% 4VMQIV SR XLI TVSTSWIH 6ITVSHYGXMZI ,IEPXL 6IWTSRWMFPI 4EVIRXLSSH ERH

4STYPEXMSR (IZIPSTQIRX 'SRWSPMHEXIH &MPP F] (V 6SFIVXS HI :IVE 7ITXIQFIV

:EVMSYW KVSYTW SJ 1EPXLYWMER FIRX GPEMQ XLEX XSHE] W LMKL JSSH ERH JYIP TVMGIW XLEX EVI
MQTSZIVMWLMRK QSVI TISTPI EVI GEYWIH F] SZIVTSTYPEXMSR 7S XLI] TVSTSWI XLEX MX
[SYPH FI VIEWSREFPI XS WXEFMPM^I XLI TSTYPEXMSR XLVSYKL E VITVSHYGXMZI LIEPXL
VIWTSRWMFPI TEVIRXLSSH ERH TSTYPEXMSR HIZIPSTQIRX FMPP XLEX TVSQSXIW IGSRSQMG
KVS[XL ERH PMJXW TISTPI SYX SJ XLIMV TSZIVX]

;I VIGOSR XLEX XLIMV TVSTSWEP VIWXW SR JMZI EWWIVXMSRW ,MKLIV TSTYPEXMSR KVS[XL
PIEHW XS WPS[IV IGSRSQMG KVS[XL % PEVKIV TSTYPEXMSR QIERW QSVI LYRKV] ERH
QEPRSYVMWLIH TISTPI 3YV TSTYPEXMSR KVS[XL MW SYX SJ GSRXVSP 0EVKIV JEQMPMIW EVI
TSSV JEQMPMIW ERH -RWXMXYXMRK E X[S GLMPH TSTYPEXMSR TSPMG] XLVSYKL XLI TVSTSWIH
6ITVSHYGXMZI ,IEPXL 6IWTSRWMFPI 4EVIRXLSSH ERH 4STYPEXMSR (IZIPSTQIRX &MPP [MPP
WMKRMJMGERXP] VIHYGI TSZIVX]

,S[ HSIW XLMW TVSTSWEP ERH MXW EWWIVXMSRW LSPH MR XLI JEGI SJ IGSRSQMG LMWXSVMGEP ERH
HIQSKVETLMG IZMHIRGI#

%JXIV I\EQMRMRK IEGL EWWIVXMSR [I JMRH XLEX EZEMPEFPI WXEXMWXMGW ERH WGMIRXMJMG WXYHMIW
HS RSX WYTTSVX XLI GPEMQ XLEX µXSS QER] TISTPI¶ QIERW µQSVI TSSV TISTPI¶ &EH
KSZIVRERGI ERH FEH IGSRSQMG TSPMGMIW RSX E PEVKI JEWX KVS[MRK TSTYPEXMSR EVI XLI
VIEP GEYWIW SJ TSZIVX] 8LYW [I VIGSQQIRH XLEX QSVI IJJSVXW FI TPEGIH SR MQTVSZMRK
KSZIVRERGI ERH MQTPIQIRXMRK KSSH IGSRSQMG TSPMGMIW 1SVI WTIGMJMGEPP] [I LEZI
JSYRH XLEX

4STYPEXMSR KVS[XL LEW PMXXPI SV RS HMVIGX IJJIGX SR TIV GETMXE +(4 KVS[XL 8LYW
XLIVI MW RS FEWMW JSV E TSPMG] XLEX EMQW XS VIHYGI TSTYPEXMSR KVS[XL XS VEMWI TIV
GETMXE +(4 KVS[XL
4SZIVX] MW YWYEPP] GEYWIH F] TSSV KSZIVRERGI ERH MRETTVSTVMEXI ERH FEHP]
MQTPIQIRXIH IGSRSQMG TSPMGMIW´[LMGL PIEHW XS GSVVYTXMSR TSSV XE\
GSPPIGXMSRW PEGO SJ IHYGEXMSR ERH VSEHW PEGO SJ MVVMKEXMSR W]WXIQW´MRWXIEH SJ E
PEVKI ERH MRGVIEWMRK TSTYPEXMSR 8LYW MRWXIEH SJ LEZMRK E FMPP XLEX TVSQSXIW
VITVSHYGXMZI LIEPXL ERH TSTYPEXMSR QEREKIQIRX [I WLSYPH JSGYW IJJSVXW SR XLI
KETW MR KSZIVRERGI ERH TSPMG] MQTPIQIRXEXMSR XLEX LMRHIV ERH WPS[ HS[R
IGSRSQMG KVS[XL
0EVKI JEQMPMIW EVI TSSV RSX FIGEYWI XLI] EVI PEVKI FYX FIGEYWI QSWX SJ XLI
LIEHW SJ XLIWI TSSV JEQMPMIW LEZI PMQMXIH WGLSSPMRK [LMGL TVIZIRXW XLIQ JVSQ
KIXXMRK KSSH TE]MRK NSFW 1SVISZIV E WXYH] WLS[W XLEX TEVIRXW SJ TSSV
JEQMPMIW [ERX XLI GLMPHVIR XLI] FIKIX 8LIWI JMRHMRKW WLS[ XLEX XLIVI MW RS FEWMW
JSV LEZMRK E TSTYPEXMSR QEREKIQIRX TSPMG] XLEX VEMWIW IGSRSQMG KVS[XL XS
VIHYGI TSZIVX]

8LMW TETIV HVE[W LIEZMP] JVSQ 8SS 1ER] 4ISTPI (SIWR X 'EYWI 4SZIVX] &EH +SZIVRERGI ERH
4SPMGMIW (S F] F] )QMPMS 8 %RXSRMS 6SRMPS &EPFMIVER )RVMGS &EWMPMS .SZM (EGERE] 6SFIVXS HI
:IVE 7XITLIR ,YERK 1EME 8]GLI /MRK ;MRWXSR 7XER 4EHSNMRSK 'LIVV]P]R 6SHSPJS /MQFIVP]
7ER %KYWXMR 0IERHVS 8ER 'MH 8IVSWE 4IXIV 0II 9 &IVREVHS 1 :MPPIKEW 3GXSFIV 8LI
GSQQIRXW ERH ZMI[W I\TVIWWIH MR XLMW TETIV EVI WSPIP] XLI VIWTSRWMFMPMX] SJ XLI EYXLSV ERH HS
RSX VITVIWIRX ER] TSWMXMSR LIPH F] XLI 9RMZIVWMX] SJ %WME ERH XLI 4EGMJMG 7GLSSP SJ )GSRSQMGW
 8LI TSTYPEXMSR LMWXSV] SJ HIZIPSTIH GSYRXVMIW WLS[W XLEX MQTPIQIRXMRK E X[S
GLMPH TSPMG] ZME XLI GSRWSPMHEXIH FMPP [MPP TPEGI XLI GSYRXV] MR E ZMVXYEPP]
MVVIZIVWMFPI GSYVWI SJ TSTYPEXMSR HIGPMRI ERH EKIMRK XLEX GEVVMIW [MXL MX EPP OMRHW
SJ TVSFPIQW ERH XLYW XLI GSYRXV] [SYPH FI [IPP EHZMWIH XS EZSMH MX EPXSKIXLIV
8LI GSYRXV]¸W TSTYPEXMSR WMXYEXMSR´[LIVI XLI PEFSV JSVGI MW KVS[MRK JEWXIV XLER
XLI HITIRHIRX ]SYXL ERH IPHIVP] TSTYPEXMSR´KMZIW MX E [SRHIVJYP STTSVXYRMX]
XS VIET E HIQSKVETLMG HMZMHIRH E TIVMSH SJ VETMH IGSRSQMG KVS[XL XLEX [SYPH
VIHYGI TSZIVX] WMKRMJMGERXP] JSV XLI RI\X ]IEVW 8LYW MRWXIEH SJ
MQTPIQIRXMRK E X[S GLMPH TSPMG] 2+3W JMVQW ERH KSZIVRQIRXW WLSYPH JSGYW
XLIMV IJJSVXW SR TVSZMHMRK XLIWI JYXYVI [SVOIVW [MXL EGGIWW XS IHYGEXMSR ERH
XVEMRMRK TVSKVEQW [LMGL TVITEVI XLIQ XS XEOI [IPP TEMH NSFW ERH SR
IWXEFPMWLMRK E WXEFPI IGSRSQMG ERH TSPMXMGEP GPMQEXI XLEX EXXVEGXW XLI RIIHIH
MRZIWXQIRXW XLEX KIRIVEXIW RI[ NSFW XS QEXGL XLI EHHMXMSREP QMPPMSR
TSXIRXMEP [SVOIVW IEGL ]IEV
8LI VIWX SJ XLI TETIV IPEFSVEXIW SR XLIWI JMRHMRKW

%WWIVXMSR ,MKLIV TSTYPEXMSR KVS[XL PIEHW XS WPS[IV IGSRSQMG KVS[XL

)GSRSQMG WXYHMIW HS RSX WYTTSVX XLMW WIIQMRKP] PSKMGEP EWWIVXMSR 2SFIP TVM^I [MRRIV
7MQSR /Y^RIXW¸W TMSRIIVMRK WXYH] GSRXEMRIH MR LMW FSSO 1SHIVR )GSRSQMG
+VS[XL 6EXI 7XVYGXYVI ERH 7TVIEH TT WLS[IH XLEX µ?RAS GPIEV EWWSGMEXMSR
ETTIEVW XS I\MWX MR XLI TVIWIRX WEQTPI SJ GSYRXVMIW SV MW PMOIP] XS I\MWX MR XLI SXLIV
HIZIPSTIH GSYRXVMIW FIX[IIR VEXIW SJ KVS[XL SJ TSTYPEXMSR ERH SJ TVSHYGX TIV GETMXE ¶

3XLIV WXYHMIW LEZI GSRJMVQIH /Y^RIXW¸W JMRHMRKW WLS[MRK RS GPIEV PMRO FIX[IIR
TSTYPEXMSR KVS[XL ERH IGSRSQMG KVS[XL SV TSZIVX] ,IVI EVI XLI JMRHMRKW SJ JMZI
WXYHMIW

XLI 6SWW 0IZMRI ERH (EZMH 6IRIPX WXYH] SJ XLI VIPEXMSRWLMT FIX[IIR KVS[XL
ERH MXW HIXIVQMRERXW JSYRH RS WMKRMJMGERX IJJIGX SJ TSTYPEXMSR KVS[XL SR IGSRSQMG
KVS[XL

XLI .IJJ /PMRK ERH 0ERX 4VMXGLIXX WXYH] EVVMZIH EX E WMQMPEV JMRHMRK [LIVI XLI]
EPPS[IH XLI IJJIGX SJ TSTYPEXMSR KVS[XL SR IGSRSQMG KVS[XL XS ZEV] EGGSVHMRK XS XLI
PIZIP SJ HIZIPSTQIRX ERH VIWSYVGI WGEVGMX]

MR E VIZMI[ SJ XLI TSTYPEXMSR KVS[XL TSZIVX] VIPEXMSRWLMT (IRRMW %LPFYVK

TSMRXW SYX XLEX WXYHMIW LEZI WLS[IH TSTYPEXMSR KVS[XL LEW PMXXPI SV RS HMVIGX IJJIGX SR
TSZIVX]

MR E WXYH] I\EQMRMRK XLI HIXIVQMRERXW SJ PSRK XIVQ KVS[XL +IVRSX

(STTIPLSJIV 6SREPH 1MPPIV ERH <EZMIV 7EPE - 1EVXMR JSYRH XLEX EZIVEKI ERRYEP
TSTYPEXMSR KVS[XL JVSQ [EW RSX VSFYWXP] GSVVIPEXIH [MXL IGSRSQMG KVS[XL

XLI )VMG ,ERYWLIO ERH 0YHKIV ;}QQERR WXYH] JSYRH XLEX XSXEP JIVXMPMX] VEXIW
[LMGL GER FI WIIR EW ER EPXIVREXMZI QIEWYVI SJ TSTYPEXMSR KVS[XL HMH RSX LEZI E
WXEXMWXMGEPP] WMKRMJMGERX EWWSGMEXMSR [MXL IGSRSQMG KVS[XL
7MQMPEV GSRGPYWMSRW LEZI FIIR EVVMZIH EX F] XLI 97 2EXMSREP 6IWIEVGL 'SYRGMP MR
ERH MR XLI 92 4STYPEXMSR *YRH 92*4% 'SRWYPXEXMZI 1IIXMRK SJ )GSRSQMWXW MR

1SVISZIV XLIWI WXYHMIW WYTTSVX /Y^RIXW¸W I\TPEREXMSR SJ [L] RS HMVIGX VIPEXMSRWLMT

GSYPH FI I\TIGXIH FIX[IIR TSTYPEXMSR KVS[XL ERH IGSRSQMG KVS[XL 4STYPEXMSR
KVS[XL ERH IGSRSQMG KVS[XL EVI PMROIH XLVSYKL µE GSQQSR WIX SJ TSPMXMGEP ERH WSGMEP
MRWXMXYXMSRW ¶ 8LYW ER] µHMVIGX GEYWEP VIPEXMSR¶ FIX[IIR XLIQ µQE] FI UYMXI PMQMXIH ¶
1SVISZIV ER] VIPEXMSRWLMT XLEX MW QIEWYVIH GERRSX FI YWIH EW E FEWMW JSV QEREKMRK
TSTYPEXMSR XS EJJIGX IGSRSQMG KVS[XL

-X MQTSVXERX XS RSXI XLEX IZIR MJ XLIVI EVI VIGIRX IGSRSQIXVMG WXYHMIW XLEX WLS[ XLEX
TSTYPEXMSR KVS[XL MW RIKEXMZIP] GSVVIPEXIH [MXL TIV GETMXE MRGSQI KVS[XL MR XLI
4LMPMTTMRI GEWI M I ER MRGVIEWI MR XLI TSTYPEXMSR KVS[XL VEXI PIEHW XS E HIGVIEWI MR
TIV GETMXE MRGSQI KVS[XL VEXI XLIWI WXYHMIW GERRSX GSRGPYHI XLEX LMKLIV TSTYPEXMSR
KVS[XL VEXIW GEYWIW PS[IV TIV GETMXE MRGSQI KVS[XL VEXIW -X MW QSVI TVSFEFPI XLEX
XLIVI EVI MRXIVZIRMRK JEGXSVW WYGL EW XLSWI QIRXMSRIH F] /Y^RIXW XLEX QE] GEYWI
IGSRSQMG KVS[XL 8LYW XLIWI WXYHMIW GERRSX WIVZI EW FEWIW JSV E TSPMG] XLEX EMQW XS
VIHYGI TSTYPEXMSR KVS[XL XS VEMWI TIV GETMXE MRGSQI KVS[XL

7S MJ TSTYPEXMSR KVS[XL HSIWR¸X EJJIGX IGSRSQMG KVS[XL [LEX [MPP# +SSH KSZIVRERGI
ERH [IPP MQTPIQIRXIH IGSRSQMG TSPMGMIW 8LIWI XLMRKW YWYEPP] KIX HSRI MR E GPMQEXI SJ
TSPMXMGEP ERH IGSRSQMG JVIIHSQ
-R LMW FSSO 8LI 9PXMQEXI 6IWSYVGI .YPMER 7MQSR KMZIW IZMHIRGI JSV XLI GVYGMEP VSPI XLEX
TSPMXMGEP IGSRSQMG W]WXIQW TPE] MR IGSRSQMG KVS[XL [LIR LI GSQTEVIW XLVII TEMVW SJ
GSYRXVMIW XLEX LEZI XLI WEQI GYPXYVI ERH LMWXSV] ERH TVEGXMGEPP] LEH XLI WEQI WXERHEVH
FIJSVI XLI] WTPMX EJXIV ;SVPH ;EV --´)EWX ERH ;IWX +IVQER] 2SVXL ERH 7SYXL /SVIE
ERH 8EM[ER ERH 'LMRE -R FSXL XLI GSQQYRMWX ERH RSR GSQQYRMWX GSYRXVMIW
LEH TVEGXMGEPP] XLI WEQI FMVXLVEXIW ERH XLI GIRXVEPP] TPERRIH IGSRSQMIW LEH PIWW
TSTYPEXMSR TVIWWYVI XLER XLIMV QEVOIX HMVIGXIH GSYRXIVTEVXW EW QIEWYVIH F]
TSTYPEXMSR TIV WUYEVI OMPSQIXIV =IX XLI IGSRSQMG KVS[XL SJ ;IWX +IVQER] 7SYXL
/SVIE ERH 8EM[ER [EW FIXXIV XLER XLIMV GSYRXIVTEVX GIRXVEPP] TPERRIH IGSRSQMIW (YI
XS JEWXIV IGSRSQMG KVS[XL TIVWSREP MRGSQIW MR 8EM[ER ERH 7SYXL /SVIE [IVI VSYKLP]
HSYFPI 'LMRE ERH 2SVXL /SVIE VIWTIGXMZIP] [LMPI XLSWI MR ;IWX +IVQER]¸W [EW QSVI
XLER PEVKIV XLER )EWX +IVQER] MR XLI IEVP] W WII 8EFPI

8EFPI 4STYPEXMSR HIRWMX] ERH VIEP MRGSQI TIV GETMXE

ERH JSV WIPIGXIH GSYRXVMIW

)EWX +IVQER] ;IWX +IVQER]

+IVQER]
4STYPEXMSR HIRWMX]
6IEP KRT TIV GETMXE
6IEP KRT TIV GETMXE
2SVXL /SVIE 7SYXL /SVIE
4STYPEXMSR HIRWMX]
6IEP KRT TIV GETMXE
6IEP KRT TIV GETMXE
'LMRE 8EM[ER
4STYPEXMSR HIRWMX]
6IEP KHT TIV GETMXE
6IEP KHT TIV GETMXE

8LI JMKYVIW JSV XLMW XEFPI EVI XEOIR JVSQ 8EFPIW E ERH F MR
.YPMER 7MQSR 8LI 9PXMQEXI 6IWSYVGI 6IZMWIH )HMXMSR 4VMRGIXSR
2I[ .IVWI] 4VMRGIXSR 9RMZIVWMX] 4VIWW T
MR TIVWSRW TIV WUYEVI OMPSQIXIV
*MKYVIW JSV VIEP KVSWW REXMSREP TVSHYGX KRT TIV GETMXE EVI FEWIH SR
GSRWXERX YW HSPPEVW
*MKYVIW JSV VIEP KVSWW HSQIWXMG TVSHYGX KHT TIV GETMXE EVI FEWIH
SR MRXIVREXMSREP TVMGIW

7SYVGI 4STYPEXMSR HIRWMX] 9RMXIH 2EXMSRW )HYGEXMSREP 7GMIRXMJMG ERH

'YPXYVEP 3VKERM^EXMSR 92)7'3 =IEVFSSO TT 6IEP +(4
TIV GETMXE 7YQQIVW ERH ,IWXSR (EXE 7IX 6IEP +24 TIV GETMXE
-RXIVREXMSREP 6IGSRWXVYGXMSR ERH (IZIPSTQIRX -&6( ;SVPH 8EFPIW
+24 HIJPEXSV 'SYRGMP SJ )GSRSQMG %HZMWIVW 8EFPI &

%WWIVXMSR 2S % PEVKIV TSTYPEXMSR QIERW QSVI LYRKV] ERH QEPRSYVMWLIH TISTPI

3R XLI GSRXVEV] *SSH ERH %KVMGYPXYVEP 3VKERM^EXMSR *%3 WXEXMWXMGW MRHMGEXI XLEX XLI
JSSH WYTTP] EZEMPEFPI JSV GSRWYQTXMSR LEW MRGVIEWIH ERH XLI LMWXSVMGEP XVIRH WLS[W MX
GER GSRXMRYI XS SYXTEGI TSTYPEXMSR KVS[XL MR XLI JYXYVI 8LI *%3 WXEXMWXMGW JSV XLI
4LMPMTTMRIW JVSQ XS WLS[ XLEX XLI JSSH WYTTP] EZEMPEFPI JSV GSRWYQTXMSR
MRGVIEWIH MR XLVII GEXIKSVMIW
GEPSVMIW TIV TIVWSR TIV HE] JVSQ XS
KVEQW SJ TVSXIMR TIV TIVWSR TIV HE] JVSQ XS
KVEQW SJ JEX TIV TIVWSR TIV HE] JVSQ XS
8LIWI REXMSREP XVIRHW JSPPS[ [SVPH XVIRHW &EWIH SR JSSH ERH RYXVMXMSR WXEXMWXMGW JSYRH
MR *%378%8 XLI SRPMRI *%3 MRXIVRIX HEXEFEWI [I JMRH XLEX JVSQ XS
EZEMPEFPI [SVPH JSSH WYTTP] TIV TIVWSR LEW KSRI YT F] ERH IRSYKL JSSH MW
FIMRK TVSHYGIH JSV IZIV]SRI SR IEVXL XS IRNS] E LIEPXL] HMIX 8LI *%3 VITSVXW MR 8LI
7XEXI SJ *SSH ERH %KVMGYPXYVI µ3ZIV XLI TEWX X[S HIGEHIW TVSKVIWW LEW
FIIR QEHI MR VIHYGMRK YRHIVRSYVMWLQIRX MR HIZIPSTMRK GSYRXVMIW 8LI MRGMHIRGI SJ
YRHIVRSYVMWLQIRX LEW HIGPMRIH JVSQ TIVGIRX SJ XLI TSTYPEXMSR X[S HIGEHIW EKS XS
TIVGIRX EGGSVHMRK XS HEXE JVSQ ¶
8LIWI XVIRHW SJ JSSH WYTTP] SYXTEGMRK TSTYPEXMSR KVS[XL GPIEVP] TVSZI )WXIV &SWIVYT¸W
TSMRX MR LIV FSSO 8LI 'SRHMXMSRW SJ %KVMGYPXYVEP +VS[XL XLEX MX MW TSTYPEXMSR
KVS[XL XLEX GEYWIW MRGVIEWIW MR JSSH TVSHYGXMSR ERH RSX XLI SXLIV [E] EVSYRH ,IV
EVKYQIRX GER FI TEVETLVEWIH EW JSPPS[W 4STYPEXMSR KVS[XL TYXW TVIWWYVI SR
GSQQYRMXMIW [LS EGUYMVI JSSH XLVSYKL LYRXMRK ERH KEXLIVMRK WPEWL ERH FYVR
JEVQMRK QIXLSHW ERH SXLIV MRIJJMGMIRX QIXLSHW XS EHSTX QSVI IJJMGMIRX SRIW WYGL EW
TPS[MRK [MXL PMZIWXSGO ERH QYPXM GVSTTMRK %W TSTYPEXMSRW KVS[ XS[RW HIZIPST ERH
TISTPI GER WTIGMEPM^I MR SXLIV RSR JEVQMRK TVSHYGXMSR EGXMZMXMIW 8LMW MW XLI VIWYPX SJ
JEVQIVW FIMRK TVIWWYVIH F] E KVS[MRK TSTYPEXMSR XS TVSHYGI QSVI JSSH [MXL QSVI
IJJMGMIRX QIXLSHW XS WIVZI E PEVKIV HIQERH
-J XLI WXEXMWXMGW WLS[ XLEX JSSH WYTTP] MW EHIUYEXI XS KMZI IZIV] *MPMTMRS E LIEPXL] HMIX
[L] EVI WSQI JEQMPMIW WXMPP IEXMRK PIWW# *SV MRWXERGI *%3¸W 8LI 7XEXI SJ *SSH ERH
%KVMGYPXYVI WLS[W XLEX XLI MRGMHIRGI SJ YRHIVRSYVMWLIH TISTPI MR XLI 4LMPMTTMRIW
XS FI MR PS[IV XLER XLI VIGSVHIH MR 8LI *%3 EVKYIW
MR XLIMV VITSVX %KVMGYPXYVI 8S[EVHW XLEX JEQMPMIW XLEX EVI IEXMRK PIWW LEZI
LIEHW XLEX EVI RSX EFPI XS KIX KSSH TE]MRK NSFW XS TE] JSV JSSHWXYJJW 3V XLEX XLI] PMZI
MR TSSV MWSPEXIH GSQQYRMXMIW HITIRHIRX SR EKVMGYPXYVI ERH EVI YREFPI XS VEMWI PSGEP
EKVMGYPXYVEP TVSHYGXMSR XS QIIX XLIMV JSSH RIIHW
-R WSQI GEWIW MX QE] MR JEGX FI WTEVWI TSTYPEXMSR XLEX QEOIW MX HMJJMGYPX JSV TISTPI XS
EGGIWW JSSH WYTTPMIW 8LMW [EW XLI GEWI SJ XLI JEQMRI MR 7ELIP ;IWX %JVMGE MR XLI
W &IGEYWI SJ XLI VIKMSR¸W PS[ TSTYPEXMSR HIRWMX] RSX IRSYKL VSEHW ERH XVERWTSVX
WIVZMGIW [IVI QEHI EZEMPEFPI MR XLI EVIE -R XLI GEWI SJ XLI 4LMPMTTMRIW JEQMPMIW RIIH
XS TE] LMKLIV JSSH TVMGIW HYI XS [EWXEKIW XLEX GER FI EZSMHIH MJ XLIVI [IVI QSVI JSSH
TVSGIWWMRK ERH WXSVEKI JEGMPMXMIW *SSH TVMGIW EVI EPWS LMKLIV HYI XS E JVEKQIRXIH
XVERWTSVXEXMSR W]WXIQ [LMGL MW RS[ FIMRK VIQIHMIH F] XLI VSPP SR VSPP SJJ VSVS
WIVZMGIW SJ XLI KSZIVRQIRX¸W 7XVSRK 6ITYFPMG 2EYXMGEP ,MKL[E] TVSNIGX
1SVISZIV MR LMW FSSO 8LI 9PXMQEXI 6IWSYVGI .YPMER 7MQSR LEW WLS[R XLEX MR EHHMXMSR
XS JSSH WYTTP] XLI WYTTP] SJ SMP GSTTIV EPYQMRYQ ERH SXLIV VIWSYVGIW LEZI QSVI
XLER OITX YT [MXL HIQERHW SJ ER MRGVIEWMRK TSTYPEXMSR 7MQSR LEW WLS[R XLEX EQMH
TSTYPEXMSR KVS[XL VIWSYVGIW LEZI FIGSQI PIWW WGEVGI SV EVI MR KVIEXIV WYTTP] VIPEXMZI
XS XLI XIGLRSPSK] YWIH XS I\XVEGX ERH XS IQTPS] XLI VIWSYVGI F] WLS[MRK XLEX XLIMV
TVMGIW LEZI KSRI HS[R SZIV XMQI 8LIWI XVIRHW FSPWXIV LMW EVKYQIRX JMVWX TSMRXIH SYX
F] 7MQSR /Y^RIXW XLI 2SFIP TVM^I [MRRIV µ1SVI TISTPI ERH MRGVIEWIH MRGSQI
GEYWI TVSFPIQW MR XLI WLSVX VYR 8LMW MRGVIEWIH WGEVGMX] SJ VIWSYVGIW GEYWIW TVMGIW XS
VMWI 8LI LMKLIV TVMGIW TVIWIRX STTSVXYRMX] ERH TVSQTX MRZIRXSVW ERH IRXVITVIRIYVW
XS WIEVGL JSV WSPYXMSRW 1ER] JEMP EX GSWX XS XLIQWIPZIW &YX MR E JVII WSGMIX] WSPYXMSRW
EVI IZIRXYEPP] JSYRH %RH MR XLI PSRK VYR XLI RI[ HIZIPSTQIRXW PIEZI YW FIXXIV SJJ XLER
MJ XLI TVSFPIQW LEH RSX EVMWIR 8LEX MW TVMGIW IRH YT PS[IV XLER FIJSVI XLI MRGVIEWIH
WGEVGMX] SGGYVVIH ¶
-R SXLIV [SVHW EHHMXMSREP TIVWSRW FSVR MR E HIQSGVEXMG WSGMIX] QIER QSVI QMRHW ERH
LERHW XS JIIH EHHMXMSREP QSYXLW WLIPXIV ERH GPSXLI EHHMXMSREP FSHMIW ERH IHYGEXI
EHHMXMSREP QMRHW )EGL EHHMXMSREP TIVWSR MW E RIX TVSHYGIV SJ MHIEW ERH VIWSYVGIW 8LMW
MW TVSZIR F] LMWXSV] [LIVIMR IZIV] PEVKIV KIRIVEXMSR LEW PIJX XLI [SVPH MR E FIXXIV WXEXI
JSV RI\X SRI 3RI KSSH TVSSJ SJ XLMW MW XLEX XLI PMJI I\TIGXERG] SJ XLI *MPMTMRS LEW
MRGVIEWIH JVSQ ]IEVW MR XS ]IEVW MR

%WWIVXMSR 2S 3YV TSTYPEXMSR KVS[XL MW SYX SJ GSRXVSP

7SQI TIVWSRW TSMRX SYX XLEX [I RIIH XS QEREKI XLI 4LMPMTTMRI TSTYPEXMSR FIGEYWI MX MW
WMQTP] KVS[MRK XSS JEWX JSV MXW S[R KSSH [MXLSYX GPIEVP] WXEXMRK [L] *SV MJ [I HSR X
XLI] [EVR XLEX XLI TSTYPEXMSR [MPP VIEGL QMPPMSR MR HSYFPI XLI QMPPMSR MR
;I WLSYPHR¸X [SVV] EFSYX XLMW EX EPP WMRGI XLMW JMKYVI MW [E] EFSZI XLI 92 LMKL
ZEVMERX TVSNIGXMSR SJ QMPPMSR JSV
;L] XLI [MHI HMJJIVIRGI# 3R SRI LERH XLI TSTYPEXMSR HSYFPIW TVSNIGXMSR EWWYQIW
XLEX XLI ERRYEP TSTYPEXMSR KVS[XL VEXI SJ [MPP LSPH WXIEH] JSV XLI
RI\X ]IEVW 3R XLI SXLIV LERH XLI 92 LMKL ZEVMERX TVSNIGXMSR EWWYQIW XLEX XLIWI
KVS[XL VEXIW [MPP GSQI HS[R JVSQ MR XS MR 8LI
PEXXIV EWWYQTXMSR WIIQW XS FI E QSVI VIEWSREFPI SRI WMRGI 4LMPMTTMRI ERRYEP
TSTYPEXMSR KVS[XL VEXIW LEZI FIIR HIGVIEWMRK JVSQ MR HS[R XS
MR &EWIH SR XLI PEWX GIRWYW MX LEW KSRI HS[R IZIR JYVXLIV XS
MR
;LEX TISTPI HSR¸X VIEPM^I EFSYX ER MRGVIEWMRK TSTYPEXMSR MW XLEX MX MW GEYWIH F] PIWW
FEFMIW H]MRK ERH QSVI TISTPI PMZMRK PSRKIV 4IXIV &EYIV LEW [VMXXIR µ'PIEVP] XLI
QYGL HITPSVIH TSTYPEXMSR I\TPSWMSR¬WLSYPH FI WIIR EW E FPIWWMRK VEXLIV XLER E
HMWEWXIV FIGEYWI MX WXIQW JVSQ E JEPP MR QSVXEPMX] E TVMQE JEGMI MQTVSZIQIRX MR
TISTPI¸W [IPJEVI RSX E HIXIVMSVEXMSR ¶ *SV MRWXERGI MRJERX QSVXEPMX] VEXIW MR XLI
4LMPMTTMRIW RYQFIV SJ HIEXLW TIV FMVXLW FIX[IIR FMVXL ERH YT XS EKI SRI ]IEV
LEZI KSRI HS[R JVSQ MR XS MR ERH JYVXLIV HS[R XS
MR 0MJI I\TIGXERGMIW JVSQ FMVXL LEZI MRGVIEWIH JVSQ ]IEVW MR
XS ]IEVW MR

%WWIVXMSR 2S 0EVKIV JEQMPMIW EVI TSSV JEQMPMIW

8LMW MW XVYI % WEQTPI SJ JEQMPMIW XLEX LEZI VIEGLIH XLIMV JMREP JEQMP] WM^I XEOIR JVSQ
XLI *EQMP] -RGSQI ERH )\TIRHMXYVI 7YVZI] *-)7 TYFPMWLIH F] XLI 2EXMSREP
7XEXMWXMGW 3JJMGI MRHMGEXIW ER MRGVIEWMRK TVSTSVXMSR SJ TSSV JEQMPMIW EW JEQMP] WM^I
MRGVIEWIW JVSQ MR JEQMPMIW [MXL RS GLMPHVIR XS MR JEQMPMIW [MXL WIZIR
GLMPHVIR WII 8EFPI
2SRIXLIPIWW MX [SYPH FI TSSV NYHKQIRX SR SYV TEVX XS YWI XLMW SFWIVZEXMSR EW E
FEWMW JSV PMQMXMRK XLI JEQMP] WM^I SJ TSSV TISTPI JSV X[S VIEWSRW *MVWX JMRHMRK
XLEX MRGVIEWMRK JEQMP] WM^I MW EWWSGMEXIH [MXL MRGVIEWMRK MRGMHIRGI SJ TSSV
JEQMPMIW HSIW RSX TVSZI XLEX E PEVKIV JEQMP] WM^I MW [LEX QEOIW E JEQMP] TSSV
8LI QSVI PMOIP] VIEWSR [L] WSQI JEQMPMIW EVI TSSV MW XLI PMQMXIH WGLSSPMRK SJ
XLI LSYWILSPH LIEH -R JEGX XS SJ XLI TSSV LSYWILSPHW MR IEGL JEQMP]
WM^I LEH LIEHW [MXL RS LMKL WGLSSP HMTPSQE 7II 8EFPI -R SXLIV [SVHW TSSV
JEQMPMIW EVI TSSV RSX FIGEYWI XLI] EVI PEVKI FYX FIGEYWI QSWX SJ XLIMV LIEHW
LEZI PMQMXIH WGLSSPMRK [LMGL TVIZIRXW XLIQ JVSQ KIXXMRK KSSH TE]MRK NSFW
8LMW JMRHMRK XLEX TSSV JEQMPMIW LEZI LIEHW XLEX PEGO WGLSSPMRK GSRJMVQW XLI
VIWYPXW SJ XLI &EPMWEGER ERH 4IVRME WXYH] SR TSZIVX] MRGMHIRGI MR 4LMPMTTMRI
VIKMSRW XLI TVSZMWMSR SJ IHYGEXMSR LERH MR LERH [MXL VSEHW LIPTW VIHYGI
TSZIVX] -R SXLIV [SVHW TIVWSRW GER XEOI JYPP EHZERXEKI SJ XLIMV IHYGEXMSR SRP]
MJ XLI] LEZI EGGIWW XS NSFW XLEX TE] KSSH [EKIW ERH XS QEVOIXW XLI] TE] KSSH
TVMGIW JSV XLI KSSHW XLI] TVSHYGI 8LI WXYH] EPWS WLS[IH XLEX EKVEVMER VIJSVQ
ERH MVVMKEXMSR EPPIZMEXI TSZIVX] 8LMW JMRHMRK QEOIW WIRWI IWTIGMEPP] MR VIKMSRW
[LIVI EKVMGYPXYVI MW HSQMRERX -R LMW TETIV SR 4LMPMTTMRI TSZIVX]
&EPMWEGER WLS[IH XLEX TSZIVX] MW QEMRP] E VYVEP TLIRSQIRSR ERH RIEVP] X[S
XLMVHW SJ XLI VYVEP TSSV [SVO MR XLI EKVMGYPXYVEP WIGXSV
8EFPI 4VSTSVXMSR SJ JEQMPMIW XLEX EVI TSSV ERH TVSTSVXMSR SJ TSSV JEQMPMIW [LSWI LIEHW LEH
RS LMKL WGLSSP HMTPSQE F] RYQFIV SJ GLMPHVIR

8LMW WEQTPI VITVIWIRXW QMPPMSR JEQMPMIW [MXL ^IVS XS WIZIR GLMPHVIR [LSWI LIEHW EVI
QEVVMIH EKIH ERH LIPH E NSF % JEQMP] MW GPEWWMJMIH EW µTSSV¶ [LIR MXW ERRYEP MRGSQI
JEPPW FIPS[ XLI JEQMP] TSZIVX] XLVIWLSPH MRGSQI 8LI PEXXIV JMKYVI GER FI GEPGYPEXIH F]
QYPXMTP]MRK XLI RYQFIV SJ JEQMP] QIQFIVW F] XLI TIV GETMXE TSZIVX] XLVIWLSPH MRGSQI 8LI
PEXXIV [EW IWXMQEXIH XS FI 4 MR ERH VITVIWIRXIH XLI QMRMQYQ EQSYRX SJ QSRI]
RIIHIH XS IREFPI E TIVWSR XS IEX IRSYKL JSSH XLEX [SYPH KMZI XLI QMRMQYQ EQSYRX SJ GEPSVMIW
ERH RYXVMXMSREP VIUYMVIQIRXW ERH XS FY] IWWIRXMEP RSR JSSH MXIQW
4VSTSVXMSR SJ JEQMPMIW XLEX
EVI TSSV MR
4VSTSVXMSR SJ TSSV JEQMPMIW
[LSWI LIEHW LEH RS ,MKL
7GLSSP HMTPSQE MR

8LMW WEQTPI GSRWMWXW SJ JEQMPMIW [MXL QEVVMIH LSYWILSPH LIEHW EKIH ERH LIPH E NSF EX
XLI XMQI SJ XLI WYVZI] 4SZIVX] MRGMHIRGI [EW JEQMPMIW XLEX IEVRIH ERRYEP MRGSQIW FIPS[ XLI
JEQMP] TSZIVX] XLVIWLSPH PIZIP MR 4 XMQIW XLI RYQFIV SJ JEQMP] QIQFIVW

7SYVGI *-)7 EYXLSVW¸ GEPGYPEXMSR

7IGSRH JMRHMRK XLEX PEVKIV JEQMPMIW EVI YWYEPP] TSSV GERRSX FI YWIH EW E FEWMW
XS GSRGPYHI XLEX TSSV TEVIRXW GERRSX GSRXVSP ERH HS RSX GSRWMHIV XLI
GSRWIUYIRGIW SJ XLIMV TVSGVIEXMZI GETEGMXMIW *SV 0ERX 4VMXGLIXX SJ XLI ,EVZEVH
/IRRIH] 7GLSSP SJ +SZIVRQIRX LEW JSYRH XLEX SJ XLI ZEVMEXMSR MR EGXYEP
JIVXMPMX] VEXIW GER FI EGGSYRXIH F] ZEVMEXMSRW MR HIWMVIH JIVXMPMX] VEXIW -R SXLIV
[SVHW TEVIRXW [LS LEZI PEVKI JEQMPMIW [ERX PEVKI JEQMPMIW TEVIRXW [ERX XLI
GLMPHVIR XLEX XLI] EGXYEPP] FIKIX

%WWIVXMSR 2S -RWXMXYXMRK E X[S GLMPH TSTYPEXMSR TSPMG] XLVSYKL XLI TVSTSWIH

6ITVSHYGXMZI ,IEPXL 6IWTSRWMFPI 4EVIRXLSSH ERH 4STYPEXMSR (IZIPSTQIRX &MPP
[MPP WMKRMJMGERXP] VIHYGI TSZIVX]
7YGGIWWJYPP] MQTPIQIRXMRK XLMW X[S GLMPH TSPMG] [MPP RSX LEWXIR XLI IGSRSQMG KVS[XL
XLEX [MPP VIHYGI TSZIVX] FIGEYWI MX [EW WLS[R MR XLI VIZMI[ SJ XLI IEVPMIV EWWIVXMSRW
XLEX TSTYPEXMSR KVS[XL LEW RS HMVIGX IJJIGX SR IGSRSQMG KVS[XL SV TSZIVX] ERH
PEVKIV JEQMPMIW EVI QSVI PMOIP] XS FI TSSV RSX FIGEYWI XLI] EVI PEVKI FYX FIGEYWI XLIMV
LIEHW LEZI E PMQMXIH IHYGEXMSR XLEX PMQMXW XLIMV EGGIWW XS [IPP TEMH NSFW 1SVISZIV
MQTPIQIRXMRK XLMW TSTYPEXMSR GSRXVSP TSPMG] [MPP TYX XLI GSYRXV] SR E TVEGXMGEPP]
MVVIZIVWMFPI GSYVWI SJ TSTYPEXMSR HIGPMRI ERH EKIMRK [LSWI GSRWIUYIRGIW [I [SYPH
[ERX XS EZSMH
*SV I\EQTPI WPS[MRK HS[R XLI TSTYPEXMSR KVS[XL PIEHW XS E WMXYEXMSR [LIVIMR XLI
WLEVI SJ TIVWSRW ]IEVW ERH SPHIV M I VIXMVIH [SVOIVW MRGVIEWIW [LMPI XLI WLEVI SJ
TIVWSRW FIX[IIR XLI EKIW SJ ERH ]IEVW HIGVIEWIW 8LMW VIWYPXW MR JI[IV ERH
JI[IV [SVOIVW WYTTSVXMRK SRI VIXMVIH [SVOIV ERH QEOIW MX QSVI HMJJMGYPX XS JMRERGI
TIRWMSR JYRH W]WXIQW MR XLI PSRK VYR 1SVISZIV LMWXSV] XIPPW YW XLEX KSZIVRQIRX
TSTYPEXMSR TVSKVEQW X]TMGEPP] HVMZI JIVXMPMX] VEXIW FIPS[ XLI VITPEGIQIRX PIZIP SJ
GLMPHVIR TIV JEQMP] [LMGL QIERW XLEX XLI GSYRXV] W TSTYPEXMSR [MPP FI HIGPMRMRK MR XLI
PSRK VYR % WLVMROMRK TSTYPEXMSR QIERW JI[IV QMRHW ERH LERHW [MPP FI EVSYRH XS JMRH
ERH MQTPIQIRX MRRSZEXMZI WSPYXMSRW XS XLI GLEPPIRKIW MX JEGIW
-RWXIEH SJ MQTPIQIRXMRK E X[S GLMPH TSPMG] [I WLSYPH JSGYW SYV IJJSVXW SR VIETMRK E
TSWWMFPI HIQSKVETLMG HMZMHIRH´E WXEKI MR E TSTYPEXMSR [LIVI TSXIRXMEP [SVOIVW
WYTTSVX VIPEXMZIP] JI[IV RYQFIV SJ GLMPH ERH IPHIVP] HITIRHIRXW´F] IHYGEXMRK SYV
TISTPI JSV [IPP TEMH NSFW ERH EXXVEGXMRK XLI MRZIWXQIRXW RIIHIH XS KIRIVEXI XLI
EHHMXMSREP NSFW JSV XLI QMPPMSR IRXVERXW MRXS XLI [SVOJSVGI IEGL ]IEV ;LEX
JSPPS[W MW ER IPEFSVEXMSR SJ XLMW UYMGO VIZMI[
9RTPERRIH FMVXLW EVI MRXIVTVIXIH EW XLI YRQIX RIIH SJ [SQIR [LS [SYPH YWI
GSRXVEGITXMZIW MJ XLI] LEH XLI GLERGI XS HS WS 7S EW MXW TVSTSRIRXW EVKYI F]
IRGSYVEKMRK E X[S GLMPH TSPMG] ERH GSRXVEGITXMZI EGGIWW TSTYPEXMSR
QEREKIQIRX MW HIWMKRIH XS QIIX XLMW RIIH
%WMHI JVSQ LEZMRK WLS[R XLEX TSTYPEXMSR KVS[XL LEW RS HMVIGX GEYWEP IJJIGX SR
IGSRSQMG KVS[XL ERH TSZIVX] ERH XLEX TSTYPEXMSR KVS[XL [MPP RSX VIQEMR EX
GYVVIRX VEXIW FYX [MPP EGXYEPP] HIGVIEWI XLI X[S GLMPH MHIEP JEQMP] WM^I MW JPE[IH
JSV XLVII VIEWSRW
*MVWX QIEWYVIW SJ YRQIX RIIH [LMGL EVI YWIH XS IWXMQEXI HIWMVIH JIVXMPMX] ERH
MHIEP JEQMP] WM^I EVI YRVIPMEFPI 0ERX 4VMXGLIXX E HIZIPSTQIRX IGSRSQMWX EX XLI
,EVZEVH /IRRIH] 7GLSSP SJ KSZIVRQIRX TSMRXIH SYX MR XLEX XLI JMKYVI JSV
µYRQIX RIIH¶ JSV GSRXVEGITXMSR PYQTW XSKIXLIV EPP [SQIR [LS QMKLX RSX [ERX E
GLMPH MQQIHMEXIP] ERH EVI RSX YWMRK GSRXVEGITXMSR 8LIWI [SQIR LS[IZIV
[SYPH MRGPYHI XLSWI [LS QE] FI MRJIVXMPI XLSWI [LS QE] FI WI\YEPP] MREGXMZI
ERH XLSWI [LS QE] LEZI QSVEP VIEWSRW RSX XS YWI GSRXVEGITXMZI HVYKW SV
HIZMGIW IZIR MJ XLI] [IVI EZEMPEFPI
8]TMGEPP] TSTYPEXMSR QEREKIQIRX TVSTSRIRXW FVMRK YT XLI IWXMQEXIH
MRHYGIH EFSVXMSRW HSRI IEGL ]IEV EW IZMHIRGI SJ ER LYKI YRQIX RIIH JSV
GSRXVEGITXMZIW % VIZMI[ SJ XLI QIXLSHSPSK] WLS[W XLEX MX GSRXEMRW EX PIEWX
XLVII JPE[W XLEX SZIVIWXMQEXIW XLI EGXYEP RYQFIV 9WMRK X[S ETTVSEGLIW [I
EVVMZIH EX XLI QYGL PS[IV IWXMQEXIW SJ ERH MRHYGIH EFSVXMSRW
HSRI ERRYEPP] 7II %TTIRHM\
7IGSRH YRQIX RIIH TPE]W E VIPEXMZIP] WQEPP VSPI MR I\TPEMRMRK XLI EGXYEP JIVXMPMX] SJ
[SQIR 4VMXGLIXX JSYRH XLEX XLI µHIWMVIH PIZIPW SJ JIVXMPMX] EGGSYRX JSV SJ
XLI HMJJIVIRGIW EGVSWW GSYRXVMIW MR XSXEP JIVXMPMX] VEXIW ¶ -R SXLIV [SVHW GSYTPIW LEZI
PEVKI JEQMPMIW FIGEYWI XLI] [ERX PEVKI JEQMPMIW -X QEOIW TIVJIGX WIRWI JSV I\EQTPI
XLEX *MPMTMRS JEVQIVW QE] [ERX PEVKIV JEQMPMIW FIGEYWI XLI] [ERX QSVI LERHW XS LIPT
XLIQ MR XLI JEVQ EW [IPP EW GLMPHVIR [LS GER XEOI GEVI SJ XLIQ MR XLIMV SPH EKI
8LMVH MQTPIQIRXMRK E X[S GLMPH TSPMG] EW TEVX SJ E TSTYPEXMSR QEREKIQIRX TVSKVEQ
WIXW XLI GSYRXV] SR E GSYVWI SJ TSTYPEXMSR HIGPMRI ERH EKIMRK XLEX MX [SYPH [ERX XS
EZSMH WMRGI MX [SYPH FI HMJJMGYPX XS VIZIVWI ,IVI¸W [L] .SWITL 'LEQMI HMVIGXSV SJ XLI
92 4STYPEXMSR (MZMWMSR MR E TETIV TVIWIRXIH XS XLI 4STYPEXMSR %WWSGMEXMSR SJ %QIVMGE
MR %TVMP WE]W µ7M\X] GSYRXVMIW´EFSYX SRI XLMVH SJ XLI GSYRXVMIW MR XLI [SVPH´
LEZI TIVMSH JIVXMPMX] VEXIW FIPS[ ERH LEPJ SJ XLSWI GSYRXVMIW LEZI PIZIPW SJ SV
PIWW ¶ *IVXMPMX] VEXIW FIPS[ XLI VITPEGIQIRX VEXI SJ QIERW XLEX XLIWI GSYRXVMIW [MPP
IZIRXYEPP] I\TIVMIRGI XLI HIGPMRI ERH EKIMRK SJ XLIMV TSTYPEXMSRW *SV I\EQTPI
WM\XIIR GSYRXVMIW EVI TVSNIGXIH XS PSWI EX PIEWX SRI QMPPMSR TISTPI SZIV XLI
TIVMSH *SYV GSYRXVMIW GSYPH I\TIVMIRGI TSTYPEXMSR HIGPMRIW EX KVIEXIV XLER QMPPMSR
.ETER QMPPMSR 6YWWME QMPPMSR 9OVEMRI QMPPMSR ERH +IVQER] QMPPMSR -R
XLI WEQI TETIV 'LEQMI TVIWIRXW E XEFPI XLEX MRHMGEXIW XLEX SJ XLI GSYRXVMIW [MXL
FIPS[ VITPEGIQIRX JIVXMPMX] VEXIW EVI MQTPIQIRXMRK TVSKVEQW XS VEMWI JIVXMPMX] VEXIW
)\GIVTXW JVSQ RI[WTETIV ERH QEKE^MRI EVXMGPIW XLEX KMZI E WEQTPI [LEX WSQI SJ XLIWI
TVSKVEQW EVI TVIWIRXIH MR 8EFPI
-X GERRSX FI SZIVIQTLEWM^IH XLEX XLI GSYRXVMIW GYVVIRXP] I\TIVMIRGMRK FIPS[
VITPEGIQIRX VEXIW WXEVXIH SR XLMW TEXL [MXL E X[S GLMPH TSPMG] %GXMRK MR LMW TIVWSREP
GETEGMX] 'LEQMI GSRGPYHIW MR XLMW TETIV XLEX XLI IJJSVXW SJ GSYRXVMIW XS VEMWI JIVXMPMX]
VEXIW [MPP RSX FI IRSYKL XS FVMRK XLIQ FEGO XS VITPEGIQIRX PIZIPW 8LYW XLI
4LMPMTTMRIW WLSYPH PIEVR JVSQ XLI I\TIVMIRGI SJ GSYRXVMIW [LS EVI RS[ XV]MRK XS VEMWI
XLIMV JIVXMPMX] VEXIW EJXIV YWMRK E X[S GLMPH TSPMG] XS VIHYGI XLIQ F] RSX EHSTXMRK XLI
X[S GLMPH TSPMG] EPXSKIXLIV
-RWXIEH SJ MQTPIQIRXMRK E X[S GLMPH TSTYPEXMSR TSPMG] [I WLSYPH JSGYW SYV IJJSVXW SR
GEWLMRK MR SR E TSWWMFPI µHIQSKVETLMG HMZMHIRH ¶ % GLERGI XS VIET E HIQSKVETLMG
HMZMHIRH I\MWXW [LIR E TVIZMSYWP] JEWX KVS[MRK TSTYPEXMSR HIGVIEWIW MXW KVS[XL VEXI MX
[EW RSXIH IEVPMIV XLEX XLI 92 TVSNIGXW XLEX XLI ERRYEP KVS[XL VEXI MR
[MPP KS HS[R XS MR ERH XLYW VIWYPXW MR XLI PEFSV JSVGI KVS[MRK JEWXIV
XLER XLI HITIRHIRX XLYW IGSRSQMGEPP] YRTVSHYGXMZI TSTYPEXMSR SJ GLMPHVIR ERH
IPHIVP] -R SXLIV [SVHW XLI TSTYPEXMSR MW MR E TLEWI [LIVI XLI TSXIRXMEP [SVOJSVGI
TSTYPEXMSR EKIH ]IEVW MW WYTTSVXMRK E VIPEXMZIP] WQEPPIV RYQFIV SJ HITIRHIRXW
TSTYPEXMSR EKIH ]IEVW GLMPH HITIRHIRXW ERH ]IEVW ERH SZIV IPHIVP]
HITIRHIRXW -J XLI TVSTIV TSPMGMIW EVI MR TPEGI HYVMRK XLMW HIQSKVETLMG WXEKI XLIR
XLI I\TIGXIH MRGVIEWI MR WEZMRKW ERH PEFSV WYTTP] GER FI LEVRIWWIH XS WYWXEMR VETMH
IGSRSQMG KVS[XL XLEX VIHYGIW TSZIVX]

8EFPI 8SXEP JIVXMPMX] VEXIW 8*6 ERH TSTYPEXMSR

ERH TVSNIGXIH TSTYPEXMSR GLERKI
MR WIPIGXIH GSYRXVMIW

'SYRXV] 8*6 4VSNIGXIH 'LERKI

4STYPEXMSR
MR QMPPMSRW MR QMPPMSRW
.ETER
6YWWME
9OVEMRI
+IVQER]
7SYXL /SVIE
8EM[ER
6SQERME
7TEMR
&YPKEVME
&IPEVYW
7IVFME
+ISVKME
'YFE
4SVXYKEP
,YRKEV]
'^IGL 6ITYFPMG

7SYVGI ;SVPH 4STYPEXMSR (EXE 7LIIX

8EFPI )\GIVTXW SJ RI[W EVXMGPIW SR JIVXMPMX] VEMWMRK TVSKVEQW MR WIPIGXIH GSYRXVMIW

%WMER IGSRSQMIW HIWTIVEXI JSV µ·3YV JEPPMRK FMVXL VEXI MW E GEYWI SJ KVIEX GSRGIVR ¸ 7MRKETSVI
FEFMIW 4VMQI 1MRMWXIV +SL 'LSO 8SRK WEMH MR E VIGIRX PYREV RI[
(EMP] )\TVIWW 2I[W *IFVYEV] ]IEV QIWWEKI MR [LMGL LI MWWYIH E JVIWL ETTIEP JSV LMW
TISTPI XS TVSHYGI QSVI FEFMIW ¶
*VERGI SJJIVW ) VI[EVH JSV µ8LI *VIRGL 4VMQI 1MRMWXIV .IER 4MIVVI 6EJJEVMR ERRSYRGIH
IEGL RI[ FEF] PEWX [IIO XLEX E FSRYW SJ õ † [MPP FI E[EVHIH
&VMXMWL 1IHMGEP .SYVREP 1E] QSXLIVW JSV IEGL FEF] FSVR EJXIV .ERYEV] 8LI FSRYW
MW TEVX SJ E WIVMIW SJ QIEWYVIW XS IRGSYVEKI JEQMPMIW XS LEZI
QSVI GLMPHVIR ¶
µ,EZI XLVII FEFMIW¶ XS WYWXEMR µ;SQIR [LS EVI JIVXMPI [MPP RIIH XS LEZI XLVII GLMPHVIR IEGL
XLI TSTYPEXMSR XS WYWXEMR XLI GYVVIRX TSTYPEXMSR SJ &VMXEMR EX EVSYRH
(EMP] 8IPIKVETL (IGIQFIV QMPPMSR XLI 3JJMGI SJ 2EXMSREP 7XEXMWXMGW WE]W ¶

'SYRXVMIW TPE] XLI HEXMRK KEQI µ;LIR KSZIVRQIRXW WXEVX VYRRMRK HEXMRK TVSKVEQQIW ]SY
XS LEPX XLI FEF] FPYIW ORS[ XLEX TSPMG]QEOIVW EVI [SVVMIH EFSYX PS[ FMVXL VEXIW
*MRERGMEP 8MQIW (IGIQFIV 7MRGI XLI PEXI W .ETERIWI TVIJIGXYVIW LEZI FIIR
SVKERM^MRK LMOMRK XVMTW ERH GVYMWIW JSV WMRKPI TISTPI¶
-XEP] SJJIVW GEWL XS FSSWX MXW µ8LI FYHKIX TEGOEKI MRGPYHIW E SRI XMQI IYVSW
FMVXL VEXI TE]QIRX XS -XEPMERW SR XLI FMVXL SJ XLIMV WIGSRH
6IYXIVW (IGIQFIV GLMPH E QIEWYVI WIX XS VYR JVSQ (IGIQFIV YRXMP XLI IRH SJ
¬ 1E]SV 6SGGS *EPMZIRE SJ 0EZMERS HMKKMRK HIIT
MRXS XS[R GSJJIVW MW SJJIVMRK GSYTPIW IYVSW
JSV IZIV] RI[FSVR FEF] ¶
,EZI QSVI FEFMIW WE] XLI µ;SQIR WLSYPH LEZI QSVI FEFMIW XS WXEZI SJJ XLI PSSQMRK
8SVMIW GVMWMW SJ ER EKIMRK TSTYPEXMSR XLI 8SVMIW [MPP WE] XSHE] 8LI
(EMP] 1EMP 7ITXIQFIV GEPP XS KS JSVXL ERH QYPXMTP] GSQIW JVSQ [SVO ERH TIRWMSRW
WTSOIWQER (EZMH ;MPPIXXW [LS [ERXW GSYTPIW XS WIRH FMVXL
VEXIW WSEVMRK ¶
'LMPH JVMIRHP] TSPMGMIW GER¸X µ8LI TSTYPEXMSR SJ 7GSXPERH [MPP JEPP FIPS[ JMZI QMPPMSR F]
HIJYWI E TSTYPEXMSR XMQIFSQF EGGSVHMRK XS E VIGIRX EVXMGPI 1SVI [SVV]MRK XLER XLI
7GSXPERH SR 7YRHE] JEGX XLI TSTYPEXMSR MW KIXXMRK WQEPPIV MW XLEX MX¸W EPWS KIXXMRK
*IFVYEV] SPHIV EW XLI FMVXL VEXI JEPPW WMKRMJMGERXP] %PP XLMW WYKKIWXW
XLEX F] XLI ]IEV XLIVI¸PP FI X[S TISTPI PIJX MR 7GSXPERH
TVSFEFP] E QEVVMIH GSYTPI MR XLIMV W PMZMRK MR &IEVWHIR ¶
7ISYP XS YWI XE\ FVIEOW XS µ8LI KSZIVRQIRX TPERW XS I\TERH XE\ FVIEOW JSV JEQMPMIW
MRGVIEWI FMVXL VEXI [MXL ]SYRK GLMPHVIR ERH MRGVIEWI WYTTSVX JSV HE]GEVI GIRXIVW
/SVIE ,IVEPH %YKYWX MR SVHIV XS LIPT [SVOMRK [SQIR ERH FSSWX /SVIE W JEPPMRK
FMVXL VEXI XLI 1MRMWXV] SJ *MRERGI ERH )GSRSQ] WEMH
]IWXIVHE] ¶
;L] LEZI GYTMH ERH XLI WXSVO µ'YTMH ERH XLI WXSVO JPI[ MRXS 4EVPMEQIRX JSV E WGSPHMRK
JEMPIH# ]IWXIVHE] EW 14W UYIWXMSRIH [L] 7MRKETSVI¸W ETTVSEGL XS
8LI 7XVEMXW 8MQIW 1EVGL KIX WMRKPIW XS XMI XLI ORSX ERH LEZI FEFMIW LEW JEMPIH 8LI]
HMH RSX LSPH FEGO XLIMV TYRGLIW EW XLI] GEPPIH SR XLI
+SZIVRQIRX XS VIPSSO MXW TSPMGMIW XLEX LEZI RIMXLIV WXSTTIH
RSV VIZIVWIH XLI HIGPMRMRK QEVVMEKI ERH JIVXMPMX] VEXIW %RH
14W [IVI RSX WLSVX SJ TSPMGMIW XS TYQQIP [VIWXPMRK [MXL
MWWYIW WYGL EW EFSVXMSR GLMPHGEVI MRJERX GEVI ERH
QEXGLQEOMRK EKIRGMIW ¶
-R EHHVIWW XS )WXSRMERW µ;SVVMIH EFSYX E HIGPMRMRK TSTYPEXMSR )WXSRME W TVIWMHIRX
4VIWMHIRX GEPPW SR GMXM^IRW XS LEW YVKIH XLI GSYRXV] W QMPPMSR VIWMHIRXW XS QEOI QSVI
LEZI QSVI FEFMIW FEFMIW ·0IX YW VIQIQFIV XLEX MR NYWX E GSYTPI SJ HIGEHIW
2I[ =SVO 8MQIW XLI RYQFIV SJ )WXSRMERW WIIMRK XLI 2I[ =IEV [MPP FI SRI
.ERYEV] JMJXL PIWW XLER XSHE] ¸ 4VIWMHIRX %VRSPH 6YYXIP WEMH MR E
WTIIGL FVSEHGEWX PMZI SR REXMSREP XIPIZMWMSR ;IHRIWHE] ¶
7SYVGI .SWITL 'LEQMI µ0S[ *IVXMPMX] 'ER +SZIVRQIRXW 1EOI E (MJJIVIRGI ¶ % TETIV
TVIWIRXIH XS XLI %RRYEP 1IIXMRK SJ XLI 4STYPEXMSR %WWSGMEXMSR SJ %QIVMGE &SWXSR %TVMP

;I VIGOSR XLEX XLI 4LMPMTTMRIW LEW E ]IEV [MRHS[ SJ STTSVXYRMX] XS VIET XLMW
TSWWMFPI HIQSKVETLMG HMZMHIRH &EWIH SR XLI 92 LMKL ZEVMERX TVSNIGXMSR XLI XSXEP
HITIRHIRG] VEXMS XSXEP RYQFIV SJ HITIRHIRXW JSV IZIV] TSXIRXMEP [SVOIVW MW
I\TIGXIH XS IEWI JVSQ MR XS MXW PS[IWX PIZIP SJ MR 3ZIV XLI WEQI
]IEV TIVMSH XLI 92 TVSNIGXW XLEX XLI GLMPH HITIRHIRG] VEXMS RYQFIV SJ GLMPH
HITIRHIRXW JSV IZIV] TSXIRXMEP [SVOIVW [MPP KS HS[R JVSQ XS 8LI IPHIVP]
HITIRHIRG] VEXMS RYQFIV SJ IPHIVP] HITIRHIRXW JSV IZIV] TSXIRXMEP [SVOIVW SJ
WM\ MR MW I\TIGXIH XS MRGVIEWI XS E WXMPP QEREKIEFPI VEXMS SJ MR 8LIWI
JMKYVIW GPIEVP] WLS[ XLEX XLI 4LMPMTTMRIW MW RSX WYJJIVMRK JVSQ E µHIQSKVETLMG SRYW¶ EW
WSQI TISTPI EVI GPEMQMRK 6EXLIV [I EVI EGXYEPP] WMXXMRK SR XST SJ E TSWWMFPI ]IEV
µHIQSKVETLMG FSRYW ¶
8S VIET XLMW HIQSKVETLMG HMZMHIRH SZIV XLI RI\X ]IEVW [LEX RIIHW XS FI HSRI MW XS
IHYGEXI XLIWI TSXIRXMEP [SVOIVW XS TVITEVI XLIQ XS KIX KSSH NSFW ERH XS MQTPIQIRX
TSPMGMIW XLEX [SYPH EXXVEGX XLI MRZIWXQIRXW RIIHIH XS KIRIVEXI KSSH TE]MRK NSFW XLEX
[SYPH QEXGL XLI TVSNIGXIH ERRYEP EHHMXMSR SJ QMPPMSR XS XLI TSXIRXMEP
[SVOJSVGI

%TTIRHM\
% WYQQEV] SJ %R %REP]WMW SJ XLI )WXMQEXIH *MKYVI SJ MRHYGIH EFSVXMSRW MR XLI
4LMPMTTMRIW MR EW TYFPMWLIH MR E +YXXQEGLIV -RWXMXYXI VITSVX F] 7YWLIIPE
7MRKL IX EP
&] (V 6SFIVXS (I :IVE
-R XLI +YXXQEGLIV -RWXMXYXI VITSVX 9RMRXIRHIH 4VIKRERGMIW ERH -RHYGIH
%FSVXMSRW MR XLI 4LMPMTTMRIW 'EYWIW ERH 'SRWIUYIRGIW 7YWLIIPE 7MRKL IX EP
IWXMQEXIH XLEX XLIVI [IVI MRHYGIH EFSVXMSRW GSQTPIXIH MR XLI 4LMPMTTMRIW MR
YWMRK E QIXLSH GSRWMWXMRK SJ XLVII WXITW *MVWX FEWIH SR VITSVXW KEXLIVIH JVSQ
LSWTMXEPW [LMGL GSRXEMRIH XLI XST XIR PIEHMRK GEYWIW SJ EHQMWWMSR MR XLI
TIVMSH XLI] EVVMZIH EX ER IWXMQEXI SJ XLI RYQFIV SJ [SQIR MR [LS [IVI
LSWTMXEPM^IH HYI XS GSQTPMGEXMSRW JVSQ FSXL MRHYGIH ERH WTSRXERISYW EFSVXMSRW
7IGSRH XLI] GEPGYPEXIH XLI RYQFIV SJ [SQIR LSWTMXEPM^IH JSV MRHYGIH EFSVXMSRW F]
WYFXVEGXMRK XLI IWXMQEXIH RYQFIV SJ [SQIR LSWTMXEPM^IH JSV WTSRXERISYW EFSVXMSRW
SV QMWGEVVMEKIW JVSQ XLI IWXMQEXIH RYQFIV SJ [SQIR LSWTMXEPM^IH JSV MRHYGIH ERH
WTSRXERISYW EFSVXMSRW *MREPP] XLI] EVVMZIH EX XLI IWXMQEXIH RYQFIV SJ [SQIR [LS
LEH MRHYGIH EFSVXMSRW F] QYPXMTP]MRK XLI IWXMQEXIH RYQFIV SJ [SQIR LSWTMXEPM^IH JSV
GSQTPMGEXMSRW HYI XS MRHYGIH EFSVXMSRW F] XS EGGSYRX JSV XLI [SQIR [LS LEH
MRHYGIH EFSVXMSRW [LS HMHR X KS XS XLI LSWTMXEP
;I JMRH XLEX XLIMV QIXLSH SZIVIWXMQEXIW XLI JMKYVI SJ MRHYGIH EFSVXMSRW MR XLI
4LMPMTTMRIW MR FIGEYWI SJ XLVII JPE[W 8LIWI JPE[W LEH XLI IJJIGX SJ
SZIVIWXMQEXMRK XLI JMKYVI JSV [SQIR LSWTMXEPM^IH JSV WTSRXERISYW ERH MRHYGIH
EFSVXMSRW HYI XS ER EWWYQTXMSR XLEX MW [IEOP] WYTTSVXIH F] WXEXMWXMGEP HEXE
YRHIVIWXMQEXMRK XLI RYQFIV SJ [SQIR LSWTMXEPM^IH JSV GSQTPMGEXMSRW HYI XS
WTSRXERISYW EFSVXMSRW SV QMWGEVVMEKIW FIGEYWI MX QMWXEOIRP] GSZIVW SRP] XLSWI
[SQIR [MXL WTSRXERISYW EFSVXMSRW SGGYVVMRK MR XL XS RH [IIO SJ TVIKRERG] [LS
[IVI LSWTMXEPM^IH JSV GSQTPMGEXMSRW ERH YWMRK E QYPXMTPMIV [LMGL QSWX PMOIP] MW
LMKLIV XLER XLI VEXMS SJ XLI RYQFIV SJ [SQIR [LS LEZI MRHYGIH EFSVXMSRW XS XLI
RYQFIV SJ [SQIR [LS EVI LSWTMXEPM^IH JSV GSQTPMGEXMSRW HYI XS MRHYGIH EFSVXMSRW
9WMRK QSHMJMIH ZIVWMSR SJ XLI 7MRKL IX EP QIXLSHSPSK] GSVVIGXIH XS EGGSYRX JSV XLI
EFSZI JPE[W [I EVVMZIH EX ER EPXIVREXMZI IWXMQEXI SJ MRHYGIH EFSVXMSRW MR XLI
4LMPMTTMRIW MR EFSVXMSRW TIV [SQIR MR XLI VITVSHYGXMZI EKI 9WMRK E
WIGSRH QIXLSH [I QYPXMTPMIH XLI WLEVI SJ MRHYGIH EFSVXMSRW XS PMZI FMVXLW F]
XLI RYQFIV SJ PMZI FMVXLW MR XS EVVMZI EX WIGSRH IWXMQEXI SJ MRHYGIH
EFSVXMSRW MR XLI 4LMPMTTMRIW MR EFSVXMSRW TIV [SQIR SJ VITVSHYGXMZI
EKI ;I GSRWMHIV XLIWI X[S IWXMQEXIW SJ MRHYGIH EFSVXMSR MR XLI 4LMPMTTMRIW MR
XS FI QSVI VIEWSREFPI XLER XLI IWXMQEXI MRHYGIH EFSVXMSRW TIV
[SQIR SJ VITVSHYGXMZI EKI TYFPMWLIH MR XLI +YXXQEGLIV -RWXMXYXI VITSVX