0YGEW 8LI %VX SJ 4YFPMG 9WMRK 0ERKYEKI 8I\X 8LI 1G+VE[n,MPP
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HIWGVMFI XLI [SVPH EW MX MW -RWXIEH PERKYEKI LIPTW GVIEXI SYV WIRWI SJ VIEPMX]
F] K MZMRK QIERMRK XS IZIRXW 8LI [SVHW [I YWI XS PEFIP ER IZIRX HIXIVQMRI
XS E KVIEX I\XIRX LS[ [I VIWTSRH XS MX
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XMJMGEPP] MVVIWTSRWMFPI r ERH EW E qZMSPEXMSR SJ LYQER PMJI r ]SY [MPP PMOIP] STTSWI
MX &YX MJ ]SY WII XLI QIHMGEP YWI SJ WXIQ GIPPW EW qQSVEP r EW qWGMIRXMJMGEPP] VIWTSR
WMFPI r ERH EW E [E] XS qEPPIZMEXI TEMR ERH WYJJIVMRK r ]SY [MPP PMOIP] WYTTSVX MX
;LEX WITEVEXIW XLIWI X[S ZMI[TSMRXW# 2SX XLI GETEFMPMXMIW SJ QSHIVR
QIHMGMRI RSX XLI GSRHMXMSRW SJ TISTPI [MXL KIRIXMG HMWSVHIVW RSX XLI QIHMGEP
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HMJJIVIRGI MW MR XLI QIERMRK KMZIR XS XLIQ F] XLI [SVHW XLEX PEFIP XLIQ
;SVHW EVI XLI XSSPW SJ E WTIEOIVtW GVEJX 8LI] LEZI WTIGMEP YWIW NYWX PMOI XLI
XSSPW SJ ER] SXLIV TVSJIWWMSR ,EZI ]SY IZIV [EXGLIH E GEVTIRXIV EX [SVO# 8LI
NSF XLEX [SYPH XEOI ]SY SV QI E GSYTPI SJ LSYVW MW HSRI F] XLI GEVTIRXIV MR
QMRYXIWh[MXL XLI VMKLX XSSPW =SY GERtX HVMZI E REMP [MXL E WGVI[HVMZIV SV
XYVR E WGVI[ [MXL E LEQQIV -X MW XLI WEQI [MXL TYFPMG WTIEOMRK =SY QYWX
GLSSWI XLI VMKLX [SVHW JSV XLI NSF ]SY [ERX XS HS
+SSH WTIEOIVW EVI E[EVI SJ XLI QIERMRK SJ [SVHWhFSXL XLIMV SFZMSYW ERH
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MHP] ETTVSTVMEXIP] ERH MRGPYWMZIP] 8LMW GLETXIV [MPP I\TPSVI IEGL SJ XLIWI EVIEW
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8LI PMXIVEP SV HMGXMSREV] QIERMRK MW TVIGMWI PMXIVEP ERH SFNIGXMZI -X HIWGVMFIW XLI SFNIGX TIVWSR TPEGI
QIERMRK SJ E [SVH SV MHIE SV IZIRX XS [LMGL XLI [SVH VIJIVW 3RI [E] XS XLMRO SJ E [SVHtW HIRSXEXMZI
TLVEWI QIERMRK MW EW MXW HMGXMSREV] HIJMRMXMSR *SV I\EQTPI HIRSXEXMZIP] XLI RSYR
qWGLSSPr QIERW qE TPEGI MRWXMXYXMSR SV FYMPHMRK [LIVI MRWXVYGXMSR MW KMZIR r
GSRRSXEXMZI QIERMRK
8LI QIERMRK WYKKIWXIH 'SRRSXEXMZI QIERMRK MW QSVI ZEVMEFPI JMKYVEXMZI ERH WYFNIGXMZI 8LI GSR
F] XLI EWWSGMEXMSRW SV RSXEXMZI QIERMRK SJ E [SVH MW [LEX XLI [SVH WYKKIWXW SV MQTPMIW *SV MRWXERGI
IQSXMSRW XVMKKIVIH F] XLI GSRRSXEXMZI QIERMRK SJ XLI [SVH qWGLSSPr MRGPYHIW EPP XLI JIIPMRKW EWWS
E [SVH SV TLVEWI GMEXMSRW ERH IQSXMSRW XLEX XLI [SVH XSYGLIW SJJ MR HMJJIVIRX TISTPI *SV WSQI
TISTPI qWGLSSPr QMKLX GSRRSXI TIVWSREP KVS[XL GLMPHLSSH JVMIRHW ERH E
WTIGMEP XIEGLIV *SV SXLIVW MX QMKLX GSRRSXI JVYWXVEXMSR HMWGMTPMRI ERH FSVMRK
LSQI[SVO EWWMKRQIRXW
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EVSYWIW MR PMWXIRIVW JIIPMRKW SJ ERKIV TMX] PSZI JIEV JVMIRHWLMT RSWXEPKME
KVIIH KYMPX ERH XLI PMOI 7TIEOIVW PMOI TSIXW SJXIR YWI GSRRSXEXMSR XS IRVMGL
XLIMV QIERMRK *SV I\EQTPI
8IVVSVMWXW RIMXLIV PMWXIR XS VIEWSR RSV IRKEKI MR VIEWSRMRK [MXL SXLIVW 8LIMV EMQ MW XS
KIRIVEXI JIEVhXS JVMKLXIR TISTPI MRXS WYFQMWWMSR 8LI] QIEWYVI WYGGIWW F] XLI QEKRMXYHI
SJ XLI JIEV XLI] KIRIVEXI XLVSYKL FVYXEP WEZEKI EGXW SJ ZMSPIRGI 8IVVSVMWXW EVI TVITEVIH
XS OMPP XS JYVXLIV [LEXIZIV GEYWI XLI] GPEMQ XS FI TYVWYMRK %RH XLI LIMRSYWRIWW SJ XLIWI
QYVHIVW MW EGGIRXYEXIH F] XLI JEGX XLEX XIVVSVMWXW QYVHIV [MXLSYX TEWWMSR 8LI] QYVHIV
[MXL GSSP HIPMFIVEXMSR ERH HIPMFIVEXI TPERRMRK 8LI] EVI YXXIVP] EQSVEP
8LI YRHIVPMRIH [SVHW MR XLMW TEWWEKI LEZI TS[IVJYP GSRRSXEXMSRW XLEX EVI
EPQSWX GIVXEMR XS TVSHYGI E WXVSRK IQSXMSREP VIZYPWMSR XS XIVVSVMWQ
',%48)6 97-2+ 0%2+9%+)
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IVW YWI XLIQ EGGYVEXIP] ERH
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8IVVSVMWXW HS RSX WIIO XS RIKSXMEXI [MXL XLIMV STTSRIRXW 8LI] WIIO ZMGXSV ] F] YWMRK
TSPMXMGEP ERH TW]GLSPSKMGEP TVIWWYVI MRGPYHMRK EGXW SJ ZMSPIRGI XLEX QE] IRHERKIV XLI PMZIW
SJ WSQI TISTPI 8S XLI XIVVSVMWX YPXMQEXI SFNIGXMZIW EVI QSVI MQTSV XERX XLER XLI QIERW
YWIH XS EGLMIZI XLIQ
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IZSOI ER MRXIRWIP] RIKEXMZI VIWTSRWI XLER XLSWI MR XLI JMVWX WXEXIQIRX
;LMGL WXEXIQIRX MW TVIJIVEFPI# 8LEX HITIRHW SR XLI EYHMIRGI XLI SGGEWMSR
ERH XLI WTIEOIVtW TYVTSWI (S ]SY [ERX XS WXMV YT ]SYV PMWXIRIVWt IQSXMSRW VEPP]
XLIQ XS WSQI GEYWI# 8LIR WIPIGX [SVHW [MXL QSVI MRXIRWI GSRRSXEXMZI QIER
MRKW 3V EVI ]SY EHHVIWWMRK E GSRXVSZIVWMEP MWWYI ERH XV]MRK XS WIIQ GSQTPIXIP]
MQTEVXMEP# 8LIR WXMGO [MXL [SVHW XLEX XSYGL SJJ PIWW MRXIRWI VIEGXMSRW 'LSSWMRK
[SVHW WOMPPJYPP] JSV XLIMV HIRSXEXMZI ERH GSRRSXEXMZI QIERMRKW MW E GVYGMEP TEVX
SJ XLI WTIEOIVtW GVEJX
9WMRK 0ERKYEKI %GGYVEXIP]
9WMRK PERKYEKI EGGYVEXIP] MW EW ZMXEP XS E WTIEOIV EW YWMRK RYQFIVW EGGYVEXIP]
MW XS ER EGGSYRXERX 3RI WXYHIRX JSYRH XLMW SYX XLI LEVH [E] -R E WTIIGL
EFSYX %QIVMGEtW GVMQMREP NYWXMGI W]WXIQ LI VIJIVVIH WIZIVEP XMQIW XS qGVMQMREP
TIVWIGYXMSR r ;LEX LI QIERX SJ GSYVWI [EW qGVMQMREP TVSWIGYXMSR r 8LMW SRI
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FIPMIZI [LEX ]SY WE] EFSYX SYV GSYVXW [LIR ]SY HSRtX IZIR ORS[ XLI HMJJIV
IRGI FIX[IIR TVSWIGYXMSR ERH TIVWIGYXMSR#r
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HIRXW ,S[IZIV [I EPP GSQQMX QSVI WYFXPI IVVSVWhIWTIGMEPP] YWMRK SRI [SVH
9WMRK 0ERKYEKI %GGYVEXIP]
0YGEW 8LI %VX SJ 4YFPMG 9WMRK 0ERKYEKI 8I\X 8LI 1G+VE[n,MPP
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% FSSO SJ W]RSR]QW QIERMRK XLEX HMWXMRKYMWL MX JVSQ IZIV] SXLIV [SVH %W 1EVO 8[EMR WEMH q8LI
HMJJIVIRGI FIX[IIR XLI VMKLX [SVH ERH XLI EPQSWX VMKLX [SVH MW XLI HMJJIVIRGI
FIX[IIR PMKLXRMRK ERH XLI PMKLXRMRK FYK r
-J ]SY PSSO MR E XLIWEYVYW ]SYtPP JMRH XLI JSPPS[MRK [SVHW KMZIR EW
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%PP QIER VSYKLP] XLI WEQI XLMRKhE JEZSVEFPI SYXGSQI &YX EPP XLIWI [SVHW
LEZI HMJJIVIRX WLEHIW SJ QIERMRK 7II MJ ]SY GER JMPP MR XLI FIWX [SVH XS GSQ
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[SVO ERH WXVIIX WQEVXW
4EYPtW SR XLI TEVEPPIP FEVW KEZI LMQ GSRJMHIRGI XS
TYVWYI XLI KSPH QIHEP JSV FIWX EPP EVSYRH K]QREWX
8LI FIWX ERW[IVW JSV XLI JSYV WXEXIQIRXW EVI
EGGSQTPMWLQIRX WYGGIWW ZMGXSV]
)EGL SJ XLI [SVHW QIERW WSQIXLMRK E PMXXPI HMJJIVIRX JVSQ XLI SXLIVW ERH IEGL
WE]W WSQIXLMRK WTIGMEP XS PMWXIRIVW
%W ]SY TVITEVI ]SYV WTIIGLIW EWO ]SYVWIPJ GSRWXERXP] q;LEX HS - VIEPP]
[ERX XS WE]# ;LEX HS - VIEPP] QIER#r ;LIR MR HSYFX GSRWYPX E HMGXMSREV] SV
XLIWEYVYW XS QEOI WYVI ]SY LEZI XLI FIWX [SVHW XS I\TVIWW ]SYV MHIEW
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4ISTPI EVI HMJJIVIRX ;LEX QEOIW TIVJIGX WIRWI XS WSQI QE] FI KSFFPIH]KSSO
XS SXLIVW =SY GERRSX EWWYQI XLEX [LEX MW GPIEV XS ]SY MW GPIEV XS ]SYV EYHM
IRGI 0MWXIRIVW YRPMOI VIEHIVW GERRSX XYVR XS E HMGXMSREV] SV VIVIEH ER
EYXLSVtW [SVHW XS HMWGSZIV XLIMV QIERMRK % WTIEOIVtW QIERMRK QYWX FI
MQQIHMEXIP] GSQTVILIRWMFPI MX QYWX FI WS GPIEV XLEX XLIVI MW RS GLERGI SJ
QMWYRHIVWXERHMRK =SY GER IRWYVI XLMW F] YWMRK JEQMPMEV [SVHW F] GLSSWMRK
GSRGVIXI [SVHW SZIV EFWXVEGX [SVHW ERH F] IPMQMREXMRK ZIVFEP GPYXXIV
',%48)6 97-2+ 0%2+9%+)
0YGEW 8LI %VX SJ 4YFPMG 9WMRK 0ERKYEKI 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
97) *%1-0-%6 ;36(7
3RI SJ XLI FMKKIWX FEVVMIVW XS GPIEV WTIIGL MW YWMRK FMK FPSEXIH [SVHW [LIVI
WLSVX WLEVT SRIW [MPP HS XLI NSF FIXXIV 8LMW MW IWTIGMEPP] XVYI [LIR MX GSQIW
XS XIGLRMGEP PERKYEKI XLEX QE] FI JEQMPMEV XS XLI WTIEOIV FYX RSX XS XLI EYHM
IRGI =IX MJ ]SY [SVO EX MX ]SY [MPP EPQSWX EP[E]W FI EFPI XS XVERWPEXI IZIR XLI
QSWX WTIGMEPM^IH XSTMG MRXS GPIEV JEQMPMEV PERKYEKI
,IVI JSV MRWXERGI EVI XLVII TEWWEKIW I\TPEMRMRK XLI HIZEWXEXMRK IJJIGXW SJ
E TVIKRERX [SQERtW HVMROMRK SR LIV YRFSVR GLMPH 8LI JMVWX TEWWEKI MW MR
QIHMGEP NEVKSR ERH MX HIJMIW GSQTVILIRWMSR F] SVHMREV] PMWXIRIVW
%PGSLSP GSRWYQTXMSR F] XLI TVIKRERX [SQER WIVMSYWP] MRJPYIRGIW XLI MRXVEYXIVMRI
QMPMIY ERH XLIVIJSVI GSRXVMFYXIW XS XLI QSVFMHMX] ERH QSVXEPMX] SJ GLMPHVIR FSVR XS XLIWI
QSXLIVW -R VIKEVH XS XLI TEXLSTL]WMSPSK] SJ XLMW W]RHVSQI KIRIXMG TSP]QSVTLMWQ SJ
IR^]QIW JSV IXLERSP QIXEFSPMWQ QE] EPXIV JIXEP WYWGITXMFMPMX] 8LIVI QE] EPWS FI TSSV
QMGVSWSQEP SV QMXSGLSRHVMEP JYRGXMSR SV HIGVIEWIH %84 EGXMZMX]
)ZIR ER IHYGEXIH TIVWSR [MXLSYX E QIHMGEP FEGOKVSYRH [SYPH LEZI XVSY
FPI [MXL qTEXLSTL]WMSPSK]r ERH qTSP]QSVTLMWQr ERH qQMXSGLSRHVMEP r QYGL
PIWW FI EFPI XS TYX XLIQ EPP XSKIXLIV
8LI WIGSRH TEWWEKI VITVIWIRXW ER EXXIQTX XS EHETX XS E RSRQIHMGEP EYHM
IRGI -X MW MR QSVI JEQMPMEV PERKYEKI FYX VIXEMRW IRSYKL SFWGYVI [SVHW XS FI
HMJJMGYPX
8LI HIPIXIVMSYW IJJIGXW SJ EPGSLSP SR XLI YRFSVR GLMPH EVI ZIV] WIVMSYW ;LIR E
TVIKRERX QSXLIV GSRWYQIW EPGSLSP XLI IXLERSP MR XLI FPSSHWXVIEQ IEWMP] GVSWWIW XLI
TPEGIRXE JVSQ QSXLIV XS GLMPH ERH MRZEHIW XLI EQRMSXMG JPYMH 8LMW GER TVSHYGI E RYQ
FIV SJ EFRSVQEP FMVXL W]RHVSQIW MRGPYHMRK GIRXVEP RIVZSYW W]WXIQ H]WJYRGXMSRW
KVS[XL HIJMGMIRGMIW E GPYWXIV SJ JEGMEP EFIVVEXMSRW ERH ZEVMEFPI QENSV ERH QMRSV QEP
JSVQEXMSRW
;IPP MRJSVQIH PMWXIRIVW GSYPH TVSFEFP] JMKYVI SYX qHIPIXIVMSYW IJJIGXW r
qGIRXVEP RIVZSYW W]WXIQ H]WJYRGXMSRW r ERH qJEGMEP EFIVVEXMSRW r &YX XLIWI
XIVQW HSRtX GVIEXI E WLEVT QIRXEP MQEKI SJ [LEX XLI WTIEOIV MW XV]MRK XS WE]
;I WXMPP RIIH XS KS SRI WXIT JYVXLIV E[E] JVSQ QIHMGEP NEVKSR XS[EVH SVHM
REV] PERKYEKI
7S [I GSQI XS XLI XLMVH TEWWEKI [LMGL MW YXXIVP] GPIEV -X WLS[W [LEX GER
FI HSRI [MXL [SVO MQEKMREXMSR ERH E LIEPXL] VIWTIGX JSV IZIV]HE] [SVHW
;LIR XLI I\TIGXERX QSXLIV HVMROW EPGSLSP MW EFWSVFIH MRXS LIV FPSSHWXVIEQ ERH
HMWXVMFYXIH XLVSYKLSYX LIV IRXMVI FSH] %JXIV E JI[ FIIVW SV E GSYTPI SJ QEVXMRMW WLI
FIKMRW XS JIIP XMTW] ERH HIGMHIW XS WSFIV YT 7LI KVEFW E GYT SJ GSJJII X [S EWTMVMR ERH
XEOIW E PMXXPI RET %JXIV E [LMPI WLItPP FI JMRI
&YX [LMPI WLI WPIITW XLI JIXYW MW WYVVSYRHIH F] XLI WEQI EPGSLSPMG GSRXIRX EW MXW
QSXLIV LEH %JXIV FIMRK HVS[RIH MR EPGSLSP XLI JIXYW FIKMRW XS JIIP XLI IJJIGX &YX MX GERtX
WSFIV YT -X GERtX KVEF E GYT SJ GSJJII -X GERtX KVEF E GSYTPI SJ EWTMVMR *SV XLI JIXYWtW PMZIV
XLI OI] SVKER MR VIQSZMRK EPGSLSP JVSQ XLI FPSSH MW NYWX RSX HIZIPSTIH 8LI JIXYW MW PMXIV
EPP] TMGOPIH MR EPGSLSP
8LMW OMRH SJ TPEMR XEPO MW [LEX PMWXIRIVW [ERX =SY GERRSX KS [VSRK F] JSP
PS[MRK XLI EHZMGI SJ ;MRWXSR 'LYVGLMPP XS WTIEO MR qWLSVX LSQIP] [SVHW SJ
GSQQSR YWEKI r -J ]SY XLMRO FMK [SVHW SV E PSX SJ [SVHW
EVI RIIHIH XS
MQTVIWW PMWXIRIVW FIEV MR QMRH XLEX XLI +IXX]WFYVK %HHVIWWhGSRWMHIVIH XLI JMRIWX
9WMRK 0ERKYEKI 'PIEVP]
0YGEW 8LI %VX SJ 4YFPMG 9WMRK 0ERKYEKI 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
WTIIGL MR XLI )RKPMWL PERKYEKIhGSRXEMRW [SVHW SJ [LMGL LEZI SRP]
SRI SV X[S W]PPEFPIW
GSRGVIXI [SVHW ',337) '32'6)8) ;36(7
;SVHW XLEX VIJIV XS
XERKMFPI SFNIGXW 'SRGVIXI [SVHW VIJIV XS XERKMFPI SFNIGXWhTISTPI TPEGIW ERH XLMRKW 8LI]
HMJJIV JVSQ EFWXVEGX [SVHW [LMGL VIJIV XS KIRIVEP GSRGITXW UYEPMXMIW SV EXXVMFYXIW
EFWXVEGX [SVHW q'EVVSX r qTIRGMP r qRSWI r ERH qHSSVr EVI GSRGVIXI [SVHW q,YQMPMX] r qWGMIRGI r
;SVHW XLEX VIJIV XS MHIEW qTVSKVIWW r ERH qTLMPSWSTL]r EVI EFWXVEGX [SVHW
SV GSRGITXW
3J GSYVWI JI[ [SVHW EVI GSQTPIXIP] EFWXVEGX SV GSRGVIXI q%TTPI TMIr MW
GSRGVIXI FYX MR XLI 9RMXIH 7XEXIW XLI TLVEWI EPWS LEW EFWXVEGX ZEPYIW SJ TEXVMS
XMWQ ERH GSRZIRXMSREP QSVEPW 9WYEPP] XLI QSVI WTIGMJMG E [SVH XLI QSVI
GSRGVIXI MX MW 0IX YW WE] ]SY EVI XEPOMRK EFSYX KSPJ ,IVI EVI WIZIVEP [SVHW ERH
TLVEWIW ]SY QMKLX YWI
TL]WMGEP EGXMZMX] EFWXVEGX KIRIVEP
WTSVXW GSRGVIXI WTIGMJMG
KSPJ
TVSJIWWMSREP KSPJ
8MKIV ;SSHW
%W ]SY QSZI HS[R XLI PMWX XLI [SVHW FIGSQI PIWW EFWXVEGX ERH QSVI GSRGVIXI
=SY FIKMR [MXL E KIRIVEP GSRGITX TL]WMGEP EGXMZMX]
HIWGIRH XS SRI X]TI SJ
EGXMZMX] WTSVXW
XS E TEVXMGYPEV WTSVX KSPJ
XS E HMZMWMSR SJ XLEX WTSVX TVSJIW
WMSREP KSPJ
XS SRI WTIGMJMG TVSJIWWMSREP KSPJIV 8MKIV ;SSHW
%PXLSYKL EFWXVEGX [SVHW EVI RIGIWWEV] XS I\TVIWW GIVXEMR OMRHW SJ MHIEW
XLI] EVI QYGL IEWMIV XS QMWMRXIVTVIX XLER EVI GSRGVIXI [SVHW %PWS GSRGVIXI
[SVHW EVI QYGL QSVI PMOIP] XS GPEMQ ]SYV PMWXIRIVWt EXXIRXMSR 7YTTSWI ]SY
QEOI E WTIIGL EFSYX JMVI ERXW [LMGL LEZI PSRK TPEKYIH XLI 7SYXL ERH EVI RS[
EXXEGOMRK [IWXIVR WXEXIW ,IVI EVI X[S [E]W ]SY GSYPH ETTVSEGL XLI WYFNIGXh
SRI JIEXYVMRK EFWXVEGX [SVHW XLI SXLIV GSRGVIXI [SVHW
%FWXVEGX ;SVHW
*MVI ERXW LEZI FIIR E TVSFPIQ IZIV WMRGI XLI] EVVMZIH MR XLI 9RMXIH 7XEXIW 8LI] LEZI
WTVIEH EGVSWW XLI 7SYXL ERH RS[ XLVIEXIR ZEVMSYW TEVXW SJ XLI ;IWX EW [IPP 8LMW MW E WIVM
SYW TVSFPIQ FIGEYWI JMVI ERXW EVI LMKLP] EKKVIWWMZI 8LIVI LEZI IZIR FIIR LYQER GEWYEP
XMIW JVSQ JMVI ERX WXMRKW
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7MRGI JMVI ERXW GEQI LIVI JVSQ 7SYXL %QIVMGE WSQIXMQI FIJSVI ;SVPH ;EV -- XLI]
LEZI WTVIEH PMOI E FMFPMGEP TPEKYI EGVSWW WXEXIW JVSQ *PSVMHE XS 8I\EW 2S[ XLI] EVI
MRZEHMRK 2I[ 1I\MGS %VM^SRE ERH 'EPMJSVRME *MVI ERXW EXXEGO MR W[EVQW ERH XLI] [MPP
GPMQF ER] JSSX XLEX MW PIJX MR XLI [VSRK WTSX JSV E JI[ WIGSRHW 8LI] LEZI IZIR XYVRIH YT
MRHSSVW MR GPSXLIW LEQTIVW FIHW ERH GPSWIXW *SVXYREXIP] JI[IV XLER TIVGIRX SJ TISTPI
[LS EVI WXYRK LEZI XS WII E HSGXSV FYX XSHHPIVW [LS LEZI JEPPIR SR JMVI ERX QSYRHW LEZI
WSQIXMQIW HMIH JVSQ WXMRKW EW LEZI LMKLP] EPPIVKMG EHYPXW
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REXIH F] GSRGVIXI [SVHW [MPP EPQSWX EP[E]W FI GPIEVIV QSVI MRXIVIWXMRK ERH
IEWMIV XS VIGEPP XLER SRI HSQMREXIH F] EFWXVEGX [SVHW
',%48)6 97-2+ 0%2+9%+)
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7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
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XIGLRMGEP WYFNIGXW IJJIGXMZI
WTIEOIVW WYGL EW FMSPSKMWX
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XS GSQQYRMGEXI XLIMV MHIEW
MR GPIEV JEQMPMEV PERKYEKI
)0-1-2%8) '0988)6 GPYXXIV
(MWGSYVWI XLEX XEOIW QER]
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VSYXIH F] XLIMV GPYXXIVIH GSYRXIVTEVXW qTVMSV XS r qMR XLI IZIRXYEPMX] SJ r ERH
qEX XLMW TSMRX MR XMQI r &] XLI WEQI XSOIR [L] GERtX [IEXLIV JSVIGEWXIVW WE]
q-XtW VEMRMRK r MRWXIEH SJ WE]MRK q-X ETTIEVW EW MJ [I EVI GYVVIRXP] I\TIVMIRGMRK
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MRWXIEH SJ WE]MRK q;I EVI JEGMRK E HMJJMGYPX GVMWMW WMXYEXMSR XLEX [MPP FI XVSYFPI
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TLVEWIW 0IX ]SYV MHIEW IQIVKI WLEVTP] ERH JMVQP] %FSZI EPP [EXGL SYX JSV
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9WMRK 0ERKYEKI 'PIEVP]
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LMW [MPP XS PMZI LMW PMJI SR XLI 7XERHMRK 6SGO 6IWIVZEXMSR MR 7SYXL (EOSXE LI RIZIV WYVVIRHIVIH
XS ER]SRI LMW HMKRMX] SV LMW TIVWSREP HIZSXMSR XS XLI 7MSY\ [E] SJ PMJI
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XLVS[ E[E] XLI YRRIGIWWEV] [SVHW ;EXGL JSV GPYXXIV [LIR ]SY [VMXI ]SYV
WTIIGL SYXPMRIW &I TVITEVIH XS VIZMWI XLI SYXPMRI YRXMP ]SYV MHIEW IQIVKI
GPIEVP] ERH GVMWTP]
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HMKMXEP VIGSVHIV %W ]SY TPE] XLI WTIIGL FEGO OIIT ER IEV SYX RSX NYWX JSV JPEFF]
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HIPMZIVMRK XLI WTIIGL EKEMR XLMW XMQI QEOMRK E WTIGMEP IJJSVX XS XVMQ MX SJ
[EWXIH SV HMWXVEGXMRK [SVHW 8LMW [MPP RSX SRP] QEOI ]SY E FIXXIV TYFPMG
WTIEOIV FYX MX [MPP LIPT ]SY TVIWIRX MHIEW QSVI IJJIGXMZIP] MR QIIXMRKW GSRZIV
WEXMSRW ERH KVSYT HMWGYWWMSRW
9WMRK 0ERKYEKI :MZMHP]
.YWX EW ]SY GER FI EGGYVEXI [MXLSYX FIMRK GPIEV WS ]SY GER FI FSXL EGGYVEXI
ERH GPIEV [MXLSYX FIMRK MRXIVIWXMRK ,IVI JSV I\EQTPI MW LS[ 1EVXMR 0YXLIV
/MRK QMKLX LEZI TLVEWIH TEVX SJ LMW KVIEX q- ,EZI E (VIEQr WTIIGL
8YVRMRK FEGO MW WSQIXLMRK [I GERRSX HS ;I QYWX GSRXMRYI XS [SVO EKEMRWX TSPMGI
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LSXIPW SJ XLI GMXMIW ;I GERRSX FI WEXMWJMIH EW PSRK EW E 2IKVS MR 1MWWMWWMTTM GERRSX ZSXI
ERH E 2IKVS MR 2I[ =SVO FIPMIZIW LI LEW RSXLMRK JSV [LMGL XS ZSXI 2S RS [I EVI RSX
WEXMWJMIH ERH [I [MPP RSX FI WEXMWJMIH YRXMP NYWXMGI VSPPW HS[R PMOI [EXIVW ERH VMKLXISYWRIWW
PMOI E QMKLX] WXVIEQ
1YGL QSVI WXMVVMRK MWRtX MX# -J ]SY [ERX XS QSZI TISTPI [MXL ]SYV WTIIGLIW
YWI ZMZMH ERMQEXIH PERKYEKI %PXLSYKL XLIVI EVI WIZIVEP [E]W XS HS XLMW X[S
SJ XLI QSWX MQTSVXERX EVI MQEKIV] ERH VL]XLQ
',%48)6 97-2+ 0%2+9%+)
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3RI WMKR SJ E KSSH RSZIPMWX MW XLI EFMPMX] XS GVIEXI
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LSYWI SV qLIEVr XLI FMVHW GLMVTMRK SR E [EVQ
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1I\MGER VIWXEYVERX
7TIEOIVW GER YWI MQEKIV] MR QYGL XLI WEQI
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[SVHW EVI EPWS XLI OI] XS IJJIGXMZI MQEKIV] 'SR
WMHIV XLI JSPPS[MRK I\GIVTX JVSQ 6SREPH 6IEKERtW
JEQSYW EHHVIWW GSQQIQSVEXMRK XLI XL ERRM
ZIVWEV] SJ ( (E] 7TIEOMRK EX XLI WGIRI SJ XLI
FEXXPI 6IEKER HVEQEXMGEPP] VIGSYRXIH XLI LIVS
MWQ SJ XLI 9 7 6ERKIVW [LS WGEPIH XLI GPMJJW EX
4SMRXI HY ,SG XS LIPT JVII )YVSTI JVSQ ,MXPIVtW
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FYX ]IEVW EKS EX XLMW QSQIRX XLI EMV [EW HIRWI [MXL WQSOI ERH XLI GVMIW SJ QIR ERH 8LI YWI SJ ZMZMH PERKYEKI XS
XLI EMV [EW JMPPIH [MXL XLI GVEGO SJ VMJPI JMVI ERH XLI VSEV SJ GERRSR GVIEXI QIRXEP MQEKIW SJ
SFNIGXW EGXMSRW SV MHIEW
%X HE[R SR XLI QSVRMRK SJ XLI XL SJ .YRI 6ERKIVW NYQTIH SJJ XLI &VMX
MWL PERHMRK GVEJX ERH VER XS XLI FSXXSQ SJ XLIWI GPMJJW 8LI 6ERKIVW PSSOIH YT ERH WE[
XLI IRIQ] WSPHMIVWhEX XLI IHKI SJ XLI GPMJJW WLSSXMRK HS[R EX XLIQ [MXL QEGLMRI KYRW
ERH XLVS[MRK KVIREHIW %RH XLI %QIVMGER 6ERKIVW FIKER XS GPMQF 8LI] WLSX VSTI PEHHIVW
SZIV XLI JEGI SJ XLIWI GPMJJW ERH FIKER XS TYPP XLIQWIPZIW YT
;LIR SRI 6ERKIV JIPP ERSXLIV [SYPH XEOI LMW TPEGI ;LIR SRI VSTI [EW GYX E
6ERKIV [SYPH KVEF ERSXLIV ERH FIKMR LMW GPMQF EKEMR 8LI] GPMQFIH WLSX FEGO ERH
LIPH XLIMV JSSXMRK 7S SR SRI F] SRI XLI 6ERKIVW TYPPIH XLIQWIPZIW SZIV XLI XST ERH
MR WIM^MRK XLI JMVQ PERH EX XLI XST SJ XLIWI GPMJJW XLI] FIKER XS WIM^I FEGO XLI GSRXMRIRX
SJ )YVSTI
'SRGVIXI [SVHW GEPP YT QIRXEP MQTVIWWMSRW SJ WMKLXW WSYRHW XSYGL GSRRIGXPYGEW GSQ
WQIPP ERH XEWXI -R 6IEKERtW WTIIGL [I HS RSX QIVIP] PIEVR XLEX XLI 9 7 :MI[ XLMW I\GIVTX JVSQ
6ERKIVW LIPTIH [MR XLI FEXXPI SJ ( (E] ;I ZMWYEPM^I XLI 6ERKIVW PERHMRK EX 6SREPH 6IEKERtW WTIIGL EX
XLI JSSX SJ XLI GPMJJW ;I WII XLIQ JMKLXMRK XLIMV [E] YT XLI GPMJJW MR XLI JEGI 4SMRXI HY ,SG MR XLI SRPMRI
SJ IRIQ] KVIREHIW ERH QEGLMRI KYRW ;I LIEV XLI GVEGO SJ VMJPI JMVI ERH XLI 1IHME 0MFVEV] JSV XLMW GLET
GVMIW SJ XLI WSPHMIVW 8LI GSRGVIXI [SVHW GVIEXI MQEKIW XLEX TYPP YW MVVIWMWXMFP] XIV :MHIS 'PMT
MRXS XLI WTIIGL
7MQMPI
%RSXLIV [E] XS GVIEXI MQEKIV] MW XLVSYKL XLI YWI SJ WMQMPI 7MQMPI MW ER I\TPMGMX
GSQTEVMWSR FIX[IIR XLMRKW XLEX EVI IWWIRXMEPP] HMJJIVIRX ]IX LEZI WSQIXLMRK MR
9WMRK 0ERKYEKI :MZMHP]
0YGEW 8LI %VX SJ 4YFPMG 9WMRK 0ERKYEKI 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
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JVSQ WXYHIRX WTIIGLIW
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%R I\TPMGMX GSQTEVMWSR KMERX WIGYVMX] FPEROIX
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SV qEW r FIX[IIR XLMRKW XLEX EVI %MV TSPPYXMSR MW IEXMRK E[E] EX XLI QSRYQIRXW MR ;EWLMRKXSR ( ' PMOI E KMERX
IWWIRXMEPP] HMJJIVIRX ]IX LEZI %POE 7IPX^IV XEFPIX
WSQIXLMRK MR GSQQSR
8LIWI EVI FVMKLX JVIWL WMQMPIW XLEX GPEVMJ] ERH ZMXEPM^I MHIEW 7SQI WMQMPIW
LS[IZIV LEZI FIGSQI WXEPI XLVSYKL SZIVYWI ,IVI EVI E JI[
JVIWL EW E HEMW] LYRKV] EW E FIEV
JMX EW E JMHHPI FYW] EW E FII
WXVSRK EW ER S\ FMK EW E QSYRXEMR
WXYFFSVR EW E QYPI LETT] EW E PEVO
GPMGLÍ 7YGL GPMGLÍW EVI JMRI MR IZIV]HE] GSRZIVWEXMSR FYX ]SY WLSYPH EZSMH XLIQ MR
% XVMXI SV SZIVYWIH I\TVIWWMSR WTIIGLQEOMRK 3XLIV[MWI ]SY EVI PMOIP] XS FI qHYPP EW HMWL[EXIVr ERH XS JMRH
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SV qEW r FIX[IIR X[S XLMRKW MQTPMGMX GSQTEVMWSR FIX[IIR XLMRKW XLEX EVI IWWIRXMEPP] HMJJIVIRX ]IX LEZI
XLEX EVI IWWIRXMEPP] HMJJIVIRX WSQIXLMRK MR GSQQSR 9RPMOI WMQMPI QIXETLSV HSIW RSX GSRXEMR XLI [SVHW
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,IRV] 'MWRIVSW
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FSEX 8LIVI EVI RS WEJI MWPERHW /SJM %RRER
8LIWI EVI FSXL FVMIJ QIXETLSVW 7SQIXMQIW LS[IZIV E WTIEOIV [MPP
HIZIPST E PSRKIV QIXETLSV ,IVI MW ER I\GIPPIRX I\EQTPI JVSQ %P +SVItW
WTIIGL EGGITXMRK XLI 2SFIP 4IEGI 4VM^I JSV LMW IJJSVXW XS LIPT XLI [SVPH
HIEP [MXL GPMQEXI GLERKI
8LI IEVXL LEW E JIZIV %RH XLI JIZIV MW VMWMRK 8LI I\TIVXW LEZI XSPH YW MX MW RSX E TEWWMRK
EJJPMGXMSR XLEX [MPP LIEP F] MXWIPJ ;I EWOIH JSV E WIGSRH STMRMSR %RH E XLMVH %RH E JSYVXL %RH
XLI GSRWMWXIRX GSRGPYWMSR VIWXEXIH [MXL MRGVIEWMRK EPEVQ MW XLEX WSQIXLMRK FEWMG MW [VSRK
;LIR YWIH IJJIGXMZIP] QIXETLSVhPMOI WMQMPIhMW ER I\GIPPIRX [E] XS FVMRK
GSPSV XS E WTIIGL XS QEOI EFWXVEGX MHIEW GSRGVIXI XS GPEVMJ] XLI YRORS[R ERH
XS I\TVIWW JIIPMRKW ERH IQSXMSRW
6,=8,1
0ERKYEKI LEW E VL]XLQ GVIEXIH F] XLI GLSMGI ERH EVVERKIQIRX SJ [SVHW 7TIEO
IVW PMOI TSIXW WSQIXMQIW WIIO XS I\TPSMX XLI VL]XLQ SJ PERKYEKI XS IRLERGI XLI
MQTEGX SJ XLIMV [SVHW ;MRWXSR 'LYVGLMPP [EW E QEWXIV EX XLMW ,IVI MW E TEWWEKI
',%48)6 97-2+ 0%2+9%+)
0YGEW 8LI %VX SJ 4YFPMG 9WMRK 0ERKYEKI 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
JVSQ SRI SJ LMW JEQSYW WTIIGLIW HYVMRK ;SVPH ;EV -- 8S IQTLEWM^I MXW GEHIRGI
XLI TEWWEKI LEW FIIR TVMRXIH EW MJ MX [IVI TSIXV] VEXLIV XLER TVSWI
;I GERRSX XIPP [LEX XLI GSYVWI GSRRIGXPYGEW GSQ
SJ XLMW JIPP [EV [MPP FI :MI[ XLMW I\GIVTX JVSQ
;MRWXSR 'LYVGLMPPtW WTIIGL
EW MX WTVIEHW VIQSVWIPIWW SJ .YRI MR XLI
XLVSYKL IZIV [MHIV VIKMSRW SRPMRI 1IHME 0MFVEV] JSV XLMW
GLETXIV :MHIS 'PMT
;I GERRSX TVIHMGX SV QIEWYVI
MXW ITMWSHIW SV MXW XVMFYPEXMSRW
;I GERRSX ]IX WII
LS[ HIPMZIVERGI [MPP GSQI
SV [LIR MX [MPP GSQI
&YX RSXLMRK MW QSVI GIVXEMR
XLER XLEX IZIV] XVEGI SJ ,MXPIVtW JSSXWXITW
IZIV] WXEMR SJ LMW MRJIGXIH ERH GSVVSHMRK JMRKIVW
[MPP FI WTSRKIH ERH TYVKIH
ERH MJ RIIH FI
FPEWXIH JVSQ XLI WYVJEGI SJ XLI IEVXL
8LI MQTEGX SJ XLI TEWWEKI [EW LIMKLXIRIH F] 'LYVGLMPPtW WYTIVF HIPMZIV] FYX VL]XLQ
IZIR F] XLIQWIPZIW XLI [SVHW XEOI SR ER IQTLEXMG VL]XLQ XLEX VIMRJSVGIW XLI 8LI TEXXIVR SJ WSYRH MR E
QIWWEKI =SY GER WII [L] SRI SFWIVZIV WEMH XLEX 'LYVGLMPP qQSFMPM^IH XLI WTIIGL GVIEXIH F] XLI GLSMGI
)RKPMWL PERKYEKI ERH WIRX MX MRXS FEXXPI r ERH EVVERKIQIRX SJ [SVHW
% WTIIGL LS[IZIV MW RSX E TSIQ =SY WLSYPH RIZIV IQTLEWM^I WSYRH ERH
VL]XLQ EX XLI I\TIRWI SJ QIERMRK 8LI EMQ MW XS XLMRO EFSYX [E]W ]SY GER YWI
XLI VL]XLQ ERH JPS[ SJ PERKYEKI XS IRLERGI ]SYV QIERMRK %PXLSYKL ]SY QE]
RIZIV LEZI TEMH QYGL GSRWGMSYW EXXIRXMSR XS XLMW WYFNIGX ]SY GER HIZIPST ER
IEV JSV ZSGEP VL]XLQW F] WXYH] ERH TVEGXMGI ;LEXtW QSVI ]SY GER IEWMP] FIKMR
RS[ XS YWI JSYV FEWMG WX]PMWXMG HIZMGIW IQTPS]IH F] 'LYVGLMPP ERH SXLIV JMRI
WTIEOIVW XS MQTVSZI XLI VL]XLQ SJ XLIMV TVSWI
4EVEPPIPMWQ TEVEPPIPMWQ
8LI WMQMPEV EVVERKIQIRX SJ E
8LI JMVWX HIZMGI MW TEVEPPIPMWQhXLI WMQMPEV EVVERKIQIRX SJ E TEMV SV WIVMIW SJ TEMV SV WIVMIW SJ VIPEXIH [SVHW
VIPEXIH [SVHW TLVEWIW SV WIRXIRGIW *SV I\EQTPI TLVEWIW SV WIRXIRGIW
6MGL ERH TSSV MRXIPPMKIRX ERH MKRSVERX [MWI ERH JSSPMWL ZMVXYSYW ERH ZMGMSYW QER
ERH [SQER hMX MW IZIV XLI WEQI IEGL WSYP QYWX HITIRH [LSPP] SR MXWIPJ )PM^EFIXL 'EH]
7XERXSR
8LI IJJIGXW SJ TEVEPPIPMWQ EVI TIVLETW FIWX MPPYWXVEXIH F] WIIMRK [LEX LET
TIRW [LIR MX MW EFWIRX *SV MRWXERGI GSQTEVI XLMW WXEXIQIRX
- WTIEO EW E 6ITYFPMGER - WTIEO EW E [SQER - WTIEO EW E 9RMXIH 7XEXIW 7IREXSV - WTIEO
EW ER %QIVMGER 1EVKEVIX 'LEWI 7QMXL
[MXL XLMW SRI
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- EQ EPWS EHHVIWWMRK ]SY EW ER %QIVMGER
8LI JMVWX WXEXIQIRX MW GPIEV GSRWMWXIRX ERH GSQTIPPMRK 8LI WIGSRH MW RSX
&] ZMSPEXMRK XLI TVMRGMTPI SJ TEVEPPIP WXVYGXYVI MXW JMREP WIRXIRGI q%RH - EQ
9WMRK 0ERKYEKI :MZMHP]
0YGEW 8LI %VX SJ 4YFPMG 9WMRK 0ERKYEKI 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
EPWS EHHVIWWMRK ]SY EW ER %QIVMGERr
HIWXVS]W XLI TVSKVIWWMSR FIKYR F] XLI
TVIGIHMRK XLVII WIRXIRGIW -X XYVRW E WXVSRK PYGMH LEVQSRMSYW WXEXIQIRX MRXS
SRI XLEX MW JY^^] ERH NEVVMRK
VITIXMXMSR 6ITIXMXMSR
6IMXIVEXMSR SJ XLI WEQI [SVH SV
WIX SJ [SVHW EX XLI FIKMRRMRK SV 6ITIXMXMSR QIERW VIMXIVEXMRK XLI WEQI [SVH SV WIX SJ [SVHW EX XLI FIKMRRMRK SV
IRH SJ WYGGIWWMZI GPEYWIW SV IRH SJ WYGGIWWMZI GPEYWIW SV WIRXIRGIW *SV I\EQTPI
WIRXIRGIW
-J RSX RS[ [LIR# -J RSX YW [LS# -J RSX XSKIXLIV LS[# +SVHSR &VS[R
8 LMW [EW XLI QSQIRX [LIR [I FIKER XS TVSZMHI GEVI JSV XLI WMGO ERH KSSH NSFW XS
XLI NSFPIWW XLMW [EW XLI QSQIRX [LIR XLI VMWI SJ XLI SGIERW FIKER XS WPS[ ERH SYV
TPERIX FIKER XS LIEP XLMW [EW XLI QSQIRX [LIR [I IRHIH E [EV ERH WIGYVIH SYV REXMSR
&EVEGO 3FEQE
%W ]SY GER WII VITIXMXMSR YWYEPP] VIWYPXW MR TEVEPPIPMWQ -R EHHMXMSR XS
FYMPHMRK E WXVSRK GEHIRGI MX EPWS YRMJMIW E WIUYIRGI SJ MHIEW IQTLEWM^IW ER
MHIE F] WXEXMRK MX QSVI XLER SRGI ERH LIPTW GVIEXI E WXVSRK IQSXMSREP IJJIGX
EPPMXIVEXMSR %PPMXIVEXMSR
6ITIXMXMSR SJ XLI MRMXMEP
GSRWSRERX WSYRH SJ GPSWI 8LI XLMVH HIZMGI ]SY GER YWI XS IRLERGI XLI VL]XLQ SJ ]SYV WTIIGLIW MW EPPMX
SV EHNSMRMRK [SVHW IVEXMSR 8LI QSWX GSQQSR QIXLSH SJ EPPMXIVEXMSR MW VITIEXMRK XLI MRMXMEP GSR
WSRERX WSYRH SJ GPSWI SV EHNSMRMRK [SVHW *SV I\EQTPI
4IEGI MW IWWIRXMEP JSV TVSKVIWW FYX TVSKVIWW MW RS PIWW IWWIRXMEP JSV T IEGI 0MEUYEX %PM /LER
3YV GSPPIKIW SYV GSQQYRMXMIW SYV GSYRXV] WLSYPH GLEPPIRKI LEXVIH [LIVIZIV [I JMRH
MX ,MPPEV] 'PMRXSR
&] LMKLPMKLXMRK XLI WSYRHW SJ [SVHW EPPMXIVEXMSR GEXGLIW XLI EXXIRXMSR SJ
PMWXIRIVW ERH GER QEOI MHIEW IEWMIV XS VIQIQFIV 9WIH WTEVMRKP] MX MW E QEVZIP
SYW [E] XS WTVYGI YT ]SYV WTIIGLIW 9WIH XS I\GIWW LS[IZIV MX GER FI PEYKL
EFPI ERH HVE[ XSS QYGL EXXIRXMSR WS XLEX PMWXIRIVW KIX QSVI MRZSPZIH
MR PMWXIRMRK JSV XLI RI\X EPPMXIVEXMSR XLER MR EFWSVFMRK XLI GSRXIRX SJ XLI
WTIIGL
ERXMXLIWMW %RXMXLIWMW
8LI NY\XETSWMXMSR SJ
GSRXVEWXMRK MHIEW YWYEPP] *MREPP] ]SY QMKLX XV] YWMRK ERXMXLIWMWhXLI NY\XETSWMXMSR SJ GSRXVEWXMRK MHIEW
MR TEVEPPIP WXVYGXYVI YWYEPP] MR TEVEPPIP WXVYGXYVI *SV I\EQTPI
%WO RSX [LEX ]SYV GSYRXV] GER HS JSV ]SY EWO [LEX ]SY GER HS JSV ]SYV GSYRXV]
.SLR * /IRRIH]
=SYV WYGGIWW EW E JEQMP] SYV WYGGIWW EW E WSGMIX] HITIRHW RSX SR [LEX LETTIRW EX
XLI ;LMXI ,SYWI FYX SR [LEX LETTIRW MRWMHI ]SYV LSYWI &EVFEVE &YWL
%RXMXLIWMW LEW PSRK FIIR E JEZSVMXI HIZMGI SJ EGGSQTPMWLIH WTIEOIVW
&IGEYWI MX RIEVP] EP[E]W TVSHYGIW E RIEXP] XYVRIH TLVEWI MX MW E JMRI [E] XS KMZI
]SYV WTIIGLIW E WTIGMEP XSYGL SJ GPEWW
',%48)6 97-2+ 0%2+9%+)
0YGEW 8LI %VX SJ 4YFPMG 9WMRK 0ERKYEKI 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
=SY QE] FI XLMROMRK XLEX MQEKIV] ERH VL]XLQ EVI XSS JERG] JSV SVHMREV] GSRRIGXPYGEW GSQ
WTIIGLIW PMOI ]SYVW 8LMW MW RSX XVYI 8EOI E PSSO EX XLI JSPPS[MRK I\GIVTX JVSQ :MI[ XLMW I\GIVTX JVSQ q8LI
SRI WXYHIRXtW WTIIGL EFSYX XLI 1EWWEGLYWIXXW XL XLI VIKMQIRX SJ %JVMGER 1EWWEGLYWIXXW XLr MR XLI
%QIVMGER WSPHMIVW HYVMRK XLI 'MZMP ;EV JIEXYVIH MR XLI QSZMI +PSV] SRPMRI 1IHME 0MFVEV] JSV XLMW
GLETXIV :MHIS 'PMT
8S NSMR ER EVQ] XLEX HMHRtX FIPMIZI MR ]SY 8S JMKLX [MXL ER EVQ] [LS HMHRtX PMOI ]SY
8S HMI JSV ER EVQ] XLEX HMHRtX VIWTIGX ]SY 8LMW [EW XLI 1EWWEGLYWIXXW XL 8SHE] XLI]
PE] [LIVI XLI] HMIH SR XLI FIEGLIW SJ 7SYXL 'EVSPMRE 'SPSRIP 7LE[ ERH LMW QIR [IVI
TMPIH XSKIXLIV MR E QEWW KVEZI [LMGL LEW WMRGI FIIR GSZIVIH F] XLI WLMJXMRK XMHIW SJ XLI
%XPERXMG % WQEPP WXEXYI WXERHW MR &SWXSRhE VIQMRHIV SJ XLIMV WEGVMJMGI
&VEZIV] TEXVMSXMWQ ERH WEGVMJMGI 8LIWI EVI UYEPMXMIW SJ XLI 1EWWEGLYWIXXW XL ;MXL
XLI LIPT SJ XLIMV IJJSVXW EPSRK [MXL EPP XLI SXLIV FPEGO VIKMQIRXW XLEX JSPPS[IH XLIQ
WPEZIV] HMH IZIRXYEPP] GSQI XS ER IRH
8LMW MW ZMZMH QSZMRK PERKYEKI 8LI MQEKIV] MW WLEVT ERH TSMKRERX XLI VL]XLQ
WXVSRK ERH MRWMWXIRX 8LMRO SJ LS[ ]SY GER HS WMQMPEV XLMRKW MR ]SYV S[R
WTIIGLIW
9WMRK 0ERKYEKI %TTVSTVMEXIP]
,IVI MW TEVX SJ E JEQSYW SVEXMSR KMZIR F] .SLR ,ERGSGO MR HYVMRK XLI
%QIVMGER 6IZSPYXMSR 7TIEOMRK SJ XLI &VMXMWL WSPHMIVW [LS OMPPIH JMZI %QIVMGERW
MR XLI &SWXSR 1EWWEGVI ,ERGSGO I\GPEMQIH
=I HEVO HIWMKRMRK OREZIW ]I QYVHIVIVW TEVVMGMHIW ,S[ HEVI ]SY XVIEH YTSR XLI
IEVXL [LMGL LEW HVERO MR XLI FPSSH SJ WPEYKLXIVIH MRRSGIRXW WLIH F] ]SYV [MGOIH LERHW#
,S[ HEVI ]SY FVIEXLI XLEX EMV [LMGL [EJXIH XS XLI IEV SJ LIEZIR XLI KVSERW SJ XLSWI [LS
JIPP E WEGVMJMGI XS ]SYV EGGYVWIH EQFMXMSR# 8IPP QI ]I FPSSH] FYXGLIVW ]I ZMPPEMRW LMKL
ERH PS[ ]I [VIXGLIW HS ]SY RSX JIIP XLI KSEHW ERH WXMRKW SJ GSRWGMSYW KYMPX TMIVGI
XLVSYKL ]SYV WEZEKI FSWSQW#
8LMW MW GIVXEMRP] ZMZMH PERKYEKIhERH ,ERGSGOtW EYHMIRGI PSZIH MX &YX GER
]SY MQEKMRI WTIEOMRK XLI WEQI [E] XSHE]# -R EHHMXMSR XS FIMRK EGGYVEXI GPIEV
ERH ZMZMH PERKYEKI WLSYPH FI ETTVSTVMEXIhXS XLI SGGEWMSR XS XLI EYHMIRGI
XS XLI XSTMG ERH XS XLI WTIEOIV
%446346-%8)2)77 83 8,) 3''%7-32
0ERKYEKI XLEX MW ETTVSTVMEXI JSV WSQI SGGEWMSRW QE] RSX FI ETTVSTVMEXI JSV
SXLIVW q8LIVI MW E XMQI JSV HMEPIGX E TPEGI JSV WPERK ER SGGEWMSR JSV PMXIVEV]
JSVQ ;LEX MW GSVVIGX SR XLI WTSVXW TEKI MW SYX SJ TPEGI SR XLI ST IH TEKI
[LEX MW [MXL MX SR XLI WXVIIX QE] [IPP FI [MXLSYX MX MR XLI GPEWWVSSQ r %W E
WMQTPI I\EQTPI E GSEGL QMKLX EHHVIWW XLI JSSXFEPP XIEQ EW q]SY KY]Wr SV
[SVWI
[LIVIEW XLI WTIEOIV MR E QSVI JSVQEP WMXYEXMSR [SYPH FIKMR [MXL
qHMWXMRKYMWLIH KYIWXW r 8V] VIZIVWMRK XLIWI X[S WMXYEXMSRW ERH WII LS[ VMHMGY
PSYW MX FIGSQIW -XtW SRP] GSQQSR WIRWI XS EHNYWX ]SYV PERKYEKI XS HMJJIVIRX
SGGEWMSRW
9WMRK 0ERKYEKI %TTVSTVMEXIP]
0YGEW 8LI %VX SJ 4YFPMG 9WMRK 0ERKYEKI 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
%446346-%8)2)77 83 8,) %9(-)2')
%TTVSTVMEXIRIWW EPWS HITIRHW SR XLI EYHMIRGI -J ]SY OIIT XLMW MR QMRH MX [MPP
LIPT ]SY KVIEXP] [LIR HIEPMRK [MXL XIGLRMGEP XSTMGW ;LIR EHHVIWWMRK ER EYHM
IRGI SJ TL]WMGMERW ]SY QMKLX YWI XLI [SVH qTEVSXMXMWr XS VIJIV XS E ZMVEP HMWIEWI
QEVOIH F] XLI W[IPPMRK SJ XLI TEVSXMH KPERHW =SYV EYHMIRGI [SYPH ORS[ NYWX
[LEX ]SY QIERX &YX [LIR XEPOMRK XS E RSRQIHMGEP EYHMIRGI WYGL EW ]SYV
GPEWWQEXIW XLI ETTVSTVMEXI [SVH [SYPH FI qQYQTW r
=SY WLSYPH FI IWTIGMEPP] GEVIJYP XS EZSMH PERKYEKI XLEX QMKLX SJJIRH ]SYV
EYHMIRGI 3JJ GSPSV LYQSV SV TVSJERMX] QMKLX FI ETTVSTVMEXI MR E GSQIH] VSY
XMRI FYX QSWX PMWXIRIVW [SYPH JMRH MX SJJIRWMZI MR E JSVQEP TYFPMG WTIIGL
6IQIQFIV WTIEOIVW EVI I\TIGXIH XS IPIZEXI ERH TSPMWL XLIMV PERKYEKI [LIR
EHHVIWWMRK ER EYHMIRGI
3J GSYVWI ]SY GERRSX EP[E]W FI WYVI SJ LS[ PMWXIRIVW [MPP VIWTSRH XS [LEX
]SY WE] ;LIR MX GSQIW XS ETTVSTVMEXIRIWW ]SY [MPP WIPHSQ KS [VSRK F] IVVMRK
SR XLI WMHI SJ GEYXMSR 4YX WMQTP] qIVVMRK SR XLI WMHI SJ GEYXMSRr QIERW
q[LIR MR HSYFXhHSRtX r
% 446346-%8)2)77 83 8,) 834-'
0ERKYEKI WLSYPH EPWS FI ETTVSTVMEXI XS XLI XSTMG =SY [SYPH RSX YWI QIXE
TLSV ERXMXLIWMW ERH EPPMXIVEXMSR [LIR I\TPEMRMRK LS[ XS GLERKI E FMG]GPI XMVI
&YX ]SY QMKLX YWI EPP XLVII MR E WTIIGL LSRSVMRK 9 7 WSPHMIVW [LS LEZI HMIH
MR HIJIRWI SJ XLIMV GSYRXV] 8LI JMVWX XSTMG GEPPW JSV WXVEMKLXJSV[EVH HIWGVMTXMSR
ERH I\TPEREXMSR 8LI WIGSRH GEPPW JSV WTIGMEP PERKYEKI WOMPPW XS IZSOI IQSXMSR
EHQMVEXMSR ERH ETTVIGMEXMSR
% 446346-%8)2)77 83 8,) 74)%/)6
2S QEXXIV [LEX XLI SGGEWMSR EYHMIRGI SV XSTMG PERKYEKI WLSYPH EPWS FI
ETTVSTVMEXI XS XLI WTIEOIV -QEKMRI XLI IJJIGX MJ .SLR 1G'EMR XVMIH XS EHSTX XLI
VIPMKMSYW MQEKIV] ERH VL]XLQMGEP GEHIRGI SJ %P 7LEVTXSR 8LI VIWYPXW [SYPH
FI GSQMGEP )ZIV] TYFPMG WTIEOIV HIZIPSTW LMW SV LIV S[R PERKYEKI WX]PI
q8IVVMJMG r ]SY QE] FI XLMROMRK q- LEZI Q] S[R WX]PI XSS - JIIP QSVI GSQ
JSVXEFPI YWMRK EFWXVEGX [SVHW WPERK ERH XIGLRMGEP NEVKSR 8LEXtW NYWX QI -XtW Q]
[E] SJ WTIEOMRK r &YX XS WE] XLEX PERKYEKI WLSYPH FI ETTVSTVMEXI XS XLI WTIEOIV
HSIW RSX NYWXMJ] MKRSVMRK XLI SXLIV RIIHW JSV ETTVSTVMEXIRIWW 8LIVI MW E HMJJIV
IRGI FIX[IIR SRItW IZIV]HE] WX]PI ERH SRItW HIZIPSTIH WX]PI EW E TYFPMG WTIEOIV
%GGSQTPMWLIH WTIEOIVW LEZI HIZIPSTIH XLIMV WTIEOMRK WX]PIW SZIV QER] ]IEVW SJ
XVMEP IVVSV ERH TVEGXMGI 8LI] LEZI [SVOIH EX YWMRK PERKYEKI IJJIGXMZIP]
=SY GER HS XLI WEQI MJ ]SY FIGSQI PERKYEKI GSRWGMSYW 3RI [E] XS
HIZIPST XLMW GSRWGMSYWRIWW MW XS VIEH ERH PMWXIR XS IJJIGXMZI WTIEOIVW 7XYH]
XLIMV XIGLRMUYIW JSV EGLMIZMRK EGGYVEG] GPEVMX] ERH ZMZMHRIWW ERH XV] XS EHETX
XLSWI XIGLRMUYIW XS ]SYV S[R WTIIGLIW &YX HS RSX XV] XS qFIGSQIr WSQISRI
IPWI [LIR ]SY WTIEO 0IEVR JVSQ SXLIV WTIEOIVW FPIRH [LEX ]SY PIEVR MRXS
]SYV S[R PERKYEKI WX]PI ERH WIIO XS FIGSQI XLI FIWX TSWWMFPI ]SY
% 2SXI SR -RGPYWMZI 0ERKYEKI
%W XLI 9RMXIH 7XEXIW LEW FIGSQI QSVI HMZIVWI SYV PERKYEKI LEW IZSPZIH XS
VIJPIGX XLEX HMZIVWMX] 6IKEVHPIWW SJ XLI WMXYEXMSR EYHMIRGIW I\TIGX TYFPMG WTIEO
IVW XS YWI MRGPYWMZI PERKYEKI XLEX MW VIWTIGXJYP SJ XLI HMJJIVIRX KVSYTW XLEX QEOI
',%48)6 97-2+ 0%2+9%+)
0YGEW 8LI %VX SJ 4YFPMG 9WMRK 0ERKYEKI 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
0ERKYEKI RIIHW XS FI ETTVS
TVMEXI XS E WTIEOIVtW XSTMG EW
[IPP EW XS XLI EYHMIRGI %
WTIIGL SR FIEGL ZSPPI]FEPP
[SYPH YWI QSVI EGXMSR
SVMIRXIH [SVHW XLER E WTIIGL
EFSYX XLISVMIW SJ TW]GLSPSK]
YT %QIVMGER WSGMIX] 8SHE] E RYQFIV SJ TVMRGMTPIW JSV MRGPYWMZI PERKYEKI LEZI MRGPYWMZI PERKYEKI
FIGSQI WS [MHIWTVIEH XLEX RS EWTMVMRK WTIEOIV SV [VMXIV
GER EJJSVH XS MKRSVI 0ERKYEKI XLEX HSIW RSX
XLIQ ,IVI EVI E JI[ SJ XLI QSWX MQTSVXERX WXIVISX]TI HIQIER SV TEXVSRM^I
TISTPI SR XLI FEWMW SJ KIRHIV
%ZSMH XLI +IRIVMG q,Ir VEGI VIPMKMSR HMWEFMPMX] WI\YEP
SVMIRXEXMSR SV SXLIV JEGXSVW
-RIJJIGXMZI )EGL XMQI E WYVKISR [EPOW MRXS XLI STIVEXMRK VSSQ LI VMWOW
FIMRK WYIH JSV QEPTVEGXMGI
1SVI )JJIGXMZI )EGL XMQI E WYVKISR [EPOW MRXS XLI STIVEXMRK VSSQ WLI SV LI KIRIVMG qLIr
VMWOW FIMRK WYIH JSV QEPTVEGXMGI 8LI YWI SJ qLIr XS VIJIV XS
FSXL [SQIR ERH QIR
3JXIR E QSVI KVEGIJYP EPXIVREXMZI MW XS TPYVEPM^I *SV I\EQTPI
1SVI )JJIGXMZI ;LIRIZIV WYVKISRW [EPO MRXS XLI STIVEXMRK VSSQ XLI] VMWO
FIMRK WYIH JSV QEPTVEGXMGI
%ZSMH XLI 9WI SJ q1ERr ;LIR 6IJIVVMRK XS &SXL 1IR ERH ;SQIR
-RIJJIGXMZI -J E PEVKI GSQIX WXVYGO XLI )EVXL MX GSYPH HIWXVS] EPP SJ
QEROMRH
1SVI )JJIGXMZI -J E PEVKI GSQIX WXVYGO XLI )EVXL MX GSYPH HIWXVS] EPP
LYQER PMJI
% ZSMH 7XIVISX]TMRK .SFW ERH 7SGMEP 6SPIW F] +IRHIV
-RIJJIGXMZI &IMRK E WQEPP FYWMRIWWQER MR XLI GYVVIRX IGSRSQMG GPMQEXI MW
RSX IEW]
1SVI )JJIGXMZI &IMRK E WQEPP FYWMRIWWTIVWSR MR XLI GYVVIRX IGSRSQMG GPMQEXI
MW RSX IEW]
% 2SXI SR -RGPYWMZI 0ERKYEKI
0YGEW 8LI %VX SJ 4YFPMG 9WMRK 0ERKYEKI 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
7SQIXMQIW ]SY GER WSPZI XLMW TVSFPIQ [MXL E WMQTPI X[MWX MR WIRXIRGI GSR
WXVYGXMSR *SV I\EQTPI
1SVI )JJIGXMZI 3[RMRK E WQEPP FYWMRIWW MW RSX IEW] MR XLI GYVVIRX IGSRSQMG
GPMQEXI
9WI 2EQIW 8LEX +VSYTW 9WI XS -HIRXMJ] 8LIQWIPZIW
3RI SJ XLI QSWX JYRHEQIRXEP [E]W SJ WLS[MRK VIWTIGX JSV SXLIVW MW XS VIJIV XS
XLIQ F] XLI REQIW XLI] YWI XS MHIRXMJ] XLIQWIPZIW ERH XS EZSMH REQIW XLI]
GSRWMHIV SJJIRWMZI
-RIJJIGXMZI (IWTMXI TVSKVIWW MR VIGIRX ]IEVW LSQSWI\YEPW WXMPP JEGI QER]
JSVQW SJ HMWGVMQMREXMSR
1SVI )JJIGXMZI (IWTMXI TVSKVIWW MR VIGIRX ]IEVW PIWFMERW ERH KE] QIR WXMPP
JEGI QER] JSVQW SJ HMWGVMQMREXMSR
-RIJJIGXMZI 8LI 4EVEP]QTMGW WLS[ [LEX LERHMGETTIH TISTPI GER EGGSQ
TPMWL MR XLI EXLPIXMG EVIRE
1SVI )JJIGXMZI 8LI 4EVEP]QTMGW WLS[ [LEX TISTPI [MXL HMWEFMPMXMIW GER
EGGSQTPMWL MR XLI EXLPIXMG EVIRE
8LI XIVQW TVIJIVVIH F] ZEVMSYW KVSYTW GSRXMRYI XS IZSPZI 8LIVI MW GYV
VIRXP] E XVIRH E[E] JVSQ FVSEH [SVHW WYGL EW q%WMERr ERH q,MWTERMGr XS QSVI
TVIGMWI XIVQW XLEX HS RSX PYQT TISTPI SJ HMWXMRGX REXMSREPMXMIW ERH GYPXYVIW
YRHIV SRI PEFIP *SV I\EQTPI
0IWW )JJIGXMZI /VMWXM =EQEKYGLM MW SRI SJ QER] %WMERW [LS LEZI LEH E
QENSV MQTEGX SR 9 7 PMJI
1SVI )JJIGXMZI /VMWXM =EQEKYGLM MW SRI SJ QER] .ETERIWI %QIVMGERW [LS
LEZI LEH E QENSV MQTEGX SR 9 7 PMJI
0IWW )JJIGXMZI %RXSRMS :MPPEVEMKSWE [EW XLI JMVWX ,MWTERMG IPIGXIH QE]SV SJ
0SW %RKIPIW WMRGI
1SVI )JJIGXMZI %RXSRMS :MPPEVEMKSWE [EW XLI JMVWX 1I\MGER %QIVMGER IPIGXIH
QE]SV SJ 0SW %RKIPIW WMRGI
1SVI )JJIGXMZI %RXSRMS :MPPEVEMKSWE [EW XLI JMVWX 0EXMRS IPIGXIH QE]SV SJ 0SW
%RKIPIW WMRGI
;LIR YWMRK [SVHW WYGL EW q0EXMRSr SV q'LMGERS r OIIT MR QMRH XLEX XLI] VIJIV
XS QEPIW 8LI GSVVIGX XIVQ JSV JIQEPIW MW q0EXMREr SV q'LMGERE r
0MOI QER] SXLIV EWTIGXW SJ %QIVMGER PMJI MWWYIW SJ MRGPYWMZI PERKYEKI GER
WSQIXMQIW FI GSRJYWMRK 0ERKYEKI MW EPMZI ERH GSRWXERXP] IZSPZMRK WS [LEX MW
GSRWMHIVIH MRGPYWMZI XSHE] QE] WLMJX HS[R XLI VSEH -J ]SY LEZI UYIWXMSRW MR
ER] TEVXMGYPEV GEWI GLIGO XLI -RXIVRIX JSV XLI QSWX YT XS HEXI MRJSVQEXMSR
9WMRK MRGPYWMZI ERH VIWTIGXJYP PERKYEKI MW RSX E QEXXIV SJ TSPMXMGEP GSVVIGXRIWW
FYX MX MW E QEXXIV SJ 4 ' hTIVWSREP GSYVXIW]
',%48)6 97-2+ 0%2+9%+)
0YGEW 8LI %VX SJ 4YFPMG 9WMRK 0ERKYEKI 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
7911%6=
+SSH WTIEOIVW LEZI VIWTIGX JSV PERKYEKI ERH LS[ MX [SVOW %W E WTIEOIV ]SY WLSYPH / )= 8)617
FI E[EVI SJ XLI QIERMRKW SJ [SVHW ERH ORS[ LS[ XS YWI PERKYEKI EGGYVEXIP]
GPIEVP] ZMZMHP] ERH ETTVSTVMEXIP]
;SVHW LEZI X[S OMRHW SJ QIERMRKWhHIRSXEXMZI ERH GSRRSXEXMZI (IRSXEXMZI
QIERMRK MW TVIGMWI PMXIVEP ERH SFNIGXMZI 'SRRSXEXMZI QIERMRK MW QSVI ZEVMEFPI
JMKYVEXMZI ERH WYFNIGXMZI -X MRGPYHIW EPP XLI JIIPMRKW EWWSGMEXMSRW ERH IQSXMSRW
XLEX E [SVH XSYGLIW SJJ MR HMJJIVIRX TISTPI
9WMRK PERKYEKI EGGYVEXIP] MW ZMXEP XS E WTIEOIV 2IZIV YWI E [SVH YRPIWW ]SY EVI
WYVI SJ MXW QIERMRK -J ]SY EVI RSX WYVI PSSO YT XLI [SVH MR E HMGXMSREV] %W ]SY
TVITEVI ]SYV WTIIGLIW EWO ]SYVWIPJ GSRWXERXP] q;LEX HS - VIEPP] [ERX XS WE]# ;LEX
HS - VIEPP] QIER#r 'LSSWI [SVHW XLEX EVI TVIGMWI ERH EGGYVEXI
9WMRK PERKYEKI GPIEVP] EPPS[W PMWXIRIVW XS KVEWT ]SYV QIERMRK MQQIHMEXIP]
=SY GER IRWYVI XLMW F] YWMRK [SVHW XLEX EVI ORS[R XS XLI EZIVEKI TIVWSR ERH
VIUYMVI RS WTIGMEPM^IH FEGOKVSYRH F] GLSSWMRK GSRGVIXI [SVHW MR TVIJIVIRGI XS
QSVI EFWXVEGX SRIW ERH F] IPMQMREXMRK ZIVFEP GPYXXIV
9WMRK PERKYEKI ZMZMHP] LIPTW FVMRK ]SYV WTIIGL XS PMJI 3RI [E] XS QEOI ]SYV
PERKYEKI QSVI ZMZMH MW XLVSYKL MQEKIV] [LMGL ]SY GER HIZIPST F] YWMRK GSRGVIXI
PERKYEKI WMQMPI ERH QIXETLSV %RSXLIV [E] XS QEOI ]SYV WTIIGLIW ZMZMH MW F]
I\TPSMXMRK XLI VL]XLQ SJ PERKYEKI [MXL TEVEPPIPMWQ VITIXMXMSR EPPMXIVEXMSR ERH
ERXMXLIWMW
9WMRK PERKYEKI ETTVSTVMEXIP] QIERW EHETXMRK XS XLI TEVXMGYPEV SGGEWMSR EYHM
IRGI ERH XSTMG EX LERH -X EPWS QIERW HIZIPSTMRK ]SYV S[R PERKYEKI WX]PI MRWXIEH
SJ XV]MRK XS GST] WSQISRI IPWItW
8LI WYFNIGX SJ MRGPYWMZI PERKYEKI GER FI GSQTPI\ FYX E RYQFIV SJ MRGPYWMZI
YWEKIW LEZI FIGSQI WS [MHIP] EGGITXIH XLEX RS EWTMVMRK WTIEOIV GER EJJSVH XS
MKRSVI XLIQ 8LI] MRGPYHI EZSMHMRK XLI KIRIVMG qLI r HVSTTMRK XLI YWI SJ
qQERr [LIR VIJIVVMRK XS FSXL QIR ERH [SQIR VIJVEMRMRK JVSQ WXIVISX]TMRK
NSFW ERH WSGMEP VSPIW F] KIRHIV ERH YWMRK REQIW XLEX KVSYTW YWI XS MHIRXMJ]
XLIQWIPZIW
HIRSXEXMZI QIERMRK
QIXETLSV
GSRRSXEXMZI QIERMRK
VL]XLQ
XLIWEYVYW
TEVEPPIPMWQ
GSRGVIXI [SVHW
VITIXMXMSR
EFWXVEGX [SVHW
EPPMXIVEXMSR
GPYXXIV
ERXMXLIWMW
MQEKIV]
MRGPYWMZI PERKYEKI
WMQMPI
KIRIVMG qLIr
GPMGLÍ
6):-); 59)78-327
%JXIV VIEHMRK XLMW GLETXIV ]SY WLSYPH FI EFPI XS ERW[IV XLI JSPPS[MRK UYIWXMSRW
,S[ HSIW PERKYEKI LIPT GVIEXI SYV WIRWI SJ VIEPMX]#
;LEX MW XLI HMJJIVIRGI FIX[IIR HIRSXEXMZI ERH GSRRSXEXMZI QIERMRK# ,S[
QMKLX ]SY YWI IEGL XS GSRZI] ]SYV QIWWEKI QSWX IJJIGXMZIP]#
6IZMI[ 5YIWXMSRW
0YGEW 8LI %VX SJ 4YFPMG 9WMRK 0ERKYEKI 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
GSRRIGXPYGEW GSQ ;LEX EVI JSYV GVMXIVME JSV YWMRK PERKYEKI IJJIGXMZIP] MR ]SYV WTIIGLIW#
*SV JYVXLIV VIZMI[ KS XS XLI
7XYH] 5YIWXMSRW MR XLI SRPMRI ;LEX EVI XLVII XLMRKW ]SY WLSYPH HS XS YWI PERKYEKI GPIEVP] MR ]SYV WTIIGLIW#
7XYH] %MHW JSV XLMW GLETXIV
;LEX EVI X[S [E]W XS FVMRK ]SYV WTIIGLIW XS PMJI [MXL ZMZMH ERMQEXIH PERKYEKI#
; LEX HSIW MX QIER XS WE] ]SY WLSYPH YWI PERKYEKI ETTVSTVMEXIP] MR ]SYV
WTIIGLIW#
;L] MW MX MQTSVXERX JSV E TYFPMG WTIEOIV XS YWI MRGPYWMZI PERKYEKI# ;LEX JSYV
YWEKIW SJ MRGPYWMZI PERKYEKI LEZI FIGSQI WS [MHIP] EGGITXIH XLEX RS WTIEOIV
GER EJJSVH XS MKRSVI XLIQ#
)<)6'-7)7 *36 '6-8-'%0 8,-2/-2+
%VVERKI IEGL SJ XLI WIUYIRGIW FIPS[ MR SVHIV JVSQ XLI QSWX EFWXVEGX [SVH XS
XLI QSWX GSRGVIXI [SVH
E LSYWMRK GSQTPI\ FYMPHMRK HMRMRK VSSQ WXVYGXYVI ETEVXQIRX
F 1SRE 0MWE EVX TEMRXMRK GVIEXMZI EGXMZMX] TSVXVEMX
G EYXSQSFMPI ZILMGPI *IVVEVM XVERWTSVXEXMSR WTSVXW GEV
6I[VMXI IEGL SJ XLI JSPPS[MRK WIRXIRGIW YWMRK GPIEV JEQMPMEV [SVHW
E 1] IQTPS]QIRX SFNIGXMZI MW XS EXXEMR E TSWMXMSR SJ QE\MQYQ JMRERGMEP VI[EVH
F %PP TVSJIWWSVW EX XLMW WGLSSP EVI I\TIGXIH XS EGLMIZI LMKL WXERHEVHW SJ I\GIPPIRGI
MR XLIMV MRWXVYGXMSREP HYXMIW
G -R XLI IZIRXYEPMX] SJ E JMVI MX MW MQTIVEXMZI XLEX EPP TIVWSRW IZEGYEXI XLI FYMPHMRK
[MXLSYX YRHYI HIPE]
)EGL SJ XLI WXEXIQIRXW FIPS[ YWIW SRI SV QSVI SJ XLI JSPPS[MRK WX]PMWXMG HIZMGIW
QIXETLSV WMQMPI TEVEPPIPMWQ VITIXMXMSR EPPMXIVEXMSR ERXMXLIWMW -HIRXMJ] XLI
HIZMGI SV HIZMGIW
YWIH MR IEGL WXEXIQIRX
E q;I EVI E TISTPI MR E UYERHEV] EFSYX XLI TVIWIRX ;I EVI E TISTPI MR WIEVGL SJ
SYV JYXYVI ;I EVI E TISTPI MR WIEVGL SJ E REXMSREP GSQQYRMX] r &EVFEVE .SVHER
F q8LI ZMGI TVIWMHIRG] MW XLI WERH XVET SJ %QIVMGER TSPMXMGW -XtW RIEV XLI TVM^I ERH
HIWMKRIH XS FI PMQMXMRK r ,S[EVH *MRIQER
G q4ISTPI XLI [SVPH SZIV LEZI EP[E]W FIIR QSVI MQTVIWWIH F] XLI TS[IV SJ SYV
I\EQTPI XLER F] XLI I\EQTPI SJ SYV TS[IV r &MPP 'PMRXSR
H q%QIVMGE MW RSX PMOI E FPEROIXhSRI TMIGI SJ YRFVSOIR GPSXL XLI WEQI GSPSV XLI
WEQI XI\XYVI XLI WEQI WM^I %QIVMGE MW QSVI PMOI E UYMPXhQER] TEXGLIW QER]
WM^IW ERH [SZIR ERH LIPH XSKIXLIV F] E GSQQSR XLVIEH r .IWWI .EGOWSR
%REP]^I 1EVXMR 0YXLIV /MRKtW q- ,EZI E (VIEQr MR XLI ETTIRHM\ SJ WEQTPI
WTIIGLIW XLEX JSPPS[W 'LETXIV -HIRXMJ] XLI QIXLSHW /MRK YWIW XS QEOI LMW
PERKYEKI GPIEV ZMZMH ERH ETTVSTVMEXI 0SSO TEVXMGYPEVP] EX /MRKtW YWI SJ JEQMPMEV
[SVHW GSRGVIXI [SVHW MQEKIV] ERH VL]XLQ
',%48)6 97-2+ 0%2+9%+)
0YGEW 8LI %VX SJ 4YFPMG 9WMRK 0ERKYEKI 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
%TTP]MRK XLI 4S[IV SJ 4YFPMG 7TIEOMRK
7MRGI KVEHYEXMRK JVSQ GSPPIKI ]SY LEZI HIZIPSTIH E WYGGIWWJYP FYWMRIWW XLEX MW
PSGEXIH RIEV XLI GEQTYW %W TEVX SJ MXW TPER XS MRZSPZI QSVI EPYQRM ERH GSQQY
RMX] QIQFIVW MR GSPPIKI EJJEMVW XLI WGLSSP LEW EWOIH ]SY XS WTIEO [MXL RI[ WXY
HIRXW HYVMRK VIKMWXVEXMSR [IIO JSV XLI JEPP XIVQ -R XLI STIRMRK WIGXMSR SJ ]SYV
WTIIGL ]SY [ERX XLI EYHMIRGI XS JIIP [LEX ]SY JIPX XLI JMVWX JI[ HE]W ]SY [IVI
SR GEQTYW EW E RI[ WXYHIRX 8LI FIWX WXVEXIK] ]SY HIGMHI MW XS TVIWIRX X[S SV
XLVII WMQMPIW XLEX GSQTPIXI XLI WIRXIRGI q&IKMRRMRK GSPPIKI MW PMOI r ;VMXI
]SYV WMQMPIW
%TTP]MRK XLI 4S[IV SJ 4YFPMG 7TIEOMRK
0YGEW 8LI %VX SJ 4YFPMG (IPMZIV] 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
(IPMZIV]
;LEX -W +SSH (IPMZIV]#
1IXLSHW SJ (IPMZIV]
6IEHMRK JVSQ E 1ERYWGVMTX
6IGMXMRK JVSQ 1IQSV]
7TIEOMRK -QTVSQTXY
7TIEOMRK )\XIQTSVERISYWP]
8LI 7TIEOIVtW :SMGI
:SPYQI
4MXGL
6EXI
4EYWIW
:SGEP :EVMIX]
4VSRYRGMEXMSR
%VXMGYPEXMSR
(MEPIGX
8LI 7TIEOIVtW &SH]
4IVWSREP %TTIEVERGI
1SZIQIRX
+IWXYVIW
)]I 'SRXEGX
4VEGXMGMRK (IPMZIV]
%RW[IVMRK %YHMIRGI 5YIWXMSRW
4VITEVMRK JSV XLI 5YIWXMSR ERH %RW[IV 7IWWMSR
1EREKMRK XLI 5YIWXMSR ERH %RW[IV 7IWWMSR
0YGEW 8LI %VX SJ 4YFPMG (IPMZIV] 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
0YGEW 8LI %VX SJ 4YFPMG (IPMZIV] 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
RSRZIVFEP - J ]SY [IVI XS VIGSVH SRI SJ 'SRER 3t&VMIRtW GSQIH] VSYXMRIW QIQSVM^I MX [SVH
GSQQYRMGEXMSR JSV [SVH ERH WXERH YT FIJSVI ]SYV JVMIRHW XS VIGMXI MX [SYPH ]SY KIX XLI WEQI
'SQQYRMGEXMSR FEWIH SR E VIWTSRWI 3t&VMIR HSIW# 2SX ZIV] PMOIP] %RH [L] RSX# &IGEYWI ]SY [SYPH RSX
TIVWSRtW YWI SJ ZSMGI ERH HIPMZIV XLI NSOIW EW 3t&VMIR HSIW 3J GSYVWI XLI NSOIW EVI FEWMGEPP] JYRR] &YX
FSH] VEXLIV XLER SR XLI 'SRER 3t&VMIR FVMRKW WSQIXLMRK I\XVE XS XLI NSOIWhLMW QERRIV SJ TVIWIRXEXMSR
YWI SJ [SVHW LMW ZSGEP MRJPIGXMSRW LMW TIVJIGXP] XMQIH TEYWIW LMW JEGMEP I\TVIWWMSRW LMW KIW
XYVIW %PP XLIWI EVI TEVX SJ ER I\TIVX HIPMZIV] -X [SYPH XEOI ]SY ]IEVW SJ TVEGXMGIh
EW MX XSSO 3t&VMIRhXS HYTPMGEXI LMW VIWYPXW
2S SRI I\TIGXW ]SYV WTIIGL GPEWW XS XVERWJSVQ ]SY MRXS E QYPXMQMPPMSR
HSPPEV XEPO WLS[ LSWX 7XMPP XLMW I\EQTPI HIQSRWXVEXIW LS[ MQTSVXERX HIPMZIV]
GER FI XS ER] TYFPMG WTIEOMRK WMXYEXMSR )ZIR E QIHMSGVI WTIIGL [MPP FI QSVI
IJJIGXMZI MJ MX MW TVIWIRXIH [IPP [LIVIEW E [SRHIVJYPP] [VMXXIR WTIIGL GER FI
VYMRIH F] TSSV HIPMZIV]
8 LMW HSIW RSX QIER HE^^PMRK HIPMZIV] [MPP XYVR E QMRHPIWW WXVMRK SJ RSR
WIRWI MRXS E XVMYQTLERX SVEXMSR =SY GERRSX QEOI E KSSH WTIIGL [MXLSYX
LEZMRK WSQIXLMRK XS WE] &YX LEZMRK WSQIXLMRK XS WE] MW RSX IRSYKL =SY
QYWX EPWS ORS[ LS[ XS WE] MX
7TIIGL HIPMZIV] MW E QEXXIV SJ R SRZIVFEP GSQQYRMGEXMSR -X MW FEWIH SR LS[
]SY YWI ]SYV ZSMGI ERH FSH] XS GSRZI] XLI QIWWEKI I\TVIWWIH F] ]SYV [SVHW
8LIVI MW E KVIEX HIEP SJ VIWIEVGL WLS[MRK XLEX XLI MQTEGX SJ E WTIEOIVtW [SVHW
MW TS[IVJYPP] MRJPYIRGIH F] LMW SV LIV RSRZIVFEP GSQQYRMGEXMSR -R XLMW GLET
XIV [I [MPP I\TPEMR LS[ ]SY GER YWI RSRZIVFEP GSQQYRMGEXMSR XS HIPMZIV ]SYV
WTIIGLIW IJJIGXMZIP] ERH XS MRGVIEWI XLI MQTEGX SJ ]SYV ZIVFEP QIWWEKI
;LEX -W +SSH (IPMZIV]#
;IRHIPP 4LMPPMTW [EW E PIEHIV MR XLI QSZIQIRX XS EFSPMWL WPEZIV] MR XLI 9RMXIH
7XEXIW HYVMRK XLI W 7SQI TISTPI GSRWMHIVIH LMQ XLI KVIEXIWX WTIEOIV SJ
LMW XMQI 8LI JSPPS[MRK WXSV] WYKKIWXW SRI VIEWSR [L]
7LSVXP] FIJSVI XLI 'MZMP ;EV ER %RHSZIV WXYHIRX PIEVRMRK XLEX 4LMPPMTW [EW XS PIGXYVI
MR &SWXSR QEHI E QMPI TMPKVMQEKI SR JSSX XS LIEV LMQ %X JMVWX XLI XVMT WIIQIH LEVHP]
[SVXL[LMPI JSV XLI WXYHIRX HMWGSZIVIH XLEX 4LMPPMTW [EW RSX ER SVEXSV MR XLI KVERH QERRIV
FYX WTSOI MR ER EPQSWX GSRZIVWEXMSREP WX]PI ,I WXSSH SR XLI TPEXJSVQ SRI LERH PMKLXP]
VIWXMRK SR E XEFPI XEPOIH JSV [LEX WIIQIH XS FI EFSYX QMRYXIW GSRGPYHIH ERH WEX
HS[R ;LIR XLI WXYHIRX PSSOIH EX LMW [EXGL LI JSYRH XS LMW EWXSRMWLQIRX XLEX LI LEH
FIIR PMWXIRMRK JSV ER LSYV ERH E LEPJ
+SSH HIPMZIV] HSIW RSX GEPP EXXIRXMSR XS MXWIPJ -X GSRZI]W XLI WTIEOIVtW
MHIEW GPIEVP] MRXIVIWXMRKP] ERH [MXLSYX HMWXVEGXMRK XLI EYHMIRGI 1SWX EYHM
IRGIW TVIJIV HIPMZIV] XLEX GSQFMRIW E GIVXEMR HIKVII SJ JSVQEPMX] [MXL XLI FIWX
EXXVMFYXIW SJ KSSH GSRZIVWEXMSRhHMVIGXRIWW WTSRXERIMX] ERMQEXMSR ZSGEP ERH
JEGMEP I\TVIWWMZIRIWW ERH E PMZIP] WIRWI SJ GSQQYRMGEXMSR
7TIIGL HIPMZIV] MW ER EVX RSX E WGMIRGI ;LEX [SVOW JSV SRI WTIEOIV QE] JEMP
JSV ERSXLIV %RH [LEX WYGGIIHW [MXL XSHE]tW EYHMIRGI QE] RSX [MXL XSQSVVS[tW
=SY GERRSX FIGSQI E WOMPPIH WTIEOIV NYWX F] JSPPS[MRK E WIX SJ VYPIW MR E XI\XFSSO
-R XLI PSRK VYR XLIVI MW RS WYFWXMXYXI JSV I\TIVMIRGI &YX XEOI LIEVX % XI\XFSSO
GER KMZI ]SY FEWMG TSMRXIVW XS KIX ]SY WXEVXIH MR XLI VMKLX HMVIGXMSR
',%48)6 ()0-:)6=
0YGEW 8LI %VX SJ 4YFPMG (IPMZIV] 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
;LIR ]SY TPER ]SYV JMVWX WTIIGL SV ]SYV WIGSRH SV XLMVH
]SY WLSYPH
GSRGIRXVEXI SR WYGL FEWMGW EW WTIEOMRK MRXIPPMKMFP] EZSMHMRK HMWXVEGXMRK
QERRIVMWQW ERH IWXEFPMWLMRK I]I GSRXEGX [MXL ]SYV PMWXIRIVW 3RGI ]SY KIX
XLIWI IPIQIRXW YRHIV GSRXVSP ERH FIKMR XS JIIP JEMVP] GSQJSVXEFPI MR JVSRX SJ
ER EYHMIRGI ]SY GER [SVO SR TSPMWLMRK ]SYV HIPMZIV] XS IRLERGI XLI MQTEGX
SJ ]SYV MHIEW )ZIRXYEPP] ]SY QE] JMRH ]SYVWIPJ EFPI XS GSRXVSP XLI XMQMRK
VL]XLQ ERH QSQIRXYQ SJ E WTIIGL EW WOMPPJYPP] EW E GSRHYGXSV GSRXVSPW ER
SVGLIWXVE
1IXLSHW SJ (IPMZIV]
8LIVI EVI JSYV FEWMG QIXLSHW SJ HIPMZIVMRK E WTIIGL
VIEHMRK ZIVFEXMQ
JVSQ E QERYWGVMTX
VIGMXMRK E QIQSVM^IH XI\X
WTIEOMRK MQTVSQTXY ERH
WTIEOMRK I\XIQTSVERISYWP] 0IX YW PSSO EX IEGL
6)%(-2+ *631 % 1%297'6-48 QERYWGVMTX WTIIGL
% WTIIGL XLEX MW [VMXXIR SYX
'IVXEMR WTIIGLIW QYWX FI HIPMZIVIH [SVH JSV [SVH EGGSVHMRK XS E QIXMGY [SVH JSV [SVH ERH VIEH XS XLI
PSYWP] TVITEVIH QERYWGVMTX )\EQTPIW MRGPYHI E 4STItW VIPMKMSYW TVSGPEQE EYHMIRGI
XMSR ER IRKMRIIVtW VITSVX XS E TVSJIWWMSREP QIIXMRK SV E 4VIWMHIRXtW QIWWEKI
XS 'SRKVIWW -R WYGL WMXYEXMSRW EFWSPYXI EGGYVEG] MW IWWIRXMEP )ZIV] [SVH SJ
XLI WTIIGL [MPP FI EREP]^IH F] XLI TVIWW F] GSPPIEKYIW TIVLETW F] IRIQMIW
-R XLI GEWI SJ XLI 4VIWMHIRX E QMWWXEXIH TLVEWI GSYPH GEYWI ER MRXIVREXMSREP
MRGMHIRX
%PXLSYKL MX PSSOW IEW] HIPMZIVMRK E WTIIGL JVSQ QERYWGVMTX VIUYMVIW
KVIEX WOMPP 7SQI TISTPI HS MX [IPP 8LIMV [SVHW qGSQI EPMZI EW MJ GSMRIH SR
XLI WTSX r 3XLIVW VYMR MX IZIV] XMQI -RWXIEH SJ WSYRHMRK ZMFVERX ERH GSR
ZIVWEXMSREP XLI] GSQI EGVSWW EW [SSHIR ERH EVXMJMGMEP 8LI] JEPXIV SZIV
[SVHW TEYWI MR XLI [VSRK TPEGIW VIEH XSS UYMGOP] SV XSS WPS[P] WTIEO MR E
QSRSXSRI ERH QEVGL XLVSYKL XLI WTIIGL [MXLSYX IZIR KPERGMRK EX XLIMV
EYHMIRGI -R WLSVX XLI] GSQI EGVSWW EW VIEHMRK XS XLIMV PMWXIRIVW VEXLIV XLER
XEPOMRK [MXL XLIQ
-J ]SY EVI MR E WMXYEXMSR [LIVI ]SY QYWX WTIEO JVSQ E QERYWGVMTX TVEGXMGI
EPSYH XS QEOI WYVI XLI WTIIGL WSYRHW REXYVEP ;SVO SR IWXEFPMWLMRK I]I GSR
XEGX [MXL ]SYV PMWXIRIVW &I GIVXEMR XLI JMREP QERYWGVMTX MW PIKMFPI EX E KPERGI
%FSZI EPP VIEGL SYX XS ]SYV EYHMIRGI [MXL XLI WEQI HMVIGXRIWW ERH WMRGIVMX]
XLEX ]SY [SYPH MJ ]SY [IVI WTIEOMRK I\XIQTSVERISYWP]
6)'-8-2+ *631 1)136=
%QSRK XLI JIEXW SJ XLI PIKIRHEV] SVEXSVW RSRI PIEZIW YW QSVI MR E[I XLER
XLIMV TVEGXMGI SJ TVIWIRXMRK IZIR XLI PSRKIWX ERH QSWX GSQTPI\ WTIIGLIW
IRXMVIP] JVSQ QIQSV] 2S[EHE]W MX MW RS PSRKIV GYWXSQEV] XS QIQSVM^I ER]
FYX XLI WLSVXIWX SJ WTIIGLIWhXSEWXW GSRKVEXYPEXSV] VIQEVOW EGGITXERGI
WTIIGLIW MRXVSHYGXMSRW ERH XLI PMOI
-J ]SY EVI KMZMRK E WTIIGL SJ XLMW OMRH ERH [ERX XS QIQSVM^I MX F] EPP
QIERW HS WS ,S[IZIV FI WYVI XS QIQSVM^I MX WS XLSVSYKLP] XLEX ]SY [MPP FI
EFPI XS GSRGIRXVEXI SR GSQQYRMGEXMRK [MXL XLI EYHMIRGI RSX SR XV]MRK XS
VIQIQFIV XLI [SVHW 7TIEOIVW [LS KE^I EX XLI GIMPMRK SV WXEVI SYX XLI [MRHS[
1IXLSHW SJ (IPMZIV]
0YGEW 8LI %VX SJ 4YFPMG (IPMZIV] 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
XV]MRK XS VIGEPP [LEX XLI] LEZI QIQSVM^IH EVI RS FIXXIV SJJ XLER XLSWI [LS
VIEH HYPP] JVSQ E QERYWGVMTX
MQTVSQTXY WTIIGL 74)%/-2+ -14631489
% WTIIGL HIPMZIVIH [MXL
PMXXPI SV RS MQQIHMEXI %R MQTVSQTXY WTIIGL MW HIPMZIVIH [MXL PMXXPI SV RS MQQIHMEXI TVITEVEXMSR *I[
TVITEVEXMSR TISTPI GLSSWI XS WTIEO MQTVSQTXY FYX WSQIXMQIW MX GERRSX FI EZSMHIH -R JEGX
QER] SJ XLI WTIIGLIW ]SY KMZI MR PMJI [MPP FI MQTVSQTXY =SY QMKLX FI GEPPIH
SR WYHHIRP] XS qWE] E JI[ [SVHWr SV MR XLI GSYVWI SJ E GPEWW HMWGYWWMSR FYWMRIWW
QIIXMRK SV GSQQMXXII VITSVX [ERX XS VIWTSRH XS E TVIZMSYW WTIEOIV
;LIR WYGL WMXYEXMSRW EVMWI HSRtX TERMG 2S SRI I\TIGXW ]SY XS HIPMZIV E
TIVJIGX WTIIGL SR XLI WTYV SJ XLI QSQIRX -J ]SY EVI MR E QIIXMRK SV HMWGYW
WMSR TE] GPSWI EXXIRXMSR XS [LEX XLI SXLIV WTIEOIVW WE] 8EOI RSXIW SJ QENSV
TSMRXW [MXL [LMGL ]SY EKVII SV HMWEKVII -R XLI TVSGIWW ]SY [MPP EYXSQEXMGEPP]
FIKMR XS JSVQYPEXI [LEX ]SY [MPP WE] [LIR MX MW ]SYV XYVR XS WTIEO
;LIRIZIV ]SY EVI VIWTSRHMRK XS E TVIZMSYW WTIEOIV XV] XS TVIWIRX ]SYV
WTIIGL MR JSYV WMQTPI WXITW *MVWX WXEXI XLI TSMRX ]SY EVI ERW[IVMRK 7IGSRH WXEXI
XLI TSMRX ]SY [MWL XS QEOI 8LMVH WYTTSVX ]SYV TSMRX [MXL ETTVSTVMEXI WXEXMWXMGW
I\EQTPIW SV XIWXMQSR] *SYVXL WYQQEVM^I ]SYV TSMRX 8LMW JSYV WXIT QIXLSH
[MPP LIPT ]SY SVKERM^I ]SYV XLSYKLXW UYMGOP] ERH GPIEVP]
-J XMQI EPPS[W WOIXGL E UYMGO SYXPMRI SJ ]SYV VIQEVOW SR E TMIGI SJ TETIV
FIJSVI ]SY VMWI XS WTIEO 9WI XLI WEQI QIXLSH SJ NSXXMRK HS[R OI] [SVHW ERH
TLVEWIW JSPPS[IH MR E QSVI JSVQEP WTIEOMRK SYXPMRI WII 'LETXIV
8LMW [MPP
LIPT ]SY VIQIQFIV [LEX ]SY [ERX XS WE] ERH [MPP OIIT ]SY JVSQ VEQFPMRK
-R QER] GEWIW ]SY [MPP FI EFPI XS WTIEO MRJSVQEPP] [MXLSYX VMWMRK JVSQ
]SYV GLEMV &YX MJ XLI WMXYEXMSR GEPPW JSV ]SY XS WTIEO JVSQ E PIGXIVR [EPO XS MX
GEPQP] XEOI E HIIT FVIEXL SV X[S RSX E ZMWMFPI KEWT
IWXEFPMWL I]I GSRXEGX [MXL
]SYV EYHMIRGI ERH FIKMR WTIEOMRK 2S QEXXIV LS[ RIVZSYW ]SY EVI MRWMHI HS
]SYV FIWX XS PSSO GEPQ ERH EWWYVIH SR XLI SYXWMHI
3RGI ]SY FIKMR WTIEOMRK QEMRXEMR WXVSRK I]I GSRXEGX [MXL XLI EYHMIRGI
-J ]SY EVI TVSRI XS XEPOMRK VETMHP] [LIR ]SY EVI RIVZSYW GSRGIRXVEXI SR
WTIEOMRK EX E WPS[IV TEGI ,IPT XLI EYHMIRGI OIIT XVEGO SJ ]SYV MHIEW [MXL
WMKRTSWXW WYGL EW q1] JMVWX TSMRX MW WIGSRH [I GER WII XLEX MR GSRGPY
WMSR - [SYPH PMOI XS WE] r -J ]SY LEZI LEH XMQI XS TVITEVI RSXIW WXMGO XS
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GSQI EGVSWW EW SVKERM^IH ERH GSRJMHIRX
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qWTIIGLIWr MR HEMP] GSRZIVWEXMSRhEW [LIR ]SY MRJSVQIH E RI[ WXYHIRX LS[ XS
VIKMWXIV JSV GPEWWIW I\TPEMRIH XS ]SYV FSWW [L] ]SY [IVI PEXI JSV [SVO SV ERW[IVIH
UYIWXMSRW MR E NSF MRXIVZMI[ 8LIVI MW RS VIEWSR XS JEPP ETEVX [LIR ]SY EVI EWOIH
XS WTIEO MQTVSQTXY MR E QSVI JSVQEP WMXYEXMSR -J ]SY OIIT GSSP SVKERM^I ]SYV
XLSYKLXW ERH PMQMX ]SYVWIPJ XS E JI[ VIQEVOW ]SY WLSYPH HS NYWX JMRI
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MQTVSQTXY WTIEOIV MW XS TVEGXMGI -J ]SY EVI EWWMKRIH ER MQTVSQTXY WTIIGL MR
GPEWW HS ]SYV FIWX XS JSPPS[ XLI KYMHIPMRIW HMWGYWWIH LIVI =SY GER EPWS TVEGXMGI
MQTVSQTXY WTIEOMRK SR ]SYV S[R 7MQTP] GLSSWI E XSTMG SR [LMGL ]SY EVI
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QE] FI 2SV HS ]SY RIIH ER EYHMIRGIh]SY GER WTIEO XS ER IQTX] VSSQ &IX
XIV ]IX ]SY GER WTIEO XS E HMKMXEP VIGSVHIV ERH TPE] XLI WTIIGL FEGO XS LIEV
LS[ ]SY WSYRH 8LI TYVTSWI MW XS KEMR I\TIVMIRGI MR TYPPMRK ]SYV MHIEW
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XIGLRMGEPP] XLI X[S EVI HMJJIVIRX 9RPMOI ER MQTVSQTXY WTIIGL [LMGL MW HIPMZ TVIWIRXIH JVSQ E FVMIJ
IVIH SJJ XLI GYJJ ER I\XIQTSVERISYW WTIIGL MW GEVIJYPP] TVITEVIH ERH TVEGXMGIH WIX SJ RSXIW
MR EHZERGI -R TVIWIRXMRK XLI WTIIGL XLI I\XIQTSVERISYW WTIEOIV YWIW SRP] E
WIX SJ FVMIJ RSXIW SV E WTIEOMRK SYXPMRI XS NSK XLI QIQSV] WII 'LETXIV
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8LMW MW RSX EW LEVH EW MX WSYRHW 3RGI ]SY LEZI ]SYV SYXPMRI SV RSXIW
ERH 7TMVMXr MR XLI SRPMRI 1IHME
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TVEGXMGI XLI WTIIGL )ZIV] XMQI ]SY VYR XLVSYKL MX XLI [SVHMRK [MPP FI WPMKLXP] :MHIS 'PMT
HMJJIVIRX %W ]SY TVEGXMGI XLI WTIIGL SZIV ERH SZIV XLI FIWX [E] XS TVIWIRX
IEGL TEVX [MPP IQIVKI ERH WXMGO MR ]SYV QMRH
8LI I\XIQTSVERISYW QIXLSH LEW WIZIVEP EHZERXEKIW -X KMZIW QSVI TVIGMWI
GSRXVSP SZIV XLSYKLX ERH PERKYEKI XLER HSIW MQTVSQTXY WTIEOMRK MX SJJIVW
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JYPP QERYWGVMTX ERH MX MW EHETXEFPI XS E [MHI VERKI SJ WMXYEXMSRW -X EPWS IRGSYV
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WEXMSREP UYEPMX]r QIERW XLEX RS QEXXIV LS[ QER] XMQIW E WTIIGL LEW FIIR
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RSX XMIH XS E QERYWGVMTX =SY EVI JVII XS IWXEFPMWL WXVSRK I]I GSRXEGX XS KIWXYVI
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MRK XS XLIQ
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E FVMIJ WIX SJ WTIEOMRK RSXIW MR GEWI WLI RIIHW XLIQ FYX WLI MW RSX XMIH XS XLI
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4VIWIRXMRK E WTIIGL WS MX WSYRHW GSRXEGX [MXL XLI EYHMIRGI ERH LEW I\GIPPIRX GSRZIVWEXMSREP UYEPMX]
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MRK FEGO EX LMW GPEWW q%X XLI WXEVX - RIZIV XLSYKLX -tH FI EFPI XS KMZI Q]
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8LI 7TIEOIVtW :SMGI
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XLEX WXEVXW [MXL XLI I\LEPEXMSR SJ EMV JVSQ XLI PYRKW 8V] XEPOMRK MRXIPPMKMFP]
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%W EMV MW I\LEPIH MX TEWWIW XLVSYKL
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MW XLIR EQTPMJMIH ERH QSHMJMIH EW MX VIWSREXIW XLVSYKL XLI XLVSEX QSYXL
ERH REWEP TEWWEKIW *MREPP] XLI VIWSREXIH WSYRH MW WLETIH MRXS WTIGMJMG
ZS[IP ERH GSRWSRERX WSYRHW F] XLI QSZIQIRX SJ XLI XSRKYI PMTW XIIXL
ERH VSSJ SJ XLI QSYXL
8LI ZSMGI TVSHYGIH F] XLMW TL]WMGEP TVSGIWW [MPP KVIEXP] EJJIGX XLI WYGGIWW
SJ ]SYV WTIIGLIW % KSPHIR ZSMGI MW GIVXEMRP] ER EWWIX FYX WSQI SJ XLI QSWX
JEQSYW WTIEOIVW MR LMWXSV] LEH YRHMWXMRKYMWLIH ZSMGIW %FVELEQ 0MRGSPR LEH
E LEVWL ERH TIRIXVEXMRK ZSMGI ;MRWXSR 'LYVGLMPP WYJJIVIH JVSQ E WPMKLX PMWT
ERH ER E[O[EVH WXEQQIV 0MOI XLIQ ]SY GER SZIVGSQI REXYVEP HMWEHZERXEKIW
ERH YWI ]SYV ZSMGI XS XLI FIWX IJJIGX 0MRGSPR ERH 'LYVGLMPP PIEVRIH XS GSRXVSP
XLIMV ZSMGIW =SY GER HS XLI WEQI XLMRK
8LI EWTIGXW SJ ZSMGI ]SY WLSYPH [SVO XS GSRXVSP EVI ZSPYQI TMXGL VEXI
TEYWIW ZEVMIX] TVSRYRGMEXMSR EVXMGYPEXMSR ERH HMEPIGX
ZSPYQI :3091)
8LI PSYHRIWW SV WSJXRIWW
SJ XLI WTIEOIVtW ZSMGI %X SRI XMQI E TS[IVJYP ZSMGI [EW IWWIRXMEP JSV ER SVEXSV 8SHE] IPIGXVSRMG
EQTPMJMGEXMSR EPPS[W IZIR E WSJX WTSOIR TIVWSR XS FI LIEVH MR ER] WIXXMRK &YX
MR XLI GPEWWVSSQ ]SY [MPP WTIEO [MXLSYX E QMGVSTLSRI ;LIR ]SY HS FI WYVI
XS EHNYWX ]SYV ZSMGI XS XLI EGSYWXMGW SJ XLI VSSQ XLI WM^I SJ XLI EYHMIRGI ERH
XLI PIZIP SJ FEGOKVSYRH RSMWI -J ]SY WTIEO XSS PSYHP] ]SYV PMWXIRIVW [MPP XLMRO
]SY FSSVMWL -J ]SY WTIEO XSS WSJXP] XLI] [MPP RSX YRHIVWXERH ]SY 6IQIQFIV
XLEX ]SYV S[R ZSMGI EP[E]W WSYRHW PSYHIV XS ]SY XLER XS E PMWXIRIV 7SSR EJXIV
FIKMRRMRK ]SYV WTIIGL KPERGI EX XLI TISTPI JEVXLIWX E[E] JVSQ ]SY -J XLI]
PSSO TY^^PIH EVI PIERMRK JSV[EVH MR XLIMV WIEXW SV EVI SXLIV[MWI WXVEMRMRK XS
LIEV ]SY RIIH XS XEPO PSYHIV
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7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
4-8', TMXGL
8LI LMKLRIWW SV PS[RIWW SJ
4MXGL MW XLI LMKLRIWW SV PS[RIWW SJ XLI WTIEOIVtW ZSMGI 8LI JEWXIV WSYRH [EZIW XLI WTIEOIVtW ZSMGI
ZMFVEXI XLI LMKLIV XLIMV TMXGL XLI WPS[IV XLI] ZMFVEXI XLI PS[IV XLIMV TMXGL
4MXGL HMWXMRKYMWLIW XLI WSYRH TVSHYGIH F] XLI OI]W EX SRI IRH SJ E TMERS JVSQ MRJPIGXMSRW
XLEX TVSHYGIH F] XLI OI]W EX XLI SXLIV IRH 'LERKIW MR XLI TMXGL SV XSRI
SJ E WTIEOIVtW ZSMGI
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QEOIW XLI HMJJIVIRGI FIX[IIR XLI q%LE r XVMYQTLERXP] I\GPEMQIH F] 7LIVPSGO QSRSXSRI
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[LIR LI PIEVRW XLI GPYI MW RSX HIGMWMZI EJXIV EPP -J ]SY [IVI XS VIEH XLI TVIGIH XSRI SJ ZSMGI
MRK WIRXIRGI EPSYH ]SYV ZSMGI [SYPH TVSFEFP] KS YT MR TMXGL SR XLI JMVWX
q%LEr ERH HS[R MR TMXGL SR XLI WIGSRH
'LERKIW MR TMXGL EVI ORS[R EW MRJPIGXMSRW 8LI] KMZI ]SYV ZSMGI PYWXIV
[EVQXL ERH ZMXEPMX] -RJPIGXMSR VIZIEPW [LIXLIV ]SY EVI EWOMRK E UYIWXMSR SV
QEOMRK E WXEXIQIRX [LIXLIV ]SY EVI FIMRK WMRGIVI SV WEVGEWXMG =SYV MRJPIG
XMSRW GER EPWS QEOI ]SY WSYRH LETT] SV WEH ERKV] SV TPIEWIH H]REQMG SV
PMWXPIWW XIRWI SV VIPE\IH MRXIVIWXIH SV FSVIH
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MRK ERH IQSXMSR 4ISTPI [LS HS RSX EVI WEMH XS WTIEO MR E QSRSXSRI E XVEMX
[LSWI SRP] ORS[R FIRIJMX MW XS GYVI MRWSQRME MR SRItW PMWXIRIVW *I[ TISTPI
WTIEO MR ER EFWSPYXI QSRSXSRI [MXL RS ZEVMEXMSR [LEXIZIV MR TMXGL FYX QER]
JEPP MRXS VITIXMXMSYW TMXGL TEXXIVRW XLEX EVI NYWX EW L]TRSXMG =SY GER KYEVH
EKEMRWX XLMW F] VIGSVHMRK ]SYV WTIIGLIW EW ]SY TVEGXMGI XLIQ -J EPP ]SYV WIR
XIRGIW IRH SR XLI WEQI MRJPIGXMSRhIMXLIV YT[EVH SV HS[R[EVHh[SVO SR ZEV]
MRK ]SYV TMXGL TEXXIVRW XS JMX XLI QIERMRK SJ ]SYV [SVHW %W [MXL FVIEOMRK ER]
SXLIV LEFMX XLMW QE] WIIQ E[O[EVH EX JMVWX FYX MX MW KYEVERXIIH XS QEOI ]SY E
FIXXIV WTIEOIV
6%8) VEXI
8LI WTIIH EX [LMGL E
6EXI VIJIVW XS XLI WTIIH EX [LMGL E TIVWSR WTIEOW 4ISTPI MR XLI 9 7 YWYEPP] TIVWSR WTIEOW
WTIEO EX E VEXI FIX[IIR ERH [SVHW TIV QMRYXI FYX XLIVI MW RS YRMJSVQ
VEXI JSV IJJIGXMZI WTIIGLQEOMRK *VEROPMR 6SSWIZIPX WTSOI EX [SVHW TIV QMR
YXI .SLR /IRRIH] EX 1EVXMR 0YXLIV /MRK STIRIH LMW q- ,EZI E (VIEQr
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HITIRHW SR WIZIVEP XLMRKWhXLI ZSGEP EXXVMFYXIW SJ XLI WTIEOIV XLI QSSH WLI SV
LI MW XV]MRK XS GVIEXI XLI GSQTSWMXMSR SJ XLI EYHMIRGI ERH XLI REXYVI SJ XLI
SGGEWMSR
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GEV VEGI ]SY [SYPH TVSFEFP] WTIEO VEXLIV UYMGOP] FYX E WPS[IV VEXI [SYPH FI
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LIPTW GVIEXI JIIPMRKW SJ LETTMRIWW JIEV ERKIV ERH WYVTVMWI [LIVIEW E WPS[ VEXI
MW FIXXIV JSV I\TVIWWMRK WEHRIWW SV HMWKYWX % WPS[IV XIQTS MW GEPPIH JSV [LIR
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EPVIEH] JEQMPMEV XS XLI EYHMIRGI
8[S SFZMSYW JEYPXW XS EZSMH EVI WTIEOMRK WS WPS[P] XLEX ]SYV PMWXIRIVW
FIGSQI FSVIH SV WS UYMGOP] XLEX XLI] PSWI XVEGO SJ ]SYV MHIEW 2SZMGI WTIEOIVW
EVI TEVXMGYPEVP] TVSRI XS VEGMRK XLVSYKL XLIMV WTIIGLIW EX E JVERXMG VEXI *SVXY
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GVE[PMRK XLVSYKL SRItW WTIIGL EX E WREMPtW TEGI
8LI OI] MR FSXL GEWIW MW FIGSQMRK E[EVI SJ XLI TVSFPIQ ERH GSRGIRXVEXMRK
SR WSPZMRK MX 9WI E HMKMXEP VIGSVHIV XS GLIGO LS[ JEWX ]SY WTIEO 4E] WTIGMEP
EXXIRXMSR XS VEXI [LIR TVEGXMGMRK ]SYV WTIIGL *MREPP] FI WYVI XS MRGPYHI
8LI 7TIEOIVtW :SMGI
0YGEW 8LI %VX SJ 4YFPMG (IPMZIV] 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
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% QSQIRXEV] FVIEO MR XLI XLI EHNYWXQIRXW [LIR ]SY KMZI ]SYV WTIIGL MR GPEWW
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% TEYWI XLEX SGGYVW [LIR E 0IEVRMRK LS[ ERH [LIR XS TEYWI MW E QENSV GLEPPIRKI JSV QSWX FIKMRRMRK
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FIX[IIR [SVHW [MXL QSVI TSMWI ERH GSRJMHIRGI LS[IZIV ]SY [MPP HMWGSZIV LS[ YWIJYP XLI TEYWI
ZSGEPM^EXMSRW WYGL EW qYL r GER FI -X GER WMKREP XLI IRH SJ E XLSYKLX YRMX KMZI ER MHIE XMQI XS WMRO MR
qIV r ERH qYQ r ERH PIRH HVEQEXMG MQTEGX XS E WXEXIQIRX q8LI VMKLX [SVH QE] FI IJJIGXMZI r
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I\TVIWWMZIRIWW JMVWX FYX OIIT XV]MRK 0MWXIR XS EGGSQTPMWLIH WTIEOIVW XS WII LS[ XLI] YWI
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[LIR ]SY TVEGXMGI ]SYV WTIIGLIW
1EOI WYVI ]SY TEYWI EX XLI IRH SJ XLSYKLX YRMXW ERH RSX MR XLI QMHHPI
3XLIV[MWI ]SY QE] HMWXVEGX PMWXIRIVW JVSQ ]SYV MHIEW 1SWX MQTSVXERX HS RSX
JMPP XLI WMPIRGI [MXL qYL r qIV r SV qYQ r 8LIWI ZSGEPM^IH TEYWIW GER GVIEXI
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LIEVXIH PMQIVMGO JVSQ .S]GItW QIPERGLSPMG TSIQ ;LIR KMZMRK E WTIIGL ]SY
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JIIPMRKW
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E WPS[IV XLER RSVQEP VEXI
FSVR ERH VEMWIH MR &SQFE] -RHME FIJSVI GSQMRK XS XLI 9RMXIH 7XEXIW XS EXXIRH GSRRIGXPYGEW GSQ
GSPPIKI EX XLI 9RMZIVWMX] SJ 6MGLQSRH %X XLI IRH SJ LMW WIRMSV ]IEV 'LMRS] :MI[ ER I\GIVTX JVSQ
[EW WIPIGXIH EW XLI WXYHIRX GSQQIRGIQIRX WTIEOIV MR E GEQTYW[MHI GSQTIXM q5YIWXMSRW SJ 'YPXYVIr MR XLI
XMSR ,I WTSOI SJ XLI [EVQ VIGITXMSR LI VIGIMZIH EX 6MGLQSRH ERH SJ LS[ GYP SRPMRI 1IHME 0MFVEV] JSV XLMW
XYVEP HMJJIVIRGIW GER FI SZIVGSQI F] EXXIQTXMRK XS YRHIVWXERH SXLIV TISTPI GLETXIV :MHIS 'PMT
%X XLI IRH SJ LMW WTIIGL 'LMRS] VIGIMZIH XLYRHIVSYW ETTPEYWIhTEVXP]
FIGEYWI SJ [LEX LI WEMH FYX EPWS FIGEYWI SJ LS[ LI WEMH MX %HHVIWWMRK XLI
EYHMIRGI SJ TISTPI [MXLSYX RSXIW LI WTSOI I\XIQTSVERISYWP] [MXL
WXVSRK I]I GSRXEGX ERH I\GIPPIRX ZSGEP ZEVMIX] 8LI WTIIGL [EW WS MRWTMVMRK XLEX
XLI QEMR WTIEOIV ,EVZEVH TW]GLMEXVMWX 6SFIVX 'SPIW FIKER LMW TVIWIRXEXMSR F]
TE]MRK XVMFYXI XS 'LMRS] q-tZI FIIR XS E RYQFIV SJ GSQQIRGIQIRXW r WEMH
'SPIW qFYX -tZI RIZIV LIEVH E WTIIGL UYMXI PMOI XLEX r
,S[ GER ]SY HIZIPST E PMZIP] I\TVIWWMZI ZSMGI# %FSZI EPP F] ETTVSEGLMRK
IZIV] WTIIGL EW 'LMRS] ETTVSEGLIH LMWhEW ER STTSVXYRMX] XS WLEVI [MXL ]SYV
PMWXIRIVW MHIEW XLEX EVI MQTSVXERX XS ]SY =SYV WIRWI SJ GSRZMGXMSR ERH ]SYV
HIWMVI XS GSQQYRMGEXI [MPP KMZI ]SYV ZSMGI XLI WEQI WTEVO MX LEW MR WTSRXERISYW
GSRZIVWEXMSR
(MEKRSWI ]SYV TVIWIRX WTIEOMRK ZSMGI XS HIGMHI [LMGL EWTIGXW RIIH
MQTVSZIQIRX 6IGSVH ]SYV WTIIGLIW XS LIEV LS[ XLI] WSYRH 8V] XLIQ SYX SR
QIQFIVW SJ ]SYV JEQMP] E JVMIRH SV E VSSQQEXI 'LIGO [MXL ]SYV XIEGLIV JSV
WYKKIWXMSRW 4VEGXMGI XLI ZSGEP ZEVMIX] I\IVGMWI EX XLI IRH SJ XLMW GLETXIV :SGEP
ZEVMIX] MW E REXYVEP JIEXYVI SJ SVHMREV] GSRZIVWEXMSR 8LIVI MW RS VIEWSR MX
WLSYPH RSX FI EW REXYVEP E JIEXYVI SJ ]SYV WTIIGLIW
463292'-%8-32
;I EPP QMWTVSRSYRGI [SVHW RS[ ERH EKEMR ,IVI JSV I\EQTPI EVI WM\ [SVHW TVSRYRGMEXMSR
[MXL [LMGL ]SY EVI TVSFEFP] JEQMPMEV 7E] IEGL SRI EPSYH 8LI EGGITXIH WXERHEVH SJ
WSYRH ERH VL]XLQ JSV [SVHW
KIRYMRI EVGXMG X LIEXIV MR E KMZIR PERKYEKI
IVV R YGPIEV *IFVYEV]
8LI 7TIEOIVtW :SMGI
0YGEW 8LI %VX SJ 4YFPMG (IPMZIV] 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
-RXIVRIX (S ]SY [ERX XS PIEVR QSVI EFSYX WTIIGL HIPMZIV]# 4IVLETW KEMR EHHMXMSREP I\TIVM
IRGI EJ XIV ]SYV WTIIGL GPEWW MW SZIV# =SY GER HS FSXL F] NSMRMRK ER SVKERM^EXMSR
'SRRIGXMSR WYGL EW 8SEWXQEWXIVW -RXIVREXMSREP [LMGL LEW QSVI XLER QIQFIVW ERH
GPYFW MR GSYRXVMIW EVSYRH XLI [SVPH *SV MRJSVQEXMSR EFSYX 8SEWXQEWXIVW
[[[ GSRRIGXPYGEW GSQ PSK SR XS MXW ;IF WMXI EX [[[ XSEWXQEWXIVW SVK
-J ]SY EVI E RSR REXMZI WTIEOIV SJ )RKPMWL ERH [ERX XS [SVO SR ]SYV WOMPPW SJ
WTSOIR )RKPMWL ]SY [MPP JMRH E RYQFIV SJ I\GIPPIRX VIWSYVGIW EX XLI )RKPMWL EW E
7IGSRH 0ERKYEKI WXYHIRX ;IF WMXI LXXT S[P IRKPMWL TYVHYI IHY LERHSYXW
IWP IWPWXYHIRX LXQP
:IV] PMOIP] ]SY QEHI E QMWXEOI SR EX PIEWX SRI JSV XLI] EVI EQSRK XLI QSWX
JVIUYIRXP] QMWTVSRSYRGIH [SVHW MR XLI )RKPMWL PERKYEKI 0IXtW WII
;SVH 'SQQSR )VVSV 'SVVIGX 4VSRYRGMEXMSR
KIRYMRI KIR Y [MRI KIR Y [MR
EVGXMG EV XMG EVG XMG
XLIEXIV XLII EXI IV XLII E XIV
IVV EMV YV
RYGPIEV RY GY PEV RY GPI EV
*IFVYEV] *IF Y EV] *IF VY EV]
)ZIV] [SVH PIEHW E XVMTPI PMJI MX MW VIEH [VMXXIR ERH WTSOIR 1SWX TISTPI
VIGSKRM^I ERH YRHIVWXERH QER] QSVI [SVHW MR VIEHMRK XLER XLI] YWI MR SVHM
REV] [VMXMRK ERH EFSYX XLVII XMQIW EW QER] EW SGGYV MR WTSRXERISYW WTIIGL
8LMW MW [L] [I SGGEWMSREPP] WXYQFPI [LIR WTIEOMRK [SVHW XLEX EVI TEVX SJ SYV
VIEHMRK SV [VMXMRK ZSGEFYPEVMIW -R SXLIV GEWIW [I QE] QMWTVSRSYRGI XLI QSWX
GSQQSRTPEGI [SVHW SYX SJ LEFMX
8LI TVSFPIQ MW XLEX [I YWYEPP] HSRtX ORS[ [LIR [I EVI QMWTVSRSYRGMRK E
[SVH -J [I EVI PYGO] [I PIEVR XLI VMKLX TVSRYRGMEXMSR F] LIEVMRK WSQISRI
IPWI WE] XLI [SVH TVSTIVP] SV F] LEZMRK WSQISRI KIRXP] GSVVIGX YW MR TVMZEXI
-J [I EVI YRPYGO] [I QMWTVSRSYRGI XLI [SVH MR JVSRX SJ E VSSQJYP SJ TISTPI
[LS QE] VEMWI XLIMV I]IFVS[W KVSER SV PEYKL
%PP SJ XLMW EVKYIW JSV TVEGXMGMRK ]SYV WTIIGL MR JVSRX SJ EW QER] XVYWXIH
JVMIRHW ERH VIPEXMZIW EW ]SY GER GSVRIV -J ]SY LEZI ER] HSYFXW EFSYX XLI
TVSTIV TVSRYRGMEXMSR SJ GIVXEMR [SVHW FI WYVI XS GLIGO E HMGXMSREV]
EVXMGYPEXMSR %68-'90%8-32
8LI TL]WMGEP TVSHYGXMSR SJ
TEVXMGYPEV WTIIGL WSYRHW %VXMGYPEXMSR ERH TVSRYRGMEXMSR EVI RSX MHIRXMGEP 7PSTT] EVXMGYPEXMSR MW XLI
JEMPYVI XS JSVQ TEVXMGYPEV WTIIGL WSYRHW GVMWTP] ERH HMWXMRGXP] -X MW SRI SJ WIZ
IVEP GEYWIW SJ QMWTVSRYRGMEXMSR FYX ]SY GER EVXMGYPEXI E [SVH WLEVTP] ERH WXMPP
QMWTVSRSYRGI MX *SV I\EQTPI MJ ]SY WE] XLI qWr MR q-PPMRSMWr SV XLI qTr MR
qTRIYQSRME r ]SY EVI QEOMRK E QMWXEOI MR TVSRYRGMEXMSR VIKEVHPIWW SJ LS[
TVIGMWIP] ]SY EVXMGYPEXI XLI WSYRHW
1SWX SJ XLI XMQI TSSV EVXMGYPEXMSR MW GEYWIH F] PE^MRIWWhF] JEMPMRK XS
QERMTYPEXI XLI PMTW XSRKYI NE[ ERH WSJX TEPEXI WS EW XS TVSHYGI WTIIGL
',%48)6 ()0-:)6=
0YGEW 8LI %VX SJ 4YFPMG (IPMZIV] 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
WSYRHW GPIEVP] ERH TVIGMWIP] 4ISTPI MR XLI 9RMXIH 7XEXIW WIIQ TEVXMGYPEVP]
TVSRI XS GLSTTMRK WPYVVMRK ERH QYQFPMRK [SVHW VEXLIV XLER EVXMGYPEXMRK
XLIQ TPEMRP]
%QSRK GSPPIKI WXYHIRXW TSSV EVXMGYPEXMSR MW QSVI GSQQSR XLER MKRS
VERGI SJ GSVVIGX TVSRYRGMEXMSR ;I ORS[ XLEX qPIX QIr MW RSX qPIQQI r XLEX
qKSMRK XSr MW RSX qKSRRE r XLEX qHMH ]SYr MW RSX qHMHNE r ]IX [I TIVWMWX MR
EVXMGYPEXMRK XLIWI [SVHW MQTVSTIVP] ,IVI EVI WSQI SXLIV GSQQSR IVVSVW MR
EVXMGYPEXMSR ]SY WLSYPH [SVO XS EZSMH
;SVH 1MWEVXMGYPEXMSR
SYKLX XS S XXE
HMHRtX HMRX
JSV JYV
HSRtX ORS[ HYRRS
LEZI XS LEJXE
XLIQ I Q
[ERX XS [ERRE
[MPP ]SY [MP]E
-J ]SY LEZI WPSTT] EVXMGYPEXMSR [SVO SR MHIRXMJ]MRK ERH IPMQMREXMRK
]SYV QSWX GSQQSR IVVSVW 0MOI SXLIV FEH LEFMXW GEVIPIWW EVXMGYPEXMSR GER FI
FVSOIR SRP] F] TIVWMWXIRX IJJSVXhFYX XLI VIWYPXW EVI [IPP [SVXL MX 2SX SRP]
[MPP ]SYV WTIIGLIW FI QSVI MRXIPPMKMFPI FYX IQTPS]IVW [MPP FI QSVI PMOIP] XS
LMVI ]SY XS TPEGI ]SY MR TSWMXMSRW SJ VIWTSRWMFMPMX] ERH XS TVSQSXI ]SY
%W 7LEOIWTIEVI EHZMWIH q1IRH ]SYV WTIIGL E PMXXPI PIWX ]SY QE] QEV ]SYV
JSVXYRIW r
(-%0)'8 HMEPIGX
% ZEVMIX] SJ E PERKYEKI
1SWX PERKYEKIW LEZI HMEPIGXW IEGL [MXL E HMWXMRGXMZI EGGIRX KVEQQEV ERH HMWXMRKYMWLIH F] ZEVMEXMSRW
ZSGEFYPEV] (MEPIGXW EVI YWYEPP] FEWIH SR VIKMSREP SV IXLRMG WTIIGL TEXXIVRW SJ EGGIRX KVEQQEV SV
8LI 9RMXIH 7XEXIW LEW JSYV QENSV VIKMSREP HMEPIGXWh)EWXIVR 2I[ )RKPERH ZSGEFYPEV]
7SYXLIVR ERH +IRIVEP %QIVMGER -R &SWXSR TISTPI QE] KIX qMHIEVWr EFSYX
qHII ELr JVMIRHW -R %PEFEQE TEVIRXW XIPP XLIMV GLMPHVIR XS WXST qWUYMRGLMRKr
XLIMV I]IW [LMPI [EXGLMRK XIPIZMWMSR ERH XS KS GPIER YT XLIMV VSSQW qVEXr RS[
-R 9XEL TISTPI TVEMWI XLI qPEVHr ERH TYX XLI qPSVHr MR XLI VIJVMKIVEXSV
8LIVI EVI EPWS WIZIVEP [IPP IWXEFPMWLIH IXLRMG HMEPIGXW MR XLI 9RMXIH 7XEXIW
MRGPYHMRK &PEGO )RKPMWL .I[MWL )RKPMWL ,MWTERMG )RKPMWL ERH 'ENYR )RKPMWL
-R VIGIRX ]IEVW [I LEZI EPWS WIIR XLI IQIVKIRGI SJ RI[IV HMEPIGXW WYGL EW ,EMXMER
)RKPMWL ERH 'YFER )RKPMWL %W XLI 9RMXIH 7XEXIW LEW FIGSQI QSVI HMZIVWI
GYPXYVEPP] MX LEW EPWS FIGSQI QSVI HMZIVWI PMRKYMWXMGEPP]
0MRKYMWXW LEZI GSRGPYHIH XLEX RS HMEPIGX MW MRLIVIRXP] FIXXIV SV [SVWI XLER
ERSXLIV 8LIVI MW RS WYGL XLMRK EW E VMKLX SV [VSRK HMEPIGX (MEPIGXW EVI RSX
PMRKYMWXMG FEHKIW SJ WYTIVMSVMX] SV MRJIVMSVMX] 8LI] EVI YWYEPP] WLETIH F] SYV
VIKMSREP SV IXLRMG FEGOKVSYRH ERH IZIV] HMEPIGX MW qVMKLXr JSV XLI GSQQYRMX]
SJ TISTPI [LS YWI MX
;LIR MW E KMZIR HMEPIGX ETTVSTVMEXI MR TYFPMG WTIEOMRK# 8LI ERW[IV HITIRHW
EFSZI EPP SR XLI GSQTSWMXMSR SJ ]SYV EYHMIRGI ,IEZ] YWI SJ ER] HMEPIGXh
VIKMSREP SV IXLRMGhGER FI XVSYFPIWSQI [LIR XLI EYHMIRGI HSIW RSX WLEVI XLEX
8LI 7TIEOIVtW :SMGI
0YGEW 8LI %VX SJ 4YFPMG (IPMZIV] 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
HMEPIGX -R WYGL E WMXYEXMSR XLI HMEPIGX QE] GEYWI PMWXIRIVW XS QEOI RIKEXMZI
NYHKQIRXW EFSYX XLI WTIEOIVtW TIVWSREPMX] MRXIPPMKIRGI ERH GSQTIXIRGI 8LMW
MW [L] TVSJIWWMSREP WTIEOIVW LEZI FIIR ORS[R XS MRZIWX PEVKI EQSYRXW SJ XMQI
ERH QSRI]
XS QEWXIV XLI +IRIVEP %QIVMGER HMEPIGX YWIH F] QSWX XIPIZMWMSR
RI[W FVSEHGEWXIVW
(SIW XLMW QIER ]SY QYWX XEPO PMOI E XIPIZMWMSR RI[W FVSEHGEWXIV MJ ]SY
[ERX XS FI WYGGIWWJYP MR ]SYV WTIIGLIW# 2SX EX EPP 6IKMSREP SV IXLRMG HMEPIGXW
HS RSX TSWI E TVSFPIQ EW PSRK EW XLI EYHMIRGI MW JEQMPMEV [MXL XLIQ ERH
JMRHW XLIQ ETTVSTVMEXI ;LIR WTIEOMRK MR XLI 2SVXL JSV I\EQTPI E WSYXL
IVR TSPMXMGMER [MPP TVSFEFP] EZSMH LIEZ] YWI SJ VIKMSREP HMEPIGX &YX [LIR
EHHVIWWMRK EYHMIRGIW MR XLI 7SYXL XLI WEQI TSPMXMGMER QE] MRXIRXMSREPP]
MRGPYHI VIKMSREP HMEPIGX EW E [E] SJ GVIEXMRK GSQQSR KVSYRH [MXL LMW SV LIV
PMWXIRIVW
%PXLSYKL RSX WXVMGXP] WTIEOMRK E QEXXIV SJ HMEPIGX XLI TVSJMGMIRG] SJ RSR
REXMZI WTIEOIVW SJ )RKPMWL SJXIR EVMWIW MR XLI WTIIGL GPEWWVSSQ *SVXYREXIP]
XIEGLIVW ERH WXYHIRXW EPMOI YWYEPP] KS SYX SJ XLIMV [E] XS FI LIPTJYP ERH
IRGSYVEKMRK XS MRXIVREXMSREP WXYHIRXW ERH SXLIVW JSV [LSQ )RKPMWL MW RSX XLI
TVMQEV] PERKYEKI 3ZIV XLI ]IEVW QER] RSR REXMZI WTIEOIVW SJ )RKPMWL LEZI
JSYRH WTIIGL GPEWW E WYTTSVXMZI IRZMVSRQIRX MR [LMGL XS MQTVSZI XLIMV TVSJM
GMIRG] MR WTSOIR )RKPMWL
8 LI 7TIEOIVtW &SH]
-QEKMRI ]SY EVI EX E TEVX] (YVMRK XLI IZIRMRK ]SY JSVQ MQTVIWWMSRW EFSYX XLI
TISTPI EVSYRH ]SY .SRXI WIIQW VIPE\IH ERH IZIR XIQTIVIH 2MGSPI XIRWI ERH
MVVMXEFPI /]RHVE WIIQW STIR ERH WXVEMKLXJSV[EVH &IOEL LSWXMPI ERH IZEWMZI
%QMR WIIQW LETT] XS WII ]SY 7IXL HIJMRMXIP] MW RSX
,S[ HS ]SY VIEGL XLIWI GSRGPYWMSRW# 8S E WYVTVMWMRK I\XIRX ]SY VIEGL
XLIQ RSX SR XLI FEWMW SJ [LEX TISTPI WE] [MXL [SVHW FYX FIGEYWI SJ [LEX
XLI] WE] [MXL XLIMV TSWXYVI KIWXYVIW I]IW ERH JEGMEP I\TVIWWMSRW 7YTTSWI ]SY
EVI WMXXMRK RI\X XS %QMR ERH LI WE]W q8LMW MW E KVIEX TEVX] -tQ VIEPP] KPEH XS
FI LIVI [MXL ]SY r ,S[IZIV LMW FSH] MW XYVRIH WPMKLXP] E[E] JVSQ ]SY ERH
LI OIITW PSSOMRK EX WSQISRI EGVSWW XLI VSSQ (IWTMXI [LEX LI WE]W ]SY ORS[
LI MW RSX KPEH XS FI XLIVI [MXL ]SY
1YGL XLI WEQI XLMRK LETTIRW MR WTIIGLQEOMRK ,IVI MW XLI WXSV] SJ SRI
WXYHIRXtW JMVWX X[S GPEWWVSSQ WTIIGLIW ERH XLI IJJIGX GVIEXIH F] LMW TL]WMGEP
EGXMSRW SR IEGL SGGEWMSR
7IER 3t'SRRSVtW JMVWX WTIIGL HMH RSX KS ZIV] [IPP )ZIR XLSYKL LI LEH GLSWIR ER
MRXIVIWXMRK XSTMG VIWIEVGLIH XLI WTIIGL [MXL GEVI ERH TVEGXMGIH MX JEMXLJYPP] LI HMH RSX
XEOI MRXS EGGSYRX XLI MQTSVXERGI SJ YWMRK LMW FSH] IJJIGXMZIP] ;LIR XLI XMQI GEQI JSV
LMQ XS WTIEO E WXVMGOIR PSSO GVSWWIH LMW JEGI ,I KSX YT JVSQ LMW GLEMV ERH TPSHHIH XS XLI
PIGXIVR EW XLSYKL KSMRK XS XLI KYMPPSXMRI ,MW ZSGEP HIPMZIV] [EW KSSH IRSYKL FYX EPP XLI
[LMPI LMW LERHW [IVI PMZMRK E PMJI SJ XLIMV S[R 8LI] JMHKIXIH [MXL LMW RSXIW TPE]IH [MXL
XLI FYX XSRW SJ LMW WLMVX ERH HVYQQIH SR XLI PIGXIVR 8LVSYKLSYX XLI WTIIGL 7IER OITX
LMW LIEH HS[R ERH LI PSSOIH EX LMW [EXGL VITIEXIHP] 6IKEVHPIWW SJ [LEX LMW [SVHW [IVI
WE]MRK LMW FSH] [EW WE]MRK q- HSRtX [ERX XS FI LIVI r
*MREPP] MX [EW SZIV 7IER VYWLIH XS LMW WIEX ERH GSPPETWIH MRXS MX PSSOMRK IRSVQSYWP]
VIPMIZIH 2IIHPIWW XS WE] LMW WTIIGL [EW RSX E KVIEX WYGGIWW
',%48)6 ()0-:)6=
0YGEW 8LI %VX SJ 4YFPMG (IPMZIV] 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
+SSH WTIEOIVW WYGL EW
2SFIP 4IEGI 4VM^I 0EYVIEXI
1YLEQQEH =YRYW YWI E
PMZIP] ZSMGI XS FVMRK XLIMV
MHIEW XS PMJI 8LI] EPWS YWI
KIWXYVIW I]I GSRXEGX ERH
JEGMEP I\TVIWWMSRW XS GVIEXI E
FSRH [MXL XLIMV EYHMIRGI
*SVXYREXIP] [LIR 7IERtW TVSFPIQ [EW TSMRXIH SYX XS LMQ LI [SVOIH LEVH XS GSVVIGX
MX ,MW RI\X WTIIGL [EW UYMXI E HMJJIVIRX WXSV] 8LMW XMQI LI KSX YT JVSQ LMW GLEMV ERH WXVSHI
XS XLI PIGXIVR GSRJMHIRXP] ,I OITX LMW LERHW YRHIV GSRXVSP ERH GSRGIRXVEXIH SR QEOMRK
I]I GSRXEGX [MXL LMW PMWXIRIVW 8LMW [EW XVYP] ER EGLMIZIQIRX FIGEYWI 7IER [EW NYWX EW
RIVZSYW EW XLI JMVWX XMQI ,S[IZIV LI JSYRH XLEX XLI QSVI LI QEHI LMQWIPJ PSSO GSRJM
HIRX XLI QSVI GSRJMHIRX LI FIGEQI %JXIV XLI WTIIGL LMW GPEWWQEXIW [IVI IRXLYWMEWXMG
q+VIEX WTIIGL r XLI] WEMH q=SY VIEPP] WIIQIH XS GEVI EFSYX XLI WYFNIGX ERH ]SY FVSYKLX
XLMW GEVMRK XS XLI EYHMIRGI r
-R JEGX XLI [SVHMRK SJ 7IERtW WIGSRH WTIIGL [EWRtX QYGL FIXXIV XLER XLEX SJ XLI JMVWX
-X [EW LMW TL]WMGEP EGXMSRW XLEX QEHI EPP XLI HMJJIVIRGI *VSQ XLI XMQI LI PIJX LMW WIEX YRXMP
LI VIXYVRIH LMW FSH] WEMH q- EQ GSRJMHIRX ERH MR GSRXVSP SJ XLI WMXYEXMSR - LEZI WSQIXLMRK
[SVXL[LMPI XS WE] ERH - [ERX ]SY XS XLMRO WS XSS r
4SWXYVI JEGMEP I\TVIWWMSR KIWXYVIW I]I GSRXEGXhEPP EJJIGX XLI [E] PMWXIRIVW OMRIWMGW
VIWTSRH XS E WTIEOIV ,S[ [I YWI XLIWI ERH SXLIV FSH] QSXMSRW XS GSQQYRM 8LI WXYH] SJ FSH] QSXMSRW
GEXI MW XLI WYFNIGX SJ E JEWGMREXMRK EVIE SJ WXYH] GEPPIH OMRIWMGW 3RI SJ MXW EW E W]WXIQEXMG QSHI SJ
JSYRHIVW 6E] &MVH[LMWXIPP IWXMQEXIH XLEX QSVI XLER TL]WMGEP WMKREPW GSQQYRMGEXMSR
GER FI WIRX XLVSYKL FSHMP] QSZIQIRX 7XYHMIW LEZI WLS[R XLEX XLIWI WMKREPW
LEZI E WMKRMJMGERX MQTEGX SR XLI QIERMRK GSQQYRMGEXIH F] WTIEOIVW 6IWIEVGL
LEW EPWS GSRJMVQIH [LEX XLI +VIIO LMWXSVMER ,IVSHSXYW SFWIVZIH QSVI XLER
]IEVW EKS q4ISTPI XVYWX XLIMV IEVW PIWW XLER XLIMV I]IW r ;LIR E WTIEOIVtW
FSH] PERKYEKI MW MRGSRWMWXIRX [MXL LMW SV LIV [SVHW PMWXIRIVW SJXIR FIPMIZI XLI
FSH] PERKYEKI VEXLIV XLER XLI [SVHW
,IVI EVI XLI QENSV EWTIGXW SJ TL]WMGEP EGXMSR XLEX [MPP EJJIGX XLI SYXGSQI
SJ ]SYV WTIIGLIW
8LI 7TIEOIVtW &SH]
0YGEW 8LI %VX SJ 4YFPMG (IPMZIV] 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
4)6732%0 %44)%6%2')
-J ]SY [IVI 4EVMW ,MPXSR ]SY GSYPH WLS[ YT XS QEOI ER 18: 1YWMG :MHIS
%[EVH TVIWIRXEXMSR WTIIGL [IEVMRK E FM^EVVI GVIEXMSR XLEX PIJX PMXXPI XS XLI
MQEKMREXMSR -J ]SY [IVI %PFIVX )MRWXIMR ]SY GSYPH WLS[ YT XS EHHVIWW ER
MRXIVREXMSREP WGMIRGI GSRJIVIRGI [IEVMRK [VMROPIH XVSYWIVW E W[IEXIV ERH XIRRMW
WLSIW ;LMPI XLI QIQFIVW SJ ]SYV EYHMIRGI [SYPH GIVXEMRP] GSQQIRX SR ]SYV
EXXMVI ]SYV VITYXEXMSR [SYPH RSX FI LEVQIH -R JEGX MX QMKLX FI IRLERGIH
=SY [SYPH FI SRI SJ XLI JI[ XLI ZIV] JI[ [LS PMZI SYXWMHI XLI VYPIW [LS EVI
I\TIGXIH XS FI YRYWYEP
2S[ MQEKMRI [LEX [SYPH LETTIR MJ XLI TVIWMHIRX SJ E GSVTSVEXMSR WLS[IH
YT XS EHHVIWW E WXSGOLSPHIVWt QIIXMRK EXXMVIH PMOI 4EVMW ,MPXSR SV MJ XLI 4VIWM
HIRX SJ XLI 9RMXIH 7XEXIW WTSOI SR REXMSREP XIPIZMWMSR [IEVMRK [VMROPIH
GPSXLIW ERH XIRRMW WLSIW &SXL TVIWMHIRXW [SYPH WSSR FI PSSOMRK JSV [SVO
&EVVMRK XLI SGGEWMSREP IGGIRXVMG IZIV] WTIEOIV MW I\TIGXIH F] LIV SV LMW EYHM
IRGI XS I\LMFMX E TIVWSREP ETTIEVERGI MR OIITMRK [MXL XLI SGGEWMSR SJ XLI
WTIIGL
% RYQFIV SJ WXYHMIW LEZI GSRJMVQIH XLEX TIVWSREP ETTIEVERGI TPE]W ER
MQTSVXERX VSPI MR WTIIGLQEOMRK 0MWXIRIVW EP[E]W WII ]SY FIJSVI XLI] LIEV
]SY .YWX EW ]SY EHETX ]SYV PERKYEKI XS XLI EYHMIRGI ERH XLI SGGEWMSR WS
WLSYPH ]SY HVIWW ERH KVSSQ ETTVSTVMEXIP] %PXLSYKL XLI JSVGI SJ ]SYV WTIIGL
GER WSQIXMQIW SZIVGSQI E TSSV MQTVIWWMSR GVIEXIH F] TIVWSREP ETTIEVERGI
XLI SHHW EVI EKEMRWX MX 6IKEVHPIWW SJ XLI WTIEOMRK WMXYEXMSR ]SY WLSYPH XV] XS
IZSOI E JEZSVEFPI JMVWX MQTVIWWMSR
13:)1)28
2SZMGI WTIEOIVW EVI SJXIR YRWYVI EFSYX [LEX XS HS [MXL XLIMV FSH] [LMPI KMZMRK
E WTIIGL 7SQI TEGI RSRWXST FEGO ERH JSVXL EGVSWW XLI TSHMYQ JIEVMRK XLEX MJ
XLI] WXST XLI] [MPP JSVKIX IZIV]XLMRK 3XLIVW GSRWXERXP] WLMJX XLIMV [IMKLX JVSQ
SRI JSSX XS XLI SXLIV JMHKIX [MXL XLIMV RSXIW SV NMRKPI GSMRW MR XLIMV TSGOIXW
7XMPP SXLIVW XYVR MRXS WXEXYIW WXERHMRK VMKMH ERH I\TVIWWMSRPIWW JVSQ FIKMRRMRK
XS IRH
7YGL UYMVOW YWYEPP] WXIQ JVSQ RIVZSYWRIWW -J ]SY EVI TVSRI XS HMWXVEGXMRK
QERRIVMWQW ]SYV XIEGLIV [MPP MHIRXMJ] XLIQ WS ]SY GER [SVO SR GSRXVSPPMRK
XLIQ ;MXL E PMXXPI GSRGIRXVEXMSR XLIWI QERRIVMWQW WLSYPH HMWETTIEV EW ]SY
FIGSQI QSVI GSQJSVXEFPI WTIEOMRK MR JVSRX SJ ER EYHMIRGI
%W MQTSVXERX EW LS[ ]SY EGX HYVMRK XLI WTIIGL MW [LEX ]SY HS NYWX FIJSVI
]SY FIKMR ERH EJXIV ]SY JMRMWL %W ]SY VMWI XS WTIEO XV] XS ETTIEV GEPQ TSMWIH
ERH GSRJMHIRX HIWTMXI XLI FYXXIVJPMIW MR ]SYV WXSQEGL ;LIR ]SY VIEGL XLI
PIGXIVR HSRtX PIER SR MX ERH HSRtX VYWL MRXS ]SYV WTIIGL +MZI ]SYVWIPJ XMQI
XS KIX WIX %VVERKI ]SYV RSXIW NYWX XLI [E] ]SY [ERX XLIQ 7XERH UYMIXP] EW ]SY
[EMX XS QEOI WYVI XLI EYHMIRGI MW TE]MRK EXXIRXMSR )WXEFPMWL I]I GSRXEGX [MXL
]SYV PMWXIRIVW 8LIRhERH SRP] XLIRhWLSYPH ]SY WXEVX XS XEPO
;LIR ]SY VIEGL XLI IRH SJ ]SYV WTIIGL QEMRXEMR I]I GSRXEGX JSV E JI[
QSQIRXW EJXIV ]SY WXST XEPOMRK 8LMW [MPP KMZI ]SYV GPSWMRK PMRI XMQI XS WMRO MR
9RPIWW ]SY EVI WXE]MRK EX XLI PIGXIVR XS ERW[IV UYIWXMSRW GSPPIGX ]SYV RSXIW
ERH VIXYVR XS ]SYV WIEX %W ]SY HS WS QEMRXEMR ]SYV GSSP GSPPIGXIH HIQIERSV
;LEXIZIV ]SY HS HSRtX WXEVX XS KEXLIV ]SYV RSXIW FIJSVI ]SY LEZI JMRMWLIH
XEPOMRK ERH HSRtX GET SJJ ]SYV WTIIGL [MXL E LYKI WMKL SJ VIPMIJ SV WSQI VIQEVO
PMOI q;LI[ %Q - KPEH XLEXtW SZIV r
',%48)6 ()0-:)6=
0YGEW 8LI %VX SJ 4YFPMG (IPMZIV] 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
%PP XLMW EHZMGI MW GSQQSR WIRWI ]IX ]SY [SYPH FI WYVTVMWIH LS[ QER]
TISTPI RIIH MX ;LIR TVEGXMGMRK ]SYV WTIIGLIW WTIRH E PMXXPI XMQI VILIEVWMRK
LS[ ]SY [MPP FILEZI EX XLI FIKMRRMRK ERH EX XLI IRH -X MW SRI SJ XLI IEWMIWXh
ERH SRI SJ XLI QSWX IJJIGXMZIhXLMRKW ]SY GER HS XS MQTVSZI ]SYV MQEKI [MXL
ER EYHMIRGI
+)7896)7 KIWXYVIW
1SXMSRW SJ E WTIEOIVtW LERHW SV
*I[ EWTIGXW SJ HIPMZIV] GEYWI WXYHIRXW QSVI ERKYMWL XLER HIGMHMRK [LEX XS HS EVQW HYVMRK E WTIIGL
[MXL XLIMV LERHW q7LSYPH - GPEWT XLIQ FILMRH Q] FEGO# 0IX XLIQ LERK EX Q]
WMHIW# 6IWX XLIQ SR XLI PIGXIVR# %RH [LEX EFSYX KIWXYVMRK# ;LIR WLSYPH - HS
XLEXhERH LS[#r )ZIR TISTPI [LS YWI XLIMV LERHW I\TVIWWMZIP] MR IZIV]HE] GSR
ZIVWEXMSR WIIQ XS VIKEVH XLIQ EW E[O[EVH ETTIRHEKIW [LIR WTIEOMRK FIJSVI
ER EYHMIRGI
3ZIV XLI ]IEVW QSVI RSRWIRWI LEW FIIR [VMXXIR EFSYX KIWXYVMRK XLER
EFSYX ER] SXLIV EWTIGX SJ WTIIGL HIPMZIV] %HVSMX KIWXYVIW GER EHH XS XLI
MQTEGX SJ E WTIIGL FYX IJJIGXMZI WTIEOIVW HS RSX RIIH E ZEWX VITIVXSMVI SJ KIW
XYVIW 7SQI EGGSQTPMWLIH WTIEOIVW KIWXYVI JVIUYIRXP] SXLIVW LEVHP] EX EPP 8LI
TVMQEV] VYPI MW XLMW ;LEXIZIV KIWXYVIW ]SY QEOI WLSYPH RSX HMWXVEGX JVSQ ]SYV
QIWWEKI 8LI] WLSYPH ETTIEV REXYVEP ERH WTSRXERISYW LIPT GPEVMJ] SV VIMRJSVGI
]SYV MHIEW ERH FI WYMXIH XS XLI EYHMIRGI ERH SGGEWMSR
+IWXYVMRK XIRHW XS [SVO MXWIPJ SYX EW ]SY EGUYMVI I\TIVMIRGI ERH GSRJM
HIRGI *SV RS[ QEOI WYVI ]SYV LERHW HS RSX YTWXEKI ]SYV MHIEW %ZSMH JPEMPMRK
XLIQ EFSYX [VMRKMRK XLIQ XSKIXLIV SV XS]MRK [MXL ]SYV VMRKW 3RGI ]SY LEZI
IPMQMREXIH XLIWI HMWXVEGXMSRW JSVKIX EFSYX ]SYV LERHW 8LMRO EFSYX GSQQYRM
GEXMRK [MXL ]SYV PMWXIRIVW ERH ]SYV KIWXYVIW [MPP XEOI GEVI SJ XLIQWIPZIWhNYWX
EW XLI] HS MR GSRZIVWEXMSR
)=) '328%'8 I]I GSRXEGX
(MVIGX ZMWYEP GSRXEGX [MXL XLI
8LI I]IFEPP MXWIPJ I\TVIWWIW RS IQSXMSR =IX F] QERMTYPEXMRK XLI I]IFEPP ERH I]IW SJ ERSXLIV TIVWSR
XLI EVIEW SJ XLI JEGI EVSYRH MXhIWTIGMEPP] XLI YTTIV I]IPMHW ERH XLI I]I
FVS[Wh[I GSRZI] ER MRXVMGEXI EVVE] SJ RSRZIVFEP QIWWEKIW 7S VIZIEPMRK EVI
XLIWI QIWWEKIW XLEX [I XLMRO SJ XLI I]IW EW qXLI [MRHS[W SJ XLI WSYP r ;I
PSSO XS XLIQ XS LIPT KEYKI E WTIEOIVtW XVYXLJYPRIWW MRXIPPMKIRGI EXXMXYHIW
ERH JIIPMRKW
0MOI QER] EWTIGXW SJ GSQQYRMGEXMSR I]I GSRXEGX MW MRJPYIRGIH F] GYPXYVEP
FEGOKVSYRH ;LIR IRKEKIH MR GSRZIVWEXMSR %VEFW 0EXMR %QIVMGERW ERH
7SYXLIVR )YVSTIERW XIRH XS PSSO HMVIGXP] EX XLI TIVWSR [MXL [LSQ XLI] EVI
XEPOMRK 4ISTPI JVSQ %WMER GSYRXVMIW ERH TEVXW SJ %JVMGE XIRH XS IRKEKI MR PIWW
I]I GSRXEGX
;LIR MX GSQIW XS TYFPMG WTIEOMRK XLIVI MW [MHI EKVIIQIRX EGVSWW GYP
XYVIW SR XLI MQTSVXERGI SJ WSQI HIKVII SJ I]I GSRXEGX -R QSWX GMVGYQ
WXERGIW SRI SJ XLI UYMGOIWX [E]W XS IWXEFPMWL E GSQQYRMGEXMZI FSRH [MXL
]SYV PMWXIRIVW MW XS PSSO EX XLIQ TIVWSREPP] ERH TPIEWERXP] %ZSMHMRK XLIMV
KE^I MW SRI SJ XLI WYVIWX [E]W XS PSWI XLIQ 7TIEOIVW MR XLI 9RMXIH 7XEXIW [LS
VIJYWI XS IWXEFPMWL I]I GSRXEGX EVI TIVGIMZIH EW XIRXEXMZI SV MPP EX IEWI ERH
QE] FI WIIR EW MRWMRGIVI SV HMWLSRIWX -X MW RS [SRHIV XLIR XLEX XIEGLIVW
YVKI WXYHIRXW XS PSSO EX XLI EYHMIRGI XS TIVGIRX SJ XLI XMQI XLI] EVI
XEPOMRK
8LI 7TIEOIVtW &SH]
0YGEW 8LI %VX SJ 4YFPMG (IPMZIV] 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
GSRRIGXPYGEW GSQ =SY QE] JMRH XLMW HMWGSRGIVXMRK EX JMVWX &YX EJXIV SRI SV X[S WTIIGLIW
:MI[ ER I\GIVTX JVSQ ]SY WLSYPH FI EFPI XS QIIX XLI KE^I SJ ]SYV EYHMIRGI JEMVP] GSQJSVXEFP] %W
q1EOMRK E (MJJIVIRGI ]SY PSSO EX ]SYV PMWXIRIVW FI EPIVX JSV XLIMV VIEGXMSRW 'ER XLI] LIEV ]SY# (S
8LVSYKL XLI 7TIGMEP XLI] YRHIVWXERH ]SY# %VI XLI] E[EOI# =SYV I]IW [MPP LIPT ]SY ERW[IV XLIWI
3P]QTMGWr MR XLI SRPMRI UYIWXMSRW
1IHME 0MFVEV] JSV XLMW
GLETXIV :MHIS 'PMT
-X MWRtX IRSYKL NYWX XS PSSO EX ]SYV PMWXIRIVW LS[ ]SY PSSO EX XLIQ EPWS
GSYRXW % FPERO WXEVI MW EPQSWX EW FEH EW RS I]I GSRXEGX EX EPP 7S MW E JMIVGI
LSWXMPI KPS[IV SV E WIVMIW SJ JVMKLXIRIH FI[MPHIVIH KPERGIW %PWS FI[EVI SJ XLI
XIRHIRG] XS KE^I MRXIRXP] EX SRI TEVX SJ XLI EYHMIRGI [LMPI MKRSVMRK XLI VIWX
-R WTIIGL GPEWW WSQI WXYHIRXW PSSO SRP] EX XLI WIGXMSR SJ XLI VSSQ [LIVI XLI
XIEGLIV MW WMXXMRK 3XLIVW EZSMH PSSOMRK ER][LIVI RIEV XLI XIEGLIV ERH JSGYW SR
SRI SV X[S W]QTEXLIXMG JVMIRHW =SY WLSYPH XV] XS IWXEFPMWL I]I GSRXEGX [MXL
]SYV [LSPI EYHMIRGI
;LIR EHHVIWWMRK E WQEPP EYHMIRGI WYGL EW ]SYV GPEWW ]SY GER YWYEPP] PSSO
FVMIJP] JVSQ SRI TIVWSR XS ERSXLIV *SV E PEVKIV KVSYT ]SY [MPP TVSFEFP] WGER
XLI EYHMIRGI VEXLIV XLER XV] XS IRKEKI XLI I]IW SJ IEGL TIVWSR MRHMZMHYEPP] 2S
QEXXIV [LEX XLI WM^I SJ ]SYV EYHMIRGI ]SY [ERX ]SYV I]IW XS GSRZI] GSRJM
HIRGI WMRGIVMX] ERH GSRZMGXMSR 8LI] WLSYPH WE] q- EQ TPIEWIH XS FI EFPI XS
XEPO [MXL ]SY - FIPMIZI HIITP] MR [LEX - EQ WE]MRK ERH - [ERX ]SY XS FIPMIZI
MR MX XSS r
0SSO EX :MHIS 'PMT MR XLI SRPMRI 1IHME 0MFVEV] JSV XLMW GLETXIV XS WII
E JMRI I\EQTPI SJ I]I GSRXEGX 8LI WTIEOIV MW XIPPMRK LIV GPEWWQEXIW LS[ XLI]
GER FIGSQI ZSPYRXIIVW JSV XLI 7TIGMEP 3P]QTMGW 2SXMGI LS[ WLI YWIW LIV I]IW
XS GSRRIGX [MXL LIV PMWXIRIVW EX E TIVWSREP PIZIP 8LMW MW XLI OMRH SJ WXVSRK GSQ
QYRMGEXMSR ]SY WLSYPH XV] XS HIZIPST MR ]SYV WTIIGLIW
4VEGXMGMRK (IPMZIV]
4STYPEV [MWHSQ TVSQMWIW XLEX TVEGXMGI QEOIW TIVJIGX 8LMW MW XVYI FYX SRP] MJ
[I TVEGXMGI TVSTIVP] =SY [MPP HS PMXXPI XS MQTVSZI ]SYV WTIIGL HIPMZIV] YRPIWW
]SY TVEGXMGI XLI VMKLX XLMRKW MR XLI VMKLX [E]W ,IVI MW E JMZI WXIT QIXLSH XLEX
LEW [SVOIH [IPP JSV QER] WXYHIRXW
+S XLVSYKL ]SYV TVITEVEXMSR SYXPMRI E PSYH XS GLIGO LS[ [LEX ]SY
LEZI [VMXXIR XVERWPEXIW MRXS WTSOIR HMWGSYVWI -W MX XSS PSRK# 8SS WLSVX# %VI
XLI QEMR TSMRXW GPIEV [LIR ]SY WTIEO XLIQ# %VI XLI WYTTSVXMRK QEXIVMEPW
HMWXMRGX GSRZMRGMRK MRXIVIWXMRK# (S XLI MRXVSHYGXMSR ERH GSRGPYWMSR GSQI
EGVSWW [IPP# %W ]SY ERW[IV XLIWI UYIWXMSRW VIZMWI XLI WTIIGL EW RIIHIH
4 VITEVI ]SYV WTIEOMRK SYXPMRI -R HSMRK WS FI WYVI XS JSPPS[ XLI KYMHI
PMRIW MR 'LETXIV 9WI XLI WEQI ZMWYEP JVEQI[SVO EW MR XLI TVITEVEXMSR SYX
PMRI 1EOI WYVI XLI WTIEOMRK SYXPMRI MW IEW] XS VIEH EX E KPERGI +MZI ]SYVWIPJ
GYIW SR XLI SYXPMRI JSV HIPMZIVMRK XLI WTIIGL
4 VEGXMGI XLI WTIIGL EPSYH WIZIVEP XMQIW YWMRK SRP] XLI WTIEOMRK SYXPMRI
&I WYVI XS qXEPO XLVSYKLr EPP I\EQTPIW ERH XS VIGMXI MR JYPP EPP UYSXEXMSRW ERH
WXEXMWXMGW -J ]SYV WTIIGL MRGPYHIW ZMWYEP EMHW YWI XLIQ EW ]SY TVEGXMGI 8LI
JMVWX GSYTPI SJ XMQIW ]SY [MPP TVSFEFP] JSVKIX WSQIXLMRK SV QEOI E QMWXEOI
',%48)6 ()0-:)6=
0YGEW 8LI %VX SJ 4YFPMG (IPMZIV] 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
FYX HSRtX [SVV] /IIT KSMRK ERH GSQTPIXI XLI
WTIIGL EW [IPP EW ]SY GER 'SRGIRXVEXI SR KEMRMRK
GSRXVSP SJ XLI MHIEW HSRtX XV] XS PIEVR XLI WTIIGL
[SVH JSV [SVH %JXIV E JI[ XVMIW ]SY WLSYPH FI EFPI
XS KIX XLVSYKL XLI WTIIGL I\XIQTSVERISYWP] [MXL
WYVTVMWMRK IEWI
2 S[ FIKMR XS TSPMWL ERH VIJMRI ]SYV HIPMZ
IV] 4VEGXMGI XLI WTIIGL MR JVSRX SJ E QMVVSV XS GLIGO
JSV I]I GSRXEGX ERH HMWXVEGXMRK QERRIVMWQW 6IGSVH
XLI WTIIGL XS KEYKI ZSPYQI TMXGL VEXI TEYWIW ERH
ZSGEP ZEVMIX] 1SWX MQTSVXERX XV] MX SYX SR JVMIRHW
VSSQQEXIW JEQMP] QIQFIVWhER]SRI [LS [MPP PMW
XIR ERH KMZI ]SY ER LSRIWX ETTVEMWEP 7MRGI ]SYV
WTIIGL MW HIWMKRIH JSV TISTPI VEXLIV XLER JSV QMV
VSVW SV VIGSVHIVW ]SY RIIH XS JMRH SYX ELIEH SJ
XMQI LS[ MX KSIW SZIV [MXL TISTPI
*MREPP] KMZI ]SYV WTIIGL E HVIWW VILIEVWEP %W I\TIVMIRGIH WTIEOIVW ORS[ ]SY RIIH XS TVEGXMGI E WTIIGL
YRHIV GSRHMXMSRW EW GPSWI EW TSWWMFPI XS XLSWI ]SY XLSVSYKLP] FIJSVI HIPMZIVMRK MX -J TSWWMFPI XV] XS VILIEVWI YRHIV
[MPP JEGI MR GPEWW 7SQI WXYHIRXW PMOI XS XV] XLI GSRHMXMSRW EW GPSWI EW TSWWMFPI XS XLSWI ]SY [MPP JEGI HYVMRK XLI
WTIIGL E GSYTPI SJ XMQIW MR ER IQTX] GPEWWVSSQ XLI WTIIGL MXWIPJ
HE] FIJSVI XLI WTIIGL MW HYI 2S QEXXIV [LIVI ]SY
LSPH ]SYV PEWX TVEGXMGI WIWWMSR ]SY WLSYPH PIEZI MX
JIIPMRK GSRJMHIRX ERH PSSOMRK JSV[EVH XS WTIEOMRK
MR ]SYV GPEWW
-J XLMW SV ER] TVEGXMGI QIXLSH MW XS [SVO ]SY QYWX WXEVX IEVP] (SRtX [EMX
YRXMP XLI RMKLX FIJSVI ]SYV WTIIGL XS FIKMR [SVOMRK SR HIPMZIV] % WMRKPI
TVEGXMGI WIWWMSRhRS QEXXIV LS[ PSRKhMW VEVIP] IRSYKL %PPS[ ]SYVWIPJ EX
PIEWX E GSYTPI SJ HE]W TVIJIVEFP] QSVI XS KEMR GSQQERH SJ XLI WTIIGL ERH
MXW TVIWIRXEXMSR
%RW[IVMRK %YHMIRGI 5YIWXMSRW
-J ]SY LEZI IZIV [EXGLIH E TVIWW GSRJIVIRGI SV LIEVH E WTIEOIV ERW[IV UYIW
XMSRW EJXIV E XEPO ]SY ORS[ XLI UYIWXMSR ERH ERW[IV WIWWMSR GER QEOI SV FVIEO
E TVIWIRXEXMSR % WTIEOIV [LS LERHPIW UYIWXMSRW [IPP GER WXVIRKXLIR XLI
MQTEGX SJ LMW SV LIV WTIIGL 3R XLI SXLIV LERH E WTIEOIV [LS IZEHIW UYIW
XMSRW SV WLS[W ERRS]ERGI [MPP EPQSWX GIVXEMRP] GVIEXI XLI STTSWMXI IJJIGX
8LI UYIWXMSR ERH ERW[IV WIWWMSR MW E GSQQSR TEVX SJ TYFPMG WTIEOMRK
[LIXLIV XLI SGGEWMSR MW E TVIWW GSRJIVIRGI FYWMRIWW TVIWIRXEXMSR TYFPMG LIEV
MRK SV GPEWWVSSQ EWWMKRQIRX %R ERW[IV XS E UYIWXMSR MW SJXIR XLI JMREP [SVH
ER EYHMIRGI LIEVW ERH MW PMOIP] XS PIEZI E PEWXMRK MQTVIWWMSR
8LI JMVWX WXIT XS HSMRK [IPP MR E UYIWXMSR ERH ERW[IV WIWWMSR MW XS XEOI MX EW
WIVMSYWP] EW XLI WTIIGL MXWIPJ 8LI X[S QENSV WXITW MR TVITEVMRK EVI [SVOMRK SYX
ERW[IVW XS TSWWMFPI UYIWXMSRW ERH TVEGXMGMRK XLI HIPMZIV] SJ XLSWI ERW[IVW
%RW[IVMRK %YHMIRGI 5YIWXMSRW
0YGEW 8LI %VX SJ 4YFPMG (IPMZIV] 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
*SVQYPEXI %RW[IVW XS 4SWWMFPI 5YIWXMSRW
3RGI ]SY ORS[ ]SYV TVIWIRXEXMSR [MPP MRGPYHI UYIWXMSRW JVSQ XLI EYHMIRGI
]SY WLSYPH FI XLMROMRK EFSYX TSWWMFPI UYIWXMSRW IZIR EW ]SY EVI [VMXMRK ]SYV
WTIIGL -J ]SY TVEGXMGI ]SYV WTIIGL MR JVSRX SJ JVMIRHW JEQMP] SV GS[SVOIVW EWO
XLIQ XS NSX HS[R UYIWXMSRW /IIT XVEGO SJ EPP XLI UYIWXMSRW ERH JSVQYPEXI ERW
[IVW ;VMXI ]SYV ERW[IVW MR JYPP XS QEOI WYVI ]SY LEZI XLSYKLX XLIQ XLVSYKL
GSQTPIXIP]
-J ]SY EVI KMZMRK E TIVWYEWMZI WTIIGL FI WYVI XS [SVO SYX ERW[IVW XS SFNIG
XMSRW XLI EYHMIRGI QE] LEZI XS ]SYV TVSTSWEP 2S QEXXIV LS[ GEVIJYP ]SY EVI
XS HIEP [MXL XLSWI SFNIGXMSRW MR ]SYV WTIIGL ]SY GER FI WYVI XLI] [MPP GSQI
YT MR XLI UYIWXMSR ERH ERW[IV WIWWMSR
-J ]SY EVI WTIEOMRK SR E XSTMG [MXL XIGLRMGEP EWTIGXW FI VIEH] XS ERW[IV
WTIGMEPM^IH MRUYMVMIW EFSYX XLIQ EW [IPP EW UYIWXMSRW XLEX WIIO GPEVMJMGEXMSR MR
RSRXIGLRMGEP XIVQW =SY QMKLX IZIR TVITEVI E LERHSYX XLEX ]SY GER HMWXVMFYXI
EJXIV[EVH JSV TISTPI [LS [ERX QSVI MRJSVQEXMSR
4VEGXMGI XLI (IPMZIV] SJ =SYV %RW[IVW
=SY [SYPH RSX TVIWIRX E WTIIGL XS E VSSQ JYPP SJ TISTPI [MXLSYX VILIEVWMRK
2IMXLIV WLSYPH ]SY KS MRXS E UYIWXMSR ERH ERW[IV WIWWMSR [MXLSYX TVEGXMGMRK
XLI HIPMZIV] SJ ]SYV ERW[IVW
3RI TSWWMFMPMX] MW XS LEZI E JVMIRH SV GSPPIEKYI PMWXIR XS ]SYV TVIWIRXEXMSR
EWO UYIWXMSRW ERH GVMXMUYI ]SYV ERW[IVW 8LMW QIXLSH MW YWIH F] TSPMXMGEP GER
HMHEXIW ERH FYWMRIWW PIEHIVW FIJSVI HIFEXIW SV TVIWW GSRJIVIRGIW %RSXLIV TSW
WMFMPMX] MW XS VIGSVH ]SYV ERW[IVW XS ERXMGMTEXIH UYIWXMSRW TPE] XLIQ FEGO ERH
VIZMWI XLIQ YRXMP XLI] EVI NYWX VMKLX
%W ]SY VILIEVWI [SVO SR QEOMRK ]SYV ERW[IVW FVMIJ ERH XS XLI TSMRX
1ER] WMQTPI UYIWXMSRW GER FI ERW[IVIH MR WIGSRHW ERH IZIR GSQTPI\ SRIW
WLSYPH FI ERW[IVIH MR E QMRYXI SV X[S -J ]SY TVEGXMGI ERW[IVMRK UYIWXMSRW
FIJSVILERH ]SY [MPP JMRH MX QYGL IEWMIV XS OIIT XS XLIWI XMQI PMQMXW
3J GSYVWI XLIVI MW RS [E] XS TVIHMGX IZIV] UYIWXMSR ]SY [MPP VIGIMZI &YX MJ
]SY KS MRXS XLI UYIWXMSR ERH ERW[IV TIVMSH JYPP] TVITEVIH ]SY [MPP JMRH MX
QYGL IEWMIV XS EHETX XS [LEXIZIV SGGYVW
-J ]SY LEZI IZIV [EXGLIH E WOMPPJYP WTIEOIV JMIPH UYIWXMSRW JVSQ XLI EYHMIRGI
]SY ORS[ XLIVI MW ER EVX XS QEREKMRK E UYIWXMSR ERH ERW[IV WIWWMSR )RXMVI
FSSOW LEZI FIIR [VMXXIR SR XLMW WYFNIGX FYX XLI JSPPS[MRK WYKKIWXMSRW [MPP
LIPT KIX ]SY WXEVXIH SR XLI VMKLX JSSX
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[LS HSIW RSX YWI ZMWYEP EMHW %GGSVHMRK XS XLI WEQI WXYH] ZMWYEP EMHW GER
MRGVIEWI XLI TIVWYEWMZIRIWW SJ E WTIIGL F] QSVI XLER TIVGIRX :MWYEP EMHW
GER IZIR LIPT ]SY GSQFEX WXEKI JVMKLX 8LI] LIMKLXIR EYHMIRGI MRXIVIWX WLMJX
EXXIRXMSR E[E] JVSQ XLI WTIEOIV ERH KMZI XLI WTIEOIV KVIEXIV GSRJMHIRGI MR
XLI TVIWIRXEXMSR EW E [LSPI
*SV EPP XLIWI VIEWSRW ]SY [MPP JMRH ZMWYEP EMHW SJ KVIEX ZEPYI MR ]SYV WTIIGLIW
-R XLMW GLETXIV [I [MPP GSRGIRXVEXI TVMQEVMP] SR ZMWYEP EMHW WYMXEFPI JSV GPEWW
VSSQ WTIIGLIW FYX XLI WEQI TVMRGMTPIW ETTP] MR EPP GMVGYQWXERGIW *SV WTIIGLIW
SYXWMHI XLI GPEWWVSSQhMR FYWMRIWW SV GSQQYRMX] WMXYEXMSRW JSV MRWXERGIh]SY
WLSYPH LEZI RS HMJJMGYPX] MJ ]SY JSPPS[ XLI WYKKIWXMSRW KMZIR LIVI
0IX YW PSSO JMVWX EX XLI OMRHW SJ ZMWYEP EMHW ]SY EVI QSWX PMOIP] XS YWI XLIR
EX KYMHIPMRIW JSV TVITEVMRK ZMWYEP EMHW ERH JMREPP] EX KYMHIPMRIW JSV YWMRK
ZMWYEP EMHW &IGEYWI 4S[IV4SMRX MW WYGL ER MQTSVXERX [E] SJ TVIWIRXMRK ZMWYEP
EMHW XSHE] [I JSGYW SR XLEX WYFNIGX MR XLI ETTIRHM\ XLEX JSPPS[W XLMW GLETXIV
TEKIW i
/MRHW SJ :MWYEP %MHW
3&.)'87
&VMRKMRK XLI SFNIGX SJ ]SYV WTIIGL XS GPEWW GER FI ER I\GIPPIRX [E] XS GPEVMJ]
]SYV MHIEW ERH KMZI XLIQ HVEQEXMG MQTEGX -J ]SYV WTIGMJMG TYVTSWI MW q8S
MRJSVQ Q] EYHMIRGI LS[ XS GLSSWI XLI VMKLX WOM IUYMTQIRX r [L] RSX FVMRK
XLI IUYMTQIRX XS GPEWW XS WLS[ ]SYV PMWXIRIVW# 3V WYTTSWI ]SY [ERX XS MRJSVQ
',%48)6 97-2+ :-79%0 %-(7
0YGEW 8LI %VX SJ 4YFPMG 9WMRK :MWYEP %MHW 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
4LSXSKVETLW QEOI I\GIPPIRX
ZMWYEP EMHW MJ XLI] EVI PEVKI
IRSYKL XS FI WIIR IEWMP]
'LIGO :MHIS 'PMT MR XLI
SRPMRI 1IHME 0MFVEV] JSV XLMW
GLETXIV XS WII LS[ SRI
WTIEOIV YWIH XLMW TLSXSKVETL
SJ XLI JEQSYW -RGER VYMRW EX
1EGLY 4MGGLY
]SYV GPEWWQEXIW EFSYX XLI 4IVYZMER EVX SJ HSPP QEOMRK =SY GSYPH FVMRK WIZIVEP
HSPPW XS GPEWW ERH I\TPEMR LS[ XLI] [IVI QEHI
7SQI SFNIGXW LS[IZIV GERRSX FI YWIH IJJIGXMZIP] MR GPEWWVSSQ WTIIGLIW
7SQI EVI XSS FMK 3XLIVW EVI XSS WQEPP XS FI WIIR GPIEVP] 7XMPP SXLIVW QE] RSX
FI EZEMPEFPI XS ]SY -J ]SY [IVI WTIEOMRK EFSYX E VEVI WYMX SJ EVQSV MR E PSGEP
QYWIYQ ]SY GSYPH XLISVIXMGEPP] XVERWTSVX MX XS GPEWW FYX MX MW QSWX YRPMOIP]
XLEX XLI QYWIYQ [SYPH PIX ]SY FSVVS[ MX =SY [SYPH LEZI XS PSSO JSV ERSXLIV
OMRH SJ ZMWYEP EMH
13()07 QSHIP
%R SFNIGX YWYEPP] FYMPX XS
-J XLI MXIQ ]SY [ERX XS HMWGYWW MW XSS PEVKI XSS WQEPP SV YREZEMPEFPI ]SY QE] WGEPI XLEX VITVIWIRXW
FI EFPI XS [SVO [MXL E QSHIP 3RI WXYHIRX E GVMQMREP WGMIRGI QENSV YWIH E ERSXLIV SFNIGX MR HIXEMP
QSHIP SJ E LYQER WOYPP XS WLS[ LS[ JSVIRWMG WGMIRXMWXW YWI FSRI JVEKQIRXW XS
VIGSRWXVYGX GVMQI MRNYVMIW %RSXLIV YWIH E WGEPIH HS[R QSHIP SJ E LERK KPMHIV
XS MPPYWXVEXI XLI IUYMTQIRX ERH XIGLRMUYIW SJ LERK KPMHMRK
2S QEXXIV [LEX OMRH SJ QSHIP SV SFNIGX
]SY YWI QEOI WYVI XLI EYHMIRGI
GER WII MX ERH XLEX ]SY I\TPEMR MX GPIEVP] *SV ER I\EQTPI GLIGO :MHIS 'PMT
MR XLI SRPMRI 1IHME 0MFVEV] JSV XLMW GLETXIV 8LI WTIEOIV MW XEPOMRK EFSYX '46
[LMGL LI HIQSRWXVEXIW SR E XVEMRMRK HYQQ] LI FSVVS[IH JVSQ XLI PSGEP 6IH
'VSWW
4,383+6%4,7 GSRRIGXPYGEW GSQ
:MI[ ER I\GIVTX JVSQ q'46r
-R XLI EFWIRGI SJ ER SFNIGX SV E QSHIP ]SY QE] FI EFPI XS YWI TLSXSKVETLW MR XLI SRPMRI 1IHME 0MFVEV]
8LI] [MPP RSX [SVO IJJIGXMZIP] LS[IZIV YRPIWW XLI] EVI PEVKI IRSYKL JSV XLI JSV XLMW GLETXIV :MHIS
EYHMIRGI XS ZMI[ [MXLSYX WXVEMRMRK 2SVQEP WM^I TLSXSW EVI XSS WQEPP XS FI WIIR 'PMT
GPIEVP] [MXLSYX FIMRK TEWWIH EVSYRHh[LMGL SRP] HMZIVXW XLI EYHMIRGI JVSQ
[LEX ]SY EVI WE]MRK 8LI WEQI MW XVYI SJ TLSXSKVETLW MR FSSOW
,S[ GER ]SY KIX PEVKI WGEPI TLSXSW JSV E WTIIGL# 3RI WXYHIRX YWIH EVX
TSWXIVW XS MPPYWXVEXI LIV TSMRXW EFSYX XLI TEMRXIV *VMHE /ELPS %RSXLIV WTIEOIV
/MRHW SJ :MWYEP %MHW
0YGEW 8LI %VX SJ 4YFPMG 9WMRK :MWYEP %MHW 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
-RXIVRIX %R I\ XVIQIP] ZEPYEFPI VIWSYVGI MW XLI 4VIWIRXIVW 9RMZIVWMX ] ZMWYEP EMHW ;IF WMXI
[[[ TVIWIRXIVWYRMZIVWMX] GSQ ZMWYEPW TLT
7TSRWSVIH F] -R*SGYW 'SVTSVEXMSR
'SRRIGXMSR XLMW WMXI TVSZMHIW MRJSVQEXMSR EFSYX EPP OMRHW SJ ZMWYEP EMHW ERH LS[ XS YWI XLIQ
IJJIGXMZIP]
[[[ GSRRIGXPYGEW GSQ
(S ]SY [ERX XS PIEVR QSVI EFSYX 4S[IV4SMRX ERH SXLIV QYPXMQIHME TVIWIRXEXMSRW#
'LIGO 4VIWIRXEXMSR 8MTW [[[ KEVVVI]RSPHW GSQ 4VIWIRXEXMSR
1EMRXEMRIH F]
+EVV 6I]RSPHW EYXLSV SJ 4VIWIRXEXMSR >IR XLMW WMXI GSRXEMRW E [IEPXL SJ LIPTJYP XMTW
EW [IPP EW YTHEXIW SR XLI PEXIWX XIGLRSPSKMGEP HIZIPSTQIRXW
GSRRIGXPYGEW GSQ YWIH IRPEVKIQIRXW JVSQ E GSPSV GSTMIV XS WLS[ XLI QEVOMRKW SJ ZEVMSYW
:MI[ ER I\GIVTX JVSQ WTIGMIW SJ WEPX[EXIV XVSTMGEP JMWL %RSXLIV STXMSR MW XS XEOI ]SYV TLSXSKVETLW
q1EGLY 4MGGLY 'MX] SJ XLI XS E GST] WIVZMGI ERH LEZI XLIQ GSRZIVXIH XS XVERWTEVIRGMIW XLEX GER FI
+SHWr MR XLI SRPMRI 1IHME WLS[R [MXL ER SZIVLIEH TVSNIGXSV 8LI GSWX MW QMRMQEP ERH XLI VIWYPXW GER FI
0MFVEV] JSV XLMW GLETXIV HVEQEXMG
:MHIS 'PMT
*MREPP] 4S[IV4SMRX ERH SXLIV QYPXMQIHME TVSKVEQW EVI I\GIPPIRX ZILMGPIW
JSV MRGSVTSVEXMRK TLSXSKVETLW MRXS E WTIIGL =SY GER YWI ]SYV S[R TLSXS
KVETLW SV SRIW ]SY LEZI HS[RPSEHIH JVSQ XLI ;IF ERH ]SY GER IEWMP] EHNYWX
XLI WM^I ERH TPEGIQIRX SJ XLI TLSXSW JSV QE\MQYQ GPEVMX] ERH MQTEGX 2SXMGI
JSV I\EQTPI XLI [E] XLI WTIEOIV MR :MHIS 'PMT MR XLI SRPMRI 1IHME
0MFVEV] JSV XLMW GLETXIV YWIH 4S[IV4SMRX XS TVIWIRX E TLSXSKVETL SJ XLI JEQSYW
-RGER VYMRW EX 1EGLY 4MGGLY 2S SXLIV QIXLSH SJ WLS[MRK XLI TLSXSKVETL
[SYPH LEZI [SVOIH EW [IPP
(6%;-2+7
(MEKVEQW WOIXGLIW ERH SXLIV OMRHW SJ HVE[MRKW EVI MRI\TIRWMZI XS QEOI ERH
GER FI HIWMKRIH XS MPPYWXVEXI ]SYV TSMRXW I\EGXP] 8LMW QSVI XLER GSQTIRWEXIW
JSV [LEX XLI] QE] PEGO MR VIEPMWQ
*SV I\EQTPI *MKYVI TEKI
MW E HVE[MRK YWIH F] E WXYHIRX MR E WTIIGL
EFSYX 2EZENS WERHTEMRXMRK 8LI WXYHIRX [ERXIH XS WLS[ LMW EYHMIRGI [LEX WERH
TEMRXMRK PSSOW PMOI ERH XS I\TPEMR MXW W]QFSPMWQ ERH VIPMKMSYW WMKRMJMGERGI
*MKYVI TEKI
WLS[W E HVE[MRK YWIH MR E WTIIGL EFSYX XLI OMRHW
SJ TVSFPIQW JEGIH F] TISTPI [LS LEZI H]WPI\ME -X EPPS[IH XLI WTIEOIV XS XVERW
PEXI GSQTPI\ MHIEW MRXS ZMWYEP XIVQW XLI EYHMIRGI GSYPH KVEWT MQQIHMEXIP]
KVETL +6%4,7
% ZMWYEP EMH YWIH XS WLS[
WXEXMWXMGEP XVIRHW ERH TEXXIVRW %YHMIRGIW SJXIR LEZI XVSYFPI KVEWTMRK E GSQTPI\ WIVMIW SJ RYQFIVW =SY GER
IEWI XLIMV HMJJMGYPX] F] YWMRK KVETLW XS WLS[ WXEXMWXMGEP XVIRHW ERH TEXXIVRW
8LI QSWX GSQQSR X]TI MW XLI PMRI KVETL *MKYVI TEKI
WLS[W WYGL
E KVETL YWIH MR E WTIIGL EFSYX XLI %QIVMGER QSZMI MRHYWXV] -J ]SY PSSO EX
:MHIS 'PMT MR XLI SRPMRI 1IHME 0MFVEV] JSV XLMW GLETXIV ]SY GER WII LS[
XLI WTIEOIV I\TPEMRIH XLI KVETL ,I WEMH
%W ]SY GER WII JVSQ XLMW KVETL FEWIH SR JMKYVIW MR 2I[W[IIO QEKE^MRI XLI ZMHIS
VIZSPYXMSR LEW LEH E TVSJSYRH MQTEGX SR XLI %QIVMGER QSZMI MRHYWXV] *VSQ XS
',%48)6 97-2+ :-79%0 %-(7
0YGEW 8LI %VX SJ 4YFPMG 9WMRK :MWYEP %MHW 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
d *-+96)
XLI TIVGIRX SJ QSZMI VIZIRYIW KIRIVEXIH F] FS\ SJJMGI VIGIMTXW JIPP HVEQEXMGEPP]h GSRRIGXPYGEW GSQ
JVSQ TIVGIRX XS TIVGIRX %X XLI WEQI XMQI XLI TIVGIRX SJ QSZMI MRHYWXV] VIZIRYIW :MI[ XLI TVIWIRXEXMSR SJ XLMW
KIRIVEXIH F] (:( :,7 ERH XIPIZMWMSR QSVI XLER HSYFPIHhJVSQ TIVGIRX MR XS KVETL MR q%QIVMGER 1SZMIW
TIVGIRX MR *VSQ XLI 7XYHMS 7]WXIQ XS
XLI :MHIS %KIr MR XLI SRPMRI
8LI TMI KVETL MW FIWX WYMXIH JSV MPPYWXVEXMRK WMQTPI HMWXVMFYXMSR TEXXIVRW 1IHME 0MFVEV] JSV XLMW GLETXIV
*MKYVI TEKI
WLS[W LS[ SRI WTIEOIV YWIH E TMI KVETL XS LIPT PMWXIRIVW :MHIS 'PMT
ZMWYEPM^I GLERKIW MR QEVMXEP WXEXYW EQSRK [SVOMRK [SQIR MR XLI TEWX GIRXYV]
8LI KVETL SR XLI PIJX WLS[W XLI TIVGIRXEKIW SJ [SVOMRK [SQIR [LS [IVI
WMRKPI QEVVMIH ERH [MHS[IH SV HMZSVGIH MR 8LI KVETL SR XLI VMKLX
WLS[W TIVGIRXEKIW JSV XLI WEQI KVSYTW MR
&IGEYWI E TMI KVETL MW YWIH XS HVEQEXM^I VIPEXMSRWLMTW EQSRK XLI TEVXW SJ
E [LSPI ]SY WLSYPH OIIT XLI RYQFIV SJ HMJJIVIRX WIKQIRXW MR XLI KVETL EW
WQEPP EW TSWWMFPI % TMI KVETL WLSYPH MHIEPP] LEZI JVSQ X[S XS JMZI WIKQIRXW
YRHIV RS GMVGYQWXERGIW WLSYPH MX LEZI QSVI XLER IMKLX
d *-+96)
/MRHW SJ :MWYEP %MHW
0YGEW 8LI %VX SJ 4YFPMG 9WMRK :MWYEP %MHW 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
1SZMI MRHYWXV] VIZIRYIW
PMRI KVETL
% KVETL XLEX YWIW SRI SV
QSVI PMRIW XS WLS[ GLERKIW
MR WXEXMWXMGW SZIV XMQI
SV WTEGI
d *-+96)
=IEV
8LI FEV KVETL MW E TEVXMGYPEVP] KSSH [E] XS WLS[ GSQTEVMWSRW EQSRK X[S
SV QSVI MXIQW -X EPWS LEW XLI EHZERXEKI SJ FIMRK IEW] XS YRHIVWXERH IZIR F]
TISTPI [LS LEZI RS FEGOKVSYRH MR VIEHMRK KVETLW *MKYVI TEKI
MW
ER I\EQTPI SJ E FEV KVETL JVSQ E WTIIGL XMXPIH q8LI 4SPMXMGW SJ 6EGI MR %QIVMGE r
-X WLS[W ZMWYEPP] XLI VIPEXMZI WXERHMRK SJ [LMXIW ERH FPEGOW [MXL VIWTIGX XS
QIHMER LSYWILSPH MRGSQI MRJERX QSVXEPMX] YRIQTPS]QIRX ERH GSPPIKI IHY
GEXMSR &] YWMRK E FEV KVETL XLI WTIEOIV QEHI LIV TSMRXW QYGL QSVI ZMZMHP]
XLER MJ WLI LEH NYWX GMXIH XLI RYQFIVW SVEPP]
',%687
'LEVXW EVI TEVXMGYPEVP] YWIJYP JSV WYQQEVM^MRK PEVKI FPSGOW SJ MRJSVQEXMSR 3RI
WXYHIRX MR E WTIIGL XMXPIH q8LI 9RMXIH 7XEXIW % 2EXMSR SJ -QQMKVERXW r YWIH E
GLEVX XS WLS[ XLI PIEHMRK VIKMSRW SJ XLI [SVPH JSV 9 7 MQQMKVERXW * MKYVI
;SQIR MR XLI ;SVO *SVGI
TMI KVETL 1EVVMIH ;MHS[IH SV ;MHS[IH SV
% KVETL XLEX LMKLPMKLXW HMZSVGIH HMZSVGIH
WIKQIRXW SJ E GMVGPI XS
WLS[ WMQTPI HMWXVMFYXMSR
TEXXIVRW 1EVVMIH 7MRKPI
7MRKPI
d *-+96)
',%48)6 97-2+ :-79%0 %-(7
0YGEW 8LI %VX SJ 4YFPMG 9WMRK :MWYEP %MHW 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
1IHMER ,SYWILSPH -RGSQI FEV KVETL
-RJERX 1SVXEPMX] TIV &MVXLW % KVETL XLEX YWIW ZIVXMGEP
9RIQTPS]QIRX 6EXI SV LSVM^SRXEP FEVW XS WLS[
'SPPIKI (IKVIIW HIEXLW GSQTEVMWSRW EQSRK X[S SV
HIEXLW QSVI MXIQW
d *-+96)
&PEGOW ;LMXIW
TEKI
8LIWI EVI XSS QER] GEXIKSVMIW XS FI GSRZI]IH MR E TMI KVETL &] PMWXMRK GSRRIGXPYGEW GSQ
XLIQ SR E GLEVX XLI WTIEOIV QEHI MX IEWMIV JSV PMWXIRIVW XS OIIT XLI MRJSVQEXMSR :MI[ XLI TVIWIRXEXMSR SJ XLMW
WXVEMKLX 0SSO EX :MHIS 'PMT MR XLI SRPMRI 1IHME 0MFVEV] JSV XLMW GLETXIV GLEVX MR q8LI 9RMXIH 7XEXIW
XS WII LS[ XLI WXYHIRX TVIWIRXIH XLI GLEVX HYVMRK LIV WTIIGL % 2EXMSR SJ -QQMKVERXWr MR
'LEVXW EVI EPWS ZEPYEFPI JSV WLS[MRK XLI WXITW SJ E TVSGIWW 3RI WTIEOIV XLI SRPMRI 1IHME 0MFVEV] JSV
YWIH WIZIVEP GLEVXW MR E WTIIGL EFSYX WYVZMZEP XIGLRMUYIW MR XLI [MPHIVRIWW XLMW GLETXIV :MHIS 'PMT
MRGPYHMRK SRI SYXPMRMRK XLI WXITW MR IQIVKIRG] XVIEXQIRX SJ WREOIFMXIW
%RSXLIV WTIEOIV YWIH GLEVXW XS LIPT LIV PMWXIRIVW OIIT XVEGO SJ XLI WXITW
MRZSPZIH MR QEOMRK GETTYGGMRS ERH SXLIV WTIGMEPX] GSJJII HVMROW
8LI FMKKIWX QMWXEOI QEHI F] FIKMRRMRK WTIEOIVW [LIR YWMRK E GLEVX MW XS
MRGPYHI XSS QYGL MRJSVQEXMSR %W [I [MPP HMWGYWW PEXIV ZMWYEP EMHW WLSYPH FI
GPIEV WMQTPI ERH YRGPYXXIVIH 0MWXW SR E GLEVX WLSYPH VEVIP] I\GIIH WIZIR SV
IMKLX MXIQW [MXL KIRIVSYW WTEGMRK FIX[IIR MXIQW -J ]SY GERRSX JMX IZIV]XLMRK
SR E WMRKPI GLEVX QEOI E WIGSRH SRI
6IKMSR SJ &MVXL 4IVGIRX SJ 9 7 GLEVX
%WME -QQMKVERXW % ZMWYEP EMH XLEX WYQQEVM^IW
1I\MGS E PEVKI FPSGO SJ MRJSVQEXMSR
)YVSTI TIVGIRX YWYEPP] MR PMWX JSVQ
'EVMFFIER TIVGIRX
7SYXL %QIVMGE TIVGIRX
%JVMGE TIVGIRX
'IRXVEP %QIVMGE TIVGIRX
3XLIV
TIVGIRX
TIVGIRX
TIVGIRX
d *-+96)
/MRHW SJ :MWYEP %MHW
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The Art of Public Speaking, 10th Edition(2009)BBS
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