The Art of Public Speaking, 10th Edition(2009)BBS

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7GLMWQ MR 6LIXSVMGEP 7GLSPEVWLMTr
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q8LI 7X]PMWXMG %VXMWXV] SJ XLI (IGPEVEXMSR SJ -RHITIRHIRGIr

ERH q8LI 6LIXSVMGEP %RGIWXV] SJ XLI (IGPEVEXMSR SJ -RHITIR
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ERH XLI 2EXMSREP 'SQQYRMGEXMSR %WWSGMEXMSRtW (SREPH )GVS]H %[EVH JSV 3YX
WXERHMRK 8IEGLMRK MR ,MKLIV )HYGEXMSR ,MW PIGXYVI GSYVWI SR q8LI 6LIXSVMG SJ
'EQTEMKRW ERH 6IZSPYXMSRWr MW EQSRK XLI QSWX TSTYPEV SR GEQTYW ERH LEW
X[MGI FIIR WIPIGXIH JSV WXEXI[MHI FVSEHGEWX MR MXW IRXMVIX] F] ;MWGSRWMR 4YFPMG
6EHMS 4VSJIWWSV 0YGEW MW JIEXYVIH MR XLI )HYGEXMSREP :MHIS +VSYTtW TVSKVEQ SR
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4VSJIWWSV 0YGEW LEW HMVIGXIH XLI MRXVSHYGXSV] TYFPMG WTIEOMRK GSYVWI EX XLI
9RMZIVWMX] SJ ;MWGSRWMR 1EHMWSR WMRGI 3ZIV XLI ]IEVW LI LEW FIIR
VIWTSRWMFPI JSV RYQIVSYW XIEGLMRK MRRSZEXMSRW ERH LEW WYTIVZMWIH XLI XVEMRMRK
SJ LYRHVIHW SJ KVEHYEXI EWWMWXERXW -R EHHMXMSR XS TEVXMGMTEXMRK MR TYFPMG WTIEO
MRK [SVOWLSTW ERH GSPPSUYME EX WGLSSPW XLVSYKLSYX XLI 9RMXIH 7XEXIW LI LEW
WIVZIH EW E NYHKI JSV XLI QENSV REXMSREP )RKPMWL PERKYEKI TYFPMG WTIEOMRK GSQ
TIXMXMSRW MR 'LMRE LEW PIGXYVIH EX RYQIVSYW 'LMRIWI YRMZIVWMXMIW ERH LEW
GSRHYGXIH [SVOWLSTW JSV 'LMRIWI MRWXVYGXSVW SR XIEGLMRK TYFPMG WTIEOMRK
7XITLIR 0YGEW ERH LMW [MJI 4EXX] PMZI MR 1EHMWSR ;MWGSRWMR ERH LEZI X[S
WSRW .IJJ ERH 6]ER ,MW MRXIVIWXW MRGPYHI XVEZIP WTSVXW EVX ERH TLSXSKVETL]

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7IPIGXMRK E 8STMG ERH E 4YVTSWI
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3VKERM^MRK XLI &SH] SJ XLI 7TIIGL

&IKMRRMRK ERH )RHMRK XLI 7TIIGL

3YXPMRMRK XLI 7TIIGL

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7TIEOMRK XS -RJSVQ
7TIEOMRK XS 4IVWYEHI
1IXLSHW SJ 4IVWYEWMSR
7TIEOMRK SR 7TIGMEP 3GGEWMSRW
7TIEOMRK MR 7QEPP +VSYTW %
%44)2(-< 7TIIGLIW JSV %REP]WMW ERH (MWGYWWMSR

MZ: ',%48)6 )8,-'7 %2( 49&0-' 74)%/-2+

'SRXIRXW

4VIJEGI \ZMM
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7TIEOMRK MR 4YFPMG 4%68

8LI 4S[IV SJ 4YFPMG 7TIEOMRK

8LI 8VEHMXMSR SJ 4YFPMG 7TIEOMRK

7MQMPEVMXMIW &IX[IIR 4YFPMG 7TIEOMRK
ERH 'SRZIVWEXMSR

(MJJIVIRGIW &IX[IIR 4YFPMG 7TIEOMRK
ERH 'SRZIVWEXMSR

(IZIPSTMRK 'SRJMHIRGI =SYV 7TIIGL 'PEWW
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4YFPMG 7TIEOMRK ERH 'VMXMGEP 8LMROMRK

8LI 7TIIGL 'SQQYRMGEXMSR 4VSGIWW
7TIEOIV
1IWWEKI
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8LI 7TIIGL 'SQQYRMGEXMSR 4VSGIWW )\EQTPI
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4YFPMG 7TIEOMRK MR E 1YPXMGYPXYVEP ;SVPH
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0EWX , ,IEH Z

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)XLMGW ERH 4YFPMG 7TIEOMRK

8LI -QTSVXERGI SJ )XLMGW

+YMHIPMRIW JSV )XLMGEP 7TIEOMRK
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4PEKMEVMWQ
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4PEKMEVMWQ ERH XLI -RXIVRIX

+YMHIPMRIW JSV )XLMGEP 0MWXIRMRK
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0MWXIRMRK

0MWXIRMRK -W -QTSVXERX

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0MWXIRMRK 8SS ,EVH
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6IWMWX (MWXVEGXMSRW
(SRtX &I (MZIVXIH F] %TTIEVERGI SV (IPMZIV]
7YWTIRH .YHKQIRX
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(IZIPST 2SXI 8EOMRK 7OMPPW

ZM- '3,%2488))268 7 )8,-'7 %2( 49&0-' 74)%/-2+

%44)2(-<

+MZMRK =SYV *MVWX 7TIIGL

4VITEVMRK =SYV 7TIIGL 7TIEOMRK )\XIQTSVERISYWP]
(IZIPSTMRK XLI 7TIIGL 6ILIEVWMRK XLI 7TIIGL
3VKERM^MRK XLI 7TIIGL 4VIWIRXMRK XLI 7TIIGL

(IPMZIVMRK =SYV 7TIIGL 7EQTPI 7TIIGLIW [MXL 'SQQIRXEV]

',%48)6

7IPIGXMRK E 8STMG ERH E 4YVTSWI 4%68

'LSSWMRK E 8STMG
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&VEMRWXSVQMRK JSV 8STMGW

(IXIVQMRMRK XLI +IRIVEP 4YVTSWI

(IXIVQMRMRK XLI 7TIGMJMG 4YVTSWI
8MTW JSV *SVQYPEXMRK XLI 7TIGMJMG 4YVTSWI 7XEXIQIRX
5YIWXMSRW XS %WO %FSYX =SYV 7TIGMJMG 4YVTSWI

4LVEWMRK XLI 'IRXVEP -HIE
;LEX -W XLI 'IRXVEP -HIE#
+YMHIPMRIW JSV XLI 'IRXVEP -HIE

0EW'X3 ,2 8 ,)2IE8H7 ZMM

',%48)6

%REP]^MRK XLI %YHMIRGI

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=SYV 'PEWWQEXIW EW ER %YHMIRGI

8LI 4W]GLSPSK] SJ %YHMIRGIW

(IQSKVETLMG %YHMIRGI %REP]WMW
%KI
+IRHIV
7I\YEP 3VMIRXEXMSR
6EGMEP )XLRMG ERH 'YPXYVEP &EGOKVSYRH
6IPMKMSR
+VSYT 1IQFIVWLMT

7MXYEXMSREP %YHMIRGI %REP]WMW
7M^I
4L]WMGEP 7IXXMRK
(MWTSWMXMSR 8S[EVH XLI 8STMG
(MWTSWMXMSR 8S[EVH XLI 7TIEOIV
(MWTSWMXMSR 8S[EVH XLI 3GGEWMSR

+IXXMRK -RJSVQEXMSR %FSYX XLI %YHMIRGI

%HETXMRK XS XLI %YHMIRGI
%YHMIRGI %HETXEXMSR &IJSVI XLI 7TIIGL
%YHMIRGI %HETXEXMSR (YVMRK XLI 7TIIGL

+EXLIVMRK 1EXIVMEPW

ZM-M-M- '3,%2488))268 7 )8,-'7 %2( 49&0-' 74)%/-2+ 9WMRK =SYV 3[R /RS[PIHKI ERH )\TIVMIRGI

(SMRK 0MFVEV] 6IWIEVGL
0MFVEVMERW
8LI 'EXEPSKYI
4IVMSHMGEP (EXEFEWIW
2I[WTETIVW
6IJIVIRGI ;SVOW

7IEVGLMRK XLI -RXIVRIX
7IEVGL )RKMRIW
7TIGMEPM^IH 6IWIEVGL 6IWSYVGIW
)ZEPYEXMRK -RXIVRIX (SGYQIRXW

-RXIVZMI[MRK
&IJSVI XLI -RXIVZMI[
(YVMRK XLI -RXIVZMI[
%JXIV XLI -RXIVZMI[

8MTW JSV (SMRK 6IWIEVGL
7XEVX )EVP]
1EOI E 4VIPMQMREV] &MFPMSKVETL]
8EOI 2SXIW )JJMGMIRXP]
8LMRO %FSYX =SYV 1EXIVMEPW EW =SY 6IWIEVGL

',%48)6

7YTTSVXMRK =SYV -HIEW

)\EQTPIW
&VMIJ )\EQTPIW
)\XIRHIH )\EQTPIW
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8MTW JSV 9WMRK )\EQTPIW

7XEXMWXMGW
9RHIVWXERHMRK 7XEXMWXMGW
8MTW JSV 9WMRK 7XEXMWXMGW

8IWXMQSR]
)\TIVX 8IWXMQSR]
4IIV 8IWXMQSR]
5YSXMRK :IVWYW 4EVETLVEWMRK
8MTW JSV 9WMRK 8IWXMQSR]

'MXMRK 7SYVGIW 3VEPP]

',%48)6 4%68

3VKERM^MRK XLI &SH] SJ XLI 7TIIGL

3VKERM^EXMSR -W -QTSVXERX

1EMR 4SMRXW
2YQFIV SJ 1EMR 4SMRXW
7XVEXIKMG 3VHIV SJ 1EMR 4SMRXW
8MTW JSV 4VITEVMRK 1EMR 4SMRXW

7YTTSVXMRK 1EXIVMEPW

'SRRIGXMZIW
8VERWMXMSRW
-RXIVREP 4VIZMI[W
-RXIVREP 7YQQEVMIW
7MKRTSWXW

0EW'X3 ,2 8 ,)2IE8H7 M\

',%48)6

&IKMRRMRK ERH )RHMRK XLI 7TIIGL

8LI -RXVSHYGXMSR
+IX %XXIRXMSR ERH -RXIVIWX
6IZIEP XLI 8STMG
)WXEFPMWL 'VIHMFMPMX] ERH +SSH[MPP
4VIZMI[ XLI &SH] SJ XLI 7TIIGL
7EQTPI -RXVSHYGXMSR [MXL 'SQQIRXEV]
8MTW JSV 4VITEVMRK XLI -RXVSHYGXMSR

8LI 'SRGPYWMSR
7MKREP XLI )RH SJ XLI 7TIIGL
6IMRJSVGI XLI 'IRXVEP -HIE
7EQTPI 'SRGPYWMSR [MXL 'SQQIRXEV]
8MTW JSV 4VITEVMRK XLI 'SRGPYWMSR

',%48)6

3YXPMRMRK XLI 7TIIGL

8LI 4VITEVEXMSR 3YXPMRI
+YMHIPMRIW JSV XLI 4VITEVEXMSR 3YXPMRI
7EQTPI 4VITEVEXMSR 3YXPMRI [MXL 'SQQIRXEV]

8LI 7TIEOMRK 3YXPMRI
+YMHIPMRIW JSV XLI 7TIEOMRK 3YXPMRI
7EQTPI 7TIEOMRK 3YXPMRI [MXL 'SQQIRXEV]

\ '3,%2488))268 7 )8,-'7 %2( 49&0-' 74)%/-2+

',%48)6 4%68

9WMRK 0ERKYEKI

1IERMRKW SJ ;SVHW

9WMRK 0ERKYEKI %GGYVEXIP]
9WI *EQMPMEV ;SVHW
'LSSWI 'SRGVIXI ;SVHW
)PMQMREXI 'PYXXIV

9WMRK 0ERKYEKI :MZMHP]
-QEKIV]
6L]XLQ

9WMRK 0ERKYEKI %TTVSTVMEXIP]
%TTVSTVMEXIRIWW XS XLI 3GGEWMSR
%TTVSTVMEXIRIWW XS XLI %YHMIRGI
%TTVSTVMEXIRIWW XS XLI 8STMG
%TTVSTVMEXIRIWW XS XLI 7TIEOIV

% 2SXI SR -RGPYWMZI 0ERKYEKI

',%48)6 ;LEX -W +SSH (IPMZIV]# \M

(IPMZIV] 1IXLSHW SJ (IPMZIV]
6IEHMRK JVSQ E 1ERYWGVMTX
6IGMXMRK JVSQ 1IQSV]
7TIEOMRK -QTVSQTXY
7TIEOMRK )\XIQTSVERISYWP]

8LI 7TIEOIVtW :SMGI
:SPYQI
4MXGL
6EXI
4EYWIW
:SGEP :EVMIX]
4VSRYRGMEXMSR
%VXMGYPEXMSR
(MEPIGX

8LI 7TIEOIVtW &SH]
4IVWSREP %TTIEVERGI
1SZIQIRX
+IWXYVIW
)]I 'SRXEGX

0EW'X3 ,2 8 ,)2IE8H7

4VEGXMGMRK (IPMZIV]
%RW[IVMRK %YHMIRGI 5YIWXMSRW

4VITEVMRK JSV XLI 5YIWXMSR ERH %RW[IV 7IWWMSR
1EREKMRK XLI 5YIWXMSR ERH %RW[IV 7IWWMSR

',%48)6

9WMRK :MWYEP %MHW

/MRHW SJ :MWYEP %MHW
3FNIGXW
1SHIPW
4LSXSKVETLW
(VE[MRKW
+VETLW
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8VERWTEVIRGMIW
:MHIS
1YPXMQIHME 4VIWIRXEXMSRW
8LI 7TIEOI

+YMHIPMRIW JSV 4VITEVMRK :MWYEP %MHW
4VITEVI :MWYEP %MHW MR %HZERGI
/IIT :MWYEP %MHW 7MQTPI
1EOI 7YVI :MWYEP %MHW %VI 0EVKI )RSYKL
9WI *SRXW 8LEX %VI )EW] XS 6IEH
9WI E 0MQMXIH 2YQFIV SJ *SRXW
9WI 'SPSV )JJIGXMZIP]

+YMHIPMRIW JSV 4VIWIRXMRK :MWYEP %MHW
%ZSMH 9WMRK XLI 'LEPOFSEVH
(MWTPE] :MWYEP %MHW ;LIVI 0MWXIRIVW 'ER 7II 8LIQ
%ZSMH 4EWWMRK :MWYEP %MHW %QSRK XLI %YHMIRGI
(MWTPE] :MWYEP %MHW 3RP] ;LMPI (MWGYWWMRK 8LIQ
8EPO XS =SYV %YHMIRGI 2SX XS =SYV :MWYEP %MH
)\TPEMR :MWYEP %MHW 'PIEVP] ERH 'SRGMWIP]
4VEGXMGI [MXL =SYV :MWYEP %MHW

\M-M- '3,%2488))268 7 )8,-'7 %2( 49&0-' 74)%/-2+

%44)2(-<

9WMRK 4S[IV4SMRX

4PYWIW ERH 1MRYWIW SJ 4S[IV4SMRX (IPMZIVMRK =SYV 7TIIGL [MXL 4S[IV4SMRX
6IGLIGO =SYV 7PMHIW
4PERRMRK XS 9WI 4S[IV4SMRX /RS[ 7PMHI 7LS[ 'SQQERHW
4VEGXMGI =SYV 7TIIGL [MXL 4S[IV4SMRX
*SVQEXXMRK 4S[IV4SMRX 7PMHIW (MWTPE] 7PMHIW 3RP] ;LMPI (MWGYWWMRK 8LIQ
'SPSV 'LIGO XLI 6SSQ ERH )UYMTQIRX
8I\X (IZIPST E &EGOYT 4PER
*SRXW
-QEKIW 'ST]VMKLX ERH *EMV 9WI
7TEGI
%RMQEXMSR 7EQTPI 7TIIGL [MXL 'SQQIRXEV]

',%48)6

7TIEOMRK XS -RJSVQ 4%68

8]TIW SJ -RJSVQEXMZI 7TIIGLIW %REP]WMW
ERH 3VKERM^EXMSR

7TIIGLIW %FSYX 3FNIGXW
7TIIGLIW %FSYX 4VSGIWWIW
7TIIGLIW %FSYX )ZIRXW
7TIIGLIW %FSYX 'SRGITXW

+YMHIPMRIW JSV -RJSVQEXMZI 7TIEOMRK
(SRtX 3ZIVIWXMQEXI ;LEX XLI %YHMIRGI /RS[W
6IPEXI XLI 7YFNIGX (MVIGXP] XS XLI %YHMIRGI
(SRtX &I 8SS 8IGLRMGEP
%ZSMH %FWXVEGXMSRW
4IVWSREPM^I =SYV -HIEW

7EQTPI 7TIIGL [MXL 'SQQIRXEV]

0EW'X3 ,2 8 ,)2IE8H7 \MMM

',%48)6

7TIEOMRK XS 4IVWYEHI

8LI -QTSVXERGI SJ 4IVWYEWMSR
)XLMGW ERH 4IVWYEWMSR
8LI 4W]GLSPSK] SJ 4IVWYEWMSR

8LI 'LEPPIRKI SJ 4IVWYEWMZI 7TIEOMRK
,S[ 0MWXIRIVW 4VSGIWW 4IVWYEWMZI 1IWWEKIW
8LI 8EVKIX %YHMIRGI
4IVWYEWMZI 7TIIGLIW SR 5YIWXMSRW SJ *EGX
;LEX %VI 5YIWXMSRW SJ *EGX#
%REP]^MRK 5YIWXMSRW SJ *EGX
3VKERM^MRK 7TIIGLIW SR 5YIWXMSRW SJ *EGX
4IVWYEWMZI 7TIIGLIW SR 5YIWXMSRW SJ :EPYI
;LEX %VI 5YIWXMSRW SJ :EPYI#
%REP]^MRK 5YIWXMSRW SJ :EPYI
3VKERM^MRK 7TIIGLIW SR 5YIWXMSRW SJ :EPYI
4IVWYEWMZI 7TIIGLIW SR 5YIWXMSRW SJ 4SPMG]
;LEX %VI 5YIWXMSRW SJ 4SPMG]#
8]TIW SJ 7TIIGLIW SR 5YIWXMSRW SJ 4SPMG]
%REP]^MRK 5YIWXMSRW SJ 4SPMG]
3VKERM^MRK 7TIIGLIW SR 5YIWXMSRW SJ 4SPMG]
7EQTPI 7TIIGL [MXL 'SQQIRXEV]

\-MZ: '3,%2488))268 7 )8,-'7 %2( 49&0-' 74)%/-2+

',%48)6

1IXLSHW SJ 4IVWYEWMSR

&YMPHMRK 'VIHMFMPMX]
*EGXSVW SJ 'VIHMFMPMX]
8]TIW SJ 'VIHMFMPMX]
)RLERGMRK =SYV 'VIHMFMPMX]

9WMRK )ZMHIRGI
,S[ )ZMHIRGI ;SVOW % 'EWI 7XYH]
8MTW JSV 9WMRK )ZMHIRGI

6IEWSRMRK
6IEWSRMRK JVSQ 7TIGMJMG -RWXERGIW
6IEWSRMRK JVSQ 4VMRGMTPI
'EYWEP 6IEWSRMRK
%REPSKMGEP 6IEWSRMRK
*EPPEGMIW

%TTIEPMRK XS )QSXMSRW
;LEX %VI )QSXMSREP %TTIEPW#
+IRIVEXMRK )QSXMSREP %TTIEP
)XLMGW ERH )QSXMSREP %TTIEP

7EQTPI 7TIIGL [MXL 'SQQIRXEV]

',%48)6

7TIEOMRK SR 7TIGMEP 3GGEWMSRW

7TIIGLIW SJ -RXVSHYGXMSR
7TIIGLIW SJ 4VIWIRXEXMSR
7TIIGLIW SJ %GGITXERGI
'SQQIQSVEXMZI 7TIIGLIW

0EW'X3 ,2 8 ,)2IE8H7 \Z

',%48)6

7TIEOMRK MR 7QEPP +VSYTW

;LEX -W E 7QEPP +VSYT#
0IEHIVWLMT MR 7QEPP +VSYTW

/MRHW SJ 0IEHIVWLMT
*YRGXMSRW SJ 0IEHIVWLMT
6IWTSRWMFMPMXMIW MR E 7QEPP +VSYT
'SQQMX =SYVWIPJ XS XLI +SEPW SJ =SYV +VSYT
*YPJMPP -RHMZMHYEP %WWMKRQIRXW
%ZSMH -RXIVTIVWSREP 'SRJPMGXW
)RGSYVEKI *YPP 4EVXMGMTEXMSR
/IIT XLI (MWGYWWMSR SR 8VEGO
8LI 6IJPIGXMZI 8LMROMRK 1IXLSH
(IJMRI XLI 4VSFPIQ
%REP]^I XLI 4VSFPIQ
)WXEFPMWL 'VMXIVME JSV 7SPYXMSRW
+IRIVEXI 4SXIRXMEP 7SPYXMSRW
7IPIGX XLI &IWX 7SPYXMSR
4VIWIRXMRK XLI 6IGSQQIRHEXMSRW SJ XLI +VSYT
3VEP 6ITSVX
7]QTSWMYQ
4ERIP (MWGYWWMSR

%44)2(-<

7TIIGLIW JSV %REP]WMW ERH (MWGYWWMSR %

- ,EZI E (VIEQ 1EVXMR 0YXLIV /MRK .V %
5YIWXMSRW SJ 'YPXYVI 7ENNMH >ELMV 'LMRS] %
8LI ,MHHIR ;SVPH SJ 'LMPM 4ITTIVW %
8LI ,SVVSVW SJ 4YTT] 1MPPW %
&YVWXMRK XLI %RXMFEGXIVMEP &YFFPI %
8LI 9PXMQEXI +MJX %
1] 'VE^] %YRX 7YI %

2SXIW 2
4LSXS 'VIHMXW '
-RHI\ -

\:ZM- '3,%2488))268 7 )8,-'7 %2( 49&0-' 74)%/-2+

4VIJEGI

- GSYPH RSX LEZI MQEKMRIH [LIR - [VSXI XLI JMVWX IHMXMSR SJ 8LI %VX SJ 4YFPMG
7TIEOMRK XLI I\XVESVHMREV] VIWTSRWI MX [SYPH VIGIMZI %W XLI FSSO IRXIVW MXW
XIRXL IHMXMSR - EQ HIITP] ETTVIGMEXMZI SJ XLI WXYHIRXW ERH XIEGLIVW [LS
LEZI QEHI MX XLI PIEHMRK [SVO SR MXW WYFNIGX EX GSPPIKIW ERH YRMZIVWMXMIW EGVSWW
XLI 9RMXIH 7XEXIW ERH EVSYRH XLI KPSFI
-R TVITEVMRK XLMW IHMXMSR - LEZI VIXEMRIH [LEX VIEHIVW LEZI MHIRXMJMIH EW XLI
QEMR WXVIRKXLW SJ TVIZMSYW IHMXMSRW 8LI FSSO GSRXMRYIW XS FI MRJSVQIH F] GPEW
WMGEP ERH GSRXIQTSVEV] XLISVMIW SJ VLIXSVMG FYX HSIW RSX TVIWIRX XLISV] JSV MXW
S[R WEOI /IITMRK E WXIEH] I]I SR XLI TVEGXMGEP WOMPPW SJ TYFPMG WTIEOMRK MX SJJIVW
JYPP GSZIVEKI SJ EPP QENSV EWTIGXW SJ WTIIGL TVITEVEXMSR ERH TVIWIRXEXMSR

%W MR TVIZMSYW IHMXMSRW - LEZI JSPPS[IH (EZMH ,YQItW EHZMGI XLEX SRI q[LS
[SYPH XIEGL IPSUYIRGI QYWX HS MX GLMIJP] F] I\EQTPIW r ;LIRIZIV TSWWMFPI -
LEZI XVMIH XS WLS[ XLI TVMRGMTPIW SJ TYFPMG WTIEOMRK MR EGXMSR MR EHHMXMSR XS
HIWGVMFMRK XLIQ 8LYW ]SY [MPP JMRH MR XLI FSSO E PEVKI RYQFIV SJ REVVEXMZIW ERH
I\XVEGXW JVSQ WTIIGLIWhWIX SJJ JVSQ XLI XI\X MR E GSRXVEWXMRK X]TIJEGI 8LIVI EVI
EPWS QER] WTIIGL SYXPMRIW ERH WEQTPI WTIIGLIW %PP XLIWI EVI TVSZMHIH WS WXY
HIRXW GER WII LS[ XS JSVQYPEXI WTIGMJMG TYVTSWI WXEXIQIRXW LS[ XS EREP]^I ERH
EHETX XS EYHMIRGIW LS[ XS SVKERM^I MHIEW ERH GSRWXVYGX SYXPMRIW LS[ XS EWWIWW
IZMHIRGI ERH VIEWSRMRK LS[ XS YWI PERKYEKI IJJIGXMZIP] ERH WS JSVXL
&IGEYWI XLI MQQIHMEXI XEWO JEGMRK WXYHIRXW MW XS TVIWIRX WTIIGLIW MR XLI
GPEWWVSSQ - LEZI VIPMIH LIEZMP] SR I\EQTPIW XLEX VIPEXI HMVIGXP] XS WXYHIRXWt
GPEWWVSSQ RIIHW ERH I\TIVMIRGIW 8LI WTIIGL GPEWWVSSQ LS[IZIV MW E XVEMRMRK
KVSYRH [LIVI WXYHIRXW HIZIPST WOMPPW XLEX [MPP WIVZI XLIQ XLVSYKLSYX PMJI
8LIVIJSVI - LEZI EPWS MRGPYHIH E PEVKI RYQFIV SJ MPPYWXVEXMSRW HVE[R JVSQ XLI
OMRHW SJ WTIEOMRK I\TIVMIRGIW WXYHIRXW [MPP JEGI EJXIV XLI] KVEHYEXIhMR XLIMV
GEVIIVW ERH MR XLIMV GSQQYRMXMIW

- LEZI EPWS FIIR KYMHIH F] XLI FIPMIJ XLEX E FSSO MRXIRHIH JSV WXYHIRXW [LS
[ERX XS WTIEO QSVI IJJIGXMZIP] WLSYPH RIZIV PSWI WMKLX SJ XLI JEGX XLEX XLI QSWX
MQTSVXERX TEVX SJ WTIEOMRK MW XLMROMRK 8LI EFMPMX] XS XLMRO GVMXMGEPP] MW ZMXEP XS E
[SVPH MR [LMGL TIVWSREPMX] ERH MQEKI XSS SJXIR WYFWXMXYXI JSV XLSYKLX ERH WYF
WXERGI ;LMPI LIPTMRK WXYHIRXW FIGSQI GETEFPI VIWTSRWMFPI WTIEOIVW 8LI %VX SJ
4YFPMG 7TIEOMRK EPWS WIIOW XS LIPT XLIQ FIGSQI GETEFPI VIWTSRWMFPI XLMROIVW

*IEXYVIW SJ XLI 8IRXL )HMXMSR

+MZIR XLI IRXLYWMEWXMG VIWTSRWI XS TVIZMSYW IHMXMSRW - LEZI OITX XLI FEWMG TLM
PSWSTL] ERH ETTVSEGL SJ XLI FSSO MRXEGX %X XLI WEQI XMQI - LEZI XEOIR XLMW
IHMXMSR EW ER STTSVXYRMX] XS I\EQMRI IZIV]XLMRK [MXL E JVIWL I]I -R EHHMXMSR
XS QEOMRK GSRXIRX GLERKIW MR VIWTSRWI XS EHZERGIW MR XIGLRSPSK] ERH XLI
IZSPZMRK RIIHW SJ WXYHIRXW ERH MRWXVYGXSVW - LEZI IHMXIH IEGL GLETXIV MR XLI
MRXIVIWX SJ IGSRSQ] GPEVMX] ERH TVIGMWMSR 8LI VIWYPX MR GSQFMREXMSR [MXL E

0EWX , ,IEH \ZMM

H]REQMG RI[ HIWMKR ERH E TEXLFVIEOMRK XIGLRSPSK] TVSKVEQ MW E WPIIOIV
QSVI WXVIEQPMRIH FSSO XLEX VIXEMRW XLI GSQTVILIRWMZI GSZIVEKI ERH WX]PMWXMG
EGGIWWMFMPMX] SJ MXW TVIHIGIWWSVW
3XLIV JIEXYVIW MRGPYHI

(IZIPSTMRK 'SRJMHIRGI

7XEKI JVMKLX MW E YRMZIVWEP TLIRSQIRSR XLEX LEW FIIR WXYHMIH F] WGLSPEVW MR
QYPXMTPI EGEHIQMG HMWGMTPMRIW MRGPYHMRK GSQQYRMGEXMSR TW]GLSPSK] XLIEXVI
ERH HVEQE WSGMSPSK] ERH QIHMGMRI 8LI VIWIEVGL WLS[W YRIUYMZSGEPP] XLEX
WXEKI JVMKLX XVERWGIRHW GYPXYVEP FSYRHEVMIW EKI WI\ SGGYTEXMSR ERH WSGMS
IGSRSQMG WXERHMRK )ZIV]SRI MW EJJIGXIH F] MX XS WSQI HIKVII SV ERSXLIV 'SR
WIUYIRXP] SRI SJ XLI JMVWX XEWOW MR ER] TYFPMG WTIEOMRK FSSO MW XS LIPT WXYHIRXW
HIZIPST E TSWMXMZI EXXMXYHI XS[EVH XLI WYFNIGX ERH GSRJMHIRGI MR XLIMV EFMPMXMIW
XS WYGGIIH EW WTIEOIVW
- LEZI EP[E]W GSZIVIH XLMW WYFNIGX MR 'LETXIV FYX - LEZI I\TERHIH ERH
YTHEXIH XLI HMWGYWWMSR MR XLMW IHMXMSR XS LIPT WXYHIRXW YRHIVWXERH FSXL XLI
YRMZIVWEPMX] SJ WXEKI JVMKLX ERH XLI QIXLSHW XLI] GER YWI XS GSRXVSP MX - LEZI
EPWS EHHIH E 'LIGOPMWX JSV 7TIEOMRK [MXL 'SRJMHIRGI 1SHIPIH SR XLI GLIGO
PMWXW XLEX [IVI WYGL E TSTYPEV JIEXYVI SJ XLI RMRXL IHMXMSR MX MW HIWMKRIH XS LIPT
WXYHIRXW EW XLI] QSZI XS[EVH FIGSQMRK QSVI TSMWIH ERH GSRJMHIRX WTIEOIVW
0MOI EPP GLIGOPMWXW JSV XLMW IHMXMSR MX MW EPWS EZEMPEFPI EX GSRRIGXPYGEW GSQ
[LMGL MW I\TPEMRIH SR TEKIW \\i\\MM

-RXIVRIX 6IWIEVGL

*SV EPP XLI XMQI XLI] WTIRH SR XLI -RXIVRIX QER] WXYHIRXW HS RSX YRHIVWXERH
LS[ XS YWI MX W]WXIQEXMGEPP] JSV VIWIEVGL 8LIVI MW E ZEWX HMJJIVIRGI FIX[IIR
FVS[WMRK XLI ;IF ERH YWMRK MX XS GSRHYGX JSGYWIH IJJMGMIRX WIEVGLIW %GGSVH
MRKP] MR 'LETXIV - LEZI XLSVSYKLP] YTHEXIH XLI XVIEXQIRX SJ -RXIVRIX
VIWIEVGL XS EGGSYRX JSV XLI GLERKMRK GETEFMPMXMIW SJ WIEVGL IRKMRIW XLI GSR
WSPMHEXMSR SJ MRJSVQEXMSR SVMIRXIH ;IF WMXIW ERH XLI GSRXMRYMRK KVS[XL SJ
ZMVXYEP PMFVEVMIW

- LEZI EPWS I\TERHIH XLI WIGXMSR SR )ZEPYEXMRK -RXIVRIX (SGYQIRXW 8LI
FMKKIWX GLEPPIRKI JSV QER] WXYHIRXW MW RSX JMRHMRK MRJSVQEXMSR SR XLI -RXIVRIX
FYX XLMROMRK GVMXMGEPP] EFSYX XLI MRJSVQEXMSR XLI] HS JMRH 8S EWWMWX XLIQ -
HMWGYWW EYXLSVWLMT WTSRWSVWLMT ERH VIGIRG] EW GVMXIVME JSV EWWIWWMRK XLI UYEP
MX] SJ -RXIVRIX HSGYQIRXW -R EHHMXMSR - LEZI EHHIH E 'LIGOPMWX JSV )ZEPYEXMRK
-RXIVRIX (SGYQIRXW

'MXMRK 7SYVGIW 3VEPP]

8LI FMFPMSKVETL] XLEX WXYHIRXW MRGPYHI [MXL E WTIIGL SYXPMRI MHIRXMJMIW XLI
WSYVGIW XLI] YWIH MR GSRWXVYGXMRK XLI WTIIGL &YX PMWXIRIVW HS RSX LEZI EGGIWW
XS XLEX SYXPMRI *SV XLIQ XLI WTIEOIV RIIHW XS MHIRXMJ] LMW SV LIV WSYVGIW SVEPP]
HYVMRK XLI WTIIGL 8LMW MW TEVXP] E QEXXIV SJ TVSZMHMRK XLI MRJSVQEXMSR PMWXIRIVW
RIIH XS KEYKI XLI UYEPMX] ERH VIPMEFMPMX] SJ E WTIEOIVtW WSYVGIW -X MW EPWS E QEX
XIV SJ FPIRHMRK GMXEXMSRW WOMPPJYPP] MRXS XLI XI\XYVI SJ XLI WTIIGL %W [MXL SXLIV
EWTIGXW SJ WTIIGLQEOMRK XLI -RXIVRIX TSWIW WTIGMEP GLEPPIRKIW LIVI EW [IPP 8SS
SJXIR WXYHIRXW EVI MRGPMRIH XS WE] WSQIXLMRK PMOI q%W - JSYRH SR XLI ;IFr SV
q%W XLI -RXIVRIX WXEXIW r

\ZMMM 46)*%')

-R 'LETXIV - LEZI EHHIH E RI[ WIGXMSR XMXPIH 'MXMRK 7SYVGIW 3VEPP] XLEX
LIPTW WXYHIRXW [MXL EPP XLIWI GLEPPIRKIW -X HIEPW [MXL FSXL TVMRX ERH SRPMRI
WSYVGIW ERH MX MRGPYHIW E GLIGOPMWX XLEX WXYHIRXW GER ETTP] EW XLI] GSRWXVYGX
XLIMV WTIIGLIW -R EHHMXMSR GSRRIGXPYGEW GSQ MRGPYHIW E GSPPIGXMSR SJ WEQTPI
SVEP GMXEXMSRW XLEX WYTTPIQIRX XLSWI MR XLI FSSO

4S[IV4SMRX

-R XLI IMKLXL IHMXMSR - EHHIH ER ETTIRHM\ JSPPS[MRK 'LETXIV I\TPEMRMRK
LS[ XS YWI 4S[IV4SMRX [MXLSYX IMXLIV HSQMREXMRK E WTIIGL SV IRJIIFPMRK MX
8LI VIWTSRWI XS XLMW ETTIRHM\ LEW FIIR I\XVIQIP] JEZSVEFPI ERH - LEZI
YTHEXIH MX MR XLMW IHMXMSR XS OIIT TEGI [MXL GLERKIW MR 4S[IV4SMRX -R EHHM
XMSR FIGEYWI 4S[IV4SMRX MW E ZMWYEP QIHMYQ XLI (:( SJ WXYHIRX WTIIGLIW XLEX
EGGSQTERMIW XLMW IHMXMSR MRGPYHIW WIZIVEP TVIWIRXEXMSRW XLEX MPPYWXVEXI LS[ XS
YWI 4S[IV4SMRX XS FIWX EHZERXEKI *MREPP] JSV WXYHIRXW [LS RIIH QSVI KYMH
ERGI XLER GER FI TVSZMHIH MR XLI FSSO GSRRIGXPYGEW GSQ MRGPYHIW WXIT F] WXIT
XYXSVMEPW JSV 4S[IV4SMRX ERH 4S[IV4SMRX
8EOIR XSKIXLIV EPP XLIWI VIWSYVGIW TVSZMHI XLI QSWX GSQTVILIRWMZI WIX SJ
XIEGLMRK QEXIVMEPW JSV 4S[IV4SMRX EZEMPEFPI [MXL ER] WTIIGL XI\XFSSO 8LI]
KMZI XLI OMRH SJ KYMHERGI WXYHIRXW RIIH XS YWI 4S[IV4SMRX IJJIGXMZIP] ERH
VIWTSRWMFP]hMR XLI GPEWWVSSQ ERH FI]SRH

-RXVSHYGXMSRW 'SRGPYWMSRW ERH :MWYEP %MHW (:(

&IGEYWI WTIIGLIW EVI TIVJSVQEXMZI EGXW WXYHIRXW RIIH XS FI EFPI XS ZMI[ WTIEO
IVW MR EGXMSR EW [IPP EW VIEH XLIMV [SVHW SR XLI TVMRXIH TEKI -R GSRNYRGXMSR
[MXL XLMW IHMXMSR - LEZI HIZIPSTIH E RI[ ZMHIS TVSKVEQ XMXPIH -RXVSHYGXMSRW
'SRGPYWMSRW ERH :MWYEP %MHW 4EVX 3RI SJ XLMW QMRYXI (:( YWIW I\GIVTXW
JVSQ E [MHI VERKI SJ WTIIGLIW XS MPPYWXVEXI XLI TVMRGMTPIW SJ IJJIGXMZI MRXVSHYG
XMSRW ERH GSRGPYWMSRW 4EVX 8[S GSRXEMRW I\EQTPIW SJ WTIEOIVW YWMRK E ZEVMIX]
SJ ZMWYEP EMHW ERH TVIWIRXEXMSR QIHME

-RXVSHYGXMSRW 'SRGPYWMSRW ERH :MWYEP %MHW MW FEWIH SR XLI TVMRGMTPIW SJ
ZMWYEP PIEVRMRK ERH TVSZMHIW ER I\GMXMRK VIWSYVGI XLEX MRWXVYGXSVW GER YWI XS
LIPT WXYHIRXW YRHIVWXERH ERH ETTP] XLI TVMRGMTPIW HMWGYWWIH MR XLI FSSO

7XYHIRX 7TIIGLIW JSV %REP]WMW ERH (MWGYWWMSR (:(

-R EHHMXMSR XS - RXVSHYGXMSRW 'SRGPYWMSRW ERH :MWYEP %MHW XLMW IHMXMSR MRGPYHIW
E (:( SJ WXYHIRX WTIIGLIW JSV EREP]WMW ERH HMWGYWWMSR EPP [MXL ER STXMSR
JSV GPSWIH GETXMSRMRK )MKLX SJ XLI WTIIGLIW EVI RI[ XS XLMW IHMXMSR %PP
XSKIXLIV XLIVI EVI WIZIR MRXVSHYGXSV] WTIIGLIW IMKLX MRJSVQEXMZI WTIIGLIW
JMZI TIVWYEWMZI WTIIGLIW ERH JSYV GSQQIQSVEXMZI WTIIGLIW 8LMVXIIR SJ XLI
WTIIGLIW EVI TVMRXIH MR XLI FSSO XI\XW SJ XLI SXLIVW EVI EZEMPEFPI MR XLI
-RWXVYGXSVtW 1ERYEP
8LI WTIIGLIW VIJPIGX XLI HMZIVWMX] SJ XSHE]tW WSGMIX] ERH GSPPIKI GPEWWVSSQ
8LI] EVI TVIWIRXIH F] WTIEOIVW SJ QER] FEGOKVSYRHW HIEP [MXL E [MHI VERKI
SJ XSTMGW ERH IQTPS] WIZIVEP OMRHW SJ ZMWYEP EMHW %PP LS[IZIV EVI QIERX XS
MPPYWXVEXI XLI TVMRGMTPIW SJ SVKERM^EXMSR EYHMIRGI EREP]WMW WYTTSVXMRK QEXIVM
EPW GVIEXMZMX] ERH PERKYEKI XLEX EVI HMWGYWWIH XLVSYKLSYX XLI FSSO ERH XLEX
EVI GIRXVEP XS IJJIGXMZI TYFPMG WTIEOMRK MR ER] GSRXI\X
8LI (:( EPWS MRGPYHIW XLVII WIXW SJ TEMVIH 2IIHW -QTVSZIQIRX ERH *MREP
:IVWMSR WTIIGLIW -R EHHMXMSR XS q8LI ,MHHIR ;SVPH SJ 'LMPM 4ITTIVW r [LMGL

46)*%') \M\

[EW WS TSTYPEV MR XLI RMRXL IHMXMSR XLI RI[ (:( MRGPYHIW E WTIIGL SJ WIPJ
MRXVSHYGXMSR XMXPIH q4SX 7SMP ;EXIVr ERH ER MRJSVQEXMZI TVIWIRXEXMSR SR
q7IGYVMRK =SYVWIPJ 3RPMRI r -R EPP XLVII GEWIW XLI RIIHW MQTVSZIQIRX ZIVWMSR
GSRXEMRW QER] SJ XLI JPE[W XLEX X]TMGEPP] ETTIEV MR WXYHIRX TVIWIRXEXMSRW IEVP]
MR XLI XIVQhMREHIUYEXI TVITEVEXMSR YRHIVHIZIPSTQIRX SJ MHIEW WPSTT] SVKE
RM^EXMSR MRIJJIGXMZI YWI SJ ZMWYEP EMHW ERH XLI PMOI 1] EMQ MW XS WLS[
WXYHIRXWhVEXLIV XLER NYWX XIPP XLIQhXLI XLMRKW XS EZSMH MJ XLI] [ERX XS GVEJX E
WYGGIWWJYP WTIIGL 3RGI WXYHIRXW LEZI WIIR XLI RIIHW MQTVSZIQIRX ZIVWMSR
MRWXVYGXSVW GER WLS[ XLI JMREP ZIVWMSR MR [LMGL XLI JPE[W LEZI FIIR GSVVIGXIH

'SRRIGX 0YGEW

%PXLSYKL - JMRH MX E FMX WXVERKI XS [VMXI EFSYX E JIEXYVI XLEX LEW Q] REQI MR
XLI XMXPI - GSYPH RSX FI QSVI TPIEWIH [MXL XLI GSRXIRX SJ 'SRRIGX 0YGEW %
VIZSPYXMSREV] HMKMXEP VIWSYVGI MX TVSZMHIW SRPMRI EGGIWW EX E WMRKPI WMXI XS EPP XLI
XIEGLMRK ERH PIEVRMRK QEXIVMEPW EZEMPEFPI [MXL 8LI %VX SJ 4YFPMG 7TIEOMRK 8LIWI
QEXIVMEPW MRGSVTSVEXI IZIV]XLMRK XLEX [EW SR XLI 7XYHIRX '( 631 MR TVIZMSYW
IHMXMSRWhTPYW E PSX QSVI 7TIGMEPP] QEVOIH MGSRW MR XLI FSSO HMVIGX VIEHIVW XS
ETTVSTVMEXI MXIQW EX GSRRIGXPYGEW GSQ 8LSWI MXIQW MRGPYHI

:MHIS 'PMTW 1SVI XLER GPMTW HIQSRWXVEXI XLI TVMRGMTPIW SJ TYFPMG WTIEO
MRK MR EGXMSR 6YRRMRK JVSQ WIGSRHW XS E QMRYXI ERH E LEPJ MR PIRKXL
ERH EGGSQTERMIH F] E XI\X MRXVSHYGXMSR IEGL GPMT MW JYPP] MRXIKVEXIH [MXL
XLI FSSO SJJIVW XLI STXMSR SJ GPSWIH GETXMSRMRK ERH LEW FIIR GEVIJYPP]
GLSWIR XS MPPYWXVEXI E TEVXMGYPEV EWTIGX SJ TYFPMG WTIEOMRK

*YPP 7TIIGLIW 8LIVI EVI JYPP WXYHIRX TVIWIRXEXMSRW MRGPYHMRK WM\ MRXVS
HYGXSV] WTIIGLIW WM\ MRJSVQEXMZI WTIIGLIW JMZI TIVWYEWMZI WTIIGLIW ERH
JSYV GSQQIQSVEXMZI WTIIGLIWhEPP [MXL E GPSWIH GETXMSRMRK STXMSR )EGL
MW EGGSQTERMIH F] ER EYHMS MRXVSHYGXMSR ERH ER SYXPMRI SJ XLI WTIIGL EW
[IPP EW F] GVMXMGEP XLMROMRK UYIWXMSRW XLEX GER FI YWIH JSV GPEWWVSSQ HMWGYW
WMSR SV JSV SYX SJ GPEWW EWWMKRQIRXW

7TIIGL 3YXPMRIV 8LMW MRRSZEXMZI PIEVRMRK XSSP KYMHIW WXYHIRXW W]WXIQEXM
GEPP] XLVSYKL XLI TVSGIWW SJ SVKERM^MRK ERH SYXPMRMRK XLIMV WTIIGLIW 8YXS
VMEP WGVIIRW I\TPEMR XLI SVKERM^EXMSREP QIXLSHW MRZSPZIH MR GSQTSWMRK
IEGL TEVX SJ XLI WTIIGL ERH XLI SYXPMRIV EYXSQEXMGEPP] JSVQEXW XLI WTIIGL
MR EGGSVHERGI [MXL TVSTIV SYXPMRMRK TVMRGMTPIW -X EPWS EPPS[W WXYHIRXW XS
WEZI VIZMWI ERH TVMRX XLIMV [SVO

-RXIVEGXMZI 3YXPMRI )\IVGMWIW 7M\ I\IVGMWIW TVIWIRX WGVEQFPIH SYXPMRIW XLEX
WXYHIRXW GER VIEVVERKI MR XLI GSVVIGX SVHIV F] YWMRK WXERHEVH HVEK ERH
HVST TVSGIHYVIW %W [MXL SXLIV JIEXYVIW EX GSRRIGXPYGEW GSQ XLI EMQ SJ
XLIWI I\IVGMWIW MW XS TYX SRPMRI XIGLRSPSK] XS XLI FIWX TSWWMFPI TIHE
KSKMGEP YWI

&MFPMSKVETL] *SVQEXW ERH &MFPMSQEOIV 'SZIVMRK QSVI XLER X]TIW SJ
WSYVGI QEXIVMEPhJVSQ FSSOW IWWE]W ERH RI[WTETIV EVXMGPIW XS KSZIVR
QIRX TYFPMGEXMSRW XIPIZMWMSR TVSKVEQW ERH -RXIVRIX HSGYQIRXWhXLI
&MFPMSKVETL] *SVQEXW TVSZMHI E GSQTVILIRWMZI WIX SJ WEQTPI GMXEXMSRW JSV
FSXL 1SHIVR 0ERKYEKI %WWSGMEXMSR 10%
ERH %QIVMGER 4W]GLSPSKMGEP
%WWSGMEXMSR %4%
JSVQEXW 8LI EGGSQTER]MRK &MFPMSQEOIV EYXSQEXMGEPP]
JSVQEXW FMFPMSKVETLMG IRXVMIW EGGSVHMRK XS XLI GMXEXMSR WX]PI GLSWIR F] XLI
WXYHIRX

\\ 46)*%')

-RXIVEGXMZI 7XYH] 5YIWXMSRW )RXMVIP] HMJJIVIRX JVSQ XLI UYIWXMSRW MR XLI 8IWX
&ERO XLI WXYH] UYIWXMSRW EVI HIWMKRIH FSXL XS KEYKI WXYHIRXWt ORS[PIHKI
ERH XS LIPT XLIQ PIEVR %JXIV WXYHIRXW IRXIV XLIMV ERW[IV JSV IEGL UYIWXMSR
XLI] VIGIMZI RSX NYWX ER MRHMGEXMSR SJ [LIXLIV XLI ERW[IV MW VMKLX SV [VSRK
FYX JIIHFEGO XLEX I\TPEMRW XLI GSVVIGX ERW[IV

-RXIVEGXMZI /I] 8IVQ *PEWLGEVHW % WIX SJ IPIGXVSRMG JPEWLGEVHW JSV IEGL GLET
XIV LIPTW WXYHIRXW WXYH] OI] XIVQW ERH GSRGITXW JVSQ XLI FSSO -R EHHMXMSR
XS FIMRK JYPP] MRXIVEGXMZI XLI JPEWLGEVHW EPPS[ WXYHIRXW XS HS E WIPJ UYM^
XLEX XIWXW XLIMV GSQTVILIRWMSR SJ OI] XIVQW

7TIIGL 4VITEVEXMSR 'LIGOPMWXW %PP GLIGOPMWXW MR XLI FSSO EVI EPWS EZEMPEFPI
EX GSRRIGXPYGEW GSQ -R EHHMXMSR XS LIPTMRK WXYHIRXW OIIT SR XVEGO EW XLI]
TVITEVI XLIMV WTIIGLIW XLI GLIGOPMWXW GER FI TVMRXIH SV I QEMPIH MR GEWI
MRWXVYGXSVW [ERX WXYHIRXW XS WYFQMX XLIQ [MXL XLIMV WTIIGLIW

;SVOWLIIXW 2I[ XS XLMW IHMXMSR QSVI XLER [SVOWLIIXW HIEP [MXL WYGL
XSTMGW EW PMWXIRMRK EYHMIRGI EREP]WMW ERH EHETXEXMSR PMFVEV] ERH -RXIVRIX
VIWIEVGL MRJSVQEXMZI ERH TIVWYEWMZI WTIIGL TVITEVEXMSR ERH SYX SJ GPEWW
WTIIGL SFWIVZEXMSRW 7XYHIRXW GER TVMRX XLI [SVOWLIIXW SV GSQTPIXI XLIQ
IPIGXVSRMGEPP] ERH I QEMP XLIQ XS XLIMV MRWXVYGXSV

7TIIGL 7IPJ %WWIWWQIRXW %PWS RI[ XS XLMW IHMXMSR WIPJ EWWIWWQIRX JSVQW
JSV XLI MRXVSHYGXSV] MRJSVQEXMZI TIVWYEWMZI ERH GSQQIQSVEXMZI
WTIIGLIW HMVIGX WXYHIRXW MR VIJPIGXMRK SR XLIMV TVIWIRXEXMSRW ERH [LEX
XLI] RIIH XS [SVO SR MR XLI JYXYVI 0MOI SXLIV IPIQIRXW SJ 'SRRIGX
0YGEW XLI WIPJ EWWIWWQIRXW EVI HIWMKRIH JSV SRPMRI GSYVWIW EW [IPP EW JSV
XVEHMXMSREP GPEWWVSSQW

7TIIGL 'ETXYVI 8LMW GYXXMRK IHKI XSSP PIXW WXYHIRXW YTPSEH ZMHIS VIGSVHMRKW
SJ XLIMV WTIIGLIW [LMGL MRWXVYGXSVW GER [EXGL ERH KVEHI SRPMRI -RWXVYG
XSVW GER MRWIVX GSQQIRXW EX ER] TSMRX MR XLI ZMHIS XLIVIF] EPPS[MRK JSV
TVIGMWI TMRTSMRXIH JIIHFEGO 8LI 7TIIGL 'ETXYVI XSSP GER EPWS FI YWIH JSV
TIIV VIZMI[ ERH MR GSRNYRGXMSR [MXL XLI WXYHIRX WIPJ EWWIWWQIRX JSVQW
HMWGYWWIH EFSZI

8ST 7TIIGLIW %ZEMPEFPI MR XLI SRPMRI 6IWIEVGL 0MFVEV] EX GSRRIGXPYGEW
GSQ XI\XW SJ XLI XST %QIVMGER WTIIGLIW SJ XLI XL GIRXYV] TVSZMHI
ERSXLIV ZEPYEFPI VIWSYVGI ;LIR TSWWMFPI EYHMS SV ZMHIS PMROW EVI EPWS
TVSZMHIH 8LI WTIIGLIW GER FI MRGSVTSVEXIH MRXS GPEWW F] LEZMRK IEGL WXY
HIRX KMZI ER MRJSVQEXMZI TVIWIRXEXMSR EFSYX SRI SJ XLI XST 7XYHIRXW
SJXIR JMRH XLMW E JEWGMREXMRK EWWMKRQIRX XLEX FVSEHIRW XLIMV LSVM^SRW
FI]SRH XLI GPEWWVSSQ

%YHMS %FVMHKIQIRX 8LMW LMKLP] TSTYPEV qFSSO SR XETIr MW RS[ EZEMPEFPI
SRPMRI )EGL GLETXIV VYRW EFSYX QMRYXIW JSGYWIW SR OI] GSRGITXW ERH
EPPS[W PMWXIRIVW XS VIZMI[ [LIR GSQQYXMRK [SVOMRK SYX SV NYWX WMXXMRK
HS[R XS WXYH] %W [MXL SXLIV EYHMS ERH ZMHIS VIWSYVGIW EX GSRRIGXPYGEW GSQ
XLI EYHMS EFVMHKIQIRX GER FI HS[RPSEHIH XS M4SHW M4LSRIW ERH SXLIV 14
ERH 14 TPE]IVW

'SYVWI 1EREKIQIRX 7]WXIQ %RSXLIV EHZERXEKI SJ 'SRRIGX 0YGEW MW XLEX MX
EPPS[W MRWXVYGXSVW XS GVIEXI EHQMRMWXIV ERH KVEHI EWWMKRQIRXW GSQTPIXIP]
SRPMRI -X EPWS TVSZMHIW E WMRKPI WMXI JSV TSWXMRK W]PPEFM GSYVWI ERRSYRGI
QIRXW EWWMKRQIRXW KVEHIW ERH HMWGYWWMSR JSVYQW

46)*%') \\M

8LI SRP] [E] XS KEMR E JYPP ETTVIGMEXMSR SJ EPP XLI VIWSYVGIW TVSZMHIH EX
GSRRIGXPYGEW GSQ MW XS ZMWMX XLI WMXI ERH I\TPSVI MX ]SYVWIPJ &YX - LSTI XLMW
WYQQEV] LEW QEHI GPIEV [L] - EQ WS I\GMXIH EFSYX MX *MVQP] KVSYRHIH MR XLI
TVMRGMTPIW SJ WTIIGL TIHEKSK] ERH XEOMRK JYPP EHZERXEKI SJ EHZERGIW MR MRWXVYG
XMSREP XIGLRSPSK] MX MW E WX GIRXYV] VIWSYVGI XLEX JEV WYVTEWWIW [LEX MW EZEMP
EFPI [MXL ER] SXLIV TYFPMG WTIEOMRK XI\XFSSO

'SRRIGX 0YGEW 4PYW

'SRRIGX 0YGEW 4PYW GSRXEMRW IZIV]XLMRK EZEMPEFPI [MXL 'SRRIGX 0YGEW FYX KSIW
FI]SRH MX XS TVSZMHI E QIHME VMGL IPIGXVSRMG ZIVWMSR SJ XLI XI\XFSSO MXWIPJ
-HIRXMGEP MR GSRXIRX XS XLI TVMRX ZIVWMSR SJ 8LI %VX SJ 4YFPMG 7TIEOMRK MX IQFIHW
MR XLI XI\X EPP XLI XIEGLMRK ERH PIEVRMRK VIWSYVGIW HMWGYWWIH SR XLI TVIGIHMRK
TEKIW EW TEVX SJ 'SRRIGX 0YGEW 6EXLIV XLER W[MXGLMRK FIX[IIR XLI TVMRXIH TEKI
ERH 'SRRIGX 0YGEW WXYHIRXW GER VIEH XLI FSSO SRPMRI ERH PMRO MRWXERXP] XS
IZIV]XLMRK EZEMPEFPI EX GSRRIGXPYGEW GSQ
+MZIR XLI XVEHMXMSREP MQEKI SJ SRPMRI FSSOW EW SRI HVIEV] 4(* TEKI EJXIV
ERSXLIV MX MW MQTSVXERX XS WXVIWW XLEX XLI IPIGXVSRMG ZIVWMSR SJ 8LI %VX SJ 4YFPMG
7TIEOMRK LEW FIIR GVIEXIH WTIGMJMGEPP] JSV XLI SRPMRI IRZMVSRQIRX 'SPSVJYP
H]REQMG ERH ZMWYEPP] ETTIEPMRK MX HVE[W WXYHIRXW MRXS XLI FSSO F] YWMRK XLI
WEQI MRRSZEXMZI XIGLRSPSK] ERH HIWMKR XIGLRMUYIW EW LMKL UYEPMX] WMXIW EGVSWW
XLI ;IF

%PXLSYKL HIWMKRIH TVMQEVMP] XS QIIX XLI RIIHW SJ WXYHIRXW ERH MRWXVYGXSVW MR
SRPMRI GSYVWIW XLI IPIGXVSRMG %VX SJ 4YFPMG 7TIEOMRK MW EPWS TIVJIGXP] WYMXEFPI JSV YWI
MR XVEHMXMSREP GPEWWIW 7XYHIRXW GER GLSSWI XLI TVMRX ZIVWMSR SV XLI IPIGXVSRMG ZIV
WMSR FEWIH SR XLIMV TIVWSREP TVIJIVIRGIW -R IMXLIV GEWI XLI] [MPP VIGIMZI XLI WEQI
GSRXIRX ERH XLI WEQI EGGIWW XS EPP XLI VIWSYVGIW MRXIKVEP XS XLMW IHMXMSR

6IWSYVGIW JSV -RWXVYGXSVW

8LI %VX SJ 4YFPMG 7TIEOMRK LEW ER I\GITXMSREP WIX SJ MRWXVYGXMSREP VIWSYVGIW
7SQI EVI JSYRH MR XLI FSSO MXWIPJ SXLIVW EVI WYTTPIQIRXEP XS MX 8EOIR XSKIXLIV
XLI] TVSZMHI E JYPP] MRXIKVEXIH XIEGLMRK ERH PIEVRMRK W]WXIQ -R EHHMXMSR XS
XLSWI HIWGVMFIH MR XLI WIGXMSRW SR 'SRRIGX 0YGEW ERH ' SRRIGX 0YGEW 4PYW XLI]
MRGPYHI XLI JSPPS[MRK

%RRSXEXIH -RWXVYGXSVtW )HMXMSR

8LI %RRSXEXIH -RWXVYGXSVtW )HMXMSR TVSZMHIW E [IEPXL SJ XIEGLMRK EMHW JSV IEGL
GLETXIV MR XLI FSSO 8LIWI EMHW MRGPYHI ZMHIS VIWSYVGIW WTIIGL EWWMKRQIRXW
MRWXVYGXMSREP WXVEXIKMIW GPEWW EGXMZMXMIW HMWGYWWMSR UYIWXMSRW ERH VIPEXIH VIEH
MRKW 8LI %RRSXEXIH -RWXVYGXSVtW )HMXMSR MW EPWS GVSWW VIJIVIRGIH [MXL 'SRRIGX
0YGEW XLI -RWXVYGXSVtW 1ERYEP XLI -RWXVYGXSVtW 6IWSYVGI '( 631 ERH SXLIV
WYTTPIQIRXW XLEX EGGSQTER] 8LI %VX SJ 4YFPMG 7TIEOMRK

-RWXVYGXSVtW 1ERYEP

6YRRMRK GPSWI XS TEKIW XLI -RWXVYGXSVtW 1ERYEP TVSZMHIW E GSQTVILIRWMZI
KYMHI XS XIEGLMRK JVSQ 8LI %VX SJ 4YFPMG 7TIEOMRK -X GSRXEMRW SYXPMRIW JSV IEGL
GLETXIV SJ XLI FSSO HMWGYWWIW XLI IRH SJ GLETXIV I\IVGMWIW JYVRMWLIW

\\MM 46)*%')

WYTTPIQIRXEV] I\IVGMWIW ERH GPEWWVSSQ EGXMZMXMIW SJJIVW WYKKIWXIH GSYVWI
SYXPMRIW ERH WTIEOMRK EWWMKRQIRXW ERH TVSZMHIW EHHMXMSREP WTIIGLIW JSV
HMWGYWWMSR ERH EREP]WMW

8IWX &ERO

8LI 8 IWX &ERO JYVRMWLIW I\EQMREXMSR UYIWXMSRW FEWIH SR 8LI %VX SJ
4YFPMG 7TIEOMRK UYIWXMSRW EVI RI[ XS XLMW IHMXMSR %W E WTIGMEP JIEXYVI XLI
8IWX &ERO SJJIVW TVIGSRWXVYGXIH XVYI JEPWI UYM^^IW JSV IEGL GLETXIV MR XLI
FSSO EW [IPP EW XLVII GSQTPIXI JMREP I\EQMREXMSRW 8LI UYM^^IW EVI EPWS EZEMP
EFPI [MXL ' SRRIGX 0YGEW ERH 'SRRIGX 0YGEW 4PYW [LIVI XLI] GER FI EWWMKRIH
ERH KVEHIH
8LI 8IWX &ERO MW EPWS EZEMPEFPI IPIGXVSRMGEPP] MR 1G+VE[ ,MPPtW )> 8IWX TVS
KVEQ -R EHHMXMSR XS VITVSHYGMRK UYIWXMSRW JVSQ XLI 8IWX &ERO XLMW TVSKVEQ
EPPS[W MRWXVYGXSVW XS EHH XLIMV S[R UYIWXMSRW XS GVIEXI QYPXMTPI ZIVWMSRW SJ E
WMRKPI I\EQ ERH XS I\TSVX I\EQW JSV YWI [MXL GSYVWI QEREKIQIRX W]WXIQW
WYGL EW ;IF'8 SV &PEGO&SEVH %R )> 8IWX 3RPMRI WIVZMGI LIPTW MRWXVYGXSVW
EHQMRMWXIV SRPMRI I\EQW ERH UYM^^IW XLEX LEZI FIIR GVIEXIH [MXL )> 8IWX

4S[IV4SMRX 7PMHIW [MXL :MHIS 'PMTW

8LIVI MW EPWS E GSPPIGXMSR SJ WPMHIW JSV MRWXVYGXSVW [LS YWI 4S[IV4SMRX MR
XLIMV PIGXYVIW ERH HMWGYWWMSRW *YPP] VIZMWIH JSV XLMW IHMXMSR XLI WPMHIW MRGPYHI
TLSXSKVETLW MPPYWXVEXMSRW ERH ZMHIS GPMTW EW [IPP EW XI\X -RWXVYGXSVW GER YWI
XLI WPMHIW NYWX EW XLI] EVI SV XLI] GER QSHMJ] XLIQ XS JMX XLI WTIGMEP RIIHW SJ
MRHMZMHYEP GPEWWIW 8LI WPMHIW GER FI JSYRH SR XLI -RWXVYGXSVtW 6IWSYVGI '(
631 HIWGVMFIH FIPS[ EW [IPP EW EX GSRRIGXPYGEW GSQ

-RWXVYGXSVtW 6IWSYVGI '( 631

*SV XLI GSRZIRMIRGI SJ MRWXVYGXSVW XLI -RWXVYGXSVtW 1ERYEP 8IWX &ERO ERH 4S[
IV4SMRX WPMHIW EVI EPP EZEMPEFPI SR XLI -RWXVYGXSVtW 6IWSYVGI '( 631 8LI '(
EPWS MRGPYHIW 7IPIGXMSRW JVSQ XLI 'SQQYRMGEXMSR 8IEGLIV 8IEGLMRK 4YFPMG 7TIEO
MRK 8IEGLMRK 4YFPMG 7TIEOMRK 3RPMRI ERH XLI ,ERHFSSO JSV 8IEGLIVW SJ 2SR 2EXMZI
7TIEOIVW SJ )RKPMWLhEPP SJ [LMGL EVI HIWGVMFIH FIPS[

7IPIGXMSRW JVSQ XLI 'SQQYRMGEXMSR 8IEGLIV 3ZIV XLI ]IEVW - LEZI GSQTMPIH
WM\ ZSPYQIW SJ WIPIGXMSRW JVSQ XLI 'SQQYRMGEXMSR 8IEGLIV XS EGGSQTER]
8LI %VX SJ 4YFPMG 7TIEOMRK %PP WM\ EVI EZEMPEFPI SR XLI -RWXVYGXSVtW 6IWSYVGI
'( 631 8LI] GSZIV E LSWX SJ XSTMGW VIPEXIH XS XLI XIEGLMRK SJ TYFPMG
WTIEOMRK MRGPYHMRK EYHMIRGI EREP]WMW GVMXMGEP XLMROMRK HMZIVWMX] ERH QYP
XMGYPXYVEPMWQ MRJSVQEXMZI WTIEOMRK TIVWYEWMSR ERH KIRIVEP MRWXVYGXMSREP
QIXLSHW 8EOIR XSKIXLIV XLI] VITVMRX QSVI XLER FVMIJ EVXMGPIW XLEX
SJJIV E [IEPXL SJ TVEGXMGEP MHIEW JSV GPEWWVSSQ YWI

8IEGLMRK 4YFPMG 7TIEOMRK ;VMXXIR TVMQEVMP] JSV FIKMRRMRK MRWXVYGXSVW 8IEGL
MRK 4YFPMG 7TIEOMRK VITVMRXW Q] IWWE] SJ XLI WEQI XMXPI JVSQ 8IEGLMRK 'SQQY
RMGEXMSR 8LISV] 6IWIEVGL ERH 1IXLSHW 0E[VIRGI )VPFEYQ %WWSGMEXIW
8LMW
IWWE] TVIWIRXW ER SZIVZMI[ SJ XLI TIHEKSKMGEP TLMPSWSTL] FILMRH 8LI %VX SJ
4YFPMG 7TIEOMRK ERH HMWGYWWIW E RYQFIV SJ TVEGXMGEP GPEWWVSSQ MWWYIW

8IEGLMRK 4YFPMG 7TIEOMRK 3RPMRI ;VMXXIR F] 4VSJIWWSV .IRRMJIV 'SGLVERI SJ
-RHMERE 9RMZIVWMX] ERH 4YVHYI 9RMZIVWMX] EX -RHMERETSPMW 8 IEGLMRK 4YFPMG

46)*%') \\MMM

7TIEOMRK 3RPMRI LEW FIIR JYPP] YTHEXIH JSV XLI XIRXL IHMXMSR -X MW EZEMPEFPI
SR XLI -RWXVYGXSVtW 6IWSYVGI '( 631 ERH EX GSRRIGXPYGEW GSQ ERH MX
TVSZMHIW E [IEPXL SJ TVEGXMGEP KYMHERGI JSV MRWXVYGXSVW [LS EVI YWMRK 8LI
%VX SJ 4YFPMG 7TIEOMRK MR ER SRPMRI GSYVWI -X HVE[W YTSR 4VSJIWWSV
'SGLVERItW TMSRIIVMRK I\TIVMIRGI [MXL SRPMRI MRWXVYGXMSR XS I\TPSVI LS[
SRI GER XIEGL ER MRXIPPIGXYEPP] VMGL TVEGXMGEPP] VI[EVHMRK TYFPMG WTIEOMRK
GSYVWI ZME XLI ;IF

,ERHFSSO JSV 8IEGLIVW SJ 2SR 2EXMZI 7TIEOIVW SJ )RKPMWL (IZIPSTIH JSV
MRWXVYGXSVW [LS LEZI )70 WXYHIRXW MR XLIMV TYFPMG WTIEOMRK GPEWWIW XLMW
TEKI LERHFSSO JSGYWIW SR XLI GIRXVEP MWWYIW XLEX WLSYPH FI GSRWMHIVIH
[LIR [SVOMRK [MXL WXYHIRXW JVSQ HMJJIVIRX PMRKYMWXMG ERH GYPXYVEP FEGO
KVSYRHW -X MW EZEMPEFPI SR XLI -RWXVYGXSVtW 6IWSYVGI '( 631

:MHIS -RXVSHYGXMSR XS XLI %VX SJ 4YFPMG 7TIEOMRK

-R XLMW RI[ QMRYXI (:( - TVSZMHI ER SZIVZMI[ SJ XLI XIRXL IHMXMSR ERH
I\TPEMR LS[ MRWXVYGXSVW GER MRXIKVEXI MXW QER] JIEXYVIWhTVMRX ERH IPIGXVSRMG
EPMOIhMRXS XLIMV GSYVWIW

%GORS[PIHKQIRXW

q s8MW XLI KSSH VIEHIV r WEMH 6EPTL ;EPHS )QIVWSR qXLEX QEOIW XLI KSSH
FSSO r - LEZI FIIR JSVXYREXI XS LEZI ZIV] KSSH VIEHIVW MRHIIH ERH - [SYPH PMOI
XS XLERO VIZMI[IVW [LSWI REQIW ETTIEV SR TEKI \\ZM JSV XLIMV QER] LIPTJYP
GSQQIRXW ERH WYKKIWXMSRW
-R EHHMXMSR - [SYPH PMOI XS I\TVIWW Q] KVEXMXYHI XS XLI WXYHIRXW EX XLI
9RMZIVWMX] SJ ;MWGSRWMR [LSWI WTIIGLIW TVSZMHIH XLI QEXIVMEP JSV WS QER] SJ
XLI I\EQTPIW MR XLI XI\X XS )VMO +SHHEVH [LS EWWMWXIH [MXL XLI VIWIEVGL JSV
XLMW IHMXMSR XS .MQ *IVVMW [LS TVSZMHIH E ZEPYEFPI WSYRHMRK FSEVH SR RYQIV
SYW MWWYIW ERH XS QIQFIVW SJ XLI 'SQQYRMGEXMSR %VXW XIEGLMRK WXEJJ EX
XLI 9RMZIVWMX] SJ ;MWGSRWMR [LS LIPTIH QI F] GSPPIGXMRK WEQTPI WTIIGLIW ERH
F] MHIRXMJ]MRK VSYKL WTSXW MR XLI RMRXL IHMXMSR
7TIGMEP XLEROW KS XS %Q] 7PEKIPP JSV HSMRK E QEVZIPSYW NSF KIRIVEXMRK RI[
UYIWXMSRW JSV XLI 8IWX &ERO XS .IRRMJIV 'SGLVERI JSV LIV WTPIRHMH WYTTPIQIRX
SR YWMRK 8 LI %VX SJ 4YFPMG 7TIEOMRK MR ER SRPMRI GSYVWI ERH XS 7YI :ERHIV ,SSO
JSV LIV I\TIVX JSVQEXXMRK SJ XLI -RWXVYGXSVtW 1ERYEP 8IWX &ERO ERH 7XYHIRX
;SVOFSSO %FSZI EPP - EQ MRHIFXIH XS 4EYP 7XSF [LS [SVOIH [MXL QI XLVSYKL
SYX XLI VIZMWMSR TVSGIWW -X MW FIGEYWI SJ LMQ XLEX XLI FSSO MW ETTIEVMRK SR
WGLIHYPI HIWTMXI XLI JEGX XLEX - [EW SYX SJ GSQQMWWMSR JSV X[S QSRXLW [MXL E
FVSOIR IPFS[

- EQ KVEXIJYP XS 'EVP &YVKGLEVHX JSV LMW GSRXVMFYXMSRW XS XLI ETTIRHM\ SR
q+MZMRK =SYV *MVWX 7TIIGLr XS 6ERH] *MX^KIVEPH ERH 4EYP 4SVXIVJMIPH JSV LIPTMRK
QI WIGYVI XLI ZMHISXETI SJ 7ENNMH >ELMV 'LMRS]tW q5YIWXMSRW SJ 'YPXYVIr ERH
XS 2MI 0MWLIRK )HMXSV MR 'LMIJ SJ WX 'IRXYV] JSV TIVQMWWMSR XS YWI ZMHIS
I\GIVTXW JVSQ WTIIGLIW TVIWIRXIH EX 'LMREtW REXMSREP )RKPMWL PERKYEKI TYFPMG
WTIEOMRK GSQTIXMXMSR WTSRWSVIH F] 'LMRE (EMP] ERH WX 'IRXYV]

- EPWS S[I QER] XLEROW XS 8LI %VX SJ 4YFPMG 7TIEOMRK XIEQ EX 1G+VE[ ,MPP
-X [EW SRGI EKEMR Q] TVMZMPIKI XS [SVO [MXL 6LSRE 6SFFMR [LSWI I\TIVXMWI
TVSJIWWMSREPMWQ ERH YRJPEKKMRK GSQQMXQIRX XS XLI FSSO LEZI LIPTIH WYWXEMR

\\MZ 46)*%')

MX XLVSYKL JSYV IHMXMSRW 0IWPMI 3FIVLYFIV MW MR LIV XLMVH IHMXMSR EW XLI FSSOtW
QEVOIXMRK QEREKIV ERH WLI HIWIVZIW RS WQEPP WLEVI SJ GVIHMX JSV MXW WYGGIWW
HYVMRK XLEX WTER 4YFPMWLIV *VERO 1SVXMQIV ERH )\IGYXMZI )HMXSV /EXMI 7XIZIRW
NSMRIH XLI FSSO MR XLMW IHMXMSR &SXL LEZI E WXVSRK GSQQMXQIRX XS I\GIPPIRGI
ERH FSXL LEZI FIIR MRHMWTIRWEFPI XS OIITMRK 8LI %VX SJ 4YFPMG 7TIEOMRK JVIWL
ERH GVIEXMZI
%R]SRI [LS LEW [SVOIH [MXL SRPMRI TVSNIGXW ORS[W XLEX XLI] EVI I\GIIH
MRKP] GSQTPI\ %JXIV XEOMRK XMQI XS FIKMR E JEQMP] .IWWMGE &SHMI 6MGLEVHW
VIXYVRIH XS XLI FSSO SR XLMW IHMXMSR ERH - GERRSX MQEKMRI ER]SRI IPWI FIMRK
EW WYGGIWWJYP MR GSSVHMREXMRK XLI Q]VMEH HIXEMPW MRZSPZIH MR XLI HIZIPSTQIRX
SJ 'SRRIGX 0YGEW %SMJI (IQTWI] ERH 7EVEL ,IKEVX] LEZI EPWS FIIR MRHMWTIRW
EFPI 8LIMV ZMWMSR SJ XLI TSWWMFMPMXMIW SJ SRPMRI PIEVRMRK GSQFMRIH [MXL XLIMV
I\XVESVHMREV] [SVO XVERWPEXMRK XLEX ZMWMSR MRXS VIEPMX] LEZI LIPTIH QEOI 'SR
RIGX 0YGEW ERH ' SRRIGX 0YGEW 4PYW FIRGLQEVOW JSV XLI YWI SJ MRWXVYGXMSREP XIGL
RSPSK] MR GSPPIKI TYFPMWLMRK
&VIXX 'SOIV [EW ERSXLIV OI] QIQFIV SJ XLI FSSO XIEQ %W TVSNIGX QEREKIV
JSV XLMW IHMXMSR LI HMH E WTIGXEGYPEV NSF KIXXMRK XLI FSSO XLVSYKL TVSHYGXMSR
SR XLI XMKLXIWX SJ WGLIHYPIW RSX[MXLWXERHMRK ZMGMWWMXYHIW XLEX QMKLX LEZI
HVMZIR WSQISRI SJ PIWWIV EFMPMX] ERH TEXMIRGI
MRXS ERSXLIV TVSJIWWMSR 0EYVMI
)RXVMRKIV SZIVWE[ XLI HIWMKR [MXL WOMPP ERH MQEKMREXMSR &EVFEVE 7EP^ HMH E
WYTIVF NSF SJ TLSXS VIWIEVGL ERH )VMOE 0EOI LIPTIH MR RYQIVSYW [E]W 6MGL
(IZMXXS 0SYMW 7[EMQ ERH 6SR 2IPQW LIPTIH WXIIV XLI FSSO ERH WYTTPIQIRXW
XLVSYKL XLI JMREP WXEKIW SJ TVSHYGXMSR - [SYPH FI VIQMWW MJ - HMH RSX EPWS XLERO
1MOI 6]ER 7XIZI (IFS[ ERH )H 7XERJSVH EPP SJ [LSQ LIPTIH HVMZI XLI MRRS
ZEXMZI WTMVMX SJ XLMW IHMXMSR
%W EP[E]W Q] FMKKIWX HIFX MW XS Q] [MJI 4EXX] [LSWI PSZI ERH WYTTSVX
LEZI WYWXEMRIH QI XLVSYKL XLI ]IEVW

7XITLIR ) 0YGEW
1EHMWSR ;MWGSRWMR

46)*%') \\Z

6IZMI[IVW ERH 7]QTSWMYQ
4EVXMGMTERXW

(SRRE %GIVVE 7ERHVE 4IRWSRIEY 'SR[E] 0MRHE /YV^
2SVXLEQTXSR 'SQQYRMX] 'SPPIKI ;E]RI 7XEXI 9RMZIVWMX] 9RMZIVWMX] SJ 1MWWSYVM /ERWEW 'MX]

6MGLEVH 2 %VQWXVSRK 7LMVPI] 0IVGL 'VYQ .IVVM 0]RR /]PI
;MGLMXE 7XEXI 9RMZIVWMX] 'SEWXEP 'EVSPMRE 'SQQYRMX] 1MWWSYVM 7XEXI 9RMZIVWMX]
'SPPIKI
2ERG] %VRIXX /EXLPIIR 0I&IWGS
&VIZEVH 'SQQYRMX] 'SPPIKI %Q] (EVRIPP 1EV]QSYRX 1ERLEXXER 'SPPIKI
'SPYQFME 'SPPIKI
+VIXGLIR %VXLYV 1EVO 0I[MW
-RXIVREXMSREP %GEHIQ] SJ (IWMKR &IPPI % )HWSR 6MZIVWMHI 'SQQYRMX] 'SPPIKI
ERH 8IGLRSPSK] (IXVSMX %VM^SRE 7XEXI 9RMZIVWMX]
0MFF] 1G+PSRI
0ISREVH %WWERXI 8VEG] *EMVPIWW 'SPYQFYW 7XEXI 'SQQYRMX]
:SPYRXIIV 7XEXI 'SQQYRMX] 9RMZIVWMX] SJ 'IRXVEP 3OPELSQE 'SPPIKI
'SPPIKI
&V]ER *MWLIV 2MGOM 0 1MGLEPWOM
.IRRMJIV &IGOIV *VERGMW 1EVMSR 9RMZIVWMX] 0EQEV 9RMZIVWMX]
9RMZIVWMX] SJ 1MWWSYVM 'SPYQFME
/IZMR 1 +MPPIR 1EVNSVMI /IIWLER 2EHPIV
7LMVIRI &IPP -RHMERE 9RMZIVWMX] 1MEQM 9RMZIVWMX]
7EPX 0EOI 'SQQYRMX] 'SPPIKI
(SRRE +SXGL %TVMP ;EPPEGI 2YRR
/MQFIVP] &IVV] 'EPMJSVRME 7XEXI 9RMZIVWMX] 7ER 'EPLSYR 'SQQYRMX] 'SPPIKI
3^EVOW 8IGLRMGEP 'SQQYRMX] &IVREVHMRS
'SPPIKI /IOIPM 2YZMEHIRY
.S %RRE +VERX &IXLYRI 'SSOQER 9RMZIVWMX]
4EXVMGO &VIWPMR 'EPMJSVRME 7XEXI 9RMZIVWMX] 7ER
7ERXE *I 'SQQYRMX] 'SPPIKI &IVREVHMRS .IER 4IVV]
+PIRHEPI 'SQQYRMX] 'SPPIKI
'LVMWXE &VS[R 3QEV +YIZEVE
1MRRIWSXE 7XEXI 9RMZIVWMX] ;IFIV 7XEXI 9RMZIVWMX] 1MOI 4SPMXIW
-RHMERE 9RMZIVWMX] 4YVHYI
*IVEPH &V]ER /EVIR % ,EQFYVK 9RMZIVWMX] -RHMERETSPMW
2SVXLIVR -PPMRSMW 9RMZIVWMX] 'EQHIR 'SYRX] 'SPPIKI
7YWER 4SYPWIR
(ERE &YVRWMHI /IRRIXL ,EVVMW 4SVXPERH 7XEXI 9RMZIVWMX]
0ILMKL 'EVFSR 'SQQYRMX] 'SPPIKI 4EPS %PXS 'SPPIKI
.IER 6 4S[IVW
6MGLEVH 'ETT 8MRE 1 ,EVVMW ,SPQIW 'SQQYRMX] 'SPPIKI
,MPP 'SPPIKI 9RMZIVWMX] SJ +ISVKME 6MHKIPERH 'EQTYW

2MGO 'EVX] (IP[]R .SRIW ;MPPMEQ 4VMGI
(EPXSR 7XEXI 'SPPIKI 1SVEMRI :EPPI] 'SQQYRMX] +ISVKME 4IVMQIXIV 'SPPIKI
'SPPIKI
'V]WXEP 'LYVGL .EQIW ) 4YX^
'MWGS .YRMSV 'SPPIKI 7YWER /MPKEVH 9RMZIVWMX] SJ ;MWGSRWMR i 0E
%RRI %VYRHIP 'SQQYRMX] 'SPPIKI 'VSWWI
.IRRMJIV 'SGLVERI
-RHMERE 9RMZIVWMX] 4YVHYI 4EXVMGME /MRK .IRRMJIV 6IIQ
9RMZIVWMX] -RHMERETSPMW 1G,IRV] 'SYRX] 'SPPIKI 2SZE 7SYXLIEWXIVR 9RMZIVWMX]

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&IPMRHE 6YWWIPP %Q] 6 7PEKIPP .SWITL :EPIR^ERS
2SVXLIEWX 1MWWMWWMTTM 'SQQYRMX] -S[E 7XEXI 9RMZIVWMX] 9RMZIVWMX] SJ 2IZEHE 0EW :IKEW
'SPPIKI
/EVIR 7PE[XIV )PM^EFIXL . :MGO
(MERI 6]ER 2SVXLIVR /IRXYGO] 2SVXLIVR :MVKMRME 'SQQYRMX]
8MHI[EXIV 'SQQYRMX] 'SPPIKI 9RMZIVWMX] 'SPPIKI

'EVE 7GLSPPIRFIVKIV /EXLIVMRI 8E]PSV .MPP :SVER
&YGOW 'SYRX] 'SQQYRMX] 'SPPIKI 9RMZIVWMX] SJ 0SYMWZMPPI %RRI %VYRHIP 'SQQYRMX] 'SPPIKI

1MGLEIP . 7LERRSR 0MWE 8YVS[WOM 'EVPIIR =SOSXEOI
1SVEMRI :EPPI] 'SQQYRMX] 'SPPIKI 8S[WSR 9RMZIVWMX] 0II[EVH 'SQQYRMX] 'SPPIKI

46)*%') \\ZMM



8LI %VX SJ
4YFPMG 7TIEOMRK

0EWX , ,IEH

0YGEW 8LI %VX SJ 4YFPMG 7TIEOMRK MR 4YFPMG 8I\X  8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW

7TIEOMRK MR 4YFPMG
8LI 4S[IV SJ 4YFPMG 7TIEOMRK

8LI 8VEHMXMSR SJ 4YFPMG 7TIEOMRK

7MQMPEVMXMIW &IX[IIR 4YFPMG 7TIEOMRK ERH
'SRZIVWEXMSR

(MJJIVIRGIW &IX[IIR 4YFPMG 7TIEOMRK ERH
'SRZIVWEXMSR

(IZIPSTMRK 'SRJMHIRGI =SYV 7TIIGL 'PEWW
2IVZSYWRIWW -W 2SVQEP
(IEPMRK [MXL 2IVZSYWRIWW

4YFPMG 7TIEOMRK ERH 'VMXMGEP 8LMROMRK

8LI 7TIIGL 'SQQYRMGEXMSR 4VSGIWW
7TIEOIV
1IWWEKI
'LERRIP
0MWXIRIV
*IIHFEGO
-RXIVJIVIRGI
7MXYEXMSR
8LI 7TIIGL 'SQQYRMGEXMSR 4VSGIWW
)\EQTPI [MXL 'SQQIRXEV]

4YFPMG 7TIEOMRK MR E 1YPXMGYPXYVEP ;SVPH
'YPXYVEP (MZIVWMX] MR XLI 1SHIVR ;SVPH
'YPXYVEP (MZIVWMX] ERH 4YFPMG 7TIEOMRK
%ZSMHMRK )XLRSGIRXVMWQ

0YGEW 8LI %VX SJ 4YFPMG 7TIEOMRK MR 4YFPMG 8I\X  8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW

0YGEW 8LI %VX SJ 4YFPMG 7TIEOMRK MR 4YFPMG 8I\X  8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW

+VS[MRK YT MR VYVEP 8IRRIWWII :ER .SRIW LEH RS MRXIRXMSR SJ FIGSQMRK E TYFPMG
WTIEOIV 7XYH]MRK NSYVREPMWQ EX XLI 9RMZIVWMX] SJ 8IRRIWWII EX 1EVXMR LI LSTIH SRI
HE] XS VITSVX XLI RI[W RSX XS QEOI MX 2IZIVXLIPIWW LI WSSR JSYRH LMQWIPJ HVE[R
XS GEQTYW TSPMXMGW ERH LI FIGEQI E ZSGEP QIQFIV SJ XLI WXYHIRX FSH]

%JXIV EXXIRHMRK PE[ WGLSSP .SRIW NSMRIH XLI 7ER *VERGMWGSiFEWIH 0E[]IVW 'SQQMXXII
JSV ,YQER 6MKLXW XS [SVO SR TVSFPIQW GSRJVSRXMRK MRRIV GMX] GSQQYRMXMIW % JI[ ]IEVW
PEXIV LI IWXEFPMWLIH XLI )PPE &EOIV 'IRXIV JSV ,YQER 6MKLXW E RSRTVSJMX SVKERM^EXMSR
HIHMGEXIH XS TVSQSXMRK STTSVXYRMX] MR YVFER %QIVMGE

&YX .SRIW HMHRtX WXST XLIVI 3ZIV XLI ]IEVW LI GSQFMRIH LYQER VMKLXW MRMXMEXMZIW [MXL
LMW MRXIVIWX MR IRZMVSRQIRXEP NYWXMGI 8SHE] LI MW TVIWMHIRX SJ +VIIR JSV %PP [LMGL JSGYWIW
SR GVIEXMRK KVIIR GSPPEV NSFW XLVSYKLSYX %QIVMGE -R LI [SVOIH [MXL QIQFIVW SJ
XLI 9 7 ,SYWI SJ 6ITVIWIRXEXMZIW XS TEWW XLI +VIIR .SFW %GX [LMGL ETTVSZIH QMPPMSR
XS XVEMR IRZMVSRQIRXEPP] GSRWGMSYW [SVOIVW

,S[ LEW .SRIW EGLMIZIH EPP XLMW# 4EVXP] XLVSYKL LMW PIKEP XVEMRMRK ERH HEYRXPIWW WTMVMX
&YX NYWX EW MQTSVXERX MW LMW EFMPMX] XS GSQQYRMGEXI [MXL TISTPI XLVSYKL TYFPMG WTIEOMRK
[LMGL LEW FIIR XLI TVMQEV] ZILMGPI JSV WTVIEHMRK LMW QIWWEKI ,I LEW FIIR HIWGVMFIH EW
qSRI SJ XLI QSWX TS[IVJYP ERH MRWTMVMRK TVSTLIXMG ZSMGIW SJ SYV XMQI r %YHMIRGIW EVI
QSZIH qF] LMW LIEVX MRWTMVIH F] LMW GSQQMXQIRX ERH VSGOIH F] LMW IPSUYIRGI r

-J ]SY LEH EWOIH :ER .SRIW IEVP] MR LMW PMJI q(S ]SY WII ]SYVWIPJ EW E QENSV
TYFPMG WTIEOIV#r LI TVSFEFP] [SYPH LEZI PEYKLIH EX XLI MHIE =IX XSHE] LI
KMZIW QSVI XLER TVIWIRXEXMSRW E ]IEV %PSRK XLI [E] LI LEW PIGXYVIH EX
,EVZEVH ERH 'SPYQFME ERH LEW EHHVIWWIH XLI 9 7 'SRJIVIRGI SJ 1E]SVW X LI
2EXMSREP 7]QTSWMYQ SR 'PMQEXI 'LERKI ERH XLI ;SVPH )GSRSQMG *SVYQ
1SVI XLER E JI[ TYRHMXW LEZI WYKKIWXIH XLEX IPIGXMZI SJJMGI QMKLX FI MR LMW
JYXYVI

8LI 4S[IV SJ 4YFPMG 7TIEOMRK

GSRRIGXPYGEW GSQ 8LVSYKLSYX LMWXSV] TISTPI LEZI YWIH TYFPMG WTIEOMRK EW E ZMXEP QIERW SJ GSQ
:MI[ .SLR * /IRRIH] QYRMGEXMSR ;LEX XLI +VIIO PIEHIV 4IVMGPIW WEMH QSVI XLER ]IEVW EKS MW
1EVXMR 0YXLIV /MRK 6SREPH WXMPP XVYI XSHE] q3RI [LS JSVQW E NYHKQIRX SR ER] TSMRX FYX GERRSX I\TPEMRr
6IEKER &EVFEVE .SVHER ERH MX GPIEVP] qQMKLX EW [IPP RIZIV LEZI XLSYKLX EX EPP SR XLI WYFNIGX r 4YFPMG
SXLIV WTIEOIVW MR XLI SRPMRI WTIEOMRK EW MXW REQI MQTPMIW MW E [E] SJ QEOMRK ]SYV MHIEW TYFPMGhSJ WLEVMRK
1IHME 0MFVEV] JSV XLMW XLIQ [MXL SXLIV TISTPI ERH SJ MRJPYIRGMRK SXLIV TISTPI
GLETXIV :MHIS 'PMT

(YVMRK QSHIVR XMQIW QER] [SQIR ERH QIR EVSYRH XLI KPSFI LEZI
WTVIEH XLIMV MHIEW ERH MRJPYIRGI XLVSYKL TYFPMG WTIEOMRK -R XLI 9RMXIH 7XEXIW
XLI PMWX MRGPYHIW *VEROPMR 6SSWIZIPX &MPP] +VELEQ 'IWEV 'LEZI^ &EVFEVE .SV
HER 6SREPH 6IEKER 1EVXMR 0YXLIV /MRK ,MPPEV] 'PMRXSR ERH &EVEGO 3FEQE
-R SXLIV GSYRXVMIW [I WII XLI TS[IV SJ TYFPMG WTIEOMRK IQTPS]IH F] WYGL
TISTPI EW JSVQIV &VMXMWL 4VMQI 1MRMWXIV 1EVKEVIX 8LEXGLIV 7SYXL %JVMGER
PIEHIV 2IPWSR 1ERHIPE &YVQIWI HIQSGVEG] GLEQTMSR %YRK 7ER 7YY /]M ERH
/IR]ER IRZMVSRQIRXEPMWX ERH 2SFIP 4VM^I [MRRIV ;ERKEVM 1EEXLEM

%W ]SY VIEH XLIWI REQIW ]SY QE] XLMRO XS ]SYVWIPJ q8LEXtW JMRI +SSH
JSV XLIQ &YX [LEX HSIW XLEX LEZI XS HS [MXL QI# - HSRtX TPER XS FI E TVIWM
HIRX SV E TVIEGLIV SV E GVYWEHIV JSV ER] GEYWI r 2IZIVXLIPIWW XLI RIIH JSV
TYFPMG WTIEOMRK [MPP EPQSWX GIVXEMRP] XSYGL ]SY WSQIXMQI MR ]SYV PMJIhQE]FI
XSQSVVS[ QE]FI RSX JSV JMZI ]IEVW 'ER ]SY MQEKMRI ]SYVWIPJ MR ER] SJ XLIWI
WMXYEXMSRW#

',%48)6 74)%/-2+ -2 49&0-'

0YGEW 8LI %VX SJ 4YFPMG 7TIEOMRK MR 4YFPMG 8I\X  8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW

=SY EVI SRI SJ WIZIR QEREKIQIRX XVEMRIIW MR E PEVKI GSVTSVEXMSR 3RI SJ ]SY [MPP KIX GSRRIGXPYGEW GSQ
XLI PS[IV QEREKIQIRX NSF XLEX LEW NYWX STIRIH 8LIVI MW XS FI E PEVKI WXEJJ QIIXMRK EX [LMGL 8S VIEH XLI [SVHW SJ JEQSYW
IEGL SJ XLI XVEMRIIW [MPP HMWGYWW XLI TVSNIGX LI SV WLI LEW FIIR HIZIPSTMRK 3RI F] SRI ]SYV WTIEOIVW PSK SR XS XLI 8ST
GSPPIEKYIW QEOI XLIMV TVIWIRXEXMSRW 8LI] LEZI RS I\TIVMIRGI MR TYFPMG WTIEOMRK ERH EVI %QIVMGER 7TIIGLIW SJ
MRXMQMHEXIH F] XLI LMKLIV VEROMRK QEREKIVW TVIWIRX 8LIMV WTIIGLIW EVI WXYQFPMRK ERH E[O XLI XL 'IRXYV] MR XLI
[EVH =SY L S[IZIV G EPP YTSR EPP XLI WOMPPW ]SY PIEVRIH MR ]SYV TYFPMG WTIEOMRK GSYVWI =SY SRPMRI 6IWIEVGL 0MFVEV]
HIPMZIV ER MRJSVQEXMZI XEPO XLEX MW GPIEV [ IPP VIEWSRIH E RH EVXMGYPEXI =SY KIX XLI NSF

3RI SJ ]SYV GLMPHVIR LEW E PIEVRMRK HMWEFMPMX] =SY LIEV XLEX ]SYV PSGEP WGLSSP FSEVH LEW
HIGMHIH JSV FYHKIX VIEWSRW XS IPMQMREXI XLI WTIGMEP XIEGLIV [LS LEW FIIR LIPTMRK ]SYV GLMPH
%X ER STIR QIIXMRK SJ XLI WGLSSP FSEVH ]SY WXERH YT ERH HIPMZIV E XLSYKLXJYP GSQTIPPMRK
WTIIGL SR XLI RIGIWWMX] JSV OIITMRK XLI WTIGMEP XIEGLIV 8LI WGLSSP FSEVH GLERKIW MXW QMRH

=SY EVI XLI EWWMWXERX QEREKIV MR E FVERGL SJJMGI SJ E REXMSREP GSQTER] =SYV MQQIHMEXI
WYTIVMSV XLI FVERGL QEREKIV MW EFSYX XS VIXMVI ERH XLIVI [MPP FI E VIXMVIQIRX HMRRIV %PP XLI
I\IGYXMZIW JVSQ XLI LSQI SJJMGI [MPP EXXIRH %W LMW GPSWI [SVOMRK EWWSGMEXI ]SY EVI EWOIH XS
KMZI E JEVI[IPP XSEWX EX XLI TEVX] =SY TVITEVI ERH HIPMZIV E WTIIGL XLEX MW FSXL [MXX] ERH
XSYGLMRKhE TIVJIGX XVMFYXI XS ]SYV FSWW %JXIV XLI WTIIGL IZIV]SRI ETTPEYHW IRXLYWMEWXMGEPP]
ERH E JI[ TISTPI LEZI XIEVW MR XLIMV I]IW 8LI JSPPS[MRK [IIO ]SY EVI REQIH FVERGL QEREKIV

*ERXEWMIW# 2SX VIEPP] %R] SJ XLIWI WMXYEXMSRW GSYPH SGGYV -R E WYVZI] SJ
GSQTERMIW ERH TYFPMG SVKERM^EXMSRW GSQQYRMGEXMSR WOMPPWhMRGPYHMRK
TYFPMG WTIEOMRKh[IVI VEROIH JMVWX EQSRK XLI TIVWSREP UYEPMXMIW SJ GSPPIKI
KVEHYEXIW WSYKLX F] IQTPS]IVW -R ERSXLIV WYVZI] GSPPIKI KVEHYEXIW MR XLI
[SVO JSVGI [IVI EWOIH XS VERO XLI WOMPPW QSWX IWWIRXMEP XS XLIMV GEVIIV HIZIPST
QIRX ;LEX [EW EX XLI XST SJ XLIMV PMWX# 3VEP GSQQYRMGEXMSR

8LI MQTSVXERGI SJ WYGL WOMPP MW XVYI EGVSWW XLI FSEVHhJSV EGGSYRXERXW ERH
EVGLMXIGXW XIEGLIVW ERH XIGLRMGMERW WGMIRXMWXW ERH WXSGOFVSOIVW )ZIR MR LMKLP]
WTIGMEPM^IH JMIPHW WYGL EW GMZMP ERH QIGLERMGEP IRKMRIIVMRK IQTPS]IVW GSRWMW
XIRXP] VERO XLI EFMPMX] XS GSQQYRMGEXI EFSZI XIGLRMGEP ORS[PIHKI [LIR
HIGMHMRK [LSQ XS LMVI ERH [LSQ XS TVSQSXI 8LI EFMPMX] XS WTIEO IJJIGXMZIP]
MW WS TVM^IH XLEX GSPPIKI KVEHYEXIW EVI MRGVIEWMRKP] FIMRK EWOIH XS KMZI E TVIWIR
XEXMSR EW TEVX SJ XLIMV NSF MRXIVZMI[

2SV LEW XLI KVS[XL SJ XLI -RXIVRIX ERH SXLIV RI[ XIGLRSPSKMIW VIHYGIH XLI
RIIH JSV TYFPMG WTIEOMRK %W SRI GSQQYRMGEXMSR GSRWYPXERX WXEXIW q8LIVI EVI
QSVI EZIRYIW XS VIEGL TISTPI XLER IZIV FIJSVI FYX XLIVItW RS WYFWXMXYXI JSV JEGI
XS JEGI GSQQYRMGEXMSR r 8S FI WYGGIWWJYP WE]W FYWMRIWW PIEHIV 1MHKI 'SWXER^E
]SY QYWX LEZI qXLI EFMPMX] XS WXERH SR ]SYV JIIX IMXLIV SR E SRI XS SRI FEWMW SV
FIJSVI E KVSYT ERH QEOI E TVIWIRXEXMSR XLEX MW GSRZMRGMRK ERH FIPMIZEFPI r

8LI WEQI MW XVYI MR GSQQYRMX] PMJI 4YFPMG WTIEOMRK MW E ZMXEP QIERW SJ GMZMG
IRKEKIQIRX -X MW E [E] XS I\TVIWW ]SYV MHIEW ERH XS LEZI ER MQTEGX SR MWWYIW
XLEX QEXXIV MR WSGMIX] %W E JSVQ SJ IQTS[IVQIRX MX GERhERH SJXIR HSIWh
QEOI E HMJJIVIRGI MR XLMRKW TISTPI GEVI EFSYX ZIV] QYGL 8LI OI] TLVEWI LIVI
MW qQEOI E HMJJIVIRGI r 8LMW MW [LEX QSWX SJ YW [ERX XS HS MR PMJIhXS QEOI E
HMJJIVIRGI XS GLERKI XLI [SVPH MR WSQI WQEPP [E] 4YFPMG WTIEOMRK SJJIVW ]SY
ER STTSVXYRMX] XS QEOI E HMJJIVIRGI MR WSQIXLMRK ]SY GEVI EFSYX ZIV] QYGL

8LI 8VEHMXMSR SJ 4YFPMG 7TIEOMRK

+MZIR XLI MQTSVXERGI SJ TYFPMG WTIEOMRK MXtW RSX WYVTVMWMRK XLEX MX LEW FIIR
XEYKLX ERH WXYHMIH EVSYRH XLI KPSFI JSV XLSYWERHW SJ ]IEVW %PQSWX EPP GYPXYVIW
LEZI ER IUYMZEPIRX SJ XLI )RKPMWL [SVH qSVEXSVr XS HIWMKREXI WSQISRI [MXL

8LI 8VEHMXMSR SJ 4YFPMG 7TIEOMRK

0YGEW 8LI %VX SJ 4YFPMG 7TIEOMRK MR 4YFPMG 8I\X  8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW

WTIGMEP WOMPPW MR TYFPMG WTIEOMRK 8LI SPHIWX ORS[R LERHFSSO SR IJJIGXMZI
WTIIGL [EW [VMXXIR SR TET]VYW MR )K]TX WSQI ]IEVW EKS )PSUYIRGI [EW
LMKLP] TVM^IH MR ERGMIRX -RHME %JVMGE ERH 'LMRE EW [IPP EW EQSRK XLI %^XIGW
ERH SXLIV TVI )YVSTIER GYPXYVIW SJ 2SVXL ERH 7SYXL %QIVMGE

-R GPEWWMGEP +VIIGI ERH 6SQI TYFPMG WTIEOMRK TPE]IH E GIRXVEP VSPI MR IHY
GEXMSR ERH GMZMG PMJI -X [EW EPWS WXYHMIH I\XIRWMZIP] %VMWXSXPItW 6LIXSVMG GSQ
TSWIH HYVMRK XLI XLMVH GIRXYV] & ' ) MW WXMPP GSRWMHIVIH XLI QSWX MQTSVXERX
[SVO SR MXW WYFNIGX ERH QER] SJ MXW TVMRGMTPIW EVI JSPPS[IH F] WTIEOIVW ERH
[VMXIVW
XSHE] 8LI KVIEX 6SQER PIEHIV 'MGIVS YWIH LMW WTIIGLIW XS HIJIRH PMF
IVX] ERH [VSXI WIZIVEP [SVOW EFSYX SVEXSV] MR KIRIVEP

3ZIV XLI GIRXYVMIW QER] SXLIV RSXEFPI XLMROIVW LEZI HIEPX [MXL MWWYIW SJ
VLIXSVMG WTIIGL ERH PERKYEKIhMRGPYHMRK XLI 6SQER IHYGEXSV 5YMRXMPMER XLI
'LVMWXMER TVIEGLIV 7X %YKYWXMRI XLI QIHMIZEP [VMXIV 'LVMWXMRI HI 4M^ER XLI
&VMXMWL TLMPSWSTLIV *VERGMW &EGSR ERH XLI %QIVMGER GVMXMG /IRRIXL &YVOI -R
VIGIRX ]IEVW GSQQYRMGEXMSR VIWIEVGLIVW LEZI TVSZMHIH ER MRGVIEWMRKP] WGMIR
XMJMG FEWMW JSV YRHIVWXERHMRK XLI QIXLSHW ERH WXVEXIKMIW SJ IJJIGXMZI WTIIGL

=SYV MQQIHMEXI SFNIGXMZI MW XS ETTP] XLSWI QIXLSHW ERH WXVEXIKMIW MR ]SYV
GPEWWVSSQ WTIIGLIW ;LEX ]SY PIEVR LS[IZIV [MPP FI ETTPMGEFPI PSRK EJXIV ]SY
PIEZI GSPPIKI 8LI TVMRGMTPIW SJ TYFPMG WTIEOMRK EVI HIVMZIH JVSQ E PSRK XVEHM
XMSR ERH LEZI FIIR GSRJMVQIH F] E WYFWXERXMEP FSH] SJ VIWIEVGL 8LI QSVI ]SY
ORS[ EFSYX XLSWI TVMRGMTPIW XLI QSVI IJJIGXMZI ]SY [MPP FI MR ]SYV S[R
WTIIGLIWhERH XLI QSVI IJJIGXMZI ]SY [MPP FI MR PMWXIRMRK XS XLI WTIIGLIW SJ
SXLIV TISTPI

7MQMPEVMXMIW &IX[IIR 4YFPMG 7TIEOMRK ERH 'SRZIVWEXMSR

,S[ QYGL XMQI HS ]SY WTIRH IEGL HE] XEPOMRK XS SXLIV TISTPI# 8LI EZIVEKI
EHYPX WTIRHW EFSYX TIVGIRX SJ LIV SV LMW [EOMRK LSYVW MR GSRZIVWEXMSR &]
XLI XMQI ]SY VIEH XLMW FSSO ]SY [MPP LEZI WTIRX QYGL SJ ]SYV PMJI TIVJIGXMRK
XLI EVX SJ GSRZIVWEXMSR =SY QE] RSX VIEPM^I MX FYX ]SY EPVIEH] IQTPS] E [MHI
VERKI SJ WOMPPW [LIR XEPOMRK XS TISTPI 8LIWI WOMPPW MRGPYHI XLI JSPPS[MRK

3VKERM^MRK ]SYV XLSYKLXW PSKMGEPP] 7YTTSWI ]SY [IVI KMZMRK WSQISRI
HMVIGXMSRW XS KIX XS ]SYV LSYWI =SY [SYPHRtX HS MX XLMW [E]

;LIR ]SY XYVR SJJ XLI LMKL[E] ]SYtPP WII E FMK HMRIV SR XLI PIJX &YX FIJSVI XLEX WXE]
SR XLI LMKL[E] XS )\MX 9WYEPP] E GSYTPI SJ XLI RIMKLFSVWt HSKW EVI MR XLI WXVIIX WS
KS WPS[ EJXIV ]SY XYVR EX XLI FPMROMRK PMKLX 'SQMRK JVSQ ]SYV LSYWI ]SY KIX SR XLI
LMKL[E] XLVSYKL 1ETPI 7XVIIX -J ]SY TEWW XLI XEGS WXERH ]SYtZI KSRI XSS JEV 8LI
LSYWI MW FPYI

-RWXIEH ]SY [SYPH XEOI ]SYV PMWXIRIV W]WXIQEXMGEPP] WXIT F] WXIT JVSQ LMW SV
LIV LSYWI XS ]SYV LSYWI =SY [SYPH SVKERM^I ]SYV QIWWEKI

8 EMPSVMRK ]SYV QIWWEKI XS ]SYV EYHMIRGI =SY EVI E KISPSK] QENSV 8[S
TISTPI EWO ]SY LS[ TIEVPW EVI JSVQIH 3RI MW ]SYV VSSQQEXI XLI SXLIV MW ]SYV
RMRI ]IEV SPH RMIGI =SY ERW[IV EW JSPPS[W

8S ]SYV VSSQQEXI q;LIR ER] MVVMXERX WE] E KVEMR SJ WERH KIXW MRWMHI XLI S]WXIVtW WLIPP
XLI S]WXIV EYXSQEXMGEPP] WIGVIXIW E WYFWXERGI GEPPIH REGVI [LMGL MW TVMRGMTEPP] GEPGMYQ

',%48)6 74)%/-2+ -2 49&0-'

0YGEW 8LI %VX SJ 4YFPMG 7TIEOMRK MR 4YFPMG 8I\X  8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW

1ER] WOMPPW YWIH MR GSRZIVWE
XMSR EPWS ETTP] MR TYFPMG
WTIEOMRK %W ]SY PIEVR XS
WTIEO QSVI IJJIGXMZIP] ]SY
QE] EPWS PIEVR XS GSQQYRMGEXI
QSVI I JJIGXMZIP] MR SXLIV
WMXYEXMSRW

GEVFSREXI ERH MW XLI WEQI QEXIVMEP XLEX PMRIW XLI S]WXIVtW WLIPP 8LI REGVI EGGYQYPEXIW MR
PE]IVW EVSYRH XLI MVVMXERX GSVI XS JSVQ XLI TIEVP r

8S ]SYV RMIGI q-QEKMRI ]SYtVI ER S]WXIV SR XLI SGIER JPSSV % KVEMR SJ WERH KIXW MRWMHI
]SYV WLIPP ERH QEOIW ]SY YRGSQJSVXEFPI 7S ]SY HIGMHI XS GSZIV MX YT =SY GSZIV MX [MXL
E QEXIVMEP GEPPIH QSXLIV SJ TIEVP 8LI GSZIVMRK FYMPHW YT EVSYRH XLI KVEMR SJ WERH XS
QEOI E TIEVP r

8 IPPMRK E WXSV] JSV QE\MQYQ MQTEGX 7YTTSWI ]SY EVI XIPPMRK E JVMIRH
EFSYX E JYRR] MRGMHIRX EX PEWX [IIOtW JSSXFEPP KEQI =SY HSRtX FIKMR [MXL XLI
TYRGL PMRI q/IMWLE JIPP SYX SJ XLI WXERHW VMKLX SRXS XLI JMIPH ,IVItW LS[ MX
WXEVXIH r
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ERH XSRI SJ ZSMGI XS KIX XLI FIWX IJJIGX

% HETXMRK XS PMWXIRIV JIIHFEGO ;LIRIZIV ]SY XEPO [MXL WSQISRI ]SY EVI
E[EVI SJ XLEX TIVWSRtW ZIVFEP JEGMEP ERH TL]WMGEP VIEGXMSRW *SV I\EQTPI

=SY EVI I\TPEMRMRK ER MRXIVIWXMRK TSMRX XLEX GEQI YT MR FMSPSK] GPEWW =SYV PMWXIRIV FIKMRW
XS PSSO GSRJYWIH TYXW YT E LERH EW XLSYKL XS WXST ]SY ERH WE]W q,YL#r =SY KS FEGO
ERH I\TPEMR QSVI GPIEVP]

% JVMIRH LEW EWOIH ]SY XS PMWXIR [LMPI WLI TVEGXMGIW E WTIIGL %X XLI IRH ]SY XIPP LIV
q8LIVItW NYWX SRI TEVX - VIEPP] HSRtX PMOIhXLEX UYSXEXMSR JVSQ XLI EXXSVRI] KIRIVEP r =SYV
JVMIRH PSSOW ZIV] LYVX ERH WE]W q8LEX [EW Q] JEZSVMXI TEVX r 7S ]SY WE] q&YX MJ ]SY NYWX
[SVOIH XLI UYSXEXMSR MR E PMXXPI HMJJIVIRXP] MX [SYPH FI [SRHIVJYP r

)EGL HE] MR GEWYEP GSRZIVWEXMSR ]SY HS EPP XLIWI XLMRKW QER] XMQIW
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WOMPPW %RH XLIWI EVI EQSRK XLI QSWX MQTSVXERX WOMPPW ]SY [MPP RIIH JSV TYFPMG
WTIEOMRK

7MQMPEVMXMIW &IX[IIR 4YFPMG 7TIEOMRK ERH 'SRZIVWEXMSR

0YGEW 8LI %VX SJ 4YFPMG 7TIEOMRK MR 4YFPMG 8I\X  8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW

8S MPPYWXVEXI PIXtW VIXYVR FVMIJP] XS SRI SJ XLI L]TSXLIXMGEP WMXYEXMSRW EX XLI
FIKMRRMRK SJ XLMW GLETXIV ;LIR EHHVIWWMRK XLI WGLSSP FSEVH EFSYX XLI RIIH
JSV E WTIGMEP XIEGLIV

=SY S VKERM^I ]SYV MHIEW XS TVIWIRX XLIQ MR XLI QSWX TIVWYEWMZI QERRIV
=SY WXIEHMP] FYMPH YT E GSQTIPPMRK GEWI EFSYX LS[ XLI XIEGLIV FIRIJMXW XLI
WGLSSP

=SY X EMPSV ]SYV QIWWEKI XS ]SYV EYHMIRGI 8LMW MW RS XMQI XS PEYRGL ER
MQTEWWMSRIH HIJIRWI SJ WTIGMEP IHYGEXMSR MR XLI 9RMXIH 7XEXIW =SY QYWX
WLS[ LS[ XLI MWWYI MW MQTSVXERX XS XLI TISTPI MR XLEX ZIV] VSSQhXS XLIMV
GLMPHVIR ERH XS XLI WGLSSP

=SY XIPP ]SYV WXSV] JSV Q E\MQYQ MQTEGX 4IVLETW ]SY VIPEXI ER ERIGHSXI XS
HIQSRWXVEXI LS[ QYGL ]SYV GLMPH LEW MQTVSZIH =SY EPWS LEZI WXEXMWXMGW
XS WLS[ LS[ QER] SXLIV GLMPHVIR LEZI FIIR LIPTIH

=SY EHETX XS PMWXIRIV JIIHFEGO ;LIR ]SY QIRXMSR XLI GSWX SJ XLI WTIGMEP
XIEGLIV ]SY RSXMGI WSYV PSSOW SR XLI JEGIW SJ XLI WGLSSP FSEVH QIQFIVW
7S ]SY TEXMIRXP] I\TPEMR LS[ WQEPP XLEX GSWX MW MR VIPEXMSR XS XLI SZIVEPP
WGLSSP FYHKIX

-R QER] [E]W XLIR TYFPMG WTIEOMRK VIUYMVIW XLI WEQI WOMPPW YWIH MR SVHMREV]
GSRZIVWEXMSR 1SWX TISTPI [LS GSQQYRMGEXI [IPP MR HEMP] XEPO GER PIEVR XS GSQ
QYRMGEXI NYWX EW [IPP MR TYFPMG WTIEOMRK &] XLI WEQI XSOIR XVEMRMRK MR TYFPMG
WTIEOMRK GER QEOI ]SY E QSVI EHITX GSQQYRMGEXSV MR E ZEVMIX] SJ WMXYEXMSRW
WYGL EW GSRZIVWEXMSRW GPEWWVSSQ HMWGYWWMSRW FYWMRIWW QIIXMRKW ERH MRXIVZMI[W

(MJJIVIRGIW &IX[IIR 4YFPMG 7TIEOMRK ERH 'SRZIVWEXMSR

(IWTMXI XLIMV WMQMPEVMXMIW TYFPMG WTIEOMRK ERH IZIV]HE] GSRZIVWEXMSR EVI RSX
MHIRXMGEP -QEKMRI XLEX ]SY EVI XIPPMRK E WXSV] XS E JVMIRH 8LIR MQEKMRI ]SYVWIPJ
XIPPMRK XLI WXSV] XS E KVSYT SJ WIZIR SV IMKLX JVMIRHW 2S[ MQEKMRI XIPPMRK XLI
WEQI WXSV] XS SV TISTPI %W XLI WM^I SJ ]SYV EYHMIRGI KVS[W ]SY [MPP JMRH
]SYVWIPJ EHETXMRK XS XLVII QENSV HMJJIVIRGIW FIX[IIR GSRZIVWEXMSR ERH TYFPMG
WTIEOMRK

4YFPMG WTIEOMRK MW QSVI LMKLP] WXVYGXYVIH -X YWYEPP] MQTSWIW WXVMGX XMQI
PMQMXEXMSRW SR XLI WTIEOIV -R QSWX GEWIW XLI WMXYEXMSR HSIW RSX EPPS[ PMWXIRIVW
XS MRXIVVYTX [MXL UYIWXMSRW SV GSQQIRXEV] 8LI WTIEOIV QYWX EGGSQTPMWL LIV
SV LMW TYVTSWI MR XLI WTIIGL MXWIPJ -R TVITEVMRK XLI WTIIGL XLI WTIEOIV QYWX
ERXMGMTEXI UYIWXMSRW XLEX QMKLX EVMWI MR XLI QMRHW SJ PMWXIRIVW ERH ERW[IV
XLIQ 'SRWIUYIRXP] TYFPMG WTIEOMRK HIQERHW QYGL QSVI HIXEMPIH TPERRMRK
ERH TVITEVEXMSR XLER SVHMREV] GSRZIVWEXMSR

4 YFPMG WTIEOMRK VIUYMVIW QSVI JSVQEP PERKYEKI 7PERK NEVKSR ERH FEH
KVEQQEV LEZI PMXXPI TPEGI MR TYFPMG WTIIGLIW %W ERKV] EW LI MW EFSYX MRHYWXVMEP
TSPPYXMSR [LIR :ER .SRIW WTIEOW XS E GSRKVIWWMSREP GSQQMXXII LI HSIWRtX
WE] q;ItZI HEQR [IPP KSX XS WXST XLI KVIIH] GVIITW [LS TSPPYXI PS[ MRGSQI
GSQQYRMXMIW NYWX XS QEOI E JI[ QSVI FYGOW r 0MWXIRIVW YWYEPP] VIEGX RIKEXMZIP]
XS WTIEOIVW [LS HS RSX IPIZEXI ERH TSPMWL XLIMV PERKYEKI [LIR EHHVIWWMRK ER
EYHMIRGI % WTIIGL WLSYPH FI qWTIGMEP r

',%48)6 74)%/-2+ -2 49&0-'

0YGEW 8LI %VX SJ 4YFPMG 7TIEOMRK MR 4YFPMG 8I\X  8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW

4 YFPMG WTIEOMRK VIUYMVIW E HMJJIVIRX QIXLSH SJ HIPMZIV] ;LIR GSRZIVWMRK
MRJSVQEPP] QSWX TISTPI XEPO UYMIXP] MRXIVNIGX WXSGO TLVEWIW WYGL EW qPMOIr ERH
q]SY ORS[ r EHSTX E GEWYEP TSWXYVI ERH YWI [LEX EVI GEPPIH ZSGEPM^IH TEYWIW
qYL r qIV r qYQr
)JJIGXMZI TYFPMG WTIEOIVW LS[IZIV EHNYWX XLIMV ZSMGIW XS FI
LIEVH GPIEVP] XLVSYKLSYX XLI EYHMIRGI 8LI] EWWYQI E QSVI IVIGX TSWXYVI
8LI] EZSMH HMWXVEGXMRK QERRIVMWQW ERH ZIVFEP LEFMXW

;MXL WXYH] ERH TVEGXMGI ]SY [MPP FI EFPI XS QEWXIV XLIWI HMJJIVIRGIW ERH
I\TERH ]SYV GSRZIVWEXMSREP WOMPPW MRXS WTIIGLQEOMRK =SYV WTIIGL GPEWW [MPP
TVSZMHI XLI STTSVXYRMX] JSV XLMW WXYH] ERH TVEGXMGI

(IZIPSTMRK 'SRJMHIRGI =SYV 7TIIGL 'PEWW

3RI SJ XLI QENSV GSRGIVRW SJ WXYHIRXW MR ER] WTIIGL GPEWW MW WXEKI JVMKLX ;I WXEKI JVMKLX
QE] EW [IPP JEGI XLI MWWYI WUYEVIP] 1ER] TISTPI [LS GSRZIVWI IEWMP] MR EPP %R\MIX] SZIV XLI TVSWTIGX SJ
OMRHW SJ IZIV]HE] WMXYEXMSRW FIGSQI JVMKLXIRIH EX XLI MHIE SJ WXERHMRK YT KMZMRK E WTIIGL MR JVSRX SJ ER
FIJSVI E KVSYT XS QEOI E WTIIGL EYHMIRGI
-J ]SY EVI [SVVMIH EFSYX WXEKI JVMKLX ]SY QE] JIIP FIXXIV ORS[MRK XLEX ]SY
EVI RSX EPSRI % +EPPYT 4SPP EWOIH %QIVMGERW XS PMWX XLIMV KVIEXIWX JIEVW
*SVX] TIVGIRX MHIRXMJMIH WTIEOMRK FIJSVI E KVSYT EW XLIMV XST JIEV I\GIIHIH
SRP] F] XLI TIVGIRX [LS WEMH XLI] [IVI EJVEMH SJ WREOIW % WYVZI]
TVSHYGIH WMQMPEV VIWYPXW [MXL TIVGIRX SJ VIWTSRHIRXW FIMRK XIVVMJMIH F] XLI
TVSWTIGX SJ WTIEOMRK MR TYFPMG -R GSQTEVMWSR SRP] TIVGIRX WEMH XLI] [IVI
EJVEMH SJ H]MRK
-R E HMJJIVIRX WXYH] VIWIEVGLIVW GSRGIRXVEXIH SR WSGMEP WMXYEXMSRW ERH
EKEMR EWOIH XLIMV WYFNIGXW XS PMWX XLIMV KVIEXIWX JIEVW ,IVI MW LS[ XLI]
ERW[IVIH

+VIEXIWX *IEV 4IVGIRX 2EQMRK
% TEVX] [MXL WXVERKIVW
+MZMRK E WTIIGL
%WOIH TIVWSREP UYIWXMSRW MR TYFPMG
1IIXMRK E HEXItW TEVIRXW
*MVWX HE] SR E RI[ NSF
:MGXMQ SJ E TVEGXMGEP NSOI
8EPOMRK [MXL WSQISRI MR EYXLSVMX]
.SF MRXIVZMI[

%KEMR WTIIGLQEOMRK VEROW RIEV XLI XST MR TVSZSOMRK ER\MIX]

2)6:3972)77 -7 2361%0

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7SQI SJ XLI KVIEXIWX TYFPMG WTIEOIVW MR LMWXSV] LEZI WYJJIVIH JVSQ WXEKI
JVMKLX MRGPYHMRK %FVELEQ 0MRGSPR 1EVKEVIX 7ERKIV ERH ;MRWXSR 'LYVGLMPP
8LI JEQSYW 6SQER SVEXSV 'MGIVS WEMH q- XYVR TEPI EX XLI SYXWIX SJ E WTIIGL
ERH UYEOI MR IZIV] PMQF ERH MR Q] WSYP r 3TVEL ;MRJVI] 'SRER 3t&VMIR

(IZIPSTMRK 'SRJMHIRGI =SYV 7TIIGL 'PEWW

0YGEW 8LI %VX SJ 4YFPMG 7TIEOMRK MR 4YFPMG 8I\X  8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW

EHVIREPMRI ERH .E] 0IRS EPP VITSVX FIMRK ER\MSYW EFSYX WTIEOMRK MR TYFPMG )EVP] MR LMW
% LSVQSRI VIPIEWIH MRXS XLI GEVIIV 0ISREVHS (M'ETVMS [EW WS RIVZSYW EFSYX KMZMRK ER EGGITXERGI
FPSSHWXVIEQ MR VIWTSRWI XS WTIIGL XLEX LI LSTIH LI [SYPH RSX [MR XLI %GEHIQ] %[EVH JSV [LMGL LI
TL]WMGEP SV QIRXEP WXVIWW LEH FIIR RSQMREXIH )MKLX] SRI TIVGIRX SJ FYWMRIWW I\IGYXMZIW WE] TYFPMG
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E JYRIVEP QSWX SJ YW [SYPH VEXLIV FI XLI SRI MR XLI GSJJMR XLER XLI SRI KMZ
MRK XLI IYPSK] r

%GXYEPP] QSWX TISTPI XIRH XS FI ER\MSYW FIJSVI HSMRK WSQIXLMRK MQTSV
XERX MR TYFPMG %GXSVW EVI RIVZSYW FIJSVI E TPE] TSPMXMGMERW EVI RIVZSYW FIJSVI
E GEQTEMKR WTIIGL EXLPIXIW EVI RIVZSYW FIJSVI E FMK KEQI 8LI SRIW [LS WYG
GIIH LEZI PIEVRIH XS YWI XLIMV RIVZSYWRIWW XS XLIMV EHZERXEKI 0MWXIR XS
%QIVMGER K]QREWX 7LE[R .SLRWSR WTIEOMRK EJXIV LIV FEPERGI FIEQ VSYXMRI MR
XLI [SQIRtW ETTEVEXYW JMREPW EX XLI 3P]QTMG +EQIW MR &IMNMRK q- [EW WS
RIVZSYW - GSYPHRtX KIX ER]XLMRK VMKLX MR [EVQ YTW &YX - [ERXIH XS HS Q] FIWX
ERH IRH SR E KSSH RSXI r 4YXXMRK LIV FYXXIVJPMIW XS KSSH YWI .SLRWSR IRHIH
SR E KSSH RSXI MRHIIH F] WGSVMRK TSMRXW XS [MR XLI KSPH QIHEP

1YGL XLI WEQI XLMRK LETTIRW MR WTIIGLQEOMRK 1SWX I\TIVMIRGIH WTIEO
IVW LEZI WXEKI JVMKLX FIJSVI XEOMRK XLI JPSSV FYX XLIMV RIVZSYWRIWW MW E LIEPXL]
WMKR XLEX XLI] EVI KIXXMRK qTW]GLIH YTr JSV E KSSH IJJSVX 2SZIPMWX ERH PIGXYVIV
- % 6 ;]PMI I\TPEMRW q2S[ EJXIV QER] ]IEVW SJ TVEGXMGI - EQ - WYTTSWI VIEPP]
E sTVEGXMGIH WTIEOIV t &YX - VEVIP] VMWI XS Q] JIIX [MXLSYX E XLVSEX GSRWXVMGXIH
[MXL XIVVSV ERH E JYVMSYWP] XLYQTMRK LIEVX ;LIR JSV WSQI VIEWSR - EQ GSSP
ERH WIPJ EWWYVIH XLI WTIIGL MW EP[E]W E JEMPYVI r

-R SXLIV [SVHW MX MW TIVJIGXP] RSVQEPhIZIR HIWMVEFPIhXS FI RIVZSYW EX XLI
WXEVX SJ E WTIIGL =SYV FSH] MW VIWTSRHMRK EW MX [SYPH XS ER] WXVIWWJYP
WMXYEXMSRhF] TVSHYGMRK I\XVE EHVIREPMRI 8LMW WYHHIR WLSX SJ EHVIREPMRI MW
[LEX QEOIW ]SYV LIEVX VEGI ]SYV LERHW WLEOI ]SYV ORIIW ORSGO ERH ]SYV
WOMR TIVWTMVI )ZIV] TYFPMG WTIEOIV I\TIVMIRGIW EPP XLIWI VIEGXMSRW XS WSQI
I\XIRX 8LI UYIWXMSR MW ,S[ GER ]SY GSRXVSP ]SYV RIVZSYWRIWW ERH QEOI MX
[SVO JSV ]SY VEXLIV XLER EKEMRWX ]SY#

TSWMXMZI RIVZSYWRIWW ()%0-2+ ;-8, 2)6:3972)77
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SV LMW TVIWIRXEXMSR JSVQMRK MX JVSQ E RIKEXMZI JSVGI MRXS [LEX SRI I\TIVX GEPPW TSWMXMZI RIVZSYWRIWWh qE
^IWX] IRXLYWMEWXMG PMZIP] JIIPMRK [MXL E WPMKLX IHKI XS MX -XtW WXMPP RIVZSYWRIWW
FYX MX JIIPW HMJJIVIRX =SYtVI RS PSRKIV ZMGXMQM^IH F] MX MRWXIEH ]SYtVI ZMXEPM^IH
F] MX =SYtVI MR GSRXVSP SJ MX r

(SRtX XLMRO SJ ]SYVWIPJ EW LEZMRK WXEKI JVMKLX -RWXIEH XLMRO SJ MX EW qWXEKI
I\GMXIQIRXr SV qWXEKI IRXLYWMEWQ r -X GER LIPT ]SY KIX JSGYWIH ERH IRIV
KM^IH MR XLI WEQI [E] XLEX MX LIPTW EXLPIXIW QYWMGMERW ERH SXLIVW KIX TVMQIH
JSV E KEQI SV E GSRGIVX 8LMRO SJ MX EW E RSVQEP TEVX SJ KMZMRK E WYGGIWWJYP
WTIIGL

,IVI EVI WM\ XMQI XIWXIH [E]W ]SY GER XYVR ]SYV RIVZSYWRIWW JVSQ E RIKE
XMZI JSVGI MRXS E TSWMXMZI SRI

%GUYMVI 7TIEOMRK )\TIVMIRGI

=SY LEZI EPVIEH] XEOIR XLI JMVWX WXIT =SY EVI IRVSPPIH MR E TYFPMG WTIEOMRK
GSYVWI [LIVI ]SY [MPP PIEVR EFSYX WTIIGLQEOMRK ERH KEMR WTIEOMRK I\TIVM
IRGI 8LMRO FEGO XS ]SYV JMVWX HE] EX OMRHIVKEVXIR ]SYV JMVWX HEXI ]SYV JMVWX HE]

',%48)6 74)%/-2+ -2 49&0-'

0YGEW 8LI %VX SJ 4YFPMG 7TIEOMRK MR 4YFPMG 8I\X  8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW

8LI RIIH JSV TYFPMG WTIEOMRK
EVMWIW MR QER] WMXYEXMSRW ,IVI
(V .MQ 8LSQEW I\TPEMRW XLI
WYVKMGEP TVSGIHYVIW YWIH MR E
TMSRIIVMRK STIVEXMSR EX
'LMPHVIRtW 1IHMGEP 'IRXIV MR
(EPPEW 8I\EW

EX E RI[ NSF =SY [IVI TVSFEFP] RIVZSYW MR IEGL WMXYEXMSR FIGEYWI ]SY [IVI
JEGMRK WSQIXLMRK RI[ ERH YRORS[R 3RGI ]SY FIGEQI EGGYWXSQIH XS XLI
WMXYEXMSR MX [EW RS PSRKIV XLVIEXIRMRK 7S MX MW [MXL TYFPMG WTIEOMRK *SV QSWX
WXYHIRXW XLI FMKKIWX TEVX SJ WXEKI JVMKLX MW JIEV SJ XLI YRORS[R 8LI QSVI ]SY
PIEVR EFSYX TYFPMG WTIEOMRK ERH XLI QSVI WTIIGLIW ]SY KMZI XLI PIWW XLVIEXIR
MRK WTIIGLQEOMRK [MPP FIGSQI

3J GSYVWI XLI VSEH XS GSRJMHIRGI [MPP WSQIXMQIW FI FYQT] 0IEVRMRK XS
KMZI E WTIIGL MW RSX QYGL HMJJIVIRX JVSQ PIEVRMRK ER] SXLIV WOMPPhMX TVSGIIHW
F] XVMEP ERH IVVSV 8LI TYVTSWI SJ ]SYV WTIIGL GPEWW MW XS WLSVXIR XLI TVSGIWW XS
QMRMQM^I XLI IVVSVW XS KMZI ]SY E RSRXLVIEXIRMRK EVIREhE WSVX SJ PEFSVEXSV]h
MR [LMGL XS YRHIVXEOI XLI qXVMEP r

=SYV XIEGLIV VIGSKRM^IW XLEX ]SY EVI E RSZMGI ERH MW XVEMRIH XS KMZI XLI
OMRH SJ KYMHERGI ]SY RIIH XS KIX WXEVXIH -R ]SYV JIPPS[ WXYHIRXW ]SY LEZI E
LMKLP] W]QTEXLIXMG EYHMIRGI [LS [MPP TVSZMHI ZEPYEFPI JIIHFEGO XS LIPT ]SY
MQTVSZI ]SYV WTIEOMRK WOMPPW %W XLI GPEWW KSIW SR ]SYV JIEVW EFSYX TYFPMG
WTIEOMRK [MPP KVEHYEPP] VIGIHI YRXMP XLI] EVI VITPEGIH F] SRP] E LIEPXL] RIV
ZSYWRIWW FIJSVI ]SY VMWI XS WTIEO

4VITEVI 4VITEVI 4VITEVI

%RSXLIV OI] XS KEMRMRK GSRJMHIRGI MW XS TMGO WTIIGL XSTMGW ]SY XVYP] GEVI
EFSYXhERH XLIR XS TVITEVI ]SYV WTIIGLIW WS XLSVSYKLP] XLEX ]SY GERRSX LIPT
FYX FI WYGGIWWJYP ,IVItW LS[ SRI WXYHIRX GSQFMRIH IRXLYWMEWQ JSV LMW XSTMG
[MXL XLSVSYKL TVITEVEXMSR XS WGSVI E XVMYQTL MR WTIIGL GPEWW

.IWWI =SYRK [EW GSRGIVRIH EFSYX XEOMRK E WTIIGL GPEWW 2SX LEZMRK ER] I\TIVMIRGI
EW E TYFPMG WTIEOIV LI KSX FYXXIVJPMIW MR LMW WXSQEGL NYWX XLMROMRK EFSYX XEPOMRK MR JVSRX SJ
ER EYHMIRGI &YX [LIR XLI XMQI GEQI JSV .IWWItW JMVWX WTIIGL LI [EW HIXIVQMRIH XS QEOI
MX E WYGGIWW

.IWWI GLSWI ,EFMXEX JSV ,YQERMX] EW XLI XSTMG JSV LMW WTIIGL ,I LEH FIIR E ZSPYRXIIV
JSV XLI TEWX XLVII ]IEVW ERH LI FIPMIZIH HIITP] MR XLI SVKERM^EXMSR ERH MXW QMWWMSR 8LI

(IZIPSTMRK 'SRJMHIRGI =SYV 7TIIGL 'PEWW

0YGEW 8LI %VX SJ 4YFPMG 7TIEOMRK MR 4YFPMG 8I\X  8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW

TYVTSWI SJ LMW WTIIGL [EW XS I\TPEMR XLI SVMKMRW TLMPSWSTL] ERH EGXMZMXMIW SJ ,EFMXEX JSV
,YQERMX]

%W .IWWI WTSOI MX FIGEQI GPIEV XLEX LI [EW IRXLYWMEWXMG EFSYX LMW WYFNIGX ERH KIRY
MRIP] [ERXIH LMW GPEWWQEXIW XS WLEVI LMW IRXLYWMEWQ &IGEYWI LI [EW MRXIRX SR GSQQYRM
GEXMRK [MXL LMW EYHMIRGI LI JSVKSX XS FI RIVZSYW ,I WTSOI GPIEVP] JPYIRXP] ERH H]REQM
GEPP] 7SSR XLI IRXMVI GPEWW [EW IRKVSWWIH MR LMW WTIIGL

%JXIV[EVH .IWWI EHQMXXIH XLEX LI LEH WYVTVMWIH IZIR LMQWIPJ q-X [EW EQE^MRK r LI
WEMH q3RGI - TEWWIH XLI JMVWX QMRYXI SV WS EPP - XLSYKLX EFSYX [IVI XLSWI TISTPI SYX XLIVI
PMWXIRMRK - GSYPH XIPP XLEX - [EW VIEPP] KIXXMRK XLVSYKL XS XLIQ r

,S[ QYGL XMQI WLSYPH ]SY HIZSXI XS TVITEVMRK ]SYV WTIIGLIW# % WXERHEVH
VYPI SJ XLYQF MW XLEX IEGL QMRYXI SJ WTIEOMRK XMQI VIUYMVIW SRI XS X[S LSYVW
SJ TVITEVEXMSR XMQIhTIVLETW QSVI HITIRHMRK SR XLI EQSYRX SJ VIWIEVGL
RIIHIH JSV XLI WTIIGL 8LMW QE] WIIQ PMOI E PSX SJ XMQI FYX XLI VI[EVHW EVI
[IPP [SVXL MX 3RI TVSJIWWMSREP WTIIGL GSRWYPXERX IWXMQEXIW XLEX TVSTIV TVITE
VEXMSR GER VIHYGI WXEKI JVMKLX F] YT XS TIVGIRX

-J ]SY JSPPS[ XLI XIGLRMUYIW WYKKIWXIH F] ]SYV XIEGLIV ERH MR XLI VIWX SJ
XLMW FSSO ]SY [MPP WXERH YT JSV IZIV] WTIIGL JYPP] TVITEVIH -QEKMRI XLEX XLI
HE] JSV ]SYV JMVWX WTIIGL LEW EVVMZIH =SY LEZI WXYHMIH ]SYV EYHMIRGI ERH
WIPIGXIH E XSTMG ]SY ORS[ [MPP MRXIVIWX XLIQ =SY LEZI VIWIEVGLIH XLI WTIIGL
XLSVSYKLP] ERH TVEGXMGIH MX WIZIVEP XMQIW YRXMP MX JIIPW EFWSPYXIP] GSQJSVXEFPI
=SY LEZI IZIR XVMIH MX SYX FIJSVI X[S SV XLVII XVYWXIH JVMIRHW ,S[ GER ]SY
LIPT FYX FI GSRJMHIRX SJ WYGGIWW#

8LMRO 4SWMXMZIP]

'SRJMHIRGI MW QSWXP] XLI [IPP ORS[R TS[IV SJ TSWMXMZI XLMROMRK -J ]SY
XLMRO ]SY GER HS MX ]SY YWYEPP] GER 3R XLI SXLIV LERH MJ ]SY TVIHMGX HMWEW
XIV ERH HSSQ XLEX MW EPQSWX EP[E]W [LEX ]SY [MPP KIX 8LMW MW IWTIGMEPP] XVYI
[LIR MX GSQIW XS TYFPMG WTIEOMRK 7TIEOIVW [LS XLMRO RIKEXMZIP] EFSYX
XLIQWIPZIW ERH XLI WTIIGL I\TIVMIRGI EVI QYGL QSVI PMOIP] XS FI SZIVGSQI
F] WXEKI JVMKLX XLER EVI WTIEOIVW [LS XLMRO TSWMXMZIP] ,IVI EVI WSQI [E]W
]SY GER XVERWJSVQ RIKEXMZI XLSYKLXW MRXS TSWMXMZI SRIW EW ]SY [SVO SR ]SYV
WTIIGLIW

2IKEXMZI 8LSYKLX 4SWMXMZI 8LSYKLX
- [MWL - HMHRtX LEZI XS KMZI
XLMW WTIIGL 8LMW WTIIGL MW E GLERGI JSV QI XS
WLEVI Q] MHIEW ERH KEMR I\TIVMIRGI
-tQ RSX E KVIEX TYFPMG WTIEOIV EW E WTIEOIV

-tQ EP[E]W RIVZSYW [LIR - KMZI 2S SRItW TIVJIGX FYX -tQ KIXXMRK
E WTIIGL FIXXIV [MXL IEGL WTIIGL - KMZI
2S SRI [MPP FI MRXIVIWXIH MR
[LEX - LEZI XS WE] )ZIV]SRItW RIVZSYW -J SXLIV TISTPI
GER LERHPI MX - GER XSS

- LEZI E KSSH XSTMG ERH -tQ JYPP]
TVITEVIH 3J GSYVWI XLI]tPP FI
MRXIVIWXIH

1ER] TW]GLSPSKMWXW FIPMIZI XLEX XLI VEXMS SJ TSWMXMZI XS RIKEXMZI XLSYKLXW
MR VIKEVH XS WXVIWWJYP EGXMZMXMIW WYGL EW WTIIGLQEOMRK WLSYPH FI EX PIEWX JMZI XS
SRI 8LEX MW JSV IEGL RIKEXMZI XLSYKLX ]SY WLSYPH GSYRXIV [MXL E QMRMQYQ
SJ JMZI TSWMXMZI SRIW (SMRK WS [MPP RSX QEOI ]SYV RIVZIW KS E[E] GSQTPIXIP]

',%48)6 74)%/-2+ -2 49&0-'

0YGEW 8LI %VX SJ 4YFPMG 7TIEOMRK MR 4YFPMG 8I\X  8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW

FYX MX [MPP LIPT OIIT XLIQ YRHIV GSRXVSP WS ]SY GER GSRGIRXVEXI SR GSQQY
RMGEXMRK ]SYV MHIEW VEXLIV XLER SR FVSSHMRK EFSYX ]SYV JIEVW ERH ER\MIXMIW

9WI XLI 4S[IV SJ :MWYEPM^EXMSR ZMWYEPM^EXMSR
1IRXEP MQEKMRK MR [LMGL E
:MWYEPM^EXMSR MW GPSWIP] VIPEXIH XS TSWMXMZI XLMROMRK -X MW YWIH F] EXLPIXIW QYWM WTIEOIV ZMZMHP] TMGXYVIW LMQWIPJ
GMERW EGXSVW WTIEOIVW ERH SXLIVW XS IRLERGI XLIMV TIVJSVQERGI MR WXVIWWJYP SV LIVWIPJ KMZMRK E WYGGIWWJYP
WMXYEXMSRW ,S[ HSIW MX [SVO# 0MWXIR XS PSRK HMWXERGI VYRRIV :MGOM ,YFIV TVIWIRXEXMSR

6MKLX FIJSVI E FMK VEGI -tPP TMGXYVI Q]WIPJ VYRRMRK ERH - [MPP XV] ERH TYX EPP SJ XLI SXLIV
GSQTIXMXSVW MR XLI VEGI MRXS Q] QMRH 8LIR - [MPP XV] ERH MQEKMRI IZIV] TSWWMFPI WMXYEXMSR -
QMKLX JMRH Q]WIPJ MR FILMRH WSQISRI FIMRK FS\IH MR TYWLIH WLSZIH SV GENSPIH HMJ
JIVIRX TSWMXMSRW SR XLI XVEGO PETW XS KS ERH SJ GSYVWI XLI JMREP WXVIXGL %RH - EP[E]W
TMGXYVI Q]WIPJ [MRRMRK XLI VEGI RS QEXXIV [LEX LETTIRW HYVMRK XLI IZIRX

3J GSYVWI ,YFIV HSIWRtX [MR IZIV] VEGI WLI VYRW FYX VIWIEVGL LEW WLS[R
XLEX XLI OMRH SJ QIRXEP MQEKMRK WLI HIWGVMFIW GER WMKRMJMGERXP] MRGVIEWI EXL
PIXMG TIVJSVQERGI -X LEW EPWS WLS[R XLEX ZMWYEPM^EXMSR GER LIPT WTIEOIVW
GSRXVSP XLIMV WXEKI JVMKLX

8LI OI] XS ZMWYEPM^EXMSR MW GVIEXMRK E ZMZMH QIRXEP FPYITVMRX MR [LMGL ]SY
WII ]SYVWIPJ WYGGIIHMRK MR ]SYV WTIIGL 4MGXYVI ]SYVWIPJ MR ]SYV GPEWWVSSQ
VMWMRK XS WTIEO 7II ]SYVWIPJ EX XLI PIGXIVR TSMWIH ERH WIPJ EWWYVIH QEOMRK I]I
GSRXEGX [MXL ]SYV EYHMIRGI ERH HIPMZIVMRK ]SYV MRXVSHYGXMSR MR E JMVQ GPIEV
ZSMGI *IIP ]SYV GSRJMHIRGI KVS[MRK EW ]SYV PMWXIRIVW KIX QSVI ERH QSVI
GEYKLX YT MR [LEX ]SY EVI WE]MRK -QEKMRI ]SYV WIRWI SJ EGLMIZIQIRX EW ]SY
GSRGPYHI XLI WTIIGL ORS[MRK ]SY LEZI HSRI ]SYV ZIV] FIWX
%W ]SY GVIEXI XLIWI MQEKIW MR ]SYV QMRHtW I]I FI VIEPMWXMG FYX WXE] JSGYWIH
SR XLI TSWMXMZI EWTIGXW SJ ]SYV WTIIGL (SRtX EPPS[ RIKEXMZI MQEKIW XS IGPMTWI
XLI TSWMXMZI SRIW %GORS[PIHKI ]SYV RIVZSYWRIWW FYX TMGXYVI ]SYVWIPJ SZIV
GSQMRK MX XS KMZI E ZMFVERX EVXMGYPEXI TVIWIRXEXMSR -J SRI TEVX SJ XLI WTIIGL
EP[E]W WIIQW XS KMZI ]SY XVSYFPI ZMWYEPM^I ]SYVWIPJ KIXXMRK XLVSYKL MX [MXLSYX
ER] LMXGLIW %RH FI WTIGMJMG 8LI QSVI PYGMH ]SYV QIRXEP TMGXYVIW XLI QSVI
WYGGIWWJYP ]SY EVI PMOIP] XS FI
%W [MXL ]SYV TL]WMGEP VILIEVWEP SJ XLI WTIIGL XLMW OMRH SJ QIRXEP VILIEVWEP
SJ XLI WTIIGL WLSYPH FI VITIEXIH WIZIVEP XMQIW MR XLI HE]W FIJSVI ]SY WTIEO -X
HSIWRtX KYEVERXII XLEX IZIV] WTIIGL [MPP XYVR SYX I\EGXP] XLI [E] ]SY IRZMWMSR
MXhERH MX GIVXEMRP] MW RS WYFWXMXYXI JSV XLSVSYKL TVITEVEXMSR &YX YWIH MR GSR
NYRGXMSR [MXL XLI SXLIV QIXLSHW SJ GSQFEXMRK WXEKI JVMKLX MX MW E TVSZIR [E]
XS LIPT GSRXVSP ]SYV RIVZIW ERH XS GVEJX E WYGGIWWJYP TVIWIRXEXMSR

/ RS[ 8LEX 1SWX 2IVZSYWRIWW -W 2SX :MWMFPI

1ER] RSZMGI WTIEOIVW EVI [SVVMIH EFSYX ETTIEVMRK RIVZSYW XS XLI EYHMIRGI -XtW
LEVH XS WTIEO [MXL TSMWI ERH EWWYVERGI MJ ]SY XLMRO ]SY PSSO XIRWI ERH MRWI
GYVI 3RI SJ XLI QSWX ZEPYEFPI PIWWSRW ]SY [MPP PIEVR EW ]SYV WTIIGL GPEWW TVS
GIIHW MW XLEX SRP] E JVEGXMSR SJ XLI XYVQSMP ]SY JIIP MRWMHI MW ZMWMFPI SR XLI
SYXWMHI q=SYV RIVZSYW W]WXIQ QE] FI KMZMRK ]SY E XLSYWERH WLSGOW r WE]W SRI
I\TIVMIRGIH WTIEOIV qFYX XLI ZMI[IV GER WII SRP] E JI[ SJ XLIQ r
)ZIR XLSYKL ]SYV TEPQW EVI W[IEXMRK ERH ]SYV LIEVX MW TSYRHMRK ]SYV
PMWXIRIVW TVSFEFP] [SRtX VIEPM^I LS[ XIRWI ]SY EVIhIWTIGMEPP] MJ ]SY HS
]SYV FIWX XS EGX GSSP ERH GSRJMHIRX SR XLI SYXWMHI 1SWX SJ XLI XMQI [LIR
WXYHIRXW GSRJIWW EJXIV E WTIIGL q- [EW WS RIVZSYW - XLSYKLX - [EW KSMRK XS

(IZIPSTMRK 'SRJMHIRGI =SYV 7TIIGL 'PEWW

0YGEW 8LI %VX SJ 4YFPMG 7TIEOMRK MR 4YFPMG 8I\X  8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW

HMI r XLIMV GPEWWQEXIW EVI WYVTVMWIH 8S XLIQ XLI WTIEOIV PSSOIH GEPQ ERH
EWWYVIH

/RS[MRK XLMW WLSYPH QEOI MX IEWMIV JSV ]SY XS JEGI ]SYV PMWXIRIVW [MXL GSR
JMHIRGI %W SRI WXYHIRX WXEXIH EJXIV [EXGLMRK E ZMHISXETI SJ LIV JMVWX GPEWWVSSQ
WTIIGL q- [EW EQE^IH EX LS[ GEPQ - PSSOIH - EWWYQIH IZIV]SRI [SYPH FI EFPI
XS WII LS[ WGEVIH - [EW FYX RS[ XLEX - ORS[ XLI] GERtX - [SRtX FI RIEVP] WS
RIVZSYW MR XLI JYXYVI -X VIEPP] LIPTW XS ORS[ XLEX ]SY PSSO MR GSRXVSP IZIR
XLSYKL ]SY QE] RSX JIIP XLEX [E] r

(SRtX )\TIGX 4IVJIGXMSR

-X QE] EPWS LIPT XS ORS[ XLEX XLIVI MW RS WYGL XLMRK EW E TIVJIGX WTIIGL %X
WSQI TSMRX MR IZIV] TVIWIRXEXMSR IZIV] WTIEOIV WE]W SV HSIW WSQIXLMRK XLEX
HSIW RSX GSQI EGVSWW I\EGXP] EW LI SV WLI LEH TPERRIH *SVXYREXIP] WYGL
QSQIRXW EVI YWYEPP] RSX IZMHIRX XS XLI EYHMIRGI ;L]# &IGEYWI XLI EYHMIRGI
HSIW RSX ORS[ [LEX XLI WTIEOIV TPERW XS WE] -X LIEVW SRP] [LEX XLI WTIEOIV
HSIW WE] -J ]SY QSQIRXEVMP] PSWI ]SYV TPEGI VIZIVWI XLI SVHIV SJ E GSYTPI
WXEXIQIRXW SV JSVKIX XS TEYWI EX E GIVXEMR WTSX RS SRI RIIH FI XLI [MWIV
;LIR WYGL QSQIRXW SGGYV NYWX TVSGIIH EW MJ RSXLMRK LETTIRIH

3RI SJ XLI FMKKIWX VIEWSRW TISTPI EVI GSRGIVRIH EFSYX QEOMRK E QMWXEOI
MR E WTIIGL MW XLEX XLI] ZMI[ WTIIGLQEOMRK EW E TIVJSVQERGI VEXLIV XLER ER
EGX SJ GSQQYRMGEXMSR 8LI] JIIP XLI EYHMIRGI MW NYHKMRK XLIQ EKEMRWX E WGEPI
SJ EFWSPYXI TIVJIGXMSR MR [LMGL IZIV] QMWWXEXIH [SVH SV E[O[EVH KIWXYVI
[MPP GSYRX EKEMRWX XLIQ &YX WTIIGL EYHMIRGIW EVI RSX PMOI NYHKIW MR E ZMSPMR
VIGMXEP SV ER MGI WOEXMRK GSRXIWX 8LI] EVI RSX PSSOMRK JSV E ZMVXYSWS TIVJSV
QERGI FYX JSV E [IPP XLSYKLX SYX EHHVIWW XLEX GSQQYRMGEXIW XLI WTIEOIVtW
MHIEW GPIEVP] ERH HMVIGXP] 7SQIXMQIW ER IVVSV SV X[S GER EGXYEPP] IRLERGI E
WTIEOIVtW ETTIEP F] QEOMRK LIV SV LMQ WIIQ QSVI LYQER

%W ]SY [SVO SR ]SYV WTIIGLIW QEOI WYVI ]SY TVITEVI XLSVSYKLP] ERH HS
EPP ]SY GER XS KIX ]SYV QIWWEKI EGVSWW XS ]SYV PMWXIRIVW &YX HSRtX TERMG EFSYX
FIMRK TIVJIGX SV EFSYX [LEX [MPP LETTIR MJ ]SY QEOI E QMWXEOI 3RGI ]SY JVII
]SYV QMRH SJ XLIWI FYVHIRW ]SY [MPP JMRH MX QYGL IEWMIV XS ETTVSEGL ]SYV
WTIIGLIW [MXL GSRJMHIRGI ERH IZIR [MXL IRXLYWMEWQ

&IWMHIW WXVIWWMRK XLI WM\ TSMRXW NYWX HMWGYWWIH ]SYV XIEGLIV [MPP TVSFEFP] KMZI
]SY WIZIVEP XMTW JSV HIEPMRK [MXL RIVZSYWRIWW MR ]SYV JMVWX WTIIGLIW 8LI] QE]
MRGPYHI

&I EX ]SYV FIWX TL]WMGEPP] ERH QIRXEPP] -XtW RSX E KSSH MHIE XS WXE] YT YRXMP
% 1 TEVX]MRK [MXL JVMIRHW SV GVEQQMRK JSV ER I\EQ XLI RMKLX FIJSVI
]SYV WTIIGL % KSSH RMKLXtW WPIIT [MPP WIVZI ]SY FIXXIV

%W ]SY EVI [EMXMRK XS WTIEO UYMIXP] XMKLXIR ERH VIPE\ ]SYV PIK QYWGPIW SV
WUYII^I ]SYV LERHW XSKIXLIV ERH XLIR VIPIEWI XLIQ 7YGL EGXMSRW LIPT
VIHYGI XIRWMSR F] TVSZMHMRK ER SYXPIX JSV ]SYV I\XVE EHVIREPMRI

8EOI E GSYTPI WPS[ HIIT FVIEXLW FIJSVI ]SY WXEVX XS WTIEO 1SWX TISTPI
[LIR XLI] EVI XIRWI XEOI WLSVX WLEPPS[ FVIEXLW [LMGL SRP] VIMRJSVGIW
XLIMV ER\MIX] (IIT FVIEXLMRK FVIEOW XLMW G]GPI SJ XIRWMSR ERH LIPTW GEPQ
]SYV RIVZIW

;SVO IWTIGMEPP] LEVH SR ]SYV MRXVSHYGXMSR 6IWIEVGL LEW WLS[R XLEX E
WTIEOIVtW ER\MIX] PIZIP FIKMRW XS HVST WMKRMJMGERXP] EJXIV XLI JMVWX XS

',%48)6 74)%/-2+ -2 49&0-'

0YGEW 8LI %VX SJ 4YFPMG 7TIEOMRK MR 4YFPMG 8I\X  8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW

8IVVMJMIH IEVP] MR LMW GEVIIV F]
XLI TVSWTIGX SJ KMZMRK E TYF
PMG WTIIGL XSHE] 0ISREVHS
(M'ETVMS MW ER EGGSQTPMWLIH
WTIEOIV [LS GSRJMHIRXP]
EHHVIWWIW EYHMIRGIW EVSYRH
XLI KPSFI

WIGSRHW SJ E TVIWIRXEXMSR 3RGI ]SY KIX XLVSYKL XLI MRXVSHYGXMSR ]SY
WLSYPH JMRH WQSSXLIV WEMPMRK XLI VIWX SJ XLI [E]

1EOI I]I GSRXEGX [MXL QIQFIVW SJ ]SYV EYHMIRGI 6IQIQFIV XLEX XLI] EVI
MRHMZMHYEP TISTPI RSX E FPYV SJ JEGIW %RH XLI] EVI ]SYV JVMIRHW

'SRGIRXVEXI SR GSQQYRMGEXMRK [MXL ]SYV EYHMIRGI VEXLIV XLER SR [SVV]
MRK EFSYX ]SYV WXEKI JVMKLX -J ]SY KIX GEYKLX YT MR ]SYV WTIIGL ]SYV EYHM
IRGI [MPP XSS

9WI ZMWYEP EMHW 8LI] GVIEXI MRXIVIWX HVE[ EXXIRXMSR E[E] JVSQ ]SY ERH
QEOI ]SY JIIP PIWW WIPJ GSRWGMSYW

-J ]SY EVI PMOI QSWX WXYHIRXW ]SY [MPP JMRH ]SYV WTIIGL GPEWW XS FI E ZIV]
TSWMXMZI I\TIVMIRGI %W SRI WXYHIRX [VSXI SR LIV GSYVWI IZEPYEXMSR EX XLI IRH
SJ XLI GPEWW

- [EW VIEPP] HVIEHMRK XLMW GPEWW 8LI MHIE SJ KMZMRK EPP XLSWI WTIIGLIW WGEVIH QI LEPJ XS
HIEXL &YX -tQ KPEH RS[ XLEX - WXYGO [MXL MX -XtW E WQEPP GPEWW ERH - KSX XS ORS[ E PSX SJ XLI
WXYHIRXW &IWMHIW XLMW MW SRI GPEWW MR [LMGL - KSX XS I\TVIWW Q] MHIEW MRWXIEH SJ WTIRHMRK
XLI [LSPI XMQI PMWXIRMRK XS XLI XIEGLIV XEPO - IZIR GEQI XS IRNS] KMZMRK XLI WTIIGLIW -
GSYPH XIPP EX XMQIW XLEX XLI EYHMIRGI [EW VIEPP] [MXL QI ERH XLEXtW E KVIEX JIIPMRK

3ZIV XLI ]IEVW XLSYWERHW SJ WXYHIRXW LEZI HIZIPSTIH GSRJMHIRGI MR XLIMV
WTIIGLQEOMRK EFMPMXMIW %W ]SYV GSRJMHIRGI KVS[W ]SY [MPP FI FIXXIV EFPI XS
WXERH FIJSVI SXLIV TISTPI ERH XIPP XLIQ [LEX ]SY XLMRO ERH JIIP ERH ORS[h
ERH XS QEOI XLIQ XLMRO ERH JIIP ERH ORS[ XLSWI WEQI XLMRKW 8LI FIWX TEVX
EFSYX GSRJMHIRGI MW XLEX MX RYVXYVIW MXWIPJ %JXIV ]SY WGSVI ]SYV JMVWX XVMYQTL
]SY [MPP FI XLEX QYGL QSVI GSRJMHIRX XLI RI\X XMQI %RH EW ]SY FIGSQI E
QSVI GSRJMHIRX TYFPMG WTIEOIV ]SY [MPP PMOIP] FIGSQI QSVI GSRJMHIRX MR SXLIV
EVIEW SJ ]SYV PMJI EW [IPP

(IZIPSTMRK 'SRJMHIRGI =SYV 7TIIGL 'PEWW

0YGEW 8LI %VX SJ 4YFPMG 7TIEOMRK MR 4YFPMG 8I\X  8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW

GSRRIGXPYGEW GSQ ' L I G O P M W X 7TIEOMRK [MXL 'SRJMHIRGI
8LMW GLIGOPMWX MW EPWS EZEMPEFPI
MR XLI SRPMRI 7TIIGL 8SSPW JSV =)7 23
XLMW GLETXIV
%Q - IRXLYWMEWXMG EFSYX Q] WTIIGL XSTMG#

,EZI - XLSVSYKLP] HIZIPSTIH XLI GSRXIRX SJ Q] WTIIGL#

,EZI - [SVOIH SR XLI MRXVSHYGXMSR WS Q] WTIIGL [MPP KIX
SJJ XS E KSSH WXEVX#

,EZI - [SVOIH SR XLI GSRGPYWMSR WS Q] WTIIGL [MPP IRH
SR E WXVSRK RSXI#

,EZI - VILIEVWIH Q] WTIIGL SVEPP] YRXMP - EQ GSRJMHIRX
EFSYX MXW HIPMZIV]#

,EZI - [SVOIH SR XYVRMRK RIKEXMZI XLSYKLXW EFSYX Q]
WTIIGL MRXS TSWMXMZI SRIW#

(S - VIEPM^I XLEX RIVZSYWRIWW MW RSVQEP IZIR EQSRK
I\TIVMIRGIH WTIEOIVW#

(S - YRHIVWXERH XLEX QSWX RIVZSYWRIWW MW RSX ZMWMFPI XS
XLI EYHMIRGI#

%Q - JSGYWIH SR GSQQYRMGEXMRK [MXL Q] EYHMIRGI
VEXLIV XLER SR [SVV]MRK EFSYX Q] RIVZIW#

,EZI - ZMWYEPM^IH Q]WIPJ WTIEOMRK GSRJMHIRXP] ERH KIXXMRK
E TSWMXMZI VIWTSRWI JVSQ XLI EYHMIRGI#

4YFPMG 7TIEOMRK ERH 'VMXMGEP 8LMROMRK

8LEX KY] EX XLI TEVX] PEWX RMKLX VIEPP] S[RIH QI [LIR [I [IVI XEPOMRK EFSYX XLI
IGSRSQ] - ORS[ Q] MRJSVQEXMSR MW VMKLX ERH -tQ WYVI LMW EVKYQIRX HMHRtX QEOI WIRWI
FYX - GERtX TYX Q] JMRKIV SR XLI TVSFPIQ

- [SVOIH VIEPP] LEVH SR Q] XIVQ TETIV FYX MXtW NYWX RSX VMKLX -X HSIWRtX WIIQ XS LERK
XSKIXLIV ERH - GERtX JMKYVI SYX [LEXtW [VSRK

4SPMXMGEP WTIIGLIW EVI WS SRI WMHIH 8LI GERHMHEXIW WSYRH KSSH FYX XLI] EPP XEPO MR WPSKERW
ERH KIRIVEPMXMIW -XtW VIEPP] LEVH XS HIGMHI [LS LEW XLI FIWX WXERHW SR XLI MWWYIW

GVMXMGEP XLMROMRK ,EZI ]SY IZIV JSYRH ]SYVWIPJ MR WMQMPEV WMXYEXMSRW# -J WS ]SY QE] JMRH LIPT
*SGYWIH SVKERM^IH XLMROMRK MR ]SYV WTIIGL GPEWW &IWMHIW FYMPHMRK GSRJMHIRGI E GSYVWI MR TYFPMG WTIEOMRK
EFSYX WYGL XLMRKW EW XLI PSKMGEP GER HIZIPST ]SYV WOMPPW EW E GVMXMGEP XLMROIV 8LSWI WOMPPW GER QEOI XLI HMJJIVIRGI
VIPEXMSRWLMTW EQSRK MHIEW XLI FIX[IIR XLI EVXMGYPEXI HIFEXIV ERH XLI TYWLSZIV XLI % WXYHIRX ERH XLI ' WXY
WSYRHRIWW SJ IZMHIRGI ERH XLI HIRX XLI XLSYKLXJYP ZSXIV ERH XLI GSMR XSWWIV
HMJJIVIRGIW FIX[IIR JEGX ERH
STMRMSR ;LEX MW GVMXMGEP XLMROMRK# 8S WSQI I\XIRX MXtW E QEXXIV SJ PSKMGhSJ FIMRK
EFPI XS WTSX [IEORIWWIW MR SXLIV TISTPItW EVKYQIRXW ERH XS EZSMH XLIQ MR ]SYV
S[R -X EPWS MRZSPZIW VIPEXIH WOMPPW WYGL EW HMWXMRKYMWLMRK JEGX JVSQ STMRMSR
NYHKMRK XLI GVIHMFMPMX] SJ WXEXIQIRXW ERH EWWIWWMRK XLI WSYRHRIWW SJ IZMHIRGI
-R XLI FVSEHIWX WIRWI GVMXMGEP XLMROMRK MW JSGYWIH SVKERM^IH XLMROMRKhXLI EFMP
MX] XS WII GPIEVP] XLI VIPEXMSRWLMTW EQSRK MHIEW

',%48)6 74)%/-2+ -2 49&0-'

0YGEW 8LI %VX SJ 4YFPMG 7TIEOMRK MR 4YFPMG 8I\X  8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW

-J ]SY EVI [SRHIVMRK [LEX XLMW LEW XS HS [MXL ]SYV TYFPMG WTIEOMRK GPEWW
XLI ERW[IV MW UYMXI E PSX %W XLI GPEWW TVSGIIHW ]SY [MPP TVSFEFP] WTIRH E KSSH
HIEP SJ XMQI SVKERM^MRK ]SYV WTIIGLIW ;LMPI XLMW QE] WIIQ PMOI E TYVIP]
QIGLERMGEP I\IVGMWI MX MW GPSWIP] MRXIV[SZIR [MXL GVMXMGEP XLMROMRK -J XLI WXVYG
XYVI SJ ]SYV WTIIGL MW HMWNSMRXIH ERH GSRJYWIH SHHW EVI XLEX ]SYV XLMROMRK MW
EPWS HMWNSMRXIH ERH GSRJYWIH -J SR XLI SXLIV LERH XLI WXVYGXYVI MW GPIEV ERH
GSLIWMZI XLIVI MW E KSSH GLERGI ]SYV XLMROMRK MW XSS 3VKERM^MRK E WTIIGL MW
RSX NYWX E QEXXIV SJ EVVERKMRK XLI MHIEW ]SY EPVIEH] LEZI 6EXLIV MX MW ER MQTSV
XERX TEVX SJ WLETMRK XLI MHIEW XLIQWIPZIW
;LEX MW XVYI SJ SVKERM^EXMSR MW XVYI SJ QER] EWTIGXW SJ TYFPMG WTIEOMRK 8LI
WOMPPW ]SY PIEVR MR ]SYV WTIIGL GPEWW GER LIPT ]SY FIGSQI E QSVI IJJIGXMZI
XLMROIV MR E RYQFIV SJ [E]W %W ]SY [SVO SR I\TVIWWMRK ]SYV MHIEW MR GPIEV
EGGYVEXI PERKYEKI ]SY [MPP IRLERGI ]SYV EFMPMX] XS XLMRO GPIEVP] ERH EGGY
VEXIP] %W ]SY WXYH] XLI VSPI SJ IZMHIRGI ERH VIEWSRMRK MR WTIIGLQEOMRK ]SY
[MPP WII LS[ XLI] GER FI YWIH MR SXLIV JSVQW SJ GSQQYRMGEXMSR EW [IPP %W ]SY
PIEVR XS PMWXIR GVMXMGEPP] XS WTIIGLIW MR GPEWW ]SY [MPP FI FIXXIV EFPI XS EWWIWW XLI
MHIEW SJ WTIEOIVW ERH [VMXIVW
MR E ZEVMIX] SJ WMXYEXMSRW
8S VIXYVR XS XLI I\EQTPIW EX XLI FIKMRRMRK SJ XLMW WIGXMSR

8LI KY] EX XLI TEVX] PEWX RMKLXh[SYPH [IPP LSRIH GVMXMGEP XLMROMRK WOMPPW LIPT ]SY JMRH
XLI LSPIW MR LMW EVKYQIRX#

8LI XIVQ TETIVh[SYPH FIXXIV SVKERM^EXMSR ERH E GPIEV SYXPMRI LIPT TYPP MX XSKIXLIV#

4SPMXMGEP WTIIGLIWhSRGI ]SY KIX TEWX XLI WPSKERW EVI XLI GERHMHEXIW HVE[MRK ZEPMH
GSRGPYWMSRW JVSQ WSYRH IZMHIRGI#

-J ]SY XEOI JYPP EHZERXEKI SJ ]SYV WTIIGL GPEWW ]SY [MPP FI EFPI XS IRLERGI
]SYV WOMPPW EW E GVMXMGEP XLMROIV MR QER] GMVGYQWXERGIW 8LMW MW SRI VIEWSR TYF
PMG WTIEOMRK LEW FIIR VIKEVHIH EW E ZMXEP TEVX SJ IHYGEXMSR WMRGI XLI HE]W SJ
ERGMIRX +VIIGI

8LI 7TIIGL 'SQQYRMGEXMSR 4VSGIWW

%W ]SY FIKMR ]SYV JMVWX WTIIGLIW ]SY QE] JMRH MX LIPTJYP XS YRHIVWXERH [LEX
KSIW SR [LIR SRI TIVWSR XEPOW XS ERSXLIV 6IKEVHPIWW SJ XLI OMRH SJ WTIIGL
GSQQYRMGEXMSR MRZSPZIH XLIVI EVI WIZIR IPIQIRXWhWTIEOIV QIWWEKI GLER
RIP PMWXIRIV JIIHFEGO MRXIVJIVIRGI ERH WMXYEXMSR ,IVI [I WLEPP JSGYW SR LS[
XLIWI IPIQIRXW MRXIVEGX [LIR E TYFPMG WTIEOIV EHHVIWWIW ER EYHMIRGI

74)%/)6 WTIEOIV
8LI TIVWSR [LS MW TVIWIRXMRK
7TIIGL GSQQYRMGEXMSR FIKMRW [MXL E WTIEOIV -J ]SY TMGO YT XLI XIPITLSRI ERH ER SVEP QIWWEKI XS E PMWXIRIV
GEPP E JVMIRH ]SY EVI EGXMRK EW E WTIEOIV 3J GSYVWI ]SY [MPP EPWS EGX EW E PMW
XIRIV [LIR ]SYV JVMIRH MW XEPOMRK
-R TYFPMG WTIEOMRK ]SY [MPP YWYEPP] TVIWIRX
]SYV IRXMVI WTIIGL [MXLSYX MRXIVVYTXMSR
=SYV WYGGIWW EW E WTIEOIV HITIRHW SR ]SYhSR ]SYV TIVWSREP GVIHMFMPMX]
]SYV ORS[PIHKI SJ XLI WYFNIGX ]SYV TVITEVEXMSR SJ XLI WTIIGL ]SYV QERRIV SJ
WTIEOMRK ]SYV WIRWMXMZMX] XS XLI EYHMIRGI ERH XLI SGGEWMSR &YX WYGGIWWJYP
WTIEOMRK EPWS VIUYMVIW IRXLYWMEWQ =SY GERtX I\TIGX TISTPI XS FI MRXIVIWXIH MR
[LEX ]SY WE] YRPIWW ]SY EVI MRXIVIWXIH ]SYVWIPJ -J ]SY EVI XVYP] I\GMXIH EFSYX

8LI 7TIIGL 'SQQYRMGEXMSR 4VSGIWW

0YGEW 8LI %VX SJ 4YFPMG 7TIEOMRK MR 4YFPMG 8I\X  8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW

]SYV WYFNIGX ]SYV EYHMIRGI MW EPQSWX WYVI XS KIX I\GMXIH EPSRK [MXL ]SY =SY
GER PIEVR EPP XLI XIGLRMUYIW SJ IJJIGXMZI WTIIGLQEOMRK FYX FIJSVI XLI] GER FI
SJ QYGL YWI ]SY QYWX JMVWX LEZI WSQIXLMRK XS WE]hWSQIXLMRK XLEX WTEVOW
]SYV S[R IRXLYWMEWQ

QIWWEKI 1)77%+)
;LEXIZIV E WTIEOIV
GSQQYRMGEXIW XS WSQISRI IPWI 8LI QIWWEKI MW [LEXIZIV E WTIEOIV GSQQYRMGEXIW XS WSQISRI IPWI -J ]SY EVI
GEPPMRK E JVMIRH ]SY QMKLX WE] q-tPP FI E PMXXPI PEXI TMGOMRK ]SY YT XSRMKLX r
8LEX MW XLI QIWWEKI &YX MX QE] RSX FI XLI SRP] QIWWEKI 4IVLETW XLIVI MW E
GIVXEMR XSRI MR ]SYV ZSMGI XLEX WYKKIWXW VIPYGXERGI LIWMXEXMSR 8LI YRHIVP]MRK
QIWWEKI QMKLX FI q- VIEPP] HSRtX [ERX XS KS XS XLEX TEVX] =SY XEPOIH QI MRXS
MX FYX -tQ KSMRK XS TYX MX SJJ EW PSRK EW - GER r

=SYV KSEP MR TYFPMG WTIEOMRK MW XS LEZI ]SYV MRXIRHIH QIWWEKI FI XLI QIW
WEKI XLEX MW E GXYEPP] GSQQYRMGEXIH %GLMIZMRK XLMW HITIRHW FSXL SR [LEX ]SY
WE] XLI ZIVFEP QIWWEKI
ERH SR LS[ ]SY WE] MX XLI RSRZIVFEP QIWWEKI


+IXXMRK XLI ZIVFEP QIWWEKI NYWX VMKLX VIUYMVIW [SVO =SY QYWX REVVS[ ]SYV
XSTMG HS[R XS WSQIXLMRK ]SY GER HMWGYWW EHIUYEXIP] MR XLI XMQI EPPS[IH JSV
XLI WTIIGL =SY QYWX HS VIWIEVGL ERH GLSSWI WYTTSVXMRK HIXEMPW XS QEOI ]SYV
MHIEW GPIEV ERH GSRZMRGMRK =SY QYWX SVKERM^I ]SYV MHIEW WS PMWXIRIVW GER JSP
PS[ XLIQ [MXLSYX KIXXMRK PSWX %RH ]SY QYWX I\TVIWW ]SYV QIWWEKI MR [SVHW
XLEX EVI EGGYVEXI GPIEV ZMZMH ERH ETTVSTVMEXI

&IWMHIW XLI QIWWEKI ]SY WIRH [MXL [SVHW ]SY WIRH E QIWWEKI [MXL ]SYV
XSRI SJ ZSMGI ETTIEVERGI KIWXYVIW JEGMEP I\TVIWWMSR ERH I]I GSRXEGX -QEKMRI
XLEX SRI SJ ]SYV GPEWWQEXIW KIXW YT XS WTIEO EFSYX WXYHIRX PSERW 8LVSYKLSYX
LIV WTIIGL WLI WPYQTW FILMRH XLI PIGXIVR XEOIW PSRK TEYWIW XS VIQIQFIV [LEX
WLI [ERXW XS WE] WXEVIW EX XLI GIMPMRK ERH JYQFPIW [MXL LIV ZMWYEP EMHW ,IV
MRXIRHIH QIWWEKI MW q;I QYWX QEOI QSVI QSRI] EZEMPEFPI JSV WXYHIRX PSERW r
&YX XLI QIWWEKI WLI EGXYEPP] GSQQYRMGEXIW MW q- LEZIRtX TVITEVIH ZIV] [IPP JSV
XLMW WTIIGL r 3RI SJ ]SYV NSFW EW E WTIEOIV MW XS QEOI WYVI ]SYV RSRZIVFEP QIW
WEKI HSIW RSX HMWXVEGX JVSQ ]SYV ZIVFEP QIWWEKI

GLERRIP ',%22)0
8LI QIERW F] [LMGL E QIWWEKI
MW GSQQYRMGEXIH 8LI GLERRIP MW XLI QIERW F] [LMGL E QIWWEKI MW GSQQYRMGEXIH ;LIR ]SY
TMGO YT XLI TLSRI XS GEPP E JVMIRH XLI XIPITLSRI MW XLI GLERRIP 4YFPMG WTIEOIVW
QE] YWI SRI SV QSVI SJ WIZIVEP GLERRIPW IEGL SJ [LMGL [MPP EJJIGX XLI QIWWEKI
VIGIMZIH F] XLI EYHMIRGI

'SRWMHIV E WTIIGL XS 'SRKVIWW F] XLI 4VIWMHIRX SJ XLI 9RMXIH 7XEXIW 8LI
WTIIGL MW GEVVMIH XS XLI REXMSR F] XLI GLERRIPW SJ VEHMS ERH XIPIZMWMSR *SV XLI
VEHMS EYHMIRGI XLI QIWWEKI MW GSRZI]IH IRXMVIP] F] XLI 4VIWMHIRXtW ZSMGI *SV
XLI XIPIZMWMSR EYHMIRGI XLI QIWWEKI MW GSRZI]IH F] FSXL XLI 4VIWMHIRXtW ZSMGI
ERH XLI XIPIZMWIH MQEKI 8LI TISTPI MR 'SRKVIWW LEZI E QSVI HMVIGX GLERRIP
8LI] RSX SRP] LIEV XLI 4VIWMHIRXtW ZSMGI EW EQTPMJMIH XLVSYKL E QMGVSTLSRI
FYX XLI] EPWS WII LMQ ERH XLI WIXXMRK JMVWXLERH

-R E TYFPMG WTIEOMRK GPEWW ]SYV GLERRIP MW XLI QSWX HMVIGX SJ EPP =SYV GPEWW
QEXIW [MPP WII ]SY ERH LIEV ]SY [MXLSYX ER] IPIGXVSRMG MRXIVZIRXMSR

PMWXIRIV 0-78)2)6
8LI TIVWSR [LS VIGIMZIW XLI
WTIEOIVtW QIWWEKI 8LI PMWXIRIV MW XLI TIVWSR [LS VIGIMZIW XLI GSQQYRMGEXIH QIWWEKI ;MXLSYX E
PMWXIRIV XLIVI MW RS GSQQYRMGEXMSR ;LIR ]SY XEPO XS E JVMIRH SR XLI TLSRI
]SY LEZI SRI PMWXIRIV -R TYFPMG WTIEOMRK ]SY [MPP LEZI QER] PMWXIRIVW

',%48)6 74)%/-2+ -2 49&0-'

0YGEW 8LI %VX SJ 4YFPMG 7TIEOMRK MR 4YFPMG 8I\X  8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW

8LI GVMXMGEP XLMROMRK WOMPPW ]SY
HIZIPST MR VIWIEVGLMRK ERH
SVKERM^MRK ]SYV WTIIGLIW GER
FI ETTPMIH MR QER] JSVQW SJ
GSQQYRMGEXMSR MRGPYHMRK
QIIXMRKW ERH KVSYT TVSNIGXW

)ZIV]XLMRK E WTIEOIV WE]W MW JMPXIVIH XLVSYKL E PMWXIRIVtW JVEQI SJ VIJIVIRGIh JVEQI SJ VIJIVIRGI
XLI XSXEP SJ LMW SV LIV ORS[PIHKI I\TIVMIRGI KSEPW ZEPYIW ERH EXXMXYHIW 8LI WYQ SJ E TIVWSRtW
&IGEYWI E WTIEOIV ERH E PMWXIRIV EVI HMJJIVIRX TISTPI XLI] GER RIZIV LEZI ORS[PIHKI I\TIVMIRGI KSEPW
I\EGXP] XLI WEQI JVEQI SJ VIJIVIRGI %RH FIGEYWI E PMWXIRIVtW JVEQI SJ VIJIVIRGI ZEPYIW ERH EXXMXYHIW 2S X[S
GER RIZIV FI I\EGXP] XLI WEQI EW E WTIEOIVtW XLI QIERMRK SJ E QIWWEKI [MPP TISTPI GER LEZI I\EGXP] XLI
RIZIV FI I\EGXP] XLI WEQI XS E PMWXIRIV EW XS E WTIEOIV WEQI JVEQI SJ VIJIVIRGI
=SY GER IEWMP] XIWX XLI MQTEGX SJ HMJJIVIRX JVEQIW SJ VIJIVIRGI %WO IEGL SJ
]SYV GPEWWQEXIW XS HIWGVMFI E GLEMV -J ]SY LEZI GPEWWQEXIW ]SYtPP TVSFEFP]
KIX HMJJIVIRX HIWGVMTXMSRW 3RI WXYHIRX QMKLX TMGXYVI E PEVKI SZIVWXYJJIH
IEW] GLEMV ERSXLIV ER IPIKERX WXVEMKLX FEGOIH GLEMV ]IX ERSXLIV ER SJJMGI
GLEMV E JSYVXL E VSGOMRK GLEMV ERH WS SR )ZIR MJ X[S SV QSVI IRZMWMSR XLI
WEQI KIRIVEP X]TIhWE] E VSGOMRK GLEMVhXLIMV QIRXEP MQEKIW SJ XLI GLEMV
GSYPH WXMPP FI HMJJIVIRX 3RI QMKLX FI XLMROMRK SJ ER IEVP] %QIVMGER VSGOIV
ERSXLIV SJ E QSHIVR 7GERHMREZMER VSGOIVhXLI TSWWMFMPMXMIW EVI YRPMQMXIH %RH
qGLEMVr MW E JEMVP] WMQTPI GSRGITX ;LEX EFSYX qTEXVMSXMWQr SV qJVIIHSQr#
&IGEYWI TISTPI LEZI HMJJIVIRX JVEQIW SJ VIJIVIRGI E TYFPMG WTIEOIV QYWX
XEOI KVIEX GEVI XS EHETX XLI QIWWEKI XS XLI TEVXMGYPEV EYHMIRGI FIMRK EHHVIWWIH
8S FI ER IJJIGXMZI WTIEOIV ]SY QYWX FI EYHMIRGI GIRXIVIH =SY [MPP UYMGOP] PSWI
]SYV PMWXIRIVWt EXXIRXMSR MJ ]SYV TVIWIRXEXMSR MW IMXLIV XSS FEWMG SV XSS WSTLMWXM
GEXIH =SY [MPP EPWS PSWI ]SYV EYHMIRGI MJ ]SY HS RSX VIPEXI XS XLIMV I\TIVMIRGI
MRXIVIWXW ORS[PIHKI ERH ZEPYIW ;LIR ]SY QEOI E WTIIGL XLEX GEYWIW PMWXIRIVW
XS WE] q8LEX MW MQTSVXERX XS QI r ]SY [MPP EPQSWX EP[E]W FI WYGGIWWJYP

*))(&%'/ JIIHFEGO
8LI QIWWEKIW YWYEPP]
;LIR XLI 4VIWMHIRX EHHVIWWIW XLI REXMSR SR XIPIZMWMSR LI MW IRKEKIH MR SRI RSRZIVFEP WIRX JVSQ E PMWXIRIV
[E] GSQQYRMGEXMSR =SY GER XEPO FEGO XS XLI XIPIZMWMSR WIX FYX XLI 4VIWMHIRX XS E WTIEOIV
[SRtX LIEV ]SY 1SWX WMXYEXMSRW LS[IZIV MRZSPZI X[S [E] GSQQYRMGEXMSR
=SYV PMWXIRIVW HSRtX WMQTP] EFWSVF ]SYV QIWWEKI PMOI LYQER WTSRKIW 8LI]
WIRH FEGO QIWWEKIW SJ XLIMV S[R 8LIWI QIWWEKIW EVI GEPPIH JIIHFEGO

8LI 7TIIGL 'SQQYRMGEXMSR 4VSGIWW

0YGEW 8LI %VX SJ 4YFPMG 7TIEOMRK MR 4YFPMG 8I\X  8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW

-R TYFPMG WTIEOMRK XLIVI MW TPIRX] SJ JIIHFEGO XS PIX ]SY ORS[ LS[ ]SYV
QIWWEKI MW FIMRK VIGIMZIH (S ]SYV PMWXIRIVW PIER JSV[EVH MR XLIMV WIEXW EW MJ
TE]MRK GPSWI EXXIRXMSR# (S XLI] ETTPEYH MR ETTVSZEP# (S XLI] PEYKL EX ]SYV
NSOIW# (S XLI] LEZI UYM^^MGEP PSSOW SR XLIMV JEGIW# (S XLI] WLYJJPI XLIMV JIIX
ERH KE^I EX XLI GPSGO# 8LI QIWWEKI WIRX F] XLIWI VIEGXMSRW GSYPH FI q- EQ JEW
GMREXIH r q- EQ FSVIH r q- EKVII [MXL ]SY r q- HSRtX EKVII [MXL ]SY r SV ER]
RYQFIV SJ SXLIVW %W E WTIEOIV ]SY RIIH XS FI EPIVX XS XLIWI VIEGXMSRW ERH
EHNYWX ]SYV QIWWEKI EGGSVHMRKP]

0MOI ER] OMRH SJ GSQQYRMGEXMSR JIIHFEGO MW EJJIGXIH F] SRItW JVEQI SJ
VIJIVIRGI ,S[ [SYPH ]SY JIIP MJ MQQIHMEXIP] EJXIV ]SYV WTIIGL EPP ]SYV
GPEWWQEXIW WXEVXIH XS VET XLIMV ORYGOPIW SR XLI HIWOW# ;SYPH ]SY VYR SYX SJ
XLI VSSQ MR HIWTEMV# 2SX MJ ]SY [IVI MR E )YVSTIER YRMZIVWMX] -R QER] TEVXW
SJ )YVSTI WXYHIRXW VET XLIMV ORYGOPIW SR XLIMV HIWOW XS WLS[ EHQMVEXMSR JSV
E GPEWWVSSQ PIGXYVI =SY QYWX YRHIVWXERH XLI JIIHFEGO XS FI EFPI XS HIEP
[MXL MX

MRXIVJIVIRGI -28)6*)6)2')
%R]XLMRK XLEX MQTIHIW XLI
GSQQYRMGEXMSR SJ E QIWWEKI -RXIVJIVIRGI MW ER]XLMRK XLEX MQTIHIW XLI GSQQYRMGEXMSR SJ E QIWWEKI
-RXIVJIVIRGI GER FI I\XIVREP SV ;LIR ]SY XEPO SR XLI XIPITLSRI WSQIXMQIW XLIVI MW WXEXMG SV [MVIW KIX
MRXIVREP XS PMWXIRIVW GVSWWIH WS XLEX X[S HMJJIVIRX GSRZIVWEXMSRW EVI KSMRK SR EX SRGI 8LEX MW E
OMRH SJ MRXIVJIVIRGI

-R TYFPMG WTIEOMRK XLIVI EVI X[S OMRHW SJ MRXIVJIVIRGI 3RI PMOI XLI WXEXMG
SV GVSWWIH [MVIW MR E TLSRI GSRZIVWEXMSR MW I\XIVREP XS XLI EYHMIRGI 1ER]
GPEWWVSSQW EVI WYFNIGX XS XLMW OMRH SJ MRXIVJIVIRGIhJVSQ XVEJJMG SYXWMHI XLI
FYMPHMRK XLI GPEXXIV SJ E VEHMEXSV WXYHIRXW GSRZIVWMRK MR XLI LEPP E VSSQ XLEX
MW WXMJPMRK LSX SV JVII^MRK GSPH %R] SJ XLIWI GER HMWXVEGX PMWXIRIVW JVSQ [LEX ]SY
EVI WE]MRK

% WIGSRH OMRH SJ MRXIVJIVIRGI MW MRXIVREP ERH GSQIW JVSQ [MXLMR ]SYV EYHM
IRGI 4IVLETW SRI SJ ]SYV PMWXIRIVW LEW E XSSXLEGLI 7LI QE] FI WS HMWXVEGXIH
F] XLI TEMR XLEX WLI HSIWRtX TE] EXXIRXMSR XS ]SYV WTIIGL %RSXLIV PMWXIRIV
GSYPH FI [SVV]MRK EFSYX E XIWX MR XLI RI\X GPEWW TIVMSH =IX ERSXLIV GSYPH FI
FVSSHMRK EFSYX ER EVKYQIRX [MXL LMW KMVPJVMIRH

%W E WTIEOIV ]SY QYWX XV] XS LSPH ]SYV PMWXIRIVWt EXXIRXMSR HIWTMXI XLIWI
ZEVMSYW OMRHW SJ MRXIVJIVIRGI -R XLI GLETXIVW XLEX JSPPS[ ]SY [MPP JMRH QER]
[E]W XS HS XLMW

WMXYEXMSR 7-89%8-32
8LI XMQI ERH TPEGI MR [LMGL
WTIIGL GSQQYRMGEXMSR SGGYVW 8LI WMXYEXMSR MW XLI XMQI ERH TPEGI MR [LMGL WTIIGL GSQQYRMGEXMSR SGGYVW
'SRZIVWEXMSR EP[E]W XEOIW TPEGI MR E GIVXEMR WMXYEXMSR 7SQIXMQIW XLI WMXYEXMSR
LIPTWhEW [LIR ]SY TVSTSWI QEVVMEKI SZIV ER MRXMQEXI GERHPIPMKLX HMRRIV
3XLIV XMQIW MX QE] LYVXhEW [LIR ]SY XV] XS WTIEO [SVHW SJ PSZI MR GSQTIXM
XMSR [MXL E FPEVMRK WXIVIS ;LIR ]SY LEZI XS XEPO [MXL WSQISRI EFSYX E XSYGL]
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