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4S[IV4SMRX MR SRI SV QSVI SJ ]SYV GPEWWVSSQ WTIIGLIW
-R 'LETXIV [I HMWGYWWIH KIRIVEP TVMRGMTPIW JSV IJJIGXMZI QYPXMQIHME
TVIWIRXEXMSRW ,IVI [I JSGYW WTIGMJMGEPP] SR 4S[IV4SMRX %W [MXL ER] QIXLSH
SJ TVIWIRXMRK ZMWYEP SV EYHMS EMHW 4S[IV4SMRX LEW MXW TPYWIW ERH QMRYWIW ;ItPP
FIKMR F] PSSOMRK EX FSXL EW [IPP EW EX XLI QENSV JEGXSVW XS GSRWMHIV [LIR TPER
RMRK XS YWI 4S[IV4SMRX MR E WTIIGL
4PYWIW ERH 1MRYWIW SJ 4S[IV4SMRX
;L IR YWIH [IPP 4S[IV4SMRX MW E KVIEX FSSR XS GSQQYRMGEXMSR -X EPPS[W ]SY
XS IQTPS] EPP OMRHW SJ ZMWYEP EMHW [MXLSYX LEZMRK XS NYKKPI TSWXIV FSEVH ERH
SZIVLIEH XVERWTEVIRGMIW [LMPI EPWS XV]MRK XS STIVEXI E (:( TPE]IV ERH WPMHI
TVSNIGXSV -RWXIEH ]SY GER YWI 4S[IV4SMRX XS MRGSVTSVEXI XI\X TLSXSKVETLW
GLEVXW KVETLW WSYRH IZIR ZMHIS MRXS ]SYV WTIIGL
9RJSVXYREXIP] 4S[IV4SMRX MW RSX EP[E]W YWIH [IPP 8SS SJXIR WTIEOIVW
EPPS[ MX XS HSQMREXI XLIMV TVIWIRXEXMSRW [S[MRK XLI EYHMIRGI [MXL XLIMV XIGL
RMGEP TVSJMGMIRG] [LMPI PSWMRK XLI QIWWEKI MR E JPYVV] SJ WSYRHW ERH MQEKIW %W
XIGLRSPSK] I\TIVX ,IVF 0SZIPEGI WXEXIW MX WSQIXMQIW WIIQW XLEX qXLI JERGMIV
XLI 4S[IV4SMRX TVIWIRXEXMSR XLI PIWW ZEPYEFPI XLI MHIEW FIMRK TVIWIRXIH r
%X XLI SXLIV I\XVIQI EVI WTIEOIVW [LS XLVS[ XLIMV TVIWIRXEXMSRW XSKIXLIV
GEVIPIWWP] EWWYQMRK XLEX YWMRK 4S[IV4SMRX [MPP QEKMGEPP] TVSHYGI E WYTIVF
WTIIGL 4PSHHMRK XLVSYKL SRI TSSVP] HIWMKRIH WPMHI EJXIV ERSXLIV [MXL PMXXPI SV
RS I]I GSRXEGX [MXL ER EYHMIRGI WIEXIH MR E HEVOIRIH VSSQ XLIWI WTIEOIVW
[SYPH FI FIXXIV SJJ MJ XLI] LEH RIZIV LIEVH SJ 4S[IV4SMRX
%RSXLIV TVSFPIQ MW XLEX WSQI WTIEOIVW YWI 4S[IV4SMRX XS MPPYWXVEXI IZIV]
TSMRX SJ XLIMV XEPO WS XLI WTIEOIV MW ZMVXYEPP] VIEHMRK XLI WTIIGL XS XLI EYHMIRGI
EW XLI [SVHW ETTIEV SR WGVIIR 8LMW MW RS QSVI IJJIGXMZI XLER VIEHMRK HYPP]
JVSQ E QERYWGVMTX ERH MX WIPHSQ TVSHYGIW KIRYMRI GSQQYRMGEXMSR
4PERRMRK XS 9WI 4S[IV4SMRX
-J ]SY EVI KSMRK XS IQTPS] 4S[IV4SMRX IJJIGXMZIP] ]SY RIIH E GPIEV MHIE SJ
I\EGXP] [L] LS[ ERH [LIR XS YWI MX MR ]SYV WTIIGL 6EXLIV XLER TYXXMRK
IZIV]XLMRK ]SY WE] SR WGVIIR JSV XLI EYHMIRGI XS VIEH ]SY RIIH XS GLSSWI
[LMGL EWTIGXW SJ ]SYV WTIIGL XS MPPYWXVEXI 8LMW VIUYMVIW GEVIJYP TPERRMRK
3RI SJ XLI QSWX WYVTVMWMRK EWTIGXW SJ 4S[IV4SMRX XS TISTPI [LS LEZI RSX
YWIH MX FIJSVI MW LS[ QYGL XMQI ERH IJJSVX EVI VIUYMVIH XS TYX XSKIXLIV E JMVWX
VEXI TVIWIRXEXMSR 2SX SRP] EVI ]SY VIWTSRWMFPI JSV EPP XLI SXLIV EGXMZMXMIW
MRZSPZIH MR WTIIGLQEOMRK FYX ]SY JEGI XLI EHHMXMSREP XEWOW SJ HIGMHMRK [LIVI
XS YWI 4S[IV4SMRX SJ KEXLIVMRK MQEKIW ERH SV WSYRHW SJ HIWMKRMRK JMVWX VEXI
%44)2(-< 97-2+ 43;)643-28
0YGEW 8LI %VX SJ 4YFPMG 9WMRK :MWYEP %MHW 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
WPMHIW ERH SJ QEWXIVMRK XLI IUYMTQIRX ERH 4S[IV4SMRX GSQQERHW RIIHIH XS GSRRIGXPYGEW GSQ
HIPMZIV ]SYV WTIIGL WQSSXLP] ERH I\TIVXP] :MI[ XLMW I\GIVTX JVSQ
q8LI 9TW ERH (S[RW SJ
8LI JMVWX WXIT MW HIGMHMRK [LIVI ]SY GER YWI 4S[IV4SMRX XS KVIEXIWX EHZER 7O]WGVETIVWr MR XLI SRPMRI
XEKI %JXIV ]SY LEZI JMRMWLIH HIZIPSTMRK XLI WTIIGL XLMRO EFSYX [LIVI ]SY 1IHME 0MFVEV] JSV XLMW
QMKLX IQTPS] 4S[IV4SMRX XS GPEVMJ] SV WXVIRKXLIR ]SYV MHIEW 6EXLIV XLER ETTIRHM\ :MHIS 'PMT %
YWMRK 4S[IV4SMRX XS MPPYWXVEXI IZIV] XLSYKLX PSSO JSV WTSXW [LIVI MX [MPP KIRY
MRIP] IRLERGI ]SYV QIWWEKI GSRRIGXPYGEW GSQ
:MI[ XLMW I\GIVTX JVSQ
*SV I\EQTPI MR E WTIIGL EFSYX WO]WGVETIVW SRI WXYHIRX MRGPYHIH MRJSVQE q+ISVKIW 7IYVEX ERH XLI %VX
XMSR EFSYX XLI [SVPHtW JMZI XEPPIWX FYMPHMRKW ,I GVIEXIH E 4S[IV4SMRX WPMHI XLEX SJ 4SMRXMPPMWQr MR XLI SRPMRI
WLS[IH XLI TVSKVIWWMSR SJ FYMPHMRKW JVSQ WLSVXIWX XS XEPPIWX EGGSQTERMIH F] 1IHME 0MFVEV] JSV XLMW
E TLSXSKVETL SJ IEGL &] YWMRK 4S[IV4SMRXtW ERMQEXMSR JIEXYVI LI [EW EFPI ETTIRHM\ :MHIS 'PMT %
XS GSRXVSP XLI HMWTPE] SJ IEGL FYMPHMRK WS MX GEQI SR WGVIIR NYWX EW LI [EW
HMWGYWWMRK MX %W ]SY GER WII MR :MHIS 'PMT % MR XLI SRPMRI 1IHME 0MFVEV]
JSV XLMW ETTIRHM\ XLIVI MW RS [E] LI GSYPH LEZI EGLMIZIH XLI WEQI VIWYPX [MXL
E XVEHMXMSREP ZMWYEP EMH
*SV ERSXLIV I\EQTPI PSSO EX :MHIS 'PMT % MR [LMGL XLI WTIEOIV HMW
GYWWIW +ISVKIW 7IYVEXtW JEQSYW TEMRXMRK 7YRHE] %JXIVRSSR SR XLI -WPERH SJ PE
+VERH .EXXI 8LI WTIEOIV YWIW E WIVMIW SJ 4S[IV4SMRX WPMHIW XS WLS[ HIXEMPW SJ XLI
TEMRXMRK XLEX GSYPH RSX LEZI FIIR WIIR SXLIV[MWI ,I EPWS HSIW ER I\GIPPIRX
NSF SJ I\TPEMRMRK IEGL WPMHI EW LI KSIW EPSRK
%W ]SY TPER ]SYV WTIIGLIW XLMRO LS[ ]SY GER YWI 4S[IV4SMRX MR E
WMQMPEV QERRIV XS IRLERGI ]SYV MHIEW %X XLI WEQI XMQI VIQIQFIV XLEX XSS
QER] ZMWYEPWhSV TSSV ZMWYEPWhGER HS QSVI LEVQ XLER KSSH &I GVIEXMZI
ERH VIWSYVGIJYP [MXLSYX EPPS[MRK 4S[IV4SMRX XS SZIV[LIPQ ]SYV IRXMVI
WTIIGL
*SVQEXXMRK 4S[IV4SMRX 7PMHIW
-J ]SY LEZI UYIWXMSRW EFSYX XLI FEWMG JIEXYVIW SJ 4S[IV4SMRX GLIGO XLI XYXSVM
EPW MR XLI SRPMRI 7TIIGL 8SSPW JSV XLMW ETTIRHM\ EX GSRRIGXPYGEW GSQ =SY GER
WIPIGX JVSQ 4S[IV4SMRX SV 4S[IV4SMRX HITIRHMRK SR [LMGL ZIV
WMSR MW SR ]SYV GSQTYXIV 8LI XYXSVMEPW [MPP PIEH ]SY WXIT F] WXIT XLVSYKL XLI
IRXMVI TVSGIWW SJ GVIEXMRK ERH JSVQEXXMRK WPMHIW ,IVI [I JSGYW PIWW SR XIGLRM
GEP MRJSVQEXMSR XLER SR TVMRGMTPIW JSV XLI YWI SJ GSPSV XI\X JSRXW MQEKIW
WTEGI ERH ERMQEXMSR
'3036 GSRRIGXPYGEW GSQ
*SV WXIT F] WXIT KYMHIW XS
4S[IV4SMRX SJJIVW E [MHI WIPIGXMSR SJ GSPSVW ERH ]SY QE] FI XIQTXIH XS XV] GVIEXMRK 4S[IV4SMRX WPMHIW
EPP SJ XLIQ &YX XS TVSHYGI IJJIGXMZI WPMHIW ]SY RIIH XS WXMGO XS E PMQMXIH GLIGO XLI XYXSVMEPW MR XLI
RYQFIV SJ GSPSVW ERH YWI XLIQ GSRWMWXIRXP] 9WI SRI GSPSV JSV FEGOKVSYRH SRPMRI 7TIIGL 8SSPW JSV XLMW
SRI GSPSV JSV XMXPIW ERH SRI GSPSV JSV SXLIV XI\X XLVSYKLSYX EPP ]SYV WPMHIW ETTIRHM\
8LMW GSRWMWXIRG] [MPP YRMJ] XLI WPMHIW ERH KMZI ]SYV WTIIGL E TVSJIWWMSREP
ETTIEVERGI
;LIR 4S[IV4SMRX [EW JMVWX HIZIPSTIH QSWX I\TIVXW VIGSQQIRHIH YWMRK
PMKLX XI\X SR E HEVO FEGOKVSYRH 8SHE] HEVO XI\X SR E PMKLX FEGOKVSYRH MW YWIH
NYWX EW SJXIR -R QSWX GEWIW IMXLIV MW JMRI EW PSRK EW XLIVI MW IRSYKL GSRXVEWX
FIX[IIR XLI GSPSVW XS QEOI XLI WPMHIW IEW] XS VIEH
*SVQEXXMRK 4S[IV4SMRX 7PMHIW
0YGEW 8LI %VX SJ 4YFPMG 9WMRK :MWYEP %MHW 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
WIVMJ JSRX 8)<8
% X]TIJEGI [MXL VSYRHIH
IHKIW SR XLI PIXXIVW 1SWX 4S[IV4SMRX WPMHIW GSRXEMR WSQI OMRH SJ XI\X -X QMKLX FI RS QSVI XLER E
XMXPI MRHMGEXMRK XLI WYFNIGX SJ XLI WPMHI SV MX QMKLX MRGPYHI WIZIVEP PMRIW MR XLI
WERW WIVMJ JSRX FSH] SJ XLI WPMHI 8I\X GER FI YWIH F] MXWIPJ SV MR GSRNYRGXMSR [MXL TLSXS
% X]TIJEGI [MXL WXVEMKLX KVETLW GLEVXW HVE[MRKW ERH SXLIV MQEKIW
IHKIW SR XLI PIXXIVW
;LEXIZIV OMRH SJ XI\X ]SY MRGPYHI MX WLSYPH FI FVMIJ 3RI SJ XLI FMKKIWX
QMWXEOIW TISTPI QEOI [LIR YWMRK 4S[IV4SMRX MW TYXXMRK XSS QYGL XI\X SR E
WMRKPI WPMHI % KIRIVEP VYPI JSV WPMHIW XLEX GSRXEMR SRP] XI\X MW XS MRGPYHI RS
QSVI XLER E LEPJ HS^IR PMRIW SJ X]TI -J ]SY EVI GSQFMRMRK XI\X [MXL MQEKIW
]SY QE] RIIH XS PMQMX ]SYVWIPJ XS JI[IV PMRIW XS OIIT XLI XI\X JVSQ KIXXMRK XSS
WQEPP -J ]SY LEZI E RYQFIV SJ MQTSVXERX TSMRXW XS GSZIV WTVIEH XLIQ SYX SZIV
QYPXMTPI WPMHIW
*SV I\EQTPI *MKYVI % FIPS[ WLS[W E WPMHI JVSQ E WTIIGL EFSYX )EWXIV
-WPERH JEQSYW JSV MXW Q]WXIVMSYW WXEXYIW SJ YRORS[R SVMKMR 2SXMGI XLEX XLI
WPMHI MW RSX FSKKIH HS[R [MXL MRJSVQEXMSR TVIWIRXMRK SRP] ER MQEKI SJ XLI
WXEXYIW EW [IPP EW E XMXPI ERH XI\X MHIRXMJ]MRK XLI PSGEXMSR SJ )EWXIV -WPERH ERH
XLI HEXI MX [EW HMWGSZIVIH F] )YVSTIERW &IGEYWI XLI WPMHI MW WMQTPI ERH GPIEV
XLI WTIEOIV [EW EFPI XS TVIWIRX MX WYGGMRGXP] ERH QSZI XS LIV RI\X TSMRX
*3287
4S[IV4SMRX LEW HS^IRW SJ JSRXW XS GLSSWI JVSQ FYX XLI] EPP JEPP MRXS SRI SV
ERSXLIV SJ X[S FEWMG GEXIKSVMIWhWIVMJ SV WERW WIVMJ 7IVMJ JSRXW LEZI PMXXPI XEMPW
SR IEGL PIXXIV PMOI XLI X]TI ]SY EVI VIEHMRK VMKLX RS[ 7ERW WIVMJ JSRXW HS RSX
LEZI XEMPW PMOI XLI X]TI YWIH JSV XLI LIEHMRK *SRXW EX XLI WXEVX SJ XLMW WIGXMSR
*SV I\EQTPIW WII *MKYVI % TEKI
7IVMJ JSRXW EVI IEWMIV XS VIEH MR PEVKI TEXGLIW SJ XI\X [LMPI WERW WIVMJ JSRXW
EVI FIXXIV JSV LIEHMRKW ERH WLSVX FYVWXW SJ XI\X 1SWX QYPXMQIHME I\TIVXW VIG
SQQIRH WERW WIVMJ JSRXW JSV XMXPIW ERH LIEHMRKW SR 4S[IV4SMRX WPMHIWhERH
WSQI WE] WERW WIVMJ WLSYPH FI YWIH JSV EPP XI\X MR 4S[IV4SMRX
d *-+96) %
7EQTPI 4S[IV4SMRX 7PMHI
%44)2(-< 97-2+ 43;)643-28
0YGEW 8LI %VX SJ 4YFPMG 9WMRK :MWYEP %MHW 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
7IVMJ *SRXW 7ERW 7IVMJ *SRXW
8MQIW 2I[ 6SQER %VMEP
&SSOQER 3PH 7X]PI %RXMUYI 3PMZI
17 6IJIVIRGI 7IVMJ 17 6IJIVIRGI 7ERW 7IVMJ
&SSO %RXMUYE
4EPEXMRS 0MRSX]TI :IVHERE
d *-+96) %
;LIR GLSSWMRK JSRXW OIIT XLI JSPPS[MRK KYMHIPMRIW MR QMRH
d 'LSSWI JSRXW XLEX EVI GPIEV ERH IEW] XS VIEH *SV I\EQTPIW WII 'LETXIV
TEKIW i
d %ZSMH YWMRK %00 '%47 FIGEYWI XLI] EVI HMJJMGYPX XS VIEH
d (SRtX YWI QSVI XLER X[S JSRXW SR E WMRKPI WPMHIhSRI JSV XLI XMXPI SV QENSV
LIEHMRK ERH ERSXLIV JSV WYFXMXPIW SV SXLIV XI\X
d 9WI XLI WEQI JSRXW SR EPP ]SYV WPMHIW
d 4YX XMXPIW ERH QENSV LIEHMRKW MR XS TSMRX X]TI QEOI WYFLIEHW ERH
SXLIV XI\X XS TSMRX
-1%+)7
3RI SJ XLI FIRIJMXW SJ 4S[IV4SMRX MW XLI IEWI [MXL [LMGL MX EPPS[W ]SY XS MRGPYHI
TLSXSKVETLW GLEVXW KVETLW ERH SXLIV MQEKIW MRGPYHMRK ZMHIS 9RJSVXYREXIP]
WSQI WTIEOIVW EVI TVSRI XS EHHMRK MQEKIW WMQTP] FIGEYWI MX MW IEW] VEXLIV XLER
FIGEYWI MX MW IWWIRXMEP JSV GSQQYRMGEXMRK XLIMV QIWWEKI =SY WLSYPH RIZIV EHH
MQEKIW SJ ER] WSVX XS E 4S[IV4SMRX WPMHI YRPIWW XLI] EVI XVYP] RIIHIH 8LIVI MW E
KVIEX HIEP SJ VIWIEVGL WLS[MRK XLEX I\XVERISYW MQEKIW HMWXVEGX PMWXIRIVW ERH
VIHYGI GSQTVILIRWMSR SJ XLI WTIEOIVtW TSMRX
-R EHHMXMSR XS OIITMRK ]SYV WPMHIW JVII SJ I\XVERISYW MQEKIW OIIT XLIWI
KYMHIPMRIW MR QMRH
d 1EOI WYVI MQEKIW EVI PEVKI IRSYKL XS FI WIIR GPIEVP]
d 'LSSWI LMKL VIWSPYXMSR MQEKIW XLEX [MPP TVSNIGX [MXLSYX FPYVVMRK
d /IIT KVETLW ERH GLEVXW GPIEV ERH WMQTPI
d -R QSWX GEWIW MRGPYHI E XMXPI EFSZI GLEVXW ERH KVETLW WS XLI EYHMIRGI
ORS[W [LEX XLI] EVI ZMI[MRK
d )HMX ZMHIS WS MX MW MRXIKVEXIH WIEQPIWWP] MRXS ]SYV WPMHIW
d -RGPYHI GST]VMKLX MRJSVQEXMSR [LIR ETTPMGEFPI 7II TEKI
74%')
2S QEXXIV [LEX IPIQIRXW ]SY MRGPYHI SR ]SYV WPMHIW ]SY WLSYPH WXVMZI JSV E
TPIEWMRK WIRWI SJ ZMWYEP FEPERGI 'SRWMHIV JSV I\EQTPI *MKYVI % TEKI
[LMGL WLS[W E WPMHI JVSQ E WTIIGL EFSYX )PIERSV 6SSWIZIPX 2SXMGI LS[ XLI
*SVQEXXMRK 4S[IV4SMRX 7PMHIW
0YGEW 8LI %VX SJ 4YFPMG 9WMRK :MWYEP %MHW 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
d *-+96) %
)JJIGXMZI :MWYEP &EPERGI
XMXPI MW HMWTPE]IH MR E WMRKPI PMRI EX XLI XST SJ XLI WPMHI XLI TLSXSKVETL JMPPW
QSWX SJ XLI PIJX WMHI ERH XLI XI\X SGGYTMIW IRSYKL WTEGI SR XLI VMKLX XS GSQ
TIRWEXI JSV XLI WM^I SJ XLI TLSXSKVETL
'SQTEVI XLMW WPMHI [MXL XLI SRI MR *MKYVI % FIPS[
8LI WIGSRH WPMHI
GSRXEMRW XLI WEQI IPIQIRXW EW XLI JMVWX FYX XLI] EVI RSX EVVERKIH IJJIGXMZIP]
8LI XMXPI MW PSGEXIH SZIV XLI TLSXSKVETL [LIVI MX XEOIW YT X[S PMRIW VEXLIV
XLER SRI 8S GSQTIRWEXI XLI TLSXSKVETL SJ 6SSWIZIPX LEW FIIR VIHYGIH MR
WM^I WS MX LEW PIWW ZMWYEP MQTEGX 8LI TLSXSKVETL MW EPWS XSS GPSWI XS XLI FSX
XSQ SJ XLI WPMHI XLIVIF] WITEVEXMRK MX JVSQ XLI XMXPI *MREPP] XLI XI\X SR XLI
VMKLX MW XSS GPSWI XS XLI TLSXSKVETL ERH MW TPEGIH XSS LMKL XS TVSZMHI E KSSH
WIRWI SJ ZMWYEP FEPERGI
d *-+96) %
-RIJJIGXMZI :MWYEP &EPERGI
%44)2(-< 97-2+ 43;)643-28
0YGEW 8LI %VX SJ 4YFPMG 9WMRK :MWYEP %MHW 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
-J ]SY WXMGO [MXL 4S[IV4SMRXtW HIJEYPX PE]SYXW ]SY WLSYPH LEZI PMXXPI XVSY
FPI GVIEXMRK WPMHIW XLEX EVI ZMWYEPP] FEPERGIH &I WYVI XLSYKL XS PIEZI E PMXXPI
I\XVE VSSQ EX XLI IHKIW SJ ]SYV WPMHIW FIGEYWI [LEX MW TVSNIGXIH SR XLI ZMI[MRK
WGVIIR MW WSQIXMQIW WQEPPIV XLER [LEX ]SY WII SR ]SYV GSQTYXIV
%2-1%8-32 ERMQEXMSR
8LI [E] SFNIGXW IRXIV SV
;LIR ]SY VIEH XLI [SVH qERMQEXMSR r ]SY QMKLX XLMRO SJ GEVXSSR GLEVEGXIVW I\MX E 4S[IV4SMRX WPMHI
ERH ;EPX (MWRI] QSZMIW -R 4S[IV4SMRX LS[IZIV ERMQEXMSR VIJIVW XS XLI [E]
SFNIGXW IRXIV SV I\MX E WPMHI ;MXLSYX ERMQEXMSR EPP XLI MXIQW SR E WPMHI ETTIEV GSRRIGXPYGEW GSQ
EX XLI WEQI XMQI [LIR XLI WPMHI MW HMWTPE]IH ;MXL ERMQEXMSR ]SY GER GSRXVSP :MI[ XLMW I\GIVTX JVSQ q8LI
[LIR [SVHW TMGXYVIW IZIR TEVXW SJ KVETLW WLS[ YT SR WGVIIR ;LIR YWIH +VIEX ;EPP SJ 'LMREr MR XLI
TVSTIVP] MXtW E XIVVMJMG [E] XS WTVYGI YT ]SYV WPMHIW SRPMRI 1IHME 0MFVEV] JSV XLMW
ETTIRHM\ :MHIS 'PMT %
0SSO JSV I\EQTPI EX XLI WTIIGL SR XLI +VIEX ;EPP SJ 'LMRE XLEX MW
VITVMRXIH EX XLI IRH SJ XLMW ETTIRHM\ *SV XLI QSWX TEVX XLI WTIEOIV EZSMHW
WTIGMEP ERMQEXMSR IJJIGXW FIGEYWI XLI] EVI RSX RIGIWWEV] XS GSQQYRMGEXI LMW
MHIEW ,S[IZIV [LIR I\TPEMRMRK XLI EVGLMXIGXYVEP GLERKIW QEHI XS XLI ;EPP
HYVMRK XLI 1MRK H]REWX] LI YWIW ERMQEXMSR XS QEOI WYVI XLI ETTVSTVMEXI XI\X
ETTIEVW SR WGVIIR NYWX EW LI FIKMRW XS HMWGYWW IEGL TSMRX &] HSMRK WS LI
JSGYWIW XLI EYHMIRGItW EXXIRXMSR ERH VIMRJSVGIW LMW MHIEW EX XLI WEQI XMQI
;LIR [SVOMRK SR ]SYV WTIIGLIW XLMRO EFSYX [E]W ]SY GER YWI ERMQEXMSR
XS LIPT GSQQYRMGEXI ]SYV QIWWEKI &I [EV] LS[IZIV SJ ERMQEXMSR IJJIGXW
XLEX QMKLX HMWXVEGX XLI EXXIRXMSR SJ PMWXIRIVW 7XMGO [MXL E PMQMXIH RYQFIV SJ
ERMQEXMSR IJJIGXW ERH YWI XLIQ GSRWMWXIRXP] JVSQ WPMHI XS WPMHI
(IPMZIVMRK =SYV 7TIIGL [MXL 4S[IV4SMRX
3RGI ]SY LEZI GVIEXIH ]SYV WPMHIW MXtW XMQI XS [SVO SR XLI HIPMZIV] SJ ]SYV
WTIIGL %W [MXL SXLIV EWTIGXW SJ 4S[IV4SMRX XLMW VIUYMVIW GEVIJYP TPERRMRK
)ZIR XLI QSWX TVSJIWWMSREP PSSOMRK WPMHIW [MPP HS PMXXPI KSSH MJ ]SY GERtX KIX XLI
GSQTYXIV ERH TVSNIGXSV XS [SVO TVSTIVP] MJ XLI WPMHIW GERtX FI WIIR GPIEVP]
FIGEYWI SJ TSSV PMKLXMRK SV MJ ]SY JSVKIX XS HMWTPE] XLIQ EX XLI VMKLX QSQIRX
8LI KYMHIPMRIW TVIWIRXIH MR 'LETXIV JSV HIPMZIVMRK WTIIGLIW [MXL SXLIV
X]TIW SJ ZMWYEP EMHW EPWS ETTP] XS WTIIGLIW [MXL 4S[IV4SMRX ,IVI [I JSGYW
SR EWTIGXW SJ HIPMZIV] XLEX EVI IWTIGMEPP] MQTSVXERX JSV WTIEOIVW [LS IQTPS]
4S[IV4SMRX
6)',)'/ =396 70-()7
&IJSVI VILIEVWMRK ]SYV WTIIGL XEOI XMQI XS HSYFPI GLIGO ]SYV WPMHIW XS WII MJ
ER]XLMRK MW QMWWMRK QMWTPEGIH SV QMWWTIPPIH =SY GER VIZMI[ EPP ]SYV WPMHIW EX
E KPERGI MR 7PMHI 7SVXIV ZMI[ WII *MKYVI % T
-XtW EPWS E KSSH MHIE XS VYR
XLVSYKL ]SYV WPMHIW MR 7PMHI 7LS[ ZMI[ [LMGL HMWTPE]W XLI WPMHIW EW XLI] [MPP
ETTIEV SR WGVIIR HYVMRK ]SYV WTIIGL &I WYVI XS WEZI ER] GSVVIGXMSRW ERH
GLERKIW EW ]SY KS EPSRK
/23; 70-() 7,3; '311%2(7
;LIR HIPMZIVMRK ]SYV WTIIGL ]SY WLSYPH FI EFPI XS QSZI IJJSVXPIWWP] JVSQ
WPMHI XS WPMHI EW [IPP EW EQSRK ERMQEXMSR IJJIGXW SR MRHMZMHYEP WPMHIW 8S HS WS
(IPMZIVMRK =SYV 7TIIGL [MXL 4S[IV4SMRX
0YGEW 8LI %VX SJ 4YFPMG 9WMRK :MWYEP %MHW 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
d *-+96) % ]SY LEZI XS ORS[ XLI GSQTYXIV GSQQERHW JSV XLIWI STIVEXMSRW *MKYVI %
7PMHI 7SVXIV :MI[ MR FIPS[ WLS[W WSQI SJ XLI QSWX YWIH GSQQERHW
4S[IV4SMRX
%W ]SY GER WII XLIVI EVI QYPXMTPI STXMSRW JSV QSWX GSQQERHW -J ]SY LEZI
d *-+96) % RSX YWIH 4S[IV4SMRX FIJSVI TVEGXMGI [MXL XLI ZEVMSYW STXMSRW ERH HIGMHI
[LMGL ]SY [ERX XS YWI 8LIR WXMGO [MXL XLIQ XLVSYKLSYX ]SYV TVIWIRXEXMSR
%W ]SY KEMR QSVI I\TIVMIRGI [MXL 4S[IV4SMRX MXW GSQQERHW [MPP FIGSQI
WIGSRH REXYVI ,S[IZIV NYWX MR GEWI ]SY JSVKIX WSQIXLMRK HYVMRK ]SYV
WTIIGL ]SY QE] [ERX XS JSPPS[ XLI PIEH SJ I\TIVMIRGIH WTIEOIVW ERH [VMXI
XLI QSWX MQTSVXERX GSQQERHW SR E WLIIX SJ TETIV XLEX ]SY GER VIJIV XS MJ
RIGIWWEV]
4S[IV4SMRX 7PMHI 7LS[ 'SQQERHW
(MWTPE] WPMHIW 'PMGO XLI 7PMHI 7LS[ XEF EX XLI XST SJ XLI
IRXIV 7PMHI 7LS[ ZMI[
WGVIIR ERH WIPIGX *VSQ &IKMRRMRK JVSQ XLI
VMFFSR SV GPMGO XLI :MI[ XEF ERH WIPIGX 7PMHI
7LS[ JVSQ XLI VMFFSR
7LS[ XLI RI\X WPMHI 'PMGO XLI QSYWI TVIWW )RXIV TVIWW XLI VMKLX
EVVS[ FYXXSR SV TVIWW XLI q2r OI]
7LS[ XLI TVIZMSYW WPMHI 4VIWW &EGOWTEGI TVIWW XLI PIJX EVVS[ FYXXSR
SV TVIWW XLI q4r OI]
)RH XLI WLS[ 4VIWW )WG
%44)2(-< 97-2+ 43;)643-28
0YGEW 8LI %VX SJ 4YFPMG 9WMRK :MWYEP %MHW 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
4 6%'8-') =396 74))', ;-8, 43;)643-28 GSRRIGXPYGEW GSQ
:MI[ XLMW I\GIVTX JVSQ
%W [I WE[ MR 'LETXIV ]SY WLSYPH EP[E]W TVEGXMGI E WTIIGL [MXL ]SYV ZMWYEP q7IGYVMRK =SYVWIPJ 3RPMRIr
EMHW 8LMW MW IWTIGMEPP] MQTSVXERX [LIR YWMRK 4S[IV4SMRX ;LIR ]SY TVEGXMGI MR XLI SRPMRI 1IHME 0MFVEV]
HSRtX NYWX GPMGO XLI QSYWI GEWYEPP] SV VYWL UYMGOP] SZIV ]SYV [SVHW +S XLVSYKL JSV XLMW ETTIRHM\ :MHIS
IZIV] TEVX SJ XLI WTIIGL ERH QEOI WYVI ]SY ORS[ I\EGXP] [LIR ]SY [ERX IEGL 'PMT %
WPMHI XS ETTIEV ERH HMWETTIEV ERH [LEX ]SY [MPP WE] [LMPI IEGL MW SR WGVIIR
1EVO ]SYV WTIEOMRK RSXIW [MXL GYIW XLEX [MPP VIQMRH ]SY [LIR XS HMWTPE] IEGL
WPMHI SV ERMQEXMSR ERH [LIR XS VIQSZI MX
-XtW YWYEPP] FIWX XS TVSNIGX E WPMHI [LIR ]SY JMVWX WXEVX HMWGYWWMRK XLI TSMRX MX
MPPYWXVEXIW *SV E KSSH I\EQTPI PSSO EX XLI XMQMRK SJ XLI WPMHIW MR :MHIS 'PMT %
MR XLI SRPMRI 1IHME 0MFVEV] JSV XLMW ETTIRHM\ 8LI WTIEOIV MW I\TPEMRMRK XLI
MQTSVXERGI SJ YWMRK E WIGYVI GSRRIGXMSR [LIR XVERWQMXXMRK WIRWMXMZI HEXE SZIV
XLI -RXIVRIX ,I TVIWIRXW IEGL WPMHI EX NYWX XLI VMKLX QSQIRX ERH QEOIW WYVI MX
MW SR WGVIIR SRP] [LMPI LI MW HMWGYWWMRK MX
-R EHHMXMSR XS GSSVHMREXMRK ]SYV WPMHIW [MXL ]SYV [SVHW TE] EXXIRXMSR
[LIR ]SY TVEGXMGI XS QEOMRK I]I GSRXEGX [MXL XLI EYHMIRGI 8LMW MW IWTIGMEPP]
GLEPPIRKMRK [LIR ]SY YWI 4S[IV4SMRX FIGEYWI SJ EPP XLI IUYMTQIRX ]SY EVI
STIVEXMRK HYVMRK XLI WTIIGL 6ILIEVWI [MXL XLI QSYWI ERH OI]FSEVH YRXMP ]SY
GER YWI FSXL [MXLSYX PSSOMRK HS[R JSV QSVI XLER ER MRWXERX [LIR EHZERGMRK
]SYV WPMHIW
%PWS GSRGIRXVEXI SR TVIWIRXMRK XLI WTIIGL [MXLSYX PSSOMRK FEGO EX XLI
WGVIIR XS WII [LEX MW FIMRK TVSNIGXIH SR MX =SY GER GLIGO [LEX MW SR WGVIIR F]
KPERGMRK EX XLI GSQTYXIV IEGL XMQI ]SY EHZERGI E WPMHI 8LIVI MW RSXLMRK
[VSRK [MXL PSSOMRK EX XLI WGVIIR RS[ ERH EKEMR EW ]SY I\TPEMR ]SYV WPMHIW FYX
VIQIQFIV XS EHHVIWW ]SYV VIQEVOW XS XLI EYHMIRGI RSX XS XLI WGVIIR
+MZIR EPP XLI XLMRKW ]SY LEZI XS [SVO SR [LIR TVEGXMGMRK E WTIIGL [MXL
4S[IV4SMRX ]SY RIIH XS EPPS[ I\XVE XMQI JSV VILIEVWEP 7S KIX ER IEVP] WXEVX
ERH KMZI ]SYVWIPJ TPIRX] SJ XMQI XS IRWYVI XLEX ]SYV HIPMZIV] MW EW MQTVIWWMZI
EW ]SYV WPMHIW
(-740%= 70-()7 320= ;,-0) (-7'977-2+ 8,)1
%W [MXL SXLIV X]TIW SJ ZMWYEP EMHW ]SY [ERX ]SYV 4S[IV4SMRX WPMHIW XS FI ZMWMFPI
SRP] [LIR ]SY EVI HMWGYWWMRK XLIQ =SY GER EGLMIZI XLMW KSEP F] EHHMRK FPERO
WPMHIW EW RIIHIH 2SXMGI JSV I\EQTPI LS[ XLI WTIEOIV MR XLI +VIEX ;EPP TVI
WIRXEXMSR YWIW FPERO WPMHIW EX ZEVMSYW TEVXW SJ XLI WTIIGL &] HSMRK WS LI OIITW
LMW PMWXIRIVW JSGYWIH SR [LEX LI MW WE]MRK EX XLI QSQIRX VEXLIV XLER LEZMRK
XLIMV EXXIRXMSR HMZIVXIH F] XLI TVIZMSYW WPMHI
-XtW EPWS E KSSH MHIE XS EHH E FPERO WPMHI EX XLI IRH SJ ]SYV TVIWIRXEXMSR WS
]SYV PEWX GSRXIRX WPMHI [MPP RSX GSRXMRYI XS FI I\TSWIH EJXIV ]SY LEZI JMRMWLIH
HMWGYWWMRK MX
',)'/ 8,) 6331 %2( )59-41)28
-R MHIEP GMVGYQWXERGIW ]SY [MPP FI EFPI XS VILIEVWI EX PIEWX SRGI MR XLI VSSQ
[LIVI ]SY [MPP TVIWIRX ]SYV WTIIGL [MXL XLI WEQI GSQTYXIV QSYWI ERH TVSNIG
XSV ]SY [MPP YWI SR XLI HE] SJ ]SYV WTIIGL -J XLMW MW RSX TSWWMFPI XV] XS WXST F]
XLI VSSQ WIZIVEP HE]W FIJSVILERH ERH [SVO [MXL XLI IUYMTQIRX -J ]SY GERtX KIX
XS XLI VSSQ FIJSVI XLI HE] SJ XLI WTIIGL EVVMZI ER LSYV SV WS ELIEH SJ XMQI XS
JEQMPMEVM^I ]SYVWIPJ [MXL XLI IUYMTQIRX ERH XS QEOI WYVI MXtW [SVOMRK TVSTIVP]
(IPMZIVMRK =SYV 7TIIGL [MXL 4S[IV4SMRX
0YGEW 8LI %VX SJ 4YFPMG 9WMRK :MWYEP %MHW 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
4S[IV4SMRX MW QSWX IJJIGXMZI
[LIR MX MW YWIH WIPIGXMZIP]
[LIR WPMHIW EVI WOMPPJYPP]
MRXIKVEXIH [MXL XLI VIWX SJ
XLI WTIIGL ERH [LIR XLI
WTIEOIV GSQQYRMGEXIW
HMVIGXP] [MXL XLI EYHMIRGI
8LIVI MW [MHI ZEVMEXMSR EQSRK GSQTYXIVW ERH TVSNIGXSVW EW [IPP EW
EQSRK VSSQW IUYMTTIH [MXL QYPXMQIHME GSRRIGXMSRW WS IZIR MJ ]SY LEZI
YWIH 4S[IV4SMRX SR TVIZMSYW SGGEWMSRW ]SY RIIH XS GLIGO XLI WIXYT MR XLI
VSSQ [LIVI ]SY [MPP FI WTIEOMRK 1SWX I\TIVMIRGIH WTIEOIVW EVVERKI ELIEH
SJ XMQI XS LEZI E XIGLRMGMER TVIWIRX [LIR XLI] EVVMZI WS WLI SV LI GER XEOI
GEVI SJ ER] TVSFPIQW
4E] EXXIRXMSR XS XLI PMKLXMRK EW [IPP 'LIGO [LIXLIV XLI TVSNIGXSV MW FVMKLX
IRSYKL XS SZIVTS[IV XLI VSSQ PMKLXW ERH GVIEXI E WLEVT MQEKI -J MX MWRtX WII
MJ ]SY GER HMQ XLI PMKLXW RIEV XLI WGVIIR
8LMW QE] EPP WIIQ PMOI E PSX SJ JYWW ERH FSXLIV FYX ER]SRI [LS LEW KMZIR
WTIIGLIW [MXL 4S[IV4SMRX [MPP XIPP ]SY MXtW EFWSPYXIP] IWWIRXMEP
():)034 % &%'/94 40%2
(IWTMXI EPP ]SYV TVITEVEXMSR ERH TVEGXMGI MXtW TSWWMFPI XLEX XIGLRSPSK] [MPP JEMP
]SY 1SVI XLER SRI WTIEOIV LEW EVVMZIH [MXL 4S[IV4SMRX MR XS[ SRP] XS HMW
GSZIV XLEX XLI GSQTYXIV MW EGXMRK YT XLI TVSNIGXSV [MPP RSX [SVO SV XLI VSSQtW
TS[IV GSRRIGXMSRW EVI RSX GSQTEXMFPI [MXL XLI WTIEOIVtW GSQTYXIV
;LEX HS ]SY HS MJ XLMW LETTIRW# =SY GERtX NYWX GERGIP XLI WTIIGL 8LMW
MW [L] ]SY EP[E]W RIIH E FEGOYT TPERhIWTIGMEPP] JSV WTIIGLIW SYXWMHI XLI
GPEWWVSSQ
3RI STXMSR MW XS GST] ]SYV WPMHIW XS E JPEWL HVMZI WS ]SY GER TVSNIGX XLIQ
SR ERSXLIV GSQTYXIV MJ WSQIXLMRK LETTIRW XS ]SYVW 1ER] I\TIVMIRGIH WTIEO
IVW EPWS I QEMP XLIQWIPZIW XLIMV WPMHIW EW ER I\XVE TVIGEYXMSR
%RSXLIV STXMSR MW XS TVMRX E LEVH GST] SJ ]SYV WPMHIW XS GEVV] [MXL ]SY
(ITIRHMRK SR XLI WM^I SJ ]SYV EYHMIRGI ]SY QE] FI EFPI XS HMWXVMFYXI GSTMIW
EW ER EPXIVREXMZI XS TVSNIGXMRK XLI WPMHIWhXLSYKL XLIVI QE] FI GMVGYQWXERGIW
MR [LMGL IZIR XLEX MW MQTSWWMFPI 8LI MQTSVXERX XLMRK MW XS XLMRO XLVSYKL
%44)2(-< 97-2+ 43;)643-28
0YGEW 8LI %VX SJ 4YFPMG 9WMRK :MWYEP %MHW 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
TSXIRXMEP GSQTPMGEXMSRW MR EHZERGI ERH LEZI E FEGOYT TPER VIEH] NYWX MR GEWI
]SY RIIH MX
' ST]VMKLX ERH *EMV 9WI
;I LEZI QIRXMSRIH WIZIVEP XMQIW XLI IEWI [MXL [LMGL TLSXSKVETLW GLEVXW JEMV YWI
KVETLW EYHMS ERH ZMHIS GER FI HS[RPSEHIH JVSQ XLI -RXIVRIX JSV YWI [MXL % TVSZMWMSR SJ GST]VMKLX PE[
4S[IV4SMRX -XtW MQTSVXERX [LIR YWMRK WYGL QEXIVMEPW XS FI E[EVI SJ ERH XS XLEX TIVQMXW WXYHIRXW ERH
SFWIVZI GST]VMKLX PE[W XIEGLIVW XS YWI TSVXMSRW SJ
GST]VMKLXIH QEXIVMEPW JSV
9RHIV GST]VMKLX PE[ WSQISRI [LS [MWLIW XS YWI XLI SVMKMREP [SVO SJ IHYGEXMSREP TYVTSWIW
ERSXLIV TIVWSR QYWX SFXEMR TIVQMWWMSR JVSQ XLEX TIVWSR SV [LSIZIV S[RW XLI
QEXIVMEP
ERH SJXIR QYWX TE] E YWEKI JII (IWTMXI XLIWI VIWXVMGXMSRW XLI qJEMV
YWIr TVSZMWMSR SJ XLI PE[ TIVQMXW WXYHIRXW ERH IHYGEXSVW XS IQTPS] TSVXMSRW
SJ GST]VMKLXIH QEXIVMEPWhMRGPYHMRK MQEKIW ERH WSYRHW HS[RPSEHIH PIKEPP]
JVSQ XLI -RXIVRIXhJSV IHYGEXMSREP TYVTSWIW 8LI PE[ MW GSQTPI\ ERH SJXIR
EQFMKYSYW FYX MR KIRIVEP MX EPPS[W ]SY XS YWI GST]VMKLXIH QEXIVMEP MR GPEWW
VSSQ WTIIGLIW EGGSVHMRK XS XLIWI KYMHIPMRIW
d =SY Q E] YWI GST]VMKLXIH QEXIVMEPW JSV E 4S[IV4SMRX TVIWIRXEXMSR XLEX ]SY
GVIEXI JSV E WTIGMJMG GPEWW -J ]SY MRGPYHI XLI TVIWIRXEXMSR MR ER IQTPS]
QIRX TSVXJSPMS ]SY QE] GSRXMRYI XS YWI GST]VMKLXIH QEXIVMEPW MR MX
d =SY QE] RSX YWI QEXIVMEPW ]SY SFXEMRIH MPPIKEPP] I K GST]VMKLXIH QEXIVMEP
JVSQ E JMPI WLEVMRK RIX[SVO
d =SY QE] RSX TSWX GST]VMKLX QEXIVMEPW FEGO XS XLI ;IF [MXLSYX [VMXXIR
TIVQMWWMSR JVSQ XLI GST]VMKLX S[RIV
d =SY QYWX GVIHMX ]SYV WSYVGIW ERH HMWTPE] XLI GST]VMKLX W]QFSPhh[LIR
YWMRK GST]VMKLXIH QEXIVMEP 1EOI WYVI XS QIRXMSR XLI EYXLSV GVIEXSV XMXPI
ERH HEXI SJ TYFPMGEXMSR 8LI YWYEP TVEGXMGI MW XS X]TI XLI GVIHMX PMRI MR TSMRX
JSRX ERH XS TPEGI MX FIPS[ XLI MXIQ JSV [LMGL GVIHMX MW FIMRK KMZIR
/IIT XLIWI KYMHIPMRIW MR QMRH [LIR ]SY WIEVGL JSV MQEKIW ZMHIS ERH
EYHMS SR XLI -RXIVRIX EW [IPP EW MR FSSOW QEKE^MRIW ERH SXLIV TVMRX WSYVGIW
6IQIQFIV XS [VMXI HS[R GVIHMX ERH GST]VMKLX MRJSVQEXMSR EW ]SY KS EPSRK
SXLIV[MWI ]SY QE] LEZI XS WTIRH I\XVE XMQI PSSOMRK JSV MX PEXIV
7EQTPI 7TIIGL [MXL 'SQQIRXEV]
3R TEKIW i MW XLI XI\X SJ ER MRJSVQEXMZI WTIIGL SR XLI +VIEX ;EPP SJ GSRRIGXPYGEW GSQ
'LMRE XLEX IQTPS]W 4S[IV4SMRX %W ]SY VIEH RSXMGI LS[ MX JYPJMPPW XLI GVMXIVME :MI[ q8LI +VIEX ;EPP SJ
JSV IJJIGXMZI WTIIGLIW HMWGYWWIH IPWI[LIVI MR XLI FSSOhWLEVT JSGYW GPIEV SVKE 'LMREr MR XLI SRPMRI 1IHME
RM^EXMSR TPIRXMJYP GSRRIGXMZIW WXVSRK WYTTSVXMRK QEXIVMEPW ERH XLI PMOI 8S 0MFVEV] JSV XLMW GLETXIV
WII LS[ XLI WTIEOIV YWIW 4S[IV4SMRX ZMI[ XLI WTIIGL MR XLI SRPMRI 1IHME :MHIS 'PMT %
0MFVEV] JSV XLMW ETTIRHM\ EX GSRRIGXPYGEW GSQ 4E] WTIGMEP EXXIRXMSR XS XLI
UYEPMX] SJ XLI WTIEOIVtW WPMHIW XS XLI WOMPP [MXL [LMGL LI MRXIKVEXIW XLIQ MRXS
LMW HMWGYWWMSR ERH XS XLI [E] LI QEMRXEMRW I]I GSRXEGX [MXL LMW EYHMIRGI
[LMPI HMWGYWWMRK LMW WPMHIW
7EQTPI 7TIIGL [MXL 'SQQIRXEV]
0YGEW 8LI %VX SJ 4YFPMG 9WMRK :MWYEP %MHW 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
8LI +VIEX ;EPP SJ 'LMRE
'311)28%6= 74))',
8LI WTIEOIV FIKMRW [MXL E UYSXEXMSR XS -R 'LMRE XLIVItW E WE]MRK q=SY [SRtX FI GSRWMHIVIH E KVIEX
KEMR EXXIRXMSR ERH MRXIVIWX ,I EPWS IWXEF TIVWSR YRXMP ]SYtZI FIIR XS XLI +VIEX ;EPP r - ZMWMXIH XLI [EPP
PMWLIW LMW GVIHMFMPMX] F] RSXMRK XLEX LI ZMW PEWX ]IEV [LMPI - [EW MR 'LMRE - HSRtX ORS[ MJ MX QEHI QI E
MXIH XLI +VIEX ;EPP [LMPI LI [EW MR 'LMRE KVIEX TIVWSR FYX - HS ORS[ XLEX XLI [EPP MW MRHIIH KVIEX
8LI WTIEOIVtW JMVWX WPMHI MW E WXVMOMRK TLSXS %W ]SY GER WII JVSQ XLMW TLSXSKVETL XLI [EPP MW KVIEX MR
KVETL SJ XLI +VIEX ;EPP XLEX WLS[W LS[ MX FIEYX] [MXL MXW PSRK EVQW VIWXMRK SR VSPPMRK LMPPW ERH MXW XS[IVW
WREOIW EGVSWW XLI XSTW SJ XLI QSYRXEMRW TIIVMRK EGVSWW XLI ZEPPI]W 8LI [EPP WXVIXGLIW EGVSWW QSVI XLER
,I XLIR QSZIW XS E WPMHI XLEX MPPYWXVEXIW XLI LEPJ SJ 'LMRE JVSQ XLI WIE MR XLI IEWX TEWX &IMNMRK XS +ERWY
I\TERWI SJ XLI [EPP EW MX WXVIXGLIW EGVSWW TVSZMRGI MR XLI [IWX %X E XSXEP PIRKXL SJ QMPIW MX MW XLI
'LMRE ,I IRHW XLMW TEVEKVETL F] I\TPEMR PSRKIWX LYQER QEHI GSRWXVYGXMSR MR XLI [SVPH -J XLI +VIEX
MRK LS[ XLI +VIEX ;EPP [SYPH WXVIXGL JVSQ ;EPP [IVI XVERWTSVXIH XS XLI 9RMXIH 7XEXIW ERH WXVIXGLIH SYX
2I[ =SVO 'MX] XS &IVPMR +IVQER] %R ERM MR E WXVEMKLX PMRI MX [SYPH VYR JVSQ 2I[ =SVO 'MX] GSQTPIXIP]
QEXIH WPMHI TVSZMHIW ZMWYEP VIMRJSVGIQIRX EGVSWW XLI %XPERXMG 3GIERhTEWX 7TEMR )RKPERH ERH *VERGI
ERH LIPTW HVEQEXM^I XLI I\XVESVHMREV] EPP XLI [E] XS &IVPMR +IVQER]
PIRKXL SJ XLI [EPP
% GPIEV TVIZMI[ WXEXIQIRX WTIGMJMIW XLI XLVII 8SHE] - [SYPH PMOI XS WLEVI [MXL ]SY WSQI SJ XLI [SRHIVW
QEMR TSMRXW XS FI GSZIVIH MR XLI FSH] SJ SJ XLI +VIEX ;EPP - [MPP JSGYW SR XLI XLVII QENSV WXEKIW SJ MXW
XLI WTIIGL %W ]SY [EXGL XLI WTIIGL RSXMGI GSRWXVYGXMSR QSZMRK JVSQ XLI JMVWX TLEWI HYVMRK XLI 5MR
LS[ XLI WTIEOIV HMWTPE]W E FPERO WPMHI HYV (]REWX] XS XLI WIGSRH TLEWI HYVMRK XLI ,ER (]REWX] ERH
MRK XLMW TEVEKVETL WS EW RSX XS HMWXVEGX XLI GSRGPYHMRK [MXL XLI XLMVH TLEWI HYVMRK XLI 1MRK (]REWX] 0IXtW
EYHMIRGItW EXXIRXMSR WXEVX QSVI XLER ]IEVW EKS [LIR XLI JMVWX TEVXW SJ XLI
[EPP [IVI FYMPX
8LI WTIEOIV QSZIW MRXS LMW JMVWX QEMR TSMRX 8LI FIKMRRMRK SJ XLI +VIEX ;EPP EW [I ORS[ MX HEXIW XS
%W LI HSIW WS LI TVSNIGXW E WPMHI WLS[MRK E & ' [LIR )QTIVSV 5MR 7LM ,YERK SVHIVIH LMW XST KIRIVEP
HVE[MRK SJ )QTIVSV 5MR 7LM ,YERK ERH XLI XS PIEH WSPHMIVW MR VIFYMPHMRK ERH GSRRIGXMRK WITEVEXI
HEXIW SJ XLI 5MR (]REWX] ;LIR LI JMRMWLIW SPH [EPPW XLEX LEH FIIR FYMPX F] TVMRGIW SJ [EVVMRK WXEXIW -R
XLMW TEVEKVETL LI EKEMR TVSNIGXW E FPERO NYWX ]IEVW 5MR LEH E QMPI [EPP YWMRK TVMQEVMP] [SSH
WPMHI WS XLI EYHMIRGI [MPP FI JSGYWIH SR LMW JVEQIW JMPPIH [MXL WXSRIW ERH GSQTEGXIH IEVXL
ZIVFEP QIWWEKI MR XLI RI\X TEVEKVETL
8LMW TEVEKVETL TVSZMHIW MRXIVIWXMRK HIXEMPW ;LMPI XLI [EPP TVSZIH IJJIGXMZI MR OIITMRK SYX XLI XVMFIW
EFSYX XLI FYMPHMRK SJ XLI [EPP HYVMRK XLI [LS XLVIEXIRIH XS MRZEHI 'LMRE JVSQ XLI RSVXL MX GVIEXIH
5MR (]REWX] 2SXMGI LS[ XLI WTIEOIV MHIR HMWWIRX [MXLMR 'LMRE %GGSVHMRK XS %VXLYV ;EPHVSRtW 8LI +VIEX
XMJMIW XLI WSYVGI SJ LMW UYSXEXMSR EFSYX XLI ;EPP SJ 'LMRE *VSQ ,MWXSV] XS 1]XL qHMXGLIW SR XLI VSEHWMHI
LYQER GSWX SJ XLI [EPPtW GSRWXVYGXMSR [IVI JMPPIH [MXL GSVTWIW SJ QIR [LS LEH FIIR JSVGIH MRXS
GSRWXVYGXMSR SJ XLI +VIEX ;EPP r 'SQTIPPIH MRXS LEVH PEFSV
ERH FYVHIRIH F] LIEZ] XE\IW XS JMRERGI XLI TVSNIGX XLI TIS
TPI KVI[ YRLETT] ERH E ]IEV EJXIV 5MRtW HIEXL XLI TIEWERXW
VIZSPXIH ;LMPI XLI [EPP WXSSH XLI IQTMVI GSPPETWIH
% WMKRTSWX EX XLI WXEVX SJ XLMW TEVEKVETL 8LI WIGSRH QENSV TIVMSH SJ GSRWXVYGXMSR JSV XLI +VIEX ;EPP
EPIVXW XLI EYHMIRGI XLEX XLI WTIEOIV MW SGGYVVIH HYVMRK XLI ,ER (]REWX] [LMGL PEWXIH JVSQ & ' XS
QSZMRK MRXS LMW WIGSRH QEMR TSMRX %J XIV % ( )QTIVSV ;Y (M SVHIVIH I\TERWMSR SJ XLI I\MWXMRK [EPP
%44)2(-< 97-2+ 43;)643-28
0YGEW 8LI %VX SJ 4YFPMG 9WMRK :MWYEP %MHW 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
WLS[MRK E WPMHI [MXL XLI HEXIW SJ XLI ,ER XS TVSXIGX PERH [SR [LIR LMW EVQMIW HIJIEXIH XLI RSVXLIVR
(]REWX] ERH E HVE[MRK SJ )QTIVSV ;Y (M XVMFIW ;SVOIVW EHHIH QMPIW XS XLI I\MWXMRK [EPP 8LI] FYMPX
LI TVSNIGXW E TLSXSKVETL XS HIQSRWXVEXI [SSHIR JVEQIW [LMGL XLI] JMPPIH [MXL [MPPS[ VIIHW ERH E QM\
LS[ HMJJIVIRX XLI ,ER [EPP [EW JVSQ XLI XYVI SJ JMRI KVEZIP ERH [EXIV %W ]SY GER WII JVSQ XLMW TMGXYVI
+VIEX ;EPP EW MX I\MWXW XSHE] SJ VYMRW SJ XLI ,ER [EPP MX [EW ZIV] HMJJIVIRX MR GSRWXVYGXMSR ERH
ETTIEVERGI JVSQ XLI +VIEX ;EPP EW MX I\MWXW XSHE]
%W XLI WTIEOIV WXEVXW LMW XLMVH QEMR TSMRX
LI QSZIW MQQIHMEXIP] JVSQ LMW WPMHI WLS[ 8LI XLMVH QENSV FYMPHMRK TIVMSH SJ XLI +VIEX ;EPP SGGYVVIH
MRK XLI VYMRW SJ XLI ,ER [EPP XS E WPMHI [MXL ]IEVW PEXIV HYVMRK XLI 1MRK (]REWX] -R HYVMRK XLI
E HVE[MRK SJ )QTIVSV >LY =YER^LERK ERH JMVWX ]IEV SJ XLI 1MRK (]REWX] )QTIVSV >LY =YER^LERK
XLI HEXIW SJ XLI 1MRK (]REWX] &IGEYWI MX MW SVHIVIH QSVI I\TERWMSR SJ XLI [EPP 7YFWIUYIRX 1MRK IQTIV
TEVEPPIP MR HIWMKR XS XLI WPMHIW YWIH XS SVW WXVIRKXLIRIH ERH I\XIRHIH XLI [EPP YRXMP MX VIEGLIH MXW
MRXVSHYGI XLI JMVWX X[S QEMR TSMRXW XLMW GYVVIRX PIRKXL &YMPHIVW SJ XLI 1MRK [EPP QEHI XLVII MQTSV
WPMHI VIMRJSVGIW XLI YRMX] ERH SVKERM^E XERX EVGLMXIGXYVEP EHZERGIQIRXW [LMGL VIWYPXIH MR XLI HMWXMRG
XMSREP WXVYGXYVI SJ XLI WTIIGL EW E [LSPI XMZI JIEXYVIW SJ XLI [EPP EW MX I\MWXW XSHE]
8LI WTIEOIV FIKMRW XLMW TEVEKVETL F] TVS =SY GER WII XLSWI JIEXYVIW IWTIGMEPP] [IPP MR XLMW TLSXS
NIGXMRK E WPMHI [MXL E TLSXSKVETL WLS[MRK KVETL *MVWX VEXLIV XLER YWMRK IEVXL ERH WXSRI XLI] YWIH OMPR
XLI EVGLMXIGXYVEP JIEXYVIW SJ XLI +VIEX JMVIH FVMGOW XS GVIEXI E WXVSRKIV [EPP 7IGSRH XLI] IVIGXIH
;EPP %W LI HMWGYWWIW IEGL JIEXYVI LI YWIW QSVI XLER FIEGSR XS[IVW XS [EXGL XLI QSYRXEMR TEWWIW
ERMQEXMSR XS QEOI XLI ETTVSTVMEXI XI\X JSV TSXIRXMEP MRZEHIVW 8LIWI XS[IVW VMWI JVSQ XLI [EPP PMOI
ETTIEV SR LMW WPMHI 8LMW GSQFMREXMSR SJ QMKLX] SYXTSWXW ERH EVI SRI SJ XLI QSWX WXVMOMRK EWTIGXW SJ
ZMWYEP ERH ZIVFEP IPIQIRXW QEOIW XLMW XLI [EPP [LIR ]SY WII XLIQ MR TIVWSR 8LMVH XLI 1MRK FYMPH
TEVEKVETL IWTIGMEPP] IJJIGXMZI ERH TVSZMHIW IVW QEHI XLI [EPP WS PEVKI XLEX MX [SYPH FI EPQSWX MQTSWWMFPI
ER I\GIPPIRX MPPYWXVEXMSR SJ LS[ XS YWI 4S[IV XS FVIEO XLVSYKL -R JEGX XLI [EPP MW WS [MHI XLEX WSPHMIVW GSYPH
4SMRX XS QE\MQYQ EHZERXEKI VMHI WIZIVEP LSVWIW EFVIEWX EPSRK XLI XST SJ XLI [EPP
%JXIV WMKREPMRK XLEX LI MW QSZMRK MRXS LMW -R GSRGPYWMSR XLI +VIEX ;EPP SJ 'LMRE IRNS]W E VMGL LMW
GSRGPYWMSR XLI WTIEOIV WYQQEVM^IW LMW QEMR XSV] &YMPX SZIV XLI GSYVWI SJ QSVI XLER ]IEVW HYVMRK XLI
TSMRXW ERH IRHW F] VIMRJSVGMRK LMW GIRXVEP 5MR ,ER ERH 1MRK (]REWXMIW MX MW E QEKRMJMGIRX JIEX SJ
MHIE 8S QEOI WYVI XLI EYHMIRGI HSIW RSX LYQER IRKMRIIVMRK ;LMPI XLI [EPP RS PSRKIV GSRXMRYIW XS
GSRXMRYI XS JSGYW SR XLI EVGLMXIGXYVEP JIE HIJIRH 'LMRE JVSQ MRZEHIVW MX HSIW GSRXMRYI XS TPE] E GIRXVEP
XYVIW SJ XLI +VIEX ;EPP HMWGYWWIH MR XLI VSPI MR 'LMRIWI GYPXYVI ERH MRXIVREXMSREP MHIRXMX] 2S[ XLEX ]SY
TVIZMSYW TEVEKVETL LI HMWTPE]W E FPERO ORS[ E PMXXPI QSVI EFSYX XLI [EPP - LSTI ]SY LEZI E JYPPIV
WPMHI XLEX WLMJXW EXXIRXMSR FEGO XS LMQ ETTVIGMEXMSR SJ [L] MXtW VIKEVHIH EW KVIEX RSX NYWX MR 'LMRE
HYVMRK XLI GSRGPYWMSR FYX XLVSYKLSYX XLI [SVPH
/)= 8)617
WIVMJ JSRX
ERMQEXMSR
WERW WIVMJ JSRX
JEMV YWI
/I] 8IVQW
0YGEW 8LI %VX SJ 4YFPMG 7TIEOMRK XS -RJSVQ 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
7TIEOMRK XS -RJSVQ
8]TIW SJ -RJSVQEXMZI 7TIIGLIW %REP]WMW
ERH 3VKERM^EXMSR
7TIIGLIW %FSYX 3FNIGXW
7TIIGLIW %FSYX 4VSGIWWIW
7TIIGLIW %FSYX )ZIRXW
7TIIGLIW %FSYX 'SRGITXW
+YMHIPMRIW JSV -RJSVQEXMZI 7TIEOMRK
(SRtX 3ZIVIWXMQEXI ;LEX XLI %YHMIRGI /RS[W
6IPEXI XLI 7YFNIGX (MVIGXP] XS XLI %YHMIRGI
(SRtX &I 8SS 8IGLRMGEP
%ZSMH %FWXVEGXMSRW
4IVWSREPM^I =SYV -HIEW
7EQTPI 7TIIGL [MXL 'SQQIRXEV]
0YGEW 8LI %VX SJ 4YFPMG 7TIEOMRK XS -RJSVQ 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
0YGEW 8LI %VX SJ 4YFPMG 7TIEOMRK XS -RJSVQ 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
2EXEP]E 4IXVSZMGL MW XLI EHZIVXMWMRK QEREKIV JSV E GSQTER] XLEX WIPPW GSQTYXIV
IUYMTQIRX WYGL EW VSYXIVW RIX[SVO GEVHW ERH [MVIPIWW I\XIRWMSRW 7LI FIKER XLEX
TEVXMGYPEV [SVOHE] F] QIIXMRK [MXL LIV WXEJJ XS HMWGYWW XLI GSQTER]tW RI[ PMRI SJ
RIX[SVO GEVHW 7LI TSMRXIH SYX XLI WTIGMEP JIEXYVIW SJ IEGL TMIGI SJ IUYMTQIRX
I\TPEMRIH [LEX SXLIV IUYMTQIRX [EW GSQTEXMFPI [MXL IEGL ERH ERW[IVIH UYIWXMSRW
EFSYX XLIQ
0EXIV XLEX QSVRMRK 2EXEP]E LEH E PSRK XEPO [MXL XLI LIEH SJ XLI GSQTER]tW XIGLRM
GEP HMZMWMSR q'ER ]SY WLS[ QI r WLI EWOIH qLS[ XS YWI XLI RI[ VSYXIV [ItVI HIZIPST
MRK# - RIIH XS HSYFPI GLIGO XLI EH GST] Q] WXEJJ LEW HVEJXIH r 2EXEP]E XLIR XSSO RSXIW
EW XLI LIEH SJ XLI XIGLRMGEP HMZMWMSR [IRX XLVSYKL XLI YWIW SJ XLI RI[ VSYXIV 2EXEP]E
EPWS EWOIH UYIWXMSRW EPSRK XLI [E] XS QEOI WYVI WLI YRHIVWXSSH I\EGXP] LS[ XLI VSYXIV
[SVOIH
-R XLI EJXIVRSSR 2EXEP]E QIX [MXL XLI GSQTER]tW TVIWMHIRX ERH WEPIW HMVIGXSV XS KS
SZIV XLI GYVVIRX ]IEVtW FYHKIX JSV LIV HITEVXQIRX EW [IPP EW LIV TVSNIGXMSRW JSV XLI RI[
JMWGEP ]IEV 7LI VIZMI[IH EHZIVXMWMRK GEQTEMKRW ERH WEPIW HEXE EWWIWWIH XLI TIVJSVQERGI
SJ IEGL QIQFIV SJ LIV WXEJJ ERH TVIWIRXIH LIV TVSNIGXMSRW SJ WXEJJMRK VIUYMVIQIRXW JSV
XLI RI\X IMKLXIIR QSRXLW %JXIV[EVH XLI TVIWMHIRX GSQTPMQIRXIH 2EXEP]E JSV KMZMRK WYGL
E GPIEV TVIWIRXEXMSR q%R]SRI [LS GER GSQQYRMGEXI XLEX [IPP r XLI TVIWMHIRX WEMH qMW
KSMRK XS KS E PSRK [E] MR XLMW GSQTER] r
MRJSVQEXMZI WTIIGL 2EXEP]E HSIWRtX GSRWMHIV LIVWIPJ E qTYFPMG WTIEOIV r FYX QYGL SJ LIV NSF
% WTIIGL HIWMKRIH XS GSRZI] MRZSPZIW EFWSVFMRK ERH GSQQYRMGEXMRK MRJSVQEXMSR GPIEVP] ERH IJJIGXMZIP]
ORS[PIHKI ERH YRHIVWXERHMRK %PXLSYKL 2EXEP]E MW NYWX E WMRKPI TIVWSR LIV I\TIVMIRGI MW RSX YRYWYEP -R SRI
WYVZI] KVEHYEXIW JVSQ JMZI 9 7 GSPPIKIW [IVI EWOIH XS VERO XLI WTIIGL WOMPPW
QSWX MQTSVXERX XS XLIMV NSFW 8LI] VEXIH MRJSVQEXMZI WTIEOMRK RYQFIV SRI -R
ERSXLIV WYVZI] TIVGIRX SJ XLI VIWTSRHIRXW WEMH XLI] YWIH MRJSVQEXMZI
WTIEOMRK qEPQSWX GSRWXERXP] r
4YFPMG WTIEOMRK XS MRJSVQ SGGYVW MR E [MHI VERKI SJ IZIV]HE] WMXYEXMSRW
8LI FYWMRIWW QEREKIV I\TPEMRW RI\X ]IEVtW FYHKIX 8LI EVGLMXIGX VIZMI[W TPERW
JSV E RI[ FYMPHMRK 8LI YRMSR PIEHIV MRJSVQW QIQFIVW EFSYX E RI[ GSRXVEGX
8LI GLYVGL [SVOIV SYXPMRIW TPERW JSV E JYRH HVMZI 8LIVI EVI IRHPIWW WMXYEXMSRW
MR [LMGL TISTPI RIIH XS MRJSVQ SXLIVW 'SQTIXIRGI MR XLMW JSVQ SJ GSQQY
RMGEXMSR [MPP TVSZI ZEPYEFPI XS ]SY XLVSYKLSYX ]SYV PMJI
3RI SJ ]SYV JMVWX GPEWWVSSQ EWWMKRQIRXW TVSFEFP] [MPP FI XS HIPMZIV ER
MRJSV QEXMZI WTIIGL M R [L MGL ]SY [ MPP EGX EW E PIG X YVIV SV XIEGLIV =SY QE]
HIWGVMFI ER SFNIGX WLS[ LS[ WSQIXLMRK [SVOW VITSVX SR ER IZIRX I\TPEMR
E GSRGITX =SYV EMQ [MPP FI XS GSRZI] ORS[PIHKI ERH YRHIVWXERHMRKhRSX
XS EHZSGEXI E GEYWI =SYV WTIIGL [MPP FI NYHKIH MR PMKLX SJ XLVII KIRIVEP
GVMXIVME
-W XLI MRJSVQEXMSR GSQQYRMGEXIH EGGYVEXIP]#
-W XLI MRJSVQEXMSR GSQQYRMGEXIH GPIEVP]#
-W XLI MRJSVQEXMSR QEHI QIERMRKJYP ERH MRXIVIWXMRK XS XLI EYHMIRGI#
-R XLMW GLETXIV [I [MPP PSSO EX JSYV X]TIW SJ MRJSVQEXMZI WTIIGLIW ERH XLI
FEWMG TVMRGMTPIW SJ MRJSVQEXMZI WTIEOMRK %PSRK XLI [E] [I [MPP ETTP] ZEVMSYW
KIRIVEP TVMRGMTPIW HMWGYWWIH MR TVIZMSYW GLETXIVW
',%48)6 74)%/-2+ 83 -2*361
0YGEW 8LI %VX SJ 4YFPMG 7TIEOMRK XS -RJSVQ 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
8]TIW SJ -RJSVQEXMZI 7TIIGLIW %REP]WMW ERH 3VKERM^EXMSR
8LIVI EVI QER] [E]W XS GPEWWMJ] MRJSVQEXMZI WTIIGLIW ,IVI [I JSGYW SR XLI
OMRHW ]SY EVI QSWX PMOIP] XS KMZI MR ]SYV WTIIGL GPEWW
WTIIGLIW EFSYX SFNIGXW
WTIIGLIW EFSYX TVSGIWWIW
WTIIGLIW EFSYX IZIRXW ERH
WTIIGLIW EFSYX
GSRGITXW
74))',)7 %&398 3&.)'87 SFNIGX
%R]XLMRK XLEX MW ZMWMFPI
%W XLI [SVH MW YWIH LIVI qSFNIGXWr MRGPYHI ER]XLMRK XLEX MW ZMWMFPI XERKMFPI XERKMFPI ERH WXEFPI MR JSVQ
ERH WXEFPI MR JSVQ 3FNIGXW QE] LEZI QSZMRK TEVXW SV FI EPMZI XLI] QE]
MRGPYHI TPEGIW WXVYGXYVIW ERMQEPW IZIR TISTPI ,IVI EVI I\EQTPIW SJ WYFNIGXW
JSV WTIIGLIW EFSYX SFNIGXW
+VERH 'ER]SR WXSGO QEVOIX
XLI LYQER I]I )PM^EFIXL 'EH] 7XERXSR
WIE[IIH +47 REZMKEXMSR HIZMGIW
GSQMG WXVMTW 9 7 %VQ]
=SY [MPP RSX LEZI XMQI XS XIPP ]SYV GPEWWQEXIW IZIV]XLMRK EFSYX ER] SJ XLIWI
WYFNIGXW -RWXIEH ]SY [MPP GLSSWI E WTIGMJMG TYVTSWI XLEX JSGYWIW SR SRI EWTIGX SJ
]SYV WYFNIGX ;SVOMRK JVSQ XLI XSTMGW TVIWIRXIH EFSZI XLI JSPPS[MRK EVI I\EQ
TPIW SJ KSSH WTIGMJMG TYVTSWI WXEXIQIRXW JSV MRJSVQEXMZI WTIIGLIW EFSYX SFNIGXW
8S MRJSVQ Q] EYHMIRGI EFSYX XLI KISPSKMGEP JIEXYVIW SJ XLI +VERH 'ER]SR
8S MRJSVQ Q] EYHMIRGI EFSYX XLI VSPI SJ )PM^EFIXL 'EH] 7XERXSR MR XLI 9 7 [SQIRtW
VMKLXW QSZIQIRX
8S MRJSVQ Q] EYHMIRGI [LEX XS PSSO JSV [LIR FY]MRK E +47 REZMKEXMSR HIZMGI
2SXMGI LS[ TVIGMWI XLIWI WXEXIQIRXW EVI %W [I WE[ MR 'LETXIV ]SY
WLSYPH WIPIGX E WTIGMJMG TYVTSWI XLEX MW RSX XSS FVSEH XS EGLMIZI MR XLI EPPSXXIH
XMQI q8S MRJSVQ Q] EYHMIRGI EFSYX 4EFPS 4MGEWWSr MW JEV XSS KIRIVEP JSV E
GPEWWVSSQ WTIIGL q8S MRJSVQ Q] EYHMIRGI EFSYX XLI QENSV GSRXVMFYXMSRW SJ
4EFPS 4MGEWWS XS QSHIVR EVXr MW QSVI TVIGMWI ERH MW E TYVTSWI ]SY GSYPH VIEWSR
EFP] LSTI XS EGLMIZI MR E FVMIJ XEPO
-J ]SYV WTIGMJMG TYVTSWI MW XS I\TPEMR XLI LMWXSV] SV IZSPYXMSR SJ ]SYV WYF
NIGX ]SY [MPP TYX ]SYV WTIIGL MR GLVSRSPSKMGEP SVHIV *SV I\EQTPI
7TIGMJMG 4YVTSWI 8S MRJSVQ Q] EYHMIRGI EFSYX XLI QENSV EGLMIZIQIRXW SJ
*VIHIVMGO (SYKPEWW
'IRXVEP -HIE %PXLSYKL FSVR MR WPEZIV] *VIHIVMGO (SYKPEWW FIGEQI SRI SJ
XLI KVIEXIWX JMKYVIW MR %QIVMGER LMWXSV]
1EMR 4SMRXW - (SYKPEWW WTIRX XLI JMVWX ]IEVW SJ LMW PMJI EW E WPEZI MR
1EV]PERH
-- % JXIV IWGETMRK XS XLI 2SVXL (SYKPEWW FIGEQI E PIEHIV MR
XLI EFSPMXMSRMWX QSZIQIRX XS IRH WPEZIV]
--- ( YVMRK XLI 'MZMP ;EV (SYKPEWW LIPTIH IWXEFPMWL FPEGO
VIKMQIRXW MR XLI 9RMSR %VQ]
8]TIW SJ -RJSVQEXMZI 7TIIGLIW %REP]WMW ERH 3VKERM^EXMSR
0YGEW 8LI %VX SJ 4YFPMG 7TIEOMRK XS -RJSVQ 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
-: % JXIV XLI [EV (SYKPEWW [EW E XMVIPIWW GLEQTMSR SJ IUYEP
VMKLXW JSV LMW VEGI
-J ]SYV WTIGMJMG TYVTSWI MW XS HIWGVMFI XLI QEMR JIEXYVIW SJ ]SYV WYFNIGX ]SY
QE] SVKERM^I ]SYV WTIIGL MR WTEXMEP SVHIV
7TIGMJMG 4YVTSWI 8S MRJSVQ Q] EYHMIRGI EFSYX XLI HIWMKR SJ XLI 7X 0SYMW
%VGL
'IRXVEP -HIE 8LI 7X 0SYMW %VGL MW HMZMHIH MRXS XLVII WIGXMSRW IEGL [MXL
MXW S[R EXXVEGXMSRW
1EMR 4SMRXW - 8 LI FEWI SJ XLI 7X 0SYMW %VGL LSYWIW E ZMWMXSVtW GIRXIV
[MXL E QYWIYQ X[S QSZMI XLIEXIVW ERH VIXEMP SYXPIXW
-- 8LI QMHHPI SJ XLI 7X 0SYMW %VGL GSRXEMRW E LMKL WTIIH
XVEQ XLEX GEVVMIW ZMWMXSVW JVSQ XLI FEWI XS XLI XST
--- 8LI XST SJ XLI 7X 0SYMW %VGL LEW ER SFWIVZEXMSR HIGO
JIIX EFSZI XLI KVSYRH
%W SJXIR EW RSX ]SY [MPP JMRH XLEX WTIIGLIW EFSYX SFNIGXW JEPP MRXS XSTMGEP
SVHIV *SV I\EQTPI
7TIGMJMG 4YVTSWI 8S MRJSVQ Q] EYHMIRGI EFSYX XLI JSYV QENSV IPIQIRXW SJ E
.ETERIWI KEVHIR
'IRXVEP -HIE 8LI JSYV QENSV IPIQIRXW SJ E .ETERIWI KEVHIR EVI WXSRIW
WERH [EXIV ERH TPERXW
1EMR 4SMRXW - 8LI JMVWX IPIQIRX SJ E .ETERIWI KEVHIR MW WXSRIW [LMGL
W]QFSPM^I QSYRXEMRW ERH MWPERHW
-- 8 LI WIGSRH IPIQIRX SJ E .ETERIWI KEVHIR MW WERH [LMGL
W]QFSPM^IW XLI WIE SV SXLIV ZEWX EVIEW
--- 8LI XLMVH IPIQIRX SJ E .ETERIWI KEVHIR MW [EXIV [LMGL
W]QFSPM^IW TYVMX] ERH PMJI
-: 8 LI JSYVXL IPIQIRX SJ E .ETERIWI KEVHIR MW TPERXW [LMGL
W]QFSPM^I PMJI ERH XLI GLERKMRK WIEWSRW
2S QEXXIV [LMGL SJ XLIWI SVKERM^EXMSREP QIXLSHW ]SY YWIhGLVSRSPSKMGEP
WTEXMEP SV XSTMGEPhFI WYVI XS JSPPS[ XLI KYMHIPMRIW HMWGYWWIH MR 'LETXIV
PMQMX ]SYV WTIIGL XS FIX[IIR X[S ERH JMZI QEMR TSMRXW
OIIT QEMR
TSMRXW WITEVEXI
XV] XS YWI XLI WEQI TEXXIVR SJ [SVHMRK JSV EPP QEMR TSMRXW
FEPERGI XLI EQSYRX SJ XMQI HIZSXIH XS IEGL QEMR TSMRX
TVSGIWW 74))',)7 %&398 463')77)7
% W]WXIQEXMG WIVMIW SJ EGXMSRW
XLEX PIEHW XS E WTIGMJMG VIWYPX % TVSGIWW MW E W]WXIQEXMG WIVMIW SJ EGXMSRW XLEX PIEHW XS E WTIGMJMG VIWYPX SV TVSH
SV TVSHYGX YGX 7TIIGLIW EFSYX TVSGIWWIW I\TPEMR LS[ WSQIXLMRK MW QEHI LS[ WSQIXLMRK
MW HSRI SV LS[ WSQIXLMRK [SVOW ,IVI EVI I\EQTPIW SJ KSSH WTIGMJMG TYVTSWI
WXEXIQIRXW JSV WTIIGLIW EFSYX TVSGIWWIW
8S MRJSVQ Q] EYHMIRGI LS[ LYVVMGERIW HIZIPST
8S MRJSVQ Q] EYHMIRGI LS[ XS [VMXI ER IJJIGXMZI NSF VIWYQÍ
8S MRJSVQ Q] EYHMIRGI LS[ XS GLSSWI E WXYH] EFVSEH TVSKVEQ
8S MRJSVQ Q] EYHMIRGI LS[ 9 7 GYVVIRG] MW QEHI
',%48)6 74)%/-2+ 83 -2*361
0YGEW 8LI %VX SJ 4YFPMG 7TIEOMRK XS -RJSVQ 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
-RJSVQEXMZI WTIIGLIW EFSYX
SFNIGXW SJXIR GEPP JSV ZMWYEP
EMHW ,IVI 6]ER 1G0IRHSR E
GLIQMGEP IRKMRIIVMRK QENSV
JVSQ ;IWX :MVKMRME 9RMZIVWMX]
I\TPEMRW E QSHIP GEV XLEX
VYRW SR FEOMRK WSHE ERH ZMR
IKEV 8LI GEV [EW IRXIVIH MR E
GSRXIWX WTSRWSVIH F] XLI
%QIVMGER -RWXMXYXI SJ 'LIQM
GEP )RKMRIIVW
%W XLIWI I\EQTPIW WYKKIWX XLIVI EVI X[S OMRHW SJ MRJSVQEXMZI WTIIGLIW
EFSYX TVSGIWWIW 3RI OMRH I\TPEMRW E TVSGIWW WS XLEX XLEX PMWXIRIVW [MPP YRHIV
WXERH MX FIXXIV =SYV KSEP MW XS LEZI ]SYV EYHMIRGI ORS[ XLI WXITW SJ XLI TVSGIWW
ERH LS[ XLI] VIPEXI XS SRI ERSXLIV -J ]SYV WTIGMJMG TYVTSWI MW q8S MRJSVQ Q]
EYHMIRGI LS[ YRHIV[EXIV VSFSXW [SVO r ]SY [MPP I\TPEMR XLI FEWMG XEWOW ERH
QIGLERMWQW SJ YRHIV[EXIV VSFSXW =SY [MPP RSX MRWXVYGX ]SYV PMWXIRIVW SR LS[
XLI] GER STIVEXI ER YRHIV[EXIV VSFSX
% WIGSRH OMRH SJ WTIIGL I\TPEMRW E TVSGIWW WS PMWXIRIVW [MPP FI FIXXIV EFPI XS
TIVJSVQ XLI TVSGIWW XLIQWIPZIW =SYV KSEP MR XLMW OMRH SJ WTIIGL MW XS LEZI XLI
EYHMIRGI PIEVR E WOMPP 7YTTSWI ]SYV WTIGMJMG TYVTSWI MW q8S MRJSVQ Q] EYHMIRGI
LS[ XS XEOI TMGXYVIW PMOI E TVSJIWWMSREP TLSXSKVETLIV r =SY [MPP TVIWIRX TLSXS
KVETLMG XIGLRMUYIW ERH WLS[ ]SYV PMWXIRIVW LS[ XLI] GER YXMPM^I XLIQ =SY [ERX
XLI EYHMIRGI XS FI EFPI XS YWI XLI XIGLRMUYIW EW E VIWYPX SJ ]SYV WTIIGL
&SXL OMRHW SJ WTIIGLIW EFSYX TVSGIWWIW QE] VIUYMVI ZMWYEP EMHW %X XLI ZIV]
PIEWX ]SY WLSYPH TVITEVI E GLEVX SYXPMRMRK XLI WXITW SV XIGLRMUYIW SJ ]SYV TVS
GIWW -R WSQI GEWIW ]SY [MPP RIIH XS HIQSRWXVEXI XLI WXITW SV XIGLRMUYIW F]
TIVJSVQMRK XLIQ MR JVSRX SJ ]SYV EYHMIRGI 3RI WXYHIRX HMH WPIMKLX SJ LERH
QEKMG XVMGOW XS WLS[ XLI XIGLRMUYIW FILMRH XLIQ %RSXLIV I\IGYXIH IPIQIR
XEV] XEM GLM QERIYZIVW -R IEGL GEWI XLI HIQSRWXVEXMSR RSX SRP] GPEVMJMIH XLI
WTIEOIVtW TVSGIWW FYX GETXMZEXIH XLI EYHMIRGI EW [IPP -J ]SY EVI YWMRK ZMWYEP
EMHW SJ ER] OMRH FI WYVI XS VIZMI[ 'LETXIV
;LIR MRJSVQMRK EFSYX E TVSGIWW ]SY [MPP YWYEPP] EVVERKI ]SYV WTIIGL MR
GLVSRSPSKMGEP SVHIV I\TPEMRMRK XLI TVSGIWW WXIT F] WXIT JVSQ FIKMRRMRK XS IRH
*SV I\EQTPI
7TIGMJMG 4YVTSWI 8S MRJSVQ Q] EYHMIRGI EFSYX XLI QENSV VMXYEPW SJ E XVEHM
XMSREP &IRKEPM [IHHMRK MR -RHME
8]TIW SJ -RJSVQEXMZI 7TIIGLIW %REP]WMW ERH 3VKERM^EXMSR
0YGEW 8LI %VX SJ 4YFPMG 7TIEOMRK XS -RJSVQ 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
'IRXVEP -HIE % XVEHMXMSREP &IRKEPM [IHHMRK GSRWMWXW SJ E WIVMIW SJ VMXYEPW XLEX
1EMR 4SMRXW XEOI TPEGI FIJSVI HYVMRK ERH EJXIV XLI [IHHMRK GIVIQSR]
- 4VI [IHHMRK VMXYEPW MRGPYHI KMZMRK KMJXW XS XLI FVMHI ERH
KVSSQ ERH HVIWWMRK XLI FVMHI MR XVEHMXMSREP JEWLMSR
-- 6 MXYEPW HYVMRK XLI [IHHMRK GIVIQSR] MRGPYHI ER I\GLERKI
SJ KEVPERHW FIX[IIR XLI FVMHI ERH KVSSQ XLI GLERXMRK SJ
QERXVEW ERH XLI KMZMRK E[E] SJ XLI FVMHI F] LIV YRGPI
--- 4SWX [IHHMRK VMXYEPW MRGPYHI E GIPIFVEXMSR EX XLI LSQI SJ
XLI FVMHItW JEQMP] E VIGITXMSR EX XLI LSQI SJ XLI KVSSQtW
JEQMP] ERH XLI JSVQEP I\MX SJ XLI FVMHI ERH KVSSQ
7SQIXMQIW VEXLIV XLER QSZMRK XLVSYKL E TVSGIWW WXIT F] WXIT ]SY [MPP
JSGYW SR XLI QENSV TVMRGMTPIW SV XIGLRMUYIW MRZSPZIH MR TIVJSVQMRK XLI TVS
GIWW 8LIR ]SY [MPP SVKERM^I ]SYV WTIIGL MR XSTMGEP SVHIV )EGL QEMR TSMRX [MPP
HIEP [MXL E WITEVEXI TVMRGMTPI SV XIGLRMUYI *SV I\EQTPI
7TIGMJMG 4YVTSWI 8S MRJSVQ Q] EYHMIRGI SJ XLI GSQQSR QIXLSHW YWIH F]
WXEKI QEKMGMERW XS TIVJSVQ XLIMV XVMGOW
'IRXVEP -HIE 7XEKI QEKMGMERW YWI X[S GSQQSR QIXLSHW XS TIVJSVQ XLIMV
XVMGOWhQIGLERMGEP HIZMGIW ERH WPIMKLX SJ LERH
1EMR 4SMRXW - 1ER] QEKMG XVMGOW VIP] SR QIGLERMGEP HIZMGIW XLEX QE]
VIUYMVI PMXXPI WOMPP F] XLI QEKMGMER
-- 3 XLIV QEKMG XVMGOW HITIRH SR XLI QEKMGMERtW WOMPP MR
JSSPMRK TISTPI F] WPIMKLX SJ LERH QERMTYPEXMSR
'SRGMWI SVKERM^EXMSR MW IWTIGMEPP] MQTSVXERX MR WTIIGLIW EFSYX TVSGIWWIW
=SY QYWX QEOI WYVI IEGL WXIT MW GPIEV ERH IEW] XS JSPPS[ -J ]SYV TVSGIWW LEW
QSVI XLER JSYV SV JMZI WXITW KVSYT XLI WXITW MRXS YRMXW XS PMQMX XLI RYQFIV SJ
QEMR TSMRXW *SV I\EQTPI MR E WTIIGL I\TPEMRMRK LS[ XS WIX YT E LSQI
EUYEVMYQ E WXYHIRX TVIWIRXIH XLI JSPPS[MRK QEMR TSMRXW
- *MVWX ]SY QYWX GLSSWI XLI WM^I SJ ]SYV XERO
-- 8LIR ]SY QYWX HIXIVQMRI XLI WLETI SJ ]SYV XERO
--- =SY QYWX EPWS HIGMHI LS[ QYGL ]SY GER EJJSVH XS TE] JSV E XERO
-: 3RGI ]SY LEZI XLI XERO ]SY RIIH E JMPXIV W]WXIQ
: % LIEXIV MW EPWS EFWSPYXIP] RIGIWWEV]
:- =SY QYWX EPWS KIX ER EMV TYQT
:-- 3RGI XLMW MW HSRI ]SY RIIH XS GLSSWI KVEZIP JSV XLI XERO
:--- =SY [MPP EPWS RIIH TPERXW
-< 3XLIV HIGSVEXMSRW [MPP VSYRH SYX XLI IJJIGXW SJ ]SYV EUYEVMYQ
< 2S[ ]SY EVI VIEH] XS EHH XLI JMWL
<- *VIWL[EXIV JMWL EVI XLI QSWX GSQQSR
<-- 7EPX[EXIV JMWL EVI QSVI I\TIRWMZI ERH VIUYMVI WTIGMEP GEVI
2SX WYVTVMWMRKP] XLMW [EW XSS QYGL JSV XLI EYHMIRGI XS JSPPS[ 8LI WTIEOIV
WLSYPH LEZI SVKERM^IH XLI TSMRXW WSQIXLMRK PMOI XLMW
- 8LI JMVWX WXIT MR IWXEFPMWLMRK E LSQI EUYEVMYQ MW GLSSWMRK E XERO
% 8LI WM^I SJ XLI XERO MW MQTSVXERX
& 8LI WLETI SJ XLI XERO MW MQTSVXERX
' 8LI GSWX SJ XLI XERO MW MQTSVXERX
',%48)6 74)%/-2+ 83 -2*361
0YGEW 8LI %VX SJ 4YFPMG 7TIEOMRK XS -RJSVQ 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
-- 8LI WIGSRH WXIT MR IWXEFPMWLMRK E LSQI EUYEVMYQ MW IUYMTTMRK XLI XERO
% =SY [MPP RIIH E JMPXIV W]WXIQ
& =SY [MPP RIIH E LIEXIV
' =SY [MPP RIIH ER EMV TYQT
( =SY [MPP RIIH KVEZIP
) =SY [MPP RIIH TPERXW
* =SY QE] EPWS [ERX SXLIV HIGSVEXMSRW
--- 8LI XLMVH WXIT MR IWXEFPMWLMRK E LSQI EUYEVMYQ MW EHHMRK XLI JMWL
% *VIWL[EXIV JMWL EVI XLI QSWX GSQQSR JSV LSQI EUYEVMYQW
& 7EPX[EXIV JMWL EVI QSVI I\TIRWMZI ERH VIUYMVI WTIGMEP GEVI
8LI WYFTSMRXW GSZIV XLI WEQI XIVVMXSV] EW XLI SVMKMREP X[IPZI TSMRXW FYX XLVII
QEMR TSMRXW EVI QYGL IEWMIV XS YRHIVWXERH ERH VIQIQFIV
74))',)7 %&398 ):)287
8LI 6ERHSQ ,SYWI (MGXMSREV] HIJMRIW ER IZIRX EW qER]XLMRK XLEX LETTIRW SV MW IZIRX
VIKEVHIH EW LETTIRMRK r &] XLMW HIJMRMXMSR XLI JSPPS[MRK EVI I\EQTPIW SJ WYMX %R]XLMRK XLEX LETTIRW SV MW
EFPI WYFNIGXW JSV MRJSVQEXMZI WTIIGLIW EFSYX IZIRXW VIKEVHIH EW LETTIRMRK
,SPSGEYWX QSYRXEMR GPMQFMRK
GMZMP VMKLXW QSZIQIRX NSF MRXIVZMI[W
'MRGS HI 1E]S XWYREQMW
EXXIRXMSR HIJMGMX HMWSVHIV &EXXPI SJ 0MXXPI &MK ,SVR
%W YWYEP ]SY [MPP RIIH XS REVVS[ ]SYV JSGYW ERH TMGO E WTIGMJMG TYVTSWI
]SY GER EGGSQTPMWL MR E WLSVX WTIIGL ,IVI EVI I\EQTPIW SJ KSSH WTIGMJMG TYV
TSWI WXEXIQIRXW JSV MRJSVQEXMZI WTIIGLIW EFSYX IZIRXW
8S MRJSVQ Q] EYHMIRGI SJ XLI JIWXMZMXMIW EX 1I\MGStW 'MRGS HI 1E]S GIPIFVEXMSR
8S MRJSVQ Q] EYHMIRGI EFSYX [LEX LETTIRIH EX XLI &EXXPI SJ 0MXXPI &MK ,SVR
8S MRJSVQ Q] EYHMIRGI EFSYX XLI QENSV X]TIW SJ XLIVETIYXMG QEWWEKI
8LIVI EVI QER] [E]W XS HMWGYWW IZIRXW -J ]SYV WTIGMJMG TYVTSWI MW XS
VIGSYRX XLI LMWXSV] SJ ER IZIRX ]SY [MPP SVKERM^I ]SYV WTIIGL MR GLVSRSPSKMGEP
SVHIV VIPEXMRK XLI MRGMHIRXW SRI EJXIV ERSXLIV MR XLI SVHIV XLI] SGGYVVIH *SV
I\EQTPI
7TIGMJMG 4YVTSWI 8S MRJSVQ Q] EYHMIRGI EFSYX XLI LMWXSV] SJ XLI 4EVEP]QTMGW
'IRXVEP -HIE 3P]QTMG WX]PI KEQIW JSV EXLPIXIW [MXL TL]WMGEP HMWEFMPMXMIW
LEZI QEHI KVIEX WXVMHIW WMRGI XLI JMVWX GSQTIXMXMSR QSVI
XLER ]IEVW EKS
1EMR 4SMRXW - ; LEX [SYPH IZIRXYEPP] FIGSQI XLI 4EVEP]QTMGW FIKER
MR [MXL E WTSVXW GSQTIXMXMSR MR +VIEX &VMXEMR MRZSPZ
MRK ;SVPH ;EV -- ZIXIVERW [MXL WTMREP GSVH MRNYVMIW
-- - R XLI IZIRX I\TERHIH [LIR EXLPIXIW JVSQ XLI
2IXLIVPERHW XSSO TEVX
--- 8LI JMVWX SJJMGMEP 4EVEP]QTMG +EQIW JSV MRXIVREXMSREP
EXLPIXIW XSSO TPEGI MR 6SQI MR
8]TIW SJ -RJSVQEXMZI 7TIIGLIW %REP]WMW ERH 3VKERM^EXMSR
0YGEW 8LI %VX SJ 4YFPMG 7TIEOMRK XS -RJSVQ 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
-RXIVRIX (S ]SY RIIH UYMGO EGGIWW XS JEGXW EFSYX ]SYV MRJSVQEXMZI WTIIGL XSTMG# 0SK SR
'SRRIGXMSR XS XLI -RXIVRIX 4YFPMG 0MFVEV]tW 7YFNIGX 'SPPIGXMSR [[[ MTP SVK HMZ WYFNIGX
[LMGL SJJIVW PMROW XS E [MHI VERKI SJ LMKL UYEPMX] VIWSYVGIW GLSWIR JSV XLIMV EGGY
[[[ GSRRIGXPYGEW GSQ VEXI ERH VIPMEFPI MRJSVQEXMSR
-J ]SY EVI KMZMRK ER MRJSVQEXMZI WTIIGL SR E XSTMG [MXL QYPXMGYPXYVEP HMQIRWMSRW
]SY QE] JMRH XLI JSPPS[MRK ;IF WMXIW YWIJYP
=ELSS 6IKMSREP LXXT HMV ]ELSS GSQ 6IKMSREP
;;; :MVXYEP 0MFVEV] %QIVMGER -RHMERW [[[ LEROWZMPPI SVK 2%VIWSYVGIW
4VMRGIXSR 9RMZIVWMX] 0MFVEV] %WMER %QIVMGER 7XYHMIW LXXT JMVIWXSRI TVMRGIXSR
IHY EWMEREQIVMGER
0EXMRS ,MWTERMG 6IWSYVGIW [[[ VGJ YWG IHY bGQQV 0EXMRS LXQP
%JVMGER %QIVMGER ;IF 'SRRIGXMSR [[[ EE[G GSQ
-: - R ER EKVIIQIRX [EW WMKRIH SJJMGMEPP] LSPHMRK XLI
4EVEP]QTMG +EQIW EPSRKWMHI XLI WYQQIV ERH [MRXIV
3P]QTMG +EQIW
=SY GER ETTVSEGL ER IZIRX JVSQ EPQSWX ER] ERKPI SV GSQFMREXMSR SJ ERKPIWh
JIEXYVIW SVMKMRW MQTPMGEXMSRW FIRIJMXW JYXYVI HIZIPSTQIRXW ERH WS JSVXL -R WYGL
GEWIW ]SY [MPP TYX ]SYV WTIIGL XSKIXLIV MR XSTMGEP SVHIV %RH ]SY WLSYPH QEOI WYVI
]SYV QEMR TSMRXW WYFHMZMHI XLI WYFNIGX PSKMGEPP] ERH GSRWMWXIRXP] *SV MRWXERGI
7TIGMJMG 4YVTSWI 8S MRJSVQ Q] EYHMIRGI EFSYX XLVII EWTIGXW SJ XLI 1EVHM
+VEW GIPIFVEXMSR MR 2I[ 3VPIERW
'IRXVEP -HIE 8LI 1EVHM +VEW GIPIFVEXMSR MR 2I[ 3VPIERW MW VIRS[RIH JSV
MXW TEVEHIW GSWXYQIW ERH JSSH
1EMR 4SMRXW - 8LI TEVEHIW EVI PEZMWL IZIRXW XLEX XEOI TPEGI SZIV XLI
GSYVWI SJ WIZIVEP [IIOW
-- 8 LI GSWXYQIW MRGPYHI HMWKYMWIW QIHEPPMSRW ERH XLI SJJM
GMEP 1EVHM +VEW GSPSVW SJ TYVTPI KVIIR ERH KSPH
--- 8LI JSSH JIEXYVIW 'ENYR ERH 'VISPI HMWLIW GSQQSR XS
WSYXLIVR 0SYMWMERE
74))',)7 %&398 '32')487
'SRGITXW MRGPYHI FIPMIJW XLISVMIW MHIEW TVMRGMTPIW ERH XLI PMOI 8LI] EVI QSVI
EFWXVEGX XLER SFNIGXW TVSGIWWIW SV IZIRXW 8LI JSPPS[MRK EVI I\EQTPIW SJ WYF
NIGXW JSV WTIIGLIW EFSYX GSRGITXW
'SRJYGMERMWQ WXVMRK XLISV]
TLMPSWSTLMIW SJ IHYGEXMSR TVMRGMTPIW SJ JIQMRMWQ
SVMKMREP MRXIRX HSGXVMRI I\MWXIRXMEPMWQ
RYQIVSPSK] LYQER VMKLXW
',%48)6 74)%/-2+ 83 -2*361
0YGEW 8LI %VX SJ 4YFPMG 7TIEOMRK XS -RJSVQ 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
-RJSVQEXMZI WTIIGLIW XEOI
TPEGI MR E [MHI VERKI SJ WMXY
EXMSRW ,IVI 'LMRIWI WGMIRXMWX
<Y <MRK WTIEOW XS ER MRXIVRE
XMSREP EYHMIRGI MR &IMNMRK
EFSYX XLI HMWGSZIV] SJ XLI
[SVPHtW PEVKIWX FMVHPMOI
HMRSWEYV
8EOMRK E JI[ SJ XLIWI KIRIVEP WYFNIGXW LIVI EVI WSQI WTIGMJMG TYVTSWI GSRGITX
WXEXIQIRXW JSV WTIIGLIW EFSYX GSRGITXW % FIPMIJ XLISV] MHIE RSXMSR
TVMRGMTPI SV XLI PMOI
8S MRJSVQ Q] EYHMIRGI EFSYX XLI FEWMG TVMRGMTPIW SJ 'SRJYGMERMWQ
8S MRJSVQ Q] EYHMIRGI EFSYX XLI HSGXVMRI SJ SVMKMREP MRXIRX MR GSRWXMXYXMSREP
MRXIVTVIXEXMSR
8S MRJSVQ Q] EYHMIRGI EFSYX XLI HMJJIVIRX TLMPSWSTLMIW SJ IHYGEXMSR MR )YVSTI ERH
XLI 9RMXIH 7XEXIW
7TIIGLIW EFSYX GSRGITXW EVI YWYEPP] SVKERM^IH MR XSTMGEP SVHIV ERH JSGYW SR
XLI QEMR JIEXYVIW SV EWTIGXW SJ ]SYV GSRGITX *SV I\EQTPI
7TIGMJMG 4YVTSWI 8S MRJSVQ Q] EYHMIRGI EFSYX XLI FEWMG TVMRGMTPIW SJ RSRZM
SPIRX VIWMWXERGI
'IRXVEP -HIE 8LI FEWMG TVMRGMTPIW SJ RSRZMSPIRX VIWMWXERGI WXVIWW YWMRK
QSVEP QIERW XS EGLMIZI WSGMEP GLERKI VIJYWMRK XS MRJPMGX
ZMSPIRGI SR SRItW IRIQMIW ERH YWMRK WYJJIVMRK EW E WSGMEP
JSVGI
1EMR 4SMRXW - 8 LI JMVWX QENSV TVMRGMTPI SJ RSRZMSPIRX VIWMWXERGI MW XLEX
WSGMEP GLERKI QYWX FI EGLMIZIH F] QSVEP QIERW
-- 8 LI WIGSRH QENSV TVMRGMTPI SJ RSRZMSPIRX VIWMWXERGI MW
XLEX SRI WLSYPH RSX MRJPMGX ZMSPIRGI SR SRItW IRIQMIW
--- 8 LI XLMVH QENSV TVMRGMTPI SJ RSRZMSPIRX VIWMWXERGI MW XLEX
WYJJIVMRK GER FI E TS[IVJYP WSGMEP JSVGI
8]TIW SJ -RJSVQEXMZI 7TIIGLIW %REP]WMW ERH 3VKERM^EXMSR
0YGEW 8LI %VX SJ 4YFPMG 7TIEOMRK XS -RJSVQ 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
%RSXLIV ETTVSEGL MW XS HIJMRI XLI GSRGITX ]SY EVI HIEPMRK [MXL MHIRXMJ]
MXW QENSV IPIQIRXW ERH MPPYWXVEXI MX [MXL WTIGMJMG I\EQTPIW %R I\GIPPIRX
MRWXERGI SJ XLMW GEQI MR E WXYHIRX WTIIGL EFSYX -WPEQ
7TIGMJMG 4YVTSWI 8S MRJSVQ Q] EYHMIRGI SJ XLI FEWMG TVMRGMTPIW SJ -WPEQ
'IRXVEP -HIE 8LI FIPMIJW SJ -WPEQ GER FI XVEGIH XS XLI TVSTLIX 1YLEQ
QEH EVI [VMXXIR MR XLI /SVER ERH LEZI TVSHYGIH E RYQFIV
SJ WIGXW
1EMR 4SMRXW - -WPEQ [EW JSYRHIH F] XLI TVSTLIX 1YLEQQEH MR XLI
IEVP] W
-- 8 LI XIEGLMRKW SJ -WPEQ EVI [VMXXIR MR XLI /SVER XLI LSP]
FSSO SJ -WPEQ
--- 8SHE] -WPEQ MW HMZMHIH MRXS E RYQFIV SJ WIGXW XLI PEVKIWX
SJ [LMGL EVI XLI 7YRRMW ERH XLI 7LMMXIW
7TIIGLIW EFSYX GSRGITXW EVI SJXIR QSVI GSQTPI\ XLER SXLIV OMRHW SJ MRJSV
QEXMZI WTIIGLIW ;LIR HIEPMRK [MXL GSRGITXW TE] WTIGMEP EXXIRXMSR XS EZSMH
MRK XIGLRMGEP PERKYEKI XS HIJMRMRK XIVQW GPIEVP] ERH XS YWMRK I\EQTPIW ERH
GSQTEVMWSRW XS MPPYWXVEXI XLI GSRGITXW
0SSO JSV I\EQTPI EX :MHIS 'PMT MR XLI SRPMRI 1IHME 0MFVEV] JSV XLMW
GLETXIV [LMGL TVIWIRXW ER I\GIVTX JVSQ E WXYHIRX WTIIGL EFSYX XLI 'LMRIWI
TLMPSWSTL] SJ 'SRJYGMERMWQ 2SXMGI LS[ XLI WXYHIRX HIJMRIW 'SRJYGMERMWQ
ERH XLIR I\TPEMRW MXW YRMJ]MRK TVMRGMTPI SJ NIR -J ]SY KMZI ER MRJSVQEXMZI
WTIIGL EFSYX E GSRGITX KMZI WTIGMEP XLSYKLX XS LS[ ]SY GER QEOI XLEX GSR
GITX GPIEV ERH GSQTVILIRWMFPI XS ]SYV PMWXIRIVW
GSRRIGXPYGEW GSQ 8LI PMRIW HMZMHMRK WTIIGLIW EFSYX SFNIGXW TVSGIWWIW IZIRXW ERH GSRGITXW EVI
:MI[ ER I\GIVTX JVSQ q'SRJY RSX EFWSPYXI 7SQI WYFNIGXW GSYPH JMX MRXS QSVI XLER SRI GEXIKSV] HITIRH
GMERMWQr MR XLI SRPMRI 1IHME MRK SR LS[ ]SY HIZIPST XLI WTIIGL *SV I\EQTPI E WTIIGL EFSYX XLI
0MFVEV] JSV XLMW GLETXIV HIWXVYGXMSR SJ ERGMIRX 4SQTIMM F] XLI IVYTXMSR SJ 1SYRX :IWYZMYW [SYPH
:MHIS 'PMT
TVSFEFP] HIEP [MXL MXW WYFNIGX EW ER IZIRX FYX E WTIIGL SR [LEX GEYWIW ZSP
GERSIW XS IVYTX [SYPH QSWX PMOIP] XVIEX MXW WYFNIGX EW E TVSGIWW 8LI MQTSV
XERX WXIT MW XS HIGMHI [LIXLIV ]SY [MPP LERHPI ]SYV WYFNIGX EW ER SFNIGX E
TVSGIWW ER IZIRX SV E GSRGITX 3RGI ]SY HS XLEX ]SY GER HIZIPST XLI
WTIIGL EGGSVHMRKP]
6IKEVHPIWW SJ LS[ ]SY ETTVSEGL ]SYV XSTMG FI WYVI XS KMZI PMWXIRIVW TPIRX]
SJ LIPT MR WSVXMRK SYX JEGXW ERH MHIEW 3RI [E] MW F] YWMRK IRSYKL XVERWMXMSRW
MRXIVREP TVIZMI[W MRXIVREP WYQQEVMIW ERH WMKRTSWXW WII 'LETXIV
%RSXLIV
[E] MW XS JSPPS[ XLI SPH QE\MQ q8IPP tIQ [LEX ]SYtVI KSMRK XS WE] WE] MX XLIR
XIPP tIQ [LEX ]SYtZI WEMH r -R SXLIV [SVHW TVIZMI[ XLI QEMR TSMRXW SJ ]SYV
WTIIGL MR XLI MRXVSHYGXMSR ERH WYQQEVM^I XLIQ MR XLI GSRGPYWMSR 8LMW [MPP
QEOI ]SYV WTIIGL IEWMIV XS YRHIVWXERH ERH IEWMIV XS VIQIQFIV
+YMHIPMRIW JSV -RJSVQEXMZI 7TIEOMRK
%PP XLI TVIZMSYW GLETXIVW SJ XLMW FSSO VIPEXI XS XLI TVMRGMTPIW SJ MRJSVQEXMZI
WTIEOMRK 7IPIGXMRK E XSTMG ERH WTIGMJMG TYVTSWI EREP]^MRK XLI EYHMIRGI KEXL
IVMRK QEXIVMEPW GLSSWMRK WYTTSVXMRK HIXEMPW SVKERM^MRK XLI WTIIGL YWMRK
',%48)6 74)%/-2+ 83 -2*361
0YGEW 8LI %VX SJ 4YFPMG 7TIEOMRK XS -RJSVQ 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
[SVHW XS GSQQYRMGEXI QIERMRK HIPMZIVMRK XLI WTIIGLhEPP QYWX FI HSRI
IJJIGXMZIP] MJ ER MRJSVQEXMZI WTIIGL MW XS FI E WYGGIWW ,IVI [I IQTLEWM^I JMZI
EHHMXMSREP TSMRXW XLEX [MPP LIPT QEOI ]SYVW E WYGGIWW
(32t8 3:)6)78-1%8) ;,%8 8,) %9(-)2') /23;7
-R E WTIIGL EFSYX QIXISVSPSK] E WXYHIRX WEMH q-J QSHIVR QIXLSHW SJ [IEXLIV
JSVIGEWXMRK LEH I\MWXIH MR XLI +EPZIWXSR LYVVMGERI HMWEWXIV [SYPH RIZIV
LEZI XEOIR TPEGI r 8LIR LI [EW SJJ XS SXLIV QEXXIVW PIEZMRK LMW PMWXIRIVW XS
TY^^PI SZIV [LEX XLI +EPZIWXSR LYVVMGERI [EW [LIR MX LETTIRIH ERH [LEX
OMRH SJ HIWXVYGXMSR MX [VIEOIH
8LI WTIEOIV EWWYQIH LMW EYHMIRGI EPVIEH] ORI[ XLIWI XLMRKW &YX XLI]
[IVI RSX I\TIVXW SR QIXISVSPSK] SV SR %QIVMGER LMWXSV] )ZIR XLSWI [LS LEH
LIEVH SJ XLI LYVVMGERI LEH SRP] E JY^^] RSXMSR SJ MX 3RP] XLI WTIEOIV ORI[
XLEX XLI LYVVMGERI [LMGL OMPPIH QSVI XLER TISTPI [LIR MX YRI\TIGXIHP]
WXVYGO SR 7ITXIQFIV MW WXMPP XLI HIEHPMIWX REXYVEP HMWEWXIV MR %QIVMGER
LMWXSV]
%W QER] WTIEOIVW LEZI HMWGSZIVIH MX MW IEW] XS SZIVIWXMQEXI XLI EYHMIRGItW
WXSGO SJ MRJSVQEXMSR -R QSWX MRJSVQEXMZI WTIIGLIW ]SYV PMWXIRIVW [MPP FI SRP]
ZEKYIP] ORS[PIHKIEFPI EX FIWX
EFSYX XLI HIXEMPW SJ ]SYV XSTMG =SY GERRSX
EWWYQI XLI] [MPP ORS[ [LEX ]SY QIER 6EXLIV ]SY QYWX FI WYVI XS I\TPEMR
IZIV]XLMRK WS XLSVSYKLP] XLEX XLI] GERRSX LIPT FYX YRHIVWXERH %W ]SY [SVO
SR ]SYV WTIIGL EP[E]W GSRWMHIV [LIXLIV MX [MPP FI GPIEV XS WSQISRI [LS MW
LIEVMRK EFSYX XLI XSTMG JSV XLI JMVWX XMQI
7YTTSWI ]SY EVI XEPOMRK EFSYX 6SXL -6%W E X]TI SJ MRHMZMHYEP VIXMVIQIRX
EGGSYRX ETTVSZIH F] 'SRKVIWW MR %PXLSYKL WSQI SJ ]SYV GPEWWQEXIW
QMKLX LEZI LIEVH SJ 6SXL -6%W XLI] TVSFEFP] HS RSX LEZI E JMVQ KVEWT SJ XLI
WYFNIGX 7S ]SY WLSYPH WXEVX F] XIPPMRK XLIQ [LEX E 6SXL -6% MW ,S[ [MPP ]SY
XIPP XLIQ# ,IVItW SRI [E]
-RXVSHYGIH MR E 6SXL -6% MW E X]TI SJ MRHMZMHYEP VIXMVIQIRX EGGSYRX MR [LMGL
ERRYEP GSRXVMFYXMSRW EVI QEHI [MXL EJXIV XE\ HSPPEVW FYX MR [LMGL IEVRMRKW ERH HMWXVMFYXMSRW
EVI XE\ JVII SRGI XLI LSPHIV SJ XLI EGGSYRX MW ]IEVW SJ EKI SV SPHIV
8S WSQISRI [LS ORS[W E PSX EFSYX IGSRSQMGW XLMW MW TIVJIGXP] GPIEV &YX WSQI
SRI [LS HSIW RSX [MPP PMOIP] KIX PSWX EPSRK XLI [E] 8LI XSRI SJ XLI WXEXIQIRX
MW XLEX SJ E WTIEOIV VIZMI[MRK MRJSVQEXMSR EPVIEH] JEQMPMEV XS XLI EYHMIRGIh
RSX SJ E WTIEOIV MRXVSHYGMRK RI[ MRJSVQEXMSR
,IVI MR GSRXVEWX MW ERSXLIV I\TPEREXMSR SJ 6SXL -6%W
;LEX MW E 6SXL -RHMZMHYEP 6IXMVIQIRX %GGSYRX SV -6%# 0IX QI I\TPEMR [MXL ER I\EQTPI
-QEKMRI ]SYVWIPJ E JI[ ]IEVW HS[R XLI VSEH EW E VIGIRX GSPPIKI KVEHYEXI =SYV NSF TE]W
E KSSH WEPEV] FYX ]SYtVI WXMPP GSRGIVRIH [MXL ]SYV JMRERGIW ERH ]SYV JYXYVI %JXIV EPP IZIV]
SRI OIITW XIPPMRK ]SY XS WXEVX TPERRMRK JSV VIXMVIQIRX IEVP]
-R EHHMXMSR XS 7SGMEP 7IGYVMX] ]SY LEZI E RYQFIV SJ VIXMVIQIRX TPERRMRK STXMSRW 3RI
MW XLI 6SXL -6% 7YTTSWI ]SY TPEGI MRXS E 6SXL -6% IZIV] ]IEV 7YTTSWI EPWS XLEX
]SYV QSRI] KVS[W EX ER EZIVEKI VEXI SJ TIVGIRX E ]IEV
-J ]SY WXEVX TYXXMRK QSRI] MR EX EKI ERH [MXLHVE[ MX EX EKI ]SY [MPP LEZI ER
EGGSYRX [SVXL QSVI XLER QMPPMSR 1SVISZIV YRPMOI SXLIV VIXMVIQIRX EGGSYRXW ]SY
[SRtX LEZI XS TE] XE\IW SR ]SYV QMPPMSR IZIR MJ ]SY XEOI MX SYX EPP EX SRGI
7S ]SY GER WII [L] 6SXL -6%W EVI WS TSTYPEV =SY [MR FSXL [E]Wh]SYV QSRI] KVS[W
XE\ JVII ERH MX MW JVII SJ XE\IW [LIR ]SY [MXLHVE[ MX
+YMHIPMRIW JSV -RJSVQEXMZI 7TIEOMRK
0YGEW 8LI %VX SJ 4YFPMG 7TIEOMRK XS -RJSVQ 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
8LMW I\TPEREXMSR MW GPIEV ERH WMQTPI -XW XSRI MW XLEX SJ E XIEGLIV YRVEZIPMRK
E RI[ WYFNIGX
-W MX XSS WMQTPI# 2SX EX EPP 8LI XIWX SJ E KSSH WTIEOIV MW XS GSQQYRMGEXI
IZIR XLI QSWX GSQTPI\ MHIEW GPIEVP] ERH WMQTP] %R]SRI GER KS XS E FSSO ERH
JMRH E PIEVRIH WSYRHMRK HIJMRMXMSR SJ E 6SXL -6% &YX XS WE] MR TPEMR )RKPMWL
[LEX E 6SXL -6% MWhXLEX XEOIW LEVH [SVO ERH GVIEXMZI XLMROMRK
%PWS VIQIQFIV XLEX VIEHIVW GER WXYH] E TVMRXIH TEWWEKI EKEMR ERH EKEMR
YRXMP XLI] I\XVEGX MXW QIERMRK FYX PMWXIRIVW HSRtX LEZI XLEX PY\YV] 8LI]
QYWX YRHIVWXERH [LEX ]SY WE] MR XLI XMQI MX XEOIW ]SY XS WE] MX 8LI QSVI
]SY EWWYQI XLI] ORS[ EFSYX XLI XSTMG XLI KVIEXIV ]SYV GLERGIW SJ FIMRK
QMWYRHIVWXSSH
6)0%8) 8,) 79&.)'8 (-6)'80= 83 8,) %9(-)2')
8LI &VMXMWL HVEQEXMWX 3WGEV ;MPHI EVVMZIH EX LMW GPYF EJXIV XLI HMWEWXVSYW STIRMRK RMKLX
TIVJSVQERGI SJ LMW RI[ TPE]
q3WGEV LS[ HMH ]SYV TPE] KS#r EWOIH E JVMIRH
q3L r ;MPHI UYMTTIH qXLI TPE] [EW E KVIEX WYGGIWW FYX XLI EYHMIRGI [EW E JEMPYVI r
7TIEOIVW LEZI FIIR ORS[R XS KMZI QYGL XLI WEQI ERW[IV MR WEZMRK JEGI
EJXIV E HMWQEP MRJSVQEXMZI WTIIGL q3L r XLI] WE] qXLI WTIIGL [EW JMRI FYX XLI
EYHMIRGI NYWX [EWRtX MRXIVIWXIH r %RH XLI] EVI EX PIEWX TEVXP] VMKLXhXLI EYHM
IRGI [EWRtX MRXIVIWXIH &YX XLIVI MW RS WYGL XLMRK EW E JMRI WTIIGL XLEX TYXW
TISTPI XS WPIIT -X MW XLI WTIEOIVtW NSF XS KIX PMWXIRIVW MRXIVIWXIHhERH XS OIIT
XLIQ MRXIVIWXIH
-RJSVQEXMZI WTIEOIVW LEZI SRI FMK LYVHPI XS SZIVGSQI 8LI] QYWX VIGSK
RM^I XLEX [LEX MW JEWGMREXMRK XS XLIQ QE] RSX FI JEWGMREXMRK XS IZIV]FSH]
3RGI ]SY LEZI GLSWIR E XSTMG XLEX GSYPH TSWWMFP] FI MRXIVIWXMRK XS ]SYV PMWXIR
IVW ]SY WLSYPH XEOI WTIGMEP WXITW XS VIPEXI MX XS XLIQ =SY WLSYPH XMI MX MR [MXL
XLIMV MRXIVIWXW ERH GSRGIVRW
7XEVX MR XLI MRXVSHYGXMSR -RWXIEH SJ WE]MRK
- [ERX XS XEPO [MXL ]SY EFSYX GLMPM TITTIVW
GSRRIGXPYGEW GSQ ]SY GSYPH WE]
:MI[ XLMW I\GIVTX JVSQ q8LI
,MHHIR ;SVPH SJ 'LMPM 4IT -QEKMRI ]SYV QSYXL FYVRMRK PMOI [MPHJMVI ]SYV I]IW WUYMVXMRK SYX YRGSRXVSPPEFPI XIEVW
TIVWr MR XLI SRPMRI 1IHME ERH ]SYV JEGI VIH ERH W[IEXMRK TVSJYWIP] %VI ]SY WMGO# 2S =SY NYWX XSSO E FMXI SJ E
0MFVEV] JSV XLMW GLETXIV WGVIEQMRK LSX GLMPM TITTIV 'SRKVEXYPEXMSRW =SYtVI TEVXEOMRK MR E [SVPH[MHI XVEHMXMSR XLEX
:MHIS 'PMT
LEW FIIR WTMGMRK YT PMZIW ERH HMIXW JSV XLSYWERHW SJ ]IEVW
&YX HSRtX WXST [MXL XLI MRXVSHYGXMSR ;LIRIZIV ]SY GER TYX ]SYV PMWXIRIVW
MRXS XLI FSH] SJ XLI WTIIGL %JXIV EPP RSXLMRK MRXIVIWXW TISTPI QSVI XLER
XLIQWIPZIW *MRH [E]W XS XEPO EFSYX ]SYV XSTMG MR XIVQW SJ ]SYV PMWXIRIVW &VMRK
]SYV QEXIVMEP LSQI XS XLIQ +IX MX EW GPSWI XS XLIQ EW TSWWMFPI
,IVItW ER I\EQTPI 0IXtW WE] ]SY EVI I\TPEMRMRK LS[ TISTPI GER HMWGSZIV
[LIXLIV XLI] EVI qWIGVIX WSYXLTE[WrhXLEX MW TISTPI [LS EVI REXYVEPP] PIJX
LERHIH FYX [LS LEZI KVS[R YT YWMRK XLIMV VMKLX LERH =SY LEZI TPIRX] SJ
JEGXW ERH GSYPH VIGMXI XLIQ PMOI XLMW
%GGSVHMRK XS 7GMIRGI QEKE^MRI LEPJ SJ EPP TISTPI [LS EVI REXYVEPP] PIJX LERHIH
EWWYQI XLI] EVI VMKLX LERHIH FIGEYWI XLEX MW XLI LERH XLI] YWI XS IEX XS [VMXI ERH XS
',%48)6 74)%/-2+ 83 -2*361
0YGEW 8LI %VX SJ 4YFPMG 7TIEOMRK XS -RJSVQ 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
-RJSVQEXMZI WTIEOIVW [SVO
SR GSQQYRMGEXMRK XLIMV
MHIEW MR GPIEV RSRXIGLRMGEP
PERKYEKI EW MPPYWXVEXIH LIVI
F] TEVEQIHMG 'LIV]P &MWLST
I\TPEMRMRK XLI ,IMQPMGL
QERIYZIV XS E KVSYT SJ
QMHHPI WGLSSP WXYHIRXW
TPE] WTSVXW &YX LS[ GER MX FI HIXIVQMRIH [LIXLIV SRI MW E REXYVEP WSYXLTE[# %GGSVHMRK GSRRIGXPYGEW GSQ
XS %FVEQ &PEY EYXLSV SJ 8LI 1EWXIV ,ERH XLIVI EVI E RYQFIV SJ WMQTPI XIWXW *SV SRI :MI[ XLMW I\GIVTX JVSQ
XLMRK QSWX REXYVEP PIJX LERHIVW GER [VMXI WTSRXERISYWP] FEGO[EVH SV YTWMHI HS[R [MXL q7IGVIX 7SYXLTE[Wr MR XLI
XLI PIJX LERH *SV ERSXLIV [LIR PIJX LERHIVW GPEWT XLIMV LERHW MR JVSRX SJ XLIQWIPZIW SRPMRI 1IHME 0MFVEV] JSV XLMW
XLI] YWYEPP] TPEGI XLI PIJ X XLYQF SR XST -R GSRXVEWX [LIR PIJX LERHIVW KVEF E FVSSQ GLETXIV :MHIS 'PMT
XLI] RSVQEPP] TPEGI XLIMV PIJX LERH FIPS[ XLI VMKLX *MREPP] [LIR YWMRK XLI VMKLX LERH
REXYVEP PIJX LERHIVW [MPP HVE[ E GMVGPI GPSGO[MWI [LMPI REXYVEP VMKLX LERHIVW [MPP HVE[ MX
GSYRXIVGPSGO[MWI 4ISTPI [LS KMZI E PIJX LERHIH VIWTSRWI SR XLVII SV QSVI SJ XLIWI
XIWXW QE] [IPP FI WIGVIX WSYXLTE[W
8LMW MW JEWGMREXMRK MRJSVQEXMSR FYX MX MW RSX QEHI JEWGMREXMRK XS XLI
EYHMIRGI 0IXtW XV] EKEMR
.YWX FIGEYWI ]SY YWI ]SYV VMKLX LERH XS IEX XS [VMXI ERH XS TPE] WTSVXW ]SY QE]
EWWYQI XLEX ]SYtVI REXYVEPP] VMKLX LERHIH &YX WE]W 7GMIRGI QEKE^MRI LEPJ SJ EPP TISTPI
[LS EVI REXYVEPP] PIJX LERHIH KVS[ YT YWMRK XLIMV VMKLX LERHW
,S[ GER ]SY XIPP MJ ]SYtVI E REXYVEP PIJX]# (V %FVEQ &PEY EYXLSV SJ 8LI 1EWXIV ,ERH
KMZIW WSQI XIWXW ]SY GER XV]
*MVWX SR E WLIIX SJ TETIV WII MJ ]SY GER [VMXI FEGO[EVH SV YTWMHI HS[R [MXL ]SYV PIJX
LERH -J ]SY EVI PIJX LERHIH ]SY GER TVSFEFP] HS XLMW WTSRXERISYWP] [MXLSYX TVEGXMGI SV
XVEMRMRK
7IGSRH GPEWT ]SYV LERHW XSKIXLIV MR JVSRX SJ ]SY ;LMGLIZIV XLYQF ]SY TPEGI SR XST
MW YWYEPP] ]SYV HSQMRERX LERH
8LMVH KVEF LSPH SJ E FVSSQWXMGO 3HHW EVI ]SYtPP TPEGI ]SYV HSQMRERX LERH SR
XLI FSXXSQ
*MREPP] HVE[ E GMVGPI SR E TMIGI SJ TETIV [MXL ]SYV VMKLX LERH -J ]SY HVE[ MX GSYRXIV
GPSGO[MWI ]SYtVI TVSFEFP] E REXYVEP VMKLX LERHIV &YX MJ ]SY HVE[ MX GPSGO[MWI ]SYtVI TVSF
EFP] E REXYVEP PIJX]
-J ]SY XIWX PIJX LERHIH SR XLVII SJ XLIWI XIWXW XLIVI MW E KSSH GLERGI ]SY EVI E WIGVIX
WSYXLTE[
+YMHIPMRIW JSV -RJSVQEXMZI 7TIEOMRK
0YGEW 8LI %VX SJ 4YFPMG 7TIEOMRK XS -RJSVQ 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
0SSO EX XLI JVIUYIRX YWI SJ q]SYr ERH q]SYV r 8LI JEGXW EVI XLI WEQI FYX
RS[ XLI] EVI TSMRXIH HMVIGXP] EX XLI EYHMIRGI 6IWIEVGL WLS[W XLEX YWMRK TIV
WSREP XIVQW WYGL EW q]SYr ERH q]SYVr MR ER MRJSVQEXMZI WTIIGL WMKRMJMGERXP]
MRGVIEWIW EYHMIRGI YRHIVWXERHMRK SJ XLI WTIEOIVtW MHIEW
(32t8 &) 833 8)',2-'%0
;LEX HSIW MX QIER XS WE] XLEX ER MRJSVQEXMZI WTIIGL MW XSS XIGLRMGEP# -X QE]
QIER XLI WYFNIGX QEXXIV MW XSS WTIGMEPM^IH JSV XLI EYHMIRGI %R] WYFNIGX GER
FI TSTYPEVM^IHhFYX SRP] YT XS E TSMRX 8LI MQTSVXERX XLMRK JSV E WTIEOIV XS
ORS[ MW [LEX GER FI I\TPEMRIH XS ER SVHMREV] EYHMIRGI ERH [LEX GERRSX
7E] ]SYV WYFNIGX MW IPIGXVSRMG EQTPMJMIVW -XtW RS XVMGO XS HIQSRWXVEXI LS[
XS STIVEXI ER EQTPMJMIV LS[ XS XYVR MX SR ERH SJJ EHNYWX XLI ZSPYQI WIX XLI XSRI
ERH FEPERGI GSRXVSPW
-XtW EPWS VIPEXMZIP] IEW] XS I\TPEMR [LEX ER EQTPMJMIV HSIW
MX FSSWXW XLI WSYRH VIGIMZIH JVSQ E VEHMS '( TPE]IV SV PMZI TIVJSVQERGI
&YX
XS KMZI E JYPP WGMIRXMJMG EGGSYRX SJ LS[ ER EQTPMJMIV [SVOW GERRSX FI HSRI MR ER]
VIEWSREFPI XMQI YRPIWW XLI EYHMIRGI ORS[W XLI TVMRGMTPIW SJ EYHMS XIGLRSPSK]
8LI QEXIVMEP MW NYWX XSS XIGLRMGEP XS FI YRHIVWXSSH F] E KIRIVEP EYHMIRGI
)ZIR [LIR XLI WYFNIGX QEXXIV MW RSX XIGLRMGEP XLI PERKYEKI YWIH XS
I\TPEMR MX QE] FI )ZIV] EGXMZMX] LEW MXW NEVKSR [LIXLIV MX FI KSPJ FSKI]
[IHKI QEXGL TPE]
GLIQMWXV] GSPPSMH KP]GSKIR LIEZ] [EXIV
SV JMRERGMEP
EREP]WMW GSZIVIH GEPP VIZIVWI FMH XSILSPH EGUYMWMXMSR
-J ]SY EVI XEPOMRK XS
E KVSYT SJ WTIGMEPMWXW ]SY GER YWI XIGLRMGEP [SVHW ERH FI YRHIVWXSSH &YX
]SY QYWX HS EPP ]SY GER XS EZSMH XIGLRMGEP [SVHW [LIR MRJSVQMRK E KIRIVEP
EYHMIRGI WYGL EW ]SYV WTIIGL GPEWW
,IVI JSV MRWXERGI EVI X[S WXEXIQIRXW I\TPEMRMRK WXIQ GIPPW ERH XLI VSPIW
XLI] GER TPE] MR XLI LYQER FSH] 8LI JMVWX MW LIEZMP] PEHIR [MXL WTIGMEPM^IH
PERKYEKI XLEX [SYPH LEZI PMXXPI MQTEGX SR SVHMREV] PMWXIRIVW
1SWX QYPXMGIPPYPEV SVKERMWQW GSRXEMR WXIQ GIPPW XLEX VIMRZMKSVEXI XLIQWIPZIW XLVSYKL
XLI TVSGIWW SJ QMXSXMG GIPPYPEV HMZMWMSR 7XIQ GIPPW MR IEVP] IQFV]SW VITVIWIRX FEWMG YRMXW SJ
PMJI MR LMKLIV SVKERMWQW [LMPI EHYPX WXIQ GIPPW MR WSQEXMG XMWWYIW VITVIWIRX GIPPYPEV WXSVIW
GETEFPI SJ VIKIRIVEXMRK XMWWYI ERH QEMRXEMRMRK SVKER JYRGXMSRW &SXL EVI GLEVEGXIVM^IH F]
YRMUYI TVSTIVXMIW XLEX TIVQMX EGGYVEXI MR ZMZS GIPP GST]MRK
8LI WIGSRH WXEXIQIRX MW TIVJIGXP] YRHIVWXERHEFPI ERH WLS[W LS[ XIGLRM
GEP MRJSVQEXMSR GER FI QEHI GPIEV XS XLI EZIVEKI TIVWSR
GSRRIGXPYGEW GSQ %GGSVHMRK XS XLI 2EXMSREP -RWXMXYXIW SJ ,IEPXL WXIQ GIPPW EVI KIRIVEP GIPPW XLEX LEZI XLI
:MI[ XLMW I\GIVTX JVSQ q8LI TSXIRXMEP XS HIZIPST MRXS ER] SJ XLI QSVI XLER HMJJIVIRX OMRHW SJ GIPPW MR XLI LYQER
4VSQMWI SJ 7XIQ 'IPPWr MR XLI FSH] &EWMGEPP] XLI] XYVR MRXS E GIPP XLEX LEW E WTIGMJMG NSF XS HS
SRPMRI 1IHME 0MFVEV] JSV XLMW *SV I\EQTPI WXIQ GIPPW QMKLX FIGSQI QYWGPI GIPPW XLEX LIPT VIFYMPH HEQEKIH XMWWYI
GLETXIV :MHIS 'PMT
8LI] QMKLX FIGSQI VIH FPSSH GIPPW XLEX LIPT HIPMZIV S\]KIR XS HMJJIVIRX XMWWYIW 3V XLI]
QMKLX FIGSQI FVEMR GIPPW XLEX LIPT XLI RIVZSYW W]WXIQ JYRGXMSR 2S QEXXIV [LEX X]TI SJ GIPPW
RIIH EWWMWXERGI WXIQ GIPPW GER GSQI XS XLI VIWGYI ERH VITPIRMWL XLI GIPPW SYV FSHMIW RIIH
8LI +IRIXMGW 0IEVRMRK 'IRXIV EX XLI 9RMZIVWMX] SJ 9XEL I\TPEMRW MX PMOI XLMW 7XIQ GIPPW
EVI PMOI EGXSVW [EMXMRK JSV E GEWXMRK GEPP .YWX EW ER EGXSV [EMXW XS JMRH SYX LMW SV LIV RI\X
VSPI WXIQ GIPPW [EMX JSV WMKREPW JVSQ XLI FSH] XLEX XIPP XLIQ [LEX XS FIGSQI 3RGI XLI]
KIX XLSWI WMKREPW XLI] FIKMR XS GLERKI MRXS WTIGMJMG GIPPW [MXL WTIGMJMG NSFW XS HS
1YGL GPIEVIV MWRtX MX# 8LI SRP] WTIGMEPM^IH [SVHW MR XLI [LSPI TEWWEKI EVI
qWXIQ GIPPW r 8LI VIWX SJ XLI PERKYEKI MW WXVEMKLXJSV[EVH XLI MHIEW IEW] XS KVEWT
8LMW MW [LEX ]SY WLSYPH WXVMZI JSV MR ]SYV MRJSVQEXMZI WTIIGLIW
',%48)6 74)%/-2+ 83 -2*361
0YGEW 8LI %VX SJ 4YFPMG 7TIEOMRK XS -RJSVQ 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
%:3-( %&786%'8-327
q1] XEWO r WEMH XLI RSZIPMWX .SWITL 'SRVEH qMW FIJSVI EPP XS QEOI ]SY WII r %RH
QEOI XLI VIEHIV WII MW NYWX [LEX 'SRVEH HMH ;MXRIWW XLMW TEWWEKI MR [LMGL
'SRVEH HIWGVMFIW XLI EJXIVQEXL SJ ER I\TPSWMSR EFSEVH E WLMT
8LI JMVWX TIVWSR - WE[ [EW 1ELSR [MXL I]IW PMOI WEYGIVW LMW QSYXL STIR ERH XLI PSRK
[LMXI LEMV WXERHMRK WXVEMKLX SR IRH VSYRH LMW LIEH PMOI E WMPZIV LEPS ,I [EW NYWX EFSYX XS
KS HS[R [LIR XLI WMKLX SJ XLI QEMR HIGO WXMVVMRK LIEZMRK YT ERH GLERKMRK MRXS WTPMRXIVW
FIJSVI LMW I]IW TIXVMJMIH LMQ SR XLI XST WXIT - WXEVIH EX LMQ MR YRFIPMIJ ERH LI WXEVIH EX
QI [MXL E UYIIV OMRH SJ WLSGOIH GYVMSWMX] - HMH RSX ORS[ XLEX - LEH RS LEMV RS I]IFVS[W
RS I]IPEWLIW XLEX Q] ]SYRK QYWXEGLI [EW FYVRX SJJ XLEX Q] JEGI [EW FPEGO SRI GLIIO
PEMH STIR Q] RSWI GYX ERH Q] GLMR FPIIHMRK
% WTIIGL MW RSX E RSZIP 7XMPP QER] MRJSVQEXMZI WTIIGLIW [SYPH FI ZEWXP] HIWGVMTXMSR
MQTVSZIH F] XLI RSZIPMWXtW FIRX JSV GSPSV WTIGMJMGMX] ERH HIXEMP % WXEXIQIRX XLEX HITMGXW E
3RI [E] XS EZSMH EFWXVEGXMSRW MW XLVSYKL HIWGVMTXMSR ;LIR [I XLMRO SJ TIVWSR IZIRX MHIE SV XLI PMOI
HIWGVMTXMSR [I YWYEPP] XLMRO SJ I\XIVREP IZIRXW WYGL EW XLI I\TPSWMSR HIWGVMFIH [MXL GPEVMX] ERH ZMZMHRIWW
F] 'SRVEH &YX HIWGVMTXMSR MW EPWS YWIH XS GSQQYRMGEXI MRXIVREP JIIPMRKW ,IVI
MW LS[ SRI WXYHIRX XVMIH XS GSRZI] XS LMW EYHMIRGI XLI WIRWEXMSRW LI I\TIVM
IRGIH [LIR LI JMVWX FIKER WO] HMZMRK
%W [I [EMX JSV XLI TPERI XS GPMQF XS XLI NYQT EPXMXYHI SJ JIIX Q] QMRH VEGIW
[MXL E JVIR^MIH NYQFPI SJ XLSYKLXW q3/ XLMW MW XLI QSQIRX ]SYtZI FIIR [EMXMRK JSV -XtW
KSMRK XS FI KVIEX %Q - VIEPP] KSMRK XS NYQT SYX SJ ER EMVTPERI JVSQ JIIX# ;LEX MJ
WSQIXLMRK KSIW [VSRK# 'ER - WXMPP FEGO SYX# 'SQI SR RS[ HSRtX [SVV] -XtPP FI JMRI r
)ZIR MJ [I LEZI RSX FIIR WO] HMZMRK [I LEZI EPP LEH XLI WEQI OMRHW SJ IQS
XMSRW SR WMQMPEV SGGEWMSRW 7S [LEX LETTIRIH RI\X#
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XLMRO MX QE] FYVWX q+IX VIEH] r ]IPPW XLI MRWXVYGXSV %W - NYQT MRXS XLI FPYI - [SRHIV
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ER LSYV 8LI EMV WYTTSVXW Q] FSH] PMOI ER MRZMWMFPI JP]MRK GEVTIX 8LIVI MW RS WSYRH I\GITX
JSV XLI [MRH VYWLMRK EVSYRH Q] JEGI 8LI IEVXL ETTIEVW WSJX ERH KVIIR VMZIVW PSSO PMOI
WXVMTW SJ WMPZIV ERH MR IZIV] HMVIGXMSR XLI WGIRIV] JSVQW E TERSVEQMG PERHWGETI %R] JIEVW
SV HSYFXW - LEH EVI KSRI MR XLI I\LMPEVEXMSR SJ JVII JPMKLX )ZIV] RIVZI MR Q] FSH] MW EPMZI
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E GSQIX SV PEVKI EWXIVSMH WXVYGO XLI IEVXL# =SY GSYPH WE] XLMW
-J E GSQIX SV PEVKI EWXIVSMH WXVYGO XLI IEVXL XLI MQTEGX [SYPH FI HIZEWXEXMRK
+YMHIPMRIW JSV -RJSVQEXMZI 7TIEOMRK
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% WXEXIQIRX SJ XLI WMQMPEVMXMIW RYGPIEV FSQFW MR XLI [SVPH KSMRK SJJ EX SRI WTSX
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EQSRK X[S SV QSVI TISTPI I\XVIQIP] PS[ =SY GSYPH WE] q8LI SHHW JSV I\EQTPI SJ [MRRMRK E WXEXI PSX
IZIRXW MHIEW IXG XIV] EVI ER EWXVSRSQMGEP QMPPMSR XS r 8LI [SVH qEWXVSRSQMGEPr WYKKIWXW
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8LI SHHW SJ TMGOMRK XLI GSVVIGX WM\ HMKMX WIUYIRGI MR E X]TMGEP WXEXI PSXXIV] EVI QMP
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XLI GSRHMXMSR EJJIGXW MR IZIV] GLMPHVIR SGGYVW JSYV XMQIW QSVI JVIUYIRXP]
MR QEPIW XLER MR JIQEPIW ERH MW QSWX TVIZEPIRX EQSRK 'EYGEWMERW =SY [SYPH
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1] RITLI[ 7EQ [EW XLI HIPMKLX SJ SYV JEQMP] [LIR LI [EW FSVR XLI JMVWX KVERHGLMPH SJ
Q] TEVIRXW ,I GSSIH ERH FEFFPIH WQMPIH EX LMW QSQ ERH HEH KVEWTIH JSV XLI TPE]XLMRKW
EVSYRH LMW GVMF %X JEQMP] HMRRIVW SR 7YRHE] [I XSSO XYVRW LSPHMRK LMQ MR SYV EVQW JIIHMRK
LMQ ERH WMRKMRK LMQ XS WPIIT ,I WIIQIH PMOI ER] RSVQEP MRJERX MR E WIGYVI ERH PSZMRK
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IEWMP] JVYWXVEXIH 1] WMWXIV XSSO LMQ XS E WTIGMEPMWX [LS KEZI XLI HVIEHIH HMEKRSWMW
7EQ [EW EYXMWXMG
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FVSYKLX 7EQtW WXSV] XS E LSTIJYP GSRGPYWMSR q%YXMWQ ,IEVXFVIEO ERH ,STIr
MR XLI SRPMRI 1IHME 0MFVEV] JSV
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WXSSH ERH [LSWI IJJIGXW SR JEQMPMIW ERH XLI PMZIW SJ XLI GLMPHVIR XLIQWIPZIW GER FI HIZ
EWXEXMRK &YX [I LEZI EPWS WIIR XLEX IEVP] HMEKRSWMW ERH IEVP] MRXIVZIRXMSR GER LIPT XS
QSHMJ] ERH IZIR XYVR EVSYRH XLI W]QTXSQW SJ EYXMWQ
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[EW X[S LI LEW FIIR XEYKLX qRSVQEPr FILEZMSV TEXXIVRW XLVSYKL EKKVIWWMZI XLIVET] 2S[
LI MW EFPI XS TEVXMGMTEXI MR LMW GPEWW EX XLI PSGEP WGLSSP ,I MW EPWS QSVI VIWTSRWMZI ERH
EJJIGXMSREXI EX LSQI 7EQ GSRXMRYIW XS FI SYV HIPMKLX
-X [EW E TS[IVJYP IRHMRK &] TYXXMRK E LYQER JEGI SR E JEQMPMEV XSTMG XLI
WTIEOIV XSSO EYXMWQ SYX SJ XLI VIEPQ SJ WXEXMWXMGW ERH QIHMGEP NEVKSR ERH
FVSYKLX MX LSQI MR TIVWSREP XIVQW
7EQTPI 7TIIGL [MXL 'SQQIRXEV]
8LI JSPPS[MRK GPEWWVSSQ WTIIGL TVSZMHIW ER I\GIPPIRX I\EQTPI SJ LS[ XS GSRRIGXPYGEW GSQ
ETTP] XLI KYMHIPMRIW JSV MRJSVQEXMZI WTIEOMRK HMWGYWWIH MR XLMW GLETXIV :MI[ q%GYTYRGXYVI 2I[ 9WIW
2SXMGI LS[ XLI WTIEOIV XEOIW [LEX GSYPH FI E HV] XIGLRMGEP XSTMG ERH JSV ER %RGMIRX 6IQIH]r MR XLI
QEOIW MX MRXIVIWXMRK 4E] WTIGMEP EXXIRXMSR XS LS[ GVMWTP] XLI WTIIGL MW SRPMRI 1IHME 0MFVEV] JSV XLMW
SVKERM^IH XS LS[ XLI WTIEOIV YWIW [IPP GLSWIR WYTTSVXMRK QEXIVMEPW XS GLETXIV :MHIS 'PMT
HIZIPST LIV MHIEW ERH XS LS[ WLI GPEVMJMIW LIV MHIEW [MXL GSRGVIXI PER
KYEKI ERH TIVWSREP I\EQTPIW =SY GER ZMI[ XLI WTIIGL MR XLI SRPMRI
1IHME 0MFVEV] JSV XLMW GLETXIV
7EQTPI 7TIIGL [MXL 'SQQIRXEV]
0YGEW 8LI %VX SJ 4YFPMG 7TIEOMRK XS -RJSVQ 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
%GYTYRGXYVI 2I[ 9WIW JSV ER %RGMIRX 6IQIH]
'311)28%6= 74))',
8LI WTIEOIV WXEVXW [MXL ER I\XIRHIH I\EQTPI 7M\ QSRXLW EKS Q] ]IEV SPH KVERHQSXLIV [EW UYMGOP]
XLEX GETXYVIW EXXIRXMSR ERH MRXIVIWX -R XLMW PSWMRK LIV MRHITIRHIRGI 7IZIVI EVXLVMXMW MR FSXL ORIIW
GEWI XLI I\EQTPI [SVOW TEVXMGYPEVP] [IPP LEQTIVIH LIV EFMPMX] XS XEOI GEVI SJ LIVWIPJ 7LSTTMRK KIX
FIGEYWI MX MW TIVWSREPP] VIPEXIH XS XLI WTIEOIV XMRK EVSYRH XLI RIMKLFSVLSSH IZIR [EPOMRK HS[R LIV
ERH MW VMGLP] HIXEMPIH ERH ZMZMHP] HVE[R JVSRX WXITW [EW FIGSQMRK EPQSWX MQTSWWMFPI 4EMR QIHMGE
XMSRW LIPTIH WSQI[LEX FYX XLI WMHI IJJIGXW GVIEXIH XLIMV
S[R TVSFPIQW
%W XLI WTIEOIV GSRXMRYIW LIV STIRMRK I\EQTPI 8LIR LIV HSGXSV WYKKIWXIH EGYTYRGXYVI 1] KVERH
WLI MRXVSHYGIW XLI WYFNIGX SJ LIV WTIIGL F] QSXLIV [EW WOITXMGEP EX JMVWX FYX WLI [EW [MPPMRK XS XV] NYWX
XEPOMRK EFSYX LIV KVERHQSXLIVtW TSWMXMZI I\TI EFSYX ER]XLMRK 7LI HMH ERH XLI VIWYPXW [IVI QMVEGYPSYW
VMIRGI [MXL EGYTYRGXYVI %JXIV WM\ [IIOW LIV TEMR ERH WXMJJRIWW [IVI WMKRMJMGERXP]
VIHYGIH WLI [EW EFPI XS XEOI GEVI SJ LIV ETEVXQIRX EKEMR
WLI GSYPH KIX SYX SR LIV S[R XS KS WLSTTMRK XS ZMWMX JVMIRHW
ERH JEQMP] ERH XS HS XLI SXLIV XLMRKW LIV EVXLVMXMW LEH TVI
ZIRXIH MR XLI TEWX %GYTYRGXYVI VIWXSVIH LIV UYEPMX] SJ PMJI
ERH LIV MRHITIRHIRGI
1IRXMSRMRK LIV S[R I\TIVMIRGI [MXL EGYTYRG 1] KVERHQSXLIVtW WXSV] MW RSX YRMUYI 4IVJSVQIH JSV [IPP
XYVI LIPTW IWXEFPMWL XLI WTIEOIVtW GVIHMFMPMX] SZIV ]IEVW MR 'LMRE ERH SXLIV TEVXW SJ %WME EGYTYRGXYVI
MW FIGSQMRK QSVI ERH QSVI TSTYPEV MR XLI 9 7 ERH SXLIV
;IWXIVR GSYRXVMIW JSV SRI WMQTPI VIEWSRhMX [SVOW -QTVIWWIH
F] Q] KVERHQSXLIVtW I\TIVMIRGI - FIKER EGYTYRGXYVI XVIEX
QIRXW JSV Q] QMKVEMRI LIEHEGLIW ERH RS[ Q] LIEHEGLIW EVI
GSQTPIXIP] KSRI
,IVI XLI WTIEOIV VIMRJSVGIW LIV GVIHMFMPMX] ERH 2SX WYVTVMWMRKP] - [ERXIH XS PIEVR QSVI EFSYX XLMW XVIEX
TVIZMI[W XLI QEMR TSMRXW XS FI HMWGYWWIH MR QIRX XLEX TVSHYGIH WYGL QMVEGYPSYW VIWYPXW JSV FSXL Q] KVERH
XLI FSH] SJ XLI WTIIGL %R I\TPMGMX TVIZMI[ QSXLIV ERH Q]WIPJ 8SHE] - [MPP WLEVI TEVX SJ [LEX - LEZI
WXEXIQIRX EX XLI IRH SJ XLI MRXVSHYGXMSR MW PIEVRIH F] I\TPEMRMRK [LEX LETTIRW [LIR ]SY VIGIMZI ER EGY
IWTIGMEPP] MQTSVXERX [LIR WTIEOMRK XS TYRGXYVI XVIEXQIRX LS[ EGYTYRGXYVI [SVOW XLI OMRHW SJ
MRJSVQ QIHMGEP GSRHMXMSRW XLEX GER FI XVIEXIH F] EGYTYRGXYVI ERH XLI
KVS[MRK YWI SJ EGYTYRGXYVI MR GSQFMREXMSR [MXL ;IWXIVR
QIHMGEP XIGLRMUYIW 0IXtW WXEVX F] PSSOMRK EX E X]TMGEP EGYTYRG
XYVI XVIEXQIRX
2S[ XLI WTIEOIV QSZIW MRXS LIV JMVWX QEMR %GYTYRGXYVI MW XLI MRWIVXMSR SJ RIIHPIW MRXS XLI WOMR XS
TSMRX 8LI MRJSVQEXMSR MR XL MW ERH XLI JSP EGLMIZI E FEPERGIH JPS[ SJ IRIVK] [LMGL MR XYVR VIWXSVIW ERH
PS[MRK TEVEKVETL ERW[IVW XLI EYHMIRGItW TVIWIVZIW LIEPXL 8S TVIZIRX ER] GLERGI SJ GSRXEQMREXMSR JVSQ
UYIWXMSRW EFSYX [LEX LETTIRW HYVMRK ER SRI TIVWSR XS ERSXLIV EGYTYRGXYVMWXW MR XLI 9 7 YWI WXIVMPM^IH
EGYTYRGXYVI XVIEXQIRX RIIHPIW XLEX EVI MRHMZMHYEPP] TEGOEKIH ERH EVI HMWTSWIH SJ EJXIV
E WMRKPI YWI
',%48)6 74)%/-2+ 83 -2*361
0YGEW 8LI %VX SJ 4YFPMG 7TIEOMRK XS -RJSVQ 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
/RS[MRK XLEX QER] TISTPI EVI WUYIEQMWL EFSYX - VIEPM^I XLEX XLI RSXMSR SJ LEZMRK RIIHPIW WXYGO MRXS ]SY
FIMRK TSOIH [MXL RIIHPIW XLI WTIEOIV QEOIW WYVI QE] WIIQ JVMKLXIRMRK FYX XLI RIIHPIW EVI WS XLMR XLEX XLI
XS I\TPEMR XLEX XLI RIIHPIW YWIH MR EGYTYRGXYVI TVSGIWW MW TEMRPIWW %GYTYRGXYVI RIIHPIW EVI QYGL WQEPPIV XLER
EVI WQEPP ERH IWWIRXMEPP] TEMRPIWW 2SXMGI XLEX XLI XLI RIIHPIW YWIH JSV HVE[MRK FPSSH SV KIXXMRK WLSXW ,IVI EVI
WTIEOIV HMH RSX TEWW XLI RIIHPIW EVSYRH HYVMRK WSQI RIIHPIW XLEX - VIGIMZIH JVSQ Q] EGYTYRGXYVMWX %JXIV Q]
LIV WTIIGL %W QIRXMSRIH MR 'LETXIV TYXXMRK WTIIGL -tPP TEWW XLIQ EVSYRH WS ]SY GER WII LS[ MRGVIHMFP] PMKLX
ZMWYEP EMHW MR XLI LERHW SJ XLI EYHMIRGI HYVMRK E ERH WQEPP XLI] EVI 8LI] EVI WS XLMRhEFSYX XLI XLMGORIWW SJ E
WTIIGL MW ER EPQSWX GIVXEMR VIGMTI JSV HMWEWXIV LYQER LEMVhXLEX ]SY GER LEVHP] XIPP [LIR XLI]tVI MRWIVXIH
FIGEYWI PMWXIRIVW [MPP IRH YT TE]MRK QSVI EXXIR %RH XLIVItW YWYEPP] RS WIRWEXMSR SXLIV XLER TEMR VIPMIJ SRGI
XMSR XS XLI ZMWYEP EMHW XLER XS XLI WTIEOIVtW XLI] LEZI FIIR MRWIVXIH %JXIV FIMRK PIJX MR JSV SV QMR
[SVHW YXIW [LMPI ]SY PMI MR E HEVOIRIH VSSQ XLI RIIHPIW EVI VIQSZIH
ERH XLI XVIEXQIRX MW SZIV
8LMW TEVEKVETL FIKMRW [MXL E XVERWMXMSR MRXS 2S[ XLEX ]SY ORS[ [LEX LETTIRW [LIR ]SYtVI XVIEXIH
XLI WTIEOIVtW WIGSRH QEMR TSMRX %W MR XLI F] ER EGYTYRGXYVMWX ]SYtVI TVSFEFP] [SRHIVMRK LS[ EGY
TVIZMSYW TEVEKVETL WLI VIPEXIW XLI XSTMG TYRGXYVI [SVOW 8LI TVSGIWW MW I\TPEMRIH F] (V *IPM\ 1ERR
HMVIGXP] XS LIV EYHMIRGI F] WTIEOMRK MR XIVQW 4VIWMHIRX SJ XLI 1IHMGEP %GYTYRGXYVI 7SGMIX] MR LMW FSSO
SJ q]SY r %GYTYRGXYVI 8LI %RGMIRX 'LMRIWI %VX SJ ,IEPMRK ERH ,S[ -X
;SVOW 7GMIRXMJMGEPP] %GGSVHMRK XS XVEHMXMSREP 'LMRIWI QIHM
GMRI IZIV] PMJI TVSGIWW MW FEWIH SR XLI JPS[ SJ ZMXEP IRIVK]
XLVSYKL XLI FSH] 8LMW IRIVK] MW ORS[R MR 'LMRIWI EW UM ERH
JPS[W EPSRK GLERRIPW SV TEXL[E]W GEPPIH QIVMHMERW
%W ]SY GER WII JVSQ XLI ZMHIS SJ XLMW WTIIGL MR 8LI QIVMHMERW EVI WLS[R MR XLMW ZMWYEP EMH %W ]SY GER WII
XLI SRPMRI 1IHME 0MFVEV] JSV XLMW GLETXIV XLI XLI] GSZIV XLI IRXMVI FSH] VYRRMRK JVSQ XLI XST SJ XLI LIEH
WTIEOIV YWIW E ZMWYEP EMH XS GPEVMJ] LIV I\TPERE XS XLI FSXXSQ SJ XLI JIIX ERH HS[R FSXL EVQW ;LIR XLI JVII
XMSR SJ XLI EGYTYRGXYVI QIVMHMERW JPS[ SJ IRIVK] XLVSYKL XLIWI QIVMHMERW MW FPSGOIH XLI VIWYPX
MW TEMR MPPRIWW HMWIEWI SV SXLIV TL]WMGEP TVSFPIQW
8LI WTIEOIVtW I\TPEREXMSR XLVSYKLSYX XLMW QEMR 8LI EMQ SJ EGYTYRGXYVI MW XS VIWXSVI XLI STIR JPS[ SJ
TSMRX TVSZMHIW E KSSH I\EQTPI SJ LS[ XS GSQ IRIVK] XLVSYKL XLIWI QIVMHMERW 8LMW MW HSRI F] TPEGMRK RII
QYRMGEXI XIGLRMGEP MRJSVQEXMSR MR IZIV]HE] HPIW EX WTIGMJMG TSMRXW SR XLI QIVMHMERW %PXSKIXLIV XLIVI EVI
PERKYEKI 8LI UYSXEXMSR EX XLI IRH SJ XLI TEVE QSVI XLER EGYTYRGXYVI TSMRXW SR XLI QIVMHMERW 8LIWI
KVETL RMGIP] WYQW YT XLMW WIGXMSR SJ XLI WTIIGL TSMRXW LEZI FIIR QETTIH SYX SZIV XLI GIRXYVMIW [MXL WGMIRXMJMG
TVIGMWMSR -R 'LMRE XLIVI MW E WE]MRK q8LIVI MW RS TEMR MJ XLIVI
MW JVII JPS[ MJ XLIVI MW TEMR XLIVI MW RS JVII JPS[ r
% WMKRTSWX SJ XLI FIKMRRMRK SJ XLMW TEVEKVETL %PXLSYKL EGYTYRGXYVI MW FEWIH SR E HMJJIVIRX ZMI[ SJ XLI
LIPTW WMKREP XLEX XLI WTIEOIV MW QSZMRK XS LIV FSH] JVSQ XLEX LIPH F] ;IWXIVR HSGXSVW XLI IZMHIRGI MW GPIEV
XLMVH QEMR TSMRX MR [LMGL WLI I\TPEMRW WSQI SJ XLEX MX [SVOW MR XVIEXMRK E [MHI VERKI SJ QIHMGEP GSRHMXMSRW 8LI
XLI QIHMGEP GSRHMXMSRW XLEX GER FI XVIEXIH [MXL ;SVPH ,IEPXL 3VKERM^EXMSR PMWXW QSVI XLER GSRHMXMSRW XLEX GER
EGYTYRGXYVI %W MR XLI VIWX SJ XLI WTIIGL WLI FI IJJIGXMZIP] XVIEXIH [MXL EGYTYRGXYVI MRGPYHMRK IEV RSWI ERH
VIPMIW SR LMKLP] GVIHMFPI WSYVGIW ERH MHIRXMJMIW XLVSEX EMPQIRXW EWXLQE ERH SXLIV VIWTMVEXSV] TVSFPIQW ERH
XLIQ GPIEVP] 8LMW MW GVYGMEP MJ XLI EYHMIRGI MW XS RIVZSYW W]WXIQ ERH QYWGYPEV HMWSVHIVW % WXYH] MR XLI %RREPW SJ
EGGITX XLI EGGYVEG] SJ XLI WTIEOIVtW MRJSVQE -RXIVREP 1IHMGMRI GSRJMVQW XLEX EGYTYRGXYVI GER VIPMIZI PS[ FEGO
XMSRhIWTIGMEPP] WMRGI WLI MW RSX ER I\TIVX SR TEMR [LMPI XLI %QIVMGER 'ERGIV 7SGMIX] VITSVXW XLEX EGYTYRGXYVI
EGYTYRGXYVI QE] IZIR LIPT WQSOIVW OMGO XLI LEFMX
7EQTPI 7TIIGL [MXL 'SQQIRXEV]
0YGEW 8LI %VX SJ 4YFPMG 7TIEOMRK XS -RJSVQ 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
4ISTPI EPWS YWI EGYTYRGXYVI XS FYMPH XLIMV MQQYRI W]W
XIQ XS GSRXVSP EPPIVKMIW ERH XS GSQFEX HITVIWWMSR ERH ER\M
IX] 3J GSYVWI ]SY GERtX YWI EGYTYRGXYVI XS LIEP E FVSOIR
EVQ &YX TISTPI MR %WME SJXIR YWI EGYTYRGXYVI HYVMRK WYVKIV]
MRWXIEH SJ ;IWXIVR ERIWXLIWME ERH MX GER WTIIH VIGSZIV] XMQI
EJXIV WYVKIV]
8LI WTIEOIVtW JMREP QEMR TSMRX HIEPW [MXL -R PMKLX SJ EPP XLMW MX MW RSX WYVTVMWMRK XLEX E RYQFIV SJ
XLI KVS[MRK MRXIKVEXMSR SJ EGYTYRGXYVI [MXL GPMRMGW ERH LSWTMXEPW EVI GSQFMRMRK EGYTYRGXYVI [MXL ;IWXIVR
;IWXIVR QIHMGEP XIGLRMUYIW -R XLMW ERH XLI QIHMGMRI MR ER IJJSVX XS TVSZMHI TEXMIRXW XLI FIRIJMXW SJ FSXL
JSPPS[MRK TEVEKVETL WLI YWIW E QM\ SJ *SV I\EQTPI 1EWWEGLYWIXXW +IRIVEP ,SWTMXEP MR &SWXSR XLI
I\EQTPIW XIWXMQSR] ERH WXEXMWXMGW XS MPPYW XLMVH SPHIWX LSWTMXEP MR XLI 9 7 LEW EHHIH EGYTYRGXYVI XS MXW
XVEXI LIV TSMRX %PP MR EPP XLMW WTIIGL TVS [IPPRIWW GIRXIV 4SWMXMZI VIWYPXW LEZI EPWS FIIR WIIR EX XLI
Z MHIW E R I\GIP PIRX GEWI WX YH] MR LS[ XS YWI 1EXXIP 'LMPHVIRtW ,SWTMXEP EX 9'0% (V 0SRRMI >IPX^IV HMVIGXSV
WYTTSVXMRK QEXIVMEPW XS FYXXVIWW ER MRJSVQE SJ XLI LSWTMXEPtW TIHMEXVMG TEMR TVSKVEQ GSRJMVQW XLEX EGY
XMZI TVIWIRXEXMSR TYRGXYVI qVIEPP] HSIW LIPT 1SWX GLMPHVIR EGGITX EGYTYRGXYVI
ERH MR JEGX VIEPP] JIIP KSSH EFSYX MX r
%W MR XLI VIWX SJ LIV WTIIGL XLI WTIEOIVtW %RSXLIV I\EQTPI SJ XLI MRXIKVEXMSR SJ EGYTYRGXYVI [MXL
UYSXEXMSRW EVI FVMIJ ERH [IPP GLSWIR 2SXMGI ;IWXIVR QIHMGMRI MW XLI ;EWWIV 4EMR 1EREKIQIRX 'IRXIV EX
LS[ WLI MHIRXMJMIW XLI TISTPI WLI MW UYSXMRK 1SYRX 7MREM ,SWTMXEP MR 8SVSRXS 'EREHE 2IYVSPSKMWX %PPER
ERH IWXEFPMWLIW XLIMV GVIHIRXMEPW FIJSVI TVI +SVHSR (MVIGXSV SJ XLI 'IRXIV WE]W XLEX MRXVSHYGMRK EGYTYRG
WIRXMRK XLIMV XIWXMQSR] XYVI MRXS XLI LSWTMXEP qI\TERHW XLI XVIEXQIRX EZEMPEFPI XS
GLVSRMG TEMR WYJJIVIVWr ERH TVSZMHIW qQYPXMTPI STXMSRW JSV GEVI
XS SYV TEXMIRXW r 8LI 2EXMSREP -RWXMXYXIW SJ ,IEPXL VITSVX XLEX
QSVI XLER QMPPMSR %QIVMGERW LEZI XVMIH EGYTYRGXYVI ERH MXW
YWI XLVSYKLSYX XLI VIWX SJ XLI ;IWXIVR [SVPH MW KVS[MRK
JEWX
8LI TLVEWI q8SHE] [I LEZI PIEVRIHr WMKREPW 8SHE] [I LEZI PIEVRIH [LEX LETTIRW HYVMRK ER EGYTYRG
X LEX X LI WTIE OIV MW QSZ MRK M RXS LIV GSRGPY XYVI XVIEXQIRX LS[ EGYTYRGXYVI [SVOW WSQI SJ XLI MPPRIWWIW
WMSR 7LI XLIR TVSZ MHIW E GSRG MWI WY QQEV ] XLEX GER FI XVIEXIH [MXL EGYTYRGXYVI ERH XLI KVS[MRK MRXI
SJ XLI QEMR TSMRXW HIZIPSTIH MR XLI FSH] KVEXMSR SJ EGYTYRGXYVI [MXL ;IWXIVR ETTVSEGLIW XS QIHMGMRI
- LSTI ]SY RS[ ORS[ QSVI EFSYX XLMW ERGMIRX QIHMGEP TVEG
XMGI ERH XLI FIRIJMXW MX GER TVSZMHI
%JXIV VIMRJSVGMRK LIV GIRXVEP MHIE EFSYX XLI %JXIV ]IEVW SJ WOITXMGMWQ EFSYX EGYTYRGXYVI XLI ;IWX MW
FIRIJMXW SJ EGYTYRGXYVI XLI WTIEOIV VIJIVW JMREPP] FIKMRRMRK XS VIGSKRM^I XLEX EGYTYRGXYVI MW E LMKLP]
FEGO XS LIV KVERHQSXLIV [LSQ WLI LEH IJJIGXMZI [E] XS MQTVSZI LIEPXL ERH VIHYGI TEMR ERH WYJJIV
HMWGYWWIH MR XLI MRXVSHYGXMSR 8LMW YRMJMIW MRK .YWX EWO Q] KVERHQSXLIV
XLI IRXMVI WTIIGL ERH IRHW MX SR E TIVWSREP
RSXI
',%48)6 74)%/-2+ 83 -2*361
0YGEW 8LI %VX SJ 4YFPMG 7TIEOMRK XS -RJSVQ 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
7TIEOMRK XS MRJSVQ SGGYVW MR E [MHI VERKI SJ IZIV]HE] WMXYEXMSRW -QTVSZMRK 7911%6=
]SYV EFMPMX] XS GSRZI] ORS[PIHKI IJJIGXMZIP] [MPP FI ZEPYEFPI XS ]SY XLVSYKLSYX /)= 8)617
]SYV PMJI
-RJSVQEXMZI WTIIGLIW QE] FI KVSYTIH MRXS JSYV GEXIKSVMIWhWTIIGLIW EFSYX
SFNIGXW WTIIGLIW EFSYX TVSGIWWIW WTIIGLIW EFSYX IZIRXW ERH WTIIGLIW EFSYX
GSRGITXW
3FNIGXW MRGPYHI TPEGIW WXVYGXYVIW ERMQEPW IZIR TISTPI 7TIIGLIW EFSYX SFNIGXW
YWYEPP] EVI SVKERM^IH MR GLVSRSPSKMGEP WTEXMEP SV XSTMGEP SVHIV % TVSGIWW MW E WIVMIW
SJ EGXMSRW XLEX [SVO XSKIXLIV XS TVSHYGI E JMREP VIWYPX 7TIIGLIW EFSYX TVSGIWWIW
I\TPEMR LS[ WSQIXLMRK MW QEHI LS[ WSQIXLMRK MW HSRI SV LS[ WSQIXLMRK [SVOW
8LI QSWX GSQQSR X]TIW SJ SVKERM^EXMSR JSV WTIIGLIW EFSYX TVSGIWWIW EVI GLVSRS
PSKMGEP ERH XSTMGEP
%R IZIRX MW ER]XLMRK XLEX LETTIRW SV MW VIKEVHIH EW LETTIRMRK 7TIIGLIW EFSYX
IZIRXW EVI YWYEPP] EVVERKIH MR GLVSRSPSKMGEP SV XSTMGEP SVHIV 'SRGITXW MRGPYHI
FIPMIJW XLISVMIW MHIEW ERH TVMRGMTPIW 7TIIGLIW EFSYX GSRGITXW EVI SJXIR QSVI
GSQTPI\ XLER SXLIV OMRHW SJ MRJSVQEXMZI WTIIGLIW ERH XLI] X]TMGEPP] JSPPS[ E
XSTMGEP TEXXIVR SJ SVKERM^EXMSR
2S QEXXIV [LEX XLI WYFNIGX SJ ]SYV MRJSVQEXMZI WTIIGL FI GEVIJYP RSX XS SZIV
IWXMQEXI [LEX ]SYV EYHMIRGI ORS[W EFSYX MX )\TPEMR IZIV]XLMRK WS XLSVSYKLP] XLEX
XLI] GERtX LIPT FYX YRHIVWXERH %ZSMH FIMRK XSS XIGLRMGEP 1EOI WYVI ]SYV MHIEW
ERH ]SYV PERKYEKI EVI JYPP] GSQTVILIRWMFPI XS WSQISRI [LS LEW RS WTIGMEPM^IH
ORS[PIHKI EFSYX XLI XSTMG
)UYEPP] MQTSVXERX VIGSKRM^I XLEX [LEX MW JEWGMREXMRK XS ]SY QE] RSX FI JEWGM
REXMRK XS IZIV]FSH] -X MW ]SYV NSF XS QEOI ]SYV MRJSVQEXMZI WTIIGL MRXIVIWXMRK ERH
QIERMRKJYP XS ]SYV EYHMIRGI *MRH [E]W XS XEPO EFSYX XLI XSTMG MR XIVQW SJ ]SYV
PMWXIRIVW %ZSMH XSS QER] EFWXVEGXMSRW 9WI HIWGVMTXMSR GSQTEVMWSR ERH GSRXVEWX
XS QEOI ]SYV EYHMIRGI WII [LEX ]SY EVI XEPOMRK EFSYX *MREPP] XV] XS TIVWSREPM^I
]SYV MHIEW ERH HVEQEXM^I XLIQ MR LYQER XIVQW
MRJSVQEXMZI WTIIGL
HIWGVMTXMSR
SFNIGX
GSQTEVMWSR
TVSGIWW
GSRXVEWX
IZIRX
TIVWSREPM^I
GSRGITX
6):-); 59)78-327
%JXIV VIEHMRK XLMW GLETXIV ]SY WLSYPH FI EFPI XS ERW[IV XLI JSPPS[MRK UYIWXMSRW
;LEX EVI XLI JSYV X]TIW SJ MRJSVQEXMZI WTIIGLIW HMWGYWWIH MR XLI GLETXIV# +MZI
ER I\EQTPI SJ E KSSH WTIGMJMG TYVTSWI WXEXIQIRX JSV IEGL X]TI
;L] QYWX MRJSVQEXMZI WTIEOIVW FI GEVIJYP RSX XS SZIVIWXMQEXI [LEX XLI EYHM
IRGI ORS[W EFSYX XLI XSTMG# ;LEX GER ]SY HS XS QEOI WYVI ]SYV MHIEW HSRtX
TEWW SZIV XLI LIEHW SJ ]SYV PMWXIRIVW#
6IZMI[ 5YIWXMSRW
0YGEW 8LI %VX SJ 4YFPMG 7TIEOMRK XS -RJSVQ 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
GSRRIGXPYGEW GSQ ;LEX WLSYPH ]SY HS EW ER MRJSVQEXMZI WTIEOIV XS VIPEXI ]SYV XSTMG HMVIGXP] XS
*SV JYVXLIV VIZMI[ KS XS XLI XLI EYHMIRGI#
7XYH] 5YIWXMSRW MR XLI SRPMRI
7XYH] %MHW JSV XLMW GLETXIV ;LEX X[S XLMRKW WLSYPH ]SY [EXGL SYX JSV MR QEOMRK WYVI ]SYV WTIIGL MW RSX
SZIVP] XIGLRMGEP#
;LEX EVI XLVII QIXLSHW ]SY GER YWI XS EZSMH EFWXVEGXMSRW MR ]SYV MRJSVQEXMZI
WTIIGL#
;LEX HSIW MX QIER XS WE] XLEX MRJSVQEXMZI WTIEOIVW WLSYPH TIVWSREPM^I XLIMV
MHIEW#
)<)6'-7)7 *36 '6-8-'%0 8,-2/-2+
&IPS[ MW E PMWX SJ WYFNIGXW JSV MRJSVQEXMZI WTIIGLIW =SYV XEWO MW X[SJSPH E
7IPIGX
JSYV SJ XLI XSTMGW ERH TVITEVI E WTIGMJMG TYVTSWI WXEXIQIRX JSV ER MRJSVQEXMZI
WTIIGL EFSYX IEGL SJ XLI JSYV 1EOI WYVI ]SYV JSYV WTIGMJMG TYVTSWI WXEXIQIRXW
MRGPYHI EX PIEWX SRI XLEX HIEPW [MXL MXW XSTMG EW ER SFNIGX SRI XLEX HIEPW [MXL MXW
XSTMG EW E TVSGIWW SRI XLEX HIEPW [MXL MXW XSTMG EW ER IZIRX ERH SRI XLEX HIEPW
[MXL MXW XSTMG EW E GSRGITX F
)\TPEMR [LEX QIXLSH SJ SVKERM^EXMSR ]SY [SYPH
QSWX PMOIP] YWI MR WXVYGXYVMRK E WTIIGL EFSYX IEGL SJ ]SYV WTIGMJMG TYVTSWI WXEXI
QIRXW
LSFFMIW WTSVXW
ERMQEPW QYWMG
WGMIRGI GYPXYVEP GYWXSQW
IHYGEXMSR XIGLRSPSK]
QIHME LIEPXL
%REP]^I q8LI ,MHHIR ;SVPH SJ 'LMPM 4ITTIVWr MR XLI ETTIRHM\ SJ WEQTPI
WTIIGLIW XLEX JSPPS[W 'LETXIV -HIRXMJ] XLI WTIGMJMG TYVTSWI GIRXVEP MHIE
QEMR TSMRXW ERH QIXLSH SJ SVKERM^EXMSR )ZEPYEXI XLI WTIIGL MR PMKLX SJ XLI
KYMHIPMRIW JSV MRJSVQEXMZI WTIEOMRK HMWGYWWIH MR XLMW GLETXIV
%TTP]MRK XLI 4S[IV SJ 4YFPMG 7TIEOMRK
%W XLI QEREKIV JSV E PSGEP GLEMR SJ GSJJIILSYWIW ]SY LEZI FIIR EWOIH XS WTIEO XS
E KSYVQIX KVSYT EFSYX LS[ XS QEOI KIRYMRI -XEPMER GETTYGGMRS %W ]SY [VMXI
HS[R MHIEW JSV ]SYV WTIIGL ]SY JMRH XLEX ]SY LEZI XLI JSPPS[MRK QEMR TSMRXW
- *MVWX ]SY QYWX QEOI XLI IWTVIWWS
-- +VMRH XLI GSJJII FIERW WS XLI] EVI JMRI FYX RSX XSS JMRI
--- 4PEGI XLI KVSYRH GSJJII MR XLI JMPXIV LSPHIV SJ XLI IWTVIWWS QEGLMRI
-: 8EQT XLI GSJJII SRGI PMKLXP] XS PIZIP XLI KVMRH MR XLI JMPXIV LSPHIV
: 0SGO XLI JMPXIV LSPHIV SRXS XLI FVI[ LIEH SJ XLI IWTVIWWS QEGLMRI
:- %GXMZEXI XLI SR W[MXGL XS I\XVEGX XLI IWTVIWWS
:-- -R EHHMXMSR XS QEOMRK XLI IWTVIWWS ]SY QYWX TVITEVI JVSXLIH QMPO JSV GETTYGGMRS
:--- *MPP E WXIEQMRK TMXGLIV SRI XLMVH JYPP SJ ZIV] GSPH QMPO
-< 4PEGI XLI WXIEQ ZIRX SJ XLI IWTVIWWS QEGLMRI NYWX FIPS[ XLI WYVJEGI SJ XLI QMPO MR
XLI TMXGLIV
< *YPP] STIR XLI WXIEQ ZIRX
',%48)6 74)%/-2+ 83 -2*361
0YGEW 8LI %VX SJ 4YFPMG 7TIEOMRK XS -RJSVQ 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
<- /IITMRK XLI XMT SJ XLI WXIEQ ZIRX NYWX FIPS[ XLI WYVJEGI SJ XLI QMPO QSZI XLI
TMXGLIV MR E GMVGYPEV QSXMSR
<-- &I GEVIJYP RSX XS SZIVLIEX SV WGEPH XLI QMPO [LMGL [MPP VYMR XLI JVSXL
<--- 3RGI ]SY LEZI XLI HIWMVIH EQSYRX ERH GSRWMWXIRG] SJ JVSXL XYVR XLI WXIEQ ZIRX
SJJ ERH VIQSZI MX JVSQ XLI TMXGLIV
<-: 2S[ ]SY EVI VIEH] XS GSQFMRI XLI IWTVIWWS ERH JVSXLIH QMPO
<: 8LI RSVQEP TVSTSVXMSRW JSV GETTYGGMRS EVI SRI XLMVH IWTVIWWS XS X[S XLMVHW JVSXLIH
QMPO
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GYT
<:-- 3XLIV TISTPI TVIJIV XS TSYV SV WTSSR XLI JVSXLIH QMPO SZIV XLI IWTVIWWS
,EZMRK XEOIR E WTIIGL GPEWW MR GSPPIKI ]SY ORS[ XLMW MW XSS QER] QEMR TSMRXW
JSV ER EYHMIRGI XS OIIT XVEGO SJ %W ]SY PSSO SZIV ]SYV PMWX EKEMR LS[IZIV ]SY
VIEPM^I XLEX MX GER IEWMP] FI VISVKERM^IH MRXS XLVII QEMR TSMRXW IEGL [MXL WIZIVEP
WYFTSMRXW ;LEX EVI XLSWI QEMR TSMRXW ERH WYFTSMRXW#
%TTP]MRK XLI 4S[IV SJ 4YFPMG 7TIEOMRK
0YGEW 8LI %VX SJ 4YFPMG 7TIEOMRK XS 4IVWYEHI 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
7TIEOMRK XS 4IVWYEHI
8LI -QTSVXERGI SJ 4IVWYEWMSR
)XLMGW ERH 4IVWYEWMSR
8LI 4W]GLSPSK] SJ 4IVWYEWMSR
8LI 'LEPPIRKI SJ 4IVWYEWMZI 7TIEOMRK
,S[ 0MWXIRIVW 4VSGIWW 4IVWYEWMZI 1IWWEKIW
8LI 8EVKIX %YHMIRGI
4IVWYEWMZI 7TIIGLIW SR 5YIWXMSRW SJ *EGX
;LEX %VI 5YIWXMSRW SJ *EGX#
%REP]^MRK 5YIWXMSRW SJ *EGX
3VKERM^MRK 7TIIGLIW SR 5YIWXMSRW SJ *EGX
4IVWYEWMZI 7TIIGLIW SR 5YIWXMSRW SJ :EPYI
;LEX %VI 5YIWXMSRW SJ :EPYI#
%REP]^MRK 5YIWXMSRW SJ :EPYI
3VKERM^MRK 7TIIGLIW SR 5YIWXMSRW SJ :EPYI
4IVWYEWMZI 7TIIGLIW SR 5YIWXMSRW SJ 4SPMG]
;LEX %VI 5YIWXMSRW SJ 4SPMG]#
8]TIW SJ 7TIIGLIW SR 5YIWXMSRW SJ 4SPMG]
%REP]^MRK 5YIWXMSRW SJ 4SPMG]
3VKERM^MRK 7TIIGLIW SR 5YIWXMSRW SJ 4SPMG]
7EQTPI 7TIIGL [MXL 'SQQIRXEV]
0YGEW 8LI %VX SJ 4YFPMG 7TIEOMRK XS 4IVWYEHI 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
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The Art of Public Speaking, 10th Edition(2009)BBS
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