Professional Documents
Culture Documents
FN(6SI V/YGNLIY
3XEOLVKHGE\,QWHUQDWLRQDO5LYHUV
%HUNHOH\:D\
%HUNHOH\&$86$
7HO
)D[
LQWHUQDWLRQDOULYHUVRUJ
'HVLJQE\'HVLJQ$FWLRQ&ROOHFWLYH
UVXI(6P]N+PZI\N+"UDY 6P"7KH0:%DNXQ'DPLVEHLQJIXQGHGE\&KLQD([LP%DQNDQGEXLOWE\&KLQHVHFRPSDQLHV,WV
UHVHUYRLUZLOOGURZQFULWLFDOUDLQIRUHVWKDELWDWLQ6DUDZDNDQGGLVSODFHPRVWO\LQGLJHQRXVSHRSOHZKRUHO\RQWKHUDLQIRUHVW
IRUVXUYLYDO
3KRWR3KLOLS+LOO3KLOLSSKRWRJUDSK\FRPP\
UPZGXP
HG
JHI
XU%PZSI6UI 6GD XPZPDTPXIYN\IUBZ*LIZ NZI(NGLIL+
WFHIXTNGLI PWFVXIWYXIUVP
Z NZI(NGLIL+(NGLIL+MFPD XPZPDTPXIYN\ID YN\ILHIUVP[-U6P
EIRODZ*\JY-"
Z NZIWP] GX\OD\JLIDTPLI *XID D]PI UI
TO
HI(NGLIL+ 6G0HURZHD XPZP
Z NZI1*2VUVP(6LIK\OD\JLIYB\I 6PDTPLI *XIMFLI
Z NZIXNUC'UVPU6XU%PZ6UIY+NZ*LIDTPXIYN\IDHDRP
D XPZPUVPDMU\+N
Z NZID XPZPDTPXIYN\ID YUIHIUOJ
UVP
(NGLIL+MFP 6GZ NZIXNUC'UVP(6LIK\ZIRXIRQIKSQI +NY+B#DTPIUB
RLIEPDZ*YN\I(NGLIUY-"
DHPXITXIZ*-
TXIR*I HIYG\ISP
DHPXITXIZ*-
RXITNGLI P2\D
UVP[NZIM\HID XQPFVXIUVP(6LIK
YUIHIFVXIUVP
DHPXITXIZ*-
Z NZIWSGN U6YXIU6ZID [GN[PDRP(NGLIL+ZXP
SPFV.\ISPZUIUVPYXID *S2I
DHPXITXIZ*-
D XPZPDTPXIYN\IDRPZ NZIXNUC'UVP[+RGN#D\SPHUOHP
WM\QIM\QITNGLI PMUSIUVP _
_ WM\QIM\QITNGLI PMUSIUVP
HG
JHI"
Z NZ(I LNG LI
+ D XPZPDTPXIY\N DI XNU
C U' VPRQID XPZPDTPXIY\N DI YN\LI HIUVPZ*LI
XU%PKDFJLIDTPLIDH PZ*LIM]SIYP\JRQI"Y*HIF-KRQIK(6SIUVPU6S,XU%PKEIX-KRGN#DRPD XPZP
DTPXIYN\ID YN\ILHIUVPZ*LIRU GNXVWGXDL*D XD[PXI\+KROUVPYSI>PDHRQIKXUVPXGN
M]QIKTQID\ HI\JLIYPF-KRQI"Z NZIWSNG XZ NZIXNUC'UVP(6LIKDL*D XD[PXI\+KROUVP\JLI
DHDRPWFHIXWRSIRQIZ NZI(NGLIL+(6LIKRXITNGLI P(NGLIL+UVPWZ*XI(6SI2'(6SIEXISYN+
WXV.GWMUZI 6G(NGLIDSRQI>N MULIDZ*#[PRQI"RN#G DRPITO
HI(LGN LI W
+ Z*LI 6G UI GN D' XPZP
MUHIUP(NLG LI W
+ Z*LI ZQIDTPXI HI QI *I[PRQIKR+Y*LID XPZPUVP(6LIKXUIDEP
'P(NGLIL+
WZ*LI 6GXUIDFV.DPFKD\D XPZPX-KRGN#DRPD XPZPS'U+XGHIUVPRXIDRWD[PXI
W[PUVPW 7S'U+XGHIUVPRQIS'U+XGHIZQI PD
RWZ*LIZQI 6GDHRQIKYOUBWRGLN I WGLN I
UVP(6LKI REP\JZI HIXVLUI VPWZ*XI WY*H\I LIHXIHD- RP[GFX
GN HI SIHPT+N +B UBUVPM]SIRQI>N
D] M\DHRQI"
DYPI(NGLIL+
6LQRK\GURU6HUIDK WPIMUSI
WD\D XPZPFN
ZQIDTPXI HI 6GRQI"
Y\SI SIU'U'
J\I
[NZUI QIK HUIDK WPI(6LKI
U'
J\I[NZIUQIK
HUIDK WPIZN#G \JLIRQI"
7S'UX
+ HG I RQIYOD\JLI
DXVPIWD\
RXID PXIUQIM]SI\'
WUV.G RPS'D$
[GUI
RGHID HIDMU\JZFV.G#
7YUIHISPWN\I QI *IFVXIU6PZ NZIXNUC'UVP(6LIKZ NZIEIUVPU6DTPXIYN\I[PDRPD XP XGN\JM]ZIT'(NGLIUQI"
PZI\N+0LFKDHO
ZPUVPD XPLIKM]SID\YPDRPWXV.GRXID PXIUBUVPXGND][NZIYN\IDTPLIDM\PTNGD\DH XDRP
.HEEHNXV
W]*-#WSQIUVPXNGWD[PXIWXO\ HIM]SIRQI"7YUIHIRQIWSNG U>NZIDRPW]*-#WSQIUVP(6LIK
[GND XPZPUVPD XPLIK[GFNGXIF+SPDH X DRPYOUBWRNGLIWNGLIUVP(6LIKWZOYB\I 6PDTPLI *XID\
DH XDRPZR'\N
Y
a UVPWRN+ \(NLG DI S HIWZ*XY
I QI QI
* [
I P\JRQI"7SPWN\[
I Z
- L* I Z NZI
XNU
C UI' VPZ NZE
I IUVP(6LKI Z NZW
I SNG ZG#N (NLG LI + \IMFPD XPZPS'UX
+ HG I UVPZ*LI UQIR#NG \JLIY\N X
I LGN I
DH XRQIXGND] M\D RP[P\JRQI"
WM\QIM\QITNGLI PMUSIUVP _
7YUIHI[-Z*LI
\JLIDRPWD XPLIW PUVPU6P
=UIE'P(NGLIL+
/RZHU.DIXH*RUJH
D XPZPD XPLIK
=UIE'='MUSI NGZ
DYPXI 6GXU%PK
WXVITN+SNGS*ZIDRP
HIDMUD Y*UIUNGR*P
(NGLIUQI"[NGS'U+XGHI
WZ*XIXU%PKEIU6
DL*D XD[PXI\+K HI
M\HIYQI NZIRGUI
YNGXI\'&KLQD([LP
%DQNU6D[PXI\+K HI
RDEPZOQ'F-KRQI"
PZI\N+::)&DQRQ
6DUDK%ODFN
_ WM\QIM\QITNGLI PMUSIUVP
D XPZPDTPXIYN\IDRPZ NZIXNUC'UVP
(6LIKEIUVPXGNTXIR*I(NGLIDRPYG\ISPUVP
DHPXITXIZ*-
7YUIHIRQIWM\QIM\QITNGLI PMUSIDFVPLIUVPU6
[NZIDF-KDRPSPZUI(6SIDSPLIXGN[\IU+M]QIKS*XI
[PRQI"
D XPZPUVPMUSIDFVPLIUVP(6LIKWF*LIKWD UVP
SPWN\IRQID XPZPUVPD XPLIK[GFNGXI
F+SPDH DRPYO#WRNGLIWNGLIUVPWZ*XID XP
ZPUVP(6LIKbLIWXV.GRXID PXIUBUVPTGNLI P
WFVXW
I YXIUVPUDD\MFLI(6LKI D XPZPDTPXI
YN\ID S'U+XGHIUVPXGNUQIRNG#SGHIDFW+ZNUBUVP\YN\I
(GNLIUQISRQIKW`X+2PIUVPXGND] M\[PRQI"
(NGLIL+RPZ2'WZ*XIXU%P#D XPZPUVPDXPIU
6LITGNLI PYUIHIU6XU%PKD XPZPUVP
DXPIU 6LIDZ*# 6GFVXIUVP(6LIKW`X+\ZLIM\FVXIUVP
XNGUGZITXID\[P\JRQI"
[NG[NZID[PDRPSPZUIDSPLIYN+XNGEPRP
SXPWUVPWM\PM]LIK EPRPM\HIT[
GN P\' M]SIRQI"
[GNSPWN\IUVPXNGWLIZPHXIRZLISPUVXI(6PU6
WFU-KT*-FV O(NGLIM\'SPWN\IXNGWFV.GRPTN+DSV(BHI
M]LIKU6PO(NGLI\JRQI"WM\QIM\QITNGLI PMUSIDFVPLI
UVPWLIZPHXIXITNGXIU6P
LQWHUQDWLRQDOULYHUVRUJM]SIRQI"
Z NZX
I UN
C U' VP(6LKI DL*DXD[PXI\R
K+ UO VPUQIRQIK
DH PUVPZ*LI D XPZPUVPZQIDTPXIDHRHQI"
FN(S6 I DUYW[GZ NZX
I UN
C U' VP(6LKI DL*D X
D[PXI\+KROUVP(NGLIL+D\JLI(NGLIL+Z*LID XPZP
S'U+XGHI`X'UVPWHQIT+NFN 6GRQI"DMU\+N(6LIK
S'U+XGHIUVP=PXGN7YUIHISPUVXI(6P
Z*LI XQIK\J"S'U+XGHIUVPWUVPSNU6PWD 6#
DZPLIWP 6(6LIKWP] GXD
RUVPZ*LI 6GDRPIYQI
YXIZLIWDU GXWD 6#WYI\LNG I (6LKI WD 6#2D P\
D
RUVPU6WSGN UVPYQID XPZPWRSIUVP
ZQIDTPXID WZ*XIZ NZIXNUC'UVP(6LKI TXI
R*DI HRQI"D XPZPUVP[-U6 WUVPSNU6PD WP
Y\ISSI[NZIYN\ID WZ*XIM]SIRQI"
WM\QIM\QITNGLI PMUSIUVP _
EPDXPLIK Z NZX
I UN
C U' VP(6LKI DL*DXD[PXI\R
K+ UO VPWD 6K
DZPLIWP 6D
RUVPZ*LI D XPZPUVP\GUN DNG TPXIY\N DI HRHQI"
D
RWZ*LILGUIFVUID (6LIKZQILGUID WZ*XI(6LIK
HIS\ID
RXORHID PLIID YN\ILHIUVPMUgLIK
ZLID WZ*XI WD 6#DZPLIWP 6D
RWZ*LI LI(6'
U\I(U+6 UB VPXGN Z NZW
I SGN XWPD\DHMFLIM]SIRQI"
2\UPMUHIUP(NGLIL+Z NZI(NGLIL+U6D XPUVPDTPXI
YN\DI WZ*XI XOQD' [PXI\DK+ \DHDRP(NLG LI + RQI
Z NZI(NGLIL+WP(NGLIL+HIHGUGZIXGNM]ZIDXVPI,
UNZ:U\LIYIRGN#TXIR*IF*LIKD\[PRQI"7D
R
RQIWD 6#WYI\GNLI(6LKIWP] GXZNG#U6T'UVPXGN
ZLIR*LI(NGLI HIWGXWD `X'T+N\LIUYUID XPLI
M]SIRQI"WD 6#DZPLIWP 6D
RWZ*LI D WPY\SI SI
(6L\KI ZIRXIRQIK LI(6' U\I(U+6 UB VPRQIZ NZW
I YN\I
RUPUVPWZ*XI WYN\]I HIZ' D\MFLIYQIM]SIRQI"
WD 6#DZPLIWP 6U6 WSGN UVPRQILIZN#G DTPXI
YN\ID TNGLI PS'U+XGHIUVPZ*LIZ NZI(NGLIL+UVPW LI
WMUSIUVP(6LIK\QP \I\GNLITNGLI PS*UI QIUVPXGN
XGTGNRQI"
EPDXPLIKZ NZIXNUC'UVP(6LIKDL*DXD[PXI\+KROUVP
WP] GXD
RUVPZ*LI D XPZPUVP\GUN DNG TPXIY\N DI HRHQI"
Z NZIWSGN WP] GXD
RWZ*LI LI(6'U\I(6+D
UOJ
RQIWP] GXZNX
G
I REPR+=PZUVP(6LKI
UVPS*PTXIS\IDHRQI"(NLG LI D+ ZPIDZPIUVPUVP 6G D WP
Y\SI SI[Z
N Y
I \N DI S'UX
+ HG I RQIZ NZX
I UN
C U' VPWP
T'RZ:.Z*LI [*X\I S3QI UVP(6LKI WMFPR+=PZUVP
XGN(NGLIL+MFPRGN#ZLI\GN#D PLIFVF*LIKD\[PRQI"
Z NZDI XPZPDTPXIY\N DI YN\LI HIDZ*(NLG LI M+ FPDSVX*XI
UVP[-Z*LIZ*LIXVIYPMFLIDXPLIKEIYGNSGN GUI\O\HIS P
WFVXIDZ* 6GRY-"
S'U+XGHIU6M]SI\VXIUBUVPXGN XQIKUQITGNYLI
Z NZID XPZPDTPXIYN\ID XNUC'UVP
RQIYOUBD (6LIKREP\ZIHIXVLITNGLI P
ZPHIOUBY*HIS*PQ+K]VLIRQI"
Z NZ
I LI(6' U\I(R
+6 UO VPWGX$V/>PU6PFLI
XLID PXIS'U+FHI#F*-(NGLIMFLIU 6GF-K]ODRPREP
W LIWMUSIUVPXGNLID PXIS'U+FHIF*-(NGLI HIM]SI
RQI"DXVYXID
RUVP(NLG LI D+ W ZQILUG I
UBU 6GRQIKD
RUVP(6LIKM\QIRO#2VP2IUVP(6LIK
[GHIRGUI[PDRPD
RUVPZGN#\JLIRQI"
_ WM\QIM\QITNGLI PMUSIUVP
(NGLIL+ZXPWTLIKU6'RQIKREP\ZIHIXVLI
TNLG I PUOJ
UVPFVUZ
6 [
I PRQIK Z NZDI XPZP
DTPXIY\N DI XNU
C U' VP(6LKI LI(6' U\I(R
+6 UO VP
Y*HIS*PHQI\JRQI"[GN#WM\LIZ NZI LI(6'U\I(6+
ROUVPRQIYOUBD (6LIKREP\ZIHIXVLITGNLI
PWTLIKWZHIUVP(6LIKXGNXIQ'UBU 6GRQIK
WZ*XID XPLIKWMFPDL*D XTNGLI PW]*-#UVPU6
\IFV[PDRPS'U+XGHIUVPXGNDL*D XD[PXI
\+KUBUVP\YN\IDHRQI"
Z NZW
I SGN M\QIZL* I XGS 3 \IUVPXGN oLID PXI
S*X]I XIUpB \YN\UI QIU>NZI TGR
N QIUP6 YPEISPUB
UVP(6LIKYO#WF*LIKWD FV.GD]PXIUBUVPXV/Y*HI
DHDRPWSGN UVPXGND[PXIF+R*PUQIK
RDEPRXID PXIRQI"
D XPZP[GD PXIU
JIXFNG D+ H DRPYOUW
RGLN I WGLN I UVP
Z NZIW]*-KWSQIUVP(6LIKYN\IXGNLIYGNK \JRYP"
Z NZIWSGN RQI(NGLIL+ZXPUVXI(6PSPZ*LIZPHI
OUBZPHIF+UB 6G,DYSPWRGWU6ZI\F+ DRP
WSGN M]SIFVLIRQI"REP\ZIHIXVLI(6LIKYOUBD
TNLG I PWTLIW
K ZHIUVPXGN YXIDZ*#WDXPLIW[QI
D]PIDHRQIKWDZ*#WX+UVPXGNZ NZIWSGN X
SGZI LISPRQI"RG#N DRPIWDHPXIZLGN I U6W]*#- WSQI
UVPZ NZIWSGN WD\ZNGXI GNXID]HIMFLIUVPXGN
WUZ
- UIYXIFM+ FLIU 6DG \"DZPLI\LNG I U6WSGN U>NZI
RQIKW]*-#WSQIUVPU6ZLIM\YPDRPSGN GUI\O\HIUB
UVPXGNZ NZIWSGN X\GN,YXIF+S2ISPD\RQI"
[G#N D XPLKI D XPZP[GD PXIU
B JX
I NG F+DH DRP
YOUBWRGNLIWNGLIUVP(6LIKYO[NWDMF\YO#W]*#- WSQI
UVPU6ZLIM\YPDRPD XPZPS'UX
+ HG I `X' UVPD XPLKI
M]SI\VXDI HRQIK M\?HPUVPWD XPLIXGN Z NZW
I SGN
S'\*PD YN\ILHI 6LIUVP(6LIKDL*D XD[PXI\+KROUVP
XGNWRGD\ HIWY*HI\LIWD `X'D\RQI"ZFVGHI
ZQIU6P\LIWSGN U>NZR
I QIW
K ]*#- WSQIRQIZ NZI
WSGN WZ*XI WRSIWTHIM]SIDHMFLID XPLKI M\QIRO
YO[UN VPYB\ I P6 UBXNG Z NZW
I SGN U6YXIF+ +NXQI HI
WFXIWF- 6GDHDRRQI"7YUIHIZ*LIZ NZI
W]*-#WSQIUVP(6LIK[GD PXIS*PUQIRGN#\OD\JLIYN\I
XGNLIR*PUQILIZNG#(NGLIL+MFPD XPZPDTPXI
YN\ID S'U+XGHIUVPWD\UQIRGN#LID PXIFVIY6I
(NGLIUQITGNRQIKHQIYUIUVPXGNW`X+\ZLIM\[P
\JRQI"
Z NZI(NGLIL+(NGLIL+MFPD XPZPDTPXIYN\ID
YN\ILHIUVP[-U6PEIRODZ*\JY-"
7W\GLN I Z*LI Z NZW
I SGN W]*#- WSQIUVPD XPZPDTPXIY\N R
I UO VPDTPXIY\N DI \S3QI UVP
[NZIYN\IROUVP(6LIKDL*D XD[PXI\+KRQIKW]*-#WSQIUVP(6LIKLIZGN#WPY+NWFHIXUVPXGN
6LIYLIZLIM\[PRQI"
D XPZPS'UX
+ HG I UVPXGN WUVPWPM]LKI RXITLGN I P
(NGLIL+UVPXSZLIDTPLI *XIRQI"XNHIXVS GZIUVP
WPY+NXGNDRPIYQIDXPLIZSGZIZ\GNLIXGNDRPI
YQIDXPLIRXITNGLI P(NGLIL+WSGN (6LIKZ NZI
WSGN ZNG#W XPRDEPZOQ'FVXIM]LKIXOQ'D[PXI
\+KUBUVP\YN\IRQI"7X-KRGN#DRPXOQ'D[PXI\+KUB
WZ*XIZ NZIXNUC'UVPWUVPWPM]LIKWSGN
\GNLIWPREPW LIWMUSIUVPXGNLID PXIS'U+
FHI#F*-F*LIKD\MFLIM]LIKWD\WOYN\I DYK 6GRQI"
WMFPWDMFWDHUVPU6PRXITNGLI P(NGLIL+U6D XP
ZPDTPXIYN\ID S'U+XGHIXGNSZLI,\G.LITNGLIUBWP
WY*HIDXPLIRQIKDYY+T*-SHSIM]LIKD XPZP
DTPXIYN\IUQIKXNUC'XGND *FVIRQI"Z NZI
D XPZPDTPXIYN\IROUVPD XPZPDTPXI
YN\IF*LIKDYY+T*-MFLIUVPZ*LI\GNUGNDWPLIMULIYPRQI"
Z NZID XPZPDTPXIYN\ID XNUC'UVPRQI
WMFP(NGLIL+UVPZ*LID XPZPDTPXIYN\I HIWZ*XI
Z NZIWSGN [+U6F*LIKM\FVXIO RQI"DTPXIYN\IF*LIK
\'RQIKDHPXIZ*LID XPZPDTPXIYN\ID
S'U+XGHIWZ*XIDL*D X 6P RQI"7DL*D XXGN
Z NZIEIUVPXDRPIYQIDXPLIRGN#WMFP
DL*D XD[PXI\+KROUVPXDRPIYQIDXPLI
D[PXI\+KD\(NGLIRQI"RXITNGLI P(NGLIL+U6Z NZIR+ +N
X[NGS'U+XGHI7DXPLIW[QID]PIDTPLI *XIUB
UVPXGNDSPLIK X\ISSIDTR*PUQIM]SIRQI"
WM\QIM\QITNGLI PMUSIUVP _
(NGLIL+MFPD
HI X';PH
XNHIR*ID
HI X';PH
D
RTNGLI P
TXIT+D ;PH
WP] GXWP 6
WDU GXHI
D XPZPDTPXI
YN\IRQIK(NGLIL+ 6G
Z NZIR+ N+UVP
S'\*PD TNGLI PW X+D\ N+
_ WM\QIM\QITNGLI PMUSIUVP
(NGLIL+DZPI]*+#]G
Z NZI(NGLIL+
ZNGZXID (6LIK
R*LIXNHI
\M\LIDM\PLIY-D [NZIXNHIEI
DXPIU 6LI
(NGLIL+MFP
ZNGLIM\QIUVPWP
XOQ'D[PXI\+KD
;PH
EPD
HI`X';PH
(NGLIL+DZPI\NGLI2S3P\S3QI
XQIK BDSPLIKD 6PXID
(6LIKS'U+FHI#F*-D DXPIU 6LI
(NGLIL+MFPS'\*PD
TNGLI PTXIT+D
;PH
(NGLIL+DZPI(NGLIL+MFP
DL*D XY-YQIUB
S'U+FHI#F*-D ;PH
(NGLIL+DZPI\NGLID XPZPDTPXI
YN\ID XNUC'UVP
Z NZIWSGN W]*-KWSQIUVP
(NGLIL+ \IMFP 6GD XPZPS'U+XGHIUVPXGNWZQI\ HI
Z NZIWSGN W]*-#WSQIUVPUVPS*P\JLIRQI"
S'U+XGHIW *IWSP(6LIKF*LIK\FVXIDZPLIYPRO
RQIWSGN \GNLIXNUC'>NZIU>NZITGNRQIKWFVXI
(6SIFVXIRQIUQIRQIKWTLIKW[GS'U+XGHIXGNF*LIK\
[PRQI>NT+NM]ZI HIWGXWD \JRQIKWFVXI
M]SIRQI"WSGN \GLN X
I UN
C U' VPU6PXNU
C
' WSN
6 I P
WUVPSNXGN\GNLITNGLIRORQIZ NZIWSGN M]SIRQI"
XNHR
I
* DI HI`X' ;PHRQILI(NLG LI M+ FPZNLG I M\QIUVP
XGNXOQ'D[PXI\+#D ;PHF*-U6ZTLIKZ NZIWSGN
(NGLIL+MFPXOQ'D[PXI\+#D TNGLI PEPDL*UVPXGN
S'UF+ HI#FD-* \RQI"DL*\UPRHIDWPXI(GLN LI M+ FP
LI(6' U\I(U+6 UB VP(6LKI RHIDWPXI(NLG LI M+ FPDL*YY
-
6 I
UBUVP 6GRQIKS'U+XGHIUVPXGNWSGN \GNLIXNUC'UVPU6
WS\V.GD\\'XNHIR*ID HI`X';PH;PHF*U- 6
WZQI\D\RQI"Z NZ(I LGN LI
+ [NZX
I HN (I L6 KI R*LI XNHI
TNLG I PYGW
N \IFVXUI VPXGN M]QIT
K QID\ HIWZ*XY
I QI
WUV.GRP]*+#]GZGNZXID (6LIKM\HIYQIZQIDTPXI
D DXPIU 6LI1DWLRQDO'HYHORSPHQWDQG5HIRUP
&RPPLVVLRQ1'5&RQIZ NZIWSGN YN\ILHI
S2IFVU6ZID YXI +NM]SIRQI"1'5&U6Z NZI(NGLIL+
Y\SI SISU* I WLIW\JWLIZ NZSI XI N+ UVP(6LKI \ZIRXI
RQIKSQIUV2ISQIXUIUVP(6LIKS+FVGHIS+(BHIUVPXGN
RZIU6ZIRQI"(NGLIL+MFP LI(6'U\I(6+UBUVP(6LIK(NGLIL+MFP
(NGLIL+DZPIDXPLIS'RQIZ NZIWSGN WMULIKT+N
DSVX*XUI VPZ*LI UQIRQIX
K UVPD H+(L6 KI REP
WSGZIW\GNLIM]SIRQI"(NGLIL+ \IMFPD XPZP
S'U+XGHIUVPZ*LI\+NS+(6SIFNM]LIK\JLI\ZIRXIDHRQI" JZDI L*#UVPXGN 2'SPD\R*PUQISRQIZ#NG XNG RZI
\[U\+SN + U6P(NLG LI D+ ZPIDXPLIS
' DFJLI DTPLIZ NZI U6ZID\RQI" LI(6'U\I(6+UBW *IWSPWDU GXHI
HI`X'FV.\I:HQ-LDEDRX-KRGN#U6RXITNGLI P(NGLIL+ D
YPRHIRGN#(NGLIL+MFPDL*Y-Y6IUBRHI
DFJLIDTPLI(6LIKDZ*#T+NRQI"[GNDZ*#T+NDT*D(*\*-Z*LI W[XI 6GRQIKS'U+XGHIUVPWZ*XI1'5&F*LIK\
D XPZPS'U+XGHIWZ*XID[PXI\+KXOQ'MFLIX-KRGN# FVXI O RQI"[GN\UPDWPXI 6G(NGLIL+MFP LI(6'
DRP]*#+ ]GZGN ZXID TNLG I PWXOWQ'UVPD\R*P U\I(6+UBUVPXGNF GNLIWTLIK(6LIKUG#HIWTLIK;PHTGNLI P
UVPU6WZQI\D\(NGLIRQI"
UQI>NXZGD\MFLIUVPM]SIYP(NGLIRQI"
WM\QIM\QITNGLI PMUSIUVP _
7HI`X';PHU6ZPHI R
G6 QI"[N#G D XPLKI Z NZ(I LGN LI +
[NZX
I HN X
I SG 3 \IUVPZ*LI RXID PXIU B UG6 QIK Z NZI
XNU
C U' VPYN\ I \IUVPXGN Y*HSI P* WD [PRQI"
(NLG LI M+ FP LI(6' U\I(U+6 UVPZ*LI \JLIDHRQIK Z NZI XNU
C '
UVPWZ*XI S+FVHG SI (+ HB I RZIUZ
6 FI VXUI VPMULIZ
K LIMFLIUVP
XGN WTLIT
K LIK DTPLI X
* [
I PRQI"FN(6SI
R
NZIYZ*LI7HI`X';PHU6Z NZIXNUC'UVPWP
D
RF+WYN\IRUPUVPXGN\GNUGNWYN\IFHI#MFLID
RF+
2IDXVUBUVPXGNDYSPWRGWU6ZI\MFLI(6LIK
[GNS'U+XGHIUVPZ*LI(NGLIL+ZXPWTLIKU6'Y+NF+DEXLI
D TNGLI PS+RZIU6ZIFVXIUVPSRQIZGN#XGNW`X+\
ZLIM\[PRQIK[NZIM\HID XQPFVX[
I Z
N MI \HIFR
K- QI"
FN(S6 [
I Z
- L* I XNHR
I
* DI HI`X' ;PHRQI(NLG LI +
DZPIRSIDZPD P;PH(6LKI \OD\JLI ,(NLG LI + \IMFP 6G
Z NZIRSI[NZIYN\ID XNUC'UVPYN\ILHI
DTPLI *XI\N+ HQISHSIUVPXGNMULIKZLIMFLITNGLI P
YUIHIFVXIZFN[NZIM\HIF-KRQI"
;PHRQIWMFP(NGLIL+UVPZ*LIZ NZI(NGLIL+WUQI
DXPLI 6GD WZ*XIYQIZPHI 6GRQI"
REP\ZIHIXVL[
I HG I RGUI D HI`X' ;PH""
FN(6SIUZIYZ*LIZ NZI(NGLIL+(NGLIL+DZPIREP
\ZIHIXVLI[GHIRGUID DW
VLIS'U6REP\ZIHI
XVLI[GHIRGUID HI`X';PHM]SIYPRQI"Z NZI
WSGN REP\ZIHIXVLI(6LIK\ZIRXIRQIKXGS3
\IUVPXGN \NUG W
NG DY[PYPMFLIXGN [LI>\IDSRQI"
WMFPHI`X' ;PHUVP(6L(KI LGB I 62Y
I LI REP\ZIHI
XVLI[GHIRGUID HI`X';PHYN\I\GNLIF*LIKUVP
WXHI#WRZIUVPS*P 6GDHDRDRPIYQI7HI`X'
;PHRQIZ NZI(NGLIL+REP\ZIHIXVLITNGLI P
YN\DI TPLIFVXUI VPXGMN ULIZ
K LID Z*LI WY*H\I LIWD
`X'RQIKU>PUGZIM]SIRQI"(NGLIL+DZPIREP\ZI
HIXVLI[GHIRGUID DW
VLIS'U6FN(6SIZ*LI
M\;PHIF-KDRPREP\ZIHIXVLIXGN[GFGNXI(NGLI]*I 6G
RQIK DYKYPFVXUI VPTNLG I P2\D
X-R
K #NGDRPWD `X'
EPD HI`X' ;PH""EPD HI`X' ;PHRQI RQIKREP\ZIHIXVLITNGLI PUOJ
UVPXGNFVU6ZIF-K
XNHIR*ID HI`X';PH(6LIKWZOZX*Z NZI(NGLIL+ RQI"FN(6SI=HIHJ 'YZ*LI(NGLIL+DZPIREP
(NLG LI M+ FPXOQD' [PXI\UK+ UB VPWZ*XI DL*\UPFVUZ
6 I \ZIHIXVLI[GHIRGUID DW
VLIS'U6(NGLIL+ZXPDL*
MFLIUVP\YN\R
I QI"(NLG LI M+ FPDL*YY
-
6 MI FLITNLG I PWSGN D XDXPI\GND 6LI(6LIKZ NZI(NGLIL+Z*LIW'DX*ZP
;PHU6ZTLIK EPD HI`X' ;PHU6Z NZI XNU
C U' VP SQIUV2ISQIXUIUVPXGNSZLIXVLIKR+NR*PUQITGN
RQIKYXIU6ZID [GNMFLI\YN\IF-KRQI"W'DX*ZP
WR+N\F*LIK 6GRQIK(NGLIL+MFPDL*Y-Y6IUB\UPXGN
SQIUV2I SQIXUIRQI\N
Y
a X
G \NLG I EIUVPWZ*XI
RZIU6ZIWZQI\D\RQI"
YOUDB (6LKI REP\ZIHIXVLT
I LGN I PS+FVHG SI (+ HB I UVP
(NGLIL+MFPD HI`X';PH(6LIKZ NZIR+ +NUVP" "(NGLIL+ M]SIRQI"SPUVXI(6P
MFPD HI`X';PHU6Z NZ(I LGN LI
+ (NLG LI M+ FPTXITD+
(6LIK\ZIRXIRQIKWMFPHI`X';PHUVPXGNW`X+D\ (NGLIL+DZPI\GNLITNGLIUBUVPXGN XQIK BDSPLIKD 6PXID
MFLIUVP\YN\R
I QI"(GLN LI M+ FPD HI`X';PHU6XNHR
I
* I (6LIKS'U+FHI#F*-D DXPIU 6LI6$6$&" "7DXPIU 6LI
D HI`X';PHWP(NGLIL+MFPXOQ'D[PXI\+KUBUVP(6LIK RQI(NGLIL+DZPIDXPLIS'U6Z NZIWSGN \GNLIXNUC'
\ZIRXI,W`X+D\MFLIZ NZIXNHI\S3QIUVP(6LIK
UVPXGN S'UF+ HI#F -* HIWZ*XI ]*#- SQID\[PDRPW[O
HIDTPLIUBUVPWZ*XI(NGLIL+MFPDSVX*XIUVPXGN
DXPIU 6LMI ]SIRQI"DXPIU 6LUI 6 6LQRK\GUR(6LKI WMFP
RNDZRH\D\MFLIUVP\YN\IRQI"(NGLIL+ \IMFP 6G
D XPZPDTPXIYN\ID XNUC'UVP 6IP
Z NZIR+ +NUVPXGNYQI`X' X\IWN\IFV.\IRQI"R+ +N WUVPT+N\GNLITGNLIROWM]SIDTPLI *XIRQI"WSGN
UVPXZ NZDI XPZPS'UX
+ HG I UVPWDXPLIW[QI \GNLIXNUC'UVPWP(6SIS2I\+NU6HIDL*SP LISSIDTMFLI
D]PIDTPLI X
* UI UB VPXGN S'\*PD TNLG I PR+WUZI +N (6LKI DL*D XTNLG I PS*UI DTPLIUW
B PHQIDRPXNU
C '
XNHIR*ID HI`X';PHWSGZIW\GNLIM]SIDRPU6 UVPRGN#U>NZIY+NF+DEXLID (6LIKREP\ZIHI
ZTLIK`X' X\ISSIDTRQI"(NGLIL+MFPD HI`X'
XVLITNGLI PS+FVGHIS+(BHIUVPXGNFV.GD]PXIDRPXNUC'
_ WM\QIM\QITNGLI PMUSIUVP
UVPWPD]HIDM\PTGNW`X+\MFLIUVP\YN\IRQI"
7DXPIU 6LIRQIWSGN \GNLIXNUC'UVP[G\IZHI
S'UF+ HI#FD-* UrUVPWPWYN\FI HI#MFLI(6LKI WYN\I ]ZIMFLI
UVP\YN\I(NGLIF*LIK 6GRQI"FN(6SI
'=LIEPYZ*LI
DXPIU 6LIU6DXPI\GND 6LIUVPYOUBD W ZPHI
WM\QIM\QITNGLI PMUSIUVP _
D XPZPDTPXIYN\IROUVP(6LIK\S3QIXG GP\+K\GNROUVP
FN(6SIUZNGLIFLIZ*LIZ NZI(GNLIL+WSGN \GNLI
S*UI WLIXUN
C `' X'XZ NZ(I LGN LI
+ D XPZPDTPXI
YN\DI YN\LI HIXGN [GHI FV.\[
I PRQI"FN(S6 [
I Z
- L* I
WSGN \GNLIS*UIWLIXNUC'X*-R*P\'LI\GNLITNGLIUB
UVPXNG S*UI WLITLNG I PXNU
C U' VPFNY\SI SISU* I WLI
RI\O #NG DTPLID XNU
C ' FN(L6 KI WLI
VLHI
' PW]*#-
WSQIFNZGN#XGNY-D\YGX
N R
I QI"XNU
C W
' RSI
DZPIDZPIUVPUVP(6LKI WMFPWSGN \GNLI(6LIKWSGN \GNLI
U>NZIDRPXNUC'UVPRQI[GW
N FVHG UI S6 ,(NLG LI M+ FP
D XPZPDTPXIY\N DI UVPZ*LI \GUN \NG JLIYPF-R
K QI"
7W\GLN I Z*LI (NLG LI M+ FPD XPZPDTPXIY\N DI UVP
Z*LI\JLIRXID PXIUBUVPDRPZ NZIXNUC'UVP
WD XPLIXGNUGZITXID\[PRQI"
6LQRK\GUR"
"Z NZW
I UV.G RPD W LIWMUSI(L6 KI
D WPY\SI SIWLI
VLHI
' PTNLG I PDXPI\DNG 6LI >N
YQIWUQI DRP6LQRK\GURRQIWSGN \GLN I XNU
C '
M]SI\'(NLG LI D+ XVPI DXPI\DNG 6LI `X'M]SIRQI"Z NZ
I
W`X'T+N D WPY\SI SI[Z
N Y
I \N DI WZ*XI D XP
ZPDTPXIYN\IDRPXNUC'M]SI\'XNUC'F*-FN(6LIK
WSN
6
I P\GLN T
I LGN DI RPXNU
C ' FNZG#N M]LI]K #-* SQI[P
RQI"Z NZ(I LGN LI W
+ Z*LI 6G D WPY\SI SIS'UX
+ HG I UVP
PFNLG (I HB I XGN 6LQRK\GURU6DTPXIY\N FI R
K- QI"
6LQRK\GURRQIZ NZ(
I LGN LI Z
+ L* I REP\ZIHIXVLI
(NGLIL+MFPS'U+XGHIWUVPWM\P 6GDRP6LQRK\GUR
SXIUT
B LGN I P;PHWU6ZI RQI,62WTLIUK '6
+ XPS+FVHG SI (+ HB I
XNU
C M' ]SIRQI",62RQI(NLG LI Z
TNLG I PW]*#- WSQIU6Z'[L* ]I HIZ' [PDRPREP\ZI
HIXVLI S+FVHG SI (+ HB I M]SIRQI"SPUVX(I P6 XGN XQI\K J"
[GW
N TLI K 6[
G PDRPXNU
C R
' QIREP\ZIHIXVLI
TNGLI PUOJ
UVPFVU6ZI[P HIYGNW\IRQI"RGN#DRPI
6LQRK\GURRQILIREP\ZIHIXVLI(6LIK
YOUBD TNGLI PS+FVGHIS+(BHIUVP(6LIK\ZIRXIRQIK
UOJ
UVPXGNFVU6ZI[PMFLI(6LIKWUVPM\QIROWZ*XI
[NZID]PIM\;PHI[PMFLIYQIU 6GDRD\"
Z NZI(NGLIL+DZPLI\GNLIY\ISSITXIR*ID YBGLI
&6*RQIZ NZ(
I LGN LI + DZPLI\LNG I WZ*XI Y\SI SISU* I WP
[NZY
I \N DI TNLG I PWDTPXIWW+UN VPXGN DTPXIY\N I
MFLI(6LIKS'U+FHI#F*-MFLIUVP\YN\IDRPIYQIU XPFLIX
S,WD 6#DZPLIWP 6D
RWZ*LI D XPZPDTPXI
YN\DI YN\LI HIS'UX
+ HG I UVPZ*LI \JLI\ZIRXIYPRQI
XGNDZ*# RQI"WMLLI\*PUBUVPM]SI\*PDHDRP
XDU%P
'P(NLG LI + G6 UIFHN MI USI\LIUD S'D XPLID\
DTPXIYN\IUQIK 6DPERUD XPZP&DUGDPRP
RSIDZP[GHI RGUID HIDMUZ*LIDTPXIYN\IUQIK
6WXQJ&KHD\$UHQJD XPZP(6LIKYPWGN(NGLIL+ 6G
D XPZPZNG#\JLIRQI"&6*(6LIKLIXNUC'LI
UVPRQIMUHIUP(GNLIL+ 6GD XPZPDTPXIYN\ID S'U+
XGHI UVPZ*LI XVX
I VMI \HI#M\HI#\JLI\ZIRXIDHRQI"
&6*RQIWSGN \GL
NX
I UN
C M' ]SI\' LIWSN
6
I P
I (NLG LI D+ ZPI
WUVPSN\GLN T
I LGN R
I R
O QI*XDQJGRQJF NLG
\GLN T
I LGN UI UB VP XQI K DB SPLIDK 6PXID (6LKI S'UF+ HI#FD-* DXPI
U 6LMI ]SIRQI"RG#N DRPIFN(S6 I WDSP\GLN I Z*LI M\QIRO
WUVPU6\GLN T
I LNG FI L* KI \ HIZ NZW
I SGN WPDYPXI[P
RQIKWZ*XILI\GLN T
I LNG R
I UO VP]*#- SQI\+N DM\PLIY-
(NLG ]I
* I R
G6 QI"
TO
HI(LGN LI + G6 0HURZHD XPZP" "\VXSI ' T+N + UUVPXGN 2'ZQIDHDRP
D XPZPWZ*XIZ NZI(NGLIL+DL*DXD[PXI\+KUUVP
S'U+XGHI(6LIK\ZIRXIRQIKR+NR\IUB
UVPXGNFN(6SIZ*LIY*ZIY\IS*P
YN\IDTPLIF-KRQI"D UVXI(6PM\LI
WDHW[P\+NU6HIU 6GMFLI(6LIKD [N
WHQI[NLG MI FLIUVPD XPLIK D R+R P
UVPD W QIWDR*UVP(6LIKM\QIRO#
XVHIUPD XGN[GFNGXIDS(NGLIRQIK
[GFGNXIUBUVPM]SIYP(GNLIRQI>N
[GW
N ]*#- WSQIU6DYKYPDZ*# FG6 VXUI VP
WD\WDMFF+,R+N R\IFHI#UH6 I F-R
K QI"
TO
HI(NGLIL+"
"0HURZHD XPZPWZ*XIDH PD #DM\PLIMFLIF+ UQIKYOUB
WRGNLIWGNLIU6XDYUVP"Z NZIXNUC'UVPXDTPXIYN\ID\DRP0HURZH
D XPZPRQIYO2' D WHQIT+N DXVPX
I NG LIZN#G DH[NLG Y
I PF-DK RP(NLG I MUSI
FV.GLIK6UIU6TGN *PFXIF-KY6RQIKR-X( : RGN#WZLIWU5D #DM\PLIMFLIF+ UQIM]SIRQI"
U'
JZIS*UIWP[NZIYN\I(NGLIUQIKTO
HI(NGLIL+ 6G0HURZHD XPZPRQI
XU%PD\Z*LIFNYXI 6GZ*LIZQIDTPXIDHT-D WPY\ISSI[NZIYN\ID
D XPZPUVP[-Z*LIW`X'T+ND XPZPM]SIRQI"TO
HI(NGLIL+Y\ISSI
JZIWP[NZIYN\I(NGLIS*UIXGN(6SIT[XI\GN\'[NZIYN\IR*P(NGLIUQIM]SIRQI"
WYVPX'YGNU'ZPW 6QI 6G\'UVXI(6PM\LI^ GPSX*-PX'YGN
U'ZPW *IWSP 6GRQIKD DY6PLIZU+ZQIDTPXI UQIM]SIRQI"
7D XPZPDTPXIYN\I(NGLID WZ*XIYO2'D D\JLIDXVPIXGN
WZLIWU5DH PDM\PLID #MFLIF+ RQI"bLIZGN#U6'ZLIDH[NGLIDHDRP
(NGLIMUSIFV.GLIK6UIU6DMFPXIDR*#DRPR-X( : [-RGN#DM\PLID #MFLIF+ RQI"
S'U+XGHI(6LIK\ZIRXIRQIKWPP\GNLIUVPX[GNM\HIYQIDH PFV[PD\RQIK
DH PZ*LI DRPXIRN+ D UVP 6DG WZ*XI ZPHIR
O P* UQI>N
ZG\F-R
K QI"
RGN#DRPI7D
R 6GDMUUVPRQIDMUT'WY*HIHQIRQIKWZ*XIDM\PLID #
YPDRPYIRUPUVPXGNY+NDYPXIYXIDZ*#XVRQIKLIDL*UVP]HIZ'
D\(NGLIS*UIU 6GD\"($:$*WKH6ZLVV)HGHUDO,QVWLWXWHRI$TXDWLF6FLHQFH
DQG7HFKQRORJ\>NDFDRPT*SI=PYHI(NGLIL+U6W]*-#WSQIZFNX
WMFPZ NZIXNUC'UVPYQI(NGLIL+MFPD XPZP
DTPXIYN\ID YN\ILHIUVPWZ*XI\S3QIXG GP
UVP[NZIYN\I\+K\GND\MFLIUVPZ*LI\JLIRQI"LIZGN#
[-Z*LI&KLQD,QWHUQDWLRQDO:DWHUDQG(OHFWULF
&RUSRUDWLRQ&KLQD1DWLRQDO+HDY\0DFKLQHU\
&RUSRUDWLRQ&KLQD0DFKLQH&RUSRUDWLRQ(6LIK
&KLQD(OHFWULF3RZHU7HFKQRORJ\,PSRUWDQG
([SRUW&RUSRUDWLRQZGN#\JLIRQI"SP LIWM\QIK
WS+NWZ*XIDHPXITXIZ*-XGN XQIK\J"
WM\QIM\QITNGLI PMUSIUVP _
\G
L
N
I TNLG I P
S'U+XGHIUVPU6P.DPFKD\&DPERGLD0HSDQGD
EI`X'UVPFN[-U6ZFNM]SIRQI"&'%RQI
1NXZD0R]DPELTXH0HURZHTO
HI(NGLIL+(6LIK
WP] GXWZ*XI QI *I[PDRPW`X'UPT+N
- *PMUHIUP(NGLIL+WM\LI$OEDQLD&DPERGLD
K+ L*\UP 6DG RPZ NZI WP] GX]*#+ ]GZGN
*XLQHD/DRV0DOD\VLD0R]DPELTXH1HSDOWKH D[PXI\D
ZXI
D
+
\DN+ L*XNG S'UF+ HI#FR
-* QI"FN(S6 I =HIHJ Y
'
5HSXEOLFRI&RQJR=DPELD(6LIKWMFP(NGLIL+UVP
Z*LI WP] GX(NLG LI U+ VP 6G Y\SI SISU* I WLI(L6 KI WDTPXI
\JLIRQI"
WW+UN VPDTPXIY\N DI UVPZ*LI \JLI\ZIRXIDHDRP
&KLQD([LP%DQNRQIFN(6SI(NGLIEPYZ*LI Z NZX
I UN
C U' VPXGN \[UW`XUG I DFVDL*UVP[NZDI \
REP\ZIHIXVLT
I LNG I PUOJ
UVPFVUZ
6 FI K- \' WUVP F-KRQI"[GN +\+NDL*UVPXGNO
HI
J(NGLIL+WZ*LI(NGLIMUSI
M\QIRO WZ*XI FN(S6 I ^\Y
' Z*LI [NZMI \HIFR
K- QI" S'U+XGHI`X'UVPZ*LIWR+N\DHRQI"&'%RQI
FN(6SI R
NZIYZ*LI\GN,\'M\QIKS+NDRPoZ NZI .D]DNKVWDQ(NGLIL+WZ*LI 6GD XPZPS'U+XGHIUVPXGN
[NZIXNHI(6LIKR*LIXNHIEIUVPS'U+XGHIUVPWZ*XI YQID[PXI\+KD\DHRQI"
DFVDL*UVPWZ*XI REP\ZIHIXVL(I L6 KI YOUDB UVP
Z NZI[NZIXNHIFUHGLWDW
VLIS'UVPEIUVP(6LIK
\N
aYGX\NGLI LI(6'U\I(6+D WN\ISNUVPZ NZI(NGLIL+
(NGLIL+MFPD XPZPS'U+XGHIUVPXGNEPDL*UVP
D[PXI\+KD\MFLIUVPM]LIKD[PXIF+WPD\RQI"
_ WM\QIM\QITNGLI PMUSIUVP
Z NZIXNUC'UVPZPHIOUBZPHI
F+UBUVP\GNUGNWDY[PYPDS HI
DTPLI *XIMFLIUVPZGN#\JLIRQI"
RG#N DRPIZ NZI 1*2VUVPRQIWFXI
WF-UVPS*P(6LKI LITLNG DI H X T-M]SIRQI"
LIZGN#U6PZ NZIM\QIZ*LI 6GD [N(6LIK
DY[NQSI6UIUBZGN#X-KRGN#DRPREP
\ZIHIXVLT
I LGN I PM\?HPUVP(6LKI WYN\I
UVPDHDYK 6GRQI"LIZGN#XGNZ NZI
WSGN M\QIRY
O [
O UN VPSN N+ MFLITNLG I P
2\D
XXHI#RZI[PRQI"LIZG#N XNG
D[PXI\DK+ HDRPZ NZW
I SGN ;PHUVP
RG#N oDPX4Up\+SN M+ ]LIK XHI#RZI[P
RQI"[GN#D XPLIKT(1M\UBUVPUGHI#F*HI
D\MFLIUVPRGN#YOWUVP\JLIRQIK
YOUBWRGNLIWGNLITNGLI PSN +NUBUV.GUVP
\YN\I HIWY*HIFXIF-RQI"Z NZI
WSGN (NLG LI Z
+ XPD XPZPDTPXI
YN\DI WFHIXUVP(6LKI LID PXI
WM\QIM\QITNGLI PMUSIUVP _
Z NZIXNUC'UVPU6XU%PW(6+kZ*LI
ZQIDTPXI[PDRPD XPZPUVP
WZGDN XPXI
&'%Z NZ(
I LGN LI + ]*#+ ]GZNIG ZXID EI
&:(Z NZ(
I LGN LI + (NLG LI Z
+ XPD (6LKI Y\SI SIDXPI\DNG 6LI
&1((&Z NZ(
I LGN LI + Y\SI SISU* I WLITLGN I PSXI\S3QUI VPDXPI\DNG 6LI
&+0&Z NZ(
I LGN LI + W`X'SPSXI\S3QI UVPDXPI\DNG 6LI
&6*Z NZ(
I LGN LI + DZPLI\LNG I S*UI WPMULIK S*UI WLIRI\O #NG DTPLID
DXPI\DNG 6LI
&3,&Z NZ(
I LGN LI + S*UI WLITLGN I P LI(6' MUg\(I D+6 W]*#- XNU
C ' YGUZ
G XI
&0(&Z NZ(
I LGN LI + SXI\S3QI UVPZLIRL* I MFLI(6LZ
KI LI\#NG MFLIDXPI\DNG 6LI
<0(&*HH
I HISXI\S3QI UVPZLIRL* I MFLI(6LKI ZLI\#NG MFLIDXPI\DNG 6LI
&+(&&Z NZ(
I LGN LI + D WPY\SI SIDTPXIY\N DI W`XD+ \W]*#- XNU
C '
&(,(&Z NZ(
I LGN LI + Y\SI SI\S3QI ZLIRL* I MFLI(6LZ
KI LI\#NG MFLIDXPI\DNG 6LI
'RQJIDQJDZPI]H
6 I Y\SI SISU* I WLITLGN I PSXI\S3QI UVPDXPI\DNG 6LI
*H]KRXEDZ NZ(
I LGN LI +
VS>
I E
NG PD (6LSKI U* I WLIW]*#- XNU
C ' YGUZ
G XI
1RULQFRZ NZ(
I LGN LI + DMUPXI\LNG I SXIUY
B \N LI HIDXPI\DNG 6LI
W' HI(NGLIL+,UDQ
/RUHVWDQD XPZP5RXGEDUMUSI
0:*H]KRXED
0ROODVDGUDD XPZP&RUHMUSI
0:*H]KRXED
7DOHJKDQD XPZP7DOHJKDQ
MUSI6LQRK\GUR&+(&&
XP=ZISZHI(NGLIL+.D]DNKVWDQ
0RLQDND WPY\ISSIS'U+XGHI
&KDU\QMUSI0:
PLOOLRQ&'%
XV'XSISZHI(NGLIL+.\UJ\]VWDQ
.DPEDUDWLQD XPZP1DU\QMUSI
0:GHDOSHQGLQJ
6DU\GMD]D WPY\ISSIS'U+XGHI
6DU\GMD]MUSI0:ELOOLRQ
GHDOSHQGLQJ
H'D\JYI(NGLIL+1HSDO
:HVW6HWLD XPZP:HVW6HWLMUSI
0:&0(&&KLQD([LP
%DQN,QGXVWULDODQG&RPPHUFLDO
%DQN%DQNRI&KLQD
8SSHU7ULVKXOL$DQG%7ULVKXOL
MUSI0:0:
PLOOLRQ&KLQD([LP%DQN
_ WM\QIM\QITNGLI PMUSIUVP
6KLNWDTQIDMUPLIS'U+XGHI
1DUD\DQLMUSI6LQRK\GUR
\JX'SISZHI(NGLIL+3DNLVWDQ
$OODL.KZDUD WPY\ISSI N+$OODL
.KZDUMUSI0:PLOOLRQ
*XDQJ[LD (6LIKY\ISSIS*UIWLI
DTPXIYN\ID W]*-#
Y\ISSIS*UIWLIDTPXIYN\ID W]*-#
.KDQ.KZDUY\S
I SISU* I WLISXI +N
.KDQ.KZDUMUSI0:
PLOOLRQ6LQRK\GUR
0DQJODD XPZP-KHOXPMUSI
PLOOLRQ&:(
1HHOXP-KHOXPD XPZP
1HHOXPMUSI0:
ELOOLRQ*H]KRXED&0(&
ZP
VSISZHI(NGLIL+7DMLNVWDQ
<RYRQD WPY\ISSI N+=DUDI
2EXIXSISZHI(NGLIL+8]EHNLVWDQ
$QGLMDQD WPY\ISSI N+
0:PLOOLRQZLWK$KDQJDU
&KLQD([LP%DQN&1((&
$KDQJDUD WPY\ISSI N+
0:PLOOLRQZLWK$QGLMDQ
&KLQD([LP%DQN&1((&
MUHIUP(NGLIL+%XUPD
\N *PD WPY\ISSIS'U+XGHI
UNHIMUSI0:PLOOLRQ
*XDQJGRQJ1HZ7HFKQRORJ\
,PSRUWDQG([SRUW*URXS
>ZI`X'D XPZPR+Y*LIMUSI
0:ELOOLRQ6LQRK\GUR
PLOOLRQ&1((&=KHMLDQJ2ULHQW
+ROGLQJV*URXS/LPLWHG<0(&
.\HHRKQ.\HHZDD WPY\ISSI
S'U+XGHIUNHIMUSI0:
FQ
EV
PLOOLRQ*XDQJGRQJ1HZ
7HFKQRORJ\,PSRUWDQG
([SRUW*URXS
UNHID XPZP0RQH5LYHU
0:6LQRK\GUR
MUSITN+D XPZP(6LIKWMFP
FNUYGHUNGLI(6LIK^ PZ'MUSI
0:Z NZIS*UIWLI
LI(6'U\I(6+D DXPI\NGD 6LI
D\JLIDYPLID XPZP
SSIDZPLIMUSI0:
6LQRK\GUR<0(&
6LQRK\GUR<0(&
W[XID\JLIDYPLI
SSIDZPLIMUSI0:
PLOOLRQ<0(&
W[XIR+Y*LID XPZP
R+Y*LIMUSI0:
+DQHUJ\DQG*ROG:DWHU
5HVRXUFHV*URXS
<HQZHSSIDZPLIMUSI
0:&,7,&&1((&
- *PD XPZP
NZhZ'MUSI
:0PLOOLRQ
&KLQD([LP%DQN&,7,&
&1((&6LQRK\GUR
*H]KRXED&+0&
WLI
GNH' 6P(NGLIL+,QGRQHVLD
$VDKDQD WPY\ISSID
XPZP$VDKDQMUSI
0:*H]KRXED
-DWLJHGHD XPZPS'U+XGHI
&LPDQXNMUSI
PLOOLRQ6LQRK\GUR
UDY 6P(GNLIL+0DOD\VLD
%DNXQD XPZP%DOXLMUSI
0:ELOOLRQ
&KLQD([LP%DQN
6LQRK\GUR1RULQFR&1((&
%HQJRK:DWHU6XSSO\
3URMHFWPLOOLRQ
6LQRK\GUR
]GYG\GNLI(NGLIL+3KLOLSSLQHV
%DOLJDWDQD WPY\ISSI
SXI +N0DJDW5LYHU&1((&
[NGLI(NGLIL+7KDLODQG
F_H\
I O ' S*UI WLISXI +N 6LQRK\GUR
$'XIHUI(NGLIL+9LHWQDP
&XD'DWD WPY\S
I SID XP
ZP&KXMUSI0:
PLOOLRQRVXUH&+0&
'RQJIDQJ
1DPPXD WPY\S
I SISXI +N
0:<0(&
3XRF+RD*DWHD XPZP%H
MUSIPLOOLRQ6LQRK\GUR
7X\HQTXDQJD WPY\S
I SISU' +
XGHI *DPMUSI0:
<0(&&+(&&
,17(51$7,21$/5,9(56_
WM\QIM\QITNGLI PMUSIUVP _
XDU%P
'P(NGLIL+&DPERGLD
.DPFKD\D XPZP.DPFKD\MUSI
0:&KLQD([LP%DQN
6LQRK\GUR
.LULURP,,,D WPY\S
I SISXI N+
0:PLOOLRQZ NZI(NGLIL+DZPI
*ULG;LQ<XDQ(NGLIL+ZXP
LI(6'U\IUBXNUC'Y'UGZXI
/RZHU6WXQJ5XVVH\D WPY\I
SSISU' X
+ HG I 6WXQJ5XVVH\&KUXPMUSI
0:(NL
G LI Z
+ XPSXIUB S'\*P
D TNLG I PZ NZI OHHIDXPI\DGN 6LI
6DPERUD WPY\S
I SISU' X
+ HG I
UIDFJLIMUSI0:&6*
*XDQJ[L3RZHU,QGXVWU\
6XUYH\LQJDQG'HVLJQ,QVWLWXWH
6WXQJ&KHD\$UHQJ6WXQJ&KHD\
$UHQJ0:&6*
6WXQJ$WD\D XPZP$WD\MUSI
0:(NL
G LI Z
+ XPSXIUB S'\*P
DYPIM\QIRO#RUZ:(NGLIL+/DR3'5
1DP%HQJ%HQJMUSI0:
&1((&
1DP)HXDQJ)HXDQJMUSI0:
_ WM\QIM\QITNGLI PMUSIUVP
1DP.KDQ.KDQMUSI0:
6LQRK\GUR
1DP/LN /LNMUSI0:&:(
1DP0DQJ0DQJMUSI
0:&KLQD([LP%DQN&:(
1DP1JXP1JXPMUSI
0:Z NZI(NGLIL+EI6LQRK\GUR
1DP2X2XMUSI0:
PLOOLRQ6LQRK\GUR
1DP2X2XMUSI0:
6LQRK\GUR
1DP7KD7KDMUSI0:&6*
3DN%HQJ0HNRQJPDLQVWUHDP
0:'D7DQJ(NGLIL+ZXP
S*UI WLI[NZY
I \N UI B XNU
C ' Y'UZ
G XI
3DNOD\'DP0HNRQJPDLQVWUHDP
0:ELOOLRQ&KLQD
([LP%DQN6LQRK\GUR&(,(&
;HVHW6HWMUSI0:&KLQD
([LP%DQN1RULQFR&0(&&
E'YSI(NGLIL+%HOL]H
&KDOLOORD XPZP0DFDOMUSI
0:PLOOLRQ6LQRK\GUR
<DQJW]HMUSIDXPIU 6LI
WPYIDEH'P(NGLIL+$OEDQLD
%XVKDWD WPY\S
I SISXI +N 'ULQMUSI
0:&KLQD([LP%DQN&:(
WIYI
V' 'P(NGLIL+$OJHULD
%RXNRXUGDQHD XPZP
%RXNRXUGDQHMUSI&:(
XUIU *HI(NGLIL+&DPHURRQ
/DJGRD WPY\S
I SISXI +N %HQRXH
MUSI0:&:(
$>GNWP] GXRUZ:(NGLIL+
&HQWUDO$IULFDQ5HSXEOLF
0EDOL'DP0EDOL/LP5LYHU&:(
X*HI
GN
'UGNX XIZSIRUZ:(NGLIL+
&RQJR'HPRFUDWLF5HSXEOLFRI
*UDQG,QJD,QJD&RQJRMUSI
0:WRWDOFRPELQHG
GDPVELOOLRQ6LQRK\GUR
W'R'GN\'P(NGLIL+(WKRSLD
1HVKLMUSID WPY\ISSID XPZP
1HVKLMUSI0:*H]KRXED
7HNH]HD WPY\S
I SID XPZP(NGLI
MUSI0:PLOOLRQ6LQR
K\GUR*H]KRXED<DQJW]HMUSIDXPIU 6LI
X\*HI(NGLIL+*DERQ
*UDQG3RXEDUDY\ISSISXI N+
2JRRXHMUSI0:PLOOLRQ
&KLQD([LP%DQN6LQRK\GUR
%HOLQJDD XPZP,YLQGRMUSI
PLOOLRQ&0(&&KLQD([LP%DQN
XUIE'P(NGLIL+*DPELD
6DPEDQJDORXD XPZP*DPELD
MUSI6LQRK\GUR
D
VPI
V'P(NGLIL+*HRUJLD
.KDGRULD WPY\ISSIS'U+XGHI
3DQNLVLMUSI0:PLOOLRQ
6LFKXDQ(OHFWULF3RZHU,PSRUWDQG
([SRUW&RPSDQ\
JHP(NGLIL+*KDQD
%XLD XPZP%ODFNMUSI0:
PLOOLRQ&KLQD([LP%DQN6LQRK\GUR
DEPKSJHP(NGLIL+%RWVZDQD
'LNJDWOKRQJD XPZP6KDVKH(6LKI
7DWLMUSIPLOOLRQ6LQRK\GUR
EO *HI
'(NGLIL+%XUXQGL
0XJHUHD WPY\ISSISXI N+0XJHUH
MUSI0:&:(*XDQJ[LD (6LKI
Y\SI SISU* I WLIDTPXIY\N DI W]*#-
*'H'P(NGLIL+*XLQHD
6RXDSLWLD XPZP.RQNRXUHMUSI
0:ELOOLRQ&KLQD([LP
%DQN6LQRK\GUR
.DOHWD'DP.RQNRXUH5LYHU
0:PLOOLRQ6LQRK\GUR
UGN=UIEGFI(NGLIL+0R]DPELTXH
0SKDQGD1NXZD'DP=DPEH]L
5LYHU0:PLOOLRQ
&KLQD([LP%DQNWSGN (6LKI HPYQIUB
RDEPZOQ'SPFV.\ID [NG
0RDPED0DMRU3URMHFW,QFRPDWL
5LYHUPLOOLRQ&KLQD([LP
B DEPZO
%DQNWSGN (6LKI HPYQIUR
Q'SPFV.\ID [NG
(NGLI
V' 'P(NGLIL+1LJHULD
0DPELOD+\GURSRZHU'DP%HQXH
5LYHU0:ELOOLRQ&KLQD
([LP%DQN&KLQD*HRHQJLQHHULQJ
&RUSRUDWLRQ*H]KRXED
=XQJHUXD XPZP.DGXQDMUSI
0:ELOOLRQ&KLQD([LP
%DQN6LQRK\GUR
X*HI
GNRUZ:(NGLIL+5HSXEOLFRI&RQJR
,PERXORX/HQLMUSI0:
PLOOLRQ&KLQD([LP%DQN&0(&
0RXNRXNRX'DPUHSDLUV
PLOOLRQ&KLQD([LP%DQN&0(&
TO
HI(NGLIL+6XGDQ
0HURZH'DP(NL
G I MUSI0:
ELOOLRQ&KLQD([LP%DQN
&:(6LQRK\GUR
T' 'P(NGLIL+6\ULD
7LVKULQ+\GURSRZHU3URMHFW.DELU
$VK6KDPDOL5LYHU0:
PLOOLRQ&+(&&
ZO X'(NGLIL+7XUNH\
$GLJX]HOD WPY\ISSISXI +N%
O
HI
J(NGLIL+8JDQGD
$\DJR1RUWKDQG6RXWKD XPZP
D WPY\SI SI(NLG I MUSI0:
PLOOLRQ&'%&,7,&DQG*H]KRXED
=UIE'P(NGLIL+=DPELD
/RZHU.DIXH*RUJHS*UIWPSXI N+
.DIXHMUSI0:ELOOLRQ
6LQRK\GUR
.DULED1RUWK%DQND XPZPZNGFV-#
ZQIDTPXID =DPEH]LMUSI
0:PLOOLRQ6LQRK\GUR
WM\QIM\QITNGLI PMUSIUVP _
Z NZIM\QIZ*LID XPZPDTPXIYN\ID
TNGLI P2\D
UVP
\JLIUBYGNW\IRQI"[GNYGNW\IFVXIXGN\GNUGN 6LIYLI[P
RQIKoM\QIHIWTLIKREP\ZIHIXVLITGNLI P
GN DI SUQIK FHI#UH6 I FVXUI VP\YN\ I PZ*LI M\QIRY
O [
O N
Z NZI(NGLIL+REP\ZIHIXVLITNGLI P2\D
UVP [GFX
ZG
#
N
\O
D\J
L
I
\J
LI
U
W
B
TLI
K
ZG
L
N
I
ZPFV
X
p
I
XG
N
REP
7(6SI\GNLIUVPWZ*LIZ*LI\GNUGNFNGLIUPYPRQI"
FN(6SISXIZLIEPYZ*LIZ NZIM\QIRO#YZIDZPIU6 \ZIHIXVLI[GHIRGUID HI`X';PHU6FN(6SI
' Z*LI [NZMI \HIYX
GN R
I QI"[GZ
N LNG I ZPFVXI
REP\ZIHIXVLIXGN[GFGNXIDS(NGLIUQIKFHI#U6HIFVXI D]D]PIJ Y
UVP2\D
RSIXNG WZQI\M\;PHIYGX
N R
I QI"[G2N \D
UVPZ*LIM\QIROYO[NZGN#\OD\JLI\JLI(NGLID WZ*XI
W REP\ZIHIXVLIXGN`X'UPS*P[GFGNXIDS(NGLI WDMFF+YUIHIFVXIUVPU6P
UQIKZ NZIM\QIZ*LIS'U+XGHIUVPXGNYN\IDTPLIUQIK M\QIROWUVPRGRPDS HIWZ*XIREP\ZI
HIXVLIXGN[GFGNXIDSUQIKFHIU6HIFVXISPZUI
XNUC'UVPRQIYN\ILHIWDXPLIW[QIUD]PIFLI
(,$UVPM]HI#DMFLITNGLI PYN\I[+NYN\IHQIUVP
WTLIKZ*LIREP\ZIHIXVLI[GFNGXIDS(NGLIUQIK
(,$M]SIS2IWDZPWZ*LIYO[N(6LIKUQIRQIK
FHI#U6HIFVXIUVP(,$XGN2'S*P\YN\I HIYGNW\IRQI"
WFVGHIZ*LITXIS\IYN\IXGNLI UQI
[GFN HI#UH6 I FVXUI VPXGN REP\ZIHIXVL[
I HG I RGUI D
YO[\
N O D\JLI \JLID Z*LI UQIRZ
O #NG \JLIRLIR
K QI
HI`X';PHU6WZQI\D\ UQIM]SIRQI"
YO[NUVP\OD\JLI\JLIYPDS HIWZ*XIDTPLI
Z NZI(NGLIL+(,$2\D
W M\QIROYO[N\OD\JLI
*XIMFLIUVPYO[NWMULIRDEP[PUVPXGN
_ WM\QIM\QITNGLI PMUSIUVP
XPHPMFLIW`X+W2PIUVP OMFLIYO[N
SN +N\*-UVP\QP 6LIUVPSN +N\*-UVPSRM]LIK
(,$[-Z*LIWUVPM\QIROZGN#W`X+\FVXIUVP
XGN[QIKR*LITXIS\IS2ISPR*PUQIKHQIYUI
UVPZGN#M]SIRQI"
Z NZ(I LGN LI Z
+ L* I D XPZPS'UX
+ HG I UVPWZ*XI M\QIRO
YO[UN VPXGN DH PD #DM\PLIMFLITNLG I P2\D
UVPYQI
6GRQI"[GN2\D
UVP[-U6WD W`X'T+N2\D
U6P
FN(S6 Z
I L* I M\;PHIF-DK RPoWYZISP(6LKI W`X'
SPD WPY\ISSIS'U+XGHIUVP(6LIK\ZIRXIRQIK
DMUPUVPWZ*XI DYVPDI XUVP(6LKI M\QIRUO VPWP
M\HIYQIDH PFV[PD SQIUV2ISQIXUIUVPp
M]SIRQI"[GN2\D
Z*LI
DM\PLID #MFLIF+ DRPM\QIRU
O VPXGN FLID XP
ZPWZ*XIDM\PLID #MFLIUF+ FLIXDHF-KDRP
YODHUBWTLIKWZHI(6LIKZOQ'DRPRGN#\GNMULIK
UPDRPYODHUBWTLIKWZHIUV.GS*UIDTPLI
D\ HIYGNW\IRQI"
M\HIYQIDH PFV[PD YN\L
I HIS2IZL* I DMUP(6LKI
T+N +BR*PDRPREPW LIWMUSIUVPWZ*XI
DYPDI XUVPWM\LIS'\*PD W ]*#+ ]G ZGN ZXID
YN\ILHIS2IUVPYQI\JLI UQI"
WM\QIM\QITNGLI PMUSIUVP _
K- QI"
UVPXGND]PI[NZIMFLITNGLI P2\D
WRSIZFNZ NZI D SQIUV2I SQIXUIFVXI XGN [NZMI \HIFR
(NGLIL+Z*LIWZQIM]SIYPRQI"[GN2\D
W Z NZI [GSN QIUV2I SQIXUIUVPU6P
WSGN +N UVPRQIRXITLGN I PRZLIWFVXW
I YXI WM\HIWY6HDI YSPMFLIZHIZOQU' MFLI(6SE
I XI
UVPXGN\+NU6HI(6LIKWFVGHIU6'[NZID]PIMFLIUVP\YN\I UQI
WXV/G S'\*PXGN 2'ZQIMFLI GLN I \LIXOQM' FLI(6LKI
M]SIRQI"[GN2\D
[-Z*LIZ NZIM\QIROYO[NUVPX
(6S2I ' (6SE
I XIY+N WZ*XI WXV/G 6R
G QIK \OD\JLI
Z NZIWSGN WFVXIWYXIUVPXGNDZPLITGNF*LIK\
DTPLI X
* MI FLIUVP
[PRQIK( : PZFNXGNYQI]HIZ'[PRQI"7 REP\ZIHIXVLT
I LGN I PW LIWMUSIUVPXGN
2\D
RQIM\QIRY
O [
O UN VP(6LKI 1*2UVPWZ*XI (NLG LI M+ FP
XPX*DI SPLIDK 6PXIMFLI
D XPZPS'U+XGHIUVPTGNLI PWFVXIWYXIUVP
D
RF+YOUW
B RGLN I WGLN I UVP(6LKI LIZG#N
WDMFWDHUVPRG 6GDS HI\NGUGNY*IXOYPDSRQI"
EUVPXGN
NSX
GN MI FLI(6LKI D[PXI\X
K+ Q
O M' FLI
D
RF+2\D
UVP(6LKI SQIUV2I SQIXUIUVPXGN
Z NZW
I SGN 2\D
UVPSQIUV2I SQIXUIUVPRQI
YNX
G HI PDTPLI X
* MI FLI
WPDXPLIRQI>NOT DRPIYQIYXIDZ*#Z*LI D
RF+WYN\R
I UPUVPXGN WXV/G S'\*PUVPXGN
WDXPLIW[QID]PI(NGLI HIWFXIWF-UVP 6GDHDR
WXPWX*DI \MFLI(6LKI 2'SPD\MFLI
RQI"REP\ZIHIXVLI[GHIRGUID HI`X';PH DEXLIY+N FD+ XGN WPM]QIDK \MFLI
Z NZIREP\ZIHIXVLITNGLI P1*2UVP(6LIKSGZI M\QIRY
O [
O
N WMULIRDEP[PUVPD\(GLN I HI
\O\HIRQIK M\QIRY
O [
O Z
N #NGRQIZ NZW
I SGN 2\D
UVP
UGZMI ]SIRQIK WDMFWDHUV.G XGN ]HIZ' D\MFLI
XGNYXIDZ*#WR+N\ HIWFXIWF- 6GDHDRRQI"
\QPD\MFLIUVPSQI +NY+B#DTPID UVP2\D
W (NLG LI D+ ZPIDXPLISR
' QIZ NZ(I LGN LI Z
+ L* I WPPW 6T
G N+
WD OMFLIUVP(6LIKZ NZIXNUC'UVP(6LIKZNGXI GNXI WSGN WSGZIW\GNLIM]SIRQI"(NGLIL+ \IMFPUVPZ*LI
\OD\JLI DTPLI X
* MI FLIUVPM]LIK `X' SPDTPLI X
* DI HRQI" YN\LI HIWDXPLIW[QID]PIDHRQIK Z NZX
I UN
C U' VP
WPD\\GN#YNGXIRQIKRZLIRQIZ NZID XPZP
(NLG LI M+ FPS'UX
+ HG I UVP(6L\KI ZIRXIRQIK
DTPXIY\N R
I UO VPWPTXIR
* DI HRQIW
K PM]SIRQI
Z NZW
I SGN 2\D
UVP(6LKI YUIHFI VXUI VP
>NOT(NLG R
I QI"SQIUV2I SQIXUIFVXI WDRSGZI
(NLG LI M+ FPD XPZPDTPXIY\N DI YN\DI HDRPZ NZI XGN7YUIHIDHPXITXIZ*-Z*LI XQIK\J"
XNU
C U' VPWZ*XI YOUDB (6LKI REP\ZIHIXVLT
I LGN I
Z NZIWSGN \GNLIXNUC'UVPXGN XQIK BDSPLIKD 6PXID\
P[GFX
GN UI UB VP(6L\KI ZIRXIRQIK 2\D
UVPSQIUV2I
I LGN UI UB VPXGN XQI K DB SPLIDK 6PXI
SQIXUIUVPU 6DG \"RG#N DRPI(NLG LI M+ FPZ*LI YN\LI HIDTPLI DHDRP(NLG LI D+ ZPI\GLN T
*XDI HRQIK Z NZX
I UN
C U' VPWD\D]HIUUB VPXGN ZNH#I D (6LKI S'UF+ HI#FD-* DXPIU 6LI 6$6$&RQIWSGN \GLN I
M\HIRQIW
K DHM]LIK (NLG LI D+ ZPIDXPISU' 6 FN(S6 I DWPXI XNUC'UVPYOUBD TNGLI PSQIUV2ISQIXUIUVP
ZGE
N PYZ*LI (NLG LI M+ FP LI(6' U\I(U+6 UB VPZ*LI \JLI\JZR
I XI YNGXIHPYPDS HIYB\I 6PUBWTLIKTLIKM]LIKS'U+DTPLI
DHRQIK YN\LI HIUVPYB\ I P6 UBUVPXGN XQI K SB SIDT *XIDHRQI"FN(6SI=HIHJ 'YZ*LIWSGN \GNLI
XNUC'UVPYGNXIHP UQIKYOUBD TNGLI PZPHIUVP
_ WM\QIM\QITNGLI PMUSIUVP
(6LIK\ZIRXIRQIKYUIHIZFNXGN[NZIM\HIF-KRQI"
7S+FVGHIS+(BHIUVPRQI6LQRK\GUR(6LIK&KLQD
6RXWKHUQ3RZHU*ULGZ NZ(
I LGN LI
+ DZPLI\LNG I Y\SI SI
TXIR*ID YBGLIZNG#X-KRGN#DRPWSGN \GNLIXNUC'
UVPWZ*XIWXV.+LIRQI"[GNYUIHIZ*LIWSGN
\GNLIXNUC'UVPo GNRPMFLI+N XQIDYSP]*I
DXPLIMFLIREPW LIWMUSIUVPXGN [GHI RGUI MFLI
REP\ZIHIXVLIWPXPX*IDSPLIKD 6PXIMFLI
(6LIKM\QIROYO[NZGN#WXV/GS'\*PXGNWDY[P
MFLISRQIKXGS3 \IUVPZ*LIS+M\DXPLIpM]SI UQI>N
D]PIM\[PRQI"[GNYUIHI\JWFVXIWYXIUVP
7SGZIW\GNLIWFV.G#XGNDHPXITXIZ*-Z*LI XQIK\J"
[G#N WM\LI&KLQD([LP%DQN(6LKI &KLQD'HYHORSPHQW
%DQNZG#N RQILIZG#N XG
N \I LNG R
I EP\ZIHIXVLI
(6LIKYOUBD W ZPHIOUBUVPTNGLI PUOJ
UVPFVU6ZI
[PRQI"&KLQD([LP%DQNUOJ
\JWFVXUI VPXGN
DHPXITXIZ*-Z*LI XQIK(NGLI\JRQI"&KLQD
'HYHORSPHQW%DQNREP\ZIHIXVLITGNLI P
UOJ
W(6SFI V.\X
I NG LI:HEVLWHZ*LI D]PIM\[PRQI"
[GNUOJ
[-Z*LIoFN(6SI\NGLIUVPWDZPWZ*LI
REP\ZIHIXVLT
I LGN I PXGS 3 \IUVPRQIK X_(\IN Z
I #GN
DFVDL*RZIU6ZIMFLIWTLIKUVPZ*LIWD \JRQIK
XGS3 \IZFNM]SIYPRQI"DFVDL*DZPLITGNYPDRP
XNU
C U' VPDYPXIYP UVPZ*LI REP\ZIHIXVLI
TNGLI PW]*-#WSQIZFNFNWZQI\D[PXIF+FVXI
(6LIKUGUGZNG#EIWZQI\FVXIU \JXDFVDL*[NZI
D\ HIS2ISPD\UQIU>NZID\"p
&KLQD6RXWKHUQ3RZHU*ULGZ*LI REP\ZIHIXVLI
YN\IDTPLIYPRQI"FN(6SIDWPXIZGNEPY
Z*LI0(3(6LIKXNHIR*ID HI`X';PHZGN#\OD\JLI,
oZ NZIM\QIZ*LIREP\ZIHIXVLIUVPXGN[GFGNXI
DHDRP(NGLIL+MFP[NZIXNHIUVPZLI\GN#D PLIFVRQIK
Z NZX
I UN
C U' VPXGN [NZX
I HN UI VPZLI\#NG \LNG FI L* KI NZR
I UG I
F+ UQIp>ND XQPF-KRQI"
(NGLIL+ZXPREP\ZIHIXVLITNGLI P
YUIHIFVXIUVP
ZGN#YNGW\IUB(BHI[PUVPXGNM]QIKTQI(NGLI HIM]SI(NGLI
DFV 6GRQIKHQIYUIWUV.GUV.GXGN 6PD]*MFLIW\JWLI
D XPZPS'UX
+ HG I \GUN DNG XPLIU*HY
I PDSD D XPZP
WRSI[\IUDTPXIFLIYXI Z
G6 QIDTPXI\' M]SIDRP
D XPZPUVPU6M]SID\DHRQIK YOUDB TNLG I PM\?HP
`X'UVPXGNDM] 6LIMFLIWGXWD `X'RQIKT+NM]ZI
FVXUI VPXGN M\QIRY
O [
O
N RDEPZOQF' VX I OMFLI(6LKI
XVHIUPRHIS*UIDRPMUSIUVPXGNXPX*IMFLISRQIK
WGXWFVXW
I YXIUVP\JLIRQI":&'W`X+ \
ZLIM\FVXIUVPXGNXU%PZ6UIY+N 6GM\QIRO#DT*D(*\*-
UVPU6ZTLIK (NLG LI D+ ZPIWTLIK RZIUZ
6 FI VXUI VPWM]SI
WR+N\YP XRQI"
TNGLI PUOJ
6GDRPIYQI[GNUOJ
UVPRQIWY*HI
DENVTHI,W(6SFI V.\I[PDRPUOJ
UVPM]SIRQI"
6LQRK\GURZ*LIREP\ZIHIXVLITNGLI PUOJ
UVP
6GRQI>NUDZ*# DRD\"RGN#DRPI6LQRK\GUR
(NLG LI M+ FPD XPZPDTPXIY\N DI DZPIDZPIUVPUVP
Z*LI\JLIYN\IDTPLIDHDRPSXIUBD P;PHF*-
I NG DHPXITXIZ-*
WU6ZIRQI,62YXIU6ZI 6G[PDRP :&'W`X+ \ZLIM\FVLUI VPW(6SFI V.\X
Z*
L
I
D]PI
M
\
[PRQI
"
:&'
(6
L
\
K
I
ZI
R
XIRQIK WDR
XNUC'M]SIRQI"DHPXISPUVXI(6PXGN XQIK\J"
SGZIWFVXIWYXIUVPWZ*XIWM\QIM\QITGNLI P
REP\ZIHIXVLI[GHIRGUID HI`X';PH0(3 MUSIUVPM\QIROYO[NUVPWZ*XID XPZPTNLG I P
RQIU XPDRFLIUS6 ,(NLG LI M+ FPS'\*PD YN\LI HIUVP XU%PDK XPIU 6L(I L6 KI \ZIRXIRQIY
K UIHZ
I L* I XGN XP
6GDHRQIKZ NZIXNUC'UVPREP\ZIHIXVLI (NLG R
I QI"[GW
N S' LIFS+ PXGN LQWHUQDWLRQDOULYHUVRUJ
TNLG I PWTLIW
K ZHIUVP\GUN MNG ULIUK PYPDSD WZ*XI Z*LIWFU-KXOO(NGLIRQI"
WM\QIM\QITNGLI PMUSIUVP _
RQI"[GSN PFV.\Z
I L* I oYO#WF*LW
KI D WYN\I RUPUVP
REP\ZIHIXVLI(6LIKW
ZGYGNXISPUBTHI#XVLDI
ZG#N W\JWLI(NLG LI Z
+ XPU6YXIF[
+ PDRPSQIUV2I
SQIXUIFVXIXGNS'\*PD YN\ILHIUVPU6UGUZ
G #NG
YN\LI HIDTPLI X
* UI UB VP$V/>PD T*D- UVPZ*LI YNX
G I
HPDTPLI X
* I UQIK YN\LI HIDEPLIpZFNXNG D]PIM\D\
[PRQI"WDRSGZI WFVXW
I YXIUVPXGN ZZZ
JOREDOFRPSDFWRUJZ*LI 6G(GNLIRQI"
DHPXIT+NZ*LIZ NZIXNUC'UVPRQIKS+FVGHIS+(BHIUVP
TNGLI P(NGLIL+ZXPW]*-#WSQIWU6ZI
YXIUZ
6 I ,QWHUQDWLRQDO2UJDQL]DWLRQIRU6WDQGDUGV
VHULHV,62XGN 6[
G PDRPXNU
C U' VP
M]SIRQI"7YXIU6ZIW XNUC'UVPU6LIZGN#
REP\ZIHIXVLITNGLI PUOJ
UVPXGNWUVPM\QIRO
WZ*XI[NZIDMFLI(6LIKWZ*LID SSIDTUBUVPXGN
\+NU6HIYN\IDTPLIR*P HIYGNW\IRQI"6LQRK\GUR
SXIUBD P;PHF*-WU6ZI(QJLQHHULQJ%XUHDX
1XPEHU2QHRQI7WTLIKU6'XNUC'M]SIRQI"
RGN#DRPILI(NGLIL+MFPD WPY\ISSIS'U+XGHIUVP
WZ*XI\JWXV.+LIUB 6GU 6GU6PU 6LIUYLIM]SIDHDR
RQI"WDRSGZIWFVXIWYXIUVPXGNZZZLVR
FN(6SI=HIHJ 'YZ*LI6(3$U6W'DX*ZPSQI
RUJZ*LI 6G(NGLIRQI"
UV2ISQIXUIUVP(TXDWRU3ULQFLSOHVXGNZ NZI
M\QIZL* I YGX
N HI PXVLR
KI N+ YPDS HIWZ*LI (NLG LI Z
+ XP Z NZ(I LGN LI
+ XU%PX
K Y
N RU
aWPUF+[PFVXI
EPD TNLG I PDXPI\DNG 6LI ,QWHUQDWLRQDO)LQDQFH UVP(6LKI (NGLIL+ZXPSPFV.\ISPZUIUVPU6ZPHI
&RUSRUDWLRQ,)&(6LIK\OD\JLIDTPLI *XIR*PUQI>N Z: PUVP
[NZMI \HID XQPF-R
K QI"W'DX*ZPSQIUV2I SQIXUI Z NZW
I SGN RQI(NLG LI Z
+ XPSPFV.\SI PZUIDZPIDZPI
UVPXGN [G\R
I ' \N
Y
a X
G EIUVPU6FVUZ
6 [
I P\' XU%PK UVPUVPXGNYXIU6ZID [GN[PMFLI(NGLIL+ZXPW]*-#
EIS+FVGHIS+(BHIUVPWD\Z*LIWDMFF+[PRQI" WSQIUVPZ*LI\JLITXIS\IDHMFLI(6LIKD XPZP
REP\ZIHIXVLITGNLI PW]*-#WSQIUVPU6[GNSQI DTPXIY\N DI TNLG I Po(OQ+R
K QIK 2\D
UVPpXGN WRG
UV2ISQIXUIUVPXGNYXIDZ*#YGNXIHPXVLIKR+NYP
WU6ZI \[PMFLIZG#N \YN\[
I PRQI"[GZ
N PHIZ: P
DS HIWDXPLIW[QID]PI(NGLIUQIK( : PUVPU 6G UVPRQIZ NZMI \QIZL* I YB\ I P6 DTPLI X
* UI UB VPZ*LI
RQIW
K Z*XI D]HIDM\PTGUN UB VP\YN\Y
I X I R
G6 QI"RGN# RPWXV.+ LIDRPIYQI(NLG LI Z
+ XPWRGLN I WNLG I UVP
DRPI6(3$Z NZIEPD TNGLI PW]*-#WSQI WD\Z*LY
I QIZPHI R
G6 QI"XNU
C U' VP(6LKI EPD
UVPU6YNGXIHP UQI>NXGSPYN\IDTPLIDHRQIK
D[PXI\+KROUVP(NGLIL+MFPYN\ILHIUVPYN\I 6PDTPLI
WFVXIRQIW\RDEPDTPLIRQIKDMFY6UIZFN
*X I PZ*LI Z NZW
I SGN U6RDEPZOYXIUZ
6 DI [GN
M]SIRQI"
[PRQIKSPFV.\ISPZUIUVP\JWFVXIWYXIUVPXGN
[G#N WM\LI&KLQD'HYHORSPHQW%DQN(6LKI +DQHUJ\ZG#N YGNXIHPXVLIKR+N HIZ NZIWSGN U6DRDRFVPFVP
W\JWLI P(6LFKI VD' RPZ NZX
I UN
C U' VPXU%PK XNY YN\IDTPLIRLIKRQI"
RU
aXU%PY+NTNGLI PRDEPZOSPFV.\I81*OREDO W[ORM]LIK (NLG LI M+ FPD XPZPDTPXIY\N DI UVP(6LKI
RG#N DRPID XPZPDTPXIY\N DI Z*LI \JLI\ZIRXI
ROUVPWPY+N \OD\JLI \JLIU B G6 HIYW
NG \IMFLI(6LKI [GFX
GN I
F+ DRPYOUW
B RGLN I WGLN I UVPYODHUBWTLIW
K ZHI
UVPMULIKZLID\D ZGN#(6LIK\ZIRXIRQIKWFVXIUVP
XGND XPZPDTPXIYN\IRQIKXNUC'UVPWP
HI XP[PRQI"6LQRK\GURRQI,+$W]*#- LI
M]SIRQIKWZ*XILID XPZPDTPXIYN\ID
YN\ILHIUVPWPY+NZ*LI,+$YUIHIFVXIUVP(6LIK
WQ'YGX
N HI P UQIK ZPHIUVPXGN RZGD\RLIR
K QI"
,+$YUIHIFVXIUVPXGNZZZK\GURSRZHURUJ
Z*LI]ZI B(NGLIRQI"
_ WM\QIM\QITNGLI PMUSIUVP
TXIS\IDHDRPoXU%PKXNYRU
a(NGLIL+DXVPI
DXPI\GND 6LIUVPZPHIOUBUVPTGNLI PS+ZHI]GN
UVPo8QLWHG1DWLRQV1RUPVRQWKH5HVSRQVL
ELOLW\RI7UDQVQDWLRQDO&RUSRUDWLRQVpM]SIRQI"
FN(S6 Z
I L* I WZQI\F-K \'S+ZHI]NG Z*LI WM\QIM\QI
TNLG I PYO#WF*LW
KI D D XQPSPZUI\JYO#WF*LW
KI D
TGNLI PS+ZHI]GNUVPXGN(GNLIL+DXVPIDXPI\GND 6LIUVPU6
WDY[P,YNGXIHPR*P UQI>ND]PIM\[PRQI"
(NLG LI D+ ZPI(L6 KI (NLG LI Z
+ XP2\D
UVP(6LW
KI Q'YO#WF*LW
KI D
UVPXGN WXPWX*DI \MFLIZHIZOQU' RQIK WYN\I
YN\X
I LNG FI L* KI WF*LW
KI D UVPDEXLI,XVHI UPD (6LKI
Q'*ZIRQIKYN\ILHIF*LIUVPRXITNGLI P(NGLIL+UVP(6LIK
(NGLIL+ZXPREP\ZIHIXVLITGNLI P2\D
UVPXGN
YNX
G HI PMFLI(6LKI ZQIZFK+ LGN I U-RQIK ]*#+ ]GZGN ZXID
QIU6HIFVXI(6LIKWQ'YNGXIHPMFLIZNG#XGN(NGLIL+DXVPI
DXPI\GND 6LIUVPU6YNGXIHPR*P UQI>N[GNS+ZHI]GN
UVP[-Z*LID]PIM\[PRQI"
WM\QIM\QITNGLI PMUSIUVP _
FN(6SIZ*LIHIDMUD
RDZPIDZPIUVPUVPZ*LI
RSI[Z
N Y
I \N DI UVPXGN XHI#RZI[PDRPo(NLG LI D+ ZPI
RSIDZPUVP[GHIRGUID 2\D
1DWLRQDO)RUHVW
3URWHFWLRQ/DZpXGN Z NZW
I SGN U6WZQI\F-R
K QI"
LIWXV.GTXIU6PRSI[NZIYN\ID XNUC'UVP
RQI&DPERGLDMUHIUP(NGLIL+5XVVLD(6LIK,QGRQHVLD
ZGN#X-KRGN#DRPDH PUVPRGN#R*PD PXI,RSI[NZI
YN\IMFLIUVPSZLIYP XRQI"FN(6SIZ*LI
Z NZ(I LGN LI R
+ QIWDU GXHIDHPXIXU%P
K Z
N
G W`X' T+N
RSIUVPZLIR*LIROM]SIYPRQI"
FN(S6 UI S6 ,DE
VLI WDMFSGX
N I REP\ZIHIXVLI
_ WM\QIM\QITNGLI PMUSIUVP
TGNLI PW]*-#WSQI*OREDO(QYLURQPHQWDO
,QVWLWXWH*(,ZZZJHLFKLQDRUJRQI(NL
G LI M+ FPZ*LI
YB\I 6PDHRQIKZ NZIRSI[NZIYN\ID XNUC'UVP
XGNM\HIYQI]*-#SQI HIXSPYN\IDTPLIYPF-KRQI"
*(,RQIZ NZIWSGN (NGLIL+DZPIRSIDZPD P
HI`X' ;PH(6L\KI O D\JLI ,oSNSQI[PDRPUOJ
TNLG I P
W[N\W
I \GN LQWHJUDWHGSROLF\SDFNDJHpXGN UGZT
I XI
D\F-R
K QI"7WS'WS2IZL* I (NLG LI M+ FPZ*LI YB\ I P6 DHRQIK
Z NZR
I SI[Z
N Y
I \N DI XNU
C U' VPXGN WN\FI V.\IDHRQIK
RXITNGLI P2\D
UVP(6LIKUOJ
UVPXGNSNSQID\[P
RQI"(NLG LI M+ FPZ*LI YB\ I P6 DTPLI X
* DI HDRPZ NZI
RSIDZPD PXNUC'UVPXGN[GHIFV.\I(GNLIRQIK
2\D
UVPFVU6ZI(GNLID WZ*XIZ NZIWSGN (NGLIL+
DZPIRSIDZPD PHI`X';PHU6ZPHIODTPLI
&+,1$
$SURSRVDOWREXLOG
WKLUWHHQGDPVRQ
WKHVFHQLF1X5LYHU
LVEHLQJUHFRQVLG
HUHGLQSDUWGXHWR
WKHLQYROYHPHQWRI
&KLQHVHFLYLO
VRFLHW\)RXUPRUH
GDPVEDFNHGE\
&KLQHVHFRPSDQLHV
DUHVFKHGXOHGIRU
&DPERGLD(NGLIL+RSIDZPUVPXGN
WKHGRZQVWUHDP
*(,XSPDTPLI *XIFVXIUVPD XPLKI YPRQIK [GHIRGUIMFLI
VHFWLRQRIWKHULYHU
WXV.GTXIUVPU6PFN(6SI R
NZIYZ*LIZ NZI FN(6SIDUYZ*LI:X]KLVKDQ*URXSXGNZ NZI LQ%XUPD
+6 UO VPU6&DPERGLD(NLG LI R
+ PS'\*PD
WSGN RSIDZPD PHI`X';PHU6Z NZIXNUC' LI(6' U\I(R
3KRWR
UVP(NGLIL+MFPZ*LIZ PULIRSI[NZIYN\IDHDRP YN\ILHI 6LI(6SI2'ZGN#U6\OD\JLI]*-#SQIF-KRQI"RSI[NZI :DQJ<RQJFKHQ
WX*DI \MFLIUVP 6Y
G PDS HI QI
* R
I QI"Z NZI
XNUC'UVPWPZQIZ+KFNGLIU-RQIKRSIDZPD P
WS'WS2IUVPRXITNGLI PYOUBWRGNLIWGNLIU6
M\QIRUO VPWZ*XI WYN\Y
I \N \I LNG FI L* KI WF*LW
KI YUIUVP
(6LIKD
RF+M\QIROUVPYODHUBWTLIKWZHIUVPXGN
MULIKZLID\MFLIUVPXGND]PIDTPLIR*P HI[GNYUI*HI
[-ZL* I W[OWD TG[
N PRQI"7YUIHFI VXR
I QI
*(,U6WHP
ZIZ*LITXIYXIYN\IDTPLIR*P HI 6G
RQIK WMFPXGS 3 \IUVPWZ*XY
I QI2\UPDXPLIZFN
M]SIYP(NGLIUQIM]SIRQI"
WM\QIM\QITNGLI PMUSIUVP _
SPW+NT'SGNXI\V.GD WZ*XIREP\ZIHIXVLI(6LIK
YOUBD TNGLI P[GFNGXI(NGLIUBUVPXGNFHI#U6HI(NGLIRQIK
YN\IDTPLIFVXIUVPYN\IDTPLIF-KMFLIU 6GD\"\'T+N
R*P\JX7SGNXI\V.GD S'U+XGHIRQID
RF+YO[NZGN#
WGUIDU*ZG GS!PHIUVPWZ*XISPXVXIDH PUVP
HZI\DO =PIMFLIUVP\YN\R
I QIK RSIDZPUVPYIDMU
UVP(6LIKRF)V.GLIUVPXGN]VXIT'YNGXIUQIM]SIRQI"
7SGNXI\V.GD RQIX*-M\PDRP='R+=PZUVP
[GHI RGUI [PDRPHIDMUWD\Z*LY
I QIRXID PXI
UBUVPS*P 6GUQIM]SIRQI"
DMU(6LIK\NGLITNGLI\S3QIUVP(6LIK\ZIRXI,:X]KLVKDQ
(6LIKM]SI\*PRQIK\G\X4UVPD XPLIKD
RF+WRGNLI
WNGLIUVP&DPERGLDWSGN [+RGN#Z PLI
ZNGLIZHI[PUBUVP\YN\IYPRQI"[GN#DHPXIYOUB
WRGNLIWGNLIU6RSI[NZIYN\ID Z*LIWR+N\RQIK
YUIUVPXGN\GZITGN#MFLIUVPX-KRGN#DRPT(1M\UBUVP
WZ*XISN +NUBUVP\YN\I XRQI"FN(6SIUZIY
Z*LI :X]KLVKDQRQI[GDN
RWZ*LI 6G LIS'UX
+ HG I XGN
NZIRGUIYGNXIRQI"XNUC'RQIUQIRQIKWZ*XI
D XPLIKS'U+XGHIXGN NZIRGUIYGNXI RQITGNRQI(6LIK
\ZIRXIRQIK 6LIYLIFVXIUVPXGND]PIM\[PRQIK
Z PLI[NZMI \HID XQPFVXI [NZMI \HIFMK- FLIU 6DG \"
RG#N DRPISQI +N YB#+ DTPIFR
K- UO VPU67DWPLIMULIUR
B QI
D
RF+Y[
O UN VP(6LKI 1*2UVPU6S'UX
+ HG I (6L\KI ZIRXI,
THI#XVLID YB\I 6PUBUVP\YN\IF-KMFLIYO#WF*LIKWD
FV.G D]PXIUUB VP(6LKI REP\ZIHIXVLW
I D\[GFX
GN UI B
UVPXGND]PI[NZIF-KMFLI(6LIK\QP 6LIUVPU6 6PD]*DZ*# 6G
F-KDRPS'U+XGHIS'\*PD W WXV.GU 6GMFLIZGN#
D XPLIKM]SIRQI>N+N XQI XRQI"
_ WM\QIM\QITNGLI PMUSIUVP
RLIEPDZ*YN\I(NGLIUY-"
[NGLI(NGLIL+
UIDFJLIMUSI 6GDXVPXI
D XPZPDTPXIY\N MI FLIUVP \IZHI#D (6LKI D XPZPD XPLIK M]SID\YPUQIK YORP(6LR
KI EP
\ZIHIXVLW
I D\[GFGNXIUBUVPDYVPKFVD YB\I 6PUBUVPRQIHQIYUIWUV.GUV.GXGNWR+N\F-K XRQI" DZPLIUVPXGN D]PXIFU*- B
GN I
[GNHQIYUIUVP[-Z*LIRNDZRH\MFLIRZLIU'
'PUVPWR+N\MFLI2\D
BD[PLIKU6FV2IX\IMFLI D XPLIK LJUVPXGN [GFX
I QIW
K D\
\OD\JLIDTPLI *XIRQIKYB\ I P6 UBUVP2\D
D P\S3QI X GPUVPXGN WR+N \MFLI(6LKI LUG I FVUI S*PT(1M\MFLIZG#N DS(NLG R
[NLG I (NGLIL+RPUVPU6
\JLIRQI"7XZ*LI Z NZIXNUC'UVP(6LIKDL*D XD[PXI\+KROUVPU6DTPXIYN\IDHDRPRGN#
D[PXI\+KDHDRPD XPZPUVP(6LIK\ZIRXIRQIKYB\I 6PUBUVPWZ*XIW[OWR+NLIUQIKHQIYUI EHIDXPXI 6GZ NZI
R+ N+D 6#Z*LIR*PD PXI
UVPXGND]PIM\[PRQI"WM\QIM\QITNGLI PMUSIUVPU6FN(6SIZ*LI[NZIDF-KDRPD XPZPUVP
T(1M\F-KRQI"Z NZI(6LIK
MUSIUVP(6LIKWF*LIKWD UVPTGNRQIKSPZUI[-ZL* I D XPZPS'UX
+ HG I D XPLKI [GFX
GN FI S+ PDH RQIK YOUB
WRGLN I WGLN I UVPWZ*XI D XPZPUVP(6LKI LIZG#N WXV.G RXID PXIUUB VP(6LKI LID XPZPUVPXGN [NGLIWSNG ZNG#U6
UIDFJLIMUSIXGN
W+Z(N LNG UI QIK W`X+W2PIUVP(6L\KI ZIRXIRQIK WD[*D[*WFVXIWYXIUVPXGND]PIM\[PRQI"
Z NZI(NGLIL+RNG#
[GNSPZUIXGNEPRP \ID\JLIUVPS*PM]LIKEPRPM\HITGN[P\'LQWHUQDWLRQDOULYHUVRUJZ*LI
YUI\UITXIR*ID
WFU-K O(NGLIRQI"
YUID XPLIWM]SI
YN\I HIXGNDZ*# 6GF-KRQI"
WM\QIM\QITNGLI PMUSIUVP _
\GNUGNWPDXPLIYPDS\'RLITHI#XVLI]XIWN\ISN
UVP]GWPXGNZ*HIY6HI PZ*LIWD[PXIWXOUVP
D\(NGLIRQI"Z NZIXNUC'UVPU6YNGXIHP UQIK
RXITLNG I PWGU I L6 (I LGN LI
+ 2\D
UVPXGN RNDZRH\\J"
YB\I 6PUBZFNUSZLIFLIZ*LID
RZ*LI(6LIK(NGLIL+ZXP
6GREP\ZIHIXVLI(6LIKYO#WF*LIKWD TNGLI PW]*-#
WSQIUVP(6LIKWTXIWR*IYN\I\J"RXITNGLI P
\QP 6LIUVPRZLIU'
'PUVP(6LIK(NGLIL+D RUPUVP
XGN UGUZ
G #NG WD XGS(3 L6 \KI ZIRXIRQIK WFVXW
I YXI
UVPXGNRGDWPLIYN\I\J"D XPZP(6LIK\ZIRXIRQIK
M\?HPUVPM\QIZL* I Z*LDI PM\QI\Z*L\I JXVX
I VI
M\HI#M\HI#WRGWU6ZI\U6RPZ NZIXNUC'UVP(6LIK
Z NZIWSGN ZGN#ZNHI#M\HIWD ODTPLI *XID\UB
UVPXNG 6G(NGLIUQIM]SIRQI"WM\QIM\QITGNLI PMUSIUVP
YQIRLIRZLIWFVXW
I YXIUVPXGN Z NZ(I LGN LI +
WZ*LI 6GRZLIU'
'PUVP(6LIKREP\ZIHIXVLI
TNGLI PW]*-#WSQIUVPRGN#D\\GN#D\(GNLI\JRQI"
Z NZIYN\ID]PIXGNLI]XIUVP(6LIKTXIT+D UVPSZLI
\YN\IMFLIZ NZIWSGN (NGLIL+MFPS'U+XGHIUVP(6LIK
\ZIRXI,Z NZW
I ]*#- WSQIUVPU6UQIXR
K- #NG XLNG Z
I
* I
RGN#DRPIWMFPHQIYUIZFNU6PZ NZI(NGLIL+RQI
6LIYLIDHXGNDYKYP\J"M]SI(NGLI\JXZ NZIM\QIZ*LI
WMFPWY6/ 6LI(NGLIL+UVP(6LIKX*-M\PMFPHPMFLIU 6G\J" 6GLIZGN# +NUVPRGN#R*PD PXIDYKYP\J"RLI
Z NZI LI(6'U\I(6+ROUVPRQI(NGLIL+MFPZNGLIM\QIUVP YB\ I P6 UBTLGN I PWFVXW
I YXIUVPSP *XSI PZUIUVP
(6LIK(6SI 6QIDXPLIU*HIRQIKTXIT+D UVP 6GDHDS HI XGNZ NZIEPRPRGN#EPRPM\HITGNMFLIUVP\YN\I\'
YNGYPRQI"LIZNG#RQILGUIFVUID (6LIKREP WYPWYP 6GRQIKZ NZIW]*-#WSQIUVP[+D\\GN#
\ZIHIXVLW
I ZQIZF+ LNG I UD- ZG#N XR
K- #NG DRP QI Q
6 I M]HI#D\J"WM\QIM\QITNGLI PMUSIUVPU6EPRPM\HITGN
ZQIZ+KFNGLIU-D XGNYGNYPRQI"Z NZIWSGN RQI PZ*LIYGNW\IUQIKW LIWMUSIUVPXGNXOQ' 6PD]*D\
Z NZI(NGLIL+U6XNUC'UVPbLIZGN#(NGLIL+WUQIDXPLI (NGLIRQI"
XGN[GFNGXIUBU 6GDS HIY*HIS*PU6\LIWDY[PRQI"
Z NZI(NGLIL+WPDFPZIU6'DRPZPHIOUBZPHIF+UB RNDZRH\MFLI(6LW
KI FVXW
I YXIUVP 6PD]*MFLI
6GDRPDXPLIU*HIRQIKYN\ILHIYN\IDTPLIUB 6GDRP RLIXNGIZNGLIRNDZRH\\J"S'U+XGHIXGNUQIROX
UGZIDT*(GNLIL+WM]SIZ NZIWSGN XMULIDSFVLIRQI" ZQIDTPXIUQIUQIRUO VPXDL*D XD[PXI\R
+K QI
YO[W
N DMF\YO#W]*#- WSQIUVPRQIK Z NZDI FJLI DTPLI UQIRODZ*WZ*XIWXV.G\UQIZGN#XGN 6PD](NGLIMFLI
UVPSGN GU\I \O HIDHDRP(NLG LI M+ FPZNLG I M\QIUVPZ NZI RQIYB\I 6PUBWZ*XI2'ZQIFVXIRZIU6ZI(GNLI HI
(NGLIL+WD\ MULIRQIKWMULIUVP\GNDXPLIYPDS HI
WD[PXIWXO\(NLG R
I QI"Z NZW
I SGN UOJ
UVP(6LKI
WFVXIXGNWXV.G 6G 6GWR+NFV(NGLIUQIM]SIRQI"
YUIHIFVXIUVPXGNDYKYP\'LIZNG#XGNYGNXIHPUB
6G U 6G XGR
N N+ R\I\J"\QP \I\LNG I TGLN I PW]*#- WSQIUVP
M\QIZL* I (6LKI M\QI\YN\DI ]PIXLNG ]I XIUVPXGN
(6LIKWM\QIM\QITNGLI PMUSIUVPX-KRGN#DRP(NGLIL+ZXP
\GUN FNG LGN UI PYPDS HIDTPLI *XIMFLI
YO[NWDMF\YO#W]*-#WSQIUVPYQID XPZP
WPDXPLIRQIK \OD\JLI DTPLI X
* UI B MG6 FLIRQIRLI S'U+XGHIWZ*XIY*ZIY\IRQIKRNDZRH\MFLIUVP
WMULIRDEP[PUVPXGN[NZID]PIDM\PTGN PZ*LI
\YN\ID\(NGLIDFV 6GRQI"
_ WM\QIM\QITNGLI PMUSIUVP
Z NZX
I UN
C U' VPU6ZQIDTPXIDRPD XPZPUVP
RQID XPZPUDTPXIYN\IFLIDYKYPUBUVP(6LIK
DYVPDI XUVPD\T\IUQIK WS'WS2IUVPY+DN YPXISP*
\YN\I[PMFLIU 6G(NGLI\J"RGN#U>NZID
RF+YOUBWRGNLI
WGLN I SGZ\I \O HIUUB VPXGN WDY[PS2ISP[PMFLI
UVPU 6GMFLIYQIM]SI(NGLIRQI"D XPZPUDTPXI
YN\IFLIWDMFWDHUVPDYKYPMFLIXGNRLIXGNIZNGLI
YN\\I J"D XPZPDTPXIY\N \I JXUQIRQIK W PUVP
T+N +B R*P(NLG UI QIXNG D]PI[Z
N (I LGN MI FLIRQID XPZP
DTPXIY\N MI FLIXGN \IZHI#MFLIRG#N M\?HPM]SI(LGN R
I QIK
D XPZP\+NS+XGNM\LITLID T*-MFLIUVP\YN\I HI
WZ*XIWPDXPLIS*PWD[PXIWXO\(NGLIUQIK
WFVXIUVPM]SIRQI"D XPZPUDTPXIYN\IFLI
WDMFWDHUVPXGN RNDZRH\[PMFLIRQIDYVPDI X
UVPRZIUZ
6 I PZ*LI WDMFF+S+ RZIUZ
6 FI VXUI VPWM]SI
WR+N\ PZ*LIWD[PXIWXO\(NGLIUQIM]SIRQI"
D XPZPDTPXIY\N MI FLID XPLIK D\VPXITN+ \VXX
I
* I
R*PUQIKYO#WRGNLIWGNLIZNG#W LIWMUSIUVPXGN
M\[PRQIK GN 6LI RQIK DMU\+R
N QIYQIWY*HW
I R+N
LIYP(NGLI]*I 6GRQI"
DMU\+NUVP\YN\IMFLI(6LIKWR+N\MFLITNGLI PYUIHI
FVXUI VPXGN LQWHUQDWLRQDOULYHUVRUJoYB\ I P6 ROUVP
WZ*XI YXISU-* VP7RROVIRU$FWLYLVWVpZ*LI O(LGN I
RQI"='RZ:JXM-* \PUBUVP(6LKI 2IDXVUBWDU*W(6SI
UVP(6LIK\ZIRXIRQIKWDRSGZIDYKYPUBUVPXGN
\QP \I\GNLITNGLI PW]*-#WSQIUVP(6LIK\OZ*-,S'S2I
DTPLI *XIUBUVP\YN\IR*P(NGLI]*I 6GRQI"
WM\QIM\QITNGLI PMUSIUVP _
XNUC'UVP(6LIKDL*D XD[PXI\+KROUVPXGN
TXIR*IMFLI
Z NZIXNUC'UVPRQILIZNG#S'\*PD YN\ILHIUVP
YN\IDHDRPZNGLIM\QIUVP[-Z*LIZPHIOUB 6GDRP
YN\DI ]PIXLNG ]I XIUVPWM]SIHPUQI FVLR
I UO VPM]SIRQI"
XNU
C
' XG
N SI PY6UI VPXGN ZNX
G I X
NG T
I XIR
* MI FLI
D\SPUVP]NHI DF MFLIUVPRG#N DZ*#TN+ MFLIUVPRQI
YXIUZ
6 UI VPSNDTPLIMFLI(6LKI D\SPUVPD\\G#N MFLIRQI
RLID\\G#N FVLDI RPWFVXW
I YXIUVPXGN D PXI DG6 S HI
D XPZPS'U+XGHI(6LIK\ZIRXI,WUVPM\QIROZGN#
WD \JRQIKHQIYUIUVPM]SIRQI"S'U+XGHIHIDMU
SGZI\O\HIDHRQIXGN\GNUGNRGRPYPDS HIWD[PXI
[-Z*LI 6GDHRQIKWLI
VLIH'PUVPRQID XPZP
WXO\(NGLI]*I 6GRQI"(NGLIL+ZXPW]*-#WSQIUVP
S'U+XGHI(6LIK\ZIRXI,YN\I\GNLIF*LIKWY*HIHQIRQIXGN
RDEPZOYXIU6ZI O(NGLIMFLIRQIRLIWD
W[ORZG\[P HIYGNW\IRQI"[GN#D XPLKIXNUC'
XGSU3 VPRQI(NLIG LI Z
+ XPWRGLN I WGLN I XWDY[P
UVPD
RTNGLI P +NFV.\IRGN#Z NZIM\QIZ*LI 6G
DRPXGS3 \IZFNM]SIRQI>NM\YGNXIMFLIM]SIRQI"
XNU
C
' +N FV.\IXNG TXIR
* MI FLIRQIW[GD PXITN+
D\SPUVPUGZ:/UVPXGNRXITGNLI PWGUI 6LI(NGLIL+
HQIYUIM]SID\RQI"Z NZIXNUC'UVP(6LIKDL*D X
WSGN UVPD XPZPDTPXIYN\ID XNUC'UVPDL*
D[PXI\R
K+ UO VPRQID\SPUVPYXIF + 6DG YKU 6G X\J"
D XD[PXI\+KROUVP(6LIKXU%PKXNYRU
aRGN#D\\GN#
[GN#D XPLIKRZG\ UQIKDHPXIWFVXIZFVXIU6P
(NGLIRQI"
_ WM\QIM\QITNGLI PMUSIUVP
D\\G#N YX
NG DI RPD\SPUVP(6LKI TXIR
* UI UB VPWZ*XI
ZNHI#M\HIUBUVP 6GUQIU>NZIDRPIYQI[GNSP\J
WD XPLIW PUVPXGN Z NZX
I UN
C U' VPXDYDY
HXIHXI[QIR
K L* I S2ISPUQIK WYPWYPWUVP`X'
6GMFLI\LIM]SIRQI"Z NZIXNUC'UVPRGN#D\\GN#DRP
D\SPUVP\GNUGN[GD PXIDSYGN\JXWSGN ;PHUVP
WGU I L6 (I LGN LI
+ WSGN Z NZW
I SGN R+ N+ XNHR
I
* I
D HI`X';PH(6LIK(NGLIL+MFPD HI`X';PHZGN#XGN\J
UGZ:/D\\GN#MFLIUVP\YN\I(NGLIRQI"
XNU
C X
' NG UTXIR
* FI LIZL* I RXITLNG I PXNU
C R
' QI
LIS'UX
+ HG I UVPWZ*XI YOUDB (6LKI REP\ZIHI
XVLITNGLI PS+FVGHIS+(BHIUVPXGNFVU6ZI[PMFLI 6GU 6GRG
[P HIWZ*XI 7YUI*HFI VXZ
I L* I D]PIM\[PDRP
oEIRODZ*XEIRODZ*Y-p(6LIKoUOJ
UVPp
W\GNLIXGNM\HIYQIDYKYPR+NR\I HIYGNW\IRQI"
D
RF+WSGN (6LIKZ NZIWSGNZGN#RXITGNLI P
YUIHIFVXIUVPXGNM\HIYQIDYKYP\J"XNUC'UVP
RQIYOUBD (6LIKREP\ZIHIXVLITNGLI P[GFGNXIUB
UVPFHI#UH6 I MFLI(6L\KI ZIRXI,UQIXR
K- #NG DRPYN\DI TPLI
FVXIUVPDTPLI *XIF-KRQIXGN 6PD]*D]PI[NZI\J"
RLITXIR*ID W\GNLIZ*LIRLIZNG#SGZI\O\HIUB
UVPXGN[NGXNUC'UVPDXPLIDXPLIHPYQIDWPLI
YN\\I J"[G#N WM\LIRXITLGN I P(NLG LI Z
+ XPWTLIW
K ZHI
UVPZ NZIWSGN WTLIKWZHIUVP(6LIKXNUC'
WTLIKWZHIUVPWD XPLIDXPLIDXPLIHPYQI
D XPLIXGN[NZID]PIM\\J"Z NZIXNUC'UVPXGND\\GN#
(NGLIRQIKD\SPHUOHPXGNDHPXITXIZ*-Z*LI
D]PIM\[PRQI"
Z NZIEIUVPRQILIZGN#XGNI\GNLIYOUBD (6LIK
REP\ZIHIFVLITGNLI PS+RZIU6ZIFVXIUVP 6GDH(NGLI
RQIW
K Z*XI LIZG#N XNG S+RZIUZ
6 FI VXUI VPXGN YXIDZ*#
YGX
N HI PXVLR
KI N+ HIRZGD\MFLIUVP\YN\R
I LIR
K QI"
2\UP(NGLIL+MFPD XPZPS'U+XGHIWUVPSNXGN
DL*D XD[PXI\+KD\DHDRP&KLQD([LP%DQN
RQILIS'UX
+ HG I UVPWZ*XI REP\ZIHIXVLI
(6LKI YOUDB TNLG I PS+RZIUZ
6 FI VXUI VPFVUZ
6 [
I PRQI
DHPXITXIZ-* XGN XQI\K J""[GN S+RZIUZ
6 FI VXUI VP
(6LIK LI(6'X_UILIUB 6GDWPLI\YN\I[P\'D\SPUVP
(6LIK[NZIM\HID XQPFVXIUVPZ*LILIZGN#XGNXGNXP
DM\PTGN(GNLIRQI"Z NZI\N
aYGXEIDZPIDZPIUVP
UVPZ*LIYQIWDU GXHI(NGLIL+(6LIK2D P\(NGLIL+UVPU6
LI(6'U\I(6+ROUVP\JLIDYK 6GRQI" LI(6'U\I(6+ROUVP
Z NZIEIUVPWSN 6I PUVPXGNIOMFLIRQI
LIZNG#(NGLIL+YOUBD (6LIKREP\ZIHIXVLITNGLI P
S+RZIUZ
6 FI VXUI VPXGN FV.G D]PXIMFLIUVPM]SIYP(NLG R
I QI
>N[GNROUVPWPRZGD\MFLIUVP\YN\IRLIKRQI"
RZLIU'
'PUVP
WM\QIM\QITNGLI PMUSIUVP _
ZLI[PMFLIZGN#\YN\I(NGLIRQI"RZLIU'
'PUVP(6LIK
TXIR*I PZ*LIYNGXIHP HIYGNW\IRQIKUOJ
UVP
YUIHIFVXIUVPXGNWU-ZUIXGNXPDM\PTGN\J"
RLIZNG#SGN GUI\O\HIUBUVPYORGUVPYPDS HIWM\QI
M\QITLGN I PMUSIUVPX-R
K #NGDRP(NLG LI Z
+ XPW]*#- WSQIUVP
(6LIKTXIS\IYN\IXGNLI\J"
XU%PX
K Y
N RU
aYO#WF*LW
KI D ;PHUVPXGN TXIR
* I
MFLI" "WXI,D XPZPS'U+XGHIHIDMU[-Z*LI
YO#WF*LIKWD FV.GD]PXIUBUVPM]SI\*P\JXXU%PK
XNYRU
aYO#WF*LIKWD DXPLIS'RGN#U>NZIXU%PK
XNYRU
aWMFPYO#WF*LW
KI D ;PHUVPXGN TXIR
* I
(NGLIRQI"2\UPXU%PKXNYRU
aYO#WF*LIKWD
TNGLI PDXPIUZ'RQID XPZPS'U+XGHIHIDMURGN#
WMFPHQIYUIUVP
W[OW P 6GZ2'XGNZPHID\,WDMFWDHUVPXGN
\OD\JLIDTPLI *XIRQIKYB\I 6PUB" "Z NZID XP
S+NSUISSIDTFNGLIMFLIUVP\YN\IYP(GNLIRQI"XU%PK
ZPDTPLIYN\ID XNUC'WUVPSNRQIZ NZIWSGN XNYRU
a;PHUVPU6ZLIM\YPDRPSGZ\I \O HIUUB VPXGN
\GNLIXNUC'UVPM]SIRQI"RGN#DRPI7(6SI\NGLIUVPZ*LI WRGWU6ZI\DM] 6LI HIZ NZIWPP\GNLIUVP(6LIK
Z NZIWSGN U6WSGN \NGLIXNUC'UVPWPSDZPKDSV Z NZIXNUC'UVPWZ*XI]GWPUVP\GNUGNWPDXPLI
X*XUI VPZ*LI WSN
6
I PUVPD PLIFVMFLIM]LIK M\QIRO YP(GNGLIRQI"XU%PKXNYRU
aYO#WF*LIKWD ;PH
UVP\J\GNLITNGLIYPDS HI\GNUGNYN\IDTPLIYPRQI"
UVPWPYO#WF*LIKWD FV.GD]PXIUBUVP(6LIK\ZIRXI,
6IPUVPD PLIFVMFLIRGN#M\QIROUVPXGN\JLI
ZGLN Z
I HISPD\\G#N MFLIWS 6R
G QIK TXIR
* I HIHQIYUI
\ZIRXI\GNLIF*LIKWS\YPMFLIRQI1*2UVP(6LIK
UVPWZ*XIZZZRKFKURUJHQJOLVKERGLHV
RXITNGLI PSGZI\O\HIDHDRPYOUBWRGNLIWNGLIUVP SHWLWLRQVZ*LI XQIK\J"
WZ*XIWF*LIKWYUIDXPLIUVP]*LIKD\MFLI\LIM]SI
RQI"\N
Y
a X
G \GLN MI ]SI(LGN I HIWZ*XI SSIDTMFLIWTLIK WS'WS2IZXVT(1M\MFLIUVP" "T(1M\ HI
WDXPLIT+NDH PU6PRXITNGLI PWGUI 6LI(NGLIL+ 6G
TLIKXGNWM\HIWY6HIYN\IDTPLI HIYNGW\IRQI"
[NGM]SIS2IZFNY+NWDZPWZ*LIREP\ZIHIXVLI Z NZIR+ +ND 6#Z*LIM]SIRQI"Z NZIWSGN RQI
(6LIKYOUBD TNGLI PW( : PIUVPW\JWLIXNUC' D]HIDM\PTGNUBUVPXGNWY*HI
NSGNXIWDY[PRQI"
W( : PIM]SI(NGLIDFV 6GDRPYB\I 6PUBUVPWPY+N [GN#WM\LIZ NZIWSGN oM\QIZ*LID XPLIS*XI
]XIMFLIU 6pG TGR
N QIUK O J
RQIT(1M\ROUVPXGN ZGX
N I X
NG I
XGNR+NR\ISSIDTRQI"7WFVGHIRQIXNUC'U6
\JLI\ZIRXIDHDRPS'U+XGHIUVP(6LIK\ZIRXIRQIK TXIT+UQIU>NZI>NWG\CJI RQI"R+ +NHI[UI
SGZI\O\HIUBUVPXNUC'U6YGNXIHP HIYGNW\IRQIKUOJ
UVPRQIYO[NWDMF\W]*-#WSQIUVP(6LIKDZ*#T+N HI
HIDYZZI XRQI"LIZN#G RQIRXITLGN I PWGU I L6 I
UVPXGND]PI[NZI HIWDXPLIT+NWFVGHIM]SIRQI"
7SGZ\I \O HIUUB VPXGN XNU
C U' VPRG#N ZNX
G I X
GN [
I Z
N DI ]PI WSGN XGNZGNXI GNXITXIT+ HI\GN,YGNYP XRQI"
I SGN S'UX
+ HG I UVP(6L\KI ZIRXIRQIK
M\(NGLIRQI"LIZNG#XGNZ NZI(NGLIL+Y+NF+D SQIUV2I RG#N PZ*LI Z NZW
SG
N
G
U
\
I
\
O
HI
U
U
B
V
P
XG
N
L
U
G
I
FV
U
I
S*
P
T(1M\,[NZDI ]PIDM\PTGN
SQIXUIUVPTNGLI PDXPIU 6LIRGN#RXITNGLI P
MFLIRQIZ NZW
I SGN (6LKI RZLIU'
' PUVPWP +N \MFLI
SDZPKDSVX*XIRGN#ZLIM\D]PI[NZI(NGLIRQI"
WD SGX
N MI FLIUVP 6Y
G P(GLN R
I QI"
SDZPKDSVX*X[
I Z
- L* I XNU
C
' WUQI[QIR
K L* I MFLI
F+ \'T\NG JXW]*#- WSQIUVP(6LKI \N
Y
a X
G UVPXNU
C
' D XPZPS'U+XGHIWTLIKTLIKU6PEPDZ*
6IPUVPXGNIO\'LIZNG#SGZI\O\HIUBUVPXGN YNN\I UY-"
6IP\GNLITNGLIROUVPWM]SISZLIDM\PTGNDT*D(*(NGLI W[XIZ*LID]PIM\[PDRPHQIYUIUVPRQIUQI
RQI"RGN#U>NZI\LISLISPUVP +\+NDL*ZGN#X-KRGN#DRP RQIKWTLIKZ*LIUTGNWR+NLIRQIKHQIYUIUVP
WMFP 6IP\GNLITNGLIROUVPXGNLIZNG#SGZI\O\HIUB M]SIRQI"RG#N DRPIWFV.#G HQIYUIUVPRQIS'UX
+ HG I
UVP(6LIK\ZIRXI,DT*D(*YP HIZ*HIWPD\MFLI RXITLGN I PWTLIZ
K L* R
I PWR+N LITN+ HQIYUIUVP
UVP\YN\I(NGLIRQI"\OD\JLIDTPLI *XID YB\I 6PUB
M]SIRQI"
WZ*XI WM\QIM\QITLGN I PMUSIUVPXGY
N QITXIR
* I
(NGLIRQI"
_ WM\QIM\QITNGLI PMUSIUVP
WM\QIM\QITNGLI PMUSIUVPU6UQIX-KRGN#
XOQ'(NGLIUQIHQI"
RNDZRHYN\ILHIWZ*XIWD[PXIWXO\
\S3QIXG GPUVP(6LIKTXIR*I HIYG\ISPUVP
\QP \I\GNLITNGLI PWDTPXIWWN+UVP
2QOLQHD\ 6G7YUIHISPWN\IXGN
LQWHUQDWLRQDOULYHUVRUJZ*LI WFU-X
K O O(LGN R
I QI"
:HEVLWHZ NZIXU%PKWD XZ*LIZ NZI
WM\QIM\QITNGLI PMUSIUVP _
DH XDRPYOUBWRGNLIWGNLIUVPXGNXPX*ID\
MFLIUVPZ*LI\JLIYB\I 6PDHRQIKW]*-#WSQI
DMUPXIUVPS*P 6GRQI"
(&$:DWFKRQI&KLQD([LP%DQNX-R
K #NG DRP
([SRUW&UHGLW$JHQFLHV(&$VUVPXGNDSPLIK
XQIKSSIDTRQI"ZZZHFDZDWFKRUJ
%DQN7UDFNRQI\N
aYGX\NGLIEPD W\GNLI
UVP\N
Y
a X
G EIUVP LI(6' U\I(R
+6 UO VPWPUF+
XNUC'UVP\LISLISPUVPWZ*XI +\+NDL*UVP
YN\ILHIDTPLI *XIUBUVP(6LIKLIZGN#YB\I 6P
DTPLI *XIUBUVPD XPLIKM\QIROYO[N(6LIKREP
\ZIHIXVLW
I D\RXID PXIUUB VPXGN DYKYPDH
DRPYO[NWDMF\W]*-#WSQID\JLI]*-#(6LIK
\N
aYGXUVPX*HIXIW]*-#WSQIM]SIRQI"
ZZZEDQNWUDFNRUJ
)ULHQGVRIWKH(DUWKZ*LIZ NZIM\QIZ*LI 6G
\N
aYGX\NGLIEIUVPXGNDSPLIK XQIKDYKYP HI
QI *IRQIKYN\ILHIS2IZFN 6GRQI"
ZZZIRHRUJ
&KLQHVH1*2VWM\QIM\QITNGLI PMUSIUVPXGN
TXIR*I,RLI#XGNXOQ'(GNLIUQIKZ NZIM\QI
Z*LI 6GW]*-#WSQIUVPWFVXIWYXIUVPXGN
O(NGLIRQI"
_ WM\QIM\QITNGLI PMUSIUVP
EDYPKUVP(6LIKRZLI;PHUVP
Z NZW
I SGN (NLG LI M+ FPS'UX
+ HG I UVP(6L\KI ZIRXIRQIK
RZLIUVPXGN 6G(NGLI HIWR+NLIRQIKW
)YG\I
EPRP(6LIKWMFPEPRPM]LIKZLIM\[PDRP
EDYPKUVP(6LIKRZLI;PHUVPS*P 6GRQI"
&RUSRUDWH6RFLDO5HVSRQVLELOLW\&KLQD
ZZZFVUFKLQDQHWRQIZ NZS
I ' \*PD YN\LI HI
UVPYOUDB W ZPHIUO B R
G6 QIK WDYKWXVLKI
UVP G6YPD WZ*XIWXOWQ'D\ HI
QI *IRQI"
&KLQD'LDORJXHZZZFKLQDGLDORJXHQHW
RQIEPRP \I(6SIFNXGNWR+N\[PDRP
ZHEVLWHM]SI\' X_(\
IN Z
I #NG E+W
N FXIWF-M]SIDRP
REP\ZIHIXVLIM\?HPUVPXGNDM] 6LI(NGLI
RQIKHQIYUIUVPXGNWDM] 6P(NGLI HIDT*D(*\*-
UVPXGNMULIKZLID WZ*XI QI *IRQI"
6\QWDRZZZV\QWDRFRPRQIEPRP \I
(6SFI X
N NG WR+N \[PDRPZHEVLWHM]SI\' Z NZI
M\QIZ*LI(6LIKWMFPDH PUVP 6GXVLIKZIUVP(6LIK
XGNXIQ'RQIK LI(6'U\I(6+UBUVP(6LIK\ZIRXIRQIK
RZLIUVPXGNSNDTPLI[PRQI"
5HVSRQVLEOH&KLQDZZZUHVSRQVLEOHFKLQDFRP
RQI QI Q
6 I ZQIZFK+ LNG I UD- (6LKI Z NZMI \QIZL* I
6GXNUC'UVPYOUBD W ZPHIOUBUVP(6LIK
\ZIRXIRQIKWD XPLIW PUVPXGNZLIM\[P
RQIKEDYPKFIM]SIRQI"
DHPXITXIZ*-
TXIR*I HIYG\ISP
WSGN +NUVP
State Council ():
9 Xihuangchenggen Beijie, Xicheng District,
Beijing (9)
+86 10 63070913
+86 10 66180114
http://english.gov.cn/links/statecouncil.htm
Ministry of Water Resources ():
Baiguang Road 2 Tiao, #2, Beijing
(22)
+86 10 63202114
http://www.mwr.gov.cn/english
zwgk@mwr.gov.cn
National Development and Reform Commission
():
38 S.Yuetan Street, Beijing 100824
(38100824)
http://en.ndrc.gov.cn
wss@ndrc.gov.cn
Ministry of Environmental Protection
():
No.115 Xizhimennei Nanxiaojie, Beijing 100035
(115100035)
+86 10 66556497/66556499
http://english.mep.gov.cn/
WM\QIM\QITNGLI PMUSIUVP _
EIUVP
Export-Import Bank of China
():
No.77, Bei He Yan Street, Dongcheng District,
Beijing 100090
( 77100090)
+86 10 64090988
http://english.eximbank.gov.cn
Bank of China ():
1 Fuxingmennei Avenue, Beijing 100818
(1100818)
+86 01066596688
Fax: +86 10 66016871
http://www.boc.cn
Sinosure/China Export & Credit Insurance
Corporation
():
Fortune Times Building, No.11 Fenghuiyuan, Xi
Cheng District, Beijing 100032
(11
100032)
+86 10 66582288
http://www.sinosure.com.cn/English
China Development Bank ():
29 Fuchengmenwai Street, Xicheng District,
Beijing 100037
(29100037)
+86 10 68306688
http://www.cdb.com.cn/english
Industrial and Commercial Bank of China
():
No.55 Fuxingmen Nei Street, Xicheng District,
Beijing 100032
_ WM\QIM\QITNGLI PMUSIUVP
(55100032)
http://www.icbc-ltd.com/indexen.jsp
XNUC'UVP
China Electric Power Technology Imp. & Exp.
Corp. ():
No.5, Liupukang St., Xicheng District, Beijing
100011
(5100011)
+86 10 64015511
http://www.cetic.com.cn/English
China Geo-Engineering Corporation
():
Bldg A. No 92 Xiangshan South Road Haidian
District,Beijing 100093
(921100093)
+86 1082408454
http://www.chinageo.com.cn/en
cgcint@cgcint.com
China Gezhouba (Group) Corporation
():
12th F, Building B, Wantong New World Plaza,
No 2 Fucheng Menwai Dajie, Xicheng District,
Beijing 100037
(2
B12 100037)
+86 10 68066660
http://www.gzbgj.com/english/ gcieda@cggc.cn
China National Electric Equipment Corporation
():
1 Lianhuahe Hutong, Beijing 100055
(1100055)
+86 10 63264477 /63269302
http://www.cneec.com.cn/English
cneec@cneec.com.cn
WM\QIM\QITNGLI PMUSIUVP _
DHPXITXIZ*-
RXITNGLI P2\D
UVP[NZIM\HIDXQPFVXIUVP(6LIK
YUIHIFVXIUVP
D XPZPUVPTGNLI PXU%PKDXPIU 6LI\LIUW`X+
\ZLIM\FVXIUVPWM\QIM\QITNGLI PMUSIUVPU6
W(6SIFV.\I[PRQI"
"S'U+XGHIZ*LIWR+NFVUQIKHQIYUIWUV.GUV.GXGNRZI
U6ZIMFLIU\YN\IU6'YGNW\IDHRQIK]*+]GZGNZXID
UVP(6LIK QI *IFVXIUVPXGN\*LIKYLIRQIKM\QIRO "S'U+XGHID XPLIKF+SP ROUVPWZ*XI \NGLIF*LIKUVP
(6LIKLIZNG#YODHUBWTLIKWZHIUVPZGNZXI
WUVP\OD\JLI\JLIUB 6GRQIKYN\ILHIWTLIKTLIK
MULIKUPD ZGN#WM\LIS'U+XGHIU6 6GYPDRP
U6ZTLIKD]PI[NZI HIYNGW\IRQI"
WXV.GWMUZIUVPXGN2'SPD\WTLIKZ*LILI
"SXIU\B LNG I TNLG I PS'\*PD TNLG I PUVP(6LKI EPD
ZGN#T+N +BHSIHPF+UBUVPWZ*XIF+SP\GNLIF*LIK
TNGLI PUVPXGNWDY[PRX-KRGN#YOUBD (6LIK
UVPRZIU6ZID\[P HIYGNW\IRQI"HSIHPT+N +B
REP\ZIHIXVLITNGLI PXGS3 \IUVPXGNYQI
ROUVP[-Z*LIMUSIDFVPLIDWPXI\GNLI 6GYOUB
W[OWDY[P\'YN\ILHIWDXPLIW[QI
WRGLN I WNLG I UVP(6LKI Y\SI SIZLI\#NG D YUID XPLI
D]PI PZ*LIWR+N\UBHQIYUIWUV.GUV.GD XPLKI
UVP(6LIKD Y-YGBLIDFJLIUVPX-KRGN#DRPD XPZP
M]SIYP(NGLI]*I 6GRQIKRXID PXIUBUVPFHI#U6HI
(6LIKTXIS\IRQIKWDTPXIWW+NUVPD XPLKI
FVXIXGNDRFVPM\QIKS+NS*P\YN\I HIYNGW\IRQI"
HSIHPT+N B+DRPYOUBWRGNLIWGNLIUVP\JLIRQI"
"D XPZPWRSIZQIDTPXI HIT+NM]ZIFVXI
"\M\LIDM\PLIY-D UVPM\HIYQIDH PFV[PD
FVMFLIU\YN\IU6'ZQI 6GDH\'M]SIDRPD XPZP
UVP(6LIK]*+#]GZNGZXID U6WXV.GWMUZIUVPXGN
UVPYOUBD (6LIKREP\ZIHIXVLITNGLI P`X'
F+SP\GNLIF*LIKWF*LIKWD UVPDXPLIU*HIS*P
UPRQIK M\?HPUVPXGN 2'S*PXGLN Z
I
* DI M] 6LI MFLI
WDXPLIW[QID]PI(GNLID WZ*XIHSIHPT+N +B
(6LIK 6GDH\'RPS'U+XGHIUVPU6WXV.GWMUZIUVP
ROUVPRQI(6SI2'(6SI]XIRDEPZODRP2\D
XGN WZZI(LGN T
I N+ WUVPT+N [NZ
I O HIYW
NG \IRQI"
W WD ODTPLI *XIMFLIUVP\YN\I(NGLIDRP
RDEPZOQ'FVXI 6G HIDT*D(*QGg(BGLI\GNLIF*LIK
"\JLI\ZIRXIROUVPSND\*-UVPU6ZTLIKW`X'
6G HIYGNW\IRQI"
SPD XPZPUVPDTPXIYN\I HIT+NM]ZIFVXI
FVU6ZIRQIKWTLIKUVP<\JLI PZ*LI\JLI\ZI
"S'U+XGHIHIDMUUVPXGND *FVI PZ*LIRXITNGLI
RXIROUVPWPY+NWFVXIWYXIUVPM\QIKS+NS*P
PMUSI='SHSIUVPXGNXVIM\HI#S*PFHI#U6HI
6G\GNLIF*LIKWF*LIKWYUIUVP 6G HIYGNW\IRQI"
DYKYPMFLIUVP(6LIKZGUIDXPD\VPXIX*IYN 6G
WGXXVDRPT+NM]ZIFVXIUVPXGNWUVPM\QIRO
DHDRPRXI 6GUVPWD\W( : PI 6G(NGLIUQIK
_ WM\QIM\QITNGLI PMUSIUVP
M]HI#DUBUVPSHSIZXVM]SIDS HIWZ*XI\OD\JLI
DTPLI *XIMFLI(6LIKS+FVGHIS+(BHIUVPRZIU6ZIMFLI
UZ PRQIK \LG T
I LNG UI UB VPXGN XZ
G LI>HI#ZPMFLI
ZNGLIM\QIWXV.GS'\*PXGNXPX*IMFLI
"UOJ
UVPFVU6ZIRQIK( : PUVPXGN\M\LIU*HIU+
MFLI(NGLIL+MFP LI(6'U\I(6+UBTNGLI PSQIUV2ISQI
XUIUVPXGN WDXPLIW[QID]PIMFLIRG\H+C QIXV
DYKYPUBUVP(6LIKDRFVPS*PT+NM]ZIFVXIFVU6ZIMFLI
LI(6' U\I(U+6 (B L6 KI YN\LI HIDTPLI X
* MI FLIUVPWZ*XI M]SI
YP(NLG R
I QIK WFXIWF-UVPXGN XZ
G LIXPX*MI FLI
"SQIUV2ISQIXUIUVP(6LIKQGg(GBLI[PDRP
RDEPZOQ'FVXIUVPWZNGLIYGNXIHPDTPLI *XI
MFLI 6GU 6GXGNSSIDT(NGLIRQKIK( : PUVPXGN
]*-#SQI[P\'LI( : PUVPDXPLIU*HIS*P
YQI\ZI(NGLID WZ*XIEPDL*UVPRZIU6ZI
D\MFLI(6LIKY*ZIY\IRQIKR+NR\IDYKYPUBUVP "(NGLIL+MFP 6G(NGLIL+DZPI\GNLI\S3QIUVPS'U+FHI#F*-UBUVPXGN
\GNUGNWPDXPLIYPDS HIYN\IDTPLIMFLI(6LIKS'SSI
\YN\IMFLIZNG# 6G HIYNGW\IRQI"
R+N R\IMFLI(6LKI SSIDTD UVPZ*LI UUZZ 6DG S HI
"RXITLGN I PMUSID XPLIZDYVPXIZL* I 6DG HDRP
`X' X\IMFLIY+NF+D TNGLI PW( : PIUVPXGN
WMFP(NGLIL+XHI#X*XIUBUVP 6GYP\'[GNXHI#X*XI
XGZLIFHI#U6HI(NGLIRQIKSHSI(6LIKS'U+XGHIXNHIXV
UBUVPXGNY*ZIY\IRQIKZ PT+NM]ZIROUVPU6
S GZIUVPXGNZ*XIFVXIRQIKSP LI\SNMFLISHSI
WZQI\D\YNGXI\JX[NGMUSID XPLID\Z*LI
UVPXGNZQIDTPXI[PMFLI(6LIK\GNLITNGLI\S3QIUVP
D XPZPDTPXIYN\IMFLIUVPU\YN\I(NGLI\J"
XGN[GHIRGUIMFLI(6LIKLIZGN#ZHI]GNUVPXGNMULIK
ZLIYPDS HI\YN\IMFLI
(GNLIL+DZPIDXPLIS'o(NGLIL+MFP LI(6'U\I(6+D UVPXGN "D
RF+2\D
UVP(6LIKSQIUV2ISQIXUIUVPXGN
WPD\MFLI(6LIKS+FVGHIS+(BHIRZIU6ZIMFLITNGLI P
YNGXIHPMFLIZ PUZDRP\*LIKYLIDRP
SQIUV2ISQIXUIFVXIpZ PULIEPRPM\HI
SQIUV2IUVP(6LIKWQ'S'U+XGHIWDXPLIW[QI
TGNFVXIFN(6SIDWPXIZGNEPY XI
D]PI\GNLIF*LIKSPFV.\IUVPXGN OMFLID
RF+WYN\I
RUPUVPWF*LIKWD UVP(6LIKWXV.GS'\*PUVP
XU%PKS'\*PD Z*LIDH PO(NGLID (6LIKD
RTGNLI P
XGNXPX*I HIWZ*XIYOUBD TGNLI PZPHIO
\OD\JLIDTPLI *XID WF*LIKWYUIUVPWZ*XIDRPI
UBUVPXGN YN\DI TPLIMFLI(6LKI YN\DI TPLI HIXZG\MFLI
YQIDXPLIWM\QIM\QITNGLI PS'\*PD DSVX*XI
REPW LIWMUSIUVPXGNWXPWX*ID\
UVP(6LIKSXIUB\GNLITNGLI P\OD\JLIDTPLI *XIUBUVPZ*LI
MFLIUVPXGNWDY[PMFLID
RF+YOUBWRGNLI
WTLIKU6'DRPXNUC'UVPZXIX*S*P(6LIKTXIZNGXI
WNGLIUVP(6LIKM\QIROYO[NZGN#YODHUBEUVP
\JLI(NGLID WZ*XIZNGXIZ*HIMFLIDRPIYQIDXPLI
WZ*XI
NSGNXIMFLI(6LIKWD[PXIWXO\MFLI
\*LIKYLIUBUVPS+FVGHIS+(BHIUVPMULIKZLI HIWZ*XI
DRPIYQIDXPLIWSQIWDU6DWPXI\JWFVXI "XUIY*HIS'U+XGHIUVP
UVPXGNDRFVPS*PFVU6ZIF-KRQI"
DTPXIYN\ID SPFV.\IWZ*XI
WTLIKWZHIUVPMULIKZLIMFLI[NZIXNHIUVP
"WM\HIWY6HIDYSPMFLIZHIZOQ'UMFLI(6LIK
W QIWDR*UVP(6LIK[NZIYN\I(NGLIS*UIUVPXGN
Q'URQIKWXV.GF+SP MFLIWM\HIWY6HI
\M\LIU*HIU+MFLI(6LIKS'\*PD W \G.LITNGLIUBUVPXGN
WD[PXIWXO\MFLI(6LIK(6SI2'(6SI]XIY+N
\GNUGNDXPLIU*HIDWPLI\YN\IMFLIUVP
WXV.G 6GRQIK\OD\JLIDTPLI *XIUB(NGLI(NGLI
\OD\JLIDTPLI *XIUBZLQZLQFRRSHUDWLRQ "Y+NF+DEXLID \GNUGNDXPLIU*HIDSRQIKRLIZHI
ZGN#WD\WFNGLIWUP \IZQIR*PUQI"
UVP\YN\IMFLIY+NF+DEXLIRQIKXNHI[NZIYN\I
"YUIHIUOJ
UVPXGN\GNUGNWPDXPLIYPDSMFLI
D SHSIUVPXGN ZQIDTPXIMFLI(NLG LI M+ FPU6DL*D X
WM\QIM\QITNGLI PMUSIUVP _
D[PXI\+KDRPXNUC'UVP(6LIKW]*-#WSQIUVPXGN
\GNUGNWXPWX*ID\MFLI(6LIK\GNLITNGLI\S3QIUVP
WZ*XIY+NF+D
"WYN\IRUPUVPWZ*XIYN\ILHIW 6GHIMULIKZLIMFLI
RLIZHIUVPWM\QIM\QITLGN I PYN\HI QIXGLN HI QI
UVP(6LIKWQ'YN\ILHIDTPLI *XIUBTNGLI P]*+#]G
ZGNZXID UVPWZ*XIWDY[PMFLI(6LIK
YN\ILHIS'U+FHI#F*-D TGNLI PW QIWFVLIUVPXGN
\GNUGNZGNZXIMULIKUPDWPLIYN\IDTPLIMFLIUVP
REP\ZIHIXVLITGNLI P2\D
UVPSQIUV2I
SQIXUIUVP(6LIKWQ'M]SI UQIKWM\LIRXITNGLI P
REP\ZIHIXVL(I L6 \KI ZIRXIRQIK YN\\I LNG FI L* UKI VP
6G[P UQI"RXITNGLI PWGUI 6LI(NGLIL+U6REP
\ZIHIXVLI[GHIRGUID TNGLI P( : PUVPU 6G
MFLIRGN#REP\ZIHIXVLI(6LIKYOUBD UVPXGN
R+NR\IDYKYPRQIKYUIHIFVXIUVPU 6GMFLI
SRQIKWDMFWDHUVPZ*LIZ NZI(NGLIL+(6LIK(NGLIL+
ZXPU6XVLIKR+NDHDRPS+FVGHIS+(BHIUVPXGN
XGNXPWR+N\R*P UQI"
"M\QIROYO[NZGN#WMULIRDEP[PUVPWZ*XI "D
RF+M\QIROYO[NUVPDMUP(6LIKREP
UGZIM]SIRQIKWDHW[PUVPXGN]HIZ'D\MFLI
W LIWMUSIUVPXGN OWR+N \(NLG R
I QIK WF*LW
KI D
]*+#]GZGNZXID UOJ
UVPXGNLGUIFVUID YUIS2I
XGNWDY[PMFLI(6LIKM\HIYQIDH PFV[PD
UVPWZNGLIYGNXIHPMFLI(6LIKUGUGZNG#WUQIDXPLI
ZGN#XGNSHSIZXVYN\IDTPLIR*P UQI"
UVP(6LIKXNUC'UVPRZLIDXPLIUVPXGN
"RXITLGN I PHIDMUD
RREP\ZIHIXVLX
I NG
[GHIRGUIDSPLIKD 6PXIMFLI
TGN *PS*P[GFNGXIUQIKS'U+XGHIUVPXGNRXITNGLI P
WGUI 6LI(NGLIL+RZIU6ZI[PFVXIUVP(6LIKWQ'
DFVDL*S'U+XGHIUVPWZ*XI&KLQD([LP%DQN
YO[N SQIDDT*D(*\*U- VP\YN\X
I VLI \R*P UQI"
REP\ZIHIXVLI(6LIKYOUBD W [GFNGXI(NGLIUB
UVPXGNFHI#U6HIDYKYPFVXIUVP\YN\IMFLITNGLI P
W\GN
I"
"XUIY*HIS'U+XGHIUVPWZ*XI
YUIHIFVXIUVP
&KLQD([LP%DQNU67REP\ZIHIXVLI(6LIK
WSGZIW\GNLIUVPZ PULIEPRPM\HITGN[PMFLI YOUBD TGNLI PFHI#U6HIDYKYPMFLIYN\I[+NYN\IHQI
YUIHFI VX
I WM\QIW
K S+X
N NG LQWHUQDWLRQDOULYHUVRUJ UVPXGNYGNXIHPRQI"
Z*LI XQIK B(NGLIRQI"
"DL*DFVL6PRORGN#U>NZIS'U+XGHI\GNLI 6LIU6S'U+XGHI
YN\I\NGLIF*LIKSP *XISPZUIUVP(6LIKREP\ZIHI
&KLQD([LP%DQNFN(S
6 I R
NZY
I W\G
N I
XVLI(6LIKYOUBD TNGLI PFHI#U6HIDYKYPUBWS' LI
W XUIY*HSI U' X
+ HG I UVPDWPXI\JSQIUV2I SQIXUI
F+SPUVPXGNRXITNGLI P(NGLIL+WPP\NGLIUVP[+
UVPWZNGLIYGNXIHP UQI>ND]PIM\[PRQI"
D\W\I UQI"
"DFVDL*[NZID\MFLIUZNGLIFLI(6LIKDFVDL*UVPXGN
"&KLQD([LP%DQNU6DL*DFVL6PMFLIDYPXIYP
WR+N\DHRQIKXPYUVPWDZPWZ*LI
XGNR+NR\IDYKYP\'YGNW\I\JXY*ZIY\IRQIK
M\HIYQIR+NR\I HIWZ*XIREP\ZIHI
\QP 6LIUVPXGNFHI#W\I,DL*DMFL6PMFLI
XVLITNGLI PRXID PXIUBUVPWZ*XIFHI#U6HIDFV
DYPXIYPUVPXGNR+NR\ISSIDTRQI"
UVPXGNXGZLIYN\IDTPLIMFLIUVP(6LIKREP
\ZIHIXVLITNGLI PRXID PXIUBUVPXGNDFVDL* "&KLQD([LP%DQNU6S'U+XGHI\NGLI 6LIRGN#U>NZI
UVPWR+N\\'RQIKDHPXI\GNLIZ*LIDSPLIK XQIK
DL*DFVL6PROUVPZGN#S'U+XGHIWDXPLIW[QI
DYKYPR*PRLIKRQI"
D]PI HIWS'WS2IUVPXGNREP\ZIHIXVLI(6LIK
YOUBD ZNG#WD\[GFNGXI(NGLIUQKIWDMFWDHUVP
WGUI 6LI(GNLIL+REP\ZIHIXVLITGNLI PUOJ
WD\WDMFF+,M\LITLIUBUVP\YN\IR*P HI
UVP(6LIKS+RZIU6ZIFVXIUVPRQIR+NR\IDYKYPUB
QGg(GBLIDT*D(*RQI"
UVP\YN\ I HIWDMFF+WFVXUI VPM]SIRQI"XUIY*HI
S'U+XGHIUVPRQIRXITNGLI PWGUI 6LI(NGLIL+
_ WM\QIM\QITNGLI PMUSIUVP
W\GN
I"
"&KLQD([LP%DQNU6YGNW\I\JX
DL*DFVL6PROUVPYN\ILHIDTPLI *XIUBUVPXGN
DSPLIK XQIKMFLI(6LIK[GHIFV.\IMFLIUVP\YN\I(NGLID
WZ*XIDL*DFVL6PMFLISPFV.\IZ*LIREP\ZIHI
XVLI(6LIKYOUBD TGNLI PZPHIOUBUVP(6LIK\ZIRXI
RQIKWFVXIUVPXGN[QIKR*LIMFLIUVPXGNRZIU6ZI
[PRQI"
(NGLIL+DZPI\GNLITNGLIUBUVPXGN XQIK BDSPLIKD 6PXID
(6LIKS'U+FHI#F*-D DXPIU 6LI6$6$&" "$>GNWLIZP
\ GNXISIYOUBD TNGLI PZPHIOUBUVPXGNWDXPLI
W[QID]PID YUIHIFVXIUVP"YUIHIFVXI
WSGZIW\GNLIWFV.G#XGNZ PULIEPRPM\HITGN
[PMFLI
(NGLIL+DZPIREPW LIWMUSIUVP]*+#]GZGNZXI
D TNGLI PRNDZRHW]-*#FN(6SI=HIHJ 'Y
XIYOUBD TNGLI PZPHIOUBUVPXGNYXIDZ*#
WDXPLIW[QID]PIMFLIRQI$>NGWLIZP\ GNXISI
RG\C+HQI\QPUVPZGNZXID TNGLI PS2ISP
DZ*DFFVXIXGNDTPLI *XIMFLIM]SIRQI"WLIZP
\ GNXISIYOUBWRGNLIWGNLI(6LIKREP\ZIHIXVLIZGN#
>HIFVXIQ'Q'M]LIK`X'[*PYP(NGLID WZ*XI$>GN
WLIZP\ GNXISIU6YORPZGN#WD\WDY[PMFLI
RG\C+HQISHSIWD\WDMFF+MFLI(6LIK\ZIRXITXI(*I
DHRQIKROUVPWD\ZPHIOUBUVP 6GMFLIZGN#XGN
YN\IDTPLI HIZPHI 6GRQI"
WDMFF+YGNW\IFVXIUVP" "$>GNWLIZP\ GNXISIU6
YOUBD TGNLI PZPHIOUBUVP(6LIK\QPD\D UVPXGN
ZXIX*SP* DTPLI X
* MI FLI(6LKI (NLG LI D+ ZPIS'\*PD (6LKI
2\D
YGNXIHPMFLI GNRPDM]PLIKUZIMFLI(6LIK+N XQI
(NLG ]I
* I MG6 FLIS*UI WLIUVPXGN DF_ZPR+N S*M- FLIREP
\ZIHIXVLIXGNXPX*IMFLI(6LIKYORPW LIWMUSI
UVPXGNZHI]GN[PMFLIWMFPZ NZIWLIZP\ GNXISI
UVP(6LIK>HIFVXIQ'Q'QGg(GBLI\OD\JLIDTPLI *XIMFLI
ZNG#Z*LI\LIUD XP GN`X'WM]SIDTPLI *XI UQI"
YOUDB TNLG I PZPHIUO UB VPXGN YXIDZ*#DTPLI X
* I
PZ*LIYGNXIHP HIYGNW\IRQIKYGNW\IFVXIUVP"
GNRPUB(6LIKFUHGLWWD\WDMFF+RQIK2\D
\GNLITNGLI PS'U+FHI#F*-UBUVP$>GNWLIZP\ GNXISIU6
2\D
UVPSQIUV2I SQIXUIUVPYOUDB TNLG I P
XVLIKZIUVPS'\*PD TNGLI PXVLIKZIUVPSXI +N
WYN\I +NUVPSQIXUIUVPWF*HIUVPXGNWFVGHI
U6H(I L6 KI WM\QIW
K WF*HDI TPLIMFLIUVP LI(6' MU\g (I +6
ROUVP(6LIKDL*DFVD\ROUVPWF*LIKWD UVP(6LIK
\GNLIF*LIKUVPXGNWXPWX*ID\MFLIUVP\QP
\I\GNLITNGLI PUO\NGLIF*LIKUVPXGNXPX*I[GHIRGUI
D\MFLIUVPRDEPZOSPFV.\UI VPWZNLG I WDXPLI
W[QID]DTPLI X
* MI FLIDL*D XTNLG I PXGS 3 \I
UVPZ*LI HPUQIDXPLI 6MG FLI(6LKI S'\*PD YN\LI HI
UVPWZ*LIURUPRQIKWUOWXVLIKUVPZ P
UUZUBUVP(6LIKYPEISPUBUVPXGNZGNXIFNGXI(6GUI
HLIMFLIUVPSRQIZ#NG XNG YNX
G HI PDTPLI X
* I UQI"
XNHI\S3QIUVPW QIWDR*UVP(6LIKHIDTPLI
UBUVPXGNMULIKZLIMFLI$>GNWLIZP\ GNXISIU6LI
ZNG#XNHI\S3QIUVP(6LIKHIDTPLIUBUVPDE
XLID XGNDTPLI *XIMFLIIOR+NS*-ROUVP
WF*LIKWD (6LIK \GNLIF*LIKUVPW`X+\FVXIUVPXGN
DYSPWRGWU6ZIM\.WDY[PMFLIIO
R+NS*-ROUVPXGN\GNUGNWXV.G\(NGLI HIHQIYUIUVP
6PD]*MFLIU6ZTLIKIOR+NS*-ROUVP+N XQI
WP[PWRGWU6ZI\DRPWLIZP\ GNXISIM]SI
YPDS HIXGSPDTPLI *XI UQI"
REPW LIWMUSIUVPXGN[GHIRGUIMFLI(6LIK
REP\ZIHIXVLIXGNXPX*IMFLI$>GN
WLIZP\ NGXISIU6S*UIWLIUVPXGNDF_ZPR+NS*-MFLI
(6LIKDY[ND [NQSIQUIUBUVPXGNDYVPKFVMFLI
REPW LIWMUSIUVPXGN[GD PXIWXV.G 6GS*P
WR+N\(NGLID WZ*XIS*UIWLIUVPXGNDF_ZPR+N
S*-(NGLIRQIKSXI +NUVPXNHI\S3QIUVP(6LIKWR+N\
\'\S3QIUVPXGNM\HIYQIR+NS*-MFLIUVPXGN 6PD]*
D][NZIMFLIREP\ZIHIXVLIXGN[GHIRGUI
XPX*IRQIKWDYKW[UVPXGNZGNMULIKMFLI
DY[ND [NQSIQUIUBUVP]HIZ'DHDRPRO
UVPXGN\GNUGN[GHIFV.\IMFLIUVPRHI# 6LIRQIKXNHI
[NZY
I \N I D UVPXGN MULIZ
K LIMFLIW LIWMUSIUVP
WHQIT+NWR+N\MFLIQSIQUIUBUVPXGNWHQI
T+N M]SID\DSMFLI(6LKI [GW
N LIWMUSIUVPXGN [GD PXI
S*PWR+N\RQIKZGNZXIMULIKUPD PWDYK
W[UVPXGN MULIZ
K LIMFLIZG#N XNG DTPLI X
* I UQI"
WM\QIM\QITNGLI PMUSIUVP _
Z'[*LI]HIZ'UBUVP(6LIKSXIUB\NGLITNGLI P]*+#]GZNG
ZXIUBUVPXGNMULIKZLIMFLI"
Y+NF+DEXLIRQIKXNHI\S3QI[NZIYN\ID UVP
XGNDTPLI *XIMFLI"
WYN\IRUPUVP2\D
\GNLITNGLI PWF*LIKWD
UVPXGNWXPWX*ID\MFLI"
_ WM\QIM\QITNGLI PMUSIUVP
WLIZP\ GNXISIUVP(6LIK(NGLIL+ZXP\OD\JLIDTPLI
*XIUBZNG#TXIR*ID UVP\GNUGNDXPLIU*HIYP
DS HIDTPLI *XIMFLI$>GNWLIZP\ GNXISIU6
(NGLIL+MFPXNUC'UVPDXPLIU*HIDRPWDYK
W[UVP(6LIKLIZNG#YOUBD TNGLI PZPHIO
UBUVP(6LIK\ZIRXIRQIKWDZ*#WX+UVPXGN
DYKYPMFLIYOUBD TNGLI PZPHIOUBUVP(6LIK
\ZIRXI,WUQIDXPLI 6GRQIKXNUC'UVP(6LIK
TXIR*IMFLILIZNG#YSI>PUBUVP(6LIK
M\?HPUVPXGNXGNLIZ*IDM] 6LIUBUVPXGN
D]PI[NZIMFLIZGN#XGNDTPLI *XI UQI"[GN#WM\LI
(NGLIL+ZXPW]*-#WSQIUVP(6LIKTXIR*IMFLIUVP
YOUDB TNLG I PZPHIUO UB VP(6LKI \ZIRXIRQIK
(NLG LI Z
+ XPS+RZIUZ
6 FI VXUI VPFVUZ
6 MI \;PHID
YN\ILHIS2IUVPZ*LIYQI\OD\JLI\JLIMFLIUVP
\YN\IDTPLI *XI UQI"
DHPXITXIZ*-
Z NZIWSGN U6YXIU6ZID [GN[PDRP(NGLIL+ZXP
SPFV.\ISPZUIUVPYXID *S2I
DWPXID]PIM\\JRDEPZOSPFV.\IUVPD XQPSPZUIUVP(6LIKS+RZIU6ZIFVXIUVPW Z NZI(NGLIL+[-Z*LIS+FVGHI
S+(BHIRZIU6ZIFVXIUVP(6LIK\ZIRXI,MULIKZLIMFLIUVP\YN\IR*P HIZ NZIWSGN U6ZPHI 6GRQI"RGN# PZ*LI
(GNLIL+MFPS'U+XGHIUVPWZ*XIYNGXIHP(NGLIRQIKYNGXIHPRLIKRQIKWDMFF+SQIUV2ISQIXUIUVPWM]SIYQI
XGNXPWR+N\(NGLIRQI"
(NGLIL+ZXPSPFV.\ISPZUI
,QWHUQDWLRQDO$JUHHPHQW
I \N X
I LNG I
WM\QIM\QITLGN I PYO#WF*LW
KI D 7D XQPSPZUIZ*LI WYN\Y
\GLN FI L* KI \S3QI 2S3P\GLN T
I LGN FI L* KI 2\D
D XQPSPZUI
WXPWX*IXGNZHIZOQ'US*P
8QLYHUVDO'HFODUDWLRQRI
6GF+SP\GNLIF*LIKSRQIKWDMFF+WF*LIK
+XPDQ5LJKWV
WD UVPXGND]PIM\[PRQI"W\GN
I
Z*LIoYOZNGLIUGUGXGNIZNGLI(6LIK
UGRPSNXVHIUPD (6LIKWSP
WSPWZIWSPDHWGUIDTJ
XNR\GNLIF*LIK(6LIKWMFPYGNW\IRQIK
YOUBD TNGLI PHIDTPLIUBUVPZGN#
\JLIRQIKYOUB]OY+ND YGNW\IFVXI
UVPXGN OF+SPMFLIWYN\IYXIU-K
MFLIXVHIUPD FV.G#Z-KMFLIURHI
US*UI MFLIUNTNG ]GN UM]SIMFLIRXI`X'
*IWGNM]SIYPMFLIRGN#YOZ2'
[GHI FV.\(I LGN I S*UI UVP[XI\DNG RPWDMF
WDHWUV.G UV.G D XPLKI RPUPHIE
RPUPHIWDMFWDHUVPZ*LIDH[NGLI
YN\IXGNLISPDRPXI\GNLIF*LIKU 6GDRP
ROUVPWZ*XI Y+N FU+ B 6\G LNG FI L* KI SRQI
ZGN#XGNYXIF+ O(NGLIRQIKYODHUB
WTLIKWZHIM]LIKWRXI 6LIDH[NGLI
\GNLIF*LIK 6GRQIp>ND] M\[PRQI"
XU%PKXNYRU
aWD[*D[*
Q'YPF+U6
'=LIEPY XIDH#
FN(6SIZ*LIWZQI\M\;PHI
F-KRQI"
WM\QIM\QITNGLI PMUSIUVP _
WM\QIM\QITNGLI PYO#WF*LIK
WD D XQPSPZUI
8QLYHUVDO'HFODUDWLRQRI
+XPDQ5LJKWV
,QWHUQDWLRQDO&RYHQDQWRQ
(FRQRPLF6RFLDODQG&XOWXUDO
5LJKWV
SPFV.\I[-Z*LIYO#WF*LIKWD TNGLI P
WPUF+FVXIUVPS*P\JLIRQI"2\UP
WPM]LIKWZLIWU5DM\PLID #MFLI
XGNoYOZ2'UGRPSNZSN(6LIKYOUB
WRGNLIWNGLIZFNWPLIZNG#
RDEPZOQ'FVXIXGN OMFLIU 6GE-
RGN#2\D
(6LIKWQ'U>NZIE-RGN#
WMFPWXPWX*ID\MFLIUVP
U 6GE-LIZGN#DHWGUIYIP
DMUUVPU6WZLIWU5DM\PLID #
MFLIRQISPFV.\I\JRDEPZOQ'
FVXIXGNFV.GD]PXIMFLIM]SIRQIp>N
WG\CJI]*LIKTGN[PRQI"
Z NZIWSGN U6DWPXIZGNEPY
XIDH#FN(6SIZ*LI
YXIU6ZID [GNF-K\'UZIY
XIDH#FN(6SIZ*LI
WZQI\M\;PHIF-KRQI"
XU%PX
K Y
N RU
a
;PDHZNLG I LIRPYOUV.GUVP
WF*LIKWD UVPTNGLI PD XQP
SPZUI
XU%PKXNYRU
aWD[*D[*
7D XQPSPZUIZ*LIo;PDH
ZNGLI LIRPUVP]*+#]GZGNZXID Q'YPF+U6SXIZLIEPY
WZ*XI YGW
N \IFVXUI VPT(1RDEP FN(6SIZ*LIWZQI\M\;PHIF-KRQI"
[PUVPXGN[GHIRGUI HIWZ*XI
YGNW\IDRPW]*-#WSQIUVPWSN
W]*-#UVP2IDXVUBUVP(6LKI DYK
[+N S+UVPXGN \GUN FNG LGN UI PWPDXPLIYP
DS HIDTPLI *XI\GNLIF*LIKWF*LIKWD
6GRQIp>NWDRWFVPRZIU6ZI
[PRQI";PDHZNLG I LIRPUVP
oS'\*PD (6LIKYOUBD ]*+#]G ZGN ZXI
D UVPXGN DTPLI X
* (I LGN I HILIZG#N (L6 KI
\ZIRXITXI(
* DI HRQIK WD XGS3
UVPZ*LI[GD PXIS*P(6LIKWM\QIKW
\OD\JLI\JLI\GNLIF*LIK(6LIKLIZGN#
2IDXVUBWZNGLIDH[NGLI\GNLIF*LIKp
SRQIZGN#XGNMULIKZLID\[PRQI"
XDYWF*LIKWD UVPTNGLI P
RDEPZOSPFV.\I
SPFV.\I[-Z*LIXDYROLIUVP
WZ*XIWXV.GW 6GT+NHQIYUI
UVPXGND *FVIWR+N\R*P HI
(NGLIL+WSGN UVPWPHI XP
[PRQI"
XU%PKXNYRU
aU6RZIU6ZI[P
DRP(NLG LI + \IMFPUVPZ*LI S'\*PD
YN\IDHDRPDXPI\GND 6LIUVP
(6LIKWMFPS'\*PD W]*-#WSQI
UVPYO#WF*LW
KI D (6LKI \ZIRXI
S+RZIU6ZIFVXIUVP[-Z*LI(NGLIL+ \I
MFPUVPZ*LIS'\*PD YN\IDHDRP
DXPI\GND 6LIUVPYO#WF*LIKWD
D XQPSPZUI\JYO#WF*LIKWD
UVPXGND 6#ZHIU6DH,DYSP
XU%PKXNYRU
aREP
\ZIHIXVLI(6LIKYOUBD
DXPLIS'U6^\'Y XIDH#
FN(6SIZ*LIWZQI
\FVU6ZIF-KRQI"
81'HFODUDWLRQRQWKH5LJKWV
RI,QGLJHQRXV3HRSOH
&RQYHQWLRQRQWKH5LJKWVRI
WKH&KLOG
_ WM\QIM\QITNGLI PMUSIUVP
RQIKZPHIOUBUVPTNGLI PS+
RZIU6ZIFVXIUVP
811RUPVRQWKH5HV
SRQVLELOLWLHVRI7UDQVQDWLRQDO
&RUSRUDWLRQVDQG2WKHU
%XVLQHVV(QWHUSULVHVZLWK
UHJDUGWR+XPDQ5LJKWV
REP\ZIHIXVLI(6LIK]*+#]G
7D XQPSPZUIZ*LI WSGN UVPU6
ZGNZXID TGNLI P 'WGND XQP DYSPYGNXIHPUQIKREP\ZI
SPZUI
HIXVLITNGLI PW[ORM]LIKZQIZ+K
FNGLIU-RQIK]*+#]GZGNZXID TNGLI P
5LR'HFODUDWLRQRQ(QYLURQ
ZPHIZ: PUVPXGN D] M\[PRQI"
PHQWDQG'HYHORSPHQW
SQIUV2I WU6ZI Z*LI o;PDHZNLG I
LIRPUVP(6LIKLIZNG#YOUB
WRGNLIWNGLIUVPWMFPYOUBWRGNLI
WNGLIUVPRQILIZNG#$>NRNZ
UVP(6LIK[+NZUIS2IYPUVPW
REP\ZIHIXVLITNGLI PS'U+FHI#
F*-D UVP(6LIK]*+#]GZGNZXID UVP
Z*LI\LIUZPHI 6GROUVPM]SIRQI"
(NGLIL+WSGN UVPU6LIZGN#RDX)Z
YX4PUVP2IDXVUBUVP(6LIK
WXV.G Y
IUVPXGN DYSPWRGWU6ZI
\\' ZQIZFK+ LGN I UD- RP]*#+ ]G ZNG ZXI
D YN\LI HIUVPZ*LI LIZN#G [GD PXI
S*P\OD\JLI\JLIYB\I 6PYP(NGLI HI
S'U+DTPLI *XID\ UQI"pSQIUV2I
WU6ZIZ*LIoW]G(6G\IF+HIDMU
XV/DXVPIRGUITQIMFLIF+[P
DRPM\QIROYO[NUVPREP
\ZIHIXVLI(6LIKREPR+=PZ
W LIWMUSIUVPXGN XPX*[
I HG I RGUI
D\ UQI"
XU%PKXNYRU
aREP
\ZIHIXVLI(6LIK]*+#]GZGNZXID
TNGLI PDXPIUZ'U6=*HIY
FN(6SIZ*LIWZQI\FVU6ZIF-KRQI"
WM\QIM\QITNGLI PMUSIUVP _
UZOX*-M\PDRP='D$
RGN#
RXI 6GUVPTNGLI PRDEPZO
SPFV.\I
&RQYHQWLRQRQ%LRORJLFDO
'LYHUVLW\&%'
_ WM\QIM\QITNGLI PMUSIUVP
7SPFV.\X
I NG YXIUZ
6 DI [GN MFLIWP
M]LIK ZQIZFK+ LGN I UD- RP]*#+ ]G ZGN ZXID
>ORQIK S2ISPDZ*DFFVXI WD\
Z NZW
I SGN SGZ\I JLISPUBXNG
M\RYNX
G MI FLI\LIM]SIRQI"SPFV.\Z
I L* I
UZOXM-* \PDRP='D$
RXI G6 UVP
ZQIZFK+ LGN I UD- XGN [GFX
GN DI S(NLG UI QIK
RG\H+C QIXVDYKYP[PMFLIUVP
U 6\G JXXZ
G LI
NSX
GN I UQIK HQIYUI
UVPSQIUV2I SQIXUIUVPXGN FVUZ
6 I
[P UQI>N D] M\[PRQI"
DHPXITXIZ*-
D XPZPDTPXIYN\IDRPZ NZIXNUC'UVP[+RGNK
D\SPHUOHP
XIS*-
0U=KDR-LDQJXR
&KLHI([HFXWLYH2IFHU
&KLQD6RXWKHUQ3RZHU*ULG&R/WG
+XDVXL5G*XDQJ]KRX
3HRSOHV5HSXEOLFRI&KLQD
SPUVXI(6P
WM\QIM\QITNGLI PMUSIUVP _
WF*LW
KI YUIUVP(6LKI W>HI#WZPUVPXNG M]SID\YPDSRQI"7S'UX
+ HG I UVPWGX
QI
* FI VXUI P6 XNU
C
' WMUZIWS*HI UVPXGN ]HIZ' HI QI
* DI RPIYQIXNU
C
'
NR
I ZLIUVPXGN [GFX
NG HI SIHPDS(NLG R
I QIK WMFPYOUDB (6LKI REP\ZIHIXVLIZNG#
WD\RXID PXIUBUVPYQI\OZ*-M]SID\DSRQI"ZFVGHIZQIU6P\LIYOUBD (6LIK
REP\ZIHIXVLITNGLI PZPHIOUB 6G 6GM]LIKS'U+XGHIUVPZ*LI LI(6'U\I(6+\JX
WD 6#DZPLIWP 6]*+#]GZGNZXID UVPZ*LIUVPS*PWD[PXIWXO\UQIM]SIRQI"
RZLIU'
'PUVPWS' LIF+ZLIM\FVXIW &6*U6WUVPM\QIROZNG#WP(6SIHP
D XUVPD\W\I HIWS'WS2I,QLWLDO3XEOLF2IIHULQJ,32UVPXGNRXITNGLI P
WPP\GLN UI VP[+R#NG D\\G#N [PRQI>N RG RQI"[GN ,32(6LKI \ZIRXI,D 6#TXI
WDXPLIW[QID]PIUBUVPU\YN\IFLI&6*(NGLIL+MFPY\ISSIS*UIWLI[NZIYN\ID
UVPZGN FV#- Y\N I DTPLIMFLIUVPU6M]SID\YP(NLG R
I QIK WXV.G TXIUVPXGN 2'S*PXZ
G LI
XGNLIZ*IDM] 6LIRLIKRQI>NUGUGZGN#+N XQIRQI"&6*U6[GNWD XGS3UVPW[O
RM]LIK&6*U6S'S2IDTPLI *XIDHDRPMUHIUP(NGLIL+XDU%P
'P(NGLIL+(6LIKDYP(NGLIL+
WZ*LI 6G S'UX
+ HG I UVP(6L\KI ZIRXIRQIX
K SG U3 VPXGN XZ
G LIXLNG Z
I
* DI M] 6LI (NLG DI Z*LI
WR+N\(NGLI HIUOJ
UVPXGNZLIM\ HI7SPXGND RPD\\GN#MFLIM]SIRQI"
(NGLIL+ZXPD WPY\ISSIS'U+XGHIUVPRQI&6*WZ*XIS'\*PD YN\ILHIWRSI
M]SIRQI"XU%PKEIX-R
K #NG DRP(NLG LI Z
+ XPW]*#- WSQI(6LKI XU%PK D XPZPTNLG I P
DXPIU 6LX
I R
K- #NG DRPWTLIMK ULIK \QP 6LI UVPW]*-#WSQIZGN#D WPY\ISSIS'U+XGHI
UVPU6M]SID\YPRQIKYOUBD (6LIKREP\ZIHIXVLITNGLI PWXV.GTXIUVPXGN
XGNLIZ*IDM] 6LI(NGLI HIYUIHIFVXIUVPXGND RP[NZIYN\I[PRQI"
_ WM\QIM\QITNGLI PMUSIUVP
WM\QIM\QITNGLI PMUSIUVP _
_ WM\QIM\QITNGLI PMUSIUVP
6DPERUD WPY\ISSIS'U+XGHIXDU%P
'P(NGLIL+U-DFJLIMUSI\LIUD S'
WM\QIM\QITNGLI PMUSIUVP _
UGZPXVIRQIKTQIZFNXGNZQIDTPXIUQIM]SI\'YO2'D D\JLI
DXVPIDH PD #DM\PLIMFLIF+ UQI"
D Y' WU6ZI D WPY\S
I SISU' X
+ HG I MUHIUP(NLG LI + 7DTPXIY\N DI S'UX
+ HG I
D XPLIK \DYPLI P* D\JLI DXVPI ]VXT
I ' MFLIF+F K- RQI"7]+#* ]GZGN ZXID
S'UX
+ HG I WZ*XI Y+N F+D ZPHIDO \DRPSSIRPUVPU6 *PRPUVPDMUP
UVPWGUIDU*ZG GS!PHIUVP(6LIKREPW LIWMUSIUVPXGNRGUITQIF-KRQI"
D XPZPDTPXIYN\ID S'U+XGHIRGN#Y*IXOS*PR*PYP(NGLI HIYUID]PXI
YN\IMFLI(6LIKY\ISSIU'ZGNLIUVPSGNXI[OMFLIZGN#WZ*XID
RF+M\QIROYO[NUVP
YIPDMUUVPDYVPID XU 6GE-]VXIT'MFLI[GHIRGUIMFLIUVP\YN\IF-KRQI"
[G#N M\LIYUID]PXIY\N MI FLIYN\LI HIUVPWZ*XI *PRPUVPXGN YN\FI WHQILI
RGN#U>NZIWFU-KWZLIWU5YN\IWPFNGLIDSMFLIUVP\YN\IF-KRQI"
R+YL
* I D XPZPS'UX
+ HG I MUHIUP(NLG LI + 7D XPZPS'UX
+ HG I XGN DTPXIY\N I
HIZLIM\[PDRPDH PRQIZNLG I LIRPYOHQISNUVPDH[NLG DI HDRPHIDMU
M]SI\'LIZNLG I LIRPUVPRQI(NLG LI D+ ZPIDWMFUIRPPD (6LKI ]*#+ ]G ZNG ZXI
D DXPLIS' HW]]G(\G6 FI V.\IMFIU
B JX
I NG F+SPDH RQI"7D XPZPRQI
D S'D XPLIXGN[GFNGXIDS(NGLI\'WXV.GTXIWDHM]LIKLJ]UIYN\ILHIUVP(6LIK
SGNXI\V.GD YN\ILHIUVPXGN[GFNGXIDS(NGLIRQIKWZ*XID[PLID\JLIUVPS*PDRP
D
RF+ZLGN I LIRPUVPYODHUBEXGN FUG I DMFPXIDHRQI"
'=LIEPY
FN(6SIZ*LID XPZPDTPXIYN\IUQIKHIDMUU6 *PRO *PRPUVPW\JWLI
M\QIROYO[N2'D D\JLIDXVPIU6(NGLIL+ZXPS+FVGHIS+(BHIUVP(6LIKWQ'
YNGXIHPDTPLI *XIUBUVP 6GRQIKWDMFWDHRGN#D PXIYPRQIW[GMUHIUP(NGLIL+
WZ*LI 6GZ NZI(NGLIL+D XPZPS'U+XGHIUVPXGN \IZHI#[P HIZ NZIWSGN
[+YXIU6ZID [GNDZPLITGNF-K XRQI"
(NGLIL+ZXPW]*-#WSQIUVP(6LIKUGUGZGN#SGN GUI\O\HIUBUVPXGND[PXIF+WZQI\DRP
YO[NWDMF\YO#W]*-#WSQIUVPRG\C+HQIXVDYKYPR+NR\IUBUVPRNDZRH
%HUNHOH\:D\%HUNHOH\&$86$_7HO_)D[
LQIR#LQWHUQDWLRQDOULYHUVRUJ_ZZZLQWHUQDWLRQDOULYHUVRUJ
_ WM\QIM\QITNGLI PMUSIUVP
WM\QIM\QITNGLI PMUSIUVP _
UOJ
\NGLITNGLI PS'S2IHI XPRO3ROLF\'LUHFWRU
WM\QIM\QITNGLI PMUSIUVP,QWHUQDWLRQDO5LYHUV
D[PXIF+WPD\ROUVP
UGZ:/XGN
0U<XDQ0DR]KHQ3UHVLGHQW%RDUGRI'LUHFWRUV&KLQD6RXWKHUQ3RZHU*ULG
0U/LDQJ=KRX'LUHFWRU,QWHUQDWLRQDO&RRSHUDWLRQ'HSDUWPHQW&KLQD
6RXWKHUQ3RZHU*ULG
0U3DQ<XH'LUHFWRU0LQLVWU\RI(QYLURQPHQWDO3URWHFWLRQ
0U<DQJ&KDR*HQHUDO0DQDJHU&KLQD/LIH,QVXUDQFH&RPSDQ\
0U/LX)XFDL'LUHFWRU*XDQJGRQJ3URYLQFH6WDWHRZQHG$VVHWV6XSHUYLVLRQ
$GPLQLVWUDWLRQ&RPPLVVLRQ
0U=KDQJ<XMLQ*HQHUDO0DQDJHU6KDQJKDL6WRFN([FKDQJH
0U6KDQJ)XOLQ&KDLUPDQ&KLQD6HFXULW\5HJXODWRU\&RPPLVVLRQ
%HUNHOH\:D\%HUNHOH\&$86$_7HO_)D[
LQIR#LQWHUQDWLRQDOULYHUVRUJ_ZZZLQWHUQDWLRQDOULYHUVRUJ
_ WM\QIM\QITNGLI PMUSIUVP