0YGEW 8LI %VX SJ 4YFPMG +EXLIVMRK 1EXIVMEPW 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
0MFVEV] VIWIEVGL MW ZMXEP JSV
QSWX WTIIGLIW /RS[MRK XLI
VIWSYVGIW EZEMPEFPI MR ]SYV
PMFVEV] ERH LS[ XS YWI XLIQ
IJJMGMIRXP] [MPP QEOI XLI
VIWIEVGL TVSGIWW QYGL QSVI
TVSHYGXMZI
]SYV PMFVEV] [MPP TVSFEFP] LEZI GYVVIRX MWWYIW MR XLI TIVMSHMGEPW VSSQ &EGO
MWWYIW QE] FI EZEMPEFPI SR QMGVSJMPQ
*SV REXMSREP ERH MRXIVREXMSREP RI[WTETIVW GSRWYPX SRI SJ XLI JSPPS[MRK
HEXEFEWIW
4VS5YIWX 2I[WTETIVW -RHI\IW EVXMGPIW JVSQ QSVI XLER 9 7 ERH MRXIVRE
XMSREP RI[WTETIVW -RGPYHIW JYPP XI\X EVXMGPIW JSV QER] RI[WTETIVW FEGO XS
0I\MW 2I\MW %GEHIQMG -R EHHMXMSR XS QEKE^MRI EVXMGPIW 0I\MW 2I\MW JYVRMWLIW
JYPP XI\X EVXMGPIW JVSQ QSVI XLER 9 7 ERH MRXIVREXMSREP RI[WTETIVW EW
[IPP EW HEMP] YTHEXIW JVSQ RI[W WIVZMGIW WYGL EW 6IYXIVW ERH XLI %WWSGMEXIH
4VIWW
+PSFEP 2I[W&ERO 4VSZMHIW JYPP XI\X EVXMGPIW JVSQ QSVI XLER MRXIVRE
XMSREP WSYVGIW MRGPYHMRK RI[WTETIVW
6)*)6)2') ;36/7 VI IVIRGI [SV
% [SVO XLEX W]RXLIWM^IW E PEVKI
6IJIVIRGI [SVOW EVI YWYEPP] OITX MR E TEVX SJ XLI PMFVEV] GEPPIH XLI VIJIVIRGI EQSYRX SJ VIPEXIH MRJSVQEXMSR
WIGXMSR 8LI VMKLX VIJIVIRGI [SVO GER WEZI ]SY LSYVW SJ XMQI F] TYXXMRK EX ]SYV JSV IEW] EGGIWW F] VIWIEVGLIVW
JMRKIVXMTW E [IEPXL SJ MRJSVQEXMSR XLEX QMKLX FI HMJJMGYPX XS PSGEXI XLVSYKL E
HEXEFEWI SV XLI PMFVEV] GEXEPSKYI 8LI QENSV OMRHW SJ VIJIVIRGI [SVOW ]SY EVI
PMOIP] XS YWI JSV ]SYV WTIIGLIW EVI IRG]GPSTIHMEW ]IEVFSSOW UYSXEXMSR FSSOW
ERH FMSKVETLMGEP EMHW
)RG]GPSTIHMEW KIRIVEP IRG]GPSTIHME
% GSQTVILIRWMZI VIJIVIRGI
;I EVI EPP JEQMPMEV [MXL KIRIVEP IRG]GPSTIHMEW WYGL EW XLI )RG]GPSTEIHME &VMXERRMGE [SVO XLEX TVSZMHIW MRJSVQEXMSR
ERH XLI )RG]GPSTIHME %QIVMGERE 8LI] WIIO XS TVSZMHI EGGYVEXI SFNIGXMZI MRJSVQE EFSYX EPP FVERGLIW SJ LYQER
XMSR EFSYX EPP FVERGLIW SJ LYQER ORS[PIHKI ERH GER FI ER I\GIPPIRX TPEGI XS ORS[PIHKI
FIKMR ]SYV VIWIEVGL 1ER] KIRIVEP IRG]GPSTIHMEW GER EPWS FI EGGIWWIH SRPMRI
(SMRK 0MFVEV] 6IWIEVGL
0YGEW 8LI %VX SJ 4YFPMG +EXLIVMRK 1EXIVMEPW 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
WTIGMEP IRG]GPSTIHME -R EHHMXMSR XS KIRIVEP IRG]GPSTIHMEW XLIVI EVI WTIGMEP IRG]GPSTIHMEW XLEX
% GSQTVILIRWMZI VIJIVIRGI GSZIV XLIMV JMIPHW MR QYGL QSVI HITXL XLER HS KIRIVEP IRG]GPSTIHMEW 7SQI SJ
[SVO HIZSXIH XS E WTIGMJMG XLI QSWX JVIUYIRXP] YWIH WTIGMEP IRG]GPSTIHMEW EVI
WYFNIGX WYGL EW VIPMKMSR EVX
PE[ WGMIRGI QYWMG IXG %JVMGER %QIVMGER )RG]GPSTIHME
%WMER %QIVMGER )RG]GPSTIHME
(MGXMSREV] SJ %VX
)RG]GPSTIHME SJ 6IPMKMSR
0EXMRS )RG]GPSTIHME
1G+VE[ ,MPP )RG]GPSTIHME SJ 7GMIRGI ERH 8IGLRSPSK]
]IEVFSS =IEVFSS W
% VIJIVIRGI [SVO TYFPMWLIH
ERRYEPP] XLEX GSRXEMRW %W XLI REQI MQTPMIW ]IEVFSSOW EVI TYFPMWLIH ERRYEPP] 8LI] GSRXEMR ER EQE^
MRJSVQEXMSR EFSYX XLI TVIZMSYW MRK EQSYRX SJ GYVVIRX MRJSVQEXMSR XLEX [SYPH SXLIV[MWI FI EPP FYX MQTSWWMFPI
]IEV XS XVEGO HS[R ,IVI EVI X[S SJ XLI QSWX ZEPYEFPI
;SVPH %PQEREG ERH &SSO SJ *EGXW 8LI ;SVPH %PQEREG MW E XVIEWYVI XVSZI
SJ MRJSVQEXMSR %QSRK XLI XLMRKW ]SY GER HMWGSZIV MR MX EVI XLI QSWX
[EXGLIH XIPIZMWMSR WLS[W SJ XLI TVIZMSYW ]IEV TVSJIWWMSREP ERH GSPPIKMEXI
WTSVXW VIGSVHW XLI PMXIVEG] VEXI MR %JKLERMWXER ERH XLI REXYVEP VIWSYVGIW SJ
4IVY
*EGXW SR *MPI %ZEMPEFPI MR FSXL TVMRX ERH SRPMRI ZIVWMSRW *EGXW SR *MPI MW E
[IIOP] HMKIWX SJ REXMSREP ERH JSVIMKR RI[W IZIRXW %X XLI IRH SJ XLI ]IEV
EPP XLI [IIOP] MWWYIW EVI TYFPMWLIH XSKIXLIV EW *EGXW SR *MPI =IEVFSSO
5YSXEXMSR &SS W
8LI FIWX ORS[R GSPPIGXMSR SJ UYSXEXMSRW MW &EVXPIXXtW *EQMPMEV 5YSXEXMSRW ;MXL
QSVI XLER UYSXEXMSRW JVSQ LMWXSVMGEP ERH GSRXIQTSVEV] JMKYVIW MX LEW
PSRK FIIR VIKEVHIH EW ER MRHMWTIRWEFPI WSYVGI JSV WTIEOIVW ERH [VMXIVW EPMOI
3XLIV I\GIPPIRX UYSXEXMSR FSSOW MRGPYHI
3\JSVH (MGXMSREV] SJ 5YSXEXMSRW
8LI 2I[ 5YSXEFPI ;SQER
1] 7SYP 0SSOW &EGO t0IWW - *SVKIX % 'SPPIGXMSR SJ 5YSXEXMSRW F] 4ISTPI SJ 'SPSV
%RGMIRX )GLSIW 2EXMZI %QIVMGER ;SVHW SJ ;MWHSQ
*MVI MR 3YV 7SYPW 5YSXEXMSRW SJ ;MWHSQ ERH -RWTMVEXMSR F] 0EXMRS %QIVMGERW
% 8VIEWYV] SJ .I[MWL 5YSXEXMSRW
FMSKVET MGEP EMH &MSKVET MGEP %MHW
% VIJIVIRGI [SVO XLEX TVSZMHIW
MRJSVQEXMSR EFSYX TISTPI ;LIR ]SY RIIH MRJSVQEXMSR EFSYX TISTPI MR XLI RI[W ]SY GER XYVR XS SRI SJ
XLI QER] VIJIVIRGI [SVOW XLEX GSRXEMR FVMIJ PMJI ERH GEVIIV JEGXW EFSYX GSRXIQ
TSVEV] QIR ERH [SQIR 8LI] MRGPYHI
-RXIVREXMSREP ;LStW ;LS
;LStW ;LS MR %QIVMGE
',%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
;LStW ;LS SJ %QIVMGER ;SQIR
'SRXIQTSVEV] &PEGO &MSKVETL]
(MGXMSREV] SJ ,MWTERMG &MSKVETL]
;LStW ;LS %QSRK %WMER %QIVMGERW
IEVGLMRK LI R IVRI
8LI -RXIVRIX LEW FIIR GEPPIH XLI [SVPHtW FMKKIWX PMFVEV] 9RPMOI E PMFVEV] LS[
IZIV XLI -RXIVRIX LEW RS GIRXVEP MRJSVQEXMSR HIWO RS PMFVEVMERW RS GEXEPSKYI
ERH RS VIJIVIRGI WIGXMSR 2SV HSIW MX LEZI E TIVWSR SV HITEVXQIRX MR GLEVKI SJ
HIXIVQMRMRK [LIXLIV QEXIVMEPW EVI SJ LMKL UYEPMX] =SY GER YRIEVXL E KVIEX
HIEP SJ MRJSVQEXMSR SR XLI -RXIVRIX FYX ]SY GERRSX EP[E]W JMRH XLI WEQI VERKI
ERH HITXL EW MR E KSSH PMFVEV] 8LMW MW [L] I\TIVXW EHZMWI XLEX ]SY YWI XLI
-RXIVRIX XS WYTTPIQIRX RSX XS VITPEGI PMFVEV] VIWIEVGL
-R XLMW WIGXMSR [I [MPP PSSO EX [E]W ]SY GER KS FI]SRH FVS[WMRK XLI ;IF
ERH XYVR MX MRXS E TS[IVJYP VIWIEVGL XSSP JSV ]SYV WTIIGLIW %JXIV HMWGYWWMRK
WIEVGL IRKMRIW ERH SXLIV VIWSYVGIW JSV GSRHYGXMRK IJJMGMIRX JSGYWIH MRUYMVMIW
[ItPP I\TPEMR LS[ XS IZEPYEXI XLI VIPMEFMPMX] ERH SFNIGXMZMX] SJ XLI VIWIEVGL
QEXIVMEPW ]SY JMRH SR XLI ;IF
7)%6', )2+-2)7
7IEVGL IRKMRIW EVI XLI OI] XS JMRHMRK QEXIVMEPW SR XLI -RXIVRIX 8LIVI EVI
RYQIVSYW WIEVGL IRKMRIW FYX XLI QSWX [MHIP] YWIH F] JEV MW +SSKPI -R EHHM
XMSR XS TVSZMHMRK EGGIWW XS FMPPMSRW SJ ;IF TEKIW MX LEW WTIGMEPM^IH WIEVGL XSSPW
HIZSXIH XS MQEKIW ZMHIS RI[W FPSKW ERH JMRERGI 8LI UYIWXMSR MW ,S[ GER
]SY YWI +SSKPI ERH SXLIV WIEVGL IRKMRIW W]WXIQEXMGEPP] XS JMRH [LEX ]SY RIIH#
8LI ERW[IV MW (IZIPST E WIEVGL WXVEXIK] XLEX [MPP EPPS[ ]SY XS ^IVS MR TVIGMWIP]
SR XLI MRJSVQEXMSR VIUYMVIH JSV ]SYV WTIIGL
7YTTSWI ]SY EVI YWMRK +SSKPI XS PSSO JSV MRJSVQEXMSR EFSYX WTSVXW MRNYVMIW
EQSRK GSPPIKI GLIIVPIEHIVW -J ]SY WMQTP] IRXIV XLI [SVH GLIIVPIEHMRK MR XLI
WIEVGL FS\ ]SY [MPP KIX E PMWX SJ IZIV] HSGYQIRX GEXEPSKYIH F] +SSKPI XLEX
GSRXEMRW XLI [SVH GLIIVPIEHMRKhQSVI XLER QMPPMSR MR EPP 7SQI [MPP HIEP
[MXL WTSVXW MRNYVMIW EQSRK GSPPIKI GLIIVPIEHIVW FYX XLI ZEWX QENSVMX] [MPP RSX
7GERRMRK XLVSYKL IZIV]XLMRK XS JMRH [LEX ]SY RIIH [SYPH FI E HEYRXMRK
XEWO
,S[ HS ]SY PMQMX ]SYV WIEVGL XS KIX QSVI QEREKIEFPI VIWYPXW# -J ]SY X]TI
GSPPIKI GLIIVPIEHMRK MR +SSKPItW WIEVGL FS\ ]SY [MPP WXMPP GSQI YT [MXL QSVI
XLER E QMPPMSR GMXEXMSRW ,S[IZIV MJ ]SY X]TI qGSPPIKI GLIIVPIEHMRKr MR UYSXE
XMSR QEVOW ]SY [MPP KIX SRP] HSGYQIRXW XLEX GSRXEMR XLI I\EGX TLVEWI qGSPPIKI
GLIIVPIEHMRKrh MR EPP
8LMW MW QYGL FIXXIV FYX MXtW WXMPP JEV XSS QER] XS KS XLVSYKL SRI F] SRI
7S ]SY REVVS[ ]SYV WIEVGL WXMPP JYVXLIV 8LMW XMQI ]SY X]TI XLI JSPPS[MRK IRXV]
MRXS +SSKPItW WIEVGL FS\
qGSPPIKI GLIIVPIEHMRKr qWTSVXW MRNYV]r
8LI WMKR PMQMXW XLI WIEVGL XS MXIQW XLEX GSRXEMR FSXL WIXW SJ OI][SVHW qGSPPIKI
GLIIVPIEHMRKr ERH qWTSVXW MRNYV] r 8LMW XMQI ]SY KIX E PMWX SJ HSGYQIRXW EPP
SJ [LMGL HIEP WTIGMJMGEPP] [MXL WTSVXW MRNYVMIW EQSRK GSPPIKI GLIIVPIEHIVW
7IEVGLMRK XLI -RXIVRIX
0YGEW 8LI %VX SJ 4YFPMG +EXLIVMRK 1EXIVMEPW 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
-J ]SY [IVI YWMRK E WIEVGL IRKMRI SXLIV XLER +SSKPI ]SY QMKLX IRXIV HMJ
JIVIRX GSQQERHW &YX XLI FEWMG TVMRGMTPIW JSV HSMRK TVIGMWI TMRTSMRXIH WIEVGLIW
EVI WMQMPEV JVSQ WIEVGL IRKMRI XS WIEVGL IRKMRI -J ]SY YRHIVWXERH XLSWI TVMR
GMTPIW ]SY [MPP KVIEXP] MRGVIEWI ]SYV SHHW SJ JMRHMRK I\EGXP] [LEX ]SY RIIH JSV
]SYV WTIIGLIW
7 4)'-%0->)( 6)7)%6', 6)7396')7
7IEVGL EMHW EVI I\XVIQIP] LIPTJYP FYX XLI] EVI RSX XLI SRP] ZILMGPIW JSV JMRHMRK
MRJSVQEXMSR SRPMRI &IGEYWI XLI -RXIVRIX MW WS ZEWX MX MW LIPTJYP XS LEZI E PMWX SJ
TVIQMYQ ;IF WMXIW XLEX ]SY GER XYVR XS [MXL GSRJMHIRGI -R GSQTMPMRK XLI
JSPPS[MRK PMWX - LEZI GSRGIRXVEXIH SR WMXIW XLEX EVI QSWX PMOIP] XS FI LIPTJYP XS
]SY EW ]SY [SVO SR ]SYV WTIIGLIW
MVXYEP PMFVEV] MVXYEP 0MFVEVMIW
% WIEVGL IRKMRI XLEX GSQFMRIW
-RXIVRIX XIGLRSPSK] [MXL 7IEVGL IRKMRIW LIPT ]SY JMRH [LEXtW SR XLI -RXIVRIX FYX XLI] HSRtX IZEPYEXI
XVEHMXMSREP PMFVEV] QIXLSHW SJ XLI UYEPMX] SJ XLI WSYVGIW XLI] VIXVMIZI 0MFVEVMERW ERH SXLIV MRJSVQEXMSR WTI
GEXEPSKYMRK ERH EWWIWWMRK HEXE GMEPMWXW EVI [SVOMRK XS QEOI MX IEWMIV XS PSGEXI VIPMEFPI LMKL UYEPMX] ;IF
VIWSYVGIW 3RI VIWYPX SJ XLIMV IJJSVXW MW ZMVXYEP PMFVEVMIWhWIEVGL IRKMRIW XLEX
GSQFMRI -RXIVRIX XIGLRSPSK] [MXL XVEHMXMSREP PMFVEV] QIXLSHW SJ EWWIWWMRK
HEXE ,IVI EVI X[S SJ XLI FIWX
0MFVEVMERWt -RXIVRIX -RHI\ [[[ PMM SVK
'SRXEMRW QSVI XLER IRXVMIW
SVKERM^IH MRXS QEMR XSTMGW MRGPYHMRK EVXW ERH LYQERMXMIW LIEPXL PE[
FYWMRIWW QIHME WGMIRGI ERH VIGVIEXMSR
-RXIVRIX 4YFPMG 0MFVEV] [ [[ MTP SVK
-R EHHMXMSR XS WYFNIGX GSPPIGXMSRW XLEX
VERKI JVSQ FYWMRIWW XS WSGMEP WGMIRGI MX LEW PMROW XS E PEVKI RYQFIV SJ
VIJIVIRGI WSYVGIW EW [IPP EW XS E [MHI VERKI SJ GSRWXERXP] IZSPZMRK WTIGMEP
GSPPIGXMSRW
+S IVRQIRX 6IWSYVGIW
3RI SJ XLI KVIEX WXVIRKXLW SJ XLI -RXIVRIX EW E VIWIEVGL XSSP MW XLI EGGIWW MX
TVSZMHIW XS KSZIVRQIRX HSGYQIRXW ERH TYFPMGEXMSRW ;LIXLIV ]SY EVI
PSSOMRK JSV MRJSVQEXMSR JVSQ XLI JIHIVEP KSZIVRQIRX SV JVSQ E WXEXI SV PSGEP
EKIRG] GLERGIW EVI ]SY GER JMRH MX F] WXEVXMRK ]SYV WIEVGL EX SRI SJ XLIWI
;IF WMXIW
97% KSZ [[[ YWE KSZ
3RI WXST WLSTTMRK JSV EPP 9 7 KSZIVRQIRX
MRJSVQEXMSR SR XLI -RXIVRIX 4VSZMHIW PMROW XS QSVI XLER QMPPMSR ;IF
TEKIW JVSQ JIHIVEP WXEXI PSGEP ERH XVMFEP KSZIVRQIRXW
7XEXMWXMGEP %FWXVEGX [ [[ GIRWYW KSZ GSQTIRHME WXEXEF
8LI WXERHEVH
VIJIVIRGI WSYVGI JSV RYQIVMGEP MRJSVQEXMSR SR WSGMEP TSPMXMGEP ERH
IGSRSQMG EWTIGXW SJ %QIVMGER PMJI 'SQTMPIH F] XLI 'IRWYW &YVIEY MXW
MRGVIHMFPI EVVE] SJ JEGXW EVI SVKERM^IH MR XEFPI JSVQ
;SVPH *EGXFSSO [ [[ GME KSZ PMFVEV] TYFPMGEXMSRW XLI [SVPH JEGXFSSO
4YFPMWLIH ERRYEPP] F] XLI 'IRXVEP -RXIPPMKIRGI %KIRG] XLI ;SVPH *EGXFSSO
MW E VMGL GSQTIRHMYQ SJ MRJSVQEXMSR SR IZIV] GSYRXV] MR XLI [SVPH 8STMGW
MRGPYHI TISTPI KSZIVRQIRX IGSRSQ] GSQQYRMGEXMSR XVERWTSVXEXMSR
ERH XVERWREXMSREP MWWYIW
',%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
6IWIEVGL KMZIW WTIEOIVW JEGXW
ERH JMKYVIW XS WYTTSVX XLIMV
MHIEW ,IVI )YVSTIER 9RMSR
SJJMGMEP 1EVXMR 4EVV] VITSVXW EX
ER MRXIVKSZIVRQIRXEP QIIX
MRK SR KPSFEP GPMQEXI GLERKI
1YPXMGYPXYVEP 6IWSYVGIW GSRRIGXPYGEW GSQ
=SY GER PMRO XS XLI ;IF WMXIW
8LI -RXIVRIX MW E KPSFEP TLIRSQIRSR ERH MX QMVVSVW XLI MRXIVREXMSREPMWQ ERH MHIRXMJMIH SR TT i
HMZIVWMX] SJ SYV XMQI -J ]SY EVI WTIEOMRK SR E XSTMG [MXL QYPXMGYPXYVEP HMQIR XLVSYKL XLI SRPMRI 6IWIEVGL
WMSRW ]SY QE] JMRH LIPT EX SRI SJ XLI JSPPS[MRK WMXIW 0MFVEV] JSV XLMW GLETXIV
=ELSS 6IKMSREP LXXT HMV ]ELSS GSQ 6IKMSREP
% KVIEX WXEVXMRK TSMRX
XLEX SJJIVW PMROW XS WGSVIW SJ GSYRXVMIW ERH VIKMSRW EVSYRH XLI [SVPH EW [IPP
EW XS EPP WXEXIW SJ XLI 9 7
;;; :MVXYEP 0MFVEV] %QIVMGER -RHMERW [[[ LEROWZMPPI SVK 2%VIWSYVGIW
'SQTVILIRWMZI VIWSYVGI [MXL LYRHVIHW SJ PMROW XS WMXIW HIEPMRK [MXL
2EXMZI %QIVMGER LMWXSV] PERKYEKI GYPXYVI IHYGEXMSR LIEPXL EVX ERH
XLI PMOI
4VMRGIXSR 9RMZIVWMX] 0MFVEV] %WMER %QIVMGER 7XYHMIW LXXT JMVIWXSRI TVMRGIXSR
IHY EWMEREQIVMGER
4VSZMHIW PMROW XS WGSVIW SJ ;IF WMXIW XLEX JIEXYVI XSTMGW
[VMXMRKW ERH SVKERM^EXMSRW SJ WTIGMEP MRXIVIWX XS %WMER %QIVMGERW
0EXMRS ,MWTERMG 6IWSYVGIW [ [[ VGJ YWG IHY bGQQV 0EXMRS LXQP
1EMRXEMRIH
F] XLI 9RMZIVWMX] SJ 7SYXLIVR 'EPMJSVRMEtW 'IRXIV JSV 1YPXMPMRKYEP 1YPXM
GYPXYVEP 6IWIEVGL XLMW SYXWXERHMRK WMXI TVSZMHIW PMROW XS E XVIEWYVI XVSZI SJ
VIWSYVGIW HIZSXIH XS 0EXMRS ERH 0EXMRE VIPEXIH MWWYIW
%JVMGER %QIVMGER ;IF 'SRRIGXMSR [[[ EE[G GSQ
%[EVH [MRRMRK ;IF
WMXI XLEX HIEPW [MXL EPP EWTIGXW SJ %JVMGER %QIVMGER PMJI %PWS TVSZMHIW PMROW
XS SVKERM^EXMSRW WYGL EW XLI 2EXMSREP 9VFER 0IEKYI XLI 'SRKVIWWMSREP
&PEGO 'EYGYW ERH XLI 2%%'4
3J GSYVWI XLIVI EVI XLSYWERHW SJ SXLIV YWIJYP ;IF WMXIW &YX XLI SRIW HMW
GYWWIH EFSZI MR GSRNYRGXMSR [MXL E KSSH WIEVGL IRKMRI WLSYPH LIPT KIX ]SYV
VIWIEVGL SJJ XS E KSSH WXEVX
) %09%8-2+ -28)62)8 (3'91)287
;LIR ]SY HS VIWIEVGL MR E PMFVEV] IZIV]XLMRK ]SY JMRH LEW FIIR IZEPYEXIH MR
SRI [E] SV ERSXLIV FIJSVI MX KIXW XS ]SY &SSOW QEKE^MRIW ERH NSYVREPW LEZI
7IEVGLMRK XLI -RXIVRIX
0YGEW 8LI %VX SJ 4YFPMG +EXLIVMRK 1EXIVMEPW 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
GSRRIGXPYGEW GSQ ' L I G O P M W X ) EPYE MRK R IVRI (SGY IR W
8LMW GLIGOPMWX MW EPWS EZEMP
EFPI MR XLI SRPMRI 7XYH] =)7 23
8SSPW JSV XLMW GLETXIV
W LI EY LSV SJ LI HSGY IR GPIEVP] MHIR MJMIH#
J LI EY LSV MW MHIR MJMIH MW LI SV WLI ER I\TIV SR LI
STMG#
J LI EY LSV MW RS ER I\TIV GER LMW SV LIV STMRMSRW FI
EGGIT IH EW SFNIG M I ERH YRFMEWIH#
J LI EY LSV MW RS MHIR MJMIH GER LI WTSRWSVMRK
SVKERM E MSR FI HI IV MRIH#
W LI WTSRWSVMRK SVKERM E MSR E KS IVR IR EKIRG] ER
IHYGE MSREP MRW M Y MSR SV E RSRTVSJM KVSYT#
(SIW LI WTSRWSVMRK SVKERM E MSR LE I E VITY E MSR JSV
I\TIV MWI ERH SFNIG M M ]#
(SIW LI HSGY IR MRGPYHI E GST]VMKL HE I TYFPMGE MSR
HE I SV HE I SJ PEW VI MWMSR#
J E HE I MW MRGPYHIH MW LI HSGY IR VIGIR IRSYKL S
GM I MR ] WTIIGL#
IHMXSVMEP TVSGIHYVIW XS HIXIVQMRI [LIXLIV E KMZIR [SVO WLSYPH SV WLSYPH RSX
FI TYFPMWLIH 3RGI E [SVO MW TYFPMWLIH MX LEW XS FI ETTVSZIH F] XLI EGUYMWM
XMSRW WXEJJ JSV MRGPYWMSR MR XLI PMFVEV]
8LI -RXIVRIX SJ GSYVWI MW E ZIV] HMJJIVIRX WXSV] 8LI QSWX XVYWXIH VIWSYVGIW
SR XLI ;IF EVI XLSWI HIVMZIH JVSQ TVMRXIH [SVOWhKSZIVRQIRX VIGSVHW RI[W
TETIV EVXMGPIW VIWIEVGL VITSVXW ERH XLI PMOI &YX QSWX ;IF HSGYQIRXW I\MWX
SRP] MR IPIGXVSRMG JSVQ 3J XLIWI JI[ LEZI KSRI XLVSYKL XLI OMRH SJ IHMXSVMEP
VIZMI[ XLEX MW HIWMKRIH XS IRWYVI E FEWMG PIZIP SJ VIPMEFMPMX] MR TVMRXIH [SVOW
%R]SRI [MXL E GSQTYXIV ERH EGGIWW XS XLI -RXIVRIX GER WLEVI LMW SV LIV STMR
MSRW [MXL E HMWGYWWMSR KVSYT TYFPMWL ER IPIGXVSRMG RI[WPIXXIV SV GVIEXI E TIV
WSREP ;IF TEKI 2IZIV LEW XLI EHEKI FIIR QSVI XVYI XLER [LIR ETTPMIH XS XLI
-RXIVRIX q(SRtX FIPMIZI IZIV]XLMRK ]SY VIEH r
-R 'LETXIV [I [MPP HMWGYWW LS[ XS NYHKI XLI WSYRHRIWW SJ WYTTSVXMRK
QEXIVMEPW MR KIRIVEP ,IVI [I PSSO EX XLVII GVMXIVME ]SY GER YWI XS LIPT HMWXMR
KYMWL FIX[IIR XLI NI[IPW ERH XLI NYRO SR XLI -RXIVRIX
%YX SVW MT
-W XLI EYXLSV SJ XLI ;IF HSGYQIRX ]SY EVI EWWIWWMRK GPIEVP] MHIRXMJMIH# -J WS
[LEX EVI LMW SV LIV UYEPMJMGEXMSRW# -W XLI EYXLSV ER I\TIVX SR XLI XSTMG# 'ER
LIV SV LMW HEXE ERH STMRMSRW FI EGGITXIH EW SFNIGXMZI ERH YRFMEWIH# .YWX EW ]SY
WLSYPH RSX GMXI E FSSO SV QEKE^MRI EVXMGPI [MXLSYX MHIRXMJ]MRK XLI EYXLSV ERH
LMW SV LIV GVIHIRXMEPW WS ]SY WLSYPH RSX GMXI ER IPIGXVSRMG [SVO MR XLI EFWIRGI
SJ XLMW MRJSVQEXMSR
-R E FSSO SV QEKE^MRI EVXMGPI MRJSVQEXMSR EFSYX XLI EYXLSV MW YWYEPP]
JEMVP] IEW] XS JMRH 8SS SJXIR LS[IZIV XLMW MW RSX XVYI SR XLI -RXIVRIX -J ]SY
GERtX JMRH MRJSVQEXMSR EFSYX XLI EYXLSV MR XLI HSGYQIRX MXWIPJ PSSO JSV E
',%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
PMRO XS XLI EYXLSVtW LSQITEKI SV XS ERSXLIV WMXI XLEX I\TPEMRW XLI EYXLSVtW
GVIHIRXMEPW
3JXIR ]SY GER PIEVR EFSYX ER EYXLSV F] X]TMRK LIV SV LMW REQI MR XLI
+SSKPI WIEVGL FS\ -J XLI EYXLSV MW ER EGGITXIH EYXLSVMX] SR XLI WYFNIGX XLIVItW
E KSSH GLERGI +SSKPI [MPP XYVR YT MRJSVQEXMSR EFSYX GVIHIRXMEPW TYFPMGEXMSRW
ERH EJJMPMEXMSR -J XLEX HSIWRtX [SVO XV] GLIGOMRK SRI SJ XLI FMSKVETLMGEP EMHW
PMWXIH IEVPMIV MR XLMW GLETXIV TEKIW i
7TSRWSVW MT WTSRWSVMRK SVKERM^EXMSR
%R SVKERM^EXMSR XLEX MR XLI
1ER] ;IF HSGYQIRXW EVI TYFPMWLIH F] FYWMRIWWIW KSZIVRQIRX EKIRGMIW EFWIRGI SJ E GPIEVP] MHIRXMJMIH
TYFPMG MRXIVIWX KVSYTW ERH XLI PMOI VEXLIV XLER F] MRHMZMHYEP EYXLSVW -R WYGL EYXLSV MW VIWTSRWMFPI JSV XLI
GEWIW ]SY QYWX NYHKI [LIXLIV XLI WTSRWSVMRK SVKERM^EXMSR MW MQTEVXMEP IRSYKL GSRXIRX SJ E HSGYQIRX SR XLI
XS GMXI MR ]SYV WTIIGL -W XLI SVKERM^EXMSR SFNIGXMZI MR MXW VIWIEVGL ERH JEMV -RXIVRIX
QMRHIH MR MXW WXEXIQIRXW# -W MX IGSRSQMGEPP] YRFMEWIH [MXL VIKEVH XS XLI MWWYI
YRHIV HMWGYWWMSR# (SIW MX LEZI E LMWXSV] SJ EGGYVEG] ERH RSRTEVXMWERWLMT#
3ZIV XLI ]IEVW WSQI SVKERM^EXMSRW LEZI HIZIPSTIH WXVSRK VITYXEXMSRW JSV
XLIMV I\TIVXMWI ERH SFNIGXMZMX] 1ER] SJ XLIWI EVI TYFPMG MRXIVIWX KVSYTW WYGL EW
'SRWYQIVW 9RMSR 'SQQSR 'EYWI ERH XLI %QIVMGER 'ERGIV 7SGMIX] 3XLIVW
MRGPYHI XLI 2EXMSREP %VGLMZIW XLI 'IRXIVW JSV (MWIEWI 'SRXVSP ERH WMQMPEV
KSZIVRQIRX EKIRGMIW 4VMZEXI XLMRO XEROW WYGL EW 6%2( XLI 'EXS -RWXMXYXI
ERH XLI &VSSOMRKW -RWXMXYXMSR SJXIR LEZI HIJMRMXI TSPMXMGEP PIERMRKW FYX EVI YWY
EPP] [IPP VIWTIGXIH JSV XLI UYEPMX] ERH WYFWXERGI SJ XLIMV VIWIEVGL
3RI [E] XS KEYKI XLI GVIHMFMPMX] SJ E ;IF WMXI MW XS PSSO EX XLI PEWX XLVII
PIXXIVW SJ MXW 960 8LI PIXXIVW KSZ ERH IHY EVI VIWIVZIH JSV KSZIVRQIRX EKIR
GMIW ERH IHYGEXMSREP MRWXMXYXMSRW VIWTIGXMZIP] -X YWIH XS FI XLEX SVK [EW YWIH
TVMQEVMP] F] RSRTVSJMX SVKERM^EXMSRW [MXL GSQ FIMRK YWIH F] FYWMRIWWIW
8SHE] LS[IZIV SVK ERH GSQ EVI YWIH F] GSQQIVMGEP ERH RSRGSQQIVGMEP
KVSYTW EPMOI
=SY GER EPWS GLIGO XLI q%FSYXr PMRO SR XLI WTSRWSVMRK SVKERM^EXMSRtW
LSQITEKI 3JXIR XLI VIWYPXMRK WGVIIR [MPP MHIRXMJ] XLI WMXItW JSYRHIVW TYVTSWI
SV TLMPSWSTL] -J XLI LSQITEKI HSIW RSX GSRXEMR ER q%FSYXr PMRO XLMW QE] FI
E WMKR XLEX XLI WTSRWSVMRK SVKERM^EXMSR MW PIWW XLER JSVXLVMKLX ERH HSIW RSX
QIIX XLI RIGIWWEV] WXERHEVHW SJ SFNIGXMZMX] ERH I\TIVXMWI
;LEX MJ ]SY GERtX ZIVMJ] XLI GVIHIRXMEPW SJ ER EYXLSV SV MHIRXMJ] E GVIHMFPI
WTSRWSVMRK SVKERM^EXMSR JSV ER -RXIVRIX HSGYQIRX# 8LI ERW[IV MW IEW] (SRtX
YWI XLI HSGYQIRX MR ]SYV WTIIGL
6IGIRG]
3RI SJ XLI EHZERXEKIW SJ YWMRK XLI -RXIVRIX JSV VIWIEVGL MW XLEX MX SJXIR LEW
QSVI VIGIRX MRJSVQEXMSR XLER ]SY GER JMRH MR TVMRX WSYVGIW &YX NYWX FIGEYWI
E HSGYQIRX MW SR XLI -RXIVRIX HSIW RSX QIER MXW JEGXW ERH JMKYVIW EVI YT XS
XLI QMRYXI
8LI FIWX [E] XS HIXIVQMRI XLI VIGIRG] SJ ER -RXIVRIX HSGYQIRX MW XS PSSO
JSV E GST]VMKLX HEXI TYFPMGEXMSR HEXI SV HEXI SJ PEWX VIZMWMSR EX XLI XST SV FSX
XSQ SJ XLI HSGYQIRX -J ]SY EVI YWMRK E WSYVGI PSGEXIH XLVSYKL E ZMVXYEP
PMFVEV] ]SY GER YWYEPP] FI GSRJMHIRX SJ MXW GYVVIRG] EW [IPP EW MXW SFNIGXMZMX]
ERH VIPMEFMPMX] +SZIVRQIRX ERH EGEHIQMG WMXIW YWYEPP] MRGPYHI XLI HEXI SR
[LMGL XLI WMXI [EW PEWX YTHEXIH
3RGI ]SY ORS[ XLI HEXI SJ XLI HSGYQIRX ]SY GER HIXIVQMRI [LIXLIV MX MW
GYVVIRX IRSYKL XS YWI MR ]SYV WTIIGL 8LMW MW IWTIGMEPP] MQTSVXERX [MXL VIKEVH XS
7IEVGLMRK XLI -RXIVRIX
0YGEW 8LI %VX SJ 4YFPMG +EXLIVMRK 1EXIVMEPW 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
WXEXMWXMGW [LMGL ]SY WLSYPH RIZIV GMXI JVSQ ER YRHEXIH WSYVGI [LIXLIV MR TVMRX
SV SR XLI -RXIVRIX -J ]SY GERtX JMRH XLI HEXI SR [LMGL E ;IF HSGYQIRX [EW
GVIEXIH SV PEWX QSHMJMIH WIEVGL JSV ERSXLIV [SVO [LSWI VIGIRG] ]SY GER ZIVMJ]
R IV MI[MRK
VIWIEVG MRXIV MI[ 1SWX TISTPI XLMRO SJ MRXIVZMI[MRK MR XIVQW SJ NSF MRXIVZMI[W SV GSRZIVWEXMSRW
%R MRXIVZMI[ GSRHYGXIH XS [MXL GIPIFVMXMIW &YX XLIVI MW ERSXLIV OMRH SJ MRXIVZMI[hXLI VIWIEVGL SV MRZIW
KEXLIV MRJSVQEXMSR JSV E WTIIGL XMKEXMZI
MRXIVZMI[ %QSRK NSYVREPMWXW MX MW E XMQI LSRSVIH [E] XS GSPPIGX MRJSV
QEXMSR -X MW EPWS ER I\GIPPIRX [E] XS KEXLIV QEXIVMEPW JSV WTIIGLIW
;LIR HSRI [IPP MRXIVZMI[MRK PMOI QER] XLMRKW
PSSOW HIGITXMZIP] IEW]
-R TVEGXMGI MX MW E GSQTPI\ ERH HIQERHMRK EVX 7S FIJSVI ]SY HEWL SJJ XS GSR
HYGX ]SYV MRXIVZMI[W Ä PE 0EVV] /MRK SV &EVFEVE ;EPXIVW ]SY WLSYPH YRHIVWXERH
E JI[ FEWMG TVMRGMTPIW SJ IJJIGXMZI MRXIVZMI[MRK 8LI] JEPP MRXS XLVII KVSYTWh
[LEX XS HS FIJSVI XLI MRXIVZMI[ [LEX XS HS HYVMRK XLI MRXIVZMI[ ERH [LEX XS
HS EJXIV XLI MRXIVZMI[
8S MPPYWXVEXI [ItPP JSPPS[ XLI IRXMVI MRXIVZMI[ TVSGIWW JSV E L]TSXLIXMGEP
WTIIGL EFSYX GYVVIRX MWWYIW MR GSPPIKI EXLPIXMGW
&)*36) 8,) -28)6 -);
8LI SYXGSQI SJ QSWX MRXIVZMI[W MW HIGMHIH F] LS[ [IPP XLI MRXIVZMI[IV TVI
TEVIW ,IVI EVI JMZI WXITW ]SY WLSYPH XEOI ELIEH SJ XMQI XS LIPT IRWYVI E WYG
GIWWJYP SYXGSQI
(I MRI X I 4YVTSWI S X I -RXIV MI[
=SY LEZI HSRI -RXIVRIX ERH PMFVEV] VIWIEVGL EFSYX GYVVIRX MWWYIW MR GSPPIKI
EXLPIXMGW ERH LEZI E KSSH KVEWT SJ XLI QENSV TSMRXW SJ ZMI[ &YX ]SY WXMPP LEZI
QER] UYIWXMSRW EFSYX XLI WMXYEXMSR EX ]SYV WGLSSP =SY HIGMHI XLI SRP] [E] XS
KIX ERW[IVW MW XS MRXIVZMI[ WSQISRI EWWSGMEXIH [MXL XLI EXLPIXMG TVSKVEQ -R
XLEX HIGMWMSR ]SY LEZI FIKYR XS JSVQYPEXI E TYVTSWI JSV XLI MRXIVZMI[
(IGMHI ; SQ XS -RXIV MI[
8LIVI EVI WIZIVEP TSWWMFMPMXMIW FYX ]SY IPIGX XS WXEVX EX XLI XSTh[MXL XLI EXLPIXMG
HMVIGXSV 8LEX QE] WIIQ E FMX TVIWYQTXYSYW FYX MR HIEPMRK [MXL EHQMRMWXVEXMZI
SVKERM^EXMSRW MX MW YWYEPP] FIWX XS KS XS XLI PIEHIVW JMVWX 8LI] EVI PMOIP] XS LEZI
E FVSEH YRHIVWXERHMRK SJ XLI MWWYIW %RH MJ ]SY RIIH QSVI WTIGMJMG MRJSVQEXMSR
XLI] GER KIX MX JSV ]SY SV TYX ]SY MR XSYGL [MXL XLI VMKLX TIVWSR
%VVERKI X I -RXIV MI[
&IGEYWI XLI EXLPIXMG HMVIGXSV MW E FYW] TIVWSR ]SY [SVO SYX E TPER JSV WIXXMRK YT
XLI MRXIVZMI[ /RS[MRK XLEX MXtW IEWMIV XS FVYWL WSQISRI SJJ SZIV I QEMP SV XLI
XIPITLSRI XLER MR TIVWSR ]SY KS XS XLI EXLPIXMG SJJMGI XS VIUYIWX XLI MRXIVZMI[
8LI EXLPIXMG HMVIGXSV EKVIIW ERH ]SY WIX YT XLI MRXIVZMI[ JSV XLVII HE]W PEXIV
(IGMHI ; IX IV XS 6IGSVH X I -RXIV MI[
8LI QENSV EHZERXEKI SJ VIGSVHMRK ER MRXIVZMI[ MW XLEX MX KMZIW ]SY ER I\EGX
VIGSVH ]SY GER GLIGO PEXIV JSV HMVIGX UYSXIW ERH MQTSVXERX JEGXW )ZIR MJ ]SY
',%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
YWI E VIGSVHIV LS[IZIV ]SY WLSYPH WXMPP XEOI RSXIW F] LERH MR GEWI XLI VIGSVHIV -RXIVZMI[MRK
QEPJYRGXMSRW
-J XLI EXLPIXMG HMVIGXSV HSIW RSX [ERX XLI MRXIVZMI[ VIGSVHIH ]SY [MPP RIIH
XS VIP] WSPIP] SR ]SYV LERH[VMXXIR RSXIW ;LEXIZIV ]SY HS RIZIV WQYKKPI E
VIGSVHIV MR [MXLSYX XLI ORS[PIHKI SV GSRWIRX SJ XLI TIVWSR FIMRK MRXIVZMI[IH
2SX SRP] MW MX YRIXLMGEP XS HS WS FYX XLI MRXIVZMI[II MW FSYRH XS JMRH SYX ERH
]SY [MPP SRP] GEYWI ]SYVWIPJ XVSYFPI
4VITEVI =SYV 5YIWXMSRW
=SY RS[ JEGI XLI QSWX MQTSVXERX SJ ]SYV TVIMRXIVZMI[ XEWOWh[SVOMRK SYX XLI
UYIWXMSRW ]SY [MPP EWO =SY WLSYPH HIZMWI UYIWXMSRW XLEX EVI WIRWMFPI MRXIPPM
KIRX ERH QIERMRKJYP ,IVI EVI WSQI X]TIW SJ UYIWXMSRW XS EZSMH
5YIWXMSRW ]SY GER ERW[IV [MXLSYX XLI MRXIVZMI[ ,S[ QER] WTSVXW HSIW
]SYV WGLSSP SJJIV# ;LEX MW XLI WM^I SJ MXW EXLPIXMG FYHKIX#
5YIVMIW PMOI XLIWI
NYWX [EWXI XLI WYFNIGXtW XMQI ERH QEOI ]SY PSSO JSSPMWL 6IWIEVGL XLMW
MRJSVQEXMSR FIJSVI XLI MRXIVZMI[
0IEHMRK UYIWXMSRW 3TMRMSR TSPPW WLS[ XLEX QSWX %QIVMGERW FIPMIZI EXL
PIXMGW XSHE] LEZI PMXXPI VIPEXMSR XS XLI EGEHIQMG TYVTSWIW SJ E GSPPIKI IHYGE
XMSR =SY H S XLMRO MXtW E TVSFPIQ XSS HSRtX ]SY#
,SWXMPI PSEHIH UYIWXMSRW - XLMRO MXtW HMWKVEGIJYP XLEX QER] WGLSSPW WTIRH
KSFW SJ QSRI] SR WEPEVMIW JSV JSSXFEPP ERH FEWOIXFEPP GSEGLIW (SRtX ]SY
XLMRO KSSH XIEGLIVW JSV EPP WXYHIRXW EVI QSVI MQTSVXERX XLER GSEGLIW JSV E
JI[ EXLPIXIW# ;LEX HS ]SY WE] XS XLEX LQQQ#
=SY RIIH RSX WL] E[E] JVSQ XSYKL UYIWXMSRW NYWX TLVEWI XLIQ EW RIY
XVEPP] EW TSWWMFPI ERH WEZI XLIQ YRXMP RIEV XLI IRH SJ XLI MRXIVZMI[ 8LEX [E]
MJ ]SYV MRXIVZMI[II FIGSQIW MVVMXEXIH SV YRGSSTIVEXMZI ]SYtPP WXMPP KIX QSWX SJ
XLI MRJSVQEXMSR ]SY [ERX
;LIR ]SY EVI JMRMWLIH TVITEVMRK ]SY WLSYPH LEZI E WIX SJ HMVIGX WTIGMJMG
VIEWSREFPI UYIWXMSRW WYGL EW XLI JSPPS[MRK
6IGIRX WXYHMIW LEZI WLS[R XLEX QSWX GSPPIKIWhPEVKI ERH WQEPPhPSWI
QSRI] SR EXLPIXMGW =SY [IVI UYSXIH PEWX QSRXL EW WE]MRK XLEX SYV EXLPIXMG
HITEVXQIRX JEGIW E TSXIRXMEP HIJMGMX RI\X ]IEV ;LEX TPERW EVI XLIVI XS HIEP
[MXL MX#
(S ]SY EKVII [MXL XLSWI [LS WE] XLEX GSPPIKI WTSVXW EVI XSS GSQQIVGMEP
M^IH# -J WS [LEX HS ]SY XLMRO WLSYPH FI HSRI XS WSPZI XLI TVSFPIQ#
1EMRXEMRMRK KIRHIV IUYMX] MW E QENSV MWWYI MR GSPPIKI EXLPIXMGW ,S[ HS ]SY
XLMRO PEVKI WGLSSPW [MPP JYRH TVSKVEQW JSV [SQIR MJ XLIVI MW E VIHYGIH
IQTLEWMW SR VIZIRYI TVSHYGMRK WTSVXW WYGL EW JSSXFEPP ERH FEWOIXFEPP#
-R ER MHIEP [SVPH [LEX HS ]SY FIPMIZI WLSYPH FI XLI VSPI SJ EXLPIXMGW SR E
GSPPIKI GEQTYW# (S ]SY XLMRO [I [MPP FI GPSWIV XS XLEX MHIEP MR ]IEVW
XLER [I EVI XSHE]#
%PXLSYKL WSQI I\TIVMIRGIH NSYVREPMWXW GSRHYGX MRXIVZMI[W [MXL SRP] E JI[
OI] [SVH RSXIW SR XLI EVIEW XS FI GSZIVIH ]SY [ERX XS FI WYVI RSX XS JSVKIX
ER]XLMRK HYVMRK XLI MRXIVZMI[ 7S ]SY EVVERKI ]SYV UYIWXMSRW MR XLI SVHIV ]SY
[ERX XS EWO XLIQ ERH XEOI XLI PMWX [MXL ]SY XS XLI MRXIVZMI[
0YGEW 8LI %VX SJ 4YFPMG +EXLIVMRK 1EXIVMEPW 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
(96-2+ 8,) -28)6 -);
)ZIV] MRXIVZMI[ MW YRMUYI &IGEYWI XLI WIWWMSR [MPP WIPHSQ KS I\EGXP] EW ]SY
TPER ]SY RIIH XS FI EPIVX ERH JPI\MFPI ,IVI EVI WIZIVEP WXITW ]SY GER XEOI XS
LIPT QEOI XLMRKW TVSGIIH WQSSXLP]
(VIWW %TTVSTVMEXIP] ERH &I SR 8MQI
8LI EXLPIXMG HMVIGXSV LEW E FYW] WGLIHYPI ERH MW HSMRK ]SY E JEZSV F] EKVIIMRK
XS ER MRXIVZMI[ WS ]SY WLS[ YT SR XMQI 7MRGI XLI MRXIVZMI[ MW E WTIGMEP SGGE
WMSR ]SY HVIWW ETTVSTVMEXIP] 8LMW MW SRI [E] SJ GSRJMVQMRK XLEX ]SY VIKEVH XLI
MRXIVZMI[ EW WIVMSYW FYWMRIWW
6ITIEX X I 4YVTSWI S X I -RXIV MI[
8LI EXLPIXMG HMVIGXSV MRZMXIW ]SY MRXS XLI SJJMGI ]SY I\GLERKI E JI[ MRXVSHYG
XSV] VIQEVOW 2S[ FIJSVI ]SY TPYRKI MRXS ]SYV UYIWXMSRW ]SY XEOI E
QSQIRX XS VIWXEXI XLI TYVTSWI SJ XLI MRXIVZMI[ =SY EVI QSVI PMOIP] XS KIX
GPIEV LIPTJYP ERW[IVW MJ ]SYV WYFNIGX ORS[W [L] ]SY EVI JSPPS[MRK E GIVXEMR
PMRI SJ UYIWXMSRMRK
7IX 9T X I 6IGSVHIV - =SY %VI 9WMRK 3RI
-J ]SYV WYFNIGX LEW EKVIIH XS FIMRK VIGSVHIH OIIT SRI TVMRGMTPI MR QMRH 8LI
VIGSVHIV WLSYPH FI EW GEWYEP ERH MRGSRWTMGYSYW EW TSWWMFPI (SRtX XLVYWX XLI
QMGVSTLSRI MRXS ]SYV WYFNIGXtW JEGI (SRtX JMHHPI IRHPIWWP] [MXL XLI QEGLMRI
7IX MX YT XYVR MX SR ERH XLIR XV] XS MKRSVI MX ;MXL PYGO ]SYV WYFNIGX [MPP
MKRSVI MX XSS
/IIT X I -RXIV MI[ SR 8VEG
=SYV KSEP MR XLI MRXIVZMI[ MW XS KIX ERW[IVW XS XLI UYIWXMSRW ]SY LEZI TVITEVIH
7YTTSWI LS[IZIV XLEX MR ERW[IVMRK SRI SJ ]SYV UYIWXMSRW XLI EXLPIXMG HMVIG
XSV FVMRKW YT ER MQTSVXERX TSMRX XLEX MW RSX GSZIVIH SR ]SYV PMWX SJ UYIWXMSRW
6EXLIV XLER MKRSVMRK XLI TSMRX ]SY HIGMHI XS TYVWYI XLI RI[ MWWYI =SY TSWI
E GSYTPI UYIWXMSRW EFSYX MX KIX LIPTJYP ERW[IVW XLIR VIXYVR XS ]SYV TVITEVIH
UYIWXMSRW
8LVSYKLSYX XLI MRXIVZMI[ ]SY TYVWYI RI[ PIEHW [LIR XLI] ETTIEV MQTVS
ZMWI JSPPS[ YT UYIWXMSRW [LIR GEPPIH JSV XLIR QSZI SR EKEMR MR ER SVHIVP]
JEWLMSR ;LIR XLI MRXIVZMI[ MW SZIV ]SY LEZI ERW[IVW XS EPP ]SYV TVITEVIH
UYIWXMSRWhERH E PSX QSVI
0MWXIR 'EVI YPP]
(YVMRK XLI MRXIVZMI[ ]SY PMWXIR EXXIRXMZIP] XS XLI EXLPIXMG HMVIGXSVtW ERW[IVW
;LIR ]SY HSRtX YRHIVWXERH WSQIXLMRK ]SY EWO JSV GPEVMJMGEXMSR -J ]SY EVI RSX
YWMRK E VIGSVHIV ERH LIEV E WXEXIQIRX ]SY [ERX XS UYSXI HMVIGXP] ]SY EWO XLI
EXLPIXMG HMVIGXSV XS VITIEX MX XS QEOI WYVI ]SY KIX MX I\EGXP] VMKLX 'LERGIW EVI
XLI EXLPIXMG HMVIGXSV [MPP LEZI FIIR QMWUYSXIH QSVI XLER SRGI MR XLI TVIWW WS
LI SV WLI [MPP FI LETT] XS SFPMKI
(SRtX 3 IVWXE] =SYV ;IPGSQI
/IIT [MXLMR XLI WXMTYPEXIH XMQI TIVMSH JSV XLI MRXIVZMI[ YRPIWW ]SYV WYFNIGX
GPIEVP] [ERXW XS TVSPSRK XLI WIWWMSR ;LIR XLI MRXIVZMI[ MW SZIV ]SY XLERO XLI
EXLPIXMG HMVIGXSV JSV XEOMRK XLI XMQI XS XEPO [MXL ]SY
',%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
-RXIVZMI[MRK TISTPI [MXL
I\TIVXMWI SR ]SYV WTIIGL
XSTMG GER TVSZMHI ZEPYEFPI
MRJSVQEXMSR ;LIR GSRHYGX
MRK ER MRXIVZMI[ FI WYVI XS
PMWXIR EXXIRXMZIP] ERH XS XEOI
EGGYVEXI RSXIW
%*8)6 8,) -28)6 -); -RXIVZMI[MRK
%PXLSYKL XLI MRXIVZMI[ MW SZIV XLI MRXIVZMI[MRK TVSGIWW MW RSX =SY QYWX RS[
VIZMI[ ERH XVERWGVMFI ]SYV RSXIW
6I MI[ =SYV 2SXIW EW 7SSR EW 4SWWMFPI
;LIR ]SY PIEZI XLI EXLPIXMG HMVIGXSVtW SJJMGI XLI MRXIVZMI[ MW JVIWL MR ]SYV
QMRH =SY ORS[ [LEX XLI GV]TXMG GSQQIRXW ERH WGVE[PW MR ]SYV RSXIW QIER
&YX EW XMQI TEWWIW XLI HIXEMPW [MPP FIGSQI LE^] (SRtX PIX WSQIXLMRK PMOI XLMW
XVYI WXSV] LETTIR XS ]SY
=IEVW EKS E TVSQMRIRX [SQERh[VMXIV ERH HMTPSQEXh[EW FIMRK MRXIVZMI[IH F] E
]SYRK VITSVXIV %QSRK SXLIV XLMRKW XLI VITSVXIV EWOIH EFSYX LSFFMIW ERH PIMWYVI EGXMZM
XMIW 8LI [SQER VITPMIH XLEX WLI IRNS]IH WOIIX WLSSXMRK ERH VEMWIH 7MEQIWI GEXW 8LI
VITSVXIV WGVMFFPIH MR LIV RSXIW qWLSSXWr ERH qGEXWrhFYX HMHRtX FSXLIV XS TYX E GSQQE SV
E HEWL FIX[IIR XLI [SVHW 8LI MRXIV ZMI[ [EW TYFPMWLIH %RH IZIV WMRGI XLEX TVSQMRIRX
[SQER LEW FIIR XV]MRK XS PMZI HS[R XLI VITYXEXMSR XLEX WLI qWLSSXW GEXW r
-R VIZMI[MRK ]SYV RSXIW XV] XS GSRGIRXVEXI SR X[S XLMRKWhHMWGSZIVMRK XLI
QEMR TSMRXW XLEX IQIVKIH HYVMRK XLI MRXIVZMI[ ERH TYPPMRK SYX WTIGMJMG MRJSV
QEXMSR XLEX QMKLX FI YWIJYP MR ]SYV WTIIGL -J WSQIXLMRK MW YRGPIEV GEPP XLI
EXLPIXMG HMVIGXSV XS QEOI WYVI ]SY LEZI XLI JEGXW VMKLX
8VERWGVMFI =SYV 2SXIW
3RGI ]SY WIXXPI SR XLI QSWX MQTSVXERX MHIEW ERH MRJSVQEXMSR JVSQ XLI MRXIV
ZMI[ ]SY WLSYPH XVERWGVMFI XLEX QEXIVMEP WS MX MW MR XLI WEQI JSVQEX EW XLI VIWX
SJ ]SYV VIWIEVGL RSXIW WII TEKIW i
&] TYXXMRK EPP ]SYV VIWIEVGL RSXIW
MR E GSRWMWXIRX JSVQEX ]SY GER EVVERKI ERH VIEVVERKI XLIQ IEWMP] [LIR ]SY
WXEVX XS SVKERM^I ]SYV WTIIGL
0YGEW 8LI %VX SJ 4YFPMG +EXLIVMRK 1EXIVMEPW 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
8MTW JSV (SMRK 6IWIEVGL
*I[ TISTPI VIKEVH HSMRK VIWIEVGL EW SRI SJ PMJItW KVIEX NS]W 8LIVI EVI [E]W
LS[IZIV XS QEOI MX PIWW XIHMSYW ERH QSVI TVSHYGXMZI ,IVI EVI JSYV [E]W XLEX
EVI KYEVERXIIH XS LIPT
TVIPMQMREV] 78%68 )%60=
FMFPMSKVET ]
% PMWX GSQTMPIH IEVP] MR XLI 8LI FMKKIWX QMWXEOI WXYHIRXW QEOI [LIR JEGIH [MXL E VIWIEVGL TVSNIGX MW [EMXMRK
VIWIEVGL TVSGIWW SJ [SVOW XLEX XSS PSRK XS FIKMR 8LI PSRKIV ]SY [EMX XLI QSVI TVSFPIQW ]SY [MPP IRGSYRXIV
PSSO EW MJ XLI] QMKLX GSRXEMR =SY QE] JMRH XLEX E ZMXEP FSSO LEW FIIR GLIGOIH SYX SJ XLI PMFVEV] SV XLEX ]SY RS
LIPTJYP MRJSVQEXMSR EFSYX E PSRKIV LEZI XMQI XS EVVERKI E GVYGMEP MRXIVZMI[ 2S QEXXIV [LEX OMRH SJ VIWIEVGL
WTIIGL XSTMG ]SY HS ]SY GER FI WYVI SJ SRI XLMRK -X [MPP EP[E]W XEOI PSRKIV XLER ]SY I\TIGX
GSRRIGXPYGEW GSQ 7XEVXMRK IEVP] EPWS KMZIW ]SY TPIRX] SJ XMQI XS XLMRO EFSYX [LEX ]SY JMRH
*SV E GSQTPIXI WIX SJ %4% -R VIWIEVGLMRK ]SY [MPP GSPPIGX QYGL QSVI QEXIVMEP XLER ]SY [MPP EGXYEPP] YWI
ERH 10% WEQTPI GMXEXMSRW 4VITEVMRK E WTIIGL MW E PMXXPI PMOI GSRWXVYGXMRK E NMKWE[ TY^^PI 3RGI ]SY KEXLIV
GLIGO XLI &MFPMSKVETL] *SV XLI TMIGIW ]SY LEZI XS HIGMHI LS[ XLI] JMX XSKIXLIV 8LI QSVI XMQI ]SY KMZI
QEXW MR XLI SRPMRI 7TIIGL ]SYVWIPJ XLI QSVI PMOIP] ]SY EVI XS KIX XLI TMIGIW XS JMX NYWX VMKLX
8SSPW JSV XLMW GLETXIV
1%/) % 46)0-1-2%6= &-&0-3+6%4,=
-R ]SYV VIWIEVGL ]SY [MPP VYR EGVSWW XLI XMXPIW SJ FSSOW QEKE^MRI EVXMGPIW
-RXIVRIX HSGYQIRXW ERH WS SR XLEX PSSO EW MJ XLI] QMKLX GSRXEMR LIPTJYP MRJSV
QEXMSR EFSYX ]SYV WTIIGL XSTMG )RXIV IEGL MXIQ ]SY JMRH MR ]SYV TVIPMQMREV]
FMFPMSKVETL] IZIR XLSYKL ]SY HSRtX ORS[ [LIXLIV ]SY [MPP YWI MX MR ]SYV
WTIIGL %W E VIWYPX ]SY QE] LEZI SV [SVOW MR ]SYV TVIPMQMREV] FMFPMSK
VETL] &YX VIQIQFIV XLEX ]SY LEZI RSX ]IX I\EQMRIH EPP XLSWI [SVOW 3J XLI
SV TVIPMQMREV] WSYVGIW SRP] SV EVI PMOIP] XS FI SJ QYGL YWI 8LSWI
JMREP WSYVGIW [MPP FI PMWXIH SR XLI FMFPMSKVETL] ]SY XYVR MR [MXL ]SYV WTIIGL
SYXPMRI WII 'LETXIV TEKI
8LIVI EVI X[S QENSV JSVQEXW JSV GMXMRK HSGYQIRXW MR E FMFPMSKVETL] 3RI
GSQIW JVSQ XLI 1SHIVR 0ERKYEKI %WWSGMEXMSR 10%
XLI SXLIV JVSQ XLI
%QIVMGER 4W]GLSPSKMGEP %WWSGMEXMSR %4%
&SXL EVI [MHIP] YWIH F] GSQQYRM
GEXMSR WGLSPEVW EWO ]SYV MRWXVYGXSV [LMGL LI SV WLI TVIJIVW
;LMGLIZIV JSVQEX ]SY EHSTX QEOI WYVI ]SYV FMFPMSKVETL] MW GPIEV EGGYVEXI
ERH GSRWMWXIRX *MKYVI TEKI
PMWXW WEQTPI 10% ERH %4% GMXEXMSRW JSV
OMRHW SJ WSYVGIW XLEX EVI GMXIH QSWX JVIUYIRXP] MR WXYHIRX WTIIGLIW =SY GER
JMRH E GSQTPIXI WIX SJ QSVI XLER 10% ERH %4% WEQTPI GMXEXMSRW MR XLI &MFPM
SKVETL] *SVQEXW MR XLI SRPMRI 7TIIGL 8SSPW JSV XLMW GLETXIV EX GSRRIGXPYGEW
GSQ 3RGI ]SY LEZI XLI GSVVIGX MRJSVQEXMSR JSV IEGL SJ ]SYV WSYVGIW ]SY GER
IRXIV MX MR XLI &MFPMS1EOIV EPWS EZEMPEFPI MR XLI SRPMRI 7TIIGL 8SSPW ERH MX [MPP
EYXSQEXMGEPP] JSVQEX ]SYV FMFPMSKVETL] EGGSVHMRK XS 10% SV %4% WXERHEVHW
8%/) 238)7 )**-'-)280=
%WME 1EVWLEPP WXEVXIH LIV WTIIGL TVITEVEXMSR [MXL XLI FIWX SJ MRXIRXMSRW 7LI [EW I\GMXIH
EFSYX LIV XSTMG q+VIEX ;SQIR SJ .E^^ r ERH WLI PSKKIH SR XS XLI -RXIVRIX XS FIKMR VIWIEVGL
MRK XLI WEQI HE] XLI EWWMKRQIRX [EW ERRSYRGIH 7LI JSYRH WIZIVEP MRXIVIWXMRK WSYVGIW ERH
XSSO WSQI RSXIW EFSYX XLIQ 8LEX IZIRMRK WLI GLIGOIH SYX E JEWGMREXMRK FSSO EFSYX &MPPMI
,SPMHE] ERH VIEH MX WXVEMKLX XLVSYKL 7LI HMHRtX FSXLIV XEOMRK RSXIW FIGEYWI WLI [EW WYVI
WLItH VIQIQFIV MX EPP 8LI RI\X HE] WLI PSSOIH XLVSYKL XLI )RG]GPSTIHME SJ .E^^ ERH NSXXIH E
JI[ RSXIW SR XLI FEGO SJ LIV WTIIGL W]PPEFYW
8LIR % WME VIQIQFIVIH WLI LEH E XIWX MR ERSXLIV GPEWW 7SQI[LEX TERMGOIH WLI TYX
EWMHI LIV WTIIGL VIWIEVGL XS WXYH] ;LIR WLI KSX FEGO XS XLI WTIIGL XLI HIEHPMRI [EW SRP]
',%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
10% 6S] I )PM EFI L &SXXPIQERME ,S[ ;EXIV ;IRX SR 7EPI ERH ;L] ;I &SYKLX -X
%4%
&SS 7MRKPI EYX SV I[ =SV PSS WFYV] 4VMR
7MKRIH QEKE^MRI 6S] I )
&SXXPIQERME ,S[ [EXIV [IRX SR WEPI ERH [L] [I FSYKLX MX
EVXMGPI I[ =SV PSS WFYV]
7MKRIH RI[WTETIV 10% EVV MGLSPEW q W +SSKPI E MRK 9W YTMH# LE LI R IVRI W (SMRK S 3YV
EVXMGPI %4%
VEMRW q %XPERXMG .YP]i YK i 4VMR
7MKRIH EVXMGPI MR
VI IVIRGI [SV EVV .YP] YKYW
W +SSKPI E MRK YW W YTMH# LE LI R IVRI MW
HSMRK S SYV FVEMRW 8LI %XPERXMG i
4IVWSREP MRXIV MI[
10% M S[EVH q MWTERMGW 0IEH 4EGI MR (M IVWI E MSRr 'LMGEKS 8VMFYRI E]
7TIIG SV PIGXYVI %4% WSY L WSY L[IW IH WIG 4VMR
8IPI MWMSR TVSKVEQ M E]
MWTERMGW PIEH TEGI MR HM IVWI RE MSR 'LMGEKS 8VMFYRI
3RPMRI KS IVRQIRX WIG MSR T
TYFPMGEXMSR
10% 6STTSPS /M FIVP] q [IE 0SHKIWr )RG]GPSTIHME SJ %QIVMGER -RHMER ,MWXSV]
3RPMRI RI[WTETIV %4%
EVXMGPI )HW VYGI ) .SLERWIR ERH EVV] 4VM IV SPW ER E EVFEVE
3RPMRI QEKE^MRI 03 4VMR
EVXMGPI
6STTSPS /
[IE PSHKIW R .SLERWIR ERH 4VM IV )HW
)RG]GPSTIHME SJ %QIVMGER -RHMER LMWXSV] :SP TT i
ER E EVFEVE
03
10% 6SHVMUYI .E IW 4IVWSREP MR IV MI[ 3G
%4% . 6SHVMUYI TIVWSREP GS YRMGE MSR 3G SFIV
10% EWWIR ELP (E MH q RHYW VMEPM E MSR ERH PM E Ir )R MVSR IR EP YHMIW
%4%
R VSHYG MSR S PM E I LERKI 9RM IVWM ] SJ I EHE 0EW :IKEW IT
0IG YVI
EWWIR ELP ( IT I FIV
RHYW VMEPM E MSR ERH GPM E I 0IG YVI
TVIWIR IH MR )R MVSR IR EP YHMIW R VSHYG MSR S GPM E I GLERKI
9RM IVWM ] SJ I EHE 0EW :IKEW
10% q8LI IHMGE IH LMPHr EVV MPP 0] ER *VSRXPMRI 4 + SW SR .ER
%4% 8IPI MWMSR
+E MVME VM IV ERH (MVIG SV
8LI IHMGE IH GLMPH ?8IPI MWMSR WIVMIW
ITMWSHIA R 6 VSRWSR 6E L IRMSV 4VSHYGIV
*VSRXPMRI I[ =SV ERH
EWLMRK SR ( 4YFPMG VSEHGEW MRK IV MGI
10% 9RM IH E IW (IT SJ IEP L ERH Y ER IV MGIW E MSREP RW M Y I SJ IR EP
IEP L 4ERMG (MWSVHIV TV 2EXMSREP -RWXMXYXI SJ 1IRXEP ,IEPXL
IF .YP]
%4% E MSREP RW M Y I SJ IR EP IEP L TVMP
4ERMG HMWSVHIV 6I VMI IH JVS
L T [[[ RM L RML KS LIEP L STMGW MRHI\ WL P
10% (EPI] I L q S W +VIIR W 8LI] PEM 8S Ir &SWXSR +PSFI E]
&SWXSR GSQ IF .YRI
%4% (EPI] E]
S EW KVIIR EW LI] GPEM S FI &SWXSR +PSFI 6I VMI IH
JVS L T [[[ FSW SR GS
10% 6MTPI] ERHE q S[ S YV M I E (MWEW IVr 8MQI E] 8MQI GSQ IF
.YRI
%4% 6MTPI] E]
S[ S WYV M I E HMWEW IV 8MQI 6I VMI IH JVS
L T [[[ M I GS
d *-+96) 7EQTPI &MFPMSKVETL] *SVQEXW 8MTW JSV (SMRK 6IWIEVGL
0YGEW 8LI %VX SJ 4YFPMG +EXLIVMRK 1EXIVMEPW 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
JSYV HE]W E[E] 7LI HYK SYX LIV RSXIW FYX [LEX HMH XLI] QIER# 3RI WEMH q1IHJSVHh
MQTSVXERX r &YX [LS SV [LEX [EW 1IHJSVH# %WME LEH XLSYKLX WLItH VIQIQFIV EPP EFSYX
XLI &MPPMI ,SPMHE] FSSO FYX [MXLSYX RSXIW MX [EW QSWXP] E FPYV F] RS[ ;MXL E WIRWI SJ
HSSQ WLI JEGIH YT XS XLI JEGX XLEX WLI [SYPH LEZI XS WXEVX SZIVhERH JMRMWL MR JSYV HE]W
7SYRH JEQMPMEV# 8LMW LEW LETTIRIH XS EPQSWX IZIV]SRI EX PIEWX SRGI &YX
SRGI MW IRSYKL 8LIVI MW E FIXXIV [E] XS XEOI VIWIEVGL RSXIW ,IVI MW E QIXLSH
XLEX LEW [SVOIH [IPP JSV QER] WXYHIRXW
8E I 4PIRX] S 2SXIW
*I[ XLMRKW EVI QSVI EKKVEZEXMRK XLER XV]MRK XS VIGEPP WSQI FMX SJ MRJSVQEXMSR
]SY VER EGVSWW MR ]SYV VIWIEVGL FYX RIKPIGXIH XS VIGSVH 8LI QSVEP SJ %WME
1EVWLEPPtW WXSV] MW GPIEV -J XLIVI MW IZIR ER SYXWMHI GLERGI XLEX ]SY QE] RIIH
E TMIGI SJ MRJSVQEXMSR QEOI E RSXI SJ MX 8LMW [MPP XEOI E PMXXPI I\XVE XMQI MR XLI
WLSVX VYR FYX MR XLI PSRK VYR MX GER WEZI ]SY QYGL KVMIJ
6 IGSVH 2SXIW MR E 'SRWMWXIRX *SVQEX
=SY WLSYPH YWI XLI WEQI JSVQEX JSV EPP ]SYV VIWIEVGL RSXIW [LIXLIV XLI] GSQI
JVSQ -RXIVRIX WSYVGIW PMFVEV] HSGYQIRXW SV TIVWSREP MRXIVZMI[W -R IEGL GEWI
VIGSVH XLI RSXI XLI WSYVGI SJ XLI RSXI ERH E LIEHMRK MRHMGEXMRK XLI WYFNIGX SJ
XLI RSXI WII *MKYVI FIPS[
8LI MQTSVXERGI SJ XLI WYFNIGX LIEHMRK GERRSX FI SZIVIQTLEWM^IH -X MW XLI
JMVWX WXIT XS QSVI IJJMGMIRX RSXI XEOMRK &] XIPPMRK ]SY EX E KPERGI [LEX IEGL
RSXI MW EFSYX MX [MPP KVIEXP] WMQTPMJ] XLI XEWO SJ SVKERM^MRK ]SYV RSXIW [LIR
]SY WXEVX XS GSQTSWI XLI WTIIGL 3RGI ]SY WXEVX YWMRK WYFNIGX LIEHMRKW ]SYtPP
WII LS[ LIPTJYP XLI] GER FI
1E I E 7ITEVEXI )RXV] SV )EG 2SXI
1ER] WXYHIRXW XV] XS VIGSVH EPP XLI MRJSVQEXMSR JVSQ SRI WSYVGI SR E WMRKPI
RSXI 8LMW MW RSX ER IJJIGXMZI TVSGIHYVI FIGEYWI MX QEOIW ]SYV RSXIW EPQSWX
MQTSWWMFPI XS VIZMI[ ERH SVKERM^I % FIXXIV ETTVSEGL MW XS QEOI E WITEVEXI RSXI
JSV I EGL UYSXEXMSR SV TMIGI SJ MRJSVQEXMSR ]SY VIGSVH %PXLSYKL ]SY QE] IRH
YT [MXL WIZIVEP RSXIW JVSQ XLI WEQI HSGYQIRX ]SY [MPP JMRH XLEX XLMW ETTVSEGL
EPPS[W ]SY XS OIIT FIXXIV XVEGO SJ ]SYV VIWIEVGL
7YFNIGX IEHMRK 8 ) 0 8) +) ) )6+) =
%FFVI MEXIH EYX SV P +SVI q SFIP 4IEGI 4VM I 0IG YVItt
ERH XMXPI VI IVIRGI
*YPP GMXEXMSR MW SR q I LI LY ER WTIGMIW EVI GSRJVSR MRK E TPERI EV]
X I TVIPMQMREV] I IVKIRG]hE LVIE S LI WYV M EP SJ SYV
FMFPMSKVET ] GM MPMPM E MSR LE MW KE LIVMRK S MRSYW ERH
HIW VYG M I TS IR MEP I IR EW [I KE LIV LIVIr
8 MW RSXI MW XE IR EW
E HMVIGX UYSXEXMSR
d *-+96)
7EQTPI 6IWIEVGL 2SXI
',%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
8S XEOI VIWIEVGL RSXIW IJJM
GMIRXP] VIGSVH XLIQ MR E
GSRWMWXIRX JSVQEX QEOI E
WITEVEXI IRXV] JSV IEGL RSXI
ERH HMWXMRKYMWL EQSRK
HMVIGX UYSXEXMSRW TEVE
TLVEWIW ERH ]SYV S[R MHIEW
( MWXMRKYMW %QSRK (MVIGX 5YSXEXMSRW 4EVET VEWIW
ERH =SYV 3[R -HIEW
%W [I WE[ MR 'LETXIV MXtW IEW] XS TPEKMEVM^I EGGMHIRXEPP] F] RSX XEOMRK GEVIJYP
VIWIEVGL RSXIW %W ]SY HS VIWIEVGL JSV ]SYV WTIIGLIW FI WYVI XS YWI UYSXEXMSR
QEVOW [LIRIZIV ]SY GST] XLI I\EGX [SVHW SJ E WSYVGI -J ]SY TEVETLVEWI VEXLIV
XLER UYSXI ZIVFEXMQ HSRtX JSVKIX XS MRGPYHI XLI WSYVGI [LIR ]SY VIGSVH XLI
RSXI &] OIITMRK XVEGO SJ UYSXEXMSRW ERH TEVETLVEWIW ]SY [MPP FI EFPI XS WITE
VEXI ]SYV S[R [SVHW ERH MHIEW JVSQ XLSWI SJ SXLIV TISTPI 8LMW [MPP LIPT ]SY
EZSMH XLI XVET SJ MREHZIVXIRX TPEKMEVMWQ [LIR ]SY TYX ]SYV WTIIGL XSKIXLIV
8,-2/ %&398 =396 1%8)6-%07 %7 =39 6)7)%6',
7XYHIRXW SJXIR ETTVSEGL VIWIEVGL EW E QIGLERMGEP VSYXMRI XLEX WMQTP] MRZSPZIW
KEXLIVMRK XLI QEXIVMEPW XS FI YWIH MR E WTIIGL SV TETIV &YX [LIR HSRI TVST
IVP] VIWIEVGL GER FI I\XVIQIP] GVIEXMZI
-J ]SY XLMRO EFSYX [LEX ]SY EVI JMRHMRK MR ]SYV VIWIEVGL ]SY [MPP WII ]SYV
XSTMG NYWX E PMXXPI FMX HMJJIVIRXP] [MXL IEGL RSXI ]SY XEOI =SY [MPP JMRH RI[
VIPEXMSRWLMTW HIZIPST RI[ UYIWXMSRW I\TPSVI RI[ ERKPIW =SY [MPP MR WLSVX
FIKMR XS [VMXI XLI WTIIGL MR ]SYV LIEH IZIR EW ]SY HS XLI VIWIEVGL %W ]SY
PIEVR QSVI EFSYX XLI XSTMG ]SY [MPP JSVQYPEXI E GIRXVEP MHIE FIKMR XS WOIXGL
SYX QEMR TSMRXW ERH WYTTSVXMRK TSMRXW I\TIVMQIRX [MXL [E]W SJ SVKERM^MRK
]SYV XLSYKLXW =SY QE] IZIR GLERKI ]SYV TSMRX SJ ZMI[ EW HMH XLMW WXYHIRX
*VERGIWGE 0STI^ FIKER LIV WTIIGL TVITEVEXMSR [MXL XLMW GIRXVEP MHIE MR QMRH q;MPH
ERMQEPW QEOI QSVI MRXIVIWXMRK TIXW XLER HSKW ERH GEXW r 7LI [IRX EFSYX LIV VIWIEVGL
GSRWGMIRXMSYWP] WTIRHMRK QER] LSYVW SRPMRI ERH MR XLI PMFVEV] -R XLI TVSGIWW WLI GEQI
YTSR WSQI HMWXYVFMRK MRJSVQEXMSR EFSYX XLI GETXYVI SJ [MPH ERMQEPW 7LI VIEH XLEX ]SYRK
GLMQTER^IIW ERH SXLIV ETIW [IVI PMXIVEPP] WREXGLIH SYX SJ XLIMV QSXLIVWt EVQW ERH XLEX
XLI QSXLIVW [IVI EJXIV[EVH LIEVH XS GV] EPQSWX PMOI LYQERW &EGO MR LIV VSSQ XLEX RMKLX
*VERGIWGE GSYPHRtX KIX LIV QMRH SJJ XLI FEF] GLMQTER^IIW
8LI RI\X HE] *VERGIWGE JSYRH WSQI QSVI HMWXYVFMRK QEXIVMEP 3RI WSYVGI XSPH EFSYX
XLI I\XVESVHMREVMP] LMKL HIEXL VEXI SJ [MPH ERMQEPW HYVMRK WLMTQIRX XS XLI 9RMXIH 7XEXIW
8MTW JSV (SMRK 6IWIEVGL
0YGEW 8LI %VX SJ 4YFPMG +EXLIVMRK 1EXIVMEPW 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
%KEMR XLEX RMKLX *VERGIWGE FVSSHIH EFSYX XLI ]SYRK ERMQEPW H]MRK SJ JIEV ERH GSPH MR XLI
GEVKS LSPHW SJ EMVTPERIW
&] XLI XMQI WLI JMRMWLIH LIV VIWIEVGL *VERGIWGEtW GIRXVEP MHIE [EW GSQTPIXIP] HMJJIV
IRX ;LIR WLI WTSOI LIV GIRXVEP MHIE [EW q8LI MQTSVXEXMSR SJ [MPH ERMQEPW JSV YWI EW
TIXW MW MRLYQERI r
8LMW MW ER I\EQTPI SJ GVIEXMZI VIWIEVGLhERH SJ GVMXMGEP XLMROMRK *VERGIWGE OITX
LIV QMRH STIR VIEH IZIV]XLMRK WLI GSYPH JMRH EFSYX LIV XSTMG ERH XLSYKLX
WIVMSYWP] EFSYX [LEX WLI JSYRH &IGEYWI SJ XLMW XLSYKLXJYP ETTVSEGL WLI
GLERKIH LIV QMRH
=SYV S[R WTIIGL TVITEVEXMSR QE] RSX GEYWI ]SY XS VIZIVWI ]SYV TSWMXMSR
FYX MX WLSYPH KMZI ]SY RI[ MRWMKLXW MRXS ]SYV XSTMG -J ]SY ETTVSEGL VIWIEVGL
MR XLMW [E] ]SY QE] JMRH XLEX XLI XMQI ]SY WTIRH VIWIEVGLMRK MW XLI QSWX
TVSHYGXMZI SJ EPP XLI XMQI ]SY HIZSXI XS TVITEVMRK ]SYV WTIIGL
9 6=
8LIVI EVI QER] VIWSYVGIW ]SY GER YWI [LIR KEXLIVMRK MRJSVQEXMSR JSV E WTIIGL -J
]SY LEZI TIVWSREP I\TIVMIRGI SV EFSZI EZIVEKI ORS[PIHKI EFSYX E XSTMG ]SY GER
YWI ]SYVWIPJ EW E VIWSYVGI 1SWX SJ XLI XMQI LS[IZIV ]SY [MPP RIIH SYXWMHI MRJSV
QEXMSR [LMGL ]SY GER KIX MR XLI PMFVEV] SR XLI -RXIVRIX SV F] MRXIVZMI[MRK TISTPI
[MXL WTIGMEPM^IH MRJSVQEXMSR
*MRHMRK [LEX ]SY RIIH MR XLI PMFVEV] MW PEVKIP] E QEXXIV SJ ORS[MRK LS[ XS
WIEVGL JSV MRJSVQEXMSR 8LI GEXEPSKYI PMWXW EPP XLI FSSOW TIVMSHMGEPW ERH SXLIV
VIWSYVGIW S[RIH F] XLI PMFVEV] (EXEFEWIW LIPT ]SY JMRH EVXMGPIW MR QEKE^MRIW NSYV
REPW ERH RI[WTETIVW 8LI VIJIVIRGI WIGXMSR MRGPYHIW IRG]GPSTIHMEW ]IEVFSSOW
FMSKVETLMGEP EMHW ERH FSSOW SJ UYSXEXMSRW -J ]SY LEZI XVSYFPI JMRHMRK WSQIXLMRK
HSRtX LIWMXEXI XS EWO E PMFVEVMER
;LIR PSSOMRK JSV MRJSVQEXMSR SRPMRI ]SY RIIH E WIEVGL WXVEXIK] XLEX [MPP LIPT
]SY JMRH I\EGXP] [LEX ]SY RIIH +MZIR XLI PEGO SJ IHMXSVMEP VIZMI[ JSV QSWX HSGY
QIRXW SR XLI ;IF MX MW IWTIGMEPP] MQTSVXERX XS IZEPYEXI XLI EYXLSVWLMT WTSRWSVMRK
SVKERM^EXMSR ERH VIGIRG] SJ XLI VIWIEVGL QEXIVMEPW ]SY JMRH XLIVI
=SY GER EPWS KIX MRJSVQEXMSR F] GSRHYGXMRK E TIVWSREP MRXIVZMI[ &IJSVI XLI
MRXIVZMI[ ]SY WLSYPH HIJMRI MXW TYVTSWI HIGMHI [LSQ ]SY EVI KSMRK XS MRXIVZMI[
ERH TVITEVI XLI MRXIVZMI[ UYIWXMSRW 3RGI XLI MRXIVZMI[ FIKMRW FI WYVI XS OIIT MX
SR XVEGO PMWXIR EXXIRXMZIP] ERH XEOI EGGYVEXI RSXIW %JXIV[EVH VIZMI[ ERH XVER
WGVMFI ]SYV RSXIW EW WSSR EW TSWWMFPI
2S QEXXIV [LEX WSYVGIW ]SY HVE[ YTSR MR KEXLIVMRK MRJSVQEXMSR ]SYV VIWIEVGL
[MPP FI QSVI IJJIGXMZI MJ ]SY WXEVX IEVP] ERH QEOI E TVIPMQMREV] FMFPMSKVETL] XS OIIT
XVEGO SJ EPP XLI FSSOW EVXMGPIW ERH -RXIVRIX HSGYQIRXW XLEX PSSO EW MJ XLI] QMKLX
FI LIPTJYP &] PIEVRMRK XS XEOI VIWIEVGL RSXIW IJJIGXMZIP] ]SY [MPP WEZI ]SYVWIPJ XMQI
ERH IRIVK] IZIV] WXIT SJ XLI [E] %RH MJ ]SY XLMRO EFSYX ]SYV QEXIVMEPW EW ]SY
VIWIEVGL ]SY QE] JMRH XLEX KEXLIVMRK QEXIVMEPW MW XLI QSWX GVIEXMZI TEVX SJ ]SYV
WTIIGL TVITEVEXMSR
/)= 8)6 EFWXVEGX
VIJIVIRGI [SVO
GEXEPSKYI
KIRIVEP IRG]GPSTIHME
GEPP RYQFIV
TIVMSHMGEP HEXEFEWI
',%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
WTIGMEP IRG]GPSTIHME
WTSRWSVMRK SVKERM^EXMSR
]IEVFSSO
VIWIEVGL MRXIVZMI[
FMSKVETLMGEP EMH
TVIPMQMREV] FMFPMSKVETL]
ZMVXYEP PMFVEV]
6): ) 59) 8 3
%JXIV VIEHMRK XLMW GLETXIV ]SY WLSYPH FI EFPI XS ERW[IV XLI JSPPS[MRK UYIWXMSRW GSRRIGXPYGEW GSQ
*SV JYVXLIV VIZMI[ KS XS XLI
;L] MW MX MQTSVXERX XS HVE[ SR ]SYV S[R ORS[PIHKI ERH I\TIVMIRGI MR 7XYH] 5YIWXMSRW MR XLI
KEXLIVMRK QEXIVMEPW JSV ]SYV WTIIGLIW# SRPMRI 7XYH] %MHW JSV XLMW
GLETXIV
;LEX EVI JMZI VIWSYVGIW JSV JMRHMRK [LEX ]SY RIIH MR XLI PMFVEV]#
;LEX EVI XLVII GVMXIVME JSV IZEPYEXMRK XLI WSYRHRIWW SJ VIWIEVGL QEXIVMEPW XLEX
]SY JMRH SR XLI -RXIVRIX#
;LEX EVI XLI XLVII WXEKIW SJ MRXIVZMI[MRK# ;LEX WLSYPH ]SY HS MR IEGL WXEKI XS
LIPT IRWYVI E WYGGIWWJYP MRXIVZMI[#
;L] MW MX MQTSVXERX XS WXEVX ]SYV WTIIGL VIWIEVGL IEVP]#
;LEX MW E TVIPMQMREV] FMFPMSKVETL]# ;L] MW MX LIPTJYP XS ]SY MR VIWIEVGLMRK E
WTIIGL#
;LEX JSYV XLMRKW WLSYPH ]SY HS XS XEOI VIWIEVGL RSXIW IJJMGMIRXP]#
)<)6 ) *36 6 8 0 8 / +
9WMRK SRI SJ XLI TIVMSHMGEP HEXEFEWIW HMWGYWWIH SR TEKIW i JMRH XLVII
QEKE^MRI SV NSYVREP EVXMGPIW SR XLI XSTMG SJ ]SYV RI\X WTIIGL 4VITEVI E TVI
PMQMREV] FMFPMSKVETL] IRXV] JSV IEGL EVXMGPI 6IEH XLI JYPP XI\X SJ XLI EVXMGPIW ERH
EWWIWW XLIMV ZEPYI JSV ]SYV WTIIGL
9WMRK SRI SJ XLI WTIGMEPM^IH -RXIVRIX VIWSYVGIW HMWGYWWIH SR TEKIW i JMRH
XLVII HSGYQIRXW SR XLI XSTMG SJ ]SYV RI\X WTIIGL 4VITEVI E TVIPMQMREV] FMFPMSKVE
TL] IRXV] JSV IEGL EVXMGPI 6IEH XLI JYPP XI\X SJ XLI HSGYQIRXW ERH EWWIWW XLIQ MR
PMKLX SJ XLI GVMXIVME HMWGYWWIH SR TEKIW i JSV IZEPYEXMRK -RXIVRIX HSGYQIRXW
4PER XS GSRHYGX ER MRXIVZMI[ JSV SRI SJ ]SYV GPEWWVSSQ WTIIGLIW &I WYVI XS JSP
PS[ XLI KYMHIPMRIW TVIWIRXIH MR XLMW GLETXIV JSV IJJIGXMZI MRXIVZMI[MRK %JXIV
[EVH IZEPYEXI XLI MRXIVZMI[ (MH ]SY TVITEVI JSV MX EHIUYEXIP]# (MH ]SY KIX XLI
MRJSVQEXMSR ]SY RIIHIH# ;LEX [SYPH ]SY HS HMJJIVIRXP] MJ ]SY GSYPH GSRHYGX
XLI MRXIVZMI[ EKEMR#
TTP]MRK XLI 4S[IV SJ 4YFPMG 7TIEOMRK
%W XLI RI[ S[RIV SJ E JEWX JSSH JVERGLMWI ]SY ERXMGMTEXI LMVMRK WIZIVEP LMKL WGLSSP
WXYHIRXW WSQI SJ [LSQ QMKLX FI EW ]SYRK EW SV &IJSVI ]SY GER LMVI XLIQ
]SY RIIH XS YRHIVWXERH IQTPS]QIRX VIWXVMGXMSRW SR ]SYRK [SVOIVW %QSRK XLI
UYIWXMSRW XS [LMGL ]SY RIIH ERW[IVW EVI XLI JSPPS[MRK
,S[ QER] LSYVW GER
ERH ]IEV SPHW [SVO SR WGLSSP HE]W#
%VI XLIWI LSYVW VIWXVMGXIH XS GIVXEMR
XMQIW SJ HE]# -J WS [LEX XMQIW#
-J XLIVI EVI GSRJPMGXW FIX[IIR WXEXI ERH JIHIVEP
GLMPH PEFSV VIKYPEXMSRW [LMGL PE[W LSPH W[E]#
/RS[MRK XLEX XLI -RXIVRIX MW ER I\GIPPIRX WSYVGI SJ MRJSVQEXMSR JSV KSZIVR
QIRX EKIRGMIW ]SY HIGMHI XS GLIGO XLI 9 7 (ITEVXQIRX SJ 0EFSV ;IF WMXI ;LEX
ERW[IVW HS ]SY JMRH#
%TTP]MRK XLI 4S[IV SJ 4YFPMG 7TIEOMRK
0YGEW 8LI %VX SJ 4YFPMG 7YTTSVXMRK =SYV -HIEW 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
7YTTSVXMRK =SYV -HIEW
)\EQTPIW
&VMIJ )\EQTPIW
)\XIRHIH )\EQTPIW
,]TSXLIXMGEP )\EQTPIW
8MTW JSV 9WMRK )\EQTPIW
7XEXMWXMGW
9RHIVWXERHMRK 7XEXMWXMGW
8MTW JSV 9WMRK 7XEXMWXMGW
8IWXMQSR]
)\TIVX 8IWXMQSR]
4IIV 8IWXMQSR]
5YSXMRK :IVWYW 4EVETLVEWMRK
8MTW JSV 9WMRK 8IWXMQSR]
'MXMRK 7SYVGIW 3VEPP]
0YGEW 8LI %VX SJ 4YFPMG 7YTTSVXMRK =SYV -HIEW 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
0YGEW 8LI %VX SJ 4YFPMG 7YTTSVXMRK =SYV -HIEW 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
% GSRJMVQIH FIPMIZIV MR LSPMWXMG QIHMGMRI (ERMIPPI %WLQER HIGMHIH XS KMZI LIV JMVWX
GPEWWVSSQ WTIIGL SR XLI YWIW ERH FIRIJMXW SJ EVSQEXLIVET] 4EVX SJ LIV WTIIGL VER
PMOI XLMW
%PP SJ YW WYJJIV JVSQ XLMRKW PMOI GSPHW LIEHEGLIW REYWIE ERH WXVIWW ,S[ [SYPH ]SY
PMOI XS GYVI XLIWI TVSFPIQW [MXLSYX I\TIRWMZI TMPPW SV ZMWMXW XS XLI HSGXSV# ;IPP ]SY GER
[MXL EVSQEXLIVET] %VSQEXLIVET] LEW FIIR TVSZIR XS XVIEX QER] GSQQSR EMPQIRXW ERH
MX [SVOW KVIEX JSV QI 1SVI XLER ER] TMPP ]SY GER FY] EVSQEXLIVET] NYWX [SVOW =SY WLSYPH
XV] MX r
%JXIV XLI WTIIGL (ERMIPPItW GPEWWQEXIW [IVI TSPMXI FYX WOITXMGEP %W SRI VIQEVOIH
q(ERMIPPI QEHI WSQI MRXIVIWXMRK TSMRXW FYX WLItW RS HSGXSV -tH FI QSVI GSRZMRGIH MJ WLI
LEH WSQI QIHMGEP IZMHIRGI XS FEGO YT LIV STMRMSR r
+SSH WTIIGLIW EVI RSX GSQTSWIH SJ LSX EMV ERH KIRIVEPM^EXMSRW 8LI] RIIH
WXVSRK WYTTSVXMRK QEXIVMEPW XS FSPWXIV XLI WTIEOIVtW TSMRX SJ ZMI[ -R (ERMIPPItW
GEWI XLIVI MW IZMHIRGI XLEX EVSQEXLIVET] QE] LIPT MR XVIEXMRK WSQI EMPQIRXW
FYX QSWX SJ XLI GPEMQW EFSYX MXW LIEPXL FIRIJMXW LEZI ]IX XS FI ZIVMJMIH F]
VIWIEVGL 7S (ERMIPPItW PMWXIRIVW [IVI VMKLX XS FI WOITXMGEP EFSYX LIV ZEKYI
YRWYTTSVXIH KIRIVEPM^EXMSRW
8LI TVSFPIQ [MXL KIRIVEPM^EXMSRW MW XLEX XLI] HSRtX ERW[IV XLI XLVII UYIW
XMSRW PMWXIRIVW EP[E]W EWO SJ E WTIEOIV q;LEX HS ]SY QIER# r q;L] WLSYPH -
FIPMIZI ]SY# r q7S [LEX# r 'SRWMHIV JSV I\EQTPI XLI JSPPS[ MRK WXEXIQIRXW
+IRIVEP 0IWW +IRIVEP 7TIGMJMG
'LMPHLSSH SFIWMX] 8LI MRGMHIRGI SJ %X PIEWX TIVGIRX SJ
MW E WIVMSYW TVSFPIQ GLMPHLSSH SFIWMX] MW %QIVMGER GLMPHVIR EVI
MR XLI 9RMXIH 7XEXIW RS[ WS LMKL EW XS SFIWIhQSVI XLER X[MGI
IRHERKIV XLI LIEPXL XLI TIVGIRXEKI SRP]
SJ E [LSPI KIRIVE ]IEVW EKS 8LI (ITEVXQIRX
XMSR SJ %QIVMGERW SJ ,IEPXL ERH 7SGMEP
7IVZMGIW IWXMQEXIW XLEX
MR XLI GSQMRK HIGEHIW
SFIWMX] [MPP HIGVIEWI PMJI
I\TIGXERG] MR XLI 9 7
F] X[S XS JMZI ]IEVW
WYTTSVXMRK QEXIVMEPW ;LMGL WXEXIQIRX HS ]SY JMRH QSWX MRXIVIWXMRK# 1SWX GSRZMRGMRK# 'LERGIW EVI
8LI QEXIVMEPW YWIH XS WYTTSVX E ]SY TVIJIV XLEX MR XLI VMKLX LERH GSPYQR -X MW WLEVT ERH WTIGMJMG GPIEV ERH
WTIEOIVtW MHIEW 8LI XLVII QENSV GVIHMFPIhNYWX [LEX E WTIIGL RIIHW XS GSQI EPMZI
OMRHW SJ WYTTSVXMRK QEXIVMEPW 8LI WOMPPJYP YWI SJ WYTTSVXMRK QEXIVMEPW SJXIR QEOIW XLI HMJJIVIRGI
EVI I\EQTPIW WXEXMWXMGW ERH FIX[IIR E TSSV WTIIGL ERH E KSSH SRI -R 'LETXIVW ERH [I [MPP PSSO EX
XIWXMQSR] WTIGMEP YWIW SJ WYTTSVXMRK QEXIVMEPW MR MRJSVQEXMZI ERH TIVWYEWMZI WTIIGLIW -R
XLMW GLETXIV [I JSGYW SR XLI FEWMG OMRHW SJ WYTTSVXMRK QEXIVMEPWh I\EQTPIW
WXEXMWXMGW ERH XIWXMQSR]hERH SR KIRIVEP TVMRGMTPIW JSV YWMRK XLIQ IJJIGXMZIP]
ERH VIWTSRWMFP]
)\EQTPIW
8LI EXXEGO GEQI EJXIV HE]FVIEO 8LI (IPXE 6ERKIV E GEVKS WLMT GEVV]MRK FEY\MXI [EW
WXIEQMRK XLVSYKL XLI MRO FPYI -RHMER 3GIER EFSYX QMPIW SJJ 7SQEPMEtW GSEWX % GVI[
QER SR XLI FVMHKI WTMIH X[S WTIIHFSEXW ^SSQMRK WXVEMKLX EX XLI TSV X WMHI SJ LMW ZIWWIP
',%48)6 7944368-2+ =396 -()%7
0YGEW 8LI %VX SJ 4YFPMG 7YTTSVXMRK =SYV -HIEW 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
1SQIRXW PEXIV FYPPIXW XSVI MRXS XLI FVMHKI ERH ZETSV XVEMPW JVSQ VSGOIX TVSTIPPIH KVIREHIW
WXVIEOIH EGVSWW XLI FS[hTMVEXIW
8LIWI PMRIW EVI JVSQ XLI STIRMRK SJ ER EVXMGPI MR 7QMXLWSRMER QEKE^MRI EFSYX I\EQTPI
QSHIVR HE] TMVEXIW XLEX TVI] SR MRXIVREXMSREP WLMTTMRK -X MPPYWXVEXIW E HIZMGI [IPP % WTIGMJMG GEWI YWIH XS MPPYWXVEXI
ORS[R XS QEKE^MRI [VMXIVWhERH TYFPMG WTIEOIVW +IX XLI EYHMIRGI MRZSPZIH SV XS VITVIWIRX E KVSYT SJ
TISTPI MHIEW GSRHMXMSRW
7II LS[ WOMPPJYPP] XLMW I\EQTPI EGGSQTPMWLIW XLI KSEP -X KMZIW YW E WTIGMJMG I\TIVMIRGIW SV XLI PMOI
MRGMHIRX XS JSGYW SR XLI EXXEGO SR XLI (IPXE 6ERKIV
-X WIXW XLI WXEKI [MXL
HIXEMPW SJ XMQI TPEGI GSPSV ERH EGXMSR ;I GER EPQSWX WII SYVWIPZIW SR XLI
FVMHKI SJ XLI (IPXE 6ERKIV [EXGLMRK XLI TMVEXIWt WTIIHFSEXW ERH LIEVMRK XLIMV
FYPPIXW XIEV MRXS XLI WLMT ;I [SYPH RSX FI RIEVP] EW MRZSPZIH MJ XLI EVXMGPI LEH
QIVIP] WEMH q4MVEXIW EVI E KVS[MRK QIREGI XS MRXIVREXMSREP WLMTTMRK r
6IWIEVGL LEW WLS[R XLEX ZMZMH GSRGVIXI I\EQTPIW LEZI WXVSRK MQTEGX SR
PMWXIRIVWt FIPMIJW ERH EGXMSRW ;MXLSYX I\EQTPIW MHIEW SJXIR WIIQ ZEKYI
MQTIVWSREP ERH PMJIPIWW ;MXL I\EQTPIW MHIEW FIGSQI WTIGMJMG TIVWSREP ERH
PMZIP] 8LMW MW RS[LIVI FIXXIV MPPYWXVEXIH XLER MR XLI &MFPI ERH XLI /SVER FSXL
SJ [LMGL YWI EPP QERRIV SJ WXSVMIW TEVEFPIW ERH ERIGHSXIW XS QEOI EFWXVEGX
TVMRGMTPIW GPIEV ERH GSQTIPPMRK 8LIVI EVI WIZIVEP OMRHW SJ I\EQTPIW ]SY QE]
[ERX XS XV] MR ]SYV WTIIGLIW
&6-)* )<%140)7 FVMIJ I\EQTPI
% WTIGMJMG GEWI VIJIVVIH XS MR
&VMIJ I\EQTPIWhEPWS GEPPIH WTIGMJMG MRWXERGIWhQE] FI VIJIVVIH XS MR TEWWMRK XS TEWWMRK XS MPPYWXVEXI E TSMRX
MPPYWXVEXI E TSMRX 8LI JSPPS[MRK I\GIVTX YWIW E FVMIJ I\EQTPI XS MPPYWXVEXI XLI
QMVEGYPSYW REXYVI SJ VIGIRX EHZERGIW MR GVIEXMRK EVXMJMGMEP PMQFW JSV EGGMHIRX
ZMGXMQW
'LERKIW MR XIGLRSPSK] LEZI QEHI MX TSWWMFPI JSV HSGXSVW XS [SVO [SRHIVW XLEX SRGI
WIIQIH MQTSWWMFPI 6SKIV 'LEVXIV JSV I\EQTPI PSWX FSXL LMW JIIX [LIR XLI] [IVI GVYWLIH
MR E XVYGO EGGMHIRX 2S[ LI LEW RI[ JIIXhQEHI SJ E WTVMRK] TPEWXMG EPPS] XLEX HYTPMGEXIW
E RSVQEP EVGL 2SX SRP] GER 6SKIV [EPO RSVQEPP] FYX LI GER VYR ERH TPE] WTSVXW EKEMR
%RSXLIV [E] XS YWI FVMIJ I\EQTPIW MW XS TMPI XLIQ SRI YTSR XLI SXLIV YRXMP
]SY GVIEXI XLI HIWMVIH MQTVIWWMSR ,IVI MW LS[ XLI XIGLRMUYI QMKLX FI YWIH XS
VIMRJSVGI XLI TSMRX XLEX 1I\MGER %QIVMGERW LEZI QEHI QER] ZEPYEFPI GSRXVM
FYXMSRW XS 9 7 PMJI ERH GYPXYVI
1ER] SJ YW EVI JEQMPMEV [MXL TVSQMRIRX 1I\MGER %QIVMGERW WYGL EW EGXVIWW )ZE 0SR
KSVME FS\IV 3WGEV (I 0E ,S]E ERH KYMXEVMWX 'EVPSW 7ERXERE &YX ]SY QE] FI PIWW JEQMPMEV
[MXL SXLIV %QIVMGERW SJ 1I\MGER SVMKMR [LS LEZI QEHI MQTSVXERX GSRXVMFYXMSRW XS 9 7
WSGMIX ] 2ERG] 0STI^ TPE]IH E GVYGMEP VSPI MR TSTYPEVM^MRK [SQIRtW TVSJIWWMSREP KSPJ ERH
[SR XSYV GLEQTMSRWLMTW (V )PPIR 3GLSE MW ER EWXVSREYX [LS LEW PSKKIH QSVI XLER
LSYVW MR WTEGI ERH LEW MRZIRXIH WIZIVEP STXMGEP QIXLSHW XLEX EMH WTEGI I\TPSVEXMSR
(V 1EVMS 1SPMRE [SR XLI 2SFIP 4VM^I MR 'LIQMWXV] JSV LMW VIWIEVGL SR XLI JSVQEXMSR
ERH HIGSQTSWMXMSR SJ XLI S^SRI PE]IV
)<8)2()( )<%140)7 I \XIRHIH I\EQTPI
% WXSV] REVVEXMZI SV ERIGHSXI
)\XIRHIH I\EQTPIW EVI SJXIR GEPPIH REVVEXMZIW MPPYWXVEXMSRW SV ERIGHSXIW &] HIZIPSTIH EX WSQI PIRKXL XS
XIPPMRK E WXSV] ZMZMHP] ERH HVEQEXMGEPP] XLI] TYPP PMWXIRIVW MRXS XLI WTIIGL ,IVI MPPYWXVEXI E TSMRX
MW WYGL ER I\EQTPI JVSQ E WTIIGL F] 7YR =ER E WXYHIRX EX *YHER 9RMZIVWMX]
MR 7LERKLEM 'LMRE 4EVXMGMTEXMRK MR 'LMREtW REXMSREP )RKPMWL PERKYEKI WTIIGL
GSQTIXMXMSR 7YR =ER YWIH ER I\XIRHIH I\EQTPI XS MPPYWXVEXI XLI WTMVMX SJ XLI
3P]QTMG +EQIW
)\EQTPIW
0YGEW 8LI %VX SJ 4YFPMG 7YTTSVXMRK =SYV -HIEW 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
GSRRIGXPYGEW GSQ -R XLI LMWXSV] SJ XLI 3P]QTMG +EQIW XLIVI LEZI FIIR QER] WLMRMRK WXEVW %QSRK
:MI[ XLMW I\GIVTX JVSQ q8LI XLIQ [EW E )YVSTIER KMVP ;MXL XLI PETWI SJ XMQI LIV REQI LEW JEHIH JVSQ QIQSV] ]IX
3P]QTMG 7TMVMXr MR XLI SRPMRI LIV YRFIRHMRK WTMVMX WLEPP RIZIV TIVMWL -X [EW WLI [LS LMKLPMKLXIH XLI 3P]QTMG 'VIIH
1IHME 0MFVEV] JSV XLMW
GLETXIV :MHIS 'PMT
-R XLI PIEH XLSYKL WLI LEH FIIR WLI WXYQFPIH RIEV XLI XIVQMRYW ERH LIV PIK [EW
MRNYVIH 'SQTIXMXSVW TEWWIH LIV JVSQ FILMRH MR WYGGIWWMSR YRXMP JMREPP] SRP] LIV [IEO ERH
PSRIP] JMKYVI VIQEMRIH SR XLI XVEGO (SGXSVW GEQI ERH SJJIVIH XS XEOI LIV E[E] =IX WLI
VIJYWIH ;MXL XLI SRP] WXVIRKXL PIJX MR LIV WLI QEREKIH XS KIX YT ERH WLYJJPIH JIIFP] XS
XLI IRHTSMRX [MXL HVSTW SJ FPSSH EPSRK LIV XVEMP
&YX GLIIVW FVSOI SYX 8LSYKL WLI JEMPIH MR XLI VEGI XLI KMVP [SR ETTPEYWI JVSQ
TISTPI EPP SZIV XLI [SVPH -X [EW WLI [LS IPYGMHEXIH XLI 3P]QTMG GVIIH SJ TEVXMGMTEXMSR -X
[EW WLI [LS MRWXMPPIH TIVWIZIVERGI MR SYV QMRHW
8LMW PSRK I\EQTPI GETXYVIW ZMZMHP] XLI GSYVEKI SJ XLI 3P]QTMG VYRRIV ERH LIV
TIVWSRMJMGEXMSR SJ XLI 3P]QTMG WTMVMX 8LI WTIEOIV GSYPH QIVIP] LEZI WEMH
q3P]QTMG EXLPIXIW SJXIR HMWTPE] KVIEX JSVXMXYHI r FYX XLI WXSV] QEOIW XLI TSMRX
JEV QSVI ZMZMHP]
L]TSXLIXMGEP I\EQTPI ,=438,)8-'%0 )<%140)7
% R I\EQTPI XLEX HIWGVMFIW
ER MQEKMREV] SV JMGXMXMSYW %PP XLI I\EQTPIW TVIWIRXIH YT XS RS[ LEZI FIIR JEGXYEP XLI MRGMHIRXW XLI]
WMXYEXMSR VIJIV XS VIEPP] LETTIRIH 7SQIXMQIW LS[IZIV WTIEOIVW [MPP YWI E L]TSXLIXMGEP
I\EQTPIhSRI XLEX HIWGVMFIW ER MQEKMREV] WMXYEXMSR 9WYEPP] WYGL I\EQTPIW
EVI FVMIJ WXSVMIW XLEX VIPEXI E KIRIVEP TVMRGMTPI
,IVI MW LS[ SRI WXYHIRX YWIH E L]TSXLIXMGEP I\EQTPI XS MPPYWXVEXI XLI YWI
SJ LSRSV GSHIW XS VIHYGI GLIEXMRK
-QEKMRI XLMW =SYtVI XEOMRK ]SYV TW]GLSPSK] I\EQ [LIR ]SY RSXMGI XLI WXYHIRX WMXXMRK
RI\X XS ]SY MW WXEVMRK EX ]SYV ERW[IVW =SY EPWS WII LMW STIR RSXIFSSO YRHIV LMW HIWO =SY
JIIP ]SYV GLIIOW VIHHIR EW ]SY FIGSQI ERKV ] XLEX LI QE] KIX E LMKL WGSVI F] GLIEXMRK
[LMPI ]SYtZI [SVOIH LEVH XS IEVR ]SYV KVEHI %RH ]SY JIIP LIPTPIWW FIGEYWI ]SY XLMRO
XIPPMRK XLI TVSJIWWSV [MPP HS RSXLMRK
&YX RS[ MQEKMRI XLEX ]SY EXXIRH E WGLSSP [MXL ER LSRSVW W]WXIQ %X XLI FIKMRRMRK SJ
IEGL I\EQ ]SY WMKR E WXEXIQIRX XLEX WE]W ]SY [MPP RSX GLIEX ERH XLEX ]SY EGGITX XLI VIWTSR
WMFMPMX] XS VITSVX GLIEXMRK %JXIV XLI TVSJIWWSV LERHW SYX XLI I\EQ WLI PIEZIW XLI VSSQ -R XLMW
GEWI ]SY LEZI XLI TS[IV ERH XLI HYX] XS VITSVX GLIEXIVW VEXLIV XLER JIIP VSFFIH F] XLIQ
7YGL E W]WXIQ LEW [SVOIH IPWI[LIVI ERH MX GER [SVO EX SYV WGLSSP 4VSJIWWSV (SREPH
1G'EFI TVIWMHIRX SJ XLI 'IRXIV JSV %GEHIQMG -RXIKVMX] LEW WYV ZI]IH QSVI XLER
WXYHIRXW EX GSPPIKIW XLVSYKLSYX XLI GSYRXV] ERH LMW VIWIEVGL WLS[W XLEX XLI PIZIP SJ
GLIEXMRK MW WMKRMJMGERXP] PS[IV EX WGLSSPW [MXL LSRSV GSHIW XLER EX WGLSSPW [MXLSYX XLIQ
GSRRIGXPYGEW GSQ 8LMW L]TSXLIXMGEP I\EQTPI MW IWTIGMEPP] IJJIGXMZI 8LI WTIEOIV GVIEXIW E VIEPMWXMG
:MI[ XLMW I\GIVTX JVSQ WGIREVMS VIPEXIW MX HMVIGXP] XS LIV PMWXIRIVW ERH KIXW XLIQ MRZSPZIH MR XLI WTIIGL
q'SPPIKI 'LIEXMRK % -R EHHMXMSR WLI YWIW JMKYVIW JVSQ XLI TVIWMHIRX SJ XLI 'IRXIV JSV %GEHIQMG -RXIK
2EXMSREP )TMHIQMGr MR XLI VMX] XS WLS[ XLEX LSRSV GSHIW HS LIPT VIHYGI XLI MRGMHIRGI SJ GLIEXMRK SR GSPPIKI
SRPMRI 1IHME 0MFVEV] JSV XLMW GEQTYWIW ;LIRIZIV ]SY YWI E L]TSXLIXMGEP I\EQTPI MX MW E KSSH MHIE XS JSPPS[
GLETXIV :MHIS 'PMT
MX [MXL WXEXMWXMGW SV XIWXMQSR] XS WLS[ XLEX XLI I\EQTPI MW RSX JEV JIXGLIH
8-47 *36 97-2+ )<%140)7
9WI )\EQTPIW XS 'PEVMJ] =SYV -HIEW
=SY TVSFEFP] YWI GPEVMJ]MRK I\EQTPIW EPP XLI XMQI MR IZIV]HE] GSRZIVWEXMSR -J
]SY [IVI I\TPEMRMRK XS E JVMIRH EFSYX HMJJIVIRX FSH] X]TIW ]SY QMKLX WE]
q0SSO EX 4VSJIWWSV 7LEROEV ,ItW E X]TMGEP IGXSQSVTLhXEPP XLMR ERH FSR] r
',%48)6 7944368-2+ =396 -()%7
0YGEW 8LI %VX SJ 4YFPMG 7YTTSVXMRK =SYV -HIEW 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
)\EQTPIW EVI ER I\GIPPIRX [E] XS GPEVMJ] YRJEQMPMEV
SV GSQTPI\ MHIEW 8LI] TYX EFWXVEGX MHIEW MRXS GSR
GVIXI XIVQW XLEX PMWXIRIVW GER IEWMP] YRHIVWXERH
8LMW TVMRGMTPI [SVOW I\GITXMSREPP] [IPP MR
WTIIGLIW 7YTTSWI ]SY EVI XEPOMRK EFSYX WYWTIRWMSR
FVMHKIW =SY GSYPH KMZI E XIGLRMGEP HIWGVMTXMSR
8LI WYWTIRWMSR FVMHKI LEW E VSEH[E] WYWTIRHIH F]
ZIVXMGEP GEFPIW EXXEGLIH XS X[S SV QSVI QEMR GEFPIW 8LI
QEMR GEFPIW EVI LYRK SR X[S XS[IVW ERH LEZI XLIMV IRHW
ERGLSVIH MR GSRGVIXI SV FIHVSGO
-J ]SYV EYHMIRGI [IVI QEHI YT SJ TISTPI JEQMPMEV
[MXL WXVYGXYVEP W]WXIQW XLI] QMKLX FI EFPI XS ZMWY
EPM^I [LEX E WYWTIRWMSR FVMHKI PSSOW PMOI &YX JSV
PMWXIRIVW PEGOMRK XLMW FEGOKVSYRH ]SY QMKLX [ERX
XS EHH E WMQTPI I\EQTPI
8[S [IPP ORS[R WYWTIRWMSR FVMHKIW EVI XLI +SPHIR
+EXI &VMHKI MR 7ER *VERGMWGS ERH XLI &VSSOP]R &VMHKI MR 2S QEXXIV [LEX XLI SGGEWMSR TIVWSREP I\EQTPIW EVI ER I\GIP
2I[ =SVO PIRX [E] XS GPEVMJ] MHIEW ERH XS FYMPH EYHMIRGI MRXIVIWX 8S FI
QSWX IJJIGXMZI XLI] WLSYPH FI HIPMZIVIH WMRGIVIP] ERH [MXL
&IGEYWI EPQSWX IZIV]SRI LEW EX PIEWX WIIR E TMGXYVI WXVSRK I]I GSRXEGX
SJ XLI +SPHIR +EXI &VMHKI SV XLI &VSSOP]R &VMHKI
YWMRK XLIQ EW I\EQTPIW GPEVMJMIW ]SYV QIERMRK UYMGOP] ERH IJJIGXMZIP]
9WI )\EQTPIW XS 6IMRJSVGI =SYV -HIEW GSRRIGXPYGEW GSQ
:MI[ XLMW TSVXMSR SJ q'SQMRK
-R E WTIIGL XMXPIH q'SQMRK ,SQI 8LI 3XLIV 7MHI SJ ;EV r SRI WXYHIRX JSGYWIH ,SQI 8LI 3XLIV 7MHI SJ
SR XLI MRGMHIRGI SJ TSWX XVEYQEXMG WXVIWW HMWSVHIV EQSRK WSPHMIVW VIXYVRMRK JVSQ ;EVr MR XLI SRPMRI 1IHME
-VEU ,I GMXIH JMKYVIW JVSQ XLI (ITEVXQIRX SJ :IXIVERW %JJEMVW RSXMRK XLEX 0MFVEV] JSV XLMW GLETXIV
TIVGIRX SJ %QIVMGER WSPHMIVW MR -VEU I\TIVMIRGI TSWX XVEYQEXMG WXVIWW HMWSVHIV :MHIS 'PMT
,I EPWS I\TPEMRIH XLIMV QSWX GSQQSR W]QTXSQW MRGPYHMRK JPEWLFEGOW RMKLX
QEVIW HITVIWWMSR ER\MIX] EPGSLSP SV HVYK EFYWI ERH E WIRWI SJ WSGMEP MWSPEXMSR
8S VIMRJSVGI LMW MHIEW XLI WTIEOIV GMXIH XLI I\EQTPI SJ 6SFIVX ) &VS[R E
1EVMRI JVSQ 4IVY -RHMERE [LS [EW TEVX SJ XLI JMVWX [EZI SJ XVSSTW HITPS]IH
XS -VEU ,I XEPOIH SJ LS[ &VS[R PSWX LMW [MJI ERH FIKER HVMROMRK LIEZMP] EJXIV
VIXYVRMRK LSQI ,S[ LI VIGSMPIH JVSQ PSYH RSMWIW ERH WLYRRIH IZIR LMW
JVMIRHW ERH JEQMP] ,S[ LMW HVIEQW [IVI JMPPIH q[MXL KLEWXP] QIQSVMIW XLEX PIJX
LMQ E WLEHS[ SJ XLI WXVSRK GSRJMHIRX QER LI LEH SRGI FIIR r
8LMW I\EQTPI [EW IWTIGMEPP] IJJIGXMZI -X TYX XLI QIHMGEP JEGXW EFSYX TSWX
XVEYQEXMG WXVIWW HMWSVHIV MR ZMZMH LYQER XIVQW XLEX IZIV]SRI GSYPH YRHIVWXERH
;LIR ]SY YWI WYGL ER I\EQTPI QEOI WYVI MX MW VITVIWIRXEXMZIhXLEX MX HSIW RSX
HIEP [MXL VEVI SV I\GITXMSREP GEWIW =SYV PMWXIRIVW EVI PMOIP] XS JIIP FIXVE]IH MJ XLI]
WYWTIGX ]SY LEZI GLSWIR ER EX]TMGEP I\EQTPI XS TVSZI E KIRIVEP TSMRX
9WI )\EQTPIW XS 4IVWSREPM^I =SYV -HIEW
4ISTPI EVI MRXIVIWXIH MR TISTPI %W WSGMEP TW]GLSPSKMWX )PPMSX %VSRWSR I\TPEMRW
q1SWX TISTPI EVI QSVI HIITP] MRJPYIRGIH F] SRI GPIEV ZMZMH TIVWSREP I\EQTPI
XLER F] ER EFYRHERGI SJ WXEXMWXMGEP HEXE r ;LIRIZIV ]SY XEPO XS E KIRIVEP
EYHMIRGI WYGL EW ]SYV WTIIGL GPEWW
]SY GER MRGPYHI I\EQTPIW XLEX [MPP EHH
LYQER MRXIVIWX XS ]SYV WTIIGL 7S JEV MR XLMW WIGXMSR [I LEZI WIIR E RYQFIV SJ
)\EQTPIW
0YGEW 8LI %VX SJ 4YFPMG 7YTTSVXMRK =SYV -HIEW 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
WYGL I\EQTPIWhXLI LIVSMG 3P]QTMG VYRRIV EGGMHIRX ZMGXMQ 6SKIV 'LEVXIV
ERH WS SR 8LI EFWXVEGX FIGSQIW QSVI QIERMRKJYP [LIR ETTPMIH XS E TIVWSR
;LMGL SJ XLI JSPPS[MRK [SYPH ]SY FI QSVI PMOIP] XS VIWTSRH XS#
8LIVI EVI QER] LYRKV] JEQMPMIW MR SYV GSQQYRMX] [LS GSYPH FIRIJMX JVSQ JSSH
HSREXMSRW
3V
0IX QI XIPP ]SY EFSYX %VXYVS %VXYVS MW JSYV ]IEVW SPH ,I LEW FMK FVS[R I]IW ERH E
QST SJ FPEGO LEMV ERH ER IQTX] FIPP] -R EPP LMW JSYV ]IEVW SR XLMW IEVXL %VXYVS LEW RIZIV
SRGI IRNS]IH XLVII WUYEVI QIEPW MR E WMRKPI HE]
8V] YWMRK I\EQTPIW [MXL LYQER MRXIVIWX MR ]SYV WTIIGLIW =SY [MPP WSSR
HMWGSZIV [L] EGGSQTPMWLIH WTIEOIVW GSRWMHIV XLIQ qXLI ZIV] PMJI SJ XLI
WTIIGL r
1 EOI =SYV )\EQTPIW :MZMH ERH 6MGLP] 8I\XYVIH
8LI VMGLP] XI\XYVIH I\EQTPI WYTTPMIW IZIV]HE] HIXEMPW XLEX FVMRK XLI I\EQTPI
XS PMJI 6IGEPP XLI I\EQTPI SR TEKI SJ XLI 3P]QTMG VYRRIV 8LI WTIEOIV
TVSZMHIH YW [MXL QER] HIXEMPW EFSYX XLI VYRRIVtW FVEZIV] MR XLI JEGI SJ EHZIVWI
GSRHMXMSRW 8LI VYRRIV WXYQFPIW ERH MRNYVIW LIV PIK RIEV XLI IRH SJ XLI VEGI
7LI MW TEWWIH F] SXLIV GSQTIXMXSVW YRXMP WLI EPSRI MW PIJX SR XLI XVEGO (SGXSVW
SJJIV XS LIPT FYX WLI VIJYWIW XLIMV EWWMWXERGI ERH WLYJJPIW XS XLI JMRMWL PMRI [MXL
HVSTW SJ FPSSH EPSRK LIV XVEMP
,S[ QYGL PIWW GSQTIPPMRK XLI I\EQTPI [SYPH LEZI FIIR MJ XLI WTIEOIV
LEH QIVIP] WEMH
3RI 3P]QTMG VYRRIV GSYVEKISYWP] GSQTPIXIH LIV VEGI HIWTMXI FIMRK MRNYVIH ERH
I\LEYWXIH
-RWXIEH XLI HIXEMPW PIX YW WII XLI VYRRIV EW WLI FEXXPIW XLVSYKL LIV TEMR ERH
QMWJSVXYRI 7LI MW QYGL QSVI PMOIP] XS WXE] MR SYV QMRHW XLER E qFVEZI VYRRIV
[LS GSQTPIXIH LIV VEGI r 8LI QSVI ZMZMH ]SYV I\EQTPIW XLI QSVI MQTEGX XLI]
EVI PMOIP] XS LEZI SR ]SYV EYHMIRGI
4 VEGXMGI (IPMZIV] XS )RLERGI =SYV )\XIRHIH )\EQTPIW
%R I\XIRHIH I\EQTPI MW NYWX PMOI E WXSV] SV REVVEXMZI -XW MQTEGX HITIRHW EW QYGL
SR HIPMZIV] EW SR GSRXIRX 1ER] WXYHIRXW LEZI HMWGSZIVIH XLMW XLI LEVH [E]
%JXIV WTIRHMRK QYGL XMQI ERH IRIVK] HIZIPSTMRK E WTPIRHMH I\EQTPI XLI] LEZI
WIIR MX JEPP JPEX FIGEYWI XLI] HMH RSX QEOI MX ZMZMH ERH KVMTTMRK JSV PMWXIRIVW
0SSO EKEMR EX XLI WTIEOIV MR :MHIS 'PMT 2SXMGI LS[ WLI YWIW LIV ZSMGI
XS MRGVIEWI XLI MQTEGX SJ LIV WXSV] EFSYX XLI 3P]QTMG VYRRIV 0MOI XLEX WTIEOIV
]SY WLSYPH XLMRO SJ ]SYVWIPJ EW E WXSV]XIPPIV (SRtX VYWL XLVSYKL ]SYV I\EQTPIW
EW XLSYKL ]SY [IVI VIEHMRK XLI RI[WTETIV 9WI ]SYV ZSMGI XS KIX PMWXIRIVW
MRZSPZIH 7TIEO JEWXIV LIVI XS GVIEXI E WIRWI SJ EGXMSR WPS[IV XLIVI XS FYMPH
WYWTIRWI 6EMWI ]SYV ZSMGI MR WSQI TPEGIW PS[IV MX MR SXLIVW 4EYWI SGGEWMSREPP]
JSV HVEQEXMG IJJIGX
1SWX MQTSVXERX QEMRXEMR I]I GSRXEGX [MXL ]SYV EYHMIRGI 8LI IEWMIWX [E]
XS VYMR E JMRI I\EQTPI MW XS VIEH MX HYPP] JVSQ ]SYV RSXIW %W ]SY TVEGXMGI XLI
WTIIGL qXEPO XLVSYKLr ]SYV I\XIRHIH I\EQTPIW [MXLSYX VIP]MRK SR ]SYV RSXIW
',%48)6 7944368-2+ =396 -()%7
0YGEW 8LI %VX SJ 4YFPMG 7YTTSVXMRK =SYV -HIEW 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
9WMRK )\EQTPIW ' L I G O P M W X
=)7 23
(S - YWI I\EQTPIW XS GPEVMJ] Q] MHIEW# GSRRIGXPYGEW GSQ
(S - YWI I\EQTPIW XS VIMRJSVGI Q] MHIEW# 8LMW GLIGOPMWX MW EPWS
EZEMPEFPI MR XLI SRPMRI
(S - YWI I\EQTPIW XS TIVWSREPM^I Q] MHIEW# 7XYH] 8SSPW JSV XLMW GLETXIV
%VI Q] I\EQTPIW VITVIWIRXEXMZI SJ [LEX XLI] EVI
WYTTSWIH XS MPPYWXVEXI SV TVSZI#
(S - VIMRJSVGI Q] I\EQTPIW [MXL WXEXMWXMGW SV XIWXMQSR]#
%VI Q] I\XIRHIH I\EQTPIW ZMZMH ERH VMGLP] XI\XYVIH#
,EZI - TVEGXMGIH XLI HIPMZIV] SJ Q] I\XIRHIH I\EQTPIW XS
KMZI XLIQ HVEQEXMG IJJIGX#
&] XLI HE] SJ ]SYV WTIIGL ]SY WLSYPH FI EFPI XS HIPMZIV ]SYV I\XIRHIH 7XEXMWXMGW
I\EQTPIW EW REXYVEPP] EW MJ ]SY [IVI XIPPMRK E WXSV] XS E KVSYT SJ JVMIRHW
;I PMZI MR ER EKI SJ WXEXMWXMGW (E] MR ERH HE] SYX [I EVI FSQFEVHIH [MXL E WXEXMWXMGW
WXEKKIVMRK EVVE] SJ RYQFIVW 9 LEW WSPH QSVI XLER QMPPMSR EPFYQW 2YQIVMGEP HEXE
TIVGIRX SJ 9 7 XIIREKI KMVPW LEZI WSQI JSVQ SJ WI\YEPP] XVERWQMXXIH HMWIEWI
'SPSQFME TVSHYGIW QMPPMSR FEVVIPW SJ SMP ERRYEPP] 'LMRE YWIW FMPPMSR
TEMVW SJ HMWTSWEFPI GLSTWXMGOW IEGL ]IEV
;LEX HS EPP XLIWI RYQFIVW QIER# 1SWX SJ YW [SYPH FI LEVH TVIWWIH XS WE]
=IX [I JIIP QSVI WIGYVI MR SYV ORS[PIHKI [LIR [I GER I\TVIWW MX RYQIVMGEPP]
%GGSVHMRK XS 0SVH /IPZMR XLI XL GIRXYV] TL]WMGMWX q;LIR ]SY GER QIEWYVI
[LEX ]SY EVI WTIEOMRK EFSYX ERH I\TVIWW MX MR RYQFIVW ]SY ORS[ WSQIXLMRK
EFSYX MX &YX [LIR ]SY GERRSX QIEWYVI MX [LIR ]SY GERRSX I\TVIWW MX MR
RYQFIVW ]SYV ORS[PIHKI MW QIEKIV ERH YRWEXMWJEGXSV] r -X MW XLMW [MHIP]
WLEVIH FIPMIJ XLEX QEOIW WXEXMWXMGW [LIR YWIH TVSTIVP] WYGL ER IJJIGXMZI [E]
XS GPEVMJ] ERH WYTTSVX MHIEW
0MOI FVMIJ I\EQTPIW WXEXMWXMGW EVI SJXIR GMXIH MR TEWWMRK XS GPEVMJ] SV
WXVIRKXLIR E WTIEOIVtW TSMRXW 8LI JSPPS[MRK I\EQTPIW WLS[ LS[ X[S WXYHIRXW
YWIH WXEXMWXMGW MR XLIMV WTIIGLIW
8S HSGYQIRX XLI VSPI SJ GSQQYRMX] GSPPIKIW MR XLI 9 7 IHYGEXMSREP W]WXIQ q%GGSVH
MRK XS XLI 'LVSRMGPI SJ ,MKLIV )HYGEXMSR TIVGIRX SJ EPP YRHIVKVEHYEXIW MR %QIVMGE
WXYH] EX E GSQQYRMX] GSPPIKI r
8S MPPYWXVEXI XLI KVS[MRK TSTYPEVMX] SJ SVKERMG JSSHW q%GGSVHMRK XS 172&' 2I[W WEPIW
SJ SVKERMG GVSTW RS[ I\GIIH FMPPMSR E ]IEV ERH EVI MRGVIEWMRK TIVGIRX ERRYEPP] r
7XEXMWXMGW GER EPWS FI YWIH MR GSQFMREXMSR XS WLS[ XLI QEKRMXYHI SV
WIVMSYWRIWW SJ ER MWWYI ;I JMRH E KSSH MRWXERGI SJ XLMW XIGLRMUYI MR E WXYHIRX
TVIWIRXEXMSR SR XLI IGSRSQMG FIRIJMXW SJ STIRMRK GEWMRSW SR 2EXMZI %QIVMGER
XVMFEP PERH 8S HIQSRWXVEXI LMW TSMRX XLEX XLIWI FYWMRIWWIW TVSZMHI IGSRSQMG
7XEXMWXMGW
0YGEW 8LI %VX SJ 4YFPMG 7YTTSVXMRK =SYV -HIEW 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
FIRIJMXW XS 2EXMZI %QIVMGERW ERH XS XLI WYVVSYRHMRK GSQQYRMXMIW XLI WTIEOIV
GMXIH XLI JSPPS[MRK JMKYVIW
%GVSWW XLI REXMSR 2EXMZI %QIVMGER GEWMRSW LEZI GVIEXIH QSVI XLER NSFW
*SYV ]IEVW EJXIV E GEWMRS STIRW IQTPS]QIRX MR XLI PSGEP EVIE LEW X]TMGEPP] MRGVIEWIH F]
TIVGIRX ERH XLI TIVGIRXEKI SJ [SVOMRK EHYPXW [LS [SVO FYX EVI TSSV LEW HIGPMRIH F]
TIVGIRX %QSRK WSQI XVMFIW XLI HIGVIEWI MR YRIQTPS]QIRX MW XVYP] WXEVXPMRK %QSRK XLI
3NMF[E SJ ;MWGSRWMR YRIQTPS]QIRX TPYQQIXIH JVSQ TIVGIRX XS PIWW XLER TIVGIRX
1ER] SXLIV XVMFIW LEZI VITSVXIH WMQMPEV VIWYPXW
GSRRIGXPYGEW GSQ 8LMW MW E [IPP WYTTSVXIH EVKYQIRX &YX [LEX MJ XLI WTIEOIV LEH QIVIP] WEMH
:MI[ XLMW I\GIVTX JVSQ
q 8LI )GSRSQMGW SJ 2EXMZI 'EWMRSW MRGVIEWI IQTPS]QIRX EQSRK 2EXMZI %QIVMGERW
%QIVMGER 'EWMRSWr MR XLI
SRPMRI 1IHME 0MFVEV] JSV XLMW 8LMW WXEXIQIRX MW RIMXLIV EW GPIEV RSV EW GSRZMRGMRK EW XLI SRI GSRXEMRMRK WXE
GLETXIV :MHIS 'PMT
XMWXMGW 3J GSYVWI XLI EYHMIRGI HMHRtX VIQIQFIV EPP XLI RYQFIVW FYX XLI TYV
TSWI SJ TVIWIRXMRK E WIVMIW SJ JMKYVIW MW XS GVIEXI ER SZIVEPP MQTEGX SR PMWXIRIVW
;LEX XLI EYHMIRGI HMH VIGEPP MW XLEX ER MQTVIWWMZI EVVE] SJ WXEXMWXMGW WYTTSVXIH
XLI WTIEOIVtW TSWMXMSR
92()678%2(-2+ 78%8-78-'7
-R LMW GPEWWMG FSSO , S[ XS 0MI [MXL 7XEXMWXMGW (EVVIPP ,YJJ I\TPSHIH XLI RSXMSR
XLEX RYQFIVW HSRtX PMI 7XVMGXP] WTIEOMRK XLI] HSRtX &YX XLI] GER FI IEWMP]
QERMTYPEXIH ERH HMWXSVXIH *SV I\EQTPI [LMGL SJ XLI JSPPS[MRK WXEXIQIRXW
MW XVYI#
E )RVMGLIH [LMXI FVIEH MW QSVI RYXVMXMSYW XLER [LSPI [LIEX FVIEH FIGEYWI MX GSRXEMRW
EW QYGL SV QSVI TVSXIMR GEPGMYQ RMEGMR XLMEQMRI ERH VMFSJPEZMR
F ; LSPI [LIEX FVIEH MW QSVI RYXVMXMSYW XLER [LMXI FVIEH FIGEYWI MX GSRXEMRW WIZIR
XMQIW XLI EQSYRX SJ JMFIV TPYW QSVI MVSR TLSWTLSVYW ERH TSXEWWMYQ
%W ]SY QMKLX I\TIGX FSXL WXEXIQIRXW EVI XVYI %RH ]SY QMKLX LIEV IMXLIV SRI
SJ XLIQhHITIRHMRK SR [LS MW XV]MRK XS WIPP ]SY XLI FVIEH
3RI GER TPE] [MXL WXEXMWXMGW MR EPP OMRHW SJ EVIEW ;LMGL SJ XLIWI WXEXIQIRXW
MW XVYI#
E 8LI GLIIXEL GPSGOIH EX QMPIW TIV LSYV MW XLI JEWXIWX ERMQEP MR XLI [SVPH
F 8LI TVSRKLSVR ERXIPSTI GPSGOIH EX QMPIW TIV LSYV MW XLI JEWXIWX ERMQEP MR XLI [SVPH
8LI GLIIXEL VMKLX# 2SX RIGIWWEVMP] 8LI GLIIXEL GER KS JEWXIV FYX SRP] JSV
WLSVX WTVMRXW 8LI ERXIPSTI GER QEMRXEMR MXW LMKL WTIIH SZIV E QYGL KVIEXIV
HMWXERGI 7S [LMGL MW JEWXIV# -X HITIRHW SR [LEX ]SYtVI QIEWYVMRK 4YX MR XIVQW
SJ LYQER VEGIW XLI GLIIXEL [SYPH [MR XLI LYRHVIH ]EVH HEWL FYX XLI ERXI
PSTI [SYPH [MR XLI QEVEXLSR
;LIR ]SY EVI HIEPMRK [MXL QSRI] WXEXMWXMGW FIGSQI IZIR XVMGOMIV 'SR
WMHIV XLI JSPPS[MRK JEGXW
E -R 4VIWMHIRX *VEROPMR ( 6SSWIZIPX IEVRIH E WEPEV] SJ
F -R 4VIWMHIRX 6MGLEVH 2M\SR IEVRIH E WEPEV] SJ
G - R 4VIWMHIRX +ISVKI ; &YWL IEVRIH E WEPEV] SJ
',%48)6 7944368-2+ =396 -()%7
0YGEW 8LI %VX SJ 4YFPMG 7YTTSVXMRK =SYV -HIEW 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
% WTIIGL XLEX MW WYTTSVXIH
F] WXEXMWXMGW MW YWYEPP] QSVI
TIVWYEWMZI XLER ER YRHSGY
QIRXIH TVIWIRXEXMSR ,IVI
.SLR 'LEQFIVW ')3 SJ 'MWGS
7]WXIQW YWIW IGSRSQMG HEXE
[LIR EHHVIWWMRK XLI &SWXSR
'LEQFIV SJ 'SQQIVGI
;LMGL 4VIWMHIRX [EW TEMH XLI QSWX QSRI]# -R TYVIP] QEXLIQEXMGEP XIVQW 7XEXMWXMGW
&YWL MW XLI LMKLIWX IEVRIV &YX E HSPPEV XSHE] HSIW RSX FY] EW QYGL EW MX HMH MR
[LIR *VEROPMR 6SSWIZIPX [EW 4VIWMHIRX 3RI QIEWYVI SJ XLI MRJPEXMSR VEXI
MW XLI 'SRWYQIV 4VMGI -RHI\ [LMGL EPPS[W YW XS KEYKI XLI ZEPYI SJ XLI HSPPEV
MR ER] KMZIR ]IEV EKEMRWX MXW TYVGLEWMRK TS[IV MR -J [I ETTP] XLI
'SRWYQIV 4VMGI -RHI\ XS XLI XLVII 4VIWMHIRXWt WEPEVMIW [I GER WII LS[ QYGL
IEGL IEVRIH MR HSPPEVW
E -R 4VIWMHIRX *VEROPMR ( 6SSWIZIPX IEVRIH E WEPEV] SJ
F -R 6MGLEVH 2M\SR IEVRIH E WEPEV] SJ
G -R +ISVKI ; &YWL IEVRIH E WEPEV] SJ
-R SXLIV [SVHW EPXLSYKL &YWL LEH XLI LMKLIWX WEPEV] XLI ZEPYI SJ LMW
[EW PIWW XLER LEPJ XLI ZEPYI SJ 6SSWIZIPXtW
8LI TSMRX MW XLEX XLIVI MW YWYEPP] QSVI XS WXEXMWXMGW XLER QIIXW XLI I]I
;LIR ]SY XVEGO HS[R WXEXMWXMGW JSV ]SYV WTIIGLIW FI WYVI XS IZEPYEXI XLIQ MR
PMKLX SJ XLI JSPPS[MRK UYIWXMSRW
%VI XLI 7XEXMWXMGW 6ITVIWIRXEXMZI#
7E] XLEX SR ]SYV [E] XS GPEWW ]SY GLSSWI XIR WXYHIRXW EX VERHSQ ERH EWO XLIQ
[LIXLIV XLI] JEZSV SV STTSWI FERRMRK VIGVIEXMSREP ZILMGPIW SR TYFPMG PERHW
7E] EPWS XLEX WM\ ETTVSZI SJ WYGL E FER ERH JSYV HS RSX ;SYPH ]SY XLIR FI
EGGYVEXI MR GPEMQMRK XLEX TIVGIRX SJ XLI WXYHIRXW SR ]SYV GEQTYW JEZSV FER
RMRK VIGVIEXMSREP ZILMGPIW JVSQ TYFPMG PERHW#
3J GSYVWI RSX 8IR WXYHIRXW MW RSX E FMK IRSYKL WEQTPI &YX IZIR MJ MX [IVI
SXLIV TVSFPIQW [SYPH EVMWI (S XLI XIR WXYHIRXW MRXIVZMI[IH EGGYVEXIP] VIJPIGX
]SYV WGLSSPtW TVSTSVXMSR SJ JVIWLQIR WSTLSQSVIW NYRMSVW ERH WIRMSVW# (S
XLI] QMVVSV XLI TVSTSVXMSR SJ QEPI ERH JIQEPI WXYHIRXW# %VI XLI ZEVMSYW
0YGEW 8LI %VX SJ 4YFPMG 7YTTSVXMRK =SYV -HIEW 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
QENSVW EGGYVEXIP] VITVIWIRXIH# ;LEX EFSYX TEVX XMQI ERH JYPP XMQI WXYHIRXW#
7XYHIRXW SJ HMJJIVIRX GYPXYVEP ERH VIPMKMSYW FEGOKVSYRHW#
-R WLSVX QEOI WYVI ]SYV WXEXMWXMGW EVI VITVIWIRXEXMZI SJ [LEX XLI] GPEMQ XS
QIEWYVI
%VI 7XEXMWXMGEP 1IEWYVIW 9WIH 'SVVIGXP]#
,IVI EVI X[S KVSYTW SJ RYQFIVW
+VSYT % +VSYT &
QIER 0IX YW ETTP] XS IEGL KVSYT XLVII FEWMG WXEXMWXMGEP QIEWYVIWhXLI QIER XLI
8LI EZIVEKI ZEPYI SJ E KVSYT QIHMER ERH XLI QSHI
SJ RYQFIVW 8LI QIERhTSTYPEVP] GEPPIH XLI EZIVEKIhMW HIXIVQMRIH F] WYQQMRK EPP
XLI MXIQW MR E KVSYT ERH HMZMHMRK F] XLI RYQFIV SJ MXIQW 8LI QIER JSV KVSYT
QIHMER % MW *SV KVSYT & MX MW
8LI QMHHPI RYQFIV MR E KVSYT 8LI QIHMER MW XLI QMHHPI JMKYVI MR E KVSYT SRGI XLI JMKYVIW EVI TYX MR SVHIV
SJ RYQFIVW EVVERKIH JVSQ JVSQ LMKLIWX XS PS[IWX 8LI QIHMER JSV FSXL KVSYT % ERH KVSYT & MW I\EGXP] XLI
LMKLIWX XS PS[IWX WEQIh
8LI QSHI MW XLI RYQFIV XLEX SGGYVW QSWX JVIUYIRXP] MR E KVSYT SJ RYQFIVW
8LI QSHI JSV KVSYT % MW *SV KVSYT & MX MW
2SXMGI XLI VIWYPXW
QSHI 1IER +VSYT % +VSYT &
8LI RYQFIV XLEX SGGYVW QSWX 1IHMER
JVIUYIRXP] MR E KVSYT SJ 1SHI
RYQFIVW
%PP XLIWI QIEWYVIW LEZI XLI WEQI KSEPhXS MRHMGEXI [LEX MW X]TMGEP SV
GLEVEGXIVMWXMG SJ E GIVXEMR KVSYT SJ RYQFIVW =IX WII LS[ HMJJIVIRX XLI VIWYPXW
EVI HITIRHMRK SR [LMGL QIEWYVI ]SY YWI
8LI HMJJIVIRGIW EQSRK XLI ZEVMSYW QIEWYVIW GER FI WXVMOMRK *SV MRWXERGI
XLI QIER WEPEV] SJ PSGEP 8: RI[W ERGLSVTIVWSRW MW E ]IEV &YX XLI QIER
MW MRJPEXIH F] XLI LYKI WEPEVMIW YT XS QMPPMSR E ]IEV
TEMH XS E JI[ WXEV
ERGLSVW MR QIHME GIRXIVW WYGL EW 2I[ =SVO 0SW %RKIPIW ERH 'LMGEKS -R GSR
XVEWX XLI QIHMER WEPEV] SJ PSGEP RI[W ERGLSVW MW hRSX E WYQ XS WGSJJ EX
FYX WXMPP PIWW XLER XLI QIER
,S[ QMKLX E WTIEOIV YWI XLIWI HMJJIVIRX QIEWYVIW# 8LI S[RIV SJ E XIPIZM
WMSR WXEXMSR [SYPH TVSFEFP] GMXI XLI QIER
XS WLS[ XLEX PSGEP RI[W
ERGLSVW EVI LERHWSQIP] GSQTIRWEXIH JSV XLIMV [SVO %R SVKERM^EXMSR SJ RI[W
ERGLSVW QMKLX IQTLEWM^I XLI QIHMER
XS HIQSRWXVEXI XLEX WEPEVMIW EVI
RSX RIEVP] EW LMKL EW XLI WXEXMSR S[RIV QEOIW XLIQ SYX XS FI &SXL WTIEOIVW
[SYPH FI XIPPMRK XLI XVYXL FYX RIMXLIV [SYPH FI GSQTPIXIP] LSRIWX YRPIWW WLI
SV LI QEHI GPIEV XLI QIERMRK SJ XLI WXEXMWXMGW
',%48)6 7944368-2+ =396 -()%7
0YGEW 8LI %VX SJ 4YFPMG 7YTTSVXMRK =SYV -HIEW 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
% VI XLI 7XEXMWXMGW JVSQ E 6IPMEFPI 7SYVGI# 7XEXMWXMGW
;LMGL MW XLI QSVI VIPMEFPI IWXMQEXI SJ XLI IRZMVSRQIRXEP HERKIVW SJ XS\MG [EWXI
MR E PERHJMPPhSRI JVSQ XLI 9 7 )RZMVSRQIRXEP 4VSXIGXMSR %KIRG] SV SRI GSQ
TMPIH F] XLI GSQTER] XLEX S[RW XLI PERHJMPP# )EW]hXLI IWXMQEXI F] XLI )4%
[LMGL HSIW RSX LEZI E ZIWXIH MRXIVIWX MR [LEX XLI JMKYVIW PSSO PMOI ;LEX EFSYX
RYXVMXMSREP VEXMRKW JSV JEWX JSSHW SJJIVIH F] 'SRWYQIVW 9RMSR E LMKLP] VIWTIGXIH
RSRTVSJMX SVKERM^EXMSR
SV F] &YVKIV /MRK# 8LEXtW IEW] XSSh'SRWYQIVW 9RMSR
&YX RS[ XLMRKW KIX XSYKLIV ;LEX EFSYX XLI GSQTIXMRK WXEXMWXMGW SJJIVIH
F] KVSYTW JSV ERH EKEMRWX 7SGMEP 7IGYVMX] VIJSVQ# 3V XLI GSRJPMGXMRK RYQFIVW
XSWWIH SYX F] E WGLSSP FSEVH ERH XLI XIEGLIVW WXVMOMRK EKEMRWX MX# -R XLIWI GEWIW
XLI ERW[IV MW RSX WS GPIEV WMRGI FSXL WMHIW [SYPH TVIWIRX XLI JEGXW EGGSVHMRK
XS XLIMV S[R TEVXMWER QSXMZIW
%W E WTIEOIV ]SY QYWX FI E[EVI SJ TSWWMFPI FMEW MR XLI YWI SJ RYQFIVW
7MRGI WXEXMWXMGW GER FI MRXIVTVIXIH WS QER] [E]W ERH TYX XS WS QER] YWIW ]SY
WLSYPH WIIO JMKYVIW KEXLIVIH F] SFNIGXMZI RSRTEVXMWER WSYVGIW
8 -47 *36 97-2+ 78%8-78-'7
9 WI 7XEXMWXMGW XS 5YERXMJ] =SYV -HIEW
8LI QEMR ZEPYI SJ WXEXMWXMGW MW XS KMZI ]SYV MHIEW RYQIVMGEP TVIGMWMSR 8LMW GER
FI IWTIGMEPP] MQTSVXERX [LIR ]SY EVI XV]MRK XS HSGYQIRX XLI I\MWXIRGI SJ E
TVSFPIQ )\EQTPIW GER FVMRK XLI TVSFPIQ EPMZI ERH HVEQEXM^I MX MR TIVWSREP
XIVQW &YX ]SYV PMWXIRIVW QE] WXMPP [SRHIV LS[ QER] TISTPI XLI TVSFPIQ EGXY
EPP] EJJIGXW -R WYGL E WMXYEXMSR ]SY WLSYPH XYVR XS WXEXMWXMGW 6IWIEVGL LEW
WLS[R XLEX XLI MQTEGX SJ I\EQTPIW MW KVIEXP] IRLERGIH [LIR XLI] EVI GSQ
FMRIH [MXL WXEXMWXMGW XLEX WLS[ XLI I\EQTPIW XS FI X]TMGEP
7YTTSWI ]SY EVI XEPOMRK EFSYX XLI RIIH JSV GSPPIKI WXYHIRXW XS EZSMH GVIHMX
GEVH HIFX 4EVX SJ ]SYV WTIIGL HIEPW [MXL XLI PEVKI EQSYRX SJ WYGL HIFX XLI
X]TMGEP GSPPIKI WXYHIRX JEGIW F] XLI XMQI LI SV WLI KVEHYEXIW =SY KMZI ER
I\EQTPI ]SY TIVWSREPM^I XLI WYFNIGX ]SY TVSZMHI QER] HIXEMPW EW JSPPS[W
'LEVPIW 4IVOMRW PIJX GSPPIKI E GLERKIH TIVWSR 2SX SRP] LEH LI IEVRIH LMW HIKVII MR
KISKVETL] FYX LI LEH VEGOIH YT EPQSWX MR GVIHMX GEVH HIFX 'LEVPIW [EW WYVI LI
[SYPH FI EFPI XS TE] SJJ LMW HIFX IEWMP] SRGI LI KSX E JYPP XMQI NSF &YX [LIR LI VIGIMZIH
LMW JMVWX TE]GLIGO LI JSYRH XS LMW HMWQE] XLEX EJXIV TE]MRK XE\IW ERH LMW PMZMRK I\TIRWIW
LI GSYPH QEOI SRP] XLI QMRMQYQ QSRXLP] TE]QIRX SR LMW GVIHMX GEVHW 6EXLIV XLER KIXXMRK
VMH SJ LMW HIFX MX [SYPH XEOI LMQ ]IEVW XS TE] MX SJJ
'SRJVSRXIH [MXL XLMW I\EQTPI E PMWXIRIV QMKLX XLMRO q4SSV 'LEVPIW &YX
-tQ RSX KSMRK XS IRH YT MR LMW WTSX FIGEYWI - HSRtX TPER XS PIEZI GSPPIKI [MXL
E PSX SJ GVIHMX GEVH HIFX r %RXMGMTEXMRK NYWX WYGL E VIWTSRWI E WLEVT WTIEOIV
[SYPH MRGPYHI JMKYVIW XS UYERXMJ] XLI I\XIRX SJ GVIHMX GEVH HIFX EQSRK GSPPIKI
WXYHIRXW MR KIRIVEP
%GGSVHMRK XS XLI PEXIWX MWWYI SJ 9 7 2I[W
;SVPH 6ITSVX XLI EZIVEKI GVIHMX GEVH
HIFX SJ E KVEHYEXMRK GSPPIKI WXYHIRX MW ERH RI[ KVEHYEXIW WTIRH EPQSWX TIV
GIRX SJ XLIMV MRGSQI SR HIFX TE]QIRXW -J WSQISRI QEOIW SRP] XLI QMRMQYQ QSRXLP]
TE]QIRX SR LMW SV LIV GVIHMX GEVHWh[LMGL MW [LEX QSWX TISTPI HShXLI] [MPP VEGO YT
QSVI XLER MR MRXIVIWX GLEVKIW EPSRI FIJSVI TE]MRK SJJ XLIMV SVMKMREP HIFX
4IVLETW XLMW I\TPEMRW [L] MR XLI TEWX JI[ ]IEVW XLI RYQFIV SJ TISTPI YRHIV JMPMRK JSV
FEROVYTXG] LEW MRGVIEWIH F] SZIV TIVGIRX
0YGEW 8LI %VX SJ 4YFPMG 7YTTSVXMRK =SYV -HIEW 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
2S[ XLI EYHMIRGI MW QYGL QSVI PMOIP] XS EKVII XLEX XLI] RIIH XS OIIT E GPSWIV
I]I SR XLIMV GVIHMX GEVH FEPERGI
9 WI 7XEXMWXMGW 7TEVMRKP]
%W LIPTJYP EW WXEXMWXMGW GER FI RSXLMRK TYXW ER EYHMIRGI XS WPIIT JEWXIV XLER E
WTIIGL GPYXXIVIH [MXL RYQFIVW JVSQ FIKMRRMRK XS IRH -RWIVX WXEXMWXMGW SRP]
[LIR XLI] EVI RIIHIH ERH XLIR QEOI WYVI XLI] EVI IEW] XS KVEWT )ZIR XLI
QSWX EXXIRXMZI PMWXIRIV [SYPH LEZI XVSYFPI WSVXMRK SYX XLMW FEVVEKI SJ JMKYVIW
%GGSVHMRK XS XLI ;SVPH *EGXFSSO PMJI I\TIGXERG] EX FMVXL MR XLI 9RMXIH 7XEXIW VEROW
XL EQSRK MRHYWXVMEPM^IH GSYRXVMIW 0MJI I\TIGXERG] SJ [SQIR MR .ETER MW
]IEVW GSQTEVIH [MXL ]IEVW JSV %QIVMGER [SQIR ERH ]IEVW JSV .ETERIWI QIR
GSQTEVIH [MXL ]IEVW JSV %QIVMGER QIR 8LI 9RMXIH 7XEXIW VEROW VH EQSRK
MRHYWXVMEPM^IH REXMSRW MR MRJERX QSVXEPMX] [MXL E VEXI EPQSWX X[MGI EW LMKL EW .ETERtW
'EREHE VEROW XL %QIVMGERW WTIRH QSVI IEGL ]IEV SR LIEPXL GEVI XLER ER] SXLIV
REXMSRh XVMPPMSR HSPPEVW SV TIVGIRX SJ KVSWW HSQIWXMG TVSHYGXh]IX XLI ;SVPH
,IEPXL 3VKERM^EXMSR VEROW XLI 9 7 LIEPXL GEVI W]WXIQ XL MR SZIVEPP TIVJSVQERGI
EQSRK QIQFIV REXMSRW
-RWXIEH SJ HVS[RMRK ]SYV EYHMIRGI MR E WIE SJ WXEXMWXMGW YWI SRP] XLSWI XLEX
EVI QSWX MQTSVXERX *SV I\EQTPI
%GGSVHMRK XS XLI ;SVPH *EGXFSSO TISTPI MR XLI 9RMXIH 7XEXIW LEZI SRI SJ XLI PS[IWX
PMJI I\TIGXERGMIW EQSRK MRHYWXVMEPM^IH REXMSRW ;I EPWS LEZI SRI SJ XLI LMKLIWX VEXIW SJ
MRJERX QSVXEPMX] )ZIR XLSYKL [I WTIRH QSVI SR LIEPXL GEVI XLER ER] SXLIV REXMSR XLI
;SVPH ,IEPXL 3VKERM^EXMSR VEROW SXLIV REXMSRW ELIEH SJ YW [MXL VIKEVH XS XLI SZIVEPP
TIVJSVQERGI SJ SYV LIEPXL GEVI W]WXIQ
8LMW WIGSRH WXEXIQIRX QEOIW XLI WEQI TSMRX EW XLI JMVWX WXEXIQIRX FYX RS[
XLI MHIEW EVI RSX PSWX MR E XSVVIRX SJ RYQFIVW
-HIRXMJ] XLI 7SYVGIW SJ =SYV 7XEXMWXMGW
%W [I LEZI WIIR JMKYVIW EVI IEW] XS QERMTYPEXI 8LMW MW [L] GEVIJYP PMWXIRIVW
OIIT ER IEV SYX JSV XLI WSYVGIW SJ E WTIEOIVtW WXEXMWXMGW 3RI WXYHIRX PIEVRIH XLMW
F] I\TIVMIRGI -R E WTIIGL XMXPIH q8E\ 6IJSVQ *EGX :IVWYW *MGXMSR r LI GPEMQIH
XLEX XLI [IEPXLMIWX TIVGIRX SJ 9 7 XE\TE]IVW TE] TIVGIRX SJ JIHIVEP MRGSQI
XE\IW IZIR XLSYKL XLI] EGGSYRX JSV SRP] TIVGIRX SJ EPP IEVRIH MRGSQI ,I
EPWS RSXIH XLEX XLI [IEPXLMIWX TIVGIRX SJ %QIVMGERW TE] TIVGIRX SJ JIH
IVEP MRGSQI XE\IW 8LIWI EVI WXEVXPMRK WXEXMWXMGW &YX FIGEYWI XLI WXYHIRX HMH RSX
WE] [LIVI LI KSX XLIQ LMW GPEWWQEXIW [IVI WYVI LI QYWX FI [VSRK
%W MX XYVRIH SYX XLI JMKYVIW [IVI UYMXI VIPMEFPI 8LI] LEH GSQI JVSQ E WXYH]
F] XLI -RXIVREP 6IZIRYI 7IVZMGI VITSVXIH MR 8LI 2I[ =SVO 8MQIW -J XLI WTIEOIV
LEH QIRXMSRIH XLI WSYVGI MR LMW WTIIGL LI [SYPH LEZI FIIR QSVI WYGGIWWJYP
)\TPEMR =SYV 7XEXMWXMGW
7XEXMWXMGW HSRtX WTIEO JSV XLIQWIPZIW 8LI] RIIH XS FI MRXIVTVIXIH ERH VIPEXIH
XS ]SYV PMWXIRIVW 2SXMGI LS[ IJJIGXMZIP] SRI WXYHIRX HMH XLMW MR E WTIIGL EFSYX
'LMRIWI GYPXYVI MR XLI 9RMXIH 7XEXIW
*SSH MW ERSXLIV EWTIGX SJ 'LMRIWI GYPXYVI XLEX LEW FIGSQI TEVX SJ %QIVMGER PMJI
%GGSVHMRK XS .IRRMJIV 0IItW 8LI *SVXYRI 'SSOMI 'LVSRMGPIW TYFPMWLIH MR XLIVI EVI
',%48)6 7944368-2+ =396 -()%7
0YGEW 8LI %VX SJ 4YFPMG 7YTTSVXMRK =SYV -HIEW 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
9WMRK 7XEXMWXMGW ' L I G O P M W X
=)7 23
(S - YWI WXEXMWXMGW XS UYERXMJ] Q] MHIEW# GSRRIGXPYGEW GSQ
8LMW GLIGOPMWX MW EPWS
%VI Q] WXEXMWXMGW VITVIWIRXEXMZI SJ [LEX XLI] TYVTSVX XS EZEMPEFPI MR XLI SRPMRI
QIEWYVI# 7XYH] 8SSPW JSV XLMW GLETXIV
%VI Q] WXEXMWXMGW JVSQ VIPMEFPI WSYVGIW#
(S - GMXI XLI WSYVGIW SJ Q] WXEXMWXMGW#
(S - YWI WXEXMWXMGEP QIEWYVIW QIER QIHMER QSHI
GSVVIGXP]#
(S - VSYRH SJJ GSQTPMGEXIH WXEXMWXMGW#
(S - YWI ZMWYEP EMHW XS GPEVMJ] WXEXMWXMGEP XVIRHW#
(S - I\TPEMR Q] WXEXMWXMGW ERH VIPEXI XLIQ XS XLI
EYHMIRGI#
WSQI 'LMRIWI VIWXEYVERXW MR XLI 9RMXIH 7XEXIW 8LEXtW QSVI XLER EPP XLI 1G(SREPHW GSRRIGXPYGEW GSQ
&YVKIV /MRKW ERH /*'W GSQFMRIH :MI[ XLMW I\GIVTX JVSQ q8LI
6EMRJSVIWXW 2EXYVItW
)\TPEMRMRK [LEX WXEXMWXMGW QIER MW TEVXMGYPEVP] MQTSVXERX [LIR ]SY HIEP [MXL 4LEVQEG]r MR XLI SRPMRI
PEVKI RYQFIVW WMRGI XLI] EVI LEVH XS ZMWYEPM^I ,S[ JSV I\EQTPI GER [I GSQ 1IHME 0MFVEV] JSV XLMW
TVILIRH XLI XVMPPMSR 9 7 REXMSREP HIFX# ;I GSYPH I\TPEMR XLEX E XVMPPMSR MW E GLETXIV :MHIS 'PMT
XLSYWERH FMPPMSR ERH E FMPPMSR MW E XLSYWERH QMPPMSR &YX QMPPMSRW ERH FMPPMSRW EVI
EPQSWX EW LEVH XS ZMWYEPM^I EW XVMPPMSRW 7YTTSWI MRWXIEH [I XVERWPEXI XLI LYKI 7XEXMWXMGW
RYQFIVW MRXS XIVQW E PMWXIRIV GER VIPEXI XS ,IVI MW SRI WTIEOIVtW WSPYXMSR
,S[ QYGL QSRI] MW E XVMPPMSR HSPPEVW# 8LMRO SJ MX XLMW [E] -J ]SY LEH QMPPMSR ERH
WTIRX MX EX XLI VEXI SJ E HE] ]SY [SYPH VYR SYX SJ QSRI] MR PIWW XLER XLVII ]IEVW
-J ]SY LEH FMPPMSR ERH WTIRX MX EX XLI VEXI SJ E HE] ]SY [SYPH RSX VYR SYX SJ
QSRI] JSV EPQSWX ]IEVW %RH MJ ]SY LEH XVMPPMSR ERH WTIRX MX EX XLI VEXI SJ
E HE] ]SY [SYPHRtX VYR SYX SJ QSRI] JSV RIEVP] QMPPMSR ]IEVW
;LIRIZIV ]SY YWI WXEXMWXMGW MR ]SYV WTIIGLIW XLMRO SJ LS[ ]SY GER QEOI
XLIQ QIERMRKJYP XS ]SYV EYHMIRGI 6EXLIV XLER WMQTP] VIGMXMRK JMKYVIW EFSYX
WE] XLI GSRXMRYMRK HIWXVYGXMSR SJ XLI [SVPHtW VEMRJSVIWXW JMRH E [E] XS FVMRK
XLSWI JMKYVIW LSQI XS ]SYV EYHMIRGI =SY QMKLX WE] EW HMH SRI WTIEOIV
%GGSVHMRK XS XLI 6EMRJSVIWX %GXMSR 2IX[SVO VEMRJSVIWX MW HMWETTIEVMRK EX ER EPEVQMRK
VEXI ;MXLMR XLI RI\X WIGSRH [I [MPP PSWI ER EVIE SJ VEMRJSVIWX IUYEP XS X[S JSSXFEPP JMIPHW
;MXLMR XLI RI\X JMJXIIR QMRYXIW ER EVIE XLI WM^I SJ XLMW GEQTYW [MPP FI IVEWIH &] XLMW XMQI
XSQSVVS[ EGVIW ER EVIE IUYMZEPIRX XS XLI WM^I SJ 2I[ =SVO 'MX] [MPP FI KSRI
JSVIZIV
&I GVIEXMZI MR XLMROMRK SJ [E]W XS VIPEXI ]SYV WXEXMWXMGW XS ]SYV EYHMIRGI
8LMW MW TVSFEFP] XLI WMRKPI QSWX MQTSVXERX WXIT ]SY GER XEOI XS QEOI WXEXMWXMGW
[SVO MR ]SYV WTIIGLIW
0YGEW 8LI %VX SJ 4YFPMG 7YTTSVXMRK =SYV -HIEW 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
6 SYRH 3JJ 'SQTPMGEXIH 7XEXMWXMGW
1SYRX /MPMQERNEVS MW JIIX LMKL XLI SJJMGMEP [SVPH PERH WTIIH VIGSVH MW
QMPIW TIV LSYV XLI TSTYPEXMSR SJ 7EYHM %VEFME MW TISTPI
XLI QSSR MW QMPIW JVSQ IEVXL
8LIWI EVI MRXVMKYMRK JMKYVIW FYX XLI] EVI XSS GSQTPMGEXIH XS FI VIEHMP]
YRHIVWXSSH F] PMWXIRIVW 9RPIWW XLIVI MW ER MQTSVXERX VIEWSR XS KMZI I\EGX RYQ
FIVW ]SY WLSYPH VSYRH SJJ QSWX WXEXMWXMGW =SY QMKLX WE] XLEX 1SYRX /MPMQER
NEVS MW JIIX LMKL XLI [SVPH PERH WTIIH VIGSVH MW QMPIW TIV LSYV XLI
TSTYPEXMSR SJ 7EYHM %VEFME MW QSVI XLER QMPPMSR ERH XLI QSSR MW
QMPIW JVSQ IEVXL
9WI :MWYEP %MHW XS 'PEVMJ] 7XEXMWXMGEP 8VIRHW
:MWYEP EMHW GER WEZI ]SY E PSX SJ XMQI EW [IPP EW QEOI ]SYV WXEXMWXMGW IEWMIV XS
GSQTVILIRH 7YTTSWI ]SY EVI HMWGYWWMRK XLI RYQFIV SJ QENSV WXVMOIW F] PEFSV
YRMSRW MR XLI 9RMXIH 7XEXIW WMRGI ;SVPH ;EV -- =SY GSYPH WXEVX F] I\TPEMRMRK
XLEX EJXIV XLI [EV HYVMRK XLI IEVP] W XLIVI [IVI E VIGSVH RYQFIV SJ WXVMOIW
MRZSPZMRK SV QSVI [SVOIVW 8LIR EJXIV XLI WXEVX SJ ([MKLX )MWIRLS[IVtW
TVIWMHIRG] MR XLI RYQFIV SJ WXVMOIW HIGPMRIH JEMVP] WXIEHMP] YRXMP
[LIR XLI] WXEVXIH GPMQFMRK XS E TIEO SJ QSVI XLER MR %JXIV E WLEVT
HIGPMRI MR XLI IEVP] W XLI] NYQTIH EKEMR MR FIJSVI XEOMRK E HVEQEXMG
XYVR HS[R[EVH HYVMRK XLI W ERH VIEGLMRK E VIGSVH PS[ YRHIV 4VIWMHIRX
+ISVKI ; &YWL
8LIWI EVI MRXIVIWXMRK WXEXMWXMGW ERH ]SY GSYPH FYMPH E KSSH WTIIGL EVSYRH
XLIQ &YX WXVYRK XSKIXLIV MR E JI[ WIRXIRGIW XLI] EVI LEVH XS HMKIWX *MKYVI
FIPS[ WLS[W LS[ QYGL QSVI GPIEVP] XLI TSMRXW GER FI QEHI [MXL E WMQTPI
KVETL ;I WLEPP HMWGYWW ZMWYEP EMHW MR HIXEMP MR 'LETXIV *SV XLI QSQIRX
OIIT MR QMRH XLEX XLI] GER FI LIPTJYP MR TVIWIRXMRK WXEXMWXMGEP MRJSVQEXMSR
7XVMOIW MRZSPZMRK [SVOIVW SV QSVI
=IEV
d *-+96)
',%48)6 7944368-2+ =396 -()%7
0YGEW 8LI %VX SJ 4YFPMG 7YTTSVXMRK =SYV -HIEW 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
8IWXMQSR]
-QEKMRI ]SY EVI XEPOMRK [MXL E JVMIRH EFSYX XLI GPEWWIW ]SY TPER XS XEOI RI\X XIWXMQSR]
XIVQ =SY EVI RSX WYVI [LIXLIV XS WMKR YT JSV 4W]GLSPSK] SV %GGSYRXMRK 5YSXEXMSRW SV TEVETLVEWIW
&SXL EVI VIUYMVIQIRXW FSXL QIIX EX XLI WEQI XMQI SJ HE] =SYV JVMIRH YWIH XS WYTTSVX E TSMRX
WE]W q- XSSO XLSWI GPEWWIW PEWX ]IEV 8LI]tVI FSXL KSSH FYX 4VSJIWWSV ,EWWEQ
[EW I\GIPPIRX MR 4W]GL -J WLItW XIEGLMRK MX RI\X XIVQ -tH XEOI MX JSV WYVI r
=SY GLIGO XLI XMQIXEFPI ERH JMRH XLEX 4VSJIWWSV ,EWWEQ MW MRHIIH WPEXIH JSV
4W]GLSPSK] =SY WMKR YT JSV LIV GSYVWI
%W XLMW WXSV] MPPYWXVEXIW [I EVI SJXIR MRJPYIRGIH F] XLI XIWXMQSR] SJ SXLIV
TISTPI .YWX EW ]SY EVI PMOIP] XS FI W[E]IH F] ]SYV JVMIRHtW VIGSQQIRHEXMSR
EFSYX [LMGL GPEWW XS XEOI WS EYHMIRGIW XIRH XS VIWTIGX XLI STMRMSRW SJ TISTPI
[LS LEZI WTIGMEP ORS[PIHKI SV I\TIVMIRGI SR XLI XSTMG EX LERH &] UYSXMRK SV
TEVETLVEWMRK WYGL TISTPI ]SY GER KMZI ]SYV MHIEW KVIEXIV WXVIRKXL ERH MQTEGX
8LI X[S QENSV OMRHW SJ XIWXMQSR] EVI I\TIVX XIWXMQSR] ERH TIIV XIWXMQSR]
)<4)68 8)78-132= I\TIVX XIWXMQSR]
8IWXMQSR] JVSQ TISTPI [LS
-R QSWX WTIIGLIW ]SY [MPP TVSFEFP] VIP] SR I\TIVX XIWXMQSR]hXIWXMQSR] JVSQ EVI VIGSKRM^IH I\TIVXW MR XLIMV
TISTPI [LS EVI EGORS[PIHKIH EYXLSVMXMIW MR XLIMV JMIPHW 'MXMRK XLI ZMI[W SJ JMIPHW
TISTPI [LS EVI I\TIVXW MW E KSSH [E] XS PIRH GVIHMFMPMX] XS ]SYV WTIIGLIW -X
WLS[W XLEX ]SY EVI RSX NYWX QSYXLMRK ]SYV S[R STMRMSRW FYX XLEX ]SYV TSWM
XMSR MW WYTTSVXIH F] TISTPI [LS EVI ORS[PIHKIEFPI EFSYX XLI XSTMG
)\TIVX XIWXMQSR] MW IZIR QSVI MQTSVXERX [LIR E XSTMG MW GSRXVSZIVWMEP SV
[LIR XLI EYHMIRGI MW WOITXMGEP EFSYX E WTIEOIVtW TSMRX SJ ZMI[ 8LI JSPPS[MRK
WXSV] I\TPEMRW LS[ SRI WXYHIRX IRPMWXIH I\TIVX XIWXMQSR] JSV E WTIIGL SR
LSYWILSPH ERXMFEGXIVMEP TVSHYGXW
%W 6IFIGGE 7LERRSR MRZIWXMKEXIH XLI XSTMG SJ LSYWILSPH ERXMFEGXIVMEP TVSHYGXW WLI GSRRIGXPYGEW GSQ
FIGEQI GSRZMRGIH XLEX XLI] HMH RSX TVSHYGI XLI LIEPXL FIRIJMXW XLI] GPEMQIH ERH MR JEGX :MI[ ER I\GIVTX JVSQ
GSYPH FI LEVQJYP XS GSRWYQIVW ERH XLI IRZMVSRQIRX EPMOI =IX 6IFIGGE [EW RSX ER I\TIVX q&YVWXMRK XLI %RXMFEGXIVMEP
,S[ GSYPH WLI GSRZMRGI LIV GPEWWQEXIW XS EGGITX LIV MHIEW# &YFFPIr MR XLI SRPMRI 1IHME
0MFVEV] JSV XLMW GLETXIV
7XEXMWXMGW LIPTIH ERH WS HMH I\EQTPIW &YX SR WYGL E GSRXVSZIVWMEP XSTMG XLEX [EW RSX :MHIS 'PMT
IRSYKL 7S XS VIMRJSVGI LIV GVIHMFMPMX] 6IFIGGE UYSXIH E [MHI VERKI SJ I\TIVXW [LS
EKVIIH [MXL LIVhMRGPYHMRK XLI 9 7 'IRXIVW JSV (MWIEWI 'SRXVSP )VMG /YTJIVFIVK EWWSGMEXI
HMVIGXSV SJ XLI ,EVZEVH 7GLSSP SJ 4YFPMG ,IEPXL 7XYEVX 0IZ] TVSJIWWSV SJ QMGVSFMSPSK] EX
8YJXW 9RMZIVWMX] )PEMRI 0EVWSR SJ 'SPYQFME 9RMZIVWMX]tW 7GLSSP SJ 2YVWMRK 1]VSR +IRIP
GLEMV SJ XLI %QIVMGER 1IHMGEP %WWSGMEXMSRtW GSYRGMP SR WGMIRXMJMG EJJEMVW ERH 6SPJ ,EPHIR SJ
XLI .SLRW ,STOMRW 9RMZIVWMX] 7GLSSP SJ 4YFPMG ,IEPXL &] GMXMRK XLI ZMI[W SJ XLIWI I\TIVXW
6IFIGGE QEHI LIV WTIIGL QYGL QSVI TIVWYEWMZI
4))6 8)78-132= TIIV XIWXMQSR]
8IWXMQSR] JVSQ SVHMREV] TISTPI
%RSXLIV X]TI SJ XIWXMQSR] SJXIR YWIH MR WTIIGLIW MW TIIV XIWXMQSR]hSTMRMSRW [MXL JMVWXLERH I\TIVMIRGI
SJ TISTPI PMOI SYVWIPZIW RSX TVSQMRIRX JMKYVIW FYX SVHMREV] GMXM^IRW [LS LEZI SV MRWMKLX SR E XSTMG
JMVWXLERH I\TIVMIRGI SR XLI XSTMG 8LMW OMRH SJ XIWXMQSR] MW IWTIGMEPP] ZEPYEFPI
FIGEYWI MX KMZIW E QSVI TIVWSREP ZMI[TSMRX SR MWWYIW XLER GER FI KEMRIH JVSQ
I\TIVX XIWXMQSR]
*SV I\EQTPI MJ ]SY [IVI WTIEOMRK EFSYX XLI FEVVMIVW JEGIH F] TISTPI [MXL
TL]WMGEP HMWEFMPMXMIW ]SY [SYPH WYVIP] MRGPYHI XIWXMQSR] JVSQ HSGXSVW ERH SXLIV
QIHMGEP EYXLSVMXMIW &YX MR XLMW GEWI XLI I\TIVX XIWXMQSR] [SYPH FI PMQMXIH
8IWXMQSR]
0YGEW 8LI %VX SJ 4YFPMG 7YTTSVXMRK =SYV -HIEW 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
FIGEYWI MX GERRSX GSQQYRMGEXI [LEX MX VIEPP] QIERW XS LEZI E TL]WMGEP HMWEFMP
MX] 8S GSQQYRMGEXI XLEX ]SY RIIH E WXEXIQIRX JVSQ WSQISRI [LS GER WTIEO
[MXL XLI ZSMGI SJ KIRYMRI I\TIVMIRGIhEW MR XLI JSPPS[MRK GEWI
-X^LEO 4IVPQER XLI [SVPH VIRS[RIH ZMSPMRMWX [LSWI PIKW EVI TEVEP]^IH SRGI WEMH
q;LIR ]SY EVI MR E [LIIPGLEMV TISTPI HSRtX XEPO XS ]SY 4IVLETW XLI] XLMRO MX MW GSRXE
KMSYW SV TIVLETW XLI] XLMRO GVMTTPIH PIKW QIER E GVMTTPIH QMRH &YX [LEXIZIV XLI VIEWSR
XLI] XVIEX ]SY PMOI E XLMRK r
8LIVI MW RS [E] I\TIVX XIWXMQSR] GER I\TVIWW XLIWI MHIEW [MXL XLI WEQI
EYXLIRXMGMX] ERH IQSXMSREP MQTEGX
HMVIGX UYSXEXMSR 5938-2+ :)6797 4%6%4,6%7-2+
8IWXMQSR] XLEX MW TVIWIRXIH
[SVH JSV [SVH 8LI WXEXIQIRX JVSQ -X^LEO 4IVPQER MW TVIWIRXIH EW E HMVIGX UYSXEXMSR 8IWXM
QSR] GER EPWS FI TVIWIRXIH F] TEVETLVEWMRK 6EXLIV XLER UYSXMRK WSQISRI
TEVETLVEWI ZIVFEXMQ ]SY TVIWIRX XLI KMWX SJ XLEX TIVWSRtW MHIEW MR ]SYV S[R [SVHWhEW HMH
8S VIWXEXI SV WYQQEVM^I E SRI WXYHIRX MR LIV WTIIGL EFSYX %QIVMGEtW TSXIRXMEP [EXIV GVMWMW
WSYVGItW MHIEW MR SRItW S[R
[SVHW ;VMXMRK MR %YHYFSR QEKE^MRI (V 4IXIV &SYVRI TVIWMHIRX SJ +PSFEP ;EXIV E RSRTEV
XMWER IHYGEXMSREP KVSYT MR ;EWLMRKXSR ( ' WEMH QSWX %QIVMGERW HS RSX ]IX VIEPM^I XLI
I\XIRX ERH YVKIRG] SJ XLI [EXIV TVSFPIQ %X XLI TVIWIRX VEXI LI WE]W [I EVI LIEHIH JSV
E GVMWMW XLEX [MPP GLERKI XLI [E] [I PMZI MR IZIV] TEVX SJ XLI REXMSR
;LIR WLSYPH ]SY YWI E HMVIGX UYSXEXMSR EW STTSWIH XS TEVETLVEWMRK# 8LI
WXERHEVH VYPI MW XLEX UYSXEXMSRW EVI QSWX IJJIGXMZI [LIR XLI] EVI FVMIJ [LIR
XLI] GSRZI] ]SYV QIERMRK FIXXIV XLER ]SY GER ERH [LIR XLI] EVI TEVXMGYPEVP]
IPSUYIRX [MXX] SV GSQTIPPMRK -J ]SY JMRH E UYSXEXMSR XLEX JMXW XLIWI GVMXIVME
XLIR VIGMXI XLI UYSXEXMSR [SVH JSV [SVH
4EVETLVEWMRK MW FIXXIV XLER HMVIGX UYSXEXMSR MR X[S WMXYEXMSRW
[LIR XLI
[SVHMRK SJ E UYSXEXMSR MW SFWGYVI SV GYQFIVWSQI EW MW SJXIR XLI GEWI [MXL KSZ
IVRQIRX HSGYQIRXW
[LIR E UYSXEXMSR MW PSRKIV XLER X[S SV XLVII WIRXIRGIW
%YHMIRGIW SJXIR XYRI SYX TEVX[E] XLVSYKL PIRKXL] UYSXEXMSRW [LMGL XIRH XS
MRXIVVYTX XLI JPS[ SJ E WTIEOIVtW MHIEW 7MRGI XLI VIWX SJ XLI WTIIGL MW MR ]SYV S[R
[SVHW ]SY WLSYPH TYX PSRKIV UYSXEXMSRW MR ]SYV S[R [SVHW EW [IPP
UYSXMRK SYX SJ GSRXI\X 8-47 *36 97-2+ 8)78-132=
5YSXMRK E WXEXIQIRX MR WYGL E
[E] EW XS HMWXSVX MXW QIERMRK F] 5YSXI SV 4EVETLVEWI %GGYVEXIP]
VIQSZMRK XLI WXEXIQIRX JVSQ
XLI [SVHW ERH TLVEWIW %GGYVEXI UYSXEXMSR MRZSPZIW XLVII XLMRKW QEOMRK WYVI ]SY HS RSX QMWUYSXI
WYVVSYRHMRK MX WSQISRI QEOMRK WYVI ]SY HS RSX ZMSPEXI XLI QIERMRK SJ WXEXIQIRXW ]SY TEVE
TLVEWI QEOMRK WYVI ]SY HS RSX UYSXI SYX SJ GSRXI\X 3J XLIWI XLI PEWX MW XLI
QSWX WYFXPIhERH XLI QSWX HERKIVSYW &] UYSXMRK SYX SJ GSRXI\X ]SY GER X[MWX
WSQISRItW VIQEVOW WS EW XS TVSZI EPQSWX ER]XLMRK 8EOI QSZMI EHZIVXMWIQIRXW
% GVMXMG TERW E QSZMI [MXL XLIWI [SVHW
8LMW QSZMI MW E GSPSWWEP FSVI *VSQ FIKMRRMRK XS IRH MX MW E HMWEWXIV ;LEX MW QIERX XS FI
FVMPPMERX HMEPSKYI MW EFSYX EW JEWGMREXMRK EW XLI WXYJJ ]SY GPIER SYX SJ ]SYV OMXGLIR HVEMR
&YX [LIR XLI QSZMI MW EHZIVXMWIH MR XLI RI[WTETIVW [LEX ETTIEVW MR LYKI
PIXXIVW SZIV XLI GVMXMGtW REQI# q'30377%0 *631 &)+-22-2+ 83 )2(h
&6-00-%28 *%7'-2%8-2+ r
',%48)6 7944368-2+ =396 -()%7
0YGEW 8LI %VX SJ 4YFPMG 7YTTSVXMRK =SYV -HIEW 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
'MXMRK I\TIVX XIWXMQSR] MW ER
I\GIPPIRX [E] JSV WXYHIRXW XS
PIRH GVIHMFMPMX] XS XLIMV
WTIIGLIW -X WLS[W XLEX XLI
WTIEOIVtW ZMI[W EVI WLEVIH F]
TISTPI [LS LEZI WTIGMEP
ORS[PIHKI SR XLI XSTMG
8LMW MW WS JPEKVERX EW XS FI LYQSVSYW &YX UYSXMRK SYX SJ GSRXI\X GER 8IWXMQSR]
LEZI WIVMSYW GSRWIUYIRGIW 'SRWMHIV XLI JSPPS[MRK WXEXIQIRX F] E TSPMXMGEP
GERHMHEXI
'VIEXMRK E REXMSREP WEPIW XE\ [SYPH TVSZMHI RIIHIH VIZIRYI JSV TVSKVEQW WYGL EW
IHYGEXMSR LIEPXL GEVI ERH REXMSREP HIJIRWI 7IZIVEP )YVSTIER GSYRXVMIW LEZI WYGL E XE\
ERH MX GSYPH GIVXEMRP] [SVO MR XLI 9 7 ,S[IZIV - HS RSX WYTTSVX WYGL E XE\ LIVIhMR JEGX
- HSRtX WYTTSVX RI[ XE\IW SJ ER] OMRH
2S[ PSSO [LEX LETTIRW [LIR XLI JMVWX TEVX SJ XLEX WXEXIQIRX MW UYSXIH SYX
SJ GSRXI\X F] E GSQTIXMRK GERHMHEXI
%QIVMGERW EPVIEH] TE] XSS QYGL MR XE\IW =IX Q] STTSRIRX MR XLMW IPIGXMSR LEW
WXEXIHhERH - UYSXI q'VIEXMRK E REXMSREP WEPIW XE\ [SYPH TVSZMHI RIIHIH VIZIRYI JSV
TVSKVEQW WYGL EW IHYGEXMSR LIEPXL GEVI ERH REXMSREP HIJIRWI 7IZIVEP )YVSTIER
GSYRXVMIW LEZI WYGL E XE\ ERH MX GSYPH GIVXEMRP] [SVO MR XLI 9 7 r ;IPP Q] STTSRIRX
QE] XLMRO RI[ XE\IW EVI KSSH JSV )YVSTI FYX XLI]tVI XLI PEWX XLMRK [I RIIH MR XLMW
GSYRXV]
&] UYSXMRK XLI SVMKMREP WXEXIQIRX SYX SJ GSRXI\X XLI GSQTIXMRK GERHMHEXI
LEW GVIEXIH E JEPWI MQTVIWWMSR 7YGL FILEZMSV MW LMKLP] YRIXLMGEP &I WYVI [LIR
]SY UYSXI SV TEVETLVEWI WSQISRI XLEX ]SY VITVIWIRX XLIMV [SVHW ERH MHIEW
[MXL GSQTPIXI EGGYVEG]
9WI 8IWXMQSR] JVSQ 5YEPMJMIH 7SYVGIW
;I LEZI EPP FIGSQI EGGYWXSQIH XS XLI GIPIFVMX] XIWXMQSRMEP MR XIPIZMWMSR ERH
QEKE^MRI EHZIVXMWMRK 8LI TVSJIWWMSREP KSPJIV IRHSVWIW E FVERH SJ GPYFW 8LI
QSZMI WXEV TVEMWIW E LEMV WTVE] SV WLEQTSS 7S JEV WS KSSH 8LIWI EVI XLI XSSPW
SJ XLI XVEHI JSV XLI TISTPI [LS IRHSVWI XLIQ
0YGEW 8LI %VX SJ 4YFPMG 7YTTSVXMRK =SYV -HIEW 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
GSRRIGXPYGEW GSQ ' L I G O P M W X 9WMRK 8IWXMQSR]
8LMW GLIGOPMWX MW EPWS EZEMPEFPI
MR XLI SRPMRI 7XYH] 8SSPW JSV =)7 23
XLMW GLETXIV
(S - YWI XIWXMQSR] XS WYTTSVX Q] MHIEW#
(S - YWI XIWXMQSR] JVSQ UYEPMJMIH WSYVGIW#
(S - YWI XIWXMQSR] JVSQ YRFMEWIH WSYVGIW#
(S - HMWXMRKYMWL FIX[IIR I\TIVX XIWXMQSR] ERH TIIV
XIWXMQSR]#
(S - MHIRXMJ] XLI WSYVGIW SJ EPP XIWXMQSR]#
(S - UYSXI ERH TEVETLVEWI EPP WSYVGIW SJ XIWXMQSR] [MXL
GSQTPIXI EGGYVEG]#
&YX [LEX LETTIRW [LIR ER %GEHIQ] %[EVH [MRRIV IRHSVWIW E GIPP TLSRI
GSQTER]# % XIRRMW TPE]IV VITVIWIRXW E PMRI SJ GEQIVEW# (S XLI] ORS[ QSVI
EFSYX XLIWI TVSHYGXW XLER ]SY SV -# 4VSFEFP] RSX
&IMRK E GIPIFVMX] SV ER EYXLSVMX] MR SRI EVIE HSIW RSX QEOI WSQISRI GSQ
TIXIRX MR SXLIV EVIEW 0MWXIRIVW [MPP JMRH ]SYV WTIIGLIW QYGL QSVI GVIHMFPI MJ
]SY YWI XIWXMQSR] JVSQ WSYVGIW UYEPMJMIH SR XLI WYFNIGX EX LERH %W [I LEZI
WIIR XLMW QE] MRGPYHI IMXLIV VIGSKRM^IH I\TIVXW SV SVHMREV] GMXM^IRW [MXL WTI
GMEP I\TIVMIRGI SR XLI WTIIGL XSTMG
9WI 8IWXMQSR] JVSQ 9RFMEWIH 7SYVGIW
-R E WTIIGL EFSYX XLI YWI SJ WXYR KYRW F] TSPMGI SJJMGIVW XS WYFHYI YRVYP] WXY
HIRXW MR TYFPMG WGLSSPW E WXYHIRX WEMH
7XIZI 8YXXPI E WTSOIWQER JSV 8EWIV -RXIVREXMSREP WEMH MR E WXEXIQIRX XLEX qXLI 8EWIV
HIZMGI LEW FIIR WLS[R XS FI QIHMGEPP] WEJI [LIR YWIH SR GLMPHVIRr ERH XLEX XLIVI MW RS
VIEWSR XS TVSLMFMX MXW YWI [LIR RIGIWWEV] XS QEMRXEMR WIGYVMX] MR XLI TYFPMG WGLSSPW
%W ]SY QMKLX I\TIGX XLI WXYHIRXWt GPEWWQEXIW [IVI RSX TIVWYEHIH %JXIV EPP
[LEX [SYPH ]SY I\TIGX WSQISRI EX 8EWIV -RXIVREXMSREP XLI PIEHMRK QERY
JEGXYVIV SJ WXYR KYRW XS WE]hXLEX MXW TVSHYGX MW YRWEJI ERH WLSYPH FI
FERRIH#
'EVIJYP PMWXIRIVW EVI WYWTMGMSYW SJ XIWXMQSR] JVSQ FMEWIH SV WIPJ MRXIVIWXIH
WSYVGIW &I WYVI XS YWI XIWXMQSR] JVSQ GVIHMFPI SFNIGXMZI EYXLSVMXMIW
-HIRXMJ] XLI 4ISTPI =SY 5YSXI SV 4EVETLVEWI
8LI YWYEP [E] XS MHIRXMJ] ]SYV WSYVGI MW XS REQI XLI TIVWSR ERH WOIXGL LMW SV
LIV UYEPMJMGEXMSRW FIJSVI TVIWIRXMRK XLI XIWXMQSR] 8LI JSPPS[MRK I\GIVTX MW
JVSQ E WTIIGL EVKYMRK XLEX I\GIWWMZI LSYVW WTIRX EX [SVO MW LEVQMRK XLI UYEP
MX] SJ IHYGEXMSR JSV QER] %QIVMGER LMKL WGLSSP WXYHIRXW
-R XLIMV FSSO ; LIR 'LMPHVIR ;SVO TW]GLSPSK] TVSJIWWSVW )PPIR +VIIRFIVKIV SJ XLI
9RMZIVWMX] SJ 'EPMJSVRME ERH 0E[VIRGI 7XIMRFIVK SJ 8IQTPI 9RMZIVWMX ] RSXI XLEX MRXIRWMZI
',%48)6 7944368-2+ =396 -()%7
0YGEW 8LI %VX SJ 4YFPMG 7YTTSVXMRK =SYV -HIEW 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
(S ]SY RIIH WYTTSVXMRK QEXIVMEPW JSV ]SYV WTIIGL# 'LIGO SYX *MRHMRK (EXE SR XLI -RXIVRIX
-RXIVRIX [[[ VSFIVXRMPIW GSQ HEXE
'VIEXIH EW E LERH] VIWSYVGI KYMHI JSV NSYV 'SRRIGXMSR
REPMWXW XLMW WMXI TVSZMHIW PMROW XS JEGXW ERH JMKYVIW SR HS^IRW SJ XSTMGW SJ REXMSREP ERH
MRXIVREXMSREP MRXIVIWX [[[ GSRRIGXPYGEW GSQ
8LIVI EVI E RYQFIV SJ XLMRO XEROW [LSWI ;IF WMXIW TVSZMHI I\GIPPIRX VIWSYVGIW JSV
WTIIGL QEXIVMEPW 8LI] MRGPYHI XLI &VSSOMRKW -RWXMXYXMSR [ [[ FVSSOMRKW IHY
6%2( [[[ VERH SVK
ERH XLI 'EXS -RWXMXYXI [[[ GEXS SVK
PIZIPW SJ [SVO EQSRK ]SYXL XIRH XS TVSHYGI LMKLIV XVYERG] ERH PS[IV KVEHIW %GGSVHMRK
XS +VIIRFIVKIV ERH 7XIMRFIVK SRI WXYH] EJXIV ERSXLIV LEW JSYRH XLEX [SVOMRK QSVI XLER
E JI[ LSYVW E [IIO LEW E RIKEXMZI MQTEGX SR XIIREKIVWt EGEHIQMG TIVJSVQERGI
,EH XLI WTIEOIV RSX MHIRXMJMIH +VIIRFIVKIV ERH 7XIMRFIVK PMWXIRIVW [SYPH
RSX LEZI LEH XLI JSKKMIWX MHIE [LS XLI] EVI SV [L] XLIMV STMRMSR WLSYPH FI
LIIHIH
%W [I WE[ MR 'LETXIV MHIRXMJ]MRK XLI WSYVGI SJ XIWXMQSR] MW EPWS ER
MQTSVXERX IXLMGEP VIWTSRWMFMPMX] -J ]SY YWI ERSXLIV TIVWSRtW [SVHW SV MHIEW
[MXLSYX KMZMRK GVIHMX XS XLEX TIVWSR ]SY [MPP FI KYMPX] SJ TPEKMEVMWQ 8LMW MW
XVYI [LIXLIV ]SY TEVETLVEWI XLI SVMKMREP WSYVGI SV UYSXI MX ZIVFEXMQ
'MXMRK 7SYVGIW 3VEPP]
;I LEZI QIRXMSRIH QSVI XLER SRGI MR XLMW GLETXIV XLI MQTSVXERGI SJ GMXMRK
XLI WSYVGIW SJ ]SYV WYTTSVXMRK QEXIVMEPW 'EVIJYP PMWXIRIVW EVI WOITXMGEP 8LI]
OIIT ER IEV SYX FSXL JSV E WTIEOIVtW MRJSVQEXMSR ERH JSV XLI WSYVGIW SJ XLEX
MRJSVQEXMSR
8LI FMFPMSKVETL] MR ]SYV WTIIGL SYXPMRI WLSYPH WXEXI XLI WSYVGIW ]SY YWIH
MR GSRWXVYGXMRK XLI WTIIGL WII 'LETXIV TEKI
&YX PMWXIRIVW HS RSX LEZI
EGGIWW XS ]SYV SYXPMRI =SY LEZI XS MHIRXMJ] ]SYV WSYVGIW SVEPP] EW ]SY EVI
WTIEOMRK
9RPMOI E [VMXXIR FMFPMSKVETL] SVEP WSYVGI GMXEXMSRW HS RSX JSPPS[ E WXER
HEVH JSVQEX ;LEX ]SY MRGPYHI HITIRHW SR ]SYV XSTMG ]SYV EYHMIRGI XLI OMRH
SJ WYTTSVXMRK QEXIVMEP ]SY EVI YWMRK ERH XLI GPEMQ ]SY EVI QEOMRK 8LI OI] MW
XS XIPP ]SYV EYHMIRGI IRSYKL XLEX XLI] [MPP ORS[ [LIVI ]SY KSX ]SYV MRJSVQE
XMSR ERH [L] XLI] WLSYPH EGGITX MX EW UYEPMJMIH ERH GVIHMFPI -R QSWX GEWIW ]SY
[MPP RIIH XS MHIRXMJ] WSQI GSQFMREXMSR SJ XLI JSPPS[MRK
8LI FSSO QEKE^MRI RI[WTETIV SV ;IF HSGYQIRX ]SY EVI GMXMRK
8LI EYXLSV SV WTSRWSVMRK SVKERM^EXMSR SJ XLI HSGYQIRX
8LI EYXLSVtW UYEPMJMGEXMSRW [MXL VIKEVH XS XLI XSTMG
8LI HEXI SR [LMGL XLI HSGYQIRX [EW TYFPMWLIH TSWXIH SV YTHEXIH
,IVI MW ER I\EQTPI SJ E WTIIGL GMXEXMSR XLEX MRGPYHIW EPP XLI EFSZI
'MXMRK 7YTTSVXMRK 1EXIVMEPW
0YGEW 8LI %VX SJ 4YFPMG 7YTTSVXMRK =SYV -HIEW 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
GSRRIGXPYGEW GSQ ' L I G O P M W X 'MXMRK 7SYVGIW 3VEPP]
8LMW GLIGOPMWX MW EPWS EZEMPEFPI
MR XLI SRPMRI 7XYH] 8SSPW JSV =)7 23
XLMW GLETXIV
(S - MHIRXMJ] EPP XLI TVMRX HSGYQIRXW GMXIH MR Q] WTIIGL#
(S - MHIRXMJ] EPP XLI ;IF HSGYQIRXW GMXIH MR Q] WTIIGL#
(S - MHIRXMJ] XLI EYXLSVW SV WTSRWSVMRK SVKERM^EXMSRW SJ
XLI HSGYQIRXW - GMXI#
(S - IWXEFPMWL XLI EYXLSVWt GVIHIRXMEPW [MXL VIKEVH XS XLI
XSTMG#
(S - YWI HSGYQIRXW JVSQ WTSRWSVMRK SVKERM^EXMSRW [MXL
IWXEFPMWLIH I\TIVXMWI ERH SFNIGXMZMX]#
(S - MRGPYHI XLI HEXIW SR [LMGL XLI HSGYQIRXW [IVI
TYFPMWLIH TSWXIH SV YTHEXIH#
(S - YWI E ZEVMIX] SJ QIXLSHW MR GMXMRK Q] WSYVGIW#
;LMPI QSVI WXYHIRXW EVI KSMRK XS GSPPIKI XLER IZIV FIJSVI XLI] EVI TE]MRK E LMKL
TVMGI /MQFIVP] 4EPQIV JMRERGMEP GSPYQRMWX JSV 9 7 2I[W
;SVPH 6ITSVX VITSVXIH MR XLI
QEKE^MRItW .ERYEV] MWWYI XLEX KVEHYEXMRK WXYHIRXW RS[ S[I ER EZIVEKI SJ
MR WXYHIRX PSER HIFX YT JVSQ NYWX XIR ]IEVW EKS
&IGEYWI XLMW WTIEOIV [EW GMXMRK WXEXMWXMGW WLI RIIHIH XS WLS[ XLI] [IVI
YT XS HEXI ERH GEQI JVSQ E GVIHMFPI WSYVGI -R XLI JSPPS[MRK I\EQTPI XLI
WTIEOIV MW YWMRK XIWXMQSR] FYX RSXMGI LS[ LI EPWS IWXEFPMWLIW XLI GVIHMFMPMX] SJ
LMW WSYVGI ERH XLI VIGIRG] SJ LMW MRJSVQEXMSR
,YQER WQYKKPMRK MW FMK FYWMRIWW ERH XLI 9 7 KSZIVRQIRX LEW QEHI PMXXPI LIEH[E]
MR WXSTTMRK MX .YWX EWO 7GSXX ,EXJMIPH GLMIJ SJ XLI ,YQER 7QYKKPMRK HMZMWMSR EX -QQMKVE
XMSR ERH 'YWXSQW )RJSVGIQIRX [LS [EW UYSXIH PEWX QSRXL MR 8LI 2I[ =SVO 8MQIW q%R]
XMQI [I WLYX HS[R E WQYKKPMRK SVKERM^EXMSR XLIVItW EP[E]W WSQIFSH] XS XEOI XLIMV
TPEGI r
3R XLI SXLIV LERH MJ ]SY [IVI UYSXMRK %FVELEQ 0MRGSPRtW +IXX]WFYVK
%HHVIWW SJ 2SZIQFIV EFSYX qKSZIVRQIRX SJ XLI TISTPI F] XLI TIS
TPI JSV XLI TISTPI r ]SY [SYPH RSX RIIH XS I\TPEMR 0MRGSPRtW UYEPMJMGEXMSRW
FIGEYWI LI MW WS [IPP ORS[R
SV XLI HEXI SJ LMW WXEXIQIRX FIGEYWI MX HSIW RSX
EJJIGX XLI VIPIZERGI SJ LMW [SVHW
8LI WEQI TVMRGMTPIW ETTP] MJ ]SY EVI GMXMRK SRPMRI WSYVGIW -X MW RSX IRSYKL
XS WE] q%W - JSYRH SR XLI ;IF r SV q%W XLI -RXIVRIX WXEXIW r 3R XLI SXLIV LERH
MX MW RSX RIGIWWEV] XS VIGMXI XLI IRXMVI EHHVIWW SJ XLI ;IF TEKI -J ]SY EVI GMXMRK
E WTIGMJMG TIVWSR ]SY WLSYPH MHIRXMJ] LMQ SV LIV ERH XLI REQI SJ XLI ;IF WMXI
SR [LMGL ]SY JSYRH XLI MRJSVQEXMSRhEW MR XLMW I\EQTPI
-R ER EVXMGPI TSWXIH SR '22 GSQ MR .YP] .SWITL % 'EPMJERS .V 4VIWMHIRX SJ XLI
2EXMSREP 'IRXIV SR %PGSLSP ERH 7YFWXERGI %FYWI EX 'SPYQFME 9RMZIVWMX] WXEXIH q-
[SYPHRtX FI WYVTVMWIH MJ VMKLX RS[ EX XLMW TSMRX MR XMQI XLIVI EVI QSVI OMHW EFYWMRK TVI
WGVMTXMSR HVYKW XLER EFYWMRK QEVMNYERE r
',%48)6 7944368-2+ =396 -()%7
0YGEW 8LI %VX SJ 4YFPMG 7YTTSVXMRK =SYV -HIEW 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
-J ]SY EVI GMXMRK ER SVKERM^EXMSR VEXLIV XLER ER MRHMZMHYEP ]SY RIIH XS GSRRIGXPYGEW GSQ
TVSZMHI XLI REQI SJ XLI SVKERM^EXMSR *SV EHHMXMSREP I\EQTPIW SJ
LS[ XS GMXI WSYVGIW MR ]SYV
8LI ;IF TEKI JSV XLI 6SFSXMGW -RWXMXYXI EX 'EVRIKMI 1IPPSR 9RMZIVWMX] I\TPEMRW XLEX WTIIGLIW GLIGO XLI 7EQTPI
WGMIRXMWXW EX XLEX WGLSSP LEZI HIWMKRIH ERH FYMPX E WM\ XSR L]FVMH IPIGXVMG ZILMGPI XLEX GER FI 3VEP 'MXEXMSRW MR XLI SRPMRI
YWIH F] XLI 9 7 %VQ] JSV EVQIH VIGSRREMWWERGI QMWWMSRW 7TIIGL 8SSPW JSV XLMW GLETXIV
*MREPP] RSXMGI LS[ WOMPPJYPP] XLI WTIEOIVW UYSXIH EFSZI FPIRH XLIMV GMXE
XMSRW MRXS XLIMV WTIIGLIW 8LI] HS RSX EP[E]W WE] q%GGSVHMRK XS r SV q%W
WXEXIH F] r 2SV HS XLI] YWI [SVHW PMOI qUYSXI YRUYSXI r 9WYEPP] ]SY
GER QSHMJ] ]SYV XSRI SJ ZSMGI SV YWI FVMIJ TEYWIW XS PIX ]SYV PMWXIRIVW ORS[
[LIR ]SY EVI QEOMRK E HMVIGX UYSXEXMSR
-R XLI SRPMRI 7TIIGL 8SSPW JSV XLMW GLETXIV ]SY [MPP JMRH QSVI I\EQTPIW
SJ LS[ ]SY GER GMXI HMJJIVIRX OMRHW SJ WSYVGIW MR ]SYV WTIIGLIW ;LIXLIV ]SY
EVI YWMRK I\EQTPIW WXEXMWXMGW SV XIWXMQSR] GMXMRK ]SYV WSYVGIW TVSTIVP] MW E
GVYGMEP TEVX SJ FIMRK ER IJJIGXMZIhERH IXLMGEPhTYFPMG WTIEOIV
+SSH WTIIGLIW RIIH WXVSRK WYTTSVXMRK QEXIVMEPW XS FSPWXIV XLI WTIEOIVtW TSMRX SJ 7911%6=
ZMI[ 8LI XLVII FEWMG X]TIW SJ WYTTSVXMRK QEXIVMEPW EVI I\EQTPIW WXEXMWXMGW ERH
XIWXMQSR] /)= 8)617
-R XLI GSYVWI SJ E WTIIGL ]SY QE] YWI FVMIJ I\EQTPIWhWTIGMJMG MRWXERGIW
VIJIVVIH XS MR TEWWMRKhERH WSQIXMQIW ]SY QE] [ERX XS KMZI WIZIVEP FVMIJ I\EQTPIW /I] 8IVQW
MR E VS[ XS GVIEXI E WXVSRKIV MQTVIWWMSR )\XIRHIH I\EQTPIW EVI PSRKIV ERH QSVI
HIXEMPIH ,]TSXLIXMGEP I\EQTPIW HIWGVMFI MQEKMREV] WMXYEXMSRW ERH GER FI UYMXI
IJJIGXMZI JSV VIPEXMRK MHIEW XS XLI EYHMIRGI %PP XLVII OMRHW SJ I\EQTPIW LIPT GPEVMJ]
MHIEW VIMRJSVGI MHIEW SV TIVWSREPM^I MHIEW 8S FI QSWX IJJIGXMZI XLI] WLSYPH FI
ZMZMH ERH VMGLP] XI\XYVIH
7XEXMWXMGW GER FI I\XVIQIP] LIPTJYP MR GSRZI]MRK ]SYV QIWWEKI EW PSRK EW ]SY
YWI XLIQ WTEVMRKP] ERH QEOI XLIQ QIERMRKJYP XS ]SYV EYHMIRGI %FSZI EPP ]SY
WLSYPH YRHIVWXERH ]SYV WXEXMWXMGW ERH YWI XLIQ JEMVP] 1EOI WYVI ]SYV JMKYVIW EVI
VITVIWIRXEXMZI SJ [LEX XLI] GPEMQ XS QIEWYVI XLEX ]SY YWI WXEXMWXMGEP QIEWYVIW GSV
VIGXP] ERH XLEX ]SY XEOI WXEXMWXMGW SRP] JVSQ VIPMEFPI WSYVGIW
'MXMRK XLI XIWXMQSR] SJ I\TIVXW MW E KSSH [E] XS QEOI ]SYV MHIEW QSVI GVIHMFPI
=SY GER EPWS YWI TIIV XIWXMQSR] JVSQ SVHMREV] TISTPI [LS LEZI JMVWXLERH I\TIVM
IRGI SR XLI XSTMG 6IKEVHPIWW SJ XLI OMRH SJ XIWXMQSR] ]SY GER IMXLIV UYSXI WSQI
SRI ZIVFEXMQ SV TEVETLVEWI LMW SV LIV [SVHW &I WYVI XS UYSXI SV TEVETLVEWI
EGGYVEXIP] ERH XS YWI UYEPMJMIH YRFMEWIH WSYVGIW
;LIR GMXMRK WSYVGIW MR E WTIIGL ]SY RIIH XS PIX ]SYV EYHMIRGI ORS[ [LIVI ]SY
KSX ]SYV MRJSVQEXMSR ERH [L] XLI] WLSYPH EGGITX MX EW UYEPMJMIH ERH GVIHMFPI -R QSWX
GEWIW XLMW QIERW MHIRXMJ]MRK XLI HSGYQIRX ]SY EVI GMXMRK MXW HEXI SJ TYFPMGEXMSR SV
TSWXMRK XLI EYXLSV SV WTSRWSVMRK SVKERM^EXMSR ERH XLI EYXLSVtW GVIHIRXMEPW
WYTTSVXMRK QEXIVMEPW
I\XIRHIH I\EQTPI
I\EQTPI
L]TSXLIXMGEP I\EQTPI
FVMIJ I\EQTPI
WXEXMWXMGW
0YGEW 8LI %VX SJ 4YFPMG 7YTTSVXMRK =SYV -HIEW 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
QIER
TIIV XIWXMQSR]
QIHMER
HMVIGX UYSXEXMSR
QSHI
TEVETLVEWI
XIWXMQSR]
UYSXMRK SYX SJ GSRXI\X
I\TIVX XIWXMQSR]
6):-); 59)78-327
%JXIV VIEHMRK XLMW GLETXIV ]SY WLSYPH FI EFPI XS ERW[IV XLI JSPPS[MRK UYIWXMSRW
GSRRIGXPYGEW GSQ ;L] HS ]SY RIIH WYTTSVXMRK QEXIVMEPW MR ]SYV WTIIGLIW#
*SV JYVXLIV VIZMI[ KS XS XLI
7XYH] 5YIWXMSRW MR XLI SRPMRI ;LEX EVI XLI XLVII OMRHW SJ I\EQTPIW HMWGYWWIH MR XLMW GLETXIV# ,S[ QMKLX ]SY
7XYH] %MHW JSV XLMW GLETXIV YWI IEGL OMRH XS WYTTSVX ]SYV MHIEW#
;LEX EVI JMZI XMTW JSV YWMRK I\EQTPIW MR ]SYV WTIIGLIW#
;L] MW MX WS IEW] XS PMI [MXL WXEXMWXMGW# ;LEX XLVII UYIWXMSRW WLSYPH ]SY EWO XS
NYHKI XLI VIPMEFMPMX] SJ WXEXMWXMGW#
;LEX EVI WM\ XMTW JSV YWMRK WXEXMWXMGW MR ]SYV WTIIGLIW#
;LEX MW XIWXMQSR]# )\TPEMR XLI HMJJIVIRGI FIX[IIR I\TIVX XIWXMQSR] ERH TIIV
XIWXMQSR]
;LEX EVI JSYV XMTW JSV YWMRK XIWXMQSR] MR ]SYV WTIIGLIW#
)<)6'-7)7 *36 '6-8-'%0 8,-2/-2+
)EGL SJ XLI JSPPS[MRK WXEXIQIRXW ZMSPEXIW EX PIEWX SRI SJ XLI GVMXIVME JSV IJJIGXMZI
WYTTSVXMRK QEXIVMEPW HMWGYWWIH MR XLMW GLETXIV -HIRXMJ] XLI JPE[ SV JPE[W
MR
IEGL WXEXIQIRX
E %W 1MPI] ']VYW WXEXIH MR E VIGIRX MRXIVZMI[ XLI 'EREHMER W]WXIQ TVSZMHIW XLI
FIWX QSHIP JSV GVIEXMRK YRMZIVWEP LIEPXL GEVI MR XLI 9RMXIH 7XEXIW
F %GGSVHMRK XS 8LI 2I[ =SVO 8MQIW %PQEREG 'EPMJSVRME LEW XLI PEVKIWX 2EXMZI
%QIVMGER TSTYPEXMSR SJ ER] WXEXI MR XLI YRMSRh %VM^SRE MW WIGSRH [MXL
3OPELSQE MW XLMVH [MXL ERH 2I[ 1I\MGS MW JSYVXL [MXL E XSXEP
2EXMZI %QIVMGER TSTYPEXMSR SJ
G - HSRtX ORS[ [L] MRWYVERGI GSQTERMIW WLSYPH GLEVKI LMKLIV VEXIW JSV HVMZIVW
YRHIV XLI EKI SJ %PP Q] JVMIRHW HVMZI E PSX ERH RSRI SJ XLIQ LEZI FIIR MR GEV
EGGMHIRXW
H -R E VERHSQ WYVZI] GSRHYGXIH PEWX QSRXL EQSRK QIQFIVW SJ 4ISTPI JSV XLI
)XLMGEP 8VIEXQIRX SJ %RMQEPW TIVGIRX SJ VIWTSRHIRXW STTSWIH YWMRK ERMQEPW
JSV QIHMGEP I\TIVMQIRXW 'PIEVP] XLIR XLI %QIVMGER TISTPI STTSWI WYGL I\TIVM
QIRXW
I -R XLI [SVHW SJ SRI I\TIVX q8LI WXEXI IHYGEXMSR FYHKIX LEW FIIR GYX WS QYGL MR
VIGIRX ]IEVW XLEX ER] JYVXLIV GYXW [MPP HS MVVITEVEFPI LEVQ XS SYV WGLSSPW ERH XLI
GLMPHVIR XLI] WIVZI r
J *MKYVIW GSQTMPIH F] XLI &YVIEY SJ 0EFSV 7XEXMWXMGW WLS[ XLEX XLI QIHMER WEPEV] JSV
PE[]IVW MR XLI 9 7 MW 8LMW WLS[W XLEX PE[]IVW EZIVEKI QSVI XLER
E ]IEV MR WEPEV]
',%48)6 7944368-2+ =396 -()%7
0YGEW 8LI %VX SJ 4YFPMG 7YTTSVXMRK =SYV -HIEW 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
K %GGSVHMRK XS E WXYH] F] :IVM^SR ;MVIPIWW XLIVI MW RS IZMHIRGI XLEX XLI YWI SJ GIPP
TLSRIW MW E WMKRMJMGERX GEYWI SJ EYXSQSFMPI EGGMHIRXW
%REP]^I q&YVWXMRK XLI %RXMFEGXIVMEP &YFFPIr MR XLI ETTIRHM\ SJ WEQTPI WTIIGLIW
JSPPS[MRK 'LETXIV -HIRXMJ] XLI QEMR TSMRXW SJ XLI WTIIGL ERH XLI WYTTSVXMRK
QEXIVMEPW YWIH JSV IEGL )ZEPYEXI XLI WTIEOIVtW YWI SJ WYTTSVXMRK QEXIVMEPW MR
PMKLX SJ XLI GVMXIVME HMWGYWWIH MR XLMW GLETXIV
%TTP]MRK XLI 4S[IV SJ 4YFPMG 7TIEOMRK
%JXIV VIGIMZMRK ]SYV QEWXIVtW HIKVII MR IHYGEXMSR EHQMRMWXVEXMSR ]SY XSSO E NSF EX
XLI WXEXI HITEVXQIRX SJ IHYGEXMSR %X XLI VIUYIWX SJ XLI KSZIVRSV ]SYV WIGXMSR SJ
XLI HITEVXQIRX LEW HIZIPSTIH E RI[ IEVP] GLMPHLSSH MRXIVZIRXMSR TVSKVEQ JSV
GLMPHVIR JVSQ MQTSZIVMWLIH LSYWILSPHW 2S[ ]SY LEZI FIIR EWOIH XS LIPT TYFPM
GM^I XLI TVSKVEQ ERH XS FYMPH WYTTSVX JSV MX =SY [MPP FI WTIEOMRK XS GLYVGL KVSYTW
XIEGLIVWt EWWSGMEXMSRW JEQMP] EHZSGEG] KVSYTW ERH SXLIVW [MXL ER MRXIVIWX MR GLMP
HVIRtW [IPJEVI =SY [ERX XS TVITEVI E XEPO XLEX QEOIW KSSH YWI SJ WXEXMWXMGW ERH
I\TIVX XIWXMQSR] XS HIQSRWXVEXI XLI ZEPYI SJ IEVP] GLMPHLSSH IHYGEXMSR TVSKVEQW
IWTIGMEPP] JSV TSSV GLMPHVIR
%W TEVX SJ ]SYV VIWIEVGL ]SY HIGMHI XS WIEVGL XLI ;IF JSV WYTTSVXMRK QEXIVMEPW
0MWX XLVII VITYXEFPI ;IF WMXIW XLEX TVSZMHI YWIJYP WXEXMWXMGW SV XIWXMQSR] SR XLI
ZEPYI SJ IEVP] GLMPHLSSH IHYGEXMSR )\TPEMR [L] IEGL ;IF WMXI MW VITYXEFPI ERH PMWX
SRI WXEXMWXMG SV I\TIVX UYSXEXMSR ]SY SFXEMR JVSQ IEGL WSYVGI
%TTP]MRK XLI 4S[IV SJ 4YFPMG 7TIEOMRK
0YGEW 8LI %VX SJ 4YFPMG 3VKERM^MRK XLI &SH] SJ 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR XLI 7TIIGL 'SQTERMIW
3VKERM^MRK XLI &SH]
SJ XLI 7TIIGL
3VKERM^EXMSR -W -QTSVXERX
1EMR 4SMRXW
2YQFIV SJ 1EMR 4SMRXW
7XVEXIKMG 3VHIV SJ 1EMR 4SMRXW
8MTW JSV 4VITEVMRK 1EMR 4SMRXW
7YTTSVXMRK 1EXIVMEPW
'SRRIGXMZIW
8VERWMXMSRW
-RXIVREP 4VIZMI[W
-RXIVREP 7YQQEVMIW
7MKRTSWXWQ
0YGEW 8LI %VX SJ 4YFPMG 3VKERM^MRK XLI &SH] SJ 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR XLI 7TIIGL 'SQTERMIW
0YGEW 8LI %VX SJ 4YFPMG 3VKERM^MRK XLI &SH] SJ 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR XLI 7TIIGL 'SQTERMIW
8LMRO EFSYX WLSTTMRK MR E WXSVI WYGL EW -OIE 8EVKIX SV &IWX &Y] 1ER] SJ
XLI MXIQW JSV WEPI EVI SVKERM^IVWhHVE[IV SVKERM^IVW HIWO SVKERM^IVW
GPSWIX SVKERM^IVW OMXGLIR SVKERM^IVW FEXLVSSQ SVKERM^IVW SJJMGI SVKE
RM^IVW EYHMS ERH ZMHIS SVKERM^IVW
;L] EPP XLMW UYIWX JSV SVKERM^EXMSR# 3FZMSYWP] [LIR XLI SFNIGXW ]SY TSW
WIWW EVI [IPP SVKERM^IH XLI] WIVZI ]SY FIXXIV 3VKERM ^EXMSR EPPS[W ]SY XS WII
[LEX ]SY LEZI ERH XS TYX ]SYV LERHW MQQIHMEXIP] SR XLI KEVQIRX XLI XSSP
XLI TMIGI SJ TETIV XLI '( ]SY [ERX [MXLSYX E JVIR^MIH WIEVGL
1YGL XLI WEQI MW XVYI SJ ]SYV WTIIGLIW -J XLI] EVI [IPP SVKERM^IH XLI]
[MPP WIVZI ]SY FIXXIV 3VKERM^EXMSR EPPS[W ]SYhERH ]SYV PMWXIRIVWhXS WII
[LEX MHIEW ]SY LEZI ERH XS TYX QIRXEP qLERHWr SR XLI QSWX MQTSVXERX SRIW
3VKERM^EXMSR -W -QTSVXERX
WXVEXIKMG SVKERM^EXMSR -R E GPEWWMG WXYH] E GSPPIKI TVSJIWWSV XSSO E [IPP SVKERM^IH WTIIGL ERH WGVEQ
4YXXMRK E WTIIGL XSKIXLIV MR FPIH MX F] VERHSQP] GLERKMRK XLI SVHIV SJ MXW WIRXIRGIW ,I XLIR LEH E WTIEOIV
E TEVXMGYPEV [E] XS EGLMIZI E HIPMZIV XLI SVMKMREP ZIVWMSR XS SRI KVSYT SJ PMWXIRIVW ERH XLI WGVEQFPIH ZIVWMSR
TEVXMGYPEV VIWYPX [MXL XS ERSXLIV KVSYT %JXIV XLI WTIIGLIW LI KEZI E XIWX XS WII LS[ [IPP IEGL KVSYT
E TEVXMGYPEV EYHMIRGI YRHIVWXSSH [LEX XLI] LEH LIEVH 2SX WYVTVMWMRKP] XLI KVSYT XLEX LIEVH XLI
SVMKMREP YRWGVEQFPIH WTIIGL WGSVIH QYGL LMKLIV XLER XLI SXLIV KVSYT
% JI[ ]IEVW PEXIV X[S TVSJIWWSVW VITIEXIH XLI WEQI I\TIVMQIRX EX ERSXLIV
WGLSSP &YX MRWXIEH SJ XIWXMRK LS[ [IPP XLI PMWXIRIVW GSQTVILIRHIH IEGL
WTIIGL XLI] XIWXIH XS WII [LEX IJJIGXW XLI WTIIGLIW LEH SR XLI PMWXIRIVWt EXXM
XYHIW XS[EVH XLI WTIEOIVW 8LI] JSYRH XLEX TISTPI [LS LIEVH XLI [IPP
SVKERM^IH WTIIGL FIPMIZIH XLI WTIEOIV XS FI QYGL QSVI GSQTIXIRX ERH
XVYWX[SVXL] XLER HMH XLSWI [LS LIEVH XLI WGVEQFPIH WTIIGL
8LIWI EVI NYWX X[S SJ QER] WXYHMIW XLEX WLS[ XLI MQTSVXERGI SJ SVKERM^EXMSR
MR IJJIGXMZI WTIIGLQEOMRK 0MWXIRIVW HIQERH GSLIVIRGI 9RPMOI VIEHIVW XLI]
GERRSX JPMT FEGO XS E TVIZMSYW TEKI MJ XLI] LEZI XVSYFPI KVEWTMRK E WTIEOIVtW MHIEW
-R XLMW VIWTIGX E WTIIGL MW QYGL PMOI E QSZMI .YWX EW E HMVIGXSV QYWX FI WYVI ZMI[
IVW GER JSPPS[ XLI TPSX SJ E JMPQ JVSQ FIKMRRMRK XS IRH WS QYWX E WTIEOIV FI WYVI
PMWXIRIVW GER JSPPS[ XLI TVSKVIWWMSR SJ MHIEW MR E WTIIGL JVSQ FIKMRRMRK XS IRH
8LMW VIUYMVIW XLEX WTIIGLIW FI SVKERM^IH WXVEXIKMGEPP] 8LI] WLSYPH FI TYX XSKIXLIV
MR TEVXMGYPEV [E]W XS EGLMIZI TEVXMGYPEV VIWYPXW [MXL TEVXMGYPEV EYHMIRGIW
7TIIGL SVKERM^EXMSR MW MQTSVXERX JSV SXLIV VIEWSRW EW [IPP %W [I WE[ MR
'LETXIV MX MW GPSWIP] GSRRIGXIH XS GVMXMGEP XLMROMRK ;LIR ]SY [SVO XS SVKE
RM^I ]SYV WTIIGLIW ]SY KEMR TVEGXMGI MR XLI KIRIVEP WOMPP SJ IWXEFPMWLMRK GPIEV
VIPEXMSRWLMTW EQSRK ]SYV MHIEW 8LMW WOMPP [MPP WIVZI ]SY [IPP XLVSYKLSYX ]SYV
GSPPIKI HE]W ERH MR EPQSWX ER] GEVIIV ]SY QE] GLSSWI -R EHHMXMSR YWMRK E
GPIEV WTIGMJMG QIXLSH SJ WTIIGL SVKERM^EXMSR GER FSSWX ]SYV GSRJMHIRGI EW E
WTIEOIV ERH MQTVSZI ]SYV EFMPMX] XS HIPMZIV E QIWWEKI JPYIRXP]
8LI JMVWX WXIT MR HIZIPSTMRK E WXVSRK WIRWI SJ WTIIGL SVKERM^EXMSR MW XS
KEMR GSQQERH SJ XLI XLVII FEWMG TEVXW SJ E WTIIGLhMRXVSHYGXMSR FSH] ERH
GSRGPYWMSRhERH XLI WXVEXIKMG VSPI SJ IEGL -R XLMW GLETXIV [I HIEP [MXL XLI
FSH] SJ XLI WTIIGL 8LI RI\X GLETXIV [MPP XEOI YT XLI MRXVSHYGXMSR ERH XLI
GSRGPYWMSR
8LIVI EVI KSSH VIEWSRW JSV XEPOMRK JMVWX EFSYX XLI FSH] SJ XLI WTIIGL 8LI
FSH] MW XLI PSRKIWX ERH QSWX MQTSVXERX TEVX %PWS ]SY [MPP YWYEPP] TVITEVI XLI
',%48)6 36+%2->-2+ 8,) &3(= 3* 8,) 74))',
0YGEW 8LI %VX SJ 4YFPMG 3VKERM^MRK XLI &SH] SJ 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR XLI 7TIIGL 'SQTERMIW
FSH] JMVWX -X MW IEWMIV XS GVIEXI ER IJJIGXMZI MRXVSHYGXMSR EJXIV ]SY ORS[ I\EGXP]
[LEX ]SY [MPP WE] MR XLI FSH]
8LI TVSGIWW SJ SVKERM^MRK XLI FSH] SJ E WTIIGL FIKMRW [LIR ]SY HIXIVQMRI
XLI QEMR TSMRXW
1EMR 4SMRXW
8LI QEMR TSMRXW EVI XLI GIRXVEP JIEXYVIW SJ ]SYV WTIIGL =SY WLSYPH WIPIGX XLIQ
GEVIJYPP] TLVEWI XLIQ TVIGMWIP] ERH EVVERKI XLIQ WXVEXIKMGEPP] ,IVI EVI XLI
QEMR TSMRXW SJ E WXYHIRX WTIIGL EFSYX XLI QIHMGEP YWIW SJ L]TRSWMW
7TIGMJMG 4YVTSWI 8S MRJSVQ Q] EYHMIRGI EFSYX XLI QENSV YWIW SJ L]TRSWMW
'IRXVEP -HIE 8LI QENSV YWIW SJ L]TRSWMW XSHE] EVI XS GSRXVSP TEMR MR
WYVKIV] XS LIPT TISTPI WXST WQSOMRK ERH XS LIPT WXYHIRXW
MQTVSZI XLIMV EGEHIQMG TIVJSVQERGI
1EMR 4SMRXW - , ]TRSWMW MW YWIH MR WYVKIV] EW ER EHNYRGX XS GLIQMGEP QEMR TSMRXW
ERIWXLIWME 8LI QENSV TSMRXW HIZIPSTIH MR
XLI FSH] SJ E WTIIGL 1SWX
-- ,]TRSWMW MW YWIH XS LIPT TISTPI WXST WQSOMRK WTIIGLIW GSRXEMR JVSQ X[S XS
--- , ]TRSWMW MW YWIH XS LIPT WXYHIRXW MQTVSZI XLIMV JMZI QEMR TSMRXW
EGEHIQMG TIVJSVQERGI
8LIWI XLVII QEMR TSMRXW JSVQ XLI WOIPIXSR SJ XLI FSH] SJ XLI WTIIGL -J XLIVI
EVI XLVII QENSV YWIW SJ L]TRSWMW JSV QIHMGEP TYVTSWIW XLIR PSKMGEPP] XLIVI GER
FI XLVII QEMR TSMRXW MR XLI WTIIGL
,S[ HS ]SY GLSSWI ]SYV QEMR TSMRXW# 7SQIXMQIW XLI] [MPP FI IZMHIRX
JVSQ ]SYV WTIGMJMG TYVTSWI WXEXIQIRX 7YTTSWI ]SYV WTIGMJMG TYVTSWI MW q8S
MRJSVQ Q] EYHMIRGI EFSYX XLI HIZIPSTQIRX XIGLRSPSK] ERH FIRIJMXW SJ
L]HVSKIR JYIP GIPPW r 3FZMSYWP] ]SYV WTIIGL [MPP LEZI XLVII QEMR TSMRXW 8LI
JMVWX [MPP HIEP [MXL XLI HIZIPSTQIRX SJ L]HVSKIR JYIP GIPPW XLI WIGSRH [MXL XLI
XIGLRSPSK] FILMRH L]HVSKIR JYIP GIPPW XLI XLMVH [MXL XLI FIRIJMXW SJ L]HVSKIR
JYIP GIPPW ;VMXXIR MR SYXPMRI JSVQ XLI QEMR TSMRXW QMKLX FI
7TIGMJMG 4YVTSWI 8S MRJSVQ Q] EYHMIRGI EFSYX XLI HIZIPSTQIRX XIGLRSPSK]
ERH FIRIJMXW SJ L]HVSKIR JYIP GIPPW
'IRXVEP -HIE (IZIPSTIH EW E LMKLP] IJJMGMIRX JSVQ SJ IRIVK] L]HVSKIR
JYIP GIPPW YWI WSTLMWXMGEXIH XIGLRSPSK] ERH SJJIV E RYQFIV SJ
IGSRSQMG ERH IRZMVSRQIRXEP FIRIJMXW
1EMR 4SMRXW - , ]HVSKIR JYIP GIPPW [IVI HIZIPSTIH XS TVSZMHI E LMKLP]
IJJMGMIRX JSVQ SJ IRIVK]
-- ,]HVSKIR JYIP GIPPW TVSHYGI TS[IV XLVSYKL ER IPIGXVS
GLIQMGEP VIEGXMSR MRZSPZMRK L]HVSKIR KEW
--- ,]HVSKIR JYIP GIPPW TVSZMHI ER IGSRSQMGEPP] ERH
IRZMVSRQIRXEPP] WYTIVMSV QIXLSH SJ TS[IVMRK QSXSV
ZILMGPIW
)ZIR MJ ]SYV QEMR TSMRXW EVI RSX WXEXIH I\TVIWWP] MR ]SYV WTIGMJMG TYVTSWI
XLI] QE] FI IEW] XS TVSNIGX JVSQ MX 0IXtW WE] ]SYV WTIGMJMG TYVTSWI MW q8S
MRJSVQ Q] EYHMIRGI SJ XLI FEWMG WXITW MR QEOMRK WXEMRIH KPEWW [MRHS[W r =SY
1EMR 4SMRXW
0YGEW 8LI %VX SJ 4YFPMG 3VKERM^MRK XLI &SH] SJ 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR XLI 7TIIGL 'SQTERMIW
ORS[ IEGL SJ ]SYV QEMR TSMRXW [MPP GSVVIWTSRH XS E WXIT MR XLI [MRHS[
QEOMRK TVSGIWW 8LI] QMKLX PSSO PMOI XLMW MR SYXPMRI JSVQ
7TIGMJMG 4YVTSWI 8S MRJSVQ Q] EYHMIRGI SJ XLI FEWMG WXITW MR QEOMRK WXEMRIH
KPEWW [MRHS[W
'IRXVEP -HIE 8LIVI EVI JSYV WXITW MR QEOMRK WXEMRIH KPEWW [MRHS[W
1EMR 4SMRXW - 8LI JMVWX WXIT MW HIWMKRMRK XLI [MRHS[
-- 8LI WIGSRH WXIT MW GYXXMRK XLI KPEWW XS JMX XLI HIWMKR
--- 8LI XLMVH WXIT MW TEMRXMRK XLI KPEWW
-: 8LI JSYVXL WXIT MW EWWIQFPMRK XLI [MRHS[
=SY [MPP RSX EP[E]W WIXXPI SR ]SYV QEMR TSMRXW WS IEWMP] 3JXIR XLI] [MPP
IQIVKI EW ]SY VIWIEVGL XLI WTIIGL ERH IZEPYEXI ]SYV JMRHMRKW 7YTTSWI ]SYV
WTIGMJMG TYVTSWI MW q8S TIVWYEHI Q] EYHMIRGI XLEX SYV WXEXI WLSYPH RSX ETTVSZI
TVSTSWEPW JSV SRPMRI ZSXMRK r =SY ORS[ XLEX IEGL QEMR TSMRX MR XLI WTIIGL [MPP
TVIWIRX E VIEWSR [L] SRPMRI ZSXMRK WLSYPH RSX FI MRWXMXYXIH MR ]SYV WXEXI &YX
]SY EVIRtX WYVI LS[ QER] QEMR TSMRXW XLIVI [MPP FI SV [LEX XLI] [MPP FI %W
]SY VIWIEVGL ERH WXYH] XLI XSTMG ]SY HIGMHI XLIVI EVI X[S QENSV VIEWSRW XS
WYTTSVX ]SYV ZMI[ )EGL SJ XLIWI VIEWSRW [MPP FIGSQI E QEMR TSMRX MR ]SYV
WTIIGL ;VMXXIR MR SYXPMRI JSVQ XLI] QMKLX FI
7TIGMJMG 4YVTSWI 8S TIVWYEHI Q] EYHMIRGI XLEX SYV WXEXI WLSYPH RSX ETTVSZI
TVSTSWEPW JSV SRPMRI ZSXMRK
'IRXVEP -HIE 3YV WXEXI WLSYPH RSX ETTVSZI SRPMRI ZSXMRK FIGEYWI MX [MPP
MRGVIEWI ZSXIV JVEYH ERH HMWJVERGLMWI TISTPI [MXLSYX -RXIV
RIX EGGIWW
1EMR 4SMRXW - 3 YV WXEXI WLSYPH RSX ETTVSZI SRPMRI ZSXMRK FIGEYWI MX
[MPP MRGVIEWI ZSXIV JVEYH
-- 3YV WXEXI WLSYPH RSX ETTVSZI SRPMRI ZSXMRK FIGEYWI MX [MPP
HMWJVERGLMWI TISTPI [MXLSYX EGGIWW XS XLI -RXIVRIX
291&)6 3* 1%-2 43-287
=SY [MPP RSX LEZI XMQI MR ]SYV GPEWWVSSQ WTIIGLIW XS HIZIPST QSVI XLER JSYV
SV JMZI QEMR TSMRXW ERH QSWX WTIIGLIW [MPP GSRXEMR SRP] X[S SV XLVII 6IKEVH
PIWW SJ LS[ PSRK E WTIIGL QMKLX VYR MJ ]SY LEZI XSS QER] QEMR TSMRXW XLI
EYHMIRGI [MPP LEZI XVSYFPI WSVXMRK XLIQ SYX
-J [LIR ]SY PMWX ]SYV QEMR TSMRXW ]SY JMRH XLEX ]SY LEZI XSS QER] ]SY
QE] FI EFPI XS GSRHIRWI XLIQ MRXS GEXIKSVMIW ,IVI MW E WIX SJ QEMR TSMRXW JSV
E WTIIGL EFSYX ]SKE
7TIGMJMG 4YVTSWI 8S MRJSVQ Q] EYHMIRGI EFSYX XLI TVEGXMGI SJ ]SKE
'IRXVEP -HIE =SKE MW ER ERGMIRX TVEGXMGI XLEX MRZSPZIW XLI [LSPI FSH]
1EMR 4SMRXW - =SKE FVIEXLMRK WXEVXW [MXL HIIT MRLEPEXMSR
-- =SKE FVIEXLMRK VIUYMVIW WPS[ I\LEPEXMSR
--- =SKE FVIEXLMRK MRGPYHIW TVSPSRKIH TEYWIW
-: =SKE FVIEXLMRK TVSZMHIW QER] FIRIJMXW
: =SKE TSWXYVIW MRZSPZI EPP TEVXW SJ XLI FSH]
',%48)6 36+%2->-2+ 8,) &3(= 3* 8,) 74))',
0YGEW 8LI %VX SJ 4YFPMG 3VKERM^MRK XLI &SH] SJ 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR XLI 7TIIGL 'SQTERMIW
6IWIEVGL WXYHMIW GSRJMVQ
XLEX GPIEV SVKERM^EXMSR MW ZMXEP
XS IJ JIGXMZI TYFPMG WTIEOMRK
0MWXIRIVW QYWX FI EFPI XS JSP
PS[ XLI TVSKVIWWMSR SJ MHIEW
MR E WTIIGL JVSQ FIKMRRMRK
XS IRH
:- =SKE TSWXYVIW MRGVIEWI JPI\MFMPMX] GSRRIGXPYGEW GSQ
:-- =SKE TSWXYVIW WXVIRKXLIR QYWGPI XSRI :MI[ ER I\GIVTX JVSQ q=SKE
:--- =SKE TSWXYVIW HIQERH TVIGMWI QSZIQIRXW 9RMXMRK 1MRH &SH] ERH
7TMVMXr MR XLI SRPMRI 1IHME
=SY LEZI IMKLX QEMR TSMRXWh[LMGL MW XSS QER] &YX MJ ]SY PSSO EX XLI PMWX 0MFVEV] JSV XLMW GLETXIV
]SY WII XLEX XLI IMKLX TSMRXW JEPP MRXS X[S FVSEH GEXIKSVMIW ]SKE FVIEXLMRK ERH :MHIS 'PMT
]SKE TSWXYVIW =SY QMKLX XLIVIJSVI VIWXEXI ]SYV QEMR TSMRXW XLMW [E]
- 3RI TEVX SJ TVEGXMGMRK ]SKE MRZSPZIW TVSTIV FVIEXLMRK
-- %RSXLIV TEVX SJ ]SKE MRZSPZIW FSH] TSWXYVIW
786%8)+-' 36()6 3* 1%-2 43-287
3RGI ]SY IWXEFPMWL ]SYV QEMR TSMRXW ]SY RIIH XS HIGMHI XLI SVHIV MR [LMGL ]SY
[MPP TVIWIRX XLIQ 8LI QSWX IJJIGXMZI SVHIV HITIRHW SR XLVII XLMRKWh]SYV XSTMG
]SYV TYVTSWI ERH ]SYV EYHMIRGI 'LETXIVW ERH [MPP GSZIV WTIGMEP EWTIGXW
SJ SVKERM^MRK MRJSVQEXMZI WTIIGLIW ERH TIVWYEWMZI WTIIGLIW ,IVI [I PSSO FVMIJP]
EX XLI JMZI FEWMG TEXXIVRW SJ SVKERM^EXMSR YWIH QSWX SJXIR F] TYFPMG WTIEOIVW
'LVSRSPSKMGEP 3VHIV GLVSRSPSKMGEP SVHIV
% QIXLSH SJ WTIIGL
7TIIGLIW EVVERKIH GLVSRSPSKMGEPP] JSPPS[ E XMQI TEXXIVR 8LI] QE] REVVEXI E SVKERM^EXMSR MR [LMGL XLI QEMR
WIVMIW SJ IZIRXW MR XLI WIUYIRGI MR [LMGL XLI] LETTIRIH *SV I\EQTPI TSMRXW JSPPS[ E XMQI TEXXIVR
7TIGMJMG 4YVTSWI 8S MRJSVQ Q] EYHMIRGI LS[ XLI +VIEX ;EPP SJ 'LMRE [EW
FYMPX
1EMR 4SMRXW
0YGEW 8LI %VX SJ 4YFPMG 3VKERM^MRK XLI &SH] SJ 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR XLI 7TIIGL 'SQTERMIW
'IRXVEP -HIE 8LI +VIEX ;EPP SJ 'LMRE [EW FYMPX MR XLVII QENSV WXEKIW
1EMR 4SMRXW
- &YMPHMRK SJ XLI +VIEX ;EPP FIKER HYVMRK XLI 5MR H]REWX]
SJ i & '
-- 2I[ WIGXMSRW SJ XLI +VIEX ;EPP [IVI EHHIH HYVMRK XLI
,ER H]REWX] SJ & ' i % (
--- 8 LI +VIEX ;EPP [EW GSQTPIXIH HYVMRK XLI 1MRK H]REWX]
SJ i
'LVSRSPSKMGEP SVHIV MW EPWS YWIH MR WTIIGLIW I\TPEMRMRK E TVSGIWW SV HIQ
SRWXVEXMRK LS[ XS HS WSQIXLMRK *SV I\EQTPI
GSRRIGXPYGEW GSQ 7TIGMJMG 4YVTSWI 8S MRJSVQ Q] EYHMIRGI SJ XLI WXITW MR PEWIV EWWMWXIH GSVVIG
:MI[ ER I\GIVTX JVSQ q8LI XMZI I]I WYVKIV]
+VIEX ;EPP SJ 'LMREr MR XLI
SRPMRI 1IHME 0MFVEV] JSV XLMW 'IRXVEP -HIE 8LIVI EVI XLVII QEMR WXITW MR PEWIV EWWMWXIH GSVVIGXMZI I]I
GLETXIV :MHIS 'PMT
WYVKIV]
1EMR 4SMRXW - * MVWX E XLMR PE]IV MW WPMGIH SJJ XLI WYVJEGI SJ XLI I]I XS
I\TSWI XLI GSVRIE
-- 7IGSRH ER YPXVEZMSPIX PEWIV MW YWIH XS VIWLETI XLI
GSVRIE
--- 8 LMVH XLI XLMR PE]IV WPMGIH SJJ EX XLI FIKMRRMRK SJ XLI
WYVKIV] MW VIEJJM\IH XS XLI I]I
%W XLMW SYXPMRI WLS[W GLVSRSPSKMGEP SVHIV MW IWTIGMEPP] YWIJYP JSV MRJSVQEXMZI
WTIIGLIW
WTEXMEP SVHIV 7TEXMEP 3VHIV
% QIXLSH SJ WTIIGL SVKERM^EXMSR
MR [LMGL XLI QEMR TSMRXW JSPPS[ E 7TIIGLIW EVVERKIH MR WTEXMEP SVHIV JSPPS[ E HMVIGXMSREP TEXXIVR 8LEX MW XLI
HMVIGXMSREP TEXXIVR QEMR TSMRXW TVSGIIH JVSQ XST XS FSXXSQ PIJX XS VMKLX JVSRX XS FEGO MRWMHI XS
SYXWMHI IEWX XS [IWX SV WSQI SXLIV VSYXI *SV I\EQTPI
7TIGMJMG 4YVTSWI 8S MRJSVQ Q] EYHMIRGI EFSYX XLI WXVYGXYVI SJ E LYVVMGERI
'IRXVEP -HIE % LYVVMGERI MW QEHI YT SJ XLVII TEVXW KSMRK JVSQ MRWMHI XS
SYXWMHI
1EMR 4SMRXW - % X XLI GIRXIV SJ E LYVVMGERI MW XLI GEPQ GPSYH JVII I]I
-- 7YVVSYRHMRK XLI I]I MW XLI I]I[EPP E HIRWI VMRK SJ
GPSYHW XLEX TVSHYGIW XLI QSWX MRXIRWI [MRH ERH VEMRJEPP
--- 6 SXEXMRK EVSYRH XLI I]I[EPP EVI PEVKI FERHW SJ GPSYHW
ERH TVIGMTMXEXMSR GEPPIH WTMVEP VEMR FERHW
3V
7TIGMJMG 4YVTSWI 8S MRJSVQ Q] EYHMIRGI EFSYX XLI XLVII QENSV VIKMSRW MR
-XEP]
'IRXVEP -HIE 2SVXLIVR GIRXVEP ERH WSYXLIVR -XEP] LEZI XLIMV S[R MHIRXM
XMIW ERH EXXVEGXMSRW
- 2SVXLIVR -XEP] MW LSQI XS :IRMGI ERH MXW [SVPH JEQSYW
GEREPW
',%48)6 36+%2->-2+ 8,) &3(= 3* 8,) 74))',
0YGEW 8LI %VX SJ 4YFPMG 3VKERM^MRK XLI &SH] SJ 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR XLI 7TIIGL 'SQTERMIW
8LI QEMR TSMRXW SJ E WTIIGL
WLSYPH FI SVKERM^IH XS GSQ
QYRMGEXI XLI WTIEOIVtW QIW
WEKI 'LVSRSPSKMGEP SVHIV
[SYPH [SVO ZIV] [IPP JSV E
WTIIGL SR XLI LMWXSV] SJ XLI
9 7 WTEGI TVSKVEQ
-- 'IRXVEP -XEP] MW LSQI XS 6SQI ERH MXW LMWXSVMGEP
XVIEWYVIW
--- 7SYXLIVR -XEP] MW LSQI XS 7MGMP] ERH MXW GYPMREV]
XVEHMXMSRW
7TEXMEP SVHIV PMOI GLVSRSPSKMGEP SVHIV MW YWIH QSWX SJXIR MR MRJSVQEXMZI
WTIIGLIW
'EYWEP 3VHIV GEYWEP SVHIV
% QIXLSH SJ WTIIGL
7TIIGLIW EVVERKIH MR GEYWEP SVHIV SVKERM^I QEMR TSMRXW WS EW XS WLS[ E GEYWI SVKERM^EXMSR MR [LMGL XLI QEMR
IJJIGX VIPEXMSRWLMT ;LIR ]SY TYX ]SYV WTIIGL MR GEYWEP SVHIV ]SY LEZI X[S TSMRXW WLS[ E GEYWI IJJIGX
QEMR TSMRXWhSRI HIEPMRK [MXL XLI GEYWIW SJ ER IZIRX XLI SXLIV HIEPMRK [MXL VIPEXMSRWLMT
MXW IJJIGXW (ITIRHMRK SR ]SYV XSTMG ]SY GER IMXLIV HIZSXI ]SYV JMVWX QEMR
TSMRX XS XLI GEYWIW ERH XLI WIGSRH XS XLI IJJIGXW SV ]SY GER HIEP JMVWX [MXL XLI
IJJIGXW ERH XLIR [MXL XLI GEYWIW
7YTTSWI ]SYV WTIGMJMG TYVTSWI MW q8S TIVWYEHI Q] EYHMIRGI XLEX E KVS[MRK
WLSVXEKI SJ EMV XVEJJMG GSRXVSPPIVW MW E WIVMSYW TVSFPIQ JSV 9 7 EZMEXMSR r 8LIR
]SY [SYPH FIKMR [MXL XLI GEYWIW SJ XLI WLSVXEKI ERH [SVO XS[EVH MXW IJJIGXW
7TIGMJMG 4YVTSWI 8S TIVWYEHI Q] EYHMIRGI XLEX E KVS[MRK WLSVXEKI SJ UYEPMJMIH
EMV XVEJJMG GSRXVSPPIVW MW E WIVMSYW TVSFPIQ JSV 9 7 EZMEXMSR
'IRXVEP -HIE 8LI KVS[MRK WLSVXEKI SJ GIVXMJMIH EMV XVEJJMG GSRXVSPPIVW
XLVIEXIRW XLI WEJIX] SJ EMV XVEZIP
1EMR 4SMRXW - 8LI 9 7 EZMEXMSR W]WXIQ JEGIW E KVS[MRK WLSVXEKI SJ UYEPM
JMIH EMV XVEJJMG GSRXVSPPIVW
-- -J XLMW WLSVXEKI GSRXMRYIW MX [MPP GVIEXI WIVMSYW TVSFPIQW
JSV EMVPMRI WEJIX]
1EMR 4SMRXW
0YGEW 8LI %VX SJ 4YFPMG 3VKERM^MRK XLI &SH] SJ 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR XLI 7TIIGL 'SQTERMIW
;LIR XLI IJJIGXW ]SY EVI HMWGYWWMRK LEZI EPVIEH] SGGYVVIH ]SY QE] [ERX
XS VIZIVWI XLI SVHIV ERH XEPO JMVWX EFSYX XLI IJJIGXW ERH XLIR EFSYX XLIMV
GEYWIWhEW MR XLMW WTIIGL EFSYX XLI 1E]ER GMZMPM^EXMSR SJ 'IRXVEP %QIVMGE
7TIGMJMG 4YVTSWI 8S MRJSVQ Q] EYHMIRGI EFSYX XLI TSWWMFPI GEYWIW JSV XLI
GSPPETWI SJ 1E]ER GMZMPM^EXMSR
'IRXVEP -HIE 8LI GEYWIW JSV XLI GSPPETWI SJ 1E]ER GMZMPM^EXMSR LEZI RSX
]IX FIIR JYPP] I\TPEMRIH
1EMR 4SMRXW - 1 E]ER GMZMPM^EXMSR JPSYVMWLIH JSV SZIV E XLSYWERH
]IEVW YRXMP % ( [LIR MX Q]WXIVMSYWP] FIKER XS
HMWMRXIKVEXI
-- 7GLSPEVW LEZI EHZERGIH XLVII QENSV I\TPEREXMSRW JSV
XLI GEYWIW SJ XLMW HMWMRXIKVEXMSR
&IGEYWI SJ MXW ZIVWEXMPMX] GEYWEP SVHIV GER FI YWIH JSV FSXL TIVWYEWMZI
WTIIGLIW ERH MRJSVQEXMZI WTIIGLIW
TVSFPIQ WSPYXMSR SVHIV 4VSFPIQ 7SPYXMSR 3VHIV
% QIXLSH SJ WTIIGL SVKERM^EXMSR
MR [LMGL XLI JMVWX QEMR TSMRX 7TIIGLIW EVVERKIH MR TVSFPIQ WSPYXMSR SVHIV EVI HMZMHIH MRXS X[S QEMR TEVXW
HIEPW [MXL XLI I\MWXIRGI SJ E 8LI JMVWX WLS[W XLI I\MWXIRGI ERH WIVMSYWRIWW SJ E TVSFPIQ 8LI WIGSRH TVIWIRXW
TVSFPIQ ERH XLI WIGSRH QEMR E [SVOEFPI WSPYXMSR XS XLI TVSFPIQ *SV I\EQTPI
TSMRX TVIWIRXW E WSPYXMSR XS XLI
TVSFPIQ 7TIGMJMG 4YVTSWI 8S TIVWYEHI Q] EYHMIRGI XLEX EGXMSR MW RIIHIH XS GSQFEX XLI
EFYWIW SJ TYTT] QMPPW
'IRXVEP -HIE 4YTT] QMPPW EVI E WIVMSYW TVSFPIQ XLEX GER FI WSPZIH F] E
GSQFMREXMSR SJ PIKMWPEXMSR ERH MRHMZMHYEP MRMXMEXMZI
1EMR 4SMRXW - 4 YTT] QMPPW EVI E WIVMSYW TVSFPIQ EGVSWW XLI 9RMXIH
7XEXIW
-- 7SPZMRK XLI TVSFPIQ VIUYMVIW PIKMWPEXMSR ERH MRHMZMHYEP
MRMXMEXMZI
3V
GSRRIGXPYGEW GSQ 7TIGMJMG 4YVTSWI 8S TIVWYEHI Q] EYHMIRGI XLEX XLI IPIGXSVEP GSPPIKI WLSYPH FI
:MI[ ER I\GIVTX JVSQ q8LI EFSPMWLIH
,SVVSVW SJ 4YTT] 1MPPWr MR XLI
SRPMRI 1IHME 0MFVEV] JSV XLMW 'IRXVEP -HIE &IGEYWI XLI IPIGXSVEP GSPPIKI HSIW RSX KMZI IUYEP [IMKLX XS
GLETXIV :MHIS 'PMT
XLI ZSXI SJ IEGL GMXM^IR MX WLSYPH FI VITPEGIH [MXL HMVIGX
TSTYPEV IPIGXMSR SJ XLI 4VIWMHIRX
1EMR 4SMRXW - 8 LI IPIGXSVEP GSPPIKI MW E WIVMSYW TVSFPIQ MR XLI 9 7
TSPMXMGEP W]WXIQ FIGEYWI MX HSIW RSX KMZI IUYEP [IMKLX XS
IEGL GMXM^IRtW ZSXI MR IPIGXMRK XLI 4VIWMHIRX
-- 8LI TVSFPIQ GER FI WSPZIH F] EFSPMWLMRK XLI IPIGXSVEP
GSPPIKI ERH IPIGXMRK XLI 4VIWMHIRX F] TSTYPEV ZSXI
%W XLIWI I\EQTPIW MRHMGEXI TVSFPIQ WSPYXMSR SVHIV MW QSWX ETTVSTVMEXI JSV
TIVWYEWMZI WTIIGLIW
',%48)6 36+%2->-2+ 8,) &3(= 3* 8,) 74))',
The words you are searching are inside this book. To get more targeted content, please make full-text search by clicking here.
The Art of Public Speaking, 10th Edition(2009)BBS
Discover the best professional documents and content resources in AnyFlip Document Base.
Search
The Art of Public Speaking, 10th Edition(2009)BBS
- 1 - 50
- 51 - 100
- 101 - 150
- 151 - 200
- 201 - 250
- 251 - 300
- 301 - 350
- 351 - 400
- 401 - 450
- 451 - 467
Pages: