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 6ILSFSEQ ERW[IVIHw'SQIFEGO XS QI MRXLVII
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 8LIR /MRK 6ILSFSEQ GSRWYPXIH XLI IPHIVW [LS
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 &YX6ILSFSEQVINIGXIHXLIEHZMGIXLIIPHIVWKEZI
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 8LVIIHE]W PEXIV .IVSFSEQ ERH EPPXLI TISTPI VI
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 ;LIREPP-WVEIPWE[XLEXXLIOMRKVIJYWIHXSPMWXIRXS
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VYPIHSZIVXLIQ
 /MRK6ILSFSEQWIRXSYX%HSRMVEQ E [LS[EWMR
GLEVKISJJSVGIHPEFSVFYXXLI-WVEIPMXIWWXSRIHLMQXS
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LMW GLEVMSX ERH IWGETI XS .IVYWEPIQ  7S -WVEIP LEW
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;LIR 6ILSFSEQ EVVMZIH MR .IVYWEPIQ LI QYW
XIVIHXLILSYWISJ .YHELERH&IRNEQMR{ELYR
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VIKMSR

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F

EKEMRWX -WVEIP ERH XS VIKEMR XLI OMRKHSQ JSV 6ILS

FSEQ
 &YX XLMW [SVH SJ XLI 036( GEQI XS 7LIQEMEL XLI
QERSJ+SH w7E]XS6ILSFSEQWSRSJ7SPSQSROMRKSJ
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 u8LMW MW [LEX XLI 036( WE]W (S RSX KS YT XS JMKLX
EKEMRWX]SYVFVSXLIVW+SLSQIIZIV]SRISJ]SYJSV
XLMW MW Q] HSMRKv x 7S XLI] SFI]IH XLI [SVHW SJ XLI
036( ERHXYVRIHFEGOJVSQQEVGLMRKEKEMRWX.IVSFSEQ
 6ILSFSEQ PMZIHMR .IVYWEPIQERHFYMPX YTXS[RW
JSV HIJIRWI MR.YHEL  &IXLPILIQ )XEQ8IOSE  &IXL
>YV7SGS%HYPPEQ  +EXL1EVIWLEL>MTL  %HSVEMQ
0EGLMWL %^IOEL  >SVEL %MNEPSRERH ,IFVSR8LIWI
[IVI JSVXMJMIH GMXMIW MR .YHEL ERH &IRNEQMR  ,I
WXVIRKXLIRIH XLIMV HIJIRWIW ERH TYX GSQQERHIVW MR
XLIQ[MXLWYTTPMIWSJJSSHSPMZISMPERH[MRI ,ITYX
WLMIPHWERHWTIEVWMREPPXLIGMXMIWERHQEHIXLIQZIV]
WXVSRK7S.YHELERH&IRNEQMR[IVILMW
 8LI TVMIWXW ERH 0IZMXIW JVSQ EPP XLIMV HMWXVMGXW
XLVSYKLSYX -WVEIP WMHIH [MXL LMQ  8LI 0IZMXIW IZIR
EFERHSRIHXLIMVTEWXYVIPERHWERHTVSTIVX]ERHGEQI
XS.YHELERH.IVYWEPIQFIGEYWI.IVSFSEQERHLMWWSRW
LEHVINIGXIHXLIQEWTVMIWXWSJXLI036(  %RHLIET
TSMRXIHLMWS[RTVMIWXWJSVXLILMKLTPEGIWERHJSVXLI
KSEX ERH GEPJ MHSPW LI LEH QEHI  8LSWI JVSQ IZIV]
XVMFISJ-WVEIP[LSWIXXLIMVLIEVXWSRWIIOMRKXLI036(
XLI+SHSJ-WVEIPJSPPS[IHXLI0IZMXIWXS.IVYWEPIQXS
SJJIV WEGVMJMGIW XS XLI 036( XLI +SH SJ XLIMV JEXLIVW
 8LI] WXVIRKXLIRIH XLI OMRKHSQ SJ .YHEL ERH WYT
TSVXIH6ILSFSEQWSRSJ7SPSQSRXLVII]IEVW[EPOMRK
MRXLI[E]WSJ(EZMHERH7SPSQSRHYVMRKXLMWXMQI

 6ILSFSEQ QEVVMIH 1ELEPEXL [LS [EW XLI

HEYKLXIV SJ (EZMHvW WSR .IVMQSXL ERH SJ %FMLEMP XLI
HEYKLXIVSJ.IWWIvWWSR)PMEF 7LIFSVILMQWSRW.IYWL
7LIQEVMEL ERH >ELEQ  8LIR LI QEVVMIH 1EEGEL
HEYKLXIVSJ%FWEPSQ[LSFSVILMQ%FMNEL%XXEM>M^E
ERH7LIPSQMXL 6ILSFSEQPSZIH1EEGELHEYKLXIVSJ
%FWEPSQQSVIXLERER]SJLMWSXLIV[MZIWERHGSRGY
FMRIW -R EPP LI LEH IMKLXIIR [MZIW ERH WM\X] GSRGY
FMRIWX[IRX]IMKLXWSRWERHWM\X]HEYKLXIVW
 6ILSFSEQETTSMRXIH%FMNELWSRSJ1EEGELXSFI
XLIGLMIJTVMRGIEQSRKLMWFVSXLIVWMRSVHIVXSQEOI
LMQOMRK ,IEGXIH[MWIP]HMWTIVWMRKWSQISJLMWWSRW
XLVSYKLSYXXLIHMWXVMGXWSJ.YHELERH&IRNEQMRERHXS
EPPXLI JSVXMJMIH GMXMIW ,I KEZI XLIQ EFYRHERX TVSZM
WMSRWERHXSSOQER][MZIWJSVXLIQ

%JXIV6ILSFSEQvWTSWMXMSREWOMRK[EWIWXEFPMWLIH
ERHLILEHFIGSQIWXVSRKLIERHEPP-WVEIP F [MXL
LMQEFERHSRIHXLIPE[SJXLI036(  &IGEYWIXLI]LEH
FIIRYRJEMXLJYPXSXLI036( 7LMWLEOOMRKSJ)K]TXEX
XEGOIH.IVYWEPIQ MRXLI JMJXL ]IEVSJ /MRK6ILSFSEQ
 ;MXL X[IPZI LYRHVIH GLEVMSXW ERH WM\X] XLSYWERH
LSVWIQIRERHXLIMRRYQIVEFPIXVSSTWSJ0MF]ERW7YO
OMXIWERH'YWLMXIW G XLEXGEQI[MXLLMQJVSQ)K]TX LI
GETXYVIHXLIJSVXMJMIHGMXMIWSJ.YHELERHGEQIEWJEVEW
.IVYWEPIQ
 8LIR XLI TVSTLIX 7LIQEMEL GEQI XS 6ILSFSEQ
ERHXSXLIPIEHIVWSJ.YHEL[LSLEHEWWIQFPIHMR.IVY
WEPIQJSVJIEVSJ7LMWLEOERHLIWEMHXSXLIQw8LMWMW
[LEXXLI 036( WE]Wu=SY LEZI EFERHSRIHQI XLIVI
JSVI-RS[EFERHSR]SYXS7LMWLEOv x
 8LIPIEHIVWSJ-WVEIPERHXLIOMRKLYQFPIHXLIQ
WIPZIWERHWEMHw8LI036( MWNYWXx
 ;LIRXLI036( WE[XLEXXLI]LYQFPIHXLIQWIPZIW
XLMW [SVHSJXLI 036( GEQI XS7LIQEMELw7MRGI XLI]

8LEXMW.YHELEWJVIUYIRXP]MR 'LVSRMGPIW

G

8LEXMWTISTPIJVSQXLIYTTIV2MPI

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[MPPWSSRKMZIXLIQHIPMZIVERGI1][VEXL[MPPRSX FI
TSYVIHSYXSR.IVYWEPIQXLVSYKL7LMWLEO 8LI][MPP
LS[IZIVFIGSQIWYFNIGXXSLMQWSXLEXXLI]QE]PIEVR
XLI HMJJIVIRGI FIX[IIR WIVZMRK QI ERH WIVZMRK XLI
OMRKWSJSXLIVPERHWx
 ;LIR7LMWLEOOMRKSJ)K]TXEXXEGOIH.IVYWEPIQLI
GEVVMIHSJJXLIXVIEWYVIWSJXLIXIQTPISJXLI036( ERH
XLIXVIEWYVIWSJXLIVS]EPTEPEGI,IXSSOIZIV]XLMRKMR
GPYHMRKXLIKSPHWLMIPHW7SPSQSRLEHQEHI 7S/MRK
6ILSFSEQ QEHI FVSR^I WLMIPHW XS VITPEGIXLIQ ERH
EWWMKRIHXLIWIXSXLIGSQQERHIVWSJXLIKYEVHSRHYX]
EXXLIIRXVERGIXSXLIVS]EPTEPEGI ;LIRIZIVXLIOMRK
[IRX XS XLI 036(vWXIQTPI XLI KYEVHW[IRX [MXLLMQ
FIEVMRKXLIWLMIPHWERHEJXIV[EVHXLI]VIXYVRIHXLIQ
XSXLIKYEVHVSSQ
 &IGEYWI6ILSFSEQ LYQFPIHLMQWIPJ XLI036(vW
ERKIV XYVRIH JVSQ LMQ ERH LI [EW RSX XSXEPP] HI
WXVS]IH-RHIIHXLIVI[EWWSQIKSSHMR.YHEL
 /MRK 6ILSFSEQ IWXEFPMWLIHLMQWIPJJMVQP] MR .I
VYWEPIQERHGSRXMRYIHEWOMRK,I[EWJSVX]SRI]IEVW
SPH [LIR LI FIGEQI OMRKERH LI VIMKRIH WIZIRXIIR
]IEVWMR.IVYWEPIQXLIGMX]XLI036( LEHGLSWIRSYXSJ
EPP XLI XVMFIW SJ -WVEIP MR [LMGL XS TYX LMW 2EQI ,MW
QSXLIVvW REQI [EW 2EEQEL WLI [EW ER %QQSRMXI
 ,IHMHIZMPFIGEYWILILEHRSXWIXLMWLIEVXSRWIIOMRK
XLI036(
 %WJSVXLIIZIRXWSJ6ILSFSEQvWVIMKRJVSQFIKMR
RMRKXSIRHEVIXLI]RSX[VMXXIRMRXLIVIGSVHWSJ7LI
QEMELXLITVSTLIXERHSJ-HHSXLIWIIVXLEXHIEP[MXL
KIRIEPSKMIW#8LIVI[EWGSRXMRYEP[EVJEVIFIX[IIR6I
LSFSEQERH.IVSFSEQ 6ILSFSEQVIWXIH[MXLLMWJE
XLIVWERH[EWFYVMIHMRXLI'MX]SJ(EZMH%RH%FMNEL
LMWWSRWYGGIIHIHLMQEWOMRK
-R XLI IMKLXIIRXL ]IEV SJXLIVIMKR SJ .IVSFSEQ
%FMNELFIGEQIOMRKSJ.YHEL  ERHLIVIMKRIHMR
.IVYWEPIQ XLVII ]IEVW ,MW QSXLIVvW REQI [EW 1EE
GEL E EHEYKLXIV F SJ9VMIPSJ+MFIEL
8LIVI[EW[EVFIX[IIR%FMNELERH.IVSFSEQ %FM
NEL[IRXMRXSFEXXPI[MXLEJSVGISJJSYVLYRHVIHXLSY
WERHEFPIJMKLXMRKQIRERH.IVSFSEQHVI[YTEFEXXPI
PMRI EKEMRWX LMQ [MXL IMKLX LYRHVIH XLSYWERH EFPI
XVSSTW
 %FMNELWXSSHSR1SYRX>IQEVEMQMRXLILMPPGSYR
XV]SJ)TLVEMQERHWEMHw.IVSFSEQERHEPP-WVEIPPMWXIR
XSQI (SRvX]SYORS[XLEXXLI036( XLI+SHSJ-WVEIP
LEW KMZIR XLI OMRKWLMT SJ -WVEIP XS (EZMH ERH LMW HI
WGIRHERXWJSVIZIVF]EGSZIRERXSJWEPX# =IX.IVSFSEQ
WSR SJ2IFEXERSJJMGMEPSJ7SPSQSRWSRSJ(EZMHVI
FIPPIHEKEMRWXLMWQEWXIV  7SQI[SVXLPIWWWGSYRHVIPW
KEXLIVIHEVSYRHLMQ ERH STTSWIH 6ILSFSEQ WSR SJ
7SPSQSR [LIRLI [EW ]SYRK ERH MRHIGMWMZIERHRSX
WXVSRKIRSYKLXSVIWMWXXLIQ
 w%RH RS[ ]SY TPER XS VIWMWX XLI OMRKHSQ SJ XLI
036( [LMGLMWMRXLILERHWSJ(EZMHvWHIWGIRHERXW=SY
EVI MRHIIHE ZEWX EVQ] ERH LEZI[MXL ]SY XLI KSPHIR
GEPZIWXLEX.IVSFSEQQEHIXSFI]SYVKSHW &YXHMHRvX
]SYHVMZISYXXLITVMIWXWSJXLI036( XLIWSRWSJ%EVSR
ERH XLI 0IZMXIW ERH QEOI TVMIWXWSJ ]SYVS[R EWXLI
TISTPIW SJSXLIV PERHW HS#;LSIZIVGSQIWXS GSRWI
GVEXILMQWIPJ[MXLE]SYRKFYPPERHWIZIRVEQWQE]FI
GSQIETVMIWXSJ[LEXEVIRSXKSHW
 w%W JSV YWXLI 036( MW SYV +SHERH[I LEZIRSX
JSVWEOIRLMQ8LITVMIWXW[LSWIVZIXLI036( EVIWSRWSJ
%EVSR ERH XLI 0IZMXIW EWWMWX XLIQ  )ZIV] QSVRMRK
ERHIZIRMRKXLI]TVIWIRXFYVRXSJJIVMRKWERHJVEKVERX
MRGIRWIXSXLI036( 8LI]WIXSYXXLIFVIEHSRXLIGIVI
QSRMEPP] GPIER XEFPI ERH PMKLX XLI PEQTW SR XLI KSPH

PEQTWXERHIZIV]IZIRMRK;IEVISFWIVZMRKXLIVIUYMVI
QIRXWSJXLI036( SYV+SH&YX]SYLEZIJSVWEOIRLMQ
 +SHMW[MXLYWLIMWSYVPIEHIV,MWTVMIWXW[MXLXLIMV

XVYQTIXW[MPPWSYRHXLIFEXXPIGV]EKEMRWX]SY1IRSJ
-WVEIPHSRSXJMKLXEKEMRWXXLI036( XLI+SHSJ]SYVJE
XLIVWJSV]SY[MPPRSXWYGGIIHx
 2S[.IVSFSEQLEHWIRXXVSSTWEVSYRHXSXLIVIEV
WSXLEX[LMPILI[EWMRJVSRXSJ.YHELXLIEQFYWL[EW
FILMRH XLIQ  .YHEL XYVRIH ERH WE[ XLEXXLI] [IVI
FIMRKEXXEGOIHEXFSXLJVSRXERHVIEV8LIRXLI]GVMIH
SYXXSXLI036( 8LITVMIWXWFPI[XLIMVXVYQTIXW  ERH
XLIQIRSJ.YHELVEMWIHXLIFEXXPIGV]%XXLIWSYRHSJ
XLIMVFEXXPIGV]+SHVSYXIH.IVSFSEQERHEPP-WVEIPFI
JSVI %FMNEL ERH .YHEL  8LI-WVEIPMXIW JPIH FIJSVI.Y
HELERH+SHHIPMZIVIHXLIQMRXSXLIMVLERHW %FMNEL
ERH LMW QIR MRJPMGXIH LIEZ] PSWWIW SR XLIQ WS XLEX
XLIVI[IVIJMZILYRHVIHXLSYWERHGEWYEPXMIWEQSRK-W
VEIPvWEFPI QIR  8LI QIR SJ-WVEIP [IVIWYFHYIHSR
XLEX SGGEWMSR ERH XLI QIR SJ .YHEL [IVI ZMGXSVMSYW
FIGEYWI XLI] VIPMIH SR XLI 036( XLI +SH SJ XLIMV JE
XLIVW
 %FMNELTYVWYIH.IVSFSEQERHXSSOJVSQLMQXLI
XS[RWSJ&IXLIP.IWLERELERH)TLVSR[MXLXLIMVWYV
VSYRHMRK ZMPPEKIW  .IVSFSEQ HMH RSX VIKEMR TS[IV
HYVMRK XLI XMQI SJ %FMNEL %RH XLI 036( WXVYGO LMQ
HS[RERHLIHMIH
 &YX%FMNELKVI[MRWXVIRKXL,IQEVVMIHJSYVXIIR
[MZIWERHLEHX[IRX]X[SWSRWERHWM\XIIRHEYKLXIVW
 8LISXLIVIZIRXWSJ%FMNELvWVIMKR[LEXLIHMHERH
[LEX LI WEMH EVI [VMXXIR MR XLI ERRSXEXMSRW SJ XLI
TVSTLIX-HHS
%RH%FMNELVIWXIH[MXLLMWJEXLIVWERH[EWFYVMIH
MRXLI'MX]SJ(EZMH%WELMWWSRWYGGIIHIHLMQEW
OMRKERHMRLMWHE]WXLIGSYRXV][EWEXTIEGIJSVXIR
]IEVW
 %WEHMH[LEX[EWKSSHERHVMKLXMRXLII]IWSJXLI
036( LMW +SH  ,IVIQSZIHXLIJSVIMKREPXEVWERH XLI
LMKLTPEGIWWQEWLIHXLIWEGVIHWXSRIWERHGYXHS[R
XLI%WLIVELTSPIW G  ,IGSQQERHIH.YHELXSWIIOXLI
036( XLI+SHSJXLIMVJEXLIVWERHXSSFI]LMWPE[WERH
GSQQERHW  ,IVIQSZIHXLILMKLTPEGIWERHMRGIRWI
EPXEVWMRIZIV]XS[RMR.YHELERHXLIOMRKHSQ[EWEX
TIEGIYRHIVLMQ ,IFYMPXYTXLIJSVXMJMIHGMXMIWSJ.Y
HEL WMRGI XLI PERH [EW EX TIEGI 2S SRI [EW EX [EV
[MXLLMQHYVMRKXLSWI]IEVWJSVXLI036( KEZILMQVIWX
 w0IX YW FYMPH YT XLIWI XS[RWx LI WEMH XS .YHEL
wERH TYX [EPPW EVSYRH XLIQ [MXL XS[IVW KEXIW ERH
FEVW8LIPERHMWWXMPPSYVWFIGEYWI[ILEZIWSYKLXXLI
036( SYV+SH[IWSYKLXLMQERHLILEWKMZIRYWVIWX
SRIZIV]WMHIx7SXLI]FYMPXERHTVSWTIVIH
 %WELEHEREVQ]SJXLVIILYRHVIHXLSYWERHQIR
JVSQ .YHEL IUYMTTIH [MXL PEVKI WLMIPHW ERH [MXL
WTIEVW ERH X[S LYRHVIH ERH IMKLX] XLSYWERH JVSQ
&IRNEQMREVQIH[MXLWQEPPWLMIPHWERH[MXLFS[W%PP
XLIWI[IVIFVEZIJMKLXMRKQIR
 >IVELXLI'YWLMXIQEVGLIHSYXEKEMRWXXLIQ[MXLE
ZEWXEVQ] H ERHXLVIILYRHVIHGLEVMSXWERHGEQIEWJEV
EW 1EVIWLEL  %WE [IRX SYX XS QIIX LMQ ERH XLI]
XSSOYTFEXXPITSWMXMSRWMRXLI:EPPI]SJ>ITLEXLELRIEV
1EVIWLEL
 8LIR %WE GEPPIH XS XLI 0 36( LMW +SH ERH WEMH
w036( XLIVI MW RS SRIPMOI ]SY XS LIPT XLITS[IVPIWW
EKEMRWXXLIQMKLX],IPTYW3 036( SYV+SHJSV[IVIP]
SR ]SYERH MR ]SYVREQI[I LEZIGSQI EKEMRWX XLMW
ZEWXEVQ]3 036( ]SYEVISYV+SHHSRSXPIXQERTVI
ZEMPEKEMRWX]SYx
 8LI036( WXVYGOHS[RXLI'YWLMXIWFIJSVI%WEERH
.YHEL8LI'YWLMXIWJPIH  ERH%WEERHLMWEVQ]TYV

1SWX7ITXYEKMRXQERYWGVMTXWERH7]VMEGWIIEPWS 'LVSRERH /MRKW ,IFVI[1MGEMEL F  3VKVERHHEYKLXIV

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[MXLEREVQ]SJXLSYWERHWYTSRXLSYWERHW

E
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WYIH XLIQ EW JEV EW +IVEV 7YGL E KVIEX RYQFIV SJ

'YWLMXIW JIPP XLEX XLI] GSYPH RSX VIGSZIV XLI] [IVI
GVYWLIHFIJSVIXLI036( ERHLMWJSVGIW8LIQIRSJ.Y
HEL GEVVMIH SJJ EPEVKIEQSYRX SJ TPYRHIV  8LI]HI
WXVS]IHEPP XLI ZMPPEKIW EVSYRH+IVEVJSVXLI XIVVSV SJ
XLI 036( LEH JEPPIR YTSR XLIQ 8LI] TPYRHIVIH EPP
XLIWIZMPPEKIWWMRGIXLIVI[EWQYGLFSSX]XLIVI8LI]
EPWSEXXEGOIHXLIGEQTWSJXLILIVHWQIRERHGEVVMIHSJJ
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XS QI %WE ERH EPP .YHEL ERH &IRNEQMR 8LI 036( MW
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WEOI]SY  *SVE PSRKXMQI-WVEIP[EW[MXLSYXXLIXVYI
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MRXLIMVHMWXVIWWXLI]XYVRIHXSXLI036( XLI+SHSJ-WVE
IP ERH WSYKLX LMQ ERH LI [EW JSYRH F] XLIQ  -R
XLSWIHE]WMX[EWRSXWEJIXSXVEZIPEFSYXJSVEPPXLIMR
LEFMXERXWSJXLIPERHW[IVIMRKVIEXXYVQSMP  3RIRE
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SXLIVFIGEYWI+SH[EWXVSYFPMRKXLIQ[MXLIZIV]OMRH
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JSV]SYV[SVO[MPPFIVI[EVHIHx
 ;LIR%WELIEVHXLIWI[SVHWERHXLITVSTLIG]SJ
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VIQSZIHXLIHIXIWXEFPIMHSPWJVSQXLI[LSPIPERHSJ.Y
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 8LIR LI EWWIQFPIH EPP .YHEL ERH &IRNEQMR ERH
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 7MRKTVEMWIWXSXLI0 36(

IRXLVSRIHMR>MSR
TVSGPEMQEQSRKXLIREXMSRW[LEXLILEWHSRI
 *SVLI[LSEZIRKIWFPSSHVIQIQFIVW
LIHSIWRSXMKRSVIXLIGV]SJXLIEJJPMGXIH
 3

036( WIILS[Q]IRIQMIWTIVWIGYXIQI
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HIEXL
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MRXLIKEXIWSJXLI(EYKLXIVSJ>MSR
ERHXLIVIVINSMGIMR]SYVWEPZEXMSR
 8LIREXMSRWLEZIJEPPIRMRXSXLITMXXLI]LEZIHYK
XLIMVJIIXEVIGEYKLXMRXLIRIXXLI]LEZILMHHIR
 8LI036( MWORS[RF]LMWNYWXMGI
XLI[MGOIHEVIIRWREVIHF]XLI[SVOSJXLIMV
LERHW
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 8LI[MGOIHVIXYVRXSXLIKVEZI G
EPPXLIREXMSRWXLEXJSVKIX+SH
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 %VMWI3

036( PIXRSXQERXVMYQTL
PIXXLIREXMSRWFINYHKIHMR]SYVTVIWIRGI
 7XVMOIXLIQ[MXLXIVVSV3 0 36(
PIXXLIREXMSRWORS[XLI]EVIFYXQIR
7IPEL

4WEPQ E
 ;L]3

036( HS]SYWXERHJEVSJJ#
;L]HS]SYLMHI]SYVWIPJMRXMQIWSJXVSYFPI#

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[IEO
[LSEVIGEYKLXMRXLIWGLIQIWLIHIZMWIW

 -RLMWTVMHIXLI[MGOIHHSIWRSXWIIOLMQ

MREPPLMWXLSYKLXWXLIVIMWRSVSSQJSV+SH
 ,MW[E]WEVIEP[E]WTVSWTIVSYW

LIMWLEYKLX]ERH]SYVPE[WEVIJEVJVSQLMQ
LIWRIIVWEXEPPLMWIRIQMIW
 ,IWE]WXSLMQWIPJw2SXLMRK[MPPWLEOIQI

-vPPEP[E]WFILETT]ERHRIZIVLEZIXVSYFPIx
 ,MWQSYXLMWJYPPSJGYVWIWERHPMIWERHXLVIEXW

XVSYFPIERHIZMPEVIYRHIVLMWXSRKYI
 ,IPMIWMR[EMXRIEVXLIZMPPEKIW

JVSQEQFYWLLIQYVHIVWXLIMRRSGIRX
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 ,IPMIWMR[EMXPMOIEPMSRMRGSZIV

LIPMIWMR[EMXXSGEXGLXLILIPTPIWW
LIGEXGLIWXLILIPTPIWWERHHVEKWXLIQSJJMRLMW
RIX
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XLI]JEPPYRHIVLMWWXVIRKXL
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LIGSZIVWLMWJEGIERHRIZIVWIIWx
 %VMWI036(

0MJXYT]SYVLERH3 +SH
(SRSXJSVKIXXLILIPTPIWW

 ;L]HSIWXLI[MGOIHQERVIZMPI+SH#

;L]HSIWLIWE]XSLMQWIPJ
w,I[SRvXGEPPQIXSEGGSYRXx#
 &YX]SY3+SHHSWIIXVSYFPIERHKVMIJ

]SYGSRWMHIVMXXSXEOIMXMRLERH
8LIZMGXMQGSQQMXWLMQWIPJXS]SY
]SYEVIXLILIPTIVSJXLIJEXLIVPIWW
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GEPPLMQXSEGGSYRXJSVLMW[MGOIHRIWW
XLEX[SYPHRSXFIJSYRHSYX
 8LI0 36( MW/MRKJSVIZIVERHIZIV

XLIREXMSRW[MPPTIVMWLJVSQLMWPERH
036( XLIHIWMVISJXLIEJJPMGXIH
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 HIJIRHMRKXLIJEXLIVPIWWERHXLISTTVIWWIH
MRSVHIVXLEXQER[LSMWSJXLIIEVXLQE]XIVVMJ]
RSQSVI
 =SYLIEV3

4WEPQ
*SVXLIHMVIGXSVSJQYWMG3J (EZMH
 -RXLI036(

-XEOIVIJYKI
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XLI]WIXXLIMVEVVS[WEKEMRWXXLIWXVMRKW
XSWLSSXJVSQXLIWLEHS[W
EXXLIYTVMKLXMRLIEVX
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[LEXGERXLIVMKLXISYWHS H #x
 8LI0 36( MWMRLMWLSP]XIQTPI

XLI036( MWSRLMWLIEZIRP]XLVSRI
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LMWI]IWI\EQMRIXLIQ
 8LI0 36( I\EQMRIWXLIVMKLXISYW
FYXXLI[MGOIH I ERHXLSWI[LSPSZIZMSPIRGI
LMWWSYPLEXIW
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JMIV]GSEPWERHFYVRMRKWYPJYV
EWGSVGLMRK[MRH[MPPFIXLIMVPSX
 *SVXLI0 36(

MWVMKLXISYW
LIPSZIWNYWXMGI
YTVMKLXQIR[MPPWIILMWJEGI

E 4WEPQWERHQE]LEZIFIIRSVMKMREPP]EWMRKPIEGVSWXMGTSIQXLIWXER^EWSJ[LMGLFIKMR[MXLXLIWYGGIWWMZIPIXXIVWSJXLI,IFVI[
EPTLEFIX-RXLI7ITXYEKMRXXLI]GSRWXMXYXISRITWEPQ F  3V1IHMXEXMSRTSWWMFP]EQYWMGEPRSXEXMSR G  ,IFVI[7LISP
H  3V[LEXMWXLI6MKLXISYW3RIHSMRK
I  3V8LI036( XLI6MKLXISYW3RI I\EQMRIWXLI[MGOIH 

;LIRXLI036( VIWXSVIWXLIJSVXYRIWSJLMWTISTPI
PIX.EGSFVINSMGIERH-WVEIPFIKPEH

4WEPQ
*SVXLIHMVIGXSVSJQYWMG%GGSVHMRKXSWLIQMRMXL E % TWEPQ
SJ (EZMH

JSVXLIKSHP]EVIRSQSVI
XLIJEMXLJYPLEZIZERMWLIHJVSQEQSRKQIR
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XLIMVJPEXXIVMRKPMTWWTIEO[MXLHIGITXMSR

4WEPQ

 ,IPT0 36(

 1E]XLI0 36( GYXSJJEPPJPEXXIVMRKPMTW

ERHIZIV]FSEWXJYPXSRKYI
 XLEXWE]Ww;I[MPPXVMYQTL[MXLSYVXSRKYIW

[IS[RSYVPMTW F{[LSMWSYVQEWXIV#x
 w&IGEYWISJXLISTTVIWWMSRSJXLI[IEO

ERHXLIKVSERMRKSJXLIRIIH]
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w-[MPPTVSXIGXXLIQJVSQXLSWI[LSQEPMKR
XLIQx
 %RHXLI[SVHWSJXLI036( EVIJPE[PIWW
PMOIWMPZIVVIJMRIHMREJYVREGISJGPE]
TYVMJMIHWIZIRXMQIW
3

036( ]SY[MPPOIITYWWEJI
ERHTVSXIGXYWJVSQWYGLTISTPIJSVIZIV
 8LI[MGOIHJVIIP]WXVYXEFSYX
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4WEPQ
*SVXLIHMVIGXSVSJQYWMG% TWEPQSJ (EZMH
 ,S[PSRK3

%TWEPQSJ(EZMH
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[LSQE]H[IPPMR]SYVWERGXYEV]#
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 ,I[LSWI[EPOMWFPEQIPIWW

ERH[LSHSIW[LEXMWVMKLXISYW
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ERHLEWRSWPERHIVSRLMWXSRKYI
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ERHGEWXWRSWPYVSRLMWJIPPS[QER
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FYXLSRSVWXLSWI[LSJIEVXLI036(
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IZIR[LIRMXLYVXW
 [LSPIRHWLMWQSRI][MXLSYXYWYV]
ERHHSIWRSXEGGITXEFVMFIEKEMRWXXLIMRRSGIRX


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4WEPQ
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 /IITQIWEJI3

+SH
JSVMR]SY-XEOIVIJYKI

036(# ;MPP]SYJSVKIXQIJSVIZIV#
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036( Q]+SH
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ETEVXJVSQ]SY-LEZIRSKSSHXLMRKx
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SVXEOIYTXLIMVREQIWSRQ]PMTW

 &YX-XVYWXMR]SYVYRJEMPMRKPSZI

 0 36(

Q]LIEVXVINSMGIWMR]SYVWEPZEXMSR
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JSVLILEWFIIRKSSHXSQI

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4WEPQ
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 8LIJSSP G

WE]WMRLMWLIEVX
w8LIVIMWRS+SHx
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SRXLIWSRWSJQIR
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ER][LSWIIO+SH
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RSXIZIRSRI

]SYLEZIEWWMKRIHQIQ]TSVXMSRERHQ]GYT
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TPEGIW
WYVIP]-LEZIEHIPMKLXJYPMRLIVMXERGI

 -[MPPTVEMWIXLI036(

[LSGSYRWIPWQI
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 8LIVIJSVIQ]LIEVXMWKPEHERHQ]XSRKYIVINSMGIW

Q]FSH]EPWS[MPPVIWXWIGYVI
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RSV[MPP]SYPIX]SYV,SP]3RI K WIIHIGE]
 =SYLEZIQEHI L ORS[RXSQIXLITEXLSJPMJI
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4WEPQ
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 ;MPPIZMPHSIVWRIZIVPIEVR{

XLSWI[LSHIZSYVQ]TISTPIEWQIRIEXFVIEH
ERH[LSHSRSXGEPPSRXLI036(#
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JSV+SHMWTVIWIRXMRXLIGSQTER]SJXLI
VMKLXISYW
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FYXXLI036( MWXLIMVVIJYKI
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F

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036( Q]VMKLXISYWTPIE
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MXHSIWRSXVMWIJVSQHIGIMXJYPPMTW
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 8LSYKL]SYTVSFIQ]LIEVXERHI\EQMRIQIEX

RMKLX

3V SYVPMTWEVISYVTPS[WLEVIW G  8LI,IFVI[[SVHWVIRHIVIHJSSP MR4WEPQWHIRSXISRI[LSMW

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XLSYKL]SYXIWXQI]SY[MPPJMRHRSXLMRK
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F]XLI[SVHSJ]SYVPMTW
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JVSQXLI[E]WSJXLIZMSPIRX
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+SHJSV]SY[MPPERW[IVQI
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 7LS[XLI[SRHIVSJ]SYVKVIEXPSZI
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XLSWI[LSXEOIVIJYKIMR]SYJVSQXLIMVJSIW
 /IITQIEWXLIETTPISJ]SYVI]I
LMHIQIMRXLIWLEHS[SJ]SYV[MRKW
 JVSQXLI[MGOIH[LSEWWEMPQI
JVSQQ]QSVXEPIRIQMIW[LSWYVVSYRHQI
 8LI]GPSWIYTXLIMVGEPPSYWLIEVXW

ERHXLIMVQSYXLWWTIEO[MXLEVVSKERGI
 8LI]LEZIXVEGOIHQIHS[RXLI]RS[WYVVSYRH

QI
[MXLI]IWEPIVXXSXLVS[QIXSXLIKVSYRH
 8LI]EVIPMOIEPMSRLYRKV]JSVTVI]
PMOIEKVIEXPMSRGVSYGLMRKMRGSZIV
 6MWIYT3

036( GSRJVSRXXLIQFVMRKXLIQHS[R
VIWGYIQIJVSQXLI[MGOIHF]]SYVW[SVH
 3 036( F]]SYVLERHWEZIQIJVSQWYGLQIR
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PMJI
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XLIMVWSRWLEZITPIRX]
ERHXLI]WXSVIYT[IEPXLJSVXLIMVGLMPHVIR
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[LIR-E[EOI-[MPPFIWEXMWJMIH[MXLWIIMRK]SYV
PMOIRIWW

4WEPQ
*SVXLIHMVIGXSVSJQYWMG3J(EZMHXLIWIVZERXSJXLI036(
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HIPMZIVIHLMQJVSQXLILERHSJEPPLMWIRIQMIWERHJVSQ
XLILERHSJ7EYP,I WEMH
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036( Q]WXVIRKXL

 8LI036( MWQ]VSGOQ]JSVXVIWWERHQ]HIPMZIVIV

Q]+SHMWQ]VSGOMR[LSQ-XEOIVIJYKI
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ERH-EQWEZIHJVSQQ]IRIQMIW
 8LIGSVHWSJHIEXLIRXERKPIHQI

XLIXSVVIRXWSJHIWXVYGXMSRSZIV[LIPQIHQI
GSMPIHEVSYRHQI
XLIWREVIWSJHIEXLGSRJVSRXIHQI
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Q]GV]GEQIFIJSVILMQMRXSLMWIEVW
 8LIGSVHWSJXLIKVEZI F

 8LIIEVXLXVIQFPIHERHUYEOIH

ERHXLIJSYRHEXMSRWSJXLIQSYRXEMRWWLSSO
XLI]XVIQFPIHFIGEYWILI[EWERKV]
 7QSOIVSWIJVSQLMWRSWXVMPW

GSRWYQMRKJMVIGEQIJVSQLMWQSYXL
FYVRMRKGSEPWFPE^IHSYXSJMX
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HEVOGPSYHW[IVIYRHIVLMWJIIX
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LIWSEVIHSRXLI[MRKWSJXLI[MRH

 ,IQEHIHEVORIWWLMWGSZIVMRKLMWGERST]EVSYRH

LMQ{
XLIHEVOVEMRGPSYHWSJXLIWO]
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EHZERGIH
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 8LI0 36( XLYRHIVIHJVSQLIEZIR

XLIZSMGISJXLI1SWX,MKLVIWSYRHIH G
XLIIRIQMIW 
KVIEXFSPXWSJPMKLXRMRKERHVSYXIHXLIQ
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ERHXLIJSYRHEXMSRWSJXLIIEVXLPEMHFEVI
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 ,IWLSXLMWEVVS[WERHWGEXXIVIH

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LIHVI[QISYXSJHIIT[EXIVW
 ,IVIWGYIHQIJVSQQ]TS[IVJYPIRIQ]

JVSQQ]JSIW[LS[IVIXSSWXVSRKJSVQI
 8LI]GSRJVSRXIHQIMRXLIHE]SJQ]HMWEWXIV

FYXXLI036( [EWQ]WYTTSVX
 ,IFVSYKLXQISYXMRXSEWTEGMSYWTPEGI

LIVIWGYIHQIFIGEYWILIHIPMKLXIHMRQI
 8LI0 36( LEWHIEPX[MXLQIEGGSVHMRKXSQ]

VMKLXISYWRIWW
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VI[EVHIHQI
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ERHLEZIOITXQ]WIPJJVSQWMR
 8LI0 36( LEWVI[EVHIHQIEGGSVHMRKXSQ]
VMKLXISYWRIWW
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WMKLX
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XSXLIFPEQIPIWW]SYWLS[]SYVWIPJFPEQIPIWW
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FYXXSXLIGVSSOIH]SYWLS[]SYVWIPJWLVI[H
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FYXFVMRKPS[XLSWI[LSWII]IWEVILEYKLX]
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Q]+SHXYVRWQ]HEVORIWWMRXSPMKLX
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XLI[SVHSJXLI036( MWJPE[PIWW
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%RH[LSMWXLI6SGOI\GITXSYV+SH#
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ERHQEOIWQ][E]TIVJIGX
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LIIREFPIWQIXSWXERHSRXLILIMKLXW
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ERH]SYVVMKLXLERHWYWXEMRWQI
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XLI]JIPPFIRIEXLQ]JIIX
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E  ,SVR LIVIW]QFSPM^IWWXVIRKXL
F  ,IFVI[7LISP
G  7SQI,IFVI[QERYWGVMTXWERH7ITXYEKMRXWIIEPWS 7EQYIP QSWX
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ERH-HIWXVS]IHQ]JSIW
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XLIQ{
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3 036( Q]6SGOERHQ]6IHIIQIV

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TISTPI
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JSVIMKRIVWGVMRKIFIJSVIQI
 8LI]EPPPSWILIEVX
XLI]GSQIXVIQFPMRKJVSQXLIMVWXVSRKLSPHW

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 8LI036( PMZIW4VEMWIFIXSQ]6SGO

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[LSWEZIWQIJVSQQ]IRIQMIW
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 8LIVIJSVI-[MPPTVEMWI]SYEQSRKXLIREXMSRW
3 036(
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LIWLS[WYRJEMPMRKOMRHRIWWXSLMWERSMRXIH
XS(EZMHERHLMWHIWGIRHERXWJSVIZIV

4WEPQ
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4WEPQ
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QE]XLIREQISJXLI+SHSJ.EGSFTVSXIGX]SY
 1E]LIWIRH]SYLIPTJVSQXLIWERGXYEV]

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XLIKMJXSJ+SHMWRSXPMOIXLIVIWYPXSJXLISRIQERvWWMR
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XLVSYKLXLISRIQER.IWYW'LVMWX
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QIR *SVNYWXEWXLVSYKLXLIHMWSFIHMIRGISJXLISRI
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 ;IORS[XLEXXLIPE[MWWTMVMXYEPFYX-EQYRWTMV
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PE[MWKSSH  %WMXMWMXMWRSPSRKIV-Q]WIPJ[LSHSMX
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