0YGEW 8LI %VX SJ 4YFPMG 7TIEOMRK MR 4YFPMG 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
*IIHFEGO %W TVSQMWIH %P]WSR JMRMWLIH MR YRHIV LEPJ ER LSYV q%RH XLEX [VETW MX
YT r WLI GSRGPYHIH q0IXtW IEX r 0EXIV XLI QEVOIXMRK HMVIGXSV GSQTPM
QIRXIH %P]WSR SR HIEPMRK WS [IPP [MXL E XSYKL WMXYEXMSR q=SY HMH E KVIEX
NSF r XLI QEVOIXMRK HMVIGXSV WEMH q2I\X ]IEV [ItPP XV] XS QEOI EPP XLI
TVIWIRXEXMSRW EW GSRGMWI ERH IJJMGMIRX EW ]SYVW r
4YFPMG 7TIEOMRK MR E 1YPXMGYPXYVEP ;SVPH
'90896%0 (-:)67-8= -2 8,) 13()62 ;360(
8LI 9RMXIH 7XEXIW LEW EP[E]W FIIR E HMZIVWI WSGMIX] -R E ZMWMXSV XS [LEX
MW RS[ 2I[ =SVO 'MX] [EW EWXSRMWLIH XS JMRH XLEX PERKYEKIW [IVI WTSOIR
EQSRK XLI GMX]tW MRLEFMXERXW &] XLI QMHHPI SJ XLI XL GIRXYV] WS
QER] TISTPI JVSQ WS QER] PERHW LEH GSQI XS XLI 9RMXIH 7XEXIW XLEX RSZIPMWX
,IVQER 1IPZMPPI I\GPEMQIH q=SY GERRSX WTMPP E HVST SJ %QIVMGER FPSSH [MXL
SYX WTMPPMRK XLI FPSSH SJ XLI [LSPI [SVPH r
3RI GER SRP] MQEKMRI [LEX 1IPZMPPI [SYPH WE] XSHE] 8LI 9RMXIH 7XEXIW
LEW FIGSQI XLI QSWX HMZIVWI WSGMIX] SR IEVXL *SV QSVI XLER E GIRXYV] QSWX
MQQMKVERXW XS XLI 9 7 [IVI )YVSTIERWh-VMWL +IVQERW )RKPMWL 7GERHMRE
ZMERW +VIIOW 4SPIW -XEPMERW ERH SXLIVW 8SKIXLIV [MXL %JVMGER %QIVMGERW
XLI] QEHI %QIVMGE XLI qQIPXMRK TSXr SJ XLI [SVPH 8SHE] ERSXLIV KVIEX [EZI
SJ MQQMKVEXMSRhQSWXP] JVSQ %WME ERH 0EXMR %QIVMGEhLEW XVERWJSVQIH XLI
9RMXIH 7XEXIW MRXS [LEX SRI [VMXIV GEPPW qXLI JMVWX YRMZIVWEP REXMSR r E QYPXMGYP
XYVEP WSGMIX] SJ YRQEXGLIH HMZIVWMX]
8LI HMZIVWMX] SJ PMJI MR XLI 9RMXIH 7XEXIW GER FI WIIR MR GMXMIW ERH XS[RW
WGLSSPW ERH FYWMRIWWIW GSQQYRMX] KVSYTW ERH LSYWIW SJ [SVWLMT EPP EGVSWW
XLI PERH 'SRWMHIV XLI JSPPS[MRK
8LIVI EVI REXMSRW MR XLI [SVPH ERH IZIV] SRI SJ XLIQ LEW WSQISRI
PMZMRK MR XLI 9RMXIH 7XEXIW
,SYWXSR LEW X[S VEHMS WXEXMSRW XLEX FVSEHGEWX WSPIP] MR :MIXREQIWI ERH E
HEMP] RI[WTETIV XLEX TVMRXW MR 'LMRIWI
2IEVP] TIVGIRX SJ XLI TISTPI MR 1MEQM [IVI FSVR SYXWMHI XLI 9RMXIH
7XEXIW
1SVI XLER QMPPMSR TISTPI MR XLI 9 7 WTIEO E PERKYEKI SXLIV XLER )R
KPMWL EX LSQI
8LIWI OMRHW SJ HIZIPSTQIRXW EVI RSX PMQMXIH XS XLI 9RMXIH 7XEXIW ;I PMZI
MR ER EKI SJ MRXIVREXMSREP QYPXMGYPXYVEPMWQ 8LI -RXIVRIX EPPS[W JSV MRWXERX
GSQQYRMGEXMSR IZIV][LIVI EVSYRH XLI [SVPH '22 MW FVSEHGEWX XS QSVI XLER
FMPPMSR TISTPI KPSFEPP] -RXIVREXMSREP EMV XVEZIP LEW QEHI REXMSREP FSYRHEVMIW
EPQSWX QIERMRKPIWW %PP REXMSRW EVI FIGSQMRK TEVX SJ E ZEWX KPSFEP ZMPPEKI *SV
I\EQTPI
8LIVI EVI XVERWREXMSREP GSVTSVEXMSRW EVSYRH XLI [SVPH ERH XLI]
EGGSYRX JSV QSVI XLER TIVGIRX SJ XLI [SVPHtW IGSRSQMG SYXTYX
1G(SREPHtW WIPPW X[MGI EW QER] LEQFYVKIVW ERH *VIRGL JVMIW EFVSEH XLER MX
HSIW MR XLI 9RMXIH 7XEXIW 2MOI QEOIW TIVGIRX SJ MXW WEPIW XLVSYKL I\TSVXW
',%48)6 74)%/-2+ -2 49&0-'
0YGEW 8LI %VX SJ 4YFPMG 7TIEOMRK MR 4YFPMG 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
*VERGI LEW EW QER] 1YWPMQW EW TVEGXMGMRK 'EXLSPMGW VEHMS ',-2 MR
8SVSRXS 'EREHE FVSEHGEWXW MR PERKYEKIW
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XLEX RIEVP] TIVGIRX SJ XLI WGLSSP TSTYPEXMSR MW RSR 7[MWW
' 90896%0 (-:)67-8= %2( 49&0-' 74)%/-2+
(MZIVWMX] ERH QYPXMGYPXYVEPMWQ EVI WYGL FEWMG JEGXW SJ PMJI XLEX XLI] GER TPE]
E VSPI MR EPQSWX ER] WTIIGL ]SY KMZI 'SRWMHIV XLI JSPPS[MRK WMXYEXMSRW %
FYWMRIWW QEREKIV FVMIJMRK IQTPS]IIW SJ E QYPXMREXMSREP GSVTSVEXMSR % QMR
MWXIV WIVQSRM^MRK XS E GYPXYVEPP] HMZIVWI GSRKVIKEXMSR %R MRXIVREXMSREP WXY
HIRX I\TPEMRMRK XLI GYWXSQW SJ LMW PERH XS WXYHIRXW EX E 9 7 YRMZIVWMX] %
XIEGLIV EHHVIWWMRK TEVIRXW EX E QYPXMIXLRMG YVFER WGLSSP 8LIWI EVI SRP] E
JI[ SJ XLI GSYRXPIWW WTIEOMRK WMXYEXMSRW EJJIGXIH F] XLI GYPXYVEP HMZIVWMX] SJ
QSHIVR PMJI
7TIIGLQEOMRK FIGSQIW QSVI GSQTPI\ EW GYPXYVEP HMZIVWMX] MRGVIEWIW 4EVX
SJ XLI GSQTPI\MX] WXIQW JVSQ XLI HMJJIVIRGIW MR PERKYEKI JVSQ GYPXYVI XS GYP
XYVI 2SXLMRK WITEVEXIW SRI GYPXYVI JVSQ ERSXLIV QSVI XLER PERKYEKI 0ER
KYEKI ERH GYPXYVI EVI WS GPSWIP] FSYRH XLEX q[I GSQQYRMGEXI XLI [E] [I HS
FIGEYWI [I EVI VEMWIH MR E TEVXMGYPEV GYPXYVI ERH PIEVR MXW PERKYEKI VYPIW ERH
RSVQW r
8LI QIERMRKW EXXEGLIH XS KIWXYVIW JEGMEP I\TVIWWMSRW ERH SXLIV RSRZIVFEP
WMKREPW EPWS ZEV] JVSQ GYPXYVI XS GYPXYVI )ZIR XLI KIWXYVIW JSV WYGL FEWMG QIW
WEKIW EW qLIPPSr ERH qKSSHF]Ir EVI GYPXYVEPP] FEWIH 8LI 2SVXL %QIVMGER
qKSSHF]Ir [EZI MW MRXIVTVIXIH MR QER] TEVXW SJ )YVSTI ERH 7SYXL %QIVMGE EW
XLI QSXMSR JSV qRS r [LMPI XLI -XEPMER ERH +VIIO KIWXYVI JSV qKSSHF]Ir MW XLI
WEQI EW XLI 9 7 WMKREP JSV qGSQI LIVI r
1ER] WXSVMIW LEZI FIIR XSPH EFSYX XLI JEXI SJ TYFPMG WTIEOIVW [LS JEMP XS
XEOI MRXS EGGSYRX GYPXYVEP HMJJIVIRGIW FIX[IIR XLIQWIPZIW ERH XLIMV EYHMIRGIW
'SRWMHIV XLI JSPPS[MRK WGIREVMS
8LI WEPIW QEREKIV SJ E 9 7 IPIGXVSRMGW JMVQ MW MR &VE^MP XS RIKSXMEXI E PEVKI TYVGLEWI
SJ GSQTYXIVW F] E 7SYXL %QIVMGER GSVTSVEXMSR %JXIV XLVII HE]W SJ RIKSXMEXMSRW XLI WEPIW
QEREKIV LSPHW E KEPE VIGITXMSR JSV EPP XLI QENSV I\IGYXMZIW XS FYMPH KSSH[MPP FIX[IIR XLI
GSQTERMIW
%W MW XLI GYWXSQ SR WYGL SGGEWMSRW XMQI MW WIX EWMHI HYVMRK XLI VIGITXMSR JSV ER
I\GLERKI SJ XSEWXW ;LIR MX MW XLI WEPIW QEREKIVtW XYVR XS WTIEO LI TVEMWIW XLI &VE^MPMER
JMVQ JSV MXW QER] EGLMIZIQIRXW ERH XEPOW IPSUYIRXP] SJ LMW VIWTIGX JSV MXW TVIWMHIRX ERH
SXLIV I\IGYXMZIW 8LI [SVHW EVI TIVJIGX ERH XLI WEPIW QEREKIV GER WII LMW EYHMIRGI WQMP
MRK MR ETTVSZEP
%RH XLIRhHMWEWXIV %W XLI WEPIW QEREKIV GPSWIW LMW WTIIGL LI VEMWIW LMW LERH ERH
JPEWLIW XLI GPEWWMG 9 7 q3/r WMKR XS WMKREP LMW TPIEWYVI EX XLI TVSKVIWW SJ XLI RIKSXMEXMSRW
-RWXERXP] XLI JIWXMZI QSSH MW VITPEGIH [MXL WXSR] WMPIRGI WQMPIW XYVR XS MG] WXEVIW 8LI WEPIW
QEREKIV LEW KMZIR LMW &VE^MPMER EYHMIRGI E KIWXYVI [MXL VSYKLP] XLI WEQI QIERMRK EW ER
I\XIRHIH QMHHPI JMRKIV MR XLI 9RMXIH 7XEXIW
8LI RI\X HE] XLI &VE^MPMER JMVQ ERRSYRGIW MX [MPP FY] MXW GSQTYXIVW JVSQ ERSXLIV
GSQTER]
%W XLMW WXSV] MPPYWXVEXIW TYFPMG WTIEOIVW GER MPP EJJSVH XS SZIVPSSO XLIMV PMW
XIRIVWt GYPXYVEP ZEPYIW ERH GYWXSQW 8LI QIXLSHW SJ IJJIGXMZI WTIIGL I\TPEMRIH
XLVSYKLSYX XLMW FSSO [MPP FI LIPTJYP XS ]SY MR WTIEOMRK XS GYPXYVEPP] HMZIVWI
EYHMIRGIW ,IVI [I RIIH XS WXVIWW XLI MQTSVXERGI SJ EZSMHMRK XLI IXLRSGIRXVMWQ
4YFPMG 7TIEOMRK MR E 1YPXMGYPXYVEP ;SVPH
0YGEW 8LI %VX SJ 4YFPMG 7TIEOMRK MR 4YFPMG 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
4YFPMG WTIEOMRK MW E ZMXEP QSHI
SJ GSQQYRMGEXMSR MR QSWX GYP
XYVIW EVSYRH XLI [SVPH ,IVI
*VIRGL JMRERGI QMRMWXIV
'LVMWXMRI 0EKEVHI EHHVIWWIW
XLI ;SVPH )GSRSQMG *SVYQ MR
(EZSW 7[MX^IVPERH
XLEX SJXIR FPSGOW GSQQYRMGEXMSR FIX[IIR WTIEOIVW ERH PMWXIRIVW SJ HMJJIVIRX
GYPXYVEP FEGOKVSYRHW
IXLRSGIRXVMWQ %:3-(-2+ )8,23')286-71
8LI FIPMIJ XLEX SRItW S[R KVSYT
SV GYPXYVI MW WYTIVMSV XS EPP SXLIV )XLRSGIRXVMWQ MW XLI FIPMIJ XLEX SYV S[R KVSYT SV GYPXYVIh[LEXIZIV MX QE]
KVSYTW SV GYPXYVIW FIhMW WYTIVMSV XS EPP SXLIV KVSYTW SV GYPXYVIW &IGEYWI SJ IXLRSGIRXVMWQ [I
MHIRXMJ] [MXL SYV KVSYT SV GYPXYVI ERH WII MXW ZEPYIW FIPMIJW ERH GYWXSQW EW
qVMKLXr SV qREXYVEPrhMR GSQTEVMWSR XS XLI ZEPYIW FIPMIJW ERH GYWXSQW SJ SXLIV
KVSYTW SV GYPXYVIW [LMGL [I XIRH XS XLMRO SJ EW q[VSRKr SV qYRREXYVEP r
)XLRSGIRXVMWQ MW TEVX SJ IZIV] GYPXYVI ERH MX GER TPE] E TSWMXMZI VSPI MR
GVIEXMRK KVSYT TVMHI ERH PS]EPX] &YX MX GER EPWS PIEH XS TVINYHMGI ERH LSWXMPMX]
XS[EVH HMJJIVIRX VEGMEP IXLRMG SV GYPXYVEP KVSYTW 8S FI ER IJJIGXMZI TYFPMG
WTIEOIV MR E QYPXMGYPXYVEP [SVPH ]SY RIIH XS OIIT MR QMRH XLEX EPP TISTPI LEZI
XLIMV WTIGMEP FIPMIJW ERH GYWXSQW
%ZSMHMRK IXLRSGIRXVMWQ HSIW RSX QIER ]SY QYWX EKVII [MXL XLI ZEPYIW
ERH TVEGXMGIW SJ EPP KVSYTW ERH GYPXYVIW %X XMQIW ]SY QMKLX XV] XS GSRZMRGI
TISTPI SJ HMJJIVIRX GYPXYVIW XS GLERKI XLIMV XVEHMXMSREP [E]W SJ HSMRK XLMRKWhEW
WTIEOIVW JVSQ XLI 9RMXIH 2EXMSRW WIIO XS TIVWYEHI JEVQIVW MR %JVMGE XS EHSTX
QSVI TVSHYGXMZI QIXLSHW SJ EKVMGYPXYVI SV EW HIPIKEXIW JVSQ XLI 9 7 ERH
'LMRE EXXIQTX XS MRJPYIRGI XLI SXLIV GSYRXV]tW XVEHI TSPMGMIW
-J WYGL WTIEOIVW EVI XS FI WYGGIWWJYP LS[IZIV XLI] QYWX WLS[ VIWTIGX JSV
XLI GYPXYVIW SJ XLI TISTPI XLI] EHHVIWW 8LI] RIIH XS EHETX XLIMV QIWWEKI XS
XLI GYPXYVEP ZEPYIW ERH I\TIGXEXMSRW SJ XLIMV PMWXIRIVW
;LIR ]SY [SVO SR ]SYV WTIIGLIW FI EPIVX XS LS[ GYPXYVEP JEGXSVW QMKLX EJJIGX
XLI [E] PMWXIRIVW VIWTSRH %W [I WLEPP WII MR 'LETXIV JSV GPEWWVSSQ WTIIGLIW ]SY
GER YWI EYHMIRGI EREP]WMW UYIWXMSRREMVIW XS PIEVR EFSYX XLI FEGOKVSYRHW ERH
STMRMSRW SJ ]SYV GPEWWQEXIW *SV WTIIGLIW SYXWMHI XLI GPEWWVSSQ XLI TIVWSR [LS
MRZMXIW ]SY XS WTIEO GER YWYEPP] TVSZMHI MRJSVQEXMSR EFSYX XLI EYHMIRGI
',%48)6 74)%/-2+ -2 49&0-'
0YGEW 8LI %VX SJ 4YFPMG 7TIEOMRK MR 4YFPMG 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
%W [I WLEPP WII XLVSYKLSYX XLMW FSSO XLIVI EVI QER] -RXIVRIX VIWSYVGIW JSV TYFPMG -RXIVRIX
WTIEOIVW 3RI SJ XLSWI VIWSYVGIW MW ER I\XIRWMZI GSPPIGXMSR SJ WTIIGLIW JVSQ [SVPH 'SRRIGXMSR
LMWXSV] [LMGL ]SY GER EGGIWW EX XLI ,MWXSV] 4PEGI +VIEX 7TIIGLIW 'SPPIGXMSR
[[[ LMWXSV]TPEGI GSQ WTIIGLIW TVIZMSYW LXQ
[[[ GSRRIGXPYGEW GSQ
8LSYWERHW SJ TISTPI MR XLI 9RMXIH 7XEXIW IEVR XLIMV PMZMRK EW TVSJIWWMSREP TYFPMG
WTIEOIVW =SY GER PIEVR EFSYX XLIMV EGXMZMXMIW EX XLI 2EXMSREP 7TIEOIVW %WWSGMEXMSR
;IF WMXI [[[ RWEWTIEOIV SVK
3RGI ]SY ORS[ EFSYX ER] GYPXYVEP JEGXSVW XLEX QMKLX EJJIGX ]SYV PMWXIRIVWt
VIWTSRWI XV] XS TYX ]SYVWIPJ MR XLIMV TPEGI ERH XS LIEV ]SYV QIWWEKI XLVSYKL
XLIMV IEVW -J XLIVI MW E PERKYEKI HMJJIVIRGI EZSMH [SVHW SV TLVEWIW XLEX QMKLX
GEYWI QMWYRHIVWXERHMRK ;LIR VIWIEVGLMRK XLI WTIIGL OIIT ER I]I SYX JSV
WYTTSVXMRK QEXIVMEPW XLEX [MPP VIPEXI XS E [MHI VERKI SJ PMWXIRIVW %PWS GSRWMHIV
YWMRK ZMWYEP EMHW %W [I WLEPP WII MR 'LETXIV XLI] GER FI IWTIGMEPP] LIPTJYP
MR FVMHKMRK E KET MR PERKYEKI SV GYPXYVEP FEGOKVSYRH
;LIR HIPMZIVMRK ]SYV WTIIGL FI EPIVX XS JIIHFEGO XLEX QMKLX MRHMGEXI XLI
EYHMIRGI MW LEZMRK XVSYFPI KVEWTMRK ]SYV MHIEW -J ]SY WII TY^^PIH I\TVIWWMSRW
VIWXEXI ]SYV TSMRX XS QEOI WYVI MX MW YRHIVWXSSH ;MXL WSQI EYHMIRGIW ]SY GER
IRGSYVEKI JIIHFEGO F] EWOMRK q%Q - QEOMRK Q]WIPJ GPIEV#r SV q(MH - I\TPEMR
XLMW TSMRX JYPP] IRSYKL#r
-J ]SY TSWI WYGL UYIWXMSRW LS[IZIV FI E[EVI XLEX PMWXIRIVW JVSQ HMJJIVIRX
GYPXYVIW QE] VIWTSRH UYMXI HMJJIVIRXP] 1SWX %VEFW 2SVXL %QIVMGERW ERH
)YVSTIERW [MPP KMZI ]SY JEMVP] HMVIGX JIIHFEGO MJ ]SY EWO JSV MX 0MWXIRIVW JVSQ
%WMER ERH 'EVMFFIER GSYRXVMIW SR XLI SXLIV LERH QE] RSX VIWTSRH SYX SJ
GSRGIVR XLEX HSMRK WS [MPP WLS[ HMWVIWTIGX JSV XLI WTIEOIV 7II 'LETXIV JSV
E JYPP HMWGYWWMSR SJ EYHMIRGI EREP]WMW ERH EHETXEXMSR
*MREPP] [I WLSYPH RSXI XLI MQTSVXERGI SJ EZSMHMRK IXLRSGIRXVMWQ [LIR
PMWXIRMRK XS WTIIGLIW %W [I WLEPP WII MR 'LETXIVW ERH WTIIGL EYHMIRGIW
LEZI E VIWTSRWMFMPMX] XS PMWXIR GSYVXISYWP] ERH EXXIRXMZIP] ;LIR ]SY PMWXIR XS
E WTIEOIV JVSQ E HMJJIVIRX GYPXYVEP FEGOKVSYRH FI SR KYEVH EKEMRWX XLI XIQTXE
XMSR XS NYHKI XLI WTIEOIV SR XLI FEWMW SJ LMW SV LIV ETTIEVERGI SV QERRIV SJ
HIPMZIV] 8SS SJXIR [I JSVQ STMRMSRW EFSYX TISTPI F] XLI [E] XLI] PSSO SV
WTIEO VEXLIV XLER F] [LEX XLI] WE] 2S QEXXIV [LEX XLI GYPXYVEP FEGOKVSYRH
SJ XLI WTIEOIV ]SY WLSYPH PMWXIR XS LIV SV LMQ EW EXXIRXMZIP] EW ]SY [SYPH [ERX
]SYV EYHMIRGI XS PMWXIR XS ]SY
7911%6=
4YFPMG WTIEOMRK LEW FIIR E ZMXEP QIERW SJ TIVWSREP IQTS[IVQIRX ERH GMZMG IRKEKI 7YQQEV]
QIRX XLVSYKLSYX LMWXSV] 8LI RIIH JSV IJJIGXMZI TYFPMG WTIEOMRK [MPP EPQSWX GIV
XEMRP] XSYGL ]SY WSQIXMQI MR ]SYV PMJI =SYV WTIIGL GPEWW [MPP KMZI ]SY XVEMRMRK MR
VIWIEVGLMRK XSTMGW SVKERM^MRK ]SYV MHIEW ERH TVIWIRXMRK ]SYVWIPJ WOMPPJYPP] 8LMW
XVEMRMRK MW MRZEPYEFPI JSV IZIV] X]TI SJ GSQQYRMGEXMSR
8LIVI EVI QER] WMQMPEVMXMIW FIX[IIR TYFPMG WTIEOMRK ERH HEMP] GSRZIVWEXMSR FYX
TYFPMG WTIEOMRK MW EPWS HMJJIVIRX JVSQ GSRZIVWEXMSR *MVWX MX YWYEPP] MQTSWIW WXVMGX XMQI
PMQMXEXMSRW ERH VIUYMVIW QSVI HIXEMPIH TVITEVEXMSR XLER HSIW SVHMREV] GSRZIVWEXMSR
0YGEW 8LI %VX SJ 4YFPMG 7TIEOMRK MR 4YFPMG 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
7IGSRH MX VIUYMVIW QSVI JSVQEP PERKYEKI 0MWXIRIVW VIEGX RIKEXMZIP] XS WTIIGLIW
PSEHIH [MXL WPERK NEVKSR ERH FEH KVEQQEV 8LMVH TYFPMG WTIEOMRK HIQERHW E HMJ
JIVIRX QIXLSH SJ HIPMZIV] )JJIGXMZI WTIEOIVW EHNYWX XLIMV ZSMGIW XS XLI PEVKIV EYHMIRGI
ERH [SVO EX EZSMHMRK HMWXVEGXMRK TL]WMGEP QERRIVMWQW ERH ZIVFEP LEFMXW
3RI SJ XLI QENSV GSRGIVRW SJ WXYHIRXW MR ER] WTIIGL GPEWW MW WXEKI JVMKLX =SYV
GPEWW [MPP KMZI ]SY ER STTSVXYRMX] XS KEMR GSRJMHIRGI ERH QEOI ]SYV RIVZSYWRIWW
[SVO JSV ]SY VEXLIV XLER EKEMRWX ]SY =SY [MPP XEOI E FMK WXIT XS[EVH SZIVGSQMRK
WXEKI JVMKLX MJ ]SY XLMRO TSWMXMZIP] TVITEVI XLSVSYKLP] ZMWYEPM^I ]SYVWIPJ KMZMRK E
WYGGIWWJYP WTIIGL OIIT MR QMRH XLEX QSWX RIVZSYWRIWW MW RSX ZMWMFPI XS XLI EYHM
IRGI ERH XLMRO SJ ]SYV WTIIGL EW GSQQYRMGEXMSR VEXLIV XLER EW E TIVJSVQERGI MR
[LMGL ]SY QYWX HS IZIV]XLMRK TIVJIGXP]
% GSYVWI MR TYFPMG WTIEOMRK GER EPWS LIPT HIZIPST ]SYV WOMPPW EW E GVMXMGEP
XLMROIV 'VMXMGEP XLMROMRK LIPTW ]SY SVKERM^I ]SYV MHIEW WTSX [IEORIWWIW MR SXLIV
TISTPItW VIEWSRMRK ERH EZSMH XLIQ MR ]SYV S[R
8LI WTIIGL GSQQYRMGEXMSR TVSGIWW MRGPYHIW WIZIR IPIQIRXWhWTIEOIV QIWWEKI
GLERRIP PMWXIRIV JIIHFEGO MRXIVJIVIRGI ERH WMXYEXMSR 8LI WTIEOIV MW XLI TIVWSR [LS
MRMXMEXIW E WTIIGL XVERWEGXMSR ;LEXIZIV XLI WTIEOIV GSQQYRMGEXIW MW XLI QIWWEKI
[LMGL MW WIRX F] QIERW SJ E TEVXMGYPEV GLERRIP 8LI PMWXIRIV VIGIMZIW XLI GSQQYRM
GEXIH QIWWEKI ERH TVSZMHIW JIIHFEGO XS XLI WTIEOIV -RXIVJIVIRGI MW ER]XLMRK XLEX
MQTIHIW XLI GSQQYRMGEXMSR SJ E QIWWEKI ERH XLI WMXYEXMSR MW XLI XMQI ERH TPEGI MR
[LMGL WTIIGL GSQQYRMGEXMSR SGGYVW 8LI MRXIVEGXMSR SJ XLIWI WIZIR IPIQIRXW HIXIV
QMRIW XLI SYXGSQI MR ER] MRWXERGI SJ WTIIGL GSQQYRMGEXMSR
&IGEYWI SJ XLI HMZIVWMX] SJ QSHIVR PMJI QER]hTIVLETW QSWXhSJ XLI EYHMIRGIW
]SY EHHVIWW [MPP MRGPYHI TISTPI SJ HMJJIVIRX GYPXYVEP FEGOKVSYRHW ;LIR ]SY [SVO SR
]SYV WTIIGLIW FI EPIVX XS LS[ WYGL JEGXSVW QMKLX EJJIGX XLI VIWTSRWIW SJ ]SYV PMWXIR
IVW ERH EHETX ]SYV QIWWEKI EGGSVHMRKP] %FSZI EPP EZSMH XLI IXLRSGIRXVMG FIPMIJ XLEX
]SYV S[R GYPXYVI SV KVSYT MW WYTIVMSV XS EPP SXLIVW %PWS OIIT MR QMRH XLI MQTSVXERGI
SJ EZSMHMRK IXLRSGIRXVMWQ [LIR PMWXIRMRK XS WTIIGLIW %GGSVH IZIV] WTIEOIV XLI
WEQI GSYVXIW] ERH EXXIRXMZIRIWW ]SY [SYPH [ERX JVSQ ]SYV PMWXIRIVW
/)= 8)617
WXEKI JVMKLX
GLERRIP
EHVIREPMRI
PMWXIRIV
TSWMXMZI RIVZSYWRIWW
JVEQI SJ VIJIVIRGI
ZMWYEPM^EXMSR
JIIHFEGO
GVMXMGEP XLMROMRK
MRXIVJIVIRGI
WTIEOIV
WMXYEXMSR
QIWWEKI
IXLRSGIRXVMWQ
6):-); 59)78-327
%JXIV VIEHMRK XLMW GLETXIV ]SY WLSYPH FI EFPI XS ERW[IV XLI JSPPS[MRK UYIWXMSRW
GSRRIGXPYGEW GSQ -R [LEX [E]W MW TYFPMG WTIEOMRK PMOIP] XS QEOI E HMJJIVIRGI MR ]SYV PMJI#
*SV JYVXLIV VIZMI[ KS XS XLI ,S[ MW TYFPMG WTIEOMRK WMQMPEV XS IZIV]HE] GSRZIVWEXMSR#
7XYH] 5YIWXMSRW MR XLI SRPMRI ,S[ MW TYFPMG WTIEOMRK HMJJIVIRX JVSQ IZIV]HE] GSRZIVWEXMSR#
7XYH] %MHW JSV XLMW GLETXIV ;L] MW MX RSVQEPhIZIR HIWMVEFPIhXS FI RIVZSYW EX XLI WXEVX SJ E WTIIGL#
,S[ GER ]SY GSRXVSP ]SYV RIVZSYWRIWW ERH QEOI MX [SVO JSV ]SY MR ]SYV
WTIIGLIW#
',%48)6 74)%/-2+ -2 49&0-'
0YGEW 8LI %VX SJ 4YFPMG 7TIEOMRK MR 4YFPMG 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
;LEX EVI XLI WIZIR IPIQIRXW SJ XLI WTIIGL GSQQYRMGEXMSR TVSGIWW# ,S[ HS
XLI] MRXIVEGX XS HIXIVQMRI XLI WYGGIWW SV JEMPYVI SJ E WTIIGL#
;LEX MW IXLRSGIRXVMWQ# ;L] HS TYFPMG WTIEOIVW RIIH XS EZSMH IXLRSGIRXVMWQ
[LIR EHHVIWWMRK EYHMIRGIW [MXL HMZIVWI GYPXYVEP VEGMEP SV IXLRMG FEGOKVSYRHW#
)<)6'-7)7 *36 '6-8-'%0 8,-2/-2+
8LMRO FEGO SR ER MQTSVXERX GSRZIVWEXMSR ]SY LEH VIGIRXP] MR [LMGL ]SY
[ERXIH XS EGLMIZI E TEVXMGYPEV VIWYPX )\EQTPIW %WOMRK ]SYV IQTPS]IV XS
GLERKI ]SYV [SVO WGLIHYPI I\TPEMRMRK XS E JVMIRH LS[ XS GLERKI XLI SMP ERH
JMPXIV MR E GEV EXXIQTXMRK XS XEPO ]SYV WTSYWI SV TEVXRIV MRXS FY]MRK XLI GSQ
TYXIV ]SY PMOI VEXLIV XLER XLI SRI LI SV WLI TVIJIVW
;SVO YT E FVMIJ EREP]WMW
SJ XLI GSRZIVWEXMSR
-R ]SYV EREP]WMW I\TPEMR XLI JSPPS[MRK
]SYV TYVTSWI MR XLI GSRZIVWEXMSR
ERH XLI QIWWEKI WXVEXIK] ]SY GLSWI XS EGLMIZI ]SYV TYVTSWI
XLI
GSQQYRMGEXMSR GLERRIPW YWIH HYVMRK XLI GSRZIVWEXMSR ERH LS[ XLI] EJJIGXIH
XLI SYXGSQI
XLI MRXIVJIVIRGIhMRXIVREP SV I\XIVREPh]SY IRGSYRXIVIH
HYVMRK XLI GSRZIVWEXMSR
XLI WXITW ]SY XSSO XS EHNYWX XS JIIHFEGO
XLI
WXVEXIKMG GLERKIW ]SY [SYPH QEOI MR TVITEVMRK JSV ERH GEVV]MRK SYX XLI
GSRZIVWEXMSR MJ ]SY LEH MX XS HS SZIV EKEMR
(MZMHI E WLIIX SJ TETIV MRXS X[S GSPYQRW 0EFIP SRI GSPYQR q'LEVEGXIVMWXMGW SJ
ER )JJIGXMZI 4YFPMG 7TIEOIV r 0EFIP XLI SXLIV GSPYQR q'LEVEGXIVMWXMGW SJ ER -RIJ
JIGXMZI 4YFPMG 7TIEOIV r -R XLI GSPYQRW PMWX ERH FVMIJP] I\TPEMR [LEX ]SY FIPMIZI
XS FI XLI JMZI QSWX MQTSVXERX GLEVEGXIVMWXMGW SJ IJJIGXMZI ERH MRIJJIGXMZI WTIEO
IVW &I TVITEVIH XS HMWGYWW ]SYV MHIEW MR GPEWW
3R XLI FEWMW SJ XLI PMWXW ]SY HIZIPSTIH JSV )\IVGMWI GERHMHP] IZEPYEXI ]SYV
S[R WXVIRKXLW ERH [IEORIWWIW EW E WTIEOIV -HIRXMJ] XLI XLVII TVMQEV] EWTIGXW SJ
WTIIGLQEOMRK ]SY QSWX [ERX XS MQTVSZI
%TTP]MRK XLI 4S[IV SJ 4YFPMG 7TIEOMRK
-XtW FIIR XLVII ]IEVW WMRGI ]SY KVEHYEXIH JVSQ GSPPIKI %JXIV KEMRMRK I\TIVMIRGI EW
ER EHQMRMWXVEXMZI EWWMWXERX EX E QENSV SJJMGI IUYMTQIRX QERYJEGXYVIV ]SYtZI NYWX
FIIR TVSQSXIH XS QEVOIXMRK QEREKIV JSV SJJMGI GSTMIVW 8LSYKL ]SY LEZI SGGE
WMSREPP] KMZIR FVMIJ VITSVXW XS SXLIV QIQFIVW SJ ]SYV [SVO XIEQ ]SYtVI RS[ JEGMRK
]SYV JMVWX WTIIGL XS E PEVKI EYHMIRGI %X ]SYV GSQTER]tW ERRYEP WEPIW QIIXMRK ]SY
[MPP EHHVIWW XLI WEPIW JSVGI EFSYX XLI GSQTER]tW RI[ QYPXMJYRGXMSR TVMRXIV GSTMIVW
ERH LS[ XS WIPP XLIQ XS HIEPIVW WYGL EW 3JJMGI (ITSX ERH 3JJMGI1E\
=SYtVI TPIEWIH XS LEZI XLMW STTSVXYRMX] ERH ]SY ORS[ MX WLS[W XLI GSQTER]tW
JEMXL MR ]SYV EFMPMXMIW =IX XLI GPSWIV ]SY KIX XS XLI HE] SJ XLI WTIIGL XLI LEVHIV MX MW
XS GSRXVSP XLI FYXXIVJPMIW MR ]SYV WXSQEGL 8LIVI [MPP FI TISTPI MR ]SYV EYHMIRGI
MRGPYHMRK EPP XLI WEPIW QEREKIVW ERH VIKMSREP QEREKIVW MR EHHMXMSR XS XLI WEPIW JSVGI
%PP I]IW [MPP FI SR ]SY -XtW MQTSVXERX XLEX ]SY GSQI EGVSWW EW GSRJMHIRX ERH [IPP
MRJSVQIH FYX ]SYtVI EJVEMH ]SYV WXEKI JVMKLX [MPP WIRH XLI STTSWMXI QIWWEKI ;LEX
WXVEXIKMIW [MPP ]SY YWI XS GSRXVSP ]SYV RIVZIW ERH QEOI XLIQ [SVO JSV ]SY#
%TTP]MRK XLI 4S[IV SJ 4YFPMG 7TIEOMRK
0YGEW 8LI %VX SJ 4YFPMG )XLMGW ERH 4YFPMG 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 7TIEOMRK 'SQTERMIW
)XLMGW ERH 4YFPMG
7TIEOMRK
8LI -QTSVXERGI SJ )XLMGW
+YMHIPMRIW JSV )XLMGEP 7TIEOMRK
1EOI 7YVI =SYV +SEPW %VI )XLMGEPP] 7SYRH
&I *YPP] 4VITEVIH JSV )EGL 7TIIGL
&I ,SRIWX MR ;LEX =SY 7E]
%ZSMH 2EQI 'EPPMRK ERH 3XLIV *SVQW SJ %FYWMZI
0ERKYEKI
4YX )XLMGEP 4VMRGMTPIW MRXS 4VEGXMGI
4PEKMEVMWQ
+PSFEP 4PEKMEVMWQ
4EXGL[SVO 4PEKMEVMWQ
-RGVIQIRXEP 4PEKMEVMWQ
4PEKMEVMWQ ERH XLI -RXIVRIX
+YMHIPMRIW JSV )XLMGEP 0MWXIRMRK
&I 'SYVXISYW ERH %XXIRXMZI
%ZSMH 4VINYHKMRK XLI 7TIEOIV
1EMRXEMR XLI *VII ERH 3TIR )\TVIWWMSR SJ -HIEW
0YGEW 8LI %VX SJ 4YFPMG )XLMGW ERH 4YFPMG 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 7TIEOMRK 'SQTERMIW
0YGEW 8LI %VX SJ 4YFPMG )XLMGW ERH 4YFPMG 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 7TIEOMRK 'SQTERMIW
;LIR XLI VYQSVW WXEVXIH 7Y^ERRI 7QEVX GLMIJ JMRERGMEP SJJMGIV JSV 4LEVQEXVSRMG
-RG GEPPIH E TVIWW GSRJIVIRGI (S^IRW SJ TVMRX ERH 8: VITSVXIVW WLS[IH YT 7QEVX
PSSOIH HMVIGXP] MRXS XLI GEQIVEW ERH WEMH q- GER EWWYVI ]SY XLEX RS SRI EX 4LEV
QEXVSRMG LEW YWIH MRWMHIV MRJSVQEXMSR XS QEOI QSRI] JSV XLIQWIPZIW SV XS QERMTYPEXI XLI
GSQTER]tW WXSGO TVMGI -R EHHMXMSR XS FIMRK MPPIKEP MRWMHIV XVEHMRK MW E WIVMSYW FVIEGL SJ XVYWX
ERH - [SYPH RIZIV PIX MX LETTIR EX Q] GSQTER] r
7Y^ERRItW TVIWIRXEXMSR [EW LMKLP] GSRZMRGMRK ERH JSV E XMQI MX UYMIXIH XLI VYQSVW
EFSYX JMRERGMEP MQTVSTVMIXMIW 9RJSVXYREXIP] LS[IZIV LIV WXEXIQIRXW [IVI JEPWI ERH SRP]
XLVII [IIOW PEXIV WLI [EW MRHMGXIH F] XLI JIHIVEP KSZIVRQIRX JSV MRWMHIV XVEHMRK
%X XLI XVMEP MX FIGEQI GPIEV XLEX 7Y^ERRI [EW KYMPX] SJ QERMTYPEXMRK XLI GSQTER]tW
WXSGO TVMGI XS FIRIJMX LIVWIPJ EX XLI I\TIRWI SJ SXLIV MRZIWXSVW -R JEGX SR XLI ZIV] HE] XLEX
7QEVX LEH JEGIH XLI 8: GEQIVEW XS HIR] ER] [VSRKHSMRK WLI LEH WIGVIXP] WSPH SZIV
WLEVIW SJ 4LEVQEXVSRMG WXSGO FEWIH SR MRJSVQEXMSR EFSYX XLI GSQTER]tW JEMPYVI XS [MR
ETTVSZEP JSV E RI[ ERXMGERGIV HVYK %W E VIWYPX WLI QEHI LYRHVIHW SJ XLSYWERHW SJ HSP
PEVW [LMPI SVHMREV] MRZIWXSVW WYJJIVIH LYKI PSWWIW
;LIR XLI NYHKI WIRXIRGIH 7QEVX XS E WXMJJ TVMWSR WIRXIRGI LI QEHI GPIEV XLEX LI [EW
MRJPYIRGIH TEVXP] F] LIV FVE^IR PMIW EX XLI TVIWW GSRJIVIRGI ,EH WLI XSPH XLI XVYXL LIV
TPIEW JSV PIRMIRG] QMKLX LEZI FIIR FIXXIV VIGIMZIH
8LMW MW RSX E LETT] WXSV] FYX MX WLS[W [L] TYFPMG WTIEOMRK RIIHW XS FI KYMHIH
F] E WXVSRK WIRWI SJ MRXIKVMX] 7Y^ERRI 7QEVX [EW TIVWYEWMZI [LIR WTIEOMRK XS
XLI TVIWW FYX WLI [EW YRIXLMGEP MR P]MRK XS GSZIV LIV MPPIKEP EGXMZMXMIW %W E
VIWYPX WLI MRNYVIH XLSYWERHW SJ MRZIWXSVW HIWXVS]IH LIV VITYXEXMSR ERH IRHIH
YT [MXL E PSRK NEMP WIRXIRGI 4IVLETW MJ WLI LEH GSRJIWWIH FIJSVI XLI GEQIVEW
XLEX HE] WLI [SYPH LEZI VIGIMZIH E JMRI ERH E VITVMQERH MRWXIEH SJ XLI LEVWL
IWX NEMP WIRXIRGI XLI NYHKI GSYPH MQTSWI
8LI KSEP SJ TYFPMG WTIEOMRK MW XS KEMR E HIWMVIH VIWTSRWI JVSQ PMWXIRIVWh
FYX RSX EX ER] GSWX 7TIIGLQEOMRK MW E JSVQ SJ TS[IV ERH XLIVIJSVI GEVVMIW
[MXL MX LIEZ] IXLMGEP VIWTSRWMFMPMXMIW %W XLI 6SQER VLIXSVMGMER 5YMRXMPMER
WXEXIH ]IEVW EKS XLI MHIEP SJ WTIIGLQEOMRK MW XLI KSSH TIVWSR WTIEOMRK
[IPP -R XLMW GLETXIV [I I\TPSVI XLEX MHIEP F] PSSOMRK EX XLI MQTSVXERGI SJ
IXLMGW MR TYFPMG WTIEOMRK XLI IXLMGEP SFPMKEXMSRW SJ WTIEOIVW ERH PMWXIRIVW ERH
XLI TVEGXMGEP TVSFPIQ SJ TPEKMEVMWQ ERH LS[ XS EZSMH MX
8LI -QTSVXERGI SJ )XLMGW
IXLMGW )XLMGW MW XLI FVERGL SJ TLMPSWSTL] XLEX HIEPW [MXL MWWYIW SJ VMKLX ERH [VSRK MR
8LI FVERGL SJ TLMPSWSTL] XLEX LYQER EJJEMVW 5YIWXMSRW SJ IXLMGW EVMWI [LIRIZIV [I EWO [LIXLIV E GSYVWI SJ
HIEPW [MXL MWWYIW SJ VMKLX ERH EGXMSR MW QSVEP SV MQQSVEP JEMV SV YRJEMV NYWX SV YRNYWX LSRIWX SV HMWLSRIWX
[VSRK MR LYQER EJJEMVW
;I JEGI WYGL UYIWXMSRW HEMP] MR EPQSWX IZIV] TEVX SJ SYV PMZIW 8LI TEVIRX
QYWX HIGMHI LS[ XS HIEP [MXL E GLMPH [LS LEW FIIR WIRX LSQI JVSQ WGLSSP JSV
YRVYP] FILEZMSV 8LI VIWIEVGLIV QYWX HIGMHI [LIXLIV XS WLEHI LIV HEXE qNYWX E
FMXr MR SVHIV XS KEMR GVIHMX JSV ER MQTSVXERX WGMIRXMJMG FVIEOXLVSYKL 8LI
WLSTTIV QYWX HIGMHI [LEX XS HS [MXL XLI I\XVE GLERKI QMWXEOIRP] KMZIR F]
XLI GPIVO EX XLI KVSGIV] WXSVI 8LI WXYHIRX QYWX HIGMHI [LIXLIV XS WE] ER]XLMRK
EFSYX E JVMIRH LI LEW WIIR GLIEXMRK SR E JMREP I\EQ
5YIWXMSRW SJ IXLMGW EPWS GSQI MRXS TPE] [LIRIZIV E TYFPMG WTIEOIV JEGIW ER
EYHMIRGI -R ER MHIEP [SVPH EW XLI +VIIO TLMPSWSTLIV 4PEXS RSXIH EPP TYFPMG
WTIEOIVW [SYPH FI XVYXLJYP ERH HIZSXIH XS XLI KSSH SJ WSGMIX] =IX LMWXSV] XIPPW
YW XLEX XLI TS[IV SJ WTIIGL MW SJXIR EFYWIHhWSQIXMQIW [MXL HMWEWXVSYW VIWYPXW
',%48)6 )8,-'7 %2( 49&0-' 74)%/-2+
0YGEW 8LI %VX SJ 4YFPMG )XLMGW ERH 4YFPMG 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 7TIEOMRK 'SQTERMIW
%HSPJ ,MXPIV [EW YRUYIWXMSREFP] E TIVWYEWMZI WTIEOIV ,MW SVEXSV] KEPZERM^IH
XLI +IVQER TISTPI FYX LMW EMQW [IVI LSVVMJ]MRK ERH LMW XEGXMGW HIWTMGEFPI ,I
VIQEMRW XS XLMW HE] XLI YPXMQEXI I\EQTPI SJ [L] XLI TS[IV SJ XLI WTSOIR [SVH
RIIHW XS FI KYMHIH F] E WXVSRK WIRWI SJ IXLMGEP MRXIKVMX]
%W E TYFPMG WTIEOIV ]SY [MPP JEGI IXLMGEP MWWYIW EX IZIV] WXEKI SJ XLI
WTIIGLQEOMRK TVSGIWWhJVSQ XLI MRMXMEP HIGMWMSR XS WTIEO XLVSYKL XLI JMREP
TVIWIRXEXMSR SJ XLI QIWWEKI %RH XLI ERW[IVW [MPP RSX EP[E]W FI IEW] 'SRWMHIV
XLI JSPPS[MRK I\EQTPI
*IPMGME 6SFMRWSR MW VYRRMRK JSV WGLSSP FSEVH MR E PEVKI IEWXIVR GMX] ,IV STTSRIRX MW
GSRHYGXMRK [LEX *IPMGME VIKEVHW EW E LMKLP] YRIXLMGEP GEQTEMKR -R EHHMXMSR XS X[MWXMRK XLI
JEGXW EFSYX WGLSSP XE\IW XLI STTSRIRX MW TERHIVMRK XS VEGMEP TVINYHMGI F] VEMWMRK
VIWIRXQIRX EKEMRWX %JVMGER %QIVMGERW ERH RI[P] EVVMZIH MQQMKVERXW
*MZI HE]W FIJSVI XLI IPIGXMSR *IPMGME [LS MW WPMKLXP] FILMRH MR XLI TSPPW PIEVRW XLEX XLI
HMWXVMGX EXXSVRI] MW TVITEVMRK XS MRHMGX LIV STTSRIRX JSV WLEH] FYWMRIWW TVEGXMGIW &YX XLI
MRHMGXQIRX [MPP RSX FI JSVQEPP] MWWYIH YRXMP EJXIV XLI IPIGXMSR 2SV GER MX FI XEOIR EW
IZMHIRGI XLEX LIV STTSRIRX MW KYMPX]hPMOI EPP GMXM^IRW LI LEW XLI VMKLX XS FI TVIWYQIH
MRRSGIRX YRXMP TVSZIR SXLIV[MWI
7XMPP RI[W SJ XLI MRHMGXQIRX GSYPH FI IRSYKL XS XLVS[ XLI IPIGXMSR *IPMGMEtW [E] ERH
LIV EHZMWIVW YVKI LIV XS QEOI MX ER MWWYI MR LIV VIQEMRMRK GEQTEMKR WTIIGLIW 7LSYPH
*IPMGME JSPPS[ XLIMV EHZMGI#
8LIVI EVI GVIHMXEFPI EVKYQIRXW XS FI QEHI SR FSXL WMHIW SJ XLI IXLMGEP IXLMGEP HIGMWMSRW
HMPIQQE JEGIH F] *IPMGME 6SFMRWSR 7LI LEW XVMIH XS VYR ER LSRIWX GEQTEMKR 7SYRH IXLMGEP HIGMWMSRW MRZSPZI
ERH WLI MW XVSYFPIH F] XLI TSWWMFMPMX] SJ YRJEMVP] EXXEGOMRK LIV STTSRIRXh [IMKLMRK E TSXIRXMEP GSYVWI SJ
HIWTMXI XLI JEGX XLEX LI LEW WLS[R RS WYGL WGVYTPIW LMQWIPJ =IX WLI ORS[W XLEX EGXMSR EKEMRWX E WIX SJ IXLMGEP
XLI MQTIRHMRK MRHMGXQIRX QE] FI LIV PEWX GLERGI XS [MR XLI IPIGXMSR ERH WLI WXERHEVHW SV KYMHIPMRIW
MW GSRZMRGIH XLEX E ZMGXSV] JSV LIV STTSRIRX [MPP WTIPP HMWEWXIV JSV XLI GMX]tW
WGLSSP W]WXIQ 8SVR FIX[IIR LIV GSQQMXQIRX XS JEMV TPE] LIV HIWMVI XS FI
IPIGXIH ERH LIV GSRGIVR JSV XLI KSSH SJ XLI GSQQYRMX] WLI JEGIW XLI EKI SPH
IXLMGEP HMPIQQE SJ [LIXLIV XLI IRHW NYWXMJ] XLI QIERW
q7S r ]SY QE] FI EWOMRK ]SYVWIPJ q[LEX MW XLI ERW[IV XS *IPMGME 6SFMRWSRtW
HMPIQQE#r &YX MR GSQTPI\ GEWIW WYGL EW LIVW XLIVI EVI RS GYX ERH HVMIH ERW[IVW
%W XLI PIEHMRK FSSO SR GSQQYRMGEXMSR IXLMGW WXEXIW q;I WLSYPH JSVQYPEXI
QIERMRKJYP IXLMGEP KYMHIPMRIW RSX MRJPI\MFPI VYPIW r =SYV IXLMGEP HIGMWMSRW [MPP
FI KYMHIH F] ]SYV ZEPYIW ]SYV GSRWGMIRGI ]SYV WIRWI SJ VMKLX ERH [VSRK
&YX XLMW HSIW RSX QIER WYGL HIGMWMSRW EVI WMQTP] E QEXXIV SJ TIVWSREP
[LMQ SV JERG] 7SYRH IXLMGEP HIGMWMSRW MRZSPZI [IMKLMRK E TSXIRXMEP GSYVWI SJ
EGXMSR EKEMRWX E WIX SJ IXLMGEP WXERHEVHW SV KYMHIPMRIW .YWX EW XLIVI EVI KYMHIPMRIW
JSV IXLMGEP FILEZMSV MR SXLIV EVIEW SJ PMJI WS EVI XLIVI KYMHIPMRIW JSV IXLMGEP
GSRHYGX MR TYFPMG WTIEOMRK 8LIWI KYMHIPMRIW [MPP RSX EYXSQEXMGEPP] WSPZI IZIV]
IXLMGEP UYERHEV] ]SY JEGI EW E WTIEOIV FYX ORS[MRK XLIQ [MPP TVSZMHI E
VIPMEFPI GSQTEWW XS LIPT ]SY JMRH ]SYV [E]
+YMHIPMRIW JSV )XLMGEP 7TIEOMRK
1%/) 796) =396 +3%07 %6) )8,-'%00= 7392(
2SX PSRK EKS - WTSOI [MXL E JSVQIV WXYHIRXh[ItPP GEPP LIV 1IPMWWEh[LS LEH
XYVRIH HS[R E NSF MR XLI TYFPMG VIPEXMSRW HITEVXQIRX SJ XLI %QIVMGER
8SFEGGS -RWXMXYXI ;L]# &IGEYWI XLI NSF [SYPH LEZI VIUYMVIH LIV XS PSFF] SR
+YMHIPMRIW JSV )XLMGEP 7TIEOMRK
0YGEW 8LI %VX SJ 4YFPMG )XLMGW ERH 4YFPMG 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 7TIEOMRK 'SQTERMIW
FILEPJ SJ XLI GMKEVIXXI MRHYWXV] 1IPMWWE HMH RSX FIPMIZI WLI GSYPH IXLMGEPP]
TVSQSXI E TVSHYGX XLEX WLI WE[ EW VIWTSRWMFPI JSV XLSYWERHW SJ HIEXLW ERH
MPPRIWWIW IEGL ]IEV
+MZIR 1IPMWWEtW ZMI[ SJ XLI HERKIVW SJ GMKEVIXXI WQSOMRK XLIVI GER FI RS
HSYFX XLEX WLI QEHI ER IXLMGEPP] MRJSVQIH HIGMWMSR 3R XLI SXLIV WMHI SJ XLI
GSMR WSQISRI [MXL E HMJJIVIRX ZMI[ SJ GMKEVIXXI WQSOMRK GSYPH QEOI ER
IXLMGEPP] MRJSVQIH HIGMWMSR XS XEOI XLI NSF 8LI TSMRX SJ XLMW I\EQTPI MW RSX
XS NYHKI XLI VMKLXRIWW SV [VSRKRIWW SJ 1IPMWWEtW HIGMWMSR SV SJ GMKEVIXXI
WQSOMRK
FYX XS MPPYWXVEXI LS[ IXLMGEP GSRWMHIVEXMSRW GER EJJIGX E WTIEOIVtW
GLSMGI SJ KSEPW
=SYV JMVWX VIWTSRWMFMPMX] EW E WTIEOIV MW XS EWO [LIXLIV ]SYV KSEPW EVI
IXLMGEPP] WSYRH (YVMRK ;SVPH ;EV -- ,MXPIV WXMVVIH XLI +IVQER TISTPI XS
GSRHSRI [EV MRZEWMSR ERH KIRSGMHI 1SVI VIGIRXP] [I LEZI WIIR TSPMXMGMERW
[LS FIXVE] XLI TYFPMG XVYWX JSV TIVWSREP KEMR FYWMRIWW PIEHIVW [LS HIJVEYH
MRZIWXSVW SJ QMPPMSRW SJ HSPPEVW TVIEGLIVW [LS PIEH PEZMWL PMJIWX]PIW EX XLI
I\TIRWI SJ XLIMV VIPMKMSYW HYXMIW 8LIVI GER FI RS HSYFX XLEX XLIWI EVI RSX
[SVXL] KSEPW
&YX XLMRO FEGO JSV E QSQIRX XS XLI I\EQTPIW SJ WTIIGLQEOMRK KMZIR MR
'LETXIV ;LEX HS XLI WTIEOIVW LSTI XS EGGSQTPMWL# 6ITSVX SR E FYWMRIWW
TVSNIGX -QTVSZI XLI UYEPMX] SJ IHYGEXMSR 4E] XVMFYXI XS E JIPPS[ [SVOIV
4VSXIGX GSQQYRMXMIW EKEMRWX MRHYWXVMEP TSPPYXMSR 7YTTSVX ,EFMXEX JSV ,YQERMX]
*I[ TISTPI [SYPH UYIWXMSR XLEX XLIWI KSEPW EVI IXLMGEPP] WSYRH
%W [MXL SXLIV IXLMGEP MWWYIW XLIVI GER FI KVE] EVIEW [LIR MX GSQIW XS
EWWIWWMRK E WTIEOIVtW KSEPWhEVIEW MR [LMGL VIEWSREFPI TISTPI [MXL [IPP HIJMRIH
WXERHEVHW SJ VMKLX ERH [VSRK GER PIKMXMQEXIP] HMWEKVII &YX XLMW MW RSX E VIEWSR
XS EZSMH EWOMRK IXLMGEP UYIWXMSRW -J ]SY EVI XS FI E VIWTSRWMFPI TYFPMG WTIEOIV
]SY GERRSX IWGETI EWWIWWMRK XLI IXLMGEP WSYRHRIWW SJ ]SYV KSEPW
&) *900= 46)4%6)( *36 )%', 74))',
q% WTIIGL r EW .IROMR 0PS]H .SRIW WXEXIW qMW E WSPIQR VIWTSRWMFMPMX] r =SY LEZI
ER SFPMKEXMSRhXS ]SYVWIPJ ERH XS ]SYV PMWXIRIVWhXS TVITEVI JYPP] IZIV] XMQI
]SY WXERH MR JVSRX SJ ER EYHMIRGI 8LI SFPMKEXMSR XS ]SYVWIPJ MW SFZMSYW 8LI
FIXXIV ]SY TVITEVI XLI FIXXIV ]SYV WTIIGL [MPP FI &YX XLI SFPMKEXMSR XS ]SYV
PMWXIRIVW MW RS PIWW MQTSVXERX 8LMRO SJ MX XLMW [E] 8LI TIVWSR [LS QEOIW E FEH
QMRYXI WTIIGL XS ER EYHMIRGI SJ TISTPI [EWXIW SRP] E LEPJ LSYV SJ LIV
SV LMW S[R XMQI &YX XLEX WEQI WTIEOIV [EWXIW LSYVW SJ XLI EYHMIRGItW
XMQIhQSVI XLER JSYV JYPP HE]W 8LMW .SRIW I\GPEMQIH qWLSYPH FI E LERKMRK
SJJIRWI r
%X XLMW WXEKI SJ ]SYV WTIEOMRK GEVIIV SJ GSYVWI ]SY [MPP TVSFEFP] RSX FI
JEGMRK QER] EYHMIRGIW SJ TISTPI %RH ]SY [MPP TVSFEFP] RSX FI KMZMRK
QER] WTIIGLIW MR [LMGL XLI EYHMIRGI LEW GSQI JSV XLI WSPI TYVTSWI SJ
PMWXIRMRK XS ]SY &YX RIMXLIV XLI WM^I RSV XLI GSQTSWMXMSR SJ ]SYV EYHMIRGI
GLERKIW ]SYV IXLMGEP VIWTSRWMFMPMX] XS FI JYPP] TVITEVIH =SYV WTIIGL GPEWWQEXIW
EVI EW [SVXL] SJ ]SYV FIWX IJJSVX EW MJ ]SY [IVI EHHVIWWMRK E NYV] SV E FYWMRIWW
QIIXMRK E YRMSR GSRJIVIRGI SV E GLYVGL GSRKVIKEXMSR XLI PSGEP 6SXEV] GPYF SV
IZIR XLI 9RMXIH 7XEXIW 7IREXI
&IMRK TVITEVIH JSV E WTIIGL MRZSPZIW IZIV]XLMRK JVSQ EREP]^MRK ]SYV
EYHMIRGI XS GVIEXMRK ZMWYEP EMHW SVKERM^MRK ]SYV MHIEW XS VILIEVWMRK ]SYV
HIPMZIV] 1SWX GVYGMEP JVSQ ER IXLMGEP WXERHTSMRX XLSYKL MW FIMRK JYPP]
MRJSVQIH EFSYX ]SYV WYFNIGX ;L] MW XLMW WS MQTSVXERX# 'SRWMHIV XLI JSPPS[
MRK WXSV]
',%48)6 )8,-'7 %2( 49&0-' 74)%/-2+
0YGEW 8LI %VX SJ 4YFPMG )XLMGW ERH 4YFPMG 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 7TIEOMRK 'SQTERMIW
%QSRK GYVVIRX TYFPMG WTIEO
IVW 2SFIP 4IEGI 4VM^I [MRRIV
ERH LYQER VMKLXW EGXMZMWX )PMI
;MIWIP MW LMKLP] VIKEVHIH JSV
LMW IXLMGEPP] WSYRH KSEPW ERH
TS[IVJYP TIVWYEWMZI ETTIEP
:MGXSVME 2YÕI^ E WXYHIRX EX E PEVKI WXEXI YRMZIVWMX] KEZI E GPEWWVSSQ WTIIGL SR WYM
GMHI TVIZIRXMSR :MGXSVME LEH PIEVRIH EFSYX XLI XSTMG JVSQ LIV QSXLIV E ZSPYRXIIV SR E
WYMGMHI TVIZIRXMSR LSXPMRI FYX WLI EPWS GSRWYPXIH LIV TW]GLSPSK] XI\XFSSO EW [IPP EW WIZ
IVEP QEKE^MRI EVXMGPIW SR XLI [EVRMRK WMKRW SJ WYMGMHI 7LI EPWS MRXIVZMI[IH E GVMWMW
MRXIVZIRXMSR GSYRWIPSV EX XLI GEQTYW LIEPXL WIVZMGI
-R EHHMXMSR XS LIV VIWIEVGL :MGXSVME KEZI E PSX SJ XLSYKLX XS TPERRMRK ERH HIPMZIVMRK
LIV WTIIGL 7LI IZIR TVITEVIH E LERHSYX JSV XLI GPEWW PMWXMRK WMKRW XLEX E TIVWSR QMKLX
EXXIQTX WYMGMHI ERH TVSZMHMRK GSRXEGX MRJSVQEXMSR JSV PSGEP QIRXEP LIEPXL VIWSYVGIW 3R
XLI HE] SJ LIV WTIIGL :MGXSVME [EW XLSVSYKLP] TVITEVIHhERH WLI KEZI ER I\GIPPIRX TVI
WIRXEXMSR
3RP] E JI[ HE]W PEXIV SRI SJ :MGXSVMEtW GPEWWQEXIW 4EYP 2MGLSPW LEH E GSRZIVWEXMSR
[MXL LMW VSSQQEXI XLEX VEMWIH E [EVRMRK JPEK EFSYX [LIXLIV XLI VSSQQEXI QMKLX FI
HITVIWWIH ERH MR HERKIV SJ WYMGMHI &EWIH SR XLI MRJSVQEXMSR MR :MGXSVMEtW WTIIGL 4EYP
WTSOI XS LMW VSSQQEXI KSX LMQ XS XEPO EFSYX LMW [SVVMIW ERH GSRZMRGIH LMQ XS WIIO
GSYRWIPMRK 4EYP QMKLX LEZI WEZIH LMW VSSQQEXItW PMJI XLEROW XS :MGXSVMEtW WTIIGL
8LMW MW ER IWTIGMEPP] HVEQEXMG GEWI FYX MX HIQSRWXVEXIW LS[ ]SYV WTIIGLIW
GER LEZI E KIRYMRI MQTEGX SR ]SYV PMWXIRIVW %W E WTIEOIV ]SY LEZI ER IXLMGEP
VIWTSRWMFMPMX] XS GSRWMHIV XLEX MQTEGX ERH XS QEOI WYVI ]SY TVITEVI JYPP] WS EW
RSX XS GSQQYRMGEXI IVVSRISYW MRJSVQEXMSR SV QMWPIEHMRK EHZMGI -J :MGXSVME
LEH RSX HSRI WYGL E XLSVSYKL NSF VIWIEVGLMRK LIV WTIIGL WLI QMKLX LEZI
KMZIR LIV GPEWWQEXIW JEYPX] MRJSVQEXMSRhMRJSVQEXMSR XLEX QMKLX LEZI LEH
XVEKMG VIWYPXW
2S QEXXIV [LEX XLI XSTMG RS QEXXIV [LS XLI EYHMIRGI ]SY RIIH XS
I\TPSVI ]SYV WTIIGL XSTMG EW XLSVSYKLP] EW TSWWMFPI -RZIWXMKEXI XLI [LSPI
WXSV] PIEVR EFSYX EPP WMHIW SJ ER MWWYI WIIO SYX GSQTIXMRK ZMI[TSMRXW KIX XLI
JEGXW VMKLX 2SX SRP] [MPP ]SY KMZI E FIXXIV WTIIGL ]SY [MPP EPWS JYPJMPP SRI SJ
]SYV QENSV IXLMGEP SFPMKEXMSRW
+YMHIPMRIW JSV )XLMGEP 7TIEOMRK
0YGEW 8LI %VX SJ 4YFPMG )XLMGW ERH 4YFPMG 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 7TIEOMRK 'SQTERMIW
& ) ,32)78 -2 ;,%8 =39 7%=
2SXLMRK MW QSVI MQTSVXERX XS IXLMGEP WTIIGLQEOMRK XLER LSRIWX] 4YFPMG
WTIEOMRK VIWXW SR XLI YRWTSOIR EWWYQTXMSR XLEX q[SVHW GER FI XVYWXIH ERH
TISTPI [MPP FI XVYXLJYP r ;MXLSYX XLMW EWWYQTXMSR XLIVI MW RS FEWMW JSV
GSQQYRMGEXMSR RS VIEWSR JSV SRI TIVWSR XS FIPMIZI ER]XLMRK XLEX ERSXLIV
TIVWSR WE]W
(SIW XLMW QIER IZIV] WTIEOIV QYWX EP[E]W XIPP qXLI XVYXL XLI [LSPI XVYXL
ERH RSXLMRK FYX XLI XVYXLr# ;I GER EPP XLMRO SJ WMXYEXMSRW MR [LMGL XLMW MW
MQTSWWMFPI FIGEYWI [I HS RSX ORS[ XLI [LSPI XVYXL
SV MREHZMWEFPI FIGEYWI
MX [SYPH FI XEGXPIWW SV MQTVYHIRX
'SRWMHIV E TEVIRX [LS XIPPW LMW X[S ]IEV SPH
HEYKLXIV XLEX LIV WGVIIGLMRK ZMSPMR WSPS MW qFIEYXMJYP r 3V E WTIEOIV [LS XIPPW E
JEPWILSSH MR GMVGYQWXERGIW [LIR HMWGPSWMRK XLI XVYXL QMKLX XSYGL SJJ QSF
ZMSPIRGI *I[ TISTPI [SYPH JMRH XLIWI EGXMSRW YRIXLMGEP
-R GSRXVEWX XLMRO FEGO XS XLI GEWI SJ 7Y^ERRI 7QEVX EX XLI WXEVX SJ XLMW
GLETXIV 7Y^ERRI ORI[ WLI LEH YWIH MRWMHIV MRJSVQEXMSR XS TVSJMX JVSQ XLI WEPI
SJ LIV GSQTER]tW WXSGO =IX WLI HIRMIH XLEX WLI LEH HSRI WS ERH WLI TVSJMXIH
EX XLI I\TIRWI SJ SXLIV MRZIWXSVW 8LIVI MW RS [E] XS I\GYWI 7Y^ERRItW FILEZMSV
7LI XSPH E JPEX SYX PMI [MXLSYX VIKEVH JSV MXW GSRWIUYIRGIW SR SXLIV TISTPI
7YGL FPEXERX GSRXIQTX JSV XLI XVYXL MW SRI OMRH SJ HMWLSRIWX] MR TYFPMG
WTIEOMRK &YX QSVI WYFXPI JSVQW SJ HMWLSRIWX] EVI NYWX EW YRIXLMGEP 8LI]
MRGPYHI NYKKPMRK WXEXMWXMGW UYSXMRK SYX SJ GSRXI\X QMWVITVIWIRXMRK WSYVGIW
TEMRXMRK XIRXEXMZI JMRHMRKW EW JMVQ GSRGPYWMSRW TSVXVE]MRK E JI[ HIXEMPW EW XLI
[LSPI WXSV] GMXMRK YRYWYEP GEWIW EW X]TMGEP I\EQTPIW ERH WYFWXMXYXMRK
MRRYIRHS ERH LEPJ XVYXLW JSV IZMHIRGI ERH TVSSJ %PP SJ XLIWI ZMSPEXI XLI
WTIEOIVtW HYX] XS FI EGGYVEXI ERH JEMV MR TVIWIRXMRK MRJSVQEXMSR
;LMPI SR XLI WYFNIGX SJ LSRIWX] MR WTIIGLQEOMRK [I WLSYPH EPWS RSXI XLEX
IXLMGEPP] VIWTSRWMFPI WTIEOIVW HS RSX TVIWIRX SXLIV TISTPItW [SVHW EW XLIMV S[R
8LI] HS RSX TPEKMEVM^I XLIMV WTIIGLIW 8LMW WYFNIGX MW WS MQTSVXERX XLEX [I
HIZSXI E WITEVEXI WIGXMSR XS MX PEXIV MR XLMW GLETXIV
3* %&97-:) 0%2+9%+)
q7XMGOW ERH WXSRIW GER FVIEO Q] FSRIW FYX [SVHW GER RIZIV LYVX QI r 8LMW
TSTYPEV GLMPHVIRtW GLERX GSYPH RSX FI QSVI [VSRK ;SVHW QE] RSX PMXIVEPP]
FVIEO TISTPItW FSRIW FYX XLI] GER PIEZI TW]GLSPSKMGEP WGEVW EW WYVIP] EW WXMGOW
ERH WXSRIW GER PIEZI TL]WMGEP WGEVW %W SRI [VMXIV I\TPEMRW q3YV MHIRXMXMIW
[LS ERH [LEX [I EVI LS[ SXLIVW WII YW EVI KVIEXP] EJJIGXIH F] XLI REQIW [I
EVI GEPPIH ERH XLI [SVHW [MXL [LMGL [I EVI PEFIPIH r 8LMW MW [L] EPQSWX EPP
GSQQYRMGEXMSR IXLMGMWXW [EVR TYFPMG WTIEOIVW XS EZSMH REQI GEPPMRK ERH SXLIV
JSVQW SJ EFYWMZI PERKYEKI
REQI GEPPMRK 2EQI 'EPPMRK ERH 4IVWSREP (MKRMX]
8LI YWI SJ PERKYEKI XS HIJEQI
HIQIER SV HIKVEHI MRHMZMHYEPW 2EQI GEPPMRK MW XLI YWI SJ PERKYEKI XS HIJEQI HIQIER SV HIKVEHI MRHMZMHYEPW
SV KVSYTW SV KVSYTW ;LIR ETTPMIH XS ZEVMSYW KVSYTW MR %QIVMGE MX MRGPYHIW WYGL ITMXLIXW
EW qJEK r qOMOI r qRMKKIV r qLSROI] r q[ST r qNET r qGLMRO r ERH qWTMG r 7YGL
XIVQW LEZI FIIR YWIH XS HIFEWI TISTPI FIGEYWI SJ XLIMV WI\YEP SVMIRXEXMSR
VIPMKMSYW FIPMIJW SV IXLRMG FEGOKVSYRH 8LIWI [SVHW HILYQERM^I XLI KVSYTW
XLI] EVI HMVIGXIH EKEMRWX ERH MQTP] XLEX XLI] HS RSX HIWIVZI XS FI XVIEXIH [MXL
HMKRMX] ERH VIWTIGX
',%48)6 )8,-'7 %2( 49&0-' 74)%/-2+
0YGEW 8LI %VX SJ 4YFPMG )XLMGW ERH 4YFPMG 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 7TIEOMRK 'SQTERMIW
8S LIPT JSWXIV VIWTSRWMFPI GSQQYRMGEXMSR XLI 2EXMSREP 'SQQYRMGEXMSR %WWSGME -RXIVRIX
XMSR LEW HIZIPSTIH E 'VIHS JSV )XLMGEP 'SQQYRMGEXMSR =SY GER EGGIWW MX EX [[[ 'SRRIGXMSR
REXGSQ SVK RGE 8IQTPEXI EWT#FMH!
[[[ GSRRIGXPYGEW GSQ
=SY GER PIEVR E KVIEX HIEP EFSYX JVII WTIIGL MWWYIW SR XLI -RXIVRIX 3RI WSYVGI MW
XLI %QIVMGER 'MZMP 0MFIVXMIW 9RMSR *VII 7TIIGL ;IF WMXI EX [[[ EGPY SVK
JVIIWTIIGL %RSXLIV MW XLI *VIIHSQ *SVYQtW *MVWX %QIRHQIRX WMXI EX [[[
JMVWXEQIRHQIRXGIRXIV SVK
-R 'LETXIV [I [MPP PSSO EX [E]W ]SY GER EZSMH FMEWIH PERKYEKI MR ]SYV
WTIIGLIW *SV RS[ XLI TSMRX XS VIQIQFIV MW XLEX GSRXVEV] XS [LEX WSQI
TISTPI GPEMQ EZSMHMRK VEGMWX WI\MWX ERH SXLIV OMRHW SJ EFYWMZI PERKYEKI MW RSX
WMQTP] E QEXXIV SJ TSPMXMGEP GSVVIGXRIWW 7YGL PERKYEKI MW IXLMGEPP] WYWTIGX
FIGEYWI MX HIZEPYIW ERH WXIVISX]TIW XLI TISTPI MR UYIWXMSR
7YGL PERKYEKI MW EPWS E HIWXVYGXMZI WSGMEP JSVGI ;LIR YWIH VITIEXIHP] ERH
W]WXIQEXMGEPP] SZIV XMQI MX LIPTW VIMRJSVGI EXXMXYHIW XLEX IRGSYVEKI TVINYHMGI
LEXI GVMQIW ERH GMZMP VMKLXW ZMSPEXMSRW 8LI MWWYI MW RSX SRI SJ TSPMXMGW FYX SJ
VIWTIGXMRK XLI HMKRMX] SJ XLI HMZIVWI KVSYTW MR GSRXIQTSVEV] WSGMIX]
2EQI 'EPPMRK ERH *VII 7TIIGL &MPP SJ 6MKLXW
8LI JMVWX EQIRHQIRXW XS XLI
2EQI GEPPMRK ERH EFYWMZI PERKYEKI EPWS TSWI IXLMGEP TVSFPIQW MR TYFPMG WTIEO 9RMXIH 7XEXIW 'SRWXMXYXMSR
MRK [LIR XLI] EVI YWIH XS WMPIRGI STTSWMRK ZSMGIW % HIQSGVEXMG WSGMIX]
HITIRHW YTSR XLI JVII ERH STIR I\TVIWWMSR SJ MHIEW -R XLI 9RMXIH 7XEXIW EPP
GMXM^IRW LEZI XLI VMKLX XS NSMR MR XLI RIZIV IRHMRK HMEPSKYI SJ HIQSGVEG] %W E
TYFPMG WTIEOIV ]SY LEZI ER IXLMGEP SFPMKEXMSR XS LIPT TVIWIVZI XLEX VMKLX F]
EZSMHMRK XEGXMGW WYGL EW REQI GEPPMRK XLEX MRLIVIRXP] MQTYKR XLI EGGYVEG] SV
VIWTIGXEFMPMX] SJ TYFPMG WXEXIQIRXW QEHI F] KVSYTW SV MRHMZMHYEPW [LS ZSMGI
STMRMSRW HMJJIVIRX JVSQ ]SYVW
8LMW SFPMKEXMSR MW XLI WEQI VIKEVHPIWW SJ [LIXLIV ]SY EVI FPEGO SV [LMXI
'LVMWXMER SV 1YWPMQ QEPI SV JIQEPI KE] SV WXVEMKLX PMFIVEP SV GSRWIVZEXMZI %
TVS IRZMVSRQIRXEPMWX SJJMGI WIIOIV [LS GEWXMKEXIH IZIV]SRI STTSWIH XS LIV
MHIEW EW ER qIRIQ] SJ [MPHPMJIr [SYPH FI SR EW XLMR MGI IXLMGEPP] EW E TSPMXMGMER
[LS PEFIPIH EPP LMW EHZIVWEVMIW qXE\ ERH WTIRH PMFIVEPW r
0MOI SXLIV IXLMGEP UYIWXMSRW MR TYFPMG WTIEOMRK REQI GEPPMRK VEMWIW WSQI
XLSVR] MWWYIW %PXLSYKL REQI GEPPMRK GER FI LE^EVHSYW XS JVII WTIIGL MX MW WXMPP
TVSXIGXIH YRHIV XLI JVII WTIIGL GPEYWI SJ XLI &MPP SJ 6MKLXW 8LMW MW [L] XLI
%QIVMGER 'MZMP 0MFIVXMIW 9RMSR E QENSV HIJIRHIV SJ GSRWXMXYXMSREP VMKLXW LEW
STTSWIH FVSEHP] [SVHIH GSHIW EKEMRWX EFYWMZI WTIIGL SR GSPPIKI GEQTYWIW
7YGL GSHIW YWYEPP] TVSLMFMX XLVIEXIRMRK SV MRWYPXMRK WTIIGL EKEMRWX VEGMEP SV
VIPMKMSYW QMRSVMXMIW [SQIR KE]W ERH PIWFMERW ERH TISTPI [MXL TL]WMGEP
HMWEFMPMXMIW 8S HEXI XLIWI GSHIW LEZI RSX WYVZMZIH PIKEP GLEPPIRKIW ERH QER]
WGLSSPW LEZI WYFWIUYIRXP] HIZIPSTIH QSVI WLEVTP] JSGYWIH VIKYPEXMSRW XLEX
XLI] LSTI [MPP WXERH YT MR GSYVX
&YX [LEXIZIV XLI PIKEP SYXGSQI QE] FI MX [MPP RSX EPXIV XLI IXLMGEP
VIWTSRWMFMPMX] SJ TYFPMG WTIEOIVWhSR SV SJJ GEQTYWhXS EZSMH REQI GEPPMRK
ERH SXLIV OMRHW SJ EFYWMZI PERKYEKI 0IKEPMX] ERH IXLMGW XLSYKL VIPEXIH EVI
RSX MHIRXMGEP 8LIVI MW RSXLMRK MPPIKEP EFSYX JEPWMJ]MRK WXEXMWXMGW MR E WTIIGL
FYX XLIVI MW RS HSYFX XLEX MX MW YRIXLMGEP 8LI WEQI MW XVYI SJ REQI GEPPMRK -X
+YMHIPMRIW JSV )XLMGEP 7TIEOMRK
0YGEW 8LI %VX SJ 4YFPMG )XLMGW ERH 4YFPMG 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 7TIEOMRK 'SQTERMIW
QE] RSX FI MPPIKEP XS GEWX VEGMEP WI\YEP SV VIPM
KMSYW WPYVW EX TISTPI MR E WTIIGL FYX MX MW WXMPP
YRIXLMGEP 2SX SRP] HSIW MX HIQIER XLI HMKRMX] SJ
XLI KVSYTW SV MRHMZMHYEPW FIMRK EXXEGOIH FYX MX
YRHIVQMRIW XLI VMKLX SJ EPP KVSYTW MR XLI 9 7 XS
FI JEMVP] LIEVH
498 )8,-'%0 46-2'-40)7
-283 46%'8-')
-X MW IEW] XS TE] PMT WIVZMGI XS XLI MQTSVXERGI SJ
IXLMGW -X MW QYGL LEVHIV XS EGX IXLMGEPP] =IX XLEX MW
NYWX [LEX XLI VIWTSRWMFPI TYFPMG WTIEOIV QYWX HS
%W SRI TSTYPEV FSSO SR IXLMGW WXEXIW q&IMRK IXLM
GEP QIERW FILEZMRK IXLMGEPP] EPP XLI XMQIhRSX SRP]
[LIR MXtW GSRZIRMIRX r
%W ]SY [SVO SR ]SYV WTIIGLIW ]SY [MPP EWO
]SYVWIPJ WYGL UYIWXMSRW EW q-W Q] GLSMGI SJ XSTMG
WYMXEFPI JSV XLI EYHMIRGI#r q%VI Q] WYTTSVXMRK
QEXIVMEPW GPIEV ERH GSRZMRGMRK#r q,S[ GER -
TLVEWI Q] MHIEW XS KMZI XLIQ QSVI TYRGL#r 8LIWI
EVI W XVEXIKMG UYIWXMSRW %W ]SY ERW[IV XLIQ ]SY
[MPP XV] XS QEOI ]SYV WTIIGL EW MRJSVQEXMZI EW
TIVWYEWMZI SV EW IRXIVXEMRMRK EW TSWWMFPI
5YIWXMSRW SJ IXLMGW EVMWI [LIRIZIV E WTIEOIV JEGIW ER EYHM &YX ]SY [MPP EPWS JEGI QSQIRXW SJ IXLMGEP
IRGI 3J EPP XLI IXLMGEP SFPMKEXMSRW JEGMRK WTIEOIVW RSRI MW HIGMWMSRhWMQMPEV TIVLETW XS XLSWI JEGIH F]
QSVI MQTSVXERX XLER LSRIWX] MR SVHIV XS QEMRXEMR XLI FSRH 7Y^ERRI 7QEVX *IPMGME 6SFMRWSR ERH XLI SXLIV
SJ XVYWX [MXL PMWXIRIVW WTIEOIVW MR XLMW GLETXIV ;LIR XLSWI QSQIRXW
EVVMZI HSRtX WMQTP] FVYWL XLIQ EWMHI ERH KS SR
]SYV [E] /IIT MR QMRH XLI KYMHIPMRIW JSV IXLMGEP WTIIGLQEOMRK [I LEZI HMW
GYWWIH ERH HS ]SYV FIWX XS JSPPS[ XLIQ XLVSYKL XLMGO ERH XLMR 1EOI WYVI ]SY
GER ERW[IV ]IW XS EPP XLI UYIWXMSRW SR XLI 'LIGOPMWX JSV )XLMGEP 4YFPMG 7TIEOMRK
* MKYVI T
4PEKMEVMWQ
TPEKMEVMWQ q4PEKMEVMWQr GSQIW JVSQ TPEKMEVMYW XLI 0EXMR [SVH JSV OMHRETTIV 8S TPEKMEVM^I
4VIWIRXMRK ERSXLIV TIVWSRtW QIERW XS TVIWIRX ERSXLIV TIVWSRtW PERKYEKI SV MHIEW EW ]SYV S[RhXS KMZI XLI
PERKYEKI SV MHIEW EW SRItW S[R MQTVIWWMSR ]SY LEZI [VMXXIR SV XLSYKLX WSQIXLMRK ]SYVWIPJ [LIR ]SY LEZI
EGXYEPP] XEOIR MX JVSQ WSQISRI IPWI ;I SJXIR XLMRO SJ TPEKMEVMWQ EW ER IXLMGEP
MWWYI MR XLI GPEWWVSSQ FYX MX GER LEZI VITIVGYWWMSRW MR SXLIV WMXYEXMSRW
.SERRI 'EPEFVS [EW MR LIV WIGSRH ]IEV EW WGLSSP WYTIVMRXIRHIRX MR XLI RSVXLIVR 2I[
.IVWI] XS[R SJ *SVX 0II -R 1E] WLI WTSOI EX E GIVIQSR] JSV WXYHIRXW FIMRK MR
HYGXIH MRXS XLI 2EXMSREP ,SRSV 7SGMIX] -X [EW E FVMIJ WTIIGLhSRP] WM\ QMRYXIWhFYX XLI
VITIVGYWWMSRW [SYPH PEWX QYGL QYGL PSRKIV
3RI SJ XLI WXYHIRXW EX XLI GIVIQSR] VIGSKRM^IH WSQI SJ 'EPEFVStW TEWWEKIW ERH HIGMHIH
XS GLIGO XLIQ SRPMRI ,I HMWGSZIVIH XLEX WLI LEH PMJXIH XLI IRXMVI WTIIGL JVSQ E WEQTPI MRHYG
XMSR EHHVIWW TSWXIH SR %FSYX GSQ *YVXLIV IZMHIRGI GEQI JVSQ E ZMHISXETI SJ 'EPEFVS HIPMZIV
MRK XLI WTIIGL
',%48)6 )8,-'7 %2( 49&0-' 74)%/-2+
0YGEW 8LI %VX SJ 4YFPMG )XLMGW ERH 4YFPMG 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 7TIEOMRK 'SQTERMIW
)XLMGEP 4YFPMG 7TIEOMRK ' L I G O P M W X
=)7 23
,EZI - I\EQMRIH Q] KSEPW XS QEOI WYVI XLI] EVI IXLMGEPP] GSRRIGXPYGEW GSQ
WSYRH# 8LMW GLIGOPMWX MW EPWS EZEMPEFPI
E 'ER - HIJIRH Q] KSEPW SR IXLMGEP KVSYRHW MJ XLI] EVI MR XLI SRPMRI 7TIIGL 8SSPW JSV
UYIWXMSRIH SV GLEPPIRKIH# XLMW GLETXIV
F ;SYPH - [ERX SXLIV TISTPI XS ORS[ Q] XVYI QSXMZIW
MR TVIWIRXMRK XLMW WTIIGL# d *-+96)
,EZI - JYPJMPPIH Q] IXLMGEP SFPMKEXMSR XS TVITEVI JYPP] JSV
XLI WTIIGL#
E ,EZI - HSRI E XLSVSYKL NSF SJ WXYH]MRK ERH
VIWIEVGLMRK XLI XSTMG#
F ,EZI - TVITEVIH HMPMKIRXP] WS EW RSX XS GSQQYRMGEXI
IVVSRISYW SV QMWPIEHMRK MRJSVQEXMSR XS Q]
PMWXIRIVW#
-W XLI WTIIGL JVII SJ TPEKMEVMWQ#
E 'ER - ZSYGL XLEX XLI WTIIGL VITVIWIRXW Q] S[R [SVO
Q] S[R XLMROMRK Q] S[R PERKYEKI#
F (S - GMXI XLI WSYVGIW SJ EPP UYSXEXMSRW ERH
TEVETLVEWIW#
%Q - LSRIWX MR [LEX - WE] MR XLI WTIIGL#
E -W XLI WTIIGL JVII SJ ER] JEPWI SV HIPMFIVEXIP] HIGITXMZI
WXEXIQIRXW#
F (SIW XLI WTIIGL TVIWIRX WXEXMWXMGW XIWXMQSR] ERH
SXLIV OMRHW SJ IZMHIRGI JEMVP] ERH EGGYVEXIP]#
G (SIW XLI WTIIGL GSRXEMR ZEPMH VIEWSRMRK#
H -J XLI WTIIGL MRGPYHIW ZMWYEP EMHW HS XLI] TVIWIRX
JEGXW LSRIWXP] ERH VIPMEFP]#
(S - YWI XLI TS[IV SJ PERKYEKI IXLMGEPP]#
E (S - EZSMH REQI GEPPMRK ERH SXLIV JSVQW SJ EFYWMZI
PERKYEKI#
F (SIW Q] PERKYEKI WLS[ VIWTIGX JSV XLI VMKLX SJ JVII
WTIIGL ERH I\TVIWWMSR#
%PP MR EPP LEZI - QEHI E GSRWGMSYW IJJSVX XS TYX IXLMGEP
TVMRGMTPIW MRXS TVEGXMGI MR TVITEVMRK Q] WTIIGL#
;LIR GSRJVSRXIH [MXL XLI JEGXW 'EPEFVS EHQMXXIH XS ER IVVSV MR NYHKQIRX FYX 4PEKMEVMWQ
MRWMWXIH WLI LEH HSRI RSXLMRK MPPIKEP -R JEGX XLI WTIIGL SR %FSYX GSQ [EW TVSXIGXIH F]
GST]VMKLX PE[ ERH 'EPEFVS QMKLX LEZI FIIR PMEFPI XS PIKEP EGXMSR LEH XLI ;IF JMVQ FIIR
WS MRGPMRIH ;LEX WLI GSYPH RSX IWGETI [IVI XLI IXLMGEP GSRWIUYIRGIW *EGMRK WIZIVI
GVMXMGMWQ [MXLMR XLI WGLSSP HMWXVMGX ERH JVSQ XLI TVIWW WLI LEH PMXXPI GLSMGI FYX XS VIWMKR
LIV TSWX EW WYTIVMRXIRHIRX
%W XLMW WXSV] WLS[W TPEKMEVMWQ MW E WIVMSYW QEXXIV -J ]SY EVI GEYKLX
TPEKMEVM^MRK E WTIIGL MR GPEWW XLI TYRMWLQIRX GER VERKI JVSQ E JEMPMRK KVEHI
0YGEW 8LI %VX SJ 4YFPMG )XLMGW ERH 4YFPMG 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 7TIEOMRK 'SQTERMIW
XS I\TYPWMSR JVSQ WGLSSP -J ]SY EVI GEYKLX TPEKMEVM^MRK SYXWMHI XLI GPEWWVSSQ
]SY WXERH XS JSVJIMX ]SYV KSSH REQI XS HEQEKI ]SYV GEVIIV SV MJ ]SY EVI WYIH
XS PSWI E PEVKI EQSYRX SJ QSRI] -X MW [SVXL ]SYV [LMPI XLIR XS QEOI WYVI ]SY
ORS[ [LEX TPEKMEVMWQ MW ERH LS[ XS EZSMH MX
KPSFEP TPEKMEVMWQ +03&%0 40%+-%6-71
7XIEPMRK E WTIIGL IRXMVIP] JVSQ
E WMRKPI WSYVGI ERH TEWWMRK MX +PSFEP TPEKMEVMWQ MW WXIEPMRK ]SYV WTIIGL IRXMVIP] JVSQ ERSXLIV WSYVGI ERH
SJJ EW SRItW S[R TEWWMRK MX SJJ EW ]SYV S[R 8LI QSWX FPEXERXhERH YRJSVKMZEFPIhOMRH SJ
TPEKMEVMWQ MX MW KVSWWP] YRIXLMGEP
+PSFEP TPEKMEVMWQ MR E GSPPIKI GPEWWVSSQ YWYEPP] SGGYVW FIGEYWI E WXYHIRX
TYXW SJJ XLI EWWMKRQIRX YRXMP XLI PEWX QMRYXI 8LIR MR ER EGX SJ HIWTIVEXMSR
XLI WXYHIRX HS[RPSEHW E WTIIGL JVSQ XLI -RXIVRIX SV KIXW SRI [VMXXIR F] E
JVMIRH ERH HIPMZIVW MX EW LMW SV LIV S[R
8LI FIWX [E] XS EZSMH XLMW SJ GSYVWI MW RSX XS PIEZI ]SYV WTIIGL YRXMP XLI
PEWX QMRYXI 1SWX XIEGLIVW I\TPEMR WTIIGL EWWMKRQIRXW JEV IRSYKL MR EHZERGI
XLEX ]SY WLSYPH LEZI RS XVSYFPI KIXXMRK ER IEVP] WXEVX &] WXEVXMRK IEVP] ]SY
[MPP KMZI ]SYVWIPJ TPIRX] SJ XMQI XS TVITEVI E JMVWX VEXI WTIIGLhE WTIIGL SJ ]SYV
S[R
-J JSV WSQI VIEWSR ]SY JEMP XS KIX ]SYV WTIIGL VIEH] SR XMQI HS RSX
WYGGYQF XS XLI PYVI SJ TPEKMEVMWQ ;LEXIZIV TIREPX] ]SY WYJJIV JVSQ FIMRK PEXI
[MPP TEPI MR GSQTEVMWSR [MXL XLI GSRWIUYIRGIW MJ ]SY EVI GEYKLX TPEKMEVM^MRK
TEXGL[SVO TPEKMEVMWQ 4%8',;36/ 40%+-%6-71
7XIEPMRK MHIEW SV PERKYEKI JVSQ
X[S SV XLVII WSYVGIW ERH 9RPMOI KPSFEP TPEKMEVMWQ MR [LMGL E WTIEOIV TMVEXIW ER IRXMVI WTIIGL JVSQ E
TEWWMRK XLIQ SJJ EW SRItW S[R WMRKPI WSYVGI TEXGL[SVO TPEKMEVMWQ SGGYVW [LIR E WTIEOIV TMPJIVW JVSQ X[S SV
XLVII WSYVGIW ,IVItW ER I\EQTPI
(ERMIP *MRI GLSWI q6IGIRX (MWGSZIVMIW %FSYX (MRSWEYVWr EW XLI XSTMG JSV LMW MRJSVQEXMZI
WTIIGL -R LMW VIWIEVGL (ERMIP JSYRH XLVII IWTIGMEPP] LIPTJYP WSYVGIW 8LI JMVWX [EW E
TVMRXIH KYMHI XS E VIGIRX QYWIYQ I\LMFMXMSR EFSYX RI[ HMRSWEYV HMWGSZIVMIW MR 2SVXL ERH
7SYXL %QIVMGE 8LI WIGSRH [EW ;MOMTIHME ERH XLI XLMVH [EW 1SRXERE 7XEXI 9RMZIVWMX]tW
;IF WMXI EFSYX MXW HMRSWEYV VIWIEVGL TVSKVEQ
9RJSVXYREXIP] MRWXIEH SJ YWMRK XLIWI QEXIVMEPW GVIEXMZIP] XS [VMXI E WTIIGL MR LMW S[R
[SVHW (ERMIP PMJXIH PSRK TEWWEKIW JVSQ XLI QYWIYQ KYMHI ;MOMTIHME ERH XLI YRMZIVWMX] ;IF
WMXI ERH TEXGLIH XLIQ XSKIXLIV [MXL E JI[ XVERWMXMSRW ;LIR LI [EW JMRMWLIH LI LEH E WTIIGL
XLEX WSYRHIH [SRHIVJYPhFYX MX [EW GSQTSWIH EPQSWX IRXMVIP] SJ SXLIV TISTPItW [SVHW
%W MX XYVRIH SYX (ERMIPtW XIEGLIV LEH FIIR XS XLI WEQI I\LMFMX ERH XLSYKLX TEVXW SJ
XLI WTIIGL WSYRHIH JEQMPMEV %JXIV GLIGOMRK LIV GST] SJ XLI QYWIYQ KYMHI LIV WYWTMGMSRW
[IVI GSRJMVQIH *IEVJYP XLEX (ERMIP QMKLX LEZI JMPGLIH JVSQ QSVI XLER SRI WSYVGI WLI
PSSOIH JSV ;IF WMXIW [MXL MRJSVQEXMSR EFSYX HMRSWEYVW 7LI UYMGOP] JSYRH FSXL SJ XLI WMXIW
(ERMIP LEH YWIH ,I [EW GEYKLX VIH LERHIH
8LMW WXSV] MPPYWXVEXIW ER MQTSVXERX TSMRX EFSYX TPEKMEVMWQ (ERMIP HMH RSX
XEOI LMW WTIIGL JVSQ E WMRKPI WSYVGI ,I IZIR HMH E PMXXPI VIWIEVGL &YX GST]MRK
JVSQ E JI[ WSYVGIW MW RS PIWW TPEKMEVMWQ XLER MW GST]MRK JVSQ E WMRKPI WSYVGI
;LIR ]SY KMZI E WTIIGL ]SY HIGPEVI XLEX MX MW ]SYV [SVOhXLEX MX MW XLI TVSHYGX
SJ ]SYV XLMROMRK ]SYV FIPMIJW ]SYV PERKYEKI (ERMIPtW WTIIGL HMH RSX GSRXEMR
ER] SJ XLIWI -RWXIEH MX [EW GYX ERH TEWXIH [LSPP] JVSQ SXLIV TISTPItW MHIEW
SXLIV TISTPItW [SVHW
q&YX r ]SY QE] FI XLMROMRK qRSX QER] WXYHIRXW EVI I\TIVXW SR XLIMV
WTIIGL XSTMGW ;L] WLSYPH XLI] FI I\TIGXIH XS GSQI YT [MXL RI[ MHIEW XLEX
',%48)6 )8,-'7 %2( 49&0-' 74)%/-2+
0YGEW 8LI %VX SJ 4YFPMG )XLMGW ERH 4YFPMG 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 7TIEOMRK 'SQTERMIW
7TIEOIVW [LS FIKMR [SVO SR
XLIMV WTIIGLIW IEVP] ERH GSR
WYPX E [MHI VERKI SJ WSYVGIW
EVI PIWW PMOIP] XS JEPP MRXS XLI
XVET SJ TPEKMEVMWQ XLER EVI
WTIEOIVW [LS TVSGVEWXMREXI
ERH VIP] SR E PMQMXIH RYQFIV
SJ WSYVGIW
IZIR XLI I\TIVXW LEZIRtX XLSYKLX SJ#r 8LI ERW[IV MW XLI] EVIRtX 8LI OI] MW RSX
[LIXLIV ]SY LEZI WSQIXLMRK EFWSPYXIP] SVMKMREP XS WE] FYX [LIXLIV ]SY HS
IRSYKL VIWIEVGL ERH XLMROMRK XS GSQI YT [MXL ]SYV S[R WPERX SR XLI XSTMG
%W [MXL KPSFEP TPEKMEVMWQ SRI OI] XS EZIVXMRK TEXGL[SVO TPEKMEVMWQ MW XS
WXEVX [SVOMRK SR ]SYV WTIIGL EW WSSR EW TSWWMFPI 8LI PSRKIV ]SY [SVO SR MX
XLI QSVI ETX ]SY EVI XS GSQI YT [MXL ]SYV S[R ETTVSEGL -X MW EPWS ZMXEP XS
GSRWYPX E PEVKI RYQFIV SJ WSYVGIW MR ]SYV VIWIEVGL -J ]SY LEZI SRP] X[S SV
XLVII WSYVGIW ]SY EVI JEV QSVI PMOIP] XS JEPP MRXS XLI XVET SJ TEXGL[SVO
TPEKMEVMWQ XLER MJ ]SY GSRWYPX E [MHI VERKI SJ VIWIEVGL QEXIVMEPW
-2'6)1)28%0 40%+-%6-71 MRGVIQIRXEP TPEKMEVMWQ
*EMPMRK XS KMZI GVIHMX JSV
-R KPSFEP TPEKMEVMWQ ERH TEXGL[SVO TPEKMEVMWQ XLI IRXMVI WTIIGL MW GVMFFIH TEVXMGYPEV TEVXW SJ E WTIIGL XLEX
QSVI SV PIWW ZIVFEXMQ JVSQ E WMRKPI WSYVGI SV E JI[ WSYVGIW &YX TPEKMEVMWQ GER EVI FSVVS[IH JVSQ SXLIV
I\MWX IZIR [LIR XLI WTIIGL EW E [LSPI MW RSX TMVEXIH 8LMW MW GEPPIH MRGVIQIRXEP TISTPI
TPEKMEVMWQ -X SGGYVW [LIR XLI WTIEOIV JEMPW XS KMZI GVIHMX JSV TEVXMGYPEV TEVXWh
MRGVIQIRXWhSJ XLI WTIIGL XLEX EVI FSVVS[IH JVSQ SXLIV TISTPI 8LI QSWX
MQTSVXERX SJ XLIWI MRGVIQIRXW EVI UYSXEXMSRW ERH TEVETLVEWIW
5YSXEXMSRW
;LIRIZIV ]SY UYSXI WSQISRI HMVIGXP] ]SY QYWX EXXVMFYXI XLI [SVHW XS XLEX
TIVWSR 7YTTSWI ]SY EVI KMZMRK E WTIIGL SR 1EPGSPQ < XLI JEQSYW %JVMGER
%QIVMGER PIEHIV SJ XLI W ;LMPI HSMRK ]SYV VIWIEVGL ]SY VYR EGVSWW XLI
JSPPS[MRK TEWWEKI JVSQ &VYGI 4IVV]tW EGGPEMQIH FMSKVETL] 1EPGSPQ 8LI 0MJI SJ
XLI 1ER ;LS 'LERKIH &PEGO %QIVMGE
1EPGSPQ < JEXLIVIH RS PIKMWPEXMSR ,I IRKMRIIVIH RS WXYRRMRK 7YTVIQI 'SYVX ZMGXS
VMIW SV TSPMXMGEP GEQTEMKRW ,I WGSVIH RS QENSV IPIGXSVEP XVMYQTLW =IX FIGEYWI SJ XLI [E]
4PEKMEVMWQ
0YGEW 8LI %VX SJ 4YFPMG )XLMGW ERH 4YFPMG 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 7TIEOMRK 'SQTERMIW
TEVETLVEWI LI EVXMGYPEXIH LMW JSPPS[IVWt KVMIZERGIW ERH ERKIV XLI MQTEGX LI LEH YTSR XLI FSH] TSPMXMG
8S VIWXEXI SV WYQQEVM^I ER [EW IRSVQSYW
EYXLSVtW MHIEW MR SRItW S[R
[SVHW 8LMW MW E JMRI UYSXEXMSR XLEX WYQQEVM^IW XLI REXYVI ERH MQTSVXERGI SJ
1EPGSPQtW MQTEGX SR %QIVMGER TSPMXMGW -X [SYPH QEOI E WXVSRK EHHMXMSR XS
]SYV WTIIGLhEW PSRK EW ]SY EGORS[PIHKI 4IVV] EW XLI EYXLSV 8LI [E] XS EZSMH
TPEKMEVMWQ MR XLMW MRWXERGI MW XS MRXVSHYGI 4IVV]tW WXEXIQIRX F] WE]MRK WSQI
XLMRK PMOI
-R 1 EPGSPQ 8LI 0MJI SJ XLI 1ER ;LS 'LERKIH &PEGO %QIVMGE LMWXSVMER &VYGI 4IVV]
WE]W XLI JSPPS[MRK EFSYX 1EPGSPQtW MQTEGX SR %QIVMGER TSPMXMGW
3V
%GGSVHMRK XS LMWXSVMER &VYGI 4IVV] MR LMW FSSO 1EPGSPQ 8LI 0MJI SJ XLI 1ER ;LS
'LERKIH &PEGO %QIVMGE
2S[ ]SY LEZI GPIEVP] MHIRXMJMIH 4IVV] ERH KMZIR LMQ GVIHMX JSV LMW [SVHW
VEXLIV XLER TVIWIRXMRK XLIQ EW ]SYV S[R
4EVETLVEWIW
;LIR ]SY TEVETLVEWI ER EYXLSV ]SY VIWXEXI SV WYQQEVM^I LIV SV LMW MHIEW MR
]SYV S[R [SVHW 7YTTSWI SRGI EKEMR XLEX ]SYV XSTMG MW 1EPGSPQ < &YX XLMW
XMQI ]SY HIGMHI XS TEVETLVEWI XLI WXEXIQIRX JVSQ &VYGI 4IVV]tW FMSKVETL]
VEXLIV XLER UYSXMRK MX =SY QMKLX WE]
1EPGSPQ < [EW RSX E TSPMXMGMER ,I HMH RSX TEWW ER] PE[W SV [MR ER] 7YTVIQI 'SYVX
ZMGXSVMIW SV KIX IPIGXIH XS ER] SJJMGI &YX LI WXEXIH XLI KVMIZERGIW ERH ERKIV SJ LMW
JSPPS[IVW WS TS[IVJYPP] XLEX XLI [LSPI REXMSR XSSO RSXMGI
)ZIR XLSYKL ]SY HS RSX UYSXI 4IVV] HMVIGXP] ]SY WXMPP ETTVSTVMEXI XLI WXVYGXYVI
SJ LMW MHIEW ERH E JEMV EQSYRX SJ LMW PERKYEKI 8LYW ]SY WXMPP RIIH XS KMZI LMQ
GVIHMXhNYWX EW MJ ]SY [IVI VITIEXMRK LMW [SVHW ZIVFEXMQ
-X MW IWTIGMEPP] MQTSVXERX MR XLMW GEWI XS EGORS[PIHKI 4IVV] FIGEYWI ]SY EVI
FSVVS[MRK LMW STMRMSRhLMW NYHKQIRXhEFSYX 1EPGSPQ < -J ]SY WMQTP]
VIGSYRX FEWMG JEGXW EFSYX 1EPGSPQtW PMJIhLI [EW FSVR MR 3QELE 2IFVEWOE
GSRZIVXIH XS XLI 2EXMSR SJ -WPEQ [LMPI MR TVMWSR XVEZIPIH XS 1IGGE XS[EVH XLI
IRH SJ LMW PMJI [EW EWWEWWMREXIH MR *IFVYEV] h]SY HS RSX LEZI XS VITSVX
XLI WSYVGI SJ ]SYV MRJSVQEXMSR 8LIWI JEGXW EVI [IPP ORS[R ERH GER FI JSYRH
MR ER] WXERHEVH VIJIVIRGI [SVO
3R XLI SXLIV LERH XLIVI MW WXMPP GSRWMHIVEFPI HIFEXI EFSYX 1EPGSPQtW ZMI[W
SJ SXLIV %JVMGER %QIVMGER PIEHIVW XLI GMVGYQWXERGIW WYVVSYRHMRK LMW HIEXL
ERH [LEX LI QMKLX LEZI HSRI LEH LI PMZIH -J ]SY [IVI XS GMXI 4IVV]tW ZMI[W SR
ER] SJ XLIWI QEXXIVWhVIKEVHPIWW SJ [LIXLIV ]SY UYSXIH SV TEVETLVEWIHh]SY
[SYPH RIIH XS EGORS[PIHKI LMQ EW ]SYV WSYVGI
%W QSVI XLER SRI WTIEOIV ERH [VMXIV
LEW HMWGSZIVIH MX MW TSWWMFPI XS GSQQMX
MRGVIQIRXEP TPEKMEVMWQ UYMXI F] EGGMHIRX 8LMW MW PIWW SJJIRWMZI XLER HIPMFIVEXI
TPEKMEVMWQ FYX MX MW TPEKMEVMWQ RSRIXLIPIWW 8LIVI EVI X[S [E]W XS KYEVH EKEMRWX
MRGVIQIRXEP TPEKMEVMWQ 8LI JMVWX MW XS FI GEVIJYP [LIR XEOMRK VIWIEVGL RSXIW XS
HMWXMRKYMWL EQSRK HMVIGX UYSXEXMSRW TEVETLVEWIH QEXIVMEP ERH ]SYV S[R
GSQQIRXW 7II 'LETXIV JSV E JYPP HMWGYWWMSR SJ VIWIEVGL QIXLSHW
8LI
',%48)6 )8,-'7 %2( 49&0-' 74)%/-2+
0YGEW 8LI %VX SJ 4YFPMG )XLMGW ERH 4YFPMG 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 7TIEOMRK 'SQTERMIW
WIGSRH [E] XS EZSMH MRGVIQIRXEP TPEKMEVMWQ MW XS IVV SR XLI WMHI SJ GEYXMSR -R
SXLIV [SVHW [LIR MR HSYFX GMXI ]SYV WSYVGI
40%+-%6-71 %2( 8,) -28)62)8
;LIR MX GSQIW XS TPEKMEVMWQ RS WYFNIGX TSWIW QSVI GSRJYWMSRhSV QSVI
XIQTXEXMSRhXLER XLI -RXIVRIX &IGEYWI MXtW WS IEW] XS GST] MRJSVQEXMSR JVSQ
XLI ;IF QER] TISTPI EVI RSX E[EVI SJ XLI RIIH XS GMXI WSYVGIW [LIR XLI] YWI
-RXIVRIX QEXIVMEPW MR XLIMV WTIIGLIW -J ]SY HSRtX GMXI -RXIVRIX WSYVGIW ]SY EVI
NYWX EW KYMPX] SJ TPEKMEVMWQ EW MJ ]SY XEOI MRJSVQEXMSR JVSQ TVMRX WSYVGIW [MXL
SYX TVSTIV GMXEXMSR
3RI [E] XS EZSMH TEXGL[SVO TPEKMEVMWQ SV MRGVIQIRXEP TPEKMEVMWQ [LIR
[SVOMRK [MXL XLI -RXIVRIX MW XS XEOI GEVIJYP VIWIEVGL RSXIW 1EOI WYVI ]SY OIIT E
VIGSVH SJ XLI JSPPS[MRK
XLI XMXPI SJ XLI -RXIVRIX HSGYQIRX
XLI EYXLSV SV
SVKERM^EXMSR VIWTSRWMFPI JSV XLI HSGYQIRX
XLI HEXI SR [LMGL XLI HSGYQIRX
[EW PEWX YTHEXIH
XLI HEXI SR [LMGL ]SY EGGIWWIH XLI WMXI =SY [MPP RIIH EPP XLMW
MRJSVQEXMSR JSV ]SYV WTIIGL FMFPMSKVETL]
=SY [MPP EPWS RIIH XS MHIRXMJ] ]SYV -RXIVRIX WSYVGIW [LIR ]SY TVIWIRX XLI
WTIIGL -XtW RSX IRSYKL XS WE] q%W - JSYRH SR XLI ;IFr SV q%GGSVHMRK XS XLI
-RXIVRIX r =SY RIIH XS WTIGMJ] XLI EYXLSV ERH XLI ;IF WMXI -R 'LETXIV [ItPP
PSSO QSVI GPSWIP] EX LS[ XS GMXI -RXIVRIX HSGYQIRXW *SV RS[ OIIT MR QMRH
XLEX TVSZMHMRK WYGL GMXEXMSRW MW ERSXLIV SJ ]SYV IXLMGEP VIWTSRWMFMPMXMIW EW E
TYFPMG WTIEOIV
%RSXLIV TVSFPIQ [MXL VIKEVH XS XLI -RXIVRIX MW XLI PEVKI RYQFIV SJ ;IF
WMXIW XLEX WIPP IRXMVI WTIIGLIW SV TETIVW -R EHHMXMSR XS FIMRK LMKLP] YRIXLMGEP
YWMRK QEXIVMEP JVSQ SRI SJ XLIWI WMXIW MW I\XVIQIP] VMWO] 8LI WEQI XIGLRSPSK]
XLEX QEOIW MX IEW] XS TPEKMEVM^I JVSQ XLI ;IF QEOIW MX IEW] JSV XIEGLIVW XS
PSGEXI QEXIVMEP XLEX LEW FIIR TPEKMEVM^IH ERH XLI I\EGX WSYVGI JVSQ [LMGL MX
LEW FIIR XEOIR
=SY WLSYPH EPWS ORS[ XLEX EPQSWX EPP XLI WTIIGLIW ERH TETIVW
SJJIVIH JSV
WEPI SR XLI ;IF EVI SJ ZIV] PS[ UYEPMX] -J ]SY EVI IZIV XIQTXIH XS TYVGLEWI SRI
OIIT MR QMRH XLIVI MW E KSSH GLERGI ]SY [MPP [EWXI ]SYV QSRI] ERH KIX GEYKLX
MR XLI TVSGIWW ,IVI EW MR SXLIV EWTIGXW SJ PMJI LSRIWX] MW XLI FIWX TSPMG]
+YMHIPMRIW JSV )XLMGEP 0MWXIRMRK
7S JEV MR XLMW GLETXIV [I LEZI JSGYWIH SR XLI IXLMGEP HYXMIW SJ TYFPMG WTIEOIVW
&YX WTIIGLQEOMRK MW RSX E SRI [E] WXVIIX 0MWXIRIVW EPWS LEZI IXLMGEP SFPMKE
XMSRW 8LI] EVI
XS PMWXIR GSYVXISYWP] ERH EXXIRXMZIP]
XS EZSMH TVINYHKMRK
XLI WTIEOIV ERH
XS QEMRXEMR XLI JVII ERH STIR I\TVIWWMSR SJ MHIEW 0IX YW
PSSO EX IEGL
&) '3968)397 %2( %88)28-:)
-QEKMRI XLEX ]SY EVI KMZMRK ]SYV JMVWX GPEWWVSSQ WTIIGL =SY LEZI TYX E KVIEX HIEP SJ XMQI
MRXS [VMXMRK XLI WTIIGL ERH ]SY LEZI TVEGXMGIH ]SYV HIPMZIV ] YRXMP ]SY EVI GSRJMHIRX ]SY
GER HS [IPPhIWTIGMEPP] SRGI ]SY KIX SZIV XLI MRMXMEP VYWL SJ WXEKI JVMKLX
=SY LEZI [SVOIH LEVH SR ]SYV MRXVSHYGXMSR ERH ]SYV WTIIGL KIXW SJJ XS E JMRI WXEVX 1SWX
SJ ]SYV GPEWWQEXIW EVI TE]MRK GPSWI EXXIRXMSR FYX WSQI EVI RSX 3RI ETTIEVW XS FI HSMRK
LSQI[SVO JSV ERSXLIV GPEWW %RSXLIV OIITW WRIEOMRK KPERGIW EX XLI WGLSSP RI[WTETIV 8[S SV
XLVII EVI KE^MRK SYX XLI [MRHS[ ERH SRI MW PIERMRK FEGO MR LMW GLEMV [MXL LMW I]IW WLYX
+YMHIPMRIW JSV )XLMGEP 0MWXIRMRK
0YGEW 8LI %VX SJ 4YFPMG )XLMGW ERH 4YFPMG 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 7TIEOMRK 'SQTERMIW
=SY XV] XS FPSGO XLIQ SYX SJ ]SYV QMRHhIWTIGMEPP] WMRGI XLI VIWX SJ XLI GPEWW WIIQW
MRXIVIWXIH MR [LEX ]SY EVI WE]MRKhFYX XLI PSRKIV ]SY WTIEO XLI QSVI GSRGIVRIH ]SY
FIGSQI q;LEX EQ - HSMRK [VSRK#r ]SY [SRHIV XS ]SYVWIPJ q,S[ GER - KIX XLIWI TISTPI
XS TE] EXXIRXMSR#r 8LI QSVI ]SY XLMRO EFSYX XLMW XLI QSVI ]SYV GSRJMHIRGI ERH GSRGIR
XVEXMSR [EZIV
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XLSYKLX RS[ FIGSQIW q,S[ GER - KIX XLMW SZIV EW JEWX EW TSWWMFPI#r *PYWXIVIH ERH HMW
XVEGXIH ]SY VYWL XLVSYKL XLI VIWX SJ ]SYV WTIIGL ERH WMX HS[R
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XLI WTIIGL 8LMW VIWTSRWMFMPMX]h[LMGL MW E QEXXIV SJ GMZMPMX] MR ER] GMVGYQ
WXERGIhMW IWTIGMEPP] MQTSVXERX MR WTIIGL GPEWW =SY ERH ]SYV GPEWWQEXIW EVI MR
E PIEVRMRK WMXYEXMSR MR [LMGL ]SY RIIH XS WYTTSVX SRI ERSXLIV
;LIR ]SY PMWXIR XS WTIIGLIW MR GPEWW KMZI ]SYV JIPPS[ WXYHIRXW XLI WEQI
GSYVXIW] ERH EXXIRXMSR ]SY [ERX JVSQ XLIQ 'SQI XS GPEWW TVITEVIH XS PMWXIR
XShERH XS PIEVR JVSQh]SYV GPEWWQEXIWt WTIIGLIW %W ]SY PMWXIR FI GSRWGMSYW
SJ XLI JIIHFEGO ]SY EVI WIRHMRK XLI WTIEOIV 7MX YT MR ]SYV GLEMV VEXLIV XLER
WPSYGLMRK QEMRXEMR I]I GSRXEGX [MXL XLI WTIEOIV WLS[ WYTTSVX ERH IRGSYV
EKIQIRX MR ]SYV JEGMEP I\TVIWWMSRW /IIT MR QMRH XLI TS[IV ]SY LEZI EW E PMW
XIRIV SZIV XLI WTIEOIVtW GSRJMHIRGI ERH GSQTSWYVI ERH I\IVGMWI XLEX TS[IV
[MXL E WXVSRK WIRWI SJ IXLMGEP VIWTSRWMFMPMX]
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SV VITYXEXMSR SJ XLI WTIEOIV %W XLI 2EXMSREP 'SQQYRMGEXMSR %WWSGMEXMSR
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YRHIVWXERH ERH VIWTIGXr WTIEOIVW qFIJSVI IZEPYEXMRK ERH VIWTSRHMRK XS XLIMV
QIWWEKIW r
8LMW HSIW RSX QIER ]SY QYWX EKVII [MXL IZIV] WTIEOIV ]SY LIEV =SYV EMQ
MW XS PMWXIR GEVIJYPP] XS XLI WTIEOIVtW MHIEW XS EWWIWW XLI IZMHIRGI ERH VIEWSRMRK
SJJIVIH MR WYTTSVX SJ XLSWI MHIEW ERH XS VIEGL ER MRXIPPMKIRX NYHKQIRX EFSYX
XLI WTIIGL -R 'LETXIV [I [MPP HMWGYWW WTIGMJMG WXITW ]SY GER XEOI XS MQTVSZI
]SYV PMWXIRMRK WOMPPW *SV RS[ MX MW IRSYKL XS ORS[ XLEX MJ ]SY TVINYHKI E
WTIEOIVhIMXLIV TSWMXMZIP] SV RIKEXMZIP]h]SY [MPP JEMP MR SRI SJ ]SYV IXLMGEP
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TVSXIGXIH F] XLI *MVWX %QIRHQIRX XS XLI 9 7 'SRWXMXYXMSR [LMGL HIGPEVIW MR
TEVX XLEX q'SRKVIWW WLEPP QEOI RS PE[ EFVMHKMRK XLI JVIIHSQ SJ WTIIGL r
.YWX EW TYFPMG WTIEOIVW RIIH XS EZSMH REQI GEPPMRK ERH SXLIV XEGXMGW XLEX GER
YRHIVQMRI JVII WTIIGL WS PMWXIRIVW LEZI ER SFPMKEXMSR XS QEMRXEMR XLI VMKLX SJ
WTIEOIVW XS FI LIEVH
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HEMP] MR GSRRIGXMSR [MXL MWWYIW WYGL EW XIVVSVMWQ TSVRSKVETL] ERH LEXI
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0YGEW 8LI %VX SJ 4YFPMG )XLMGW ERH 4YFPMG 8I\X 8LI 1G+VE[n,MPP
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XMSR XLVIEXW EKEMRWX XLI PMJI SJ XLI 4VIWMHIRX ERH MRGMXMRK ER EYHMIRGI XS MPPIKEP
EGXMSR MR GMVGYQWXERGIW [LIVI XLI EYHMIRGI MW PMOIP] XS GEVV] SYX XLI EGXMSR
3XLIV[MWI XLI 7YTVIQI 'SYVX LEW LIPHhERH QSWX I\TIVXW MR GSQQYRMGEXMSR
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I\TVIWWMSR
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SYW WS QMWKYMHIH SV WS SJJIRWMZI XLEX WSGMIX] LEW E HYX] XS WYTTVIWW XLIQ &YX
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FI WMPIRGIH# %W )H[EVH /IRRIH] I\TPEMRIH MR LMW EGGPEMQIH WTIIGL q8SPIVERGI
ERH 8VYXL MR %QIVMGE r SRGI [I WYGGYQF XS XLI XIQTXEXMSR SJ GIRWSVMRK MHIEW
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HSQ MW EX VMWO r
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F] VIWXVMGXMRK JVII WTIIGL YWYEPP] IRH YT VITVIWWMRK QMRSVMX] ZMI[TSMRXW ERH
YRTSTYPEV STMRMSRW -R 9 7 LMWXSV] WYGL IJJSVXW [IVI YWIH XS OIIT [SQIR SJJ
XLI TYFPMG TPEXJSVQ YRXMP XLI W XS WXST EFSPMXMSRMWX SVEXSVW JVSQ I\TSWMRK
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W ERH XS MQTIHI GMZMP VMKLXW PIEHIVW MR XLI W -QEKMRI [LEX %QIVMGER
WSGMIX] QMKLX FI PMOI MJ XLIWI WTIEOIVW LEH FIIR WMPIRGIH
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XLI 2EXMSREP 'SQQYRMGEXMSR %WWSGMEXMSR WXEXIW MR MXW 'VIHS JSV )XLMGEP 'SQ
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HMWWIRXr EVI ZMXEP XS qXLI MRJSVQIH HIGMWMSR QEOMRK JYRHEQIRXEP XS E GMZMP
WSGMIX] r
+YMHIPMRIW JSV )XLMGEP 0MWXIRMRK
0YGEW 8LI %VX SJ 4YFPMG )XLMGW ERH 4YFPMG 8I\X 8LI 1G+VE[n,MPP
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XLI MHIEP SJ GSQQIRHEFPI WTIIGLQEOMRK
8LIVI EVI JMZI FEWMG KYMHIPMRIW JSV IXLMGEP TYFPMG WTIEOMRK 8LI JMVWX MW XS QEOI
WYVI ]SYV KSEPW EVI IXLMGEPP] WSYRHhXLEX XLI] EVI GSRWMWXIRX [MXL XLI [IPJEVI
SJ WSGMIX] ERH ]SYV EYHMIRGI 8LI WIGSRH MW XS FI JYPP] TVITEVIH JSV IEGL WTIIGL
8LI XLMVH MW XS FI LSRIWX MR [LEX ]SY WE] 6IWTSRWMFPI WTIEOIVW HS RSX HMWXSVX XLI
XVYXL JSV TIVWSREP KEMR 8LI] EVI EGGYVEXI ERH JEMV MR XLIMV QIWWEKI ERH MR XLIMV
QIXLSHW
8LI JSYVXL KYMHIPMRI JSV IXLMGEP WTIEOMRK MW XS EZSMH REQI GEPPMRK ERH SXLIV
JSVQW SJ EFYWMZI PERKYEKI 2EQI GEPPMRK MW IXLMGEPP] WYWTIGX FIGEYWI MX HIQIERW XLI
HMKRMX] SJ XLI TISTPI FIMRK EXXEGOIH ERH FIGEYWI MX GER YRHIVQMRI XLI VMKLX SJ EPP
KVSYTW XS FI JEMVP] LIEVH 8LI JMREP KYMHIPMRI MW XS TYX IXLMGEP TVMRGMTPIW MRXS TVEG
XMGI EX EPP XMQIW
3J EPP XLI IXLMGEP PETWIW E WTIEOIV GER GSQQMX JI[ EVI QSVI WIVMSYW XLER TPE
KMEVMWQ +PSFEP TPEKMEVMWQ MW PMJXMRK E WTIIGL IRXMVIP] JVSQ E WMRKPI WSYVGI 4EXGL
[SVO TPEKMEVMWQ MRZSPZIW WXMXGLMRK E WTIIGL XSKIXLIV F] GST]MRK JVSQ E JI[ WSYVGIW
-RGVIQIRXEP TPEKMEVMWQ SGGYVW [LIR E WTIEOIV JEMPW XS KMZI GVIHMX JSV WTIGMJMG UYSXE
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KEXMSRW EW E PMWXIRIV 8LI JMVWX MW XS PMWXIR GSYVXISYWP] ERH EXXIRXMZIP] 8LI WIGSRH MW
XS EZSMH TVINYHKMRK XLI WTIEOIV 8LI XLMVH MW XS WYTTSVX XLI JVII ERH STIR I\TVIW
WMSR SJ MHIEW -R EPP XLIWI [E]W ]SYV WTIIGL GPEWW [MPP SJJIV E KSSH XIWXMRK KVSYRH
JSV UYIWXMSRW SJ IXLMGEP VIWTSRWMFMPMX]
/)= 8)617
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KPSFEP TPEKMEVMWQ
IXLMGEP HIGMWMSRW
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*SV JYVXLIV VIZMI[ KS XS XLI WTIEOIVW#
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;LEX MW XLI HMJJIVIRGI FIX[IIR KPSFEP TPEKMEVMWQ ERH TEXGL[SVO TPEKMEVMWQ#
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;LEX MW MRGVIQIRXEP TPEKMEVMWQ# ,S[ GER ]SY WXIIV GPIEV SJ MX [LIR HIEPMRK [MXL
UYSXEXMSRW ERH TEVETLVEWIW#
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GLETXIV#
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MR PMKLX SJ XLI KYMHIPMRIW JSV IXLMGEP WTIIGLQEOMRK TVIWIRXIH MR XLMW GLETXIV
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GEWI
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TIREPXMIW# 8S [LEX HIKVII EVI GSPPIKIW ERH YRMZIVWMXMIW NYWXMJMIH MR XV]MRK XS HMW
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FSYRHEVMIW SR JVII I\TVIWWMSR MR SVHIV XS TVSLMFMX MRWYPXMRK ERH EFYWMZI WTIIGL#
;L] SV [L] RSX# &I TVITEVIH XS I\TPEMR ]SYV MHIEW MR GPEWW
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MWWYIW MR IEGL ERH I\TPEMR [LEX EW E VIWTSRWMFPI WTIEOIV SV PMWXIRIV ]SYV GSYVWI
SJ EGXMSR [SYPH FI
E =SY EVI WTIEOMRK SR XLI XSTMG SJ TVMWSR VIJSVQ -R ]SYV VIWIEVGL ]SY VYR EGVSWW
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3VKERM^EXMSR WLS[W XLEX E QENSVMX] SJ TISTPI MR ]SYV WXEXI STTSWI ]SYV TSWM
XMSR 8LI SXLIV TSPP WYWTIGX MR MXW QIXLSHW ERH GSRHYGXIH F] E TEVXMWER SVKERM
^EXMSR WE]W E QENSVMX] SJ TISTPI MR ]SYV WXEXI WYTTSVX ]SYV TSWMXMSR ;LMGL TSPP
HS ]SY GMXI MR ]SYV WTIIGL# -J ]SY GMXI XLI WIGSRH TSPP HS ]SY TSMRX SYX MXW
WLSVXGSQMRKW#
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XLEX QYGL SJ MX MW TPEKMEVM^IH JVSQ E QEKE^MRI EVXMGPI ]SY VIEH E GSYTPI [IIOW
IEVPMIV ;LEX HS ]SY HS# (S ]SY WE] WSQIXLMRK [LIR ]SYV MRWXVYGXSV EWOW JSV
GSQQIRXW EFSYX XLI WTIIGL# (S ]SY QIRXMSR ]SYV GSRGIVR XS XLI MRWXVYGXSV
EJXIV GPEWW# (S ]SY XEPO [MXL XLI WTIEOIV# (S ]SY VIQEMR WMPIRX#
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LEZI ERW[IVIH TLSRIW SVHIVIH PYRGL QEHI GSTMIW WXETPIH QEMPMRKW ERH WXYJJIH
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[LS [SYPH HIR] E GSPPIKI IHYGEXMSR XS XLSWI [LS RIIH MX QSWX r =SY LEZIRtX FIIR
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0YGEW 8LI %VX SJ 4YFPMG 0MWXIRMRK 8I\X 8LI 1G+VE[n,MPP
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8EOI 0MWXIRMRK 7IVMSYWP]
&I ER %GXMZI 0MWXIRIV
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7YWTIRH .YHKQIRX
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0YGEW 8LI %VX SJ 4YFPMG 0MWXIRMRK 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
0YGEW 8LI %VX SJ 4YFPMG 0MWXIRMRK 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
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SJ XLI 6SQER )QTMVI 7LI FIKER q=IWXIVHE] [I HMWGYWWIH XLI TSPMXMGEP ERH WSGMEP GSR
HMXMSRW XLEX [IEOIRIH XLI IQTMVI JVSQ [MXLMR 8SHE] [I [MPP XEPO EFSYX XLI MRZEWMSRW
XLEX EXXEGOIH XLI IQTMVI JVSQ XLI SYXWMHIhXLI :MWMKSXLW JVSQ XLI RSVXL[IWX XLI 3WXVS
KSXLW JVSQ XLI RSVXLIEWX XLI :ERHEPW JVSQ XLI WSYXL XLI ,YRW JVSQ XLI [IWX ERH ,SQIV
7MQTWSR JVSQ XLI WSYXLIEWX r
2SFSH] FEXXIH ER I]I 2SFSH] PSSOIH YT 8LI GPEWWVSSQ [EW UYMIX I\GITX JSV XLI
WGVEXGL SJ TIRW EW XLI WXYHIRXW XSSO RSXIWhTVIWYQEFP] VIGSVHMRK ,SQIV 7MQTWSR EW ER
MRZEHIV SJ XLI 6SQER )QTMVI
LIEVMRK 8LMW WXSV] MPPYWXVEXIW [LEX SRI VIWIEVGL WXYH] EJXIV ERSXLIV LEW VIZIEPIHhQSWX
8LI ZMFVEXMSR SJ WSYRH [EZIW SR TISTPI EVI WLSGOMRKP] TSSV PMWXIRIVW ;I JEOI TE]MRK EXXIRXMSR ;I GER PSSO
XLI IEVHVYQW ERH XLI JMVMRK SJ VMKLX EX WSQISRI ETTIEV MRXIVIWXIH MR [LEX XLEX TIVWSR WE]W IZIR RSH SYV
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FVEMR
2SX PMWXIRMRK HSIWRtX QIER [I HSRtX LIEV , IEVMRK MW E TL]WMSPSKMGEP TVS
PMWXIRMRK GIWW MRZSPZMRK XLI ZMFVEXMSR SJ WSYRH [EZIW SR SYV IEVHVYQW ERH XLI JMVMRK
4E]MRK GPSWI EXXIRXMSR XS ERH SJ IPIGXVSGLIQMGEP MQTYPWIW JVSQ XLI MRRIV IEV XS XLI GIRXVEP EYHMXSV] W]WXIQ
QEOMRK WIRWI SJ [LEX [I LIEV SJ XLI FVEMR &YX PMWXIRMRK MRZSPZIW TE]MRK GPSWI EXXIRXMSR XS ERH QEOMRK
WIRWI SJ [LEX [I LIEV )ZIR [LIR [I XLMRO [I EVI PMWXIRMRK GEVIJYPP] [I
YWYEPP] KVEWT SRP] TIVGIRX SJ [LEX [I LIEV %JXIV LSYVW [I GER VIQIQ
FIV SRP] TIVGIRX SJ XLI SVMKMREP QIWWEKI -XtW PMXXPI [SRHIV XLEX PMWXIRMRK
LEW FIIR GEPPIH E PSWX EVX
0MWXIRMRK -W -QTSVXERX
%PXLSYKL QSWX TISTPI PMWXIR TSSVP] XLIVI EVI I\GITXMSRW 8ST JPMKLX FYWMRIWW
I\IGYXMZIW WYGGIWWJYP TSPMXMGMERW FVMPPMERX XIEGLIVWhRIEVP] EPP EVI I\GIPPIRX
PMWXIRIVW 7S QYGL SJ [LEX XLI] HS HITIRHW SR EFWSVFMRK MRJSVQEXMSR XLEX MW
KMZIR ZIVFEPP]hERH EFWSVFMRK MX UYMGOP] ERH EGGYVEXIP] -J ]SY LEH ER MRXIV
ZMI[ [MXL XLI TVIWMHIRX SJ E QENSV GSVTSVEXMSR ]SY QMKLX FI WLSGOIH ERH
JPEXXIVIH
XS WII LS[ GPSWIP] XLEX TIVWSR PMWXIRIH XS ]SYV [SVHW
-R SYV GSQQYRMGEXMSR SVMIRXIH EKI PMWXIRMRK MW QSVI MQTSVXERX XLER
IZIV 8LMW MW [L] MR QSWX GSQTERMIW IJJIGXMZI PMWXIRIVW LSPH LMKLIV TSWMXMSRW
ERH EVI TVSQSXIH QSVI SJXIR XLER MRIJJIGXMZI PMWXIRIVW ;LIR FYWMRIWW QER
EKIVW EVI EWOIH XS VERO SVHIV XLI GSQQYRMGEXMSR WOMPPW QSWX GVYGMEP XS XLIMV
NSFW XLI] YWYEPP] VERO PMWXIRMRK RYQFIV SRI 0MWXIRMRK MW WS MQTSVXERX XLEX
MR SRI WYVZI] SJ %QIVMGEtW *SVXYRI GSQTERMIW EPQSWX TIVGIRX SJ XLI
VIWTSRHIRXW WEMH XLI] TVSZMHI WSQI OMRH SJ PMWXIRMRK XVEMRMRK JSV XLIMV
IQTPS]IIW
)ZIR MJ ]SY HSRtX TPER XS FI E GSVTSVEXI I\IGYXMZI XLI EVX SJ PMWXIRMRK GER
FI LIPTJYP MR EPQSWX IZIV] TEVX SJ ]SYV PMJI 8LMW MW RSX WYVTVMWMRK [LIR ]SY VIEP
M^I XLEX TISTPI WTIRH QSVI XMQI PMWXIRMRK XLER HSMRK ER] SXLIV GSQQYRMGEXMZI
EGXMZMX]hQSVI XLER VIEHMRK QSVI XLER [VMXMRK QSVI IZIR XLER WTIEOMRK
8LMRO JSV E QSQIRX EFSYX ]SYV S[R PMJI EW E GSPPIKI WXYHIRX 'PSWI XS
TIVGIRX SJ GPEWW XMQI MR 9 7 GSPPIKIW ERH YRMZIVWMXMIW MW WTIRX PMWXIRMRK XS
HMWGYWWMSRW ERH PIGXYVIW % RYQFIV SJ WXYHMIW LEZI WLS[R E WXVSRK GSVVIPEXMSR
FIX[IIR PMWXIRMRK ERH EGEHIQMG WYGGIWW 7XYHIRXW [MXL XLI LMKLIWX KVEHIW EVI
YWYEPP] XLSWI [MXL XLI WXVSRKIWX PMWXIRMRK WOMPPW 8LI VIZIVWI MW EPWS XVYIh
WXYHIRXW [MXL XLI PS[IWX KVEHIW EVI YWYEPP] XLSWI [MXL XLI [IEOIWX PMWXIRMRK
WOMPPW
',%48)6 0-78)2-2+
0YGEW 8LI %VX SJ 4YFPMG 0MWXIRMRK 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
8LIVI MW TPIRX] SJ VIEWSR XLIR XS XEOI PMWXIRMRK WIVMSYWP] )QTPS]IVW ERH
IQTPS]IIW TEVIRXW ERH GLMPHVIR [MZIW ERH LYWFERHW HSGXSVW ERH TEXMIRXW
WXYHIRXW ERH XIEGLIVWhEPP HITIRH SR XLI ETTEVIRXP] WMQTPI WOMPP SJ PMWXIRMRK
6IKEVHPIWW SJ ]SYV TVSJIWWMSR SV [EPO SJ PMJI ]SY RIZIV IWGETI XLI RIIH JSV E
[IPP XVEMRIH IEV
0MWXIRMRK MW EPWS MQTSVXERX XS ]SY EW E WTIEOIV -X MW TVSFEFP] XLI [E] ]SY
KIX QSWX SJ ]SYV MHIEW ERH MRJSVQEXMSRhJVSQ XIPIZMWMSR VEHMS GSRZIVWEXMSR
ERH PIGXYVIW -J ]SY HS RSX PMWXIR [IPP ]SY [MPP RSX YRHIVWXERH [LEX ]SY LIEV
ERH QE] TEWW EPSRK ]SYV QMWYRHIVWXERHMRK XS SXLIVW
&IWMHIW MR GPEWWhEW MR PMJIh]SY [MPP PMWXIR XS QER] QSVI WTIIGLIW XLER
]SY KMZI -X MW SRP] JEMV XS TE] GPSWI EXXIRXMSR XS ]SYV GPEWWQEXIWt WTIIGLIW EJXIV
EPP ]SY [ERX XLIQ XS PMWXIR GEVIJYPP] XS ]SYV WTIIGLIW %R I\GIPPIRX [E] XS
MQTVSZI ]SYV S[R WTIIGLIW MW XS PMWXIR EXXIRXMZIP] XS XLI WTIIGLIW SJ SXLIV
TISTPI 3ZIV ERH SZIV XIEGLIVW JMRH XLEX XLI FIWX WTIEOIVW EVI YWYEPP] XLI FIWX
PMWXIRIVW
% WMHI FIRIJMX SJ ]SYV WTIIGL GPEWW MW XLEX MX SJJIVW ER MHIEP STTSVXYRMX] XS
[SVO SR XLI EVX SJ PMWXIRMRK (YVMRK XLI TIVGIRX SJ XLI XMQI [LIR ]SY EVI
RSX WTIEOMRK ]SY LEZI RSXLMRK IPWI XS HS FYX PMWXIR ERH PIEVR =SY GER WMX
XLIVI PMOI E WXSRIhSV ]SY GER YWI XLI XMQI TVSJMXEFP] XS QEWXIV E WOMPP XLEX [MPP
WIVZI ]SY MR E XLSYWERH [E]W
0MWXIRMRK ERH 'VMXMGEP 8LMROMRK
3RI SJ XLI [E]W PMWXIRMRK GER WIVZI ]SY MW F] IRLERGMRK ]SYV WOMPPW EW E GVMXMGEP
XLMROIV ;I GER MHIRXMJ] JSYV OMRHW SJ PMWXIRMRK
%TTVIGMEXMZI PMWXIRMRKhPMWXIRMRK JSV TPIEWYVI SV IRNS]QIRX EW [LIR [I PMW ETTVIGMEXMZI PMWXIRMRK
XIR XS QYWMG XS E GSQIH] VSYXMRI SV XS ER IRXIVXEMRMRK WTIIGL 0MWXIRMRK JSV TPIEWYVI SV
IRNS]QIRX
)QTEXLMG PMWXIRMRKhPMWXIRMRK XS TVSZMHI IQSXMSREP WYTTSVX JSV XLI WTIEOIV
EW [LIR E TW]GLMEXVMWX PMWXIRW XS E TEXMIRX SV [LIR [I PIRH E W]QTEXLIXMG IQTEXLMG PMWXIRMRK
IEV XS E JVMIRH MR HMWXVIWW 0MWXIRMRK XS TVSZMHI IQSXMSREP
WYTTSVX JSV E WTIEOIV
'SQTVILIRWMZI PMWXIRMRKhPMWXIRMRK XS YRHIVWXERH XLI QIWWEKI SJ E WTIEOIV
EW [LIR [I EXXIRH E GPEWWVSSQ PIGXYVI SV PMWXIR XS HMVIGXMSRW JSV JMRHMRK E GSQTVILIRWMZI
JVMIRHtW LSYWI PMWXIRMRK
0MWXIRMRK XS YRHIVWXERH XLI
'VMXMGEP PMWXIRMRKhPMWXIRMRK XS IZEPYEXI E QIWWEKI JSV TYVTSWIW SJ EGGITXMRK QIWWEKI SJ E WTIEOIV
SV VINIGXMRK MX EW [LIR [I PMWXIR XS XLI WEPIW TMXGL SJ E YWIH GEV HIEPIV SV
XLI GEQTEMKR WTIIGL SJ E TSPMXMGEP GERHMHEXI GVMXMGEP PMWXIRMRK
0MWXIRMRK XS IZEPYEXI E QIWWEKI
%PXLSYKL EPP JSYV OMRHW SJ PMWXIRMRK EVI MQTSVXERX XLMW GLETXIV HIEPW TVM JSV TYVTSWIW SJ EGGITXMRK SV
QEVMP] [MXL GSQTVILIRWMZI PMWXIRMRK ERH GVMXMGEP PMWXIRMRK 8LI] EVI XLI OMRHW VINIGXMRK MX
SJ PMWXIRMRK ]SY [MPP YWI QSWX SJXIR [LIR PMWXIRMRK XS WTIIGLIW MR GPEWW [LIR
XEOMRK PIGXYVI RSXIW MR SXLIV GSYVWIW [LIR GSQQYRMGEXMRK EX [SVO ERH [LIR
VIWTSRHMRK XS XLI FEVVEKI SJ GSQQIVGMEPW TSPMXMGEP QIWWEKIW ERH SXLIV TIVWYE
WMZI ETTIEPW ]SY JEGI IZIV] HE] 8LI] EVI EPWS XLI OMRHW SJ PMWXIRMRK XLEX EVI
QSWX GPSWIP] XMIH XS GVMXMGEP XLMROMRK
%W [I WE[ MR 'LETXIV GVMXMGEP XLMROMRK MRZSPZIW E RYQFIV SJ WOMPPW 7SQI
SJ XLSWI WOMPPWhWYQQEVM^MRK MRJSVQEXMSR VIGEPPMRK JEGXW HMWXMRKYMWLMRK QEMR
TSMRXW JVSQ QMRSV TSMRXWhEVI GIRXVEP XS GSQTVILIRWMZI PMWXIRMRK 3XLIV WOMPPW
0MWXIRMRK ERH 'VMXMGEP 8LMROMRK
0YGEW 8LI %VX SJ 4YFPMG 0MWXIRMRK 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
SJ GVMXMGEP XLMROMRKhWITEVEXMRK JEGX JVSQ STMRMSR WTSXXMRK [IEORIWWIW MR VIE
WSRMRK NYHKMRK XLI WSYRHRIWW SJ IZMHIRGIhEVI IWTIGMEPP] MQTSVXERX MR GVMXMGEP
PMWXIRMRK ;LIR ]SY IRKEKI MR GSQTVILIRWMZI PMWXIRMRK SV GVMXMGEP PMWXIRMRK
]SY QYWX YWI ]SYV QMRH EW [IPP EW ]SYV IEVW ;LIR ]SYV QMRH MW RSX EGXMZIP]
MRZSPZIH ]SY QE] FI LIEVMRK FYX ]SY EVI RSX PMWXIRMRK -R JEGX PMWXIRMRK ERH
GVMXMGEP XLMROMRK EVI WS GPSWIP] EPPMIH XLEX XVEMRMRK MR PMWXIRMRK MW EPWS XVEMRMRK
MR LS[ XS XLMRO
%X XLI IRH SJ XLMW GLETXIV [ItPP HMWGYWW WXITW ]SY GER XEOI XS MQTVSZI ]SYV
WOMPPW MR GSQTVILIRWMZI ERH GVMXMGEP PMWXIRMRK -J ]SY JSPPS[ XLIWI WXITW ]SY
QE] EPWS FIGSQI E FIXXIV GVMXMGEP XLMROIV
*SYV 'EYWIW SJ 4SSV 0MWXIRMRK
WTEVI qFVEMR XMQIr 238 '32')286%8-2+
8LI HMJJIVIRGI FIX[IIR XLI VEXI
EX [LMGL QSWX TISTPI XEPO 8LI FVEMR MW MRGVIHMFP] IJJMGMIRX %PXLSYKL [I XEPO EX E VEXI SJ XS [SVHW
XS [SVHW E QMRYXI
ERH XLI E QMRYXI XLI FVEMR GER TVSGIWW XS [SVHW E QMRYXI 8LMW [SYPH WIIQ
VEXI EX [LMGL XLI FVEMR GER XS QEOI PMWXIRMRK ZIV] IEW] FYX EGXYEPP] MX LEW XLI STTSWMXI IJJIGX &IGEYWI [I
TVSGIWW PERKYEKI XS GER TVSGIWW E WTIEOIVtW [SVHW ERH WXMPP LEZI TPIRX] SJ WTEVI qFVEMR XMQI r [I EVI
[SVHW E QMRYXI
XIQTXIH XS MRXIVVYTX SYV PMWXIRMRK F] XLMROMRK EFSYX SXLIV XLMRKW ,IVItW [LEX
LETTIRW
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ZMGIW GSQTER] 7LI EXXIRHW VIKYPEV WXEJJ QIIXMRKW [MXL XLI GSQQYRMGEXMSRW HMVIGXSV 8LI
QIIXMRKW TVSZMHI RIGIWWEV] MRJSVQEXMSR FYX WSQIXMQIW XLI] WIIQ XS KS SR JSVIZIV
8LMW QSVRMRK XLI HMVIGXSV MW XEPOMRK EFSYX XE\ I\IQTX GSPPIKI WEZMRKW EGGSYRXW ERH LS[ XS
TYFPMGM^I XLIQ QSVI IJJIGXMZIP] q;ItZI WYGGIIHIH MR VIEGLMRK TEVIRXW WS SYV RI\X XEVKIX
QEVOIX MW KVERHTEVIRXW [LS [ERX XS TYX E[E] QSRI] JSV XLIMV KVERHGLMPHVIRtW IHYGEXMSR r
q+VERHTEVIRXW r )PIRE XLMROW q-X [EW EP[E]W KVIEX XS WII Q] KVERHTEVIRXW [LIR -
[EW KVS[MRK YT ;LIR - WTSOI XS XLIQ SZIV XLI [IIOIRH +VERHQE HMHRtX WSYRH ZIV]
KSSH - LEZI XS GEPP XLIQ QSVI SJXIR r
)PIRE WRETW LIVWIPJ FEGO XS XLI QIIXMRK 8LI HMVIGXSV MW XEPOMRK EFSYX XLI GSQTER]tW RI[
I\IGYXMZI ZMGI TVIWMHIRX [LS LEW NYWX QSZIH XS LIEHUYEVXIVW JVSQ E VIKMSREP JMVQ MR *PSVMHE
q1V *IVRERHI^ LEW RIZIV [SVOIH MR E GSQTER] XLMW WM^I FYX LMW I\TIVMIRGI MR *PSVMHE r
q*PSVMHE r )PIRE HVIEQW q7YR IRHPIWW FIEGLIW ERH XLI GPYF WGIRI MR 7SYXL &IEGL
1E]FI - GER WREXGL E JI[ HE]Wt ZEGEXMSR MR .ERYEV] r
7XIVRP] )PIRE TYPPW LIV EXXIRXMSR FEGO XS XLI QIIXMRK 8LI GSQQYRMGEXMSRW HMVIGXSV MW
RS[ HMWGYWWMRK XLI GSQTER]tW PEXIWX TPER JSV TYFPMG WIVZMGI ERRSYRGIQIRXW )PIRE MW RSX
MRZSPZIH MR XLI TPER ERH LIV EXXIRXMSR [ERHIVW SRGI QSVI
8LEX QSVRMRK WLI LEH ERSXLIV EVKYQIRX [MXL LIV VSSQQEXI EFSYX GPIERMRK XLI
OMXGLIR ERH XEOMRK SYX XLI KEVFEKI 1E]FI MXtW XMQI XS HIGMHI MJ WLI GER EJJSVH XS PMZI
[MXLSYX E VSSQQEXI -X WYVI [SYPH QEOI JSV JI[IV LEWWPIW
q ER EVIE )PIRE LEW VIWIEVGLIH I\XIRWMZIP] r XLI HMVIGXSV MW WE]MRK 9L SL ;LEX
EVIE HSIW XLI HMVIGXSV QIER# )ZIV]SRI PSSOW EX )PIRE EW WLI JVERXMGEPP] XVMIW XS VIGEPP XLI
PEWX [SVHW WEMH EX XLI QIIXMRK
-XtW RSX XLEX )PIRE QIERX XS PSWI XVEGO SJ XLI HMWGYWWMSR &YX XLIVI GSQIW E
TSMRX EX [LMGL MXtW WS IEW] XS PIX ]SYV XLSYKLXW [ERHIV VEXLIV XLER XS GSRGIR
XVEXI SR [LEX MW FIMRK WEMH %JXIV EPP GSRGIRXVEXMRK MW LEVH [SVO 0SYMW 2M^IV
XLI JEQSYW XVMEP PE[]IV WE]W q7S GSQTPIXI MW XLMW GSRGIRXVEXMSR XLEX EX XLI IRH
',%48)6 0-78)2-2+
0YGEW 8LI %VX SJ 4YFPMG 0MWXIRMRK 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
4ISTPI WTIRH QSVI XMQI PMW
XIRMRK XLER MR ER] SXLIV GSQ
QYRMGEXMZI EGXMZMX] 3RI FIR
IJMX SJ ]SYV WTIIGL GPEWW MW XLEX
MX GER MQTVSZI ]SYV PMWXIRMRK
WOMPPW MR E ZEVMIX] SJ WMXYEXMSRW
SJ E GSYVX HE] MR [LMGL - LEZI SRP] PMWXIRIH - JMRH Q]WIPJ [VMRKMRK [IX HIWTMXI
E GEPQ ERH GEWYEP QERRIV r
0EXIV MR XLMW GLETXIV [I [MPP PSSO EX WSQI XLMRKW ]SY GER HS XS GSRGIRXVEXI
FIXXIV SR [LEX ]SY LIEV
0-78)2-2+ 833 ,%6(
9RXMP RS[ [I LEZI FIIR XEPOMRK EFSYX RSX TE]MRK GPSWI EXXIRXMSR XS [LEX [I
LIEV &YX WSQIXMQIW [I PMWXIR XSS LEVH ;I XYVR MRXS LYQER WTSRKIW WSEOMRK YT
E WTIEOIVtW IZIV] [SVH EW MJ IZIV] [SVH [IVI IUYEPP] MQTSVXERX ;I XV] XS VIQIQ
FIV EPP XLI REQIW EPP XLI HEXIW EPP XLI TPEGIW -R XLI TVSGIWW [I SJXIR QMWW XLI
WTIEOIVtW QEMR TSMRX ;LEX MW [SVWI [I QE] IRH YT GSRJYWMRK XLI JEGXW EW [IPP
7LSVXP] EJXIV KVEHYEXMRK JVSQ GSPPIKI )VMO ;EPHQER PERHIH ER I\GIPPIRX NSF EX E KVETL
MGW HIWMKR JMVQ /RS[MRK LI LEH RIZIV FIIR KSSH EX FYHKIXMRK LMW QSRI] LI [EW HIXIV
QMRIH XS FIKMR XLMROMRK EFSYX LMW PSRK VERKI IGSRSQMG JYXYVI ;LIR LMW IQTPS]IV GMVGY
PEXIH ER I QEMP ERRSYRGMRK E JMRERGMEP TPERRMRK [SVOWLST )VMO WMKRIH YT VMKLX E[E]
8LI JMVWX WIWWMSR [EW EFSYX VIXMVIQIRX TPERRMRK 7MQSRI *MWLIV [LS [EW GSRHYGXMRK
XLI [SVOWLST I\TPEMRIH XLEX SJ %QIVMGERW FIX[IIR XLI EKIW SJ ERH HS RSX
LEZI IMXLIV E QSRXLP] FYHKIX SV E VIKYPEV WEZMRKW TPER )VMO [VSXI HS[R IZIV] RYQFIV
7MQSRI QIRXMSRIH
q-J ]SY [ERX XS LEZI E VIXMVIQIRX MRGSQI IUYEP XS TIVGIRX SJ ]SYV GYVVIRX WEPEV] r
7MQSRI GSRXMRYIH q]SY [MPP RIIH XS MRZIWX EX PIEWX TIVGIRX SJ ]SYV TVIWIRX IEVRMRKW ERH
FI]SRH XLEX ]SY RIIH XS JMKYVI MR JYXYVI MRJPEXMSR VEXIW ;I LEZI WIX EWMHI XMQI XLMW EJXIV
RSSR XS QIIX [MXL ]SY TIVWSREPP] XS GEPGYPEXI ]SYV MRHMZMHYEP WEZMRKW RIIHW -R XLI QIER
XMQI - [ERX XS WXVIWW XLEX XLI QSWX MQTSVXERX XLMRK MW XS WXEVX WEZMRK RS[ r
)VMO [VSXI JYVMSYWP] XS VIGSVH EPP XLI WXEXMWXMGW 7MQSRI GMXIH ;LIR WLI STIRIH XLI
JPSSV JSV UYIWXMSRW )VMO VEMWIH LMW LERH ERH WEMH q- LEZI X[S UYIWXMSRW ;LIR MW XLI FIWX
XMQI XS WXEVX WEZMRK JSV VIXMVIQIRX# %RH LS[ EQ - WYTTSWIH XS JMKYVI SYX Q] WEZMRKW XEVKIX
MJ - HSRtX ORS[ [LEX MRJPEXMSR VEXIW [MPP FI MR XLI JYXYVI#r
*SYV 'EYWIW SJ 4SSV 0MWXIRMRK
0YGEW 8LI %VX SJ 4YFPMG 0MWXIRMRK 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
8LMW MW E X]TMGEP I\EQTPI SJ PSWMRK XLI WTIEOIVtW TSMRX F] GSRGIRXVEXMRK SR
HIXEMPW )VMO LEH JM\IH LMW QMRH SR VIQIQFIVMRK EPP XLI WXEXMWXMGW MR 7MQSRItW
TVIWIRXEXMSR FYX LI FPSGOIH SYX XLI QEMR QIWWEKIhXLEX MX MW FIWX XS WXEVX WEZ
MRK RS[ ERH XLEX LI [SYPH KIX LIPT HIZIPSTMRK ER MRHMZMHYEP TPER
6EXLIV XLER XV]MRK XS VIQIQFIV IZIV]XLMRK E WTIEOIV WE]W IJJMGMIRX PMWXIR
IVW YWYEPP] GSRGIRXVEXI SR QEMR MHIEW ERH IZMHIRGI ;ItPP HMWGYWW XLIWI XLMRKW
QSVI XLSVSYKLP] PEXIV MR XLI GLETXIV
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6IRII 'SPPMRW E VIGIRX GSPPIKI KVEHYEXI XSSO E NSF EW ER IHMXSVMEP EWWMWXERX MR
XLI VIWIEVGL HITEVXQIRX SJ E VIKMSREP QEKE^MRI 7LSVXP] EJXIV 6IRII EVVMZIH XLI
IHMXSV MR GLEVKI SJ XLI VIWIEVGL HITEVXQIRX PIJX XLI QEKE^MRI JSV ERSXLIV NSF
*SV XLI RI\X X[S QSRXLW 6IRII WXVYKKPIH XS LERHPI XLI [SVO SJ XLI VIWIEVGL
HITEVXQIRX F] LIVWIPJ 7LI SJXIR JIPX MR SZIV LIV LIEH FYX WLI ORI[ XLMW [EW E
KSSH STTSVXYRMX] XS PIEVR ERH WLI LEXIH XS KMZI YT LIV RI[ VIWTSRWMFMPMXMIW
3RI HE] (YERI 4IVOMRW XLI IHMXSV MR GLMIJ SJ XLI QEKE^MRI GSQIW MRXS
6IRIItW SJJMGI XS XEPO 8LI JSPPS[MRK GSRZIVWEXMSR XEOIW TPEGI
(YERI =SYtZI HSRI E KVIEX NSF XLIWI PEWX X[S QSRXLW 6IRII &YX ]SY ORS[ [I VIEPP]
RIIH E RI[ IHMXSV 7S [ItZI HIGMHIH XS QEOI WSQI GLERKIW
6IRII -tQ RSX WYVTVMWIH - ORS[ -tZI QEHI Q] WLEVI SJ QMWXEOIW
(YERI )ZIV]SRI QEOIW QMWXEOIW [LIR XLI]tVI WXEVXMRK SYX %RH ]SYtZI FIIR GEVV]MRK E
PSX SJ VIWTSRWMFMPMX] 8SS QYGL 8LEXtW [L]
6IRII 8LEXtW SOE] -tQ KVEXIJYP XS LEZI LEH E GLERGI XS XV] Q] LERH EX XLMW - ORS[ -tQ
MRI\TIVMIRGIH ERH XLMW MW ER MQTSVXERX HITEVXQIRX
(YERI =IW MX MW %RH MXtW RSX ER IEW] NSF ;I VIEPP] RIIH ER IHMXSV ERH ER EWWMWXERX XS
LERHPI EPP XLI [SVO 8LEXtW [L] - [ERXIH XS XIPP ]SY
6IRII =SYtVI VMKLX SJ GSYVWI - LSTI ]SYtZI JSYRH WSQIFSH] KSSH XS FI XLI RI[ IHMXSV
(YERI - XLMRO WS &YX 6IRII - HSRtX XLMRO ]SY YRHIVWXERH
6IRII 2S - YRHIVWXERH - ORI[ EPP EPSRK XLEX - [EW NYWX JMPPMRK MR
(YERI 6IRII ]SYtVI RSX PMWXIRMRK
6IRII =IW - EQ =SYtVI XV]MRK XS FI RMGI FYX ]SYtVI LIVI XS XIPP QI XLEX ]SYtZI LMVIH E
RI[ IHMXSV ERH -tPP FI KSMRK FEGO XS Q] SPH NSF
(YERI 2S XLEXtW RSX MX EX EPP - XLMRO ]SYtZI HSRI E JMRI NSF YRHIV HMJJMGYPX GMVGYQWXERGIW
=SYtZI TVSZIH ]SYVWIPJ ERH - MRXIRH XS QEOI ]SY XLI IHMXSV &YX - XLMRO ]SYtPP
RIIH ER EWWMWXERX XS LIPT ]SY
;L] MW XLIVI WS QYGL GSRJYWMSR LIVI# 'PIEVP] 6IRII MW YRWYVI EFSYX LIV
JYXYVI EX XLI QEKE^MRI 7S [LIR (YERI WXEVXW XS XEPO EFSYX QEOMRK WSQI
GLERKIW 6IRII NYQTW XS E GSRGPYWMSR ERH EWWYQIW XLI [SVWX 8LI QMWYRHIV
WXERHMRK GSYPH LEZI FIIR EZSMHIH MJ [LIR (YERI LEH WEMH q;ItZI HIGMHIH XS
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XMSR XS E GSPPIKItW WSGMEP ERH GMZMG PMJI FYX E WTIEOIVtW ERRSYRGIH XSTMG MW q8LI
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JEWGMREXMRK HMWGYWWMSR JMPPIH [MXL LYQER MRXIVIWX WXSVMIW EFSYX FYMPHMRKW ERH
SXLIV WXVYGXYVIW JVSQ XLI ERGMIRX T]VEQMHW XS XLI PEXIWX WO]WGVETIVW
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*SV IZIV] qWIPHSQr GLIGOIH KMZI ]SYVWIPJ E WGSVI SJ
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YRHIVWXERH LMW SV LIV TSMRX SJ ZMI[ -R GSRZIVWEXMSR XLI] HS RSX MRXIVVYTX XLI
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XLI SYXWIX EX PIEWX XLI SVEXSV WIIQIH XS FI YRHYP] GSRWGMSYW XLI PSRK KEYRX LIEH
GETTIH F] E WLSGO SJ LEMV XLEX WIIQIH RSX XS LEZI FIIR XLSVSYKLP] FVYWLIH SYX QEHI
E TMGXYVI [LMGL HMH RSX JMX MR [MXL 2I[ =SVOtW GSRGITXMSR SJ E JMRMWLIH WXEXIWQER
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QIWWEKI EFSYX XLI QSVEP IZMPW SJ WPEZIV] *SVXYREXIP] XLI EYHMIRGI EX 'SSTIV
9RMSR HMH RSX PIX LMW ETTIEVERGI WXERH MR XLI [E] SJ LMW [SVHW
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SR E TIVWSRtW PSSOW SV QERRIV SJ WTIIGL +ERHLM [EW ER YRMQTVIWWMZI PSSOMRK
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MGMWX 7XITLIR ,E[OMRK MW WIZIVIP] HMWEFPIH ERH GER WTIEO SRP] [MXL XLI EMH SJ
E ZSMGI W]RXLIWM^IV =IX MQEKMRI LS[ QYGL TSSVIV XLI [SVPH [SYPH FI MJ RS
SRI PMWXIRIH XS XLIQ )ZIR XLSYKL MX QE] XE\ ]SYV XSPIVERGI TEXMIRGI ERH
GSRGIRXVEXMSR HSRtX PIX RIKEXMZI JIIPMRKW EFSYX E WTIEOIVtW ETTIEVERGI SV HIPMZ
IV] OIIT ]SY JVSQ PMWXIRMRK XS XLI QIWWEKI
3R XLI SXLIV LERH XV] RSX XS FI QMWPIH MJ XLI WTIEOIV LEW ER YRYWYEPP] EXXVEG
XMZI ETTIEVERGI -XtW EPP XSS IEW] XS EWWYQI XLEX FIGEYWI WSQISRI MW KSSH PSSOMRK
ERH LEW E TSPMWLIH HIPMZIV] LI SV WLI MW WTIEOMRK IPSUYIRXP] 7SQI SJ XLI QSWX
YRWGVYTYPSYW WTIEOIVW MR LMWXSV] LEZI FIIR LERHWSQI TISTPI [MXL L]TRSXMG HIPMZIV]
WOMPPW %KEMR FI WYVI ]SY VIWTSRH XS XLI QIWWEKI RSX XS XLI TEGOEKI MX GSQIW MR
7974)2( .9(+1)28
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LIEV XLMRKW [MXL [LMGL [I HMWEKVII ;LIR XLMW LETTIRW SYV REXYVEP MRGPMRE
XMSR MW XS EVKYI QIRXEPP] [MXL XLI WTIEOIV SV XS HMWQMWW IZIV]XLMRK WLI SV LI
WE]W &YX RIMXLIV VIWTSRWI MW JEMV ERH MR FSXL GEWIW [I FPSX SYX ER] GLERGI SJ
PIEVRMRK SV FIMRK TIVWYEHIH
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QIERW ]SY WLSYPH LIEV TISTPI SYX FIJSVI VIEGLMRK E JMREP NYHKQIRX 8V] XS
YRHIVWXERH XLIMV TSMRX SJ ZMI[ 0MWXIR XS XLIMV MHIEW I\EQMRI XLIMV IZMHIRGI
EWWIWW XLIMV VIEWSRMRK 8LIR QEOI YT ]SYV QMRH 8LI EMQ SJ EGXMZI PMWXIRMRK MW
XS WIX EWMHI qSRItW S[R TVINYHMGIW JVEQIW SJ VIJIVIRGI ERH HIWMVIW WS EW XS I\TI
VMIRGI EW JEV EW TSWWMFPI XLI WTIEOIVtW [SVPH JVSQ XLI MRWMHI r -X LEW FIIR WEMH
QSVI XLER SRGI XLEX E GPSWIH QMRH MW ER IQTX] QMRH
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0YGEW 8LI %VX SJ 4YFPMG 0MWXIRMRK 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
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KVSYT HIZSXIH XS XLI WXYH] SJ PMWXIRMRK -XtW GEPPIH XLI -RXIVREXMSREP 0MWXIRMRK %WWS 'SRRIGXMSR
GMEXMSR ERH ]SY GER ZMWMX MXW ;IF WMXI EX [[[ PMWXIR SVK
[[[ GSRRIGXPYGEW GSQ
(S ]SY [MWL ]SY GSYPH PMWXIR XS XLI [SVHW SJ LMWXSVMGEP JMKYVIW WYGL EW %QIPME
)EVLEVX ; MRWXSR 'LYVGLMPP 1SLERHEW +ERHLM ERH 1EPGSPQ <# =SY GER F] PSKKMRK
SR XS 8LI ,MWXSV] 'LERRIP EX [[[ LMWXSV] GSQ QIHME HS ERH GPMGOMRK SR XLI
+VIEX 7TIIGLIW XEF
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6EXLIV XLI] JSGYW SR WTIGMJMG XLMRKW MR E WTIIGL ,IVI EVI XLVII WYKKIWXMSRW XS
LIPT ]SY JSGYW ]SYV PMWXIRMRK
0MWXIR JSV 1EMR 4SMRXW
1SWX WTIIGLIW GSRXEMR JVSQ X[S XS JSYV QEMR TSMRXW ,IVI JSV I\EQTPI EVI
XLI QEMR TSMRXW SJ E VIGIRX WTIIGL SR GSRXVSPPMRK XLI GSWX SJ LIEPXL GEVI HIPMZ
IVIH F] TLEVQEGIYXMGEPW I\IGYXMZI 6SFIVX -RKVEQ
8LI JMVWX TVMSVMX] MR VIHYGMRK XLI GSWX SJ LIEPXL GEVI MW TVIZIRXMRK HMWIEWI
8LI WIGSRH TVMSVMX] MW TVSZMHMRK EGGYVEXI HMEKRSWMW ERH ETTVSTVMEXI
XVIEXQIRX
8LI XLMVH TVMSVMX] MW FIMRK MRRSZEXMZI MR XEGOPMRK LIEPXL TVSFPIQW
8LIWI XLVII QEMR TSMRXW EVI XLI LIEVX SJ -RKVEQtW QIWWEKI %W [MXL ER] WTIIGL
XLI] EVI XLI QSWX MQTSVXERX XLMRKW XS PMWXIR JSV
9RPIWW E WTIEOIV MW XIVVMFP] WGEXXIVFVEMRIH ]SY WLSYPH FI EFPI XS HIXIGX LMW SV
LIV QEMR TSMRXW [MXL PMXXPI HMJJMGYPX] 3JXIR E WTIEOIV [MPP KMZI WSQI MHIE EX XLI
SYXWIX SJ XLI QEMR TSMRXW XS FI HMWGYWWIH MR XLI WTIIGL *SV I\EQTPI EX XLI IRH SJ
LMW MRXVSHYGXMSR -RKVEQ WEMH q- [SYPH WYFQMX XLEX XLI WSPYXMSR GSQIW MR XLI JSVQ
SJ XLVII ZIV] WMQTPI FYX ZIV] MQTSVXERX FEWMG TVMRGMTPIW r 2SXMGMRK XLMW E WLEVT
PMWXIRIV [SYPH LEZI FIIR TVITEVIH JSV E WTIIGL [MXL XLVII QEMR TSMRXW -RKVEQ
EPWS KEZI E TVIZMI[ WXEXIQIRX MHIRXMJ]MRK IEGL SJ XLI QEMR TSMRXW FIJSVI LI WXEVXIH
XLI FSH] SJ LMW WTIIGL %W XLI WTIIGL TVSKVIWWIH LI IRYQIVEXIH IEGL TSMRX %JXIV
XLMW SRP] XLI QSWX MREXXIRXMZI SJ PMWXIRIVW GSYPH LEZI QMWWIH LMW QEMR TSMRXW
0MWXIR JSV )ZMHIRGI
-HIRXMJ]MRK E WTIEOIVtW QEMR TSMRXW LS[IZIV MW RSX IRSYKL =SY QYWX EPWS PMWXIR
JSV WYTTSVXMRK IZMHIRGI &] XLIQWIPZIW -RKVEQtW QEMR TSMRXW EVI SRP] EWWIVXMSRW
=SY QE] FI MRGPMRIH XS FIPMIZI XLIQ NYWX FIGEYWI XLI] GSQI JVSQ E QENSV FYWMRIWW
I\IGYXMZI =IX E GEVIJYP PMWXIRIV [MPP FI GSRGIVRIH EFSYX IZMHIRGI RS QEXXIV [LS
MW WTIEOMRK ,EH ]SY FIIR PMWXIRMRK XS -RKVEQtW WTIIGL ]SY [SYPH LEZI LIEVH
LMQ WYTTSVX LMW GPEMQW [MXL E QEWW SJ ZIVMJMEFPI IZMHIRGI ,IVI MW ER I\GIVTX
7IZIRX] JMZI TIVGIRX SJ XLI XSXEP EQSYRX [I WTIRH MR XLMW GSYRXV] SR LIEPXL GEVI MW
WTIRX SR XLI TIVGIRX SJ SYV TSTYPEXMSR XLEX LEZI SRI SV QSVI GLVSRMG HMWIEWIW
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WLEVTP] WS MX GSRJSVQW XS XLI EWWMKRIH XMQI PMQMX 3RI SJ XLI QSWX GSQQSR
QMWXEOIW WXYHIRXW QEOI SR XLIMV JMVWX WTIIGL MW XV]MRK XS GSZIV XSS QYGL
QEXIVMEP =SY WLSYPH WIPIGX E PMQMXIH RYQFIV SJ TSMRXW ERH MPPYWXVEXI XLIQ
GPIEVP]
-X [SYPH FI MQTSWWMFPI JSV I\EQTPI XS XIPP ]SYV EYHMIRGI IZIV]XLMRK EFSYX
]SYV PMJI MR E X[S SV XLVII QMRYXI WTIIGL % FIXXIV ETTVSEGL [SYPH FI XS JSGYW
SR SRI SV X[S IZIRXW XLEX LEZI LIPTIH HIJMRI [LS ]SY EVIhGSQTIXMRK MR XLI
WXEXI XVEGO QIIX XYXSVMRK HMWEHZERXEKIH GLMPHVIR KIXXMRK ]SYV JMVWX NSF ERH
XLI PMOI 8LMW EPPS[W ]SY XS QEOI E JI[ [IPP HIZIPSTIH TSMRXW EFSYX E GPIEVP]
HIJMRIH WYFNIGX
3R XLI SXLIV LERH EZSMH XLI XIQTXEXMSR XS REVVS[ XLI JSGYW SJ ]SYV XSTMG
XSS QYGL *I[ PMWXIRIVW [SYPH FI TPIEWIH XS LIEV E X[S SV XLVII QMRYXI
HMWGYWWMSR SJ EHZERGIH XVYQTIX TPE]MRK XIGLRMUYIW 7YGL E WTIIGL [SYPH FI
XSS WTIGMEPM^IH JSV QSWX GPEWWVSSQ EYHMIRGIW
3RGI ]SY LEZI E XSTMG JSV ]SYV WTIIGL FI GVIEXMZI MR HIZIPSTMRK MX 8LMRO
SJ [E]W XS QEOI ]SYV TVIWIRXEXMSR Q]WXIVMSYW SV WYWTIRWIJYP 7YTTSWI ]SY EVI
XIPPMRK XLI EYHMIRGI EFSYX QIIXMRK E GIPIFVMX] ZMWMXMRK E JEQSYW TPEGI SV TEV
XMGMTEXMRK MR E RI[W[SVXL] IZIRX 6EXLIV XLER MHIRXMJ]MRK XLI GIPIFVMX] EX XLI
SYXWIX ]SY QMKLX WEZI LMW SV LIV REQI JSV XLI IRH SJ ]SYV WTIIGL %W ]SYV
WXSV] YRJSPHW XERXEPM^I ]SYV GPEWWQEXIW [MXL GPYIW EFSYX ]SYV GIPIFVMX]tW KIR
HIV TL]WMGEP GLEVEGXIVMWXMGW WTIGMEP XEPIRXW ERH XLI PMOI FYX OIIT XLI REQI
WIGVIX YRXMP XLI PEWX QSQIRX
%44)2(-< +-:-2+ =396 *-678 74))',
0YGEW 8LI %VX SJ 4YFPMG 0MWXIRMRK 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
-R EHHMXMSR XS Q]WXIV] ERH WYWTIRWI EYHMIRGIW EVI REXYVEPP] MRXIVIWXIH MR GSRRIGXPYGEW GSQ
HERKIVSYW WMXYEXMSRW EHZIRXYVI ERH HVEQE -J ]SYV XEWO MW XS MRXVSHYGI E :MI[ XLI MRXVSHYGXMSR JVSQ
JIPPS[ WXYHIRX JMRH SYX MJ WLI SV LI LEW IZIV FIIR MR HERKIV 7YTTSWI ]SYV q+SXXE (ERGIr MR XLI SRPMRI
GPEWWQEXI [EW GEYKLX MR E JPSSH SV WTIRX E ]IEV MR %JVMGE [MXL XLI 4IEGI 'SVTW 1IHME 0MFVEV] JSV XLMW
8LI HIXEMPW [SYPH QEOI I\GIPPIRX QEXIVMEP JSV E WTIIGL ETTIRHM\ :MHIS 'PMT %
-J ]SY XLMRO EFSYX MX IZIV] TIVWSR LEW JEGIH VMWO HSRI XLI YRYWYEP SV
XVMYQTLIH SZIV LEVHWLMT 8V] XS JMRH [E]W XS MRGPYHI WYGL JEWGMREXMRK I\TIVM
IRGIW MR ]SYV WTIIGL
=SY GER EPWS QEOI ]SYV WTIIGL MRXIVIWXMRK F] YWMRK GSPSVJYP HIWGVMTXMZI
PERKYEKI 3RI WTIEOIV YWIH XLMW XIGLRMUYI [LIR MRXVSHYGMRK E JIPPS[ WXYHIRX
REQIH %PI\E XS XLI GPEWW 8LI WTIEOIV FIKER F] WE]MRK
8LI WTSXPMKLX WLMRIW 8LI QYWMG FPEVIW 8LI GVS[H GLIIVW 8LI GSPSVW FVMKLX ERH
ZMFVERX FPIIH XSKIXLIV EW %PI\E ERH LIV TEVXRIV WEMP EVSYRH XLI HERGI JPSSV ,IV TEVXRIV
XSYGLIW LIV LERH ERH LIV [EMWX FYX SRP] FVMIJP] ,I XLIR WTMRW LIV E[E] ERH WLI KPMHIW
EGVSWW XLI JPSSV MR [LEX WIIQW PMOI E WMRKPI QSXMSR %PI\E LEW [SVOIH QER] [IIOW JSV XLMW
QSQIRX %PI\E ]SY WII MW E GLEQTMSRWLMT FEPPVSSQ HERGIV
8LI WTIEOIV GSYPH LEZI WEMH q%PI\E MW E XIVVMJMG FEPPVSSQ HERGIV ERH JMRHW
MX UYMXI I\GMXMRK r -RWXIEH XLI WTIEOIV TEMRXIH E [SVH TMGXYVI WS PMWXIRIVW GSYPH
ZMWYEPM^I XLI HERGI JPSSV XLI VL]XLQ SJ XLI QYWMG XLI FVMPPMERX GSPSVW SJ XLI
GSWXYQIW XLI I\GMXIQIRX SJ XLI GSQTIXMXMSR EW %PI\E ERH LIV TEVXRIV TIV
JSVQIH MR TIVJIGX W]QQIXV] 'SPSVJYP ERH GSRGVIXI MPPYWXVEXMSRW PMOI XLMW EVI
EP[E]W QSVI MRXIVIWXMRK XLER HYPP PERKYEKI ERH EFWXVEGX KIRIVEPM^EXMSRW
=SY QMKLX [SRHIV [LIXLIV ]SY WLSYPH YWI LYQSV XS QEOI ]SYV JMVWX WTIIGL
IRXIVXEMRMRK %YHMIRGIW PSZI [MXX] VIQEVOW NSOIW ERH JYRR] WMXYEXMSRW FYX PMOI
ER]XLMRK IPWI LYQSV MW IJJIGXMZI SRP] [LIR HSRI [IPP -X WLSYPH JPS[ REXYVEPP]
SYX SJ XLI WTIIGL GSRXIRX VEXLIV XLER FIMRK GSRXVMZIH -J ]SY EVI RSX RSVQEPP] E
JYRR] TIVWSR ]SY EVI FIXXIV SJJ KMZMRK E WMRGIVI IRXLYWMEWXMG WTIIGL ERH PIEZMRK
SYX XLI NSOIW -R RS GEWI WLSYPH ]SY MRGPYHI LYQSV XLEX MRZSPZIW SFWGIRMX]
IQFEVVEWWIW MRHMZMHYEPW SV RIKEXMZIP] WXIVISX]TIW KVSYTW SJ TISTPI 8LI FIWX
OMRH SJ LYQSV KIRXP] TSOIW JYR EX SYVWIPZIW SV EX YRMZIVWEP LYQER JSMFPIW
36+%2->-2+ 8,) 74))', GSRRIGXPYGEW GSQ
:MI[ XLI FIKMRRMRK SJ
6IKEVHPIWW SJ ]SYV XSTMG ]SYV WTIIGL [MPP LEZI XLVII QEMR TEVXWhER MRXVSHYG q/M]SQM ERH 1Ir MR XLI
XMSR E FSH] ERH E GSRGPYWMSR =SYV JMVWX NSF MR XLI MRXVSHYGXMSR MW XS KIX XLI SRPMRI 1IHME 0MFVEV] JSV XLMW
EXXIRXMSR ERH MRXIVIWX SJ XLI EYHMIRGI =SY GER HS XLMW F] TSWMRK E UYIWXMSR ETTIRHM\ :MHIS 'PMT %
XIPPMRK E WXSV] QEOMRK E WXEVXPMRK WXEXIQIRX SV STIRMRK [MXL E UYSXEXMSR 8LI
TYVTSWI SJ EPP XLIWI QIXLSHW MW XS GVIEXI E HVEQEXMG GSPSVJYP STIRMRK XLEX [MPP
QEOI ]SYV EYHMIRGI [ERX XS LIEV QSVI
*SV ER I\GIPPIRX I\EQTPI PSSO EX XLI WTIIGL I\GIVTX SR :MHIS 'PMT % MR XLI
SRPMRI 1IHME 0MFVEV] JSV XLMW %TTIRHM\ 8LI WTIEOIVtW EWWMKRQIRX [EW XS TVIWIRX
E REVVEXMZI EFSYX E WMKRMJMGERX I\TIVMIRGI MR LIV PMJI 8LMW MW LS[ WLI FIKER
,IV REQI [EW /M]SQM 7LI [EW E Q]WXIVMSYW .ETERIWI HERGIV 0EWX EYXYQR - KSX XS QIIX
LIV ,S[ ]SY EWO ;IPP EGXYEPP] WLI [EW E GLEVEGXIV MR E TPE] - QIX LIV XLI HE] - FIGEQI
LIV 8LEX HE] [EW SRI SJ XLI LETTMIWX HE]W SJ Q] PMJI - [ERXIH XLEX TEVX WS HIWTIVEXIP] MX [EW
EPP - GSYPH XLMRO EFSYX &IMRK /M]SQM [EW SRI SJ XLI QSWX QIQSVEFPI I\TIVMIRGIW SJ Q] PMJI
%JXIV XLMW MRXVSHYGXMSR XLI WTIEOIVtW GPEWWQEXIW [IVI IEKIV XS LIEV QSVI EFSYX
/M]SQM ERH LIV VSPI MR XLI WTIEOIVtW PMJI
4VITEVMRK =SYV 7TIIGL
0YGEW 8LI %VX SJ 4YFPMG 0MWXIRMRK 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
-R EHHMXMSR XS KEMRMRK EXXIRXMSR ERH MRXIVIWX XLI MRXVSHYGXMSR WLSYPH SVM
IRX ]SYV PMWXIRIVW XS[EVH XLI WYFNIGX QEXXIV SJ ]SYV WTIIGL -R XLI PSRKIV
WTIIGLIW ]SY [MPP KMZI PEXIV MR XLI XIVQ ]SY [MPP YWYEPP] RIIH XS TVSZMHI ER
I\TPMGMX TVIZMI[ WXEXIQIRX XLEX MHIRXMJMIW XLI QEMR TSMRXW XS FI HMWGYWWIH MR XLI
FSH] SJ ]SYV WTIIGL *SV I\EQTPI q8SHE] - [MPP MRJSVQ ]SY EFSYX XLI W]QT
XSQW GEYWIW ERH XVIEXQIRX SJ LITEXMXMW ' r
&IGEYWI ]SYV MRXVSHYGXSV] WTIIGL MW WS WLSVX ]SY QE] RSX RIIH E HIXEMPIH
TVIZMI[ WXEXIQIRX &YX ]SY WXMPP RIIH XS KMZI ]SYV EYHMIRGI E GPIEV WIRWI SJ
]SYV XSTMG ERH TYVTSWI 0SSO FEGO JSV E QSQIRX EX XLI MRXVSHYGXMSR EFSYX
/M]SQM UYSXIH IEVPMIV 2SXMGI LS[ MX QSZIW JVSQ EVSYWMRK GYVMSWMX] XS PIXXMRK
XLI EYHMIRGI ORS[ [LEX XLI VIWX SJ XLI WTIIGL [MPP JSGYW SR &] XLI IRH SJ XLI
MRXVSHYGXMSR XLIVI MW RS HSYFX EFSYX XLI XSTMG SJ XLI WTIIGL &I WYVI XS GLIGO
[MXL ]SYV MRWXVYGXSV XS WII [LEX OMRH SJ TVIZMI[ WXEXIQIRX LI SV WLI TVIJIVW JSV
XLI MRXVSHYGXSV] WTIIGL
%JXIV KIXXMRK XLI EYHMIRGItW EXXIRXMSR ERH VIZIEPMRK ]SYV XSTMG ]SY EVI
VIEH] XS QSZI MRXS XLI FSH] SJ ]SYV WTIIGL -R WSQI WTIIGLIW XLI FSH] WIIQW
XS SVKERM^I MXWIPJ -J ]SY LEZI FIIR EWWMKRIH XS XIPP E WXSV] EFSYX E WMKRMJMGERX
I\TIVMIRGI MR ]SYV PMJI ]SY [MPP VIPEXI XLI IZIRXW GLVSRSPSKMGEPP] MR XLI SVHIV
XLI] SGGYVVIH
&YX RSX EPP WTIIGLIW JSPPS[ WYGL E JSVQEX 7YTTSWI ]SY LEZI FIIR EWOIH XS
KMZI E TVIWIRXEXMSR MRXVSHYGMRK E GPEWWQEXI =SY GSYPH SVKERM^I XLI QSWX
MQTSVXERX FMSKVETLMGEP JEGXW EFSYX ]SYV WYFNIGX MR GLVSRSPSKMGEP SVHIV FYX
XLMW QMKLX VIWYPX MR E HYPP WYTIVJMGMEP WTIIGL q-R %PMGME [EW FSVR MR 'PIZI
PERH EXXIRHIH /MRK )PIQIRXEV] 7GLSSP JVSQ XS ERH KVEHYEXIH JVSQ
7SYXL ,MKL 7GLSSP MR r
% FIXXIV [E] SJ WXVYGXYVMRK ]SYV VIQEVOW QMKLX FI XS HMWGYWW XLVII SJ XLI
QSWX MQTSVXERX EWTIGXW SJ %PMGMEtW PMJI WYGL EW LSFFMIW GEVIIV KSEPW ERH JEQ
MP] 8LMW MW GEPPIH XLI XSTMGEP QIXLSH SJ SVKERM^EXMSR [LMGL WYFHMZMHIW XLI
WTIIGL XSTMG MRXS MXW REXYVEP PSKMGEP SV GSRZIRXMSREP TEVXW %PXLSYKL XLIVI EVI
QER] SXLIV [E]W XS SVKERM^I E WTIIGL ]SYV JMVWX TVIWIRXEXMSR [MPP TVSFEFP] YWI
IMXLIV GLVSRSPSKMGEP SV XSTMGEP SVHIV
6IKEVHPIWW SJ XLI QIXLSH SJ SVKERM^EXMSR ]SY YWI VIQIQFIV XS PMQMX XLI
RYQFIV SJ QEMR TSMRXW MR XLI FSH] SJ ]SYV WTIIGL -R E X[S QMRYXI TVIWIRXE
XMSR ]SY [SRtX LEZI XMQI XS HIZIPST QSVI XLER X[S SV XLVII QEMR TSMRXW
3RGI ]SY LEZI WIPIGXIH XLSWI TSMRXW QEOI WYVI IEGL SRI JSGYWIW SR E
WMRKPI EWTIGX SJ XLI XSTMG *SV I\EQTPI MJ ]SYV JMVWX TSMRX GSRGIVRW ]SYV GPEWW
QEXItW LSQIXS[R HSRtX MRXVSHYGI MVVIPIZERX MRJSVQEXMSR EFSYX LIV NSF SV
JEZSVMXI QYWMG 7EZI XLMW QEXIVMEP JSV E WITEVEXI TSMRX SV GYX MX
8V] XS QEOI ]SYV QEMR TSMRXW WXERH SYX F] MRXVSHYGMRK IEGL [MXL E XVERWM
XMSR WXEXIQIRX -R E WTIIGL MRXVSHYGMRK E GPEWWQEXI ]SY QMKLX FIKMR XLI JMVWX
QEMR TSMRX F] WE]MRK
6MGStW JEQMP] QSZIH E KVIEX HIEP XLVSYKLSYX LMW GLMPHLSSH
;LIR ]SY VIEGL XLI WIGSRH TSMRX ]SY QMKLX MRXVSHYGI MX PMOI XLMW
1SZMRK E PSX PIH XS 6MGStW SYXKSMRK REXYVI ERH GSRJMHIRGI MR QEOMRK JVMIRHW -R JEGX
LI LEW JVMIRHW EPP EVSYRH XLI [SVPH [MXL [LSQ LI GSVVIWTSRHW VIKYPEVP] SZIV I QEMP
=SY LEZI RS[ PIX ]SYV EYHMIRGI ORS[ XLEX XLI JMVWX QEMR TSMRX MW SZIV ERH XLEX
]SY EVI WXEVXMRK XLI WIGSRH SRI 8LI XLMVH QEMR TSMRX QMKLX FIKMR EW
JSPPS[W
%44)2(-< +-:-2+ =396 *-678 74))',
0YGEW 8LI %VX SJ 4YFPMG 0MWXIRMRK 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
'SVVIWTSRHMRK [MXL TISTPI EPP SZIV XLI [SVPH MW QSVI XLER NYWX E LSFF] JSV 6MGS WMRGI GSRRIGXPYGEW GSQ
LI MW QENSVMRK MR MRXIVREXMSREP VIPEXMSRW :MI[ XLI IRHMRK SJ q/M]SQM
ERH 1Ir MR XLI SRPMRI 1IHME
8VERWMXMSR WXEXIQIRXW WYGL EW XLIWI [MPP LIPT ]SYV EYHMIRGI OIIT XVEGO SJ ]SYV 0MFVEV] JSV XLMW ETTIRHM\
QEMR MHIEW :MHIS 'PMT %
;LIR ]SY JMRMWL HMWGYWWMRK ]SYV JMREP TSMRX ]SY [MPP FI VIEH] XS QSZI
MRXS ]SYV GSRGPYWMSR =SY RIIH XS EGGSQTPMWL X[S XEWOW MR XLMW TEVX SJ XLI
WTIIGL PIX XLI EYHMIRGI ORS[ ]SY EVI EFSYX XS JMRMWL ERH VIMRJSVGI ]SYV QENSV
XLIQI
-J TSWWMFPI IRH SR E HVEQEXMG GPIZIV SV XLSYKLX TVSZSOMRK RSXI *SV
I\EQTPI MR XLI WTIIGL EFSYX /M]SQM XLI WXYHIRX HIZSXIH XLI FSH] SJ LIV
WTIIGL XS I\TPEMRMRK LS[ WLI [SR XLI VSPI ERH [LEX LETTIRIH [LIR WLI
TIVJSVQIH MX SR WXEKI 8LIR MR LIV GSRGPYWMSR WLI [VETTIH YT F] WE]MRK
- RIIHIH XLMW I\TIVMIRGI XS ETTVIGMEXI [LS - [EW - VIEPM^IH XLEX - WLSYPH FI Q]WIPJ ERH
RSX PSRK XS FI WSQISRI IPWI 7S [LEX MJ -tQ RSX XLI QSWX KVEGIJYP SV JIQMRMRI TIVWSR# 7S
[LEX MJ - HSRtX TSWWIWW EPP XLI [SRHIVJYP GLEVEGXIVMWXMGW SJ /M]SQM# - EQ WXMPP QIhRSX E GLEV
EGXIV MR E TPE] =IX F] TPE]MRK XLEX GLEVEGXIV - PIEVRIH SRI SJ XLI QSWX MQTSVXERX PIWWSRW SJ
Q] PMJI - PIEVRIH XLEX F] FIGSQMRK E [SQER [LS RIZIV [EW - FIGEQI TVSYH SJ [LS - EQ
8LI JMREP PMRIW FVMRK XLI WTIIGL XS E HVEQEXMG GPSWI ERH YRHIVWGSVI [L] XLI
I\TIVMIRGI SJ TPE]MRK /M]SQM [EW WS MQTSVXERX XS XLI WTIEOIV
(IPMZIVMRK =SYV 7TIIGL
3RGI ]SY LEZI WIPIGXIH E WYFNIGX ERH SVKERM^IH XLI GSRXIRX MRXS E GPIEV
WXVYGXYVI MX MW XMQI XS [SVO SR XLI HIPMZIV] SJ ]SYV WTIIGL &IGEYWI XLMW MW ]SYV
JMVWX WTIIGL SJ XLI XIVQ RS SRI I\TIGXW ]SY XS KMZI E TIVJIGXP] TSPMWLIH TVIWIR
XEXMSR =SYV EMQ MW XS HS EW [IPP EW TSWWMFPI [LMPI EPWS PE]MRK E JSYRHEXMSR ]SY
GER FYMPH YTSR MR PEXIV WTIIGLIW ;MXL XLMW MW QMRH [ItPP PSSO FVMIJP] EX XLI
I\XIQTSVERISYW QIXLSH SJ WTIIGL HIPMZIV] XLI MQTSVXERGI SJ VILIEVWMRK ]SYV
WTIIGL ERH WSQI SJ XLI QENSV JEGXSVW XS GSRWMHIV [LIR WTIIGL HE] EVVMZIW
74)%/-2+ )<8)1436%2)3970=
=SY QMKLX FI MRGPMRIH EW EVI QER] FIKMRRMRK WTIEOIVW XS [VMXI SYX ]SYV
WTIIGL PMOI ER IWWE] ERH VIEH MX [SVH JSV [SVH XS ]SYV PMWXIRIVW 8LI SXLIV
I\XVIQI MW XS TVITEVI ZIV] PMXXPI JSV XLI WTIIGLhXS [MRK MX F] XVYWXMRK XS ]SYV
[MXW ERH XLI MRWTMVEXMSR SJ XLI QSQIRX 2IMXLIV ETTVSEGL MW ETTVSTVMEXI
1SWX I\TIVXW VIGSQQIRH WTIEOMRK I\XIQTSVERISYWP] [LMGL GSQFMRIW
XLI GEVIJYP TVITEVEXMSR ERH WXVYGXYVI SJ E QERYWGVMTX TVIWIRXEXMSR [MXL XLI
WTSRXERIMX] ERH IRXLYWMEWQ SJ ER YRVILIEVWIH XEPO =SYV EMQ MR ER
I\XIQTSVERISYW WTIIGL MW XS TPER ]SYV QENSV TSMRXW ERH WYTTSVXMRK QEXIVMEP
[MXLSYX XV]MRK XS QIQSVM^I XLI TVIGMWI PERKYEKI ]SY [MPP YWI SR XLI HE] SJ XLI
WTIIGL
8LI I\XIQTSVERISYW QIXLSH VIUYMVIW ]SY XS ORS[ XLI GSRXIRX SJ ]SYV
WTIIGL UYMXI [IPP -R JEGX [LIR ]SY YWI XLMW QIXLSH TVSTIVP] ]SY FIGSQI WS
JEQMPMEV [MXL XLI WYFWXERGI SJ ]SYV XEPO XLEX ]SY RIIH SRP] E JI[ FVMIJ RSXIW XS
VIQMRH ]SY SJ XLI TSMRXW ]SY MRXIRH XS GSZIV 8LI RSXIW WLSYPH GSRWMWX SJ OI]
(IPMZIVMRK =SYV 7TIIGL
0YGEW 8LI %VX SJ 4YFPMG 0MWXIRMRK 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
GSRRIGXPYGEW GSQ [SVHW SV TLVEWIW VEXLIV XLER GSQTPIXI WIRXIRGIW ERH TEVEKVETLW 8LMW [E]
:MI[ ER I\GIVTX JVSQ q% ,IEVX [LIR ]SY EVI MR JVSRX SJ XLI EYHMIRGI ]SY [MPP XIPP XLIQ [LEX ]SY ORS[ EFSYX
;SVR SR 1] ,ERHr MR XLI XLI XSTMG MR ]SYV S[R [SVHW
SRPMRI 1IHME 0MFVEV] JSV XLMW 4VITEVI ]SYV RSXIW F] [VMXMRK SV TVMRXMRK OI] XIVQW ERH TLVEWIW SR MRHI\
ETTIRHM\ :MHIS 'PMT %
GEVHW SV WLIIXW SJ TETIV 7SQI MRWXVYGXSVW VIUYMVI WXYHIRXW XS YWI MRHI\ GEVHW
FIGEYWI XLI] EVI WQEPP ERH YRSFXVYWMZI HSRtX VYWXPI SV JPST SZIV ERH GER FI
LIPH MR SRI LERH [LMGL EPPS[W XLI WTIEOIV XS KIWXYVI QSVI IEWMP] 3XLIV
XIEGLIVW VIGSQQIRH WLIIXW SJ TETIV FIGEYWI ]SY GER KIX QSVI MRJSVQEXMSR SR
XLIQ ERH FIGEYWI MX MW IEWMIV XS TVMRX SYX GSQTYXIV JMPIW SR TETIV -J ]SY EVI
YRWYVI [LEX ]SYV MRWXVYGXSV TVIJIVW EWO [IPP FIJSVI ]SYV WTIIGL MW HYI
;LIXLIV ]SY YWI MRHI\ GEVHW SV WLIIXW SJ TETIV ]SYV RSXIW WLSYPH FI PEVKI
IRSYKL XS VIEH GPIEVP] EX EVQtW PIRKXL 1ER] I\TIVMIRGIH WTIEOIVW HSYFPI SV
XVMTPI WTEGI XLIMV RSXIW FIGEYWI XLMW QEOIW XLIQ IEWMIV XS WII EX E KPERGI ;VMXI
SV TVMRX SR SRP] SRI WMHI SJ XLI MRHI\ GEVH SV TETIV ERH YWI XLI JI[IWX RSXIW
]SY GER QEREKI ERH WXMPP TVIWIRX XLI WTIIGL JPYIRXP] ERH GSRJMHIRXP]
=SY GER WII ER I\EQTPI SJ I\XIQTSVERISYW HIPMZIV] SR :MHIS 'PMT % MR
XLI SRPMRI 1IHME 0MFVEV] JSV XLMW ETTIRHM\ 8LI WXYHIRX MW KMZMRK E WTIIGL SJ
WIPJ MRXVSHYGXMSR YWMRK E TIVWSREP SFNIGXhMR XLMW GEWI E WSJXFEPP KPSZIhXS
I\TPEMR WSQIXLMRK MQTSVXERX EFSYX LIVWIPJ %W ]SY ZMI[ XLI I\GIVTX RSXMGI
XLEX IZIR XLSYKL XLI WTIEOIVtW TSMRXW EVI [IPP TPERRIH WLI MW RSX XMIH XS E
QERYWGVMTX ;LIR XEPOMRK EFSYX LIV KPSZI WLI WIXW HS[R LIV RSXIW ERH TSMRXW
XS XLMRKW SR XLI KPSZI XLEX VIJPIGX HMJJIVIRX EWTIGXW SJ LIV PMJI %PP XLI [LMPI WLI
WTIEOW HMVIGXP] XS LIV GPEWWQEXIW ERH QEOIW WXVSRK I]I GSRXEGX [MXL XLIQ
%X JMVWX MX QE] WIIQ ZIV] HIQERHMRK XS HIPMZIV E WTIIGL I\XIQTSVERI
SYWP] -R JEGX XLSYKL ]SY YWI XLI I\XIQTSVERISYW QIXLSH MR IZIV]HE]
GSRZIVWEXMSR (S ]SY VIEH JVSQ E QERYWGVMTX [LIR ]SY XIPP ]SYV JVMIRHW ER
EQYWMRK WXSV]# 3J GSYVWI RSX =SY VIGEPP XLI IWWIRXMEP HIXEMPW SJ ]SYV WXSV] ERH
XIPP XLI XEPI XS HMJJIVIRX JVMIRHW SR HMJJIVIRX SGGEWMSRW YWMRK WSQI[LEX
HMJJIVIRX PERKYEKI IEGL XMQI =SY JIIP VIPE\IH ERH GSRJMHIRX [MXL ]SYV JVMIRHW
WS ]SY NYWX XIPP XLIQ [LEX MW SR ]SYV QMRH MR E GSRZIVWEXMSREP XSRI 8V] XS HS
XLI WEQI XLMRK MR ]SYV WTIIGL
6),)%67-2+ 8,) 74))',
;LIR ]SY [EXGL E XVYP] IJJIGXMZI I\XIQTSVERISYW WTIEOIV XLI WTIIGL GSQIW
SYX WS WQSSXLP] XLEX MX WIIQW EPQSWX IJJSVXPIWW -R JEGX XLEX WQSSXL HIPMZIV] MW
XLI VIWYPX SJ E KVIEX HIEP SJ TVEGXMGI %W ]SYV WTIIGL GSYVWI TVSKVIWWIW ]SY [MPP
KEMR QSVI I\TIVMIRGI ERH [MPP FIGSQI QSVI GSQJSVXEFPI HIPMZIVMRK ]SYV
WTIIGLIW I\XIQTSVERISYWP]
8LI JMVWX XMQI ]SY VILIEVWI ]SYV MRXVSHYGXSV] WTIIGL LS[IZIV ]SY [MPP
TVSFEFP] WXVYKKPI ;SVHW QE] RSX GSQI IEWMP] ERH ]SY QE] JSVKIX WSQI
XLMRKW ]SY TPERRIH XS WE] (SRtX FIGSQI HMWGSYVEKIH /IIT KSMRK ERH GSQ
TPIXI XLI WTIIGL EW [IPP EW ]SY GER 'SRGIRXVEXI SR KEMRMRK GSRXVSP SJ XLI MHIEW
VEXLIV XLER SR XV]MRK XS PIEVR XLI WTIIGL [SVH JSV [SVH =SY [MPP MQTVSZI
IZIV] XMQI ]SY TVEGXMGI
*SV XLMW ETTVSEGL XS [SVO ]SY QYWX VILIEVWI XLI WTIIGL SYX PSYH 0SSOMRK
WMPIRXP] SZIV ]SYV RSXIW MW RSX IRSYKL 7TIEOMRK XLI [SVHW EPSYH [MPP LIPT ]SY
QEWXIV XLI GSRXIRX SJ ]SYV XEPO 3RGI ]SY LEZI E JEMVP] KSSH KVEWT SJ XLI
WTIIGL EWO JVMIRHW SV JEQMP] QIQFIVW XS PMWXIR ERH XS KMZI GSRWXVYGXMZI JIIH
FEGO (SRtX FI WL] EFSYX EWOMRK 1SWX TISTPI PSZI XS KMZI XLIMV STMRMSR EFSYX
WSQIXLMRK ERH MXtW GVYGMEP XLEX ]SY VILIEVWI [MXL E PMZI EYHMIRGI FIJSVI TVI
WIRXMRK XLI WTIIGL MR GPEWW
%44)2(-< +-:-2+ =396 *-678 74))',
0YGEW 8LI %VX SJ 4YFPMG 0MWXIRMRK 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
%W ]SY TVEGXMGI XMQI ]SYV WTIIGL XS QEOI WYVI MX MW RIMXLIV XSS PSRK RSV
XSS WLSVX &IGEYWI SJ RIVZIW QSWX TISTPI XEPO JEWXIV HYVMRK XLIMV JMVWX WTIIGL
XLER [LIR XLI] TVEGXMGI MX ;LIR ]SY VILIEVWI EX LSQI QEOI GIVXEMR ]SYV
WTIIGL VYRW WPMKLXP] PSRKIV XLER XLI QMRMQYQ XMQI PMQMX 8LEX [E] MJ ]SYV
WTIEOMRK VEXI MRGVIEWIW [LIR ]SY KIX MR JVSRX SJ ]SYV GPEWWQEXIW ]SYV WTIIGL
[SRtX IRH YT FIMRK XSS WLSVX
46)7)28-2+ 8,) 74))', GSRRIGXPYGEW GSQ
:MI[ I\GIVTXW JVSQ q6L]QIW
;LIR MX MW ]SYV XYVR XS WTIEO QSZI XS XLI JVSRX SJ XLI VSSQ ERH JEGI XLI [MXL 3VERKIr ERH q1] 0MJI
EYHMIRGI %WWYQI E VIPE\IH FYX YTVMKLX TSWXYVI 4PERX ]SYV JIIX E FMX PIWW XLER JVSQ 8SI XS ,IEHr MR XLI
WLSYPHIV [MHXL ETEVX ERH EPPS[ ]SYV EVQW XS LERK PSSWIP] F] ]SYV WMHI %VVERKI SRPMRI 1IHME 0MFVEV] JSV XLMW
]SYV RSXIW FIJSVI ]SY WXEVX XS WTIEO 8LIR XEOI E QSQIRX XS PSSO SZIV ]SYV ETTIRHM\ :MHIS 'PMT %
EYHMIRGI ERH XS WQMPI 8LMW [MPP LIPT ]SY IWXEFPMWL VETTSVX [MXL ]SYV GPEWWQEXIW
JVSQ XLI WXEVX
3RGI ]SY EVI MRXS XLI WTIIGL JIIP JVII XS YWI ]SYV LERHW XS KIWXYVI FYX
HSRtX XV] XS TPER EPP ]SYV KIWXYVIW ELIEH SJ XMQI -J ]SY HSRtX RSVQEPP] YWI ]SYV
LERHW I\TVIWWMZIP] HYVMRK MRJSVQEP GSRZIVWEXMSR XLIR ]SY WLSYPHRtX JIIP GSQ
TIPPIH XS KIWXYVI E PSX HYVMRK ]SYV WTIIGL ;LEXIZIV KIWXYVIW ]SY HS YWI WLSYPH
JPS[ REXYVEPP] JVSQ ]SYV JIIPMRKW
%FSZI EPP HSRtX PIX ]SYV KIWXYVIW SV FSHMP] EGXMSRW HMWXVEGX PMWXIRIVW JVSQ
]SYV QIWWEKI (S ]SYV FIWX XS EZSMH RIVZSYW QERRIVMWQW WYGL EW X[MWXMRK ]SYV
LEMV [VMRKMRK ]SYV LERHW WLMJXMRK ]SYV [IMKLX JVSQ SRI JSSX XS XLI SXLIV
VSGOMRK FEGO ERH JSVXL SV XETTMRK ]SYV JMRKIVW SR XLI PIGXIVR 2S QEXXIV LS[
RIVZSYW ]SY JIIP XV] XS ETTIEV GEPQ ERH VIPE\IH
(YVMRK ]SYV XEPO PSSO EX ]SYV GPEWWQEXIW EW SJXIR EW ]SY GER 3RI SJ XLI
QENSV VIEWSRW JSV WTIEOMRK I\XIQTSVERISYWP] MW XS QEMRXEMR I]I GSRXEGX [MXL
]SYV EYHMIRGI -R ]SYV S[R I\TIVMIRGI ]SY ORS[ LS[ QYGL QSVI MQTVIWWMZI
E WTIEOIV MW [LIR WLI SV LI PSSOW EX XLI EYHMIRGI [LMPI WTIEOMRK
-J ]SY LEZI TVEGXMGIH XLI I\XIQTSVERISYW QIXLSH SJ HIPMZIV] ERH TVI
TEVIH ]SYV RSXIW TVSTIVP] ]SY WLSYPH FI EFPI XS QEMRXEMR I]I GSRXEGX [MXL
]SYV EYHMIRGI QSWX SJ XLI XMQI &I WYVI XS PSSO XS XLI PIJX ERH VMKLX SJ XLI
VSSQ EW [IPP EW XLI GIRXIV ERH EZSMH XLI XIQTXEXMSR XS WTIEO I\GPYWMZIP] XS
SRI SV X[S W]QTEXLIXMG MRHMZMHYEPW ;LIR ]SY EVI JMRMWLIH WTIEOMRK ]SYV
GPEWWQEXIW WLSYPH LEZI XLI MQTVIWWMSR XLEX ]SY IWXEFPMWLIH E TIVWSREP GSRRIG
XMSR [MXL IEGL SJ XLIQ
8V] XS YWI ]SYV ZSMGI EW I\TVIWWMZIP] EW ]SY [SYPH MR RSVQEP GSRZIVWEXMSR
'SRGIRXVEXI SR TVSNIGXMRK XS XLI FEGO SJ XLI VSSQ ERH HIWTMXI ]SYV RIVZIW
JMKLX XLI XIQTXEXMSR XS VEGI XLVSYKL ]SYV WTIIGL -J ]SY QEOI E GSRWGMSYW
IJJSVX XS WTIEO YT WPS[ HS[R ERH TVSNIGX GPIEVP] ]SY [MPP FI SR XLI VMKLX XVEGO
XS ER IJJIGXMZI TVIWIRXEXMSR
0SSO JSV I\EQTPI EX :MHIS 'PMT % MR XLI SRPMRI 1IHME 0MFVEV] JSV XLMW
ETTIRHM\ [LMGL TVIWIRXW I\GIVTXW JVSQ X[S MGI FVIEOIV WTIIGLIW 2IMXLIV
WTIEOIV LEH XEOIR E TYFPMG WTIEOMRK GPEWW FIJSVI ]IX FSXL VSWI XS XLI SGGEWMSR
F] JSGYWMRK SR XLI FEWMG IPIQIRXW SJ HIPMZIV] [I LEZI NYWX HMWGYWWIH %W ]SY
[EXGL XLI ZMHIS RSXMGI LS[ FSXLhHIWTMXI XLIMV RIVZSYWRIWWhGSRZI] E WIRWI
SJ TSMWI ERH GSRJMHIRGI IWXEFPMWL WXVSRK I]I GSRXEGX [MXL XLIMV GPEWWQEXIW ERH
YWI XLI I\XIQTSVERISYW QIXLSH SJ HIPMZIV] ;SVO SR HSMRK XLI WEQI MR ]SYV
JMVWX WTIIGL
*MREPP] EW [I WE[ MR 'LETXIV VIQIQFIV XLEX MXtW RSVQEP XS FI RIVZSYW
FIJSVI HIPMZIVMRK E WTIIGL =SY GER HIEP [MXL ]SYV RIVZIW F] TVITEVMRK
XLSVSYKLP] XLMROMRK TSWMXMZIP] ERH ZMWYEPM^MRK ]SYVWIPJ KMZMRK E WYGGIWWJYP
(IPMZIVMRK =SYV 7TIIGL
0YGEW 8LI %VX SJ 4YFPMG 0MWXIRMRK 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
WTIIGL -J ]SY LEZI FYXXIVJPMIW MR ]SYV WXSQEGL FIJSVI HIPMZIVMRK ]SYV WTIIGL
WMX UYMIXP] MR ]SYV GLEMV ERH XEOI WIZIVEP WPS[ HIIT FVIEXLW =SY GER EPWS LIPT
VIHYGI ]SYV XIRWMSR F] XMKLXIRMRK ERH VIPE\MRK ]SYV PIK QYWGPIW SV F] WUYII^
MRK ]SYV LERHW XSKIXLIV ERH XLIR VIPIEWMRK XLIQ /IIT MR QMRH XLEX [LMPI ]SY
QE] FI ER\MSYW EFSYX KMZMRK ]SYV WTIIGL YWYEPP] ]SYV RIVZSYWRIWW [MPP RSX FI
ZMWMFPI XS ]SYV EYHMIRGI
%PP XLI XSTMGW HMWGYWWIH MR XLMW ETTIRHM\ EVI HIZIPSTIH MR QYGL QSVI HIXEMP MR
XLI VIWX SJ XLMW FSSO *SV RS[ OIIT ]SYV MRXVSHYGXSV] EWWMKRQIRX MR TIVWTIG
XMZI 6IQIQFIV XLEX RIMXLIV ]SYV EYHMIRGI RSV ]SYV MRWXVYGXSV I\TIGXW TIVJIG
XMSR =SY EVI RSX E TVSJIWWMSREP WTIEOIV ERH XLMW MW XLI JMVWX WTIIGL SJ XLI GPEWW
(S ]SYV FIWX SR XLI EWWMKRQIRX ERH LEZI JYR [MXL MX 4PER [LEX ]SY [ERX XS
WE] SVKERM^I XLI QEXIVMEP GPIEVP] TVEGXMGI XLSVSYKLP] ERH YWI XLI I\XIQTSVE
RISYW QIXLSH SJ HIPMZIV] =SY QE] FI WYVTVMWIH F] LS[ QYGL ]SY IRNS] KMZ
MRK ]SYV JMVWX WTIIGL
7EQTPI 7TIIGLIW [MXL 'SQQIRXEV]
GSRRIGXPYGEW GSQ 8LI JSPPS[MRK TVIWIRXEXMSRW [IVI TVITEVIH F] WXYHIRXW MR FIKMRRMRK WTIIGL
:MI[ q4SX 7SMP ;EXIVr ERH GPEWWIW EX XLI 9RMZIVWMX] SJ ;MWGSRWMR 8LI JMVWX MW E WTIIGL SJ WIPJ MRXVSHYGXMSR
q&VSSOP]R 6SEHWr MR XLI XLI WIGSRH MW E WTIIGL MRXVSHYGMRK E GPEWWQEXI %W ]SY VIEH XLI WTIIGLIW
SRPMRI 1IHME 0MFVEV] JSV XLMW RSXMGI LS[ GPIEVP] XLI] EVI SVKERM^IH ERH LS[ GVIEXMZIP] XLI] EVI HIZIPSTIH
ETTIRHM\ :MHIS 'PMTW % =SY GER [EXGL XLI HIPMZIV] SJ FSXL WTIIGLIW MR XLI SRPMRI 1IHME 0MFVEV] JSV
ERH %
XLMW ETTIRHM\
4SX 7SMP ;EXIV
'311)28%6= 74))',
8LI MRXVSHYGXMSR GETXYVIW EXXIRXMSR ERH 8LSWI SJ ]SY [MXL E KVIIR XLYQF ORS[ XLEX E LIEPXL] LSYWI
VIZIEPW XLI XSTMG &] VIJIVVMRK XS E LSYWITPERX TPERX PMOI XLMW SRI RIIHW E RYQFIV SJ XLMRKW XS KVS[ MRGPYHMRK
ERH XLI IPIQIRXW MX RIIHW XS KVS[ XLI E KSSH TSX VMGL WSMP ERH EHIUYEXI [EXIV 8LI TSX MW XLI TPERXtW
WTIEOIV TVSZMHIW E GVIEXMZI XSYGL XLEX VYRW LSQI XLI GSQJSVXMRK TPEGI [LIVI MX KVS[W YT 8LI WSMP KMZIW
XLVSYKL XLI IRXMVI WTIIGL 7LI IRHW XLI XLI TPERX RYXVMIRXW ERH LIPTW MXW VSSXW I\TERH ;EXIV MW XLI
MRXVSHYGXMSR F] PMROMRK XLI TPERXtW TSX WSMP FEWMW SJ EPP PMJI ERH EPPS[W XLI TPERX XS XLVMZI 0MOI XLMW TPERX ERH
ERH [EXIV XS LIV JEQMP] JVMIRHW ERH MRXIV XLI TSX WSMP ERH [EXIV MX VIUYMVIW XS KVS[ ]SY GER KIX E WIRWI
IWXW XLI XLVII QEMR TSMRXW WLI [MPP HMWGYWW MR SJ Q] KVS[XL F] PSSOMRK EX Q] JEQMP] Q] JVMIRHW ERH Q]
XLI FSH] MRXIVIWXW
%44)2(-< +-:-2+ =396 *-678 74))',
0YGEW 8LI %VX SJ 4YFPMG 0MWXIRMRK 8I\X 8LI 1G+VE[n,MPP
7TIEOMRK 8IRXL )HMXMSR 'SQTERMIW
)EGL QEMR TSMRX MR XLI FSH] MW GPIEVP] WXEXIH 8LI TSX VITVIWIRXW Q] JEQMP] % TSX LSPHW XLI TPERX
ERH HMWGYWWIH %W ]SY GER WII JVSQ XLI XSKIXLIV NYWX PMOI Q] JEQMP] LSPHW QI XSKIXLIV 1] QSQ ERH
SRPMRI ZMHIS XLI WTIEOIV GSQQYRMGEXIW WMR HEH RSX SRP] KEZI QI PMJI FYX E PSZMRK LSQI XS KVS[ YT MR -J
GIVIP] ERH [MXL I\GIPPIRX I]I GSRXEGX - IZIV LEH E FEH HE] XLI] OITX QI JVSQ JEPPMRK ETEVX %W XLI
TPERX TVSXIGXW XLI VSSX W ERH XLI WSMP Q] JEQMP] TVSXIGXIH QI
8LI EWWMKRQIRX JSV XLMW WTIIGL VIUYMVIH WXY EW - KVI[ XLVSYKL Q] GLMPHLSSH
HIRXW XS YWI ER SFNIGX XS MRXVSHYGI XLIQWIPZIW
XS XLI GPEWW %W XLI WTIIGL TVSGIIHW RSXMGI 8LI WSMP VITVIWIRXW Q] JVMIRHW [LS LEZI WYTTSVXIH QI EW
LS[ XLI WTIEOIV HSIW RSX JSGYW SR HIWGVMFMRK - FVERGLIH SYX MRXS RI[ I\TIVMIRGIW ,IVI SR GEQTYW Q]
XLI SFNIGXhMR XLMW GEWI LIV LSYWITPERXhFYX XLVII FIWX JVMIRHW LEZI LIPTIH QI EHNYWX XS GSPPIKI F] WLS[MRK
SR LS[ XLI TPERX TVSZMHIW MRWMKLX MRXS XLI QI EVSYRH F] MRXVSHYGMRK QI XS RI[ TISTPI ERH F] LIPTMRK
WTIEOIV LIVWIPJ QI [MXL Q] EWWMKRQIRXW 8LI] IRGSYVEKI QI XS JSPPS[ Q]
HVIEQW ERH EVI EP[E]W [MPPMRK XS SJJIV EHZMGI %W XLI RYXVMIRXW
8LI WTIEOIV GSQTPIXIW XLI FSH] F] QIRXMSR JVSQ XLI WSMP JIIH XLI TPERX Q] JVMIRHW LEZI LIPTIH QI KVS[
MRK WSQI SJ LIV MRXIVIWXW 8LMW OMRH SJ MRJSV ERH HIZIPST
QEXMSR MW EPQSWX EP[E]W TEVX SJ E WTIIGL SJ
WIPJ MRXVSHYGXMSR -X MW IJJIGXMZI LIVI FIGEYWI 8LI [EXIV VITVIWIRXW Q] MRXIVIWXW ;MXLSYX [EXIV XLMW
SJ XLI MRZIRXMZI [E] MX MW [SZIR MRXS XLI TPERX [SYPH XYVR FVS[R ERH HYPP FYX [MXL [EXIV XLI TPERX MW
SZIVEPP XLIQI SJ XLI WTIIGL FVMKLX ERH JYPP SJ PMJI 0MOI [EXIV JSV XLMW TPERX Q] MRXIVIWXW
LIPT QI JPSYVMWL VEXLIV XLER [MPX - LEZI E FVSEH VERKI SJ MRXIV
8LI WTIEOIV WYQQEVM^IW XLI QEMR TSMRXW SJ IWXW MRGPYHMRK QYWMG EVX W[MQQMRK ERH [EXGLMRK QSZMIW
LIV WTIIGL ERH GSQTPIXIW XLI GSQTEVMWSR 1] MRXIVIWXW QEOI Q] TIVWSREP GSPSVW QSVI ZMFVERX ERH EPPS[
[MXL LIV LSYWITPERX F] WXEXMRK XLEX WLI MW RSX QI XS FPSSQ
JMRMWLIH KVS[MRK 8LI JMREP WIRXIRGI XMIW
IZIV]X LMRK XSKIXLIV ERH IRHW XLI WTIIGL SR - [SYPHRtX FI [LS - EQ XSHE] [MXLSYX Q] JEQMP] Q]
E TSWMXMZI RSXI JVMIRHW ERH Q] MRXIVIWXW &YX PMOI XLMW TPERX - WXMPP LEZI WSQI
KVS[MRK XS HShQSVI XLMRKW XS PIEVR ERH QSVI XLMRKW XS I\TI
VMIRGI 0YGOMP] FIGEYWI SJ Q] S[R TSX WSMP ERH [EXIV -tQ
GSRJMHIRX - [MPP FPSSQ MRXS XLI TIVWSR - [ERX XS FI
&VSSOP]R 6SEHW
'311)28%6= 74))',
8LMW TEVEKVETL WIVZIW EW XLI WTIEOIVtW MRXVS %W XLI TSIX ) ) 'YQQMRKW SRGI WEMH q8S FI RSFSH] FYX
HYGXMSR 8LI STIRMRK UYSXEXMSR KEMRW EXXIR ]SYVWIPJ MR E [SVPH [LMGL MW HSMRK MXW FIWX HE] ERH RMKLX XS
XMSR [LMPI XLI WIGSRH WIRXIRGI MHIRXMJMIW XLI QEOI ]SY IZIV]FSH] IPWI QIERW XS JMKLX XLI LEVHIWX FEXXPI
GIRXVEP MHIE XLEX [MPP FI HIZIPSTIH MR XLI VIWX [LMGL ER] LYQER FIMRK GER JMKLX r %W E ]SYRK FS] ]SYV GPEWW
SJ XLI WTIIGL QEXI (ERR] QEHI E TVSQMWI XS LMQWIPJ XS JMKLX JSV LMW MRHMZMHY
EPMX] ERH XS XLMW HE] LI LEW RSX KMZIR YT SR XLEX TVSQMWI
8LI FSH] SJ XLMW WTIIGL GSRXEMRW XLVII QEMR +VS[MRK YT MR E TSZIVX] WXVMGOIR &VSSOP]R RIMKLFSVLSSH
TSMRXW IEGL SJ [LMGL HIEPW [MXL ER EWTIGX SJ (ERR] LEH LSTIW SJ QEOMRK LMW MRHMZMHYEP QEVO MR XLI [SVPH
(ERR]tW MRHMZMHYEPMX] 8LI JMVWX JSGYWIW SR ,I WE[ XLI WXVYKKPIW LMW TEVIRXW IRHYVIH FIGEYWI XLI] HMHRtX
LMW FEGOKVSYRH ERH IEVP] IHYGEXMSR GYPQM LEZI XLI WEQI STTSVXYRMXMIW EW OMHW XSHE] ;MXL LMW TEVIRXWt
REXMRK [MXL LMW HIWMVI XS FI XLI JMVWX MR LMW WYTTSVX LI ZIRXYVIH SYXWMHI &VSSOP]R XS 1ERLEXXER [LIVI
JEQMP] XS EXXIRH GSPPIKI LI EXXIRHIH KVEQQEV WGLSSP ERH LMKL WGLSSP ;LMPI MR LMKL
WGLSSP (ERR] HIGMHIH XLEX LI [ERXIH XS EXXIRH GSPPIKI
WSQIXLMRK XLEX RIMXLIV SJ LMW TEVIRXW LEH XLI GLERGI XS HS
7EQTPI 7TIIGLIW [MXL 'SQQIRXEV]
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The Art of Public Speaking, 10th Edition(2009)BBS
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