The Art of Public Speaking, 10th Edition(2009)BBS

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7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW

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GERtX tt VITPMIH 6EQSR q- LEZI XS WXERH EX XLI XEFPI ERH KIX WMKREXYVIW SR XLI XYMXMSR TIXM
XMSR -tPP WII ]SY PEXIV XLSYKL tt

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MRGVIEWI GYWXSQIV WEXMWJEGXMSR q3RI XLMRK -tZI RSXMGIH tt LI WEMH qMW XLEX QSWX TISTPI
HSRtX VIEPM^I XLI] SRP] LEZI HE]W XS VIXYVR YRSTIRIH QIVGLERHMWI JSV E JYPP VIJYRH
1SWX WXSVIW LEZI E HE] VIXYVR TSPMG] ERH - ORS[ [ItZI PSWX WSQI GYWXSQIVW FIGEYWI
SYVW MW WLSVXIV 'LERKMRK MX QMKLX FI MRGSRZIRMIRX EX JMVWX FYX MX [MPP HIJMRMXIP] LIPT FYWM
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0IXtW KMZI MX E XV] tt

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NSF tt -R JEGX LI WTIRX E PEVKI TEVX SJ LMW HE] TIVWYEHMRKhTIVWYEHMRK TISTPI XS
HS XLMRKW XLI] [IVI VIPYGXERX XS HS SV XLEX LEH RSX SGGYVVIH XS XLIQ

8LI -QTSVXERGI SJ 4IVWYEWMSR

T IVWYEWMSR 4IVWYEWMSR MW XLI TVSGIWW SJ GVIEXMRK VIMRJSVGMRK SV GLERKMRK TISTPItW FIPMIJW
8LI TVSGIWW SJ GVIEXMRK SV EGXMSRW 8LI EFMPMX] XS WTIEO ERH [VMXI
TIVWYEWMZIP] [MPP FIRIJMX ]SY MR
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TISTPItW FIPMIJW SV EGXMSRW GEVIIV EWTMVEXMSRW ;LIR IGSRSQMWXW EHHIH YT XLI RYQFIV SJ TISTPIhPE[]IVW
WEPIW VITVIWIRXEXMZIW TYFPMG VIPEXMSRW WTIGMEPMWXW GSYRWIPSVW EHQMRMWXVEXSVW
ERH SXLIVWh[LSWI NSFW HITIRH PEVKIP] SR TIVWYEHMRK TISTPI XS EHSTX XLIMV
TSMRX SJ ZMI[ XLI] GSRGPYHIH XLEX TIVWYEWMSR EGGSYRXW JSV TIVGIRX SJ XLI
9 7 KVSWW HSQIWXMG TVSHYGX

9RHIVWXERHMRK XLI TVMRGMTPIW SJ TIVWYEWMSR MW EPWS ZMXEP XS FIMRK ER
MRJSVQIH GMXM^IR ERH GSRWYQIV &] EKI XLI EZIVEKI %QIVMGER LEW FIIR
I\TSWIH XS QMPPMSR XIPIZMWMSR GSQQIVGMEPWhER EZIVEKI SJ IZIV] HE]
4SPMXMGMERW ERH EHZIVXMWIVW WEPIWTISTPI ERH MRXIVIWX KVSYTW JYRH VEMWIVW ERH
GSQQYRMX] EGXMZMWXWhEPP ZMI JSV ]SYV EXXIRXMSR ZSXIW QSRI] XMQI ERH WYT
TSVX 8LI QSVI ]SY ORS[ EFSYX TIVWYEWMSR XLI QSVI IJJIGXMZI ]SY GER FI
MR YWMRK ]SYV TS[IVW SJ GVMXMGEP XLMROMRK XS EWWIWW XLI FEVVEKI SJ TIVWYEWMZI
QIWWEKIW ]SY EVI I\TSWIH XS IZIV] HE]

%PXLSYKL TIVWYEWMSR LEW FIIR WXYHMIH JSV QSVI XLER ]IEVW MX MW WXMPP
XLI WYFNIGX SJ PMZIP] HIFEXI EQSRK WGLSPEVW 8LIVI EVI E RYQFIV SJ WGMIRXMJMG
QSHIPW SJ XLI TIVWYEWMZI TVSGIWW ERH E [MHI VERKI SJ VIWTIGXIH XLISVMIW EFSYX
LS[ TIVWYEWMSR [SVOW -R XLMW GLETXIV ERH XLI RI\X [I [MPP I\TPSVI XLI TVMR
GMTPIW SJ TIVWYEWMSR EW XLI] ETTP] XS TYFPMG WTIEOMRK

;LIR ]SY WTIEO XS TIVWYEHI ]SY EGX EW ER EHZSGEXI =SYV NSF MW XS KIX
PMWXIRIVW XS EKVII [MXL ]SY ERH TIVLETW XS EGX SR XLEX FIPMIJ =SYV KSEP QE]

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0YGEW 8LI %VX SJ 4YFPMG 7TIEOMRK XS 4IVWYEHI 8I\X  8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW

FI XS HIJIRH ER MHIE XS VIJYXI ER STTSRIRX XS WIPP E TVSKVEQ SV XS MRWTMVI
TISTPI XS EGXMSR &IGEYWI TIVWYEWMZI WTIEOIVW QYWX GSQQYRMGEXI MRJSVQEXMSR
GPIEVP] ERH GSRGMWIP] ]SY [MPP RIIH EPP XLI WOMPPW ]SY YWIH MR WTIEOMRK XS
MRJSVQ &YX ]SY [MPP EPWS RIIH RI[ WOMPPW XLEX XEOI ]SY JVSQ KMZMRK MRJSVQEXMSR
XS EJJIGXMRK ]SYV PMWXIRIVWt EXXMXYHIW FIPMIJW SV EGXMSRW

)XLMGW ERH 4IVWYEWMSR

2S QEXXIV [LEX XLI WTIEOMRK WMXYEXMSR ]SY RIIH XS QEOI WYVI ]SYV KSEPW EVI
IXLMGEPP] WSYRH ERH XLEX ]SY YWI IXLMGEP QIXLSHW XS GSQQYRMGEXI ]SYV MHIEW
1IIXMRK XLIWI SFPMKEXMSRW GER FI IWTIGMEPP] GLEPPIRKMRK [LIR ]SY WTIEO XS
TIVWYEHI ;SYPH ]SY FI [MPPMRK XS WLEHI XLI XVYXL qNYWX E FMXtt MJ MX [SYPH KYEV
ERXII E WYGGIWWJYP WTIIGL# ,S[ EFSYX NYKKPMRK WXEXMWXMGW HSGXSVMRK UYSXEXMSRW
TEWWMRK SJJ STMRMSRW EW JEGXW SV TERHIVMRK XS TVINYHMGI ERH WXIVISX]TIW#

9RJSVXYREXIP] XLIVI MW RS WLSVXEKI SJ WTIEOIVWhERH SXLIV TIVWYEHIVWh
[LS EVI [MPPMRK XS XEOI IXLMGEP WLSVXGYXW XS EGLMIZI XLIMV SFNIGXMZIW =IX EW
1EVXMR 0YXLIV /MRK WXEXIH ]IEVW EKS MX MW RSX TSWWMFPI XS FVMRK EFSYX E XVYP]
FIRIJMGMEP VIWYPX F] YWMRK YRIXLMGEP QIXLSHW 1EMRXEMRMRK XLI FSRH SJ XVYWX
[MXL PMWXIRIVW MW EPWS ZMXEP XS E WTIEOIVtW GVIHMFMPMX] %W MR SXLIV OMRHW SJ TYFPMG
WTIEOMRK XLI MHIEP SJ IJJIGXMZI TIVWYEWMSR MW XLI KSSH TIVWSR WTIEOMRK [IPP

;LIR ]SY [SVO SR ]SYV TIVWYEWMZI WTIIGL OIIT MR QMRH XLI KYMHIPMRIW
JSV IXLMGEP WTIEOMRK HMWGYWWIH MR 'LETXIV 1EOI WYVI ]SYV KSEPW EVI IXLMGEPP]
WSYRH ERH XLEX ]SY GER HIJIRH XLIQ MJ XLI] EVI UYIWXMSRIH SV GLEPPIRKIH
7XYH] XLI XSTMG XLSVSYKLP] WS ]SY [SRtX QMWPIEH ]SYV EYHMIRGI XLVSYKL WLSHH]
VIWIEVGL SV QYHHPIH XLMROMRK 0IEVR EFSYX EPP WMHIW SJ ER MWWYI WIIO SYX GSQ
TIXMRK ZMI[TSMRXW ERH KIX ]SYV JEGXW VMKLX

&YX ORS[MRK XLI JEGXW MW RSX IRSYKL =SY EPWS RIIH XS FI LSRIWX MR [LEX
]SY WE] 8LIVI MW RS TPEGI MR IXLMGEP WTIIGLQEOMRK JSV HIPMFIVEXIP] JEPWI SV
HIGITXMZI WXEXIQIRXW %PWS FI SR KYEVH EKEMRWX QSVI WYFXPI JSVQW SJ HMWLSRIWX]
WYGL EW UYSXMRK SYX SJ GSRXI\X TSVXVE]MRK E JI[ HIXEMPW EW XLI [LSPI WXSV] ERH
QMWVITVIWIRXMRK XLI WSYVGIW SJ JEGXW ERH JMKYVIW 8EOI GEVI XS TVIWIRX WXEXMWXMGW
XIWXMQSR] ERH SXLIV OMRHW SJ IZMHIRGI JEMVP] ERH EGGYVEXIP]

/IIT MR QMRH EW [IPP XLI TS[IV SJ PERKYEKI ERH YWI MX VIWTSRWMFP] 7LS[
VIWTIGX JSV XLI VMKLXW SJ JVII WTIIGL ERH I\TVIWWMSR ERH WXE] E[E] JVSQ REQI
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1EOI WYVI
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FYMPH ]SYV WTIIGL SR E JMVQ FEWI SJ JEGXW ERH PSKMG FIJSVI ETTIEPMRK XS ]SYV
EYHMIRGItW IQSXMSRW %MQ EX XLI LMKLIWX WXERHEVHW ERH GSRWXVYGX ]SYV WTIIGL
WS MX [MPP FI FSXL GSRZMRGMRK ERH IXLMGEPP] WSYRH

8 LI 4W]GLSPSK] SJ 4IVWYEWMSR

4IVWYEWMSR MW E TW]GLSPSKMGEP TVSGIWW -X SGGYVW MR E WMXYEXMSR [LIVI X[S SV QSVI
TSMRXW SJ ZMI[ I\MWX 8LI WTIEOIV WYTTSVXW 7SGMEP 7IGYVMX] VIJSVQ FYX QER]
PMWXIRIVW HS RSX 8LI WTIEOIV GSRWMHIVW GPSRMRK MQQSVEP FYX WSQI MR XLI EYHM
IRGI XLMRO MX MW NYWXMJMIH MR GIVXEMR GMVGYQWXERGIW 8LI HMJJIVIRX TSMRXW SJ ZMI[

8LI 4W]GLSPSK] SJ 4IVWYEWMSR

0YGEW 8LI %VX SJ 4YFPMG 7TIEOMRK XS 4IVWYEHI 8I\X  8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW

QE] FI GSQTPIXIP] STTSWIH SV XLI] QE] WMQTP] FI HMJJIVIRX MR HIKVII ;LMGL
IZIV XLI GEWI XLIVI QYWX FI E HMWEKVIIQIRX SV IPWI XLIVI [SYPH FI RS RIIH JSV
TIVWYEWMSR

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3J EPP XLI OMRHW SJ TYFPMG WTIEOMRK TIVWYEWMSR MW XLI QSWX GSQTPI\ ERH XLI
QSWX GLEPPIRKMRK =SYV SFNIGXMZI MW QSVI EQFMXMSYW XLER MR WTIEOMRK XS MRJSVQ
ERH EYHMIRGI EREP]WMW ERH EHETXEXMSR FIGSQI QYGL QSVI HIQERHMRK -R WSQI
TIVWYEWMZI WTIIGLIW ]SY [MPP HIEP [MXL GSRXVSZIVWMEP XSTMGW XLEX XSYGL SR ]SYV
PMWXIRIVWt FEWMG EXXMXYHIW ZEPYIW ERH FIPMIJW 8LMW QE] MRGVIEWI XLIMV VIWMWXERGI
XS TIVWYEWMSR ERH QEOI ]SYV XEWO QSVI HMJJMGYPX

-X MW QYGL IEWMIV JSV I\EQTPI XS I\TPEMR XLI LMWXSV] SJ GETMXEP TYRMWLQIRX
XLER XS TIVWYEHI ER EYHMIRGI IMXLIV XLEX GETMXEP TYRMWLQIRX WLSYPH FI EFSP
MWLIH SV XLEX MX WLSYPH FI VIMRWXMXYXIH MR IZIV] WXEXI -R XLI TIVWYEWMZI WTIIGL
]SY QYWX GSRXIRH RSX SRP] [MXL ]SYV EYHMIRGItW ORS[PIHKI SJ GETMXEP TYRMWL
QIRX FYX EPWS [MXL XLIMV EXXMXYHIW XS[EVH GVMQI ERH NYWXMGI XLIMV FIPMIJW EFSYX
XLI HIXIVVIRX ZEPYI SJ GETMXEP TYRMWLQIRX ERH XLIMV ZEPYIW EFSYX XLI XEOMRK SJ
LYQER PMJI 0MRIW SJ EVKYQIRX XLEX [SVO [MXL SRI TEVX SJ XLI EYHMIRGI QE]
JEMP [MXLhSV IZIR YTWIXhERSXLIV TEVX ;LEX WIIQW TIVJIGXP] PSKMGEP XS WSQI
PMWXIRIVW QE] WIIQ [MPHP] MVVEXMSREP XS SXLIVW 2S QEXXIV LS[ I\TIVX ]SY EVI
SR XLI XSTMG RS QEXXIV LS[ WOMPPJYPP] ]SY TVITEVI XLI WTIIGL RS QEXXIV LS[
GETXMZEXMRK ]SYV HIPMZIV]hWSQI PMWXIRIVW [MPP RSX EKVII [MXL ]SY

8LMW HSIW RSX QIER TIVWYEWMSR MW MQTSWWMFPI -X HSIW QIER ]SY WLSYPH
LEZI E VIEPMWXMG WIRWI SJ [LEX ]SY GER EGGSQTPMWL =SY GERtX I\TIGX E KVSYT SJ
HMI LEVH (IQSGVEXW XS FIGSQI 6ITYFPMGERW SV E WXIEO PSZIV XS XYVR ZIKIXEVMER
EW E VIWYPX SJ SRI WTIIGL

-R IZIV] TIVWYEWMZI WTIIGL ]SY [MPP JEGI WSQI PMWXIRIVW [LS EVI WXVSRKP] MR
JEZSV SJ ]SYV TSWMXMSR WSQI [LS EVI RIYXVEP ERH WSQI [LS EVI EHEQERXP]
STTSWIH -J PMWXIRIVW EVI RIYXVEP SV SRP] QSHIVEXIP] GSQQMXXIH SRI [E] SV
ERSXLIV ]SY GER VIEPMWXMGEPP] LSTI ]SYV WTIIGL [MPP QSZI EX PIEWX WSQI SJ XLIQ
XS[EVH ]SYV WMHI -J PMWXIRIVW EVI WXVSRKP] STTSWIH XS ]SYV ZMI[TSMRX ]SY GER
GSRWMHIV ]SYV WTIIGL E WYGGIWW MJ MX PIEHW IZIR E JI[ XS VII\EQMRI XLIMV ZMI[W

;LIR XLMROMRK EFSYX XLI VERKI SJ TIVWYEWMZI VIWTSRWIW ]SY QE] JMRH MX
LIPTJYP XS ZMWYEPM^I PMWXIRIVW SR E WGEPI WYGL EW XLEX WLS[R MR *MKYVI
FIPS[
4IVWYEWMSR MRZSPZIW ER] QSZIQIRX F] E PMWXIRIV JVSQ PIJX XS VMKLX SR
XLI WGEPI RS QEXXIV [LIVI XLI PMWXIRIV FIKMRW ERH RS QEXXIV LS[ KVIEX SV
WQEPP XLI QSZIQIRX

,S[ WYGGIWWJYP ]SY EVI MR ER] TEVXMGYPEV TIVWYEWMZI WTIIGL [MPP HITIRH
EFSZI EPP SR LS[ [IPP ]SY XEMPSV ]SYV QIWWEKI XS XLI ZEPYIW EXXMXYHIW ERH

(IKVIIW SJ 4IVWYEWMSR

7XVSRKP] 1SHIVEXIP] 7PMKLXP] 2IYXVEP 7PMKLXP] 1SHIVEXIP] 7XVSRKP]
3TTSWIH 3TTSWIH 3TTSWIH MR *EZSV MR *EZSV MR *EZSV

4IVWYEWMSR MRZSPZIW ER] QSZIQIRX F] E PMWXIRIV JVSQ PIJX XS VMKLX
d *-+96)
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0YGEW 8LI %VX SJ 4YFPMG 7TIEOMRK XS 4IVWYEHI 8I\X  8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW

2S QEXXIV [LEX XLI WMXYEXMSR
E TIVWYEWMZI WTIIGL [MPP FI
QSVI IJJIGXMZI MJ XLI WTIEOIV
LEW E GPIEV KSEP HIPMZIVW XLI
QIWWEKI WMRGIVIP] ERH
EHETXW MX XS XLI XEVKIX
EYHMIRGI

FIPMIJW SJ ]SYV EYHMIRGI -R 'LETXIV [I GSRWMHIVIH XLI KIRIVEP TVMRGMTPIW SJ
EYHMIRGI EREP]WMW ERH EHETXEXMSR ,IVI [I IQTLEWM^I X[S EHHMXMSREP TVMRGMTPIW
XLEX EVI GVYGMEP XS XLI TW]GLSPSK] SJ TIVWYEWMSR 8LI JMVWX HIEPW [MXL LS[ PMWXIR
IVW TVSGIWW ERH VIWTSRH XS TIVWYEWMZI QIWWEKIW 8LI WIGSRH TIVXEMRW XS XLI
XEVKIX EYHMIRGI JSV TIVWYEWMZI WTIIGLIW

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;I SJXIR XLMRO SJ TIVWYEWMSR EW WSQIXLMRK E WTIEOIV HSIW XS ER EYHMIRGI -R JEGX
TIVWYEWMSR MW WSQIXLMRK E WTIEOIV HSIW [MXL ER EYHMIRGI 0MWXIRIVW HS RSX NYWX WMX
TEWWMZIP] ERH WSEO MR IZIV]XLMRK XLI WTIEOIV LEW XS WE] -RWXIEH XLI] IRKEKI MR E
QIRXEP KMZI ERH XEOI [MXL XLI WTIEOIV ;LMPI XLI] PMWXIR XLI] EWWIWW XLI WTIEOIVtW
GVIHMFMPMX] HIPMZIV] WYTTSVXMRK QEXIVMEPW PERKYEKI VIEWSRMRK ERH IQSXMSREP
ETTIEPW 8LI] QE] VIWTSRH TSWMXMZIP] EX SRI TSMRX RIKEXMZIP] EX ERSXLIV %X
XMQIW XLI] QE] EVKYI MRWMHI XLIMV S[R QMRHW [MXL XLI WTIEOIV 8LMW QIRXEP
KMZI ERH XEOI MW IWTIGMEPP] ZMKSVSYW [LIR PMWXIRIVW EVI LMKLP] MRZSPZIH [MXL XLI
XSTMG ERH FIPMIZI MX LEW E HMVIGX FIEVMRK SR XLIMV PMZIW

-R E WIRWI XLI TW]GLSPSKMGEP MRXIVEGXMSR FIX[IIR E WTIEOIV ERH EYHMIRGI HYV
MRK E TIVWYEWMZI WTIIGL MW WMQMPEV XS [LEX LETTIRW ZSGEPP] HYVMRK E GSRZIVWEXMSRh
EW MR XLMW I\EQTPI

'SVI] ' SRKVIWW VIEPP] RIIHW XS TYX ER IRH XS TSPMXMGEP EHW JYRHIH F] WTIGMEP MRXIVIWX
KVSYTW 8LI EHW HMWXSVX TISTPItW TIVGITXMSR SJ XLI GERHMHEXIW ERH XLI MWWYIW

,ERREL - EKVII XLEX [I WLSYPHRtX HMWXSVX GERHMHEXIW ERH XLI MWWYIW FYX -tQ RSX WYVI
GIRWSVWLMT MW XLI VMKLX ETTVSEGL 8LIVItW RS TVSSJ XLEX WTIGMEP MRXIVIWX EHW
HMWXSVX TISTPItW TIVGITXMSRW QSVI XLER SXLIV OMRHW SJ TSPMXMGEP EHW &IWMHIW
HSIWRtX XLI *MVWX %QIRHQIRX KYEVERXII JVII WTIIGL#

8LI 4W]GLSPSK] SJ 4IVWYEWMSR

0YGEW 8LI %VX SJ 4YFPMG 7TIEOMRK XS 4IVWYEHI 8I\X  8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW

'SVI] 8LI *MVWX %QIRHQIRX MW MQTSVXERX FYX WTIGMEP MRXIVIWX KVSYTW EVIRtX MRHMZMHYEP
GMXM^IRW PMOI ]SY ERH QI 8LI]tVI TS[IVJYP SVKERM^EXMSRW XLEX GSVVYTX KSZIVRQIRX
JSV XLIMV S[R TYVTSWIW (SRtX [I LEZI E VIWTSRWMFMPMX] XS TVSXIGX XLI HIQSGVEXMG
TVSGIWW#

,ERREL ;I GERtX GSQTVSQMWI SR JVII WTIIGL -XtW ZIV] HERKIVSYW XS PIX WSQISRI MR
KSZIVRQIRX HIGMHI [LEXtW EGGITXEFPI ERH [LEXtW RSX 3RGI [I FER WTIGMEP
MRXIVIWX EHW [I QMKLX WXEVX FERRMRK SXLIV JSVQW SJ TSPMXMGEP I\TVIWWMSR XSS

'SVI] 2SX RIGIWWEVMP] ;I EPVIEH] SYXPE[ WSQI OMRHW SJ WTIIGL FIGEYWI XLI] EVI
HERKIVSYW XS XLI GSQQYRMX]hPMOI XLVIEXIRMRK XLI PMJI SJ XLI 4VIWMHIRX SV WLSYXMRK
q*MVIr MR E GVS[HIH FYMPHMRK ;L] EVI WTIGMEP MRXIVIWX EHW ER] HMJJIVIRX#

QIRXEP HMEPSKYI [MXL 1YGL XLI WEQI OMRH SJ MRXIVEGXMSR QMKLX SGGYV HYVMRK E TIVWYEWMZI WTIIGL
XLI EYHMIRGI I\GITX XLEX XLI PMWXIRIV [SYPH VIWTSRH MRXIVREPP] VEXLIV XLER SYX PSYH
8LI QIRXEP KMZI ERH XEOI
FIX[IIR WTIEOIV ERH PMWXIRIV ;LEX HSIW XLMW QIER XS ]SY EW E WTIEOIV# -X QIERW ]SY QYWX XLMRO SJ ]SYV
HYVMRK E TIVWYEWMZI WTIIGL TIVWYEWMZI WTIIGL EW E OMRH SJ QIRXEP HMEPSKYI [MXL ]SYV EYHMIRGI =SY QYWX
ERXMGMTEXI TSWWMFPI SFNIGXMSRW XLI EYHMIRGI [MPP VEMWI XS ]SYV TSMRX SJ ZMI[ ERH
ERW[IV XLIQ MR ]SYV WTIIGL =SY GERRSX GSRZIVX WOITXMGEP PMWXIRIVW YRPIWW ]SY
HIEP HMVIGXP] [MXL XLI VIEWSRW JSV XLIMV WOITXMGMWQ

%W ]SY TVITEVI ]SYV TIVWYEWMZI WTIIGL TYX ]SYVWIPJ MR XLI TPEGI SJ ]SYV
EYHMIRGI ERH MQEKMRI LS[ XLI] [MPP VIWTSRH &I EW XSYKL SR ]SYV WTIIGL EW
]SYV EYHMIRGI [MPP FI )ZIV] TPEGI XLI] [MPP VEMWI E UYIWXMSR ERW[IV MX )ZIV]
TPEGI XLI] [MPP LEZI E GVMXMGMWQ HIEP [MXL MX )ZIV] TPEGI XLI] [MPP WII E LSPI MR
]SYV EVKYQIRX JMPP MX 0IEZI RSXLMRK XS GLERGI

XEVKIX EYHMIRGI 8,) 8%6+)8 %9(-)2')
8LI TSVXMSR SJ XLI [LSPI
EYHMIRGI XLEX XLI WTIEOIV 9RJSVXYREXIP] RS QEXXIV LS[ GEVIJYPP] ]SY TPSX ]SYV WTIIGL ]SY [MPP WIPHSQ
QSWX [ERXW XS TIVWYEHI FI EFPI XS TIVWYEHI EPP ]SYV PMWXIRIVW 0MOI QSWX EYHMIRGIW ]SYVW [MPP TVSFEFP]
GSRXEMR WSQI PMWXIRIVW [LS EVI LSWXMPI XS ]SYV TSWMXMSR WSQI [LS JEZSV MX
WSQI [LS EVI YRHIGMHIH ERH WSQI [LS NYWX HSRtX GEVI =SY [SYPH PMOI XS
QEOI ]SYV WTIIGL IUYEPP] ETTIEPMRK XS IZIV]SRI FYX XLMW MW VEVIP] TSWWMFPI
1SWX SJXIR ]SY [MPP LEZI E TEVXMGYPEV TEVX SJ XLI [LSPI EYHMIRGI XLEX ]SY [ERX
XS VIEGL [MXL ]SYV WTIIGL 8LEX TEVX MW GEPPIH XLI XEVKIX EYHMIRGI

%HZIVXMWMRK KMZIW YW ER IJJIGXMZI QSHIP 7YGGIWWJYP GSQQIVGMEPW EVI EMQIH
EX TEVXMGYPEV WIKQIRXW SJ XLI QEVOIX 1YXYEP JYRHW EVI RS[ HMVIGXMRK QER] SJ
XLIMV EHZIVXMWIQIRXW EX [SQIR ;L]# &IGEYWI QSVI ERH QSVI [SQIR EVI
MRZIWXMRK MR XLI WXSGO QEVOIX &IIV GSQQIVGMEPW SR XLI SXLIV LERH EVI HMVIGXIH
EX QIR FIGEYWI XLI] HVMRO XLI QSWX FIIV

*SV ]SYV GPEWWVSSQ WTIIGLIW ]SY HSRtX LEZI XLI WSTLMWXMGEXIH VIWIEVGL
GETEFMPMX] SJ E PEVKI EHZIVXMWMRK EKIRG] &YX EW [I WE[ MR 'LETXIV ]SY GER
YWI UYIWXMSRREMVIW XS JMRH SYX [LIVI ]SYV GPEWWQEXIW WXERH SR ]SYV WTIIGL
XSTMG 8LMW MW ]SYV IUYMZEPIRX SJ QEVOIX VIWIEVGL 3RGI ]SY ORS[ [LIVI ]SYV
XEVKIX EYHMIRGI WXERHW ]SY GER XEMPSV ]SYV WTIIGL XS JMX XLIMV ZEPYIW ERH
GSRGIVRWhEMQ EX XLI XEVKIX WS XS WTIEO

,IVI JSV I\EQTPI MW LS[ SRI WXYHIRX %Q] 7LETMVS HIXIVQMRIH LIV XEVKIX
EYHMIRGI JSV E TIVWYEWMZI WTIIGL YVKMRK LIV GPEWWQEXIW XS TEWW SR XLI KMJX SJ PMJI
F] WMKRMRK SVKER HSRSV GEVHW

8LIVI EVI WXYHIRXW MR Q] EYHMIRGI 1] EYHMIRGI EREP]WMW UYIWXMSRREMVIW WLS[ XLEX EVI
STTSWIH XS HSREXMRK XLIMV SVKERW YRHIV ER] GMVGYQWXERGIW - GERtX TIVWYEHI XLIQ RS QEXXIV
[LEX - WE] 1] UYIWXMSRREMVIW EPWS WLS[ XLEX LEZI EPVIEH] WMKRIH SVKER HSRSV GEVHW - HSRtX

',%48)6 74)%/-2+ 83 4)679%()

0YGEW 8LI %VX SJ 4YFPMG 7TIEOMRK XS 4IVWYEHI 8I\X  8LI 1G+VE[n,MPP
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RIIH XS TIVWYEHI XLIQ 8LI SXLIV WXYHIRXW GSYPH FI TIVWYEHIH MJ XLI] ORI[ QSVI EFSYX
XLI RIIH JSV SVKER HSRSVW ERH EFSYX LS[ XLI TVSGIWW [SVOW 8LI] EVI Q] XEVKIX EYHMIRGI

2SX SRP] HMH %Q] TMRTSMRX LIV XEVKIX EYHMIRGI WLI EPWS ORI[ JVSQ LIV EYHM
IRGI EREP]WMW UYIWXMSRREMVI XLI MWWYIW WLI [SYPH LEZI XS HMWGYWW XS FI GSRZMRGMRK

8LI QIQFIVW SJ Q] XEVKIX EYHMIRGI FVIEO HS[R XLMW [E] KMZI qJIEV SJ FIMRK TVS
RSYRGIH HIEH TVIQEXYVIP]tt EW XLIMV QEMR VIEWSR JSV RSX WMKRMRK SVKER GEVHW EVI GSR
GIVRIH EFSYX XLIMV FSH] FIMRK qGYX YT SV HMWJMKYVIHtt ERH GMXI VIPMKMSYW VIEWSRW JSV XLIMV
STTSWMXMSR 8LI UYIWXMSRREMVIW EPWS WLS[ XLEX SJ XLI HSRtX JYPP] YRHIVWXERH XLI RIIH
JSV SVKER HSRSVW

;MXL EPP XLMW MRJSVQEXMSR %Q] [EW EFPI XS TYX XSKIXLIV E JMVWX VEXI WTIIGL
XLEX JSGYWIH SR LIV GPEWWQEXIWt EXXMXYHIW ERH FIPMIJW EFSYX WMKRMRK SVKER HSRSV
GEVHW -R XLI WTIIGL WLI WLS[IH XLI RIIH JSV SVKER HSREXMSRW F] I\TPEMRMRK
XLEX XLIVI EVI XLSYWERHW SJ TISTPI [LSWI SRP] LSTI JSV PMJI MW XS VIGIMZI E LIEVX
PMZIV SV OMHRI] XVERWTPERX 7LI EPWS XSSO GEVI XS ERW[IV LIV GPEWWQEXIWt JIEVW
ERH SFNIGXMSRW 7LI WLS[IH XLEX XLIVI EVI WXVMGX WEJIKYEVHW XS TVIZIRX HSGXSVW
JVSQ TYPPMRK XLI TPYK TVIQEXYVIP] XLEX HSREXIH SVKERW EVI VIQSZIH EW GEVI
JYPP] EW MJ XLI HSGXSV [IVI STIVEXMRK SR E PMZI TEXMIRX ERH XLEX EPQSWX EPP VIPM
KMSYW PIEHIVW ETTVSZI SJ SVKER HSREXMSR XS LIPT WEZI PMZIW %W E VIWYPX WLI [EW
EFPI XS GSRZMRGI WIZIVEP SJ LIV GPEWWQEXIW XS WMKR SVKER HSRSV GEVHW

-R XLI RI\X GLETXIV [ItPP HMWGYWW XLI QIXLSHW ]SY GER YWI XS LMX XLI XEVKIX
MR ]SYV TIVWYEWMZI WTIIGLIW -R XLI VIWX SJ XLMW GLETXIV [I JSGYW SR XLI XLVII
QENSV OMRHW SJ TIVWYEWMZI WTIIGLIW ERH LS[ XS SVKERM^I XLIQ QSWX IJJIGXMZIP]

4 IVWYEWMZI 7TIIGLIW SR 5YIWXMSRW SJ *EGX

;,%8 %6) 59)78-327 3* *%'8# UYIWXMSR SJ JEGX
% UYIWXMSR EFSYX XLI XVYXL
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XLI JMVWX %JVMGER %QIVMGER XS WMX SR XLI 9 7 7YTVIQI 'SYVX# ,S[ JEV MW MX JVSQ
2I[ =SVO XS &EKLHEH# 8LIWI UYIWXMSRW SJ JEGX GER FI ERW[IVIH EFWSPYXIP] 8LI
ERW[IVW EVI IMXLIV VMKLX SV [VSRK

&YX QER] UYIWXMSRW SJ JEGX GERRSX FI ERW[IVIH EFWSPYXIP] 8LIVI MW E XVYI
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WMZI ;LEX [MPP LETTIR RI\X MR XLI 1MHHPI )EWX# -W WI\YEP SVMIRXEXMSR KIRIXM
GEPP] HIXIVQMRIH# 2S SRI ORS[W XLI JMREP ERW[IVW XS XLIWI UYIWXMSRW FYX XLEX
HSIWRtX WXST TISTPI JVSQ WTIGYPEXMRK EFSYX XLIQ SV JVSQ XV]MRK XS GSRZMRGI
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% 2%0=>-2+ 59)78-327 3* *%'8

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QEXMZI WTIIGL &YX XLI X[S OMRHW SJ WTIIGLIW XEOI TPEGI MR HMJJIVIRX OMRHW SJ
WMXYEXMSRW ERH JSV HMJJIVIRX TYVTSWIW 8LI WMXYEXMSR JSV ER MRJSVQEXMZI WTIIGL
MW R SRTEVXMWER 8LI WTIEOIV EGXW EW E PIGXYVIV SV E XIEGLIV 8LI EMQ MW XS KMZI
MRJSVQEXMSR EW MQTEVXMEPP] EW TSWWMFPI RSX XS EVKYI JSV E TEVXMGYPEV TSMRX SJ
ZMI[ 3R XLI SXLIV LERH XLI WMXYEXMSR JSV E TIVWYEWMZI WTIIGL SR E UYIWXMSR SJ
JEGX MW TEVXMWER 8LI WTIEOIV EGXW EW ER EHZSGEXI 8LI EMQ MW RSX XS FI MQTEVXMEP

4IVWYEWMZI 7TIIGLIW SR 5YIWXMSRW SJ *EGX

0YGEW 8LI %VX SJ 4YFPMG 7TIEOMRK XS 4IVWYEHI 8I\X  8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW

FYX XS TVIWIRX SRI ZMI[ SJ XLI JEGXW EW TIVWYEWMZIP] EW TSWWMFPI 8LI WTIEOIV QE]
QIRXMSR GSQTIXMRK ZMI[W SJ XLI JEGXW FYX SRP] XS VIJYXI XLIQ

*SV I\EQTPI GSRWMHIV XLI EWWEWWMREXMSR SJ .SLR * /IRRIH] %JXIV QSVI
XLER JSYV HIGEHIW XLIVI MW WXMPP QYGL HIFEXI EFSYX [LEX VIEPP] LETTIRIH MR
(EPPEW SR 2SZIQFIV (MH 0II ,EVZI] 3W[EPH EGX EPSRI SV [EW LI TEVX
SJ E GSRWTMVEG]# ,S[ QER] WLSXW [IVI JMVIH EX 4VIWMHIRX /IRRIH] ERH JVSQ
[LEX PSGEXMSRW# -J XLIVI [EW E GSRWTMVEG] [LS [EW MRZSPZIH MR MX# 8LI MRJSVQE
XMZI WTIEOIV [SYPH VIGMXI XLI ORS[R JEGXW SR FSXL WMHIW SJ XLIWI UYIWXMSRW
[MXLSYX HVE[MRK E GSRGPYWMSR EFSYX [LMGL WMHI MW GSVVIGX 8LI TIVWYEWMZI
WTIEOIV LS[IZIV [SYPH HVE[ E GSRGPYWMSR JVSQ XLI ORS[R JEGXW ERH XV] XS
GSRZIVX PMWXIRIVW XS LMW SV LIV TSMRX SJ ZMI[

-J XLIVI [IVI RS TSWWMFMPMX] SJ HMWTYXI SR UYIWXMSRW SJ JEGX XLIVI [SYPH
FI RS RIIH JSV GSYVXVSSQ XVMEPW -R E GVMQMREP XVMEP XLIVI MW YWYEPP] EX PIEWX SRI
ORS[R JEGXhE GVMQI LEW FIIR GSQQMXXIH &YX HMH XLI HIJIRHERX GSQQMX XLI
GVMQI# 8LI TVSWIGYXMRK EXXSVRI] XVMIW XS TIVWYEHI XLI NYV] XLEX XLI HIJIRHERX
MW KYMPX] 8LI HIJIRWI EXXSVRI] XVMIW XS TIVWYEHI XLI NYV] XLEX XLI HIJIRHERX MW
MRRSGIRX 8LI NYV] QYWX HIGMHI [LMGL ZMI[ SJ XLI JEGXW MW QSVI TIVWYEWMZI

36+%2->-2+ 74))',)7 32 59)78-327 3* *%'8

4IVWYEWMZI WTIIGLIW SR UYIWXMSRW SJ JEGX EVI YWYEPP] SVKERM^IH XSTMGEPP] 7YT
TSWI JSV I\EQTPI ]SY [ERX XS GSRZMRGI ]SYV GPEWWQEXIW XLEX E QENSV IEVXL
UYEOI SJ SV EFSZI SR XLI 6MGLXIV WGEPI [MPP LMX 'EPMJSVRME [MXLMR XLI RI\X
XIR ]IEVW )EGL QEMR TSMRX MR ]SYV WTIIGL [MPP TVIWIRX E VIEWSR [L] WSQISRI
WLSYPH EKVII [MXL ]SY

7TIGMJMG 4YVTSWI 8S TIVWYEHI Q] EYHMIRGI XLEX ER IEVXLUYEOI SJ SV EFSZI
SR XLI 6MGLXIV WGEPI [MPP LMX 'EPMJSVRME MR XLI RI\X XIR ]IEVW

'IRXVEP -HIE 8LIVI EVI XLVII KSSH VIEWSRW XS FIPMIZI XLEX ER IEVXLUYEOI
SJ SV EFSZI SR XLI 6MGLXIV WGEPI [MPP LMX 'EPMJSVRME MR XLI
RI\X XIR ]IEVW

1EMR 4SMRXW - ' EPMJSVRME MW PSRK SZIVHYI JSV E QENSV IEVXLUYEOI
-- 1 ER] KISPSKMGEP WMKRW MRHMGEXI XLEX E QENSV IEVXLUYEOI

QE] LETTIR WSSR
--- )\TIVXW EKVII XLEX ER IEVXLUYEOI SJ SV EFSZI GSYPH

WXVMOI 'EPMJSVRME ER] HE]

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QEXIW XLEX XLI TPE]W EXXVMFYXIH XS ;MPPMEQ 7LEOIWTIEVI [IVI RSX EGXYEPP] [VMX
XIR F] LMQ =SYV WTIGMJMG TYVTSWI GIRXVEP MHIE ERH QEMR TSMRXW QMKLX FI

7TIGMJMG 4YVTSWI 8S TIVWYEHI Q] EYHMIRGI XLEX ;MPPMEQ 7LEOIWTIEVI HMH RSX
[VMXI XLI TPE]W EXXVMFYXIH XS LMQ

'IRXVEP -HIE 8LIVI MW GSRWMHIVEFPI IZMHIRGI XLEX XLI TPE]W EXXVMFYXIH XS
;MPPMEQ 7LEOIWTIEVI [IVI EGXYEPP] [VMXXIR F] *VERGMW &EGSR
SV )H[EVH HI :IVI

1EMR 4SMRXW - & MSKVETLMGEP ERH XI\XYEP IZMHIRGI WYKKIWX XLEX ;MPPMEQ
7LEOIWTIEVI HMH RSX [VMXI XLI TPE]W EXXVMFYXIH XS LMQ

-- , MWXSVMGEP IZMHIRGI MRHMGEXIW XLEX 7LEOIWTIEVItW TPE]W
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)H[EVH HI :IVI XL )EVP SJ 3\JSVH

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0YGEW 8LI %VX SJ 4YFPMG 7TIEOMRK XS 4IVWYEHI 8I\X  8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW

1ER] TIVWYEWMZI WTIIGLIW
VIZSPZI EVSYRH UYIWXMSRW
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XLI QSVEP GSQQMXQIRX SJ
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%JVMGER REXMSRW HIEP [MXL
JEQMRI ERH HMWIEWI

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XLI HMWTYXI XLEX KMZIW VMWI XS E TIVWYEWMZI WTIIGL [MPP KS FI]SRH E UYIWXMSR SJ
JEGX ERH [MPP XYVR SR E UYIWXMSR SJ ZEPYI

4 IVWYEWMZI 7TIIGLIW SR 5YIWXMSRW SJ :EPYI

; ,%8 %6) 59)78-327 3* :%09)# U YIWXMSR SJ ZEPYI
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SJ JEGX FYX XLI] EPWS HIQERH ZEPYI NYHKQIRXWhNYHKQIRXW FEWIH SR E TIVWSRtW
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MQTVSTIV JEMV SV YRJEMV

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QSVEPMX] SJ GPSRMRK

&YX WYTTSWI ]SY EWO q-W MX QSVEPP] NYWXMJMEFPI XS GPSRI LYQER FIMRKW#r 3V
q-W MX IXLMGEPP] EGGITXEFPI XS GPSRI LYQER GIPPW MR ER IJJSVX XS GYVI HMWIEWIW WYGL
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SR ]SYV QSVEP ZEPYIW

%2%0=>-2+ 59)78-327 3* :%09)

'SRXVEV] XS [LEX QER] TISTPI XLMRO UYIWXMSRW SJ ZEPYI EVI RSX WMQTP] QEXXIVW
SJ TIVWSREP STMRMSR SV [LMQ -J ]SY WE] q- IRNS] FMG]GPI VMHMRK r ]SY HS RSX
LEZI XS KMZI E VIEWSR [L] ]SY IRNS] MX =SY EVI QEOMRK E WXEXIQIRX EFSYX ]SYV

4IVWYEWMZI 7TIIGLIW SR 5YIWXMSRW SJ :EPYI

0YGEW 8LI %VX SJ 4YFPMG 7TIEOMRK XS 4IVWYEHI 8I\X  8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW

TIVWSREP XEWXI )ZIR MJ FMG]GPI VMHMRK [IVI XLI QSWX YRTPIEWERX EGXMZMX] IZIV
MRZIRXIH MX GSYPH WXMPP FI SRI SJ ]SYV JEZSVMXIW

3R XLI SXLIV LERH MJ ]SY WE] q&MG]GPI VMHMRK MW XLI MHIEP JSVQ SJ PERH
XVERWTSVXEXMSR r ]SY EVI QEOMRK E WXEXIQIRX EFSYX E UYIWXMSR SJ ZEPYI ;LIXLIV
FMG]GPMRK MW XLI MHIEP JSVQ SJ PERH XVERWTSVXEXMSR HSIW RSX HITIRH SR ]SYV S[R
PMOIW ERH HMWPMOIW 8S HIJIRH XLI WXEXIQIRX ]SY GERRSX WE] q&MG]GPI VMHMRK MW
XLI MHIEP JSVQ SJ PERH XVERWTSVXEXMSR FIGEYWI - PMOI MX r

-RWXIEH ]SY QYWX NYWXMJ] ]SYV GPEMQ 8LI JMVWX WXIT MW XS HIJMRI [LEX ]SY
QIER F] ER qMHIEP JSVQ SJ PERH XVERWTSVXEXMSR r (S ]SY QIER E QSHI SJ XVERW
TSVXEXMSR XLEX KIXW TISTPI [LIVI XLI] [ERX XS KS EW JEWX EW TSWWMFPI# 8LEX MW
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TSVXEXMSR r 8LIR ]SY GER WLS[ LS[ FMG]GPI VMHMRK QIEWYVIW YT EKEMRWX XLSWI
WXERHEVHW

;LIRIZIV ]SY KMZI E WTIIGL SR E UYIWXMSR SJ ZEPYI FI WYVI XS KMZI WTIGMEP
XLSYKLX XS XLI WXERHEVHW JSV ]SYV ZEPYI NYHKQIRX

3 6+%2->-2+ 74))',)7 32 59)78-327 3* :%09)

4IVWYEWMZI WTIIGLIW SR UYIWXMSRW SJ ZEPYI EVI EPQSWX EP[E]W SVKERM^IH XSTMGEPP]
8LI QSWX GSQQSR ETTVSEGL MW XS HIZSXI ]SYV JMVWX QEMR TSMRX XS IWXEFPMWLMRK XLI
WXERHEVHW JSV ]SYV ZEPYI NYHKQIRX ERH ]SYV WIGSRH QEMR TSMRX XS ETTP]MRK XLSWI
WXERHEVHW XS XLI WYFNIGX SJ ]SYV WTIIGL

8LMRO FEGO JSV E QSQIRX XS XLI WTIIGL EFSYX FMG]GPI VMHMRK EW XLI MHIEP
JSVQ SJ PERH XVERWTSVXEXMSR -J ]SY SVKERM^IH XLMW WTIIGL MR XSTMGEP SVHIV
]SYV JMVWX QEMR TSMRX [SYPH MHIRXMJ] XLI WXERHEVHW JSV ER MHIEP JSVQ SJ PERH
XVERWTSVXEXMSR =SYV WIGSRH QEMR TSMRX [SYPH WLS[ LS[ FMOMRK QIEWYVIW YT
EKEMRWX XLSWI WXERHEVHW ,IVI MW LS[ ]SYV WTIGMJMG TYVTSWI GIRXVEP MHIE ERH
QEMR TSMRXW QMKLX PSSO

7TIGMJMG 4YVTSWI 8S TIVWYEHI Q] EYHMIRGI XLEX FMG]GPI VMHMRK MW XLI MHIEP
JSVQ SJ PERH XVERWTSVXEXMSR

'IRXVEP -HIE &MG]GPI VMHMRK MW XLI MHIEP JSVQ SJ PERH XVERWTSVXEXMSR
FIGEYWI MX MW JEWXIV XLER [EPOMRK SV VYRRMRK HSIW RSX
I\TPSMX ERMQEPW SV TISTPI MW RSRTSPPYXMRK ERH
TVSQSXIW XLI LIEPXL SJ XLI VMHIV

1EMR 4SMRXW - % R MHIEP JSVQ SJ PERH XVERWTSVXEXMSR WLSYPH QIIX JSYV
QENSV WXERHEVHW
% -X WLSYPH FI JEWXIV XLER VYRRMRK SV [EPOMRK
& -X WLSYPH RSX I\TPSMX ERMQEPW SV TISTPI
' -X WLSYPH FI RSRTSPPYXMRK
( - X WLSYPH FI FIRIJMGMEP JSV XLI TIVWSR [LS YWIW MX

-- & MG]GPI VMHMRK QIIXW EPP XLIWI WXERHEVHW JSV ER MHIEP JSVQ
SJ PERH XVERWTSVXEXMSR
% &MG]GPI VMHMRK MW JEWXIV XLER [EPOMRK SV VYRRMRK
& &MG]GPI VMHMRK HSIW RSX I\TPSMX XLI PEFSV SJ ERMQEPW SV
SJ SXLIV TISTPI
' &MG]GPI VMHMRK MW RSX E WSYVGI SJ EMV PERH [EXIV SV
RSMWI TSPPYXMSR
( & MG]GPI VMHMRK MW I\XVIQIP] FIRIJMGMEP JSV XLI LIEPXL SJ
XLI VMHIV

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0YGEW 8LI %VX SJ 4YFPMG 7TIEOMRK XS 4IVWYEHI 8I\X  8LI 1G+VE[n,MPP
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;LIR ]SY WTIEO SR E UYIWXMSR SJ ZEPYI ]SY QYWX QEOI WYVI XS NYWXMJ] ]SYV
NYHKQIRX EKEMRWX WSQI MHIRXMJMEFPI WXERHEVHW -R XLI JSPPS[MRK I\EQTPI RSXMGI
LS[ XLI WTIEOIV HIZSXIW LIV JMVWX QEMR TSMRX XS NYHKMRK GETMXEP TYRMWLQIRX
EKEMRWX QSVEP WXERHEVHW ERH LIV WIGSRH QEMR TSMRX XS NYHKMRK MX EKEMRWX PIKEP
WXERHEVHW

7TIGMJMG 4YVTSWI 8S TIVWYEHI Q] EYHMIRGI XLEX GETMXEP TYRMWLQIRX MW QSVEPP]
ERH PIKEPP] [VSRK

'IRXVEP -HIE 'ETMXEP TYRMWLQIRX ZMSPEXIW FSXL XLI &MFPI ERH XLI 9 7
'SRWXMXYXMSR

1EMR 4SMRXW - ' ETMXEP TYRMWLQIRX ZMSPEXIW XLI FMFPMGEP GSQQERHQIRX
q8LSY WLEPX RSX OMPP r

-- ' ETMXEP TYRMWLQIRX ZMSPEXIW XLI GSRWXMXYXMSREP FER SR
qGVYIP ERH YRYWYEP TYRMWLQIRX r

%W ]SY GER WII WTIIGLIW SR UYIWXMSRW SJ ZEPYI QE] LEZI WXVSRK MQTPMGE
XMSRW JSV SYV EGXMSRW % TIVWSR [LS MW TIVWYEHIH XLEX GETMXEP TYRMWLQIRX MW
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HIEXL TIREPX] &YX WTIIGLIW SR UYIWXMSRW SJ ZEPYI HS RSX EVKYI HMVIGXP] JSV SV
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[VSRK XS EVKYMRK XLEX WSQIXLMRK WLSYPH SV WLSYPH RSX FI HSRI ]SY QSZI JVSQ
E UYIWXMSR SJ ZEPYI XS E UYIWXMSR SJ TSPMG]

4IVWYEWMZI 7TIIGLIW SR 5YIWXMSRW SJ 4SPMG]

; ,%8 %6) 59)78-327 3* 430-'=# UYIWXMSR SJ TSPMG]
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[LEX XS HS HYVMRK WTVMRK ZEGEXMSR [LIXLIV XS FY] E RI[ XIPIZMWMSR [LMGL SV WLSYPH RSX FI XEOIR
QSZMI XS WII SR XLI [IIOIRH %X [SVO [I HMWGYWW [LIXLIV XS KS SR WXVMOI [LEX
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QEREKIQIRX ERH IQTPS]IIW %W GMXM^IRW [I TSRHIV [LIXLIV XS ZSXI JSV SV
EKEMRWX E TSPMXMGEP GERHMHEXI [LEX XS HS EFSYX EMVTSVX WIGYVMX] LS[ XS QEMR
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%PP XLIWI EVI UYIWXMSRW SJ TSPMG] FIGEYWI XLI] HIEP [MXL WTIGMJMG GSYVWIW SJ
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WXERH SR XLI MWWYIW#
8LI] QE] EPWS MRZSPZI UYIWXMSRW SJ ZEPYI 8LI TSPMG] ]SY
JEZSV SR EFSVXMSR [MPP FI EJJIGXIH F] [LIXLIV ]SY XLMRO EFSVXMSR MW QSVEP SV
MQQSVEP
&YX UYIWXMSRW SJ TSPMG] EP[E]W KS FI]SRH UYIWXMSRW SJ JEGX SV ZEPYI
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;LIR TYX JSVQEPP] UYIWXMSRW SJ TSPMG] YWYEPP] MRGPYHI XLI [SVH qWLSYPH r
EW MR XLIWI I\EQTPIW

;LEX QIEWYVIW WLSYPH FI XEOIR XS TVSXIGX XLI 9RMXIH 7XEXIW EKEMRWX XIVVSVMWX EXXEGOW#

7LSYPH XLI IPIGXSVEP GSPPIKI FI EFSPMWLIH#

;LEX WXITW WLSYPH FI XEOIR XS IRWYVI XLEX EPP TISTPI MR XLI 9RMXIH 7XEXIW VIGIMZI
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4IVWYEWMZI 7TIIGLIW SR 5YIWXMSRW SJ 4SPMG]

0YGEW 8LI %VX SJ 4YFPMG 7TIEOMRK XS 4IVWYEHI 8I\X  8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW

8=4)7 3* 74))',)7 32 59)78-327 3* 430-'=

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WTIIGL XS KEMR TEWWMZI 7 TIIGLIW XS +EMR 4EWWMZI %KVIIQIRX
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% TIVWYEWMZI WTIIGL MR [LMGL -J ]SYV KSEP MW TEWWMZI EKVIIQIRX ]SY [MPP XV] XS KIX ]SYV EYHMIRGI XS EKVII [MXL
XLI WTIEOIVtW KSEP MW XS GSRZMRGI ]SY XLEX E GIVXEMR TSPMG] MW HIWMVEFPI FYX ]SY [MPP RSX RIGIWWEVMP] IRGSYVEKI XLI
XLI EYHMIRGI XLEX E KMZIR EYHMIRGI XS HS ER]XLMRK XS IREGX XLI TSPMG] *SV I\EQTPI WYTTSWI ]SY [ERX
TSPMG] MW HIWMVEFPI [MXLSYX XS TIVWYEHI TISTPI XLEX XLI 9RMXIH 7XEXIW WLSYPH EFSPMWL XLI IPIGXSVEP GSPPIKI
IRGSYVEKMRK XLI EYHMIRGI ERH IPIGX XLI 4VIWMHIRX F] HMVIGX TSTYPEV ZSXI -J ]SY WIIO TEWWMZI EKVIIQIRX
XS XEOI EGXMSR MR WYTTSVX SJ ]SY [MPP XV] XS KIX ]SYV EYHMIRGI XS GSRGYV FYX ]SY [MPP RSX YVKI XLIQ XS XEOI
XLI TSPMG] ER] EGXMSR VMKLX RS[ XS LIPT GLERKI TVIWMHIRXMEP IPIGXMSR TVSGIHYVIW
,IVI EVI WSQI WTIGMJMG TYVTSWI WXEXIQIRXW JSV TSPMG] WTIIGLIW XLEX WIIO
TEWWMZI EKVIIQIRX

8S TIVWYEHI Q] EYHMIRGI XLEX XLIVI WLSYPH FI WXVMGXIV WEJIX] WXERHEVHW SR EQYWIQIRX
TEVO VMHIW

8S TIVWYEHI Q] EYHMIRGI XLEX XLI EKI JSV JYPP HVMZMRK TVMZMPIKIW WLSYPH FI VEMWIH XS

8S TIVWYEHI Q] EYHMIRGI XLEX XLI 9RMXIH 7XEXIW WLSYPH TYX KVIEXIV IQTLEWMW SR RYGPIEV
TS[IV XS QIIX XLI GSYRXV]tW IRIVK] RIIHW

-R IEGL GEWI XLI WTIEOIVtW EMQ MW XS GSRZMRGI PMWXIRIVW XLEX XLI WTIEOIVtW TSPMG]
MW RIGIWWEV] ERH TVEGXMGEP 8LI WTIEOIV MW RSX XV]MRK XS KIX PMWXIRIVW XS XEOI
EGXMSR MR WYTTSVX SJ XLI TSPMG]

W TIIGL XS KEMR 7 TIIGLIW XS +EMR -QQIHMEXI %GXMSR
MQQIHMEXI EGXMSR
% TIVWYEWMZI WTIIGL MR [LMGL ;LIR ]SYV KSEP MW MQQIHMEXI EGXMSR ]SY [ERX XS HS QSVI XLER KIX ]SYV PMW
XLI WTIEOIVtW KSEP MW XS GSRZMRGI XIRIVW XS RSH XLIMV LIEHW MR EKVIIQIRX =SY [ERX XS QSXMZEXI XLIQ XS EGXMSRh
XLI EYHMIRGI XS XEOI EGXMSR MR XS WMKR E TIXMXMSR JSV EFSPMWLMRK XLI IPIGXSVEP GSPPIKI XS GEQTEMKR JSV PS[IV
WYTTSVX SJ E KMZIR TSPMG] XYMXMSR XS TYVGLEWI SVKERMG JSSHW XS GSRXVMFYXI XS E JYRH HVMZI ERH WS JSVXL

,IVI EVI WSQI I\EQTPIW SJ WTIGMJMG TYVTSWI WXEXIQIRXW JSV TSPMG] WTIIGLIW
XLEX WIIO MQQIHMEXI EGXMSR

8S TIVWYEHI Q] EYHMIRGI XS KMZI FPSSH XLVSYKL XLI 6IH 'VSWW
8S TIVWYEHI Q] EYHMIRGI XS ZSXI MR XLI RI\X WXYHIRX IPIGXMSR
8S TIVWYEHI Q] EYHMIRGI XS FIGSQI PMXIVEG] XYXSVW

7SQI I\TIVXW WE] ]SY WLSYPH WIIO EGXMSR JVSQ ]SYV EYHMIRGI [LIRIZIV
TSWWMFPI %PXLSYKL MX MW QYGL IEWMIV XS IZSOI TEWWMZI EKVIIQIRX XLER XS IPMGMX
EGXMSR XLI PMWXIRIV MW RSX QEOMRK QYGL SJ E GSQQMXQIRX F] XLMROMRK q7YVI
- EKVII [MXL ]SY r ;MXLMR E HE] SV X[S XLEX WEQI PMWXIRIV QE] JSVKIX IRXMVIP]
EFSYX ]SYV WTIIGLhERH EFSYX LIV SV LMW EKVIIQIRX [MXL MX

%GXMSR LS[IZIV VIMRJSVGIW FIPMIJ % KVIEX HIEP SJ VIWIEVGL WLS[W XLEX MJ ]SY
GER TIVWYEHI E PMWXIRIV XS XEOI WSQI OMRH SJ EGXMSRhIZIR MJ MX MW RS QSVI XLER
WMKRMRK E TIXMXMSR TYXXMRK E FYQTIV WXMGOIV SR E GEV SV EXXIRHMRK E QIIXMRKh
]SY LEZI KEMRIH E QSVI WIVMSYW GSQQMXQIRX 3RGI E PMWXIRIV EGXW SR FILEPJ SJ
E WTIEOIVtW TSWMXMSR WLI SV LI MW QSVI PMOIP] XS VIQEMR GSQQMXXIH XS MX

',%48)6 74)%/-2+ 83 4)679%()

0YGEW 8LI %VX SJ 4YFPMG 7TIEOMRK XS 4IVWYEHI 8I\X  8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW

4IVWYEWMZI WTIIGLIW SR
UYIWXMSRW SJ TSPMG] EVI KMZIR
[LIRIZIV TISTPI HIFEXI
WTIGMJMG GSYVWIW SJ EGXMSR
7YGL WTIIGLIW GER WIIO
IMXLIV TEWWMZI EKVIIQIRX SV
MQQIHMEXI EGXMSR

;LIR ]SY GEPP JSV EGXMSR MR E TIVWYEWMZI WTIIGL ]SY WLSYPH QEOI ]SYV GSRRIGXPYGEW GSQ
VIGSQQIRHEXMSRW EW WTIGMJMG EW TSWWMFPI (SRtX NYWX YVKI PMWXIRIVW XS qHS WSQI :MI[ XLMW I\GIVTX JVSQ
XLMRK r 8IPP XLIQ I\EGXP] [LEX XS HS ERH LS[ XS HS MX *SV ER I\GIPPIRX I\EQ q1EOMRK E (MJJIVIRGI
TPI PSSO EX :MHIS 'PMT MR XLI SRPMRI 1IHME 0MFVEV] JSV XLMW GLETXIV 8LI 8LVSYKL XLI 7TIGMEP
WTIEOIVtW EMQ [EW XS GSRZMRGI LIV GPEWWQEXIW XS HSREXI XMQI XS XLI 7TIGMEP 3P]QTMGWr MR XLI SRPMRI
3P]QTMGW %JXIV XEPOMRK EFSYX XLI QMWWMSR SJ 7TIGMEP 3P]QTMGW XLI RIIH JSV 1IHME 0MFVEV] JSV XLMW
ZSPYRXIIVW ERH XLI VI[EVHMRK JIIPMRKW I\TIVMIRGIH F] ZSPYRXIIVW WLI I\TPEMRIH GLETXIV :MHIS 'PMT

LS[ WXYHIRXW GER KIX MRZSPZIH JSV [LEXIZIV EQSYRX SJ XMQI XLI] EVI EFPI XS
GSQQMX EX XLI QSQIRX 7LI EPWS FVSYKLX EPSRK FVSGLYVIW [MXL EHHMXMSREP
MRJSVQEXMSR XS TEWW SYX EJXIV LIV WTIIGL ;LIR ]SY GSRWXVYGX ]SYV TIVWYEWMZI
WTIIGL VIQIQFIV XLEX XLI QSVI WTIGMJMG ]SYV MRWXVYGXMSRW XLI QSVI PMOIP]
]SYV GEPP XS EGXMSR [MPP WYGGIIH

% 2%0=>-2+ 59)78-327 3* 430-'=

6IKEVHPIWW SJ [LIXLIV ]SYV EMQ MW XS IPMGMX TEWWMZI EKVIIQIRX SV XS KEMR MQQI
HMEXI EGXMSR ]SY [MPP JEGI XLVII FEWMG MWWYIW [LIRIZIV ]SY HMWGYWW E UYIWXMSR
SJ TSPMG]hRIIH TPER ERH TVEGXMGEPMX]

2IIH RIIH
8LI JMVWX FEWMG MWWYI MR EREP]^MRK
8LIVI MW RS TSMRX MR EVKYMRK JSV E TSPMG] YRPIWW ]SY GER WLS[ E RIIH JSV MX E UYIWXMSR SJ TSPMG] -W XLIVI E
WIVMSYW TVSFPIQ SV RIIH XLEX
-W XLIVI E RIIH JSV QSVI WXYHIRX TEVOMRK SR GEQTYW# VIUYMVIW E GLERKI JVSQ GYVVIRX
TSPMG]#
-W XLIVI E RIIH JSV XLI WGLSSP HMWXVMGX XS MRWXMXYXI WEQI WI\ GPEWWVSSQW#
FYVHIR SJ TVSSJ
-W XLIVI E RIIH JSV E REXMSREP -( GEVH MR XLI 9RMXIH 7XEXIW# 8LI SFPMKEXMSR JEGMRK E
TIVWYEWMZI WTIEOIV XS TVSZI
=SYV JMVWX WXIT MW XS GSRZMRGI PMWXIRIVW XLEX XLIVI MW E WIVMSYW TVSFPIQ [MXL XLEX E GLERKI JVSQ GYVVIRX
XLMRKW EW XLI] EVI 4ISTPI EVI RSX MRGPMRIH XS EHSTX E RI[ TSPMG] YRPIWW XLI] TSPMG] MW RIGIWWEV]
EVI GSRZMRGIH XLI SPH SRI MW RSX [SVOMRK 8LMW MW [L] XLI FYVHIR SJ TVSSJ EP[E]W
VIWXW [MXL XLI WTIEOIV [LS EHZSGEXIW GLERKI 3J GSYVWI ]SY QE] FI HIJIRHMRK

4IVWYEWMZI 7TIIGLIW SR 5YIWXMSRW SJ 4SPMG]

0YGEW 8LI %VX SJ 4YFPMG 7TIEOMRK XS 4IVWYEHI 8I\X  8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW

TVIWIRX TSPMG] MR [LMGL GEWI ]SY [MPP EVKYI XLEX XLIVI MW RS RIIH XS GLERKIh
XLEX XLMRKW EVI EPVIEH] [SVOMRK EW [IPP EW GER FI I\TIGXIH


TPER 4PER
8LI WIGSRH FEWMG MWWYI MR
EREP]^MRK E UYIWXMSR SJ TSPMG] 8LI WIGSRH FEWMG MWWYI SJ TSPMG] WTIIGLIW MW TPER 3RGI ]SY LEZI WLS[R XLEX E
-J XLIVI MW E TVSFPIQ [MXL GYVVIRX TVSFPIQ I\MWXW ]SY QYWX I\TPEMR ]SYV TPER JSV WSPZMRK MX
TSPMG] HSIW XLI WTIEOIV LEZI E
TPER XS WSPZI XLI TVSFPIQ# ;LEX GER [I HS XS KIX QSVI WXYHIRX TEVOMRK SR GEQTYW#

;LEX XSTMGW WLSYPH FI XEYKLX MR WEQI WI\ GPEWWVSSQW# %VI WEQI WI\ GPEWWVSSQW
ETTVSTVMEXI JSV EPP KVEHI PIZIPW#

;LEX MRJSVQEXMSR WLSYPH FI MRGPYHIH SR E REXMSREP -( GEVH# ;LS [MPP FI VIWTSRWMFPI JSV
GSPPIGXMRK XLI MRJSVQEXMSR ERH GVIEXMRK XLI GEVHW#

GSRRIGXPYGEW GSQ %RW[IVMRK WYGL UYIWXMSRW MW IWTIGMEPP] MQTSVXERX MJ ]SY GEPP JSV E RI[
:MI[ XLMW I\GIVTX JVSQ q8LI TSPMG] -XtW IEW] XS GSQTPEMR EFSYX TVSFPIQW XLI VIEP GLEPPIRKI MW HIZIPSTMRK
,SVVSVW SJ 4YTT] 1MPPWr MR XLI WSPYXMSRW
SRPMRI 1IHME 0MFVEV] JSV XLMW
GLETXIV :MHIS 'PMT
-R QSWX GPEWWVSSQ WTIIGLIW ]SY [MPP RSX LEZI XMQI XS HIWGVMFI ]SYV TPER
MR HIXEMP FYX ]SY WLSYPH EX PIEWX MHIRXMJ] MXW QENSV JIEXYVIW 0SSO JSV I\EQTPI
EX XLI TPER WIGXMSR MR XLI WTIIGL SR TYTT] QMPPW MR XLI SRPMRI 1IHME 0MFVEV]
JSV XLMW GLETXIV *MVWX XLI WTIEOIV TVSTSWIW PIKEP QIEWYVIW XS TYRMWL HSK FVIIH
IVW XLEX HS RSX XEOI TVSTIV GEVI SJ XLIMV ERMQEPW 7IGSRH LI TVIWIRXW JSYV WXITW
XLEX MRHMZMHYEP PMWXIRIVW GER XEOI [LIR FY]MRK E HSK XS QEOI WYVI XLI] EVI RSX
WYTTSVXMRK TYTT] QMPPW 8LI WTIIGL [SYPH LEZI FIIR QYGL PIWW TIVWYEWMZI MJ
XLI WTIEOIV LEH RSX WTIPPIH SYX XLI QENSV JIEXYVIW SJ LMW TPER

T VEGXMGEPMX] 4VEGXMGEPMX]
8LI XLMVH FEWMG MWWYI MR EREP]^MRK
E UYIWXMSR SJ TSPMG] ;MPP XLI 8LI XLMVH FEWMG MWWYI SJ TSPMG] WTIIGLIW MW TVEGXMGEPMX] 3RGI ]SY LEZI TVIWIRXIH
WTIEOIVtW TPER WSPZI XLI TVSFPIQ# E TPER ]SY QYWX WLS[ XLEX MX [MPP [SVO ;MPP MX WSPZI XLI TVSFPIQ# 3V [MPP MX
;MPP MX GVIEXI RI[ ERH QSVI GVIEXI RI[ ERH QSVI WIVMSYW TVSFPIQW#
WIVMSYW TVSFPIQW#
&YMPHMRK E QYPXMPIZIP TEVOMRK KEVEKI SR GEQTYW [SYPH TVSZMHI QSVI WXYHIRX TEVOMRK FYX
XLI GSWX [SYPH VIUYMVI E WLEVT MRGVIEWI MR XYMXMSR

'VIEXMRK WEQI WI\ GPEWWVSSQW [SYPH FI EGEHIQMGEPP] FIRIJMGMEP JSV WSQI WXYHIRXW FYX MX
GSYPH VIMRJSVGI KIRHIV WXIVISX]TIW ERH VIXYVR IHYGEXMSR XS E WITEVEXI FYX IUYEP WXEXYW

% REXMSREP -( GEVH QMKLX FI ER IEW] [E] JSV TISTPI XS ZIVMJ] XLIMV MHIRXMX] JSV WIGYVMX]
TYVTSWIW FYX MX GSYPH EPWS MRJVMRKI SR GMZMP PMFIVXMIW ERH KMZI XLI KSZIVRQIRX XSS QYGL
TIVWSREP MRJSVQEXMSR EFSYX MRHMZMHYEPW

GSRRIGXPYGEW GSQ 8LIWI EVI WMKRMJMGERX GSRGIVRW ;LIRIZIV ]SY EHZSGEXI E RI[ TSPMG]
:MI[ XLMW I\GIVTX JVSQ q4EMH ]SY QYWX FI TVITEVIH XS WLS[ XLEX MX MW [SVOEFPI 2S QEXXIV LS[ WIVMSYW E
4EVIRXEP 0IEZI +SSH JSV TVSFPIQ QE] FI PMWXIRIVW YWYEPP] [ERX WSQI EWWYVERGI XLEX E WTIEOIVtW TPER
*EQMPMIW +SSH JSV &YWMRIWWr [MPP EGXYEPP] WSPZI XLI TVSFPIQ 3RI [E] XS TVSZMHI XLMW EWWYVERGI MW XS
MR XLI SRPMRI 1IHME 0MFVEV] WLS[ XLEX E TPER WMQMPEV XS ]SYVW LEW FIIR WYGGIWWJYPP] MQTPIQIRXIH IPWI
JSV XLMW GLETXIV :MHIS [LIVI *SV I\EQTPI :MHIS 'PMT MR XLI SRPMRI 1IHME 0MFVEV] JSV XLMW
'PMT
GLETXIV WLS[W ER I\GIVTX JVSQ E WXYHIRX WTIIGL GEPPMRK JSV TEMH TEVIRXEP
PIEZI MR XLI WTIEOIVtW WXEXI %W ]SY ZMI[ XLI GPMT RSXMGI LS[ XLI WTIEOIV
TSMRXW XS XLI WYGGIWW SJ E WMQMPEV TPER MR 'EPMJSVRME EW IZMHIRGI XLEX MX [MPP
[SVO MR LIV WXEXI

',%48)6 74)%/-2+ 83 4)679%()

0YGEW 8LI %VX SJ 4YFPMG 7TIEOMRK XS 4IVWYEHI 8I\X  8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW

-J ]SY STTSWI E WLMJX MR TSPMG] SRI SJ ]SYV QENSV EVKYQIRXW [MPP FI XLEX XLI
GLERKI MW MQTVEGXMGEPhXLEX MX [MPP GVIEXI QSVI TVSFPIQW XLER MX GER WSPZI *SV
I\EQTPI GVMXMGW SJ GVIEXMRK E REXMSREP LIEPXL GEVI W]WXIQ MR XLI 9RMXIH 7XEXIW
WMQMPEV XS XLI SRI MR 'EREHE WE] MX [SYPH TVSHYGI PSRKIV [EMXW JSV XVIEXQIRX
ERH PS[IV UYEPMX] SJ GEVI 3XLIV STTSRIRXW WE] XLI 'EREHMER W]WXIQ MQTIHIW
QIHMGEP MRRSZEXMSRW ERH VIHYGIW MRGIRXMZIW JSV HSGXSVW XS MQTVSZI XLIMV WIV
ZMGIW -J PMWXIRIVW EGGITX XLIWI EVKYQIRXW XLI] [MPP TVSFEFP] HIGMHI XLEX XLI 9 7
WLSYPH RSX YWI 'EREHE EW E QSHIP JSV E REXMSREP LIEPXL GEVI W]WXIQ

,S[ QYGL SJ ]SYV WTIIGL WLSYPH ]SY HIZSXI XS RIIH XS TPER ERH XS TVEGXMGEP
MX]# 8LI ERW[IV HITIRHW SR ]SYV XSTMG ERH ]SYV EYHMIRGI -J ]SYV EYHMIRGI MW
RSX E[EVI SJ XLI LIEPXL ERH IRZMVSRQIRXEP TVSFPIQW GEYWIH F] XLI YWI SJ
ERXMFEGXIVMEP GLIQMGEPW MR LSYWILSPH TVSHYGXW ]SY [MPP LEZI XS KMZI QYGL SJ
]SYV XMQI XS RIIH FIJSVI GSZIVMRK TPER ERH TVEGXMGEPMX] 3R XLI SXLIV LERH
MJ ]SYV PMWXIRIVW EPVIEH] ORS[ EFSYX XLI TVSFPIQW GEYWIH F] ERXMFEGXIVMEP
LSYWILSPH TVSHYGXW ]SY GER UYMGOP] VIQMRH XLIQ SJ RIIH ERH XLIR HIZSXI
QSWX SJ ]SYV WTIIGL XS TPER ERH TVEGXMGEPMX]
3V WYTTSWI ]SY EHZSGEXI MRGVIEWMRK XLI XE\ SR GMKEVIXXIW XS E TEGO MR
SVHIV XS VIHYGI WQSOMRK EQSRK XIIREKIVW 1SWX TISTPI EKVII XLEX XIIR WQSOMRK
MW E WIVMSYW LIEPXL TVSFPIQ FYX QER] [SYPH UYIWXMSR [LIXLIV MRGVIEWMRK XLI
TVMGI SJ GMKEVIXXIW [MPP HS QYGL XS WSPZI XLI TVSFPIQ 8LIVIJSVI ]SY WLSYPH
HIZSXI E JEMV TEVX SJ ]SYV WTIIGL XS TVEGXMGEPMX]hXS WLS[MRK XLEX MR GSYRXVMIW
[LMGL LEZI HVEWXMGEPP] VEMWIH XLIMV GMKEVIXXI XE\IW XLI WQSOMRK VEXI EQSRK
XIIREKIVW LEW HVSTTIH F] EW QYGL EW TIVGIRX

36+%2->-2+ 74))',)7 32 59)78-327 3* 430-'=

)JJIGXMZI SVKERM^EXMSR MW GVYGMEP [LIR ]SY WIIO XS TIVWYEHI PMWXIRIVW SR E UYIWXMSR
SJ TSPMG] %PXLSYKL ER] SJ XLI FEWMG TEXXIVRW SJ SVKERM^EXMSR I\TPEMRIH MR 'LET
XIV GER FI YWIH JSYV WTIGMEP TEXXIVRW EVI IWTIGMEPP] ZEPYEFPI JSV TSPMG] WTIIGLIW
8LI] EVI TVSFPIQ WSPYXMSR SVHIV TVSFPIQ GEYWI WSPYXMSR SVHIV GSQTEVEXMZI
EHZERXEKIW SVHIV ERH 1SRVSItW QSXMZEXIH WIUYIRGI

4VSFPIQ 7SPYXMSR 3VHIV TVSFPIQ WSPYXMSR SVHIV
% QIXLSH SJ SVKERM^MRK
-J ]SY EHZSGEXI E GLERKI MR TSPMG] ]SYV QEMR TSMRXW SJXIR [MPP JEPP REXYVEPP] TIVWYEWMZI WTIIGLIW MR [LMGL
MRXS TVSFPIQ WSPYXMSR SVHIV -R XLI JMVWX QEMR TSMRX ]SY HIQSRWXVEXI XLI RIIH XLI JMVWX QEMR TSMRX HIEPW [MXL
JSV E RI[ TSPMG] F] WLS[MRK XLI I\XIRX ERH WIVMSYWRIWW SJ XLI TVSFPIQ -R XLI XLI I\MWXIRGI SJ E TVSFPIQ ERH
WIGSRH QEMR TSMRX ]SY I\TPEMR ]SYV TPER JSV WSPZMRK XLI TVSFPIQ ERH WLS[ MXW XLI WIGSRH QEMR TSMRX TVIWIRXW
TVEGXMGEPMX] JSV I\EQTPI E WSPYXMSR XS XLI TVSFPIQ

7TIGMJMG 4YVTSWI 8S TIVWYEHI Q] EYHMIRGI XLEX XLI YWI SJ ERXMFEGXIVMEP
GLIQMGEPW MR LSYWILSPH TVSHYGXW MW GVIEXMRK LIEPXL ERH
IRZMVSRQIRXEP TVSFPIQW

'IRXVEP -HIE 8LI YWI SJ ERXMFEGXIVMEP GLIQMGEPW MR LSYWILSPH TVSHYGXW MW
E WIVMSYW TVSFPIQ XLEX VIUYMVIW EGXMSR F] KSZIVRQIRX ERH
GSRWYQIVW EPMOI

1EMR 4SMRXW - 8 LI YWI SJ ERXMFEGXIVMEP GLIQMGEPW MR LSYWILSPH TVSHYGXW
MW E WIVMSYW TVSFPIQ
% 6EXLIV XLER QEOMRK YW QSVI LIEPXL] ERXMFEGXIVMEP
GLIQMGEPW MR LSYWILSPH TVSHYGXW EVI GSRXVMFYXMRK XS
PSRK XIVQ LIEPXL TVSFPIQW

4IVWYEWMZI 7TIIGLIW SR 5YIWXMSRW SJ 4SPMG]

0YGEW 8LI %VX SJ 4YFPMG 7TIEOMRK XS 4IVWYEHI 8I\X  8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW

GSRRIGXPYGEW GSQ & 8 LI ERXMFEGXIVMEP GLIQMGEPW MR LSYWILSPH TVSHYGXW EVI
:MI[ ER I\GIVTX JVSQ EPWS GVIEXMRK IRZMVSRQIRXEP TVSFPIQW FIGEYWI XLI]
q&YVWXMRK XLI %RXMFEGXIVMEP IZIRXYEPP] IRH YT MR XLI 9 7 [EXIV WYTTP]
&YFFPIr MR XLI SRPMRI 1IHME
0MFVEV] JSV XLMW GLETXIV -- 7 SPZMRK XLIWI TVSFPIQW VIUYMVIW E GSQFMREXMSR SJ
:MHIS 'PMT
KSZIVRQIRX ERH GSRWYQIV EGXMSR
% 8LI *SSH ERH (VYK %HQMRMWXVEXMSR WLSYPH MRWXMXYXI
VIKYPEXMSRW GSRXVSPPMRK XLI YWI SJ ERXMFEGXIVMEP
GLIQMGEPW MR LSYWILSPH TVSHYGXW

& ' SRWYQIVW WLSYPH EZSMH TYVGLEWMRK LSYWILSPH
TVSHYGXW XLEX GSRXEMR ERXMFEGXIVMEP GLIQMGEPW

=SY GER YWI XLI TVSFPIQ WSPYXMSR JSVQEX NYWX EW IEWMP] XS SVKERM^I E WTIIGL
STTSWMRK E GLERKI MR TSPMG] -R WYGL E WTIIGL ]SYV NSF MW XS HIJIRH XLI GYVVIRX
W]WXIQ ERH XS EXXEGO ]SYV STTSRIRXWt TVSTSWIH TSPMG] 8LYW MR XLI JMVWX QEMR TSMRX
]SY QMKLX EVKYI XLEX XLIVI MW R SX E RIIH JSV GLERKI -R XLI WIGSRH QEMR TSMRX ]SY
QMKLX WLS[ XLEX IZIR MJ XLIVI [IVI E WIVMSYW TVSFPIQ XLI WYKKIWXIH RI[ TSPMG]
[SYPH RSX WSPZI MX ERH [SYPH GVIEXI WIVMSYW TVSFPIQW SJ MXW S[R *SV I\EQTPI

7TIGMJMG 4YVTSWI 8S TIVWYEHI Q] EYHMIRGI XLEX XLI GMX] GSYRGMP WLSYPH RSX
TEWW PIKMWPEXMSR QIVKMRK XLI TSPMGI ERH JMVI HITEVXQIRXW

'IRXVEP -HIE 1IVKMRK XLI TSPMGI ERH JMVI HITEVXQIRXW MW RIMXLIV RIGIWWEV]
RSV TVEGXMGEP

1EMR 4SMRXW - 1IVKMRK XLI TSPMGI ERH JMVI HITEVXQIRXW MW RSX RIGIWWEV]
% 9RHIV XLI GYVVIRX W]WXIQ XLI TSPMGI HITEVXQIRX LEW
HIZIPSTIH E VITYXEXMSR JSV I\GIPPIRGI XLEX LEW QEHI
MX E QSHIP JSV HITEVXQIRXW MR SXLIV GMXMIW
& 8 LI JMVI HITEVXQIRX MW IUYEPP] [IPP VIWTIGXIH JSV
HSMRK MXW NSF UYMGOP] ERH IJJMGMIRXP]

-- & IWMHIW FIMRK YRRIGIWWEV] QIVKMRK XLI TSPMGI ERH JMVI
HITEVXQIRXW MW LMKLP] MQTVEGXMGEP
% 6EXLIV XLER WEZMRK XLI GMX] QSRI] QIVKMRK XLI
HITEVXQIRXW [SYPH MRGVIEWI GSWXW
& 1 IVKMRK XLI HITEVXQIRXW [SYPH EPWS LEVQ QSVEPI
ERH VIHYGI XLI LMKL PIZIP SJ TIVJSVQERGI [I I\TIGX
JVSQ SYV TSPMGI JSVGI ERH JMVIJMKLXIVW

4VSFPIQ 'EYWI 7SPYXMSR 3VHIV

TVSFPIQ GEYWI *SV E ZEVMEXMSR SR TVSFPIQ WSPYXMSR SVHIV ]SY QMKLX EVVERKI ]SYV WTIIGL MR
WSPYXMSR SVHIV TVSFPIQ GEYWI WSPYXMSR SVHIV 8LMW TVSHYGIW E WTIIGL [MXL XLVII QEMR TSMRXWh
% QIXLSH SJ SVKERM^MRK TIVWYEWMZI XLI JMVWX MHIRXMJ]MRK E TVSFPIQ XLI WIGSRH EREP]^MRK XLI GEYWIW SJ XLI TVSFPIQ
WTIIGLIW MR [LMGL XLI JMVWX QEMR ERH XLI XLMVH TVIWIRXMRK E WSPYXMSR XS XLI TVSFPIQ *SV I\EQTPI
TSMRX MHIRXMJMIW E TVSFPIQ XLI
WIGSRH QEMR TSMRX EREP]^IW XLI 7TIGMJMG 4YVTSWI 8S TIVWYEHI Q] EYHMIRGI XLEX XLI EKI JSV JYPP QSXSV ZILMGPI
GEYWIW SJ XLI TVSFPIQ ERH XLI HVMZMRK TVMZMPIKIW WLSYPH FI VEMWIH XS
XLMVH QEMR TSMRX TVIWIRXW E
WSPYXMSR XS XLI TVSFPIQ 'IRXVEP -HIE 8LI RYQFIV SJ EGGMHIRXW ERH HIEXLW MRZSPZMRK XIIREKI
HVMZIVW MW E WIVMSYW TVSFPIQ XLEX GER FI GSRXVSPPIH F] VEMWMRK
XLI EKI JSV JYPP HVMZMRK TVMZMPIKIW XS

1EMR 4SMRXW - 8 LI RYQFIV SJ EGGMHIRXW ERH HIEXLW MRZSPZMRK XIIREKI
HVMZIVW MW E WIVMSYW REXMSREP TVSFPIQ

',%48)6 74)%/-2+ 83 4)679%()

0YGEW 8LI %VX SJ 4YFPMG 7TIEOMRK XS 4IVWYEHI 8I\X  8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW

6IKEVHPIWW SJ LS[ ]SY
SVKERM^I ]SYV TIVWYEWMZI
WTIIGL ]SY [MPP RIIH WXVSRK
WYTTSVXMRK QEXIVMEPW 8LI
FIXXIV ]SYV VIWIEVGL XLI
QSVI GSRZMRGMRK ]SYV
EVKYQIRXW EVI PMOIP] XS FI

% )EGL ]IEV QSVI XLER TISTPI EVI OMPPIH MR GSRRIGXPYGEW GSQ
EGGMHIRXW MRZSPZMRK XIIREKI HVMZIVW :MI[ ER I\GIVTX JVSQ
q4YXXMRK XLI &VEOIW SR
& 8LI VMWOW SJ FIMRK MRZSPZIH MR E JEXEP EGGMHIRX EVI 8IIREKI (VMZMRKr MR XLI
LMKLIWX JSV ERH ]IEV SPH HVMZIVW SRPMRI 1IHME 0MFVEV] JSV XLMW
GLETXIV :MHIS 'PMT

-- 8LIVI EVI JSYV QEMR GEYWIW SJ XLI TVSFPIQ
% =SYRKIV HVMZIVW LEZIRtX LEH IRSYKL I\TIVMIRGI XS
HIZIPST XLIMV HVMZMRK WOMPPW
& =SYRKIV HVMZIVW EVI QSVI TVSRI XS VMWO XEOMRK ERH
HERKIVSYW HVMZMRK FILEZMSVW
' =SYRKIV HVMZIVW EVI QSVI PMOIP] XS LEZI EGGMHIRXW
[LIR HVMZMRK EJXIV HEVO
( =SYRKIV HVMZIVW EVI IEWMP] HMWXVEGXIH F] XLI TVIWIRGI
SJ SXLIV XIIREKIVW MR XLI GEV

--- ; I GER LIPT WSPZI XLIWI TVSFPIQW F] VEMWMRK XLI EKI JSV
JYPP HVMZMRK TVMZMPIKIW
% %PXLSYKL ERH ]IEV SPHW WLSYPH LEZI PMQMXIH
HVMZMRK TVMZMPIKIW XLI] WLSYPH RSX VIGIMZI ER
YRVIWXVMGXIH PMGIRWI YRXMP EKI
& 8LMW [MPP EPPS[ ]SYRKIV HVMZIVW XMQI XS KEMR QEXYVMX] ERH
I\TIVMIRGI FIJSVI VIGIMZMRK YRPMQMXIH HVMZMRK TVMZMPIKIW

7SQI XIEGLIVW TVIJIV XLMW QIXLSH SJ SVKERM^EXMSR FIGEYWI MX VIUYMVIW E
WTIEOIV XS MHIRXMJ] XLI GEYWIW SJ XLI TVSFPIQ 8LMW MR XYVR QEOIW MX IEWMIV XS
GLIGO [LIXLIV XLI TVSTSWIH WSPYXMSR [MPP KIX EX XLI GEYWIW SJ XLI TVSFPIQ

' SQTEVEXMZI %HZERXEKIW 3VHIV

;LIR ]SYV EYHMIRGI EPVIEH] EKVIIW XLEX E TVSFPIQ I\MWXW ]SY GER HIZSXI ]SYV
WTIIGL XS GSQTEVMRK XLI EHZERXEKIW ERH HMWEHZERXEKIW SJ GSQTIXMRK WSPYXMSRW
-R WYGL E WMXYEXMSR ]SY QMKLX TYX ]SYV WTIIGL MR GSQTEVEXMZI EHZERXEKIW
SVHIV HIZSXMRK IEGL QEMR TSMRX XS I\TPEMRMRK [L] ]SYV WSPYXMSR MW TVIJIVEFPI
XS SXLIV TVSTSWIH WSPYXMSRW

4IVWYEWMZI 7TIIGLIW SR 5YIWXMSRW SJ 4SPMG]

0YGEW 8LI %VX SJ 4YFPMG 7TIEOMRK XS 4IVWYEHI 8I\X  8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW

GSQTEVEXMZI 7YTTSWI ]SY [ERX XS GSRZMRGI ]SYV EYHMIRGI XLEX EYXSQEOIVW WLSYPH TYX
EHZERXEKIW SVHIV KVIEXIV IQTLEWMW SR HIZIPSTMRK L]HVSKIR JYIP GIPP GEVW XLER KEW IPIGXVMG L]FVMH
% QIXLSH SJ SVKERM^MRK GEVW 9WMRK GSQTEVEXMZI EHZERXEKIW SVHIV ]SY [SYPH GSQTEVI L]HVSKIR GEVW
TIVWYEWMZI WTIIGLIW MR [LMGL [MXL KEW IPIGXVMG L]FVMH GEVW ERH WLS[ [L] XLI JSVQIV EVI E FIXXIV GLSMGI =SYV
IEGL QEMR TSMRX I\TPEMRW [L] E WTIGMJMG TYVTSWI GIRXVEP MHIE ERH QEMR TSMRXW QMKLX PSSO PMOI XLMW
WTIEOIVtW WSPYXMSR XS E TVSFPIQ
MW TVIJIVEFPI XS SXLIV TVSTSWIH 7TIGMJMG 4YVTSWI 8S TIVWYEHI Q] EYHMIRGI XLEX EYXSQEOIVW WLSYPH TYX
WSPYXMSRW KVIEXIV IQTLEWMW SR HIZIPSTMRK L]HVSKIR JYIP GIPP GEVW XLER
KEW IPIGXVMG GEVW

'IRXVEP -HIE 9RPMOI KEW IPIGXVMG GEVW L]HVSKIR GEVW VYR IRXMVIP] [MXLSYX
KEWSPMRI ERH HS RSX IQMX EMV TSPPYXMRK I\LEYWX

1EMR 4SMRXW - 9 RPMOI L]FVMH GEVW L]HVSKIR GEVW VYR IRXMVIP] [MXLSYX
KEWSPMRI

-- 9 RPMOI L]FVMH GEVW L]HVSKIR GEVW HS RSX IQMX ER] EMV
TSPPYXMRK I\LEYWX

1SRVSItW QSXMZEXIH 1SRVSItW 1SXMZEXIH 7IUYIRGI
WIUYIRGI
% QIXLSH SJ SVKERM^MRK (IZIPSTIH MR XLI W F] %PER 1SRVSI E TVSJIWWSV SJ WTIIGL EX 4YVHYI 9RMZIV
TIVWYEWMZI WTIIGLIW XLEX WIIO WMX] XLI QSXMZEXIH WIUYIRGI MW XEMPSV QEHI JSV TSPMG] WTIIGLIW XLEX WIIO MQQIHM
MQQIHMEXI EGXMSR 8LI JMZI EXI EGXMSR 8LI WIUYIRGI LEW JMZI WXITW XLEX JSPPS[ XLI TW]GLSPSK] SJ TIVWYEWMSR
WXITW SJ XLI QSXMZEXIH WIUYIRGI
EVI EXXIRXMSR RIIH WEXMWJEGXMSR %XXIRXMSR *MVWX ]SY KEMR XLI EXXIRXMSR SJ ]SYV EYHMIRGI F] YWMRK SRI SV QSVI
ZMWYEPM^EXMSR ERH EGXMSR SJ XLI QIXLSHW HIWGVMFIH MR 'LETXIV VIPEXMRK XS XLI EYHMIRGI WLS[MRK XLI
MQTSVXERGI SJ XLI XSTMG QEOMRK E WXEVXPMRK WXEXIQIRX EVSYWMRK GYVMSWMX] SV
WYWTIRWI TSWMRK E UYIWXMSR XIPPMRK E HVEQEXMG WXSV] SV YWMRK ZMWYEP EMHW

2 IIH 2I\X ]SY QEOI XLI EYHMIRGI JIIP E RIIH JSV GLERKI =SY WLS[ XLIVI MW
E WIVMSYW TVSFPIQ [MXL XLI I\MWXMRK WMXYEXMSR -X MW MQTSVXERX XS WXEXI XLI
RIIH GPIEVP] ERH XS MPPYWXVEXI MX [MXL WXVSRK WYTTSVXMRK QEXIVMEPW &] XLI
IRH SJ XLMW WXIT PMWXIRIVW WLSYPH FI WS GSRGIVRIH EFSYX XLI TVSFPIQ XLEX
XLI] EVI TW]GLSPSKMGEPP] TVMQIH XS LIEV ]SYV WSPYXMSR

7 EXMWJEGXMSR ,EZMRK EVSYWIH E WIRWI SJ RIIH ]SY WEXMWJ] MX F] TVSZMHMRK
E WSPYXMSR XS XLI TVSFPIQ =SY TVIWIRX ]SYV TPER ERH WLS[ LS[ MX [MPP
[SVO &I WYVI XS SJJIV IRSYKL HIXEMPW EFSYX XLI TPER XS KMZI PMWXIRIVW E GPIEV
YRHIVWXERHMRK SJ MX

: MWYEPM^EXMSR ,EZMRK KMZIR ]SYV TPER ]SY MRXIRWMJ] HIWMVI JSV MX F] ZMWYEP
M^MRK MXW FIRIJMXW 8LI OI] XS XLMW WXIT MW YWMRK ZMZMH MQEKIV] XS WLS[ ]SYV
PMWXIRIVW LS[ XLI] [MPP TVSJMX JVSQ ]SYV TSPMG] 1EOI XLIQ WII LS[ QYGL
FIXXIV GSRHMXMSRW [MPP FI SRGI ]SYV TPER MW EHSTXIH

% GXMSR 3RGI XLI EYHMIRGI MW GSRZMRGIH ]SYV TSPMG] MW FIRIJMGMEP ]SY EVI
VIEH] XS GEPP JSV EGXMSR 7E] I\EGXP] [LEX ]SY [ERX XLI EYHMIRGI XS HShERH
LS[ XS HS MX 8LIR GSRGPYHI [MXL E JMREP WXMVVMRK ETTIEP XLEX VIMRJSVGIW
XLIMV GSQQMXQIRX XS EGX

1ER] WXYHIRXW TVIJIV XLI QSXMZEXIH WIUYIRGI FIGEYWI MX MW QSVI HIXEMPIH
XLER TVSFPIQ WSPYXMSR SVHIV -X JSPPS[W XLI TVSGIWW SJ LYQER XLMROMRK ERH
PIEHW XLI PMWXIRIV WXIT F] WXIT XS XLI HIWMVIH EGXMSR 3RI MRHMGEXMSR SJ MXW IJJIG
XMZIRIWW MW XLEX MX MW [MHIP] YWIH F] TISTPI [LS QEOI XLIMV PMZMRK F] TIVWYEWMSRh
IWTIGMEPP] EHZIVXMWIVW 8LI RI\X XMQI ]SY [EXGL XIPIZMWMSR TE] GPSWI EXXIRXMSR
XS XLI GSQQIVGMEPW =SY [MPP JMRH XLEX QER] SJ XLIQ JSPPS[ XLI QSXMZEXIH
WIUYIRGI EW MR XLMW I\EQTPI

',%48)6 74)%/-2+ 83 4)679%()

0YGEW 8LI %VX SJ 4YFPMG 7TIEOMRK XS 4IVWYEHI 8I\X  8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW

%W E TIVWYEWMZI WTIEOIV ]SY QYWX YRHIVWXERH FSXL WMHIW SJ ER MWWYI WS ]SY GER -RXIVRIX
ERW[IV XLI SFNIGXMSRW SJ PMWXIRIVW [LS HS RSX WYTTSVX ]SYV TSMRX SJ ZMI[ =SY GER 'SRRIGXMSR
YWI XLI -RXIVRIX XS LIPT F] ZMWMXMRK XLI ;IF WMXIW SJ SVKERM^EXMSRW XLEX XEOI STTSW
MRK ZMI[W *SV I\EQTPI MJ ]SYV XSTMG MW WXIQ GIPP VIWIEVGL ZMWMX FSXL XLI &IHJSVH [[[ GSRRIGXPYGEW GSQ
7XIQ 'IPP 6IWIEVGL *SYRHEXMSR [[[ FIHJSVHVIWIEVGL SVK
ERH (S 2S ,EVQ
8LI 'SEPMXMSR SJ %QIVMGERW JSV 6IWIEVGL )XLMGW [[[ WXIQGIPPVIWIEVGL SVK
3V
MJ ]SY EVI WTIEOMRK SR KYR GSRXVSP EGGIWW XLI 2EXMSREP 6MJPI %WWSGMEXMSR [[[
RVE SVK
ERH XLI 'SEPMXMSR XS 7XST +YR :MSPIRGI [[[ GWKZ SVK


-J ]SY [ERX ]SYV PMWXIRIVW XS XEOI EGXMSR F] [VMXMRK XLIMV 9 7 7IREXSV SV 6ITVIWIRXE
XMZI IRGSYVEKI XLIQ XS YWI I QEMP =SY GER JMRH I QEMP EHHVIWWIW JSV 7IREXSVW EX
[ [[ WIREXI KSZ *SV EWWMWXERGI MR GSRXEGXMRK QIQFIVW SJ XLI ,SYWI PSK SR XS
[[[ LSYWI KSZ

%XXIRXMSR -XtW E WYRR] WTVMRK HE] *PS[IVW EVI MR FPSSQ ERH XLI [MRH MW
FPS[MRK 8LI GEQIVE JSGYWIW SR X[S [SQIR FSXL MR XLIMV PEXI
X[IRXMIW SV IEVP] XLMVXMIW NSKKMRK XLVSYKL E GMX] TEVO 7YHHIRP]
SRI SJ XLI [SQIR WXSTW FIRHW SZIV ERH VIWXW LIV LERHW SR LIV
LMTW ,IV I]IW EVI [EXIVMRK ERH WLI MW FVIEXLMRK LIEZMP] % XMKLXP]
JVEQIH GPSWI YT LIMKLXIRW XLI WIRWI XLEX WSQIXLMRK MW [VSRK

2IIH q%VI ]SY EPP VMKLX#r EWOW LIV JVMIRH q-XtW Q] EPPIVKMIW r XLI
[SQER VITPMIW q)ZIV] WTVMRK MXtW XLI WEQI XLMRK - JIIP KVIEX
ERH XLIR Q] LE] JIZIV VYMRW IZIV]XLMRK =SYtH FIXXIV KS SR
[MXLSYX QI r

7EXMWJEGXMSR q- YWIH XS LEZI XLI WEQI TVSFPIQ r WE]W XLI [SQERtW
JVMIRH q8LIR - XVMIH %PP%VVIWX -X ORSGOIH SYX Q] LE] JIZIV
GSQTPIXIP] 2S[ - GER HS IZIV]XLMRK - [ERX MR XLI WTVMRK
=SY WLSYPH XV] MX r 8LI ERRSYRGIV MR ZSMGI SZIV XIPPW YW
q%PP%VVIWX TVSZMHIW XLI QSWX IJJIGXMZI LE] JIZIV VIPMIJ EZEMPEFPIh
ERH [MXLSYX GEYWMRK HVS[WMRIWW r

:MWYEPM^EXMSR ;I WII XLI WEQI X[S [SQIR NSKKMRK E [IIO SV WS PEXIV &SXL
EVI VYRRMRK FVMWOP] ERH FVIEXLMRK IEWMP] q8LEX %PP%VVIWX VIEPP]
HSIW [SVO r WE]W XLI [SQER [LS LEH XS WXST VYRRMRK MR XLI
STIRMRK WGIRI q- JIIP PMOI E RI[ TIVWSR WMRGI - WXEVXIH XEOMRK
MX 8LEROW XS %PP%VVIWX - GER IRNS] WTVMRK EKEMR r

%GXMSR 8LI EYHMIRGI MW YVKIH XS YWI %PP%VVIWX [LIRIZIV XLI] WYJJIV
JVSQ EPPIVKMIW

8V] YWMRK XLI QSXMZEXIH WIUYIRGI [LIR ]SY [ERX XS WTYV PMWXIRIVW XS
EGXMSR =SY WLSYPH JMRH MX IEW] ERH IJJIGXMZI EW HMH SRI WXYHIRX [LS YWIH MX MR
E WTIIGL YVKMRK GPEWWQEXIW XS [SVO JSV TEWWEKI SJ E PSGEP XIRERXWt VMKLXW FMPP
,IVI EVI XLI LMKLPMKLXW SJ LMW WTIIGL

%XXIRXMSR ,EZI ]SY IZIV LEH GSGOVSEGLIW VYRRMRK XLVSYKL XLI GYTFSEVHW
MR ]SYV ETEVXQIRX# ,EZI ]SY W[IPXIVIH MR XLI LIEX FIGEYWI
XLI EMV GSRHMXMSRMRK HMHRtX [SVO# 3V WLMZIVIH MR XLI GSPH
FIGEYWI XLI JYVREGI [EW FVSOIR# 3V [EMXIH QSRXLW JSV XLI

4IVWYEWMZI 7TIIGLIW SR 5YIWXMSRW SJ 4SPMG]

0YGEW 8LI %VX SJ 4YFPMG 7TIEOMRK XS 4IVWYEHI 8I\X  8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW

WIGYVMX] HITSWMX ]SY RIZIV KSX FEGO IZIR XLSYKL ]SY PIJX
]SYV ETEVXQIRX EW GPIER EW [LIR ]SY QSZIH MR#

2IIH 8LVSYKLSYX XLMW GMX] WXYHIRXW ERH SXLIV XIRERXW EVI FIMRK
ZMGXMQM^IH F] YRVIWTSRWMZI ERH YRIXLMGEP PERHPSVHW .YWX PEWX
]IEV QSVI XLER GSQTPEMRXW [IVI JMPIH [MXL XLI GMX] LSYWMRK
HITEVXQIRX FYX RS EGXMSR LEW FIIR XEOIR EKEMRWX XLI PERHPSVHW

7EXMWJEGXMSR 8LIWI TVSFPIQW GSYPH FI WSPZIH F] TEWWMRK E WXVSRK XIRERXWt
VMKLXW FMPP XLEX HIJMRIW XLI VMKLXW SJ XIRERXW WTIGMJMIW XLI SFPM
KEXMSRW SJ PERHPSVHW ERH MQTSWIW WXVMGX TIREPXMIW JSV ZMSPEXSVW

:MWYEPM^EXMSR 7YGL FMPPW LEZI [SVOIH MR E RYQFIV SJ GSPPIKI GSQQYRMXMIW
EGVSWW XLI REXMSR -J SRI [IVI TEWWIH LIVI ]SY [SYPH RS
PSRKIV LEZI XS [SVV] EFSYX WYFWXERHEVH WERMXEV] SV WEJIX]
GSRHMXMSRW MR ]SYV ETEVXQIRX =SYV PERHPSVH GSYPH RSX ZMSPEXI
XLI XIVQW SJ ]SYV PIEWI SV WXIEP ]SYV WIGYVMX] HITSWMX

%GXMSR % XIRERXWt VMKLXW FMPP LEW FIIR TVSTSWIH XS XLI GMX] GSYRGMP
=SY GER LIPT KIX MX TEWWIH F] WMKRMRK XLI TIXMXMSR - [MPP TEWW
EVSYRH EJXIV Q] WTIIGL - EPWS YVKI ]SY XS LIPT F] GMVGYPEXMRK
TIXMXMSRW EQSRK ]SYV JVMIRHW ERH F] XYVRMRK SYX XS WYTTSVX
XLI FMPP [LIR MX MW HIFEXIH MR XLI GMX] GSYRGMP RI\X [IIO -J [I
EPP [SVO XSKIXLIV [I GER KIX XLMW FMPP XLVSYKL XLI GSYRGMP

1SRVSItW QSXMZEXIH WIUYIRGI MW TIVJIGXP] GSQTEXMFPI [MXL XLI WXERHEVH
QIXLSH SJ SYXPMRMRK HMWGYWWIH MR 'LETXIV 8LI JSPPS[MRK SYXPMRI WLS[W LS[
SRI WTIEOIV MRGSVTSVEXIH XLI WIUYIRGI MRXS E WTIIGL YVKMRK LIV GPEWWQEXIW XS
HSREXI FPSSH

7TIGMJMG 4YVTSWI 8S TIVWYEHI Q] EYHMIRGI XS FIGSQI VIKYPEV FPSSH HSRSVW

'IRXVEP -HIE &] FIGSQMRK VIKYPEV FPSSH HSRSVW GSPPIKI WXYHIRXW GER LIPT
WEZI PMZIW ERH VITPIRMWL XLI 9 7 FPSSH WYTTP]

%XXIRXMSR -RXVSHYGXMSR

GSRRIGXPYGEW GSQ - % VI ]SY EX PIEWX ]IEVW SPH# (S ]SY [IMKL QSVI XLER
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9PXMQEXI +MJXr MR XLI SRPMRI
1IHME 0MFVEV] JSV XLMW -- - J ]SY ERW[IVIH ]IW XS XLIWI UYIWXMSRW ]SY WLSYPH FI
GLETXIV :MHIS 'PMT
HSREXMRK FPSSH IZIV] X[S QSRXLW

2IIH --- %W E VIKYPEV FPSSH HSRSV - [SYPH PMOI XS WLS[ [L]
HSRSVW EVI MR WYGL HIWTIVEXI RIIH ERH IRGSYVEKI ]SY XS
7EXMWJEGXMSR FIGSQI E HSRSV

&SH]

- 8 LI PEGO SJ TEVXMGMTEXMSR F] IPMKMFPI FPSSH HSRSVW TSWIW E
XLVIEX XS XLI PMZIW SJ QER] %QIVMGERW
% 7SQISRI MR XLI 9 7 YRHIVKSIW E FPSSH XVERWJYWMSR
IZIV] XLVII WIGSRHW
& 8LMW EQSYRXW XS KEPPSRW SJ FPSSH IZIV] LSYV SJ
IZIV] HE]
' 'YVVIRX HSREXMSR PIZIPW EVI XSS PS[ XS QIIX XLMW RIIH

-- =SY GER LIPT F] FIGSQMRK E VIKYPEV FPSSH HSRSV
% =SY GER HSREXI EX ]SYV PSGEP 6IH 'VSWW
& 8LI TVSGIWW MW WMQTPI IEW] ERH TEMRPIWW

',%48)6 74)%/-2+ 83 4)679%()

0YGEW 8LI %VX SJ 4YFPMG 7TIEOMRK XS 4IVWYEHI 8I\X  8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW

1SRVSItW QSXMZEXIH
WIUYIRGI MW IWTIGMEPP]
YWIJYP JSV TIVWYEWMZI WTIEOIVW
[LS WIIO MQQIHMEXI EGXMSR
JVSQ XLIMV PMWXIRIVW EW MW XLI
GEWI [MXL EGXSV ERH EGXMZMWX
(ERR] +PSZIV MR XLMW EHHVIWW
XS KEVQIRX [SVOIVW

:MWYEPM^EXMSR --- )ZIV] YRMX SJ FPSSH ]SY HSREXI GER LIPT WEZI XLVII PMZIW
% 8LI FPSSH MW HMZMHIH MRXS VIH FPSSH GIPPW [LMXI FPSSH
GIPPW ERH TPEXIPIXW IEGL SJ [LMGL GER LIPT E HMJJIVIRX
TIVWSR
& -J ]SY HSREXI XMQIW E ]IEV ]SY GER LIPT TISTPI
' -J ]SY HSREXI JSV ]IEVW ]SY GER LIPT WEZI XLI PMZIW
SJ TISTPI

%GXMSR 'SRGPYWMSR

- 7 S - IRGSYVEKI IEGL SJ ]SY XS FIGSQI E VIKYPEV FPSSH HSRSV
-- + MZI XLI YPXMQEXI KMJXhXLI KMJX SJ PMJI

8V] YWMRK XLI QSXMZEXIH WIUYIRGI [LIR ]SY WIIO MQQIHMEXI EGXMSR JVSQ
]SYV PMWXIRIVW 3ZIV XLI ]IEVW MX LEW [SVOIH JSV GSYRXPIWW WTIEOIVWhERH MX GER
[SVO JSV ]SY EW [IPP

7 EQTPI 7TIIGL [MXL 'SQQIRXEV]

8LI JSPPS[MRK TIVWYEWMZI WTIIGL HIEPW [MXL E UYIWXMSR SJ TSPMG] ERH TVSZMHIW GSRRIGXPYGEW GSQ
ER I\GIPPIRX I\EQTPI SJ TVSFPIQ GEYWI WSPYXMSR WXVYGXYVI %W ]SY VIEH XLI :MI[ q4YXXMRK XLI &VEOIW SR
WTIIGL RSXMGI LS[ XLI WTIEOIV HIEPW [MXL XLI MWWYIW SJ RIIH TPER ERH TVEGXM 8IIREKI (VMZMRKr MR XLI
GEPMX] 2SXMGI EPWS LS[ WLI YWIW WXVSRK [IPP GLSWIR WYTTSVXMRK QEXIVMEPW XS SRPMRI 1IHME 0MFVEV] JSV XLMW
FEGO YT LIV TSMRX SJ ZMI[ SR [LEX WLI ORI[ [SYPH FI ER YRTSTYPEV MWWYI GLETXIV :MHIS 'PMT

EQSRK LIV GPEWWQEXIW *MREPP] SFWIVZI LS[ GPIEV ERH YRGPYXXIVIH XLI WTIIGL
MW 8LIVI EVI JI[ [EWXIH [SVHW ERH XLI MHIEW TVSKVIWW GPIERP] ERH GVMWTP]

7EQTPI 7TIIGL [MXL 'SQQIRXEV]

0YGEW 8LI %VX SJ 4YFPMG 7TIEOMRK XS 4IVWYEHI 8I\X  8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW

4 YXXMRK XLI &VEOIW SR 8IIREKI (VMZMRK

'311)28%6= 74))',

8LI WTIEOIV FIKMRW [MXL E ZMZMH VMGLP] 3R E GLMPP] 2SZIQFIV RMKLX X[S ]IEVW EKS E *SVH )\TPSVIV [EW
HIXEMPIH WXSV] XLEX KEMRW EXXIRXMSR ERH GLEVKMRK HS[R E 'EPMJSVRME LMKL[E] 8LI ]IEV SPH HVMZIV
HVE[W XLI EYHMIRGI MRXS XLI WTIIGL ERH XLVII SJ LMW JVMIRHW [IVI VIXYVRMRK JVSQ E GSRGIVX MR 0SW
%RKIPIW 8LIWI ]SYRK TISTPI [IVI KSSH WXYHIRXW KMJXIH EXL
PIXIW XEPIRXIH EVXMWXW ERH QYWMGMERW %RH RSRI [IVI HVYRO SV
MQTEMVIH F] HVYKW

%W XLI WTIEOIV GSQTPIXIW LIV STIRMRK 8LI] [IVI LS[IZIV HVMZMRK XSS JEWX ERH XLI HVMZIV
WXSV] WLI VIZIEPW XLEX SRI SJ XLI WXYHIRXW PSWX GSRXVSP SJ XLI GEV 8LI GEV [IRX MRXS E HMXGL ERH LMX
MRNYVIH MR XLI EGGMHIRX [EW LIV RITLI[ E XVII 8LI HVMZIV ERH SRI TEWWIRKIV [IVI OMPPIH 8LI SXLIV
8LMW TIVWSREP MRZSPZIQIRX LIPTW IWXEFPMWL X[S TEWWIRKIVW IWGETIH [MXL WIZIVI MRNYVMIW 3RI SJ XLIWI
LIV GVIHMFMPMX] ERH KSSH[MPP FSXL SJ [LMGL TEWWIRKIVW [EW Q] RITLI[ 8SHE] LI MW JMRMWLMRK LMKL WGLSSP
EVI ZMXEP [LIR SRI MW WTIEOMRK SR E GSRXVS MR E [LIIPGLEMV E [LIIPGLEMV LI [MPP SGGYT] JSV XLI VIWX SJ
ZIVWMEP WYFNIGX LMW PMJI

8LI WTIEOIV WXVIRKXLIRW LIV GVIHMFMPMX] 9RJSVXYREXIP] XVEKMG EYXS EGGMHIRXW MRZSPZMRK XIIREKI
ERH VIZIEPW XLI GIRXVEP MHIE SJ LIV WTIIGL HVMZIVW EVI QYGL XSS GSQQSR MR EPP TEVXW SJ XLI 9RMXIH 7XEXIW
%JXIV VIWIEVGLMRK XLI WYFNIGX JSV Q] WTIIGL - LEZI GSQI XS
XLI WEQI GSRGPYWMSR EW XLI I\TIVXWhXLEX XLI FIWX [E] XS
TVIZIRX WYGL EGGMHIRXW MW XS VEMWI XLI EKI JSV JYPP HVMZMRK TVMZM
PIKIW XS SV SPHIV

8LI WTIEOIV YWIW LIV EYHMIRGI EREP]WMW WYV - ORS[ JVSQ Q] EYHMIRGI EREP]WMW UYIWXMSRREMVI XLEX
ZI] FSXL XS EGORS[PIHKI LIV GPEWWQEXIWt QSWX SJ ]SY STTSWI WYGL E TPER &YX - EPWS ORS[ JVSQ Q]
STTSWMXMSR XS VEMWMRK XLI HVMZMRK EKI ERH XS UYIWXMSRREMVIW XLEX QSWX SJ ]SY VIGSKRM^I XLEX ERH
WXVIWW XLIMV VIGSKRMXMSR XLEX XLIVI EVI VIE ]IEV SPH HVMZIVW EVI PIWW WOMPPIH ERH PIWW VIWTSRWMFPI XLER SPHIV
WSRW XS GSRWMHIV MRWXMXYXMRK WYGL E TSPMG] HVMZIVW 7S - EWO ]SY XS PMWXIR [MXL ER STIR QMRH [LMPI [I
%JXIV EWOMRK XLIQ XS PMWXIR [MXL ER STIR HMWGYWW WSQI SJ XLI TVSFPIQW EWWSGMEXIH [MXL XIIREKI HVMZMRK
QMRH WLI TVIZMI[W XLI QEMR TSMRXW WLI XLI QENSV GEYWIW SJ XLI TVSFPIQW ERH E TPER XLEX [MPP KS E
[MPP HMWGYWW MR XLI FSH] SJ XLI WTIIGL PSRK [E] XS[EVH WSPZMRK XLI TVSFPIQW

8LMW WTIIGL MW SVKERM^IH MR TVSFPIQ 2S QEXXIV LS[ SRI PSSOW EX XLI IZMHIRGI MX EPP PIEHW XS
GEYWI WSPYXMSR SVHIV ,IVI XLI WTIEOIV WXEVXW SRI JEGX 8LIVI EVI XSS QER] QSXSV ZILMGPI EGGMHIRXW HIEXLW
XLI FSH] F] MHIRXMJ]MRK XLI TVSFPIQhXLI ERH MRNYVMIW MRZSPZMRK XIIREKI HVMZIVW %GGSVHMRK XS XLI
PEVKI RYQFIV SJ EGGMHIRXW HIEXLW ERH 2EXMSREP ,MKL[E] 8VEJJMG 7EJIX] %HQMRMWXVEXMSR [LMPI XIIREK
MRNYVMIW MRZSPZMRK XIIREKI HVMZIVW 7LI IVW QEOI YT TIVGIRX SJ XLI REXMSRtW PMGIRWIH HVMZIVW XLI]
WYTTSVXW LIV GPEMQ [MXL WXEXMWXMGW JVSQ VITVIWIRX TIVGIRX SJ EPP QSXSV ZILMGPI JEXEPMXMIW 8LI 2,87%
XLI 2EXMSREP ,MKL[E] 8VEJJMG 7EJIX] %HQMR VITSVXW XLEX PEWX ]IEV HVMZIVW EKIH XS [IVI OMPPIH
MWXVEXMSR %W ]SY GER WII JVSQ XLI ZMHIS MR EYXSQSFMPI EGGMHIRXW -R EHHMXMSR XS OMPPMRK XLI HVMZIVW XLIWI
SJ XLI WTIIGL MR XLI SRPMRI 1IHME 0MFVEV] WEQI EGGMHIRXW XSSO XLI PMZIW SJ XIIREKI TEWWIRKIVW
JSV XLMW GLETXIV WLI YWIW 4S[IV4SMRX XS &YX XLIWI EGGMHIRXW HMHRtX EJJIGX XIIREKIVW EPSRI 8LI] EPWS
TVIWIRX LIV WXEXMWXMGW ERH XS LIMKLXIR XLIMV XSSO XLI PMZIW SJ TISTPI EKIH SV SPHIV 7S XLI XSXEP
MQTEGX EW WLI QSZIW JVSQ JMKYVI XS JMKYVI RYQFIV SJ TISTPI OMPPIH PEWX ]IEV MR EYXSQSFMPI EGGMHIRXW
MRZSPZMRK XIIREKI HVMZIVW [EW hEPQSWX I\EGXP] XLI RYQ
FIV SJ JYPP XMQI WXYHIRXW EX XLMW GEQTYW

',%48)6 74)%/-2+ 83 4)679%()

0YGEW 8LI %VX SJ 4YFPMG 7TIEOMRK XS 4IVWYEHI 8I\X  8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW

%W MR XLI TVIZMSYW TEVEKVETL XLI WXEXMWXMGW )ZMHIRGI EPWS WLS[W XLEX XLI ]SYRKIV XLI HVMZIV XLI
LIVI GSQI JVSQ GVIHMFPI GPIEVP] MHIRXMJMIH KVIEXIV XLI VMWO %GGSVHMRK XS XLI -RWYVERGI -RWXMXYXI JSV ,MKL
WSYVGIW %PXLSYKL QSWX PMWXIRIVW HMH RSX [E] 7EJIX] ]IEV SPHW LEZI qXLI LMKLIWX TIVGIRXEKI SJ
JEZSV XLI WTIEOIVtW TSWMXMSR EX XLI WXEVX SJ GVEWLIW MRZSPZMRK WTIIHMRK XLI LMKLIWX TIVGIRXEKI SJ WMRKPI
LIV WTIIGL XLI WXVIRKXL SJ LIV IZMHIRGI ZILMGPI GVEWLIW ERH XLI LMKLIWX TIVGIRXEKI SJ GVEWLIW MRZSPZ
IZIRXYEPP] PIH WSQI XS GSRGIHI XLEX LIV MRK HVMZIV IVVSV r 1SVISZIV EW 97% 8SHE] VITSVXW ]IEV SPHW
TSWMXMSR RIIHIH XS FI XEOIR WIVMSYWP] EVI XLVII XMQIW QSVI PMOIP] XS FI MRZSPZIH MR JEXEP GVEWLIW XLER
EVI SPHIV HVMZIVW
% XVERWMXMSR QSZIW XLI WTIEOIV MRXS LIV
WIGSRH QEMR TSMRX MR [LMGL WLI I\TPSVIW 2S[ XLEX [ItZI WIIR XLI I\XIRX SJ XLI TVSFPIQ [I GER
JSYV QENSV GEYWIW SJ XLI TVSFPIQ 2SXMGI I\TPSVI MXW GEYWIW 3RI SJ XLI GEYWIW MW MRI\TIVMIRGI 2I[ HVMZ
LS[ WLI YWIW E WMKRTSWX XS MRXVSHYGI IEGL IVW NYWX LEZIRtX LEH IRSYKL XMQI SR XLI VSEH XS HIZIPST XLIMV
GEYWI HVMZMRK WOMPPW &YX MRI\TIVMIRGI MW JEV JVSQ XLI SRP] GEYWI SJ
XLI TVSFPIQ %JXIV EPP XLIVI [MPP EP[E]W FI MRI\TIVMIRGIH
8LI IZMHIRGI MR XLMW TEVEKVETL GSRRIGXW HVMZIVWhIZIR MJ XLI HVMZMRK EKI MW VEMWIH XS SV IZIR XS
XLI XIRHIRG] SJ ]SYRKIV HVMZIVW XS XEOI
HERKIVSYW VMWOW [MXL XLI WXEXI SJ FVEMR % WIGSRH GEYWI MW VIZIEPIH F] FVEMR VIWIEVGL *MRHMRKW
HIZIPSTQIRX EQSRK ]IEV SPHW -R EHHM JVSQ XLI 2EXMSREP -RWXMXYXI SJ 1IRXEP ,IEPXL WLS[ XLEX XLI
XMSR XS GSQMRK JVSQ VIWTIGXIH WSYVGIW XLI FVEMR SJ ER EZIVEKI ]IEV SPH LEW RSX HIZIPSTIH XS XLI
IZMHIRGI TVSZMHIW E WGMIRXMJMG JSYRHEXMSR TSMRX [LIVI LI SV WLI MW EFPI XS IJJIGXMZIP] NYHKI XLI VMWO SJ E
JSV [LEX XLI WTIEOIVtW EYHMIRGI ORI[ JVSQ KMZIR WMXYEXMSR (V .E] +MIHH [LS PIH XLI VIWIEVGL XIEQ XLEX
XLIMV S[R I\TIVMIRGI EFSYX XLI TVSTIRWMX] GSRHYGXIH XLI WXYH] WXEXIW q;LIR E WQEVX XEPIRXIH ERH
JSV VMWO XEOMRK EQSRK XIIREKIVW ZIV] QEXYVI XIIR HSIW WSQIXLMRK XLEX E TEVIRX QMKLX GEPP
sWXYTMH t MXtW XLMW YRHIVHIZIPSTIH TEVX SJ XLI FVEMR XLEX LEW
2S[ XLI WTIEOIV HMWGYWWIW XLI XLMVH GEYWI QSWX PMOIP] JEMPIH r 7XIZIR 0S[IRWXIMR E QIHMGEP TVSJIWWSV EX
SJ XLI TVSFPIQhRMKLX HVMZMRK /RS[MRK XLI 9RMZIVWMX] SJ 'SPSVEHS LEW NYWX JMRMWLIH E JMZI ]IEV WXYH]
XLEX RMKLX HVMZMRK MW QSVI HERKIVSYW JSV EPP GSQTEVMRK XLI XVEJJMG VIGSVHW SJ ]IEV SPH HVMZIVW XS HVMZIVW
EKI KVSYTW WLI XEOIW GEVI XS RSXI XLEX MX MW EKIH XS ,MW GSRGPYWMSR# q(IPMFIVEXI VMWO XEOMRK ERH
TEVXMGYPEVP] TIVMPSYW JSV XIIREKIVW FIGEYWI HERKIVSYW ERH EKKVIWWMZI HVMZMRK FILEZMSVW TVIHSQMREXIHr
SJ XLIMV VMWO XEOMRK ERH XLIMV MRI\TIVMIRGI EQSRK XLI ]IEV SPHW
FILMRH XLI [LIIP
% XLMVH GEYWI SJ QSXSV ZILMGPI JEXEPMXMIW EQSRK XIIR
8LMW TEVEKVETL MW IWTIGMEPP] IJJIGXMZI -J EKI HVMZIVW MW RMKLX HVMZMRK %GGSVHMRK XS 8 LI ;EWLMRKXSR
]SY [EXGL XLI WTIIGL MR XLI SRPMRI 1IHME 4SWX [LIR ]IEV SPHW KIX FILMRH XLI [LIIP SJ E GEV EJXIV
0MFVEV] JSV XLMW GLETXIV ]SY GER WII LS[ HEVO XLI PMOIPMLSSH SJ LEZMRK ER EGGMHIRX MRGVIEWIW WIZIVEP
XLI WTIEOIV YWIW LIV ZSMGI KIWXYVIW ERH XMQIW SZIV 3J GSYVWI RMKLXXMQI HVMZMRK MW PIWW WEJI JSV
JEGMEP I\TVIWWMSRW XS IRLERGI XLI MQTEGX SJ IZIV]SRI FYX MX FIGSQIW TEVXMGYPEVP] HERKIVSYW [LIR
LIV MHIEW ERH XS IWXEFPMWL E WXVSRK FSRH GSQFMRIH [MXL E ]SYRK HVMZIVtW MRI\TIVMIRGI ERH VIHYGIH
[MXL XLI EYHMIRGI EFMPMX] XS KEYKI VMWO

*MREPP] XLIVI MW XLI TVIWIRGI SJ XIIREKI TEWWIRKIVW MR XLI
GEV ;I EPP ORS[ [LEX MXtW PMOI XS HVMZI [MXL SYV JVMIRHWhXLI
WXIVIS MW YT PSYH GIPP TLSRIW EVI VMRKMRK IZIV]FSH]tW PEYKLMRK
ERH LEZMRK E KSSH XMQI 8LI TVSFPIQ MW XLEX EPP XLIWI JEGXSVW
GVIEXI HMWXVEGXMSRW HMWXVEGXMSRW XLEX XSS SJXIR VIWYPX MR EGGM
HIRXW MRNYV] ERH HIEXL %PPER ;MPPMEQW GLMIJ WGMIRXMWX EX XLI
-RWYVERGI -RWXMXYXI JSV ,MKL[E] 7EJIX] VITSVXW XLEX SRI XIIR
EKI TEWWIRKIV HSYFPIW XLI VMWO SJ E JEXEP GVEWL ;MXL X[S SV
QSVI TEWWIRKIVW XLI VMWO MW JMZI XMQIW KVIEXIV 6IQIQFIV Q]
RITLI[tW EGGMHIRX - QIRXMSRIH EX XLI WXEVX SJ Q] WTIIGL#
8LIVI [IVI XLVII TEWWIRKIVW MR XLI GEV

7EQTPI 7TIIGL [MXL 'SQQIRXEV]

0YGEW 8LI %VX SJ 4YFPMG 7TIEOMRK XS 4IVWYEHI 8I\X  8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW

% XVERWMXMSR WMKREPW XLEX XLI WTIEOIV MW 7S XLI I\XIRX SJ XLI TVSFPIQ MW GPIEV 7S XSS EVI MXW
QSZMRK MRXS LIV XLMVH QEMR TSMRX %W MR GEYWIW ;LEX WXITW GER [I XEOI XS LIPT FVMRK EFSYX E WSPY
LIV WIGSRH QEMR TSMRX WLI YWIW E WMKRTSWX XMSR# *MVWX [I RIIH E REXMSREP TSPMG] XLEX RS SRI GER VIGIMZI
XS MRXVSHYGI IEGL SJ XLI WYFTSMRXW E PIEVRIVtW TIVQMX YRXMP EKI ERH RS SRI GER VIGIMZI JYPP
HVMZMRK TVMZMPIKIW YRXMP EKI 8LMW [MPP EPPS[ ]IEV SPHW XMQI
%W XLMW WIGXMSR SJ XLI WTIIGL TVSGIIHW XS KEMR HVMZMRK I\TIVMIRGI FIJSVI LEZMRK ER YRVIWXVMGXIH
RSXMGI LS[ XLI WTIEOIVtW TPER EHHVIWWIW EPP PMGIRWI ERH XS VIEGL E WXEKI SJ FVEMR HIZIPSTQIRX [LIVI XLI]
JSYV GEYWIW SJ XLI TVSFPIQ HMWGYWWIH MR EVI FIXXIV EFPI XS LERHPI XLI VMWO ERH VIWTSRWMFMPMX] SJ HVMZMRK
QEMR TSMRX X[ShMRI\TIVMIRGI FVEMR
HIZIPSTQIRX RMKLX HVMZMRK ERH XLI RYQ 7IGSRH [I RIIH XS VIWXVMGX RMKLXXMQI HVMZMRK WS EW XS
FIV SJ XIIREKI TEWWIRKIVW MR E GEV OIIT ]SYRKIV HVMZIVW SJJ XLI VSEH [LIR GSRHMXMSRW EVI VMWOMIWX
7SQI WXEXIW LEZI XVMIH XS EHHVIWW XLMW TVSFPIQ F] FERRMRK
&IGEYWI XLI WTIEOIV MW RSX ER EYXLSVMX] SR XIIREKIVW JVSQ HVMZMRK EJXIV QMHRMKLX SV % 1 FYX EW XLI
LMKL[E] WEJIX] WLI YWIW I\TIVX XIWXMQSR] -RWYVERGI -RWXMXYXI JSV ,MKL[E] 7EJIX] VITSVXW XLIWI PE[W HSRtX
XS TVSZI XLEX LIV TPER [MPP VIHYGI XIIREKI KS JEV IRSYKL %GGSVHMRK XS XLI -RWXMXYXI [I RIIH E 4 1
HVMZMRK JEXEPMXMIW 2SXMGI LS[ QYGL PIWW SV 4 1 PMQMX YRXMP HVMZIVW VIEGL XLI EKI SJ
IJJIGXMZI XLI WTIIGL [SYPH FI MJ XLI WTIEOIV
LEH QIVIP] WXEXIH XLI WXITW SJ LIV TPER [MXL 8LMVH [I RIIH XS VIWXVMGX XLI RYQFIV SJ XIIREKI TEWWIRKIVW
SYX TVSZMHMRK IZMHIRGI SJ MXW IJJIGXMZIRIWW MR GEVW HVMZIR F] ]SYRKIV HVMZIVW -R JEGX WE]W /IZMR 5YMRPER
JVSQ XLI 2EXMSREP 8VERWTSVXEXMSR 7EJIX] &SEVH qTEWWIRKIV
,IVI XLI WTIEOIV HIEPW [MXL XLI SFNIGXMSR VIWXVMGXMSR MW XLI JMVWX ERH JSVIQSWX QIEWYVI ]SY GER XEOIr XS
XLEX LIV TPER [SYPH FI LEVWL ERH MRGSRZI VIHYGI XIIREKI HVMZMRK JEXEPMXMIW %GGSVHMRK XS 5YMRPER XLI
RMIRX 8LI UYSXEXMSR JVSQ E JEXLIV [LS STXMQEP TSPMG] [SYPH FI XS FEV HVMZIVW EKI SV ]SYRKIV JVSQ
PSWX LMW XIIREKI WSR MR E GEV EGGMHIRX TYXW LEZMRK ER] TEWWIRKIVW MR XLI GEV YRPIWW XLI VMHIVW EVI EHYPXW SV
XLI LEVWLRIWW MWWYI MR TIVWTIGXMZI ERH JEQMP] QIQFIVW (VMZIVW JVSQ XLI EKI SJ XS WLSYPH RSX
JSVGIW PMWXIRIVW XS XLMRO EFSYX XLI XVEHI SJJ FI EPPS[IH XS GEVV] QSVI XLER SRI XIIREKI TEWWIRKIV
FIX[IIR WEZMRK PMZIW ERH MRWXMXYXMRK XSYKLIV
HVMZMRK EKI VIUYMVIQIRXW 2S[ - ORS[ EPP SJ XLMW QMKLX WSYRH LEVWL ERH TIVLETW
MRGSRZIRMIRX FYX XLI IZMHIRGI MW GPIEV XLEX MX [SYPH WEZI E
8LI GSRGPYWMSR FYMPHW SR XLI IQSXMSREP WMKRMJMGERX RYQFIV SJ PMZIW q-J ]SY [ERX XS HMWGYWW LEVWL r WEMH
ETTIEP KIRIVEXIH F] XLI UYSXEXMSR EX XLI SRI JEXLIV [LSWI ]IEV SPH WSR HMIH MR ER EGGMHIRX XLVII
IRH SJ XLI TVIZMSYW TEVEKVETL 8LI JMREP ]IEVW EKS q- GER XEPO XS ]SY EFSYX LEVWL -XtW FIMRK E[EOIRIH
WIRXIRGI MR [LMGL XLI WTIEOIV RSXIW XLEX EX MR XLI QSVRMRK F] XLI 7XEXI 4EXVSP XIPPMRK ]SY XLEX ]SYV
LIV RITLI[ [SYPH KPEHP] EGGITX XLI MRGSR WSR LEW NYWX FIIR OMPPIH r
ZIRMIRGI GEYWIH F] LIV TSPMG] JSV XLI GLERGI
XS [EPO EKEMR MW GSQTIPPMRK ERH IRHW XLI )ZIV]SRI MR XLMW VSSQ LEW PMZIH XS GSPPIKI EKI &YX XLMW ]IEV
WTIIGL SR E TS[IVJYP RSXI EPSRI XLSYWERHW SJ XIIREKI HVMZIVW [MPP RSX PMZI XLEX PSRK %RH
XLI] [SRtX PMZI XLEX PSRK HYI XS JEGXSVW XLEX [I GER TVIZIRX
8LIVItW RS [E] XS WSPZI EPP XLI TVSFPIQW [I IRGSYRXIV SR XLI
VSEH FYX [I GER HS WSQIXLMRK XS LIPT WEZI XLI PMZIW SJ ]SYRKIV
HVMZIVW ERH QEOI XLI VSEH WEJIV JSV EPP SJ YW %W - WEMH IEVPMIV XLMW
QMKLX WSYRH LEVWL SV MRGSRZIRMIRX FYX - ORS[ Q] RITLI[
[SYPH KPEHP] XVEHI FSXL JSV XLI GLERGI XS [EPO EKEMR

',%48)6 74)%/-2+ 83 4)679%()

0YGEW 8LI %VX SJ 4YFPMG 7TIEOMRK XS 4IVWYEHI 8I\X  8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW

7911%6=
/ )= 8)617
4IVWYEWMSR MW XLI TVSGIWW SJ GVIEXMRK VIMRJSVGMRK SV GLERKMRK TISTPItW FIPMIJW SV
EGXMSRW ;LIR ]SY WTIEO XS TIVWYEHI ]SY EGX EW ER EHZSGEXI 8LI EFMPMX] XS WTIEO
TIVWYEWMZIP] [MPP FIRIJMX ]SY MR IZIV] TEVX SJ ]SYV PMJI JVSQ TIVWSREP VIPEXMSRW XS
GSQQYRMX] EGXMZMXMIW XS GEVIIV EWTMVEXMSRW

,S[ WYGGIWWJYP ]SY EVI MR ER] TIVWYEWMZI WTIIGL HITIRHW SR LS[ [IPP ]SY
XEMPSV ]SYV QIWWEKI XS ]SYV PMWXIRIVWt ZEPYIW EXXMXYHIW ERH FIPMIJW =SY WLSYPH XLMRO
SJ ]SYV WTIIGL EW E QIRXEP HMEPSKYI [MXL ]SYV EYHMIRGI -HIRXMJ] ]SYV XEVKIX EYHM
IRGI ERXMGMTEXI SFNIGXMSRW XLI] QE] VEMWI XS ]SYV TSMRX SJ ZMI[ ERH ERW[IV XLSWI
SFNIGXMSRW MR ]SYV WTIIGL

4IVWYEWMZI WTIIGLIW QE] GIRXIV SR UYIWXMSRW SJ JEGX ZEPYI SV TSPMG] ;LIR KMZMRK
E TIVWYEWMZI WTIIGL EFSYX E UYIWXMSR SJ JEGX ]SYV VSPI MW EOMR XS XLEX SJ E PE[]IV MR E
GSYVXVSSQ XVMEP =SY [MPP XV] XS KIX ]SYV PMWXIRIVW XS EGGITX ]SYV ZMI[ SJ XLI JEGXW

5YIWXMSRW SJ ZEPYI MRZSPZI E TIVWSRtW FIPMIJW EFSYX [LEX MW VMKLX SV [VSRK KSSH
SV FEH QSVEP SV MQQSVEP IXLMGEP SV YRIXLMGEP ;LIR WTIEOMRK EFSYX E UYIWXMSR SJ
ZEPYI ]SY QYWX NYWXMJ] ]SYV STMRMSR F] IWXEFPMWLMRK WXERHEVHW JSV ]SYV ZEPYI NYHK
QIRX 7TIIGLIW SR UYIWXMSRW SJ ZEPYI HS RSX EVKYI HMVIGXP] JSV SV EKEMRWX TEVXMGYPEV
GSYVWIW SJ EGXMSR

3RGI ]SY KS FI]SRH EVKYMRK VMKLX SV [VSRK XS YVKMRK XLEX WSQIXLMRK WLSYPH
SV WLSYPH RSX FI HSRI ]SY QSZI XS E UYIWXMSR SJ TSPMG] ;LIR ]SY WTIEO SR E
UYIWXMSR SJ TSPMG] ]SYV KSEP QE] FI XS IZSOI TEWWMZI EKVIIQIRX SV XS WTEVO MQQI
HMEXI EGXMSR -R IMXLIV GEWI ]SY [MPP JEGI XLVII FEWMG MWWYIWhRIIH TPER ERH TVEGXM
GEPMX] ,S[ QYGL SJ ]SYV WTIIGL ]SY HIZSXI XS IEGL MWWYI [MPP HITIRH SR ]SYV
XSTMG ERH ]SYV EYHMIRGI

8LIVI EVI WIZIVEP STXMSRW JSV SVKERM^MRK WTIIGLIW SR UYIWXMSRW SJ TSPMG] -J ]SY
EHZSGEXI E GLERKI MR TSPMG] ]SYV QEMR TSMRXW [MPP SJXIR JEPP REXYVEPP] MRXS TVSFPIQ
WSPYXMSR SVHIV SV MRXS TVSFPIQ GEYWI WSPYXMSR SVHIV -J ]SYV EYHMIRGI EPVIEH] EKVIIW
XLEX E TVSFPIQ I\MWXW ]SY QE] FI EFPI XS YWI GSQTEVEXMZI EHZERXEKIW SVHIV ;LIR
IZIV ]SY WIIO MQQIHMEXI EGXMSR JVSQ PMWXIRIVW ]SY WLSYPH GSRWMHIV E QSVI WTIGMEPM^IH
SVKERM^EXMSREP TEXXIVR ORS[R EW 1SRVSItW QSXMZEXIH WIUYIRGI

6IKEVHPIWW SJ ]SYV XSTMG SV QIXLSH SJ SVKERM^EXMSR ]SY RIIH XS QEOI WYVI ]SYV
KSEPW EVI IXLMGEPP] WSYRH ERH XLEX ]SY YWI IXLMGEP QIXLSHW XS TIVWYEHI ]SYV EYHMIRGI



TIVWYEWMSR
RIIH

QIRXEP HMEPSKYI [MXL XLI EYHMIRGI
FYVHIR SJ TVSSJ

XEVKIX EYHMIRGI
TPER

UYIWXMSR SJ JEGX
TVEGXMGEPMX]

UYIWXMSR SJ ZEPYI
TVSFPIQ WSPYXMSR SVHIV

UYIWXMSR SJ TSPMG]
TVSFPIQ GEYWI WSPYXMSR SVHIV

WTIIGL XS KEMR TEWWMZI EKVIIQIRX
GSQTEVEXMZI EHZERXEKIW SVHIV

WTIIGL XS KEMR MQQIHMEXI EGXMSR
1SRVSItW QSXMZEXIH WIUYIRGI


6 ):-); 59)78-327

%JXIV VIEHMRK XLMW GLETXIV ]SY WLSYPH FI EFPI XS ERW[IV XLI JSPPS[MRK UYIWXMSRW

; LEX MW XLI HMJJIVIRGI FIX[IIR ER MRJSVQEXMZI WTIIGL ERH E TIVWYEWMZI WTIIGL#
;L] MW WTIEOMRK XS TIVWYEHI QSVI GLEPPIRKMRK XLER WTIEOMRK XS MRJSVQ#

6IZMI[ 5YIWXMSRW

0YGEW 8LI %VX SJ 4YFPMG 7TIEOMRK XS 4IVWYEHI 8I\X  8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW

;LEX HSIW MX QIER XS WE] XLEX EYHMIRGIW IRKEKI MR E QIRXEP HMEPSKYI [MXL XLI
WTIEOIV EW XLI] PMWXIR XS E WTIIGL# ;LEX MQTPMGEXMSRW HSIW XLMW QIRXEP KMZI
ERH XEOI LSPH JSV IJJIGXMZI TIVWYEWMZI WTIEOMRK#

;LEX MW XLI XEVKIX EYHMIRGI JSV E TIVWYEWMZI WTIIGL#

;LEX EVI UYIWXMSRW SJ JEGX# ,S[ HSIW E TIVWYEWMZI WTIIGL SR E UYIWXMSR SJ JEGX
HMJJIV JVSQ ER MRJSVQEXMZI WTIIGL# +MZI ER I\EQTPI SJ E WTIGMJMG TYVTSWI WXEXI
QIRX JSV E TIVWYEWMZI WTIIGL SR E UYIWXMSR SJ JEGX

;LEX EVI UYIWXMSRW SJ ZEPYI# +MZI ER I\EQTPI SJ E WTIGMJMG TYVTSWI WXEXIQIRX
JSV E TIVWYEWMZI WTIIGL SR E UYIWXMSR SJ ZEPYI

GSRRIGXPYGEW GSQ ;LEX EVI UYIWXMSRW SJ TSPMG]# +MZI ER I\EQTPI SJ E WTIGMJMG TYVTSWI WXEXIQIRX
*SV JYVXLIV VIZMI[ KS XS XLI JSV E TIVWYEWMZI WTIIGL SR E UYIWXMSR SJ TSPMG]
7XYH] 5YIWXMSRW MR XLI SRPMRI
7XYH] %MHW JSV XLMW GLETXIV )\TPEMR XLI HMJJIVIRGI FIX[IIR TEWWMZI EKVIIQIRX ERH MQQIHMEXI EGXMSR EW
KSEPW JSV TIVWYEWMZI WTIIGLIW SR UYIWXMSRW SJ TSPMG]

;LEX EVI XLI XLVII FEWMG MWWYIW ]SY QYWX HIEP [MXL [LIR HMWGYWWMRK E UYIWXMSR
SJ TSPMG]# ;LEX [MPP HIXIVQMRI XLI EQSYRX SJ EXXIRXMSR ]SY KMZI XS IEGL SJ
XLIWI MWWYIW MR ER] TEVXMGYPEV WTIIGL#

;LEX JSYV QIXLSHW SJ SVKERM^EXMSR EVI YWIH QSWX SJXIR MR TIVWYEWMZI WTIIGLIW
SR UYIWXMSRW SJ TSPMG]#

;LEX EVI XLI JMZI WXITW SJ 1SRVSItW QSXMZEXIH WIUYIRGI# ;L] MW XLI QSXM
ZEXIH WIUYIRGI IWTIGMEPP] YWIJYP MR WTIIGLIW XLEX WIIO MQQIHMEXI EGXMSR JVSQ
PMWXIRIVW#

)<)6'-7)7 *36 '6-8-'%0 8,-2/-2+

0 SSO FEGO EX XLI WXSV] SJ 6EQSR 8VYNMPPS EX XLI FIKMRRMRK SJ XLMW GLETXIV
TEKI
0MOI 6EQSR QSWX TISTPI HS E GIVXEMR EQSYRX SJ TIVWYEHMRK IZIV]
HE] MR RSVQEP GSRZIVWEXMSR /IIT E NSYVREP SJ ]SYV GSQQYRMGEXMSR EGXMZMXMIW
JSV ER IRXMVI HE] QEOMRK WTIGMEP RSXI SJ EPP MRWXERGIW MR [LMGL ]SY XVMIH XS
TIVWYEHI WSQISRI IPWI XS ]SYV TSMRX SJ ZMI[ 'LSSWI SRI SJ XLSWI MRWXERGIW
ERH TVITEVI E FVMIJ EREP]WMW SJ MX
-R ]SYV EREP]WMW ERW[IV XLI JSPPS[MRK UYIWXMSRW
;LS [EW XLI EYHMIRGI
JSV ]SYV TIVWYEWMZI IJJSVX#
;LEX [IVI XLI qWTIGMJMG TYVTSWIr ERH XLI qGIRXVEP
MHIEr SJ ]SYV TIVWYEWMZI QIWWEKI#
(MH ]SY VILIEVWI ]SYV TIVWYEWMZI QIWWEKI
ELIEH SJ XMQI SV HMH MX EVMWI WTSRXERISYWP] JVSQ XLI WMXYEXMSR#
;IVI ]SY
WYGGIWWJYP MR EGLMIZMRK ]SYV WTIGMJMG TYVTSWI#
-J ]SY JEGIH XLI WEQI WMXYEXMSR
EKEMR [LEX WXVEXIKMG GLERKIW [SYPH ]SY QEOI MR ]SYV TIVWYEWMZI IJJSVX#

&IPS[ EVI JSYV WTIGMJMG TYVTSWIW JSV TIVWYEWMZI WTIIGLIW -R IEGL GEWI I\TPEMR
[LIXLIV XLI WTIIGL EWWSGMEXIH [MXL MX GSRGIVRW E UYIWXMSR SJ JEGX E UYIWXMSR SJ
ZEPYI SV E UYIWXMSR SJ TSPMG] 8LIR VI[VMXI XLI WTIGMJMG TYVTSWI WXEXIQIRX XS
QEOI MX ETTVSTVMEXI JSV E WTIIGL EFSYX SRI SJ XLI SXLIV X[S OMRHW SJ UYIWXMSRW
*SV MRWXERGI MJ XLI SVMKMREP TYVTSWI WXEXIQIRX MW EFSYX E UYIWXMSR SJ TSPMG]
[VMXI E RI[ WTIGMJMG TYVTSWI WXEXIQIRX XLEX HIEPW [MXL XLI WEQI XSTMG EW IMXLIV
E UYIWXMSR SJ JEGX SV E UYIWXMSR SJ ZEPYI

)\EQTPI

3VMKMREP WXEXIQIRX 8S TIVWYEHI Q] EYHMIRGI XLEX MX MW YRJEMV JSV NYHKIW XS JEZSV REXYVEP
TEVIRXW SZIV EHSTXMZI TEVIRXW MR GLMPH GYWXSH] HMWTYXIW UYIWXMSR SJ ZEPYI


6I[VMXXIR WXEXIQIRX 8S TIVWYEHI Q] EYHMIRGI XLEX XLI GSYVXW WLSYPH IWXEFPMWL GPIEV
KYMHIPMRIW JSV WIXXPMRK HMWTYXIW FIX[IIR EHSTXMZI TEVIRXW ERH REXYVEP TEVIRXW MR GLMPH
GYWXSH] GEWIW UYIWXMSR SJ TSPMG]


',%48)6 74)%/-2+ 83 4)679%()

0YGEW 8LI %VX SJ 4YFPMG 7TIEOMRK XS 4IVWYEHI 8I\X  8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW

E 8S TIVWYEHI Q] EYHMIRGI XS HSREXI XMQI EW E GSQQYRMX] ZSPYRXIIV

F 8S TIVWYEHI Q] EYHMIRGI XLEX ZMSPIRGI MR ZMHIS KEQIW MW E QENSV GEYWI SJ ZMSPIRX
FILEZMSV EQSRK XIIREKIVW

G 8 S TIVWYEHI Q] EYHMIRGI XLEX E REXMSREP WEPIW XE\ WLSYPH FI EHSTXIH XS LIPT TE]
SJJ XLI REXMSREP HIFX

H 8S TIVWYEHI Q] EYHMIRGI XLEX MX MW YRIXLMGEP JSV FYWMRIWWIW XS YWI KIRIXMG XIWXMRK
MR WGVIIRMRK TSXIRXMEP IQTPS]IIW

'LSSWI E XSTMG JSV E TIVWYEWMZI WTIIGL SR E UYIWXMSR SJ TSPMG] 'VIEXI X[S WTI
GMJMG TYVTSWI WXEXIQIRXW EFSYX XLEX XSTMGhSRI JSV E WTIIGL XS KEMR TEWWMZI
EKVIIQIRX ERSXLIV JSV E WTIIGL XS QSXMZEXI MQQIHMEXI EGXMSR 3RGI ]SY LEZI
XLI WTIGMJMG TYVTSWI WXEXIQIRXW I\TPEMR LS[ XLI WTIIGL WIIOMRK MQQIHMEXI
EGXMSR [SYPH HMJJIV MR WXVYGXYVI ERH TIVWYEWMZI ETTIEPW JVSQ XLI WTIIGL WIIOMRK
TEWWMZI EKVIIQIRX &I WTIGMJMG

%REP]^I XLI WEQTPI WTIIGL [MXL GSQQIRXEV] EX XLI IRH SJ XLMW GLETXIV q4YX
XMRK XLI &VEOIW SR 8IIREKI (VMZMRK r TEKIW i
4E] WTIGMEP EXXIRXMSR XS
LS[ XLI WTIEOIV WYTTSVXW LIV MHIEW EW WLI QSZIW XLVSYKL XLI TVSFPIQ GEYWI
ERH WSPYXMSR WIGXMSRW (SIW WLI TVIWIRX E GSRZMRGMRK GEWI XLEX E WIVMSYW TVSFPIQ
I\MWXW# ;LEX HSIW WLI MHIRXMJ] EW XLI QENSV GEYWIW SJ XLI TVSFPIQ# (SIW LIV TPER
EHHVIWW EPP SJ XLSWI GEYWIW#

7IPIGX E XIPIZMWMSR GSQQIVGMEP XLEX MW SVKERM^IH EGGSVHMRK XS 1SRVSItW QSXM
ZEXIH WIUYIRGI 4VITEVI E FVMIJ EREP]WMW MR [LMGL ]SY E
MHIRXMJ] XLI XEVKIX
EYHMIRGI JSV XLI GSQQIVGMEP ERH F
HIWGVMFI IEGL WXIT MR XLI QSXMZEXIH
WIUYIRGI EW MX ETTIEVW MR XLI GSQQIVGMEP

%REP]^I q8LI 9PXMQEXI +MJX r MR XLI ETTIRHM\ SJ WEQTPI WTIIGLIW XLEX JSPPS[W
'LETXIV TT % i%
&IGEYWI XLMW WTIIGL MW SVKERM^IH MR 1SRVSItW QSXM
ZEXIH WIUYIRGI TE] WTIGMEP EXXIRXMSR XS LS[ XLI WTIEOIV HIZIPSTW IEGL WXIT MR
XLI WIUYIRGIhEXXIRXMSR RIIH WEXMWJEGXMSR ZMWYEPM^EXMSR EGXMSR -HIRXMJ] [LIVI
IEGL WXIT SJ XLI WIUYIRGI SGGYVW MR XLI WTIIGL ERH I\TPEMR LS[ XLI TIVWYEWMZI
ETTIEP SJ XLI WTIIGL FYMPHW JVSQ WXIT XS WXIT

%TTP]MRK XLI 4S[IV SJ 4YFPMG 7TIEOMRK

%W E PSGEP YRMSR PIEHIV MX MW ]SYV NSF XS TVIWIRX E GSRXVEGX SJJIV QEHI F] QEREKI
QIRX XS ]SYV WXVMOMRK QIQFIVWLMT 8LSYKL XLI TVSTSWIH SJJIV JEPPW WLSVX SJ QIIX
MRK EPP ]SYV YRMSRtW HIQERHW ]SY FIPMIZI MX MW E KSSH SJJIV ERH MR ]SYV WTIIGL ]SY
[MPP VIGSQQIRH XLEX XLI YRMSR QIQFIVW ZSXI XS EGGITX MX

8LI GSRXVEGX MWWYIW LEZI FIIR LSXP] HIFEXIH WS ]SY LEZI ER MHIE LS[ WSQI SJ
]SYV QIQFIVW [MPP GEWX XLIMV FEPPSXW 3RI MWWYI MW XLEX QEREKIQIRX LEW KYEVER
XIIH XS QEMRXEMR JYPP FIRIJMXW JSV GYVVIRX [SVOIVW FYX [ERXW XS VIHYGI FIRIJMXW JSV
RI[ [SVOIVW 8LSYKL XLI TVSTSWIH SJJIV PMQMXW XLIWI VIHYGXMSRW ]SY ORS[ SJ
QIQFIVW [LS [MPP ZSXI EKEMRWX ER] TVSTSWEP XLEX PMQMXW XLI FIRIJMXW SJ JYXYVI [SVO
IVW %PVIEH] [MXL ]SY LS[IZIV EVI XLI QIQFIVW [LS ZSXIH RSX XS WXVMOI ERH [LS
[MPP ZSXI XS EGGITX ER] VIEWSREFPI SJJIV %QSRK XLI YRHIGMHIH ZSXIVW EVI XLSWI [LS
XLMRO XLEX WMRGI XLI WXVMOI MW SRP] MR MXW WIGSRH [IIO E FIXXIV GSRXVEGX QE] FI
SJJIVIH MJ XLMW TVSTSWEP MW VINIGXIH

;LS MW XLI XEVKIX EYHMIRGI JSV ]SYV WTIIGL# ,S[ [MPP ]SY TIVWYEHI XLIQ XS
ZSXI ]IW SR XLI GSRXVEGX SJJIV# ;LMGL SJ XLI JSPPS[MRK QIXLSHW SJ SVKERM^EXMSR [MPP
]SY YWI JSV ]SYV WTIIGL ERH [L] TVSFPIQ WSPYXMSR GSQTEVEXMZI EHZERXEKIW
1SRVSItW QSXMZEXIH WIUYIRGI#

%TTP]MRK XLI 4S[IV SJ 4YFPMG 7TIEOMRK

0YGEW 8LI %VX SJ 4YFPMG 1IXLSHW SJ 4IVWYEWMSR 8I\X  8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW

1IXLSHW SJ 4IVWYEWMSR

&YMPHMRK 'VIHMFMPMX]
*EGXSVW SJ 'VIHMFMPMX]
8]TIW SJ 'VIHMFMPMX]
)RLERGMRK =SYV 'VIHMFMPMX]

9WMRK )ZMHIRGI
,S[ )ZMHIRGI ;SVOW % 'EWI 7XYH]
8MTW JSV 9WMRK )ZMHIRGI

6IEWSRMRK
6IEWSRMRK JVSQ 7TIGMJMG -RWXERGIW
6IEWSRMRK JVSQ 4VMRGMTPI
'EYWEP 6IEWSRMRK
%REPSKMGEP 6IEWSRMRK
*EPPEGMIW

%TTIEPMRK XS )QSXMSRW
;LEX %VI )QSXMSREP %TTIEPW#
+IRIVEXMRK )QSXMSREP %TTIEP
)XLMGW ERH )QSXMSREP %TTIEP

7EQTPI 7TIIGL [MXL 'SQQIRXEV]

0YGEW 8LI %VX SJ 4YFPMG 1IXLSHW SJ 4IVWYEWMSR 8I\X  8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW

0YGEW 8LI %VX SJ 4YFPMG 1IXLSHW SJ 4IVWYEWMSR 8I\X  8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW

4IVWYEWMSR MW FMK FYWMRIWW 8LSYWERHW SJ EYXLSVW ERH GSRWYPXERXW TVSQMWI XS XIEGL
]SY XLI SRI OI] WIGVIX XS TIVWYEHMRK TISTPI XS HS [LEX ]SY [ERX (ER 0SO
GPEMQW XS VIZIEP qJSVFMHHIR TW]GLSPSKMGEP XEGXMGWr XLEX [MPP qKMZI ]SY ER YRJEMV
EHZERXEKI MR HIEPMRK [MXL TISTPI r 7GSXX 1SPHIRLEYIV [MPP LIPT ]SY YRPSGO qXLI WGM
IRGI SJ TIVWYEWMSRr XS KIX XLI FYWMRIWW VIWYPXW ]SY GVEZI /YVX 1SVXIRWIR TVSQMWIW XS
QEOI ]SY qE QEWXIV SJ TIVWYEWMSRr WS ]SY GER qKIX [LEX ]SY [ERX [LIR ]SY [ERX MX r
/IZMR ,SKER HVE[W SR qXLI WGMIRGI SJ MRJPYIRGIr XS KMZI ]SY TIVWYEWMSR XIGLRMUYIW
qXLI I\TIVXW HSRtX [ERX ]SY XS ORS[ r 8LIWI TISTPI EPP GLEVKI XLSYWERHW SJ HSPPEVW
JSV XLIMV WIQMREVW LYRHVIHW JSV ZMHISW ERH QSXMZEXMSREP FSSOW 'SQTERMIW ERH
MRHMZMHYEPW JPSGOhERH TE]hXS VIEH ERH LIEV [LEX XLI] LEZI XS WE]

-X WSYRHW KSSH FYX GER ER] SJ XLIWI TISTPI VIEPP] LEZI XLI qSRI OI]
WIGVIXr XS TIVWYEWMSR# 4VSFEFP] RSX 4IVWYEWMSR MW XSS GSQTPMGEXIH JSV XLEX =IX
EW XLI RYQFIV SJ FSSOW WIQMREVW ERH ZMHISW SR XLI WYFNIGX WLS[W XLIVI MW E
TIVTIXYEP JEWGMREXMSR [MXL XLI WXVEXIKMIW ERH XEGXMGW SJ IJJIGXMZI TIVWYEWMSR

;LEX QEOIW E WTIEOIV TIVWYEWMZI# ;L] HS PMWXIRIVW EGGITX SRI WTIEOIVtW
ZMI[W ERH VINIGX XLSWI SJ ERSXLIV# ,S[ GER E WTIEOIV QSXMZEXI PMWXIRIVW XS EGX
MR WYTTSVX SJ E GEYWI E GEQTEMKR SV E GERHMHEXI# 4ISTPI LEZI FIIR XV]MRK XS
ERW[IV XLIWI UYIWXMSRW JSV XLSYWERHW SJ ]IEVWhJVSQ XLI ERGMIRX +VIIO TLM
PSWSTLIV %VMWXSXPI XS QSHIVR HE] GSQQYRMGEXMSR VIWIEVGLIVW %PXLSYKL QER]
ERW[IVW LEZI FIIR KMZIR [I GER WE] XLEX PMWXIRIVW [MPP FI TIVWYEHIH F] E
WTIEOIV JSV SRI SV QSVI SJ JSYV VIEWSRW

&IGEYWI XLI] TIVGIMZI XLI WTIEOIV EW LEZMRK LMKL GVIHMFMPMX]
&IGEYWI XLI] EVI [SR SZIV F] XLI WTIEOIVtW IZMHIRGI
&IGEYWI XLI] EVI GSRZMRGIH F] XLI WTIEOIVtW VIEWSRMRK
&IGEYWI XLIMV IQSXMSRW EVI XSYGLIH F] XLI WTIEOIVtW MHIEW SV PERKYEKI

-R XLMW GLETXIV [I [MPP PSSO EX IEGL SJ XLIWI ;I [MPP RSX HMWGSZIV ER]
QEKMGEP WIGVIXW XLEX [MPP QEOI ]SY ER MVVIWMWXMFPI TIVWYEWMZI WTIEOIV &YX MJ ]SY
PIEVR XLI TVMRGMTPIW HMWGYWWIH MR XLMW GLETXIV ]SY [MPP KVIEXP] MRGVIEWI ]SYV
SHHW SJ [MRRMRK XLI QMRHW ERH LIEVXW SJ ]SYV PMWXIRIVW

&YMPHMRK 'VIHMFMPMX]

,IVI EVI X[S WIXW SJ MQEKMREV] WXEXIQIRXW ;LMGL SRI SJ IEGL TEMV [SYPH ]SY
FI QSVI PMOIP] XS FIPMIZI#

;I GER I\TIGX XS WII QSVI JIQEPI GERHMHEXIW JSV 4VIWMHIRX MR XLI JSVIWIIEFPI JYXYVI
,MPPEV] 'PMRXSR


;I [MPP RSX LEZI QSVI JIQEPI GERHMHEXIW JSV 4VIWMHIRX MR XLI JSVIWIIEFPI JYXYVI 4I]XSR
1ERRMRK


'LERKIW MR TVSJIWWMSREP JSSXFEPP EVI TVSHYGMRK E JEWXIV QSVI TEWW SVMIRXIH KEQI
4I]XSR 1ERRMRK


'LERKIW MR TVSJIWWMSREP JSSXFEPP EVI TVSHYGMRK E WPS[IV QSVI VYR SVMIRXIH KEQI ,MPPEV]
'PMRXSR


1SWX PMOIP] ]SY GLSWI XLI JMVWX MR IEGL TEMV SJ WXEXIQIRXW -J WS ]SY [IVI
TVSFEFP] MRJPYIRGIH F] ]SYV TIVGITXMSR SJ XLI WTIEOIV =SY EVI QSVI PMOIP]

',%48)6 1)8,3(7 3* 4)679%7-32

0YGEW 8LI %VX SJ 4YFPMG 1IXLSHW SJ 4IVWYEWMSR 8I\X  8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW

XS VIWTIGX XLI NYHKQIRX SJ 'PMRXSR [LS EPQSWX GETXYVIH XLI (IQS IXLSW
GVEXMG TVIWMHIRXMEP RSQMREXMSR [LIR WLI WTIEOW EFSYX JIQEPI GERHMHEXIW JSV 8LI REQI YWIH F] %VMWXSXPI
4VIWMHIRX ERH XS VIWTIGX XLI NYHKQIRX SJ 1ERRMRK X[S XMQI 2*0 4PE]IV SJ JSV [LEX QSHIVR WXYHIRXW
XLI =IEV [LIR LI WTIEOW EFSYX XVIRHW MR TVSJIWWMSREP JSSXFEPP 7SQI XIEGLIVW SJ GSQQYRMGEXMSR VIJIV XS
GEPP XLMW JEGXSV WSYVGI GVIHMFMPMX] 3XLIVW VIJIV XS MX EW IXLSW XLI REQI KMZIR F] EW GVIHMFMPMX]
%VMWXSXPI

*%'8367 3* '6)(-&-0-8=

1ER] XLMRKW EJJIGX E WTIEOIVtW GVIHMFMPMX] MRGPYHMRK WSGMEFMPMX] H]REQMWQ TL]W
MGEP EXXVEGXMZIRIWW ERH TIVGIMZIH WMQMPEVMX] FIX[IIR WTIEOIV ERH EYHMIRGI %FSZI
EPP XLSYKL GVIHMFMPMX] MW EJJIGXIH F] X[S JEGXSVW

'SQTIXIRGIhLS[ ER EYHMIRGI VIKEVHW E WTIEOIVtW MRXIPPMKIRGI I\TIVXMWI
ERH ORS[PIHKI SJ XLI WYFNIGX

'LEVEGXIVhLS[ ER EYHMIRGI VIKEVHW E WTIEOIVtW WMRGIVMX] XVYWX[SVXLMRIWW GVIHMFMPMX]
ERH GSRGIVR JSV XLI [IPP FIMRK SJ XLI EYHMIRGI 8LI EYHMIRGItW TIVGITXMSR SJ
[LIXLIV E WTIEOIV MW UYEPMJMIH
8LI QSVI JEZSVEFP] PMWXIRIVW ZMI[ E WTIEOIVtW GSQTIXIRGI ERH GLEVEGXIV XS WTIEO SR E KMZIR XSTMG 8LI
XLI QSVI PMOIP] XLI] EVI XS EGGITX [LEX XLI WTIEOIV WE]W 2S HSYFX ]SY EVI X[S QENSV JEGXSVW MRJPYIRGMRK
JEQMPMEV [MXL XLMW JVSQ ]SYV S[R I\TIVMIRGI 7YTTSWI ]SY XEOI E GSYVWI MR E WTIEOIVtW GVIHMFMPMX] EVI
IGSRSQMGW 8LI GSYVWI MW XEYKLX F] E HMWXMRKYMWLIH TVSJIWWSV [LS LEW TYF GSQTIXIRGI ERH GLEVEGXIV
PMWLIH [MHIP] MR TVIWXMKMSYW NSYVREPW [LS WMXW SR E QENSV MRXIVREXMSREP GSQ
QMWWMSR ERH [LS LEW [SR WIZIVEP E[EVHW JSV SYXWXERHMRK VIWIEVGL -R GPEWW MRMXMEP GVIHMFMPMX]
]SY LERK SR XLMW TVSJIWWSVtW IZIV] [SVH 3RI HE] XLI TVSJIWWSV MW EFWIRX E GSP 8LI GVIHMFMPMX] SJ E WTIEOIV
PIEKYI JVSQ XLI )GSRSQMGW (ITEVXQIRXhJYPP] UYEPMJMIH FYX RSX EW [IPP FIJSVI WLI SV LI WXEVXW XS
ORS[RhGSQIW XS PIGXYVI MRWXIEH 4SWWMFP] XLI JMPP MR MRWXVYGXSV KMZIW XLI WEQI WTIEO
PIGXYVI XLI HMWXMRKYMWLIH TVSJIWWSV [SYPH LEZI KMZIR FYX ]SY HS RSX TE] HIVMZIH GVIHMFMPMX]
RIEVP] EW GPSWI EXXIRXMSR 8LI SXLIV MRWXVYGXSV HSIW RSX LEZI EW LMKL GVIHMFMPMX] 8LI GVIHMFMPMX] SJ E WTIEOIV
EW XLI TVSJIWWSV TVSHYGIH F] IZIV]XLMRK WLI SV
LI WE]W ERH HSIW HYVMRK XLI
-X MW MQTSVXERX XS VIQIQFIV XLEX GVIHMFMPMX] MW ER EXXMXYHI -X I\MWXW RSX MR WTIIGL
XLI WTIEOIV FYX MR XLI QMRH SJ XLI EYHMIRGI % WTIEOIV QE] LEZI LMKL GVIHMFMP XIVQMREP GVIHMFMPMX]
MX] JSV SRI EYHMIRGI ERH PS[ GVIHMFMPMX] JSV ERSXLIV % WTIEOIV QE] EPWS LEZI 8LI GVIHMFMPMX] SJ E WTIEOIV EX
LMKL GVIHMFMPMX] SR SRI XSTMG ERH PS[ GVIHMFMPMX] SR ERSXLIV 0SSOMRK FEGO XS XLI IRH SJ XLI WTIIGL
SYV MQEKMREV] WXEXIQIRXW QSWX TISTPI [SYPH QSVI VIEHMP] FIPMIZI 4I]XSR
1ERRMRK WTIEOMRK EFSYX TVSJIWWMSREP JSSXFEPP XLER 4I]XSR 1ERRMRK WTIEOMRK
EFSYX XLI JYXYVI SJ JIQEPI TVIWMHIRXMEP GERHMHEXIW

8=4)7 3* '6)(-&-0-8=

2SX SRP] GER E WTIEOIVtW GVIHMFMPMX] ZEV] JVSQ EYHMIRGI XS EYHMIRGI ERH XSTMG
XS XSTMG FYX MX GER EPWS GLERKI HYVMRK XLI GSYVWI SJ E WTIIGLhWS QYGL WS XLEX
[I GER MHIRXMJ] XLVII X]TIW SJ GVIHMFMPMX]

-RMXMEP GVIHMFMPMX]hXLI GVIHMFMPMX] SJ XLI WTIEOIV FIJSVI WLI SV LI WXEVXW XS
WTIEO

(IVMZIH GVIHMFMPMX]hXLI GVIHMFMPMX] SJ XLI WTIEOIV TVSHYGIH F] IZIV]XLMRK
WLI SV LI WE]W ERH HSIW HYVMRK XLI WTIIGL MXWIPJ

8IVQMREP GVIHMFMPMX]hXLI GVIHMFMPMX] SJ XLI WTIEOIV EX XLI IRH SJ XLI WTIIGL

&YMPHMRK 'VIHMFMPMX]

0YGEW 8LI %VX SJ 4YFPMG 1IXLSHW SJ 4IVWYEWMSR 8I\X  8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW

%PP XLVII EVI H]REQMG ,MKL MRMXMEP GVIHMFMPMX] MW E KVIEX EHZERXEKI JSV ER]
WTIEOIV FYX MX GER FI HIWXVS]IH HYVMRK E WTIIGL VIWYPXMRK MR PS[ XIVQMREP GVIH
MFMPMX] 8LI VIZIVWI GER EPWS SGGYV EW MR XLI JSPPS[MRK I\EQTPI

&EVV] (IZMRW MW XLI MRJSVQEXMSR XIGLRSPSK] QEREKIV JSV E QENSV RSRTVSJMX VIWIEVGL
JSYRHEXMSR 7SSR EJXIV XEOMRK XLI NSF LI TYVGLEWIH ER YTKVEHI JSV XLI JSYRHEXMSRtW
I QEMP TVSKVEQ ,I EWWYQIH XLIVI [SYPH FI WSQI KPMXGLIW FYX XLI] JEV I\GIIHIH ER]
XLMRK LI LEH MQEKMRIH -X XSSO WM\ QSRXLW XS KIX XLI YTKVEHI [SVOMRK TVSTIVP] ERH
IZIR XLIR TISTPI GSRXMRYIH XS KVYQFPI EFSYX QIWWEKIW XLI] LEH PSWX HYVMRK XLI TLEWI
MR TIVMSH

% ]IEV PEXIV XLI JSYRHEXMSR [EW E[EVHIH E PEVKI GSRXVEGX ERH XLI TVIWMHIRX HIGMHIH
XS TYVGLEWI E HEXE W]RGLVSRM^EXMSR W]WXIQ JSV XLI IRXMVI SVKERM^EXMSR 7LI EWOIH &EVV] XS
XEOI GLEVKI SJ FY]MRK XLI W]WXIQ ERH XVEMRMRK XLI WXEJJ MR MXW YWI

;LIR &EVV] SYXPMRIH LMW TPERW EX E [IIOP] WXEJJ QIIXMRK LI LEH PS[ MRMXMEP GVIHMFMPMX]
)ZIV]SRI VIQIQFIVIH XLI I QEMP TVSKVEQ ERH XLI] [IVI VIPYGXERX XS KS XLVSYKL XLI
WEQI TVSFPIQW EKEMR &YX &EVV] VIEPM^IH XLMW ERH [EW TVITEVIH

,I FIKER F] VIQMRHMRK IZIV ]SRI XLEX XLI TVIWMHIRX LEH EYXLSVM^IH LMQ XS TYVGLEWI
E WXEXI SJ XLI EVX W]WXIQ XLEX [SYPH QEOI XLIMV PMZIW IEWMIV ERH MQTVSZI SJJMGI GSQQYRMGE
XMSRW ,I XLIR EGORS[PIHKIH XLEX LI LEH XSPH XLIQ XLI WEQI XLMRK EFSYX XLI I QEMP
YTKVEHIhER EHQMWWMSR XLEX HVI[ E PEYKL ERH LIPTIH IZIV]SRI VIPE\ *MREPP] LI I\TPEMRIH
XLEX LI LEH GLIGOIH [MXL WIZIVEP SXLIV SVKERM^EXMSRW XLEX LEH MRWXEPPIH XLI WEQI HEXE
W]RGLVSRM^EXMSR W]WXIQ LI [EW TYVGLEWMRK ERH XLI] EPP LEH XSPH LMQ MX [SVOIH JPE[PIWWP]

8LVSYKLSYX LMW TVIWIRXEXMSR &EVV]tW ETTVSEGL [EW q- ORS[ XLI I QEMP YTKVEHI [EW
E HMWEWXIV ERH -tZI [SVOIH LEVH XS QEOI WYVI MX HSIWRtX LETTIR EKEMR r &] XLI XMQI LI
JMRMWLIH QSWX WXEJJ QIQFIVW [IVI IEKIV XS LEZI XLI HEXE W]RGLVSRM^EXMSR W]WXIQ YT ERH
VYRRMRK &EVV] LEH EGLMIZIH LMKL XIVQMREP GVIHMFMPMX]

-R IZIV] WTIIGL ]SY KMZI ]SY [MPP LEZI WSQI HIKVII SJ MRMXMEP GVIHMFMPMX]
[LMGL [MPP FI WXVIRKXLIRIH SV [IEOIRIH F] ]SYV QIWWEKI ERH LS[ ]SY HIPMZIV
MX %RH ]SYV XIVQMREP GVIHMFMPMX] JVSQ SRI WTIIGL [MPP EJJIGX ]SYV MRMXMEP GVIHM
FMPMX] JSV XLI RI\X SRI -J ]SYV EYHMIRGI WIIW ]SY EW WMRGIVI ERH GSQTIXIRX
XLI] [MPP FI QYGL QSVI VIGITXMZI XS ]SYV MHIEW

)2,%2'-2+ =396 '6)(-&-0-8=

,S[ GER ]SY FYMPH ]SYV GVIHMFMPMX] MR ]SYV WTIIGLIW# %X SRI PIZIP XLI ERW[IV
MW JVYWXVEXMRKP] KIRIVEP 7MRGI IZIV]XLMRK ]SY WE] ERH HS MR E WTIIGL [MPP EJJIGX
]SYV GVIHMFMPMX] ]SY WLSYPH WE] ERH HS IZIV]XLMRK MR E [E] XLEX [MPP QEOI ]SY
ETTIEV GETEFPI ERH XVYWX[SVXL] -R SXLIV [SVHWhKMZI E FVMPPMERX WTIIGL ERH
]SY [MPP EGLMIZI LMKL GVIHMFMPMX]

8LI EHZMGI MW WSYRH FYX RSX EPP XLEX LIPTJYP 8LIVI EVI LS[IZIV WSQI
WTIGMJMG [E]W ]SY GER FSSWX ]SYV GVIHMFMPMX] [LMPI WTIEOMRK 8LI] MRGPYHI
I\TPEMRMRK ]SYV GSQTIXIRGI IWXEFPMWLMRK GSQQSR KVSYRH [MXL XLI EYHMIRGI
ERH WTIEOMRK [MXL KIRYMRI GSRZMGXMSR

)\TPEMR =SYV 'SQTIXIRGI

3RI [E] XS IRLERGI ]SYV GVIHMFMPMX] MW XS EHZIVXMWI ]SYV I\TIVXMWI SR XLI
WTIIGL XSTMG (MH ]SY MRZIWXMKEXI XLI XSTMG XLSVSYKLP]# 8LIR WE] WS (S ]SY
LEZI I\TIVMIRGI XLEX KMZIW ]SY WTIGMEP ORS[PIHKI SV MRWMKLX# %KEMR WE] WS

,IVI MW LS[ X[S WXYHIRXW VIZIEPIH XLIMV UYEPMJMGEXMSRW 8LI JMVWX WXVIWWIH LIV
WXYH] ERH VIWIEVGL

',%48)6 1)8,3(7 3* 4)679%7-32

0YGEW 8LI %VX SJ 4YFPMG 1IXLSHW SJ 4IVWYEWMSR 8I\X  8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW

% WTIEOIVtW GVIHMFMPMX] LEW E
TS[IVJYP MQTEGX SR LS[ LIV
SV LMW WTIIGL MW VIGIMZIH 3RI
[E] XS FSSWX ]SYV GVIHMFMPMX]
MW XS HIPMZIV ]SYV WTIIGLIW
I\TVIWWMZIP] ERH [MXL WXVSRK
I]I GSRXEGX

&IJSVI - WXYHMIH ERXMFEGXIVMEP TVSHYGXW MR Q] TYFPMG LIEPXL GPEWW - EP[E]W YWIH ERXMFEG GSRRIGXPYGEW GSQ
XIVMEP WSETW ERH ERXMFEGXIVMEP EPP WYVJEGI GPIERIV JSV Q] ETEVXQIRX - EPWS ORS[ JVSQ Q] :MI[ XLIWI I\GIVTXW JVSQ
GPEWW WYVZI] XLEX TIVGIRX SJ ]SY YWI ERXMFEGXIVMEP WSETW GPIERIVW SV SXLIV TVSHYGXW &YX q&YVWXMRK XLI %RXMFEGXIVMEP
EJXIV PIEVRMRK EFSYX XLI WYFNIGX MR GPEWW ERH VIEHMRK VIWIEVGL WXYHMIW JSV XLMW WTIIGL -tQ &YFFPIr ERH q/IITMRK XLI
LIVI XS XIPP ]SY XLEX XV] EW [I QMKLX [I GERRSX FYMPH E FYFFPI FIX[IIR SYVWIPZIW ERH 7EJIX] 2IX JSV 8LSWI ;LS
KIVQW [MXL ERXMFEGXIVMEP TVSHYGXW ERH XLEX XLIWI TVSHYGXW EGXYEPP] GVIEXI QSVI TVSFPIQW 2IIH -Xr MR XLI SRPMRI 1IHME
XLER XLI] WSPZI 0MFVEV] JSV XLMW GLETXIV
:MHIS 'PMT

8LI WIGSRH WXYHIRX IQTLEWM^IH LIV FEGOKVSYRH ERH TIVWSREP I\TIVMIRGI

1SWX SJ YW LEZI RS MHIE [LEX MX QIERW XS FI TSSV ERH LYRKV] &YX FIJSVI VIXYVRMRK
XS WGLSSP PEWX ]IEV - WTIRX XLVII ]IEVW [SVOMRK EX PSGEP EWWMWXERGI GIRXIVW - [SVOIH MR IZIV]
TEVX SJ XLI GMX] ERH [MXL IZIV] OMRH SJ TIVWSR - GERtX FIKMR XS XIPP ]SY [LEX - LEZI WIIRh
LS[ TSZIVX] HIWXVS]W TISTPItW WSYPW ERH LS[ LYRKIV HVMZIW XLIQ XS HIWTIVEXMSR &YX SR
XLI FEWMW SJ [LEX - GER XIPP ]SY - LSTI ]SY [MPP EKVII [MXL QI XLEX KSZIVRQIRX LIPT JSV
XLI TSSV ERH XLI RIIH] QYWX FI MRGVIEWIH

&SXL WTIEOIVW KVIEXP] MRGVIEWIH XLIMV TIVWYEWMZIRIWW F] IWXEFPMWLMRK XLIMV
GVIHMFMPMX]

) WXEFPMWL 'SQQSR +VSYRH [MXL =SYV %YHMIRGI

%RSXLIV [E] XS FSPWXIV ]SYV GVIHMFMPMX] MW XS IWXEFPMWL GSQQSR KVSYRH [MXL
]SYV EYHMIRGI =SY HS RSX TIVWYEHI PMWXIRIVW F] EWWEYPXMRK XLIMV ZEPYIW ERH
VINIGXMRK XLIMV STMRMSRW %W XLI SPH WE]MRK KSIW q=SY GEXGL QSVI JPMIW [MXL
LSRI] XLER [MXL ZMRIKEV r 8LI WEQI MW XVYI SJ TIVWYEWMSR 7LS[ VIWTIGX JSV

&YMPHMRK 'VIHMFMPMX]

0YGEW 8LI %VX SJ 4YFPMG 1IXLSHW SJ 4IVWYEWMSR 8I\X  8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW

GVIEXMRK GSQQSR ]SYV PMWXIRIVW =SY GER QEOI ]SYV WTIIGL QSVI ETTIEPMRK F] MHIRXMJ]MRK ]SYV
KVSYRH MHIEW [MXL XLSWI SJ ]SYV EYHMIRGIhF] WLS[MRK LS[ ]SYV TSMRX SJ ZMI[ MW GSR
% XIGLRMUYI MR [LMGL E WMWXIRX [MXL [LEX XLI] FIPMIZI
WTIEOIV GSRRIGXW LMQWIPJ SV
LIVWIPJ [MXL XLI ZEPYIW 'VIEXMRK GSQQSR KVSYRH MW IWTIGMEPP] MQTSVXERX EX XLI WXEVX SJ E TIVWYE
EXXMXYHIW SV I\TIVMIRGIW SJ WMZI WTIIGL &IKMR F] MHIRXMJ]MRK [MXL ]SYV PMWXIRIVW 7LS[ XLEX ]SY WLEVI XLIMV
XLI EYHMIRGI ZEPYIW EXXMXYHIW ERH I\TIVMIRGIW +IX XLIQ RSHHMRK XLIMV LIEHW MR EKVIIQIRX
ERH XLI] [MPP FI QYGL QSVI VIGITXMZI XS ]SYV YPXMQEXI TVSTSWEP ,IVI MW LS[
E FYWMRIWW[SQER JVSQ 1EWWEGLYWIXXW LSTMRK XS WIPP LIV TVSHYGX XS ER EYHM
IRGI SJ TISTPI MR 'SPSVEHS FIKER LIV TIVWYEWMZI WTIIGL

- LEZI RIZIV FIIR MR 'SPSVEHS FIJSVI FYX - VIEPP] PSSOIH JSV[EVH XS QEOMRK XLMW XVMT
% PSX SJ Q] ERGIWXSVW PIJX 1EWWEGLYWIXXW ERH GEQI XS 'SPSVEHS RIEVP] ]IEVW EKS
7SQIXMQIW - LEZI [SRHIVIH [L] XLI] HMH MX 8LI] GEQI MR GSZIVIH [EKSRW GEVV]MRK EPP
XLIMV TSWWIWWMSRW ERH QER] SJ XLIQ HMIH SR XLI NSYVRI] 8LI SRIW [LS KSX XLVSYKL VEMWIH
XLIMV LSYWIW ERH VEMWIH XLIMV JEQMPMIW 2S[ XLEX -tZI WIIR 'SPSVEHS - YRHIVWXERH [L] XLI]
XVMIH WS LEVH

8LI EYHMIRGI PEYKLIH ERH ETTPEYHIH ERH XLI WTIEOIV [EW SJJ XS E KSSH WXEVX
2S[ PSSO EX E HMJJIVIRX ETTVSEGL YWIH MR E GPEWWVSSQ WTIIGL JEZSVMRK E

XYMXMSR MRGVIEWI EX XLI WTIEOIVtW WGLSSPhER YRTSTYPEV TSMRX SJ ZMI[ [MXL LMW
GPEWWQEXIW ,I FIKER F] WE]MRK

GSRRIGXPYGEW GSQ %W [I EPP ORS[ XLIVI EVI QER] HMJJIVIRGIW EQSRK XLI TISTPI MR XLMW GPEWW &YX VIKEVH
:MI[ XLMW I\GIVTX JVSQ q0IXtW PIWW SJ EKI QENSV FEGOKVSYRH SV KSEPW [I EPP WLEVI SRI XLMRK MR GSQQSRh[I EVI EPP
4VSXIGX XLI 5YEPMX] SJ 3YV GSRGIVRIH [MXL XLI UYEPMX] SJ IHYGEXMSR EX XLMW WGLSSP %RH XLEX UYEPMX] MW GPIEVP] MR HERKIV
)HYGEXMSRr MR XLI SRPMRI &IGEYWI SJ FYHKIX VIHYGXMSRW JEGYPX] WEPEVMIW LEZI JEPPIR FIPS[ XLSWI EX GSQTEVEFPI
1IHME 0MFVEV] JSV XLMW WGLSSPW PMFVEV] LSYVW LEZI FIIR GYX FEGO ERH QSVI ERH QSVI WXYHIRXW EVI FIMRK GVS[HIH
GLETXIV :MHIS 'PMT
SYX SJ GPEWWIW XLI] RIIH XS XEOI

;LIXLIV [I PMOI MX SV RSX [I LEZI E TVSFPIQhE TVSFPIQ XLEX EJJIGXW IEGL SJ YW 8LMW
QSVRMRK - [SYPH PMOI XS HMWGYWW XLMW TVSFPIQ ERH [LIXLIV MX GER FI WSPZIH F] ER MRGVIEWI
MR XYMXMSR

&] WXVIWWMRK GSQQSR TIVGITXMSRW SJ XLI TVSFPIQ XLI WXYHIRX LSTIH XS KIX SJJ
SR XLI VMKLX JSSX [MXL LMW EYHMIRGI 3RGI XLEX [EW HSRI LI QSZIH KVEHYEPP]
XS LMW QSVI GSRXVSZIVWMEP MHIEW

(IPMZIV =SYV 7TIIGLIW *PYIRXP] )\TVIWWMZIP] ERH [MXL 'SRZMGXMSR

8LIVI MW E KVIEX HIEP SJ VIWIEVGL XS WLS[ XLEX E WTIEOIVtW GVIHMFMPMX] MW WXVSRKP]
EJJIGXIH F] LMW SV LIV HIPMZIV] 1SHIVEXIP] JEWX WTIEOIVW JSV I\EQTPI EVI YWY
EPP] WIIR EW QSVI MRXIPPMKIRX ERH GSRJMHIRX XLER WPS[IV WTIEOIVW 7S XSS EVI
WTIEOIVW [LS YWI ZSGEP ZEVMIX] XS GSQQYRMGEXI XLIMV MHIEW MR E PMZIP] ERMQEXIH
[E] 3R XLI SXLIV LERH WTIEOIVW [LS GSRWMWXIRXP] PSWI XLIMV TPEGI LIWMXEXI
JVIUYIRXP] SV TITTIV XLIMV XEPO [MXL qYL r qIV r ERH qYQr EVI WIIR EW PIWW GSQ
TIXIRX XLER WTIEOIVW [LS EVI TSMWIH ERH H]REQMG

%PP SJ XLMW EVKYIW JSV TVEGXMGMRK ]SYV TIVWYEWMZI WTIIGL JYPP] ELIEH SJ XMQI
WS ]SY GER HIPMZIV MX JPYIRXP] ERH I\TVIWWMZIP] -R EHHMXMSR XS FIMRK FIXXIV TVI
TEVIH ]SY [MPP XEOI E QENSV WXIT XS[EVH IRLERGMRK ]SYV GVIHMFMPMX] 6IZMI[
'LETXIV MJ ]SY LEZI UYIWXMSRW EFSYX WTIIGL HIPMZIV]

7TIEOMRK XIGLRMUYIW EWMHI XLI QSWX MQTSVXERX [E] XS WXVIRKXLIR ]SYV
GVIHMFMPMX] MW XS HIPMZIV ]SYV WTIIGLIW [MXL KIRYMRI GSRZMGXMSR 4VIWMHIRX ,EVV]

',%48)6 1)8,3(7 3* 4)679%7-32

0YGEW 8LI %VX SJ 4YFPMG 1IXLSHW SJ 4IVWYEWMSR 8I\X  8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW

8VYQER SRGI WEMH XLEX MR WTIEOMRK qWMRGIVMX] LSRIWX] ERH E WXVEMKLXJSV[EVH
QERRIV EVI QSVI MQTSVXERX XLER WTIGMEP XEPIRX SV TSPMWL r -J ]SY [MWL XS GSR
ZMRGI SXLIVW ]SY QYWX JMVWX GSRZMRGI ]SYVWIPJ -J ]SY [ERX SXLIVW XS FIPMIZI
ERH GEVI EFSYX ]SYV MHIEW ]SY QYWX FIPMIZI ERH GEVI EFSYX XLIQ ]SYVWIPJ =SYV
WTMVMX IRXLYWMEWQ ERH GSRZMGXMSR [MPP GEVV] SZIV XS ]SYV PMWXIRIVW

9WMRK )ZMHIRGI

)ZMHIRGI GSRWMWXW SJ WYTTSVXMRK QEXIVMEPWhI\EQTPIW WXEXMWXMGW XIWXMQSR]h IZMHIRGI
YWIH XS TVSZI SV HMWTVSZI WSQIXLMRK %W [I WE[ MR 'LETXIV QSWX TISTPI EVI 7YTTSVXMRK QEXIVMEPW YWIH
WOITXMGEP 8LI] EVI WYWTMGMSYW SJ YRWYTTSVXIH KIRIVEPM^EXMSRW 8LI] [ERX XS TVSZI SV HMWTVSZI
WTIEOIVW XS NYWXMJ] XLIMV GPEMQW -J ]SY LSTI XS FI TIVWYEWMZI ]SY QYWX WYTTSVX WSQIXLMRK
]SYV ZMI[W [MXL IZMHIRGI ;LIRIZIV ]SY WE] WSQIXLMRK XLEX MW STIR XS UYIW
XMSR ]SY WLSYPH KMZI IZMHIRGI XS TVSZI ]SY EVI VMKLX
)ZMHIRGI MW TEVXMGYPEVP] MQTSVXERX MR GPEWWVSSQ WTIIGLIW FIGEYWI JI[ WXY
HIRXW EVI VIGSKRM^IH EW I\TIVXW SR XLIMV WTIIGL XSTMGW 6IWIEVGL LEW WLS[R XLEX
WTIEOIVW [MXL ZIV] LMKL MRMXMEP GVIHMFMPMX] HS RSX RIIH XS YWI EW QYGL IZMHIRGI
EW HS WTIEOIVW [MXL PS[IV GVIHMFMPMX] *SV QSWX WTIEOIVW XLSYKL WXVSRK IZM
HIRGI MW EFWSPYXIP] RIGIWWEV] -X GER IRLERGI ]SYV GVIHMFMPMX] MRGVIEWI FSXL XLI
MQQIHMEXI ERH PSRK XIVQ TIVWYEWMZIRIWW SJ ]SYV QIWWEKI ERH LIPT qMRSGY
PEXIr PMWXIRIVW EKEMRWX GSYRXIVTIVWYEWMSR

)ZMHIRGI MW EPWS GVYGMEP [LIRIZIV ]SYV XEVKIX EYHMIRGI STTSWIW ]SYV TSMRX
SJ ZMI[ %W [I WE[ MR 'LETXIV PMWXIRIVW MR WYGL E WMXYEXMSR [MPP QIRXEPP]
EVKYI [MXL ]SYhEWOMRK UYIWXMSRW VEMWMRK SFNIGXMSRW ERH GVIEXMRK GSYRXIVEV
KYQIRXW XS qERW[IVr [LEX ]SY WE] 8LI WYGGIWW SJ ]SYV WTIIGL [MPP HITIRH
TEVXP] SR LS[ [IPP ]SY ERXMGMTEXI XLIWI MRXIVREP VIWTSRWIW ERH KMZI IZMHIRGI
XS VIJYXI XLIQ

=SY QE] [ERX XS VIZMI[ 'LETXIV [LMGL WLS[W LS[ XS YWI WYTTSVXMRK
QEXIVMEPW 8LI JSPPS[MRK GEWI WXYH] MPPYWXVEXIW LS[ XLI] [SVO EW IZMHIRGI MR E
TIVWYEWMZI WTIIGL

, 3; ):-()2') ;36/7 % '%7) 789(= 9WMRK )ZMHIRGI

0IXtW WE] SRI SJ ]SYV GPEWWQEXIW MW XEPOMRK EFSYX XLI LEVQJYP IJJIGXW SJ VITIEXIH
I\TSWYVI XS PSYH QYWMG ERH SXLIV RSMWIW -RWXIEH SJ NYWX XIPPMRK ]SY [LEX WLI
XLMROW XLI WTIEOIV SJJIVW WXVSRK IZMHIRGI XS TVSZI LIV TSMRX 2SXMGI LS[ WLI
GEVVMIW SR E QIRXEP HMEPSKYI [MXL LIV PMWXIRIVW 7LI MQEKMRIW [LEX XLI] QMKLX
FI XLMROMRK ERXMGMTEXIW XLIMV UYIWXMSRW ERH SFNIGXMSRW ERH KMZIW IZMHIRGI XS
ERW[IV XLI UYIWXMSRW ERH VIWSPZI XLI SFNIGXMSRW
7LI FIKMRW XLMW [E]

%W GSPPIKI WXYHIRXW [I EVI I\TSWIH XS PSYH QYWMG ERH SXLIV RSMWI EPP XLI XMQI ;I KS
XS TEVXMIW GPYFW ERH GSRGIVXW [LIVI XLI ZSPYQI MW WS PSYH [I LEZI XS WLSYX WS XLI TIVWSR
RI\X XS YW GER LIEV [LEX [I EVI WE]MRK ;I XYVR SYV M4SHW WS LMKL XLI] GER FI LIEVH
LEPJ[E] EGVSWW XLI VSSQ %RH [I WIPHSQ KMZI MX E WIGSRH XLSYKLX &YX [I WLSYPH FIGEYWI
I\GIWWMZI RSMWI GER LEZI E WIVMSYW MQTEGX SR SYV LIEPXL ERH [IPP FIMRK

,S[ HS ]SY VIEGX# -J ]SY EPVIEH] ORS[ EFSYX XLI TVSFPIQW GEYWIH F] RSMWI
TSPPYXMSR ]SY TVSFEFP] RSH ]SYV LIEH MR EKVIIQIRX &YX [LEX MJ ]SY HSRtX

0YGEW 8LI %VX SJ 4YFPMG 1IXLSHW SJ 4IVWYEWMSR 8I\X  8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW

ORS[# 3V HSRtX EKVII# -J ]SY IRNS] VSGO GSRGIVXW ERH PMWXIRMRK XS ]SYV M4SH EX
LMKL ZSPYQIW ]SY TVSFEFP] HSRtX [ERX XS LIEV EFSYX MX 'IVXEMRP] ]SY [MPP RSX
FI TIVWYEHIH F] E KIRIVEP WXEXIQIRX EFSYX I\TSWYVI XS PSYH QYWMG 1IRXEPP]
]SY WE] XS XLI WTIEOIV q,S[ HS ]SY ORS[# 'ER ]SY TVSZI MX#r

%RXMGMTEXMRK NYWX WYGL E VIWTSRWI XLI WTIEOIV KMZIW IZMHIRGI XS WYTTSVX LIV
TSMRX

8LI %QIVMGER 1IHMGEP %WWSGMEXMSR VITSVXW XLEX QMPPMSR %QIVMGERW LEZI WSQI
HIKVII SJ LIEVMRK PSWW ERH XLEX QMPPMSR SJ XLSWI GEWIW EVI GEYWIH F] XSS QYGL I\TSWYVI
XS PSYH RSMWI

q8LEXtW YRJSVXYREXI r ]SY QE] XLMRO q&YX IZIV]SRI PSWIW WSQI LIEVMRK EW
XLI] KVS[ SPH ;L] WLSYPH - FI GSRGIVRIH EFSYX MX RS[#r 8LI WTIEOIV
ERW[IVW

-R ER EPEVQMRK XVIRH QSVI ERH QSVI ZMGXMQW SJ RSMWI MRHYGIH HIEJRIWW EVI EHSPIWGIRXW
ERH IZIR ]SYRKIV GLMPHVIR %GGSVHMRK XS XLI %QIVMGER %GEHIQ] SJ %YHMSPSK] QMPPMSR
GLMPHVIR MR XLI 9 7 FIX[IIR EKIW ERH LEZI WSQI LIEVMRK HEQEKI JVSQ EQTPMJMIH
QYWMG ERH SXLIV WSYVGIW %YHMSPSKMWX (IER +EVWIXGOM LIEH SJ XLI LIEVMRK MQTEMVQIRX
TVSKVEQ EX 2SVXL[IWXIVR 9RMZIVWMX] WE]W q;ItZI KSX ]IEV SPHW [EPOMRK EVSYRH [MXL
LIEVMRK PSWW TEXXIVRW SJ TISTPI ]IEVW XLIMV WIRMSV r

q8LIWI EVI MQTVIWWMZI JEGXW r ]SY WE] XS ]SYVWIPJ q0YGOMP] - LEZIRtX RSXMGIH
ER] TVSFPIQW [MXL Q] LIEVMRK ;LIR - HS -tPP NYWX FI GEVIJYP YRXMP MX KIXW FIX
XIV r /IITMRK SRI WXIT ELIEH SJ ]SY XLI WTIEOIV GSRXMRYIW

8LI TVSFPIQ [MXL LIEVMRK PSWW MW XLEX MX GVIITW YT SR ]SY 7MIVVE QEKE^MRI RSXIW XLEX
XSHE]tW LEVH VSGO JERW [SRtX RSXMGI XLI IJJIGXW SJ XLIMV LIEVMRK PSWW JSV ERSXLIV ]IEVW
%RH XLIR MX [MPP FI XSS PEXI

q;LEX HS ]SY QIER XSS PEXI#r ]SY EWO QIRXEPP] 8LI WTIEOIV XIPPW ]SY

9RPMOI WSQI TL]WMGEP GSRHMXMSRW LIEVMRK PSWW MW MVVIZIVWMFPI 0SYH RSMWI HEQEKIW
XLI QMGVSWGSTMG LEMVW MR XLI MRRIV IEV XLEX XVERWQMX WSYRH XS XLI EYHMXSV] RIVZI 3RGI
HEQEKIH XLSWI LEMVW GER RIZIV VIGSZIV ERH GER RIZIV FI VITEMVIH

q- HMHRtX ORS[ XLEX r ]SY WE] XS ]SYVWIPJ q-W XLIVI ER]XLMRK IPWI#r

3RI PEWX TSMRX 6ITIEXIH I\TSWYVI XS PSYH QYWMG ERH SXLIV RSMWI HSIW QSVI XLER
HEQEKI ]SYV LIEVMRK 8LI PEXIWX MWWYI SJ 4VIZIRXMSR QEKE^MRI VITSVXW XLEX I\GIWWMZI RSMWI
LEW FIIR PMROIH XS WYGL TVSFPIQW EW WXVIWW LMKL FPSSH TVIWWYVI GLVSRMG LIEHEGLIW
JEXMKYI PIEVRMRK HMWSVHIVW IZIR LIEVX HMWIEWI -XtW IEW] XS WII [L] .MPP 0MTSXM GLMIJ SJ 6YX
KIVW 9RMZIVWMX]tW 2SMWI 8IGLRMGEP %WWMWXERGI 'IRXIV [EVRW XLEX qRSMWI EJJIGXW QSVI TISTPI
XLER ER] SXLIV TSPPYXERX r

2S[ EVI ]SY GSRZMRGIH# 'LERGIW EVI ]SY [MPP EX PIEWX XLMRO EFSYX XLI TSW
WMFPI GSRWIUYIRGIW XLI RI\X XMQI ]SY EVI WIX XS TYQT YT XLI ZSPYQI SR ]SYV
M4SH 1E]FI ]SY [MPP YWI IEVTPYKW EX E VSGO GSRGIVX =SY QE] IZIR FIKMR XS
VIEWWIWW ]SYV [LSPI EXXMXYHI XS[EVH RSMWI TSPPYXMSR ;L]# &IGEYWI XLI WTIEOIV
WYTTSVXIH IEGL SJ LIV GPEMQW [MXL IZMHIRGI =SY WLSYPH XV] XS HS XLI WEQI MR
]SYV TIVWYEWMZI WTIIGLIW

',%48)6 1)8,3(7 3* 4)679%7-32

0YGEW 8LI %VX SJ 4YFPMG 1IXLSHW SJ 4IVWYEWMSR 8I\X  8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW

4IVWYEWMZI WTIIGLIW RIIH
WXVSRK IZMHIRGI XS GSRZMRGI
WOITXMGEP PMWXIRIVW *MRHMRK
XLI FIWX IZMHIRGI SJXIR XEOIW
LEVH HMKKMRK FYX MX MW [IPP
[SVXL XLI IJJSVX

8-47 *36 97-2+ ):-()2') 9WMRK )ZMHIRGI

%R] SJ XLI WYTTSVXMRK QEXIVMEPW HMWGYWWIH MR 'LETXIV hI\EQTPIW WXEXMWXMGW
XIWXMQSR]hGER [SVO EW IZMHIRGI MR E TIVWYEWMZI WTIIGL %W [I WE[ MR XLEX
GLETXIV XLIVI EVI KYMHIPMRIW JSV YWMRK IEGL OMRH SJ WYTTSVXMRK QEXIVMEP VIKEVH
PIWW SJ XLI OMRH SJ WTIIGL ]SY EVI KMZMRK ,IVI [I PSSO EX JSYV WTIGMEP XMTW JSV
YWMRK IZMHIRGI MR E TIVWYEWMZI WTIIGL

9WI 7TIGMJMG )ZMHIRGI

2S QEXXIV [LEX OMRH SJ IZMHIRGI ]SY IQTPS]hWXEXMWXMGW I\EQTPIW SV XIWXMQSR]h
MX [MPP FI QSVI TIVWYEWMZI MJ ]SY WXEXI MX MR WTIGMJMG VEXLIV XLER KIRIVEP XIVQW -R
XLI WTIIGL EFSYX RSMWI TSPPYXMSR JSV MRWXERGI XLI WTIEOIV HMH RSX WE] q0SXW SJ
TISTPI WYJJIV JVSQ LIEVMRK PSWW r 8LEX [SYPH LEZI PIJX XLI EYHMIRGI [SRHIVMRK
LS[ QER] qPSXWr EQSYRXW XS &] WE]MRK q QMPPMSR %QIVMGERW LEZI WSQI
HIKVII SJ LIEVMRK PSWW r XLI WTIEOIV QEHI LIV TSMRX QYGL QSVI IJJIGXMZIP] 7LI
EPWS IRLERGIH LIV GVIHMFMPMX] F] WLS[MRK WLI LEH E JMVQ KVEWT SJ XLI JEGXW

9WI 2SZIP )ZMHIRGI

)ZMHIRGI MW QSVI PMOIP] XS FI TIVWYEWMZI MJ MX MW RI[ XS XLI EYHMIRGI =SY [MPP
KEMR PMXXPI F] GMXMRK JEGXW ERH JMKYVIW XLEX EVI EPVIEH] [IPP ORS[R XS ]SYV PMWXIR
IVW -J XLI] LEZI RSX TIVWYEHIH ]SYV PMWXIRIVW EPVIEH] XLI] [MPP RSX HS WS RS[
=SY QYWX KS FI]SRH [LEX XLI EYHMIRGI EPVIEH] ORS[W ERH TVIWIRX WXVMOMRK
RI[ IZMHIRGI XLEX [MPP KIX XLIQ XS WE] q,QQQ - HMHRtX ORS[ XLEX 1E]FI -
WLSYPH VIXLMRO XLI MWWYI r *MRHMRK WYGL IZMHIRGI YWYEPP] VIUYMVIW LEVH HMKKMRK
ERH VIWSYVGIJYP VIWIEVGL FYX XLI VI[EVHW EVI [SVXL XLI IJJSVX

9WI )ZMHIRGI JVSQ 'VIHMFPI 7SYVGIW

0MWXIRIVW JMRH IZMHIRGI JVSQ GSQTIXIRX GVIHMFPI WSYVGIW QSVI TIVWYEWMZI XLER
IZMHIRGI JVSQ PIWW UYEPMJMIH WSYVGIW %FSZI EPP PMWXIRIVW EVI WYWTMGMSYW SJ IZMHIRGI

0YGEW 8LI %VX SJ 4YFPMG 1IXLSHW SJ 4IVWYEWMSR 8I\X  8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW

GSRRIGXPYGEW GSQ ' L I G O P M W X )ZMHIRGI
8LMW GLIGOPMWX MW EPWS EZEMPEFPI
MR XLI SRPMRI 7XYH] 8SSPW JSV =)7 23
XLMI GLETXIV
%VI EPP Q] QENSV GPEMQW WYTTSVXIH F] IZMHIRGI#
(S - YWI WYJJMGMIRX IZMHIRGI XS GSRZMRGI Q] EYHMIRGI SJ

Q] GPEMQW#
-W Q] IZMHIRGI WXEXIH MR WTIGMJMG VEXLIV XLER KIRIVEP

XIVQW#
(S - YWI IZMHIRGI XLEX MW RI[ XS Q] EYHMIRGI#
-W Q] IZMHIRGI JVSQ GVIHMFPI YRFMEWIH WSYVGIW#
(S - MHIRXMJ] XLI WSYVGIW SJ Q] IZMHIRGI#
-W Q] IZMHIRGI GPIEVP] PMROIH XS IEGL TSMRX XLEX MX MW QIERX

XS TVSZI#
(S - TVSZMHI IZMHIRGI XS ERW[IV TSWWMFPI SFNIGXMSRW XLI

EYHMIRGI QE] LEZI XS Q] TSWMXMSR#

JVSQ WSYVGIW XLEX ETTIEV XS FI FMEWIH SV WIPJ MRXIVIWXIH -R EWWIWWMRK XLI GYVVIRX
WXEXI SJ EMVPMRI WEJIX] JSV I\EQTPI XLI] EVI QSVI PMOIP] XS FI TIVWYEHIH F]
XIWXMQSR] JVSQ MQTEVXMEP EZMEXMSR I\TIVXW XLER JVSQ XLI TVIWMHIRX SJ %QIVMGER
%MVPMRIW -J ]SY [MWL XS FI TIVWYEWMZI VIP] SR IZMHIRGI JVSQ SFNIGXMZI RSRTEV
XMWER WSYVGIW

GSRRIGXPYGEW GSQ 1 EOI 'PIEV XLI 4SMRX SJ =SYV )ZMHIRGI
:MI[ XLMW I\GIVTX JVSQ
q4YXXMRK XLI &VEOIW SR ;LIR WTIEOMRK XS TIVWYEHI ]SY YWI IZMHIRGI XS TVSZI E TSMRX =IX ]SY [SYPH
8IIREKI (VMZMRKr MR XLI SRPMRI FI WYVTVMWIH LS[ QER] RSZMGI WTIEOIVW TVIWIRX XLIMV IZMHIRGI [MXLSYX QEOMRK
1IHME 0MFVEV] JSV XLMW GPIEV XLI TSMRX MX MW WYTTSWIH XS TVSZI % RYQFIV SJ WXYHMIW LEZI WLS[R XLEX
GLETXIV :MHIS 'PMT
]SY GERRSX GSYRX SR PMWXIRIVW XS HVE[ SR XLIMV S[R XLI GSRGPYWMSR ]SY [ERX
XLIQ XS VIEGL ;LIR YWMRK IZMHIRGI FI WYVI PMWXIRIVW YRHIVWXERH XLI TSMRX
PSKSW ]SY EVI XV]MRK XS QEOI
8LI REQI YWIH F] %VMWXSXPI JSV
XLI PSKMGEP ETTIEP SJ E WTIEOIV 2SXMGI JSV I\EQTPI LS[ XLI WTIEOIV MR :MHIS 'PMT MR XLI SRPMRI
8LI X[S QENSV IPIQIRXW SJ 1IHME 0MFVEV] JSV XLMW GLETXIV HVMZIW LSQI XLI TSMRX SJ LIV IZMHIRGI EFSYX XLI
RYQFIV SJ QSXSV ZILMGPI JEXEPMXMIW MRZSPZMRK XIIREKI HVMZIVW
EVI IZMHIRGI ERH
VIEWSRMRK %GGSVHMRK XS XLI 2EXMSREP ,MKL[E] 8VEJJMG 7EJIX] %HQMRMWXVEXMSR [LMPI XIIREKIVW
QEOI YT TIVGIRX SJ XLI REXMSRtW PMGIRWIH HVMZIVW XLI] VITVIWIRX TIVGIRX SJ EPP QSXSV
ZILMGPI JEXEPMXMIW 8LI 2,87% VITSVXW XLEX PEWX ]IEV HVMZIVW EKIH XS [IVI OMPPIH
MR EYXSQSFMPI EGGMHIRXW -R EHHMXMSR XS OMPPMRK XLI HVMZIVW XLIWI WEQI EGGMHIRXW XSSO XLI
PMZIW SJ XIIREKI TEWWIRKIVW &YX XLIWI EGGMHIRXW HMHRtX EJJIGX XIIREKIVW EPSRI 8LI]
EPWS XSSO XLI PMZIW SJ TISTPI EKIH SV SPHIV

7S XLI XSXEP RYQFIV SJ TISTPI OMPPIH PEWX ]IEV MR EYXSQSFMPI EGGMHIRXW MRZSPZMRK XIIR
EKI HVMZIVW [EW hEPQSWX I\EGXP] XLI RYQFIV SJ JYPP XMQI WXYHIRXW EX XLMW GEQTYW

)ZMHIRGI MW SRI IPIQIRX SJ [LEX %VMWXSXPI VIJIVVIH XS EW PSKSWhXLI PSKMGEP
ETTIEP SJ E WTIEOIV 8LI SXLIV QENSV IPIQIRX SJ PSKSW MW VIEWSRMRK [LMGL [SVOW
MR GSQFMREXMSR [MXL IZMHIRGI XS LIPT QEOI E WTIEOIVtW GPEMQW TIVWYEWMZI

',%48)6 1)8,3(7 3* 4)679%7-32

0YGEW 8LI %VX SJ 4YFPMG 1IXLSHW SJ 4IVWYEWMSR 8I\X  8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW

6IEWSRMRK

8LI WXSV] MW XSPH EFSYX ,EGO ;MPWSR E LEVH LMXXMRK SYXJMIPHIV JSV XLI &VSSOP]R (SHKIVW
FEWIFEPP XIEQ MR XLI W ;MPWSR [EW E KVIEX TPE]IV FYX LI LEH E JSRHRIWW JSV XLI KSSH
PMJI ,MW HVMROMRK I\TPSMXW [IVI PIKIRHEV] ,I [EW ORS[R XS WTIRH XLI IRXMVI RMKLX SR XLI
XS[R WXEKKIV MRXS XLI XIEQtW LSXIP EX XLI FVIEO SJ HE[R KVEF E GSYTPI LSYVW WPIIT ERH
KIX XS XLI FEPPTEVO NYWX MR XMQI JSV XLI EJXIVRSSR KEQI

8LMW KVIEXP] HMWXVIWWIH 1E\ 'EVI] ;MPWSRtW QEREKIV %X XLI RI\X XIEQ QIIXMRK 'EVI]
WTIRX QYGL XMQI I\TPEMRMRK XLI IZMPW SJ HVMRO 8S TVSZI LMW TSMRX LI WXSSH FIWMHI E XEFPI
SR [LMGL LI LEH TPEGIH X[S KPEWWIW ERH E TPEXI SJ PMZI ERKPI[SVQW 3RI KPEWW [EW JMPPIH
[MXL [EXIV XLI SXLIV [MXL KMRh;MPWSRtW JEZSVMXI FIZIVEKI ;MXL E JPSYVMWL 'EVI] HVSTTIH
E [SVQ MRXS XLI KPEWW SJ [EXIV -X [VMKKPIH LETTMP] 2I\X 'EVI] TPYRKIH XLI WEQI [SVQ
MRXS XLI KMR -X TVSQTXP] WXMJJIRIH ERH I\TMVIH

% QYVQYV VER XLVSYKL XLI VSSQ ERH WSQI TPE]IVW [IVI SFZMSYWP] MQTVIWWIH &YX RSX
;MPWSR ,I HMHRtX IZIR WIIQ MRXIVIWXIH 'EVI] [EMXIH E PMXXPI LSTMRK JSV WSQI HIPE]IH
VIEGXMSR JVSQ LMW [E][EVH WPYKKIV ;LIR RSRI GEQI LI TVSHHIH q(S ]SY JSPPS[ Q]
VIEWSRMRK ;MPWSR#r

q7YVI WOMTTIV r ERW[IVIH ;MPWSR q-X TVSZIW XLEX MJ ]SY HVMRO KMR ]SYtPP RIZIV KIX
[SVQW r

%RH [LEX HSIW XLMW WXSV] TVSZI# 2S QEXXIV LS[ WXVSRK ]SYV IZMHIRGI ]SY VIEWSRMRK
[MPP RSX FI TIVWYEWMZI YRPIWW PMWXIRIVW KVEWT ]SYV VIEWSRMRK 8LI TVSGIWW SJ HVE[MRK E
6IEWSRMRK MW XLI TVSGIWW SJ HVE[MRK E GSRGPYWMSR FEWIH SR IZMHIRGI 7SQI GSRGPYWMSR SR XLI FEWMW SJ
XMQIW [I VIEWSR [IPPhEW [LIR [I GSRGPYHI XLEX MGI TEVXMGPIW JSVQMRK SR XLI IZMHIRGI
XVIIW QE] QIER XLI VSEHW [MPP FI WPMTTIV] 3XLIV XMQIW [I VIEWSR PIWW IJJIGXMZIP]h
EW [LIR [I GSRGPYHI XLEX WTMPPMRK WEPX [MPP FVMRK FEH PYGO 1SWX WYTIVWXMXMSRW
EVI EGXYEPP] RS QSVI XLER MRWXERGIW SJ JEYPX] VIEWSRMRK

6IEWSRMRK MR TYFPMG WTIEOMRK MW ER I\XIRWMSR SJ VIEWSRMRK MR SXLIV EWTIGXW
SJ PMJI %W E TYFPMG WTIEOIV ]SY LEZI X[S QENSV GSRGIVRW [MXL VIWTIGX XS VIE
WSRMRK *MVWX ]SY QYWX QEOI WYVI ]SYV S[R VIEWSRMRK MW WSYRH 7IGSRH ]SY
QYWX XV] XS KIX PMWXIRIVW XS EKVII [MXL ]SYV VIEWSRMRK 0IX YW PSSO XLIR EX JSYV
FEWMG QIXLSHW SJ VIEWSRMRK ERH LS[ XS YWI XLIQ MR ]SYV WTIIGLIW

6)%732-2+ *631 74)'-*-' -278%2')7

;LIR ]SY VIEWSR JVSQ WTIGMJMG MRWXERGIW ]SY TVSKVIWW JVSQ E RYQFIV SJ VIEWSRMRK JVSQ
TEVXMGYPEV JEGXW XS E KIRIVEP GSRGPYWMSR *SV I\EQTPI WTIGMJMG MRWXERGIW
6IEWSRMRK XLEX QSZIW JVSQ
*EGX 1 ] TL]WMGEP IHYGEXMSR GSYVWI PEWX XIVQ [EW IEW] TEVXMGYPEV JEGXW XS E KIRIVEP
*EGX 1 ] VSSQQEXItW TL]WMGEP IHYGEXMSR GSYVWI [EW IEW] GSRGPYWMSR

*EGX 1] FVSXLIVtW TL]WMGEP IHYGEXMSR GSYVWI [EW IEW]

'SRGPYWMSR 4L]WMGEP IHYGEXMSR GSYVWIW EVI IEW]

%W XLMW I\EQTPI WYKKIWXW [I YWI VIEWSRMRK JVSQ WTIGMJMG MRWXERGIW HEMP]
EPXLSYKL [I TVSFEFP] HSRtX VIEPM^I MX 8LMRO JSV E QSQIRX SJ EPP XLI KIRIVEP
GSRGPYWMSRW XLEX EVMWI MR GSRZIVWEXMSR 4SPMXMGMERW EVI GSVVYTX 4VSJIWWSVW EVI
FSSOMWL (SVQ JSSH MW E[JYP ;LIVI HS WYGL GSRGPYWMSRW GSQI JVSQ# 8LI] GSQI
JVSQ SFWIVZMRK TEVXMGYPEV TSPMXMGMERW TVSJIWWSVW HSVQMXSVMIW ERH WS SR

8LI WEQI XLMRK LETTIRW MR TYFPMG WTIEOMRK 8LI WTIEOIV [LS GSRGPYHIW
XLEX YRIXLMGEP FYWMRIWW TVEGXMGIW EVI GSQQSR MR XLI 9RMXIH 7XEXIW FIGEYWI

6IEWSRMRK

0YGEW 8LI %VX SJ 4YFPMG 1IXLSHW SJ 4IVWYEWMSR 8I\X  8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW

WIZIVEP QENSV GSVTSVEXMSRW LEZI FIIR KYMPX] SJ JVEYH MR VIGIRX ]IEVW MW VIEWSR
MRK JVSQ WTIGMJMG MRWXERGIW 7S MW XLI WTIEOIV [LS EVKYIW XLEX ERXM 7IQMXMWQ MW
MRGVIEWMRK SR GSPPIKI GEQTYWIW FIGEYWI XLIVI LEZI FIIR E RYQFIV SJ EXXEGOW
SR .I[MWL WXYHIRXW ERH W]QFSPW EX WGLSSPW EGVSWW XLI REXMSR

7YGL GSRGPYWMSRW EVI RIZIV JSSPTVSSJ 2S QEXXIV LS[ QER] WTIGMJMG
MRWXERGIW ]SY KMZI ERH ]SY GER KMZI SRP] E JI[ MR E WTIIGL
MX MW EP[E]W TSW
WMFPI XLEX ER I\GITXMSR I\MWXW 8LVSYKLSYX XLI EKIW TISTPI SFWIVZIH GSYRXPIWW
[LMXI W[ERW MR )YVSTI [MXLSYX WIIMRK ER] SJ E HMJJIVIRX GSPSV -X WIIQIH ER
YRHIRMEFPI JEGX XLEX EPP W[ERW [IVI [LMXI 8LIR MR XLI XL GIRXYV] FPEGO
W[ERW [IVI HMWGSZIVIH MR %YWXVEPME

LEWX] KIRIVEPM^EXMSR +YMHIPMRIW JSV 6IEWSRMRK JVSQ 7TIGMJMG -RWXERGIW
%R IVVSV MR VIEWSRMRK JVSQ
WTIGMJMG MRWXERGIW MR [LMGL E ;LIR ]SY VIEWSR JVSQ WTIGMJMG MRWXERGIW ]SY WLSYPH JSPPS[ E JI[ FEWMG
WTIEOIV NYQTW XS E KIRIVEP KYMHIPMRIW
GSRGPYWMSR SR XLI FEWMW SJ
MRWYJJMGMIRX IZMHIRGI *MVWX EZSMH KIRIVEPM^MRK XSS LEWXMP] &I[EVI SJ XLI XIRHIRG] XS NYQT XS GSR
GPYWMSRW SR XLI FEWMW SJ MRWYJJMGMIRX IZMHIRGI 1EOI WYVI ]SYV WEQTPI SJ WTIGMJMG
MRWXERGIW MW PEVKI IRSYKL XS NYWXMJ] ]SYV GSRGPYWMSR %PWS QEOI WYVI XLI MRWXERGIW
]SY TVIWIRX EVI JEMV YRFMEWIH ERH VITVIWIRXEXMZI %VI XLVII TL]WMGEP IHYGEXMSR
GSYVWIW I RSYKL XS GSRGPYHI XLEX TL]WMGEP IHYGEXMSR GSYVWIW MR KIRIVEP EVI IEW]#
%VI XLI XLVII GSYVWIW X]TMGEP SJ QSWX TL]WMGEP IHYGEXMSR GSYVWIW#


7IGSRH FI GEVIJYP [MXL ]SYV [SVHMRK -J ]SYV IZMHIRGI HSIW RSX NYWXMJ] E
W[IITMRK GSRGPYWMSR UYEPMJ] ]SYV EVKYQIRX 7YTTSWI ]SY EVI XEPOMRK EFSYX XLI
GVMWMW MR %QIVMGEtW REXMSREP TEVO W]WXIQ FVSYKLX SR F] SZIVYWI ERH GSQQIVGMEP
HIZIPSTQIRX =SY HSGYQIRX XLI TVSFPIQ F] HMWGYWWMRK WSQI WTIGMJMG MRWXERGIWh
=SWIQMXI =IPPS[WXSRI XLI )ZIVKPEHIW 8LIR ]SY HVE[ ]SYV GSRGPYWMSR =SY
QMKLX WE]

%W [I LEZI WIIR %QIVMGEtW REXMSREP TEVO W]WXIQ MW WIVZMRK QSVI XLER QMPPMSR
TISTPI E ]IEV [MXL XLI VIWYPX XLEX WSQI TEVOW EVI FIMRK SZIVGSQI F] XVEJJMG TSPPYXMSR
ERH KEVFEKI ;I LEZI EPWS WIIR XLEX QSVI ERH QSVI TEVOW EVI FIMRK I\TPSMXIH JSV QMRMRK
PSKKMRK ERH SXLIV JSVQW SJ GSQQIVGMEP HIZIPSTQIRX -X GIVXEMRP] WIIQW JEMV XLIR XS
GSRGPYHI XLEX RI[ QIEWYVIW EVI RIIHIH XS IRWYVI XLEX XLI FIEYX] WIVIRMX] ERH FMSPSKM
GEP HMZIVWMX] SJ %QIVMGEtW REXMSREP TEVOW EVI TVIWIVZIH JSV JYXYVI KIRIVEXMSRW EW [IPP EW JSV
SYV S[R

8LMW MW RSX EW HVEQEXMG EW WE]MRK q%QIVMGEtW REXMSREP TEVOW EVI SR XLI FVMRO SJ
HIWXVYGXMSR r FYX MX MW QSVI EGGYVEXI ERH [MPP FI QSVI TIVWYEWMZI XS GEVIJYP
PMWXIRIVW

8LMVH VIMRJSVGI ]SYV EVKYQIRX [MXL WXEXMWXMGW SV XIWXMQSR] 7MRGI ]SY GER
RIZIV KMZI IRSYKL WTIGMJMG MRWXERGIW XS QEOI ]SYV GSRGPYWMSR MVVIJYXEFPI ]SY
WLSYPH WYTTPIQIRX XLIQ [MXL XIWXMQSR] SV WXEXMWXMGW HIQSRWXVEXMRK XLEX XLI
MRWXERGIW EVI VITVIWIRXEXMZI ;LIR XEPOMRK EFSYX TVIWGVMTXMSR HVYK EFYWI ]SY
QMKLX WE]

4VIWGVMTXMSR HVYK SZIVHSWIW LEZI WO]VSGOIXIH MR VIGIRX ]IEVW 'SRWMHIV XLI QSWX TYF
PMGM^IH GEWIW -R IEVP] EGXSV ,IEXL 0IHKIV SZIVHSWIH JVSQ E PIXLEP GSGOXEMP SJ WM\
HMJJIVIRX TVIWGVMTXMSR HVYKW % ]IEV IEVPMIV QSHIP %RRE 2MGSPI 7QMXL HMIH JVSQ E HERKIV
SYW QM\XYVI SJ RMRI TVIWGVMTXMSR HVYKW %RH JMZI QSRXLW FIJSVI XLEX 7QMXLtW WSR (ERMIP
HMIH JVSQ E GSQFMREXMSR SJ EX PIEWX XLVII TVIWGVMTXMSR HVYKW

',%48)6 1)8,3(7 3* 4)679%7-32

0YGEW 8LI %VX SJ 4YFPMG 1IXLSHW SJ 4IVWYEWMSR 8I\X  8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW

8LIWI WTIGMJMG I\EQTPIW LIPT QEOI XLI GSRGPYWMSR TIVWYEWMZI FYX E PMWXIRIV
GSYPH IEWMP] HMWQMWW XLIQ EW WIRWEXMSREP ERH EX]TMGEP 8S TVIZIRX XLMW ]SY
QMKLX KS SR XS WE]

8LI TVSFPIQ MW RSX PMQMXIH XS XLI VMGL ERH JEQSYW %W VITSVXIH F] XLI 'IRXIVW JSV
(MWIEWI 'SRXVSP XLI RYQFIV SJ TVIWGVMTXMSR HVYK SZIVHSWIW LEW EPQSWX HSYFPIH SZIV XLI
TEWX HIGEHI QEOMRK MX XLI WIGSRH PIEHMRK GEYWI SJ EGGMHIRXEP HIEXL MR XLI 9RMXIH 7XEXIW
VMKLX FILMRH EYXSQSFMPI EGGMHIRXW )EGL ]IEV QSVI XLER TISTPI HMI JVSQ EHZIVWI
VIEGXMSRW XS TVIWGVMTXMSR HVYKW %GGSVHMRK XS 0ISREVH 4EYPS^^M E QIHMGEP ITMHIQMSPSKMWX
[MXL XLI '(' q.YHKIH F] ER] QIEWYVI XLI TVIWGVMTXMSR HVYK TVSFPIQ MW E GVMWMW XLEX
MW WXIEHMP] [SVWIRMRK r

;MXL XLMW FEGOYT QEXIVMEP RSX IZIR E WOITXMGEP PMWXIRIV GSYPH VINIGX ]SYV
I\EQTPIW EW MWSPEXIH
;LIR ]SY VIEWSR JVSQ WTIGMJMG MRWXERGIW ]SY GER IMXLIV WXEXI ]SYV GSRGPY
WMSR ERH XLIR KMZI XLI WTIGMJMG MRWXERGIW SR [LMGL MX MW FEWIH SV KMZI XLI WTIGMJMG
MRWXERGIW ERH XLIR HVE[ ]SYV GSRGPYWMSR 0SSO FEGO EX XLI I\EQTPI EFSYX
REXMSREP TEVOW SR TEKI -R XLEX I\EQTPI XLI WTIEOIV JMVWX KMZIW XLVII JEGXW
ERH XLIR HVE[W E GSRGPYWMSR -R XLI I\EQTPI EFSYX TVIWGVMTXMSR HVYK SZIVHSWIW
XLI GSRGPYWMSR MW WXEXIH JMVWX JSPPS[IH F] XLVII WTIGMJMG MRWXERGIW -X HSIWRtX
QEXXIV [LMGL SVHIV ]SY YWI EW PSRK EW ]SYV JEGXW WYTTSVX ]SYV GSRGPYWMSR

6 )%732-2+ *631 46-2'-40) VIEWSRMRK JVSQ TVMRGMTPI
6IEWSRMRK XLEX QSZIW JVSQ E
6IEWSRMRK JVSQ TVMRGMTPI MW XLI STTSWMXI SJ VIEWSRMRK JVSQ WTIGMJMG MRWXERGIW KIRIVEP TVMRGMTPI XS E WTIGMJMG
-X QSZIW JVSQ XLI KIRIVEP XS XLI WTIGMJMG ;LIR ]SY VIEWSR JVSQ TVMRGMTPI GSRGPYWMSR
]SY TVSKVIWW JVSQ E KIRIVEP TVMRGMTPI XS E WTIGMJMG GSRGPYWMSR ;I EVI EPP JEQMP
MEV [MXL XLMW OMRH SJ VIEWSRMRK JVSQ WXEXIQIRXW WYGL EW XLI JSPPS[MRK

%PP TISTPI EVI QSVXEP
7SGVEXIW MW E TIVWSR
8LIVIJSVI 7SGVEXIW MW QSVXEP

8LMW MW E GPEWWMG I\EQTPI SJ VIEWSRMRK JVSQ TVMRGMTPI =SY FIKMR [MXL E KIRIVEP
WXEXIQIRX q%PP TISTPI EVI QSVXEPr
QSZI XS E QMRSV TVIQMWI q7SGVEXIW MW E
TIVWSRr
ERH IRH [MXL E WTIGMJMG GSRGPYWMSR q7SGVEXIW MW QSVXEPr


7TIEOIVW SJXIR YWI VIEWSRMRK JVSQ TVMRGMTPI [LIR XV]MRK XS TIVWYEHI ER
EYHMIRGI 3RI SJ XLI GPIEVIWX I\EQTPIW JVSQ %QIVMGER LMWXSV] MW 7YWER &
%RXLSR]tW JEQSYW WTIIGL q-W -X E 'VMQI JSV 9 7 'MXM^IRW XS :SXI#r (IPMZIVIH
SR RYQIVSYW SGGEWMSRW MR ERH EX E XMQI [LIR [SQIR [IVI
PIKEPP] FEVVIH JVSQ ZSXMRK %RXLSR]tW WTIIGL VIEWSRIH EPSRK XLI JSPPS[MRK
PMRIW

8 LI 9RMXIH 7XEXIW 'SRWXMXYXMSR KYEVERXIIW EPP 9 7 GMXM^IRW XLI VMKLX XS ZSXI

;SQIR EVI 9 7 GMXM^IRW

8LIVIJSVI XLI 9RMXIH 7XEXIW 'SRWXMXYXMSR KYEVERXIIW [SQIR XLI VMKLX
XS ZSXI

8LMW EVKYQIRX TVSKVIWWIW JVSQ E KIRIVEP TVMRGMTPI q8LI 9RMXIH 7XEXIW 'SRWXM
XYXMSR KYEVERXIIW EPP 9 7 GMXM^IRW XLI VMKLX XS ZSXIr
XLVSYKL E QMRSV TVIQMWI

6IEWSRMRK

0YGEW 8LI %VX SJ 4YFPMG 1IXLSHW SJ 4IVWYEWMSR 8I\X  8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW

q;SQIR EVI 9 7 GMXM^IRWr
XS E GSRGPYWMSR q8LIVIJSVI XLI 9RMXIH 7XEXIW
'SRWXMXYXMSR KYEVERXIIW [SQIR XLI VMKLX XS ZSXIr


+YMHIPMRIW JSV 6IEWSRMRK JVSQ 4VMRGMTPI

;LIR ]SY YWI VIEWSRMRK JVSQ TVMRGMTPI MR E WTIIGL TE] WTIGMEP EXXIRXMSR XS
]SYV KIRIVEP TVMRGMTPI ;MPP PMWXIRIVW EGGITX MX [MXLSYX IZMHIRGI# -J RSX KMZI
IZMHIRGI XS WYTTSVX MX FIJSVI QSZMRK XS ]SYV QMRSV TVIQMWI =SY QE] EPWS
RIIH XS WYTTSVX ]SYV QMRSV TVIQMWI [MXL IZMHIRGI ;LIR FSXL XLI KIRIVEP
TVMRGMTPI ERH XLI QMRSV TVIQMWI EVI WSYRHP] FEWIH ]SYV EYHMIRGI [MPP FI
QYGL QSVI PMOIP] XS EGGITX ]SYV GSRGPYWMSR

7YTTSWI JSV I\EQTPI XLEX ]SY TPER XS WTIEO EFSYX I\GIWWMZI WYKEV MR XLI
%QIVMGER HMIX =SY FIKMR F] JSVQYPEXMRK E WTIGMJMG TYVTSWI

7TIGMJMG 4YVTSWI 8S TIVWYEHI Q] EYHMIRGI XS PMQMX XLIMV GSRWYQTXMSR SJ
WSJX HVMROW HIWWIVXW GERHMIW W[IIXIRIH HEMV] TVSHYGXW
ERH SXLIV JSSHW [MXL LMKL WYKEV GSRXIRX

2I\X ]SY HIGMHI XS YWI VIEWSRMRK JVSQ TVMRGMTPI XS LIPT TIVWYEHI ]SYV
EYHMIRGI =SYV EVKYQIRX PSSOW PMOI XLMW

)\GIWWMZI GSRWYQTXMSR SJ VIJMRIH WYKEV MW YRLIEPXL]

7SJX HVMROW HIWWIVXW GERHMIW ERH W[IIXIRIH HEMV] TVSHYGXW GSRXEMR I\GIW
WMZI EQSYRXW SJ WYKEV

8LIVIJSVI I\GIWWMZI GSRWYQTXMSR SJ WSJX HVMROW HIWWIVXW GERHMIW ERH
W[IIXIRIH HEMV] TVSHYGXW MW YRLIEPXL]

8S QEOI XLI EVKYQIRX TIVWYEWMZI ]SY LEZI XS WYTTSVX ]SYV KIRIVEP TVMR
GMTPI q)\GIWWMZI GSRWYQTXMSR SJ VIJMRIH WYKEV MW YRLIEPXL] r =SY GMXI QIHMGEP
IZMHIRGI ERH VIWIEVGL WXYHMIW 4EVX SJ ]SYV EVKYQIRX QMKLX KS PMOI XLMW

,MKL WYKEV MRXEOI LEW FIIR PMROIH [MXL HMEFIXIW SWXISTSVSWMW GERGIV LMKL FPSSH
TVIWWYVI ERH LIEVX HMWIEWI RSX XS QIRXMSR XSSXL HIGE] ERH SFIWMX] -RHIIH XLI ,EVZEVH
7GLSSP SJ 4YFPMG ,IEPXL LEW MHIRXMJMIH WYKEV W[IIXIRIH WSHEW EW E QENSV GEYWI SJ XLI 9 7
SFIWMX] ITMHIQMG ERH XLI EPEVQMRK MRGVIEWI MR 8]TI -- HMEFIXIW %GGSVHMRK XS XLI %QIVMGER
1IHMGEP %WWSGMEXMSR LMKL WYKEV MRXEOI MW EQSRK XLI QSWX WIVMSYW LIEPXL TVSFPIQW JEGMRK
XLI 9RMXIH 7XEXIW

,EZMRK WYTTSVXIH ]SYV KIRIVEP TVMRGMTPI ]SY FSPWXIV ]SYV QMRSV TVIQMWI
q7SJX HVMROW HIWWIVXW GERHMIW ERH W[IIXIRIH HEMV] TVSHYGXW GSRXEMR I\GIWWMZI
EQSYRXW SJ WYKEV r =SYV IZMHIRGI MRGPYHIW XLI JSPPS[MRK

8LI ;SVPH ,IEPXL 3VKERM^EXMSR VIGSQQIRHW XLEX TISTPI GSRWYQI RS QSVI XLER
KVEQW SJ VIJMRIH WYKEV E HE] &YX NYWX SRI GER SJ 4ITWM 9T SV 1SYRXEMR (I[ HIPMZ
IVW KVEQW % PEVKI 1G(SREPHtW QMPO WLEOI GSRXEMRW KVEQWhEW HSIW SRI 'MRREFSR
SV SRI WPMGI SJ GLIVV] TMI %HH MGI GVIEQ XS XLI TMI ERH XLI WYKEV GSRXIRX I\GIIHW
KVEQW % SYRGI GERH] FEV LEW KVEQW SJ WYKEV )ZIR JSSHW XLEX EVI WYTTSWIH XS
FI RYXVMXMSYW GER GSRXEMR PEVKI EQSYRXW SJ EHHIH WYKEV %R SYRGI WIVZMRK SJ JVYMX
]SKYVX LEW KVEQW [LMPI E KPEWW SJ [LSPI QMPO GSRXEMRW KVEQW 2S [SRHIV [I LEZI
E WYKEV SZIVPSEH

',%48)6 1)8,3(7 3* 4)679%7-32

0YGEW 8LI %VX SJ 4YFPMG 1IXLSHW SJ 4IVWYEWMSR 8I\X  8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW

6IEWSRMRK MW ER MQTSVXERX
TEVX SJ TIVWYEWMZI WTIEOMRK
-R E PIKEP XVMEP JSV I\EQTPI
RIMXLIV XLI TVSWIGYXMSR RSV
XLI HIJIRWI MW PMOIP] XS W[E]
XLI NYV] YRPIWW XLIMV VIEWSRMRK
MW GPIEV ERH GSRZMRGMRK

2S[ ]SY LEZI WYTTSVXIH ]SYV KIRIVEP TVMRGMTPI ERH ]SYV QMRSV TVIQMWI
=SY GER JIIP GSRJMHIRX MR KSMRK SR XS ]SYV GSRGPYWMSR

8LIVIJSVI I\GIWWMZI GSRWYQTXMSR SJ WSJX HVMROW HIWWIVXW GERHMIW ERH W[IIXIRIH
HEMV] TVSHYGXW MW YRLIEPXL]

%RH ]SY GER I\TIGX ]SYV EYHMIRGI XS XEOI ]SY WIVMSYWP] ;LIR YWIH TVST
IVP] VIEWSRMRK JVSQ TVMRGMTPI MW LMKLP] TIVWYEWMZI

'%97%0 6)%732-2+ GEYWEP VIEWSRMRK
6IEWSRMRK XLEX WIIOW XS
8LIVI MW E TEXGL SJ MGI SR XLI WMHI[EPO =SY WPMT JEPP ERH FVIEO ]SYV EVQ =SY IWXEFPMWL XLI VIPEXMSRWLMT
VIEWSR EW JSPPS[W q &IGEYWI XLEX TEXGL SJ MGI [EW XLIVI - JIPP ERH FVSOI Q] EVQ r FIX[IIR GEYWIW ERH IJJIGXW
8LMW MW ER I\EQTPI SJ GEYWEP VIEWSRMRK MR [LMGL WSQISRI XVMIW XS IWXEFPMWL XLI
VIPEXMSRWLMT FIX[IIR GEYWIW ERH IJJIGXW
%W [MXL VIEWSRMRK JVSQ WTIGMJMG MRWXERGIW [I YWI GEYWEP VIEWSRMRK HEMP]
7SQIXLMRK LETTIRW ERH [I EWO [LEX GEYWIH MX XS LETTIR ;I [ERX XS ORS[
XLI GEYWIW SJ GLVSRMG JEXMKYI W]RHVSQI SJ XLI JSSXFEPP XIEQtW PEXIWX HIJIEX SJ
SYV VSSQQEXItW TIGYPMEV LEFMXW ;I EPWS [SRHIV EFSYX IJJIGXW ;I WTIGYPEXI
EFSYX XLI GSRWIUYIRGIW SJ GLVSRMG JEXMKYI W]RHVSQI SR PMJI I\TIGXERG] SJ XLI
WXEV UYEVXIVFEGOtW PIK MRNYV] SJ XIPPMRK SYV VSSQQEXI XLEX E GLERKI MW RIIHIH

+ YMHIPMRIW JSV 'EYWEP 6IEWSRMRK

%W ER] WGMIRXMWX SV HIXIGXMZI
[MPP XIPP ]SY GEYWEP VIEWSRMRK GER FI XVMGO] 8LI
VIPEXMSRWLMT FIX[IIR GEYWIW ERH IJJIGXW MW RSX EP[E]W GPIEV 8LIVI EVI X[S GSQ
QSR IVVSVW XS EZSMH [LIR YWMRK GEYWEP VIEWSRMRK
8LI JMVWX MW XLI JEPPEG] SJ JEPWI GEYWI 8LMW JEPPEG] MW SJXIR ORS[R F] MXW 0EXMR
REQI TSWX LSG IVKS TVSTXIV LSG [LMGL QIERW qEJXIV XLMW XLIVIJSVI FIGEYWI SJ
XLMW r -R SXLIV [SVHW XLI JEGX XLEX SRI IZIRX LETTIRW EJXIV ERSXLIV HSIW RSX
QIER XLEX XLI JMVWX MW XLI GEYWI SJ XLI WIGSRH 8LI GPSWIRIWW MR XMQI SJ XLI X[S

6IEWSRMRK

0YGEW 8LI %VX SJ 4YFPMG 1IXLSHW SJ 4IVWYEWMSR 8I\X  8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW

-RXIVRIX %PXLSYKL MX [EW [VMXXIR QSVI XLER ]IEVW EKS %VMWXSXPItW 6LIXSVMG VIQEMRW XLI
GPEWWMG [SVO SR XLI QIXLSHW SJ TIVWYEWMSR =SY GER EGGIWW XLI JYPP XI\X SJ XLI
'SRRIGXMSR 6LIXSVMG SR XLI ;IF EX LXXT GPEWWMGW QMX IHY %VMWXSXPI VLIXSVMG LXQP *SV PMROW
XS QSVI XLER SXLIV IPIGXVSRMG FSSOW PSK SR XS 4VSNIGX +YXIRFIVK EX [[[
[[[ GSRRIGXPYGEW GSQ KYXIRFIVK SVK [MOM 1EMRC4EKI

%VI ]SY KMZMRK ]SYV TIVWYEWMZI WTIIGL SR E XSTMG GYVVIRXP] MR XLI RI[W# -J WS
]SY QE] FI EFPI XS JMRH QEXIVMEPW SR MX F] PSKKMRK SR XS 2I[W(MVIGXSV] [[[
RI[WHMVIGXSV] GSQ
[LMGL TVSZMHIW LYRHVIHW SJ PMROW XS RI[WTETIVW QEKE^MRIW
FVSEHGEWXIVW ERH RI[W WIVZMGIW [SVPH[MHI

JEPWI GEYWI IZIRXW QE] FI IRXMVIP] GSMRGMHIRXEP -J E FPEGO GEX GVSWWIW ]SYV TEXL ERH JMZI
%R IVVSV MR GEYWEP VIEWSRMRK MR QMRYXIW PEXIV ]SY JEPP ERH FVIEO ]SYV EVQ ]SY RIIHRtX FPEQI ]SYV EGGMHIRX SR
[LMGL E WTIEOIV QMWXEOIRP] XLI TSSV GEX
EWWYQIW XLEX FIGEYWI SRI IZIRX
JSPPS[W ERSXLIV XLI JMVWX IZIRX 3RI WXYHIRX MR WTIIGL GPEWW EVKYIH XLEX E VMWI MR 7%8 WGSVIW JSV WXYHIRXW
MW XLI GEYWI SJ XLI WIGSRH 8LMW MR LIV WXEXI [EW GEYWIH F] XLI IPIGXMSR SJ E RI[ WYTIVMRXIRHIRX SJ TYFPMG
IVVSV MW SJXIR ORS[R F] MXW 0EXMR MRWXVYGXMSR XLI TVIZMSYW ]IEV ,IV VIEWSRMRK# 8LI WYTIVMRXIRHIRX LEH TPIHKIH
REQI MR LMW GEQTEMKR XS VIZIVWI XLI WXEXItW VIGIRX HIGPMRI MR 7%8 WGSVIW ;MXLMR E
]IEV EJXIV LI XSSO SJJMGI 7%8 WGSVIW LEH MQTVSZIH 8LIVIJSVI XLI MQTVSZIQIRX
QIERMRK qEJXIV XLMW [EW GEYWIH F] XLI RI[ WYTIVMRXIRHIRX 8LI WXYHIRXtW GPEWWQEXIW [IVI RSX
XLIVIJSVI FIGEYWI SJ XLMW r MQTVIWWIH 8LI] TSMRXIH SYX XLEX XLI XMQMRK SJ XLI X[S IZIRXW HMH RSX TVSZI
XLEX SRI GEYWIH XLI SXLIV 7%8 WGSVIW [SYPH LEZI VMWIR VIKEVHPIWW SJ [LS [SR
XLI IPIGXMSR

% WIGSRH TMXJEPP XS EZSMH [LIR YWMRK GEYWEP VIEWSRMRK MW EWWYQMRK XLEX
IZIRXW LEZI SRP] SRI GEYWI -R JEGX QSWX IZIRXW LEZI WIZIVEP GEYWIW ;LEX
GEYWIW XLI IGSRSQ] XS FSSQ SV FYWX# -RXIVIWX VEXIW# +EW TVMGIW# 8E\ TSPMG]#
0EFSV GSWXW# 'SRWYQIV GSRJMHIRGI# ;SVPH EJJEMVW# %PP XLIWI JEGXSVWhERH SXLIVWh
EJJIGX XLI IGSRSQ] ;LIR ]SY YWI GEYWEP VIEWSRMRK FI [EV] SJ XLI XIQTXEXMSR
XS EXXVMFYXI GSQTPI\ IZIRXW XS WMRKPI GEYWIW

=SY GERRSX IWGETI GEYWEP VIEWSRMRK %PP SJ YW YWI MX HEMP] ERH ]SY EVI
EPQSWX GIVXEMR XS YWI MX [LIR WTIEOMRK XS TIVWYEHIhIWTIGMEPP] MJ ]SY HIEP [MXL
E UYIWXMSR SJ JEGX SV TSPMG]

%2%03+-'%0 6)%732-2+

;LEX HS XLIWI WXEXIQIRXW LEZI MR GSQQSR#

EREPSKMGEP VIEWSRMRK -J ]SYtVI KSSH EX VEGUYIXFEPP ]SYtPP FI KVIEX EX 4MRK 4SRK
6IEWSRMRK MR [LMGL E WTIEOIV
GSQTEVIW X[S WMQMPEV GEWIW ERH -R +VIEX &VMXEMR XLI KIRIVEP IPIGXMSR GEQTEMKR JSV 4VMQI 1MRMWXIV PEWXW PIWW XLER XLVII
MRJIVW XLEX [LEX MW XVYI JSV XLI [IIOW 7YVIP] [I GER HS XLI WEQI [MXL XLI 9 7 TVIWMHIRXMEP IPIGXMSR
JMVWX GEWI MW EPWS XVYI JSV XLI
WIGSRH &SXL WXEXIQIRXW YWI VIEWSRMRK JVSQ EREPSK] &] GSQTEVMRK X[S WMQMPEV GEWIW
XLI] MRJIV XLEX [LEX MW XVYI JSV SRI QYWX FI XVYI JSV XLI SXLIV

+YMHIPMRIW JSV %REPSKMGEP 6IEWSRMRK

8LI QSWX MQTSVXERX UYIWXMSR MR EWWIWWMRK EREPSKMGEP VIEWSRMRK MW [LIXLIV XLI
X[S GEWIW FIMRK GSQTEVIH EVI IWWIRXMEPP] EPMOI -J XLI] EVI IWWIRXMEPP] EPMOI XLI
EREPSK] MW ZEPMH -J XLI] EVI RSX IWWIRXMEPP] EPMOI XLI EREPSK] MW MRZEPMH

',%48)6 1)8,3(7 3* 4)679%7-32

0YGEW 8LI %VX SJ 4YFPMG 1IXLSHW SJ 4IVWYEWMSR 8I\X  8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW

0SSO FEGO XS XLI EREPSKMIW EX XLI WXEVX SJ XLMW WIGXMSR -W TPE]MRK VEGUYIXFEPP MRZEPMH EREPSK]
XLI WEQI EW TPE]MRK 4MRK 4SRK# 2SX VIEPP] &SXL MRZSPZI LMXXMRK E FEPP [MXL E %R EREPSK] MR [LMGL XLI
VEGUYIX SV E TEHHPI &YX VEGUYIXFEPP YWIW E WXVMRKIH VEGUYIX ERH E VYFFIV FEPP X[S GEWIW FIMRK GSQTEVIH
4MRK 4SRK YWIW E WSPMH TEHHPI ERH E WQEPPIV PMKLXIV GIPPYPSMH FEPP 6EGUYIXFEPP EVI RSX IWWIRXMEPP] EPMOI
MW TPE]IH F] LMXXMRK XLI FEPP EKEMRWX XLI [EPPW SV GIMPMRK SJ ER IRGPSWIH GSYVX
4MRK 4SRK MW TPE]IH F] LMXXMRK XLI FEPP FEGO ERH JSVXL SZIV E RIX WXVIXGLIH
EGVSWW E XEFPI 7OMPP EX SRI MW RS KYEVERXII SJ WOMPP EX XLI SXLIV 8LI EREPSK] MW
RSX ZEPMH
;LEX EFSYX XLI WIGSRH EREPSK]# 8LEX HITIRHW SR LS[ QYGL EPMOI XLI
&VMXMWL ERH %QIVMGER TSPMXMGEP W]WXIQW EVI %VI XLI GSYRXVMIW WMQMPEV MR WM^I
ERH HMZIVWMX]# -W MX TSWWMFPI JSV GERHMHEXIW MR FSXL GSYRXVMIW XS GERZEWW XLI
IRXMVI PERH MR PIWW XLER XLVII [IIOW# (SIW XLI TEVX] W]WXIQ STIVEXI XLI WEQI
MR FSXL GSYRXVMIW# -R SXLIV [SVHW EVI XLI JEGXSVW XLEX EPPS[ +VIEX &VMXEMR XS
GSRHYGX GEQTEMKRW JSV 4VMQI 1MRMWXIV MR PIWW XLER XLVII [IIOW EPWS TVIWIRX
MR XLI 9RMXIH 7XEXIW# -J WS XLI EREPSK] MW ZEPMH -J RSX XLI EREPSK] MW
MRZEPMH
6IEWSRMRK JVSQ EREPSK] MW YWIH QSWX SJXIR MR TIVWYEWMZI WTIIGLIW SR UYIW
XMSRW SJ TSPMG] ;LIR EVKYMRK JSV E RI[ TSPMG] ]SY WLSYPH JMRH SYX [LIXLIV
MX LEW FIIR XVMIH IPWI[LIVI =SY QE] FI EFPI XS GPEMQ XLEX ]SYV TSPMG] [MPP [SVO
FIGEYWI MX LEW [SVOIH MR PMOI GMVGYQWXERGIW ,IVI MW LS[ SRI WXYHIRX YWIH VIE
WSRMRK JVSQ EREPSK] XS WYTTSVX LIV GPEMQ XLEX GSRXVSPPMRK LERHKYRW [MPP
VIHYGI ZMSPIRX GVMQI MR XLI 9RMXIH 7XEXIW

;MPP Q] TSPMG] [SVO# 8LI I\TIVMIRGI SJ JSVIMKR GSYRXVMIW WYKKIWXW MX [MPP -R )RKPERH
KYRW EVI XMKLXP] VIKYPEXIH IZIR XLI TSPMGI EVI YREVQIH ERH XLI QYVHIV VEXI MW XVMZMEP F]
%QIVMGER WXERHEVHW -R .ETER XLI S[RIVWLMT SJ [IETSRW MW WIZIVIP] VIWXVMGXIH ERH LERH
KYRW EVI GSQTPIXIP] TVSLMFMXIH .ETER MW ER EPQSWX KYR JVII GSYRXV] ERH MXW GVMQI VEXI MW
IZIR PS[IV XLER )RKPERHtW 3R XLI FEWMW SJ XLIWI GSQTEVMWSRW [I GER GSRGPYHI XLEX
VIWXVMGXMRK XLI S[RIVWLMT SJ KYRW [MPP GSRXVSP XLI GVMQI ERH QYVHIV VEXIW MR %QIVMGE

&] XLI WEQI XSOIR MJ ]SY EVKYI EKEMRWX E GLERKI MR TSPMG] ]SY WLSYPH
GLIGO [LIXLIV XLI TVSTSWIH TSPMG]hSV WSQIXLMRK PMOI MXhLEW FIIR MQTPI
QIRXIH IPWI[LIVI ,IVI XSS ]SY QE] FI EFPI XS WYTTSVX ]SYV GEWI F] VIEWSR
MRK JVSQ EREPSK]hEW HMH SRI WXYHIRX [LS STTSWIH KYR GSRXVSP

%HZSGEXIW SJ KYR GSRXVSP TSMRX XS JSVIMKR GSYRXVMIW XS TVSZI XLIMV GEWI 8LI] SJXIR GMXI
)RKPERH [LMGL LEW WXVMGX KYR GSRXVSP PE[W ERH PMXXPI ZMSPIRX GVMQI &YX XLI OI] XS PS[ TIV
WSREP ZMSPIRGI MR )RKPERHhERH SXLIV JSVIMKR GSYRXVMIWhMW RSX KYR GSRXVSP PE[W FYX XLI
KIRIVEPP] TIEGIJYP GLEVEGXIV SJ XLI TISTPI *SV I\EQTPI 7[MX^IVPERH LEW E QMPMXME W]WXIQ
EWWEYPX VMJPIW ERH QMPMXEV] TMWXSPW EVI WMXXMRK EX XLMW QSQIRX MR 7[MWW LSQIW =IX
7[MX^IVPERHtW QYVHIV VEXI MW SRP] TIVGIRX SJ SYVW -R SXLIV [SVHW GYPXYVEP JEGXSVW EVI
QYGL QSVI MQTSVXERX XLER KYR GSRXVSP [LIR MX GSQIW XS ZMSPIRX GVMQI

%W XLIWI I\EQTPIW MPPYWXVEXI EVKYQIRX JVSQ EREPSK] GER FI YWIH SR FSXL
WMHIW SJ ER MWWYI =SY EVI QSVI PMOIP] XS TIVWYEHI ]SYV EYHMIRGI MJ XLI EREPSK]
WLS[W E XVYP] TEVEPPIP WMXYEXMSR

*%00%'-)7 6IEWSRMRK

% JEPPEG] MW ER IVVSV MR VIEWSRMRK %W E WTIEOIV ]SY RIIH XS EZSMH JEPPEGMIW MR
]SYV WTIIGLIW %W E PMWXIRIV ]SY RIIH XS FI EPIVX XS JEPPEGMIW MR XLI WTIIGLIW
]SY LIEV

0YGEW 8LI %VX SJ 4YFPMG 1IXLSHW SJ 4IVWYEWMSR 8I\X  8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW

JEPPEG] 0SKMGMERW LEZI MHIRXMJMIH QSVI XLER HMJJIVIRX JEPPEGMIW )EVPMIV MR
%R IVVSV MR VIEWSRMRK XLMW GLETXIV [I HMWGYWWIH XLVII SJ XLI QSWX MQTSVXERX LEWX] KIRIVEPM^EXMSR
TEKIW i
JEPWI GEYWI TEKIW i
ERH MRZEPMH EREPSK] TEKIW i

,IVI [I PSSO EX JMZI SXLIV JEPPEGMIW ]SY WLSYPH KYEVH EKEMRWX

VIH LIVVMRK 6IH ,IVVMRK
% JEPPEG] XLEX MRXVSHYGIW ER
MVVIPIZERX MWWYI XS HMZIVX 8LI REQI SJ XLMW JEPPEG] GSQIW JVSQ ER SPH XVMGO YWIH F] JEVQIVW MR )RKPERH
EXXIRXMSR JVSQ XLI WYFNIGX XS OIIT JS\ LYRXIVW ERH XLIMV LSYRHW JVSQ KEPPSTMRK XLVSYKL XLI GVSTW
YRHIV HMWGYWWMSR &] HVEKKMRK E WQSOIH LIVVMRK [MXL E WXVSRK SHSV EPSRK XLI IHKI SJ XLIMV
JMIPHW XLI JEVQIVW GSYPH XLVS[ XLI HSKW SJJ XVEGO F] HIWXVS]MRK XLI WGIRX SJ
XLI JS\

% WTIEOIV [LS YWIW E VIH LIVVMRK MRXVSHYGIW ER MVVIPIZERX MWWYI MR SVHIV XS
HMZIVX EXXIRXMSR JVSQ XLI WYFNIGX YRHIV HMWGYWWMSR *SV MRWXERGI

,S[ HEVI Q] STTSRIRXW EGGYWI QI SJ TSPMXMGEP GSVVYTXMSR EX E XMQI [LIR [I EVI
[SVOMRK XS MQTVSZI XLI UYEPMX] SJ PMJI JSV EPP TISTPI MR XLI 9RMXIH 7XEXIW

;LEX HSIW XLI WTIEOIVtW GSRGIVR EFSYX XLI UYEPMX] SJ PMJI MR XLI 9 7 LEZI
XS HS [MXL [LIXLIV LI SV WLI MW KYMPX] SJ TSPMXMGEP GSVVYTXMSR# 2SXLMRK -X MW E
VIH LIVVMRK YWIH XS HMZIVX EXXIRXMSR E[E] JVSQ XLI VIEP MWWYI

EH LSQMRIQ %H ,SQMRIQ
% JEPPEG] XLEX EXXEGOW XLI TIVWSR
VEXLIV XLIR HIEPMRK [MXL XLI 0EXMR JSV qEKEMRWX XLI QER r EH LSQMRIQ VIJIVW XS XLI JEPPEG] SJ EXXEGOMRK XLI
VIEP MWWYI MR HMWTYXI TIVWSR VEXLIV XLER HIEPMRK [MXL XLI VIEP MWWYI MR HMWTYXI *SV MRWXERGI

8LI LIEH SJ XLI GSQQIVGI GSQQMWWMSR LEW E RYQFIV SJ MRXIVIWXMRK IGSRSQMG TVSTSW
EPW FYX PIXtW RSX JSVKIX XLEX WLI GSQIW JVSQ E ZIV] [IEPXL] JEQMP]

&] MQTYKRMRK XLI GSQQMWWMSRIVtW JEQMP] FEGOKVSYRH VEXLIV XLER HIEPMRK [MXL
XLI WYFWXERGI SJ LIV IGSRSQMG TVSTSWEPW XLI WTIEOIV MW IRKEKMRK MR ER EH
LSQMRIQ EXXEGO

7SQIXMQIW SJ GSYVWI E TIVWSRtW GLEVEGXIV SV MRXIKVMX] GER FI E PIKMXM
QEXI MWWYIhEW MR XLI GEWI SJ E TSPMGI GLMIJ [LS ZMSPEXIW XLI PE[ SV E GSVTS
VEXI TVIWMHIRX [LS W[MRHPIW WXSGOLSPHIVW -R WYGL GEWIW E WTIEOIV QMKLX
[IPP VEMWI UYIWXMSRW EFSYX XLI TIVWSR [MXLSYX FIMRK KYMPX] SJ XLI E H LSQMRIQ
JEPPEG]

IMXLIV SV )MXLIV 3V
% JEPPEG] XLEX JSVGIW PMWXIRIVW
XS GLSSWI FIX[IIR X[S 7SQIXMQIW VIJIVVIH XS EW E JEPWI HMPIQQE XLI IMXLIV SV JEPPEG] JSVGIW PMWXIRIVW
EPXIVREXMZIW [LIR QSVI XS GLSSWI FIX[IIR X[S EPXIVREXMZIW [LIR QSVI XLER X[S EPXIVREXMZIW I\MWX *SV
XLER X[S EPXIVREXMZIW I\MWX I\EQTPI

8LI KSZIVRQIRX QYWX IMXLIV VEMWI XE\IW SV VIHYGI WIVZMGIW JSV XLI TSSV

8LMW WXEXIQIRX SZIVWMQTPMJMIW E GSQTPI\ MWWYI F] VIHYGMRK MX XS E WMQTPI
IMXLIV SV GLSMGI -W MX XVYI XLEX XLI SRP] GLSMGIW EVI XS VEMWI XE\IW SV XS VIHYGI
WIVZMGIW JSV XLI TSSV# % GEVIJYP PMWXIRIV QMKLX EWO q;LEX EFSYX GYXXMRK
XLI EHQMRMWXVEXMZI GSWX SJ KSZIVRQIRX SV IPMQMREXMRK TSVO FEVVIP TVSNIGXW
MRWXIEH#r

',%48)6 1)8,3(7 3* 4)679%7-32

0YGEW 8LI %VX SJ 4YFPMG 1IXLSHW SJ 4IVWYEWMSR 8I\X  8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW

-R EHHMXMSR XS YWMRK IZM
HIRGI XS WYTTSVX XLIMV MHIEW
IJJIGXMZI WTIEOIVW WYGL EW
&MPP 6MGLEVHWSR XEOI GEVI XS
EZSMH JEPPEGMIW MR VIEWSRMRK
XLEX QE] YRHIVQMRI XLIMV
GVIHMFMPMX] ERH TIVWYEWMZIRIWW

=SY [MPP FI QSVI TIVWYEWMZI EW E WTIEOIV ERH QSVI TIVGITXMZI EW E PMWXIRIV
MJ ]SY EVI EPIVX XS XLI IMXLIV SV JEPPEG]

&ERH[EKSR FERH[EKSR
% JEPPEG] XLEX EWWYQIW XLEX
,S[ SJXIR LEZI ]SY LIEVH WSQISRI WE] q-XtW E KVIEX MHIEhIZIV]SRI EKVIIW FIGEYWI WSQIXLMRK MW TSTYPEV
[MXL MXr# 8LMW MW E GPEWWMG I\EQTPI SJ XLI FERH[EKSR JEPPEG] [LMGL EWWYQIW MX MW XLIVIJSVI KSSH GSVVIGX SV
XLEX FIGEYWI WSQIXLMRK MW TSTYPEV MX MW XLIVIJSVI KSSH GSVVIGX SV HIWMVEFPI HIWMVEFPI
1YGL EHZIVXMWMRK MW FEWIH SR XLI FERH[EKSR JEPPEG] 8LI JEGX XLEX QSVI
TISTPI YWI 8]PIRSP XLER %HZMP HSIW RSX TVSZI XLEX 8]PIRSP MW E FIXXIV TEMR
VIPMIZIV 8]PIRSPtW TSTYPEVMX] GSYPH FI HYI XS EKKVIWWMZI QEVOIXMRK 8LI UYIW
XMSR SJ [LMGL TVSHYGX HSIW E FIXXIV NSF VIHYGMRK TEMR MW E QIHMGEP MWWYI XLEX
LEW RSXLMRK XS HS [MXL TSTYPEVMX]
8LI FERH[EKSR JEPPEG] MW EPWS IZMHIRX MR TSPMXMGEP WTIIGLIW 'SRWMHIV XLI
JSPPS[MRK WXEXIQIRX

8LI KSZIVRSV QYWX FI GSVVIGX MR LMW ETTVSEGL XS WSGMEP TSPMG] EJXIV EPP XLI TSPPW WLS[
XLEX TIVGIRX SJ XLI TISTPI WYTTSVX LMQ

8LMW WXEXIQIRX MW JEPPEGMSYW FIGEYWI TSTYPEV STMRMSR GERRSX FI XEOIR EW
TVSSJ XLEX ER MHIE MW VMKLX SV [VSRK 6IQIQFIV qIZIV]SRIr YWIH XS FIPMIZI XLEX
XLI [SVPH MW JPEX XLEX WTEGI JPMKLX MW MQTSWWMFPI ERH XLEX [SQIR WLSYPH RSX
EXXIRH GSPPIKI [MXL QIR

7PMTTIV] 7PSTI

8LI WPMTTIV] WPSTI JEPPEG] XEOIW MXW REQI JVSQ XLI MQEKI SJ E FSYPHIV VSPPMRK
YRGSRXVSPPEFP] HS[R E WXIIT LMPP 3RGI XLI FSYPHIV KIXW WXEVXIH MX GERtX FI
WXSTTIH YRXMP MX VIEGLIW XLI FSXXSQ

6IEWSRMRK

0YGEW 8LI %VX SJ 4YFPMG 1IXLSHW SJ 4IVWYEWMSR 8I\X  8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW

WPMTTIV] WPSTI % WTIEOIV [LS GSQQMXW XLI WPMTTIV] WPSTI JEPPEG] EWWYQIW XLEX XEOMRK E
% JEPPEG] XLEX EWWYQIW XLEX JMVWX WXIT [MPP PIEH MRIZMXEFP] XS E WIGSRH WXIT ERH WS SR HS[R XLI WPSTI XS
XEOMRK E JMVWX WXIT [MPP PIEH XS HMWEWXIVhEW MR XLI JSPPS[MRK I\EQTPI
WYFWIUYIRX WXITW XLEX GERRSX
FI TVIZIRXIH 4EWWMRK JIHIVEP PE[W XS GSRXVSP XLI EQSYRX SJ ZMSPIRGI MR ZMHIS KEQIW MW XLI JMVWX WXIT
MR E TVSGIWW XLEX [MPP VIWYPX MR EFWSPYXI KSZIVRQIRX GSRXVSP SJ XLI QIHME ERH XSXEP GIRWSV
WLMT SZIV EPP JSVQW SJ EVXMWXMG I\TVIWWMSR

-J E WTIEOIV GPEMQW XLEX XEOMRK E JMVWX WXIT [MPP PIEH MRIZMXEFP] XS E WIVMIW SJ
HMWEWXVSYW PEXIV WXITW LI SV WLI RIIHW XS TVSZMHI IZMHIRGI SV VIEWSRMRK XS WYT
TSVX XLI GPEMQ 8S EWWYQI XLEX EPP XLI PEXIV WXITW [MPP SGGYV [MXLSYX TVSZMRK
XLEX XLI] [MPP MW XS GSQQMX XLI WPMTTIV] WPSTI JEPPEG]

%TTIEPMRK XS )QSXMSRW

)JJIGXMZI TIVWYEWMSR SJXIR VIUYMVIW IQSXMSREP ETTIEP %W XLI 6SQER VLIXSVMGMER
5YMRXMPMER WXEXIH q-X MW JIIPMRK ERH JSVGI SJ MQEKMREXMSR XLEX QEOI YW IPS
UYIRX r &] EHHMRK qJIIPMRKr ERH XLI qJSVGI SJ MQEKMREXMSRr XS ]SYV PSKMGEP
EVKYQIRXW ]SY GER FIGSQI E QSVI GSQTIPPMRK TIVWYEWMZI WTIEOIV

TEXLSW ;,%8 %6) )138-32%0 %44)%07#
8LI REQI YWIH F] %VMWXSXPI JSV
[LEX QSHIVR WXYHIRXW SJ )QSXMSREP ETTIEPWh[LEX %VMWXSXPI VIJIVVIH XS EW TEXLSWhEVI MRXIRHIH XS QEOI
GSQQYRMGEXMSR VIJIV XS EW PMWXIRIVW JIIP WEH ERKV] KYMPX] EJVEMH LETT] TVSYH W]QTEXLIXMG VIZIVIRX SV
IQSXMSREP ETTIEP XLI PMOI 8LIWI EVI SJXIR ETTVSTVMEXI VIEGXMSRW [LIR XLI UYIWXMSR MW SRI SJ
ZEPYI SV TSPMG] %W +ISVKI 'EQTFIPP [VSXI MR LMW 4LMPSWSTL] SJ 6LIXSVMG q;LIR
TIVWYEWMSR MW XLI IRH TEWWMSR EPWS QYWX FI IRKEKIH r

&IPS[ MW E PMWX SJ WSQI SJ XLI IQSXMSRW IZSOIH QSWX SJXIR F] TYFPMG
WTIEOIVW *SPPS[MRK IEGL IQSXMSR EVI E JI[ I\EQTPIW SJ WYFNIGXW XLEX QMKLX
WXMV XLEX IQSXMSR

d *IEVhSJ WIVMSYW MPPRIWW SJ REXYVEP HMWEWXIVW SJ WI\YEP EWWEYPX SJ TIVWSREP
VINIGXMSR SJ IGSRSQMG LEVHWLMT

d 'SQTEWWMSRhJSV XLI TL]WMGEPP] HMWEFPIH JSV FEXXIVIH [SQIR JSV RIKPIGXIH
ERMQEPW JSV WXEVZMRK GLMPHVIR JSV ZMGXMQW SJ %-(7

d 4VMHIhMR SRItW GSYRXV] MR SRItW JEQMP] MR SRItW WGLSSP MR SRItW IXLRMG
LIVMXEKI MR SRItW TIVWSREP EGGSQTPMWLQIRXW

d %RKIVhEX XIVVSVMWXW ERH XLIMV WYTTSVXIVW EX FYWMRIWW PIEHIVW [LS EGX YRIXL
MGEPP] EX QIQFIVW SJ 'SRKVIWW [LS EFYWI XLI TYFPMG XVYWX EX PERHPSVHW
[LS I\TPSMX WXYHIRX XIRERXW EX ZERHEPW ERH XLMIZIW

d +YMPXhEFSYX RSX LIPTMRK TISTPI PIWW JSVXYREXI XLER SYVWIPZIW EFSYX RSX
GSRWMHIVMRK XLI VMKLXW SJ SXLIVW EFSYX RSX HSMRK SRItW FIWX

d 6IZIVIRGIhJSV ER EHQMVIH TIVWSR JSV XVEHMXMSRW ERH MRWXMXYXMSRW JSV
SRItW HIMX]

8LIVI EVI QER] SXLIV IQSXMSRW ERH QER] SXLIV WYFNIGXW XLEX QMKLX WXMV XLIQ
,S[IZIV XLMW FVMIJ WEQTPI WLSYPH KMZI ]SY ER MHIE SJ XLI OMRHW SJ IQSXMSREP
ETTIEPW ]SY QMKLX YWI XS IRLERGI XLI QIWWEKI SJ ]SYV TIVWYEWMZI WTIIGL

',%48)6 1)8,3(7 3* 4)679%7-32

0YGEW 8LI %VX SJ 4YFPMG 1IXLSHW SJ 4IVWYEWMSR 8I\X  8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW

)QSXMSREP ETTIEPW SJXIR
QEOI E TIVWYEWMZI WTIIGL
QSVI GSQTIPPMRK 7YGL
ETTIEPW WLSYPH EP[E]W FI
YWIH IXLMGEPP] ERH WLSYPH
RSX FI WYFWXMXYXIH JSV JEGXW
ERH PSKMG

+ )2)6%8-2+ )138-32%0 %44)%0

9WI )QSXMSREP 0ERKYEKI

%W [I WE[ MR 'LETXIV SRI [E] XS KIRIVEXI IQSXMSREP ETTIEP MW XS YWI IQSXMSR
PEHIR [SVHW ,IVI JSV MRWXERGI MW TEVX SJ XLI GSRGPYWMSR JVSQ E WXYHIRX WTIIGL
EFSYX XLI GLEPPIRKIW ERH VI[EVHW SJ [SVOMRK EW E GSQQYRMX] ZSPYRXIIV [MXL
]SYRK GLMPHVIR

8LI TVSQMWI SJ %QIVMGE WTEVOPIW MR XLI I]IW SJ IZIV] GLMPH 8LIMV HVIEQW EVI XLI
KPMXXIVMRK HVIEQW SJ %QIVMGE ;LIR XLSWI HVIEQW EVI HEWLIH [LIR MRRSGIRX LSTIW
EVI FIXVE]IH WS EVI XLI HVIEQW ERH LSTIW SJ XLI IRXMVI REXMSR -X MW SYV HYX]hXS QI
MX MW E WEGVIH HYX]hXS KMZI EPP GLMPHVIR XLI GLERGI XS PIEVR ERH KVS[ XS WLEVI IUYEPP]
MR XLI %QIVMGER HVIEQ SJ JVIIHSQ NYWXMGI ERH STTSVXYRMX]

8LI YRHIVPMRIH [SVHW ERH TLVEWIW LEZI WXVSRK IQSXMSREP TS[IV ERH MR
XLMW GEWI XLI] TVSHYGIH XLI HIWMVIH IJJIGX &I E[EVI LS[IZIV XLEX TEGOMRK XSS
QER] IQSXMSREPP] GLEVKIH [SVHW MRXS SRI TEVX SJ E WTIIGL GER GEPP EXXIRXMSR
XS XLI IQSXMSREP PERKYEKI MXWIPJ ERH YRHIVQMRI MXW MQTEGX 8LI IQSXMSR VIWXW
MR ]SYV EYHMIRGI RSX MR ]SYV [SVHW )ZIR XLI GSPHIWX JEGXW GER XSYGL SJJ ER
IQSXMSREP VIWTSRWI MJ XLI] WXVMOI XLI VMKLX GLSVHW MR E PMWXIRIV

(IZIPST :MZMH )\EQTPIW

3JXIR E FIXXIV ETTVSEGL XLER VIP]MRK SR IQSXMSREPP] GLEVKIH PERKYEKI MW XS PIX
IQSXMSREP ETTIEP KVS[ REXYVEPP] SYX SJ XLI GSRXIRX SJ ]SYV WTIIGL 8LI QSWX
IJJIGXMZI [E] XS HS XLMW MW [MXL ZMZMH VMGLP] XI\XYVIH I\EQTPIW XLEX TYPP PMWXIRIVW
MRXS XLI WTIIGL

,IVI MW LS[ SRI WTIEOIV YWIH E ZMZMH I\EQTPI JSV IQSXMSREP ETTIEP 7LI
[EW WTIEOMRK XS E GMXM^IRWt KVSYT SR FILEPJ SJ '%6) E [SVPH LYQERMXEVMER
SVKERM^EXMSR EFSYX XLI QEPEVME ITMHIQMG MR %JVMGE ,IVI MW [LEX WLI QMKLX
LEZI WEMH WXVMTTMRK XLI GSRXIRX SJ IQSXMSREP ETTIEP

1EPEVME MW SRI SJ XLI FMKKIWX TVSFPIQW JEGMRK %JVMGE 1ER] HMI JVSQ MX IZIV] HE] -J XLI
VIWX SJ XLI [SVPH HSIWRtX LIPT XLI QEPEVME ITMHIQMG [MPP SRP] KIX [SVWI

%TTIEPMRK XS )QSXMSRW

0YGEW 8LI %VX SJ 4YFPMG 1IXLSHW SJ 4IVWYEWMSR 8I\X  8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW

;LEX WLI EGXYEPP] WEMH [IRX WSQIXLMRK PMOI XLMW

2EXLER [EW SRP] JMZI ]IEVW SPH [LIR XLI JIZIV WXVYGO LMQ %X JMVWX RS SRI ORI[ [LEX
[EW [VSRK 2S SRI ORI[ XLEX TEVEWMXIW MRWMHI LMW FSH] LEH MRJIGXIH LMW VIH FPSSH GIPPW
2S SRI ORI[ XLSWI GIPPW [IVI GPYQTMRK XSKIXLIV GLSOMRK XLI JPS[ SJ FPSSH XLVSYKL LMW
FSH] ERH HEQEKMRK LMW ZMXEP SVKERW 2S SRI ORI[ LMW OMHRI]W [SYPH WSSR JEMP ERH WIM^YVIW
[SYPH FIKMR 2S SRI ORI[ LI [SYPH [MRH YT MR E GSQE

8LI TEVEWMXIW MR 2EXLERtW FSH] GEQI JVSQ E QSWUYMXS FMXI E FMXI XLEX KEZI LMQ
QEPEVME %RH 2EXLER MW RSX EPSRI 8LI ;SVPH ,IEPXL 3VKERM^EXMSR XIPPW YW XLI LSVVMFPI XVYXL
-R %JVMGE E GLMPH HMIW JVSQ QEPEVME IZIV] WIGSRHW

4ISTPI [LS PMWXIR XS E WTIIGL PMOI XLEX [MPP RSX WSSR JSVKIX MX 8LI] QE]
[IPP FI QSZIH XS EGXMSRhEW XLI WTIEOIV MRXIRHW 8LI JMVWX WTIIGL LS[IZIV MW
RSX RIEVP] EW GSQTIPPMRK 0MWXIRIVW QE] [IPP RSH XLIMV LIEHW XLMRO XS XLIQ
WIPZIW qKSSH MHIErhERH XLIR JSVKIX EFSYX MX 8LI WXSV] SJ 2EXLER ERH LMW
XVEKMG JEXI KMZIW XLI WIGSRH WTIIGL IQSXMSREP MQTEGX ERH FVMRKW MX LSQI XS
PMWXIRIVW MR TIVWSREP XIVQW

7TIEO [MXL 7MRGIVMX] ERH 'SRZMGXMSR

6SREPH 6IEKER [EW SRI SJ XLI QSWX IJJIGXMZI WTIEOIVW MR VIGIRX 9 7 LMWXSV]
)ZIR TISTPI [LS HMWEKVIIH [MXL LMW TSPMXMGEP ZMI[W SJXIR JSYRH LMQ MVVIWMWXMFPI
;L]# 4EVXP] FIGEYWI LI WIIQIH XS WTIEO [MXL KVIEX WMRGIVMX] ERH GSRZMGXMSR

;LEX [EW XVYI JSV 6IEKER MW XVYI JSV ]SY EW [IPP 8LI WXVSRKIWX WSYVGI SJ
IQSXMSREP TS[IV MW ]SYV GSRZMGXMSR ERH WMRGIVMX] %PP ]SYV IQSXMSR PEHIR
[SVHW ERH I\EQTPIW EVI FYX IQTX] XVETTMRKW YRPIWW ]SY JIIP XLI IQSXMSR ]SYV
WIPJ %RH MJ ]SY HS ]SYV IQSXMSR [MPP GSQQYRMGEXI MXWIPJ XS XLI EYHMIRGI
XLVSYKL IZIV]XLMRK ]SY WE] ERH HShRSX SRP] XLVSYKL ]SYV [SVHW FYX EPWS
XLVSYKL ]SYV XSRI SJ ZSMGI VEXI SJ WTIIGL KIWXYVIW ERH JEGMEP I\TVIWWMSRW

)8,-'7 %2( )138-32%0 %44)%0

1YGL LEW FIIR [VMXXIR EFSYX XLI IXLMGW SJ IQSXMSREP ETTIEP MR WTIIGLQEOMRK
7SQI TISTPI LEZI XEOIR XLI I\XVIQI TSWMXMSR XLEX IXLMGEP WTIEOIVW WLSYPH EZSMH
IQSXMSREP ETTIEP IRXMVIP] 8S WYTTSVX XLMW ZMI[ XLI] TSMRX XS WTIEOIVW [LS LEZI
YWIH IQSXMSREP ETTIEP XS JER XLI JPEQIW SJ LEXVIH FMKSXV] ERH JEREXMGMWQ

8LIVI MW RS UYIWXMSR XLEX IQSXMSREP ETTIEPW GER FI EFYWIH F] YRWGVYTYPSYW
WTIEOIVW JSV HIXIWXEFPI GEYWIW &YX IQSXMSREP ETTIEPW GER EPWS FI [MIPHIH F] LSRSV
EFPI WTIEOIVW JSV RSFPI GEYWIWhF] ;MRWXSR 'LYVGLMPP XS VSYWI XLI [SVPH EKEMRWX
%HSPJ ,MXPIV ERH XLI JSVGIW SJ 2E^MWQ F] 1EVXMR 0YXLIV /MRK XS GEPP JSV VEGMEP NYW
XMGI *I[ TISTPI [SYPH UYIWXMSR XLI IXLMGW SJ IQSXMSREP ETTIEP MR XLIWI MRWXERGIW

2SV MW MX EP[E]W TSWWMFPI XS HVE[ E WLEVT PMRI FIX[IIR VIEWSR ERH IQSXMSREP
ETTIEP 8LMRO FEGO XS XLI WXSV] SJ 2EXLER XLI JMZI ]IEV SPH FS] [LS [EW MRJIGXIH
[MXL QEPEVME 8LI WXSV] GIVXEMRP] LEW WXVSRK IQSXMSREP ETTIEP &YX MW XLIVI ER]
XLMRK YRVIEWSREFPI EFSYX MX# 3V MW MX MVVEXMSREP JSV PMWXIRIVW XS VIWTSRH XS MX F]
HSREXMRK XS ERXM QEPEVMEP GEYWIW# &] XLI WEQI XSOIR MW MX MPPSKMGEP XS FI GSQTEW
WMSREXI JSV ZMGXMQW SJ XIVVSVMWQ# %RKIVIH F] GSVTSVEXI [VSRKHSMRK# *IEVJYP EFSYX
GYXFEGOW MR WXYHIRX EMH# 6IEWSR ERH IQSXMSR SJXIR [SVO LERH MR LERH

3RI OI] XS YWMRK IQSXMSREP ETTIEP IXLMGEPP] MW XS QEOI WYVI MX MW ETTVSTVM
EXI XS XLI WTIIGL XSTMG -J ]SY [ERX XS QSZI PMWXIRIVW XS EGX SR E UYIWXMSR SJ
TSPMG] IQSXMSREP ETTIEPW EVI RSX SRP] PIKMXMQEXI FYX TIVLETW RIGIWWEV] -J ]SY
[ERX PMWXIRIVW XS HS WSQIXLMRK EW E VIWYPX SJ ]SYV WTIIGL ]SY [MPP TVSFEFP]
RIIH XS ETTIEP XS XLIMV LIEVXW EW [IPP EW XS XLIMV LIEHW

',%48)6 1)8,3(7 3* 4)679%7-32

0YGEW 8LI %VX SJ 4YFPMG 1IXLSHW SJ 4IVWYEWMSR 8I\X  8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW

)QSXMSREP PERKYEKI ERH ZMZMH
I\EQTPIW GER LIPT KIRIVEXI
IQSXMSREP ETTIEP FYX RIMXLIV
EVI IJJIGXMZI YRPIWW XLI
WTIEOIV XEPOW [MXL KIRYMRI
WMRGIVMX] ERH GSRZMGXMSR

3R XLI SXLIV LERH IQSXMSREP ETTIEPW EVI YWYEPP] MRETTVSTVMEXI MR E TIV
WYEWMZI WTIIGL SR E UYIWXMSR SJ JEGX ,IVI ]SY WLSYPH HIEP SRP] MR WTIGMJMG
MRJSVQEXMSR ERH PSKMG 7YTTSWI WSQISRI GLEVKIW ]SYV WXEXI KSZIVRSV [MXL
MPPIKEP GEQTEMKR EGXMZMXMIW -J ]SY VIWTSRH F] WE]MRK q-tQ WYVI XLI GLEVKI MW
JEPWI FIGEYWI - LEZI EP[E]W EHQMVIH XLI KSZIVRSV r SV q-tQ WYVI XLI GLEVKI MW
XVYI FIGEYWI - LEZI EP[E]W HMWPMOIH XLI KSZIVRSV r XLIR ]SY EVI KYMPX] SJ ETTP]
MRK IQSXMSREP GVMXIVME XS E TYVIP] JEGXYEP UYIWXMSR
)ZIR [LIR XV]MRK XS QSZI PMWXIRIVW XS EGXMSR ]SY WLSYPH RIZIV WYFWXMXYXI
IQSXMSREP ETTIEPW JSV IZMHIRGI ERH VIEWSRMRK =SY WLSYPH EP[E]W FYMPH ]SYV
TIVWYEWMZI WTIIGL SR E JMVQ JSYRHEXMSR SJ JEGXW ERH PSKMG 8LMW MW MQTSVXERX RSX
NYWX JSV IXLMGEP VIEWSRW FYX JSV TVEGXMGEP SRIW EW [IPP 9RPIWW ]SY TVSZI ]SYV
GEWI GEVIJYP PMWXIRIVW [MPP RSX FI WXMVVIH F] ]SYV IQSXMSREP ETTIEPW =SY RIIH XS
FYMPH E KSSH GEWI FEWIH SR VIEWSR ERH OMRHPI XLI IQSXMSRW SJ ]SYV EYHMIRGI
;LIR ]SY YWI IQSXMSREP ETTIEP OIIT MR QMRH XLI KYMHIPMRIW JSV IXLMGEP
WTIIGLQEOMRK HMWGYWWIH MR 'LETXIV 1EOI WYVI ]SYV KSEPW EVI IXLMGEPP]
WSYRH XLEX ]SY EVI LSRIWX MR [LEX ]SY WE] ERH XLEX ]SY EZSMH REQI GEPPMRK
ERH SXLIV JSVQW SJ EFYWMZI PERKYEKI -R YWMRK IQSXMSREP ETTIEP EW MR SXLIV
VIWTIGXW ]SYV GPEWWVSSQ WTIIGLIW [MPP SJJIV E KSSH XIWXMRK KVSYRH JSV UYIWXMSRW
SJ IXLMGEP VIWTSRWMFMPMX]

7EQTPI 7TIIGL [MXL 'SQQIRXEV]

8LI JSPPS[MRK TIVWYEWMZI WTIIGL HIEPW [MXL E UYIWXMSR SJ TSPMG] ERH MW SVKE GSRRIGXPYGEW GSQ
RM^IH EGGSVHMRK XS 1SRVSItW QSXMZEXIH WIUYIRGI %W ]SY VIEH XLI WTIIGL :MI[ q1EOMRK E (MJJIVIRGI
RSXMGI LS[ XLI WTIEOIV YXMPM^IW XLI QIXLSHW SJ TIVWYEWMSR HMWGYWWIH MR XLMW 8LVSYKL XLI 7TIGMEP 3P]QTMGWr
GLETXIV EW WLI QSZIW XLVSYKL IEGL WXIT SJ XLI QSXMZEXIH WIUYIRGI 8LI WTIIGL MR XLI SRPMRI 1IHME 0MFVEV] JSV
EPWS TVSZMHIW ER I\GIPPIRX I\EQTPI SJ LS[ E WTIEOIVtW HIPMZIV] GER IRLERGI LMW XLMW GLETXIV :MHIS 'PMT

SV LIV GVIHMFMPMX] ERH IQSXMSREP ETTIEPhEW ]SY GER WII F] [EXGLMRK :MHIS
'PMT MR XLI SRPMRI 1IHME 0MFVEV] JSV XLMW GLETXIV

7EQTPI 7TIIGL [MXL 'SQQIRXEV]