0YGEW 8LI %VX SJ 4YFPMG 3VKERM^MRK XLI &SH] SJ 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR XLI 7TIIGL 'SQTERMIW
8STMGEP 3VHIV XSTMGEP SVHIV
% QIXLSH SJ WTIIGL SVKERM^EXMSR
8STMGEP SVHIV VIWYPXW [LIR ]SY HMZMHI XLI WTIIGL XSTMG MRXS WYFXSTMGW IEGL SJ MR [LMGL XLI QEMR TSMRXW HMZMHI
[LMGL FIGSQIW E QEMR TSMRX MR XLI WTIIGL XLI XSTMG MRXS PSKMGEP ERH
GSRWMWXIRX WYFXSTMGW
7YTTSWI ]SYV WTIGMJMG TYVTSWI MW q8S MRJSVQ Q] EYHMIRGI SJ XLI QENSV
OMRHW SJ JMVI[SVOW r 8LMW XSTMG HSIW RSX PIRH MXWIPJ XS GLVSRSPSKMGEP WTEXMEP
GEYWEP SV TVSFPIQ WSPYXMSR SVHIV 6EXLIV ]SY WITEVEXI XLI WYFNIGXhOMRHW SJ
JMVI[SVOWhMRXS MXW GSRWXMXYIRX TEVXW WS XLEX IEGL QEMR TSMRX HIEPW [MXL E WMRKPI
OMRH SJ JMVI[SVOW =SYV GIRXVEP MHIE ERH QEMR TSMRXW QMKLX PSSO PMOI XLMW
7TIGMJMG 4YVTSWI 8S MRJSVQ Q] EYHMIRGI SJ XLI QENSV OMRHW SJ JMVI[SVOW
'IRXVEP -HIE 8LI QENSV OMRHW SJ JMVI[SVOW EVI WO]VSGOIXW 6SQER GERHPIW
TMR[LIIPW ERH PERGIW
1EMR 4SMRXW - 7O]VSGOIXW I\TPSHI LMKL MR XLI EMV TVSHYGMRK XLI QSWX
HVEQEXMG IJJIGXW SJ EPP JMVI[SVOW
-- 6SQER GERHPIW WLSSX SYX WITEVEXI KVSYTW SJ WTEVOW ERH
GSPSVIH JPEQIW [MXL E WIVMIW SJ FSSQMRK RSMWIW
--- 4MR[LIIPW XLVS[ SJJ WTEVOW ERH JPEQIW EW XLI] [LMVP SR
XLI IRH SJ E WXMGO
-: 0ERGIW EVI XLMR GSPSVJYP JMVI[SVOW YWIH MR KVSYRH HMWTPE]W
8S XEOI ERSXLIV I\EQTPI PIXtW WE] ]SYV WTIGMJMG TYVTSWI MW q8S MRJSVQ Q]
EYHMIRGI EFSYX XLI EGLMIZIQIRXW SJ -HE ;IPPW &EVRIXX r ;IPPW &EVRIXX ER %JVM
GER %QIVMGER [LS PMZIH EX XLI XYVR SJ XLI XL GIRXYV] [EW ER SYXWTSOIR
GLEQTMSR SJ WSGMEP ERH TSPMXMGEP NYWXMGI JSV LIV VEGI =SY GSYPH SVKERM^I ]SYV
WTIIGL GLVSRSPSKMGEPP]hF] HMWGYWWMRK ;IPPW &EVRIXXtW I\TPSMXW HYVMRK IEGL
HIGEHI SJ LIV GEVIIV 3R XLI SXLIV LERH ]SY GSYPH EVVERKI XLI WTIIGL
XSTMGEPP]hF] HMZMHMRK ;IPPW &EVRIXXtW EGGSQTPMWLQIRXW MRXS GEXIKSVMIW 8LIR
]SYV GIRXVEP MHIE ERH QEMR TSMRXW QMKLX FI
7TIGMJMG 4YVTSWI 8S MRJSVQ Q] EYHMIRGI EFSYX XLI EGLMIZIQIRXW SJ -HE ;IPPW
&EVRIXX
'IRXVEP -HIE -HE ;IPPW &EVRIXX [EW E QYPXMXEPIRXIH JMKYVI MR XLI JMKLX JSV
VEGMEP NYWXMGI
1EMR 4SMRXW - % W E XIEGLIV ;IPPW &EVRIXX WTSOI SYX EKEMRWX MRJIVMSV
WGLSSP JEGMPMXMIW JSV %JVMGER %QIVMGER GLMPHVIR
-- %W E NSYVREPMWX ;IPPW &EVRIXX GEQTEMKRIH EKEMRWX
P]RGLMRK
--- %W E GMZMG SVKERM^IV ;IPPW &EVRIXX LIPTIH JSYRH XLI
2%%'4
2SXMGI LS[ XLI QEMR TSMRXW WYFHMZMHI XLI WTIIGL XSTMG PSKMGEPP] ERH GSR
WMWXIRXP] )EGL QEMR TSMRX MWSPEXIW SRI EWTIGX SJ ;IPPW &EVRIXXtW EGLMIZIQIRXW
&YX WYTTSWI ]SYV QEMR TSMRXW PSSO PMOI XLMW
- %W E XIEGLIV ;IPPW &EVRIXX WTSOI SYX EKEMRWX MRJIVMSV WGLSSP JEGMPMXMIW JSV
%JVMGER %QIVMGER GLMPHVIR
-- %W E NSYVREPMWX ;IPPW &EVRIXX GEQTEMKRIH EKEMRWX P]RGLMRK
--- -R XLI IEVP] XL GIRXYV] ;IPPW &EVRIXX I\TERHIH LIV EGXMZMXMIW ERH XLI
WGSTI SJ LIV MRJPYIRGI
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
GSRRIGXPYGEW GSQ ' L I G O P M W X 1EMR 4SMRXW
8LMW GLIGOPMWX MW EPWS EZEMP
EFPI MR XLI SRPMRI 7XYH] =)7 23
8SSPW JSV XLMW GLETXIV
(SIW XLI FSH] SJ Q] WTIIGL GSRXEMR X[S XS JMZI QEMR
TSMRXW#
%VI Q] QEMR TSMRXW SVKERM^IH EGGSVHMRK XS SRI SJ XLI
JSPPS[MRK QIXLSHW SJ SVKERM^EXMSR# 'LIGO XLI SRI XLEX
ETTPMIW
'LVSRSPSKMGEP SVHIV
7TEXMEP SVHIV
'EYWEP SVHIV
8STMGEP SVHIV
4VSFPIQ WSPYXMSR SVHIV
%VI Q] QEMR TSMRXW GPIEVP] WITEVEXI JVSQ SRI ERSXLIV#
%W QYGL EW TSWWMFPI LEZI - YWIH XLI WEQI TEXXIVR
SJ [SVHMRK JSV EPP Q] QEMR TSMRXW#
,EZI - VSYKLP] FEPERGIH XLI EQSYRX SJ XMQI HIZSXIH
XS IEGL QEMR TSMRX#
-W IEGL QEMR TSMRX FEGOIH YT [MXL WXVSRK GVIHMFPI
WYTTSVXMRK QEXIVMEPW#
(S - YWI GSRRIGXMZIW XS QEOI WYVI Q] EYHMIRGI ORS[W
[LIR - EQ QSZMRK JVSQ SRI QEMR TSMRX XS ERSXLIV#
8LMW [SYPH RSX FI E KSSH XSTMGEP SVHIV FIGEYWI QEMR TSMRX --- MW MRGSRWMWXIRX
[MXL XLI VIWX SJ XLI QEMR TSMRXW -X HIEPW [MXL E TIVMSH MR ;IPPW &EVRIXXtW PMJI
[LIVIEW QEMR TSMRXW - ERH -- HIEP [MXL OMRHW SJ EGXMZMWQ
&IGEYWI MX MW ETTPMGEFPI XS EPQSWX ER] WYFNIGX ERH XS ER] OMRH SJ WTIIGL
XSTMGEP SVHIV MW YWIH QSVI SJXIR XLER ER] SXLIV QIXLSH SJ WTIIGL SVKERM^EXMSR
8-47 *36 46)4%6-2+ 1%-2 43-287
/IIT 1EMR 4SMRXW 7ITEVEXI
)EGL QEMR TSMRX MR E WTIIGL WLSYPH FI GPIEVP] MRHITIRHIRX SJ XLI SXLIVW 'SQ
TEVI XLIWI X[S WIXW SJ QEMR TSMRXW JSV E WTIIGL EFSYX XLI TVSGIWW SJ TVSHYGMRK
E &VSEH[E] TPE]
-RIJJIGXMZI 1SVI )JJIGXMZI
- 8 LI JMVWX WXIT MW GLSSWMRK XLI - 8LI JMVWX WXIT MW GLSSWMRK XLI
TPE] TPE]
-- 8LI WIGSRH WXIT MW WIPIGXMRK -- 8LI WIGSRH WXIT MW WIPIGXMRK
XLI GEWX XLI GEWX
--- 8 LI XLMVH WXIT MW GSRHYGXMRK --- 8LI XLMVH WXIT MW GSRHYGXMRK XLI
VILIEVWEPW
VILIEVWEPW ERH XLIR TIVJSVQMRK -: 8LI JSYVXL WXIT MW TIVJSVQMRK
XLI TPE] XLI TPE]
',%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 TVSFPIQ [MXL XLI PIJX LERH PMWX MW XLEX TSMRX --- GSRXEMRW X[S QEMR TSMRXW
-X WLSYPH FI HMZMHIH EW WLS[R MR XLI VMKLX LERH PMWX
8V] XS 9WI XLI 7EQI 4EXXIVR SJ ;SVHMRK JSV 1EMR 4SMRXW
'SRWMHIV XLI JSPPS[MRK QEMR TSMRXW JSV ER MRJSVQEXMZI WTIIGL EFSYX XLI FIR
IJMXW SJ I\IVGMWI
-RIJJIGXMZI 1SVI )JJIGXMZI
- 6IKYPEV I\IVGMWI MRGVIEWIW ]SYV - 6IKYPEV I\IVGMWI MRGVIEWIW ]SYV
IRHYVERGI IRHYVERGI
-- 6IKYPEV I\IVGMWI MQTVSZIW ]SYV
-- =SYV WPIITMRK TEXXIVR MW WPIITMRK TEXXIVR
MQTVSZIH F] VIKYPEV I\IVGMWI --- 6IKYPEV I\IVGMWI LIPTW GSRXVSP
]SYV [IMKLX
--- -X MW TSWWMFPI XS LIPT GSRXVSP
]SYV [IMKLX F] VIKYPEV
I\IVGMWI
8LI WIX SJ QEMR TSMRXW SR XLI VMKLX JSPPS[W E GSRWMWXIRX TEXXIVR SJ [SVHMRK
XLVSYKLSYX 8LIVIJSVI MX MW IEWMIV XS YRHIVWXERH ERH IEWMIV XS VIQIQFIV XLER
XLI WIX SR XLI PIJX
=SY [MPP JMRH XLEX MX MW RSX EP[E]W TSWWMFPI XS YWI XLMW OMRH SJ TEVEPPIP [SVH
MRK 7SQI WTIIGLIW NYWX HSRtX PIRH XLIQWIPZIW XS WYGL E XMH] EVVERKIQIRX &YX
XV] XS OIIT XLI [SVHMRK TEVEPPIP [LIR ]SY GER JSV MX MW E KSSH [E] XS QEOI
]SYV QEMR TSMRXW WXERH SYX JVSQ XLI HIXEMPW WYVVSYRHMRK XLIQ
&EPERGI XLI %QSYRX SJ 8MQI (IZSXIH XS 1EMR 4SMRXW
&IGEYWI ]SYV QEMR TSMRXW EVI WS MQTSVXERX ]SY [ERX XS FI WYVI XLI] EPP VIGIMZI
IRSYKL IQTLEWMW XS FI GPIEV ERH GSRZMRGMRK 8LMW QIERW EPPS[MRK WYJJMGMIRX
XMQI XS HIZIPST IEGL QEMR TSMRX 7YTTSWI ]SY HMWGSZIV XLEX XLI TVSTSVXMSR SJ
XMQI HIZSXIH XS ]SYV QEMR TSMRXW MW WSQIXLMRK PMOI XLMW
- TIVGIRX
-- TIVGIRX
--- TIVGIRX
% FVIEOHS[R SJ XLMW WSVX MRHMGEXIW SRI SJ X[S XLMRKW )MXLIV TSMRXW -- ERH ---
EVIRtX VIEPP] QEMR TSMRXW ERH ]SY LEZI SRP] SRI QEMR TSMRX SV TSMRXW -- ERH
--- LEZIRtX FIIR KMZIR XLI EXXIRXMSR XLI] RIIH -J XLI PEXXIV ]SY WLSYPH VIZMWI
XLI FSH] SJ XLI WTIIGL XS FVMRK XLI QEMR TSMRXW MRXS FIXXIV FEPERGI
8LMW MW RSX XS WE] XLEX EPP QEMR TSMRXW QYWX VIGIMZI I\EGXP] IUYEP IQTLEWMW
FYX SRP] XLEX XLI] WLSYPH FI VSYKLP] FEPERGIH *SV I\EQTPI IMXLIV SJ XLI JSP
PS[MRK [SYPH FI JMRI
- TIVGIRX - TIVGIRX
-- TIVGIRX -- TIVGIRX
--- TIVGIRX --- TIVGIRX
8LI EQSYRX SJ XMQI WTIRX SR IEGL QEMR TSMRX HITIRHW SR XLI EQSYRX ERH
GSQTPI\MX] SJ WYTTSVXMRK QEXIVMEPW JSV IEGL TSMRX
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
7YTTSVXMRK 1EXIVMEPW
&] XLIQWIPZIW QEMR TSMRXW EVI SRP] EWWIVXMSRW %W [I WE[ MR 'LETXIV PMWXIR
IVW RIIH WYTTSVXMRK QEXIVMEPW XS EGGITX [LEX E WTIEOIV WE]W ;LIR XLI WYT
TSVXMRK QEXIVMEPW EVI EHHIH XLI FSH] SJ E WTIIGL PSSOW PMOI XLI JSPPS[MRK MR
SYXPMRI JSVQ
WYTTSVXMRK QEXIVMEPW - ,]TRSWMW MW YWIH MR WYVKIV] EW ER EHNYRGX XS GLIQMGEP ERIWXLIWME
8LI QEXIVMEPW YWIH XS WYTTSVX E % ,]TRSWMW VIHYGIW FSXL XLI TL]WMGEP ERH TW]GLSPSKMGEP EWTIGXW SJ
WTIEOIVtW MHIEW 8LI XLVII QENSV TEMR
OMRHW SJ WYTTSVXMRK QEXIVMEPW ,]TRSWMW GER HSYFPI E TIVWSRtW TEMR XLVIWLSPH
EVI I\EQTPIW WXEXMWXMGW ERH -X EPWS VIHYGIW XLI JIEV XLEX MRXIRWMJMIW TL]WMGEP TEMR
XIWXMQSR] & ,]TRSWMW MW QSWX YWIJYP MR GEWIW [LIR XLI TEXMIRX MW ORS[R XS LEZI
TVSFPIQW [MXL KIRIVEP ERIWXLIWME
5YSXEXMSR JVSQ (V ,EVSPH ;EMR SJ ;EPXIV 6IIH %VQ] ,SWTMXEP
7XSV] SJ 0MRHE /YE]
7XEXMWXMGW JVSQ 4W]GLSPSK] 8SHE]
-- ,]TRSWMW MW YWIH XS LIPT TISTPI WXST WQSOMRK
% 1ER] XLIVETMWXW YXMPM^I L]TRSWMW XS LIPT TISTPI FVIEO XLIMV EHHMGXMSR
XS GMKEVIXXIW
8LI 9 7 (ITEVXQIRX SJ ,IEPXL ERH ,YQER 7IVZMGIW GSRWMHIVW
L]TRSWMW E WEJI ERH IJJIGXMZI QIERW SJ WXSTTMRK WQSOMRK
7YGGIWW VEXIW EVI EW LMKL EW TIVGIRX
E 7XSV] SJ %PI\ ,EQMPXSR
F 5YSXEXMSR JVSQ 2I[ =SVO TW]GLMEXVMWX (V ,IVFIVX 7TMIKIP
& ,]TRSWMW HSIW RSX [SVO JSV EPP WQSOIVW
% TIVWSR QYWX [ERX XS WXST WQSOMRK JSV L]TRSWMW XS [SVO
% TIVWSR QYWX EPWS FI VIWTSRWMZI XS L]TRSXMG WYKKIWXMSR
--- ,]TRSWMW MW YWIH XS LIPT WXYHIRXW MQTVSZI XLIMV EGEHIQMG TIVJSVQERGI
% ,]TRSWMW IREFPIW TISTPI XS YWI XLIMV QMRHW QSVI IJJIGXMZIP]
8LI GSRWGMSYW QMRH YWIW EFSYX TIVGIRX SJ E TIVWSRtW QIRXEP
EFMPMX]
,]TRSWMW EPPS[W TISTPI XS XET QSVI SJ XLIMV QIRXEP TS[IV
& 7XYHMIW WLS[ XLEX L]TRSWMW GER LIPT TISTPI SZIVGSQI QER] SFWXEGPIW
XS EGEHIQMG WYGGIWW
-X MQTVSZIW EFMPMX] XS GSRGIRXVEXI
-X MRGVIEWIW VIEHMRK WTIIH
-X VIHYGIW XIWX ER\MIX]
-R 'LETXIV [I HMWGYWWIH XLI QENSV OMRHW SJ WYTTSVXMRK QEXIVMEPW ERH
LS[ XS YWI XLIQ ,IVI [I RIIH WXVIWW SRP] XLI MQTSVXERGI SJ SVKERM^MRK ]SYV
WYTTSVXMRK QEXIVMEPW WS XLI] EVI HMVIGXP] VIPIZERX XS XLI QEMR TSMRXW XLI] EVI
WYTTSWIH XS WYTTSVX 1MWTPEGIH WYTTSVXMRK QEXIVMEPW EVI GSRJYWMRK ,IVItW ER
I\EQTPI
- 8LIVI EVI WIZIVEP VIEWSRW [L] TISTPI MQQMKVEXI XS XLI 9RMXIH 7XEXIW
% 3ZIV XLI ]IEVW QMPPMSRW SJ TISTPI LEZI MQQMKVEXIH XS XLI 9RMXIH
7XEXIW
& 1ER] TISTPI MQQMKVEXI MR WIEVGL SJ IGSRSQMG STTSVXYRMX]
' 3XLIVW MQQMKVEXI XS EXXEMR TSPMXMGEP JVIIHSQ
( 7XMPP SXLIVW MQQMKVEXI XS IWGETI VIPMKMSYW TIVWIGYXMSR
',%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 TSMRX HIEPW [MXL XLI VIEWSRW MQQMKVERXW GSQI XS XLI 9RMXIH 7XEXIW
EW HS WYTTSVXMRK TSMRXW & ' ERH ( 7YTTSVXMRK TSMRX % q3ZIV XLI ]IEVW QMP
PMSRW SJ TISTPI LEZI MQQMKVEXIH XS XLI 9RMXIH 7XEXIWr
HSIW RSX -X MW SYX SJ
TPEGI ERH WLSYPH RSX FI MRGPYHIH [MXL XLMW QEMR TSMRX
-J ]SY JMRH WYGL E WMXYEXMSR MR ]SYV S[R WTIIGLIW XV] XS VISVKERM^I ]SYV
WYTTSVXMRK TSMRXW YRHIV ETTVSTVMEXI QEMR TSMRXW PMOI XLMW
- 3ZIV XLI ]IEVW QMPPMSRW SJ TISTPI LEZI MQQMKVEXIH XS XLI 9RMXIH 7XEXIW
% 7MRGI XLI %QIVMGER 6IZSPYXMSR EPQSWX QMPPMSR TISTPI LEZI
MQQMKVEXIH XS XLI 9 7
& 8SHE] XLIVI EVI QMPPMSR %QIVMGERW [LS [IVI FSVR MR SXLIV GSYRXVMIW
-- 8LIVI EVI WIZIVEP VIEWSRW [L] TISTPI MQQMKVEXI XS XLI 9RMXIH 7XEXIW
% 1ER] TISTPI MQQMKVEXI MR WIEVGL SJ IGSRSQMG STTSVXYRMX]
& 3XLIVW MQQMKVEXI XS EXXEMR TSPMXMGEP JVIIHSQ
' 7XMPP SXLIVW MQQMKVEXI XS IWGETI VIPMKMSYW TIVWIGYXMSR
2S[ ]SY LEZI X[S WYTTSVXMRK TSMRXW XS FEGO YT ]SYV qQMPPMSRW SJ TISTPIr
TSMRX ERH XLVII WYTTSVXMRK TSMRXW XS FEGO YT ]SYV qVIEWSRWr TSMRX
3RGI ]SY LEZI SVKERM^IH ]SYV QEMR TSMRXW ERH WYTTSVXMRK TSMRXW ]SY
QYWX KMZI EXXIRXMSR XS XLI XLMVH IPIQIRX MR XLI FSH] SJ E WTIIGLh
GSRRIGXMZIW
'SRRIGXMZIW
'EVPE 1EKKMS [EW WTIEOMRK XS LIV GPEWW EFSYX XLI RIIH JSV QIHMGEP QEPTVEGXMGI GSRRIGXMZI
VIJSVQ 7LI LEH VILIEVWIH XLI WTIIGL WIZIVEP XMQIW LEH E [IPP HIJMRIH GIRXVEP % [SVH SV TLVEWI XLEX GSRRIGXW
MHIE XLVII WLEVT QEMR TSMRXW ERH WXVSRK IZMHIRGI XS WYTTSVX LIV TSWMXMSR XLI MHIEW SJ E WTIIGL ERH
&YX [LIR 'EVPE HIPMZIVIH XLI WTIIGL WLI WEMH q%PP VMKLXr IZIV] XMQI WLI MRHMGEXIW XLI VIPEXMSRWLMT
QSZIH JVSQ SRI XLSYKLX XS XLI RI\X %JXIV E [LMPI LIV GPEWWQEXIW WXEVXIH FIX[IIR XLIQ
GSYRXMRK &] XLI IRH SJ XLI WTIIGL QSWX [IVI XSS FYW] [EMXMRK JSV XLI RI\X
q%PP VMKLXr XS TE] EXXIRXMSR XS 'EVPEtW QIWWEKI %JXIV[EVH 'EVPE WEMH q- RIZIV
IZIR XLSYKLX EFSYX WE]MRK s%PP VMKLX t - KYIWW MX NYWX TSTTIH SYX [LIR - HMHRtX
ORS[ [LEX IPWI XS WE] r
;I EPP LEZI WXSGO TLVEWIW XLEX [I YWI XS JMPP XLI WTEGI FIX[IIR XLSYKLXW
-R GEWYEP GSRZIVWEXMSR XLI] EVI WIPHSQ XVSYFPIWSQI &YX MR WTIIGLQEOMRK XLI]
HMWXVEGX PMWXIRIVW F] GEPPMRK EXXIRXMSR XS XLIQWIPZIW
;LEX 'EVPEtW WTIIGL PEGOIH [IVI WXVSRK GSRRIGXMZIWh[SVHW SV TLVEWIW XLEX
NSMR SRI XLSYKLX XS ERSXLIV ERH MRHMGEXI XLI VIPEXMSRWLMT FIX[IIR XLIQ
;MXLSYX GSRRIGXMZIW E WTIIGL MW HMWNSMRXIH ERH YRGSSVHMREXIHhQYGL EW E
TIVWSR [SYPH FI [MXLSYX PMKEQIRXW ERH XIRHSRW XS NSMR XLI FSRIW ERH LSPH
XLI SVKERW MR TPEGI *SYV X]TIW SJ WTIIGL GSRRIGXMZIW EVI XVERWMXMSRW MRXIVREP
TVIZMI[W MRXIVREP WYQQEVMIW ERH WMKRTSWXW
86%27-8-327 XVERWMXMSR
% [SVH SV TLVEWI XLEX MRHMGEXIW
8VERWMXMSRW EVI [SVHW SV TLVEWIW XLEX MRHMGEXI [LIR E WTIEOIV LEW NYWX GSQ [LIR E WTIEOIV LEW JMRMWLIH
TPIXIH SRI XLSYKLX ERH MW QSZMRK SR XS ERSXLIV 8IGLRMGEPP] XLI XVERWMXMSRW SRI XLSYKLX ERH MW QSZMRK SR
WXEXI FSXL XLI MHIE XLI WTIEOIV MW PIEZMRK ERH XLI MHIE WLI SV LI MW GSQMRK YT XS ERSXLIV
XS -R XLI JSPPS[MRK I\EQTPIW XLI XVERWMXMSREP TLVEWIW EVI YRHIVPMRIH
2S[ XLEX [I LEZI E GPIEV YRHIVWXERHMRK SJ XLI TVSFPIQ PIX QI WLEVI XLI WSPYXMSR [MXL ]SY
'SRRIGXMZIW
0YGEW 8LI %VX SJ 4YFPMG 3VKERM^MRK XLI &SH] SJ 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR XLI 7TIIGL 'SQTERMIW
- LEZI WTSOIR WS JEV SJ FVEZIV] ERH TEXVMSXMWQ FYX MX MW XLI WEGVMJMGI SJ XLI 1EWWEGLYWIXXW
XL XLEX LEW IXGLIH XLIQ MRXS XLI TEKIW SJ LMWXSV]
/IITMRK XLIWI TSMRXW MR QMRH EFSYX WMKR PERKYEKI PIXtW VIXYVR XS XLI WIRXIRGI - WXEVXIH
[MXL ERH WII MJ [I GER PIEVR XLI WMKRW JSV q=SY EVI Q] JVMIRH r
2SXMGI LS[ XLIWI TLVEWIW VIQMRH XLI PMWXIRIV SJ XLI XLSYKLX NYWX GSQTPIXIH EW
[IPP EW VIZIEP XLI XLSYKLX EFSYX XS FI HIZIPSTIH
MRXIVREP TVIZMI[ -28)62%0 46):-);7
% WXEXIQIRX MR XLI FSH] SJ XLI
WTIIGL XLEX PIXW XLI EYHMIRGI -RXIVREP TVIZMI[W PIX XLI EYHMIRGI ORS[ [LEX XLI WTIEOIV [MPP XEOI YT RI\X FYX
ORS[ [LEX XLI WTIEOIV MW KSMRK XLI] EVI QSVI HIXEMPIH XLER XVERWMXMSRW -R IJJIGX ER MRXIVREP TVIZMI[ [SVOW
XS HMWGYWW RI\X NYWX PMOI XLI TVIZMI[ WXEXIQIRX MR E WTIIGL MRXVSHYGXMSR I\GITX XLEX MX GSQIW
MR XLI FSH] SJ XLI WTIIGLhYWYEPP] EW XLI WTIEOIV MW WXEVXMRK XS HMWGYWW E QEMR
TSMRX *SV I\EQTPI
-R HMWGYWWMRK LS[ %WMER %QIVMGERW LEZI FIIR WXIVISX]TIH MR XLI QEWW QIHME [ItPP
PSSO JMVWX EX XLI SVMKMRW SJ XLI TVSFPIQ ERH WIGSRH EX MXW GSRXMRYMRK MQTEGX XSHE]
%JXIV LIEVMRK XLMW XLI EYHMIRGI ORS[W I\EGXP] [LEX XS PMWXIR JSV EW XLI WTIEOIV
HIZIPSTW XLI qTVSFPIQr QEMR TSMRX
-RXIVREP TVIZMI[W EVI SJXIR GSQFMRIH [MXL XVERWMXMSRW *SV I\EQTPI
?8VERWMXMSRA 2S[ XLEX [I LEZI WIIR LS[ WIVMSYW XLI TVSFPIQ SJ JEYPX] GVIHMX VITSVXW
MW PIXtW PSSO EX WSQI WSPYXMSRW ?-RXIVREP 4VIZMI[A - [MPP JSGYW SR XLVII WSPYXMSRWhMRWXMXYXMRK
XMKLXIV KSZIVRQIRX VIKYPEXMSR SJ GVIHMX FYVIEYW LSPHMRK GVIHMX FYVIEYW JMRERGMEPP] VIWTSR
WMFPI JSV XLIMV IVVSVW ERH KMZMRK MRHMZMHYEPW IEWMIV EGGIWW XS XLIMV GVIHMX VITSVXW
=SY [MPP WIPHSQ RIIH ER MRXIVREP TVIZMI[ JSV IEGL QEMR TSMRX MR ]SYV
WTIIGL FYX FI WYVI XS YWI SRI [LIRIZIV ]SY XLMRO MX [MPP LIPT PMWXIRIVW OIIT
XVEGO SJ ]SYV MHIEW
MRXIVREP WYQQEV] -28)62%0 7911%6-)7
% WXEXIQIRX MR XLI FSH] SJ XLI
WTIIGL XLEX WYQQEVM^IW XLI -RXIVREP WYQQEVMIW EVI XLI VIZIVWI SJ MRXIVREP TVIZMI[W 6EXLIV XLER PIXXMRK
WTIEOIVtW TVIGIHMRK TSMRX PMWXIRIVW ORS[ [LEX MW GSQMRK YT RI\X MRXIVREP WYQQEVMIW VIQMRH PMWXIRIVW SJ
SV TSMRXW [LEX XLI] LEZI NYWX LIEVH 7YGL WYQQEVMIW EVI YWYEPP] YWIH [LIR E WTIEOIV
JMRMWLIW E GSQTPMGEXIH SV TEVXMGYPEVP] MQTSVXERX QEMR TSMRX SV WIX SJ QEMR
TSMRXW *SV I\EQTPI
-R WLSVX TEPQ VIEHMRK MW ER ERGMIRX EVX (IZIPSTIH MR 'LMRE QSVI XLER JMZI XLSYWERH
]IEVW EKS MX [EW TVEGXMGIH MR GPEWWMGEP +VIIGI ERH 6SQI JPSYVMWLIH HYVMRK XLI 1MHHPI %KIW
WYVZMZIH XLI -RHYWXVMEP 6IZSPYXMSR ERH VIQEMRW TSTYPEV XSHE] MR QER] TEVXW SJ XLI [SVPH
-RXIVREP WYQQEVMIW EVI ER I\GIPPIRX [E] XS GPEVMJ] ERH VIMRJSVGI MHIEW &]
GSQFMRMRK XLIQ [MXL XVERWMXMSRW ]SY GER EPWS PIEH ]SYV EYHMIRGI WQSSXLP]
MRXS ]SYV RI\X QEMR TSMRX
?-RXIVREP 7YQQEV]A 0IXtW TEYWI JSV E QSQIRX XS WYQQEVM^I [LEX [I LEZI JSYRH WS JEV
*MVWX [I LEZI WIIR XLEX %QIVMGEtW GVMQMREP NYWXMGI W]WXIQ MW PIWW IJJIGXMZI XLER MX WLSYPH FI MR
HIXIVVMRK GVMQI 7IGSRH [I LEZI WIIR XLEX TVMWSR TVSKVEQW XS VILEFMPMXEXI TVMWSRIVW LEZI FIIR
JEV JVSQ WYGGIWWJYP ?8VERWMXMSRA ;I EVI RS[ VIEH] XS I\TPSVI WSPYXMSRW XS XLIWI TVSFPIQW
',%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
)\TIVMIRGIH WTIEOIVW MRGPYHI
XVERWMXMSRW ERH SXLIV GSRRIG
XMZIW XS LIPT PMWXIRIVW OIIT
XVEGO SJ XLIMV MHIEW 8LI VIWYPX
MW E GVMWT TVIWIRXEXMSR XLEX
QSZIW GPIEVP] JVSQ TSMRX XS
TSMRX
7-+243787 WMKRTSWX
% ZIV] FVMIJ WXEXIQIRX XLEX
7MKRTSWXW EVI ZIV] FVMIJ WXEXIQIRXW XLEX MRHMGEXI I\EGXP] [LIVI ]SY EVI MR XLI MRHMGEXIW [LIVI E WTIEOIV MW MR
WTIIGL *VIUYIRXP] XLI] EVI NYWX RYQFIVW ,IVI MW LS[ SRI WXYHIRX YWIH WMQTPI XLI WTIIGL SV XLEX JSGYWIW
RYQIVMGEP WMKRTSWXW XS LIPT LIV EYHMIRGI OIIT XVEGO SJ XLI QENSV GEYWIW JSV XLI EXXIRXMSR SR OI] MHIEW
GSRXMRYMRK TVSFPIQ SJ JEQMRI MR %JVMGE
8LI JMVWX GEYWI SJ XLMW TVSFPIQ MW MRIJJMGMIRX EKVMGYPXYVEP TVSHYGXMSR
8LI WIGSRH GEYWI MW VIGYVVIRX HVSYKLX MR XLI EJJIGXIH GSYRXVMIW
8LI JMREP GEYWI MW QMWQEREKIQIRX SJ EZEMPEFPI JSSH VIWSYVGIW F] PSGEP PIEHIVW
%RSXLIV [E] XS EGGSQTPMWL XLI WEQI XLMRK MW XS MRXVSHYGI ]SYV QEMR
TSMRXW [MXL E UYIWXMSR EW HMH SRI WXYHIRX MR LMW WTIIGL SR QEMP SVHIV JVEYH
,MW JMVWX QEMR TSMRX WLS[IH XLEX QEMP SVHIV JVEYH GSRXMRYIW XS FI E WIVMSYW
TVSFPIQ HIWTMXI XLI KVS[XL SJ XLI -RXIVRIX ,I MRXVSHYGIH MX XLMW [E]
7S NYWX LS[ WIVMSYW MW XLI TVSFPIQ SJ QEMP SVHIV JVEYH# -W MX NYWX E JI[ MWSPEXIH GEWIW
SV MW MX [MHIWTVIEH IRSYKL XS VIUYMVI WIVMSYW QIEWYVIW XS TVSXIGX GSRWYQIVW#
,MW WIGSRH QEMR TSMRX HIEPX [MXL [E]W XS GYVF QEMP SVHIV JVEYH ,I MRXVSHYGIH
MX F] WE]MRK
7S LS[ GER [I WSPZI XLMW TVSFPIQ# -W XLIVI E [E] XS TVSXIGX XLI VMKLXW SJ PIKMXMQEXI
QEMP SVHIV GSQTERMIW [LMPI EXXEGOMRK XLI JVEYHYPIRX SRIW#
5YIWXMSRW EVI TEVXMGYPEVP] IJJIGXMZI EW WMKRTSWXW FIGEYWI XLI] MRZMXI WYFPMQMREP
ERW[IVW ERH XLIVIF] KIX XLI EYHMIRGI QSVI MRZSPZIH [MXL XLI WTIIGL
&IWMHIW YWMRK WMKRTSWXW XS MRHMGEXI [LIVI ]SY EVI MR XLI WTIIGL ]SY GER
YWI XLIQ XS JSGYW EXXIRXMSR SR OI] MHIEW =SY GER HS XLMW [MXL E WMQTPI TLVEWI
EW MR XLI JSPPS[MRK I\EQTPI
'SRRIGXMZIW
0YGEW 8LI %VX SJ 4YFPMG 3VKERM^MRK XLI &SH] SJ 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR XLI 7TIIGL 'SQTERMIW
8LI QSWX MQTSVXERX XLMRK XS VIQIQFIV EFSYX EFWXVEGX EVX MW XLEX MX MW EP[E]W FEWIH SR
JSVQW MR XLI REXYVEP [SVPH
8LI YRHIVPMRIH [SVHW EPIVX XLI EYHMIRGI XS XLI JEGX XLEX ER IWTIGMEPP] WMKRMJM
GERX TSMRX MW GSQMRK YT 7S HS TLVEWIW WYGL EW XLIWI
&I WYVI XS OIIT XLMW MR QMRH
8LMW MW GVYGMEP XS YRHIVWXERHMRK XLI VIWX SJ XLI WTIIGL
%FSZI EPP ]SY RIIH XS ORS[
(ITIRHMRK SR XLI RIIHW SJ ]SYV WTIIGL ]SY QE] [ERX XS YWI X[S XLVII SV
IZIR EPP JSYV OMRHW SJ GSRRIGXMZIW MR GSQFMREXMSR =SY RIIHRtX [SVV] XSS QYGL
EFSYX [LEX XLI] EVI GEPPIHh[LIXLIV XLMW SRI MW E WMKRTSWX ERH XLEX E XVERWMXMSR
8LI MQTSVXERX XLMRK MW XS FI E[EVI SJ XLIMV JYRGXMSRW 4VSTIVP] ETTPMIH GSRRIG
XMZIW GER QEOI ]SYV WTIIGLIW QYGL QSVI YRMJMIH ERH GSLIVIRX
7911%6=
'PIEV SVKERM^EXMSR MW ZMXEP XS WTIIGLQEOMRK 0MWXIRIVW HIQERH GSLIVIRGI 8LI]
KIX SRP] SRI GLERGI XS KVEWT E WTIEOIVtW MHIEW ERH XLI] LEZI PMXXPI TEXMIRGI JSV
WTIEOIVW [LS VEQFPI EMQPIWWP] JVSQ SRI MHIE XS ERSXLIV % [IPP SVKERM^IH WTIIGL
[MPP IRLERGI ]SYV GVIHMFMPMX] ERH QEOI MX IEWMIV JSV XLI EYHMIRGI XS YRHIVWXERH
]SYV QIWWEKI
8LI TVSGIWW SJ TPERRMRK XLI FSH] SJ E WTIIGL FIKMRW [LIR ]SY HIXIVQMRI XLI
QEMR TSMRXW =SY WLSYPH GLSSWI XLIQ GEVIJYPP] TLVEWI XLIQ TVIGMWIP] ERH SVKE
RM^I XLIQ WXVEXIKMGEPP] &IGEYWI PMWXIRIVW GERRSX OIIT XVEGO SJ E QYPXMXYHI SJ QEMR
TSMRXW QSWX WTIIGLIW WLSYPH GSRXEMR RS QSVI XLER X[S XS JMZI )EGL WLSYPH JSGYW
SR E WMRKPI MHIE WLSYPH FI [SVHIH GPIEVP] ERH WLSYPH VIGIMZI IRSYKL IQTLEWMW XS
FI GPIEV ERH GSRZMRGMRK
=SY GER SVKERM^I QEMR TSMRXW MR ZEVMSYW [E]W HITIRHMRK SR ]SYV XSTMG
TYVTSWI ERH EYHMIRGI 'LVSRSPSKMGEP SVHIV JSPPS[W E XMQI TEXXIVR [LIVIEW WTE
XMEP SVHIV JSPPS[W E HMVIGXMSREP TEXXIVR -R GEYWEP SVHIV QEMR TSMRXW EVI SVKERM^IH
EGGSVHMRK XS XLIMV GEYWI IJJIGX VIPEXMSRWLMT 8STMGEP SVHIV VIWYPXW [LIR ]SY
HMZMHI ]SYV QEMR XSTMG MRXS WYFXSTMGW 4VSFPIQ WSPYXMSR SVHIV FVIEOW XLI FSH]
SJ XLI WTIIGL MRXS X[S QEMR TEVXWhXLI JMVWX WLS[MRK E TVSFPIQ XLI WIGSRH KMZ
MRK E WSPYXMSR
7YTTSVXMRK QEXIVMEPW EVI XLI FEGOYT MHIEW JSV ]SYV QEMR TSMRXW ;LIR SVKERM^
MRK WYTTSVXMRK QEXIVMEPW QEOI WYVI XLI] EVI HMVIGXP] VIPIZERX XS XLI QEMR TSMRXW
XLI] EVI WYTTSWIH XS WYTTSVX
'SRRIGXMZIW LIPT XMI E WTIIGL XSKIXLIV 8LI] EVI [SVHW SV TLVEWIW XLEX NSMR SRI
XLSYKLX XS ERSXLIV ERH MRHMGEXI XLI VIPEXMSRWLMT FIX[IIR XLIQ 8LI JSYV QENSV
X]TIW SJ WTIIGL GSRRIGXMZIW EVI XVERWMXMSRW MRXIVREP TVIZMI[W MRXIVREP WYQQEVMIW
ERH WMKRTSWXW 9WMRK XLIQ IJJIGXMZIP] [MPP QEOI ]SYV WTIIGLIW QSVI YRMJMIH ERH
GSLIVIRX
',%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
/)= 8)617
WXVEXIKMG SVKERM^EXMSR
WYTTSVXMRK QEXIVMEPW
QEMR TSMRXW
GSRRIGXMZI
GLVSRSPSKMGEP SVHIV
XVERWMXMSR
WTEXMEP SVHIV
MRXIVREP TVIZMI[
GEYWEP SVHIV
MRXIVREP WYQQEV]
TVSFPIQ WSPYXMSR SVHIV
WMKRTSWX
XSTMGEP SVHIV
6):-); 59)78-327
%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 XLEX WTIIGLIW FI SVKERM^IH GPIEVP] ERH GSLIVIRXP]# 7XYH] 5YIWXMSRW MR XLI SRPMRI
7XYH] %MHW JSV XLMW GLETXIV
,S[ QER] QEMR TSMRXW [MPP ]SYV WTIIGLIW YWYEPP] GSRXEMR# ;L] MW MX MQTSVXERX
XS PMQMX XLI RYQFIV SJ QEMR TSMRXW MR ]SYV WTIIGLIW#
;LEX EVI XLI JMZI FEWMG TEXXIVRW SJ SVKERM^MRK QEMR TSMRXW MR E WTIIGL# ;LMGL
EVI ETTVSTVMEXI JSV MRJSVQEXMZI WTIIGLIW# ;LMGL MW YWIH SRP] MR TIVWYEWMZI
WTIIGLIW# ;LMGL MW YWIH QSWX SJXIR#
;LEX EVI XLVII XMTW JSV TVITEVMRK ]SYV QEMR TSMRXW#
;LEX MW XLI QSWX MQTSVXERX XLMRK XS VIQIQFIV [LIR SVKERM^MRK WYTTSVXMRK
QEXIVMEPW MR XLI FSH] SJ ]SYV WTIIGL#
;LEX EVI XLI JSYV OMRHW SJ WTIIGL GSRRIGXMZIW# ;LEX VSPI HSIW IEGL TPE] MR E
WTIIGL#
)<)6'-7)7 *36 '6-8-'%0 8,-2/-2+
;LEX SVKERM^EXMSREP QIXLSH SV QIXLSHW
QMKLX ]SY YWI XS EVVERKI QEMR
TSMRXW JSV WTIIGLIW [MXL XLI JSPPS[MRK WTIGMJMG TYVTSWI WXEXIQIRXW#
8S MRJSVQ Q] EYHMIRGI EFSYX XLI KISKVETLMGEP VIKMSRW SJ %YWXVEPME
8S MRJSVQ Q] EYHMIRGI EFSYX XLI QENSV OMRHW SJ W]QFSPW YWIH MR 2EXMZI
%QIVMGER EVX
8S MRJSVQ Q] EYHMIRGI SJ XLI GEYWIW ERH IJJIGXW SJ 4EVOMRWSRtW HMWIEWI
8S TIVWYEHI Q] EYHMIRGI XLEX XLI WXEXI PIKMWPEXYVI WLSYPH IREGX XSYKLIV PE[W XS
GYVF XLI TVSFPIQ SJ VITIEXIH HVYRO HVMZMRK SJJIRHIVW
8S MRJSVQ Q] EYHMIRGI EFSYX XLI IHYGEXMSREP TLMPSWSTL] SJ .IER 4MEKIX
8S MRJSVQ Q] EYHMIRGI EFSYX XLI QENSV WXEKIW SJ XLI GMZMP VMKLXW QSZIQIRX
JVSQ XS
8YVR XS XLI SYXPMRI SJ QEMR TSMRXW ERH WYTTSVXMRK QEXIVMEPW JSV XLI WTIIGL
EFSYX L]TRSWMW SR TEKI 'VIEXI ETTVSTVMEXI XVERWMXMSRW MRXIVREP TVIZMI[W
MRXIVREP WYQQEVMIW ERH WMKRTSWXW JSV XLI WTIIGL
)\IVGMWIW JSV 'VMXMGEP 8LMROMRK
0YGEW 8LI %VX SJ 4YFPMG 3VKERM^MRK XLI &SH] SJ 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR XLI 7TIIGL 'SQTERMIW
-HIRXMJ] XLI SVKERM^EXMSREP QIXLSH YWIH MR IEGL SJ XLI JSPPS[MRK WIXW SJ QEMR
TSMRXW
- 'IWEV 'LEZI^ MW FIWX ORS[R JSV LMW IJJSVXW XS TVSXIGX XLI VMKLXW SJ 1I\MGER
%QIVMGER JEVQ[SVOIVW MR 'EPMJSVRME
-- 'IWEV 'LEZI^ [EW EPWS E XMVIPIWW EHZSGEXI JSV 1I\MGER %QIVMGER VEGMEP ERH GYP
XYVEP TVMHI MR KIRIVEP
- 8LI TIEO SJ 1SYRX /MPMQERNEVS LEW ER EVGXMG GPMQEXI [MXL WRS[ MGI ERH ZMS
PIRX [MRHW
-- 8LI QMHHPI SJ 1SYRX /MPMQERNEVS LEW E VEMR JSVIWX GPMQEXI [MXL PYWL ZIKIXEXMSR
ERH HMZIVWI ERMQEP WTIGMIW
--- 8LI FEWI SJ 1SYRX /MPMQERNEVS LEW E FYWLPERH GPMQEXI [MXL KVEWW] TEWXYVIW ERH
JEVQMRK GSQQYRMXMIW
- 'EYWIH F] ER ERXMFMSXMG VIWMWXERX WXVEMR SJ WXETL]PSGSGGYW FEGXIVME 167% LEW
FIGSQI MRGVIEWMRKP] TVIZEPIRX EQSRK GSPPIKI WXYHIRXW
-- 8LI IJJIGXW SJ 167% MRGPYHI WOMR MRJIGXMSRW HEQEKI XS MRXIVREP SVKERW TRIY
QSRME ERH MR WSQI GEWIW HIEXL
- *VEYHYPIRX GLEVMX] JYRH VEMWMRK MW E [MHIWTVIEH REXMSREP TVSFPIQ
-- 8LI TVSFPIQ GER FI WSPZIH F] E GSQFMREXMSR SJ KSZIVRQIRX VIKYPEXMSR ERH
MRHMZMHYEP E[EVIRIWW
- *SYRHIH MR 2%7'%6 [EW PMQMXIH TVMQEVMP] XS XLI 7SYXL XLVSYKL XLI
W ERH W
-- 8LI QSHIVR IVE SJ 2%7'%6 FIKER MR XLI W [MXL XLI HIZIPSTQIRX SJ XLI
TSMRXW W]WXIQ XS GVS[R E ]IEVP] GLEQTMSR
--- 8SHE] 2%7'%6 MW WIGSRH SRP] XS JSSXFEPP EW XLI QSWX TSTYPEV WTIGXEXSV WTSVX
MR %QIVMGE
%TTP]MRK XLI 4S[IV SJ 4YFPMG 7TIEOMRK
=SY EVI MR XLI TYVGLEWMRK HITEVXQIRX SJ E PEVKI GPSXLMRK QERYJEGXYVIV 8LI GSQ
TER]tW HIWMKR XIEQ LEW GSQI YT [MXL ER MHIE JSV E RI[ WLMVX VIUYMVMRK E PMKLX
[IMKLX WXVIXGLEFPI JEFVMG 8LI JEFVMG GERRSX FI TVSZMHIH F] ]SYV GSQTER]tW YWYEP
WYTTPMIVW WS ]SY [IVI WIRX XS ZMWMX E RYQFIV SJ XI\XMPI JMVQW MR XLI 9 7 ERH EFVSEH
XS WII [LEX XLI] GER SJJIV =SY [IVI EWOIH XS IZEPYEXI XLIMV TVSHYGXW JSV UYEPMX]
EZEMPEFMPMX] ERH GSWX
=SY LEZI NYWX VIXYVRIH JVSQ E HE] XVMT XS XI\XMPI QERYJEGXYVIVW MR 2SVXL
'EVSPMRE -XEP] -RHME ERH 'LMRE =SY [MPP TVIWIRX ]SYV JMRHMRKW ERH VIGSQQIRHE
XMSRW XS XLI TYVGLEWMRK ERH HIWMKR HITEVXQIRXW FYX ]SYtVI RSX WYVI LS[ FIWX XS
SVKERM^I ]SYV WTIIGL =SYV QENSV GLSMGIW EVI GLVSRSPSKMGEP SVHIV TVSFPIQ WSPYXMSR
SVHIV ERH XSTMGEP SVHIV ;LEX QMKLX FI XLI QEMR TSMRXW SJ ]SYV WTIIGL [MXL IEGL
SJ XLIWI QIXLSHW SJ SVKERM^EXMSR# )\TPEMR [LMGL QIXLSH ]SY XLMRO [SYPH FI QSWX
IJJIGXMZI JSV ]SYV TVIWIRXEXMSR
',%48)6 36+%2->-2+ 8,) &3(= 3* 8,) 74))',
0YGEW 8LI %VX SJ 4YFPMG &IKMRRMRK ERH )RHMRK 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR XLI 7TIIGL 'SQTERMIW
&IKMRRMRK ERH )RHMRK
XLI 7TIIGL
8LI -RXVSHYGXMSR
+IX %XXIRXMSR ERH -RXIVIWX
6IZIEP XLI 8STMG
)WXEFPMWL 'VIHMFMPMX] ERH +SSH[MPP
4VIZMI[ XLI &SH] SJ XLI 7TIIGL
7EQTPI -RXVSHYGXMSR [MXL 'SQQIRXEV]
8MTW JSV 4VITEVMRK XLI -RXVSHYGXMSR
8LI 'SRGPYWMSR
7MKREP XLI )RH SJ XLI 7TIIGL
6IMRJSVGI XLI 'IRXVEP -HIE
7EQTPI 'SRGPYWMSR [MXL 'SQQIRXEV]
8MTW JSV 4VITEVMRK XLI 'SRGPYWMSR
0YGEW 8LI %VX SJ 4YFPMG &IKMRRMRK ERH )RHMRK 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR XLI 7TIIGL 'SQTERMIW
0YGEW 8LI %VX SJ 4YFPMG &IKMRRMRK ERH )RHMRK 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR XLI 7TIIGL 'SQTERMIW
3R XLI RMKLX SJ .ERYEV] E GSRHYGXSV WXITTIH XS XLI TSHMYQ EX XLI
1ENIWXMG 8LIEXVI MR 2I[ =SVO 'MX] XETTIH LMW FEXSR VEMWIH LMW EVQW ERH
WMKREPIH XLI SVGLIWXVE XS TPE] 1SQIRXW PEXIV %QIVMGER XLIEXIVKSIVW JMVWX
LIEVH XLI HVEQEXMG STIRMRK GLSVHW SJ 8LI 4LERXSQ SJ XLI 3TIVE 8SHE] XLMW
WGIRI LEW FIIR VITIEXIH QSVI XLER XMQIW ERH 4LERXSQ LEW FIGSQI XLI
PSRKIWX VYRRMRK QYWMGEP MR &VSEH[E] LMWXSV]
0MOI QSWX GPEWWMG QYWMGEPW 4LERXSQ SJ XLI 3TIVE FIKMRW [MXL ER SZIVXYVIh
ER SVGLIWXVEP MRXVSHYGXMSR XLEX GETXYVIW XLI EYHMIRGItW EXXIRXMSR ERH KMZIW
XLIQ E TVIZMI[ SJ XLI QYWMG XLI] EVI KSMRK XS LIEV ;MXLSYX WYGL ER MRXVSHYG
XMSRhMJ XLI GLEVEGXIVW WMQTP] [EPOIH SRWXEKI ERH FIKER WMRKMRK SV WTIEO
MRKhXLI FIKMRRMRK SJ XLI TPE] [SYPH WIIQ XSS EFVYTX ERH XLI EYHMIRGI
[SYPH RSX FI WYMXEFP] qTVMQIHr JSV XLI IRXIVXEMRQIRX
7MQMPEVP] QSWX QYWMGEPW IRH [MXL E JMREPI [LIR XLI [LSPI GEWX MW SRWXEKI
IPIQIRXW SJ XLI HVEQEXMG TPSX EVI VIWSPZIH TSVXMSRW SJ XLI TVMRGMTEP WSRKW EVI
VIGEPPIH ERH XLI QYWMG MW FVSYKLX XS E HVEQEXMG GPMQE\ -J XLIVI [IVI RS WYGL
GSRGPYWMSR MJ XLI EGXSVW QIVIP] WXSTTIH ERH [EPOIH SJJWXEKI XLI EYHMIRGI
[SYPH FI PIJX YRWEXMWJMIH
.YWX EW QYWMGEP TPE]W RIIH ETTVSTVMEXI FIKMRRMRKW ERH IRHMRKW WS HS
WTIIGLIW 8LI FIKMRRMRK SV MRXVSHYGXMSR TVITEVIW PMWXIRIVW JSV [LEX MW XS
GSQI 8LI GSRGPYWMSR XMIW YT XLI WTIIGL ERH EPIVXW PMWXIRIVW XLEX XLI WTIIGL MW
KSMRK XS IRH -HIEPP] MX MW E WEXMWJ]MRK GSRGPYWMSR
-R XLMW GLETXIV [I I\TPSVI XLI VSPIW TPE]IH F] ER MRXVSHYGXMSR ERH E GSR
GPYWMSR MR WTIIGLQEOMRK ;I EPWS HMWGYWW XIGLRMUYIW EMQIH EX JYPJMPPMRK XLSWI
VSPIW -J ]SY ETTP] XLIWI XIGLRMUYIW MQEKMREXMZIP] ]SY [MPP XEOI E FMK WXIT
XS[EVH IPIZEXMRK ]SYV WTIIGLIW JVSQ XLI SVHMREV] XS XLI WTPIRHMH
8LI -RXVSHYGXMSR
*MVWX MQTVIWWMSRW EVI MQTSVXERX % TSSV FIKMRRMRK QE] WS HMWXVEGX SV EPMIREXI
PMWXIRIVW XLEX XLI WTIEOIV GER RIZIV JYPP] VIGSZIV 1SVISZIV KIXXMRK SJJ SR XLI
VMKLX JSSX MW ZMXEP XS E WTIEOIVtW WIPJ GSRJMHIRGI ;LEX GSYPH FI QSVI IRGSYVEKMRK
XLER [EXGLMRK ]SYV PMWXIRIVWt JEGIW FIKMR XS VIKMWXIV MRXIVIWX EXXIRXMSR ERH TPIE
WYVI# % KSSH MRXVSHYGXMSR ]SY [MPP JMRH MW ER I\GIPPIRX GSRJMHIRGI FSSWXIV
-R QSWX WTIIGL WMXYEXMSRW XLI MRXVSHYGXMSR LEW JSYV SFNIGXMZIW
+IX XLI EXXIRXMSR ERH MRXIVIWX SJ ]SYV EYHMIRGI
6IZIEP XLI XSTMG SJ ]SYV WTIIGL
)WXEFPMWL ]SYV GVIHMFMPMX] ERH KSSH[MPP
4VIZMI[ XLI FSH] SJ XLI WTIIGL
;ItPP PSSO EX IEGL SJ XLIWI SFNIGXMZIW MR XYVR
+)8 %88)28-32 %2( -28)6)78
q9RPIWW E WTIEOIV GER MRXIVIWX LMW EYHMIRGI EX SRGI LMW IJJSVX [MPP FI E JEMPYVI r
7S WEMH XLI KVIEX PE[]IV 'PEVIRGI (EVVS[ -J ]SYV XSTMG MW RSX SRI SJ I\XVESVHM
REV] MRXIVIWX ]SYV PMWXIRIVW EVI PMOIP] XS WE] XS XLIQWIPZIW q7S [LEX# ;LS
GEVIW#r % WTIEOIV GER UYMGOP] PSWI ER EYHMIRGI MJ WLI SV LI HSIWRtX YWI XLI
MRXVSHYGXMSR XS KIX XLIMV EXXIRXMSR ERH UYMGOIR XLIMV MRXIVIWX
+IXXMRK XLI MRMXMEP EXXIRXMSR SJ ]SYV EYHMIRGI MW YWYEPP] IEW]hIZIR FIJSVI
]SY YXXIV E WMRKPI [SVH %JXIV ]SY EVI MRXVSHYGIH ERH WXIT XS XLI PIGXIVR ]SYV
',%48)6 &)+-22-2+ %2( )2(-2+ 8,) 74))',
0YGEW 8LI %VX SJ 4YFPMG &IKMRRMRK ERH )RHMRK 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR XLI 7TIIGL 'SQTERMIW
EYHMIRGI [MPP RSVQEPP] KMZI ]SY XLIMV EXXIRXMSR -J XLI] HSRtX [EMX TEXMIRXP]
0SSO HMVIGXP] EX XLI EYHMIRGI [MXLSYX WE]MRK E [SVH -R E JI[ QSQIRXW EPP
XEPOMRK ERH TL]WMGEP GSQQSXMSR [MPP WXST =SYV PMWXIRIVW [MPP FI EXXIRXMZI =SY
[MPP FI VIEH] XS WXEVX WTIEOMRK
/IITMRK XLI EXXIRXMSR SJ ]SYV EYHMIRGI SRGI ]SY WXEVX XEPOMRK MW QSVI HMJ
JMGYPX ,IVI EVI XLI QIXLSHW YWIH QSWX SJXIR )QTPS]IH MRHMZMHYEPP] SV MR
GSQFMREXMSR XLI] [MPP LIPT KIX XLI EYHMIRGI GEYKLX YT MR ]SYV WTIIGL
6IPEXI XLI 8STMG XS XLI %YHMIRGI
4ISTPI TE] EXXIRXMSR XS XLMRKW XLEX EJJIGX XLIQ HMVIGXP] -J ]SY GER VIPEXI XLI
XSTMG XS ]SYV PMWXIRIVW XLI] EVI QYGL QSVI PMOIP] XS FI MRXIVIWXIH MR MX
7YTTSWI JSV I\EQTPI SRI SJ ]SYV GPEWWQEXIW FIKMRW LIV WTIIGL PMOI XLMW
8SHE] - EQ KSMRK XS XEPO EFSYX GSPPIGXMRK TSWXGEVHWhE LSFF] XLEX MW FSXL JEWGMREXMRK
ERH JMRERGMEPP] VI[EVHMRK - [SYPH PMOI XS I\TPEMR XLI FEWMG OMRHW SJ GSPPIGXMFPI TSWXGEVHW
[L] XLI] EVI WS ZEPYEFPI ERH LS[ GSPPIGXSVW FY] ERH WIPP XLIMV GEVHW
8LMW MW GIVXEMRP] E GPIEV MRXVSHYGXMSR FYX MX MW RSX SRI XS KIX ]SY LSSOIH SR XLI
WTIIGL 2S[ [LEX MJ ]SYV GPEWWQEXI [IVI XS FIKMR LIV WTIIGL XLMW [E]hEW SRI
WXYHIRX EGXYEPP] HMH
-XtW 7EXYVHE] QSVRMRK ERH ]SY EVI LIPTMRK GPIER SYX ]SYV KVERHQSXLIVtW EXXMG %JXIV GSRRIGXPYGEW GSQ
[SVOMRK E [LMPI ]SY WXYQFPI YTSR E XVYRO STIR MX ERH HMWGSZIV LYRHVIHW SJ SPH TSWX :MI[ XLI FIKMRRMRK SJ q-R
GEVHW 8LMROMRK EFSYX KIXXMRK XS XLI JSSXFEPP KEQI SR XMQI ]SY WXEVX XSWWMRK XLI GEVHW MRXS =SYV (VIEQWr MR XLI SRPMRI
XLI XVEWL GER 'SRKVEXYPEXMSRW =SY LEZI NYWX XLVS[R E[E] E ]IEVtW XYMXMSR 1IHME 0MFVEV] JSV XLMW
GLETXIV :MHIS 'PMT
8LMW XMQI XLI WTIEOIV LEW YWIH NYWX XLI VMKLX FEMX 'LERGIW EVI ]SY [MPP FI
LSSOIH
)ZIR [LIR ]SY YWI SXLIV MRXIVIWX EVSYWMRK PYVIW ]SY WLSYPH EP[E]W VIPEXI
]SYV XSTMG XS XLI EYHMIRGI %X XMQIW XLMW [MPP XIWX ]SYV MRKIRYMX] FYX MX TE]W
HMZMHIRHW ,IVI MW ER I\GIPPIRX I\EQTPI JVSQ E WXYHIRX WTIIGL EFSYX HVIEQW
8LI WTIEOIV FIKER F] WE]MRK
=SYtVI FIMRK GLEWIH F] ER SFNIGX SJ YRWTIEOEFPI LSVVSV ]IX ]SYV PIKW GER SRP] QSZI
MR WPS[ QSXMSR )EGL WXIT XEOIW YRFIEVEFP] PSRK ERH ]SYV JVERXMG WXVYKKPI XS VYR JEWXIV MW
LSTIPIWW =SYV TYVWYIV KIXW GPSWIV ERH ]SYV HIWTIVEXMSR XYVRW XS XIVVSV =SYtVI GSQTPIXIP]
LIPTPIWWhI]I XS I]I [MXL HIEXL
8LIR ]SY [EOI YT KEWTMRK JSV EMV ]SYV LIEVX TSYRHMRK ]SYV JEGI GPEQQ] [MXL W[IEX
-X XEOIW E JI[ QMRYXIW JSV ]SYV LIEV X ERH FVIEXLMRK XS WPS[ HS[R =SY VIEWWYVI ]SYVWIPJ
XLEX MX [EW qNYWX E HVIEQ r 7SSR ]SY HVMJX FEGO XS WPIIT
&] YWMRK ZMZMH PERKYEKI XS HIWGVMFI WSQIXLMRK EPP LMW GPEWWQEXIW LEH I\TIVM
IRGIH XLI WTIEOIV QEHI WYVI SJ ER EXXIRXMZI EYHMIRGI
7XEXI XLI -QTSVXERGI SJ =SYV 8STMG
4VIWYQEFP] ]SY XLMRO ]SYV WTIIGL MW MQTSVXERX 8IPP ]SYV EYHMIRGI [L] XLI]
WLSYPH XLMRO WS XSS ,IVI MW LS[ .YHMXL /E]I 'LMIJ .YHKI SJ XLI 7XEXI SJ 2I[
=SVO YWIH XLMW QIXLSH XS MRZSPZI LIV EYHMIRGI MR E WTIIGL XS XLI %QIVMGER
&EV %WWSGMEXMSR 'IRXIV SR 'LMPHVIR ERH XLI 0E[
;I ORS[ XLEX E GLMPH MW FSVR MRXS TSZIVX] MR XLI 9RMXIH 7XEXIW IZIV] WIGSRHW
ERH [I WII QMPPMSR GLMPHVIR PMZMRK FIPS[ XLI TSZIVX] PMRI ;I WII ER IWXMQEXIH
8LI -RXVSHYGXMSR
0YGEW 8LI %VX SJ 4YFPMG &IKMRRMRK ERH )RHMRK 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR XLI 7TIIGL 'SQTERMIW
QMPPMSR GLMPHVIR RIEVP] TIVGIRX SJ EPP 9 7 GLMPHVIR [MXLSYX LIEPXL MRWYVERGI
TVSKVEQW % GLMPH HMIW JVSQ RIKPIGX SV EFYWI IZIV] WM\ LSYVW E GLMPH MW OMPPIH F]
KYRJMVI EPQSWX IZIV] XLVII LSYVW ERH XLI RYQFIV SJ RIKPIGXIH SV EFYWIH GLMPHVIR IEGL
]IEV [SYPH JMPP YT XLI GMX] SJ (IXVSMX
8LIWI EVI WXVMOMRK WXEXMWXMGW &] GMXMRK XLIQ MR LIV MRXVSHYGXMSR /E]I IQTLE
WM^IH XLI MQTSVXERGI SJ LIV XSTMG ERH GETXYVIH XLI EXXIRXMSR SJ LIV EYHMIRGI
'PIEVP] XLMW XIGLRMUYI MW IEW] XS YWI [LIR HMWGYWWMRK WSGMEP ERH TSPMXMGEP
MWWYIW WYGL EW GLMPH EFYWI IRHERKIVIH WTIGMIW XIVVSVMWQ ERH WXIQ GIPP VIWIEVGL
FYX MX MW ETTVSTVMEXI JSV SXLIV XSTMGW EW [IPP ,IVI MW LS[ SRI WXYHIRX LERHPIH
MX MR E WTIIGL EFSYX WXEVXMRK E LSQI EUYEVMYQ
-X MW ZIV] LEVH XS GYHHPI E JMWL *MWL [SRtX VSPP SZIV SV JIXGL XLI QSVRMRK TETIV =SY
[SRtX JMRH XLIQ GYVPMRK YT SR ]SYV PET GLEWMRK E FEPP SJ WXVMRK SV VIWGYMRK E GLMPH JVSQ E
FYVRMRK FYMPHMRK
=IX HIWTMXI XLIWI WLSVXGSQMRKW QMPPMSR XVSTMGEP JMWL LEZI JSYRH XLIMV [E] MRXS
QMPPMSR %QIVMGER LSQIW )EGL ]IEV QMPPMSR SJ XVSTMGEP JMWL EVI WSPH MR XLI 9RMXIH 7XEXIW
ERH XLI] LEZI IEVRIH E WTSX RI\X XS XLI EPP %QIVMGER HSK ERH XLI GYHHP] OMXXIR MR XLI
LIEVXW SJ QMPPMSRW SJ TISTPI 8SHE] - [SYPH PMOI XS I\TPEMR LS[ ]SY GER WXEVX E LSQI
EUYEVMYQ ERH HMWGSZIV XLI TPIEWYVIW SJ S[RMRK XVSTMGEP JMWL
;LIRIZIV ]SY HMWGYWW E XSTMG [LSWI MQTSVXERGI QE] RSX FI GPIEV XS XLI
EYHMIRGI ]SY WLSYPH XLMRO EFSYX [E]W XS HIQSRWXVEXI MXW WMKRMJMGERGI MR XLI
MRXVSHYGXMSR
7 XEVXPI XLI %YHMIRGI
3RI WYVIJMVI [E] XS EVSYWI MRXIVIWX UYMGOP] MW XS WXEVXPI ]SYV PMWXIRIVW [MXL ER
EVVIWXMRK SV MRXVMKYMRK WXEXIQIRX )ZIV]SRI MR XLI EYHMIRGI TEMH GPSWI EXXIR
XMSR EJXIV XLMW WTIEOIVtW MRXVSHYGXMSR
8EOI E QSQIRX ERH XLMRO SJ XLI XLVII [SQIR GPSWIWX XS ]SY ;LS GSQIW XS QMRH#
=SYV QSXLIV# =SYV WMWXIV# =SYV KMVPJVMIRH# =SYV [MJI# =SYV FIWX JVMIRH# 2S[ KYIWW [LMGL
SRI [MPP FI WI\YEPP] EWWEYPXIH HYVMRK LIV PMJIXMQI -XtW RSX E TPIEWERX XLSYKLX FYX EGGSVHMRK
XS XLI 9 7 (ITEVXQIRX SJ .YWXMGI SRI SJ IZIV] XLVII %QIVMGER [SQIR [MPP FI WI\YEPP]
EWWEYPXIH WSQIXMQI HYVMRK LIV PMJI
2SXMGI XLI KVEHYEP FYMPHYT XS XLI WTIEOIVtW EVVIWXMRK WXEXIQIRX q2S[ KYIWW
[LMGL SRI [MPP FI WI\YEPP] EWWEYPXIH HYVMRK LIV PMJIXMQI r 8LMW WXEXIQIRX WXEVXPIW
XLI EYHMIRGIhIWTIGMEPP] XLI QIRhERH HVMZIW LSQI EX E TIVWSREP PIZIP XLI TVSF
PIQ SJ WI\YEP EWWEYPX EKEMRWX [SQIR 8LI IJJIGX [SYPH LEZI FIIR QYGL PIWW MJ XLI
WTIEOIV LEH WEMH q7I\YEP EWWEYPX EKEMRWX [SQIR MW E WIVMSYW TVSFPIQ r
7SQIXMQIW ]SY QE] [ERX XS WXEVXPI ]SYV EYHMIRGI MR XLI ZIV] JMVWX WIRXIRGI
SJ ]SYV WTIIGL ,IVI MW LS[ SRI WXYHIRX FIKER LIV WTIIGL STTSWMRK XLI YWI SJ
2EXMZI %QIVMGER REQIW JSV WTSVXW XIEQW
-R XSRMKLXtW KEQIW XLI 7ER %RXSRMS 7TMGW EVI TPE]MRK XLI 2I[ .IVWI] .ETW [LMPI XLI
0SW %RKIPIW .I[W [MPP XEOI SR XLI 1MRRIWSXE 4SPEGOW
8LMW XIGLRMUYI MW LMKLP] IJJIGXMZI ERH IEW] XS YWI .YWX FI WYVI XLI WXEVXPMRK
MRXVSHYGXMSR VIPEXIW HMVIGXP] XS XLI WYFNIGX SJ ]SYV WTIIGL -J ]SY GLSSWI E
WXVSRK STIRMRK WMQTP] JSV MXW WLSGO ZEPYI ERH XLIR KS SR XS XEPO EFSYX WSQI
XLMRK IPWI ]SYV EYHMIRGI [MPP FI GSRJYWIH ERH TSWWMFP] ERRS]IH
',%48)6 &)+-22-2+ %2( )2(-2+ 8,) 74))',
0YGEW 8LI %VX SJ 4YFPMG &IKMRRMRK ERH )RHMRK 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR XLI 7TIIGL 'SQTERMIW
% KSSH MRXVSHYGXMSR [MPP KIX
]SYV WTIIGL SJJ XS E WXVSRK
WXEVX 8S FI QSWX IJJIGXMZI MX
WLSYPH VIPEXI XLI XSTMG XS XLI
EYHMIRGI ERH FI HIPMZIVIH
JVSQ E QMRMQYQ SJ RSXIW
% VSYWI XLI 'YVMSWMX] SJ XLI %YHMIRGI
4ISTPI EVI GYVMSYW 3RI [E] XS HVE[ XLIQ MRXS ]SYV WTIIGL MW [MXL E WIVMIW SJ
WXEXIQIRXW XLEX TVSKVIWWMZIP] [LIX XLIMV GYVMSWMX] EFSYX XLI WYFNIGX SJ XLI
WTIIGL *SV I\EQTPI
-X MW XLI QSWX GSQQSR GLVSRMG HMWIEWI MR XLI 9RMXIH 7XEXIW 'SRXVSPPEFPI FYX MRGYVEFPI
MX MW E W]QTXSQPIWW HMWIEWI =SY GER LEZI MX JSV ]IEVW ERH RIZIV ORS[ YRXMP MX OMPPW ]SY 7SQI
QMPPMSR %QIVMGERW LEZI XLMW HMWIEWI ERH [MPP HMI JVSQ MX FIJSVI XLI ]IEV MW SYX
3HHW EVI XLEX JMZI SJ YW MR XLMW GPEWW LEZI MX
;LEX EQ - XEPOMRK EFSYX# 2SX GERGIV 2SX %-(7 2SX LIEVX HMWIEWI - EQ XEPOMRK EFSYX
L]TIVXIRWMSRhLMKL FPSSH TVIWWYVI
*SV ERSXLIV I\EQTPI PSSO EX XLMW WTPIRHMH STIRMRK JVSQ E WXYHIRX WTIIGL
IRXMXPIH q8LI +MJX SJ 0MJIr
)EGL SJ ]SY LEW E KMJ X ;LEX OMRH SJ KMJX MW MX# -XtW RSX E 'LVMWXQEW KMJX SV E FMVXLHE]
KMJX -XtW RSX WSQI WTIGMEP XEPIRX SV WOMPP -XtW E KMJX XLEX GSYPH WEZI E PMJIhQE]FI QSVI XLER
SRI -J ]SY HIGMHI XS KMZI MX ]SY PSWI RSXLMRK
7SQI TISTPI FYV] XLIMV KMJX 3XLIVW FYVR MX %PP FYX SRI SJ ]SY [LS GSQTPIXIH Q]
UYIWXMSRREMVI [SYPH KPEHP] VIGIMZI XLI KMJX FYX SRP] TIVGIRX SJ ]SY LEZI HIGMHIH XS KMZI
MX 8LMW KMJX MW XLI HSREXMSR SJ ]SYV ZMXEP SVKERW [LIR ]SY HMI
2SX SRP] HSIW XLMW WTIEOIV VIPEXI XLI XSTMG HMVIGXP] XS LMW GPEWWQEXIW LI KIXW
XLIQ JYVXLIV MRZSPZIH F] FYMPHMRK WYWTIRWI EFSYX XLI qKMJXr XLEX IEGL SJ YW
LEW 2SXMGI LS[ QYGL PIWW IJJIGXMZI XLI MRXVSHYGXMSR [SYPH LEZI FIIR MJ LI
LEH WMQTP] WEMH q8SHE] - EQ KSMRK XS XEPO EFSYX SVKER HSREXMSR r
5YIWXMSR XLI %YHMIRGI
%WOMRK E VLIXSVMGEP UYIWXMSR MW ERSXLIV [E] XS KIX ]SYV PMWXIRIVW XLMROMRK EFSYX
]SYV WTIIGL 7SQIXMQIW E WMRKPI UYIWXMSR [MPP HS
8LI -RXVSHYGXMSR
0YGEW 8LI %VX SJ 4YFPMG &IKMRRMRK ERH )RHMRK 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR XLI 7TIIGL 'SQTERMIW
-RXIVRIX 0SSOMRK JSV E UYSXEXMSR XS YWI MR XLI MRXVSHYGXMSR SV GSRGPYWMSR SJ ]SYV WTIIGL#
'SRRIGXMSR :MWMX =ELSS 5YSXEXMSRW LXXT HMV ]ELSS GSQ 6IJIVIRGI 5YSXEXMSRW
JSV E GSQ
TVILIRWMZI VSWXIV SJ PMROW XS GSPPIGXIH UYSXEXMSRW SR XLI ;IF
[[[ GSRRIGXPYGEW GSQ
%VI ]SY MRXIVIWXIH MR VIEHMRK MRXVSHYGXMSRW ERH GSRGPYWMSRW JVSQ JEQSYW WTIIGLIW
MR [SVPH LMWXSV]# =SY GER JMRH XLIQ EX 8LI ,MWXSV] 4PEGI +VIEX 7TIIGLIW 'SPPIGXMSR
[[[ LMWXSV]TPEGI GSQ WTIIGLIW TVIZMSYW LXQ
VLIXSVMGEP UYIWXMSR ,S[ [SYPH ]SY VIWTSRH MJ E PSZIH SRI [EW XLI ZMGXMQ SJ XIVVSVMWQ#
% UYIWXMSR XLEX XLI EYHMIRGI
ERW[IVW QIRXEPP] VEXLIV XLER ;LEX [SYPH ]SY XLMRO MJ ]SY [IRX XS XLI HSGXSV FIGEYWI ]SY [IVI MPP ERH WLI XSPH ]SY
SYX PSYH XS [EXGL 8LI 7MQTWSRW EW TEVX SJ ]SYV XVIEXQIRX#
-R SXLIV GMVGYQWXERGIW ]SY QE] [ERX XS TSWI E WIVMIW SJ UYIWXMSRW IEGL
SJ [LMGL HVE[W XLI EYHMIRGI HIITIV ERH HIITIV MRXS XLI WTIIGL ,IVI MW LS[
SRI WTIEOIV YWIH XLMW QIXLSH
,EZI ]SY IZIV WTIRX E WPIITPIWW RMKLX WXYH]MRK JSV ER I\EQ# 'ER ]SY VIQIQFIV VYWL
MRK XS JMRMWL E XIVQ TETIV FIGEYWI ]SY [EMXIH XSS PSRK XS WXEVX [VMXMRK MX# (S ]SY SJXIR
JIIP SZIV[LIPQIH F] EPP XLI XLMRKW ]SY LEZI XS KIX HSRI EX WGLSSP# %X [SVO# %X LSQI#
-J WS ]SY QE] FI XLI ZMGXMQ SJ TSSV XMQI QEREKIQIRX *SVXYREXIP] XLIVI EVI
TVSZIR WXVEXIKMIW ]SY GER JSPPS[ XS YWI ]SYV XMQI QSVI IJJIGXMZIP] ERH XS OIIT GSRXVSP
SJ ]SYV PMJI
0MOI FIKMRRMRK [MXL E WXEVXPMRK WXEXIQIRX STIRMRK [MXL E UYIWXMSR [SVOW
FIWX [LIR XLI UYIWXMSR MW QIERMRKJYP XS XLI EYHMIRGI ERH JMVQP] VIPEXIH XS XLI
GSRXIRX SJ XLI WTIIGL -X EPWS [SVOW QSWX IJJIGXMZIP] [LIR ]SY TEYWI JSV NYWX E
QSQIRX EJXIV IEGL UYIWXMSR 8LMW EHHW HVEQEXMG MQTEGX ERH KMZIW XLI UYIWXMSR
XMQI XS WMRO MR 8LI EYHMIRGI SJ GSYVWI [MPP ERW[IV QIRXEPP]hRSX SYX PSYH
&IKMR [MXL E 5YSXEXMSR
%RSXLIV [E] XS EVSYWI XLI MRXIVIWX SJ ]SYV EYHMIRGI MW XS WXEVX [MXL ER EXXIR
XMSR KIXXMRK UYSXEXMSR =SY QMKLX GLSSWI ]SYV UYSXEXMSR JVSQ 7LEOIWTIEVI SV
'SRJYGMYW JVSQ XLI &MFPI SV 8EPQYH JVSQ E TSIQ WSRK SV JMPQ ,IVI MW LS[
SRI WXYHIRX YWIH E UYSXEXMSR XS FIKMR E WTIIGL EFSYX WGMIRXMWX .SREW 7EPO [LS
HIZIPSTIH XLI JMVWX TSPMS ZEGGMRI
q-J SRI MW PYGO] E WSPMXEV] JERXEW] GER XSXEPP] XVERWJSVQ SRI QMPPMSR VIEPMXMIW r 8LIWI
[SVHW JVSQ TSIX ERH [VMXIV 1E]E %RKIPSY GSYPH ETTP] IEWMP] XS XLI HIHMGEXIH VIWIEVGLIV
.SREW 7EPO [LS GVIEXIH E ZEGGMRI JSV TSPMS % LEPJ GIRXYV] EKS XLMW GVMTTPMRK HMWIEWI WXVYGO
MRHMWGVMQMREXIP] FYX XSHE] [MHIWTVIEH YWI SJ XLI ZEGGMRI LEW ZMVXYEPP] [MTIH SYX TSPMS -R
Q] XEPO - [SYPH PMOI XS HIWGVMFI LS[ 7EPO TIVWIZIVIH ERH XVMYQTLIH MR LMW UYIWX HIWTMXI
HSYFXW ERH QENSV WIXFEGOW
% LYQSVSYW UYSXEXMSR GER EJJSVH HSYFPI MQTEGX EW MR XLMW WTIIGL EFSYX
XLI RIIH JSV TSPMXMGEP VIJSVQ MR XLI 9 7 'SRKVIWW
1EVO 8[EMR SRGI WEMH q-X GSYPH TVSFEFP] FI WLS[R F] JEGXW ERH JMKYVIW XLEX XLIVI MW
RS HMWXMRGXP] %QIVMGER GVMQMREP GPEWW I\GITX 'SRKVIWW r
',%48)6 &)+-22-2+ %2( )2(-2+ 8,) 74))',
0YGEW 8LI %VX SJ 4YFPMG &IKMRRMRK ERH )RHMRK 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR XLI 7TIIGL 'SQTERMIW
%W ]SY VIWIEVGL ]SYV
WTIIGLIW OIIT ER I]I SYX
JSV UYSXEXMSRW WXSVMIW ERH
SXLIV QEXIVMEPW ]SY GER YWI
XS GVEJX ER MRXVSHYGXMSR XLEX
[MPP GETXYVI XLI EXXIRXMSR SJ
]SYV PMWXIRIVW
&] STIRMRK [MXL 8[EMRtW [SVHW XLI WTIEOIV RSX SRP] KSX XLI EYHMIRGItW
EXXIRXMSR FYX EPWS JSVIWLEHS[IH E GIRXVEP XLIQI SJ LIV WTIIGL 2SXMGI XSS
XLEX FSXL SJ XLI UYSXEXMSRW YWIH LIVI EW I\EQTPIW EVI VIPEXMZIP] WLSVX 3TIR
MRK ]SYV WTIIGL [MXL E PIRKXL] UYSXEXMSR MW E WYVI [E] XS WIX ]SYV EYHMIRGI
]E[RMRK
8IPP E 7XSV]
;I EPP IRNS] WXSVMIWhIWTIGMEPP] MJ XLI] EVI TVSZSGEXMZI EQYWMRK HVEQEXMG SV
WYWTIRWIJYP 8S [SVO [IPP EW MRXVSHYGXMSRW XLI] WLSYPH EPWS FI GPIEVP] VIPIZERX
XS XLI QEMR TSMRX SJ XLI WTIIGL 9WIH MR XLMW [E] WXSVMIW EVI TIVLETW XLI QSWX
IJJIGXMZI [E] XS FIKMR E WTIIGL
'SRWMHIV JSV I\EQTPI XLI WXSV] SRI WXYHIRX XSPH XS STIR LMW WTIIGL EFSYX
%QIVMGEtW GVYQFPMRK FVMHKIW
+EV ] &EFMRIEY XLSYKLX LI [EW HIEH -X [EW %YKYWX ERH LI LEH NYWX HVMZIR
LMW FPYI 'LIZ] XVYGO SRXS XLI - ;IWX FVMHKI MR 1MRRIETSPMW [LIR XLI ]IEV SPH WXVYG
XYVI FIKER GSPPETWMRK q- LIEVH E VYQFPMRK PMOI E NEGOLEQQIV r LI WEMH PEXIV qERH XLIR MX
GSQTPIXIP] KEZI [E] r ,MW TMGOYT TPYQQIXIH JIIX PERHMRK YTWMHI HS[R XLI FIH WIZ
IVIH JVSQ XLI GEF 1MVEGYPSYWP] &EFMRIEY [LS [EW [IEVMRK LMW WIEX FIPX WYVZMZIH FYX
SXLIVW [IVI RSX WS PYGO] 8LMVXIIR TISTPI HMIH XLEX HE] QSVI XLER E LYRHVIH [IVI
MRNYVIH
8LI GSPPETWI SJ XLI - FVMHKI MR 1MRRIETSPMW [EW E XVEKIH] FYX MX [MPP RSX FI XLI PEWX
SRI 8LIVI EVI FVMHKIW EGVSWW XLI GSYRXV] VEXIH EW qWXVYGXYVEPP] HIJMGMIRXr F] XLI
*IHIVEP ,MKL[E] %HQMRMWXVEXMSR 8LIWI FVMHKIW GEVV] QMPPMSR ZILMGPIW E HE] ERH SRI
GER SRP] [SRHIV [LMGL [MPP FI XLI RI\X XS KS
0MOI QER] KSSH MRXVSHYGXMSRW XLMW SRI HSIW E HSYFPI NSFhMX EVSYWIW XLI MRXIV
IWX SJ XLI EYHMIRGI ERH KIXW PMWXIRIVW IQSXMSREPP] MRZSPZIH MR XLI WTIIGL
=SY GER EPWS YWI WXSVMIW FEWIH SR ]SYV TIVWSREP I\TIVMIRGI ,IVI MW LS[
SRI TVI QIH WXYHIRX YWIH WYGL E WXSV] 7LI FIKER F] VIGSYRXMRK XLI JMVWX XMQI
WLI SFWIVZIH HSGXSVW TIVJSVQMRK WYVKIV] MR XLI STIVEXMRK VSSQ
8LI -RXVSHYGXMSR
0YGEW 8LI %VX SJ 4YFPMG &IKMRRMRK ERH )RHMRK 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR XLI 7TIIGL 'SQTERMIW
8LIVI - WXSSH [IEVMRK E WYVKMGEP QEWO MR XLI QMHHPI SJ E PEVKI FVMKLXP] PMX VSSQ -R
XLI GIRXIV SJ XLI VSSQ [IVI JMZI JMKYVIW LYHHPIH SZIV E XEFPI - JSYRH MX HMJJMGYPX XS WII
WMRGI IZIV]XLMRK [EW HVETIH MR FPYI WLIIXW ]IX - HMHRtX HEVI XEOI E WXIT XS[EVH XLI XEFPI
8LIR SRI SJ XLI JMKYVIW GEPPIH XS QI q%RKIPE KIX SZIV LIVI ERH XEOI E GPSWIV PSSO r
1] ORIIW FYGOPIH EW - [EPOIH XLVSYKL XLI WXIVMPI IRZMVSRQIRX &YX IZIRXYEPP] - [EW XLIVI
WXERHMRK SZIV ER YRGSRWGMSYW FSH] MR XLI STIVEXMRK VSSQ
GSRRIGXPYGEW GSQ 8LI IJJIGXMZIRIWW SJ ER] WXSV]hIWTIGMEPP] E TIVWSREP SRIhLMRKIW SR XLI
:MI[ XLI FIKMRRMRK SJ WTIEOIVtW HIPMZIV] EW [IPP EW SR XLI GSRXIRX %W ]SY GER WII JVSQ XLI I\GIVTX SJ
q,STMRK XS ,IEPr MR XLI XLMW WTIIGL SR :MHIS 'PMT MR XLI SRPMRI 1IHME 0MFVEV] JSV XLMW GLETXIV XLI
SRPMRI 1IHME 0MFVEV] JSV XLMW WTIEOIV YWIW TEYWIW I]I GSRXEGX ERH GLERKIW MR LIV XSRI SJ ZSMGI XS LIPT HVE[
GLETXIV :MHIS 'PMT
LIV EYHMIRGI MRXS XLI WTIIGL 7II MJ ]SY GER HS XLI WEQI MR ]SYV MRXVSHYGXMSR
8LI WIZIR QIXLSHW HMWGYWWIH EFSZI EVI XLI SRIW YWIH QSWX SJXIR F] WXY
HIRX WTIEOIVW XS KEMR EXXIRXMSR ERH MRXIVIWX 3XLIV QIXLSHW MRGPYHI VIJIVVMRK
XS XLI SGGEWMSR MRZMXMRK EYHMIRGI TEVXMGMTEXMSR YWMRK EYHMS IUYMTQIRX SV
ZMWYEP EMHW VIPEXMRK XS E TVIZMSYW WTIEOIV ERH FIKMRRMRK [MXL LYQSV *SV ER]
KMZIR WTIIGL XV] XS GLSSWI XLI QIXLSH XLEX MW QSWX WYMXEFPI JSV XLI XSTMG XLI
EYHMIRGI ERH XLI SGGEWMSR
6):)%0 8,) 834-'
-R XLI TVSGIWW SJ KEMRMRK EXXIRXMSR FI WYVI XS WXEXI GPIEVP] XLI XSTMG SJ ]SYV
WTIIGL -J ]SY HS RSX ]SYV PMWXIRIVW [MPP FI GSRJYWIH %RH SRGI XLI] EVI GSR
JYWIH ]SYV GLERGIW SJ KIXXMRK XLIQ EFWSVFIH MR XLI WTIIGL EVI EPQSWX RMP
8LMW MW E FEWMG TSMRXhWS FEWMG XLEX MX QE] LEVHP] WIIQ [SVXL QIRXMSRMRK
=IX ]SY [SYPH FI WYVTVMWIH LS[ QER] WXYHIRXW RIIH XS FI VIQMRHIH SJ MX =SY
QE] LIEV WTIIGLIW MR ]SYV S[R GPEWW MR [LMGL XLI XSTMG MW RSX GPIEV F] XLI IRH
SJ XLI MRXVSHYGXMSR 7S ]SY [MPP ORS[ [LEX XS EZSMH LIVI MW WYGL ER MRXVSHYG
XMSR TVIWIRXIH MR E TYFPMG WTIEOMRK GPEWW
-QEKMRI XEOMRK E PIMWYVIP] FSEX VMHI EPSRK E TIEGIJYP [EXIV[E] 8LI WYR MW LMKL MR XLI
WO] VIJPIGXMRK FVMKLXP] SJJ XLI VMTTPIW EVSYRH ]SY 8LI FEROW EVI PYWL [MXL QERKVSZI ERH
G]TVIWW XVIIW =SY WII E WXEXIP] TIPMGER VIWXMRK SR E PS[ P]MRK FVERGL =SY KVEF ]SYV GEQ
IVE WRET E WLSX ERH GLIGO XLI VIWYPX 8LI TMGXYVI MW TIV JIGX &YX [MPP MX FI TIVJIGX MR XLI
JYXYVI# 8LEX MW XLI UYIWXMSR - [ERX XS I\TPSVI XSHE]
;LEX MW XLI XSTMG SJ XLMW WTIIGL# 2EXYVI TLSXSKVETL]# 2S &MVHMRK# 2S
8SYVMWQ MR XLI XVSTMGW# 2S 8LI WXYHIRX [EW XEPOMRK EFSYX IJJSVXW XS VIWXSVI XLI
REXYVEP FIEYX] SJ XLI *PSVMHE )ZIVKPEHIW &YX WLI HMH RSX QEOI XLEX GPIEV XS LIV
EYHMIRGI 7YTTSWI MRWXIEH WLI LEH FIKYR LIV WTIIGL HMJJIVIRXP]
%PPMKEXSVW TERXLIVW SXXIVW FVS[R TIPMGERWhXLIWI ERH SXLIV GVIEXYVIW LEZI PSWX
TIVGIRX SJ XLIMV LEFMXEX MR WSYXL *PSVMHE SZIV XLI TEWX JI[ HIGEHIW 2S[ LS[IZIV XLIVI MW
ER FMPPMSR TVSKVEQ XS TVIWIVZI XLIMV LSQI MR XLI *PSVMHE )ZIVKPEHIW 8LI PEVKIWX VIWXSVE
XMSR IJJSVX MR XLI LMWXSV] SJ XLI [SVPH MX [MPP VINYZIREXI SRI SJ %QIVMGEtW QSWX HMZIVWI
IGSW]WXIQW ERH TVSXIGX MX JSV JYXYVI KIRIVEXMSRW
8LMW STIRMRK [SYPH LEZI TVSZMHIH E [E] XS KIX XLI EYHMIRGItW EXXIRXMSR
FYX MX EPWS [SYPH LEZI VIPEXIH HMVIGXP] XS XLI WTIIGL XSTMG -J ]SY FIEX EVSYRH
XLI FYWL MR ]SYV MRXVSHYGXMSR ]SY QE] PSWI ]SYV PMWXIRIVW )ZIR MJ XLI] EPVIEH]
ORS[ ]SYV XSTMG ]SY WLSYPH VIWXEXI MX GPIEVP] ERH GSRGMWIP] EX WSQI TSMRX MR
XLI MRXVSHYGXMSR
',%48)6 &)+-22-2+ %2( )2(-2+ 8,) 74))',
0YGEW 8LI %VX SJ 4YFPMG &IKMRRMRK ERH )RHMRK 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR XLI 7TIIGL 'SQTERMIW
8IPPMRK E WXSV] MW ER I\GIPPIRX
[E] XS KEMR EXXIRXMSR MR E
WTIIGL MRXVSHYGXMSR 8LI
WXSV] WLSYPH FI GPIEVP] VIPI
ZERX XS XLI XSTMG ERH WLSYPH
FI HIPMZIVIH I\TVIWWMZIP]
[MXL WXVSRK I]I GSRXEGX
)78%&0-7, '6)(-&-0-8= %2( +33(;-00 GVIHMFMPMX]
8LI EYHMIRGItW TIVGITXMSR SJ
&IWMHIW KIXXMRK EXXIRXMSR ERH VIZIEPMRK XLI XSTMG XLIVI MW E XLMVH SFNIGXMZI ]SY [LIXLIV E WTIEOIV MW UYEPMJMIH
QE] RIIH XS EGGSQTPMWL MR ]SYV MRXVSHYGXMSRhIWXEFPMWLMRK ]SYV GVIHMFMPMX] XS WTIEO SR E KMZIR XSTMG
ERH KSSH[MPP
'VIHMFMPMX] MW QSWXP] E QEXXIV SJ FIMRK UYEPMJMIH XS WTIEO SR E KMZIR XSTMGhERH
SJ FIMRK T IVGIMZIH EW UYEPMJMIH F] ]SYV PMWXIRIVW ,IVI MW LS[ SRI WXYHIRX IWXEFPMWLIH
LIV GVIHMFMPMX] SR XLI WYFNIGX SJ [IMKLX PMJXMRK [MXLSYX WSYRHMRK PMOI E FVEKKEVX
;LEX MW XLI JEWXIWX KVS[MRK WTSVX XSHE] EQSRK %QIVMGER [SQIR# -J ]SY ERW[IVIH
[IMKLX PMJXMRK ]SY EVI EFWSPYXIP] GSVVIGX 3RGI WIIR EW ER I\GPYWMZIP] QEPI EGXMZMX] [IMKLX
PMJXMRK LEW GVSWWIH XLI KIRHIV FEVVMIVhERH [MXL KSSH VIEWSR 6IKEVHPIWW SJ [LIXLIV ]SY
EVI QEPI SV JIQEPI [IMKLX PMJXMRK GER KMZI ]SY E WIRWI SJ WXVIRKXL ERH TS[IV IRLERGI
]SYV WIPJ IWXIIQ ERH QEOI ]SY PSSO ERH JIIP FIXXIV
- WXEVXIH PMJXMRK [IMKLXW [LIR - [EW MR LMKL WGLSSP ERH - LEZI OITX EX MX JSV XLI TEWX
IMKLX ]IEVW - LEZI EPWS XEYKLX [IMKLX PMJXMRK MR WIZIVEP LIEPXL GPYFW ERH - EQ E GIVXMJMIH
MRWXVYGXSV XLVSYKL XLI %IVSFMGW ERH *MXRIWW %WWSGMEXMSR SJ %QIVMGE
9WMRK WSQI SJ Q] I\TIVMIRGI - [SYPH PMOI XS I\TPEMR XLI FEWMG OMRHW SJ [IMKLXW ERH
LS[ XS YWI XLIQ TVSTIVP]
;LIXLIV SV RSX ]SY PMJX [IMKLXW ]SY [MPP TVSFEFP] FI QSVI MRXIVIWXIH MR XLI
WTIIGL [LIR ]SY VIEPM^I XLI WTIEOIV ORS[W [LEX WLI MW XEPOMRK EFSYX
=SYV GVIHMFMPMX] RIIH RSX FI FEWIH SR JMVWXLERH ORS[PIHKI ERH I\TIVMIRGI
-X GER GSQI JVSQ VIEHMRK JVSQ GPEWWIW JVSQ MRXIVZMI[W JVSQ JVMIRHWhEW MR
XLIWI GEWIW
- LEZI FIIR MRXIVIWXIH MR XLI LMWXSV] SJ XLI GMZMP VMKLXW QSZIQIRX JSV WIZIVEP ]IEVW ERH
- LEZI VIEH E RYQFIV SJ FSSOW ERH EVXMGPIW EFSYX MX
8LI MRJSVQEXMSR - EQ KSMRK XS WLEVI [MXL ]SY XSHE] GSQIW QSWXP] JVSQ Q] FMSPSK]
GPEWW ERH ER MRXIVZMI[ [MXL 6I]RE :EWUYI^ SJ XLI PSGEP %YHYFSR 7SGMIX]
;LEXIZIV XLI WSYVGI SJ ]SYV I\TIVXMWI FI WYVI XS PIX XLI EYHMIRGI ORS[
8LI -RXVSHYGXMSR
0YGEW 8LI %VX SJ 4YFPMG &IKMRRMRK ERH )RHMRK 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR XLI 7TIIGL 'SQTERMIW
GSRRIGXPYGEW GSQ ' L I G O P M W X 7TIIGL -RXVSHYGXMSR
8LMW GLIGOPMWX MW EPWS EZEMPEFPI
MR XLI SRPMRI 7TIIGL 8SSPW JSV =)7 23
XLMW GLETXIV
(S - KEMR XLI EXXIRXMSR ERH MRXIVIWX SJ Q] EYHMIRGI F]
YWMRK SRI SV QSVI SJ XLI QIXLSHW HMWGYWWIH MR XLMW
GLETXIV#
(S - VIPEXI XLI WTIIGL XSTMG XS Q] EYHMIRGI#
(S - GPIEVP] VIZIEP XLI XSTMG SJ Q] WTIIGL#
(S - IWXEFPMWL Q] GVIHMFMPMX] XS WTIEO SR XLMW XSTMG#
-J Q] XSTMG MW GSRXVSZIVWMEP HS - XEOI WXITW XS IWXEFPMWL Q]
KSSH[MPP XS[EVH XLI EYHMIRGI#
(S - HIJMRI ER] OI] XIVQW XLEX [MPP FI RIGIWWEV] JSV XLI
EYHMIRGI XS YRHIVWXERH XLI VIWX SJ Q] WTIIGL#
(S - TVSZMHI E TVIZMI[ WXEXIQIRX SJ XLI QEMR TSMRXW XS FI
GSZIVIH MR XLI FSH] SJ XLI WTIIGL#
-W XLI MRXVSHYGXMSR PMQMXIH XS i TIVGIRX SJ Q] IRXMVI
WTIIGL#
,EZI - [SVOIH SYX XLI PERKYEKI SJ Q] MRXVSHYGXMSR
MR HIXEMP#
,EZI - TVEGXMGIH XLI HIPMZIV] SJ Q] MRXVSHYGXMSR WS -
GER TVIWIRX MX JPYIRXP] GSRJMHIRXP] ERH [MXL WXVSRK I]I
GSRXEGX#
KSSH[MPP )WXEFPMWLMRK ]SYV KSSH[MPP MW E WPMKLXP] HMJJIVIRX GLEPPIRKI -X MW SJXIR GVYGMEP
8LI EYHMIRGItW TIVGITXMSR SJ SYXWMHI XLI GPEWWVSSQ [LIVI WTIEOIVW LEZI [IPP IWXEFPMWLIH VITYXEXMSRW ERH QE]
[LIXLIV XLI WTIEOIV LEW XLI FI MHIRXMJMIH [MXL GEYWIW XLEX EVSYWI LSWXMPMX] EQSRK PMWXIRIVW -R WYGL E WMXYEXMSR
FIWX MRXIVIWXW SJ XLI EYHMIRGI XLI WTIEOIV QYWX XV] XS HIJYWI XLEX LSWXMPMX] VMKLX EX XLI WXEVX SJ XLI WTIIGL
MR QMRH
3GGEWMSREPP] ]SY QE] LEZI XS HS XLI WEQI XLMRK MR ]SYV GPEWWVSSQ
WTIIGLIW 7YTTSWI ]SY EHZSGEXI E LMKLP] YRTSTYPEV TSWMXMSR =SY [MPP RIIH XS
QEOI E WTIGMEP IJJSVX XS IRWYVI XLEX ]SYV GPEWWQEXIW [MPP GSRWMHIV ]SYV TSMRX SJ
ZMI[ 8LMW MW LS[ SRI WXYHIRX XVMIH XS QMRMQM^I LMW GPEWWQEXIWt STTSWMXMSR EX
XLI WXEVX SJ E WTIIGL MR JEZSV SJ FYMPHMRK QSVI RYGPIEV TS[IV TPERXW
8LI HIZIPSTQIRX SJ RI[ RYGPIEV TS[IV TPERXW MR XLI 9RMXIH 7XEXIW GEQI XS E WXERHWXMPP
HYVMRK XLI W =IX EW (MWGSZIV QEKE^MRI WXEXIH NYWX PEWX QSRXL XLI XMQI LEW GSQI XS
PSSO EKEMR EX XLI FIRIJMXW SJ RYGPIEV TS[IV 9RPMOI JSWWMP JYIPW MX HSIW RSX GSRXVMFYXI XS
KPSFEP [EVQMRK MX HSIW RSX PIEZI %QIVMGE EX XLI QIVG] SJ JSVIMKR SMP ERH [MXL EHZERGIW
MR XIGLRSPSK] MX MW QYGL WEJIV XLER FIJSVI
8LEXtW [L] -tQ WTIEOMRK MR JEZSV SJ FYMPHMRK QSVI RYGPIEV TS[IV TPERXW XS QIIX SYV
JYXYVI IRIVK] RIIHW - ORS[ QSWX SJ ]SY STTSWI RYGPIEV TS[IVh- HMH XSS YRXMP - WXEVXIH
VIWIEVGLMRK XLMW WTIIGL 8SHE] -tH PMOI XS WLEVI [MXL ]SY WSQI SJ XLI JEGXW - LEZI JSYRH -
ORS[ - GERtX TIVWYEHI EPP SJ ]SY &YX - HS EWO ]SY XS PMWXIR [MXL ER STIR QMRH ERH XS GSR
WMHIV XLI QIVMX SJ Q] EVKYQIRXW
;LEX VIEWSREFPI PMWXIRIV GSYPH MKRSVI WYGL E WMRGIVI JSVXLVMKLX TPIE#
',%48)6 &)+-22-2+ %2( )2(-2+ 8,) 74))',
0YGEW 8LI %VX SJ 4YFPMG &IKMRRMRK ERH )RHMRK 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR XLI 7TIIGL 'SQTERMIW
4 6):-); 8,) &3(= 3* 8,) 74))',
%W [I WE[ MR 'LETXIV QSWX TISTPI EVI TSSV PMWXIRIVW )ZIR KSSH PMWXIRIVW
RIIH EPP XLI LIPT XLI] GER KIX MR WSVXMRK SYX E WTIEOIVtW MHIEW 3RI [E] XS LIPT
]SYV PMWXIRIVW MW XS XIPP XLIQ MR XLI MRXVSHYGXMSR [LEX XLI] WLSYPH PMWXIR JSV MR
XLI VIWX SJ XLI WTIIGL ,IVI MW ER I\GIPPIRX I\EQTPI JVSQ E WTIIGL F] *&- (MVIG
XSV 6SFIVX 7 1YIPPIV --- EX XLI (ITEVXQIRX SJ .YWXMGI 4VSNIGX 7EJI 'LMPHLSSH
'SRJIVIRGI MR ;EWLMRKXSR ( '
8SHE] - [ERX XS XEPO EFSYX [LEX [I MR XLI *&- EVI HSMRK XS EXXEGO GLMPH I\TPSMXEXMSR TVIZMI[ WXEXIQIRX
SR XLI -RXIVRIX - [ERX XS XSYGL SR [LEX [I QYWX HS XS QIIX ]SYV RIIHW MR XIVQW SJ IZM % WXEXIQIRX MR XLI MRXVSHYGXMSR
HIRGI GSPPIGXMSR ERH TVSWIGYXMSR 0EWXP] - [ERX XS XEPO EFSYX XLI VSPI SJ FSXL TEVIRXW ERH SJ E WTIIGL XLEX MHIRXMJMIW XLI
XLI TVMZEXI WIGXSV MR EHHVIWWMRK XLMW WGSYVKI QEMR TSMRXW XS FI HMWGYWWIH MR
XLI FSH]
%JXIV XLMW MRXVSHYGXMSR XLIVI [EW RS HSYFX EFSYX 1YIPPIVtW XSTMG SV XLI QEMR
TSMRXW LI [SYPH GSZIV MR LMW WTIIGL
-R WSQI X]TIW SJ TIVWYEWMZI WTIIGLIW ]SY QE] RSX [ERX XS VIZIEP ]SYV
GIRXVEP MHIE YRXMP PEXIV MR XLI WTIIGL &YX IZIR MR WYGL E WMXYEXMSR ]SY QYWX FI
WYVI ]SYV EYHMIRGI MW RSX PIJX KYIWWMRK EFSYX XLI QEMR TSMRXW XLI] WLSYPH PMWXIR
JSV EW XLI WTIIGL YRJSPHW 2IEVP] EP[E]W ]SY WLSYPH MRGPYHI E TVIZMI[ WXEXIQIRX
PMOI XLI JSPPS[MRK
8SHE] - [MPP WLEVI TEVX SJ [LEX - LEZI PIEVRIH F] I\TPEMRMRK [LEX LETTIRW [LIR ]SY GSRRIGXPYGEW GSQ
VIGIMZI ER EGYTYRGXYVI XVIEXQIRX LS[ EGYTYRGXYVI [SVOW XLI OMRHW SJ QIHMGEP GSRHM :MI[ XLIWI TVIZMI[ WXEXI
XMSRW XLEX GER FI XVIEXIH [MXL EGYTYRGXYVI ERH XLI KVS[MRK YWI SJ EGYTYRGXYVI MR GSQ QIRXW JVSQ WXYHIRXW
FMREXMSR [MXL ;IWXIVR QIHMGEP XIGLRMUYIW WTIIGLIW MR XLI SRPMRI
1IHME 0MFVEV] JSV XLMW
-tQ LIVI XS XIPP ]SY XLEX XV] EW [I QMKLX [I GERRSX FYMPH E FYFFPI FIX[IIR SYVWIPZIW GLETXIV :MHIS 'PMT
ERH KIVQW [MXL ERXMFEGXIVMEP TVSHYGXW ERH XLEX XLIWI TVSHYGXW EGXYEPP] GVIEXI QSVI TVSF
PIQW XLER XLI] WSPZI %JXIV PSSOMRK EX XLI TVSFPIQW GVIEXIH F] ERXMFEGXIVMEP TVSHYGXW [ItPP
I\TPSVI WSQI WSPYXMSRW
4VIZMI[ WXEXIQIRXW WYGL EW XLIWI WIVZI ERSXLIV TYVTSWI EW [IPP &IGEYWI
XLI] YWYEPP] GSQI EX XLI ZIV] IRH SJ XLI MRXVSHYGXMSR XLI] TVSZMHI E WQSSXL
PIEH MR XS XLI FSH] SJ XLI WTIIGL 8LI] WMKREP XLEX XLI FSH] SJ XLI WTIIGL MW
EFSYX XS FIKMR
8LIVI MW SRI SXLIV EWTIGX ]SY QE] [ERX XS GSZIV MR TVIZMI[MRK ]SYV WTIIGL
=SY GER YWI ]SYV MRXVSHYGXMSR XS KMZI WTIGMEPM^IH MRJSVQEXMSRhHIJMRMXMSRW SV
FEGOKVSYRHhXLEX ]SYV PMWXIRIVW [MPP RIIH MJ XLI] EVI XS YRHIVWXERH XLI VIWX SJ XLI
WTIIGL 3JXIR ]SY GER HS XLMW ZIV] UYMGOP] EW MR XLI JSPPS[MRK I\EQTPI
% XVMEXLPSR MW E VEGI QEHI YT SJ XLVII HMJJIVIRX IZIRXW GSQTPIXIH MR WYGGIWWMSR 8LI
IZIRXW EVI YWYEPP] W[MQQMRK FMOMRK ERH VYRRMRK XLSYKL GERSIMRK MW WSQIXMQIW WYFWXM
XYXIH JSV SRI SJ XLIWI
-R SXLIV GMVGYQWXERGIW ]SY QE] LEZI XS I\TPEMR ER MQTSVXERX XIVQ MR QSVI
HIXEMP ,IVI MW LS[ SRI WXYHIRX LERHPIH XLI TVSFPIQ MR E WTIIGL EFSYX XLI 9RHIV
KVSYRH 6EMPVSEH YWIH F] WPEZIW XS IWGETI JVSQ XLI 7SYXL FIJSVI XLI 'MZMP ;EV
8LI XIVQ q9RHIVKVSYRH 6EMPVSEHr [EW JMVWX YWIH EFSYX &YX MR JEGX XLI 9RHIV
KVSYRH 6EMPVSEH [EW RIMXLIV YRHIVKVSYRH RSV E VEMPVSEH -X [EW ER MRJSVQEP RIX[SVO XLEX
TVSZMHIH VYRE[E] WPEZIW JSSH GPSXLMRK HMVIGXMSRW ERH TPEGIW XS LMHI SR XLIMV IWGETI
VSYXIW XS XLI 2SVXL ERH XS 'EREHE
8LI -RXVSHYGXMSR
0YGEW 8LI %VX SJ 4YFPMG &IKMRRMRK ERH )RHMRK 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR XLI 7TIIGL 'SQTERMIW
;L] [EW MX GEPPIH XLI 9RHIVKVSYRH 6EMPVSEH# &IGEYWI SJ MXW WIGVIG] ERH FIGEYWI
QER] SJ XLI TISTPI MRZSPZIH YWIH VEMPVSEH XIVQW EW GSHI [SVHW ,MHMRK TPEGIW JSV I\EQTPI
[IVI GEPPIH qWXEXMSRW r ERH TISTPI [LS LIPTIH XLI WPEZIW [IVI GEPPIH qGSRHYGXSVW r 3ZIV
XLI ]IEVW XLI 9RHIVKVSYRH 6EMPVSEH LIPTIH XLSYWERHW SJ WPEZIW QEOI XLIMV [E] JVSQ
FSRHEKI XS JVIIHSQ
7%140) -2863(9'8-32 ;-8, '311)28%6=
7S JEV [I LEZI WIIR QER] I\GIVTXW WLS[MRK LS[ XS JYPJMPP XLI ZEVMSYW SFNIG
XMZIW SJ ER MRXVSHYGXMSR 2S[ LIVI MW E GSQTPIXI MRXVSHYGXMSR JVSQ E WXYHIRX
WTIIGL 8LI WMHI GSQQIRXW MRHMGEXI XLI TVMRGMTPIW YWIH MR HIZIPSTMRK XLI
MRXVSHYGXMSR
8LI 1MVEGPI SJ &SRI 1EVVS[ 8VERWTPERXW
'311)28%6= -2863(9'8-32
8LI WTIEOIV YWIW E WXSV] XS KEMR EXXIRXMSR /EX] ,YFFIPP [EW JSYV ]IEVW SPH [LIR WLI [EW HMEKRSWIH [MXL
8LMW WXSV] [SVOW TEVXMGYPEVP] [IPP FIGEYWI MX E WIZIVI GEWI SJ ETPEWXMG ERIQME E HMWIEWI MR [LMGL XLI FSRI
MW VMGLP] HIXEMPIH ERH MW LMKL MR LYQER QEVVS[ WXSTW TVSHYGMRK RI[ FPSSH GIPPW %JXIV WIZIVEP X]TIW
MRXIVIWX SJ XVIEXQIRX JEMPIH /EX] YRHIV[IRX E FSRI QEVVS[ XVERW
TPERX ,IV HSRSV [EW E ]IEV SPH EMVPMRI QEREKIV [LS PMZIH
XLSYWERHW SJ QMPIW E[E] ,MW KIRIVSWMX] WEZIH XLI PMJI SJ E
PMXXPI KMVP LI LEH RIZIV QIX 8SHE] /EX] MW ER EGXMZI TVIXIIR KMVP
[LS PSZIW ,EVV] 4SXXIV FSSOW ERH [ERXW XS FI E GLIIVPIEHIV
2S[ XLI WTIEOIV VIZIEPW LIV XSTMG 'EPPMRK &SRI QEVVS[ XVERWTPERXW LEZI FIIR GEPPIH E QIHMGEP
FSRI QEVVS[ XVERWTPERXW E qQIHMGEP QMVE QMVEGPI FIGEYWI SJ XLIMV PMJIWEZMRK GETEFMPMX] - JMVWX FIGEQI
GPIr VIMRJSVGIW XLI MQTSVXERGI SJ XLI WYFNIGX MRXIVIWXIH MR XLI WYFNIGX [LIR E ]IEV SPH QIQFIV SJ Q]
[LMPI I\TPEMRMRK LIV TIVWSREP MRZSPZIQIRX GLYVGL [EW HMEKRSWIH [MXL PIYOIQME - NSMRIH E GSQQMXXII XS
WLS[W XLI WTIEOIVtW KSSH[MPP ERH LIPTW IWXEF TYFPMGM^I +VIKtW GEWI ERH XS WIIO TSXIRXMEP HSRSVW )ZIRXYEPP]
PMWL LIV GVIHMFMPMX] E WYMXEFPI HSRSV [EW JSYRH ERH +VIK MW RS[ E LIEPXL] LMKL
WGLSSP WSTLSQSVI
,IVI XLI WTIEOIV VIPEXIW XLI XSTMG HMVIGXP] XS &IGEYWI SJ +VIKtW MPPRIWW - PIEVRIH XLEX ER]SRI GER KIX
LIV EYHMIRGI ERH WLS[W [L] XLI] WLSYPH WMGO ERH RIIH E FSRI QEVVS[ HSREXMSR -X GSYPH FI ER] SJ YW
GEVI EFSYX MX 8LI GSQFMREXMSR SJ WXEXMWXMGW MR XLMW VSSQ E GPSWI JVMIRH SV IZIR E JEQMP] QIQFIV %R IWXM
[MXL XLI UYSXEXMSR JVSQ XLI *SSH ERH (V YK QEXIH FSRI QEVVS[ XVERWTPERXW EVI TIVJSVQIH MR XLI
%HQMRMWXVEXMSR VIMRJSVGIW XLI MQTSVXERGI SJ 9 7 IEGL ]IEV %GGSVHMRK XS XLI 9 7 *SSH ERH (VYK %HQMRMW
XLI XSTMG XVEXMSR XLIWI XVERWTPERXW KMZI TEXMIRXW qE GLERGI XS FIEX HMW
IEWIW SRGI FIPMIZIH XS LEZI RS GYVI r
&] QIRXMSRMRK LIV VIWIEVGL XLI WTIEOIV JYV 8LVSYKL Q] VIWIEVGL JSV XLMW WTIIGL - LEZI PIEVRIH QYGL
XLIV FSPWXIVW LIV GVIHMFMPMX] 7LI XLIR IRHW QSVI EFSYX XLMW VIQEVOEFPI TVSGIHYVI 8SHE] - [SYPH PMOI XS
XLI MRXVSHYGXMSR F] TVIZMI[MRK XLI QEMR XEPO [MXL ]SY EFSYX FSRI QEVVS[ HSREXMSRhLS[ WMQTPI E
TSMRXW XS FI HMWGYWWIH MR XLI FSH] SJ XLI TVSGIWW MX MW JSV XLI HSRSV LS[ EFWSPYXIP] ZMXEP MX MW JSV XLI
WTIIGL VIGMTMIRX ERH LS[ HSRSVW ERH VIGMTMIRXW JMRH SRI ERSXLIV
',%48)6 &)+-22-2+ %2( )2(-2+ 8,) 74))',
0YGEW 8LI %VX SJ 4YFPMG &IKMRRMRK ERH )RHMRK 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR XLI 7TIIGL 'SQTERMIW
)WXEFPMWLMRK KSSH[MPP MR XLI
MRXVSHYGXMSR MW IWTIGMEPP]
MQTSVXERX JSV WTIEOIVW [LS
GSRJVSRX GSRXVSZIVWMEP MWWYIWh
EW [MXL 'EREHMER SJJMGMEP .SLR
+IVVIXWIR WTIEOMRK LIVI SR
RIKSXMEXMSRW EFSYX PERH YWI
8-47 *36 46)4%6-2+ 8,) -2863(9'8-32
/ IIT XLI MRXVSHYGXMSR VIPEXMZIP] FVMIJ 9RHIV RSVQEP GMVGYQWXERGIW MX
WLSYPH RSX GSRWXMXYXI QSVI XLER XS TIVGIRX SJ ]SYV WTIIGL
& I SR XLI PSSOSYX JSV TSWWMFPI MRXVSHYGXSV] QEXIVMEPW EW ]SY HS ]SYV
VIWIEVGL *MPI XLIQ [MXL ]SYV RSXIW WS XLI] [MPP FI LERH] [LIR ]SY EVI VIEH]
JSV XLIQ
& I GVIEXMZI MR HIZMWMRK ]SYV MRXVSHYGXMSR )\TIVMQIRX [MXL X[S SV XLVII
HMJJIVIRX STIRMRKW ERH GLSSWI XLI SRI XLEX WIIQW QSWX PMOIP] XS KIX XLI EYHM
IRGI MRXIVIWXIH MR ]SYV WTIIGL
( SRtX [SVV] EFSYX XLI I\EGX [SVHMRK SJ ]SYV MRXVSHYGXMSR YRXMP ]SY
LEZI JMRMWLIH TVITEVMRK XLI FSH] SJ XLI WTIIGL %JXIV ]SY LEZI HIXIVQMRIH
]SYV QEMR TSMRXW MX [MPP FI QYGL IEWMIV XS QEOI JMREP HIGMWMSRW EFSYX LS[ XS
FIKMR XLI WTIIGL
; SVO SYX ]SYV MRXVSHYGXMSR MR HIXEMP 7SQI XIEGLIVW VIGSQQIRH XLEX
]SY [VMXI MX SYX [SVH JSV [SVH SXLIVW TVIJIV XLEX ]SY SYXPMRI MX ;LMGLIZIV
QIXLSH ]SY YWI TVEGXMGI XLI MRXVSHYGXMSR SZIV ERH SZIV YRXMP ]SY GER HIPMZIV
MX WQSSXLP] JVSQ E QMRMQYQ SJ RSXIW ERH [MXL WXVSRK I]I GSRXEGX 8LMW [MPP
KIX ]SYV WTIIGL SJJ XS E KSSH WXEVX ERH KMZI ]SY E FMK FSSWX SJ GSRJMHIRGI
8LI 'SRGPYWMSR
q+VIEX MW XLI EVX SJ FIKMRRMRK r WEMH 0SRKJIPPS[ qFYX KVIEXIV XLI EVX MW SJ IRH
MRK r 0SRKJIPPS[ [EW XLMROMRK SJ TSIXV] FYX LMW MRWMKLX MW IUYEPP] ETTPMGEFPI
XS TYFPMG WTIEOMRK 1ER] E WTIEOIV LEW QEVVIH ER SXLIV[MWI JMRI WTIIGL F] E
PSRK [MRHIH WMPP] SV ERXEKSRMWXMG GSRGPYWMSR =SYV GPSWMRK VIQEVOW EVI ]SYV
8LI 'SRGPYWMSR
0YGEW 8LI %VX SJ 4YFPMG &IKMRRMRK ERH )RHMRK 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR XLI 7TIIGL 'SQTERMIW
PEWX GLERGI XS HVMZI LSQI ]SYV MHIEW 1SVISZIV ]SYV JMREP MQTVIWWMSR [MPP
TVSFEFP] PMRKIV MR ]SYV PMWXIRIVWt QMRHW 8LYW ]SY RIIH XS GVEJX ]SYV GSRGPY
WMSR [MXL EW QYGL GEVI EW ]SYV MRXVSHYGXMSR
2S QEXXIV [LEX OMRH SJ WTIIGL ]SY EVI KMZMRK XLI GSRGPYWMSR LEW X[S
QENSV JYRGXMSRW
8S PIX XLI EYHMIRGI ORS[ ]SY EVI IRHMRK XLI WTIIGL
8S VIMRJSVGI XLI EYHMIRGItW YRHIVWXERHMRK SJ SV GSQQMXQIRX XS XLI
GIRXVEP MHIE
0IX YW PSSO EX IEGL
GVIWGIRHS IRHMRK 7-+2%0 8,) )2( 3* 8,) 74))',
% GSRGPYWMSR MR [LMGL XLI
WTIIGL FYMPHW XS E ^IRMXL SJ -X QE] WIIQ SFZMSYW XLEX ]SY WLSYPH PIX ]SYV EYHMIRGI ORS[ ]SY EVI KSMRK XS
TS[IV ERH MRXIRWMX] WXST WSSR ,S[IZIV ]SY [MPP EPQSWX GIVXEMRP] LIEV WTIIGLIW MR ]SYV GPEWW MR
[LMGL XLI WTIEOIV GSRGPYHIW WS EFVYTXP] XLEX ]SY EVI XEOIR F] WYVTVMWI 8SS
WYHHIR ER IRHMRK PIEZIW XLI EYHMIRGI TY^^PIH ERH YRJYPJMPPIH
,S[ HS ]SY PIX ER EYHMIRGI ORS[ ]SYV WTIIGL MW IRHMRK# 3RI [E] MW
XLVSYKL [LEX ]SY WE] q-R GSRGPYWMSR r q1] TYVTSWI LEW FIIR r q0IX QI IRH
F] WE]MRKrhXLIWI EVI EPP FVMIJ GYIW XLEX ]SY EVI KIXXMRK VIEH] XS WXST
=SY GER EPWS PIX ]SYV EYHMIRGI ORS[ XLI IRH MW MR WMKLX F] ]SYV QERRIV SJ
HIPMZIV] 8LI GSRGPYWMSR MW XLI GPMQE\ SJ E WTIIGL % WTIEOIV [LS LEW GEVIJYPP] FYMPX
XS E TIEO SJ MRXIVIWX ERH MRZSPZIQIRX [MPP RSX RIIH XS WE] ER]XLMRK PMOI qMR GSRGPY
WMSR r &] YWI SJ XLI ZSMGIhMXW XSRI TEGMRK MRXSREXMSR ERH VL]XLQhE WTIEOIV GER
FYMPH XLI QSQIRXYQ SJ E WTIIGL WS XLIVI MW RS HSYFX [LIR MX MW SZIV
3RI QIXLSH SJ HSMRK XLMW LEW FIIR PMOIRIH XS E QYWMGEP GVIWGIRHS %W MR
E W]QTLSR] MR [LMGL SRI MRWXVYQIRX EJXIV ERSXLIV NSMRW MR YRXMP XLI IRXMVI
SVGLIWXVE MW TPE]MRK XLI WTIIGL FYMPHW MR JSVGI YRXMP MX VIEGLIW E ^IRMXL SJ TS[IV
ERH MRXIRWMX] 8LMW HSIW RSX QIER WMQTP] KIXXMRK PSYHIV ERH PSYHIV -X MW E
GSQFMREXMSR SJ QER] XLMRKW MRGPYHMRK ZSGEP TMXGL GLSMGI SJ [SVHW HVEQEXMG
GSRXIRX KIWXYVIW TEYWIWhERH TSWWMFP] PSYHRIWW
% WYTIVF I\EQTPI SJ XLMW QIXLSH MW XLI QIQSVEFPI GSRGPYWMSR XS 1EVXMR
0YXLIV /MRKtW q-tZI &IIR XS XLI 1SYRXEMRXST r XLI WTIIGL LI HIPMZIVIH XLI RMKLX
FIJSVI LI [EW EWWEWWMREXIH MR %TVMP 7TIEOMRK XS ER EYHMIRGI SJ TISTPI
MR 1IQTLMW 8IRRIWWII LI IRHIH LMW WTIIGL [MXL E WXMVVMRK HIGPEVEXMSR XLEX XLI
GMZMP VMKLXW QSZIQIRX [SYPH WYGGIIH HIWTMXI XLI QER] XLVIEXW SR LMW PMJI
GSRRIGXPYGEW GSQ 0MOI ER]FSH] - [SYPH PMOI XS PMZI E PSRK PMJI 0SRKIZMX] LEW MXW TPEGI FYX -tQ RSX GSR
:MI[ XLI IRHMRK SJ 1EVXMR GIVRIH EFSYX XLEX RS[ - NYWX [ERX XS HS +SHtW [MPP ERH LItW EPPS[IH QI XS KS YT XS XLI
0YXLIV /MRKtW q-tZI &IIR XS QSYRXEMR ERH -tZI PSSOIH SZIV ERH -tZI WIIR XLI 4VSQMWIH 0ERH - QE] RSX KIX XLIVI [MXL
XLI 1SYRXEMRXSTr MR XLI ]SY FYX - [ERX ]SY XS ORS[ XSRMKLX XLEX [I EW E TISTPI [MPP KIX XS XLI 4VSQMWIH 0ERH 7S
SRPMRI 1IHME 0MFVEV] JSV XLMW -tQ LETT] XSRMKLX -tQ RSX [SVVMIH EFSYX ER]XLMRK -tQ RSX JIEVMRK ER] QER 1MRI I]IW
GLETXIV :MHIS 'PMT
LEZI WIIR XLI KPSV] SJ XLI GSQMRK SJ XLI 0SVH
%RSXLIV IJJIGXMZI QIXLSH QMKLX FI GSQTEVIH XS XLI HMWWSPZI IRHMRK SJ E
GSRGIVX WSRK XLEX IZSOIW HIIT IQSXMSRW q8LI WSRK WIIQW XS JEHI E[E] [LMPI
XLI PMKLX SR XLI WMRKIV WLVMROW KVEHYEPP] XS E WQEPPIV ERH WQEPPIV GMVGPI YRXMP MX
PMKLXW SRP] XLI JEGI XLIR XLI I]IW *MREPP] MX MW E TMRTSMRX ERH HMWETTIEVW [MXL
XLI PEWX RSXI SJ XLI WSRK r ,IVI MW E WTIIGL IRHMRK XLEX HSIW QYGL XLI WEQI
XLMRK -X MW JVSQ +IRIVEP (SYKPEW 1EG%VXLYVtW QSZMRK JEVI[IPP XS XLI GEHIXW EX
XLI 9 7 1MPMXEV] %GEHIQ]
',%48)6 &)+-22-2+ %2( )2(-2+ 8,) 74))',
0YGEW 8LI %VX SJ 4YFPMG &IKMRRMRK ERH )RHMRK 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR XLI 7TIIGL 'SQTERMIW
8LI GSRGPYWMSR MW ]SYV PEWX
GLERGI XS HVMZI LSQI ]SYV
MHIEW 7YGGIWWJYP WTIEOIVW WYGL
EW 7SYXL %JVMGER WXEXIWQER
2IPWSR 1ERHIPE GVEJX XLIMV
IRHMRKW [MXL KVIEX GEVI XS
PIEZI E WXVSRK JMREP MQTVIWWMSR
-R Q] HVIEQW - LIEV EKEMR XLI GVEWL SJ KYRW XLI VEXXPI SJ QYWOIXV] XLI WXVERKI GSRRIGXPYGEW GSQ
QSYVRJYP QYXXIV SJ XLI FEXXPIJMIPH &YX MR XLI IZIRMRK SJ Q] QIQSV] EP[E]W - GSQI FEGO 8S VIEH XLIWI WTIIGLIW F]
XS ;IWX 4SMRX %P[E]W XLIVI IGLSIW ERH VI IGLSIW HYX] LSRSV GSYRXV] /MRK ERH 1EG%VXLYV PSK SR
XS XLI 8ST %QIVMGER
8SHE] QEVOW Q] JMREP VSPP GEPP [MXL ]SY &YX - [ERX ]SY XS ORS[ XLEX [LIR - GVSWW XLI 7TIIGLIW SJ XLI XL
VMZIV Q] PEWX GSRWGMSYW XLSYKLXW [MPP FI SJ XLI 'SVTW ERH XLI 'SVTW ERH XLI 'SVTW ' IRXYV] MR XLI SRPMRI
6IWIEVGL 0MFVEV]
- FMH ]SY JEVI[IPP
HMWWSPZI IRHMRK
8LI JMREP [SVHW JEHI PMOI XLI WTSXPMKLX FVMRKMRK XLI WTIIGL XS ER IQSXMSREP % GSRGPYWMSR XLEX KIRIVEXIW
GPSWI IQSXMSREP ETTIEP F] JEHMRK
=SY QE] XLMRO XLEX ]SY GSYPHRtX TSWWMFP] IRH E WTIIGL [MXL XLEX QYGL WXIT F] WXIT XS E HVEQEXMG JMREP
TEXLSWhERH ]SYtH FI VMKLX 1EG%VXLYV [EW ER IPSUYIRX WTIEOIV HMWGYWWMRK E WXEXIQIRX
KVEZI MWWYI [MXL I\XVESVHMREV] TSMKRERGI 8LMW GSQFMREXMSR VEVIP] SGGYVW &YX
XLEX HSIWRtX QIER ]SY GERtX YWI XLI HMWWSPZI IRHMRK IJJIGXMZIP] 3RI WXYHIRX
YWIH MX [MXL KVIEX IJJIGX MR E WTIIGL EFSYX XLI MQQMKVERX I\TIVMIRGI MR XLI
9RMXIH 7XEXIW (YVMRK XLI FSH] SJ XLI WTIIGL XLI WXYHIRX WTSOI EFSYX XLI
RYQFIVW SJ MQQMKVERXW ERH XLI GLEPPIRKIW XLI] JEGIH 8LIR MR LIV GSRGPY
WMSR WLI GVIEXIH E QSZMRK HMWWSPZI IRHMRK F] IZSOMRK XLI IQSXMSREP MQEKIW
SJ LIV KVERHJEXLIVtW EVVMZEP MR XLI 9RMXIH 7XEXIW
3R E VIGIRX XVMT XS )PPMW -WPERH [LIVI Q] KVERHJEXLIV JMVWX WXITTIH SR %QIVMGER WSMP -
WE[ LMW REQI IXGLIH MRXS XLI [EPP EPSRK [MXL XLI REQIW SJ XIRW SJ XLSYWERHW SJ SXLIV
MQQMKVERXW - WE[ XLI IRXV] LEPP [LIVI LI PMRIH YT XS TVSGIWW LMW JSVQW - WE[ XLI VSSQ
[LIVI LI YRHIV[IRX E TL]WMGEP I\EQMREXMSR - WIRWIH XLI JIEV ERH XLI MRWIGYVMX] LI QYWX
LEZI JIPX &YX - GSYPH EPWS WIRWI LMW I\GMXIQIRX EW LI PSSOIH JSV[EVH XS PMJI MR E PERH SJ
STTSVXYRMX]hE PERH LI GEQI XS XLMRO SJ EW LSQI
&SXL XLI GVIWGIRHS ERH XLI HMWWSPZI IRHMRKW QYWX FI [SVOIH SYX [MXL
KVIEX GEVI 4VEGXMGI YRXMP ]SY KIX XLI [SVHW ERH XLI XMQMRK NYWX VMKLX 8LI FIR
IJMXW [MPP FI [IPP [SVXL ]SYV XMQI
8LI 'SRGPYWMSR
0YGEW 8LI %VX SJ 4YFPMG &IKMRRMRK ERH )RHMRK 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR XLI 7TIIGL 'SQTERMIW
6)-2*36') 8,) ')286%0 -()%
8LI WIGSRH QENSV JYRGXMSR SJ E GSRGPYWMSR MW XS VIMRJSVGI XLI EYHMIRGItW YRHIV
WXERHMRK SJ SV GSQQMXQIRX XS XLI GIRXVEP MHIE 8LIVI EVI QER] [E]W XS HS
XLMW ,IVI EVI XLI SRIW ]SY EVI QSWX PMOIP] XS YWI
7YQQEVM^I =SYV 7TIIGL
6IWXEXMRK XLI QEMR TSMRXW MW XLI IEWMIWX [E] XS IRH E WTIIGL 3RI WXYHIRX YWIH
XLMW XIGLRMUYI IJJIGXMZIP] MR LMW TIVWYEWMZI WTIIGL EFSYX XLI %-(7 ITMHIQMG MR
%JVMGE
GSRRIGXPYGEW GSQ -R GSRGPYWMSR [I LEZI WIIR XLEX XLI %-(7 ITMHIQMG MW LEZMRK E HIZEWXEXMRK IJJIGX SR
:MI[ XLI GSRGPYWMSR SJ q%-(7 %JVMGER WSGMIX] %R IRXMVI EHYPX KIRIVEXMSR MW WPS[P] FIMRK [MTIH SYX %R IRXMVIP] RI[
MR %JVMGE % ;SVPH 'VMWMWr MR KIRIVEXMSR SJ %-(7 SVTLERW MW FIMRK GVIEXIH +SZIVRQIRXW MR XLI REXMSRW QSWX EJJPMGXIH
XLI SRPMRI 1IHME 0MFVEV] JSV LEZI RIMXLIV XLI VIWSYVGIW RSV XLI I\TIVXMWI XS GSYRXIV XLI ITMHIQMG 1ER] %JVMGER IGSRS
XLMW GLETXIV :MHIS 'PMT
QMIW EVI FIMRK GVMTTPIH F] XLI PSWW SJ TISTPI MR XLI [SVOTPEGI
&IJSVI MXtW XSS PEXI XLI 9RMXIH 2EXMSRW ERH HIZIPSTIH GSYRXVMIW RIIH XS MRGVIEWI XLIMV
IJJSVXW XS LEPX XLI ITMHIQMG ERH FVMRK MX YRHIV GSRXVSP 8LI PMZIW ERH [IPP FIMRK SJ XIRW SJ
QMPPMSRW SJ TISTPI LERK MR XLI FEPERGI
8LI ZEPYI SJ E WYQQEV] MW XLEX MX I\TPMGMXP] VIWXEXIW XLI GIRXVEP MHIE ERH
QEMR TSMRXW SRI PEWX XMQI &YX EW [I WLEPP WII XLIVI EVI QSVI MQEKMREXMZI ERH
GSQTIPPMRK [E]W XS IRH E WTIIGL 8LI] GER FI YWIH MR GSQFMREXMSR [MXL E
WYQQEV] SV EX XMQIW MR TPEGI SJ MX
)RH [MXL E 5YSXEXMSR
% UYSXEXMSR MW SRI SJ XLI QSWX GSQQSR ERH IJJIGXMZI HIZMGIW XS GSRGPYHI E
WTIIGL ,IVI MW E JMRI I\EQTPI JVSQ E WTIIGL SR XLI QMWYWI SJ XIPIZMWMSR EHZIV
XMWIQIRXW MR TSPMXMGEP GEQTEMKRW
;I GERRSX MKRSVI XLI IZMPW SJ XIPIZMWMSR GSQQIVGMEPW MR [LMGL GERHMHEXIW JSV XLI LMKL
IWX SJJMGIW EVI WSPH XS XLI ZSXIVW MR WIGSRH WTSXW 8LIWI EHW GLIETIR XLI IPIGXMZI TVSGIWW
ERH HIKVEHI SYV TSPMXMGEP MRWXMXYXMSRW -R XLI [SVHW SJ LMWXSVMER %VXLYV 7GLPIWMRKIV .V q=SY
GERRSX QIVGLERHMWI GERHMHEXIW PMOI WSET ERH LSTI XS TVIWIVZI E VEXMSREP HIQSGVEG] r
8LI GPSWMRK UYSXEXMSR MW TEVXMGYPEVP] KSSH FIGEYWI MXW YVKIRG] MW I\EGXP]
WYMXIH XS XLI WTIIGL ;LIR ]SY VYR EGVSWW E F VMIJ UYSXEXMSR XLEX WS TIVJIGXP]
GETXYVIW ]SYV GIRXVEP MHIE OIIT MX MR QMRH EW E TSWWMFPI GSRGPYWMSR
1 EOI E (VEQEXMG 7XEXIQIRX
6EXLIV XLER YWMRK E UYSXEXMSR XS KMZI ]SYV GSRGPYWMSR JSVGI ERH ZMXEPMX] ]SY
QE] [ERX XS HIZMWI ]SYV S[R HVEQEXMG WXEXIQIRX 7SQI WTIIGLIW LEZI
FIGSQI JEQSYW FIGEYWI SJ XLIMV TS[IVJYP GPSWMRK PMRIW 3RI MW 4EXVMGO ,IRV]tW
PIKIRHEV] q0MFIVX] SV (IEXLr SVEXMSR -X XEOIW MXW REQI JVSQ XLI JMREP WIR
XIRGIW ,IRV] YXXIVIH SR 1EVGL EW LI I\LSVXIH LMW EYHMIRGI XS VIWMWX
&VMXMWL X]VERR]
-W PMJI WS HIEV SV TIEGI WS W[IIX EW XS FI TYVGLEWIH EX XLI TVMGI SJ GLEMRW ERH WPEZIV]#
*SVFMH MX %PQMKLX] +SH - ORS[ RSX [LEX GSYVWI SXLIVW QE] XEOI FYX EW JSV QI KMZI QI
PMFIVX] SV KMZI QI HIEXL
',%48)6 &)+-22-2+ %2( )2(-2+ 8,) 74))',
0YGEW 8LI %VX SJ 4YFPMG &IKMRRMRK ERH )RHMRK 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR XLI 7TIIGL 'SQTERMIW
%PXLSYKL ]SYV GPEWWVSSQ WTIIGLIW EVI RSX PMOIP] XS FIGSQI JEQSYW ]SY GSRRIGXPYGEW GSQ
GER WXMPP VMZIX ]SYV PMWXIRIVWhEW ,IRV] HMHh[MXL E HVEQEXMG GSRGPYHMRK WXEXI :MI[ XLI FIKMRRMRK ERH
QIRX ;LEX JSPPS[W MW E TEVXMGYPEVP] WXVMOMRK I\EQTPI JVSQ E WTIIGL SR WYMGMHI IRHMRK SJ q1EOMRK E (MJJIV
TVIZIRXMSR 8LVSYKLSYX XLI WTIIGL XLI WXYHIRX VIJIVVIH XS E JVMIRH [LS LEH IRGI 8LVSYKL XLI 7TIGMEP
XVMIH XS GSQQMX WYMGMHI XLI TVIZMSYW ]IEV 8LIR MR XLI GSRGPYWMSR WLI WEMH 3P]QTMGWr MR XLI SRPMRI
1IHME 0MFVEV] JSV XLMW
1] JVMIRH MW FEGO MR WGLSSP TEVXMGMTEXMRK MR EGXMZMXMIW WLI RIZIV HMH FIJSVIhERH IRNS] GLETXIV :MHIS 'PMT
MRK MX -tQ LETT] ERH TVSYH XS WE] XLEX WLItW WXMPP JMKLXMRK JSV LIV PMJI ERH IZIR LETTMIV XLEX
WLI JEMPIH XS OMPP LIVWIPJ 3XLIV[MWI - [SYPHRtX FI LIVI XSHE] XV]MRK XS LIPT ]SY =SY WII - 8LI 'SRGPYWMSR
EQ Q] qJVMIRH r ERH -tQ QSVI XLER KPEH XS WE] -tZI QEHI MX
%W ]SY GER MQEKMRI XLI EYHMIRGI [EW WXYRRIH 8LI GPSWMRK PMRIW FVSYKLX
XLI WTIIGL XS E HVEQEXMG GSRGPYWMSR 8LI WTIEOIV QEHI MX IZIR QSVI IJJIGXMZI
F] TEYWMRK NYWX E QSQIRX FIJSVI XLI PEWX [SVHW ERH F] YWMRK LIV ZSMGI XS KMZI
XLIQ NYWX XLI VMKLX MRJPIGXMSR
6IJIV XS XLI -RXVSHYGXMSR
%R I\GIPPIRX [E] XS KMZI ]SYV WTIIGL TW]GLSPSKMGEP YRMX] MW XS GSRGPYHI F]
VIJIVVMRK XS MHIEW MR XLI MRXVSHYGXMSR ,IVI MW LS[ SRI WXYHIRX YWIH XLI QIXLSH
MR LIV WTIIGL EFSYX XLI 7TIGMEP 3P]QTMGW
-RXVSHYGXMSR -R 7IEXXPI RMRI ]SYRK EXLPIXIW EWWIQFPIH EX XLI WXEVXMRK PMRI JSV XLI
]EVH HEWL %X XLI KYR XLI] EPP WXEVXIH SJJhRSX I\EGXP] MR E HEWL FYX [MXL
E HIWMVI XS VYR XLI VEGI XS XLI JMRMWL ERH [MR %PP I\GITX SRI PMXXPI FS] [LS
WXYQFPIH SR XLI EWTLEPX XYQFPIH SZIV E GSYTPI SJ XMQIW ERH FIKER XS
GV] 8LI SXLIV VYRRIVW LIEVH XLI FS] GV] 8LI] WXSTTIH XLI] PSSOIH FEGO
8LIR XLI] EPP [IRX FEGO XS XLI FS]tW WMHIhIZIV] WMRKPI SRI SJ XLIQ 3RI
KMVP [MXL (S[R W]RHVSQI OMWWIH LMQ ERH WEMH q8LMW [MPP QEOI MX FIXXIV r
8LIR EPP RMRI PMROIH EVQW ERH [EPOIH XS XLI JMRMWL PMRIhXSKIXLIV
8LIWI EXLPIXIW [IVI RSX GSQTIXMRK SR REXMSREP XIPIZMWMSR XLI] [IVI
RSX WTSRWSVIH SV MHSPM^IH &YX XLI] [IVI KMZIR ER STTSVXYRMX] XS JPSYVMWL
YRHIV XLI KPS[ SJ XLIMV S[R WTSXPMKLXW XS JIIP XLI FVYWL SJ XLI VMFFSR
GVSWW XLIMV GLIWXW EW XLI] VER XLVSYKL XLIMV S[R JMRMWL PMRI MR XLIMV S[R
3P]QTMGWhXLI 7TIGMEP 3P]QTMGW
-R XLI FSH] SJ LIV WTIIGL XLI WXYHIRX I\TPEMRIH XLI 7TIGMEP 3P]QTMGW ERH
GEPPIH SR QIQFIVW SJ XLI EYHMIRGI XS FIGSQI ZSPYRXIIVW 8LIR MR LIV GPSWMRK
[SVHW WLI XMIH XLI [LSPI WTIIGL XSKIXLIV F] VIXYVRMRK XS XLI WXSV] HIWGVMFIH
MR LIV MRXVSHYGXMSR
'SRGPYWMSR 6IQIQFIV XLI RMRI GLMPHVIR - QIRXMSRIH EX XLI FIKMRRMRK SJ XLMW WTIIGL
8LMRO SJ XLIMV LETTMRIWW ERH XLIMV WYTTSVX JSV SRI ERSXLIV 8LMRO SJ LS[
QYGL XLI] KEMRIH JVSQ VYRRMRK MR XLEX VEGI %RH XLMRO LS[ ]SY GER LIPT
SXLIVW I\TIVMIRGI XLI WEQI FIRIJMXW EW XLI] WXVMZI XS JYPJMPP XLI QSXXS SJ XLI
7TIGMEP 3P]QTMGW q0IX QI [MR &YX MJ - GERtX [MR PIX QI FI FVEZI MR XLI
EXXIQTX r
7YQQEVM^MRK XLI WTIIGL IRHMRK [MXL E UYSXEXMSR QEOMRK E HVEQEXMG
WXEXIQIRX VIJIVVMRK XS XLI MRXVSHYGXMSRhEPP XLIWI XIGLRMUYIW GER FI YWIH
WITEVEXIP] &YX ]SY LEZI TVSFEFP] RSXMGIH XLEX WTIEOIVW SJXIR GSQFMRI X[S SV
QSVI MR XLIMV GSRGPYWMSRW %GXYEPP] EPP JSYV XIGLRMUYIW GER FI JYWIH MRXS
SRIhJSV I\EQTPI E HVEQEXMG UYSXEXMSR XLEX WYQQEVM^IW XLI GIRXVEP MHIE [LMPI
VIJIVVMRK XS XLI MRXVSHYGXMSR
0YGEW 8LI %VX SJ 4YFPMG &IKMRRMRK ERH )RHMRK 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR XLI 7TIIGL 'SQTERMIW
GSRRIGXPYGEW GSQ ' L I G O P M W X 7TIIGL 'SRGPYWMSR
8LMW GLIGOPMWX MW EPWS EZEMPEFPI
MR XLI SRPMRI 7TIIGL 8SSPW JSV =)7 23
XLMW GLETXIV
(S - WMKREP XLEX Q] WTIIGL MW GSQMRK XS ER IRH#
(S - VIMRJSVGI Q] GIRXVEP MHIE F] GLIGO EPP XLEX ETTP]
7YQQEVM^MRK XLI QEMR TSMRXW SJ Q] WTIIGL
)RHMRK [MXL E UYSXEXMSR
1EOMRK E HVEQEXMG WXEXIQIRX
6IJIVVMRK XS XLI MRXVSHYGXMSR
-W XLI GSRGPYWMSR PMQMXIH XS i TIVGIRX SJ Q] IRXMVI
WTIIGL#
,EZI - [SVOIH SYX XLI PERKYEKI SJ Q] GSRGPYWMSR MR
HIXEMP#
,EZI - TVEGXMGIH XLI HIPMZIV] SJ Q] GSRGPYWMSR WS - GER
TVIWIRX MX JPYIRXP] GSRJMHIRXP] ERH [MXL WXVSRK I]I
GSRXEGX#
3RI SXLIV GSRGPYHMRK XIGLRMUYI MW QEOMRK E HMVIGX ETTIEP XS ]SYV EYHM
IRGI JSV EGXMSR 8LMW XIGLRMUYI ETTPMIW SRP] XS E TEVXMGYPEV X]TI SJ TIVWYEWMZI
WTIIGL LS[IZIV ERH [MPP FI HMWGYWWIH MR 'LETXIV 8LI JSYV QIXLSHW GSZ
IVIH MR XLMW GLETXIV EVI ETTVSTVMEXI JSV EPP OMRHW SJ WTIIGLIW ERH SGGEWMSRW
7 %140) '32'097-32 ;-8, '311)28%6=
,S[ HS ]SY JMX XLIWI QIXLSHW XSKIXLIV XS QEOI E GSRGPYWMSR# ,IVI MW ER
I\EQTPI JVSQ XLI WTIIGL EFSYX FSRI QEVVS[ XVERWTPERXW [LSWI MRXVSHYGXMSR
[I PSSOIH EX IEVPMIV TEKI
',%48)6 &)+-22-2+ %2( )2(-2+ 8,) 74))',
0YGEW 8LI %VX SJ 4YFPMG &IKMRRMRK ERH )RHMRK 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR XLI 7TIIGL 'SQTERMIW
8-47 *36 46)4%6-2+ 8,) '32'097-32
% W [MXL XLI MRXVSHYGXMSR OIIT ER I]I SYX JSV TSWWMFPI GSRGPYHMRK QEXI
VMEPW EW ]SY VIWIEVGL ERH HIZIPST XLI WTIIGL
' SRGPYHI [MXL E FERK RSX E [LMQTIV &I GVIEXMZI MR HIZMWMRK E GSRGPY
WMSR XLEX LMXW XLI LIEVXW ERH QMRHW SJ ]SYV EYHMIRGI ;SVO SR WIZIVEP TSWWMFPI
IRHMRKW ERH WIPIGX XLI SRI XLEX WIIQW PMOIP] XS LEZI XLI KVIEXIWX MQTEGX
( SRtX FI PSRK [MRHIH 8LI GSRGPYWMSR [MPP RSVQEPP] QEOI YT RS QSVI
XLER XS TIVGIRX SJ ]SYV WTIIGL
( SRtX PIEZI ER]XLMRK MR ]SYV GSRGPYWMSR XS GLERGI ;SVO MX SYX MR
HIXEMP ERH KMZI ]SYVWIPJ TPIRX] SJ XMQI XS TVEGXMGI HIPMZIVMRK MX 1ER] WXYHIRXW
PMOI XS [VMXI SYX XLI GSRGPYWMSR [SVH JSV [SVH XS KYEVERXII MX MW NYWX VMKLX -J
]SY HS XLMW QEOI WYVI ]SY GER TVIWIRX MX WQSSXLP] GSRJMHIRXP] ERH [MXL JIIP
MRKh[MXLSYX VIP]MRK SR ]SYV RSXIW SV WSYRHMRK [SSHIR 1EOI ]SYV PEWX
MQTVIWWMSR EW JSVGIJYP ERH EW JEZSVEFPI EW ]SY GER
*MVWX MQTVIWWMSRW EVI MQTSVXERX 7S EVI JMREP MQTVIWWMSRW 8LMW MW [L] WTIIGLIW RIIH 7911%6=
WXVSRK MRXVSHYGXMSRW ERH GSRGPYWMSRW
/)= 8)617
-R QSWX WTIIGL WMXYEXMSRW ]SY RIIH XS EGGSQTPMWL JSYV SFNIGXMZIW [MXL ]SYV
MRXVSHYGXMSRhKIX XLI EXXIRXMSR ERH MRXIVIWX SJ XLI EYHMIRGI VIZIEP XLI XSTMG SJ /I] 8IVQW
]SYV WTIIGL IWXEFPMWL ]SYV GVIHMFMPMX] ERH KSSH[MPP ERH TVIZMI[ XLI FSH] SJ XLI
WTIIGL +EMRMRK EXXIRXMSR ERH MRXIVIWX GER FI HSRI MR WIZIVEP [E]W =SY GER WLS[
XLI MQTSVXERGI SJ ]SYV XSTMG IWTIGMEPP] EW MX VIPEXIW XS ]SYV EYHMIRGI =SY GER
WXEVXPI SV UYIWXMSR ]SYV EYHMIRGI SV EVSYWI XLIMV GYVMSWMX] =SY GER FIKMR [MXL E
UYSXEXMSR SV E WXSV]
&I WYVI XS WXEXI XLI XSTMG SJ ]SYV WTIIGL GPIEVP] MR ]SYV MRXVSHYGXMSR WS XLI
EYHMIRGI ORS[W [LIVI XLI WTIIGL MW KSMRK )WXEFPMWLMRK GVIHMFMPMX] QIERW XLEX ]SY
XIPP XLI EYHMIRGI [L] ]SY EVI UYEPMJMIH XS WTIEO SR XLI XSTMG EX LERH )WXEFPMWLMRK
KSSH[MPP QE] FI RIGIWWEV] MJ ]SYV TSMRX SJ ZMI[ MW YRTSTYPEV 4VIZMI[MRK XLI FSH]
SJ XLI WTIIGL LIPTW XLI EYHMIRGI PMWXIR IJJIGXMZIP] ERH TVSZMHIW E WQSSXL PIEH MR XS
XLI FSH] SJ XLI WTIIGL
8LI JMVWX SFNIGXMZI SJ E WTIIGL GSRGPYWMSR MW XS PIX XLI EYHMIRGI ORS[ ]SY EVI
IRHMRK [LMGL ]SY GER HS F] ]SYV [SVHW SV F] ]SYV QERRIV SJ HIPMZIV] 8LI WIGSRH
SFNIGXMZI SJ E GSRGPYWMSR MW XS VIMRJSVGI ]SYV GIRXVEP MHIE =SY GER EGGSQTPMWL XLMW
F] WYQQEVM^MRK XLI WTIIGL IRHMRK [MXL E UYSXEXMSR QEOMRK E HVEQEXMG WXEXI
QIRX SV VIJIVVMRK XS XLI MRXVSHYGXMSR 7SQIXMQIW ]SY QE] [ERX XS GSQFMRI X[S
SV QSVI SJ XLIWI XIGLRMUYIW &I GVIEXMZI MR HIZMWMRK E ZMZMH JSVGIJYP GSRGPYWMSR
VLIXSVMGEP UYIWXMSR
TVIZMI[ WXEXIQIRX
GVIHMFMPMX]
GVIWGIRHS IRHMRK
KSSH[MPP
HMWWSPZI IRHMRK
0YGEW 8LI %VX SJ 4YFPMG &IKMRRMRK ERH )RHMRK 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR XLI 7TIIGL 'SQTERMIW
6):-); 59)78-327
%JXIV VIEHMRK XLMW GLETXIV ]SY WLSYPH FI EFPI XS ERW[IV XLI JSPPS[MRK UYIWXMSRW
GSRRIGXPYGEW GSQ ;LEX EVI JSYV SFNIGXMZIW SJ E WTIIGL MRXVSHYGXMSR#
*SV JYVXLIV VIZMI[ KS XS XLI
7XYH] 5YIWXMSRW MR XLI SRPMRI ;LEX EVI WIZIR QIXLSHW ]SY GER YWI MR XLI MRXVSHYGXMSR XS KIX XLI EXXIRXMSR
7XYH] %MHW JSV XLMW GLETXIV ERH MRXIVIWX SJ ]SYV EYHMIRGI#
;L] MW MX MQTSVXERX XS IWXEFPMWL ]SYV GVIHMFMPMX] EX XLI FIKMRRMRK SJ ]SYV
WTIIGL#
;LEX MW E TVIZMI[ WXEXIQIRX# ;L] WLSYPH ]SY RIEVP] EP[E]W MRGPYHI E TVIZMI[
WXEXIQIRX MR XLI MRXVSHYGXMSR SJ ]SYV WTIIGL#
;LEX EVI JMZI XMTW JSV TVITEVMRK ]SYV MRXVSHYGXMSR#
;LEX EVI XLI QENSV JYRGXMSRW SJ E WTIIGL GSRGPYWMSR#
;LEX EVI X[S [E]W ]SY GER WMKREP XLI IRH SJ ]SYV WTIIGL#
;LEX EVI JSYV [E]W XS VIMRJSVGI XLI GIRXVEP MHIE [LIR GSRGPYHMRK ]SYV
WTIIGL#
;LEX EVI JSYV XMTW JSV TVITEVMRK ]SYV GSRGPYWMSR#
)<)6'-7)7 *36 '6-8-'%0 8,-2/-2+
,IVI EVI WM\ WTIIGL XSTMGW )\TPEMR LS[ ]SY QMKLX VIPEXI IEGL XS ]SYV GPEWWQEXIW
MR XLI MRXVSHYGXMSR SJ E WTIIGL
7SGMEP 7IGYVMX] PEYKLXIV
MPPMXIVEG] WXIVSMHW
WSET STIVEW FPSSH HSREXMSR
8 LMRO SJ E WTIIGL XSTMG TVIJIVEFP] SRI JSV ]SYV RI\X WTIIGL MR GPEWW
'VIEXI ER
MRXVSHYGXMSR JSV E WTIIGL HIEPMRK [MXL ER] EWTIGX SJ XLI XSTMG ]SY [MWL -R ]SYV
MRXVSHYGXMSR FI WYVI XS KEMR XLI EXXIRXMSR SJ XLI EYHMIRGI XS VIZIEP XLI XSTMG
ERH VIPEXI MX XS XLI EYHMIRGI XS IWXEFPMWL ]SYV GVIHMFMPMX] ERH XS TVIZMI[ XLI
FSH] SJ XLI WTIIGL
9 WMRK XLI WEQI XSTMG EW MR )\IVGMWI GVIEXI E WTIIGL GSRGPYWMSR &I WYVI XS PIX
]SYV EYHMIRGI ORS[ XLI WTIIGL MW IRHMRK XS VIMRJSVGI XLI GIRXVEP MHIE ERH XS
QEOI XLI GSRGPYWMSR ZMZMH ERH QIQSVEFPI
%TTP]MRK XLI 4S[IV SJ 4YFPMG 7TIEOMRK
=SYV HIKVII MR GMZMP IRKMRIIVMRK LEW WIVZIH ]SY [IPP ERH ]SY EVI RS[ XLI GLMIJ GMX]
TPERRIV JSV E QENSV QIXVSTSPMW %JXIV WXYH]MRK XLI MWWYI JSV QSVI XLER E ]IEV ]SY
ERH XLI TPERRMRK GSQQMWWMSR LEZI HIGMHIH XLEX XLI FIWX [E] XS VIPMIZI XLI GMX]tW
KVS[MRK XVEJJMG GSRKIWXMSR MW XS FYMPH E RI[ HS[RXS[R JVII[E] 9RJSVXYREXIP]
XLIVI MW RS [E] XS FYMPH XLI JVII[E] [MXLSYX ORSGOMRK HS[R E RYQFIV SJ LSYWIW
ERH FYWMRIWWIW =SY EVI RSX LETT] EFSYX XLMW ERH ]SY ORS[ MX [MPP GVIEXI HMJJMGYPX]
JSV XLI TISTPI EJJIGXIH FYX ]SYV VIWIEVGL ERH GSQTYXIV WMQYPEXMSRW WLS[ XLEX MX MW
F] JEV XLI QSWX IJJIGXMZI PSRK VERKI STXMSR JSV MQTVSZMRK XLI GMX]tW XVEJJMG JPS[
2SX WYVTVMWMRKP] XLI RIMKLFSVLSSH EWWSGMEXMSR XLEX VITVIWIRXW XLI EVIE
XLVSYKL [LMGL ]SY TPER XS FYMPH XLI JVII[E] LEW I\TVIWWIH E RYQFIV SJ GSRGIVRW
',%48)6 &)+-22-2+ %2( )2(-2+ 8,) 74))',
0YGEW 8LI %VX SJ 4YFPMG &IKMRRMRK ERH )RHMRK 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR XLI 7TIIGL 'SQTERMIW
EFSYX XLI TVSTSWEP &IGEYWI SJ ]SYV I\GIPPIRX TYFPMG WTIEOMRK WOMPPW ]SY LEZI FIIR
GLSWIR XS VITVIWIRX XLI GMX] EX E QIIXMRK SJ XLI RIMKLFSVLSSH EWWSGMEXMSR =SYV NSF
EX XLI QIIXMRK [MPP FI XS EHHVIWW XLI EYHMIRGItW GSRGIVRW ERH TVSZMHI E GSRZMRGMRK
I\TPEREXMSR SJ XLI GMX]tW HIGMWMSR XS FYMPH XLI JVII[E] =SY ORS[ XLEX MJ ]SYV
WTIIGL MW XS FI TIVWYEWMZI ]SY QYWX YWI XLI MRXVSHYGXMSR XS IWXEFPMWL ]SYV GVIHMFMP
MX] ERH KSSH[MPP WS ]SYV PMWXIRIVW [MPP FI [MPPMRK XS PMWXIR VIGITXMZIP] XS [LEX ]SY
WE] MR XLI FSH]
;VMXI E HVEJX SJ ]SYV MRXVSHYGXMSR -R MX FI WYVI XS EHHVIWW EPP JSYV JYRGXMSRW SJ
E WTIIGL MRXVSHYGXMSR HMWGYWWIH MR XLMW GLETXIV
%TTP]MRK XLI 4S[IV SJ 4YFPMG 7TIEOMRK
0YGEW 8LI %VX SJ 4YFPMG 3YXPMRMRK XLI 7TIIGL 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
3 YXPMRMRK XLI 7TIIGL
8LI 4VITEVEXMSR 3YXPMRI
+YMHIPMRIW JSV XLI 4VITEVEXMSR 3YXPMRI
7EQTPI 4VITEVEXMSR 3YXPMRI [MXL 'SQQIRXEV]
8LI 7TIEOMRK 3YXPMRI
+YMHIPMRIW JSV XLI 7TIEOMRK 3YXPMRI
7EQTPI 7TIEOMRK 3YXPMRI [MXL 'SQQIRXEV]
0YGEW 8LI %VX SJ 4YFPMG 3YXPMRMRK XLI 7TIIGL 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
0YGEW 8LI %VX SJ 4YFPMG 3YXPMRMRK XLI 7TIIGL 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
8 LMRO [LEX QMKLX LETTIR MJ ]SY XVMIH XS FYMPH E LSYWI [MXLSYX E JPSSV TPER
SV ER EVGLMXIGXtW FPYITVMRX =SY TPEGI XLI O MXGLIR RI\X XS XLI HVMZI[E] XS
QEOI MX GSRZIRMIRX JSV GEVV]MRK MR KVSGIVMIW &YX XLI HMRMRK VSSQ XYVRW YT
EX XLI SXLIV IRH SJ XLI LSYWI ;LIR ]SY GSSO ERH WIVZI E QIEP ]SY LEZI XS
VYR [MXL XLI TPEXIW XS OIIT XLI JSSH JVSQ KIXXMRK GSPH =SY TYX XLI FEXLVSSQ
EX XLI LIEH SJ XLI WXEMVW XS QEOI MX EGGIWWMFPI XS ZMWMXSVW &YX XLI HSSV STIRW MR
WYGL E [E] XLEX XLI YR[EV] KYIWX MW GEXETYPXIH HS[R XLI WXITW =SY XLMRO MXtW
E [SRHIVJYP MHIE XS LEZI EPQSWX RS MRXIVMSV [EPPW &YX [LIR XLI JMVWX WRS[JEPP
GSQIW ]SYV YRWYTTSVXIH
VSSJ GSPPETWIW
4PERW ERH FPYITVMRXW EVI IWWIRXMEP XS EVGLMXIGXYVI 7S XSS EVI SYXPMRIW
IWWIRXMEP XS IJJIGXMZI WTIIGLIW %R SYXPMRI MW PMOI E FPYITVMRX JSV ]SYV WTIIGL -X
EPPS[W ]SY XS WII XLI JYPP WGSTI ERH GSRXIRX SJ ]SYV WTIIGL EX E KPERGI &]
SYXPMRMRK ]SY GER NYHKI [LIXLIV IEGL TEVX SJ XLI WTIIGL MW J YPP] HIZIPSTIH
[LIXLIV ]SY LEZI EHIUYEXI WYTTSVXMRK QEXIVMEPW JSV ]SYV QEMR TSMRXW ERH
[LIXLIV XLI QEMR TSMRXW EVI TVSTIVP] FEPERGIH %R SYXPMRI LIPTW ]SY QEOI
WYVI XLEX VIPEXIH MXIQW EVI XSKIXLIV XLEX MHIEW JPS[ JVSQ SRI XS ERSXLIV XLEX
XLI WXVYGXYVI SJ ]SYV WTIIGL [MPP qWXERH YTrhERH RSX GSPPETWI
4VSFEFP] ]SY [MPP YWI X[S OMRHW SJ SYXPMRIW JSV ]SYV WTIIGLIWhSRI ZIV]
HIXEMPIH JSV XLI TPERRMRK WXEKI ERH SRI ZIV] FVMIJ JSV XLI HIPMZIV] SJ XLI
WTIIGL
8LI 4VITEVEXMSR 3YXPMRI
8LI TVITEVEXMSR SYXPMRI MW NYWX [LEX MXW REQI MQTPMIWhER SYXPMRI XLEX LIPTW
]SY TVITEVI XLI WTIIGL ;VMXMRK E TVITEVEXMSR SYXPMRI QIERW TYXXMRK ]SYV
WTIIGL XSKIXLIVhHIGMHMRK [LEX ]SY [MPP WE] MR XLI MRXVSHYGXMSR LS[ ]SY [MPP
SVKERM^I XLI QEMR TSMRXW ERH WYTTSVXMRK QEXIVMEPW MR XLI FSH] ERH [LEX ]SY
[MPP WE] MR XLI GSRGPYWMSR
TVITEVEXMSR SYXPMRI +9-()0-2)7 *36 8,) 46)4%6%8-32 3980-2)
% HIXEMPIH SYXPMRI HIZIPSTIH
HYVMRK XLI TVSGIWW SJ WTIIGL 3ZIV XLI ]IEVW E VIPEXMZIP] YRMJSVQ W]WXIQ JSV TVITEVEXMSR SYXPMRIW LEW HIZIPSTIH
TVITEVEXMSR XLEX MRGPYHIW XLI -X MW I\TPEMRIH FIPS[ ERH MW I\IQTPMJMIH MR XLI WEQTPI SYXPMRI SR TEKIW i
XMXPI WTIGMJMG TYVTSWI GIRXVEP =SY WLSYPH GLIGO [MXL ]SYV XIEGLIV XS WII I\EGXP] [LEX JSVQEX ]SY EVI XS JSPPS[
MHIE MRXVSHYGXMSR QEMR TSMRXW
WYFTSMRXW GSRRIGXMZIW 7XEXI XLI 7TIGMJMG 4YVTSWI SJ =SYV 7TIIGL
GSRGPYWMSR ERH FMFPMSKVETL]
SJ E WTIIGL 8LI WTIGMJMG TYVTSWI WXEXIQIRX WLSYPH FI E WITEVEXI YRMX XLEX GSQIW FIJSVI XLI
SYXPMRI MXWIPJ -RGPYHMRK XLI WTIGMJMG TYVTSWI QEOIW MX IEWMIV XS EWWIWW LS[ [IPP
]SY LEZI GSRWXVYGXIH XLI WTIIGL XS EGGSQTPMWL ]SYV TYVTSWI
- HIRXMJ] XLI 'IRXVEP -HIE
7SQI XIEGLIVW TVIJIV XLEX XLI GIRXVEP MHIE FI KMZIR MQQIHMEXIP] EJXIV XLI TYV
TSWI WXEXIQIRX 3XLIVW TVIJIV XLEX MX FI KMZIR ERH MHIRXMJMIH MR XLI XI\X SJ XLI
SYXPMRI 'LIGO XS WII [LMGL ]SYV XIEGLIV [ERXW
0 EFIP XLI -RXVSHYGXMSR &SH] ERH 'SRGPYWMSR
-J ]SY PEFIP XLI TEVXW SJ ]SYV WTIIGL ]SY [MPP FI WYVI XLEX ]SY MRHIIH LEZI ER
MRXVSHYGXMSR ERH GSRGPYWMSR ERH LEZI EGGSQTPMWLIH XLI IWWIRXMEP SFNIGXMZIW SJ
IEGL 9WYEPP] XLI REQIW SJ XLI WTIIGL TEVXW EVI TPEGIH MR XLI QMHHPI SJ XLI
',%48)6 3980-2-2+ 8,) 74))',
0YGEW 8LI %VX SJ 4YFPMG 3YXPMRMRK XLI 7TIIGL 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
TEKI SV MR XLI JEV PIJX QEVKMR 8LI] EVI XIGLRMGEP PEFIPW SRP] ERH EVI RSX
MRGPYHIH MR XLI W]WXIQ SJ W]QFSPM^EXMSR YWIH XS MHIRXMJ] QEMR TSMRXW ERH
WYTTSVXMRK QEXIVMEPW
9 WI E 'SRWMWXIRX 4EXXIVR SJ 7]QFSPM^EXMSR ERH -RHIRXEXMSR
-R XLI QSWX GSQQSR W]WXIQ SJ SYXPMRMRK QEMR TSMRXW EVI MHIRXMJMIH F] 6SQER
RYQIVEPW ERH EVI MRHIRXIH IUYEPP] WS EW XS FI EPMKRIH HS[R XLI TEKI 7YFTSMRXW
GSQTSRIRXW SJ XLI QEMR TSMRXW
EVI MHIRXMJMIH F] GETMXEP PIXXIVW ERH EVI EPWS
MRHIRXIH IUYEPP] WS EW XS FI EPMKRIH [MXL IEGL SXLIV &I]SRH XLMW XLIVI QE]
FI WYF WYFTSMRXW ERH IZIR WYF WYF WYFTSMRXW *SV I\EQTPI
- 1EMR TSMRX
% 7YFTSMRX
& 7YFTSMRX
7 YF WYFTSMRX
7 YF WYFTSMRX
E 7YF WYF WYFTSMRX
F 7 YF WYF WYFTSMRX
-- 1EMR TSMRX
% 7 YFTSMRX
7 YF WYFTSMRX
7 YF WYFTSMRX
& 7YFTSMRX
7 YF WYFTSMRX
7 YF WYFTSMRX
8LI GPIEV ZMWYEP JVEQI[SVO SJ XLMW SYXPMRI MQQIHMEXIP] WLS[W XLI ZMWYEP JVEQI[SVO
VIPEXMSRWLMTW EQSRK XLI MHIEW SJ XLI WTIIGL 8LI QSWX MQTSVXERX MHIEW QEMR 8LI TEXXIVR SJ W]QFSPM^EXMSR
TSMRXW
EVI JEVXLIWX XS XLI PIJX 0IWW MQTSVXERX MHIEW WYFTSMRXW WYF WYFTSMRXW ERH MRHIRXEXMSR MR E WTIIGL
ERH WS SR
EVI TVSKVIWWMZIP] JEVXLIV XS XLI VMKLX 8LMW TEXXIVR VIZIEPW XLI SYXPMRI XLEX WLS[W XLI
WXVYGXYVI SJ ]SYV IRXMVI WTIIGL VIPEXMSRWLMTW EQSRK XLI
3RGI ]SY LEZI SVKERM^IH XLI FSH] SJ ]SYV WTIIGL WII 'LETXIV
]SY WTIEOIVtW MHIEW
WLSYPH LEZI MHIRXMJMIH XLI QEMR TSMRXW =SY RIIH SRP] JPIWL SYX ]SYV SYXPMRI
[MXL WYFTSMRXW ERH WYF WYFTSMRXW EW RIGIWWEV] XS WYTTSVX XLI QEMR TSMRXW
&YX WYTTSWI EW WSQIXMQIW LETTIRW ]SY JMRH ]SYVWIPJ [MXL E PMWX SJ WXEXIQIRXW
ERH EVI RSX WYVI [LMGL EVI QEMR TSMRXW [LMGL EVI WYFTSMRXW ERH WS JSVXL
7YGL E PMWX QMKLX PSSO PMOI XLMW
8LIVI [IVI TISTPI EX XLI 0EWX 7YTTIVh.IWYW ERH LMW HMWGMTPIW
3RI SJ XLI QSWX GSQQSR WSYVGIW SJ WYTIVWXMXMSR MW RYQFIVW
-R XLI 9RMXIH 7XEXIW MW SJXIR SQMXXIH MR XLI JPSSV RYQFIVMRK SJ LSXIPW
ERH WO]WGVETIVW
8LI RYQFIV LEW QIERX FEH PYGO EW PSRK EW ER]SRI GER VIQIQFIV
;LMGL WXEXIQIRX MW XLI QEMR TSMRX# 8LI WIGSRH WXEXIQIRX q3RI SJ XLI
QSWX GSQQSR WSYVGIW SJ WYTIVWXMXMSR MW RYQFIVWr
[LMGL MW FVSEHIV MR WGSTI
XLER ER] SJ XLI SXLIV WXEXIQIRXW 8LMW [SYPH FI SRI SJ XLI QEMR MHIEW SJ ]SYV
WTIIGL 8LI JSYVXL WXEXIQIRX MW XLI WYFTSMRX MX MQQIHMEXIP] WYTTSVXW XLI QEMR
TSMRX 8LI SXLIV X[S WXEXIQIRXW EVI WYF WYFTSMRXW XLI] MPPYWXVEXI XLI WYFTSMRX
6IEVVERKIH TVSTIVP] XLI] PSSO PMOI XLMW
8LI 4VITEVEXMSR 3YXPMRI
0YGEW 8LI %VX SJ 4YFPMG 3YXPMRMRK XLI 7TIIGL 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
- 3RI SJ XLI QSWX GSQQSR WSYVGIW SJ WYTIVWXMXMSR MW RYQFIVW
% 8 LI RYQFIV LEW QIERX FEH PYGO EW PSRK EW ER]SRI GER
VIQIQFIV
8 LIVI [IVI TISTPI EX XLI 0EWX 7YTTIVh.IWYW ERH LMW HMWGMTPIW
- R XLI 9RMXIH 7XEXIW MW SJXIR SQMXXIH MR XLI JPSSV RYQFIVMRK SJ
LSXIPW ERH WO]WGVETIVW
%FSZI EPP VIQIQFIV XLEX EPP TSMRXW EX XLI WEQI PIZIP WLSYPH MQQIHMEXIP]
WYTTSVX XLI TSMRX XLEX MW NYWX EFSZI ERH SRI RSXGL XS XLI PIJX MR ]SYV
SYXPMRI
7XEXI 1EMR 4SMRXW ERH 7YFTSMRXW MR *YPP 7IRXIRGIW
&IPS[ EVI X[S WIXW SJ QEMR TSMRXW ERH WYFTSMRXW JSV XLI WEQI WTIIGL SR XLI
PMJI SJ 1EVXMR 0YXLIV /MRK
GSRRIGXPYGEW GSQ -RIJJIGXMZI 1SVI )JJIGXMZI
*SV LIPT JSVQEXXMRK ]SYV - 1SRXKSQIV]
SYXPMRIW YWI XLI EYXSQEXIH - /MRK FIKER LMW GMZMP VMKLXW GEVIIV MR XLI
7TIIGL 3YXPMRIV MR XLI SRPMRI -- W 1SRXKSQIV] FYW FS]GSXX SJ i
7TIIGL 8SSPW JSV XLMW GLETXIV
% &MVQMRKLEQ -- /MRKtW KVIEXIWX XVMYQTLW GEQI HYVMRK XLI
IEVP] W
& 1EVGL % - R LI GEQTEMKRIH EKEMRWX WIKVIKEXMSR
MR &MVQMRKLEQ %PEFEQE
& 0EXIV XLEX ]IEV LI TEVXMGMTEXIH MR XLI
q(VIEQr JEQSYW QEVGL SR ;EWLMRKXSR ( '
' 4VM^I 1SVI XLER TISTPI XSSO TEVX
--- *MREP ]IEVW /MRK KEZI LMW q- ,EZI E (VIEQr WTIIGL
% 'VMXMGM^IH ' -R LI VIGIMZIH XLI 2SFIP 4IEGI 4VM^I
& :MIXREQ --- / MRK JEGIH KVIEX XYVQSMP HYVMRK LMW JMREP ]IEVW
' %WWEWWMREXMSR % ,I [EW GVMXMGM^IH F] QSVI QMPMXERX FPEGOW
JSV FIMRK RSRZMSPIRX
& , I TVSXIWXIH EKEMRWX XLI [EV MR :MIXREQ
' , I [EW EWWEWWMREXIH MR 1IQTLMW 8IRRIWWII
SR %TVMP
8LI WEQTPI EX PIJX QMKLX WIVZI EW E WTIEOMRK SYXPMRI FYX MX MW ZMVXYEPP] YWI
PIWW EW E TVITEVEXMSR SYXPMRI -X KMZIW SRP] ZEKYI PEFIPW VEXLIV XLER HMWXMRGX
MHIEW -X HSIW RSX MRHMGEXI GPIEVP] XLI GSRXIRX SJ XLI QEMR TSMRXW ERH WYFTSMRXW
2SV HSIW MX VIZIEP [LIXLIV XLI WTIEOIV LEW XLSYKLX SYX LMW SV LIV MHIEW &YX
XLIVI MW RS GSRGIVR EFSYX ER] SJ XLIWI QEXXIVW [MXL XLI SYXPMRI SR XLI VMKLX
-R WYQ E WOMQT] TVITEVEXMSR SYXPMRI MW SJ PMXXPI ZEPYI 7XEXMRK ]SYV QEMR
TSMRXW ERH WYFTSMRXW MR JYPP WIRXIRGIW [MPP IRWYVI XLEX ]SY HIZIPST ]SYV MHIEW
JYPP]
0EFIP 8VERWMXMSRW -RXIVREP 7YQQEVMIW ERH -RXIVREP 4VIZMI[W
3RI [E] XS QEOI WYVI ]SY LEZI WXVSRK XVERWMXMSRW MRXIVREP WYQQEVMIW ERH
MRXIVREP TVIZMI[W MW XS MRGPYHI XLIQ MR XLI TVITEVEXMSR SYXPMRI 9WYEPP] XLI]
EVI RSX MRGSVTSVEXIH MRXS XLI W]WXIQ SJ W]QFSPM^EXMSR ERH MRHIRXEXMSR FYX EVI
PEFIPIH WITEVEXIP] ERH MRWIVXIH MR XLI SYXPMRI [LIVI XLI] [MPP ETTIEV MR XLI
WTIIGL
',%48)6 3980-2-2+ 8,) 74))',
0YGEW 8LI %VX SJ 4YFPMG 3YXPMRMRK XLI 7TIIGL 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
%W FPYITVMRXW EVI IWWIRXMEP
XS EVGLMXIGXYVI WS SYXPMRIW
EVI IWWIRXMEP XS WTIIGL
QEOMRK (IZIPSTMRK ER
SYXPMRI LIPTW IRWYVI XLEX XLI
WXVYGXYVI SJ ]SYV WTIIGL MW
GPIEV ERH GSLIVIRX
% XXEGL E &MFPMSKVETL] FMFPMSKVETL]
% PMWX SJ EPP XLI WSYVGIW YWIH MR
=SY WLSYPH MRGPYHI [MXL XLI SYXPMRI E FMFPMSKVETL] XLEX WLS[W EPP XLI FSSOW TVITEVMRK E WTIIGL
QEKE^MRIW RI[WTETIVW ERH -RXIVRIX WSYVGIW ]SY GSRWYPXIH EW [IPP EW ER]
MRXIVZMI[W SV JMIPH VIWIEVGL ]SY GSRHYGXIH
8LI X[S QENSV FMFPMSKVETLMG JSVQEXW EVI XLSWI HIZIPSTIH F] XLI 1SHIVR
0ERKYEKI %WWSGMEXMSR 10%
ERH XLI %QIVMGER 4W]GLSPSKMGEP %WWSGMEXMSR
%4%
&SXL EVI [MHIP] YWIH F] GSQQYRMGEXMSR WGLSPEVW EWO ]SYV MRWXVYGXSV
[LMGL LI SV WLI TVIJIVW 2S QEXXIV [LMGL JSVQEX ]SY EHSTX QEOI WYVI ]SYV
WXEXIQIRX SJ WSYVGIW MW GPIEV EGGYVEXI ERH GSRWMWXIRX *SV LIPT XYVR XS
TEKI MR 'LETXIV [LIVI ]SY [MPP JMRH WEQTPI GMXEXMSRW JSV XLI OMRHW SJ
WSYVGIW YWIH QSWX JVIUYIRXP] MR GPEWWVSSQ WTIIGLIW -J ]SY HSRtX JMRH [LEX ]SY
RIIH XLIVI GLIGO XLI GSQTPIXI &MFPMSKVETL] *SVQEXW MR XLI SRPMRI 7TIIGL
8SSPW JSV XLMW GLETXIV EX [[[ GSRRIGXPYGEW GSQ
+MZI =SYV 7TIIGL E 8MXPI -J 3RI -W (IWMVIH GSRRIGXPYGEW GSQ
9WI XLI &MFPMSQEOIV MR XLI
-R XLI GPEWWVSSQ ]SY TVSFEFP] HS RSX RIIH E XMXPI JSV ]SYV WTIIGL YRPIWW ]SYV SRPMRI 7TIIGL 8SSPW JSV XLMW
XIEGLIV VIUYMVIW SRI -R WSQI SXLIV WMXYEXMSRW LS[IZIV E WTIIGL XMXPI MW GLETXIV XS EYXSQEXMGEPP]
RIGIWWEV]hEW [LIR XLI WTIIGL MW TYFPMGM^IH MR EHZERGI SV MW KSMRK XS FI TYF JSVQEX ]SYV FMFPMSKVETL]
PMWLIH ;LEXIZIV XLI VIEWSR MJ ]SY HS HIGMHI XS YWI E XMXPI MX WLSYPH
FI EGGSVHMRK XS 10% SV %4%
FVMIJ
EXXVEGX XLI EXXIRXMSR SJ ]SYV EYHMIRGI ERH
IRGETWYPEXI XLI QEMR WXERHEVHW
XLVYWX SJ ]SYV WTIIGL
% KSSH XMXPI RIIH RSX LEZI [LEX 1EHMWSR %ZIRYI [SYPH GEPP qWI\ ETTIEPrh
PSXW SJ KPMXXIV ERH TM^^E^^ &] XLI WEQI XSOIR XLIVI MW GIVXEMRP] RSXLMRK [VSRK
[MXL E GEXGL] XMXPIhEW PSRK EW MX MW KIVQERI XS XLI WTIIGL ,IVI EVI X[S KVSYTW
SJ XMXPIW 8LSWI SR XLI PIJX EVI WXVEMKLXJSV[EVH ERH HIWGVMTXMZI 8LSWI SR XLI
VMKLX EVI JMKYVEXMZI EPXIVREXMZIW XS XLI SRIW SR XLI PIJX
8LI 4VITEVEXMSR 3YXPMRI
0YGEW 8LI %VX SJ 4YFPMG 3YXPMRMRK XLI 7TIIGL 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
GSRRIGXPYGEW GSQ ' L I G O P M W X 4VITEVEXMSR 3YXPMRI
8LMW GLIGOPMWX MW EPWS EZEMPEFPI
MR XLI SRPMRI 7TIIGL 8SSPW JSV =)7 23
XLMW GLETXIV
(SIW Q] WTIIGL LEZI E XMXPI MJ SRI MW VIUYMVIH#
(S - WXEXI XLI WTIGMJMG TYVTSWI FIJSVI XLI XI\X SJ XLI SYXPMRI
MXWIPJ #
(S - WXEXI XLI GIRXVEP MHIE FIJSVI XLI XI\X SJ XLI SYXPMRI
MXWIPJ #
%VI XLI MRXVSHYGXMSR FSH] ERH GSRGPYWMSR GPIEVP]
PEFIPIH#
%VI QEMR TSMRXW ERH WYFTSMRXW [VMXXIR MR JYPP WIRXIRGIW#
%VI XVERWMXMSRW MRXIVREP WYQQEVMIW ERH MRXIVREP TVIZMI[W
GPIEVP] PEFIPIH#
(SIW XLI SYXPMRI JSPPS[ E GSRWMWXIRX TEXXIVR SJ W]QFS
PM^EXMSR ERH MRHIRXEXMSR#
(SIW XLI SYXPMRI TVSZMHI E GPIEV ZMWYEP JVEQI[SVO XLEX
WLS[W XLI VIPEXMSRWLMTW EQSRK XLI MHIEW SJ Q] WTIIGL#
(SIW XLI FMFPMSKVETL] MHIRXMJ] EPP XLI WSYVGIW - GSRWYPXIH
MR TVITEVMRK XLI SYXPMRI#
(SIW XLI FMFPMSKVETL] JSPPS[ XLI JSVQEX VIUYMVIH F] Q]
MRWXVYGXSV#
+VSYT - +VSYT --
9RWEJI (VMROMRK ;EXIV 8S\MRW SR 8ET
0MZMRK [MXL (IEJRIWW 8LI 7SYRHW SJ 7MPIRGI
8LI 6EKI XS (MIX 8LI %VX SJ ;MWLJYP 7LVMROMRK
8LI 9RMXIH 7XEXIW 1MRX 8LI &YGO 7XEVXW ,IVI
+EQFPMRK %HHMGXMSR %KEMRWX %PP 3HHW
;LMGL KVSYT HS ]SY TVIJIV# 8LIVI EVI EHZERXEKIW ERH HMWEHZERXEKIW XS
FSXL 8LSWI MR XLI JMVWX KVSYT GPIEVP] VIZIEP XLI XSTMG FYX XLI] EVI RSX EW TVS
ZSGEXMZI EW XLSWI MR XLI WIGSRH KVSYT 8LSWI MR XLI WIGSRH KVSYT EVI WYVI XS
EVSYWI MRXIVIWX FYX XLI] HS RSX KMZI EW GPIEV ER MHIE SJ [LEX XLI WTIIGLIW EVI
EFSYX
8LIVI MW SRI SXLIV OMRH SJ XMXPI ]SY WLSYPH GSRWMHIVhXLI UYIWXMSR 4LVEW
MRK ]SYV XMXPI EW E UYIWXMSR GER FI FSXL HIWGVMTXMZI ERH TVSZSGEXMZI 9WMRK XLMW
QIXLSH [I GER GSRWXVYGX E XLMVH WIX SJ XMXPIW GSQFMRMRK XLI ZMVXYIW SJ KVSYTW
- ERH --
+VSYT ---
-W =SYV ;EXIV 7EJI XS (VMRO#
'ER =SY 7II ;LEX -tQ 7E]MRK#
',%48)6 3980-2-2+ 8,) 74))',
0YGEW 8LI %VX SJ 4YFPMG 3YXPMRMRK XLI 7TIIGL 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
(MIXW ,S[ )JJIGXMZI %VI 8LI]#
;LIVI -W 1EOMRK 1SRI] E ;E] SJ 0MJI#
(S =SY 6IEPP] 8LMRO =SY 'ER &IEX XLI 3HHW#
7SQIXMQIW ]SY [MPP GLSSWI E XMXPI JSV ]SYV WTIIGL ZIV] IEVP] %X SXLIV XMQIW
]SY QE] RSX JMRH SRI ]SY PMOI YRXMP XLI PEWX QMRYXI )MXLIV [E] XV] XS FI
VIWSYVGIJYP EFSYX GVIEXMRK XMXPIW JSV ]SYV WTIIGLIW )\TIVMQIRX [MXL WIZIVEP ERH
GLSSWI XLI SRI XLEX WIIQW QSWX ETTVSTVMEXI
7%140) 46)4%6%8-32 3980-2) ;-8, '311)28%6=
8LI JSPPS[MRK SYXPMRI JSV E WM\ QMRYXI MRJSVQEXMZI WTIIGL MPPYWXVEXIW XLI TVMR
GMTPIW NYWX HMWGYWWIH 8LI GSQQIRXEV] I\TPEMRW XLI TVSGIHYVIW YWIH MR SVKERM^
MRK XLI WTIIGL ERH [VMXMRK XLI SYXPMRI 'LIGO [MXL ]SYV XIEGLIV XS WII MJ WLI
SV LI [ERXW ]SY XS MRGPYHI E XMXPI [MXL ]SYV SYXPMRI
4ERMG %XXEGOW
'311)28%6= 3980-2)
7XEXMRK ]SYV WTIGMJMG TYVTSWI ERH GIRXVEP MHIE 7TIGMJMG 4YVTSWI 8S MRJSVQ Q] EYHMIRGI EFSYX XLI REXYVI
EW WITEVEXI YRMXW FIJSVI XLI XI\X SJ XLI SYXPMRI I\XIRX ERH W]QTXSQW SJ TERMG EXXEGOW
QEOIW MX IEWMIV XS NYHKI LS[ [IPP ]SY LEZI
GSRWXVYGXIH XLI SYXPMRI XS EGLMIZI ]SYV TYV 'IRXVEP -HIE 4ERMG EXXEGOW EVI WIVMSYW QIHMGEP GSRHMXMSRW
TSWI ERH XS GSQQYRMGEXI ]SYV GIRXVEP MHIE [LSWI JIEVJYP W]QTXSQW EJJIGX QMPPMSRW SJ TISTPI
0EFIPMRK XLI MRXVSHYGXMSR QEVOW MX EW E HMWXMRGX -RXVSHYGXMSR
WIGXMSR XLEX TPE]W E WTIGMEP VSPI MR XLI WTIIGL
8LI STIRMRK WXSV] KIXW EXXIRXMSR ERH EW MX - - GERtX FVIEXLI Q] EVQW EVI XMRKPMRK -tQ VIEPP] HM^^] ERH
TVSKVIWWIW VIZIEPW XLI XSTMG SJ XLI WTIIGL MX JIIPW EW MJ Q] LIEVX MW EFSYX XS JP] SYX SJ Q] GLIWX
-- ;LIR XLMW LETTIRIH XS QI XLVII ]IEVW EKS EX ER SYXHSSV
GSRGIVX - [EW VIEPP] JVMKLXIRIH
% %X XLI XMQI - LEH RS MHIE [LEX [EW KSMRK SR
& 1] HSGXSV XSPH QI PEXIV XLEX - LEH I\TIVMIRGIH E TERMG
EXXEGO
,IVI XLI WTIEOIV IWXEFPMWLIW LIV GVIHMFMPMX] --- - LEZI PIEVRIH E PSX EFSYX Q] GSRHMXMSR HYVMRK XLI TEWX
ERH TVIZMI[W XLI QEMR TSMRXW XS FI HMWGYWWIH XLVII ]IEVW ERH - HMH EHHMXMSREP VIWIEVGL JSV XLMW WTIIGL
MR XLI FSH] SJ XLI WTIIGL -: 8SHE] - [SYPH PMOI XS MRJSVQ ]SY EFSYX XLI REXYVI SJ
TERMG EXXEGOW XLI TISTPI EJJIGXIH QSWX SJXIR F] XLIQ
ERH XLI STXMSRW JSV XVIEXQIRX
-RGPYHMRK XVERWMXMSRW IRWYVIW XLEX XLI WTIEOIV 8VERWMXMSR 0IXtW WXEVX [MXL XLI REXYVI SJ TERMG EXXEGOW
LEW [SVOIH SYX LS[ XS GSRRIGX SRI MHIE XS
XLI RI\X 2SXMGI XLEX XLI XVERWMXMSR MW RSX
MRGPYHIH MR XLI W]WXIQ SJ W]QFSPM^EXMSR ERH
MRHIRXEXMSR YWIH JSV XLI VIWX SJ XLI WTIIGL
8LI 4VITEVEXMSR 3YXPMRI
0YGEW 8LI %VX SJ 4YFPMG 3YXPMRMRK XLI 7TIIGL 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
0EFIPMRK XLI FSH] QEVOW MX EW E HMWXMRGX TEVX &SH]
SJ XLI WTIIGL
1EMR TSMRX - MW TLVEWIH EW E JYPP WIRXIRGI %W - 4ERMG EXXEGOW EVI E WIZIVI QIHMGEP GSRHMXMSR [MXL E RYQ
XLI SYXPMRI TVSKVIWWIW RSXMGI XLEX XLI QEMR FIV SJ TL]WMGEP ERH QIRXEP W]QTXSQW
TSMRXW EVI EVVERKIH MR XSTMGEP SVHIV % %W HIJMRIH F] XLI 2EXMSREP -RWXMXYXI SJ 1IRXEP ,IEPXL
TERMG EXXEGOW MRZSPZI qYRI\TIGXIH ERH VITIEXIH
8LI X[S WYFTSMRXW SJ QEMR TSMRX - EVI WLS[R ITMWSHIW SJ MRXIRWI JIEV EGGSQTERMIH F] TL]WMGEP
F] XLI GETMXEP PIXXIVW % ERH & ERH EVI [VMXXIR W]QTXSQW r
SYX MR JYPP WIRXIRGIW XS IRWYVI XLEX XLI 8LI EXXEGOW YWYEPP] GSQI SYX SJ RS[LIVI ERH WXVMOI
WTIEOIV LEW XLSYKLX XLIQ SYX JYPP] 4SMRXW [LIR PIEWX I\TIGXIH
FIPS[ XLI PIZIP SJ WYFTSMRX EVI MRHMGEXIH F] 8LIMV PIRKXL GER ZEV] JVSQ E JI[ QMRYXIW XS WIZIVEP
%VEFMG RYQIVEPW ERH PS[IVGEWI PIXXIVW 7SQI LSYVW
XMQIW XLI] EVI RSX [VMXXIR EW J YPP WIRXIRGIW & 8LIVI EVI E RYQFIV SJ W]QTXSQW GSQQSR XS QSWX
'LIGO XS WII [LEX ]SYV XIEGLIV TVIJIVW TERMG EXXEGOW
4L]WMGEP W]QTXSQW MRGPYHI E TSYRHMRK LIEVX WLSVX
RIWW SJ FVIEXL PMKLXLIEHIHRIWW ERH RYQFRIWW SV
XMRKPMRK WIRWEXMSRW MR XLI EVQW ERH PIKW
1IRXEP W]QTXSQW MRGPYHI EGYXI JIEV E WIRWI SJ
HMWEWXIV SV LIPTPIWWRIWW ERH E JIIPMRK SJ FIMRK
HIXEGLIH JVSQ SRItW S[R FSH]
8LI XVERWMXMSR WLS[W LS[ XLI WTIEOIV [MPP 8VERWMXMSR 2S[ XLEX ]SY ORS[ WSQIXLMRK EFSYX XLI REXYVI
QSZI JVSQ QEMR TSMRX - XS QEMR TSMRX -- SJ TERMG EXXEGOW PIXtW PSSO EX LS[ [MHIWTVIEH XLI] EVI
0MOI QEMR TSMRX - QEMR TSMRX -- MW TLVEWIH EW -- 4ERMG EXXEGOW EJJIGX QMPPMSRW SJ TISTPI
E JYPP WIRXIRGI % %GGSVHMRK XS XLI %QIVMGER 4W]GLMEXVMG %WWSGMEXMSR WM\
QMPPMSR %QIVMGERW WYJJIV JVSQ TERMG EXXEGOW
8LI TVSKVIWWMZI MRHIRXEXMSR WLS[W ZMWYEPP] & 7SQI KVSYTW LEZI E LMKLIV MRGMHIRGI SJ TERMG EXXEGOW
XLI VIPEXMSRWLMTW EQSRK QEMR TSMRXW WYF XLER HS SXLIV KVSYTW
TSMRXW ERH WYF WYFTSMRXW 8LI 2EXMSREP -RWXMXYXI SJ 1IRXEP ,IEPXL VITSVXW XLEX
TERMG EXXEGOW WXVMOI [SQIR X[MGI EW SJXIR EW QIR
,EPJ XLI TISTPI [LS WYJJIV JVSQ TERMG EXXEGOW
HIZIPST W]QTXSQW FIJSVI XLI EKI SJ
8LI XVERWMXMSR MRHMGEXIW XLEX XLI WTIEOIV MW 8VERWMXMSR +MZIR XLI WIZIVMX] SJ TERMG EXXEGOW -tQ WYVI ]SY
QSZMRK XS LIV RI\X QEMR TSMRX EVI [SRHIVMRK LS[ XLI] GER FI XVIEXIH
8LMW QEMR TSMRX PMOI XLI JMVWX X[S MW WXEXIH --- 8LIVI EVI X[S QENSV STXMSRW JSV XVIEXMRK TERMG EXXEGOW
EW E JYPP WIRXIRGI % 3RI STXMSR MW QIHMGEXMSR
%RXMHITVIWWERXW EVI XLI QSWX JVIUYIRXP] TVIWGVMFIH
QIHMGEXMSR JSV TERMG EXXEGOW
8LI] VIEVVERKI XLI FVEMRtW GLIQMGEP PIZIPW WS EW XS
KIX VMH SJ YR[ERXIH JIEV VIWTSRWIW
2SXMGI XLI TEXXIVR SJ WYFSVHMREXMSR MR XLMW WIG & %RSXLIV STXMSR MW GSKRMXMZI FILEZMSVEP XLIVET]
XMSR 7YFTSMRX & RSXIW XLEX GSKRMXMZI FILEZMSVEP 8LMW XLIVET] MRZSPZIW XIGLRMUYIW XLEX LIPT TISTPI
XLIVET] MW SRI SJ XLI STXMSRW JSV XVIEXMRK TERMG [MXL TERMG EXXEGOW KEMR GSRXVSP SJ XLIMV W]QTXSQW
EXXEGOW 7YF WYFTSMRX MHIRXMJMIW XLI OMRHW SJ ERH JIIPMRKW
XIGLRMUYIW MRZSPZIH MR XLMW XLIVET] &IGEYWI E 7SQI XIGLRMUYIW MRZSPZI FVIEXLMRK I\IVGMWIW
MXIQW E ERH F I\TERH YTSR XLI XIGLRMUYIW F 3 XLIV XIGLRMUYIW XEVKIX XLSYKLX TEXXIVRW XLEX
TSMRX XLI] EVI WYFSVHMREXIH XS MX GER XVMKKIV TERMG EXXEGOW
',%48)6 3980-2-2+ 8,) 74))',
0YGEW 8LI %VX SJ 4YFPMG 3YXPMRMRK XLI 7TIIGL 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
%GGSVHMRK XS (EZMH &EVPS[ EYXLSV SJ XLI 'PMRMGEP
,ERHFSSO SJ 4W]GLSPSKMGEP (MWSVHIVW GSKRMXMZI
FILEZMSVEP X LIVET] GER FI LMKLP] IJJIGXMZI
0EFIPMRK XLI GSRGPYWMSR QEVOW MX EW E HMWXMRGX 'SRGPYWMSR
TEVX SJ XLI WTIIGL
7YQQEVM^MRK XLI QEMR TSMRXW MW YWYEPP] WXER - %W [I LEZI WIIR TERMG EXXEGOW EJJIGX QMPPMSRW SJ TISTPI
HEVH TVSGIHYVI MR ER MRJSVQEXMZI WTIIGL -- *SVXYREXIP] XLIVI EVI XVIEXQIRX STXMSRW XS LIPT
TVIZIRX TERMG EXXEGOW ERH XS HIEP [MXL XLIQ [LIR
XLI] SGGYV
6IJIVVMRK FEGO XS XLI WTIEOIVtW TIVWSREP --- -R Q] GEWI XLI GSQFMREXMSR SJ QIHMGEXMSR ERH
I\TIVMIRGI QIRXMSRIH MR XLI MRXVSHYGXMSR GSKRMXMZI FILEZMSVEP XLIVET] LEW FIIR I\XVIQIP]
KMZIW XLI WTIIGL E WIRWI SJ YRMX] ERH TVS LIPTJYP
ZMHIW ER IJJIGXMZI IRHMRK -: - HSRtX ORS[ MJ - [MPP IZIV FI GSQTPIXIP] JVII SJ TERMG
EXXEGOW FYX EX PIEWX - YRHIVWXERH RS[ [LEX XLI] EVI ERH
[LEX - GER HS EFSYX XLIQ
8LMW MW XLI JMREP FMFPMSKVETL] -X PMWXW XLI &MFPMSKVETL]
WSYVGIW EGXYEPP] YWIH MR [VMXMRK XLI WTIIGL
ERH MW WLSVXIV XLER XLI TVIPMQMREV] FMFPMSK &EVPS[ (EZMH 'PMRMGEP ,ERHFSSO SJ 4W]GLSPSKMGEP (MWSVHIVW
VETL] GSQTMPIH MR XLI IEVP] WXEKIW SJ VIWIEVGL XL IH 2I[ =SVO +YMPJSVH 4VIWW 4VMRX
7II 'LETXIV JSV E HMWGYWWMSR SJ XLI TVI
PMQMREV] FMFPMSKVETL]
&EWOMR /EVE q2SX .YWX %R] 3PH &YXXIVJPMIW r ;EWLMRKXSR
4SWX .ER * 0I\MW2I\MW ;IF 3GX
8LMW FMFPMSKVETL] JSPPS[W XLI 1SHIVR
0ERKYEKI %WWSGMEXMSR 10%
JSVQEX 'LIGO &VERXPI] .IJJVI] 'EPQMRK =SYV %R\MSYW 1MRH ,S[ 1MRHJYP
[MXL ]SYV MRWXVYGXSV XS WII [LEX JSVQEX ]SY RIWW ERH 'SQTEWWMSR 'ER *VII =SY JVSQ %R\MIX] *IEV
WLSYPH YWI JSV ]SYV FMFPMSKVETL] ERH 4ERMG RH IH 3EOPERH '% 2I[ ,EVFMRKIV 4YFPMGE
XMSRW 4VMRX
'LS] =YNYER q8VIEXQIRX 4PERRMRK JSV 4ERMG (MWSVHIV r
4W]GLMEXVMG 8MQIW *IF i 4VMRX
9RMXIH 7XEXIW (ITX SJ ,IEPXL ERH ,YQER 7IVZMGIW
2EXMSREP -RWXMXYXI SJ 1IRXEP ,IEPXL 4ERMG (MWSVHIV
2EXMSREP -RWXMXYXIW SJ ,IEPXL %TV ;IF
3GX
8LI 7TIEOMRK 3YXPMRI
q- [EW RIZIV WS I\GMXIH F] TYFPMG WTIEOMRK FIJSVI MR Q] PMJI r [VSXI SRI PMWXIRIV
MR EJXIV PMWXIRMRK XS (ERMIP ;IFWXIV q8LVII SV JSYV XMQIW - XLSYKLX Q]
XIQTPIW [SYPH FYVWX [MXL XLI KYWL SJ FPSSH - [EW FIWMHI Q]WIPJ ERH EQ
WS WXMPP r
7YGL VIEGXMSRW [IVI RSX YRYWYEP EQSRK ;IFWXIVtW EYHMIRGIW ,I XLVMPPIH
X[S KIRIVEXMSRW SJ %QIVMGERW [MXL LMW QEWXIVJYP SVEXMSRW -RGVIHMFPI EW MX
WIIQW XSHE] LI HMH WS [LMPI WTIEOMRK JSV WIZIVEP LSYVW EX E XMQI SJXIR [MXLSYX
8LI 7TIEOMRK 3YXPMRI
0YGEW 8LI %VX SJ 4YFPMG 3YXPMRMRK XLI 7TIIGL 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
WTIEOMRK SYXPMRI YWMRK ER] RSXIW % VITSVXIV SRGI EWOIH LS[ LI QEREKIH XLMW q-X MW Q] QIQ
% FVMIJ SYXPMRI YWIH XS NSK E SV] r ;IFWXIV WEMH q- GER TVITEVI E WTIIGL VIZMWI ERH GSVVIGX MX MR Q] QIQSV]
WTIEOIVtW QIQSV] HYVMRK XLI XLIR HIPMZIV XLI GSVVIGXIH WTIIGL I\EGXP] EW JMRMWLIH r
TVIWIRXEXMSR SJ E WTIIGL
*I[ TISTPI LEZI ;IFWXIVtW VIQEVOEFPI TS[IVW SJ QIQSV] *SVXYREXIP] MX
MW RS PSRKIV GYWXSQEV] XS WTIEO JVSQ QIQSV] 8SHE] QSWX TISTPI WTIEO
I\XIQTSVERISYWP]h[LMGL QIERW XLI WTIIGL MW GEVIJYPP] TVITEVIH ERH TVEG
XMGIH MR EHZERGI FYX QYGL SJ XLI I\EGX [SVHMRK MW WIPIGXIH [LMPI XLI WTIIGL MW
FIMRK HIPMZIVIH WII 'LETXIV
=SYV WTIIGLIW [MPP TVSFEFP] FI SJ XLMW X]TI
=SY WLSYPH ORS[ XLIR EFSYX XLI WTIEOMRK SYXPMRIhXLI QSWX [MHIP] VIGSQ
QIRHIH JSVQ SJ RSXIW JSV I\XIQTSVERISYW WTIIGLIW
8LI EMQ SJ E WTIEOMRK SYXPMRI MW XS LIPT ]SY VIQIQFIV [LEX ]SY [ERX XS
WE] -R WSQI [E]W MX MW E GSRHIRWIH ZIVWMSR SJ ]SYV TVITEVEXMSR SYXPMRI -X
WLSYPH GSRXEMR OI] [SVHW SV TLVEWIW XS NSK ]SYV QIQSV] EW [IPP EW IWWIRXMEP
WXEXMWXMGW ERH UYSXEXMSRW XLEX ]SY HSRtX [ERX XS VMWO JSVKIXXMRK &YX MX WLSYPH
EPWS MRGPYHI QEXIVMEP RSX MR ]SYV TVITEVEXMSR SYXPMRIhIWTIGMEPP] GYIW XS HMVIGX
ERH WLEVTIR ]SYV HIPMZIV]
1SWX WTIEOIVW HIZIPST XLIMV S[R ZEVMEXMSRW SR XLI WTIEOMRK SYXPMRI %W ]SY
EGUYMVI QSVI I\TIVMIRGI ]SY XSS WLSYPH JIIP JVII XS I\TIVMQIRX &YX JSV RS[
]SYV FIWX FIX MW XS JSPPS[ XLI FEWMG KYMHIPMRIW FIPS[ ERH XS YWI XLI WEQTPI
WTIEOMRK SYXPMRI SR TEKIW i EW ]SYV QSHIP
+ 9-()0-2)7 *36 8,) 74)%/-2+ 3980-2)
*SPPS[ XLI :MWYEP *VEQI[SVO 9WIH MR XLI 4VITEVEXMSR 3YXPMRI
=SYV WTIEOMRK SYXPMRI WLSYPH YWI XLI WEQI ZMWYEP JVEQI[SVOhXLI WEQI W]Q
FSPW ERH XLI WEQI TEXXIVR SJ MRHIRXEXMSRhEW ]SYV TVITEVEXMSR SYXPMRI 8LMW
[MPP QEOI MX QYGL IEWMIV XS TVITEVI XLI WTIEOMRK SYXPMRI 1SVI MQTSVXERX MX
[MPP EPPS[ ]SY XS WII MRWXERXP] [LIVI ]SY EVI MR XLI WTIIGL EX ER] KMZIR
QSQIRX [LMPI ]SY EVI WTIEOMRK =SY [MPP JMRH XLMW E KVIEX EHZERXEKI %W ]SY
WTIEO ]SY [MPP PSSO HS[R EX ]SYV SYXPMRI TIVMSHMGEPP] XS QEOI WYVI ]SY EVI
GSZIVMRK XLI VMKLX MHIEW MR XLI VMKLX SVHIV
'SQTEVI XLI JSPPS[MRK X[S ZIVWMSRW SJ E TEVXMEP WTIEOMRK SYXPMRI 8LI] EVI
JVSQ ER MRJSVQEXMZI WTIIGL EFSYX XLI LMWXSV] SJ XLI 9 7 [SQIRtW VMKLXW
QSZIQIRX
-RIJJIGXMZI 1SVI )JJIGXMZI
- i - i
% ; SVPH %RXM 7PEZIV] % ;SVPH %RXM 7PEZIV]
'SRZIRXMSR
'SRZIRXMSR & 7IRIGE *EPPW GSRZIRXMSR
& 7 IRIGE *EPPW GSRZIRXMSR 0 YGVIXME 1SXX
0YGVIXME 1SXX ) PM^EFIXL 'EH] 7XERXSR
)PM^EFIXL 'EH] 7XERXSR ( IGPEVEXMSR SJ 7IRXMQIRXW
(IGPEVEXMSR SJ 7IRXMQIRXW
-- i -- i
% 2 EXMSREP %QIVMGER ;SQER % 2EXMSREP %QIVMGER ;SQER
7YJJVEKI %WWSGMEXMSR
7YJJVEKI %WWSGMEXMSR * SYRHMRK
*SYRHMRK
3FNIGXMZIW 3FNIGXMZIW
& 2MRIXIIRXL %QIRHQIRX & 2MRIXIIRXL %QIRHQIRX
'EQTEMKR 'EQTEMKR
6EXMJMGEXMSR 6EXMJMGEXMSR
',%48)6 3980-2-2+ 8,) 74))',
0YGEW 8LI %VX SJ 4YFPMG 3YXPMRMRK XLI 7TIIGL 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
1ER] I\TIVMIRGIH WTIEOIVW
EVI QSVI GSQJSVXEFPI [MXL E
FVMIJ WIX SJ RSXIW SV RS RSXIW
EX EPP [LMGL EPPS[W XLIQ XS
QEMRXEMR I]I GSRXEGX ERH XS
GSQQYRMGEXI HMVIGXP] [MXL
XLI EYHMIRGI
8LI [SVHMRK SJ FSXL SYXPMRIW MW I\EGXP] XLI WEQI &YX XLI ZMWYEP JVEQI[SVO SJ
XLI SRI SR XLI VMKLX QEOIW MX IEWMIV XS XEOI MR EX E KPERGI ERH VIHYGIW XLI SHHW
SJ XLI WTIEOIV PSWMRK LIV SV LMW TPEGI
1EOI 7YVI XLI 3YXPMRI -W 0IKMFPI
=SYV WTIEOMRK SYXPMRI MW EPP FYX [SVXLPIWW YRPIWW MX MW MRWXERXP] VIEHEFPI EX E HMW
XERGI ;LIR ]SY QEOI ]SYV SYXPMRI YWI PEVKI PIXXIVMRK PIEZI I\XVE WTEGI FIX[IIR
PMRIW TVSZMHI EQTPI QEVKMRW ERH [VMXI SV X]TI SR SRP] SRI WMHI SJ XLI TETIV
7SQI WTIEOIVW TYX XLIMV RSXIW SR MRHI\ GEVHW 1SWX JMRH XLI WM^I XSS
GVEQTIH ERH TVIJIV XLI SV WM^I MRWXIEH 3XLIV TISTPI [VMXI XLIMV
WTIEOMRK SYXPMRIW SR VIKYPEV TETIV )MXLIV TVEGXMGI MW JMRI EW PSRK EW ]SYV RSXIW
EVI MQQIHMEXIP] PIKMFPI XS ]SY [LMPI ]SY EVI WTIEOMRK
/IIT XLI 3YXPMRI EW &VMIJ EW 4SWWMFPI
-J ]SYV RSXIW EVI XSS HIXEMPIH ]SY [MPP LEZI HMJJMGYPX] QEMRXEMRMRK I]I GSRXEGX
[MXL ]SYV EYHMIRGI % HIXEMPIH SYXPMRI [MPP XIQTX ]SY XS PSSO EX MX JEV XSS SJXIR
EW SRI WXYHIRX HMWGSZIVIH
%RKIPE +VEREXS [EW WTIEOMRK EFSYX XLI FIRIJMXW SJ 4MPEXIW 7LI LEH TVITEVIH XLI
WTIIGL XLSVSYKLP] ERH TVEGXMGIH MX YRXMP MX [EW RIEVP] TIVJIGX &YX [LIR WLI HIPMZIVIH XLI
WTIIGL MR GPEWW WLI VIJIVVIH GSRWXERXP] XS LIV HIXEMPIH RSXIW %W E VIWYPX LIV HIPMZIV] [EW
GLSTT] ERH WXVEMRIH %JXIV XLI WTIIGL %RKIPEtW GPEWWQEXIW VIQEVOIH SR LS[ SJXIR WLI LEH
PSSOIH EX LIV RSXIW ERH WLI [EW EQE^IH q- HMHRtX IZIR ORS[ - [EW HSMRK MX r WLI WEMH
q1SWX SJ XLI XMQI - [EWRtX IZIR TE]MRK EXXIRXMSR XS XLI SYXPMRI - ORI[ XLI WTIIGL GSPH r
1ER] WXYHIRXW LEZI LEH XLI WEQI I\TIVMIRGI q%W PSRK EW - LEZI TPIRX] SJ
RSXIW r XLI] JIIP qHMWEWXIV [MPP RSX WXVMOI r -R JEGX QSWX FIKMRRMRK WTIEOIVW YWI
XSS QER] RSXIW 0MOI %RKIPE XLI] HSRtX RIIH EPP SJ XLIQ XS VIQIQFIV XLI
WTIIGL ERH XLI] JMRH XLEX XSS QER] RSXIW GER EGXYEPP] MRXIVJIVI [MXL KSSH
GSQQYRMGEXMSR
8LI 7TIEOMRK 3YXPMRI
0YGEW 8LI %VX SJ 4YFPMG 3YXPMRMRK XLI 7TIIGL 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
8S KYEVH EKEMRWX XLMW OIIT ]SYV WTIEOMRK SYXPMRI EW FVMIJ EW TSWWMFPI -X
WLSYPH GSRXEMR OI] [SVHW SV TLVEWIW XS LIPT ]SY VIQIQFIV QENSV TSMRXW WYF
TSMRXW ERH GSRRIGXMZIW -J ]SY EVI GMXMRK WXEXMWXMGW ]SY [MPP TVSFEFP] [ERX XS
MRGPYHI XLIQ MR ]SYV RSXIW 9RPIWW ]SY EVI KSSH EX QIQSVM^MRK UYSXEXMSRW
[VMXI XLIQ SYX JYPP] EW [IPP *MREPP] XLIVI QE] FI X[S XLVII SV JSYV OI] MHIEW
[LSWI [SVHMRK MW WS MQTSVXERX XLEX ]SY [ERX XS WXEXI XLIQ MR WMQTPI GSQTPIXI
WIRXIRGIW 8LI FIWX VYPI MW XLEX ]SYV RSXIW WLSYPH FI XLI QMRMQYQ ]SY RIIH XS
NSK ]SYV QIQSV] ERH OIIT ]SY SR XVEGO
HIPMZIV] GYIW + MZI =SYVWIPJ 'YIW JSV (IPMZIVMRK XLI 7TIIGL
(MVIGXMSRW MR E WTIEOMRK SYXPMRI
XS LIPT E WTIEOIV VIQIQFIV % KSSH WTIEOMRK SYXPMRI VIQMRHW ]SY RSX SRP] SJ [LEX ]SY [ERX XS WE] FYX EPWS
LS[ WLI SV LI [ERXW XS HIPMZIV SJ LS[ ]SY [ERX XS WE] MX %W ]SY TVEGXMGI XLI WTIIGL ]SY [MPP HIGMHI XLEX
OI] TEVXW SJ XLI WTIIGL GIVXEMR MHIEW ERH TLVEWIW RIIH WTIGMEP IQTLEWMWhXLEX XLI] WLSYPH FI WTSOIR
QSVI PSYHP] WSJXP] WPS[P] SV VETMHP] XLER SXLIV TEVXW SJ XLI WTIIGL =SY [MPP
EPWS HIXIVQMRI LS[ ]SY [ERX XS TEGI XLI WTIIGLhLS[ ]SY [MPP GSRXVSP MXW
XMQMRK VL]XLQ ERH QSQIRXYQ &YX RS QEXXIV LS[ ]SY [SVO XLIWI XLMRKW
SYX ELIEH SJ XMQI RS QEXXIV LS[ SJXIR ]SY TVEGXMGI MX MW IEW] XS JSVKIX XLIQ
SRGI ]SY KIX MR JVSRX SJ ER EYHMIRGI
8LI WSPYXMSR MW XS MRGPYHI MR ]SYV WTIEOMRK SYXPMRI HIPMZIV] GYIWhHMVIGXMSRW
JSV HIPMZIVMRK XLI WTIIGL 3RI [E] XS HS XLMW MW F] YRHIVPMRMRK SV SXLIV[MWI
LMKLPMKLXMRK OI] MHIEW XLEX ]SY [ERX XS FI WYVI XS IQTLEWM^I 8LIR [LIR ]SY
VIEGL XLIQ MR XLI SYXPMRI ]SY [MPP FI VIQMRHIH XS WXVIWW XLIQ %RSXLIV [E]
MW XS NSX HS[R SR XLI SYXPMRI I\TPMGMX GYIW WYGL EW qTEYWI r qVITIEX r qWPS[
HS[R r qPSYHIV r ERH WS JSVXL &SXL XIGLRMUYIW EVI KSSH EMHW JSV FIKMRRMRK
WTIEOIVW FYX XLI] EVI EPWS YWIH F] QSWX I\TIVMIRGIH WTIEOIVW
7 %140) 74)%/-2+ 3980-2) ;-8, '311)28%6=
&IPS[ MW E WEQTPI WTIEOMRK SYXPMRI JSV E WM\ QMRYXI MRJSVQEXMZI XEPO EFSYX
TERMG EXXEGOW &] GSQTEVMRK MX [MXL XLI TVITEVEXMSR SYXPMRI JSV XLI WEQI
WTIIGL SR TEKIW i ]SY GER WII LS[ E HIXEMPIH TVITEVEXMSR SYXPMRI MW
XVERWJSVQIH MRXS E GSRGMWI WTIEOMRK SYXPMRI
'311)28%6= 3980-2)
8LIWI GSQQIRXW VIQMRH XLI WTIEOIV XS IWXEF )]I 'SRXEGX
PMWL I]I GSRXEGX ERH RSX XS VEGI XLVSYKL XLI 7PS[ (S[R
WTIIGL
- 'ERtX FVIEXLI EVQW XMRKPMRK HM^^] LIEVX JP]MRK
8LI [SVH qTEYWIr VIQMRHW XLI WTIEOIV XS h4EYWIh
TEYWI EJXIV LIV STIRMRK PMRIW
-- ,ETTIRIH XLVII ]IEVW EKShXSPH PEXIV - LEH E TERMG
EXXEGO
-RGPYHMRK XLI QEMR MHIEW SJ XLI MRXVSHYGXMSR --- 0IEVRIH EFSYX GSRHMXMSR ERH VIWIEVGLIH JSV WTIIGL
LIPTW OIIT XLI WTIEOIV SR XVEGO EX XLI WXEVX SJ -: 8SHE]hREXYVI SJ TERMG EXXEGOW TISTPI EJJIGXIH ERH
XLI WTIIGL XVIEXQIRX STXMSRW
',%48)6 3980-2-2+ 8,) 74))',
0YGEW 8LI %VX SJ 4YFPMG 3YXPMRMRK XLI 7TIIGL 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
-XtW YWYEPP] E KSSH MHIE XS TEYWI FVMIJP] FIJSVI 0IXtW WXEVX [MXL REXYVI SJ TERMG EXXEGOW
PEYRGLMRK MRXS XLI JMVWX QEMR TSMRX 8LMW MW h4EYWIh
ERSXLIV [E] SJ WMKREPMRK XLEX ]SY EVI QSZ
MRK JVSQ XLI MRXVSHYGXMSR XS XLI FSH]
&SH]
1SWX WTIEOIVW JMRH MX LIPTJYP XS HIQEVGEXI
XLI FSH] SJ XLI WTIIGL MR XLI WTIEOMRK SYX - 7IZIVI GSRHMXMSR [MXL TL]WMGEP ERH QIRXEP W]QTXSQW
PMRI EW [IPP EW MR XLI TVITEVEXMSR SYXPMRI % (IJMRIH F] 2-1, qYRI\TIGXIH ERH VITIEXIH ITMWSHIW
5YSXEXMSRW EVI YWYEPP] [VMXXIR SYX MR JYPP MR SJ MRXIRWI JIEV EGGSQTERMIH F] TL]WMGEP W]QTXSQW r
XLI WTIEOMRK SYXPMRI 'SQI SYX SJ RS[LIVI
*I[ QMRYXIW XS WIZIVEP LSYVW
2SXMGI LS[ XLI FSH] SJ XLI WTIIGL JSPPS[W XLI & 'SQQSR W]QTXSQW
WEQI ZMWYEP JSVQEX EW XLI TVITEVEXMSR SYXPMRI 4L]WMGEPhLIEVX FVIEXL HM^^MRIWW RYQFRIWW SV
8LMW QEOIW XLI SYXPMRI IEW] XS VIEH EX E XMRKPMRK
KPERGI 1IRXEPhJIEV HMWEWXIV SV LIPTPIWWRIWW HIXEGLIH
JVSQ FSH]
-RWIVXMRK XVERWMXMSRW QEOIW WYVI XLI WTIEOIV 2S[ ]SY ORS[ REXYVI PSSO EX TISTPI EJJIGXIH
HSIWRtX JSVKIX XLIQ
-- %JJIGX QMPPMSRW SJ TISTPI
9RHIVPMRMRK VIQMRHW XLI WTIEOIV XS WXVIWW % %QIVMGER 4W]GLMEXVMG %WWRh QMPPMSR
OI] [SVHW SV MHIEW & +VSYTW [MXL LMKLIV MRGMHIRGI
2-1, ;SQIR X[MGI EW SJXIR EW QIR
1SWX TISTPI HIZIPST W]QTXSQW FIJSVI EKI
+MZIR WIZIVMX] [SRHIV LS[ XVIEXIH
8LVSYKLSYX XLI SYXPMRI OI] [SVHW EVI YWIH XS --- 8[S QENSV STXMSRW JSV XVIEXQIRX
NSK XLI WTIEOIVtW QIQSV] &IGEYWI XLI JMREP % 1IHMGEXMSR
[SVHMRK SJ ER I\XIQTSVERISYW WTIIGL MW GLS %RXMHITVIWWERXW QSWX TVIWGVMFIH
WIR EX XLI QSQIRX SJ HIPMZIV] MX [MPP RSX FI 6IEVVERKI FVEMRtW GLIQMGEP PIZIPW
I\EGXP] XLI WEQI EW XLEX MR XLI TVITEVEXMSR & 'SKRMXMZI FILEZMSVEP XLIVET]
SYXPMRI 8IGLRMUYIW XS GSRXVSP W]QTXSQW ERH JIIPMRKW
E &VIEXLMRK
7SYVGIW SJ WXEXMWXMGW SV XIWXMQSR] WLSYPH FI F 8LSYKLX TEXXIVRW
MRGPYHIH MR XLI WTIEOMRK SYXPMRI XS QEOI WYVI )JJIGXMZI WE]W 'PMRMGEP ,ERHFSSO SJ 4W]GLSPSKMGEP
XLI WTIEOIV MHIRXMJMIW XLIQ HYVMRK XLI WTIIGL (MWSVHIVW
-XtW YWYEPP] E KSSH MHIE XS TEYWI FIJSVI IRXIV h4EYWIh
MRK XLI GSRGPYWMSR
'SRGPYWMSR
1SWX WTIEOIVW PEFIP XLI GSRGPYWMSR MR XLI
WTIEOMRK SYXPMRI EW [IPP EW MR XLI TVITEVEXMSR - %W [I LEZI WIIR TERMG EXXEGOW EJJIGX QMPPMSRW SJ TISTPI
SYXPMRI -- *SVXYREXIP] XLIVI EVI XVIEXQIRXW JSV TVIZIRXMRK ERH HIEP
MRK [MXL EXXEGOW
-RGPYHMRK OI] MHIEW ERH TLVEWIW JVSQ XLI --- -R Q] GEWI FSXL QIHMGEXMSR ERH GSKRMXMZI FILEZMSVEP
GSRGPYWMSR NSKW XLI WTIEOIVtW QIQSV] ERH XLIVET] LEZI LIPTIH
IRWYVIW XLEX XLI WTIIGL [MPP IRH EW TPERRIH -: 1E] RIZIV FI JVII SJ EXXEGOW FYX RS[ - ORS[ [LEX XLI]
EVI ERH [LEX - GER HS EFSYX XLIQ
8LI 7TIEOMRK 3YXPMRI
0YGEW 8LI %VX SJ 4YFPMG 3YXPMRMRK XLI 7TIIGL 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
7911%6=
3YXPMRIW EVI IWWIRXMEP XS IJJIGXMZI WTIIGLIW &] SYXPMRMRK ]SY QEOI WYVI XLEX VIPEXIH
MHIEW EVI XSKIXLIV XLEX ]SYV XLSYKLXW JPS[ JVSQ SRI XS ERSXLIV ERH XLEX XLI WXVYG
XYVI SJ ]SYV WTIIGL MW GSLIVIRX =SY [MPP TVSFEFP] YWI X[S OMRHW SJ SYXPMRIW JSV ]SYV
WTIIGLIWhXLI HIXEMPIH TVITEVEXMSR SYXPMRI ERH XLI FVMIJ WTIEOMRK SYXPMRI
-R XLI TVITEVEXMSR SYXPMRI ]SY WXEXI ]SYV WTIGMJMG TYVTSWI ERH GIRXVEP MHIE
PEFIP XLI MRXVSHYGXMSR FSH] ERH GSRGPYWMSR ERH HIWMKREXI XVERWMXMSRW MRXIVREP
WYQQEVMIW ERH MRXIVREP TVIZMI[W =SY WLSYPH MHIRXMJ] QEMR TSMRXW WYFTSMRXW ERH
WYF WYFTSMRXW F] E GSRWMWXIRX TEXXIVR SJ W]QFSPM^EXMSR ERH MRHIRXEXMSR =SYV
XIEGLIV QE] VIUYMVI E FMFPMSKVETL] [MXL ]SYV TVITEVEXMSR SYXPMRI
8LI WTIEOMRK SYXPMRI WLSYPH GSRXEMR OI] [SVHW SV TLVEWIW XS NSK ]SYV QIQSV]
EW [IPP EW IWWIRXMEP WXEXMWXMGW ERH UYSXEXMSRW 1EOI WYVI ]SYV WTIEOMRK SYXPMRI MW PIK
MFPI JSPPS[W XLI WEQI ZMWYEP JVEQI[SVO EW ]SYV TVITEVEXMSR SYXPMRI ERH MRGPYHIW
GYIW JSV HIPMZIVMRK XLI WTIIGL
/)= 8)617
TVITEVEXMSR SYXPMRI
WTIEOMRK SYXPMRI
ZMWYEP JVEQI[SVO
HIPMZIV] GYIW
FMFPMSKVETL]
6):-); 59)78-327
%JXIV VIEHMRK XLMW GLETXIV ]SY WLSYPH FI EFPI XS ERW[IV XLI JSPPS[MRK UYIWXMSRW
GSRRIGXPYGEW GSQ ;L] MW MX MQTSVXERX XS SYXPMRI ]SYV WTIIGLIW#
*SV JYVXLIV VIZMI[ KS XS XLI
7XYH] 5YIWXMSRW MR XLI SRPMRI ;LEX MW E TVITEVEXMSR SYXPMRI# ;LEX EVI XLI IMKLX KYMHIPMRIW HMWGYWWIH MR XLI
7XYH] %MHW JSV XLMW GLETXIV GLETXIV JSV [VMXMRK E TVITEVEXMSR SYXPMRI#
;LEX MW E WTIEOMRK SYXPMRI# ;LEX EVI JSYV KYMHIPMRIW JSV ]SYV WTIEOMRK SYXPMRI#
)<)6'-7)7 *36 '6-8-'%0 8,-2/-2+
-R XLI PIJX LERH GSPYQR SR TEKI MW E TEVXMEPP] FPERO SYXPMRI JVSQ E WTIIGL
EFSYX VSFSXW -R XLI VMKLX LERH GSPYQR EVVERKIH MR VERHSQ SVHIV EVI XLI WYF
TSMRXW XS JMPP MR XLI SYXPMRI 'LSSWI XLI ETTVSTVMEXI WYFTSMRX JSV IEGL FPERO MR
XLI SYXPMRI
8S GSQTPIXI XLMW I\IVGMWI SRPMRI KS XS XLI MRXIVEGXMZI 3YXPMRI )\IVGMWIW MR
XLI 7XYH] %MHW JSV XLMW GLETXIV EX GSRRIGXPYGEW GSQ =SY [MPP EPWS JMRH WIZIVEP
EHHMXMSREP WGVEQFPIH SYXPMRIW XLEX ]SY GER YWI XS LSRI ]SYV SYXPMRMRK WOMPPW
',%48)6 3980-2-2+ 8,) 74))',
0YGEW 8LI %VX SJ 4YFPMG 3YXPMRMRK XLI 7TIIGL 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
3YXPMRI 7YFTSMRXW
- 6SFSXW LEZI GETXYVIH XLI LYQER %WXVSREYXW YWI VSFSXW XS TIVJSVQ QEMRXIRERGI
MQEKMREXMSR JSV GIRXYVMIW SR XLI -RXIVREXMSREP 7TEGI 7XEXMSR
% -R ;IWXMRKLSYWI GVIEXIH E WIZIR JSSX
VSFSX XLEX GSYPH [EPO XEPO FPS[ YT FEPPSSRW
& ERH WQSOI GMKEVIXXIW
' 8LI] EPWS EPPS[ WYVKISRW XS STIVEXI SR
TEXMIRXW JVSQ XLSYWERHW SJ QMPIW E[E]
-- 8SHE] VSFSXW EVI YWIH MR
QER] JMIPHW MRGPYHMRK WTEGI 6SFSXW LEZI FIGSQI MRHMWTIRWEFPI XS WTEGI
I\TPSVEXMSR ERH QIHMGMRI I\TPSVEXMSR
%
-R 0ISREVHS HE :MRGM HIWMKRIH E
QIGLERMGEP WYMX SJ EVQSV XLEX GSYPH WMX YT ERH
QSZI MXW EVQW RIGO ERH NE[
&
8LI] GER REZMKEXI LSWTMXEP GSVVMHSVW XS HIPMZIV
TLEVQEGIYXMGEPW \ VE]W ERH FERHEKIW
-R EHHMXMSR 2%7% WIRHW VSFSXMG WTEGIGVEJX XS
I\TPSVI HMWXERX TPERIXW
6SFSXW EVI FIGSQMRK QSVI ERH QSVI MQTSV
XERX MR QIHMGMRI
-R 4MIVVI ERH ,IRVM .EUYIX (VS^ FYMPX
HSPPW XLEX GSYPH [VMXI TPE] QYWMG ERH HVE[
TMGXYVIW
*VSQ XLI TVITEVEXMSR SYXPMRI SR VSFSXW ]SY GSRWXVYGXIH MR )\IVGMWI GVIEXI E
WTIEOMRK SYXPMRI XLEX ]SY QMKLX YWI MR HIPMZIVMRK XLI WTIIGL *SPPS[ XLI KYMHI
PMRIW JSV E WTIEOMRK SYXPMRI HMWGYWWIH MR XLMW GLETXIV
%TTP]MRK XLI 4S[IV SJ 4YFPMG 7TIEOMRK
%W XLI HIJIRWI EXXSVRI] MR E GEV XLIJX GEWI ]SY RIIH XS TVITEVI ]SYV GPSWMRK EVKYQIRX
XS XLI NYV] FIJSVI MX FIKMRW MXW HIPMFIVEXMSRW %JXIV VIZMI[MRK IZMHIRGI JVSQ XLI XVMEP ]SY
HIGMHI XS WXVIWW XLI JSPPS[MRK TSMRXW XS HIQSRWXVEXI XLI MRRSGIRGI SJ ]SYV GPMIRX
E 8LI WXSPIR GEV [EW JSYRH EFERHSRIH XLVII LSYVW EJXIV XLI XLIJX [MXL XLI IRKMRI WXMPP
[EVQ EX XLI XMQI XLI GEV [EW JSYRH ]SYV GPMIRX [EW EX XLI EMVTSVX XS QIIX XLI JPMKLX
SJ E JVMIRH [LS [EW JP]MRK MRXS XS[R
F 0EF EREP]WMW SJ QYHH] WLSI TVMRXW SR XLI JPSSV QEX SJ XLI GEV MRHMGEXIW XLEX XLI TVMRXW
GEQI JVSQ E WM^I WLSI ]SYV GPMIRX [IEVW E WM^I
G 0EF EREP]WMW WLS[W XLI TVIWIRGI SJ GMKEVIXXI WQSOI MR XLI GEV FYX ]SYV GPMIRX HSIW
RSX WQSOI
H 8LI SRP] I]I[MXRIWW XS XLI GVMQI [LS [EW JIIX JVSQ XLI GEV WEMH XLI XLMIJ
qPSSOIH PMOIr ]SYV GPMIRX ]IX XLI I]I[MXRIWW EHQMXXIH XLEX EX XLI XMQI SJ XLI XLIJX
WLI [EW RSX [IEVMRK LIV GSVVIGXMZI PIRWIW [LMGL LEH FIIR TVIWGVMFIH JSV MQTVSZMRK
HMWXERGI ZMWMSR
I 8LI GEV [EW WXSPIR EX EFSYX 4 1 ]SYV GPMIRX XIWXMJMIH XLEX LI [EW MR E WQEPP XS[R
QMPIW E[E] EX % 1
J -R E WXEXIQIRX XS TSPMGI XLI I]I[MXRIWW HIWGVMFIH XLI XLMIJ EW FPSRH ]SYV GPMIRX LEW
VIH LEMV
%W ]SY [SVO SR XLI SYXPMRI SJ ]SYV WTIIGL ]SY WII XLEX XLIWI TSMRXW GER FI
SVKERM^IH MRXS XLVII QEMR TSMRXW IEGL [MXL X[S WYTTSVXMRK TSMRXW 'SQTSWI ER
SYXPMRI XLEX SVKERM^IW XLI TSMRXW MR XLMW QERRIV
%TTP]MRK XLI 4S[IV SJ 4YFPMG 7TIEOMRK
0YGEW 8LI %VX SJ 4YFPMG 9WMRK 0ERKYEKI 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
9WMRK 0ERKYEKI
1IERMRKW SJ ;SVHW
9WMRK 0ERKYEKI %GGYVEXIP]
9WMRK 0ERKYEKI 'PIEVP]
9WI *EQMPMEV ;SVHW
'LSSWI 'SRGVIXI ;SVHW
)PMQMREXI 'PYXXIV
9WMRK 0ERKYEKI :MZMHP]
-QEKIV]
6L]XLQ
9WMRK 0ERKYEKI %TTVSTVMEXIP]
%TTVSTVMEXIRIWW XS XLI 3GGEWMSR
%TTVSTVMEXIRIWW XS XLI %YHMIRGI
%TTVSTVMEXIRIWW XS XLI 8STMG
%TTVSTVMEXIRIWW XS XLI 7TIEOIV
% 2SXI SR -RGPYWMZI 0ERKYEKI
0YGEW 8LI %VX SJ 4YFPMG 9WMRK 0ERKYEKI 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
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: