0YGEW 8LI %VX SJ 4YFPMG 1IXLSHW SJ 4IVWYEWMSR 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
1EOMRK E (MJJIVIRGI 8LVSYKL XLI 7TIGMEP 3P]QTMGW
'311)28%6= 74))',
8LI JMVWX WXIT MR 1SRVSItW QSXMZEXIH -R 7IEXXPI RMRI ]SYRK EXLPIXIW KEXLIVIH EX XLI WXEVXMRK PMRI JSV
WIUYIRGI MW KEMRMRK XLI EXXIRXMSR SJ XLI XLI ]EVH HEWL %X XLI KYR XLI] EPP WXEVXIH SJJ RSX I\EGXP]
EYHMIRGI [LMGL XLI WTIEOIV HSIW [MXL ER MR E HEWL FYX [MXL E HIWMVI XS VYR XLI VEGI XS XLI JMRMWL ERH
I\XIRHIH I\EQTPI -R XLMW GEWI XLI I\EQ [MR %PP I\GITX SRI PMXXPI FS] [LS WXYQFPIH SR XLI EWTLEPX
TPI EPWS LEW WXVSRK IQSXMSREP ETTIEP XYQFPIH SZIV E GSYTPI SJ XMQIW ERH FIKER XS GV] 8LI SXLIV
VYRRIVW LIEVH XLI FS] GV] 8LI] WXSTTIH XLI] PSSOIH FEGO
8LIR XLI] EPP [IRX FEGO XS XLI FS]tW WMHIhIZIV] WMRKPI SRI SJ
XLIQ 3RI KMVP [MXL (S[R W]RHVSQI OMWWIH LMQ ERH WEMH
q8LMW [MPP QEOI MX FIXXIV r 8LIR EPP RMRI PMROIH EVQW ERH [EPOIH
XS XLI JMRMWL PMRIhXSKIXLIV
8LI WTIEOIV QSZIW JVSQ LIV STIRMRK I\ 8LIWI EXLPIXIW [IVI RSX GSQTIXMRK SR REXMSREP XIPIZMWMSR
EQTPI XS VIZIEP XLI XSTMG SJ LIV WTIIGL 8LI] [IVI RSX WTSRWSVIH SV MHSPM^IH &YX XLI] [IVI KMZIR XLI
STTSVXYRMX] XS JPSYVMWL YRHIV XLI KPS[ SJ XLIMV S[R WTSXPMKLX
XS JIIP XLI FVYWL SJ XLI VMFFSR GVSWW XLIMV GLIWXW EW XLI]
VER XLVSYKL XLIMV S[R JMRMWL PMRI MR XLIMV S[R 3P]QTMGWhXLI
7TIGMEP 3P]QTMGW
)ZIR XLSYKL EPP QIQFIVW SJ LIV EYHMIRGI *SYRHIH MR 7TIGMEP 3P]QTMGW MRZMXIH XLI [SVPH XS
ORI[ EFSYX XLI 7TIGMEP 3P]QTMGW FIJSVI PIX KS SJ PMQMXMRK ZMI[W YR]MIPHMRK TVINYHMGIW ERH MKRSVERX
XLI WTIIGL XLI WTIEOIV UYMGOP] VIQMRHW QMWGSRGITXMSRW EFSYX TISTPI [MXL GSKRMXMZI HMWEFMPMXMIW ERH XS
XLIQ SJ XLI SVKERM^EXMSRtW MHIEPW 7LI XLIR IQFVEGI XLI MHIE XLEX XLI] GER FI VIWTIGXIH ZEPYIH GSRXVMF
VIPEXIW XLI XSTMG HMVIGXP] XS LIV GPEWWQEXIW YXMRK QIQFIVW SJ WSGMIX] .YWX XLMRO SRI SJ XLI OMHW [LS VER
EX E TIVWSREP PIZIP XLVSYKL XLEX JMRMWL PMRI GSYPH LEZI JEPPIR MRXS ]SYV EVQW 3V
QE]FI SRI HE] GSYPH FI ]SYV S[R GLMPH
8LI WTIEOIV IWXEFPMWLIW LIV GVIHMFMPMX] ERH %JXIV [SVOMRK EW E ZSPYRXIIV JSV XLI 7TIGMEP 3P]QTMGW ERH
TVSZMHIW E TVIZMI[ WXEXIQIRX XLEX PIEHW MRXS HSMRK EHHMXMSREP VIWIEVGL JSV XLMW WTIIGL -tH PMOI XS IRGSYVEKI
XLI FSH] SJ XLI WTIIGL ]SY XS FIGSQI MRZSPZIH EW E ZSPYRXIIV JSV XLI 7TIGMEP 3P]QTMGW
;ItPP WXEVX F] PSSOMRK EX XLI RIIH JSV ZSPYRXIIVW
2S[ XLI WTIEOIV QSZIW MRXS XLI RIIH WXIT %GGSVHMRK XS XLI 7TIGMEP 3P]QTMGW ;IF WMXI QSVI XLER
SJ 1SRVSItW QSXMZEXIH WIUYIRGI (VE[MRK QMPPMSR TISTPI GSQTIXI MR 7TIGMEP 3P]QTMGW EVSYRH XLI
JVSQ XLI 7TIGMEP 3P]QTMGW ;IF WMXI WLI [SVPH 4EVXMGMTERXW QYWX FI EX PIEWX IMKLX ]IEVW SPH ERH FI
TVSZMHIW MRJSVQEXMSR EFSYX XLI RYQFIV SJ MHIRXMJMIH EW LEZMRK E GSKRMXMZI SV MRXIPPIGXYEP HMWEFMPMX]
TEVXMGMTERXW ERH XLI GSRXMRYMRK RIIH JSV 8LIVI EVI GYVVIRXP] 7TIGMEP 3P]QTMGW TVSKVEQW VYRRMRK
ZSPYRXIIVW MR SZIV GSYRXVMIW
6EXLIV XLER XEPOMRK EFSYX XLI RIIH JSV ZSP %W XLI 7TIGMEP 3P]QTMGW GSRXMRYIW XS KVS[ WS HSIW XLI
YRXIIVW MR KIRIVEP XIVQW XLI WTIEOIV VIPEXIW RIIH JSV ZSPYRXIIVW ,IVI MR ;MWGSRWMR XLIVI EVI EXL
XS XLI EYHMIRGI F] JSGYWMRK SR XLI WMXYE PIXIW ERH ZSPYRXIIV GSEGLIW &YX FIGEYWI SJ EPP XLI
XMSR MR ;MWGSRWMR [LIVI XLI WTIIGL [EW MRHMZMHYEP EXXIRXMSR VIUYMVIH F] 7TIGMEP 3P]QTMGW EXLPIXIW
HIPMZIVIH XLIVItW EP[E]W E RIIH JSV QSVI ZSPYRXIIV GSEGLIW SV JSV PSEHW
SJ SXLIV ZSPYRXIIVW EW [IPP
',%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
8LMW TEVEKVETL FIKMRW [MXL E XVERWMXMSR 2S[ ]SY ORS[ XLI RIIH JSV 7TIGMEP 3P]QTMGW ZSPYR
MRXS XLI WEXMWJEGXMSR WIGXMSR SJ XLI WTIIGL XIIVW 7S XLI UYIWXMSR MW ;LEX GER ]SY HS XS LIPT# 8LI
2SXMGI LS[ XLI WTIEOIV I\TPEMRW XLEX SRI ERW[IV MW &IGSQI E ZSPYRXIIV 8LI QSWX SFZMSYW [E] XS
HSIW RSX RIIH XS FI E KVIEX EXLPIXI SV LEZI FIGSQI E ZSPYRXIIV MW XS FIGSQI E GSEGL 2S[ ]SY HSRtX
TVMSV GSEGLMRK I\TIVMIRGI XS ZSPYRXIIV EW E LEZI XS FI E KVIEX EXLPIXI =SY HSRtX LEZI XS LEZI ER] TVMSV
7TIGMEP 3P]QTMGW GSEGL 8LMW OMRH SJ WTIGM GSEGLMRK I\TIVMIRGI 7TIGMEP 3P]QTMGW SJJIVW E KIRIVEP
JMGMX] MW MQTSVXERX [LIRIZIV E WTIEOIV GSYVWI SR XLI TVMRGMTPIW SJ GSEGLMRK MR EHHMXMSR XS E QIRXSV
[ERXW XS TIVWYEHI ER EYHMIRGI XS XEOI MRK TVSKVEQ MR [LMGL XLI RI[ GSEGLIW VIGIMZI KYMHERGI JVSQ
MQQIHMEXI EGXMSR XLI I\TIVMIRGIH GSEGLIW
8LI WTIEOIV TVSZMHIW STXMSRW JSV LIV PMWXIR -J ]SY HSRtX [ERX XS FI E GSEGL XLIVI EVI SXLIV [E]W XS
IVW F] RSXMRK XLEX SRI GER ZSPYRXIIV MR LIPT SYX EW [IPP =SY GER [SVO FILMRH XLI WGIRIW F] EWWMWXMRK
[E]W SXLIV XLER GSEGLMRK ERH XLEX SRItW [MXL JYRH VEMWMRK SV SVKERM^MRK IZIRXW SV ER] SJ XLI SXLIV
GSRXVMFYXMSRW XS 7TIGMEP 3P]QTMGW GER ZEV] GSYRXPIWW HIXEMPW MRZSPZIH MR VYRRMRK E LYKI SVKERM^EXMSR WYGL
HITIRHMRK SR XLI PIZIP SJ GSQQMXQIRX EW 7TIGMEP 3P]QTMGW -XtW EPWS ZIV] MQTSVXERX XLEX ]SY ORS[
E TIVWSR MW EFPI XS QEOI EX E TEVXMGYPEV XLEX ]SYV GSRXVMFYXMSR XS 7TIGMEP 3P]QTMGW GER PEWX JVSQ E HE]
XMQI XS E ]IEV XS E PMJIXMQI HITIRHMRK SR XLI PIZIP SJ GSQQMXQIRX
XLEX ]SYtVI VIEH] XS QEOI
,EZMRK I\TPEMRIH LIV TPER XLI WTIEOIV 2S QEXXIV LS[ ]SY HIGMHI XS LIPT - KYEVERXII ]SY XLEX
QSZIW MRXS XLI ZMWYEPM^EXMSR WIGXMSR SJ LIV [SVOMRK [MXL XLI 7TIGMEP 3P]QTMGW [MPP FI MQQIRWIP] VI[EVH
WTIIGL MR [LMGL WLI HIQSRWXVEXIW XLI MRK %W E GSEGL ]SYV MRWXVYGXMSR ERH WYTTSVX [MPP LIPT ]SYV
FIRIJMXW SJ LIV TPER 8LMW MW SRI SJ XLI QSWX EXLPIXIW HIZIPST TL]WMGEP WOMPPW [LMPI ]SYV MRXIVEGXMSR ERH
MQTSVXERX EWTIGXW SJ ER] TIVWYEWMZI WTIIGL JVMIRHWLMT [MPP LIPT XLIQ HIZIPST WSGMEPP] 6SRRE :ERHIVWPMGI
SR E UYIWXMSR SJ TSPMG] EYXLSV SJ XLI EVXMGPI q7TIGMEP 3P]QTMGW &IRIJMGMEP XS %PP r
VITSVXW XLEX MRHMZMHYEPW [LS KIX MRZSPZIH MR WTSVXW ERH VIGVI
EXMSR XLVSYKL 7TIGMEP 3P]QTMGW HIZIPST PEVKIV RIX[SVOW SJ
JVMIRHW EVI QSVI PMOIP] XS WSGMEPM^I [MXL SXLIVW ERH VIGIMZI
QSVI WSGMEP WYTTSVX
(VE[MRK SR LIV S[R I\TIVMIRGI EW E ZSPYR &YX MXtW RSX NYWX XLI EXLPIXIW [LS FIRIJMX JVSQ 7TIGMEP
XIIV FSSWXW XLI WTIEOIVtW GVIHMFMPMX] EW WLI 3P]QTMGW -R Q] GEWI [SVOMRK [MXL 7TIGMEP 3P]QTMGW MW SRI SJ
I\TPEMRW XLI TIVWSREP KVEXMJMGEXMSR SJ [SVO XLI QSWX KVEXMJ]MRK XLMRKW - LEZI IZIV HSRI MR Q] PMJI 2SX SRP]
MRK [MXL XLI 7TIGMEP 3P]QTMGW %W ]SY GER HS - LEZI XLI WEXMWJEGXMSR XLEX GSQIW JVSQ LIPTMRK SXLIVW
WII JVSQ XLI ZMHIS SJ XLI WTIIGL MR XLI SR MQTVSZI XLI UYEPMX] SJ XLIMV PMZIW FYX -tZI QIX WS QER] EQE^MRK
PMRI 1IHME 0MFVEV] JSV XLMW GLETXIV XLI TISTPI ERH QIX WS QER] KVIEX JVMIRHW XLEX VIEPP] - [SYPH RSX
WTIEOIVtW WMRGIVMX] EHHW MQQIRWIP] XS XLI XVEHI XLI I\TIVMIRGI JSV ER]XLMRK
MQTEGX SJ LIV MHIEW
% XVERWMXMSR WMKREPW XLEX XLI WTIEOIV MW QSZMRK 2S[ ]SY ORS[ XLI RIIH JSV 7TIGMEP 3P]QTMGW ZSPYR
MRXS XLI EGXMSR WIGXMSR SJ LIV WTIIGL 2SXMGI XIIVW WSQI [E]W XLEX ]SY GER LIPT SYX ERH XLI FIRIJMXW
LS[ WLI XMIW LIV GEPP JSV EGXMSR HMVIGXP] XS XS XLI ZSPYRXIIVW ERH EXLPIXIW EPMOI WS RS[ -tH PMOI XS EWO
LIV GPEWWQEXIW F] XEPOMRK MR XIVQW SJ q]SYr ]SY XS XEOI XLI WXIT SJ KIXXMRK MRZSPZIH [MXL XLI 7TIGMEP
ERH q]SYV r 3P]QTMGW -J ]SY [ERX QSVI MRJSVQEXMSR ]SY GER GLIGO SYX
XLI ;IF WMXI JSV XLI 7TIGMEP 3P]QTMGW SV ZMWMX XLI PSGEP
LIEHUYEVXIVW PSGEXIH SR 1SRSRE (VMZI LIVI MR 1EHMWSR -
EPWS LEZI FVSGLYVIW [MXL GSRXEGX MRJSVQEXMSR XLEX -tPP FI
LERHMRK SYX EJXIV XLI WTIIGL
7EQTPI 7TIIGL [MXL 'SQQIRXEV]
0YGEW 8LI %VX SJ 4YFPMG 1IXLSHW SJ 4IVWYEWMSR 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
8LI WTIEOIV EKEMR WXVIWWIW XLEX WXYHIRXW - ORS[ ]SY QE] RSX LEZI E PSX SJ XMQI EZEMPEFPI VMKLX RS[
GER EHNYWX ZSPYRXIIVMRK XS XLIMV TIVWSREP FYX ]SY GER ZSPYRXIIV JSV XLI XMQI XLEX JMXW ]SYV WGLIHYPI 8LI
WGLIHYPIW QSWX MQTSVXERX XLMRK MW XS KIX MRZSPZIH MR WSQI GETEGMX] JSV
[LEXIZIV EQSYRX SJ XMQI ]SY GER QEREKI
&] VIXYVRMRK XS LIV STIRMRK WXSV] XLI
WTIEOIV VIPEXIW SRGI QSVI XS XLI EYHMIRGI 6IQIQFIV XLI RMRI GLMPHVIR - QIRXMSRIH EX XLI FIKMRRMRK
YRMJMIW XLI IRXMVI WTIIGL ERH WXVIRKXLIRW SJ XLMW WTIIGL 8LMRO SJ XLIMV LETTMRIWW ERH XLIMV WYTTSVX JSV
MXW IQSXMSREP ETTIEP &VMIJ ERH TSMKRERX SRI ERSXLIV 8LMRO SJ LS[ QYGL XLI] KEMRIH JVSQ VYRRMRK MR
XLI GPSWMRK UYSXEXMSR TVSZMHIW ER I\GIPPIRX XLEX VEGI %RH XLMRO SJ LS[ ]SY GER LIPT SXLIVW I\TIVMIRGI
IRHMRK XLI WEQI FIRIJMXW EW XLI] WXVMZI XS JYPJMPP XLI QSXXS SJ XLI 7TI
GMEP 3P]QTMGW q0IX QI [MR &YX MJ - GERtX [MR PIX QI FI FVEZI
MR XLI EXXIQTX r
7911%6=
0MWXIRIVW EGGITX E WTIEOIVtW MHIEW JSV SRI SV QSVI SJ JSYV VIEWSRWhFIGEYWI XLI]
TIVGIMZI XLI WTIEOIV EW LEZMRK LMKL GVIHMFMPMX] FIGEYWI XLI] EVI [SR SZIV F] XLI
WTIEOIVtW IZMHIRGI FIGEYWI XLI] EVI GSRZMRGIH F] XLI WTIEOIVtW VIEWSRMRK SV
FIGEYWI XLI] EVI QSZIH F] XLI WTIEOIVtW IQSXMSREP ETTIEPW
'VIHMFMPMX] MW EJJIGXIH F] QER] JEGXSVW FYX XLI X[S QSWX MQTSVXERX EVI GSQTI
XIRGI ERH GLEVEGXIV 8LI QSVI JEZSVEFP] PMWXIRIVW ZMI[ E WTIEOIVtW GSQTIXIRGI ERH
GLEVEGXIV XLI QSVI PMOIP] XLI] EVI XS EGGITX LIV SV LMW MHIEW %PXLSYKL GVIHMFMPMX]
MW TEVXP] E QEXXIV SJ VITYXEXMSR ]SY GER IRLERGI ]SYV GVIHMFMPMX] HYVMRK E WTIIGL
F] IWXEFPMWLMRK GSQQSR KVSYRH [MXL ]SYV PMWXIRIVW F] PIXXMRK XLIQ ORS[ [L] ]SY
EVI UYEPMJMIH XS WTIEO SR XLI XSTMG ERH F] TVIWIRXMRK ]SYV MHIEW JPYIRXP] ERH
I\TVIWWMZIP]
-J ]SY LSTI XS FI TIVWYEWMZI ]SY QYWX EPWS WYTTSVX ]SYV ZMI[W [MXL IZMHIRGIh
I\EQTPIW WXEXMWXMGW ERH XIWXMQSR] 6IKEVHPIWW SJ [LEX OMRH SJ IZMHIRGI ]SY YWI MX
[MPP FI QSVI TIVWYEWMZI MJ MX MW RI[ XS XLI EYHMIRGI WXEXIH MR WTIGMJMG VEXLIV XLER
KIRIVEP XIVQW ERH JVSQ GVIHMFPI WSYVGIW =SYV IZMHIRGI [MPP EPWS FI QSVI TIVWYE
WMZI MJ ]SY WXEXI I\TPMGMXP] XLI TSMRX MX MW WYTTSWIH XS TVSZI
2S QEXXIV LS[ WXVSRK ]SYV IZMHIRGI ]SY [MPP RSX FI TIVWYEWMZI YRPIWW PMWXIRIVW
EKVII [MXL ]SYV VIEWSRMRK -R VIEWSRMRK JVSQ WTIGMJMG MRWXERGIW ]SY QSZI JVSQ E
RYQFIV SJ TEVXMGYPEV JEGXW XS E KIRIVEP GSRGPYWMSR 6IEWSRMRK JVSQ TVMRGMTPI MW XLI
VIZIVWIh]SY QSZI JVSQ E KIRIVEP TVMRGMTPI XS E TEVXMGYPEV GSRGPYWMSR ;LIR ]SY YWI
GEYWEP VIEWSRMRK ]SY XV] XS IWXEFPMWL E VIPEXMSRWLMT FIX[IIR GEYWIW ERH IJJIGXW -R
EREPSKMGEP VIEWSRMRK ]SY GSQTEVI X[S GEWIW ERH MRJIV XLEX [LEX MW XVYI JSV SRI MW EPWS
XVYI JSV XLI SXLIV ;LEXIZIV OMRH SJ VIEWSRMRK ]SY YWI EZSMH JEPPEGMIW WYGL EW LEWX]
KIRIVEPM^EXMSR JEPWI GEYWI ERH MRZEPMH EREPSK] =SY WLSYPH EPWS FI SR KYEVH EKEMRWX
XLI VIH LIVVMRK EH LSQMRIQ IMXLIV SV FERH[EKSR ERH WPMTTIV] WPSTI JEPPEGMIW
*MREPP] ]SY GER TIVWYEHI ]SYV PMWXIRIVW F] ETTIEPMRK XS XLIMV IQSXMSRW 3RI
[E] XS KIRIVEXI IQSXMSREP ETTIEP MW F] YWMRK IQSXMSR PEHIR PERKYEKI %RSXLIV MW
XS HIZIPST ZMZMH VMGLP] XI\XYVIH I\EQTPIW 2IMXLIV LS[IZIV [MPP FI IJJIGXMZI
YRPIWW ]SY JIIP XLI IQSXMSR ]SYVWIPJ ERH GSQQYRMGEXI MX F] WTIEOMRK [MXL WMRGIVMX]
ERH GSRZMGXMSR
%W [MXL SXLIV QIXLSHW SJ TIVWYEWMSR ]SYV YWI SJ IQSXMSREP ETTIEP WLSYPH FI
KYMHIH F] E JMVQ IXLMGEP VYHHIV %PXLSYKL IQSXMSREP ETTIEPW EVI YWYEPP] MRETTVSTVM
EXI MR WTIIGLIW SR UYIWXMSRW SJ JEGX XLI] EVI PIKMXMQEXIhERH SJXIR RIGIWWEV]hMR
WTIIGLIW XLEX WIIO MQQIHMEXI EGXMSR SR UYIWXMSRW SJ TSPMG] )ZIR [LIR XV]MRK XS
QSZI PMWXIRIVW XS EGXMSR LS[IZIV ]SY WLSYPH RIZIV WYFWXMXYXI IQSXMSREP ETTIEPW
JSV IZMHIRGI ERH VIEWSRMRK
',%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
/)= 8)617
IXLSW
VIEWSRMRK JVSQ TVMRGMTPI
GVIHMFMPMX]
GEYWEP VIEWSRMRK
MRMXMEP GVIHMFMPMX]
JEPWI GEYWI
HIVMZIH GVIHMFMPMX]
EREPSKMGEP VIEWSRMRK
XIVQMREP GVIHMFMPMX]
MRZEPMH EREPSK]
GVIEXMRK GSQQSR KVSYRH
JEPPEG]
IZMHIRGI
VIH LIVVMRK
PSKSW
EH LSQMRIQ
VIEWSRMRK
IMXLIV SV
VIEWSRMRK JVSQ WTIGMJMG FERH[EKSR
WPMTTIV] WPSTI
MRWXERGIW
TEXLSW
LEWX] KIRIVEPM^EXMSR
6):-); 59)78-327
%JXIV VIEHMRK XLMW GLETXIV ]SY WLSYPH FI EFPI XS ERW[IV XLI JSPPS[MRK UYIWXMSRW GSRRIGXPYGEW GSQ
*SV JYVXLIV VIZMI[ KS XS XLI
; LEX MW GVIHMFMPMX]# ;LEX X[S JEGXSVW I\IVX XLI QSWX MRJPYIRGI SR ER EYHMIRGItW 7XYH] 5YIWXMSRW MR XLI SRPMRI
TIVGITXMSR SJ E WTIEOIVtW GVIHMFMPMX]# 7XYH] %MHW JSV XLMW GLETXIV
; LEX EVI XLI HMJJIVIRGIW EQSRK MRMXMEP GVIHMFMPMX] HIVMZIH GVIHMFMPMX] ERH XIV
QMREP GVIHMFMPMX]#
; LEX EVI XLVII [E]W ]SY GER IRLERGI ]SYV GVIHMFMPMX] HYVMRK ]SYV WTIIGLIW#
; LEX MW IZMHIRGI# ;L] HS TIVWYEWMZI WTIEOIVW RIIH XS YWI IZMHIRGI#
; LEX EVI JSYV XMTW JSV YWMRK IZMHIRGI IJJIGXMZIP] MR E TIVWYEWMZI WTIIGL#
; LEX MW VIEWSRMRK JVSQ WTIGMJMG MRWXERGIW# ;LEX KYMHIPMRIW WLSYPH ]SY JSPPS[
[LIR YWMRK XLMW QIXLSH SJ VIEWSRMRK#
;LEX MW VIEWSRMRK JVSQ TVMRGMTPI# ,S[ MW MX HMJJIVIRX JVSQ VIEWSRMRK JVSQ
WTIGMJMG MRWXERGIW#
;LEX MW GEYWEP VIEWSRMRK# ;LEX X[S IVVSVW QYWX ]SY FI WYVI XS EZSMH [LIR
YWMRK GEYWEP VIEWSRMRK#
;LEX MW EREPSKMGEP VIEWSRMRK# ,S[ HS ]SY NYHKI XLI ZEPMHMX] SJ ER EREPSK]#
;LEX EVI XLI IMKLX PSKMGEP JEPPEGMIW HMWGYWWIH MR XLMW GLETXIV#
;LEX MW XLI VSPI SJ IQSXMSREP ETTIEP MR TIVWYEWMZI WTIEOMRK# -HIRXMJ] XLVII
QIXLSHW ]SY GER YWI XS KIRIVEXI IQSXMSREP ETTIEP MR ]SYV WTIIGLIW
)\IVGMWIW JSV 'VMXMGEP 8LMROMRK
0YGEW 8LI %VX SJ 4YFPMG 1IXLSHW SJ 4IVWYEWMSR 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
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6IWIEVGL LEW WLS[R XLEX E WTIEOIVtW MRMXMEP GVIHMFMPMX] GER LEZI KVIEX MQTEGX SR
LS[ XLI WTIEOIVtW MHIEW EVI VIGIMZIH F] PMWXIRIVW 6IWIEVGL LEW EPWS WLS[R XLEX E
WTIEOIVtW GVIHMFMPMX] [MPP ZEV] JVSQ XSTMG XS XSTMG ERH EYHMIRGI XS EYHMIRGI -R
XLI PIJX LERH GSPYQR FIPS[ MW E PMWX SJ [IPP ORS[R TYFPMG JMKYVIW -R XLI VMKLX
LERH GSPYQR MW E PMWX SJ TSXIRXMEP WTIIGL XSTMGW %WWYQI XLEX IEGL WTIEOIV [MPP
FI EHHVIWWMRK ]SYV WTIIGL GPEWW
*SV IEGL WTIEOIV MHIRXMJ] XLI XSTMG MR XLI VMKLX LERH GSPYQR SR [LMGL WLI
SV LI [SYPH LEZI XLI LMKLIWX MRMXMEP GVIHMFMPMX] JSV ]SYV GPEWW 8LIR I\TPEMR LS[
XLI WTIEOIVtW MRMXMEP GVIHMFMPMX] QMKLX FI EJJIGXIH MJ XLI WTIEOIV [IVI HMWGYWWMRK
XLI XSTMG MR XLI VMKLX LERH GSPYQR HMVIGXP] EGVSWW JVSQ LIV SV LMW REQI
7TIEOIV 8STMG
3TVEL ;MRJVI] 8LI 'SQIH] SJ 4SPMXMGW
&MPP +EXIW *ERXEW] EW 0MXIVEXYVI
%P +SVI 8EPO 7LS[W 8LIMV 6SPI MR 7SGMIX]
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. / 6S[PMRK )RZMVSRQIRXEP 4SPMXMGW
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[IEORIWWIW MJ ER] GER ]SY JMRH MR XLI VIEWSRMRK SJ IEGL#
E %GGSVHMRK XS E WXYH] F] XLI %QIVMGER 1IHMGEP %WWSGMEXMSR QIR [MXL FEPH WTSXW
LEZI XLVII XMQIW XLI VMWO SJ LIEVX EXXEGO EW QIR [MXL E JYPP LIEH SJ LEMV 7XVERKI
EW MX QE] WIIQ MX PSSOW EW MJ FEPHRIWW MW E GEYWI SJ LIEVX EXXEGOW
F 8LIVI GER FI RS HSYFX XLEX XLI YWI SJ GIPP TLSRIW F] HVMZIVW MW E QENSV VIEWSR JSV
QSXSV ZILMGPI EGGMHIRXW -R 2I[ =SVO JMZI JVMIRHW [LS LEH NYWX KVEHYEXIH JVSQ
LMKL WGLSSP HMIH MR E LIEH SR GSPPMWMSR [MXL E XVYGO [LIR XLI GEV HVMZIV PSWX GSR
XVSP [LMPI YWMRK LIV TLSRI XS WIRH E XI\X QIWWEKI -R 'SPSVEHS E ]IEV SPH [EW
YWMRK LMW GIPP TLSRI [LIR LI WXVYGO ERH OMPPIH E FMG]GPMWX -R 1EWWEGLYWIXXW E
QER HVMZMRK ER 79: OMPPIH E ]IEV SPH FS] TPE]MRK F] XLI VSEH ;LIR TSPMGI
GEYKLX YT XS XLI HVMZIV LI WEMH LI [EW HMWXVEGXIH F] LMW GIPP TLSRI ERH XLSYKLX
LI LEH LMX E QEMPFS\
G 8LI 9RMXIH 7XEXIW 'SRWXMXYXMSR KYEVERXIIW EPP GMXM^IRW XLI VMKLX XS FIEV EVQW +YR
GSRXVSP PIKMWPEXMSR MRJVMRKIW SR XLI VMKLX SJ GMXM^IRW XS FIEV EVQW 8LIVIJSVI KYR
GSRXVSP PIKMWPEXMSR MW GSRXVEV] XS XLI 'SRWXMXYXMSR
H %PQSWX IZIV] MRHYWXVMEPM^IH REXMSR MR XLI [SVPH I\GITX JSV XLI 9RMXIH 7XEXIW LEW
E REXMSREP GYVVMGYPYQ ERH REXMSREP XIWXW XS LIPT IRWYVI XLEX WGLSSPW XLVSYKLSYX
XLI GSYRXV] EVI QIIXMRK LMKL WXERHEVHW SJ IHYGEXMSR -J WYGL E W]WXIQ GER [SVO
IPWI[LIVI MX GER [SVO MR XLI 9RMXIH 7XEXIW EW [IPP
3 ZIV XLI ]IEVW XLIVI LEW FIIR QYGL HIFEXI EFSYX XLI VSPI SJ IQSXMSREP ETTIEP
MR TYFPMG WTIEOMRK (S ]SY FIPMIZI MX MW IXLMGEP JSV TYFPMG WTIEOIVW XS YWI IQS
XMSREP ETTIEPW [LIR WIIOMRK XS TIVWYEHI ER EYHMIRGI# (S ]SY JIIP XLIVI EVI
GIVXEMR OMRHW SJ IQSXMSRW XS [LMGL ER IXLMGEP WTIEOIV WLSYPH RSX ETTIEP# ;L]
SV [L] RSX# &I TVITEVIH XS I\TPEMR ]SYV MHIEW MR GPEWW
%REP]^I q8LI ,SVVSVW SJ 4YTT] 1MPPWr MR XLI ETTIRHM\ SJ WEQTPI WTIIGLIW XLEX
JSPPS[W 'LETXIV TEKIW % i%
4E] WTIGMEP EXXIRXMSR XS XLI WTIEOIVtW GVIH
MFMPMX] IZMHIRGI VIEWSRMRK ERH IQSXMSREP ETTIEP :MI[ XLI ZMHIS SJ XLI WTIIGL
MR XLI SRPMRI 1IHME 0MFVEV] JSV XLMW GLETXIV EX GSRRIGXPYGEW GSQ WS ]SY GER EPWS
EWWIWW LMW HIPMZIV] ERH YWI SJ ZMWYEP EMHW
',%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
%TTP]MRK XLI 4S[IV SJ 4YFPMG 7TIEOMRK
%W XLI WIVZMGI QEREKIV JSV E PSGEP LSQI MQTVSZIQIRX GSQTER] ]SY LEZI FIIR
TPIEWIH XS WII ]SYV GSQTER] I\TERH MXW WM^I ERH WGSTI FYX ]SY HSRtX [ERX XLEX
KVS[XL XS GSQI EX XLI I\TIRWI SJ GYWXSQIV WIVZMGI -R TEVXMGYPEV ]SYtVI [SVVMIH
EFSYX PSWMRK XSYGL [MXL SRI SJ XLI GSQTER]tW OI] HIQSKVETLMGWh[SQIR [LS
QEOI YT TIVGIRX SJ ]SYV GYWXSQIV FEWI 8S TVIZIRX XLMW JVSQ LETTIRMRK ]SY
LEZI HIZIPSTIH E TPER JSV E VERKI SJ TIVWSREPM^IH WIVZMGIW XEVKIXIH EX [SQIR MRGPYHMRK
SRI SR SRI XIEGLMRK SJ HS MX ]SYVWIPJ WOMPPW ERH JVII MR LSQI GSRWYPXEXMSRW
;LIR ]SY TVIWIRX ]SYV TPER EX E QIIXMRK SJ XLI GSQTER]tW QEREKIQIRX XIEQ
]SY PMWXIR EW SRI I\IGYXMZI EVKYIW MR STTSWMXMSR %QSRK LMW TSMRXW EVI XLI JSPPS[
MRK
-J ]SYV TPER MW EHSTXIH GYWXSQIVW [MPP I\TIGX QSVI ERH QSVI WTIGMEP
WIVZMGIW ERH IZIRXYEPP] [MPP HIQERH JVII MRWXEPPEXMSR SJ JPSSVMRK ERH GEVTIXMRK
&IGEYWI E QENSVMX] SJ XLI QEREKIQIRX XIEQ STTSWIW ]SYV TPER MX QYWX RSX FI
E KSSH MHIE
3RI SJ ]SYV GSQTIXMXSVW XVMIH E GYWXSQIV WIVZMGI TPER WTIGMJMGEPP]
JSV [SQIR FYX MX HMH RSX WYGGIIH XLIVIJSVI ]SYV TPER MW HSSQIH XS JEMPYVI
-R ]SYV VIWTSRWI XS XLI I\IGYXMZI ]SY [MPP TSMRX SYX XLI JEPPEG] MR IEGL SJ LMW
TSMRXW ;LEX EVI XLSWI JEPPEGMIW#
%TTP]MRK XLI 4S[IV SJ 4YFPMG 7TIEOMRK
0YGEW 8LI %VX SJ 4YFPMG 7TIEOMRK SR 7TIGMEP 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 3GGEWMSRW 'SQTERMIW
7TIEOMRK SR
7TIGMEP 3GGEWMSRW
7TIIGLIW SJ -RXVSHYGXMSR
7TIIGLIW SJ 4VIWIRXEXMSR
7TIIGLIW SJ %GGITXERGI
'SQQIQSVEXMZI 7TIIGLIW
0YGEW 8LI %VX SJ 4YFPMG 7TIEOMRK SR 7TIGMEP 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 3GGEWMSRW 'SQTERMIW
0YGEW 8LI %VX SJ 4YFPMG 7TIEOMRK SR 7TIGMEP 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 3GGEWMSRW 'SQTERMIW
7 TIGMEP SGGEWMSRW EVI XLI TYRGXYEXMSR QEVOW SJ HE] XS HE] PMJI XLI
LMKL TSMRXW XLEX WXERH SYX EFSZI SVHMREV] VSYXMRI 'LVMWXIRMRKW [IH
HMRKW JYRIVEPW KVEHYEXMSRW E[EVH GIVIQSRMIW MREYKYVEPW VIXMVIQIRX
HMRRIVWhEPP XLIWI EVI SGGEWMSRW ERH XLI] EVI ZIV] WTIGMEP XS XLI TISTPI [LS
XEOI TEVX MR XLIQ 2IEVP] EP[E]W XLI] EVI SGGEWMSRW JSV WTIIGLQEOMRK % GPSWI
JVMIRH TVSTSWIW E XSEWX XS XLI FVMHI ERH KVSSQ XLI WEPIW QEREKIV TVIWIRXW ER
E[EVH XS XLI WEPIW VITVIWIRXEXMZI SJ XLI ]IEV XLI TVIWMHIRX HIPMZIVW ER MREYKY
VEP EHHVIWW XLI FEWOIXFEPP GSEGL KMZIW E WTIIGL LSRSVMRK XLI XIEQtW QSWX ZEPY
EFPI TPE]IV E JEQMP] QIQFIV HIPMZIVW E QSZMRK IYPSK] XS XLI HIGIEWIH 8LIWI
WTIIGLIW LIPT KMZI XLI SGGEWMSR MXW qWTIGMEPRIWW r 8LI] EVI TEVX SJ XLI GIVIQS
RMEP EYVE XLEX QEVOW XLI IZIRX
7TIIGLIW JSV WTIGMEP SGGEWMSRW EVI HMJJIVIRX JVSQ XLI WTIIGLIW [I LEZI
GSRWMHIVIH WS JEV MR XLMW FSSO 8LI] QE] GSRZI] MRJSVQEXMSR SV TIVWYEHI FYX
XLEX MW RSX XLIMV TVMQEV] TYVTSWI 6EXLIV XLI] EMQ XS JMX XLI WTIGMEP RIIHW SJ
E WTIGMEP SGGEWMSR -R XLMW GLETXIV [I PSSO EX XLI QSWX GSQQSR WTIGMEP SGGE
WMSRW ERH XLI OMRHW SJ WTIIGLIW ETTVSTVMEXI JSV IEGL
7TIIGLIW SJ -RXVSHYGXMSR
WTIIGL SJ MRXVSHYGXMSR q(MWXMRKYMWLIH KYIWXW XLI 4VIWMHIRX SJ XLI 9RMXIH 7XEXIW r -J ]SY EVI IZIV MR E
% WTIIGL XLEX MRXVSHYGIW WMXYEXMSR MR [LMGL ]SY LEZI XS MRXVSHYGI XLI 4VIWMHIRX ]SY [MPP RIIH RS QSVI
XLI QEMR WTIEOIV XS XLI XLER XLI IMKLX [SVHW XLEX FIKMR XLMW TEVEKVETL 8LI 4VIWMHIRX MW WS [IPP ORS[R
EYHMIRGI XLEX ER] JYVXLIV VIQEVOW [SYPH FI MRETTVSTVMEXI ERH EPQSWX JSSPMWL
1SWX SJ XLI XMQI LS[IZIV E WTIIGL SJ MRXVSHYGXMSR [MPP FI RIMXLIV XLMW
FVMIJ RSV XLMW VMXYEPM^IH -J ]SY EVI MRXVSHYGMRK ERSXLIV WTIEOIV ]SY [MPP RIIH
XS EGGSQTPMWL XLVII TYVTSWIW MR ]SYV MRXVSHYGXMSR
&YMPH IRXLYWMEWQ JSV XLI YTGSQMRK WTIEOIV
&YMPH IRXLYWMEWQ JSV XLI WTIEOIVtW XSTMG
)WXEFPMWL E [IPGSQMRK GPMQEXI XLEX [MPP FSSWX XLI WTIEOIVtW GVIHMFMPMX]
% KSSH WTIIGL SJ MRXVSHYGXMSR GER FI E HIPMKLX XS LIEV ERH GER IEWI XLI
XEWO SJ XLI QEMR WTIEOIV 9WYEPP] ]SY [MPP WE] WSQIXLMRK EFSYX XLI WTIEOIV ERH
EFSYX XLI XSTMGhMR XLEX SVHIV *SPPS[MRK EVI WSQI KYMHIPMRIW JSV WTIIGLIW SJ
MRXVSHYGXMSR
&I &VMIJ
(YVMRK ;SVPH ;EV - 0SVH &EPJSYV +VIEX &VMXEMRtW JSVIMKR WIGVIXEV] [EW XS FI
XLI QEMR WTIEOIV EX E VEPP] MR XLI 9RMXIH 7XEXIW &YX XLI WTIEOIV MRXVSHYGMRK
LMQ KEZI E QMRYXI SVEXMSR SR XLI GEYWIW SJ XLI [EV 8LIR EPQSWX EW ER
EJXIVXLSYKLX LI WEMH q2S[ 0SVH &EPJSYV [MPP KMZI LMW EHHVIWW r 0SVH &EPJSYV
VSWI ERH WEMH q-tQ WYTTSWIH XS KMZI Q] EHHVIWW MR XLI FVMIJ XMQI VIQEMRMRK
,IVI MX MW 'EVPIXSR +EVHIRW 0SRHSR )RKPERH r
)ZIV]SRI [LS LEW IZIV WEX XLVSYKL E PSRK [MRHIH MRXVSHYGXMSR ORS[W
LS[ HVIEV] MX GER FI 8LI TYVTSWI SJ E WTIIGL SJ MRXVSHYGXMSR MW XS JSGYW EXXIR
XMSR SR XLI QEMR WTIEOIV RSX SR XLI TIVWSR QEOMRK XLI MRXVSHYGXMSR %
',%48)6 74)%/-2+ 32 74)'-%0 3''%7-327
0YGEW 8LI %VX SJ 4YFPMG 7TIEOMRK SR 7TIGMEP 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 3GGEWMSRW 'SQTERMIW
WTIIGL SJ MRXVSHYGXMSR [MPP YWYEPP] FI RS QSVI XLER X[S XS XLVII QMRYXIW PSRK
ERH QE] FI WLSVXIV MJ XLI WTIEOIV MW EPVIEH] [IPP ORS[R XS XLI EYHMIRGI
1EOI 7YVI =SYV 6IQEVOW %VI 'SQTPIXIP] %GGYVEXI
1ER] ER MRXVSHYGIV LEW IQFEVVEWWIH LMQWIPJ SV LIVWIPJ EW [IPP EW XLI QEMR
WTIEOIV F] KEVFPMRK FEWMG JEGXW %P[E]W GLIGO [MXL XLI WTIEOIV ELIEH SJ XMQI
XS QEOI WYVI ]SYV MRXVSHYGXMSR MW EGGYVEXI MR IZIV] VIWTIGX
%FSZI EPP KIX XLI WTIEOIVtW REQI VMKLX -J XLI WTIEOIVtW REQI MW EX EPP HMJJMGYPXh
IWTIGMEPP] MJ MX MRZSPZIW E JSVIMKR TVSRYRGMEXMSRhTVEGXMGI WE]MRK MX MR EHZERGI
,S[IZIV HSRtX TVEGXMGI WS QYGL XLEX ]SY JVMKLXIR ]SYVWIPJ EFSYX KIXXMRK MX
[VSRK 8LMW [EW XLI TPMKLX SJ ER ERRSYRGIV [LSWI KEJJI MW RS[ E GPEWWMG q0EHMIW
ERH KIRXPIQIR XLI 4VIWMHIRX SJ XLI 9RMXIH 7XEXIWh,SSFIVX ,IIZIV r
%HETX =SYV 6IQEVOW XS XLI 3GGEWMSR
-R TVITEVMRK ]SYV MRXVSHYGXMSR ]SY QE] FI GSRWXVEMRIH F] XLI REXYVI SJ XLI
SGGEWMSR *SVQEP SGGEWMSRW VIUYMVI JSVQEP WTIIGLIW SJ MRXVSHYGXMSR -J ]SY
[IVI TVIWIRXMRK E KYIWX WTIEOIV EX ER MRJSVQEP FYWMRIWW QIIXMRK ]SY QMKLX FI
QYGL QSVI GEWYEP XLER EX E JSVQEP FERUYIX
%HETX =SYV 6IQEVOW XS XLI 1EMR 7TIEOIV
2S QEXXIV LS[ [IPP MX MW VIGIMZIH F] XLI EYHMIRGI E WTIIGL SJ MRXVSHYGXMSR XLEX
PIEZIW XLI QEMR WTIEOIV JIIPMRK YRGSQJSVXEFPI LEW JEMPIH MR TEVX SJ MXW TYVTSWI
,S[ GER ]SY QEOI E QEMR WTIEOIV YRGSQJSVXEFPI# 3RI [E] MW XS SZIVTVEMWI
XLI TIVWSRhIWTIGMEPP] JSV LMW SV LIV WTIEOMRK WOMPPW 2IZIV WE] q3YV WTIEOIV
[MPP OIIT ]SY SR XLI IHKI SJ ]SYV WIEX JVSQ FIKMRRMRK XS IRH r =SY GVIEXI E WIX
SJ I\TIGXEXMSRW XLEX EVI EPQSWX MQTSWWMFPI XS JYPJMPP
%RSXLIV [E] XS GVIEXI HMWGSQJSVX MW F] VIZIEPMRK IQFEVVEWWMRK HIXEMPW SJ
XLI WTIEOIVtW TIVWSREP PMJI SV F] QEOMRK VIQEVOW XLEX EVI MR TSSV XEWXI %R
MRXVSHYGIV QE] XLMRO XLMW PMRI MW JYRR] q;L] -tZI ORS[R %RMXE *VEXIPPS
WMRGI WLI [EW ]IEVW SPH ERH WS JEX XLEX IZIV]FSH] GEPPIH LIV &PMQTS r 8S
XLI WTIEOIV LS[IZIV XLI WXEXIQIRX [MPP TVSFEFP] RSX FI E FMX JYRR] ERH QE]
FI TEMRJYP
%HETX =SYV 6IQEVOW XS XLI %YHMIRGI
.YWX EW ]SY EHETX SXLIV WTIIGLIW XS TEVXMGYPEV EYHMIRGIW WS ]SY RIIH XS EHETX
E WTIIGL SJ MRXVSHYGXMSR XS XLI EYHMIRGI ]SY EVI JEGMRK =SYV EMQ MW XS QEOI
XLMW EYHMIRGI [ERX XS LIEV X LMW WTIEOIV SR XLMW WYFNIGX -J XLI WTIEOIV MW RSX [IPP
ORS[R XS XLI EYHMIRGI ]SY [MPP RIIH XS IWXEFPMWL LIV SV LMW GVIHMFMPMX] F]
VIGSYRXMRK WSQI SJ XLI WTIEOIVtW QEMR EGLMIZIQIRXW ERH I\TPEMRMRK [L] WLI
SV LI MW UYEPMJMIH XS WTIEO SR XLI XSTMG EX LERH &YX MJ XLI WTIEOIV MW EPVIEH]
TIVWSREPP] ORS[R XS XLI EYHMIRGI MX [SYPH FI EFWYVH XS EGX EW MJ XLI EYHMIRGI
LEH RIZIV LIEVH SJ XLI TIVWSR
%PWS ]SY [MPP [ERX XS XIPP IEGL EYHMIRGI [LEX MX [ERXW XS LIEVhXS KMZI XLI
OMRH SJ MRJSVQEXMSR XLEX MW MRXIVIWXMRK ERH EGGIWWMFPI XS XLI QIQFIVW SJ XLEX
EYHMIRGI -J ]SY [IVI MRXVSHYGMRK XLI WEQI WTIEOIV XS X[S HMJJIVIRX KVSYTW
WSQI SJ XLI MRJSVQEXMSR MR XLI WTIIGLIW SJ MRXVSHYGXMSR QMKLX FI XLI WEQI
FYX MX [SYPH FI WPERXIH HMJJIVIRXP] 7YTTSWI JSV I\EQTPI . / 6S[PMRK EYXLSV
SJ XLI ,EVV] 4SXXIV WIVMIW MW KSMRK XS EHHVIWW X[S KVSYTWhER EYHMIRGI SJ IPI
QIRXEV] WGLSSP GLMPHVIR ERH ER EYHMIRGI SJ IHYGEXSVW EX XLI ERRYEP QIIXMRK
7TIIGLIW SJ -RXVSHYGXMSR
0YGEW 8LI %VX SJ 4YFPMG 7TIEOMRK SR 7TIGMEP 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 3GGEWMSRW 'SQTERMIW
-RXIVRIX 4VIWMHIRXMEP MREYKYVEP EHHVIWWIW EVI E QENSV OMRH SJ WTIGMEP SGGEWMSR WTIIGL =SY
GER EGGIWW XLIWI LMWXSVMGEP HSGYQIRXW EX IMXLIV XLI %QIVMGER 4VIWMHIRG] 4VSNIGX
'SRRIGXMSR [[[ TVIWMHIRG] YGWF IHY MREYKYVEPW TLT
SV XLI =EPI 0E[ 7GLSSPtW %ZEPSR
4VSNIGX [[[ ]EPI IHY PE[[IF EZEPSR TVIWMHIR MREYK MREYK LXQ
[[[ GSRRIGXPYGEW GSQ
. / 6S[PMRKtW .YRI GSQQIRGIQIRX WTIIGL EX ,EVZEVH 9RMZIVWMX] MW
SRI SJ XLI QSWX LMKLP] VIKEVHIH GSQQIQSVEXMZI EHHVIWWIW SJ VIGIRX ]IEVW =SY
GER VIEH XLI XI\X ERH [EXGL XLI ZMHIS EX XLI ,EVZEVH 1EKE^MRI ;IF WMXI LXXT
LEVZEVHQEKE^MRI GSQ KS NOVS[PMRK LXQP
SJ XLI -RXIVREXMSREP 6IEHMRK %WWSGMEXMSR 8LI MRXVSHYGXMSR XS XLI WGLSSPGLMP
HVIR QMKLX KS WSQIXLMRK PMOI XLMW
'LMPHVIR [I LEZI E ZIV ] MQTSV XERX KYIWX XSHE] =SY ORS[ LIV F] XLI GLEVEGXIV WLI
LEW GVIEXIHh,EVV] 4SXXIV ;LEX ]SY HSRtX ORS[ MW EPP XLI LEVH [SVO XLEX KSIW MRXS [VMXMRK
XLI FSSOW XLEX [I EPP PSZI XS VIEH 8SHE] WLI MW KSMRK XS XIPP YW LS[ WLI GEQI YT [MXL XLI
MHIE SJ ,EVV] 4SXXIV ERH LMW JVMIRHW ERH LS[ WLI KSIW EFSYX [VMXMRK LIV FSSOW 0IXtW KMZI
E FMK VSYRH SJ ETTPEYWI XS . / 6S[PMRK
&YX XLI MRXVSHYGXMSR XS XLI -RXIVREXMSREP 6IEHMRK %WWSGMEXMSR [SYPH FI
EPSRK XLIWI PMRIW
0EHMIW ERH KIRXPIQIR MX MW Q] TVMZMPIKI XS MRXVSHYGI XS ]SY XSHE] XLI [SVPHtW FIWX
WIPPMRK EYXLSV ;I EVI EPP [IPP EGUYEMRXIH [MXL LIV ,EVV] 4SXXIV WIVMIW XLEX LEW GETXYVIH XLI
MQEKMREXMSR SJ GLMPHVIRhERH QSVI XLER E JI[ EHYPXWhEVSYRH XLI KPSFI
1ER] SJ YW ORS[ XLI VIQEVOEFPI WXSV] SJ LIV [VMXMRK PMJI 8LI MRWTMVEXMSR JSV ,EVV]
4SXXIV GEQI SR E XVEMR VMHI JVSQ 1ERGLIWXIV XS 0SRHSR MR 3ZIV XLI RI\X JI[ ]IEVW
WLI GSQTMPIH RSXIW EW XLI WXSV] XSSO WLETI MR LIV QMRH 8LI FYPO SJ XLI [VMXMRK XSSO TPEGI
[LIR WLI [EW E WMRKPI QSXLIV SR TYFPMG EWWMWXERGI MR )HMRFYVKL 7LI [EW XIEGLMRK *VIRGL
XS XIIREKIVW MR XLI QMH W [LIR WLI LIEVH XLEX XLI JMVWX ,EVV] 4SXXIV FSSO LEH FIIR
EGGITXIH JSV TYFPMGEXMSR 8LI VIWX MW PMXIVEV] LMWXSV]
7LI [MPP FI XIPPMRK YW XLMW EJXIVRSSR QSVI EFSYX [LEX MRWTMVIH LIV JEWGMREXMRK WXSV] SJ
[M^EVHV] [LIVI WLI KIXW LIV MHIEW ERH [LEX OMRHW SJ FSSOW WLI [ERXW XS [VMXI RI\X
4PIEWI KMZI E [EVQ [IPGSQI XS . / 6S[PMRK
8V] XS 'VIEXI E 7IRWI SJ %RXMGMTEXMSR ERH (VEQE
=SY QE] LEZI RSXMGIH SRI HIXEMP WLEVIH F] XLI X[S WTIIGLIW MRXVSHYGMRK . /
6S[PMRK -R FSXL GEWIW XLI WTIEOIVtW REQI [EW WEZIH JSV PEWX 8LMW MW E GSRZIR
XMSR MR WTIIGLIW SJ MRXVSHYGXMSR ;LMPI XLIVI QE] SGGEWMSREPP] FI E KSSH VIE
WSR XS FVIEO XLI GSRZIRXMSR YWYEPP] ]SY [MPP EZSMH QIRXMSRMRK XLI WTIEOIVtW
REQI YRXMP XLI JMREP QSQIRXhIZIR [LIR XLI EYHMIRGI ORS[W I\EGXP] [LSQ
]SY EVI HMWGYWWMRK &] HSMRK XLMW ]SY FYMPH E WIRWI SJ HVEQE ERH XLI WTIEOIVtW
REQI GSQIW EW XLI GPMQE\ SJ ]SYV MRXVSHYGXMSR
3JXIR ]SY [MPP JMRH ]SYVWIPJ MR XLI WMXYEXMSR SJ MRXVSHYGMRK WSQISRI [LS
MW JEMVP] [IPP ORS[R XS XLI EYHMIRGIhE GPEWWQEXI E GSPPIEKYI EX E FYWMRIWW
QIIXMRK E RIMKLFSV MR E GSQQYRMX] KVSYT 8LIR ]SY WLSYPH XV] XS FI GVIEXMZI
ERH GEWX XLI WTIEOIV MR E RI[ PMKLX 8EPO XS XLI WTIEOIV FIJSVILERH ERH WII MJ
',%48)6 74)%/-2+ 32 74)'-%0 3''%7-327
0YGEW 8LI %VX SJ 4YFPMG 7TIEOMRK SR 7TIGMEP 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 3GGEWMSRW 'SQTERMIW
7TIIGLIW JSV WTIGMEP SGGEWMSRW
EVI TEVX SJ XLI GIVIQSRMEP
EYVE XLEX LIPTW QEOI GIVXEMR
IZIRXW WTIGMEP EW MR XLMW
GSQQIRGIQIRX EHHVIWW F]
9 7 'SRKVIWW[SQER 0MRHE
7ERGLI^
]SY GER PIEVR WSQI MRXIVIWXMRK JEGXW XLEX EVI RSX KIRIVEPP] ORS[RhIWTIGMEPP]
JEGXW XLEX VIPEXI XS XLI WTIEOIVtW XSTMG
%FSZI EPP MJ ]SY I\TIGX XS FI GVIEXMZI ERH HVEQEXMG FI WYVI XS TVEGXMGI
]SYV WTIIGL SJ MRXVSHYGXMSR XLSVSYKLP] =SY WLSYPH FI EFPI XS HIPMZIV MX
I\XIQTSVERISYWP] [MXL WMRGIVMX] ERH IRXLYWMEWQ
7TIIGLIW SJ 4VIWIRXEXMSR
7TIIGLIW SJ TVIWIRXEXMSR EVI KMZIR [LIR WSQISRI VIGIMZIW E KMJX ER E[EVH SV WTIIGL SJ TVIWIRXEXMSR
WSQI SXLIV JSVQ SJ TYFPMG VIGSKRMXMSR 9WYEPP] WYGL WTIIGLIW EVI FVMIJ 8LI] % WTIIGL XLEX TVIWIRXW WSQISRI
QE] FI RS QSVI XLER E QIVI ERRSYRGIQIRX q%RH XLI [MRRIV MW r
SV FI E KMJX ER E[EVH SV WSQI SXLIV
YT XS JSYV SV JMZI QMRYXIW MR PIRKXL JSVQ SJ TYFPMG VIGSKRMXMSR
8LI QEMR TYVTSWI SJ E WTIIGL SJ TVIWIRXEXMSR MW XS XIPP XLI EYHMIRGI [L]
XLI VIGMTMIRX MW VIGIMZMRK XLI E[EVH 4SMRX SYX LIV SV LMW GSRXVMFYXMSRW EGLMIZI
QIRXW ERH WS JSVXL (S RSX HIEP [MXL IZIV]XLMRK XLI TIVWSR LEW IZIV HSRI
*SGYW SR EGLMIZIQIRXW VIPEXIH XS XLI E[EVH ERH HMWGYWW XLIWI EGLMIZIQIRXW MR
E [E] XLEX [MPP QEOI XLIQ QIERMRKJYP XS XLI EYHMIRGI
(ITIRHMRK SR XLI EYHMIRGI ERH XLI SGGEWMSR ]SY QE] EPWS RIIH XS HMWGYWW
X[S SXLIV QEXXIVW MR E WTIIGL SJ TVIWIRXEXMSR *MVWX MJ XLI EYHMIRGI MW RSX JEQMP
MEV [MXL XLI E[EVH ]SY WLSYPH I\TPEMR MX FVMIJP] 7IGSRH MJ XLI E[EVH [EW [SR
MR E TYFPMG GSQTIXMXMSR ERH XLI EYHMIRGI ORS[W [LS XLI PSWIVW EVI ]SY QMKLX
XEOI E QSQIRX XS TVEMWI XLI PSWIVW
&IPS[ MW E WEQTPI WTIIGL SJ TVIWIRXEXMSR -X [EW HIPMZIVIH F] 4VIWMHIRX &MPP
'PMRXSR MR TVIWIRXMRK XLI 'SRKVIWWMSREP +SPH 1IHEP XS JSVQIV 7SYXL %JVMGER
4VIWMHIRX 2IPWSR 1ERHIPE EX E GIVIQSR] MR XLI 6SXYRHE SJ XLI 9RMXIH 7XEXIW
'ETMXSP MR ;EWLMRKXSR ( ' &IGEYWI XLI 'SRKVIWWMSREP +SPH 1IHEP MW E WTIGMEP
LSRSV FIWXS[IH F] XLI 9 7 'SRKVIWW XLIVI EVI RS TYFPMG GSQTIXMXSVW JSV XLI
E[EVH 8LYW 'PMRXSR HMH RSX RIIH XS WE] ER]XLMRK EFSYX XLI qPSWIVW r ,MW
WTIIGL JSGYWIH SR 1ERHIPEtW FEXXPI EKEMRWX ETEVXLIMH ERH LMW IJJSVXW XS TVS
QSXI VIGSRGMPMEXMSR EQSRK XLI TISTPI SJ 7SYXL %JVMGE
7TIIGLIW SJ 4VIWIRXEXMSR
0YGEW 8LI %VX SJ 4YFPMG 7TIEOMRK SR 7TIGMEP 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 3GGEWMSRW 'SQTERMIW
4VIWIRXMRK XLI 'SRKVIWWMSREP +SPH 1IHEP
&MPP 'PMRXSR
8S Q] JVMIRH 4VIWMHIRX 1ERHIPE %QIVMGERW EW SRI XSHE] EGVSWW EPP XLI PMRIW
XLEX HMZMHI YW TE] XVMFYXI XS ]SYV WXVYKKPI XS ]SYV EGLMIZIQIRX ERH XS XLI MRWTMVE
XMSR ]SY LEZI KMZIR YW XS HS FIXXIV 8SHE] [I SJJIV E QER [LS LEW VIGIMZIH XLI
2SFIP 4VM^I XLI LMKLIWX LSRSV [MXLMR XLI KMJX SJ XLMW GSYRXV]
8LSWI SJ YW [LS WLEVI LMW ZMWMSR ERH PMJX LMQ YT MR LSRSV XSHE] S[I MX XS LMQ
XS FYMPH E TIVQERIRX TEVXRIVWLMT FIX[IIR %QIVMGERW ERH %JVMGERWhJSV XLI IHY
GEXMSR SJ SYV GLMPHVIR JSV XLI WSPYXMSR SJ SYV TVSFPIQW JSV XLI VIWSPYXMSR SJ SYV
HMJJIVIRGIW JSV XLI IPIZEXMSR SJ [LEX MW FIWX EFSYX YW EPP
-R JSVKMZMRK XLSWI [LS MQTVMWSRIH LMQ LI VIQMRHIH YW SJ XLI QSWX JYRHEQIR
XEP PIWWSR SJ EPPhXLEX MR XLI IRH ETEVXLIMH [EW E HIJIEX SJ XLI LIEVX XLI QMRH XLI
WTMVMX -X [EW RSX NYWX E WXVYGXYVI SYXWMHI ERH NEMP LSYWIW [MXLMR [LMGL TISTPI [IVI
OITX MX [EW E HMZMWMSR SJ XLI QMRH ERH WSYP EKEMRWX MXWIPJ ;I S[I MX XS 2IPWSR 1ERHIPE
RSX WMQTP] XS KMZI LMQ XLMW E[EVH FYX XS PMZI F] XLI PIWWSR LI XEYKLX YW ERH XS XIEV
HS[R IZIV] PEWX ZIWXMKI SJ ETEVXLIMH MR SYV S[R LIEVXWhIZIV]XLMRK XLEX HMZMHIW YW
SRI JVSQ ERSXLIV
*SV XLSWI SJ YW [LS LEZI FIIR TVMZMPIKIH XS ORS[ XLMW VIQEVOEFPI QER RS
QIHEP RS E[EVH RS JSVXYRI RSXLMRK [I GSYPH KMZI LMQ GSYPH TSWWMFP] GSQTEVI XS
XLI KMJX LI LEW KMZIR XS YW ERH XS XLI [SVPH 8LI SRP] KMJX XLEX MW XVYI VIGSQTIRWI MW
XS GSRXMRYI LMW QMWWMSR ERH XS PMZI F] XLI TS[IV SJ LMW TVSJSYRH ERH [SRHIVJYP
I\EQTPI
2S[ EW TVIWGVMFIH F] XLI PE[ MX MW Q] TVMZMPIKI XS TVIWIRX XLI 'SRKVIWWMSREP
+SPH 1IHEP XS 4VIWMHIRX 2IPWSR 1ERHIPE
7TIIGLIW SJ %GGITXERGI
EGGITXERGI WTIIGL 8LI TYVTSWI SJ ER EGGITXERGI WTIIGL MW XS KMZI XLEROW JSV E KMJX SV ER E[EVH
% WTIIGL XLEX KMZIW XLEROW ;LIR KMZMRK WYGL E WTIIGL ]SY XLERO XLI TISTPI [LS EVI FIWXS[MRK XLI
JSV E KMJX ER E[EVH SV E[EVH ERH VIGSKRM^I XLI TISTPI [LS LIPTIH ]SY KEMR MX
WSQI SXLIV JSVQ SJ TYFPMG
VIGSKRMXMSR 8LI EGGITXERGI WTIIGL SR XLI RI\X TEKI MW XLI GSQTERMSR TMIGI XS XLI
WTIIGL SJ TVIWIRXEXMSR F] &MPP 'PMRXSR -X [EW HIPMZIVIH F] 2IPWSR 1ERHIPE MR
EGGITXMRK XLI 'SRKVIWWMSREP +SPH 1IHEP ERH MX I\IQTPMJMIW XLI QENSV XVEMXW SJ
E KSSH EGGITXERGI WTIIGLhFVIZMX] LYQMPMX] ERH KVEGMSYWRIWW
'SQQIQSVEXMZI 7TIIGLIW
'SQQIQSVEXMZI WTIIGLIW EVI WTIIGLIW SJ TVEMWI SV GIPIFVEXMSR )YPSKMIW
*SYVXL SJ .YP] WTIIGLIW ERH HIHMGEXMSRW EVI I\EQTPIW SJ GSQQIQSVEXMZI
WTIIGLIW =SYV EMQ MR WYGL WTIIGLIW MW XS TE] XVMFYXI XS E TIVWSR E KVSYT SJ
TISTPI ER MRWXMXYXMSR SV ER MHIE
%W MR ER MRJSVQEXMZI WTIIGL ]SY TVSFEFP] [MPP LEZI XS KMZI XLI EYHMIRGI
MRJSVQEXMSR EFSYX ]SYV WYFNIGX %JXIV EPP XLI EYHMIRGI QYWX ORS[ [L] ]SYV
',%48)6 74)%/-2+ 32 74)'-%0 3''%7-327
0YGEW 8LI %VX SJ 4YFPMG 7TIEOMRK SR 7TIGMEP 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 3GGEWMSRW 'SQTERMIW
%GGITXMRK XLI 'SRKVIWWMSREP +SPH 1IHEP GSRRIGXPYGEW GSQ
:MI[ ER I\GIVTX JVSQ 2IPWSR
2IPWSR 1ERHIPE 1ERHIPEtW EGGITXERGI
WTIIGL MR XLI SRPMRI 1IHME
8LERO ]SY 4VIWMHIRX 'PMRXSR 1V 7TIEOIV HMWXMRKYMWLIH QIQFIVW SJ XLI 7IREXI 0MFVEV] JSV XLMW GLEXTIV
ERH XLI ,SYWI PEHMIW ERH KIRXPIQIR :MHIS 'PMT
-X LEW FIIR Q] KVIEX TVMZMPIKI XS WIVZI E TISTPI [LSWI FSRHEKI XS ER MRLYQER
W]WXIQ IZSOIH XLI WSPMHEVMX] SJ EPP XLSWI [LS PSZI JVIIHSQ ERH NYWXMGI E TISTPI
[LSWI XVMYQTL SZIV XLI HMZMWMSRW SJ VEGMWX HSGXVMRI LEW KMZIR RI[ PMJI XS LYQERMX]tW
LSTI JSV E [SVPH [MXLSYX LEXVIH ERH HMWGVMQMREXMSR - EQ GSRWGMSYW XLEX MR FIWXS[
MRK XLI 'SRKVIWWMSREP +SPH 1IHEP YTSR QI ]SY EVI IZSOMRK XLIWI FSRHW FIX[IIR
SYV REXMSRW ERH TE]MRK XVMFYXI XS XLI [LSPI 7SYXL %JVMGER REXMSR JSV MXW EGLMIZI
QIRXW MR VIEPM^MRK SYV WLEVIH MHIEPW
-X MW MR XLEX WTMVMX XLEX - LYQFP] EGGITX XLI E[EVH E[EVI EX XLI WEQI XMQI SJ XLI
KVIEX LSRSV ]SY HS QI F] YWMRK QI EW XLI ZILMGPI SJ E YRMUYI HMWXMRGXMSR GSRJIVVIH
F] XLMW LEPPS[IH MRWXMXYXMSR SJ %QIVMGER HIQSGVEG] %W SRI [LS LEW HIHMGEXIH LMW
PMJI XS XLI TYVWYMX SJ YRMX] - EQ QSZIH F] XLI GSRWIRWYW MR ]SYV REXMSRtW VIKEVH JSV
XLI EGLMIZIQIRXW SJ Q] TISTPI %RH - JIIP E KVIEX TVMHI MR XLI JEGX XLEX [MXL E JI[
GMXM^IRW SJ SXLIV GSYRXVMIW [LS LEZI VIGIMZIH XLMW LMKL LSRSV XLI REQI SJ ER %JVMGER
MW RS[ EHHIH
8LI E[EVH [MXL [LMGL ]SY LSRSV QI XSHE] MW ER I\TVIWWMSR SJ XLI GSQQSR
LYQERMX] XLEX FMRHW YW SRI TIVWSR XS ERSXLIV REXMSR XS REXMSR ERH TISTPI SJ XLI
RSVXL XS TISTPI SJ XLI WSYXL - VIGIMZI MX [MXL TVMHI EW E W]QFSP SJ TEVXRIVWLMT JSV
TIEGI TVSWTIVMX] ERH IUYMX] EW [I IRXIV XLI RI[ QMPPIRRMYQ - XLERO ]SY
WYFNIGX MW TVEMWI[SVXL] %W MR SXLIV WTIIGLIW ]SY QE] HVE[ SR I\EQTPIW XIW GSQQIQSVEXMZI WTIIGL
XMQSR] IZIR WXEXMWXMGW XS MPPYWXVEXI XLI EGLMIZIQIRXW SJ ]SYV WYFNIGX % WTIIGL XLEX TE]W XVMFYXI XS E
=SYV JYRHEQIRXEP TYVTSWI MR E GSQQIQSVEXMZI WTIIGL LS[IZIV MW RSX TIVWSR E KVSYT SJ TISTPI ER
XS MRJSVQ ]SYV PMWXIRIVW FYX XS MRWTMVI XLIQhXS EVSYWI ERH LIMKLXIR XLIMV MRWXMXYXMSR SV ER MHIE
ETTVIGMEXMSR SJ SV EHQMVEXMSR JSV XLI TIVWSR MRWXMXYXMSR SV MHIE ]SY EVI
TVEMWMRK -J ]SY EVI TE]MRK XVMFYXI XS E TIVWSR JSV I\EQTPI ]SY WLSYPH RSX
WMQTP] VIGSYRX XLI HIXEMPW SJ XLI TIVWSRtW PMJI 6EXLIV ]SY WLSYPH TIRIXVEXI
XS XLI IWWIRGI SJ ]SYV WYFNIGX ERH KIRIVEXI MR ]SYV EYHMIRGI E HIIT WIRWI SJ
VIWTIGX
;LIR WTIEOMRK XS GSQQIQSVEXI ]SY [ERX XS I\TVIWW JIIPMRKW XS WXMV
WIRXMQIRXWhNS] ERH LSTI [LIR E RI[ FYMPHMRK MW HIHMGEXIH ERXMGMTEXMSR ERH
KSSH [MWLIW EX E GSQQIRGIQIRX GIPIFVEXMSR PEQIRX ERH GSRWSPEXMSR EX E
JYRIVEP EHQMVEXMSR ERH VIWTIGX EX E XIWXMQSRMEP HMRRIV % GSQQIQSVEXMZI
WTIIGL MW PMOI ER MQTVIWWMSRMWX TEMRXMRKhqE TMGXYVI [MXL [EVQ GSPSVW ERH
XI\XYVI GETXYVMRK E QSSH SV E QSQIRX r
&YX [LMPI XLI TEMRXIV [SVOW [MXL FVYWL ERH GSPSVW XLI GSQQIQSVEXMZI
WTIEOIV [SVOW [MXL PERKYEKI 3J EPP XLI OMRHW SJ WTIIGLIW RSRI HITIRHW QSVI SR
XLI GVIEXMZI ERH WYFXPI YWI SJ PERKYEKI 7SQI SJ XLI QSWX QIQSVEFPI WTIIGLIW
MR LMWXSV] MRGPYHMRK %FVELEQ 0MRGSPRtW +IXX]WFYVK %HHVIWW LEZI FIIR GSQ
QIQSVEXMZI ;I GSRXMRYI XS JMRH WYGL WTIIGLIW QIERMRKJYP ERH MRWTMVMRK
PEVKIP] FIGEYWI SJ XLIMV IPSUYIRX YWI SJ PERKYEKI
3RI SJ XLI QSWX IJJIGXMZI GSQQIQSVEXMZI WTIEOIVW MR SYV VIGIRX LMWXSV]
[EW 4VIWMHIRX 6SREPH 6IEKER %JXIV XLI I\TPSWMSR SJ XLI WTEGI WLYXXPI 'LEPPIRKIV
'SQQIQSVEXMZI 7TIIGLIW
0YGEW 8LI %VX SJ 4YFPMG 7TIEOMRK SR 7TIGMEP 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 3GGEWMSRW 'SQTERMIW
MR 6IEKER HIPMZIVIH E REXMSREPP] XIPIZMWIH IYPSK] XS XLI EWXVSREYXW OMPPIH
MR XLI FPEWX &IPS[ EVI X[S ZIVWMSRW SJ 6IEKERtW GPSWMRK PMRIW 8LI JMVWX MW [LEX
LI Q MKLX LEZI WEMH WXVMTTMRK XLI XI\X SJ MXW [EVQ IQSXMSREP GSRXIRX ERH
TSMKRERX PERKYEKI
0MOI *VERGMW (VEOI XLI KVIEX I\TPSVIV SJ XLI SGIERW XLI 'LEPPIRKIV EWXVSREYXW KEZI
XLIMV PMZIW JSV E GEYWI XS [LMGL XLI] [IVI JYPP] HIHMGEXIH ;I EVI LSRSVIH F] XLIQ ERH
[I [MPP RSX JSVKIX XLIQ ;I [MPP EP[E]W VIQIQFIV WIIMRK XLIQ JSV XLI PEWX XMQI XLMW QSVR
MRK EW XLI] TVITEVIH JSV XLIMV JPMKLX
GSRRIGXPYGEW GSQ ,IVI MW [LEX 6IEKER EGXYEPP] WEMH
:MI[ XLI IRHMRK SJ 6SREPH
6IEKERtW IYPSK] XS XLI 8LIVItW E GSMRGMHIRGI XSHE] 3 R XLMW HE] ]IEV W EK S XLI KVIEX I\TPSVIV *VERGMW
(VEOI HMIH EFSEVH WLMT SJJ XLI GSEWX SJ 4EREQE -R LMW PMJIXMQI XLI KVIEX JVSRXMIVW [IVI
EWXVSREYXW MR XLI XLI SGIERW ERH ER LMWXSVMER PEXIV WEMH q,I PMZIH F] XLI WIE HMIH SR MX [EW FYVMIH MR
SRPMRI 1IHME 0MFVEV] JSV XLMW MX r ;IPP XSHE] [I GER WE] SJ XLI 'LEPPIRKIV GVI[ 8LIMV HIHMGEXMSR [EW PMOI (VEOItW
GLETXIV :MHIS 'PMT
GSQTPIXI
8LI GVI[ SJ XLI WTEGI WLYXXPI 'LEPPIRKIV LSRSVIH YW F] XLI QERRIV MR [LMGL XLI]
PMZIH XLIMV PMZIW ;I [MPP RIZIV JSVKIX XLIQ RSV XLI PEWX XMQI [I WE[ XLIQ XLMW QSVRMRK
EW XLI] TVITEVIH JSV XLIMV NSYVRI] ERH [EZIH KSSHF]I ERH qWPMTTIH XLI WYVP] FSRHW SJ
IEVXLr XS qXSYGL XLI JEGI SJ +SH r
8LI JMREP [SVHWhq sWPMTTIH XLI WYVP] FSRHW SJ IEVXLt XS sXSYGL XLI JEGI SJ
+SHt rhEVI IWTIGMEPP] IJJIGXMZI (VE[R JVSQ E WSRRIX GEPPIH q,MKL *PMKLXr XLEX
QER] TMPSXW OIIT [MXL XLIQ XLI] IRRSFPI XLI HIEXLW SJ XLI EWXVSREYXW ERH
IRH XLI WTIIGL SR ER IPSUYIRX QSZMRK ERH TSIXMG RSXI
;LIR WTIEOMRK XS GSQQIQSVEXI ]SYV WYGGIWW [MPP HITIRH SR ]SYV EFMPMX]
XS TYX MRXS PERKYEKI XLI XLSYKLXW ERH IQSXMSRW ETTVSTVMEXI XS XLI SGGEWMSR
-X MW IEW]hXSS IEW]hXS JEPP FEGO SR GPMGLÍW ERH XVMXI WIRXMQIRXW =SYV GLEPPIRKI
[MPP FI XS YWI PERKYEKI MQEKMREXMZIP] XS MRZIWX XLI SGGEWMSR [MXL HMKRMX]
QIERMRK ERH LSRIWX IQSXMSR
-R HSMRK WS ]SY QE] [ERX XS YXMPM^I XLI WTIGMEP VIWSYVGIW SJ PERKYEKI HMW
GYWWIH MR 'LETXIV 1IXETLSV WMQMPI TEVEPPIPMWQ VITIXMXMSR ERXMXLIWMW
EPPMXIVEXMSRhEPP EVI ETTVSTVMEXI JSV GSQQIQSVEXMZI WTIIGLIW 7SQI LMKLP]
EGGPEMQIH GSQQIQSVEXMZI WTIIGLIWhMRGPYHMRK 1EVXMR 0YXLIV /MRKtW q- ,EZI E
(VIEQr ERH .SLR /IRRIH]tW MREYKYVEP EHHVIWWhEVI HMWXMRKYMWLIH F] XLIMV GVI
EXMZI YWI SJ WYGL HIZMGIW
'SRJVSRXIH [MXL XLI IZSGEXMZI WTIIGLIW SJ E /IRRIH] SV E /MRK ]SY QE]
HIGMHI XLEX XLI WTIIGL SJ GSQQIQSVEXMSR MW JEV FI]SRH ]SYV EFMPMXMIW &YX
SXLIV WXYHIRXW LEZI HIPMZIVIH I\GIPPIRX GSQQIQSVEXMZI WTIIGLIWhRSX MQQSV
XEP TIVLETW FYX RSRIXLIPIWW HMKRMJMIH ERH QSZMRK
0SSO JSV I\EQTPI EX q1] 'VE^] %YRX 7YIr MR XLI ETTIRHM\ SJ WEQTPI
WTIIGLIW XLEX JSPPS[W 'LETXIV TEKIW % i%
8LI WTIEOIVtW EMQ [EW XS
TE] XVMFYXI XS LIV EYRX [LS JSV ]IEVW LEH FEXXPIH VLIYQEXSMH EVXLVMXMW
%PXLSYKL XLI WTIEOIV TVSZMHIW FEWMG MRJSVQEXMSR EFSYX EYRX 7YI ERH LIV
TL]WMGEP GSRHMXMSR XLI WTIIGL HSIW RSX VIGSYRX EPP XLI HIXEMPW SJ LIV PMJI
-RWXIEH MX JSGYWIW SR LIV GSYVEKI LIV WIRWI SJ LYQSV ERH LIV VIJYWEP XS
GSQTPEMR EFSYX LIV JEXI 8LI WTIEOIV TVSZMHIW IRSYKL HIXEMPW XS PIX YW WII
[L] EYRX 7YI MW WS GSQQIRHEFPI FYX RSX WS QER] EW XS WPS[ XLI TEGI SJ XLI
WTIIGL
',%48)6 74)%/-2+ 32 74)'-%0 3''%7-327
0YGEW 8LI %VX SJ 4YFPMG 7TIEOMRK SR 7TIGMEP 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 3GGEWMSRW 'SQTERMIW
;LIXLIV KMZIR SR XLI
[SVPH WXEKI SV MR SRItW PSGEP
GSQQYRMX] WTIIGLIW JSV
WTIGMEP SGGEWMSRW WLSYPH WIIO
XS MRZIWX XLI SGGEWMSR [MXL
HMKRMX] QIERMRK ERH LSRIWX
IQSXMSR
8LI WTIEOIV EPWS YWIW ZMZMH PERKYEKI VITIXMXMSR ERH TEVEPPIP WXVYGXYVI XS GSRRIGXPYGEW GSQ
KMZI XLI WTIIGL XLI OMRH SJ JSVQEP XSRI ETTVSTVMEXI JSV E GSQQIQSVEXMZI :MI[ q1] 'VE^] %YRX 7YIr MR
WTIIGL =SY GER WII XLMW IZIR MR XLI STIRMRK PMRIW XLI SRPMRI 1IHME 0MFVEV] JSV
XLMW GLETXIV :MHIS 'PMT
8LI WXVSRKIWX TIVWSR - ORS[ GERRSX TIIP E TSXEXS 8LI WXVSRKIWX TIVWSR - ORS[ LEW
XVSYFPI TYXXMRK SR LIV QEOIYT 8LI WXVSRKIWX TIVWSR - ORS[ RIIHW E WTIGMEP OI] LSPHIV XS
XYVR XLI OI] MR LIV GEVtW MKRMXMSR
-R EHHMXMSR XS EVSYWMRK GYVMSWMX] EFSYX XLI WYFNIGX SJ XLI WTIIGL XLIWI
PMRIW LEZI E WMQTPI IPIKERGI XLEX GSQIW TEVXP] JVSQ XLI VITIXMXMSR SJ q8LI
WXVSRKIWX TIVWSR - ORS[r EX XLI WXEVX SJ IEGL WIRXIRGI 'SRWMHIV MR GSR
XVEWX LS[ QYGL PIWW IJJIGXMZI XLI STIRMRK [SYPH LEZI FIIR MJ XLI WTIEOIV
LEH WEMH
1] EYRX 7YI GERtX TIIP E TSXEXS LEW XVSYFPI TYXXMRK SR LIV QEOIYT ERH RIIHW E
WTIGMEP OI] LSPHIV XS XYVR XLI OI] MR LIV GEVtW MKRMXMSR
8LIWI PMRIW GSRZI] XLI WEQI MRJSVQEXMSR FYX RSX [MXL XLI WEQI IJJIGX
*SV ERSXLIV I\EQTPI GSRWMHIV XLI WXYHIRX GSQQIQSVEXMZI WTIIGL TVMRXIH
SR TEKI 8LI WYFNIGX MW )PMI ;MIWIP LYQERMXEVMER 2SFIP 4IEGI 4VM^I [MR
RIV ERH XMVIPIWW GEQTEMKRIV JSV MRXIVREXMSREP NYWXMGI 2SXMGI LS[ XLI WTIEOIV
YWIW XLI VITIXMXMSR SJ q% r XS GETXYVI EXXIRXMSR EX XLI FIKMRRMRK ERH XS
KMZI XLI WTIIGL EVXMWXMG YRMX] EX XLI IRH %PWS RSXMGI LS[ LI XIPPW YW IRSYKL
EFSYX ;MIWIP XS ORS[ [L] LI MW TVEMWI[SVXL] [MXLSYX KIXXMRK FSKKIH HS[R MR
FMSKVETLMGEP HIXEMPW
'SQQIQSVEXMZI 7TIIGLIW
0YGEW 8LI %VX SJ 4YFPMG 7TIEOMRK SR 7TIGMEP 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 3GGEWMSRW 'SQTERMIW
GSRRIGXPYGEW GSQ )PMI ;MIWIP
:MI[ q)PMI ;MIWIPr MR XLI
SRPMRI 1IHME 0MFVEV] JSV XLMW % ,MW RI[ REQI XLI KVEJJMXM WXEQTIH SR LMW WOMR % E GSRGIRXVEXMSR
GLETXIV :MHIS 'PMT
GEQT XEXXSS %X EKI JMJXIIR % [EW XEOIR JVSQ LMW LSQI F] XLI 2E^MW ERH WIRX
XS %YWGL[MX^ SRI SJ XLI X[IRXMIXL GIRXYV]tW QSWX TSXIRX W]QFSPW SJ IZMP ,IVI
% [MXRIWWIH XLI HIEXLW SJ XLSYWERHW SJ LYQER FIMRKW MRGPYHMRK LMW QSXLIV
ERH ]SYRKIV WMWXIV 7SQILS[ % WYV ZMZIH ERH [LIR ;SVPH ;EV -- IRHIH LI
TYX LMW TEMR ERH KVMIJ XS [SVO QEOMRK WYVI XLI [SVPH HMH RSX JSVKIX XLI ,SPSGEYWX
ERH QEOMRK WYVI ERSXLIV ,SPSGEYWX HMH RSX XEOI TPEGI
8SHE] XLI [SVPH ORS[W % EW )PMI ;MIWIP RSXIH WTIEOIV ERH PIGXYVIV
EYXLSV SJ QSVI XLER FSSOW ERH VIGMTMIRX SJ XLI 4VIWMHIRXMEP 1IHEP SJ *VIIHSQ
XLI 'SRKVIWWMSREP +SPH 1IHEP ERH XLI 2SFIP 4IEGI 4VM^I EQSRK SXLIVW )PMI ;MIWIP
MW ER IPSUYIRX JIEVPIWW WIPJPIWW PIEHIV [LS XSSO XLI IZMPW SJ %YWGL[MX^ EW QSXMZEXMSR
XS MQTVSZI XLI [SVPH
%R IPSUYIRX PIEHIV )PMI ;MIWIP YWIW XLI TS[IV SJ PERKYEKI XS GSRJVSRX XLI
TVSFPIQW SJ LYQERMX] 8LVSYKL GSQTIPPMRK TVSWI ERH FVYXEP LSRIWX] LI I\TPEMRW
XLEX [I GERRSX VSSX SYX IZMP YRPIWW [I VIGSKRM^I MX ERH FEXXPI MX [LIVIZIV MX I\MWXW
-R LMW GPEWWMG FSSO 2MKLX LI WE]W SJ %YWGL[MX^ q2IZIV WLEPP - JSVKIX XLEX RMKLX XLI
JMVWX RMKLX MR GEQT [LMGL XYVRIH Q] PMJI MRXS SRI PSRK RMKLX WIZIR XMQIW GYVWIH ERH
WIZIR XMQIW WIEPIH 2IZIV WLEPP - JSVKIX XLEX WQSOI 2IZIV WLEPP - JSVKIX XLI PMXXPI JEGIW
SJ XLI GLMPHVIR [LSWI FSHMIW - WE[ XYVRIH MRXS [VIEXLW SJ WQSOI FIRIEXL E WMPIRX
FPYI WO] r ,EYRXMRK [SVHW XLEX VIQMRH YW SJ XLI VIEPMX] SJ IZMP
% JIEVPIWW PIEHIV RS PIWW XLER ER IPSUYIRX SRI )PMI ;MIWIP LEW WTIRX ]IEVW
FEXXPMRK XLI IZMPW XLEX GSRXMRYI XS TPEKYI SYV TPERIX 8S XLI 1MWOMXS -RHMERW SJ 2MGEVEKYE
HMWTPEGIH JVSQ XLIMV LSQIPERH LI FVSYKLX MRWTMVMRK [SVHW SJ WXVIRKXL ERH GSQTEWWMSR
8S QIR ERH [SQIR JEGMRK ETEVXLIMH MR 7SYXL %JVMGE LI FVSYKLX E TS[IVJYP HIRYR
GMEXMSR SJ VEGMEP WIKVIKEXMSR ERH ZMSPIRGI 8S 'EQFSHMER VIJYKIIW WYJJIVMRK JVSQ
WXEVZEXMSR ERH HMWIEWI LI FVSYKLX JSSH ERH XLI TVSQMWI SJ E RI[ FIKMRRMRK %RH XS
XLSWI SJ YW [LS JSPPS[ LMW [SVO LI GSRXMRYIW XS TVSZMHI MRWTMVEXMSR
% WIPJPIWW PIEHIV EW QYGL EW ER IPSUYIRX ERH JIEVPIWW SRI )PMI ;MIWIP LEW GSR
WMWXIRXP] TYX XLI RIIHW SJ SXLIVW FIJSVI LMW S[R ;MXL IZIV] E[EVH LMW QSHIWX]
WXERHW WMHI F] WMHI [MXL LMW EGLMIZIQIRXW %W LI WXEXIH MR LMW 2SFIP 4VM^I EGGITXERGI
WTIIGL q2IYXVEPMX] LIPTW XLI STTVIWWSV RIZIV XLI ZMGXMQ 7MPIRGI IRGSYVEKIW XLI
XSVQIRXSV RIZIV XLI XSVQIRXIH ;LIVIZIV QIR ERH [SQIR EVI TIVWIGYXIH
FIGEYWI SJ XLIMV VEGI VIPMKMSR SV TSPMXMGEP ZMI[W XLEX TPEGI QYWXhEX XLEX QSQIRXh
FIGSQI XLI GIRXIV SJ XLI YRMZIVWI r
8SHE] EX ]IEVW SJ EKI )PMI ;MIWIP GSRXMRYIW XS JMKLX EKEMRWX XLI RMKLX
8LVSYKL EPP LMW XVMEPW ERH EPP LMW XVMYQTLW XLI XEXXSS VIQEMRW % E GSRWXERX
VIQMRHIV SJ IZMP MRNYWXMGI ERH MRHMJJIVIRGI -R FEXXPMRK XLIWI JSVGIW )PMI ;MIWIP LEW
WLS[R XLI OMRH SJ QSVEP PIEHIVWLMT XSS SJXIR PEGOMRK MR XSHE]tW [SVPH
8LIVI MW RS FIXXIV [E] XS GSRGPYHI XLER XS UYSXI LMW S[R [SVHW q8LIVI QE]
FI XMQIW [LIR [I EVI TS[IVPIWW XS TVIZIRX MRNYWXMGI FYX XLIVI QYWX RIZIV FI E XMQI
[LIR [I JEMP XS TVSXIWX ;LEX XLIWI ZMGXMQW RIIH EFSZI EPP MW XS ORS[ XLEX XLI]
EVI RSX EPSRI XLEX [I EVI RSX JSVKIXXMRK XLIQ XLEX [LMPI XLIMV JVIIHSQ HITIRHW SR
SYVW XLI UYEPMX] SJ SYV JVIIHSQ HITIRHW SR XLIMVW r
',%48)6 74)%/-2+ 32 74)'-%0 3''%7-327
0YGEW 8LI %VX SJ 4YFPMG 7TIEOMRK SR 7TIGMEP 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 3GGEWMSRW 'SQTERMIW
7 911%6=
-R XLMW GLETXIV [I LEZI GSRWMHIVIH WTIIGLIW SJ MRXVSHYGXMSR WTIIGLIW SJ TVIWIRXE /)= 8)617
XMSR WTIIGLIW SJ EGGITXERGI ERH GSQQIQSVEXMZI WTIIGLIW
=SYV NSF MR E WTIIGL SJ MRXVSHYGXMSR MW XS FYMPH IRXLYWMEWQ JSV XLI QEMR WTIEOIV
ERH XS IWXEFPMWL E [IPGSQMRK GPMQEXI /IIT ]SYV VIQEVOW FVMIJ QEOI WYVI XLI] EVI
EGGYVEXI ERH EHETX XLIQ XS XLI EYHMIRGI XLI SGGEWMSR ERH XLI QEMR WTIEOIV
7TIIGLIW SJ TVIWIRXEXMSR EVI KMZIR [LIR WSQISRI VIGIMZIW E KMJX SV ER E[EVH
8LI QEMR XLIQI SJ WYGL E WTIIGL MW XS EGORS[PIHKI XLI EGLMIZIQIRXW SJ XLI
VIGMTMIRX 8LI TYVTSWI SJ ER EGGITXERGI WTIIGL MW XS KMZI XLEROW JSV E KMJX SV ER
E[EVH ;LIR HIPMZIVMRK WYGL E WTIIGL ]SY WLSYPH XLERO XLI TISTPI [LS EVI
FIWXS[MRK XLI E[EVH ERH VIGSKRM^I XLI GSRXVMFYXMSRW SJ TISTPI [LS LIPTIH ]SY
KEMR MX &I FVMIJ LYQFPI ERH KVEGMSYW
'SQQIQSVEXMZI WTIIGLIW EVI WTIIGLIW SJ TVEMWI SV GIPIFVEXMSR =SYV EMQ MR
WYGL E WTIIGL MW XS TE] XVMFYXI XS E TIVWSR E KVSYT SJ TISTPI ER MRWXMXYXMSR SV ER
MHIE % GSQQIQSVEXMZI WTIIGL WLSYPH MRWTMVI XLI EYHMIRGI ERH MXW WYGGIWW [MPP
HITIRH PEVKIP] SR LS[ [IPP ]SY TYX MRXS PERKYEKI XLI XLSYKLXW ERH JIIPMRKW ETTVS
TVMEXI XS XLI SGGEWMSR
WTIIGL SJ MRXVSHYGXMSR
EGGITXERGI WTIIGL
WTIIGL SJ TVIWIRXEXMSR
GSQQIQSVEXMZI WTIIGL
6):-); 59)78-327
%JXIV VIEHMRK XLMW GLETXIV ]SY WLSYPH FI EFPI XS ERW[IV XLI JSPPS[MRK UYIWXMSRW
;LEX EVI XLI XLVII TYVTSWIW SJ E WTIIGL SJ MRXVSHYGXMSR# ;LEX KYMHIPMRIW
WLSYPH ]SY JSPPS[ MR TVITEVMRK WYGL E WTIIGL#
; LEX MW XLI QEMR XLIQI SJ E WTIIGL SJ TVIWIRXEXMSR# (ITIRHMRK SR XLI EYHM GSRRIGXPYGEW GSQ
IRGI ERH SGGEWMSR [LEX X[S SXLIV XLIQIW QMKLX ]SY MRGPYHI MR WYGL E *SV JYVXLIV VIZMI[ KS XS XLI
WTIIGL# 7XYH] 5YIWXMSRW MR XLI SRPMRI
7XYH] %MHW JSV XLMW GLETXIV
;LEX EVI XLI XLVII QENSV XVEMXW SJ E KSSH EGGITXERGI WTIIGL#
;LEX MW XLI JYRHEQIRXEP TYVTSWI SJ E GSQQIQSVEXMZI WTIIGL# ;L] HSIW E WYG
GIWWJYP GSQQIQSVEXMZI WTIIGL HITIRH WS QYGL SR XLI GVIEXMZI ERH WYFXPI YWI
SJ PERKYEKI#
)<)6'-7)7 *36 '6-8-'%0 8,-2/-2+
% XXIRH E WTIIGL SR GEQTYW 4E] WTIGMEP EXXIRXMSR XS XLI WTIIGL MRXVSHYG
M RK XLI QE M R WT IE OI V , S[ [I PP HS IW M X J M X X L I K Y MHI PM R IW HM WGYWWI H M R XL M W
GLETXIV#
3 FWIVZI WIZIVEP WTIIGLIW SJ TVIWIRXEXMSR ERH EGGITXERGIhEX E GEQTYW E[EVHW
GIVIQSR] SV SR E XIPIZMWMSR TVSKVEQ WYGL EW XLI %GEHIQ] %[EVHW +VEQQ]
%[EVHW )QQ] %[EVHW SV 8SR] %[EVHW ;LMGL WTIIGLIW HS ]SY JMRH QSWX
IJJIGXMZI# 0IEWX IJJIGXMZI# ;L]#
% REP]^I q)PMI ;MIWIPr TEKI
MR PMKLX SJ XLI GVMXIVME JSV GSQQIQSVEXMZI
WTIEOMRK TVIWIRXIH MR XLMW GLETXIV
)\IVGMWIW JSV 'VMXMGEP 8LMROMRK
0YGEW 8LI %VX SJ 4YFPMG 7TIEOMRK MR 7QEPP 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR +VSYTW 'SQTERMIW
7TIEOMRK MR 7QEPP
+VSYTW
;LEX -W E 7QEPP +VSYT#
0IEHIVWLMT MR 7QEPP +VSYTW
/MRHW SJ 0IEHIVWLMT
*YRGXMSRW SJ 0IEHIVWLMT
6IWTSRWMFMPMXMIW MR E 7QEPP +VSYT
'SQQMX =SYVWIPJ XS XLI +SEPW SJ =SYV +VSYT
*YPJMPP -RHMZMHYEP %WWMKRQIRXW
%ZSMH -RXIVTIVWSREP 'SRJPMGXW
)RGSYVEKI *YPP 4EVXMGMTEXMSR
/IIT XLI (MWGYWWMSR SR 8VEGO
8LI 6IJPIGXMZI 8LMROMRK 1IXLSH
(IJMRI XLI 4VSFPIQ
%REP]^I XLI 4VSFPIQ
)WXEFPMWL 'VMXIVME JSV 7SPYXMSRW
+IRIVEXI 4SXIRXMEP 7SPYXMSRW
7IPIGX XLI &IWX 7SPYXMSR
4VIWIRXMRK XLI 6IGSQQIRHEXMSRW SJ XLI +VSYT
3VEP 6ITSVX
7]QTSWMYQ
4ERIP (MWGYWWMSR
0YGEW 8LI %VX SJ 4YFPMG 7TIEOMRK MR 7QEPP 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR +VSYTW 'SQTERMIW
0YGEW 8LI %VX SJ 4YFPMG 7TIEOMRK MR 7QEPP 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR +VSYTW 'SQTERMIW
8LI TYFPMWLIV SJ E REXMSREP WTSVXW QEKE^MRI EWOIH 1MOI 0II XLI RI[ LIEH SJ XLI
LYQER VIWSYVGIW HITEVXQIRX XS SVKERM^I ER 3GXSFIV VIXVIEX JSV XLI QEKE^MRItW IHM
XSVMEP WXEJJ 1MOI [IRX XS [SVO SR WIXXMRK E HEXI JMRHMRK E TPEGI XS WXE] ERH GVIEXMRK
ER EKIRHE JSV XLI VIXVIEX
1MOI [EW ZIV] TPIEWIH [MXL LMW TPER ,I XLSYKLX LI LEH XEOIR IZIV]SRItW RIIHW MRXS
EGGSYRX &YX [LIR LI I\TPEMRIH LMW TPER EX XLI QEKE^MRItW RI\X WXEJJ QIIXMRK RS SRI
WIIQIH LETT]
q8LI HEXI ]SY WIX JSV XLI VIXVIEX MW SZIV ,EPPS[IIR r WEMH XLI IHMXSVMEP QEREKIV q- ORS[
]SY HSRtX LEZI GLMPHVIR FYX RS SRI [MXL OMHW MW KSMRK XS [ERX XS FI E[E] EX XLEX XMQI r
8LI EHQMRMWXVEXMZI EWWMWXERX VIWTSRHIH RI\X q(S ]SY VIEPM^I r WLI WEMH qXLEX XLI LSXIP
]SY FSSOIH MW XLI WEQI SRI [I YWIH JSV E VIXVIEX JMZI ]IEVW EKS# -X [EW E HMWEWXIV 8LI JSSH
[EW E[JYP XLI QIIXMRK VSSQW [IVI YRGSQJSVXEFPI ERH XLI XIGL WYTTSVX [EW RSRI\MWXIRX r
2I\X E QIQFIV SJ XLI QEKE^MRItW NYRMSV IHMXSVMEP WXEJJ WEMH q- WII XLEX EPP XLI WIWWMSRW
MRZSPZI QIQFIVW SJ XLI WIRMSV IHMXSVMEP WXEJJ (MH ]SY QIER XS I\GPYHI EPP XLI ]SYRKIV IHM
XSVW# (SRtX ]SY XLMRO [ItVI MQTSVXERX XS XLI QEKE^MRI#r
*MREPP] XLI QEREKMRK IHMXSV WEMH q- [MWL ]SY LEH GLIGOIH [MXL QI EX WSQI TSMRX -
GSYPH LEZI [EVRIH ]SY EFSYX XLI LSXIP XLI GSRJPMGX [MXL ,EPPS[IIR ERH XLI RIIH XS
MRGPYHI NYRMSV WXEJJ r
;LEX [IRX [VSRK# 1MOI HMH RSX LEZI IRSYKL XMQI SV VIWSYVGIW SR LMW
S[R XS GVIEXI E WYGGIWWJYP VIXVIEX -J E KVSYT MRWXIEH SJ E WMRKPI TIVWSR LEH
FIIR EWWMKRIH XS TPER XLI VIXVIEX XLI TVSFPIQW QMKLX LEZI FIIR EZIVXIH 3RI
TIVWSR GSYPH LEZI XEOIR GLEVKI SJ PSSOMRK MRXS XLI FIWX HEXIW ERSXLIV SJ JMRH
MRK EGGSQQSHEXMSRW E XLMVH SJ GSSVHMREXMRK [MXL SXLIV WXEJJ QIQFIVW EFSYX
[LS WLSYPH FI MRGPYHIH MR XLI VIXVIEX ERH WS JSVXL 8LI TPER [SYPH LEZI XEOIR
EPP JEGXSVW MRXS EGGSYRX
3J GSYVWI ]SY QE] LEZI LIEVH XLI SPH WE]MRK XLEX qE GEQIP MW E LSVWI
HIWMKRIH F] E GSQQMXXII r -J ]SY LEZI IZIV FIIR TEVX SJ E KVSYT XLEX WIIQIH
XS KIX RSXLMRK HSRI ]SY QE] FI MRGPMRIH XS WE] q3L PIX SRI TIVWSR HIGMHI
ERH KIX MX SZIV [MXL r 8LI TVSFPIQ MR WYGL GEWIW LS[IZIV MW RSX XLEX XLIVI MW
E KVSYT FYX XLEX XLI KVSYT MW RSX JYRGXMSRMRK TVSTIVP] % KVIEX HIEP SJ VIWIEVGL
WLS[W XLEX MJ QIQFIVW SJ E KVSYT [SVO [IPP XSKIXLIV XLI] GER EPQSWX EP[E]W
VIWSPZI E TVSFPIQ FIXXIV XLER E WMRKPI TIVWSR
8LMW GLETXIV HIEPW [MXL WTIEOMRK MR E TEVXMGYPEV OMRH SJ KVSYThXLI
TVSFPIQ WSPZMRK WQEPP KVSYT
;LEX -W E 7QEPP +VSYT#
H]EH %W MXW REQI MQTPMIW E WQEPP KVSYT LEW E PMQMXIH RYQFIV SJ QIQFIVW 8LI
% KVSYT SJ X[S TISTPI QMRMQYQ RYQFIV MW XLVII % KVSYT SJ X[S TIVWSRW MW GEPPIH E H]EH ERH MX
STIVEXIW UYMXI HMJJIVIRXP] JVSQ E KVSYT SJ XLVII SV QSVI
8LIVI MW WSQI HMJJIV
WQEPP KVSYT IRGI SJ STMRMSR EFSYX XLI QE\MQYQ RYQFIV SJ TISTPI [LS GSRWXMXYXI E WQEPP
% GSPPIGXMSR SJ XLVII XS X[IPZI KVSYT 1SWX I\TIVXW WIX XLI QE\MQYQ RYQFIV EX WIZIR SV IMKLX WSQI KS EW
TISTPI [LS EWWIQFPI JSV E LMKL EW X[IPZI 8LI MQTSVXERX TSMRX MW XLEX XLI KVSYT QYWX FI WQEPP IRSYKL XS
WTIGMJMG TYVTSWI EPPS[ JVII HMWGYWWMSR EQSRK EPP QIQFIVW -R WQEPP KVSYT GSQQYRMGEXMSR EPP
TEVXMGMTERXW EVI TSXIRXMEPP] WTIEOIVW ERH PMWXIRIVW
1IQFIVW SJ E WQEPP KVSYT EWWIQFPI JSV E WTIGMJMG TYVTSWI 7IZIVEP WLSTTIVW
QMPPMRK EVSYRH XLI GPSXLMRK WIGXMSR SJ E HITEVXQIRX WXSVI EVI RSX E WQEPP
KVSYT IZIR MJ XLI] WTIEO XS SRI ERSXLIV SV GSQQIRX EFSYX LMKL TVMGIW ERH
TSSV WIVZMGI &YX MJ XLSWI WEQI WLSTTIVW HIGMHIH XS QIIX XSKIXLIV ERH TVITEVI
',%48)6 74)%/-2+ -2 71%00 +63947
0YGEW 8LI %VX SJ 4YFPMG 7TIEOMRK MR 7QEPP 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR +VSYTW 'SQTERMIW
E JSVQEP GSQTPEMRX XS XLI WXSVI QEREKIV EFSYX LMKL TVMGIW ERH TSSV WIVZMGI TVSFPIQ WSPZMRK
XLI] [SYPH XLIR GSRWXMXYXI E WQEPP KVSYT WQEPP KVSYT
% WQEPP KVSYT JSVQIH XS WSPZI E
% TVSFPIQ WSPZMRK WQEPP KVSYT MW JSVQIH XS WSPZI E TEVXMGYPEV TVSFPIQ TEVXMGYPEV TVSFPIQ
7YGL KVSYTW I\MWX MR IZIV] EVIE SJ PMJI &YWMRIWW KVSYTW GSRWMHIV [E]W SJ
MRGVIEWMRK WEPIW 'LYVGL KVSYTW HMWGYWW LS[ XS VEMWI JYRHW ERH TVSZMHI JSV
XLI RIIH] +VSYTW SJ TEVIRXW [SVO SR MQTVSZMRK HE] GEVI JEGMPMXMIW =SY [MPP
EPQSWX WYVIP] FI E QIQFIV SJ QER] TVSFPIQ WSPZMRK WQEPP KVSYTW HYVMRK
]SYV PMJI
%PXLSYKL WTIEOMRK MR E WQEPP KVSYT MW RSX XLI WEQI EW TYFPMG WTIEOMRK MX
MRZSPZIW WMQMPEV WOMPPW 1IQFIVW SJ E WQEPP KVSYT MRJPYIRGI SRI ERSXLIV
XLVSYKL GSQQYRMGEXMSR %W E TEVXMGMTERX MR E WQEPP KVSYT ]SY QMKLX MRJPY
IRGI ]SYV GSPPIEKYIW F] KMZMRK XLIQ MQTSVXERX MRJSVQEXMSR F] IRGSYVEKMRK
XLIQ XS WTIEO F] GSRZMRGMRK XLIQ XS GLERKI XLIMV QMRHW F] PIEHMRK XLIQ
MRXS E RI[ GLERRIP SJ GSQQYRMGEXMSR IZIR F] KIXXMRK XLIQ XS IRH E QIIXMRK
SJ XLI KVSYT %PP SXLIV QIQFIVW SJ XLI KVSYT LEZI XLI WEQI STTSVXYRMX] XS
MRJPYIRGI ]SY XLVSYKL IJJIGXMZI GSQQYRMGEXMSR
0IEHIVWLMT MR 7QEPP +VSYTW
;I LEZI WEMH XLEX WQEPP KVSYTW SJXIR QEOI FIXXIV HIGMWMSRW XLER HS MRHMZMHYEPW
8S HS WS LS[IZIV XLI] RIIH IJJIGXMZI PIEHIVWLMT
/-2(7 3* 0)%()67,-4 PIEHIVWLMT
8LI EFMPMX] XS MRJPYIRGI KVSYT
7SQIXMQIW XLIVI MW RS WTIGMJMG PIEHIV -R WYGL E WMXYEXMSR QIQFIVW SJ IJJIGXMZI QIQFIVW WS EW XS LIPT EGLMIZI
KVSYTW XIRH XS LEZI IUYEP MRJPYIRGI ;LIR E RIIH JSV PIEHIVWLMT EVMWIW ER] SJ XLI KSEPW SJ XLI KVSYT
XLI QIQFIVW GERhERH SRI TVSFEFP] [MPPhTVSZMHI XLI RIGIWWEV] PIEHIVWLMT %
X]TMGEP MRWXERGI QMKLX FI E GPEWW TVSNIGX MR [LMGL ]SY ERH WIZIVEP GPEWWQEXIW MQTPMIH PIEHIV
EVI [SVOMRK XSKIXLIV *VSQ XMQI XS XMQI IEGL SJ ]SY [MPP LIPT XLI KVSYT QSZI % KVSYT QIQFIV XS [LSQ SXLIV
XS[EVH MXW KSEP F] WYKKIWXMRK [LIR ERH [LIVI XS QIIX F] SYXPMRMRK XLI QIQFIVW HIJIV FIGEYWI SJ LIV
WXVIRKXLW ERH [IEORIWWIW SJ E GIVXEMR ZMI[TSMRX F] VIWSPZMRK HMWEKVIIQIRXW SV LMW VERO I\TIVXMWI SV SXLIV
EQSRK SXLIV QIQFIVW ERH WS JSVXL UYEPMX]
% KVSYT QE] LEZI ER MQTPMIH PIEHIV *SV I\EQTPI MJ E FYWMRIWW QIIXMRK IQIVKIRX PIEHIV
MRGPYHIW SRI ZMGI TVIWMHIRX ERH WIZIVEP WYFSVHMREXIW XLI ZMGI TVIWMHIRX % KVSYT QIQFIV [LS IQIVKIW
FIGSQIW XLI MQTPMIH PIEHIV 8LI WEQI MW XVYI MJ SRI QIQFIV SJ XLI KVSYT MW E EW E PIEHIV HYVMRK XLI KVSYTtW
WTIGMEPMWX MR XLI XSTMG EX LERH ERH XLI SXLIVW EVI RSX 1IQFIVW [MPP PMOIP] HIJIV HIPMFIVEXMSRW
XS XLI TIVWSR [MXL XLI LMKLIWX VERO SV KVIEXIWX I\TIVXMWI
HIWMKREXIH PIEHIV
)ZIR [LIR E KVSYT WXEVXW SYX PIEHIVPIWW XLIVI QE] FI ER IQIVKIRX PIEHIV % TIVWSR [LS MW IPIGXIH SV
8LMW MW E TIVWSR [LS F] EFMPMX] SV F] JSVGI SJ TIVWSREPMX] SV NYWX F] XEPOMRK XLI ETTSMRXIH EW PIEHIV [LIR XLI
QSWX XEOIW E PIEHIVWLMT VSPI 8LI IQIVKIRGI SJ E PIEHIV QE] SV QE] RSX FI KVSYT MW JSVQIH
HIWMVEFPI -J XLI KVSYT MW WXEPIQEXIH SV LEW HMWWSPZIH MRXS FMGOIVMRK SV QEOMRK
NSOIW ER IQIVKIRX PIEHIV GER TYX MX FEGO SR XVEGO 8LIVI MW E HERKIV LS[IZIV
XLEX XLI IQIVKIRX PIEHIV QE] RSX FI XLI QSWX IJJIGXMZI PIEHIV FYX QIVIP] XLI
QSWX EWWIVXMZI TIVWSREPMX]
*MREPP] XLIVI QE] FI E HIWMKREXIH PIEHIVhE TIVWSR IPIGXIH SV ETTSMRXIH EW
PIEHIV [LIR XLI KVSYT MW JSVQIH % KVSYT XLEX QIIXW JSV SRP] SRI WIWWMSR
WLSYPH EPQSWX EP[E]W LEZI E HIWMKREXIH PIEHIV [LS XEOIW GEVI SJ XLI TVSGIHYVEP
XEWOW ERH WIVZIW EW WTSOIWTIVWSR 0MOI[MWI E JSVQEP GSQQMXXII [MPP YWYEPP]
LEZI E HIWMKREXIH GLEMVTIVWSR 8LI GLEMV GER TIVJSVQ PIEHIVWLMT JYRGXMSRW SV
HIPIKEXI XLIQ FYX LI SV WLI VIQEMRW MR GLEVKI
0IEHIVWLMT MR 7QEPP +VSYTW
0YGEW 8LI %VX SJ 4YFPMG 7TIEOMRK MR 7QEPP 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR +VSYTW 'SQTERMIW
7QEPP KVSYTW VIUYMVI IJJIGXMZI
PIEHIVWLMT XS EGGSQTPMWL XLIMV
KSEPW 7SQI KVSYTW LEZI E
HIWMKREXIH PIEHIV [LMPI SXL
IVW LEZI ER MQTPMIH PIEHIV SV
ER IQIVKIRX PIEHIV
% KVSYT QE] SV QE] RSX RIIH E WTIGMJMG PIEHIV FYX MX EP[E]W RIIHW PIEHIV
WLMT ;LIR EPP QIQFIVW SJ XLI KVSYT EVI WOMPPIH GSQQYRMGEXSVW XLI] GER XEOI
XYVRW EX TVSZMHMRK PIEHIVWLMT IZIR MJ XLI KVSYT LEW E HIWMKREXIH SV MQTPMIH
PIEHIV %W ]SY HIZIPST KVSYT GSQQYRMGEXMSR WOMPPW ]SY WLSYPH FI TVITEVIH XS
EWWYQI E PIEHIVWLMT VSPI [LIRIZIV RIGIWWEV]
*92'8-327 3* 0)%()67,-4
%R IJJIGXMZI PIEHIV LIPTW XLI KVSYT VIEGL MXW KSEPW F] JYPJMPPMRK XLVII SZIVPETTMRK
WIXW SJ RIIHWhTVSGIHYVEP RIIHW XEWO RIIHW ERH QEMRXIRERGI RIIHW
TVSGIHYVEP RIIHW 4VSGIHYVEP 2IIHW
6SYXMRI qLSYWIOIITMRKr EGXMSRW
RIGIWWEV] JSV XLI IJJMGMIRX 4VSGIHYVEP RIIHW GER FI XLSYKLX SJ EW XLI qLSYWIOIITMRKr VIUYMVIQIRXW SJ XLI
GSRHYGX SJ FYWMRIWW MR E WQEPP KVSYT 8LI] MRGPYHI
KVSYT
(IGMHMRK [LIR ERH [LIVI XLI KVSYT [MPP QIIX
6IWIVZMRK XLI VSSQ GLIGOMRK XLI RYQFIV SJ GLEMVW QEOMRK WYVI XLI LIEX
SV EMV GSRHMXMSRMRK MW XYVRIH SR
7IXXMRK XLI EKIRHE SJ IEGL QIIXMRK
7XEVXMRK XLI QIIXMRK
8EOMRK RSXIW HYVMRK XLI QIIXMRK
4VITEVMRK ERH HMWXVMFYXMRK ER] [VMXXIR LERHSYXW RIIHIH JSV XLI QIIXMRK
7YQQEVM^MRK XLI KVSYTtW TVSKVIWW EX XLI IRH SJ XLI QIIXMRK
-J XLIVI MW E HIWMKREXIH PIEHIV WLI SV LI GER EXXIRH XS XLIWI RIIHW SV EWWMKR
SRI SV QSVI KVSYT QIQFIVW XS HS WS 3XLIV[MWI QIQFIVW SJ XLI KVSYT QYWX
WTPMX XLI TVSGIHYVEP VIWTSRWMFMPMXMIW
',%48)6 74)%/-2+ -2 71%00 +63947
0YGEW 8LI %VX SJ 4YFPMG 7TIEOMRK MR 7QEPP 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR +VSYTW 'SQTERMIW
8EWO 2IIHW
8EWO RIIHW EVI WYFWXERXMZI EGXMSRW RIGIWWEV] XS LIPT XLI KVSYT GSQTPIXI XLI
TEVXMGYPEV XEWO MX MW [SVOMRK SR 8LI] MRGPYHI
%REP]^MRK XLI MWWYIW JEGMRK XLI KVSYT
(MWXVMFYXMRK XLI [SVOPSEH EQSRK XLI QIQFIVW
'SPPIGXMRK MRJSVQEXMSR
7SPMGMXMRK XLI ZMI[W SJ SXLIV QIQFIVW
/IITMRK XLI KVSYT JVSQ KSMRK SJJ SR E XERKIRX
4PE]MRK HIZMPtW EHZSGEXI JSV YRTSTYPEV MHIEW
*SVQYPEXMRK GVMXIVME JSV NYHKMRK XLI QSWX IJJIGXMZI WSPYXMSR
,IPTMRK XLI KVSYT VIEGL GSRWIRWYW SR MXW JMREP VIGSQQIRHEXMSRW
1SWX QIQFIVW [MPP LIPT XLI KVSYT WEXMWJ] MXW XEWO RIIHW 0IEHIVWLMT XEWO RIIHW
FIGSQIW RIGIWWEV] [LIR WSQI XEWO RIIHW EVI RSX FIMRK JYPJMPPIH EHIUYEXIP] EW 7YFWXERXMZI EGXMSRW RIGIWWEV]
MR XLMW I\EQTPI XS LIPT E WQEPP KVSYT GSQTPIXI
MXW EWWMKRIH XEWO
% KVSYT SJ WXYHIRXW LEH YRHIVXEOIR XS WSPZI XLI TEVOMRK TVSFPIQW SR XLIMV GEQTYW
8LI KVSYT LEH LIPH WIZIVEP QIIXMRKW ERH QSWX SJ MXW XEWO RIIHW LEH FIIR QIX 1IQFIVW
LEH HSRI E KSSH NSF TSPPMRK WXYHIRXW JSV XLIMV STMRMSRW HMWGYWWMRK EPXIVREXMZI WSPYXMSRW
[MXL XLI EHQMRMWXVEXMSR ERH GSRWMHIVMRK XLI VIPEXMZI QIVMXW SJ IEGL WSPYXMSR ,S[IZIV SRI
QIQFIV SJ XLI KVSYT 4MPEV RSXMGIH XLEX X[S MXIQW LEH RSX FIIR KMZIR IRSYKL EXXIRXMSR
2S SRI LEH MRZIWXMKEXIH TSXIRXMEP WSYVGIW SJ QSRI] JSV RI[ TEVOMRK JEGMPMXMIW ERH RS SRI
LEH WXYHMIH XLI IRZMVSRQIRXEP MQTEGX SJ GSRWXVYGXMRK EHHMXMSREP TEVOMRK WTEGIW 8LIVI
JSVI 4MPEV FVMIJP] XSSO E PIEHIVWLMT VSPI XS TIVJSVQ E XEWO RIIH JSV XLI KVSYT 7LI TSMRXIH
SYX XLEX XLIWI X[S EVIEW LEH FIIR RIKPIGXIH ERH VIGSQQIRHIH XLEX XLI KVSYT I\TPSVI
XLIQ JYVXLIV
1EMRXIRERGI 2IIHW
1EMRXIRERGI RIIHW MRZSPZI MRXIVTIVWSREP VIPEXMSRW MR XLI KVSYT 8LI] MRGPYHI QEMRXIRERGI RIIHW
WYGL JEGXSVW EW 'SQQYRMGEXMZI EGXMSRW
RIGIWWEV] XS QEMRXEMR
,S[ [IPP QIQFIVW KIX EPSRK [MXL SRI ERSXLIV MRXIVTIVWSREP VIPEXMSRW MR E
,S[ [MPPMRK QIQFIVW EVI XS GSRXVMFYXI XS XLI KVSYT WQEPP KVSYT
;LIXLIV QIQFIVW EVI WYTTSVXMZI SJ SRI ERSXLIV
;LIXLIV QIQFIVW JIIP WEXMWJMIH [MXL XLI KVSYTtW EGGSQTPMWLQIRXW
;LIXLIV QIQFIVW JIIP KSSH EFSYX XLIMV VSPIW MR XLI KVSYT
-J MRXIVTIVWSREP TVSFPIQW HSQMREXI HMWGYWWMSR XLI KVSYT [MPP LEZI E HMJ
JMGYPX XMQI [SVOMRK XSKIXLIV ERH VIEGLMRK E HIGMWMSR % PIEHIV GER HS QYGL XS
GVIEXI ERH WYWXEMR WYTTSVXMZI GSQQYRMGEXMSR MR XLI KVSYT &] LIPTMRK KVSYT
QIQFIVW LERHPI GSRJPMGX F] [SVOMRK SYX HMJJIVIRGIW SJ STMRMSR F] VIHYGMRK
MRXIVTIVWSREP XIRWMSR F] IRGSYVEKMRK TEVXMGMTEXMSR JVSQ EPP QIQFIVW F]
FIMRK EPIVX XS TIVWSREP JIIPMRKW ERH F] TVSQSXMRK WSPMHEVMX] [MXLMR XLI KVSYT
E PIEHIV GER QEOI E XVIQIRHSYW GSRXVMFYXMSR XS[EVH LIPTMRK XLI KVSYT
EGLMIZI MXW KSEPW
0IEHIVWLMT MR 7QEPP +VSYTW
0YGEW 8LI %VX SJ 4YFPMG 7TIEOMRK MR 7QEPP 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR +VSYTW 'SQTERMIW
6IWTSRWMFMPMXMIW MR E 7QEPP +VSYT
)ZIV] QIQFIV SJ E WQEPP KVSYT QYWX EWWYQI GIVXEMR VIWTSRWMFMPMXMIW [LMGL GER FI
HMZMHIH MRXS JMZI QENSV GEXIKSVMIW
GSQQMX ]SYVWIPJ XS XLI KSEPW SJ ]SYV KVSYT
JYPJMPP MRHMZMHYEP EWWMKRQIRXW
EZSMH MRXIVTIVWSREP GSRJPMGXW
IRGSYVEKI
JYPP TEVXMGMTEXMSR
OIIT XLI HMWGYWWMSR SR XVEGO 7SQI SJ XLIWI VIWTSRWMFMPMXMIW
MRZSPZI PIEHIVWLMT VSPIW FYX EPP JMZI EVI WS MQTSVXERX XLEX IEGL TEVXMGMTERX WLSYPH
XEOI XLIQ EW TIVWSREP SFPMKEXMSRW VIKEVHPIWW SJ XLI KVSYTtW PIEHIVWLMT
'311-8 =3967)0* 83 8,) +3%07 3* =396 +6394
*SV E KVSYT XS WYGGIIH QIQFIVW QYWX EPMKR XLIMV TIVWSREP KSEPW [MXL XLI
KVSYTtW KSEP 8LMW WSYRHW SFZMSYW FYX MX MW RSX EP[E]W IEW] ;LIR ]SY EVI
[SVOMRK [MXL SXLIV WXYHIRXW SR E GPEWW TVSNIGX XLI KVSYT KSEPhERH QSWX PMOIP]
XLI KSEP SJ IEGL QIQFIVhMW XS KIX E KSSH KVEHI 8LIVI MW E WXVSRK MRGIRXMZI JSV
QIQFIVW XS GSSTIVEXI ERH GSQQMX XLIQWIPZIW XS GSQTPIXMRK XLI XEWO
4VSFPIQW EVMWI [LIR SRI SV QSVI QIQFIVW LEZI TIVWSREP KSEPW XLEX
GSRJPMGX [MXL XLI KVSYTtW KSEP ,IVI MW XLI OMRH SJ WMXYEXMSR XLEX GER SGGYV
7LIVVM &EMRIW MW E QIQFIV SJ XLI GSQQMXXII XS FY] RI[ IUYMTQIRX JSV XLI PSGEP
RI[WTETIVtW IQTPS]II GEJIXIVME &IGEYWI XLI FYHKIX MW ZIV] XMKLX XLI GSQQMXXIItW KSEP MW
XS KIX XLI FIWX IUYMTQIRX JSV XLI PS[IWX TVMGI &YX YRORS[R XS XLI SXLIV QIQFIVW SJ XLI
KVSYT 7LIVVMtW WSR MR PE[ MW E WEPIWQER JSV E HMWXVMFYXSV SJ LMKL TVMGIH OMXGLIR ETTPMERGIW
4VMZEXIP] 7LIVVM LEW VIEWSRIH XLEX MJ WLI GER W[E] XLI GSQQMXXII XS[EVH XLEX GSQTER] LIV
WSR MR PE[ [MPP KIX E PEVKI GSQQMWWMSR 7LIVVM HSIW RSX QIRXMSR XLMW JEGX XS XLI KVSYT
-RWXIEH WLI EVKYIW XLEX UYEPMX]hRSX TVMGIhWLSYPH FI XLI HIXIVQMRMRK JEGXSV MR XLI TYV
GLEWI 8LI KVSYT TVSGIWW FVIEOW HS[R FIGEYWI 7LIVVM [MPP RSX WYVVIRHIV LIV TVMZEXI KSEP
8LMW MW ER I\XVIQI I\EQTPI FYX XLIVI GER FI QSVI WYFXPI OMRHW SJ TVMZEXI
KSEPW EW MR XLI JSPPS[MRK GEWI
'EVPSW ERH 6EGLIP EVI TEVX SJ E KVSYT ERH 'EVPSW [SYPH PMOI XS FI SR GPSWIV XIVQW
[MXL 6EGLIP 8S MQTVIWW LIV LI QE] EKVII [MXL IZIV]XLMRK WLI WE]W VIKEVHPIWW SJ [LIXLIV
LI VIEPP] WLEVIW LIV ZMI[W 'SRWIUYIRXP] 'EVPSWtW I\TVIWWIH ZMI[W EVI RSX LMW EGXYEP ZMI[W
-R WLSVX 'EVPSW LEW E LMHHIR EKIRHE MR XLI KVSYT QIIXMRK 8LI KVSYTtW EKIRHE MW XS WSPZI
XLI TVSFPIQ FYX 'EVPSWtW EKIRHE MW XS KIX E HEXI [MXL 6EGLIP
LMHHIR EKIRHE +VSYT QIQFIVW QE] LEZI EPP WSVXW SJ LMHHIR EKIRHEW 3RI QE] FI I\TI
% WIX SJ YRWXEXIH MRHMZMHYEP VMIRGMRK TIVWSREP TVSFPIQWhPS[IVIH KVEHIW E FVIEOYT [MXL E JVMIRH SV NYWX E
KSEPW XLEX QE] GSRJPMGX [MXL XLI FEH HE] %RSXLIV QE] LEZI E GSQQMXQIRX XS E HMJJIVIRX KVSYT [LSWI KSEPW
KSEPW SJ XLI KVSYT EW E [LSPI GSRJPMGX [MXL XLSWI SJ XLI TVIWIRX KVSYT % XLMVH QE] [ERX XS XEOI GLEVKI SJ
XLI KVSYT JSV VIEWSRW SJ TIVWSREP TS[IV VIKEVHPIWW SJ XLI KVSYTtW XEWO
6IQIQFIV XLEX [LEX SRI QIQFIV SJ E KVSYT HSIW EJJIGXW EPP XLI SXLIV
QIQFIVW =SY WLSYPH RSX XV] XS EHZERGI ]SYV S[R MRXIVIWXW SV FSSWX ]SYV S[R
IKS EX XLI I\TIRWI SJ XLI KVSYT ERH MXW KSEPW &I[EVI SJ LMHHIR EKIRHEWh
[LIXLIV ]SYVW SV WSQISRI IPWItWhERH TEVXMGMTEXI [MXL E TSWMXMZI WTMVMX
*90*-00 -2(-:-(9%0 %77-+21)287
%W QIRXMSRIH IEVPMIV SRI SJ XLI EHZERXEKIW SJ XLI KVSYT TVSGIWW MW XLEX MX HMZMHIW
XLI [SVOPSEH EQSRK WIZIVEP TISTPI &YX YRPIWW IZIV] QIQFIV JYPJMPPW LMW SV LIV
EWWMKRQIRXW XLI KVSYTtW IRXMVI TVSNIGX QE] JEMPhEW MR XLI JSPPS[MRK I\EQTPI
',%48)6 74)%/-2+ -2 71%00 +63947
0YGEW 8LI %VX SJ 4YFPMG 7TIEOMRK MR 7QEPP 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR +VSYTW 'SQTERMIW
7IZIVEP ]IEVW EKS SRI WXYHIRX KVSYT HIGMHIH XLEX EW E GPEWW TVSNIGX XLI] [SYPH FVMRK
)EWXIV FEWOIXW XS XLI TEXMIRXW MR XLI GLMPHVIRtW [EVH SJ E PSGEP LSWTMXEP %JXIV XLI TVSNIGX
LEH FIIR ETTVSZIH EWWMKRQIRXW [IVI KMZIR SYX 2EZMH [SYPH GSSVHMREXI [MXL XLI LSWTM
XEP EYXLSVMXMIW 'SVVMRI [SYPH LERHPI JYRH VEMWMRK JSV XLI RIIHIH WYTTPMIW .IWWI [SYPH
WYTIVZMWI XLI IKK HIGSVEXMRK XIEQ 0MY [SYPH FI VIWTSRWMFPI JSV FY]MRK FEWOIXW ERH
GLSGSPEXI FYRRMIW .YWXMR [SYPH EVVERKI JSV XVERWTSVXEXMSR
)ZIV]FSH] GSQTPIXIH XLIMV EWWMKRQIRXW I\GITX .YWXMR [LS [EW FYW] [VMXMRK E XIVQ
TETIV ,I EWOIH E JVMIRH XS TMGO YT E FYW WGLIHYPI ERH EWWYQIH IZIV]XLMRK [SYPH FI JMRI
3R )EWXIV QSVRMRK XLI KVSYT EWWIQFPIH EX XLI FYW WXST PSEHIH HS[R [MXL FEWOIXW JSV XLI
GLMPHVIR %RH XLI] [EMXIH ERH [EMXIH %JXIV ER LSYV .YWXMR GEPPIH XLI FYW GSQTER] SRP] XS
HMWGSZIV XLEX XLI FYWIW HMH RSX VYR SR LSPMHE]W &] XLI XMQI .YWXMR LEH QEHI SXLIV EVVERKI
QIRXW XS KIX XS XLI LSWTMXEP ZMWMXMRK LSYVW [IVI SZIV ERH XLI KVSYT GSYPH RSX KIX MR
2S QEXXIV [LEX SXLIV EWWMKRQIRXW XLI] QE] LEZI EPP QIQFIVW SJ E KVSYT
LEZI SRI ZIV] GVMXMGEP EWWMKRQIRXhPMWXIRMRK *MVWX MX LIPTW ]SY YRHIVWXERH
[LEX MW LETTIRMRK MR XLI KVSYT %RH YRPMOI E TYFPMG WTIEOMRK WMXYEXMSR ]SY
GER WXST XLI WTIEOIV ERH EWO JSV GPEVMJMGEXMSR EX ER] TSMRX 7IGSRH PMWXIRMRK
LIPTW ]SY IZEPYEXI XLI QIVMXW SJ XLI WTIEOIVtW TSWMXMSR 8LMVH PMWXIRMRK TVS
ZMHIW WYTTSVX JSV XLI WTIEOIV ERH LIPTW TVSZMHI E TSWMXMZI GPMQEXI JSV HMWGYW
WMSR ;MXLSYX IJJIGXMZI PMWXIRMRK RS KVSYT MW KSMRK XS QEOI QYGL TVSKVIWW
%:3-( -28)64)6732%0 '32*0-'87
-J KVSYTW [IVI QEHI YT SJ VSFSXW XLIVI [SYPH FI RS MRXIVTIVWSREP GSRJPMGXW
&YX KVSYTW EVI QEHI YT SJ TISTPI [MXL PMOIW ERH HMWPMOIW ERH ERMQSWMXMIW ERH
TVINYHMGIW ERH ZIV] HMJJIVIRX TIVWSREPMXMIW -X MW ZMXEP XS XLI KVSYT TVSGIWW XLEX
HMWEKVIIQIRXW FI OITX SR E XEWO PIZIP VEXLIV XLER SR E TIVWSREP PIZIP
7YTTSWI ]SY HMWEKVII [MXL ERSXLIV QIQFIVtW MHIE (MWEKVIIQIRX SR XLI
TIVWSREP PIZIP GSYPH WSYRH PMOI XLMW q8LEXtW XLI QSWX WXYTMH MHIE - IZIV LIEVH SJ
(S ]SY VIEPM^I LS[ QYGL QSRI] MX [SYPH GSWX XS HS XLEX#r &YX SR XLI XEWO PIZIP
HMWEKVIIQIRX MW EMQIH EX XLI MHIE RSX XLI TIVWSR q4SXIRXMEPP] XLEXtW E ZIV] KSSH
WSPYXMSR FYX -tQ RSX WYVI [I LEZI IRSYKL QSRI] XS EGGSQTPMWL MX r
2S QEXXIV [LEX XLI KVSYT TIVWSREP ERXEKSRMWQ PIEZIW E FEH XEWXI MR
IZIV]SRItW QSYXL ERH LEVQW XLI TIVJSVQERGI SJ XLI KVSYT -XtW IWWIRXMEP XLEX
WSQISRI XEOI E PIEHIVWLMT VSPI ERH FVMRK XLI HMWGYWWMSR FEGO XS XLI VIPIZERX
MWWYIW 0IXtW WE] ]SY EVI TEVX SJ E GSQQMXXII GLEVKIH [MXL WIXXMRK YT E WTIEOIVWt
WIVMIW SR ]SYV GEQTYW 8LI HMWGYWWMSR QMKLX KS PMOI XLMW
%RKIPE ;I HIJMRMXIP] WLSYPH LEZI 6ITVIWIRXEXMZI ,MKLXS[IV WTIEO SR GEQTYW ,I LEW
FIIR ZIV] EGXMZI MR TVSXIGXMRK XLI IRZMVSRQIRX
1MRL 8LEX PMFIVEP# ,I GSYPH GEVI PIWW [LEX [I TE] JSV E KEPPSR SJ KEW %RH JSVKIX
EFSYX IGSRSQMG HIZIPSTQIRX [MXL LMQ
%RKIPE 7S ]SY WYTTSVX QSVI SJJWLSVI HVMPPMRK# =SYtVI [MPPMRK XS HIWXVS] SYV GSEWXPMRIW
WS XLI SMP GSQTERMIW GER VEOI MR QSVI TVSJMXW#
1MRL -XtW TISTPI PMOI ]SY XLEX LEZI QEHI YW HITIRHIRX SR JSVIMKR WSYVGIW SJ SMPh
[LMGL XLVIEXIRW SYV TVSWTIVMX] ERH REXMSREP WIGYVMX] F] QEOMRK YW ZYPRIVEFPI XS
IGSRSQMG FPEGOQEMP JVSQ EFVSEH
0IEHIV .YWX E QMRYXI 8LMW QMKLX QEOI E KSSH WYFNIGX JSV SYV WTIEOIVWt WIVMIW ;I GER
EWO FSXL 6ITVIWIRXEXMZI ,MKLXS[IV ERH E WTSOIWTIVWSR JSV SRI SJ XLI SMP
GSQTERMIW XS HIFEXI IEGL SXLIV
6IWTSRWMFMPMXMIW MR E 7QEPP +VSYT
0YGEW 8LI %VX SJ 4YFPMG 7TIEOMRK MR 7QEPP 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR +VSYTW 'SQTERMIW
-RXIVRIX -RXIVIWXIH MR PIEVRMRK QSVI EFSYX PIEHIVWLMT# 0SK SR XS XLI 'IRXIV JSV 'VIEXMZI
'SRRIGXMSR 0IEHIVWLMTtW VIWIEVGL WMXI EX [[[ GGP SVK VIWIEVGL 8LI GIRXIV [SVOW [MXL MRHM
ZMHYEPW ERH KVSYTW EVSYRH XLI [SVPH XS LIPT SVKERM^EXMSRW SJ EPP OMRHW MQTVSZI
[[[ GSRRIGXPYGEW GSQ XLIMV QEREKIVMEP ERH PIEHIVWLMT WOMPPW
7QEPP KVSYTW EVI E ZMXEP TEVX SJ FYWMRIWWIW ERH SXLIV SVKERM^EXMSRW MR QSWX TEVXW SJ
XLI [SVPH =SY GER KIX E WIRWI SJ XLIMV EGXMZMXMIW F] GLIGOMRK XLI 8IEQ &YMPHMRK
)^MRI %VXMGPIW EX LXXT I^MRIEVXMGPIW GSQ #GEX!&YWMRIWW 8IEQ &YMPHMRK
8LMW MW RSX XS WE] XLEX QIQFIVW SJ E KVSYT WLSYPH RIZIV HMWEKVII -R JEGX
E WIVMSYW TVSFPIQ SGGYVW [LIR QIQFIVW KIX EPSRK WS [IPP ERH EVI WS GSRGIVRIH
EFSYX QEMRXEMRMRK XLI LEVQSR] SJ XLI KVSYT XLEX XLI] [MPP RSX HMWEKVII [MXL
SRI ERSXLIV EFSYX ER]XLMRK ;LIR XLMW LETTIRW XLIVI MW RS GLERGI XS VIEGL
XLI FIWX HIGMWMSR F] I\TPSVMRK ER EVVE] SJ TIVWTIGXMZIW STMRMSRW ERH MRJSVQE
XMSR 8LI EMQ MW RSX JSV KVSYTW XS EZSMH GSRJPMGX FYX XS OIIT MX EX XLI XEWO PIZIP
WS MX [MPP RSX HIKIRIVEXI MRXS TIVWSREP JIYHMRK
)2'396%+) *900 4%68-'-4%8-32
-J E KVSYT MW XS [SVO IJJIGXMZIP] EPP QIQFIVW QYWX GSRXVMFYXI JYPP] ERH WLEVI
XLIMV MHIEW [MXL SRI ERSXLIV )ZIV] QIQFIV SJ E KVSYT WLSYPH XEOI VIWTSRWMFMP
MX] JSV IRGSYVEKMRK SXLIV QIQFIVW XS TEVXMGMTEXI =SY GER HS XLMW JMVWX SJ EPP
F] PMWXIRMRK EXXIRXMZIP] %JXIV EPP LS[ [SYPH ]SY PMOI XS WTIEO MR E KVSYT [LIVI
IZIV]FSH] IPWI ETTIEVW FSVIH SV HMWXVEGXIH#
-J XLIVI EVI SRI SV X[S UYMIX QIQFIVW MR XLI KVSYT ]SY GER HVE[ XLIQ
MRXS XLI HMWGYWWMSR F] EWOMRK XLIMV STMRMSRW ERH WLS[MRK MRXIVIWX MR XLIMV
MHIEW ;LIR E QIQFIV WTIEOW ]SY GER WE] q- RIZIV ORI[ XLEX GER ]SY XIPP YW
QSVI EFSYX MX#r 'SRZIVWIP] XV] XS EZSMH RIKEXMZI GSQQIRXW XLEX [MPP WUYIPGL
E WTIEOIV FIJSVI WLI SV LI LEW JMRMWLIHhGSQQIRXW PMOI q3L RS XLEX RIZIV
[SVOWr SV q;LEX E XIVVMFPI MHIE r 7YTTSVXMZI GSQQIRXW GVIEXI KSSH[MPP EQSRK
KVSYT QIQFIVW ERH QEOI IZIV]SRI JIIP JVII XS HMWGYWW XLIMV MHIEW [MXLSYX
VMHMGYPI SV IQFEVVEWWQIRX
-J ]SY EVI WL] SV EJVEMH ]SYV MHIEW [MPP FI XEOIR XSS GVMXMGEPP] ]SY QE] FI
YR[MPPMRK XS TEVXMGMTEXI EX JMVWX 8S SZIVGSQI ]SYV HMJJMHIRGI VIQIQFIV XLEX
]SYV GSRXVMFYXMSR MW RIGIWWEV] XS XLI KVSYT %X XLI ZIV] PIEWX ]SY GER LIPT
TVSZMHI E WYTTSVXMZI IRZMVSRQIRX JSV HMWGYWWMSR F] PMWXIRMRK VIEGXMRK ERH
IRGSYVEKMRK XLI JVII I\GLERKI SJ MHIEW
/))4 8,) (-7'977-32 32 86%'/
-R WSQI KVSYTW XLI HMWGYWWMSR TVSGIIHW PMOI E WXVIEQ SJ GSRWGMSYWRIWW I\IVGMWI
,IVI MW E L]TSXLIXMGEP I\EQTPI MR [LMGL E XS[R TPERRMRK FSEVH MW GSRWMHIVMRK
MRWXEPPMRK E RI[ XVEJJMG PMKLX EX E FYW] MRXIVWIGXMSR
7LEVMJ =SY ORS[ [ItVI KSMRK XS LEZI XVSYFPI KIXXMRK GEVW XS GSQI XS E JYPP WXST IZIR MJ
[I HS TYX MR E XVEJJMG PMKLX
(MERE 8IPP QI EFSYX MX - GEQI XLVSYKL XLIVI ]IWXIVHE] ERH LMX Q] FVEOIW ERH XLI GEV
NYWX OITX KSMRK 1E]FI - RIIH XLI FVEOIW EHNYWXIH XLSYKL
',%48)6 74)%/-2+ -2 71%00 +63947
0YGEW 8LI %VX SJ 4YFPMG 7TIEOMRK MR 7QEPP 8I\X 8LI 1G+VE[n,MPP
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%W IEGL TSXIRXMEP WSPYXMSR MW HMWGYWWIH XLI KVSYT WLSYPH XV] XS VIEGL
GSRWIRWYW % GSRWIRWYW HIGMWMSR MW SRI XLEX EPP QIQFIVW EGGITX IZIR XLSYKL
8LI 6IJPIGXMZI 8LMROMRK 1IXLSH
0YGEW 8LI %VX SJ 4YFPMG 7TIEOMRK MR 7QEPP 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR +VSYTW 'SQTERMIW
GSRRIGXPYGEW GSQ ' L I G O P M W X 6IJPIGXMZI 8LMROMRK 1IXLSH
8LMW GLIGOPMWX MW EPWS EZEMPEFPI
MR XLI SRPMRI 7TIIGL 8SSPW JSV =)7 23
XLMW GLETXIV
(MH XLI KVSYT GPIEVP] HIJMRI XLI TVSFPIQ JSV HMWGYWWMSR#
(MH XLI KVSYT TLVEWI XLI UYIWXMSR JSV HMWGYWWMSR EW E
UYIWXMSR SJ TSPMG]#
(MH XLI KVSYT TLVEWI XLI UYIWXMSR JSV HMWGYWWMSR EW
GPIEVP] EW TSWWMFPI#
(MH XLI KVSYT TLVEWI XLI UYIWXMSR JSV HMWGYWWMSR WS EW XS
EPPS[ JSV E [MHI ZEVMIX] SJ ERW[IVW#
(MH XLI KVSYT TLVEWI XLI UYIWXMSR JSV HMWGYWWMSR MR ER
YRFMEWIH QERRIV#
(MH XLI KVSYT TLVEWI XLI UYIWXMSR JSV HMWGYWWMSR EW E
WMRKPI UYIWXMSR#
(MH XLI KVSYT EREP]^I XLI TVSFPIQ XLSVSYKLP] FIJSVI
EXXIQTXMRK XS QET SYX WSPYXMSRW#
(MH XLI KVSYT IWXEFPMWL GVMXIVME JSV ER MHIEP WSPYXMSR XS XLI
TVSFPIQ FIJSVI HMWGYWWMRK WTIGMJMG WSPYXMSRW#
(MH XLI KVSYT FVEMRWXSVQ XS KIRIVEXI E [MHI VERKI SJ
TSXIRXMEP WSPYXMSRW XS XLI TVSFPIQ#
(MH XLI KVSYT IZEPYEXI IEGL TSXIRXMEP WSPYXMSR MR PMKLX SJ
XLI GVMXIVME JSV ER MHIEP WSPYXMSR#
(MH XLI KVSYT QEOI E HIXIVQMRIH IJJSVX XS VIEGL
GSRWIRWYW [MXL VIKEVH XS XLI FIWX WSPYXMSR#
(MH XLI KVSYT EGLMIZI GSRWIRWYW#
GSRWIRWYW XLI HIGMWMSR QE] RSX FI MHIEP MR XLI I]IW SJ IZIV] QIQFIV &IGEYWI MX YWYEPP]
% KVSYT HIGMWMSR XLEX MW VIWYPXW MR WYTIVMSV HIGMWMSRW EW [IPP EW MR E LMKL HIKVII SJ YRMX] [MXLMR XLI
EGGITXEFPI XS EPP QIQFIVW SJ KVSYT GSRWIRWYW MW XLI MHIEP SJ KVSYT HIGMWMSR QEOMRK -X GSQIW EFSYX [LIR
XLI KVSYT QIQFIVW LEZI FIIR WS GSSTIVEXMZI XLEX XLI] VIEGL E GSQQSR HIGMWMSR XLVSYKL
VIEWSRMRK LSRIWX I\GLERKI SJ MHIEW ERH JYPP I\EQMREXMSR SJ XLI MWWYIW
0MOI QSWX MHIEPW GSRWIRWYW GER FI HMJJMGYPX XS EGLMIZI -J XLIVI EVI HMJJIVIRX
ZMI[TSMRXW QIQFIVW SJ XLI KVSYT [MPP SJXIR XV] XS JMRH XLI IEWMIWX [E] XS
VIWSPZI XLI HMJJIVIRGIW 7SQIXMQIW E QIQFIV [MPP GEPP JSV E ZSXI [LMGL MW ZIV]
EKVIIEFPI XS XLSWI LSPHMRK E QENSVMX] STMRMSR FYX RSX WS TPIEWERX JSV XLSWI MR
XLI QMRSVMX] 6IWSVXMRK XS E ZSXI HSIW VIWSPZI XLI MQQIHMEXI GSRJPMGX FYX MX
QE] RSX VIWYPX MR XLI FIWX WSPYXMSR 1SVISZIV MX [IEOIRW YRMX] MR XLI KVSYT F]
JSWXIVMRK JEGXMSRW ERH TIVLETW F] GVIEXMRK FMXXIVRIWW EQSRK XLI QIQFIVW [LS
PSWI XLI ZSXI % KVSYT WLSYPH ZSXI SRP] [LIR MX LEW JEMPIH MR IZIV] SXLIV
EXXIQTX XS EKVII SR E WSPYXMSR
;LEX OMRH SJ JMREP HIGMWMSR HMH SYV QSHIP GSWX GYXXMRK KVSYT VIEGL#
0IXtW WII
8LI GSWX GYXXMRK KVSYT LEH TSWWMFPI WSPYXMSRW XS IZEPYEXI 8LVII [IVI VINIGXIH
FIGEYWI XLI] ZMSPEXIH XLI KVSYTtW GVMXIVMSR XLEX ER EGGITXEFPI WSPYXMSR QYWX MRZSPZI SRP]
',%48)6 74)%/-2+ -2 71%00 +63947
0YGEW 8LI %VX SJ 4YFPMG 7TIEOMRK MR 7QEPP 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR +VSYTW 'SQTERMIW
EGXMSRW GSRXVSPPIH HMVIGXP] F] XLI GSPPIKI 6IHMVIGXMRK FYMPHMRK QSRI] XS WXYHIRX EMH GSYPH
FI HSRI SRP] F] XLI WXEXI PIKMWPEXYVI %TTVSEGLMRK PERHPSVHW EFSYX WXEFMPM^MRK VIRX ERH
FS]GSXXMRK GEQTYW FYWMRIWWIW [IVI EPWS SYXWMHI XLI NYVMWHMGXMSR SJ GSPPIKI EHQMRMWXVEXSVW
8LVII QSVI WSPYXMSRW [IVI VINIGXIH FIGEYWI XLI] [IVI IGSRSQMGEPP] MQTVEGXMGEP
-RGVIEWMRK JMRERGMEP EMH [SYPH LYVX QER] WXYHIRXW FIGEYWI XLI JYRHW [SYPH LEZI XS GSQI
JVSQ WXYHIRX JIIW 6EMWMRK SYX SJ WXEXI XYMXMSR [SYPH HVMZI E[E] XSS QER] SYX SJ WXEXI
WXYHIRXW %RH HIGVIEWMRK HSVQ GSWXW [SYPH QEOI MX MQTSWWMFPI XS TVSZMHI QMRMQEPP]
EGGITXEFPI WIVZMGIW
8LI TVSTSWEP XS VIHYGI JYRHW JSV JEGYPX] VIWIEVGL [EW EPWS VINIGXIH WMRGI QSWX
VIWIEVGL QSRI] GSQIW JVSQ KSZIVRQIRX GSVTSVEXMSRW ERH JSYRHEXMSRW &IWMHIW VIWIEVGL
[EW VIGSKRM^IH EW E TVMQEV] QIERW SJ QEMRXEMRMRK XLI GSPPIKItW TVIWXMKI *MREPP] XLI WYK
KIWXMSR XS VIHYGI EHQMRMWXVEXMZI qJEXr [EW VINIGXIH EW XSS GSWXP] FIGEYWI E KVSYT [SYPH
LEZI XS FI IWXEFPMWLIH XS EYHMX EPP EHQMRMWXVEXMZI HYXMIW
%JXIV VIJMRMRK XLI WYKKIWXMSRW XLI KVSYT JMREPP] VIEGLIH GSRWIRWYW SR E WSPYXMSR XLEX
MRGPYHIH XLI JSPPS[MRK TVSZMWMSRW
% WXYHIRX WLSYPH RSX LEZI XS WTIRH QSVI XLER
SR VIUYMVIH FSSOW JSV ER] WMRKPI GSYVWI
8LI YRMZIVWMX] WLSYPH EYXLSVM^I XLI WXYHIRX
KSZIVRQIRX XS SVKERM^I JSSH FSSO ERH GPSXLMRK GS STW
8LI WXYHIRX KSZIVRQIRX
WLSYPH GSRHYGX JMZI JYRH VEMWMRK TVSNIGXW IEGL EGEHIQMG ]IEV
)EGL TVSJIWWSV WLSYPH
XIEGL SRI QSVI GPEWW E ]IEV
3RGI GSRWIRWYW LEW FIIR VIEGLIH XLI KVSYT MW VIEH] XS TVIWIRX MXW JMRHMRKW
4VIWIRXMRK XLI 6IGSQQIRHEXMSRW SJ XLI +VSYT
8LI [SVO SJ E TVSFPIQ WSPZMRK KVSYT HSIW RSX IRH [MXL XLI PEWX WXEKI SJ XLI
VIJPIGXMZI XLMROMRK TVSGIWW 3RGI E KVSYT LEW EKVIIH SR MXW VIGSQQIRHE
XMSRW MX YWYEPP] RIIHW XS TVIWIRX XLIQ XS WSQIFSH] % FYWMRIWW KVSYT QMKLX
VITSVX XS XLI TVIWMHIRX SJ XLI GSQTER] SV XS XLI FSEVH SJ HMVIGXSVW % TVIWM
HIRXMEP GSQQMWWMSR VITSVXW XS XLI 4VIWMHIRX ERH XS XLI REXMSR EX PEVKI %
GPEWWVSSQ KVSYT VITSVXW XS XLI MRWXVYGXSV ERH XS XLI VIWX SJ XLI GPEWW 8LI
TYVTSWI SJ WYGL VITSVXW MW XS TVIWIRX XLI KVSYTtW VIGSQQIRHEXMSRW GPIEVP]
ERH GSRZMRGMRKP]
7SQIXMQIW E KVSYT [MPP TVITEVI E JSVQEP [VMXXIR VITSVX 3JXIR LS[IZIV
XLI [VMXXIR VITSVX MW WYTTPIQIRXIH [MXLhSV VITPEGIH F]hER SVEP VITSVX E
W]QTSWMYQ SV E TERIP HMWGYWWMSR
36%0 6)4368 SVEP VITSVX
% WTIIGL TVIWIRXMRK XLI
%R SVEP VITSVX MW QYGL XLI WEQI MR GSRXIRX EW E [VMXXIR VITSVX -J XLI KVSYT LEW JMRHMRKW GSRGPYWMSRW SV
E HIWMKREXIH PIEHIV WLI SV LI [MPP TVSFEFP] HIPMZIV XLI VITSVX 3XLIV[MWI XLI HIGMWMSRW SJ E WQEPP KVSYT
KVSYT [MPP WIPIGX SRI TIVWSR JSV XLI NSF
-J ]SY EVI TMGOIH XS TVIWIRX ]SYV KVSYTtW VITSVX ]SY WLSYPH ETTVSEGL MX EW
]SY [SYPH ER] SXLIV WTIIGL =SYV XEWO MW XS I\TPEMR XLI KVSYTtW TYVTSWI TVS
GIHYVIW ERH VIGSQQIRHEXMSRW =SYV VITSVX WLSYPH LEZI XLVII QEMR WIGXMSRW
8LI MRXVSHYGXMSR [MPP WXEXI XLI TYVTSWI SJ XLI VITSVX ERH TVIZMI[ MXW QEMR
TSMRXW 8LI FSH] [MPP WTIPP SYX XLI TVSFPIQ EHHVIWWIH F] ]SYV KVSYT XLI GVMXI
VME WIX JSV E WSPYXMSR ERH XLI WSPYXMSR FIMRK VIGSQQIRHIH 8LI GSRGPYWMSR
[MPP WYQQEVM^I XLI QEMR TSMRXW ERH MR WSQI GEWIW YVKI XLEX XLI KVSYTtW VIG
SQQIRHEXMSRW FI EHSTXIH
%W [MXL ER] SXLIV WTIIGL ]SY WLSYPH EHETX ]SYV VITSVX XS XLI EYHMIRGI
9WI WYTTSVXMRK QEXIVMEPW XS GPEVMJ] ERH WXVIRKXLIR ]SYV MHIEW ERH GSRWMHIV
4VIWIRXMRK XLI 6IGSQQIRHEXMSRW SJ XLI +VSYT
0YGEW 8LI %VX SJ 4YFPMG 7TIEOMRK MR 7QEPP 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR +VSYTW 'SQTERMIW
[LIXLIV YWMRK ZMWYEP EMHW [MPP IRLERGI ]SYV QIWWEKI 1EOI WYVI ]SYV PERKYEKI
MW EGGYVEXI GPIEV ZMZMH ERH ETTVSTVMEXI 6ILIEVWI XLI VITSVX WS ]SY GER HIPMZIV
MX JPYIRXP] ERH HIGMWMZIP] %JXIV[EVH ]SYhERH TSWWMFP] SXLIV QIQFIVW SJ XLI
KVSYThQE] FI GEPPIH SR XS ERW[IV UYIWXMSRW JVSQ XLI EYHMIRGI
W]QTSWMYQ 7=1437-91
% TYFPMG TVIWIRXEXMSR MR [LMGL
WIZIVEP TISTPI TVIWIRX TVITEVIH % W]QTSWMYQ GSRWMWXW SJ E QSHIVEXSV ERH WIZIVEP WTIEOIVW WIEXIH XSKIXLIV MR
WTIIGLIW SR HMJJIVIRX EWTIGXW SJ JVSRX SJ ER EYHMIRGI -J XLI KVSYT TVIWIRXMRK XLI W]QTSWMYQ LEW E HIWMKREXIH
XLI WEQI XSTMG PIEHIV LI SV WLI [MPP X]TMGEPP] FI XLI QSHIVEXSV 8LI QSHIVEXSVtW NSF MW XS
MRXVSHYGI XLI XSTMG ERH XLI WTIEOIVW )EGL WTIEOIV HIPMZIVW E TVITEVIH WTIIGL
SR E HMJJIVIRX EWTIGX SJ XLI XSTMG %JXIV XLI WTIIGLIW XLIVI QE] FI E UYIWXMSR
ERH ERW[IV WIWWMSR
8LI W]QTSWMYQ MW SJXIR YWIH JSV KVSYT VITSVXW MR WTIIGL GPEWWIW 3RI [E]
XS SVKERM^I MX MW XS LEZI IEGL QIQFIV SJ XLI KVSYT TVIWIRX E FVMIJ XEPO WOIXGLMRK
XLI KVSYTtW [SVO ERH HIGMWMSRW HYVMRK SRI WXEKI SJ XLI VIJPIGXMZI XLMROMRK TVS
GIWW %RSXLIV [E] MW XS LEZI IEGL WTIEOIV HIEP [MXL E QENSV MWWYI VIPEXMRK XS
XLI HMWGYWWMSR XSTMG % KVSYT HIEPMRK [MXL GETMXEP TYRMWLQIRX JSV I\EQTPI
QMKLX LEZI SRI WTIEOIV TVIWIRX XLI KVSYTtW GSRGPYWMSR SR XLI MWWYI SJ [LIXLIV
GETMXEP TYRMWLQIRX MW ER IJJIGXMZI HIXIVVIRX XS GVMQI ERSXLIV WTIEOIV TVIWIRX
XLI KVSYTtW TSWMXMSR SR XLI QSVEPMX] SJ GETMXEP TYRMWLQIRX ERH WS JSVXL
%PP XLI WTIIGLIW WLSYPH FI GEVIJYPP] TPERRIH 8LI] WLSYPH EPWS FI GSSVHM
REXIH [MXL SRI ERSXLIV XS QEOI WYVI XLI W]QTSWMYQ VITSVXW SR EPP MQTSVXERX
EWTIGXW SJ XLI KVSYTtW TVSNIGX
TERIP HMWGYWWMSR 4%2)0 (-7'977-32
% WXVYGXYVIH GSRZIVWEXMSR SR E
KMZIR XSTMG EQSRK WIZIVEP % TERIP HMWGYWWMSR MW IWWIRXMEPP] E GSRZIVWEXMSR MR JVSRX SJ ER EYHMIRGI 8LI
TISTPI MR JVSRX SJ ER EYHMIRGI TERIP WLSYPH LEZI E QSHIVEXSV [LS MRXVSHYGIW XLI XSTMG ERH XLI TERIPMWXW
3RGI XLI HMWGYWWMSR MW YRHIV [E] XLI QSHIVEXSV QE] MRXIVNIGX UYIWXMSRW ERH
GSQQIRXW EW RIIHIH XS JSGYW XLI HMWGYWWMSR 8LI TERIPMWXW WTIEO FVMIJP] MRJSV
QEPP] ERH MQTVSQTXY 8LI] XEPO XS IEGL SXLIV FYX PSYHP] IRSYKL JSV XLI
EYHMIRGI XS LIEV %W [MXL E W]QTSWMYQ E TERIP HMWGYWWMSR QE] FI JSPPS[IH F]
E UYIWXMSR ERH ERW[IV WIWWMSR
&IGEYWI SJ MXW WTSRXERIMX] E TERIP HMWGYWWMSR GER FI I\GMXMRK JSV TEVXMGMTERXW
ERH EYHMIRGI EPMOI &YX YRJSVXYREXIP] XLEX WTSRXERIMX] MRLMFMXW W]WXIQEXMG TVI
WIRXEXMSR SJ E KVSYTtW VIGSQQIRHEXMSRW 8LYW XLI TERIP HMWGYWWMSR MW WIPHSQ
YWIH F] TVSFPIQ WSPZMRK KVSYTW EPXLSYKL MX GER [SVO [IPP JSV MRJSVQEXMSR
KEXLIVMRK KVSYTW
-J ]SY EVI E TEVXMGMTERX MR E TERIP HMWGYWWMSR FI[EVI SJ XLI GSQQSR JEP
PEG] XLEX RS WIVMSYW TVITEVEXMSR MW VIUYMVIH %PXLSYKL ]SY [MPP WTIEO
MQTVSQTXY ]SY RIIH XS WXYH] XLI XSTMG ELIEH SJ XMQI EREP]^I XLI QENSV
MWWYIW ERH QET SYX XLI TSMRXW ]SY [ERX XS QEOI %R IJJIGXMZI TERIP HMWGYW
WMSR EPWS VIUYMVIW TPERRMRK F] XLI QSHIVEXSV ERH TERIPMWXW XS HIGMHI [LEX
MWWYIW [MPP FI HMWGYWWIH ERH MR [LEX SVHIV *MREPP] EPP TERIPMWXW QYWX FI [MPP
MRK XS WLEVI XEPOMRK XMQI WS XLI HMWGYWWMSR MW RSX QSRSTSPM^IH F] SRI SV X[S
TISTPI
;LEXIZIV QIXLSH ]SYV KVSYT YWIW XS TVIWIRX MXW JMRHMRKW ]SY [MPP FIRIJMX
JVSQ XLI TYFPMG WTIEOMRK KYMHIPMRIW KMZIR XLVSYKLSYX XLMW FSSO 8LI XIGL
RMUYIW SJ IJJIGXMZI WTIIGL VIQEMR XLI WEQI [LIXLIV ]SY EVI SRI TIVWSR
EHHVIWWMRK ER EYHMIRGI TEVX SJ E WQEPP KVSYT SJ TISTPI [SVOMRK XS WSPZI E
TVSFPIQ SV E TEVXMGMTERX MR E W]QTSWMYQ SV E TERIP HMWGYWWMSR
',%48)6 74)%/-2+ -2 71%00 +63947
0YGEW 8LI %VX SJ 4YFPMG 7TIEOMRK MR 7QEPP 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR +VSYTW 'SQTERMIW
% WQEPP KVSYT GSRWMWXW SJ XLVII XS X[IPZI TISTPI EWWIQFPIH JSV E WTIGMJMG TYVTSWI % 7911%6=
TVSFPIQ WSPZMRK WQEPP KVSYT MW JSVQIH XS WSPZI E TEVXMGYPEV TVSFPIQ ;LIR WYGL E /)= 8)617
KVSYT LEW IJJIGXMZI PIEHIVWLMT MX YWYEPP] QEOIW FIXXIV HIGMWMSRW XLER HS MRHMZMHYEPW F]
XLIQWIPZIW 1SWX KVSYTW LEZI E HIWMKREXIH PIEHIV ER MQTPMIH PIEHIV SV ER IQIVKIRX
PIEHIV 7SQI KVSYTW LEZI RS WTIGMJMG PIEHIV MR [LMGL GEWI EPP QIQFIVW SJ XLI KVSYT
QYWX EWWYQI PIEHIVWLMT VIWTSRWMFMPMXMIW %R IJJIGXMZI PIEHIV LIPTW E KVSYT VIEGL MXW
KSEPW F] JYPJMPPMRK TVSGIHYVEP RIIHW XEWO RIIHW ERH QEMRXIRERGI RIIHW
%TEVX JVSQ PIEHIVWLMT EPP QIQFIVW SJ E KVSYT LEZI JMZI FEWMG VIWTSRWMFMPMXMIW
=SY WLSYPH GSQQMX ]SYVWIPJ XS XLI KSEPW SJ ]SYV KVSYT JYPJMPP ]SYV MRHMZMHYEP
EWWMKRQIRXW EZSMH MRXIVTIVWSREP GSRJPMGX [MXLMR XLI KVSYT IRGSYVEKI JYPP TEVXMGM
TEXMSR F] EPP QIQFIVW ERH LIPT OIIT XLI KVSYT SR XVEGO
=SYV KVSYT [MPP EPWS FI QSVI WYGGIWWJYP MJ MX JSPPS[W XLI VIJPIGXMZI XLMROMRK
QIXLSH [LMGL SJJIVW E WXIT F] WXIT TVSGIWW JSV HIGMWMSR QEOMRK MR TVSFPIQ WSPZMRK
KVSYTW 8LI QIXLSH GSRWMWXW SJ JMZI WXITW
HIJMRMRK XLI TVSFPIQ EW GPIEVP] ERH
WTIGMJMGEPP] EW TSWWMFPI
EREP]^MRK XLI TVSFPIQ XS HIXIVQMRI MXW WIZIVMX] ERH GEYWIW
IWXEFPMWLMRK GVMXIVME JSV IZEPYEXMRK WSPYXMSRW
KIRIVEXMRK E [MHI VERKI SJ TSXIR
XMEP WSPYXMSRW
WIPIGXMRK XLI FIWX WSPYXMSR SV WSPYXMSRW
3RGI ]SYV KVSYT LEW EKVIIH SR MXW VIGSQQIRHEXMSRW MX YWYEPP] LEW XS QEOI
ER SVEP VITSVX F] SRI QIQFIV SJ XLI KVSYT E W]QTSWMYQ SV E TERIP HMWGYWWMSR
;LMGLIZIV OMRH SJ SVEP TVIWIRXEXMSR ]SYV KVSYT KMZIW [MPP GEPP JSV WOMPPW SJ IJJIGXMZI
WTIIGLQEOMRK
H]EH
LMHHIR EKIRHE
WQEPP KVSYT
VIJPIGXMZI XLMROMRK QIXLSH
TVSFPIQ WSPZMRK WQEPP KVSYT
UYIWXMSR SJ TSPMG]
PIEHIVWLMT
GVMXIVME
MQTPMIH PIEHIV
FVEMRWXSVQMRK
IQIVKIRX PIEHIV
GSRWIRWYW
HIWMKREXIH PIEHIV
SVEP VITSVX
TVSGIHYVEP RIIHW
W]QTSWMYQ
XEWO RIIHW
TERIP HMWGYWWMSR
QEMRXIRERGI RIIHW
6):-); 59)78-327
%JXIV VIEHMRK XLMW GLETXIV ]SY WLSYPH FI EFPI XS ERW[IV XLI JSPPS[MRK UYIWXMSRW GSRRIGXPYGEW GSQ
*SV JYVXLIV VIZMI[ KS XS XLI
;LEX MW E WQEPP KVSYT# ;LEX MW E TVSFPIQ WSPZMRK WQEPP KVSYT# 7XYH] 5YIWXMSRW MR XLI
SRPMRI 7XYH] %MHW JSV XLMW
;LEX EVI XLI JSYV OMRHW SJ PIEHIVWLMT XLEX QE] SGGYV MR E WQEPP KVSYT# )\TPEMR GLETXIV
XLI XLVII OMRHW SJ RIIHW JYPJMPPIH F] PIEHIVWLMT MR E WQEPP KVSYT
;LEX EVI XLI JMZI QENSV VIWTSRWMFMPMXMIW SJ IZIV] TEVXMGMTERX MR E WQEPP KVSYT#
;LEX EVI XLI WXEKIW SJ XLI VIJPIGXMZI XLMROMRK QIXLSH# )\TPEMR XLI QENSV XEWOW
SJ E KVSYT EX IEGL WXEKI
;LEX EVI XLI XLVII QIXLSHW JSV TVIWIRXMRK SVEPP] XLI VIGSQQIRHEXMSRW SJ E
TVSFPIQ WSPZMRK KVSYT#
6IZMI[ 5YIWXMSRW
0YGEW 8LI %VX SJ 4YFPMG 7TIEOMRK MR 7QEPP 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR +VSYTW 'SQTERMIW
)<)6'-7)7 *36 '6-8-'%0 8,-2/-2+
-HIRXMJ] XLI JPE[ SV JPE[W
MR IEGL SJ XLI JSPPS[MRK UYIWXMSRW JSV E TVSFPIQ
WSPZMRK KVSYT HMWGYWWMSR 6I[VMXI IEGL UYIWXMSR WS MX GSRJSVQW [MXL XLI GVMXIVME
HMWGYWWIH MR XLI GLETXIV JSV IJJIGXMZI HMWGYWWMSR UYIWXMSRW
E ;LEX WLSYPH FI HSRI XS TVIZIRX XLI YXXIVP] VMHMGYPSYW WLSVXEKI SJ RI[ GSQTYXIVW
JSV WXYHIRXW EX XLMW WGLSSP#
F ;LEX WLSYPH FI HSRI EFSYX GLMPH EFYWI#
G ;LEX WLSYPH SYV WXEXI KSZIVRQIRX HS XS GSRXVSP XE\IW ERH XS GSQFEX HVYRO
HVMZMRK#
H 7LSYPH XLI JIHIVEP KSZIVRQIRX MRWXMXYXI E REXMSREP WEPIW XE\ XS LIPT VIHYGI XLI
REXMSREP HIFX#
-J TSWWMFPI EVVERKI XS SFWIVZI E TVSFPIQ WSPZMRK WQEPP KVSYT MR EGXMSR =SY
QMKLX EXXIRH E QIIXMRK SJ ]SYV GMX] GSYRGMP XLI WGLSSP FSEVH XLI ^SRMRK GSQ
QMWWMSR E PSGEP FYWMRIWW E GLYVGL GSQQMXXII 8S [LEX I\XIRX HSIW XLI HMWGYW
WMSR QIEWYVI YT XS XLI GVMXIVME JSV IJJIGXMZI HMWGYWWMSR TVIWIRXIH MR XLMW GLETXIV#
;LEX OMRH SJ PIEHIVWLMT HSIW XLI KVSYT LEZI ERH LS[ [IPP HSIW XLI PIEHIV SV
PIEHIVW
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HIPMZIVIH %YKYWX XS WSQI TISTPI [LS LEH GSQI XS ;EWLMRKXSR
( ' XS TEVXMGMTEXI MR E TIEGIJYP HIQSRWXVEXMSR XS JYVXLIV XLI GEYWI SJ IUYEP VMKLXW JSV
%JVMGER %QIVMGERW /MRK WTSOI JVSQ XLI WXITW SJ XLI 0MRGSPR 1IQSVMEP MR XLI qW]QFSPMG
WLEHS[r SJ %FVELEQ 0MRGSPR ERH XLI GVS[H JMPPIH XLI ZEWX EVIE FIX[IIR XLI 1IQSVMEP
ERH XLI ;EWLMRKXSR 1SRYQIRX -R EHHMXMSR QMPPMSRW SJ %QIVMGERW [EXGLIH XLI WTIIGL
SR XIPIZMWMSR SV PMWXIRIH XS MX SR XLI VEHMS
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/MRK SRP] QMRYXIW XS HIPMZIV XLI WTIIGL LI TVITEVIH MX QSVI GEVIJYPP] XLER ER] SXLIV
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UYIRXP] EW TSWWMFPI XLI KYMHMRK TVMRGMTPIW SJ XLI GMZMP VMKLXW QSZIQIRX ERH XS VIMRJSVGI XLI
GSQQMXQIRX SJ LMW PMWXIRIVW XS XLSWI TVMRGMTPIW
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XLI EFWXVEGX TVMRGMTPIW SJ PMFIVX] ERH IUYEPMX] GPIEV ERH GSQTIPPMRK 8LVSYKLSYX /MRK VIPMIW
SR JEQMPMEV GSRGVIXI [SVHW XLEX GVIEXI WLEVT ZMZMH MQEKIW ,I YWIW QER] QSVI QIXETLSVW
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/MRKtW MHIEW *MREPP] /MRK QEOIW I\XIRWMZI YWI SJ VITIXMXMSR ERH TEVEPPIPMWQ XS VIMRJSVGI LMW
QIWWEKI ERH XS IRLERGI XLI QSQIRXYQ SJ XLI WTIIGL
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F] /MRKtW HIPMZIV] -R LMW VMGL FEVMXSRI ZSMGI QEVOIH F] XLI JIVZSV SJ XLI GVYWEHIV ERH QSHY
PEXIH F] XLI GEHIRGIW SJ XLI 7SYXLIVR &ETXMWX TVIEGLIV /MRK KEMRIH XLI XSXEP MRZSPZIQIRX SJ
LMW EYHMIRGI %W ;MPPMEQ 6SFIVX 1MPPIV WE]W q8LI GVS[H QSVI XLER PMWXIRIH MX TEVXMGMTEXIH
ERH FIJSVI /MRK LEH VIEGLIH LMW PEWX TLVEWI E XSVVIRX SJ ETTPEYWI [EW EPVIEH] [IPPMRK YT r
8LI XI\X SJ XLMW WTIIGL MW XVERWGVMFIH JVSQ E VIGSVHMRK ERH MW VITVMRXIH [MXL TIVQMWWMSR
SJ .SER (EZIW 'ST]VMKLX F] 1EVXMR 0YXLIV /MRK .V 8LI WTIIGL MW EPWS EZEMPEFPI SR
XLI ZMHIS WYTTPIQIRX XS 8LI %VX SJ 4YFPMG 7TIEOMRK
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XLI KVIEXIWX HIQSRWXVEXMSR JSV JVIIHSQ MR XLI LMWXSV] SJ SYV REXMSR
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WXERH XSHE] WMKRIH XLI )QERGMTEXMSR 4VSGPEQEXMSR 8LMW QSQIRXSYW HIGVII
GEQI EW E KVIEX FIEGSR PMKLX SJ LSTI XS QMPPMSRW SJ 2IKVS WPEZIW [LS LEH FIIR
WIEVIH MR XLI JPEQIW SJ [MXLIVMRK MRNYWXMGI -X GEQI EW E NS]SYW HE]FVIEO XS IRH
XLI PSRK RMKLX SJ XLIMV GETXMZMX]
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]IEVW PEXIV XLI PMJI SJ XLI 2IKVS MW WXMPP WEHP] GVMTTPIH F] XLI QEREGPIW SJ WIKVI
KEXMSR ERH XLI GLEMRW SJ HMWGVMQMREXMSR 3RI LYRHVIH ]IEVW PEXIV XLI 2IKVS
PMZIW SR E PSRIP] MWPERH SJ TSZIVX] MR XLI QMHWX SJ E ZEWX SGIER SJ QEXIVMEP TVSW
TIVMX] 3RI LYRHVIH ]IEVW PEXIV XLI 2IKVS MW WXMPP PERKYMWLIH MR XLI GSVRIVW SJ
%QIVMGER WSGMIX] ERH JMRHW LMQWIPJ ER I\MPI MR LMW S[R PERH %RH WS [ItZI
GSQI LIVI XSHE] XS HVEQEXM^I E WLEQIJYP GSRHMXMSR
-R E WIRWI [ItZI GSQI XS SYV REXMSRtW 'ETMXSP XS GEWL E GLIGO ;LIR
XLI EVGLMXIGXW SJ SYV VITYFPMG [VSXI XLI QEKRMJMGIRX [SVHW SJ XLI 'SRWXMXYXMSR
ERH XLI (IGPEVEXMSR SJ -RHITIRHIRGI XLI] [IVI WMKRMRK E TVSQMWWSV] RSXI XS
[LMGL IZIV] %QIVMGER [EW XS JEPP LIMV 8LMW RSXI [EW E TVSQMWI XLEX EPP QIRh
]IW FPEGO QIR EW [IPP EW [LMXI QIRh[SYPH FI KYEVERXIIH XLI YREPMIREFPI
VMKLXW SJ PMJI PMFIVX] ERH XLI TYVWYMX SJ LETTMRIWW
% %44)2(-< 74))',)7 *36 %2%0=7-7 %2( (-7'977-32
0YGEW 8LI %VX SJ 4YFPMG &EGO 1EXXIV %TTIRHM\ 7TIIGLIW JSV 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR %REP]WMW ERH (MWGYWWMSR 'SQTERMIW
-X MW SFZMSYW XSHE] XLEX %QIVMGE LEW HIJEYPXIH SR XLMW TVSQMWWSV] RSXI - ,EZI E (VIEQ %
MRWSJEV EW LIV GMXM^IRW SJ GSPSV EVI GSRGIVRIH -RWXIEH SJ LSRSVMRK XLMW WEGVIH
SFPMKEXMSR %QIVMGE LEW KMZIR XLI 2IKVS TISTPI E FEH GLIGOhE GLIGO [LMGL
LEW GSQI FEGO QEVOIH qMRWYJJMGMIRX JYRHW r
&YX [I VIJYWI XS FIPMIZI XLEX XLI FERO SJ NYWXMGI MW FEROVYTX ;I VIJYWI
XS FIPMIZI XLEX XLIVI EVI MRWYJJMGMIRX JYRHW MR XLI KVIEX ZEYPXW SJ STTSVXYRMX] SJ
XLMW REXMSR %RH WS [ItZI GSQI XS GEWL XLMW GLIGOhE GLIGO XLEX [MPP KMZI YW
YTSR HIQERH XLI VMGLIW SJ JVIIHSQ ERH XLI WIGYVMX] SJ NYWXMGI
;I LEZI EPWS GSQI XS XLMW LEPPS[IH WTSX XS VIQMRH %QIVMGE SJ XLI
JMIVGI YVKIRG] SJ RS[ 8LMW MW RS XMQI XS IRKEKI MR XLI PY\YV] SJ GSSPMRK SJJ SV
XS XEOI XLI XVERUYMPM^MRK HVYK SJ KVEHYEPMWQ 2S[ MW XLI XMQI XS QEOI VIEP XLI
TVSQMWIW SJ HIQSGVEG] 2S[ MW XLI XMQI XS VMWI JVSQ XLI HEVO ERH HIWSPEXI ZEP
PI] SJ WIKVIKEXMSR XS XLI WYRPMX TEXL SJ VEGMEP NYWXMGI 2S[ MW XLI XMQI XS PMJX SYV
REXMSR JVSQ XLI UYMGOWERHW SJ VEGMEP MRNYWXMGI XS XLI WSPMH VSGO SJ FVSXLIVLSSH
2S[ MW XLI XMQI XS QEOI NYWXMGI E VIEPMX] JSV EPP SJ +SHtW GLMPHVIR
-X [SYPH FI JEXEP JSV XLI REXMSR XS SZIVPSSO XLI YVKIRG] SJ XLI QSQIRX
8LMW W[IPXIVMRK WYQQIV SJ XLI 2IKVStW PIKMXMQEXI HMWGSRXIRX [MPP RSX TEWW YRXMP
XLIVI MW ER MRZMKSVEXMRK EYXYQR SJ JVIIHSQ ERH IUYEPMX] 2MRIXIIR WM\X] XLVII
MW RSX ER IRH FYX E FIKMRRMRK 8LSWI [LS LSTI XLEX XLI 2IKVS RIIHIH XS FPS[
SJJ WXIEQ ERH [MPP RS[ FI GSRXIRX [MPP LEZI E VYHI E[EOIRMRK MJ XLI REXMSR
VIXYVRW XS FYWMRIWW EW YWYEP 8LIVI [MPP FI RIMXLIV VIWX RSV XVERUYMPMX] MR
%QIVMGE YRXMP XLI 2IKVS MW KVERXIH LMW GMXM^IRWLMT VMKLXW 8LI [LMVP[MRHW SJ
VIZSPX [MPP GSRXMRYI XS WLEOI XLI JSYRHEXMSRW SJ SYV REXMSR YRXMP XLI FVMKLX HE]
SJ NYWXMGI IQIVKIW
&YX XLIVI MW WSQIXLMRK XLEX - QYWX WE] XS Q] TISTPI [LS WXERH SR XLI
[EVQ XLVIWLSPH [LMGL PIEHW MRXS XLI TEPEGI SJ NYWXMGI -R XLI TVSGIWW SJ KEMRMRK
SYV VMKLXJYP TPEGI [I QYWX RSX FI KYMPX] SJ [VSRKJYP HIIHW 0IX YW RSX WIIO XS
WEXMWJ] SYV XLMVWX JSV JVIIHSQ F] HVMROMRK JVSQ XLI GYT SJ FMXXIVRIWW ERH
LEXVIH
;I QYWX JSVIZIV GSRHYGX SYV WXVYKKPI SR XLI LMKL TPERI SJ HMKRMX] ERH
HMWGMTPMRI ;I QYWX RSX EPPS[ SYV GVIEXMZI TVSXIWX XS HIKIRIVEXI MRXS TL]WMGEP
ZMSPIRGI %KEMR ERH EKEMR [I QYWX VMWI XS XLI QENIWXMG LIMKLXW SJ QIIXMRK
TL]WMGEP JSVGI [MXL WSYP JSVGI
8LI QEVZIPSYW RI[ QMPMXERG] [LMGL LEW IRKYPJIH XLI 2IKVS GSQ
QYRMX] QYWX RSX PIEH YW XS E HMWXVYWX SJ EPP [LMXI TISTPI *SV QER] SJ SYV
[LMXI FVSXLIVW EW IZMHIRGIH F] XLIMV TVIWIRGI LIVI XSHE] LEZI GSQI XS VIEP
M^I XLEX XLIMV HIWXMR] MW XMIH YT [MXL SYV HIWXMR] 8LI] LEZI GSQI XS VIEPM^I
XLEX XLIMV JVIIHSQ MW MRI\XVMGEFP] FSYRH XS SYV JVIIHSQ ;I GERRSX [EPO
EPSRI
%W [I [EPO [I QYWX QEOI XLI TPIHKI XLEX [I WLEPP EP[E]W QEVGL
ELIEH ;I GERRSX XYVR FEGO 8LIVI EVI XLSWI [LS EVI EWOMRK XLI HIZSXIIW SJ
GMZMP VMKLXW q;LIR [MPP ]SY FI WEXMWJMIH#r ;I GER RIZIV FI WEXMWJMIH EW PSRK EW
XLI 2IKVS MW XLI ZMGXMQ SJ XLI YRWTIEOEFPI LSVVSVW SJ TSPMGI FVYXEPMX] ;I GER
RIZIV FI WEXMWJMIH EW PSRK EW SYV FSHMIW LIEZ] [MXL XLI JEXMKYI SJ XVEZIP GERRSX
KEMR PSHKMRK MR XLI QSXIPW SJ XLI LMKL[E]W ERH XLI LSXIPW SJ XLI GMXMIW ;I
GERRSX FI WEXMWJMIH EW PSRK EW XLI 2IKVStW FEWMG QSFMPMX] MW JVSQ E WQEPPIV KLIXXS
XS E PEVKIV SRI ;I GER RIZIV FI WEXMWJMIH EW PSRK EW SYV GLMPHVIR EVI WXVMTTIH
SJ XLIMV WIPJLSSH ERH VSFFIH SJ XLIMV HMKRMX] F] WMKRW WXEXMRK q*SV ;LMXIW
3RP] r ;I GERRSX FI WEXMWJMIH EW PSRK EW E 2IKVS MR 1MWWMWWMTTM GERRSX ZSXI ERH
E 2IKVS MR 2I[ =SVO FIPMIZIW LI LEW RSXLMRK JSV [LMGL XS ZSXI 2S RS [I EVI
RSX WEXMWJMIH ERH [I [MPP RSX FI WEXMWJMIH YRXMP NYWXMGI VSPPW HS[R PMOI [EXIVW
ERH VMKLXISYWRIWW PMOI E QMKLX] WXVIEQ
0YGEW 8LI %VX SJ 4YFPMG &EGO 1EXXIV %TTIRHM\ 7TIIGLIW JSV 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR %REP]WMW ERH (MWGYWWMSR 'SQTERMIW
- EQ RSX YRQMRHJYP XLEX WSQI SJ ]SY LEZI GSQI LIVI SYX SJ KVIEX XVMEPW
ERH XVMFYPEXMSRW 7SQI SJ ]SY LEZI GSQI JVIWL JVSQ REVVS[ NEMP GIPPW 7SQI SJ
]SY LEZI GSQI JVSQ EVIEW [LIVI ]SYV UYIWX JSV JVIIHSQ PIJX ]SY FEXXIVIH F]
XLI WXSVQW SJ TIVWIGYXMSR ERH WXEKKIVIH F] XLI [MRHW SJ TSPMGI FVYXEPMX] =SY
LEZI FIIR XLI ZIXIVERW SJ GVIEXMZI WYJJIVMRK 'SRXMRYI XS [SVO [MXL XLI JEMXL
XLEX YRIEVRIH WYJJIVMRK MW VIHIQTXMZI
+S FEGO XS 1MWWMWWMTTM KS FEGO XS %PEFEQE KS FEGO XS 7SYXL 'EVSPMRE
KS FEGO XS +ISVKME KS FEGO XS 0SYMWMERE KS FEGO XS XLI WPYQW ERH KLIXXSW SJ
SYV 2SVXLIVR GMXMIW ORS[MRK XLEX WSQILS[ XLMW WMXYEXMSR GER ERH [MPP FI
GLERKIH 0IX YW RSX [EPPS[ MR XLI ZEPPI] SJ HIWTEMV
- WE] XS ]SY XSHE] Q] JVMIRHW WS IZIR XLSYKL [I JEGI XLI HMJJMGYPXMIW
SJ XSHE] ERH XSQSVVS[ - WXMPP LEZI E HVIEQ -X MW E HVIEQ HIITP] VSSXIH MR XLI
%QIVMGER HVIEQ
- LEZI E HVIEQ XLEX SRI HE] XLMW REXMSR [MPP VMWI YT ERH PMZI SYX XLI XVYI
QIERMRK SJ MXW GVIIH q;I LSPH XLIWI XVYXLW XS FI WIPJ IZMHIRX XLEX EPP QIR EVI
GVIEXIH IUYEP r
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QIV WPEZIW ERH XLI WSRW SJ JSVQIV WPEZIS[RIVW [MPP FI EFPI XS WMX HS[R XSKIXLIV
EX XLI XEFPI SJ FVSXLIVLSSH
- LEZI E HVIEQ XLEX SRI HE] IZIR XLI WXEXI SJ 1MWWMWWMTTM E WXEXI W[IPXIV
MRK [MXL XLI LIEX SJ MRNYWXMGI W[IPXIVMRK [MXL XLI LIEX SJ STTVIWWMSR [MPP FI
XVERWJSVQIH MRXS ER SEWMW SJ JVIIHSQ ERH NYWXMGI
- LEZI E HVIEQ XLEX Q] JSYV PMXXPI GLMPHVIR [MPP SRI HE] PMZI MR E REXMSR
[LIVI XLI] [MPP RSX FI NYHKIH F] XLI GSPSV SJ XLIMV WOMR FYX F] XLI GSRXIRX SJ
XLIMV GLEVEGXIV - LEZI E HVIEQ XSHE]
- LEZI E HVIEQ XLEX SRI HE] HS[R MR %PEFEQE [MXL MXW ZMGMSYW VEGMWXW
[MXL MXW KSZIVRSV LEZMRK LMW PMTW HVMTTMRK [MXL XLI [SVHW SJ MRXIVTSWMXMSR ERH
RYPPMJMGEXMSR SRI HE] VMKLX XLIVI MR %PEFEQE PMXXPI FPEGO FS]W ERH FPEGO KMVPW
[MPP FI EFPI XS NSMR LERHW [MXL PMXXPI [LMXI FS]W ERH [LMXI KMVPW EW WMWXIVW ERH
FVSXLIVW - LEZI E HVIEQ XSHE]
- LEZI E HVIEQ XLEX SRI HE] IZIV] ZEPPI] WLEPP FI I\EPXIH IZIV] LMPP ERH
QSYRXEMR WLEPP FI QEHI PS[ XLI VSYKL TPEGIW [MPP FI QEHI TPERI ERH XLI
GVSSOIH TPEGIW [MPP FI QEHI WXVEMKLX ERH XLI KPSV] SJ XLI 0SVH WLEPP FI VIZIEPIH
ERH EPP JPIWL WLEPP WII MX XSKIXLIV
8LMW MW SYV LSTI 8LMW MW XLI JEMXL XLEX - KS FEGO XS XLI 7SYXL [MXL ;MXL
XLMW JEMXL [I [MPP FI EFPI XS LI[ SYX SJ XLI QSYRXEMR SJ HIWTEMV E WXSRI SJ LSTI
;MXL XLMW JEMXL [I [MPP FI EFPI XS XVERWJSVQ XLI NERKPMRK HMWGSVHW SJ SYV REXMSR
MRXS E FIEYXMJYP W]QTLSR] SJ FVSXLIVLSSH ;MXL XLMW JEMXL [I [MPP FI EFPI XS
[SVO XSKIXLIV XS TVE] XSKIXLIV XS WXVYKKPI XSKIXLIV XS KS XS NEMP XSKIXLIV XS
WXERH YT JSV JVIIHSQ XSKIXLIV ORS[MRK XLEX [I [MPP FI JVII SRI HE]
8LMW [MPP FI XLI HE]hXLMW [MPP FI XLI HE] [LIR EPP SJ +SHtW GLMPHVIR [MPP
FI EFPI XS WMRK [MXL RI[ QIERMRK q1] GSYRXV] tXMW SJ XLII W[IIX PERH SJ PMF
IVX] SJ XLII - WMRK 0ERH [LIVI Q] JEXLIVW HMIH PERH SJ XLI TMPKVMQtW TVMHI
JVSQ IZIV] QSYRXEMRWMHI PIX JVIIHSQ VMRK r %RH MJ %QIVMGE MW XS FI E KVIEX
REXMSR XLMW QYWX FIGSQI XVYI
7S PIX JVIIHSQ VMRK JVSQ XLI TVSHMKMSYW LMPPXSTW SJ 2I[ ,EQTWLMVI 0IX
JVIIHSQ VMRK JVSQ XLI QMKLX] QSYRXEMRW SJ 2I[ =SVO 0IX JVIIHSQ VMRK JVSQ
XLI LIMKLXIRMRK %PPIKLIRMIW SJ 4IRRW]PZERME
0IX JVIIHSQ VMRK JVSQ XLI WRS[GETTIH 6SGOMIW SJ 'SPSVEHS 0IX JVII
HSQ VMRK JVSQ XLI GYVZEGISYW WPSTIW SJ 'EPMJSVRME
&YX RSX SRP] XLEX 0IX JVIIHSQ VMRK JVSQ 7XSRI 1SYRXEMR SJ +ISVKME
% %44)2(-< 74))',)7 *36 %2%0=7-7 %2( (-7'977-32
0YGEW 8LI %VX SJ 4YFPMG &EGO 1EXXIV %TTIRHM\ 7TIIGLIW JSV 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR %REP]WMW ERH (MWGYWWMSR 'SQTERMIW
0IX JVIIHSQ VMRK JVSQ 0SSOSYX 1SYRXEMR SJ 8IRRIWWII GSRRIGXPYGEW GSQ
0IX JVIIHSQ VMRK JVSQ IZIV] LMPP ERH QSPILMPP SJ 1MWWMWWMTTM *VSQ IZIV] :MI[ q5YIWXMSRW SJ 'YPXYVIr
QSYRXEMRWMHI PIX JVIIHSQ VMRK MR XLI SRPMRI 1IHME 0MFVEV] JSV
%RH [LIR XLMW LETTIRW [LIR [I EPPS[ JVIIHSQ VMRKh[LIR [I PIX MX XLMW ETTIRHM\ :MHIS 'PMT %
VMRK JVSQ IZIV] ZMPPEKI ERH IZIV] LEQPIX JVSQ IZIV] WXEXI ERH IZIV] GMX]h[I
[MPP FI EFPI XS WTIIH YT XLEX HE] [LIR EPP SJ +SHtW GLMPHVIR FPEGO QIR ERH
[LMXI QIR .I[W ERH +IRXMPIW 4VSXIWXERXW ERH 'EXLSPMGW [MPP FI EFPI XS NSMR
LERHW ERH WMRK MR XLI [SVHW SJ XLI SPH 2IKVS WTMVMXYEP q*VII EX PEWX *VII EX PEWX
8LERO +SH EPQMKLX] [I EVI JVII EX PEWX r
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7ENNMH >ELMV 'LMRS]
7IPHSQ HSIW E WXYHIRX GSQQIRGIQIRX EHHVIWW YTWXEKI XLI JIEXYVIH WTIEOIVh
IWTIGMEPP] [LIR XLEX WTIEOIV MW E 4YPMX^IV 4VM^I [MRRIV JVSQ ,EVZEVH 9RMZIVWMX] =IX XLEX MW
I\EGXP] [LEX LETTIRIH [LIR 7ENNMH >ELMV 'LMRS] WTSOI XS LMW JIPPS[ KVEHYEXIW EX XLI 9RM
ZIVWMX] SJ 6MGLQSRH SR 1E]
&SVR ERH VEMWIH RIEV &SQFE] -RHME 'LMRS] [EW WIPIGXIH XS WTIEO EW XLI VIWYPX SJ E
GEQTYW[MHI GSQTIXMXMSR %JXIV HIWGVMFMRK XLI NYQFPI SJ IQSXMSRW XLEX JMPPIH LMW QMRH EW
LI GEQI XS XLI 9RMXIH 7XEXIW XS EXXIRH WGLSSP LI WTSOI QSZMRKP] SJ XLI [EVQ VIGITXMSR
LI VIGIMZIH MR 6MGLQSRH ERH SJ LS[ GYPXYVEP HMJJIVIRGIW GER FI SZIVGSQI F] EXXIQTXMRK
XS YRHIVWXERH SXLIV TISTPI
%HHVIWWMRK LMW EYHMIRGI SJ TISTPI I\XIQTSVERISYWP] ERH [MXLSYX RSXIW 'LM
RS] VIGIMZIH XLYRHIVSYW ETTPEYWI ERH LMW VIQEVOW [IVI [MHIP] VITSVXIH MR XLI TVIWW ,MW
WTIIGL [EW WS MRWTMVMRK XLEX XLI QEMR WTIEOIV ,EVZEVH TW]GLMEXVMWX 6SFIVX 'SPIW FIKER LMW
EHHVIWW F] TE]MRK XVMFYXI XS 'LMRS] q-tZI FIIR XS E RYQFIV SJ GSQQIRGIQIRXW r WEMH
'SPIW qFYX -tZI RIZIV LIEVH E WTIIGL UYMXI PMOI XLEX r
8LI XI\X SJ XLMW WTIIGL LEW FIIR XVERWGVMFIH JVSQ E ZMHIS VIGSVHMRK ERH MW VITVMRXIH
[MXL TIVQMWWMSR JVSQ 7ENNMH >ELMV 'LMRS] ERH XLI 9RMZIVWMX] SJ 6MGLQSRH % ZMHIS MW EZEMP
EFPI MR XLI SRPMRI 1IHME 0MFVEV] JSV XLMW ETTIRHM\ EX GSRRIGXPYGEW GSQ
(MWXMRKYMWLIH KYIWXW JEGYPX] WXEJJ WXYHIRXW PEHMIW ERH KIRXPIQIR
ERH QSWX SJ EPP XLI 'PEWW SJ
- GER ZMWYEPM^I XLI WGIRI EKEMR ERH EKEMR 4 1 7EXYVHE] RMKLX XLI
JMJXIIRXL SJ %YKYWX &SQFE] -RXIVREXMSREP %MVTSVX -RHME - [EW PIEZMRK
LSQI JSV XLI 9RMZIVWMX] SJ 6MGLQSRH %RH EW - WEMH XLEX JMREP KSSHF]I XS Q]
TEVIRXW Q] JEQMP] ERH Q] JVMIRHW ERH EW - WE[ LSTI I\TIGXEXMSR IZIR E
XMRKI SJ WEHRIWW MR XLIMV I]IW ERH EW - WXITTIH EFSEVH XLI &SIMRK MR JVSRX
- ORI[ Q] PMJI LEH GLERKIH JSVIZIV
8LI RI\X LSYVW SR FSEVH XLI EMVGVEJX [IVI E XMQI SJ UYIWXMSRW SJ
GSRGIVRW SJ XVIQIRHSYW YRGIVXEMRX]
,EH - QEHI XLI VMKLX GLSMGI MR PIEZMRK LSQI# ,EH - QEHI XLI VMKLX
GLSMGI MR PIEZMRK Q] TEVIRXW Q] JEQMP] Q] LSQI# ,EH - QEHI XLI VMKLX GLSMGI
MR PIEZMRK Q] GSYRXV] Q] GYPXYVI Q] FEGOKVSYRH# ,EH - QEHI XLI VMKLX GLSMGI
MR GLSSWMRK XLI 9RMZIVWMX] SJ 6MGLQSRH#
%RH XLIR SJ GSYVWI XLIVI [EW XLEX SRI REKKMRK UYIWXMSR XLEX SRI
SZIVVMHMRK GSRGIVR %W SRI SJ SRP] XLVII -RHMER WXYHIRXW SR E 6MGLQSRH GEQ
TYW SJ [SYPH - IZIV JMX MR#
5YIWXMSRW SJ 'YPXYVI %
0YGEW 8LI %VX SJ 4YFPMG &EGO 1EXXIV %TTIRHM\ 7TIIGLIW JSV 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR %REP]WMW ERH (MWGYWWMSR 'SQTERMIW
1] GSYRXV] [EW HMJJIVIRX 1] GYPXYVI [EW HMJJIVIRX 1] I\TIVMIRGIW
[IVI HMJJIVIRX 1] FEGOKVSYRH [EW HMJJIVIRX 1] PERKYEKI [EW HMJJIVIRX 1]
EGGIRX [EW HMJJIVIRX ;SYPH - IZIV JMX MR#
%RH WS LIVI - [EW LMKL EFSZI XLI GPSYHW KVETTPMRK [MXL UYIWXMSRW SJ
GYPXYVI SJ MRXIVEGXMSR SJ IXLRMGMX] ;LEX - HMHRtX ORS[ [EW XLEX JIIX
FIPS[ SR XLI KVSYRH XLI [SVPH [EW JEGIH [MXL XLIWI ZIV] WEQI UYIWXMSRWh
XLI UYIWXMSR SJ GYPXYVI XLI UYIWXMSR SJ MRXIVEGXMSR XLI UYIWXMSR SJ IXLRMGMX]
%RH WS [LIXLIV Q] EMVGVEJX XSSO SJJ JVSQ &SQFE] [LIVI XLI ,MRHYW
ERH XLI 1YWPMQW PMZIH XSKIXLIV MR E QSWX JVEKMPI TIEGI SV [LIXLIV Q] EMVGVEJX
[EW SZIV %JVMGE [LIVI XLI ,YXYW ERH 8YXWMW SJ 6[ERHE ERH &YVYRHM LEH PSRK
WXERHMRK ERMQSWMX] SV [LIXLIV Q] EMVGVEJX [EW SZIV &SWRME [LIVI XLI 7IVFW
XLI 'VSEXW XLI 1YWPMQW ERH XLI &SWRMERW LEH FVSOIR ]IX ERSXLIV XVYGI XLI
UYIWXMSR [EW XLI WEQIhGSYPH HMJJIVIRX GYPXYVIW IZIV GSQI XSKIXLIV XS VIMR
JSVGI SRI ERSXLIV#
0EHMIW ERH KIRXPIQIR EJXIV XLEX FYQT] EMVGVEJX VMHI XLMW ]SYRK -RHMER
WXYHIRX LEH JSYRH LMW ERW[IV ,I LEH FIIR [MXRIWW XS XLI JSYV QSWX WTIGXEGY
PEV ]IEVW SJ LMW PMJI EX XLI 9RMZIVWMX] SJ 6MGLQSRH 8LI EGEHIQMGW [IVI KVIEX
XLI I\XVEGYVVMGYPEVW [IVI KVIEX LMW KVEHYEXI TPERW [IVI KVIEX
&YX [LEX PIJX ER MRHIPMFPI MQTEGX SR LMW QMRH [EW RSRI SJ XLMW 2S
MRWXIEH MX [EW XLSWI WTIGMEP QSQIRXW XLSWI QSQIRXW SJ LYQER MRXIVEGXMSR
XLSWI LYQER VIPEXMSRWLMTW XLEX GER RIZIV UYMXI FI XVERWPEXIH MRXS [SVHW
8LI XMQI XLMW ]SYRK -RHMER WXYHIRX WTIRX LMW JMVWX 8LEROWKMZMRK HMRRIV
[MXL LMW HIFEXI XIEQ GSEGL 8LEX 8LEROWKMZMRK IZIRMRK [LIR - EXI Q] JMVWX
%QIVMGER XYVOI] ERH WE[ Q] JMVWX %QIVMGER JSSXFEPP KEQI RSX ORS[MRK XLI
HMJJIVIRGI FIX[IIR E XEGOPI ERH E XSYGLHS[R %RH ]IX EPP SJ E WYHHIR NYWX PMOI
XLEX XLMW ZIV] HMJJIVIRX -RHMER WXYHIRX LEH FIGSQI ER MRLIVIRX TEVX SJ XLI KVIEX
%QIVMGER XVEHMXMSR SJ KMZMRK XLEROW
8LI XMQI - WTIRX Q] JMVWX 'LVMWXQEW )ZI [MXL Q] NSYVREPMWQ TVSJIWWSV
8LEX 'LVMWXQEW IZIRMRK [LIR XLI VIPEXMSRWLMT [EWRtX SJ E JEGYPX] QIQFIV ERH
E WXYHIRX ER]QSVI FYX SJ X[S FYHHMIW [LS JSYKLX JMIVGIP] SZIV IZIV] TSMRX MR
4MRK 4SRK
8LI XMQI - LEH E PSRK ERH LSRIWX XEPO [MXL ER %QIVMGER JVMIRH SR XLI
IZI SJ E GEPGYPYW I\EQ - HMHRtX PIEVR QYGL GEPGYPYW XLEX RMKLX FYX [LEX - HMH
PIEVR [EW XLEX EW HMJJIVIRX EW [I EVIhHMJJIVIRX GSYRXVMIW HMJJIVIRX GYPXYVIW HMJ
JIVIRX GSRXMRIRXWhMRLIVIRXP] [I EVI WXMPP XLI WEQI
8LI XMQI MR (IGIQFIV [LIR -RHME [EW LMX F] GSQQYREP VMSXW
[LIR ZMSPIRGI ERH FPSSHWLIH [IVI FYX E JI[ LYRHVIH ]EVHW JVSQ Q] JEQMP]
ERH Q] LSQI ERH [LIR Q] JERXEWXMG VSSQQEXI JVSQ Q] JVIWLQER ]IEV WEX
YT XLI IRXMVI RMKLX KMZMRK QI LSTI WXVIRKXL ERH GSYVEKI EX IZIV] WXIT
=IW JSYV ]IEVW EJXIV XLEX FYQT] EMVGVEJX VMHI - LEZI JSYRH XLI ERW[IV
XS XLI UYIWXMSR SJ GYPXYVI
- LEZI JSYRH XLEX MX LEW XEOIR NYWX E PMXXPI YRHIVWXERHMRK NYWX E PMXXPI
WIRWMXMZMX] NYWX E PMXXPI STIR QMRHIHRIWW NYWX E PMXXPI IQTEXL] SR XLI TEVX SJ
XLMW GSQQYRMX]hXLMW 9RMZIVWMX] SJ 6MGLQSRH GSQQYRMX]hXS GLERKI Q] PMJI
PMOI RIZIV FIJSVI
- LEZI JSYRH XLEX MX QEOIW RS HMJJIVIRGI [LEX GYPXYVI ]SY JSPPS[ [LEX
]SYV FEGOKVSYRH MW [LEX ]SYV I\TIVMIRGIW EVI [LEX PERKYEKI ]SY WTIEO [LEX
EGGIRX ]SY LEZI 8LI GSQQSREPMX] SJ XLI LYQER FSRH JEV XVERWGIRHW XLIWI
WYTIVJMGMEP HMJJIVIRGIW
%RH ]IX PSSO EVSYRH EX XLI [SVPH XSHE] 0SSO EVSYRH EX XLI ZIV]
VIKMSRW XLEX [IVI JEGIH [MXL XLI WEQI UYIWXMSR SJ GYPXYVI XLEX - [EW JEGIH [MXL
JSYV ]IEVW EKS
% %44)2(-< 74))',)7 *36 %2%0=7-7 %2( (-7'977-32
0YGEW 8LI %VX SJ 4YFPMG &EGO 1EXXIV %TTIRHM\ 7TIIGLIW JSV 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR %REP]WMW ERH (MWGYWWMSR 'SQTERMIW
0SSO EX &SWRME [LIVI FIX[IIR ERH TISTPI LEH
FIIR WPEYKLXIVIHh&SWRMERW 7IVFW 'VSEXW 1YWPMQWhEPP FIGEYWI XLI] GEQI
JVSQ E WPMKLXP] HMJJIVIRX LIVMXEKI SV GYPXYVI SV LMWXSV]
0SSO EX &SQFE] -RHME -R SRI QEHHIRMRK [IIO MR -RHMERWh
,MRHYW ERH 1YWPMQWhPSWX XLIMV PMZIW JMKLXMRK [MXL SRI ERSXLIV 8LI] JSYKLX
SZIV E QSWUYI XLI] JSYKLX SZIV E WXVYGXYVI QEHI SJ FVMGO ERH QSVXEV 8[S
XLSYWERH LYQER FIMRKW PSWX XLIMV PMZIW
0SSO EX %JVMGE [LIVI FIX[IIR ERH QMPPMSR ,YXYW ERH
8YXWMW PSWX XLIMV PMZIW .YWX GSQTVILIRH XLEX JSV E QSQIRX &IX[IIR XLI XMQI
]SY [IVI E JVIWLQER ERH E WIRMSV QMPPMSR PSWX XLIMV PMZIW JMKLXMRK SZIV GYP
XYVI SZIV LMWXSV] SZIV FEGOKVSYRH
=IW NYWX PSSO EX XLI QEHRIWW 8LI [SVPH LEW JSYKLX LEVH XS LMKLPMKLX
MXW HMJJIVIRGIW ;I LEZI JSVKSXXIR SYV MRLIVIRX WMQMPEVMXMIW %PP FIGEYWI [LEX
[EW QMWWMRK [EW E PMXXPI YRHIVWXERHMRK .YWX E PMXXPI WIRWMXMZMX] .YWX E PMXXPI STIR
QMRHIHRIWW .YWX E PMXXPI IQTEXL]
8[S WMQMPEV UYIWXMSRW SJ GYPXYVI MR 8[S HMEQIXVMGEPP] STTSWMXI
VIWYPXW MR
%RH WS XS XLI 'PEWW SJ - WE] KS ERH HMWXMRKYMWL ]SYVWIPZIW PMOI
RIZIV FIJSVI +S KIX XLI FIWX SJ NSFW XLI QSWX VI[EVHMRK SJ GEVIIVW +S XS XLI
FIWX SJ KVEHYEXI TVSKVEQW %RH QEOI E VIEP HMJJIVIRGI MR ]SYV GSQQYRMXMIW
&YX RSX JSV SRI QSQIRX RSX JSV SRI QSQIRX IZIV JSVKIX XLI QIQSV]
SJ XLIWI JSYV ]IEVWhXLI QIQSV] XLEX NYWX E PMXXPI YRHIVWXERHMRK NYWX E PMXXPI
WIRWMXMZMX] NYWX E PMXXPI STIR QMRHIHRIWW NYWX E PMXXPI IQTEXL] SR ]SYV TEVX GER
QIER XLI HMJJIVIRGI FIX[IIR GSQTPIXI HIWTEMV JSV SRI ]SYRK FS] MR &SWRME
ERH VIQEVOEFPI LSTI JSV ERSXLIV ]SYRK FS] EX 6MGLQSRH
8LERO ]SY
8 LI ,MHHIR ;SVPH SJ 'LMPM 4ITTIVW
(S ]SY ORS[ [LIVI GLMPM TITTIVW SVMKMREXIH ERH LS[ XLI] IZIRXYEPP] WTVIEH EVSYRH GSRRIGXPYGEW GSQ
XLI [SVPH# ;L] WSQI TITTIVW EVI WS QYGL LSXXIV XLER SXLIVW# ,S[ XLI LIEX SJ E GLMPM :MI[ q8LI ,MHHIR ;SVPH SJ 'LMPM
TITTIV MW QIEWYVIH# ;LEX XS HS MJ ]SY IEX E XSS LSX TITTIV# 8LI QER] QIHMGMREP FIRIJMXW 4ITTIVWr MR XLI SRPMRI 1IHME
SJ GLMPM TITTIVW# 0MFVEV] JSV XLMW ETTIRHM\
:MHIS 'PMT %
8LIWI EVI NYWX E JI[ SJ XLI MRXIVIWXMRK JEGXW TVIWIRXIH MR XLI JSPPS[MRK MRJSVQEXMZI
WTIIGL %W ]SY VIEH XLI WTIIGL RSXMGI LS[ XLI WTIEOIV FPIRHW LMWXSVMGEP ERH WGMIRXMJMG QEXI
VMEPW XS TVSHYGI ER IRXIVXEMRMRK ]IX LMKLP] MRWXVYGXMZI PSSO EX GLMPM TITTIVW 2SXMGI XSS LS[
XLI WTIEOIV ETTPMIW XLI TVMRGMTPIW SJ IJJIGXMZI MRJSVQEXMZI WTIEOMRK HMWGYWWIH MR 'LETXIV
:MHIS SJ XLMW WTIIGL MW EZEMPEFPI MR XLI SRPMRI 1IHME 0MFVEV] JSV XLMW ETTIRHM\ -J ]SY
[EXGL XLI WTIIGL ]SY [MPP WII XLEX XLI WTIEOIV YWIW E RYQFIV SJ [IPP HIWMKRIH ZMWYEP EMHW
XS IRLERGI XLI GSQQYRMGEXMSR SJ LMW MHIEW
-QEKMRI ]SYV QSYXL FYVRMRK PMOI [MPHJMVI ]SYV I]IW WUYMVXMRK SYX
YRGSRXVSPPEFPI XIEVW ERH ]SYV JEGI VIH ERH W[IEXMRK TVSJYWIP] %VI ]SY WMGO#
2S ]SY NYWX XSSO E FMXI SJ E WGVIEQMRK LSX GLMPM TITTIV 'SRKVEXYPEXMSRW
=SYtVI TEVXEOMRK MR E [SVPH[MHI XVEHMXMSR XLEX LEW FIIR WTMGMRK YT PMZIW ERH
HMIXW JSV XLSYWERHW SJ ]IEVW
1] S[R HIWMVI JSV WTMG] QIEPW PIH QI XS MRZIWXMKEXI [L] - KIX VIH MR XLI
JEGI ERH WEPMZEXI SZIV XLI QIVI XLSYKLX SJ IEXMRK E WTMG] GLMPM -R XLI TVSGIWW
-tZI HMWGSZIVIH XLIVItW E PSX QSVI XS GLMPM TITTIVW XLER -tH IZIV MQEKMRIH 8SHE]
-tH PMOI XS WLEVI [MXL ]SY [LEX -tZI PIEVRIH EFSYX XLI LMWXSV] SJ GLMPM TITTIVW
8LI ,MHHIR ;SVPH SJ 'LMPM 4ITTIVW %
0YGEW 8LI %VX SJ 4YFPMG &EGO 1EXXIV %TTIRHM\ 7TIIGLIW JSV 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR %REP]WMW ERH (MWGYWWMSR 'SQTERMIW
[L] XLI] GER FI WS WTMG] [LEX XS HS MJ ]SY IEX E XSS LSX TITTIV ERH WSQI SJ
XLI [E]W TITTIVW EVI YWIH SXLIV XLER MR JSSHW
8LI GLMPM TITTIV LEW E PSRK ERH JEWGMREXMRK LMWXSV] -XW WGMIRXMJMG REQI
MW ' ETWMGYQ 8LMW MW HMJJIVIRX JVSQ XLI GSQQSR FPEGO TITTIV ]SY LEZI SR ]SYV
HMRMRK VSSQ XEFPI [LSWI WGMIRXMJMG REQI MW 4MTIV RMKVYQ &PEGO TITTIV [EW JMVWX
GYPXMZEXIH MR %WME ERH [EW TVM^IH MR XLI ;IWX EW IEVP] EW XLI 6SQER )QTMVI -R
GSRXVEWX XLI GLMPM TITTIV SVMKMREXIH QSVI XLER ]IEVW EKS MR 7SYXL
%QIVMGE RIEV [LEX MW XSHE] &SPMZME ERH &VE^MP 3ZIV XMQI MX WTVIEH XS 1I\MGS
'IRXVEP %QIVMGE ERH XLI 'EVMFFIER
&YX MX [EWRtX YRXMP 'SPYQFYW GEQI MR XLI W XLEX XLI GLMPM TITTIV
FIGEQI ORS[R XS XLI VIWX SJ XLI [SVPH %W WXEXIH MR 8LI 'EQFVMHKI ;SVPH ,MW
XSV] SJ *SSH [MXLMR JMJX] ]IEVW EJXIV 'SPYQFYW VIXYVRIH XS 7TEMR [MXL WEQTPI
TPERXW GLMPM TITTIVW GSYPH FI JSYRH KVS[MRK MR GSEWXEP EVIEW JVSQ %JVMGE XS
%WME *VSQ XLIVI XLI] WTVIEH MRPERH YRXMP XLI] XSSO LSPH SJ XLI XEWXI FYHW SJ
TISTPI EVSYRH XLI KPSFI 8SHE] XLI]tVI QSWX [MHIP] YWIH MR 1I\MGS 'IRXVEP
ERH 7SYXL %QIVMGE %JVMGE %WME XLI &EPOERW ERH XLI 9RMXIH 7XEXIW 'EVSP]R
(MPPI ERH 7YWER &IPWMRKIV EYXLSVW SJ 8LI 'LMPM 4ITTIV &SSO IWXMQEXI XLEX
TIVGIRX SJ XLI [SVPHtW EHYPX TSTYPEXMSR YWIW GLMPM TITTIVW EW E TEVX SJ XLIMV
HEMP] HMIX
2S[ XLEX [I ORS[ E PMXXPI FMX EFSYX XLI LMWXSV] SJ GLMPM TITTIVW PIXtW
WII [L] XLI] GER TYX WYGL E JMVI MR SYV FIPP] 8LI TPIEWYVI ERH TEMR MRZSPZIH
MR IEXMRK GLMPM TITTIVW GSQIW JVSQ E GLIQMGEP GEPPIH GETWEMGMR 'ETWEMGMR MW
GSRGIRXVEXIH MR XLI TITTIVtW ZIMRW ERH WIIHW 8S IRNS] XLI JPEZSV SJ E GLMPM TIT
TIV [MXLSYX FYVRMRK ]SYV WXSQEGL SV QSYXL EZSMH XLI ZIMRW ERH WIIHW [LIR
GSSOMRK SV IEXMRK XLIQ
4 ; &SWPERH XIPPW YW MR XLI FSSO 7TMGIW ,IVFW ERH )HMFPI *YRKM XLEX
GLMPM TITTIV MRXIRWMX] MW QIEWYVIH MR X[S [E]W 8LI JMVWX [EW HIZIPSTIH F]
;MPFYV 0 7GSZMPPI MR 8LMW QIXLSH YWIW XVEMRIH XIWXIVW XS QIEWYVI GLMPM
TITTIVW MR 7GSZMPPI ,IEX 9RMXW 8LIWI VERKI JVSQ ^IVS XS %GGSVHMRK XS
&SWPERH XLMW XIWX MW WYFNIGXMZI FIGEYWI MX VIPMIW SR XLI MRHMZMHYEP XIWXIVtW WIRWM
XMZMX] XS GETWEMGMR
8LI WIGSRH QSVI [MHIP] YWIH XIWX MW GEPPIH XLI ,MKL 4IVJSVQERGI 0MU
YMH 'LVSQEXSKVETL] XIWX QSVI GSQQSRP] ORS[R EW ,40' 8LMW MW EPWS QIE
WYVIH MR 7GSZMPPI ,IEX 9RMXW FYX MXtW QSVI SFNIGXMZI 8LI GLMPM TSHW EVI HVMIH
ERH KVSYRH ERH XLIR XLI GLIQMGEPW VIWTSRWMFPI JSV XLI LIEX EVI EREP]^IH ERH
VEXIH EGGSVHMRK XS TYRKIRG]
8LI LSXXIWX TITTIV SR VIGSVH MW XLI HIGITXMZIP] WQEPP ERH YRMQTSWMRK
SVERKI LEFERIVS TITTIV -XtW FIIR VEXIH EW LMKL EW 7GSZMPPI ,IEX 9RMXW
ERH MXtW WS TS[IVJYP XLEX WSQI TISTPI LEZI ER EPPIVKMG VIEGXMSR NYWX F] XSYGLMRK
MX [LMGL MW [L] -tQ LSPHMRK MX F] XLI WXIQ 8LI QMPHIWX TITTIV MW XLI WXERHEVH
KVIIR FIPP [LMGL ]SY WII EX XLI KVSGIV] WXSVI IZIV]HE] -XtW FIIR VEXIH EX ^IVS
7GSZMPPI ,IEX 9RMXW
-J ]SY IEX ER SVERKI LEFERIVS TITTIV MXtW MQTSVXERX XS ORS[ LS[ XS
HIEP [MXL XLI FYVRMRK WIRWEXMSR ;LEXIZIV ]SY HS HS RSX VMRWI ]SYV QSYXL
[MXL [EXIV (EZI (I;MXX MR 8LI 'LMPM 4ITTIV )RG]GPSTIHME XIPPW YW GETWEMGMR MW RSX
WSPYFPI MR [EXIV %RH IZIR MJ ]SY HVMRO E KEPPSR SJ MGI [EXIV MXtW RSX KSMRK XS
LIPT %GGSVHMRK XS XLI 'LMPM 4ITTIV -RWXMXYXI EX 2I[ 1I\MGS 7XEXI 9RMZIVWMX] XLI
FIWX WSPYXMSR MW XS GSRWYQI E HEMV] TVSHYGX WYGL EW QMPO SV ]SKYVX [LMGL GSR
XEMR E WYFWXERGI XLEX WXVMTW E[E] GETWEMGMR JVSQ XLI MRXIVMSV GIPPW SJ ]SYV QSYXL
8LMW MW [L] WSQI LSX JSSHW PMOI -RHMER JSSHW EVI WIVZIH [MXL ]SKYVX WEYGI
-J ]SY FYVR ]SYV WOMR XLI -RWXMXYXI VIGSQQIRHW GPIERMRK XLI EVIE [MXL
VYFFMRK EPGSLSP ERH XLIR WSEOMRK MX [MXL QMPO %FSZI EPP VIQIQFIV X[S
% %44)2(-< 74))',)7 *36 %2%0=7-7 %2( (-7'977-32
0YGEW 8LI %VX SJ 4YFPMG &EGO 1EXXIV %TTIRHM\ 7TIIGLIW JSV 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR %REP]WMW ERH (MWGYWWMSR 'SQTERMIW
XLMRKW *MVWX EP[E]W [IEV KPSZIW [LIR ]SY GYX E LSX TITTIV WYGL EW E LEFERIVS
7IGSRH RIZIV VYF ]SYV I]IW [LIR [SVOMRK [MXL LSX GLMPM TITTIVW
%PXLSYKL GLMPM TITTIVW EVI TVM^IH EFSZI EPP JSV XLI JPEZSV XLI] EHH XS
JSSH XLI] LEZI SXLIV FIRIJMXW EW [IPP 4ITTIV WTVE]W LEZI FIGSQI E WXERHEVH
[IETSR JSV XLI TIVWSREP TVSXIGXMSR SJ MRHMZMHYEPW ERH PE[ IRJSVGIQIRX EKIR
GMIW 8LI 2I[ =SVO 8MQIW VITSVXW XLEX WEPIW SJ TITTIV WTVE]W LEZI VMWIR WXIEHMP]
ERH WLS[ RS WMKR SJ WPS[MRK
'LMPM TITTIVW EVI EPWS ZEPYIH JSV XLIMV QIHMGMREP TVSTIVXMIW %GGSVHMRK
XS .EGO 'LEPPIQ EYXLSV SJ 8LI 2YXVMXMSR 6ITSVXIV XLIVI LEZI FIIR QSVI XLER
QIHMGEP WXYHMIW SR GETWEMGMR XLI EGXMZI MRKVIHMIRX MR TITTIVW 1SHIVEXI
HSWIW LEZI FIIR TVSZIH XS EMH HMKIWXMSR VIHYGI L]TIVXIRWMSR MQTVSZI GMVGYPE
XMSR ERH LIPT HMWWSPZI FPSSH GPSXW 4VIPMQMREV] VIWIEVGL F] 4VSJIWWSV /IRNM
3OENMQE EX .ETERtW /YQEQEXS 9RMZIVWMX] 7GLSSP SJ 1IHMGMRI WYKKIWXW XLEX E
GSQFMREXMSR SJ GLMPM TITTIVW ERH WS]FIERW GER TVSQSXI LEMV KVS[XL ERH
QMKLX LSPH TVSQMWI EW E GYVI JSV FEPHRIWW
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GLMPM TITTIVW *VSQ XLIMV SVMKMRW MR 7SYXL %QIVMGE XS XLIMV GYVVIRX TSTYPEVMX]
EVSYRH XLI [SVPH TITTIVW LEZI FIIR YWIH RSX SRP] XS JPEZSV SYV JSSH FYX EPWS
XS MQTVSZI SYV LIEPXL ERH TIVWSREP WEJIX] ;LMPI MX VIQEMRW XS FI WIIR [LIXLIV
SV RSX GLMPM TITTIVW GER EGXYEPP] GYVI FEPHRIWW [I GER FI WYVI XLMW ERGMIRX
TPERX [MPP GSRXMRYI XS JMRH RI[ YWIW MR SYV QSHIVR EKI
8LI ,SVVSVW SJ 4YTT] 1MPPW
7IZIRX] JMZI QMPPMSR HSKW EVI S[RIH EW TIXW MR XLI 9RMXIH 7XEXIW ERH XS QMPPMSR TYT GSRRIGXPYGEW GSQ
TMIW EVI TYVGLEWIH IEGL ]IEV EX E XSXEP GSWX SJ GPSWI XS FMPPMSR 1SWX GSQI JVSQ PIKMXMQEXI :MI[ q8LI ,SVVSVW SJ 4YTT]
FVIIHIVW [LS XEOI KSSH GEVI SJ XLIMV ERMQEPW 8[S XS JSYV QMPPMSR LS[IZIV GSQI JVSQ TYTT] 1MPPWr MR XLI SRPMRI 1IHME
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-R EHHMXMSR XS VIEHMRK XLI WTIIGL ]SY GER [EXGL MX MR XLI SRPMRI 1IHME 0MFVEV] JSV XLMW
%TTIRHM\ EX GSRRIGXPYGEW GSQ %W ]SY [EXGL RSXMGI LS[ XLI WTIEOIV YWIW 4S[IV4SMRX XS
TVIWIRX ZMWYEP IZMHIRGI SJ XLI GSRHMXMSRW ERMQEPW EVI WYFNIGXIH XS MR TYTT] QMPPW (S ]SY
XLMRO XLI WTIIGL [SYPH LEZI FIIR EW IJJIGXMZI [MXLSYX XLMW OMRH SJ IZMHIRGI# %PP MR EPP HSIW
XLI WTIEOIV GSRZMRGI ]SY XLEX TYTT] QMPPW EVI E WIVMSYW TVSFPIQ# (SIW LI TVIWIRX E GPIEV
ERH [SVOEFPI WSPYXMSR# ,S[ [IPP HSIW LI YWI XLI QIXLSHW SJ TIVWYEWMSR TVIWIRXIH MR
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WLEOI YRGSRXVSPPEFP] TEGOIH SRI SR XST SJ ERSXLIV MR XMR] [MVI GEKIW 8S IEX
XLI] LEZI SRP] GVYQFW MR JVSRX SJ XLIQ ERH XS HVMRO SRP] E HMVX] FS[P SJ [EXIV
1ER] LEZI I]I TVSFPIQW IEV TVSFPIQW HMWIEWIW ERH MRJIGXMSRW 8LI]tZI RIZIV
FIIR KVSSQIH 8LI]tZI RIZIV FIIR JSV E [EPO %RH XLI]tZI RIZIV WIIR XLI WYR
*SV XSS QER] HSKW EGVSWW %QIVMGE XLMW MW LS[ PMJI FIKMRWhMR E TYTT]
QMPP 4YTT] QMPPW EW HIJMRIH F] XLI ,YQERI 7SGMIX] SJ XLI 9RMXIH 7XEXIW EVI
qQEWW HSK FVIIHMRK STIVEXMSRWr XLEX XEOI TPEGI MR qWLSGOMRKP] TSSV GSRHM
XMSRW r 4YTT] QMPP FVIIHIVW TVSHYGI TYTTMIW JSV TVSJMXhSRP] JSV TVSJMXh[MXL
PMXXPI SV RS GSRGIVR JSV XLI TL]WMGEP WSGMEP SV IQSXMSREP RIIHW SJ XLI HSKW
%W E HSK PSZIV - [EW WLSGOIH XS HMWGSZIV XLI LSVVSVW SJ TYTT] QMPPW
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8LI ,SVVSVW SJ 4YTT] 1MPPW %
0YGEW 8LI %VX SJ 4YFPMG &EGO 1EXXIV %TTIRHM\ 7TIIGLIW JSV 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR %REP]WMW ERH (MWGYWWMSR 'SQTERMIW
UYIWXMSRREMVIW XLEX QSWX SJ ]SY LEH E HSK SV ERSXLIV TIX [LMPI ]SY [IVI KVS[
MRK YT ERH XLEX ]SY FIPMIZI XLI] WLSYPH FI XVIEXIH LYQERIP] 8SHE] -tPP WLS[
]SY XLEX TYTT] QMPPW EVI RSX XVIEXMRK XLIMV ERMQEPW LYQERIP] ERH -tPP WYKKIWX
WSQI [E]W SJ WSPZMRK XLI TVSFPIQ
4YTT] QMPPW LEZI FIIR EVSYRH JSV E PSRK XMQI FYX XLI]tZI KVS[R
HVEQEXMGEPP] MR VIGIRX ]IEVW 8LI ,YQERI 7SGMIX] IWXMQEXIW XLEX XLIVI EVI
QSVI XLER TYTT] QMPPW GYVVIRXP] STIVEXMRK MR XLI 9RMXIH 7XEXIW
%GGSVHMRK XS 7XITLERMI 7LEMR XLI 7SGMIX]tW (MVIGXSV SJ 3YXVIEGL JSV 'SQ
TERMSREFPI %RMQEPW SJ XLI XS QMPPMSR HSKW WSPH MR XLMW GSYRXV] IEGL
]IEV XS QMPPMSR GSQI JVSQ TYTT] QMPPW 8LEXtW HSYFPI XLI RYQFIV JVSQ
SRP] E HIGEHI EKS
6EXLIV XLER TVSHYGMRK XLI LIEPXL] LETT] TIXW XLEX QMPPMSRW SJ JEQMPMIW
HVIEQ SJ TYTT] QMPPW TVSHYGI HSKW [MXL GERMRI LIVTIW VIWTMVEXSV] MRJIGXMSRW
TEVEWMXIW WIM^YVIW ERH ) GSPM (SKW XLEX EVI PYGO] IRSYKL XS IWGETI XLIWI HMW
IEWIW SJXIR LEZI VSXXIR XIIXL QMWWMRK I]IW SV PMQFW LMT HMWSVHIVW WOMR TVSF
PIQW ERH E LSWX SJ SXLIV HIJSVQMXMIW
-R EHHMXMSR XS WYJJIVMRK JVSQ TL]WMGEP TVSFPIQW HSKW MR TYTT] QMPPW
EVI SJXIR IQSXMSREPP] YRWXEFPI 7SQI EVI HERKIVSYWP] ZMSPIRX ERH EKKVIWWMZI
3XLIVW EVI ETEXLIXMG ERH PEGO ER] HIWMVI XS MRXIVEGX [MXL TISTPI SV ERMQEPW
&IGEYWI SJ XLI SZIVGVS[HMRK MR TYTT] QMPPW WSQI ERMQEPW PMXIVEPP] KS GVE^]
ERH GLI[ SJJ XLI IEVW PIKW ERH XEMPW SJ SXLIV HSKW
&YX ]SY GER WII JSV ]SYVWIPJ [LEX XLI HSKW LEZI XS IRHYVI ,IVItW E
TMGXYVI SJ E TYTT] QMPP TVSZMHIH F] XLI 9 7 ,YQERI 7SGMIX] %W ]SY GER WII
XLI GEKIW EVI WXEGOIH SRI SR XST SJ ERSXLIV ERH XLI HSKW EVI TEGOIH MRXS XLI
GEKIW PMOI WEVHMRIW MRXS E GER 8LI HSKW EVI RSX PIX SYX XS KS XS XLI FEXLVSSQ
WS XLI GEKIW EVI JMPPIH [MXL [EWXI ERH FIGSQI FVIIHMRK KVSYRHW JSV XLI HMWIEWIW
- QIRXMSRIH IEVPMIV MR Q] WTIIGL
=SY GER KIX E FIXXIV WIRWI SJ LS[ HMWKYWXMRK TYTT] QMPPW EVI JVSQ XLMW
TLSXS XEOIR EJXIV XLI HSKW [IVI VIQSZIH F] ERMQEP TVSXIGXMSR SJJMGMEPW =SY
GER WII LS[ REVVS[ XLI GEKIW EVI ERH LS[ XLI]tVI GVEQQIH SRI EKEMRWX XLI
SXLIV =SY GER WII XLI JMPXL ERH HIFVMW IZIV][LIVI
*MREPP] XEOI E PSSO EX E GSYTPI MRHMZMHYEP HSKW 8LI JMVWX SRI GEQI JVSQ
E TYTT] QMPP LIVI MR ;MWGSRWMR -X [EW WS QEPRSYVMWLIH XLEX MX GSYPHRtX WXERH
YT F] MXWIPJ ERH MX LEH PSWX XLI JYV SR EPQSWX EPP SJ MXW FSH]
8LI RI\X HSK [EW MR IZIR [SVWI WLETI 'SZIVIH [MXL MXW S[R JMPXL MX
LEH E VEWL SJ MRJIGXMSRW ERH HMWIEWIW ERH LEH PSWX XLI WMKLX MR SRI I]I 0MOI
SXLIV TYTT] QMPP HSKW MX RIZIV WE[ E ZIXIVMREVMER YRXMP MX [EW VIWGYIH
-XtW XMQI XLEX [I WXST XLI LSVVSVW SJ TYTT] QMPPW ERH LIPT HSKW ERH HSK
S[RIVW EPMOI 7SPZMRK XLI TVSFPIQ VIUYMVIW EGXMSR SR X[S JVSRXWhPIKMWPEXMSR
ERH MRHMZMHYEP MRMXMEXMZI
8LI JMVWX WXIT MW JSV RI[ PE[W XLEX [MPP TYX TYTT] QMPPW SYX SJ FYWMRIWW
'YVVIRX PE[W WYGL EW XLI %RMQEP ;IPJEVI %GX EVI MRIJJIGXMZI EX FIWX 8LMW PE[
SRP] VIKYPEXIW E WQEPP RYQFIV SJ FVIIHIVW PIEZMRK GSYRXPIWW TYTT] QMPPW XS
STIVEXI YRHIV XLI VEHEV
,IVItW XLI PIKMWPEXMSR - TVSTSWI -XtW FEWIH SR E GSQFMREXMSR SJ TVSTSW
EPW XLEX LEZI FIIR TVIWIRXIH MR WIZIVEP WXEXIW %PP HSK FVIIHIVW [LS TVSHYGI
QSVI XLER TYTTMIW E ]IEV WLSYPH FI VIUYMVIH XS VIKMWXIV [MXL XLIMV WXEXItW
(ITEVXQIRX SJ %KVMGYPXYVI [LMGL [SYPH MRWTIGX HSK FVIIHMRK JEGMPMXMIW NYWX EW
XLI LIEPXL HITEVXQIRX MRWTIGXW VIWXEYVERXW
&VIIHIVW [MXL HSKW MR WYFWXERHEVH GSRHMXMSRW [SYPH FI HIEPX [MXL
EGGSVHMRKP] % JMVWX SJJIRWI [SYPH VIWYPX MR E JMRI SJ % WIGSRH SJJIRWI
[SYPH VIWYPX MR E JMRI SJ ERH HE]W MR NEMP % XLMVH SJJIRWI [SYPH VIWYPX
% %44)2(-< 74))',)7 *36 %2%0=7-7 %2( (-7'977-32
0YGEW 8LI %VX SJ 4YFPMG &EGO 1EXXIV %TTIRHM\ 7TIIGLIW JSV 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR %REP]WMW ERH (MWGYWWMSR 'SQTERMIW
MR E JMRI SJ ERH HE]W MR NEMP TPYW TIVQERIRX PSWW SJ XLI FVIIHIVtW
PMGIRWI MR IZIV] WXEXI SJ XLI YRMSR
&YX PIKMWPEXMSR EPSRI [SRtX HS XLI NSF =SY ERH - EPWS LEZI E TEVX XS
TPE] ;I LEZI XS XEOI XLI TVSJMX SYX SJ TYTT] QMPPW F] QEOMRK WYVI [I HSRtX
TYVGLEWI HSKW TVSHYGIH F] TYTT] QMPPW ;I GER HS XLMW F] JSPPS[MRK KYMHI
PMRIW PEMH SYX F] XLI ,YQERI 7SGMIX]
*MVWX GSRWMHIV EHSTXMRK E HSK JVSQ E XVYWXIH ERMQEP WLIPXIV MRWXIEH SJ
FY]MRK E RI[ HSK 8LI ERMQEP WLIPXIV [MPP QEOI WYVI XLI HSK MW JVII SJ TL]WMGEP
ERH FILEZMSVEP TVSFPIQW
7IGSRH MJ ]SY HIGMHI XS FY] E RI[ HSK ZMWMX XLI FVIIHIVtW TVIQMWIW -J
XLI FVIIHIV VIJYWIW XS PIX ]SY WII XLI TVIQMWIW SV [ERXW XS QIIX ]SY WSQI
[LIVI IPWI HSRtX FY] JVSQ XLEX FVIIHIV
8LMVH HSRtX FY] E HSK JVSQ E TIX WXSVI 8LI ,YQERI 7SGMIX] LEW JSYRH
XLEX QSWX HSKW MR TIX WXSVIW EGXYEPP] GSQI JVSQ TYTT] QMPPW
%RH JSYVXL HSRtX FI JSSPIH F] EHZIVXMWMRK .YWX FIGEYWI ER EH TVSQMWIW
XLEX E HSK LEW FIIR UYSXI qJEQMP] VEMWIHr SV LEW E qLIEPXL GIVXMJMGEXI r HSIWRtX
QIER MXtW XVYI 8LMW MW IWTIGMEPP] MQTSVXERX [LIR MX GSQIW XS XLI -RXIVRIX
[LIVI XLIVI MW RS [E] XS ZIVMJ] XLI LIEPXL SJ E HSK SV XLI XVYWX[SVXLMRIWW SJ E
FVIIHIV
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OMRH SJ ERMQEP MX QMKLX FIhPMZMRK IZIR SRI HE] MR XLI GSRHMXMSRW IRHYVIH F]
HSKW MR TYTT] QMPPW 8LIR MQEKMRI ]SYV TIX PMZMRK MR XLSWI GSRHMXMSRW HE] EJXIV
HE] [IIO EJXIV [IIO QSRXL EJXIV QSRXL 7YVIP] ]SY [SYPH RSX [ERX XLMW JSV
]SYV S[R TIX
=IX IZIR EW [I WMX LIVI QMPPMSRW SJ HSKW EVI WYJJIVMRK JVSQ XLI LSVVSVW
SJ TYTT] QMPPW -XtW XMQI XS WXST TYTT] QMPP FVIIHIVW JVSQ TVSJMXMRK SR XLIMV
GVYIPX] )ZIR MJ EW XLI QSZMI XMXPI WE]W EPP HSKW KS XS LIEZIR [I WLSYPH RSX
EPPS[ XLIQ XS WXEVX XLIMV PMZIW MR LIPP
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JVSQ ERXMFEGXIVMEP WSETW ERH LERH [MTIW XS XMWWYIW WTSRKIW WLEQTSSW ERH IZIR GLMPHVIRtW &YFFPIr MR XLI SRPMRI 1IHME
XS]W XLEX LEZI FIIR XVIEXIH [MXL ERXMFEGXIVMEP GLIQMGEPW 0MFVEV] JSV XLMW ETTIRHM\
:MHIS 'PMT %
8LI JSPPS[MRK TIVWYEWMZI WTIIGL EVKYIW XLEX XLIWI TVSHYGXW HS RSX TVSZMHI XLI FIR
IJMXW XLI] GPEMQ ERH QE] MR JEGX FI GSRXVMFYXMRK XS PSRK XIVQ LIEPXL ERH IRZMVSRQIRXEP
TVSFPIQW %W E WSPYXMSR XLI WTIEOIV VIGSQQIRHW XLEX XLI 9 7 *SSH ERH (VYK %HQMRMWXVE
XMSR MRWXMXYXI VIKYPEXMSRW KSZIVRMRK XLI YWI SJ ERXMFEGXIVMEP TVSHYGXW ERH XLEX GSRWYQIVW
EZSMH YWMRK XLIWI TVSHYGXW
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JSV XLMW ETTIRHM\ EX GSRRIGXPYGEW GSQ 7XYH] LS[ XLI WTIEOIV YWIW I\EQTPIW WXEXMWXMGW ERH
XIWXMQSR] XS WYTTSVX LIV TSWMXMSR (SIW WLI GSRZMRGI ]SY XLEX XLI LIEZ] YWI SJ ERXMFEGXI
VMEP TVSHYGXW MW E WIVMSYW TVSFPIQ# (SIW WLI TVIWIRX ER IJJIGXMZI WSPYXMSR XS XLI TVSFPIQ#
,S[ GSYPH WLI LEZI QEHI XLI WTIIGL QSVI GSRZMRGMRK#
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W]WXIQ MW JSVGIH XS PMZI MR E KIVQ JVII IRZMVSRQIRX XS TVIZIRX LMQ JVSQ GSRXVEGX
MRK MRJIGXMSRW ,MW VSSQ MW WIEPIH EKEMRWX FEGXIVME ERH ZMVYWIW LMW JSSH MW WTIGMEPP]
TVITEVIH ERH LMW SRP] LYQER GSRXEGX GSQIW MR XLI JSVQ SJ KPSZIH LERHW
&YVWXMRK XLI %RXMFEGXIVMEP &YFFPI %
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7TIEOMRK 8IRXL )HMXMSR %REP]WMW ERH (MWGYWWMSR 'SQTERMIW
8SHE] QMPPMSRW SJ %QIVMGERW EVI XV]MRK XS FYMPH E FYFFPI EVSYRH XLIQ
WIPZIW ERH XLIMV JEQMPMIW XS OIIT SYX KIVQW 8LI FYFFPI MW RSX QEHI SJ TPEWXMG
LS[IZIV FYX SJ FMPPMSRW SJ HSPPEVW [SVXL SJ ERXMFEGXIVMEP LERH [MTIW XMWWYIW
WSETW ERH WTSRKIW
&IJSVI - WXYHMIH ERXMFEGXIVMEP TVSHYGXW MR Q] TYFPMG LIEPXL GPEWW -
EP[E]W YWIH ERXMFEGXIVMEP LERH WSETW ERH ERXMFEGXIVMEP EPP WYVJEGI GPIERIV JSV
Q] ETEVXQIRX - EPWS ORS[ JVSQ Q] GPEWW WYVZI] XLEX TIVGIRX SJ ]SY YWI
ERXMFEGXIVMEP WSETW GPIERIVW ERH SXLIV TVSHYGXW
&YX EJXIV PIEVRMRK EFSYX XLI WYFNIGX MR GPEWW ERH VIEHMRK VIWIEVGL WXYH
MIW JSV XLMW WTIIGL -tQ LIVI XS XIPP ]SY XLEX XV] EW [I QMKLX [I GERRSX FYMPH
E FYFFPI FIX[IIR SYVWIPZIW ERH KIVQW [MXL ERXMFEGXIVMEP TVSHYGXW ERH XLEX
XLIWI TVSHYGXW EGXYEPP] GVIEXI QSVI TVSFPIQW XLER XLI] WSPZI %JXIV PSSOMRK EX
XLI TVSFPIQW GVIEXIH F] ERXMFEGXIVMEP TVSHYGXW [ItPP I\TPSVI WSQI WSPYXMSRW
8LI TPEGI XS FIKMR MW F] RSXMRK XLEX ERXMFEGXIVMEP TVSHYGXW EVI TSTTMRK
YT NYWX EFSYX IZIV][LIVI 8LI RI\X XMQI ]SY KS XS XLI WXSVI XV] XS JMRH E PMUYMH
WSET XLEX MW RSX ERXMFEGXIVMEP %GGSVHMRK XS XLI %PPMERGI JSV XLI 4VYHIRX 9WI SJ
%RXMFMSXMGW TIVGIRX SJ EPP PMUYMH WSETW ERH TIVGIRX SJ EPP FEV WSETW EVI
ERXMFEGXIVMEP
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XLI QEVOIX -R EHHMXMSR XS EPP XLI WSETW ERH GPIERMRK TVSHYGXW XLIVI EVI EPWS
ERXMFEGXIVMEP GSXXSR W[EFW XSRW SJ ERXMFEGXIVMEP WLEQTSSW ERH XLMW ERXMFEGXI
VMEP GYXXMRK FSEVH JVSQ ;MPPMEQW 7SRSQE =SY GER IZIR KIX ERXMFEGXIVMEP WSGOW
QSYXL[EWL XSSXLTEWXI ERH XS TVSXIGX ]SY [LMPI E[E] JVSQ LSQI XLMW XVEZIP
XSSXLFVYWL [MXL ERXMFEGXIVMEP FVMWXPIW
8LI &SWXSR +PSFI VITSVXW XLEX PEVKIV MXIQW WYGL EW QEXXVIWWIW GSYRXIV
XSTW LMKL GLEMVW ERH IZIR GLMPHVIRtW XS]W LEZI FIIR GSEXIH [MXL ERXMFEGXIVMEP
GLIQMGEPW 8LI 2I[ =SVO 8MQIW GEPPW XLI ERXMFEGXIVMEP GVE^I qXLI FMKKIWX QEVOIX
MRK GSYT WMRGI FSXXPIH [EXIV r
8LIVItW RS HSYFX XLEX ERXMFEGXIVMEP TVSHYGXW EVI TSTYPEV [MXL GSRWYQ
IVW FYX XLIVI MW E KVIEX HIEP SJ HSYFX EFSYX [LIXLIV XLI]tVI IJJIGXMZI MR WXST
TMRK XLI WTVIEH SJ KIVQW )PEMRI 0EVWSR EWWSGMEXI HIER SJ XLI 'SPYQFME
9RMZIVWMX] 7GLSSP SJ 2YVWMRK WXYHMIH JEQMPMIW [LS YWIH ERXMFEGXIVMEP TVSH
YGXW ERH JSYRH XLEX XLI] [IVI NYWX EW PMOIP] XS KIX JIZIVW WSVI XLVSEXW GSYKLW
VEWLIW ERH WXSQEGL TVSFPIQW EW JEQMPMIW [LS YWIH VIKYPEV TVSHYGXW 0EVWSRtW
JMRHMRKW EVI IGLSIH F] )VMG /YTJIVFIVK EWWSGMEXI HMVIGXSV SJ XLI ,EVZEVH 7GLSSP
JSV 4YFPMG ,IEPXL [LS WXEXIW q%RXMQMGVSFMEP TVSHYGXW HSRtX WMKRMJMGERXP]
IPMQMREXI XLI RYQFIV SJ KIVQW ]SY IRGSYRXIV SR E HEMP] FEWMW r
2SV HS ERXMFEGXIVMEP TVSHYGXW TVIZIRX XLI XVERWQMWWMSR SJ HMWIEWIW WYGL
EW GSPHW ERH JPYW ;L]# &IGEYWI XLIWI MPPRIWWIW GSQI JVSQ ZMVYWIW RSX JVSQ FEG
XIVME %RXMFEGXIVMEP TVSHYGXW HSRtX OMPP ZMVYWIW %W (V 0EVWSR I\TPEMRW q1SWX SJ
XLI MRJIGXMSRW LIEPXL] TISTPI KIX EVI GSPHW JPY ERH HMEVVLIE GEYWIH F] ZMVYWIWrh
RSRI SJ [LMGL GER FI TVIZIRXIH F] XLI YWI SJ ERXMFEGXIVMEP TVSHYGXW
2SX SRP] HS ERXMFEGXIVMEP TVSHYGXW JEMP XS HIPMZIV [LEX XLI] TVSQMWI
FYX XLI] EGXYEPP] MRGVIEWI ]SYV GLERGIW SJ KIXXMRK WMGO %GGSVHMRK XS 7XYEVX
0IZ] E TVSJIWWSV SJ QMGVSFMSPSK] ERH QIHMGMRI EX 8YJXW 9RMZIVWMX] I\GIWWMZI
YWI SJ ERXMFEGXIVMEP TVSHYGXW MR XLI LSQI GER QEOI GLMPHVIR QSVI PMOIP] XS
HIZIPST EPPIVKMIW ERH EWXLQE
-R EHHMXMSR TISTPI [LS YWI ERXMFEGXIVMEP TVSHYGXW QE] FIGSQI QSVI
WYWGITXMFPI XS MRJIGXMSRW (V .EQIW 'LMR E VIWIEVGL WGMIRXMWX MR 2I[ 7SYXL
;EPIW %YWXVEPME WE]W q8LI [E] [I WXE] LIEPXL] MW F] PS[ HSWI I\TSWYVI XS
FEGXIVME ERH ZMVYWIW =SY RIIH XS I\IVGMWI ]SYV MQQYRI W]WXIQ MR XLI WEQI
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The Art of Public Speaking, 10th Edition(2009)BBS
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