7Lurol'Hnoduifly D+Hj/L6Sruwrn /hjmree /dnruodwiuyo: Ä7Rognlmmheedkdwiudlgdw Kdqjroygmui PVN ) Ggpdjdgplqgljpdjdvdeeud

7LUROL'HNODUiFLy
D+HJ\L6SRUWRN
/HJMREE*\DNRUODWiUyO
Ä7ROGNLMMHEEDKDWiUDLGDW
KDQJROyGMUi
pVN]GGPDJDGPLQGLJPDJDVDEEUD´
(OIRJDGWDD+HJ\L6SRUWRN-|Y MH.RQIHUHQFLD,QQVEUXFNV]HSWHPEHU

Å$P~OWEDQDKHJ\PiV]yN|]|VVpJYLV]RQ\ODJNLFVLpV]iUWYROWH]pUWDKHJ\HNHQLUiQ\DGyHWLNiWpVN|YHWHOPpQ\UHQGV]HUW
N|QQ\HQPHJYLWDWKDWWiNpVN|]|OKHWWpND]pULQWHWWHNW|EEVpJpYHO0LYHOD]RQEDQDUpV]WYHY NV]iPDH[SRQHQFLiOLVDQQ|YHNV]LNpV
DPHJN|]HOtWpVHJ\UHN|QQ\HEEpYiOLNHJ\~MJHQHUiFLyKDJ\RPiQ\RVHV]N|]|NNHOW|UWpQ EHIRO\iVROiVDPiUQHPKDWpNRQ\pV
H]pUWV]NVpJHVDV]iPXQNUDIRQWRVpUWpNHNGRNXPHQWiOiVDµ'RXJ6FRWWKWWSZZZPRXQWDLQIXWXUHDWHQJOLVKLQGH[KWP
$+HJ\HN1HP]HWN|]LeYpEHQD]8,$$D1pPHWpVD]2V]WUiN$OSLQ.OXEYDODPLQWD7LUROL6]|YHWVpJL.RUPiQ\
V]HUYH]pVpEHQPHJWDUWRWW+HJ\L6SRUWRN-|Y MH.RQIHUHQFLiQtUiVEDIRJODOWiNW|EEPLQWpYHVKHJ\PiV]yW|UWpQHOHP
KDJ\RPiQ\RVDQtUDWODQHUN|OFVLHWLNDLQRUPiLQDNMHOHQNRULDGDSWiFLyMiW
1HP]HWN|]LOHJHOLVPHUWpOPiV]yNpVQHP]HWLV]DNV]|YHWVpJHNNpSYLVHO LD]8,$$+HJ\PiV]y%L]RWWViJDiOWDOSUH]HQWiOW+HJ\L
.yGH[WHUYH]HWE ONLLQGXOYDDONRWWiNPHJDPiV]yV]DEDGViJMRJRNKDWiUDLWN|UYRQDOD]yDODSHOYHNNDWDOyJXViWpVPLQWHJ\DMiQOiV
MHOOHJ LUiQ\HOYJ\ MWHPpQ\WD+HJ\L6SRUWRN/HJMREE*\DNRUODWDHOQHYH]pVDODWW7LUROL'HNODUiFLyIRUPiMiEDQIRJDGWiNHOD
IRUGIRUUiVKWWSZZZPRXQWDLQIXWXUHDWKWWSMRXUQDOXLDDFKDUWDVS"LG KWWSMRXUQDOXLDDFKDUWDVS"LG
7LUROL'HNODUiFLyD+HJ\L6SRUWRN/HJMREE*\DNRUODWiUyO
9LOiJV]HUWHHPEHUHNPLOOLyLW~Ui]QDNWUHNNLQJHOQHNPiV]QDNKHJ\HWpVV]LNOiW-y
QpKiQ\RUV]iJEDQDKHJ\LVSRUWRNDPLQGHQQDSLpOHWPHJKDWiUR]yWpQ\H] LYpYiOWDN
$OLJKDYDQPpJHJ\RO\DQWHYpNHQ\VpJDPHO\RO\DQV]pOHVPRWLYiFLyVVNiOiW|OHOQHIHO
PLQWDKHJ\LVSRUWRN(]OHKHW VpJHWDGD]HPEHUHNV]iPiUDV]HPpO\HVFpONLW ]pVHLN
PHJYDOyVtWiViUDpVHJ\HJpV]pOHWHQiWWDUWypUWHOPHVWHYpNHQ\VpJIRO\WDWiViUD$]D
PRWLYiFLyDPLD]HPEHUHNHWDKHJ\HNUHpVDV]LNOiNUDKDMWMDD]HJpV]VpJLHO Q\|NW O
NH]GYHDPR]JiV|U|PpQDWHUPpV]HWWHOYDOyNDSFVRODWRQpVDWiUVDViJEyOIDNDGy
LQGtWpNRNRQiWDIHOIHGH]pVL]JDOPiLJpVDNDODQGYiJ\LJWHUMHG
$KHJ\LVSRUWRNM|Y MpYHOIRJODONR]yNRQIHUHQFLiQ,QQVEUXFNEDQV]HSWHPEHUiQ
HOIRJDGRWW7LUROL'HNODUiFLyD+HJ\L6SRUWRN/HJMREE*\DNRUODWiUyOHJ\VRUpUWpNHWpV
LUiQ\HOYHWWDUWDOPD]KRJ\LUiQ\PXWDWiVWQ\~MWVRQDKHJ\LVSRUWRNOHJMREEJ\DNRUODWiW
LOOHW HQ(]HNQHPV]DEiO\RNYDJ\UpV]OHWHVUHQGHONH]pVHNKDQHPLQNiEE
PHJKDWiUR]]iNQDSMDLQNDODSYHW pUWpNHLWDKHJ\LVSRUWRNWHUOHWpQ

DODSHOYHNHWpVYLVHONHGpVPLQWiNDWWDUWDOPD]QDN
EL]RQ\WDODQKHO\]HWHNEHQYDOyG|QWpVKH]HWLNDLNULWpULXPRNDWiOOtWDQDNIHO
EHPXWDWMiND]RQHWLNDLDODSHOYHNHWDPHO\HNDODSMiQDQ\LOYiQRVViJPHJtWpOKHWL
DKHJ\LVSRUWRNDW
PHJLVPHUWHWLNDNH]G NHWDVSRUWMXNpUWpNHLYHOpVPRUiOLVDODSHOYHLYHO
$7LUROL'HNODUiFLyFpOMDKRJ\VHJtWVpJHWQ\~MWVRQDKHJ\LVSRUWRNEDQUHMO V]DEDGLG VpV

D]HJ\pQLIHMO GpVWpULQW OHKHW VpJHNPHJYDOyVtWiViKR]YDODPLQWKRJ\HO VHJtWVHD
WiUVDGDOPLIHMO GpVWNXOWXUiOLVHJ\HWpUWpVWpVDN|UQ\H]HWLWXGDWRVViJRW(]HQFpO
pUGHNpEHQD7LUROL'HNODUiFLyDVSRUWEDQKDJ\RPiQ\RVDQPHJOpY tUDWODQpUWpNHNHWpV
PDJDWDUWiVLV]DEiO\RNDWJ\ MWL|VV]HpVD]RNDWHJpV]tWLNLKRJ\PHJIHOHOMHQHNDMHOHQQN
iOWDOWiPDV]WRWWN|YHWHOPpQ\HNQHN$]DODSpUWpNHNDPHO\HNHQD7LUROL'HNODUiFLy
IHOpSOYDODPHQQ\LDKHJ\LVSRUWRNEDQYLOiJV]HUWHUpV]WYHY HPEHUV]iPiUDXJ\DQ~J\
pUYpQ\HVHNIJJHWOHQODWWyOKRJ\D]RNW~Ui]yNYDJ\WUHNNHUHNVSRUWPiV]yNYDJ\D
QDJ\PDJDVViJEDQKDWiUDLNDWIHV]HJHW KHJ\PiV]yN0pJKDDYLVHONHGpVLLUiQ\HOYHNHJ\
UpV]HFVDNHJ\NLVHOLWUHYRQDWNR]LNLVD7LUROL'HNODUiFLyEDQPHJIRJDOPD]RWWDMiQOiVRN
N|]OVRNV]yODKHJ\LVSRUWRNN|]|VVpJpQHNHJpV]pKH](]HNNHOD]DMiQOiVRNNDO
NO|Q|VNpSSHQDILDWDOViJRWSUyEiOMXNPHJFpOR]QLPLYHOEHQQNUHMOLNDKHJ\LVSRUWRN
M|Y MH

$7LUROL'HNODUiFLyDUUD|V]W|Q|]KRJ\
)RJDGGHODNRFNi]DWRWpVYiOODOGDIHOHO VVpJHW
$FpOMDLGOHJ\HQHNHJ\HQV~O\EDQDWXGiVRGGDOpVDIHOV]HUHOpVHGGHO
)DLUHV]N|]|NNHOMiWVV]pV V]LQWpQV]iPROMEH
7|UHNHGMDOHJMREEJ\DNRUODWUDpVVRKDQHKDJ\GDEEDDWDQXOiVW
/pJ\WROHUiQVPHJIRQWROWpVVHJtWVPiVRNQDN
UL]GPHJDKHJ\YLGpNHNpVDV]LNOiNWHUPpV]HWHVYDGMHOOHJpW
7iPRJDVGDKHO\LN|]|VVpJHNHWpVDIHQQWDUWKDWyIHMO GpVNHW
$7LUROL'HNODUiFLyD]DOiEELpUWpNUHQGHQDODSXO
(PEHULPpOWyViJ²D]RQSUHPLVV]DPLV]HULQWD]HPEHULOpQ\HNV]DEDGQDNpV
HJ\HQO QHNV]OHWWHNPpOWyViJXNpVMRJDLNWHNLQWHWpEHQpVDWHVWYpULVpJ
V]HOOHPpEHQNHOOHJ\PiVVDOEiQQLXN.O|Q|VILJ\HOPHWNHOOV]HQWHOQLDIpUILDNpV
Q NHJ\HQO MRJDLQDN
eOHWV]DEDGViJpVEROGRJViJ²HOLGHJHQtWKHWHWOHQHPEHULMRJRNpVDKHJ\YLGpNL
WHUOHWHNHQpO N|]|VVpJHNMRJYpGHOPpQHNHO PR]GtWiVDDKHJ\LVSRUWRNVSHFLiOLV
IHOHO VVpJH
$WHUPpV]HWpULQWHWOHQVpJH²HON|WHOH]HWWVpJDKHJ\HNpVV]LNOiN|NROyJLDL
pUWpNpQHNpVWHUPpV]HWHVMHOOHJpQHNPHJyYiVipUWD]HJpV]YLOiJRQ(]PDJiEDQ
IRJODOMDDYHV]pO\H]WHWHWWQ|YpQ\pViOODWIDMRNLOO|NRV]LV]WpPiLNYpGHOPpW
YDODPLQWDWiMYpGHOPHW
6]ROLGDULWiV²DKHJ\LVSRUWRNEDQYDOyUpV]YpWHOQ\~MWRWWDOHKHW VpJDFVDSDWPXQND
HJ\WWP N|GpVpV|VV]KDQJHO VHJtWpVpUHLOODQHPE ONRUEyOQHP]HWLVpJE O
NpSHVVpJE OWiUVDGDOPLYDJ\HWQLNDLV]iUPD]iVEyOpVYDOOiVLPHJJ\ ] GpVE O
HUHG NRUOiWRNOHG|QWpVpUH
gQPHJYDOyVtWiV²DKHJ\LVSRUWRNEDQYDOyUpV]YpWHOQ\~MWRWWDHVpO\KRJ\IRQWRV
FpORNIHOpMHOHQW VHO UHOpSpVHNHWWHJ\QNpVPHJYDOyVtWVXN|QPDJXQNDW
,JD]ViJ²DQQDNHOLVPHUpVHKRJ\DKHJ\LVSRUWRNEDQD] V]LQWHVpJIHOWpWOHQO
V]NVpJHVDWHOMHVtWPpQ\HNpUWpNHOpVpKH]+DD]|QNpQ\HVVpJOpSD] V]LQWHVpJ
KHO\pEHOHKHWHWOHQQpYiOLNDPiV]yWHOMHVtWPpQ\HNpUWpNHOpVH
.LYiOyViJ²DKHJ\LVSRUWRNEDQYDOyUpV]YpWHOE ODGyGyOHKHW VpJKRJ\NRUiEEDQ
HOQHPpUWFpORNPHJYDOyVtWiVipUWN]GMQNpVPDJDVDEEN|YHWHOPpQ\V]LQWHW
WiPDVV]XQN
.DODQG²DQQDNIHOLVPHUpVHKRJ\DKHJ\LVSRUWRNEDQHOHQJHGKHWHWOHQOIRQWRV
WpQ\H] DMy]DQtWpO NpSHVVpJV]DNpUWHOHPpVV]HPpO\HVIHOHO VVpJWXGDWELUWRNiEDQ
W|UWpQ NRFNi]DWNH]HOpV$KHJ\LVSRUWRNVRNIpOHVpJHPLQGHQNLV]iPiUDOHKHW Yp
WHV]LKRJ\PHJYiODVV]DPDJiQDND]WDNDODQGRWDPHO\EHQDWXGiVDpVD
NRFNi]DWRNHJ\HQV~O\EDQYDQQDN

$7LUROL'HNODUiFLy&LNNHO\HL
&LNNHO\²6]HPpO\HVIHOHO VVpJ
0$;,0$
$KHJ\pVV]LNODPiV]yNRO\DQKHO\]HWHNEHQ ]LNVSRUWMXNDWDKROPHJYDQDEDOHVHWHN
EHN|YHWNH]pVpQHNHVpO\HpVDNOV VHJtWVpJVHPPLQGLJiOOUHQGHONH]pVUH6]iPROYD
H]]HODVDMiWIHOHO VVpJNUHIRO\WDWMiNH]WDWHYpNHQ\VpJHWpVIHOHO VVpJJHOWDUWR]QDNVDMiW
EL]WRQViJXNpUW$]HJ\pQFVHOHNHGHWHLQHPYHV]pO\H]WHWKHWLNVHPDN|UO|WWHOpY NHWVHP
DN|UQ\H]HWHW
&LNNHO\²&VDSDWV]HOOHP
0$;,0$
$FVDSDWWDJMDLQDNNpV]QHNNHOOOHQQLNNRPSURPLVV]XPRNDWN|WQLDQQDNpUGHNpEHQ
KRJ\DFVRSRUWYDODPHQQ\LWDJMiQDNpUGHNHLpVNpSHVVpJHLWHNLQWHWpEHQHJ\HQV~O\W
WHUHPWVHQHN
&LNNHO\²0iV]ypVKHJ\PiV]yN|]|VVpJ
0$;,0$
0LQGHQHPEHUQHNDNLYHODKHJ\HNN|]|WWYDJ\DV]LNOiNRQWDOiONR]XQND]RQRVPpUWpN
WLV]WHOHWMiU(OV]LJHWHOWN|UOPpQ\HNN|]|WWpVVWUHVV]HVKHO\]HWHNEHQVHP
IHOHGNH]KHWQNPHJDUUyOKRJ\PiVRNDWRO\DQHOEiQiVEDQUpV]HVtWVQNPLQWDPHO\HW
PDJXQNNDOV]HPEHQHOYiUXQN
&LNNHO\²,GHJHQRUV]iJRNEDOiWRJDWiV
0$;,0$
,GHJHQNXOW~UiNYHQGpJHLNpQWPLQGLJWLV]WHOHWWHOpVMy]DQPpUVpNOHWWHOYLVHONHGMQND
KHO\EHOLHNNHOYHQGpJOiWyLQNNDO7LV]WHOHWEHQWDUWMXNDV]HQWKHJ\HNHWpVPiVV]HQW
KHO\HNHWPLN|]EHQPHJSUyEiOMXNVHJtWHQLpVWiPRJDWQLDKHO\LJD]GDViJRWpVODNRVViJRW
$]LGHJHQNXOW~UiNPHJpUWpVHUpV]HDWHOMHVPiV]ypOPpQ\QHN
&LNNHO\²+HJ\LYH]HW NpVHJ\pEYH]HW NIHOHO VVpJH
0$;,0$
$KLYDWiVRVKHJ\LYH]HW NHJ\pEYH]HW NpVDFVDSDWWDJMDLWLV]WiEDQNHOOKRJ\OHJ\HQHND
VDMiWIHODGDWDLNNDOpVWLV]WHOHWEHQNHOOWDUWDQLXNPiVFVRSRUWRNpVHJ\pQHNFVHOHNYpVL
V]DEDGViJiWpVMRJDLW$IHONpV]OWVpJpUGHNpEHQDKHJ\LYH]HW NQHNYH]HW NQHNpVD
FVRSRUWWDJMDLQDNWXGDWiEDQNHOOOHQQLNDFpOMXNNDO|VV]HIJJ YHV]pO\IRUUiVRNQDNpV
NRFNi]DWRNQDNLOOD]iOWDOXNWiPDV]WRWWN|YHWHOPpQ\HNQHNUHQGHONH]QLNNHOOD
V]NVpJHVV]DNpUWHOHPPHOWDSDV]WDODWWDOpVPHJIHOHO IHOV]HUHOpVVHOpVPHJNHOO
EL]RQ\RVRGQLXND]LG MiUiVLYLV]RQ\RNUyOpVHJ\pEIHOWpWHOHNU O

&LNNHO\²9pV]KHO\]HWHNDJyQLDpVKDOiO
0$;,0$
$YpV]KHO\]HWHNUHLOOV~O\RVEDOHVHWHNNHOpVKDOiOODOMiUyKHO\]HWHNUHYDOyIHONpV]OpV
pUGHNpEHQDKHJ\LVSRUWRNYDODPHQQ\LUpV]WYHY MpQHNHJ\pUWHOP HQWLV]WiEDQNHOOOHQQLH
DNRFNi]DWRNNDOpVYHV]pO\IRUUiVRNNDOpVDPHJIHOHO V]DNpUWHOHPWXGiVpVIHOV]HUHOpV
V]NVpJHVVpJpYHO9pV]KHO\]HWEHQYDJ\EDOHVHWHVHWpQYDODPHQQ\LUpV]WYHY QHNNpV]QHN
NHOOOHQQLHVHJtWHQLPiVRNRQLOOV]HPEHQp]QLHJ\WUDJpGLDN|YHWNH]PpQ\HLYHO
&LNNHO\²+R]]iIpUpVpVPHJ U]pV
0$;,0$
0HJJ\ ] GpVQNV]HULQWDV]DEDGKR]]iIpUpVDKHJ\HNKH]pVDV]LNOiNKR]IHOHO VVpJWHOMHV
IRUPiEDQDODSYHW MRJ0LQGHQNRUN|UQ\H]HWNtPpO PyGRQIRO\WDVVXNWHYpNHQ\VpJQNHW
pVDWHUPpV]HWYpGHOPpEHQWHYpNHQ\HQYHJ\QNUpV]W7LV]WHOHWEHQWDUWMXNDPiV]yNpVD
WHUPpV]HWYpG V]HUYH]HWHNpVKDWyViJRNN|]|WWOpWUHM|WWPHJiOODSRGiVRNEDQIRJODOW
V]DEiO\R]iVRNDWpVKR]]iIpUpVLNRUOiWR]iVRNDW
&LNNHO\²6WtOXV
0$;,0$
$]pOPpQ\PLQ VpJHpVDSUREOpPDPHJROGiVPLNpQWMHIRQWRVDEEPLQWD]KRJ\
PHJROGMXNHHJ\iOWDOiQDSUREOpPiWYDJ\VHP7|UHNV]QNUiKRJ\QHKDJ\MXQN
Q\RPRNDW
&LNNHO\²(OV PHJPiV]iVRN
0$;,0$
(J\~WYDJ\HJ\KHJ\HOV PHJPiV]iVDNUHDWtYWHWW/HJDOiEERO\DQMyVWtOXVEDQNHOO
YpJUHKDMWDQLPLQWDPHO\DN|UQ\pNKDJ\RPiQ\DLEyON|YHWNH]LNpVWNU|]]|Q
IHOHO VVpJYiOODOiVWDKHO\LPiV]yN|]|VVpJLUiQ\iEDQpVDM|Y PiV]yLQDNLJpQ\HLW
LOOHW HQ
&LNNHO\²6]SRQ]RUiOiVUHNOiPpV35
0$;,0$
$V]SRQ]RURNpVDVSRUWROyNN|]|WWLHJ\WWP N|GpVDKHJ\LVSRUWRNMyOIHOIRJRWWpUGHNHLW
V]ROJiOyV]DNPDLNDSFVRODWOHJ\HQ0LQGHQWHNLQWHWEHQDKHJ\LVSRUWRNDW ] N
N|]|VVpJpQHNIHOHO VVpJHPLQGDPpGLiWPLQGDN|]YpOHPpQ\WDNWtYDQN|]UHP N|GYH
QHYHOQLpVWiMpNR]WDWQL

V]0HOOpNOHW$7LUROL'HNODUiFLy0D[LPiLpV,UiQ\HOYHL
&LNNHO\²6]HPpO\HVIHOHO VVpJ
0$;,0$
$KHJ\pVV]LNODPiV]yNRO\DQKHO\]HWHNEHQ ]LNVSRUWMXNDWDKROPHJYDQDEDOHVHWHN
EHN|YHWNH]pVpQHNHVpO\HpVDNOV VHJtWVpJVHPPLQGLJiOOUHQGHONH]pVUH(]]HO
V]iPROYDDVDMiWIHOHO VVpJNUHIRO\WDWMiNH]WDWHYpNHQ\VpJHWpVIHOHO VVpJJHOWDUWR]QDN
VDMiWEL]WRQViJXNpUW$]HJ\pQFVHOHNHGHWHLQHPYHV]pO\H]WHWKHWLNVHPDN|UO|WWH
OpY NHWVHPDN|UQ\H]HWHW
&pOMDLQNDWDVDMiWYDJ\DFVDSDWWpQ\OHJHVWXGiVDpVDKHJ\HNHQXUDONRGy
N|UOPpQ\HNIJJYpQ\pEHQYiODV]WMXNPHJ$PiV]iVUyOYDOyOHPRQGiVLVOHKHW
PHJIHOHO YiODV]WiV
0HJJ\ ] GQNDIHO OKRJ\UHQGHONH]QNDFpOXQNQDNPHJIHOHO NpS]HWWVpJJHO

KRJ\DPiV]iVWYDJ\DW~UiWN|UOWHNLQW HQV]HUYH]WNPHJpVPHJWHWWNDV]NVpJHV
HO NpV]OHWHNHW
0HJEL]RQ\RVRGXQNUyODKRJ\PLQGHQW~UiQNRQPHJIHOHO HQIHOYDJ\XQNV]HUHOYHpV

WXGMXNKRJ\DQNHOODIHOV]HUHOpVWKDV]QiOQL
&LNNHO\²&VDSDWV]HOOHP
0$;,0$
$FVDSDWWDJMDLQDNNpV]QHNNHOOOHQQLNNRPSURPLVV]XPRNDWN|WQLDQQDNpUGHNpEHQ
KRJ\DFVRSRUWYDODPHQQ\LWDJMiQDNpUGHNHLpVNpSHVVpJHLWHNLQWHWpEHQHJ\HQV~O\W
WHUHPWVHQHN
$FVRSRUWYDODPHQQ\LWDJMiQDNWHNLQWHWWHONHOOOHQQLHpVIHOHO VVpJHWNHOOYiOODOQLDD

FVRSRUWWDJMDLQDNEL]WRQViJipUW
$FVRSRUWHJ\LNWDJMDVHPKDJ\KDWyHJ\HGODPHQQ\LEHQH]D]pJpV]VpJpW
YHV]pO\H]WHWL
&LNNHO\²0iV]ypVKHJ\PiV]yN|]|VVpJ
0$;,0$
0LQGHQHPEHUQHNDNLYHODKHJ\HNN|]|WWYDJ\DV]LNOiNRQWDOiONR]XQND]RQRVPpUWpN
WLV]WHOHWMiU(OV]LJHWHOWN|UOPpQ\HNN|]|WWpVVWUHVV]HVKHO\]HWHNEHQVHP
IHOHGNH]KHWQNPHJDUUyOKRJ\PiVRNDWRO\DQHOEiQiVEDQUpV]HVtWVQNPLQWDPHO\HW
PDJXQNNDOV]HPEHQHOYiUXQN
0LQGHQWPHJWHV]QNDQQDNpUGHNpEHQKRJ\QHVRGRUMXQNYHV]pO\EHPiVRNDWpV
IHOKtYMXNPiVRNILJ\HOPpWDOHKHWVpJHVYHV]pO\HNUH
*RQGRVNRGXQNUyODKRJ\VHQNLWQHNO|QE|]WHVVQNPHJ

0LQWOiWRJDWyNWLV]WHOHWEHQWDUWMXNDKHO\LV]DEiO\RNDW
$V]NVpJHVQpOQDJ\REEPpUWpNEHQQHPDNDGiO\R]XQNYDJ\]DYDUXQNPiVRNDW$
J\RUVDEESDUWLNDWHO UHHQJHGMN1HPIRJODOXQNHORO\DQXWDNDWDPHO\HNPiV]iViUD
PiVRNYiUDNR]QDN
$PiV]yEHV]iPROyLQNK HQWNU|]LNDWpQ\OHJHVHVHPpQ\HNHWD]RNUpV]OHWHLUH
NLWHUMHG HQ
&LNNHO\²,GHJHQRUV]iJRNOiWRJDWiVD
0$;,0$
,GHJHQNXOW~UiNYHQGpJHLNpQWPLQGLJWLV]WHOHWWHOpVMy]DQPpUVpNOHWWHOYLVHONHGMQND
KHO\EHOLHNNHOYHQGpJOiWyLQNNDO7LV]WHOHWEHQWDUWMXNDV]HQWKHJ\HNHWpVPiVV]HQW
KHO\HNHWPLN|]EHQPHJSUyEiOMXNVHJtWHQLpVWiPRJDWQLDKHO\LJD]GDViJRWpVODNRVViJRW
$]LGHJHQNXOW~UiNPHJpUWpVHUpV]HDWHOMHVPiV]ypOPpQ\QHN
$YHQGpJOiWyRUV]iJODNRVViJiYDOPLQGLJMyLQGXODWWDOWROHUiQVDQpVWLV]WHOHWWHO
EiQMXQN
6]LJRU~DQUDJDV]NRGMXQNDYHQGpJOiWyRUV]iJiOWDOEHYH]HWHWWEiUPHO\PiV]iVWpULQW
V]DEiO\R]iVKR]
0LHO WWQHNLYiJXQND]~WQDNWDQiFVRVXWiQDROYDVQLDFpORUV]iJW|UWpQHOPpQHN
WiUVDGDOPiQDNSROLWLNDLUHQGV]HUpQHNP YpV]HWpQHNpVYDOOiViQDNKRJ\MREEDQ
PHJpUWVNDQQDNQpSpWpVN|UQ\H]HWpW3ROLWLNDLEL]RQ\WDODQViJHVHWpQNpUMQN
KLYDWDORVWDQiFVRW
%|OFVGRORJDYHQGpJOiWyRUV]iJQ\HOYpWpULQW HQQpPLDODSLVPHUHWHWV]HUH]QL
N|V]|QpVLIRUPiNNpUHPpVN|V]|Q|PDKpWQDSMDLLG V]iPRNVWE(ONpSHV]W
KRJ\HJ\LO\HQNLVEHIHNWHWpVPHQQ\LWNpSHVOHQGtWHQLDNRPPXQLNiFLyV]tQYRQDOiQ
(]]HOKR]]iMiUXOXQNDNXOW~UiNN|]|WWLPHJpUWpVKH]
6RKDQHKDJ\MXNNLDOHKHW VpJHWKRJ\PiV]yLVPHUHWHLQNHWPHJRVV]XNpUGHNO G
KHO\LHNNHO7DSDV]WDODWFVHUHV]HPSRQWMiEyODOHJMREEIHOiOOiVDYHQGpJOiWyRUV]iJ
PiV]yLYDON|]|VH[SHGtFLyNRQYDOyUpV]YpWHO
0LQGHQiURQNHUOMNYHQGpJOiWyLQNYDOOiVRVpU]pVHLQHNPHJVpUWpVpWÌJ\SOQH
MHOHQMQNPHJIHGHWOHQWHVWUpVV]HORO\DQKHO\HNHQDKROH]YDOOiVLYDJ\WiUVDGDOPL
RNRNEyOHOIRJDGKDWDWODQ0pJKDPiVYDOOiVRNEL]RQ\RVPHJQ\LOYiQXOiVLIRUPiL
V]iPXQNUDpUWKHWHWOHQHNLVWROHUiQVDQYLVHONHGQNpVWDUWy]NRGXQND]
tWpOHWDONRWiVWyO
$OHKHW VpJHNKH]NpSHVWPLQGHQVHJtWVpJHWPHJDGXQNDUiV]RUXOyKHO\LODNRVViJQDN
(J\H[SHGtFLyRUYRVDJ\DNUDQYDQDEEDQDKHO\]HWEHQKRJ\HJ\DNXWEHWHJVpJEHQ
V]HQYHG HPEHUpOHWpWG|QW PpUWpNEHQPHJYiOWR]WDVVD
$KHJ\LN|]|VVpJHNJD]GDViJLWiPRJDWiVDpUGHNpEHQDPHQQ\LEHQOHKHWVpJHVKHO\L
WHUPpNHNHWYiViUROXQNpVLJpQ\EHYHVV]NDKHO\LV]ROJiOWDWiVRNDW

-iUMXQNpOHQDKHJ\LN|]|VVpJHNPHJVHJtWpVpEHQDIHQQWDUWKDWyIHMO GpVWHO Q\EHQ

UpV]HVtW LQWp]PpQ\HNOpWHVtWpVpQHNNH]GHPpQ\H]pVpYHOpVWiPRJDWiViYDOPLQWSO
NpS]pVLpVRNWDWiVLV]ROJiOWDWiVRNYDJ\|NRNRPSDWLELOLVJD]GDViJLYiOODONR]iVRN
&LNNHO\²+HJ\LYH]HW NpVPiVYH]HW NIHOHO VVpJH
0$;,0$
$KLYDWiVRVKHJ\LYH]HW NHJ\pEYH]HW NpVDFVDSDWWDJMDLWLV]WiEDQNHOOKRJ\OHJ\HQHND
VDMiWIHODGDWDLNNDOpVWLV]WHOHWEHQNHOOWDUWDQLXNPiVFVRSRUWRNpVHJ\pQHNFVHOHNYpVL
V]DEDGViJiWpVMRJDLW$IHONpV]OWVpJpUGHNpEHQDKHJ\LYH]HW NQHNYH]HW NQHNpVD
FVRSRUWWDJMDLQDNWXGDWiEDQNHOOOHQQLNDFpOMXNNDO|VV]HIJJ YHV]pO\IRUUiVRNQDNpV
NRFNi]DWRNQDNLOOD]iOWDOXNWiPDV]WRWWN|YHWHOPpQ\HNQHNUHQGHONH]QLNNHOOD
V]NVpJHVV]DNpUWHOHPPHOWDSDV]WDODWWDOpVPHJIHOHO IHOV]HUHOpVVHOpVPHJNHOO
EL]RQ\RVRGQLXND]LG MiUiVLYLV]RQ\RNUyOpVHJ\pEIHOWpWHOHNU O
$KHJ\LYH]HW YDJ\PiVYH]HW WiMpNR]WDWMDDNOLHQVWYDJ\DFVRSRUWRWDPiV]iVEDQ

MHOHQOHY NRFNi]DWUyOpVD]DNWXiOLVYHV]pO\PpUWpNpU OpVDPHQQ\LEHQNHOO HQ
WDSDV]WDOWDNEHYRQMD NHWDG|QWpVKR]DWDOLIRO\DPDWED
$YiODV]WRWW~WQDNLJD]RGQLDNHOODNOLHQVYDJ\DFVRSRUWWXGiViKR]LOOHWYH
WDSDV]WDODWiKR]KRJ\D]pOYH]HWHVpVHO UHPXWDWypOPpQ\OHJ\HQ
$PHQQ\LEHQV]NVpJHVDKHJ\LYH]HW YDJ\DYH]HW MHO]LNpSHVVpJHKDWiUDLWpV

V]NVpJV]HULQWDONDOPDVDEENROOpJiNKR]LUiQ\tWMDDNOLHQVHNHWYDJ\FVRSRUWRNDW$
NOLHQVHNLOODFVRSRUWWDJMDLQDNIHOHO VVpJHNLQ\LOYiQtWDQLKDHJ\NRFNi]DWLWpQ\H] W
YDJ\YHV]pO\IRUUiVWW~OMHOHQW VQHNtWpOQHNpVDYLVV]DIRUGXOiVWYDJ\DOWHUQDWtY
PHJROGiVWWDUWMiNKHO\pQYDOyQDN
([WUpPYDJ\QDJ\PDJDVViJEDQYpJUHKDMWRWWPiV]iVRNDONDOPiYDOD
KHJ\LYH]HW NQHNLOOYH]HW NQHNN|UOWHNLQW HQNHOOWiMpNR]WDWQLXNDNOLHQVHNHWLOO
FVRSRUWRNDWKRJ\PLQGHQNLW|NpOHWHVHQWLV]WiEDQOHJ\HQDKHJ\LYH]HW NLOODYH]HW N
iOWDOEL]WRVtWKDWyWiPRJDWiVNRUOiWDLYDO
$KHO\LYH]HW NWiMpNR]WDWMiNDOiWRJDWyEDQOpY NROOpJiNDWDWHUOHWN

VDMiWRVViJDLUyOpVDIHQQiOOyN|UOPpQ\HNU O
&LNNHO\²9pV]KHO\]HWHNDJyQLDpVKDOiO
0$;,0$
$V]NVpJKHO\]HWHNUHLOOV~O\RVEDOHVHWHNNHOpVKDOiOODOMiUyKHO\]HWHNUHYDOyIHONpV]OpV
pUGHNpEHQDKHJ\LVSRUWRNYDODPHQQ\LUpV]WYHY MpQHNHJ\pUWHOP HQWLV]WiEDQNHOOOHQQLH
DNRFNi]DWRNNDOpVYHV]pO\IRUUiVRNNDOpVDPHJIHOHO V]DNpUWHOHPWXGiVpVIHOV]HUHOpV
V]NVpJHVVpJpYHO9pV]KHO\]HWEHQYDJ\EDOHVHWHVHWpQYDODPHQQ\LUpV]WYHY QHNNpV]QHN
NHOOOHQQLHVHJtWHQLPiVRNRQLOOV]HPEHQp]QLHJ\WUDJpGLDN|YHWNH]PpQ\HLYHO

$EDMEDMXWRWWPHJVHJtWpVHIHOWpWOHQHOV EEVpJHWpOYH]DKHJ\HNEHQPDJXQNHOpW ]|WW

FpORNPHJYDOyVtWiViYDOV]HPEHQ(J\pOHWPHJPHQWpVHYDJ\HJ\VpUOW
HJpV]VpJNiURVRGiViQDNPpUVpNOpVHPHVV]HpUWpNHVHEEHJ\N NHPpQ\HOV
PHJPiV]iVQiO
9pV]KHO\]HWEHQKDNOV VHJtWVpJQHPiOOUHQGHONH]pVUHpVDEEDQDKHO\]HWEHQ
YDJ\XQNKRJ\VHJtWHQLWXGXQNNpV]HQNHOOiOOQXQNDW OQNWHOKHW PLQGHQVHJtWVpJ
PHJDGiViUDDEDMEDMXWRWWDNQDNDGGLJDPtJH]|QPDJXQNYHV]pO\EHVRGUiVDQpONO
OHKHWVpJHV
$V~O\RVVpUOWHWYDJ\KDOGRNOyWDOHKHW VpJHNKH]NpSHVWNpQ\HOHPEHNHOOKHO\H]QLpV
pOHWEHQWDUWiViKR]VHJtWVpJHWQ\~MWDQL
7iYROLYLGpNHQKDQHPOHKHWVpJHVDKROWWHVWKD]DV]iOOtWiVDDKHO\pWDOHKHW
OHJSRQWRVDEEDQNHOOPHJDGQLYDODPLO\HQMHOOHOXWDOYDD]HOKXQ\W
V]HPpO\D]RQRVViJiUD
$V]HPpO\HVKROPLNDWPLQWSOIpQ\NpSH] JpSQDSOyMHJ\]HWI]HWIpQ\NpSHN
OHYHOHNLOOHJ\pEV]HPpO\HVWiUJ\DNDWPHJNHOO UL]QLpViWNHOODGQLD
KR]]iWDUWR]yNQDN
$FVDOiGHO ]HWHVKR]]iMiUXOiVDQpONOVHPPLO\HQN|UOPpQ\HNN|]|WWVHPV]DEDG
NpSHNHWPHJMHOHQWHWQLD]HOKXQ\WUyO
&LNNHO\²+R]]iIpUpVpVPHJ U]pV
0$;,0$
0HJJ\ ] GpVQNV]HULQWDV]DEDGKR]]iIpUpVDKHJ\HNKH]pVDV]LNOiNKR]IHOHO VVpJWHOMHV
IRUPiEDQDODSYHW MRJ0LQGHQNRUN|UQ\H]HWNtPpO PyGRQIRO\WDVVXN
WHYpNHQ\VpJQNHWpVDWHUPpV]HWYpGHOPpEHQWHYpNHQ\HQYHJ\QNUpV]W7LV]WHOHWEHQ
WDUWMXNDPiV]yNpVDWHUPpV]HWYpG V]HUYH]HWHNpVKDWyViJRNN|]|WWOpWUHM|WW
PHJiOODSRGiVEDQIRJODOWV]DEiO\R]iVRNDWpVKR]]iIpUpVLNRUOiWR]iVRNDW
7LV]WHOHWEHQWDUWMXNDV]LNOiNpVDKHJ\LN|UQ\H]HWLOOD]iOWDOXNIHQQWDUWRWWpO YLOiJ
YpGHOPpEHQKR]RWWV]DEiO\RNDWpVPiV]yWiUVDLQNDWLVHUUH|V]W|Q|]]N$]DMNHOWpV
HONHUOpVpYHOSUyEiOMXNPLQLPXPUDFV|NNHQWHQLD]pO YLOiJ]DYDUiViW
$PHQQ\LEHQOHKHWVpJHVFpOiOORPiVXQNDWW|PHJN|]OHNHGpVVHOYDJ\WHOMHV
KHO\NLKDV]QiOWViJ~NRFVLNNDON|]HOtWMNPHJKRJ\H]iOWDOLVFV|NNHQWVND]XWDNRQD
IRUJDOPDW
$]HUy]LypVD]pO YLOiJ]DYDUiViQDNHONHUOpVHpUGHNpEHQDIHOPHQHWHNLOOHWYH
OHM|YHWHNVRUiQQHPWpUQNOHD]|VYpQ\HNU OpVDYDGRQEDQDOHJLQNiEE
|NRNRPSDWLELOLV~WYRQDODWYiODV]WMXN
$V]LNOiQKRQRVIDMRNV]DSRURGiVLLOOHWYHN|OWpVLLG V]DNiEDQWLV]WHOHWEHQWDUWMXND]
LG V]DNLKR]]iIpUpVLNRUOiWR]iVRNDW$PLQWN|OWpVLWHYpNHQ\VpJU OV]HU]QN
WXGRPiVWpUWHVtWVNPiV]yWiUVDLQNDWpVJRQGRVNRGMXQNUyODKRJ\WiYROWDUWViN
PDJXNDWDIpV]HNUDNyKHO\W O

(OV PHJPiV]iVRNDONDOPiYDO~J\MiUXQNHOKRJ\DULWNDQ|YpQ\pViOODWIDMRN
pO KHO\HQHNHUOM|QYHV]pO\EH8WDNNLpStWpVHIHMOHV]WpVHpVNDUEDQWDUWiVDVRUiQ
PLQGHQyYLQWp]NHGpVWPHJNHOOWHQQQNDQQDNpUGHNpEHQKRJ\DN|UQ\H]HWL
KDWiVRNDWPLQLPDOL]iOMXN
5HWURQLWWHOpVN|YHWNH]WpEHQDPiV]yKHO\HNQpSV]HU EEpYiOQDN.|UOWHNLQW HQ
PpUOHJHOMNHQQHNVRNUpW NLKDWiVDLW$OpWV]iPQ|YHNHGpVKR]]iIpUpVLSUREOpPiNDW
RNR]KDW
$OHJNHYpVEpiUWDOPDVEL]WRVtWiVWHFKQLNDDONDOPD]iViYDOPLQLPDOL]iOMXNDV]LNOiWpU
NiURNDW
1HPFVDNDVDMiWKXOODGpNXQNDWYLVV]NYLVV]DDFLYLOL]iFLyEDGHDPiVRNiOWDO
KiWUDKDJ\RWWV]HPHWHWLVIHOV]HGMN
:&NKLiQ\iEDQV]pNOHWUtWpVNRUPHJIHOHO WiYROViJRWWDUWXQNDODNyLOO
WiERUKHO\HNW OSDWDNRNWyOIRO\yNWyOYDJ\WDYDNWyOpVPLQGHQV]NVpJHVOpSpVW
PHJWHV]QND]pUWKRJ\D]|NRV]LV]WpPiWQHpUMHNiU7DUWy]NRGXQNPiVRNHV]WpWLNDL
pU]pVHLQHNPHJVpUWpVpW O6 U QOiWRJDWRWWELROyJLDLODJDODFVRQ\DNWLYLWiVLV]LQW
WHUOHWHNHQDPiV]yNYHV]LNDIiUDGViJRWV]pNOHWNHOV]iOOtWiViUD
$WiERUKHO\HWWLV]WiQWDUWMXNDPHQQ\LUHOHKHWVpJHVHONHUOMNDKXOODGpNWHUPHOpVW
YDJ\DV]HPHWQNHWPHJIHOHO HQKHO\H]]NHO9DODPHQQ\LPiV]yIHOV]HUHOpVW²
U|J]tWHWWN|WHOHNViWUDNR[LJpQSDODFNRN²HONHOOWiYROtWDQLDKHJ\U O
$]HQHUJLDIHOKDV]QiOiVWPLQLPDOL]iOMXN.O|Q|VHQHUG V] NpEHQOpY RUV]iJRNEDQ

WDUWy]NRGXQND]RO\DQWHYpNHQ\VpJW ODPHO\D]HUG NWRYiEELSXV]WXOiViYDOMiUKDW
.LKDOiVYHV]pO\pEHQOpY HUG NNHOUHQGHONH] RUV]iJRNEDQD]pWHONpV]tWpVKH]D]
H[SHGtFLyYDODPHQQ\LUpV]WYHY MHUpV]pUHHOHJHQG PHQQ\LVpJ ]HPDQ\DJRWNHOO
V]iOOtWDQXQN
$KROH]DWHUPpV]HWUHYDJ\DNXOW~UiUDiUWDOPDVDKHOLNRSWHUHVW~UL]PXVWD
PLQLPXPUDNHOOFV|NNHQWHQL
+R]]iIpUpVLNpUGpVHNNHONDSFVRODWRVYLWiNQiODI|OGWXODMGRQRVRNQDNKDWyViJRNQDN
pVD]HJ\HVOHWHNQHNWiUJ\DOQLXNNHOOHJ\PiVVDOKRJ\PLQGHQNLV]iPiUD
HOIRJDGKDWyPHJROGiVV]OHVVHQ
$NWtYDQUpV]WYHV]QNH]HQV]DEiO\RNYpJUHKDMWiViEDQNO|Q|VHQDQ\LOYiQRVViJ
EL]WRVtWiVDiOWDOpVDV]NVpJHVLQIUDVWUXNW~UDPHJWHUHPWpVpYHO
$KHJ\PiV]yHJ\HVOHWHNNHOpVPiVWHUPpV]HWYpG FVRSRUWRNNDOHJ\WWSROLWLNDL

V]LQWHQLVDNWtYDQN|]UHP N|GQNDWHUPpV]HWHVpO KHO\HNpVDN|UQ\H]HWYpGHOPH
pUGHNpEHQ

.RUiEEDQQ\LWRWWXWDNEDQ~MQLWWHNHOKHO\H]pVHpVYDJ\PHJOpY HNiWKHO\H]pVHDEULWHNQpOQLWWPHQWHVWUDGXWDNEDQVWDQGQLWWHN
LOOWRYiEELIL[SRQWRNOpWHVtWpVHDIRUG

&LNNHO\²6WtOXV
0$;,0$
$]pOPpQ\PLQ VpJHpVDSUREOpPDPHJROGiVPLNpQWMHIRQWRVDEEPLQWD]KRJ\
PHJROGMXNHHJ\iOWDOiQDSUREOpPiWYDJ\VHP7|UHNV]QNUiKRJ\QHKDJ\MXQN
Q\RPRNDW
,J\HNV]QNPLQGHQPiV]iVQDNPHJ UL]QLD]HUHGHWLMHOOHJpWNLYiOWNpSSDW|UWpQHOPL

MHOHQW VpJ HNpW(]D]WMHOHQWLKRJ\DPiV]yNQHQ|YHOMpNDIL[SRQWRNV]iPiW
PHJOpY XWDNEDQ.LYpWHOH]DOyODIL[SRQWRNV]iPiQDN~MIHOV]HUHOpVHOKHO\H]pVpYHO
YDJ\PHJOpY HNHOWiYROtWiViYDOYDOyPHJYiOWR]WDWiViUyOV]OHWHWWKHO\LNRQV]HQ]XV²
EHOHpUWYHD]HOV PHJPiV]yNHJ\HWpUWpVpW
7LV]WHOHWEHQWDUWMXNDKHO\LKDJ\RPiQ\RNNO|QE|] VpJpWpVQHPSUyEiOMXNPHJD
Qp] SRQWXQNDWUiNpQ\V]HUtWHQLPiVPiV]yNXOW~UiNUDGHQHPIRJDGMXNHOD]
IHOIRJiVXNUiQNNpQ\V]HUtWpVpWVHP
$V]LNOiNpVDKHJ\HNNRUOiWR]RWWPpUWpNEHQiOOQDNUHQGHONH]pVUHDNDODQGKR]
D]RNDWVRNIpOHpUGHNO GpV PiV]yYDONHOOPHJRV]WDQLMyQpKiQ\VRURQN|YHWNH]
JHQHUiFLyQiW7LV]WiEDQYDJ\XQND]]DOKRJ\DM|Y QHP]HGpNHLQHNLVH]HQD
NRUOiWR]RWWV]tQWpUHQEHOONHOOPHJWDOiOQLXNDPDJXNÔ-NDODQGMDLWÔJ\SUyEiOMXN
PHJNLpStWHQLDPiV]yLVNROiNDWYDJ\DKHJ\HNHWKRJ\D]QHIRVV]DPHJDM|Y WD
OHKHW VpJHNW O
$]RNRQDKHO\HNHQDKRODQLWWHNHOIRJDGRWWDNNtYiQDWRVKRJ\XWDNDWV]LNOiNUpV]HLW
YDJ\WHOMHVV]LNOiNDWQLWWPHQWHVHQKDJ\MXQNKRJ\H]]HOPHJ UL]]NDNDODQG
OHKHW VpJpWpVWLV]WHOHWEHQWDUWVXNDNO|QE|] PiV]ypUGHNHNHW
$WHUPpV]HWHVHV]N|]|NNHOEL]WRVtWRWWXWDNpSSRO\DQpOYH]HWHVHNpVEL]WRQViJRVDN
OHKHWQHNDKREELPiV]yNV]iPiUDPLQWDQLWWHOWXWDN$OHJW|EEPiV]yNpSHV
PHJWDQXOQLDWHUPpV]HWHVEL]WRVtWyHV]N|]|NEL]WRQViJRVHOKHO\H]pVpWpVDUUDNHOO
RNWDWQL NHWKRJ\H]WRYiEELNDODQGRWMHOHQWYDODPLQWJD]GDJpVWHUPpV]HWHV
pOPpQ\WQ\~MW>DQLWWHOWXWDNNDO@|VV]HKDVRQOtWKDWyEL]WRQViJPHOOHWWDPLQWDWHFKQLND
HOVDMiWtWiVUDNHUOW
.O|QE|] pUGHNFVRSRUWRNYLWiMDHVHWpQDPiV]yNSiUEHV]pGpVWiUJ\DOiV~WMiQNHOO
KRJ\IHOROGMiNQp]HWNO|QEVpJHLNHWKRJ\HONHUOMpNDKR]]iIpUpVYHV]pO\EHNHUOpVpW
.HUHVNHGHOPLQ\RPiVRNVRKDVHPEHIRO\iVROKDWMiNHJ\HPEHUYDJ\HJ\WHUOHW
PiV]yHWLNiMiW
1DJ\KHJ\HNHQDMyVWtOXVPDJiEDQIRJODOMDDU|J]tWHWWN|WHOHNWHOMHVtWPpQ\Q|YHO
V]HUHNYDJ\SDODFNR]RWWR[LJpQKDV]QiODWiQDNHONHUOpVpW

&LNNHO\²(OV PHJPiV]iVRN
,5É1<(/9
(J\~WYDJ\HJ\KHJ\HOV PHJPiV]iVDNUHDWtYWHWW/HJDOiEERO\DQMyVWtOXVEDQNHOO
YpJUHKDMWDQLPLQWDPHO\DN|UQ\pNKDJ\RPiQ\DLEyON|YHWNH]LNpVWNU|]]|Q
IHOHO VVpJYiOODOiVWDKHO\LPiV]yN|]|VVpJLUiQ\iEDQpVDM|Y PiV]yLQDNLJpQ\HLW
LOOHW HQ
$]HOV PHJPiV]iVRNOHJ\HQHNN|UQ\H]HWEDUiWRNpV|VV]HHJ\H]WHWKHW HNDKHO\L

V]DEiO\R]iVRNNDODI|OGWXODMGRQRVRNNpUpVHLYHOpVDKHO\LODNRVViJVSLULWXiOLV
pUWpNHLYHO
1HPURQJiOMXNDV]LNOiWIRJiVRNOHW|UpVpYHOYDJ\KR]]iDGiViYDO
$OSHVLUpJLyEDQHOV PHJPiV]iVRNNL]iUyODJHO|OPiV]iVEyOWHOMHVtWKHW HNQLQFV

IHOOU OIL[SRQWHOKHO\H]pV
$KHO\LKDJ\RPiQ\RNPD[LPiOLVWLV]WHOHWEHQWDUWiVDPHOOHWWD]HOV PHJPiV]yN
HOKDWiUR]iViWyOIJJPLO\HQDUiQ\EDQOpWHVtWHQHNIL[SRQWRNDWD]~WMXNEDQ
WHNLQWHWEHYpYHDFLNNHO\DMiQOiVDLW
$I|OGNH]HO LYDJ\DKHO\LKR]]iIpUpVLEL]RWWViJRNiOWDOWiMYpGHOPLN|U]HWQHNYDJ\

WHUPpV]HWYpGHOPLWHUOHWQHNQ\LOYiQtWRWWWHUOHWHNHQDKR]]iIpUpVPHJ U]pVH
pUGHNpEHQDQLWWHNV]iPiWDEV]RO~WPLQLPiOLVUDNHOOV]RUtWDQL
(OV PHVWHUVpJHVPHJPiV]iVRNQiODO\XNDNI~UiViWpVDU|J]tWHWWIHOV]HUHOpV
HOKHO\H]pVpWDOHKHW OHJFVHNpO\HEEV]LQWHQNHOOWDUWDQLDQLWWHNHWKDFVDNQHP
IHOWpWOHQOV]NVpJHVDVWDQGSRQWRNQiOLVPHOO ]QLNHOO
$NDODQGMHOOHJ XWDNDWRO\DQWHUPpV]HWHVHQNHOOKDJ\QLDPHQQ\LUHFVDNOHKHWVpJHV
HOWiYROtWKDWyEL]WRVtWyHV]N|]|NUHKDJ\DWNR]YDDPLNRUFVDNLJpQ\EHYHKHW HN
QLWWHNHWFVDNV]NVpJHVHWpQKDV]QiOYDpVDKHO\LKDJ\RPiQ\RNWyOIJJ HQ
$V]RPV]pGRVXWDNIJJHWOHQNDUDNWHUpWQHPV]DEDGYHV]pO\H]WHWQL
$]HOV PHJPiV]iVRNUyOV]yOyEHV]iPROyNEDQIRQWRVKRJ\DUpV]OHWHNHWDOHKHW
OHJSRQWRVDEEDQN|]|OMN(J\PiV]y V]LQWHVpJHpVWLV]WHVVpJHYpOHOPH]YHYDQ
KDFVDNQLQFVNRPSURPLWWiOyEL]RQ\tWpN
$PDJDVKHJ\HNV]iPDYpJHV.O|Q|VNpSSHQ|V]W|Q|]]NDPiV]yNDWDOHJMREE
VWtOXVDONDOPD]iViUD
&LNNHO\²6]SRQ]RUiOiV5HNOiP35
,5É1<(/9
$V]SRQ]RURNpVDVSRUWROyNN|]|WWLHJ\WWP N|GpVDKHJ\LVSRUWRNMyOIHOIRJRWWpUGHNHLW
V]ROJiOyV]DNPDLNDSFVRODWOHJ\HQ0LQGHQWHNLQWHWEHQDKHJ\LVSRUWRNDW ] N
N|]|VVpJpQHNIHOHO VVpJHPLQGDPpGLiWPLQGDN|]YpOHPpQ\WDNWtYDQN|]UHP N|GYH
QHYHOQLpVWiMpNR]WDWQL

$N|]|VFpORNPHJKDWiUR]iViKR]V]NVpJHVDN|OFV|Q|VPHJpUWpVDV]SRQ]RUpVD
VSRUWROyN|]|WW$KHJ\LVSRUWRNVRNROGDO~ViJDPHJNtYiQMDPLQGDVSRUWROyPLQGD
V]SRQ]RUVSHFLiOLVV]DNWHUOHWpQHNSRQWRVPHJKDWiUR]iViWDOHKHW VpJHNPD[LPiOLV
NLKDV]QiOiVDpUGHNpEHQ
7HOMHVtWPpQ\NV]tQYRQDOiQDNIHQQWDUWiVDpVQ|YHOpVHpUGHNpEHQDPiV]yND
V]SRQ]RUDLNIRO\DPDWRVWiPRJDWiViUDV]RUXOQDN(]HQRNEyONLIRO\yODJIRQWRVKRJ\
DV]SRQ]RURNVRUR]DWRVNXGDUFRNXWiQLVIHQQWDUWViNSDUWQHUHLNWiPRJDWiViW$
V]SRQ]RUVHPPLO\HQN|UOPpQ\HNN|]|WWVHPNpQ\V]HUtWKHWLEHOHWHOMHVtWPpQ\HNEHD
PiV]yW
$KKR]KRJ\iOODQGyMHOHQOpWOpWHVOM|QYDODPHQQ\LPpGLiEDQHJ\pUWHOP
NRPPXQLNiFLyVFVDWRUQiNOpWUHKR]iViUyOpVIHQQWDUWiViUyONHOOJRQGRVNRGQL
$PiV]yNQDNYHQQLNNHOODIiUDGViJRWKRJ\WHYpNHQ\VpJNU OYDOyViJK HQ
EHV]iPROMDQDN(J\KLWHOHVEHV]iPROyQHPFVDNDPiV]yKLWHOHVVpJpWHU VtWKHWLGHD
VSRUWMDN|]PHJEHFVOpVpWLVQ|YHOKHWL
$VSRUWROyYpJV VRURQIHOHO VVpJJHOWDUWR]LNDV]SRQ]RUQDNpVDPpGLiQDND7LUROL

'HNODUiFLyEDQOHIHNWHWHWWHWLNDVWtOXVWiUVDGDOPLpVN|UQ\H]HWLIHOHO VVpJ
N|]YHWtWpVppUW
V]0HOOpNOHW$0iV]y-iWpNRN3OXUDOL]PXVD
$PRGHUQPiV]iVDW~Ui]iVWyOpVERXOGHUH]pVW ODV]LNODpVKHJ\PiV]iVLJWHUMHG V]pOHV

WHYpNHQ\VpJLVNiOiW|OHOIHO$KHJ\PiV]iVPDJiEDQIRJODOMDDPDJDVKHJ\LDOSLQL]PXV
H[WUpPIRUPiLWpVD]H[SHGtFLy]iVWRO\DQPDJDVKHJ\VpJHNEHQPLQWD]$QGRNYDJ\D
+LPDOiMD%iUDPiV]iVNO|QE|] IRUPiLPHUHYHQQHPKDWiUROKDWyNHOD]DOiEEL
NDWHJRUL]iOiVVHJtWVpJpYHOV]HPOpOHWHVHQEHPXWDWKDWyNDPRGHUQKHJ\LVSRUWRN
OHJNO|QE|] EEIRUPiL
7~Ui]iVpVWUHNNLQJ
$KHJ\PiV]iVOHJHOWHUMHGWHEEIRUPiMDDPHQHGpNKi]DNKR]KiJyNEDpVFV~FVRNUDW~Ui]iV$
KHJ\HNEHQYDJ\YDODKROPiVKRODWHUPpV]HWEHQNO|Q|VHQD]LVWHQKiWDP|J|WWLKHO\HNHQ
WHWWW|EEQDSRVW~UiWiOWDOiEDQWUHNQHNQHYH]LN$PLQWD]HO UHMXWiVKR]DNH]HNHWLVKDV]QiOQL
NHOODW~Ui]iVDKHJ\PiV]iVWHFKQLNDLODJLJpQ\HVHEEIRUPiMiW|OWL
9LDIHUUDWiNPiV]iVD
$GUyWN|WHOHNNHOpVYDVOpWUDIRNRNNDOIHOV]HUHOWPHUHGHNV]LNOiVWHUHSHQYH]HW XWDNHJ\UH
QpSV]HU EEpYiOQDN(J\DODSRVDQNLpStWHWWLQIUDVWUXNW~UDpVVSHFLiOLVEL]WRVtWiVLUHQGV]HU
IRO\WiQHJ\HGGLJFVDNDWHFKQLNDLV]LNODPiV]iVV]iPiUDQ\LWYDiOOyWHUHSYiOWHOpUKHW Yp

.ODVV]LNXVKHJ\PiV]iV
(]HQDNDWHJyULiQEHOODKHJ\PiV]yOHJIHOMHEE8,$$,,,DVQHKp]VpJ V]LNOiWLOOPD[
IRNRVKypVMpJOHMW WPiV]LN$PiV]iVQDNHEEHQDNDWHJyULiMiEDQDWLSLNXVFpOWDOSHVL
FV~FVRNQRUPiO~WMDLNpSH]LN
6tDOSLQL]PXV
$]DOSLQL]PXVH]HQNODVV]LNXVIRUPiMiQDNP YHO LDOSHVLYDJ\WHOHPiUNVtYHOW~Ui]QDND

KHJ\HNEHQYDJ\NHUHV]WH]QHNWHOMHVKHJ\YRQXODWRNDW$V]NVpJHVWXGiV|VV]HWHWWVpJHPLDWW
DKHJ\PiV]iVIRUPiLN|]OH]DP IDMDOHJW|EEHWN|YHWHO NpVDOHJYHV]pO\HVHEEHNN|]p
WDUWR]LN
$µPiV]yMiWpNRNµKLHUDUFKLiMD
$PiV]iVNO|QE|] IRUPiLQDNNDWHJRUL]iOiViUD/LWR7HMDGD)ORUHViOWDOEHYH]HWHWWUHQGV]HU
VHJtWEHPXWDWQLDPRGHUQWHFKQLNDLPiV]iVEDQPHJMHOHQWVRNUpW VpJHW0LQGHQVSHFLDOL]iOW
WtSXV~PiV]yÅMiWpNRWµSUHFt]GHLQIRUPiOLVV]DEiO\RNKDWiUR]QDNPHJDPHO\HNHW~J\
iOODStWDQDNPHJKRJ\D]HOYpJ]HQG IHODGDWQHKp]pVH]iOWDOpUGHNHVOHJ\HQ0LQpOQDJ\REE
HJ\DGRWWPiV]yMiWpNEDQDWHUPpV]HWHVN|UQ\H]HWE ODGyGyYHV]pO\DWHFKQLNDLIHOV]HUHOpV
KDV]QiODWDDQQiONHYHVHEENRUOiWR]iVDOiHVLN0LQpONHYHVHEED]REMHNWtYYHV]pO\IRUUiV
DQQiOV]LJRU~EEDNDV]DEiO\RN
%RXOGHUH]pV
%RXOGHUH]pVNRUQHKp]V]LNODUpV]OHWHNHWN]GHQHNOHI|OGN|]HOEHQUHQGV]HULQWN|WpOQpONO
$PHJHQJHGHWWIHOV]HUHOpVDPiV]yFLS UHPDJQp]LiV]ViNUD²pVQDSMDLQNEDQ²DERXOGHU
V]LYDFVUDNRUOiWR]yGLN$ERXOGHUH]pVWWHUPpV]HWHVERXOGHUW|PE|N|QpVV]LNOiNRQLOO
P IDODNRQ ]LN
0 IDOPiV]iV
0DQDSViJDOHJW|EEPiV]yV]DEDGLG VpVHG] FpORNUDP IDODNDWYHV]LJpQ\EHD]

RWWKRQiEDQHJ\PiV]yWHUHPEHQYDJ\DV]DEDGEDQ(J\UHW|EEPiV]yPiV]LNNL]iUyODJ
P IDODNRQ9DQQDNWRYiEEi~MIRUPiLDPiV]iVQDNPLQWDWHUiSLiVpVDP YpV]LPiV]iV
WiQFYDJ\EDOHWW
0iV]yNHUWLPiV]iV
$]HJ\W OKiURPN|WpOKRVV]LJWHUMHG XWDNDWPiV]yNHUWLXWDNQDNQHYH]LN$PiV]iVH]HQ

YiOIDMiUDD]XWyEELNpWpYWL]HGEHQDV]DEDGPiV]iVHWLNiMDYiOWQHP]HWN|]LOHJHOIRJDGRWWiD]
XWDNU|YLGVpJpUHLOOD]REMHNWtYYHV]pO\IRUUiVRNPDMGQHPWHOMHVKLiQ\iUDWHNLQWHWWHO(]D]W
MHOHQWLKRJ\HJ\~WFVDNDNNRUPLQ VOPHJPiV]RWWQDNKDDPiV]iVVRUiQQHPKDV]QiOWDN
D]HO UHMXWiVKR]DV]LNOiEDQHOKHO\H]HWWIL[SRQWRNDW
7|EEN|WpOKRVV]DVXWDNPiV]iVD
+DHJ\PiV]iVNpWYDJ\KiURPN|WpOKRVV]QiOKRVV]DEEW|EEN|WpOKRVV]DVPiV]y~WQDN
QHYH]LN

1DJ\IDOPHVWHUVpJHVPiV]iV
(EEHQD<RVHPLWHY|OJ\EHQNLDODNXOWPiV]yMiWpNEDQDPiV]yNV]DEDGRQQHPPiV]KDWy
IDODNRQKDWROQDNIHOVSHFLiOLVDQHUUHWHUYH]HWWIHOV]HUHOpVVHO$QLWWHNYDJ\D]HO UHMXWiVHJ\pE
HV]N|]HLQHNHOKHO\H]pVpKH]PHJSUyEiOMiNDOHKHW OHJNHYHVHEEO\XNDWI~UQLKRJ\DPiV]iV
EHIHMH]pVHXWiQPLQLPiOLVQ\RPRWKDJ\MDQDN
$OSHVLPiV]iV
$]DOSHVLMiWpNEDQDPiV]yNQDNQHPSXV]WiQD]DGRWWPiV]y~WWiPDV]WRWWDIHODGDWRNNDO
NHOOPHJN]GHQLNKDQHPDJ\DNUDQHOOHQVpJHVPDJDVKHJ\LN|UQ\H]HWREMHNWtY
YHV]pO\HLYHOLV0LYHODW~OpOpVVRNV]RUQHPFVXSiQD]~WWHFKQLNDLIHODGYiQ\DLEL]WRQViJRV
PHJROGiViQDNNpSHVVpJpQP~OLNGHDSDUWLJ\RUVDViJiQLVH]pUWD]DOSHVLMiWpNtUDWODQ
V]DEiO\DLKDJ\RPiQ\RVDQPHJHQJHGLNDV]|JHNpVD]pNHNKDV]QiODWiWD]HO UHMXWiVKR]$
KDWYDQDVpYHNYpJpW ONH]GYHD]RQEDQDV]DEDGPiV]iVDODSHOYHLWIRNR]RWWDQDONDOPD]WiND
PDJDVKHJ\HNN|]|WWLV+DEiUD]~MNRUV]DNNH]GHWpQDNRUiEEDQPHVWHUVpJHVHQPiV]RWW
XWDNV]DEDGiWPiV]iViQYROWDKDQJV~O\QHPVRNLG WHOWHODPtJDPDJDVKHJ\HNEHQLV
PHJMHOHQWHNDV]LJRU~EEV]DEiO\RNV]HULQWQ\LWRWW~MQHKp]PiV]yXWDN,O\HQHND]H[WUpP
PHUpV]NDODQGXWDNpVDKHGRQLV]WLNXVVSRUWXWDN
$]DOSHVLPiV]iVHJ\LNIRQWRVWHUOHWHDMpJPiV]iV(]DNODVV]LNXVILUQOHMW NPiV]iViWyOD
V]pOV VpJHVHQQHKp]IXWXULV]WLNXVYiOODONR]iVRNLJWHUMHG$MpJPiV]iVHJ\LNN|]HOP~OWEDQ
QpSV]HU YpYiOWIRUPiMDDEHIDJ\RWWYt]HVpVHNIJJ MpJFVDSRNpVD]YHJMpJEHYRQDW~
V]LNOiNPiV]iVD$PRGHUQPL[V]LNODpVMpJXWDNKiJyYDVVDOpVMpJFViNiQQ\DORO\NRU
UHQGNtYOQHKp]PR]GXODWRNDWLJpQ\HOQHNDV]LNOiQ$MiWpNRWDV]DEDGPiV]iVV]DEiO\DL
V]HULQWMiWVV]iN$MpJpVPL[XWDNDU|YLGHJ\N|WpOKRVV]DVJ\OHWHNW ODPDJDVDEE
KHJ\HNEHQ]DMOyDNiUW|EEKHWHWLVLJpQ\EHYHY NRFNi]DWRVP YHOHWHNLJWHUMHGQHN
.DODQGPiV]iVpVVSRUWPiV]iV
$PRGHUQPiV]yWHUPLQROyJLDNO|QEVpJHWWHV]DNDODQGYDJ\WUDGtFLRQiOLVPiV]yVWtOXVpVD
VSRUWPiV]iVN|]|WW$NDODQGYDJ\µWUDGµPiV]iVQDND]DOiEEL|VV]HWHY LYDQQDN
$WHOMHVtWPpQ\WD]DODSMiQtWpOLNPHJPHNNRUDPHQQ\LVpJ VWUHVV]WNHOOHOYLVHOQLD]~W
PHJPiV]iViKR]
$PiV]yIHODGDWDDN|]WHVEL]WRVtWiVRNHOKHO\H]pVHYDJ\EHNHOOpUQLHQpONON
$]HO|OPiV]yiOWDOHON|YHWHWWKLEiNQDNLJHQGUDV]WLNXVN|YHWNH]PpQ\HLOHKHWQHN
$VSRUWPiV]iVWDN|YHWNH] NMHOOHP]LN
$WHOMHVtWPpQ\WDPiV]RWW~WWHFKQLNDLQHKp]VpJHDODSMiQtWpOLNPHJ
$PR]JiVpOPpQ\HGRPLQiO
$QLWWHNW|NpOHWHVEL]WRVtWiVWWHV]QHNOHKHW Yp
+DDPRGHUQEL]WRVtWiVWHFKQLNiWPHJIHOHO HQDONDOPD]]iNDNNRUD]HO|OPiV]yHVpVHL
iOWDOiEDQQHPMiUQDNNRPRO\N|YHWNH]PpQ\HNNHO
$NDODQGpVDVSRUWPiV]yVWtOXVPiV]yLVNROiNEDQpVDOSHVLIDODNRQHJ\DUiQWDONDOPD]KDWy

$NDODQGpVDVSRUW|U|PPiV]iVV]tQWLV]WDYHU]LyLN|]|WWV]iPWDODQiWPHQHWOpWH]LN
$NO|QE|] MiWpNRNpVEL]WRQViJLµILOR]yILiNµHOWpU HJ\pQLPiV]yV]NVpJOHWHNKH]

LJD]RGQDN$KHJ\LVSRUWRNV]iPRVPHJMHOHQpVLIRUPiMDVRNDNV]iPiUDEL]WRVtWpOYH]HWHW
pV|QPHJYDOyVtWiVLOHKHW VpJHWH]WGY|]|OMN
$VSRUWPiV]yPHJN|]HOtWpVKtYHLQHNpSS~J\PLQWDNDODQGILOR]yILDP YHO LQHN

MRJXNEDQiOOD]HONpS]HOpVHLNNHOpVDNpSHVVpJHLNNHO|VV]KDQJEDQPiV]QL
&pOXQNDPiV]yVWtOXVRNVRNV]tQ VpJpQHNPHJ U]pVHPHJKDJ\YDDVSHFLiOLV

N]G WHUHLNHW
6]XSHUDOSLQL]PXV
$KHJ\PiV]iVH]HQiJDD]DOSHVLPiV]iVV]DEiO\DLWDONDOPD]]DQDJ\PDJDVViJRNEDQOpY
WHUHSHQKDWKpWpVQ\ROFH]HUPpWHUHVFV~FVRNRQDPHO\HNVRNiLJFVDNDKDJ\RPiQ\RV
H[SHGtFLyNQDNYROWDNIHQQWDUWYD$V]XSHUDOSHVLMiWpNEDQHJ\DUiQWHOYHWLNDIL[N|WHOHND
NOV IRUUiVRNEyOV]iUPD]yVHJtWVpJDWiERUOiQFIHOiOOtWiViWpVDSDODFNR]RWWR[LJpQ
KDV]QiODWiW
([SHGtFLy]iV
(QQHNDMiWpNQDNNpWIRUPiMDDODNXOWNLD]HOV YiOWR]DWIHODGDWDD]H[SHGtFLyOHKHW OHJW|EE

WDJMiWIHOMXWWDWQLPDJDVKHJ\HNQHYHVFV~FVDLUDDQRUPiOXWDNRQ$VLNHUYDOyV]tQ VpJpWD
WHKHUKRUGyNIL[N|WHOHNpVPHVWHUVpJHVR[LJpQE VpJHVLJpQ\EHYpWHOpYHOQ|YHOLN
(]]HOV]HPEHQD]H[SHGtFLyVPiV]iVH[WUpPIRUPiMDDWHFKQLNDLQHKp]VpJKDWiUDLWD
SDODFNR]RWWR[LJpQKDV]QiODWiWNLYpYHDOHJPRGHUQHEEIHOV]HUHOpVIL[N|WHOHNIJJ
ViWRUWiERURNpVIHOV]HUHOpVGHSyNDONDOPD]iViYDOSUyEiOMDPHJNLWROQL
IRUUiVKWWSZZZPRXQWDLQIXWXUHDWHQJOLVKLQGH[KWPIRUG]RHRE[HVQ#\DKRRFRP

7Lurol'Hnoduifly D+Hj/L6Sruwrn /hjmree /dnruodwiuyo: Ä7Rognlmmheedkdwiudlgdw Kdqjroygmui PVN ) Ggpdjdgplqgljpdjdvdeeud

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

7Lurol'Hnoduifly D+Hj/L6Sruwrn /hjmree /dnruodwiuyo: Ä7Rognlmmheedkdwiudlgdw Kdqjroygmui PVN ) Ggpdjdgplqgljpdjdvdeeud

Uploaded by

Copyright:

Available Formats

7LUROL'HNODUiFLy

 PHJKDWiUR]]iNQDSMDLQNDODSYHW pUWpNHLWDKHJ\LVSRUWRNWHUOHWpQ

$7LUROL'HNODUiFLyFpOMDKRJ\VHJtWVpJHWQ\~MWVRQDKHJ\LVSRUWRNEDQUHMO V]DEDGLG VpV

&LNNHO\²+HJ\LYH]HW NpVHJ\pEYH]HW NIHOHO VVpJH

 0HJJ\ ] GQNDIHO OKRJ\UHQGHONH]QNDFpOXQNQDNPHJIHOHO NpS]HWWVpJJHO

 0HJEL]RQ\RVRGXQNUyODKRJ\PLQGHQW~UiQNRQPHJIHOHO HQIHOYDJ\XQNV]HUHOYHpV

 $FVRSRUWYDODPHQQ\LWDJMiQDNWHNLQWHWWHONHOOOHQQLHpVIHOHO VVpJHWNHOOYiOODOQLDD

 -iUMXQNpOHQDKHJ\LN|]|VVpJHNPHJVHJtWpVpEHQDIHQQWDUWKDWyIHMO GpVWHO Q\EHQ

&LNNHO\²+HJ\LYH]HW NpVPiVYH]HW NIHOHO VVpJH

 $KHJ\LYH]HW YDJ\PiVYH]HW WiMpNR]WDWMDDNOLHQVWYDJ\DFVRSRUWRWDPiV]iVEDQ

 $PHQQ\LEHQV]NVpJHVDKHJ\LYH]HW YDJ\DYH]HW MHO]LNpSHVVpJHKDWiUDLWpV

 $KHO\LYH]HW NWiMpNR]WDWMiNDOiWRJDWyEDQOpY NROOpJiNDWDWHUOHWN

 $EDMEDMXWRWWPHJVHJtWpVHIHOWpWOHQHOV EEVpJHWpOYH]DKHJ\HNEHQPDJXQNHOpW ]|WW

 $]HQHUJLDIHOKDV]QiOiVWPLQLPDOL]iOMXN.O|Q|VHQHUG V] NpEHQOpY RUV]iJRNEDQ

 $KHJ\PiV]yHJ\HVOHWHNNHOpVPiVWHUPpV]HWYpG FVRSRUWRNNDOHJ\WWSROLWLNDL

 ,J\HNV]QNPLQGHQPiV]iVQDNPHJ UL]QLD]HUHGHWLMHOOHJpWNLYiOWNpSSDW|UWpQHOPL

 $]HOV PHJPiV]iVRNOHJ\HQHNN|UQ\H]HWEDUiWRNpV|VV]HHJ\H]WHWKHW HNDKHO\L

 $OSHVLUpJLyEDQHOV PHJPiV]iVRNNL]iUyODJHO|OPiV]iVEyOWHOMHVtWKHW HN QLQFV

 $I|OGNH]HO LYDJ\DKHO\LKR]]iIpUpVLEL]RWWViJRNiOWDOWiMYpGHOPLN|U]HWQHNYDJ\

 $VSRUWROyYpJV VRURQIHOHO VVpJJHOWDUWR]LNDV]SRQ]RUQDNpVDPpGLiQDND7LUROL

$PRGHUQPiV]iVDW~Ui]iVWyOpVERXOGHUH]pVW ODV]LNODpVKHJ\PiV]iVLJWHUMHG V]pOHV

$]DOSLQL]PXVH]HQNODVV]LNXVIRUPiMiQDNP YHO LDOSHVLYDJ\WHOHPiUNVtYHOW~Ui]QDND

0DQDSViJDOHJW|EEPiV]yV]DEDGLG VpVHG] FpORNUDP IDODNDWYHV]LJpQ\EHD]

$]HJ\W OKiURPN|WpOKRVV]LJWHUMHG XWDNDWPiV]yNHUWLXWDNQDNQHYH]LN$PiV]iVH]HQ

$NO|QE|] MiWpNRNpVEL]WRQViJLµILOR]yILiNµHOWpU HJ\pQLPiV]yV]NVpJOHWHNKH]

$VSRUWPiV]yPHJN|]HOtWpVKtYHLQHNpSS~J\PLQWDNDODQGILOR]yILDP YHO LQHN

&pOXQNDPiV]yVWtOXVRNVRNV]tQ VpJpQHNPHJ U]pVHPHJKDJ\YDDVSHFLiOLV

(QQHNDMiWpNQDNNpWIRUPiMDDODNXOWNLD]HOV YiOWR]DWIHODGDWDD]H[SHGtFLyOHKHW OHJW|EE

You might also like

PHJKDWiUR]]iNQDSMDLQNDODSYHW pUWpNHLWDKHJ\LVSRUWRNWHUOHWpQ

$7LUROL'HNODUiFLyFpOMDKRJ\VHJtWVpJHWQ\~MWVRQDKHJ\LVSRUWRNEDQUHMO V]DEDGLG VpV

&LNNHO\²+HJ\LYH]HW NpVHJ\pEYH]HW NIHOHO VVpJH

0HJJ\ ] GQNDIHO OKRJ\UHQGHONH]QNDFpOXQNQDNPHJIHOHO NpS]HWWVpJJHO

0HJEL]RQ\RVRGXQNUyODKRJ\PLQGHQW~UiQNRQPHJIHOHO HQIHOYDJ\XQNV]HUHOYHpV

$FVRSRUWYDODPHQQ\LWDJMiQDNWHNLQWHWWHONHOOOHQQLHpVIHOHO VVpJHWNHOOYiOODOQLDD

-iUMXQNpOHQDKHJ\LN|]|VVpJHNPHJVHJtWpVpEHQDIHQQWDUWKDWyIHMO GpVWHO Q\EHQ

&LNNHO\²+HJ\LYH]HW NpVPiVYH]HW NIHOHO VVpJH

$KHJ\LYH]HW YDJ\PiVYH]HW WiMpNR]WDWMDDNOLHQVWYDJ\DFVRSRUWRWDPiV]iVEDQ

$PHQQ\LEHQV]NVpJHVDKHJ\LYH]HW YDJ\DYH]HW MHO]LNpSHVVpJHKDWiUDLWpV

$KHO\LYH]HW NWiMpNR]WDWMiNDOiWRJDWyEDQOpY NROOpJiNDWDWHUOHWN

$EDMEDMXWRWWPHJVHJtWpVHIHOWpWOHQHOV EEVpJHWpOYH]DKHJ\HNEHQPDJXQNHOpW ]|WW

$]HQHUJLDIHOKDV]QiOiVWPLQLPDOL]iOMXN.O|Q|VHQHUG V] NpEHQOpY RUV]iJRNEDQ

$KHJ\PiV]yHJ\HVOHWHNNHOpVPiVWHUPpV]HWYpG FVRSRUWRNNDOHJ\WWSROLWLNDL

,J\HNV]QNPLQGHQPiV]iVQDNPHJ UL]QLD]HUHGHWLMHOOHJpWNLYiOWNpSSDW|UWpQHOPL

$]HOV PHJPiV]iVRNOHJ\HQHNN|UQ\H]HWEDUiWRNpV|VV]HHJ\H]WHWKHW HNDKHO\L

$OSHVLUpJLyEDQHOV PHJPiV]iVRNNL]iUyODJHO|OPiV]iVEyOWHOMHVtWKHW HNQLQFV

$I|OGNH]HO LYDJ\DKHO\LKR]]iIpUpVLEL]RWWViJRNiOWDOWiMYpGHOPLN|U]HWQHNYDJ\

$VSRUWROyYpJV VRURQIHOHO VVpJJHOWDUWR]LNDV]SRQ]RUQDNpVDPpGLiQDND7LUROL

$PRGHUQPiV]iVDW~Ui]iVWyOpVERXOGHUH]pVW ODV]LNODpVKHJ\PiV]iVLJWHUMHG V]pOHV

0DQDSViJDOHJW|EEPiV]yV]DEDGLG VpVHG] FpORNUDP IDODNDWYHV]LJpQ\EHD]

$]HJ\W OKiURPN|WpOKRVV]LJWHUMHG XWDNDWPiV]yNHUWLXWDNQDNQHYH]LN$PiV]iVH]HQ

$NO|QE|] MiWpNRNpVEL]WRQViJLµILOR]yILiNµHOWpU HJ\pQLPiV]yV]NVpJOHWHNKH]

$VSRUWPiV]yPHJN|]HOtWpVKtYHLQHNpSS~J\PLQWDNDODQGILOR]yILDP YHO LQHN

&pOXQNDPiV]yVWtOXVRNVRNV]tQ VpJpQHNPHJ U]pVHPHJKDJ\YDDVSHFLiOLV

(QQHNDMiWpNQDNNpWIRUPiMDDODNXOWNLD]HOV YiOWR]DWIHODGDWDD]H[SHGtFLyOHKHW OHJW|EE