0YGEW 8LI %VX SJ 4YFPMG 0MWXIRMRK 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
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HIGMWMSR XS EXXIRH XLI 9RMZIVWMX] SJ ;MWGSR ZMHYEPMX] ;LMPI QSWX SJ LMW JVMIRHW ERH GPEWWQEXIW WXE]IH MR
WMR 8LI JMKYVI SJ QMPIW EHHW WTIGMJMGMX] XLIMV GSQJSVX ^SRI F] EXXIRHMRK GSPPIKI GPSWI XS LSQI (ERR]
ERH MW QSVI QIQSVEFPI XLER WE]MRK q(ERR] LEW XVEZIPIH QMPIW XS EXXIRH XLI 9RMZIVWMX] SJ ;MWGSRWMR
LEW XVEZIPIH WIZIVEP LYRHVIH QMPIW r [LIVI LI LSTIW XS WXYH] IRKMRIIVMRK
2S[ XLI WTIEOIV QSZIW XS LMW XLMVH QEMR (ERR] WLS[W LMW MRHMZMHYEPMX] MR SXLIV [E]W EW [IPP ,I
TSMRX [LMGL HIEPW [MXL SXLIV [E]W MR [LMGL WXEVXIH TPE]MRK FMPPMEVHW MR LMKL WGLSSP ERH MXtW FIIR E LSFF] SJ
(ERR] LEW WLS[R LMW MRHMZMHYEPMX] 8LI LMW IZIV WMRGI 9RPMOI TSSP [LMGL MW FEWIH SR WLSSXMRK FEPPW MRXS
MHIEW EVI TVIWIRXIH GPIEVP] ERH GSRGMWIP] %W TSGOIXW FMPPMEVHW LEW RS TSGOIXW ERH MW QYGL QSVI GLEPPIRKMRK
MW IZMHIRX JVSQ XLI SRPMRI ZMHIS XLI WTIEOIV XLER TSSP (ERR] EPWS TPE]W LERHFEPP ERSXLIV KEQI [MXL E
TVIWIRXW LMW MHIEW I\XIQTSVERISYWP] ,I LEW PS]EP JSPPS[MRK FYX HIJMRMXIP] SYXWMHI XLI JSSXFEPP FEWOIXFEPP
WXVSRK I]I GSRXEGX I\GIPPIRX ZSGEP ZEVMIX] FEWIFEPP QEMRWXVIEQ 8LIR XLIVI [EW (ERR]tW HIGMWMSR XS
ERH E TIVWSREFPI QERRIV SJ HIPMZIV] MKRSVI XLI MRWXERX TSTYPEVMX] SJ M4SHW -RWXIEH LI GLIGOIH SYX
EPP XLI STXMSRW ERH FSYKLX E >)2 QT TPE]IV -J ]SY LEZI XLI
8LI WTIEOIV GSRGPYHIW F] VIWXEXMRK XLI GIR XMQI (ERR] [MPP KPEHP] XIPP ]SY EPP SJ XLI ZMVXYIW SJ >)2
XVEP XLIQI SJ LMW WTIIGL 8LI JMREP [SVHW TSWI
E WIVMSYW UYIWXMSR XLEX VIMRJSVGIW XLI MQTSV *SV (ERR] FIMRK ER MRHMZMHYEP MR E [SVPH SJ XVIRHW LEWRtX
XERGI SJ QEMRXEMRMRK SRItW MRHMZMHYEPMX] FIIR XLI IEWMIWX SJ FEXXPIW &YX LI WE]W MXtW [SVXL XLI IJJSVX
%JXIV EPP [SYPH ]SY [ERX XS PSWI [LEX QEOIW ]SY [LS ]SY
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0YGEW 8LI %VX SJ 4YFPMG 7IPIGXMRK E 8STMG ERH E 8I\X 8LI 1G+VE[n,MPP
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7 IPIGXMRK E 8STMG
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8STMGW =SY /RS[ E 0SX %FSYX
8STMGW =SY ;ERX XS /RS[ 1SVI %FSYX
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(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#
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0YGEW 8LI %VX SJ 4YFPMG 7IPIGXMRK E 8STMG ERH E 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 4YVTSWI 'SQTERMIW
0YGEW 8LI %VX SJ 4YFPMG 7IPIGXMRK E 8STMG ERH E 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 4YVTSWI 'SQTERMIW
%W ]SY VIEH XLVSYKL XLMW FSSO ]SY [MPP JMRH I\EQTPIW SJ LYRHVIHW SJ
WTIIGLIW XLEX [IVI HIPMZIVIH MR GPEWWVSSQW MR XLI TSPMXMGEP EVIRE MR GSQ
QYRMX] ERH FYWMRIWW WMXYEXMSRW ,IVI MW E ZIV] WQEPP WEQTPI SJ XLI XSTMGW
XLI] GSZIV
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FVIEWX GERGIV SFWIWWMZI GSQTYPWMZI HMWSVHIV
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JIVIRX OMRHW SJ WTIIGLIW 8LI PMWX MW KMZIR LIVI WMQTP] XS WLS[ ]SY XLEX XLIVI
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'LSSWMRK E 8STMG
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8 LI WYFNIGX SJ E WTIIGL GPEWWVSSQ XLMW MW WIPHSQ E TVSFPIQ 9WYEPP] XLI WTIIGL XSTMG MW HIXIVQMRIH F]
XLI SGGEWMSR XLI EYHMIRGI ERH XLI WTIEOIVtW UYEPMJMGEXMSRW ;LIR 'SRHSPII^^E
6MGI PIGXYVIW SR E GSPPIKI GEQTYW WLI MW MRZMXIH XS WTIEO EFSYX JSVIMKR TSPMG]
ERH GYVVIRX IZIRXW 'LVMWXMRI %QERTSYV [MPP HMWGYWW [SQIR ERH NSYVREPMWQ
6MGLEVH 6SITIV QMKLX WLEVI LMW ZMI[W EFSYX XLI PEXIWX MR JMPQQEOMRK 8LI WEQI
MW XVYI SJ SVHMREV] GMXM^IRW 8LI HSGXSV MW EWOIH XS MRJSVQ LMKL WGLSSP EXLPIXIW
ERH XLIMV TEVIRXW EFSYX WTSVX MRNYVMIW XLI LIEH SJ E RIMKLFSVLSSH GSEPMXMSR
WTIEOW EFSYX ^SRMRK VIKYPEXMSRW XLI JPSVMWX HMWGYWWIW LS[ XS KVS[ XLVMZMRK
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LEZI KVIEX PII[E] MR WIPIGXMRK XSTMGW 8LMW [SYPH ETTIEV XS FI ER EHZERXEKI
WMRGI MX EPPS[W ]SY XS XEPO EFSYX QEXXIVW SJ TIVWSREP MRXIVIWX =IX XLIVI QE]
FI RS JEGIX SJ WTIIGL TVITEVEXMSR XLEX GEYWIW QSVI KREWLMRK SJ XIIXL XLER
WIPIGXMRK E XSTMG
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GLEX [MXL XLIMV JVMIRHW EFSYX EPQSWX ER] WYFNIGX YRHIV XLI WYR FIGSQI QIRXEPP]
TEVEP]^IH [LIR JEGIH [MXL XLI XEWO SJ HIGMHMRK [LEX XS XEPO EFSYX MR XLIMV
WTIIGL GPEWW *SVXYREXIP] SRGI ]SY KIX SZIV XLMW MRMXMEP TEVEP]WMW ]SY WLSYPH
LEZI PMXXPI XVSYFPI GLSSWMRK E KSSH XSTMG
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0YGEW 8LI %VX SJ 4YFPMG 7IPIGXMRK E 8STMG ERH E 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 4YVTSWI 'SQTERMIW
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XSTMG OIIT MR QMRH WTIGMEP
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QSVI EFSYX 0IXtW WXEVX [MXL XLI JMVWX
834-'7 =39 /23; % 038 %&398
1SWX TISTPI WTIEO FIWX EFSYX WYFNIGXW [MXL [LMGL XLI] EVI QSWX JEQMPMEV
;LIR XLMROMRK EFSYX E XSTMG HVE[ SR ]SYV S[R ORS[PIHKI ERH I\TIVMIRGI
)ZIV]SRI ORS[W XLMRKW SV LEW HSRI XLMRKW XLEX GER FI YWIH MR E WTIIGL
8LMRO JSV E QSQIRX EFSYX YRYWYEP I\TIVMIRGIW ]SY QE] LEZI LEH SV WTI
GMEP I\TIVXMWI ]SY QE] LEZI EGUYMVIH 3RI WXYHIRX [LS KVI[ YT MR 4EOMWXER
TVIWIRXIH E JEWGMREXMRK WTIIGL EFSYX HEMP] PMJI MR XLEX GSYRXV] %RSXLIV YWIH
LIV ORS[PIHKI EW E NI[IPV] WXSVI WEPIWTIVWSR XS TVITEVI E WTIIGL SR LS[ XS
NYHKI XLI ZEPYI SJ GYX HMEQSRHW % XLMVH WXYHIRX [LS LEH PMZIH XLVSYKL E
XSVREHS KEZI E KVMTTMRK WTIIGL EFSYX XLEX XIVVMJ]MRK I\TIVMIRGI
8SS HVEQEXMG# 2SXLMRK MR ]SYV PMJI MW EW MRXIVIWXMRK# =IX ERSXLIV WXYHIRX
[LS HIWGVMFIH LIVWIPJ EW qNYWX E LSYWI[MJI [LS MW VIXYVRMRK XS WGLSSP XS JMRMWL
XLI IHYGEXMSR WLI WXEVXIH ]IEVW EKS r HIPMZIVIH E [MXX] WTIIGL SR XLI EHNYWX
QIRXW WLI LEH XS QEOI MR GSQMRK FEGO XS GSPPIKIhWMXXMRK MR GPEWW [MXL WXYHIRXW
]SYRK IRSYKL XS FI LIV GLMPHVIR FEPERGMRK LIV EGEHIQMG [SVO EKEMRWX LIV JEQ
MP] GSQQMXQIRXW ERH XLI WEXMWJEGXMSR SJ GSQTPIXMRK XLI IHYGEXMSR WLI LEH
FIKYR ]IEVW IEVPMIV
,IVI EVI E JI[ QSVI I\EQTPIW SJ WTIIGL XSTMGW FEWIH PEVKIP] SR XLI WXYHIRXWt
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8LI &EWMGW SJ &EGOTEGOMRK
1EOMRK E (MJJIVIRGI 8LI 4IEGI 'SVTW
% 8SYV SJ 3PH .IVYWEPIQ
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'LSSWMRK E 8STMG
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7TIEOMRK 8IRXL )HMXMSR 4YVTSWI 'SQTERMIW
GSRRIGXPYGEW GSQ 834-'7 =39 ;%28 83 /23; 136) %&398
:MI[ ER I\GIVTX JVSQ q'SPXER
1SRI] +YRW ERH 'IPP 4LSRIWr 3R XLI SXLIV LERH ]SY QE] HIGMHI XS QEOI ]SYV WTIIGL E PIEVRMRK I\TIVMIRGI
MR XLI SRPMRI 1IHME 0MFVEV] JSV JSV ]SYVWIPJ EW [IPP EW JSV ]SYV EYHMIRGI =SY QE] GLSSWI E WYFNIGX EFSYX [LMGL
XLMW GLETXIV :MHIS 'PMT
]SY EPVIEH] LEZI WSQI ORS[PIHKI SV I\TIVXMWI FYX RSX IRSYKL XS TVITEVI E
WTIIGL [MXLSYX HSMRK EHHMXMSREP VIWIEVGL =SY QE] IZIR WIPIGX E XSTMG XLEX ]SY
[ERX XS I\TPSVI JSV XLI JMVWX XMQI 7E] JSV I\EQTPI ]SYtZI EP[E]W FIIR MRXIV
IWXIH MR I\XVEWIRWSV] TIVGITXMSR FYX RIZIV ORI[ QYGL EFSYX MX 8LMW [SYPH FI
E TIVJIGX STTSVXYRMX] XS VIWIEVGL E JEWGMREXMRK WYFNIGX ERH XYVR MX MRXS E JEWGM
REXMRK WTIIGL
3V WYTTSWI ]SY VYR EGVSWW E WYFNIGX MR SRI SJ ]SYV SXLIV GPEWWIW XLEX GEXGLIW
]SYV JERG] ;L] RSX MRZIWXMKEXI MX JYVXLIV JSV ]SYV WTIIGL GPEWW# 3RI WXYHIRX
YWIH XLMW ETTVSEGL XS HIZIPST E WTIIGL SR E ZEPYEFPI REXYVEP VIWSYVGI ORS[R EW
GSPXER [LMGL GSQQERHW LYKI TVMGIW ERH MW YWIH MR IPIGXVSRMG HIZMGIW WYGL EW
PETXSTW GIPP TLSRIW ERH TEKIVW %JXIV LIEVMRK EFSYX XLI WYFNIGX MR LMW IPIGXVMGEP
IRKMRIIVMRK GPEWW XLI WXYHIRX VIWIEVGLIH XLI XSTMG JYVXLIV -R XLI TVSGIWW LI
PIEVRIH XLEX GSPXER LEW EPWS FIGSQI ER SFNIGX SJ [EVJEVI MR 'IRXVEP %JVMGE 9WMRK
[LEX LI PIEVRIH MR LMW VIWIEVGL LI TYX XSKIXLIV E GETXMZEXMRK WTIIGL XLEX OITX
IZIV]SRItW EXXIRXMSR JVSQ FIKMRRMRK XS IRH
7XMPP ERSXLIV TSWWMFMPMX]hIWTIGMEPP] JSV TIVWYEWMZI WTIIGLIWhMW XS XLMRO SJ
WYFNIGXW EFSYX [LMGL ]SY LSPH WXVSRK STMRMSRW ERH FIPMIJW 8LI] QE] MRGPYHI
REXMSREP SV MRXIVREXMSREP GSRGIVRW WYGL EW KYR GSRXVSP SV KPSFEP [EVQMRK 3V
TIVLETW ]SY EVI GPSWIP] MRZSPZIH MR E PSGEP MWWYI WYGL EW E XIEGLIVWt WXVMOI SV E
TVSTSWEP XS MRGVIEWI XYMXMSR 2SX EPP WYGL XSTMGW QYWX FI qTSPMXMGEP r 8LI] GER HIEP
[MXL ER]XLMRK JVSQ KVEHYEXMSR VIUYMVIQIRXW XS LIPTMRK TISTPI [MXL TL]WMGEP
HMWEFMPMXMIW JVSQ HSVQMXSV] VIKYPEXMSRW XS FYMPHMRK E GLYVGL VIGVIEXMSR GIRXIV
FVEMRWXSVQMRK &6%-278361-2+ *36 834-'7
% QIXLSH SJ KIRIVEXMRK MHIEW
JSV WTIIGL XSTMGW F] JVII %JXIV EPP XLMW ]SY QE] WXMPP FI XLMROMRK q- H SRtX GEVI EFSYX GSPXER -tZI RIZIV
EWWSGMEXMSR SJ [SVHW ERH MHIEW FIIR XS 4EOMWXER -tQ RSX EGXMZI MR TSPMXMGW ;,%8 EQ - KSMRK XS XEPO EFSYX#r -J
]SY EVI LEZMRK XVSYFPI WIPIGXMRK E XSTMG XLIVI EVI E RYQFIV SJ FVEMRWXSVQMRK
TVSGIHYVIW ]SY GER JSPPS[ XS KIX WXEVXIH
4IVWSREP -RZIRXSV]
*MVWX QEOI E UYMGO MRZIRXSV] SJ ]SYV I\TIVMIRGIW MRXIVIWXW LSFFMIW WOMPPW FIPMIJW
ERH WS JSVXL .SX HS[R ER]XLMRK XLEX GSQIW XS QMRH RS QEXXIV LS[ WMPP] SV MVVIP
IZERX MX QE] WIIQ *VSQ XLMW PMWX QE] GSQI E KIRIVEP WYFNIGX EVIE SYX SJ [LMGL
]SY GER JEWLMSR E WTIGMJMG XSTMG 8LMW QIXLSH LEW [SVOIH JSV QER] WXYHIRXW
'PYWXIVMRK
-J XLI JMVWX QIXLSH HSIWRtX [SVO XV] E XIGLRMUYI GEPPIH GPYWXIVMRK 8EOI E WLIIX
SJ TETIV ERH HMZMHI MX MRXS RMRI GSPYQRW EW JSPPS[W 4ISTPI 4PEGIW 8LMRKW
)ZIRXW 4VSGIWWIW 'SRGITXW 2EXYVEP 4LIRSQIRE 4VSFPIQW ERH 4PERW ERH
4SPMGMIW 8LIR PMWX MR IEGL GSPYQR XLI JMVWX JMZI SV WM\ MXIQW XLEX GSQI XS QMRH
8LI VIWYPX QMKLX PSSO PMOI XLMW
4ISTPI 4PEGIW 8LMRKW
&EVEGO 3FEQE -VEU M4SH
.SLR 1G'EMR +VERH 'ER]SR &PEGOFIVV]
,MPPEV] 'PMRXSR XLI QSSR XIPIZMWMSR
',%48)6 7)0)'8-2+ % 834-' %2( % 496437)
0YGEW 8LI %VX SJ 4YFPMG 7IPIGXMRK E 8STMG ERH E 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 4YVTSWI 'SQTERMIW
4ISTPI 4PEGIW 8LMRKW
0SVIRE 3GLSE 4EVMW VSFSXW
Q] JEQMP] Q] LSQIXS[R WGMIRXMWXW
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KVEHYEXMSR PIEVRMRK '46
4EWWSZIV GSSOMRK 8LEM JSSH
'LMRIWI 2I[ =IEV E ZSMHMRK GVIHMX GEVH HIFX
'MRGS HI 1E]S XEOMRK TLSXSKVETLW
;SVPH 'YT [ VMXMRK E NSF VIWYQÍ
'SRGITXW 2EXYVEP 4LIRSQIRE
FYWMRIWW IXLMGW PMKLXRMRK
GSRWIVZEXMWQ LYVVMGERIW
JVII WTIIGL XLISVMIW GSEWXEP IVSWMSR
&YHHLMWQ IEVXLUYEOIW
GVIEXMSRMWQ XMHEP [EZIW
4VSFPIQW 4PERW ERH 4SPMGMIW
KPSFEP [EVQMRK YRMZIVWEP LIEPXL GEVI
XIVVSVMWQ R YGPIEV TS[IV
IPIGXMSR JVEYH HSQIWXMG TEVXRIV FIRIJMXW
GEQTYW GVMQI LSQIWGLSSPMRK
HSQIWXMG EFYWI RIIHPI I\GLERKI TVSKVEQW
:IV] PMOIP] WIZIVEP MXIQW SR ]SYV PMWXW [MPP WXVMOI ]SY EW TSXIRXMEP XSTMGW -J
RSX XEOI XLI MXIQW ]SY JMRH QSWX MRXVMKYMRK ERH GSQTSWI WYFPMWXW JSV IEGL 8V]
XS JVII EWWSGMEXI ;VMXI HS[R E [SVH SV MHIE ;LEX HSIW XLEX XVMKKIV MR ]SYV
QMRH# ;LEXIZIV MX MW [VMXI XLEX HS[R RI\X ERH OIIT KSMRK YRXMP ]SY LEZI JMZI
SV WM\ MHIEW SR ]SYV PMWX *SV I\EQTPI [SVOMRK JVSQ XLI PMWXW TVMRXIH EFSZI SRI
WXYHIRX GSQTSWIH WYFPMWXW JSV XIPIZMWMSR GEQTYW GVMQI ERH PMKLXRMRK
8IPIZMWMSR 'EQTYW 'VMQI 0MKLXRMRK GSRRIGXPYGEW GSQ
QSZMIW TSPMGI XLYRHIV *SV ER EHHMXMSREP VIWSYVGI SR
%GEHIQ] %[EVHW JMRKIVTVMRXW RSMWI WTIIGL XSTMGW GLIGO XLI
TVM^IW LERHW XVEJJMG 8STMG *MRHIV MR XLI SRPMRI
PSXXIVMIW KPSZIW EMV TSPPYXMSR 7TIIGL 8SSPW JSV XLMW GLETXIV
KEQFPMRK GSPH [IEXLIV KEWSPMRI
'ER ]SY JSPPS[ LIV XVEMP SJ EWWSGMEXMSR# -R XLI JMVWX GSPYQR XIPIZMWMSR
QEHI LIV XLMRO SJ QSZMIW 1SZMIW WYKKIWX XLI %GEHIQ] %[EVHW 8LI %GEHIQ]
%[EVHW EVI TVM^IW 4VM^IW VIQMRHIH LIV SJ PSXXIVMIW 0SXXIVMIW EVI E JSVQ SJ KEQ
FPMRK 7YHHIRP] XLMW WXYHIRX VIQIQFIVIH ER EVXMGPI WLI LEH VIEH SR XLI TVSF
PIQ SJ KEQFPMRK EHHMGXMSR MR %QIVMGE 8LI MHIE GPMGOIH MR LIV QMRH %JXIV
'LSSWMRK E 8STMG
0YGEW 8LI %VX SJ 4YFPMG 7IPIGXMRK E 8STMG ERH E 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 4YVTSWI 'SQTERMIW
GSRWMHIVEFPI VIWIEVGL WLI HIZIPSTIH ER I\GIPPIRX WTIIGL XMXPIH q+EQFPMRK
%HHMGXMSR ;L] =SY 'ERtX &IEX XLI 3HHW r
8LEXtW E JEV GV] JVSQ XIPIZMWMSR -J ]SY WXEVXIH SYX JVII EWWSGMEXMRK JVSQ
GEVXSSRW ]SY [SYPH HSYFXPIWW IRH YT WSQI[LIVI GSQTPIXIP] HMJJIVIRX 8LMW MW
[LEX GPYWXIVMRK MW EPP EFSYX
6IJIVIRGI 7IEVGL
&] GPYWXIVMRK QSWX TISTPI GSQI YT [MXL E XSTMG VEXLIV UYMGOP] &YX MJ ]SY
EVI WXMPP WX]QMIH HSRtX HIWTEMV 8LIVI MW E XLMVH XIGLRMUYI ]SY GER YWI
&VS[WI XLVSYKL ER IRG]GPSTIHME E TIVMSHMGEP HEXEFEWI SV WSQI SXLIV VIJIV
IRGI [SVO YRXMP ]SY GSQI EGVSWW [LEX QMKLX FI E KSSH WTIIGL XSTMG %W ER
I\TIVMQIRX SRI WXYHIRX WGERRIH 8LI %QIVMGER ,IVMXEKI (MGXMSREV] PMQMXMRK
LIVWIPJ XS XLI PIXXIV F ;MXLMR QMRYXIW WLI LEH GSQI YT [MXL XLIWI TSXIR
XMEP XSTMGW
&MFPI FSRWEM &ENE 'EPMJSVRME FEV QMX^ZEL
FEGOTEGOMRK FPEGONEGO &VEMPPI FEGOKEQQSR
&MPP SJ 6MKLXW FMSIXLMGW FMG]GPI FYXXIVJPMIW
FEPPIX &IIXLSZIR &IMNMRK FIIV
FIXE GEVSXIRI FMVXLWXSRIW FSXYPMWQ &YHHLMWQ
;MXL TVSTIV VIWIEVGL ERH HIZIPSTQIRX ER] SRI SJ XLIWI GSYPH QEOI ER I\GIPPIRX
WTIIGL
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=IX ERSXLIV TSWWMFMPMX] MW XS GSRRIGX XS E WYFNIGX FEWIH WIEVGL IRKMRI WYGL EW
=ELSS (MVIGXSV] HMV ]ELSS GSQ
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PMM SVK
&SXL FIKMR [MXL E HS^IR SV WS QENSV GEXIKSVMIW WYGL EW 1IHME )HYGE
XMSR 7GMIRGI 6IGVIEXMSR &YWMRIWW +SZIVRQIRX ERH 7SGMIX] ERH 'YPXYVI -J
]SY GPMGO SR SRI SJ XLI GEXIKSVMIW ]SY [MPP WII E KVSYT SJ WYFGEXIKSVMIW ER] SJ
[LMGL QMKLX KIX ]SY GPSWIV XS E WTIIGL XSTMG
3RI SJ XLI EHZERXEKIW SJ YWMRK XLI -RXIVRIX MR XLMW [E] MW XLEX ]SY GER
QEOI ]SYV WIEVGL QSVI ERH QSVI WTIGMJMG YRXMP ]SY JMRH NYWX XLI VMKLX WYF
NIGX 7YTTSWI JSV I\EQTPI XLEX ]SY EVI PSSOMRK YRHIV ,IEPXL MR =ELSS
(MVIGXSV] ERH ]SYV EXXIRXMSR MW KVEFFIH F] 2YXVMXMSR -J ]SY GPMGO SR XLMW
PMRO ]SY [MPP WII E WGVIIR [MXL E HIXEMPIH PMWX SJ WYFLIEHMRKW SRI SJ [LMGL
MW :IKIXEVMERMWQ 'PMGOMRK SR XLEX PMRO [MPP ]MIPH WMXIW SR TEVXMGYPEV EWTIGXW
SJ ZIKIXEVMERMWQ -J RSXLMRK KVEFW ]SYV EXXIRXMSR EPSRK XLI [E] ]SY GER
WXEVX SZIV [MXL ERSXLIV FVSEH WYFNIGX EVIE ERH TVSGIIH YRXMP ]SY JMRH NYWX
[LEX ]SY EVI PSSOMRK JSV
;LEXIZIV XLI QIERW ]SY YWI JSV WIPIGXMRK E XSTMG WXEVX IEVP] 8LI QENSV VIEWSR
WXYHIRXW LEZI HMJJMGYPX] GLSSWMRK WTIIGL XSTMGW MW XLEX PMOI QSWX TISTPI XLI]
XIRH XS TVSGVEWXMREXIhXS TYX SJJ WXEVXMRK TVSNIGXW JSV EW PSRK EW TSWWMFPI
7XEVX XLMROMRK EFSYX ]SYV XSTMG EW WSSR EW IEGL EWWMKRQIRX MW ERRSYRGIH
4E] EXXIRXMSR XS MRXIVIWXMRK WYFNIGXW MR GPEWW ERH GSRZIVWEXMSR SR XLI -RXIV
RIX VEHMS ERH XIPIZMWMSR MR RI[WTETIVW ERH QEKE^MRIW .SX HS[R MHIEW JSV
XSTMGW EW XLI] SGGYV XS ]SY ,EZMRK ER MRZIRXSV] SJ TSWWMFPI XSTMGW XS GLSSWI
JVSQ MW QYGL FIXXIV XLER LEZMRK XS VEGO ]SYV FVEMR JSV SRI EX XLI PEWX QMRYXI
',%48)6 7)0)'8-2+ % 834-' %2( % 496437)
0YGEW 8LI %VX SJ 4YFPMG 7IPIGXMRK E 8STMG ERH E 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 4YVTSWI 'SQTERMIW
-J ]SY KIX ER IEVP] WXEVX SR GLSSWMRK E XSTMG ]SY [MPP LEZI TPIRX] SJ XMQI XS
TMGO NYWX XLI VMKLX SRI ERH TVITEVI E JMVWX VEXI WTIIGL
(IXIVQMRMRK XLI +IRIVEP 4YVTSWI
%PSRK [MXL GLSSWMRK E XSTMG ]SY RIIH XS HIXIVQMRI XLI KIRIVEP TYVTSWI SJ KIRIVEP TYVTSWI
]SYV WTIIGL 9WYEPP] MX [MPP JEPP MRXS SRI SJ X[S SZIVPETTMRK GEXIKSVMIWhXS 8LI FVSEH KSEP SJ E WTIIGL
MRJSVQ SV XS TIVWYEHI
;LIR ]SYV KIRIVEP TYVTSWI MW XS MRJSVQ ]SY EGX EW E XIEGLIV SV PIGXYVIV
=SYV KSEP MW XS GSRZI] MRJSVQEXMSR GPIEVP] EGGYVEXIP] ERH MRXIVIWXMRKP] -J ]SY
HIWGVMFI LS[ XS PMJX [IMKLXW REVVEXI XLI QENSV IZIRXW SJ XLI PEXIWX 1MHHPI )EWX
GVMWMW SV VITSVX SR ]SYV WSVSVMX]tW JMRERGMEP TSWMXMSR ]SY EVI WTIEOMRK XS
MRJSVQ =SYV EMQ MW XS IRLERGI XLI ORS[PIHKI ERH YRHIVWXERHMRK SJ ]SYV PMW
XIRIVWhXS KMZI XLIQ MRJSVQEXMSR XLI] HMH RSX LEZI FIJSVI
;LIR ]SYV KIRIVEP TYVTSWI MW XS TIVWYEHI ]SY EGX EW ER EHZSGEXI SV E
TEVXMWER =SY KS FI]SRH KMZMRK MRJSVQEXMSR XS IWTSYWMRK E GEYWI =SY [ERX
XS GLERKI SV W XVYGXYVI XLI EXXMXYHIW SV EGXMSRW SJ ]SYV EYHMIRGI -J ]SY XV] XS
GSRZMRGI ]SYV PMWXIRIVW XLEX XLI] WLSYPH WXEVX E VIKYPEV TVSKVEQ SJ [IMKLX
PMJXMRK XLEX XLI 9RMXIH 7XEXIW WLSYPH QSHMJ] MXW TSPMG] MR XLI 1MHHPI )EWX SV
XLEX ]SYV WSVSVMX] WLSYPH WXEVX E JYRH VEMWMRK HVMZI XS FEPERGI MXW FYHKIX XLIR
]SY EVI WTIEOMRK XS TIVWYEHI -R HSMRK WS ]SY GERRSX LIPT FYX KMZI MRJSVQE
XMSR FYX ]SYV TVMQEV] KSEP MW XS [MR SZIV ]SYV PMWXIRIVW XS ]SYV TSMRX SJ
ZMI[hXS KIX XLIQ XS FIPMIZI WSQIXLMRK SV HS WSQIXLMRK EW E VIWYPX SJ ]SYV
WTIIGL
-R WTIIGL GPEWWIW XLI KIRIVEP TYVTSWI MW YWYEPP] WTIGMJMIH EW TEVX SJ XLI
WTIIGL EWWMKRQIRX *SV WTIIGLIW SYXWMHI XLI GPEWWVSSQ LS[IZIV ]SY LEZI
XS QEOI WYVI SJ ]SYV KIRIVEP TYVTSWI ]SYVWIPJ 9WYEPP] XLMW MW IEW] XS HS %VI
]SY KSMRK XS I\TPEMR VITSVX SV HIQSRWXVEXI WSQIXLMRK# 8LIR ]SYV KIRIVEP
TYVTSWI MW XS MRJSVQ %VI ]SY KSMRK XS WIPP EHZSGEXI SV HIJIRH WSQIXLMRK#
8LIR ]SYV KIRIVEP TYVTSWI MW XS TIVWYEHI &YX RS QEXXIV [LEX XLI WMXYEXMSR
]SY QYWX FI GIVXEMR SJ I\EGXP] [LEX ]SY LSTI XS EGLMIZI F] WTIEOMRK
(IXIVQMRMRK XLI 7TIGMJMG 4YVTSWI
3RGI ]SY LEZI GLSWIR E XSTMG ERH E KIRIVEP TYVTSWI ]SY QYWX REVVS[ ]SYV WTIGMJMG TYVTSWI
GLSMGIW XS HIXIVQMRI XLI WTIGMJMG TYVTSWI SJ ]SYV WTIIGL 8LI WTIGMJMG TYVTSWI % WMRKPI MRJMRMXMZI TLVEWI XLEX
WLSYPH JSGYW SR SRI EWTIGX SJ E XSTMG =SY WLSYPH FI EFPI XS WXEXI ]SYV WTIGMJMG WXEXIW TVIGMWIP] [LEX E WTIEOIV
TYVTSWI MR E WMRKPI MRJMRMXMZI TLVEWI XS MRJSVQ Q] EYHMIRGI EFSYX XS LSTIW XS EGGSQTPMWL MR LMW SV
TIVWYEHI Q] EYHMIRGI XS
XLEX MRHMGEXIW TVIGMWIP] [LEX ]SY LSTI XS EGGSQ LIV WTIIGL
TPMWL [MXL ]SYV WTIIGL
*SV I\EQTPI (YERI ;MRJMIPH E WXYHIRX EX E PEVKI WXEXI YRMZIVWMX] HIGMHIH
XS KMZI LMW JMVWX GPEWWVSSQ WTIIGL SR E XSTMG JVSQ LMW TIVWSREP I\TIVMIRGI *SV
XLI TEWX X[S ]IEVW LI LEH ZSPYRXIIVIH LMW XMQI XS TIVJSVQ QYWMG JSV TEXMIRXW
MR QIRXEP LSWTMXEPW RYVWMRK LSQIW ERH VIWMHIRGIW JSV HMWEFPIH EHYPXW ,I LEH
WIIR LS[ IRXLYWMEWXMGEPP] XLI TEXMIRXW VIWTSRHIH XS QYWMG IZIR [LIR XLI]
VIQEMRIH YRQSZIH F] SXLIV OMRHW SJ WXMQYPM (YERItW I\TIVMIRGI LEH KMZIR
(IXIVQMRMRK XLI 7TIGMJMG 4YVTSWI
0YGEW 8LI %VX SJ 4YFPMG 7IPIGXMRK E 8STMG ERH E 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 4YVTSWI 'SQTERMIW
LMQ E FIXXIV YRHIVWXERHMRK SJ XLI FIRIJMXW SJ QYWMG XLIVET] ERH LI [ERXIH XS
WLEVI XLMW YRHIVWXERHMRK [MXL LMW GPEWWQEXIW 8LMW KEZI LMQ E XSTMG ERH E KIR
IVEP TYVTSWI [LMGL LI WXEXIH PMOI XLMW
8STMG 1YWMG XLIVET]
+IRIVEP 4YVTSWI 8S MRJSVQ
7S JEV WS KSSH &YX [LEX EWTIGX SJ LMW XSTMG [SYPH (YERI HMWGYWW# 8LI OMRHW
SJ JEGMPMXMIW MR [LMGL LI LEH [SVOIH# ,MW WTIGMJMG VSPI EW E TIVJSVQIV# 8LI IZM
HIRGI XLEX QYWMG XLIVET] GER MQTVSZI TEXMIRXWt QIRXEP LIEPXL# 8LI RIIHW SJ
TEXMIRXW [MXL HMJJIVIRX OMRHW SJ MPPRIWWIW# ,I LEH XS GLSSWI WSQIXLMRK MRXIVIWX
MRK XLEX LI GSYPH GSZIV MR E WM\ QMRYXI WTIIGL *MREPP] LI WIXXPIH SR HIWGVMFMRK
LMW QSWX QIQSVEFPI I\TIVMIRGIW [MXL TEXMIRXW XS WLS[ LS[ QYWMG EJJIGXIH
XLIQ ,I WXEXIH LMW WTIGMJMG TYVTSWI XLMW [E]
7TIGMJMG 4YVTSWI 8S MRJSVQ Q] EYHMIRGI EFSYX XLI FIRIJMXW SJ QYWMG XLIVET]
JSV TISTPI [MXL TW]GLSPSKMGEP SV GSKRMXMZI HMWEFMPMXMIW
8LMW XYVRIH SYX XS FI ER I\GIPPIRX GLSMGI ERH (YERItW WTIIGL [EW EQSRK XLI
FIWX MR XLI GPEWW
2SXMGI LS[ GPIEV XLI WTIGMJMG TYVTSWI WXEXIQIRX MW 2SXMGI EPWS LS[ MX
VIPEXIW XLI XSTMG HMVIGXP] XS XLI EYHMIRGI 8LEX MW MX WXEXIW RSX SRP] [LEX XLI
WTIEOIV [ERXW XS WE] FYX EPWS [LEX XLI WTIEOIV [ERXW XLI EYHMIRGI XS ORS[ EW E
VIWYPX SJ XLI WTIIGL 8LMW MW ZIV] MQTSVXERX JSV MX LIPTW OIIT XLI EYHMIRGI EX
XLI GIRXIV SJ ]SYV EXXIRXMSR EW ]SY TVITEVI ]SYV WTIIGL
0SSO [LEX LETTIRW [LIR XLI WTIGMJMG TYVTSWI WXEXIQIRX HSIW RSX MRGPYHI
XLI EYHMIRGI
7TIGMJMG 4YVTSWI 8S I\TPEMR XLI FIRIJMXW SJ QYWMG XLIVET] JSV TISTPI [MXL
TW]GLSPSKMGEP SV GSKRMXMZI HMWEFMPMXMIW
)\TPEMR XS [LSQ# 8S QYWMGMERW# 8S QIHMGEP WXYHIRXW# 8S WSGMEP [SVOIVW#
8LSWI [SYPH FI XLVII HMJJIVIRX WTIIGLIW 8LI QYWMGMERW [SYPH [ERX XS
ORS[ EFSYX XLI OMRHW SJ QYWMG (YERI TPE]IH 8LI QIHMGEP WXYHIRXW [SYPH
[ERX XS LIEV EFSYX VIWIEVGL SR XLI FIRIJMXW SJ QYWMG XLIVET] 8LI WSGMEP
[SVOIVW [SYPH [ERX XS PIEVR LS[ XS MQTPIQIRX E QYWMG TVSKVEQ 'SQQY
RMGEXMRK IJJIGXMZIP] [MXL IEGL KVSYT [SYPH VIUYMVI TVITEVMRK E HMJJIVIRX
WTIIGL
;LIR XLI EYHMIRGI WPMTW SYX SJ XLI WTIGMJMG TYVTSWI MX QE] WPMT SYX SJ XLI
WTIEOIVtW GSRWGMSYWRIWW =SY QE] FIKMR XS XLMRO ]SYV XEWO MW XLI KIRIVEP SRI
SJ TVITEVMRK qER MRJSVQEXMZI WTIIGL r [LIR MR JEGX ]SYV XEWO MW XLI WTIGMJMG SRI
SJ MRJSVQMRK E TEVXMGYPEV KVSYT SJ TISTPI %W [I WLEPP WII MR XLI RI\X GLETXIV
MX MW EPQSWX MQTSWWMFPI XS TVITEVI E KSSH WTIIGL [MXLSYX OIITMRK GSRWXERXP] MR
QMRH XLI TISTPI JSV [LSQ MX MW MRXIRHIH
8-47 *36 *36190%8-2+ 8,) 74)'-*-' 496437) 78%8)1)28
*SVQYPEXMRK E WTIGMJMG TYVTSWI MW XLI QSWX MQTSVXERX IEVP] WXIT MR HIZIPSTMRK
E WYGGIWWJYP WTIIGL ;LIR [VMXMRK ]SYV TYVTSWI WXEXIQIRX JSPPS[ XLI KIRIVEP
TVMRGMTPIW SYXPMRIH SR XLI JSPPS[MRK TEKIW
',%48)6 7)0)'8-2+ % 834-' %2( % 496437)
0YGEW 8LI %VX SJ 4YFPMG 7IPIGXMRK E 8STMG ERH E 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 4YVTSWI 'SQTERMIW
,EZMRK XVSYFPI GLSSWMRK E WTIIGL XSTMG# 8V] FVS[WMRK XLVSYKL XLI WYFNIGX GEXI -RXIVRIX
KSVMIW EX XLI 0MFVEVMERWs -RHI\ XS XLI -RXIVRIX [[[ PMM SVK
=SYtPP JMRH E [IEPXL SJ 'SRRIGXMSR
LMKL UYEPMX] QEXIVMEPW XS KIX ]SYV GVIEXMZI NYMGIW JPS[MRK
[[[ GSRRIGXPYGEW GSQ
8LI 'VIEXMZMX] ERH -RRSZEXMSR 0MFVEV] [[[ NTF GSQ GVIEXMZI MRHI\ TLT
LEW ER
I\GIPPIRX KYMHI XS FVEMRWXSVQMRK EW [IPP EW E RYQFIV SJ PMRO W SR GVIEXMZI XLMRO
MRK %RSXLIV LIPTJYP WMXI MW QEMRXEMRIH F] XLI %QIVMGER 'VIEXMZMX] %WWSGMEXMSR
EQGVIEXMZMX]EWWSG SVK MRHI\ LXQ
;VMXI XLI 4YVTSWI 7XEXIQIRX EW E *YPP -RJMRMXMZI
4LVEWI 2SX EW E *VEKQIRX
-RIJJIGXMZI 'EPIRHEVW
1SVI )JJIGXMZI 8S MRJSVQ Q] EYHMIRGI EFSYX XLI JSYV QENSV OMRHW SJ GEPIR
HEVW YWIH MR XLI [SVPH XSHE]
8LI MRIJJIGXMZI WXEXIQIRX MW EHIUYEXI EW ER ERRSYRGIQIRX SJ XLI WTIIGL XSTMG
FYX MX MW RSX XLSYKLX SYX JYPP] IRSYKL XS MRHMGEXI XLI WTIGMJMG TYVTSWI
)\TVIWW =SYV 4YVTSWI EW E 7XEXIQIRX 2SX EW E 5YIWXMSR
-RIJJIGXMZI ;LEX MW (ÑE HI PSW 1YIVXSW#
1SVI )JJIGXMZI 8S MRJSVQ Q] EYHMIRGI EFSYX XLI LMWXSV] SJ 1I\MGStW (ÑE HI
PSW 1YIVXSW GIPIFVEXMSR
8LI UYIWXMSR QMKLX EVSYWI XLI GYVMSWMX] SJ ER EYHMIRGI FYX MX MW RSX IJJIGXMZI
EW E WTIGMJMG TYVTSWI WXEXIQIRX -X KMZIW RS MRHMGEXMSR EFSYX [LEX HMVIGXMSR XLI
WTIIGL [MPP XEOI SV [LEX XLI WTIEOIV LSTIW XS EGGSQTPMWL
%ZSMH *MKYVEXMZI 0ERKYEKI MR =SYV 4YVTSWI 7XEXIQIRX
-RIJJIGXMZI 8S TIVWYEHI Q] EYHMIRGI XLEX XLI GEQTYW TSPMG] SR WXYHIRX
TEVOMRK VIEPP] WXMROW
1SVI )JJIGXMZI 8S TIVWYEHI Q] EYHMIRGI XLEX XLI GEQTYW TSPMG] SR WXYHIRX
TEVOMRK WLSYPH FI VIZMWIH XS TVSZMHI QSVI WTEGIW JSV WXYHIRXW
FIJSVI T Q
%PXLSYKL XLI MRIJJIGXMZI WXEXIQIRX MRHMGEXIW WSQIXLMRK SJ XLI WTIEOIVtW ZMI[
TSMRX MX HSIW RSX WXEXI GSRGMWIP] [LEX LI SV WLI LSTIW XS EGLMIZI *MKYVEXMZI
PERKYEKI GER VIMRJSVGI MHIEW [MXLMR E WTIIGL FYX MX MW XSS EQFMKYSYW JSV E
WTIGMJMG TYVTSWI WXEXIQIRX
0MQMX =SYV 4YVTSWI 7XEXIQIRX XS 3RI (MWXMRGX -HIE
-RIJJIGXMZI 8S TIVWYEHI Q] EYHMIRGI XS FIGSQI PMXIVEG] XYXSVW ERH XS HSREXI
XMQI XS XLI 7TIGMEP 3P]QTMGW
8LMW TYVTSWI WXEXIQIRX I\TVIWWIW X[S YRVIPEXIH MHIEW IMXLIV SJ [LMGL GSYPH FI
XLI WYFNIGX SJ E WTIIGL 8LI IEWMIWX VIQIH] MW XS WIPIGX SRI SV XLI SXLIV EW E
JSGYW JSV ]SYV TVIWIRXEXMSR
(IXIVQMRMRK XLI 7TIGMJMG 4YVTSWI
0YGEW 8LI %VX SJ 4YFPMG 7IPIGXMRK E 8STMG ERH E 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 4YVTSWI 'SQTERMIW
8LMRO SJ STMRMSRW ]SY LSPH
[LIR PSSOMRK JSV WTIIGL
XSTMGW 3RI WXYHIRX WTSOI SR
XLI WTIGMJMG TYVTSWI q8S TIV
WYEHI Q] EYHMIRGI XLEX
WXVSRKIV QIEWYVIW WLSYPH FI
XEOIR XS TVSXIGX %JVMGER IPI
TLERXW r
1SVI )JJIGXMZI 8S TIVWYEHI Q] EYHMIRGI XS FIGSQI PMXIVEG] XYXSVW
3V
1SVI )JJIGXMZI 8S TIVWYEHI Q] EYHMIRGI XS HSREXI XMQI XS XLI 7TIGMEP
3P]QTMGW
(SIW XLMW QIER ]SY GER RIZIV YWI XLI [SVH qERHr MR ]SYV WTIGMJMG TYVTSWI
WXEXIQIRX# 2SX EX EPP 7YTTSWI ]SYV WTIGMJMG TYVTSWI MW q8S MRJSVQ Q] EYHMIRGI
EFSYX XLI GEYWIW ERH IJJIGXW SJ ITMPITW] r -R XLMW GEWI qERHr MW ETTVSTVMEXI FIGEYWI
MX GSRRIGXW X[S VIPEXIH TEVXW SJ E YRMJMIH XSTMG ;LEX ]SY RIIH XS EZSMH MW RSX
WMQTP] XLI [SVH qERH r FYX E WTIGMJMG TYVTSWI WXEXIQIRX XLEX GSRXEMRW X[S YRVI
PEXIH MHIEW IMXLIV SJ [LMGL GSYPH FI HIZIPSTIH MRXS E WTIIGL MR MXW S[R VMKLX
1EOI 7YVI =SYV 7TIGMJMG 4YVTSWI -W 2SX 8SS :EKYI SV +IRIVEP
-RIJJIGXMZI 8S TIVWYEHI Q] EYHMIRGI XLEX WSQIXLMRK WLSYPH FI HSRI
EFSYX QIHMGEP GEVI
1SVI )JJIGXMZI 8S TIVWYEHI Q] EYHMIRGI XLEX XLI JIHIVEP KSZIVRQIRX WLSYPH
EHSTX E W]WXIQ SJ REXMSREP LIEPXL MRWYVERGI JSV EPP TISTPI MR
XLI 9RMXIH 7XEXIW
8LI MRIJJIGXMZI TYVTSWI WXEXIQIRX JEPPW MRXS SRI SJ XLI QSWX GSQQSR XVETWhMX
MW XSS FVSEH ERH MPP HIJMRIH -X KMZIW RS GPYIW EFSYX [LEX XLI WTIEOIV FIPMIZIW
WLSYPH FI HSRI EFSYX QIHMGEP GEVI 8LI QSVI IJJIGXMZI TYVTSWI WXEXIQIRX MW
WLEVT ERH GSRGMWI -X VIZIEPW GPIEVP] [LEX XLI WTIEOIV TPERW XS HMWGYWW
8LI QSVI TVIGMWI ]SYV WTIGMJMG TYVTSWI XLI IEWMIV MX [MPP FI XS TVITEVI ]SYV
WTIIGL 'SRWMHIV XLMW XSTMG ERH WTIGMJMG TYVTSWI
8STMG ,SX EMV FEPPSSRW
7TIGMJMG 4YVTSWI 8S MRJSVQ Q] EYHMIRGI EFSYX LSX EMV FEPPSSRW
',%48)6 7)0)'8-2+ % 834-' %2( % 496437)
0YGEW 8LI %VX SJ 4YFPMG 7IPIGXMRK E 8STMG ERH E 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 4YVTSWI 'SQTERMIW
;MXL WYGL E LE^] TYVTSWI ]SY LEZI RS W]WXIQEXMG [E] SJ PMQMXMRK ]SYV VIWIEVGL
SV SJ HIGMHMRK [LEX XS MRGPYHI MR XLI WTIIGL ERH [LEX XS I\GPYHI 8LI SVMKMRW SJ
LSX EMV FEPPSSRW LS[ XLI] [SVO XLIMV GYVVIRX TSTYPEVMX]hEPP GSYPH FI IUYEPP]
VIPIZERX XS E WTIIGL HIWMKRIH qXS MRJSVQ Q] EYHMIRGI EFSYX LSX EMV FEPPSSRW r
-R GSRXVEWX PSSO EX XLMW XSTMG ERH WTIGMJMG TYVTSWI
8STMG ,SX EMV FEPPSSRW
7TIGMJMG 4YVTSWI 8S MRJSVQ Q] EYHMIRGI EFSYX XLI WGMIRXMJMG YWIW SJ LSX EMV
FEPPSSRW
2S[ MX MW IEW] XS HIGMHI [LEX MW KIVQERI ERH [LEX MW RSX 8LI SVMKMRW SJ LSX EMV
FEPPSSRW LS[ XLI] [SVO XLIMV TSTYPEVMX] JSV VIGVIEXMSRhEPP EVI MRXIVIWXMRK FYX
RSRI MW IWWIRXMEP XS XLI WTIGMJMG TYVTSWI SJ I\TPEMRMRK qXLI WGMIRXMJMG YWIW SJ LSX EMV
FEPPSSRW r 8LYW ]SY RIIH RSX [SVV] EFSYX VIWIEVGLMRK XLIWI QEXXIVW SV EFSYX
I\TPEMRMRK XLIQ MR ]SYV WTIIGL =SY GER WTIRH ]SYV TVITEVEXMSR XMQI IJJMGMIRXP]
59)78-327 83 %7/ %&398 =396 74)'-*-' 496437)
7SQIXMQIW ]SY [MPP EVVMZI EX ]SYV WTIGMJMG TYVTSWI EPQSWX MQQIHMEXIP] EJXIV
GLSSWMRK ]SYV XSTMG %X SXLIV XMQIW ]SY QE] HS UYMXI E FMX SJ VIWIEVGL FIJSVI
HIGMHMRK SR E WTIGMJMG TYVTSWI 1YGL [MPP HITIRH SR LS[ JEQMPMEV ]SY EVI [MXL
XLI XSTMG EW [IPP EW SR ER] WTIGMEP HIQERHW MQTSWIH F] XLI EWWMKRQIRX XLI
EYHMIRGI SV XLI SGGEWMSR &YX [LIRIZIV ]SY WIXXPI SR ]SYV WTIGMJMG TYVTSWI
EWO ]SYVWIPJ XLI JSPPS[MRK UYIWXMSRW EFSYX MX
(SIW 1] 4YVTSWI 1IIX XLI %WWMKRQIRX#
7XYHIRXW SGGEWMSREPP] WXYQFPI SZIV XLMW UYIWXMSR &I WYVI ]SY YRHIVWXERH ]SYV
EWWMKRQIRX ERH WLETI ]SYV WTIGMJMG TYVTSWI XS QIIX MX -J ]SY LEZI UYIWXMSRW
GLIGO [MXL ]SYV MRWXVYGXSV
'ER - %GGSQTPMWL 1] 4YVTSWI MR XLI 8MQI %PPSXXIH#
1SWX GPEWWVSSQ WTIIGLIW EVI UYMXI WLSVX VERKMRK JVSQ JSYV XS XIR QMRYXIW 8LEX
QE] WIIQ PMOI E PSX SJ XMQI FYX ]SY [MPP UYMGOP] JMRH [LEX KIRIVEXMSRW SJ WXYHIRXW
LEZI HMWGSZIVIHhXMQI JPMIW [LIR ]SY EVI KMZMRK E WTIIGL 1SWX TISTPI WTIEO EX ER
EZIVEKI VEXI SJ XS [SVHW E QMRYXI 8LMW QIERW XLEX E WM\ QMRYXI WTIIGL
[MPP GSRWMWX SJ VSYKLP] XS [SVHW 8LEX MW RSX PSRK IRSYKL XS HIZIPST E
LMKLP] GSQTPI\ XSTMG ,IVI EVI WSQI WTIGMJMG TYVTSWI WXEXIQIRXW XLEX [SYPH HIJ]
FIMRK LERHPIH [IPP MR XLI XMQI RSVQEPP] EPPSXXIH JSV GPEWWVSSQ WTIIGLIW
8S MRJSVQ Q] EYHMIRGI EFSYX XLI VMWI ERH JEPP SJ ERGMIRX 6SQI
8S MRJSVQ Q] EYHMIRGI EFSYX XLI VSPI SJ XIGLRSPSK] MR LYQER LMWXSV]
8S TIVWYEHI Q] EYHMIRGI XS GSRZIVX XS &YHHLMWQ
=SY EVI QYGL FIXXIV SJJ [MXL E PMQMXIH TYVTSWI XLEX ]SY LEZI WSQI VIEWSREFPI
LSTI SJ EGLMIZMRK MR XLI WLSVX WTER SJ JSYV XS XIR QMRYXIW
-W XLI 4YVTSWI 6IPIZERX XS 1] %YHMIRGI#
8LI TVMGI SJ VIXMVIQIRX LSQIW MR 4EPQ 7TVMRKW QMKLX FI ER IRKVSWWMRK XSTMG
JSV SPHIV GMXM^IRW [LS EVI MR XLI QEVOIX JSV WYGL H[IPPMRKW %RH XLI UYEPMX] SJ
LSX PYRGLIW MR XLI IPIQIRXEV] WGLSSPW MW SJ KVIEX GSRGIVR XS XLI WXYHIRXW [LS
(IXIVQMRMRK XLI 7TIGMJMG 4YVTSWI
0YGEW 8LI %VX SJ 4YFPMG 7IPIGXMRK E 8STMG ERH E 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 4YVTSWI 'SQTERMIW
GSRRIGXPYGEW GSQ ' L I G O P M W X 7TIGMJMG 4YVTSWI
8LMW GLIGOPMWX MW EPWS EZEMPEFPI
MR XLI SRPMRI 7XYH] 8SSPW JSV =)7 23
XLMW GLETXIV
-W XLI WTIGMJMG TYVTSWI [VMXXIR EW E JYPP MRJMRMXMZI TLVEWI#
(SIW XLI WTIGMJMG TYVTSWI MRGPYHI E VIJIVIRGI XS XLI
EYHMIRGI#
-W XLI WTIGMJMG TYVTSWI TLVEWIH EW E WXEXIQIRX VEXLIV XLER
E UYIWXMSR#
-W XLI WTIGMJMG TYVTSWI JVII SJ JMKYVEXMZI PERKYEKI#
-W XLI WTIGMJMG TYVTSWI PMQMXIH XS SRI HMWXMRGX WYFNIGX#
(SIW XLI WTIGMJMG TYVTSWI MRHMGEXI TVIGMWIP] [LEX - TPER
XS EGGSQTPMWL MR XLI WTIIGL#
(SIW XLI WTIGMJMG TYVTSWI QIIX XLI VIUYMVIQIRXW SJ XLI
EWWMKRQIRX#
'ER XLI WTIGMJMG TYVTSWI FI EGGSQTPMWLIH MR XLI XMQI
EPPSXXIH JSV XLI WTIIGL#
-W XLI WTIGMJMG TYVTSWI VIPIZERX XS Q] EYHMIRGI#
(SIW XLI WTIGMJMG TYVTSWI HIEP [MXL E RSRXVMZMEP WYFNIGX#
-W XLI WTIGMJMG TYVTSWI WYMXEFPI JSV E RSRXIGLRMGEP
EYHMIRGI#
IEX XLIQ ERH XLI TEVIRXW [LS TE] JSV XLIQ &YX RIMXLIV WYFNIGX LEW QYGL
VIPIZERGI JSV ER EYHMIRGI SJ GSPPIKI WXYHIRXW 2S QEXXIV LS[ [IPP ]SY GSR
WXVYGX ]SYV WTIIGLIW XLI] EVI PMOIP] XS JEPP JPEX YRPIWW ]SY WTIEO EFSYX QEXXIVW
SJ MRXIVIWX XS ]SYV PMWXIRIVW
8LMW MW RSX XS WE] ]SY QYWX WIPIGX SRP] XSTMGW XLEX TIVXEMR HMVIGXP] XS XLI GSP
PIKI WXYHIRXtW HEMP] I\TIVMIRGI 1SWX WXYHIRXW LEZI [MHI VERKMRK FEGOKVSYRHW
MRXIVIWXW MHIEW ERH ZEPYIW %RH QSWX SJ XLIQ EVI MRXIPPIGXYEPP] GYVMSYW 8LI]
GER KIX MRZSPZIH MR ER EWXSRMWLMRK ZEVMIX] SJ WYFNIGXW *SPPS[ ]SYV GSQQSR
WIRWI ERH QEOI WYVI ]SY EVI XVYP] MRXIVIWXIH MR XLI XSTMG %PWS [LIR WTIEOMRK SR
E WYFNIGX XLEX MW RSX SFZMSYWP] VIPIZERX XS ]SYV PMWXIRIVW JMRH E [E] XS XMI MX MR
[MXL XLIMV KSEPW ZEPYIW MRXIVIWXW ERH [IPP FIMRK ;ItPP HMWGYWW LS[ XS HS XLMW MR
XLI RI\X GLETXIV
-W XLI 4YVTSWI 8SS 8VMZMEP JSV 1] %YHMIRGI#
.YWX EW ]SY RIIH XS EZSMH WTIIGL XSTMGW XLEX EVI XSS FVSEH SV GSQTPMGEXIH WS ]SY
RIIH XS WXIIV GPIEV SJ XSTMGW XLEX EVI XSS WYTIVJMGMEP ,S[ XS FYMPH E JMVI [MXLSYX
QEXGLIW QMKLX EFWSVF E KVSYT SJ 'YF 7GSYXW FYX ]SYV GPEWWQEXIW [SYPH TVSFEFP]
GSRWMHIV MX JVMZSPSYW 9RJSVXYREXIP] XLIVI MW RS EFWSPYXI VYPI JSV HIXIVQMRMRK
[LEX MW XVMZMEP XS ER EYHMIRGI ERH [LEX MW RSX ,IVI EVI WSQI I\EQTPIW SJ WTIGMJMG
TYVTSWIW XLEX QSWX TISTPI [SYPH JMRH XSS XVMZMEP JSV GPEWWVSSQ WTIIGLIW
8S MRJSVQ Q] EYHMIRGI EFSYX XLI TEVXW SJ E FEGOTEGO
8S MRJSVQ Q] EYHMIRGI LS[ XS XMI E FS[ XMI
8S TIVWYEHI Q] EYHMIRGI XLEX IWTVIWWS MW FIXXIV XLER GETTYGGMRS
',%48)6 7)0)'8-2+ % 834-' %2( % 496437)
0YGEW 8LI %VX SJ 4YFPMG 7IPIGXMRK E 8STMG ERH E 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 4YVTSWI 'SQTERMIW
-W XLI 4YVTSWI 8SS 8IGLRMGEP JSV 1] %YHMIRGI#
2SXLMRK TYXW ER EYHMIRGI XS WPIIT JEWXIV XLER E HV] ERH XIGLRMGEP WTIIGL
&I[EVI SJ XSTMGW XLEX EVI MRLIVIRXP] XIGLRMGEP ERH SJ XVIEXMRK SVHMREV] WYFNIGXW
MR E XIGLRMGEP JEWLMSR %PXLSYKL ]SY QE] FI JEQMPMEV [MXL XLI TVMRGMTPIW ERH
ZSGEFYPEV] SJ MRXIVREXMSREP JMRERGI SV GPMRMGEP TW]GLSPSK] QSWX SJ ]SYV GPEWW
QEXIW TVSFEFP] EVI RSX 8LIVI EVI EWTIGXW SJ XLIWI ERH WMQMPEV WYFNIGXW XLEX GER
FI XVIEXIH GPIEVP] [MXL E QMRMQYQ SJ NEVKSR &YX MJ ]SY JMRH XLEX ]SY GERtX
JYPJMPP ]SYV WTIGMJMG TYVTSWI [MXLSYX VIP]MRK SR XIGLRMGEP [SVHW ERH GSRGITXW
]SY WLSYPH VIGSRWMHIV ]SYV TYVTSWI
,IVI EVI WSQI I\EQTPIW SJ WTIGMJMG TYVTSWIW XLEX EVI SZIVP] XIGLRMGEP JSV
QSWX GPEWWVSSQ WTIIGLIW
8S MRJSVQ Q] EYHMIRGI EFSYX XLI WSPYXMSR XS *IVQEXtW 0EWX 8LISVIQ
8S MRJSVQ Q] EYHMIRGI EFSYX XLI TVMRGMTPIW SJ RIYXVMRS TL]WMGW
8S MRJSVQ Q] EYHMIRGI EFSYX XLI QIXLSHW SJ IRGV]TXMSR XIGLRSPSK]
;I WLEPP HMWGYWW XLI HIXEMPW SJ EYHMIRGI EREP]WMW ERH EHETXEXMSR MR 'LETXIV
*SV XLI QSQIRX VIQIQFIV XS QEOI WYVI XLEX ]SYV WTIGMJMG TYVTSWI MW ETTVS
TVMEXI JSV ]SYV PMWXIRIVW -J ]SY LEZI HSYFXW EWO ]SYV MRWXVYGXSV SV GMVGYPEXI E
UYIWXMSRREMVI EQSRK ]SYV GPEWWQEXIW WII TEKIW i
4LVEWMRK XLI 'IRXVEP -HIE
;,%8 -7 8,) ')286%0 -()%# GIRXVEP MHIE
% SRI WIRXIRGI WXEXIQIRX XLEX
8LI WTIGMJMG TYVTSWI SJ E WTIIGL MW [LEX ]SY LSTI XS EGGSQTPMWL 8LI GIRXVEP WYQW YT SV IRGETWYPEXIW XLI
MHIE MW E GSRGMWI WXEXIQIRX SJ [LEX ]SY I\TIGX XS WE] 7SQIXMQIW MX MW GEPPIH XLI QENSV MHIEW SJ E WTIIGL
XLIWMW WXEXIQIRX XLI WYFNIGX WIRXIRGI SV XLI QENSV XLSYKLX ;LEXIZIV XLI
XIVQ XLI GIRXVEP MHIE MW YWYEPP] I\TVIWWIH EW E WMQTPI HIGPEVEXMZI WIRXIRGI XLEX VIWMHYEP QIWWEKI
VIJMRIW ERH WLEVTIRW XLI WTIGMJMG TYVTSWI WXEXIQIRX ;LEX E WTIEOIV [ERXW XLI
EYHMIRGI XS VIQIQFIV EJXIV MX
-QEKMRI ]SY VYR MRXS E JVMIRH SR ]SYV [E] XS WTIIGL GPEWW 7LI WE]W q- LEW JSVKSXXIR IZIV]XLMRK IPWI MR
LEZI XS HEWL XS Q] LMWXSV] PIGXYVI FYX - LIEV ]SYtVI KMZMRK E WTIIGL XSHE] 'ER E WTIIGL
]SY XIPP QI XLI KMWX SJ MX MR SRI WIRXIRGI#r q7YVI r ]SY VITP] q%QIVMGEtW TVMWSR
W]WXIQ WYJJIVW JVSQ XLVII QENSV TVSFPIQWhSZIVGVS[HMRK SJ MRQEXIW PEGO SJ
IJJIGXMZI VILEFMPMXEXMSR TVSKVEQW ERH LMKL I\TIRWI XS XE\TE]IVW r
=SYV ERW[IV MW XLI GIRXVEP MHIE SJ ]SYV WTIIGL -X MW QSVI TVIGMWI XLER ]SYV
XSTMG %QIVMGEtW TVMWSR W]WXIQ
SV ]SYV WTIGMJMG TYVTSWI WXEXIQIRX q8S MRJSVQ
Q] EYHMIRGI SJ XLI XLVII QENSV TVSFPIQW JEGMRK %QIVMGEtW TVMWSR W]WXIQr
&]
WXEXMRK I\EGXP] [LEX XLI XLVII QENSV TVSFPIQW EVI XLI GIRXVEP MHIE WYQW YT
]SYV WTIIGL MR E WMRKPI WIRXIRGI
%RSXLIV [E] XS XLMRO SJ XLI GIRXVEP MHIE MW EW ]SYV VIWMHYEP QIWWEKIh[LEX
]SY [ERX ]SYV EYHMIRGI XS VIQIQFIV EJXIV XLI] LEZI JSVKSXXIR IZIV]XLMRK IPWI
MR XLI WTIIGL 1SWX SJ XLI XMQI XLI GIRXVEP MHIE [MPP IRGETWYPEXI XLI QEMR
TSMRXW XS FI HIZIPSTIH MR XLI FSH] SJ XLI WTIIGL 8S WLS[ LS[ XLMW [SVOW PIXtW
XEOI E JI[ SJ XLI I\EQTPIW [I WE[ IEVPMIV MR XLMW GLETXIV ERH HIZIPST XLIQ
JVSQ XLI XSTMG KIRIVEP TYVTSWI ERH WTIGMJMG TYVTSWI XS XLI GIRXVEP MHIE
;I GER WXEVX [MXL XLI WTIIGL EFSYX QYWMG XLIVET]
8STMG 1YWMG XLIVET]
+IRIVEP 4YVTSWI 8S MRJSVQ
4LVEWMRK XLI 'IRXVEP -HIE
0YGEW 8LI %VX SJ 4YFPMG 7IPIGXMRK E 8STMG ERH E 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 4YVTSWI 'SQTERMIW
7TIGMJMG 4YVTSWI 8S I\TPEMR XLI FIRIJMXW SJ QYWMG XLIVET] JSV TISTPI [MXL
TW]GLSPSKMGEP SV GSKRMXMZI HMWEFMPMXMIW
'IRXVEP -HIE 1YWMG XLIVET] HIZIPSTIH EW E JSVQEP QSHI SJ XVIEXQIRX
HYVMRK XLI X[IRXMIXL GIRXYV] YXMPM^IW E RYQFIV SJ QIXL
SHW ERH MW I\TPEMRIH F] WIZIVEP XLISVMIW XLEX EGGSYRX JSV
MXW WYGGIWW
GSRRIGXPYGEW GSQ 0SSO GEVIJYPP] EX XLMW I\EQTPI -X WLS[W LS[ XLI WTIEOIV QMKLX WXEVX [MXL E
:MI[ XLI MRXVSHYGXMSR JVSQ FVSEH WYFNIGX QYWMG XLIVET]
XLEX FIGSQIW REVVS[IV ERH REVVS[IV EW XLI
q8LI &IRIJMXW SJ 1YWMG WTIEOIV QSZIW JVSQ XLI KIRIVEP TYVTSWI XS XLI WTIGMJMG TYVTSWI XS XLI GIRXVEP
8LIVET]r MR XLI SRPMRI 1IHME MHIE 2SXMGI EPWS LS[ QYGL QSVI XLI GIRXVEP MHIE WYKKIWXW EFSYX XLI GSRXIRX
0MFVEV] JSV XLMW GLETXIV SJ XLI WTIIGL *VSQ MX [I GER I\TIGX XLI WTIEOIV XS EHHVIWW XLVII QEMR TSMRXWh
:MHIS 'PMT
XLI JMVWX WYQQEVM^MRK XLI HIZIPSTQIRX SJ QYWMG XLIVET] XLI WIGSRH PSSOMRK
EX QIXLSHW SJ QYWMG XLIVET] ERH XLI XLMVH I\TPSVMRK XLISVMIW XLEX EGGSYRX JSV
XLI WYGGIWW SJ QYWMG XLIVET]
8LMW WLEVTIRMRK SJ JSGYW EW SRI TVSGIIHW XS XLI GIRXVEP MHIE MW GVYGMEP ,IVI
MW ERSXLIV I\EQTPI
8STMG (ÑE HI PSW 1YIVXSW
+IRIVEP 4YVTSWI 8S MRJSVQ
7TIGMJMG 4YVTSWI 8S MRJSVQ Q] EYHMIRGI EFSYX XLI LMWXSV] SJ 1I\MGStW (ÑE
HI PSW 1YIVXSW GIPIFVEXMSR
'IRXVEP -HIE (ÑE HI PSW 1YIVXSW GER FI XVEGIH XS XLI %^XIGW [EW QSZIH
JVSQ WYQQIV XS JEPP F] 7TERMWL TVMIWXW ERH XSHE] MW GIPI
FVEXIH MR E RYQFIV SJ [E]W MR HMJJIVIRX VIKMSRW SJ 1I\MGS
8LMW GIRXVEP MHIE MW IWTIGMEPP] [IPP [SVHIH ;I GER EWWYQI JVSQ MX XLEX XLI FSH]
SJ XLI WTIIGL [MPP GSRXEMR XLVII QEMR TSMRXW
SR XLI %^XIG SVMKMRW SJ (ÑE HI
PSW 1YIVXSW
SR LS[ MX [EW GLERKIH F] XLI 7TERMWL ERH
SR XLI [E]W MX
MW GIPIFVEXIH XSHE]
2SXMGI MR IEGL SJ XLIWI I\EQTPIW LS[ QYGL QSVI XLI GIRXVEP MHIE VIZIEPW
EFSYX XLI GSRXIRX SJ XLI WTIIGL XLER HSIW XLI WTIGMJMG TYVTSWI 8LMW MW RSX
EGGMHIRXEP 3JXIR ]SY GER WIXXPI SR E WTIGMJMG TYVTSWI WXEXIQIRX IEVP] MR TVITEV
MRK ]SYV WTIIGL 8LI GIRXVEP MHIE LS[IZIV YWYEPP] IQIVKIW PEXIVhEJXIV ]SY
LEZI HSRI ]SYV VIWIEVGL ERH LEZI HIGMHIH SR XLI QEMR TSMRXW SJ XLI WTIIGL
8LI TVSGIWW QE] [SVO PMOI XLMW
%W ER IRZMVSRQIRXEP WGMIRGI QENSV 1EVGME )WTSWMXS LEH PIEVRIH XLEX QER] I\TIVXW
JIEV XLI [SVPH QE] JEGI E WIZIVI [EXIV WLSVXEKI F] XLI ]IEV 7LI HIGMHIH XLMW [SYPH
QEOI E KSSH XSTMG JSV LIV MRJSVQEXMZI WTIIGL 8IRXEXMZIP] WLI EHSTXIH XLI JSPPS[MRK WTI
GMJMG TYVTSWI WXEXIQIRX q8S MRJSVQ Q] EYHMIRGI EFSYX XLI WIVMSYWRIWW SJ XLI KVS[MRK
MRXIVREXMSREP [EXIV GVMWMW r 8LIR 1EVGME WXEVXIH LIV VIWIEVGL
%R EVXMGPI MR 2I[W[IIO [LMGL WLI PSGEXIH XLVSYKL 0I\MW2I\MW I\TPEMRIH LS[ XLI
TSTYPEXMSR MR GSYRXVMIW WYGL EW 'LMRE -RHME ERH 4EPIWXMRI MW SYXWXVMTTMRK XLI EZEMPEFPI WYT
TP] SJ JVIWL [EXIV %GGSVHMRK XS XLI EVXMGPI QMPPMSR 'LMRIWI HS RSX LEZI EGGIWW XS WYMX
EFPI HVMROMRK [EXIV ERH X[S XLMVHW SJ -RHMEtW FMPPMSR TISTPI PEGO XLI [EXIV XLI] RIIH
2I\X 1EVGME JSYRH E VITSVX SR XLI 9RMXIH 2EXMSRW ;IF WMXI EFSYX XLI MQTEGX SJ
TSPPYXMSR SR XLI [EXIV WYTTP] 8LI VITSVX WXEXIH XLEX MR HIZIPSTMRK GSYRXVMIW qQSVI XLER
TIVGIRX SJ WI[EKI ERH TIVGIRX SJ MRHYWXVMEP [EWXI[EXIV MW HYQTIH YRXVIEXIH MRXS
WYVJEGI [EXIV r
',%48)6 7)0)'8-2+ % 834-' %2( % 496437)
0YGEW 8LI %VX SJ 4YFPMG 7IPIGXMRK E 8STMG ERH E 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 4YVTSWI 'SQTERMIW
9RPMOI XLI WTIGMJMG TYVTSWI
[LMGL ]SY RIIH XS WIXXPI SR
IEVP] MR XLI WTIIGL TVITEVE
XMSR TVSGIWW XLI GIRXVEP MHIE
YWYEPP] XEOIW WLETI PEXIV EW E
VIWYPX SJ ]SYV VIWIEVGL ERH
EREP]WMW SJ XLI XSTMG
8LIR 1EVGME LMX YTSR XLI MHIE SJ MRXIVZMI[MRK SRI SJ LIV IRZMVSRQIRXEP WGMIRGI
TVSJIWWSVW -R EHHMXMSR XS GSRJMVQMRK 1EVGMEtW VIWIEVGL EFSYX XLI MQTEGX SJ TSTYPEXMSR
KVS[XL ERH TSPPYXMSR XLI TVSJIWWSV QIRXMSRIH XLI TVSFPIQW GEYWIH F] QMWQEREKI
QIRX SJ [EXIV WYTTPMIW %VSYRH XLI [SVPH XS TIVGIRX SJ XLI [EXIV TISTPI YWI MW
PSWX XS [EWXI IZETSVEXMSR ERH SXLIV MRIJJMGMIRGMIW XLI VEXI MR XLI 9RMXIH 7XEXIW MW EFSYX
TIVGIRX
1EVGME HMKIWXIH EPP XLMW MRJSVQEXMSR 2S[ WLI [EW VIEH] XS JSVQYPEXI LIV GIRXVEP MHIE
q4STYPEXMSR KVS[XL TSPPYXMSR ERH QMWQEREKIQIRX EVI GVIEXMRK E WIVMSYW WLSVXEKI SJ
JVIWL [EXIV MR QER] TEVXW SJ XLI [SVPH r
+9-()0-2)7 *36 8,) ')286%0 -()%
;LEX QEOIW E [IPP [SVHIH GIRXVEP MHIE# )WWIRXMEPP] XLI WEQI XLMRKW XLEX QEOI E
[IPP [SVHIH WTIGMJMG TYVTSWI WXEXIQIRX 8LI GIRXVEP MHIE
WLSYPH FI I\TVIWWIH
MR E JYPP WIRXIRGI
WLSYPH RSX FI MR XLI JSVQ SJ E UYIWXMSR
WLSYPH EZSMH
JMKYVEXMZI PERKYEKI ERH
WLSYPH RSX FI ZEKYI SV SZIVP] KIRIVEP
,IVI JSV I\EQTPI EVI JSYV TSSVP] [VMXXIR GIRXVEP MHIEW 7II MJ ]SY GER
MHIRXMJ] XLI TVSFPIQ [MXL IEGL ERH JMKYVI SYX LS[ IEGL QMKLX FI TLVEWIH
QSVI IJJIGXMZIP]
-RIJJIGXMZI 4E]MRK GSPPIKI EXLPIXIW E QSRXLP] WEPEV] MW E KSSH MHIE
-RIJJIGXMZI 4VSFPIQW SJ JEH HMIXW
-RIJJIGXMZI ;LEX EVI RERSVSFSXW#
-RIJJIGXMZI 1I\MGStW =YGEXÅR 4IRMRWYPE MW ER E[IWSQI TPEGI JSV E ZEGEXMSR
8LI JMVWX MW XSS KIRIVEP 8S WE] XLEX TE]MRK GSPPIKI EXLPIXIW E QSRXLP] WEPEV]
MW E qKSSH MHIEr HSIW RSX GSRZI] XLI WTIEOIVtW ZMI[TSMRX WLEVTP] ERH GPIEVP]
;LEX HSIW XLI WTIEOIV QIER F] E qKSSH MHIEr# % VIZMWIH GIRXVEP MHIE JSV XLMW
WTIIGL QMKLX FI
4LVEWMRK XLI 'IRXVEP -HIE
0YGEW 8LI %VX SJ 4YFPMG 7IPIGXMRK E 8STMG ERH E 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 4YVTSWI 'SQTERMIW
GSRRIGXPYGEW GSQ ' L I G O P M W X 'IRXVEP -HIE
8LMW GLIGOPMWX MW EPWS EZEMPEFPI
MR XLI SRPMRI 7XYH] 8SSPW JSV =)7 23
XLMW GLETXIV
-W XLI GIRXVEP MHIE [VMXXIR EW E GSQTPIXI WIRXIRGI#
-W XLI GIRXVEP MHIE TLVEWIH EW E WXEXIQIRX VEXLIV XLER E
UYIWXMSR#
-W XLI GIRXVEP MHIE JVII SJ JMKYVEXMZI PERKYEKI#
(SIW XLI GIRXVEP MHIE GPIEVP] IRGETWYPEXI XLI QEMR TSMRXW
XS FI HMWGYWWIH MR XLI FSH] SJ XLI WTIIGL#
'ER XLI GIRXVEP MHIE FI EHIUYEXIP] HMWGYWWIH MR XLI XMQI
EPPSXXIH JSV XLI WTIIGL#
-W XLI GIRXVEP MHIE VIPIZERX XS XLI EYHMIRGI#
-W XLI GIRXVEP MHIE ETTVSTVMEXI JSV E RSRXIGLRMGEP
EYHMIRGI#
1SVI )JJIGXMZI &IGEYWI GSPPIKI EXLPIXIW MR VIZIRYI TVSHYGMRK WTSVXW WYGL
EW JSSXFEPP ERH FEWOIXFEPP KIRIVEXI QMPPMSRW SJ HSPPEVW MR
VIZIRYI JSV XLIMV WGLSSPW XLI 2'%% WLSYPH EPPS[ WYGL
EXLPIXIW XS VIGIMZI E QSRXLP] WEPEV] EW TEVX SJ XLIMV
WGLSPEVWLMTW
8LI WIGSRH MRIJJIGXMZI GIRXVEP MHIE MW EPWS XSS KIRIVEP FYX MX WYJJIVW JYVXLIV
JVSQ RSX FIMRK [VMXXIR EW E GSQTPIXI WIRXIRGI q4VSFPIQW SJ JEH HMIXWr HSIW
RSX VIZIEP IRSYKL EFSYX XLI GSRXIRX SJ XLI WTIIGL XS WIVZI EW XLI GIRXVEP MHIE
-X WLSYPH FI VI[VMXXIR EW E JYPP WIRXIRGI XLEX MHIRXMJMIW XLI TVSFPIQW SJ JEH HMIXW
XS FI HMWGYWWIH MR XLI WTIIGL
1SVI )JJIGXMZI %PXLSYKL JEH HMIXW TVSHYGI UYMGO [IMKLX PSWW XLI] GER PIEH
XS WIVMSYW LIEPXL TVSFPIQW F] GVIEXMRK HIJMGMIRGMIW MR ZMXE
QMRW ERH QMRIVEPW ERH F] FVIEOMRK HS[R QYWGPI XMWWYI EW
[IPP EW JEX
8LI XLMVH TSSVP] [VMXXIR GIRXVEP MHIE MW TLVEWIH EW E UYIWXMSR VEXLIV XLER
EW E JYPP HIGPEVEXMZI WIRXIRGI %WOMRK q;LEX EVI RERSVSFSXW#r QMKLX FI E
KSSH [E] XS GEXGL XLI EXXIRXMSR SJ PMWXIRIVW FYX MX HSIW RSX IRGETWYPEXI XLI
QEMR TSMRXW XS FI HIZIPSTIH MR XLI WTIIGL % QSVI IJJIGXMZI GIRXVEP MHIE
[SYPH FI
1SVI )JJIGXMZI 1MGVSWGSTMG MR WM^I RERSVSFSXW EVI FIMRK HIZIPSTIH JSV YWI MR
QIHMGMRI [IETSRV] ERH HEMP] PMJI
8LI JMREP MRIJJIGXMZI GIRXVEP MHIE MW JPE[IH F] MXW YWI SJ JMKYVEXMZI PERKYEKI
8S WE] XLEX XLI =YGEXÅR 4IRMRWYPE MW ER qE[IWSQIr TPEGI JSV E ZEGEXMSR HSIW
',%48)6 7)0)'8-2+ % 834-' %2( % 496437)
0YGEW 8LI %VX SJ 4YFPMG 7IPIGXMRK E 8STMG ERH E 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 4YVTSWI 'SQTERMIW
RSX MRHMGEXI [LEX GLEVEGXIVMWXMGW SJ XLI =YGEXÅR 4IRMRWYPE XLI WTIEOIV MRXIRHW
XS HMWGYWW % FIXXIV GIRXVEP MHIE QMKLX FI
1SVI )JJIGXMZI 1I\MGStW =YGEXÅR 4IRMRWYPE LEW QER] EXXVEGXMSRW JSV
ZEGEXMSRIVW MRGPYHMRK E [EVQ GPMQEXI I\GIPPIRX JSSH ERH
I\XIRWMZI 1E]ER VYMRW
2SXMGI XLEX MR EPP XLIWI I\EQTPIW XLI QSVI IJJIGXMZI GIRXVEP MHIE WYQW YT XLI
QEMR TSMRXW SJ XLI WTIIGL MR E WMRKPI WIRXIRGI -J ]SY EVI LEZMRK XVSYFPI TLVEW
MRK ]SYV GIRXVEP MHIE XLI VIEWSR QE] FI XLEX ]SY HS RSX ]IX LEZI E JMVQ KVEWT
SR XLI QEMR TSMRXW SJ ]SYV WTIIGL (S RSX [SVV] XSS QYGL EFSYX ]SYV GIRXVEP
MHIE YRXMP EJXIV ]SY LEZI HIZIPSTIH XLI FSH] SJ ]SYV WTIIGL WII 'LETXIV
-J
EX XLEX TSMRX ]SY WXMPP GERtX GSQI YT [MXL E GPIEV GSRGMWI GIRXVEP MHIE ]SYV
WTIIGL MXWIPJ QE] RSX FI GPIEV SV GSRGMWI /IIT [SVOMRK SR XLI WTIIGL YRXMP ]SY
GER GSQTSWI E GIRXVEP MHIE XLEX JMXW XLI GVMXIVME NYWX HMWGYWWIH 8LI VIWYPX [MPP FI
E WLEVTIV GIRXVEP MHIE ERH E XMKLXIV QSVI GSLIVIRX WTIIGL
7911%6=
8LI JMVWX WXIT MR WTIIGLQEOMRK MW GLSSWMRK E XSTMG *SV GPEWWVSSQ WTIIGLIW ]SY GER
GLSSWI E WYFNIGX ]SY ORS[ [IPP SV SRI ]SY VIWIEVGL IWTIGMEPP] JSV XLI WTIIGL -J ]SY
LEZI XVSYFPI TMGOMRK E XSTMG ]SY GER YWI SRI SJ JSYV FVEMRWXSVQMRK TVSGIHYVIW *MVWX
QEOI ER MRZIRXSV] SJ ]SYV LSFFMIW MRXIVIWXW WOMPPW FIPMIJW ERH WS JSVXL 7IGSRH YWI
GPYWXIVMRK XS PMWX XLI JMVWX XSTMGW XLEX GSQI XS QMRH MR WIZIVEP GEXIKSVMIW 8LMVH GLIGO
E VIJIVIRGI [SVO JSV MHIEW *SYVXL YWI ER -RXIVRIX WYFNIGX HMVIGXSV] XS LIPT ]SY WGER
TSWWMFPI XSTMGW
8LI KIRIVEP TYVTSWI SJ ]SYV WTIIGL [MPP YWYEPP] FI XS MRJSVQ SV XS TIVWYEHI
;LIR ]SYV KIRIVEP TYVTSWI MW XS MRJSVQ ]SYV KSEP MW XS GSQQYRMGEXI MRJSVQEXMSR
GPIEVP] EGGYVEXIP] ERH MRXIVIWXMRKP] ;LIR ]SYV KIRIVEP TYVTSWI MW XS TIVWYEHI
]SYV KSEP MW XS [MR PMWXIRIVW SZIV XS ]SYV TSMRX SJ ZMI[
3RGI ]SY ORS[ ]SYV XSTMG ERH KIRIVEP TYVTSWI ]SY QYWX JSGYW SR E WTIGMJMG
TYVTSWI WXEXIQIRX XLEX MRHMGEXIW TVIGMWIP] [LEX ]SYV WTIIGL WIIOW XS EGLMIZI 8LI
WTIGMJMG TYVTSWI WXEXIQIRX WLSYPH
FI E JYPP MRJMRMXMZI TLVEWI
FI [SVHIH EW E
WXEXIQIRX RSX E UYIWXMSR
EZSMH JMKYVEXMZI PERKYEKI
GSRGIRXVEXI SR SRI
HMWXMRGX MHIE
RSX FI ZEKYI SV KIRIVEP
/IIT WIZIVEP UYIWXMSRW MR QMRH EW ]SY JSVQYPEXI ]SYV WTIGMJMG TYVTSWI WXEXIQIRX
(SIW Q] TYVTSWI QIIX XLI EWWMKRQIRX# 'ER - EGGSQTPMWL Q] TYVTSWI MR XLI XMQI
EPPSXXIH# -W XLI TYVTSWI VIPIZERX XS Q] EYHMIRGI# -W XLI TYVTSWI XSS XVMZMEP SV XSS
XIGLRMGEP JSV Q] EYHMIRGI#
8LI GIRXVEP MHIE VIJMRIW ERH WLEVTIRW ]SYV WTIGMJMG TYVTSWI -X MW E GSRGMWI WXEXI
QIRX SJ [LEX ]SY [MPP WE] MR ]SYV WTIIGL ERH MX YWYEPP] GV]WXEPPM^IW MR ]SYV XLMROMRK
EJXIV ]SY LEZI HSRI ]SYV VIWIEVGL ERH LEZI HIGMHIH SR XLI QEMR TSMRXW SJ ]SYV
WTIIGL 8LI GIRXVEP MHIE YWYEPP] IRGETWYPEXIW XLI QEMR TSMRXW XS FI HIZIPSTIH MR XLI
FSH] SJ ]SYV WTIIGL
/)= 8)617
XSTMG
WTIGMJMG TYVTSWI
FVEMRWXSVQMRK
GIRXVEP MHIE
KIRIVEP TYVTSWI
VIWMHYEP QIWWEKI
/I] 8IVQW
0YGEW 8LI %VX SJ 4YFPMG 7IPIGXMRK E 8STMG ERH E 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 4YVTSWI 'SQTERMIW
6):-); 59)78-327
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GSRRIGXPYGEW GSQ ;LEX JSYV FVEMRWXSVQMRK QIXLSHW GER ]SY JSPPS[ MJ ]SY EVI LEZMRK XVSYFPI
*SV JYVXLIV VIZMI[ KS XS XLI GLSSWMRK E XSTMG JSV ]SYV WTIIGL#
7XYH] 5YIWXMSRW MR XLI SRPMRI
7XYH] %MHW JSV XLMW GLETXIV ;LEX EVI XLI X[S KIRIVEP TYVTSWIW SJ QSWX GPEWWVSSQ WTIIGLIW# ,S[ HS XLI]
HMJJIV#
;L] MW HIXIVQMRMRK XLI WTIGMJMG TYVTSWI WYGL ER MQTSVXERX IEVP] WXIT MR WTIIGL
TVITEVEXMSR# ;L] MW MX MQTSVXERX XS MRGPYHI XLI EYHMIRGI MR XLI WTIGMJMG TYVTSWI
WXEXIQIRX#
;LEX EVI JMZI XMTW JSV JSVQYPEXMRK ]SYV WTIGMJMG TYVTSWI#
;LEX EVI JMZI UYIWXMSRW XS EWO EFSYX ]SYV WTIGMJMG TYVTSWI#
;LEX MW XLI HMJJIVIRGI FIX[IIR XLI WTIGMJMG TYVTSWI ERH XLI GIRXVEP MHIE SJ E
WTIIGL# ;LEX EVI JSYV KYMHIPMRIW JSV ER IJJIGXMZI GIRXVEP MHIE#
)<)6'-7)7 *36 '6-8-'%0 8,-2/-2+
9WMRK SRI SJ XLI JSYV FVEMRWXSVQMRK QIXLSHW HIWGVMFIH MR XLMW GLETXIV GSQI
YT [MXL XLVII XSTMGW ]SY QMKLX PMOI XS HIEP [MXL MR ]SYV RI\X GPEWWVSSQ WTIIGL
*SV IEGL XSTMG HIZMWI X[S TSWWMFPI WTIGMJMG TYVTSWI WXEXIQIRXW WYMXEFPI JSV XLI
WTIIGL EWWMKRQIRX 1EOI WYVI XLI WTIGMJMG TYVTSWI WXEXIQIRXW JMX XLI KYMHIPMRIW
HMWGYWWIH MR XLI GLETXIV
&IPS[ MW E PMWX SJ RMRI XSTMGW 'LSSWI XLVII ERH JSV IEGL SJ XLI XLVII GSQTSWI
X[S WTIGMJMG TYVTSWI WXEXIQIRXWhSRI WYMXEFPI JSV ER MRJSVQEXMZI WTIIGL ERH
SRI WYMXEFPI JSV E TIVWYEWMZI WTIIGL
)\EQTPI 7GLSSP FYWIW
8STMG
-RJSVQEXMZI 8S MRJSVQ Q] EYHMIRGI SJ XLI HERKIVSYW GSRHMXMSRW SJ QER] WGLSSP
FYWIW MR XLI 9RMXIH 7XEXIW
4IVWYEWMZI
8S TIVWYEHI Q] EYHMIRGI XLEX XLI JIHIVEP KSZIVRQIRX WLSYPH MQTSWI
WXVSRKIV WEJIX] WXERHEVHW JSV WGLSSP FYWIW MR XLI 9RMXIH 7XEXIW
IHYGEXMSR XIGLRSPSK] GVMQI
WTSVXW TSPMXMGW TVINYHMGI
WGMIRGI QYWMG LIEPXL
,IVI EVI WIZIVEP WTIGMJMG TYVTSWI WXEXIQIRXW JSV GPEWWVSSQ WTIIGLIW -HIRXMJ] XLI
TVSFPIQ [MXL IEGL ERH VI[VMXI XLI WXEXIQIRX XS GSVVIGX XLI TVSFPIQ
8S MRJSVQ Q] EYHMIRGI LS[ XS WMKR YT JSV *EGIFSSO
8S TIVWYEHI Q] EYHMIRGI XLEX XLI 9 7 KSZIVRQIRX WLSYPH MRGVIEWI JYRHMRK JSV
WXIQ GIPP VIWIEVGL ERH WYTTSVX XLI HIZIPSTQIRX SJ L]HVSKIR JYIP ZILMGPIW
;LEX MW ER MRHMZMHYEP VIXMVIQIRX EGGSYRX#
8S MRJSVQ Q] EYHMIRGI [L] WUYEVI KVSSZIW EVI WYTIVMSV XS 9 WLETIH KVSSZIW SR
KSPJ GPYFW
8S MRJSVQ Q] EYHMIRGI EFSYX :MIXREQ
(SREXI FPSSH
8S TIVWYEHI Q] EYHMIRGI XLEX WSQIXLMRK LEW XS FI HSRI EFSYX XLI TVSFPIQ SJ
ERXMFMSXMG VIWMWXERX FEGXIVME
',%48)6 7)0)'8-2+ % 834-' %2( % 496437)
0YGEW 8LI %VX SJ 4YFPMG 7IPIGXMRK E 8STMG ERH E 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 4YVTSWI 'SQTERMIW
&IPS[ EVI XLVII WIXW SJ QEMR TSMRXW JSV WTIIGLIW *SV IEGL WIX WYTTP] XLI KIRIVEP
TYVTSWI WTIGMJMG TYVTSWI ERH GIRXVEP MHIE
+IRIVEP 4YVTSWI
7TIGMJMG 4YVTSWI
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1EMR 4SMRXW - =SY WLSYPH WXYH] EFVSEH FIGEYWI MX [MPP IRLERGI ]SYV
TIVWSREP HIZIPSTQIRX
-- = SY WLSYPH WXYH] EFVSEH FIGEYWI MX [MPP IRLERGI ]SYV
EGEHIQMG HIZIPSTQIRX
--- =SY WLSYPH WXYH] EFVSEH FIGEYWI MX [MPP IRLERGI ]SYV GEVIIV
HIZIPSTQIRX
+IRIVEP 4YVTSWI
7TIGMJMG 4YVTSWI
'IRXVEP -HIE
1EMR 4SMRXW - 8LI JMVWX WXIT MR KIXXMRK E XEXXSS MW WLEZMRK ERH WXIVMPM^MRK
XLI WOMR
-- 8 LI WIGSRH WXIT MR KIXXMRK E XEXXSS MW SYXPMRMRK XLI HIWMKR
--- 8LI XLMVH WXIT MR KIXXMRK E XEXXSS MW ETTP]MRK TMKQIRXW XS XLI
HIWMKR
-: 8LI JSYVXL WXIT MR KIXXMRK E XEXXSS MW WXIVMPM^MRK ERH FERHEK
MRK XLI XEXXSS
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7TIGMJMG 4YVTSWI
'IRXVEP -HIE
1EMR 4SMRXW - %W E [VMXIV 8LSQEW .IJJIVWSR TIRRIH XLI (IGPEVEXMSR SJ
-RHITIRHIRGI ERH 2SXIW SR XLI 7XEXI SJ :MVKMRME
-- %W 4VIWMHIRX 8LSQEW .IJJIVWSR RIKSXMEXIH XLI 0SYMWMERE
4YVGLEWI ERH ETTVSZIH XLI 0I[MW ERH 'PEVO I\TIHMXMSR
--- %W ER EVGLMXIGX 8LSQEW .IJJIVWSR HIWMKRIH 1SRXMGIPPS ERH
XLI 9RMZIVWMX] SJ :MVKMRME
%TTP]MRK XLI 4S[IV SJ 4YFPMG 7TIEOMRK
=SYV GSQQYRMGEXMSR HIKVII LEW LIPTIH ]SY PERH E NSF EW WTSOIWTIVWSR JSV XLI
QE]SV SJ E QIHMYQ WM^IH GMX] SR XLI ;IWX 'SEWX % ]IEV EJXIV WXEVXMRK XLI NSF ]SY
EVI WIPIGXIH XS SVKERM^I ER MRJSVQEXMSR GEQTEMKR I\TPEMRMRK XLI FIRIJMXW SJ E RI[
]SYXL GIRXIV TVSTSWIH F] XLI QE]SV
8S PEYRGL XLMW GEQTEMKR ]SYtZI HIGMHIH XS LSPH E RI[W FVMIJMRK EX XLI IRH SJ
XLI [IIO 8S STIR XLI FVMIJMRK ]SY [MPP TVIWIRX E WLSVX WIX SJ GSQQIRXW SR XLI
QE]SVtW MRMXMEXMZI =SY HIGMHI XS JSGYW SR JSYV FIRIJMXW SJ XLI ]SYXL GIRXIV
-X
[MPP SJJIV E VERKI SJ EGXMZMXMIWhJVSQ WTSVXW XS XLI EVXWhMR E WEJI IRZMVSRQIRX
-X [MPP TVSZMHI WSGMEP RIX[SVOW JSV ]SYXLW JVSQ EPP [EPOW SJ PMJI
-X [MPP STIVEXI
QSWX LSYVW SJ XLI HE] ERH RMKLX
-X [MPP FI JVII ERH STIR XS IZIV]SRI
*SPPS[MRK XLI JSVQEX YWIH MR XLMW GLETXIV WXEXI XLI KIRIVEP TYVTSWI WTIGMJMG
TYVTSWI GIRXVEP MHIE ERH QEMR TSMRXW SJ ]SYV GSQQIRXW
%TTP]MRK XLI 4S[IV SJ 4YFPMG 7TIEOMRK
0YGEW 8LI %VX SJ 4YFPMG %REP]^MRK XLI %YHMIRGI 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
%REP]^MRK XLI %YHMIRGI
%YHMIRGI 'IRXIVIHRIWW
=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
0YGEW 8LI %VX SJ 4YFPMG %REP]^MRK XLI %YHMIRGI 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
0YGEW 8LI %VX SJ 4YFPMG %REP]^MRK XLI %YHMIRGI 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
GSRRIGXPYGEW GSQ -R XLI QMHWX SJ XLI LIEXIH GEQTEMKR JSV XLI (IQSGVEXMG TVIWMHIRXMEP RSQMREXMSR
:MI[ ER I\GIVTX JVSQ &EVEGO &EVEGO 3FEQE JEGIH SRI SJ XLI FMKKIWX GLEPPIRKIW SJ LMW TSPMXMGEP GEVIIV ,MW JSVQIV QMR
3FEQEtW q% 1SVI 4IVJIGX MWXIV .IVIQMEL ;VMKLX LEH QEHI GSRXVSZIVWMEP VEGMEPP] GLEVKIH GSQQIRXW XLEX GMVGYPEXIH
9RMSRr MR XLI SRPMRI 1IHME [MHIP] MR XLI REXMSREP QIHME 7YHHIRP] 3FEQE [EW JSVGIH XS HIEP [MXL ;VMKLXtW VIQEVOW
0MFVEV] JSV XLMW GLETXIV :MHIS XLI MWWYI SJ VEGI MR %QIVMGE ERH XLI JYXYVI SJ LMW TVIWMHIRXMEP GEQTEMKR -R HSMRK WS LI LEH
'PMT
XS EHHVIWW QYPXMTPI EYHMIRGIW MRGPYHMRK XLI [LMXI GSQQYRMX] XLI FPEGO GSQQYRMX] LMW WYT
TSVXIVW FEGOIVW SJ VMZEP ,MPPEV] 'PMRXSR YRHIGMHIH ZSXIVW ERH XLI REXMSR MR KIRIVEP
3R 1EVGL 3FEQE WTSOI SR REXMSREP XIPIZMWMSR JVSQ 4LMPEHIPTLME XLI FMVXL
TPEGI SJ XLI %QIVMGER VITYFPMG ;IPP E[EVI SJ XLI WMXYEXMSR LI JEGIH LI GVEJXIH E WTIIGL XLEX
HIEPX XLSYKLXJYPP] [MXL XLI GSRGIVRW SJ LMW ZEVMSYW EYHMIRGIW [LMPI WXVIWWMRK XLI JYRHEQIRXEP
YRMX] SJ XLI %QIVMGER TISTPI 3RP] F] [SVOMRK XSKIXLIV LI WEMH GER [I qQSZI FI]SRH
WSQI SJ SYV SPH VEGMEP [SYRHW ERH GSRXMRYI SR XLI TEXL SJ E QSVI TIVJIGX YRMSR r
8LI WTIIGL KEVRIVIH EPQSWX YRMZIVWEP TVEMWI EGVSWW XLI TSPMXMGEP WTIGXVYQ 3FEQE [EW
LEMPIH JSV LMW GETEGMX] XS qPIEH TYFPMG STMRMSRr F] I\TPEMRMRK MWWYIW qWS FSXL WMHIW GER WII
IEGL SXLIVtW TSMRX SJ ZMI[ r ,I TYWLIH XLI REXMSR qXS QSZI FI]SRH VEGI ERH KIRHIV
FI]SRH (IQSGVEX ERH 6ITYFPMGER FI]SRH TSPMXMGW ERH MRXS VIZMZMRK XLI WTMVMX SJ XLI REXMSR
MXWIPJ r -X [EW F] ER] QIEWYVI E WXVMOMRK EGLMIZIQIRX
%YHMIRGI 'IRXIVIHRIWW
EYHMIRGI GIRXIVIHRIWW 3FEQEtW WTIIGL TSMRXW YT ER MQTSVXERX JEGX +SSH TYFPMG WTIEOIVW EVI EYHMIRGI
/IITMRK XLI EYHMIRGI JSVIQSWX GIRXIVIH 8LI] ORS[ XLI TVMQEV] TYVTSWI SJ WTIIGLQEOMRK MW RSX XS FVS[FIEX
MR QMRH EX IZIV] WXIT SJ WTIIGL XLI EYHMIRGI SV XS FPS[ SJJ WXIEQ 6EXLIV MX MW XS KEMR E HIWMVIH VIWTSRWI JVSQ
TVITEVEXMSR ERH TVIWIRXEXMSR PMWXIRIVW &EVEGO 3FEQEtW TYVTSWI MR LMW WTIIGL [EW XS KEMR E JEZSVEFPI
VIWTSRWI JVSQ XLI QENSV KVSYTW MR LMW EYHMIRGI ,I HMH XLEX F] TVIWIRXMRK
LMQWIPJ ERH LMW MHIEW MR [E]W XLEX GSRRIGXIH [MXL XLI EYHMIRGItW KSEPW ZEPYIW
ERH FIPMIJW
&IMRK EYHMIRGI GIRXIVIH HSIW RSX MRZSPZI GSQTVSQMWMRK ]SYV FIPMIJW XS KIX
E JEZSVEFPI VIWTSRWI 2SV HSIW MX QIER YWMRK HIZMSYW YRIXLMGEP XEGXMGW XS
EGLMIZI ]SYV KSEP %W HMH &EVEGO 3FEQE ]SY GER VIQEMR XVYI XS ]SYVWIPJ ERH
WTIEO IXLMGEPP] [LMPI EHETXMRK ]SYV QIWWEKI XS XLI RIIHW SJ ]SYV PMWXIRIVW
8S FI EYHMIRGI GIRXIVIH ]SY RIIH XS OIIT WIZIVEP UYIWXMSRW MR QMRH [LIR
]SY [SVO SR ]SYV WTIIGLIW
8S [LSQ EQ - WTIEOMRK#
;LEX HS - [ERX XLIQ XS ORS[ FIPMIZI SV HS EW E VIWYPX SJ Q] WTIIGL#
;LEX MW XLI QSWX IJJIGXMZI [E] SJ GSQTSWMRK ERH TVIWIRXMRK Q] WTIIGL
XS EGGSQTPMWL XLEX EMQ#
8LI ERW[IVW XS XLIWI UYIWXMSRW [MPP MRJPYIRGI IZIV] HIGMWMSR ]SY QEOI EPSRK
XLI [E]hWIPIGXMRK E XSTMG HIXIVQMRMRK E WTIGMJMG TYVTSWI WIXXPMRK SR ]SYV
QEMR TSMRXW ERH WYTTSVXMRK QEXIVMEPW SVKERM^MRK XLI QIWWEKI ERH JMREPP]
HIPMZIVMRK XLI WTIIGL
-R QER] [E]W EHETXMRK XS ER EYHMIRGI HYVMRK E TYFPMG WTIIGL MW RSX QYGL
HMJJIVIRX JVSQ [LEX ]SY HS MR ]SYV HEMP] WSGMEP GSRXEGXW *I[ TISTPI [SYPH
[EPO MRXS E TEVX] ERH ERRSYRGI q=SY ORS[ XLSWI TISTPI TVSXIWXMRK EX XLI
EHQMRMWXVEXMSR FYMPHMRK EVI [E] SZIV XLI IHKI r
4ISTPI YWYEPP] TVIJIV XS STIR GSRXVSZIVWMEP XSTMGW [MXL E JEMVP] RSRGSQQMX
XEP TSWMXMSR =SY QMKLX WE] q;LEXtW KSMRK SR EX XLI EHQMRMWXVEXMSR FYMPHMRK#r
',%48)6 %2%0=>-2+ 8,) %9(-)2')
0YGEW 8LI %VX SJ 4YFPMG %REP]^MRK XLI %YHMIRGI 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
8LIR [LIR ]SY LEZI LIEVH ERH TVSGIWWIH ]SYV GSQTERMSRtW VIWTSRWI ]SY GER MHIRXMJMGEXMSR
TVIWIRX ]SYV TSWMXMSR EGGSVHMRKP] =SY HSRtX LEZI XS EKVII [MXL E ZMI[TSMRX % TVSGIWW MR [LMGL WTIEOIVW
HMJJIVIRX JVSQ ]SYV S[R FYX RIMXLIV HS ]SY LEZI XS LMX ]SYV PMWXIRIVW SZIV XLI WIIO XS GVIEXI E FSRH [MXL XLI
LIEH [MXL ]SYV S[R STMRMSR
EYHMIRGI F] IQTLEWM^MRK
GSQQSR ZEPYIW KSEPW ERH
)JJIGXMZI WTIEOIVW WIIO XS GVIEXI E FSRH [MXL XLIMV PMWXIRIVW F] IQTLEWM^MRK I\TIVMIRGIW
GSQQSR ZEPYIW KSEPW ERH I\TIVMIRGIW 'SQQYRMGEXMSR WGLSPEVW GEPP XLMW
TVSGIWW MHIRXMJMGEXMSR &EVEGO 3FEQE GVIEXIH MHIRXMJMGEXMSR [MXL LMW EYHMIRGI F]
WLS[MRK LS[ LMW TIVWSREP I\TIVMIRGI VIJPIGXIH FSXL %QIVMGEtW XVSYFPIH VEGMEP
LMWXSV] ERH XLI TVSQMWI SJ E FVMKLXIV XSQSVVS[ q;I QE] RSX PSSO XLI WEQI
ERH [I QE] RSX LEZI GSQI JVSQ XLI WEQI TPEGI r LI WXEXIH qFYX [I EPP [ERX
XS QSZI MR XLI WEQI HMVIGXMSRhXS[EVHW E FIXXIV JYXYVI JSV SYV GLMPHVIR ERH
SYV KVERHGLMPHVIR r
;LIR ]SY QEOI E WTIIGL IMXLIV MR GPEWW SV MR WSQI SXLIV JSVYQ OIIT MR
QMRH XLI RIIH XS FI EYHMIRGI GIRXIVIH 8LMRO MR EHZERGI EFSYX ]SYV PMWXIRIVWt
FEGOKVSYRH ERH MRXIVIWXW EFSYX XLIMV PIZIP SJ ORS[PIHKI VIKEVHMRK XLI WTIIGL
XSTMG ERH EFSYX XLIMV EXXMXYHIW VIKEVHMRK ]SYV WXERGI SR XLI XSTMG %W ]SY
HIZIPST XLI WTIIGL [SVO SR I\TPEMRMRK ]SYV MHIEW WS XLI] [MPP FI GPIEV MRXIV
IWXMRK ERH TIVWYEWMZI XS XLI EYHMIRGI
%X XLMW TSMRX ]SY QE] FI RSHHMRK ]SYV LIEH ERH WE]MRK q3J GSYVWI
IZIV]SRI ORS[W XLEX -XtW SRP] GSQQSR WIRWI r &YX ORS[MRK E TVIGITX ERH
TYXXMRK MX MRXS TVEGXMGI EVI X[S HMJJIVIRX QEXXIVW 8LI EMQ SJ XLMW GLETXIV MW XS
MRXVSHYGI XLI FEWMG TVMRGMTPIW SJ EYHMIRGI EREP]WMW ERH EHETXMSR 'LETXIVW
i [MPP HIEP [MXL XLSWI JIEXYVIW SJ EYHMIRGI EREP]WMW YRMUYI XS MRJSVQEXMZI
ERH TIVWYEWMZI WTIEOMRK
=SYV 'PEWWQEXIW EW ER %YHMIRGI
8LIVI MW E XIRHIRG]hEQSRK WXYHIRXW ERH XIEGLIVW EPMOIhXS ZMI[ XLI GPEWW
VSSQ EW ER EVXMJMGMEP WTIEOMRK WMXYEXMSR -R E [E] MX MW =SYV WTIIGL GPEWW MW E
XIWXMRK KVSYRH [LIVI ]SY GER HIZIPST ]SYV GSQQYRMGEXMSR WOMPPW FIJSVI ETTP]
MRK XLIQ SYXWMHI XLI GPEWWVSSQ 8LI QSWX WIVMSYW QIEWYVI SJ WYGGIWW SV JEMPYVI
MW ]SYV KVEHI ERH XLEX MW HIXIVQMRIH YPXMQEXIP] F] ]SYV XIEGLIV
&IGEYWI SJ XLMW MX MW IEW] XS PSWI WMKLX SJ ]SYV JIPPS[ WXYHIRXW EW ER EYXLIR
XMG EYHMIRGI &YX IEGL SJ ]SYV GPEWWQEXIW MW E VIEP TIVWSR [MXL VIEP MHIEW EXXM
XYHIW ERH JIIPMRKW =SYV WTIIGL GPEWW SJJIVW ER IRSVQSYW STTSVXYRMX] XS
MRJSVQ ERH TIVWYEHI SXLIV TISTPI %W SRI WXYHIRX [VSXI SR LIV IZEPYEXMSR
JSVQ EX XLI IRH SJ LIV WTIIGL GPEWW q- XLSYKLX XLI WTIIGLIW [SYPH EPP FI
TLSR] FYX XLI] [IVIRtX -tZI RSX SRP] PIEVRIH E PSX EFSYX WTIEOMRKh-tZI
PIEVRIH E PSX EFSYX SXLIV XLMRKW JVSQ PMWXIRMRK XS XLI WTIIGLIW MR GPEWW r
8LI FIWX GPEWWVSSQ WTIIGLIW EVI XLSWI XLEX XEOI XLI GPEWWVSSQ EYHMIRGI EW
WIVMSYWP] EW E PE[]IV E TSPMXMGMER E QMRMWXIV SV ER EHZIVXMWIV XEOIW ER EYHMIRGI
=SY WLSYPH GSRWMHIV IZIV] EYHMIRGIhMRWMHI XLI GPEWWVSSQ ERH SYXhEW [SVXL]
SJ ]SYV FIWX IJJSVXW XS GSQQYRMGEXI ]SYV ORS[PIHKI SV GSRZMGXMSRW %X XLI
PIEWX ]SY WLS[ VIWTIGX JSV ]SYV PMWXIRIVW %X XLI QSWX ]SY GSYPH QEOI E VIEP
HMJJIVIRGI MR XLIMV PMZIW 8LI JSPPS[MRK WXSV] HIQSRWXVEXIW XLI PEXXIV
'V]WXEP ;EXOMRW KEZI ER MRJSVQEXMZI WTIIGL SR XLI WYFNIGX SJ WQEPP GPEMQW GSYVX
[LIVI SVHMREV] TISTPI GER TVIWW PE[WYMXW MRZSPZMRK YT XS [MXLSYX PE[]IVW 4EVX SJ
LIV WTIIGL [IRX PMOI XLMW q-XtW X[S [IIOW EJXIV ]SY LEZI QSZIH MRXS E RI[ ETEVXQIRX %
PIXXIV EVVMZIW JVSQ ]SYV SPH PERHPSVH )\TIGXMRK XS KIX FEGO ]SYV WIGYVMX] HITSWMX ]SY
=SYV 'PEWWQEXIW EW ER %YHMIRGI
0YGEW 8LI %VX SJ 4YFPMG %REP]^MRK XLI %YHMIRGI 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
NS]JYPP] XIEV STIR XLI IRZIPSTI -RWMHI MW E JSVQ PIXXIV I\TPEMRMRK [L] ]SYV WIGYVMX] HI
TSWMX MW RSX FIMRK VIJYRHIH ;LEX GER ]SY HS EFSYX MX# 2SXLMRK VMKLX# ;VSRK =SY GER
JMPI E GPEMQ MR WQEPP GPEMQW GSYVX r
0II 'EPPE[E] SRI SJ 'V]WXEPtW GPEWWQEXIW TEMH GPSWI EXXIRXMSR %X XLI IRH SJ XLI TVI
ZMSYW XIVQ LI LEH VYR MRXS E WMXYEXMSR NYWX PMOI XLI SRI 'V]WXEP HIWGVMFIH 2SX LEZMRK
QSRI] XS LMVI E PE[]IV LI EWWYQIH LI [SYPH LEZI XS JSVJIMX LMW WIGYVMX] HITSWMX &YX RS[
EW LI PMWXIRIH XS 'V]WXEPtW WTIIGL 0II HIGMHIH LI [SYPH XV] XS KIX LMW QSRI] FEGO MR WQEPP
GPEMQW GSYVX ,I JMPIH WYMX XLI RI\X [IIO ERH [MXLMR E QSRXL LI LEH LMW QSRI] FEGOh
XLEROW MR TEVX XS LMW GPEWWQEXItW WTIIGL
1SWX SJ ]SYV GPEWWVSSQ WTIIGLIW [SRtX LEZI XLMW QYGL MQQIHMEXI MQTEGX
2IZIVXLIPIWW ER] XSTMG XLEX ]SY LERHPI GSRWGMIRXMSYWP] GER MRJPYIRGI ]SYV
PMWXIRIVWhGER IRVMGL XLIMV I\TIVMIRGI FVSEHIR XLIMV ORS[PIHKI TIVLETW
GLERKI XLIMV ZMI[W EFSYX WSQIXLMRK MQTSVXERX
8LI 4W]GLSPSK] SJ %YHMIRGIW
IKSGIRXVMWQ ;LEX HS ]SY HS [LIR ]SY PMWXIR XS E WTIIGL# 7SQIXMQIW ]SY TE] GPSWI EXXIR
8LI XIRHIRG] SJ TISTPI XS FI XMSR EX SXLIV XMQIW ]SY PIX ]SYV XLSYKLXW [ERHIV 4ISTPI QE] FI GSQTIPPIH XS
GSRGIVRIH EFSZI EPP [MXL XLIMV EXXIRH E WTIIGL FYX RS SRI GER QEOI XLIQ PMWXIR 8LI WTIEOIV QYWX QEOI XLI
S[R ZEPYIW FIPMIJW ERH [IPP EYHMIRGI G LSSWI XS TE] EXXIRXMSR
FIMRK
)ZIR [LIR TISTPI HS TE] EXXIRXMSR XLI] HSRtX TVSGIWW E WTIEOIVtW QIW
WEKI I\EGXP] EW XLI WTIEOIV MRXIRHW %YHMXSV] TIVGITXMSR MW EP[E]W WIPIGXMZI
)ZIV] WTIIGL GSRXEMRW X[S QIWWEKIWhXLI SRI WIRX F] XLI WTIEOIV ERH XLI
SRI VIGIMZIH F] XLI PMWXIRIV %W [I WE[ MR 'LETXIV [LEX E WTIEOIV WE]W MW
JMPXIVIH XLVSYKL E PMWXIRIVtW JVEQI SJ VIJIVIRGIhXLI WYQ SJ LIV SV LMW RIIHW
MRXIVIWXW I\TIGXEXMSRW ORS[PIHKI ERH I\TIVMIRGI %W E VIWYPX [I PMWXIR ERH
VIWTSRH XS WTIIGLIW RSX EW XLI] EVI FYX EW [I EVI 3V XS FSVVS[ JVSQ 4EYP
7MQSRtW GPEWWMG WSRK q8LI &S\IV r TISTPI LIEV [LEX XLI] [ERX XS LIEV ERH
HMWVIKEVH XLI VIWX
;LEX HS TISTPI [ERX XS LIEV# :IV] WMQTP] XLI] YWYEPP] [ERX XS LIEV
EFSYX XLMRKW XLEX EVI QIERMRKJYP XS XLIQ 4ISTPI EVI IKSGIRXVMG 8LI] TE] GPSW
IWX EXXIRXMSR XS QIWWEKIW XLEX EJJIGX XLIMV S[R ZEPYIW FIPMIJW ERH [IPP FIMRK
0MWXIRIVW ETTVSEGL WTIIGLIW [MXL SRI UYIWXMSR YTTIVQSWX MR QMRH q;L] MW
XLMW MQTSVXERX XS QI#r %W ,EVV] )QIVWSR *SWHMGO XLI KVIEX TVIEGLIV SRGI
WEMH q8LIVI MW RSXLMRK XLEX TISTPI EVI WS MRXIVIWXIH MR EW XLIQWIPZIW XLIMV S[R
TVSFPIQW ERH XLI [E] XS WSPZI XLIQ 8LEX JEGX MW XLI TVMQEV] WXEVXMRK TSMRX
SJ EPP WYGGIWWJYP TYFPMG WTIEOMRK r
;LEX HS XLIWI TW]GLSPSKMGEP TVMRGMTPIW QIER XS ]SY EW E WTIEOIV# *MVWX
XLI] QIER ]SYV PMWXIRIVW [MPP LIEV ERH NYHKI [LEX ]SY WE] SR XLI FEWMW SJ [LEX
XLI] EPVIEH] ORS[ ERH FIPMIZI 7IGSRH XLI] QIER ]SY QYWX VIPEXI ]SYV QIW
WEKI XS ]SYV PMWXIRIVWhWLS[ LS[ MX TIVXEMRW XS XLIQ I\TPEMR [L] XLI] WLSYPH
GEVI EFSYX MX EW QYGL EW ]SY HS ,IVItW ER I\EQTPI
% VIGIRX KVEHYEXI SJ E PEVKI WXEXI YRMZIVWMX] 2ESQM 7TVMRKIV MW RS[ ER EHQMWWMSRW
GSYRWIPSV JSV XLI WEQI WGLSSP 4EVX SJ LIV NSF MW XS XVEZIP XS LMKL WGLSSPW EVSYRH XLI WXEXI
ERH IRGSYVEKI WXYHIRXW XS ETTP] XS XLI YRMZIVWMX]
6IGIRXP] 2ESQM EHHVIWWIH E KVSYT SJ TSXIRXMEP WXYHIRXW ERH XLIMV TEVIRXW EX ;IWX
6SGO ,MKL 7GLSSP QMPIW RSVXL SJ GEQTYW %W YWYEP WLI I\TPEMRIH XLI YRMZIVWMX]tW
',%48)6 %2%0=>-2+ 8,) %9(-)2')
0YGEW 8LI %VX SJ 4YFPMG %REP]^MRK XLI %YHMIRGI 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
+SSH WTIEOIVW EVI EYHMIRGI
GIRXIVIH ;LIXLIV WTIEOMRK
JSVQEPP] SV MRJSVQEPP] XLI]
PSSO JSV GVIEXMZI [E]W XS GSQ
QYRMGEXI XLIMV MHIEW ERH OIIT
XLIMV EYHMIRGItW EXXIRXMSR
[SVPH GPEWW GSQTYXIV JEGMPMXMIW TVIWXMKMSYW JEGYPX] ERH [IPP JYRHIH PMFVEVMIW ,IV EYHM
IRGI LS[IZIV WIIQIH VIWXPIWW ERH PIWW EXXIRXMZI XLER YWYEP ;LIR WLI STIRIH XLI JPSSV
JSV UYIWXMSRW MQQIHMEXIP] SRI SJ XLI TEVIRXW VEMWIH LMW LERH q=SYV JEGMPMXMIW EPP WIIQ
MQTVIWWMZI r LI WEMH qFYX [LEX EVI ]SY HSMRK XS OIIT SYV OMHW LIEPXL]#r
2ESQM ORI[ [LEX XLI TEVIRX [EW XEPOMRK EFSYX % QSRXL IEVPMIV XLVII WXYHIRXW MR
XLI HSVQW LEH GSRXVEGXIH FEGXIVMEP QIRMRKMXMW 8LI MPPRIWWIW VIGIMZIH REXMSREP QIHME EXXIR
XMSR ERH WTEVOIH HIFEXI SZIV WXYHIRX LIEPXL ERH XLI YRMZIVWMX]tW VIWTSRWMFMPMXMIW 2ESQM
EWWYVIH LIV EYHMIRGI XLEX XLI YRMZIVWMX] [EW XEOMRK EPP ETTVSTVMEXI QIEWYVIW XS HIEP [MXL
XLI WMXYEXMSR FYX WLI ORI[ WLI [SYPH RIIH XS QEOI WSQI GLERKIW FIJSVI LIV RI\X TVI
WIRXEXMSR
% [IIO PEXIV EX ERSXLIV LMKL WGLSSP 2ESQM FIKER LIV WTIIGL F] XEGOPMRK XLI
WXYHIRX LIEPXL MWWYI LIEH SR q*SV RS[ r WLI WEMH q-tQ KSMRK XS VYWL TEWX SYV [SVPH
GPEWW GSQTYXIV JEGMPMXMIW TVIWXMKMSYW JEGYPX] ERH WIGSRH XS RSRI PMFVEVMIW ERH KIX
VMKLX XS [LEX - ORS[ MW SR EPP SJ ]SYV QMRHW 0IX QI FIKMR F] HIWGVMFMRK [LEX LET
TIRIH PEWX QSRXL ERH XLIR -tPP I\TPEMR [LEX [ItVI HSMRK XS OIIT WXYHIRXW LIEPXL] ERH
WEJI r -R E JI[ QSQIRXW WLI LEH IZIV]SRItW EXXIRXMSR ERH LIV WTIIGL [EW SJJ XS E
KVIEX WXEVX
%W 2ESQMtW I\TIVMIRGI WLS[W ]SY RIIH WSQI KVEWT SJ [LEX ]SYV PMWXIRIVW
ORS[ FIPMIZI ERH GEVI EFSYX %W 7EYP %PMROW] XLI RSXIH GSQQYRMX] SVKE
RM^IV EHZMWIW q4ISTPI SRP] YRHIVWXERH XLMRKW MR XIVQW SJ XLIMV I\TIVMIRGI r
[LMGL QIERW XLEX XS GSQQYRMGEXI [MXL XLIQ q]SY QYWX KIX MRWMHI XLIMV I\TI
VMIRGI r
3J GSYVWI ]SY GERtX EGXYEPP] KIX MRWMHI ERSXLIV TIVWSRtW I\TIVMIRGI &YX
]SY GER PIEVR IRSYKL EFSYX ]SYV EYHMIRGI XS ORS[ [LEX ]SY WLSYPH HS XS
QEOI ]SYV MHIEW GPIEV ERH QIERMRKJYP ,S[ ]SY GER HS XLMW MW SYV RI\X
XSTMG
8LI 4W]GLSPSK] SJ %YHMIRGIW
0YGEW 8LI %VX SJ 4YFPMG %REP]^MRK XLI %YHMIRGI 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
(IQSKVETLMG %YHMIRGI %REP]WMW
HIQSKVETLMG EYHMIRGI 3RI SJ XLI [E]W WTIEOIVW EREP]^I EYHMIRGIW MW F] PSSOMRK EX HIQSKVETLMG XVEMXW
EREP]WMW WYGL EW EKI KIRHIV WI\YEP SVMIRXEXMSR VIPMKMSR KVSYT QIQFIVWLMT VEGMEP
%YHMIRGI EREP]WMW XLEX JSGYWIW IXLRMG SV GYPXYVEP FEGOKVSYRH ERH XLI PMOI 8LMW MW GEPPIH HIQSKVETLMG EYHMIRGI
SR HIQSKVETLMG JEGXSVW WYGL EW EREP]WMW -X GSRWMWXW SJ X[S WXITW
MHIRXMJ]MRK XLI KIRIVEP HIQSKVETLMG JIE
EKI KIRHIV VIPMKMSR WI\YEP XYVIW SJ ]SYV EYHMIRGI ERH
KEYKMRK XLI MQTSVXERGI SJ XLSWI JIEXYVIW XS E
SVMIRXEXMSR KVSYT QIQFIVWLMT TEVXMGYPEV WTIEOMRK WMXYEXMSR
ERH VEGMEP IXLRMG SV GYPXYVEP
FEGOKVSYRH ;LMPI HIQSKVETLMG EYHMIRGI EREP]WMW GER FI E YWIJYP XSSP MR YRHIVWXERH
MRK ]SYV EYHMIRGI PMOI EPP XSSPW MX GER FI YWIH MQTVSTIVP] ;LIR EREP]^MRK
WXIVISX]TMRK HIQSKVETLMG MRJSVQEXMSR EFSYX ]SYV EYHMIRGI MX MW IWWIRXMEP XLEX ]SY EZSMH
'VIEXMRK ER SZIVWMQTPMJMIH WXIVISX]TMRK 7XIVISX]TMRK MRZSPZIW GVIEXMRK ER SZIVWMQTPMJMIH MQEKI SJ E TEV
MQEKI SJ E TEVXMGYPEV KVSYT SJ XMGYPEV KVSYT SJ TISTPI YWYEPP] F] EWWYQMRK XLEX EPP QIQFIVW SJ XLI KVSYT EVI
TISTPI YWYEPP] F] EWWYQMRK EPMOI )\EQTPIW SJ WXIVISX]TMRK MRGPYHI XLI IVVSRISYW RSXMSRW XLEX EPP %JVMGER
XLEX EPP QIQFIVW SJ XLI KVSYT %QIVMGERW EVI EXLPIXMG SV XLEX EPP %WMERW I\GIP MR WGMIRGI 0SSOMRK EX HIQS
EVI EPMOI KVETLMG JEGXSVW GER TVSZMHI MQTSVXERX GPYIW EFSYX ]SYV EYHMIRGI FYX ]SY QYWX
YWI XLSWI JEGXSVW TVYHIRXP] ERH VIWTSRWMFP]
-R EHHMXMSR EW [I WLEPP WII PEXIV MR XLMW GLETXIV ]SY WLSYPH EP[E]W GSQ
FMRI ]SYV HIQSKVETLMG EYHMIRGI EREP]WMW [MXL WMXYEXMSREP EYHMIRGI EREP]WMW
8LI MQTSVXERGI SJ ER] KMZIR HIQSKVETLMG JEGXSV [MPP ZEV] JVSQ EYHMIRGI XS
EYHMIRGI HITIRHMRK SR XLI SGGEWMSR ERH XLI WTIIGL XSTMG -J ]SY OIIT XLMW MR
QMRH HIQSKVETLMG EREP]WMW GER FI E ZEPYEFPI WXEVXMRK TSMRX MR KEYKMRK ]SYV
EYHMIRGItW FEGOKVSYRH MRXIVIWXW ZEPYIW ERH FIPMIJW ,IVI EVI E JI[ SJ XLI
QENSV HIQSKVETLMG JEGXSVW ]SY WLSYPH GSRWMHIV
%+)
%VI ]SY E QIQFIV SJ +IRIVEXMSR <# +IRIVEXMSR =# +IRIVEXMSR /# %VI ]SY
X[IRX] WSQIXLMRK SV XLMVX] WSQIXLMRK# 8S WSQI I\XIRX SJ GSYVWI XLIWI EVI
QIVIP] PEFIPW 8LIVI MW RS KIRIVEXMSR MR [LMGL IZIV]SRI XLMROW EPMOI FY]W
XLI WEQI TVSHYGXW SV ZSXIW JSV XLI WEQI TSPMXMGEP GERHMHEXIW =IX EW %VMWXSXPI
RSXIH EPQSWX ]IEVW EKS ERH EW VIWIEVGLIVW LEZI GSRJMVQIH QER] XMQIW
WMRGI JI[ XLMRKW EJJIGX E TIVWSRtW SYXPSSO QSVI XLER LMW SV LIV EKI )EGL
KIRIVEXMSR LEW QSVI SV PIWW GSQQSR ZEPYIW ERH I\TIVMIRGIW XLEX WIX MX ETEVX
JVSQ SXLIV KIRIVEXMSRW ;LEXIZIV ]SYV EKI ]SY EVI E TVSHYGX SJ ]SYV
[SVPH
=SY GER WII [LEX XLMW QIERW JSV ]SYV WTIIGLIW 7YTTSWI ]SY EHHVIWW ER
EYHMIRGI SJ SPHIV TISTPI -J ]SY VIJIV XS /E]RI ;IWX 0MP ;E]RI SV 6MLERRE
]SYV EYHMIRGI QE] LEZI RS MHIE [LS ]SY QIER 7MQMPEVP] MJ ]SY WTIEO XS ER
EYHMIRGI SJ ]SYRK EHYPXW ERH GEWYEPP] QIRXMSR XLI 8IX SJJIRWMZI ER MQTSV
XERX GEQTEMKR SJ XLI :MIXREQ ;EV
XLI] QE] RSX ORS[ [LEX ]SY EVI XEPOMRK
EFSYX )ZIR MJ ]SYRKIV PMWXIRIVW HS VIGSKRM^I XLI REQI MX [MPP RSX TVSHYGI XLI
WEQI IQSXMSREP EWWSGMEXMSRW EW MR TISTPI [LS PMZIH XLVSYKL XLI [EV MR
:MIXREQ
(ITIRHMRK SR XLI GSQTSWMXMSR SJ ]SYV WTIIGL GPEWW ]SY QE] JEGI ER EYHM
IRGI XLEX MW QSWXP] MR XLIMV PEXI XIIRW ERH IEVP] X[IRXMIW -J WS ]SY GER EWWYQI
E GSQQSR PIZIP SJ EKI I\TIVMIRGI 3R XLI SXLIV LERH TIVGIRX SJ GSPPIKI
WXYHIRXW XSHE] EVI EKI SV SPHIV ERH QER] GPEWWVSSQW MRGPYHI WXYHIRXW MR
XLIMV XLMVXMIW JSVXMIW JMJXMIW ERH FI]SRH =SY QE] XLIR LEZI XS XEGOPI X[S SV
XLVII KIRIVEXMSRW 8LMW [MPP KMZI ]SY KSSH TVEGXMGI JSV WTIIGLIW SYXWMHI XLI
GPEWWVSSQ [LIVI EKI MW YWYEPP] E QENSV JEGXSV MR EYHMIRGI EREP]WMW
',%48)6 %2%0=>-2+ 8,) %9(-)2')
0YGEW 8LI %VX SJ 4YFPMG %REP]^MRK XLI %YHMIRGI 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
+)2()6
&IR %TTPIF] [EW WYVI LI LEH HSRI [IPP MR LMW MRXIVZMI[W JSV E TSWMXMSR EW E WEPIW VITVIWIR
XEXMZI [MXL E QENSV TLEVQEGIYXMGEP GSQTER] 8LI LMVMRK GSQQMXXII XLSYKLX WS XSS ERH
XLI] MRZMXIH LMQ FEGO JSV E JMREP MRXIVZMI[ [LIVI LI [SYPH TVIWIRX E XLVII QMRYXI WTIIGL
I\TPEMRMRK [L] LI [EW XLI FIWX TIVWSR JSV XLI NSF -J &IR [EW KSMRK XS WIPP XLI GSQTER]tW
TVSHYGXW XLI GSQQMXXII ORI[ LI [SYPH RIIH WXVSRK TVIWIRXEXMSR WOMPPW
(YVMRK LMW WTIIGL &IR XEPOIH EFSYX LMW UYEPMJMGEXMSRW LMW [SVO IXLMG ERH [L] LI
[SYPH FI E ZEPYEFPI EHHMXMSR XS XLI GSQTER] -R GSRGPYHMRK LI WEMH q1] EMQ [MPP FI XS
QEOI WYVI TL]WMGMERW EVI XLSVSYKLP] MRJSVQIH EFSYX XLI FIRIJMXW SJ SYV TVSHYGXW 8LI
HSGXSV [MPP LEZI EPP XLI MRJSVQEXMSR LI RIIHW XS QEOI WYVI LMW TEXMIRXW KIX XLI FIWX QIHM
GEXMSRW EZEMPEFPI -X [SYPH FI ER LSRSV XS [SVO JSV XLMW GSQTER] ERH XS ORS[ - EQ QEOMRK
E WQEPP GSRXVMFYXMSR XS LIPTMRK XLI HSGXSV HS XLI FIWX LI GER JSV LMW TEXMIRXW r
;LIR LI JMRMWLIH XLI GSQQMXXII ETTPEYHIH FYX E GSYTPI QIQFIVW WIIQIH PIWW
IRXLYWMEWXMG XLER &IR LEH LSTIH 8LI JSPPS[MRK [IIO LI JSYRH SYX [L] 8LI GLEMV SJ XLI
GSQQMXXII GEPPIH XS XIPP LMQ XLEX LI KSX XLI NSF &YX WLI EHHIH E [SVH SJ GEYXMSR q;I
PSZIH ]SYV TVIWIRXEXMSR FYX [I [ERX XS VIQMRH ]SY XS FI GEVIJYP EFSYX LS[ ]SY VIJIV XS
SYV GYWXSQIVW 1SVI XLER TIVGIRX SJ EPP HSGXSVW EVI [SQIR ERH MR JMIPHW WYGL EW TIHM
EXVMGW XLI RYQFIV MW SZIV TIVGIRX 8LI JIQEPI HSGXSVW ]SYtPP FI GEPPMRK SR [SYPH FI ZIV]
WYVTVMWIH XS FI VIJIVVIH XS EW LI r
%W &IR VIEPM^IH LI [EW JSVXYREXI XLEX XLI LMVMRK GSQQMXXII XLSYKLX
IRSYKL SJ LMQ XS KMZI LMQ XLI NSF HIWTMXI LMW KEJJI :SGEXMSREP HMWXMRGXMSRW
FIX[IIR XLI WI\IW LEZI FIIR IVSHMRK JSV QER] ]IEVW ;SQIR [SVO EW HSG
XSVW VYR GSVTSVEXMSRW IRPMWX MR XLI EVQIH JSVGIW ERH WIVZI EW GSPPIKI EXL
PIXMG HMVIGXSVW 1IR [SVO EW VIGITXMSRMWXW RYVWIW JPMKLX EXXIRHERXW ERH
HE] GEVI EXXIRHERXW -R EHHMXMSR XLI qX]TMGEPr GSQTSWMXMSR SJ EYHMIRGIW LEW
GLERKIH %X SRI XMQI GMZMG KVSYTW WYGL EW /M[ERMW ERH 6SXEV] GPYFW [IVI
EPP QEPI 8SHE] QSWX LEZI WM^EFPI GSRXMRKIRXW SJ [SQIR 4EVIRX EWWSGME
XMSRW [LMGL [IVI SRGI GSQTSWIH EPQSWX WSPIP] SJ [SQIR RS[ MRGPYHI
TPIRX] SJ MRXIVIWXIH JEXLIVW 7TIEOIVW [LS JEMP XS XEOI EGGSYRX SJ WYGL JEGXSVW
EVI EPQSWX GIVXEMR XS TVSZSOI RIKEXMZI VIEGXMSRW EQSRK WSQI PMWXIRIVW QEPI
ERH JIQEPI EPMOI
%X XLI WEQI XMQI MX MW MQTSVXERX XS VIGSKRM^I XLEX QIR ERH [SQIR EVI
RSX EPMOI MR EPP XLIMV ZEPYIW ERH FIPMIJW ;LIR MX GSQIW XS TSPMXMGW JSV
MRWXERGI %QIVMGER [SQIR XIRH XS FI QSVI GSRGIVRIH EFSYX MWWYIW WYGL EW
IHYGEXMSR LIEPXL GEVI ERH WSGMEP NYWXMGI [LIVIEW QIR XIRH XS WXVIWW IGS
RSQMGW ERH REXMSREP WIGYVMX] &YX OIIT MR QMRH XLEX XLIWI EVI KIRIVEPM^E
XMSRW 8LIVI EVI PSXW SJ [SQIR [LS FIPMIZI XLEX REXMSREP WIGYVMX] GSQIW JMVWX
NYWX EW XLIVI EVI TPIRX] SJ QIR [LS KMZI TVMSVMX] XS WSGMEP MWWYIW %R EWXYXI
WTIEOIV [MPP FI IUYEPP] EXXYRIH XS XLI HMJJIVIRGIW ERH XLI WMQMPEVMXMIW FIX[IIR
XLI WI\IW
7)<9%0 36-)28%8-32
4LMPMT ;EVH TVIWMHIRX SJ E QENSV IRKMRIIVMRK JMVQ [EW LSWXMRK LMW ERRYEP E[EVHW FERUYIX
XS VIGSKRM^I SYXWXERHMRK IQTPS]IIW %JXIV TVIWIRXMRK EPP XLI TPEUYIW ERH GLIGOW LI WEMH
q2S[ XLEX [I LEZI LSRSVIH XLIWI JMRI TISTPI JSV XLIMV GEVIIV ERH GSQQYRMX] EGGSQTPMWL
QIRXW - [SYPH PMOI XS XEOI E QSQIRX XS VIGSKRM^I XLI WTSYWIW ERH TEVXRIVW [LS LEZI
WYTTSVXIH XLIMV I\GITXMSREP IJJSVXW r 8LI VSSQ JMPPIH [MXL ETTPEYWI
%JXIV XLI GIVIQSR] ;EVH QEHI LMW [E] EVSYRH XLI VSSQ WLEOMRK LERHW ERH GLEXXMRK
[MXL E[EVH [MRRIVW q- [ERX XS GSRKVEXYPEXI ]SY EKEMR SR ]SYV WYTIVMSV HIWMKR JSV XLI
,SYWXSR [EXIV TVSNIGX r LI WEMH XS .SERRI *MX^TEXVMGO
(IQSKVETLMG %YHMIRGI %REP]WMW
0YGEW 8LI %VX SJ 4YFPMG %REP]^MRK XLI %YHMIRGI 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
-RXIVRIX 8LI -RXIVRIX MW VMGL MR VIWSYVGIW XLEX GER LIPT WTIEOIVW [MXL HIQSKVETLMG EYHMIRGI
'SRRIGXMSR EREP]WMW % KSSH WXEVXMRK TSMRX JSV EGGIWWMRK XLSWI VIWSYVGIW MW =ELSS 6IKMSREP
LXXT HMV ]ELSS GSQ 6IKMSREP 'SYRXVMIW
[LMGL TVSZMHIW PMROW XS GSYRXVMIW
[[[ GSRRIGXPYGEW GSQ EVSYRH XLI [SVPH *SV VIPMKMSYW MRJSVQEXMSR GLIGO XLI 4I[ *SVYQ SR 6IPMKMSR ERH
4YFPMG 0MJI [[[ TI[JSVYQ SVK
=SY GER PIEVR E KVIEX HIEP F] WIIMRK LS[ I\TIVMIRGIH TYFPMG WTIEOIVW HIEP [MXL
EYHMIRGI EREP]WMW ERH EHETXEXMSR % XIVVMJMG ;IF WMXI JSV XLMW TYVTSWI MW +MJXW SJ
7TIIGL ;SQIRtW 7TIIGLIW JVSQ %VSYRH XLI ;SVPH LXXT KSW WFG IHY
[LIVI
]SY [MPP JMRH QSVI XLER WTIIGLIW F] MRJPYIRXMEP GSRXIQTSVEV] [SQIR
q8LERO ]SY JSV XLI E[EVH r .SERRI VITPMIH q%RH - EPWS [ERX XS XLERO ]SY JSV FIMRK
WIRWMXMZI XS XLI JEGX XLEX QER] SJ YW EVI WYTTSVXIH F] TEVXRIVW EW [IPP EW F] WTSYWIW -X
VIEPP] QIERX E PSX XS .YPMI ERH QI XS JIIP VIGSKRM^IH ERH MRGPYHIH r
%W ER I\TIVMIRGIH WTIEOIV ERH WYGGIWWJYP FYWMRIWWTIVWSR 4LMPMT ;EVH MW
[IPP E[EVI SJ XLI RIIH MR GSRXIQTSVEV] WSGMIX] XS EHETX XS LMW EYHMIRGI SR XLI
FEWMW SJ WI\YEP SVMIRXEXMSR &] QIRXMSRMRK qTEVXRIVWr EW [IPP EW qWTSYWIW r LI
XSSO ER MRGPYWMZI WXERGI EGORS[PIHKMRK XLI JEGX XLEX GSYTPIW GER FI WEQI WI\
SV STTSWMXI WI\ QEVVMIH SV YRQEVVMIH 2S QEXXIV [LEX SRItW EXXMXYHI XS[EVH
KE]W PIWFMERW SV LIXIVSWI\YEPW EYHMIRGI GIRXIVIH WTIEOIVW EVI EPIVX XS LS[
XLIMV QIWWEKIW [MPP FI VIGIMZIH F] TISTPI SJ ZEVMSYW WI\YEP SVMIRXEXMSRW
;LIR ]SY [SVO SR ]SYV WTIIGLIW OIIT ER I]I SYX JSV PERKYEKI I\EQTPIW
ERH SXLIV IPIQIRXW XLEX QE] YRMRXIRXMSREPP] I\GPYHI PMWXIRIVW [MXL WEQI WI\
TEVXRIVW *SV I\EQTPI MR E WTIIGL EFSYX JMRERGMEP TPERRMRK VEXLIV XLER WE]MRK
qQSWX SJ YW LSTI XS KVEHYEXI JMRH E KSSH NSF ERH KIX QEVVMIH r ]SY GSYPH WE]
qQSWX SJ YW LSTI XS KVEHYEXI KIX E KSSH NSF ERH JMRH E PMJI TEVXRIV r
=SY WLSYPH EPWS FI EPIVX XS WYFXPI YWIW SJ PERKYEKI [MXL VIKEVH XS WI\YEP
SVMIRXEXMSR 8LI PEFIP qLSQSWI\YEP r JSV I\EQTPI MW GSRWMHIVIH HIVSKEXSV] F]
PIWFMERW ERH KE] QIR 7S EVI VIJIVIRGIW XS E KE] SV PIWFMER qPMJIWX]PI r 7YGL
VIJIVIRGIW EVI EPWS MREGGYVEXI FIGEYWI XLI] MQTP] XLEX EPP KE]W ERH PIWFMERW PMZI
XLI WEQI [E] .YWX EW XLIVI MW RS WMRKPI LIXIVSWI\YEP PMJIWX]PI XLIVI MW RS WMRKPI
PIWFMER SV KE] PMJIWX]PI
=SY QE] FI MRGPMRIH XS HMWQMWW XLIWI WYKKIWXMSRW EW QIVIP] ERSXLIV JSVQ
SJ TSPMXMGEP GSVVIGXRIWW FYX NYWX EW EYHMIRGIW SJXIR MRGPYHI TISTPI SJ ZEV]MRK
EKIW VEGIW ERH VIPMKMSRW WS XSS HS XLI] GSRXEMR TISTPI SJ HMJJIVIRX WI\YEP
SVMIRXEXMSRW )JJIGXMZI TYFPMG WTIEOIVW XEOI EPP XLIWI HIQSKVETLMG JEGXSVW MRXS
EGGSYRX [LIR TVITEVMRK XLIMV VIQEVOW
6%'-%0 )8,2-' %2( '90896%0 &%'/+6392(
%W [I WE[ MR 'LETXIV XLI 9RMXIH 7XEXIW LEW PSRK FIIR E QYPXMGYPXYVEP WSGMIX]
4STYPEXIH SVMKMREPP] F] 2EXMZI %QIVMGERW ERH XLIR F] MQQMKVERXW JVSQ EPP
SZIV XLI [SVPH MX MW XSHE] E QYPXMVEGMEP QYPXMIXLRMG GSYRXV] SJ YRQEXGLIH
HMZIVWMX] 8LI QENSVMX] SJ %QIVMGERW WYTTSVX XLMW HMZIVWMX] EW E TSWMXMZI HIZIP
STQIRX MR XSHE]tW KPSFEPM^IH [SVPH %XXMXYHIW EFSYX VEGI ERH IXLRMGMX] EVI
UYMXI HMJJIVIRX JVSQ [LEX XLI] [IVI IZIR E JI[ HIGEHIW EKS
9RHIVWXERHMRK XLSWI EXXMXYHIW MW GVYGMEP JSV WTIEOIVW [LIXLIV XLI] EVI
EHHVIWWMRK E QM\IH VEGI EYHMIRGI SV SRI [MXL PMXXPI ETTEVIRX VEGMEP HMZIVWMX]
',%48)6 %2%0=>-2+ 8,) %9(-)2')
0YGEW 8LI %VX SJ 4YFPMG %REP]^MRK XLI %YHMIRGI 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
(IQSKVETLMG EYHMIRGI EREP]
WMW MW ZMXEP XS WYGGIWWJYP TYFPMG
WTIEOMRK MR ER] WMXYEXMSR ,IVI
9 7 7IGVIXEV] SJ XLI 8VIEWYV]
,IRV] 1 4EYPWSR .V EHHVIWWIW
E FYWMRIWW EYHMIRGI MR XLI
9RMXIH %VEF )QMVEXIW
[LIXLIV XLI] EVI HIPMZIVMRK TYFPMG WTIIGLIW SV WMQTP] QEOMRK E JI[ SJJ XLI GYJJ
VIQEVOW XS E VITSVXIV 'SRWMHIV JSV I\EQTPI XLI GEWI SJ +IVEPHMRI *IVVEVS
%JXIV WIVZMRK XLVII XIVQW MR XLI 9 7 'SRKVIWW +IVEPHMRI *IVVEVS IEVRIH E TIVQERIRX
TPEGI MR LMWXSV] MR [LIR XLI (IQSGVEXMG 2EXMSREP 'SRZIRXMSR QEHI LIV XLI JMVWX [SQER
XS FI RSQMREXIH F] E QENSV TEVX] JSV :MGI 4VIWMHIRX SJ XLI 9RMXIH 7XEXIW %PXLSYKL WLI ERH
LIV VYRRMRK QEXI ;EPXIV 1SRHEPI PSWX XLI IPIGXMSR WLI VIQEMRIH ER MQTSVXERX JMKYVI MR XLI
(IQSGVEXMG 4EVX] ERH WYFWIUYIRXP] WEX SR XLI 9RMXIH 2EXMSRW 'SQQMXXII SR ,YQER 6MKLXW
-R *IVVEVS WIVZIH SR ,MPPEV] 'PMRXSRtW JMRERGI GSQQMXXII HYVMRK LIV GEQTEMKR
EKEMRWX &EVEGO 3FEQE JSV XLI (IQSGVEXMG TVIWMHIRXMEP RSQMREXMSR -R 1EVGL SJ XLEX ]IEV
*IVVEVS QEHI E WTIIGL EX E GYPXYVEP GIRXIV MR 8SVVERGI 'EPMJSVRME %JXIV[EVH WLI KVERXIH
ER MRXIV ZMI[ XS E VITSVXIV JVSQ E PSGEP RI[WTETIV MR [LMGL WLI GSQQIRXIH q-J 3FEQE
[EW E [LMXI QER LI [SYPH RSX FI MR XLMW TSWMXMSR %RH MJ LI [EW E [SQER SJ ER] GSPSV
LI [SYPH RSX FI MR XLMW TSWMXMSR ,I LETTIRW XS FI ZIV] PYGO] XS FI [LS LI MW r
;MXLMR HE]W XLI REXMSREP TVIWW LEH TMGOIH YT XLI WXSV] 3FEQE GEPPIH *IVVEVStW
VIQEVOW qHMZMWMZI r ERH 'PMRXSR WEMH MX [EW qVIKVIXXEFPI XLEX ER] SJ SYV WYTTSVXIVW WE]
XLMRKW XLEX OMRH SJ ZIIV SJJ MRXS XLI TIVWSREP r *IVVEVS [EW YRETSPSKIXMG GPEMQMRK XLEX LIV
VIQEVOW [IVI E WMQTPI WXEXIQIRX SJ JEGX 8LI] [IVI MRXIVTVIXIH LS[IZIV EW QIERMRK XLEX
3FEQE [EW [MRRMRK XLI GEQTEMKR RSX FIGEYWI SJ LMW EGLMIZIQIRXW FYX FIGEYWI SJ LMW
VEGI 2SX[MXLWXERHMRK *IVVEVStW PSRK VIGSVH EW E WYTTSVXIV SJ IUYEP VMKLXW JSV %JVMGER
%QIVMGERW WLI [EW JSVGIH XS VIWMKR LIV VSPI MR XLI 'PMRXSR GEQTEMKR
*IVVEVStW JEXI MPPYWXVEXIW LS[ MQTSVXERX MX MW JSV WTIEOIVW XS FI WIRWMXMZI XS
MWWYIW SJ VEGI IXLRMGMX] ERH GYPXYVEP FEGOKVSYRH ;LEXIZIV *IVVEVS QIERX F]
LIV VIQEVOW XLI] HEQEKIH LIV VITYXEXMSR ERH WXVYGO WSQI SFWIVZIVW EW qE
G]RMGEP IJJSVX XS QEOI 3FEQEtW VEGI ER MWWYIr MR XLI GEQTEMKR
-R EHHMXMSR XS OIITMRK MR QMRH KIRIVEP EXXMXYHIW EFSYX VEGI ERH IXLRMGMX]
TYFPMG WTIEOIVW RIIH XS GSRWMHIV LS[ VEGMEP IXLRMG ERH GYPXYVEP HMJJIVIRGIW
EQSRK EYHMIRGI QIQFIVW QMKLX EJJIGX XLIMV VIEGXMSRW XS E WTIIGL (IWTMXI
XLIMV WMQMPEVMXMIW EW %QIVMGERW TISTPI SJ )YVSTIER HIWGIRX FPEGOW 0EXMRSW
(IQSKVETLMG %YHMIRGI %REP]WMW
0YGEW 8LI %VX SJ 4YFPMG %REP]^MRK XLI %YHMIRGI 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
%WMERW ERH QER] SXLIVW LEZI HMJJIVIRX GYWXSQW ERH FIPMIJW XLEX QE] FIEV
YTSR ]SYV WTIIGL XSTMG &IGEYWI [I PMZI MR ER EKI SJ KPSFEPM^EXMSR ]SY QE]
EPWS JMRH ]SYVWIPJ EHHVIWWMRK PMWXIRIVW JVSQ GSYRXVMIW SXLIV XLER ]SYV S[R
8LI JMVWX WXIT XS FIMRK WYGGIWWJYP MR WYGL WMXYEXMSRW MW XS VIGSKRM^I XLEX WSQI
SJ ]SYV PMWXIRIVW QE] MRHIIH LEZI VEGMEP IXLRMG SV GYPXYVEP TIVWTIGXMZIW XLEX
[MPP EJJIGX XLIMV EXXMXYHIW XS[EVH ]SYV WTIIGL XSTMG 8LI WIGSRH WXIT MW XS XV] XS
HIXIVQMRI [LEX XLSWI TIVWTIGXMZIW EVI ERH LS[ XLI] EVI PMOIP] XS EJJIGX XLI
EYHMIRGItW VIWTSRWI XS ]SYV QIWWEKI 8LI XLMVH WXIT MW XS EHNYWX ]SYV WTIIGL WS
MX [MPP FI EW GPIEV WYMXEFPI ERH GSRZMRGMRK EW TSWWMFPI 2S QEXXIV [LS XLI
WTIEOIV RS QEXXIV [LEX XLI SGGEWMSR EHETXMRK XS TISTPI SJ HMZIVWI VEGMEP IXL
RMG ERH GYPXYVEP FEGOKVSYRHW MW E ZMXEP EWTIGX SJ XLI EVX SJ TYFPMG WTIEOMRK
6)0-+-32
6YWWIPP 1MHHPIXSR XLI HMVIGXSV SJ XLI XS[RtW TYFPMG PMFVEV] [EW HIPMKLXIH XS FI MRZMXIH XS
EHHVIWW LMW PSGEP GMZMG EWWSGMEXMSR ,I RIIHIH ZSPYRXIIVW XS LIPT TEMRX XLI VIEHMRK VSSQW
ERH LI JIPX WYVI LI GSYPH VIGVYMX WSQI JVSQ XLI EWWSGMEXMSR
3R XLI IZIRMRK SJ LMW WTIIGL 6YWWIPP I\TPEMRIH XLI TEMRXMRK TVSNIGX QEOMRK WTIGMEP
QIRXMSR SJ XLI JEGX XLEX ER]SRI [LS ZSPYRXIIVIH [SYPH LIPT XLI PMFVEV] WEZI QSRI] JSV
QSVI FSSOW ERH FIXXIV TVSKVEQW q1SWX SJ SYV [SVO [MPP FI SR 7EXYVHE]W r LI WEMH q;I
QMKLX EPWS [SVO MR XLI IZIRMRK SV QE]FI SR E 7YRHE] EJXIVRSSR &YX HSRtX [SVV] ;I
[SRtX [SVO SR 7YRHE] QSVRMRK FIGEYWI XLEXtW [LIR IZIV]SRI [MPP FI EX GLYVGL r ,I JMR
MWLIH F] EWOMRK ZSPYRXIIVW XS WMKR YT SR E GPMTFSEVH RIEV XLI HSSV
%X XLI IRH SJ XLI IZIRMRK 6YWWIPP [EW TPIEWIH XS WII TPIRX] SJ REQIW SR LMW GPMTFSEVH
FYX LI EPWS JSYRH XLI JSPPS[MRK RSXI q1V 1MHHPIXSR r MX FIKER q]SYV TVSNIGX WIIQW
I\GIPPIRX ERH - [MPP FI TPIEWIH XS LIPT &YX - XLMRO ]SY WLSYPH VIQIQFIV XLEX XLIVI EVI
TISTPI MR XLMW GSQQYRMX] [LS HS RSX KS XS GLYVGL SV [SVWLMT SR 7YRHE] QSVRMRK - EQ
1YWPMQ ERH WSQI SJ XLI TISTPI WMXXMRK RIEV QI EVI .I[MWL *SVXYREXIP] - LEH E GLERGI XS
LIEV EFSYX ]SYV TVSNIGX FIJSVI XLI GSQQIRX EFSYX EXXIRHMRK GLYVGL SR 7YRHE] -J - LEHRtX
- QMKLX LEZI GSRGPYHIH XLEX ]SY [IVI RSX MRXIVIWXIH MR Q] LIPT 4PIEWI KMZI QI E GEPP [LIR
]SY EVI VIEH] XS WXEVX XLI TEMRXMRK ,EQMH 7LEOMV r
%W XLMW WXSV] MPPYWXVEXIW ]SY GERRSX EWWYQI XLEX ]SYV ZMI[W SR VIPMKMSRh
[LEXIZIV XLI] QE] FIhEVI WLEVIH F] ]SYV PMWXIRIVW %W GYVVIRX IZIRXW EVSYRH
XLI [SVPH HIQSRWXVEXI VIPMKMSYW ZMI[W EVI EQSRK XLI QSWX IQSXMSREPP] GLEVKIH
ERH TEWWMSREXIP] HIJIRHIH SJ EPP LYQER GSRGIVRW )ZIR ]SYV WQEPP WTIIGL GPEWW
QMKLX MRGPYHI E [MHI VERKI SJ JEMXLW EW [IPP EW EXLIMWXW ERH EKRSWXMGW
%W XLI 9RMXIH 7XEXIW LEW FIGSQI QSVI HMZIVWI GYPXYVEPP] MX LEW EPWS FIGSQI
QSVI HMZIVWI VIPMKMSYWP] 8LI XVEHMXMSREP QM\ SJ 4VSXIWXERXMWQ 'EXLSPMGMWQ
ERH .YHEMWQ LEW FIIR IRVMGLIH F] KVS[MRK RYQFIVW SJ &YHHLMWXW 1YWPMQW
,MRHYW 7MOLW 6YWWMER 3VXLSHS\ ERH SXLIVW 3RI PIEHMRK WGLSPEV SR XLI WYF
NIGX WE]W XLI 9RMXIH 7XEXIW MW RS[ qXLI QSWX VIPMKMSYWP] HMZIVWI REXMSR MR XLI
[SVPH r
8LIVI MW EPWS KVIEX HMZIVWMX] [MXLMR HMJJIVIRX JEMXLW =SY GERRSX EWWYQI XLEX
EPP 'EXLSPMGW WYTTSVX XLI SJJMGMEP ZMI[ SJ XLIMV GLYVGL SR FMVXL GSRXVSP SV
[SQIR MR XLI TVMIWXLSSH XLEX EPP &ETXMWXW EVI FIMRK FSVR EKEMR SV XLEX EPP
1YWPMQW JEZSV E WYFWIVZMIRX WXEXYW JSV [SQIR -R QEXXIVW SJ VIPMKMSR XLI
9RMXIH 7XEXIW MW XVYP] E REXMSR SJ QER] JEMXLW QER] ZSMGIW QER] ZMI[W
;LIRIZIV ]SY WTIEO SR E XSTMG [MXL VIPMKMSYW HMQIRWMSRW XLIR FI WYVI XS
GSRWMHIV XLI VIPMKMSYW SVMIRXEXMSRW SJ ]SYV PMWXIRIVW (SMRK WS GER LIPT ]SY
EZSMH TSXIRXMEPP] IQFEVVEWWMRK TMXJEPPW MR WSQI GEWIW MX QE] QEOI XLI HMJJIV
IRGI FIX[IIR ER YRWYGGIWWJYP WTIIGL ERH E WYGGIWWJYP SRI
',%48)6 %2%0=>-2+ 8,) %9(-)2')
0YGEW 8LI %VX SJ 4YFPMG %REP]^MRK XLI %YHMIRGI 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
+6394 1)1&)67,-4
q8IPP QI XL] GSQTER] r WE]W (SR 5YM\SXI qERH -tPP XIPP XLII [LEX XLSY EVX r
*SV EPP SYV XEPO EFSYX VYKKIH MRHMZMHYEPMWQ %QIVMGERW EVI ZIV] KVSYT SVMIRXIH
;SVOIVW FIPSRK XS YRMSRW FYWMRIWWTISTPI XS GLEQFIVW SJ GSQQIVGI ,YRXIVW
NSMR XLI 2EXMSREP 6MJPI %WWSGMEXMSR IRZMVSRQIRXEPMWXW XLI 7MIVVE 'PYF JIQM
RMWXW XLI 2EXMSREP 3VKERM^EXMSR JSV ;SQIR (SGXSVW IRVSPP MR XLI %QIVMGER
1IHMGEP %WWSGMEXMSR PE[]IVW MR XLI %QIVMGER &EV %WWSGMEXMSR 8LIVI EVI XLSY
WERHW SJ WYGL ZSPYRXEV] SVKERM^EXMSRW MR XLI 9RMXIH 7XEXIW
7MQMPEV KVSYTW EFSYRH SR GEQTYW 7SQI SJ ]SYV GPEWWQEXIW QE] FIPSRK XS
JVEXIVRMXMIW SV WSVSVMXMIW WSQI XS 'EQTYW 'VYWEHI JSV 'LVMWX WSQI XS XLI
=SYRK 6ITYFPMGERW WSQI XS XLI JMPQ WSGMIX] WSQI XS XLI WOM GPYF ERH WS JSVXL
*SV WTIIGLIW MR XLI GPEWWVSSQ EW [IPP EW JSV XLSWI SYXWMHI XLI GPEWWVSSQ XLI
KVSYT EJJMPMEXMSRW SJ ]SYV EYHMIRGI QE] TVSZMHI I\GIPPIRX GPYIW EFSYX ]SYV
PMWXIRIVWt MRXIVIWXW ERH EXXMXYHIW
%KI KIRHIV WI\YEP SVMIRXEXMSR VIPMKMSR VEGMEP IXLRMG ERH GYPXYVEP FEGOKVSYRH
KVSYT QIQFIVWLMThXLIWI EVI NYWX E JI[ SJ XLI ZEVMEFPIW XS GSRWMHIV MR HIQS
KVETLMG EYHMIRGI EREP]WMW 3XLIVW MRGPYHI SGGYTEXMSR IGSRSQMG TSWMXMSR WSGMEP
WXERHMRK IHYGEXMSR MRXIPPMKIRGI ERH TPEGI SJ VIWMHIRGI -RHIIH ER]XLMRK GLEV
EGXIVMWXMG SJ E KMZIR EYHMIRGI MW TSXIRXMEPP] MQTSVXERX XS E WTIEOIV EHHVIWWMRK
XLEX EYHMIRGI *SV ]SYV GPEWWVSSQ WTIIGLIW ]SY QE] [ERX XS PIEVR EFSYX ]SYV
GPEWWQEXIWt EGEHIQMG QENSVW ]IEVW MR WGLSSP I\XVEGYVVMGYPEV EGXMZMXMIW PMZMRK
EVVERKIQIRXW ERH NSF EWTMVEXMSRW
4IVLETW XLI QSWX MQTSVXERX XLMRK XS OIIT MR QMRH EFSYX HIQSKVETLMG
EYHMIRGI EREP]WMW MW XLEX MX MW RSX ER IRH MR MXWIPJ =SYV EMQ MW RSX NYWX XS PMWX XLI
QENSV XVEMXW SJ ]SYV PMWXIRIVW FYX XS JMRH MR XLSWI XVEMXW GPYIW EFSYX LS[ ]SYV
PMWXIRIVW [MPP VIWTSRH XS ]SYV WTIIGL 3RGI ]SY LEZI HSRI XLEX ]SY EVI VIEH]
XS QSZI SR XS XLI RI\X WXEKI SJ EYHMIRGI EREP]WMW
7MXYEXMSREP %YHMIRGI %REP]WMW
7MXYEXMSREP EYHMIRGI EREP]WMW YWYEPP] FYMPHW SR HIQSKVETLMG EREP]WMW -X MHIRXM WMXYEXMSREP EYHMIRGI
JMIW XVEMXW SJ XLI EYHMIRGI YRMUYI XS XLI WTIEOMRK WMXYEXMSR EX LERH 8LIWI XVEMXW EREP]WMW
MRGPYHI XLI WM^I SJ XLI EYHMIRGI XLI TL]WMGEP WIXXMRK ERH XLI HMWTSWMXMSR SJ XLI %YHMIRGI EREP]WMW XLEX JSGYWIW
EYHMIRGI XS[EVH XLI WYFNIGX XLI WTIEOIV ERH XLI SGGEWMSR SR WMXYEXMSREP JEGXSVW WYGL EW
XLI WM^I SJ XLI EYHMIRGI XLI
7->) TL]WMGEP WIXXMRK JSV XLI WTIIGL
ERH XLI HMWTSWMXMSR SJ XLI
3YXWMHI XLI GPEWWVSSQ XLI WM^I SJ ER EYHMIRGI GER [MXL XLI EMH SJ XIPIZMWMSR EYHMIRGI XS[EVH XLI XSTMG XLI
ERH VEHMS VERKI MR XLI QMPPMSRW 1SWX WTIIGL GPEWWIW LS[IZIV GSRWMWX SJ WTIEOIV ERH XLI SGGEWMSR
FIX[IIR ERH TISTPIhE WQEPP XS QIHMYQ WM^IH EYHMIRGI 8LMW MW E KSSH
WM^I JSV FIKMRRMRK WTIEOIVW QSWX SJ [LSQ EVI XIVVMJMIH EX XLI TVSWTIGX SJ
EHHVIWWMRK E LYKI GVS[H %W ]SY KEMR QSVI I\TIVMIRGI XLSYKL ]SY QE] [IP
GSQI XLI GLEPPIRKI SJ WTIEOMRK XS PEVKIV KVSYTW 7SQI WTIEOIVW EGXYEPP] TVIJIV
E PEVKI EYHMIRGI XS E WQEPP SRI
2S QEXXIV [LEX WM^I KVSYT ]SY EVI EHHVIWWMRK FIEV MR QMRH SRI FEWMG TVMR
GMTPI 8LI PEVKIV XLI EYHMIRGI XLI QSVI JSVQEP ]SYV TVIWIRXEXMSR QYWX FI
%YHMIRGI WM^I QE] EPWS EJJIGX ]SYV PERKYEKI GLSMGI SJ ETTIEPW ERH YWI SJ
ZMWYEP EMHW
7MXYEXMSREP %YHMIRGI %REP]WMW
0YGEW 8LI %VX SJ 4YFPMG %REP]^MRK XLI %YHMIRGI 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
4,=7-'%0 7)88-2+
;LMGL SJ XLI JSPPS[MRK [SYPH ]SY VEXLIV EHHVIWW#
%R EYHMIRGI EWWIQFPIH MQQIHMEXIP] EJXIV PYRGL GVEQQIH MRXS ER
SZIVLIEXIH VSSQ [MXL MREHIUYEXI WIEXMRK
%R EYHMIRGI EWWIQFPIH EX MR XLI QSVRMRK GSQJSVXEFP] WIEXIH MR
ER EMV] [IPP PMKLXIH VSSQ
9RHSYFXIHP] ]SY GLSWI XLI WIGSRH STXMSR %R] SJ XLI EHZIVWI GSRHMXMSRW
PMWXIH MR XLI JMVWX GSYPH WIVMSYWP] MQTEMV ]SYV EYHMIRGItW [MPPMRKRIWW XS EGGITX
]SYV MHIEW SV IZIR PMWXIR XS ]SY EX EPP
;LIR ]SY JEGI ER] WTIEOMRK WMXYEXMSR MX MW MQTSVXERX XS ORS[ MR EHZERGI
MJ XLIVI [MPP FI ER] HMJJMGYPXMIW [MXL XLI TL]WMGEP WIXXMRK *SV GPEWWVSSQ
WTIIGLIW SJ GSYVWI ]SY EPVIEH] HS ORS[ &YX WTIIGLIW SYXWMHI XLI GPEWWVSSQ
GER TVIWIRX YRTPIEWERX WYVTVMWIW YRPIWW ]SY HS ]SYV LSQI[SVO FIJSVILERH
;LIR ]SY EVI MRZMXIH XS WTIEO HSRtX FI WL] EFSYX EWOMRK UYIWXMSRW SJ XLI
TIVWSR [LS EVVERKIH XLI WTIIGL -J TSWWMFPI PSSO SZIV XLI VSSQ E JI[ HE]W MR
EHZERGI SV IPWI EVVMZI IEVP] SR XLI HE] SJ ]SYV WTIIGL XS MRWTIGX XLI VSSQ -J
MX MW XSS [EVQ SV XSS GSPH WII EFSYX EHNYWXMRK XLI XLIVQSWXEX 'LIGO XLI WIEX
MRK EVVERKIQIRXW ERH XLI PSGEXMSR SJ XLI PIGXIVR XS FI WYVI ]SYV EYHMIRGI GER
WII ]SY -R WLSVX HS IZIV]XLMRK ]SY GER XS GSRXVSP XLI MRJPYIRGI SJ TL]WMGEP
WIXXMRK SR ]SYV EYHMIRGI
;LEX EFSYX GMVGYQWXERGIW ]SY GERtX GSRXVSP# =SYV WTIIGL MW WGLIHYPIH
HMVIGXP] EJXIV PYRGL SV HMRRIV 8LI VSSQ MW XSS WQEPP JSV XLI EYHMIRGI I\TIGXIH
8LI LIEX G ERRSX FI VIKYPEXIH 8LIR ]SY EVI WMQTP] KSMRK XS LEZI XS [SVO
LEVHIV XS EHETX XS XLIWI EWTIGXW SJ ]SYV PMWXIRIVWt HMWGSQJSVX ;LIR JEGIH [MXL
ER EYHMIRGI XLEX MW TSXIRXMEPP] LSX WPIIT] ERH GVSWW HS ]SYV FIWX XS QEOI XLI
WTIIGL EW MRXIVIWXMRK ERH PMZIP] EW ]SY GER %FSZI EPP HSRtX FI MRJPYIRGIH ]SYV
WIPJ F] XLI TSSV TL]WMGEP WIXXMRK -J ]SYV EYHMIRGI WIIW XLEX ]SY EVI IRIVKIXMG
EPIVX ERH MRZSPZIH [MXL ]SYV XSTMG GLERGIW EVI XLI] [MPP JSVKIX XLIMV HMWGSQ
JSVX ERH GSQI VMKLX EPSRK [MXL ]SY
(-7437-8-32 83;%6( 8,) 834-'
%W [I WE[ MR 'LETXIV ]SY WLSYPH OIIT ]SYV EYHMIRGI MR QMRH [LIR GLSSW
MRK E XSTMG -HIEPP] ]SY [MPP TMGO E XSTMG XLEX WYMXW XLIQ EW [IPP EW MX WYMXW ]SY
3RGI ]SY LEZI ]SYV XSTMG LS[IZIV ]SY QYWX GSRWMHIV MR QSVI HIXEMP XLIMV
MRXIVIWX MR XLI XSTMG ORS[PIHKI EFSYX MX ERH EXXMXYHIW XS[EVH MX
-RXIVIWX
3YXWMHI XLI GPEWWVSSQ TISTPI HS RSX SJXIR I\TIRH XLI XMQI ERH IJJSVX XS
EXXIRH E WTIIGL YRPIWW XLI] EVI MRXIVIWXIH MR XLI XSTMG &YX XLI QIQFIVW SJ ]SYV
WTIIGL GPEWW EVI E GETXMZI EYHMIRGI 7SQIXMQIW XLI] [MPP FI HIITP] MRXIVIWXIH
MR ]SYV XSTMG TEVXMGYPEVP] MJ MX VIPEXIW HMVIGXP] XS XLIQ 1SWX SJ XLI XMQI XLI]
[MPP VERKI JVSQ JEMVP] MRXIVIWXIH XS QMPHP] GYVMSYW XS HS[RVMKLX MRHMJJIVIRX
3RI SJ ]SYV XEWOW [MPP FI XS EWWIWW XLIMV MRXIVIWX MR EHZERGI ERH XS EHNYWX
]SYV WTIIGL EGGSVHMRKP] 1SWX MQTSVXERX MJ ]SYV XSTMG MW RSX PMOIP] XS KIRIVEXI
KVIEX MRXIVIWX ]SY QYWX XEOI WTIGMEP WXITW XS KIX ]SYV GPEWWQEXIW MRZSPZIH ,IVI
MW E FVMIJ I\EQTPI SJ LS[ XS HS XLMW
7LEVSR [ERXIH XS TIVWYEHI LIV GPEWWQEXIW XS ZSXI SR E VIKYPEV FEWMW 7LI WXEVXIH F]
WE]MRK q7YTTSWI E XSXEP WXVERKIV [EW VIWTSRWMFPI JSV QEOMRK PMJI SV HIEXL HIGMWMSRW EFSYX
',%48)6 %2%0=>-2+ 8,) %9(-)2')
0YGEW 8LI %VX SJ 4YFPMG %REP]^MRK XLI %YHMIRGI 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
]SYV PMJI =SYtH [ERX XS LEZI E WE] MR [LS XLEX TIVWSR [EW [SYPHRtX ]SY# ;IPP XSXEP
WXVERKIVW HS QEOI HIGMWMSRW XLEX EJJIGX ]SY IZIV] WMRKPI HE]hXLSWI XSXEP WXVERKIVW EVI
GEPPIH QIQFIVW SJ 'SRKVIWW 7IREXSVW ERH XLI 4VIWMHIRX %RH ]SY GER LIPT GLSSWI EPP
XLSWI TISTPI F] HSMRK SRI WMQTPI XLMRKhZSXMRK SR IPIGXMSR HE] r
-R XLI GLETXIVW XLEX JSPPS[ [ItPP PSSO GPSWIP] EX EPP XLI [E]W ]SY GER GSRRIGXPYGEW GSQ
HIZIPST MRXIVIWX MR ]SYV XSTMGhF] ER EVVIWXMRK MRXVSHYGXMSR TVSZSGEXMZI WYT :MI[ XLI FIKMRRMRK SJ q1EOI
TSVXMRK QEXIVMEPW ZMZMH PERKYEKI H]REQMG HIPMZIV] ZMWYEP EMHW ERH WS JSVXL =SYV :SMGI ,IEVH +IX 3YX ERH
:SXIr MR XLI SRPMRI 1IHME
/RS[PIHKI 0MFVEV] JSV XLMW GLETXIV :MHIS
'PMT
8LIVI MW SJXIR E WXVSRK GSVVIPEXMSR FIX[IIR MRXIVIWX MR E XSTMG ERH ORS[PIHKI
EFSYX MX 4ISTPI XIRH XS FI MRXIVIWXIH MR [LEX XLI] ORS[ EFSYX 0MOI[MWI XLI]
EVI MRGPMRIH XS PIEVR EFSYX WYFNIGXW XLEX MRXIVIWX XLIQ &YX XLIVI EVI I\GITXMSRW
*I[ WXYHIRXW ORS[ QYGL EFSYX LERH[VMXMRK EREP]WMW ]IX QSWX [SYPH JMRH MX ER
EFWSVFMRK XSTMG 3R XLI SXLIV LERH EPQSWX EPP ORS[ E PSX EFSYX GLIGOMRK FSSOW
SYX SJ XLI PMFVEV] FYX JI[ [SYPH JMRH MX E JEWGMREXMRK WYFNIGX JSV E WTIIGL
=SYV PMWXIRIVWt ORS[PIHKI EFSYX ]SYV XSTMG [MPP XS E PEVKI I\XIRX HIXIVQMRI
[LEX ]SY GER WE] MR ]SYV WTIIGL -J ]SYV PMWXIRIVW ORS[ PMXXPI EFSYX ]SYV
XSTMGh[LIXLIV SV RSX XLI] JMRH MX MRXIVIWXMRKh]SY [MPP LEZI XS XEPO EX E QSVI
IPIQIRXEV] PIZIP -J XLI] EVI VIEWSREFP] [IPP MRJSVQIH ]SY GER XEOI E QSVI
XIGLRMGEP ERH HIXEMPIH ETTVSEGL
%XXMXYHI EXXMXYHI
% JVEQI SJ QMRH MR JEZSV SJ SV
8LI EXXMXYHI SJ ]SYV PMWXIRIVW XS[EVH ]SYV XSTMG GER FI I\XVIQIP] MQTSVXERX MR STTSWIH XS E TIVWSR TSPMG]
HIXIVQMRMRK LS[ ]SY LERHPI XLI QEXIVMEP -J ]SY ORS[ MR EHZERGI XLI TVIZEMP FIPMIJ MRWXMXYXMSR IXG
MRK EXXMXYHI EQSRK QIQFIVW SJ ]SYV EYHMIRGI ]SY GER EHNYWX ]SYV WTIIGL XS
EHHVIWW XLIMV GSRGIVRW SV XS ERW[IV XLIMV SFNIGXMSRW 'SRWMHIV XLI I\TIVMIRGIW
SJ XLI JSPPS[MRK X[S WXYHIRXWhSRI [LS HMH RSX EGGSYRX JSV PMWXIRIV EXXMXYHI
ERH SRI [LS HMH
.IR 7EPIVRS WTSOI EFSYX JEQMP] PIEZI TSPMGMIW MR XLI [SVOTPEGI 3R XLI FEWMW SJ LIV
VIWIEVGL WLI FIPMIZIH XLIVI [EW IZMHIRGI XLEX WYGL TSPMGMIW YRJEMVP] FIRIJMXIH E JI[ TEV
IRXW EX XLI I\TIRWI SJ SXLIV IQTPS]IIW WYGL EW WMRKPI TISTPI ERH GLMPHPIWW GSYTPIW 9RJSV
XYREXIP] VEXLIV XLER GMXMRK LIV WSYVGIW ERH EGORS[PIHKMRK XLEX LIV TSMRX SJ ZMI[ [EW
GSRXVSZIVWMEP .IR TVIWIRXIH LIV QEXIVMEP EW XLSYKL MX [IVI KIRIVEP ORS[PIHKI
8LI WTIIGL [EW RSX [IPP VIGIMZIH %W SRI WXYHIRX GSQQIRXIH q=SY QE] FI VMKLX MR
[LEX ]SY WE] FYX - LEZI XVSYFPI FIPMIZMRK MX ;ItZI LIEVH WS QYGL EFSYX XLI RIIH JSV
FYWMRIWWIW XS FI JEQMP] JVMIRHP]h GER MX EPP FI [VSRK# - XLMRO ]SY [SYPH LEZI FIIR QSVI
TIVWYEWMZI MJ ]SY LEH PSSOIH EX FSXL WMHIW SJ XLI MWWYI VEXLIV XLER NYWX ]SYV S[R r
,EH .IR XEOIR XLI WOITXMGMWQ SJ LIV EYHMIRGI MRXS EGGSYRX ERH IWXEFPMWLIH XLI GSRRIGXPYGEW GSQ
GVIHMFMPMX] SJ LIV WSYVGIW WLI QMKLX LEZI QEHI LIV EVKYQIRXW QSVI GSRZMRG :MI[ ER I\GIVTX JVSQ q/IIT
MRK XS LIV EYHMIRGI MRK 7XIVSMHW 3YX SJ ,MKL
'SQTEVI XLI ETTVSEGL SJ 4IXIV /SZEPW [LS EPWS IWTSYWIH E GSRXVSZIVWMEP 7GLSSP 7TSVXWr MR XLI SRPMRI
ZMI[TSMRX 1IHME 0MFVEV] JSV XLMW GLETXIV
:MHIS 'PMT
% JMVQ STTSRIRX SJ WXIVSMHW ERH SXLIV TIV JSVQERGI IRLERGMRK HVYKW 4IXIV HIGMHIH
XS KMZI E TIVWYEWMZI WTIIGL GEPPMRK JSV QERHEXSV] HVYK XIWXMRK SJ LMKL WGLSSP EXLPIXIW
%JXIV HMWXVMFYXMRK ER EYHMIRGI EREP]WMW UYIWXMSRREMVI EQSRK LMW GPEWWQEXIW 4IXIV JSYRH
XLEX XLVII JSYVXLW SJ XLIQ STTSWIH LMW TPER 8LI] KEZI X[S QENSV VIEWSRW *MVWX XLI] HMH
RSX FIPMIZI MX [EW RIGIWWEV] 7IGSRH XLI] WE[ MX EW ER MRZEWMSR SJ TVMZEG]
7MXYEXMSREP %YHMIRGI %REP]WMW
0YGEW 8LI %VX SJ 4YFPMG %REP]^MRK XLI %YHMIRGI 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
%PXLSYKL 4IXIV HMWEKVIIH [MXL XLSWI FIPMIJW LI VIEPM^IH LI GSYPH RIMXLIV MKRSVI XLIQ
RSV MRWYPX LMW GPEWWQEXIW JSV LSPHMRK XLIQ ,I ORI[ LI [SYPH LEZI XS HMWGYWW XLIWI TSMRXW
PSKMGEPP] ERH [MXL LEVH IZMHIRGI MJ LI [IVI XS LEZI ER] GLERGI SJ TIVWYEHMRK LMW EYHMIRGI
%W MX XYVRIH SYX 4IXIV HMH GSRZMRGI WSQI QIQFIVW SJ XLI GPEWW XS VIGSRWMHIV
XLIMV FIPMIJW ,I GSYPH RSX LEZI HSRI WS [MXLSYX JMVWX MRZIWXMKEXMRK [LEX XLSWI
FIPMIJW [IVI ERH XLIR EHETXMRK LMW QIWWEKI XS XLIQ
(-7437-8-32 83;%6( 8,) 74)%/)6
0IXtW VIXYVR JSV E QSQIRX XS .IRtW WTIIGL EFSYX JEQMP] PIEZI .IR [EW E JMVWX
]IEV WXYHIRX [MXL RS WTIGMEP FEGOKVSYRH MR [SVOTPEGI MWWYIW -XtW RSX WYVTVMW
MRK XLEX LIV GPEWWQEXIW XSSO LIV WXEXIQIRXW [MXL E PEVKI KVEMR SJ WEPX &YX
WYTTSWI .IR LEH FIIR E VIGSKRM^IH I\TIVX [LS LEH GSRHYGXIH VIWIEVGL SR XLI
MQTEGX SJ JEQMP] PIEZI SR IQTPS]II EXXMXYHIW ERH FYWMRIWW TVSHYGXMZMX] 8LIR
LIV PMWXIRIVW [SYPH LEZI JSYRH LIV QYGL QSVI FIPMIZEFPI ;L]# &IGEYWI ER
EYHMIRGItW VIWTSRWI XS E QIWWEKI MW MRZEVMEFP] GSPSVIH F] XLIMV TIVGITXMSR SJ
XLI WTIEOIV
8LI QSVI GSQTIXIRX PMWXIRIVW FIPMIZI E WTIEOIV XS FI XLI QSVI PMOIP] XLI]
EVI XS EGGITX [LEX LI SV WLI WE]W 0MOI[MWI XLI QSVI PMWXIRIVW FIPMIZI XLEX E
WTIEOIV LEW XLIMV FIWX MRXIVIWXW EX LIEVX XLI QSVI PMOIP] XLI] EVI XS VIWTSRH
TSWMXMZIP] XS XLI WTIEOIVtW QIWWEKI
;I [MPP GSQI FEGO XS XLMW WYFNIGX MR HIXEMP [LIR [I HIEP [MXL WXVEXIKMIW JSV
TIVWYEWMZI WTIEOMRK MR 'LETXIV *SV RS[ OIIT MR QMRH XLEX ]SYV PMWXIRIVW
[MPP EP[E]W LEZI WSQI WIX SJ EXXMXYHIW XS[EVH ]SY EW E WTIEOIV )WXMQEXMRK [LEX
XLSWI EXXMXYHIW EVI ERH LS[ XLI] [MPP EJJIGX ]SYV WTIIGL MW E GVYGMEP TEVX SJ
WMXYEXMSREP EYHMIRGI EREP]WMW
(-7437-8-32 83;%6( 8,) 3''%7-32
-X [EW 'SQQIRGIQIRX (E] EX (SW 4YIFPSW ,MKL 7GLSSP 8LI QSSH [EW JIWXMZI EW XLI
ZEPIHMGXSVMER WTSOI IPSUYIRXP] EFSYX XLI WTIGMEP QIQSVMIW SJ XLI KVEHYEXMRK GPEWW 8LIVI
[EW PEYKLXIV [LIR XLI TVMRGMTEP VIGSYRXIH E [IPP ORS[R TVERO JVSQ XLI GPEWW TMGRMG
8LIR 8MQ ,EVVMRKXSR XLI QE]SV VSWI XS WE] E JI[ [SVHW q;LEX E TPIEWYVI MX MW XS FI
LIVI r LI WEMH q-tQ WS TVSYH SJ ]SY XLI KVEHYEXIW ERH ]SY XLI TEVIRXW [LS VEMWIH WYGL
E XIVVMJMG KVSYT SJ OMHW r ,I GSRXMRYIH MR XLMW ZIMR JSV E GSYTPI QMRYXIW MRXIVVYTXIH F]
ETTPEYWI EW LI LIETIH TVEMWI SR XLI WXYHIRXW XLIMV TEVIRXW XLIMV XIEGLIVW ERH XLIMV GSQ
QYRMX]
8LI PMWXIRIVWt IRXLYWMEWQ JEHIH EW ,EVVMRKXSR FIKER XEPOMRK EFSYX XLI XS[RtW KVS[XL
MR VIGIRX ]IEVW ,I WTSOI KPS[MRKP] EFSYX XLI GSRHSQMRMYQW WLSTTMRK GIRXIVW ERH SJJMGI
FYMPHMRKW XLEX LEH VMWIR SR JSVQIVP] YRYWIH PERH ,I MQTPMIH XLEX GMXM^IRW [LS [ERXIH XS
WPS[ XLI TEGI SJ KVS[ XL [IVI WLSVXWMKLXIH ERH FEGO[EVH PSSOMRK ;LIR LI GSRGPYHIH
LI [EW QIX [MXL KVYHKMRK ETTPEYWI ERH UYMXI E JI[ LSWXMPI KPEVIW
3R SXLIV SGGEWMSRW ,EVVMRKXSRtW VIQEVOW [SYPH RSX LEZI XSYGLIH SJJ WYGL
E RIKEXMZI VIWTSRWI &YX KVEHYEXMSR HE] [EW YRHIVWXSSH F] XLI EYHMIRGI XS FI
E GIPIFVEXSV] SGGEWMSR XLEX JSGYWIH SR XLI WXYHIRXW ERH XLIMV EGLMIZIQIRXW
8LI PEWX XLMRK ER]SRI I\TIGXIH XS LIEV [EW E TSPMXMGEP WTIIGL ;LEX ERKIVIH
XLI EYHMIRGI [EW RSX [LEX XLI QE]SV WEMH FYX XLEX LI I\TPSMXIH XLI SGGEWMSR
JSV LMW S[R TYVTSWIW
2S QEXXIV [LEX XLI WMXYEXMSR PMWXIRIVW LEZI JEMVP] HIJMRMXI MHIEW EFSYX XLI
WTIIGLIW XLI] GSRWMHIV ETTVSTVMEXI 7TIEOIVW [LS WIVMSYWP] ZMSPEXI XLSWI
I\TIGXEXMSRW GER EPQSWX EP[E]W GSYRX SR MRJYVMEXMRK XLI EYHMIRGI
',%48)6 %2%0=>-2+ 8,) %9(-)2')
0YGEW 8LI %VX SJ 4YFPMG %REP]^MRK XLI %YHMIRGI 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
7MXYEXMSREP EYHMIRGI EREP]WMW
TVSZMHIW GVYGMEP MRJSVQEXMSR
XLEX E WTIEOIV GER YWI [LIR
TVITEVMRK XLI WTIIGL ERH
[LIR EHETXMRK XS HIZIPST
QIRXW HYVMRK XLI WTIIGL
4IVLETW QSWX MQTSVXERX XLI SGGEWMSR [MPP HMGXEXI LS[ PSRK E WTIIGL
WLSYPH FI ;LIR ]SY EVI MRZMXIH XS WTIEO XLI GLEMVTIVWSR [MPP YWYEPP] WE]
LS[ QYGL XMQI ]SY LEZI JSV ]SYV XEPO -J RSX FI WYVI XS EWO %RH SRGI ]SY
ORS[ TEVI HS[R ]SYV WTIIGL WS MX JMXW IEWMP] [MXLMR XLI EPPSXXIH XMQI (S RSX
I\GIIH XLEX XMQI YRHIV ER] GMVGYQWXERGIW JSV ]SY EVI PMOIP] XS WII ]SYV EYHM
IRGI H[MRHPI EW ]SY HVSRI SR 8LMW MW SRI VIEWSR [L] QSWX XIEGLIVW MRWMWX
XLEX GPEWWVSSQ WTIIGLIW FI OITX [MXLMR XLI HIWMKREXIH XMQI PMQMX -X TVSZMHIW
GVYGMEP XVEMRMRK JSV WTIIGLIW ]SY [MPP KMZI SYXWMHI XLI GPEWWVSSQ
8LIVI EVI SXLIV EYHMIRGI I\TIGXEXMSRW XLEX ETTP] XS ]SYV GPEWWVSSQ WMXYE
XMSR 3RI MW XLEX WTIIGLIW [MPP GSRJSVQ XS XLI EWWMKRQIRX %RSXLIV MW XLEX
WTIEOIVW [MPP SFWIVZI ETTVSTVMEXI WXERHEVHW SJ XEWXI ERH HIGSVYQ *EMPYVI XS
EHLIVI XS XLIWI I\TIGXEXMSRW QE] HMWXYVF ]SYV GPEWWQEXIW ERH [MPP EPQSWX GIV
XEMRP] HEQEKI ]SYV KVEHI
+IXXMRK -RJSVQEXMSR %FSYX XLI %YHMIRGI
2S[ XLEX ]SY ORS[ [LEX XS PIEVR EFSYX ER EYHMIRGI XLI RI\X UYIWXMSR MW LS[ HS
]SY PIEVR MX# % TIVWSR VYRRMRK JSV LMKL TSPMXMGEP SJJMGI GER VIP] SR LMVIH TVSJIW
WMSREP TSPPWXIVW -J EW MW QSVI PMOIP] ]SY EVI MRZMXIH WSQIXMQI XS EHHVIWW E TEVXMGY
PEV KVSYThWE] E QIIXMRK SJ XLI PSGEP 6SXEV] GPYFhXLI TIVWSR [LS MRZMXIW ]SY GER
YWYEPP] TVSZMHI E KSSH WOIXGL SJ XLI EYHMIRGI %WO ]SYV GSRXEGX [LIVI ]SY GER
JMRH SYX QSVI EFSYX XLI KVSYTtW LMWXSV] ERH TYVTSWI &IWX SJ EPP MJ ]SY ORS[
WSQISRI [LS LEW WTSOIR XS XLI WEQI KVSYT FI WYVI XS WSYRH SYX XLEX TIVWSR
;LEX EFSYX ]SYV GPEWWQEXIW EW ER EYHMIRGI# =SY GER PIEVR E PSX EFSYX
XLIQ NYWX F] SFWIVZEXMSR ERH GSRZIVWEXMSR 7XMPP ]SY TVSFEFP] [MPP RIIH XS
+IXXMRK -RJSVQEXMSR %FSYX XLI %YHMIRGI
0YGEW 8LI %VX SJ 4YFPMG %REP]^MRK XLI %YHMIRGI 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
JM\IH EPXIVREXMZI ORS[ QSVI EFSYX XLIMV FEGOKVSYRHW ERH STMRMSRW MR VIPEXMSR XS WTIGMJMG WTIIGL
UYIWXMSRW XSTMGW 7SQI XIEGLIVW VIUYMVI WXYHIRXW XS HS E JSVQEP EYHMIRGI EREP]WMW UYIW
5YIWXMSRW XLEX SJJIV E JM\IH XMSRREMVI JSV EX PIEWX SRI SJ XLIMV WTIIGLIW
GLSMGI FIX[IIR X[S SV QSVI
EPXIVREXMZIW 'SRWXVYGXMRK UYIWXMSRREMVIW MW RSX WSQIXLMRK ]SY GER FI I\TIGXIH XS QEW
XIV MR E WTIIGL GPEWW &] JSPPS[MRK E JI[ FEWMG KYMHIPMRIW LS[IZIV ]SY GER
PIEVR XS HIZIPST E KSSH UYIWXMSRREMVI JSV EREP]^MRK ]SYV GPEWWVSSQ EYHMIRGI
8LIVI EVI XLVII QENSV X]TIW SJ UYIWXMSRW XS GLSSWI JVSQ JM\IH EPXIVREXMZI
UYIWXMSRW WGEPI UYIWXMSRW ERH STIR IRHIH UYIWXMSRW
*M\IH EPXIVREXMZI UYIWXMSRW EW XLIMV REQI MQTPMIW SJJIV E JM\IH GLSMGI
FIX[IIR X[S SV QSVI VIWTSRWIW *SV I\EQTPI
(S ]SY ORS[ [LEX XLI MRWERMX] TPIE MW MR XLI 9 7 PIKEP W]WXIQ#
=IW
2S
2SX WYVI
WGEPI UYIWXMSRW &] PMQMXMRK XLI TSWWMFPI VIWTSRWIW WYGL UYIWXMSRW TVSHYGI GPIEV YREQFMKYSYW
5YIWXMSRW XLEX VIUYMVI ERW[IVW 8LI] EPWS XIRH XS ]MIPH WYTIVJMGMEP ERW[IVW 3XLIV XIGLRMUYIW EVI
VIWTSRWIW EX JM\IH MRXIVZEPW RIIHIH XS KIX FIRIEXL XLI WYVJEGI
EPSRK E WGEPI SJ ERW[IVW
7GEPI UYIWXMSRW VIWIQFPI JM\IH EPXIVREXMZI UYIWXMSRW FYX XLI] EPPS[ QSVI
PII[E] MR VIWTSRHMRK *SV I\EQTPI
,S[ SJXIR HS ]SY FIPMIZI XLI MRWERMX] TPIE MW YWIH MR 9 7 GSYVX GEWIW# :IV] SJXIR
:IV] WIPHSQ
STIR IRHIH UYIWXMSRW 5YIWXMSRW PMOI XLIWI EVI IWTIGMEPP] YWIJYP JSV KIXXMRK EX XLI WXVIRKXL SJ E VIWTSR
5YIWXMSRW XLEX EPPS[ HIRXtW EXXMXYHIW
VIWTSRHIRXW XS ERW[IV LS[IZIV
XLI] [ERX 3TIR IRHIH UYIWXMSRW KMZI QE\MQYQ PII[E] MR VIWTSRHMRK *SV I\EQTPI
;LEX MW ]SYV STMRMSR EFSYX XLI MRWERMX] TPIE MR 9 7 GSYVX GEWIW#
9RHIV [LEX GMVGYQWXERGIW HS ]SY XLMRO XLI MRWERMX] TPIE MW PIKMXMQEXI MR E GVMQMREP XVMEP#
%PXLSYKL STIR IRHIH UYIWXMSRW MRZMXI QSVI HIXEMPIH VIWTSRWIW XLER XLI SXLIV
X[S X]TIW SJ UYIWXMSRW XLI] EPWS MRGVIEWI XLI PMOIPMLSSH SJ KIXXMRK ERW[IVW XLEX
HS RSX KMZI XLI OMRH SJ MRJSVQEXMSR ]SY RIIH
&IGEYWI IEGL X]TI SJ UYIWXMSR LEW MXW EHZERXEKIW ERH HMWEHZERXEKIW QER]
UYIWXMSRREMVIW GSRXEMR EPP XLVII X]TIW *MKYVI TEKI
WLS[W E UYIWXMSR
REMVI XLEX [EW HMWXVMFYXIH FIJSVI E GPEWWVSSQ WTIIGL SR ZSPYRXIIVMRK &] YWMRK
EPP XLVII X]TIW SJ UYIWXMSRW XLI WTIEOIV HMH X[S XLMRKWhIPMGMXIH WTIGMJMG MRJSV
QEXMSR EFSYX XLI EYHMIRGI ERH TVSFIH QSVI HIITP] MRXS XLIMV EXXMXYHIW XS[EVH
XLI WTIIGL XSTMG 8LI VIWYPXW FVSOI HS[R EW JSPPS[W
6SYKLP] LEPJ SJ XLI GPEWW LEH TEVXMGMTEXIH EW E ZSPYRXIIV 8LIVIJSVI XLI
WTIEOIV ORI[ WLI [SYPH LEZI XS I\TPEMR GPIEVP] [LEX [EW MRZSPZIH MR XLMW OMRH
SJ [SVO
*MZI WXYHIRXW ORI[ WSQISRI GPSWI XS XLIQ [LS LEH FIRIJMXIH JVSQ
ZSPYRXIIV [SVO F] E GSQQYRMX] VIPMKMSYW SV GLEVMXEFPI SVKERM^EXMSR QSWX
WEMH XLI] [IVI RSX WYVI 8LYW XLI WTIEOIV GSYPH RSX HITIRH SR E LMKL HIKVII
SJ TIVWSREP MRZSPZIQIRX EQSRK XLI EYHMIRGI
',%48)6 %2%0=>-2+ 8,) %9(-)2')
0YGEW 8LI %VX SJ 4YFPMG %REP]^MRK XLI %YHMIRGI 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
UYIWXMSRW IWXEFPMWL ,EZI ]SY IZIV IRKEKIH MR ZSPYRXIIV [SVO JSV E d *-+96)
XLI PMWXIRIVWt PIZIP SJ GSQQYRMX] VIPMKMSYW SV GLEVMXEFPI SVKERM^EXMSR# 7EQTPI 5YIWXMSRREMVI
ORS[PIHKI EFSYX ERH =IW
HIKVII SJ MRZSPZIQIRX 2S
[MXL XLI XSTMG
JVSQ XLI ZSPYRXIIV [SVO SJ E GSQQYRMX]
8LMW WGEPI UYIWXMSR MW VIPMKMSYW SV GLEVMXEFPI SVKERM^EXMSR#
HIWMKRIH XS WLS[ XLI =IW
EXXMXYHIW SJ PMWXIRIVW 2S
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MR ZSPYRXIIV [SVO
-J ]SY LEZI IRKEKIH MR ZSPYRXIIV [SVO LS[
%RSXLIV WGEPI UYIWXMSR [SYPH ]SY VEXI XLI I\TIVMIRGI#
KEYKIW XLI PMWXIRIVWt
WIRWI SJ WSGMEP :IV] VI[EVHMRK
SFPMKEXMSR 7SQI[LEX VI[EVHMRK
2IYXVEP
8[S STIR IRHIH 7SQI[LEX YRVI[EVHMRK
UYIWXMSRW LIPT :IV] YRVI[EVHMRK
KEYKI XLI PMWXIRIVWt
HMWTSWMXMSR XS[EVH (S ]SY EKVII SV HMWEKVII [MXL XLI JSPPS[MRK
ZSPYRXIIV [SVO WXEXIQIRX# 8S XLI I\XIRX TSWWMFPI TISTPI LEZI
8LI PEWX UYIWXMSR MW ER SFPMKEXMSR XS LIPT XLSWI MR PIWW JSVXYREXI
IWTIGMEPP] MQTSVXERX GMVGYQWXERGIW
MWWYIW XLI WTIEOIV 7XVSRKP] EKVII
RIIHW XS EHHVIWW JSV 1MPHP] EKVII
PMWXIRIVW [LS LEZI 9RHIGMHIH
RSX IRKEKIH MR 1MPHP] HMWEKVII
ZSPYRXIIV [SVO 7XVSRKP] HMWEKVII
-J ]SY LEZI [SVOIH EW E ZSPYRXIIV HS ]SY TPER
XS HS WS EKEMR# ;L] SV [L] RSX#
-J ]SY LEZI RSX [SVOIH EW E ZSPYRXIIV [LEX MW
]SYV QENSV VIEWSR JSV RSX HSMRK WS# 4PIEWI
I\TPEMR
% PP FYX SRI SJ XLI WXYHIRXW [LS LEH IRKEKIH MR ZSPYRXIIV [SVO VEXIH MX
qZIV] VI[EVHMRKr SV qWSQI[LEX VI[EVHMRK r 2SX SRP] [SYPH XLMW TSVXMSR SJ XLI
EYHMIRGI FI MRGPMRIH XS WYTTSVX XLI WTIEOIVtW TSWMXMSR FYX XLI WTIEOIV GSYPH TSMRX
XS XLIMV EXXMXYHI EW TVSSJ XLEX [SVO EW E ZSPYRXIIV MW E VI[EVHMRK I\TIVMIRGI
2 IEVP] TIVGIRX SJ XLI VIWTSRHIRXW IMXLIV qWXVSRKP] EKVIIHr SV qQMPHP]
EKVIIHr XLEX TISTPI LEZI ER SFPMKEXMSR XS LIPT XLSWI MR PIWW JSVXYREXI GMVGYQ
WXERGIW 8LI WTIEOIV GSYPH XLIVIJSVI HITIRH SR ER EYHMIRGI JEZSVEFP] MRGPMRIH
XS XLI FEWMG TVIQMWI YRHIVP]MRK ZSPYRXIIV [SVO
% RW[IVW XS XLI JMJXL UYIWXMSRhq-J ]SY LEZI [SVOIH EW E ZSPYRXIIV HS
]SY TPER XS HS WS EKEMR# ;L] SV [L] RSX#rh[IVI MRXIVIWXMRK %PP XLI VIWTSR
HIRXW MRHMGEXIH XLEX XLI] TPERRIH XS IRKEKI MR ZSPYRXIIV [SVO EKEMR FYX QSWX
+IXXMRK -RJSVQEXMSR %FSYX XLI %YHMIRGI
0YGEW 8LI %VX SJ 4YFPMG %REP]^MRK XLI %YHMIRGI 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
WEMH XLI] [IVI RSX PMOIP] XS HS WS [LMPI MR GSPPIKI FIGEYWI XLI] [IVI XSS FYW]
[MXL SXLIV EGXMZMXMIW
2IEVP] TIVGIRX SJ XLI WXYHIRXW [LS LEH RSX IRKEKIH MR ZSPYRXIIV [SVO
WXEXIH XLEX XLIMV QENSV VIEWSR JSV RSX HSMRK WS [EW E PEGO SJ XMQI -R GSQFMREXMSR
[MXL XLI ERW[IVW XS UYIWXMSR XLIWI VIWTSRWIW WLS[IH XLEX XLI WTIEOIV [SYPH
LEZI XS HIEP TIVWYEWMZIP] [MXL XLI XMQI MWWYI MJ WLI [IVI XS FI WYGGIWWJYP MR GSR
ZMRGMRK TISTPI XS ZSPYRXIIV [LMPI XLI] [IVI IRVSPPIH MR WGLSSP
GSRRIGXPYGEW GSQ 8LMW UYIWXMSRREMVI VIZIEPIH E KVIEX HIEP EFSYX XLI PMWXIRIVWt ORS[PIHKI
=SY GER GVIEXI ]SYV S[R GPEWW EXXMXYHIW ERH GSRGIVRW -R TYXXMRK XSKIXLIV ]SYV S[R UYIWXMSRREMVI OIIT XLI
WYVZI] F] YWMRK XLI 5YIWXMSR JSPPS[MRK TVMRGMTPIW MR QMRH
REMVI 1EOIV MR XLI SRPMRI
7TIIGL 8SSPW JSV XLMW GLETXIV 4PER XLI UYIWXMSRREMVI GEVIJYPP] XS IPMGMX TVIGMWIP] XLI MRJSVQEXMSR ]SY
RIIH
9WI EPP XLVII X]TIW SJ UYIWXMSRWhJM\IH EPXIVREXMZI WGEPI ERH STIR IRHIH
1EOI WYVI XLI UYIWXMSRW EVI GPIEV ERH YREQFMKYSYW
/IIT XLI UYIWXMSRREMVI VIPEXMZIP] FVMIJ
%HETXMRK XS XLI %YHMIRGI
3RGI ]SY LEZI GSQTPIXIH XLI EYHMIRGI EREP]WMW ]SY WLSYPH LEZI E TVIXX] GPIEV
TMGXYVI SJ ]SYV PMWXIRIVW &YX XLMW HSIW RSX KYEVERXII E WYGGIWWJYP WTIIGL 8LI
OI] MW LS[ [IPP ]SY YWI [LEX ]SY ORS[ MR TVITEVMRK ERH TVIWIRXMRK XLI
WTIIGL
8LMW TSMRX HIWIVZIW WTIGMEP EXXIRXMSR FIGEYWI MX TSWIW SRI SJ XLI LEVHIWX
XEWOW JEGMRK RSZMGI WTIEOIVW 1SWX TISTPI GER MHIRXMJ] XLI QENSV GLEVEGXIVMWXMGW
SJ XLIMV EYHMIRGI FYX QER] LEZI XVSYFPI EHETXMRK XLIMV MHIEW XS XLI EYHMIRGI
8LIVI EVI X[S QENSV WXEKIW MR XLI TVSGIWW SJ EYHMIRGI EHETXEXMSR 8LI JMVWX
SGGYVW FIJSVI XLI WTIIGL EW TEVX SJ ]SYV TVITEVEXMSR ERH VILIEVWEP 8LI WIGSRH
SGGYVW HYVMRK XLI TVIWIRXEXMSR SJ XLI WTIIGL MXWIPJ
GSRRIGXPYGEW GSQ %9(-)2') %(%48%8-32 &)*36) 8,) 74))',
:MI[ LS[ XLI WTIEOIVW MR
:MHIS 'PMTW ERH YWIH %W [I LEZI WIIR ]SY QYWX OIIT ]SYV EYHMIRGI MR QMRH EX IZIV] WXEKI SJ WTIIGL
EYHMIRGI EREP]WMW UYIWXMSR TVITEVEXMSR 8LMW MRZSPZIW QSVI XLER WMQTP] VIQIQFIVMRK [LS ]SYV PMWXIRIVW
REMVIW MR XLIMV WTIIGLIW :MHIS [MPP FI %FSZI EPP MX QIERW X[S XLMRKW
EWWIWWMRK LS[ ]SYV EYHMIRGI MW PMOIP]
'PMT MR XLI SRPMRI 1IHME XS VIWTSRH XS [LEX ]SY WE] MR ]SYV WTIIGL ERH
EHNYWXMRK [LEX ]SY WE] XS
0MFVEV] JSV XLMW GLETXIV
QEOI MX EW GPIEV ETTVSTVMEXI ERH GSRZMRGMRK EW TSWWMFPI
8LMW MW RSX EP[E]W IEW] XS HS ;I EVI EPP WS [VETTIH YT MR SYV S[R MHIEW ERH
GSRGIVRW XLEX [I LEZI XVSYFPI WIIMRK XLMRKW JVSQ SXLIV TISTPItW TIVWTIGXMZIh
IWTIGMEPP] MJ XLIMV TIVWTIGXMZI MW UYMXI HMJJIVIRX JVSQ SYVW 8S WXIT SYXWMHI ]SYV
S[R JVEQI SJ VIJIVIRGI ERH WII XLMRKW JVSQ ERSXLIV TIVWSRtW TSMRX SJ ZMI[ MW E
VIEP EGLMIZIQIRX
=IX XLMW MW [LEX E WYGGIWWJYP WTIEOIV IZIRXYEPP] PIEVRW XS HS =SY QYWX WYF
QIVKI ]SYV S[R ZMI[W WS GSQTPIXIP] XLEX ]SY GER EHSTX XIQTSVEVMP] XLSWI SJ
]SYV PMWXIRIVW ;LIR ]SY HS XLMW ]SY [MPP FIKMR XS LIEV ]SYV WTIIGL XLVSYKL
XLI IEVW SJ ]SYV EYHMIRGI ERH XS EHNYWX MX EGGSVHMRKP] 8V] XS MQEKMRI [LEX XLI]
',%48)6 %2%0=>-2+ 8,) %9(-)2')
0YGEW 8LI %VX SJ 4YFPMG %REP]^MRK XLI %YHMIRGI 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
-R TSPMXMGEP GEQTEMKRW TSPP
XEOMRK LIPTW XLI GERHMHEXIW
OIIT XVEGO SJ TYFPMG STMRMSR
*SV GPEWWVSSQ WTIIGLIW ]SY
GER YWI ER EYHMIRGI EREP]WMW
UYIWXMSRREMVI XS KEYKI XLI
ORS[PIHKI ERH STMRMSRW SJ
]SYV PMWXIRIVW
[MPP PMOI [LEX XLI] [MPP HMWPMOI [LIVI XLI] [MPP LEZI HSYFXW SV UYIWXMSRW
[LIXLIV XLI] [MPP RIIH QSVI HIXEMPW LIVI SV JI[IV XLIVI [LEX [MPP MRXIVIWX
XLIQ ERH [LEX [MPP RSX
%X IZIV] TSMRX ]SY QYWX ERXMGMTEXI LS[ ]SYV EYHMIRGI [MPP VIWTSRH ,S[
[MPP XLI] VIEGX XS ]SYV MRXVSHYGXMSR ERH GSRGPYWMSR# ;MPP XLI] JMRH ]SYV
I\EQTPIW GPIEV ERH GSRZMRGMRK# ;MPP ]SYV ZMWYEP EMHW LIPT XLIQ KVEWT ]SYV
MHIEW# ,S[ [MPP XLI] VIWTSRH XS ]SYV PERKYEKI ERH QERRIV SJ HIPMZIV]# %W ]SY
ERW[IV XLIWI UYIWXMSRW GSRWGMSYWP] MHIRXMJ] [MXL ]SYV PMWXIRIVW 4YX ]SYVWIPJ MR
XLIMV TPEGI ERH VIWTSRH XS ]SYV WTIIGL EW XLI] [SYPH
,IVI MW LS[ SRI WXYHIRX [SVOIH SYX LMW TVSFPIQW SJ EYHMIRGI EHETXEXMSR
.YER 6YM^ E NYRMSV KISPSK] QENSV HIGMHIH XS KMZI ER MRJSVQEXMZI WTIIGL EFSYX LS[
IEVXLUYEOIW SGGYV *VSQ LMW EYHMIRGI EREP]WMW LI PIEVRIH XLEX SRP] X[S SV XLVII SJ LMW GPEWW
QEXIW ORI[ QYGL SJ ER]XLMRK EFSYX KISPSK] 8S QSWX SJ XLIQ E XIGXSRMG TPEXI [SYPH FI
JSYRH SR E HMRRIV XEFPI VEXLIV XLER FIPS[ XLI WYVJEGI SJ XLI IEVXL .YER VIEPM^IH XLIR XLEX
LI QYWX TVIWIRX LMW WTIIGL EX ER IPIQIRXEV] PIZIP ERH [MXL E QMRMQYQ SJ WGMIRXMJMG PER
KYEKI
%W LI TVITEVIH XLI WTIIGL .YER OITX EWOMRK LMQWIPJ q,S[ GER - QEOI XLMW GPIEV ERH
QIERMRKJYP XS WSQISRI [LS ORS[W RSXLMRK EFSYX IEVXLUYEOIW SV KISPSKMGEP TVMRGMTPIW#r
7MRGI LI [EW WTIEOMRK MR XLI 1MH[IWX LI HIGMHIH XS FIKMR F] RSXMRK XLEX XLI QSWX WIZIVI
IEVXLUYEOI MR %QIVMGER LMWXSV] XSSO TPEGI RSX MR 'EPMJSVRME SV %PEWOE FYX EX 2I[ 1EHVMH
1MWWSYVM MR -J WYGL ER IEVXLUYEOI LETTIRIH XSHE] MX [SYPH FI JIPX JVSQ XLI 6SGO]
1SYRXEMRW XS XLI %XPERXMG 3GIER ERH [SYPH JPEXXIR QSWX SJ XLI GMXMIW MR XLI 1MWWMWWMTTM
:EPPI] 8LEX LI JMKYVIH WLSYPH KIX LMW GPEWWQEXIWt EXXIRXMSR
8LVSYKLSYX XLI FSH] SJ XLI WTIIGL .YER HIEPX SRP] [MXL XLI FEWMG QIGLERMGW SJ
IEVXLUYEOIW ERH GEVIJYPP] EZSMHIH XIGLRMGEP XIVQW WYGL EW qEWXLIRSWTLIVI r qPMXLSWTLIVI r
ERH qWYFHYGXMSR ^SRIW r ,I EPWS TVITEVIH ZMWYEP EMHW HMEKVEQQMRK JEYPX PMRIW WS LMW GPEWW
QEXIW [SYPHRtX KIX GSRJYWIH
%HETXMRK XS XLI %YHMIRGI
0YGEW 8LI %VX SJ 4YFPMG %REP]^MRK XLI %YHMIRGI 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
8S FI EFWSPYXIP] WEJI .YER EWOIH LMW VSSQQEXIh[LS [EW RSX E KISPSK] QENSVhXS
PMWXIR XS XLI WTIIGL q7XST QI r LI WEMH qER]XMQI - WE] WSQIXLMRK ]SY HSRtX YRHIVWXERH r
.YERtW VSSQQEXI WXSTTIH LMQ JSYV XMQIW ERH EX IEGL WTSX .YER [SVOIH SYX E [E] XS QEOI
LMW TSMRX QSVI GPIEVP] *MREPP] LI LEH E WTIIGL XLEX [EW MRXIVIWXMRK ERH TIVJIGXP] YRHIV
WXERHEFPI XS LMW EYHMIRGI
%W ]SY [SVO SR ]SYV WTIIGLIW XV] XS OIIT ]SYV PMWXIRIVW GSRWXERXP] MR
QMRH %RXMGMTEXI LS[ XLI] [MPP VIWTSRH XS ]SYV MHIEW &I GVIEXMZI MR XLMROMRK
EFSYX [E]W XS EHETX ]SYV QIWWEKI XS XLIQ 0MOI .YER ]SY [MPP KMZI E QYGL
FIXXIV WTIIGL
%9(-)2') %(%48%8-32 (96-2+ 8,) 74))',
2S QEXXIV LS[ LEVH ]SY TVITEVI ELIEH SJ XMQI XLMRKW QE] RSX KS I\EGXP] EW
TPERRIH SR XLI HE] SJ ]SYV WTIIGL *SV WTIIGLIW MR XLI GPEWWVSSQ ]SY QE] JMRH
XLEX XLI TVSNIGXSV JSV ]SYV ZMWYEP EMHW MW RSX EZEMPEFPI SV XLEX ERSXLIV WXYHIRX
LEW XLI WEQI XSTMG EW ]SY *SV WTIIGLIW SYXWMHI XLI GPEWWVSSQ ]SY QMKLX PIEVR
XLEX XLI VSSQ JSV ]SYV WTIIGL LEW FIIR GLERKIH XLEX XLI EYHMIRGI [MPP FI
QYGL PEVKIV SV WQEPPIV
XLER ]SY LEH ERXMGMTEXIH SV IZIR XLEX XLI EQSYRX SJ
XMQI EZEMPEFPI JSV ]SYV WTIIGL LEW FIIR GYX MR LEPJ FIGEYWI E TVIZMSYW WTIEOIV
LEW HVSRIH SR JSV XSS PSRK
-J WSQIXLMRK PMOI XLMW LETTIRW XS ]SY HSRtX TERMG *MRH ERSXLIV [E] XS
TVIWIRX ]SYV ZMWYEP EMHW 1SHMJ] ]SYV MRXVSHYGXMSR XS QIRXMSR XLI SXLIV
WXYHIRXtW WTIIGL SR ]SYV XSTMG %HNYWX ]SYV HIPMZIV] XS XLI GLERKIH EYHMIRGI
WM^I -J ]SY JMRH ]SY LEZI PIWW XMQI XLER ]SY LEH TPERRIH GSRHIRWI ]SYV
WTIIGL XS MXW QSWX IWWIRXMEP TSMRXW ERH TVIWIRX XLIQ MR XLI XMQI EZEMPEFPI
=SYV PMWXIRIVW [MPP W]QTEXLM^I [MXL ]SYV TVIHMGEQIRX ERH [MPP ETTVIGMEXI
]SYV VIKEVH JSV XLIMV XMQI 8LMW [MPP QSVI XLER GSQTIRWEXI JSV ]SYV PSWX
WTIEOMRK XMQI
*MREPP] FI WYVI XS OIIT ER I]I SYX HYVMRK ]SYV WTIIGL JSV EYHMIRGI JIIH
FEGO -J ]SYV PMWXIRIVW EVI WMXXMRK JSV[EVH MR XLIMV GLEMVW PSSOMRK EX ]SY [MXL
MRXIVIWX ERH RSHHMRK XLIMV LIEHW MR ETTVSZEP ]SY GER EWWYQI XLMRKW EVI
KSMRK [IPP &YX WYTTSWI ]SY JMRH XLIQ JVS[RMRK SV VIWTSRHMRK [MXL UYM^^MGEP
PSSOW 8LIR ]SY QE] RIIH XS FEGO YT ERH KS SZIV ]SYV TSMRX EKEMR EW MR XLMW
I\EQTPI
1]PE ,ERWSR ER IGSRSQMGW QENSV LEH [SVOIH HMPMKIRXP] XS QEOI WYVI LIV
WTIIGL SR XLI 9 7 XVEHI HIJMGMX [EW RSX XSS XIGLRMGEP JSV LIV GPEWWQEXIW 7LI
I\TPEMRIH IZIV]XLMRK JVSQ XLI KVSYRH YT TVITEVIH X[S I\GIPPIRX ZMWYEP EMHW ERH
TVEGXMGIH KMZMRK XLI WTIIGL XS LIV FIWX JVMIRH E QYWMG QENSV ERH WIPJ GSRJIWWIH
qIGSRSQMGW MQFIGMPI r
3R XLI HE] SJ 1]PEtW WTIIGL IZIV]XLMRK [IRX [IPP YRXMP WLI KSX XS LIV WIGSRH QEMR
TSMRX [LIR WLI RSXMGIH XLEX WIZIVEP SJ LIV GPEWWQEXIW WIIQIH TY^^PIH F] XLI VIPEXMSRWLMT
FIX[IIR MRXIVREXMSREP XVEHI HIJMGMXW ERH XLI 9 7 GSWX SJ PMZMRK /RS[MRK XLI] [SYPH FI PSWX
JSV XLI VIWX SJ XLI WTIIGL MJ XLI] HMHRtX YRHIVWXERH XLEX VIPEXMSRWLMT 1]PE TEYWIH ERH WEMH
q- GER WII WSQI SJ ]SY EVI GSRJYWIH F] Q] I\TPEREXMSR 0IX QI XV] MX EKEMR JVSQ E HMJJIVIRX
ERKPI r
%W 1]PE [IRX XLVSYKL XLI QEXIVMEP EKEMR WLI GSYPH WII LIV GPEWWQEXIW RSHHMRK XLIMV
LIEHW MR YRHIVWXERHMRK 7LI GSYPH RS[ KS SR [MXL LIV WTIIGL GSRJMHIRX XLEX LIV EYHM
IRGI [EW VIEH] XS KS [MXL LIV
',%48)6 %2%0=>-2+ 8,) %9(-)2')
0YGEW 8LI %VX SJ 4YFPMG %REP]^MRK XLI %YHMIRGI 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
%HETXMRK XS ]SYV EYHMIRGI MW SRI SJ XLI QSWX MQTSVXERX OI]W XS WYGGIWWJYP
TYFPMG WTIEOMRK 0MOI SXLIV EWTIGXW SJ WTIIGLQEOMRK MX MW WSQIXMQIW IEWMIV WEMH
XLER HSRI &YX SRGI ]SY QEWXIV MX ]SYtPP WII XLEX MX TE]W HMZMHIRHW MR QSVI
TIVWSREP JEGIXW SJ ]SYV PMJIh[LIR ]SY EHETX XS ER EYHMIRGI SJ SRI
7911%6=
+SSH WTIEOIVW EVI EYHMIRGI GIRXIVIH 8LI] ORS[ XLEX XLI EMQ SJ WTIIGLQEOMRK MW
XS KEMR E HIWMVIH VIWTSRWI JVSQ PMWXIRIVW ;LIR [SVOMRK SR ]SYV WTIIGLIW OIIT
XLVII UYIWXMSRW MR QMRH 8S [LSQ EQ - WTIEOMRK# ;LEX HS - [ERX XLIQ XS ORS[
FIPMIZI SV HS EW E VIWYPX SJ Q] WTIIGL# ;LEX MW XLI QSWX IJJIGXMZI [E] SJ GSQTSWMRK
ERH TVIWIRXMRK Q] WTIIGL XS EGGSQTPMWL XLEX EMQ#
8S FI ER IJJIGXMZI WTIEOIV ]SY WLSYPH ORS[ WSQIXLMRK EFSYX XLI TW]GLSPSK] SJ
EYHMIRGIW 4ISTPI EVI IKSGIRXVMG 8LI] X]TMGEPP] ETTVSEGL WTIIGLIW [MXL SRI UYIW
XMSR YTTIVQSWX MR QMRH q;L] MW XLMW MQTSVXERX XS QI#r 8LIVIJSVI ]SY RIIH XS
WXYH] ]SYV EYHMIRGI ERH EHETX ]SYV WTIIGL HMVIGXP] XS XLIMV FIPMIJW ERH MRXIVIWXW
8LI JMVWX WXEKI MR PIEVRMRK EFSYX ]SYV EYHMIRGI MW XS MHIRXMJ] HIQSKVETLMG XVEMXW
WYGL EW EKI KIRHIV WI\YEP SVMIRXEXMSR VIPMKMSR KVSYT QIQFIVWLMT ERH VEGMEP
IXLRMG SV GYPXYVEP FEGOKVSYRH 8LI WIGSRH WXEKI MW MHIRXMJ]MRK XVEMXW SJ XLI EYHM
IRGI YRMUYI XS XLI WTIEOMRK WMXYEXMSR 8LIWI XVEMXW MRGPYHI XLI WM^I SJ XLI EYHMIRGI
EXXMXYHIW MRJPYIRGIH F] XLI TL]WMGEP WIXXMRK ERH ]SYV PMWXIRIVWt HMWTSWMXMSR XS[EVH
XLI XSTMG XS[EVH ]SY EW E WTIEOIV ERH XS[EVH XLI SGGEWMSR
*SV WTIIGLIW SYXWMHI XLI GPEWWVSSQ ]SY GER FIWX KIX MRJSVQEXMSR EFSYX XLI
EYHMIRGI F] EWOMRK XLI TIVWSR [LS MRZMXIW ]SY XS WTIEO *SV GPEWWVSSQ WTIIGLIW
]SY GER PIEVR EFSYX ]SYV EYHMIRGI F] SFWIVZEXMSR ERH GSRZIVWEXMSR =SY EPWS GER
GMVGYPEXI ER EYHMIRGI EREP]WMW UYIWXMSRREMVI
3RGI ]SY GSQTPIXI XLI EYHMIRGI EREP]WMW ]SY QYWX EHETX ]SYV WTIIGL WS MX
[MPP FI GPIEV ERH GSRZMRGMRK XS ]SYV PMWXIRIVW 4YX ]SYVWIPJ MR XLIMV TPEGI 8V] XS LIEV
XLI WTIIGL EW XLI] [MPP %RXMGMTEXI UYIWXMSRW ERH SFNIGXMSRW ERH XV] XS ERW[IV
XLIQ MR EHZERGI ;LIR ]SY HIPMZIV ]SYV WTIIGL OIIT ER I]I SYX JSV EYHMIRGI
JIIHFEGO ERH EHNYWX ]SYV VIQEVOW MR VIWTSRWI
/)= 8)617
EYHMIRGI GIRXIVIHRIWW
WMXYEXMSREP EYHMIRGI EREP]WMW
MHIRXMJMGEXMSR
EXXMXYHI
IKSGIRXVMWQ
JM\IH EPXIVREXMZI UYIWXMSRW
HIQSKVETLMG EYHMIRGI EREP]WMW
WGEPI UYIWXMSRW
WXIVISX]TMRK
STIR IRHIH UYIWXMSRW
6):-); 59)78-327
%JXIV VIEHMRK XLMW GLETXIV ]SY WLSYPH FI EFPI XS ERW[IV XLI JSPPS[MRK UYIWXMSRW
;L] QYWX E TYFPMG WTIEOIV FI EYHMIRGI GIRXIVIH#
;LEX HSIW MX QIER XS WE] XLEX TISTPI EVI IKSGIRXVMG# ;LEX MQTPMGEXMSRW HSIW
XLI IKSGIRXVMWQ SJ EYHMIRGIW LSPH JSV ]SY EW E TYFPMG WTIEOIV#
6IZMI[ 5YIWXMSRW
0YGEW 8LI %VX SJ 4YFPMG %REP]^MRK XLI %YHMIRGI 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
GSRRIGXPYGEW GSQ ;LEX EVI XLI WM\ HIQSKVETLMG XVEMXW SJ EYHMIRGIW HMWGYWWIH MR XLMW GLETXIV# ;L]
*SV JYVXLIV VIZMI[ KS XS XLI MW IEGL MQTSVXERX XS EYHMIRGI EREP]WMW#
7XYH] 5YIWXMSRW MR XLI SRPMRI
7XYH] %MHW JSV XLMW GLETXIV ;LEX MW WMXYEXMSREP EYHMIRGI EREP]WMW# ;LEX JEGXSVW HS ]SY RIIH XS GSRWMHIV MR
WMXYEXMSREP EYHMIRGI EREP]WMW#
,S[ GER ]SY KIX MRJSVQEXMSR EFSYX ER EYHMIRGI#
;LEX EVI XLI XLVII OMRHW SJ UYIWXMSRW YWIH MR UYIWXMSRREMVIW# ;L] MW MX E KSSH
MHIE XS YWI EPP XLVII MR EYHMIRGI EREP]WMW#
;LEX QIXLSHW GER ]SY YWI XS EHETX ]SYV WTIIGL XS ]SYV EYHMIRGI FIJSVI XLI
WTIIGL# (YVMRK XLI WTIIGL#
)<)6'-7)7 *36 '6-8-'%0 8,-2/-2+
%HZIVXMWIVW EVI YWYEPP] ZIV] GSRWGMSYW SJ XLIMV EYHMIRGI 'LSSWI ER MWWYI SJ E
TSTYPEV QEKE^MRI WYGL EW 8MQI 2I[W[IIO 7TSVXW -PPYWXVEXIH 'SWQSTSPMXER SV XLI
PMOI *VSQ XLEX MWWYI WIPIGX JMZI EHZIVXMWIQIRXW XS EREP]^I 8V] XS HIXIVQMRI XLI
EYHMIRGI FIMRK ETTIEPIH XS MR IEGL EHZIVXMWIQIRX ERH EREP]^I XLI ETTIEPW ZIV
FEP ERH ZMWYEP
YWIH XS TIVWYEHI FY]IVW ,S[ QMKLX XLI ETTIEPW HMJJIV MJ XLI EHW
[IVI HIWMKRIH XS TIVWYEHI E HMJJIVIRX EYHMIRGI#
&IPS[ EVI XLVII KIRIVEP WTIIGL XSTMGW ERH JSV IEGL X[S L]TSXLIXMGEP EYHMIRGIW
XS [LMGL E WTIIGL QMKLX FI HIPMZIVIH *SV IEGL XSTMG [VMXI E FVMIJ TEVEKVETL
I\TPEMRMRK LS[ ]SY QMKLX EHNYWX ]SYV WTIGMJMG TYVTSWI ERH QIWWEKI EGGSVHMRK
XS XLI HIQSKVETLMG GLEVEGXIVMWXMGW SJ XLI EYHMIRGI
E 8STMG q(EXE )RGV]TXMSRr
%YHMIRGI GSQTYXIV WGMIRGI QENSVW TL]WMGW QENSVW
JMRI EVXW QENSVW
%YHMIRGI FYWMRIWW QENSVW LMWXSV] QENSVW GSQTYXIV WGMIRGI
QENSVW
F 8STMG q7I\YEP %WWEYPX 8LI &MKKIWX 'EQTYW 'VMQIr
%YHMIRGI JIQEPI QEPI
%YHMIRGI QEPI JIQEPI
G 8STMG q8LI *EPP SJ XLI &IVPMR ;EPPr
%YHMIRGI (E] GPEWW EKI XS EKI ERH SZIV
%YHMIRGI )ZIRMRK GPEWW EKI ERH SZIV EKI XS EKI
XS
*SV ]SYV RI\X WTIIGL HIWMKR ERH GMVGYPEXI EQSRK ]SYV GPEWWQEXIW ER EYHMIRGI
EREP]WMW UYIWXMSRREMVI PMOI XLEX HMWGYWWIH SR TEKIW i 9WI EPP XLVII OMRHW
SJ UYIWXMSRW I\TPEMRIH MR XLI XI\X JM\IH EPXIVREXMZI WGEPI ERH STIR IRHIH
%JXIV ]SY LEZI XEFYPEXIH XLI VIWYPXW SJ XLI UYIWXMSRREMVI [VMXI ER EREP]WMW
I\TPEMRMRK [LEX XLI UYIWXMSRREMVI VIZIEPW EFSYX ]SYV EYHMIRGI ERH [LEX WXITW
]SY QYWX XEOI XS EHETX ]SYV WTIIGL XS XLI EYHMIRGI
',%48)6 %2%0=>-2+ 8,) %9(-)2')
0YGEW 8LI %VX SJ 4YFPMG %REP]^MRK XLI %YHMIRGI 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
%TTP]MRK XLI 4S[IV SJ 4YFPMG 7TIEOMRK
%W ER IGSRSQMGW TVSJIWWSV ]SYV VIWIEVGL [VMXMRK ERH XIEGLMRK SR XLI 7SGMEP 7IGY
VMX] W]WXIQ LEW EXXVEGXIH QIHME EXXIRXMSR 4ISTPI WIIQ TEVXMGYPEVP] MRXIVIWXIH MR
]SYV WGLSPEVP] STMRMSR FIGEYWI ]SY WYTTSVX TVSTSWEPW XLEX [SYPH EPPS[ [SVOIVW XS
MRZIWX TEVX SJ XLIMV 7SGMEP 7IGYVMX] GSRXVMFYXMSRW MR TIVWSREP VIXMVIQIRX EGGSYRXW
%[EVI SJ ]SYV TIVWTIGXMZI XLI PSGEP 6SXEV] GPYF LEW MRZMXIH ]SY XS WTIEO SR XLI
WYFNIGX EX XLI GPYFtW [IIOP] QIIXMRK
,EZMRK XEOIR E TYFPMG WTIEOMRK GPEWW MR GSPPIKI ]SY ORS[ LS[ MQTSVXERX MX MW
XS EREP]^I XLI EYHMIRGI ]SY [MPP FI EHHVIWWMRK 8S TVITEVI JSV ]SYV WTIIGL ]SY
LEZI EVVERKIH E XIPITLSRI MRXIVZMI[ [MXL XLI GPYFtW TVIWMHIRX XS JMRH SYX QSVI
EFSYX ]SYV EYHMIRGI 0MWX
XLI X[S QSWX MQTSVXERX UYIWXMSRW ]SY [ERX XS EWO XLI
TVIWMHIRX EFSYX XLI HIQSKVETLMGW SJ ]SYV EYHMIRGI ERH
XLI X[S QSWX MQTSV
XERX UYIWXMSRW ]SY [ERX XS EWO EFSYX XLI WMXYEXMSREP XVEMXW SJ ]SYV EYHMIRGI &I
WTIGMJMG MR ]SYV UYIWXMSRW ERH FI TVITEVIH MJ RIGIWWEV] XS I\TPEMR ]SYV GLSMGI SJ
UYIWXMSRW
%TTP]MRK XLI 4S[IV SJ 4YFPMG 7TIEOMRK
0YGEW 8LI %VX SJ 4YFPMG +EXLIVMRK 1EXIVMEPW 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
+EXLIVMRK 1EXIVMEPW
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
0YGEW 8LI %VX SJ 4YFPMG +EXLIVMRK 1EXIVMEPW 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
0YGEW 8LI %VX SJ 4YFPMG +EXLIVMRK 1EXIVMEPW 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
7YTTSWI ]SY EVI TPERRMRK E XVMT XS 7TEMR =SY [ERX XS ORS[ XLI QENSV WMXIW
WS ]SY GER [SVO SYX ER MXMRIVEV] =SY EPWS RIIH XS ORS[ [LEX XLMRKW [MPP
GSWX [LIVI XLI LSWXIPW EVI PSGEXIH ERH LS[ XLI XVEMR ERH FYW W]WXIQW
[SVO ,S[ HS ]SY KS EFSYX KEXLIVMRK EPP XLMW MRJSVQEXMSR#
=SY GER XEPO XS TISTPI [LS LEZI XVEZIPIH MR 7TEMR ERH KIX MHIEW JVSQ
XLIQ =SY GER GSRWYPX KYMHIFSSOW =SY GER WIEVGL XLI -RXIVRIX JSV MRJSVQE
XMSR -J ]SY LEZI XVEZIPIH XS )YVSTI FIJSVI ]SY GER HVE[ SR XLEX I\TIVMIRGI
7MRGI ]SY [ERX ]SYV XVMT XS FI E WYGGIWW ]SY KEXLIV EW QYGL MRJSVQEXMSR EW
]SY GER FIJSVI ]SY PIEZI
+EXLIVMRK QEXIVMEPW JSV E WTIIGL MW PMOI KEXLIVMRK MRJSVQEXMSR JSV ER]
TVSNIGX 8LIVI EVI QER] VIWSYVGIW EZEMPEFPI MJ ]SY XEOI EHZERXEKI SJ XLIQ =SY
GER MRXIVZMI[ TISTPI [MXL WTIGMEPM^IH ORS[PIHKI =SY GER HS VIWIEVGL SR XLI
-RXIVRIX SV MR XLI PMFVEV] 7SQIXMQIW ]SY GER YWI ]SYVWIPJ EW E VIWSYVGIh[LIR
IZIV ]SY LEZI TIVWSREP I\TIVMIRGI SV EFSZI EZIVEKI ORS[PIHKI EFSYX E WYF
NIGX 0IXtW XYVR JMVWX XS XLI VIWSYVGI SJ ]SYV S[R I\TIVMIRGI
9WMRK =SYV 3[R /RS[PIHKI ERH )\TIVMIRGI
)ZIV]FSH] MW ER I\TIVX SR WSQIXLMRK [LIXLIV MX MW ZMHIS KEQIW GLMPH GEVI SV
FEGOTEGOMRK %W [I WE[ MR 'LETXIV [I SJXIR WTIEO FIWX EFSYX WYFNIGXW [MXL
[LMGL [I EVI JEQMPMEV 8LMW MW [L] XIEGLIVW IRGSYVEKI WXYHIRXW XS GETMXEPM^I SR
XLIMV S[R ORS[PIHKI ERH I\TIVMIRGI MR HIZIPSTMRK WTIIGL XSTMGW
;LIR ]SY GLSSWI E XSTMG JVSQ ]SYV S[R I\TIVMIRGI ]SY QE] FI XIQTXIH
XS HITIVWSREPM^I MX F] VIP]MRK WSPIP] SR JEGXW ERH JMKYVIW JVSQ FSSOW 7YGL SYX
WMHI MRJSVQEXMSR MW EPQSWX EP[E]W RIGIWWEV] &YX WYTTPIQIRXMRK MX [MXL XLI
TIVWSREP XSYGL GER VIEPP] FVMRK ]SYV WTIIGLIW XS PMJI
3RI WXYHIRX EJJPMGXIH [MXL HMEFIXIW GLSWI XS I\TPEMR LS[ E TIVWSR GER
PMZI [MXL XLI HMWIEWI SR E HEMP] FEWMW ,I GMXIH WXEXMWXMGW SR XLI MRGMHIRGI SJ
HMEFIXIW MR XLI 9RMXIH 7XEXIW MHIRXMJMIH W]QTXSQW SJ XLI HMWIEWI ERH VIPEXIH
LS[ MX MW XVIEXIH %PSRK XLI [E] LI MPPYWXVEXIH LMW TSMRXW F] XEPOMRK EFSYX LMW
TIVWSREP I\TIVMIRGIW ,IVI MW TEVX SJ [LEX LI WEMH
&IMRK E HMEFIXMG TVIWIRXW E GLEPPIRKI SRI GERRSX EJJSVH XS PSWI 3R E TIVWSREP RSXI -
LEZI XVMIH RSX XS PIX Q] HMEFIXIW EJJIGX Q] PMJIWX]PI 0EWX ]IEV - WTIRX RMRI QSRXLW XVEZIPMRK
MR 'IRXVEP ERH 7SYXL %QIVMGE 8LI XVMT [EW ZIV] QIQSVEFPI FYX - LEH SRI TEVXMGYPEVP]
JVMKLXIRMRK I\TIVMIRGI XLEX UYMGOP] QEOIW ]SY VIEPM^I NYWX LS[ ZYPRIVEFPI E HMEFIXMG MW 3R
XLI JMJXL HE] SJ E X[S [IIO I\GYVWMSR HS[R XLI %QE^SR 6MZIV MR &VE^MP SYV GERSI XMTTIH
HYQTMRK IZIV]XLMRK MRXS XLI VMZIV
%PXLSYKL - VIGSZIVIH Q] TEGO TEVX SJ MXW GSRXIRXWhMRGPYHMRK Q] MRWYPMRh[IVI W[EP
PS[IH YT F] XLI VMZIV ;MXLSYX MRWYPMR - GSYPH RSX IEX ER] JSSH JSV MJ - HMH Q] FPSSH WYKEV
PIZIP [SYPH FIGSQI XSS LMKL ERH - GSYPH IZIRXYEPP] KS MRXS GSRZYPWMSRW WPMT MRXS E GSQE
ERH HMI ;I VIXYVRIH FEGO YT XLI %QE^SR ERH XVEZIPIH XLVII HE]W YRXMP [I VIEGLIH XLI
JMVWX ZMPPEKI ERH - GSYPH VEHMS JSV QSVI QIHMGMRI - [EW LSX ERH LYRKV] FYX EPMZI
8LMW WTIIGL LEW GSPSV ERH IQSXMSR &] HVE[MRK SR LMW S[R I\TIVMIRGI XLI
WTIEOIV GSRZI]IH LMW TSMRX QYGL QSVI QIERMRKJYPP] XLER LI GSYPH LEZI MR
ER] SXLIV [E]
)ZIR MJ ]SYV PMJI WXSVMIW EVI RSX XLEX HVEQEXMG ]SY GER WXMPP TYX XLIQ XS
[SVO JSV ]SY &] XLMROMRK SZIV ]SYV TEWX I\TIVMIRGIWhKEXLIVMRK QEXIVMEP JVSQ
]SYVWIPJh]SY GER JMRH QER] WYTTSVXMRK HIXEMPW JSV ]SYV WTIIGLIW
',%48)6 +%8,)6-2+ 1%8)6-%07
0YGEW 8LI %VX SJ 4YFPMG +EXLIVMRK 1EXIVMEPW 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
(SMRK 0MFVEV] 6IWIEVGL
)ZIR MR XLMW EKI SJ XLI -RXIVRIX ]SY [MPP KIX WSQI SJ XLI MRJSVQEXMSR JSV ]SYV
WTIIGLIW JVSQ XLI PMFVEV] -X GSRXEMRW QER] VIWSYVGIW XS LIPT ]SY JMRH [LEX
]SY RIIH MRGPYHMRK PMFVEVMERW XLI GEXEPSKYI TIVMSHMGEP HEXEFEWIW RI[WTETIVW
ERH VIJIVIRGI [SVOW ;ItPP PSSO EX IEGL MR XYVR
0-&6%6-%27 GEXEPSKYI
% PMWXMRK SJ EPP XLI FSSOW
8SS SJXIR WXYHIRXW [EWXI XLIMV XMQI [ERHIVMRK EMQPIWWP] MR XLI PMFVEV] FIGEYWI TIVMSHMGEPW ERH SXLIV VIWSYVGIW
XLI] EVI EJVEMH XS EWO JSV EWWMWXERGI 8LI] HSRtX [ERX XS ETTIEV WXYTMH SV XS S[RIH F] E PMFVEV]
qFSXLIVr ER]SRI &YX [SYPH ]SY FI EW WIRWMXMZI EFSYX EWOMRK E HSGXSV JSV LIPT
[MXL E QIHMGEP TVSFPIQ# 0MFVEVMERW EVI I\TIVXW MR XLIMV S[R JMIPH XVEMRIH MR GEPP RYQFIV
PMFVEV] YWI ERH VIWIEVGL QIXLSHW -J ]SY LEZI E UYIWXMSR HSRtX LIWMXEXI XS EWO % RYQFIV YWIH MR PMFVEVMIW XS
E PMFVEVMER ,I SV WLI GER LIPT ]SY JMRH ]SYV [E] PSGEXI WSYVGIW IZIR XVEGO GPEWWMJ] FSSOW ERH TIVMSHMGEPW
HS[R E WTIGMJMG TMIGI SJ MRJSVQEXMSR ERH XS MRHMGEXI [LIVI XLI] GER
FI JSYRH SR XLI WLIPZIW
8,) '%8%03+9)
TIVMSHMGEP HEXEFEWI
8LI GEXEPSKYI PMWXW EPP XLI FSSOW TIVMSHMGEPW ERH SXLIV VIWSYVGIW S[RIH F] XLI % VIWIEVGL EMH XLEX GEXEPSKYIW
PMFVEV] %PXLSYKL XLIVI EVI QER] HMJJIVIRX GSQTYXIV W]WXIQW JSV PMFVEV] GEXE EVXMGPIW JVSQ E PEVKI RYQFIV SJ
PSKYIW QSWX EPPS[ ]SY XS WIEVGL JSV FSSOW F] EYXLSV XMXPI WYFNIGX SV OI][SVH NSYVREPW SV QEKE^MRIW
8LI GEXEPSKYI EPWS XIPPW ]SY [LIXLIV XLI FSSO ]SY [ERX MW EZEMPEFPI SV MW
EPVIEH] GLIGOIH SYX
*MKYVI FIPS[ WLS[W E WEQTPI GEXEPSKYI IRXV] JSV E FSSO 8LI OI] XS
JMRHMRK XLI FSSO SR XLI WLIPZIW MW XLI GEPP RYQFIV 3RGI ]SY LEZI XLI GEPP
RYQFIV EPP ]SY LEZI XS HS MW JMRH XLI VMKLX WIGXMSR SJ XLI WLIPZIW SV WXEGOW EW
XLI] EVI GEPPIH MR WSQI PMFVEVMIW
ERH VIXVMIZI ]SYV FSSO
4)6-3(-'%0 (%8%&%7)7
4IVMSHMGEP HEXEFEWIW EPPS[ ]SY XS PSGEXI QEKE^MRI SV NSYVREP EVXMGPIW 8]TI XLI
WYFNIGX SR [LMGL ]SY [ERX MRJSVQEXMSR MR XLI HEXEFEWItW WIEVGL FS\ ERH
GMXEXMSRW SJ EVXMGPIW SR ]SYV WYFNIGX [MPP ETTIEV SR WGVIIR =SY GER XLIR GEPP YT
XLI JYPP XI\X SJ XLI EVXMGPIW
L L X P ^ X
& XXP Q , ; X ; X 7 P ;
; & X -X
J L 2 O &P Q
L
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1 Q P 7X O P 7 ^ 7 PZ
L %
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L LZ O 2 X ' O X d *-+96)
:< 7EQTPI 'EXEPSKYI )RXV] JSV
E &SSO
(SMRK 0MFVEV] 6IWIEVGL
0YGEW 8LI %VX SJ 4YFPMG +EXLIVMRK 1EXIVMEPW 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
'MXEXMSR MRGPYHIW XMXPI -R 8MK X )QTPS]QIRX 1EV IX 'EVIIV 7IV MGIW +EMR 'PSYX
S EVXMGPI EYX SV REQI
S QEKE^MRI TPEGI S 7%6% 0-4/% 8LI LVSRMGPI SJ MKLIV )HYGE MSR EWLMRK SR
TYFPMGEXMSR ERH HEXI E] :SP WW TK
6IPEXIH WYFNIGXW 7YFNIGXW EVIIV HI IPST IR 6IGVYM IR
'PMG SR X IWI SV SPPIKI W YHIR W )GSRS MG GSRHM MSRW
EHHMXMSREP EVXMGPIW 7SYVGI X]TI 4IVMSHMGEP
;SVH 'SYRX
d *-+96) %FWXVEGX S EVXMGPI 9WI %FWXVEGX
X MW XS HIGMHI [ IX IV )GSRSQMG GSRHMXMSRW TYFPMG I\TIGXEXMSRW ERH E LIMKLXIRIH
7EQTPI 4IVMSHMGEP )RXV] JVSQ ]SY [ERX XS VIEH X I IQTLEWMW SR WXYHIRX WYGGIWW LEZI TYWLIH QER] GSPPIKIW XS VEQT
4VS5YIWX 6IWIEVGL 0MFVEV] YPP XI\X YT XLIMV GEVIIV WIVZMGIW % [MHI VERKI SJ MRWXMXYXMSRW RS[ WII GEVIIV
TPERRMRK EW E [E] RSX SRP] XS VIGVYMX WXYHIRXW FYX EPWS XS VIXEMR XLIQ
EFWXVEGX -R WSQI GEWIW ]SY QE] KIX ER EFWXVEGX SJ XLI EVXMGPI MR EHHMXMSR XShSV
% WYQQEV] SJ E QEKE^MRI SV MRWXIEH SJhXLI JYPP XI\X /IIT MR QMRH LS[IZIV XLEX XLI EFWXVEGX MW SRP] E
NSYVREP EVXMGPI [VMXXIR F] WYQQEV] SJ XLI EVXMGPI =SY WLSYPH RIZIV GMXI ER EVXMGPI MR ]SYV WTIIGL SR XLI
WSQISRI SXLIV XLER XLI SVMKMREP FEWMW SJ XLI EFWXVEGX EPSRI %P[E]W GSRWYPX XLI JYPP EVXMGPI
EYXLSV
8LI I\EGX HEXEFEWIW ]SY GER YWI [MPP HITIRH SR [LEX MW EZEMPEFPI MR ]SYV
PMFVEV] ,IVI EVI JSYV SJ XLI QENSV EPP TYVTSWI HEXEFEWIW 3HHW EVI XLEX ]SYV
PMFVEV] [MPP LEZI EX PIEWX SRI SJ XLIQ
4VS5YIWX 6IWIEVGL 0MFVEV] %R I\GIPPIRX HEXEFEWI XLEX MRHI\IW QSVI XLER
KIRIVEP MRXIVIWX TIVMSHMGEPW ERH EGEHIQMG NSYVREPW ERH TVSZMHIW
XLI JYPP XI\X SJ EVXMGPIW JVSQ QSVI XLER LEPJ SJ XLIQ (EXIW ZEV] FYX
QER] SJ XLI JYPP XI\X EVXMGPIW KS FEGO XS *MKYVI WLS[W E
WEQTPI WGVIIR JVSQ 4VS5YIWX 6IWIEVGL 0MFVEV] [MXL E QEKE^MRI GMXEXMSR
ERH EFWXVEGX
%GEHIQMG 7IEVGL %R I\XVIQIP] ZEPYEFPI VIWSYVGI XLEX TVSZMHIW XLI JYPP
XI\X SJ EVXMGPIW JVSQ XLSYWERHW SJ TIVMSHMGEPW TSTYPEV ERH WGLSPEVP] EPMOI
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The Art of Public Speaking, 10th Edition(2009)BBS
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