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MX YPXMQEXIP] IVYTXIH [MXLSYX [EVRMRK ERH XLI PE] TISTPI EPSRK
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XLI GSEWXPMRI LEH PMXXPI XMQI XS VIWTSRH [MXL EPEGVMX]
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% 2SXI JVSQ XLI 4YFPMWLIV LEZI FIIR GSRXEMRIH SR XLEX JEXIJYP HE] MJ XLI REXYVEP
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-]IV 1SLER /
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MR E JPSGO F] (V %RMP 4MQTPETYVI
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&MVHMRK MR SJJMGI F] (V 6ENMZ 7E\IRE
7TYV[MRKIH6MZIV0ET[MRK4PSZIV F] (V 6ENMZ 7E\IRE 7YQEXVE LEH EPWS XEOIR XLI FVYRX SJ XLI JYVMSYW XWYREQM
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+EXLIVMRK SJ 7XITTI IEKPIW %UYMPE RMTEPIRWMW  F] SJ WEPX[EXIV =IX QERKVSZIW LEZI XLI GETEGMX] XS VIKIRIVEXI
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;IXPERH F] 74 &LEXREKEV ERH 7EXMWL /YQEV 7LYOPE 92)4 LEW GSRGPYHIH XLEX LIEPXL] GSEWXEP IGSW]WXIQW WYGL
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2I[W *PEWL
FEVVMIV MR VIHYGMRK GSEWXEP IVSWMSR WYTTVIWW WXSVQ WYVKIW
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0YPP FIJSVI XLI WXSVQ  6EMKERN &MVH 7ERGXYEV]  4LSXSW %VYRE]ER 7LEVQE
2I[WPIXXIV JSV &MVH[EXGLIVW  
 
QERKVSZIW [MXL XLI WXMPX VSSX W]WXIQ EPSRK XLI VMZIV FEROW
ERH IWXYEVMRI QSYXL JYRGXMSRW EW E XMHI FVIEOIV XLEX TVIZIRXW
LMKL WTIIH WEPMRI XMHIW ERH [EZIW ERH TVSXIGXW EHNEGIRX
MRPERH ZIKIXEXMSR ERH TVSTIVXMIW *SV XLMW VIEWSR XLI
(IGIQFIV XL XVEKIH] MW EPP XLI QSVI GSQTIPPMRK YW XS
GSRWIVZI ERH VIWXSVI XLI HIGMQEXIH QERKVSZITL]XI ERH
TWEQQSTL]XI GSQQYRMXMIW XLEX LEH SRGI YTSR E XMQI WXSSH
EW WIRXMRIPW EPP EPSRK XLI -RHMER GSEWXW QEOMRK XLIQ
MQTVIKREFPI XS XLI JYVMSYW XWYREQM [EZIW ERH G]GPSRIW
3RI XLMRK XLEX MW WEHP] GPIEV MW XLEX XLI PSWW SJ QERKVSZI
GSQQYRMX] LEW EJJIGXIH XLI PMZIW SJ QER] FMVHW ERH SXLIV
VIPEXIH SVKERMWQW MR XLI QEVMRIJSSH GLEMR 8LI WPMHI FIKER
[MXL XLI VIQSZEP SJ GVS[RW JVSQ XLI QERKVSZIW JSV JSHHIV
ERH SXLIV LSYWILSPH TYVTSWIW 8LI XLMGO JSPMEKI ERH GVS[RW
EVI GVYGMEP JSV QERKVSZIHITIRHIRX WTIGMIW WYGL EW
WERHTMTIVW WXSVOW LIVSRW IKVIXW FMXXIVRW KSH[MXW
GYVPI[W TPSZIVW S]WXIVGEXGLIVW XIVRW KYPPW ERH WRMTIW
8LI] RSX SRP] XEOI VIJYKI ERH VSSWX EQMH XLI JSPMEKI FYX
EPWS FYMPH RIWXW 8LI] IRVMGL XLI QERKVSZI LEFMXEXW [MXL
XLIMV RMXVSKIRVMGL HVSTTMRKW
-RHME LEW  WU OQW SJ PMXXSVEP VIKMSRW MRGPYHMRK HIPXEW
IWXYEVMIW FEGO[EXIVW FE] MWPERHW ERH PEKSSRW GSPPIGXMZIP]

JVYMXW EVI IEXIR F] HIIV *VYMXW SJ %ZMGIRRME ERH 7SRRIVEXME
EVI KSSH JMWL JSSH 1EVMRI JMWL GVYWXEGIERW WLIPPJMWL
EQTLMFMERW FMVHW ERH QEQQEPW EVI HITIRHIRX SR XLI
QERKVSZI IGSW]WXIQ 8LI KVSWW TVSHYGXMSR SJ TL]XSTPEROXSR
XLI TVMQEV] TVSHYGIV MR XLI QERKVSZI IGSW]WXIQ MW EP[E]W
JSYRH XS FI LMKLIV XLER MR SXLIV SGIERMG IGSW]WXIQW 8LI
PMXXIV JEPP ERH MXW GSRWIUYIRX XVERWJSVQEXMSR EW HIXVMXYW VIWYPXW
MR GSTMSYW WYTTP] SJ TVSHYGXMZI RYXVMXMSR XS XLI IGSW]WXIQ
1ERKVSZIW LEZI XLI GETEGMX] XS XVET HIFVMW ERH TVSXIGX
VMGL SVKERMG WSMP [EWLIH HS[R XLVSYKL VMZIV W]WXIQ XS XLI
WIE ERH VIHSYFPI EW VMGL RYVWIV] KVSYRHW JSV QER] QEVMRI
JMWL MRZIVXIFVEXIW QSPPYWOW FMVHW VITXMPIW ERH QEQQEPW
8LI 6S]EP &IRKEP XMKIV SJ XLI 7YRHEVFERW XLI 4VSFSWGMW
1SROI] SJ &SVRIS ERH XLI 3PMZI 6MHHP] XYVXPIW SJ 3VMWWE
GSEWX EVI IRGSYRXIVIH SRP] MR QERKVSZI LEFMXEXW 1ERKVSZIW
EPWS VIKYPEXI VMGL SVKERMGPEHIR [EXIV JPS[ WXEFMPM ^I XLI
EPPYZMEP WSMPW FVSYKLX MR JVSQ XLI VMZIVW ERH JM\ XLI WIHMQIRXW
SJ XLI WIE [MXL HIXVMXYW 8LYW XLI] EVI XLI VMGLIWX TVSHYGXMZI
IGSW]WXIQ JSV WYWXEMRMRK QEVMRI ERH IWXYEVMRI FMSHMZIVWMX]
&EGXIVMSJYRKEP HIGSQTSWIVW XLVMZI ERH GSRZIVX QERKVSZI
PMXXIVW MRXS GSRWYQEFPI TVSXIMR [LMGL MW YWIH F] JMWL
TSTYPEXMSR ERH XLI] YPXMQEXIP] IRH YT [MXL XLI TVMQEV]
GSRWYQIVW MR XLI JSSH GLEMR WYGL EW XMKIVW ERH GVSGSHMPIW
GPEWWMJMIH EW QERKEPW 1ERKVSZITL]XIW
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=SYRK LEXGLPMRKW SJ 3PMZI 6MHHP] XYVXPI LEZI WLS[R
PEVKIWX MR XLI [SVPH EJXIV -RHSRIWME  WUOQW
ERH
VIQEVOEFPI HIZIPSTQIRX IZIR YT XS IMKLX QSRXLW MR XLI
%YWXVEPME  WUOQW
 &YX E WMKRMJMGERX TSVXMSR SJ XLI
QERKVSZITL]XI LEFMXEX MW HIKVEHIH SV PSWX ERH XLI VIQEMRMRK
TSVXMSR MW WEMH XS FI XIXLIVMRK SR XLI FVMRO SJ IVEHMGEXMSR
.YWX JSV MRWXERGI /IVEPE LEH EVSYRH  WUOQW SJ 1ERKVSZI
JSVIWXW EPP EPSRK XLI GSEWXEP EVIEW EWWSGMEXIH [MXL
IWXYEVMRI ERH FEGO[EXIV W]WXIQ &YX EX TVIWIRX /IVEPE W
QERKVSZI [IEPXL MW VIHYGIH XS E QIVI  WUOQW GSRJMRIH
QSWXP] XS XLI RSVXLIVR HMWXVMGXW SJ /ERRYV ERH /EWEVKSH
8LI YWIW ERH ZEPYIW SJ QERKVSZIW ERH XLI QERKVSZI
IGSW]WXIQ EVI QER] 2]TE JVYXMGERW MW E TSXIRXMEP EPGSLSP
]MIPHMRK TEPQ [LMGL LEW KSSH TVSWTIGXW EW ER EPXIVREXMZI
EYXSQSFMPI JYIP %TEVX JVSQ XLI YXMPMXEVMER EWTIGX MR XLI
GSRWXVYGXMSR JMIPH QER] QERKVSZI WTIGMIW EVI YWIJYP XS E
[MHI ZEVMIX] SJ TVSJIWWMSRW 8LI 6M^STLSVEGIEI QIQFIVW
TVSHYGI XERRMRW EHLIWMZIW ERH WTIGMEP KPYIW -X MW ETTEVIRX
QERKVSZI [EXIV[E] YXMPMWMRK XLI QERKVSZI HIXVMXYW MR XLIMV
HMIX 1ERKVSZIW EPWS JYRGXMSR EW E FYJJIV EKEMRWX XLI WTVIEH
SJ SMPWPMGOW [EWLIH HS[R JVSQ XLI WIEW 7SQI QERKVSZI
WTIGMIW EVI WEMH XS KVS[ JEWXIV [LIR FEXLIH [MXL XLI XMHEP
[EXIVW IRVMGLIH [MXL YVFER IJJPYIRXW 8LMW MRXVMRWMG EFMPMX] SJ
QERKVSZIW LEW PSRK FIIR EHZSGEXIH EW E TSWWMFPI VIQIH]
JSV XVIEXMRK YVFER WI[EKI ERH IJJPYIRXW 7YGL E TIVJSVQERGI
LEW FIIR TEVXMGYPEVP] RSXMGIH MR 1EGLMPMTEXXEREQ
2M^EQTEXXEREQ ERH XLI SPH 7EPX PEOI W]WXIQ SJ /SPOEXE
[LIVI XLI QERKVSZIW LEZI HIQSRWXVEXIH XLIMV GETEGMX] XS
EQIPMSVEXI TSPPYXMSR PIZIPW
8LI VIKYPEXMSR QIGLERMWQ MRGSVTSVEXIH MR XLI 'SWXEP
6IKYPEXMSR >SRI 2SXMJMGEXMSRW LEW QER] MREHIUYEGMIW MR
WEJIKYEVHMRK ERH GSRWIVZMRK XLI GSEWXEP FMSXE MRGPYHMRK XLI
QERKVSZIW 8LI HIWXVYGXMSR SJ QERKVSZI GSQQYRMX] MW SRI
XLEX 7YRHEVFERW MW REQIH EJXIV XLI 7YRHEVM XVII ,IVMXMIVE
WTW
 8LMW QERKVSZI WTIGMIW LEW KSSH JMFIV ]MIPHMRK IGSW]WXIQ 8LI VIZIVWEP SJ XLMW WPMHI LEW XS FI FVSYKLX EFSYX
TVSTIVXMIW GYVVIRXP] MR YWI EW JPSSVMRK ERH TERIPMRK QEXIVMEP
(IGSGXMSR JVSQ XLI JVYMXW SJ <]PSGEVTYW VITSVXIHP] LEW FVIEWX
GERGIV GYVEXMZI TVSTIVXMIW )\SIGEVME ERH 7SRRIVEXME EVI
WSJX [SSHIH ERH EVI YWIH EW EPXIVREXI XS [SSH TYPT MR XLI
TETIV MRHYWXV] 2]TE JVYXMGERW TVSHYGIW WYKEV EPGSLSP
ZMRIKEV JIVQIRXIH HVMROW ERH MXW PIEZIW EVI XVEHMXMSREPP] YWIH
EW XLEXGLMRK QEXIVMEP ERH HYI XS MXW [E\] GSEXMRK MX PEWXW E
HIGEHI SV QSVI (IGSGXMSR JVSQ XLI FEVO MW YWIH MR XLI
SJ XLI WIVMSYW XVMFYPEXMSRW EJJIGXMRK XLI XVSTMGEP QEVMRI
F] VIKYPEXMRK WLMTFVIEOMRK EGXMZMXMIW SJJWLSVI HMWTSWEP SJ
XS\MG MRHYWXVMEP IJJPYIRXW EUYE JEVQMRK QIGLERM^IH JMWLMRK
PMQIWLIPP QMRMRK WERH QMRMRK SMPWTMPPEKI XLVIEXW XSYVMWQ
ERH TMPKVMQEKI 8LIWI GEYWEXMZI JEGXSVW EVI GSPPIGXMZIP]
NISTEVHM^MRK XLI QEVMRI JSSHGLEMR ERH XLI HIPIXIVMSYW
IJJIGXW LEZI MR YRMWSR HIGMQEXIH XLI QERKVSZI GSQQYRMX]
EPP EPSRK XLI -RHMER GSEWXW
3YV )HMXSVMEP &SEVH QIQFIV *P 0X 7 6ERKEW[EQM 6IXH

XVIEXQIRX SJ HMEVVLSIE H]WIRXIV] XS WXST FPIIHMRK ERH XS
LEH IRXLYWMEWXMGEPP] IQFEVOIH SR E QMWWMSR XS XLI +YPJ SJ
GYVI PITVSW] &EVO ERH WET JVSQ 'IVFIVE EVI TYVKEXMZI MR
1ERREV +31
ERH XLI /VYWEHEM MWPERHW SR FILEPJ SJ (V 1
REXYVI ERH XLI SMP I\XVEGXIH JVSQ MXW JVYMXW MW YWIH MR XLI
7 7[EQMREXLER *SYRHEXMSR MR  XS WXYH] XLI
XVIEXQIRX SJ VLIYQEXMWQ 4RIYQEXSTLSVIW SJ &VYKYMIVE
IGSXSYVMWQ EWTIGXW SJ XLI +31 ,I XSSO XLMW STTSVXYRMX]
TVSHYGI EVSQEXMG WYFWXERGI %ZMGIRRME MW E KSSH JSHHIV
XS PIEVR QSVI EFSYX XLI WLSVIFMVHW ERH XLI TLIRSQIRSR SJ
JSV GEXXPI ERH MW WEMH XS MRGVIEWI QMPO ]MIPH 7SRRIVEXME
SZIVI\TPSMXEXMSR SJ ,SPSXLYVMERW GSVEP FPSGOW QEVMRI EPKEI

 
IIPW ERH WIEWLIPPW MR XLI JVMRKMRK VIIJW SGGYVVMRK EVSYRH E
GLEMR SJ  MWPERHW &VEZMRK XLI FPMWXIVMRK QMHHE] WYR ERH
YRJSVKMZMRK SGIERMG [MRHW XLMW SGXSKIREVMER LEH XVMIH XS
PSSO JSV GPYIW XLEX GSYPH FIRIJMX FSXL LYQERW ERH [MPHPMJI
,I MW E VSPI QSHIP XS EPP SJ YW  [VSXI 4VSJIWWSV 17
7[EQMREXLER SJ 1V 6ERKEW[EQM W [SVO  ,I FIPSRKW XS
XLI SPH WGLSSP SJ REXYVEPMWXW ERH LMW TIRGLERX JSV REXYVEP
LMWXSV] ORS[PIHKI LEW IRSYKL PIWWSRW XS FI IQYPEXIH F]
XLI ]SYRKIV KIRIVEXMSR
-RGMHIRXEPP] XLI 2EXMSREP 1ERKVSZI 'SQQMXXII WIX YT YRHIV
2I[WPIXXIV JSV &MVH[EXGLIVW  
7[EQMREXLER LEW KMZIR XLI GPEVMSR GEPP XS MRMXMEXI E GSEWXEP
FMSWLMIPH QSZIQIRX EPSRK XLI GSEWXEP EVIEW MR LMW EXVMGPI
&I]SRHXWYREQMEREKIRHEJSVEGXMSR 
-J E VSEH QET XS QERKVSZI EJJSVIWXEXMSR MW ZMWYEPMWIH ERH
MQTPIQIRXIH MR WXEKIW QEREKIH ERH YXMPMWIH MR E
WYWXEMREFPI QERRIV MR -RHME QYGL SJ XLI TVSFPIQW
EWWSGMEXIH [MXL YRIQTPS]QIRX LYRKIV ERH TSZIVX] GSYPH
FI EPPIZMEXIH &YX XLI 2EXMSREP 1ERKVSZI 'SQQMXXII MW ]IX
XS WYGGIWWJYPP] HIZIPST E QSHIP JSV XLI QEREKIQIRX SJ
QERKVSZI JSVIWX IGSW]WXIQ XLEX GER FI WLS[GEWIH EW
XLI EIKMW SJ 1MRMWXV] SJ )RZMVSRQIRX ERH *SVIWXW 1S)*
-RHME WTVITEVIHRIWWXSHIEP[MXLXLIWSGMSIGSRSQMGTVSFPIQ
LEW GSRWMHIVIH ZEVMSYW STXMSRW JSV XLI GSRWIVZEXMSR SJ ERH XLI XWYREQM XLVIEX EPMOI -X MW RS I\EKKIVEXMSR XS WE]
QERKVSZIW *MJXIIR QERKVSZIW MRGPYHMRK 7YRHEVFERW XLEX XLI WLSVIFMVHW [MPP FI XLI MRGMHIRXEP FIRIJMGMEVMIW SJ
&LMXEVOERME 1ELEREHM (IPXE /YRHETYV :IQFEH 4SMRX WYGL EJJSVIWXEXMSR TVSKVEQQIW ERH XLI] GER KVEHYEPP] VIKEMR
'EPMQIVI ERH 4MGLEZEVEQ [IVI WIPIGXIH JSV TVSTIV XLIMV PSRKPSWX JSSXLSPH SR XLI QERKVSZI LEFMXEXW
QEREKIQIRX ERH GSRWIVZEXMSR -R 'SVMRKE PEVKIWGEPI
8LEROMRK ]SY
QERKVSZI EJJSVIWXEXMSR [EW XEOIR YT ERH MR XLI 4MGLEZEVEQ
1ERKVSZI VIWIVZI  SJ XLI REXYVEP QERKVSZIW [IVI VIWXSVIH =SYVW MR FMVH GSRWIVZEXMSR
% FSPHIV ETTVSEGL JSV NSMRX JSVIWX QEREKIQIRX JSV WYWXEMREFPI 7 7VMHLEV
YXMPM^EXMSR GSRWIVZEXMSR ERH TVSXIGXMSR SJ QERKVSZI LEFMXEXW 4YFPMWLIV 20&;
MW YVKIRXP] GEPPIH JSV ;LMPI [I VI SR XLI WY FNIGX 4VSJ H
&MVHMRK 8VMT XS 6E]EPEWIIQE %VIE
/ 1VYX]YQNE]E 6ES 'LERHVEZMPPE%TX &PSGZO % *PEX  0EXGLMVENY ZEVM WXVIIX
7YV]E 6ES 4IX /EOMREHE )QEMP QVYX]YQNE]E$LSXQEMPGSQ

:))6%496%1 RIEVF] XEROW [IVI HV] 8LI XL SRI M I &EPEWEQYHVEQ XERO
3R XL 1EVGL  Q]WIPJ &MNY +ISVKI XLI (MWXVMGX 8SYVMWQ
3JJMGIV SJ %RERXLETYV HMWXVMGX ERH Q] JVMIRH 82 :EVETVEWEH
SJ %RERXLETYV ZMWMXIH :IIVETYVEQ [LMGL MW SR XLI %4
/EVREXEOE FSVHIV -X MW E TEMRXIH WXSVO GSPSR] WMXYEXIH EFSYX
 OQ JVSQ 0ITEOWLM 3R XLEX HE] - GSYRXIH  RIWXW SJ
TEMRXIH WXSVOW ERH  RIWXW SJ KVI] LIVSRW ;I ZMWMXIH 
MVVMKEXMSR XEROW [LMGL [IVI XLI XVEHMXMSREP JIIHMRK KVSYRHW SJ
TEMRXIH WXSVOW8LI:IIVETYVEQ 'LMPEQXLYVY ERH X[S SXLIV
LEH [EXIV &YX [EXIV MR XLEX XERO QE] RSX FI WYJJMGMIRX JSV
XLI WXSVOW ERH QE] HV] YT F] 1E] IRH ;I EPWS ZMWMXIH 
MVVMKEXMSR XEROW SR XLI /EVREXEOE WMHI 8LIWI XEROW LEH PMQMXIH
UYERXMXMIW SJ [EXIV FYX FIXXIV XLER &EPEWEQYHVEQ XERO 'MZMP
[SVO [EW YRHIV[E] XS HIITIR XLI :IIVETYVE XERO [LMGL MW
GSQTPIXIP] HV] %  <  QX XVIRGL MW FIMRK HYK YTXS E
HITXL SJ SRI QIXIV YRHIV JSSHJSV[SVO TVSKVEQQI
%X XLMW HITXL EPWS XLI WSMP MW I\XVIQIP] HV] 8LI (83 MRJSVQIH
XLEX XLIVI MW E TVSTSWEP XS HMK E FSVI[IPP MR XLI XERO FIH F]
XLI KSZIVRQIRX XS WYTTP] [EXIV HMVIGXP] XS :IIVETYVEQ
,I JYVXLIV MRJSVQIH XLEX XLIVI MW E TVSTSWEP XS JMPP XLI XERO
[MXL FSVI[IPP [EXIV ERH XS VIPIEWI JMRKIVPMRKW MR XLI XERO
I\GPYWMZIP] JSV XLI WXSVOW &YX XLI XERO MW ZIV] FMK ERH XLI
FSVI[IPP QE] RSX LEZI XLI GETEGMX] XS JMPP MX 1SVISZIV XLI
[EXIV XLYW TYQTIH MR XS XLI XERO [MPP KIX IZETSVEXIH SV WIIT
MRXS XLI KVSYRH 8LIVIJSVI - WYKKIWXIH XLEX XLI WQEPP
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MXW WLSVX WXYFF] XEMP YT ERH HS[R XLMW FMVH ETTIEVW XS FI
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''' '''

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'''
)V]XLVMRE MRHMGE IRNS]MRK RIGXEV JVSQ XLI JPS[IVW ;I EPWS
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2I[WPIXXIV JSV &MVH[EXGLIVW  
  

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GPIEV XS XLI VIZMI[IV 8LI FSSO [SYPH LEZI FIIR QYGL QSVI
'SQQSR +VIIRWLERO W 8VMRKERIFYPEVME
HMWXVMFYXMSRQETEWKMZIRMRXLI7LSVIFMVHWSJ/IVEPEPIJX

ERH 7LSVIFMVHWER-HIRXMJMGEXMSR+YMHIXSXLI;EHIVWSJXLI;SVPH VMKLX


 
GSQTEGX MR XLI HIQ] JSVQEX ERH XLI TVSHYGXMSR GSWX GSYPH
LEZI FIIR WPEWLIH E KSSH HIEP [MXLSYX GSQTVSQMWMRK SR
XLI TMGXYVI WM^I JSRX WM^I XI\X SV TEKMREXMSR ERH XLYW
QEOMRK MX IEW] SR XLI FY]IV W TSGOIX
8LI LSTI MW XLEX XLI EYXLSVW [MPP TSSP XLI EZEMPEFPI MRJSVQEXMSR
XS SZIVGSQI XLI HIJMGMIRGMIW MR XLI JYXYVI IHMXMSRW 7YGL ER
IEVRIWX IJJSVX SR XLIMV TEVX GSYPH EYKYV [IPP JSV QEOMRK XLMW
2);7 *0%7,
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*MVWX 'SRJMVQIH 7MKLXMRK 7MRGI XLI 7IGSRH ;SVPH ;EV
%W VITSVXIH F] 'LEVPIW 7IEFVSSO MR %XPERXE JSV
2I[ =SVO 8MQIW 2I[W 7IVZMGI HEXIH XL %TVMP 
4 7 8LI PEVKIWX [SSHTIGOIV SJ 2SVXL %QIVMGE XLI -ZSV]
2I[WPIXXIV JSV &MVH[EXGLIVW  
LSFF] QYGL QSVI JEWGMREXMRK ERH [SVXL[LMPI;I EX XLI
2I[WPIXXIV LEZI FIIR GSRWMWXIRXP] TPIEHMRK JSV HIZIPSTMRK
RI[ ]EVHWXMGOW XS WYWXEMR ERH QEMRXEMR SYV GSYRXV] WWXEXYW
MR XLI SVRMXLSPSKMGEP [SVPH ;I EVI TIVWMWXIRXP] TVSGPEMQMRK
SYV WYTTSVX JSV E GSSTIVEXMZI X]TI IRHIEZSV MR E ZEVMIX] SJ
SVRMXLSPSKMGEP JMIPHW %X XLI WEQI XMQI XLIVI GER FI RS X[S
STMRMSRW XLEX -RHMER FMVH FSSOW QYWX WXVMZI XS QEXGL KPSFEP
WXERHEVHW ERH I\TIGXEXMSRW
MZSV]FMPPIH [SSHTIGOIV [EW  ERH TIVLETW WXMPP MW  EX 
MRGLIW XLI PEVKIWX [SSHTIGOIV MR 2SVXL %QIVMGE -XW GEPP
WE] XLSWI [LS LEZI LIEVH MX MW E REWEP OIRXOIRXOIRX
[LEX WSQI WE] MW PMOI XLI WSYRH SJ E GLMPH W XMRLSVR 8LI
FMVH SRGI VERKIH JVSQ 8I\EW XS 2SVXL 'EVSPMRE
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[EW TVIWYQIH
W[EQT [EXIVW SJ XLI (IIT 7SYXL EPSRK XLI FE]SYW ERH
VMZIVW JIIHMRK XLI 1MWWMWWMTTM 6MZIV WIEVGLMRK MR ZEMR JSV E
WTIGXEGYPEV FMVH PSRK XLSYKLX XS FI I\XMRGX  XLI MZSV]FMPPIH
[SSHTIGOIV
FMPPIH ;SSHTIGOIV 'EQTITLMPMYW TVMRGMTEPMW
XS FI I\XMRGX EW XLIVI [IVI RS GSRJMVQIH WMKLXMRKW WMRGI
XLI W E JI[ QE] WXMPP WYVZMZI MR TMRI JSVIWXW SJ 'YFE
9RGSRJMVQIH WMKLXMRKW MR VIGIRX ]IEVW MR +ISVKME *PSVMHE
0SYMWMERE ERH 8I\EW [IVI EGXYEPP] XLEX SJ XLI WQEPPIV 4MPIEXIH
-R RI[W FSYRH XS IPIGXVMJ] FMVH PSZIVW [SVPH[MHI WGMIRXMWXW
 [LMGL MW WQEPPIV ERH
EVI I\TIGXIH XS ERRSYRGI SR 8LYVWHE] XLI VIHMWGSZIV] SJ
XLI MZSV]FMPP MR E VIQSXI W[EQT] EVIE SJ RSVXLIEWX %VOERWEW
ORS[R EW XLI &MK ;SSHW %X PIEWX SRI QEPI MZSV]FMPP LEW
;SSHTIGOIV (V]SGSTYW TMPIEXYW
PEGOW XLI -ZSV]FMPP W PEVKI [LMXI [MRK TEXGLIW ;LMXI GLMR
ERH HEVO FIEO EPWS HMWXMRKYMWL XLI 4MPIEXIH ;SSHTIGOIV
-XW RIEVIWX VIPEXMZI MR -RHME MW XLI +VIEX &PEGO ;SSHTIGOIV
FIIR JSYRH EPMZI ERH [IPP MR XLI HIIT JSVIWX SJ FSXXSQPERH (V]S GSTYW
LEVH[SSHW FIX[IIR 0MXXPI 6SGO ERH 1IQTLMW -X MW XLI JMVWX
NEZIRWMW
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GSRJMVQIH WMKLXMRK SJ XLI PSRK WSYKLX FMVH WMRGI ;SVPH ;EV
7GSXX W -ZSV]FMPP
-- 3XLIV MZSV]FMPPW EVI TVIWYQIH XS FI PMZMRK XLIVI
WMKLXMRK MW TIVLETW
-X W MRGVIHMFPI RI[W  WEMH 7XIZI 6 6YRRIPW 4VIWMHIRX SJ XLI QSWX I\GMXMRK
XLI %QIVMGER &MVHMRK %WWSGMEXMSR 8LMWMWXLIQSWXI\GMXMRK SVRMXLSPSKMGEP
SVRMXLSPSKMGEP HMWGSZIV] MR E PSRK PSRK XMQI HMWGSZIV] EJXIV XLI
8LI 97 -RXIVMSV 7IGVIXEV] +EPI 2SVXSR ERH SJJMGMEPW [MXL VIHMWGSZIV] SJ XLI
XLI 2EXYVI 'SRWIVZERG] XLI 'SVRIPP 0EF SJ 3VRMXLSPSK] XLI .IVHSR W 'SYVWIV
97 *MWL ERH ;MPHPMJI 7IVZMGI ERH XLI %VOERWEW +EQI ERH 6LMRSTXMPYW
*MWL 'SQQMWWMSR EVI WGLIHYPIH XS QEOI XLI ERRSYRGIQIRX FMXSVUYEXYW
MR -RHME
MR ;EWLMRKXSR SR 8LYVWHE] QSVRMRK
 4YFPMWLIV 20&;
8LI SRPMRI IHMXMSR SJ 7GMIRGI QEKE^MRI MW I\TIGXIH XS
TYFPMWL SR 8LYVWHE] XL %TVMP 
E HIXEMPIH EGGSYRX SJ
XLI [SSHTIGOIV W VIHMWGSZIV]
1EV] 7GSXX ER %VM^SRE FMVHMRK IRXLYWMEWX [LS LEW TYVWYIH
XLI MZSV]FMPPIH [SSHTIGOIV JSV ]IEVW TSWXIH SR XLI -RXIVRIX
ER EGGSYRX SJ LIV TIVWSREP IRGSYRXIV [MXL XLI FMVH MR %VOERWEW
EX RIWX 8LMW GYXI [SSHTIGOIV PMZIW WMRKP] SV MR
7LI WEMH LIV WMKLXMRK X[S ]IEVW EKS SJ XLI [LMXIWXVMTIH
[SSHTIGOIV [MXL E GVIWXIH GVS[R LIPTIH WTYV WGMIRXMWXW
ERH GSRWIVZEXMSR SJJMGMEPW XS GSQI XS %VOERWEW ERH GSRJMVQ
XLEX XLI FMVH MRHIIH MW PMZMRK XLIVI 0EVKIV XLER E GVS[ XLI
%HHVIWW JSV 'SVVIWTSRHIRGI  JSV XLIMV TVSJIWWMSREP UYEPMXMIW EW XIVQMXI HIQSPMWLIVW 8LI
2I[WPIXXIV JSV &MVH[EXGLIVW
2S  7MVYV 4EVO & 7XVIIX 7IWLEHVMTYVEQ
&ERKEPSVI   -RHME 8IP     
)QEMP  REZFEVEX$FPVZWRPRIXMR"
4VMRXIH ERH 4YFPMWLIH FMQSRXLP] F] 7 7VMHLEV EX 2EZFLEVEXL
)RXIVTVMWIW 7IWLEHVMTYVEQ &ERKEPSVI    -RHME
*SV 4VMZEXI 'MVGYPEXMSR 3RP]
'SZIV 1EPI &PEGOFEGOIH ;SSHTIGOIV 'LV]WSGSPETXIW
JIWXMZYW
TEMVW GPEQFIVMRKWXYHMSYWP]EFSYXXVYROWERHFVERGLIWSJ
XVIIW [LIVI E GEGLI SJ FSVIVW XIVQMXIW WTMHIVW ERH XLI PMOI
EFSYRH %VQIH [MXL MXW QMRMEXYVI TMGOE\I PMOI FIEO MX GLMTW
SJJ XLI FEVO ERH VSXXIR [SSH XS I\TSWI XLI KVYFKEPPIVMIW
ERH YWIW MXW PSRK WXMGO] XSRKYI XS PET YT E GSRXIRHIH QIEP
8LIVIJSVI XLI [SSHTIGOIVW EVI E [IPGSQI PSX MR XLI [SSHW
FMKKIWX XLVIEX XS XLI GSRXMRYIH I\MWXIRGI SJ XLMW TVMQEV] LSPI
RIWXIV MW GSQMRK JVSQ HIJSVIWXEXMSR HIEVXL SJ SPH KVS[R
XVIIW LYRXMRK TVIWWYVIW ERH GSRJVSRXEXMSR [MXL WIGSRHEV]
LSPIRIWXIVW PMOI XLI -RHMER VSPPIVW Q]REW ERH TEVEOIIXW
8LI WIGSRHEV] LSPIRIWXIVW EVI UYMXI SJXIR [MXRIWWIH
LIGOPMRK ERH XSVQIRXMRK XLI [SSHTIGOIVW ERH JSVGMRK XLIQ
XS EFERHSR XLIMV RIWXW 4LSXS 7 7VMHLEV %647