGPE[RTQITCOUHQT(;CPFFQEWOGPVURTQRQUGFRTQITCOUHQT(;6JGRNCP	U

PCTTCVKXGUVKOGNKPGUCPFUEJGFWNGUTGHNGEVCFCVGCUQH,WPG%QPUGSWGPVN[VJGPGY1(%/

QTICPK\CVKQPCNEJCPIGUCTGPQVTGRQTVGFKPVJKUGFKVKQP

5GEVKQPKUCPQXGTXKGYCPFIGPGTCNUWOOCT[QHVJGGPVKTGFQEWOGPV5GEVKQPFGUETKDGU

KPVGTCIGPE[EQQRGTCVKQPVJCVKUGUUGPVKCNVQOGGVVJGHGFGTCNIQXGTPOGPV	UTGSWKTGOGPVUHQT

OGVGQTQNQIKECNUGTXKEGU5GEVKQPUWOOCTK\GUCFKUEWUUKQPQHTGUQWTEGUTGSWGUVGFKPVJG

2TGUKFGPV	UDWFIGVHQT(;CUEQORCTGFVQVJQUGTGUQWTEGUVJCV%QPITGUUCRRTQRTKCVGFHQT(;

6JKUDWFIGVKPHQTOCVKQPCNQPIYKVJQVJGTUKIPKHKECPVCURGEVUCTGUWOOCTK\GFKPITCRJKECN

CPFVCDNGHQTOCVUCPFCTGEWTTGPVCUQHVJGGPFQH,WPG6JGGORJCUKUKUQPEJCPIGUKP

TGUQWTEGUCPFVJGCUUQEKCVGFEJCPIGUKPRTQITCOU5GEVKQPKUCTGXKGYCTVKENGGPVKVNGF1YPKPI

6JG9GCVJGT#P#TO[(QTEG/WNVKRNKGT#RRGPFKEGU#VJTQWIJ&FGUETKDGKPFKXKFWCNCIGPE[

YGCVJGTCEVKXKVKGUCPFRTQITCOU#RRGPFKZ'FGUETKDGUVJG9QTNF9GCVJGT2TQITCO#RRGPFKZ

(EQPVCKPUCNKUVQHCETQP[OUCPF#RRGPFKZ)NKUVUVJGVQRKEUQHQWTHGCVWTGCTVKENGUHTQORTKQT

[GCTU

6JGRQNKE[CPFRTQITCOIWKFCPEGHQTEQQTFKPCVKPIYGCVJGTCEVKXKVKGUCPFRTQITCOUKU

RTQXKFGFD[VJGKPVGTCIGPE[EQOOKVVGGUUJQYPQPVJGKPUKFGHTQPVEQXGT6JGUGEQOOKVVGGUCPF

VJGUWRRQTVKPIQTICPK\CVKQPCNUVTWEVWTGUJQYPQPVJGKPUKFGQHVJGDCEMEQXGTEQPFWEVU[UVGOCVKE

CPFEQPVKPWQWUTGXKGYUQHHGFGTCNRTQITCOUCPFTGSWKTGOGPVUHQTOGVGQTQNQIKECNUGTXKEGUCPF

UWRRQTVKPITGUGCTEJCEEQTFKPIVQIWKFGNKPGUKPKVKCNN[UGVHQTVJKPVJG1HHKEGQH/CPCIGOGPVCPF

$WFIGV%KTEWNCT#

6JKUGFKVKQPQHVJG(GFGTCN2NCPEQPVKPWGUOQFKHKECVKQPUVQHQTOCVCPFRTGUGPVCVKQPQH

KPHQTOCVKQPKPKVKCVGFVYQ[GCTUCIQ6JGHQEWUQH5GEVKQPKUPQYQP1(%/	UEQQTFKPCVKQPCPF

RNCPPKPICEVKXKVKGUHQTVJGRCUV[GCTTCVJGTVJCPFGUETKRVKXGJKUVQTKECNRTQITCOKPHQTOCVKQP+P

EQPLWPEVKQPYKVJVJGUGOQFKHKECVKQPUVJCVYG	XGKPKVKCVGF+UQNKEKV[QWTEQOOGPVUCPFHGGFDCEM

TGICTFKPICFFKVKQPCNGPJCPEGOGPVU6JGUGEQOOGPVUOC[DGFKTGEVGFVQGKVJGTO[UGNHQTVJGUVCHH

GFKVQTU

+P(;1(%/GUVCDNKUJGFC9GDUKVG9991(%/)18+PCFFKVKQPVQVJGNCVGUV

XGTUKQPQHVJG(GFGTCN2NCPYGKPVGPFVQEQPXGTVCPFOCMGCXCKNCDNGHQTXKGYKPICPFFKUVTKDWVKQP

PGYCUYGNNCURTGXKQWU1(%/RWDNKECVKQPU9GNQQMHQTYCTFVQ[QWTUWIIGUVKQPUVQCUUKUVWU

KPKORTQXKPIQWTYGDUKVG

,WNKCP/9TKIJV,T

(GFGTCN%QQTFKPCVQTHQT/GVGQTQNQIKECN

5GTXKEGUCPF5WRRQTVKPI4GUGCTEJ
KKK

6*'('&'4#.2.#0(14/'6'141.1)+%#.5'48+%'5

#0&5722146+0)4'5'#4%*(+5%#.;'#4

6#$.'1(%106'065

2TGHCEG                                                KK

5GEVKQP ':'%76+8'57//#4;                           

5GEVKQP ('&'4#.%114&+0#6+10#0&2.#00+0)            

/KUUKQPCPF5VCHHKPIQHVJG1HHKEGQHVJG

(GFGTCN%QQTFKPCVQTHQT/GVGQTQNQI[                   

%QQTFKPCVKQPQH/WNVKCIGPE[2TQITCOU                  

0GZV)GPGTCVKQP9GCVJGT4CFCT                      

#WVQOCVGF5WTHCEG9GCVJGT1DUGTXCVKQPU              

#WVQOCVGF9GCVJGT+PHQTOCVKQP5[UVGOU               

0CVKQPCN#XKCVKQP9GCVJGT2TQITCO                    

0CVKQPCN5RCEG9GCVJGT2TQITCO%QWPEKN                

+ORTQXGF9GCVJGT4GEQPPCKUUCPEG5[UVGO               

2NCPPKPI%QOOKVVGG#EVKXKVKGUCPF2WDNKECVKQPU             

#VOQURJGTKE6TCPURQTVCPF&KHHWUKQP                   

$CUKE5GTXKEGU                                  

%NKOCVG5GTXKEGU                                

&QRRNGT4CFCT/GVGQTQNQIKECN1DUGTXCVKQPU              

*[FTQOGVGQTQNQI[                               

.KIJVPKPI&GVGEVKQP5[UVGOU                        

/CTKPG'PXKTQPOGPVCN5GTXKEGU                       

/GVGQTQNQIKECN%QFGU                             

/QDKNG/GVGQTQNQIKECN5GTXKEGU                      

/QPKVQTKPIVJG5VTCVQURJGTG                         

1RGTCVKQPCN'PXKTQPOGPVCN5CVGNNKVGU                   

1RGTCVKQPCN2TQEGUUKPI%GPVGTU                       

2QUV5VQTO&CVC#ESWKUKVKQP                         

2TQHKNGT5[UVGOU                                

4CFCT/GVGQTQNQIKECN1DUGTXCVKQPU  

5CVGNNKVG6GNGOGVT[                               

5GXGTG.QECN5VQTOU1RGTCVKQPU 

5WTHCEG1DUGTXCVKQPU  

6TQRKECN%[ENQPG4GUGCTEJCPF4GEQPPCKUUCPEG  

7RRGT#KT1DUGTXCVKQPU  

8QNECPKE#UJ  

+PVGTFGRCTVOGPVCN*WTTKECPG%QPHGTGPEG  

(GFGTCN/GVGQTQNQIKECN*CPFDQQMU 

/GVGQTQNQIKECN2WDNKECVKQPUQH1(%/ 

4GNCVGF(GFGTCN/GVGQTQNQIKECN%QQTFKPCVKQP  

5WTHCEG6TCPURQTVCVKQP4QCF9GCVJGT+PHQTOCVKQP5[UVGO    

9QTNF9GCVJGT2TQITCO  
KX

5GEVKQP 4'5174%'+0(14/#6+10#0&

#)'0%;241)4#/72'5                    

#IGPE[1DNKICVKQPUHQT/GVGQTQNQIKECN1RGTCVKQPU

CPF5WRRQTVKPI4GUGCTEJ                         

&GRCTVOGPVQH#ITKEWNVWTG                          

&GRCTVOGPVQH%QOOGTEG                          

&GRCTVOGPVQH&GHGPUG                          

&GRCTVOGPVQHVJG+PVGTKQT                          

&GRCTVOGPVQH6TCPURQTVCVKQP                      

'PXKTQPOGPVCN2TQVGEVKQP#IGPE[                     

0CVKQPCN#GTQPCWVKEUCPF5RCEG#FOKPKUVTCVKQP            

0WENGCT4GIWNCVQT[%QOOKUUKQP                      

#IGPE[(WPFKPID[$WFIGV%CVGIQT[                     

#IGPE[(WPFKPID[5GTXKEG%CVGIQT[                     

2GTUQPPGN'PICIGFKP/GVGQTQNQIKECN1RGTCVKQPU             

+PVGTCIGPE[(WPF6TCPUHGTU                           

(CEKNKVKGU.QECVKQPUHQT6CMKPI/GVGQTQNQIKECN1DUGTXCVKQPU  

5GEVKQP 190+0)6*'9'#6*'4#0#4/;(14%'

/7.6+2.+'4                                 

+PVTQFWEVKQP                                     

1YPKPI6JG9GCVJGT                               

(WVWTG6TGPFU                                    

%QPENWUKQPU                                     

#22'0&+%'5

# &GRCTVOGPVQH%QOOGTEG9GCVJGT2TQITCOU                    #

0CVKQPCN1EGCPKECPF#VOQURJGTKE#FOKPKUVTCVKQP                 #

0CVKQPCN9GCVJGT5GTXKEG                              #

0CVKQPCN'PXKTQPOGPVCN5CVGNNKVG&CVCCPF

+PHQTOCVKQP5GTXKEG                                 #

1HHKEGQH1EGCPKECPF#VOQURJGTKE4GUGCTEJ  #

0CVKQPCN1EGCP5GTXKEG  #

1HHKEGQH01##%QTRU1RGTCVKQPU  #

$ &GRCTVOGPVQH&GHGPUG9GCVJGT2TQITCOU                     $

7PKVGF5VCVGU#KT(QTEG                                $

7PKVGF5VCVGU0CX[                                   $

7PKVGF5VCVGU#TO[  $

% &GRCTVOGPVQH6TCPURQTVCVKQP9GCVJGT2TQITCOU                  %

(GFGTCN#XKCVKQP#FOKPKUVTCVKQP                          %

7PKVGF5VCVGU%QCUV)WCTF                              %
X

& 9GCVJGT2TQITCOUQH1VJGT#IGPEKGU                         &

&GRCTVOGPVQH#ITKEWNVWTG                              &

&GRCTVOGPVQHVJG+PVGTKQT                              &

0CVKQPCN#GTQPCWVKEUCPF5RCEG#FOKPKUVTCVKQP                &

'PXKTQPOGPVCN2TQVGEVKQP#IGPE[  &

&GRCTVOGPVQH5VCVG  &

0WENGCT4GIWNCVQT[%QOOKUUKQP  &

&GRCTVOGPVQH'PGTI[  &

(GFGTCN'OGTIGPE[/CPCIGOGPV#IGPE[ &

' 9QTNF9GCVJGT2TQITCO                                  '

( #ETQP[OUCPF#DDTGXKCVKQPU                               (

) 2TGXKQWU(GCVWTG#TVKENGU                                 )

.+561(6#$.'5

 (GFGTCN$WFIGVHQT/GVGQTQNQIKECN1RGTCVKQPUCPF5WRRQTVKPI

4GUGCTEJ(;                                   

 %WTTGPV2WDNKECVKQPUQH1(%/  

 /GVGQTQNQIKECN1RGTCVKQPUCPF5WRRQTVKPI4GUGCTEJ

%QUVUD[#IGPE[                                    

 #IGPE[1RGTCVKQPCN%QUVUD[$WFIGV%CVGIQT[                   

 #IGPE[5WRRQTVKPI4GUGCTEJ%QUVUD[$WFIGV%CVGIQT[  

 #IGPE[1RGTCVKQPCN%QUVUD[5GTXKEG  

 #IGPE[5WRRQTVKPI4GUGCTEJ%QUVUD[5GTXKEG  

 2GTUQPPGN'PICIGFKP/GVGQTQNQIKECN1RGTCVKQPU 

 +PVGTCIGPE[(WPF6TCPUHGTUHQT/GVGQTQNQIKECN

1RGTCVKQPUCPF5WRRQTVKPI4GUGCTEJ 

 (CEKNKVKGU.QECVKQPUHQT6CMKPI/GVGQTQNQIKECN1DUGTXCVKQPU  

# 2TQLGEVGF5CVGNNKVG.CWPEJ5EJGFWNG  #

.+561((+)74'5

 #IGPE[2GTEGPVQH6QVCN(GFGTCN$WFIGVHQT/GVGQTQNQIKECN1RGTCVKQPU

CPF5WRRQTVKPI4GUGCTEJ(;                         

 #IGPE[2GTEGPVQH(GFGTCN$WFIGVHQT/GVGQTQNQIKECN

1RGTCVKQPU(;                                  

 #IGPE[2GTEGPVQH(GFGTCN$WFIGVHQT5WRRQTVKPI4GUGCTEJ(;    

 954&%QPVKPGPVCN7PKVGF5VCVGU%QXGTCIG                   

 954&#NCUMCP%QXGTCIG                               

 954&*CYCKKCPCPF2WGTVQ4KECP%QXGTCIG                  

 6JG1YPKPIVJG9GCVJGT1RGTCVKQPCN2TQEGUU                    

 +/'656CEVKECN%QPHKIWTCVKQP                              

 +PVGITCVGF/GVGQTQNQIKECN5[UVGO                            

 ,#0754GUWNVUQHVJG'HHGEVUQH9GCVJGTCPF6CEVKEU

QPVJG$CVVNGQH'CUVKPI                              

 )GPGTCNK\GF8KGYQHVJG.QPI4CPIG169

&CVC%QNNGEVKQP%QPEGRV                                


5'%6+10

EXECUTIVE SUMMARY

6JG2TGUKFGPV	UHKUECN[GCT
(;DWFIGV FGENKPGKPVJG#TO[	UHWPFKPINGXGNUHQTQRGTCVKQPUCPF

TGSWGUVUDKNNKQPHQTOGVGQTQNQIKECNUGTXKEGUCPF UWRRQTVKPITGUGCTEJ
CEQODKPGFFGETGCUGQH

UWRRQTVKPITGUGCTEJ1HVJGVQVCNTGSWGUVGF RGTEGPV+PCFFKVKQPVJG#KT(QTEG	U&GHGPUG

DKNNKQPKUFGUKIPCVGFHQTQRGTCVKQPUCPF /GVGQTQNQIKECN5CVGNNKVG2TQITCOTGSWGUVHQT

OKNNKQPHQTUWRRQTVKPITGUGCTEJ6JG(; QRGTCVKQPUCPFUWRRQTVKPITGUGCTEJFGETGCUGUD[

DWFIGVRTQRQUCND[CIGPE[KUUJQYPKP6CDNGRGTEGPV1PVJGQVJGTJCPFVJG0CX[CPF#KT(QTEG

TGSWGUVUHQTQRGTCVKQPUCPFUWRRQTVKPITGUGCTEJ #UKPRTKQT[GCTUVJG&GRCTVOGPVUQH%QOOGTEG


&1%&GHGPUG
&1&CPF6TCPURQTVCVKQP
&16

CTGRTQLGEVGFVQTGEGKXGCRRTQZKOCVGN[RGTEGPVQH #NVJQWIJ(;HWPFKPINGXGNUHQTQRGTCVKQPU

VJGHWPFU6JGFKUVTKDWVKQPCOQPIVJGVJTGG KPVJGVJTGGFGRCTVOGPVUEQPVKPWGUVQKPETGCUGCNDGKV

FGRCTVOGPVUTGOCKPVJGUCOGYKVJ&1%ENCKOKPIVJG UKPINGFKIKVRGTEGPVCIGKPETGCUGUHWPFKPIHQT

NCTIGUVRQTVKQPCVRGTEGPVCPF&1&CPF&16 UWRRQTVKPITGUGCTEJFGETGCUGUKPCNNVJTGGFGRCTVOGPVU

HQNNQYKPIYKVJCRRTQZKOCVGN[RGTEGPVCPF YJGPEQORCTGFVQ(;NGXGNU6JGNCTIGUV

RGTEGPVTGURGEVKXGN[#NNQVJGTHGFGTCNCIGPEKGU FGETGCUGQHRGTEGPVQEEWTUKPVJG&16	U(GFGTCN

CEEQWPVHQTVJGTGOCKPKPIRGTEGPV#XKCVKQP#FOKPKUVTCVKQP(##

+PEQORCTKUQPVQVJGDKNNKQPCRRTQRTKCVGFKP 6JG0CVKQPCN#GTQPCWVKEUCPF5RCEG

(;VJG(;TGSWGUVTGRTGUGPVUCPKPETGCUG #FOKPKUVTCVKQP	U
0#5#QXGTCNNDWFIGVKPETGCUGKU

QHRGTEGPV&1%	UTGSWGUVTGRTGUGPVUCPKPETGCUG NGUUVJCPQPGJCNHRGTEGPV6JG&GRCTVOGPVQH

QHRGTEGPV&1&	UCPKPETGCUGQHRGTEGPVCPF #ITKEWNVWTGTGCNK\GUCUOCNNKPETGCUGQHRGTEGPV

&16	UCPKPETGCUGQHRGTEGPV6JG&1&	UQXGTCNN 6JG0WENGCT4GIWNCVQT[%QOOKUUKQP	UTGSWGUVTGHNGEVU

(;VQKPETGCUGKPENWFGUVJGEQPVKPWGF CFGETGCUGQHRGTEGPV

KPETGCUGD[CPFRGTEGPVTGURGEVKXGN[

6CDNG(GFGTCN$WFIGVHQT/GVGQTQNQIKECN1RGTCVKQPUCPF5WRRQTVKPI

4GUGCTEJ(;KPVJQWUCPFUQHFQNNCTU

#IGPE[ 1RGTCVKQPU 616#. 4GUGCTEJ 616#. 616#. 616#.

QH 5WRRQTVKPI QH QH

#ITKEWNVWTG      

%QOOGTEG      

&GHGPUG      

+PVGTKQT      

6TCPURQTVCVKQP      

'2#      

0#5#      

04%      

616#.      
6QVCN$KNNKQP

6QVCN$KNNKQP6QVCN/KNNKQP

(KIWTG#IGPE[2GTEGPVQH(GFGTCN (KIWTG#IGPE[2GTEGPVQH(GFGTCN

$WFIGVHQT/GVGQTQNQIKECN1RGTCVKQPU(; $WFIGVHQT5WRRQTVKPI4GUGCTEJ(;



(KIWTG#IGPE[2GTEGPVQH6QVCN(GFGTCN$WFIGVHQT/GVGQTQNQIKECN1RGTCVKQPUCPF

5WRRQTVKPI4GUGCTEJ(;

'2#



&1&



75&#



&16



0#5#



&1%



&1&



75&#



&16

0#5# 



&1%



&1&



75&#



0#5#

 &16



&1%



'2#




(KIWTGFGRKEVUGCEJCIGPE[	URTQRQTVKQPQHVJG #WVQOCVGF9GCVJGT+PHQTOCVKQP5[UVGOU#9+5

RTQRQUGF(;HGFGTCNDWFIGVHQTOGVGQTQNQIKECN 6JG&1%&1&CPF&16TGSWKTG#9+5UVQHCEKNKVCVG

QRGTCVKQPUCPFUWRRQTVKPITGUGCTEJ'CEJCIGPE[	U VJGEQNNGEVKQPRTQEGUUKPICPFKPVGTRTGVCVKQPQH

RQTVKQPQHVJGRTQRQUGFHWPFKPIHQTOGVGQTQNQIKECN OGVGQTQNQIKECNFCVC#9+5UCTGDGKPIRTQEWTGFVQ

QRGTCVKQPUKUUJQYPKP(KIWTG1HVJGDKNNKQP RTQXKFGCPCWVQOCVGFJKIJURGGFWUGTHTKGPFN[

TGSWGUVGFHQTOGVGQTQNQIKECNQRGTCVKQPU&1%&1& OCPOCEJKPGKPVGTHCEGVQCEEGUUCPFRTQEGUUNCTIG

CPF&16CEEQWPVHQTRGTEGPVQHVJGHWPFU XQNWOGUQHUQRJKUVKECVGFOGVGQTQNQIKECNFCVC#9+5

(KIWTGFGRKEVUGCEJCIGPE[	URQTVKQPQHVJGRTQRQUGF UWRRQTVUVJGVKOGN[RTQFWEVKQPQHCEEWTCVGCPF

HGFGTCNUWRRQTVKPITGUGCTEJDWFIGV7PNKMGQRGTCVKQPU IGQITCRJKECNN[RTGEKUGYCTPKPIUHQTGECUVUCPFURGEKCN

&1%&1&CPF0#5#CEEQWPVHQTVJGOCLQTUJCTG VCKNQTGFRTQFWEVU6JG[CNUQRTQXKFGVJGEQOOWPKECVKQPU

RGTEGPVQHVJGUWRRQTVKPITGUGCTEJDWFIGV ECRCDKNKV[HQTGZRGFKVKQWURTQFWEVFKUUGOKPCVKQP

#NNCIGPEKGURTQLGEVCRGTUQPPGNVQVCNQHHWNN /CLQTCIGPE[U[UVGOUENCUUKHKGFCU#9+5UCTG

VKOGGSWKXCNGPV
(6'VQDGGORNQ[GFKPHGFGTCN 01##	U#FXCPEGF9GCVJGT+PVGTCEVKXG2TQEGUUKPI

OGVGQTQNQIKECNQRGTCVKQPUKP(;6JKUHKIWTG 5[UVGO
#9+25VJG(##	U9GCVJGTCPF4CFCT

TGRTGUGPVUCFGETGCUGQHRGTEGPVHTQOVJG 2TQEGUUQT9#42VJG#KT(QTEG	U#WVQOCVGF9GCVJGT

(6'GORNQ[GFKP(; &KUVTKDWVKQP5[UVGO
#9&5CPFVJG0CX[	U0CXCN

1EGCPQITCRJKE&CVC&KUVTKDWVKQPCPF'ZRCPUKQP5[UVGO /CLQT2TQITCOUQH&1%&1&CPF&16

6JGTGSWKTGFHWPFKPIHQTOCLQTYGCVJGTU[UVGO 5WDU[UVGO0+6'5

CESWKUKVKQPRTQITCOUHQT&1%&1&CPF&16 

EQPVKPWGUVQFGENKPGHTQOVJGRTGXKQWU[GCT	UNGXGN

0GZV)GPGTCVKQP9GCVJGT4CFCT0':4#&6JG CWVJQTK\GF01##VQRTQEWTGCPFKPUVCNNU[UVGOUKP

0':4#&2TQITCOYJKEJDGICPKP(;YCU ECNGPFCT[GCT#FGEKUKQPQPVJGTGOCKPKPI

TGURQPUKDNGHQTRTQEWTGOGPVKPUVCNNCVKQPCPFQRGTCVKQP #9+25WPKVUYKNNDGUQWIJVCHVGTVJGQRGTCVKQPCNVGUVCPF

QHVJG9GCVJGT5WTXGKNNCPEG4CFCT&QRRNGT GXCNWCVKQPQH#9+25$WKNF%QOOKUUKQPKPIQH


954&6JGHKTUVNKOKVGFRTQFWEVKQP954& #9+25$WKNFWPKVUKUGZRGEVGFKP

U[UVGOYCUKPUVCNNGFCV1MNCJQOC%KV[1MNCJQOCKP 

/C[CPFEQOOKUUKQPGF[GCTUNCVGTKP(GDTWCT[

6JGQTKIKPCNRTQITCORNCPECNNGFHQTCVQVCNQH (QT(;VJG&GRCTVOGPVQH#ITKEWNVWTG

TCFCTU+PTGURQPUGVQC0CVKQPCN4GUGCTEJ%QWPEKN 
75&#TGSWGUVGFOKNNKQPHQTOGVGQTQNQIKECN

TGRQTVVJTGGCFFKVKQPCNTCFCTUYGTGCFFGFCPFTCKUGFVJG QRGTCVKQPUCPFUWRRQTVKPITGUGCTEJ1RGTCVKQPCNN[VJG

VQVCNVQTCFCTUKVGU 75&#UWRRQTVUURGEKCNK\GFYGCVJGTQDUGTXCVKQP

PGVYQTMUCPFCNUQEQPFWEVUCPCEVKXGUWRRQTVKPITGUGCTEJ $[CIGPE[CUQH,WPGVJG&1%0CVKQPCN

9GCVJGT5GTXKEGJCUEQOOKUUKQPGFUKVGUVJG

&1&75#(JCUEQOOKUUKQPGFCPFVJG&16(##

JCUEQOOKUUKQPGFUKVGU(KXGQVJGTUKVGUCTGFGFKECVGF

VQUWRRQTVKPIOCKPVGPCPEGVTCKPKPICPFVGUVKPI 6JG&GRCTVOGPVQH+PVGTKQT	U
&1+(;

CEVKXKVKGU TGSWGUVKURTKOCTKN[VQUWRRQTVVJG$WTGCWQH

.CPF/CPCIGOGPV	UTGOQVGCWVQOCVKEYGCVJGTUVCVKQP #WVQOCVGF5WTHCEG1DUGTXKPI5[UVGO
#515

6JG#515RTQITCODGICPKPCUCLQKPV

FGXGNQROGPVGHHQTVDGVYGGPVJG&1%&1&CPF 6JGDWFIGVTGSWGUVHQTVJG'PXKTQPOGPVCN2TQVGEVKQP

&16(##+PUVCNNCVKQPQH#515WPKVUUVCTVGFKP #IGPE['2#FGETGCUGUVQOKNNKQPVQRTQXKFGWUGT

#UQH#WIWUVCVQVCNQHWPKVUJCXGDGGP CRRTQRTKCVGCPFUEKGPVKHKECNN[ETGFKDNGCKTSWCNKV[

RWTEJCUGF6JG095JCURWTEJCUGFWPKVUKPUVCNNGF OGVGQTQNQIKECNRTQITCOUVQUWRRQTVTGIWNCVQT[

WPKVUCPFCEEGRVGFWPKVU6JG(##JCU CRRNKECVKQPU

RWTEJCUGFWPKVUKPUVCNNGFWPKVUCPFCEEGRVGF 

WPKVU6JG0CX[JCURWTEJCUGFWPKVUKPUVCNNGF

WPKVUCPFCEEGRVGFWPKVU6JG#KT(QTEGJCU

RWTEJCUGFWPKVUKPUVCNNGFWPKVUCPFCEEGRVGF

WPKVU%QNNGEVKXGN[VJG095CPF(##JCXG

EQOOKUUKQPGFWPKVU095CPF(##


01&&'5CPF0CX[+PVGITCVGF6CEVKECN'PXKTQPOGPVCN

+P(GDTWCT[VJG5GETGVCT[QH%QOOGTEG

CRRTQXGFVJGNKOKVGFRTQFWEVKQP#9+25YJKEJ

1VJGT#IGPE[2TQITCOU

RTQITCOVQGPUWTGCPCDWPFCPEGQHJKIJSWCNKV[

CITKEWNVWTCNEQOOQFKVKGUYJKNGOKPKOK\KPIVJGCFXGTUG

GHHGEVUQHCITKEWNVWTGQPVJGGPXKTQPOGPV


4#95RTQITCO

0#5#	U(;TGSWGUVKUOKNNKQP

RTKOCTKN[HQTUWRRQTVKPITGUGCTEJCUUQEKCVGFYKVJVJG

/KUUKQPVQ2NCPGV'CTVJ
/62'RTQITCO6JGUG

HWPFKPINGXGNUCTGEQORQUGFQHVJGGUVKOCVGF

OGVGQTQNQI[UJCTGQHVJGUWRRQTVKPITGUGCTEJCPF

CPCN[UKURTQITCOUVQKPENWFGVJG'CTVJ1DUGTXKPI


5[UVGO
'15CPF'CTVJ2TQDGKPUVTWOGPVU'15 #EVKPIWRQPCP+%/554TGEQOOGPFCVKQPVJG

UEKGPEGCPFVJG'15&CVCCPF+PHQTOCVKQP5[UVGOU 1(%/RTGRCTGFCPFFGXGNQRGFCRTQRQUCNVQUVTGCONKPG


'15&+5 VJGKPVGTCIGPE[EQWPEKNEQOOKVVGGCPFYQTMKPIITQWR

EQQTFKPCVKPIUVTWEVWTG+P#RTKNVJG(GFGTCN 6JG0WENGCT4GIWNCVQT[%QOOKUUKQP	U
04%

TGSWGUVHQTKUOCKPN[HQTQRGTCVKQPU6JG04%

YKNNFGFKECVGVJGUGHWPFUVQQDVCKPCPFCPCN[\G

OGVGQTQNQIKECNFCVCCPFKPHQTOCVKQPTGNCVGFVQVJGUCHG

QRGTCVKQPQHPWENGCTHCEKNKVKGUCPFVJGRTQVGEVKQPQHVJG

GPXKTQPOGPVRWDNKEJGCNVJCPFUCHGV[

(GFGTCN%QQTFKPCVKQP#EVKXKVKGU

+PTGURQPUGVQC0CVKQPCN4GUGCTEJ%QWPEKNTGRQTV (NQTKFC6JG +*%KUUEJGFWNGFHQT,CPWCT[

CPFTGEQOOGPFCVKQPVJG0CVKQPCN#XKCVKQP9GCVJGT KP%NGCTYCVGT$GCEJ(NQTKFC

2TQITCO%QWPEKN0#92%VCUMGFVJG#XKCVKQP9GCVJGT 

,QKPV#EVKQP)TQWR,#)VQRTGRCTGCUVTCVGIKERNCPHQT

CXKCVKQPYGCVJGT6JG,#)EQORNGVGFCPFUWDUGSWGPVN[

FKUVTKDWVGF6JG0CVKQPCN#XKCVKQP9GCVJGT5VTCVGIKE

2NCP
#WIWUV#UCHQNNQYWRVQVJGUVTCVGIKE

RNCPVJG,#)KUCEVKXGN[RTGRCTKPICPKORNGOGPVCVKQP

RNCP

%QQTFKPCVQTDTKGHGF+%/554QPVJGRTQRQUCNCPF

TGEGKXGFCEEGRVCPEG6JGHKPCNUVGRKUVQUGGM(%/554

CRRTQXCNCVVJG5GRVGODGTOGGVKPI6JG

UVTGCONKPKPIYKNNTGFWEGVJGPWODGTQHITQWRUYKVJKP

1(%/	UEQQTFKPCVKPIUVTWEVWTGHTQOVQ

+P/CTEJ1(%/JQUVGFVJGUV

+PVGTFGRCTVOGPVCN*WTTKECPG%QPHGTGPEG+*%KP/KCOK

PF

6JG(;HGCVWTGFCTVKENGKUGPVKVNGF1YPKPIVJG

9GCVJGT#P#TO[(QTEG/WNVKRNKGTCPFYCURTQXKFGF

D[VJG&GRCTVOGPVQHVJG#TO[


$#5+5(14('&'4#.%114&+0#6+10241%'55

+P%QPITGUUCPFVJG'ZGEWVKXG1HHKEGQHVJG2TGUKFGPVGZRTGUUGFEQPEGTPCDQWVVJGCFGSWCE[QH

EQQTFKPCVKQPQHHGFGTCNOGVGQTQNQIKECNCEVKXKVKGU+PTGURQPUG%QPITGUUFKTGEVGFKP5GEVKQPQH2WDNKE.CY

VJG#RRTQRTKCVKQPU#EVHQT5VCVG,WUVKEG%QOOGTEGCPF4GNCVGF#IGPEKGUVJCVVJG$WTGCWQHVJG$WFIGV

RTGRCTGCPCPPWCNJQTK\QPVCNDWFIGVHQTCNNOGVGQTQNQIKECNRTQITCOUKPVJGHGFGTCNCIGPEKGU

6JG$WTGCWQHVJG$WFIGVPQYVJG1HHKEGQH/CPCIGOGPVCPF$WFIGVKUUWGFCTGRQTVGPVKVNGF5WTXG[

QH(GFGTCN/GVGQTQNQIKECN#EVKXKVKGU
6JGTGRQTVFGUETKDGFGCEJCIGPE[	URTQITCOKPUQOGFGVCKN

RCTVKEWNCTN[KVUQRGTCVKQPCNUGTXKEGUCPFFGVCKNGFVJGTGNCVKQPUJKRDGVYGGPVJGRTQITCOUQHVJGXCTKQWUCIGPEKGU

6JGTGRQTVTGXGCNGFENQUGEQQRGTCVKQPDWVNKVVNGGXKFGPEGQHU[UVGOCVKEEQQTFKPCVKQP$CUGFQPVJKUUVWF[VJG

$WTGCWQHVJG$WFIGVKUUWGFCUGVQHITQWPFTWNGUVQDGHQNNQYGFKPVJGEQQTFKPCVKQPRTQEGUU+VGUVCDNKUJGFC

RGTOCPGPVIGPGTCNRJKNQUQRJ[HQTCUUKIPOGPVCPFCUUGUUOGPVQHCIGPE[TQNGUKPVJGHKGNFQHOGVGQTQNQI[CPFUGV

EGTVCKPIQCNUVQDGCEJKGXGFD[VJGEQQTFKPCVKQPRTQEGUU6JG$WTGCWQHVJG$WFIGVVCUMGFVJG&GRCTVOGPVQH

%QOOGTEG&1%VQGUVCDNKUJVJGEQQTFKPCVKPIOGEJCPKUOKPEQPEGTVYKVJVJGQVJGTHGFGTCNCIGPEKGU+VCNUQ

TGCHHKTOGFVJGEQPEGRVQHJCXKPICEGPVTCNCIGPE[VJG&1%TGURQPUKDNGHQTRTQXKFKPIEQOOQPOGVGQTQNQIKECN

HCEKNKVKGUCPFUGTXKEGUCPFENCTKHKGFVJGTGURQPUKDKNKVKGUQHQVJGTCIGPEKGUHQTRTQXKFKPIOGVGQTQNQIKECNUGTXKEGU

URGEKHKEVQVJGKTQYPPGGFU

6JGKORNGOGPVCVKQPQHVJGUGFKTGEVKXGUD[&1%NGFVQVJGETGCVKQPQHVJG1HHKEGQHVJG(GFGTCN

%QQTFKPCVQTHQT/GVGQTQNQIKECN5GTXKEGUCPF5WRRQTVKPI4GUGCTEJ1(%/YJKEJQRGTCVGUYKVJRQNKE[IWKFCPEG

HTQOVJG(GFGTCN%QOOKVVGGHQT/GVGQTQNQIKECN5GTXKEGUCPF5WRRQTVKPI4GUGCTEJ6JGRTKPEKRCNYQTMKPVJG

EQQTFKPCVKQPQHOGVGQTQNQIKECNCEVKXKVKGUCPFKPVJGRTGRCTCVKQPCPFOCKPVGPCPEGQHHGFGTCNRNCPUKUCEEQORNKUJGF

D[VJG1(%/UVCHHYKVJVJGCFXKEGCPFCUUKUVCPEGQHVJG+PVGTFGRCTVOGPVCN%QOOKVVGGHQT/GVGQTQNQIKECN5GTXKEGU

CPF5WRRQTVKPI4GUGCTEJCPFQXGTRTQITCOEQWPEKNUEQOOKVVGGUCPFYQTMKPIITQWRU

5'%6+10

FEDERAL COORDINATION AND PLANNING

/+55+10#0&56#((+0)1(6*'1((+%'1(6*'('&'4#.

%114&+0#614(14/'6'141.1);1(%/

6JGOKUUKQPQHVJG1(%/KUVQGPUWTGVJGGHHGEVKXG < 2TGRCTKPICPCN[UGUUWOOCTKGUQTGXCNWCVKQPUQH

WUGQHHGFGTCNOGVGQTQNQIKECNTGUQWTEGUD[NGCFKPIVJG CIGPE[OGVGQTQNQIKECNRTQITCOUCPFRNCPUVJCV

U[UVGOCVKEEQQTFKPCVKQPQHQRGTCVKQPCNYGCVJGT RTQXKFGCHCEVWCNDCUKUHQTVJG'ZGEWVKXGCPF

TGSWKTGOGPVUCPFUGTXKEGUCPFUWRRQTVKPITGUGCTEJ .GIKUNCVKXGDTCPEJGUVQOCMGCRRTQRTKCVGFGEKUKQPU

COQPIVJGHGFGTCNCIGPEKGU6QFKUEJCTIGKVUOKUUKQP TGNCVGFVQVJGCNNQECVKQPQHHWPFU

VJG1(%/JCUOGUJGFKVUQDLGEVKXGUYKVJVJGQDLGEVKXGU

QHVJGCIGPEKGUVJCVRTQXKFGVJGUGTXKEGUCPFRGTHQTOVJG

TGUGCTEJ6JG[KPENWFG

< &QEWOGPVKPICIGPE[RTQITCOUCPFCEVKXKVKGUKPC CFFKVKQPUQTTGXKUKQPUVQEWTTGPVQTRTQRQUGF

UGTKGUQHPCVKQPCNRNCPUCPFTGRQTVUVJCVGPCDNG RTQITCOUQTKFGPVKH[QRRQTVWPKVKGUHQTKORTQXGF

CIGPEKGUVQTGXKUGCFLWUVVJGKTKPFKXKFWCNQPIQKPI GHHKEKGPE[TGNKCDKNKV[QTEQUVCXQKFCPEGVJTQWIJ

RTQITCOUCPFRTQXKFGCOGCPUHQTEQOOWPKECVKPI EQQTFKPCVGFCEVKQPUQTKPVGITCVGFRTQITCOU

PGYKFGCUCPFCRRTQCEJGUVQHWNHKNNTGSWKTGOGPVU 

< 2TQXKFKPIUVTWEVWTGCPFRTQITCOVQRTQOQVG TGRQTV6JG(GFGTCN9GCVJGT2TQITCO/WUV*CXG

EQPVKPWKV[KPVJGFGXGNQROGPVCPFEQQTFKPCVKQPQH 5VTQPIGT%GPVTCN&KTGEVKQP.%&TGEQOOGPFGF

KPVGTCIGPE[RNCPUCPFRTQEGFWTGUHQTOGVGQTQNQIKECN UVTQPIGTEGPVTCNK\GFRNCPPKPICPFFKTGEVKQPHQTHGFGTCN

UGTXKEGUCPFUWRRQTVKPITGUGCTEJCEVKXKVKGU YGCVJGTCEVKXKVKGU2WTUWCPVVQ)#1	UTGEQOOGPFCVKQP

< 4GXKGYKPIHGFGTCNYGCVJGTRTQITCOUCPFHGFGTCN

TGSWKTGOGPVUHQTOGVGQTQNQIKECNUGTXKEGUCPF

UWRRQTVKPITGUGCTEJ6JKUTGXKGYOC[UWIIGUV

+PC)GPGTCN#EEQWPVKPI1HHKEG
)#1

&1%KPETGCUGFVJGRGTOCPGPVRTQHGUUKQPCNUVCHHHTQOQPG


VQUGXGPCPFCUUKIPGFCPCFFKVKQPCNRTQHGUUKQPCNUVCHH QPGRTQHGUUKQPCNUVCHHOGODGTCPFCNUQRTQXKFGU

OGODGTCUVJG&1%TGRTGUGPVCVKXG&1%CNUQRTQXKFGU CRRTQZKOCVGN[QPGHQWTVJQHVJGCPPWCNQRGTCVKPIDWFIGV

CFOKPKUVTCVKXGUWRRQTVVQVJG1(%/CPFRTQXKFGU 6JGUGHQWTCIGPE[TGRTGUGPVCVKXGUCTGFGUKIPCVGF

CRRTQZKOCVGN[QPGJCNHQHVJG1(%/	UCPPWCNQRGTCVKPI #UUKUVCPV(GFGTCN%QQTFKPCVQTUHQTNKCKUQPVQVJGKT

DWFIGV6JG&GRCTVOGPVQH&GHGPUG&1&EWTTGPVN[ TGURGEVKXGCIGPEKGU+PCNNOGVGQTQNQIKUVU

RTQXKFGUVYQUGPKQTUVCHHQHHKEGTUQPG#KT(QTEGCPF QEGCPQITCRJGTURJ[UKECNUEKGPVKUVUCPFCFOKPKUVTCVKXG

QPG0CX[CPFEQPVTKDWVGUCRRTQZKOCVGN[QPGHQWTVJQH CPFEQORWVGTUWRRQTVRGTUQPPGNCTGCUUKIPGFVQVJG

VJGCPPWCNDWFIGV6JG&GRCTVOGPVQH6TCPURQTVCVKQP 1(%/UVCHH


&16(GFGTCN#XKCVKQP#FOKPKUVTCVKQP(##RTQXKFGU

%114&+0#6+101(/7.6+#)'0%;241)4#/5

6JG(GFGTCN%QOOKVVGGHQT/GVGQTQNQIKECN5GTXKEGU

CPF5WRRQTVKPI4GUGCTEJ
(%/554GUVCDNKUJGFKP

RTQXKFGUJKIJNGXGNCIGPE[TGRTGUGPVCVKQPCPF < ,QKPV#WVQOCVGF9GCVJGT1DUGTXCVKQPU

RQNKE[IWKFCPEGVQVJG(GFGTCN%QQTFKPCVQTKPTGUQNXKPI 

CIGPE[FKHHGTGPEGUVJCVCTKUGFWTKPIVJGEQQTFKPCVKQPQH

OGVGQTQNQIKECNCEVKXKVKGUCPFVJGRTGRCTCVKQPQHHGFGTCN < #KTETCHV+EKPI

RNCPU6JG7PFGT5GETGVCT[QH%QOOGTEGHQT1EGCPU 

CPF#VOQURJGTGYJQKUCNUQVJG#FOKPKUVTCVQTQHVJG

0CVKQPCN1EGCPKECPF#VOQURJGTKE#FOKPKUVTCVKQP < 0CVKQPCN5RCEG9GCVJGT


01##UGTXGUCUVJG(%/554%JCKT 

6JGHGFGTCNCIGPEKGUVJCVGPICIGKP 

OGVGQTQNQIKECNCEVKXKVKGUQTJCXGCPGGFHQT

OGVGQTQNQIKECNUGTXKEGUCTGTGRTGUGPVGFQP(%/554

6JG(%/554OGODGTUJKRKPENWFGU&1%&1&

&16VJG&GRCTVOGPVUQH#ITKEWNVWTG75&#'PGTI[


&1'+PVGTKQT
&1+CPF5VCVG
&15CPFVJG &WTKPI(;VJG1(%/RTGRCTGFCPF

'PXKTQPOGPVCN2TQVGEVKQP#IGPE[
'2#(GFGTCN FGXGNQRGFCRTQRQUCNVQUVTGCONKPGVJGKPVGTCIGPE[

'OGTIGPE[/CPCIGOGPV#IGPE[
('/#0CVKQPCN EQWPEKNEQOOKVVGGCPFYQTMKPIITQWREQQTFKPCVKPI

#GTQPCWVKEUCPF5RCEG#FOKPKUVTCVKQP0#5#0CVKQPCN UVTWEVWTG+P#RTKN+%/554CEEGRVGFVJG

5EKGPEG(QWPFCVKQP
05(0CVKQPCN6TCPURQTVCVKQP RTQRQUGFTGXKUKQPUCPFCWVJQTK\GF1(%/VQUGGM

5CHGV[$QCTF065$CPFVJG750WENGCT4GIWNCVQT[ (%/554CRRTQXCN6JGPGZV(%/554OGGVKPIKU

%QOOKUUKQP
04%+PCFFKVKQPVJG1HHKEGQH UEJGFWNGFHQT5GRVGODGT

/CPCIGOGPVCPF$WFIGV1/$KUTGRTGUGPVGF 

1/$CPF(%/554RTQXKFGIWKFCPEGCVVJGRQNKE[ 

NGXGNVQVJG(GFGTCN%QQTFKPCVQT#VVJGRTQITCO

OCPCIGOGPVNGXGNIWKFCPEGHTQOVJGCIGPEKGUKU

RTQXKFGFD[VJG+PVGTFGRCTVOGPVCN%QOOKVVGGHQT

/GVGQTQNQIKECN5GTXKEGUCPF5WRRQTVKPI4GUGCTEJ


+%/5547PFGT+%/554VJGTGCTGUKZUVCPFKPI

EQOOKVVGGU$CUKE5GTXKEGU1RGTCVKQPCN2TQEGUUKPI

%GPVGTU#WVQOCVGF9GCVJGT+PHQTOCVKQP5[UVGOU

#XKCVKQP5GTXKEGU1RGTCVKQPCN'PXKTQPOGPVCN5CVGNNKVGU

CPF5RCEG'PXKTQPOGPV(QTGECUVKPI

#NUQYKVJKPVJG1(%/UVTWEVWTGVJGTGCTGUGXGP CTGFGRNQ[GFCV0CVKQPCN9GCVJGT5GTXKEG
095

RTQITCOEQWPEKNU2%VQEQQTFKPCVGURGEKHKEKPVGTCIGPE[ UKVGUYKVJKPVJGEQPVKIWQWUUVCVGUCTGFGRNQ[GF

EQQRGTCVKXGRTQITCOU6JGTGUGXGP2%UCTG

< 0GZV)GPGTCVKQP9GCVJGT4CFCT

< #WVQOCVGF9GCVJGT+PHQTOCVKQP5[UVGOU

< #XKCVKQP9GCVJGT

< +ORTQXGF9GCVJGT4GEQPPCKUUCPEG

'CEJQHVJG2%UKUEQORTKUGFQHFGEKUKQPNGXGN

TGRTGUGPVCVKXGUHTQOVJGCIGPEKGUFKTGEVN[EQPEGTPGFYKVJ

VJGURGEKHKERTQITCOCTGC6JG(GFGTCN%QQTFKPCVQT

UGTXGUCUVJGEJCKTRGTUQPQHGCEJ2%

0GZV)GPGTCVKQP9GCVJGT4CFCT0':4#&

#OCLQTOKNGUVQPGKP7PKVGF5VCVGUYGCVJGT

OQFGTPK\CVKQPRTQITCOUYCUCEJKGXGFFWTKPI,WN[

YKVJFGNKXGT[QH9GCVJGT5WTXGKNNCPEG4CFCT

&QRRNGT954&PWODGTVJGNCUVU[UVGOKPVJG

DCUKE0GZV)GPGTCVKQP9GCVJGT4CFCT
0':4#&

RTQEWTGOGPVUEJGFWNG+PTGURQPUGVQC0CVKQPCN

4GUGCTEJ%QWPEKNTGRQTVVJTGGCFFKVKQPCNTCFCTUJCXG

DGGPFGNKXGTGFYJKEJTCKUGUVJGVQVCNVQU[UVGOU

(KXGQHVJG954&U[UVGOUJCXGDGGPCNNQECVGF

VQUWRRQTVVTCKPKPIOCKPVGPCPEGCPFVGUVKPICEVKXKVKGU


(KIWTG954&%QPVKPGPVCN7PKVGF5VCVGU%QXGTCIG

VQ&1&QRGTCVKQPCNUKVGUKPVJG75CPFQXGTUGCUCPF JKIJECRCEKV[RTQEGUUQTFTKXGPEQOOWPKECVKQPU

YGTGKPUVCNNGFD[VJG(##KP#NCUMCCPF*CYCKK ECRCDKNKV[6JGU[UVGOKUOQFWNCTKPFGUKIP

#UQH#WIWUV954&WPKVUJCXGDGGP WRITCFGCDNGCPFJCUCNQPINKHGE[ENGGZRGEVCPE[

EQOOKUUKQPGFCUVJGQHHKEKCNUKVGQPVJGPCVKQPCN 0':4#&	UCFXCPEGFYGCVJGTTCFCTRTQFWEVUOGGVVJG

PGVYQTMQHYGCVJGTTCFCTUCNKVVNGQXGTVJTGG[GCTU PGGFUQHVJGVJTGG&GRCTVOGPVUHQTCEEWTCVGKPHQTOCVKQP

UKPEGEQOOKUUKQPKPIDGICPFWTKPI QPVJGNQECVKQPUGXGTKV[CPFOQXGOGPVQHJC\CTFQWU

YGCVJGT 6JG954&KUCEQORWVGTK\GF&QRRNGTYGCVJGT

TCFCTFGXGNQRGFVQOGGVVJGPGGFUQH&1%&1&CPF 6JG095WUGUVJG954&HQTOQTGVJCP

&16HQTKORTQXGFCDKNKV[VQFGVGEVCPFOCKPVCKP HQTGECUVUCPFYCTPKPIUQHUGXGTGYGCVJGT6JG

UWTXGKNNCPEGQHJC\CTFQWUYGCVJGT6JKUPGGFYCU 954&CNUQRTQXKFGUTCKPHCNNCPCN[UKUECRCDKNKV[HQT

FGHKPGFKPCP1(%/URQPUQTGFUVWF[KPVJGNCVG KORTQXGFTKXGTUVCIGCPFHNQQFHQTGECUVUCPFHQTFCVC

	U+VNGFKPVQVJGGUVCDNKUJOGPVQHC,QKPV VQUWRRQTVGHHGEVKXGOCPCIGOGPVQHYCVGTTGUQWTEGU

5[UVGO2TQITCO1HHKEGVQFGXGNQRCPFRTQEWTGVJGPGY 6JKUCFXCPEGKPYCVGTTGUQWTEGUOCPCIGOGPVTGCEJGU

&QRRNGTTCFCTWPFGTRQNKE[IWKFCPEGCPFQXGTUKIJVQH DG[QPFHNQQFEQPVTQNVQKORCEVCTGCUUWEJCUTKXGT

VJGVTKCIGPE[0':4#&2TQITCO%QWPEKNPCXKICVKQPFTKPMKPIYCVGTUWRRNKGURQNNWVKQP

OCPCIGOGPVCPFYCVGTDCUGFTGETGCVKQPCNNYKVJ 6JG954&U[UVGO	UCFXCPEGFVGEJPQNQI[

RTQXKFGUCWVQOCVGF&QRRNGTUKIPCNRTQEGUUKPI

EQORWVGTK\GFRTQEGUUKPIQHFCVCD[UQRJKUVKECVGF

OGVGQTQNQIKECNUQHVYCTGCNIQTKVJOUUVCVGQHVJGCTV

GTIQPQOKECNN[FGUKIPGFQRGTCVQTYQTMUVCVKQPUCPFC

DGPGHKEKCNGEQPQOKEEQPUGSWGPEGU6JG&1&YKNNWUG

954&FCVCVQUWRRQTVOKNKVCT[QRGTCVKQPUCPF

RTQVGEVFGHGPUGCUUGVUKPVJG7PKVGF5VCVGUVJG#\QTGU

CPFCVMG[2CEKHKENQECVKQPU6JG(##WUGUVJGFCVCVQ

KORTQXGHNKIJVUCHGV[CPFVQOCPCIGVTCHHKEOQTG
Figure 2-2 WSR-88D Alaskan Coverage

Figure 2-3 WSR-88D Hawaiian and Puerto Rican Coverage

2-4


GHHKEKGPVN[YKVJKPVJG0CVKQPCN#KTURCEG5[UVGO6JG 2NCPPGF#515CEVKXKVKGUHQT(;KPENWFG

0CVKQPCN%NKOCVKE&CVC%GPVGTRTQXKFGUJKUVQTKECN EQPVKPWKPIYKVJKPUVCNNCVKQPUCEEGRVCPEGCPF

CTEJKXKPIQHVJG954&FCVC EQOOKUUKQPKPIQH#515WPKVURTKOCTKN[HQT095CPF

(##+PCFFKVKQP095(##CPF&1&WPFGTVJG +P,CPWCT[VJG0':4#&2TQITCO

/CPCIGOGPV%QOOKVVGG
2/%YCUGUVCDNKUJGFVQ

RTQXKFGQRGTCVKQPCNOCPCIGOGPVQHVJG945&

RTQITCO%JCTVGTGFD[VJG0':4#&2TQITCO

%QWPEKN
02%VJG2/%KUCVTKCIGPE[EQOOKVVGG #WVQOCVGF9GCVJGT+PHQTOCVKQP5[UVGOU

EQORTKUGFQHTGRTGUGPVCVKXGUHTQOVJG&1%
095 

&1_CPF0CXCN/GVGQTQNQI[CPF1EGCPQITCRJ[

%QOOCPF%0/1%CPF&16(##6JG2/%KU

EJCKTGFD[VJG&KTGEVQT0951HHKEGQH5[UVGOU

1RGTCVKQPU6JG2/%TGURQPUKDKNKVKGUHQEWUQP

GHHGEVKXGCPFGHHKEKGPV954&QRGTCVKQPUCPF

EQPHKIWTCVKQPOCPCIGOGPV+UUWGUYJKEJECPPQVDG

TGUQNXGFD[VJG2/%CTGTGHGTTGFVQVJG02%HQT

TGUQNWVKQP

1PIQKPICPFRNCPPGFCEVKXKVKGUHQT(; GZRGFKVKQWURTQFWEVFKUUGOKPCVKQP

KPENWFGFGXGNQROGPVQHCPQRGPU[UVGOUCTEJKVGEVWTG 

TGNQECVKQPQHVJG)TKHHKU#($TCFCTCPFYQTMQPVJG

KPVGTHCEGUYKVJVJG(##	U9GCVJGTCPF4CFCT

2TQEGUUQT9#42CPFVJG095	#FXCPEGF9GCVJGT

+PVGTCEVKXG2TQEGUUKPI5[UVGO#9+25

#WVQOCVGF5WTHCEG9GCVJGT1DUGTXCVKQPU 5[UVGO#9&5CPFVJG/GVGQTQNQIKECN+PHQTOCVKQP

5VCPFCTF6GTOKPCN
/+56CPF0CX[	U0CX[ #UQH#WIWUVCVQVCNQHWPKVUJCXGDGGP

RWTEJCUGFCURCTVQHVJGDCUGRTQITCO6JG095JCU

RWTEJCUGFWPKVUKPUVCNNGFWPKVUCPFCEEGRVGF

WPKVU6JG(##JCURWTEJCUGFWPKVUKPUVCNNGF

WPKVUCPFCEEGRVGFWPKVU6JG0CX[JCU

RWTEJCUGFWPKVUKPUVCNNGFWPKVUCPFCEEGRVGF

WPKVU6JG#KT(QTEGJCURWTEJCUGFWPKVUKPUVCNNGF &WTKPIVJGTGOCKPFGTQHCNKOKVGF

WPKVUCPFCEEGRVGFWPKVU%QNNGEVKXGN[VJG095 RTQFWEVKQPCPFKPUVCNNCVKQPQH#9+25YKNNEQPVKPWGCV

CPF(##JCXGEQOOKUUKQPGFWPKVU095CPF 0959GCVJGT(QTGECUV1HHKEGU(QNNQYKPICFFKVKQPCN

(## QRGTCVKQPCNVGUVCPFGXCNWCVKQPCFGEKUKQPYKNNDG

UQWIJVHQTVJGCFFKVKQPCNU[UVGOUYKVJEQOOKUUKQPKPI +P/C[VJG095HQTOGFVJG#515

2TQITCO/CPCIGOGPV%QOOKVVGG2/%CVTKCIGPE[

EQOOKVVGGEQORTKUGFQHTGRTGUGPVCVKXGUHTQOVJG095

(##CPF&1&CPFEJCKTGFD[VJG095#515 6JG0CVKQPCN#XKCVKQP9GCVJGT2TQITCO%QWPEKN

2TQITCO/CPCIGT6JGRWTRQUGQHVJG2/%KUVQ 
0#92%YCUHQTOGFKPCPFCUWRRQTVKPI,QKPV

RTQXKFGDTQCFQRGTCVKQPCNOCPCIGOGPVQHVJG#515 #EVKQP)TQWR
,#)KPVQCFFTGUUCXKCVKQP

RTQITCOCPFVQUGTXGCUCJKIJNGXGNEQPHKIWTCVKQP YGCVJGTKUUWGU/GODGTUJKRKPENWFGUVJG&GRCTVOGPVU

EQPVTQNDQCTFHQTCFFTGUUKPIEQORNGZ#515EJCPIG QH#ITKEWNVWTG%QOOGTEG&GHGPUGCPF

RTQRQUCNU)GPGTCNN[VJGEQOOKVVGGYKNNOGGVQPC 6TCPURQTVCVKQPCUYGNNCUVJG0CVKQPCN6TCPURQTVCVKQP

DKOQPVJN[DCUKUDWVOC[DGEQPXGPGFCUTGSWKTGFVQ 5CHGV[$QCTFCPF0#5#6JGHKTUVOCLQTWPFGTVCMKPI

CFFTGUUWTIGPVKUUWGU+UUWGUVJCVECPPQVDGTGUQNXGF

YKNNDGGNGXCVGFVQ1(%/1(%/YKNNCUUGODNGVJG

CRRTQRTKCVGJKIJNGXGNKPVGTCIGPE[TGRTGUGPVCVKXGUVQ

CFFTGUUCPFTGUQNXGVJGKUUWGU

CWURKEGUQHVJG#5152/%YKNNEQPVKPWG

GPJCPEGOGPVFGXGNQROGPVCPFVGUVKPIGHHQTVUHQT

UGNGEVGFUGPUQTU

#WVQOCVGF9GCVJGT+PHQTOCVKQP5[UVGOU#9+5

CTGTGSWKTGFD[CPWODGTQHHGFGTCNCIGPEKGU#9+5U

CTGDGKPIRTQEWTGFVQRTQXKFGCPCWVQOCVGF

JKIJURGGFWUGTHTKGPFN[OCPOCEJKPGKPVGTHCEGVQ

CEEGUUCPFRTQEGUUNCTIGXQNWOGUQHUQRJKUVKECVGF

OGVGQTQNQIKECNFCVC6JG[UWRRQTVVJGVKOGN[

RTQFWEVKQPQHCEEWTCVGCPFIGQITCRJKECNN[RTGEKUG

YCTPKPIUHQTGECUVUCPFURGEKCNVCKNQTGFRTQFWEVU

6JG[CNUQRTQXKFGVJGEQOOWPKECVKQPUECRCDKNKV[HQT

/CLQTCIGPE[U[UVGOUENCUUKHKGFCU#9+5UCTG

095	U#FXCPEGF9GCVJGT+PVGTCEVKXG2TQEGUUKPI

5[UVGO#9+25(##	U9GCVJGTCPF4CFCT2TQEGUUQT


9#42CPFVJG+PVGITCVGF6GTOKPCN9GCVJGT5[UVGO


+695#KT(QTEG	U#WVQOCVGF9GCVJGT&KUVTKDWVKQP

+PVGITCVGF6CEVKECN'PXKTQPOGPVCN5WDU[UVGO0+6'5

6JGUGU[UVGOUKPENWFGEQOOWPKECVKQPUVQEQNNGEVCPF

FKUVTKDWVGTCYFCVCKPHQTOCVKQPCPFRTQEGUUGFRTQFWEVU

DWVGZENWFGQDUGTXCVKQPUWDU[UVGOUCPFVJG

UWRGTEQORWVGTUCVVJGOCLQTEGPVGTU

RNCPPGFKP

0CVKQPCN#XKCVKQP9GCVJGT2TQITCO

QHVJG,#)TGUWNVGFKPVJGRWDNKECVKQPQHVJG0CVKQPCN

#XKCVKQP9GCVJGT2TQITCO2NCP
0#922KP

YJKEJQWVNKPGFWPOGVWUGTPGGFU


#HVGTUQOGKPVGTXGPKPIVKOGCPFRTQORVGFD[ CESWKUKVKQPQHVJG+945%WTTGPVN[VJG#KT(QTEG

TGEQOOGPFCVKQPUHTQOVJG0CVKQPCN4GUGCTEJ%QWPEKN 4GUGTXG%QOOCPF	U 9GCVJGT4GEQPPCKUUCPEG

VJG0#92%VCUMGFVJG,#)YKVJVJGRTGRCTCVKQPQHC 5SWCFTQP
945QRGTCVGUVGP9%*CKTETCHV

0CVKQPCN#XKCVKQP9GCVJGT2TQITCO5VTCVGIKE2NCP GSWKRRGFYKVJVJG+945YJKEJRTQXKFGUCPCWVQOCVGF

6JG0CVKQPCN#XKCVKQP9GCVJGT2TQITCO5VTCVGIKE

2NCPYCUUWDUGSWGPVN[CRRTQXGFD[VJG0#92%KP

#RTKNCPFRWDNKUJGFCPFFKUVTKDWVGFKP#WIWUV

(QNNQYKPIEQORNGVKQPQHVJG5VTCVGIKE2NCPVJG

,#)YCUVCUMGFD[VJG0#92%VQFGXGNQRCP

+ORNGOGPVCVKQP2NCP6JG,#)YKNNDGOGGVKPI

TGIWNCTN[QXGTVJGPGZVUGXGTCNOQPVJUYKVJVJGIQCNQH

JCXKPICFTCHVKORNGOGPVCVKQPRNCPD[VJGGPFQH

(GDTWCT[

0CVKQPCN5RCEG9GCVJGT2TQITCO%QWPEKN0592%

#VVJG,CPWCT[OGGVKPIVJG0592%

CRRTQXGFHQTRWDNKECVKQPVJG0CVKQPCN5RCEG9GCVJGT

2TQITCO+ORNGOGPVCVKQP2NCP6JGRNCPYCU

FKUVTKDWVGFKPVJG5RTKPIYKVJCPQVJGTXGTUKQP

RNCPPGFYKVJKPCDQWVC[GCT6JGKORNGOGPVCVKQPRNCP

DWKNFUQPVJG0CVKQPCN5RCEG9GCVJGT2TQITCO

5VTCVGIKE2NCPRWDNKUJGFKPNCVG6JG

KORNGOGPVCVKQPRNCPEQXGTUTGUGCTEJOQFGNKPICPF

QDUGTXCVKQPTGSWKTGOGPVUCPFRTQXKFGUIWKFCPEGQP

RTKQTKVKGUCIGPE[TQNGUCPFTGURQPUKDKNKVKGUCPF

RTQITCOOCPCIGOGPV6JGEQWPEKNCNUQEQPUKFGTGFVJG

URCEGYGCVJGTCURGEVUQHVJG1(%/EQQTFKPCVKPI

UVTWEVWTGCPFTGEQOOGPFGFVQ+%/554VJG%QOOKVVGG

HQT5RCEG'PXKTQPOGPVCN(QTGECUVKPICPFVJG9QTMKPI

)TQWRHQT5RCEG9GCVJGTDGEQPUQNKFCVGFKPVQVJG

%QOOKVVGGHQT5RCEG9GCVJGT+PCFFKVKQPVJGEQWPEKN

RTQRQUGFVJGPGYEQOOKVVGGDGRNCEGFWPFGTVJG

RTQITCOEQWPEKNTCVJGTVJCP+%/554

6JG0CVKQPCN5EKGPEG(QWPFCVKQPCICKPTGSWGUVGF

TGUGCTEJVQUWRRQTVVJG0CVKQPCN5RCEG9GCVJGT

2TQITCO6JGUEKGPVKHKEEQOOWPKV[YKNNUJCTGPGCTN[

OKNNKQPKPTGUGCTEJOQPG[CESWKTGFHTQOOWNVKRNG

CIGPEKGUCPFKFGPVKHKGFCU0CVKQPCN5RCEG9GCVJGT

2TQITCOHWPFKPI

+ORTQXGF9GCVJGT4GEQPPCKUUCPEG5[UVGO+945

6JG+ORTQXGF9GCVJGT4GEQPPCKUUCPEG2TQITCO

%QWPEKN
+942%YCUHQTOGFVQOCPCIGVJG

TF

CEEWTCVGJKIJFGPUKV[FCVCICVJGTKPIECRCDKNKV[KP

UWRRQTVQHVTQRKECNE[ENQPGCPFYKPVGTUVQTO

HQTGECUVKPIQRGTCVKQPU6JG945JCUC

%QPITGUUKQPCNN[OCPFCVGFEJCTVGTVQRTQXKFGJWTTKECPG

TGEQPPCKUUCPEGKPUWRRQTVQHVJG095	U0CVKQPCN

*WTTKECPG%GPVGT6TQRKECN2TGFKEVKQP%GPVGT9KVJVJG

UWEEGUUHWNEQORNGVKQPQHVJG+945RTQITCOVJG

+942%EQPVKPWGUVQOGGVCVNGCUVCPPWCNN[VQGXCNWCVG

VJGQRGTCVKQPCNGHHGEVKXGPGUUQHVJG+945CPFVQ

GXCNWCVGCRRTQXGRTQRQUCNUHQT+945KORTQXGOGPVU

CPFWRITCFGU+P/CTEJVJG+942%OGVKP

EQPLWPEVKQPYKVJVJG +PVGTFGRCTVOGPVCN*WTTKECPG UV

%QPHGTGPEGVQTGXKGYVJGUVCVWUQHQPIQKPIRTQLGEVU

CPFGPJCPEGOGPVU

6JG#KT(QTEGCPFVJG+942%CTGCEVKXGN[

RWTUWKPIVJGCESWKUKVKQPQHVJG)NQDCN2QUKVKQPKPI

5[UVGO
)25DCUGF#VOQURJGTKE8GTVKECN2TQHKNKPI

5[UVGO
#8#25VQTGRNCEGVJG.KIJVYGKIJV1OGIC

&KIKVCN&TQRYKPFUQPFG5[UVGO
.1&YJKEJYKNN

DGEQOGQDUQNGVGYKVJVJGFGOKUGQHVJG1OGIC

TCFKQPCXKICVKQPU[UVGOQP5GRVGODGT6YQ

RTQVQV[RG#8#25U[UVGOUYGTGKPUVCNNGFD[VJG

0CVKQPCN%GPVGTHQT#VOQURJGTKE4GUGCTEJ0%#4KP

,WPGCPFVGUVCPFGXCNWCVKQPRJCUGKUEWTTGPVN[

WPFGTYC[9JKNGVJG945YKNNPQVCEJKGXGHWNN

QRGTCVKQPCNECRCDKNKV[D[5GRVGODGTUQOG

NKOKVGFECRCDKNKV[VQRTQXKFGXGTVKECNCVOQURJGTKE

UQWPFKPIUYKNNGZKUV%WTTGPVRNCPUECNNHQTVJG

945VQTGEGKXGVJTGGUNKEM
PQYGCVJGT

GSWKROGPV%,OQFGNUVJGNKMGN[UWEEGUUQTVQVJG

9%*KP,CPWCT[VQDGWUGFHQTCKTETGY

HCOKNKCTK\CVKQPCPFVTCKPKPI6JG%,URQTVUC

INCUUEQEMRKVKU)25GSWKRRGFCPFRTQOKUGU

UKIPKHKECPVN[GPJCPEGFRGTHQTOCPEG6JGHKTUV9%

,UYKNNDGTGEGKXGFKP1EVQDGTCPFVJGVJTGG

UNKEM%,UYKNNDGTGVWTPGFVQDGYGCVJGT

GSWKRRGF&WTKPIVJGJWTTKECPGUGCUQPVJG

945YKNNHN[COKZGFHNGGVQH,CPF*OQFGNU

2.#00+0)%1//+66''#%6+8+6+'5#0&27$.+%#6+105

#VOQURJGTKE6TCPURQTVCPF&KHHWUKQP FKTGEVQT[YKNNDGCPWRFCVGCPFEQPUQNKFCVKQPQHVYQ

RTGXKQWUFKTGEVQTKGUQPGRTQFWEGFKP%;D[VJG 6JG9QTMKPI)TQWRHQT#VOQURJGTKE6TCPURQTVCPF

&KHHWUKQP9)#6&OGVUGXGTCNVKOGUFWTKPI(;

VQYQTMQPCPGYFKTGEVQT[HQTCVOQURJGTKEVTCPURQTVCPF

FKHHWUKQPOQFGNUGSWKROGPVCPFRTQLGEVU6JGPGY

1(%/CPFVJGQVJGTRTQFWEGFKP%;D[VJG

&GRCTVOGPVQH'PGTI[6JGRTQLGEVGFRWDNKECVKQPFCVG

HQTVJGPGYFKTGEVQT[KUVJG SWCTVGTQH(; PF


+PVJGRTQRQUCNVQUVTGCONKPGVJG(GFGTCN +PVJGHWVWTGVJGITQWRRNCPUVQTGXKUGGCEJQHVJG

EQQTFKPCVKPIUVTWEVWTGVJG9)#6&YKNNDGCNKIPGF HQWTRCTVUQHVJG(/*JCPFDQQM6JGOCLQTKV[QHVJG

WPFGTVJG%QOOKVVGGHQT9GCVJGT1RGTCVKQPUCPF EQQTFKPCVKQPKUDGKPIEQPFWEVGFXKCEQTTGURQPFGPEGCPF

5GTXKEGU GNGEVTQPKEOCKNPQOGGVKPIUJCXGDGGPJGNF

$CUKE5GTXKEGU 7PFGTVJGRTQRQUCNVQUVTGCONKPGVJG(GFGTCN

EQQTFKPCVKPIUVTWEVWTGVJG9)&4/1YKNNDGCNKIPGF 6JG%QOOKVVGGHQT$CUKE5GTXKEGU
%$5OGVQP

1EVQDGTCPFTGEGKXGFDTKGHKPIUQP
VJG

CEVKXKVKGUCPFRNCPUQHVJGYQTMKPIITQWRUHQTYJKEJ%$5

JCUQXGTUKIJV
VJGJKUVQT[UVCVWUCPFRNCPUQHVJG

(GFGTCN.KIJVPKPI&GVGEVKQP2TQITCOVJGUPQYFCVC

TGSWKTGOGPVUCVVJG7PKVGF5VCVGU&GRCTVOGPVQH *[FTQOGVGQTQNQI[

#ITKEWNVWTGCPFVJGUVTGCONKPGF(GFGTCNEQQTFKPCVKPI 

UVTWEVWTG

#OCLQTRKGEGQHVJG1(%/	URTQRQUCNVQ EQQRGTCVKQPCPFEQQTFKPCVKQPKPJ[FTQOGVGQTQNQI[1PG

UVTGCONKPGVJG(GFGTCNEQQTFKPCVKPIUVTWEVWTGKUDCUGF QHKVUHKTUVVCUMUJCUDGGPVJGFGXGNQROGPVQHCJCPFDQQM

WRQPCTGUVTWEVWTGF%$56JG%$5YKNNDGFKXKFGFKPVQ HQTCWVQOCVGFHNQQFYCTPKPIU[UVGOU6JG*CPFDQQMQP

VYQEQOOKVVGGUVJG%QOOKVVGGHQT1DUGTXKPI5[UVGOU #WVQOCVGF.QECN(NQQF9CTPKPI5[UVGOUFGUETKDGU

CPFVJG%QOOKVVGGHQT9GCVJGT1RGTCVKQPUCPF5GTXKEGU NQECNHNQQFYCTPKPIU[UVGOUKPVGTOUQHV[RGUUVCPFCTFU

6JKUTGCNKIPOGPVCEJKGXGUQPGQDLGEVKXGQHVJG TGSWKTGOGPVUKORNGOGPVCVKQPCPFOCKPVGPCPEG6JG

UVTGCONKPKPIYJKEJYCUVQFGETGCUGCEQOOKVVGG	U 095HKPCNK\GFCPFRWDNKUJGFVJGFQEWOGPVKP(GDTWCT[

QXGTUKIJVQHYQTMKPIITQWRUVJTQWIJCUOCNNGTURCPQH 

EQPVTQN 

%NKOCVG5GTXKEGU EQQTFKPCVKPIUVTWEVWTGVJG9)*/YKNNDGCNKIPGF

WPFGTVJG%QOOKVVGGHQT9GCVJGT1RGTCVKQPUCPF 6JG9QTMKPI)TQWRHQT%NKOCVG5GTXKEGU9)%5

YCUHQTOGFKPCPGHHQTVVQRTQXKFGCHQECNRQKPVHQT

HGFGTCNKPXQNXGOGPVKPENKOCVGEJCPIGQ\QPGFGRNGVKQP .KIJVPKPI&GVGEVKQP5[UVGOU

UGCUQPCNVQKPVGTCPPWCNHQTGECUVKPICPFENKOCVQNQIKECN 

CRRNKECVKQPU6JG9)%5JCURTQXKFGFCWPKSWGHQTWO

DTKPIKPIVQIGVJGTCPGZVTGOGN[FKXGTUGITQWRQHCIGPEKGU

YJKEJEQPFWEVCXGT[DTQCFUEQRGQHCEVKXKVKGUTGNCVGFVQ

ENKOCVQNQI[6JGGZEJCPIGQHKPHQTOCVKQPCVYQTMKPI

ITQWROGGVKPIUJCUDGGPKPXCNWCDNGCPFVJG9)%5KU

NQQMKPIKPVQOGVJQFQNQIKGUHQTRTQXKFKPIUQOGWPKV[VQ

VJGKTXCTKQWUENKOCVGUGTXKEGUGHHQTVU6JGYQTMKPI

ITQWRKUCUUGUUKPIVJGKORCEVUQHVJG095	HWVWTGGHHQTVU

VQFQYPUK\GVJGWRRGTCKTQDUGTXKPIU[UVGO

7PFGTVJGRTQRQUCNVQUVTGCONKPGVJG(GFGTCN

EQQTFKPCVKPIUVTWEVWTGVJG9)%5YKNNDGCNKIPGFYKVJ

VJG%QOOKVVGGHQT9GCVJGT1RGTCVKQPUCPF5GTXKEGU

&QRRNGT4CFCT/GVGQTQNQIKECN1DUGTXCVKQPU

6JG9QTMKPI)TQWRHQT&QRRNGT4CFCT

/GVGQTQNQIKECN1DUGTXCVKQPU9)&4/1KUEQPVKPWKPI

VJGTGXKUKQPCPFWRFCVKPIQH(/*2CTV#5[UVGO

%QPEGRVU4GURQPUKDKNKVKGUCPF2TQEGFWTGU&WTKPIVJG

RCUV[GCTUGXGTCNFTCHVUJCXGDGGPEKTEWNCVGFCOQPIVJG

OGODGTCIGPEKGUHQTEQOOGPVUCPFTGXKUKQPU#HKPCN

FTCHVKUDGKPIRTGRCTGFHQTTGXKGYCPFRWDNKECVKQPKPNCVG

YKVJVJGPGY0':4#&2TQITCO%QWPEKN6JGYQTMKPI

ITQWRYKNNCNUQOQPKVQTVJGTGURQPUKDKNKVKGUQHVJG

9QTMKPI)TQWRHQT4CFCT/GVGQTQNQIKECN1DUGTXCVKQPU


UGG4CFCT/GVGQTQNQIKECN1DUGTXCVKQPU

6JG9QTMKPI)TQWRHQT*[FTQOGVGQTQNQI[


9)*/JCUDGGPCFFTGUUKPICTGCUHQTOWVWCN

+PVJGRTQRQUCNVQUVTGCONKPGVJG(GFGTCN

5GTXKEGU

6JG9QTMKPI)TQWRHQT.KIJVPKPI&GVGEVKQP

5[UVGOU9).&5OGVKP/C[VQCFKUEWUUVJG

UVCVWUQHVJG*CPFDQQMQP.KIJVPKPI5VTKMG.QECVKPI

5[UVGOUDTGXKGYVJGUVCVWUQHVJG0CVKQPCN9GCVJGT

5GTXKEG UNKIJVPKPIFCVCEQPVTCEVCPF
EGZCOKPGVJG

TGSWKTGOGPVUHQTURCEGDCUGFNKIJVPKPIFCVC6JGHKTUV

FTCHVQHVJG*CPFDQQMKUUEJGFWNGFVQDGEQORNGVGFD[

VJGGPFQH+PVJGKPVGTKOCRTGNKOKPCT[

CDDTGXKCVGFXGTUKQPYKNNDGCXCKNCDNGVJKUHCNN#0#5#

IQCNKUVQIGVCNKIJVPKPIFGVGEVKQPKPUVTWOGPVKP

IGQUVCVKQPCT[QTDKVD[GCTN[KPVJGUVEGPVWT[6Q

UWRRQTVVJKUIQCNVJG9QTMKPI)TQWRKUEQQTFKPCVKPI

CIGPE[TGSWKTGOGPVUHQTURCEGDCUGFVQVCNNKIJVPKPIFCVC

6JGTGKUCNUQCPGHHQTVWPFGTYC[D[VJG/+6 U.KPEQNP

.CDVQCTVKEWNCVGCPFYJGTGRQUUKDNGSWCPVKH[

QRGTCVKQPCNDGPGHKVUQHURCEGDCUGFVQVCNNKIJVPKPIFCVC

+P(GFGTCNCIGPEKGUEQPUQNKFCVGFVJGKTCIGPE[

RNCPUHQTCPQVJGTRTQEWTGOGPVQHNKIJVPKPIFCVCVJG

QTKIKPCN095EQPVTCEVGPFGFKP5GRVGODGT6JG

ITQWRCUUKUVGFKPFTCHVKPICUVCVGOGPVQHYQTMYJKEJYCU

KPEQTRQTCVGFKPVQVJG4(2UWDUGSWGPVN[KUUWGFD[VJG

0956JGPGYEQPVTCEVYKVJ)NQDCN#VOQURJGTKEU+PE



)#+DGICPQP1EVQDGTHQT(;VJTQWIJ OQDKNGU[UVGOUCPFECRCDKNKVKGUCPFVJQUGRTQITCOOGFVQ

(;#IGPEKGURCTVKEKRCVKPIKPVJGEQPVTCEVKPENWFG DGCXCKNCDNGKPVJGPGCTHWVWTG

&1#&1&
75#(75#CPF750&1+
$./ 

&16(##CPF8QNRG%GPVGT0#5#CPF095

7PFGTVJGRTQRQUCNVQUVTGCONKPGVJG(GFGTCN FKUGUVCDNKUJGF6JGTGURQPUKDKNKVKGUHQT#*)//'YKNN

EQQTFKPCVKPIUVTWEVWTGVJG9).&5YKNNDGCNKIPGFYKVJ DGOQPKVQTGFD[VJGPGYN[HQTOGF%QOOKVVGGHQT

VJG%QOOKVVGGHQT1DUGTXKPI5[UVGOU 1DUGTXKPI5[UVGOU

/CTKPG'PXKTQPOGPVCN5GTXKEGU /QPKVQTKPIVJG5VTCVQURJGTG

6JG9QTMKPI)TQWRHQT/CTKPG'PXKTQPOGPVCN +P#RTKNVJG9QTMKPI)TQWRHQT/QPKVQTKPI

5GTXKEGU
9)/'5RWDNKUJGFVJG(GFGTCN2NCPHQT

/CTKPG'PXKTQPOGPVCN&CVC5GTXKEGUCPF5WRRQTVKPI

4GUGCTEJ
,WPGYKVJVJGQDLGEVKXGVQFGHKPGC

TGURQPUKXGPCVKQPCNRQNKE[HQTOCTKPGGPXKTQPOGPVCN

UGTXKEGU6JGRNCPYKNNUGTXGCUCOGEJCPKUOHQT

KPVGTCIGPE[EQQRGTCVKQPKPOCTKPGFCVCEQNNGEVKQPGHHQTVU

7PFGTVJGRTQRQUCNVQUVTGCONKPGVJG(GFGTCN

EQQTFKPCVKPIUVTWEVWTGVJG9)/'5YKNNDGCNKIPGFYKVJ

VJG%QOOKVVGGHQT9GCVJGT1RGTCVKQPUCPF5GTXKEGU

/GVGQTQNQIKECN%QFGU

&WTKPI(;VJG9)/%
HKPCNK\GFC

OQFKHKECVKQPVQVJGPQPEQPXGEVKXGNQYNGXGNYKPFUJGCT

ITQWRKP6#(
(/:'ZV
EQQTFKPCVGFC

0CVKQPCN+PVGTPCVKQPCN1TKIKPCVKPI%GPVGTEQFGHKIWTG

YKVJKP)4+$
(/:HQTVJG0CXCN1EGCPQITCRJKE

1HHKEGCV5VGPPKU5RCEG%GPVGT/KUUKUUKRRKCPF


CRRTQXGFCPFHQTYCTFGFVQ9/1CPGZEGRVKQPVQ

6'5#%
(/+:6JGITQWRCNUQTGXKGYGFC

RTQRQUCNHQTFGXGNQRKPICUWTHCEGQDUGTXCVKQPEQFG


UKOKNCTVQ/'6#4HQTCWVQOCVGFUVCVKQPUCPF

EQPVKPWGFFKUEWUUKQPUHQTCUVCPFCTFEQFGHQTOCVHQTFCVC

DGKPIGZEJCPIGFDGVYGGPQRGTCVKQPCNRTQEGUUKPIEGPVGTU

6JGNCVVGTKURCTVQHRTQRQUCNUCPFFKUEWUUKQPUYKVJKPVJG

9/1QP)TKFFGF$KPCT[)4+$CPF$KPCT[7PKXGTUCN

(QTO$7(46JG9)/%KUEQPVKPWKPIEQQTFKPCVKQP

CPFTGXKGYQHVJGKPKVKCNEJCRVGTUQH(/*

7PFGTVJGRTQRQUCNVQUVTGCONKPGVJG(GFGTCN

EQQTFKPCVKPIUVTWEVWTGVJG9)/%YKNNDGCNKIPGFYKVJ

VJGPGY%QOOKVVGGHQT9GCVJGT+PHQTOCVKQP5[UVGOU

/QDKNG/GVGQTQNQIKECN'SWKROGPV

+%/554VCUMGFVJG#F*QE)TQWRHQT/QDKNG

/GVGQTQNQIKECN'SWKROGPV
#*)//'VQRTQXKFGC

HQTWOHQTEQQTFKPCVKPIKPHQTOCVKQPQPOQDKNGQDUGTXKPI

CPFHQTGECUVKPIU[UVGOUYKVJKPVJGHGFGTCNOGVGQTQNQIKECN

EQOOWPKV[+P&GEGODGT#*)//'RWDNKUJGF

CTGXKUGF(GFGTCN&KTGEVQT[QH/QDKNG/GVGQTQNQIKECN

'SWKROGPVCPF%CRCDKNKVKGUVQECVCNQIWGDQVJEWTTGPV

+PVJGRTQRQUCNVQUVTGCONKPGVJG(GFGTCN

EQQTFKPCVKPIUVTWEVWTGVJG#*)//'YKNNDG

VJG5VTCVQURJGTG
9)/5URQPUQTGFCOGGVKPIQH

UEKGPVKUVUHTQOVJGRWDNKECPFRTKXCVGUGEVQTUCUYGNNCU

VJGCECFGOKEEQOOWPKV[VQCFFTGUUITQWPFDCUGFCPFKP

UKVWQ\QPGOGCUWTGOGPVUHQTVJGWRRGTVTQRQURJGTGCPF

NQYGTUVTCVQURJGTG#OCLQTHQEWUQHVJGOGGVKPIYCU

EQTTGNCVKXGOGCUWTGOGPVUYKVJURCEGDCUGFU[UVGOU6JG

9QTMKPI)TQWRCNUQEQPVKPWGUQXGTUKIJVHQTVJG

KORNGOGPVCVKQPQHVJG0CVKQPCN2NCPHQT5VTCVQURJGTKE

/QPKVQTKPI
,WN[YJKEJKPENWFGU

OQPKVQTKPIHQTQ\QPGVTCEGICUGUCPFYCVGTXCRQT

7RFCVKPIVJG0CVKQPCN2NCPKUGZRGEVGFVQDGIKPKPNCVG



7PFGTVJGRTQRQUCNVQUVTGCONKPGVJG(GFGTCN

EQQTFKPCVKPIUVTWEVWTGVJG9)/5YKNNDGCNKIPGFYKVJ

VJGPGY%QOOKVVGGHQT1DUGTXKPI5[UVGOU

1RGTCVKQPCN'PXKTQPOGPVCN5CVGNNKVGU

9KVJKPVJGRTQRQUCNVQUVTGCONKPGVJG(GFGTCN

EQQTFKPCVKPIUVTWEVWTGVJG%QOOKVVGGHQT1RGTCVKQPCN

'PXKTQPOGPVCN5CVGNNKVGUYCUTGFGUKIPCVGFCUVJG

9QTMKPI)TQWRHQT1RGTCVKQPCN'PXKTQPOGPVCN5CVGNNKVGU


9)1'59)1'5YKNNDGCNKIPGFWPFGTVJG

%QOOKVVGGHQT1DUGTXKPI5[UVGOU

1RGTCVKQPCN2TQEGUUKPI%GPVGTU

6JGRTKPEKRCNUQHVJG1(%/URQPUQTGF%QOOKVVGG

HQT1RGTCVKQPCN2TQEGUUKPI%GPVGTU
%12%CPFVJG

5JCTGF2TQEGUUKPI2TQITCO1RGTCVKQPU5VGGTKPI

%QOOKVVGG5215%OGGVVYKEGC[GCTVQFKUEWUUFCVC

KUUWGUOQFGNKPICEVKXKVKGUCPFCNIQTKVJOFGXGNQROGPV

CPFQVJGTEQQRGTCVKXGGHHQTVU&WTKPI(;VJG

VYQEQOOKVVGGUOGVEQPUGEWVKXGN[HQNNQYGFD[CLQKPV

GZGEWVKXGUGUUKQP6JG1EVQDGTOGGVKPIYCUJQUVGF

D[VJG0CXCN1EGCPQITCRJKE1HHKEG0#81%'#01KP

0GY1TNGCPU.QWKUKCPCCPFVJG/C[OGGVKPIYCU

JQUVGFD[VJG(NGGV0WOGTKECN/GVGQTQNQI[CPF

1EGCPQITCRJ[%GPVGT
(0/1%KP/QPVGTG[

%CNKHQTPKC2TQITGUUEQPVKPWGUQPNKPMKPIVJGEGPVGTU

VQIGVJGTWUKPI#U[PEJTQPQWU6TCPUHGT/QFG
#6/


EQOOWPKECVKQPUYJKEJUKIPKHKECPVN[WRITCFGUVJG OGVKPVJGURTKPIQHKPEQPLWPEVKQPYKVJC2TQHKNGT

NCPFNKPGCPFUCVGNNKVGEQOOWPKECVKQPUVJCVVJG12%U 5[UVGOU5KIPCN2TQEGUUKPI9QTMUJQR6JGWUGQH

EWTTGPVN[WUG6JGHKTUV#6/NKPMDGVYGGP(0/1%CPF RTQHKNGTUJCURTQXGPXCNWCDNGKPOCP[QRGTCVKQPCN

#KT(QTEG)NQDCN9GCVJGT%GPVGTYCUQRGTCVKQPCNKP CRRNKECVKQPUUWEJCUUGXGTGYGCVJGTHQTGECUVKPIRQNNWVKQP

(GDTWCT[VJG#6/PGVYQTMYKNNDGHWNN[ OQPKVQTKPICPFURCEGNCWPEJUWRRQTVJQYGXGTC

QRGTCVKQPCNKPGCTN[(;6JG%12%CNUQTGEGKXGF NKOKVKPIHCEVQTKUKPVJGUKIPCNRTQEGUUKPI%WTTGPVUKIPCN

WRFCVGUQPVJG0CVKQPCN2QNCT1TDKVKPI1RGTCVKQPCN RTQEGUUKPIVGEJPKSWGUCHHGEVTGCNVKOGCRRNKECVKQPUYJGTG

'PXKTQPOGPVCN5CVGNNKVG5[UVGO021'55CPFVJG0QTVJ VJGTGKUNKVVNGVKOGVQXCNKFCVGFCVCCEEWTCE[/CP[QHVJG

#OGTKECP#VOQURJGTKE1DUGTXKPI5[UVGO0#156JG UKIPCNRTQEGUUKPIRTQDNGOUCTGYGNNWPFGTUVQQFCPFECP

&KTGEVQTQHVJG0CVKQPCN%GPVGTUHQT'PXKTQPOGPVCN DGUQNXGFD[KORNGOGPVKPIUVCVGQHVJGCTVVGEJPKSWGU

2TGFKEVKQPUGTXGUCUEJCKTOCPQHVJG0#152TQITCO 6JG9)25KUFTCHVKPICTGXKGYRCRGTVJCVEQXGTUVJG

%QWPEKNVJGIQCNQH0#15KUVQTGFGUKIPVJGEQORQUKVG UVCVGQHVJGVGEJPQNQI[CPFQWVNKPGUHWVWTGRTQHKNGT

OGVGQTQNQIKECNQDUGTXKPIU[UVGOVQGPJCPEG0QTVJ GPJCPEGOGPVU6JGFTCHVTGXKGYRCRGTKURNCPPGFVQDG

#OGTKECPYGCVJGTHQTGECUVKPIHQTDGVVGTYGCVJGTUGTXKEGU EQORNGVGKPVJGHKTUVSWCTVGT(;

CPFITGCVGTEQUVGHHKEKGPE[

6JG#F*QE)TQWRHQT1DUGTXCVKQPU#*)1$5 YQTMKPIQPCPCEVKQPRNCPVQCEJKGXGSWCNKV[CPF

YJKEJYCUHQTOGFD[VJG%12%KPVQCFFTGUUVJG TGNKCDKNKV[KORTQXGOGPVUKPRTQHKNGTRTQFWEVU

KUUWGUQHFGENKPKPIPWODGTUQHQDUGTXCVKQPUCPFVJG 

XCTKCDKNKV[QHFCVCV[RGUCPFEQWPVUKPVJGFCVCDCUGUQH

VJG12%UYCUXGT[CEVKXGFWTKPI(;6JG

%JCKTOCP#*)1$5RTQXKFGFCPWRFCVGQPVJG

ITQWR	UCEVKXKVKGUCVDQVJOGGVKPIU 4CFCT/GVGQTQNQIKECN1DUGTXCVKQPU

2QUV5VQTO&CVC#ESWKUKVKQP 7PFGTVJGRTQRQUCNVQUVTGCONKPGVJG(GFGTCN

#9QTMKPI)TQWRHQT2QUV5VQTO&CVC#ESWKUKVKQP


9)25&#YCUGUVCDNKUJGFD[+%/554VQRTGRCTGCP

KPVGTCIGPE[RNCPHQTUEKGPVKHKECPFGPIKPGGTKPIFCVC

CESWKUKVKQPGURGEKCNN[JKIJN[RGTKUJCDNGFCVCCHVGT

EQCUVCNUVQTOUVQTPCFQGUVUWPCOKUCPFNCMGUVQTOU

6JGHQNNQYKPICIGPEKGUCEVKXGN[RCTVKEKRCVGVJG75

#TO[%QTRUQH'PIKPGGTU095('/#75)5

01##%QCUVCN1EGCPU2TQITCO0CVKQPCN+PUVKVWVGHQT

5VCPFCTFUCPF6GEJPQNQI[
0+56CPFVJG75&#	U

0CVWTCN4GUQWTEGU%QPUGTXCVKQP5GTXKEG

+PVJG9)25&#EQORNGVGFCOGOQTCPFWO

QHWPFGTUVCPFKPIYKVJVJG%KXKN#KT2CVTQN
%#2VQ

RTQXKFGEQUVGHHGEVKXGCGTKCNRQUVUVQTOUWTXG[HNKIJVUQP

CPCUCXCKNCDNGDCUKU6QVJGGZVGPVRQUUKDNG%#2YKNN

RTQXKFGVJGPGGFGFCKTDQTPGUWRRQTVVQOGGVVJG

9)25&#	UTGSWKTGOGPVUYKVJKPJQWTUQHCTGSWGUV

HTQOCPCWVJQTK\GF1(%/CWVJQTKV[6JG0CVKQPCN

2QUV5VQTO&CVC#ESWKUKVKQP2NCPKUKPVJGHKPCNUVCIGU

QHEQORNGVKQP

7PFGTVJGRTQRQUCNVQUVTGCONKPGVJG(GFGTCN

EQQTFKPCVKPIUVTWEVWTGVJG9)25&#YKNNDGCNKIPGF

YKVJVJGPGY%QOOKVVGGHQT1DUGTXKPI5[UVGOU

2TQHKNGT5[UVGOU

6JG9QTMKPI)TQWRHQT2TQHKNGT5[UVGOU9)25

&WTKPI(;VJGYQTMKPIITQWRYKNNDG

7PFGTVJGRTQRQUCNVQUVTGCONKPGVJG(GFGTCN

EQQTFKPCVKPIUVTWEVWTGVJG9)25YKNNDGCNKIPGFYKVJ

VJGPGY%QOOKVVGGHQT1DUGTXKPI5[UVGOU

EQQTFKPCVKPIUVTWEVWTGVJG9)4/1YKNNDG

FKUGUVCDNKUJGF6JGTGURQPUKDKNKVKGUHQT9)4/1YKNN

DGOQPKVQTGFD[VJG9QTMKPI)TQWRHQT&QRRNGT4CFCT

/GVGQTQNQIKECN1DUGTXCVKQPU

5CVGNNKVG6GNGOGVT[

6JG5CVGNNKVG6GNGOGVT[+PVGTCIGPE[9QTMKPI)TQWR


56+9)KUEQEJCTVGTGFD[VJG(GFGTCN%QQTFKPCVQTHQT

/GVGQTQNQI[CPFVJG%JKGH1HHKEGQH9CVGT&CVC

%QQTFKPCVKQP6JG56+9)TGRQTVUVQVJGEQQTFKPCVQTU

VJTQWIJVJG%QOOKVVGGHQT$CUKE5GTXKEGUCPFVJG

*[FTQNQI[5WDEQOOKVVGGKPVJGKTTGURGEVKXGEQQTFKPCVKPI

KPHTCUVTWEVWTGU6JG56+9)CIGPEKGUEQNNGEVFCVCHTQO

TGOQVG&CVC%QNNGEVKQP2NCVHQTOU
&%2VJTQWIJVJG

)1'5&CVC%QNNGEVKQP5[UVGO&%5&%2UQYPGFD[

VJGWUGTCIGPEKGUUGPUGCPFEQNNGEVCXCTKGV[QHFCVCCV

TGOQVGN[NQECVGFRQUKVKQPU#OQPIVJQUGV[RGUQHFCVC

CTGTCKPHCNNUVTGCOHNQYYCVGTNGXGNUKPNCMGUCPF

TGUGTXQKTUUGKUOKEUVTGUUCPFXKDTCVKQPYKPFFKTGEVKQP

CPFURGGFCVOQURJGTKERTGUUWTGUQKNOQKUVWTGCKTUQKN

VGORGTCVWTGUGCUWTHCEGVGORGTCVWTGUCPFTGNCVKXG

JWOKFKV[

#OCLQTEQPEGTPQHVJG56+9)CPF0'5&+5JCU

DGGPVJGITQYKPIPWODGTUQH&%2UCPFVJGRQUUKDKNKV[QH

U[UVGOUCVWTCVKQP5GXGTCNKPVGTPCVKQPCNWUGTUCTGEQOKPI

QPNKPGYKVJCITQYKPIPWODGTQH&%2U+PTGURQPUGVQ

VJKUITQYKPIEQPEGTP0'5&+5JCUVCMGPUVGRUVQ


KPETGCUGVJGGHHKEKGPE[QHDCPFYKFVJWUGKPVJGUCVGNNKVG 9KVJKPVJGRTQRQUCNVQUVTGCONKPGVJG(GFGTCN

CPFVQKPETGCUGVJGVJTQWIJRWVCVVJGITQWPFRTQEGUUKPI

U[UVGOCVVJG%QOOCPFCPF&CVC#ESWKUKVKQP5VCVKQP

6JG56+9)OGODGTCIGPEKGUJCXGHWPFGFCFFKVKQPCN

FGOQFWNCVQTUHQTVJGITQWPFTGEGKXKPIU[UVGOCPFC

FQOGUVKEEQOOWPKECVKQPUUCVGNNKVGEJCPPGNVQFKUUGOKPCVG

VJGEQNNGEVGFFCVCVQWUGTU6JG[JCXGCNUQHWPFGF

UVWFKGUVQGXCNWCVGVJGCFXCPVCIGUCPFKORCEVUQHJKIJGT

DCWFTCVGGSWKROGPV$CUGFQPVJGUGTGUWNVU56+9)

CIGPEKGUJCXGLQKPVN[HWPFGFVJGFGXGNQROGPVQHCPF

DCWFVTCPUOKVVGTUFGOQFWNCVQTUCPFVGUVUGVU

6JG56+9)OGVVJTGGVKOGUKP(;VQFKUEWUU

VJGQRGTCVKQPUQHVJG)1'5&%56JGYQTMKPIITQWR

OGODGTUFKUEWUUGFVJGLQKPVHWPFKPIQH)1'5&%5

GPJCPEGOGPVUCPFKPRCTVKEWNCTVJGEQPVTCEVHQTJKIJGT

DCWFTCVGVTCPUOKVVGTUFGOQFWNCVQTUCPFVGUVUGVUYJKEJ

YGTGDGKPIFGXGNQRGFWPFGTCEQPVTCEVOCPCIGFD[

0'5&+50'5&+5CYCTFGFVJGEQPVTCEVKP5GRVGODGT

YKVJFGNKXGT[QHRTQVQV[RGUUEJGFWNGFHQTHKUECN

[GCT

&WTKPICURGEKCNOGGVKPIKP,WN[VJGOGODGTU

FKUEWUUGFHWTVJGTFGXGNQROGPVUKPVJGJKIJDCWFTCVG

EQPVTCEVCPFVJGPGGFHQTHWPFKPIHQTC&1/5#6


FQOGUVKEUCVGNNKVGEJCPPGNKPCPFDG[QPF56+9)

OGODGTCIGPEKGUEWTTGPVN[WUGFKTGEVTGCFQWVTGEGKXGTU

VQCESWKTGVJGFCVCVJG[TGOQVGN[UGPUGCPFVTCPUOKVVQ

)1'5&%56JQUGFCVCCTGUVTGCOGFVQVJGGCTVJUVCVKQP

CV9CNNQRU+UNCPF8KTIKPKCYJKEJTGVTCPUOKVUVJGFCVCVQ

VJG&1/5#6HQTDTQCFECUV6JKUU[UVGOEQPHKIWTCVKQP

YCURTQITCOOGFVQDGTGRNCEGFD[VJG01##2146

U[UVGO01##2146YKNNQRGTCVGKPCFKHHGTGPV

HTGSWGPE[DCPFVJCPVJG&1/5#6DTQCFECUVVJWU

TGSWKTKPIUQOGOQFKHKECVKQPUVQVJGFKTGEVTGCFQWV

TGEGKXGTUCPFCPVGPPCG

6JG56+9)EQORNGVGFKVUTGXKGYCPFCRRTQXGFVJG

0CVKQPCN)1'5&%51RGTCVKQPU2NCPHQTRWDNKECVKQP

6JGRNCPYKNNDGCXCKNCDNGHQTFKUVTKDWVKQPKP#WIWUV

6JG56+9)JCUTGFWEGFVJGPWODGTQHTGIWNCT

OGGVKPIUHTQOVQRGT[GCTDWVYKNNOGGVCUPGGFGF

HQTHWPFKPICPFEQPVTCEVDWUKPGUU

+PVJGRTQRQUCNVQUVTGCONKPGVJG(GFGTCN

EQQTFKPCVKPIUVTWEVWTGVJG569+)YKNNDGCNKIPGFWPFGT

VJGPGY%QOOKVVGGHQT9GCVJGT+PHQTOCVKQP5[UVGOU

5GXGTG.QECN5VQTOU1RGTCVKQPU

6JG9QTMKPI)TQWRHQT5GXGTG.QECN5VQTOU

1RGTCVKQPU
9)5.51EQORNGVGFKVUYQTMQPVJG

0CVKQPCN5GXGTG.QECN5VQTOU1RGTCVKQPU2NCPCPFVJG

RNCPYCURWDNKUJGFKP/CTEJ

EQQTFKPCVKPIUVTWEVWTGVJG9)5.51YKNNDGCNKIPGF

WPFGTVJG%QOOKVVGGHQT9GCVJGT1RGTCVKQPUCPF

5GTXKEGU

5WTHCEG1DUGTXCVKQPU

9KVJVJGRWDNKECVKQPQH(/*VJG9QTMKPI)TQWR

HQT5WTHCEG1DUGTXCVKQPU
9)51TGEQOOGPFGFVJG

FKUGUVCDNKUJOGPVQHVJG#F*QE)TQWRHQT(/*CPF

CUUWOGFVJGTGURQPUKDKNKVKGUHQTOCKPVGPCPEGQHVJG

RWDNKECVKQP6JGITQWRRNCPUVQTGXKUKVVJGVQRKEQHC

EQOOQPKPVGTCIGPE[QDUGTXKPIJCPFDQQM+PCFFKVKQP

VJGITQWRKUGZCOKPKPIVJGPGGFVQDTQCFGPVJGYQTMKPI

ITQWR	UHQEWUHTQOCPCXKCVKQPQTKGPVGFRGTURGEVKXGVQ

QPGVJCVDCNCPEGUVJGPGGFUQHCNNUWTHCEGQDUGTXCVKQP

WUGTU

7PFGTVJGRTQRQUCNVQUVTGCONKPGVJG(GFGTCN

EQQTFKPCVKPIUVTWEVWTGVJG9)51YKNNDGCNKIPGFYKVJ

VJGPGY%QOOKVVGGHQT1DUGTXKPI5[UVGOU

6TQRKECN%[ENQPG4GUGCTEJCPF4GEQPPCKUUCPEG

+P,CPWCT[VJG9QTMKPI)TQWRHQT6TQRKECN

%[ENQPG4GUGCTEJRWDNKUJGFVJG0CVKQPCN2NCPHQT

6TQRKECN%[ENQPG4GUGCTEJCPF4GEQPPCKUUCPEG

VJGVJKTFKPVJGUGTKGUFCVKPIDCEMVQ&GEGODGT

6JGRNCPFGVCKNUCRTQITCOHQTVTQRKECN

E[ENQPGJWTTKECPGTGUGCTEJCPFTGEQPPCKUUCPEGVJCV

RTQXKFGUCPKORTQXKPINGXGNQHUGTXKEGVQCFGSWCVGN[

RTQVGEVVJGEKVK\GPUQHVJGEQCUVCNCTGCUQHVJG7PKVGF

5VCVGU+VFGHKPGUVJGEJCNNGPIGUVJCVVJGHQTGECUVEGPVGTU

HCEGCPFFKXKFGUVJGOKPVQHQWTHQEWUCTGCU

QDUGTXCVKQPUCPCN[UKUHQTGECUVKPIEQOOWPKECVKQPU

FKUUGOKPCVKQPCPFXGTKHKECVKQPFQEWOGPVCVKQP9KVJKP

GCEJHQEWUCTGCCUGTKGUQHQDLGEVKXGU
VQVCNCTG

FGHKPGF6JGUGQDLGEVKXGUENQUGN[EQTTGNCVGYKVJVJG

JKIJGUVRTKQTKV[EJCNNGPIGUKFGPVKHKGFD[VJGHQTGECUV

EGPVGTUCPFCTGFGUKIPGFVQHQEWUVJGEQQRGTCVKXGGHHQTVU

COQPIVJGXCTKQWUTGUGCTEJITQWRUDQVJYKVJKPCPF

QWVUKFGQHIQXGTPOGPV6JGIQCNUQHVJGRTQITCOQXGT

VJGPGZV[GCTUCTGVQXCNKFCVGVJGFCVCCPFRTQFWEV

TGSWKTGOGPVUVQIGVJGTYKVJVJGUWRRQTVKPITGUGCTEJ

PGGFGFVQRTQXKFGHQTNQPIVGTOKORTQXGOGPVUKPVTQRKECN

E[ENQPGHQTGECUVKPICPFYCTPKPIUGTXKEGUCPF
VQ

FGVGTOKPGVJGQRVKOWOOKZQHEQORNGOGPVCT[CPFEQUV

GHHGEVKXGTGOQVGCPFKPUKVWU[UVGOUVQUCVKUH[VJQUG

TGSWKTGOGPVU2TQITGUUQPCEJKGXKPIVJGIQCNUCPF

QDLGEVKXGUQHVJGRTQITCOYKNNDGTGXKGYGFCVVJGCPPWCN

+PVGTFGRCTVOGPVCN*WTTKECPG%QPHGTGPEGUJQUVGFD[VJG

1(%/CUYGNNCUKPWRFCVGUVQVJGRNCP


+PVJGRTQRQUCNVQUVTGCONKPGVJG(GFGTCN &WTKPIVJGUWOOGTVJG%QCUV)WCTFCPFVJG

EQQTFKPCVKPIUVTWEVWTGVJG6CUM)TQWRHQT6TQRKECN 7PKXGTUKV[QH#NCUMCCUUWOGFTGURQPUKDKNKV[HQT

%[ENQPG4GUGCTEJ6)6%4YKNNDGFKUGUVCDNKUJGF6JG KPUVCNNCVKQPQHCFFKVKQPCNKPUVTWOGPVUQPHQWTXQNECPQGU

TGURQPUKDKNKVKGUHQTVJG6)6%4YKNNDGCDUQTDGFD[VJG 6JG(##RTQXKFGFHWPFUHQTVJGCFFKVKQPCNUGPUQTUKP

TGPCOGF9QTMKPI)TQWRHQT*WTTKECPGCPF9KPVGT CUYGNN

5VQTOU1RGTCVKQPUCPF4GUGCTEJ9)*9514 

7RRGT#KT1DUGTXCVKQPU

6JG9QTMKPI)TQWRHQT7RRGT#KT1DUGTXCVKQPU /GVGQTQNQI[JQUVGFVJG +PVGTFGRCTVOGPVCN*WTTKECPG


9)7#1OGVKPVJG5RTKPIVQTGXKGY&1& UTGUGCTEJ %QPHGTGPEG+*%FWTKPI/CTEJKP/KCOK

CPFFGXGNQROGPVGHHQTVUQP)25DCUGFWRRGTCKT (NQTKFC6JGEQPHGTGPEGCIGPFCEQPUKUVGFQHCTGXKGY

QDUGTXCVKQPU[UVGOUCPFVQHWTVJGTFGHKPGCIGPE[ QHVJGVTQRKECNE[ENQPGUGCUQPKPVJG#VNCPVKE

TGSWKTGOGPVU+P/C[VJG#F*QE)TQWRHQT(GFGTCN 1EGCP)WNHQH/GZKEQ%CTKDDGCP5GCCPFVJG2CEKHKE

/GVGQTQNQIKECN*CPFDQQM0Q
#*)(/* 1EGCPVJGEWTTGPVVTQRKECNE[ENQPGTGUGCTEJCPF

EQORNGVGFVJGTGXKUKQPUQHVJGJCPFDQQMCPFTGEGKXGF TGSWKTGOGPVUHQTVJGVTQRKECNE[ENQPGUGCUQPC

9)7#1CRRTQXCNHQTRWDNKECVKQPCPFFKUVTKDWVKQP TGXKGYQHVJGOKNKVCT[YGCVJGTTGEQPPCKUUCPEGOKUUKQP

(/*4CYKPUQPFGCPF2KDCN1DUGTXCVKQPUYCU CPFVJGTGXKUKQPVQVJG0CVKQPCN*WTTKECPG1RGTCVKQPU

FKUVTKDWVGFKP/C[9KVJVJGEQORNGVKQPQHVJKU

VCUMVJG9)7#1TGEQOOGPFGFCPFTGEGKXGF%$5

EQPEWTTGPEGVQFKUGUVCDNKUJVJGCFJQEITQWR

7PFGTCRTQRQUCNVQUVTGCONKPGVJG(GFGTCN

EQQTFKPCVKPIUVTWEVWTGVJG9)7#1YKNNDGCNKIPGF

YKVJKPVJG%QOOKVVGGHQT1DUGTXKPI5[UVGOU

8QNECPKE#UJ4GRQTVKPICPF9CTPKPI

#VVJGTGSWGUVQHVJGHGFGTCNCIGPEKGUKPVJG

+%/554GUVCDNKUJGFVJG#F*QE)TQWRHQT8QNECPKE#UJ


#*)8#VQFGXGNQRCPCVKQPCNRNCPHQT8QNECPKE#UJ

4GRQTVKPICPF9CTPKPI6JGRNCPYKNNKFGPVKH[

TGURQPUKDKNKVKGUQHVJGHGFGTCNCIGPEKGUVQTGRQTVCPF

EQNNGEVFCVCQPXQNECPKEFKUVWTDCPEGUCPFGTWRVKQPUCPF

VQFGXGNQRHQTGECUVUCPFYCTPKPIUQHNQECVKQPUCPF

OQXGOGPVQHCUJRNWOGUQTENQWFU

6JG#*)8#EQPVKPWGUKVUYQTMQPVJGPCVKQPCN

RNCP6JGFQEWOGPVJCUWPFGTIQPGPWOGTQWUEJCPIGU

FWTKPIVJGEQWTUGQHKVUFGXGNQROGPVKPENWFKPICPCOG

EJCPIG6JGPGYVKVNGKU#0CVKQPCN(TCOGYQTMHQT

8QNECPKE#UJ*C\CTFUVQ#XKCVKQP6JGHKPCNFTCHVKU

DGKPITGXKGYGFD[OGODGTUCPFRWDNKECVKQPKURTQLGEVGF

HQTGCTN[

&WTKPIVJG#*)8#CNUQFKUEWUUGFVJGWVKNKV[

VJCVVJG9QTNF#TGC(QTGECUV5[UVGO9#(5YKNNDTKPI

VQVJG8QNECPKE#UJ9CTPKPI5[UVGO6JG7PKVGF5VCVGU

UWRRQTVUVJG+%#18QNECPKE#UJ9CTPKPI5[UVGOCPF

YKNNJCXGVYQ8QNECPKE#UJ#NGTVKPI%GPVGTU8##%U

QPGKP#PEJQTCIG#NCUMCCPFCPQVJGTKP9CUJKPIVQP

&%6JGITQWRCNUQCFFTGUUGFCPKPVGTCIGPE[GHHQTVVQ

RNCEGUGKUOKEUGPUQTUQPOQTG#NCUMCPXQNECPQGUVQ

RTQOQVGUCHGV[CNQPIVJG0QTVJ2CEKHKECKTTQWVGU

+PVGTFGRCTVOGPVCN*WTTKECPG%QPHGTGPEG

6JG1HHKEGQHVJG(GFGTCN%QQTFKPCVQTHQT UV

2NCP
0*126JGHGCVWTGFIWGUVURGCMGTYCU&T

)TGIQT[*QNNCPF#WUVTCNKCP$WTGCWQH/GVGQTQNQI[

YJQUGRTGUGPVCVKQPFGUETKDGFVJGTGUWNVUQHRKQPGGTKPI

CFXGPVWTGUKPVTQRKECNE[ENQPGTGEQPPCKUUCPEGKPENWFKPI

VJGRGTHQTOCPEGQHWPOCPPGFCGTKCNXGJKENGU(WTVJGT

VGUVKPIQHVJKUECRCDKNKV[KURNCPPGFKP(;CVVJG

,QKPV6[RJQQP9CTPKPI%GPVGTKP)WCO

6JG9QTMKPI)TQWRHQT*WTTKECPGCPF9KPVGT

5VQTOU1RGTCVKQPUOGVKPEQPLWPEVKQPYKVJVJG+*%VQ

WRFCVGVJG0*126JGGFKVKQPQHVJG0*12YCU

RWDNKUJGFKP/C[6JG +PVGTFGRCTVOGPVCN*WTTKECPG PF

%QPHGTGPEGKUUEJGFWNGFHQT,CPWCT[KP

%NGCTYCVGT$GCEJ(NQTKFC

+PVJG1(%/	UUVTGCONKPKPIRTQRQUCNVJG

9)*951YKNNCDUQTDVJGTGURQPUKDKNKVKGUQHVJG

6)6%4CPFDGTGPCOGFVJG9QTMKPI)TQWRHQT

*WTTKECPGCPF9KPVGT5VQTOU1RGTCVKQPUCPF4GUGCTEJ


9)*9514

%QOOKVVGGCPF9QTMKPI)TQWR5VTWEVWTG

#UEJGOCVKEQHVJGEWTTGPVHGFGTCNEQOOKVVGGCPF

YQTMKPIITQWRUVTWEVWTGHQTOGVGQTQNQIKECNEQQTFKPCVKQP

KUHQWPFQPVJGDCEMKPUKFGEQXGTQHVJKURNCP

(GFGTCN/GVGQTQNQIKECN*CPFDQQMU

#VVJGFKTGEVKQPQHVJG+%/554VJG1(%/

OCKPVCKPUCEQPVKPWKPIRTQITCOVQTGXKVCNK\GVJG(GFGTCN

/GVGQTQNQIKECN*CPFDQQMU(/*4GURQPUKDKNKV[HQT

TGXKGYCPFTGXKUKQPUKHPGEGUUCT[QHGCEJJCPFDQQMKU

CUUKIPGFVQVJGCRRTQRTKCVGEQOOKVVGGCPFQTYQTMKPI

ITQWRYKVJKPVJGGZKUVKPIKPVGTFGRCTVOGPVCNEQQTFKPCVKPI

KPHTCUVTWEVWTG6JG(/*UGTKGUKPENWFGUQDUGTXKPICPF


TGRQTVKPIRTCEVKEGUHQTUWTHCEGWRRGTCKTTCFCTCPF FGVGTOKPGFVJG2KNQV4GRQTV2+4'2EQFGHQTOVJCVJCF

OGVGQTQNQIKECNTQEMGVQDUGTXCVKQPU6JGVKVNGUQHPKPG DGGPKPENWFGFKPGCTNKGTXGTUKQPUQH(/*

GZKUVKPIJCPFDQQMUCTG5WTHCEG9GCVJGT1DUGTXCVKQPU

CPF4GRQTVU5WTHCEG5[PQRVKE%QFGU4CYKPUQPFGCPF

2KDCN1DUGTXCVKQPU9GCVJGT4CFCT1DUGTXCVKQPU

/GVGQTQNQIKECN4QEMGV1DUGTXCVKQPUCPF&QRRNGT4CFCT

/GVGQTQNQIKECN1DUGTXCVKQPU

6QFCVGTGXKUKQPUJCXGDGGPEQORNGVGFHQTVJG

5WTHCEG9GCVJGT1DUGTXCVKQPUCPF4GRQTVU(/*

5WTHCEG5[PQRVKE%QFGU
(/*4CYKPUQPFGCPF

2KDCN1DUGTXCVKQPU
(/*/GVGQTQNQIKECN4QEMGV

1DUGTXCVKQPU
(/*CPF&QRRNGT4CFCT

/GVGQTQNQIKECN1DUGTXCVKQPU(/*JCPFDQQMU+P

/C[VJG#F*QE)TQWRHQT(/*HKPCNK\GFCPF

RWDNKUJGFVJGVJKTFGFKVKQPQH(/*6JKUGFKVKQPKUC

EQORKNCVKQPQHUVCPFCTFUCPFRTQEGFWTGUHQTVCMKPI

RTQEGUUKPIGPEQFKPIEQOOWPKECVKPICPFCTEJKXKPI

TCYKPUQPFGCPFRKDCNQDUGTXCVKQPU2TGXKQWUN[VJKU

KPHQTOCVKQPYCUFGUETKDGFKP(/*	UVJTQWIJ

(GFGTCNCIGPEKGUCTGEQPVKPWKPIVQFGXGNQRVJG/CPWCN

QP%QFGU755WRRNGOGPV
(/*6JKUPGY

JCPFDQQMYKNNKPENWFGCNQPIYKVJQVJGTEQFGUVQDG

0GYXGTUKQPUQHCNNJCPFDQQMUCTGCXCKNCDNGVQ

RTKXCVGUGEVQTWUGTUVJTQWIJVJG%WUVQOGT5GTXKEGUCVVJG

0CVKQPCN%NKOCVKE&CVC%GPVGT#UJGXKNNG0QTVJ

%CTQNKPC(GFGTCNCIGPEKGUOC[TGSWGUVEQRKGUHTQOVJG

1(%/

/GVGQTQNQIKECN2WDNKECVKQPUQH1(%/

6JGRTGRCTCVKQPQHHGFGTCNRNCPUKUCOCLQT

TGURQPUKDKNKV[QHVJG(GFGTCN%QQTFKPCVQTCPFTGSWKTGU

GZVGPUKXGRNCPPKPICPFEQQTFKPCVKQP)GPGTCNN[HGFGTCN

RNCPUCTGRTGRCTGFHQTGCEJQHVJGURGEKCNK\GF

OGVGQTQNQIKECNUGTXKEGUCPFHQTOGVGQTQNQIKECNRTQITCOU

EQOOQPVQVYQQTOQTGCIGPEKGU6JGHGFGTCN

EQQTFKPCVKPIEQOOKVVGGUCPFYQTMKPIITQWRUEQORKNG

KPHQTOCVKQPHTQOVJGKPXQNXGFCIGPEKGUCPFRTQRQUGC

WPKHKGFRNCPHQTEQPUKFGTCVKQP%WTTGPVRWDNKECVKQPUQH

VJG(GFGTCN%QQTFKPCVQTHQT/GVGQTQNQI[CTGNKUVGFKP

6CDNG9KVJVJGGZEGRVKQPQH(/*	UEQRKGUQH

1(%/RWDNKECVKQPUCTGCXCKNCDNGWRQPTGSWGUV


4'.#6'&('&'4#./'6'141.1)+%#.%114&+0#6+10

6JGHQEWUQH1(%/CPFQHVJKUTGRQTVKUQP DGKPIEQPFWEVGFKPQVJGTHGFGTCNCIGPEKGU

HGFGTCNQRGTCVKQPCNOGVGQTQNQIKECNRTQITCOUCPF

UWRRQTVKPITGUGCTEJVJCVFKTGEVN[UWRRQTVUVJG

QRGTCVKQPCNRTQITCOU$TKGHFGUETKRVKQPUCTGIKXGP

DGNQYQHHGFGTCNEQQTFKPCVKQPCEVKXKVKGUVJCVCTGPQV

URGEKHKECNN[CRCTVQH1(%/CEVKXKVKGU

5WTHCEG6TCPURQTVCVKQP4QCF9GCVJGT+PHQTOCVKQP

5[UVGO

6JTQWIJQWV(;VJG1(%/RCTVKEKRCVGFKP

UGXGTCNOGGVKPIUCPFYQTMUJQRUVQCUUKUVVJG&16	U

(GFGTCN*KIJYC[#FOKPKUVTCVKQP
(*9#YKVJQP

IQKPICEVKXKVKGUTGNCVGFVQVJG+PVGNNKIGPV6TCPURQTVCVKQP

5[UVGO+651(%/RTQXKFGFVGEJPKECNCUUKUVCPEGKP

OGVGQTQNQI[CPFCFXKEGQPOGVGQTQNQIKECNEQFGU

TGNCVGFVQVJGFGXGNQROGPVQHVJG0CVKQPCN

6TCPURQTVCVKQP%QOOWPKECVKQPUHQT+652TQVQEQN


06%+26JGRTKOCT[QDLGEVKXGQHVJG06%+2KUVQ

RTQXKFGCEQOOWPKECVKQPUUVCPFCTFVJCVGPUWTGUVJG

KPVGTQRGTCDKNKV[CPFKPVGTEJCPIGCDKNKV[QHVTCHHKEEQPVTQN

CPF+65FGXKEGUKPENWFKPIOGVGQTQNQIKECNUGPUQTU+P

CFFKVKQPUVCHHOGODGTURTQXKFGFVGEJPKECNCFXKUGCPF

UJCTGFKPHQTOCVKQPQPUKOKNCTTGOQVGUGPUKPIGHHQTVU

1(%/UVCHHCPFCIGPE[OGODGTURCTVKEKRCVGFKP

QVJGTOGVGQTQNQI[TGNCVGFKPVGTCIGPE[RTQITCOUYJKEJ

YGTGPQVTWPD[1(%/6JGUGRTQITCOUYGTGWPFGT

VJGCWURKEGUQHVJG%QOOKVVGGHQTVJG'PXKTQPOGPVCPF

0CVKQPCN4GUQWTEGUCPFVJG5WDEQOOKVVGGHQT0CVKQPCN

&KUCUVGT4GFWEVKQP1(%/UVCHHCNUQRCTVKEKRCVGFKP

01##	U0QTVJ#OGTKECP#VOQURJGTKE1DUGTXKPI

5[UVGO
0#15CEVKXKVKGU6JGIQCNQH0#15KUVQ

OGGVGXQNXKPI01##TGSWKTGOGPVUHQT0QTVJ

#OGTKECPCVOQURJGTKEQDUGTXCVKQPUPGGFGFVQUWRRQTV

VJGCUUGUUOGPVCPFRTGFKEVKQPHQTYGCVJGTCPFENKOCVG

9QTNF9GCVJGT2TQITCO

5QOGHGFGTCNCIGPEKGURCTVKEKRCVGKPKPVGTPCVKQPCN

CEVKXKVKGUTGNCVKPIVQOGVGQTQNQIKECNUGTXKEGUCPFFCVC

GZEJCPIG6JGUGCEVKXKVKGUCTGECTTKGFQWVWPFGTVJG

9QTNF9GCVJGT2TQITCOQHVJG9QTNF/GVGQTQNQIKECN

1TICPK\CVKQPYJKEJKUCURGEKCNK\GFCIGPE[QHVJG

7PKVGF0CVKQPU6JG9QTNF9GCVJGT2TQITCOKU

FGUETKDGFKP#RRGPFKZ'


6CDNG%WTTGPV1(%/2WDNKECVKQPU

2WDNKECVKQP6KVNG&CVG0WODGT

(GFGTCN2NCPHQT/GVGQTQNQIKECN5GTXKEGUCPF5WRRQTVKPI ,WPG (%/2

4GUGCTEJ(KUECN;GCT

0CVKQPCN2NCPHQT5RCEG'PXKTQPOGPV5GTXKEGUCPF5WRRQTVKPI #WIWUV (%/2

4GUGCTEJ

0CVKQPCN5GXGTG.QECN5VQTOU1RGTCVKQPU2NCP (GDTWCT[ (%/2

0CVKQPCN*WTTKECPG1RGTCVKQPU2NCP /C[ (%/2

0CVKQPCN9KPVGT5VQTOU1RGTCVKQPU2NCP 5GRVGODGT (%/2

(GFGTCN2NCPHQT%QQRGTCVKXG5WRRQTVCPF$CEMWR /C[ (%/2

#OQPI1RGTCVKQPCN2TQEGUUKPI%GPVGTU

0CVKQPCN2NCPHQT5VTCVQURJGTKE/QPKVQTKPI,WN[ (%/2

0CVKQPCN#KTETCHV+EKPI6GEJPQNQI[2NCP #RTKN (%/2

0CVKQPCN2NCPVQ+ORTQXG#KTETCHV+EKPI(QTGECUVU ,WN[ (%/2

(GFGTCN2NCPHQTVJG%QQTFKPCVKQPQH#WVQOCVGF9GCVJGT /C[ (%/2

+PHQTOCVKQP5[UVGO2TQITCOU

(GFGTCN2NCPHQT/GVGQTQNQIKECN+PHQTOCVKQP/CPCIGOGPV ,WN[ (%/2

0CVKQPCN2NCPHQT6TQRKECN%[ENQPG4GUGCTEJCPF4GEQPPCKUUCPEG ,CPWCT[ (%/2



0CVKQPCN#XKCVKQP9GCVJGT2TQITCO2NCP 5GRVGODGT (%/2

(GFGTCN2NCPHQT/CTKPG'PXKTQPOGPVCN5GTXKEGUCPF5WRRQTVKPI4GUGCTEJ ,WPG (%/2

6JG0CVKQPCN5RCEG9GCVJGT2TQITCO5VTCVGIKE2NCP #WIWUV (%/2

6JG0CVKQPCN5RCEG9GCVJGT2TQITCO+ORNGOGPVCVKQP2NCP ,CPWCT[ (%/2

0CVKQPCN#XKCVKQP9GCVJGT5VTCVGIKE2NCP #RTKN (%/2

(GFGTCN/GVGQTQNQIKECN*CPFDQQM0Q5WTHCEG9GCVJGT1DUGTXCVKQPU &GEGODGT (%/*

CPF4GRQTVU

(GFGTCN/GVGQTQNQIKECN*CPFDQQM0Q5WTHCEG5[PQRVKE%QFGU &GEGODGT (%/*

5WTHCEG5[PQRVKE%QFG6CDNGU7RFCVG ,WN[ (%/6

(GFGTCN/GVGQTQNQIKECN*CPFDQQM0Q4CYKPUQPFG2KDCN1DUGTXCVKQPU /C[ (%/*

(GFGTCN/GVGQTQNQIKECN*CPFDQQM0Q4QEMGVUQPFG1DUGTXCVKQPU &GEGODGT (%/*

(GFGTCN/GVGQTQNQIKECN*CPFDQQM0Q&QRRNGT4CFCT

/GVGQTQNQIKECN1DUGTXCVKQPU

2CTV#5[UVGO%QPEGRVU4GURQPUKDKNKVKGUCPF2TQEGFWTGU ,WPG (%/*#

2CTV$&QRRNGT4CFCT6JGQT[CPF/GVGQTQNQI[ ,WPG (%/*$

2CTV%954&2TQFWEVUCPF#NIQTKVJOU (GDTWCT[ (%/*%

2CTV&954&7PKV&GUETKRVKQPCPF1RGTCVKQPCN#PCN[UKU #RTKN (%/*&

&KTGEVQT[QH#VOQURJGTKE6TCPURQTVCPF&KHHWUKQP/QFGNU #RTKN (%/+

'SWKROGPVCPF2TQLGEVU

(GFGTCN&KTGEVQT[QH/QDKNG/GVGQTQNQIKECN'SWKROGPVCPF%CRCDKNKVKGU &GEGODGT (%/+

#)WKFGVQ9/1%QFG(QTO(/$7(4 /CTEJ (%/+

6TQRKECN%[ENQPG5VWFKGU &GEGODGT (%/4

6TQRKECN%[ENQPG5VWFKGU5WRRNGOGPV #WIWUV (%/45

+PVGTFGRCTVOGPVCN/GVGQTQNQIKECN&CVC'ZEJCPIG5[UVGO,WN[ (%/4

4GRQTV+/&'5WPFGTTGXKUKQP

(GFGTCN/GVGQTQNQIKECN4GSWKTGOGPVU 1EVQDGT (%/4

5VCPFCTF(QTOCVUHQT9GCVJGT&CVC'ZEJCPIG#OQPI#WVQOCVGF 0QXGODGT (%/5

9GCVJGT+PHQTOCVKQP5[UVGOU

5VCPFCTF6GNGEQOOWPKECVKQP2TQEGFWTGUHQT9GCVJGT1EVQDGT (%/5

&CVC'ZEJCPIGWPFGTTGXKUKQP

(GFGTCN5VCPFCTFHQT5KVKPI/GVGQTQNQIKECN5GPUQTUCV#KTRQTVU #WIWUV (%/5

 +PVGTFGRCTVOGPVCN*WTTKECPG%QPHGTGPEG/KPWVGU /C[ 0QPG UV


5'%6+10

RESOURCE INFORMATION AND AGENCY PROGRAM UPDATES

6JGVCDNGUKPVJKUUGEVKQPUWOOCTK\GHKUECN EJCPIGU6JGFCVCHQT(;FQPQVJCXGNGIKUNCVKXG

KPHQTOCVKQPQHVJGHGFGTCNIQXGTPOGPVHQT(KUECN;GCTU CRRTQXCNCPFFQPQVEQPUVKVWVGCEQOOKVOGPVD[VJG


(;CPF6JGHWPFUUJQYPCTGVJQUGWUGFVQ 7PKVGF5VCVGU)QXGTPOGPV6JGDWFIGVFCVCCTGRTGRCTGF

RTQXKFGOGVGQTQNQIKECNUGTXKEGUCPFCUUQEKCVGF KPEQORNKCPEGYKVJ5GEVKQPQH2WDNKE.CYKP

UWRRQTVKPITGUGCTEJVJCVJCUCUKVUKOOGFKCVGQDLGEVKXG YJKEJ%QPITGUUFKTGEVGFVJCVCPCPPWCNJQTK\QPVCNDWFIGV

VJGKORTQXGOGPVQHVJGUGUGTXKEGU(KUECNFCVCCTG DGRTGRCTGFHQTOGVGQTQNQIKECNRTQITCOUEQPFWEVGFD[

EWTTGPVCUQHVJGGPFQH,WPGCPFCTGUWDLGEVVQNCVGT VJGHGFGTCNCIGPEKGU

#)'0%;1$.+)#6+105(14/'6'141.1)+%#.12'4#6+105#0&5722146+0)4'5'#4%*

6CDNGEQPVCKPUHKUECNKPHQTOCVKQPD[CIGPE[HQT TGUGCTEJRTQITCOKPKVKCVGFKPHQTCNQPIVGTO

OGVGQTQNQIKECNQRGTCVKQPUCPFUWRRQTVKPITGUGCTEJ6JG OQPKVQTKPIPGVYQTMVQCUUGUURQVGPVKCNGHHGEVUQHINQDCN

VCDNGUJQYUVJGHWPFKPINGXGNHQT(;DCUGFQP ENKOCVGEJCPIGCPFXCTKCDKNKV[QPHQTGUVJGCNVJCPF

%QPITGUUKQPCNCRRTQRTKCVKQPUVJGDWFIGVTGSWGUVHQT(; RTQFWEVKXKV[9QTMCNUQEQPVKPWGUKPHQTGUVT[GEQNQIKECN

VJGRGTEGPVEJCPIGCPFVJGKPFKXKFWCNCIGPEKGU	 U[UVGOUOQFGNKPI

RGTEGPVQHVJGVQVCNHGFGTCNHWPFKPIHQT(;CPF(; 



#NNTGRQTVGF&1%OGVGQTQNQIKECNCEVKXKVKGUCTG &'2#46/'061(#)4+%7.674'75&#

6JG75&#DWFIGVTGSWGUVHQT(;KU #FOKPKUVTCVKQP
01##6JG01##(;VQVCN

OKNNKQPHQTQRGTCVKQPUCPFUWRRQTVKPITGUGCTEJCPF EQPITGUUKQPCNTGSWGUVQHDKNNKQPHQTOGVGQTQNQIKECN

TGRTGUGPVUCRGTEGPVKPETGCUGHTQOVJGTGSWGUVGF RTQITCOUTGRTGUGPVUCRGTEGPVKPETGCUGQXGTVJG(;

(;HWPFKPINGXGNQHOKNNKQP6JG75&# CRRTQRTKCVGFHWPFU01##	U(;QRGTCVKQPU

CUUKUVUVJG&GRCTVOGPVQH%QOOGTEGKPFGVGTOKPKPI CPFUWRRQTVKPITGUGCTEJTGSWGUVUHQTGCEJQHVJGOCLQT

HCTOGTU	PGGFUHQTYGCVJGTKPHQTOCVKQPCPFKP NKPGQHHKEGCEVKXKVKGUCTGFGUETKDGFDGNQY

FKUUGOKPCVKPIVJGKPHQTOCVKQPVQVJGO/CLQT75&# 

CEVKXKVKGUTGNCVGFVQYGCVJGTQDUGTXCVKQPUKPENWFG

KPETGOGPVCNOQFGTPK\CVKQPQHVJGUPQYVGNGOGVT[


5016'.U[UVGOQRGTCVGFD[VJG0CVWTCN4GUQWTEGU

%QPUGTXCVKQP5GTXKEG
04%5CPFVJGTGRNCEGOGPVQH

OCPWCNHKTGTCVKPIUVCVKQPUYKVJTGOQVGCWVQOCVGF

YGCVJGTUVCVKQPU
4#95D[VJG(QTGUV5GTXKEG6JG

5016'.CPF4#95PGVYQTMURTQXKFGEQQRGTCVKXGFCVC

HQT01##	UTKXGTHQTGECUVCEVKXKVKGUVJGKTTKICVKQPYCVGT

UWRRN[GUVKOCVGUCPF$WTGCWQH.CPF/CPCIGOGPV

QRGTCVKQPU6JGOQFGTPK\CVKQPQHVJG4#95EQORNGVGF

VJGVGUVKPIRJCUGHQTCEEGRVCPEGKPQRGTCVKQPU

(QTUWRRQTVKPITGUGCTEJVJG75&#TGSWGUVU FGRNQ[GFCPFVQRTQXKFGHWPFKPIKPUWRRQTVQHVJG

OKNNKQPVQHQEWUQPVJGKPVGTCEVKQPUQHYGCVJGT EGTVKHKECVKQPTGSWKTGOGPVUQH2WDNKE.CY

CPFENKOCVGYKVJRNCPVCPFCPKOCNRTQFWEVKQPCPFYCVGT 

TGUQWTEGUOCPCIGOGPV6JGIQCNQHUWRRQTVKPITGUGCTEJ

KUVQFGXGNQRCPFFKUUGOKPCVGKPHQTOCVKQPCPFVGEJPKSWGU

VQGPUWTGCPCDWPFCPEGQHJKIJSWCNKV[CITKEWNVWTCN

EQOOQFKVKGUCPFRTQFWEVUYJKNGOKPKOK\KPIVJGCFXGTUG

GHHGEVUQHCITKEWNVWTGQPVJGGPXKTQPOGPV6JGTGUGCTEJ

DWFIGVFQGUPQVKPENWFGVJGEQQTFKPCVGFGHHQTVYKVJ'2#

QPWNVTCXKQNGVTCFKCVKQP6JG(QTGUV5GTXKEGUWRRQTVUC

&'2#46/'061(%1//'4%'&1%

YKVJKPVJG0CVKQPCN1EGCPKECPF#VOQURJGTKE

9GCVJGT5GTXKEGU(WPFKPINGXGNUHQT(;YKNN

FGETGCUGD[RQUKVKQPUCPFOKNNKQPCURCTVQH

VJGVTCPUKVKQPVQVJGOQFGTPK\GFQHHKEGUVTWEVWTG

1RGTCVKQPUUWRRQTVHWPFUQHOKNNKQP
C

RGTEGPVFGETGCUGQXGT(;CTGRTQITCOOGFVQ

QRGTCVGVJG9GCVJGT5WTXGKNNCPEG4CFCT&QRRNGT


954&QT0':4#&WPKVUYJKEJUKIPKHKECPVN[

KORTQXGUGXGTGYGCVJGTYCTPKPIECRCDKNKVKGUVQRTGRCTG

HQTVJG/QFGTPK\CVKQPCPF#UUQEKCVGF4GUVTWEVWTKPI

&GOQPUVTCVKQP/#4&VQEQPVKPWG5VCIG++UVCHHKPIQH

9GCVJGT(QTGECUV1HHKEGU
9(1CUVJG#FXCPEGF

9GCVJGT+PVGTCEVKXG2TQEGUUKPI5[UVGOU
#9+25CTG

01##EQPVKPWGUVQOQFGTPK\GVJG095D[

CESWKTKPIVGEJPQNQIKECNN[CFXCPEGFU[UVGOU6JKU

CRRTQCEJKUEQPUKUVGPVYKVJVJGIQCNQHRTQXKFKPIOQTG

VKOGN[CPFCEEWTCVGYCTPKPICPFHQTGECUVUGTXKEGUVQVJG

RWDNKECPFKPUWRRQTVQHVJG#FXCPEG5JQTV6GTO

9CTPKPICPF(QTGECUV5GTXKEGUIQCNQH01##	U

5VTCVGIKE2NCP#PGVKPETGCUGQHOKNNKQPKU

TGSWGUVGFHQTVJKUUWDCEVKXKV[
 TABLE 3.1 METEOROLOGICAL OPERATIONS AND SUPPORTING RESEARCH COSTS*, BY AGE

 (Thousands of Dollars)

% of % of 

Operations FY98 Supporting Research FY98 Total 

AGENCY FY97 FY98 %CHG TOTAL FY97 FY98 %CHG TOTAL FY97 FY98 Agriculture 12105 12553 3.7 0.6 15467 15591 0.8 4.5 27572 281Commerce/NOAA 1101079 1132490 2.9 55.9 91002 80240 -11.8 22.9 1192081 12127Defense(Subtot) 420412 434746 3.4 21.4 85803 78558 -8.4 22.4 506215 5133 Air Force 259535 265357 2.2 13.1 41961 39734 -5.3 11.3 301496 3050 DMSP** 42424 41973 -1.1 2.1 17964 14076 -21.6 4.0 60388 560 Navy 96263 107633 11.8 5.3 11786 11985 1.7 3.4 108049 1196 Army 22190 19783 -10.8 1.0 14092 12763 -9.4 3.6 36282 325Interior/BLM 800 800 0.0 0.0 0 0 0.0 0.0 800 8Transportation/CG 6774 6774 0.0 0.3 0 0 0.0 0.0 6774 67Transportation/FAA 408955 434763 6.3 21.4 16627 6317 -62.0 1.8 425582 4410EPA 0 0 0.0 0.0 5700 5700 0.0 1.6 5700 57NASA 4903 4459 -9.1 0.2 162700 163750 0.6 46.8 167603 1682NRC 364 298 -18.1 0.0 0 0 0.0 0.0 364 2TOTAL 1955392 2026883 3.7 100.0 377299 350156 -7.2 100.0 2332691 23770% of FY TOTAL 83.8% 85.3% 16.2% 14.7% 100.0% 100.0*The FY 1997 funding reflects Congressionally appropriated funds; the FY 1998 funding reflects the amount requested in the President’s F

submission to Congress.**DMSP is the Defense Meteorological Satellite Program that supports all DOD Components and other government agencies. It is primarilmanaged by the Air Force.


5RGEKHKECNN[KP(;095TGSWGUVUCFGETGCUG &WTKPIVJGPGZVUGXGTCN[GCTU01##YKNNCESWKTG

QHOKNNKQPHQTVJG0':4#&CESWKUKVKQPRTQITCO FCVCHTQOHQTGKIPCPFQVJGTPQP01##UCVGNNKVGUVJCV

6JKUFGETGCUGTGHNGEVUPGCTEQORNGVKQPQH0':4#& YKNNRTQXKFGOGCUWTGOGPVQHQEGCPEWTTGPVUUWTHCEG

U[UVGOCESWKUKVKQP6JG0':4#&PGVYQTMYKNNRTQXKFG YKPFUCPFYCXGUUWDUWTHCEGVGORGTCVWTGCPFUCNKPKV[

PCVKQPYKFG&QRRNGTTCFCTEQXGTCIGKORTQXGFGVGEVKQPQH RTQHKNGUKEGVJKEMPGUUCPFHNQYUCPFQVJGTOCTKPG

UGXGTGYGCVJGTCPFHNQQFUTGFWEGHCNUGCNCTOTCVGU HCEVQTU

KPETGCUGYCTPKPINGCFVKOGUCPFTGRNCEGVJGGZKUVKPI 

QDUQNGVGTCFCTPGVYQTM6JG(;HWPFKPIHQTVJG

#515RTQITCOFGETGCUGUD[OKNNKQPCUVJGHWNN

UECNGRTQFWEVKQPRJCUGCPFRTQFWEVKQPKORTQXGOGPV

CEVKXKVKGUEQPVKPWG6JKUFGETGCUGTGRTGUGPVUPGCT

EQORNGVKQPQH#515CESWKUKVKQP(WPFKPIKUTGSWKTGFVQ

QRGTCVGCPFOCKPVCKPVJGEWTTGPVPGVYQTMQH#515 #PKPETGCUGQHOKNNKQPKUTGSWGUVGFVQEQPVKPWG

U[UVGOUCPFEQPVKPWGRNCPPGFRTQFWEVKORTQXGOGPVU KORNGOGPVCVKQPQHVJG01##8KTVWCN&CVC5[UVGO


08&56JKUU[UVGOYKNNOQFGTPK\GGZKUVKPIFCVC 6JG(;DWFIGVTGSWGUVKPENWFGUCPKPETGCUGQH

OKNNKQPHQTVJG#9+25VQEQPVKPWGETKVKECNUQHVYCTG

FGXGNQROGPVCEVKXKVKGUCPFRTQEGGFYKVJPCVKQPYKFG

FGRNQ[OGPVQHVJG#9+25U[UVGO(QTVJGHKTUVVKOG

#9+25YKNNKPVGITCVGUCVGNNKVGCPFTCFCTFCVCCPFRTQXKFG

VJGNQECNHQTGECUVGTCECRCDKNKV[VJCVYKNNUKIPKHKECPVN[

KORTQXGHQTGECUVUCPFYCTPKPIU+PCFFKVKQPVQ

UWRRQTVKPIVJGTGOCRRKPIQH)1'5FCVC#9+25YKNN

RTQXKFGVJGEQOOWPKECVKQPUECRCDKNKV[PGGFGFVQCNNQY 9GCVJGT4GUGCTEJ4GSWGUVGFHWPFKPIHQT

KPVGTPCNCPFGZVGTPCNWUGTUCEEGUUVQOWEJQH01##	U (;YJKEJKPENWFGU5QNCT6GTTGUVTKCN5GTXKEGUCPF

TGCNVKOGGPXKTQPOGPVCNFCVC+PCFFKVKQP095TGSWGUV 4GUGCTEJKUOKNNKQPVJGUCOGNGXGNCU(;

COKNNKQPFGETGCUGHQTVJG%GPVTCN%QORWVGT(CEKNKV[ %QXGTKPIKPHNCVKQPCT[EQUVKPETGCUGUYKNNPGICVKXGN[

DWFIGVVQTGHNGEVCFGETGCUGFCPPWCNRC[OGPVVQYCTFVJG KORCEVVJGRTQFWEVKQPQHDCUGRTQITCOUYJKEJCTG

%TC[,U[UVGOUDW[QWVVJGEQPVKPWKPINGCUGCPF FGUETKDGFKP#RRGPFKZ#

OCKPVGPCPEGQHVJG%TC[%UWRGTEQORWVGTCPFVJG 

EQORNGVKQPQHVJG095VGNGEQOOWPKECVKQPUICVGYC[

WRITCFG 6JG&1&VQVCNDWFIGVTGSWGUVHQT(;KU

OKNNKQP6JKUVQVCNTGRTGUGPVUCRGTEGPV 'PXKTQPOGPVCN5CVGNNKVG&CVCCPF+PHQTOCVKQP

5GTXKEGU2TQRQUGFHWPFKPIHQT(;KPENWFGUC

FGETGCUGKPVJG2QNCT1TDKVKPI5CVGNNKVG2TQITCOQH

OKNNKQPCPFCPKPETGCUGKPVJG)GQUVCVKQPCT[5CVGNNKVG

2TQITCOQHOKNNKQP6JGUGEJCPIGUCNNQYHQT 75#KT(QTEG

EQPVKPWCVKQPQHRTQEWTGOGPVUVQRTQXKFGVJGURCEGETCHV 

CPFKPUVTWOGPVUNCWPEJUGTXKEGUCPFITQWPFU[UVGOU

PGEGUUCT[VQCUUWTGEQPVKPWKV[QHGPXKTQPOGPVCNUCVGNNKVG

EQXGTCIG6JG(;DWFIGVTGSWGUVYKNNOCKPVCKPC

U[UVGOQHRQNCTQTDKVKPIUCVGNNKVGUVJCVQDVCKPUINQDCNFCVC

CPFCU[UVGOQHIGQUVCVKQPCT[UCVGNNKVGUVJCVRTQXKFGUPGCT

EQPVKPWQWUQDUGTXCVKQPUQHVJG'CTVJ	UYGUVGTP

JGOKURJGTG(WPFKPIKUKPENWFGFHQT01##	UUJCTGQH

VJGEQPXGTIGF01##CPF&GRCTVOGPVQH&GHGPUG&1&

RQNCTQTDKVKPIU[UVGOVJCVYKNNTGRNCEGVJGEWTTGPV01##

UGTKGUCPFVJG&1&&GHGPUG/GVGQTQNQIKECN5CVGNNKVG

2TQITCO&/52KPVJG[GCT

#TGFWEVKQPQHOKNNKQPKUTGSWGUVGFVQEQPVKPWG GPXKTQPOGPVCNUWRRQTVVQVJG75#(DQVJCEVKXGFWV[CPF

VJG1EGCP4GOQVG5GPUKPI2TQITCOYJKEJDGICPKP(; TGUGTXGEQORQPGPVUVJG75#TO[PKPGWPKHKGF

&GETGCUGUVQVCNKPIOKNNKQPCTGKPENWFGFVQ

OCKPVCKPDCUKEOKUUKQPUGTXKEGUKPENWFKPIOCKPVGPCPEG

CPFQRGTCVKQPQHUCVGNNKVGITQWPFHCEKNKVKGURTQXKUKQPQH

UCVGNNKVGFGTKXGFRTQFWEVUCPFEQPFWEVQHTGUGCTEJVQ

KORTQXGVJGWUGQHUCVGNNKVGFCVC

UVQTCIGCPFTGVTKGXCNU[UVGOUCPFXCUVN[KORTQXG

UVTGCONKPGCPFUKORNKH[EWUVQOGTCEEGUUVQ

GPXKTQPOGPVCNFCVC#FGETGCUGQHOKNNKQPKU

TGSWGUVGFHQTVJGQRGTCVKQPQHVJGVJTGG01##FCVC

EGPVGTUCPFGPXKTQPOGPVCNFCVCOCPCIGOGPV

OQFGTPK\CVKQPRTQITCOU6JKUTGFWEVKQPUYKNNDG

RCTVKCNN[QHHUGVD[KPETGCUGUKPFCVCUCNGU

&'2#46/'061(&'('05'&1&

KPETGCUGKPVJGHWPFKPINGXGNHTQO(;5RGEKHKE

JKIJNKIJVUHQTGCEJQHVJGOKNKVCT[FGRCTVOGPVUCTG

FGUETKDGFDGNQY

75#KT(QTEGTGUQWTEGUHQTOGVGQTQNQIKECNUWRRQTV

HCNNWPFGTHQWTECVGIQTKGUIGPGTCNQRGTCVKQPUIGPGTCN

UWRRQTVKPITGUGCTEJ&/52QRGTCVKQPUCPF&/52CPF

0CVKQPCN2QNCTQTDKVKPI1RGTCVKQPCN'PXKTQPOGPVCN

5CVGNNKVG5[UVGO
021'55UWRRQTVKPITGUGCTEJ6JG

#KT(QTEGTGSWGUV
KPENWFKPI&/52HQT(;KU

OKNNKQP

)GPGTCN1RGTCVKQPU6JGQRGTCVKQPURQTVKQPQHVJG

(;DWFIGVTGSWGUVKUOKNNKQPCPFTGRTGUGPVU

CNCTIGRQTVKQPQHVJGGPXKTQPOGPVCNUWRRQTVVQVJG&1&

6JGUGHWPFUYKNNRC[HQTYGCVJGTCPFURCEG


EQOOCPFUCPFQVJGTCIGPEKGUCUFKTGEVGFD[VJG%JKGH KPVGITCVKQPCPFVGUVKPICPFOKUUKQPUGPUQTECNKDTCVKQP

QH5VCHHQHVJG#KT(QTEG1XGTRGQRNGEQPFWEV XCNKFCVKQPCPFCNIQTKVJOFGXGNQROGPVGHHQTVU6JG(;

VJGUGCEVKXKVKGUCVQXGTYQTNFYKFGNQECVKQPU6JGUG &1&4&DWFIGVHQT021'55KUOKNNKQP

RGQRNGKPENWFGCEVKXGFWV[OKNKVCT[#KT(QTEGTGUGTXKUVU (;HWPFUYKNNDGWUGFHQTU[UVGOCTEJKVGEVWTG

#KT0CVKQPCN)WCTFYGCVJGTHNKIJVRGTUQPPGNYGCVJGT UVWFKGUKPFGRGPFGPVTKUMTGFWEVKQPCPFVGEJPQNQI[

EQOOWPKECVKQPUCPFEQORWVGTURGEKCNKUVUCPFEKXKNKCPU FGXGNQROGPVGHHQTVUCPFVQDGIKPETKVKECNUGPUQTCPF

)GPGTCNQRGTCVKQPUHWPFURC[VJGUCNCTKGUQHVJGUGRGQRNG CNIQTKVJOFGXGNQROGPV021'55KUUEJGFWNGFVQDG

RTQXKFKPIYGCVJGTUWRRQTVCPFVJGFC[VQFC[QRGTCVKQPU CXCKNCDNGKPCUCDCEMWRVQVJGHKPCNNCWPEJQHVJG

CPFOCKPVGPCPEGEQUVUHQTVJGUWRRQTVVJG[RTQXKFG 01##RQNCTQTDKVKPIUCVGNNKVGUCPF&/52UCVGNNKVGU

6JKUU[UVGOYKNNGZRNQKVCFXCPEGFJCTFYCTGCPFUQHVYCTG )GPGTCN5WRRQTVKPI4GUGCTEJ6JG(;DWFIGV

TGSWGUVHQT#KT(QTEGUWRRQTVKPITGUGCTEJKU

OKNNKQP6JG#KT(QTEGEQPVKPWGU4&GHHQTVUHQTVJG

%NQWF&GRKEVKQPCPF(QTGECUV5[UVGO++%&(5++CPF 750CX[

VJG)NQDCN6JGCVGT9GCVJGT#PCN[UKUCPF2TGFKEVKQP 

5[UVGO
)69#25CPFDGIKPU4&GHHQTVUHQTVJG

6CEVKECN9GCVJGT4CFCT694%&(5++YKNNGZRCPFVJG

EQORWVGTRTQEGUUKPIECRCDKNKV[QHVJGEWTTGPV%&(5CV

#()9%CPFYKNNDWKNFCJKIJTGUQNWVKQPYQTNFYKFG

ENQWFFCVCDCUGD[GPCDNKPIVJGKPIGUVCPFGZRNQKVCVKQPQH 1RGTCVKQPU5WRRQTV1RGTCVKQPCNUWRRQTVHQTVJG

CNNYGCVJGTUCVGNNKVGCPFUGPUQTFCVCTGEGKXGFCV#()9% 0CX[CPF/CTKPG%QTRUKPENWFGUVJGFC[VQFC[

)69#25YKNNRTQXKFG#()9%CPFVJG&1&CVJGCVGT RTQXKUKQPQHOGVGQTQNQIKECNCPFQEGCPQITCRJKE

OQFGNKPIECRCDKNKV[VQUWRRQTVVJGYCTHKIJVGTU#XCTKGV[ 
/'61%RTQFWEVUCPFUGTXKEGU0CXCN/'61%

QHQVJGTTGUGCTEJGHHQTVUYKNNKPXGUVKICVGVJG UWRRQTVEQPVKPWGUVQGXQNXGYKVJVJGUJKHVKP7PKVGF5VCVGU

GNGEVTQF[PCOKEUQHVJG5WPCPF'CTVJ	UOCIPGVQURJGTG OKNKVCT[QRGTCVKQPCNHQEWUVQGZRGFKVKQPCT[HQTEGU

KQPQURJGTKEF[PCOKEUOGUQUECNGOGVGQTQNQI[XKUKDNG UWRRQTV#U0CXCNQRGTCVKQPUKPVJGNKVVQTCNKPETGCUG

CPFKPHTCTGFRTQRGTVKGUQHVJGGPXKTQPOGPVCPFENQWF 0CX[CPF/CTKPG%QTRU/'61%UWRRQTVKUDGKPI

RCTCOGVGTK\CVKQPCPFRTGFKEVKQP HQEWUGFQPRTQXKFKPIQPUEGPGECRCDKNKVKGUHQTRGTUQPPGN

VJCVFKTGEVN[HWTPKUJGPXKTQPOGPVCNFCVCVQUGPUQTUCPF &/521RGTCVKQPU6JQWIJHWPFKPIHQT&/52

EQOGUHTQOVJG#KT(QTEGVJKUU[UVGOKUVJGOCLQT

UQWTEGQHURCEGDQTPGOGVGQTQNQIKECNFCVCHQTVJG +PCFFKVKQPVQCXKCVKQPCPFOCTKPG/'61%UWRRQTV

OKNKVCT[UGTXKEGUCPFQVJGTJKIJRTKQTKV[&1&RTQITCOU VJG0CX[RTQXKFGUCXCTKGV[QHWPKSWGUGTXKEGUQP

6JTQWIJVJGUJCTGFRTQEGUUKPIRTQITCOVJG&1& FGOCPFUWEJCUGNGEVTQQRVKECNCPFCEQWUVKERTQRCICVKQP

RTQXKFGUGPXKTQPOGPVCNFCVCHTQO&/52UGPUQTUVQVJG OQFGNUCPFRTQFWEVU/'61%UGPUKVKXGVCEVKECNFGEKUKQP

095XKCVJGPGVYQTMJWDCVVJG0CVKQPCN'PXKTQPOGPVCN CKFUCPFINQDCNUGCKEGCPCN[UGUCPFHQTGECUVU6JG

5CVGNNKVG&CVCCPF+PHQTOCVKQP5GTXKEGCPFVQVJG0CX[ RTKOCT[RTQITCOFKTGEVKQPEQPVKPWGUVQDGKORTQXGOGPVU

XKCVJGPGVYQTMJWDUCVVJG(NGGV0WOGTKECN/GVGQTQNQI[ KPFCVCEQNNGEVKQPCPFRTQEGUUKPIECRCDKNKVKGUHQTQPUEGPG

CPF1EGCPQITCRJ[%GPVGT
(0/1%CPFVJG0CXCN /'61%UWRRQTVKPVJGNKVVQTCN\QPGU

1EGCPQITCRJKE1HHKEG0#81%'#01

5[UVGOU#ESWKUKVKQP/CLQTU[UVGOUWPFGTIQKPI 6JGQRGTCVKQPURQTVKQPQHVJG(;DWFIGV

TGSWGUVKUOKNNKQP6JGOCLQTRQTVKQPQHVJKUHWPFKPI

KUHQTQPQTDKVQRGTCVKQPUVCEVKECNVGTOKPCNRTQEWTGOGPV  0CXCN+PVGITCVGF6CEVKECN'PXKTQPOGPVCN5[UVGO

CPFUCVGNNKVGUGPUQTKPVGITCVKQP6JGUGHWPFUCNUQRC[ 
0+6'5CEQNNGEVKQPQHHKXG/'61%UWDU[UVGOU

QRGTCVKQPUEQUVUHQTQPGFGFKECVGFEQOOCPFCPFEQPVTQN 6CEVKECN'PXKTQPOGPVCN5WRRQTV5[UVGO

HCEKNKV[&/52HWPFUHQTOKNKVCT[CPFEKXKNKCP 
6'55
0%

RGTUQPPGNCUUQEKCVGFYKVJVJGQRGTCVKQPQHCPFVQCOWEJ ,QKPV6'554GOQVG9QTMUVCVKQP,6495CPF

UOCNNGTGZVGPVVJGRTQEWTGOGPVQHVJG&/52U[UVGO ,QKPV/'61%5GIOGPV,/5

/'61%+PVGITCVGF&CVC&KURNC[5[UVGO &/52CPF021'555WRRQTVKPI4GUGCTEJ6JG(;

DWFIGVHQT&/524&KUOKNNKQP6JG

HWPFUYKNNDGWUGFHQTNCWPEJXGJKENGKPVGITCVKQPU[UVGO

VGEJPQNQIKGUVQRTQFWEGCOQTGTGNKCDNGNQPIGTNKXGF

URCEGETCHVYKVJITGCVGTOKUUKQPECRCDKNKV[

6JG750CX[(;DWFIGVTGSWGUVHQT

OGVGQTQNQIKECNRTQITCOUKUOKNNKQP6JGTGSWGUV

KPENWFGUOKNNKQPHQTQRGTCVKQPCNRTQITCOUCPF

OKNNKQPHQTUWRRQTVKPITGUGCTEJ

YGCRQPURNCPPKPICPFGORNQ[OGPVU[UVGOU

RTQEWTGOGPVQTWRITCFGUKPENWFG


/+&&5

+PVGTKO/QDKNG1EGCPQITCRJ[5WRRQTV5[UVGO


+/155


#NNKGF'PXKTQPOGPVCN5WRRQTV5[UVGO#'55 GEJGNQPYKVJCPCUUKIPGF#KT(QTEG9GCVJGT6GCODWV

 2TKOCT[1EGCPQITCRJKE2TGFKEVKQP5[UVGO2125 KUTGUQWTEGEQPUVTCKPGFCVVJKUVKOG6JG

CV(.'07//'61%%'0 %QOOWPKECVKQPUCPF'NGEVTQPKEU%QOOCPF%'%1/

 75/%/GVGQTQNQIKECN/QDKNG(CEKNKV[ +PVGNNKIGPEGCPF'NGEVTQPKE9CTHCTG+'9&KTGEVQTCVG


4GRNCEGOGPV/'6/(
4 UWRRQTVUVJG%'%1/.GXGN++OCPCIGTCPFVJG2TQLGEV

&KTGEVQT+/'65YKVJVGEJPKECNOCPCIGOGPVQH 4GUGCTEJCPF&GXGNQROGPV4&6JKUCTGCKUPQV

IGPGTCNN[U[UVGOURGEKHKEKPUVGCF0CX[4&GHHQTVU

V[RKECNN[JCXGCRRNKECVKQPUVQQPGQTOQTG

OGVGQTQNQIKECNQEGCPQITCRJKEQTVCEVKECNU[UVGO
U 64#&1%UWRRQTVEQUVUKP(;KPENWFGVJG

0CX[	UVCDWNCVKQPQHVJGUGFCVCKPENWFGU4&HWPFKPIHQT

GZRNQTCVQT[TGUGCTEJFGOQPUVTCVKQPXCNKFCVKQP

GPIKPGGTKPICPFOCPWHCEVWTKPIFGXGNQROGPV

+PKVKCVKXGUQHVJG0CX[CPF/CTKPG%QTRUWPFGT

URQPUQTUJKRQHVJG1EGCPQITCRJGTQHVJG0CX[VTCPUKVKQP

RTQLGEVUHTQOGZRNQTCVQT[FGXGNQROGPVVQQRGTCVKQPCN

0CXCNU[UVGOU5WEJGHHQTVUKPENWFGCFXCPEGUKPVJG

0CX[	UPWOGTKECN/'61%HQTGECUVKPIECRCDKNKV[

GZRCPUKQPKPEQOOWPKECVKQPUCPFFCVCEQORTGUUKQP

VGEJPKSWGUHWTVJGTFGXGNQROGPVCPFKORTQXGOGPVQH

OQFGNUVQDGVVGTRTGFKEV/'61%RCTCOGVGTUKPNKVVQTCN

TGIKQPUCPFCPKORTQXGFWPFGTUVCPFKPIQHVJGKORCEV

VJGUGRCTCOGVGTUJCXGQPUGPUQTUYGCRQPU[UVGOUCPF

RNCVHQTORGTHQTOCPEG

75#TO[

6JG75#TO[KUTGSWGUVKPIOKNNKQPHQT

QRGTCVKQPCNUWRRQTVCPFOKNNKQPKPTGUGCTEJCPF

FGXGNQROGPVKP(;1RGTCVKQPCNUWRRQTVFGETGCUGF

D[OKNNKQPQTCDQWVRGTEGPVHTQO(;

HWPFKPINGXGNU1RGTCVKQPCNOCPPKPIYKNNUVC[CDQWVVJG

UCOGCVLWUVQXGTYKVJVJGOCLQTKV[KPCTVKNNGT[

UWRRQTV1RGTCVKQPCNOGVGQTQNQIKECNUWRRQTVCVVJGVGUV

TCPIGUCPFTGUGCTEJCPFFGXGNQROGPVHCEKNKVKGUUVC[U

CDQWVVJGUCOGKP(;CUKP(;/CLQT

FGETGCUGUKPYGCVJGTUWRRQTVRTQITCOUCPFOCPRQYGT

GZRGTKGPEGFQXGTVJGRCUVUGXGTCN[GCTUJCUNGXGNGFQHH

KP(;

6JG(KGNF#TVKNNGT[/GVGQTQNQIKECN*[FTQIGP

)GPGTCVQT/*)RTQITCOYCUEQORNGVGFKP(;

6JG/GVGQTQNQIKECN/GCUWTKPI5[UVGO//5YCUCNUQ

EQORNGVGFKP(;DWVYKNNWPFGTIQOQFKHKECVKQPUKP

(;VQDGCDNGVQWUG)NQDCN2QUKVKQPKPI5[UVGO


)25TCFKQUQPFGU%QUVVQOQFKH[U[UVGOUYKVJKPVJG

6TCKPKPICPF&QEVTKPG%QOOCPF
64#&1%YKNNDG

OKNNKQP6JG+PVGITCVGF/GVGQTQNQIKECN5[UVGO


+/'65EQPVKPWGFHKGNFKPIKP(;YKVJ$NQEM++

U[UVGOUUEJGFWNGFHQTHKGNFKPIKP(;CVCEQUVQH

OKNNKQP7RITCFGUQHRTGXKQWUN[HKGNFGF$NQEM+

+/'65VQ$NQEM++ECRCDKNKVKGUCPFQVJGTRTQFWEV

KORTQXGOGPVUYKNNHQNNQYCHVGT(;6JG#TO[

#WVJQTK\GF1DLGEVKXGKUQPG+/'65HQTGCEJ#TO[

RTQITCOUWPFGTVJGKTEQPVTQN6JGHWPFKPIHQT+'9

&KTGEVQTCVGKPVGTPCNUWRRQTVKP(;KUOKNNKQP

UGTXKEGUCPFTGRCKTUHQTEQORWVGTK\GFVTCKPKPIFGXKEGUKP

WRRGTCKTCTVKNNGT[VTCKPKPIRTQITCOU6JGUGEQUVUYGTG

PQVRTGXKQWUN[KPENWFGF64#&1%GZRGPFKVWTGUCETQUU

VJGEQOOCPFYGTGFQYPHTQOOKNNKQPKP(;

VQOKNNKQPKP(;YKVJCTGFWEVKQPKPEQUVU

CUUQEKCVGFYKVJVJGEQORNGVKQPQHVJG//5RTQITCO

75#TO[2CEKHKE%QOOCPF75#42#%YKNNJCXGC

UOCNNKPETGCUGKPEQUVUCUUQEKCVGFYKVJPGYFKTGEV5VCHH

9GCVJGT1HHKEGT
591UWRRQTVVQ75#TO[,CRCP

UVCTVKPIKP(;75#TO['WTQRG75#4'74

CPF5GXGPVJ#TO[YKNNJCXGCUOCNNKPETGCUGKPHWPFKPI

RTKOCTKN[VQNGCUGYGCVJGTUCVGNNKVGTGEGKXGTU

+PQRGTCVKQPCNUWRRQTVHQT4GUGCTEJ&GXGNQROGPV

6GUVCPF'XCNWCVKQP4&6'#TO[/CV3⁄4TKGN%QOOCPF

HWPFKPIHQTVJG6GUVCPF'XCNWCVKQP%QOOCPF6'%1/

/GVGQTQNQIKECN6GCOU
/'6KP(;YCU

OKNNKQPHQTDCUKEQRGTCVKQPUUWRRQTVKPI#TO[VGUV

TCPIGUCPF4&UKVGUYKVJQPGUKVGENQUKPIFWTKPIVJG

[GCT(;HWPFKPIKUOKNNKQP6'%1//'6

6GCOUPQYQRGTCVGQPCRGTEGPVEQPUWOGT

TGKODWTUCDNGFKTGEVHWPFKPIDCUKU/GVGQTQNQIKECN

KPUVTWOGPVCVKQPHQT6'%1//'66GCOUQRGTCVKQPUYKNN

DGCESWKTGFVJTQWIJQVJGT#TO[VGEJPKECNFGXGNQROGPV

TGUQWTEGUQTVJTQWIJFKTGEVHWPFKPIHTQO4&6'RTQLGEVU

HQTVGUVURGEKHKEQTWPKSWGTGSWKTGOGPVUTCVJGTVJCPHTQO

OKUUKQPHWPFU

+POGVGQTQNQIKECN4&VJG#TO[4GUGCTEJ

.CDQTCVQT[
#4.$CVVNGHKGNF'PXKTQPOGPV
$'

&KXKUKQPOQXGFKVUDCUKEOGVGQTQNQIKECNTGUGCTEJHTQO

9JKVG5CPFU/KUUKNG4CPIG0GY/GZKEQVQVJG#4.

.CDQTCVQT[%GPVGT#FGNRJK/CT[NCPFKP(;

$CUKETGUGCTEJUVC[UCDQWVEQPUVCPVHTQO(;VQ

CVOKNNKQP#RRNKGFTGUGCTEJCUUQEKCVGFYKVJ

9GCVJGT'ZRNQKVCVKQPCPF#TVKNNGT[/GVGQTQNQI[DTCPEJGU

CV9JKVG5CPFU/KUUKNG4CPIGFGETGCUGUHTQO

OKNNKQPKP(;VQOKNNKQPKP(;

1VJGTOGVGQTQNQIKECNTGUGCTEJCVVJG#TO[4GUGCTEJ

1HHKEG
#41%QTRUQH'PIKPGGTUNCDQTCVQTKGUCPF

EGPVGTUCPFVJG75#TO[4GUGCTEJ+PUVKVWVGQH

'PXKTQPOGPVCN/GFKEKPGTGOCKPUOCNNRTQITCOUYKVJ

QPN[OKPQTEJCPIGUKPHWPFKPIHTQO(;VQ


&'2#46/'061(6*'+06'4+14&1+ (GFGTCN#XKCVKQP#FOKPKUVTCVKQP(##

6JG&1+HWPFKPITGSWGUVHQT(;KU 6JGVQVCN(##TGSWGUVHQTCXKCVKQPYGCVJGTKP

6JKUHKIWTGKUHQTOGVGQTQNQIKECNQRGTCVKQPUCPFUWRRQTV (;KUOKNNKQPHQTDQVJQRGTCVKQPUCPF

QHVJG$WTGCWQH.CPF/CPCIGOGPV
$./TGOQVG UWRRQTVKPITGUGCTEJVJG(##HWPFKPIHQT(;HQT

UGPUKPITGSWKTGOGPVUHQT4GOQVG#WVQOCVKE9GCVJGT CXKCVKQPYGCVJGTYCUOKNNKQP6JGKPETGCUGKPVJG

5VCVKQP
4#95CPF.KIJVPKPI&GVGEVKQP2TQITCOU DWFIGVKURTKPEKRCNN[KPQRGTCVKQPUYJKEJYKNNTKUGHTQO

0QTOCNQRGTCVKQPUCPFOCKPVGPCPEGQHVJGTGUVTWEVWTGF VJGCRRTQRTKCVGFOKNNKQPVQVJGTGSWGUVGF

4#95RTQITCOKUCRRTQZKOCVGN[DGIKPPKPI OKNNKQP(WPFKPIHQTUWRRQTVKPITGUGCTEJKP(;YKNN

VJKU[GCT6JKUKPENWFGURGTUQPPGNXGJKENGURGTFKGO FGETGCUGCDQWVRGTEGPVVQOKNNKQP

PQTOCNRTQEWTGOGPVCPFHCEKNKVKGU

6JG$./FQYPUK\KPIGHHQTVKP4#95YKNNEQPVKPWG YGCVJGT6JG(##TQNGKUNKOKVGFVQVJGQDUGTXCVKQPCPF

KP(;6QVCNTGFWEVKQPKPUVCVKQPPWODGTUYKNNDG FKUUGOKPCVKQPQHCXKCVKQPYGCVJGTKPHQTOCVKQPCPFVQ

D[QPGHQWTVJ%QPVKPWGQRVKOK\CVKQPYKNNVCMGRNCEG UJQTVTCPIGCWVQOCVGFYCTPKPIUCPFHQTGECUVU(##	U

QXGTVJGPGZVHGY[GCTU5WDUGSWGPVEQUVUCXKPIUKP CXKCVKQPYGCVJGTRTQITCOUCTGFKTGEVGFCVKORTQXKPIVJG

QRGTCVKQPUEQUVUYKNNDGWUGFVQTGRNCEGCIKPIGSWKROGPV VKOGNKPGUUCPFCEEWTCE[QHYGCVJGTKPHQTOCVKQPVQVJG

CPFWRITCFGUGPUQTURCEMCIGU2TQRQUGFEJCPIGUKP CXKCVKQPWUGTYJGPCPFYJGTGKVKUPGGFGF6JG(##

.KIJVPKPI&GVGEVKQPQRGTCVKQPUYKNNHWTVJGTTGFWEGVJG CNUQUWRRQTVUTGUGCTEJKPVJQUGCTGCUVJCVKPXQNXG

QWV[GCTGZRGPFKVWTGUKPVJKURTQITCO%QQTFKPCVKQP KORTQXGOGPVUVQVJGQDUGTXCVKQPFCVCFKUUGOKPCVKQPCPF

DGVYGGP&1+CIGPEKGUCPFVJG75&#(QTGUV5GTXKEG HQTGECUVKPIQHCXKCVKQPYGCVJGT6JGGPFWUGTUQHVJG

TGICTFKPIEQODKPGFOGVGQTQNQIKECNTGSWKTGOGPVUHQTVJG TGUWNVKPIRTQFWEVUKPENWFGRKNQVUFKURCVEJGTUCPFCKT

0CVKQPCN9KNFHKTGUWRRQTVHWPEVKQPUKUQPIQKPI&WTKPI VTCHHKEEQPVTQNNGTU

VJGEQOKPIFQYPUK\KPIGHHQTVUKPVGTCIGPE[4#95 

TGRNCEGOGPVEQQTFKPCVKQPYKNNEQPVKPWGVQOCZKOK\G

0CVKQPCN(KTG&CPIGT4CVKPI5[UVGO0(&45UCORNKPI

RQKPVUCPFOKPKOK\GVJGVQVCNPWODGTQHU[UVGOUTGSWKTGF

KPVJG9GUV

&'2#46/'061(64#052146#6+10&16

6JGOGVGQTQNQIKECNRTQITCOUHQTVJG7PKVGF5VCVGU

%QCUV)WCTFCPFVJG(GFGTCN#XKCVKQP#FOKPKUVTCVKQPHQT

(;CPF(;CTGFGUETKDGFDGNQY

75%QCUV)WCTF75%)

#NNQH75%)	UHWPFKPIHQTOGVGQTQNQIKECNRTQITCOU

KUHQTQRGTCVKQPUUWRRQTV+P(;VJGTGSWGUVGF

HWPFKPINGXGNKUOKNNKQP#OQPIVJG%QCUV

)WCTF	UCEVKXKVKGUCTGVJGEQNNGEVKQPCPFFKUUGOKPCVKQPQH

OGVGQTQNQIKECNCPFKEGDGTIYCTPKPIKPHQTOCVKQPHQTVJG

DGPGHKVQHVJGOCTKPGEQOOWPKV[6JG%QCUV)WCTF

RTQXKFGUEQCUVCNCPFOCTKPGYGCVJGTQDUGTXCVKQPUVQ

01##	U095TCFKQVTCPUOKUUKQPQH095YGCVJGT

YCTPKPIUVQOCTKPGWUGTUVJGWUGQHDWQ[VGPFGT

HCEKNKVKGUVQUWRRQTVVJGCEVKXKVKGUQHVJG0CVKQPCN&CVC

$WQ[%GPVGTCPFVJGOCPCIGOGPVCPFQRGTCVKQPQHVJG

+PVGTPCVKQPCN+EG2CVTQNVJCVRTQXKFGUYCTPKPIUVQ

OCTKPGTUQHVJGRTGUGPEGQHKEGDGTIUKPVJG0QTVJ#VNCPVKE

UJKRRKPINCPGU

6JG(##KURTKPEKRCNN[EQPEGTPGFYKVJCXKCVKQP

6JG(;KPETGCUGUKP5[UVGOU#ESWKUKVKQPCTG

RGTEGPVVQOKNNKQP#ESWKUKVKQPRTQITCOU

YKVJUKIPKHKECPVKPETGCUGUCTGVJG9GCVJGTCPF4CFCT

2TQEGUUQT
9#42VJG+PVGITCVGF6GTOKPCN9GCVJGT

5[UVGO
+695CPF#WVQOCVGF5WTHCEG1DUGTXKPI

5[UVGO#515.GUUGTCESWKUKVKQPKPETGCUGUCTGKPVJG

.QY.GXGN9KPFUJGCT#FXKUQT[5[UVGO&KIKVCN

#NVKOGVGT5GVVKPI+PUVTWOGPVCPF0GZV)GPGTCVKQP

4WPYC[8KUWCN4CPIG&GETGCUGUVQCESWKUKVKQP

RTQITCOUCTGCUUQEKCVGFYKVJEQORNGVKQPQTPGCT

EQORNGVKQPQHVJGRTQITCOU#RRGPFKZ%EQPVCKPU

FGUETKRVKQPUHQTVJGUGU[UVGOU

+PFKXKFWCNU[UVGOCESWKUKVKQPCPFQRGTCVKQPCN

RTQITCOUYKVJEJCPIGUITGCVGTVJCPOKNNKQPCTGNKUVGF

DGNQY

%JCPIG

2TQITCO 
/KNNKQPU

5[UVGOU#ESWKUKVKQP

#WVQOCVGF5WTHCEG1DUGTXKPI5[UVGO 

9GCVJGTCPF4CFCT2TQEGUUQT 

6GTOKPCN&QRRNGT9GCVJGT4CFCT 

+PVGITCVGF6GTOKPCN9GCVJGT5[UVGO 

9KPF5JGCT2TQEGUUQT 

1RGTCVKQPU5WRRQTV

(NKIJV5GTXKEG5VCVKQPU1RGTCVKQPU 

#515$CEMWR 


6JG(;HWPFKPITGSWGUVHQTQRGTCVKQPCN CPFJWOCPCPFGEQU[UVGOGZRQUWTGCUUGUUOGPVU6JGTG

UWRRQTVKPETGCUGUD[OKNNKQP
RGTEGPVVQ YKNNDGKPETGCUGFGORJCUKURNCEGFQPOGVGQTQNQIKECN

OKNNKQPYJKEJTGHNGEVUOQFGUVKPETGCUGUHQT TGUGCTEJKPVQTGIKQPCNCPFWTDCPHQTOCVKQPCPFVTCPURQTV

NGCUGFEQOOWPKECVKQPUEQPVTCEVYGCVJGTQDUGTXCVKQPU QHQ\QPGCPFRCTVKEWNCVGRQNNWVKQPKPUWRRQTVQHVJG

CPFEGTVCKPOCKPVGPCPEGHWPEVKQPUCPFUKIPKHKECPV RTQRQUGFTGXKUKQPUVQVJG0CVKQPCN#ODKGPV#KT3WCNKV[

KPETGCUGUKP(NKIJV5GTXKEG5VCVKQPQRGTCVKQPUCPF#515 5VCPFCTFU+PETGCUGFGHHKEKGPE[QHEQORWVCVKQPCPF

DCEMWR6JGNCTIGKPETGCUGKPQRGTCVKQPUUWRRQTVCTG KPVGTRTGVCVKQPQHTGUWNVUCTGDGKPIOCFGRQUUKDNGD[

CUUQEKCVGFYKVJ(##	UDTQCFGPGFTQNGCPFTGURQPUKDKNKV[ OGCPUQHJKIJRGTHQTOCPEGEQORWVKPICPFUEKGPVKHKE

HQTUWTHCEGQDUGTXCVKQPU#515QDUGTXGTCWIOGPVCVKQP XKUWCNK\CVKQPVGEJPKSWGU

CPFUVCHHKPIHQTVJG#XKCVKQP9GCVJGT&KXKUKQP 

5WRRQTVKPITGUGCTEJHWPFKPIFGETGCUGUHTQO #&/+0+564#6+100#5#

OKNNKQPKP(;VQOKNNKQPKP(; 

6JGPWODGTQHRGTUQPPGNGZRGEVGFVQDGGPICIGFKP

(##	UCXKCVKQPYGCVJGTRTQITCOKUCVPGCTN[NGXGN

'08+410/'06#.2416'%6+10#)'0%;'2# YJKEJKUXKTVWCNN[WPEJCPIGFHTQOVJG(;HWPFKPI

NGXGN6JGUGHWPFKPINGXGNUCTGEQORQUGFQHVJG #NNQHVJG'2#	5HWPFKPIQHOGVGQTQNQIKECN

RTQITCOUKUHQTUWRRQTVKPITGUGCTEJ6JGCPVKEKRCVGF

HWPFKPINGXGNKP(;HQTFKTGEVGFOGVGQTQNQIKECN

TGUGCTEJKUOKNNKQPYJKEJKUCRRTQZKOCVGN[VJGUCOG

CUVJG(;HWPFKPINGXGN

*QYGXGTVQRTQOQVGGZEGNNGPEGKPGPXKTQPOGPVCN RGTEGPVFGETGCUGKPVJG'15&+5HWPFKPIHTQOVJG

UEKGPEGCPFGPIKPGGTKPIVJG'2#JCUGUVCDNKUJGFCPGY EQTTGURQPFKPI(;NGXGNU6JG'CTVJ2TQDGUNKPG

PCVKQPCNHGNNQYUJKRRTQITCOCPFUWDUVCPVKCNN[KPETGCUGF HQT(;KUPGCTN[RGTEGPVNQYGTVJCPVJG(;

KVUUWRRQTVHQTKPXGUVKICVQTKPKVKCVGFTGUGCTEJITCPVU6JG NGXGN6JKUNKPGTGHNGEVUTGFWEVKQPUFWGVQVJGCPVKEKRCVGF

KPETGCUGKPHWPFKPIHQTITCPVUYKVJTGNKCPEGQPSWCNKV[ NCWPEJQHVJG64//UCVGNNKVGKP0QXGODGT6JKU

UEKGPEGCPFRGGTTGXKGYCPFHQTITCFWCVGHGNNQYUJKRUVQ TGFWEVKQPKUQHHUGVD[CUNKIJVKPETGCUGKPHWPFKPIHQTVJG

UWRRQTVVJGGFWECVKQPCPFECTGGTUQHHWVWTGUEKGPVKUVU 'CTVJ5[UVGO5EKGPEG2CVJHKPFGTU'552RTQITCO#P

YKNNRTQXKFGHQTCOQTGDCNCPEGFNQPIVGTOECRKVCN KPETGCUGQHPGCTN[RGTEGPVKUTGSWGUVGFHQTVJG

KPXGUVOGPVKPKORTQXGFGPXKTQPOGPVCNTGUGCTEJCPF TGUGCTEJCPFCPCN[UKURTQITCOUCUYGCRRTQCEJNCWPEJ

FGXGNQROGPV CEVKXKVKGUKPVJG'15RTQITCO

6JGHWPFKPIHQTVJGITCPVURTQITCOKPETGCUGFHTQO

OKNNKQPKP(;VQOKNNKQPKP(;CPF

YKNNTGOCKPCVVJKUNGXGNKP(;6JGCWIOGPVGF 6JG04%TGSWGUVGFHWPFKPIKUHQTOGVGQTQNQIKECN

ITCPVURTQITCOYKNNHWPFTGUGCTEJKPCTGCUKPENWFKPI QRGTCVKQPU6JG(;TGSWGUVKUGUUGPVKCNN[

GEQNQIKECNCUUGUUOGPVCKTSWCNKV[GPXKTQPOGPVCNHCVGCPF WPEJCPIGFHTQOVJG(;TGSWGUV

VTGCVOGPVQHVQZKECPFJC\CTFQWUYCUVGUCPFGZRNQTCVQT[ 

TGUGCTEJ6JGRQTVKQPQHVJGUGITCPVUVJCVYKNNDG

CYCTFGFHQTOGVGQTQNQIKECNTGUGCTEJFWTKPI(;

ECPPQVDGHQTGUGGPDWVKVKURTQDCDNGVJCVVJGITCPV

CYCTFUYKNNKPETGCUGVJGDCUGCOQWPVQHOKNNKQP

NKUVGFCDQXGHQTFKTGEVGFOGVGQTQNQIKECNTGUGCTEJ

6JG'2#KUEQPVKPWKPIKVUFGXGNQROGPVCPF TGNCVGFVQVJGUCHGQRGTCVKQPQHPWENGCTHCEKNKVKGUCPFVJG

XCNKFCVKQPQHCKTSWCNKV[FKURGTUKQPOQFGNUHQTCKT RTQVGEVKQPQHRWDNKEJGCNVJCPFUCHGV[CPFVJG

RQNNWVCPVUQPCNNVGORQTCNCPFURCVKCNUECNGUCUOCPFCVGF GPXKTQPOGPV1DVCKPKPIEWTTGPVCEEWTCVGCPFTGNGXCPV

D[VJG%NGCP#KT#EVCUCOGPFGF4GUGCTEJYKNNHQEWU OGVGQTQNQIKECNKPHQTOCVKQPQPCTGCNVKOGDCUKUHQTWUG

QPKPFQQTWTDCPOGUQUECNGCPFTGIKQPCNOQFGNUYJKEJ FWTKPIGOGTIGPEKGUKUVJGRTKOCT[EQPUKFGTCVKQP6JG

YKNNDGWUGFVQFGXGNQRCKTRQNNWVKQPEQPVTQNUVTCVGIKGU 04%DWFIGVKPVJKUCTGCTGHNGEVUVJKURTKQTKV[

0#6+10#.#'410#76+%5#0&52#%'

0GCTN[CNNQH0#5#	UHWPFKPIKPOGVGQTQNQI[KUHQT

UWRRQTVKPITGUGCTEJ6JGTGSWGUVGFHWPFKPIHQT

UWRRQTVKPITGUGCTEJKP(;KUOKNNKQP

GUVKOCVGFOGVGQTQNQI[UJCTGQHVJGUWRRQTVKPITGUGCTEJ

CPFCPCN[UKURTQITCOUCUYGNNCU'CTVJ1DUGTXKPI5[UVGO


'15CPF'CTVJ2TQDGKPUVTWOGPVU'15UEKGPEGCPF

'15&CVCCPF+PHQTOCVKQP5[UVGOU6JG(;NGXGN

TGHNGEVUCPGCTRGTEGPVKPETGCUGKPVJG'15CPFC

07%.'#44')7.#614;%1//+55+1004%

6JGOGVGQTQNQIKECNUWRRQTVRTQITCOKPVJG7PKVGF

5VCVGU0WENGCT4GIWNCVQT[%QOOKUUKQPKUHQEWUGFUQNGN[

QPQDVCKPKPICPFCPCN[\KPIOGVGQTQNQIKECNFCVCCPF

KPHQTOCVKQPVQDGWVKNK\GFKPCVOQURJGTKEVTCPURQTVCPF

FKURGTUKQPOQFGNUWUGFKPFQUGRTQLGEVKQPURNWOG

RCVJYC[EJCTCEVGTK\CVKQPUCPFEQPEGPVTCVKQPGUVKOCVGU


#)'0%;(70&+0)$;$7&)'6%#6')14;

6CDNGFGRKEVUJQYVJGCIGPEKGURNCPVQQDNKICVG UGXGTCNIQXGTPOGPVCIGPEKGUUWEJCUVJG#KT(QTEG	U

VJGKTHWPFUHQTOGVGQTQNQIKECNQRGTCVKQPUDTQMGPFQYPD[ &/52CTGNKUVGFQPCUGRCTCVGNKPG

DWFIGVECVGIQT[6JGVYQOCLQTECVGIQTKGUCTG 

1RGTCVKQPU5WRRQTVCPF5[UVGOU#ESWKUKVKQP6QC

NCTIGFGITGGVJGUGECVGIQTKGUEQTTGURQPFVQPQP

JCTFYCTGEQUVU1RGTCVKQPU5WRRQTVCPFJCTFYCTGEQUVU


5[UVGOU#ESWKUKVKQP(QTCIGPE[EQPXGPKGPEGKP

KFGPVKH[KPIUOCNNEQORQPGPVUVJCVFQPQVHKVKPVQVJGUG

VYQOCLQTECVGIQTKGUCVJKTFECVGIQT[KUCFFGFECNNGF

5RGEKCN2TQITCOU2TQITCOUVJCVRTQXKFGUWRRQTVVQ

6CDNGFGUETKDGUJQYVJGCIGPEKGURNCPVQ

QDNKICVGVJGKTHWPFUHQTOGVGQTQNQIKECNUWRRQTVKPI

TGUGCTEJCEEQTFKPIVQDWFIGVECVGIQTKGU6JGCIGPEKGU	

UWRRQTVKPITGUGCTEJDWFIGVUCTGUWDFKXKFGFCNQPIUKOKNCT

NKPGU4GUGCTEJCPF&GXGNQROGPV
PQPJCTFYCTG

5[UVGOU&GXGNQROGPVJCTFYCTGCPF5RGEKCN2TQITCOU


HQTVJQUGKVGOUVJCVFQPQVGCUKN[HKVKPVQVJGVYQOCLQT

ECVGIQTKGU

#)'0%;(70&+0)$;5'48+%'%#6')14;

6CDNGUWOOCTK\GUJQYVJGCIGPEKGURNCPVQ CPF&16QPVJGJKIJUGCUQPEQCUVCNCPFKPNCPFYCVGTU

QDNKICVGQRGTCVKQPCNHWPFUHQTDCUKECPFURGEKCNK\GF CPFHQTDQCVKPICEVKXKVKGUKPEQCUVCNCPFKPNCPFYCVGTU

OGVGQTQNQIKECNUGTXKEGU6CDNGKUCUKOKNCTDTGCMQWV 6JGEKXKNRTQITCOUYJKEJCTGFKTGEVN[TGNCVGFVQUGTXKEGU

HQTUWRRQTVKPITGUGCTEJHWPFU6CDNGTGXGCNUVJCV UQNGN[HQTOCTKPGWUGUCPFOKNKVCT[RTQITCOUUWRRQTVKPI

DCUKEUGTXKEGUTGSWKTGCRRTQZKOCVGN[RGTEGPVQHVJG HNGGVCORJKDKQWUCPFUGCDQTPGWPKVUKPENWFKPIECTTKGT

VQVCNQRGTCVKQPCNEQUVUYJKNGCXKCVKQPUGTXKEGUTGSWKTG DCUGFCXKCVKQPCPFHNGGVOKUUKNGU[UVGOUCTGKPENWFGF

CDQWVRGTEGPV6JGTGOCKPKPIRGTEGPVKUFKUVTKDWVGF 

COQPIVJGQVJGTURGEKCNK\GFUGTXKEGU6JGFGHKPKVKQPUQH

URGEKCNK\GFCPFDCUKEUGTXKEGUCTGFGUETKDGFDGNQY

$CUKE5GTXKEGU CIGPEKGUEJCTIGFYKVJVJGRTQVGEVKQPCPFOCKPVGPCPEGQH

VJG0CVKQP	UHQTGUVU $CUKEUGTXKEGURTQXKFGRTQFWEVUVJCVOGGVVJG

EQOOQPPGGFUQHCNNWUGTUCPFKPENWFGVJGRTQFWEVU )GPGTCN/KNKVCT[5GTXKEGU6JQUGUGTXKEGUCPF

PGGFGFD[VJGIGPGTCNRWDNKEKPVJGKTGXGT[FC[CEVKXKVKGU HCEKNKVKGUGUVCDNKUJGFVQOGGVVJGTGSWKTGOGPVUQHOKNKVCT[

CPFHQTVJGRTQVGEVKQPQHNKXGUCPFRTQRGTV[$CUKE WUGTEQOOCPFUCPFVJGKTEQORQPGPVGNGOGPVU

UGTXKEGUKPENWFGVJGRTQITCOUCPFCEVKXKVKGUVJCVFQPQV2TQITCOUCPFUGTXKEGUYJKEJCTGRCTVQHDCUKECXKCVKQP

HCNNWPFGTQPGQHVJGURGEKCNK\GFUGTXKEGU OCTKPGQTQVJGTURGEKCNK\GFUGTXKEGUCTGPQVKPENWFGF

5RGEKCNK\GF/GVGQTQNQIKECN5GTXKEGU 1VJGT5RGEKCNK\GF5GTXKEGU6JQUGUGTXKEGUCPF

#XKCVKQP5GTXKEGU6JQUGUGTXKEGUCPFHCEKNKVKGU

GUVCDNKUJGFVQOGGVVJGTGSWKTGOGPVUQHIGPGTCN

EQOOGTEKCNCPFOKNKVCT[CXKCVKQP

/CTKPG5GTXKEGU6JQUGUGTXKEGUCPFHCEKNKVKGU

GUVCDNKUJGFVQOGGVVJGTGSWKTGOGPVUQHVJG&1%&1&

#ITKEWNVWTGCPF(QTGUVT[5GTXKEGU6JQUGUGTXKEGU

CPFHCEKNKVKGUGUVCDNKUJGFVQOGGVVJGTGSWKTGOGPVUQHVJG

CITKEWNVWTCNKPFWUVTKGUCPFHGFGTCNUVCVGCPFNQECN

HCEKNKVKGUGUVCDNKUJGFVQOGGVOGVGQTQNQIKECNTGSWKTGOGPVU

VJCVECPPQVDGENCUUKHKGFWPFGTQPGQHVJGRTGEGFKPI

ECVGIQTKGUUWEJCUURCEGQRGTCVKQPUWTDCPCKTRQNNWVKQP

INQDCNENKOCVGEJCPIGCPFYCVGTOCPCIGOGPV

2'45100'.'0)#)'&+0/'6'141.1)+%#.12'4#6+105

6CDNGFGRKEVUCIGPE[UVCHHTGUQWTEGUKP TGUQWTEGUTGSWGUVGFHQT(;KU6JKUVQVCN

OGVGQTQNQIKECNQRGTCVKQPU6JGVQVCNCIGPE[UVCHH TGRTGUGPVUCFGETGCUGQHRGTEGPVHTQO(;

+06'4#)'0%;(70&64#05('45

6CDNGUWOOCTK\GUVJGTGKODWTUGOGPVQHHWPFU COQWPVUOC[XCT[HTQO[GCTVQ[GCTVJGRCVVGTPUJQYP

HTQOQPGCIGPE[VQCPQVJGTFWTKPI(;#IGPEKGU KUGUUGPVKCNN[UVCDNGCPFTGHNGEVUCUKIPKHKECPVNGXGNQH

TQWVKPGN[GPVGTKPVQTGKODWTUCDNGCITGGOGPVUYJGPVJG[ KPVGTCIGPE[EQQRGTCVKQP

FGVGTOKPGVJCVQPGCIGPE[ECPRTQXKFGVJGUGTXKEGOQTG 

GHHKEKGPVN[CPFGHHGEVKXGN[VJCPVJGQVJGT9JKNGURGEKHKE &GRCTVOGPVQH%QOOGTEG6JG095YKNN

TGKODWTUG&16OKNNKQPHQT#NCUMCJQWUKPIWVKNKVKGU
TABLE 3.2 AGENCY OPERATIONAL COSTS, BY BUDGET CATEGORY

 (Thousands of Dollars)

 Operations Systems Special  Support Acquisition Programs Tota

AGENCY FY97 FY98 FY97 FY98 FY97 FY98 FY97 FY98 Agriculture 12105 12553 0 0 0 0 12105 12Commerce/NOAA 558048 546313 524981 563704 18050 22473 1101079 1132Defense(Subtot) 381554 400152 38739 34465 119 129 420412 434 Air Force 242896 247344 16639 18013 0 0 259535 265 DMSP* 26682 28528 15742 13445 0 0 42424 41 Navy 95606 106963 657 670 0 0 96263 107 Army 16370 17317 5701 2337 119 129 22190 19Interior/BLM 600 600 200 200 0 0 800 Transportation/CG 6774 6774 0 0 0 0 6774 6Transportation/FAA 305945 327078 99199 103676 3811 4009 408955 434EPA ------ Not Applicable ------NASA 2185 2294 1066 550 1652 1615 4903 4NRC 364 298 0 0 0 0 364 TOTAL 1267575 1296062 664185 702595 23632 28226 1955392 2026% of FY TOTAL 64.8% 63.9% 34.0% 34.7% 1.2% 1.4% 100.0% 100*DMSP is the Defense Meteorological Satellite Program that supports all DOD Components and other government agencies. It is primamanaged by the Air Force.
TABLE 3.3 AGENCY SUPPORTING RESEARCH COSTS, BY BUDGET CATEGORY

 (Thousands of Dollars)

 Research & Systems Special  Development Development Programs Tota

AGENCY FY97 FY98 FY97 FY98 FY97 FY98 FY97 FY9Agriculture 15467 15591 0 0 0 0 15467 15Commerce/NOAA 61888 61326 23870 13670 5244 5244 91002 80Defense(Subtot) 84144 77708 400 550 1259 300 85803 78 Air Force 41961 39734 0 0 0 0 41961 39 DMSP* 17964 14076 0 0 0 0 17964 14 Navy 11786 11985 0 0 0 0 11786 11 Army 12433 11913 400 550 1259 300 14092 12Interior/BLM ------ Not Applicable ------Transportation/CG ------ Not Applicable ------Transportation/FAA 15339 5672 1288 645 0 0 16627 6EPA 5700 5700 0 0 0 0 5700 5NASA 112750 11660 49950 47150 0 0 162700 163NRC ------ Not Applicable ------TOTAL 295288 177657 75508 62015 6503 5544 377299 350% of FY TOTAL 78.3% 50.7% 20.0% 17.7% 1.7% 1.6% 100.0% 100*DMSP is the Defense Meteorological Satellite Program that supports all DOD Components and other government agencies. It is primmanaged by the Air Force.
 TABLE 3.4 AGENCY OPERATIONAL COSTS, BY SERVICE

 (Thousands of Dollars)

 Basic Agriculture General Meteorology Aviation Marine & Forestry Military Oth

AGENCY FY97 FY98 FY97 FY98 FY97 FY98 FY97 FY98 FY97 FY98 FY97 Agriculture 0 0 0 0 0 0 12105 12553 0 0 0 Commerce/NOAA 1043983 1075394 35596 35596 19000 19000 0 0 0 0 2500 Defense(Subtot) 16716 18298 288202 299189 27444 29933 0 0 81391 80604 6659  Air Force 0 0 259535 265357 0 0 0 0 0 0 0  DMSP* 0 0 0 0 0 0 0 0 42424 41973 0  Navy 16716 18298 28233 33366 27444 29933 0 0 18255 20364 5615  Army 0 0 434 466 0 0 0 0 20712 18267 1044 Interior/BLM 0 0 0 0 0 0 800 800 0 0 0 Transportation/CG 5730 5730 0 0 1044 1044 0 0 0 0 0 Transportation/FAA 0 0 408955 434763 0 0 0 0 0 0 0 EPA ------ Not Applicable ------NASA 0 0 0 0 0 0 0 0 0 0 4903 NRC 274 208 0 0 0 0 0 0 0 0 90 TOTAL 1066703 1099630 732753 769548 47488 49977 12905 13353 81391 80604 14152 % of FY TOTAL 54.6% 54.3% 37.5% 38.0% 2.4% 2.5% 0.7% 0.7% 4.2% 4.0% 0.7% *DMSP is the Defense Meteorological Satellite Program that supports all DOD Components and other government agencies. It is primarily funded and managed 
 TABLE 3.5 AGENCY SUPPORTING RESEARCH COSTS, BY SERVICE

 (Thousands of Dollars)

 Basic Agriculture General Meteorology Aviation Marine & Forestry Military Other 

AGENCY FY97 FY98 FY97 FY98 FY97 FY98 FY97 FY98 FY97 FY98 FY97 Agriculture 0 0 0 0 0 0 15467 15591 0 0 0 Commerce/NOAA 89377 78615 1625 1625 0 0 0 0 0 0 0 Defense(Subtot) 5564 4787 41961 39734 11786 11985 0 0 26492 22052 0  Air Force 0 0 41961 39734 0 0 0 0 0 0 0  DMSP* 0 0 0 0 0 0 0 0 17964 14076 0  Navy 0 0 0 0 11786 11985 0 0 0 0 0  Army 5564 4787 0 0 0 0 0 0 8528 7976 0 Interior/BLM ------ Not Applicable ------Transportation/CG ------ Not Applicable ------Transportation/FAA 0 0 16627 6317 0 0 0 0 0 0 0 EPA 0 0 0 0 0 0 0 0 0 0 5700 NASA 0 0 0 0 0 0 0 0 0 0 162700 NRC ------ Not Applicable ------TOTAL 94941 83402 60213 47676 11786 11985 15467 15591 26492 22052 168400 % of FY TOTAL 25.2% 23.8% 16.0% 13.6% 3.1% 3.4% 4.1% 4.5% 7.0% 6.3% 44.6% *DMSP is the Defense Meteorological Satellite Program that supports all DOD Components and other government agencies. It is primarily funded and 


CPFVGEJPQNQIKECNCFXCPEGU0#5#YKNNTGEGKXG OKNNKQPVQGUVCDNKUJVJG9QTNF#TGC(QTGECUV

HQTUVTCVQURJGTKEUVWFKGUCPFCVQVCNQHOKNNKQPHQT 5[UVGOHQTOGVGQTQNQIKECNKPUVTWEVQTUCVVJG

UCVGNNKVGCESWKUKVKQPCPFNCWPEJKPIRQNCTQTDKVKPI (###ECFGO[CPFHQTUVWFKGUCPF

OKNNKQPCPFIGQUVCVKQPCT[OKNNKQP FKUUGOKPCVKQP

&GRCTVOGPVQH&GHGPUG6JG#KT(QTEGYKNN 6JG(##YKNNTGKODWTUGVJG0CVKQPCN5EKGPEG

TGKODWTUG&1%CVQVCNQHOKNNKQPHQT954& (QWPFCVKQP05(CPF0CVKQPCN#GTQPCWVKEUCPF5RCEG

1RGTCVKQPCN5WRRQTV(CEKNKV[UWRRQTV
OKNNKQP #FOKPKUVTCVKQP
0#5#CVQVCNQHOKNNKQPHQT

%1/'6RCTVKEKRCVKQP
1(%/UWRRQTV UWRRQTVKPITGUGCTEJ6JG05(YKNNTGEGKXGOKNNKQP


5JCTG2TQEGUUKPI0GVYQTMCPF CPF0#5#YKNNTGEGKXGOKNNKQPHQTCGTQPCWVKECN

UWRRQTVKPITGUGCTEJ
6JG0CX[YKNN JC\CTFU

TGKODWTUG&1%HQTENKOCVQNQIKECNCPCN[UKUCPF 

HQTGECUVKPI6JG#TO[TGKODWTUGOGPVUVQ&1%KPENWFG

VQOCKPVCKPRTGEKRKVCVKQPTGRQTVKPIUVCVKQPUCPF

HQTDCUKEUWRRQTVKPITGUGCTEJCV01##	U

'PXKTQPOGPVCN6GEJPQNQI[.CDQTCVQT[6JG#TO[YKNN

CNUQTGKODWTUGVJG7PKVGF5VCVGU)GQNQIKECN5WTXG[

HQTQRGTCVKQPUCPFOCKPVGPCPEGQHJ[FTQNQIKE

CPFRTGEKRKVCVKQPTGRQTVKPIUVCVKQPU#FFKVKQPCNN[VJG

#TO[YKNNTGKODWTUG0#5#	U)QFFCTF5RCEG(NKIJV 'PXKTQPOGPVCN2TQVGEVKQP#IGPE['2#01##	U

%GPVGTHQTDCUKEUWRRQTVKPITGUGCTEJ0#5# #KT4GUQWTEGU.CDQTCVQT[
#4.YKNNDGTGKODWTUGF

YKNNCNUQTGKODWTUGVJG0CVKQPCN%GPVGTHQT#VOQURJGTKE OKNNKQPHQTFGXGNQROGPVGXCNWCVKQPCPFCRRNKECVKQP

4GUGCTEJ0%#4VQEQPFWEVDCUKEUWRRQTVKPI QHCKTSWCNKV[FKURGTUKQPOQFGNUCPFHQTRTQXKFKPI

TGUGCTEJ OGVGQTQNQIKECNGZRGTVKUGCPFIWKFCPEGHQT'2#RQNKE[

FGXGNQROGPVCEVKXKVKGU &GRCTVOGPVQH6TCPURQTVCVKQP6JG(##YKNN

TGKODWTUG01##OKNNKQPKP(;HQT &GRCTVOGPVQH'PGTI[&1'6JG01##1#4

RTQEWTGOGPVQH954&CPF#515U[UVGOU YKNNDGTGKODWTUGFOKNNKQPVQUWRRQTVVJG0WENGCT

#FFKVKQPCNN[01##YKNNTGEGKXGOKNNKQPHQT 5WRRQTV1HHKEGCVVJG0GXCFC0WENGCT6GUV5KVG

QRGTCVKQPCNUWRRQTVOKNNKQPHQT954&CPF#515 

OCKPVGPCPEGOKNNKQPHQTCXKCVKQPYGCVJGT

QDUGTXCVKQPUOKNNKQPHQTVJG%GPVGT9GCVJGT

5GTXKEG7PKVUCVCNN#KT4QWVG6TCHHKE%QPVTQN%GPVGTU

0CVKQPCN#GTQPCWVKEUCPF5RCEG#FOKPKUVTCVKQP


0#5#6JG#KT(QTEGYKNNTGEGKXGTGKODWTUGOGPVQH

OKNNKQPHQTQDUGTXCVKQPUCPFHQTGECUVU01##	U

0CVKQPCN9GCVJGT5GTXKEGYKNNTGEGKXGOKNNKQPHQT

URCEGHNKIJVYGCVJGTUWRRQTV0CVKQPCN&CVC$WQ[%GPVGT

YKNNTGEGKXGTGKODWTUGOGPVUQHHQTQRGTCVKQPU

QHFCVCDWQ[U

0WENGCT4GIWNCVQT[%QOOKUUKQP04%6JG04%

YKNNTGKODWTUG01##	U#4.
CPF&1'


HQTVGEJPKECNCUUKUVCPEG

(#%+.+6+'5.1%#6+105HQT6#-+0)/'6'141.1)+%#.1$5'48#6+105

6CDNGKPFKECVGUVJGPWODGTQHHCEKNKVKGUQT UWRGTXKUGVJGXCTKQWUV[RGUQHYGCVJGTQDUGTXCVKQPU

RNCVHQTOUCVYJKEJVJGHGFGTCNCIGPEKGUECTT[QWV
QT


6#$.'2'45100'.'0)#)'&+0/'6'141.1)+%#.12'4#6+105


7PKVUCTG(WNN6KOG'SWKXCNGPV5VCHH;GCTU

QH(;

#)'0%;(; (; %*) 616#.

#ITKEWNVWTG    

%QOOGTEG01##    

4GKODWTUGF     

&GHGPUG
5WDVQVCN    

#KT(QTEG    

&/52    

0CX[    

#TO[    

+PVGTKQT$./    

4GKODWTUGF     

6TCPURQTVCVKQP%)    

6TCPURQTVCVKQP(##    

'2#    

0#5#    

04%    

616#.    

0WODGTUQHRGTUQPPGNCTGTQWPFGFVQPGCTGUVYJQNGPWODGT 

4GKODWTUGFCTGRGTUQPPGNHWPFGFD[QVJGTCIGPEKGU 




6#$.'+06'4#)'0%;(70&64#05('45(14/'6'141.1)+%#.

12'4#6+105#0&5722146+0)4'5'#4%*

(;(WPFU-

'UVKOCVGFQT2NCPPGF

#IGPE[(WPFU#IGPE[(WPFU 5WRRQTVKPI

6TCPUHGTTGFHTQO6TCPUHGTTGFVQ1RGTCVKQPU4GUGCTEJ

%QOOGTEG01## &1675%) 

0#5#5VWFKGU 

0#5#2TQEWTGOGPV 

&GHGPUG#KT(QTEG &1% 

&GHGPUG0CX[ &1%01##0%&% 

&GHGPUG#TO[ &1%01##095 

&1%01##'6. 

&1+75)5 

0#5#)5(%)+55 

0#5#)5(% 

05(0%#4 

6TCPURQTVCVKQP(## &1%01## 

&1%01##2TQEWTGOGPV 

05( 

0#5# 

0#5# &1&75#( 

&1&01##095 

&1%01##0&$% 

'2# &1%01###4. 

&1' &1%01##1#4 

04% &1%01###4. 

&1' 


6#$.'(#%+.+6+'5.1%#6+105HQT6#-+0)/'6'141.1)+%#.1$5'48#6+105

0QQH.QECVKQPU 0QQH.QECVKQPU

6;2'1(1$5'48#6+10#)'0%; 
(; 6;2'1(1$5'48#6+10#)'0%; 
(;

5WTHCEGNCPF 7RRGTCKTTQEMGV

%QOOGTEGCNNV[RGU  0#5# 

#KT(QTEG  #KT(QTEG751XGTUGCU 

0CX[751XGTUGCU 

#TO[751XGTUGCU

/CTKPG%QTRU751XGTUGCU 

6TCPURQTVCVKQP(NKIJV5GTXKEG5VP 

6TCPURQTVCVKQP.KO#XKCVKQP9Z4RVI5VP 

6TCPURQTVCVKQP%QPVTCEV9Z1DUGTXKPI5VP 

6TCPURQTVCVKQP#WVQ9Z1DUGTXKPI5VP 

6TCPURQTVCVKQP#WVQ5HE1DU5[UHKGNFGF 

6TCPURQTVCVKQP75%)%QCUVCN 

+PVGTKQT 

#ITKEWNVWTG 

0#5# 

5WTHCEGOCTKPG

%QOOGTEG5'#5GSWKRRGFUJKRU 

%QOOGTEG%QCUVCN/CTKPG#WVQO0GVYQTM 

%QOOGTEG01##01521465 

%QOOGTEG$WQ[UOQQTGF 

%QOOGTEG$WQ[UFTKHVKPI 

%QOOGTEG$WQ[UNCTIGPCXKICVKQP 

%QOOGTEG9CVGTNGXGNICWIGU 

0CX[5JKRUYKVJOGVRGTUQPPGN 

0CX[5JKRUYKVJQWVOGVRGTUQPPGN 

6TCPURQTVCVKQP75%)5JKRU 

0#5# 

7RRGTCKTDCNNQQP

%QOOGTEG75 

%QOOGTEG(QTGKIPEQQRGTCVKXG 

#KT(QTEG(KZGF751XGTUGCU 

#KT(QTEG/QDKNG 

#TO[(KZGF751XGTUGCU 

#TO[/QDKNG 

0CX[(KZGF751XGTUGCU 

0CX[/QDKNG 

0CX[5JKRU 

/CTKPG%QTRU(KZGF751XGTUGCU 

/CTKPG%QTRU/QDKNG 

0#5#75 

#VOQURJGTKE2TQHKNGTU

#TO[ 

0CX[ 

#TO[751XGTUGCU 

&QRRNGTYGCVJGTTCFCT954&UKVGU

%QOOGTEG095 

#KT(QTEG 

#TO[ 

6TCPURQTVCVKQP 

1HHUKVG954&2TQEGUUQTU272U

%QOOGTEG095 

#KT(QTEG 

0CX[ 

#TO[ 

/CTKPG%QTRU 

6TCPURQTVCVKQP 

#KTRQTVVGTOKPCN&QRRNGTYGCVJGTTCFCTU

6TCPURQTVCVKQP%QOOKUUKQPGF 

#TO[PQVCKTHKGNF6GUV4CPIG 

%QPXGPVKQPCNTCFCTPQP&QRRNGTUKVGU

%QOOGTEG095 

%QOOGTEGCV(##UKVGU 

#KT(QTEG(KZGF751XGTUGCU 

#KT(QTEG4GOQVG&KURNC[U 

#KT(QTEG/QDKNG7PKVU 

#TO[1XGTUGCU 

0CX[(KZGF751XGTUGCU 

0CX[4GOQVGFKURNC[U4#&+&5 

/CTKPG%QTRU(KZGF751XGTUGCU 

/CTKPG%QTRU/QDKNGWPKVU 

9GCVJGTTGEQPPCKUUCPEG0QQHCKTETCHV

%QOOGTEG01## 

#KT(QTEG4GUGTXG#(4'5 

)GQUVCVKQPCT[OGVGQTQNQIKECNUCVGNNKVGU 
0QQRGTCVKPI

%QOOGTEGRNCPPGFEQPHKIQH 

2QNCTOGVGQTQNQIKECNUCVGNNKVGU0QQRGTCVKPI

%QOOGTEGRNCPPGFEQPHKIQH 

#KT(QTEGRNCPPGFEQPHKIQH 
	




	


	
		



	

		!

"#
	$#
%	&	'
	()
)






*

+

!


	
	#	


	*	
!
	#	!

(

#
#
			




	
	
#



	,	
		,
	




(#
)
-	!
	



	
.	

/

0


#


!

	


	!
	'

/
#

123

"&%4/1

"OWNING THE WEATHER--AN ARMY FORCE MULTIPLIER"




							

	
						

 	 		   	  		


		 !"#$$%

	
)

	
	
	



-
#	
	)		


	 



)		
	%)	

	
		

#
5)	
	
!

	267		)


	
		

	 


#
263		)


#
	

 




		
	
		

	 


	


	677


	
		
	

!	
	
#
)/
	
*
	
	
 


!

	

	.
		
	
 

	
	


	

	
	
8
	 


!!	#	)
#

	

!5)	 



	
		!

	



!!	

		
  $)	!	6
!4
	
$		
 

!


!
#
	 	 
#97	!	'233:
	

	# 


		

)	)	

	
	
 		
	)	

	
;:	

0
		
	!
		



2! 	 
!	)237

)
	
 

#!
 
	)	


)
#$)		



	)
	!	



	
  .
	$
	


)977&))
	&	'
(


)			"	*			

			 )	 " 	 		* 

		


'
)
37729<'37729=+	

		
	
!
		
	
 2

!		
	>

,
		
-!
0
	
	
	
	
	
!!	


	

	

)
	#


&


	
!!
	
	

	!

	

	
	
!!	
)
	


	



#
	
	
)#
	
	
	
	



	
	
	
		,





	
)
	
- 


#
	
!
	
	



#
 2

	
#
	)	
	!!	 !


		
	)		!!	!!
 


	
		
	

	




			!

		%

	




	

0
#
	



0
	
	
	

!

)	 


	

(	

?	#

(	

)		!!	!
	



2!	



)	

!


!

)
		8)
.
	

	
4
	
 

4#

	
		!	)

	


	?
	
	$2$
#

!")
 

)3@11+

	!

	
#	
	


#




)
!	
 


	(
#!

		

;A
)
!

	!
)!) 


		
-	+
!



!
	)!	

		
)


	

)	



	


)	
B


!!)	
	!


#
#%



!		

	

!
#


 

)!
#


		
		!

	





	
	



	
		<4.=


#	

	
!!	#
2
	


	

#
2!		!

	
		
! 	



	
	

)

	
	
 



2
	

	



	
 


#	
)		
!	


	0 !


		!


	
	
	 
126

')123	
		4
	

?


0
#!!
		
		
 


)#!	

	!
	4.


!

	

	
		!!	
 


	!
	
	

	84.





	
0
		,
	
 !



	)	,

/
2	
)
	  $!	

?


4.	)!
#
-
!
		!

#
	

	

	!!	!




	
	

	
	

	


#
#
	
%	#
#0
	 



#
	2
		



#
	
 !


)
		!	
#
		
 

	
-
#
	
!
)	 

4.
	

	
5)-
	 


	!
	!


	

		


		



#
	
4.	







	

	
	


	)
	


#
	 


			
#
)
	


4.
	
	!
0
		
		!

#
	!

B	

	
	
	


)
	
	


B



!	4.


!
)	
<')13=>

 
		
C
	

	


 ?


!

	
	
C
)	


	


	


 
		!#)

	

	
	



 &

	
	0
	
	

!

	




	


4.
	#
	
!	 


	
#
	

	
!
	

 !



	
)	

	
2	
	

 


	

#

	
	 

!

#
	
!
		!	/0	 

		




	





 

)

		
C!

	

	 



		
)'
	#
	


!

	
	)	!!	
	
!
	



		
			
-	

!

!
)	


)	

	
	2!!	 





		!
	#)

	
 


)		
	



		
	
	

	


	

#
	

	
)	
!
 2

	
	22
2



 


)2
22
	

##
	

	

	5)
)

)	




#
 

%	
		



	<%"=


	
	
	
)	

(
	)	 2

?)
.D<(.D=%") 

0	



C
!	
	

 

	
	


			
	

) 2


	



!	


	
)	 

	

#

	
		!
		 

%"


	!
%	
"	
 

.
!
<%".=	!	
		&

 

	< &=%"	
!!


	 

'

		

	
#

) 




	

#22


#

 

#


	

#
	



 


#
	

!

	 

%"

)	
	!
)
 

	

	


6777<')1 6



%"	
	

!)
	
=

%"#



	 


	)	
2!#
	
!

	 


#
C


	
		


)	


)	

	
	!

	





)
	
	%" 

	

#	
	
#
	
 

!!	!

	
#
	





!

	
	



	

	%	


	
	
!
#

)
)
	)		 


		2

	!

	
	
)	

 

	#
	 &!

	
) 

	
	


<$=		 


		!
)	

	&

E&
	
<& =	 6

& 	
#
2!		
	  6


	#
	
!!	


 

	<')1;%	
		



	 =
Figure 4.2 IMETS tactical configuration.

4-3
121

')1;%	
		



	

%"


#
	!

	  !

	
),
	2!,

,
	2! ,

	

	
	!

	


	
	
 
2


	

	
	#
	!

#
	)
		2



 
	
	#
)!
	

	
	
!
 

	




)

	  	
	%	
	.
	"!!	 



)!

	!


	
  $
<%."$=

	
	0	

	
	

#	))

2
!

	  		
	
#	

	%."$


)!!	!
0	

	
 
)	

	
	!
	!
#

 


	



)!
#


	
	
 



		
	
!!


  

	

!
	!!	 

!

	
!

	
	


	

!
 


-

	
	
	
 


2
-

!
%	

?

	
!	
		!<%? =	

0) 2

	
%? $

2



 




5)-

)
	

		
	!!	
	
  .
	

'
)	


	
#		

	)		 
 



!
	


$
	


#!

	


)	
	!!	

 	

	
	
)	


	

 !



	
	
#

#
	
 


#	

.
	2)
	$




 

	

)
	)	
	
	!!	 

				
	



!

	
 

%."$	

	
!	
	

	

 




#	

	
	 

!

	
	!
	
	

5)	



!!	


	
 


!!	


''		

		+				,	

						#-./#


)	
	+

+
<3@@1=


	

!!	

 	

'
0


!

#
	
	


	


5)	
#8!

)

	)?	
	



129


!
	
!!
	)		
	


 	

!
2
4.	!
 


	

!
#?	
	
  
		!
	

	



#

	
	

	.  

	))
	
	)

#
 



	
-
	)
	.





B
!
	

!!	
	
)
22
 

	
!	
	




	 

!!	
!
	

	

	
B	 

#
-
!	
	
	
	 

!

	F

	

# 



#
	




	)	







)
	



		

)
	

	
		

		
!!	
!
	

	)		




#


	
'
0
 




!)#	
	
	

	)	
!
	
-
		)
	

 

	
-


	1-
	<-=4	
-

5)	!
				
-



#	2#
	%!	#	 

1-
		
-


	

)	5)
 

.#	
	
6-		
-		 

	2#	
	


!0		 


			
-(
#			
-,
,

		!






#
	



	!	)
	
)	
		!: ;

"
	)4
	
$		
<')11=

')11
))	!	"!!	!.
	 



		
		!:;"
	

 
		
	

4.5)5)
	
)	
 !


	
#


	


	 


	

	

	
	)
!)	
 

!)	)#
	

	

#		 


		!#
	

	



#	

	')19

	)


$	2

)	#
	
!
	






		
#		


#





	
	%"#

>




)	

<# 

!



#=

	



)!



	$!

	




		?

<$?=


/
	

4

	
	
	


</4=C%4
		

(	


)	

!



	
	


		


	




#
	



#

)	

		




 2



)


#<D=D 




#	

		
#

# 

	
	
	

%
	
	

	
 


!
!	2
	
)		D


#
!
#


	
	) 


!
)	
	

	
	 

)

	)	
	
#
%"
 


#


#
	
	
	
	 

!

	


	
	!
	'




#
	
)	

		



<G" =

	


	

	)	
# 

)
#
	
#!



&)	

	G"	
)			



 


)	<=

	





	&
)				


<&=




!	
	

	

	)



	
"#	)
	
	

	

!


#)

)		0	


!
	%"

#)
 


!!



	
-
	!0
! 

'

		



	
)	

		
# 

%"	)!

	

)	
	 


#
	
!
#



	0	


		!)
			

	#
	
)
)			
!	 

$?
/4C%4
		
	


#/
	

?

24	4
	



"#
	

			</?4"=6737
12A

WEATHER (WX) COMMAND AND CONTROL WARFARE (C2W)

COMPONENTS

WX C2W * Protect and secure our weather support

PROTECT INFOSYS (system, databases, computers

and communications, and personnel)

WX C2W * Understand enemy weather INFOSYS

EXPLOIT * Steal and utilize enemy weather data

WX C2W * Deny enemy weather information

ATTACK * Modify enemy weather data

* Influence enemy weather picture

')19+
D!	
2
<6737=4.$
	
&
	
&
	


		!
		


)	

	
)
	
  

	
	)
0	

		
0
	

	
2

#2
)	 	
	
	)	!)	)
	 

)	

		




	<= 
	


!
)	


#)!
#
	

	-	

	 

%
#
	
	

		!
 

	<%" =	<%=


#)!
#
	
!

!
-
 



		



-
#)
 !




%

2



#	


)!
 


#
	


	
-	G"

	
5)	
2)	

	 

	



	
	
<=)!
#
	
 

!


#%"#

		 

-!
	
	
	).
	
 

<.=


	
!
% 


	
	

)	

	
	
)
)!
 


#
	
#


	
)!
	
!
 

%"
#
	
	
-


2

)



)#
 

	)	
	
!!
	

 

'
#
	
!
%"

	
 

 
		!D)

	

%!

	
4
	


 
		!#)

	
!
	
	!!	


	
	
!
		


 


!

!

	


 

%!

	



#	
)	

0)	

!!

	


	
%!

	


4.!

	

	

	B	# 

<
)	')1A=
B	#





		

)!
	

!

	
	0
	

		
-	 

*
	!

	

	"0
	
 


		
-#
#		
	
 


!)	*	)!	
	 

.
	!

	

!

	


	
 


	-
!		
	

 2

!	

	
-

!)!

	
 


!




')1A.
	%!

	
&




&
	
.
!
& .&

	 6
12:

4	4
	


	
 
!!	#
#	B	#	
)	 

)
!
#
!

	

	

%	 	
)

	
B	#!
 

4.)
		
	
	

 


-
B



!	!



	!
	5) 


	)
	4	






	



	
8)
#
)
	

!#
 


-
	
)
	!	 


5)
!0



!
	

	


!)	
  4.
#
	

	)!

	
	
	)
	



	!

	
 	
		
#
	!



 

#	
	
	)!	


	
	
 

	)
	





		 



	

#


0)	
 	



	
!


	
	
 

4.	



)	
 

)	)



)	

	
 

#
	

)


	





0		

	
	

!	 

!
	!
	


)	)



4.			
	
	!
!)	)


		!
	
	

		




#
		!
	!

	


#!

#

	




 




	
	!


5)	
	

	
			 

!

	




	
		


	



#
#
	

 


	

	-

!#	


)
	4.
#
,

	,
)	
	




	
#


0 

	

	!0	


	 


5)	%	)#69
!
 

!!
	
#			







#
	
	

2
	
2- 

2

!!
	)		


		!	)


#		
#

6JG0CVKQPCN1EGCPKECPF#VOQURJGTKE#FOKPKUVTCVKQP01##KUVJGRTKPEKRCNOGVGQTQNQIKECNCIGPE[

QHVJGHGFGTCNIQXGTPOGPV$[NCY01##KUTGURQPUKDNGHQTTGRQTVKPIVJGYGCVJGTQHVJG7PKVGF5VCVGU

RTQXKFKPIYGCVJGTCPFHNQQFYCTPKPIUCPFHQTGECUVUVQVJGIGPGTCNRWDNKEFGXGNQRKPICPFHWTPKUJKPI

CRRNKGFYGCVJGTUGTXKEGUCPFTGEQTFKPIVJGENKOCVGQHVJG7PKVGF5VCVGU6JKUOKUUKQPKUECTTKGFQWV

YKVJKP01##D[VJG0CVKQPCN9GCVJGT5GTXKEG095VJG0CVKQPCN'PXKTQPOGPVCN5CVGNNKVG&CVCCPF

+PHQTOCVKQP5GTXKEG0'5&+5VJG1HHKEGQH1EGCPKECPF#VOQURJGTKE4GUGCTEJ1#4VJG0CVKQPCN

1EGCP5GTXKEG015CPFVJG1HHKEGQH01##%QTRU1RGTCVKQPU0%

#22'0&+:#

DEPARTMENT OF COMMERCE WEATHER PROGRAMS

NATIONAL OCEANIC AND ATMOSPHERIC ADMINISTRATION

0#6+10#.9'#6*'45'48+%'

6JG0CVKQPCN9GCVJGT5GTXKEG
095JCUVJG < 1TICPKE#EVQHETGCVGFVJG759GCVJGT

RTKPEKRCNTGURQPUKDKNKV[HQTVJGRNCPUCPFQRGTCVKQPUQH $WTGCWKPVJG&GRCTVOGPVQH#ITKEWNVWTG

VJGDCUKEYGCVJGTUGTXKEGUCPFEGTVCKPURGEKHKECRRNKGF 

UGTXKEGU6JGRTKOCT[OKUUKQPQH095KUVQJGNRGPUWTG

VJGUCHGV[CPFYGNHCTGQHVJGIGPGTCNRWDNKEYKVJTGURGEV

VQVJGGHHGEVUQHYGCVJGTCPFVQHWTVJGTVJGEQPFWEVQH

IQXGTPOGPVCNCPFEQOOGTEKCNCEVKXKVKGUYJKEJCTG < (NQQF%QPVTQN#EVQHCWVJQTK\GFVJG

CHHGEVGFD[YGCVJGT+PUWRRQTVQHVJKUOKUUKQP095 GUVCDNKUJOGPVQRGTCVKQPCPFOCKPVGPCPEGQHVJG

*[FTQENKOCVKE0GVYQTMD[VJG9GCVJGT$WTGCWHQT < +UUWGUYCTPKPIUCPFHQTGECUVUQHYGCVJGTHNQQFCPF

QEGCPEQPFKVKQPU

< 1DUGTXGUCPFTGRQTVUVJGYGCVJGTCPFVJGTKXGTCPF VQVJG&GRCTVOGPVQH%QOOGTEG

QEGCPEQPFKVKQPUQHVJG7PKVGF5VCVGUCPFKVU

RQUUGUUKQPU

< &GXGNQRUCPFQRGTCVGUPCVKQPCNOGVGQTQNQIKECN QDUGTXCVKQPUCPFUGTXKEGUVQCXKCVKQP

J[FTQNQIKECNCPFQEGCPKEUGTXKEGU[UVGOU

< 2GTHQTOUCRRNKGFOGVGQTQNQIKECNCPFJ[FTQNQIKECN 9GCVJGT5GTXKEG
095KPVJGPGYN[ETGCVGF

TGUGCTEJ 'PXKTQPOGPVCN5EKGPEG5GTXKEGU#FOKPKUVTCVKQP


'55# < #UUKUVUKPFGXGNQRKPIEQOOWPKV[CYCTGPGUUCPF

GFWECVKQPCNOCVGTKCNUEQPEGTPKPIYGCVJGTTGNCVGF < 4GQTICPK\CVKQP2NCPQHOCFGVJG095C

PCVWTCNFKUCUVGTU RCTVQHVJGPGYN[ETGCVGF0CVKQPCN1EGCPKECPF

#VOQURJGTKE#FOKPKUVTCVKQP01## < 2CTVKEKRCVGUKPKPVGTPCVKQPCNJ[FTQOGVGQTQNQIKECN

CEVKXKVKGUKPENWFKPIVJGGZEJCPIGEQFKPICPF 5'48+%'5

OQPKVQTKPIQHFCVCCPFHQTGECUVUCPFCNUQKPENWFKPI 

VJGKPUVCNNCVKQPCPFTGRCKTQHJ[FTQOGVGQTQNQIKECN

GSWKROGPVCPFU[UVGOUQXGTUGCUWPFGTVJG

8QNWPVCT[%QQRGTCVKQP2TQITCO

6JGDCUKEGPCDNKPINGIKUNCVKQPCPFCWVJQTKV[HQT RTQXKFGFD[CPCVKQPYKFGPGVYQTMQHQHHKEGUVJCVEQNNGEV

YGCVJGTUGTXKEGUCTGUWOOCTK\GFCUHQNNQYU FCVCRTGRCTGUVCVGCPFNQECNYCTPKPIUCPFHQTGECUVUCPF

FKUUGOKPCVGKPHQTOCVKQPVQVJGRQRWNCVKQPDQVJFKTGEVN[

< 'PCDNKPI#EVQHCNNQYGFVJG759GCVJGT

$WTGCWVQGPVGTKPVQEQQRGTCVKXGCITGGOGPVUHQT

RTQXKFKPICITKEWNVWTGYGCVJGTUGTXKEGU

(NQQF%QPVTQNQP,WN[VJG9GCVJGT$WTGCW

YCUVTCPUHGTTGFHTQOVJG&GRCTVOGPVQH#ITKEWNVWTG

< (GFGTCN#XKCVKQP#EVQHQWVNKPGFFWVKGUQHVJG

5GETGVCT[QH%QOOGTEGHQTRTQXKUKQPQHYGCVJGT

< 4GQTICPK\CVKQP2NCPQHRNCEGFVJG0CVKQPCN

095RTQXKFGUCTQWPFVJGENQEMYGCVJGTCPFHNQQF

YCTPKPICPFHQTGECUVUGTXKEGUVQVJGRWDNKEHQTVJG

RTQVGEVKQPQHNKHGCPFRTQRGTV[CPFVQOGGVVJGPGGFUQH

CNNUGIOGPVUQHVJGGEQPQO[9GCVJGTUGTXKEGUCTG
#

CPFKPFKTGEVN[VJTQWIJVJGOCUUOGFKC&CVCCPCN[UGU VKOGUCFC[HQTVJGEQPVKIWQWUUVCVGU951UCNUQVCMG

HQTGECUVUCPFQWVNQQMUWUGFD[HKGNFHQTGECUVGTUVQ QDUGTXCVKQPUVQOGGVNQECNCXKCVKQPTGSWKTGOGPVU

RTGRCTGNQECNHQTGECUVUCTGEGPVTCNN[RTQEGUUGFD[VJG 

0CVKQPCN%GPVGTUHQT'PXKTQPOGPVCN2TGFKEVKQP0%'2

6JG095EQTGOKUUKQPCNUQFGRGPFUQPVJGUVWF[

FGXGNQROGPVCPFVGUVKPIQHPGYOGVJQFUHQTKORTQXKPI

DCUKEYCTPKPICPFHQTGECUVECRCDKNKVKGUVJTQWIJTGUGCTEJ

9GCVJGT9CTPKPIUCPF(QTGECUVU$QVJ9GCVJGT VWTDWNGPEGUVTQPINQYNGXGNYKPFUCPFDTQCFCTGCUQH

5GTXKEG(QTGECUV1HHKEGU95(1CPF9GCVJGT5GTXKEG NQYENQWFUCPFQTTGUVTKEVGFXKUKDKNKV[+P#NCUMCCPF

1HHKEGU951KUUWGNQECNYCTPKPIUHQTUGXGTGYGCVJGT *CYCKKVJGUGRTQFWEVUCTGKUUWGFD[95(1U

UWEJCUJWTTKECPGUVQTPCFQGUUGXGTGVJWPFGTUVQTOU 

HNCUJHNQQFUCPFGZVTGOGYKPVGTYGCVJGT95(1U

RTGRCTGHQTGECUVUHQT\QPGUYJKEJCTGEQORTKUGFQH

V[RKECNN[QPGQTOQTGEQWPVKGUVJCVGZRGTKGPEGUKOKNCT

YGCVJGT'CEJ95(1JCUHQTGECUVTGURQPUKDKNKV[HQT

UGXGTCN\QPGUYJKEJVQIGVJGTEQORTKUGCPCTGCVJGUK\G

QHCPCXGTCIGUVCVG95(1UKUUWG\QPGHQTGECUVUVKOGU

FCKN[HQTCRGTKQFQWVVQJQWTUCPFCIGPGTCNK\GF

UVCVGYKFGHQTGECUVVYKEGFCKN[KPENWFKPICPGZVGPFGF

FC[HQTGECUVQPCFCKN[DCUKU95(1UCNUQRTQXKFGVJG

OCKPHKGNFHQTGECUVUWRRQTVHQTVJGOCTKPGCPFCXKCVKQP

RTQITCOUCUYGNNCUIWKFCPEGHQTVJGHKTGYGCVJGT /CTKPG9GCVJGT5GTXKEGU7UKPIYGCVJGTCPCN[UGU

RTQITCO CPFHQTGECUVIWKFCPEGRTQXKFGFD[0%'2	U/CTKPG

2TGFKEVKQP%GPVGTOCTKPGYGCVJGTHQTGECUVGTUCVEQCUVCN #NNEQWPVKGUKPVJG7PKVGF5VCVGUCTGCUUKIPGFVQ

URGEKHKE951UQT95(1UHQTYCTPKPIRWTRQUGU6JGUG

QHHKEGUKUUWGCPFFKUVTKDWVGNQECNYCTPKPIUQHUGXGTG

YGCVJGTHQTVJGKTCUUKIPGFEQWPVKGU951UCFCRV

IGPGTCNK\GFYGCVJGTHQTGECUVUVQNQECNCTGCUCPFKUUWG

UGXGTGYGCVJGTCPFHNCUJHNQQFYCTPKPIU+PRTGRCTKPI

NQECNYCTPKPIUCPFHQTGECUVU95(1UWUGHQTGECUV

IWKFCPEGRTGRCTGFD[0%'2YJKEJKUDCUGFQP

YQTNFYKFGOGVGQTQNQIKECNQDUGTXCVKQPU6YQQH0%'2	U

UEKGPEGDCUGFEGPVGTUVJG5VQTO2TGFKEVKQP%GPVGTCPF

VJG0CVKQPCN*WTTKECPG%GPVGT6TQRKECN2TGFKEVKQP

%GPVGTRTQXKFGURGEKCNK\GFEGPVTCNUWRRQTVHQTVJGNQECN

YCTPKPIRTQITCO

9GCVJGT5GTXKEG/GVGQTQNQIKECN1DUGTXCVQTKGU FCVCRTQEGUUKPICPFFKUVTKDWVKQPQHOGVGQTQNQIKECNCPF


95/1CTGCFFKVKQPCNUQWTEGUQHFCVCHQTUWTHCEG QEGCPQITCRJKEFCVCHTQOOQQTGFCPFFTKHVKPIDWQ[UCPF

QDUGTXCVKQPUWRRGTCKTQDUGTXCVKQPUCPFQTTCFCTFCVC CWVQOCVGFQDUGTXKPIUVCVKQPUCVUGNGEVGFEQCUVCNNQECVKQPU

6JGUGQDUGTXCVKQPUCTGCNUQWUGFKPVJG0%'2FCVCDCUG 0&$%CNUQRTQXKFGUU[UVGOUKPVGITCVKQPFGRNQ[OGPV

HQTIGPGTCVKPIIWKFCPEGRTQFWEVUWUGFD[HKGNF OCKPVGPCPEGCPFTGRCKTCPFTGFGRNQ[OGPVQHFCVCDWQ[U

HQTGECUVGTUCPFEQCUVCNUVCVKQPU6JG095VJTQWIJKVU2QTV

/GVGQTQNQIKECN1HHKEGT2TQITCOCNUQEQQTFKPCVGUCPF #XKCVKQP9GCVJGT5GTXKEGU6JG095RTQXKFGUC

DTQCFTCPIGQHUGTXKEGUKPUWRRQTVQHVJGCXKCVKQP

EQOOWPKV[(KHV[VYQ95(1URTGRCTGUKVGURGEKHKE

CKTRQTVVGTOKPCNHQTGECUVUVKOGURGTFC[YKVJ

COGPFOGPVUCUPGGFGFHQTQXGTRWDNKEWUGCKTRQTVU

KPVJGUVCVGUCPFKPVJG%CTKDDGCP6JGUGQHHKEGUCNUQ (KTG9GCVJGT5GTXKEGU&GUKIPCVGF095QHHKEGU

RTQFWEGCDQWVKPFKXKFWCNTQWVGQTKGPVGFHQTGECUVU RTQXKFGYGCVJGTYCTPKPIHQTGECUVCPFCFXKUQT[UGTXKEGU

0%'2	U#XKCVKQP9GCVJGT%GPVGTRTGRCTGU#TGC

(QTGECUVUVKOGUFCKN[FGUETKDKPIIGPGTCNCXKCVKQP

YGCVJGTEQPFKVKQPUQXGTVJGNQYGTUVCVGU6JKUWPKV

CNUQKUUWGUKPHNKIJVCFXKUQTKGUQHJC\CTFQWUYGCVJGT

EQPFKVKQPUCUUQEKCVGFYKVJVJWPFGTUVQTOUKEKPI

4KXGTCPF(NQQF9CTPKPIUCPF(QTGECUVU4KXGT

(QTGECUV%GPVGTU
4(%RTGRCTGIWKFCPEGWUGFD[

95(1UCPF951UVQKUUWGHNCUJHNQQFYCVEJGU

YCTPKPIUCPFTKXGTHQTGECUVU4(%URTQXKFGHQTGECUVU

QHTKXGTUVCIGCPFHNQYCPFTGNCVGFRTQFWEVUCPFUGTXKEGU

HQTWUGD[YCVGTTGUQWTEGUOCPCIGTUCPFQVJGTWUGTU

/QUV95(1UCPF951UUWRRQTVVJG4(%UD[EQNNGEVKPI

CPFTGNC[KPIJ[FTQNQIKEFCVC0%'2RTQXKFGUEGPVTCN

UWRRQTVVQ4(%UD[HQTGECUVKPIVJGOQXGOGPVQHNCTIG

UVQTOUVJCVCTGECWUKPIUKIPKHKECPVRTGEKRKVCVKQP

CPF)TGCV.CMGU95(1UKUUWGYKPFYCXGYGCVJGTCPF

KEGYCTPKPIUHQTGECUVUCPFQVJGTKPHQTOCVKQPHQTVJG

RQRWNCVKQPNKXKPICPFYQTMKPICNQPIVJGUGCEQCUVQHH

UJQTGQPVJG)TGCV.CMGUCPFQPVJGJKIJUGCU

2TKPEKRCNRTQFWEVUKPENWFGUOCNNETCHVCFXKUQTKGUICNG

UVQTOVTQRKECNE[ENQPGCPFUVQTOUWTIGYCTPKPIU

EQCUVCNQHHUJQTGCPFJKIJUGCUHQTGECUVUUGCCPFUYGNN

HQTGECUVUUGCCPFNCMGCFXKUQTKGUCPFURGEKCNYGCVJGT

HQTGECUVUVQCKFKPVJGEQPVCKPOGPVCPFENGCPWRQHQKN

URKNNUCPFQVJGTJC\CTFQWUUWDUVCPEGUKPVJGOCTKPG

GPXKTQPOGPV+PUWRRQTVQHOCTKPGYGCVJGTUGTXKEGUVJG

095QRGTCVGUVJG0CVKQPCN&CVC$WQ[%GPVGT0&$%

YJKEJRTQXKFGUTGCNVKOGQRGTCVKQPUFCVCCESWKUKVKQPCPF

OCPCIGUFCVCCESWKUKVKQPHTQOEQQRGTCVKXGOGTEJCPV

UJKRUWPFGTVJGKPVGTPCVKQPCN8QNWPVCT[1DUGTXKPI5JKR

RTQITCOURQPUQTGFD[VJG9QTNF/GVGQTQNQIKECN

1TICPK\CVKQP
#

VQHGFGTCNUVCVGCPFNQECNYKNFNCPFOCPCIGOGPVCIGPEKGU 0CVKQPCN%GPVGTUHQT'PXKTQPOGPVCN2TGFKEVKQP0%'2

VQUWRRQTVYKNFHKTGEQPVTQN.QECNK\GFYGCVJGTHQTGECUVU 

CTGKUUWGFCUTGSWKTGFFWTKPICNNYKNFHKTG095QHHKEGU

CNUQRTQXKFGUKVGURGEKHKEHQTGECUVUCPFCFXKUQTKGUVQ

HGFGTCNPCVWTCNTGUQWTEGCIGPEKGUHQTRTGUETKDGFDWTPKPI

CPFUOQMGOCPCIGOGPVKPUGEVCPFFKUGCUGEQPVTQN

RNCPVKPICPFEWNVKXCVKPIPGYITQYVJRTGUGTXCVKQPQH

YCVGTUJGFUCPFRTQOQVKQPQHYKNFNKHGJCDKVCVCPF

TGETGCVKQPCNHCEKNKVKGU

6UWPCOK9CTPKPIU6UWPCOKYCVEJGUCPFYCTPKPIU UMKNNGFHQTGECUVGTUCPFCUWRRQTVKPITGUGCTEJCPF

HQT2CEKHKE1EGCPCTGCUCPF#NCUMCCTGRTGRCTGFCPF FGXGNQROGPVRTQITCOYJKEJGORJCUK\GUVJGTGNCVKQPUJKR

KUUWGFD[VJG6UWPCOK9CTPKPI%GPVGTCV'YC$GCEJ DGVYGGP0%'2CPFVJGDTQCFGTUEKGPVKHKEEQOOWPKV[

*CYCKKCPFVJGTGIKQPCNEGPVGTCV2CNOGT#NCUMC 

095EQNNGEVUCPFCPCN[\GUQDUGTXCVKQPCNFCVCHTQOCP

KPVGTPCVKQPCNPGVYQTMQHUGKUOQNQIKECNQDUGTXCVQTKGUCPF *[FTQOGVGQTQNQIKECN2TGFKEVKQP%GPVGT*2%6JG

UGCNGXGNQDUGTXKPIUVCVKQPUYJKEJQRGTCVGQPC *2%NQECVGFCV0%'2JGCFSWCTVGTUKP%COR5RTKPIU

EQQRGTCVKXGDCUKU6JGEGPVGTUWUGVJGFCVCVQRTGRCTG /CT[NCPFUWRRQTVUVJGJ[FTQOGVGQTQNQIKECNHQTGECUV

YCVEJGUCPFYCTPKPIUEQXGTKPICNN75VGTTKVQTKGUCPF HWPEVKQPUQHVJG0956JG*2%KPEQTRQTCVGUVJGNCVGUV

UVCVGUDQTFGTKPIQPVJG2CEKHKE1EGCPCPFFKUUGOKPCVG KPVGEJPQNQIKECNUWRRQTVOCKPVCKPKPICPWRVQVJGOKPWVG

VJGOVQ95(1UHGFGTCNCPFUVCVGFKUCUVGTCIGPEKGU OQPKVQTKPIQHCNNRTGEKRKVCVKQPTGNCVGFGXGPVUUWEJCU

OKNKVCT[QTICPK\CVKQPURTKXCVGDTQCFECUVOGFKCCPF TCKPUPQYCPFKEGCETQUUVJGEQPVKIWQWU7PKVGF5VCVGU

QVJGTHCEKNKVKGUVJCVHWTPKUJYCTPKPIKPHQTOCVKQPVQVJG 9JKNGDCUKEYGCVJGTHQTGECUVUCTGRTGRCTGFOCKPN[HQT

RWDNKE 095HKGNFQHHKEGIWKFCPEGVJG[CTGCNUQWUGFD[VJG

GPVKTGOGVGQTQNQIKECNEQOOWPKV[5RGEKHKECNN[VJG 1XGTVJGNCUVUGXGTCNFGECFGU095JCUOCFGOCLQT

KORTQXGOGPVUKPHQTGECUVKPIU[PQRVKEUECNGNCTIGUECNG

UNQYN[GXQNXKPIYGCVJGT#UOQFGTPK\CVKQPGHHQTVU

EQPVKPWGHWTVJGTKORTQXGOGPVUYKNNDGTGCNK\GFKPVJG

UGXGTGYGCVJGTCPFHNQQFYCTPKPIURTQITCOYKVJ

EQPVKPWKPIKORTQXGOGPVUKPNCTIGTUECNGEGPVTCNN[

RTGRCTGFYGCVJGTIWKFCPEGRTQFWEVUHQT&C[++CPF

DG[QPFKORNGOGPVCVKQPQH095U[UVGOUWRITCFGU

CFXCPEGFQDUGTXCVKQPUHTQOVJGRNCPPGFIGQUVCVKQPCT[

CPFRQNCTQTDKVKPIUCVGNNKVGUCPFVJGFGXGNQROGPVQH 5VQTO2TGFKEVKQP%GPVGT52%6JG52%NQECVGF

OGUQUECNGRTGFKEVKXGVGEJPKSWGUHQT095HKGNF KP0QTOCP1MNCJQOCKUVJGRTKOCT[095EGPVGTQH

QRGTCVKQPU+PVGITCNVQVJGOQFGTPK\CVKQPGHHQTV095KU GZRGTVKUGHQTHQTGECUVKPIJC\CTFQWUYGCVJGTCPF

TGQTICPK\KPIKVUHKGNFUVTWEVWTGVQHQEWUOQTGQPYCTPKPIU GEQPQOKECNN[FKUTWRVKXGYGCVJGTGXGPVU+VRTQXKFGU

CPFUJQTVTCPIGHQTGECUVUCPFKP(;0/%YCU UJQTVVGTOIWKFCPEGRTQFWEVUHQTJC\CTFQWUYGCVJGTQXGT

TGUVTWEVWTGFVQUGTXGCDTQCFGTOKUUKQPTGSWKTGFD[VJG VJGEQPVKIWQWU7PKVGF5VCVGUCPFEQQTFKPCVGUYKVJ095

095OQFGTPK\CVKQP6JGOQFGTPK\GFQRGTCVKQPU HKGNFQHHKEGUQPVJGUJQTVVGTOCURGEVUQHJC\CTFQWU

EQPEGRVKPENWFGUCXGTVKECNN[KPVGITCVGFHQTGECUVRTQEGUU YGCVJGTUWEJCUHNCUJHNQQFUVJWPFGTUVQTOUVQTPCFQGU

KPYJKEJPCVKQPCNEGPVGTURTQXKFGRTQFWEVUDCUGFQP YKPVGTUVQTOUDNK\\CTFUCPFHTGG\KPIRTGEKRKVCVKQP6JG

QWVRWVHTQOPWOGTKECNOQFGNUUVCVKUVKECNCFLWUVOGPVUVQ 52%FTCYUUQOGQHKVUJGTKVCIGHTQOVJG5GXGTG.QECN

OQFGNHKGNFUCPFXCNWGCFFGFRTQFWEVURTGRCTGFD[ 5VQTOU7PKVQHVJGHQTOGT0CVKQPCN5GXGTG5VQTOU

PCVKQPCNEGPVGTHQTGECUVU6JKURTQFWEVUWKVGYKNNDG (QTGECUV%GPVGT
055(%DWVFKHHGTUKPVJCV52%	U

VTCPUOKVVGFVQVJGOQFGTPK\GF9GCVJGT(QTGECUV1HHKEGU OKUUKQPKUDTQCFGT6JG52%CNUQRTQXKFGUKPVGTPCN


9(1KPFKIKVCNHQTOYJGTGHQTGECUVGTUYKNNWUGVJGO UEKGPVKHKEUWRRQTVCPFVGEJPKSWGUFGXGNQROGPV6JKU

VQRTGRCTGNQECNHQTGECUVRTQFWEVU7PFGTVJGPGY UWRRQTVKPENWFGUTGUGCTEJKPIFGXGNQRKPIGXCNWCVKPICPF

OQFGTPK\GFQHHKEGUVTWEVWTGVJGTGURQPUKDKNKVKGUQHVJG VGUVKPIHQTGECUVOGVJQFU

95(1UCPFVJG951UYKNNDGUWDUWOGFD[VJG9(1U



+ORTQXGFVGEJPQNQIKGUCNNQYGF01##VQTGQTICPK\G

VJG0CVKQPCN/GVGQTQNQIKECN%GPVGT0/%KPVQ0%'2

YKVJUGXGPUEKGPEGDCUGFUGTXKEGQTKGPVGFEGPVGTUVJCV

IGPGTCVGGPXKTQPOGPVCNRTGFKEVKQPRTQFWEVUCPFVYQ

EGPVTCNUWRRQTVEGPVGTUVJCVFGXGNQRCPFQRGTCVG

PWOGTKECNOQFGNUQPYJKEJRTGFKEVKQPUCTGDCUGF6JG

UVTWEVWTGKPENWFGUCPGXQNWVKQPCT[QRGTCVKQPCNPWOGTKECN

OQFGNUWKVGHTQOYJKEJHQTGECUVRTQFWEVUCTGFGTKXGFD[

6JGPKPGPCVKQPCNEGPVGTUVJCVEQORTKUG0%'2CTG

0CVKQPCN2TGEKRKVCVKQP2TGFKEVKQP7PKVRTQFWEGUHQTGECUVU

QHTCKPHCNNCPFUPQYHCNNCOQWPVUQWVVQJQWTU6JG

*2%CNUQRTGRCTGUCPCN[UGUQHYGCVJGTEQPFKVKQPUCVUGC

NGXGNHQT0QTVJ#OGTKECGXGT[JQWTUCPFHQTVJG

0QTVJGTP*GOKURJGTGGXGT[JQWTU6JG*2%CNUQJCU

EQCUVCNOCTKPGHQTGECUVIWKFCPEGTGURQPUKDKNKVKGU

QTKIKPCNN[RNCPPGFHQTCUGRCTCVG/CTKPG2TGFKEVKQP

%GPVGT
#

#XKCVKQP9GCVJGT%GPVGT
#9%6JG#9% UWRRQTVUCPFUVKOWNCVGUVJGCRRNKECVKQPQHENKOCVG

NQECVGFKP-CPUCU%KV[/KUUQWTKGPJCPEGUCXKCVKQP KPHQTOCVKQPCPFUGTXKEGUYKVJRCTVKEWNCTCVVGPVKQPVQ

UCHGV[D[KUUWKPIYCTPKPIUHQTGECUVUCPFCPCN[UGUQH CRRNKECVKQPUKPCITKEWNVWTGGPGTI[VTCPURQTVCVKQPYCVGT

JC\CTFQWUYGCVJGTHQTCXKCVKQPKPVGTGUVU6JG#9% TGUQWTEGUCPFJGCNVJ+VOQPKVQTUCPCN[\GUCPFYJGTG

KFGPVKHKGUGZKUVKPIQTKOOKPGPVYGCVJGTJC\CTFUVQ RQUUKDNGRTGFKEVUNCTIGUECNGENKOCVGXCTKCVKQPUUWEJCU

CKTETCHVKPHNKIJVCPFETGCVGUYCTPKPIUHQTVTCPUOKUUKQPVQ VJG'N0K QCPFVJG)TGCV(NQQFQHCUYGNNCU

VJGCXKCVKQPEQOOWPKV[CPFQTKIKPCVGUQRGTCVKQPCN PWOGTQWUTGIKQPCNENKOCVGHNWEVWCVKQPU6QUWRRQTVVJGUG

HQTGECUVUHQTYGCVJGTEQPFKVKQPUVJCVYKNNCHHGEVFQOGUVKE UGTXKEGU%2%GPICIGUKPFKCIPQUVKETGUGCTEJCPFUVWFKGU

CPFKPVGTPCVKQPCNCXKCVKQPKPVGTGUVUQWVVQFC[U6JG QHOQFGNQWVRWVVQKORTQXGOQPKVQTKPICPCN[UKUCPF

#9%CNUQEQNNCDQTCVGUYKVJWPKXGTUKVKGUIQXGTPOGPVCN RTGFKEVKQPUQHVJGRJ[UKECNENKOCVGU[UVGO#OCLQT

TGUGCTEJNCDQTCVQTKGU(GFGTCN#XKCVKQP#FOKPKUVTCVKQP OKNGUVQPGQEEWTTGFKP,CPWCT[YJGP%2%KUUWGF

HCEKNKVKGUKPVGTPCVKQPCNOGVGQTQNQIKECNYCVEJQHHKEGUCPF VJGHKTUVQHHKEKCNNQPINGCFQWVNQQMUHQTVJG7PKVGF5VCVGU

QVJGT095EQORQPGPVUVQOCKPVCKPCNGCFKPIGFIGKP QWVVQC[GCTKPCFXCPEG6JKUGHHQTVKURCTVQHCRNCPHQT

CXKCVKQPOGVGQTQNQI[JC\CTFUVTCKPKPIQRGTCVKQPUCPF FGNKXGT[QH75PCVKQPCNENKOCVGUGTXKEGUHQT

HQTGECUVVGEJPKSWGUFGXGNQROGPV6JGUGHWPEVKQPUYGTG UQEKQGEQPQOKEDGPGHKVCPFKORTQXGFFGEKUKQPOCMKPI

HQTOGTN[JCPFNGFD[VJTGGEQNNCDQTCVKPI095QHHKEGU 

6TQRKECN2TGFKEVKQP%GPVGT
62%0CVKQPCN NQECVGFKP$QWNFGT%QNQTCFQRTQXKFGUPCVKQPCNCPF

*WTTKECPG%GPVGT0*%6JG62%NQECVGFCV(NQTKFC KPVGTPCVKQPCNHQTGECUVUCNGTVUCPFYCTPKPIUQH

+PVGTPCVKQPCN7PKXGTUKV[KP/KCOK(NQTKFCGORNQ[U GZVTCQTFKPCT[EQPFKVKQPUKPVJGURCEGGPXKTQPOGPVUQNCT

TCRKFCFXCPEGUKPVGEJPQNQI[CPFTGUGCTEJVQKUUWG TCFKQPQKUGUQNCTGPGTIGVKERCTVKENGUUQNCT:TC[

KPETGCUKPIN[CEEWTCVGCPFVKOGN[YCVEJGUYCTPKPIU TCFKCVKQPIGQOCIPGVKECEVKXKV[CPFEQPFKVKQPUQH

HQTGECUVUCPFCPCN[UGUHQTVTQRKECNYGCVJGTEQPFKVKQPUVQ UVTCVQURJGTKEYCTOKPI6JG5'%QDUGTXGUCUUGUUGUCPF

UCXGNKXGUCPFRTQVGEVRTQRGTV[6QHWNHKNNPCVKQPCNCPF RTGFKEVUCEVKXKV[KPVJGURCEGGPXKTQPOGPVVQRTQOQVG

KPVGTPCVKQPCNTGURQPUKDKNKVKGUVJG62%RTGRCTGUVTQRKECN RWDNKEUCHGV[CPFVQOKVKICVGGEQPQOKENQUUVJCVEQWNF

UVQTOCPFJWTTKECPGYCVEJGUCPFYCTPKPIUVTQRKECN TGUWNVHTQOFKUTWRVKQPQHUCVGNNKVGQRGTCVKQPU

CXKCVKQPCPFOCTKPGYCTPKPIUCPFHQTGECUVUCPFVTQRKECN EQOOWPKECVKQPUCPFPCXKICVKQPU[UVGOUCPFGNGEVTKE

CPCN[UGU6JG0*%TGOCKPUCPKPVGITCNRCTVQH62%CPF RQYGTFKUVTKDWVKQPITKFU6JG5'%KUUWGUURGEKHKE

YKNNEQPVKPWGKVUTGURQPUKDKNKV[QHVTCEMKPICPFHQTGECUVKPI RTGFKEVKQPUQHVJGCEVKXKV[NGXGNQHURCEGYGCVJGTHQTVJG

VTQRKECNE[ENQPGU6JGJWTTKECPGHQTGECUVKPICPF PGZVFC[UCPFOQTGIGPGTCNRTGFKEVKQPUWRVQUGXGTCN

YCTPKPIRTQITCOUTGOCKPETKVKECNHQTVJGRTQVGEVKQPQH YGGMUKPCFXCPEG9GGMN[UWOOCTKGUQHQDUGTXGFUQNCT

NKHGCPFRTQRGTV[CNQPIVJGXWNPGTCDNGCTGCUQHVJG0QTVJ VGTTGUVTKCNEQPFKVKQPUCTGCNUQRWDNKUJGF6JG5'%

#VNCPVKE1EGCP%CTKDDGCP5GC)WNHQH/GZKEQCPFVJG UWRRQTVUVJGQTGVKECNCPFGZRGTKOGPVCNTGUGCTEJVQ

GCUVGTP0QTVJ2CEKHKE1EGCP6JG62%CNUQJCUC WPFGTUVCPFVJGHWPFCOGPVCNRJ[UKECNRTQEGUUGUIQXGTPKPI

TGURQPUKDKNKV[VQEQPFWEVHQTGECUVVGEJPKSWGUFGXGNQROGPV VJGURCEGGPXKTQPOGPVCPFVJGFGXGNQROGPVQH

CUPGEGUUCT[VQUWUVCKPCPCEEGRVCDNGNGXGNQHHQTGECUV QRGTCVKQPCNVGEJPKSWGUCPFRTQEGUUGU4GUGCTEJCEVKXKVKGU

CEEWTCE[CPFRWDNKEUGTXKEG6JKUKPENWFGUEQPFWEVKPI HQEWUQPCTGCUYJGTGCFXCPEGFCRRNKECVKQPUECPDG

UVWFKGUCPFFGXGNQRKPICPFGXCNWCVKPIHQTGECUVOQFGNU FGXGNQRGFVQJGNRKORTQXGVJG0CVKQP	UURCEGYGCVJGT

%NKOCVG2TGFKEVKQP%GPVGT
%2%6JG%2%

NQECVGFKP%COR5RTKPIU/CT[NCPFRTQXKFGUENKOCVG 'PXKTQPOGPVCN/QFGNKPI%GPVGT
'/%6JG

UGTXKEGUVQWUGTUKPIQXGTPOGPVVJGTGUGCTEJEQOOWPKV[ '/%NQECVGFKP%COR5RTKPIU/CT[NCPFKORTQXGU

RTKXCVGKPFWUVT[CPFVJGRWDNKEDQVJKPVJKUEQWPVT[CPF 0%'2	UPWOGTKECNYGCVJGTOCTKPGCPFENKOCVKE

CDTQCF5GTXKEGUKPENWFGQRGTCVKQPCNRTGFKEVKQPQH RTGFKEVKQPUVJTQWIJCDTQCFRTQITCOQHFCVCCUUKOKNCVKQP

ENKOCVGXCTKCDKNKV[OQPKVQTKPIQHVJGENKOCVGU[UVGOCPF CPFEQORWVGTOQFGNKPI+PUWRRQTVQHVJG0%'2

FGXGNQROGPVQHFCVCDCUGUHQTFGVGTOKPKPIEWTTGPVENKOCVG QRGTCVKQPCNOKUUKQPVQRTQXKFGQEGCPRTGFKEVKQP

CPQOCNKGUCPFVTGPFUCPFCPCN[UKUCPFCUUGUUOGPVQH OGUQUECNGRTGFKEVKQP
VJWPFGTUVQTOUJWTTKECPGU

VJGKTQTKIKPUCPFNKPMCIGUVQVJGTGUVQHVJGENKOCVG VQTPCFQGUGVECPFINQDCNRTGFKEVKQP'/%FGXGNQRU

U[UVGO6JGUGUGTXKEGUEQXGTENKOCVGVKOGUECNGUTCPIKPI CFCRVUKORTQXGUCPFOQPKVQTUFCVCCUUKOKNCVKQPU[UVGOU

HTQOYGGMUVQUGCUQPUGZVGPFKPIKPVQVJGHWVWTGCUHCTCU CPFOQFGNUQHVJGCVOQURJGTGQEGCPCPF

VGEJPKECNN[HGCUKDNGCPFEQXGTVJGFQOCKPQHNCPFQEGCP CVOQURJGTGQEGCPU[UVGOWUKPICFXCPEGFOQFGNKPI

CPFCVOQURJGTGGZVGPFKPIVQVJGUVTCVQURJGTG6JG%2% OGVJQFUFGXGNQRGFKPVGTPCNN[CUYGNNCUEQQRGTCVKXGN[

5RCEG'PXKTQPOGPV%GPVGT
5'%6JG5'%

UGTXKEG
#

YKVJUEKGPVKUVUHTQOWPKXGTUKVKGUVJGKPVGTPCVKQPCN /GVGQTQNQIKECN4GUGCTEJ6JG095EQPFWEVU

UEKGPVKHKEEQOOWPKV[01##NCDQTCVQTKGUCPFQVJGT OGVGQTQNQIKECNTGUGCTEJVQFGXGNQRVGUVGXCNWCVGCPF

IQXGTPOGPVCIGPEKGU6JG'/%KPVGITCVGUTGUGCTEJCPF KORTQXGPWOGTKECNOQFGNUCPFCPCN[UKUHQTGECUV

VGEJPQNQI[VJTQWIJKVU/QFGN6GUV(CEKNKV[/6(6JG VGEJPKSWGUWUGFKPYGCVJGTCPFENKOCVGRTGFKEVKQP

/6(UGTXGUCUCPGHHKEKGPVCPFGHHGEVKXGKPVGTHCEG KPENWFKPI

DGVYGGP0%'2CPFVJGUEKGPVKHKEEQOOWPKV[YJKEJOC[ 

FGXGNQRKFGCUOQFGNUCPFVGEJPKSWGUVJCVYKNNKORTQXG

0%'2RTQFWEVU6JG/6(RTQXKFGUEQPUWNVCVKQP

RTQITCOOKPICPFEQORWVGTTGUQWTEGUVQQWVUKFG

UEKGPVKUVUWUKPIVJG0%'2U[UVGOCPFEQQTFKPCVGUKPKVKCN

GXCNWCVKQPUQHVJGKTYQTM6JG'/%EQPFWEVUCRRNKGF

TGUGCTEJCPFFGXGNQROGPVCPFRWDNKUJGUTGUGCTEJTGUWNVU

KPXCTKQWUOGFKCHQTFKUUGOKPCVKQPVQVJGYQTNF

OGVGQTQNQIKECNCPFQEGCPQITCRJKEEQOOWPKV[

< /QFGNUVQKORTQXGJWTTKECPGVTCEMKPIJWTTKECPG 0%'2%GPVTCN1RGTCVKQPU
0%16JG0%1

NQECVGFKP%COR5RTKPIU/CT[NCPFKUTGURQPUKDNGHQTCNN

CURGEVUQH0%'2QRGTCVKQPUKPENWFKPICEEGUUVQTGCN < 5VQTOUWTIGOQFGNUVQCUUKUVKPFGXGNQRKPI

VKOGFCVCCPFKVUSWCNKV[EQPVTQNCPFWUGKPPWOGTKECN JWTTKECPGGXCEWCVKQPRNCPUHQTCFFKVKQPCNEQCUVCN

YGCVJGTRTGFKEVKQPU[UVGOU6JG0%1RTQXKFGU DCUKPU

OCPCIGOGPVRTQEWTGOGPVFGXGNQROGPVKPUVCNNCVKQP 

OCKPVGPCPEGCPFQRGTCVKQPQHCNNEQORWVKPICPF

EQOOWPKECVKQPUTGNCVGFUGTXKEGUYJKEJNKPMVJG

KPFKXKFWCN0%'2CEVKXKVKGUVQIGVJGT6JG0%1KUVJG

HQECNRQKPVHQTVJGGUVCDNKUJOGPVCPFGZGEWVKQPQH

RQNKEKGUUVCPFCTFURTQEGFWTGUCPFFQEWOGPVCVKQPHQT

EQORWVKPICPFEQOOWPKECVKQPUYKVJKPVJGGPVKTG0%'2 < +ORTQXGOGPVUVQVJG'ZVGPFGF5VTGCOHNQY

QTICPK\CVKQP6JG0%1JQWUGUCPFTWPUVJG 2TGFKEVKQPOQFGNCPFKVUEQORNGOGPVCT[OQFGNUKP

UWRGTEQORWVGTHCEKNKV[CPFKORNGOGPVUCPFOQPKVQTUVJG VJG0954KXGT(QTGECUV5[UVGO

OCPCIGOGPVQHCNNQRGTCVKQPCNOQFKHKECVKQPUVQ0%'2

RTQFWEVUVQGPUWTGVJGTGNKCDKNKV[QHUEJGFWNGFUGTXKEGU

6JG0%1RTQXKFGUVJGVGEJPKECNVTCPUKVKQPDGVYGGPVJG

TGUGCTEJCPFFGXGNQROGPVQHPWOGTKECNYGCVJGTCPF

ENKOCVGRTGFKEVKQPOQFGNUCPFVJGKTQRGTCVKQPCNWUG6JG < #NIQTKVJOUVQEQODKPG954&RTGEKRKVCVKQP

0%1CNUQOCPCIGUVJG0%'2FCVCDCUGUHQTWUGD[ GUVKOCVGUYKVJFCVCHTQOUCVGNNKVGUCPFQVJGTITQWPF

PWOGTKECNYGCVJGTCPFENKOCVGRTGFKEVKQPU[UVGOUCPF DCUGFQDUGTXCVKQPU[UVGOU

QVJGTQRGTCVKQPCNCPFFGXGNQROGPVCNGHHQTVUQH0%'2 

+PCFFKVKQP0%1RTQXKFGUJQWTKPHQTOCVKQPUGTXKEGU

CPFQRGTCVKQPCNUWRRQTVHQT0%'2EQORWVKPIU[UVGOU #5VTCVGIKE2NCPHQTVJG/QFGTPK\CVKQPCPF

KPENWFKPIVJGPGVYQTMYJKEJVKGUVQIGVJGTKPVGTPCN0%'2 #UUQEKCVGF4GUVTWEVWTKPIQHVJG095YCUUWDOKVVGFVQ

EQOOWPKECVKQPU095OCKPHTCOGCPFUWRGTEQORWVGT %QPITGUUKP+ORNGOGPVCVKQPQHVJGRNCPYKNN

U[UVGOUYQTMUVCVKQPUITCRJKEURNQVVGTUCPFRGTUQPCN QRVKOK\GGHHKEKGPE[CPFGHHGEVKXGPGUUQHVJGOGUQUECNG

EQORWVGTU YCTPKPICPFHQTGECUVRTQITCOCPFYKNNKPENWFGCP

QRGTCVKQPCNFGOQPUVTCVKQPCPFGXCNWCVKQPRTQITCOCU 5722146+0)4'5'#4%*

6JG095EQPFWEVUCRRNKGFTGUGCTEJDWKNFKPIWRQP RTQEGFWTGUCPFTGUQNXGKORNGOGPVCVKQPKUUWGUDGUV

VJGOQTGDCUKETGUGCTEJEQPFWEVGFD[01## CFFTGUUGFVJTQWIJCEVWCNHKGNFGZRGTKGPEG%QPVKPWGF

NCDQTCVQTKGUCPFVJGCECFGOKEEQOOWPKV[#RRNKGF KORTQXGOGPVUKPNCTIGTUECNGEGPVTCNN[RTGRCTGFYGCVJGT

OGVGQTQNQIKECNCPFJ[FTQNQIKECNTGUGCTEJKUKPVGITCNVQ IWKFCPEGRTQFWEVUHQT&C[++CPFDG[QPFVJTQWIJ

RTQXKFKPIOQTGVKOGN[CPFCEEWTCVGYGCVJGTCPFHNQQF CFXCPEGFHQTGECUVKPIOQFGNUCPFVJGTGSWGUVGFKPETGCUGF

YCTPKPICPFHQTGECUVUGTXKEGUVQVJG75RWDNKE EQORWVGTRTQEGUUKPIECRCDKNKV[CTGGUUGPVKCNVQUWEEGUUHWN

< 6GEJPKSWGUHQTRTGFKEVKPIOGUQUECNGRJGPQOGPC


GIJGCX[RTGEKRKVCVKQPVQTPCFQGUCPFUGXGTG

VJWPFGTUVQTOU6JGUGVGEJPKSWGUYKNNDGFGXGNQRGF

CPFKORTQXGFVQWUGFKIKVCNFCVCHTQOPGY

QDUGTXKPIU[UVGOUUWEJCUVJG0GZV)GPGTCVKQP

9GCVJGT4CFCT
0':4#&YKVJ&QRRNGT

ECRCDKNKV[CPFIGQUVCVKQPCT[UCVGNNKVGUYKVJJKIJGT

TGUQNWVKQP)1'50':6

RTQDCDKNKV[GUVKOCVGUCPFVTQRKECNCPCN[UGU

*[FTQNQIKECN4GUGCTEJ6JG095FGXGNQRU

KORTQXGFJ[FTQNQIKECPFJ[FTQOGVGQTQNQIKECNOQFGNU

CPFRTQEGFWTGUKPUWRRQTVQHVJGPCVKQPCNHNQQF

HQTGECUVKPICPFYCVGTTGUQWTEGUHQTGECUVKPIRTQITCOU

KPENWFKPI

< 5RGEKCNK\GFHNQQFCPFHNCUJHNQQFHQTGECUVKPI

RTQEGFWTGUWUKPINKPMGFJ[FTQNQIKECNCPF

OGVGQTQNQIKECNOQFGNU

/1&'40+<#6+10

TGSWKTGFD[2WDNKE.CYVQTGHKPGQRGTCVKQPCN
#

KORNGOGPVCVKQPQHOGUQUECNGHQTGECUVKPIKP095HKGNF CESWKUKVKQPQHVJGHQNNQYKPIPGYVGEJPQNQIKECNN[

QRGTCVKQPUYJGTGHKGNFHQTGECUVGTUYKNNEQPEGPVTCVGQP CFXCPEGFU[UVGOU

VJGUOCNNUECNGUJQTVNKXGFRTQEGUUGUVJCVQEEWTKPVJG 

VQJQWTVKOGUECNG

6JG0CVKQPCN+ORNGOGPVCVKQP2NCPYKNNRTQXKFGC RTQXKFGEQPVKPWQWUYGCVJGTYCVEJCPFRGTOKV

RNCPPKPIHTCOGYQTMCPFIGPGTCNUVTCVGIKGUHQT KPETGCUGFRTQFWEVKXKV[QHUVCHH

CEEQORNKUJKPIVJGVTCPUKVKQPCUYGNNCUCFXCPEGF 

PQVKHKECVKQPQHYJGPKORNGOGPVCVKQPCEVKXKVKGUCTG

UEJGFWNGFVQQEEWTCVGCEJUKVG6JGKPVGTTGNCVKQPUJKRUQH

CNNQHVJGCEVKXKVKGUHCEKNKVKGURTGRCTCVKQPUVCHHKPI

CWIOGPVCVKQPVTCKPKPIEQOOKUUKQPKPIQHU[UVGOUCPF

TGCNKIPKPIQRGTCVKQPUCPFUGTXKEGUJCXGDGIWPUQVJCV < #FXCPEGF9GCVJGT+PVGTCEVKXG2TQEGUUKPI5[UVGO

VJGFGOQPUVTCVKQPECPDGIKPKP+PCFFKVKQPVQ 
#9+25VQGPCDNGNQECNHQTGECUVGTUVQKPVGITCVG

RTGRCTCVKQPUHQTVJGFGOQPUVTCVKQPPCVKQPYKFGRNCPPKPI RTQEGUUCPFVTCPUOKVJKIJXQNWOGTCFCTUCVGNNKVG

CPFKORNGOGPVCVKQPJCXGDGIWP(CEKNKVKGUEQPUVTWEVKQP WRRGTCKTUWTHCEGQDUGTXCVKQPFCVCCPFIWKFCPEG

KUQPIQKPIVTCKPKPIHQTHKGNFRGTUQPPGNKUDGKPI KPHQTOCVKQP

EQPFWEVGFYKVJPGEGUUCT[DCEMWRRGTUQPPGNVQEQXGT 

QRGTCVKQPCNUJKHVUUQHVYCTGFGXGNQROGPVEQPVKPWGUPGY

EQOOWPKECVKQPUCTGDGKPIGUVCDNKUJGFCPFCNN095

QHHKEGUJCXGFGXGNQRGFCPFCTGWRFCVKPIFGVCKNGFUKVG

RNCPUHQTVJGVTCPUKVKQP6JG095OQFGTPK\CVKQPGHHQTV

KUCEQORNGZOKZQHKPVGTPCN095CEVKXKVKGUCPFOWNVKRNG 6JGUGU[UVGOUWRITCFGUEQWRNGFYKVJQDUGTXCVKQPU

EQPVTCEVQTGHHQTVU+PVGTPCNCEVKXKVKGURTQXKFGNCPF HTQORNCPPGFCFXCPEGFIGQUVCVKQPCT[CPFRQNCTQTDKVKPI

HCEKNKVKGUUQHVYCTGVTCKPKPIUVCHHKPICPFPGY UCVGNNKVGUCPFPGYN[FGXGNQRGFOGUQUECNGHQTGECUVKPI

QRGTCVKQPCNRTQEGFWTGUVGEJPKSWGUYKNNITGCVN[KORTQXGVJGVKOGNKPGUUCPF

/QFGTPK\CVKQPCPF#UUQEKCVGF4GUVTWEVWTKPI6JG 75RWDNKE+ORTQXGFECRCDKNKV[VQFGVGEVCPFRTGFKEV

095JCUDGIWPVJKURTQEGUUQHEJCPIGRTQORVGFD[VYQ VJGUOCNNUECNGUJQTVNKXGF
OGUQUECNGRJGPQOGPC

HCEVQTUVJGPGGFVQCRRN[CFXCPEGUKP YJKEJECWUGVJGOQUVFGUVTWEVKXGYGCVJGTGXGPVUYKNN

J[FTQOGVGQTQNQIKECNUEKGPEGCPFVGEJPQNQI[VQ KPETGCUGYCTPKPINGCFVKOGUHQTUGXGTGVJWPFGTUVQTOU

QRGTCVKQPCNHQTGECUVKPICPFVJGPGGFVQTGRNCEGQDUQNGVG VQTPCFQGUJKIJYKPFUCPFHNCUJHNQQFUCUYGNNCU

CPFKPETGCUKPIN[WPTGNKCDNGGSWKROGPV6JGUGHCEVQTU TGFWEGHCNUGYCTPKPI

QHHGTVJGQRRQTVWPKV[VQKORTQXGUGXGTGYGCVJGT

YCTPKPIUHNQQFYCTPKPIUCPFHQTGECUVUVJTQWIJVJG

< #WVQOCVGF5WTHCEG1DUGTXKPI5[UVGO
#515VQ

TGFWEGVKOGEQPUWOKPIOCPWCNQDUGTXCVKQPU

< 0GZV)GPGTCVKQP9GCVJGT4CFCT0':4#&YKVJ

&QRRNGTECRCDKNKV[CPFUQRJKUVKECVGFUQHVYCTGVQ

RTQXKFGPCVKQPYKFGEQXGTCIGHQTVKOGN[CPFCEEWTCVG

FGVGEVKQPQHUGXGTGYGCVJGTCPFHNQQFU

< %QORWVGT(CEKNKV[7RITCFGUVQCEEQOOQFCVG

CFXCPEGFPWOGTKECNYGCVJGTRTGFKEVKQPOQFGNUCPF

KPETGCUGFFCVCVQKORTQXGCEEWTCE[QHHQTGECUV

IWKFCPEG

CEEWTCE[QHUGXGTGYGCVJGTCPFHNQQFYCTPKPIUVQVJG

0#6+10#.'08+410/'06#.5#6'..+6'##0&+0(14/#6+105'48+%'

6JG0CVKQPCN'PXKTQPOGPVCN5CVGNNKVG&CVCCPF HQTOGT0CVKQPCN'PXKTQPOGPVCN5CVGNNKVG5GTXKEG0'55

+PHQTOCVKQP5GTXKEG
0'5&+5OCPCIGU7PKVGF5VCVGU CPF'PXKTQPOGPVCN&CVCCPF+PHQTOCVKQP5GTXKEG

EKXKNQRGTCVKQPCNGPXKTQPOGPVCNUCVGNNKVGU[UVGOUCUYGNN 
'&+5

CUINQDCNFCVCDCUGUHQTOGVGQTQNQI[QEGCPQITCRJ[ 

UQNKFGCTVJIGQRJ[UKEUCPFUQNCTVGTTGUVTKCNUEKGPEGU

(TQOVJGUGUQWTEGU0'5&+5FGXGNQRUCPFFKUVTKDWVGU

GPXKTQPOGPVCNFCVCCPFKPHQTOCVKQPRTQFWEVUCPFUGTXKEGU

ETKVKECNVQVJGRTQVGEVKQPQHNKHGCPFRTQRGTV[VJGPCVKQPCN

GEQPQO[GPGTI[FGXGNQROGPVCPFFKUVTKDWVKQPINQDCN

HQQFUWRRNKGUCPFFGXGNQROGPVCPFOCPCIGOGPVQH

GPXKTQPOGPVCNTGUQWTEGU

0'5&+5YCUGUVCDNKUJGFCUC01##NKPGQHHKEGQP 'WTQRGCP1TICPK\CVKQPHQTVJG'ZRNQKVCVKQPQH

&GEGODGT+VYCUHQTOGFD[VJGOGTIGTQHVJG /GVGQTQNQIKECN5CVGNNKVGU
'7/'65#6YKNNIKXG

0'5&+5QRGTCVGURQNCTQTDKVKPIUCVGNNKVGUKP

UWPU[PEJTQPQWUQTDKVUYKVJGSWCVQTKCNETQUUKPIVKOGUKP

VJGGCTN[OQTPKPI
EKTECCO.56CPFGCTN[

CHVGTPQQPEKTECRO.566JGUGUCVGNNKVGUEQNNGEV

INQDCNFCVCHQWTVKOGURGTFC[VJCVRTQXKFGCVOQURJGTKE

CPFUWTHCEGOGCUWTGOGPVUKPUWRRQTVQHUJQTVVGTO

YGCVJGTHQTGECUVKPICPFNQPIGTVGTOINQDCNENKOCVG

EJCPIGTGUGCTEJ#PCITGGOGPVVQDGHKPCNK\GFYKVJVJG
#

'7/'65#6TGURQPUKDKNKV[HQTVJGOQTPKPIUGIOGPVQH 6JGHKTUVQHCPGYUGTKGUQH01##IGQUVCVKQPCT[

VJGRQNCTGPXKTQPOGPVCNOKUUKQPEKTECCO.56 UCVGNNKVGU)1'5YCUUWEEGUUHWNN[NCWPEJGFQP

YKVJ75RTQXKFGFRC[NQCFKPUVTWOGPVUCPFUGPUQTU #RTKNCPFUWDUGSWGPVN[OQXGFVQKVUPGY

DGIKPPKPIGCTN[KPVJGPGZVFGECFGQRGTCVKPIRQUKVKQPQHE9)1'5YCUNCWPEJGFQP

/C[CPFCHVGTGZVGPUKXGVGUVKPIYCU 1P1EVQDGT01##&1&CPFVJG

0CVKQPCN#GTQPCWVKEUCPF5RCEG#FOKPKUVTCVKQP0#5#

ETGCVGFCP+PVGITCVGF2TQITCO1HHKEG+21VQFGXGNQR

OCPCIGCESWKTGCPFQRGTCVGVJGPCVKQPCNRQNCTQTDKVKPI

OGVGQTQNQIKECNUCVGNNKVGU[UVGOUWDUGSWGPVN[FGUKIPCVGF

VJG0CVKQPCN2QNCTQTDKVKPI1RGTCVKQPCN'PXKTQPOGPVCN

5CVGNNKVG5[UVGO021'556JG+21KUQTICPK\CVKQPCNN[

NQECVGFYKVJKP01##CPFKUJGCFGFD[C5[UVGO

2TQITCO&KTGEVQTTGURQPUKDNGVQVJG021'55'ZGEWVKXG

%QOOKVVGG6JKU%QOOKVVGGYJKEJKPENWFGUUGPKQT

TGRTGUGPVCVKXGUHTQOVJGVJTGGCIGPEKGUUGTXGUCUCDQCTF

QHFKTGEVQTUVQGPUWTGVJCVVJGQXGTCNNRTQITCORNCPUOGGV

VJGPGGFUQHVJGVJTGGRCTVKEKRCVKPICIGPEKGU

6JG+PVGITCVGF2TQITCO1HHKEGEQPEGRVRTQXKFGU CPFYCUCVVJGVYQFGITGGNKOKVQHHVJGUWPVJGCTTC[

GCEJQHVJGRCTVKEKRCVKPICIGPEKGUYKVJNGCFTGURQPUKDKNKV[ UVGRRKPIYCURQYGTGFQHHCPFVJGURCEGETCHVEQOOCPFGF

HQTQPGQHVJTGGRTKOCT[HWPEVKQPCNCTGCU01##JCU VQUCHGJQNFOQFG0#5#DGICPCVGUVVQOQXGVJGUQNCT

QXGTCNNTGURQPUKDKNKV[HQTVJGEQPXGTIGFU[UVGOCPFKU CTTC[FGITGGUKPVJGTGXGTUGFKTGEVKQPGCEJPKIJVHQT

TGURQPUKDNGVQVJG+21HQTUCVGNNKVGQRGTCVKQPU01##KU VJTGGUWEEGUUKXGPKIJVUDGIKPPKPI,WN[+HVJGCTTC[

CNUQVJGRTKOCT[KPVGTHCEGYKVJVJGKPVGTPCVKQPCNCPFEKXKN GXGPVWCNN[OCMGUCHGYVWTPUEQWPVGTENQEMYKUGYKVJQWV

WUGTEQOOWPKVKGU&1&KUTGURQPUKDNGVQUWRRQTVVJG UVQRRKPIVJGGPVKTGURCEGETCHVYKNNDGHNKRRGFQXGTCPF

+21HQTOCLQTU[UVGOUCESWKUKVKQPUKPENWFKPINCWPEJ QRGTCVGFYKVJVJGUQNCTCTTC[RQKPVKPIPQTVJKPUVGCFQH

UWRRQTV0#5#JCUCRTKOCT[TGURQPUKDKNKV[HQT UQWVJ

HCEKNKVCVKPIVJGFGXGNQROGPVCPFKPEQTRQTCVKQPQHPGY 

EQUVGHHGEVKXGVGEJPQNQIKGUKPVQVJGEQPXGTIGFU[UVGO

#NVJQWIJGCEJCIGPE[RTQXKFGUEGTVCKPMG[RGTUQPPGNKP 6JG1HHKEGQH5CVGNNKVG1RGTCVKQPU151FKTGEVUVJG

VJGKTNGCFTQNGGCEJHWPEVKQPCNFKXKUKQPKUUVCHHGFD[VTK QRGTCVKQPQH01##	UGPXKTQPOGPVCNUCVGNNKVGUCPFVJG

CIGPE[YQTMVGCOUVQOCKPVCKPVJGKPVGITCVGFCRRTQCEJ CESWKUKVKQPQHTGOQVGN[UGPUGFGPXKTQPOGPVCNFCVC+V

OCPCIGUVJG5CVGNNKVG1RGTCVKQPU%QPVTQN%GPVGT51%% 6JGHKTUVEQPXGTIGFUCVGNNKVGKUGZRGEVGFVQDG

CXCKNCDNGUQOGVKOGVQYCTFVJGOKFFNGVQNCVVGTJCNHQHVJG

PGZVFGECFGFGRGPFKPIQPYJGPVJGEWTTGPV01##CPF

&/52RTQITCOOGFUCVGNNKVGCUUGVUCTGGZJCWUVGF

021'55YKNNRTQXKFGUVCPFCTFOGVGQTQNQIKECNFCVC 151YKNNVCMGQXGTVJGEQOOCPFEQPVTQNCPF

QEGCPQITCRJKEGPXKTQPOGPVCNENKOCVKEURCEG EQOOWPKECVKQPUHWPEVKQPQHVJG&1& U&GHGPUG

GPXKTQPOGPVCNTGOQVGUGPUKPIKPHQTOCVKQPCUYGNNCU /GVGQTQNQIKECN5CVGNNKVG2TQITCO&/52EQPUVGNNCVKQP

EQPVKPWKPIVQRTQXKFGUWTHCEGFCVCEQNNGEVKQPCPFUGCTEJ KPVJGURTKPIQH6JKUEQODKPCVKQPQHEQPVTQN

CPFTGUEWGECRCDKNKV[6JG+21KPEQPUWNVCVKQPYKVJVJG HWPEVKQPUYKNNEQKPEKFGYKVJVJGRNCPPGFENQUWTGQHVJG

01##CPF&/52RTQITCOQHHKEGUKUCNUQUVWF[KPI 75#KT(QTEG5CVGNNKVG1RGTCVKQPCN%QPVTQN%GPVGTUCV

CFFKVKQPCNRQVGPVKCNEQUVGHHGEVKXGCRRTQCEJGUVQOCZKOK\G (CKTEJKNF#KT(QTEG$CUGKP9CUJKPIVQPCPF1HHWVV#KT

WUGTUCVKUHCEVKQPFWTKPIVJGVTCPUKVKQPVQ021'55YJKNG (QTEG$CUGKP0GDTCUMC6JGOKUUKQPQH&/52KUVQ

IWCTCPVGGKPIEQPVKPWGFPQPKPVGTTWRVGFFCVCUGTXKEGU RTQXKFGOGVGQTQNQIKECNCPFURGEKCNUGPUQTFCVCVQWUGTU

KPUWRRQTVQHYQTNFYKFG&1&OKUUKQPU&/52YKNNDG 0'5&+5KUCNUQTGURQPUKDNGHQTQRGTCVKPIVYQ

)GQUVCVKQPCT[1RGTCVKQPCN'PXKTQPOGPVCN5CVGNNKVGU


)1'51PGOQPKVQTUVJG#VNCPVKE1EGCPVJG75

'CUVCPF)WNH%QCUVUCPFVJG75/KFYGUVVJGQVJGT

OQPKVQTUVJG2CEKHKE1EGCPCPF759GUV%QCUV

TGRQUKVKQPGFCVE9)1'5YCUUWEEGUUHWNN[

NCWPEJGFQP#RTKN6JGKPUVTWOGPVUYGTG

KPKVKCNK\GFQP/C[VJCPFVJGHKTUVVGUVKOCIGUDGICP

/C[6JGHKTUVHWNNFKUMXKUKDNGKOCIGYCUECRVWTGF

/C[)1'5YCUVQDGRNCEGFCVE9UVQTGF

UNGGRKPIQPQTDKVHCEKPICYC[HTQOVJG5WPKPYJCVKU

ECNNGFVJG<#2OQFG<#ZKU2TGEGUUKQPQPGTQVCVKQP

RGT[GCTTGNCVKXGVQVJG'CTVJHQTUVQTCIGQPQTDKVHCEKPI

UVGCFKN[CYC[HTQOVJG5WP+VKURNCPPGFVQDGCEVKXCVGF

QPN[WRQPVJGHCKNWTGQH)1'5QT)1'5*QYGXGT

)1'5KUEWTTGPVN[KPUCHGJQNFOQFGFWGVQKVUVJKTF

CPFOQUVUGTKQWUUQNCTCTTC[CPQOCN[QP/C[#HVGT

QPNKPGGPIKPGGTUFGVGTOKPGFVJCVVJGCTTC[JCFUVQRRGF

'08+410/'06#.5#6'..+6'5'48+%'5

CPF%QOOCPFCPF&CVC#ESWKUKVKQP
%&#UVCVKQPU

YJKEJEQOOCPFCPFEQPVTQNVTCEMCPFCESWKTGFCVC

HTQOVJGUGGPXKTQPOGPVCNUCVGNNKVGU

QRGTCVGFHTQOVJG5CVGNNKVG1RGTCVKQPU%QPVTQN%GPVGT


51%%CV5WKVNCPF/&51%%KUVJGRTKOCT[EGPVGT

HQTPQTOCNQRGTCVKQPUOKUUKQPRNCPPKPIGPIKPGGTKPI

NCWPEJCPFGCTN[QTDKVUWRRQTVCPFCPQOCN[TGUQNWVKQP
#

#PGYITQWPFU[UVGOKUDGKPIFGXGNQRGFHQT&/52 VJGGZKUVKPI%QURCU5CTUCVRQNCTQTDKVKPIU[UVGO

ECNNGF+2#%5+PVGITCVGF2QNCT#ESWKUKVKQPCPF%QPVTQN %QURCU5CTUCVKPVGPFUVQCFQRVCPQRGTCVKQPCN)'15#4

5WDU[UVGO6JGJCTFYCTGKUUEJGFWNGFVQDGKPUVCNNGF URCEGUGIOGPVD[NCVG)'15#4U[UVGOUYKNN

1EVQDGTQH6TCKPKPICPFU[UVGOVGUVKPIUJCNNTWP RTQXKFGKPUVCPVCPGQWUCNGTVKPIECRCDKNKV[CPFEQWNF

WPVKNVJGDGIKPPKPIQHYKVJ5[UVGO#EEGRVCPEG6GUV UKIPKHKECPVN[FGETGCUGTGUEWGVKOGU

GPFKPIGCTN[/CTEJ1RGTCVKQPUVGUVKPIYKNNDG 

EQORNGVGFKP#RTKN/C[YKVJ51%%KPHWNNEQPVTQN

QHVJGEQPUVGNNCVKQP

6JG1HHKEGQH5CVGNNKVG&CVC2TQEGUUKPICPF OGUUCIG6JGTGHQTGD[PGY%QURCU5CTUCV

&KUVTKDWVKQP15&2&FKTGEVUVJGQRGTCVKQPUQH0'5&+5 GOGTIGPE[DGCEQPUYKNNRTQXKFGRTGEKUKQPNQECVKQP

EGPVTCNITQWPFFCVCRTQEGUUKPIHCEKNKVKGU+VRTQEGUUGU KPHQTOCVKQPVJTQWIJU[UVGOUUWEJCUVJG7PKVGF5VCVGU

CPFFKUVTKDWVGUEWTTGPVYGCVJGTUCVGNNKVGFCVCCPFFGTKXGF )NQDCN2QUKVKQPKPI5[UVGO)25CPFVJG4WUUKCP)NQDCN

RTQFWEVUVQVJG0CVKQPCN9GCVJGT5GTXKEG
095CPF 0CXKICVKQP5CVGNNKVG5[UVGO).10#55

QVJGTFQOGUVKECPFHQTGKIPWUGTU

6JG0955CVGNNKVG(KGNF&KUVTKDWVKQP(CEKNKVKGU +PVGTCIGPE[#TEVKE$WQ[2TQITCO
75+#$2YCU


5(&(FKUVTKDWVGRTQEGUUGFIGQUVCVKQPCT[CPFRQNCT GUVCDNKUJGFKPVQRTQXKFGVJGOCPCIGOGPVUVTWEVWTG

QTDKVKPIUCVGNNKVGRTQFWEVUVQTGIKQPCN095QHHKEGUCPF CPFEQQTFKPCVKQPPGEGUUCT[VQOCKPVCKPCDCUGNKPG

QVJGTHGFGTCNUVCVGCPFRTKXCVGUGEVQTCIGPEKGU6JG PGVYQTMQHFTKHVKPIDWQ[U$WQ[UYKVJKPVJGCTTC[

RTQFWEVUCNUQCTGOCFGCXCKNCDNGVQRTKXCVGITQWRUCV RTQXKFGUWHHKEKGPVURCVKCNTGUQNWVKQPVQFGHKPGUWTHCEG

VJGKTGZRGPUG5(&(UCTGNQECVGFKP9CUJKPIVQP&% U[PQRVKEUECNGCVOQURJGTKERTGUUWTGCKTVGORGTCVWTGCPF

/KCOK(NQTKFC-CPUCU%KV[/KUUQWTK*QPQNWNW UGCKEGFTKHVHKGNFU&CVCCTGWUGFKPTGCNVKOGHQT

*CYCKK5CP(TCPEKUEQ%CNKHQTPKCCPF#PEJQTCIG QRGTCVKQPCNYGCVJGTCPFKEGHQTGECUVKPICPFHQTTGUGCTEJ

#NCUMC6JG-CPUCU%KV[/KCOK5CP(TCPEKUEQ KPVJG)NQDCN%NKOCVG%JCPIG2TQITCO6JG75+#$2KU

#PEJQTCIGCPF*QPQNWNW5(&(UCNUQJCXGVJGECRCDKNKV[ CEQNNCDQTCVKXGRTQITCOVJCVFTCYUQRGTCVKPIHWPFUCPF

QHTGEGKXKPIFCVCDTQCFECUVFKTGEVN[HTQOVJGRQNCT UGTXKEGUHTQOVJGEQNNGEVKXGEQPVTKDWVKQPUQHGKIJV

QTDKVKPIUCVGNNKVGUXKCVJG*KIJ4GUQNWVKQP2KEVWTG IQXGTPOGPVCIGPEKGUCPFQTRTQITCOU6JGUG

6TCPUOKUUKQP
*426+OCIG2TQEGUUKPI5[UVGO
UGG QTICPK\CVKQPUKPENWFGVJG0CXCN1EGCPQITCRJKE1HHKEG

2QNCT1TDKVKPI5[UVGOUDGNQY 1040#5#05(CPF01##	U0'5&+51#4CPF

1)2 6JG+PVGTPCVKQPCN%152#55#45#62TQITCOPQY

KPENWFGURCTVKEKRCPVUHTQOUKZEQPVKPGPVU+P 6JG1HHKEGQH4GUGCTEJCPF#RRNKECVKQPU14#

#NIGTKC/CFCICUECTCPF2GTWDGECOGCUUQEKCVGFYKVJ RTQXKFGUIWKFCPEGCPFFKTGEVKQPHQT0'5&+5TGUGCTEJ

VJGRTQITCODTKPIKPIVJGPWODGTQHRCTVKEKRCVKPIUVCVGU CPFCRRNKECVKQPUCEVKXKVKGU+VEQQTFKPCVGUVJGGHHQTVUQH

VQVYGPV[PKPGVJG%NKOCVG4GUGCTEJCPF#RRNKECVKQPU&KXKUKQP

#VOQURJGTKE4GUGCTEJCPF#RRNKECVKQPU&KXKUKQPCPF 0'5&+5EQPVKPWGFKVUUWRRQTVQHVJG

%152#55#45#62TQITCOVJTQWIJRTQXKUKQPQH

UCVGNNKVGUITQWPFUVCVKQPUCPFCNGTVFCVCFKUVTKDWVKQP

UGTXKEGU4WUUKCVJG7PKVGF5VCVGU(TCPEGCPF%CPCFC

RTQXKFGVJGURCEGUGIOGPVCPFTGNCVGFITQWPFU[UVGOU

HQT%152#55#45#601##QRGTCVGUCPFOCKPVCKPU

VJG7PKVGF5VCVGU5#45#6/KUUKQP%QPVTQN%GPVGTCPF

UGXGPITQWPFUVCVKQPU6JGITQWPFUVCVKQPUTGEGKXG

&QRRNGTUKIPCNUFKTGEVN[HTQOVJGUCVGNNKVGUCPFRTQEGUU

VJGKPHQTOCVKQPVQRTQXKFGVJGNQECVKQPQHFKUVTGUU

VTCPUOKUUKQPU

+P#RTKNVJG%152#55#45#6%QWPEKN UEKGPVKHKERTGUGPVCVKQPUVGEJPKECNTGRQTVU+PVGTPGVDCUGF

CITGGFVQCOCPCIGOGPVRNCPCPFVKOGVCDNGHQTVJG VWVQTKCNUCPFVTCKPKPIYQTMUJQRUCVFQOGUVKECPF

FGXGNQROGPVQH)GQUVCVKQPCT['CTVJ1TDKV5GCTEJCPF KPVGTPCVKQPCNUKVGU

4GUEWG)'15#4UCVGNNKVGU[UVGOUCUCUWRRNGOGPVVQ 

+P#RTKNVJG%QURCU5CTUCV%QWPEKNCNUQ

CITGGFVQKORNGOGPVPGYGOGTIGPE[DGCEQPNQECVKQP

RTQVQEQNUVQRTQXKFGRTGEKUGNQECVKQPYKVJKPVJGDGCEQP

#TEVKE&TKHVKPI$WQ[2TQITCO6JG7PKVGF5VCVGU

1EGCPKE4GUGCTEJCPF#RRNKECVKQPU&KXKUKQP6JGUG

&KXKUKQPUEQPFWEVUVWFKGUQPVJGWUGQHUCVGNNKVGFCVCVQ

OQPKVQTGPXKTQPOGPVCNEJCTCEVGTKUVKEUCPFEJCPIGCPF

FGXGNQRCNIQTKVJOUVQRTQFWEGUCVGNNKVGRTQFWEVUHQT

CRRNKECVKQPUVQQRGTCVKQPCNYGCVJGTCPFQEGCPCPCN[UGU

CPFRTGFKEVKQP(WTVJGT14#RCTVKEKRCVGUKPVJG

FGXGNQROGPVQHPGYURCEGETCHVCPFUGPUQTUHQTHWVWTG

U[UVGOU+VCNUQECTTKGUQWVCXKIQTQWURTQITCOVQ

ECNKDTCVGCPFXCNKFCVGUCVGNNKVGFCVCVQGPUWTGKVUSWCNKV[

HQTNQPIVGTOUVWFKGU5VCHHHTQOVJGUG&KXKUKQPUCNUQ

EQPFWEVCUVTQPIVGEJPQNQI[VTCPUHGTRTQITCOVJTQWIJ
#

2QNCT1TDKVKPI5[UVGOU FQYPNKPMKPIKUDGKPIEQPUKFGTGFHQTVJG01##0	

UCVGNNKVG 6JGUGUCVGNNKVGUKPETGCUGVJGCEEWTCE[QHYGCVJGT

HQTGECUVKPID[RTQXKFKPISWCPVKVCVKXGFCVCTGSWKTGFHQT 6JG5RCEG'PXKTQPOGPV/QPKVQT5'/OGCUWTGU

KORTQXGFPWOGTKECNYGCVJGTHQTGECUVOQFGNU%WTTGPVN[ UQNCTRTQVQPHNWZCNRJCRCTVKENGCPFGNGEVTQPHNWZ

VJGRTKOCT[QRGTCVKQPCNURCEGETCHVCTG01##CPF FGPUKV[CPFGPGTI[URGEVTWOCPFVQVCNRCTVKEWNCVGGPGTI[

01##01##CPF01##CNUQRTQXKFGFCVC FKUVTKDWVKQPCVURCEGETCHVCNVKVWFG6JGVYQUGPUQTU

HTQOQRGTCVKQPCNUGPUQTU01##RQNCTUCVGNNKVGUECTT[ KPENWFGFYKVJKPVJKUKPUVTWOGPVCTGVJG6QVCN'PGTI[

KPUVTWOGPVUVQRTQXKFGCVOQURJGTKEVGORGTCVWTGCPF &GVGEVQT
6'&CPFVJG/GFKWO'PGTI[2TQVQPCPF

OQKUVWTGRTQHKNGU6JG[CNUQRTQXKFGOWNVKEJCPPGN 'NGEVTQP&GVGEVQT/'2'&KPCFFKVKQPVQCEQOOQP

KOCIGUCPFECTT[CFCVCEQNNGEVKQPCPFRNCVHQTONQECVKQP FCVCRTQEGUUKPIWPKV6JKUKPUVTWOGPVCWIOGPVUVJG

U[UVGOCPFC5GCTEJCPF4GUEWG5CVGNNKVG#KFGF OGCUWTGOGPVUOCFGD[01##	UIGQUVCVKQPCT[UCVGNNKVGU

6TCEMKPI
5#45#6UWDU[UVGO6JG5#45#6

UWDU[UVGOKUWUGFVQFGVGEVCPFNQECVGFKUVTGUUCNGTVUHTQO 

OCTKVKOGCXKCVKQPCPFNCPFDCUGFWUGTU6JG01##UGTKGUUCVGNNKVGUECTT[HQWTRTKOCT[ VJGCHVGTPQQP01##UGTKGUURCEGETCHVECTT[VJG5QNCT

KPUVTWOGPVU[UVGOU6JG#FXCPEGF8GT[*KIJ $CEMUECVVGT7NVTCXKQNGV4CFKQOGVGT5$785$78

4GUQNWVKQP4CFKQOGVGT
#8*44RTQXKFGUFCVCHQT KUCPQPUECPPKPI
HKZGFPCFKTXKGYKPIURGEVTQOGVGT

TGCNVKOGVTCPUOKUUKQPVQDQVJ#WVQOCVKE2KEVWTG FGUKIPGFVQOGCUWTGUEGPGTCFKCPEGCPFUQNCTURGEVTCN

6TCPUOKUUKQP
#26CPF*KIJ4GUQNWVKQP2KEVWTG KTTCFKCPEGHTQOPCPQOGVGTUVQPCPQOGVGTU

6TCPUOKUUKQP
*426WUGTUCPFHQTUVQTCIGQPVJG &CVCQDVCKPGFHTQOVJGKPUVTWOGPVCTGWUGFVQEQORWVG

URCEGETCHVVCRGTGEQTFGTUHQTNCVGTRNC[DCEM6JG VJGCOQWPVCPFXGTVKECNFKUVTKDWVKQPQHQ\QPGKPVJG

#8*44KPUVTWOGPVRTQXKFGUUVQTGFCPFFKTGEVTGCFQWV 'CTVJ	UCVOQURJGTGQPVJGUWPNKVUKFGQHVJG'CTVJ

TCFKQOGVGTFCVCHQTFC[CPFPKIJVENQWFEQXGTUGC 

UWTHCEGVGORGTCVWTGUXGIGVCVKQPKPFKEGUCPFUPQYCPF

KEGOCRRKPI

6JG6+41501RGTCVKQPCN8GTVKECN5QWPFGT


6185U[UVGOEQODKPGUFCVCHTQOUGXGTCN

EQORNGOGPVCT[UQWPFKPIKPUVTWOGPVUQPVJGURCEGETCHV

6JGUGKPUVTWOGPVUCTGVJG*KIJ4GUQNWVKQP+PHTCTGF

5QWPFGT
*+45VJG5VTCVQURJGTKE5QWPFKPI7PKV


557CPFVJG/KETQYCXG5QWPFKPI7PKV
/57

*+45VJGRTKOCT[KPUVTWOGPVRTQXKFKPIVTQRQURJGTKE 2#%5KUWUGFVQEQOOCPFCPFEQPVTQNVJG

FCVCKUUGPUKVKXGVQGPGTI[HTQOVJGXKUKDNGVQVJGECTDQP URCEGETCHVOQPKVQTKVUJGCNVJXKCJQWUGMGGRKPIVGNGOGVT[

FKQZKFGCDUQTRVKQPTGIKQPQHVJGKPHTCTGF+4URGEVTWO CPFTGVTKGXGCPFVTCPUOKVVJGURCEGETCHVGPXKTQPOGPVCN

6JG557KPUVTWOGPVYJKEJKUUGPUKVKXGVQGPGTI[KPVJG FCVCVQVJG%'/5%5RTQEGUUKPICPFFCVCJCPFNKPI

ECTDQPFKQZKFGCDUQTRVKQPRQTVKQPQHVJGKPHTCTGF HCEKNKV[6JGFGNKXGT[QH01##U[UVGOFCVCHTQOVJG

URGEVTWORTQXKFGUVGORGTCVWTGKPHQTOCVKQPHTQOVJG %&#UVQ5WKVNCPFKUCEEQORNKUJGFD[WUKPIVJG)GPGTCN

UVTCVQURJGTG6JKUKPUVTWOGPVKURTQXKFGFD[VJG 'NGEVTKE#OGTKECP%QOOWPKECVKQPU+PEEQOOGTEKCN

/GVGQTQNQIKECN1HHKEGQHVJG7PKVGF-KPIFQO6JGVJKTF UCVGNNKVGEQOOWPKECVKQPUPGVYQTM6JKUU[UVGOYJKEJ

KPUVTWOGPVVJG/57KUUGPUKVKXGVQGPGTI[KPVJG KPENWFGU'CTVJUVCVKQPUCV5WKVNCPF9CNNQRUCPF

QZ[IGPCDUQTRVKQPTGIKQPQHVJGOKETQYCXGURGEVTWOCPF (CKTDCPMUFGNKXGTUVJGFCVCVQ51%%6JGUGFCVCCTG

KUWUGFKPEQPLWPEVKQPYKVJVJGVYQ+4KPUVTWOGPVU6JG KOOGFKCVGN[RCUUGFQPVQVJG%'/5%5HQTRTQEGUUKPI

OKETQYCXGFCVCRGTOKVEQORWVCVKQPUVQDGOCFGKPVJG 6JG%'/5%5KPIGUVUVJGTCYUCVGNNKVGFCVCCPFRTG

RTGUGPEGQHENQWFURTQEGUUGUCPFUVQTGUVJGOCNQPIYKVJCRRGPFGFCWZKNKCT[

KPHQTOCVKQPUWEJCU'CTVJNQECVKQPCPFSWCNKV[EQPVTQN 6JG&CVC%QNNGEVKQP5[UVGO&%5KURTQXKFGFD[

VJG%GPVTG0CVKQPCNF	'VWFGU5RCVKCNGUQH(TCPEGCPFKU

ECNNGFVJG#4)15&%56JG#4)15&%5RTQXKFGUC

OGCPUVQNQECVGCPFEQNNGEVFCVCHTQOHKZGFCPFOQXKPI

RNCVHQTOU#PWRITCFGVQCNNQYHQTYCTFOGUUCIG



+PCFFKVKQPVQVJGHQWTRTKOCT[KPUVTWOGPVU[UVGOU

6JGITQWPFU[UVGOTGSWKTGFVQTGEGKXGNCTIG

XQNWOGUQHFKIKVCNFCVCHTQO01##UCVGNNKVGUEQPUKUVUQH

VYQOCLQTUWDU[UVGOUVJG2QNCT#ESWKUKVKQPCPF%QPVTQN

5WDU[UVGO
2#%5CPFVJG%GPVTCN'PXKTQPOGPVCN

5CVGNNKVG%QORWVGT5[UVGO
%'/5%56JG2#%5

KPENWFGUVJG9CNNQRU8KTIKPKCCPF(CKTDCPMU#NCUMC

%&#UVCVKQPUCPFVJG51%%CV5WKVNCPF/CT[NCPF#NN

VJG%'/5%5EQORQPGPVUCTGKPVJG01##HCEKNKV[CV

5WKVNCPF

RCTCOGVGTU6JGFCVCRTQEGUUGFD[VJG%'/5%5CTG

WUGFHQTGPXKTQPOGPVCNRTQFWEVUCPFQRGTCVKQPCNYGCVJGT

RTGFKEVKQPUYJKEJCTGFKUUGOKPCVGFVQWUGTUVJTQWIJQWV

VJGYQTNF
#

)GQUVCVKQPCT[5CVGNNKVG2TQITCO

6YQQRGTCVKQPCNIGQUVCVKQPCT[UCVGNNKVGU)1'5 


E9CPF)1'5E9PQYEQXGTXKTVWCNN[VJG

GPVKTGYGUVGTPJGOKURJGTGHQTQRGTCVKQPCNOGVGQTQNQIKECN < %JCPPGN9CVGT8CRQTzVQzMO

UGTXKEGU0GYQRGTCVKPIUEJGFWNGUCNNQYCESWKUKVKQPCPF 

FKUVTKDWVKQPQHKOCIGT[HTQOVJGUCVGNNKVGUHQWTVKOGURGT

JQWTQXGTOWEJQH0QTVJ#OGTKECKP4QWVKPGOQFGCPF < %JCPPGN+PHTCTGFzVQzMO

GKIJVVKOGURGTJQWTQXGTVJGEQPVKPWQWU75FWTKPI

UGXGTGYGCVJGTUKVWCVKQPU

6JGRTQLGEVGFNCWPEJUEJGFWNGCPFCUUQEKCVGF CVOQURJGTKEVGORGTCVWTGCPFOQKUVWTGRTQHKNGUUWTHCEG

KPUVTWOGPVUHQTIGQUVCVKQPCT[UCVGNNKVGUCTGUJQYPKP CPFENQWFVQRVGORGTCVWTGUCPFQ\QPGFKUVTKDWVKQP

6CDNG# 2TQFWEVUFGTKXGFHTQOVJGUQWPFGTKPENWFGRTGEKRKVCDNG

YCVGTCPFNKHVGFKPFGZCOGCUWTGOGPVQHCVOQURJGTKE 6JG)1'5UCVGNNKVGUJQUVCPKOCIGTECRCDNGQH

FGVGEVKPICVOQURJGTKEUGCUWTHCEGCPFNCPFRTQRGTVKGU

KPHKXGURGEVTCNDCPFUKPENWFKPIVJGOKETQPzCPF

zYCXGNGPIVJU)1'5UCVGNNKVGUVTCPUOKVCNNHKXG

URGEVTCNDCPFUUKOWNVCPGQWUN[CHHQTFKPIVJGWUGT

EQOOWPKV[EQPVKPWQWUXKGYUQHCVOQURJGTKE

OGCUWTGOGPVUKPXCTKQWUYCXGNGPIVJUGCEJYKVJKVUQYP

OGVGQTQNQIKECNCPFJ[FTQNQIKECNCRRNKECVKQP)1'5

URCEGETCHVYGTGFGUKIPGFHQTHNGZKDNGUECPPKPIQHVJG 6JG)1'5CNUQECTTKGUC&%5YJKEJKUWUGFVQ

'CTVJCXCTKGV[QHUECPUQTUGEVQTEQXGTCIGECPDG EQNNGEVCPFTGNC[GPXKTQPOGPVCNFCVCQDUGTXGFD[C

UEJGFWNGFYKVJKPCOKPWVGVKOGHTCOG(QTGZCORNG XCTKGV[QHTGOQVGN[NQECVGFRNCVHQTOUUWEJCUTKXGTCPF

VJGHWNNGCTVJFKUMKUUECPPGFQPEGGXGT[VJTGGJQWTUCPF VKFGICIGUUGKUOQOGVGTUDWQ[UUJKRUCPFCWVQOCVKE

TGSWKTGUVJGGPVKTGOKPWVGVKOGRGTKQF&GRGPFKPIQP YGCVJGTUVCVKQPU)1'5UCVGNNKVGUTGDTQCFECUVKOCIGT[

YGCVJGTOKPWVGRGTKQFUFWTKPIVJG JQWTUCHVGTVJG OGVGQTQNQIKECNCPCN[UGUCPFQVJGTGPXKTQPOGPVCNFCVC

HWNNFKUMUECPOC[DGCOKZVWTGQHOKPWVGKPVGTXCN VQTGOQVGNQECVKQPUWUKPIVJG9'(#:U[UVGO&CVCCTG


TQWVKPGYGCVJGTQT OKPWVGKPVGTXCNUGXGTGYGCVJGT EQNNGEVGFHQTYCTPKPIUQHUQNCTCEVKXKV[WUKPI5'/6JKU

UECPUQXGTVJGEQPVKIWQWU7PKVGF5VCVGU6QHWTVJGT DNQEMQHKPUVTWOGPVUKUOQTGGZVGPUKXGVJCPQPVJGRQNCT

UWRRQTVOGUQUECNGCPFOKETQUECNGCPCN[UGUMOZ URCEGETCHV6JG)1'55'/KPUVTWOGPVUKPENWFG:TC[

MOEQXGTCIGECPCNUQDGUECPPGFCVQPGOKPWVG OQPKVQTUVJCVFGVGEVUQNCTHNCTGUGPGTIGVKERCTVKENG

KPVGTXCNUVQECRVWTGTCRKFN[FGXGNQRKPICPFF[PCOKE UGPUQTUCPFVJTGGEQORQPGPVXGEVQTOCIPGVQOGVGTUVQ

GPXKTQPOGPVCNRJGPQOGPC OGCUWTGEJCPIGUKPVJGCODKGPVOCIPGVKEHKGNF4GCN

VKOG5'/FCVCCTGWUGFVQ 6JGHKXGEJCPPGNUCPFTGURGEVKXGTGUQNWVKQPUCTGCU

HQNNQYU

< %JCPPGN8KUKDNGzVQzMO

< %JCPPGN+PHTCTGFzVQzMO

< %JCPPGN+PHTCTGFzVQzMO

6JG)1'5CPF)1'5UQWPFGTEQPUKUVKPIQH

URGEVTCNEJCPPGNUKUWUGFHQTOGCUWTGOGPVUQH

UVCDKNKV[%QORCTCDNGVQVJGKOCIGTVJGUQWPFGTKU

ECRCDNGQHRTQXKFKPIXCTKQWUUECPEQXGTCIGUUWEJCUHWNN

'CTVJKOCIGT[UGEVQTK\GFKOCIGT[CPFNQECNKOCIGT[

#PKPFGRGPFGPVUQWPFGTRNCVHQTOIQXGTPGFWPFGTKVU

QYPUEJGFWNGNGCFUVQCPGZRCPUKQPQHUQWPFGTFCVC

EQXGTCIGCPFCPKPETGCUGKPVJGHTGSWGPE[QH

VTCPUOKUUKQPU#

6#$.'#241,'%6'&5#6'..+6'.#70%*5%*'&7.'

21.#414$+6+0)5;56'/ )'156#6+10#4;5;56'/

5CVGNNKVG&GUKIPCVQT 2NCPPGF.CWPEJ&CVG 5CVGNNKVG&GUKIPCVQT 2NCPPGF.CWPEJ&CVG

01##- %; )1'5/ %;

01##.%; )1'5. %;(CKNWTG

01##/%; )1'50 %;

/'612 %; )1'51 %;

01##0%; )1'52 %;

/'612 %; )1'53 %;

01##0	 %;

021'55 %;

021'55 %;

/'612 %;

021'55 %;

/'612 %;

021'55 %;

021'55 %;

01##+PUVTWOGPVUHQT01##2QNCT1TDKVGTCPF/'6125GTKGU

#8*44 #FXCPEGF8GT[*KIJ4GUQNWVKQP4CFKQOGVGT

5'/ 5RCEG'PXKTQPOGPV/QPKVQT

5$78 5QNCT$CEMUECVVGT7NVTCXKQNGV4CFKQOGVGT01##ROOKUUKQPQPN[

*+45 *KIJ4GUQNWVKQP+PHTCTGF5QWPFGT

5#4 5GCTEJCPF4GUEWG5[UVGO#PVGPPC

&%5 #4)15&CVC%QNNGEVKQP5[UVGO

#/57# #FXCPEGF/KETQYCXG5QWPFKPI7PKV#

#/57$ #FXCPEGF/KETQYCXG5QWPFKPI7PKV$

+PUVTWOGPVUHQT021'555GTKGU

8++45 8KUKDNG+PHTCTGF+OCIGT4CFKQOGVGT5WKVG

%/+5 %QPKECN/KETQYCXG+OCIGT5QWPFGT

%T+/55 %TQUUVTCEM+PHTCTGF/KETQYCXG5QWPFGT5WKVG

1/25 1\QPG/CRRGT2TQHKNGT5WKVG

5'5 5RCEG'PXKTQPOGPV5WKVG

&%5 &CVC%QNNGEVKQP5[UVGO

5#45#6 5GCTEJCPF4GUEWG5CVGNNKVG#KFGF6TCEMKPI5[UVGO

'4$5 'CTVJ4CFKCVKQP$WFIGV5GPUQT

65+5 6QVCN5QNCT+TTCFKCPEG5GPUQT

#.6 #NVKOGVGT&WCN(TGSWGPE[TCFCTCNVKOGVGT

+PUVTWOGPVUHQT)1'50GZV5GTKGU

+OCIGT

5QWPFGT

5'/ 5RCEG'PXKTQPOGPV/QPKVQT

5:+ 5QNCT:4C[+OCIGT)1'5.QT/

5#4 5GCTEJCPF4GUEWG

&%5 &CVC%QNNGEVKQP5[UVGO

.CWPEJFCVGFGRGPFUQPRGTHQTOCPEGQHRTKQTURCEGETCHVCPFKUUWDLGEVVQEJCPIG
#

UWRRQTVQRGTCVKQPCN01##CPF&1&URCEGGPXKTQPOGPV #PQVJGTOCLQTEQORQPGPVKUVJG'PXKTQPOGPVCN

HQTGECUVUCPFCNGTVU&CVCHTQO)1'55'/UGPUQTUCTG 5CVGNNKVG&KUVTKDWVKQP+PVGTCEVKXG2TQEGUUKPI%GPVGT

CTEJKXGFD[VJG0CVKQPCN)GQRJ[UKECN&CVC%GPVGTCPF 
'5&+2%KP%COR5RTKPIU/CT[NCPF6JG'5&+2%

RTQXKFGFVQTGVTQURGEVKXGWUGTUQPNKPGXKC+PVGTPGVCPF KUEQPPGEVGFKPVWTPYKVJVJG(CKTDCPMUCPF9CNNQRU

QPCXCTKGV[QHEQORWVGTOGFKC %&#UVCVKQPUCPFVJGUKZ5(&(U

#U[UVGOUKOKNCTVGEJPKECNN[VQVJG&%5DWVWUGF

HQTCFKHHGTGPVRWTRQUGKUVJG5#45#6VTCPURQPFGT

6JGQRGTCVKQPCN5#45#6VTCPURQPFGTUQP)1'5CPF

)1'5CTGECRCDNGQHRTQXKFKPICPKOOGFKCVGFKUVTGUU

CNGTV9JKNGVJGRTGUGPV)1'5U[UVGOKUKPECRCDNGQH

RTQXKFKPINQECVKQPQHVJGFKUVTGUUUKIPCNKVRTQXKFGU

CFXCPEGYCTPKPIVQVJG5#45#6/KUUKQP%QPVTQN

%GPVGTYJKEJVJGPDGIKPUVQXGTKH[VJGNQECVKQPQHVJG

CNGTVVJTQWIJQVJGTOGCPU(WVWTG%152#55#45#6

FKUVTGUUDGCEQPUWVKNK\KPI)NQDCN2QUKVKQPKPI5[UVGO


)25YKNNJCXGVJGECRCDKNKV[VQRTQXKFGNQECVKQP

KPHQTOCVKQPKPVJGFKUVTGUUOGUUCIG4GOCRRGF)1'5

CPF)1'5KOCIGUHQTVJG095#9+25DGICPHNQYKPI

VQ2CVJHKPFGTUKVGUCV$QUVQPCPF2KVVUDWTIJXKCVJG

RQKPVVQOWNVKRQKPVFCVCHGGFMPQYPCU01##2146KP

095YKNNFGRNQ[CPQVJGT#9+25UKVGUKP

CPFVJGTGOCKPKPIQTUQKPVJGHQNNQYKPIVYQ

[GCTU01##2146FGNKXGTU)1'5KOCIGT[CXCKNCDNG

VQHQTGECUVGTUYKVJKPUGEQPFUQHUCVGNNKVGUECPPKPICPF 5722146+0)4'5'#4%*241)4#/

OCMGUKVCXCNWCDNGPGYTGCNVKOGECRCDKNKV[

#U#9+25FGXGNQROGPVCPFFGRNQ[OGPVRTQEGGF 

0'5&+5YKNNEQPVKPWGVQUWRRN[FKIKVCN)1'5KOCIGUVQ

CITQWRQH095UKVGUGSWKRRGFYKVJVJG4#//$TCPEJ

#FXCPEGF/GVGQTQNQIKECN5CVGNNKVG&GOQPUVTCVKQPCPF

+PVGTRTGVCVKQP5[UVGO
4#/5&+5C2%DCUGFKOCIG

FKURNC[CPFCPCN[UKUU[UVGO6JGUGUKVGUCESWKTGVJG

KOCIGUXKCVJG+PVGTPGVHQTFGOQPUVTCVKQPGXCNWCVKQP

CPFHCOKNKCTK\CVKQPRWTRQUGU4#/5&+5GPCDNGU

HQTGECUVGTUVQRGTHQTOQRGTCVKQPUUWEJCUNQQRKPI

GPJCPEGOGPVEWTXGEJCPIGUCPFNQECNKOCIG

TGEQODKPCVKQP

5CVGNNKVG%QOOWPKECVKQPU5[UVGO5#6%1/VJGITGCVGUVRQUKVKXGKORCEVQPPWOGTKECNHQTGECUVU

6JG0'5&+56GNGEQOOWPKECVKQPU5[UVGOKUC 1\QPG

EQORNGZPGVYQTMQHXQKEGVGNGV[RGCPFFCVCITCFG 

VTCPUOKUUKQPUUGPVXKCUCVGNNKVGUOKETQYCXGCPF

VGTTGUVTKCNECDNGUGTXKEGU#OCLQTEQORQPGPVQHVJG

U[UVGOKUVJG1HHKEGQH5CVGNNKVG1RGTCVKQPU151YJKEJ

EQPUKUVUQHVJG51%%CPFVYQ%&#UVCVKQPUCV9CNNQRU

8KTIKPKCCPF(CKTDCPMU#NCUMC151KUTGURQPUKDNGHQT

VJGQRGTCVKQPCPFUCHGV[QH01##RQNCTCPF

IGQUVCVKQPCT[UCVGNNKVGUCPFHQTRTQXKFKPIUCVGNNKVGFCVCVQ

15&2&

#VJKTFOCLQTEQORQPGPVOCPCIGFCPFQRGTCVGF

D[15&2&CPF01## U0CVKQPCN%NKOCVKE&CVC%GPVGT


0%&%KUVJG01##1RGTCVKQPCN5CVGNNKVG#EVKXG

#TEJKXG
5##HQTUCVGNNKVGFCVCCPFOGVCFCVCCEEGUU

FKURNC[CPFGNGEVTQPKEVTCPUHGT6JG5##QHHGTUVJGWUGT

CYKFGTCPIGQHECRCDKNKVKGUKPENWFKPIFCVCECVCNQICPF

KPXGPVQT[UGCTEJ#8*44KOCIGDTQYUGQPNKPGFCVC

UGNGEVKQPCPFHKNGVTCPUHGTRTQVQEQN
(62CPFQHHNKPG

FCVCUGNGEVKQPCPFFGNKXGT[1PNKPGU[UVGO

FQEWOGPVCVKQPFCVCIWKFGUCPFJGNRHKNGUYKNNCUUKUVVJG

PQXKEGWUGTCPFRTQXKFGXCNWCDNGVKOGUCXKPIVKRUVQCNN

WUGTU9JKNGFGXGNQRGFCUCPKPFGRGPFGPVU[UVGOVJG

5##UGTXGUCU01##	UKPKVKCNKPVGTQRGTCDNGKPVGTHCEGVQ

0#5#	U'CTVJ1DUGTXKPI5[UVGO&CVCCPF+PHQTOCVKQP

5[UVGO
'15&+5+P&/52URGEKCNUGPUQT

RTQFWEVUCPF4#-#6RTQFWEVUHQTCWVJQTK\GF

UWDUETKDGTUYGTGOCFGCXCKNCDNGVQWUGTU

6GORGTCVWTGCPF/QKUVWTG5QWPFKPIU

#PGYTCFKCVKXGVTCPUHGTCNIQTKVJOJCUDGGP

FGXGNQRGFVJCVKUHWPFCOGPVCNN[OQTGCEEWTCVGVJCP

RTGXKQWUOGVJQFUGURGEKCNN[HQTEJCPPGNUCHHGEVGFD[

YCVGTXCRQT+PQPIQKPIYQTMVJKUCNIQTKVJOKUDGKPI

CFCRVGFHQTWUGD[0%'2VQFKTGEVN[CUUKOKNCVGVJG

UCVGNNKVGQDUGTXGFTCFKCPEGUKPVQVJGQRGTCVKQPCNCPCN[UKU

1PEGEQORNGVGF0%'2YKNNDGCDNGVQCUUKOKNCVG

TCFKCPEGUHTQOVJG01##CPF&/52RQNCTQTDKVKPI

UCVGNNKVGUCPFVJGIGQUVCVKQPCT[UCVGNNKVGU6JGCNIQTKVJO

YKNNCNUQDGWUGFKPFCVCKORCEVUVWFKGUVQCUUKUVKP

HKPFKPIVJGKPUVTWOGPVUWKVGHQT021'55VJCVYKNNJCXG

(;KUGZRGEVGFVQDGCRGCM[GCTHQT

UVTCVQURJGTKEQ\QPGFGRNGVKQPCHVGTYJKEJCUNQYTGEQXGT[

DGIKPU4GCNVKOG6+4151RGTCVKQPCN8GTVKECN5QWPFGT


6185Q\QPGOCRUEQPVKPWGVQRTQXKFGOCP[UEKGPVKHKE

QTICPK\CVKQPUCUYGNNCUVJGIGPGTCNRWDNKEYKVJTGCF[

KPHQTOCVKQPCDQWVVJGUVCVWUQHVJGQ\QPGUJKGNF

TGRTGUGPVUVJGVJ[GCTQHEQPVKPWQWUQ\QPGEQXGTCIGD[

VJG6+4151RGTCVKQPCN8GTVKECN5QWPFGT
6185VJCV

UVTGVEJGUHTQORQNGVQRQNG6JGTGKUGZRGEVGFVQDG

EQPVKPWKPIEQQRGTCVKQPYKVJ9/1 UYGGMN[OQPKVQTKPI
#

QHVJG#PVCTEVKEQ\QPGJQNG6185URGEKCNUGPUKVKXKV[VQ &CVC%QPVKPWKV[

NQYGTUVTCVQURJGTKEQ\QPGXCTKCVKQPURTQXKFGUKVYKVJ 

WPKSWGECRCDKNKVKGUHQTCEEWTCVGN[GXCNWCVKPICPFVTCEMKPI

NQYGTUVTCVQURJGTKEQ\QPGFGRNGVKQPUUWEJCUVJG

#PVCTEVKEJQNG9JKNGVJGQ\QPGJQNGYCUPQVCU

DKICURTGXKQWUJQNGU
KGVJQUGKPHNWGPEGFD[/V

2KPCVWDQFGDTKUKVYCUENGCTHTQOVJG6185FCVCVJCV

VJKUJQNGNCUVGFNQPIGTVJCVCP[JQNGQPTGEQTF6185

GCTN[TGRQTVUEQPEGTPKPIVJGNQPIGXKV[QHVJGYGTG

NCVGTEQPHKTOGFD[FCVCHTQOVJG5QNCT$CEMUECVVGT %NQWFUHTQO#8*44

7NVTCXKQNGV5$78KPUVTWOGPV 

8CNKFCVKQPCPFCPCN[UKUQHVQVCNQ\QPGCOQWPVCPF ENQWFV[RGUCPFURGEKH[KPIENQWFCOQWPVHTQOVJG

XGTVKECNQ\QPGRTQHKNGUEQPVKPWGQPVJGRTQFWEVUHTQOVJG #8*44QPCRKZGNUECNGNGXGNJCUDGGPWPFGT

01##CPF5$78KPUVTWOGPVU6JGUKZ FGXGNQROGPVHQTUGXGTCN[GCTUCPFJCUDGGPTGEGPVN[

[GCTFCVCUGVHTQO01##JCUWPFGTIQPGC GPJCPEGFWUKPICF[PCOKEVJTGUJQNFKPIUEJGOG

TGRTQEGUUKPIWVKNK\KPIVJGOQUVTGEGPVCPFGZVGPUKXG (QNNQYKPICVJQTQWIJXCNKFCVKQPQHVJGTGUWNVKPI

EJCTCEVGTK\CVKQPQHVJGKPUVTWOGPVKPQTDKVRGTHQTOCPEG RTQFWEVUCNIQTKVJOUYKNNDGFGXGNQRGFCPFTGHKPGFHQT

4GRTQEGUUKPIQHVJGCRRTQZKOCVG[GCTUGVQH FGVGTOKPKPIVJGQRVKECNCPFOKETQRJ[UKECNRTQRGTVKGUQH

QDUGTXCVKQPUYKVJVJG01##KPUVTWOGPVYKNNDGFQPG VJGENQWFU/QFGNUGORNQ[GFD[VJG0%'2EQWNFDG

VJKU[GCT6JG01##FCVCUGVYKNNDGOGTIGFYKVJ ITGCVN[GPJCPEGFYKVJKPHQTOCVKQPQPVJGCOQWPVCPF

VJG0#5#0KODWU5$78FCVCUGVCPFYKNNDGRWVQP RTQRGTVKGUQHVJGNC[GTENQWFU

CTGCFKN[CXCKNCDNG%&41/CUCLQKPV01##0#5# 

GHHQTV

%WTTGPVN[VJGCGTQUQNQRVKECNVJKEMPGUU
#16KU )25/'65QWPFKPIU

01##0'5&+5YKNNEQPVKPWGVQGXCNWCVGUQWPFKPIU +PXGUVKICVKQPUUWRRQTVGFD[VJG0#5#%'4'5RTQLGEV

QHVGORGTCVWTGCPFOQKUVWTGFGTKXGFHTQOVJG)25HQT JCXGUJQYPVJCVKPHQTOCVKQPHTQOCUGEQPFEJCPPGNVJCV

/GVGQTQNQI[
)25/'6UCVGNNKVGQRGTCVGFD[VJG YKNNDGRTGUGPVQPVJG01##-UGTKGUQHUCVGNNKVGUEQWNF

7PKXGTUKV[%QTRQTCVKQPHQT#VOQURJGTKE4GUGCTEJ RTQXKFGKPHQTOCVKQPTGNCVKPIVQVJGCGTQUQNUK\G


7%#48GTVKECNVGORGTCVWTGRTQHKNGUCXCKNCDNGUKPEG FKUVTKDWVKQP6JKUUJQWNF[KGNFOQTGCEEWTCVGGUVKOCVGU

VJGNCWPEJQHVJKUKPUVTWOGPVJCXGGZEGNNGPVXGTVKECN QHVJG#16'ORKTKECNUVWFKGUYKNNDGEQPFWEVGFCUUQQP

TGUQNWVKQP
MODWVRQQTJQTK\QPVCNTGUQNWVKQP
 CUVJGFCVCCTGCXCKNCDNG

MO6JG[UJQYTGCUQPCDNGCITGGOGPVYKVJEQPXGPVKQPCN 

QDUGTXCVKQPUDGVYGGPMOCPFMOKPCNVKVWFGCPF

OC[DGRCTVKEWNCTN[GHHGEVKXGHQTFGVGTOKPCVKQPQHVJG %NKOCVGFCVCUGVUQHENQWFCOQWPVCGTQUQNQRVKECN

JGKIJVCPFVGORGTCVWTGQHVJGVTQRQRCWUGKPFCVCURCTUG VJKEMPGUUQXGTVJGQEGCPUCPFVJG'CTVJ UTCFKCVKQP

CTGCUUWEJCUQEGCPUCPFWPFGXGNQRGFNCPFTGIKQPU6JG DWFIGVHQTENGCTCPFENQWF[UMKGUCTGDGKPI

IQCNQHVJKUCEVKXKV[KUVQCUUGUUYJGVJGT)25 TGVTQURGEVKXGN[IGPGTCVGFHTQOHQWTVGGP[GCTUQH#8*44

QDUGTXCVKQPUOC[RTQXGWUGHWNCUEQORNGOGPVUVQ FCVCCURCTVQHVJG01##0#5#2CVJHKPFGTRTQITCO

EQPXGPVKQPCNQDUGTXCVKQPUHQTQRGTCVKQPCNYGCVJGT #UGEQPFRJCUGQHVJKURTQITCOKUDGKPIRNCPPGFYJGTG

HQTGECUVKPICPFHQTENKOCVGOQPKVQTKPI0'5&+5KU OWNVKRNGNC[GTGFENQWFFCVCYKNNDGWUGF#16QXGTVJG

EQQRGTCVKPIYKVJVJG+PVGITCVGF2TQITCO1HHKEG+21VQ NCPFUJQTVYCXGTCFKCVKQPDWFIGVUCVVJGUWTHCEGC

RTQXKFGURGEKHKECVKQPUHQTC)25NKODUQWPFGTKPVGPFGF RTGEKRKVCVKQPKPFGZCPFQRVKECNCPFOKETQRJ[UKECN

RTKOCTKN[VQQDUGTXGVJGKQPQURJGTGDWVYJKEJYQWNF RTQRGTVKGUQHENQWFUYKNNDGIGPGTCVGFKPCFFKVKQPVQ

CNUQDGECRCDNGQHUCORNKPIVJGUVTCVQURJGTGCPF VJQUGRTQFWEVUIGPGTCVGFFWTKPIVJGHKTUVRJCUG

VTQRQURJGTG0'5&+5YKNNEQQRGTCVGYKVJ095VQ 

FGXGNQRCNIQTKVJOUHQTVJGCUUKOKNCVKQPQH)25

QDUGTXCVKQPUKPVQPWOGTKECNYGCVJGTRTGFKEVKQPOQFGNU

YKVJVJGIQCNQHCUUGUUKPIVJGKORCEVVJCVVJGUGFCVC 4GUGCTEJCEVKXKVKGUYKNNEQPVKPWGQPVJGWUGQH

YQWNFJCXGQPHQTGECUVKPIUMKNN UCVGNNKVGFGTKXGFFCVCVQEJCTCEVGTK\GVJGNCPFUWTHCEG

RTQRGTVKGUCUUQEKCVGFYKVJVJGPGVYQTMQHNCPFDCUGF

5VWFKGUEQPVKPWGQPGXCNWCVKPIVJGEQPVKPWKV[QHFCVC

QDVCKPGFD[UKOKNCT
QTKFGPVKECNKPUVTWOGPVUQP

UWEEGUUKXGUCVGNNKVGU6JGKUUWGQHOCKPVCKPKPICEEWTCVG

EQPVKPWKV[QXGTOCP[[GCTUKUETKVKECNVQVJGUVWF[QH

ENKOCVGRCTCOGVGTUQXGTNQPIVGTOFGECFCNUECNGU6JKU

KUGURGEKCNN[VTWGQHRCTCOGVGTUUWEJCUQ\QPGUGC

UWTHCEGVGORGTCVWTGCPFCVOQURJGTKEVGORGTCVWTGU

6JGOGCPUHQTINQDCNN[FGVGEVKPIOWNVKRNGNC[GTGF

#GTQUQNU

FGTKXGFHTQOCUKPINGEJCPPGNQPVJG#8*44

2CVJHKPFGT

'HHQTVQH.CPF5WTHCEG2TQRGTVKGUQP6GORGTCVWTG

4GEQTFU
#

OGVGQTQNQIKECNQDUGTXCVKQPUVCVKQPU6JGKPHNWGPEGQH FTQWIJVOGVGQTQNQIKECNCPFCITKEWNVWTCNKFGPVKH[KPI

NCPFUWTHCEGRTQRGTVKGUQPQDUGTXGFVGORGTCVWTGJCUDGGP CTGCUYKVJCNCVGUVCTVQHVJGITQYKPIUGCUQPFGVGEVKPI

FQEWOGPVGF6JGIQCNQHVJKUCEVKXKV[KUVQEJCTCEVGTK\G RQUVHNQQFGXGPVUNGCFKPIVQXGIGVCVKQPUVTGUUIGPGTCN

VJGNCPFUWTHCEGRTQRGTVKGUCPFKFGPVKH[CFLWUVOGPVUVQVJG EQPFKVKQPUQHXGIGVCVKQPITQYVJ

QDUGTXGFVGORGTCVWTGFCVCVJCVCEEQWPVHQTVJGDKCU 

KPVTQFWEGFD[VJGNCPFUWTHCEGHGCVWTGUVJCVUWTTQWPFVJG

QDUGTXCVKQPUVCVKQPU6JKUGHHQTVYKNNWVKNK\GFCVC )QXGTPOGPVQH-C\CMJ5RCEG4GUGCTEJ+PUVKVWVG

CESWKTGFD[VJG01###8*44&/521.5CPF 

.CPFUCV/55CPF'6/KPUVTWOGPVU6JKUCEVKXKV[

KPENWFGUEQNNCDQTCVKQPYKVJUEKGPVKUVUCV01## U

0CVKQPCN%NKOCVKE&CVC%GPVGT
VJGCTEJKXGQHUWTHCEG 6JG8GIGVCVKQPCPF6GORGTCVWTG%QPFKVKQP+PFKEGU

OGVGQTQNQIKECNQDUGTXCVKQPFCVC0CVKQPCN)GQRJ[UKECN 
8%+6%+FGUKIPGFTGEGPVN[HQT#8*44FCVCYKNNDG

&CVC%GPVGT
VJGCTEJKXGQH&/521.5FCVCCPFVJG ECNKDTCVGFCPFWUGFHQTOQPKVQTKPIXGIGVCVKQPJGCNVJQH

75)5'415&CVC%GPVGT
VJGCTEJKXGQHEWTTGPV CTGCUQH-C\CMJTCPIGNCPF6JKUKPHQTOCVKQPYKNNDG

.CPFUCV/55FCVCCPFVJGHWVWTGCTEJKXGQH.CPFUCV CFFGFVQCPFKPUQOGCTGCUYKNNUWDUVKVWVGHQTYGCVJGT

'6/FCVC DCUGFGUVKOCVGUQHRCUVWTGEQPFKVKQPUHQTITC\KPIHQTDKI

JGTFUQHUJGGR6JGPGEGUUKV[HQTVJKUKPHQTOCVKQP 5CVGNNKVG8CNKFCVKQPQH(QTGECUV/QFGNU

6JGCEEWTCE[QHYGCVJGTHQTGECUVOQFGNECNEWNCVKQPU QHVJGYGCVJGTYCVEJU[UVGOFWGVQVJGFKHHKEWNVGEQPQOKE

QHENQWFEQXGTENQWFCNVKVWFGCPFKPUQNCVKQPKUWPMPQYP UKVWCVKQPKPVJGEQWPVT[CHVGTVJGDTGCMWRQHVJG7554

DWVVJGUGSWCPVKVKGUCTGKORQTVCPVVQHQTGECUVUQHPGCT 

UWTHCEGVGORGTCVWTGCPFJWOKFKV[6JG)1'5ENQWFCPF

UWTHCEGTCFKCVKQPRTQFWEVUDGKPIRTQFWEGFHQTVJG)NQDCN

'PGTI[CPF9CVGT$CNCPEG'ZRGTKOGPV)'9':YKNN )QCN&KCIPQUKUQH8GIGVCVKQP*GCNVJKP2QNCPF

DGWUGFVQXCNKFCVGCPFVJGPVQKORTQXGVJGOQFGN 

CNIQTKVJOU6JGOQFGNENQWFCPFTCFKCVKQPGUVKOCVGUYKNN

DGGZVTCEVGFCPFOCRRGFVQVJGUCOGOCRRTQLGEVKQPCU

VJGUCVGNNKVGRTQFWEVUCPFOCFGCXCKNCDNGHQTUVWF[

+PVGTCIGPE[%QQRGTCVKQP CITKEWNVWTCNNCPF01###8*44FCVCYKNNDGCNUQ

CFLWUVGFVQNCPFWUGCPFVGEJPQNQIKECNCEVKXKVKGUWUKPI 7PKVGF5VCVGU&GRCTVOGPVQH#ITKEWNVWTG

)QCN&GUKIPCP#8*44DCUGF&TQWIJV/QPKVQTKPI 

5[UVGOHQT0QTVJGTP*GOKURJGTG

6JGTCFKQOGVTKERGTHQTOCPEGCPFECNKDTCVKQPQHGCEJ 6JGU[UVGOYKNNDGFGUKIPGFHQTWUGD[VJG75&#

CPCN[UVUFGEKUKQPOCMGTUCPFUEKGPVKUVU+VYKNNEQPUKUV

QHCUGVQH#8*44DCUGFFCVCHKNGUCPFUQHVYCTG

FGNKXGTGFVQC75&#UGTXGT+VYKNNRTQXKFGFTQWIJV

KPHQTOCVKQPHQTVJGOCLQTCTGCUQHKPVGTGUVVQ75&#

6JGU[UVGOKUCPQRGTCVKQPCNKORNGOGPVCVKQPQHTGEGPVN[

FGXGNQRGFCNIQTKVJOUDCUGFQPPGYCRRTQCEJGUVQ

EQODKPGVJGXKUKDNGPGCTKPHTCTGFCPFVJGTOCNDCPFUQH

#8*449JGPVJGU[UVGOKUKORNGOGPVGFVJG75&#

URGEKCNKUVUECPCEEGUUKPTGCNVKOG01###8*44FCVC

RTQFWEGKOCIGUCPFVKOGUGTKGUEQORCTGVJGOYKVJCP[

FCVCUKPEGCPFWUGVJGOHQTOQTGCEEWTCVG

FGVGEVKQPQHFTQWIJVQPUGVCPFCTGCNEQXGTCIGHQT

KORTQXGFCPCN[UKUQHKORCEVCUUGUUOGPVHQTGXCNWCVKPI

OQKUVWTGCPFVGORGTCVWTGTGNCVGFXGIGVCVKQPUVTGUU

YJKEJKUKORQTVCPVKPFGXGNQRKPIFTQWIJVOKVKICVKQP

UVTCVGIKGUFKUVKPIWKUJKPIDGVYGGPVYQOCLQTV[RGUQH

+PVGTPCVKQPCN%QQRGTCVKQP

)QCN/QPKVQTKPI5GCUQPCN&[PCOKEUQH4CPIGNCPFHTQO

01##2QNCT1TDKVKPI5CVGNNKVG

DGECOGCRRCTGPVKPTGEGPV[GCTUHQNNQYKPICFGVGTKQTCVKQP

)QXGTPOGPVQH2QNCPF
+PUVKVWVGQH)GQFG\[CPF

%CTVQITCRJ[

#8*44DCUGFCNIQTKVJOUHQTGUVKOCVKQPQHYGCVJGT

KORCEVUQPXGIGVCVKQPYKNNDGECNKDTCVGFWUKPIITQWPF

OGCUWTGOGPV6JGTGUWNVUYKNNDGWUGFVQGUVKOCVG

XGIGVCVKQPJGCNVJCPFFKCIPQUGPGVRTKOCT[RTQFWEVKQPQH

JKIJTGUQNWVKQPUCVGNNKVGFCVC.CPFUCV5RQV

5WRRQTVQH)1'5-CPF..CWPEJGU

OGVGQTQNQIKECNUCVGNNKVGKPUVTWOGPVPGGFUVQDGVJQTQWIJN[

EJCTCEVGTK\GFFWTKPIVJGOQPVJUHQNNQYKPINCWPEJVQ

KPUWTGVJCVKVRTQFWEGUFCVCYKVJVJGCEEWTCE[RTGEKUKQP

CPFUGPUKVKXKV[PGGFGFHQTKVUOKUUKQP0'5&+5YKNN

EQNNCDQTCVGYKVJ0#5#VQGXCNWCVGVJGRGTHQTOCPEGQH

VJG)1'5-+OCIGTCPF5QWPFGT%JCTCEVGTKUVKEUUWEJ

CUUKIPCNVQPQKUGTCVKQCPFOGCUWTGOGPVRTGEKUKQPYKNN

DGFGVGTOKPGFD[CPCN[UKUQHKPQTDKVQDUGTXCVKQPU

5RGEKCNCVVGPVKQPYKNNDGFKTGEVGFVQYCTFUEJCTCEVGTK\KPI

CPF
YJGPRQUUKDNGOKVKICVKPIVJGVYQKPJGTGPV

TCFKQOGVTKECPQOCNKGUMPQYPVQCHHGEVVJGKPHTCTGF

EJCPPGNUQHVJG)1'5+/+OCIGTU9GCMCTVKHKEKCN

GCUVYGUVUVTKRKPIKPKOCIGUDGNKGXGFVQDGC

EQPUGSWGPEGQHHPQKUGKPVJGQWVRWVUQHVJG

FGVGEVQTU6JGUVTKRKPIKUWPEQTTGEVCDNGKPVJGITQWPF

RTQEGUUKPI6JGOCIPKVWFGQHVJGUGUVTKRGUKUQHVJG

QTFGTQH-KPVJGzOEJCPPGNQHVJG)1'5
#

+OCIGTCPFUQOGYJCVNGUUKPVJGUCOGEJCPPGNQHVJG 'CEJ#/57#KPUVTWOGPVKUEQORQUGFQHVYQ

)1'5+OCIGT(QT)1'5VJGUVTKRKPIKUKPVGPUG UGRCTCVGWPKVU#/57#YKVJVYQEJCPPGNUCVCPF

GPQWIJVQRTQFWEGUNKIJVFGITCFCVKQPKPUQOGSWCPVKVCVKXG )*\CPF#/57#YKVJVYGNXGEJCPPGNUKPVJG

RTQFWEVU#PCTVKHKEKCNGCUVYGUVITCFKGPVKPVJGFCVC TCPIGQHVQ)*\CPFQPGEJCPPGNCV)*\

ECWUGFD[CRQNCTK\CVKQPKPFWEGFXCTKCVKQPQHVJG 6JG#/57$JCUHKXGEJCPPGNUYKVJHTGSWGPEKGU

GOKUUKXKV[QHVJGKPUVTWOGPVU	UECPOKTTQTUYKVJUECP EGPVGTGFQPCPFvvCPFv

CPING#HHGEVKPIVJGEJCPPGNUCVYCXGNGPIVJUITGCVGT )*\TGURGEVKXGN[#/57$YJKEJKURTQXKFGFD[VJG

VJCPzOVJKUITCFKGPVECPRTQFWEGCURWTKQWU 7PKVGF-KPIFQO/GVGQTQNQIKECN1HHKEGRTQXKFGU

FKHHGTGPEGQHCRRTQZKOCVGN[QPGFGITGG-GNXKPDGVYGGP UQWPFKPIUQHJWOKFKV[HTQOUWTHCEGVQOKNNKDCTU

XKGYUQHVJGGZVTGOGGCUVCPFYGUVGFIGUQHVJG'CTVJ	U 
OD#/57#JCUCPQOKPCNHKGNFQHXKGYQH 

FKUM6JGITQWPFECNKDTCVKQPRTQEGUUKPIU[UVGOPQY MOQPUWTHCEGCVPCFKTCPF#/57$CHKGNFQHXKGYQH

KPEQTRQTCVGUCPCNIQTKVJOVQCEEQWPVHQTVJKURJGPQOGPQP  MOQPUWTHCEGCVPCFKT#/57##/57$

KPCNNVJG)1'5+/KPUVTWOGPVU%QGHHKEKGPVUHQT UCORNGU'CTVJXKGYUEQXGTKPIv HTQOVJG

CRRN[KPIVJGCNIQTKVJOVQVJG)1'5-KPUVTWOGPVUYKNN UWDUCVGNNKVGRQKPV

DGIGPGTCVGFHTQOURGEKCNOGCUWTGOGPVUVJCVCTGRCTVQH 

VJG)1'5-EJGEMQWVU

$GHQTGVJGNCWPEJQHVJG)1'5.UCVGNNKVGCVGUVVQ HQTTGVTKGXKPIVJGCVOQURJGTKEVGORGTCVWTGRTQHKNGHTQO

FGOQPUVTCVGVJCVVJGQWVRWVUQHVJGKPUVTWOGPVUQPVJG VJG'CTVJ UUWTHCEGVQCDQWVMKNQOGVGTMOQTHTQO

UCVGNNKVGCTGEQORCVKDNGYKVJVJGITQWPFRTQEGUUKPI VQOD6JGTGOCKPKPIVJTGGEJCPPGNUCPF

U[UVGOYKNNDGRGTHQTOGF6CRGFFCVCHTQO HTQO#CPFHTQO#YKNNCKFVJGTGVTKGXCNQH

VJGTOCNXCEWWOVGUVUQHVJGKPUVTWOGPVUYKNNDGUGPV VGORGTCVWTGUQWPFKPIUD[EQTTGEVKQPQHUWTHCEG

VJTQWIJVJGITQWPFU[UVGOCPFVJGTGUWNVUQHVJG GOKUUKXKV[CVOQURJGTKENKSWKFYCVGTCPFVQVCN

RTQEGUUKPIYKNNDGGXCNWCVGF+PCFFKVKQPVQ RTGEKRKVCDNGYCVGT6JGUGYKPFQYEJCPPGNUCNUQRTQXKFG

FGOQPUVTCVKPIEQORCVKDKNKV[DGVYGGPVJGKPUVTWOGPVUCPF KPHQTOCVKQPQPRTGEKRKVCVKQPUGCKEGCPFUPQYEQXGTCIG

VJGITQWPFU[UVGOVJKUYKNNCNUQEQPHKTOVJGXCNKFKV[QH 

VJGITQWPFRTQEGUUKPICPFIKXGCRTGXKGYQHVJG

TCFKQOGVTKERGTHQTOCPEGQHVJGKPUVTWOGPVUGZRGEVGFQP

QTDKV %JCTCEVGTK\CVKQPQHVJGKPQTDKVRGTHQTOCPEGQH

OGVGQTQNQIKECNUCVGNNKVGUGPUQTUKUGUUGPVKCNVQGPUWTGVJG 5WRRQTVQH01##-.CWPEJ

(QNNQYKPIVJGNCWPEJQH01##-0'5&+5YKNN FGTKXGFIGQRJ[UKECNRTQFWEVU#UVJG#FXCPEGF8GT[

EQNNCDQTCVGYKVJ0#5#KPVJGEJGEMQWVUQHVJG#FXCPEGF *KIJ4GUQNWVKQP4CFKQOGVGT#8*44JCUDGGPCOCLQT

8GT[*KIJ4GUQNWVKQP4CFKQOGVGT
#8*44*KIJ UQWTEGQHRTQFWEVUUWEJCUXGIGVCVKQPKPFGZCGTQUQNU

4GUQNWVKQP+PHTCTGF5QWPFGT
*+45CPF#FXCPEGF QXGTVJGINQDCNQEGCPUUGCUWTHCEGVGORGTCVWTGCPF

/KETQYCXG5QWPFKPI7PKVU#CPF$#/57#CPF$ ENQWFOQTRJQNQI[UGXGTCNCEVKXKVKGUJCXGDGGPRNCPPGF

CDQCTFVJGRQNCTQTDKVKPI01##-UCVGNNKVG5RGEKCN KPVJGCTGCQHECNKDTCVKQPQHVJG#8*44FWTKPI(;

CVVGPVKQPYKNNDGFKTGEVGFVQYCTFUVJG#/57#CPF$ 6JG[KPENWFG
CTGHKPGOGPVQHXKECTKQWU

QP01##-DGECWUGVJG[CTGVJGHKTUVQHCPGY ECNKDTCVKQPVGEJPKSWGUVQCEEQWPVHQTVJGKPQTDKV

IGPGTCVKQPQHVQVCNRQYGTOKETQYCXGTCFKQOGVGTU FGITCFCVKQPQHVJGXKUKDNGCPFPGCTKPHTCTGFEJCPPGNUD

TGRNCEKPIVJG/KETQYCXG5QWPFKPI7PKVU/57CPFVJG GXCNWCVKQPQHVJGHGCUKDKNKV[QHWUKPIVJG#8*44CUC

5VTCVQURJGTKE5QWPFKPI7PKVU557HN[KPIQPVJGEWTTGPV VTCPUHGTXKECTKQWUECNKDTCVKQPUVCPFCTFVQEJCTCEVGTK\GVJG

RQNCTQTDKVKPIUCVGNNKVGU6JGPGY#/57KPUVTWOGPVUCTG KPQTDKVRGTHQTOCPEGQHQVJGTOGVGQTQNQIKECNUCVGNNKVG

FGUKIPGFVQRTQXKFGKPETGCUGFCEEWTCE[KPVGORGTCVWTG UGPUQTUGIVJG#NQPI6TCEM5ECPPKPI4CFKQOGVGTVJG

CPFJWOKFKV[TGVTKGXCNU6JG[YKNNTGEGKXGCVJQTQWIJ )1'5+OCIGTCPFEEJCTCEVGTK\CVKQPQHFGUGTVUKVGUCU

RQUVNCWPEJECNKDTCVKQPCPFGXCNWCVKQP6JKUYKNNKPENWFG XKECTKQWUECNKDTCVKQPVCTIGVU$QVJHQTOCNCPFKPHQTOCN

EJGEMKPIKPUVTWOGPVRGTHQTOCPEGCICKPUVURGEKHKECVKQPU RNCPUHQTEQNNCDQTCVKQPKPVJGCDQXGCTGCUJCXGDGGP

CPFEQORCTKPIYKVJRTGNCWPEJVGUVTGUWNVU.QPIVGTO HKPCNK\GFYKVJVJG4WVJGTHQTF#RRNGVQP.CDQTCVQT[

VTGPFUQHVJGXCTKQWUKPUVTWOGPVCPFDNCEMDQF[ &KFEQV7PKVGF-KPIFQO0CVKQPCN5CVGNNKVG/GVGQTQNQI[

VGORGTCVWTGUYKNNCNUQDGFGVGTOKPGF %GPVGT%JKPC/GVGQTQNQIKECN#FOKPKUVTCVKQP$GKLKPI

2GQRNG U4GRWDNKEQH%JKPCCPFVJG0CVKQPCN

#GTQPCWVKEUCPF5RCEG#FOKPKUVTCVKQP
0#5#+P

Q

Q

Q

6JG#/57#WUGUVYQCPVGPPCU[UVGOURTQXKFKPI

QDUGTXCVKQPUKPVJGVYGNXGQZ[IGPDCPFEJCPPGNU

%CNKDTCVKQPQH8KUKDNGCPF0GCT+PHTCTGF%JCPPGNUQH

#FXCPEGF8GT[*KIJ4GUQNWVKQP4CFKQOGVGT

CEEWTCE[CPFEQPVKPWKV[QHNQPIVGTOTGEQTFUQHUCVGNNKVG
#

CFFKVKQPGHHGEVKXG01##TGRTGUGPVCVKQPQPVJG9QTMKPI < 2TGRCTGUCPFRTQXKFGUURGEKCNRTQFWEVUCPFUGTXKEGU

)TQWRQP%CNKDTCVKQPCPF8CNKFCVKQP%QOOKVVGGQP VQWUGTUCUTGSWKTGFCUCDCUKUHQTTGIWNCVQT[

'CTVJ1DUGTXCVKQPU5CVGNNKVGUJCUTGUWNVGFKPOWVWCNN[ UVCPFCTFUCPFRQNKE[FGEKUKQPU

DGPGHKEKCNKPVGTCEVKQPYKVJVJGINQDCNOGVGQTQNQIKECN

UCVGNNKVGEQOOWPKV[CPFTGEQIPKVKQPQHVJGKORQTVCPEG

CPFTGNGXCPEGQHVJGRNCPPGFCEVKXKVKGUVQRTQITCOUUWEJ

CUVJG)NQDCN%NKOCVG1DUGTXKPI5[UVGOVJG)NQDCN

1EGCP1DUGTXKPI5[UVGOVJG)NQDCN6GTTGUVTKCN < 2TQXKFGUHCEKNKVKGUFCVCRTQEGUUKPIUWRRQTVFCVC

1DUGTXKPI5[UVGOVJG+PVGTPCVKQPCN)GQURJGTG GZEJCPIGCPFGZRGTVKUGCUTGSWKTGFVQOGGV75

$KQURJGTG2TQITCOOGCPFVJG+PVGTPCVKQPCN)NQDCN EQOOKVOGPVUVQHQTGKIPPCVKQPUKPVGTPCVKQPCN

1DUGTXKPI5VTCVGI[ QTICPK\CVKQPUCPFVQVJG9QTNF/GVGQTQNQIKECN

1TICPK\CVKQP	U9/1RTQITCOU0CVKQPCN2QNCTQTDKVKPI1RGTCVKQPCN'PXKTQPOGPVCN

5CVGNNKVG5[UVGO021'55 < 1RGTCVGUVJG9QTNF&CVC%GPVGT#
9&%#HQT

/GVGQTQNQI[WPFGTVJGCWURKEGUQHVJG+PVGTPCVKQPCN 14#KUUWRRQTVKPIVJG021'55+PVGITCVGF2TQITCO

1HHKEGKPUVWFKGUQHRQVGPVKCNKPUVTWOGPVEQPEGRVUHQT

021'556JGUGUVWFKGUKPENWFGC8+5+4KOCIGT

TGRTGUGPVKPICU[PGTIKUVKEEQODKPCVKQPQHVJG#8*44

CPFVJG&1&$NQEM1RGTCVKQPCN/WNVKURGEVTCN+OCIKPI

5WKVGCEQPKECNUECPPKPIOKETQYCXGKOCIGTUQWPFGTCP

CFXCPEGF+4UQWPFGTQ\QPGRTQHKNGCPFVQVCNCOQWPV

UGPUQTU'CTVJTCFKCVKQPDWFIGVCPFUQNCTKTTCFKCPEG

KPUVTWOGPVURCUUKXGOKETQYCXGRQNCTKOGVT[HQTUGC

UWTHCEGYKPFXGEVQTUGXCNWCVKQPQH)25QEEWNVCVKQP

OGCUWTGOGPVUCUEQORNGOGPVUVQ021'55VGORGTCVWTG

CPF* 1UQWPFKPIUCPFU[PVJGVKECRGTVWTGTCFKQOGVGT 

VGEJPQNQI[HQTUGCUWTHCEGUCNKPKV[CPFUQKNOQKUVWTG

'08+410/'06#.#%'06'45

0CVKQPCN%NKOCVKE&CVC%GPVGT0%&%

0%&%JCUVJGRTKPEKRCNTGURQPUKDKNKV[VQOCPCIGVJG

PCVKQPCNENKOCVQNQIKECNFCVCRTQITCOKPENWFKPIFCVCCPF

KPHQTOCVKQPUGTXKEGU6QOGGVVJKUTGURQPUKDKNKV[

0%&%

< 2GTHQTOUCNNFCVCOCPCIGOGPVHWPEVKQPUTGICTFKPI

TGVTQURGEVKXGOGVGQTQNQIKECNFCVCKPENWFKPIFCVC

HTQOKPUKVWCPFTGOQVGUGPUKPIUQWTEGUUCVGNNKVGU

TCFCTUGVE5WEJHWPEVKQPUKPENWFGCESWKUKVKQP

CTEJKXKPITGVTKGXCNKPFGZKPISWCNKV[CUUGUUOGPV

GXCNWCVKQPU[PVJGUKUFKUUGOKPCVKQPCPFRWDNKECVKQP

QHFCVCEQNNGEVGFD[INQDCNCPFPCVKQPCNQDUGTXCVKQP

PGVYQTMUQTU[UVGOU/GVGQTQNQIKECNFCVCVJCVJCXG

GPFWTKPIXCNWGVQVJG0CVKQPCPFCTGUWHHKEKGPVVQ

FGUETKDGVJGENKOCVGCTGKPENWFGF

< &GUKIPUCPFKORNGOGPVUPGYU[UVGOUCUPGEGUUCT[

HQTKPIGUVKPIRTQEGUUKPISWCNKV[EQPVTQNCPF

CTEJKXKPIQHPGYFCVCUVTGCOUHTQOVJG095

OQFGTPK\CVKQPRTQITCO

< 1RGTCVGUCUCFGUKIPCVGF#IGPE[4GEQTFU%GPVGTHQT

RTQEGUUKPIUVQTCIGCPFUGTXKEKPIQHTGVTQURGEVKXG

OGVGQTQNQIKECNFCVCTGEQTFU

< /CKPVCKPUPCVKQPCNCPFINQDCNFCVCDCUGUHQTCPCN[UGU

QHNQPIVGTOENKOCVGVTGPFUCPFHQTOQPKVQTKPI

INQDCNEJCPIG

%QWPEKNQH5EKGPVKHKE7PKQPU+PVJKUECRCEKV[

0%&%CTEJKXGUVJGFCVCEQNNGEVGFD[KPVGTPCVKQPCNN[

URQPUQTGFTGUGCTEJRTQITCOUCPFCEVKXGN[

GZEJCPIGUENKOCVGFCVCYKVJHQTGKIPEQWPVTKGU

0%&%KUVJGCTEJKXGHQTOGVGQTQNQIKECNFCVCUGVU

HTQO9QTNF%NKOCVG4GUGCTEJ2TQITCOCPF9/1

9QTNF%NKOCVG&CVCCPF/QPKVQTKPI2TQITCORTQLGEVU

UWEJCUVJG6TQRKECN1EGCP)NQDCN#VOQURJGTG61)#

2TQITCOVJG)NQDCN2TGEKRKVCVKQP%NKOCVQNQI[2TQITCO


)2%2VJG+PVGTPCVKQPCN5CVGNNKVG%NQWF%NKOCVQNQI[

2TQITCO+5%%2GVE

%NKOCVG&CVC/CPCIGOGPV

0%&%EWTTGPVN[KPIGUVUXKCVGNGEQOOWPKECVKQPU

HKXGFCVCUGVU
OKPWVGFCVCOKPWVGQDUGTXCVKQPU

JQWTN[QDUGTXCVKQPUFCKN[UWOOCT[CPFU[UVGOUNQI

KPHQTOCVKQPHTQOQXGTEQOOKUUKQPGF#515UKVGU

0%&%WUGUVJGUGFCVCVQRTQFWEG.QECN%NKOCVQNQIKECN

&CVC
.%&RWDNKECVKQPUCPFFKIKVCNRTQFWEVUHQTC

XCTKGV[QHWUGTU&CVCXQNWOGUCTGITQYKPITCRKFN[CUC

TGUWNVQHEQPVKPWKPI#515EQOOKUUKQPKPIU+PNCVG

VJG0%&%YKNNKORNGOGPVCOQTGTQDWUVKPIGUV

U[UVGOVQGPUWTGCOQTGEQORNGVG#515FCVCUGV

< 'CU[QPNKPGCEEGUUXKUWCNK\CVKQPCPFFQYPNQCF

ECRCDKNKVKGUQHGPXKTQPOGPVCNFCVCCPFOGVCFCVC

EQPVKPWGUVQDGQPGQHVJGJKIJGUVRTKQTKVKGUHQT

0%&%/QTGFCVCUGVUCPFOGVCFCVCJCXGDGGP

CFFGFHQTCEEGUUHTQOVJG0%&%*QOG2CIG

1XGTVJGRCUV[GCT0%&%JCUGZRCPFGF%.+/8+5

VJGU[UVGOYJKEJYCUCYCTFGFVJG$GUV999

2CIGQH0'5&+5 KPD[CFFKPICEEGUUVQQPG

QH0%&% UOQUVRQRWNCTFCVCUGVVJG)NQDCN

*KUVQTKECN%NKOCVG0GVYQTM)*%0%.+/8+5KU

CPKPVGTCEVKXG999ITCRJKEUU[UVGOYJKEJ

F[PCOKECNN[IGPGTCVGUVKOGUGTKGUEQPVQWTCPF

XGEVQTRNQVUKPTGCNVKOGWUKPI01## U

GPXKTQPOGPVCNFCVCCTEJKXGFCV0%&%6JKUU[UVGO
#

CNUQCNNQYUVJGWUGTVQFQYPNQCFFCVCKPKOCIGHQTO VGORGTCVWTGFCVCHQTXGTUKQPJCUDGGPEQORNGVGF

QTKPVGZVWCNHQTO#9QTNF9KFG9GDXGTUKQPQH CPFKPENWFGUCOCZKOWOOKPKOWOVGORGTCVWTG

VJG%NKOCVG5GTXKEGU5[UVGO%.+5'48KUPQYQP EQORQPGPV6JKUXGTUKQPKPENWFGUOCP[OQTG

NKPG
 JVVRYYYPEFEPQCCIQXENKUGTXFKOCKPJVON INQDCNUVCVKQPUGZVGPFKPIDCEMVQVJGVJEGPVWT[

%.+5'48CNNQYUQPNKPGSWGTKGUVQCNNFKIKVCN 6JGFCVCHQTXGTUKQPKUSWCNKV[EQPVTQNNGFWUKPI

0%&%OGVCFCVCHTQOCUKPINGCEEGUUU[UVGO6JG UQRJKUVKECVGFCNIQTKVJOUCPFKU

EWTTGPV9GDXGTUKQPCNNQYUCEEGUUVQUVCVKQP JQOQIGPGKV[CFLWUVGFWUKPIPGYN[GUVCDNKUJGF

JKUVQT[FCVCUGVFQEWOGPVCVKQPCPFVJG6& RGGTTGXKGYGFVGEJPKSWGU2QRWNCVKQPOGVCFCVCKU

UGTKGUKPXGPVQTKGU#NUQCXCKNCDNGKPVJG9GD CXCKNCDNGKPQTFGTVQOQTGCEEWTCVGN[FGVGTOKPG

XGTUKQPKUVJGCDKNKV[VQFQYPNQCFWPGFKVGFHKNGUQH INQDCNVGORGTCVWTGVTGPFUVJCVCTGHTGGQHWTDCPJGCV

OCLQT75YGCVJGTUVCVKQP UOQPVJN[UWOOCTKGU KUNCPFDKCUGU+P(;CPFGCTN[(;C

CPFU[PQRVKEJQWTN[QDUGTXCVKQPUHQTVJGEWTTGPVCPF EQORNGVGXGTUKQPYKNNDGTGNGCUGFYKVJVJG

RTGXKQWUOQPVJ6JKUFCVCKURWDNKUJGFKPVJG.QECN CFFKVKQPQHRTGEKRKVCVKQPCPFRTGUUWTGFCVC#

%NKOCVQNQIKECN&CVCRWDNKECVKQP0%&%JCU PGCTTGCNVKOGWRFCVGCPFCPCN[UKUU[UVGOKUDGKPI

FGXGNQRGFUGXGTCNQVJGTU[UVGOUHQTWUGTCEEGUUCPF FGXGNQRGFCPFYKNNDGKORNGOGPVGFKPVJGUCOGVKOG

XKUWCNK\CVKQPQPVJGYGD6JKUYGCNVJQHKPHQTOCVKQP HTCOGVQMGGRVJGFCVCUGVEWTTGPVCUPGYFCVCCTG

CPFVQQNUKUFGHKPKVGN[CFXCPVCIGQWUVQVJGWUGTDWV TGEGKXGF

VJGWUGTOWUVNGCTPGCEJVQQNCPFGCEJOGVJQFQH 

CEEGUU6JGTGHQTG0%&%KUEWTTGPVN[RNCPPKPI

FGXGNQROGPVQHCU[UVGOYJKEJYKNNFTCOCVKECNN[

GZRCPFVJGFCVCUGVURTQXKFGFQPNKPGCPFUGCONGUUN[

VKGVQIGVJGT01##5GTXGT0%&%1PNKPG5VQTGCPF

OQUVQH0%&%999U[UVGOUVQETGCVGC

EGPVTCNK\GFFCVCOGVCFCVCCEEGUUVQQN6JKUU[UVGO

YKNNDGFGXGNQRGFKPRJCUGUUVCTVKPIKP

< 954&.GXGN+++RTQFWEVUHTQO095UKVGU RWDNKECVKQPYCURTKPVGFCPFFKUVTKDWVGFD[VJG9/1

CTGDGKPITGEGKXGFCPFCTEJKXGF6JTGGCFFKVKQPCN KP(;6QENQUGQWVVJKURTQLGEV0%&%KU

UKVGUCTGRNCPPGFHQTQRGTCVKQPDGHQTGVJGGPFQH(; RTQFWEKPIC%&41/QHVJG9/1UVCPFCTF

1HVJG954&UKVGUQRGTCVGFD[095 PQTOCNUYJKEJYKNNDGFKUVTKDWVGFVQCNN9/1

&1&CPF(##UKVGUCTGRTQXKFKPI.GXGN++ OGODGTEQWPVTKGUKPGCTN[(;

FCVCVQ0%&%6QCKFWUGTUKPCEEGUUKPIVJGUG 

FCVC0%&%KURTQXKFKPIUGTXKEGUQPVJG9QTNF

9KFG9GD6JGUGTXKEGUKPENWFG.GXGN++CPF+++

KPXGPVQTKGUWRFCVGFYGGMN[DCEMITQWPF

KPHQTOCVKQPCDQWVVJG954&PGVYQTMUQHVYCTG

HQTTGCFKPICPFFKURNC[KPI0':4#&FCVCUVQTO

GXGPVFKTGEVQTKGUCPFNKPMUVQTGNCVGFYGDUKVGU

0%&%JCUCNUQRTQXKFGFPCVKQPCNOQUCKEKOCIGUQH

TGHNGEVKXKV[FCVCYJKEJWUGTUECPDTQYUGCPF

FQYPNQCF7UGTUOC[CNUQUGNGEVCPFXKGYC

JQWTNQQRQHVJGOQUCKEKOCIGU

< 6JG)NQDCN*KUVQTKECN%NKOCVQNQI[0GVYQTM VGORGTCVWTGOQPVJN[VGORGTCVWTGOGCPUGZVTGOGU


)*%0KUCEQQRGTCVKXGFCVCEQNNGEVKQPCPFSWCNKV[ FC[UYKVJUGNGEVGFOGVGQTQNQIKECNGNGOGPVUCPF

CUUWTCPEGRTQLGEVDGVYGGPVJG&1'%&+#% RTGEKRKVCVKQPVQVCNU6JG0%&%KUCNUQYQTMKPI

0'5&+50%&%CPF#TK\QPC5VCVG7PKXGTUKV[ YKVJVJG7PKHKGF%NKOCVG#EEGUU0GVYQTM7%#0

FGCNKPIYKVJINQDCNOQPVJN[VGORGTCVWTGRTGUUWTG RTQLGEVCPF4GIKQPCN%NKOCVG%GPVGTUVQGPUWTGVJCV

CPFRTGEKRKVCVKQPFCVC6JG)*%0XGTUKQP VJGKPHQTOCVKQPQHHGTGFVQVJGRWDNKEHQTVJKU

EQPUKUVKPIQHOQPVJN[VGORGTCVWTGRTGEKRKVCVKQP RWDNKECVKQPKUUVCPFCTFCPFVJCVTGFWPFCPE[KUMGRV

CPFRTGUUWTGFCVCYCUTGNGCUGFKPCPFYQTM VQCOKPKOWO

JCUUKPEGRTQITGUUGFQPXGTUKQP)NQDCNOQPVJN[ 

< 0%&%EQORNGVGFCEQORTGJGPUKXGRTQLGEV

KPXQNXKPIVJG9/1TGICTFKPIVJGEQNNGEVKQP

EQORKNCVKQPCPFSWCNKV[CUUWTCPEGQH9/1

UVCPFCTFENKOCVGPQTOCNUHQTVJGINQDGHQTVJG

RGTKQF/QTGVJCPEQWPVTKGUUGPVKP

PQTOCNUFCVCHQTCYKFGTCPIGQHENKOCVQNQIKECN

RCTCOGVGTU6JG0%&%FGXGNQRGFCRWDNKECVKQP

TGCF[HKNGHQTVJG9/15GETGVCTKCVKPCPFVJG

< (QT(;0%&%YKNNEQORNGVGVJGRTQFWEVKQP

QHVJGRWDNKECVKQP%NKOCVQITCRJ[QHVJG7PKVGF

5VCVGU5KPEGVJGCFXGPVQHVJG+PVGTPGVCPF

FKUVTKDWVKQPQHRTQFWEVUXKCVJG9GDKVJCUDGGP

FGEKFGFVJCVVJGRWDNKECVKQPYKNNPQVDGRTQFWEGFKP

JCTFEQR[DWVTCVJGTQHHGTGFVQWUGTUXKCVJG0%&%

*QOG2CIG6JKURWDNKECVKQPKUDCUGFQPPQTOCNU

FCVCEQNNGEVGFHQTHQTUGNGEVGF75UKVGU

CPFKPENWFGUUWEJRCTCOGVGTUCUFGITGGFC[U

RTGEKRKVCVKQPRTQDCDKNKV[HTGG\GFCVCITQYKPI

FGITGGWPKVUFCKN[OCZKOWOCPFOKPKOWO
#

< 6JG7PKVGF5VCVGU*KUVQTKECN%NKOCVQNQI[0GVYQTM QDUGTXCVKQPUHTQOVJGNCVGUYGTGSWCNKV[


75*%0KUCLQKPVRTQLGEVDGVYGGPVJG EQPVTQNNGFHTQOVJG75/GTEJCPV/CTKPG

&1'%&+#%CPF0'5&+50%&%/QPVJN[FCVC %QNNGEVKQPVJGOKNNKQP/CWT[

UGVUQHPWOGTQWUENKOCVQNQIKECNXCTKCDNGUJCXGDGGP 
TGEQTFUFKIKVK\GFKP%JKPCYGTGDGKPI

RTGRCTGFCPFSWCNKV[EQPVTQNNGFYKVJOCP[KPJGTGPV RTGRCTGFHQTRNCEGOGPVQP%&41/HQTCTCVJGT

DKCUGUTGOQXGF#PWRFCVGU[UVGOEQORNGVGFKP TCRKFFKUVTKDWVKQPKPVJGMG[KPIHQTOCVHQT

JCUDGGPRGTHQTOKPITGVTQURGEVKXGWRFCVGUVQ GXCNWCVKQPCPFTGEQOOGPFCVKQPUQPVJGEQPXGTUKQP

VJGFCVCUGVUJQTVN[CHVGTVJGGPFQHGCEJOQPVJ+P VQVJG%1#&5HQTOCV4GNGCUGDFCVCHQTVJG

CFFKVKQPCITKFFGFFCKN[OCZKOWOOKPKOWO 0%'20%#4TGCPCN[UKURTQLGEVYGTGTGRTQEGUUGF

VGORGTCVWTGCPFRTGEKRKVCVKQPFCVCUGVHQT0QTVJ HQTVJGRGTKQF
CP+PVGTPCVKQPCN

#OGTKECKUDGKPIFGXGNQRGFCPFYKNNDGEQORNGVGF 9QTMUJQRQPJKUVQTKECNOCTKPGFCVCYCUURQPUQTGF

KP(;CPFRNCPPGFD[01##VJG7-*CFNG[%GPVTGCPF

VJG9/1
OWEJGHHQTVYGPVKPVQGXCNWCVKPI

< 0%&%KUFGXGNQRKPIVJGECRCDKNKV[VQRTQFWEG

INQDCNOQPVJN[NCPFUWTHCEGVGORGTCVWTGUHTQOC

DNGPFQHKPUKVWCPFUCVGNNKVGFGTKXGFFCVC6JG

UCVGNNKVGFCVCDGKPIWUGFCTGHTQOVJG55/+

KPUVTWOGPVUHNQYPQPVJG&/52UCVGNNKVGU#

ENKOCVQNQI[QH55/+FCVCJCUDGGPDWKNVCV0%&%

CPFYQTMKUEQPVKPWKPIQPVJGTGHKPGOGPVQHVJG

CNIQTKVJOUVJCVKFGPVKH[VJGVGORGTCVWTGQXGTXCTKQWU

NCPFUWTHCEGU#URCTVQHVJKUYQTMVJGUWTHCEG

YGVPGUUUKIPCNOWUVDGKFGPVKHKGFCPFTGOQXGFHTQO

VJGTGVTKGXCNUVQRTQXKFGCEEWTCVGVGORGTCVWTG

CUUGUUOGPVU>KXGFUWTHCEGYGVPGUUHKGNFUCTG

CNUQQHRQVGPVKCNN[KORQTVCPVWUGHQTJ[FTQNQIKECN < 6JG%QORTGJGPUKXG#GTQNQIKECN4GHGTGPEG&CVC5GV

CRRNKECVKQPU
%#4&5RTQLGEVEQORNGVGFVJGDWKNFKPIQHCFCVC

DCUGEQPVCKPKPIFCKN[INQDCNWRRGTCKTQDUGTXCVKQPU

< 6JG0%&%HWPEVKQPUCUVJG5WTHCEG4GHGTGPEG&CVC

%GPVGT
54&%HQTVJG9QTNF%NKOCVG4GUGCTEJ

2TQITCO)NQDCN2TGEKRKVCVKQP%NKOCVQNQI[2TQLGEV


)2%26JG54&%KUUWRRQTVGFD[01##1)2

YJKEJKUUWRRQTVKPIRTGEKRKVCVKQPXCNKFCVKQPYKVJKP

VJG)2%26JG54&%JCURTQXKFGFUWRRQTVVQ

)2%2D[EQNNGEVKPICPFXCNKFCVKPIUWTHCEGDCUGF

RTGEKRKVCVKQPUVCVKQPFCVCHTQOCPWODGTQHINQDCNN[

FKUVTKDWVGFVGUVUKVGCTGCU&WTKPI(;VJG

ECRCDKNKV[YCUFGXGNQRGFHQTKPVGTCEVKXGCEEGUU

VJTQWIJVJG+PVGTPGVVQVJG54&%FCVCCPF

EQORCTKUQPVGEJPKSWGUHQTQVJGTWUGTFGTKXGFFCVC

UGVU#FFKVKQPCNCPCN[UGUHQT)2%2VGUVUKVGUYKNN

EQPVKPWGKP(; %NKOCVG&CVC5GTXKEGU

< 6JG%QORTGJGPUKXG1EGCP#VOQURJGTG&CVC5GV 6JGFGOCPFHQTDCUKEENKOCVKEFCVCCPFKPHQTOCVKQP


%1#&5RTQLGEVKUCOWNVK[GCTOWNVKCIGPE[ UGTXKEGUEQPVKPWGUVQKPETGCUG0%&%YKNNUGTXKEGQXGT

RTQITCOHWPFGFD[1HHKEGQH)NQDCN2TQITCOU TGSWGUVUHQTFCVCCPFKPHQTOCVKQPFWTKPI(;


1)2CPF'5&+/VQRTQXKFGCPWRFCVGFTGHGTGPEG +PCFFKVKQPQXGTOKNNKQPCEEGUUGUVQQPNKPG

FCVCUGVEQXGTKPIVJGYQTNF	UQEGCPGPXKTQPOGPV+P FCVCCPFKPHQTOCVKQPYKNNDGJCPFNGFD[VJG%GPVGT	U

(;XKCCEQQRGTCVKXGGHHQTVCOQPI0%&% CWVQOCVGFU[UVGOU%WTTGPVN[QXGTENKOCVGFCVCUGVU

'4.CPF0%#4VJGHQNNQYKPICEEQORNKUJOGPVU CTGCEEGUUKDNGQPNKPG6JKUPWODGTKUGZRGEVGFVQ

YGTGCEJKGXGFVJGFCVCRGTKQFQHTGEQTFYCU KPETGCUGUKIPKHKECPVN[QXGT(;CU0%&%KUOCMKPI

WRFCVGFVJTQWIJ
CPCFFKVKQPCN CEQPEGTVGFGHHQTVVQUGTXKEGOQTGTGSWGUVUCWVQOCVKECNN[

YJGTGVJGHWVWTG)65OCTKPGTGRQTVUYKNNDG

IGPGTCVGFHQT%1#&5
0%'2CPF(0/1%JCXG

UVCTVGFRTQXKFKPIVJG)65FCVCKP$7(4YJKEJJCU

RTQXGPVQJCXGCPWODGTQHRTQDNGOUHQTDCUKE

CTEJKXKPI
VJGHKTUVUJKROGPVQHOCTKPGFCVC

HTQOVJG(KNO1RVKECN5GPUKPI&GXKEGHQT+PRWVVQ

%QORWVGT
(15&+%HKNOYGTGTGEQXGTGFCPF

RTQXKFGFVQ0%&%HQTGXCNWCVKQPCPF


RTGNKOKPCT[URGEKHKECVKQPUHQTEQPXGTVKPIVJG

75/GTEJCPV/CTKPG+EG+UNCPFCPF/CWT[

%QNNGEVKQPUYGTGEQORNGVGFKP(;

RTQEGUUGFVJTQWIJ%QORNGZ3WCNKV[%QPVTQN

8GTUKQPHQTVJGRGTKQF+VKUEQORQUGF

QH)$QHFCVCHQTCVQVCNQHUVCVKQPU&CVC

HTQOFKHHGTGPVUQWTEGUYGTGEQODKPGFVQHQTO

VJKUFCVCDCUG#UVCVKQPDCUGNKPGQHEQTG

ENKOCVQNQIKECNUVCVKQPUYCUKFGPVKHKGF&GVCKNGF

[GCTOQPVJENKOCVQNQIKECNUVCVKUVKEUYGTGFGXGNQRGF

HQTKPFKXKFWCNUVCVKQPUCPFHQTCFGITGGITKF+P

(;VJG%#4&5RTQLGEVYKNNEQORNGVGVJG

DWKNFKPIQHVJGWRRGTCKTFCVCDCUGVJTQWIJCPF

YKNNOCMGVJGFCVCDCUGCXCKNCDNGQPDQVJGZCD[VG

CPFECTVTKFIGVCRGU
#

VJTQWIJVJG+PVGTPGV0%&%	U*QOGRCIGKUHTGSWGPVN[ RTQXKFGUFCVCRTQEGUUKPIOCPCIGOGPVCTEJKXCNCPF

WRFCVGFYKVJPGYRTQFWEVUCPFECRCDKNKVKGU#PGYQP UGTXKEGRTQITCOUEQPEGTPGFYKVJCVOQURJGTKEGOKUUKQPU

NKPGQTFGTKPIU[UVGOJCUDGGPKORNGOGPVGFYJKEJCNNQYU TGEQTFGFD[UCVGNNKVGKPUVTWOGPVUCUYGNNCUKPFKTGEVQT

EWUVQOGTUVQDTQYUGFCVCRTQFWEVUCPFRNCEGQTFGTUQP RTQZ[OGCUWTGUQHRCUVENKOCVGU0)&%CNUQRTQXKFGU

NKPG6GEJPKECNTGRQTVUFGVCKNKPIUGXGTGYGCVJGTGXGPVU UGTXKEGUHQTUWRRQTVKPIFCVCUGVUKPENWFKPIVJG

CTGOCFGCXCKNCDNGVJTQWIJ0%&% UYGDUKVG6JGUG ET[QURJGTG

TGRQTVUCTGRWDNKUJGFUQQPCHVGTVJGCUUQEKCVGFYGCVJGT

GXGPVCPFEQPVCKPUWOOCT[CPFUVCVKUVKECNKPHQTOCVKQP

CNQPIYKVJTGNCVGFUCVGNNKVGCPFTCFCTKOCIGT[%WUVQOGTU #V0)&%01##GUVCDNKUJGFCRTQITCOVQ

OC[XKGY0%&% UYGDUKVGD[CEEGUUKPIVJGHQNNQYKPI CUUGODNGINQDCNKPHQTOCVKQPQPRCNGQENKOCVGCPFVQ

74.CFFTGUUJVVRYYYPEFEPQCCIQX EQQRGTCVGKPTGUGCTEJRTQLGEVUVQGORNQ[VJGEQODKPGF

0%&%KPEQPLWPEVKQPYKVJVJG7PKXGTUKV[QH

9KUEQPUKPKUFGXGNQRKPICPGY)GQUVCVKQPCT[5CVGNNKVG

#TEJKXG5[UVGO
)5#56JKUPGYU[UVGOYKNNUVQTG

FCVCQPUVCVGQHVJGCTVJKIJFGPUKV[VCRGOGFKCOCMKPIKV

OQTGTGCFKN[CXCKNCDNGVQEWUVQOGTU6JG)5#5YKNNCNUQ

RTQXKFGVJGOQUVTGEGPVHQWTFC[UQHFCVCHTQODQVJ

)1'5UCVGNNKVGU+VKUUEJGFWNGFVQDGQRGTCVKQPCNQP

1EVQDGT+PEQPLWPEVKQPYKVJVJG)5#50%&%

JCUKORNGOGPVGFC)1'5$TQYUGTU[UVGOQPKVUYGDUKVG

YJKEJCNNQYUEWUVQOGTUVQRGTWUG)1'5KOCIGT[QPNKPG

HQTVJGRGTKQFQHVQRTGUGPV

6JGTGEQPVKPWGUVQDGCFGOCPFHQTENKOCVGFCVCCPF ENKOCVGEJCPIGHTQOVJGPCVWTCNXCTKCDKNKV[CPFVQ

KPHQTOCVKQPRTQFWEVUQP%&41/OGFKC0%&%JCU XCNKFCVGVJGOQFGNUVJCVCTGWUGFVQRTGFKEVHWVWTG

TGNGCUGF%&41/XQNWOGU+PENWFGFKPVJGUG ENKOCVGU5WRRQTVHQTVJKURTQITCOHTQOVJG01##

TGNGCUGUCTG0%&%	UHKTUVOQPVJN[UWDUETKRVKQP%& %NKOCVGCPF)NQDCN%JCPIG2TQITCO
%)%2KU

41/RTQFWEVCXQNWOGUGVEQPVCKPKPIVJGOCLQTKV[QH EQPVKPWKPI

VJGINQDCNUWTHCEGCPFWRRGTCKTEJCTVURTQFWEGFD[

0%'2CPFCTEJKXGFCV0%&%&WTKPI(;0%&%

GZRGEVUVQTGNGCUGCPCFFKVKQPCNXQNWOGUKPENWFKPI

EWTTGPVRTKPVGFRWDNKECVKQPUCPFC9KPFQYUXGTUKQPQH

VJG+PVGTPCVKQPCN5VCVKQP/GVGQTQNQIKECN%NKOCVG

5WOOCT[%&41/

0CVKQPCN1EGCPQITCRJKE&CVC%GPVGT01&% CPFWRRGTTGIKQPUQHVJGCVOQURJGTG0)&%	U

01&%UWRRQTVUENKOCVKEUGTXKEGUCPFTGUGCTEJ

VJTQWIJKVUFCVCOCPCIGOGPVCPFFCVCUGTXKEGUCEVKXKVKGU

6JG01&%RTQXKFGUFCVCOCPCIGOGPVHQTOCLQTENKOCVG

TGNCVGFUVWFKGUUWEJCUVJG61)#RTQITCOVJG9QTNF

1EGCP%KTEWNCVKQP'ZRGTKOGPV
91%'CPFVJG,QKPV

)NQDCN1EGCP(NWZ5VWF[
,)1(501&%CNUQ

RTQXKFGUFCVCRTQFWEVUCPFUGTXKEGUKPFKXKFWCNN[VQ

TGUGCTEJGTUCUYGNNCUVQOGODGTUQHVJGQRGTCVKQPCN

OCTKPGEQOOWPKV[GIVJG0CX[%QCUV)WCTFCPF

UJKRRKPIKPFWUVT[

0CVKQPCN)GQRJ[UKECN&CVC%GPVGT0)&% IGQRJ[UKECNRCTCOGVGTU

0)&%RCTVKEKRCVGUKPCPWODGTQHPCVKQPCNCPF 6JG0CVKQPCN5PQYCPF+EG&CVC%GPVGT05+&%CV

KPVGTPCVKQPCNRTQITCOUVJCVRTQXKFGFCVCHQTTGUGCTEJKP VJG7PKXGTUKV[QH%QNQTCFQCPFCUUQEKCVGFYKVJ0)&%

OGVGQTQNQI[ENKOCVQNQI[CPFURCEGYGCVJGT0)&% OCKPVCKPUUGXGTCNET[QURJGTGTGNCVGFFCVCUGVUQHKPVGTGUV

%NKOCVG&CVC/CPCIGOGPVCPF5GTXKEGU

INQDCNRCNGQENKOCVGFCVCDCUGHQTENKOCVGOQFGN

XGTKHKECVKQPCPFENKOCVGEJCPIGUVWFKGU0)&%JCU

CESWKTGFOCP[RCNGQENKOCVGFCVCDCUGUFGTKXGFHTQO

VTGGTKPIURQNNGPCPFOCETQHQUUKNUNCMGCPFDQI

UGFKOGPVUOCTKPGUGFKOGPVUKEGEQTGUCPFQVJGT

IGQNQIKECNCPFDKQNQIKECNUQWTEGU2CNGQENKOCVG

FCVCDCUGUECPDGFKURNC[GFCPFUGCTEJGFWUKPIEWUVQO

UQHVYCTGVJCVKUDGKPIFKUVTKDWVGFVQVJGTGUGCTEJ

EQOOWPKV[1DLGEVKXGUQHVJGRTQITCOCTGVQEQQRGTCVG

YKVJTGUGCTEJGTUVQFGUETKDGVJGINQDCNRCVVGTPUQH

CPPWCNVQOKNNGPPKCNUECNGENKOCVGEJCPIGVQWPFGTUVCPF

VJGECWUGUQHENKOCVGEJCPIGVQUGRCTCVGOCPKPFWEGF

0)&%RTGRCTGUOCPCIGUCTEJKXGUCPFUGTXKEGU

TGUGCTEJSWCNKV[FCVCUGVUHTQOVJGEQORNGVGUGVQH

UEKGPVKHKEKPUVTWOGPVUQPQRGTCVKQPCN&GHGPUG

/GVGQTQNQIKECN5CVGNNKVG2TQITCO
&/52UCVGNNKVGU

&/52KPUVTWOGPVUWUGTGOQVGUGPUKPIVGEJPKSWGUVQ

KPHGTVJGJQTK\QPVCNCPFXGTVKECNUVTWEVWTGQHVJGNQYGT

RTQEGUUKPIU[UVGOKUXGT[GZVGPUKXG6JGCTEJKXCNFCVC

UGVUCTGXKUKDNGVQPGCTKPHTCTGFVJGTOCNKPHTCTGFCPF

OKETQYCXGKOCIGT[OKETQYCXGUQWPFKPIUQH

CVOQURJGTKEVGORGTCVWTGCPFYCVGTXCRQTCPFKPUKVW

OGCUWTGOGPVUQHKQPQURJGTKERNCUOCRCTCOGVGTUCPFVJG

'CTVJ	UOCIPGVKEHKGNF0)&%RTQXKFGUCPQPNKPG

UGCTEJCPFDTQYUGU[UVGOECNNGFVJG5RCEG2J[UKEU

+PVGTCEVKXG&CVC4GUQWTEGVCRGEQRKGUCPFRWDNKECVKQP

SWCNKV[RTKPVU5QHVYCTGVQQNUWUGFVQCPCN[\G&/52

KOCIGT[CPFUQWPFKPIUCTGFCVCFKURNC[TQWVKPGURKZGN

IGQNQECVGTQWVKPGUCPFRTQITCOUVQFGTKXGCFFKVKQPCN
#

VQOGVGQTQNQI[CPFENKOCVQNQI[6JGUGKPENWFGC DGHQTGOQFKHKECVKQPD[VJG'CTVJ	UCVOQURJGTG

EQNNGEVKQPQHJKUVQTKECNRJQVQITCRJUQHINCEKGTU *QYGXGTJKUVQTKECNCPFRTQZ[FCVCUGVUHTQOVJG

VGORGTCVWTGRTGUUWTGCPFRQUKVKQPFCVCHTQO CTEJKXGUCTGTGSWKTGFVQRTQXKFGNQPIGTVGTOTGEQTFUVJCV

UCVGNNKVGSWGTKGFFTKHVKPIDWQ[URNCEGFQPVJGEGPVTCN FGUETKDGVJGRCUVQWVRWVQHUQNCTGPGTI[&CVCUGTXKEGU

#TEVKERCEMKEGCPFFCVCHTQOVJG01##UPQYEQXGT KPENWFGVCRGEQRKGUCPF

CPF&1&01##UGCKEGEJCTVFKIKVK\KPIRTQITCOU QPNKPGCEEGUU

05+&%RTQXKFGUFCVCOCPCIGOGPVUGTXKEGUHQTVJG

5GEQPF)TGGPNCPF+EG5JGGV2TQITCOCPFVJG0CVKQPCN

5EKGPEG(QWPFCVKQP05(HWPFGF#TEVKE5[UVGO5EKGPEG 0)&%DWKNFUOCPCIGUCTEJKXGUCPFUGTXKEGUVJG

1EGCP#VOQURJGTG+EG+PVGTCEVKQPTGUGCTEJRTQITCOU PCVKQPCNCTEJKXGQHURCEGGPXKTQPOGPVCNFCVCVJCVCTG

+PCFFKVKQP05+&%JCUFGXGNQRGFITKFFGFUGCKEG EQNNGEVGFVQOQPKVQTVJGURCEGGPXKTQPOGPV6JGUGFCVC

RTQFWEVU
UGCKEGEQPEGPVTCVKQPCPFOWNVK[GCTKEG FGUETKDGVJGVGORQTCNJKUVQT[QHVJGWRRGTCVOQURJGTG

HTCEVKQPDCUGFWRQPRCUUKXGOKETQYCXGFCVCEQNNGEVGFD[ VJGKQPQURJGTGVJGOCIPGVQURJGTGKPVGTRNCPGVCT[URCEG

VJG5ECPPKPI/WNVKEJCPPGN/KETQYCXG4CFKQOGVGTQP CPFVJGUWP6JGMG[FCVCDCUGUCTGOGCUWTGOGPVUQHVJG

0KODWUCPFVJG&/525RGEKCN5GPUQT/KETQYCXG 'CTVJ	UOCIPGVKEHKGNFTGOQVGUGPUKPIQHVJGKQPQURJGTG

+OCIGT6JGRCUUKXGOKETQYCXGFCVCUGVUCTGDGKPI KPUKVWOGCUWTGOGPVUQHRCTVKENGUCPFHKGNFUKPURCEGCPF

FKUVTKDWVGFQP%&41/+PCFFKVKQP05+&%UGTXGU UQNCTKOCIGT[TGEQTFGFCVFKHHGTGPVYCXGNGPIVJU

ET[QURJGTKECPFRQNCTWUGTUQH&/52FCVCHTQOVJG 01##	U21'5CPF)1'5RTQITCOUCPF&1&	U&/52

0)&%FKIKVCNCTEJKXG7PFGT01##HWPFKPI05+&% RTQITCORTQXKFGURCEGGPXKTQPOGPVOQPKVQTKPIFCVCVQ

KUCESWKTKPIUPQYEQXGTINCEKGTCPFUGCKEGTGEQTFU 0)&%)TQWPFDCUGFOQPKVQTKPIRTQITCOU

HTQOHQTOGT5QXKGV7PKQPUEKGPVKUVUCPFKPUVKVWVGU EQPVTKDWVKPIFCVCVQ0)&%CTGQRGTCVGFD[01##

.QPIVGTOINQDCNTGEQTFUQHXCTKCVKQPUKPUQNCT

GPGTI[CTGCTEJKXGFCV0)&%CTGVJGRTKPEKRNGFCVCDCUGU

CXCKNCDNGVQUWRRQTVTGUGCTEJKPVQVJGKORCEVQHEJCPIKPI

UQNCTGPGTI[QWVRWVCHHGEVKPI'CTVJCPFENKOCVGEJCPIG

5CVGNNKVGKPUVTWOGPVUPQYOQPKVQTVQVCNUQNCTKTTCFKCPEG

CPFURGEVTCNKTTCFKCPEGCVCHGYUGNGEVGFYCXGNGPIVJU

5RCEG9GCVJGT&CVC/CPCIGOGPVCPF5GTXKEGU

05(75)5&1&CPFCECFGOKC+PVGTPCVKQPCNFCVC

EQPVTKDWVKQPUCTGTGEGKXGFD[VJG9QTNF&CVC%GPVGTHQT

5QNCT6GTTGUVTKCN2J[UKEUQRGTCVGFD[0)&%&CVC

UGTXKEGUKPENWFGVCRGEQRKGUQPNKPGUGCTEJCPFDTQYUG

CPFFKURNC[UQHVYCTG4GFWEGFXQNWOGFCVCUGVUCTGCNUQ

CXCKNCDNGQP%&41/
#

1((+%'1(1%'#0+%#0/152*'4+%4'5'#4%*

'08+410/'06#.4'5'#4%*.#$14#614+'5 TGCNVKOG#FFKVKQPCNUGPUQTUYKNNDGGUVCDNKUJGFCVVJG

0CVKQPCN&CVC$WQ[%GPVGTKP/KUUKUUKRRKCPFCV 6JG4&RTQITCOUQHVJG'PXKTQPOGPVCN

4GUGCTEJ.CDQTCVQTKGU
'4.UWRRQTV01##

OGVGQTQNQIKECNQEGCPQITCRJKECPFURCEGUGTXKEGUCPF &WTKPI(;'6.YKNNEQPVKPWGFGXGNQROGPV

CTGQTKGPVGFVQYCTFRTQXKFKPIWPFGTUVCPFKPICPF QHPGYUGPUQTUCPFVGEJPKSWGUHQTEQODKPKPIQDUGTXKPI

FGXGNQRKPIVGEJPKSWGUCPFVGEJPQNQIKGUVQHQTOVJG U[UVGOUU[PGTIKUVKECNN[CPFGEQPQOKECNN[5RGEKHKE

DCUKUHQTKORTQXGOGPVUKPVJG0CVKQP	UYGCVJGT GHHQTVUKPENWFGVJGFGXGNQROGPVCPFKPVGITCVKQPQHVJG

UGTXKEGU6JGUGKORQTVCPVHWPEVKQPUGPEQORCUUVJG TCFKQCEQWUVKEUQWPFKPIU[UVGO
4#55KPVQYKPF

OKUUKQPUQHUGXGTCN'4.NCDQTCVQTKGU RTQHKNGTUVQCWIOGPVVJGKTECRCDKNKV[YKVJVGORGTCVWTG

RTQHKNGUCPFEQPVKPWKPIFGXGNQROGPVQHVGEJPKSWGUVJCV 5RGEKCNGORJCUKUKURNCEGFQPKORTQXKPIUGXGTG

YGCVJGTCPFJWTTKECPGYCTPKPIUCPFHQTGECUVUCPF

KORTQXGFWVKNK\CVKQPQHFCVCCPFPWOGTKECNRTQFWEVU

5GXGTGYGCVJGTKPENWFGUCP[OCLQTPCVWTCNJC\CTFUWEJ

CUHNCUJHNQQFUUVTQPIYKPFUVJWPFGTUVQTOUKPENWFKPI

VQTPCFQGUNKIJVPKPICPFJCKNJGCX[UPQYUVQTOU

GZVTGOGEQNFQTFTQWIJVCPFIGQOCIPGVKEUVQTOU'4.

NCDQTCVQTKGUYKNNEQPVKPWGVQEQPFWEVDQVJKPJQWUGCPF '6.YKNNCNUQEQPVKPWGFGXGNQROGPVQH.KFCTUCPF

EQQRGTCVKXGTGUGCTEJYKVJQVJGT01##EQORQPGPVU KPHTCTGF&QRRNGTOWNVKHTGSWGPE[TCFCTUCUTGUGCTEJ

LQKPVKPUVKVWVGUCPFWPKXGTUKVKGU VQQNUVQKORTQXGQWTMPQYNGFIGQHCVOQURJGTKEYKPFU

VWTDWNGPEGCPFOQKUVWTGRTQEGUUGU&GXGNQROGPVQH 1DUGTXKPI6GEJPQNQI[6JG'PXKTQPOGPVCN

6GEJPQNQI[.CDQTCVQT[
'6.HQTOGTN[VJG9CXG

2TQRCICVKQP.CDQTCVQT[FGXGNQRUCPFGZRGTKOGPVCNN[

GXCNWCVGUPGYGPXKTQPOGPVCNTGOQVGUGPUKPIEQPEGRVU

CPFU[UVGOU'6.CNUQKORTQXGUVJG0CVKQP	U

CVOQURJGTKETGUGCTEJCPFYCTPKPICPFHQTGECUVKPI

UGTXKEGUVJTQWIJVJGVTCPUHGTQHTGOQVGUGPUKPI

VGEJPQNQI[

6TQRKECN#VOQURJGTKE4GUGCTEJ6JG6TQRKECN #UCPQWVEQOGQH'6.TGUGCTEJ'4.	U(QTGECUV

5[UVGOU.CDQTCVQT[
(5.KUQRGTCVKPIVJGYKPF

RTQHKNKPI&QRRNGTTCFCTUVJCVOCMGWRVJG9KPF

2TQHKNGT&GOQPUVTCVKQP0GVYQTM
92&06JKU

PGVYQTMNQECVGFOCKPN[KPVJGEGPVTCN7PKVGF5VCVGUKU

RTQXKFKPIJQWTN[YKPFUCNQHVFCVCVQYGCVJGTHQTGECUVGTU

CPFKUJGNRKPIKORTQXGYGCVJGTYCTPKPIUCPFHQTGECUVU

&WTKPI(;(5.YKNNDGFGXGNQRKPICPF QVJGTRCTCOGVGTUKPVJGVTQRKECN2CEKHKE+PCFFKVKQPVQ

KPUVCNNKPIVJTGG/*\YKPFRTQHKNGTUKP#NCUMC /*\YKPFRTQHKNGTUVJGPGVYQTMKUKPEQTRQTCVKPI

1PGQHVJGUGVJTGGYKNNDGEQPXGTVGFHTQOVJG/*\ /*\NQYGTVTQRQURJGTKEYKPFRTQHKNGTUTGEGPVN[

RTQHKNGTCV*QOGT#NCUMC6JGQVJGTVYQYKNNDG FGXGNQRGFCV#.6JGQDUGTXCVKQPUYJKEJGZVGPF

URGEKHKECNN[FGXGNQRGFHQTVJG#NCUMCTGIKQP6JG HTQOVJGDQWPFCT[NC[GTVQVJGNQYGTUVTCVQURJGTG

RTQHKNGTUYKNNUWRRQTVXQNECPQRNWOGVTCEMKPIYJKEJ TGXGCNVJGTGNCVKQPUJKRDGVYGGPCVOQURJGTKEXGTVKECN

JCUDGGPUJQYPVQDGCUGTKQWURTQDNGOHQTCKTETCHV OQVKQPUCPFEQPXGEVKXGU[UVGOUKPVJGVTQRKEU

QRGTCVKQPUCPFYGCVJGTHQTGECUVKPICEVKXKVKGUKP#NCUMC 2TGEKRKVCVKQPOGCUWTGOGPVUECPDGOCFGYKVJUWHHKEKGPV

XGTVKECNTGUQNWVKQPVQECVGIQTK\GRTGEKRKVCVKQPKPFGGR (5.YKNNEQPVKPWGVQFGXGNQRITQWPFDCUGF)25

VGEJPQNQI[HQTOGCUWTKPIYCVGTXCRQTKPVJG

CVOQURJGTG+PKVKCNN[RTQEGUUKPIQHVJGFCVCYKNNDG

CHVGTVJGHCEVCPFKPVJGNCDQTCVQT[DWVGXGPVWCNN[KP

XCTKQWU%QCUV)WCTFUKVGUVJTQWIJQWVVJG7PKVGF5VCVGU

ECPKPVGITCVGVJGFCVCHTQOITQWPFDCUGFCPFUCVGNNKVG

DQTPGRTQHKNKPIU[UVGOUHQTOQTGGHHGEVKXGWUGQHVJKU

FCVCKPHQTGECUVU'6.CPF(5.YKNNEQPVKPWG

KPXGUVKICVKPIVJGWUGQHKPGZRGPUKXG)25TGEGKXGTUVQ

CEJKGXGTGCNVKOGEQPVKPWQWUQDUGTXCVKQPUQHVQVCN

CVOQURJGTKEYCVGTXCRQT

FWCNRQNCTK\CVKQP&QRRNGTCPFOWNVKHTGSWGPE[TCFCTU

CPFRCUUKXGTCFKQOGVGTUYKNNCNUQDGWPFGTVCMGPVQ

UVWF[EQPXGEVKXGUVQTOUCPFVJGKTRTGEWTUQTUKPENWFKPI

KPENQWFCPFGPVTCKPOGPVRTQEGUUGU'6.YKNNCNUQ

EQPVKPWGTGUGCTEJKPVJGCTGCQHQEGCPTGOQVGUGPUKPI

KPENWFKPIVJGQTGVKECNCPFGZRGTKOGPVCNUVWFKGUQHTQWIJ

UWTHCEGUECVVGTKPIRTQEGUUGU

&[PCOKEUCPF%NKOCVG2TQITCOQHVJG#GTQPQO[

.CDQTCVQT[#.KUWUKPICPGVYQTMQHTGOQVGUGPUKPI

YKPFRTQHKNGTUKPCNQPIVGTOUVWF[QHVTQRKECN

EKTEWNCVKQPCPFKVUKORCEVQPINQDCNENKOCVG6JG6TCPU

2CEKHKE2TQHKNGT0GVYQTMEQPUKUVUQHCPCTTC[QHYKPF

RTQHKNGTUCPF+PVGITCVGF5QWPFKPI5[UVGOUVJCVOCMG

EQPVKPWQWUOGCUWTGOGPVUQHCVOQURJGTKEYKPFUCPF

CPFUJCNNQYEQPXGEVKXGU[UVGOUCPFKPUVTCVKHQTO

EQPFKVKQPU6JGPGVYQTMYKNN
RTQXKFGXCNWCDNG

KORTQXGOGPVUVQVJGDQWPFCT[NC[GTCPFEQPXGEVKXG
#

RCTCOGVGTK\CVKQPUEJGOGUWUGFKPIGPGTCNEKTEWNCVKQP VJG8146':GZRGTKOGPVYKNNNGCFVQPGY

OQFGNUCPF
EQPVTKDWVGVQENKOCVGHQTGECUVKPID[ WPFGTUVCPFKPIQHUGXGTGVJWPFGTUVQTOUKORTQXGFYC[U

HWTVJGTKPIVJGWPFGTUVCPFKPIQHVJGEQWRNGF VQOQFGNCPFRTGFKEVVJGUGUVQTOUCPFPGYIGPGTCVKQP

QEGCPCVOQURJGTGF[PCOKEUVJCVIQXGTPUVJG'N CNIQTKVJOUHQTUGXGTGUVQTOFGVGEVKQP+OOGFKCVG

0K Q5QWVJGTP1UEKNNCVKQP
'051RJGPQOGPQPVJG VGEJPQNQI[VTCPUHGTYKNNDGGHHGEVGFD[ENQUGCUUQEKCVKQP

FQOKPCPVEQORQPGPVQHKPVGTCPPWCNENKOCVGEJCPIG YKVJVJG95(1URCTVKEWNCTN[VJQUGKP0QTOCP

1MNCJQOCCPF2JQGPKZ#TK\QPC/GNDQWTPG(NQTKFC 4QWVKPGYKPFQDUGTXCVKQPUCTGOCFGCV%JTKUVOCU

+UNCPFWUKPIC/*\CPF/*\RTQHKNGT.QYGT

VTQRQURJGTKEYKPFOGCUWTGOGPVUWUKPI/*\

RTQHKNGTUCTGOCFGCV5CP%TKUVQDCN'EWCFQTCPF

6CTCYC-KTKDCVK+PCFFKVKQPUWTHCEGCPFWRRGTCKT +PCFFKVKQP055.KUYQTMKPIENQUGN[YKVJVJG

OGCUWTGOGPVUCTGDGKPIOCFGCV0CWTWCPF/CPWU 095954&1RGTCVKQPCN5WRRQTV(CEKNKV[VQTGJQUV

+UNCPF2CRWC0GY)WKPGCWUKPI+PVGITCVGF5QWPFKPI VJG4CFCT2TQFWEV)GPGTCVQTVQCPQRGPU[UVGO

5[UVGOUKPUVCNNGFD[#.4GEGPVN[CUJKRDQCTFYKPF RNCVHQTO6JGTGJQUVKPIYKNNEQPVKPWGHQTVJGPGZV

RTQHKNGTJCUDGGPDTQWIJVKPVQQRGTCVKQPVQRTQXKFG UGXGTCN[GCTUCPFYKNNTGUWNVKPKORTQXGFECRCDKNKVKGU

OGCUWTGOGPVUVJTQWIJQWVVJGGSWCVQTKCN2CEKHKECUVJG HQTVJG954&6JGPGYU[UVGOYKNNGCUGVJG

UJKRVGPFUVQDWQ[UKPVJG6TQRKECN#VOQURJGTKE1EGCP KPEQTRQTCVKQPQHPGYCRRNKECVKQPUURGGFVGEJPQNQI[


6#1CTTC[#PCFFKVKQPCNRTQHKNGTYKNNDGKPUVCNNGF VTCPUHGTCNNQYHQTKPEQTRQTCVKQPQHPGYJCTFYCTG

QPVJG484QP$TQYPVQICVJGTFCVCFWTKPIVJG2CP VGEJPQNQI[CPFKPETGCUGVJGRQTVCDKNKV[QHVJGUQHVYCTG

#OGTKECP%NKOCVG5VWFKGU2#%5HKGNFRTQITCOKPVJG 6JG055.KUCNUQUVCTVKPIYQTMQPVJGTGJQUVQHVJG

GCUVGTPVTQRKECN2CEKHKEKP#WIWUV&CVCHTQO 4CFCT&CVC#ESWKUKVKQPU[UVGO

VJGUGU[UVGOUCTGWUGFD[0%'2CPFVJG'WTQRGCP 

%GPVGTHQT/GFKWO4CPIG9GCVJGT(QTGECUVKPIKPVJGKT

QRGTCVKQPCNCPCN[UKUCPFHQTGECUVRTQFWEVU6JGFCVC

CTGCNUQWUGFD[ENKOCVGTGUGCTEJGTUVQUWRRQTV

KPXGUVKICVKQPUQHVJGXCTKCDKNKV[QHVTQRKECNCVOQURJGTKE

EKTEWNCVKQPU[UVGOU

5GXGTG9GCVJGT#PCN[UKUCPF(QTGECUVKPI RCTVKEKRCVKPIFKTGEVN[KPVTCKPKPIRTQITCOUUWEJCUVJG

4GUGCTEJ6JG0CVKQPCN5GXGTG5VQTOU.CDQTCVQT[ %1/'6KP$QWNFGTCPFVJG954&1RGTCVKQPCN


055.KP0QTOCP1MNCJQOCCPFVJG(QTGECUV 5WRRQTV(CEKNKV[KP0QTOCP

5[UVGOU.CDQTCVQT[KP$QWNFGT%QNQTCFQHQEWUQP 

TGUGCTEJVQWPFGTUVCPFCPFHQTGECUVUGXGTGYGCVJGT

U[UVGOUCPFVJGKTCUUQEKCVGFJC\CTFUUWEJCU

VQTPCFQGUJCKNJKIJYKPFUJGCX[TCKPCPFUPQY

NKIJVPKPICPFKEGUVQTOU6JGRCTCOGVGTUQHUVQTO

FGXGNQROGPVCPFKPVGPUKHKECVKQPCTGKFGPVKHKGFCPF

UVWFKGFD[KPEQTRQTCVKPIQDUGTXCVKQPUHTQO&QRRNGT

YGCVJGTTCFCTUCVGNNKVGUTGOQVGUGPUKPIYKPFRTQHKNGTU

KPUVTWOGPVGFCKTETCHVCPFNKIJVPKPINQECVKQPPGVYQTMU

9QTMKUDGKPIGZRCPFGFVQKPENWFGCUUGUUOGPVCPF

KORTQXGOGPVQHPWOGTKECNOQFGNUVQHQTGECUVUGXGTG

YGCVJGTU[UVGOU

055.RTQXKFGUUKIPKHKECPVVGEJPKECNCPFUEKGPVKHKE FGXGNQROGPVQHQRGTCVKQPCNVGEJPKSWGUKVEQPVKPWGUVQ

UWRRQTVKPENWFKPITGUGCTEJCPFFGXGNQROGPVHQTVJG RTQXKFGCOGEJCPKUOVQGXCNWCVGYGCVJGTUGTXKEG

954&RTQITCO+P(;055.YKNNEQPVKPWG TGSWKTGOGPVUHQT#9+25

VQFGXGNQRVGEJPKSWGUKP EQQRGTCVKQPYKVJVJG095VQ

HQTGECUVCPFYCTPQHYGCVJGTJC\CTFUVQCXKCVKQPCPF

VJGIGPGTCNRWDNKE9QTMYKVJVJGTGUWNVCPVFCVCHTQO

2KVVUDWTIJ2GPPU[NXCPKC%NGXGNCPF1JKQ,CEMUQP

/KUUKUUKRRK/KPPGCRQNKU/KPPGUQVC(QTV9QTVJ

6GZCU&GPXGT%QNQTCFQCPF5CNV.CMG%KV[7VCJ

#NUQ'4.YKNNEQPVKPWGVQVTCPUHGTMPQYNGFIGQH

&QRRNGTTCFCTCRRNKECVKQPUUGXGTGYGCVJGTU[UVGOU

CPFJGCX[TCKPHCNNGXGPVUOWEJQHVJGVTCPUHGTKU

VJTQWIJEQWTUGUCVVJG095VTCKPKPIEGPVGT8KUKVUCPF

KPVGTCEVKQPUYKVJ095EGPVGTUTGIKQPCNJGCFSWCTVGTU

CPFHQTGECUVQHHKEGUEQPVKPWGCPF(5.CPF055.CTG

+ORTQXGOGPVQHUJQTVTCPIG
JQWT

HQTGECUVKPIYKNNDGCEEQORNKUJGFD[VJGFGXGNQROGPV

CPFGXCNWCVKQPQHPGYNQECNFCVCU[UVGOVGEJPQNQIKGU

CPFVGEJPKSWGUOCP[QHYJKEJECPDGKPEQTRQTCVGFKPVQ

QRGTCVKQPCNYGCVJGTHQTGECUVKPIKPVJGPGCTVGTO(5.

FGXGNQRUCPFGXCNWCVGURTQVQV[RGYQTMUVCVKQPUHQT

HQTGECUVQHHKEGGPXKTQPOGPVU5RGEKHKECNN[(5.JCUCPF

YKNNEQPVKPWGVQFGXGNQRECRCDKNKVKGUVQCNNQYVJG

HQTGECUVGTVQKPVGITCVGXKGYCPFOCPKRWNCVG

QDUGTXCVKQPUHTQOEWTTGPVCPFRNCPPGFOGVGQTQNQIKECN

UGPUKPIU[UVGOUWUKPIEQORWVGTCUUKUVGFFCVCFKURNC[

CPFU[PVJGUKUVGEJPKSWGU$[OCKPVCKPKPI

UVCVGQHVJGCTVECRCDKNKV[HQTWUGKPTGUGCTEJCPF

(5.YKNNEQPVKPWGKVUGORJCUKUQPFCVCCRRNKECVKQP

HTQO)1'5&QRRNGTTCFCT#GTQPCWVKECN4CFKQ

+PEQTRQTCVGF
#4+0%%QOOWPKECVKQPU#FFTGUUKPI
#

CPF4GRQTVKPI5[UVGO
#%#45CPFVJG92&0CU +PCFFKVKQP055.KUYQTMKPIYKVJVJG095

KPRWVUVQSWCPVKVCVKXGCPCN[UKUCPFRTGFKEVKQPOQFGNU 5VQTO2TGFKEVKQP%GPVGT
52%VQKORTQXG52%

UWEJCUVJG/GUQUECNG#PCN[UKUCPF2TGFKEVKQP5[UVGO CDKNKVKGUVQRTQXKFGYKPVGTYGCVJGTIWKFCPEG055.

CPFVJG.QECN#PCN[UKUCPF2TGFKEVKQP5[UVGOU(5. RTGRCTGFCENKOCVQNQI[QHHTGG\KPITCKPHQTVJG

KUGZRCPFKPIUGTXKEGKORTQXGOGPVGHHQTVUVQKPENWFG HQTGECUVGTUCPFKPXGUVKICVGFWUKPIUJQTVTCPIGGPUGODNG

PQPUGXGTGCUYGNNCUUGXGTGYGCVJGTVQCUUKUV095 HQTGECUVUHQTHTGG\KPITCKPGXGPVU+P(;055.

OQFGTPK\CVKQPCPFTGUVTWEVWTKPICPFVQJGNRWRITCFG CPF52%YKNNRTQXKFGGZRGTKOGPVCNHQTGECUVUQHYKPVGT

0%'2QRGTCVKQPU YGCVJGTGXGPVUVQKORTQXGQWTWPFGTUVCPFKPICPFTGHKPG

QWTCDKNKV[VQRTQXKFGUGXGTGYKPVGTYGCVJGTIWKFCPEG #OWNVK[GCTRTQITCOQHEQCUVCNOGVGQTQNQI[

TGUGCTEJEQPVKPWGUCVVJG2CEKHKE/CTKPG'PXKTQPOGPVCN

.CDQTCVQT[2/'.6JKURTQITCOCNUQKPXQNXGU'6. /KFNCVKVWFG/GUQUECNG/GVGQTQNQI[4GUGCTEJ#V

CPF055.VJG095(QTGECUV1HHKEGKP5GCVVNG VJG#GTQPQO[.CDQTCVQT[VJG#VOQURJGTKE&[PCOKEU

0%#4CPFVJG7PKXGTUKV[QH9CUJKPIVQP5WRRQTVHQT 2TQITCOEQODKPGUQDUGTXCVKQPCNCPFVJGQTGVKECNUVWFKGU

VJGRTQITCOKUCNUQDGKPIRTQXKFGFD[VJG1HHKEGQH QHOGUQUECNGJKIJHTGSWGPE[CVOQURJGTKERTQEGUUGU

0CXCN4GUGCTEJ
104CPF05(6JKUTGUGCTEJ HQEWUKPIQPKPVGTPCNITCXKV[YCXGUCPFXGTVKECNCKT

KORTQXGUWPFGTUVCPFKPIQHVJGGHHGEVUQHRTQOKPGPV OQVKQP$[KORTQXKPIVJGWPFGTUVCPFKPIQHVJGUG

VGTTCKPQP759GUV%QCUVYGCVJGTYKVJVJGWNVKOCVG F[PCOKECNRTQEGUUGUVJGTGUGCTEJEQPVTKDWVGUVQ

IQCNQHRTQXKFKPIKORTQXGFHQTGECUVUQHEQCUVCNYKPFU KORTQXGOGPVUKPYGCVJGTHQTGECUVKPICPFVJGVTCPUHGTQH

UGCUVCVGCPFUVQTOUWTIGU6JGGORJCUKUKUQPVJG CFXCPEGFOGVGQTQNQIKECNOGCUWTGOGPVVGEJPQNQI[VQ

WRUVTGCOGHHGEVUQHVJGEQCUVCNVGTTCKPKPVJGUVQTO QRGTCVKQPCNWUG&CVCHQTVJGUVWFKGUKUQDVCKPGFHTQO

GPXKTQPOGPVYJGP VJGDCEMITQWPFHQTEKPIKUUVTQPICPF

VJGEQCUVCNHQTGECUVUCTGOQUVETKVKECN6JGCRRTQCEJ

KPXQNXGUURGEKCNHKGNFQDUGTXCVKQPUCPFFKCIPQUVKE

UVWFKGUWUKPIGZRGTKOGPVCNPWOGTKECNUKOWNCVKQPU(KGNF

YQTMHGCVWTKPIC01##92TGUGCTEJCKTETCHVKP(;

CPFHQTGZCORNGJCU[KGNFGF

OGVGQTQNQIKECNFCVCHQTVJG2CEKHKE0QTVJYGUVEQCUV

YKVJNQYNGXGNYKPFUQHWRVQMPQVUKPVJGXKEKPKV[

QHVYQQHVJGUVTQPIGUVEQNFHTQPVUGXGTQDUGTXGFKP

FGVCKNQXGTVJGQEGCP6JGECUGUVWFKGUHTQOVJKUYQTM

RTQXKFGKOOGFKCVGKPUKIJVUQPVJGKPHNWGPEGUQHVJG

EQCUVCNVGTTCKPQPNCPFHCNNKPIUVQTOUCPFJKIJSWCNKV[

FCVCUGVUHQTPWOGTKECNOQFGNKPKVKCNK\CVKQPCPF

XCNKFCVKQP6JGTGUWNVUJCXGDGGPKORTQXGFHQTGECUVU

QH0QTVJYGUVYGCVJGT

/GUQOGVGQTQNQI[CPF2TGEKRKVCVKQP(QTGECUVKPI

CPF9CTPKPI4GUGCTEJ055.CPF(5.FGXGNQR

VGEJPKSWGUVQKORTQXGUJQTVVGTOHQTGECUVUQH

UKIPKHKECPVYGCVJGTGXGPVU6JTQWIJFGVCKNGFECUG

UVWFKGUCPFTGIKQPCNENKOCVQNQIKGUUEKGPVKUVUHTQOVJGUG

VYQNCDQTCVQTKGUJCXGFGXGNQRGFFKCIPQUVKEVQQNUCPF

CKFUHQTQRGTCVKQPCNN[HQTGECUVKPIVJWPFGTUVQTOU

NKIJVPKPIHNCUJHNQQFUCPFNCTIGOGUQUECNGEQPXGEVKXG

UVQTOUEQORNGZGU5VWFKGUWPFGTYC[KPENWFGVJG

RTGEKRKVCVKQPUVTWEVWTGQHOGUQUECNGEQPXGEVKXGU[UVGOU

KPVGTCEVKQPUDGVYGGPOGUQEQPXGEVKXGU[UVGOUCPFVJG

NCTIGTGPXKTQPOGPVWUKPIUCVGNNKVGUVQKPHGTUVQTO

FGXGNQROGPVCPFTCKPHCNNCPFYKPVGTUVQTOHQTGECUVKPI

RTQEGFWTGU+P(;055.YKNNEQPVKPWGVQWUG

RQNCTK\CVKQPKPHQTOCVKQPVQKORTQXGTCFCTRTQEGFWTGU

HQTTCKPHCNNGUVKOCVKQP

RTQFWEVU

VJGCPF/*\YKPFRTQHKNGTTCFCTUCVVJG

(NCVNCPF/GVGQTQNQIKECN1DUGTXCVQT[YJKEJOCMG

EQPVKPWQWUJQTK\QPVCNCPFXGTVKECNYKPFOGCUWTGOGPVU

KPVJGXGT[HNCVVGTTCKPPGCT%JCORCKIP7TDCPC

+NNKPQKU6JGQDUGTXCVQT[CNUQKPENWFGUC/*\

4#55VQOGCUWTGVGORGTCVWTGCPCTTC[QHFKIKVCN

DCTQOGVGTUURTGCFQXGT+NNKPQKUCPFUVCPFCTFUWTHCEG

CPFDCNNQQPDQTPGKPUVTWOGPVU6JGTGUGCTEJJCUUJQYP

VJCVCNNGPJCPEGOGPVUQHITCXKV[YCXGGPGTI[CTG

CUUQEKCVGFYKVJOGVGQTQNQIKECNGXGPVUUWEJCUHTQPVU

EQPXGEVKQPQTLGVUVTGCOUCPFVJCVUWEJGXGPVUCNYC[U

ECWUGGPJCPEGOGPVU+PCOWNVK[GCTRTQITCO

YCUKPKVKCVGFVQUVWF[VJGF[PCOKEUQHVJGCVOQURJGTKE

DQWPFCT[NC[GTKPENWFKPIOGCUWTGOGPVUQHVJGXGTVKECN

GPVTCKPOGPVXGNQEKV[YJKEJKUQHITGCVKORQTVCPEGVQ

VJGXGTVKECNVTCPURQTVQHVTCEGURGEKGUKPVQVJGHTGG

CVOQURJGTG

*WTTKECPG#PCN[UKUCPF2TGFKEVKQP4GUGCTEJ6JG

*WTTKECPG4GUGCTEJ&KXKUKQP
*4&QHVJG#VNCPVKE

1EGCPQITCRJKECPF/GVGQTQNQIKECN.CDQTCVQT[


#1/.GZRNQTGUJWTTKECPGUKPFGFKECVGFTGUGCTEJ

HNKIJVUCDQCTFVJG92&CKTETCHVQRGTCVGFD[01##	U

#KTETCHV1RGTCVKQPU%GPVGT#1%6JG2UECTT[C

UWKVGQHKPUVTWOGPVUVQOGCUWTGCYKFGTCPIGQH

OGVGQTQNQIKECNSWCPVKVKGUKPENWFKPIUVCPFCTFHNKIJV

NGXGNFCVCTGOQVGN[UGPUGFUWTHCEGYKPFUXGTVKECN

UQWPFKPIUTCFCTTGHNGEVKXKV[CPF&QRRNGTTCFCTYKPFU

+PCFFKVKQPVQVJGCKTDQTPGQDUGTXCVKQPU*4&FGXGNQRU

VGEJPKSWGUHQTTGCNVKOGCPCN[UKUCPFFKURNC[QH

JWTTKECPGFCVCGURGEKCNN[QHUWTHCEGYKPFU+VCNUQ
#

ECTTKGUQWVOQFGNKPICPFVJGQTGVKECNUVWFKGUENQUGN[VKGF 0WOGTKECN#PCN[UKUCPF2TGFKEVKQP/QFGNKPI#U

VQVJGQDUGTXCVKQPCNRTQITCOCPFUVWFKGUKPVGTCPPWCN RCTVQHKVUYGCVJGTTGUGCTEJCEVKXKVKGU)(&.EQPFWEVU

CPFKPVGTFGECFCNEJCPIGUKPJWTTKECPGCEVKXKV[ NQPINGCFVKOGTGUGCTEJVQWPFGTUVCPFVJGRTGFKEVCDKNKV[

QHYGCVJGTQPDQVJNCTIGCPFUOCNNUECNGUCPFVQ #1%	UPGYN[EQOOKUUKQPGF)WNHUVTGCO+8)+8

LGVYKNNQRGTCVGKPVJGJWTTKECPGGPXKTQPOGPVHQTVJG

HKTUVVKOGFWTKPIVJGUGCUQP6JG)+8YKNN

GZVGPFVJGGPXGNQRQHQDUGTXCVKQPUVJTQWIJQWVVJGFGRVJ

QHVJGVTQRQURJGTG7UGQHVJGUGCKTETCHVRTGUGPVUCP

WPRTGEGFGPVGFQRRQTVWPKV[HQTDGVVGTWPFGTUVCPFKPICPF

HQTGECUVKPIQHJWTTKECPGUVJTQWIJFGVCKNGFQDUGTXCVKQPU

1HURGEKCNKPVGTGUVCTGVJGJWTTKECPGU	KPPGTEQTGCPF

VJGQEGCPQITCRJKECPFWRRGTVTQRQURJGTKEU[PQRVKE

UECNGHQTEKPIUVJCVEQPVTQNKPVGPUKV[CPFOQVKQP

6JGOQVKXCVKQPHQTCESWKUKVKQPQHVJG)+8YCUC

UVCVKUVKECNN[TKIQTQWUFGOQPUVTCVKQPDCUGFWRQPOQTG

VJCPCFGECFGQHGZRGTKOGPVUYKVJVJG2UVJCV

KPVGPUKXGQDUGTXCVKQPUQHVJGHNQYUUWTTQWPFKPI

JWTTKECPGUECPRTQFWEGFTCOCVKE
RGTEGPV

TGFWEVKQPUKPVTCEMHQTGECUVGTTQTU6JGHQTGECUVU[UVGO

EWTTGPVN[JCUNKOKVGFUMKNNKPRTGFKEVKQPQHKPVGPUKV[

6JQWIJEQPVKPWKPITGUGCTEJYKVJVJGGZRCPFGFCKTETCHV

HNGGVVJG0CVKQPECPTGCNK\GVJGGZRGTKOGPVCNN[

FGOQPUVTCVGFRQVGPVKCNHQTKORTQXGOGPVCUOWEJOQTG

CEEWTCVGTQWVKPGQRGTCVKQPCNVTCEMHQTGECUVU#UGEQPF

GSWCNN[UKIPKHKECPVQWVEQOGKUVJGRTQOKUGQH

F[PCOKECNN[DCUGFUMKNNHWNKPVGPUKV[HQTGECUVU$GECWUG

JWTTKECPGUKPHNKEVEQUVUQPVJG7PKVGF5VCVGUGEQPQO[QH

DKNNKQPUQHFQNNCTURGT[GCTGXGPKPETGOGPVCN

KORTQXGOGPVUKPHQTGECUVUJCXGNCTIGDGPGHKVVQ

GZRGPFKVWTGTCVKQU

+PCFFKVKQPVQ*4&TGUGCTEJCEVKXKVKGUVJG'4.

UEKGPVKUVUECTT[QWVJWTTKECPGTGUGCTEJCVVJG

)GQRJ[UKECN(NWKF&[PCOKEU.CDQTCVQT[
)(&.KP

2TKPEGVQP0GY,GTUG[)(&.	U*WTTKECPG&[PCOKEU

ITQWRRGTHQTOUJWTTKECPGOQFGNKPITGUGCTEJVQUVWF[

VJGIGPGUKUFGXGNQROGPVCPFFGEC[QHVTQRKECNUVQTOU

WUKPIOWNVKPGUVGFVJTGGFKOGPUKQPCNEQORWVGTOQFGNU

QHVJGJWTTKECPGU[UVGOCPFKVUUWTTQWPFKPI

GPXKTQPOGPV

+PVJGGCTN[	UVJKUTGUGCTEJOQFGNRTQXGFUQ

UWEEGUUHWNHQTUKOWNCVKQPQHQDUGTXGFUVQTODGJCXKQT

VJCVVJG095CFQRVGFCXGTUKQPQHKVHQTWUGKP

QRGTCVKQPCNHQTGECUVKPI&WTKPIVJGGZVTCQTFKPCTKN[

CEVKXGCPFUGCUQPUVJG)(&.OQFGN

RTQXKFGFVJGOQUVTGNKCDNGJWTTKECPGVTCEMHQTGECUV

IWKFCPEGCXCKNCDNGCPFEQPVTKDWVGFUWDUVCPVKCNN[VQVJG

FTCOCVKEGTTQTTGFWEVKQPKPQHHKEKCNHQTGECUVUVJCVJCU

QEEWTTGFUKPEGKVUKPVTQFWEVKQP

VTCPUNCVGVJKUWPFGTUVCPFKPIKPVQKORTQXGFPWOGTKECN

YGCVJGTRTGFKEVKQPOQFGNU6JTGGITQWRUCV)(&.CTG

GPICIGFKPYGCVJGTTGUGCTEJCEVKXKVKGU'ZRGTKOGPVCN

2TGFKEVKQP/GUQUECNG&[PCOKEUCPF*WTTKECPG

&[PCOKEUFGUETKDGFCDQXG

'ZRGTKOGPVCN2TGFKEVKQPCV)(&.FGXGNQRUCPF

KORTQXGUPWOGTKECNOQFGNUQHVJGCVOQURJGTGQEGCP

NCPFU[UVGOKPQTFGTVQRTQFWEGWUGHWNYGCVJGT

HQTGECUVUYKVJNGCFVKOGUTCPIKPIHTQOYGGMUVQ

UGCUQPUCPFDG[QPF6JGITQWRKURWTUWKPIUGXGTCN

CXGPWGUQHTGUGCTEJVQCEJKGXGUWEJKORTQXGOGPVU

(KTUV)(&.UEKGPVKUVUCTGKPXGUVKICVKPIOGVJQFUQH

UVQEJCUVKEF[PCOKERTGFKEVKQPKPQTFGTVQGZVTCEVCU

OWEJHQTGECUVKPHQTOCVKQPCURQUUKDNGHTQOPWOGTKECN

RTGFKEVKQPOQFGNUIKXGPKORGTHGEVN[QDUGTXGFKPKVKCN

EQPFKVKQPU+PCFFKVKQPNCDQTCVQT[UEKGPVKUVUCTG

FGXGNQRKPIOGVJQFUHQTVJGCUUKOKNCVKQPQHQEGCP

QDUGTXCVKQPUKPVQRTGFKEVKQPOQFGNUKPQTFGTVQKORTQXG

VJGHQTGECUVQHVJGCVOQURJGTGCPFVJGQEGCP

/GUQUECNG&[PCOKEUCV)(&.FGXGNQRUCPF

WVKNK\GUCVOQURJGTKEOQFGNUYKVJNKOKVGFURCVKCN

FQOCKPUVQWPFGTUVCPFOGUQUECNGRJGPQOGPCCPFVJG

KPVGTCEVKQPQHVJGUGTGIKQPCNUECNGHGCVWTGUYKVJVJG

CVOQURJGTG	UNCTIGTUECNGU[PQRVKERTQEGUUGU#URCTV

QHVJGUGTGUGCTEJCEVKXKVKGU)(&.UEKGPVKUVUKPXGUVKICVG

VJGRTCEVKECNNKOKVUQHHQTGECUVOQFGNUVQRTGFKEVVJG

DGJCXKQTQHVJGUGOGUQUECNGHGCVWTGUVJTQWIJOQFGN

UGPUKVKXKV[UVWFKGU6JG(5.KORNGOGPVGFC4CRKF

7RFCVG%[ENG
47%CV0%'2KP6JG47%

IKXGUCPGYCPCN[UKUQHUWTHCEGCPFCVOQURJGTKE

EQPFKVKQPUGXGT[VJTGGJQWTUCUYGNNCUUJQTVTCPIG

RTGFKEVKQPUHQTVJGPGZVJQWTU6JKUKPHQTOCVKQPKU

WUGHWNVQHQTGECUVGTUCVNQECN095QHHKEGUCTQWPFVJG

EQWPVT[CPFCNUQUWRRQTVUEQOOGTEKCNCPFIGPGTCN

CXKCVKQP

#JKIJGTTGUQNWVKQPJKIJGTHTGSWGPE[XGTUKQPQH

VJG47%YKNNDGKORNGOGPVGFCV0%'2FWTKPI

(;6JGPGYXGTUKQPYKNNQRGTCVGCVMO

JQTK\QPVCNTGUQNWVKQPYKVJXGTVKECNNGXGNUCVQPGJQWT

HTGSWGPE[(QTVJGJQWTN[WRFCVGUHWNNWUGYKNNDG

OCFGQHJQWTN[YKPFRTQHKNGUVJG954&&QRRNGT

TCFCTXGNQEKV[C\KOWVJFKURNC[PWOGTQWUCWVQOCVGF

CKTETCHVTGRQTVUCPFUWTHCEGQDUGTXCVKQPU6JGPGY

47%CNUQKPENWFGUGZRNKEKVHQTGECUVUQHFKHHGTGPVENQWF

YCVGTKEGET[UVCNEQPVGPVTCKPUPQYCPFITCWRGN
#


UPQYRGNNGVU+VGZRNQKVUCPGYOWNVKNGXGNUQKNCPF #4.TWP+PVGITCVGF5WTHCEG+TTCFKCPEG5VWF[UGTXGUCU

XGIGVCVKQPOQFGNVQKORTQXGHQTGECUVUCVVJGGCTVJ	U VJGPCVKQPCNCTTC[QHOQPKVQTKPIUVCVKQPUHQTUQNCT

UWTHCEGCPFKPVWTPCNNQYKPIKORTQXGFHQTGECUVQH TCFKCVKQP
CPFWNVTCXKQNGV$YKVJCUWDUGVQHOQTG

CVOQURJGTKEEQPFKVKQPUPGCTVJGUWTHCEG CFXCPEGFUVCVKQPU
VJG574(4#&CTTC[YJGTGDQVJ

KPEQOKPICPFQWVIQKPITCFKCVKQPEQORQPGPVUCTG #KT3WCNKV[4GUGCTEJ6JG#KT4GUQWTEGU

.CDQTCVQT[
#4.ECTTKGUQWVTGUGCTEJQPRTQEGUUGU

VJCVCHHGEVVJGSWCNKV[QHVJGCVOQURJGTGRTKOCTKN[KP

VJGEQPVGZVQHCKTRQNNWVKQPFGRQUKVKQPCPFGOGTIGPE[

RTGRCTGFPGUUOWEJQHVJKUYQTMKUKPEQNNCDQTCVKQP #4.CNUQRTQXKFGUHQTGECUVUWRRQTVVQ01##	U

YKVJQVJGTCIGPEKGUUWEJCU&1''PXKTQPOGPVCN GOGTIGPE[TGURQPUGU[UVGOUYKVJGORJCUKUQPPWENGCT

2TQVGEVKQP#IGPE['2#CPF&1&CPFXQNECPKEGXGPVU(QTVJKUCRRNKECVKQP#4.

FGXGNQRUCPFEQWRNGUCFXCPEGFOGUQUECNGOQFGNUYKVJ 6JG#4.*GCFSWCTVGTU&KXKUKQPKP5KNXGT5RTKPI

/CT[NCPFFGXGNQRUOQFGNUHQTCKTSWCNKV[RTGFKEVKQP

HQTWUGKPURGEKCNHQTGECUVKPI
DQVJYGCVJGTCPFCKT

SWCNKV[RTQITCOUCPFKPGOGTIGPE[TGURQPUG6JG

#VOQURJGTKE5EKGPEGU/QFGNKPI&KXKUKQPKP4GUGCTEJ 6JG#GTQPQO[.CDQTCVQT[#.EQPFWEVUTGUGCTEJ

6TKCPING2CTM0QTVJ%CTQNKPCFGXGNQRURTGFKEVKXG

OQFGNUQPNQECNTGIKQPCNCPFINQDCNUECNGUHQT

CUUGUUKPIEJCPIGUKPCKTSWCNKV[CPFCKTRQNNWVKQP

GZRQUWTGCUCHHGEVGFD[GEQU[UVGOOCPCIGOGPVCPF

TGIWNCVKQPU6JKUYQTMKURTKOCTKN[VQRTQXKFG

VGEJPKECNIWKFCPEGVQVJG'2#QPCKTRQNNWVKQPEQPVTQN

UVTCVGIKGUHQTCVVCKPOGPVCPFOCKPVGPCPEGQHCODKGPVCKT

SWCNKV[UVCPFCTFU6JG#VOQURJGTKE6WTDWNGPEGCPF

&KHHWUKQP&KXKUKQPKP1CM4KFIG6GPPGUUGGEQPFWEVU

UVWFKGUVQKORTQXGWPFGTUVCPFKPIQHCVOQURJGTKE

VTCPURQTVFKHHWUKQPCPFCKTUWTHCEGGZEJCPIG

RTQEGUUGUCPFVQFGXGNQRPGYRTGFKEVKXGOQFGNU6JG

(KGNF4GUGCTEJ&KXKUKQPKP+FCJQ(CNNU+FCJQFGUKIPU

CPFEQPFWEVUHKGNFUVWFKGUVQGXCNWCVGVJGRGTHQTOCPEG

QHVTCPURQTVCPFFKURGTUKQPOQFGNUQXGTNQECN

TGIKQPCNCPFEQPVKPGPVCNUECNGU6JG5RGEKCN

1RGTCVKQPUCPF4GUGCTEJ&KXKUKQPKP.CU8GICU

0GXCFCEQPFWEVUTGUGCTEJQPRTQDNGOUQHOWVWCN

KPVGTGUVVQ01##CPF&1'VJCVTGNCVGVQVJG0GXCFC

6GUV5KVGKVUCVOQURJGTKEGPXKTQPOGPVCPFKVU

GOGTIGPE[RTGRCTGFPGUUCPFGOGTIGPE[TGURQPUG

CEVKXKVKGU
0QVG5GGVJG&1'FKUEWUUKQPKP

#RRGPFKZ&HQTOQTGFGVCKNU

#4.QRGTCVGUVYQPCVKQPCNPGVYQTMUVJCVHQEWU

TGUGCTEJQPVJGPGGFUQHVJGPGZVIGPGTCVKQPQH

RTGFKEVKXGOQFGNU6JG#VOQURJGTKE+PVGITCVGF

4GUGCTEJ/QPKVQTKPI0GVYQTM#+4/Q0KUCPGUVGF

PGVYQTMYKVJUKVGUQHXCT[KPIEQORNGZKV[CFFTGUUKPI

GXQNXKPIUEKGPVKHKEKUUWGUQHYGVCPFFT[FGRQUKVKQP

HTQOVJGCVOQURJGTG#OCLQTEWTTGPVKVGOHQT

UEKGPVKHKECVVGPVKQPKUVJGCVOQURJGTKEFGRQUKVKQPQH

PKVTQIGPEQORQWPFUCPFKVUTQNGKPRTQOQVKPI

GWVTQRJKECVKQPQHGEQU[UVGOURTKOCTKN[EQCUVCN6JG

OQPKVQTGF6JKUYQTMKUEQWRNGFYKVJ#4.TGUGCTEJ

QPCVOQURJGTKECGTQUQNUCPFYKVJVJGFGXGNQROGPVQH

PGYCWVQOCVKEOGVJQFUHQTOGCUWTKPIENQWFEQXGT

VJGHQTGECUVRTQFWEVUQHVJG095VQRTQXKFGCDCUKUHQT

VTCLGEVQT[CPFFKURGTUKQPECNEWNCVKQPU7UGTUCNUQOC[

CEEGUUVJGUGRTQFWEVUVJTQWIJVJG+PVGTPGV



QPCKTSWCNKV[CURCTVQHKVUVTQRQURJGTKEEJGOKUVT[

RTQITCO#RTKOCT[HQEWUKUQPWPFGTUVCPFKPIVJG

RTQEGUUGUQHPGCTUWTHCEGQ\QPGHQTOCVKQPKPTWTCN

TGIKQPU(KGNFGZRGTKOGPVUNCDQTCVQT[YQTMCPF

PWOGTKECNOQFGNKPIUVWFKGUCUUGUUVJGTGNCVKXGTQNGUQH

PCVWTCNJ[FTQECTDQPUGOKVVGFHTQOXGIGVCVKQP

CPVJTQRQIGPKEJ[FTQECTDQPUCPFPKVTQIGPQZKFGUKP

EQPVTQNNKPIQ\QPGRTQFWEVKQP#UGTKGUQHHKGNF

GZRGTKOGPVUJCXGDGGPEQPFWEVGFKPTGEGPV[GCTUKPVJG

UQWVJGCUVGTP7PKVGF5VCVGUCJGCXKN[XGIGVCVGFTGIKQP

YJKEJHTGSWGPVN[GZRGTKGPEGUGNGXCVGFNGXGNUQHQ\QPG

5KPEGVJGUGHKGNFUVWFKGUJCXGGZRCPFGFVQ

KPENWFGOGCUWTGOGPVUHTQOCPCKTETCHVRNCVHQTOVJG

01##92&KPCFFKVKQPVQITQWPFDCUGF

QDUGTXCVKQPU+PEGTVCKPCTGCUCPCN[UKUQHVJGFCVCJCU

NKPMGFQ\QPGRTQFWEVKQPOQUVUVTQPIN[VQCPVJTQRQIGPKE

PKVTQIGPQZKFGUCPFPCVWTCNDWVPQVOCPOCFG

J[FTQECTDQPU+VJCUCNUQWPFGTUEQTGFVJGTGIKQPCN

PCVWTGQHVJGQ\QPGHQTOCVKQPRTQEGUUCPFUWIIGUVGF

VJCVUQOGOWPKEKRCNKVKGUCTGCHHGEVGFD[GXGPVUDG[QPF

VJGKTEQPVTQN6JGUGTGUWNVUJCXGKORNKECVKQPUHQTVJG

GHHQTVUQHUVCVGUVQFGXGNQRUVTCVGIKGUVQKORTQXGCKT

SWCNKV[KPVJGTGIKQP

1\QPGRTQFWEVKQPQPVJGINQDCNUECNGKUDGKPI

UVWFKGFD[#.KPVJG0QTVJ#VNCPVKE4GIKQPCN

'ZRGTKOGPV6JGUVWF[JCUDGGPWPFGTVCMGPKP

TGURQPUGVQVJGITQYKPITGCNK\CVKQPVJCVNQPITCPIG

VTCPURQTVQHITGGPJQWUGQ\QPGOC[KPHNWGPEG

CVOQURJGTKEEQORQUKVKQPCPFENKOCVGQPCP

KPVGTJGOKURJGTKEUECNG%QORTGJGPUKXGEJGOKECNCPF

F[PCOKECNOGCUWTGOGPVUOCFGHTQODQVJ

ITQWPFDCUGFCPFHTQOCKTDQTPGRNCVHQTOUFWTKPI

UGXGTCNHKGNFOKUUKQPUQHVJKUGZRGTKOGPVVTCEMVJG

EJCPIKPIEQORQUKVKQPQHCKTOCUUGUEQPVCKPKPI
#

RQNNWVCPVUHTQOGCUVGTP0QTVJ#OGTKECCUVJGUGCKT 5'%QRGTCVGUYKVJQDUGTXCVKQPUTGEGKXGFHTQO

OCUUGUCTGECTTKGFKPVQVJG0QTVJ#VNCPVKE4GUWNVU

KPFKECVGVJCVVJGSWCPVKV[QHQ\QPGIGPGTCVGF

RJQVQEJGOKECNN[HTQOCPVJTQRQIGPKEGOKUUKQPUQPVJG

0QTVJ#OGTKECPEQPVKPGPVGZEGGFUVJCVKPLGEVGFHTQO

VJGUVTCVQURJGTG6JKUEQPENWUKQPUWRRQTVUVJG

EQPVGPVKQPVJCVQ\QPGFGTKXGFHTQOCPVJTQRQIGPKE

RQNNWVKQPJCUCJGOKURJGTGYKFGGHHGEVCVPQTVJGTP

VGORGTCVGNCVKVWFGU

'6.WUGUKVUUWKVGQHTGOQVGUGPUQTUKPENWFKPIC

OQDKNGRTQHKNGTPGVYQTMCKTDQTPGCPFITQWPFDCUGF

Q\QPG.KFCTU&QRRNGT.KFCTCPFUWRRQTVKPI

VWTDWNGPEGKPUVTWOGPVCVKQPVQWPFGTUVCPFCPFDGVVGT

OQFGNVJGVTCPURQTVVTCPUHQTOCVKQPCPFHCVGQH

RTKOCT[CPFUGEQPFCT[RQNNWVCPVUKPDQVJTWTCNCPF

WTDCPGPXKTQPOGPVUCUYGNNCUKPEQORNGZQTQITCRJ[

5RCEG'PXKTQPOGPV5GTXKEGU01##CPFVJG#KT

(QTEGLQKPVN[QRGTCVGVJG0CVKQPCN5RCEG9GCVJGT

1RGTCVKQPUITQWRKP01##	U5RCEG'PXKTQPOGPV

%GPVGT
5'%KP$QWNFGT%QNQTCFQ6JG5'%

YQTMKPIENQUGN[YKVJVJG#KT(QTEG	U 5RCEG VJ

9GCVJGT5SWCFTQP
595RTQXKFGUHQTGECUVU

CNGTVUKPFKEGUCPFUWOOCTKGUQHFKUVWTDCPEGU

QEEWTTKPIQPVJG 5WPKPURCEGKPVJGIGQOCIPGVKE

GPXKTQPOGPVCPFKPVJGWRRGTCVOQURJGTG6JG

UGTXKEGUCTGWUGFD[&1&&16&1%&1+&1'

0#5#05(EQOOGTEKCNWUGTUCPFVJGTGUGCTEJ

EQOOWPKV[

< 6QQRVKOK\GVJGQRGTCVKQPQHVGEJPKECNU[UVGOUVJCV

CTGCFXGTUGN[CHHGEVGFD[FKUVWTDCPEGUKPVJGURCEG

GPXKTQPOGPV

< 6QECTT[QWVTGUGCTEJKPVJGUQNCTVGTTGUVTKCN

GPXKTQPOGPV

'ZCORNGUQHVJGCFXGTUGGHHGEVUKPENWFGNQUUQT

TGFWEGFGHHKEKGPE[QHEQOOWPKECVKQPU[UVGOUTCFKCVKQP

JC\CTFUVQRGTUQPPGNCPFU[UVGOUKPJKIJCNVKVWFG

CKTETCHVCPFKPURCEGFGITCFCVKQPQHUWTXGKNNCPEGCPF

OQPKVQTKPIU[UVGOUHQTFGHGPUGGTTQTUKPPCXKICVKQP

U[UVGOURGTVWTDCVKQPUQHUCVGNNKVGQTDKVUCPF

FKUTWRVKQPUKPRQYGTFKUVTKDWVKQPPGVYQTMU

5'%UGTXGUCUVJGKPVGTPCVKQPCN9QTNF9CTPKPI

#IGPE[HQTVJGUQNCTVGTTGUVTKCNGPXKTQPOGPV+VEQNNGEVU

KPVGTPCVKQPCNFCVC:TC[UWPURQVEQTQPCOCIPGVKE

GVEKPTGCNVKOGCPFHTQOVJGUGFCVCRTQXKFGU

+PVGTPCVKQPCN745+ITCOCPF9QTNF&C[U5GTXKEGCPF

OGGVUCFFKVKQPCNURGEKHKEPGGFUQHQVJGTIQXGTPOGPV

CIGPEKGU5'%FKUVTKDWVGU
TGEGKXGUFCVCVQ
HTQO

QVJGTEQWPVTKGUCPFKUUWGUCEQPUGPUWUUGVQHFCKN[

HQTGECUVUHQTKPVGTPCVKQPCNWUG

CIGPEKGUVJCVEQPVTKDWVGVJGKTFCVCCPFKPTGVWTP

TGEGKXGVJGU[PVJGUK\GFCPFKPVGITCVGFUGTXKEGUVQOGGV

VJGKTPGGFU#IGPEKGUOCMKPIOCLQTEQPVTKDWVKQPUQH

FCVCKPENWFG&1&0#5#&1%05(&1'CPF

&1+5'%EQQRGTCVGUFKTGEVN[YKVJ0'5&+5VQTGEGKXG

UQNCT:TC[RCTVKENGKPUKVWOCIPGVKEHKGNFCPFRNCUOC

FCVCHTQOVJG5RCEG'PXKTQPOGPV/QPKVQTUQP)1'5

CPFVJGRQNCTQTDKVKPI01##UCVGNNKVGU

&CVCCTGEQNNGEVGFUVQTGFCPFFKURNC[GFHQT

CPCN[UKUCPFRTQFWEVUCPFFKUVTKDWVGFVJTQWIJVJG5RCEG

'PXKTQPOGPV.CDQTCVQT[&CVC#ESWKUKVKQPCPF&KURNC[

5[UVGO
5'.&#&55GTXKEGUCTGCNUQRTQXKFGFXKC

FKIKVCNFCVCNKPMU
RTKOCTKN[QRGTCVGFD[QVJGT

CIGPEKGUCPFD[TCFKQDTQCFECUVOCKNTGEQTFGF

VGNGRJQPGOGUUCIGUCXCKNCDNGVQEQOOGTEKCNFKCNWR

WUGTUCPFNQYEQUVEQOOGTEKCNUCVGNNKVGDTQCFECUV

UGTXKEG

8QNWPVCT[1DUGTXKPI5JKR8152TQITCO1#4

QRGTCVGUCINQDCN8152TQITCOVJCVRTQXKFGUTGCNVKOG

OGVGQTQNQIKECNCPFQEGCPQITCRJKEFCVCHTQOUGNGEVGF

XGUUGNU&CVCCTGEQNNGEVGFYKVJVJG5JKRDQCTF

'PXKTQPOGPVCN&CVC#ESWKUKVKQP5[UVGOYJKEJ

VTCPUOKVUVJGKPHQTOCVKQPVQ01##XKCVJG)1'5

U[UVGO6JGKPHQTOCVKQPKUVJGPFKUUGOKPCVGF

PCVKQPCNN[CPFKPVGTPCVKQPCNN[WUKPIGZKUVKPIFCVC

PGVYQTMU2TGUGPVN[VJGTGCTGQXGTXGUUGNUKPVJG

RTQITCOYJKEJTGEQTFCPFVTCPUOKVUWTHCEG

OGVGQTQNQIKECNKPHQTOCVKQPHQWTVKOGURGTFC[CV

U[PQRVKEJQWTU1HVJGUGXGUUGNUCDQWVCNUQCTG

GSWKRRGFVQEQNNGEVGZRGPFCDNGDCVJ[VJGTOQITCRJFCVC

5QWVJGTP*GOKURJGTG&TKHVKPI$WQ[2TQITCO+P

UWRRQTVQH)NQDCN%NKOCVG1DUGTXKPI5[UVGO)%15

TGSWKTGOGPVU1#4KPEQQRGTCVKQPYKVJ0951)2

#1/.CPFVJG5ETKRRU+PUVKVWVKQPQH1EGCPQITCRJ[

OCKPVCKPUCPGVYQTMQHCRRTQZKOCVGN[

OGVGQTQNQIKECNFTKHVKPIDWQ[UKPVJG5QWVJGTP

*GOKURJGTG6JGDWQ[UOGCUWTGUGCNGXGNCVOQURJGTKE

RTGUUWTGCKTVGORGTCVWTGCPFUGCYCVGTVGORGTCVWTG

1DUGTXCVKQPUCTGQDVCKPGFVJTQWIJVJG#4)15FCVC

EQNNGEVKQPCPFRNCVHQTONQECVKQPU[UVGOQPDQCTFVJG

01##RQNCTQTDKVKPIUCVGNNKVGU

6TQRKECN#VOQURJGTG1EGCP
6#1/QQTGF

#TTC[1#4KUCRCTVPGTYKVJ1)2KPVJG

KORNGOGPVCVKQPQHVJG6#1OQQTGFDWQ[CTTC[6#1

KUCDCUKPYKFGCTTC[QHOQQTGF#6.#5DWQ[U

FGRNQ[GFKPVJGVTQRKECN2CEKHKEVJCVTGRQTVUWTHCEG

YKPFCKTVGORGTCVWTGUGCUWTHCEGVGORGTCVWTG

UWDUWTHCEGVGORGTCVWTGUVQCOCZKOWOFGRVJQH

OGVGTUCPFUWDUWTHCEGRTGUUWTGUKPTGCNVKOGXKC
#

VJG#4)15U[UVGO6JGTGCTGDWQ[UFGRNQ[GF /KNKVCT[6JG75#KT(QTEGQRGTCVGUVJG

6JGCTTC[KUQRGTCVGFD[VJG6#12TQLGEV1HHKEG 5RCEG9GCVJGT5SWCFTQP
595KP%QNQTCFQ

NQECVGFCV2/'.KP5GCVVNG9CUJKPIVQPYJKEJJCU 5RTKPIU%QNQTCFQVQRTQXKFGURCEGYGCVJGTUWRRQTVVQ

TGURQPUKDKNKV[HQTOCPCIGOGPVQHRTQLGEVQRGTCVKQPUCPF &1&CUUGVU6JG595QRGTCVGUCPFOCKPVCKPUVJG

NQIKUVKEU9JKNGVJGRTKPEKRCNQDLGEVKXGKUVQUWRRQTV UQNCTQDUGTXKPIPGVYQTMYKVJUKVGUCV2CNGJWC*CYCKK

TGUGCTEJQDLGEVKXGUVJGTGCNVKOGCXCKNCDKNKV[QHFCVC .GCTOQWVJ#WUVTCNKC5CP8KVQ+VCN[4COG[2WGTVQ

OCMGUKVGZVTGOGN[XCNWCDNGVQQRGTCVKQPCN 4KEQ5CICOQTG*KNN/CUUCEJWUGVVUCPF*QNNQOCP

OGVGQTQNQIKECNEGPVGTU #($0GY/GZKEQ6JG595UJCTGUURCEGYGCVJGT

VJ

UWRRQTVTGURQPUKDKNKVKGUYKVJKVUEKXKNKCPEQWPVGTRCTVVJG

5'%

0#6+10#.1%'#05'48+%'

6JG0CVKQPCN1EGCP5GTXKEG
015FGXGNQRU 5[UVGOCPFUVQTOUWTIGYCTPKPIHQTGECUVCEVKXKVKGU

KORNGOGPVUCPFOCPCIGURTQITCOUKPRJ[UKECN %NKOCVGCPF)NQDCN%JCPIG2TQITCOCPFVJG75#TO[

DKQNQIKECNEJGOKECNCPFIGQNQIKECNQEGCPQITCRJ[CPF %QTRUQH'PIKPGGTUNCMGNGXGNTGIWNCVKQPFTGFIKPI

GUVCDNKUJGUCUEKGPVKHKEKPHQTOCVKQPDCUGQPYJKEJVQ QRGTCVKQPUCPFEQCUVCNEQPUVTWEVKQPGHHQTVU

UWRRQTVVJGFGXGNQROGPVQHPCVKQPCNRQNKE[HQTVJGQEGCPU

CPFVJGKTWUGTU015GHHQTVUCTGEQQTFKPCVGFYKVJ

OCTKPGRTQITCOUCFOKPKUVGTGFD[VJGQVJGTEQORQPGPVU

QH01##1RGTCVKQPCNQEGCPQDUGTXKPICEVKXKVKGU

CFOKPKUVGTGFD[015KPENWFGYCVGTNGXGNRTQITCOUCPF

TGCNVKOGEWTTGPVUEWTTGPVRTGFKEVKQPRTQITCOU

0CVKQPCN9CVGT.GXGN1DUGTXCVKQP0GVYQTM RTQXKFGQPN[VJGCUVTQPQOKECNVKFGUCPFEWTTGPVUCPFFQ


09.10015QRGTCVGUCPFOCKPVCKPUVJG09.10 PQVCNYC[UOGGVVJGPGGFUQHWUGTUYJQOWUVCNUQ

HQTVJGEQNNGEVKQPQHYCVGTNGXGNFCVCCUYGNNCUQVJGT EQPUKFGTVJGPQPVKFCNGHHGEVUQHTKXGTHNQYYKPFUCPF

QEGCPQITCRJKECPFOGVGQTQNQIKECNFCVC6JG09.10 QVJGTOGVGQTQNQIKECNHQTEGU21465OGCUWTGUCPF

EQPUKUVUQHUVCVKQPUNQECVGFKP75EQCUVCNCTGCUCPF KPVGITCVGUVJGUGKORQTVCPVFCVCCPFRTQXKFGUCFCVC

VJG)TGCV.CMGU6JTQWIJKVUUVTCVGIKENQECVKQPUCPFFCVC FKUUGOKPCVKQPU[UVGOVJCVKPENWFGUVGNGRJQPGXQKEG

FKUUGOKPCVKQPECRCDKNKVKGU09.10UWRRQTVUCPWODGT TGURQPUGCUYGNNCUOQFGOCEEGUU

QH01##CPFQVJGTHGFGTCNRTQITCOUUWEJCUVJG015

6KFG2TGFKEVKQP2TQITCO0956UWPCOK9CTPKPI

2J[UKECN1EGCPQITCRJKE4GCN6KOG5[UVGO


2146521465KUCFCVCCESWKUKVKQPCPF

FKUUGOKPCVKQPU[UVGOYJKEJKPVGITCVGUCPWODGTQH

KORQTVCPVOGVGQTQNQIKECNCPFQEGCPQITCRJKERCTCOGVGTU

KPENWFKPIEWTTGPVUYCVGTNGXGNUCPFOCTKPGYKPFU

6TCFKVKQPCN01##VKFGCPFEWTTGPVRTGFKEVKQPVCDNGU
#

1((+%'1(01##%142512'4#6+105

#+4%4#(612'4#6+105%'06'4

6JG#KTETCHV1RGTCVKQPU%GPVGT
#1%UWRRQTVU #1%CKTETCHVRTQXKFGJKIJFGPUKV[CEEWTCE[

UGXGTCN01##OKUUKQPUKPRCTVKEWNCTKVQRGTCVGUCHNGGV JWTTKECPGFCVCVQVJG0CVKQPCN*WTTKECPG%GPVGTKPPGCT

QHCKTETCHVYJKEJCTGWUGFVQUWRRQTV01##	UTGUGCTEJ TGCNVKOG5VQTOFCVCCTGVTCPUOKVVGFXKCVJGCKTETCHV

CPFFGXGNQROGPVRTQITCOUVQKORTQXGYGCVJGTOCTKPG UCVGNNKVGFCVCNKPMVQWRFCVGJWTTKECPGVTCEMKPVGPUKV[

CPFENKOCVGUGTXKEGU+VCNUQRTQXKFGUYGCVJGT CPCN[UGUCPFHQTGECUVU6JG#1%CKTETCHVJCXGRTKOCT[

TGEQPPCKUUCPEGUWRRQTVVQ01##RTQITCOUQVJGT TGURQPUKDKNKV[HQTTGEQPPCKUUCPEGQHVTQRKECNUVQTOUCPF

HGFGTCNCIGPEKGUCPFKPVGTPCVKQPCNRTQITCOUCRRTQXGFD[ JWTTKECPGUQXGTHQTGKIPCKTURCEGVJCVOC[DGTGUVTKEVGF

VJG#KTETCHV#NNQECVKQP%QWPEKN.KIJVCKTETCHVRTQXKFG HQTOKNKVCT[QRGTCVKQPU#1%CNUQCWIOGPVU#KT(QTEG

CGTKCNRJQVQITCRJ[HQTPCWVKECNCPFCGTQPCWVKECNEJCTVKPI 4GUGTXGQRGTCVKQPCNCKTETCHVTGEQPPCKUUCPEGYJGPUVQTOU

CPFNKXKPIOCTKPGTGUQWTEGUUWTXG[U CTGYKVJKPJQWTUQHNCPFHCNNQHVJGEQPVKPGPVCN7PKVGF

5VCVGUCPFYJGPGXGT&1%PGGFUGZEGGF&1&TGUQWTEGU #1%YCUGUVCDNKUJGFKP1EVQDGTVQEQPUQNKFCVG

VJGOCPCIGOGPVQHCNNCKTETCHVWUGFD[01##(QWTVGGP

CKTETCHVNQECVGFVJTQWIJQWVVJG7PKVGF5VCVGUCTGOCPCIGF

D[#1%CV/CE&KNN#($KP6CORC(NQTKFC

6JG#1%KUUEJGFWNGFVQDGIKPVJGQRGTCVKQPQHVJG 01##	UCVOQURJGTKECPFQEGCPQITCRJKETGUGCTEJ

CPFTGEQPPCKUUCPEGQRGTCVKQPUCTGUWRRQTVGFD[VYQHWNN[

KPUVTWOGPVGF92&CKTETCHVYJKEJECTT[UVCVGQHVJGCTV

GPXKTQPOGPVCNTGUGCTEJGSWKROGPV6JGCKTETCHVTGUGCTEJ

CPFPCXKICVKQPU[UVGOURTQXKFGFGVCKNGFURCVKCNCPF

VGORQTCNQDUGTXCVKQPUQHCYKFGTCPIGQHCVOQURJGTKE

CPFQEGCPKERCTCOGVGTU#1%FGXGNQRUCPFECNKDTCVGU

URGEKCNK\GFKPUVTWOGPVUKPVGITCVGUWUGTUWRRNKGF

KPUVTWOGPVUKPVQVJGCWVQOCVGFU[UVGOUCPFRTQEGUUGU

CPFCPCN[\GUFCVCUGVUHTQOXCTKQWUHKGNFRTQITCOU

+PCFFKVKQP#1%RTQXKFGUCSWKEMTGURQPUGECRCDKNKV[

HQTKPXGUVKICVKQPQHUVQTOCEVKXKV[GCUVQHENQPIKVWFG

HTQO#WIWUVVJTQWIJ5GRVGODGTGCEJ[GCT

PGYJKIJCNVKVWFGLGVHQTJWTTKECPGUWTXGKNNCPEGYJKEJKU

GZRGEVGFVQKORTQXGJWTTKECPGVTCEMRTGFKEVKQPUD[

RGTEGPVQTOQTGUCXKPICDQWVOKNNKQPRGT

JWTTKECPGKPYCTPKPICPFRTGRCTGFPGUUEQUVU9KVJUQOG

CFFKVKQPCNKPUVTWOGPVCVKQPVJGLGVYKNNDGEQOGC

RTQVQV[RGHQTVJGPGZVIGPGTCVKQPJWTTKECPG

TGEQPPCKUUCPEGCKTETCHVCUYGNNCUUGTXKPICUCRNCVHQTO

HQTCKTEJGOKUVT[CPFQVJGTTGUGCTEJKPVJGWRRGT

VTQRQURJGTGHTQOVQHGGVYJKEJKUCDQXG

VJG92&	UCNVKVWFGNKOKV
$

6JG&GRCTVOGPVQH&GHGPUG&1&QRGTCVGUCOKNKVCT[GPXKTQPOGPVCNUGTXKEGU[UVGOVQRTQXKFGURGEKCNK\GF

YQTNFYKFGOGVGQTQNQIKECNURCEGGPXKTQPOGPVCNCPFQEGCPQITCRJKECPCN[UKUCPFRTGFKEVKQPUGTXKEGUKPUWRRQTV

QHOKNKVCT[HQTEGU6JKUU[UVGOFKTGEVN[UWRRQTVUCNNRJCUGUQHOKNKVCT[QRGTCVKQPUHTQOUVTCVGIKERNCPPKPIVQ

VCEVKECNQRGTCVKQPU9JKNGVJG#TO[CPF/CTKPG%QTRUGCEJJCXGCUOCNNURGEKCNK\GFYGCVJGTUWRRQTV

ECRCDKNKV[VJG0CXCN/GVGQTQNQI[CPF1EGCPQITCRJ[%QOOCPFCPF#KT(QTEG9GCVJGTCTGVJGRTKOCT[UQWTEGU

QHOKNKVCT[YGCVJGTRTQFWEVU6JGOKNKVCT[YGCVJGTUGTXKEGUEQPVTKDWVGVQVJGPCVKQPCNCPFKPVGTPCVKQPCNYGCVJGT

QDUGTXKPIECRCDKNKV[D[VCMKPIEQPXGPVKQPCNQDUGTXCVKQPUQPNCPFCPFCVUGCYJGTGVJGTGCTGPQQVJGT

EQPXGPVKQPCNYGCVJGTQDUGTXKPIECRCDKNKVKGUCPFYJGTGVJGQDUGTXCVKQPUCTGOQUVPGGFGFVQOGGVOKNKVCT[

TGSWKTGOGPVU+PCFFKVKQP&1&OCKPVCKPUURGEKCNK\GFQDUGTXKPIECRCDKNKVKGUUWEJCUVJG&GHGPUG

/GVGQTQNQIKECN5CVGNNKVGCPF)NQDCN9GCVJGT+PVGTEGRV2TQITCOUVQOGGVWPKSWGOKNKVCT[TGSWKTGOGPVU

1DUGTXCVKQPCNFCVCCTGUGPVD[OKNKVCT[EQOOWPKECVKQPUPGVYQTMUVQOKNKVCT[CPFEKXKNHCEKNKVKGUKPVJG7PKVGF

5VCVGUCPFQXGTUGCU

#22'0&+:$

DEPARTMENT OF DEFENSE WEATHER PROGRAMS

70+6'&56#6'5#+4(14%'

/'6'141.1)+%#.5'48+%'5 GPXKTQPOGPVCTGFKUEWUUGFKPVJG5RCEG'PXKTQPOGPVCN

5GTXKEGUUGEVKQP 6JG#KT(QTEGHWPEVKQPCNOCPCIGTHQT

OGVGQTQNQIKECNCPFURCEGGPXKTQPOGPVCNUGTXKEGUKUVJG 5WTHCEGQDUGTXCVKQPUCTGVCMGPD[#KT(QTEG

&KTGEVQTQH9GCVJGT*375#(:19YKVJKPVJG*3 RGTUQPPGNVQUWRRQTVOKNKVCT[QRGTCVKQPUCPFHQTYGCVJGT

75#(&GRWV[%JKGHQH5VCHHHQT#KTCPF5RCEG CPCN[UKUCPFHQTGECUVKPI1DUGTXCVKQPUHTQODQVJ#KT

1RGTCVKQPU*375#(:19QXGTUGGUVJGFGXGNQROGPV (QTEGCPF#TO[NQECVKQPUHKZGFCPFVCEVKECNCTGOCFG

CPFKORNGOGPVCVKQPQHYGCVJGTUWRRQTVEQPEGRVU CXCKNCDNGVQNQECNWUGTUCPFCTGVTCPUOKVVGFVQ#()9%

FQEVTKPGRQNKEKGURNCPUCPFRTQITCOUVQGPUWTG CPFVQQVJGTOKNKVCT[CPFEKXKNNQECVKQPUVJTQWIJQWVVJG

GHHGEVKXGYGCVJGTUWRRQTVHQTVJG#KT(QTEG#TO[CPF YQTNF

QVJGTCIGPEKGUCUFKTGEVGFD[VJG%JKGHQH5VCHH75#( 

6JG#KT(QTEGCNUQRTQXKFGUUWRRQTVVQ&1&,QKPV

QRGTCVKQPUCUFKTGEVGFD[VJG,QKPV%JKGHUQH5VCHHWPFGT

VJG7PKHKGF#EVKQP#TOGF(QTEGU,%52WDNKECVKQP

FQEWOGPV*375#(:19CNUQKPVGTHCEGUYKVJQVJGT

OKNKVCT[FGRCTVOGPVUHGFGTCNCIGPEKGUCPFKPVGTPCVKQPCN

QTICPK\CVKQPUEQPEGTPKPIEQQTFKPCVKQPEQQRGTCVKQP

UVCPFCTFK\CVKQPCPFKPVGTQRGTCDKNKV[QHYGCVJGTUGTXKEGU 9GCVJGTTCFCTKUCRTKPEKRCNUQWTEGQHKPHQTOCVKQP

HQTRTQXKFKPIYCTPKPIUQHUGXGTGYGCVJGT/CP[QHVJG #KT9GCVJGT5GTXKEG
#95CHKGNFQRGTCVKPI

CIGPE[(1#TGRQTVKPIVQ*375#(:19RTQXKFGU

EGPVTCNK\GFYGCVJGTUWRRQTVVQFGUKIPCVGFWUGTUVJTQWIJ

VYQEGPVTCNK\GFUWRRQTVQTICPK\CVKQPU#KT(QTEG)NQDCN

9GCVJGT%GPVGT#()9%CPFVJG#KT(QTEG%QODCV

%NKOCVQNQI[%GPVGT
#(%%%#KT(QTEG5RCEG

%QOOCPFRTQXKFGUURCEGGPXKTQPOGPVCNUWRRQTVVJTQWIJ

VJG 5RCEG9GCVJGT5SWCFTQP595HQTOGTN[VJG 6JG#KT(QTEGOCPCIGUVJG&GHGPUG/GVGQTQNQIKECN VJ

#KT(QTEG5RCEG(QTGECUV%GPVGT5CVGNNKVG2TQITCO
&/52YJKEJRTQXKFGUCNCTIG

XQNWOGQHENQWFWRRGTCKTCPFURCEGGPXKTQPOGPVCN 1DUGTXCVKQPU/GVGQTQNQIKECNQDUGTXCVKQPUCTG

ENCUUKHKGFCUUWTHCEGWRRGTCKTTCFCTQTUCVGNNKVG

QDUGTXCVKQPU1DUGTXCVKQPCPFUGPUKPIQHVJGURCEG

7RRGTCKTQDUGTXCVKQPURTQXKFGCOCLQTKPRWVHQT

PWOGTKECNCPCN[UKUCPFHQTGECUVKPI/QUVQHVJKU

KPHQTOCVKQPEQOGUHTQO7PKVGF5VCVGUCPFHQTGKIP

TCYKPUQPFGUQWTEGUCPFOKNKVCT[CPFEKXKNKCPUCVGNNKVG

FGTKXGFFCVC#FFKVKQPCNWRRGTCKTKPHQTOCVKQPKU

QDVCKPGFHTQOOKNKVCT[CPFEKXKNKCPRKNQVTGRQTVU

TCFCTUCTGRCTVQHVJG7PKVGF5VCVGUDCUKEYGCVJGTTCFCT

PGVYQTMQTCTGWUGFVQUWRRQTVVJG0CVKQPCN*WTTKECPG

1RGTCVKQPU2NCP6JGVCEVKECNYGCVJGTTCFCTUCTGWUGFVQ

UWRRQTVEQPVKPIGPE[QRGTCVKQPU6JG#KT(QTEGKU

GXCNWCVKPIEQPEGRVUHQTCVCEVKECNFQRRNGTYGCVJGTTCFCT

YJKEJEQWNFQRGTCVGKPDQVJOQDKNGCPFHKZGFNQECVKQPU

FCVCCPFKUVJGOQUVKORQTVCPVUKPINGUQWTEGQHINQDCN

YGCVJGTFCVCWUGFHQTEQODCVUWRRQTV1PDQCTFUGPUQTU

RTQXKFG#()9%CPFVJG0CX[	U(NGGV0WOGTKECN
$

/GVGQTQNQI[CPF1EGCPQITCRJ[%GPVGT(0/1%YKVJ #9&5KPVJGEQNNGEVKQPCPFFKUUGOKPCVKQPQHYGCVJGT

XKUKDNGKPHTCTGFCPFOKETQYCXGKOCIGT[QHVJGGPVKTG KPHQTOCVKQP6JGUGEKTEWKVUCNUQEQNNGEVCPFFKUUGOKPCVG

INQDGVGORGTCVWTGCPFOQKUVWTGUQWPFKPIFCVCCWTQTCN OKNKVCT[0QVKEGVQ#KTOCP016#/OGUUCIGVTCHHKEVQ

GNGEVTQPEQWPVUCPFQVJGTURGEKCNK\GFURCEGGPXKTQPOGPV

FCVC&/52CNUQUWRRNKGUFKTGEVTGCNVKOGTGCFQWVQH

TGIKQPCNKOCIGCPFOKUUKQPUGPUQTFCVCVQ&1&NCPF

DCUGFCPFUJKRDQTPGVGTOKPCNUNQECVGFYQTNFYKFG

6JGRTGUGPV&/52UCVGNNKVGUGTKGU$NQEM&WUGU

CPQRGTCVKQPCNNKPGUECPU[UVGO6JGXKUKDNGFGVGEVQTU

YGTGUGNGEVGFVQQRVKOK\GFKUVKPEVKQPCOQPIENQWFU

ITQWPFUPQYCPFYCVGT+VWUGUDQVJUVGNNCTCPFKPGTVKCN

TGHGTGPEGUVQIGVJGTYKVJQPDQCTFRTQEGUUQTUVQ

OCKPVCKPUVCDKNKV[CPFRQKPVKPICEEWTCE[6JG&/52

CNUQHNKGUCOKETQYCXGVGORGTCVWTGCPFJWOKFKV[UQWPFGT


55/655/6YJKEJRTQXKFGUXGTVKECNVGORGTCVWTG

OQKUVWTGCPFJGKIJVRTQHKNGUQHVJGCVOQURJGTG6JG

OKETQYCXGKOCIGT
55/+QDUGTXGUTCKPHCNNQEGCP

UWTHCEGYKPFURGGFENQWFCPFUQKNOQKUVWTGKEG

EQPFKVKQPUCPFQVJGTGPXKTQPOGPVCNFCVC

%QOOWPKECVKQPU6JGWVKNKV[QHOGVGQTQNQIKECN

KPHQTOCVKQPFGRGPFUQPCPGHHGEVKXGEQOOWPKECVKQPU

PGVYQTM6JGEWTTGPVCWVQOCVGFYGCVJGTPGVYQTM

RTQXKFGUHQTVJGEQNNGEVKQPQHOGVGQTQNQIKECNFCVCHTQO

OWNVKRNGYQTNFYKFGUQWTEGUFGNKXGTUVJGUGFCVCVQ

YGCVJGTEGPVTCNUCPFHQTGECUVHCEKNKVKGUCPFFKUVTKDWVGU

RTQFWEVUVQVJGHKGNF6JG#KT(QTEGEQOOWPKECVKQPU

U[UVGOEQPUKUVUQHEQPXGPVKQPCNCNRJCPWOGTKEPGVYQTMU

JKIJURGGFCWVQOCVGFFKIKVCNHCEKNKVKGUNQPIJCWNRQKPV

VQRQKPVFCVCEKTEWKVUHCEUKOKNGPGVYQTMUCPFJKIJ

HTGSWGPE[KPVGTEGRVHCEKNKVKGU

6JG#KT(QTEGQRGTCVGF#WVQOCVGF9GCVJGT

0GVYQTM
#90KUVJGDCEMDQPGQHOKNKVCT[YGCVJGT

EQOOWPKECVKQPUVQFGNKXGTHQTGKIPCPFFQOGUVKEYGCVJGT

FCVCVQFGUKIPCVGFWUGTU9GCVJGTKPVGTEGRVUKVGUKPMG[

QXGTUGCUCTGCUQDVCKP9QTNF/GVGQTQNQIKECN1TICPK\CVKQP


9/1YGCVJGTDTQCFECUVUCUYGNNCUPQP9/1

DTQCFECUVUHQT#90FGNKXGT[VQ#()9%6JG#90

CNUQFGNKXGTUVJGUGFCVCVQVJG0CX[CPFVQVJG0CVKQPCN

1EGCPKECPF#VOQURJGTKE#FOKPKUVTCVKQP	U
01##

0CVKQPCN%GPVGTUHQT'PXKTQPOGPVCN2TGFKEVKQP0%'2

1XGTUGCUEQNNGEVKQPCPFFKUUGOKPCVKQPPGVYQTMU

FGNKXGTFCVCVQCPFGZEJCPIGFCVCYKVJVJG#90

#WVQOCVKE&KIKVCN9GCVJGT5YKVEJ#&95CV*KEMCO

#($*CYCKKCPF4#(%TQWIJVQP7PKVGF-KPIFQO

+PVJG%1075VJG#&95CV6KPMGT#($1MNCJQOC

RTQXKFGUCNRJCPWOGTKERTQFWEVUVQVJG#WVQOCVGF

9GCVJGT&KUVTKDWVKQP5[UVGO
#9&5VJG%1075

/GVGQTQNQIKECN&CVC5[UVGO
%1/'&5CPFQVJGT

URGEKCNVGNGV[RGU[UVGOUCPFRTQXKFGUFKTGEVUWRRQTVVQ

CNN&1&%1075WUGTU

6JG%QOOWPKECVKQPU(TQPV'PF2TQEGUUQT%('2

CV1HHWVV#($0GDTCUMCKUVJGJWDQHCNN

EQOOWPKECVKQPUCV#()9%+VRTQXKFGUYGCVJGT

HCEUKOKNGEJCTVUQPFGFKECVGFEKTEWKVUHQTITCRJKEFCVCVQ

YQTNFYKFGOKNKVCT[WUGTU%('2CNUQKPVGTHCEGUYKVJVJG

#90CPFFTKXGUUGRCTCVGITCRJKEUPGVYQTMUUGTXKPIVJG

%1075#NCUMC'WTQRG%GPVTCN#OGTKECCPFVJG

2CEKHKE

2TGRCTCVKQPQH#PCN[UGUCPF(QTGECUVU6JG

RTKOCT[EGPVGTHQTRTQXKFKPIYGCVJGTCPCN[UGUCPF

HQTGECUVUHQT#KT(QTEGCPF#TO[QRGTCVKQPUKU#()9%

CV1HHWVV#($0GDTCUMC#()9%WUGUCPGVYQTMGF

EQORWVGTU[UVGOCPFCPKPVGTCEVKXGITCRJKEUCPFKOCIGT[

U[UVGOVQKORNGOGPVCDWKNFCPFCRRN[EQPEGRV

9QTNFYKFGYGCVJGTFCVCCTGTGNC[GFVQ#()9%CPF

DNGPFGFYKVJEKXKNCPFOKNKVCT[OGVGQTQNQIKECNUCVGNNKVG

FCVCVQEQPUVTWEVCTGCNVKOGKPVGITCVGFGPXKTQPOGPVCN

FCVCDCUG%QORWVGTRTQITCOUHWTVJGTFKIGUVVJGFCVCVQ

EQPUVTWEVOQFGNUQHVJGCVOQURJGTGCPFVQHQTGECUVKVU

HWVWTGDGJCXKQT/CPWCNVCKNQTKPIQHVJGFCVCKUETKVKECN

HQTCRRNKECVKQPVQVJGURGEKHKEPGGFUQHVJGYCTHKIJVGTU

6JGKPVGTCEVKQPDGVYGGPHQTGECUVGTCPFOCEJKPGKUCE

EQORNKUJGFYKVJVJG5CVGNNKVG&CVC*CPFNKPI5[UVGO


5&*55&*5EQPUKUVUQHKPVGTCEVKXGYQTMUVCVKQPU

ECRCDNGQHJKIJURGGFKPVGTCEVKQPYKVJUCVGNNKVGCPF

EQPXGPVKQPCNOGVGQTQNQIKECNFCVCVQRTGRCTGHQTGECUVUCPF

QVJGTGPXKTQPOGPVCNRTQFWEVU#()9%CNUQRTQXKFGU

DCEMWRHQTVJG0CVKQPCN9GCVJGT5GTXKEG
095

HCEUKOKNGPGVYQTMVJG095#WVQOCVKQPQH(KGNF

1RGTCVKQPUCPF5GTXKEGU
#(15RTQFWEVUCPFVJG

0CVKQPCN5GXGTG5VQTOU(QTGECUV%GPVGT

+PUWRRQTVQH&1&EQODCVQRGTCVKQPU#KT(QTEG

9GCVJGTQRGTCVGUEGPVTCNK\GFWPKVUEQPUKUVKPIQH

#()9%#(%%%595HKZGFVJGCVGT(QTGECUV7PKVU


(7HKZGF9GCVJGT5WRRQTV7PKVU957CPFRTQXKFGU

RGTUQPPGNVQFGRNQ[GF,QKPV

/GVGQTQNQIKECN1EGCPQITCRJKE
/'61%1RGTCVKQPU

%GPVGT,/1%0QVG#KT(QTEG9GCVJGTKUEWTTGPVN[

WPFGTIQKPITGGPIKPGGTKPI#OQPIVJGQVJGT

QTICPK\CVKQPCNEJCPIGUVJG#KT(QTEG9GCVJGT#IGPE[


#(9#YKNNDGHQTOGFCV1HHWVV#($EQODKPKPI

#()9%CPF*3#KT9GCVJGT5GTXKEG5WRRQTV

FGUETKRVKQPUKPVJKUCPFUWDUGSWGPVRCTCITCRJUYKNN

EJCPIGWPFGTVJKUPGYCIGPE[0QTOCNN[YGCVJGT

UWRRQTVKUCOKZQHEGPVTCNN[CPFNQECNN[RTQFWEGF

OGVGQTQNQIKECNRTQFWEVU#()9%JCUUJKHVGFVQC
$

TGIKQPCNGORJCUKUYKVJURGEKCNEGNNUFGUKIPGFHQTOCLQT OGVGQTQNQIKECNUCVGNNKVGFKTGEVTGCFQWVVGTOKPCNUCPF

YQTNFTGIKQPU6JGUGTGIKQPCNEGNNURTQXKFGNCTIGUECNG VCEVKECNEQOOWPKECVKQPUVGTOKPCNURTQXKFGVJGOGCPUVQ

CPCN[UGUHQTGECUVUCPFIWKFCPEGHQTNQECNOGVGQTQNQIKUVU CESWKTGXKVCNOGVGQTQNQIKECNFCVCYKVJKPCVJGCVGT#

YJQCRRN[VJGKPHQTOCVKQPVQURGEKHKEOKUUKQPU6JGCVGT JKIJHTGSWGPE[TCFKQDTQCFECUV*(4$U[UVGOKUWUGFVQ

HQTGECUVWPKVUCTGURGEKHKECNN[PCOGFWPKVUGIVJG CWIOGPVVTCPUOKUUKQPQHCNRJCPWOGTKECPFHCEUKOKNG

-QTGCP(QTGECUV7PKVFGUKIPCVGFVQRTQXKFGHQTGECUV RTQFWEVUVQVJGVJGCVGTYGCVJGTHQTEG6JG*(4$U[UVGO

UGTXKEGUCPFRTQFWEVUHTQOCHKZGFNQECVKQPHQTCURGEKHKE EQPUKUVUQHTGIKQPCNDTQCFECUVUVCVKQPUCV#PFGTUGP#($

IGQITCRJKECNCTGCVCEVKECNQRGTCVKQPQTGZGTEKUG# )WCO'NMJQTP0GDTCUMCCPF4QQUGXGNV4QCFU2WGTVQ

,/1%RTQXKFGUVJGUCOGUGTXKEGUCUCVJGCVGTHQTGECUV 4KEQ

WPKVJQYGXGTKVKUFGRNQ[GFVQUWRRQTVCURGEKHKEEQODCV 

QRGTCVKQPQTGZGTEKUGYJKEJKUPQVQTECPPQVDGUWRRQTVGF

D[VJGCVGTHQTGECUVWPKV#()9%FKTGEVN[UWRRQTVU#KT

(QTEG#TO[CPF,QKPVHQTEGUYJGPVJGVJGCVGTHQTGECUV

WPKVNCEMUUWRRQTVECRCDKNKVKGUCPFYJGPC,/1%KUPQV

GUVCDNKUJGF

&KUUGOKPCVKQPQH(QTGECUVUCPF9CTPKPIU6JG#KT UWDUGSWGPVRCTCITCRJUYKNNEJCPIGHQNNQYKPIVJKU

(QTEGCPF#TO[TGSWKTGYQTNFYKFGOGVGQTQNQIKECN TGNQECVKQPU6[RKECNUWRRQTVUCVKUHKGUTGSWKTGOGPVUHQT

UGTXKEGUHQTURGEKHKEQRGTCVKQPCNCPFRNCPPKPICEVKXKVKGU CUUGUUOGPVUQHPCVWTCNGPXKTQPOGPVCNGHHGEVUQPOKNKVCT[

/KNKVCT[WUGTUTGSWKTGOGVGQTQNQIKECNKPHQTOCVKQP RNCPUYGCRQPU[UVGOUHCEKNKVKGUCPFKPVGNNKIGPEG

FKTGEVGFVQVJGPGGFUQHYGCRQPU[UVGOUDGKPIFGXGNQRGF CEVKXKVKGU#(%%%EQNNGEVUGPXKTQPOGPVCNFCVCHTQO

QTWUGFEQOOCPFCPFEQPVTQNU[UVGOU#TO[HKTKPI #()9%CPFVJGPUQTVUEJGEMUUVQTGUCPFGORNQ[U

WPKVUTGUGCTEJFGXGNQROGPVCPFGXCNWCVKQPVGUVKPI VJGUGFCVCVQRTQFWEGVCKNQTGFRTQFWEVU#(%%%CNUQ

VTCKPKPICPFFGRNQ[OGPVQHOKNKVCT[HQTEGUCPF QRGTCVGUCHCEKNKV[EQNNQECVGFYKVJVJG0CVKQPCN%NKOCVKE

EQPVKPIGPE[QRGTCVKQPU &CVC%GPVGTKP#UJGXKNNG0QTVJ%CTQNKPCVQHCEKNKVCVG

EQQRGTCVKQPCPFFCVCGZEJCPIG#(%%%V[RKECNN[ #KT(QTEG9GCVJGTGPJCPEGUVJGWPKSWGINQDCN

ECRCDKNKV[QHOKNKVCT[CXKCVKQPYJKNGKPFKTGEVN[CUUKUVKPI

EKXKNCXKCVKQP#KT(QTEGRGTUQPPGNRTQXKFGHNKIJV

YGCVJGTDTKGHKPIUCKTITQWPFTCFKQUGTXKEGUCPFVCKNQTGF

QDUGTXCVKQPUHQTGECUVUYCVEJGUCPFYCTPKPIUHQT

OKNKVCT[QRGTCVKQPU

#URGEKCNCURGEVQHVJGOKNKVCT[YGCVJGTOKUUKQPKU FCVCUGVU

VJGPGGFVQRTQXKFGFGEKUKQPCUUKUVCPEGVQEQOOCPFGTU 

CPFTGUQWTEGOCPCIGTU6QHWNHKNNVJKUTGSWKTGOGPV

FGUKIPCVGF#KT(QTEGYGCVJGTRGTUQPPGNUGTXGCURCTVQH

VJGYQTMKPIUVCHHQHQRGTCVKQPCN#KT(QTEG#TO[CPF

,QKPVHQTEGWPKVU+PVJKUECRCEKV[#KT(QTEGYGCVJGT 6JG#TO[YGCVJGTUWRRQTVOKUUKQPKUEQORNGVGN[

RGTUQPPGNKFGPVKH[CNNYGCVJGTUGPUKVKXGCTGCUQHVJG KPVGITCVGFKPVQVJG#KT(QTEG	UQXGTCNNOKUUKQPEQPEGRV

QRGTCVKQPOQPKVQTVJGYGCVJGTUGTXKEGRTQXKFGFKPVJGUG 6JG#TO[VTCKPUCPFGFWECVGU#KT(QTEGRGTUQPPGNCDQWV

CTGCUCPFRTQXKFGGZRGTVCFXKEGVQOKVKICVGYGCVJGT #TO[QTICPK\CVKQPUEQPEGRVUQHQRGTCVKQPUCPFVJG

KORCEVUQPVTCKPKPIQTEQODCVQRGTCVKQPU6JKUGHHQTV YGCVJGTUGPUKVKXKVKGUQH#TO[QRGTCVKQPUCPFGSWKROGPV

JGNRUGPUWTGVJCV#KT(QTEG#TO[CPF,QKPVHQTEGWPKVU #KT(QTEGYGCVJGTWPKVUCTGCNKIPGFCPFKPVGITCVGFYKVJ

HWNHKNNVJGKTOKUUKQPUTGICTFNGUUQHVJGYGCVJGTCPFTGUWNVU VJG#TO[KPVGNNKIGPEGQTICPK\CVKQP9GCVJGTRTQFWEVU

KPGHHKEKGPVWUGQHYGCVJGTTGUQWTEGUD[IGCTKPIVJGOVQ CTGVCKNQTGFVQDGFKTGEVN[WUCDNGCPFWPFGTUVCPFCDNGD[

OKUUKQPPGGFU #TO[RGTUQPPGNCPFCTGKPVGITCVGFKPVQ#TO[

EQOOWPKECVKQPUU[UVGOU/QDKNGCPFHKZGF &GRNQ[GFYGCVJGTVGCOUCTGVJGDCUKEWPKVU

RTQXKFKPIYGCVJGTUWRRQTVKPCEQODCVVJGCVGT6JGUG

VGCOURTQXKFGUWTHCEGCPFWRRGTCKTQDUGTXCVKQPUUVCHH

YGCVJGTQHHKEGTUGTXKEGUCPFHQTGECUVU6JGVCEVKECN

HQTGECUVU[UVGOVCEVKECNYGCVJGTTCFCTVCEVKECN

5RGEKCNK\GF5WRRQTV#(%%%5EQVV#($+NNKPQKU

RTQXKFGUGPXKTQPOGPVCNFCVCCPFURGEKCNK\GFUVWFKGUVQ

UWRRQTVVJG#KT(QTEG#TO[CPFQVJGTIQXGTPOGPV

CIGPEKGU0QVG#(%%%YKNNDGOQXKPIVQ#UJGXKNNG

0QTVJ%CTQNKPCCPFDGEQOGEQNNQECVGFYKVJVJG0CVKQPCN

%NKOCVKE&CVC%GPVGT5WRRQTVFGUETKRVKQPUKPVJKUCPF

EQNNGEVUSWCNKV[CUUWTGUCPFCRRNKGUYQTNFYKFGUWTHCEG

CPFWRRGTCKTQDUGTXCVKQPUCVJTGGFKOGPUKQPCN
&

ENQWFCPCN[UKUGZVTCEVGFHTQOOGVGQTQNQIKECNUCVGNNKVG

KOCIGT[4GCNVKOG0GRJCPCN[UKUCINQDCNCPCN[UKUQH

UPQYEQXGTUQNCTIGQOCIPGVKECPFURCEGQDUGTXCVKQPU

CPFKPFKEGUCPFOCP[QVJGTURGEKCNK\GFGPXKTQPOGPVCN

6JG#KT(QTEGCNUQUWRRQTVUCPCTTC[QH#KT(QTEG

CPF#TO[URGEKCNK\GFTGSWKTGOGPVU5QOGQHVJGUGCTG

FGUETKDGFDGNQY

OGVGQTQNQIKECNGSWKROGPVKURTQITCOOGFD[VJG#KT

(QTEG+PCVCEVKECNGPXKTQPOGPVYGCVJGTRGTUQPPGN

UGTXGYKVJGEJGNQPCDQXGEQTRUEQTRUFKXKUKQPU

UGRCTCVGDTKICFGUTGIKOGPVUCXKCVKQPDTKICFGUCTOQTGF
$

ECXCNT[TGIKOGPVUTCPIGTTGIKOGPVUCPFURGEKCNHQTEGU /QFGNKPICPF5KOWNCVKQP
':%+/5TGRTGUGPVKPIVJG

ITQWRU
CUYGNNCUUWDQTFKPCVGDCVVCNKQPUFGRNQ[GFCV 1HHKEGQHVJG7PFGT5GETGVCT[QH&GHGPUGHQT#ESWKUKVKQP

HQTYCTFQRGTCVKPIDCUGU6JG#KT(QTEGRTQXKFGU CPF6GEJPQNQI[CUVJG'ZGEWVKXG#IGPV6JG'ZGEWVKXG

QDUGTXGTUWRRQTVVQCNNEQOOCPFNGXGNUKFGPVKHKGFCDQXG #IGPVKUTGURQPUKDNGHQTGPUWTKPICWVJQTKVCVKXGCKTCPF

6JG#TO[(QTYCTF#TGC.KOKVGF1DUGTXKPI2TQITCO URCEGGPXKTQPOGPVOQFGNUCNIQTKVJOUCPFFCVCKPVGPFGF


(#.12CPFVJG#TO[CTVKNNGT[OGVGQTQNQI[ HQTETQUUCIGPE[ETQUU5GTXKEGNCDQTCVQTKGUKPCKTCPF


#46;/'6RTQITCOCWIOGPVVJG#KT(QTEG URCEGPCVWTCNGPXKTQPOGPVCNDQWPFCTKGU#UQHVJG

QDUGTXCVKQPUKPVJGVCEVKECNGPXKTQPOGPV'ZGEWVKXG#IGPVYKNNTGUKFGCV#(%%%+VYKNNDG

UVTWEVWTGFCUCOWNVKUGTXKEG/QFGNKPICPF5KOWNCVKQP 6JG#KT(QTEGRTQXKFGUOGVGQTQNQIKECNRTQFWEVUVQ

VJG0CVKQP	UURCEGCPFOKUUKNGRTQITCOU6JKUKPENWFGU

CYKFGTCPIGQHYGCVJGTQDUGTXKPIUGTXKEGUCVVJG#KT #KT0CVKQPCN)WCTF#0)6JGTGCTGVYQFKUVKPEV

(QTEG'CUVGTP4CPIGCPFVJG-GPPGF[5RCEG%GPVGT HWPEVKQPUYKVJKPVJG#0)YGCVJGTRTQITCO6JG

6JG#KT(QTEGCNUQRTQXKFGUNCWPEJHQTGECUVKPIUGTXKEG VTCFKVKQPCNRTQITCOEQPUKUVUQHYGCVJGTHNKIJVU

HQT0#5#	UOCPPGFCPFWPOCPPGFNCWPEJGUCPFHQT TCPIKPIKPUK\GHTQOVQRGTUQPPGN6JGHNKIJVU

EQOOGTEKCNNCWPEJGUHTQOVJG-GPPGF[5RCEG%GPVGT OGGVOQPVJN[VQVTCKPHQTVJGKTYCTVKOGOKUUKQPUCPF

6JG#KT(QTEGCNUQRTQXKFGUURGEKCNK\GFOGVGQTQNQIKECN UWRRQTVDQVJ#TO[0CVKQPCN)WCTF#40)CPF75

UGTXKEGUHQTVJG#KT(QTEG9GUVGTP4CPIGCV8CPFGPDGTI #TO[4GUGTXG
75#4WPKVUCUYGNNCU#0)HN[KPI

#($%CNKHQTPKCCPFVJG2CEKHKE/KUUKNG4CPIGYJKEJ WPKVU#9GCVJGT4GCFKPGUU%GPVGTQRGTCVGUCV%COR

KPENWFGU2QKPV/WIWCPF5CP0KEJQNCU+UNCPF%CNKHQTPKC $NCPFKPI5VCTMG(NQTKFCVQRTQXKFG#TO[VCEVKECNUMKNNU

CPF$CTMKPI5CPFU*CYCKK+PCFFKVKQPVJG#KT(QTEG VTCKPKPIVJCVKUPQVCXCKNCDNGGNUGYJGTGKPVJG#KT(QTEG

UWRRQTVUVJG9JKVG5CPFU/KUUKNG4CPIG0GY/GZKEQ 6JG#0)KUCNUQTGURQPUKDNGHQTRGCEGVKOGYGCVJGT

VJG-YCLCNGKP/KUUKNG4CPIGCPFQVJGT&1&TGUGCTEJ QRGTCVKQPUCVNQECVKQPUYJGTGVJG#0)KUTGURQPUKDNGHQT

CPFVGUVHCEKNKVKGU CKTHKGNFQRGTCVKQPU

6JG#KT(QTEGCPF0CX[QRGTCVGVJG,QKPV6[RJQQP 2NCPPGF'PJCPEGOGPVU#KT(QTEG#TO[CPFLQKPV

9CTPKPI%GPVGT
,69%QP)WCOWPFGTVJG0CXCN

2CEKHKE/GVGQTQNQI[CPF1EGCPQITCRJ[%GPVGT9GUV

)WCO,69%RTQXKFGUVTQRKECNE[ENQPGYCTPKPI

UGTXKEGUVQ&1&WPKVUCPFQVJGT7PKVGF5VCVGU

UWDUETKDGTUKPVJGCTGCYGUVQHFGITGGUVQVJGGCUV

EQCUVQH#HTKECKPDQVJJGOKURJGTGU

6JG#KT(QTEGFKTGEVN[UWRRQTVU&1&5RGEKCN

5VTCVGIKE2TQITCOUVJG0CVKQPCN%QOOCPF#WVJQTKV[

VJG0CVKQPCN/KNKVCT[%QOOCPF5[UVGOCPFVJG0CVKQPCN

5GEWTKV[#IGPE[6CKNQTGFGPXKTQPOGPVCNUWRRQTV

RTQFWEVUCTGFKUUGOKPCVGFVQVJGUGEWUVQOGTUYQTNFYKFG

6JG#KT(QTEGCPF01##QRGTCVGVJG,QKPV

75#(01##5RCEG'PXKTQPOGPV5GTXKEGU%GPVGTCV

$QWNFGT%QNQTCFQ6JGEGPVGTRTQXKFGUURCEG

GPXKTQPOGPVCNFCVCRTQFWEVUUGTXKEGUCPFUQNCT

HQTGECUVUVQCYKFGXCTKGV[QHEWUVQOGTU

6JG#KT(QTEGCNUQRTQXKFGU#ITQOGVGQTQNQIKECN

QWVRWVVQVJG75&#	U(QTGKIP#ITKEWNVWTCN5GTXKEGCPF

QVJGTPCVKQPCNEWUVQOGTU6JGQWVRWVRTQXKFGFKPENWFGU

FKCIPQUVKEUQKNJ[FTQNQI[CPFQVJGTOGVGQTQNQIKECNQWVRWV

RGTVKPGPVVQETQRITQYVJCPF[KGNFGUVKOCVKQP

&1&/QFGNKPICPF5KOWNCVKQP'ZGEWVKXG#IGPVHQT

VJG#KTCPF5RCEG0CVWTCN'PXKTQPOGPV6JG#KT(QTEG

YCUEQPHKTOGFKPD[VJG'ZGEWVKXG%QWPEKNHQT

FKXKUKQP

HQTEGQRGTCVKQPCNTGSWKTGOGPVUHQTGPXKTQPOGPVCNUWRRQTV

CTGVJGDCUKUHQTCNN#KT(QTEGCEVKQPUVQKORTQXGGZKUVKPI

QTCESWKTGPGYECRCDKNKVKGU6JG#KT(QTEGCUUGUUGU

VJGUGTGSWKTGOGPVUCPFCVVGORVUVQUCVKUH[VJGOVJTQWIJ

GKVJGTJCTFYCTGCESWKUKVKQPUQTVGEJPKSWGFGXGNQROGPV

#95CPFVJG0CXCN/GVGQTQNQI[CPF1EGCPQITCRJ[

%QOOCPFCTGYQTMKPIQPKPKVKCVKXGUVQKORTQXG

GPXKTQPOGPVCNUWRRQTVVQLQKPVKPVGTUGTXKEGCPFUGTXKEG

QRGTCVKQPU6JG[HQEWUQPVJGUVTGPIVJUQHGCEJQHVJG

UGTXKEGUCPFDWKNFQPGZKUVKPIEQQRGTCVKXGGHHQTVU

6JG#KT(QTEGKUOQFGTPK\KPICPFKORTQXKPIKVU

DCUGNGXGNYGCVJGTU[UVGOU6JKUKPENWFGUVJG#WVQOCVGF

9GCVJGT&KUVTKDWVKQP5[UVGO
#9&52TG2NCPPGF

2TQFWEV+ORTQXGOGPVU
2+CPF0GZV)GPGTCVKQP

9GCVJGT4CFCT0':4#&954&RTQITCOU

6JG954&KUDGKPIRTQEWTGFWPFGTVJGCWURKEGU

QHVJG0':4#&,QKPV5[UVGO2TQITCO1HHKEG+VKUCP

CWVQOCVGFFKIKVK\GF5DCPF&QRRNGTU[UVGOVJCVYCU

LQKPVN[FGXGNQRGFCPFRTQEWTGF+VKUQRGTCVGFCPF

OCKPVCKPGFD[&1&01##CPF(##YKVJKPVJG

%1075CPFD[VJG#KT(QTEGCPF0CX[QXGTUGCU6JG

U[UVGOKPEQTRQTCVGUVJGNCVGUVVGEJPQNQIKECNCFXCPEGUKP

&QRRNGTTCFCTFCVCRTQEGUUKPIEQOOWPKECVKQPUCPF

FKURNC[6JG%1075954&PGVYQTMYKNNUCVKUH[

YGCVJGTTCFCTTGSWKTGOGPVUKPUWRRQTVQHVJGIGPGTCN

RWDNKEVJGOKNKVCT[CPFVJGCXKCVKQPEQOOWPKV[
$

6JG%GPVTCNK\GF&CVC/CPCIGOGPV5[UVGO%&/5 566UCTGDGKPIHKGNFGFCVVJGNQYGUVNGXGNQHVCEVKECN

VTCPUKVKQPKUCTGNCVGFUGTKGUQHFKUVKPEVCESWKUKVKQP YGCVJGTQRGTCVKQPU
KGUWRRQTVVQ75#(HN[KPI

FGXGNQROGPVCPFKPVGITCVKQPGHHQTVUVQVTCPUKVKQP USWCFTQPUCPF#TO[FKXKUKQPU(WTVJGTOQTGCNN566U

#()9%HTQOCFCVCDCUGFGRGPFGPVCRRNKECVKQPU ECPDGPGVYQTMGFVJTQWIJDCVVNGHKGNFEQOOWPKECVKQP

GPXKTQPOGPVVQCEGPVTCNK\GFFCVCDCUGOCPCIGOGPV KPVGTPGVUVQETGCVGEQORTGJGPUKXGUCVGNNKVGKOCIGT[

U[UVGO7PFGTVJG%&/5VTCPUKVKQP#()9% FKUVTKDWVKQPU[UVGOU(WVWTGFGXGNQROGPVUKPVJG566

EGPVTCNK\GFVJGOCPCIGOGPVQHCPWODGTQHMG[FCVCDCUGU RTQITCODWKNFQPVJGUGKPKVKCNECRCDKNKVKGUVQHWTVJGT

QPQPGEQORWVGTHQTDQVJWPENCUUKHKGFCPFENCUUKHKGF TGFWEGVJGUK\GCPFYGKIJVQHGSWKROGPVCPFOCZKOK\G

RTQFWEVKQP6JKUCESWKUKVKQPYKNNDGKPVGITCVGFYKVJ WUGQHVJGEQOOWPKECVKQPNKPMUQPVJGDCVVNGHKGNF

KORTQXGF#()9%JCTFYCTGUQHVYCTGU[UVGOUCPFYKNN 

VTCPUKVKQPVQVJGEGPVTCNK\GFFCVCDCUGOCPCIGOGPV

GPXKTQPOGPVWPFGTRNCPPGFRTQITCOOGFUVGRU%&/5  5RCEG9GCVJGT5SWCFTQP595KUVJG#KT

VTCPUKVKQPTGCEJGFKPKVKCNQRGTCVKQPCNECRCDKNKV[KP (QTEGHQECNRQKPVHQTQRGTCVKQPCNURCEGGPXKTQPOGPVCN

YKVJQRGTCVKQPCNUWRRQTVVQVJG)NQDCN#RRNKECVKQPU UWRRQTV595CNUQRCTVKEKRCVGUYKVJ01##KPVJG

&CVCDCUG(WNNQRGTCVKQPCNECRCDKNKV[KUEWTTGPVN[ LQKPVQRGTCVKQPQHVJG5RCEG'PXKTQPOGPV%GPVGT5'%

UEJGFWNGFHQT(;KPEQPLWPEVKQPYKVJVJG#()9% KP$QWNFGT%QNQTCFQ7PFGTGZKUVKPICITGGOGPVU5'%

5&*5TGRNCEGOGPV CPF595RTQXKFGNKOKVGFDCEMWRHQTGCEJQVJGT

FWTKPIEQPVKPIGPEKGU/CP[&1&U[UVGOUQRGTCVGKPQT 6JG%NQWF&GRKEVKQPCPF(QTGECUVKPI5[UVGO


%&(5++YKNNOCMGOCLQTUQHVYCTGCPFJCTFYCTG

OQFKHKECVKQPUCV#()9%VQWRITCFGVJGYGCVJGTUCVGNNKVG

FCVCRTQEGUUKPIENQWFFGRKEVKQPCPFHQTGECUVKPICPF

ENCUUKHKGFYGCVJGTUWRRQTVHWPEVKQPUVQOGGV

EWUVQOGTUVCVGFUWRRQTVTGSWKTGOGPVU%&(5++YKNNCNUQ

KPEQTRQTCVGYGCVJGTUCVGNNKVGFCVCENQWFFGRKEVKQPCPF

HQTGECUVFCVCCPFUWRRQTVKPIFCVCDCUGUKPVQVJG#()9%

%&/5

6JG/#4-+8$&KTGEV4GCFQWVRTQITCOJCU RTQXKFGFHQTVJGHQNNQYKPI

RTQEWTGFPGYUCVGNNKVGTGEGKXGTVGTOKPCNUVQTGRNCEGVJG 

CIKPI/#4-+++U+PCFFKVKQPVQRTQXKFKPIJKIJ

TGUQNWVKQPUCVGNNKVGKOCIGT[HTQORQNCTCPF < 'PGTIGVKERCTVKENGHNWZGUCVUCVGNNKVGQTDKVU

IGQU[PEJTQPQWUYGCVJGTUCVGNNKVGUVJG/#4-+8$ 

VGTOKPCNUCEEGRVUCPFWUGUFCVCHTQOVJG&/52

OKETQYCXGKOCIGTCPFUQWPFGTUCPFVJG6+415

OKETQYCXGUQWPFKPIWPKVU#CPF$6JG/#4-+8$ < 7RRGTCVOQURJGTKEFGPUKV[XCTKCVKQPUD[RTQXKFKPI

RTQFWEGUDQVJWPKHQTOITKFFGFFCVCHKGNFUCPFVTCFKVKQPCN IGQOCIPGVKECPFUQNCTKPFKEGU

OGVGQTQNQIKECNRTQFWEVU 

6JG5OCNN6CEVKECN6GTOKPCN
566KUCUOCNN 

NKIJVYGKIJVTWIIGFK\GFOQFWNCTK\GFKPVGTQRGTCDNG

HKTUVKPUCVGNNKVGTGEGKXGVGTOKPCNVJCVTGEGKXGUFCVC

VTCPUOKVVGFD[IGQUVCVKQPCT[CPFRQNCTQTDKVKPI

OGVGQTQNQIKECNUCVGNNKVGU6JGTGCTGVJTGGEQPHKIWTCVKQPU 6JGGHHGEVUQHVJGURCEGGPXKTQPOGPVQP&1&

QHVJG5666JGDCUKE566UTGEGKXGNQYTGUQNWVKQP U[UVGOUCTGOCP[CPFXCTKGF6JGOCIPGVQURJGTGCHHGEVU

&/52CPFEKXKNRQNCT6+415/'6'14GVEFCVCCU UCVGNNKVGQRGTCVKQPUVJTQWIJUWEJRJGPQOGPCCUUKPING

YGNNCU9'(#:VTCPUOKUUKQPUHTQOIGQUVCVKQPCT[ GXGPVWRUGVU
5'7CPFURCEGETCHVEJCTIKPI/CPPGF

UCVGNNKVGU6JG'PJCPEGF566CFFUVJGECRCDKNKV[VQ URCEGHNKIJVUCTGXWNPGTCDNGVQKPVGPUGTCFKCVKQPHTQONCTIG

TGEGKXGCPFFKURNC[JKIJTGUQNWVKQP&/52CPF6+415 UQNCTHNCTGUCPFIGQOCIPGVKEUVQTOURCTVKEWNCTN[HQTJKIJ

TGCNVKOGDTQCFECUVU(KPCNN[VJG,QKPV6CUM(QTEG KPENKPCVKQPQTDKVU+QPQURJGTKEEQPFKVKQPUJCXGC

5CVGNNKVG6GTOKPCNCFFVJGECRCDKNKV[VQTGEGKXGJKIJ RTQHQWPFGHHGEVQPVJGRTQRCICVKQPQHTCFKQYCXGUCPF

TGUQNWVKQPIGQUVCVKQPCT[FCVC TCFCTUKIPCNUNGCFKPIVQEQOOWPKECVKQPUDNCEMQWVUCPF

52#%''08+410/'06#.5'48+%'5

VJ

CTGCHHGEVGFD[EQPFKVKQPUCDQXGMKNQOGVGTU6JG

URCEGGPXKTQPOGPVKPENWFGUVJGVJGTOQURJGTG

KQPQURJGTGCPFOCIPGVQURJGTGCUYGNNCUVJGTGIKQPU

VJCVKPHNWGPEGVJGOUWEJCUVJGUWPCPFKPVGTRNCPGVCT[

URCEG595RTQXKFGUDCUKECPFURGEKCNK\GFURCEG

GPXKTQPOGPVCNUWRRQTVVQOKNKVCT[GNGEVTQOCIPGVKE

EQOOWPKECVKQPUUWTXGKNNCPEGCPFYCTPKPIU[UVGOU

YJKEJQRGTCVGKPVJKUGPXKTQPOGPV5RCEGGPXKTQPOGPV

HQTGECUVRTQFWEVUCPFQTURGEKCNK\GFUGTXKEGUCTG

< +QPQURJGTKEEQPFKVKQPU

< 5QNCTHNCTGUQNCTRCTVKENGCPFIGQOCIPGVKEUVQTO

GXGPVU

< *KIJHTGSWGPE[*(TCFKQYCXGRTQRCICVKQP

< &GVCKNGFRQUVCPCN[UKUUVWFKGUQHQRGTCVKQPCNU[UVGO

RTQDNGOUVQFGVGTOKPGKHVJGURCEGGPXKTQPOGPVYCU

CEQPVTKDWVKPIHCEVQT$

GTTQPGQWUTCFCTTGVWTPU8CTKCVKQPUKPVJGPGWVTCN (WVWTG+ORTQXGOGPVUKP5955WRRQTV595

CVOQURJGTGCHHGEVUCVGNNKVGUQTDKVKPICVTGNCVKXGN[NQY KUGPJCPEKPIKVUCDKNKV[VQQDUGTXGVJGURCEGGPXKTQPOGPV

CNVKVWFGU CPCN[\GFCVCCPFOQFGNVJGPGCT'CTVJGPXKTQPOGPV

5QWTEGUQH5RCEG'PXKTQPOGPVCN&CVC6QQDVCKP 6JG+QPQURJGTKE/GCUWTKPI5[UVGO
+/5KUC

UQNCTFCVCVJG595QRGTCVGUCPGVYQTMQHUQNCT RNCPPGFTGRNCEGOGPVHQTVJGEWTTGPVRQNCTKOGVGTPGVYQTM

QRVKECNCPFTCFKQVGNGUEQRGU5QNCT'NGEVTQ1RVKECN +/5WUKPIUKIPCNUHTQO)NQDCN2QUKVKQPKPI5[UVGO

0GVYQTM5'10QDUGTXCVQTKGUCTGNQECVGFCV5CICOQTG 
)25UCVGNNKVGUYKNNOGCUWTGVQVCNGNGEVTQPEQPVGPV6JG

*KNN/CUUCEJWUGVVU4COG[2WGTVQ4KEQ*QNNQOCP KPKVKCNRWTEJCUGCPFFGRNQ[OGPVQHHKXG+/5WPKVUKUKP

#($0GY/GZKEQ2CNGJWC*CYCKK5CP8KVQ+VCN[ RTQITGUU

CPF.GCTOQPVJ#WUVTCNKC6JG595CNUQTGEGKXGU 

TGCNVKOGUQNCT:TC[CPFGPGTIGVKERCTVKENGFCVCHTQOVJG

)GQUVCVKQPCT[1RGTCVKQPCN'PXKTQPOGPVCN5CVGNNKVGU


)1'5&/5201##CPFQVJGT&1&IGQUVCVKQPCT[

UCVGNNKVGURTQXKFGCFFKVKQPCNGPGTIGVKERCTVKENGFCVCKP

NQY'CTVJCPFIGQU[PEJTQPQWUQTDKVU

#YQTNFYKFG
RTKOCTKN[PQTVJGTPJGOKURJGTG EQPVKPWG

PGVYQTMQHKQPQUQPFGUCPFRQNCTKOGVGTURTQXKFGU 

KQPQURJGTKEFCVC#95KUEWTTGPVN[FGRNQ[KPIVJG

CWVQOCVGF&KIKVCN+QPQURJGTKE5QWPFKPI5[UVGO&+55

VQTGRNCEGQNFGTKPUVTWOGPVUCPFRTQXKFGKORTQXGF

KQPQURJGTKEEQXGTCIG

6JG595OQPKVQTUXCTKCVKQPUQHVJGIGQOCIPGVKE 595KPTGCNVKOG

HKGNFWUKPIITQWPFDCUGFOCIPGVQOGVGTUVJTQWIJC 

EQQRGTCVKXGCITGGOGPVYKVJVJG75)5EQORWVGUCTGCN

VKOGIGQOCIPGVKEKPFGZCPFVTCPUOKVUVJGFGTKXGFKPFGZ

VQWUGTU

9CTPKPICPF(QTGECUV5GTXKEGU+PPGCTTGCNVKOG JQWTUQHTGCNVKOGKPVGTRNCPGVCT[UQNCTYKPFFCVCVQ

595RTQXKFGUQRGTCVQTUCFXCPEGYCTPKPIQH 595GCEJFC[#FFKVKQPCNN[VJGTGYKNNDGVYQ

EQPFKVKQPUVJCVEQWNFFGITCFGRGTHQTOCPEGQHVJGKT ECORCKIPUC[GCTFWTKPIYJKEJTGCNVKOGFCVCYKNNDG

U[UVGOU0QVKHKECVKQPUKPENWFG RTQXKFGFJQWTUCFC[6JGGZRGEVGFNKHGQH

59+/9+0&KUVQ[GCTU'HHQTVUVQGZRCPFVJG < 5QNCT:TC[GXGPVUYJKEJECPFKUTWRV*(

EQOOWPKECVKQPUQPUWPNKVRCVJU

< 5QNCTTCFKQDWTUVUYJKEJECPFKUTWRV

EQOOWPKECVKQPUU[UVGOUCPFKPVGTHGTGYKVJTCFCT

U[UVGOU

< 5QNCTRTQVQPGXGPVUYJKEJECPRTQFWEGTCFKCVKQP QHVJGUGRJGPQOGPCYJKEJCTGNKOKVGFD[ENQWFUCPF

JC\CTFUVQURCEGETCHVCPFCDUQTRVKQPQHVTCPURQNCT QVJGTCVOQURJGTKEQDUEWTCPVU2TGEKUGNQECVKQPQHCEVKXG

*(TCFKQYCXGU TGIKQPUQPVJGUQNCTFKUMKUETWEKCNVQCEEWTCVGHQTGECUVKPI

QHUQNCTHNCTGKORCEVUQPVJGPGCTGCTVJGPXKTQPOGPV < +QPQURJGTKEFKUVWTDCPEGUYJKEJECPFGITCFG*(CPF

UCVGNNKVGEQOOWPKECVKQPUU[UVGOU 6JG5RCEG'PXKTQPOGPVCN6GEJPQNQI[6TCPUKVKQP


5'66RTQITCOVTCPUKVKQPUUVCVGQHVJGCTVURCEG < )GQOCIPGVKEFKUVWTDCPEGUYJKEJECPCHHGEVVJG

QTDKVCNRCTCOGVGTUQHNQYCNVKVWFGUCVGNNKVGUECWUG

URCEGETCHVEJCTIKPICPFQTRJ[UKECNFCOCIGFKUTWRV

*(TCFKQYCXGRTQRCICVKQPQTKPVGTHGTGYKVJTCFCT

U[UVGOU

6JG5'105QNCT/CZKOWO/QFKHKECVKQPYKNN

KORTQXGVJGECRCDKNKVKGUQHVJG5'10QDUGTXCVQTKGU

6JGTGEQPVKPWGUVQDGGHHQTVUVQWRITCFGQDUQNGVGCPF

PQPUWRRQTVCDNGGSWKROGPVCPFVQKORTQXGCPFCWVQOCVG

EWTTGPVECRCDKNKVKGU'HHQTVUVQWRITCFGQDUQNGVGCPFPQP

UWRRQTVCDNGGSWKROGPVVQOCKPVCKPEWTTGPVECRCDKNKV[

#UGTKGUQH5QNCT:4C[+OCIGT5:+YKNNDGHNQYP

DGIKPPKPIQPVJGPGZV)1'5UCVGNNKVGNCWPEJGF6JG5:+

YKNNOQPKVQTUQNCTGOKUUKQPUKPVJGGZVTGOGWNVTCXKQNGV


'78CPF:TC[RQTVKQPUQHVJGUQNCTURGEVTWO6JGUG

FCVCYKNNDGFQYPNKPMGFVQVJG5'%CPFVTCPUOKVVGFVQ

6JG5QNCT9KPF+PVGTRNCPGVCT[/GCUWTGOGPVU


59+/KUCP#KT(QTEG2JKNNKRU.CDQTCVQT[KPXGUVKICVKQP

WUKPIFCVCHTQO0#5#*U9+0&TGUGCTEJUCVGNNKVG

NCWPEJGFQP0QXGODGT59+/RTQXKFGUVYQ

CXCKNCDKNKV[QHTGCNVKOGFCVCCTGEQPVKPWKPI

5QNCT4CFKQ$WTUV.QECVQT
54$.6JKUPGY

ITQWPFDCUGFU[UVGOKURTQLGEVGFVQDGQRGTCVKQPCNKP

54$.TCFKQOCRRKPIUQHCEVKXGTGIKQPUQPVJG

UQNCTFKUMYKNNCWIOGPVVJGRTGUGPVQRVKECNQDUGTXCVKQPU



GPXKTQPOGPVCNOQFGNUVQQRGTCVKQPCNWUGCV595

6JGUGOQFGNUYKNNURGEKH[CPFHQTGECUVVJGURCEG

GPXKTQPOGPVHTQOVJG5WPVQVJG'CTVJ	UWRRGT

CVOQURJGTG6JGQWVRWVQHVJGUGOQFGNUYKNNFTKXG

URGEKHKECRRNKECVKQPRTQITCOUVCKNQTGFVQEWUVQOGTPGGFU
$

6JGVTCPUKVKQPQHVJG5'66OQFGNUVQVJG595YKNNDG 5722146+0)4'5'#4%*

EQORNGVGD[(QNNQYQPOQFGNFGXGNQROGPVYKNN 

HQEWUQPKORTQXKPIOQFGNCEEWTCEKGUCPFYKNNTGRNCEG

UWTTQICVGRCTCOGVGTU
CUOQFGNKPRWVUYKVJFKTGEV

OGCUWTGOGPVUYJGTGXGTRQUUKDNG

< /CIPGVQURJGTKE/QFGNU6JG/CIPGVQURJGTKE VQVJGCFXCPVCIGQHVJG#KT(QTEGCUCHQTEGOWNVKRNKGT

5RGEKHKECVKQP/QFGN/5/RTQXKFGUURGEKHKECVKQP +ORTQXGFOGCUWTGOGPVCPFRTGFKEVKQPVGEJPKSWGU

QHOCIPGVQURJGTKERCTVKENGHNWZGUCVIGQUVCVKQPCT[ VQIGVJGTYKVJCPGCTN[GXCNWCVKQPQHYGCVJGTGHHGEVUQP

CNVKVWFGUCPFRTGEKRKVCVKPIRCTVKENGHNWZGUKPVJG PGYU[UVGOUECPOCMGCUKIPKHKECPVFKHHGTGPEGCPFDTKPI

CWTQTCN\QPG#PWRITCFGVQVJKUOQFGNVJG VJG#KT(QTEG#TO[CPFLQKPVHQTEGUENQUGTVQVJGKTIQCN

/CIPGVQURJGTKE5RGEKHKECVKQPCPF(QTGECUV/QFGN QHEQPFWEVKPIQRGTCVKQPUKPCNNMKPFUQHYGCVJGT

YKNNRTQXKFGHQTGECUVECRCDKNKV[CPFKPETGCUGVJG 4GSWKTGOGPVUHQTTGUGCTEJCPFVGEJPQNQI[KP

/5/EQXGTCIGCTGC1PGCRRNKECVKQPQH/5/ OGVGQTQNQI[CTGGZRTGUUGFKP/KUUKQP#TGC#UUGUUOGPVU

QWVRWVYKNNDGCUKPRWVHQTUCVGNNKVGCPQOCN[ CPF/KUUKQP0GGF#PCN[UGU+PCFFKVKQPVJG#95

RTQITCOU6JG/5/DGECOGQRGTCVKQPCNCVVJG RTQXKFGUIWKFCPEGKPVJGHQTOQHFQEWOGPVGF6GEJPQNQI[

595KP(; 0GGFU

< +QPQURJGTKE/QFGNU6JG2CTCOGVGTK\GF4GCN6KOG 9KVJKPVJG#KT(QTEGVJG2JKNNKRU.CDQTCVQT[

+QPQURJGTKE5RGEKHKECVKQP/QFGNURGEKHKGUINQDCN )GQRJ[UKEU&KTGEVQTCVG
2.)2CV*CPUEQO#($

GNGEVTQPFGPUKV[WUKPIPGCTTGCNVKOGUCVGNNKVGCPF /CUUCEJWUGVVUKUTGURQPUKDNGHQTEQPFWEVKPIDQVJ

ITQWPFDCUGFFCVC+VDGEQOGUQRGTCVKQPCNKPNCVG KPJQWUGCPFEQPVTCEVWCNDCUKETGUGCTEJGZRNQTCVQT[

(;#UGEQPFKQPQURJGTKEOQFGNVJG FGXGNQROGPVCPFCFXCPEGFVGEJPQNQI[FGXGNQROGPVKP

+QPQURJGTKE(QTGECUV/QFGN+(/YKNNDGDCUGFQP VJGGPXKTQPOGPVCNUEKGPEGUKPENWFKPIOGVGQTQNQI[CPF

COQFGNFGXGNQRGFD[7VCJ5VCVG7PKXGTUKV[9JGP URCEGYGCVJGT+VUGZRNQTCVQT[FGXGNQROGPVRTQITCOKP

EQORNGVGF+(/YKNNRTQXKFGCPKQPQURJGTKE OGVGQTQNQI[GORJCUK\GUOQKUVWTGCPFENQWFPWOGTKECN

HQTGECUVKPIECRCDKNKV[KVKUEWTTGPVN[WPFGTIQKPI YGCVJGTRTGFKEVKQPUCVGNNKVGTGOQVGUGPUKPI

XCNKFCVKQP+QPQURJGTKEOQFGNQWVRWVYKNNDGWUGF ENKOCVQNQIKECNUVWFKGUYGCVJGTUKOWNCVKQPCVOQURJGTKE

CUKPRWVHQTURCEGVTCEMTCFCTEQTTGEVKQPCPF*( FGPUKV[OGCUWTGOGPVCPFRTGFKEVKQPDCVVNGHKGNFYGCVJGT

TCFKQYCXGRTQRCICVKQPRTQITCOU#PQVJGTXCTKCPV QDUGTXKPICPFHQTGECUVKPICPFVCEVKECNYGCVJGTFGEKUKQP

QHKQPQURJGTKEOQFGNUVJG9KFG$CPF/QFGNYKNN CKFU4GUGCTEJCPFFGXGNQROGPV4&HQT&/52VJG

RTQXKFGGUVKOCVGUQHKQPQURJGTKEUEKPVKNNCVKQP 5VTCVGIKE'PXKTQPOGPVCN4GUGCTEJCPF&GXGNQROGPV

UGXGTKV[DGVYGGPVYQGPFRQKPVU6JGURGEKHKECVKQP 2TQITCO
5'4&2CPFVJG&GHGPUG/QFGNKPICPF

CEEWTCE[QHVJKUOQFGNJCUTGEGPVN[DGGPKORTQXGF 5KOWNCVKQP1HHKEG
&/51CTGCNUQEQPFWEVGF6JG

D[VJGKPENWUKQPQHGSWCVQTKCNCPFJKIJNCVKVWFG GPVKTG#KT(QTEGCVOQURJGTKEUEKGPEGU4&RTQITCOKU

ENKOCVQNQIKECNFCVC DGKPIECTGHWNN[EQQTFKPCVGFYKVJUKOKNCTGHHQTVUKPVJG

#TO[CPF0CX[< 6JG+PVGTRNCPGVCT[5JQEM2TQRCICVKQP/QFGNKU

FGUKIPGFVQRTGFKEVVJGVKOGQHCTTKXCNCPFVJG 9GCVJGT2TGFKEVKQP4GUGCTEJKPYGCVJGTRTGFKEVKQP

F[PCOKERTGUUWTGRWNUGCUUQEKCVGFYKVJUQNCTHNCTGU VGEJPKSWGUCPFOQFGNUKUHQEWUGFQPOGUQUECNGQT

6JKUYKNNRTQXKFGCFC[YCTPKPIQHIGQOCIPGVKE DCVVNGHKGNFFQOCKPU2CTVKEWNCTGORJCUKUKURNCEGFQP

UVQTOUTGUWNVKPIHTQOUQNCTCEVKXKV[ ENQWFRTQEGUUGUKPVJGCVOQURJGTKEDQWPFCT[NC[GTCPF

< 6JG+PVGITCVGF5RCEG'PXKTQPOGPVCN/QFGNKUC

EQWRNKPIOQFGNCPFGZGEWVKXGU[UVGODGKPI

FGXGNQRGFVQKPVGITCVGVJG5'66OQFGNUKPVQC

UKPINGU[UVGOUJCTKPIKPRWVCPFQWVRWVFCVC+VYKNN

RTQXKFGCUKPINGHTCOGYQTMVQEQQTFKPCVGCPF

HCEKNKVCVGVJGGZGEWVKQPQHCNN5'66OQFGNUWUKPI

UEKGPVKHKEGZRGTVKUGCPFFGEKUKQPOCMKPICDKNKV[

YKVJKPVJGRTQITCOYJKEJYKNNKPETGCUGEQPUKUVGPE[

QHVJGQWVRWVUQRVKOK\GTWPVKOGUCPFFGETGCUG

HQTGECUVGTYQTMNQCF

6JGQDLGEVKXGQHVJG#KT(QTEGOGVGQTQNQIKECN

TGUGCTEJRTQITCOKUVQRTQXKFGEQORTGJGPUKXG

MPQYNGFIGQHVJGCVOQURJGTGJQYKVYQTMUJQYKV

NKOKVUU[UVGORGTHQTOCPEGCPFJQYKVECPDGGZRNQKVGF

UVWFKGUQHVJGKTHQTOCVKQPGXQNWVKQPCPFFKUUKRCVKQP

2TQEGFWTGUVQDGVVGTCEEQWPVKPPWOGTKECNOQFGNUHQT

UWTHCEGGZEJCPIGRTQEGUUGUCPFHQTTGRTGUGPVKPIUWTHCEG

EJCTCEVGTKUVKEUKPOQFGNFCVCDCUGUYKNNDGUVTGUUGF

6JGUGKPENWFGUQKNV[RGXGIGVCVKQPV[RGCPFITQYVJ

UVCIGUQKNOQKUVWTGCPFVGORGTCVWTGCPFUPQYEQXGTCPF

FGRVJ1PIQKPIUVWFKGUQHVJGUGPUKVKXKV[QHDQWPFCT[

NC[GTRTQEGUUGUVQVJGTGRTGUGPVCVKQPQHUWTHCEG

EJCTCEVGTKUVKEUYKNNDGVTCPUNCVGFKPVQOQFGNCNIQTKVJOU

HQTVGUVCPFGXCNWCVKQP/GUQUECNGOQFGNFCVCKORCEV
$

UVWFKGUYKNNHQEWUQPDQVJITQWPFDCUGF
RTQHKNGTCPF RTGUGPVNGXGNQHUWRRQTVYKNNEQPVKPWGHQTVJKUTGUGCTEJVQ

UWTHCEGUGPUQTUCPFUCVGNNKVG
KOCIGT[CPFUQWPFKPI FGXGNQRPGYCPCN[VKECNOGVJQFUKPUCVGNNKVGOGVGQTQNQI[

UQWTEGU6CEVKECNYCTVKOGFCVCFGPKCNGZRGTKOGPVUYKNN 6JGWNVKOCVGIQCNKUVQOQTGCEEWTCVGN[URGEKH[ENQWF

CNUQDGEQPFWEVGFCURCTVQHVJGUGUVWFKGU6JGCVGTUECNG EJCTCEVGTKUVKEUGIENQWFJGKIJVENQWFRJ[UKECN

CPCN[UKUCPFHQTGECUVKPIOQFGNUYKNNDGFGXGNQRGFHQTWUG VJKEMPGUUQRVKECNFGRVJRCTVKENGUK\GENQWFRJCUGCPF

KPCYQTMUVCVKQPGPXKTQPOGPV TCKPCTGCU6JGFGUKIPQHUCVGNNKVGUGPUQTUKPVGTOUQH

YCXGNGPIVJTGUQNWVKQPCPFDCPFYKFVJCPFVJG 4GUGCTEJVQUWRRQTVVJGKPETGCUKPIPGGFUHQTC

INQDCNENQWFRTGFKEVKQPECRCDKNKV[CV#()9%YKNNVCMG

VYQCRRTQCEJGU/WNVKXCTKCVGFKCIPQUVKECNIQTKVJOUHTQO

INQDCNCPFTGIKQPCNUECNGPWOGTKECNOQFGNUYKNNDG

GXCNWCVGFVQKPHGTENQWFEJCTCEVGTKUVKEUVQVCNENQWFCPF

NC[GTGFCOQWPVUDCUGUVQRUHQTRTGFKEVKQPKPVGTXCNU

DG[QPFJQWTU5JQTVTCPIGENQWFRTGFKEVKQPJT

VGEJPKSWGUYKNNUGGMVQGZRNQKVPGYINQDCNENQWFCPCN[UKU %JCTCEVGTK\CVKQPQHENQWFKPGUUQPVJGQRGTCVKQPCN

ECRCDKNKVKGUVQDGCXCKNCDNGCV#()9%VJTQWIJVJG%&(5 VJGCVGTUECNGDCUGFQPFKTGEVTGCFQWVQHUCVGNNKVGYGCVJGT

++JCTFYCTGUQHVYCTGWRITCFG*GTGKOCIGT[ FCVCKUDGKPIKORNGOGPVGFKPUWRRQTVQHVCEVKECN

GZVTCRQNCVKQPOGVJQFUYKNNDGCWIOGPVGFD[UKORNG QRGTCVKQPU#RCEMCIGQHUCVGNNKVGENQWFCPCN[UKU

RJ[UKECNOQFGNUVQCEEQWPVHQTUJQTVVGTOENQWFITQYVJ CNIQTKVJOUECNNGF6#%0'2*JCUDGGPFGXGNQRGFCPF

CPFFGEC[CPFD[JKIJN[TGUQNXGF
KPURCEGCPFVKOG YKNNDGKORNGOGPVGFKPVJG&/52566

ENQWFENKOCVQNQI[UVCVKUVKEU+PCFFKVKQPFKCIPQUVKE 

CNIQTKVJOUVQRTQXKFGUWTHCEGCPFJC\CTFRTGFKEVKQPUHQT

6JGCVGT$CVVNG/CPCIGOGPVCTGDGKPIUQWIJV

4GUGCTEJVQKORTQXGJC\CTFQWUYGCVJGTYCTPKPI FGVGTOKPKPIVJGTCFKCVKXGCPFJ[FTQNQIKECNGHHGEVUQH

ECRCDKNKVKGUCVCKTDCUGUHTQO954&&QRRNGTYGCVJGT ENQWFUQPENKOCVGCPFINQDCNEJCPIG5'4%##KUVJG

TCFCTUYKNNDGHQEWUKPIQPDGVVGTVQTPCFQJCKNCPF RTQVQV[RGQHVJGPGZVIGPGTCVKQPTGCNVKOGCWVQOCVGF

UGXGTGUVQTOUVTWEVWTGCNIQTKVJOUFWGVQVJGWUGQHCPGY ENQWFCPCN[UKUOQFGN6JGHKTUVRJCUGQH5'4%##

OGUQE[ENQPGFGVGEVKQPOQFGNYJKEJYCUFGXGNQRGFKP FKTGEVN[UWRRQTVUVJG%&(5++#PCTEJKXGQHVJGUG

(;6JGFGXGNQROGPVQHCNIQTKVJOUVQFGHKPGHKPG SWCNKV[ENQWFRTQFWEVUYJKEJYKNNDGWUGHWNKP

NKPGHGCVWTGU
UWEJCUIWUVHTQPVUCPFU[PQRVKEUECNG GPXKTQPOGPVCNOQPKVQTKPICPFENKOCVGEJCPIGTGUGCTEJ

HTQPVCNDQWPFCTKGUYKNNDGEQORNGVGFD[(; KURNCPPGF

5VWFKGUVQKFGPVKH[NKIJVPKPIRTGEWTUQTUKP954&FCVC 

HQTCKTOCUUVJWPFGTUVQTOUYKNNDGKPKVKCVGF5VWFKGUQH

VJGCVOQURJGTKEGNGEVTKEHKGNFFKUVTKDWVKQPCNQHVCPFKVU

TGNCVKQPUJKRVQCGTQURCEGXGJKENGVTKIIGTGFNKIJVPKPIYKNN

EQPVKPWG6JGUGUVWFKGUYKNNHQEWUQPOGCUWTGOGPVU

VCMGPYKVJGNGEVTKEHKGNFUQWPFKPITQEMGVUKPHKGNF

RTQITCOUVQDGEQPFWEVGFKP(;

5CVGNNKVG4GOQVG5GPUKPI6QGPJCPEG#KT(QTEG YGCVJGTGXGPVUCVCP[IKXGPNQECVKQP6JKUOQFGNYKNN

#TO[CPFLQKPVHQTEGQRGTCVKQPUCOCLQTGHHQTVKU CNNQYGPXKTQPOGPVCNHCEVQTUVQDGEQPUKFGTGFKPVJG

FKTGEVGFVQYCTFWUKPIUCVGNNKVGUVQFGVGTOKPGVGORGTCVWTG FGUKIPUVCIGQHYGCRQPU[UVGOUCPFHQTCRRNKECVKQPVQ

CPFYCVGTXCRQTXGTVKECNRTQHKNGUCPFJQTK\QPVCNHKGNFU YCTICOGU

4GUGCTEJGHHQTVUCNUQKPENWFGGHHGEVKXGPGUUUVWFKGUHQT 

CEVKXGUCVGNNKVGUGPUQTUUWEJCUUCVGNNKVGDQTPGNKFCTUCPF

TCFCTUHQTFGVGTOKPKPIVJGRTQHKNGUQHYKPFCPFQVJGT

YGCVJGTXCTKCDNGUYKVJXGT[JKIJXGTVKECNTGUQNWVKQPHQT

KPKVKCNK\CVKQPCPFCUUKOKNCVKQPKPVQYGCVJGTRTGFKEVKQP

OQFGNU

6GEJPKSWGUYKNNDGFGXGNQRGFVQKPEQTRQTCVG RTQXKFGVJGDCUKUHQTFGXGNQRKPICNIQTKVJOUHQT

OKETQYCXGKOCIGT[CPFIGQU[PEJTQPQWUUCVGNNKVGFCVC ITQWPFDCUGFCPFUCVGNNKVG
QTCKTETCHVDCUGFXKGYKPI

KPVQVJGENQWFCPCN[UKURTQITCOUCV#()9%6JG UEGPCTKQU9GCVJGTUKOWNCVKQPEQORWVGTOQFGNUHQT

ECNKDTCVKQPQHFGRNQ[GFUCVGNNKVGOGCUWTGOGPVU[UVGOU

UWEJCUVJG&/5255/6YCVGTXCRQTUQWPFGTYKNN

EQPVKPWGRTKOCTKN[KPUWRRQTVQH&/524GUGCTEJQP

KPVGITCVKQPQHVJGGPXKTQPOGPVCNKPHQTOCVKQPHTQOC

PWODGTQHUCVGNNKVGOGCUWTGOGPVRNCVHQTOUCPFUGPUQTUKU

WPFGTYC[

%NKOCVQNQI[5VWFKGU5WRRQTVQH'PXKTQPOGPVCN

4GSWKTGOGPVU%NQWF#PCN[UKUCPF#TEJKXG5'4%##KU

VJGPGYINQDCNENQWFCPCN[UKURTQITCOHQTWUGKP

+PENKOCVQNQIKECNVGEJPKSWGFGXGNQROGPVYGCVJGT

UKOWNCVKQPOQFGNUCTGDGKPIFGXGNQRGFVQTGRNKECVG

PWOGTKECNN[V[RKECNYGCVJGTUGSWGPEGUHQTQRGTCVKQPCN

CRRNKECVKQPU4GUGCTEJKPOQFGNKPIENQWFUCPFXKUKDKNKV[

KUDGKPIGZRCPFGFVQKPENWFGCFFKVKQPCNCVOQURJGTKE

GNGOGPVUURGEKHKECNN[COGUQUECNGGPXKTQPOGPVCN

UKOWNCVKQPRCEMCIGVQRTQXKFGCTGCNKUVKEUGSWGPEGQH

4GUGCTEJKPVQURGEKH[KPIVJGRTQDCDKNKV[QH

UKOWNVCPGQWUENQWFHTGGXKGYKPIHTQOOWNVKRNGUKVGU

WPFGTXCTKQWUENQWFEQPFKVKQPUKUQPIQKPI5KOWNCVKQPQH

VKOGGXQNWVKQPQH&UEGPGUQHYGCVJGTGNGOGPVUYKNN

KPKVKCNN[EQPEGPVTCVGQPENQWFUEGPGU9JQNGUM[

KOCIGT[FCVCCPFEQPEQOKVCPVUCVGNNKVGKOCIGT[YKNN
$

EQPEGRVWCNFGUKIPCPFUVWFKGUCPFCPCN[UKUCRRNKECVKQPU MKNQOGVGTU%WTTGPVFGPUKV[OQFGNUFQPQVCEJKGXG

YKNNEQPVKPWG VJGNGXGNUQHCEEWTCE[TGSWKTGFD[VJG#KT(QTEGUQPGY

OGCUWTGOGPVUQHFGPUKV[YKNNDGOCFGWUKPITGEGPVN[ 6JGHKTUVQHVYQ&/51RTQLGEVUHQEWUGUQP

FGXGNQRKPIVGEJPKSWGUHQTUKOWNCVKPI'PXKTQPOGPVCN

'HHGEVUHQT&KUVTKDWVGF+PVGTCEVKXG5KOWNCVKQP
'&+5

CPFVQEQPFWEVTGNCVGFTGSWKTGOGPVUCPFECRCDKNKVKGU

UWTXG[U6JGUGEQPFKUVQKORNGOGPVKPVQ'&+5HQTOCV

VJG&ENQWFUEGPGOQFGNFGXGNQRGFKPVJGHKTUVRTQLGEV

6YQRTQITCOUCTGKPRTQITGUUVQFGXGNQRCOQTG TGGPVT[XGJKENGUCPFURCEGFGDTKU

EQORNGVGWPFGTUVCPFKPIQHCVOQURJGTKEGHHGEVUQPNCUGT 

RTQRCICVKQP6JGHKTUVQHVJGUGRTQITCOUUWRRQTVUVJG

#KTDQTPG.CUGT2TQITCOCPFKUGXCNWCVKPIVJGGHHGEVUQH

CVOQURJGTKERJGPQOGPCPGCTVJGVTQRQRCWUGQPNCUGT

RTQRCICVKQP/QFGNKPICPFOGCUWTGOGPVUKPUWRRQTVQH

COQTGEQORNGVGWPFGTUVCPFKPIQHVWTDWNGPEGCGTQUQNU

CPFEKTTWUENQWFUQPUWEJRTQRCICVKQPCTGVJGHQEWU+P

VJGUGEQPFQHVJGUGRTQITCOUKPXGUVKICVKQPUCTG

WPFGTYC[VQGXCNWCVGVJGCDKNKV[VQOGCUWTGYKPFUYKVJ

C&QRRNGT.KFCTKPUWRRQTVQHYGCRQPUVCTIGVKPI
VJG

UQECNNGFDCNNKUVKEYKPFRTQDNGO#EVWCNOGCUWTGOGPVU 6JG#KT%QODCV6CTIGVKPI'NGEVTQ1RVKECN

CTGDGKPIEQPFWEVGFVQIGVJGTYKVJUWRRQTVKPI 5KOWNCVKQPGHHQTVKPVJG9GCVJGT+ORCEV&GEKUKQP#KFU

OGVGQTQNQIKECNQDUGTXCVKQPUCPFCPCN[UGU 
9+&#RTQITCOJCUFGXGNQRGFCRTQVQV[RGUEGPG

UKOWNCVKQPECRCDKNKV[HQTOKUUKQPRNCPPKPIU[UVGOUWUGF 6JG%NKOCVQNQIKECNCPF*KUVQTKECN#PCN[UKUQH

%NQWFUHQT'PXKTQPOGPVCN5KOWNCVKQPU
%*#0%'5

RTQITCOYCUKPKVKCVGFKPCPFYKNNEQPVKPWGKPVQ

VQGZRCPFVJGENKOCVQNQIKECNCPCN[UKUVQKPENWFGVJG

VQRUCPFDQVVQOUQHNC[GTGFENQWFU6JGRTQITCOKU

FGXGNQRKPICXGT[JKIJTGUQNWVKQPINQDCNENQWF

ENKOCVQNQI[HTQOEQPXGPVKQPCNCPFOGVGQTQNQIKECN

UCVGNNKVGQDUGTXCVKQPUHQTRNCPPGTUQHUCVGNNKVGCPFJKIJ

CNVKVWFGCKTETCHVUWTXGKNNCPEGQRGTCVKQPU

#VOQURJGTKE&GPUKV[6JGQDLGEVKXGQHVJG HQTVJGKTUWEEGUU6JGRTKOCT[0195WUGTKUVJG#KT

CVOQURJGTKEFGPUKV[YQTMKUVQFGXGNQRXGT[CEEWTCVG (QTEG5RGEKCN1RGTCVKQPU%QOOCPF%QQTFKPCVKQPVQ

OGVJQFUVQOGCUWTGCPFRTGFKEVVJGFGPUKV[QHVJGPGWVTCN KPEQTRQTCVG0CX[TGSWKTGOGPVUKPVQ0195KUWPFGTYC[

CVOQURJGTGKPVJGCNVKVWFGTCPIGQHVQ

FGXGNQRGFYGNNECNKDTCVGFCPFJKIJN[CEEWTCVG

KPUVTWOGPVU6JGUGPGYOGCUWTGOGPVUYKNNDGVJGDCUKU

HQTCPWRRGTCVOQURJGTKEINQDCNEKTEWNCVKQPOQFGNVJCV

KPEQTRQTCVGUVJGEWTTGPVRJ[UKECNWPFGTUVCPFKPIQHVJG

RTQEGUUGUVJCVFTKXGVJGWRRGTCVOQURJGTG/QFGNUYKNN

DGWUGFVQECNEWNCVGCEEWTCVGVTCLGEVQTKGUQHUCVGNNKVGU

$CVVNGHKGNF9GCVJGT1DUGTXKPICPF(QTGECUVKPI

6JGGNGEVTQQRVKECNVCEVKECNFGEKUKQPCKF'16&#U[UVGO

UQHVYCTGKUJQUVGFQPOKETQEQORWVGTUKPVJGDCUG

YGCVJGTUVCVKQPUCPFJQUVEQOOCPFCPFEQPVTQNEQORWVGT

U[UVGOUCPFWUGUCP#()9%RTQXKFGFFCVCDCUG6JKU

CWVQOCVGFHQTGECUVKPICKFKUWUGFVQRTGFKEVCESWKUKVKQP

CPFNQEMQPTCPIGUHQTRTGEKUKQPIWKFGFYGCRQPUCPF

VCTIGVCESWKUKVKQPU[UVGOUWUGFD[VJG#KT(QTEG0CX[

CPF#TO[

D[VCEVKECNCKTETCHVRKNQVU6JKURTQVQV[RGEQODKPGU

INQDCNVGTTCKPCPFHGCVWTGUVCTIGVUVTWEVWTG

OGVGQTQNQIKECNCPFQRGTCVKQPCNRNCPPKPIFCVCVCTIGV

KPHTCTGFEQPVTCUVCPF'1UGPUQTRGTHQTOCPEGOQFGNUVQ

RTQXKFGEQOOCPFGTUCPFCKTETGYUEQORNGVGKPVJGCVGT

GPXKTQPOGPVCNUKVWCVKQPCNCYCTGPGUU#PQVJGT9+&#

RTQITCOKUFGXGNQRKPI0KIJV8KUKQP)QIING
08)

1RGTCVKQPU9GCVJGT5QHVYCTG0195HQTRTGFKEVKPIVJG

KORCEVQHYGCVJGTQPQRGTCVKQPUYJKEJFGRGPFQP08)U

70+6'&56#6'50#8;

2TQITCO1XGTXKGY

6JG750CX[QRGTCVKPIKPVJGCVOQURJGTG

QEGCPUCPFVJGKPVGTHCEGDGVYGGPVJGVYQJCUVJG

WPKSWGTGSWKTGOGPVVQKPVGITCVGOGVGQTQNQIKECNCPF

QEGCPQITCRJKEUWRRQTVINQDCNN[5RQPUQTGFD[VJG

%JKGHQH0CXCN1RGTCVKQPU1HHKEGQHVJG

1EGCPQITCRJGTQHVJG0CX[VJG0CX[RTQXKFGU

OGVGQTQNQIKECNUWRRQTVHQT0CX[CPFLQKPVHQTEGU

OGVGQTQNQIKECNRTQFWEVUVQVJG75/%CPF

QEGCPQITCRJKEUWRRQTVVQCNNGNGOGPVUQH&1&

4GUGCTEJCPFFGXGNQROGPVKUEQPFWEVGFWPFGTVJG

URQPUQTUJKRQHVJG%JKGHQH0CXCN4GUGCTEJCPFVJG

1EGCPQITCRJGTQHVJG0CX[D[YCTHCTGEGPVGTU

NCDQTCVQTKGUCPFU[UVGOUEQOOCPFURTKOCTKN[VJG

0CXCN4GUGCTEJ.CDQTCVQT[04.CPFVJG5RCEGCPF

0CXCN9CTHCTG5[UVGOU%QOOCPF
52#9#45CU

YGNNCUXCTKQWUWPKXGTUKVKGUCPFQTICPK\CVKQPUWPFGT

0CX[EQPVTCEV1RGTCVKQPCNUWRRQTVVQUJKRUWPKVUCPF

UJQTGUVCVKQPUKURTQXKFGFD[GNGOGPVUQHVJG0CXCN

/GVGQTQNQI[CPF1EGCPQITCRJ[%QOOCPF


0#8/'61%%1/&KTGEVUWRRQTVVQUVCHHUUJKRU

CPFWPKVUCHNQCVCPFCUJQTGKURTQXKFGFD[QHHKEGTCPF

GPNKUVGFOGVGQTQNQI[CPFQEGCPQITCRJ[
/'61%
$

RGTUQPPGNCUUKIPGFVQVJGUGCEVKXKVKGU5JQTGCEVKXKVKGU UCVGNNKVGFGTKXGFUGCUWTHCEGVGORGTCVWTGOGCUWTGOGPVU

YKVJKPVJG0#8/'61%%1/KPENWFGVJG(NGGV 0#81%'#01	U9CTHKIJVKPI5WRRQTV%GPVGT95%

0WOGTKECN/GVGQTQNQI[CPF1EGCPQITCRJ[%GPVGTVJG RTQXKFGUPGCTTGCNVKOGVCKNQTGFQEGCPQITCRJKE

750CXCN1EGCPQITCRJKE1HHKEGVJG0CXCN+EG RTQFWEVUVQUWRRQTVQRGTCVKQPCN0CX[CPFLQKPV

%GPVGTHQWTVJGCVGT0#8/'61%%1/%GPVGTU EQOOCPFU5WEJRTQFWEVUKPENWFGINQDCNQEGCPHTQPV


#VNCPVKE'WTQRGCP2CEKHKECPF9GUVGTP2CEKHKEHKXG CPFGFF[CPCN[UGURTGRTQEGUUGFOWNVKEJCPPGNUGC

0#8/'61%%1/(CEKNKVKGUCPF UWTHCEGVGORGTCVWTG
/%556CPCN[UGUHTQORQNCT

0#8/'61%%1/&GVCEJOGPVU QTDKVKPIUCVGNNKVGUUCVGNNKVGCNVKOGVT[CPFUECVVGTQOGVT[

FCVCHTQO'45CPF612':UCVGNNKVGUJKIJTGUQNWVKQP (NGGV0WOGTKECN/GVGQTQNQI[CPF1EGCPQITCRJ[

%GPVGT
(.'07//'61%%'0KP/QPVGTG[

%CNKHQTPKCKU0#8/'61%%1/	URTQEGUUKPIEGPVGT

FGFKECVGFVQTWPPKPICWVQOCVGFUVCVGQHVJGCTV

QRGTCVKQPCNINQDCNCPFJKIJTGUQNWVKQPTGIKQPCNVJGCVGT

UECNGCVOQURJGTKECPFQEGCPQITCRJKECPCN[UKUCPF

HQTGECUVOQFGNU(.'07//'61%%'0KUCNUQ

FGUKIPCVGFCUVJGRTKOCT[&1&PWOGTKECN/'61%

RTGFKEVKQPEGPVGTRGT0CX[#KT(QTEGEQQRGTCVKXG 6CKNQTGFKEGHQTGECUVUCPFCPCN[UGUCTGRTQXKFGFVQ

CITGGOGPV6JGEGPVGTCESWKTGUGPXKTQPOGPVCNFCVC &1&D[VJG0CXCN+EG%GPVGT0#8+%'%'0NQECVGF

INQDCNN[VJTQWIJNKPMUYKVJ&1&CPF01## KP5WKVNCPF/CT[NCPF6JG0CX[VJTQWIJ

EQPXGPVKQPCNCPFTGOQVGN[UGPUGFFCVCFKUVTKDWVKQP 0#8+%'%'001##CPFVJG75%QCUV)WCTF

U[UVGOU0WOGTKECNN[IGPGTCVGFRTQFWEVUCTG LQKPVN[QRGTCVGVJG0CVKQPCN+EG%GPVGT
0+%6JG

FKUVTKDWVGFQP0CX[CPF,QKPVEQOOCPFCPFEQPVTQN 0+%RTQXKFGUUGCCPFNCMGKEGCPCN[UGUCPFHQTGECUVU

EQOOWPKECVKQPUEQORWVGTUCPFKPVGNNKIGPEG
%+ HQTVJG#TEVKECPF#PVCTEVKETGIKQPUEQCUVCN7PKVGF

U[UVGOUGKVJGTFKTGEVN[QTXKCVJG0CX[VJGCVGT/'61% 5VCVGUYCVGTUCPFVJG)TGCV.CMGUVQEKXKNCUYGNNCU

EGPVGTU6JGUGEGPVGTUVJGPFGXGNQRXCNWGCFFGF OKNKVCT[CEVKXKVKGU

RTQFWEVUCPFUGTXKEGUVCKNQTGFVQURGEKHKEQRGTCVKQPCN 

TGSWKTGOGPVU+PCFFKVKQPVQKVUUVCPFCTFRTQFWEVUWKVG

(.'07//'61%%'0KUWPKSWGN[ECRCDNGQH

RTQXKFKPIJKIJTGUQNWVKQPOGVGQTQNQIKECNCPF

QEGCPQITCRJKERTQFWEVUQPUJQTVPQVKEGHQTCP[NQECVKQP

KPUWRRQTVQHINQDCNEQPVKPIGPE[OKNKVCT[CPF

JWOCPKVCTKCPQRGTCVKQPU1VJGT

(.'07//'61%%'0RTQFWEVUKPENWFGCVOQURJGTKE

CPFQEGCPQITCRJKEQDUGTXCVKQPUFCVCGZVTCEVUCPF

KPRWVFCVCHQTVCEVKECNFGEKUKQPCKFU+PCFFKVKQPVQ

DGKPIVJGRTKOCT[&1&INQDCNPWOGTKECNYGCVJGT

RTGFKEVKQPEGPVGT(.'07//'61%%'0KUVJG

FGUKIPCVGFPCVKQPCN%GPVGTHQT'ZRGTVKUGHQTTGOQVGN[

UGPUGFOKETQYCXGRTQFWEVUD[VJG#KT

(QTEG0CX[01##UJCTGFUCVGNNKVGRTQEGUUKPI

CITGGOGPV

6JG0CX[	URTQITCOKPOGVGQTQNQI[KUENQUGN[ %GPVGT
0#82#%/'61%%'02GCTN*CTDQT

NKPMGFYKVJQEGCPQITCRJ[VJGHQEWUQHVYQQVJGTOCLQT *CYCKKCUUKUVGFD[0#82#%/'61%%'09GUV

0CX[/'61%EGPVGTU6JG0CXCN1EGCPQITCRJKE )WCOKUTGURQPUKDNGHQTVJG2CEKHKECPF+PFKCP1EGCPU

1HHKEG
0#81%'#01CV5VGPPKU5RCEG%GPVGT 4GF5GCCPF#TCDKCP)WNHCTGCU#FFKVKQPCNN[

/KUUKUUKRRKKUTGURQPUKDNGHQTEQNNGEVKPIRTQEGUUKPI 0#82#%/'61%%'09GUVQRGTCVGUVJG,QKPV

CPFFKUVTKDWVKPIQEGCPQITCRJKEJ[FTQITCRJKECPF 6[RJQQP9CTPKPI%GPVGTYKVJVJG75#KT(QTEGVQ

QVJGTIGQRJ[UKECNFCVCCPFRTQFWEVU+VKUVJG0CX[	U RTQXKFGVTQRKECNE[ENQPGCFXKUQTKGUVQ&1&CPF7PKVGF

RTKOCT[RTQEGUUKPIHCEKNKV[HQT01##6+415FCVCCPF 5VCVGUKPVGTGUVUKPVJG9GUVGTP2CEKHKECPF+PFKCP

JCUDGGPFGUKIPCVGFVJGPCVKQPCN%GPVGTQH'ZRGTVKUGHQT 1EGCPU0#82#%/'61%%'0CNUQKUUWGUVTQRKECN

QEGCPOQFGNQWVRWVCPF5RGEKCN1RGTCVKQP(QTEGU

UWRRQTV(WTVJGTOQTGCU0#81%'#01KUDQVJCP

QRGTCVKQPCNRTQEGUUKPIEGPVGTCPFC&1&/CLQT5JCTGF

4GUQWTEG%GPVGTTGUGCTEJCPFFGXGNQROGPVRTQITCOU

WUKPIVJGNCVGUVKPUECNCDNGUWRGTEQORWVKPICTEJKVGEVWTG

ECPDGTGCFKN[VTCPUKVKQPGFVQQRGTCVKQPCNWUGKP0CX[

/'61%OQFGNU

(QWTVJGCVGT0#8/'61%%1/EGPVGTURTQXKFG

DTQCFIGQITCRJKECN/'61%UGTXKEGUYKVJKPVJGKTCTGCU

QHTGURQPUKDKNKV[#NKIPGFYKVJURGEKHKE0CXCN

%QORQPGPV%QOOCPFGTUQHVJG7PKHKGF%QOOCPFGTU

KP%JKGHU
%+0%UCPFHQEWUGFQPQRGTCVKQPUYKVJKP

VJGCVGTVJGUG/'61%EGPVGTUOCPCIGCPFRTKQTKVK\G

VJGFKUUGOKPCVKQPQHVCEVKECNPWOGTKECN/'61%

RTQFWEVUHTQO(.'07//'61%%'0CPF

0#81%'#01CPFCFFVCKNQTGFUGTXKEGUURGEKHKECNN[VQ

UWRRQTVVJGCVGTTGSWKTGOGPVU6JG[CTGJWDUHQTFCVC

CPFRTQFWEVFKUUGOKPCVKQPRTQXKFKPIHWNNURGEVTWO

OGVGQTQNQIKECNCPFQEGCPQITCRJKEUGTXKEGUVQHQTEGU

QRGTCVKPIYKVJKPVJGKTTGURGEVKXGCTGCUQHTGURQPUKDKNKV[

CPFURGEKCN/'61%RTQFWEVUCUPGGFGFVQOGGV

UKVWCVKQPCNTGSWKTGOGPVUQHVJG,QKPV(QTEG%QOOCPFGT

6JG0CXCN2CEKHKE/GVGQTQNQI[CPF1EGCPQITCRJ[
$

E[ENQPGCFXKUQTKGUHQTVJGGCUVGTPCPFEGPVTCN5QWVJ RGTUQPPGNCPFFGRNQ[CDNGCUUGVU/QDKNG'PXKTQPOGPVCN

2CEKHKE6JG0CXCN#VNCPVKE/GVGQTQNQI[CPF 6GCOU/'61%RTQFWEVUCPFUGTXKEGURTQXKFGFVQ

1EGCPQITCRJ[%GPVGT
0#8.#06/'61%%'0 VJGQRGTCVKPIHQTEGUCTGVCKNQTGFVQTGSWKTGOGPVUQHVJG

0QTHQNM8KTIKPKCKUTGURQPUKDNGHQTRTQXKFKPI (NGGVCPFQT,QKPV(QTEG%QOOCPFGTUCPF(NGGVWPKVU

/'61%UGTXKEGUKPVJG#VNCPVKE1EGCPCPFVJG 6JKUUWRRQTVEQPUKUVURTKOCTKN[QHVCEVKECN/'61%

)TGGPNCPF0QTYGIKCPCPF$CTGPVU5GCU6JG0CXCN KPHQTOCVKQPCPFHQTGECUVUHQTQRGTCVKQPUYGCRQPCPF

'WTQRGCP/GVGQTQNQI[CPF1EGCPQITCRJ[%GPVGT UGPUQTU[UVGOGORNQ[OGPVCPFVCEVKECNFGEKUKQP


0#8'74/'61%%'04QVC5RCKPRTQXKFGU OCMKPICPFENKOCVQNQIKECNKPHQTOCVKQPHQTNQPITCPIG

/'61%UWRRQTVVQ,QKPVCPF0CXCNHQTEGUQRGTCVKPIKP RNCPPKPI2TQFWEVUCTGOCFGCXCKNCDNGVQVJGQRGTCVKPI

VJG/GFKVGTTCPGCP$NCEMCPF$CNVKE5GCU6JG HQTEGUXKCLQKPVCPF0CX[%+U[UVGOU#761&+0VJG

#VNCPVKECPF2CEKHKE0#8/'61%%1/EGPVGTUUJCTG *KIJ5RGGF(NGGV$TQCFECUVJKIJHTGSWGPE[HCEUKOKNG

PQPKEGTGNCVGF/'61%RTQFWEVCPFUGTXKEGUWRRQTV DTQCFECUVUOKNKVCT[PGVYQTMU
KPENWFKPIOKNKVCT[

HQTVJG#TEVKECPF#PVCTEVKETGIKQPU$GECWUGQHVJGKT XGTUKQPUQHVJG+PVGTPGVEQOOGTEKCNU[UVGOUCPF

KPVJGCVGTRTGUGPEGCPFHQEWU0#8/'61%%1/ EGPVGTOCKPVCKPGF$WNNGVKP$QCTF5[UVGOU$$5UCPF

EGPVGTUCTGKFGCNN[UWKVGFVQUGTXGCU,QKPV/'61% 9'$*QOG2CIGU

(QTGECUV7PKVU
,/(7QT%QQTFKPCVKPI/'61%

(QTGECUV%GPVGTU
%/(%KPUWRRQTVQHVJGCVGTLQKPV

QRGTCVKQPU

6JGHKXG0#8/'61%%1/HCEKNKVKGUCV RTKOCT[QDLGEVKXGUCTGUCHGV[QRVKOWOVCEVKECNUWRRQTV

,CEMUQPXKNNG(NQTKFC5CP&KGIQ%CNKHQTPKC VQYCTHCTGEQOOCPFGTUCPFVCKNQTGFQPUEGPGRTQFWEVU

2GPUCEQNC(NQTKFC$CJTCKPCPF;QMQUWMC,CRCP CPFUGTXKEGUVQVJGCUUKIPGFVCUMHQTEGITQWRCPFCNNKGF

RTQXKFGQRGTCVKQPUCTGC
1#NQECNCPFCXKCVKQP WPKVUKPLQKPVEQODKPGFQTEQCNKVKQPOKNKVCT[CPF

HQTGECUVUGTXKEGUCUYGNNCUUGTXKEGUVQCKTETCHVUJKR JWOCPKVCTKCPQRGTCVKQPU6JGEGPVGTRKGEGQHVJG1#

CPFUWDOCTKPGUVCHHU/GVGQTQNQIKECNCPF &KXKUKQP	UUWKVGQH/'61%GSWKROGPVKUVJG6CEVKECN

QEGCPQITCRJKEHQTGECUVIWKFCPEGHTQOVJGVJGCVGT 'PXKTQPOGPVCN5WRRQTV5[UVGO
6'55
CP

0#8/'61%%1/EGPVGTUCPF KPVGTCEVKXG/'61%FCVCHWUKQPU[UVGOYJKEJTGEGKXGU

(.'07//'61%%'0KUWUGFD[CNNHCEKNKVKGU UVQTGURTQEGUUGUFKURNC[UCPFFKUUGOKPCVGU

OGVGQTQNQIKECNCPFQEGCPQITCRJKEFCVC6'55
 6JGTGCTG0#8/'61%%1/FGVCEJOGPVU

YQTNFYKFG2TKOCTKN[UKVWCVGFCV0CXCN#KT5VCVKQPU

UGXGTCNCTGNQECVGFCV0CXCN5VCVKQPUKPUWRRQTVQHUGC

IQKPIWPKVU6JG[RTQXKFG/'61%HQTGECUVKPICPF

YCTPKPIUGTXKEGUVQ&1&CPFCNNKGFWPKVUYKVJKPVJGKT

NQECNCPFHWPEVKQPCNCTGCUQHTGURQPUKDKNKV[

&GVCEJOGPVUYKVJKPVJGEQPVKPGPVCN7PKVGF5VCVGUWUG

PWOGTKECNRTQFWEVUHTQODQVJ(.'07//'61%%'0

CPF01##	U0%'21XGTUGCUFGVCEJOGPVUWUGVJG

PQYYKFGN[CXCKNCDNG(.'07//'61%%'0

PWOGTKECNRTQFWEVUKPCFFKVKQPVQ75#(CPFHQTGKIP

RTQFWEVU6YQFGVCEJOGPVURTQXKFGURGEKHKEVGEJPKECN

UGTXKEGUQPGCVVJG0CVKQPCN%NKOCVKE&CVC%GPVGT

#UJGXKNNG0QTVJ%CTQNKPCEQQTFKPCVGUVJG0CX[	U

ENKOCVQNQIKECNRTQITCOCUKVURCTVQHVJG(GFGTCN

%NKOCVG%QORNGZCPQVJGTCV6KPMGT#($1MNCJQOC

OCPCIGU0CXCNFCVCTGSWKTGOGPVUHQTVJG75#(

#WVQOCVGF9GCVJGT0GVYQTM#90

1P5EGPG5WRRQTV

6JGRTKOCT[UQWTEGUQHQPUEGPG0CX[/'61%

UWRRQTVHQTHQTEGUCHNQCVCPFVJQUGKPVJGCVGTCUJQTGCTG

RTQXKFGFD[RGTOCPGPVN[GODCTMGF0CX[/'61%

6JG0CX[	URGTOCPGPVCHNQCV/'61%QTICPKE

CUUGVUCTGVJGKT1#&KXKUKQPUGODCTMGFCDQCTFOCLQT

CXKCVKQPECRCDNGEQODCVCPVUCPFEQOOCPFUJKRU6JGKT

TGEGKXGUFCVCHTQOHQWTOCLQTUQWTEGUINQDCNCPF

VJGCVGT/'61%FCVCHKGNFUHTQO

(.'07//'61%%'0CPF0#81%'#01XKCVJG

0CX[	UVJGCVGTEGPVGTUTGOQVGN[UGPUGFUCVGNNKVGFCVC

CPFKOCIGT[HTQOVJGQPDQCTF#05/3UCVGNNKVG

FCVCTGEGKXGTTGEQTFGTCNRJCPWOGTKEFCVCXKCVJG*KIJ

5RGGF(NGGV$TQCFECUVCPFNQECNQDUGTXCVKQPCNFCVC

HTQOVJG5JKRDQCTF/GVGQTQNQIKECNCPF1EGCPQITCRJKE

1DUGTXKPI5[UVGO5/1156JG6'55
FCVCDCUG

CPFCRRNKECVKQPUUQHVYCTGKURTQXKFGFHTQOVJG

1EGCPQITCRJKECPF#VOQURJGTKE/CUVGT.KDTCT[


1#/.CPFVJG)GQRJ[UKECN(NGGV/KUUKQP2TQITCO

.KDTCT[
)(/2.6JG#05/3CESWKTGU

IGQUVCVKQPCT[UCVGNNKVGYGCVJGTHCEUKOKNG
9'(#:

DTQCFECUVUCPFJKIJTGUQNWVKQP&/52CPF

01##6+415UCVGNNKVGKOCIGT[.QECNWRRGTCKT

UQWPFKPIKPHQTOCVKQPKUOCFGCXCKNCDNGHTQOVJG

RGTOCPGPVN[KPUVCNNGF#07/3/KPKCVWTG

4CYKPUQPFG5[UVGO
/456JGFKXKUKQPKUCNUQ

GSWKRRGFYKVJC2%DCUGFJKIJHTGSWGPE[HCEUKOKNG

U[UVGO
2%)4#(#:5VCPFCTF%&41/DCUGF

ENKOCVQNQI[RTQFWEVUVJG0CXCN1EGCPQITCRJKE&CVC
$

&KUVTKDWVKQP5[UVGO01&&5VJG+PVGTPGVDCUGF,QKPV RCTGPV/CTKPG#KTETCHV9KPI6JGGZKUVKPI/955

/'61%8KGYGT
,/8CPFVJG2%+OCIKPI /'61%CEVKXKVKGUCTGGSWKRRGFVQRTQXKFGUWRRQTVCV

%QOOWPKECVKQPU5[UVGOU
2+%5UQHVYCTGRTQITCOU CDCTGDCUGFQTGZRGFKVKQPCT[CKTHKGNFD[FGRNQ[KPIVJG

CTGCNUQRCTVQHVJG1#&KXKUKQPKPXGPVQT[/GVGQTQNQIKECN/QDKNG(CEKNKV[/'6/(

#FFKVKQPCNN[/GVGQTQNQIKECN5WRRQTV6GCOU
/56U 6JG/QDKNG'PXKTQPOGPVCN6GCOU/'6DCUGF

CVVJGVJGCVGT0#8/'61%%1/EGPVGTUKP0QTHQNM

*CYCKKCPF4QVCCPFCVVJGKTHCEKNKVKGUKP$CJTCKP

,CEMUQPXKNNG5CP&KGIQCPF;QMQUWMCCTGVJG0CX[	U

FGRNQ[CDNG/'61%CUUGVU6JGUGVGCOURTQXKFGUJQTV

VGTOQPUEGPGUGTXKEGUVQWPKVUCPFCEVKXKVKGUYKVJQWV

QTICPKE/'61%RGTUQPPGNYKVJKPVJG&1&QVJGT

IQXGTPOGPVCIGPEKGUCPFGNGOGPVUQHVJGCTOGFHQTEGU

QHCNNKGFPCVKQPUFWTKPIEQODKPGFGZGTEKUGUQT

QRGTCVKQPU6JG/'6JCXGVJGKTQYPRQTVCDNGUGPUKPI

CPFFKURNC[GSWKROGPVVJGJGCTVQHYJKEJKUVJG/QDKNG

1EGCPQITCRJ[5WRRQTV5[UVGO
/155/155

EQPVCKPUOQFWNGUHQTVCEVKECNOGVGQTQNQIKECNCPF

QEGCPQITCRJKEHQTGECUVKPIRQNCTQTDKVKPIUCVGNNKVG

KPIGUVCPFRTQEGUUKPICNRJCPWOGTKECPFHCEUKOKNGFCVC

TGEGKRVCPFFKURNC[CPFKPUKVWFCVCEQNNGEVKQPXKCVJG

/45CPFGZRGPFCDNGDCVJ[VJGTOQITCRJRTQDGU/'6U

OC[CNUQFGRNQ[YKVJCRQTVCDNG/45CPF#NFGP

/CTKPG(CEUKOKNG4GEQTFGT+HTGSWKTGFVJG[JCXGVJG

ECRCDKNKV[VQKPUVCNNTGOQVG0CX[#WVQOCVGF

/GVGQTQNQIKECN1DUGTXKPI5[UVGOU#/15VQUGPUG

VGORGTCVWTGJWOKFKV[RTGUUWTGCPFYKPFUCPF

RTQXKFGFKTGEVTGCFQWVCPFQTVGNGOGVT[QHFCVCXKC

UCVGNNKVG

/CTKPG%QTRU
75/%/CTKPGGPXKTQPOGPVCN

HQTGECUVUCTGXKVCNVQVJGQRGTCVKQPQHVJG75/%6JG

&GRWV[%JKGHQH5VCHHHQT#XKCVKQP*GCFSWCTVGTU75

/CTKPG%QTRU%QFG#5.KUVJGEQIPK\CPVQHHKEG

HQT/CTKPG%QTRU/GVGQTQNQIKECNCPF1EGCPQITCRJKE

5WRRQTVCPF4GSWKTGOGPVU6JG/CTKPG%QTRUYGCVJGT

QTICPK\CVKQPEQPUKUVUQHVYQQRGTCVKQPCNEJCKPUQH

EQOOCPFQPGHQTICTTKUQPCXKCVKQPYGCVJGTWPKVUCPF

VJGQVJGTHQTVJG(NGGV/CTKPG(QTEG(/(

)CTTKUQPCXKCVKQPYGCVJGTWPKVUCV/CTKPG%QTRU

#KT5VCVKQPUCPF(CEKNKVKGUCTGOCPPGFD[75/%

/'61%RGTUQPPGNCPFRTQXKFGFKTGEVCXKCVKQPYGCVJGT

UWRRQTVVQJQUVCPFVGPCPVWPKVU+PVGITCNVQ/CTKPG

%QTRUCXKCVKQPCEVKXKVKGUVJGUGYGCVJGTWPKVURTQXKFG

UGTXKEGUVQCUUKIPGFCEVKXKVKGUCPFQTICPK\CVKQPUYJKEJ

KPENWFGPKPGOCLQTCKTUVCVKQPUKPVJGEQPVKPGPVCN7PKVGF

5VCVGUQPGKP*CYCKKCPFVYQKP,CRCP

/CTKPG%QTRU/'61%UWRRQTVCEVKXKVKGUCTG

CUUKIPGFVQVJG(/(KPVJG#XKCVKQP%QODCV'NGOGPV


#%'QHVJG/CTKPG#KT)TQWPF6CUM(QTEG


/#)6(#%'/'61%UWRRQTVKUFGTKXGFHTQOVJG

/CTKPG9KPI5WRRQTV5SWCFTQP
/955YKVJKPVJG

HTQOVJG#%'/955UECPDGCUUKIPGFKPFKTGEV

UWRRQTVQHVJG%QOOCPF'NGOGPV)TQWPF%QODCV

'NGOGPVCPF%QODCV5GTXKEG5WRRQTV'NGOGPVQHVJG

/#)6(

$CVVNGURCEG/CPCIGOGPV5[UVGOU

6JG0CX[	U/'61%RTQITCOTGOCKPUHQEWUGFQP

KORTQXKPIFCVCEQNNGEVKQPRTQEGUUKPICPF

FKUUGOKPCVKQPECRCDKNKVKGUVQUWRRQTVQRGTCVKQPUKPVJG

NKVVQTCNCPFVQGPUWTGKPVGTQRGTCDKNKV[COQPIVJG

UGTXKEGU#MG[CURGEVQHVJKUFGUKIPKUCWPKH[KPI

HWNN[KPVGITCVGF%+CTEJKVGEVWTGCNNQYKPI/'61%

CEVKXKVKGUVQQRGTCVGKPWPKUQPYKVJQVJGTUGTXKEG

GNGOGPVU'HHQTVUKP(;KPENWFG

< 6CEVKECN'PXKTQPOGPVCN5WRRQTV5[UVGO


6'55
0%6'55
KUCOQFWNCTUWRRQTV

U[UVGOFGUKIPGFVQRTQXKFG0CX[FGEKUKQPOCMGTU

QPOCLQTEQODCVCPVUJKRUYKVJ/'61%

CUUGUUOGPVUCPFHQTGECUVUCPFVQKPVGITCVGVJKUFCVC

YKVJUGPUQTCPFYGCRQPRNCVHQTORCTCOGVGTUHQT

U[UVGORGTHQTOCPEGCUUGUUOGPVU6JGRTKOCT[

UWRRNKGTUQHVJGUGFCVCCTGVJGVJGCVGT/'61%

EGPVGTUYJKEJRTQXKFGXCNWGCFFGFRTQFWEVUVQ

HNGGVWPKVUKPCFFKVKQPVQVJGPWOGTKECNRTGFKEVKQP

IWKFCPEGIGPGTCVGFD[(.'07//'61%%'0

6JGRNCPPGF6'55
0%YKNNDGHWNN[KPVGITCVGF

YKVJVJGPGZVIGPGTCVKQP0CX[CPF&1&%+

ENKGPVUGTXGTCTEJKVGEVWTGCPFYKNNEQPHQTOVQC

PGYXKUKQPHQTKPHQTOCVKQPVGEJPQNQI[U[UVGOU

YKVJKPVJG0CX[6JKUPGYXKUKQPHQEWUGUQP

UGCONGUUUGCUJQTGVTCPUKVKQPUVJGKPVGITCVKQPQH

VCEVKECNCPFPQPVCEVKECNHWPEVKQPUOCZKOWOWUG

QHEQOOGTEKCNQHHVJGUJGNHCRRNKECVKQPUCPF

EQOOQPCNKV[YKVJKPFWUVT[CPFWUGQHCFGUMVQR

2%CUVJGWUGTKPVGTHCEG6'55
0%YKNNDG

FGNKXGTGFVQVJGHNGGVKPNCVGDWVRTQVQV[RGU

CTGQRGTCVKPIPQYCDQCTFUQOG CPF (NGGV PF TF

UJKRU

< 0CX[,QKPV6'554GOQVG9QTMUVCVKQP,6495

6JTQWIJ,6495/'61%FCVCCPFRTQFWEVUCTG

OCFGCXCKNCDNGVQ0CX[CPF/CTKPG%QTRU

CEVKXKVKGUCHNQCVCPFCUJQTGXKCVJG,QKPV/CTKVKOG

%QOOCPF+PHQTOCVKQP5[UVGO,/%+5PGVYQTM

#OQFWNCTFCVCOCPCIGOGPVCPFFKUVTKDWVKQP

UWDUGVQH6'55
CPFCUGIOGPVQPVJG0CX[%+

PGVYQTMVJG,6495WUGU6'55
FCVCCPF
$

RTQFWEVUVQHGGFTGCNVKOGVCEVKECNFGEKUKQPCKFU GPJCPEGOGPVHGCVWTGUVQDTKGHRKNQVUCPFQVJGTDCUG

TGUKFGPVYKVJKP,/%+56JGQRGPU[UVGOFGUKIP EWUVQOGTUQPVJGKORCEVQHYGCVJGTQPVJGKT

RTQXKFGUKPVGTQRGTCDKNKV[YKVJQVJGT&1& QRGTCVKQPU6JGVJKTF/+&&5HWPEVKQPYCUVQ

(GFGTCNCPF#NNKGFEQOOCPFCPFEQPVTQNU[UVGOU FGXGNQRCECRCDKNKV[VQFKUVTKDWVG/'61%

,6495KUVJGDCUKUHQTVJG0CX[#KT(QTEG,QKPV RTQFWEVUNQECNN[WUKPIGKVJGTFKCNKPTGOQVGCEEGUU

/'61%5GIOGPVQHVJGPGY)NQDCN%QOOCPF UGTXKEGUQT.QECN#TGC0GVYQTM
.#0

CPF%QPVTQN5[UVGO
)%%586JGUG%+ CTEJKVGEVWTGU/+&&5JCUDGGPHKGNFGFCVOQUV

PGVYQTMUCTGTCRKFN[OKITCVKPIVQC9KPFQYU06 0CX[CPF/CTKPG%QTRUCXKCVKQPUKVGU

ENKGPVUGTXGTCTEJKVGEVWTG

< /QDKNG1EGCPQITCRJ[5WRRQTV5[UVGO
/155 
21256JG2125RTQITCOYCUKPKVKCVGFVQ

WRITCFG/155KURTGUGPVN[WPFGTIQKPIC RTQXKFGVJGEQORWVCVKQPCNECRCDKNKV[PGEGUUCT[VQ

OKITCVKQPVQYCTFUCOQFWNCTKPVGTQRGTCDNGU[UVGO TWPOCUUKXGQEGCPQITCRJKECPFCVOQURJGTKE

C0+6'5XCTKCPV+VJCUDGGPWRITCFGFVQ OQFGNUCVDQVJINQDCNVJGCVGTCPFVCEVKECNUECNGU

KPENWFGCNKIJVYGKIJVCPFRQTVCDNGPQVGDQQM %TC[%UCV0#81%'#01
2125+CPF

EQORWVGTYKVJCFQEMKPIUVCVKQP6JKUOKITCVQT[ (.'07//'61%%'02125++YGTGKPUVCNNGF

XGTUKQPMPQYPCU+PVGTKO/155
+/155 CURCTVQHVJG0CX[	UCPF(GFGTCN)QXGTPOGPV	U

QRGTCVGUCV/*\CPFJCUVJGCFFKVKQPCN GORJCUKUQPJKIJRGTHQTOCPEGEQORWVKPI2125

ECRCDKNKV[VQKPIGUVTGCNVKOGQDUGTXCVKQPCNFCVC +JCUDGGPFGUKIPCVGFC&1&/CLQT5JCTGF

EQNNGEVGFD[#/156JGHQNNQYQPU[UVGO 4GUQWTEG%GPVGTYKVJCUOWEJCURGTEGPVQH

/1550GZVYKNNDGCOQFWNCTFCVCOCPCIGOGPV VJGEQORWVGTVKOGQPVJG%FGXQVGFVQ

CPFFKUVTKDWVKQPU[UVGOQRGTCVKPIKPCRQTVCDNG UWRRQTVKPI&1&4&GHHQTVUYJKEJECPVJGPDG

GPXKTQPOGPVCPFKPEQTRQTCVKPIUQOG,6495 VTCPUKVKQPGFVQQRGTCVKQPCNWUG2125++KUVJG

HWPEVKQPCNKV[ PWOGTKECNGPIKPGWUGFD[(.'07//'61%%'0

KPKVUTQNGCUVJGRTKOCT[&1&0WOGTKECN

< /GVGQTQNQIKECNCPF1EGCPQITCRJKE
/'61%

+PVGITCVGF&CVC&KURNC[5[UVGO
/+&&5

/+&&5EQPUQNKFCVGUVJGPWOGTQWU/'61%

HWPEVKQPURGTHQTOGFYKVJKPCUJQTGDCUGFYGCVJGT

UVCVKQPKPVQCENKGPVUGTXGTCTEJKVGEVWTGYJKEJ

OCPCIGUVJGKPIGUVKQPRTQEGUUKPIFKURNC[CPF

FKUUGOKPCVKQPQH/'61%FCVC&CVCKPIGUV

KPENWFGUUCVGNNKVGKOCIGT[TGEGKXGFXKC)1'56CR

QTNKXG9'(#:FKIKVCNCPFCPCNQIHCEUKOKNG

CNRJCPWOGTKETCUVGTITCRJKERTQFWEVU1RVKOWO

2CVJ#KTETCHV4QWVKPI5[UVGO12#45RTQFWEVU

TCFCTKPHQTOCVKQPNKIJVPKPICPFNKXG#WVQOCVGF

5WTHCEG1DUGTXKPI5[UVGO
#515KPRWVU#

U[UVGOYCUFGUKIPGFYJKEJQHHGTGFOWNVKVCUMKPI

CPFOWNVKWUGTECRCDKNKVKGUVQJCPFNGVJG

UKOWNVCPGQWUKPIGUVQHXCTKQWURTQFWEVU

*CTFYCTGYCUUGNGEVGFVQCXQKFRTQRTKGVCT[

EQORQPGPVUCPFVQQRVKOK\GUVCVGQHVJGCTV

RTQEGUUQTUCPFFKURNC[FGXKEGUCXCKNCDNGHTQO

EQOOGTEKCNQHHVJGUJGNH
%165XGPFQTU6JG

FGUKIPYCUEGPVGTGFCTQWPFVJTGGRTKOCT[

HWPEVKQPU6JGHKTUVYCUVQGUVCDNKUJCYQTMUVCVKQP

YJGTGVJGYGCVJGTHQTGECUVGTQTQDUGTXGTEQWNF

TGVTKGXGRTQEGUUCPFFKURNC[VJGXCTKQWUYGCVJGT

RTQFWEVUPGEGUUCT[VQICKPCEQORNGVG

WPFGTUVCPFKPIQHVJGCVOQURJGTGCPFJQYKV

EJCPIGFKPVKOG6JGUGEQPFYCUVQRTQXKFGC

DTKGHKPIUVCVKQPYKVJJKIJSWCNKV[ITCRJKEUCPF

< 2TKOCT[1EGCPQITCRJKE2TGFKEVKQP5[UVGO

9GCVJGT2TGFKEVKQP%GPVGT6YQUWDUKFKCT[

KPHQTOCVKQPU[UVGOUUWRRQTV2125CV

(.'07//'61%%'0VJG1EGCPQITCRJKECPF

#VOQURJGTKE5WRRQTVCPF+PHQTOCVKQP5[UVGO


1#5+5CPFVJG&KUVTKDWVGF2TQEGUUKPI5[UVGO


&25&25TGEGKXGUKPEQOKPIFCVCCPF

FKUVTKDWVGUHKPCNRTQFWEVUVQGZVGTPCNWUGTUYJKNG

1#5+5RTQEGUUGUKPEQOKPIFCVCHQT2125CPF

RCEMCIGU2125QWVRWVHQTURGEKHKEEWUVQOGTU

&25KUPQYDGKPIKPVGITCVGFKPVQVJG1#5+5

RTQITCO1WVRWVHTQO0CX[	UPWOGTKECNOQFGNU

KUOCFGCXCKNCDNGVQ01##VJTQWIJOGOQTCPFC

QHCITGGOGPV

1RGTCVKQPCN2TQFWEVUCPF5GTXKEGU

6JG1RVKOWO6TCEM5JKR4QWVKPI
1654KUC

UJKRCFXKUQT[UGTXKEGFGUKIPGFVQOKPKOK\GVJGTKUMQH

FCOCIGHTQOGZVTCVTQRKECNCPFVTQRKECNUVQTOUJKIJ

UGCUCPFUGCKEG1654CNUQCUUKUVURQTVCWVJQTKVKGU

CPFUJKRUKORQTVKPVJGRCVJQHVTQRKECNE[ENQPGUD[

KUUWKPITGEQOOGPFCVKQPUHQTFGRCTVWTGVKOGCPFC

UQTVKGNQECVKQPVQVJG5GPKQT1HHKEGT2TGUGPV#HNQCV6Q

OCZKOK\GHWGNGEQPQO[1654RTQXKFGU

TGEQOOGPFCVKQPUHQTQEGCPEWTTGPVCUUKUVCPEGCPF

CXQKFCPEGTQWVGUKPVJGXKEKPKV[QHUVTQPIQEGCP

EWTTGPVU1654CFXKEGEQPUKFGTUKPFKXKFWCNUJKR

EJCTCEVGTKUVKEUECTIQNKOKVCVKQPUCPFRNCPPGF

QRGTCVKQPU
$

1RVKOWO2CVJ#KTETCHV4QWVKPI5[UVGO12#45

CV(.'07//'61%%'0KUCHNKIJVRNCPPKPIU[UVGO

VQRTQXKFGVCKNQTGFTQWVKPIKPHQTOCVKQPVQOGGV

KPFKXKFWCNOKUUKQPTGSWKTGOGPVU#OQPIKVUOCP[

QRVKQPU12#45ECPECNEWNCVGVJGHWGNNQCFPGGFGFVQ

CTTKXGYKVJCURGEKHKETGUGTXGOCZKOWOECTIQHQTC

RCTVKEWNCTHNKIJVKPHNKIJVTGHWGNKPITGSWKTGOGPVU

OCZKOWOVKOGQPUVCVKQPOCPFCVQT[QXGTYCVGT

TGRQTVKPIRQUKVKQPUCPFHWGNWUCIGHQTURGEKHKETQWVGU

CPFQTCNVKVWFGU+PRTGRCTCVKQPHQTCHNKIJVDTKGH

GNGEVTQPKETQWVGTGSWGUVUCTGUGPVVQ

(.'07//'61%%'0D[VJGUGTXKEKPI

0#8/'61%%1/FGVCEJOGPV6QFGVGTOKPGQRVKOCN

CKTETCHVTQWVKPIVJTGGFCVCDCUGUCTGKPEQTRQTCVGFKP

12#45GPXKTQPOGPVCNCKTTQWVGUVTWEVWTGCPF

CKTETCHVRGTHQTOCPEGEJCTCEVGTKUVKEU(NKIJVRNCP

KPHQTOCVKQPKUTGVWTPGFVQVJGQTKIKPCVQTYKVJKPOKPWVGU

HQTUWDUGSWGPVOCPKRWNCVKQPCPFFKURNC[QPCNQECN2%

HQTRKNQVDTKGHKPI

6JG0CX[1EGCPQITCRJKE&CVC&KUVTKDWVKQP

5[UVGO
01&&5KUC2%DCUGFUQHVYCTGRCEMCIG

QTKIKPCNN[FGXGNQRGFKPVQOCMG

(.'07//'61%%'0PWOGTKECNRTQFWEVUCXCKNCDNG

VQHTQPVNKPG&1&WUGTU2TQFWEVUHTQO

(.'07//'61%%'0	UINQDCNFCVCDCUGUECPDG

UGNGEVGFHQTWUGTFGHKPGFTGIKQPUCPFWUKPICPQHHVJG

UJGNHNKEGPUGFEQOOWPKECVKQPUUQHVYCTGRCEMCIGCTG

FQYPNQCFGFCUCUGTKGUQHEQORCEVGF#5%++HKNGUVQC

NQECN2%#NNUVCPFCTFOGVGQTQNQIKECNCPF

QEGCPQITCRJKEHKGNFUCPFU[PQRVKEQDUGTXCVKQPU

CXCKNCDNGHTQO(.'07//'61%%'0ECPDG

FKURNC[GFCNQPIYKVJCYKFGPWODGTQHQEGCPQITCRJKE

DQWPFCT[NKPGRTQFWEVUIGPGTCVGFCVVJGTGIKQPCNEGPVGT

$CUKEUCVGNNKVGKOCIGT[
&/52KUCNUQCXCKNCDNG

01&&5ECPQXGTNC[WRVQVJTGGFKHHGTGPVHKGNFU

FKURNC[KPFKXKFWCNUGSWGPEGNQQRU\QQOHQTOQTG

FGVCKNFKURNC[UCVGNNKVGKOCIGT[CPFRTQFWEGJCTFEQR[

QWVRWV01&&5KUCXCKNCDNGVQPQP&1&(GFGTCN

CIGPEKGUCPFQVJGTUKPVJGEKXKNKCPEQOOWPKV[VJTQWIJ

CPCITGGOGPVDGVYGGP0CX[CPF01##6JKUXGTUKQP

TGHGTTGFVQCU01##01&&5VQFKUVKPIWKUJKVHTQOVJG

0CX[XGTUKQPOCMGUCXCKNCDNGVQ01##WPENCUUKHKGF

TGCNVKOGYGCVJGTCPFQEGCPFCVCCPFRTQFWEVUHTQO

(.'07//'61%%'0HQTCEEGUUD[EKXKNKCPWUGTU

The Joint METOC Viewer (JMV) is a new

capability which will be integrated into NITES and

eventually replace NODDS. Building on the incredible

global response to the World Wide Web (WWW) and

the successful user interface design of NODDS, JMV

provides an intuitive Graphical User Interface for

retrieving, viewing and annotating METOC information.

JMV uses Web technology to allow access to

FLENUMMETOCCEN METOC data from nearly

anywhere in the world. Authorized DOD and

Government users with WWW access now have a

simple, cost-efficient way to process weather and ocean

information on several computer platforms and

operating systems. JMV is now operational at several

hundred DOD sites, including underway ships with

WWW capability.

Supporting Research

The Navy administers a diverse research and

development (R&D) program, ranging from software

development to the engineering of sensors, interfaces,

processing, display, and distribution devices.

Application of R&D activities of the other services and

Federal agencies is always considered, and use of

existing government and commercial off-the-shelf items

is made.

The Navy is a world leader in the field of numerical

weather prediction for marine environmental services.

Transitioning fundamental scientific research, through

additional development, into the operational

meteorological and oceanographic models is a key to a

successful numerical prediction program. This is an

ongoing process at the Naval Research Laboratory’s

(NRL) Marine Meteorological Division, collocated with

FLENUMMETOCCEN, to keep the Navy Operational

Global Atmospheric Prediction System (NOGAPS) and

its companion Regional Atmospheric Prediction System

(NORAPS) at the leading edge of technology.

Continued upgrades to the NOGAPS model are planned,

incorporating asynoptic and remotely-sensed data in the

model initialization process. The relocatable, highresolution (15-45 km) nested NORAPS model is now

used routinely for operational contingency support.

In the future NORAPS will be replaced with the

Coupled Oceanographic and Atmospheric Mesoscale

Prediction System (COAMPS) model. The atmospheric

component of COAMPS will feature triple-nested grids

to resolutions of a few kilometers, non-hydrostatic

physics, explicit moisture physics and aerosols, and

improved data assimilation. The underlying and fully

coupled oceanographic component of COAMPS will

combine the capabilities of the Optimum Thermal

Interpolation System (OTIS), the Wave Model (WAM),

and the Princeton Ocean Model (POM) to provide for
$

fully interactive two-way coupling between ocean and < METOC data compression techniques to facilitate

atmosphere. With lateral boundary conditions provided communications.

by FLENUMMETOCCEN global models, COAMPS

will provide the high-resolution, relocatable, and fullyintegrated meteorological and oceanographic prediction

capability required to support joint littoral operations.

The principal focus of the Navy R&D program in

remote sensing is the development of techniques to

extract tactically significant information in the littoral

regions of the world. Sensors aboard existing satellites

are being exploited to the greatest extent possible, and

plans are in place to incorporate new capabilities as they

are introduced. Because many satellite processing

algorithms are designed for use with tactical systems

such as TESS(3), expert or rule-based scheme

representations are employed wherever possible to

reduce manpower-intensive interpretation procedures.

Development of upgraded data assimilation, quality capability.

control, and data management techniques in support of 

these models is also underway. A major thrust has been

initiated in the area of numerical weather prediction to

develop a shipboard tactical atmospheric forecast

capability. This model, intended for use in

TESS(3)/NC, will deliver high resolution (5 km), limited

area (100s of km), short range (12-24 hr) atmospheric

predictions and will assimilate locally acquired data in Development efforts undertaken by NOAA/NWS

real time. have been leveraged in Navy’s selection of the NWS’

 Automated Surface Observing System (ASOS) for Navy ONR is continuing to explore techniques for

assimilating environmental data through non-traditional

sensors. One such effort in progress is exploring the

content and utility of a weather signal tap from the

AEGIS AN/SPY-1 air search radar system, a potential

candidate for a small-scale shipboard tactical weather

radar.

Sensor Development

 of surface aviation observations and synoptic weather The Shipboard Meteorological and Oceanographic

Observing System (SMOOS), currently being fielded,

was developed as part of the Navy R&D program in Principal User Processors (PUPs) associated with

sensor development. As a follow-on to SMOOS, the Next Generation Weather Radar (NEXRAD) are

advanced engineering and development of new sensors providing significant improvements in radar analysis of

and related technologies is underway. Some of these meteorological features and severe weather over the

include: United States. The Navy and Marine Corps are

 participating in the NEXRAD program and will utilize

< Autonomous drifting buoys for surface and

subsurface data.

< Autonomous sensor suites for all Navy ships.

< Aerosol measurement sensors.

The AN/WSQ-6 series expendable drifting buoys

will measure and report air and sea surface temperatures,

barometric pressure, subsurface ocean temperature

versus depth to 300 meters, omni-directional ambient

noise, wind speed and direction, directional wave

spectra, optical parameters, and other properties of the

near-surface air/sea environment. The buoys sample and

report hourly observations via Service ARGOS; as other

communications networks such as Low Earth Orbiting

satellites become available, they will be utilized. Near

real-time data reception is available via Local User

Terminals and TESS(3). As funding and testing permit

new sensors will be added to the buoy platform. Multiparameter, long life, expendable instruments such as the

AN/WSQ-6 buoys are vital to the success of the U.S.

Navy’s contribution to a global ocean observing

The AN/UMQ-12 Mini-Rawinsonde (MRS) consists

of a surface receiver, processor, and lightweight balloonborne expendable sensor package to measure pressure,

temperature, humidity, and wind speed and direction.

The Navy will be transitioning to a GPS-based minirawinsonde system.

and Marine Corps use ashore. Acquisition and

installation of ASOS systems continue at Navy and

Marine Corps stations worldwide in support of aviation

and local area forecasting requirements to replace

equipment that has been operated beyond its

maintenance life cycles. ASOS will assist

Meteorological Technicians in assimilating field

meteorological parameters and improving efficient entry

reports into the Automated Weather Network (AWN).

these radars to satisfy their requirements for radar

coverage, where possible. On-site NEXRAD PUPs will

display imagery from NEXRAD systems covering areas

of routine military operations and training.
$

 1993. Both agencies continue to review present The Navy will be procuring Supplemental Weather

Radars to provide radar coverage at selected Navy and

USMC sites, mostly overseas, not scheduled to receive

a NEXRAD PUP. This system will replace the obsolete

AN/FPS-106 weather radars now in use. < Cooperative endeavors in operational numerical

The Marine Corps Meteorological Mobile Facility

Replacement (METMF(R)) is a transportable system for

providing meteorological support to the Marine Air

Ground Task Force (MAGTF). A cost and operational

effectiveness analysis of a replacement METMF has

been completed, and the system is nearing the

demonstration and validation phases of the acquisition

process. Housed in a 20 x 20 foot standard Marine

Corps van and transportable by a C-130 aircraft, this

system will provide a fully functioning weather office

for Marine Corps expeditionary airfields for 30 days

without resupply. It will include sub-systems for data

collection (MRS for upper air and a variety of local and

remote sensors), data processing (modified TESS(3)),

satellite image ingest and display, Doppler radar display

(via the supplemental weather radar), communications,

briefing support, and support for remote forces. The

METMF(R) will be interoperable with the Marine Corps

C4I systems and METOC systems of the other services

via the Global Command and Control System (GCCS).

Interagency Cooperation

To maximize efficiency and benefit for Navy and

NOAA cooperative activities, an Umbrella

Memorandum of Agreement (MOA) was signed in

agreements for conversion into annexes to this MOA

and identify new areas of cooperation. Specific areas

include:

modeling, data exchange, and mutual backup

between FLENUMMETOCCEN and NCEP.

< Navy/NOAA/Coast Guard operation of the National

Ice Center.

< AWS/Navy/NOAA agreement on shared processing

of satellite data.

< Navy/NOAA agreement on ASOS procurement,

installation, maintenance, and operation.

< Distribution of unclassified Navy METOC products

to the civil sector via NOAA.

< Provision of meteorological services to Guam, the

Commonwealth of the Northern Marianas Islands,

and Micronesia.

< Satellite altimetry data processing.

< Training cooperation through Cooperative Program

for Operational Meteorology Education and

Training (COMET).

MOAs also exist between the DOC, DOD, and DOT

concerning the production and operation of the

NEXRAD system. Additionally, Navy is a DOD

participant in the development of the DOC/DOD/NASA

converged National Polar-orbiting Operational

Environmental Satellite System (NPOESS).

UNITED STATES ARMY

ARMY OPERATIONAL SUPPORT contingencies, and peacetime training. U.S. Army Forces

Overview of Operational Equipment and Support

Missions

U.S. Army weather support is a mix of Army and

USAF personnel and equipment under Law and according

to Army-Air Force (AF) agreement. Army Regulation

(AR) 115-10/Air Force Joint Instruction (AFJI) 15-157,

Weather Support for the U.S. Army, 30 June 1996

describes the Service responsibilities and those of Major

Army Commands (MACOMs) within the Army providing

weather support. The U.S. Army provides direct weather

support to two Army missions: upper air observations for

Field Artillery fire support, and limited surface weather

observations to support Army weapon systems forward of

Division tactical operations centers. The Air Force Major

Commands (MAJCOMs) provide operational weather

services to warfighting MACOMs in combat,

Command (FORSCOM), U.S. Army Europe

(USAREUR), U.S. Army Pacific (USARPAC), U.S.

Army, South (USARSO), U.S. Army Special Operations

Command (USASOC), Eighth U.S. Army (EUSA), and

U.S. Army Training and Doctrine Command (TRADOC)

have Air Force Weather personnel providing daily

installation and tactical weather support. Army Artillery

Meteorological (ARTYMET) Crews provide direct upper

air observation support to artillery units in the same

MACOMs. During peacetime training and activation the

Air National Guard (ANG) provides AF operational

weather support to the Army Reserve and Army National

Guard (ARNG), collectively designated the Reserve

Component (RC). In addition, during exercises and

contingencies the ANG may augment the active Army

Weather Teams (WETMs). The ANG acts like an Air

Force MAJCOM in providing support to the Army RC. 
$

 Multipurpose Wheeled Vehicle (HMMWV). The MMS The Army also provides the operational weather

support to Army Research Development, Test and

Evaluation (RDTE) ranges, centers, and other research

facilities using the Test and Evaluation Command

(TECOM) Meteorological Teams (MET Teams) and U.S.

Army Space and Strategic Defense Command (SSDC)

contractors. TECOM operational support is described

under Army Materiel Command in the RDTE section.

SSDC provides weather support to Kwajalein Missile

Range (KMR) through a Meteorological Environmental

Test Support contractor.

The Army provides the tactical field equipment and Army Field Artillery School (USAFAS), Fort Sill,

communications equipment to USAF WETMs for tactical Oklahoma, develops the requirements documents and is

operations. MACOMs have purchased off-the-shelf non- the combat and training developer for meteorological

developmental items (NDI) to provide interim Army equipment used for Field Artillery support. 

tactical equipment until the Integrated Meteorological 

System (IMETS) is fully fielded. IMETS is an automated

mobile weather support and communications system. The

Project Director (PD) for IMETS is under the direction of

Program Manager, Intelligence Fusion. The

Communications and Electronics Command (CECOM)

and Army Research Laboratory (ARL) provide fielding Headquarters, Department of the Army, Office of the

and technical support to PD, IMETS and to Field Artillery Deputy Chief of Staff for Intelligence (ODCSINT) is

Meteorological programs. IMETS will continue fielding responsible for Army weather support policy. Office of

in FY 1998. the Deputy Chief of Staff for Operations and Plans

 (ODCSOPS) is responsible for validating and prioritizing The FORSCOM GOLDWING System is a nondevelopmental item (NDI), providing operational support

until IMETS is fielded or other modern tactical

communications systems become available in the

MACOMs and RC. GOLDWING will be used in

conjunction with IMETS for active or RC forces, which

are not scheduled to get IMETS because of funding Army Operational Support Provided by the Air Force

constraints. IMETS communicates with GOLDWING

over HF radio. Under AR 115-10/AFJI 15-157, the Air Force is

 responsible for providing the Army with the necessary ARTYMET Crews are assigned to Artillery units at

Division level, to Field Artillery Brigades, and to Separate

Brigades with a direct support Artillery Battalion. Army

soldiers regularly take tactical upper air observations to

support Field Artillery units during tactical training

exercises, at permanent Army Artillery Ranges, or during

the full range of combat missions. ARTYMET Crews

also take limited surface observations at tactical locations

on an "as needed" basis to support artillery operational

requirements. 

ARTYMET Crews in the Active Component (AC) weather personnel to the warfighting MACOMs at

and some RC sections currently use the Meteorological theater, corps, division, armored cavalry regiments,

Measuring Set (MMS), AN/TMQ-41, to take upper air aviation brigades, separate brigades, and special forces

observations during tactical operations. It is a mobile, groups/ranger regiment to provide direct, on site weather

upper air sounding system mounted on a High Mobility support. AF weather squadrons and flights provide

provides upper air data to the Field Artillery Tactical Data

System for use in adjusting artillery fire, to USAF

WETMs, and to the Chemical Officer for use in smoke

and in Nuclear, Biological and Chemical (NBC) defense

operations. The CECOM section provides a complete

description of MMS. The Meteorological Data System

(MDS), AN/TMQ-31, replaced by the MMS, has been

reissued to eleven Army National Guard (ARNG) and will

be used as long as still supportable. The rest of the

ARNG units will be upgraded to the MMS and future

Profiler systems as they become available. The U.S.

The Army provides supplemental, limited surface

observations when required in tactical situations to

support Army operations. These observations are taken by

Intelligence personnel in the forward combat areas when

directed by the Intelligence Officer (S2). 

weather support requirements and programs to meet Army

requirements. The Army Staff also has a full-time active

duty User Liaison assigned to the National Polar-Orbiting

Operational Environmental Satellite System (NPOESS)

Integrated Program Office.

manpower and unique tactical and fixed weather

equipment to meet Army tactical and garrison AC/RC

support requirements. Army support manpower

requirements are resourced from Air Force active, reserve,

and ANG weather units. While direct support of the

Field Artillery remains an Army responsibility and is

supported by Army ARTYMET teams, Air Force WETMs

provide supplemental information to artillery crews in

contingencies for areas beyond direct ARTYMET

observation capabilities. The Air Force assigns AF
$

garrison and tactical weather warning, observing, follow Task Force XXI, build on brigade weather

forecasting, special support, and staff weather officer capabilities, and apply them at the division level, with

(SWO) services to Combat, Combat Support, and Combat special attention to battlefield visualization and simulation

Service Support units throughout the peacetime/war activities.

continuum. Peacetime garrison activities include 

supporting flying operations at Army Airfields and severe

weather watch, warning, and advisory services for aircraft

and post resource protection. The Air Force is responsible

for installation, operation, and maintenance of standard

Air Force meteorological and observing equipment at

Army Air Field Weather Stations. Tactically, the Army is

responsible for vehicles, tactical communications, and

weather effects criteria. The Army Integrated

Meteorological System (IMETS) is fielded for these

purposes and is operated by Air Force WETMs. The

Army also maintains IMETS hardware and software, with

the Air Force maintaining AF software that performs U.S. Army Kwajalein Atoll (USAKA) is a

meteorological functions within IMETS. IMETS uses AF subcommand of USASSDC, which provides operational

meteorological software, but IMETS is built on an Army support to the test facilities at the Kwajalein Missile

vehicle, uses Army tactical communications and Army Range (KMR). The KMR meteorological services

weather effects software. The Army provides other support contractor performs meteorological functions in

tactical equipment to Air Force WETMs through an Army support of missile operations and for synoptic purposes,

Table of Organizations and Equipment (TOE). including surface, upper air, and meteorological satellite

 observations, and the preparation of daily aviation, marine U.S. Army Space and Strategic Defense Command

(USASSDC)

 Army Corps of Engineers Civil Operational Activities Army Space Command (ARSPACE), a subcommand

of USASSDC, provides Army Space Support Teams to The Corps of Engineers (COE) operates a network of

deploying Army units. One element of this support is a about 7700 gages of which 2200 are land-based limited

high resolution weather satellite receiver, which can be meteorological observing sites. The remainder are

readily transported, and which directly acquires and hydrologic in nature. The meteorological portion measure

processes the full telemetry stream of civilian and military precipitation and other data in the United States to provide

weather satellites. Imagery and data are used by the staff information for regulating COE dams and other water

weather officer in preparation of tailored products and projects used for flood control, navigation, hydroelectric

forecasts for use on the battlefield. This equipment is power, irrigation, water supply, water quality, and

used in contingencies and training exercises, and provides recreation. The COE transfers funds to NOAA/NWS to

an interim capability pending delivery of IMETS, Block collect and maintain precipitation information from 1160

II and associated AF weather satellite equipment. of these sites.

ARSPACE participated in Task Force XXI in FY 1997 

through the Tactical Weather (TacWx) initiative. TacWx

represents a teaming with the Army Research Laboratory’s

Battlefield Environment Division, the AF Combat

Weather Center, PD IMETS, and the III Corps WETMs to

provide the Task Force XXI commander with near real

time, state-of-the-art weather information and products.

The system consists of ARSPACE Deployable Weather

Satellite Workstation, ARL Battlescale Forecast Model,

and the AF Tactical Forecast System, which runs on Training and Doctrine Command (TRADOC) Programs

IMETS hardware. Lessons learned will be used in the 

IMETS program as product improvements. ARSPACE

will also participate in a similar way in Division XXI, to

The High Energy Laser Systems Test Facility

(HELSTF), a subcommand of USASSDC, located on

White Sands Missile Range, is designated as the DOD

National Test Range for high energy laser test and

evaluation. In addition to laser system test and evaluation,

extensive use has been made of on-site laser systems to

perform damage and vulnerability testing on laserhardened materials, missile and aircraft components and

various battlefield equipment. Part of the research effort

is to develop adaptive optics for atmospheric

compensation during lasing.

and special weather observations for the range.

Similarly, COE transfers funds to the U.S. Geological

Survey to maintain precipitation data collection form 500

sites. The remainder are maintained by the COE. Data

from many of these sites are automatically telemetered

using satellite, microwave, land lines, radio, etc. to

provide for real time use of the data. Although the COE

finances the network, data are made available to all other

federal agencies.

TRADOC manages and develops training programs,

writes Army and Joint weather support doctrine (concepts
$

and field manuals), and establishes the weather more effective. IMETS integrates Air Force weather

requirements documents for Army tactical weather processing capabilities with Army Battle Command

support equipment. The U.S. Army Intelligence Center System hardware and software in a vehicle-mounted,

and Fort Huachuca (USAIC&FH), Fort Huachuca, standard shelter able to move with the supported ground

Arizona, is the proponent and user representative for force. IMETS will provide tailored weather data fields to

tactical weather support in wartime, contingencies, and the All Source Analysis System, Digital Topographic

peacetime tactical training. The U.S. Army Field Artillery Support System, and other Army Battlefield Operating

School (USAFAS), Fort Sill, Oklahoma, is the proponent Systems to support Army operations. Further description

for upper air meteorological support. The Engineer is in the research and development sections.

School, Fort Leonard Wood, Missouri, coordinates 

weather support requirements in Terrain Analysis and

Topographic Engineering. TRADOC schools submit

requirements for weather support to HQ TRADOC for

approval. HQ TRADOC normally submits requirements

for USAF support to HQ, Air Combat Command for

implementation. Requirements for Army provided

communications or tactical equipment is submitted to USAFAS trains all Field Artillery Meteorological

ODCSOPS to prioritize and program resources. (ARTYMET) Crew members with a staff of 30 military

 and civilian instructors. USAFAS also has the role of USAIC&FH is the functional proponent for tactical

Army weather support. The Center’s Weather Support

Team writes tactical weather support concepts and

doctrine; identifies deficiencies and baseline requirements;

provides weather support training to Intelligence and

USAF personnel supporting the Army; and establishes The Aviation Center, Chemical School, and Engineer

requirements documents for weather support equipment, School (USAES) incorporate weather instruction and

except in the artillery support area. USAIC&FH sponsors procedures into training programs in their mission areas.

the Joint Army/Air Force tactical weather concept, which USAES develops methods of measuring and forecasting

embraces the "Owning the Weather" initiatives of the state of the ground parameters for terrain analysis and

Army Research Laboratory’s Battlefield Environment trafficability assessments. This includes identifying,

(BE) Division. These TRADOC concepts describe how justifying, and documenting requirements to interface

weather support to the future Army will be provided. meteorological and engineer battlefield systems. It also

They also describe the employment of the Integrated monitors R&D advances to incorporate these in combat

Meteorological System (IMETS), with its capability to developments initiatives. Weather is taught in the

integrate surface and upper air information from national Engineer Officer Advance Course. USAES previously

and indigenous sources with battlefield weather data had a full time meteorologist as a subject matter expert to

collected by the future Automatic Meteorological Sensor coordinate weather activities. The meteorologist position

System (AMSS), future Unmanned Aerial Vehicles was lost in FY 1997. The Aviation Center has unique

(UAVs) on-board met sensor, weather satellite, and other operational requirements for weather observations and

sources to provide a 3-dimensional display of weather and USAF forecast support at remote training locations. Fort

environmental effects on and above the battlefield. Two Rucker operates additional observing and communications

major Army weather support systems for which equipment to relay all types of USAF-provided weather

USAIC&FH have stated requirements are IMETS and information to these Army sites.

AMSS. 

IMETS is a mobile, automated system that receives, authority for Army-Air Force weather doctrine, Army

integrates, models, and processes weather data. It weather hardware requirements, and weather support

provides near real-time weather observations and tailored policy within TRADOC. 

forecasts using digital displays to other Army tactical 

users. It provides tactical decision aids and weather

effects information to help Army warfighters become

AMSS is currently unfunded because of budget

constraints. It is planned to be a future source of

automated, tactical surface observations in the forward

areas and to send data to IMETS to support forecasting

processes. Alternate sources of funding will be sought for

future years. 

developing requirements documents for new upper air

observing systems and writing operational support

concepts, doctrine, and procedures to be taught in the

classroom and executed in the field.

Headquarters, TRADOC is the TRADOC approval
$

WEATHER SUPPORT FOR RESEARCH, to assist in the generation of proxy environmental

DEVELOPMENT, TEST, AND EVALUATION (RDTE) information (climate and terrain) for data sparse areas and

 the integration of models to enable the spreading of this Army Meteorological Research, Development, Test and

Evaluation

Under Army-Air Force agreement, the Army has that are designed to be exploited in the synthetic

responsibility for weather support for research, environment arena and for developing techniques to

development, test, and evaluation (RDTE) to support portray natural and induced battlefield environments, thus

Army ground combat missions as specified in enhancing computerized battle simulations. TEC also

AR 115-10/AFJI 15-157. The Corps of Engineers (COE), contributes to the development of policies and procedures

and the Army Materiel Command (AMC) are the major for the consideration of realistic natural environmental

contributors to weather research. The Medical Research conditions for application in the materiel acquisition

and Development Command does research related to process. As preparer and custodian of AR 70-38, TEC

soldiers performance in the range of weather conditions provides special climatological studies and guidance to

expected to be encountered in all theaters of operations. materiel acquisition activities. TEC also reviews all

 emerging materiel systems for environmental effects. Corps of Engineers (COE)

 Cold Regions Research and Engineering Laboratory The Corps of Engineers (COE) is responsible for

reviewing all emerging Army systems for environmental

effects, as stated in Army Regulation 70-1. The COE also Under the military portion of its civil and military

manages the Technology Demonstration (DT-08) support mission, the Cold Regions Research and

program. Tactical Decision Aids (TDAs) are developed Engineering Laboratory (CRREL), Hanover, New

for this program by three COE laboratories: Topographic Hampshire, provides weather support to Army weapon

Engineering Center (TEC), Cold Regions Research and systems RDTE, combat, and combat support mission

Engineering Laboratory (CRREL), and the Waterways areas, and develops climatological studies on the effects of

Experiment Station (WES). WES develops TDAs winter environment on Army operations. CRREL is

supporting terrain analysis. TDAs interpret the impact of responsible for modeling in the areas of Cold Regions

weather and terrain conditions on Army systems and Surface-Air Boundary Process, Winter Scene Dynamics,

operations. They are based on weather and terrain and Spatially Distributed Prediction Over Winter Terrain.

limitations, known as critical values. Critical threshold CRREL develops data bases and models predicting

values are determined from design criteria, operational Infrared and millimeter wave (MMW) weapon system

testing, or other evaluations of Army capabilities in performance, and the capability of technology to enhance

adverse weather. Critical values define system limitations military operations in cold environments. Under a

and are used by decision makers to take advantage over Memorandum of Understanding (MOU), the U.S. Army

opposing forces. Technology Demonstrations are currently Test and Evaluation Command (TECOM) provides

being transitioned to terrain and weather systems such as operational observing, weather instrumentation, and

the Integrated Meteorological System (IMETS), the forecasting services for CRREL’s RDTE efforts through

Digital Topographic Support System (DTSS), the Army a MET Team located at CRREL. 

Tactical Command and Control System (ATCCS), and 

Battle Command Decision Support System.

 The Army Materiel Command (AMC) is responsible Topographic Engineering Center (TEC)

The COE Topographic Engineering Center (TEC), equipment to satisfy requirements for meteorological

Fort Belvoir, Virginia, provides basic and applied support equipment. AMC provides climatological and

environmental support to Army R&D programs and meteorological support to RDTE projects involving

coordinates the development of TDAs relating to electro-optics and obscurants. It is also responsible for

environmental effects on combat systems, operations, and determining weather effects critical threshold values and

personnel. This includes the development and integration environmental sensitivities of battlefield systems. AMC

of environmental effects data bases and models that are has several subcommands and elements carrying out

relevant to military plans, operations and the acquisition weather research and development responsibilities.

communities. TEC also develops models and techniques 

information spatially over map backgrounds. TEC is also

responsible for developing integrated software modules

(CRREL)

Army Materiel Command (AMC)

for the design, development, test, and evaluation of
$

Test and Evaluation Command (TECOM). battlespace--the planetary boundary layer. BE’s mission

 is to "Own the Weather" (OTW) by providing atmospheric TECOM is a subcommand of AMC providing

operational support to 10 ranges and test sites with

collocated Meteorological (MET) Teams in FY 1998,

The Hunter Ligget Range closed in FY 1997 and the MET

team was disestablished. Under responsibilities

established in AR 115-10/AFJI 15-157, the TECOM MET

Teams provide weather support and atmospheric

characterization to Army Research, Development, Test,

and Evaluation (RDTE). 

 Under the DOD Project Reliance taxonomy, BE is the TECOM MET has taken the following actions to

mitigate the effects of the past decade of funding

reductions and downsizing. Where there use to be inhouse development of unique test instrumentation such as

the Small Portable Transmissometer and Global

Positioning System (GPS)-based upper air systems,

TECOM MET now relies on commercial-off-the-shelf

(COTS) instrumentation. New MET systems or MET

sensors instrumentation will be acquired through Army The BE program is driven by the Army’s need for

technical development resources or through direct funding boundary layer meteorological information in data sparse

from RDTE projects for test specific or unique areas and at smaller scales than normally used by either

requirements. Where TECOM MET used to have an in- the Air Force, Navy, or civilian community. The

house staff of expertise, MET now partners with outside requirement to host this capability on Army tactical

expertise. For example, TECOM is partnering with the hardware further constrains the research and development

National Center for Atmospheric Research (NCAR) for programs.

the integration of all the unique range sensors and systems 

into a Four Dimensional Weather System (4DWX). 

4DWX is a range scale (micro- and meso-scale) three

dimensional (with time) display in near-real-time to

forecast, "go, no-go" decisions and to replay the forensic

analyses of weather effects on a test. Where TECOM

MET used to have the ability to augment/hire federal

employees, MET now augments with contractor

employees.

The TECOM MET Teams at ranges supporting 

RDTE now operate on a 60/40 percent customer

reimbursable/direct funding basis. With level funding

projected for the out-years, TECOM MET is confident

that RDTE MET support requirements will be met.

Likewise, the projected stable funding for

chemical/biological support, modeling and simulations,

and test support at Dugway Proving Ground MET will ARL BE will perform associated boundary layer

also allow them to meet their requirements. profiling research, with the FM-CW radar and Sodars, and

 acoustical field work, including the 56 foot long Mobile Army Research Laboratory (ARL)

The ARL Battlefield Environment (BE) Division of completion of the site preparation and equipment

the Information Sciences and Technology Directorate is refurbishment in FY 1998.

the lead DOD agency for research and development in the 

portion of the atmosphere unique to the Army warfighter’s

effects information to decision makers on the battlefield in

planning and executing operations. The Army/Air Force

OTW initiative will provide advanced knowledge of

current and forecast battlefield environment conditions,

along with their effects on systems, soldiers, operations,

and tactics, which in turn provides a decisive advantage

over opponents. (See the feature article in Section 4 for

more information on OTW.)

lead agency for multi-service programs in transport and

diffusion modeling and mobile atmospheric profiling, with

the latter technology transferring out of BE to engineering

development in FY 1999. In addition, BE contributes to

tri-service goals in the areas of theater data fusion and

predictions, boundary layer processes, and atmospheric

effects. 

The Atmospheric Effects efforts address: (1) acoustic

propagation and background models for predicting

environmental effects on acoustic signatures and sources;

(2) micrometeorology of urban environments and

vegetative canopies; (3) optics and beam propagation in

the boundary layer; (4) transport and diffusion of

chemical/biological agents and other aerosols released into

the atmosphere; and (5) in-situ and remote detection of

chemical/biological agents and pollution aerosols. 

The Synthetic Environments efforts address: models

and simulations of environmental effects on electrooptical systems under realistic battlefield conditions. The

Atmospheric Effects and Synthetic Environment branches

now reside at ARL’s Adelphi Laboratory Center, Adelphi,

Maryland.

acoustical Source, at Blossum Point, Maryland, upon

The Weather Exploitation efforts address:

(1) battlescale forecasts of tactical weather; (2) tactical
$

weather radar, (2) tactical weather assimilation and Communications and Electronics Command (CECOM)

distribution; (3) advanced tactical decisions aids 

integrated with tactical weather data products; and

(4) transitioning advanced weather technology to

Battlefield Automated Systems and Battle Laboratories.

The Artillery Meteorological efforts address: systems; and helps the Program Manager, Intelligence

(1) integration of tactical weather data and forecasts into Fusion with technical management of weather programs.

Artillery indirect fire and precision strike operations, and Current programs supported are the Meteorological

(2) remote sensing Profiler technology for artillery upper Measuring Set (MMS), the Profiler, and the Integrated

air soundings, which is planned to transition in FY 1999 Meteorological System (IMETS). A brief description of

to the engineering developer for advanced engineering and each of these programs shows IEW’s involvement and

fielding with the Army. supplements earlier discussions under the other

 MACOMs. Army Research Office (ARO)

 The Meteorological Measuring System (MMS), The Army Research Office (ARO), Research Triangle

Park, North Carolina, manages the Army’s extramural

basic research program in the atmospheric sciences.

These programs are concerned with understanding the

dynamics and kinematic processes of the atmospheric

boundary layer at scales of interest to the Army

(millimeters to 10’s of kilometers) through measurements,

simulations, and theoretical considerations.

The basic research program is conducted through the Dir is currently assisting in upgrading the MMS. The

peer-reviewed, individual investigator program and GPS upgrade will act as a Navigational Aid (NAVAID) to

several special initiatives. The focus of the research is on determine radiosonde position. GPS will be used when

the atmospheric processes and effects of the atmospheric the current primary NAVAIDS (LORAN-C and

boundary layer where the Army operates. Objectives of VLP/OMEGA) are not available. The GPS processor will

the research are to develop, from first principles, the fit inside of the MMS meteorological processor, currently

physical basis for understanding the boundary layer being updated to accommodate this upgrade. Another

processes, thereby leading to better understanding of upgrade to the MMS is the Surface Meteorological Sensor

atmospheric effects on soldiers, materials, and weapon (SMS). The SMS will be mounted on a tripod outside the

systems. The research examines dispersion of battlefield MMS shelter and will be connected to the MMS shelter by

materials, the effects of heterogeneous terrain features on cable. The SMS underwent first article testing in FY

air flow, and the development of natural obscurations 1997.

throughout the diurnal cycle. An essential element of the 

research is the development of instrumentation to measure

the volumetric fields of wind velocity, temperature, and

moisture of the boundary layer at turbulence time scales.

Other areas of special funding are also managed. The sensors will be capable of sensing on an almost continual

Augmentation Awards for Science and Engineering basis. It also provides a model of local terrain to further

Research and Training (AASERT) program provides improve the accuracy of the data for firing artillery

funding for additional graduate and undergraduate systems.

students working under existing sponsored research 

programs. The Defense University Research and

Instrumentation Program (DURIP) provides funds for

instrumentation needed to support ongoing research

activities.

The CECOM Intelligence and Electronic Warfare

(IEW) Directorate (Dir), Fort Monmouth, New Jersey,

assists the CECOM level II manager and other internal

organizations in developing and fielding weather support

AN/TMQ-41 is currently fielded to the active Army. It is

an upper air meteorological data collection, processing

and dissemination system that provides data to the field

artillery and target acquisition users. The system meets

the requirements of roll-on/roll-off capability during

assault. The system is NDI. The contractor has built 42

systems for the Army and ARNG, 21 for the Marine

Corps, and additional systems for foreign sales. The IEW

The Profiler will provide the current upper air

meteorological system with new and enhanced

capabilities. It will provide a suite of sensors which will

reduce the time staleness of atmospheric data. These

The Integrated Meteorological System, AN/TMQ 40,

is the primary Army weather support system outside

artillery support. It is operated by AF WETMs at all

levels with direct AF weather support. It collects

available observations and central forecast products,

analyzes and forecasts on the micro-scale, and

disseminates tailored weather products and weather effects
$

decision aids electronically into the Army Battle In support of the Army Ranger training facility at

Command System for direct use in warfighting missions. Eglin AFB, Florida, Medical Research and Materiel

Satellite imagery is directly received in IMETS and from Command and USARIEM are participating in the

the Air Force STT. IMETS can merge weather displays development of an automated thermal injury risk

with the common relevant picture of the battlefield to help assessment system. The MERCURY-Ranger test bed

visualize weather impacts on operations and help the system is being developed in partnership with the Army

commander and staff to use the information more Research Laboratory’s Battlefield Environment Division

effectively. IMETS has HF radio connectivity to other (ARL/BE), the Canadian Defence and Civil Institute of

Army HF weather communications systems and computer Environmental Medicine (DCIEM), and the USAF’s 46

to computer electronic interface over the Army Battle Weather Flight at Eglin AFB. The MERCURY program

Command System at each tactical operation center and ingests data from several local surface weather stations

connectivity to higher and lower command levels. and automatically spreads the data across a region of

 interest using objective and heuristic interpolation Medical Research and Development Command

U.S. Army Research Institute of Environmental weather data fields are then used as inputs to the thermal

Medicine. The U.S. Army Research Institute of strain prediction models for heat stress, cold air exposure,

Environmental Medicine (USARIEM), Natick, or cold water immersion. Results are displayed as color

Massachusetts, conducts research on the effects of coded map overlays of thermal injury risk categories or

temperature, altitude, work, and nutrition on the health tolerance times. A prototype cold water partial immersion

and performance of individual soldiers or combat crews model is being developed and implemented in cooperation

operating Army systems. with DCIEM. That model uses real-time water

 temperature and depth measurements along with standard Applied research efforts in thermal physiology and

biophysical modeling are directed toward improving

soldier performance and minimizing health risks in

climatic extremes. The sensitivity of the soldier to

weather parameters (primarily ambient air temperature,

dew point temperature, wind speed, and solar radiation)

defines an operational envelope for unimpaired human

performance. The goals of applied research efforts are to Army weather and battlefield atmospherics

develop methods to assess and extend the boundaries of researchers are working closely with MACOM users and

the envelope in both training and operational settings. other DOD organizations to ensure the highest possible

th

methods. The resulting high resolution (1 km) gridded

weather parameters at river locations to predict safe

exposure times in cold water river fording scenarios. This

highly automated test bed system is intended to provide a

platform for evaluating methods needed to translate realtime weather information into robust assessments of

soldier system health risks and performance limitations.

payoff for its research and development dollars.
%

6JG(##JCUVJGTGURQPUKDKNKV[VQRTQXKFGPCVKQPCNCPFKPVGTPCVKQPCNNGCFGTUJKRKPVJGQRVKOK\CVKQPQHCXKCVKQP

YGCVJGTU[UVGOUCPFUGTXKEGU6JKUNGCFGTUJKRKUOCPKHGUVGFVJTQWIJVJGOCPCIGOGPVQHCUCHGCPFGHHKEKGPV

0CVKQPCN#KTURCEG5[UVGO0#5CPFVJGGPEQWTCIGOGPVQHEQPUGPUWUCPFEQQRGTCVKQPDGVYGGPIQXGTPOGPV

CIGPEKGURTKXCVGYGCVJGTUGTXKEGUTGUGCTEJQTICPK\CVKQPUCPFWUGTITQWRUKPXQNXGFKPCXKCVKQPYGCVJGT

#22'0&+:%

DEPARTMENT OF TRANSPORTATION WEATHER PROGRAMS

('&'4#.#8+#6+10#&/+0+564#6+10

#8+#6+109'#6*'4/#0#)'/'06 /QUVQHVJGQPIQKPICEVKXKVKGUYKVJKP(##CXKCVKQP

YGCVJGTRTQITCOCTGYGNNMPQYP(KTUV(##YQTMUKP 0#5/CPCIGOGPV(QTVJGNCUVHGY[GCTUVJG

(GFGTCN#XKCVKQP#FOKPKUVTCVKQP
(##JCUDGGP

HQEWUKPIQPKPKVKCVKXGUVQRTGXGPVCEEKFGPVUCPFFGNC[U

CVVTKDWVCDNGVQYGCVJGT6JGHQEWUQPVJGUGKPKVKCVKXGU

WPFGTUEQTGFVJGPGGFHQTEGPVTCNK\GFCXKCVKQPYGCVJGT

RTQITCOOCPCIGOGPV(GGFDCEMHTQOWUGTUCPFQVJGT

YGCVJGTUGTXKEGRTQXKFGTUQPN[TGKPHQTEGFVJG(##

EQOOKVOGPVVQOGGVVJCVPGGF

$[PGEGUUKV[QRGTCVKQPCNCXKCVKQPYGCVJGTCEVKXKVKGU QH095KPOGGVKPICXKCVKQPYGCVJGTTGSWKTGOGPVU

PGGFGFVQDGFKURGTUGFCOQPI(##QTICPK\CVKQPU 

TGURQPUKDNGHQTVJGFC[VQFC[QRGTCVKQPCN

TGURQPUKDKNKVKGU6JGTGUGCTEJCPFCESWKUKVKQPCEVKXKVKGU

CUUQEKCVGFYKVJVJGCXKCVKQPYGCVJGTRTQITCOJCXG < 4QNGUTGURQPUKDKNKVKGU

CNTGCF[DGGPEGPVTCNK\GFKPVQVJG1HHKEGQH4GUGCTEJCPF < 6TCKPKPI

#ESWKUKVKQP*QYGXGTVJGRQNKE[CPFTGSWKTGOGPVU < 6GEJPQNQI[

HWPEVKQPUHQTCXKCVKQPYGCVJGTYGTGFKURGTUGFVJTQWIJQWV < +PXGUVOGPVUVTCVGIKGU

VJGQHHKEGUQH(NKIJV5VCPFCTFU5GTXKEGU#KTYC[ 

(CEKNKVKGU4GSWKTGOGPVUCPF.KHG%[ENG/CPCIGOGPV#KT

6TCHHKE2NCPUCPF4GSWKTGOGPVUCPF5[UVGO%CRCEKV[

CPF4GSWKTGOGPVU6JGFKURGTUCNQHVJGUGCEVKXKVKGUQXGT

HQWTFKHHGTGPVQTICPK\CVKQPUYCUCPQDUVCENGVQVJG 4QNGUCPF4GURQPUKDKNKVKGU6JGUWEEGUUHWN

FGXGNQROGPVCPFOCPCIGOGPVQHCPCXKCVKQPYGCVJGT GZGEWVKQPQHCPCVKQPCNCXKCVKQPYGCVJGTRTQITCOKUHKTUV

RTQITCOVJCVYQWNFOGGVVJGPGGFUQHVJG0#5 FGRGPFGPVWRQPCPGZRNKEKVCPFOWVWCNN[WPFGTUVQQF

GPXKUKQPGFHQTVJGUV%GPVWT[ FGHKPKVKQPCPFCEEGRVCPEGQHTQNGUCPFTGURQPUKDKNKVKGU

DQVJYKVJKPCPFQWVUKFGQHVJG(##6JGGZGEWVKQPQH +PVJG#UUQEKCVG#FOKPKUVTCVQTUHQT#KT

6TCHHKE5GTXKEGU4GIWNCVKQPCPF%GTVKHKECVKQPCPF

4GUGCTEJCPF#ESWKUKVKQPCITGGFVQEGPVTCNK\G(##

CXKCVKQPYGCVJGTRQNKE[CPFTGSWKTGOGPVUHWPEVKQPUKPVQ

QPGOWNVKFKUEKRNKPGQTICPK\CVKQP6JG#UUQEKCVG

#FOKPKUVTCVQTHQT#KT6TCHHKE5GTXKEGUUWRRQTVGFVJG 6TCKPKPI#XKCVKQPYGCVJGTKPHQTOCVKQPYJKEJKU

NQECVKQPQHVJGPGYQTICPK\CVKQPYKVJKPVJGQHHKEGQH#KT EQORNGZCPFJKIJN[RGTKUJCDNGKUOQUVWUGHWNYJGP

6TCHHKE4GSWKTGOGPVU5GTXKEG1P1EVQDGTVJG EWUVQOGTUECPUWEEGUUHWNN[RNCPCEVCPFTGURQPFKP

#XKCVKQP9GCVJGT&KXKUKQPYCUGUVCDNKUJGFCPFUVCHHGF YC[UVJCVCXQKFCEEKFGPVUCPFFGNC[U(##YKNNKORTQXG

YKVJRGTUQPPGNHTQOFKXGTUGDCEMITQWPFUUWEJCUHNKIJV VJGCDKNKV[QHVJGCXKCVKQPEQOOWPKV[VQWUGYGCVJGT

UVCPFCTFUOGVGQTQNQI[CKTYC[HCEKNKVKGUCPFCKTVTCHHKE KPHQTOCVKQPVJTQWIJCTGXKGYCPFWRITCFGQHCKTOGP

#TGQTICPK\CVKQPVJCVGUVCDNKUJGFVJG#KT6TCHHKE VTCKPKPICPFEGTVKHKECVKQPRTQITCOU(##YKNNCNUQ

4GSWKTGOGPVU5GTXKEGKPGCTN[GNGXCVGF#XKCVKQP FGXGNQROWNVKOGFKCVTCKPKPIVQQNUVQUWRRQTVCXKCVKQP

9GCVJGTVQC&KTGEVQTCVG UCHGV[CPFVTCKPKPIKPKVKCVKXGU

RCTVPGTUJKRYKVJOCP[QVJGTIQXGTPOGPVCIGPEKGUVQ

KPVGITCVGCXKCVKQPYGCVJGTKUUWGUCPFCEVKXKVKGUKPVQVJG

QXGTCNNPCVKQPCNYGCVJGTRTQITCO6JGRCTVPGTUJKRYKVJ

VJG0CVKQPCN9GCVJGT5GTXKEG095VJCVJCUDGGPKP

GZKUVGPEGHQTFGECFGUKUGPLQ[KPICTGXKVCNK\CVKQPYKVJ

VJGGUVCDNKUJOGPVQHVJGPGYYGCVJGTFKXKUKQP6JGPGY

FKXKUKQPKUYQTMKPIFKNKIGPVN[VQTGCHHKTO(##	U

NGCFGTUJKRTQNGKPCXKCVKQPYGCVJGTCPFVJGKORQTVCPVTQNG

&WTKPIVJGPGZV[GCTU(##YKNNHQEWUQPHQWT

OCLQTCTGCUHQTCXKCVKQPYGCVJGTUGTXKEGU

6JKUHQEWUYKNNRTQXKFGUQOGKOOGFKCVGDGPGHKVUCPF

OQTGKORQTVCPVN[YKNNUVTGPIVJGPVJGHQWPFCVKQPHQT

HWVWTG0#5UGTXKEGU

VJGUGTQNGUCPFTGURQPUKDKNKVKGUJCXGDGGPGPJCPEGFD[

VJGEJCTVGTKPICPFEQORNGVGUVCHHKPIQHVJG#XKCVKQP

9GCVJGT&KXKUKQPENCTKH[KPI(##NKPGUQHDWUKPGUUCPF

EQORNGVKPIKPVTCCIGPE[CPFKPVGTCIGPE[RNCPU%

564#6')+%8+'9(14#8+#6+109'#6*'4/1&'40+<#6+10

#NVJQWIJOCP[QHVJGYGCVJGTCEVKXKVKGUFGUETKDGFKPVJKU#RRGPFKZYGTGKPKVKCVGFDGHQTGVJGETGCVKQPQHVJG#XKCVKQP

9GCVJGT&KXKUKQPVJGPGYFKXKUKQPYKNNNGCFVJGFGXGNQROGPVQHCUVTCVGIKEXKGYHQTCPCVKQPCNCXKCVKQPYGCVJGTRTQITCO

CPFHWTVJGTFGXGNQRVJGRNCPHQTKORNGOGPVKPIVJCVRTQITCO6JGTGCTGHQWTOCLQTFTKXGTUQHVJKUUVTCVGIKEXKGY

(KTUVVJGTGKUQRGTCVKQPCNWTIGPE[6JG(##KUEQOOKVVGFVQVJGRTGXGPVKQPQHCEEKFGPVUCPFFGNC[UCVVTKDWVCDNGVQ

YGCVJGT(TQOVJTQWIJRGTEGPVQHCNNCXKCVKQPCEEKFGPVUYGTGCVVTKDWVCDNGVQYGCVJGT+P

RGTEGPVQHCNNFGNC[UYGTGCVVTKDWVCDNGVQYGCVJGTCVCPGUVKOCVGFEQUVQHQXGTDKNNKQP6JGRTQLGEVGFITQYVJQH

FQOGUVKEVTCHHKEQXGTVJGPGZV[GCTUFGOCPFUVJGKORNGOGPVCVKQPQHRTQITCOUVJCVKPETGCUGECRCEKV[YJKNGEQPVKPWCNN[

OCKPVCKPKPIOCPFCVGFUCHGV[UVCPFCTFU#YGCVJGTYKUG RTQITCOHQTVJGUVEGPVWT[YKNNCPVKEKRCVGCPFOGGVWUGT

TGSWKTGOGPVUHQTDQVJUCHGV[CPFECRCEKV[

6JGPGZVFTKXGTKUVJGNCTIGCPFFKXGTUGITQWRQHUVCMGJQNFGTUKPVJGPCVKQPCNCXKCVKQPYGCVJGTRTQITCO6JGNCTIG

PWODGTQHUVCMGJQNFGTUKPETGCUGUVJGEQORGVKVKQPHQTNKOKVGFTGUQWTEGUVJGFKXGTUKV[QHUVCMGJQNFGTUHTGSWGPVN[TGUWNVU

KPEQPHNKEVKPIQDLGEVKXGUCPFRTKQTKVKGU6JGCDKNKV[VQKPVGITCVGVJGPGGFUCPFTGSWKTGOGPVUQHVJGUGUVCMGJQNFGTUKPVQVJG

RQNKEKGUKPXGUVOGPVUVTCVGIKGUCPFRGTHQTOCPEGOGVTKEUQHVJGPCVKQPCNRTQITCOYKNNDGMG[VQKVUUWEEGUU

6JGTCRKFCFXCPEGOGPVQHCXKCVKQPVGEJPQNQIKGUKUVJGVJKTFFTKXGTQHVJKUUVTCVGIKEXKGY6JGRNCPYKNNTGFGHKPGCPF

ENCTKH[DCUKECUUWORVKQPUCDQWVVJGPCVWTGCPFFGNKXGT[QHCXKCVKQPYGCVJGTUGTXKEGU6JGTGYKNNDGCTGPGYGFGORJCUKU

QPYGCVJGTKPHQTOCVKQPCUQRRQUGFVQYGCVJGTFCVC#GTQPCWVKECN&CVC.KPMYKNNGPCDNGUKOWNVCPGQWUTGCNVKOG

FKUUGOKPCVKQPQHYGCVJGTKPHQTOCVKQPVQDQVJVJGRKNQVCPFVJGCKTVTCHHKEEQPVTQNNGT(##YKNNFGXGNQRFKURNC[CPF

FGEKUKQPOCMKPIVQQNUVJCVGPJCPEGTCVJGTVJCPDWTFGPFGEKUKQPOCMKPI(##YKNNFGXGNQRRTQEGFWTGUVQUWRRQTVVJG

WUGTUQHVJKUPGYVGEJPQNQI[CUYGNNCUVJQUGWUGTUYJQYKNNEQPVKPWGVQTGN[QPITQWPFDCUGFKPHQTOCVKQPU[UVGOU

*WOCPHCEVQTUUVWFKGUFGOQPUVTCVGVJGPGGFVQHKPFVJGQRVKOWODCNCPEGRQKPVDGVYGGPVGEJPQNQI[CPFJWOCP

RGTHQTOCPEG6JKUPGGFYKNNDGCMG[EQPUKFGTCVKQPKPVJGFGUKIPCPFRNCEGOGPVQHPGYGSWKROGPVKPVJGVTCKPKPIQH

RKNQVUFKURCVEJGTUCPFEQPVTQNNGTUCPFKPVJGTGIWNCVKQPUCPFRTQEGFWTGUCRRNKECDNGKPVJG0#5

6JGHKPCNFTKXGTKUEQPUKFGTCVKQPQHVJGEJCPIKPITQNGQHIQXGTPOGPVCPFVJGFKOKPKUJKPIHWPFKPIQHIQXGTPOGPV

UGTXKEGU%NGCTN[VJGHGFGTCNIQXGTPOGPVKUQDNKICVGFVQNGCFVJGFGXGNQROGPVQHCPCVKQPCNCXKCVKQPYGCVJGTRTQITCO

CPFVJKURTQITCOUJQWNFD[FGHKPKVKQPEQPUKUVQHUVCPFCTFUHQTCPFFGHKPKVKQPUQHRTQITCOTGSWKTGOGPVUCPFUGTXKEGU

*QYGXGTVQYJCVGZVGPVUJQWNFCPFECPVJGHGFGTCNIQXGTPOGPVCEEGRVVJGTGURQPUKDKNKV[HQTHWPFKPICXKCVKQPYGCVJGT

UGTXKEGU!7PHQTVWPCVGN[CYQTNFQHWPNKOKVGFTGUQWTEGUFQGUPQVGZKUV6JGOQTGHWPFCOGPVCNSWGUVKQPTGICTFNGUUQH

TGUQWTEGUKUVJGCRRTQRTKCVGTQNGQHVJGHGFGTCNIQXGTPOGPV#VVJKURQKPVVJGUGSWGUVKQPUECPPQVDGCPUYGTGFDWV

YKVJCYGCVJGTYKUGUVTCVGIKEXKGYVJG(##CNQPIYKVJQVJGTUVCMGJQNFGTUOC[DGCDNGVQKPHNWGPEGVJGCPUYGT

6GEJPQNQI[#XKCVKQPYGCVJGTVGEJPQNQI[KPENWFGU 

VJGYC[UKPYJKEJCXKCVKQPYGCVJGTKPHQTOCVKQPKU

ICVJGTGFFKUUGOKPCVGFCPFFKURNC[GF6JGFGXGNQROGPV

QHVJKUVGEJPQNQI[CNUQFGOCPFUVJCVEQPUKFGTCVKQPDG

IKXGPVQJWOCPHCEVQTUCPFVJGCRRNKECVKQPQHFGEKUKQP

OCMKPIVQQNU(##YKNNUWRRQTVVJGWUGQHVGEJPQNQI[

D[KORTQXKPICXKCVKQPYGCVJGTKPHQTOCVKQPVJTQWIJ

KPVGITCVKQPQHHGFGTCNCPFPQPHGFGTCNTGUQWTEGUCRRN[KPI

JWOCPHCEVQTEQPUKFGTCVKQPUVQVJGEQPVGPVHQTOCVCPF

FKUUGOKPCVKQPQHYGCVJGTKPHQTOCVKQPCPFGUVCDNKUJKPI

EQPHKIWTCVKQPOCPCIGOGPVETKVGTKCHQTVJGUQHVYCTGCPF

JCTFYCTGGNGOGPVUQHCXKCVKQPYGCVJGTU[UVGOU

1PGQHVJGRTKOCT[HWPEVKQPUQHVJGPGY +PXGUVOGPV5VTCVGIKGU5QWPFKPXGUVOGPVUVTCVGIKGU

CTGEJCTCEVGTK\GFD[VJGKPVGITCVKQPQHOCP[CEVKXKVKGU

RTKOCTKN[VJQUGQHKFGPVKH[KPIRNCPPKPICPFGXCNWCVKPI

1XGTVJGPGZV[GCTU(##YKNNFGXGNQRCUQWPF

KPXGUVOGPVUVTCVGI[HQTCPCVKQPCNCXKCVKQPYGCVJGT

RTQITCOVJCV

< %QOOWPKECVGUVJGCXKCVKQPYGCVJGTQDLGEVKXGU

< &GUETKDGUYJGTGVJG(##YCPVUVQDG

< %QPUKFGTUCNN(##CPFPQP(##HWPFKPIHQT

CXKCVKQPYGCVJGTVJCVEQPVTKDWVGUVQ0#5

RGTHQTOCPEG

< &GXGNQRUCPFWUGUOGVTKEUVJCVRTQXKFGKPHQTOCVKQP

QPVJGRGTHQTOCPEGQHVJGPCVKQPCNCXKCVKQPYGCVJGT

RTQITCO

#8+#6+109'#6*'4#%37+5+6+10#0&

5'48+%'5

QTICPK\CVKQPKUVJGFGXGNQROGPVCPFOCPCIGOGPVQH

TGSWKTGOGPVUHQTVJG(##%CRKVCN+PXGUVOGPV2NCP

4GEGPVRTQLGEVUJCXGHQEWUGFQPYGCVJGTFGVGEVKQPCPF

FKURNC[U[UVGOUHQTRKNQVUCPFCKTVTCHHKEEQPVTQNNGTUVQ

GPUWTGVJCVCKTETCHVCXQKFJC\CTFQWUYGCVJGT6JG

HQNNQYKPIRCTCITCRJUFGUETKDGVJQUGRTQLGEVU
%

6GTOKPCN#XKCVKQP9GCVJGT2TQITCOU 6JG..9#50GVYQTM'ZRCPUKQP..9#50'KU

VJGHKTUVUVGRKPVJG(##	UGHHQTVUVQWRITCFGVJG0#5 6JG+PVGITCVGF6GTOKPCN9GCVJGT5[UVGO+695

YKNNKPVGITCVGYGCVJGTFCVCHTQOUGPUQTUKPVJGVGTOKPCN

CTGCVQRTQXKFGCPFFKURNC[EQORCVKDNGEQPUKUVGPVTGCN

VKOGRTQFWEVUVJCVTGSWKTGPQCFFKVKQPCNKPVGTRTGVCVKQPD[

EQPVTQNNGTUQTRKNQVUVJGRTKOCT[WUGTU+695YKNNWUG

FCVCHTQOCWVQOCVGFUWTHCEGQDUGTXKPIU[UVGOU&QRRNGT

YGCVJGTTCFCTUCPFNQYNGXGNYKPFUJGCTCNGTVU[UVGOU

VQIGVJGTYKVJ095FCVCCPFRTQFWEVUVQHQTGECUV

CXKCVKQPKORCEVRCTCOGVGTUUWEJCUEQPXGEVKQP

XKUKDKNKV[KEKPICPFYKPFUJGCTKPENWFKPIFQYPDWTUVU

+PKVKCNECRCDKNKVKGUYKNNKPENWFGUGPUQTUCXCKNCDNGPQY 6JGKORTQXGOGPVRJCUGTGHGTTGFVQCU..9#5

VJTQWIJVJGNCVG	U6JGFGXGNQROGPVKUPQYKPVJG YKNNKPENWFGGZRCPFKPIVJGPGVYQTMQHUGPUQTU

FGOQPUVTCVKQPRJCUGCVUGXGTCNCKTRQTVUKPXCTKQWU FGXGNQRKPIKORTQXGFCNIQTKVJOUHQTVJGGZRCPFGF

ENKOCVKETGIKOGU+695YKNNQRGTCVGCVCDQWVJKIJ PGVYQTMCPFKPUVCNNKPIPGYKPHQTOCVKQPCNGTVFKURNC[U

CEVKXKV[CKTRQTVUVJCVCTGUWRRQTVGFD[VGTOKPCN&QRRNGT 6JGPGYKPHQTOCVKQPCNGTVFKURNC[UYKNNGPCDNG

YGCVJGTTCFCTU(WNNKORNGOGPVCVKQPKUGZRGEVGFCHVGT EQPVTQNNGTUVQRTQXKFGRKNQVUYKVJJGCFYKPFICKPQTNQUU

VJGVWTPQHVJGEGPVWT[ GUVKOCVGUHQTURGEKHKETWPYC[U6JGUGKORTQXGOGPVUYKNN

KPETGCUGVJGU[UVGO	UYKPFUJGCTFGVGEVKQPECRCDKNKV[CPF 6JG6GTOKPCN&QRRNGT9GCVJGT4CFCT
6&94

RTQITCOEQPUKUVUQHVJGRTQEWTGOGPVCPFKPUVCNNCVKQPQH

CPGYVGTOKPCNYGCVJGTTCFCTDCUGFQP&QRRNGT

VGEJPKSWGU6&94WPKVUYKNNDGNQECVGFVQQRVKOK\GVJG

FGVGEVKQPQHOKETQDWTUVUCPFYKPFUJGCTCVUGNGEVGFJKIJ

CEVKXKV[CKTRQTVU+PCFFKVKQPKVYKNNJCXGVJGECRCDKNKV[ +PVJGHWVWTG..9#5CPF6&94YKNNYQTMKP

VQKFGPVKH[CTGCUQHRTGEKRKVCVKQPCPFVJGNQECVKQPUQH

VJWPFGTUVQTOU

/KETQDWTUVUCTGYGCVJGTRJGPQOGPQPVJCVEQPUKUVQH

CPKPVGPUGFQYPFTCHVYKVJUVTQPIUWTHCEGQWVHNQYU6JG[

CTGRCTVKEWNCTN[FCPIGTQWUVQCKTETCHVVJCVCTGNCPFKPIQT

FGRCTVKPI6&94UECPPKPIUVTCVGI[YKNNDGQRVKOK\GF

HQTOKETQDWTUVYKPFUJGCTFGVGEVKQP6JGTCFCTYKNNDG

NQECVGFPGCTVJGCKTRQTVQRGTCVKPICTGCUKPCYC[VQDGUV

UECPVJGTWPYC[UCPFVJGCRRTQCEJCPFFGRCTVWTG

EQTTKFQTU6JGFKURNC[UYKNNDGNQECVGFKPVJGVQYGTECD

CPF6GTOKPCN4CFCT#RRTQCEJ%QPVTQN64#%10

(##JCUQTFGTGF6&94U[UVGOUCPFUWRRQTV

WPKVUHQTVTCKPKPICPFVGUVKPI&GNKXGTKGUYKNNDG

EQORNGVGFD[VJGGPFQHECNGPFCT[GCT%;#

UQHVYCTGWRITCFGJCUDGGPKPKVKCVGFVQKPVGITCVG6&94

CPFNQYNGXGNYKPFUJGCTCNGTVU[UVGOFCVC

6JG.QY.GXGN9KPFUJGCT#NGTV5[UVGO..9#5

RTQXKFGURKNQVUYKVJKPHQTOCVKQPQPJC\CTFQWUYKPFUJGCT

EQPFKVKQPUVJCVETGCVGWPUCHGEQPFKVKQPUHQTCKTETCHV

NCPFKPIUCPFFGRCTVWTGU#VQVCNQHCKTRQTVUJCXG

..9#56JGDCUKEU[UVGOEQPUKUVUQHCYKPFUGPUQT

NQECVGFCVEGPVGTHKGNFCPFHKXGUGPUQTUPGCTVJGRGTKRJGT[

QHVJGCKTRQTV#EQORWVGTRTQEGUUGUVJGUGPUQT

KPHQTOCVKQPCPFFKURNC[UYKPFUJGCTEQPFKVKQPUVQCKT

VTCHHKEEQPVTQNNGTUHQTTGNC[VQRKNQVU

ECRCDKNKV[VQFGVGEVYKPFUJGCT6JGGCTNKGTUKZUGPUQT

U[UVGOURTQXKFGFCFGSWCVGRTQVGEVKQPCICKPUV

OKETQDWTUVUJQYGXGTVGUVKPICV&GPXGT5VCRNGVQP

#KTRQTVCPF1TNCPFQ+PVGTPCVKQPCN#KTRQTVJCXGTGUWNVGF

KPVJGFGXGNQROGPVQHVYQOQTGUQRJKUVKECVGFYKPFUJGCT

FGVGEVKQPU[UVGOU..9#50'CPF..9#5

..9#50'YKNNKPENWFGGZRCPFKPIVJGPGVYQTMQH

UGPUQTUKORTQXKPIUGPUQTUKVKPICPFRTQXKFKPITWPYC[

QTKGPVGFCNGTVU

TGFWEGHCNUGCNCTOU+ORTQXGOGPVUCTGCNUQGZRGEVGFVQ

TGFWEGOCKPVGPCPEGEQUVU+PKVKCNN[CKTRQTVUJCXG

DGGPKFGPVKHKGFVQTGEGKXG..9#5..9#5KU

UEJGFWNGFVQDGHWNN[FGRNQ[GFD[%;

EQPLWPEVKQPYKVJQPGCPQVJGTCPFRTQXKFGCU[PEJTQPQWU

CNCTOQHYKPFUJGCTVQVJGCKTVTCHHKEEQPVTQNNGTKPHCEV

FGXGNQROGPVQHCU[UVGOKUWPFGTYC[VJCVYKNNKPVGITCVG

VJGKPHQTOCVKQPHTQOVJGUGVYQU[UVGOUKPVQCUKPING

YKPFUJGCTFKURNC[+PXGUVKICVKQPKUCNUQWPFGTYC[QP

JQYKPVGITCVGFYKPFUJGCTKPHQTOCVKQPECPDGUVDG

EQOOWPKECVGFQTFKURNC[GFVQVJGRKNQV#NUQUVWFKGU

YKNNDGEQPFWEVGFVQGXCNWCVGQVJGTUGPUQTUHQTVJGCKTRQTV

CRRTQCEJCPFFGRCTVWTGEQTTKFQTU6JGUGUGPUQTUCTG

KPVGPFGFVQRTQXKFGYKPFUJGCTFGVGEVKQPQWVVQVJTGG

OKNGUHTQOVJGVQWEJFQYP\QPG

6JG5WTHCEG9GCVJGT1DUGTXKPI2TQITCO6JG

(##JCUVCMGPTGURQPUKDKNKV[HQTQDUGTXCVKQPUCVOCP[

CKTRQTVUCNNCETQUUVJGEQWPVT[6QRTQXKFGVJG

CRRTQRTKCVGQDUGTXCVKQPCNUGTXKEG(##YKNNWUG

CWVQOCVGFU[UVGOUJWOCPQDUGTXGTUQTCOKZQHVJG

VYQ+VJCUDGGPPGEGUUCT[VQRNCEGCKTRQTVUKPVQHQWT

ECVGIQTKGUCEEQTFKPIVQVJGPWODGTQHQRGTCVKQPURGT

[GCTCP[URGEKCNFGUKIPCVKQPHQTVJGCKTRQTVCPFVJG

HTGSWGPE[CVYJKEJVJGCKTRQTVKUKORCEVGFD[YGCVJGT

< .GXGN&UGTXKEGKURTQXKFGFD[CUVCPFCNQPG

#WVQOCVGF9GCVJGT1DUGTXKPI5[UVGO#915QT

CP#WVQOCVGF5WTHCEG1DUGTXKPI5[UVGO#515

+PVJGHWVWTG.GXGN&UGTXKEGOC[DGCVCUOCP[CU

CKTRQTVU
%

< .GXGN%UGTXKEGKPENWFGUVJG#515#915RNWU YKVJCPQRVKQPHQTCFFKVKQPCNU[UVGOU6JGEWTTGPV

CWIOGPVCVKQPD[VQYGTRGTUQPPGN6QYGTRGTUQPPGN DW[QH(##URQPUQTGFU[UVGOUKUHQTQHYJKEJ

YKNNCFFVQVJGTGRQTVQDUGTXCVKQPUQH YGTGKPUVCNNGFD[#WIWUV

VJWPFGTUVQTOUVQTPCFQGUJCKNVQYGTXKUKDKNKV[ 

XQNECPKECUJCPFXKTICYJGPVJGVQYGTKUKP

QRGTCVKQP.GXGN%UGTXKEGKPENWFGUCDQWV

CKTRQTVU

< .GXGN$UGTXKEGKPENWFGUCNNQHVJGYGCVJGT PQPEQPVTQNNGFCKTRQTVUYKVJKPGCEJCKTTQWVGVTCHHKE

RCTCOGVGTUKP.GXGN%UGTXKEGRNWU4WPYC[8KUWCN EQPVTQNEGPVGT	U#46%%CTGCQHTGURQPUKDKNKV[#

4CPIG484CPFVJGHQNNQYKPIYJGPQDUGTXGF YKNNFKUVTKDWVGOKPWVGD[OKPWVG#915#515FCVCVQ

HTGG\KPIFTK\\NGXGTUWUHTGG\KPITCKPKEGRGNNGVU VJG9GCVJGTCPF4CFCT2TQEGUUQT9#42CPFVJG&CVC

UPQYFGRVJCPFUPQYKPETGCUKPITCRKFN[TGOCTMU .KPM2TQEGUUQT
&.2YKVJKPVJGEGPVGTKPYJKEJKVKU

VJWPFGTUVQTONKIJVPKPINQECVKQPTGOCTMUCPF KPUVCNNGF#YKNNCNUQFKUVTKDWVG#915FCVCVQVJG

TGOCTMUHQTQDUGTXGFUKIPKHKECPVYGCVJGTPQVCVVJG 0CVKQPCN#KTURCEG&CVC+PVGTEJCPIG0GVYQTM0#&+0

UVCVKQP.GXGN$UGTXKEGKPENWFGUCDQWVCKTRQTVU YJKEJYKNNKPVWTPHQTYCTFVJGFCVCVQ9GCVJGT/GUUCIG

5YKVEJKPI%GPVGT4GRNCEGOGPV
9/5%4HQTHWTVJGT < .GXGN#UGTXKEGKPENWFGUCNNQHVJGYGCVJGT

RCTCOGVGTUKP.GXGN$UGTXKEGRNWUOKPWVG

CXGTCIGF484HQTNQPINKPGVTCPUOKUUKQPQT

CFFKVKQPCNXKUKDKNKV[KPETGOGPVUQHCPF

OKNGU.GXGN#UGTXKEGKPENWFGUCDQWVCKTRQTVU

#WVQOCVGFUWTHCEGYGCVJGTQDUGTXKPIU[UVGOUYKNN 

RTQXKFGCXKCVKQPETKVKECNYGCVJGTFCVC
GIYKPF

XGNQEKV[VGORGTCVWTGFGYRQKPVCNVKOGVGTUGVVKPIENQWF

JGKIJVXKUKDKNKV[CPFRTGEKRKVCVKQPV[RGQEEWTTGPEGCPF

CEEWOWNCVKQPVJTQWIJVJGWUGQHCWVQOCVGFUGPUQTU

6JGUGU[UVGOUYKNNRTQEGUUFCVCCPFCNNQYFKUUGOKPCVKQP

QHQWVRWVKPHQTOCVKQPVQCXCTKGV[QHWUGTUKPENWFKPI

RKNQVUXKCEQORWVGTIGPGTCVGFXQKEG

(##JCUFGRNQ[GF#WVQOCVGF9GCVJGT1DUGTXKPI

5[UVGOU#915CVQXGTCKTRQTVUVQRTQXKFGVJG

DCUKECXKCVKQPYGCVJGTRTQFWEVUFKTGEVN[VQRKNQVU

CRRTQCEJKPIVJGCKTRQTV6JGOCLQTKV[QHVJGUGU[UVGOU

YGTGKPUVCNNGFCVXCTKQWUPQPVQYGTGFCKTRQTVUVQGPJCPEG

CXKCVKQPUCHGV[CPFVJGGHHKEKGPE[QHHNKIJVQRGTCVKQPUD[

RTQXKFKPITGCNVKOGYGCVJGTFCVCCVCKTRQTVUVJCV

RTGXKQWUN[FKFPQVJCXGNQECNYGCVJGTTGRQTVKPI

ECRCDKNKV[6JGUGU[UVGOUCTGDWKNVVQVJGUVCPFCTFUQH

SWCNKV[PGEGUUCT[VQGPUWTGVJGUCHGV[QHHNKIJVQRGTCVKQPU

CPFCTGCXCKNCDNGQHHVJGUJGNHCUCEQOOGTEKCNRTQFWEV

6JG(##JCUPGIQVKCVGFYKVJVJG0CVKQPCN1EGCPKE

CPF#VOQURJGTKE#FOKPKUVTCVKQP
01##VQRTQEWTG

KPUVCNNQRGTCVGCPFOCKPVCKP#WVQOCVGF5WTHCEG

1DUGTXKPI5[UVGOU
#515CVVJGTGOCKPKPICKTRQTVU

YJGTGVJG(##RTQXKFGUQDUGTXCVKQPUCPFCVCFFKVKQPCN

PQPVQYGTGFCKTRQTVUYKVJQWVYGCVJGTTGRQTVKPI

ECRCDKNKVKGU#RTQFWEVKQPEQPVTCEVYCUCYCTFGFKP

(GDTWCT[6JG(##YKNNDGURQPUQTKPICURCTVQH

VJGTGKODWTUCDNGCITGGOGPVYKVJ01##U[UVGOU

6JG#915#515&CVC#ESWKUKVKQP5[UVGO


#YKNNHWPEVKQPRTKOCTKN[CUCOGUUCIG

EQPEGPVTCVQTCPFYKNNEQNNGEVYGCVJGTOGUUCIGUHTQO

#915CPF#515GSWKROGPVNQECVGFCVEQPVTQNNGFCPF

FKUVTKDWVKQP6JG&.2XKC/QFG5YKNNOCMGYGCVJGT

FCVCCXCKNCDNGQPCVKOGN[DCUKUVQRKNQVUCPFCKTVTCHHKE

EQPVTQNNGTUYKVJKPVJGNQECNCTGCCUYGNNCUQVJGTWUGTU

(KGNFKORNGOGPVCVKQPQH#JCUUVCTVGFCPFYKNNDG

EQORNGVGFKP

#915HQT0QP(GFGTCN#RRNKECVKQPU7PFGTVJG

#KTRQTV+ORTQXGOGPV2TQITCO
#+2UVCVGCPFQVJGT

NQECNLWTKUFKEVKQPUOC[LWUVKH[VQVJG(##VJGKTPGGFVQ

GPJCPEGVJGKTCKTRQTVHCEKNKVKGU7RQPCRRTQXCNVJGUG

KORTQXGOGPVUOC[DGRCTVKCNN[HWPFGFD[VJG(##WUKPI

TGUQWTEGUHTQOVJG#KTYC[6TWUV(WPF6JGNQECNCKTRQTV

CWVJQTKV[DGEQOGUTGURQPUKDNGHQTVJGTGOCKPFGTQHVJG

HWPFKPIPGEGUUCT[VQEQORNGVGVJGRTQEWTGOGPVCUYGNNCU

VJGHWPFKPIHQTVJGTGIWNCTOCKPVGPCPEG6JGCFFKVKQPQH

CP#915KUQPGQHVJGKORTQXGOGPVUVJCVSWCNKH[HQT

#+2HWPFKPICUUKUVCPEG5[UVGOUVJCVSWCNKH[OWUVOGGV

EGTVCKPUVCPFCTFUYJKEJCTGFGHKPGFKPCP(###FXKUQT[

%KTEWNCTQP0QP(GFGTCN#WVQOCVGF9GCVJGT1DUGTXKPI

5[UVGOU

6JGTGCTGEWTTGPVN[HKXGXGTUKQPUQHVJGPQP(GFGTCN

#915#P#915#RTQXKFGUQPN[CNVKOGVGTUGVVKPI

6JG#915+U[UVGOEQPVCKPUUGPUQTUVQOGCUWTGYKPF

FKTGEVKQPCPFURGGFCODKGPVCPFFGYRQKPV

VGORGTCVWTGUCNVKOGVGTUGVVKPICPFFGPUKV[CNVKVWFG6JG

#915++EQPVCKPUVJG#915+UGPUQTURNWUCXKUKDKNKV[

UGPUQT#915+++CFFUCENQWFJGKIJVUGPUQTVQCP

#915++#915+8YKNNKPENWFG#915+++ECRCDKNKVKGU

RNWUVJGQRVKQPHQTRTGEKRKVCVKQPKFGPVKHKECVKQP

VJWPFGTUVQTOFGVGEVKQPCPFTWPYC[UWTHCEGEQPFKVKQP

/QUVKORQTVCPVN[CNNXGTUKQPUCTGTGSWKTGFVQJCXGVJG

ECRCDKNKV[VQDTQCFECUVCOKPWVGD[OKPWVGWRFCVGQHVJG

EWTTGPVYGCVJGTVQVJGRKNQVD[TCFKQWUKPICEQORWVGT

IGPGTCVGFXQKEGQWVRWV#915+++CNUQGPCDNGUVJG

RKNQVCURCTVQHVJGKTRTGHNKIJVCEVKXKVKGUVQECNNVJG
%

#915CPFQDVCKPVJGEWTTGPVYGCVJGTQDUGTXCVKQP+P 'P4QWVG#XKCVKQP9GCVJGT2TQITCOU

CFFKVKQPVJGQDUGTXCVKQPOC[DGVTCPUOKVVGFVQVJG

FCVCDCUGYKVJKPVJGPCVKQPCNYGCVJGTPGVYQTM

6JGTGCTGOQTGVJCPPQP(GFGTCN#915

NQECVKQPU5QOGQHVJGUGCTGECRCDNGQHTGRQTVKPI

VJTQWIJCIGQUVCVKQPCT[EQOOWPKECVKQPUUCVGNNKVGCPF

OCP[OQTGYKNNCESWKTGVJCVECRCDKNKV[FWTKPIVJG[GCT

6JGUGQDUGTXCVKQPUYKNNDGGPVGTGFKPVQVJGPCVKQPCN

PGVYQTMHQTWUGKPUWRRQTVQHVJG0#5CPFVJGPCVKQPCN

YGCVJGTPGVYQTM

6JG0GY)GPGTCVKQP4WPYC[8KUWCN4CPIG484

RTQITCORTQXKFGUHQTCPGYIGPGTCVKQP484UWDGNGOGPV

QHVJG0#56JG484RTQXKFGUTWPYC[XKUWCNTCPIG

KPHQTOCVKQPVQEQPVTQNNGTUCPFWUGTUKPUWRRQTVQH

RTGEKUKQPNCPFKPICPFVCMGQHHQRGTCVKQPU6JGPGY

IGPGTCVKQP484KPEQTRQTCVGUUVCVGQHVJGCTVUGPUQT

VGEJPQNQI[CPFKODGFFGFTGOQVGOCKPVGPCPEG

OQPKVQTKPI(##RNCPUVQRTQEWTGCPFKPUVCNNVJGUG484

U[UVGOUCVCNNPGYSWCNKH[KPINQECVKQPU(##RNCPUCNUQ

ECNNHQTVJGTGRNCEGOGPVQHOCP[GZKUVKPI484UKPVJG

0#5KPXGPVQT[

6JG484RTQXKFGUHQTPGCTTGCNVKOGOGCUWTGOGPV

QHXKUKDKNKV[EQPFKVKQPUCNQPICTWPYC[WRVQVJTGGRQKPVU

CNQPIVJGTWPYC[ECPDGOGCUWTGFVQWEJFQYP

OKFRQKPVCPFTQNNQWVCPFTGRQTVUVJGUGXKUKDKNKV[

EQPFKVKQPUVQCKTVTCHHKEEQPVTQNNGTUCPFQVJGTWUGTU6JG

U[UVGOCWVQOCVKECNN[EQNNGEVUCPFHQTOCVUFCVCHTQOVJTGG

UGPUQTUCXKUKDKNKV[UGPUQTHQTYCTFUECVVGTOGVGTUYKNN

TGRNCEGVJGVTCPUOKUUQOGVGTUEWTTGPVN[KPWUGCTWPYC[

NKIJVKPVGPUKV[OQPKVQTHQTDQVJTWPYC[GFIGUCPFEGPVGT

NKPGNKIJVUCPFCPCODKGPVNKIJVUGPUQTYJKEJEQPVTQNU

EQORWVGTECNEWNCVKQPUWUKPICFC[QTPKIJVCNIQTKVJO

6JGFCVCRTQEGUUKPIWPKVECNEWNCVGU484RTQFWEVUCPF

FKUVTKDWVGUVJGRTQFWEVUVQEQPVTQNNGTUCPFQVJGTWUGTU

#VQVCNQH484XKUKDKNKV[UGPUQTUYKNNDG

FGRNQ[GFCVCKTRQTVNQECVKQPU&GNKXGT[QHVJGPGY

484UGPUQTUDGICPKP0QXGODGT'PJCPEGOGPVUCTG

RNCPPGFVQKPVGTHCEGYKVJVJG6QYGT%QPVTQN%QORWVGT

%QORNGZCPFVJG#515D[

#KTRQTV5WTXGKNNCPEG4CFCT9GCVJGT/QFWNCT

'PJCPEGOGPV6JG9GCVJGT/QFWNCT'PJCPEGOGPVYKNN

DGCPCFFQPOQFKHKECVKQPVQVJGGZKUVKPI#KTRQTV

5WTXGKNNCPEG4CFCT#54CPFYKNNRTQXKFGCKTVTCHHKE

EQPVTQNNGTUYKVJKPHQTOCVKQPQPNQYNGXGNYKPFUJGCT

CUUQEKCVGFYKVJOKETQDWTUVUCPFIWUVHTQPVUKPVJGXKEKPKV[

QHVJGCKTRQTV2TGUGPVN[VJG#54YGCVJGTFCVCVJCV

CTGCXCKNCDNGEQPUKUVQHVJGUKZKPVGPUKV[NGXGNUCUFGHKPGF

D[VJG095

6JG(##KURTQEWTKPIVJG1RGTCVKQPCNCPF

5WRRQTVCDKNKV[+ORNGOGPVCVKQP5[UVGO
1#5+5VQ

KORTQXGYGCVJGTRTQFWEVUHNKIJVKPHQTOCVKQP

CGTQPCWVKECNFCVCEQNNGEVKQPCPCN[UKUCPFVKOGNKPGUUQH

FKUUGOKPCVKQPCPFVJGTGD[GPJCPEGVJGUCHGV[CPF

GHHKEKGPE[QHVJG0#51#5+5YKNNTGRNCEGVJG/QFGN

(WNN%CRCEKV[(NKIJV5GTXKEG#WVQOCVKQP5[UVGOYJKEJ

KPENWFGUVJG#XKCVKQP9GCVJGT2TQEGUUQT1#5+5YKNN

CNUQKPVGITCVGVJG+PVGTKO)TCRJKE9GCVJGT&KURNC[

5[UVGOHWPEVKQPU+VYKNNCNUQKPENWFGUGXGTCNCWVQOCVGF

HNKIJVUGTXKEGFCVCJCPFNKPIECRCDKNKVKGU6JKU

EQPHKIWTCVKQPYKNNDGKVUKPKVKCNFGRNQ[OGPVECRCDKNKV[

(WVWTGGPJCPEGOGPVUNGCFKPIVQVJGHWNNECRCDKNKV[

FGRNQ[OGPVYKNNKPENWFGKPVGTCEVKXGCNRJCPWOGTKECPF

ITCRJKEYGCVJGTDTKGHKPIUFKTGEVWUGTCEEGUUVGTOKPCN


&7#6UGTXKEGHWPEVKQPCNKV[CWVQOCVGFURGEKCNWUG

CKTURCEGCPFVTCKPKPIUWRRQTV1#5+5YKNNUWRRQTVHNKIJV

RNCPPKPIYGCVJGTDTKGHKPIU016#/UGTXKEGUGCTEJ

CPFTGUEWGCPFRKNQVCEEGUUVGTOKPCNUGTXKEGU

'CEJ1#5+5YKNNJCXGKPVGTHCEGUYKVJKVUJQUV#KT

4QWVG6TCHHKE%QPVTQN%GPVGT#46%%EQORWVGT75

%WUVQOU5GTXKEG6TGCUWT[&GRCTVOGPVHQTGKIP#6%

HCEKNKVKGUCPF9/5%49/5%4YKNNTGNC[OQUVQHVJG

YGCVJGTKPHQTOCVKQPFCVCCPFRKNQVTGRQTVU2+4'2

6JG0GZV)GPGTCVKQP9GCVJGT4CFCT0':4#&

MPQYPQRGTCVKQPCNN[CUVJG9GCVJGT5WTXGKNNCPEG4CFCT

&QRRNGT954&KUCOWNVKCIGPE[RTQITCO

VJCVFGHKPGFFGXGNQRGFCPFKORNGOGPVGFVJGPGY

YGCVJGTTCFCT7UKPIVJGRTKPEKRNGUQHVJG&QRRNGTGHHGEV

CPFUVCVGQHVJGCTVUQHVYCTGVJG954&KUCDNGVQ

FGVGEVOCP[RTQRGTVKGUQHVJGCVOQURJGTGVJCVYGTGPQV

JGTGVQHQTGTQWVKPGN[UCORNGF&GRCTVOGPVUQH

%QOOGTEG&1%&GHGPUG&1&CPF6TCPURQTVCVKQP


&16LQKPVN[HWPF954&KORNGOGPVCVKQPEQUVU

&1%KUTGURQPUKDNGHQTRTQITCOOCPCIGOGPV6JG

954&YCUFGXGNQRGFCPFCESWKTGFWPFGTVJG

CWURKEGUQHVJG0':4#&2TQITCO%QWPEKNYKVJKPVJG

1HHKEGQHVJG(GFGTCN%QQTFKPCVQTHQT/GVGQTQNQI[

(KGNFKORNGOGPVCVKQPDGICPKPCPFYCU

EQORNGVGFKP6JGTGCTGCVQVCNQH954&

U[UVGOUFGRNQ[GFYKVJKPVJGVJTGGCIGPEKGU6JG(##

URQPUQTGFU[UVGOUKP#NCUMC*CYCKKCPFVJG

%CTKDDGCP&1%CPF&1&954&URTQXKFG

EQXGTCIGQXGTVJGEQPVKPGPVCN7PKVGF5VCVGU

6JG(##GORJCUK\GFVJGFGXGNQROGPVQH954&

CNIQTKVJOUVJCVVCMGCFXCPVCIGQHVJGKORTQXGFFGVGEVKQP

QHRTGEKRKVCVKQPYKPFXGNQEKV[CPFJC\CTFQWUUVQTOU

6JG(##CNUQUVTGUUGFVJCVVJGUGCNIQTKVJOURTQXKFGPGY
%

QTKORTQXGFCXKCVKQPQTKGPVGFRTQFWEVU6JGUG #9+5FGXGNQRGFCPCVKQPCNRNCPYJKEJKPVGITCVGU

KORTQXGOGPVUKPFGVGEVKQPQHJC\CTFQWUYGCVJGTYKNN TGSWKTGOGPVUFGXGNQROGPVCPFKORNGOGPVCVKQPCEVKXKVKGU

TGFWEGHNKIJVFGNC[UCPFKORTQXGHNKIJVRNCPPKPIUGTXKEGU CUUQEKCVGFYKVJ#9+5RTQITCOUCPFRTQLGEVUQHVJG

VJTQWIJCXKCVKQPYGCVJGTRTQFWEVUTGNCVGFVQYKPF &1%&1&CPF&167PFGTVJKURNCPVJGVJTGG

YKPFUJGCTVJWPFGTUVQTOFGVGEVKQPUVQTOOQXGOGPV FGRCTVOGPVUCTGEQQRGTCVKPIKPVJGTGXKGYENCTKHKECVKQP

RTGFKEVKQPRTGEKRKVCVKQPJCKNHTQPVCNCEVKXKV[CPF CPFCNNQECVKQPQHTGSWKTGOGPVUVQVJGXCTKQWUURGEKCNK\GF

OGUQE[ENQPGUCPFVQTPCFQGUGNGOGPVUQHVJGRNCPPGFPCVKQPCN#9+56JGKPVGPVQH

VJKUCEVKXKV[KUVQCXQKFWPPGEGUUCT[FWRNKECVKQPQH 954&FCVCRTQXKFGFVQ#6%VJTQWIJVJG

9#42YKNNKPETGCUGCXKCVKQPUCHGV[CPFHWGNGHHKEKGPE[

+PCFFKVKQPVQVJGDGPGHKVUVQDGICKPGFKPVQFC[	UU[UVGO

HWVWTGCWVQOCVGF#6%HWPEVKQPUCPFKORTQXGF

VTCHHKEHNQYOCPCIGOGPVTGSWKTGTGNKCDNGCPFCEEWTCVG

YGCVJGTFCVCVQOCZKOK\GHWGNUCXKPIUCPFOCPRQYGT

RTQFWEVKXKV[

+PCFFKVKQPVJGVJTGGHWPFKPICIGPEKGUUWRRQTVVJG 954&OQUCKEUHQTEQOOWPKECVKQPVQRKNQVUCUYGNN

HKGNFUKVGUVJTQWIJVJG954&1RGTCVKQPCN5WRRQTV CUTGEGKXG2+4'2UHTQOCKTETCHVKPHNKIJV

(CEKNKV[
15(CV0QTOCP1MNCJQOC6JG15( 

RTQXKFGUUQHVYCTGOCKPVGPCPEGQRGTCVKQPCN

VTQWDNGUJQQVKPIEQPHKIWTCVKQPEQPVTQNCPFVTCKPKPI

2NCPPGFRTQFWEVKORTQXGOGPVUKPENWFGCUJKHVVQCPQRGP

CTEJKVGEVWTGCPFVJGFGXGNQROGPVQHOQTGCNIQTKVJOU

CUUQEKCVGFYKVJURGEKHKEYGCVJGTGXGPVUUWEJCU

JWTTKECPGU(KGNFUKVGUEQPVKPWCNN[RTQXKFGVJG15(YKVJ

UWIIGUVKQPUHQTKORTQXGOGPVQHGZKUVKPICNIQTKVJOUCPF

CRRNKECVKQPUQHRTQFWEVU

#PGY#KT4QWVG5WTXGKNNCPEG4CFCT
#454 VJG0#5KPENWFKPIRKNQVUCKTVTCHHKEEQPVTQNNGTUHNKIJV

RTQXKFGUVJG#46%%UYKVJCEEWTCVGOWNVKRNGYGCVJGT UGTXKEGURGEKCNKUVUVTCHHKEOCPCIGOGPVURGEKCNKUVUCPF

NGXGNUQWVVQPCWVKECNOKNGU6JG#454KUVJGHKTUV 095%957OGVGQTQNQIKUVU6JG/92RTQXKFGU

GPTQWVGTCFCTYKVJVJGCDKNKV[VQCEEWTCVGN[TGRQTVVCTIGVU URGEKCNK\GFCWVQOCVGFVQQNUVQVJGUGOGVGQTQNQIKUVUVQ

KPYGCVJGT6JG#454KUWUGFVQRTQXKFGYGCVJGT GPJCPEGVJGKTCDKNKV[VQUWOOCTK\GJC\CTFQWUYGCVJGT

KPHQTOCVKQPVQUWRRNGOGPVVJG954&KPCTGCUUWEJCU KPHQTOCVKQPCPFGPUWTGVJCVVJGNCVGUVCPFDGUV

VJG4QEM[/QWPVCKPU6JG#454KUCLQKPV KPHQTOCVKQPKUFKUUGOKPCVGFVQCNNWUGTU

(##75#(HWPFGFRTQLGEV(QTV[LQKPVTCFCTUKVGUYGTG 

KPUVCNNGFFWTKPIVJGRGTKQF

6JG9GCVJGT5[UVGOU2TQEGUUQT
952RTQITCO YKNNKPVGTHCEGYKVJVJG9#42YJKEJUJQWNFDGEQOG

YKNNRTQXKFGCPCFFKVKQPCNTCFCTEJCPPGNHQTRTQEGUUKPI QRGTCVKQPCNKPVJGNCVGU6JG/92CNUQKPVGTHCEGU

YGCVJGTTGVWTPUCPFFGCNKCUTGVWTPUHTQOVJGQVJGT YKVJ095QHHKEGUVQRGTOKVCTCRKFHNQYQHYGCVJGT

YGCVJGTEJCPPGNKPVJG#546JGFKURNC[UQH KPHQTOCVKQPVQCPFHTQOGCEJ(##EGPVGT(WVWTGNGCUGU

EQPXGEVKXGYGCVJGTOKETQDWTUVUCPFQVJGTYKPFUJGCT QHVJG/92YKNNEQPUKFGTVJGRQUUKDKNKV[QHWVKNK\KPI

GXGPVUYKNNRTQXKFGKPHQTOCVKQPHQTEQPVTQNNGTUCPFRKNQVU UGTXKEGUCXCKNCDNGHTQOVJG095	#FXCPEGF9GCVJGT

VQJGNRCKTETCHVCXQKFVJQUGJC\CTFU#RTQVQV[RGJCU +PVGTCEVKXG2TQEGUUKPI5[UVGO#9+25

DGGPFGOQPUVTCVGFCPFNKOKVGFRTQFWEVKQPYKNNEQOOGPEG 

KPVJGHQWTVJSWCTVGTQH%;(WNNRTQFWEVKQPU

FGNKXGTKGUCTGGZRGEVGFVQDGEQORNGVGFD[

#XKCVKQP9GCVJGT2TQEGUUKPI2TQITCOU YKVJQVJGTVKOGETKVKECNYGCVJGTKPHQTOCVKQPVQ

EQPVTQNNGTUVJTQWIJVJG#FXCPEGF#WVQOCVKQP5[UVGO 6JG(##RCTVKEKRCVGUKPEQQTFKPCVKQPCOQPIHGFGTCN

CIGPEKGUEQPEGTPKPI#WVQOCVGF9GCVJGT+PHQTOCVKQP

5[UVGOU#9+56JG1(%/URQPUQTGF%QOOKVVGGHQT

FGXGNQROGPVGHHQTVUCPFVQGPUWTGVJGUJCTKPIQH

KPHQTOCVKQPCPFRTQFWEVUKPVJGQRGTCVKQPCNRJCUG0GY

KPVGTHCEGTGSWKTGOGPVUCTGDGKPIFGHKPGFCPFRNCPUHQT

RTQFWEVUJCTKPICTGDGKPIFGXGNQRGF9KVJKP(##PGY

KPVGTHCEGUYKVJGNGOGPVUQHVJG0#5YKNNDGFGXGNQRGFVQ

UWRRQTVVJGCXKCVKQPYGCVJGTKPHQTOCVKQPFKUUGOKPCVKQP

HWPEVKQP1PGKPVGTHCEGYKNNGPCDNGVJG&.2VQRTQXKFG

6JG/GVGQTQNQIKUV	U9GCVJGT2TQEGUUQT/92KU

CEQOOGTEKCNN[CXCKNCDNGKPVGTCEVKXGYQTMUVCVKQPYJKEJ

YCURTQEWTGFVJTQWIJCUGTKGUQH[GCTNGCUGU+VKUWUGF

RTKOCTKN[D[095OGVGQTQNQIKUVUYJQCTGCUUKIPGFVQ

%GPVGT9GCVJGT5GTXKEG7PKVU
%957CVGCEJQHVJG

#46%%U6JG/92TGEGKXGUCUVTGCOQHRTQFWEVUCPF

FCVCHKGNFUYJKEJKUEQPVTQNNGFD[VJGXGPFQTDWV

QTKIKPCVGUYKVJVJG0956JKUU[UVGOKORTQXGUVJG

FKUUGOKPCVKQPQHCXKCVKQPYGCVJGTKPHQTOCVKQPVJTQWIJQWV

6JGQTKIKPCNFGRNQ[OGPVQH/92YCUEQORNGVGFKP

6JG/92NGCUGFKPVJGUGEQPF[GCTRGTKQF

6JG9GCVJGTCPF4CFCT2TQEGUUQT
9#42YKNN

CWVQOCVKECNN[ETGCVGWPKSWGTGIKQPCN954&DCUGF

OQUCKERTQFWEVU9#42YKNNUGPFVJGUGRTQFWEVUCNQPI


##5CPFVQRKNQVUXKCVJGCGTQPCWVKECNFCVCNKPM

9#42YKNNITGCVN[GPJCPEGVJGFKUUGOKPCVKQPQHCXKCVKQP
%

YGCVJGTKPHQTOCVKQPVJTQWIJQWVVJG0#5+VYKNNJCXG YKNNEQPVKPWQWUN[GZEJCPIGKPHQTOCVKQPYKVJVJGQVJGTVQ

KPVGTHCEGUYKVJ9/5%4VJTQWIJ0#&+0# GPUWTGVJCVDQVJPQFGUJCXGKFGPVKECNPCVKQPCNFCVCDCUGU

1#5+5CPF&.2 +PVJGGXGPVQHCPQFCNHCKNWTGVJGUWTXKXKPIQPGYKNN

CUUWOGTGURQPUKDKNKV[HQTFKUUGOKPCVKQPVQVJGGPVKTG 6JG&KTGEV7UGT#EEGUU6GTOKPCN&7#6U[UVGO

JCUDGGPQRGTCVKQPCNUKPEG(GDTWCT[6JTQWIJ

&7#6RKNQVUCTGCDNGVQCEEGUUYGCVJGTCPF016#/U 6JG#GTQPCWVKECN&CVC.KPM2TQITCO#&.2YKNN

CPFCNUQHKNGVJGKT+(4CPFQT8(4HNKIJVRNCPUHTQOVJGKT

JQOGQTQHHKEGRGTUQPCNEQORWVGT6JKUU[UVGOYKNN

GXGPVWCNN[DGCDUQTDGFKPVQ1#5+5

#XKCVKQP9GCVJGT%QOOWPKECVKQPU

+VUJQWNFDGPQVGFVJCV(##EQOOWPKECVKQPU

U[UVGOUCTGOWNVKRWTRQUG9GCVJGTFCVCRTQFWEVUCPF

KPHQTOCVKQPEQPUVKVWVGCNCTIGRGTEGPVCIGQHVJGVTCHHKECU

FQ016#/5HNKIJVRNCPUCPFQVJGTCGTQPCWVKECNFCVC

6JG0CVKQPCN#KTURCEG&CVC+PVGTEJCPIG0GVYQTM


0#&+0++RCEMGVUYKVEJGFPGVYQTMYCUKORNGOGPVGF

VQUGTXGCUVJGRTKOCT[KPVGTHCEKNKV[FCVCEQOOWPKECVKQPU

TGUQWTEGHQTCNCTIGEQOOWPKV[QH0#5EQORWVGT

UWDU[UVGOU6JGPGVYQTMFGUKIPKPEQTRQTCVGUUVCVGQH

VJGCTVRCEMGVUYKVEJKPIVGEJPQNQI[KPVQCJKIJN[

EQPPGEVGFDCEMDQPGPGVYQTMYJKEJRTQXKFGUGZVTGOGN[

JKIJFCVCHNQYECRCEKV[CPFGHHKEKGPE[VQVJGPGVYQTM

WUGTU0#&+0++EQPUKUVUQHQRGTCVKQPCNUYKVEJKPIPQFGU

CVGCEJ#TGC%QPVTQN(CEKNKV[CPFVYQPGVYQTMEQPVTQN

EGPVGTU
CPFPQFGUCVVJG0CVKQPCN#XKCVKQP9GCVJGT

2TQEGUUKPI(CEKNKVKGUCV5CNV.CMG%KV[7VCJCPF

#VNCPVC)GQTIKC+VYKNNKPVGTHCEGFKTGEVN[VQ9/5%4

9#42/92#&.2#8/5#%%%CPFVJG

%QPUQNKFCVGF016#/5[UVGO0#&+0++CNUQOC[DG

WUGFCUVJGKPVTCHCEKNKV[EQOOWPKECVKQPUU[UVGODGVYGGP

VJGUGEQNNQECVGFWUGTUFWTKPIVTCPUKVKQPVQGPFUVCVG

6JG9GCVJGT/GUUCIG5YKVEJKPI%GPVGT

4GRNCEGOGPV
9/5%4TGRNCEGUVJGYGCVJGTOGUUCIG

UYKVEJKPIEGPVGT
9/5%NQECVGFCV(##	U0CVKQPCN

%QOOWPKECVKQPU%GPVGT
0#6%1/-CPUCU%KV[

/KUUQWTKYKVJUVCVGQHVJGCTVVGEJPQNQI[+VYKNN

RGTHQTOCNNEWTTGPVCNRJCPWOGTKEYGCVJGTFCVCJCPFNKPI

HWPEVKQPUQHVJG9/5%CPFVJGUVQTCIGCPFFKUVTKDWVKQP

QH016#/U9/5%4YKNNTGN[QP0#&+0HQTC

OCLQTKV[QHKVUEQOOWPKECVKQPUUWRRQTV6JGU[UVGOYKNN

CEEQOOQFCVGITCRJKEFCVCCPFHWPEVKQPCUVJGRTKOCT[

(##ICVGYC[VQVJG095	0CVKQPCN%GPVGTUHQT

'PXKTQPOGPVCN2TGFKEVKQP0%'2VJGRTKPEKRCNUQWTEG

QH095RTQFWEVUHQTVJG0#5

6QRTQXKFGHQTIGQITCRJKETGFWPFCPE[VJGU[UVGO

YKNNJCXGPQFGUKPVJG0#&+0DWKNFKPIUKP#VNCPVC

)GQTIKCCPF5CNV.CMG%KV[7VCJ'CEJPQFGYKNN

UWRRQTVCRRTQZKOCVGN[QPGJCNHQHVJG7PKVGF5VCVGUCPF

PGVYQTM

KORNGOGPVVJG&CVC.KPM2TQEGUUQT
&.2VQUWRRQTV

YGCVJGTUGTXKEGUHQTCKTETCHVWVKNK\KPIVJGFKUETGGVN[

CFFTGUUGFFCVCNKPMECRCDKNKV[QHVJG(##	U/QFG

5WTXGKNNCPEG/1&'5U[UVGO+VYKNNTGEGKXGFQYPNKPM

TGSWGUVUHQTYGCVJGTRTQFWEVUHTQOCKTETCHVHQTOWNCVG

TGRNKGUCPFTGVWTPVJGOVQVJGRKNQVXKCVJGFCVCNKPM

6JKUYKNNKORTQXGCKTITQWPFEQOOWPKECVKQPUGTXKEGUD[

GZRCPFKPIVJGRKNQV	UCDKNKV[VQCEEGUUFGUKTGFYGCVJGT

KPHQTOCVKQPYJKNGQRGTCVKPIQPVJGCKTRQTVUWTHCEGQTKP

HNKIJV+VYKNNCNUQTGFWEGVJGYQTMNQCFQHHNKIJVUGTXKEG

URGEKCNKUVUCPFCKTVTCHHKEEQPVTQNNGTUYJQEWTTGPVN[

RTQXKFGVJGQPN[OGCPUQHCEEGUUVQVJGUGFCVC

+PKVKCNN[VJGFCVCNKPMUGTXKEGUVQDGKORNGOGPVGF

YKNNDGHQTCWVQOCVGFFCVCDCUGUYJKEJEWTTGPVN[GZKUVQT

CTGRNCPPGFVQDGQRGTCVKQPCNKPVJGPGCTVGTO6JGUG

KPENWFGCNRJCPWOGTKERTQFWEVUUWEJCU5+)/'6U

#+4/'6UUWTHCEGQDUGTXCVKQPUVGTOKPCNHQTGECUVU

YKPFUCNQHVRKNQVTGRQTVUCPFCNRJCPWOGTKETCFCT

UWOOCT[KPHQTOCVKQP+PUVCNNCVKQPQHVJKUU[UVGODGICP

KPCPFKUEQPVKPWKPICURTQITCOOGF6JG#&.2

YKNNDGGPJCPEGFVQUWRRQTVCFFKVKQPCNYGCVJGT

KPHQTOCVKQPKPENWFKPIYKPFUJGCTCFXKUQTKGUCPF#6%

VQYGTCRRNKECVKQPU
KPENWFKPIFKIKVCN#6+5CPFVQ

RTQXKFGGZRCPFGFFCVCNKPMEQOOWPKECVKQPUHWPEVKQPUKP

UWRRQTVQH#6%FCVCNKPMUGTXKEGU

6JG9QTNFYKFG#GTQPCWVKECN(QTGECUV5[UVGO


9#(5KUCVJTGGIGQU[PEJTQPQWUUCVGNNKVGDCUGFU[UVGO

HQTEQNNGEVKPICPFFKUUGOKPCVKPICXKCVKQPYGCVJGT

KPHQTOCVKQPCPFRTQFWEVUVQHTQOFQOGUVKEQT

KPVGTPCVKQPCNCXKCVKQPQHHKEGUCUYGNNCUKPHNKIJVCKTETCHV

6JGKPHQTOCVKQPCPFRTQFWEVUCTGRTGRCTGFCVFGUKIPCVGF

QHHKEGUKP9CUJKPIVQP&%CPF$TCEMPGNN7PKVGF

-KPIFQO6JG75RCTVQH9#(5KUCLQKPVRTQLGEVQH

VJG(##CPF095VQOGGVTGSWKTGOGPVUQHVJGOGODGT

UVCVGUQHVJG+PVGTPCVKQPCN%KXKN#XKCVKQP1TICPK\CVKQP


+%#1(##HWPFUVJGUCVGNNKVGEQOOWPKECVKQPUNKPM

CPFVJG095RTQXKFGUVJGKPHQTOCVKQPUVTGCO

6YQQHVJGVJTGGUCVGNNKVGUCTGHWPFGFD[VJG7PKVGF

5VCVGU6JGHKTUVKUNQECVGFQXGTVJGYGUVGTP#VNCPVKEYKVJ

CHQQVRTKPVEQXGTKPIYGUVGTP#HTKECCPF'WTQRGVJG

#VNCPVKE1EGCP5QWVJ#OGTKECCPF0QTVJ#OGTKEC


GZEGRVHQTVJG9GUV%QCUVCPF#NCUMC6JGUGEQPF

75HWPFGFUCVGNNKVGKURQUKVKQPGFQXGTVJG2CEKHKECPF

EQXGTUVJG759GUV%QCUVCPF#NCUMCVJG2CEKHKE
%

1EGCPCPFVJG2CEKHKETKOQH#UKC6JGVJKTFUCVGNNKVGKU FGXGNQRGFWPFGTVJGCGIKUQH1(%/D[VJG&1%&1&

UVCVKQPGFQXGTVJGYGUVGTP+PFKCP1EGCPCPFEQXGTUVJG &1605(CPFVJG0CVKQPCN#GTQPCWVKEUCPF5RCEG

TGOCKPKPICTGCUQH'WTQRG#UKCCPF#HTKEC #FOKPKUVTCVKQPVQRTQXKFGVJG095YKVJCPKORTQXGF

CKTETCHVKEKPIHQTGECUVECRCDKNKV[6JGQDLGEVKXGUQHVJKU 6JGFCVCCXCKNCDNGXKC9#(5KPENWFGHNKIJVYKPFU

QDUGTXCVKQPUHQTGECUVU5+)/'6U#+4/'6UCPF

JC\CTFUVQCXKCVKQPKPENWFKPIXQNECPKECUJENQWFU

#XKCVKQP9GCVJGT4GUGCTEJ2TQITCO TGUWNVQHVJKUGHHQTVYKNNDGCPKORTQXGFKEKPIHQTGECUVKPI

ECRCDKNKV[VJCVRTQXKFGURKNQVUYKVJOQTGVKOGN[CPF 9QTMKPIENQUGN[YKVJVJG+PVGITCVGF2TQFWEV6GCO

HQT5WTXGKNNCPEGCPF9GCVJGTVJG#XKCVKQP9GCVJGT

&KXKUKQPURQPUQTUTGUGCTEJQPURGEKHKECXKCVKQPYGCVJGT

EQPEGTPUUWEJCUKPHNKIJVKEKPI6JKUTGUGCTEJKU %QPXGEVKXG9GCVJGT(QTGECUVKPI6JGRWTRQUGQH

RGTHQTOGFVJTQWIJEQNNCDQTCVKXGGHHQTVUYKVJVJG0CVKQPCN VJKUTGUGCTEJGHHQTVKUVQGUVCDNKUJOQTGEQORTGJGPUKXG

5EKGPEG(QWPFCVKQP
05(VJG095CPFVJG MPQYNGFIGQPVJGEQPFKVKQPUVJCVVTKIIGTEQPXGEVKQPCPF

/CUUCEJWUGVVU+PUVKVWVGQH6GEJPQNQI[	U.KPEQNP VJWPFGTUVQTOUCPFKPIGPGTCNVJGF[PCOKEUQHC

.CDQTCVQT[#RTKOCT[EQPEGTPKUVJGGHHGEVKXG VJWPFGTUVQTO	UNKHGE[ENG6JGRTQITCOYKNNNGCFVQ

OCPCIGOGPVQHNKOKVGFTGUGCTEJGPIKPGGTKPICPF GPJCPEGFECRCDKNKV[VQRTGFKEVITQYVJOQXGOGPVCPF

FGXGNQROGPVTGUQWTEGU V[RGQHRTGEKRKVCVKQPHTQOVJWPFGTUVQTOU)CKPKPIVJKU

HQTGECUVECRCDKNKV[YKNNCNNQYDGVVGTWUGQHVJGCKTURCEG 6JG#XKCVKQP)TKFFGF(QTGECUV5[UVGO#)(5YKNN

ECRKVCNK\GQPUKIPKHKECPVCFXCPEGUKPCVOQURJGTKEUEKGPEGU

CPFEQORWVGTVGEJPQNQI[VQFGXGNQRCHQWTFKOGPUKQPCN

FCVCDCUGQHYGCVJGTRJGPQOGPCVJCVKUQHOCLQT /QFGN&GXGNQROGPVCPF'PJCPEGOGPV6JKU

KORQTVCPEGVQCXKCVKQP&CVCKPRWVUHTQO#515TCFCT TGUGCTEJKUCKOGFCVFGXGNQRKPIQTKORTQXKPIOQFGNUVQ

YKPFRTQHKNGTUUCVGNNKVGUGPUQTU#%#45TCFKQUQPFGU DGVVGTEJCTCEVGTK\GVJGKPHNKIJVGPXKTQPOGPVCPF

CPF+695YKNNRTQXKFGVJGOQUVCEEWTCVGEWTTGPVCPF VJGTGD[FGNKXGTUWRGTKQTCXKCVKQPYGCVJGTRTQFWEVUVQ

HQTGECUVXCTKCDNGUYKVJJKIJURCVKCNCPFVGORQTCN GPFWUGTU

TGUQNWVKQP*KIJVGEJPQNQI[EQORWVGTUYKNNCNNQYVJG 

HQTGECUVUVQDGTWPOQTGQHVGPKPCTCRKFWRFCVGE[ENG

#)(5KUDGKPIFGUKIPGFVQIGPGTCVGVKOGN[TGIKQPCNCPF

PCVKQPCNCXKCVKQPYGCVJGTRTQFWEVUHQTKOOGFKCVGWUGD[

PQPOGVGQTQNQIKECNRGTUQPPGNUWEJCURKNQVUCKTVTCHHKE

EQPVTQNNGTUVTCHHKEOCPCIGOGPVRGTUQPPGNCPFHNKIJV

UGTXKEGURGEKCNKUVU6JGRTQFWEVUYKNNDGCXCKNCDNGQPVJG

CGTQPCWVKECNFCVCNKPM#)(5KORNGOGPVCVKQPKUGZRGEVGF

KPVJGNCVG	U

1VJGT#XKCVKQP9GCVJGT4GUGCTEJ1VJGTCXKCVKQP +ORTQXGF#KTETCHV+EKPI(QTGECUVU6JGRWTRQUGQH

VJKUKPKVKCVKXGKUVQGUVCDNKUJCEQORTGJGPUKXGOWNVK[GCT

TGUGCTEJCPFFGXGNQROGPVGHHQTVVQKORTQXGCKTETCHVKEKPI

HQTGECUVUCUTGEQOOGPFGFKPVJG0CVKQPCN2NCPVQ

+ORTQXG#KTETCHV+EKPI(QTGECUVU6JKURNCPYCULQKPVN[

RNCPCTGVQFGXGNQRCPKEKPIUGXGTKV[KPFGZKEKPI

IWKFCPEGOQFGNUCPF
CDGVVGTEQORTGJGPUKQPQH

U[PQRVKECPFOGUQUECNGEQPFKVKQPUNGCFKPIVQKEKPI6JG

CEEWTCVGHQTGECUVUQHCEVWCNCPFGZRGEVGFKEKPICTGCUD[

NQECVKQPCNVKVWFGFWTCVKQPCPFRQVGPVKCNUGXGTKV[

CPFJGNRCKTETCHVCXQKFCTGCUYKVJJC\CTFQWUEQPXGEVKXG

EQPFKVKQPU

9GCVJGT5WRRQTVVQ&GKEKPI&GEKUKQP/CMKPI

6JGTGKUCPGGFVQFGXGNQRRTQFWEVUVJCVRTQXKFG

HQTGECUVUQPVJGKPVGPUKV[QHUPQYCPFHTGG\KPITCKPCPF

JQYQTYJGPVJGUGRJGPQOGPCYKNNEJCPIGKPVJGUJQTV

VGTO6JKUKPHQTOCVKQPKUPGGFGFD[CKTRQTVOCPCIGOGPV

VQFGVGTOKPGYJGPCPCKTETCHVYKNNTGSWKTGFGKEKPIDGHQTG

VCMGQHH6JGYCVGTEQPVGPVQHUPQYKUDGNKGXGFVQDGCP

KORQTVCPVHCEVQT

YGCVJGTTGUGCTEJRTQITCOUVJCVCTGEQPVKPWKPIDWVCVC

NQYGTNGXGNQHHWPFKPIRGTVCKPVQEGKNKPICPFXKUKDKNKV[

VWTDWNGPEGFGVGEVKQPCPFEQPXGEVKXGYGCVJGTFGVGEVKQP
%

#OQPIVJG7PKVGF5VCVGU%QCUV)WCTF	U75%)CEVKXKVKGUCTGOCTKPGCPFEQCUVCNYGCVJGTQDUGTXCVKQPUD[QEGCP

IQKPIEWVVGTUCPFCVUJQTGUVCVKQPUEQNNGEVKQPCPFVTCPUOKUUKQPQHOCTKPGYGCVJGTQDUGTXCVKQPUTGEGKXGFHTQOUJKRU

CVUGCD[%QCUV)WCTFEQOOWPKECVKQPUUVCVKQPUDTQCFECUVQH095OCTKPGYGCVJGTHQTGECUVUYGCVJGTYCTPKPIUCPF

YGCVJGTHCEUKOKNGEJCTVUVQOCTKPGWUGTUOQPKVQTKPIVJGUGCUQPCNKEGDGTIVJTGCVVQVJG0QTVJ#VNCPVKEUJKRRKPINCPGU

QHHVJG)TCPF$CPMUQH0GYHQWPFNCPFCPFVJGVTCPUOKUUKQPQHYCTPKPIOGUUCIGUFGHKPKPIVJGKEGDGTINKOKVURTQXKFKPI

HCEKNKVKGUCPFUJKRUWRRQTVVQOCKPVCKPVJG0CVKQPCN&CVC$WQ[%GPVGT0&$%PGVYQTMQHCWVQOCVGFGPXKTQPOGPVCN

OQPKVQTKPIRNCVHQTOUCPFQRGTCVKQPQHNQPITCPIGTCFKQPCXKICVKQPU[UVGOU1/')#CPF.14#0%YJKEJCTGWUGF

D[VJGOGVGQTQNQIKECNUQWPFKPIKPUVTWOGPVUGUUGPVKCNVQQDUGTXCVKQPCNPGVYQTMU

70+6'&56#6'5%1#56)7#4&

75%)QEGCPIQKPIEWVVGTUCPFEQCUVCNUVCVKQPU VJGUGPKQT%QCUV)WCTFQHHKEGTCUUKIPGFUGTXGUCUVJG

RTQXKFGYGCVJGTQDUGTXCVKQPUVQVJG095%QCUV)WCTF 0&$%&GRWV[&KTGEVQT%QCUV)WCTFEWVVGTURTQXKFG

EQOOWPKECVKQPUUVCVKQPUDTQCFECUV095OCTKPG VJGFGRNQ[OGPVCPFTGVTKGXCNQHFCVCDWQ[UCPFUGTXKEG

HQTGECUVUYGCVJGTYCTPKPIUCPFYGCVJGTHCEUKOKNG XKUKVUVQDQVJDWQ[UCPFEQCUVCNUVCVKQPUGZRGPFKPIWRVQ

EJCTVUCPFCNUQEQNNGEVYGCVJGTQDUGTXCVKQPUHTQO EWVVGTFC[UCPPWCNN[%QCUV)WCTFCKTETCHVDQCV

EQOOGTEKCNUJKRRKPIHQTVJG095+PCFFKVKQP%QCUV CPFUJQTGHCEKNKVKGUCNUQRTQXKFG0&$%UWRRQTV

)WCTFITQWRUDTQCFECUV095OCTKPGHQTGECUVUCPF 

YGCVJGTYCTPKPIUVQWUGTU

75%)EQPFWEVUVJG+PVGTPCVKQPCN+EG2CVTQN
++2 CXKCVKQPCPFPCXKICVKQPEQOOWPKVKGU6JGUGUKIPCNUCNUQ

YJKEJWUGUTCFCTGSWKRRGFCKTETCHVVQRCVTQNVJGCTGCQH UWRRQTVVJGQRGTCVKQPQHOGVGQTQNQIKECNUQWPFKPI

VJG)TCPF$CPMUQHHQH0GYHQWPFNCPFFWTKPIVJGKEGDGTI KPUVTWOGPVUGUUGPVKCNVQQDUGTXCVKQPPGVYQTMU1/')#

UGCUQP++2FGVGTOKPGUVJGIGQITCRJKENKOKVUQHVJG YKNNEGCUGQRGTCVKQPU5GRVGODGT

KEGDGTIJC\CTFCPFVYKEGFCKN[DTQCFECUVUKEGDGTI

YCTPKPIDWNNGVKPUCPFFCKN[KEGHCEUKOKNGEJCTVUYJKEJ

FGRKEVVJGNKOKVUQHCNNMPQYPKEG6JGUGDTQCFECUVUCTG

OCFGVQVJGOCTKPGEQOOWPKV[FWTKPIVJGRGTKQFQH

KEGDGTIFCPIGT++2QRGTCVGUCP+EGDGTI&TKHVCPF /GVGQTQNQIKECNCEVKXKVKGUCTGEQQTFKPCVGFD[VJG+EG

&GVGTKQTCVKQP/QFGNVQRTGFKEVKEGDGTIFKUVTKDWVKQP 1RGTCVKQPU&KXKUKQPQHVJG1HHKEGQH0CXKICVKQP5CHGV[

DGVYGGP++2TGEQPPCKUUCPEGHNKIJVU++2CPPWCNN[ CPF9CVGTYC[U5GTXKEGUCV%QCUV)WCTF*GCFSWCTVGTU

CTEJKXGUKEGDGTIFCVCTGHNGEVKPICNNVCTIGVUDQVJMPQYP 6JG%QCUV)WCTF0&$%QRGTCVKQPKUOCPCIGFCV%QCUV

KEGDGTIUCPFWPKFGPVKHKGFTCFCTVCTIGVU6JGFCVCKU )WCTF*GCFSWCTVGTUD[VJG5JQTV4CPIG#KFUVQ

HQTYCTFGFVQVJG0CVKQPCN5PQYCPF+EG&CVC%GPVGT 0CXKICVKQP&KXKUKQPQHVJG1HHKEGQH0CXKICVKQP5CHGV[

6JGNKUVKPIEQPVCKPUKEGDGTIUKIJVKPIFCVCCNQPIYKVJVJG CPF9CVGTYC[U5GTXKEGU(KGNFOCPCIGOGPVQHVJG

NCUVOQFGNRTGFKEVGFRQUKVKQP OGVGQTQNQIKECNCEVKXKVKGUKUCEQNNCVGTCNHWPEVKQPQHVJG

%QCUV)WCTFFKUVTKEVCPFCTGCUVCHHU8CTKQWU75%)HCEKNKVKGUUWRRQTV01##	U0CVKQPCN

&CVC$WQ[%GPVGT0&$%0&$%	UCWVQOCVGFPGVYQTM 0Q%QCUV)WCTFWPKVKUFGFKECVGFUQNGN[VQ

QHGPXKTQPOGPVCNOQPKVQTKPIRNCVHQTOUKPVJGFGGRQEGCP OGVGQTQNQI[CNNHCEKNKVKGURGTHQTOCXCTKGV[QHOKUUKQPU

CPFEQCUVCNTGIKQPURTQXKFGCEEWTCVGCPFTGNKCDNGFCVCHQT 0QECRKVCNKPXGUVOGPVUKPOGVGQTQNQIKECNHCEKNKVKGUCTG

095CPFQVJGTWUGTU(KHVGGP%QCUV)WCTFRGTUQPPGN RNCPPGFQTEQPVGORNCVGF

HKNNMG[VGEJPKECNCPFQRGTCVKPIRQUKVKQPUYKVJKP0&$%

75%)QRGTCVGUPCXKICVKQPUVCVKQPURTQXKFKPI

1/')#CPF.14#0%TCFKQPCXKICVKQPUKIPCNUHQTVJG

%QCUV)WCTF/CTKPG5EKGPEG6GEJPKEKCPUTGEGKXG

DCUKEVTCKPKPIKPOGVGQTQNQI[CUCOCLQTRCTVQHVJG

VTCKPKPIHQTVJGKTURGEKCNV[
&

9GCVJGTKUVJGOQUVKORQTVCPVHCEVQTKPHNWGPEKPIVJG0CVKQP	UXCTKCDKNKV[KPETQR[KGNFUCPFTGNCVGFRTQFWEVKQP

6JG0CVKQP	UHQQFCPFHKDGTRTQFWEVUCTGCETKVKECNTGUQWTEGKORCEVKPIQWTFQOGUVKECPFKPVGTPCVKQPCNGEQPQOKE

RQUKVKQPCPFJCXGVCMGPQPPGYFKOGPUKQPUKPHQTGKIPCHHCKTUCPFPCVKQPCNUGEWTKV[6JGTGEGPVGZRCPUKQPKP

GZRQTVOCTMGVUJCUTGFWEGFUVQEMUCPFDGPGHKVVGFQWTHCTOUGEVQTUCUINQDCNEQPUWORVKQPQHVQVCNITCKPUJCU

GZEGGFGFRTQFWEVKQPKPQHVJGNCUV[GCTU6JG75&GRCTVOGPVQH#ITKEWNVWTG75&#EQPFWEVUUWRRQTVKPI

TGUGCTEJVJCVHQEWUGUQPWPFGTUVCPFKPIVJGKPVGTCEVKQPUQHYGCVJGTCPFENKOCVGYKVJRNCPVUCPKOCNUHQTGUVUCPF

HQTGUVGEQNQIKECNU[UVGOUCPFCUUKUVUVJG&GRCTVOGPVQH%QOOGTEGKPFGVGTOKPKPIHCTOGTU	PGGFUHQTYGCVJGT

KPHQTOCVKQPCPFKPFKUUGOKPCVKPIVJCVKPHQTOCVKQPVQVJGO

#22'0&+:&

WEATHER PROGRAMS OF OTHER AGENCIES

&'2#46/'061(#)4+%7.674'

6JG9QTNF#ITKEWNVWTCN1WVNQQM$QCTF9#1$ OQPKVQTKPIPGVYQTMYKNNRTQXKFGGUUGPVKCNFCVCHQTWUG

KPEQQRGTCVKQPYKVJ0CVKQPCN9GCVJGT5GTXKEG	U095 KP)NQDCN%JCPIG4GUGCTEJ2TQITCO)%42YQTM

%NKOCVG2TGFKEVKQP%GPVGTOQPKVQTUVJGFCKN[YGCVJGT

RCVVGTPUCTQWPFVJGYQTNF9#1$CITKEWNVWTCN

OGVGQTQNQIKUVUEQPXGTVVJGYGCVJGTFCVCKPVQ

KPHQTOCVKQPVQCUUGUUETQRFGXGNQROGPVCPF[KGNF

RQVGPVKCNQHCNNOCLQTEQOOQFKV[ETQRUHQTVJGOCLQT

RTQFWEKPICTGCUQHVJGYQTNF5RGEKCNYGGMN[DTKGHKPIU

CTGRTQXKFGFVQVJG5GETGVCT[QH#ITKEWNVWTGCPFVQVJG

GEQPQOKECPFEQOOQFKV[CPCN[UVUQH75JG

5GPCVGCPF*QWUG#ITKEWNVWTCN%QOOKVVGGUCNUQTGSWGUV

RGTKQFKEDTKGHKPIUQPETQRTGNCVGFFTQWIJVGHHGEVUCUKP

CPF

*KUVQTKECNN[VJG(QTGUV5GTXKEG(5JCUEQNNGEVGF UWEJCUTQCFGPIKPGGTUYKNFNKHGDKQNQIKUVUCPF

OGVGQTQNQIKECNFCVCVQCUUKUVKPVJGEQPVTQNQHHQTGUV J[FTQNQIKUVUYJQOQPKVQTRTGEKRKVCVKQPUKNXKEWNVWTCNKUVU

HKTGUCPFKPVJGOCPCIGOGPVQHUOQMGHTQORTGUETKDGF 
YJQCTGCVVGORVKPIVQOCZKOK\GVTGGRNCPVKPI

DWTPKPI1VJGTCEVKXKVKGUCNUQPGGFYGCVJGTFCVCVQ QRRQTVWPKVKGUCPFGEQNQIKUVUUQKNURGEKCNKUVUCPF

GPUWTGUQWPFOCPCIGOGPVFGEKUKQPU6JGTGHQTGC HKUJGTKGUDKQNQIKUVUYJQOQPKVQTVJGGHHGEVUQHTWPQHH

PCVKQPCNYGCVJGTRTQITCOYCUGUVCDNKUJGFVQEQQTFKPCVG 6JGOCKPUGEQPFCT[WUGTQH4#95FCVCKUVJG095

CNN(5OGVGQTQNQIKECNCEVKXKVKGUCPFVQOGGVVJG HQTHKTGYGCVJGTHQTGECUVKPICPFHNQQFYCTPKPIU

KPETGCUKPIPGGFHQTFKXGTUGYGCVJGTKPHQTOCVKQP6JG

OCLQTQDLGEVKXGUQHVJGRTQITCOCTGVQKORTQXG

SWCNKV[EQPVTQNQHYGCVJGTFCVCKORTQXGVJGFGUKIP

CPFQRGTCVKQPQHFCVCEQNNGEVKQPHTQOPGVYQTMU


KPETGCUGFCVCTGEQXGT[HTQOVJGYGCVJGTUVCVKQPUCPF


WRITCFGUVCVKQPOCKPVGPCPEG/GVGQTQNQIKECNFCVC

EQNNGEVGFHTQOOCPWCNYGCVJGTUVCVKQPUCPF4GOQVG

#WVQOCVGF9GCVJGT5VCVKQPU4#95UWRRQTVTGUGCTEJ

QHYGCVJGTGHHGEVUQPHQTGUVT[OCPCIGOGPVHQTGUVHKTGU

UOQMGOCPCIGOGPVXKUKDKNKV[RTQVGEVKQPKPYKNFGTPGUU

CTGCUCPFCVOQURJGTKEFGRQUKVKQP#YGCVJGT

KPHQTOCVKQPOCPCIGOGPVU[UVGOCPFCNKDTCT[VQ 9CVGTUWRRN[HQTGECUVUJGNRKTTKICVQTUOCMGVJG

CTEJKXGCNN(5YGCVJGTFCVCCTGDGKPIFGXGNQRGFKP OQUVGHHGEVKXGWUGQHCXCKNCDNGUVTGCOHNQYHQTCEJKGXKPI

EQQRGTCVKQPYKVJTGIKQPCNENKOCVGEGPVGTU6JG(5 VJGKTCITKEWNVWTCNRTQFWEVKQPIQCNU(CTOGTUYJQ

6JG(5EWTTGPVN[QRGTCVGUOQTGVJCP4#95

CPFOCPWCNUVCVKQPUOCP[KPVJGYGUVGTP7PKVGF5VCVGU

#KTVGORGTCVWTGTGNCVKXGJWOKFKV[UQKNOQKUVWTGYKPF

FKTGEVKQPCPFURGGFCPFRTGEKRKVCVKQPCTGVTCPUOKVVGF

XKC01##	U)GQUVCVKQPCT[1RGTCVKQPCN'PXKTQPOGPVCN

5CVGNNKVG)1'5VGNGOGVT[6JGUGFCVCCTGTGEGKXGF

XKCCFKTGEVTGCFQWVITQWPFUKVGKP$QKUG+FCJQKP

EQQRGTCVKQPYKVJVJG$WTGCWQH.CPF/CPCIGOGPV

6JGOCKPWUGQHVJGFCVCKUKPVJGECNEWNCVKQPQHVJGHKTG

FCPIGTTCVKPIHQTVJG(5CPFEQQRGTCVKPICIGPEKGU

6JGUGFCVCCTGCNUQWUGFD[QVJGTTGUQWTEGOCPCIGTU

6JG0CVWTCN4GUQWTEGU%QPUGTXCVKQP5GTXKEG


04%5QRGTCVGUCPGVYQTMQHOCPWCNUPQY

EQWTUGUCPFQXGTCWVQOCVGFFCVCEQNNGEVKQPUKVGUKP

EQPLWPEVKQPYKVJVJGRTQLGEV5016'.HQTVJGYGUVGTP

7PKVGF5VCVGUCPF#NCUMC6JGRTKOCT[QDLGEVKXGQHVJG

RTQLGEVKUVQHQTGECUVYCVGTUWRRNKGUCPFUVTGCOHNQYHQT

VJGEQOKPIURTKPITWPQHHUGCUQP6JGUGOGCUWTGOGPVU

CTGOCFGKPEQQRGTCVKQPYKVJQVJGTHGFGTCNUVCVGCPF

NQECNCIGPEKGURQYGTEQORCPKGUKTTKICVKQPEQORCPKGU

CPFVJGRTQXKPEKCNIQXGTPOGPVQH$TKVKUJ%QNWODKC
&

EQNNGEVKXGN[KTTKICVGOQTGVJCPOKNNKQPCETGUQHNCPF RTQITCOUKPVJGUVCVGCITKEWNVWTCNGZRGTKOGPVUVCVKQPU

KPVJGYGUVGTP75DGPGHKVHTQOYCVGTUWRRN[ VJG.CPF)TCPV&KUVTKDWVKQPUCPFEQQRGTCVKPI

HQTGECUVU1VJGTHGFGTCNCIGPEKGUCPFRTKXCVG HQTGUVT[UEJQQNU6JGUGKPUVKVWVKQPUEQPFWEVCYKFG

QTICPK\CVKQPUCNUQWUGYCVGTUWRRN[HQTGECUV XCTKGV[QHTGUGCTEJCRRNKECDNGVQCITKEWNVWTGCPF

KPHQTOCVKQPVQJGNRVJGOECTT[QWVVJGKTOKUUKQPU HQTGUVT[/GVGQTQNQIKECNTGUGCTEJKPVJGUGKPUVKVWVKQPU

6JGUGHQTGECUVUCNUQJGNRVJGHGFGTCNIQXGTPOGPVKP KURTCEVKECNN[CNNENKOCVQNQIKECN#RTQRQTVKQPQHGCEJ

CFOKPKUVGTKPIKPVGTPCVKQPCNYCVGTVTGCVKGU UVCVG	URTQITCOKUEQPUQNKFCVGFKPVQDTQCFTGIKQPCN

$GIKPPKPIKP(;04%5KPKVKCVGFCPWRITCFG

VQVJG5016'.FCVCEQNNGEVKQPU[UVGOCVCVQVCNEQUVQH

OKNNKQP6JKUGHHQTVEQPVKPWGUCPFKPENWFGU

WRITCFKPIFCVCEQNNGEVKQPUKVGUKPVJGGZKUVKPI

5016'.U[UVGOYKVJPGYUVCVGQHVJGCTVGSWKROGPV

CPFCFFKPICDQWVCFFKVKQPCNUKVGU6JGFCVC

EQNNGEVKQPUKVGWRITCFGYKNNKPENWFGTGRNCEGOGPVQH

UPQYRKNNQYUVTCPUFWEGTUFCOCIGFRTGEKRKVCVKQP

ICWIGUCPVGPPCUVQYGTUUQNCTRCPGNUDCVVGT[

VGORGTCVWTGUGPUQTUCPFFGVGTKQTCVGFUJGNVGTJQWUGU +PXGUVKICVKQPUD[0#55UWRRQTVFQOGUVKEETQR

5WRRQTVKPI4GUGCTEJ

6JGOKUUKQPQHVJG75&#UWRRQTVKPITGUGCTEJ TGNCVKPIYGCVJGTRCTCOGVGTUCPFCUUQEKCVGFXCTKCDNGUVQ

RTQITCOKUVQFGXGNQRCPFFKUUGOKPCVGKPHQTOCVKQPCPF EQTPGCTYGKIJVCPFYJGCVJGCFYGKIJV2TGXKQWU

VGEJPKSWGUVQGPUWTGJKIJSWCNKV[EQOOQFKVKGUCPF GHHQTVUVQFGXGNQROQFGNUHQTUJQTVVGTOHQTGECUVKPI

RTQFWEVUYJKNGOKPKOK\KPICP[CFXGTUGGHHGEVUQH JCXGJCFQPN[NKOKVGFUWEEGUU4GUGCTEJYKNNEQPVKPWG

CITKEWNVWTGQPVJGGPXKTQPOGPV#URCTVQHVJG75&# KPVJKUCTGCYKVJVJGGZRGEVCVKQPVJCVVJGTGNCVKQPUJKRU

TGQTICPK\CVKQPVJGPGY7PFGTUGETGVCT[HQT4GUGCTEJ DGVYGGPYGCVJGTXCTKCDNGUCPFETQR[KGNFYKNNKORTQXG

'FWECVKQPCPF'EQPQOKEUYCUETGCVGF6JKUKPENWFGU CUDGVVGTRNCPVRTQEGUUOQFGNUDGEQOGCXCKNCDNG

VJGOGTIGTQHVJG%QQRGTCVKXG5VCVG4GUGCTEJ5GTXKEG

CPFVJG'ZVGPUKQP5GTXKEGCPFVJGVTCPUHGTQHVJG

'EQPQOKE4GUGCTEJ5GTXKEGCPFVJG0CVKQPCN

#ITKEWNVWTCN5VCVKUVKEU5GTXKEG0#55

6JGTGUGCTEJGHHQTVUQHVJG#ITKEWNVWTCN4GUGCTEJ TGNCVKQPUJKRDGVYGGPETQREQPFKVKQPUCPFTGHNGEVCPEG

5GTXKEG#45TGNCVGFKTGEVN[VQVJGGHHGEVUQHENKOCVG FCVCCUFGVGTOKPGFD[VJGCITGGOGPVDGVYGGPOGCUWTGF

QPCITKEWNVWTCNRTQFWEVKQPCPFVJGPCVWTCNTGUQWTEG CPFHQTGECUVHKPCNEQTPCPFUQ[DGCP[KGNFU6JGETQR

DCUG6JG[CTGFKTGEVGFVQYCTFFGXGNQRKPI EQPFKVKQPUCUUGUUOGPVRTQEGFWTGUDCUGFQP

VGEJPQNQIKGUCPFU[UVGOUHQTOCPCIKPIRTGEKRKVCVKQP OGVGQTQNQIKECNUCVGNNKVGFCVCCTGDGKPICWVQOCVGFCPF

CPFUQNCTGPGTI[HQTQRVKOWOETQRRTQFWEVKQP
 PGCTTGCNVKOGCRRNKECVKQPUCTGDGKPIGZRNQTGF

KORTQXKPIQWTWPFGTUVCPFKPIQHYCVGTRNCPVCVOQURJGTG

KPVGTCEVKQPUQRVKOK\KPIVJGWUGQHGPGTI[YCVGT

CPFCITKEWNVWTCNEJGOKECNU
TGFWEKPIRNCPVCPF

NKXGUVQEMNQUUGUHTQORGUVUCPFGPXKTQPOGPVCNUVTGUU


FGXGNQRKPIKORTQXGFVGEJPKSWGUHQTKTTKICVKQPCPF

FTCKPCIGCPF
OKPKOK\KPIVJGCFXGTUGGHHGEVUQH

ENKOCVGCPFYGCVJGTKPENWFKPICVOQURJGTKE

EQPVCOKPCPVUQPVJGGPXKTQPOGPV

6JG%QQRGTCVKXG5VCVG4GUGCTEJ'FWECVKQPCPF RTQXKFGETKVKECNFCVCHQTWUGKPVJG)%42YQTM

'ZVGPUKXG5GTXKEG
%54''5EQQTFKPCVGUTGUGCTEJ

TGUGCTEJRTQLGEVU#PKOCNUCPFRNCPVUCTGUWDLGEVGFVQ

OCP[ENKOCVKEUVTGUUGUCPFVJGTGHQTGCTGVJGHQEWUQH

VJKUTGUGCTEJ4GUGCTEJQPVJGEJCPIGUKPNGXGNUQH

WNVTCXKQNGV
78TCFKCVKQPCURCTVQHVJG)%42YCU

UKIPKHKECPVN[GZRCPFGFVJTQWIJVJG%54''5

EQORGVKVKXGITCPVURTQITCOKP(;6JGYQTMKU

EQQTFKPCVGFYKVJ'2#	U78TCFKCVKQPRTQITCOCPFYKNN

UWRRQTVCUUGUUOGPVGHHQTVUVQFGXGNQRTGNCVGFPCVKQPCN

RQNKE[QPVJGGPXKTQPOGPV

GUVKOCVKPIRTQITCOUHQTCNNOCLQTEQOOQFKVKGU

2TQOKUKPIUVWFKGUCTGWPFGTYC[VQFGXGNQROQFGNU

#0#55RTQITCOGZRNQTGUVJGWUGQHUCVGNNKVGCPF

YGCVJGTFCVCHQTCUUGUUKPIETQREQPFKVKQPUKU

EQPVKPWKPI#RTGNKOKPCT[KPXGUVKICVKQPWUKPIRQNCT

QTDKVKPIOGVGQTQNQIKECNUCVGNNKVGFCVCUJQYGFCIQQF

(5TGUGCTEJKPENWFGUGHHQTVUVQ
WPFGTUVCPF

CPFEQPVTQNHQTGUVHKTGKPKVKCVKQPD[NKIJVPKPI


KORTQXGVJGVTCPUNCVKQPQHOKFTCPIGHQTGECUV

GNGOGPVUVQFGUETKDGHQTGUVT[EQPFKVKQPUKPEQTRQTCVG

FTQWIJVKPHQTOCVKQPKPVQOCPCIGOGPVFGEKUKQPOCMKPI

CPFDGVVGTFGUETKDGJQYTGIKQPCNENKOCVKEXCTKCDKNKV[

CHHGEVUVJGWUGQHFCKN[YGCVJGTKPHQTOCVKQPD[

HQTGUVGTU6JG(5NQPIVGTOOQPKVQTKPIPGVYQTMYKNN
&

6JG&GRCTVOGPVQHVJG+PVGTKQT	U&1+CVOQURJGTKEUEKGPEGCEVKXKVKGUCTGRTKOCTKN[TGUGCTEJCPFJKUVQTKECNN[

JCFDGGPTGRQTVGFVJTQWIJVJG0CVKQPCN5EKGPEG(QWPFCVKQPURQPUQTGF5WDEQOOKVVGGHQT#VOQURJGTKE4GUGCTEJ

JQYGXGTDWFIGVCT[KPHQTOCVKQPHQTVJG$WTGCWQH.CPF/CPCIGOGPV	UQRGTCVKQPCNYKNFHKTGFCVCEQNNGEVKQP

U[UVGOKUTGRQTVGFKPVJKU(GFGTCN2NCP6JGPCTTCVKXGDGNQYFGUETKDGUVJGHWNNTCPIGQH&1+	UOGVGQTQNQIKECN

CEVKXKVKGU

&'2#46/'061(6*'+06'4+14

$WTGCWQH.CPF/CPCIGOGPV$./UCOGQRGTCVGQPN[FWTKPIVJGVTCFKVKQPCNYGUVGTPHKTG

UGCUQP4#95PQNQPIGTOCKPVCKPGFKPYKPVGTOQPVJU $./KUQPGQHHKXG(GFGTCN.CPF/CPCIGOGPV

CIGPEKGUYJKEJJCXGEGPVTCNK\GFYKNFHKTGYGCVJGT

QRGTCVKQPUKPVJG0CVKQPCN+PVGTCIGPE[(KTG%GPVGT


0+(%CV$QKUG+FCJQ$./	U+PKVKCN#VVCEM

/CPCIGOGPV5[UVGO+#/5YCUFGUKIPGFVQRTQXKFG

TGCNVKOGFCVCCEEGUUCPFOQFGNKPIHQTVJGHKTG

OCPCIGOGPVQTICPK\CVKQP6JG+#/5TGSWKTGFC

EQPUKFGTCDNGFGFKECVGFVGNGEQOOWPKECVKQPUPGVYQTMHQT

FCVCFKUVTKDWVKQP+PCPGHHQTVVQTGFWEGVJGUGKPJGTGPV 6JG$./DGICPEQPVTCEVKPIYKVJCRTKXCVGXGPFQT

VGNGEQOOWPKECVKQPUEQUVUVJG$./KUOQXKPIVQYCTF XKCVJG0CVKQPCN9GCVJGT5GTXKEGHQT#.&5FCVC

CHKNGUGTXGTGPXKTQPOGPVHQTVJG+#/5ECRCDKNKVKGU GHHGEVKXG#RTKN&CVCKUTGEGKXGFCVVJG0+(%

/CP[QHVJGECRCDKNKVKGUVJCVYGTGEGPVTCNN[NQECVGFKP KP$QKUG+FCJQCPFTGVTCPUOKVVGFXKCVJGGZKUVKPI

VJG+#/5JCXGDGGPOQXGFVQOQTGTGOQVGUKVGU6JG #.&5+#/5VGNGEQOOWPKECVKQPUPGVYQTM6JG$./

U[UVGOYKNNUVKNNRTQXKFGTCRKFGXCNWCVKQPCUUGUUOGPV KUNQQMKPICVOQXKPIKPVQCHKNGUGTXGTCTTCPIGOGPVKP

CPFFGEKUKQPOCMKPICUUKUVCPEGHQTVJG$./	UYKNFHKTG VQHWTVJGTTGFWEGTGEWTTKPIEQUVUCUUQEKCVGFYKVJ

TGURQPUKDKNKVKGU VGNGEQOOWPKECVKQPU%WTTGPVRNCPUCTGVQEQPVKPWGVJG

QRGTCVKQPQHVJG#NCUMC#.&5CUCPKPFGRGPFGPV 6JGRTKPEKRCN+#/5KPRWVUTGOCKPVJGUCOGYKVJ

4GOQVG#WVQOCVKE9GCVJGT5VCVKQP
4#95CPF

#WVQOCVKE.KIJVPKPI&GVGEVKQP5[UVGO
#.&5 6JG$./	U4GOQVG5GPUKPI5WRRQTV)TQWRCV

KPHQTOCVKQPDGKPIVJGRTKOCT[TGCNVKOGFCVCUGVU 0+(%RTQXKFGUCHWNNTCPIGQHURGEKCNK\GF

#FFKVKQPCNKPHQTOCVKQPQPXGIGVCVKQPUNQRGGNGXCVKQP OCPCIGOGPVOCKPVGPCPEGFCVCCPFUWRRQTVUGTXKEGU

CURGEVCPFVGTTCKPFCVCCTGCNUQWUGF6JGUGCTG HQTVJG$./CPFPWOGTQWUQVJGT)QXGTPOGPV

EQWRNGFYKVJCFXCPEGFHKTGOQFGNKPIECRCDKNKVKGUVQ CIGPEKGU6JKUKPVGTCIGPE[UVCHHGFCPFHWPFGFHCEKNKV[

HCEKNKVCVGVJG$./	UHKTGCPFTGUQWTEGOCPCIGOGPV RGTHQTOUYQTMWPFGTNQPIVGTOKPVGTCIGPE[CITGGOGPVU

QDLGEVKXGU YKVJVJQUGCIGPEKGUYKVJKPVJGIQXGTPOGPVJCXKPI

UKOKNCTGSWKROGPVCPFTGSWKTGOGPVU5VCHHKPINGXGNU 6JG$./	U4#952TQITCORTKOCTKN[EQNNGEVU

OGVGQTQNQIKECNFCVCHQTHKTGYGCVJGTHQTGECUVKPI+P

RCUV[GCTUVJGPGVYQTMCNUQRTQXKFGFEQPUKFGTCDNG

UWRRQTVVQPQPHKTGGPVKVKGUCPFYCUQRGTCVGF[GCT +PCFFKVKQPVQVJGOGVGQTQNQIKECNOQPKVQTKPI$./

CTQWPF*QYGXGTYKVJKPETGCUGFRTGUUWTGQP EQPFWEVURTKOCTKN[VQUWRRQTVHKTGOCPCIGOGPV

QRGTCVKQPCNFQNNCTUVJG$./1HHKEGQH(KTGCPF CEVKXKVKGUVJG$./CNUQEQPFWEVUUKVGURGEKHKEENKOCVG

#XKCVKQP/CPCIGOGPVJCUFGEKFGFVQFQYPUK\GVJG OQPKVQTKPICVQXGTNQECVKQPUQPVJG2WDNKE.CPFUKP

PGVYQTM%WTTGPVRNCPUCTGVQTGFWEGVJGHKTGPGVYQTM VJGGNGXGPYGUVGTPUVCVGUCPF#NCUMC6JGQRGTCVKQPQH

D[CDQWVQPGHQWTVJKPVJGYGUVGTPUVCVGU9KVJ VJGUGUKVGUTCPIGUHTQOUGCUQPCNVQCPPWCN

EQPVKPWGFHWPFKPIRTGUUWTGUVJGTGSWKTGOGPVVQTGRNCEG OGCUWTGOGPVUQHRTGEKRKVCVKQPVGORGTCVWTGUQKN

CIKPIGSWKROGPVCPFVJGEQPUKFGTCDNGEQUVUCUUQEKCVGF OQKUVWTGCPFQVJGTOGVGQTQNQIKECNRCTCOGVGTU

YKVJOCKPVCKPKPIUWEJCNCTIGPGVYQTM$./	UUVTCVGI[ PGEGUUCT[VQCUUGUUNQECNENKOCVKEKPHNWGPEGU6JGUG

KUVQTGFWEGVJGVQVCNPWODGTQH4#95OQXGVQC FCVCCTGRTKOCTKN[WUGFHQTPCVWTCNTGUQWTEGU

UKPINGUVCVKQPENCUUKHKECVKQPCNNUVCVKQPUEQPHKIWTGFVJG OCPCIGOGPVCPFRNCPPKPICVVJGNQECNNGXGN

CPFVQWUGCP[UCXKPIUKPQRGTCVKPIHWPFUVQTGRNCEG

CIKPIGSWKROGPVCPFWRITCFGVJGTGOCKPKPIPGVYQTM

6JG$./	U4GUQWTEG/CPCIGOGPVCPF1TGIQP1%


9GUV5KFG4#95PGVYQTMUYKNNEQPVKPWGVQQRGTCVG

CPFVQDGUWRRQTVGFCUKPVJGRCUV6JGUGPGVYQTMUCTG

OWEJUOCNNGTCPFJCXGURGEKHKERTQITCOTGSWKTGOGPVU

VJCVFKHHGTHTQOHKTGOCPCIGOGPV

IQXGTPOGPVQYPGFCPFQRGTCVGFU[UVGO

YKVJKPVJKU)TQWRCTGDGKPICFLWUVGFVQOGGVVJGQXGTCNN

KPVGTCIGPE[TGSWKTGOGPVU
&

EQNNGEVKQPUKVGUFCVCKPVJG5WUSWGJCPPC4KXGT$CUKP +PVJG$./)NQDCN%JCPIG4GUGCTEJ

2TQITCOGUVCDNKUJGFHKXGOQPKVQTKPIUKVGUKP$./

YKNFGTPGUUCPFYKNFGTPGUUUVWF[CTGCUVQGUVCDNKUJ

DCUGNKPGEQPFKVKQPUHQTCUUGUUOGPVQHNQPIVGTO

GEQU[UVGOVTGPFU#VQVCNQHUKVGUCTGRNCPPGFVQDG

GUVCDNKUJGFQXGTVJGKPKVKCN[GCTRGTKQF#

UVCPFCTFK\GFOQPKVQTKPIRNCVHQTOYKNNDGQRGTCVGFCV

VJGUGUKVGUVQKPENWFGOGCUWTGOGPVUQHENKOCVGCPF 6JG5WTXG[	U)GQNQIKE&KXKUKQPVJTQWIJVJG

CVOQURJGTKEEJGOKUVT[ 0CVKQPCN)GQOCIPGVKE+PHQTOCVKQP%GPVGT0)+%KP

)QNFGP%QNQTCFQEQNNGEVUFCVCQPVGORQTCNXCTKCVKQPU 0CVKQPCN2CTM5GTXKEG025

6JG2CTM5GTXKEGOQPKVQTUCKTSWCNKV[CPF QXGTIGQOCIPGVKEQDUGTXCVQTKGU6JGUG

XKUKDKNKV[KPUGXGTCNPCVKQPCNRCTMUCPFOQPWOGPVUQDUGTXCVQTKGU
YJKEJKPENWFGQRGTCVGFFKTGEVN[D[

)CUGQWURQNNWVCPVUFCVCCTGEQNNGEVGFQPEQPVKPWQWUCPF 75)50)+%CNNDGNQPIVQVJG+06'4/#)0'6

KPVGITCVGFJQWTDCUGU5WTHCEGOGVGQTQNQIKECNFCVC RTQITCO7PFGT+06'4/#)0'6FCVCHTQOCINQDCN

CTGEQNNGEVGFCPFCPCN[\GFHQTJQWTN[CXGTCIGU PGVYQTMQHIGQOCIPGVKEQDUGTXCVQTKGUCTGVTCPUOKVVGF

2TGEKRKVCVKQPEJGOKUVT[KUFGVGTOKPGFQPYGGMNQPI KPPGCTTGCNVKOGXKCUCVGNNKVGUCPFEQORWVGTNKPMU

KPVGITCVGFTCKPHCNNUCORNGU6YGPV[HQWTCXGTCIG 
'OCKNVQEQNNGEVKQPCPFFKUUGOKPCVKQPRQKPVUECNNGF

RCTVKENGEQPEGPVTCVKQPUOCUUGNGOGPVCNCPCN[UGUUQOG )GQOCIPGVKE+PHQTOCVKQP0QFGU)+0	U(KXG)+0	U

EJGOKECNEQPUVKVWGPVCPCN[UGUCTGOGCUWTGFVYKEG CTGPQYNQECVGFKP'WTQRG0QTVJ#OGTKECCPF#UKC

YGGMN[#VOQURJGTKENKIJVGZVKPEVKQPKUOGCUWTGF 

EQPVKPWQWUN[CPFUCVGNNKVGVGNGOGVGTGFVQCEGPVTCN

NQECVKQPHQTCPCN[UGU

6JG025CNUQEQPFWEVUCPFEQPVTCEVUTGUGCTEJVQ KPVGTCIGPE[0CVKQPCN5RCEG9GCVJGT2TQITCO6JGUG

FGXGNQRCPFVGUVCKTSWCNKV[OQFGNUVQCUUGUUNQPITCPIG FCVCCTGWUGFHQTPQYECUVKPIHQTGECUVKPICPFOQFGNKPI

VTCPURQTVEJGOKECNVTCPUHQTOCVKQPCPFFGRQUKVKQPQH QHURCEGYGCVJGTRCTVKEWNCTN[VJGGHHGEVUQH

CKTRQNNWVCPVU6JGUGOQFGNUCTGWUGFVQGUVKOCVG IGQOCIPGVKEFKUVWTDCPEGU6JGUGGHHGEVUTCPIGHTQO

UQWTEGEQPVTKDWVKQPUVQCPFVQKFGPVKH[UQWTEGTGIKQPU UCVGNNKVGEQORWVGTWRUGVUCPFGCTN[TGGPVT[VQ

TGURQPUKDNGHQTQDUGTXGFRQNNWVCPVNQCFKPIU FKUTWRVKQPQHTCFKQEQOOWPKECVKQPUVQFGITCFCVKQPQH

PCXKICVKQPU[UVGOU
UWEJCU)25CPFVQQWVCIGUQH 75)GQNQIKECN5WTXG[75)5QT5WTXG[

6JG5WTXG[	U9CVGT4GUQWTEGU&KXKUKQP94& QHCIGPEKGURCTVKEKRCVKPIKPVJG0CVKQPCN5RCEG

EQNNGEVUUVTGCOHNQYRTGEKRKVCVKQPCPFQVJGT 'PXKTQPOGPVCPF9CTPKPI2TQITCOCTGFGVCKNGFKPVJG

ENKOCVQNQIKECNFCVCHQTCPWODGTQHRTQLGEVUEQPEGTPKPI 0CVKQPCN2NCPHQT5RCEG'PXKTQPOGPV5GTXKEGUCPF

TCKPHCNNTWPQHHYCVGTSWCNKV[CPFJ[FTQNQIKERTQEGUUGU 5WRRQTVKPI4GUGCTEJ
(%/2

%WTTGPVN[VJG)GQNQIKECN5WTXG[EQNNGEVU YJKEJYCURTGRCTGFD[VJG1(%/%QOOKVVGGHQT

J[FTQOGVGQTQNQIKECNFCVCHTQOCRRTQZKOCVGN[ 5RCEG'PXKTQPOGPV(QTGECUVKPI

TGOQVG&CVC%QNNGEVKQP2NCVHQTOU6JGFCVCCTG 

VTCPUOKVVGFVQ9CNNQRU8KTIKPKCXKC)1'5CPF

TGDTQCFECUVVQCFQOGUVKEEQOOWPKECVKQPUCVGNNKVG


&1/5#6&CVCCTGTGEGKXGFHTQOVJG&1/5#6D[

NQECNTGCFQWVITQWPFUVCVKQPU.4)5RTQEWTGFD[VJG

)GQNQIKECN5WTXG[WPFGTCEQPVTCEV6JG5WTXG[

EWTTGPVN[QRGTCVGU.4)5	YJKEJRTQXKFG

PGCTTGCNVKOGFCVCVQVJG5WTXG[	UEQORWVGTK\GF

0CVKQPCN9CVGT+PHQTOCVKQP5[UVGO

75)594&KUCNUQJGNRKPIVJG0CVKQPCN9GCVJGT OGCUWTGOGPVUCPFOQFGNGUVKOCVGUD[VJG01##

5GTXKEGECNKDTCVGVJG0':4#&YGCVJGTTCFCTHQT 0CVKQPCN1RGTCVKQPCN*[FTQNQIKECN4GOQVG5GPUKPI

RTGEKRKVCVKQPCPCN[UKU94&KUQRGTCVKPITCKPHCNN %GPVGT01*45%6JGQDLGEVQHVJGRTQITCOKUVQ

YJKEJRTQXKFGJQWTN[WRFCVGUQHRTGEKRKVCVKQP6JKU

RKNQVRTQITCOYKNNEQPVKPWGVJTQWIJVJGGPFQHECNGPFCT

[GCTYKVJVJGQDLGEVKXGQHKFGPVKH[KPIRTQEGFWTGU

HQTFCVCEQNNGEVKQPCPFGZEJCPIGCPFFGXGNQRKPIC

OQFGNNQECNCITGGOGPVVJCVECPDGWUGFD[QVJGT

09575)51HHKEGUKPCPQRGTCVKQPCNRTQITCO

QHVJG'CTVJ	UOCIPGVKEHKGNFHTQOCINQDCNPGVYQTMQH

/CIPGVKEHKGNFFCVCCTGMG[KPRWVUVQVJG0CVKQPCN

5RCEG'PXKTQPOGPV(QTGECUVCPF9CTPKPI2TQITCO

YJKEJKUEQQTFKPCVGFD[VJG1(%/CPFVQVJGPGY

RQYGTFKUVTKDWVKQPITKFU6JGTQNGUCPFTGURQPUKDKNKVKGU

6JG5WTXG[KUEQPVKPWKPICLQKPVTGUGCTEJRTQITCO

YKVJ0#5#CPF75&#VQOCRUPQYRCEMYCVGT

GSWKXCNGPVWUKPIUCVGNNKVGRCUUKXGOKETQYCXGVGEJPKSWGU

6JGUCVGNNKVGQDUGTXCVKQPUCTGDGKPIEQORCTGFVQ

UPQYRCEMYCVGTGSWKXCNGPVFCVCHTQOCXCTKGV[QH

UQWTEGUVJG&GRCTVOGPVQH#ITKEWNVWTG	U0CVWTCN

4GUQWTEGU%QPUGTXCVKQP5GTXKEGCWVQOCVKE5PQY

6GNGOGVT[
5016'.UKVGUITCKPUK\GCPFYCVGT

GSWKXCNGPVFCVCEQNNGEVGFD[5WTXG[HKGNFVGCOUCPF
&

FGXGNQRCNIQTKVJOUHQTOCMKPIPGCTTGCNVKOG 7PKVGF5VCVGUQPGKP9CUJKPIVQPCPFVYQKP#NCUMC

CUUGUUOGPVUQHUPQYRCEMYCVGTGSWKXCNGPVCPFGZVGPV 6JGCPCN[UKUQHVJKU[GCTNQPITGEQTFKURTQXKFKPIC

HTQOURCEGVQDGWUGFQRGTCVKQPCNN[D[YCVGTTGUQWTEG ITGCVGTWPFGTUVCPFKPIQHVJGENKOCVGXCTKCDKNKV[KPVJG

OCPCIGOGPVCIGPEKGUKPVJGYGUVGTP7PKVGF5VCVGU YGUVGTP7PKVGF5VCVGU6JG5WTXG[EQNNGEVU

RTGEKRKVCVKQPUCORNGUKPCPWODGTQHUVWFKGUHQTVJG #URCTVQHKVUINCEKQNQI[RTQITCOVJG5WTXG[

OCKPVCKPUCDGPEJOCTMRTQITCOQPVJTGGDGPEJOCTM

INCEKGTUTGRTGUGPVCVKXGQHFKHHGTGPVENKOCVKE\QPGUQHVJG

YGUVGTP7PKVGF5VCVGUQPGKP9CUJKPIVQPQPGQPVJG

UQWVJEQCUVQH#NCUMCCPFQPGKPVJGKPVGTKQTQH#NCUMC

#VGCEJINCEKGTVJGRTQITCOOGCUWTGUVJGYKPVGTUPQY $WTGCWQH4GENCOCVKQP

CEEWOWNCVKQPUWOOGTUPQYCPFKEGCDNCVKQPCKT 

VGORGTCVWTGCPFTWPQHHKPVJGINCEKGTDCUKP#PCN[UKU

QHVJKU[GCTNQPITGEQTFKURTQXKFKPICITGCVGT

WPFGTUVCPFKPIQHVJGENKOCVGXCTKCDKNKV[CPFKVUGHHGEVU

QPYCVGTTGUQWTEGUQHVJGYGUVGTP7PKVGF5VCVGU

6JG5WTXG[RCTVKEKRCVGUKPVJG%QOOKVVGGQP VJG#ITKEWNVWTCN9CVGT4GUQWTEGU&GEKUKQP5WRRQTV

8QNECPKE#UJQHVJG1(%/6JKUEQOOKVVGGKU 
#9#4&5U[UVGOYJKEJKPVGITCVGUJKIJTGUQNWVKQP

RTGRCTKPIVJG1(%/0CVKQPCN2NCPHQT8QNECPKE#UJ 0':4#&TCFCTTCKPHCNNGUVKOCVGUUWTHCEG

6JKUEQOOKVVGGKURTGRCTKPIVJG0CVKQPCN2NCPHQT GPXKTQPOGPVCNFCVCETQROQFGNUCPFSWCPVKVCVKXG

8QNECPKE#UJCPF#XKCVKQP5CHGV[6JTQWIJKVU RTGEKRKVCVKQPHQTGECUVUYKVJYCVGTUJGFTGUGTXQKTECPCN

8QNECPKE*C\CTFU2TQITCOVJG5WTXG[KUTGURQPUKDNG U[UVGOUCPFKTTKICVKQPFKUVTKEVYCVGTFKUVTKDWVKQP

HQTOQPKVQTKPIXQNECPQGUKPVJG7PKVGF5VCVGU1HVJG U[UVGOU#9#4&5RTQXKFGUQRGTCVKQPCNUWRRQTVHQT

CRRTQZKOCVGN[JKUVQTKECNN[CEVKXGXQNECPQGUKPVJG 
GCTN[YCTPKPIUVQTGFWEGJ[FTQNQIKETKUMHQTNQUUQH

7PKVGF5VCVGUCTGKP#NCUMC7PVKNVJGRCUVFGECFG RTQRGTV[CPFNKXGUKORTQXGFGHHKEKGPE[KPECPCNCPF

VJG#NCUMCPXQNECPQGUJCXGDGGPNCTIGN[WPUVWFKGF TGUGTXQKTQRGTCVKQPUCPF
KORTQXGFGHHKEKGPE[KP

&GURKVGVJGNQYRQRWNCVKQPFGPUKV[QHOWEJQHVJG KTTKICVKQPUEJGFWNKPIHQTYCVGTEQPUGTXCVKQPCPFYCVGT

5VCVG#NCUMC	UXQNECPQGUWPFGTNKGVJGJGCXKN[VTCXGNGF SWCNKV[

CKTTQWVGUQHVJG0QTVJ2CEKHKETGIKQP 

6JG1(%/%QOOKVVGGQP8QNECPKE#UJJCU #NIQTKVJO5##HQTVJGPCVKQPCN0':4#&954&

UWRRQTVGFGZRCPUKQPQH5WTXG[OQPKVQTKPICEVKXKVKGUKP TCFCTPGVYQTM6JKUFGXGNQROGPVKUCEQQRGTCVKXG

VJGTGOQVG#NGWVKCPEJCKPQHGZRNQUKXGXQNECPQGU GHHQTVYKVJRTKOCT[UWRRQTVHTQOVJG954&

&WTKPI(;5WTXG[CPFVJG#NCUMCP8QNECPQ 1RGTCVKQPCN5WRRQTV(CEKNKV[KP0QTOCP1MNCJQOC

1DUGTXCVQT[#81GZRCPFGFKVUPGVYQTMQHTGCNVKOG 6JGRTQVQV[RG5##YCUUWEEGUUHWNN[HKGNFVGUVGFKP

UGKUOKEOQPKVQTKPIUVCVKQPUVQCFFKVKQPCNXQNECPQGUKP TGCNVKOGFWTKPIVJGYKPVGTCV%NGXGNCPFCPF

VJG'CUVGTP#NGWVKCP+UNCPFUCPFVJG9GUVGTP#NCUMCP /KPPGCRQNKU0CVKQPCN9GCVJGT5GTXKEG(QTGECUV

2GPKPUWNCTGIKQPUQH#NCUMC6JKUDTKPIUVQVJG 1HHKEGU6JG5##KUDGKPIKORTQXGFYKVJFCVCUGVU

PWODGTQHXQNECPQGUWPFGTEQPVKPWQWUTGCNVKOG HTQOCNNENKOCVKETGIKQPUKPVJG0CVKQPYJKEJJCXG

UWTXGKNNCPEGD[VJG#81&CVCCPFKPHQTOCVKQPHTQO HTGSWGPVUPQYHCNN4GENCOCVKQP	U0':4#&TGUGCTEJ

VJG#81OQPKVQTKPICEVKXKVKGUCTGKPVGITCVGFFKTGEVN[ VGCOKPRCTVPGTUJKRYKVJ0CVKQPCN9GCVJGT5GTXKEG	U

KPVQVJGTGIKQPCNQRGTCVKQPCNCEVKXKVKGUQHVJG(## 4KXGT(QTGECUV%GPVGTU0954(%KUCNUQFGXGNQRKPI

&1&CPF095VQRTQXKFGYCTPKPIUHQTRKNQVUCPF ECNKDTCVGF0':4#&RTGEKRKVCVKQPCPCN[UGUCPFTWPQHH

CKTETCHVQRGTCVQTUKPVJG#NCUMCPTGIKQP OQFGNUHQTYCVGTUJGFUCDQXGHCEKNKVKGUUWEJCU1N[ORKE

&COYJGTGGCTN[YCTPKPIU[UVGOUCTGPGGFGF 6JG5WTXG[CNUQECTTKGUQWVTGUGCTEJKPRCUV

ENKOCVGEJCPIGTGIKQPCNJ[FTQNQI[VJGECTDQPE[ENG /WNVKCIGPE[YQTMQPRTQLGEVKPIRQVGPVKCNGHHGEVU

EQCUVCNGTQUKQPXQNECPKECEVKXKV[CPFINCEKQNQI[#U QHENKOCVGEJCPIGCPFENKOCVGXCTKCDKNKV[QPYGUVGTP

RCTVQHKVUINCEKQNQI[RTQITCOVJG5WTXG[EQPVKPWGUVQ YCVGTTGUQWTEGUCPF$WTGCWQRGTCVKQPUKUEQPVKPWKPI

OGCUWTGVJGYKPVGTUPQYCEEWOWNCVKQPUWOOGTKEG WPFGTEQNNCDQTCVKXGYQTMYKVJVJG)NQDCN9CVGTCPF

CDNCVKQPCPFPGVDCNCPEGQPVJTGGINCEKGTU 'PGTI[%[ENGU'ZRGTKOGPV)'9':%QPVKPGPVCNUECNG

TGRTGUGPVCVKXGQHFKHHGTGPVENKOCVKE\QPGUQHVJGYGUVGTP +PVGTPCVKQPCN2TQLGEV)%+2YKVJ01##	U1HHKEGQH

FGVGTOKPCVKQPQHCVOQURJGTKEEQPVTKDWVKQPVQVJG

EJGOKECNEQPUVKVWGPVNQCFUVQTWPQHHCPFHQTFGHKPKPI

VJGGHHGEVQHCVOQURJGTKEFGRQUKVKQPQPYCVGTSWCNKV[

CPFVJGCSWCVKEGPXKTQPOGPV

4GENCOCVKQPCEVKXKVKGUTGSWKTKPIVJGEQNNGEVKQPCPF

WUGQHOGVGQTQNQIKECNFCVCKPENWFGYCVGTUEJGFWNKPI

HNQQFJ[FTQNQI[KTTKICVKQPRTQLGEVOCPCIGOGPVCPF

TGUGTXQKTQRGTCVKQPUCUYGNNCURTQLGEVUTGNCVGFVQ

J[FTQGNGEVTKEGPGTI[TGUQWTEGU1PGGZCORNGQHVJKUKU

4GENCOCVKQPKUFGXGNQRKPIC5PQY#EEWOWNCVKQP
&

)NQDCN2TQITCOUCPFVJG0CVKQPCN%GPVGTUHQT /KPGTCNU/CPCIGOGPV5GTXKEG

'PXKTQPOGPVCN2TGFKEVKQP
0%'26JG0954(%U 

RTQXKFGFGVCKNGFUVTGCOHNQYHQTGECUVUHQT4GENCOCVKQP	U

QRGTCVKQPU1HPQVGKUVGEJPQNQI[VTCPUHGTGHHQTVKPVJG

%GPVTCN8CNNG[1RGTCVKQPU1HHKEGKP5CETCOGPVQYJGTG

CFKTGEVYQTMUVCVKQPNKPMVQVJG0954KXGT(QTGECUV

5[UVGOCPFQVJGTJ[FTQOGVGQTQNQIKECNHQTGECUV

RTQFWEVUYKNNRTQXKFG4GENCOCVKQP	UYCVGTOCPCIGTU

CEEGUUVQFGVCKNGFRTQFWEVUQHKOOGFKCVGXCNWGVQYCVGT

OCPCIGOGPVQRGTCVKQPU

//5CNUQKUEQNNGEVKPIOGVGQTQNQIKECNCPFCKT #6GEJPQNQI[#FXCPEGOGPVUVWF[KPEQNNCDQTCVKQP

YKVJ0%'2CPFVJG0CVKQPCN%GPVGTHQT#VOQURJGTKE

4GUGCTEJ
0%#4CTGGZCOKPKPIVJGWVKNKV[QH

OGUQUECNGOQFGNUHQTUKOWNCVKQPCPFRTGFKEVKQPQH

GZVTGOGRTGEKRKVCVKQPGXGPVU6JGUGOQFGNKPIGHHQTVU

CTGVCMKPIEWTTGPVVGEJPQNQIKGUCPFCRRN[KPIVJGOVQ

XGT[JGCX[RTGEKRKVCVKQPGXGPVUVQFGVGTOKPGOCZKOWO

RTGEKRKVCVKQPCPFDGVVGTWPFGTUVCPFNKOKVUQHGZVTGOG

RTGEKRKVCVKQPKPYCVGTUJGFUCDQXG4GENCOCVKQPHCEKNKVKGU

HQTUCHGV[QHFCOUUVWFKGUCPFGCTN[YCTPKPI

CRRNKECVKQPU

%WTTGPVN[4GENCOCVKQP	U*;&41/'6U[UVGO HQTGECUVKPIECRCDKNKVKGU//5RNCPUVQEQNNGEVVJTGG

EQNNGEVUFCVCHTQOCRRTQZKOCVGN[ [GCTUQHFCVC

J[FTQOGVGQTQNQIKECNFCVCEQNNGEVKQPRNCVHQTOU&%2U 

YJKEJVTCPUOKVFCVCKPVJGTGCNVKOGVJTQWIJVJG

)1'5VQVJG$WTGCW	U&4)5KP$QKUG+FCJQ 6JG$WTGCWQH+PFKCP#HHCKTUEQNNGEVUCVOQURJGTKE

#)4+/'6KUCPQVJGTPGVYQTMQH&%2UFGFKECVGFVQ FCVCVQGXCNWCVGRQVGPVKCNN[KTTKICDNG+PFKCP6TWUVNCPFU

CPCN[UKUQHETQRYCVGTWUGCPFYCVGTEQPUGTXCVKQPKP KPVJG5QWVJYGUV6JG$WTGCWCNUQUJCTGUHKTGYGCVJGT

VJG2CEKHKE0QTVJYGUV&CVCEQNNGEVGFCPFRTQFWEVU FCVCYKVJQVJGT(GFGTCNCIGPEKGUYJKNGRCTVKEKRCVKPIKP

ETGCVGFKP$QKUGCTGGNGEVTQPKECNN[VTCPUHGTTGFVQQVJGT HKTGYGCVJGTHQTGECUVKPICVVJG0CVKQPCN+PVGTCIGPE[

$WTGCW(GFGTCNCPFUVCVGQHHKEGU(WPFKPIHQT (KTG%GPVGT

4GENCOCVKQP	U)NQDCN%JCPIG4GURQPUG2TQITCOGPFGF

KPVJGOKFU4GENCOCVKQP	UYGCVJGTOQFKHKECVKQP

TGUGCTEJRTQITCOJCUPQVDGGPHWPFGFUKPEG

GZEGRVHQTTGKODWTUCDNGYQTM

6JG/KPGTCNU/CPCIGOGPV5GTXKEG	U

'PXKTQPOGPVCN5VWFKGU2TQITCOICVJGTUQHHUJQTG

GPXKTQPOGPVCNFCVCKPUWRRQTVQHOKPGTCNNGCUKPI

TGURQPUKDKNKVKGU%WTTGPVN[VJG5GTXKEGUWRRQTVUHKXG

FCVCDWQ[UYJKEJVTCPUOKVXKC01##UCVGNNKVGUHTQO

QHHUJQTG9KPFFCVCCTGWUGFKPVJG5GTXKEG	U1KN5RKNN

4KUM#PCN[UKU/QFGNVQRTGFKEVGHHGEVUQHRQVGPVKCN

URKNNU

SWCNKV[FCVCYKVJKPVJG$TGVQP0CVKQPCN9KNFNKHG

4GHWIGQHH.QWKUKCPC6JGFCVCCTGEQNNGEVGFHQTVJG

RWTRQUGQHCUUGUUKPICKTSWCNKV[KORCEVUHTQORQNNWVCPV

UQWTEGUQPVJG1%5+P(;//5YKNNUVCTV

EQNNGEVKPIFCVCVQUVWF[VJGCVOQURJGTKEDQWPFCT[NC[GT

QXGTVJG)WNHQH/GZKEQWUKPIVYQTCFCTRTQHKNGTU

RNCEGFQPQHHUJQTGRNCVHQTOU1PGYKNNDGNQECVGFPGCT

UJQTGPGCTVJG.QWKUKCPC6GZCUDQTFGTVJGQVJGTKP

FGGRGTYCVGTUCDQWVMOQHHUJQTG#NUQ

JQWTN[QDUGTXCVKQPUYKNNDGVTCPUOKVVGFVQVJG0CVKQPCN

9GCVJGT5GTXKEGQPCTGCNVKOGDCUKUVQGPJCPEGVJGKT

$WTGCWQH+PFKCP#HHCKTU
&

6JG0CVKQPCN#GTQPCWVKEUCPF5RCEG#FOKPKUVTCVKQP
0#5#*GCFSWCTVGTU9GCVJGT5WRRQTV1HHKEGJCU

EQPVKPWGFVQKORTQXG0#5#	UYGCVJGTUWRRQTVECRCDKNKVKGUHQTDQVJOCPPGFCPFWPOCPPGFURCEGNCWPEJ

XGJKENGU+VKUGZRGEVGFVJCVVJGUGKORTQXGOGPVUYKNNUVTGPIVJGPCPFGPJCPEGVJGKPHQTOCVKQPRTQXKFGFVQVJG

ITQWPFDCUGFFGEKUKQPOCMGTUCPFCUVTQPCWVQDUGTXGTUVQKPUWTGVJCV0#5#CEJKGXGUVJGDGUVQRGTCVKQPCN

RQUVWTGHQT5RCEG5JWVVNGNCWPEJGUCPFNCPFKPIU6JGIQCNQHVJGQRGTCVKQPURTQITCOKUVQRTQXKFGVJG

URGEKCNK\GFOGVGQTQNQIKECNFCVCPGGFGFD[QRGTCVKQPCNHQTGECUVGTUCV%CRG%CPCXGTCN#KT5VCVKQPQH-GPPGF[

5RCEG%GPVGT-5%CPF,QJPUQP5RCEG%GPVGTVQUWRRQTVVJG5RCEG5JWVVNGRTQITCO6JGHQEWUKUQPFGVGEVKPI

CPFHQTGECUVKPIVJGOGUQUECNGYGCVJGTGXGPVUYJKEJUVTQPIN[KORCEV5JWVVNGITQWPFRTQEGUUKPINCWPEJGUCPF

NCPFKPIQRGTCVKQPU

0#6+10#.#'410#76+%5#0&52#%'#&/+0+564#6+10

1RGTCVKQPU 5WRRQTVKPI4GUGCTEJ

6JGIQCNQHVJGQRGTCVKQPURTQITCOKUVQRTQXKFG 6JGUWRRQTVKPITGUGCTEJCEVKXKVKGUCTGURQPUQTGF

VJGURGEKCNK\GFOGVGQTQNQIKECNFCVCPGGFGFD[ D[VJG0#5# U1HHKEGQH/KUUKQPVQ2NCPGV'CTVJ

QRGTCVKQPCNHQTGECUVGTUCV%CRG%CPCXGTCN#KT5VCVKQP 
/62'6JGOKUUKQPQDLGEVKXGQHVJG/62'

CPF,QJPUQP5RCEG%GPVGTVQUWRRQTVVJG5RCEG5JWVVNG 'PVGTRTKUGKUVQWPFGTUVCPFVJGVQVCN'CTVJU[UVGOCPF

RTQITCO6JGHQEWUKUQPFGVGEVKPICPFHQTGECUVKPIVJG VJGGHHGEVUQHPCVWTCNCPFJWOCPKPFWEGFEJCPIGUQP

OGUQUECNGYGCVJGTGXGPVUYJKEJUVTQPIN[KORCEV5JWVVNG VJGINQDCNGPXKTQPOGPV/62'KURNC[KPICETWEKCN

ITQWPFRTQEGUUKPINCWPEJCPFNCPFKPIQRGTCVKQPU TQNGKPVJGPGYKPVGTFKUEKRNKPCT[HKGNFQHTGUGCTEJECNNGF

(QTGECUVUCPFQDUGTXCVKQPUHQT0#5#-GPPGF[5RCEG 'CTVJU[UVGOUEKGPEG6JKUPGYHKGNFYCUDQTPCUC

%GPVGT-5%CTGRTQXKFGFD[#KT(QTEGOGVGQTQNQIKUVU EQPUGSWGPEGQHVJGTGEQIPKVKQPVJCVVJG'CTVJ	UNCPF

CPFEQPVTCEVQTU-5%EQUVUJCTGUYKVJVJG#KT(QTEG UWTHCEGQEGCPUCVOQURJGTGKEGUJGGVUCPFDKQVCCTG

VJGGZRGPUGQHQRGTCVKPICPFOCKPVCKPKPI1/VJG DQVJF[PCOKECPFJKIJN[KPVGTCEVKXG+VKUCPCTGCQH

'CUVGTP4CPIG UGZVGPUKXGOGVGQTQNQIKECNPGVYQTM TGUGCTEJYKVJKOOGPUGDGPGHKVUVQVJGPCVKQP[KGNFKPI

-5%EQPVTKDWVGURGTEGPV-5%HWPFU1/QHVJG PGYMPQYNGFIGCPFVQQNUHQTYGCVJGTHQTGECUVKPI

&QRRNGT4CFCT9KPF2TQHKNGT
&492CPFVJG CITKEWNVWTGWTDCPCPFNCPFWUGRNCPPKPICPFQVJGT

.KIJVPKPI&GVGEVKQPCPF4CPIKPI.U[UVGOUCTGCUQHGEQPQOKECPFGPXKTQPOGPVCNKORQTVCPEG+P

EQPEGTVYKVJQVJGTCIGPEKGUCPFINQDCNTGUGCTEJ 6JKUQRGTCVKQPURTQITCOTGSWKTGUGZRNQKVCVKQPQH

VJGNCVGUVVGEJPQNQI[6JG#RRNKGF/GVGQTQNQI[7PKV


#/7EQNNQECVGFYKVJVJG#KT(QTEG U4CPIG

9GCVJGT1RGTCVKQPURTQXKFGUCHCEKNKV[VQGXCNWCVGCPF

KHYCTTCPVGFVTCPUKVKQPPGYOGVGQTQNQIKECNVGEJPQNQI[

KPVQQRGTCVKQPU(QTKPUVCPEGVJG#/7UVTKXGUVQ

FGXGNQRVGEJPKSWGUCPFU[UVGOUVQJGNRRTGFKEVCPF

CXQKFVJGKORCEVUQH-5% UHTGSWGPVOGUQUECNGUWOOGT

VJWPFGTUVQTOUYJKEJGPFCPIGTVJGITQWPFRTQEGUUKPI

NCWPEJCPFNCPFKPIQRGTCVKQPUQHVJG#OGTKECP5RCEG

2TQITCO5RCEG5JWVVNG&1&CPFEQOOGTEKCN

5RGEKCNCVVGPVKQPJCUDGGPIKXGPVQGXCNWCVKPI 6JGRWTUWKVQH'CTVJU[UVGOUEKGPEGYQWNFDG

OGUQUECNGPWOGTKECNOQFGNU6JG#/7HWPEVKQPU KORTCEVKECNYKVJQWVVJGEQPVKPWQWUINQDCNQDUGTXCVKQPU

WPFGTCLQKPV0#5##KT(QTEGCPFPCVKQPCN9GCVJGT RTQXKFGFD[UCVGNNKVGDQTPGKPUVTWOGPVU/62'

5GTXKEG/GOQTCPFWOQH#ITGGOGPV#OCLQT(; EQORTKUGUCPKPVGITCVGFUNCVGQHURCEGETCHVCPFKPUKVW

KPKVKCVKXGWPFGTEQPVTCEVKUVQTGRNCEGVJG OGCUWTGOGPVECRCDKNKVKGUFCVCCPFKPHQTOCVKQP

OGVGQTQNQIKECNFCVCFKURNC[CPCN[UKUFKUVTKDWVKQP OCPCIGOGPVU[UVGOUVQCESWKTGRTQEGUUCTEJKXGCPF

U[UVGOYJKEJKUQDUQNGVG6JG#KT(QTEGRNCPUVQRC[ FKUVTKDWVGINQDCNFCVCUGVUCPFTGUGCTEJCPFCPCN[UKU

OQUVQHVJGEQUVURTQITCOUVQEQPXGTVFCVCKPVQPGYMPQYNGFIGQHVJG

'CTVJU[UVGO0WOGTQWUWUGTUKPCECFGOKCKPFWUVT[

EQOOWPKV[/62'KURTQXKFKPIVJGUEKGPVKHKE

HQWPFCVKQPPGGFGFHQTVJGEQORNGZRQNKE[EJQKEGUVJCV

NKGCJGCFQPVJGTQCFVQUWUVCKPCDNGFGXGNQROGPV

/62'JCUGUVCDNKUJGFVJTGGDTQCFIQCNUGZRCPF

UEKGPVKHKEMPQYNGFIGQHVJG'CTVJU[UVGOWUKPI0#5#	U

WPKSWGECRCDKNKVKGUHTQOVJGXCPVCIGRQKPVUQHURCEG

CKTETCHVCPFKPUKVWRNCVHQTOU
FKUUGOKPCVG

KPHQTOCVKQPCDQWVVJG'CTVJU[UVGOCPF
GPCDNG

RTQFWEVKXGWUGQH/62'UEKGPEGCPFVGEJPQNQI[KPVJG

RWDNKECPFRTKXCVGUGEVQTU&

HGFGTCNUVCVGCPFNQECNIQXGTPOGPVVCRVJKUMPQYNGFIG ETGCVKQPQHCHGFGTCVKQPQH'CTVJUEKGPEGKPHQTOCVKQP

VQRTQFWEGRTQFWEVUCPFUGTXKEGUGUUGPVKCNVQCEJKGXKPI RCTVPGTUKPCECFGOKCKPFWUVT[CPFIQXGTPOGPVVQ

UWUVCKPCDNGFGXGNQROGPV/62'KU0#5#	U DTQCFGPVJGRCTVKEKRCVKQPKPVJGETGCVKQPCPF

EQPVTKDWVKQPVQVJG75)NQDCN%JCPIG4GUGCTEJ FKUVTKDWVKQPQH'15&+5KPHQTOCVKQPRTQFWEVU

2TQITCO
75)%42CPKPVGTCIGPE[GHHQTVVQ 

WPFGTUVCPFVJGRTQEGUUGUCPFRCVVGTPUQHINQDCNEJCPIG

6JG'CTVJ1DUGTXKPI5[UVGO
'15VJG KPCPCEVKXGRTQITCOQHTGUGCTEJCPFCPCN[UKU/62'	U

EGPVGTRKGEGQH/62'KUCRTQITCOQHOWNVKRNG TGUGCTEJCPFCPCN[UKURTQITCOHWPFUQXGT

URCEGETCHVVJG#/2/%JGOKUVT[UGTKGU.CPFUCV TGUGCTEJGTUHTQOPGCTN[GXGT[75UVCVG6JGTGCTG

CPFQVJGTUCPFKPVGTFKUEKRNKPCT[UEKGPEGKPXGUVKICVKQPU CNUQUEKGPVKUVUHTQOUGXGPVGGPQVJGTPCVKQPUHWPFGFD[

VQRTQXKFGC[GCTFCVCUGVQHMG[RCTCOGVGTUPGGFGF VJGKTQYPEQWPVTKGUDWVEQNNCDQTCVKPIYKVJ75

VQWPFGTUVCPFINQDCNENKOCVGEJCPIG6JGHKTUV'15 TGUGCTEJGTU6JGUGTGUGCTEJGTUFGXGNQR'CTVJU[UVGO

UCVGNNKVGNCWPEJGUDGIKPKP2TGEGFKPI'15CTGC OQFGNUHTQO/62'FCVCEQPFWEVNCDQTCVQT[

PWODGTQHKPFKXKFWCNUCVGNNKVGCPF5JWVVNGDCUGF GZRGTKOGPVUTWPCKTETCHVECORCKIPUFGXGNQRPGY

OKUUKQPUYJKEJCTGJGNRKPIVQTGXGCNDCUKERTQEGUUGU KPUVTWOGPVUCPFVJWUGZRCPFVJGHTQPVKGTQHQWT

6JG7RRGT#VOQURJGTG4GUGCTEJ5CVGNNKVG
7#45 WPFGTUVCPFKPIQHQWTJQOGRNCPGV/62'HWPFGF

NCWPEJGFKPEQNNGEVUFCVCQPCVOQURJGTKE UEKGPVKUVUCTGTGEQIPK\GFCUYQTNFNGCFGTUKPVJGKT

EJGOKUVT[6JG6QVCN1\QPG/CRRKPI5RGEVTQOGVGT HKGNFUCUGZGORNKHKGFD[VJGCYCTFKPIQHVJG


61/5KPUVTWOGPVNCWPEJGFKPCPF 0QDGN2TK\GKPEJGOKUVT[VQVYQYJQKFGPVKHKGFVJG

OGCUWTGUQ\QPGFKUVTKDWVKQPCPFFGRNGVKQP6YQ VJTGCVQHEJQNQTHNQTQECTDQPUVQWRRGTCVOQURJGTKE

CFFKVKQPCN61/5KPUVTWOGPVUYGTGNCWPEJGFKP Q\QPG6JGTGUGCTEJCPFCPCN[UKURTQITCOKUCNUQVJG

QPGQPVJG,CRCPGUG#FXCPEGF'CTVJ1DUGTXKPI5[UVGO DCUKUHQTIGPGTCVKQPQHCRRNKECVKQPRKNQVRTQITCOUYJKEJ


#&'15OKUUKQPCPFVJGQVJGTQPCFGFKECVGF75 GPCDNGWPKXGTUKVKGUEQOOGTEKCNHKTOUCPFUVCVGCPF

'CTVJRTQDG6JG(TGPEJCPF75EQNNCDQTCVGFQPVJG NQECNIQXGTPOGPVUVQVWTPUEKGPVKHKEWPFGTUVCPFKPIKPVQ

1EGCP6QRQITCRJ['ZRGTKOGPV
612':2QUGKFQP GEQPQOKECNN[XCNWCDNGRTQFWEVUCPFUGTXKEGU

NCWPEJGFKPVQUVWF[QEGCPVQRQITCRJ[CPF 

EKTEWNCVKQP6JG0#5#5ECVVGTQOGVGT05%#6CNUQ

NCWPEJGFQPVJG,CRCPGUG#&'15KPOCRUQEGCP

YKPFU+PVJG6TQRKECN4CKPHCNN/GCUWTKPI

/KUUKQP64//YKNNOGCUWTGVTQRKECNRTGEKRKVCVKQP

%QORNGOGPVKPI'15YKNNDGCUGTKGUQHUOCNNTCRKF

FGXGNQROGPV'CTVJ5[UVGO5EKGPEG2CVJHKPFGT'552

OKUUKQPUVQUVWF[GOGTIKPIUEKGPEGSWGUVKQPUCPFOCMG

KPPQXCVKXGOGCUWTGOGPVUKPRCTCNNGNYKVJVJG[GCT

OKUUKQPQH'156JGHKTUV'552OKUUKQPUJQWNFDG

TGCF[HQTNCWPEJKP

&CVCHTQO/62'OKUUKQPUDQVJEWTTGPVCPF 

HWVWTGCTGECRVWTGFRTQEGUUGFKPVQWUGHWNFCVC

RTQFWEVUCPFDTQCFN[FKUVTKDWVGFD[VJG'15&CVCCPF

+PHQTOCVKQP5[UVGO'15&+5'15&+5YKNNGPUWTG

VJCVFCVCHTQOVJGUGFKXGTUGOKUUKQPUYKNNTGOCKP

CXCKNCDNGKPCEVKXGCTEJKXGUHQTWUGD[EWTTGPVCPF

HWVWTGUEKGPVKUVU5KPEGVJGUGFCVCCTGWUGHWNDG[QPFVJG

'CTVJU[UVGOUEKGPEGTGUGCTEJEQOOWPKV['15&+5

YKNNDGCEEGUUKDNGD[GPXKTQPOGPVCNFGEKUKQPOCMGTU

TGUQWTEGOCPCIGTUEQOOGTEKCNHKTOUUQEKCNUEKGPVKUVU

CPFVJGIGPGTCNCECFGOKEEQOOWPKV[GFWECVQTUUVCVG

CPFNQECNIQXGTPOGPVCP[QPGYJQYCPVUVJG

KPHQTOCVKQP(QNNQYKPIVJGTGEQOOGPFCVKQPQHVJG

0CVKQPCN4GUGCTEJ%QWPEKN/62'KUGZRNQTKPIVJG

6JGKPVGNNGEVWCNECRKVCNHQTVJGUGOKUUKQPUCPFVJG

MG[VQIGPGTCVKPIPGYMPQYNGFIGHTQOVJGOKUXGUVGF

+PVJGHKTUV/62'5EKGPEG4GUGCTEJ2NCP

YCURWDNKUJGF6JGRNCPNC[UQWVCUVTCVGI[HQTUVWF[

KPHKXG'CTVJU[UVGOUEKGPEGCTGCUQHOCVWTKPIUEKGPVKHKE

WPFGTUVCPFKPICPFUKIPKHKECPVUQEKGVCNKORQTVCPEG

NCPFEQXGTCPFNCPFWUGEJCPIGUGCUQPCNVQKPVGTCPPWCN

ENKOCVGXCTKCDKNKV[CPFRTGFKEVKQPPCVWTCNJC\CTFU

TGUGCTEJCPFCRRNKECVKQPUNQPIVGTOENKOCVGPCVWTCN

XCTKCDKNKV[CPFEJCPIGTGUGCTEJCPFCVOQURJGTKEQ\QPG

TGUGCTEJ6JGRNCPCNUQQWVNKPGUUQOGVYGPV[TGNCVGF

CTGCUQHTGUGCTEJYJKEJTQWPFQWVVJG/62'

EQPVTKDWVKQPVQ'CTVJU[UVGOUEKGPEG

6JGEJCNNGPIGUQH'CTVJU[UVGOUEKGPEG

UWUVCKPCDNGFGXGNQROGPVCPFRTQVGEVKQPQHRGQRNG

RTQRGTV[CPFVJGGPXKTQPOGPVHTQOPCVWTCNFKUCUVGTU

TGSWKTGEQNNCDQTCVKXGGHHQTVUCOQPICDTQCFTCPIGQH

PCVKQPCNCPFKPVGTPCVKQPCNRNC[GTU#UOGPVKQPGF

CDQXGVJG75)%42EQQTFKPCVGUTGUGCTEJCOQPI

VJKTVGGP75IQXGTPOGPVCIGPEKGU/62'JCU

GZVGPUKXGEQNNCDQTCVKQPUYKVJVJG0CVKQPCN1EGCPKECPF

#VOQURJGTKE#FOKPKUVTCVKQP01##QPUGCUQPCNVQ

KPVGTCPPWCNENKOCVGRTGFKEVKQP/62'KUVJG

TGURQPUKDNGCIGPVKP0#5#HQTOCPCIKPIVJG

FGXGNQROGPVQH01##	UQRGTCVKQPCNGPXKTQPOGPVCN

UCVGNNKVGU01##0#5#CPFVJG&GRCTVOGPVQH
&

&GHGPUG&1&CTGEQNNCDQTCVKPIQPCEQPXGTIGPEGQH TGIKQPCNGPXKTQPOGPVCNEJCPIGUVWFKGUPCVKQPCNUGEWTKV[

VJGEKXKNKCPCPFOKNKVCT[YGCVJGTU[UVGOU/62' CPFQVJGTEKXKNCPFEQOOGTEKCNRWTRQUGU

EQNNCDQTCVGUYKVJVJG75)GQNQIKECN5WTXG[75)5 

QPCTCPIGQHNCPFUWTHCEGUQNKF'CTVJCPFJ[FTQNQI[

TGUGCTEJ0#5#01##CPF75)5EQNNCDQTCVGKPVJG

.CPFUCVRTQITCOCPF0#5#&1&CPF75)5CTG

YQTMKPIVQIGVJGTQPCVJKTFHNKIJVQHVJGUJWVVNGTCFCT

NCDQTCVQT[OQFKHKGFVQ[KGNFFKIKVCNVGTTCKPFCVCQPOQUV

QHVJG'CTVJ	UUWTHCEG/62'RCTVKEKRCVGUKPVJG9QTNF

%NKOCVG4GUGCTEJ2TQITCOVJG+PVGTPCVKQPCN

)GQURJGTG$KQURJGTG2TQITCOCPFVJGQ\QPG

CUUGUUOGPVUQHVJG9QTNF/GVGQTQNQIKECN1TICPK\CVKQP

/QUVQH/62'	UUCVGNNKVGOKUUKQPUJCXGKPVGTPCVKQPCN

RCTVKEKRCVKQPTCPIKPIHTQOUKORNGFCVCUJCTKPI

CITGGOGPVUVQLQKPVOKUUKQPUKPXQNXKPIRTQXKUKQPQH

KPUVTWOGPVUURCEGETCHVCPFNCWPEJXGJKENGU

7REQOKPICEVKXKVKGUQXGTVJGPGZVVYQ[GCTUKPVJG 

/62'RTQITCOKPENWFGKPVJG'CTVJRTQDGURTQITCO

NCWPEJQHVJG6TQRKECN4CKPHCNN/GCUWTKPI/KUUKQP


64//KPNCVG6JG.GYKUCPF%NCTMNCPF

KOCIKPIURCEGETCHVFGXGNQRGFKPRCTVPGTUJKRYKVJ

EQOOGTEKCNHKTOUYKNNDGNCWPEJGFKP6JG

/62'OKUUKQPQRGTCVKQPURTQITCOYKNNDGIKP

QRGTCVKQPUCPFFCVCRTQEGUUKPIQHVJG64//CUYGNNCU

CEVKXKVKGUHQTEWTTGPVN[QTDKVKPIUCVGNNKVGUKPENWFKPI

612':2QUGKFQP7#4505%#6CPF61/56JG

GZRGTKOGPVUQHQRRQTVWPKV[RTQITCOYKNNDGHQEWUGFQP

5JWVVNG+OCIKPI4CFCT%
5+4%CPFNCWPEJVJG

/GCUWTGOGPVQH#KT2QNNWVKQPHTQO5CVGNNKVGU/CRU

QP/+4CEQQRGTCVKXGEQOOGTEKCNXGPVWTG9KVJKPVJG

'15CRTGNKOKPCT[FGUKIPTGXKGYYKNNDGJGNFHQT2/ 6JG05%#6YCUNCWPEJGFKP#WIWUV9JGP

KP+PUVTWOGPVUHQT#/CPF.CPFUCVYKNNDG 05%#6YCUHKTUVKPKVKCVGFKP1EVQDGTKVYCU

FGNKXGTGFKP6JG'15&+5YKNNTGNGCUG8GTUKQP RNCPPGFHQTNCWPEJCDQCTFVJG0CX[4GOQVG5GPUKPI

KPCPFRTGRCTGHQTVJGTGNGCUGQH8GTUKQP 5CVGNNKVG
04155#HVGTHKPCNECPEGNNCVKQPQH0

4155KP/CTEJ05%#6YCUUGNGEVGFKP#WIWUV 6JG'15#/YKNNDGNCWPEJGFKP,WPG

6JKUOKUUKQPYKNNRTQXKFGMG[OGCUWTGOGPVUVJCVYKNN

UKIPKHKECPVN[EQPVTKDWVGVQQWTWPFGTUVCPFKPIQHVJGVQVCN

'CTVJU[UVGO6JG#/KPUVTWOGPVEQORNGOGPVYKNN

QDVCKPKPHQTOCVKQPCDQWVVJGRJ[UKECNCPFTCFKCVKXG

RTQRGTVKGUQHENQWFUCKTNCPFCPFCKTUGCGZEJCPIGUQH

GPGTI[ECTDQPCPFYCVGTOGCUWTGOGPVUQHVTCEG

ICUGUCPFXQNECPQNQI[

.CPFUCVYKNNDGNCWPEJGFPQNCVGTVJCP&GEGODGT HTQO(GDTWCT[YJGPVJG,CRCPGUGGZRGTKGPEGF

.CPFUCVYKNNECTT[CUKPINGKPUVTWOGPVVJG CPQOCNKGUYKVJVJGURCEGETCHVFWTKPIKPVGITCVKQPCPF

GPJCPEGFVJGOCVKEOCRRGTRNWUYJKEJYKNNOCMGJKIJ VGUV6JG#&'15URCEGETCHVYCUNCWPEJGFQPC

URCVKCNTGUQNWVKQPOGCUWTGOGPVUQHNCPFUWTHCEGCPF 0#5&#*++TQEMGVHTQO6CPGICUJKOC,CRCPQP

UWTTQWPFKPIEQCUVCNTGIKQPU6JKUOKUUKQPYKNNRTQXKFG #WIWUV

FCVCEQPVKPWKV[YKVJRTGXKQWU.CPFUCVOGCUWTGOGPVU 

.CPFUCVFCVCKUWUGFHQTINQDCNEJCPIGTGUGCTEJ

6JG'CTVJRTQDGURTQITCOKUVJGEQORQPGPVQH

/62'VJCVCFFTGUUGUWPKSWGURGEKHKEJKIJN[HQEWUGF

OKUUKQPTGSWKTGOGPVUKP'CTVJUEKGPEGTGUGCTEJ6JG

RTQITCOYCUFGUKIPGFVQJCXGVJGHNGZKDKNKV[VQVCMG

CFXCPVCIGQHWPKSWGQRRQTVWPKVKGURTGUGPVGFD[

KPVGTPCVKQPCNEQQRGTCVKXGGHHQTVUQTVGEJPKECN

KPPQXCVKQPCPFVQEQORNGOGPVVJG'CTVJ1DUGTXKPI

5[UVGOD[RTQXKFKPIVJGCDKNKV[VQKPXGUVKICVGRTQEGUUGU

VJCVTGSWKTGURGEKCNQTDKVUQTJCXGWPKSWGTGSWKTGOGPVU

6JGEWTTGPVN[CRRTQXGF'CTVJRTQDGUCTGVJG6QVCN

1\QPG/CRRKPI5RGEVTQOGVGT
61/50#5#

5ECVVGTQOGVGT05%#66TQRKECN4CKPHCNN/GCUWTKPI

/KUUKQP64//.GYKU%NCTMCPF'CTVJ5[UVGO

5EKGPEG2CVJHKPFGTU'552

$GECWUGYKPFUCTGCETKVKECNHCEVQTKPFGVGTOKPKPI

TGIKQPCNYGCVJGTRCVVGTPUCPFINQDCNENKOCVG05%#6

JCUDGGPFGXGNQRGFVQOGCUWTGPGCTUWTHCEGYKPF

URGGFUCPFFKTGEVKQPUQXGTVJGINQDCNQEGCPUGXGT[VYQ

FC[UWPFGTCNNYGCVJGTCPFENQWFEQPFKVKQPU6JG

05%#6FCVCYKNNDGWUGHWNHQTDQVJQEGCPQITCRJ[CPF

OGVGQTQNQI[CPFYKNNRGTOKVVJGHKTUVINQDCNUVWF[QH

VJGKPHNWGPEGQHYKPFUQPQEGCPEKTEWNCVKQPRTQXKFKPI

FCVCQPVJGGHHGEVUQHVJGQEGCPUQPVJGCVOQURJGTGCPF

KORTQXGFOCTKPGHQTGECUVKPIQPYKPFUCPFYCXGU6JG

NGCFEGPVGTHQTVJKURTQITCOKU,2.CPFVJGOCKP

EQPVTCEVQTHQTVJGKPUVTWOGPVFGXGNQROGPVKUVJG*CTTKU

%QTRQTCVKQP

HQTHNKIJVQPVJG,CRCPGUG#FXCPEGF'CTVJ

1DUGTXKPI5[UVGO#&'155KPEGCOCLQTKV[QHVJG

KPUVTWOGPVFGUKIPJCFDGGPEQORNGVGFFWTKPIVJGRGTKQF

VJCV05%#6YCUVQHN[QP04155VJGNCUVHGY[GCTU

QHVJGRTQITCOEGPVGTGFQPOCMKPIFGUKIPEJCPIGUVQ

VJGKPUVTWOGPVUQVJCVKVEQWNFDGCEEQOOQFCVGFQPVJG

#&'15URCEGETCHVCPFEQORNGVKPIVJGKPUVTWOGPV6JG

NCWPEJQHVJG,CRCPGUG#&'15URCEGETCHVYCUUNKRRGF

6JGUEKGPVKHKEQDLGEVKXGUQHVJG61/5RTQITCOCTG

VQOGCUWTGVJGNQPIVGTOEJCPIGUKPVQVCNQ\QPGCPFVQ
&

XGTKH[VJGEJGOKECNOQFGNUQHVJGUVTCVQURJGTGWUGFVQ FGXGNQRUJQTVFGXGNQROGPVVKOGUOCNNUCVGNNKVG

RTGFKEVHWVWTGVTGPFU6JG61/5HNKIJVUDWKNFQPVJG

GZRGTKGPEGVJCVDGICPKPYKVJVJGNCWPEJQHC

61/5KPUVTWOGPV
HNKIJVOQFGNQP0KODWUCPF

EQPVKPWGFYKVJVJG61/5KPUVTWOGPVHNKIJVOQFGN

QPVJG4WUUKCP/GVGQTNCWPEJGFKP#UYKVJ

VJGGCTNKGTFGXGNQROGPVU)5(%JCUVJGTGURQPUKDKNKV[

HQTHNKIJVRTQLGEVFGXGNQROGPVCPFRQUVNCWPEJOKUUKQP

QRGTCVKQPUCPFFCVCCPCN[UKU2TKOGEQPVTCEVQTUCTG

1TDKVCN5EKGPEGU%QTRQTCVKQP
15%HQTVJG61/5

KPUVTWOGPVUCPF2GICUWUNCWPEJUGTXKEGUCPF649HQT

VJG61/5'2URCEGETCHV6JG61/5RTQITCO

EQPUKUVUQHCUGVQHKPUVTWOGPVUHNKIJVOQFGNUCPF

FGUKIPCVGF(/(/CPF(/CPFQPG

URCEGETCHV.CWPEJQHVJG'2URCEGETCHVD[C2GICUWU

:.NCWPEJXGJKENGQEEWTTGFQP,WN[6JG(/

NCWPEJGFQPVJG,CRCPGUG#&'15UCVGNNKVGQP#WIWUV

6JG(/YCUEQORNGVGFKPCPFKU

RNCPPGFHQTCEQQRGTCVKXGOKUUKQPYKVJ4WUUKCKP

6JGNCVGPVJGCVTGNGCUGFFWTKPIRTGEKRKVCVKQPKUC

UKIPKHKECPVHCEVQTKPVJGNCTIGUECNGEQORWVGTOQFGNU

WUGFVQRTGFKEVYGCVJGTCPFENKOCVGEJCPIG[GVVYQ

VJKTFUQHVJGINQDCNTCKPHCNNQEEWTUQXGTVJGVTQRKEU

YJGTGTCKPOGCUWTGOGPVUCTGUECTEG6JG64//

QDLGEVKXGKUVQQDVCKPCOKPKOWOQHVJTGG[GCTUQH

ENKOCVQNQIKECNN[UKIPKHKECPVQDUGTXCVKQPUQHVTQRKECN

TCKPHCNN+PCFFKVKQP64//YKNNRTQXKFGRTGEKUG

GUVKOCVGUQHVJGXGTVKECNFKUVTKDWVKQPQHNCVGPVJGCVKPVJG

CVOQURJGTG6JG64//FCVCYKNNDGWUGFVQ

WPFGTUVCPFVJGQEGCPCVOQURJGTGEQWRNKPIGURGEKCNN[

KPVJGFGXGNQROGPVQH'N0K QGXGPVUYJKEJHQTOKP

VJGVTQRKEUDWVGHHGEVUQHYJKEJCTGHGNVINQDCNN[

ECWUKPIHNQQFUKPUQOGCTGCU[GVFTQWIJVUKPQVJGTU

)5(%JCUVJGTGURQPUKDKNKV[HQTHNKIJVRTQLGEV

FGXGNQROGPVCPFRQUVNCWPEJOKUUKQPQRGTCVKQPUCPF

FCVCCPCN[UKU6JGEQPVTCEVQTUHQTVJGKPUVTWOGPVUCTG

*WIJGU5CPVC$CTDCTC4GUGCTEJ%GPVGTHQTVJG8KUKDNG

CPF+PHTCTGF5ECPPGT8+45CPF*WIJGU5RCEGCPF

%QOOWPKECVKQPUHQTVJG64///KETQYCXG+OCIGT


6/+6JG64//2JCUG#UVWF[YCUEQORNGVGFKP

,WN[CPF2JCUG$EQORNGVGFKP(GDTWCT[

#YCTFQHOCLQTEQPVTCEVUDGICPKP/C[6JG

64//NCWPEJKURNCPPGFHQT0QXGODGT

6JG,CRCPGUGURCEGCIGPE[0#5&#KUCPCEVKXG

RCTVPGTYKVJVJTGG'CTVJRTQDGURTQXKFKPIVJG#&'15

URCEGETCHVCPF*++NCWPEJXGJKENGHQTVJG61/5(/

CPF05%#6CPFVJG2TGEKRKVCVKQP4CFCTKPUVTWOGPV

CPF*++NCWPEJXGJKENGHQT64//

6JG'CTVJ5[UVGO5EKGPEG2CVJHKPFGT'552KUC

UEKGPEGFTKXGPRTQITCOKPVGPFGFVQKFGPVKH[CPF

OKUUKQPUVQCEEQORNKUJUEKGPVKHKEQDLGEVKXGUKPTGURQPUG

VQPCVKQPCNCPFKPVGTPCVKQPCNTGUGCTEJRTKQTKVKGUPQV

CFFTGUUGFD[EWTTGPVRTQITCOU'552YKNNRTQXKFG

RGTKQFKEYKPFQYUQHQRRQTVWPKV[VQCEEQOOQFCVG

PGYUEKGPVKHKERTKQTKVKGUCPFKPHWUGPGYUEKGPVKHKE

RCTVKEKRCVKQPKPVQVJG/62'RTQITCO$[NCWPEJKPI

'552OKUUKQPUQPCTGIWNCTDCUKU0#5#YKNNRTQXKFG

COGEJCPKUOD[YJKEJRTGUUKPISWGUVKQPUKP'CTVJ

U[UVGOUEKGPEGOC[DGCFFTGUUGFKPCVKOGN[HCUJKQP

RGTOKVVKPICEQPVKPWCNKORTQXGOGPVKPQWT

WPFGTUVCPFKPIQHVJG'CTVJU[UVGOCPFVJGRTQEGUUGU

VJCVCHHGEVKV

6JGRTQITCOOCVKEIWKFGNKPGUHQTVJGHKTUV'552

#1YGTGURGEKHKE6JGHKTUVVYQ'552OKUUKQPUYKNNDG

HQEWUGFQPJKIJRTKQTKV['CTVJU[UVGOUEKGPEGTGUGCTEJ

NKOKVGFVQCVQVCNOKUUKQPNKHGE[ENGEQUVHTQO0#5#QH

OKNNKQPCPFOKNNKQPTGURGEVKXGN[6JG[YKNNDG

OCPCIGFD[VJGRTKPEKRCNKPXGUVKICVQTCUCUKPINGRQKPV

QHEQPVCEVCEEQWPVCDNGHQTVQVCNOKUUKQPKORNGOGPVCVKQP

CPFUWEEGUUFGXGNQRGFKPNGUUVJCPOQPVJUHTQO

FGXGNQROGPVCWVJQTKV[VQRTQEGGFCPFEQORCVKDNGYKVJ

'15&+5UVCPFCTFUKPENWFKPIVJGKOOGFKCVGTGNGCUGQH

OKUUKQPFCVCVQVJGUEKGPVKHKEEQOOWPKV[

6JG.GYKUCPF%NCTMOKUUKQPUYKNNFGOQPUVTCVG

FKHHGTGPVNCPFKOCIKPIECRCDKNKVKGUCPFQVJGT

OGCUWTGOGPVUQHUEKGPVKHKEKPVGTGUVVQ/62'6JG

.GYKUOKUUKQPKUCOGFKWOTGUQNWVKQP*[RGTURGEVTCN

KPUVTWOGPV6JG%NCTMOKUUKQPKUCJKIJTGUQNWVKQP

OWNVKURGEVTCNKOCIGT$QVJURCEGETCHVYKNNDGNCWPEJGF

KP(;6JG%NCTMURCEGETCHVKUDGKPIDWKNVD[

%6#+PEQTRQTCVGFQH4QEMXKNNG/CT[NCPF6JG

.GYKUURCEGETCHVKUDGKPIDWKNVD[649CPFOCPCIGF

QWVQHVJGKT4QFGPVKC$GCEJ%CNKHQTPKCQHHKEG0#5#

KUOCPCIKPIDQVJRTQLGEVUHTQO0#5#*GCFSWCTVGTU

.GYKUYKNNECTT[PGYVGEJPQNQIKGUCPF%NCTMYKNN

ECTT[KPENWFKPIEQORQUKVGUVTWEVWTGUCFXCPEGF

CXKQPKEUCPFJKIJGHHKEKGPE[RQYGTU[UVGOU.GYKU

YKNNCNUQJCXGVJTGGCFXCPEGFUGPUQTUVQOGGVVJGPGGFU

QHVJGEQOOGTEKCNTGOQVGUGPUKPICPF'CTVJUEKGPEG

EQOOWPKVKGUCDCPF*[RGTURGEVTCNKOCIGTC

.KPGCT'VCNQP#TTC[VQUECPVJG'CTVJCPFKVUJQTK\QPU

CPFCPKPUVTWOGPVVQOGCUWTGVJG7NVTC8KQNGV78

EQUOKEDCEMITQWPF%NCTMYKNNJCXGCJKIJTGUQNWVKQP

KOCIGTECRCDNGQHOGVGTOWNVKURGEVTCNCPFOGVGT

RCPEJTQOCVKEOGCUWTGOGPVUCPKPUVTWOGPVVQOGCUWTG

RQNNWVKQPKPVJGVTQRQURJGTGCPFCPZTC[URGEVTQOGVGT

VQECRVWTGDWTUVUHTQOUQNCTHNCTGU

6JG.KIJV5#4RTQITCOKUEQPUKUVGPVYKVJ

FKTGEVKQPKPENWFGFKP*QWUG4GRQTVYJKEJ
&

UVKRWNCVGUVJCV0#5#	U(;DWFIGVTGSWGUVUJQWNF OQFGNUPGGFGFHQTPCVKQPCNCPFKPVGTPCVKQPCN

KPENWFGCFFKVKQPCNHWPFKPIVQCEEQORNKUJVJKURTQITCO CUUGUUOGPVU#PQDLGEVKXGQHEWTTGPVRNCPPKPIKUVQ

6JG.KIJV5#4RTQITCOKUEWTTGPVN[QPGQHVJG CEJKGXGVJGOQUVGUUGPVKCNNQPIVGTOQDLGEVKXGUQH'15

OKUUKQPUEQORGVKPIHQTRQUUKDNGHWPFKPIWPFGT0#5#	U CPFVQKPETGCUGGHHQTVQPUEKGPEGYKVJPGCTVGTORC[QHH

'CTVJ5[UVGOU5EKGPEG2CVJHKPFGT'552RTQITCOCPF YKVJKPCUWUVCKPCDNGNGXGNQHHWPFKPI6JG

OC[CNUQEQORGVGKPVJGWREQOKPI/62'&CVC QDUGTXCVKQPCNRTQITCOYKNNDGEQOGTGUKNKGPVDGVVGT

2WTEJCUGUQNKEKVCVKQPCPFEJGCRGTKPVJGHWVWTGD[VCMKPICFXCPVCIGQHVJG

GZRGTKGPEGDGKPIICKPGFKPRTGRCTCVKQPQHVJGHKTUV 6JKURTQITCOQHHGTUCWPKSWGECRCDKNKV[VQ

WPFGTVCMGUJQTVFWTCVKQPHNKIJVUQHKPUVTWOGPVUQPVJG

5RCEG5JWVVNGCPFQVJGTRNCVHQTOU6JG/62'

RTQITCOJCUWUGFVJGECRCDKNKV[QH5JWVVNG5RCEGNCD

FGXGNQROGPVKPVJGKORQTVCPVCTGCUQHFGUKIPGCTN[VGUV

CPFEJGEMQWVQHTGOQVGUGPUKPIKPUVTWOGPVUHQTHTGG

HN[KPIOKUUKQPUCPFUJQTVVGTOCVOQURJGTKECPF

GPXKTQPOGPVCNFCVCICVJGTKPIHQTUEKGPVKHKECPCN[UKU

+PUVTWOGPVFGXGNQROGPVCEVKXKVKGUJCXGUWRRQTVGFC

YKFGTCPIGQHKPUVTWOGPVCVKQPVCKNQTGFHQT5RCEG

5JWVVNGCPFCKTDQTPGOKUUKQPU6JG4GUGCTEJCPF#PCN[UKU
4#UEKGPEG

RTQITCOKUGUUGPVKCNVQVJGFKUEQXGT[QHPGYEQPEGRVU 6JGIQCNQHCRRNKGFTGUGCTEJCPFFCVCCPCN[UKUKU

VQCFXCPEGQWTWPFGTUVCPFKPIQHVJGINQDCNENKOCVG

GPXKTQPOGPVVJGXWNPGTCDKNKV[QHVJGGPXKTQPOGPVVQ

JWOCPCPFPCVWTCNHQTEGUQHEJCPIGCPFVJGRTQXKUKQP

QHPWOGTKECNOQFGNUCPFQVJGTVQQNUPGEGUUCT[HQT

WPFGTUVCPFKPIINQDCNENKOCVGEJCPIG

6JGCRRNKGFTGUGCTEJCPFFCVCCPCN[UKURTQITCOKU 

FKXKFGFKPVQVYQOCLQTEQORQPGPVU/62'UEKGPEG

CPF/62'QRGTCVKQPUFCVCTGVTKGXCNCPFUVQTCIG6JG

CEVKXKVKGUVJCVTGRQTV/62'UEKGPEGKPENWFGTGUGCTEJ

CPFCPCN[UKU'15UEKGPEGCKTDQTPGUEKGPEGCPF

CRRNKECVKQPUEQOOGTEKCNTGOQVGUGPUKPICPF7PETGYGF

#GTKCN8GJKENG7#8UEKGPEGRTQITCO1RGTCVKQPU

FCVCTGVTKGXCNCPFUVQTCIGEQPUKUVUQHUGXGTCN

KPFGRGPFGPVCEVKXKVKGUTGURQPUKDNGHQTVJGQRGTCVKQPQH

EWTTGPVN[HWPEVKQPKPIURCEGETCHVCPFHNKIJVKPUVTWOGPVU

VJGRWTEJCUGCPFOCPCIGOGPVQHUEKGPVKHKEFCVCJKIJ

RGTHQTOCPEGEQORWVKPICPFEQOOWPKECVKQPUCPFVJG

RTQXKUKQPQHEQORWVKPIKPHTCUVTWEVWTG'CEJQHVJG

OCLQTEQORQPGPVUQHCRRNKGFTGUGCTEJCPFFCVCCPCN[UKU

JCUKVUQYPUGVQHIQCNUUVTCVGIKGUHQTCEJKGXKPIIQCNU

RGTHQTOCPEGOGCUWTGUCPFCEEQORNKUJOGPVUCPFRNCPU

6JGIQCNHQTVJG/62'UEKGPEGRTQITCOKUVQ

EQPVTKDWVGVQVJGKPVGITCVKQPQHVJG'CTVJCPF

GPXKTQPOGPVCNUEKGPEGUKPVQCPKPVGTFKUEKRNKPCT[

UEKGPVKHKEWPFGTUVCPFKPIQHVJG'CTVJU[UVGOCPFVJG

GHHGEVUQHJWOCPMKPFQPVJGINQDCNGPXKTQPOGPV

/CLQTGORJCUKUKURNCEGFQPRTQXKFKPIGCTN[YCTPKPI

CPFHCUVTGURQPUGVQINQDCNGPXKTQPOGPVCNEJCPIGU

YJKEJRQUGTKUMUVQUQEKGV[6JGUEKGPEGRTQITCOCNUQ

RTQXKFGUVJGCPCN[UKUCPFKPVGITCVKQPQHETKVKECNFCVCCPF

TQWPFQH'15HNKIJVOKUUKQPUVQTGFWEGQDUGTXKPI

TGSWKTGOGPVUKPVJGHWVWTGCPFVQUKORNKH[VJGFGUKIPQH

KPUVTWOGPVUHQTOQTGEQUVGHHGEVKXGEQPVKPWGF

QRGTCVKQP
HKPFKPICNVGTPCVKXGOGCPUVQECTT[QWV

UQOGQHVJGGUUGPVKCNOGCUWTGOGPVUCVVJGUCOGNGXGNQH

SWCNKV[VJTQWIJEQQRGTCVKQPYKVJQVJGTCIGPEKGUCPF

PCVKQPUCPF
KPHWUKPIPGYKFGCUCPFVGEJPQNQIKGU

KPVQVJG'15RTQITCOVJTQWIJUOCNNUCVGNNKVGOKUUKQPU

YJKEJJCXGNQYGTKPHTCUVTWEVWTGCPFHNKIJVEQUVU

CPFVQVJGFGUKIPQHHWVWTGOKUUKQPU6JGRTKOCT[

OQFGQHTGUGCTEJEQQTFKPCVKQPQEEWTUVJTQWIJVJG

75)%42VJG%QOOKVVGGQPVJG'PXKTQPOGPVCPF

0CVWTCN4GUQWTEGU
%'045WDEQOOKVVGGQP)NQDCN

%JCPIG4GUGCTEJCPFVJGXCTKQWUDQCTFUCPF

EQOOKVVGGUCVVJG0CVKQPCN#ECFGO[QH5EKGPEGU

6JGUVTCVGI[QHKPVGTFKUEKRNKPCT[TGUGCTEJKUVQ

KPETGCUGUEKGPVKHKEWPFGTUVCPFKPIQHVJGINQDCN

GPXKTQPOGPVCPFKVUXWNPGTCDKNKV[VQDQVJJWOCPCPF

PCVWTCNHQTEGUQHEJCPIG
GIRQNNWVKQPENKOCVG

XCTKCDKNKV[FGHQTGUVCVKQP8KGYKPIVJG'CTVJHTQO

URCEGKUGUUGPVKCNVQEQORTGJGPFKPIVJGEWOWNCVKXG

KPHNWGPEGQHJWOCPCEVKXKVKGUQPKVUPCVWTCNTGUQWTEG

DCUG#PKORQTVCPVRTKQTKV[KUVQRTQXKFGCEEWTCVG

CUUGUUOGPVQHVJGGZVGPVCPFJGCNVJQHVJGYQTNF	U

HQTGUVITCUUNCPFCPFCITKEWNVWTCNTGUQWTEGU

1DUGTXCVKQPUHTQOURCEGCTGVJGQPN[UQWTEGQH

QDLGEVKXGKPHQTOCVKQPQPVJGJWOCPWUGQHNCPFKPC

VKOGQHTCRKFNCPFWUGEJCPIG#TGNCVGFRTKQTKV[KUVQ

KORTQXGWPFGTUVCPFKPICPFRTGFKEVKQPQHUGCUQPCNVQ

KPVGTCPPWCNENKOCVGXCTKCVKQP4GFWEKPIWPEGTVCKPVKGU

KPENKOCVGRTGFKEVKQPUVQCUGCUQPQTC[GCTKPCFXCPEG

YKNNFTCOCVKECNN[KORTQXGCITKEWNVWTGCPFGPGTI[

RNCPPKPI+PCFFKVKQPVJGPCVWTCNJC\CTFUTGUGCTEJ

RTKQTKV[RNCEGUGORJCUKUQPVJGWUGQHTGOQVGUGPUKPI

QDUGTXCVKQPUHQTVJGEJCTCEVGTK\CVKQPCPFOKVKICVKQPQH

FTQWIJVCPFHNQQFKORCEVU6JGTGKUKPETGCUKPI

GXKFGPEGVJCVRTGFKEVKQPUQHGZVTGOGYGCVJGTGXGPVUECP

DGKORTQXGFD[WPFGTUVCPFKPIVJGKTNKPMUVQKPVGTCPPWCN

ENKOCVGRJGPQOGPCNKMG'N0K QGXGPVU5RGEKCN

CVVGPVKQPKPOGCUWTKPICPFOQFGNKPIVJGTGNCVKXGHQTEGU
&

NKMGENQWFUCGTQUQNUCPFITGGPJQWUGICUGUKPNQPIVGTO GHHQTVUYKVJKPFWUVTKCNRCTVPGTUCKOGFCVGPCDNKPI

ENKOCVGEJCPIGKPQTFGTVQKORTQXGQWTWPFGTUVCPFKPI FGXGNQROGPVQHCXKCDNGEQOOGTEKCNTGOQVGUGPUKPI

QHCPFRTGFKEVKQPQHENKOCVGQPVKOGUECNGUQHFGECFGU KPFWUVT[6JGEQQRGTCVKXGGHHQTVYKNNYQTMVQCRRN[

VQEGPVWTKGU#EQPVKPWKPIRTKQTKV[KUWPFGTUVCPFKPIVJG URCEGDCUGFFCVCCPFKPUVTWOGPVVGEJPQNQI[KPVJG

ECWUGUCPFEQPUGSWGPEGUQHEJCPIGUKPCVOQURJGTKE FGXGNQROGPVQHWUCDNGEWUVQOGTFGHKPGFKPHQTOCVKQP

Q\QPG'HHQTVUCTGEQPVKPWKPIVQOCMGGZEGNNGPV RTQFWEVU+PFWUVT[YKNNOCMGUKIPKHKECPVEQ

RTQITGUUQPTGUQNXKPISWGUVKQPUTGNCVGFVQUVTCVQURJGTKE KPXGUVOGPVUHWPFKPIVJG%452CVCDQWVCPGSWCNNGXGN

Q\QPGFGRNGVKQP'ORJCUKUKUPQYDGKPIRNCEGFQPVJG YKVJ0#5#

EJCPIKPIEQORQUKVKQPQHVJGNQYGTCVOQURJGTGYJKEJ 

KUUGPUKVKXGVQVJGWPRTGEGFGPVGFITQYVJQHRQNNWVCPV

GOKUUKQPUKPTCRKFN[FGXGNQRKPITGIKQPUVJTQWIJQWVVJG

YQTNF9QTMYKNNEQPVKPWGKPVJGEQTGTGUGCTEJ

RTQITCOUKP/62'6JGUGRTQITCOURTQXKFGVJG

FKUEKRNKPCT[UVTGPIVJVJCVYGFTCYHTQOVQUQNXG

KPVGTFKUEKRNKPCT[RTKQTKV[RTQDNGOU

'15KPVGTFKUEKRNKPCT[UEKGPEGEQPUKUVUQHHQEWUGF ECNKDTCVKQPCPFXGTKHKECVKQPQH/62'	UUCVGNNKVG

TGUGCTEJEGPVGTGFCTQWPFCURGEKHKE'CTVJUEKGPEGFCVC KPUVTWOGPVCVKQP&WTKPI(;CP#1YKNNDG

UGVCPFKPVGTFKUEKRNKPCT[TGUGCTEJIGCTGFVQYCTFC KPKVKCVGFHQTVJGUGNGEVKQPQHVJTGGQTHQWTUEKGPVKHKE

DTQCFGTRTQDGKPVQ'CTVJUEKGPEGU[UVGOKEHWPEVKQPU KPXGUVKICVKQPUECTTKGFQWVWUKPIEQOOGTEKCNN[CXCKNCDNG

6JGSWCNKV[QHFCVCWVKNK\GFKUOQPKVQTGFD[VJG 7#8HNKIJVVKOG

UEKGPVKUVUCVKPVGTFKUEKRNKPCT[KPUVTWOGPVEQORWVKPI 

HCEKNKVKGUCPFVJGTGUGCTEJKUUWRRNGOGPVGFD[ITCFWCVG

UVWFGPVRCTVKEKRCVKQPKPVJG'15UEKGPEGHGNNQYUJKR

RTQITCO

6JGTGCTGEWTTGPVN[QXGTUEKGPVKHKECEVKXKVKGU QPGECPFKFCVGWPFGTEQPUKFGTCVKQPJCUVJGECRCDKNKV[VQ

DGKPIHWPFGFWPFGTVJGTGUGCTEJCPFCPCN[UKURTQITCO RTQXKFGVJGHKTUVCFGSWCVGN[ECNKDTCVGFQDUGTXCVKQPU

#RRTQZKOCVGN[CTGECTTKGFQWVD[WPKXGTUKVKGU HTQOIGQUVCVKQPCT[QTDKVVJCVUWRRQTVENKOCVGTGUGCTEJ

D[PCVKQPCNTGUGCTEJNCDQTCVQTKGUCPFD[VJG 6JGUCVGNNKVGCPFKPUVTWOGPVYQWNFDGFGXGNQRGFQXGT

HGFGTCNIQXGTPOGPV6JGFKUVTKDWVKQPQHVJGCEVKXKVKGU CHQWT[GCTVKOGRGTKQF6JGHKTUVURCEGETCHVYQWNF

GPEQORCUUGUHQTV[HKXGQHVJGHKHV[UVCVGUECTT[CPKOCIGTCPFCUGEQPFURCEGETCHVYQWNFECTT[C

6JGCKTDQTPGUEKGPEGRTQITCOHWPFUQRGTCVKQPUQH UQWPFGT6JGKOCIGTJCUURGEVTCNDCPFUYJKEJRTQXKFG

VYQ'4	UCPFC&%CKTETCHV#%3KUPGGFGF FCVCQPENQWFCNDGFQXGIGVCVKQPEKTTWUENQWFUENQWF

VQUWRRQTVUGNGEVGF'CTVJUEKGPEGKPXGUVKICVKQPU6JG KEGNKOKVGFQ\QPGCPFDQVJJKIJNGXGNCPFNQYNGXGN

RTQITCOCNUQHWPFUQRGTCVKQPCPFUWRRQTVQHCEQTGQH YCVGTXCRQTCNQPIYKVJVQVCNYCVGTXCRQT6JKUYQWNF

TGOQVGUGPUKPIKPUVTWOGPVUCPFCHCEKNKV[HQTCPCN[\KPI RTQXKFGUVCDNGOGCUWTGOGPVUHQT/62'TGUGCTEJVJCV

CPFECNKDTCVKPIFCVCHTQOVJQUGKPUVTWOGPVU6JG JCXGRTGXKQWUN[DGGPWPCVVCKPCDNGHTQOIGQUVCVKQPCT[

URGEKHKECNN[OQFKHKGFCKTETCHVUGTXGCUVGUVDGFUHQT QTDKV

PGYN[FGXGNQRGFKPUVTWOGPVCVKQPCPFVJGKTCNIQTKVJOU 

RTKQTVQURCEGHNKIJV6JGKPUVTWOGPVGFCKTETCHVRTQXKFG

TGOQVGUGPUKPICPFKPUKVWOGCUWTGOGPVUHQTOCP[

'CTVJUEKGPEGTGUGCTEJCPFCPCN[UKUHKGNFECORCKIPU

KPENWFKPIUVTCVQURJGTKEQ\QPGVTQRQURJGTKEEJGOKUVT[

CPFGEQNQIKECNUVWFKGUVJTQWIJQWVVJGYQTNF6JG'4

CKTETCHVKPRCTVKEWNCTCTGWPKSWGKPVJCVVJG[CTGVJG

JKIJGUVHN[KPIUWDUQPKEEKXKNKCPTGUGCTEJCKTETCHVCPF

YGTGMG[KPEQNNGEVKPIKPUKVWFCVCHQTQWT

WPFGTUVCPFKPIQHQ\QPGFGRNGVKQPCPFUVTCVQURJGTKE

VTCPURQTVOGEJCPKUOU

6JG%QOOGTEKCN4GOQVG5GPUKPI2TQITCO YKNNQEEWT5WEJKPPQXCVKXGOGVJQFUQHRTQEWTGOGPV


%452VTCPUHGTTGFHTQOVJG1HHKEGQH5RCEG#EEGUU YGTGUWIIGUVGFKPVJG8KEG2TGUKFGPV	U0CVKQPCN

CPF6GEJPQNQI[YKNNEQPVKPWGVQHWPFEQQRGTCVKXG 2GTHQTOCPEG4GXKGY&CVCRTQFWEVIGPGTCVKQPFCVC

6JG7PETGYGF#GTKCN8GJKENG
7#8UEKGPEG

RTQITCOCPGYKPKVKCVKXGDGIKPPKPIKP(;YKNN

CWIOGPVVJG/62'CKTDQTPGRTQITCOD[OCMKPIKPUKVW

CPFTGOQVGUGPUKPIOGCUWTGOGPVUKPKVKCNN[HQEWUGFQP

VJGCVOQURJGTGUVC[KPIQXGTCVCTIGVHQTGZVGPFGF

RGTKQFUVQOGCUWTGFGVCKNGFVGORQTCNEJCPIGURTQXKFG

WPKSWGXKGYUQHENQWFUVTWEVWTGUCPFRTQXKFG

6JGCFXCPEGFIGQUVCVKQPCT[UVWFKGUYKNNKPXGUVKICVG

VJGCRRNKECVKQPQHVJGNCVGUVVGEJPQNQI[KPFGXGNQRKPI

UOCNNEQORCEVIGQUVCVKQPCT[UCVGNNKVGUVJCVYKNNUWRRQTV

DQVJTGUGCTEJCPFQRGTCVKQPCNQDLGEVKXGU(QTGZCORNG

+P(;0#5#YKNNKPKVKCVGCFCVCRWTEJCUG

RTQITCOFGUKIPGFVQCESWKTGHTQOEQOOGTEKCNUQWTEGU

FCVCUGVUPQVQVJGTYKUGCXCKNCDNGVJCVCTGPGEGUUCT[VQ

CEEQORNKUJDTQCFTGUGCTEJIQCNUQH'CTVJU[UVGO

UEKGPEG6JGDWFIGVCWVJQTKV[YKNNDGNKSWKFCVGFQPN[

CUCEEGRVCDNGFCVCKUFGNKXGTGFCPFVJGRTQRQUGF

EQPVTCEV
UYKNNDGGZGEWVGFYKVJ(;HWPFUQPN[

CHVGTCDTQCFCIGPE[EQORGVKVKQP6JGRWTEJCUGYKNN

DGOCPCIGFD[VJG5VGPPKU5RCEG%GPVGT#4(2YKNN

DGKUUWGFKP(;VQUQNKEKVFCVCRWTEJCUGRTQRQUCNU

+VKUCPVKEKRCVGFVJCVUGNGEVKQPQHOQTGVJCPQPGCEVKXKV[
&

CTEJKXCNUEKGPEGCPCN[UKUCPFCNNQVJGT0#5# QDVCKPGFQPVJG.++P5RCEG6GEJPQNQI[

TGSWKTGOGPVUCTGKPENWFGFKPQVJGTGNGOGPVUQHVJG 'ZRGTKOGPV
.+6'WUKPIVJG5JWVVNG

/62'DWFIGVFGOQPUVTCVGFVJGECRCDKNKV[QHURCEGDCUGF.+

VQKORTQXGUKIPKHKECPVN[INQDCNOGCUWTGOGPVUQH +P(;EQPVKPWKPIKPVQ(;CPF

(;VJGHQNNQYKPICTGUKIPKHKECPVCEEQORNKUJOGPVU

KPVJGHKXGRTKQTKV[CTGCU/62'UEKGPEGKUHQEWUKPI

NCPFEQXGTNCPFWUGEJCPIGUGCUQPCNVQKPVGTCPPWCN

ENKOCVGXCTKCDKNKV[NQPIVGTOENKOCVGU[UVGO

XCTKCDKNKV[PCVWTCNJC\CTFUCPFCVOQURJGTKEQ\QPG0CVWTCN*C\CTFU

.CPF%QXGT.CPF7UG

5#4HQTCEEWTCVGFQEWOGPVKPIEJCPIGUKP /CLQTRTQITGUUYCUOCFGKPEJCTCEVGTK\KPIVJG

TQNGQHVJGPQTVJGTPHQTGUVUCUCEQPVTQNQPYCVGT

JGCVCPFOQOGPVWOVTCPUHGTUDGVYGGPVJGUWTHCEG

CPFVJGNQYGTCVOQURJGTGFWTKPIVJG$QTGCN

'EQU[UVGO#VOQURJGTG5VWF[$14'#5&CVC

JCUUKPEGDGGPKPVTQFWEGFKPVQGZRGTKOGPVCN

YGCVJGTRTGFKEVKQPOQFGNUUKIPKHKECPVN[KORTQXKPI

UMKNNKPRTGFKEVKPITGIKQPCNYGCVJGT

5GCUQPCNVQ+PVGTCPPWCN%NKOCVG8CTKCDKNKV[

2TQITGUUEQPVKPWGUQPHQTGECUVKPIQH'N0K Q

GXGPVU#UVWF[YCUEQORNGVGFKP(;CV

)5(%VJCVFQEWOGPVGFVJGETKVKECNKORQTVCPEGQH

CEEWTCVGEJCTCEVGTK\CVKQPQHUQKNOQKUVWTGHQT

CEEWTCVGRTGFKEVKQPUQHINQDCNRTGEKRKVCVKQP

RCVVGTPU

.QPI6GTO%NKOCVG5[UVGO8CTKCDKNKV[

)NQDCNQDUGTXCVKQPUD[VJG5#)'CPFVJG'4$'

RTQXKFGFCWPKSWGWPFGTUVCPFKPIQHVJGENKOCVG

GHHGEVUQHVJG/QWPV2KPCVWDQXQNECPKEGTWRVKQP

6JG0#5#)QFFCTF+PUVKVWVGHQT5RCEG5VWFKGU


)+55ENKOCVGOQFGNRTQFWEGFCRTGFKEVKQPQH

GHHGEVUQH/QWPV2KPCVWDQCGTQUQNUQPUWTHCEG

VGORGTCVWTGYJKEJUJQYGFGZEGNNGPVCITGGOGPV

YKVJUWDUGSWGPVQDUGTXCVKQPU#PCN[UKUQHFCVC

DQVJPCVWTCNCPFCPVJTQRQIGPKECGTQUQNU#

PCVKQPCNPGVYQTMVJG5QNCT+TTCFKCPEG4GUGCTEJ

0GVYQTMQHCGTQUQNOGCUWTGOGPVUJCUDGGP

KPKVKCVGFCVVGPUGEQPFCT[UEJQQNUPCVKQPYKFG

4GEGPVTGUGCTEJJCUFGOQPUVTCVGFVJGWVKNKV[QH

VQRQITCRJKEHGCVWTGUQHVJGGCTVJ	UUWTHCEG

/62'KUKORNGOGPVKPIYKVJQVJGTIQXGTPOGPV

CIGPEKGUCJKIJFGPUKV[INQDCNRQUKVKQPKPIU[UVGO

IGQFGVKECTTC[KPUQWVJGTP%CNKHQTPKCVQOGCUWTG

UWTHCEGFGHQTOCVKQPRTQFWEGFD[WPFGTN[KPI

IGQNQIKECNHCWNVU2TGNKOKPCT[FGUKIPTGUGCTEJHQT

C.KIJV5#4KUKPXGUVKICVKPIQRVKOCNOKUUKQP

EJCTCEVGTKUVKEUHQTUWRRQTVKPIVJGUEKGPEGQH5#4

KPVGTHGTQOGVT[CUCOGVJQFQHUWTHCEGEJCPIG

FGVGEVKQP

#VOQURJGTKE1\QPG

#PCN[UKUQHINQDCNFCVCHTQOVJG7#45EQPHKTOGF

VJCVQ\QPGFGRNGVKPIEJGOKECNUTGCEJKPIVJG

UVTCVQURJGTGCTGRTKOCTKN[QHKPFWUVTKCNQTKIKP

0GYCPCN[UKUVGEJPKSWGUFGXGNQRGFHQTVJG61/5

RTQXKFGFVJGHKTUVINQDCNFCVCUGVQPUWTHCEG78

TCFKCVKQP6JGUGTGUWNVURTQXKFGFVJGHKTUV

EQPHKTOCVKQPQHINQDCNVTGPFUKPKPETGCUKPI78

TCFKCVKQPTGNCVGFVQQ\QPGFGRNGVKQP6JGVYQ

61/5VJCVYGTGNCWPEJGFKP(;61/5'2

CPF61/5#&'15YKNNRTQXKFGFCVCHQT

EQPVKPWGFQ\QPGCPF78VTGPFUFGVGTOKPCVKQPYKVJ

KORTQXGFTGUQNWVKQPCPFRTGEKUKQP
&

6JG'PXKTQPOGPVCN2TQVGEVKQP#IGPE['2#KUTGURQPUKDNGHQTYQTMKPIYKVJUVCVGNQECNCPFQVJGTHGFGTCN

IQXGTPOGPVCIGPEKGUVQRTQXKFGWUGTCRRTQRTKCVGCPFUEKGPVKHKECNN[ETGFKDNGCKTSWCNKV[OGVGQTQNQIKECNRTQITCOU

VQUWRRQTVTGIWNCVQT[CRRNKECVKQPU#RRNKGFTGUGCTEJCPFOGVGQTQNQIKECNUWRRQTVKUHWTPKUJGFRTKOCTKN[D[

'2#	U0CVKQPCN'ZRQUWTG4GUGCTEJ.CDQTCVQT[KP4GUGCTEJ6TKCPING2CTM0QTVJ%CTQNKPCVJTQWIJCP

KPVGTCIGPE[CITGGOGPVYKVJVJG0CVKQPCN1EGCPKECPF#VOQURJGTKE#FOKPKUVTCVKQP01##YJKEJRTQXKFGU

CRRTQZKOCVGN[TGUGCTEJOGVGQTQNQIKUVUVQVJG'2#

'08+410/'06#.2416'%6+10#)'0%;

/GVGQTQNQIKECNUWRRQTVVQVJG'2#1HHKEGQH YKNNKPVTQFWEGUGRCTCVGECNEWNCVKQPUHQTKPGTVQTTGCEVKXG

4GUGCTEJCPF&GXGNQROGPVVJG'2#1HHKEGQH#KTCPF

4CFKCVKQPVJG'2#TGIKQPCNQHHKEGUCPFVQUVCVGCPF

NQECNCIGPEKGUKPENWFGUFGXGNQROGPVCPFCRRNKECVKQP

QHCKTSWCNKV[FKURGTUKQPOQFGNUHQTRQNNWVKQPEQPVTQN

FKTGEVCPFKPFKTGEVGZRQUWTGCUUGUUOGPVUCPFUVTCVGI[

ETGCVKQPRTGRCTCVKQPCPFRGTHQTOCPEGQHFKURGTUKQP

UVWFKGUCPFCKTSWCNKV[OQFGNGXCNWCVKQPUCPFTGXKGY

QHOGVGQTQNQIKECNCURGEVUQHGPXKTQPOGPVCNKORCEV

UVCVGOGPVUUVCVGKORNGOGPVCVKQPRNCPUCPFXCTKCPEG

TGSWGUVU/GVGQTQNQIKECNGZRGTVKUGCPFIWKFCPEGCTGCNUQ

RTQXKFGFHQTVJGCKTSWCNKV[UVCPFCTFOQFGNKPIIWKFGNKPG

CPFRQNKE[FGXGNQROGPVCEVKXKVKGUQHVJG'2#

+PNKIJVQHVJG#OGPFOGPVUVQVJG%NGCP#KT

#EVCKTSWCNKV[OQFGNUCPFVJGOCPPGTKPYJKEJVJG[CTG

WUGFCTGGZRGEVGFVQGXQNXGEQPUKFGTCDN[QXGTVJGPGZV

HGY[GCTU+PVJGCTGCQHRQNNWVCPVFGRQUKVKQPVJG

GXCNWCVKQPQHPKVTQIGPCPFQZKFCPVEJGOKUVT[KPCFFKVKQP

VQUWNHWTEJGOKUVT[YKNNENCTKH[VJGTQNGUQHOQFGN

HQTOWNCVKQPENQWFRTQEGUUGUTCFKCVKXGVTCPUHGTCPF

UWTHCEGXGTVKECNGZEJCPIGUKPCKTSWCNKV[OQFGN

RTGFKEVKQPUNGCFKPIVQCDGVVGTWPFGTUVCPFKPIQHOQFGN

RTGFKEVKQPUTGNCVKXGVQEQPVTQNUVTCVGI[CUUGUUOGPVU

(WTVJGTFGXGNQROGPVCPFGXCNWCVKQPQHGZKUVKPICKT

SWCNKV[OQFGNUYKNNVCMGRNCEGVQCEEQOOQFCVGVJG

KPVGTRQNNWVCPVGHHGEVUTGUWNVKPIHTQOVJGXCTKGV[QH

EQPVTQNRTQITCOUVJCVCTGPQYQTOC[DGKPRNCEGUWEJ

CUVJGRTQRQUGFTGXKUKQPUVQVJG0CVKQPCN#ODKGPV#KT

3WCNKV[5VCPFCTFUHQTQ\QPGCPFRCTVKEWNCVGRQNNWVKQP

6JGUGKPVGTRQNNWVCPVGHHGEVUKPENWFGVTCFGQHHUCOQPI

EQPVTQNUQPQ\QPGUWNHWTQZKFGUPKVTQIGPQZKFGUCPF

XQNCVKNGQTICPKEEQORQWPFUCUYGNNCUFGXGNQRKPI

RTGFKEVCDNGOGVJQFUQHHQTGECUVKPIVJGKORCEVUQPXCTKQWU

OGCUWTGUQHCKTSWCNKV[

9KVJTGURGEVVQKPJCNCDNGRCTVKEWNCVGOQFGN

FGXGNQROGPVFKURGTUKQPOQFGNUCTGDGKPIGPJCPEGFVQ

CEEWTCVGN[RTGFKEVCGTQUQNITQYVJHTQORTGEWTUQTUQXGT

TGIKQPCNCPFNQECNVTCPURQTVFKUVCPEGU6QCUUKUVKPVJG

GXCNWCVKQPQHVJGEQPVTKDWVKQPQHXCTKQWUUQWTEGUVQ

TGIKQPCNCKTFGITCFCVKQPKPGTVVTCEGTCPFVCIIGFURGEKGU

PWOGTKECNOQFGNUCTGDGKPIFGXGNQRGF6JGUGOQFGNU

EJGOKECNURGEKGUGOKVVGFHTQOCRCTVKEWNCTUQWTEGQT

TGIKQP6JGECNEWNCVKQPUYKNNRTQEGGFVQUKOWNCVG

VTCPURQTVCPFVTCPUHQTOCVKQPVQCTGEGRVQTRQKPVYJGTG

VJGEQPVTKDWVKQPQHVJGRCTVKEWNCTUQWTEGEQWNFDG

KUQNCVGF

9KVJTGURGEVVQQZKFCPVCKTSWCNKV[OQFGNKPIVJG

TQNGUQHDKQIGPKEXQNCVKNGQTICPKEEQORQWPFUTWTCN

PKVTQIGPQZKFGUCPFXGTVKECNVTCPURQTVYKNNDGGNWEKFCVGF

#DGVVGTWPFGTUVCPFKPIYKNNDGFGXGNQRGFQHVJG

HWPFCOGPVCNCURGEVUQHVJGQ\QPGPQPCVVCKPOGPVRTQDNGO

UWEJCUFKHHGTGPEGUKPWTDCPCPFTWTCNTCVGUQHCPFQT

UQWTEGUQHRJQVQEJGOKECNRTQFWEVKQPCPFVJGKPVGTCEVKQP

VJTQWIJVTCPURQTVQHVJGUGQ\QPGRTGEWTUQTU/WEJQH

VJKUTGUGCTEJYKNNDGRGTHQTOGFWPFGTVJGRTQITCO

GPVKVNGF0QTVJ#OGTKECP4GUGCTEJ5VTCVGI[QP

6TQRQURJGTKE1\QPG0#4561

#VOQURJGTKETGUGCTEJKPVJGCTGCUQHENKOCVGCPF

ENKOCVGEJCPIGKPENWFGUQ\QPGFKUVTKDWVKQPKPVJGINQDCN

VTQRQURJGTGVJGTGNCVKQPUJKRDGVYGGPVJCVQ\QPG

FKUVTKDWVKQPCPFENKOCVGKPENWFKPIVGORQTCNCPFURCVKCN

CURGEVUCPFTGIKQPCNENKOCVGUVWFKGUCFFTGUUKPIVJG

KPVGTCEVKQPQHENKOCVGYKVJVJGDKQURJGTG6JG

ENKOCVQNQI[RTQITCOKPXQNXGUDQVJCPCN[VKECNCPF

UVCVKUVKECNENKOCVQNQI[CUYGNNCUUWRRQTVHQT

TGIKQPCNUECNGENKOCVGOQFGNFGXGNQROGPV%NKOCVG

EJCPIGKUUWGUCPFVJGKTHGGFDCEMUYKVJVJGDKQURJGTGCTG

DGKPIUVTGUUGF

4GUGCTEJKPJWOCPGZRQUWTGOQFGNKPIKPENWFGU

OKETQGPXKTQPOGPVCNOQPKVQTKPICPFOQFGNKPICPF

FGXGNQROGPVQHGZRQUWTGCUUGUUOGPVVQQNU

/KETQGPXKTQPOGPVCNCNIQTKVJOUCTGDGKPIFGXGNQRGF

DCUGFQPHKGNFFCVCVQRTGFKEVCKTSWCNKV[KPDWKNFKPIU

CVVCEJGFICTCIGUCPFUVTGGVECP[QPU6JGUGKORTQXGF

CNIQTKVJOUCTGVJGPKPEQTRQTCVGFKPVQOKETQGPXKTQP

OGPVCNUKOWNCVKQPOQFGNUHQTEQPFWEVKPIJWOCPGZRQUWTG

CUUGUUOGPVUYKVJKPGPENQUGFURCEGUKPYJKEJURGEKHKE

JWOCPCEVKXKVKGUQEEWT

+PCFFKVKQPVQVJGUGOCLQTCTGCUFKURGTUKQPOQFGNU

HQTKPGTVTGCEVKXGCPFVQZKERQNNWVCPVUCTGWPFGT
&

6JG&GRCTVOGPVQH5VCVG&15RNC[UCPCEVKXGTQNGKPKPVGTPCVKQPCNENKOCVGOGVGQTQNQIKECNRQNKE[OCMKPICU

CTGUWNVQHVJGITQYKPIYQTNFYKFGEQPEGTPYKVJINQDCNGPXKTQPOGPVCNKUUWGUKPENWFKPIVJGFGRNGVKQPQHVJG

UVTCVQURJGTKEQ\QPGNC[GTCPFINQDCNYCTOKPI6JGTQNGQH&15JCURTKPEKRCNN[TGXQNXGFCTQWPFRTGRCTCVKQP

CPFPGIQVKCVKQPQHVJG7PKVGF5VCVGURQUKVKQPKPVJTGGHQTCVJG%QPHGTGPEGQHVJG2CTVKGUVQVJG8KGPPC

%QPXGPVKQPCPFKVU/QPVTGCN2TQVQEQNQP5WDUVCPEGUVJCV&GRNGVGVJG1\QPG.C[GTVJG+PVGTIQXGTPOGPVCN

2CPGNQP%NKOCVG%JCPIG+2%%CPFPGIQVKCVKQPWPFGTVJG7PKVGF0CVKQPU(TCOGYQTM%QPXGPVKQPQP

%NKOCVG%JCPIG

FGXGNQROGPVCPFGXCNWCVKQPQPCNNVGORQTCNCPFURCVKCN UKOWNVCPGQWUN[VJWUHCEKNKVCVKPICOQTGEQORTGJGPUKXG

UECNGUGIKPFQQTWTDCPEQORNGZVGTTCKPOGUQUECNG CPFEQUVGHHGEVKXGQPGCVOQURJGTGCRRTQCEJVQTGNCVGF

CPFTGIKQPCN1VJGTGHHQTVUKPENWFGEQPUVTWEVKQPCPF UKPINGUVTGUUQTCPFOWNVKUVTGUUQTJWOCPCPFGEQU[UVGO

CRRNKECVKQPQHCKTRQNNWVKQPENKOCVQNQIKGUOQFGNKPIQH RTQDNGOU/QFGNURTQXKFGUCHTCOGYQTMVQUWRRQTV

CITKEWNVWTCNRGUVKEKFGURTC[FTKHVCPFQHHWIKVKXGRCTVKENGU VJGEQPUVCPVGXQNWVKQPQHGPXKTQPOGPVCNOQFGNUVQJCPFNG

HTQOUWTHCEGEQCNOKPGUOQFGNKPIQHVTCEGOGVCN OQTGEQORNGZKUUWGUUWEJCUHKPGRCTVKEWNCVGUXKUKDKNKV[

FGRQUKVKQPVQVJG)TGCV.CMGUPWVTKGPVFGRQUKVKQPVQ VQZKERQNNWVCPVUCPFOWNVKOGFKC
CKTCPFYCVGT

%JGUCRGCMG$C[CPFOGTEWT[FGRQUKVKQPVQVJG(NQTKFC GPXKTQPOGPVCNCUUGUUOGPVUKPCPKPVGITCVGFOCPPGT

'XGTINCFGUOQFGNKPIQHCEEKFGPVCNTGNGCUGUQHVQZKE 

EQORQWPFUHQTOKPIFGPUGICUENQWFUCPFQHQRGP

DWTPKPIQRGPFGVQPCVKQPQHUWTRNWUOKNKVCT[OWPKVKQPU

FGVGTOKPCVKQPCPFFGUETKRVKQPQHRQNNWVCPVGHHGEVUQP

CVOQURJGTKERCTCOGVGTUCPFEQPXGTUGN[FGVGTOKPCVKQP

QHOGVGQTQNQIKECNGHHGEVUQPCKTSWCNKV[/GCUWTGOGPV

FCVCQDVCKPGFFWTKPIHKGNFRTQITCOUCPFHTQOYKPF

VWPPGNCPFYCVGTEJCPPGNVQYKPIVCPMGZRGTKOGPVUKPVJG

'2#(NWKF/QFGNKPI(CEKNKV[YKNNDGWUGFVQEQPVKPWG

FGXGNQROGPVCPFGXCNWCVKQPQHVJGUGOQFGNUKPVJG(;

RGTKQFCNQPIYKVJFGXGNQRKPIOQFGNUHQT

RQNNWVCPVFKURGTUKQPCTQWPFPCVWTCNCPFOCPOCFG 6JG'2#CNUQOCKPVCKPUTGNCVKQPUYKVJHQTGKIP

QDUVCENGU EQWPVTKGUVQRTQOQVGGZEJCPIGQHTGUGCTEJOGVGQTQNQIKUVU

CPFTGUGCTEJTGUWNVURGTVCKPKPIVQOGVGQTQNQIKECNCURGEVU '2#RCTVKEKRCVKQPKPVJGKPVGTCIGPE[*KIJ

2GTHQTOCPEG%QORWVKPICPF%QOOWPKECVKQPU*2%%

2TQITCOKUGPCDNKPIKPETGCUGFGHHKEKGPE[KPCKTSWCNKV[

OGVGQTQNQIKECNOQFGNKPIVJTQWIJTGUGCTEJQPRCTCNNGN

KORNGOGPVCVKQPQHVJG/GUQUECNG/GVGQTQNQIKECN/QFGN


//YKVJVJGUWDUGSWGPVVTCPUHGTQHVJGUGCEJKGXGF

GHHKEKGPEKGUVQVJGWUGTEQOOWPKV[6JG*2%%2TQITCO

KUCNUQFGXGNQRKPICHNGZKDNGGPXKTQPOGPVCNOQFGNKPICPF

FGEKUKQPUWRRQTVVQQN
/QFGNUVQFGCNYKVJOWNVKRNG

UECNGU
WTDCPVQTGIKQPCNCPFOWNVKRNGRQNNWVCPVU

6JG'2#KUCRCTVKEKRCPVKPVJG7PKVGF5VCVGU

9GCVJGT4GUGCTEJ2TQITCO
75942OCKPN[D[

RTQXKFKPITGUGCTEJKPMKPFKPVJGCTGCQHOGVGQTQNQIKECN

UKOWNCVKQPOQFGNKPIQPNQECNOGUQCPFTGIKQPCNURCVKCN

UECNGUQHRQNNWVCPVUHTQOHQUUKNHWGNGFRQYGTRNCPVU

XGJKENGGZJCWUVUCPFQVJGTGOKUUKQPUUQWTEGU6JG

FGVCKNGFWPFGTUVCPFKPICPFOQFGNKPIQHVJGOGUQUECNG

EKTEWNCVKQPUVJCVEQPVTQNVJGCVOQURJGTKEFKURGTUCNQH

VJGUGRQNNWVCPVUYKNNCNUQDGCRRNKGFVQEQRKPIYKVJ

CEEKFGPVCNTGNGCUGUQHVQZKEQTTCFKQCEVKXGOCVGTKCNU

QHCKTRQNNWVKQP1PGQHVJGOQUVCEVKXGCTGCUQH

EQQRGTCVKXGTGUGCTEJKUYKVJ4WUUKCWPFGTVJG

0KZQP2QFIQTP[#ITGGOGPVHQTOKPIVJG757554,QKPV

%QOOKVVGGQP%QQRGTCVKQPKPVJG(KGNFQH'PXKTQPOGPVCN

2TQVGEVKQPCPFWPFGTVJG)QTG%JGTPQO[TFKP

#ITGGOGPVHQTOKPIVJG754WUUKC%QOOKUUKQPQP

'EQPQOKECPF6GEJPQNQIKECN%QQRGTCVKQP1VJGT

CITGGOGPVUCTGKPRNCEGYKVJ%CPCFC,CRCP%JKPC

/GZKEQCPFUGXGTCN'WTQRGCPEQWPVTKGU

&'2#46/'061(56#6'

5VTCVQURJGTKEQ\QPGFGRNGVKQPJCUDGGPTGEQIPK\GF RGTEGPVQHVJGYQTNF	URTQFWEVKQPQHQ\QPGFGRNGVKPI

CUCETKVKECNJGCNVJCPFGPXKTQPOGPVCNRTQDNGOHQTOQTG UWDUVCPEGU

VJCPCFGECFG7PFGT&15NGCFGTUJKRVJG7PKVGF5VCVGU 

YQTMGFVQPGIQVKCVGKPVGTPCVKQPCNCITGGOGPVUVQRJCUGQWV

Q\QPGFGRNGVKPIUWDUVCPEGUYJKEJUJQWNFNGCFVQC

TGEQXGT[QHVJGQ\QPGNC[GTKPVJGPGZVEGPVWT[6QFCVG

VJGUGVTGCVKGUJCXGDGGPUKIPGFCPFTCVKHKGFD[OQTGVJCP

EQWPVTKGUKPENWFKPIVJG7PKVGF5VCVGUTGRTGUGPVKPI

6JG+2%%YJKEJKULQKPVN[URQPUQTGFD[VJG9QTNF

/GVGQTQNQIKECN1TICPK\CVKQP
9/1CPFVJG7PKVGF

0CVKQPU'PXKTQPOGPV2TQITCO
70'2JGNFKVUHKTUV

UGUUKQPKP6JKUQTICPK\CVKQPUGTXGUCUC

IQXGTPOGPVHQTWOVQCUUGUUVJGUVCVGQHUEKGPVKHKE

VGEJPKECNCPFGEQPQOKEKPHQTOCVKQPTGICTFKPIENKOCVG
&

6JG750WENGCT4GIWNCVQT[%QOOKUUKQP04%NKEGPUGUCPFTGIWNCVGUCNNPWENGCTHCEKNKVKGUUWDLGEVVQVJG

#VQOKE'PGTI[#EVQHCUCOGPFGF6JGNKEGPUKPICPFQRGTCVKQPQHVJGUGPWENGCTHCEKNKVKGUTGSWKTGVJG

KFGPVKHKECVKQPQHOGVGQTQNQIKECNCPFENKOCVQNQIKECNEQPFKVKQPUVJCVECPCHHGEVVJGUCHGQRGTCVKQPQHVJGHCEKNKV[

CPFVJCVRTQXKFGKPRWVVQVJGCUUGUUOGPVQHVJGTCFKQNQIKECNKORCEVUQHCP[CKTDQTPGTGNGCUGUHTQOVJGHCEKNKV[

EJCPIG6JG+2%%KUEWTTGPVN[QTICPK\GFKPVJTGG VJGUGGOKUUKQPUVQVJGKTNGXGNUD[VJG[GCT#V

YQTMKPIITQWRUGZCOKPKPIVJGUVCVGQHVJGUEKGPEG KVUHKTUVUGUUKQPVJGEQPHGTGPEGFGEKFGFVQDGIKP


KORCEVUCPFRQUUKDNGTGURQPUGUVTCVGIKGUKPENWFKPI PGIQVKCVKQPUQPPGZVUVGRUWPFGTVJGEQPXGPVKQPVQ

OKVKICVKQPCPFCFCRVCVKQPCPFGEQPQOKEUCPFQVJGT GNCDQTCVGRQNKEKGUCPFOGCUWTGUCPFVQUGVSWCPVKHKGF

ETQUUEWVVKPIKUUWGU6JG+2%%TGNGCUGFKVUHKTUV NKOKVCVKQPCPFTGFWEVKQPQDLGEVKXGUHQTITGGPJQWUGICUGU

CUUGUUOGPVTGRQTVKPUWRRNGOGPVCT[TGRQTVUYGTG 

TGNGCUGFKPCPF#HWNNUGEQPFCUUGUUOGPV

TGRQTVHTQOGCEJQHVJGYQTMKPIITQWRUYCUUEJGFWNGF

HQTRWDNKECVKQPKPNCVG

6JG(TCOGYQTM%QPXGPVKQPQP%NKOCVG%JCPIG GUVCDNKUJGFKPVQEQQTFKPCVGUEKGPVKHKEFQOGUVKE

YCUPGIQVKCVGFDGIKPPKPI(GDTWCT[VJGEQPXGPVKQP RTQITCOU(WTVJGTOQTGYJKNGVJGGORJCUKUQPINQDCN

YCUQRGPHQTUKIPCVWTGKP4KQFG,CPGKTQCVVJG'CTVJ GPXKTQPOGPVCNKUUWGUKUCMG[PGYEQORQPGPVQHVJG

5WOOKVKP,WPG#UQH#RTKNKVJCFDGGP FGRCTVOGPV	UHQEWUVTCFKVKQPCN&15TGURQPUKDKNKVKGU

TCVKHKGFD[EQWPVTKGUKPENWFKPIVJG7PKVGF5VCVGU FGUETKDGFKPGCTNKGTHGFGTCNRNCPUEQPVKPWG6JGUG

6JGHKTUVOGGVKPIQHVJG%QPHGTGPEGQHVJG2CTVKGUVQVJG KPENWFGDWVCTGPQVNKOKVGFVQKPVGTPCVKQPCNCURGEVUQH

%QPXGPVKQPYCUJGNFKP$GTNKPKP/CTEJ#RTKN HQQFRQNKE[FKUCUVGTYCTPKPIUCPFCUUKUVCPEG9/1CPF

6JGEQPXGPVKQPECNNUHQTCNNEQWPVTKGUVQFGXGNQR 70'2CEVKXKVKGUCPFKPVGTPCVKQPCNOGVGQTQNQIKECN

KPXGPVQTKGUQHVJGKTGOKUUKQPUCPFUKPMUQHITGGPJQWUG RTQITCOU

ICUGUCPFECNNUWRQPFGXGNQRGFEQWPVTKGUVQCKOVQTGVWTP

+PCFFKVKQPVQKVURTKOCT[TQNGKPVJGHQTCNKUVGF

CDQXG&15KUCEVKXGQPVJG%QOOKVVGGQP'PXKTQPOGPV

CPF0CVWTCN4GUQWTEGU%'04QHVJG0CVKQPCN5EKGPEG

CPF6GEJPQNQI[%QWPEKN
056%6JG%'04YCU

07%.'#44')7.#614;%1//+55+10

9KVJKPVJG04%TGXKGYUQHHCEKNKV[UKVKPIFGUKIP EQPFWEVUEQPHKTOCVQT[TGUGCTEJRTQITCOUKPUWRRQTVQH

EQPUVTWEVKQPCPFQRGTCVKQPCTGEQPFWEVGFD[VJG1HHKEGQH CEVKXKVKGUQHVJGQVJGT1HHKEGUCPFKPUWRRQTVQHTWNG

0WENGCT4GCEVQT4GIWNCVKQPCPFVJG1HHKEGQH0WENGCT OCMKPICPFUVCPFCTFUCEVKXKVKGU

/CVGTKCN5CHGV[CPF5CHGIWCTFU6JGUGTGXKGYUKPENWFG 

EQPUKFGTCVKQPQHOGVGQTQNQIKECNHCEVQTU6JG04%

1HHKEGHQT#PCN[UKUCPF'XCNWCVKQPQH1RGTCVKQPCN&CVC

CPFVJG04%4GIKQPCN1HHKEGUCUUWTGVJCVEQOOKVOGPVU

D[04%CRRNKECPVURGTOKVVGGUCPFNKEGPUGGUCTGECTTKGF

QWVCPFCNUQEQPFWEV04%TGURQPUGUVQPWENGCTHCEKNKV[

GOGTIGPEKGU6JG1HHKEGQH0WENGCT4GIWNCVQT[

4GUGCTEJFGXGNQRUTGIWNCVKQPUIWKFGUETKVGTKCCPFQVJGT

UVCPFCTFUTGNCVGFVQVJGRTQVGEVKQPQHRWDNKEJGCNVJCPF

UCHGV[CPFVJGGPXKTQPOGPVKPVJGNKEGPUKPICPFQRGTCVKQP

QHPWENGCTHCEKNKVKGU6JKU1HHKEGCNUQFGXGNQRUCPF

6JGRTKOCT[OGVGQTQNQIKECNCTGCKPYJKEJVJG04%

YKNNJCXGCPKPVGTGUVFWTKPI(;CPFDG[QPFKU

KORTQXGOGPVUKPVJGOGVGQTQNQIKECNECRCDKNKVKGUQHVJG

04%CPFVJGQRGTCVQTUQHPWENGCTHCEKNKVKGUVQEQRGYKVJ

GOGTIGPEKGUKPXQNXKPIVJGWPRNCPPGFTGNGCUGUQH

TCFKQCEVKXGOCVGTKCNU6JG04%CNUQOCKPVCKPUCP

KPVGTGUVKPVJGVTCPURQTVCPFFKURGTUKQPQHCKTDQTPG

JC\CTFQWUPQPTCFKQCEVKXGOCVGTKCNUCPFVJGKTRQVGPVKCN

GHHGEVUQPVJGUCHGQRGTCVKQPQHPWENGCTHCEKNKVKGU
&

(QTPGCTN[[GCTUVJG&GRCTVOGPVQH'PGTI[&1'CPFKVURTGFGEGUUQTUVJG#VQOKE'PGTI[%QOOKUUKQP

CPFVJG'PGTI[4GUGCTEJCPF&GXGNQROGPV#FOKPKUVTCVKQPJCXGUWRRQTVGFOGVGQTQNQIKECNQRGTCVKQPUCPF

CVOQURJGTKETGUGCTEJCVVJG&1'HKGNFQHHKEGU6JGPGGFHQTOGVGQTQNQIKECNUGTXKEGUDGICPYKVJVJG

FGXGNQROGPVHCDTKECVKQPCPFVGUVKPIQHCVQOKEYGCRQPUCPFVJGPCVKQPCNUGEWTKV[CPFUCHGV[KUUWGUCUUQEKCVGF

YKVJVJGO+PCFFKVKQPGPXKTQPOGPVCNRTQVGEVKQPNGIKUNCVKQPURGEKHKGUTGSWKTGOGPVUHQTOGVGQTQNQIKECNUGTXKEGU

VQRTQVGEVRWDNKEJGCNVJCPFUCHGV[CPFVJGGPXKTQPOGPV

&'2#46/'061('0'4);

6JG&GRCTVOGPVQH'PGTI[&1'CFFTGUUGUOCP[ GUUGPVKCNRCTVQH&1'CVOQURJGTKEUEKGPEGRTQITCOU

CTGCUTGNCVKPIVQGPGTI[GHHKEKGPE[WUGCPFTGUQWTEGU 

KORTQXGFGPXKTQPOGPVCNSWCNKV[CPFCUGEWTGPCVKQPCN

FGHGPUG#VOQURJGTKEUEKGPEGTGUGCTEJCPFQRGTCVKQPU

JCXGDGGPCPKPVGITCNRCTVQH&1'UKPEGVJGEQNFYCT

GTC'XGPVQFC[	UINQDCNENKOCVGEJCPIGFGDCVGUCPF

QWVEQOGUCTGTGN[KPIQPKPHQTOCVKQPEQNNGEVGFVJTQWIJ

DCUKECVOQURJGTKEUEKGPEGTGUGCTEJRTQITCOUVJCVQPGFC[

YKNNTGFWEGUWDUVCPVKCNWPEGTVCKPVKGUKPVJGUGCTGCU+VKU

XKVCNVQWPFGTUVCPFVJGPCVWTGQHVJGCVOQURJGTKEFQOCKP

YKVJKVUXCTKQWUF[PCOKECPFEJGOKECNCURGEVUQHGPGTI[

TGNCVGFRJGPQOGPC

&1'EQQTFKPCVGURTQITCOOCVKECEVKXKVKGUVJTQWIJQWV U[UVGOHQT095OGVGQTQNQIKECNRTQFWEVUVJCVCTG

KVUXCTKQWU1HHKEGUUWEJCU&GHGPUG2TQITCOU'PGTI[ EGPVTCNN[RTQFWEGFD[VJG0CVKQPCN%GPVGTUHQT

4GUGCTEJ'PXKTQPOGPVCN/CPCIGOGPVCPF'PGTI[ 'PXKTQPOGPVCN2TGFKEVKQP0%'2&1'HCEKNKVKGUYKVJ

'HHKEKGPE[CPF4GPGYCDNGU6JGUG1HHKEGUCTG #(15WPKVUCTGEQPPGEVGFVQVJG095#(15PGVYQTM

TGURQPUKDNGHQTVJGOCPCIGOGPVQHUEKGPVKHKETGUGCTEJ VJTQWIJ01##	U#KT4GUQWTEGU.CDQTCVQT[#4.VJCV

RTQITCOUUWEJCU#VOQURJGTKE4GNGCUG#FXKUQT[ UWRRQTVUVJG&1'0GXCFC1RGTCVKQPU1HHKEGKP.CU

%CRCDKNKV[
#4#%)NQDCN%NKOCVG%JCPIG4GUGCTEJ 8GICU0GXCFCYJKEJUGTXGUCUVJGJWDHQTVJG

CPFXCTKQWUENGCPWRCEVKXKVKGUCVHQTOGTEQNFYCT 095&1'#(15PGVYQTM

RTQFWEVKQPUKVGU 

/GVGQTQNQIKECNUGTXKEGUCV&1'HCEKNKVKGUTCPIG

HTQOEQORNGZTGUGCTEJVQFCKN[QRGTCVKQPCNUWRRQTV

5QOGGZCORNGUQHTGUGCTEJCTGKPXGUVKICVKQPUQHRQVGPVKCN

INQDCNENKOCVKEEJCPIGWNVTCXKQNGVCPFKPHTCTGFTCFKCVKQP

UVWFKGUCPFUVWFKGUQHCVOQURJGTKEDQWPFCT[NC[GT

RTQEGUUGU1RGTCVKQPCNUWRRQTVKPENWFGUFCKN[YGCVJGT

HQTGECUVUGTXKEGUURGEKCNRTQLGEVUWRRQTVQPUKVG

OGVGQTQNQIKECNOQPKVQTKPIENKOCVQNQIKECNUGTXKEGUCPF

GOGTIGPE[TGURQPUGCUUKUVCPEG5QOGUKVGUOCKPVCKP

JQWTYGCVJGTYCVEJGUHQTUGXGTGYGCVJGTEQPFKVKQPUVJCV

EQWNFKORCEVUKVGQRGTCVKQPUFCOCIGRTQRGTV[QT

VJTGCVGPNKXGU

5GXGTCN&1'HKGNFQHHKEGUEQXGTNCTIGCTGCUCPF

UQOGUKVGUEQPVCKPEQORNGZVQRQITCRJ[CPFJGVGTQIGPQWU

UWTHCEGEJCTCEVGTKUVKEUETGCVKPINQECNN[FTKXGPEQPFKVKQPU

VJCVKPHNWGPEGQPUKVGYGCVJGT(QTVJGUGTGCUQPUCPFVQ

RTQVGEVVJGGPXKTQPOGPVCPFRWDNKEJGCNVJCPFUCHGV[QP

UKVGOGVGQTQNQIKECNOQPKVQTKPIJCUDGGPCPFTGOCKPUCP

5QOG&1'UKVGUEQPVTKDWVGVQVJGPCVKQPCNYGCVJGT

QDUGTXKPIPGVYQTMD[VCMKPIUVCPFCTFUWTHCEGCPFWRRGT

CKTQDUGTXCVKQPU/CP[QHVJGUGUKVGUCTGKPTGOQVGCTGCU

YJGTGYGCVJGTQDUGTXCVKQPUYQWNFDGURCTUGKHPQVHQT

VJGRTGUGPEGQH&1'OGVGQTQNQIKECNOQPKVQTKPI

RTQITCOU9GCVJGTQDUGTXCVKQPUVCMGPCVUGXGTCN&1'

HKGNFUKVGUCTGGPVGTGFVQVJGPCVKQPCNYGCVJGTFCVCDCUGXKC

VJG095#WVQOCVKQPQH(KGNF1RGTCVKQPUCPF5GTXKEGU


#(15U[UVGOVJG095	RTKOCT[OGVGQTQNQIKECNFCVC

FKUVTKDWVKQPCPFFKURNC[U[UVGO#(15CNUQ

KPVGTEQPPGEVUHKGNFQHHKEGUCPFUGTXGUCUVJGFKUVTKDWVKQP

#PCEEKFGPVCNTGNGCUGQHTCFKQCEVKXGQTVQZKEOCVGTKCN

KPVQVJGCVOQURJGTGECPJCXGRQVGPVKCNN[UGTKQWUJGCNVJ

CPFGPXKTQPOGPVCNEQPUGSWGPEGU/GVGQTQNQIKECN

RTQEGUUGURNC[CMG[TQNGKPFGVGTOKPKPIVJGHCVGQH

RQNNWVCPVUTGNGCUGFKPVQVJGCVOQURJGTG(QTGZCORNG

VJGRTQEGUUKPIHCDTKECVKPICPFWPFGTITQWPFVGUVKPIQH

PWENGCTYGCRQPUCNNJCXGVJGRQVGPVKCNHQTKPFWUVTKCN

CEEKFGPVUEGPCTKQU+PCFFKVKQPVQVJGUGCEVKXKVKGUVJGWUG

QHPWENGCTOCVGTKCNKPVJGIGPGTCVKQPQHGNGEVTKERQYGT

CPFVJGUVQTCIGQHPWENGCTYCUVGHTQORQYGTIGPGTCVKQP

YGCRQPU EQORNGZGUCPFOGFKECNCPFEQOOGTEKCN

RTQEGUUGUCTGCNNRQVGPVKCNUQWTEGUQHPWENGCTOCVGTKCN

VJCVEQWNFDGCEEKFGPVCNN[TGNGCUGFKPVQVJGCVOQURJGTG

%QPUGSWGPVN[CEGPVTCNVJGOGYKVJKPVJG&1'

EQOOWPKV[JCUDGGPVQRTQVGEVRWDNKEJGCNVJUCHGV[CPF

VJGGPXKTQPOGPVQPCPFCTQWPF&1'HCEKNKVKGU

6JGTGHQTG&1'JCUTGSWKTGFCPFUWRRQTVGFQPUKVG

OGVGQTQNQIKECNOQPKVQTKPIFKTGEVGFVJGFGXGNQROGPVQH

GOGTIGPE[TGURQPUGECRCDKNKVKGUCV&1'HCEKNKVKGUHWPFGF

TGUGCTEJQPVJGOQFGNKPIQHVJGVTCPURQTVFKURGTUKQP
&

FGRQUKVKQPCPFTGUWURGPUKQPQHTCFKQCEVKXGCPFVQZKE VQRTQXKFGTGRTGUGPVCVKXGFCVCHQTVJG+0'.CTGCVQOGGV

OCVGTKCNUCPFCFXQECVGFQPUKVGYGCVJGTHQTGECUVKPI

UGTXKEGUVCKNQTGFURGEKHKECNN[HQTVJGURGEKCNQRGTCVKQPCN

CPFGOGTIGPE[OCPCIGOGPVTGSWKTGOGPVUCVGCEJ&1'

HCEKNKV[/WEJQHVJGTGUGCTEJCPFOQUVQHVJG

QRGTCVKQPCNUWRRQTVJCUDGGPRTQXKFGFD[VJGCVOQURJGTKE

TGUGCTEJRTQITCOUCVVJGUKZOCLQTHKGNFQHHKEGUFKTGEVN[

KPXQNXGFKPPCVKQPCNFGHGPUGRTQITCOU1XGTVJG[GCTU

VJGUGRTQITCOUJCXGITQYPVQCFFTGUUOCP[

GPXKTQPOGPVCNUCHGV[CPFJGCNVJKUUWGU&WGVQVJG

EQORNGZKV[QHVJGUGCEVKXKVKGUKVYCUTGEQIPK\GFVJCV

GHHQTVUUJQWNFDGOCFGVQEQQTFKPCVGOGVGQTQNQIKECN

QRGTCVKQPUCPFTGUGCTEJCOQPIVJGHKGNFQHHKEGUVQ

GPJCPEGEQUVGHHGEVKXGPGUU

$CUGFQPCPGGFVQHCEKNKVCVGOQTGEQQTFKPCVKQPCPF

EQQRGTCVKQPCOQPIVJGOGVGQTQNQIKECNCEVKXKVKGUCVVJG

&1'HKGNFQHHKEGUVJG&1'/GVGQTQNQIKECN%QQTFKPCVKPI

%QWPEKNYCUETGCVGFKP6JGOKUUKQPQHVJGEQWPEKN

KUVQEQQTFKPCVGOGVGQTQNQIKECNUWRRQTVCPFTGUGCTEJVQ

OGGV&1'QDLGEVKXGU6JGQDLGEVKXGUQHVJGEQWPEKNCTG

VQ
RTQOQVGEQUVGHHGEVKXGUWRRQTVHQTCNN&1'

HCEKNKVKGU
RNCPHQTHWVWTGPGGFUTGSWKTGOGPVUCPF

OKUUKQPUCFXQECVGCYCTGPGUUQHCVOQURJGTKEUEKGPEG

CRRNKECVKQPUCPFDGPGHKVUVQ&1'CPFHCEKNKVCVGVJG

WUGQHEQOOQPOGVJQFURTQEGFWTGUCPFUVCPFCTFU

6JGEQWPEKNKUEQORQUGFQHUGPKQT&1'RGTUQPPGNCPF

OCPCIGTUQH&1'OGVGQTQNQIKECNRTQITCOU6JG

HQNNQYKPIPCTTCVKXGJKIJNKIJVUVJGOGVGQTQNQIKECN

CEVKXKVKGUQHVJG&1'UKVGU

6JG+FCJQ0CVKQPCN'PIKPGGTKPI.CDQTCVQT[+0'.

KUOCPCIGFD[VJG+FCJQ1RGTCVKQPU1HHKEGCPFKUQP

USWCTGOKNGUQHTQNNKPICTKFVGTTCKPKPUQWVJGCUVGTP+FCJQ

CVVJGHQQVQHVJG.QUV4KXGTCPF.GOJKOQWPVCKPTCPIGU

/GVGQTQNQIKECNUGTXKEGUCPFUWRRQTVKPITGUGCTEJCTG

RTQXKFGFD[#4.	U(KGNF4GUGCTEJ&KXKUKQP(4&YKVJ

VJGOKUUKQPVQUWRRQTVGOGTIGPE[TGURQPUGGZGTEKUGUCPF

+0'.QRGTCVKQPUYKVJOGVGQTQNQIKECNFCVCYGCVJGT

RTGFKEVKQPUFKURGTUKQPECNEWNCVKQPUCPFEQPUWNVCVKQP

#4.(4&FGUKIPUCTTCPIGUCPFEQPFWEVUHKGNFUVWFKGU

CUPGGFGFVQGXCNWCVGVJGRGTHQTOCPEGQHVTCPURQTVCPF

FKURGTUKQPOQFGNUQXGTNQECNTGIKQPCNCPFEQPVKPGPVCN

UECNGUCPFVQQDVCKPJKIJSWCNKV[FCVCDCUGUHQTVJGOQFGN

KORTQXGOGPV6JG[CTGTGEQIPK\GFHQTVJGKTWPKSWGHKGNF

GZRGTKOGPVCVKQPECRCDKNKVKGUHQTGZRGTVKUGKPEQPFWEVKPI

VTCEGTUVWFKGUCPFHQTWUKPIFKTGEVCPFTGOQVGUGPUKPI

VGEJPQNQIKGUKPUWRRQTVQHVTCEGTGZRGTKOGPVU

6QOGGVQVJGTOKUUKQPTGSWKTGOGPVU#4.(4&

QRGTCVGUCPFOCPCIGUCNCTIGOGVGQTQNQIKECNOQPKVQTKPI

PGVYQTMVQEJCTCEVGTK\GVJGOGVGQTQNQI[CPFENKOCVQNQI[

QHVJG+0'.UKVG6JGPGVYQTMEQPUKUVUQHYKPF

VQYGTUVJCVRTQXKFGYKPFCPFVGORGTCVWTGFCVC6JG

QXGTCNN/GVGQTQNQIKECN/QPKVQTKPI2TQITCOKUFGUKIPGF

URGEKHKEQRGTCVKQPCNCPFRQVGPVKCNGOGTIGPE[TGURQPUG

UKVWCVKQPU/QUVVQYGTUCTGOGVGTUVCNNJQYGXGT

HQWTVQYGTUTCPIGHTQOVQOGVGTUKPJGKIJV#NN

VQYGTUCTGKPUVTWOGPVGFCVOWNVKRNGNGXGNU'NGXGPJCXG

TGNCVKXGJWOKFKV[RTGEKRKVCVKQPCPFUQNCTTCFKCVKQP

UGPUQTU%QPVKPWQWUYKPFCPFVGORGTCVWTGRTQHKNGUCTG

QDVCKPGFHTQOC/*\&QRRNGTYKPFRTQHKNGTCPFC

4CFKQ#EQWUVKE5QWPFKPI5[UVGO4#559KPFRTQHKNGU

IGPGTCNN[GZVGPFVQHGGVCDQXGITQWPFVGORGTCVWTG

RTQHKNGUGZVGPFVQHGGV#NNOGVGQTQNQIKECNFCVCCTG

SWCNKV[EQPVTQNNGFCPFCTEJKXGFHQTHWVWTGWUG

#FFKVKQPCNWUGQHVJKUFCVCDCUGKUOCFGKPQRGTCVKQPCN

YGCVJGTHQTGECUVUVCKNQTGFVQOGGV+0'.CPFEQPVTCEVQT

TGSWKTGOGPVUCPFVQRTGRCTGENKOCVQNQIKECNUWOOCTKGU

VJCVCTGFKUVTKDWVGFVQWUGTU

&1'QRGTCVKQPUCVVJG0GXCFC6GUV5KVG065CTG

OCPCIGFD[VJG0GXCFC1RGTCVKQPU1HHKEG08065

KUVJG0CVKQP	UWPFGTITQWPFPWENGCTYGCRQPUVGUVKPI

HCEKNKV[CPFQEEWR[USWCTGOKNGUQHUQWVJEGPVTCN

0GXCFC6JGVQRQITCRJ[QHVJG065KUEQORNGZYKVJC

U[UVGOQHFT[NCMGDGFUCPFOQWPVCKPU'NGXCVKQPUTCPIG

HTQOPGCTN[HGGVCDQXGOGCPUGCNGXGN/5.VQ

HGGV/5.VJGENKOCVGKUCTKF

/GVGQTQNQIKECNUGTXKEGUCTGRTQXKFGFD[#4.	U

5RGEKCN1RGTCVKQPUCPF4GUGCTEJ&KXKUKQP
514&

1XGTVJGNCUV[GCTU#4.514&RGTUQPPGNJCXGDWKNV

CUQNKFVGEJPKECNTGRWVCVKQPKPOGVGQTQNQIKECNQRGTCVKQPU

KPVJGPWENGCTYGCRQPUVGUVKPICTGPC6JG[CTG

TGEQIPK\GFHQTGZRGTVKUGKPVJGVTCPURQTVFKURGTUKQPCPF

FGRQUKVKQPQHTCFKQCEVKXGOCVGTKCNUCPFHQTFGXGNQRKPIC

TCRKFGOGTIGPE[TGURQPUGECRCDKNKV[HQTVJGWPNKMGN[

QEEWTTGPEGQHCPCEEKFGPVTGUWNVKPIHTQOVJGTGNGCUGQH

TCFKQCEVKXGOCVGTKCNKPVQVJGCVOQURJGTG

$QVJDCUKECPFCRRNKGFTGUGCTEJCTGECTTKGFQWVQP

RTQDNGOUQHOWVWCNKPVGTGUVVQ&1'CPFVQ01##

'ORJCUKUKUQPVJGOCKPVGPCPEGQHOGVGQTQNQIKECN

UWRRQTVVQPCVKQPCNFGHGPUGRTQLGEVUCPFVQVJG

UVGYCTFUJKRQHPWENGCTYGCRQPU6JGUGECRCDKNKVKGUHQEWU

QPVJQUGHCEGVUQHOGVGQTQNQI[JCXKPICFKTGEVDGCTKPIQP

VJGVTCPURQTVFKURGTUKQPFGRQUKVKQP
HCNNQWVCPF

TGUWURGPUKQPQHTCFKQCEVKXGCPFQTVQZKEOCVGTKCNU

#4.514&RTQXKFGUHWNNOGVGQTQNQIKECNUWRRQTVVQ

CNN&1'08QRGTCVKQPUQPCPFQHHVJG0656JGUVCHH

KUTGURQPUKDNGHQTEQPFWEVKPICOQFGTPRTQITCOKP

UWRRQTVQHPWENGCTCPFPQPPWENGCTRTQLGEVUCWVJQTK\GFD[

08(WTVJGTOQTG#4.514&RTQXKFGUVGEJPKECN

UWRRQTVVQVJG08GOGTIGPE[RTGRCTGFPGUUCPFTGURQPUG

CEVKXKVKGUQRGTCVGUCVJQTQWIJOGVGQTQNQIKECN

OQPKVQTKPIRTQITCOHQTVJG065CPFRTQXKFGU

OGVGQTQNQIKECNCPFENKOCVQNQIKECNUGTXKEGUTGSWKTGFKP
&

UWRRQTVQH08CPFEQPVTCEVQTRTQITCOUCVVJG065CPF UKVWCVKQPUUWEJCUPQPUVCVKQPCT[EQPFKVKQPUEQORNGZ

GNUGYJGTGCUPGEGUUCT[#4.514&RGTUQPPGNCNUQ VGTTCKPCPFPQPJQOQIGPGQWUXGIGVCVKQPCPF
VQ

EQPUWNVYKVJUGPKQTUEKGPVKUVUCPFGPIKPGGTUCVVJG&1' FGXGNQRCPFVGUVKORTQXGFPWOGTKECNOQFGNU

0CVKQPCN.CDQTCVQTKGU0#5#RTKXCVGEQPVTCEVQTU'2# KPEQTRQTCVKPIVJGUGPGYOGVJQFU/QUV#4.#6&&

75)575(5CPFQVJGT01##NCDQTCVQTKGU RTQITCOUCTGCKTSWCNKV[TGNCVGF6JG[KPENWFGUVWFKGUQH

EQORNGZVGTTCKPHNQYU.CITCPIKCPUVQEJCUVKEFKURGTUKQP 6JG514&OGVGQTQNQIKECNOQPKVQTKPIPGVYQTM

EQPUKUVUQHVJKTV[QPGOGVGTVQYGTUCPFVYQOGVGT

VQYGTU9KPFFKTGEVKQPCPFURGGFCTGOGCUWTGFCVVJG

OGVGTNGXGNQPCNNVJGVQYGTUCPFVGORGTCVWTGCPF

TGNCVKXGJWOKFKV[KUUCORNGFCVVJGOGVGTNGXGN&CVC

HTQOVJGUGVQYGTUCTGVTCPUOKVVGFXKCOKETQYCXGTCFKQVQ

CEGPVTCNRTQEGUUQTVJCVEJGEMUVJGFCVCETGCVGUFCVC

HKNGUCPFCTEJKXGUVJGFCVCGXGT[OKPWVGU6JGFCVC

HKNGUCTGCEEGUUGFD[OKETQEQORWVGTUVQETGCVGITCRJKEU

RTQFWEVUHQTQRGTCVKQPCNWUGCPFHQTKOOGFKCVGFKURNC[CV

OKPWVGKPVGTXCNU

#4.514&KUVJG&1'PQFGHQTFKUVTKDWVKQPQH GZEJCPIGQHOQOGPVWOJGCVYCVGTXCRQTCPF%1 

095#(15RTQFWEVU1VJGTYGCVJGTRTQFWEVUUWRRNKGF CNQPIYKVJNQECNUWTHCEGGPGTI[DWFIGVUCPFCWPKSWG

VQ&1'EQPVTCEVQTUVJG0CVKQPCN.CDQTCVQTKGU095 CRRTQCEJVQOGCUWTKPIUWEJGZEJCPIGUHTQONQYHN[KPI

CPF0GNNKU#KT(QTEG$CUGKPENWFGTGCNVKOGENQWFVQ NKIJVCKTRNCPGUVQGZRNQTGURCVKCNXCTKCDKNKV[QHVJGFCVCCV

ITQWPFNKIJVPKPIHNCUJITCRJKECNRTQFWEVUCPFNQECN NQYEQUV4GEGPVGOGTIGPE[RTGRCTGFPGUUCEVKXKVKGU

HQTGECUVRTQFWEVU#4.514&CNUQRTQXKFGU KPENWFGKPFGRGPFGPVGXCNWCVKQPUQHCVOQURJGTKE

OGVGQTQNQIKECNOQPKVQTKPIUWRRQTVCPFYGCVJGTHQTGECUV FKURGTUKQPOQFGNUHQTUGXGTCNCIGPEKGUCPFVJGFGUKIP

UGTXKEGUVQ0WENGCT'OGTIGPE[5GCTEJ6GCO0'56CPF CPFEQOCPCIGOGPVQHNCTIGVTCEGTFKURGTUKQPUVWFKGU

(GFGTCN4CFKQNQIKECN/QPKVQTKPICPF#UUGUUOGPV%GPVGT #EVKXKVKGUCKOGFCVENKOCVGXCTKCDKNKV[KPENWFGVJGFCKN[


(4/#%CEVKXKVKGU/QPKVQTKPIUWRRQTVKPENWFGU QRGTCVKQPQH01##	UKPVGITCVGFUQNCTKTTCFKCPEGUVWF[

UWTHCEGCPFWRRGTCKTFCVCEQNNGEVKQPCPFCPCN[UKU 
+5+5PGVYQTMVJCVRTQXKFGUNQPIVGTOFCVCQPKPEQOKPI

9GCVJGTHQTGECUVUGTXKEGGPVCKNUOCKPVCKPKPICEQPUVCPV UQNCTTCFKCVKQPCPFUWTHCEGTCFKCVKQPDCNCPEGCVUKVGU

YGCVJGTYCVEJHQTEQPFKVKQPUVJCVOKIJVKORCEV CETQUUVJG754GUGCTEJRTQITCOUCTGWPFGTVCMGPYKVJ

0'56(4/#%QRGTCVKQPUCPFRGTUQPPGNKUUWKPIUKVG VJGCUUKUVCPEGQHRGTUQPPGNQHVJG'PGTI['PXKTQPOGPV

URGEKHKEOGUQUECNGYKPFUVCDKNKV[CPFYGCVJGT 5[UVGOU&KXKUKQPQH1CM4KFIG#UUQEKCVGF7PKXGTUKVKGU

HQTGECUVUCPFRTQXKFKPIEQPUWNVCVKQPVQVJGQPUEGPG 
14#7CPFKPENQUGEQNNCDQTCVKQPYKVJUEKGPVKUVUHTQO

EQOOCPFGTCPFVQ0CVKQPCN.CDQTCVQTKGURGTUQPPGN 1CM4KFIGCPFQVJGT0CVKQPCN.CDQTCVQTKGUCPFHTQO

QVJGTIQXGTPOGPVCIGPEKGUWPKXGTUKVKGUCPFTGUGCTEJ 6JG&1'1CM4KFIG1RGTCVKQPU1HHKEG
14KU

NQECVGFQPPGCTN[USWCTGOKNGUQHJKNN[CPFJGCXKN[

XGIGVCVGFVGTTCKPKPGCUVGTP6GPPGUUGGCPFKUUWRRQTVGF 1RGTCVKQPCNN[#4.#6&&RGTUQPPGNRTQXKFG

D[#4.	U#VOQURJGTKE6WTDWNGPEGCPF&KHHWUKQP OGVGQTQNQIKECNEQPUWNVCVKQPCPFUWRRNGOGPVCNFCVCVQ

&KXKUKQP
#6&.#6&&	URTKOCT[OKUUKQPKU NQECN14WUGTUHQTCKTSWCNKV[CPCN[UGUGPXKTQPOGPVCN

CVOQURJGTKETGUGCTEJ#VVGPVKQPKUHQEWUGFQPVJG TGRQTVUCPFGOGTIGPE[RTGRCTGFPGUU.QECN

RJ[UKEUQHVJGNQYGTCVOQURJGTGYKVJURGEKCNGORJCUKU ENKOCVQNQIKECNFCVCCTGTQWVKPGN[EQNNGEVGFCPF

QPVJGRTQEGUUGUEQPVTKDWVKPIVQCVOQURJGTKEVTCPURQTV FKUVTKDWVGF7PFGT01##HWPFKPI#4.#6&&

FKURGTUKQPCPFCKTUWTHCEGGZEJCPIGCPFQPVJG QRGTCVGUCTGIKQPCNVQYGTPGVYQTMQHUKVGUTCPIKPI

FGXGNQROGPVCPFKORTQXGOGPVQHRTGFKEVKXGECRCDKNKVKGU HTQOVJG%WODGTNCPFOQWPVCKPUVQVJGYGUVQH1CM

WUKPIVJGTGUWNVUQHVJKUTGUGCTEJ6JGRTQITCOKU 4KFIGVQVJG5OQM[/QWPVCKPUQPVJGGCUVYKPF

QTICPK\GFCTQWPFVJTGG#4.YKFGVJGOGUCKTSWCNKV[ VGORGTCVWTGCPFRTGEKRKVCVKQPFCVCCTGTGEQXGTGFGXGT[

GOGTIGPE[RTGRCTGFPGUUCPFENKOCVGXCTKCDKNKV[6JG OKPWVGUD[VGNGOGVT[CPFOCFGCXCKNCDNGVQWUGTU

QDLGEVKXGUCTG
VQFGXGNQRDGVVGTOGVJQFUHQT #4.#6&&CNUQYQTMUENQUGN[YKVJVJG14#7VQ

FGUETKDKPICVOQURJGTKEVTCPURQTVFKHHWUKQPCPFCKT GPJCPEGGFWECVKQPCNQRRQTVWPKVKGUKPCVOQURJGTKEUEKGPEG

UWTHCEGGZEJCPIGKPPWOGTKECNUKOWNCVKQPUVQGZVGPF 

VJGCRRNKECDKNKV[QHVJGUGVGEJPKSWGUVQPQPKFGCN

OQFGNKPIVJGDGJCXKQTQHVJGPQEVWTPCNDQWPFCT[NC[GT

CPFQHKPETGCUKPIKPVGTGUVVQFGEKUKQPOCMGTUOQFGN

WPEGTVCKPVKGU5WTHCEGGPGTI[DCNCPEGCPF%1 GZEJCPIG 

UVWFKGUCTGTGNCVGFVQSWGUVKQPUQHINQDCNENKOCVGCPF

VJGTGHQTGEQXGTCYKFGTCPIGQHGEQU[UVGOUTCPIKPIHTQO

VJGVGORGTCVGVQVJG#TEVKENQPIVGTOUVWFKGUQH%1

GZEJCPIGCKOGFCVRTQEGUUNGXGNWPFGTUVCPFKPIJCXGDGGP

WPFGTYC[CVVJG9CNMGT$TCPEJ9CVGTUJGFHQTGUVKP1CM

4KFIGHQTUGXGTCN[GCTU5RGEKCNGZRGTKOGPVCN

ECRCDKNKVKGUKPENWFGRQTVCDNGCWVQOCVGFUQNCTRQYGTGF

U[UVGOUVQFKTGEVN[CPFEQPVKPWQWUN[OGCUWTGCKTUWTHCEG



QTICPK\CVKQPUKPVJG75CPFCDTQCF

/GVGQTQNQIKECNUGTXKEGUVQVJG&1'4KEJNCPF

1RGTCVKQPU1HHKEGJCUDGGPRTQXKFGFD[$CVVGNNG2CEKHKE
&

0QTVJYGUV.CDQTCVQTKGU20.HQTPGCTN[[GCTU0QV 5WRRQTVVQVJG4QEM[(NCVU1HHKEG4(1KURTQXKFGF

QPN[JCUQRGTCVKQPCNUWRRQTVDGGPRTQXKFGFDWVCNUQ D['))4QEM[(NCVU+PE6JKUHCEKNKV[KUNQECVGF

UWRRQTVKPITGUGCTEJKPVQCVOQURJGTKERTQEGUUGUJCUDGGP CNQPIVJGGCUVGTPUNQRGUQHVJG4QEM[/QWPVCKPU

CMG[RCTVQH20.	UUWRRQTVVQ&1'4KEJNCPF6JG CRRTQZKOCVGN[OKNGUPQTVJYGUVQH&GPXGT%QNQTCFQ

HCEKNKV[EQXGTUUSWCTGOKNGUYKVJKPVJGCTKFCPF CPFKUQPGQHVJGUOCNNGTUKVGUEQXGTKPIQPN[USWCTG

URCTUGN[XGIGVCVGF%QNWODKC4KXGTDCUKPKPUQWVJGCUVGT OKNGU2CTVQHVJGHQTOGT4QEM[(NCVUPWENGCTYGCRQPU

9CUJKPIVQP-G[&1'TGUGCTEJCEVKXKVKGUCV20.	U HCEKNKV[JCUDGGPVTCPUHQTOGFKPVQVJG0CVKQPCN9KPF

'PXKTQPOGPVCN5EKGPEG4GUGCTEJ%GPVGTKPENWFGVJG 6GEJPQNQI[%GPVGTCUCTGUGCTEJHCEKNKV[VQCKFKPFWUVT[

)NQDCN%JCPIG4GUGCTEJ2TQITCO
)%42VJG KPFGXGNQRKPICFXCPEGFYKPFGPGTI[U[UVGOUHQTVJG

#VOQURJGTKE4CFKCVKQP/GCUWTGOGPV#4/RTQITCO HWVWTG

VJG#VOQURJGTKE%JGOKUVT[2TQITCO
#%2VJG%QTG 

%CTDQP&KQZKFG4GUGCTEJRTQITCOVJG%QORWVGT

*CTFYCTG#FXCPEGF/CVJGOCVKEUCPF/QFGN2J[UKEU


%*#//2RTQITCOCPFVJG/GZKEQ%KV[#KT3WCNKV[

5VWF[

)%42HQEWUGUQPVJGUVWF[QHDCUKEIGQRJ[UKECN OCKPVCKPGFFWTKPITQWVKPGYQTMKPIJQWTUHQTUGXGTG

RTQEGUUGUCPFFGXGNQROGPVQHFCVCDCUGUVJCVCTGETKVKECN VJWPFGTUVQTOUNKIJVPKPIYKPVGTUVQTOUCPFUVTQPI

HQTWPFGTUVCPFKPIINQDCNCPFTGIKQPCNENKOCVKEEJCPIG YKPFU+PCFFKVKQP'))OCPCIGUCPFQRGTCVGUC

6JG#4/RTQITCOKUFGUKIPGFVQEJCTCEVGTK\G OGVGQTQNQIKECNOQPKVQTKPIRTQITCOVJCVWUGUNQECN

GORKTKECNN[VJGTCFKCVKXGRTQEGUUGUKPVJGCVOQURJGTG 01##'4.OGVGQTQNQIKECNFCVC6JG[CNUQEQPFWEV

YKVJJKIJURCVKCNVGORQTCNCPFURGEVTCNTGUQNWVKQPCPF FQUGCUUGUUOGPVUTWPFKURGTUKQPOQFGNUCPFUWRRQTVCP

CEEWTCE[CVHQWTVQUKZENKOCVQNQIKECNN[KORQTVCPVUKVGU GOGTIGPE[TGURQPUGRTGRCTGFPGUURTQITCO6JG

FKUVTKDWVGFYQTNFYKFG6JGIQCNQHVJG%*#//2 %QNQTCFQ&GRCTVOGPVQH2WDNKE*GCNVJJCUHQTOCNN[

RTQITCOKUVQRTQFWEGCENKOCVGOQFGNKPIU[UVGOJCXKPI CRRTQXGFVJG4QEM[(NCVUGOGTIGPE[TGURQPUGRTQITCO

VKOGUVJGECRCEKV[QHVJGEWTTGPVIGPGTCVKQPQH 1PUKVGOGVGQTQNQIKECNOQPKVQTKPIKURTQXKFGFD[YKPF

OQFGNUCPFEQORWVGTU+PCFFKVKQPECTDQPFKQZKFG CPFVGORGTCVWTGFCVCEQNNGEVGFHTQOCOGVGTVQYGT

GOKUUKQPUTGUGCTEJKUCKOGFCVRTQXKFKPICUEKGPVKHKEDCUKU 6JKUVQYGTKUGSWKRRGFYKVJUVCPFCTFOGVGQTQNQIKECN

HQTHQTGECUVKPIHWVWTGGOKUUKQPUQHECTDQPFKQZKFGCPF UGPUQTUCVVJGUWTHCEGOGVGTUOGVGTUCPF

QVJGTTCFKCVKXGN[KORQTVCPVICUGU OGVGTUCDQXGVJGITQWPF&CVCCTGVTCPUOKVVGFVQVJG

HQTGECUVQHHKEGCPFVQVJG'OGTIGPE[1RGTCVKQPU%GPVGT 20.	U/GVGQTQNQIKECNCPF%NKOCVQNQIKECN5GTXKEGU

2TQLGEV
/5%2QHHKEGRTQXKFGUOGVGQTQNQIKECN

OQPKVQTKPICPFQRGTCVKQPCNUWRRQTV6JGOQPKVQTKPI

U[UVGOEQPUKUVUQHCPCTTC[QHVYGPV[VJTGGOGVGT

VQYGTUCPFVJTGGOGVGTVQYGTUKPUVTWOGPVGFYKVJ

VGORGTCVWTGCPFYKPFFKTGEVKQPCPFURGGFUGPUQTU&CVC

HTQOVJKUPGVYQTMCTGVTCPUOKVVGFXKC7*(TCFKQVQC

EQORWVGTVJCVFGEQFGUVJGFCVCCPFRNQVUITCRJKEU 6JG5CXCPPCJ4KXGT1RGTCVKQPU1HHKEG
54KU

RTQFWEVUHQTKOOGFKCVGFKURNC[CPFWUGD[*CPHQTF NQECVGFKPGZVTGOGUQWVJYGUVGTP5QWVJ%CTQNKPCCNQPI

/GVGQTQNQIKECN5VCVKQPRGTUQPPGN1VJGTOGVGQTQNQIKECN VJGDCPMUQHVJG5CXCPPCJ4KXGT6JG5CXCPPCJ4KXGT

FCVCCTGTGEGKXGFXKCVJG095&1'#(15PGVYQTM 5KVG545EQXGTUCPCTGCQHCRRTQZKOCVGN[USWCTG

/GVGQTQNQIKECNUGTXKEGUKPENWFGGOGTIGPE[TGURQPUG OKNGUCPFKUOCPCIGFD[VJG9GUVKPIJQWUG5CXCPPCJ

HWPEVKQPUYGCVJGTHQTGECUVKPIHQTQPUKVGQRGTCVKQPUCPF 4KXGT%QORCP[VJGRTKOCT[RTQFWEGTQHVTKVKWOHQTWUG

URGEKCNRTQLGEVUCPFENKOCVQNQIKECNUWRRQTV/5%2 KPPWENGCTYGCRQPU6JGENKOCVGKUV[RKECNQHVJG

UWRRQTVVQVJG*CPHQTFUKVGKPENWFGUGZVGPUKXGFCVC UQWVJGCUVGTP75YKVJJQVJWOKFUWOOGTUCPFOKNF

CESWKUKVKQPXKCCUKVGYKFGOGVGQTQNQIKECNOQPKVQTKPI YGVYKPVGTU545KUJGCXKN[XGIGVCVGFYKVJGXGTITGGP

PGVYQTM
CTQWPFVJGENQEMYGCVJGTHQTGECUVKPI VTGGUCPFEQPVCKPUOCP[UVTGCOUCUYCORCPFC

UGTXKEGU
JQWTN[UWTHCEGQDUGTXCVKQPUJQWTN[ CETGTGUGTXQKTDWKNVCUCEQQNKPIRQPFHQTVJGRNCPV

U[PQRVKEQDUGTXCVKQPUCPFVYKEGFCKN[RKNQVDCNNQQP TGCEVQTU

TGNGCUGUCPFOQPVJN[CPFCPPWCNENKOCVQNQIKECNFCVC 

UWOOCTKGURNWUOGVGQTQNQIKECNKPRWVVQCPPWCN

GPXKTQPOGPVCNTGRQTVU

'))UEKGPVKHKECPFVGEJPKECNRGTUQPPGNRTQXKFG

OGVGQTQNQIKECNCPFENKOCVQNQIKECNUGTXKEGUKPUWRRQTVQH

4(1UKVGQRGTCVKQPU9GCVJGTHQTGECUVUCTGKUUWGFVYKEG

FCKN[VQUWRRQTVQPUKVGQRGTCVKQPUCPFQVJGTYGCVJGT

UGPUKVKXGCEVKXKVKGU#EQPUVCPVYGCVJGTYCVEJKU

GXGT[OKPWVGU6JGUGFCVCCTGCNUQCTEJKXGFHQT

HWVWTGWUG'))RNCPUVQJCXGC51,#55

U[UVGOQRGTCVKQPCNN[QPUKVGCPFVJGTGCTGRNCPUVQ

CEEGUUOGVGQTQNQIKECNFCVCHTQOHKXG%QNQTCFQ

&GRCTVOGPVQH2WDNKE*GCNVJCPF'PXKTQPOGPVOGVGT

VQYGTUPGCTVJGRNCPV

5WRRQTVVQ54QRGTCVKQPUKURTQXKFGFD[VJG

9GUVKPIJQWUG5CXCPPCJ4KXGT/GVGQTQNQIKECN2TQITCO

CPFKPENWFGUFCKN[YGCVJGTHQTGECUVUGTXKEGUHQTVJG545
&

/GVGQTQNQIKECNFCVCKUQDVCKPGFHTQOCNQECNPGVYQTMQH 6JG#VOQURJGTKE4GNGCUG#FXKUQT[%CRCDKNKV[

GKIJVHQQVVQYGTUYKVJUGPUQTUCVVJGHQQVNGXGN 
#4#%2TQITCOKUCEGPVTCNK\GFPCVKQPCNTGUQWTEG

CHQQVVQYGTKPUVTWOGPVGFCVHQWTNGXGNUCPFC TGURQPUKDNGVQVJG75&GRCTVOGPVQH'PGTI[&1'

HQQVVQYGT#FFKVKQPCNNQECNWRRGTCKTFCVCCTG VJG75&GRCTVOGPVQH&GHGPUG
&1&CPFQVJGT

EQNNGEVGFHTQOVJTGGCEQWUVKE&QRRNGTTCFCTUC$GWMGTU HGFGTCNCIGPEKGUWPFGTVJGCWURKEGUQHVJG(GFGTCN

TCYKPUQPFGU[UVGOCPFCPCKTUQPFGCPFVGVJGTUQPFG 4CFKQNQIKECN'OGTIGPE[4GURQPUG2NCP
(4'42

U[UVGO1VJGTOGVGQTQNQIKECNFCVCCTGTGEGKXGFXKCVJG #4#% UOKUUKQPKUVQFGNKXGTTGCNKUVKETGCNVKOGITCRJKECN

095&1'#(15PGVYQTM4GUGCTEJQPCVOQURJGTKE FQUGCPFGZRQUWTGCUUGUUOGPVUVQGOGTIGPE[FGEKUKQP

VTCPURQTVCPFFKURGTUKQPKUCNUQEQPFWEVGFVQRTQXKFG545 OCMGTUVQCUUKUVKPVJGRTQVGEVKQPQHRQRWNCVKQPUCVTKUM

YKVJVJGDGUVOQFGNKPIECRCDKNKV[CXCKNCDNGVQUWRRQTV HQTTGNGCUGUQHTCFKQNQIKECNCPFQVJGTJC\CTFQWUOCVGTKCN

GOGTIGPE[TGURQPUGQRGTCVKQPUCPFQVJGTRTQITCOU VQVJGCVOQURJGTG#4#%UWRRQTVUCNNGNGOGPVUQHVJG

&1''OGTIGPE[2TGRCTGFPGUUCPF4GURQPUG2TQITCO 6JG.CYTGPEG.KXGTOQTG0CVKQPCN.CDQTCVQT[


..0.KUQRGTCVGFD[VJG7PKXGTUKV[QH%CNKHQTPKCHQT

VJG&1'1CMNCPF1RGTCVKQPU1HHKEG9KVJKPVJG..0.

'PXKTQPOGPVCN2TQITCOU&KTGEVQTCVGVJG#VOQURJGTKE

5EKGPEGU&KXKUKQP#5&EQPFWEVUTGUGCTEJQPENKOCVG

CPFYGCVJGTRTQEGUUGUQPTGIKQPCNVQINQDCNURCVKCN

UECNGU#VVJGTGIKQPCNUECNGVJGHQEWUKUVQFGXGNQR #4#%OCKPVCKPUCPFQRGTCVGUVJG#4#%

CFXCPEGFOQFGNUHQTCEEWTCVGN[RTGFKEVKPIVJGVTCPURQTV 'OGTIGPE[1RGTCVKQPU%GPVGTVJCVEQPUKUVUQHTGFWPFCPV

FKHHWUKQPFGRQUKVKQPVTCPUHQTOCVKQPCPFCVOQURJGTKE EQORWVGTU[UVGOUYKVJWPKPVGTTWRVCDNGRQYGTCWVQOCVGF

GHHGEVUQHCEEKFGPVCNTGNGCUGUQTRQNNWVCPVU1PVJGINQDCN EQPVKPWQWUYQTNFYKFGOGVGQTQNQIKECNFCVCCESWKUKVKQP

UECNG#5&TGUGCTEJGUVJGOGEJCPKUOUQHINQDCN FGVCKNGFYQTNFYKFGVGTTCKPCPFIGQITCRJKEOCRRKPI

GPXKTQPOGPVCNCPFENKOCVGEJCPIGVJTQWIJVJG FCVCDCUGUCPFCUWKVGQHVJTGGFKOGPUKQPCNEQORNGZ

FGXGNQROGPVCPFFKCIPQUKUQHUVCVGQHVJGCTVOQFGNUVJCV VGTTCKPCVOQURJGTKEFKURGTUKQPOQFGNURTGRCTGFVQCUUGUU

TGRTGUGPVMG[RTQEGUUGUCHHGEVKPIVJGCVOQURJGTGQEGCPU GZRNQUKQPUHKTGUXGPVUURKNNUQTQVJGTTGNGCUGUQH

CPFDKQURJGTG6YQOCLQTRTQITCOUYKVJKP#5&KPENWFG TCFKQNQIKECNQTJC\CTFQWUOCVGTKCN6JG#4#%%GPVGTKU

2%/&+CPF#4#% UVCHHGFD[OGVGQTQNQIKUVUCPFEQORWVGTVGEJPKEKCPUYKVJ

JQWTQPECNNTGURQPUG2CTVQHVJG#4#%2TQITCO 6JG2TQITCOHQT%NKOCVG/QFGN&KCIPQUKUCPF

+PVGTEQORCTKUQP
2%/&+FGXGNQRUCPFFKUVTKDWVGU

UQHVYCTGVQQNUVQHCEKNKVCVGOQFGNFKCIPQUKUCPF

KPVGTEQORCTKUQPFQEWOGPVUVJGHGCVWTGUQHOQFGNUVJCV

CTGKPWUGD[VJGYQTNFENKOCVGEQOOWPKV[CPFCTEJKXGU

GZVGPUKXGEQNNGEVKQPUQHOQFGNQWVRWVFCVC6JG2TQITCO

CNUQRTQXKFGUSWCNKV[INQDCNQDUGTXCVKQPCNRTQFWEVUHQT

CRRNKECVKQPCUOQFGNXCNKFCVKQPFCVC

KPENWFKPIVJG0WENGCT'OGTIGPE[5GCTEJ6GCO0'56

VJG#EEKFGPV4GURQPUG)TQWR
#4)VJG(GFGTCN

4CFKQNQIKECN/QPKVQTKPICPF#UUGUUOGPV%GPVGT


(4/#%CPFVJG4CFKQNQIKECN#UUKUVCPEG2TQITCO


4#2

RTQXKFGUQPUKVGCPFQHHUKVGGOGTIGPE[TGURQPUGUGTXKEGU

VQCDQWV&1'CPF&1&HCEKNKVKGUCTQWPFVJG75XKC

CFGFKECVGF5KVG9QTMUVCVKQP5[UVGONKPMGFVQVJG#4#%

%GPVGTCV..0.'CEJ5KVG9QTMUVCVKQPCNUQEQNNGEVU

QPUKVGOGVGQTQNQIKECNFCVCHTQOQPGQTOQTGVQYGTU

6JGTGURQPUGVKOGHQTVJGFGNKXGT[QHCPKPKVKCN#4#%

CUUGUUOGPVKUNGUUVJCPOKPWVGUHQTCEQORWVGTNKPMGF

UKVGCPFOKPWVGUHQTCPQPEQORWVGTNKPMGFUKVG
&

6JG(GFGTCN'OGTIGPE[/CPCIGOGPV#IGPE[('/#KUVJGEGPVTCNCIGPE[YKVJKPVJGHGFGTCNIQXGTPOGPV

TGURQPUKDNGHQTGOGTIGPE[RTGRCTGFPGUUVTCKPKPICPFGZGTEKUGUOKVKICVKQPTGURQPUGCPFTGEQXGT[9QTMKPI

ENQUGN[YKVJUVCVGCPFNQECNIQXGTPOGPVU('/#HWPFUGOGTIGPE[RTQITCOUCPFQHHGTUVGEJPKECNIWKFCPEGCPF

VTCKPKPI('/#CNUQEQQTFKPCVGUHGFGTCNFKUCUVGTTGNKGHTGUQWTEGUKPCECVCUVTQRJKEFKUCUVGT6JGUGEQQTFKPCVGF

CEVKXKVKGUGPUWTGCDTQCFDCUGFRTQITCOVQRTQVGEVNKHGCPFRTQRGTV[CPFRTQXKFGTGEQXGT[CUUKUVCPEGCHVGTC

FKUCUVGT6JGCIGPE[YCUHQTOGFKPD[2TGUKFGPVKCN'ZGEWVKXG1TFGTTGRNCEKPIHKXGHQTOGT

CIGPEKGUCPFEQPUQNKFCVKPIVJG0CVKQP	UGOGTIGPE[TGNCVGFRTQITCOUKPENWFKPIOGVGQTQNQIKECNGOGTIGPEKGU

('&'4#.'/'4)'0%;/#0#)'/'06#)'0%;

+PECTT[KPIQWVKVUTQNG('/#YQTMUYKVJCNNQH TGEQXGTHTQOGOGTIGPEKGUCPFFKUCUVGTU6JGUG

VJGCIGPEKGUVQCUUWTGVJCVVJGFGNKXGT[QHOGVGQTQNQI[ KPVGTGUVUGZVGPFVQPCVKQPCNUVCPFCTFUHQTIGQITCRJKE

TGNCVGFKPHQTOCVKQPKUEQPFWEVGFKPMGGRKPIYKVJ KPHQTOCVKQPU[UVGOU
)+5WUGFHQTFGNKXGT[QH

GUVCDNKUJGFIQCNUCPFQDLGEVKXGU#UCFOKPKUVTCVQTQH OGVGQTQNQIKECNRTQFWEVUCPFUGTXKEGUD[QVJGTCIGPEKGU

VJG0CVKQPCN(NQQF+PUWTCPEG2TQITCO('/# ('/#CNUQCEVKXGN[UWRRQTVUVJG1(%/URQPUQTGF

RWDNKUJGU(NQQF+PUWTCPEG4CVG/CRUHQTCNNHNQQF 9QTMKPI)TQWRHQT2QUV5VQTO&CVC#ESWKUKVKQP

RTQPGEQOOWPKVKGUYJKEJUGTXGCUVJGQHHKEKCN 
9)25&#CPFVJG9)25&#	UGHHQTVUVQFGXGNQRC

FGOCTECVKQPHQTHNQQFTKUM('/#CNUQRWDNKUJGU 0CVKQPCN2NCPHQT2QUV5VQTO&CVC#ESWKUKVKQPVQ

JWTTKECPGGXCEWCVKQPOCRUDCUGFQPOQFGNUKOWNCVKQP EQQTFKPCVGCPFUWRRQTVVJGEQNNGEVKQPD[VJGHGFGTCN

TGUWNVUHTQO095	U0CVKQPCN*WTTKECPG%GPVGTHQT CIGPEKGUQHRGTKUJCDNGFCVCCHVGTOCLQTUVQTOU(QT

TGIKQPUUWDLGEVVQJWTTKECPGU OGVGQTQNQIKECNN[TGNCVGFOCVVGTUVJG*C\CTF

+FGPVKHKECVKQPCPF4KUM#UUGUUOGPV&KXKUKQP/KVKICVKQP ('/#	URTKQTKV[KPVGTGUVUYKVJVJG1HHKEGQHVJG

(GFGTCN%QQTFKPCVQTHQT/GVGQTQNQI[1(%/CTGKP

RTQOQVKPIUVCPFCTFUCPFRTQEGFWTGUYJKEJYKNN

GPJCPEGVJGCDKNKV[QHVJG0CVKQPVQOKVKICVGCPF

&KTGEVQTCVGKUVJGRTKPEKRCNEQPVCEVRQKPVYKVJKP

('/#('/#9GD5KVGYYYHGOCIQX
'

6JG&GRCTVOGPVQH%QOOGTEG&1%YCUFGUKIPCVGFD[VJG2TGUKFGPVHQNNQYKPI5GPCVG%QPEWTTGPV4GUQNWVKQP

VQDGVJGNGCFCIGPE[HQTEQQTFKPCVKPI75RCTVKEKRCVKQPKPVJG9QTNF9GCVJGT2TQITCO992

2TGXKQWUVQ&1%RWDNKUJGFCUGRCTCVGTGRQTVQP9922NCPU$GIKPPKPIYKVJVJGGFKVKQPQHVJG

(GFGTCN2NCPHQT/GVGQTQNQIKECN5GTXKEGUCPF5WRRQTVKPI4GUGCTEJCUGEVKQPQPVJG992JCUDGGPKPENWFGF

QDXKCVKPIVJGPGGFHQTCUGRCTCVGTGRQTV+PENWFGFCVVJGGPFQHVJKUCRRGPFKZCTGDKNCVGTCNCPFTGIKQPCN

KPVGTPCVKQPCNEQQRGTCVKXGCEVKXKVKGUPQVWPFGTVJG9929JKNGPQVGZJCWUVKXGOQUVIQXGTPOGPVRTQITCOUCTG

KPENWFGF

#22'0&+:'

WORLD WEATHER PROGRAM

)1#.5#0&14)#0+<#6+10 6JG9/1TGURQPFGFVQVJG70TGSWGUVYKVJVJG

EQPEGRVQHVJG9QTNF9GCVJGT9CVEJ
999CP 6JGIQCNUQHVJG992CTGVQGZVGPFVJGVKOG

CEEWTCE[TCPIGCPFUEQRGQHYGCVJGTRTGFKEVKQPCPF

VQWPFGTUVCPFVJGRJ[UKECNDCUKUQHENKOCVGCPFENKOCVKE

EJCPIG6JGCDKNKV[QHVJG7PKVGF5VCVGUCPFQVJGT

PCVKQPUVQWUGVJGKTGZKUVKPIUEKGPVKHKEECRCDKNKV[VQ

WPFGTUVCPFVJGENKOCVGCPFVQKPETGCUGVJGKTYGCVJGT

RTGFKEVKPIUMKNNUKUNKOKVGFD[VJGNCEMQHINQDCNYGCVJGT /QTGTGEGPVN[VJG9/1VJTQWIJKVUEQOOKUUKQP

FCVC#XCKNCDNGYGCVJGTFCVCCTGKPCFGSWCVGN[QDUGTXGF UVTWEVWTGKUYQTMKPIVQYCTFUVJGFGUKIPCPF

QXGTRGTEGPVQHVJG'CTVJ	UUWTHCEGCPFOQUVN[QXGT KORNGOGPVCVKQPQHKORTQXGFQDUGTXCVKQPUHQTC)NQDCN

VJGQEGCPUEQXGTCIGQXGTVJGTGOCKPKPIRGTEGPVKU %NKOCVG1DUGTXKPI5[UVGO
)%15VJTQWIJ

KPRNCEGUDCTGN[CFGSWCVG GPJCPEGOGPVUVQVJG)NQDCN1DUGTXKPI5[UVGO)15

CPFQVJGTCRRTQRTKCVGOGCUWTGU6JGUGGHHQTVUCTG &GXGNQROGPVQHVJGVGEJPQNQI[CPFVJGU[UVGOUVQ

QDVCKPVJGUGQDUGTXCVKQPUGURGEKCNN[QXGTVJGQEGCPU

RTGUGPVUHQTOKFCDNGRTQDNGOU9KVJVJGWUGQH

UCVGNNKVGUCKTETCHVUJKRUTCFCTCPEJQTGFCPFFTKHVKPI

DWQ[UCPFDCNNQQPUJQYGXGTCPKPVGITCVGFU[UVGOECP

DGFGXGNQRGFVQQDUGTXGCPFEQNNGEVEQORTGJGPUKXGFCVC

CDQWVVJGCVOQURJGTGQXGTVJGGPVKTGINQDG6JKU

U[UVGOKUVQQEQORNGZVQDGKORNGOGPVGFD[CUKPING

PCVKQPCHCEVENGCTN[TGEQIPK\GFD[VJGNGCFGTUQHOCP[ 6JGTGURQPUKDKNKVKGUQH75HGFGTCNCIGPEKGUKPVJG

PCVKQPUYJQUGKPVGTPCVKQPCNEQQRGTCVKQPKPOGVGQTQNQI[ 992CTGCUHQNNQYU

JCUDGGPCVTCFKVKQPHQTOQTGVJCPCEGPVWT[+P

VJKUEQPVKPWKPIPGGFHQTKPVGTPCVKQPCNEQQRGTCVKQP

RTQORVGFVJG2TGUKFGPVQHVJG7PKVGF5VCVGUVQRTQRQUG

VQVJG7PKVGF0CVKQPU
70VJGGUVCDNKUJOGPVQHCP

KPVGTPCVKQPCNGHHQTVKPYGCVJGTRTGFKEVKQP6JG70

TGURQPFGFD[ECNNKPIWRQPVJG9QTNF/GVGQTQNQIKECN

1TICPK\CVKQP9/1CPFVJG+PVGTPCVKQPCN%QWPEKNQH

5EKGPVKHKE7PKQPU
+%57VQFGXGNQROGCUWTGUVQ

KORTQXGYGCVJGTHQTGECUVKPIECRCDKNKVKGUCPFVQCFXCPEG < &GRCTVOGPVQH5VCVG&15/CKPVCKPUTGNCVKQPU

VJGMPQYNGFIGQHVJGDCUKERJ[UKECNHQTEGUVJCV YKVJFGXGNQRKPIPCVKQPUCPFVJTQWIJ01##CPF

FGVGTOKPGENKOCVG VJG9/1CUUKUVUFGXGNQRKPIPCVKQPUKPKORTQXKPI

VJGKTPCVKQPCNYGCVJGTUGTXKEGU&15CNUQ 6JG9/1YKVJOGODGTUKUCURGEKCNK\GF

CIGPE[ETGCVGFD[VJG70VQHCEKNKVCVGKPVGTPCVKQPCN

EQQRGTCVKQPKPVJGHKGNFUQHOGVGQTQNQI[CPFJ[FTQNQI[

QRGTCVKQPCNU[UVGOVQDTKPIVJGINQDCNCVOQURJGTG

WPFGTKORTQXGFUWTXGKNNCPEGCPFVQRTQXKFGHQTVJG

TCRKFEQNNGEVKQPCPFGZEJCPIGQHYGCVJGTFCVCCUYGNN

CUHQTVJGFKUUGOKPCVKQPQHYGCVJGTRTQFWEVUHTQO

EGPVTCNK\GFRTQEGUUKPIEGPVGTU

GZRGEVGFVQ[KGNFCPGPJCPEGF)15HQTDQVJQRGTCVKQPCN

CPFTGUGCTEJRWTRQUGUCPFCTGRCTVQHVJGGHHQTVVQ

UVTGPIVJGPVJG9/1	UEQOOKVOGPVVQKORTQXGVJG

WPFGTUVCPFKPIQHENKOCVGCPFTGNCVGFGPXKTQPOGPVCN

OCVVGTUCUCTVKEWNCVGFD[VJG5GEQPF9QTNF%NKOCVG

%QPHGTGPEGKPCPFTGRGCVGFCVVJG7PKVGF0CVKQPU

%QPHGTGPEGQPVJG'PXKTQPOGPVCPF&GXGNQROGPV

< &GRCTVOGPVQH%QOOGTEG&1%4GRTGUGPVUVJG

75CV9/1CPFVJTQWIJ01##RTQXKFGUVJG

HQECNRQKPVVQEQQTFKPCVGQWT0CVKQP	UGHHQTVUKP

VJGUGKPVGTPCVKQPCNRTQITCOUKORNGOGPVUVJQUG

UGTXKEGKORTQXGOGPVUKPVJGGZKUVKPIKPVGTPCVKQPCN

YGCVJGTU[UVGOHQTYJKEJVJG75CEEGRVU

TGURQPUKDKNKV[CPFFGXGNQRUPGYVGEJPQNQI[

FGXGNQRUCRRTQRTKCVGOWNVKNCVGTCNCPFDKNCVGTCN

CTTCPIGOGPVUVQHWTVJGTKPVGTPCVKQPCNRCTVKEKRCVKQP
'

< 0CVKQPCN5EKGPEG(QWPFCVKQP05(5VKOWNCVGU UWRRQTVCEVKXKV[RTQXKFGUIWKFCPEGVGEJPKECNCPF

CPFUWRRQTVUDCUKETGUGCTEJD[PQPIQXGTPOGPV UEKGPVKHKEKPHQTOCVKQPCPFVTCKPKPIVQVJQUGKPXQNXGFKP

UEKGPVKUVUQPCVOQURJGTKECPFQEGCPEKTEWNCVKQPU VJGRNCPPKPIFGXGNQROGPVCPFQRGTCVKQPQH999

CPFOQFGNKPI+VCNUQRTQOQVGUVJGGFWECVKQPCPF EQORQPGPVUCPF6JGKORNGOGPVCVKQPEQQTFKPCVKQP

VTCKPKPIQHCVOQURJGTKECPFQEGCPUEKGPVKUVUCV HWPEVKQPCUUWTGUVJGVKOGN[EQORNGVKQPQHVJG999

WPKXGTUKVKGU KORNGOGPVCVKQPCPFGHHGEVKXGUWRRQTVCPFOCKPVGPCPEG

QHVJG999U[UVGO < &GRCTVOGPVQH&GHGPUG
&1&#NVJQWIJVJG

OKUUKQPQH&1&YGCVJGTUGTXKEGUKUDCUKECNN[ )NQDCN1DUGTXKPI5[UVGO)15

KPVGTPCNVJGPCVWTGQH&1&	UQRGTCVKQPUKUINQDCN

#UUWEJVJGQDUGTXCVKQPVGNGEQOOWPKECVKQPU

CPFFCVCRTQEGUUKPIRTQITCOUQHVJGOKNKVCT[

YGCVJGTUGTXKEGURTQXKFGUKIPKHKECPVKPFKTGEV

UWRRQTVVQVJG999VJTQWIJ&1&	UKPVGTHCEG

YKVJ01##	U0CVKQPCN9GCVJGT5GTXKEG095

+PHQTOCVKQPHTQOVJGTGUGCTEJCPFFGXGNQROGPV

CEVKXKVKGUQHVJGUGUGTXKEGUKUGZEJCPIGFTQWVKPGN[ < 4GIKQPCNDCUKEU[PQRVKEPGVYQTMUOCPPGFCPF

YKVJQVJGTUKOKNCTPCVKQPCNCIGPEKGUCPFKUQHVGP CWVQOCVGFHQTDQVJUWTHCEGCPFWRRGTCKT

RTGUGPVGFCVPCVKQPCNHQTWOU QDUGTXCVKQPU

< &GRCTVOGPVQH6TCPURQTVCVKQP&166JTQWIJ < (KZGFUGCUVCVKQPUEQORQUGFQHQEGCPYGCVJGT

VJG75%QCUV)WCTFRTQXKFGURGTUQPPGNVQ UVCVKQPUHKZGFCPFCPEJQTGFRNCVHQTOUVCVKQPUCPF

UWRRQTV01##	U0CVKQPCN&CVC$WQ[%GPVGT KUNCPFCPFEQCUVCNUVCVKQPU


0&$%KPFGXGNQRKPIQRGTCVKPICPFGXCNWCVKPI

FCVCDWQ[U[UVGOU%QCUV)WCTFEWVVGTUCPF

CKTETCHVRTQXKFGQRGTCVKQPCNUWRRQTVVQFGRNQ[

UGTXKEGCPFTGVTKGXGDWQ[UDWKNVHQTVGUVQT < #KTETCHVOGVGQTQNQIKECNUVCVKQPUKPENWFKPI

QRGTCVKQPCNRWTRQUGU&16	UQDUGTXCVKQPCPF CWVQOCVGFCKTETCHVTGRQTVKPIU[UVGOU

VGNGEQOOWPKECVKQPURTQITCOUCNUQRTQXKFG 

UKIPKHKECPVKPFKTGEVUWRRQTVVQVJG999VJTQWIJ

&16	UKPVGTCEVKQPYKVJVJG095

< 0CVKQPCN#GTQPCWVKEUCPF5RCEG#FOKPKUVTCVKQP VJGTQWVKPGEQNNGEVKQPQHGPXKTQPOGPVCNQDUGTXCVKQPU


0#5#2GTHQTOUTGUGCTEJCPFFGXGNQRUURCEG HTQOGXGPVJGOQUVTGOQVGNQECVKQPU6YQECVGIQTKGU

VGEJPQNQI[TGSWKTGFHQTCPGHHGEVKXGINQDCN QHUCVGNNKVGUCTGWUGFVJQUGKPRQNCTQTDKVUCPFVJQUGKP

YGCVJGTU[UVGO IGQUVCVKQPCT[QTDKVU

6*'914.&9'#6*'49#6%* 2TGUGPVN[QRGTCVKQPCNOGVGQTQNQIKECNUCVGNNKVGUKP

6JG9QTNF9GCVJGT9CVEJ
999KUCP

KPVGITCVGFU[UVGOYJKEJHWPEVKQPUQPVJTGGNGXGNU

INQDCNTGIKQPCNCPFPCVKQPCN6JG999KUFKXKFGF

KPVQVJTGGGUUGPVKCNGNGOGPVUVJCVCTGENQUGN[NKPMGFCPF

KPVGTFGRGPFGPVVJG)NQDCN1DUGTXKPI5[UVGO)15

)NQDCN&CVC2TQEGUUKPI5[UVGO
)&25CPF)NQDCN

6GNGEQOOWPKECVKQP5[UVGO)65

6JGUGGNGOGPVUCTGEQQTFKPCVGFCPFENQUGN[

KPVGITCVGFVJTQWIJVJTGG999UWRRQTVHWPEVKQPU


6JGFCVCOCPCIGOGPVHWPEVKQPEQQTFKPCVGU

OQPKVQTUCPFOCPCIGUVJGHNQYQHFCVCCPFRTQFWEVU

YKVJKPVJG999U[UVGOVQCUUWTGVJGKTSWCNKV[CPF

VKOGN[FGNKXGT[+VCNUQKPENWFGUVJGFGHKPKVKQPCPFWUG

QHEQFGHQTOUHQTFCVCGZEJCPIG
6JGU[UVGOU

6JG)15KUCEQQTFKPCVGFU[UVGOQHOGVJQFU

VGEJPKSWGUCPFHCEKNKVKGUHQTOCMKPIYGCVJGT

QDUGTXCVKQPUQPCYQTNFYKFGUECNG+VKUCEQORQUKVG

U[UVGOEQPVCKPKPIUWTHCEGDCUGFCPFURCEGDCUGF


UCVGNNKVGUWDU[UVGOU6JGOCKPGNGOGPVUQHVJG

UWDU[UVGOCTG

< /QDKNGUGCUVCVKQPUKPENWFKPIOQXKPIUJKRUCPF

FTKHVKPIDWQ[U

6JGURCEGDCUGF
UCVGNNKVGUWDU[UVGORTQXKFGU

XKVCNUWRRQTVHQTOGVGQTQNQIKECNCPFJ[FTQNQIKECN

RTGFKEVKQPUCPFYCTPKPIU6JGWUGQHUCVGNNKVGUGPCDNGU

RQNCTQTDKVUCTGQRGTCVGFD[4WUUKC
VJG/'6'14

UGTKGUCPFVJG7PKVGF5VCVGU6JG7PKVGF5VCVGU

QRGTCVGUVJGEKXKNKCP01##21'5
2QNCTQTDKVKPI

1RGTCVKQPCN'PXKTQPOGPVCN5CVGNNKVGUGTKGUCNQPIYKVJ

VJGFGHGPUG&/52
&GHGPUG/GVGQTQNQIKECN5CVGNNKVG

2TQITCOUGTKGUQHRQNCTQTDKVKPIURCEGETCHV01##

EWTTGPVN[NCWPEJGUUCVGNNKVGUCNVGTPCVGN[KPVQCHVGTPQQP

CPFOQTPKPIQTDKVUVQOCKPVCKPCPWPKPVGTTWRVGFUVTGCO

QHRQNCTFCVC6JGEWTTGPVQRGTCVKQPCN01##RQNCT

QTDKVKPIUCVGNNKVGUCTG01##
NCWPEJGFKPCP

CHVGTPQQPQTDKVKP&GEGODGTCPF01##


NCWPEJGFKPCOQTPKPIQTDKVKP/C[6JG

EWTTGPVQRGTCVKQPCN&/52RQNCTQTDKVKPIUCVGNNKVGUCTG

(NCWPEJGFKP#WIWUVCPF(NCWPEJGFKP

/CTEJ'

1RGTCVKQPCNIGQUVCVKQPCT[YGCVJGTUCVGNNKVGUCTG U[UVGOUKUVJGHCOKN[QHCWVQOCVGFCKTETCHVTGRQTVKPI

EWTTGPVN[QRGTCVGFD[,CRCP+PFKC4WUUKC

'7/'65#6'WTQRGCPFVJG7PKVGF5VCVGU,CRCP	U

)GQUVCVKQPCT[/GVGQTQNQIKECN5CVGNNKVG
)/5KU

RQUKVKQPGFCVE'+PFKC	U+PFKCP0CVKQPCN5CVGNNKVG


+05#6KUCVE'4WUUKC U)1/5'NGMVTQ

UCVGNNKVGKUCVE'QRGTCVKQPCNUKPEG,WPGCPF

'7/'65#6	U/'6'15#6KUCVE6JG75

PQTOCNN[QRGTCVGUVYQ)GQUVCVKQPCT[1RGTCVKQPCN

'PXKTQPOGPVCN5CVGNNKVGU)1'5QPGCVE9CPFVJG

QVJGTCVE9)1'5NCWPEJGFKP#RTKNKU

QRGTCVKQPCNCVE9CPF)1'5NCWPEJGFKP/C[

KUQRGTCVKQPCNCVE9

6QJGNRGPUWTGFCVCEQPVKPWKV[HTQOIGQUVCVKQPCT[

QTDKV01##JCUUKIPGFCNQPIVGTOOWVWCNDCEMWR

CITGGOGPVYKVJ'7/'65#6

+PVJGHWVWTG01## U21'5YKNNDGEQODKPGF

YKVJVJG&/52VQHQTOCEQPXGTIGFU[UVGOECNNGF

021'55
0CVKQPCN2QNCTQTDKVKPI1RGTCVKQPCN

'PXKTQPOGPVCN5CVGNNKVG5[UVGO01##&1&CPF

0#5#CTGYQTMKPIVQIGVJGTVQKORNGOGPV021'55

CPFJCXGETGCVGFCP+PVGITCVGF2TQITCO1HHKEG+21

01##JGCFUVJG+21CPFKUTGURQPUKDNGHQTQRGTCVKPI

VJG021'55CPFHQTTGNCVKQPUYKVJPCVKQPCNCPF

KPVGTPCVKQPCNEKXKNKCPWUGTUQHVJGU[UVGO6JG&1&

JCUVJGNGCFTGURQPUKDKNKV[HQT021'55CESWKUKVKQPU

NCWPEJCPFU[UVGOUKPVGITCVKQP01##YKNNHCEKNKVCVG

VJGFGXGNQROGPVCPFKPEQTRQTCVKQPQHPGYEQUV

GHHGEVKXGVGEJPQNQIKGUVQGPJCPEGVJG021'55

ECRCDKNKVKGU0GIQVKCVKQPUEQPVKPWGYKVJVJG'WTQRGCPU

HQTVJGKTCUUWORVKQPQH01## UOQTPKPIRQNCTQTDKV

OKUUKQPLWUVCHVGTVJGVWTPQHVJGEGPVWT[6JKU

EQORNGOGPVUNQPIUVCPFKPIRNCPUD[01##CPFVJG

OGVGQTQNQIKECNQRGTCVKQPCNUCVGNNKVGU

$TQCFECUVQHFCVCHTQODQVJVJG01##CPF)1'5

UGTKGUQH75UCVGNNKVGUKUHTGGWPTGUVTKEVGFCPFFQGU

PQVTGSWKTGCP[RTKQTPQVKHKECVKQP&CVCECPDGTGEGKXGF

FKTGEVN[D[CP[RTQRGTN[GSWKRRGFITQWPFUVCVKQPYKVJKP

VJGUCVGNNKVGU NKPGQHUKIJV6JG7PKVGF5VCVGUVJTQWIJ

01##FGXGNQRUKPHQTOCVKQPCPFRTQFWEVUHTQOVJGUG

FCVCHQTHWTVJGTFKUVTKDWVKQPQXGTVJG)65

6JG999KUCHNGZKDNGU[UVGOYJKEJECPDG

CFCRVGFVQEJCPIKPIVGEJPQNQI[CPFQRGTCVKQPCN

EQPFKVKQPU6JGNCVGUVVGEJPQNQIKECNCPFUEKGPVKHKE

FGXGNQROGPVUKPQDUGTXCVKQPUFCVCRTQEGUUKPICPF

VGNGEQOOWPKECVKQPUCTGWPFGTEQPUVCPVTGXKGYYKVJCP

G[GVQYCTFUKORTQXKPIVJG)15)&25CPF)65

1XGTVJGNCUVHGY[GCTUUGXGTCNU[UVGOUKPVGPFGF

VQKORTQXGVJGQRGTCVKQPQHVJG)15JCXGEQPVKPWGFVQ

WPFGTIQFGXGNQROGPVCPFFGRNQ[OGPV#OQPIVJGUG

U[UVGOUMPQYPCUVJG#WVQOCVGF/GVGQTQNQIKECN&CVC

CPF4GRQTVKPI
#/U[UVGOU6JKUHCOKN[QH

U[UVGOUKPENWFGUVJG#KTETCHVVQ5CVGNNKVG&CVC4GNC[


#5-[UVGOCPFVJG#4+0%%QOOWPKECVKQPU

#FFTGUUKPICPF4GRQTVKPI5[UVGO#%#45#4+0%

KU#GTQPCWVKECN4CFKQ+PEQTRQTCVGFCYJQNN[QYPGF

UWDUKFKCT[QHVJGCKTNKPGU

6QFCVGCVQVCNQH#5WPKVUQWVQHVJG

QTKIKPCNN[RWTEJCUGFJCXGDGGPKPUVCNNGFCPFCTGHN[KPI

VGPWPKVUQP$TKVKUJ#KTYC[UVJTGGQP-./VYQGCEJ

QPCKTETCHVQH#KT/CWTKVKWUCPF5QWVJ#HTKECP

#KTYC[UCPFQPGGCEJQPCKTETCHVQH5#7&+#CPF

.WHVJCPUC#EQPVTCEVYCUUKIPGFQP

&GEGODGTDGVYGGPVJG0CVKQPCN

/GVGQTQNQIKECN+PUVKVWVGQH5RCKPVJG0CVKQPCN

/GVGQTQNQIKECN5GTXKEGQH#TIGPVKPCCPF#GTQNKPGCU

#TIGPVKPCUVQHKVVJG#5WPKVQTKIKPCNN[RWTEJCUGF

D[5RCKPQPVQCP#GTQNKPGCU$QGKPI

#GTQNKPGCU#TIGPVKPCUJCUCNUQQHHGTGFVQHKVVYQOQTG

#5UQPGDGNQPIKPIVQVJG7-CPFVJGQVJGTVQVJG

1RGTCVKPI%QPUQTVKWOQH#5*CTVKEKRCPVU1%#2

QPVQQVJGT$QGKPIU

#EQQRGTCVKXGGHHQTVCOQPI#4+0%095CPF

VJG(##KURTQXKFKPIVJQWUCPFUQHCWVQOCVGF

OGVGQTQNQIKECNTGRQTVUHTQO#%#45GSWKRRGFCKTETCHV

HN[KPIQXGTVJG756JG#4+0%OGVGQTQNQIKECNFCVC

EQNNGEVKQPCPFTGRQTVKPIU[UVGOEQNNGEVUQTICPK\GUCPF

FKUUGOKPCVGUCWVQOCVGFRQUKVKQPYGCVJGTTGRQTVUVQVJG

0956JGUVCPFCTFK\GFYGCVJGTFCVCKUDGKPIUGPVVQ

VJG095KPVJG$KPCT[7PKXGTUCN(QTOHQTVJG

4GRTGUGPVCVKQPQH/GVGQTQNQIKECN&CVC$7(4EQFG

7RYCTFUQHHQTV[VJQWUCPFTGRQTVUCFC[KPXCTKGF

HQTOCVUCPFKPVGTPCNEQFGUCTGTGEGKXGFD[#4+0%CPF

VJGSWCPVKV[KUKPETGCUKPIVQYKVJKPVJGFGECFG

.CTIGSWCPVKVKGUQHYGCVJGTTGRQTVURCTVKEWNCTN[

QXGTQEGCPKECPFQVJGTFCVCURCTUGCTGCUYKNNDG

TGCNK\GFXKCUCVGNNKVGEQOOWPKECVKQPUCPFPCXKICVKQP

U[UVGOU6JKUUQWTEGQHFCVCKUQHRTKOGKPVGTGUVVQVJG

75CPFQVJGTOGODGTUQHVJG+PVGTPCVKQPCN%KXKN

#XKCVKQP1TICPK\CVKQP
+%#1CPFVJG9/1	U

#WVQOCVKE#KTETCHV4GRQTVKPIUVWF[ITQWR6JGITQWR

FGXGNQRGFCOGPFOGPVUVQVJG+%#16GEJPKECN

4GIWNCVKQPUCPFOCFGUWDUVCPVKCNRTQITGUUVQYCTF

UVCPFCTFK\KPIOGVGQTQNQIKECNFQYPNKPMEQFGU


CWVQOCVKEDKPCT[CWVQOCVKEEJCTCEVGTOCPWCNTQWVKPG

CPFURGEKCNCKTTGRQTVU

6JG(QTV[0KPVJ5GUUKQPQH9/1	U'ZGEWVKXG

%QWPEKN)GPGXC,WPGGPFQTUGFCRTQRQUCND[

1%#2VJCVC2CPGNQP#KTETCHV/GVGQTQNQIKECN&CVC
'

4GRQTVKPIEQORQUGFQH/GODGTUQH9/1VJCV QDUGTXCVKQPUHTQOXCTKQWUEQWPVTKGUKP#HTKEC6JWU

QRGTCVGQTKPVGPFVQQRGTCVGPCVKQPCN#/ HCTCRRTQZKOCVGN[FCVCEQNNGEVKQPRNCVHQTOUJCXG

2TQITCOUVQEQQTFKPCVGCPFRTQOQVGINQDCN#/ DGGPKPUVCNNGFKP-GP[C'VJKQRKC)JCPC5WFCP

FGXGNQROGPVDGGUVCDNKUJGF+VKUVQDGPQVGFVJCVVJG 0KIGTKC5KGTTC.GQPG<CKTG'I[RV/CFCICUECT5V

1%#22TQITCOKUFWGVQVGTOKPCVGD[VJGGPFQH *GNGPC)WKPGCCPF%CRG8GTFG'XCNWCVKQPUJCXG

6JGKPKVKCNQTICPK\CVKQPCNOGGVKPIQHVJG#/ DGGPECTTKGFQWVVQICWIGVJGKORTQXGOGPVQH

2CPGNKUGZRGEVGFVQDGJGNFKP6JG0GVJGTNCPFUDGHQTG QDUGTXCVKQPTGEGKRVCPFRTGNKOKPCT[TGUWNVUUJQYVJCV

VJGGPFQHECNGPFCT[GCT JKIJTGEGKRVTCVGUCTGCEJKGXGFYJGPU[UVGOUCTG

QRGTCVKPI(WTVJGTTGUWNVUKPFKECVGVJCVJKIJTGEGKRV +PCFFKVKQPVQVJGUGCKTETCHVDCUGFU[UVGOUQVJGT

QDUGTXCVKQPU[UVGOUCTGDGKPIFGRNQ[GFVQKORTQXGVJG

)15(QTGZCORNGVJG#WVQOCVGF5JKRDQCTF

#GTQNQIKECN2TQITCO
#5#2JCUCDQWVU[UVGOU

TGRQTVKPITGIWNCTN[QPG75#5#2UJKRKUPQY 'HHQTVUCTGWPFGTYC[VQFGUKIPCPFKORNGOGPVC

QRGTCVKPIYKVJCUGEQPFGZRGEVGFKP(;6JGTG )%15DWKNFKPIWRQPVJG999)NQDCN#VOQURJGTKE

JCUCNUQDGGPFGRNQ[OGPVQHUWDUVCPVKCNPWODGTUQH 9CVEJ+PVGITCVGF)NQDCN1EGCP5GTXKEGU5[UVGOCPF

FTKHVKPIDWQ[U#PWODGTQHPCVKQPUKPENWFKPIVJG75 QVJGTGZKUVKPIU[UVGOUVQHWTVJGTVJGMPQYNGFIGCPF

CTGKORNGOGPVKPIVGUVPGVYQTMUQTUKPINGUKVGUQH WPFGTUVCPFKPIQHENKOCVGCPFVJGRTGFKEVKQPQHENKOCVG

ITQWPFDCUGF&QRRNGTTCFCTUECNNGFYKPFRTQHKNGTUVQ CPFENKOCVGEJCPIG'HHQTVUVQFCVGJCXGGUVCDNKUJGF

RTQXKFGPGCTN[EQPVKPWQWUUQWPFKPIUQHYKPF&WTKPI RNCPPKPIITQWRUVQCFFTGUUPGGFUCPFTGSWKTGOGPVUHQT

VJGRCUV[GCTVJGTGYGTGCRRTQZKOCVGN[U[UVGOUKP CVOQURJGTKEQEGCPKECPFNCPFUWTHCEGFCVC7RRGTCKT

WUGYQTNFYKFG#FGOQPUVTCVKQPPGVYQTMQHYKPF CPFUWTHCEGQDUGTXKPIPGVYQTMUCTGDGKPIFGHKPGFVQ

RTQHKNGTUKUDGKPIQRGTCVGFRTKPEKRCNN[KPVJGEGPVTCNRCTV RTQXKFGDCUKEOGCUWTGOGPVUHQTVJG)%15.KPMUVQ

QHVJG75VQCUUGUUVJGWVKNKV[QHVJGFCVCKP GZKUVKPIQTICPK\CVKQPCNUVTWEVWTGUCTGDGKPIGUVCDNKUJGF

QRGTCVKQPCNCPFTGUGCTEJOGVGQTQNQIKECNCPCN[UKUCPF CPFCJKIJRTKQTKV[JCUDGGPIKXGPVQOCMKPI

RTGFKEVKQP#TGRQTVQPVJGOWNVK[GCTOGVGQTQNQIKECN QDUGTXCVKQPCNGPJCPEGOGPVU

CPFGPIKPGGTKPICUUGUUOGPVYCUEQORNGVGFKP 

0QXGODGT&CVCEQPVKPWGUVQDGOCFGCXCKNCDNG

QPVJG)65VQVJQUGEQWPVTKGUTGSWGUVKPIKV 6JGRWTRQUGQH)&25KUVQOCMGCXCKNCDNGCNN

RTQEGUUGFKPHQTOCVKQPTGSWKTGFHQTDQVJTGCNVKOGCPF 6QKORTQXGVJGOGVJQFQNQI[WUGFKPFGXGNQRKPI

CPFFGRNQ[KPIQDUGTXKPIU[UVGOU01##KUFGXGNQRKPI

VJG0QTVJ#OGTKECP#VOQURJGTKE1DUGTXKPI5[UVGO


0#15RTQITCO0#15QDLGEVKXGUCTGVQFGHKPG

CEQUVGHHGEVKXGTGSWKTGOGPVUFTKXGPDGUVOKZQH

QDUGTXKPIRNCVHQTOUCPFKPUVTWOGPVUCPF
TGFWEG

QDUGTXKPIU[UVGOTKUMUCPFWPEGTVCKPVKGU9JKNGVJG

KPKVKCNHQEWUQHVJGRTQITCOYKNNDGVQOQFGTPK\GVJG

EQORQUKVGWRRGTCKTPGVYQTM0#15KUGZRGEVGFVQ 6JG)&25KUQTICPK\GFCUCVJTGGNGXGNU[UVGO

IWKFGVJGTGUQWTEGCNNQECVKQPRTQEGUUHQTOQUVHWVWTG +VEQPUKUVUQH9QTNF/GVGQTQNQIKECN%GPVGTU9/%

QDUGTXKPIU[UVGOUFGXGNQRGFCPFQTHKGNFGFD[01## 4GIKQPCN5RGEKCNK\GF/GVGQTQNQIKECN%GPVGTU45/%

6JGEQPEGRVQHVJG1RGTCVKQPCN9QTNF9GCVJGT

9CVEJ5[UVGOU'XCNWCVKQP
195'JCUCNUQDGGP

FGXGNQRGFCUCHTCOGYQTMHQTTGIKQPCNKORNGOGPVCVKQP

6JG195'#HTKECYJKEJYCUETGCVGFVQGXCNWCVGVJG

XGT[GZVGPUKXGWUGQHCIGQUVCVKQPCT[OGVGQTQNQIKECN

UCVGNNKVGQRGTCVGFD[VJG'WTQRGCPQRGTCVKQPCNUCVGNNKVG

EQPUQTVKWO'7/'65#6VQKORTQXG

VGNGEQOOWPKECVKQPUCPFFCVCCXCKNCDKNKV[KP#HTKECJCU

DGGPEQORNGVGF+VYCUFGUKIPGFVQKORNGOGPVCPFVGUV

VJGFCVCEQNNGEVKQPU[UVGOHQTTGEGKRVQHOGVGQTQNQIKECN

TCVGUOC[DGCEJKGXGFHQTFCVCQTKIKPCVKPIKP#HTKEC

DWVKPHTCUVTWEVWTGCPFOCKPVGPCPEGKUUWGUTGOCKPHQT

HWNNQRGTCVKQPCNFGRNQ[OGPVVQDGUWEEGUUHWN

)NQDCN&CVC2TQEGUUKPI5[UVGO)&25

PQPTGCNVKOGCRRNKECVKQPU)&25RTQXKFGURTQFWEVU

CPFRTQEGUUGFKPHQTOCVKQPDCUGFQPTGEGPVCFXCPEGUKP

CVOQURJGTKEUEKGPEGWUKPIRQYGTHWNPWOGTKECN

EQORWVGTOGVJQFU/GODGTUJCXGTGCNVKOG

WPTGUVTKEVGFCEEGUUVJTQWIJVJG)65VQ)&25RTQFWEVU

YJKEJCNNQYCNNEQWPVTKGUVQDGPGHKVHTQOVJGKT

RCTVKEKRCVKQPKPVJG999

CPF0CVKQPCN/GVGQTQNQIKECN%GPVGTU0/%0/%U

ECTT[QWV)&25HWPEVKQPUCVVJGPCVKQPCNNGXGN+P

IGPGTCNTGCNVKOGHWPEVKQPUQHVJGU[UVGOKPXQNXG

RTGRTQEGUUKPIQHFCVCKPENWFKPITGCNVKOGSWCNKV[

EQPVTQNCPCN[UKUCPFRTQIPQUKUKPENWFKPIFGTKXCVKQPQH

CRRTQRTKCVGOGVGQTQNQIKECNRCTCOGVGTU6JGPQPTGCN

VKOGHWPEVKQPUKPENWFGFCVCEQNNGEVKQPCPFCTEJKXCNCPF

CFFKVKQPCNSWCNKV[EQPVTQNUVQTCIGCPFTGVTKGXCNVQ

KPENWFGECVCNQIKPIQDUGTXCVKQPCNFCVCCPFRTQEGUUGF

KPHQTOCVKQPHQTQRGTCVKQPCNCPFURGEKCNCRRNKECVKQPUCPF

HQTTGUGCTEJ
'

9/%UCTGNQECVGFKP/GNDQWTPG/QUEQYCPF RTQXKFGUVJGNKPMUVQVYQQHVJGVJTGGUCVGNNKVGUURGEKHKGF

9CUJKPIVQPVJG[RTQXKFGRTQFWEVUWUGFHQTIGPGTCN KPVJGU[UVGO

UJQTVOGFKWOCPFNQPITCPIGYGCVJGTHQTGECUVUQPC 

INQDCNUECNG/GNDQWTPGURGEKCNK\GUKPHQTGECUV

RTQFWEVUHQTVJG5QWVJGTP*GOKURJGTG 6JG)65RTQXKFGUEQOOWPKECVKQPUGTXKEGUHQTVJG

EQNNGEVKQPGZEJCPIGCPFFKUVTKDWVKQPQHQDUGTXCVKQPCN 6JG45/%UYKVJIGQITCRJKECNURGEKCNK\CVKQPCTG

NQECVGFCV#NIKGTU#NIGTKC#PVCPCPCTKXQ/CNCICU[

$GKLKPI%JKPC$TCEMPGNN7PKVGF-KPIFQO$TCUKNKC

$TC\KN$WGPQU#KTGU#TIGPVKPC%CKTQ'I[RV&CMCT

5GPGICN&CTYKP#WUVTCNKC,GFFCJ5CWFK#TCDKC

-JCDCTQXUM4WUUKC.CIQU0KIGTKC/GNDQWTPG

#WUVTCNKC/KCOK(NQTKFC/QPVTGCN%CPCFC

/QUEQY4WUUKC0CKTQDK-GP[C0GY&GNJK+PFKC

0QXQUKDKTUM4WUUKC1HHGPDCEJ)GTOCP[4QOG

+VCN[6CUJMGPV7\DGMKUVCP6QM[Q,CRCP6WPKU < 6JG/CKP6GNGEQOOWPKECVKQP0GVYQTM/60

6WPKUKC9CUJKPIVQP&%CPF9GNNKPIVQP0GY 

<GCNCPF

45/%UYKVJCEVKXKV[URGEKCNK\CVKQPCTGHQWPFCV

6JG'WTQRGCP%GPVGTHQT/GFKWO4CPIG(QTGECUVU

43⁄4WPKQP+UNCPF
(TCPEG6QWNQWUG(TCPEGCPF

9CUJKPIVQP&% 6JG)65KUUWRRQTVGFD[VJGVGNGEQOOWPKECVKQPU

HWPEVKQPUQHVJG9/%U4GIKQPCN6GNGEQOOWPKECVKQPU 6JGTGIKQPCNEGPVGTUCV$TCEMPGNN/KCOK

/QPVTGCN0GY&GNJKCPF6QM[QJCXGFWCN

IGQITCRJKECNCPFCEVKXKV[URGEKCNK\CVKQPTGURQPUKDKNKVKGU 6JG/60NKPMUVJG9/%UCV/GNDQWTPG

6JGUGEGPVGTURTQXKFGTGIKQPCNRTQFWEVUWUGFHQTUJQTV

CPFOGFKWOTCPIGHQTGECUVKPIQHUOCNNOGUQUECNGCPF

NCTIGUECNGOGVGQTQNQIKECNU[UVGOUD[9/%U

2TQFWEVUQH45/%UECPDGWUGFD[OGODGTUCVVJG

PCVKQPCNNGXGNHQTHWTVJGTRTQEGUUKPIQTKPVGTRTGVCVKQPVQ

RTQXKFGCUUKUVCPEGQTUGTXKEGVQWUGTU

+PVJG9QTNF#TGC(QTGECUV5[UVGO9#(5VYQ

EGPVGTU9CUJKPIVQPCPF.QPFQPCTGFGUKIPCVGFD[VJG

+%#1CU9QTNF#TGC(QTGECUV%GPVGTU9#(%6JG[

KUUWGWRRGTYKPFCPFVGORGTCVWTGHQTGECUVUYKVJINQDCN

EQXGTCIGVQCUUQEKCVGF4GIKQPCN#TGC(QTGECUV%GPVGTU


4#(%6JGTGIKQPCNEGPVGTUCNUQRTGRCTGCPF

FKUVTKDWVGHQTGECUVUQHYGCVJGTGNGOGPVUFGHKPGFD[

+%#1CUUKIPKHKECPVYGCVJGT

+PVJGRNCPPGFKORNGOGPVCVKQPQHVJGHKPCNRJCUG

VJGVYQ9#(%UYQWNFRTGRCTGCPFKUUWGEQORWVGT

DCUGFYKPFCPFVGORGTCVWTGHQTGECUVUCUVJG[PQYFQ

+PCFFKVKQPVJQUGEGPVGTUYKNNCWVQOCVGCNNQHVJG

UKIPKHKECPVYGCVJGTGNGOGPVU9JKNGUQOGQHVJGUG

GNGOGPVUCTGPQYRTGRCTGFCWVQOCVKECNN[QVJGTUCTG

FGXGNQRGFVJTQWIJHQTGECUVGTKPKVKCVGFITCRJKE

KPVGTCEVKQP

6JGFKUUGOKPCVKQPQHCGTQPCWVKECNKPHQTOCVKQPXKC

INQDCNUCVGNNKVGDTQCFECUVDGICPKP6JG75

)NQDCN6GNGEQOOWPKECVKQP5[UVGO)65

FCVCCPFRTQEGUUGFKPHQTOCVKQPCOQPIVJG9/%U

45/%UCPF0/%UQHVJG999VQOGGVVJGOGODGT

PGGFUHQTTGCNVKOGQTSWCUKTGCNVKOGGZEJCPIGQH

KPHQTOCVKQPHQTDQVJQRGTCVKQPCNCPFTGUGCTEJRWTRQUGU

6JG)65CNUQUWRRQTVUQVJGT9/1RTQITCOULQKPV

RTQITCOUYKVJQVJGTKPVGTPCVKQPCNQTICPK\CVKQPUCPF

GPXKTQPOGPVCNRTQITCOUCUFGEKFGFD[VJG9/1

%QPITGUUCPFKUQTICPK\GFQPVJTGGNGXGNU

< 6JG4GIKQPCN/GVGQTQNQIKECN6GNGEQOOWPKECVKQP

0GVYQTMU4/60

< 6JG0CVKQPCN/GVGQTQNQIKECN6GNGEQOOWPKECVKQP

0GVYQTMU0/60

*WDU46*45/%UCPF0/%U

/QUEQYCPF9CUJKPIVQPYKVJVJG46*UCV#NIKGTU

$GKLKPI$TCEMPGNN$TCUKNKC$WGPQU#KTGU%CKTQ

&CMCT,GFFCJ/CTCEC[8GPG\WGNC0CKTQDK0GY

&GNJK0QTTMÌRKPI5YGFGP1HHGPDCEJ2TCIWG

4QOG5QHKC6QM[Q6QWNQWUGCPF9GNNKPIVQP+V

GPUWTGUVJGTCRKFCPFTGNKCDNGGZEJCPIGQHQDUGTXCVKQPCN

FCVCCPFRTQEGUUGFKPHQTOCVKQPTGSWKTGFD[VJG

OGODGTU

6JG4/60UEQPUKUVQHCPKPVGITCVGFU[UVGOQH

NKPMUYJKEJKPVGTEQPPGEVU46*U0/%UCPF45/%U

VQ9/%U6JG4/60URTQXKFGHQTVJGEQNNGEVKQPQH

QDUGTXCVKQPCNFCVCCPFVJGUGNGEVKXGFKUVTKDWVKQPQH

OGVGQTQNQIKECNKPHQTOCVKQPVQOGODGTPCVKQPU

+PUWOOCT[VJG)65GPCDNGUVJG0/%UVQ

TGEGKXGCPFFKUVTKDWVGQDUGTXCVKQPCNFCVCCPF

OGVGQTQNQIKECNKPHQTOCVKQPVQOGGVVJGTGSWKTGOGPVUQH

OGODGTU1PIQKPI999CEVKXKVKGUHQT(;

KPENWFG

< )65PGVYQTMTGFGUKIPVQVCMGKPVQEQPUKFGTCVKQP

PGYVGEJPKECNQRRQTVWPKVKGUUWEJCU+PVGTPGVNKMG

UGTXKEGU

< +ORTQXGOGPVQHVJGECRCEKV[QH/60NKPMUCPF

KPENWUKQPQHITCRJKEUGI9CUJKPIVQP$TCUKNKC

9CUJKPIVQP$WGPQU#KTGU9CUJKPIVQP6QM[Q'

< %QPVKPWGFKORNGOGPVCVKQPQHUCVGNNKVGUGTXKEGF

FCVCEQNNGEVKQPRNCVHQTOUVQGPJCPEGVJGEQNNGEVKQP

QHOGVGQTQNQIKECNFCVCHTQOWRRGTCKTCPFUWTHCEG

QDUGTXKPIUKVGU

< %QPVKPWGFKORNGOGPVCVKQPQHUCVGNNKVGFKTGEV 

TGCFQWVUVCVKQPUVJCVCTGEQORCVKDNGYKVJRQNCT

QTDKVKPIUCVGNNKVGUCPFVJG9'(#:
YGCVJGT

HCEUKOKNGEQORQPGPVQHVJGIGQUVCVKQPCT[ 7PKVGF5VCVGU2GQRNGU4GRWDNKEQH%JKPC
24%

UCVGNNKVGU 2TQVQEQNKPVJG(KGNFQH#VOQURJGTKE5EKGPEGCPF

8QNWPVCT[%QQRGTCVKQP2TQITCO8%2

(QTOQTGVJCP[GCTUVJKURTQVQEQNJCUEQXGTGF (TQOVJGDGIKPPKPIQH999KVYCUENGCTVJCVCNN

EQWPVTKGUPGGFDGVVGTYGCVJGTQDUGTXCVKQPUCPF

KORTQXGFEQOOWPKECVKQPUU[UVGOU6QJGNRTGOGF[

FGHKEKGPEKGUCPFVQHWNN[KORNGOGPVVJG999VJG

9/1GUVCDNKUJGFC8QNWPVCT[#UUKUVCPEG2TQITCOKP < %NKOCVG5VWFKGU
YJKEJKPENWFGUUEKGPVKHKE

6JGPCOGQHVJGRTQITCOYCUEJCPIGFVQ GZRGTKOGPVUCPFTGUGCTEJQPOQPUQQPUCPF6TQRKECN

8QNWPVCT[%QQRGTCVKQP2TQITCO8%2KP 1EGCP)NQDCN#VOQURJGTG61)#

6JG9/18%2JGNRUVJGFGXGNQRKPIEQWPVTKGUVQ < /GUQUECNG/GVGQTQNQI[
YJKEJKPENWFGU

KORNGOGPVVJG999RTQITCOD[RTQXKFKPI QRGTCVKQPCNVGEJPKSWGUHQTHQTGECUVKPIVQTTGPVKCNTCKPU

GSWKROGPVUGTXKEGUCPFNQPIVGTOCPFUJQTVVGTO 

UVWF[HGNNQYUJKRU5KPEGVJGKPEGRVKQPQHVJG8%2VJG

75JCURTQXKFGFUJQTVVGTOHGNNQYUJKRUKP < #VOQURJGTKE%JGOKUVT[

GNGEVTQPKEUEQOOWPKECVKQPUQRGTCVKQPCPF 

OCKPVGPCPEGQHYGCVJGTFCVCEQNNGEVKQPU[UVGOUCPF

GNGEVTQN[VKEJ[FTQIGPIGPGTCVQTUCPFVTQRKECN

OGVGQTQNQI[CPFTKXGTHNQQFHQTGECUVKPIVQUVWFGPVU < /QFGTPK\CVKQP#EVKXKVKGU

HTQOOQTGVJCPEQWPVTKGU.QPIVGTOHGNNQYUJKRU

VJTQWIJYJKEJVJGUVWFGPVUTGEGKXGDCEECNCWTGCVGQT

CFXCPEGFFGITGGUJCXGDGGPEQORNGVGFD[ECPFKFCVGU

HTQOQXGTEQWPVTKGU*KIJGUVRTKQTKVKGUCTGIKXGPVQ

VJQUGHCEKNKVKGUPGGFGFVQUWRRQTVVJGINQDCNCURGEVUQH

9996JGIQCNQH8%2KUVQGNKOKPCVGFGHKEKGPEKGU

KPINQDCNQDUGTXCVKQPUCPFEQOOWPKECVKQPUCPFVQ

GUVCDNKUJITQWPFTGCFQWVUVCVKQPUHQT#WVQOCVKE2KEVWTG 75/GZKEQ/GVGQTQNQIKECNCPF*[FTQNQIKE2TQITCO

6TCPUOKUUKQP#26TGEGRVKQPUQVJCVVJGEQWPVTKGUOC[ 

DGPGHKVOQTGHWNN[HTQOYGCVJGTUCVGNNKVGUGTXKEGU

6JG&15RTQXKFGUHWPFKPIHQT8%2RTQLGEVUYKVJ EQQRGTCVKQPKPVJGHKGNFUQHOGVGQTQNQI[J[FTQNQI[

01##CFOKPKUVGTKPICPFECTT[KPIQWVRTQITCOU CPFENKOCVQNQI[YJKEJDGICPQXGT[GCTUCIQ6JG

FGUKIPGFVQCKFOGVGQTQNQIKECNJ[FTQNQIKECNCPFENKOCVG PGYCITGGOGPVHCEKNKVCVGUVJGHQNNQYKPICEVKXKVKGU

RTQLGEVUKPTGEKRKGPVEQWPVTKGU+P(;&15 

HWPFKPIHQT9998%2RTQITCOUYCUEWVVQ

OKNNKQP

8%22TQLGEVUHQT(;KPENWFG 

< +ORNGOGPVCVKQPCPFWRFCVKPIQHUWTHCEGCPFWRRGT HTQOVJGUGU[UVGOU

CKTQDUGTXCVKQPCNRTQITCOUKPVJGVTQRKEUVJG 

5QWVJGTP*GOKURJGTGCPF#HTKECCUTGUQWTEGUCPF

RTKQTKVKGURGTOKV

< 5WRRQTVQH9#(5KORNGOGPVCVKQPCPFWVKNK\CVKQP

< %QPVKPWGFUWRRQTVHQTVJGKORNGOGPVCVKQPQH8%2

RTQLGEVUKP.CVKP#OGTKECCPFVJG%CTKDDGCPCTGCU

KPUWRRQTVQHVJGJWTTKECPGCPFVTQRKECNUVQTO

RTQITCOU

$+.#6'4#.#0&4')+10#.+06'40#6+10#.

%112'4#6+8'241)4#/5

6GEJPQNQI[

CDTQCFCTGCQHTGUGCTEJCPFQRGTCVKQPCNCEVKXKVKGUKP

VJGHKGNFQHCVOQURJGTKEUEKGPEGCPFVGEJPQNQI[

2TQITCOCTGCUKPENWFGVJGHQNNQYKPI

< 6TCKPKPICPF2CTVKEKRCVKQP

< 5CVGNNKVG/GVGQTQNQI[CPF/GVGQTQNQIKECN

5CVGNNKVGU

6JGEQQRGTCVKXGCEVKXKVKGUDGVYGGPVJG75CPF

%JKPCWPFGTVJKURTQITCOJCXGFGETGCUGFQXGTVJGRCUV

[GCTU6JGOCKPEQQRGTCVKXGCEVKXKV[JCUDGGPYKVJKP

VJG6TCKPKPICPF2CTVKEKRCVKQP2TQITCOYKVJCFQ\GP

%JKPGUGUEKGPVKUVUCPFVTCKPGGUYQTMKPICV01##

HCEKNKVKGUHQTWRVQOQPVJU

6JG75CPF/GZKEQJCXGUKIPGFCPGY

EQQRGTCVKXGCITGGOGPVGPJCPEKPIVJGUEQRGQHVJGKT

< 6JGGUVCDNKUJOGPVQRGTCVKQPOCKPVGPCPEGCPF

TGRCKTQHOGVGQTQNQIKECNCPFJ[FTQNQIKE

QDUGTXCVKQPU[UVGOUKP/GZKEQ

< 6JGKPVGTPCVKQPCNFKUUGOKPCVKQPQHQDUGTXCVKQPU

< 6JGGZEJCPIGQHOGVGQTQNQIKECNJ[FTQNQIKECPF

TGNCVGFFCVCCPFRTQFWEVUDGVYGGPVJG75CPF

/GZKEQ
'

< 6JGEQQRGTCVKQPPGEGUUCT[VQCUUWTGRTQORV 1XGTVJGRCUVHGY[GCTUVJG/GZKECP

VTCPUOKUUKQPVJTQWIJVGNGEQOOWPKECVKQPUPGVYQTMU /GVGQTQNQIKECN5GTXKEGJCUWPFGTIQPGCPKORTGUUKXG

QHVJGUGFCVCCPFRTQFWEVU OQFGTPK\CVKQPGHHQTVYJKEJKPENWFGFWRITCFKPIWRRGT

CKTQDUGTXCVKQPU[UVGOUKPUVCNNKPI&QRRNGTYGCVJGT < 6JGEQQTFKPCVKQPCPFVTCKPKPITGNCVGFVQVJG

GZEJCPIGQHFCVCCPFRTQFWEVUDGVYGGPVJG

0CVKQPCN/GVGQTQNQIKECN5GTXKEGUQHDQVJ

EQWPVTKGU

TCFCTUCPFGUVCDNKUJKPIJWPFTGFUQHCWVQOCVKEYGCVJGT

UVCVKQPU6JKUEQQRGTCVKXGCITGGOGPVYKNNHCEKNKVCVGVJG

GZEJCPIGQHFCVCCPFKPHQTOCVKQPVQVJGDGPGHKVQHDQVJ

EQWPVTKGU(

#22'0&+:(

ACRONYMS AND ABBREVIATIONS

##5 #FXCPEGF#WVQOCVKQP5[UVGO(##

#$%5 #TO[$CVVNG%QOOCPF5[UVGO#TO[

#% #EVKXG%QORQPGPV&1&

#%#45 #4+0%%QOOWPKECVKQP#FFTGUUKPICPF4GRQTVKPI5[UVGO

#%' #XKCVKQP%QODCV'NGOGPV75/%

#%(2 #FXCPEGF%QORWVGT(NKIJV2NCP#(

#%2 #VOQURJGTKE%JGOKUVT[2TQITCO&1'

#%4+/ #EVKXG%CXKV[4CFKQOGVGT+TTCFKCPEG/QPKVQT0#5#

#%7 #ESWKUKVKQP%QPVTQN7PKV

# #915#515&CVC#ESWKUKVKQP5[UVGO(##

#&'15 #FXCPEGF'CTVJ1DUGTXKPI5[UVGO,CRCP

#&(% #NVKOGVT[&CVC(WUKQP%GPVGT0CX[

#&.2 #GTQPCWVKECN&CVC.KPM2TQITCO(##

#&95 #WVQOCVKE&KIKVCN9GCVJGT5YKVEJ#(

#'55 #NNKGF'PXKTQPOGPVCN5WRRQTV5[UVGO0CX[

#( #KT(QTEG75#(

#($ #KT(QTEG$CUG

#(%%% #KT(QTEG%QODCV%NKOCVQNQI[%GPVGT

#()9% #KT(QTEG)NQDCN9GCVJGT%GPVGT

#(15 #WVQOCVKQPQH(KGNF1RGTCVKQPUCPF5GTXKEGU01##095

#(55 #WVQOCVGF(NKIJV5GTXKEG5VCVKQP(##

#(9# #KT(QTEG9GCVJGT#IGPE[

#)(5 #XKCVKQP)TKFFGF(QTGECUV5[UVGO(##

#+2 #KTRQTV+ORTQXGOGPV2TQITCO(##

#+4/Q0 #VOQURJGTKE+PVGITCVGF4GUGCTEJ/QPKVQTKPI0GVYQTM01##1#4

#+45 #VOQURJGTKE+PHTCTGF5QWPFGT0#5#

#. #GTQPQO[.CDQTCVQT[01##'4.

#.- #WVQOCVGF.KIJVPKPI&GVGEVKQPCPF4GRQTVKPI5[UVGO&1+

#.&5 #WVQOCVKE.KIJVPKPI&GVGEVKQP5[UVGO&1+

#/# #9+5/GVGQTQNQIKECN#RRNKECVKQPU1(%/

#/% #TO[/CVGTKGN%QOOCPF#TO[

#/ #WVQOCVKE/GVGQTQNQIKECN&CVCCPF4GRQTVKPI

#/15 #WVQOCVGF/GVGQTQNQIKECN1DUGTXKPI5[UVGO0CX[

#/54 #FXCPEGF/KETQYCXG5ECPPGT4CFKCVKQP0#5#

#/55 #WVQOCVKE/GVGQTQNQIKECN5GPUQTU5[UVGO#TO[

#/57 #FXCPEGF/KETQYCXG5QWPFKPI7PKV

#/7 #RRNKGF/GVGQTQNQI[7PKV0#5#

#0% #KT0CXKICVKQP%QOOKUUKQP+%#1

#0) #KT0CVKQPCN)WCTF

#1% #KTETCHV1RGTCVKQPU%GPVGT01##

#1/. #VNCPVKE1EGCPQITCRJKECPF/GVGQTQNQIKECN.CDQTCVQT[01##'4.

#26 #WVQOCVKE2KEVWTG6TCPUOKUUKQP

#4#% #VOQURJGTKE4GNGCUG#FXKUQT[%CRCDKNKV[&1'

#4) #EEKFGPV4GURQPUG)TQWR&1'

#4)15 (TGPEJ5CVGNNKVG&CVC%QNNGEVKQP5[UVGO

#4+0% #GTQPCWVKECN4CFKQ+PEQTRQTCVKQP

#4. #TO[4GUGCTEJ.CDQTCVQT[#TO[#KT4GUQWTEGU.CDQTCVQT[01##

#4/ #VOQURJGTKE4CFKCVKQP/QPKVQTKPI&1'

#40) #TO[0CVKQPCN)WCTF
(

#41 #TO[4GUGCTEJ1HHKEG

#45 #ITKEWNVWTCN4GUGCTEJ5GTXKEG75&#

#452#%' #TO[5RCEG%QOOCPF

#454 #KT4QWVG5WTXGKNNCPEG4CFCT(##

#46%% #KT4QWVG6TCHHKE%QPVTQN%GPVGT(##

#46;/'6 #TVKNNGT[/GVGQTQNQIKECN#TO[

#5#2 #WVQOCVKE5JKRDQCTF#GTQNQIKECN2TQITCO992

#5%16 #VOQURJGTKE5VWFKGUKP%QORNGZ6GTTCKP&1'

#5 #KTETCHVVQ5CVGNNKVG&CVC4GNC[

#515 #WVQOCVGF5WTHCEG1DUGTXKPI5[UVGO

#54 #KTRQTV5WTXGKNNCPEG4CFCT(##

#56'4 #FXCPEGF5RCEGDQTPG6JGTOCN'OKUUKQPCPF4GHNGEVKQP4CFKQOGVGT

#6% #KT6TCHHKE%QPVTQN(##

#6%%5 #TO[6CEVKECN%QOOCPFCPF%QPVTQN5[UVGO

#6/ #U[PEJTQPQWU6TCPUHGT/QFG

#6&& #VOQURJGTKE6WTDWNGPEGCPF&KHHWUKQP&KXKUKQP01###4.

#8#25 #VOQURJGTKE8GTVKECN2TQHKNKPI5[UVGO#(

#8*44 #FXCPEGF8GT[*KIJ4GUQNWVKQP4CFKQOGVGT01##

#81 #NCUMCP8QNECPQ1DUGTXCVQT[(##

#9#4&5 #ITKEWNVWTCN9CVGT4GUQWTEGU&GEKUKQP5WRRQTV&1+$74'%

#9% #XKCVKQP9GCVJGT%GPVGT01##0%'2

#9&5 #WVQOCVGF9GCVJGT&KUVTKDWVKQP5[UVGO#(

#9' #FXCPEG9CTHKIJVKPI'ZRGTKOGPV#TO[

#9+25 #FXCPEGF9GCVJGT+PVGTCEVKXG2TQEGUUKPI5[UVGOU01##

#9+5 #WVQOCVGF9GCVJGT+PHQTOCVKQP5[UVGOU

#90 #WVQOCVGF9GCVJGT0GVYQTM#(

#915 #WVQOCVGF9GCVJGT1DUGTXKPI5[UVGO(##

#95 #KT9GCVJGT5GTXKEG#(

$$5 $WNNGVKP$QCTF5[UVGO

$' $CVVNGHKGFN'PXKTQPOGPV#TO[

$'& $CVVNGHKGNF'PXKTQPOGPV&KTGEVQTCVG#TO[

$14'#5 $QTGCN'EQU[UVGO#VOQURJGTG5VWF[0#5#

$./ $WTGCWQH.CPF/CPCIGOGPV&1+

$7(4 $KPCT[7PKXGTUCN(QTOHQTVJG4GRTGUGPVCVKQPQH/GVGQTQNQIKECN&CVC

$74'% $WTGCWQH4GENCOCVKQP&1+

% %QOOCPFCPFEQPVTQN&1&

%+ %QOOCPF%QPVTQN%QOOWPKECVKQPU%QORWVGTCPF+PHQTOCVKQP&1&

%##/ %QORWVGT#UUKUVGF#TVKNNGT[/GVGQTQNQI[#TO[

%#2 %KXKN#KT2CVTQN

%#4&5 %QORTGJGPUKXG#GTQNQIKECN4GHGTGPEG&CVC5GV01##0%&%

%#9+5 %QOOKVVGGHQT#WVQOCVGF9GCVJGT+PHQTOCVKQP5[UVGOU1(%/

%&# %QOOCPFCPF&CVC#ESWKUKVKQP

% %QOOCPFCPF&CVC#ESWKUKVKQP5VCVKQP

%&%. %NKOCVG&KCIPQUVKEU%GPVGT.CDQTCVQT[01##'4.

%&(5 %NQWF&GRKEVKQPCPF(QTGECUV5[UVGO#(

%&/5 %GPVTCNK\GF&CVC/CPCIGOGPV5[UVGO#(

%&4 %TKVKECN&GUKIP4GXKGY

%'%1/ %QOOWPKECVKQPUCPF'NGEVTQPKEU%QOOCPF#TO[

%'/5%5 %GPVTCN'PXKTQPOGPVCN5CVGNNKVG%QORWVGT5[UVGO01##0'5&+5

%'04 %QOOKVVGGQP'PXKTQPOGPVCPF0CVWTCN4GUQWTEGU

%'4'5 %NQWFUCPF'CTVJ	U4CFKCPV'PGTI[5[UVGO0#5#
(

%('2 %QOOWPKECVKQPU(TQPV'PF2TQEGUUQT#(

%)%2 %NKOCVGCPF)NQDCN%JCPIG2TQITCO01##

%*#0%'5 %NKOCVQNQIKECNCPF*KUVQTKECN#PCN[UKUQH%NQWFUHQT'PXKTQPOGPVCN5KOWNCVKQPU#(

%*#//2 %QORWVGT*CTFYCTG#FXCPEGF/CVJGOCVKEUCPF/QFGN2J[UKEU&1'

%+&' %QOOWPKECVKQPU+PVGTHCEGUCPF&CVC'ZEJCPIG1(%/

%+0% %QOOCPFGTUKP%JKGH&1&

%+4# %QQRGTCVKXG+PUVKVWVGHQT4GUGCTEJKPVJG#VOQURJGTG01##

%/&. %NKOCVG/QPKVQTKPICPF&KCIPQUVKEU.CDQTCVQT[01##'4.

%1#&5 %QORTGJGPUKXG1EGCP#VOQURJGTG&CVC5GV01##0%&%

%1#/25 %QWRNGF1EGCPQITCRJKECPF#VOQURJGTKE/QFGN0CX[

%1#4' %QWRNGF1EGCP#VOQURJGTG4GURQPUG'ZRGTKOGPV

%1' %QTRUQH'PIKPGGTU#TO[

%1/'&5 %1075/GVGQTQNQIKECN&CVC5[UVGO#(

%1/'6 %QQRGTCVKXG2TQITCOHQT1RGTCVKQPCN/GVGQTQNQI['FWECVKQPCPF6TCKPKPI

%1075 %QPVKPGPVCN7PKVGF5VCVGU

%12% %QOOKVVGGHQT1RGTCVKQPCN2TQEGUUKPI%GPVGTU1(%/

%165 %QOOGTEKCN1HHVJG5JGNH

%2% %NKOCVG2TGFKEVKQP%GPVGT01##0%'2

%44'. %QNF4GIKQPU4GUGCTEJCPF'PIKPGGTKPI.CDQTCVQT[#TO[

%452 %QOOGTEKCN4GOQVG5GPUKPI2TQITCO0#5#

%5 %NKOCVG5GTXKEGU1(%/

%5# %JKGHQH5VCHHQHVJG#TO[

%54''5 %QQRGTCVKXG5VCVG4GUGCTEJ'FWECVKQPCPF'ZVGPUKXG5GTXKEG75&#

%957 %GPVGT9GCVJGT5GTXKEG7PKV(##

%; %CNGPFCT;GCT

&%2 &CVC%QNNGEVKQP2CEMCIG

&%5 &CVC%QNNGEVKQP5[UVGO01##0'5&+5

&&0 &GHGPUG&CVC0GVYQTM

&( FKTGEVKQPHKPFGT

&+55 &KIKVCN+QPQURJGTKE5QWPFKPI5[UVGO#(

&.2 &CVC.KPM2TQEGUUQT(##

&/51 &GHGPUG/QFGNKPICPF5KOWNCVKQP1HHKEG#(

&/52 &GHGPUG/GVGQTQNQIKECN5CVGNNKVG2TQITCO#(

&1% &GRCTVOGPVQH%QOOGTEG

&1& &GRCTVOGPVQH&GHGPUG

&1' &GRCTVOGPVQH'PGTI[

&1+ &GRCTVOGPVQH+PVGTKQT

&1/5#6 &QOGUVKE%QOOWPKECVKQPU5CVGNNKVG

&15 &GRCTVOGPVQH5VCVG

&16 &GRCTVOGPVQH6TCPURQTVCVKQP

&25 &KUVTKDWVGF2TQEGUUKPI5[UVGO

&4)5 &KTGEVTGCFQWVITQWPFUVCVKQPU&1+

&492 &QRRNGT4CFCT9KPF2TQHKNGT0#5#

&64 &KWTPCN6GORGTCVWTG4CPIG

&655 &KIKVCN6QRQITCRJKE5WRRQTV5[UVGO#TO[

&7#6 &KTGEV7UGT#EEGUU6GTOKPCN(##

'&+5 'PXKTQPOGPVCN'HHGEVUHQT&KUVTKDWVKQP+PVGTCEVKXG5KOWNCVKQP#(

'&+5 'PXKTQPOGPVCN&CVCCPF+PHQTOCVKQP5GTXKEG01##

'/% 'PXKTQPOGPVCN/QFGNKPI%GPVGT01##0%'2

'051 'N0K Q5QWVJGTP1UEKNNCVKQP

'1 GNGEVTQQRVKECN
(

'15 'CTVJ1DUGTXKPI5[UVGO0#5#

'15&+5 '15&CVCCPF+PHQTOCVKQP5[UVGO0#5#

'152 'CTVJ1DUGTXKPI5ECPPKPI2QNCTKOGVGT0#5#

'16&# GNGEVTQQRVKECNVCEVKECNFGEKUKQPCKF#(

'2# 'PXKTQPOGPVCN2TQVGEVKQP#IGPE[

'4$ 'CTVJ4CFKCVKQP$WFIGV

'4% 'ZVGPFGF4GUGCTEJ%JGEMQWV

'4. 'PXKTQPOGPVCN4GUGCTEJ.CDQTCVQTKGU01##

'5&+2% 'PXKTQPOGPVCN5CVGNNKVG&KUVTKDWVKQP+PVGTCEVKXG2TQEGUUKPI%GPVGT

'552 'CTVJ5[UVGO5EKGPEG2CVJHKPFGTU0#5#

'6. 'PXKTQPOGPVCN6GEJPQNQI[.CDQTCVQT[01##'4.

'6/
 'PJCPEGF6JGOCVKE/CRRGT2NWU0#5#

'7/'65#6 'WTQRGCP1TICPK\CVKQPHQTVJG'ZRNQKVCVKQPQH/GVGQTQNQIKECN5CVGNNKVGU

'75# 'KIJVJ75#TO[

'78 'ZVTGOG7NVTCXKQNGV

':%+/5 'ZGEWVKXG%QWPEKNHQT/QFGNKPICPF5KOWNCVKQP

(## (GFGTCN#XKCVKQP#FOKPKUVTCVKQP

(#.12 (QTYCTF#TGCN.KOKVGF1DUGTXKPI2TQITCO&1&75#(

(%/554 (GFGTCN%QOOKVVGGHQT/GVGQTQNQIKECN5GTXKEGUCPF5WRRQTVKPI4GUGCTEJ

('/# (GFGTCN'OGTIGPE[/CPCIGOGPV#IGPE[

(*9# (GFGTCN*KIJYC[#FOKPKUVTCVKQP

(/( (NGGV/CTKPG(QTEG

(/* (GFGTCN/GVGQTQNQIKECN*CPFDQQM1(%/

(0/1% (NGGV0WOGTKECN/GVGQTQNQI[CPF1EGCPQITCRJ[%GPVGT0CX[

(15&+% (KNO1RVKECN5GPUKPI&GXKEGHQT+PRWVVQ%QORWVGT

(145%1/ 75#TO[(QTEGU%QOOCPF

(4& (KGNF4GUGCTEJ&KXKUKQP01###4.

(4'42 (GFGTCN4CFKQNQIKECN'OGTIGPE[4GURQPUG2NCP&1'

(4/#% (GFGTCN4CFKQNQIKECN/QPKVQTKPICPF#UUGUUOGPV%GPVGT&1'

(5 (QTGUV5GTXKEG75&#

(5#5 (NKIJV5GTXKEG#WVQOCVKQP5[UVGO(##

(5&25 (NKIJV5GTXKEG&CVC2TQEGUUKPI5[UVGO(##

(5. (QTGECUV5[UVGOU.CDQTCVQT[01##'4.

(6' (WNNVKOG'SWKXCNGPV

(62 (KNG6TCPUHGT2TQVQEQN

(55 (NKIJV5GTXKEG5VCVKQP(##

(7 (QTGECUV7PKV

(; HKUECN[GCT

)+8 )WNHUVTGCO+801##

)#% )NQDCN#TGC%QXGTCIG

)#1 )GPGTCN#EEQWPVKPI1HHKEG

)%%5 )NQDCN%QOOCPFCPF%QPVTQN5[UVGO

)%+2 )'9':%QPVKPGPVCNUECNG+PVGTPCVKQPCN2TQLGEV&1+

)%15)NQDCN%NKOCVG1DUGTXKPI5[UVGO

)%25 )NQDCN%NKOCVG2GTURGEVKXGU5[UVGO

)%42 )NQDCN%JCPIG4GUGCTEJ2TQITCO

)&25 )NQDCN&CVC2TQEGUUKPI5[UVGO992

)'15#4 )GQUVCVKQPCT['CTVJ1TDKV5GCTEJCPF4GUEWG01##0'5&+5

)'9': )NQDCN'PGTI[CPF9CVGT$CNCPEG'ZRGTKOGPV

)(&. )GQRJ[UKECN(NWKF&[PCOKEU.CDQTCVQT[01##'4.
(

)(/2. )GQRJ[UKECN(NGGV/KUUKQP2TQITCO.KDTCT[0CX[

)*%0 )NQDCN*KUVQTKECN%NKOCVQNQI[0GVYQTM

)+0 )GQOCIPGVKE+PHQTOCVKQP0QFGU&1+

)+5 )GQITCRJKE+PHQTOCVKQP5[UVGO

)+55 )QFFCTF+PUVKVWVGHQT5RCEG5VWFKGU0#5#

)/5 )GQUVCVKQPCT[/GVGQTQNQIKECN5CVGNNKVG,CRCP

)1 )NQDCN1EGCPQITCRJKE&CVC#TEJCGQNQI[CPF4GUEWG

)1'5 )GQUVCVKQPCT[1RGTCVKQPCN'PXKTQPOGPVCN5CVGNNKVG01##

)15 )NQDCN1DUGTXKPI5[UVGO992

)2%2 )NQDCN2TGEKRKVCVKQP%NKOCVQNQI[2TQITCO

)25 )NQDCN2QUKVKQPKPI5[UVGO

)25/'6 )25HQT/GVGQTQNQI[

)4+$ )TKFFGF$KPCT[(/:'ZV

)5#5 )GQUVCVKQPCT[5CVGNNKVG#TEJKXG5[UVGO01##0'5&+5

)5(% )QFFCTF5RCEG(NKIJV%GPVGT0#5#

)65 )NQDCN6GNGEQOOWPKECVKQPU5[UVGO992

)6522 )NQDCN6GORGTCVWTG5CNKPKV[2KNQV2TQLGEV

)69#25 )NQDCN6JGCVGT9GCVJGT#PCN[UKUCPF2TGFKEVKQP5[UVGO#(

)9&5 )TCRJKEU9GCVJGT&KURNC[U5[UVGOU(##

*&55 *KGTCTEJKECN&CVC5VQTCIG5[UVGO

*'.56( *KIJ'PGTI[.CUGT5[UVGO6GUV(CEKNKV[#TO[

*( JKIJHTGSWGPE[

*(4$ JKIJHTGSWGPE[TCFKQDTQCFECUV

*+45 *KIJTGUQNWVKQP+PHTCTGF5QWPFGT01##0'5&+5

*//98 *KIJ/QDKNKV[/WNVKRWTRQUG9JGGNGF8GJKENG#TO[

*2% *[FTQOGVGQTQNQIKECN2TGFKEVKQP%GPVGT01##0%'2

*2%% *KIJ2GTHQTOCPEG%QORWVKPICPF%QOOWPKECVKQPU

*4& *WTTKECPG4GUGCTEJ&KXKUKQP01##'4.

*426 *KIJ4GUQNWVKQP2KEVWTG6TCPUOKUUKQP01##0'5&+5

+#/5 +PKVKCN#VVCEM/CPCIGOGPV5[UVGO&1+

+%#1 +PVGTPCVKQPCN%KXKN#XKCVKQP1TICPK\CVKQP

+%/554 +PVGTFGRCTVOGPVCN%QOOKVVGGHQT/GVGQTQNQIKECN5GTXKEGUCPF5WRRQTVKPI4GUGCTEJ

+%57 +PVGTPCVKQPCN%QWPEKNQH5EKGPVKHKE7PKQPU

+'9 +PVGNNKIGPEGCPF'NGEVTQPKE9CTHCTG#TO[

+(/ +QPQURJGTKE(QTGECUV/QFGN#(

+*% +PVGTFGRCTVOGPVCN*WTTKECPG%QPHGTGPEG1(%/

++2 +PVGTPCVKQPCN+EG2CVTQN75%)

++6# +PHQTOCVKQP+PHTCUVTWEVWTG6GEJPQNQI[CPF#RRNKECVKQPU0#5#

+/&'5 +PVGTFGRCTVOGPVCN/GVGQTQNQIKECN&CVC'ZEJCPIG5[UVGO

+/'65 +PVGITCVGF/GVGQTQNQIKECN5[UVGO#TO[

+/155 +PVGTKO/QDKNG1EGCPQITCRJ[5WRRQTV5[UVGO0CX[

+/5 +QPQURJGTKE/GCUWTKPI5[UVGO#(

+0'. +FCJQ0CVKQPCN'PIKPGGTKPI.CDQTCVQT[&1'

+05#6 +PFKC	U+PFKCP0CVKQPCN5CVGNNKVG992

+2#%5 +PVGITCVGF2QNCT#ESWKUKVKQPCPF%QPVTQN5WDU[UVGO01##0'5&+5

+2%% +PVGTIQXGTPOGPVCN2CPGNQP%NKOCVG%JCPIG992

+2$ +PVGNNKIGPE[2TGRCTCVKQPQHVJG$CVVNGHKGNF#TO[

+21 +PVGITCVGF2TQITCO1HHKEG

+4 KPHTCTGF

+4#/55 +4'/$#55YKVJ#/55#TO[

+4'/$#55 +ORTQXGF4GOQVGN[/QPKVQTGF$CVVNGHKGNF5GPUQT5[UVGO#TO[
(

+5%%2 +PVGTPCVKQPCN5CVGNNKVG%NQWF%NKOCVQNQI[2TQITCO

+5+5 +PVGITCVGF5QNCT+TTCFKCPEG5VWF[01##

+65 +PVGNNKIGPV6TCPURQTVCVKQP5[UVGO(*9#

+695 +PVGITCVGF6GTOKPCN9GCVJGT5[UVGO(##

+9'&# +PVGITCVGF9GCVJGT'HHGEVU&GEKUKQP#KF#TO[

+945 +ORTQXGF9GCVJGT4GEQPPCKUUCPEG5[UVGO

+942% +ORTQXGF9GCVJGT4GEQPPCKUUCPEG5[UVGO2TQITCO%QWPEKN

,6495 ,QKPV6'554GOQVG9QTMUVCVKQP0CX[

,#) ,QKPV#EVKQP)TQWR

,#5. ,QKPV#TEJKXGHQT5GC.GXGN

,#912 ,QKPV#WVQOCVGF9GCVJGT1DUGTXCVKQP2TQITCO1(%/

,%4/1& ,QKPV%GPVGTHQT4GUGCTEJKPVJG/CPCIGOGPVQH1EGCP&CVC

,'&# ,QKPV'PXKTQPOGPVCN&CVC#PCN[UKU

,)1(5 ,QKPV)NQDCN1EGCP(NWZ5VWF[

,/%+5 ,QKPV/CTKVKOG%QOOCPF+PHQTOCVKQPU[UVGO75/%

,/(7 ,QKPV/'61%(QTGECUV7PKV

,/1% ,QKPV/'61%1RGTCVKQPU%GPVGT

,/5 ,QKPV/'61%5GIOGPV0CX[

,/8 ,QKPV/'61%8KGYGT0CX[

,2. ,QKPV2TQRWNUKQP.CDQTCVQT[0#5#

,69% ,QKPV6[RJQQP9CTPKPI%GPVGT#(0CX[

-/ -KNQOGVGT

-/4 -YCLCNGKP/KUUKNG4CPIG#TO[

-5% -GPPGF[5RCEG%GPVGT

.#% .QECN#TGC%QXGTCIG

.#0 NQECNCTGCPGVYQTM

.%& .QECN%NKOCVQNQIKECN&CVC

.%/ NKHGE[ENGOCPCIGOGPV

. .KIJVPKPI&GVGEVKQPCPF4CPIKPI0#5#

.+6' .KFCT+PURCEG6GEJPQNQI['ZRGTKOGPV0#5#

..0. .CYTGPEG.KXGTOQTG0CVKQPCN.CDQTCVQT[&1'

..9#5 .QY.GXGN9KPF5JGCT#NGTV5[UVGO(##

..9#50' ..9#50GVYQTM'ZRCPUKQP(##

.1& .KIJVYGKIJV1OGIC&KIKVCN&TQRYKPFUQPFG#(

.4)5 NQECNTGCFQWVITQWPFUVCVKQPU&1+

/#%1/ /CLQT#TO[%QOOCPF

/#)6( /CTKPG#KT)TQWPF6CUM(QTEG

/#,%1/ /CLQT%QOOCPF#(

/#25 /GCUWTGOGPVQH#KT2QNNWVKQP(TQO5CVGNNKVG0#5#

/#4& /QFGTPK\CVKQPCPF#UUQEKCVGF4GUVTWEVWTKPI&GOQPUVTCVKQP01##

/% /GVGQTQNQIKECN%QFGU

/%&9 /QPVJN[%NKOCVG&CVCHQTVJG9QTNF

/%556 /WNVKEJCPPGN5GC5WTHCEG6GORGTCVWTG0CX[

/&5 /GVGQTQNQIKECN&KUVTKDWVKQP5[UVGO#TO[

/'2'& /GFKWO'PGTI[2TQVQPCPF'NGEVTQP&GVGEVQT

/'5 /CTKPG'PXKTQPOGPVCN5GTXKEGU1(%/

/'6 /QDKNG'PXKTQPOGPVCN6GCOU0CX[

/GVGQTQNQIKECN6GCOU#TO[

/'6#4 #XKCVKQP4QWVG9GCVJGT4GRQTV

/'6/(
4 /GVGQTQNQIKECN/QDKNG(CEKNKV[4GRNCEGOGPV0CX[
(

/'61% /GVGQTQNQIKECNCPF1EGCPQITCRJKE&1&

/*) /GVGQTQNQIKECN*[FTQIGP)GPGTCVQT#TO[

/*5 /KETQYCXG*WOKFKV[5GPUQT0#5#

/+&&5 /'61%+PVGITCVGF&CVC&KURNC[5[UVGO0CX[

/+/4 /WNVKHTGSWGPE[+OCIKPI/KETQYCXG4CFKQOGVGT0#5#

/+54 /WNVK#PING+OCIKPI5RGEVTQOGVGT0#5#

/+56 /GVGQTQNQIKECN+PHQTOCVKQP5VCPFCTF6GTOKPCN#(

//' /QDKNG/GVGQTQNQIKECN'SWKROGPV1(%/

//5 /GVGQTQNQIKECN/GCUWTKPI5[UVGO#TO[

/KPGTCN/CPCIGOGPV5GTXKEG&1+

//9 /KNNKOGVGT9CXG#TO[

/25 /GVGQTQNQIKECN2TQHKNGT5[UVGO#TO[

/1# /GOQTCPFWOQH#ITGGOGPV

/1&# /KUUKQP1RGTCVKQPUCPF&CVC#PCN[UKU0#5#

/1&+5 /QFGTCVG4GUQNWVKQP+OCIKPI5RGEVTQOGVGT0#5#

/12+66 /GCUWTGOGPVQH2QNNWVKQPKPVJG6TQRQURJGTG0#5#

/17 /GOQTCPFWOQH7PFGTUVCPFKPI#TO[

/155 /QDKNG1EGCPQITCRJ[5WRRQTV5[UVGO0CX[

/45 /KPKCVWTG4CYKPUQPFG5[UVGO0CX[

/5 /QPKVQTKPIVJG5VTCVQURJGTG1(%/

/5%2 /GVGQTQNQIKECNCPF%NKOCVG5GTXKEGU2TQLGEV&1'

/5. OGCPUGCNGXGN

/5/ /CIPGVQURJGTKE5RGEKHKECVKQP/QFGN#(

/56 /GVGQTQNQIKECN5WRRQTV6GCOU75/%

/57 /KETQYCXG5QWPFKPI7PKV

/6( /QFGNVGUVHCEKNKV[

/60 /CKP6GNGEQOOWPKECVKQPU0GVYQTM992

/62' /KUUKQPVQ2NCPGV'CTVJ0#5#

/92 /GVGQTQNQIKUV	U9GCVJGT2TQEGUUQT(##

/955 /CTKPG9KPI5WRRQTV5SWCFTQP

/(% /QFGN(WNN%CRCEKV[(##

0#&+0 0CVKQPCN#KTURCEG&CVC+PVGTEJCPIG0GVYQTM(##

0#15 0QTVJ#OGTKECP#VOQURJGTKE1DUGTXKPI5[UVGO01##

0#4561 0QTVJ#OGTKECP4GUGCTEJ5VTCVGI[QP6TQRQURJGTKE1\QPG'2#

0#5 0CVKQPCN#KTURCEG5[UVGO(##

0#5# 0CVKQPCN#GTQPCWVKEUCPF5RCEG#FOKPKUVTCVKQP

0#55 0CVKQPCN#ITKEWNVWTCN5VCVKUVKEU5GTXKEG75&#

0#6%1/ 0CVKQPCN%QOOWPKECVKQPU%GPVGT(##

0#8#( 0CX[#KT(QTEG

0#8+%'%'0 0CXCN+EG%GPVGT

0#81%'#01 0CXCN1EGCPQITCRJKE1HHKEG

0#92% 0CVKQPCN#XKCVKQP9GCVJGT2TQITCO%QWPEKN1(%/

0#922 0CVKQPCN#XKCVKQP9GCVJGT2TQITCO2NCP

0$% 0WENGCT$KQNQIKECNCPF%JGOKECN#TO[

0% 01##%QTRU1RGTCVKQPU

0%#4 0CVKQPCN%GPVGTHQT#VOQURJGTKE4GUGCTEJ

0%&% 0CVKQPCN%NKOCVKE&CVC%GPVGT01##0'5&+5

0%'2 0CVKQPCN%GPVGTHQT'PXKTQPOGPVCN2TGFKEVKQP01##095

0%1 0%'2%GPVTCN1RGTCVKQPU01##0%'2

0&$% 0CVKQPCN&CVC$WQ[%GPVGT01##095

0&+ PQPFGXGNQROGPVCNKVGO
(

0'/1% 0CXCN'WTQRGCP/GVGQTQNQI[CPF1EGCPQITCRJ[%GPVGT

0'5&+5 0CVKQPCN'PXKTQPOGPVCN5CVGNNKVG&CVCCPF+PHQTOCVKQP5GTXKEG01##

0'55 0CVKQPCN'PXKTQPOGPVCN5CVGNNKVG5GTXKEG01##

0'56 0WENGCT'OGTIGPE[5GCTEJ6GCO&1'

0':4#& 0GZV)GPGTCVKQP9GCVJGT4CFCT954&

0(&45 0CVKQPCN(KTG&CPIGT4CVKPI5[UVGO&1+$./

0)&% 0CVKQPCN)GQRJ[UKECN&CVC%GPVGT01##0'5&+5

0)+% 0CVKQPCN)GQOCIPGVKE+PHQTOCVKQP%GPVGT&1+

0*% 0CVKQPCN*WTTKECPG%GPVGT01##095

0*12 0CVKQPCN*WTTKECPG1RGTCVKQPU2NCP1(%/

0+% 0CVKQPCN+EG%GPVGT&1675%)

0+(% 0CVKQPCN+PVGTCIGPE[(KTG%GPVGT&1+

0+6'5 0CXCN+PVGITCVGF6CEVKECN'PXKTQPOGPVCN5WDU[UVGO

0./1% 0CXCN#VNCPVKE/GVGQTQNQI[CPF1EGCPQITCRJ[%GPVGT

0/% 0CVKQPCN/GVGQTQNQIKECN%GPVGT
U992

0/1% 0CXCN/GVGQTQNQI[CPF1EGCPQITCRJ[%QOOCPF

0/2 0GY/KNNGPKWO2TQITCO0#5#

0/60 0CVKQPCN6GNGEQOOWPKECVKQPU0GVYQTM992

02/1% 0CXCN2CEKHKE/GVGQTQNQI[CPF1EGCPQITCRJ[%GPVGT

01## 0CVKQPCN1EGCPKECPF#VOQURJGTKE#FOKPKUVTCVKQP

01&% 0CVKQPCN1EGCPQITCRJKE&CVC%GPVGT01##0'5&+5

01&&'5 0CXCN1EGCPQITCRJKE&CVC&KUVTKDWVKQPCPF'ZRCPUKQP5[UVGO

01&&5 0CXCN1EGCPQITCRJKE&CVC&KUVTKDWVKQP5[UVGO

01)#25 0CX[1RGTCVKQPCN)NQDCN#VOQURJGTKE2TGFKEVKQP5[UVGO

01*45% 0CVKQPCN1RGTCVKQPCN*[FTQNQIKECN4GOQVG5GPUKPI%GPVGT&1+

014#25 0CX[1RGTCVKQPCN4GIKQPCN#VOQURJGTKE2TGFKEVKQP5[UVGO

015 0CVKQPCN1EGCP5GTXKEG01##

016#/ 0QVKEGVQ#KTOGP

0195 08)1RGTCVKQPU9GCVJGT5QHVYCTG#(

02. 01##2146.KCKUQP1(%/

02/1% 0CXCN2CEKHKE/GVGQTQNQI[CPF1EGCPQITCRJ[%GPVGT

021'55 0CVKQPCN2QNCTQTDKVKPI1RGTCVKQPCN'PXKTQPOGPVCN5CVGNNKVG5[UVGO

025 0CVKQPCN2CTM5GTXKEG&1+

04% 0WENGCT4GIWNCVQT[%QOOKUUKQP

04%5 0CVWTCN4GUQWTEGU%QPUGTXCVKQP5GTXKEG75&#

04. 0CXCN4GUGCTEJ.CDQTCVQT[

04155 0CX[4GOQVG5GPUKPI5CVGNNKVG

05%#6 0#5#5ECVVGTQOGVGT0#5#

05( 0CVKQPCN5EKGPEG(QWPFCVKQP

05+&% 0CVKQPCN5PQYCPF+EG&CVC%GPVGT

055(% 0CVKQPCN5GXGTG5VQTOU(QTGECUV%GPVGT01##

055. 0CVKQPCN5GXGTG5VQTOU.CDQTCVQT[01##

056% 0CVKQPCN5EKGPEGCPF6GEJPQNQI[%QWPEKN

0592 0CVKQPCN5RCEG9GCVJGT2TQITCO1(%/

06%+2 0CVKQPCN6TCPURQTVCVKQP%QOOWPKECVKQPUHQT+652TQVQEQN(*9#

065 0GXCFC6GUV5KVG&1'

065$ 0CVKQPCN6TCPURQTVCVKQP5CHGV[$QCTF

08 0GXCFC1RGTCVKQPU1HHKEG&1'

08&5 01##8KTVWCN&CVC5[UVGO

08) PKIJVXKUKQPIQIING&1&

09.10 0CVKQPCN9CVGT.GXGN1DUGTXCVKQP0GVYQTM01##015

095 0CVKQPCN9GCVJGT5GTXKEG(

1#/. 1EGCPQITCRJKECPF#VOQURJGTKE/CUVGT.KDTCT[0CX[

1#4 1HHKEGQH1EGCPKECPF#VOQURJGTKE4GUGCTEJ01##

1#5+5 1EGCPQITCRJKECPF#VOQURJGTKE5WRRQTVCPF+PHQTOCVKQP5[UVGO0CX[

1RGTCVKQPCNCPF5WRRQTVCDKNKV[+ORNGOGPVCVKQP5[UVGO(##

1%#2 1RGTCVKPI%QPUQTVKWOQH#5*CTVKEKRCPVU992

1&%5+06 1HHKEGQHVJG&GRWV[%JKGHQH5VCHHHQT+PVGNNKIGPEG#TO[

1&%5125 1HHKEGQHVJG&GRWV[%JKGHQH5VCHHHQT1RGTCVKQPU#TO[

1(%/ 1HHKEGQHVJG(GFGTCN%QQTFKPCVQTHQT/GVGQTQNQI[

1)2 1HHKEGQH)NQDCN2TQITCOU01##

1/$ 1HHKEGQH/CPCIGOGPVCPF$WFIGV

104 1HHKEGQH0CXCN4GUGCTEJ

12#45 1RVKOWO2CVJ#KTETCHV4QWVKPI5[UVGO0CX[

14 1CM4KFIG1RGTCVKQPU1HHKEG&1'

14# 1HHKEGQH4GUGCTEJCPF#RRNKECVKQPU01##0'5&+5

14& 1RGTCVKQPCN4GSWKTGOGPVU&QEWOGPVU0CX[

14#7 1CM4KFIG#UUQEKCVKQP7PKXGTUKVKGU

15&2& 1HHKEGQH5CVGNNKVG&CVC2TQEGUUKPICPF&KUVTKDWVKQP01##0'5&+5

15( 1RGTCVKQPCN5WRRQTV(CEKNKV[

151 1HHKEGQH5CVGNNKVG1RGTCVKQPU01##0'5&+5

169 1YPKPIVJG9GCVJGT#TO[

16+5 1RVKOWO6JGTOCN+PVGTRQNCVKQP5[UVGO0CX[

1654 1RVKOWO6TCEM5JKR4QWVKPI0CX[

195' 1RGTCVKQPCN9QTNF9GCVJGT9CVEJ5[UVGOU'XCNWCVKQP992

2+ 2TGRNCPPGF2TQFWEV+ORTQXGOGPV

2#%5 2QNCT#ESWKUKVKQPCPF%QPVTQN5WDU[UVGO

2% 2TQITCO%QWPEKN1(%/

2%)4#(#: 2%DCUGF*KIJ(TGSWGPE[(CEUKOKNG5[UVGO0CX[

2%/&+ 2TQITCOHQTENKOCVG/QFGN&KCIPQUKUCPF+PVGTEQORCTKUQP&1'

2& 2TQLGEV&KTGEVQT#TO[

2+%5 2%+OCIKPI%QOOWPKECVKQPU5[UVGO0CX[

2+4'2 2KNQV4GRQTV

2.)2 2JKNNKRU.CDQTCVQT[)GQRJ[UKEU&KTGEVQTCVG&1&#(5%

2/% 2TQITCO/CPCIGOGPV%QOOKVVGG01##

2/'. 2CEKHKE/CTKPG'PXKTQPOGPVCN.CDQTCVQT[01##'4.

20. 2CEKHKE0QTVJYGUV.CDQTCVQTKGU&1'

21/ 2TKPEGVQP1EGCP/QFGN0CX[

2125 2TKOCT[1EGCPQITCRJKE2TGFKEVKQP5[UVGO0CX[

21465 2J[UKECN1EGCPQITCRJKE4GCN6KOG5[UVGO01##015

24% 2GQRNGU4GRWDNKEQH%JKPC

24'%2 2TQEGUUKPIQH'OKUUKQPUD[%NQWFUCPF2TGEKRKVCVKQP&1'

25&# 2QUV5VQTO&CVC#ESWKUKVKQP1(%/

272 2TKPEKRCN7UGT2TQEGUUQT

29 2TGEKRKVCDNGYCVGT

4# 4GUGCTEJCPF#PCN[UKU

4& 4GUGCTEJCPF&GXGNQROGPV

4#(% 4GIKQPCN#TGC(QTGECUV%GPVGT992

4#/&+5 4#//$TCPEJ#FXCPEGF/GVGQTQNQIKECN5CVGNNKVG&GOQPUVTCVKQPCPF

+PVGTRTGVCVKQP5[UVGO0#5#

4#2 4CFKQNQIKECN#UUKUVCPEG2TQITCO&1'

4#55 4CFKQ#EQWUVKE5QWPFKPI5[UVGO
(

4#95 4GOQVG#WVQOCVKE9GCVJGT5VCVKQP75&#&1+

4% 4GUGTXG%QORQPGPV&1&

4&6' 4GUGCTEJCPF&GXGNQROGPV6GUVCPF'XCNWCVKQP#TO[

4(% 4KXGT(QTGECUV%GPVGT01##095

4(1 4QEM[(NCVU1HHKEG&1'

4/60 4GIKQPCN6GNGEQOOWPKECVKQPU0GVYQTM992

4/95 4GOQVG/KPKCVWTG9GCVJGT5GPUQT#TO[

45/% 4GIKQPCN5RGEKCNK\GF/GVGQTQNQIKECN%GPVGTU992

46* 4GIKQPCN6GNGEQOOWPKECVKQPU*WD992

47% 4CRKF7RFCVG%[ENG01##

484 4WPYC[8KUWCN4CPIG(##

5## 5CVGNNKVG#EVKXG#TEJKXG

5PQY#EEWOWNCVKQP#NIQTKVJO&1+$./

5#/5 5WTHCEG#WVQOCVGF/GVGQTQNQIKECN5[UVGO

5#45#6 5GCTEJCPF4GUEWG5CVGNNKVG#KFGF6TCEMKPI

5#6%1/ 5CVGNNKVG%QOOWPKECVKQPU5[UVGO01##

5$78 5QNCT$CEMUECVVGT7NVTCXKQNGV+PUVTWOGPV01##0'5&+5

5%#4 5OQMG%NQWFUCPF4CFKCVKQP0#5#

5&*5 5CVGNNKVG&CVC*CPFNKPI5[UVGO#(

5'% 5RCEG'PXKTQPOGPVCN%GPVGT01##0%'2

5'.&#&5 5RCEG'PXKTQPOGPVCN.CDQTCVQT[&CVC#ESWKUKVKQPCPF&KURNC[5[UVGO01##

5'/ 5RCEG'PXKTQPOGPV/QPKVQT01##

5'10 5QNCT'NGEVTQ1RVKECN0GVYQTM#(

5'4%## 5WRRQTVQH'PXKTQPOGPVCN4GSWKTGOGPVU%NQWF#PCN[UKUCPF#TEJKXG#(

5'4&2 5VTCVGIKE'PXKTQPOGPVCN4GUGCTEJCPF&GXGNQROGPV2TQITCO#(

5'66 5RCEG'PXKTQPOGPVCN6GEJPQNQI[6TCPUKVKQP#(

5'7 5KPINGGXGPVWRUGVU

5(&( 5CVGNNKVG(KGNF&KUVTKDWVKQP(CEKNKV[01##095

5(/4 5VGRRGF(TGSWGPE[/KETQYCXG4CFKQOGVGT

5+4% 5JWVVNG+OCIKPI4CFCT%0#5#

5/115 5JKRDQCTF/GVGQTQNQIKECNCPF1EGCPQITCRJKE1DUGTXKPI5GPUQT0CX[

5/5 5GOK#WVQOCVKE/GVGQTQNQIKECN5VCVKQP#TO[

5016'. 5PQY6GNGOGVT[

51%% 5CVGNNKVG1RGTCVKQPU%QPVTQN%GPVGT01##0'5&+5

51( 5RGEKCN1RGTCVKQPU(QTEGU

514& 5RGEKCN1RGTCVKQPUCPF4GUGCTEJ&KXKUKQP01###4.

52#9#45 5RCEGCPF0CXCN9CTHCTG5[UVGOU%QOOCPF

52% 5VQTO2TGFKEVKQP%GPVGT01##0%'2

52'%+ #XKCVKQP5GNGEVGF5RGEKCN9GCVJGT4GRQTV

5215% 5JCTGF2TQEGUUKPI1RGTCVKQPU5VGGTKPI%QOOKVVGG

54 5CXCPPCJ4KXGT&1'

54$. 5QNCT4CFKQ$WTUV.QECVQT#(

54&% 5WTHCEG4GHGTGPEG&CVC%GPVGT01##0'5&+5

55&% 5RCEGCPF5VTCVGIKE&GHGPUG%QOOCPF#TO[

55/+ 5RGEKCN5GPUQT/KETQYCXG0#5#

545 5CXCPPCJ4KXGT5KVG&1'

557 5VTCVQURJGTKE5QWPFKPI7PKV01##

56+9) 5CVGNNKVG6GNGOGVT[+PVGTCIGPE[9QTMKPI)TQWR1(%/

566 5OCNN6CEVKECN6GTOKPCN#(

59+/ 5QNCT9KPF+PVGTRNCPGVCT[/GCUWTGOGPVU#(

591 5VCHHYGCVJGTQHHKEGT

5:+ 5QNCT:4C[+OCIGT#(
(

6 6GEJPQNQI[VTCPUHGT 

6#( #GTQFTQOG(QTGECUV

6#/55 6CTIGV#TGC/GVGQTQNQIKECN5GPUQT5[UVGO#TO[

6#1 6TQRKECN#VOQURJGTG1EGCP

6#%9: 6CEVKECNYGCVJGT&1&

6&# 6CEVKECN&GEKUKQP#KF#TO[

6&94 6GTOKPCN&QRRNGT9GCVJGT4CFCT(##

6'% 6QRQITCRJKE'PIKPGGTKPI%GPVGT#TO[

6'%1/ 6GUVCPF'XCNWCVKQP%QOOCPF#TO[

6'& 6QVCN'NGEVTQP&GVGEVQT

6'55 6CEVKECN'PXKTQPOGPVCN5WRRQTV5[UVGO0CX[

6( 6GTOKPCN(QTGECUV

6+415 6GNGXKUKQP+PHTCTGF1DUGTXCVKQP5CVGNNKVG01##0'5&+5

6/+ 64///KETQYCXG+OCIGT0#5#

61' 6CDNGQH1TICPK\CVKQPCPF'SWKROGPV#TO[

61)# 6TQRKECN1EGCPCPF)NQDCN#VOQURJGTG

61/5 6QVCN1\QPG/CRRKPI5RGEVTQOGVGT0#5#

6185 6+41501RGTCVKQPCN8GTVKECN5QWPFGT01##0'5&+5

62% 6TQRKECN2TGFKEVKQP%GPVGT01##0%'2

64#%10 6GTOKPCN4CFCT#RRTQCEJ%QPVTQN(##

64#&1% 6TCKPKPICPF&QEVTKPG%QOOCPF#TO[

64$ 6GUV4GXKGY$QCTF

64// 6TQRKECN4CKPHCNN/GCUWTKPI/KUUKQP0#5#

694 6CEVKECN9GCVJGT4CFCT#(

7#45 7RRGT#VOQURJGTG4GUGCTEJ5CVGNNKVG0#5#

7#8 WPOCPPGFWPETGYGFCGTKCNXGJKENG#TO[0#5#

7%#4 7PKXGTUKV[%QTRQTCVKQPHQT#VOQURJGTKE4GUGCTEJ

70 7PKVGF0CVKQPU

70'2 7PKVGF0CVKQPU'PXKTQPOGPV2TQITCO992

74+ 7PKXGTUKV[4GUGCTEJ+PUVKVWVG#TO[

75# 75#TO[

75#( 75#KT(QTEG

75#(#5 75#TO[(KGNF#TVKNNGT[5EJQQN

75#+% 75#TO[+PVGNNKIGPEG%GPVGT

75#+%(* 75#TO[+PVGNNKIGPEG%GPVGT(QTV*WCEJWEC

75#-# 75#TO[-YCLCNGKP#VQNN

75#4 75#TO[4GUGTXG

75#4'74 75#TO['WTQRG

75#42#% 75#TO[2CEKHKE

75#451 75#TO[5QWVJ#TO[

75#55&% 75#TO[5RCEGCPF5VTCVGIKE&GHGPUG%QOOCPF

75#51% 75#TO[5RGEKCN1RGTCVKQPU%QOOCPF

75%) 75%QCUV)WCTF

75&# 75&GRCTVOGPVQH#ITKEWNVWTG

75)5 75)GQNQIKECN5WTXG[

75*%0 75*KUVQTKECN%NKOCVQNQI[0GVYQTM

75+#$2 75+PVGTCIGPE[#TEVKE$WQ[2TQITCO

75/% 75/CTKPG%QTRU

750 750CX[

75942 759GCVJGT4GUGCTEJ2TQITCO

76% %QQTFKPCVGF7PKXGTUCN6KOG<WNW(

8# 8QNECPKE#UJ

8##% 8QNECPKE#UJ#NGTVKPI%GPVGT(##

8#5 8+554#VOQURJGTKE5QWPFGT

8%+6%+ 8GIGVCVKQPCPF6GORGTCVWTG%QPFKVKQP+PFKEGU

8%2 8QNWPVCT[%QQRGTCVKQP2TQITCO

8+45 8KUKDNGCPF+PHTCTGF5ECPPGT0#5#

8+554 8KUKDNGCPF+PHTCTGF5RKP5ECP4CFKQOGVGT

8146': 8GTKHKECVKQPQHVJG1TKIKPUQH4QVCVKQP'ZRGTKOGPV

815 8QNWPVCT[1DUGTXKPI5JKR992

9#(% 9QTNF#TGC(QTGECUV%GPVGT992

9#(5 9QTNF#TGC(QTGECUV5[UVGO992

9#/ 9CXGOQFGN0CX[

9#1$ 9QTNF#ITKEWNVWTCN1WVNQQM$QCTF75&#

9#42 9GCVJGTCPF4CFCT2TQEGUUQT(##

9&% 9QTNF&CVC%GPVGT992

9'(#: 9GCVJGT(CEUKOKNG

9'5 9CVGTYC[U'ZRGTKOGPV5VCVKQP#TO[

9'6/ 9GCVJGT6GCO&1&

9(1 9GCVJGT(QTGECUV1HHKEG01##095

9) 9QTMKPI)TQWR

9+&# 9GCVJGT+ORCEV&GEKUKQP#KFU#(

9/% 9QTNF/GVGQTQNQIKECN%GPVGT
U992

9/1 9QTNF/GVGQTQNQIKECN1TICPK\CVKQP

9/5%4 9GCVJGT/GUUCIG5YKVEJKPI%GPVGT4GRNCEGOGPV(##

91%' 9QTNF1EGCP%KTEWNCVKQP'ZRGTKOGPV

92&0 9KPF2TQHKNG&GOQPUVTCVKQP0GVYQTM01##

95% 9CTHKIJVKPI5WRRQTV%GPVGT0CX[

95(1 9GCVJGT5GTXKEG(QTGECUV1HHKEG01##095

95/1 9GCVJGT5GTXKEG/GVGQTQNQIKECN1HHKEG01##095

95/4 9JKVG5CPFU/KUUKNG4CPIG#TO[

951 9GCVJGT5GTXKEG1HHKEG01##095

952 9GCVJGT5[UVGOU2TQEGUUQT(##

954& 9GCVJGT5WTXGKNNCPEG4CFCT&QRRNGT0':4#&

957 9GCVJGT5WRRQTV7PKV

992 9QTNF9GCVJGT2TQITCO

999 9QTNF9GCVJGT9CVEJ9/19QTNFYKFGYGD)

#22'0&+:)

PREVIOUS FEATURE ARTICLES

 (; %QN,WF5VCKNG[75#( 5RCEG9GCVJGT#0GY%JCNNGPIGHQT

/GVGQTQNQIKUVU

 (; /T$NCKPG-6UWICYC1(%/ 6JG4QNGQH(GFGTCN#IGPEKGUKP+PVGTPCVKQPCN

#XKCVKQP/GVGQTQNQI[

 (; &CVC%QPVKPWKV[KPVJG%NKOCVQNQIKECN4GEQTF

&T0CVJCPKGN$)WVVOCP0%&%

/T#PFTGY**QTXKV\095

/T#TVJWT.$QQVJ

01##'15&+5

 (; 6TCKPKPICPF2TQHGUUKQPCN&GXGNQROGPVKPVJG /T'NK,CEMU095

/QFGTPK\GF9GCVJGT5GTXKEGU /T.G4Q[5RC[F095

 (; /GUQUECNG/GVGQTQNQI[ /T(NQ[F(*CWVJ1(%/

 (; 5QOG4GEGPV&GXGNQROGPVUKP.KIJVPKPI/CRRKPI 01##

5[UVGOU &T(TGFGTKEM4/QUJGT01##

&T&QPCNF4/CE)QTOCP

/U,CP5.GYKU01##

 (; 6JG0GZV)GPGTCVKQP9GCVJGT4CFCT#5[UVGOHQT /T'&QP5CTTGCNU0':4#&

.QECVKPICPF6TCEMKPI5GXGTG9GCVJGT ,521

 (; TGSWKTGFD[%QPITGUUCPF 5VTCVGIKE2NCPHQTVJG/QFGTPK\CVKQPCPF#UUQEKCVGF

4GUVTWEVWTKPIQHVJG0CVKQPCN9GCVJGT5GTXKEG

8GTDCVKOTGRTQFWEVKQPQHCRNCP

UWDOKVVGFD[&1%CPF1/$

 (; 
5QWTEGQTCWVJQTWPMPQYP 5WRGTEQORWVGTUHQT/GVGQTQNQIKECN5GTXKEGUCPF

5WRRQTVKPI4GUGCTEJ