Vous êtes sur la page 1sur 45



4VITEVEXMSR SJ XLI 4VSTSWEP

59-'/ 6)*)6)2') 83 %27;)67 83 74)'-*-' 59)78-327


 ,S[ HS - XEOI XLI ZIV] JMVWX WXIT MR QSZMRK XLI GSRGITX
SYX SJ Q] LIEH ERH MRXS E TVIPMQMREV] HVEJX XS WLS[
Q] EHZMWSV# i
 ,S[ GER - HIZIPST ER SYXPMRI XS QSZI Q] GSRGITX
HVEJX MRXS E JMVWX HVEJX SJ E TVSTSWEP QERYWGVMTX# i
 ,S[ WLSYPH - WXEXI XLI TVSFPIQ ERH HIJMRI ERH
GPEVMJ] XLI PMQMXW SJ Q] MRZIWXMKEXMSR# i
 ;LEX PMXIVEXYVI QYWX - VIZMI[ JSV XLI TVSTSWEP# i
 ;LEX QYWX - MRGPYHI EFSYX LS[ XLI WXYH] [MPP
FI GSRHYGXIH# i

+)88-2+ 78%68)(

;VMXI %RW[IVW XS 5YIWXMSRW


1SZMRK XLI TVSTSWEP SYX SJ ]SYV LIEH ERH MRXS [VMXXIR JSVQ GER FI
HSRI MR WXEKIW 8LI ZIV] JMVWX WXEKI GER FI UYMXI MRJSVQEP 0SGOI IX
EP  
3RI [E] XLEX [SVOW JSV E PSX SJ WXYHIRXW MW XS [VMXI E JI[ WLSVX
WIRXIRGIW EFSYX IEGL SJ XLI WIZIR UYIWXMSRW FIPS[ 'LERKI XLI SVHIV
MJ ]SY [MWL ERH EHH SXLIV TSMRXW MJ ]SY XLMRO XLI] EVI MQTSVXERX 8LI

8LI TVSTSWEP MW WSQIXMQIW GEPPIH ER SZIVZMI[ SV E GSRGITX TETIV 3TIVEXMSREPP] XLI XIVQW
WIIQ XS QIER XLI WEQI


 'LETXIV 

GVMXMGEP XLMRK MW XS GLIGO ]SYV TPEGI SR ]SYV XMQI PMRI ERH XS WXEVX XS
[VMXI ERW[IVW XS XLI JSPPS[MRK UYIWXMSRW RS QEXXIV LS[ HMWWEXMWJ]MRK
XLI JMVWX HVEJX
 ;LEX MW XLI XIRXEXMZI XMXPI# ;LEX HS ]SY GEPP [LEX ]SY [ERX XS
HS# ;LEX MW MXW REQI#
 ;L] HS ]SY [ERX XS HS MX# ;LEX [MPP ]SY ORS[ SV FI EFPI XS HS
SV WE] [LIR ]SY EVI XLVSYKL# %X XLMW WXEKI ER MRZSPZIH XLISVIXM
GEP NYWXMJMGEXMSR MW YRRIGIWWEV]
 8S EGGSQTPMWL [LEX ]SY [ERX XS HS [LEX WXITW [MPP ]SY LEZI XS
XEOI# 'ER ]SY TYX XLI WXITW MR WIUYIRXMEP SVHIV# ;LEX JEGMPMXMIW
[MPP ]SY RIIH# ;L]#
 ;LEX OMRHW SJ LIPT HS ]SY XLMRO ]SY [MPP RIIH XS HS [LEX ]SY
[ERX XS HS# ;LIR# ,S[ QMKLX ]SY KIX XLEX LIPT#
 ;MPP XLI TVSNIGX MRZSPZI TISTPI SXLIV XLER ]SYVWIPJ# ,S[# 8S HS
[LEX# *SV LS[ PSRK# ;MPP ]SY RIIH ER] WTIGMEP TIVQMWWMSRW#
 ;LEX EGXYEPP] KSIW SR MJ ]SY WXEVX XS HS [LEX ]SY TVSTSWI# ,S[
[SYPH MX WXEVX# ;LEX [SYPH E X]TMGEP HE] FI PMOI EX XLI FIKMRRMRK#
;LIR ]SY EVI TEVX[E] XLVSYKL# %X XLI IRH#
 ,S[ HS ]SY XLMRO ]SY GSYPH WLS[ [LIXLIV ]SY EGGSQTPMWL [LEX
]SY WIX SYX XS HS# ,S[ GSYPH ]SY TVSZI MX XS WSQISRI IPWI#
%JXIV [VMXMRK qJMVWX HVEJXr ERW[IVW XS XLIWI UYIWXMSRW TYX XLI
HSGYQIRX EWMHI JSV E HE] SV X[S MR ]SYV q4VSTSWEP 2SXIWr JMPI 8LIR
GSQI FEGO ERH VIVIEH MX 1EOI [LEXIZIV EQIRHQIRXW ]SY XLMRO MX
RIIHW JSV MRGVIEWIH GPEVMX]

'SQTYXIV ,IPT MR 4VITEVMRK 4VSTSWEP


8EOI XLI XMQI XS IRXIV ERH WEZI SR ]SYV GSQTYXIV [LEX ]SY LEZI MR
QMRH IZIR XLSYKL MX QE] FI E VSYKL HVEJX &I WYVI WTIPPMRK ERH TYRG
XYEXMSR EVI GSVVIGX 0IEVR XS YWI WTIPPMRK GLIGOW ERH KVEQQEXMGEP
LIPTW JVSQ GSQTYXIV WSJX[EVI %R SYXPMRI TVSKVEQ WYGL EW XLEX SJ
1MGVSWSJX ;SVH LIPTW SRI XS XLMRO MR SVHIVP] ERH HIHYGXMZI WIUYIRGI
(SYFPI WTEGI ]SYV [SVO [MXL [MHI QEVKMRW 7IX XLI TVSKVEQ XS TYX
]SYV REQI ERH HEXI SR IEGL WLIIX 1EOI EX PIEWX XLVII GSTMIW SRI JSV
]SYV JMPI SRI XS LERH XS ]SYV EHZMWSV ERH SRI JSV ]SY XS YWI [LMPI
XEPOMRK [MXL ]SYV EHZMWSV 7EZI ]SYV [SVO MR E GSQTYXIV JMPI
;L] WS QYGL HIXEMPIH IQTLEWMW SR XLMW TSMRX# -X MW IWWIRXMEP XS
4VITEVEXMSR SJ XLI 4VSTSWEP 

WIX XLI WXEKI WS XLIVI MW RSXLMRK XS HMWXVEGX XLI EHZMWSVtW EXXIRXMSR JVSQ
XLI GSRXIRX SJ [LEX ]SY LEZI [VMXXIR % FYWMRIWWPMOI FIKMRRMRK F] XLI
WXYHIRX IRGSYVEKIW ER] EHZMWSV XS XV] ZIV] LEVH XS FI LIPTJYP 3J
GSYVWI MX MW XLI EHZMWSVtW SFPMKEXMSR XS EWWMWX XLI WXYHIRX MR ER] IZIRX
&YX E GPIEVP] TVITEVIH ERH IVVSVJVII WXEXIQIRX IZIR SRI XLEX RIIHW
QYGL QSVI WYFWXERXMZI [SVO [MPP LIPT XLI EHZMWSV XS JIIP XLEX KYMH
ERGI [MPP FI XEOIR WIVMSYWP] F] XLI WXYHIRX
1SVISZIV XLMW MW SJXIR XLI GVYGMEP JMVWX WXIT MR XLI WXYHIRXtW S[R
JMPMRK ERH VIGSVH OIITMRK -X WLSYPH WIX E QSHIP JSV E GSRXMRYMRK TEX
XIVR SJ RIEXRIWW ERH SVHIVPMRIWW 1ER] WXYHIRXW LEZI XSPH YW XLEX TEVX
[E] XLVSYKL XLI 8( TVSGIWW XLI] HMWGSZIVIH XLEX WPSTT] RSXI XEOMRK
ERH GEVIPIWW WXSVEKI QEHI MRJSVQEXMSR VIXVMIZEP ER EPP FYX MQTSWWMFPI
XEWO )EVP] EXXIRXMSR XS HIXEMPW [MPP WLEVTP] VIHYGI XLI GLERGIW SJ PSWWIW
ERH QMWTPEGIQIRXW 8LYW XLI JMVWX WXEKI MR [VMXMRK XLI TVSTSWEP MW SRI
XLEX GER FI UYMXI MRJSVQEP EW XS WX]PI FYX MX MW SRI XLEX WLSYPH FI ZIV]
HIPMFIVEXIP] SVKERM^IH XS MRXVSHYGI E FYWMRIWWPMOI XSRI MRXS FSXL XLI
MRMXMEP GSRJIVIRGI [MXL XLI EHZMWSV ERH XLI VIGSVHW SJ XLI WXYHIRX (I
ZIPST E VIKYPEV W]WXIQ XS WEZI ERH JMPI EPP [SVO SR XLI [SVH TVSGIWWSV
SV GSQTYXIV MR E 8( HMVIGXSV] EP[E]W TVSTIVP] GMXIH MR XLI JSVQ XS
FI YWIH IZIRXYEPP] MR XLI JMREP HSGYQIRX IK %4% 10%  )RHRSXIW
JSSXRSXIW ERH GMXEXMSR W]WXIQW GER MQQIEWYVEFP] LIPT WXSVI ERH PEXIV
JMRH RSXIW ERH XLIMV GMXEXMSRW
8LIVI EVI ;IF WMXIW XLEX [MPP LIPT ]SY MR XLMROMRK EFSYX WIPIGXMRK
]SYV XSTMG 3RI MW JMPEQIRXEPMX] [[[ORTEGFIPPGSQ  *MPEQIRXEPMX]
LIPTW ]SY MR WIPIGXMRK E XSTMG F] TVSZMHMRK ;IF WIEVGLMRK XMTW -X PIXW
]SY qJMPP MR XLI FPEROWr XS KEXLIV KSSH ;IF WMXIW ERH KYMHIW ]SY [MXL
MRXIVEGXMZI TEKIW XLEX LIPT ]SY WLETI ]SYV MHIEW EVSYRH ]SYV KSEPW
(MWWIVXEXMSRW %FWXVEGXW LXXT[[[HMWWIVXEXMSREFWXVEGXWGSQ
MW E KYMHI XS EFWXVEGXW SR EPP HMWWIVXEXMSR XSTMGW SR PMRI MX MRGPYHIW
XLIWMW LIPT ERH JVII GSRWYPXEXMSR 8LMW KYMHI [EW TVITEVIH XS LIPT
KVEHYEXI WXYHIRXW MR TVITEVMRK XLIWIW ERH HMWWIVXEXMSRW

9WI 9RMZIVWMX] +YMHIPMRIW ERH 6IKYPEXMSRW


)ZIR XLSYKL [I IRGSYVEKI MRJSVQEPMX] MR JMVWX HVEJXW [I EPWS WYKKIWX
XLEX JEQMPMEVMX] [MXL JSVQEP KYMHIW ERH VIUYMVIQIRXW JSV XLI 8( [MPP
TE] HMZMHIRHW JSV XLI WXYHIRX 4VSFPIQW EVI PIWW PMOIP] XS SGGYV MJ
KYMHIPMRIW SR TVSGIHYVEP ERH IHMXSVMEP QEXXIVW EVI WXYHMIH EX XLI SYXWIX
 'LETXIV 

F] XLI WXYHIRX ERH XLI EHZMWSV XSKIXLIV 7YGL NSMRX WXYH] SYKLX XS FI
HSRI MR E WTMVMX SJ YRHIVWXERHMRK 'PEVMJ]MRK XLI VEXMSREPI JSV IEGL SJ
XLI KYMHIPMRIW ERH HIXIVQMRMRK LS[ XLI] GER FI QSWX LIPTJYP XS XLI
WXYHIRX [LMPI XLI] EPWS WIVZI XLI FVSEHIV TYVTSWIW SJ MQTVSZMRK GSQ
QYRMGEXMSR EQSRK XLI TVSJIWWMSRW ERH SXLIV WGLSPEVP] KVSYTW MW XLI
KSEP
*MKYVI  GSRXEMRW ER EPTLEFIXM^IH PMWX SJ XSTMGW EFSYX [LMGL
YRMZIVWMXMIW SJXIR LEZI WTIGMJMG VIKYPEXMSRW TIVXEMRMRK XS 8( TVSGI
HYVIW ERH JSVQEX ;I YVKI WXYHIRXW XS YWI *MK  EW E GLIGOPMWX
[LMPI HIZIPSTMRK XLI 8( JMVWX HVEJX ERH EW RIIHIH PEXIV -J JSV MR
WXERGI ]SY XLMRO ]SY QE] RIIH XS MRGPYHI E HVE[MRK MR ]SYV QERY
WGVMTX MJ ]SY QE] RIIH XS TVIWIVZI XLI GSRJMHIRXMEPMX] SJ GIVXEMR HEXE
SV MJ ]SY LEZI UYIWXMSRW EFSYX ER] SXLIV SJ XLI  MXIQW MR XLI JMKYVI
MX MW FIWX XS EWGIVXEMR XLI JEGXW IEVP] =SYV EHZMWSV ]SYV HITEVXQIRX
GLEMVTIVWSR SV I\IGYXMZI SJJMGIV ]SYV HIERtW SJJMGI ERH XLI KVEHYEXI
SJJMGI SJ ]SYV YRMZIVWMX] EVI XLI TPEGIW XS KS JSV HIXEMPW EFSYX ER] SJ
XLI GLIGOPMWX MXIQW
1ER] TVSJIWWSVW FIPMIZI E YWIJYP ETTVSEGL MW JSV XLI WXYHIRX XS
FIGSQI JEQMPMEV [MXL XLI GSRXIRXW SJ XLI YRMZIVWMX] TVSGIHYVEP KYMHI
EX XLI WEQI XMQI XLEX XLI 8( TVSFPIQ MW FIMRK GSRGITXYEPM^IH *SP
PS[MRK XLEX JVIUYIRX VIJIVIRGI XS XLI YRMZIVWMX] QERYEP GER LIPT XLI
WXYHIRX SVKERM^I RSXIW ERH VSYKL HVEJXW WS XLEX QMRMQEP XMQI MW PSWX MR
QSZMRK XS[EVH ER EGGITXEFPI JMREP QERYWGVMTX

9WI SJ 7X]PI 1ERYEPW


*EGYPX] QIQFIVW ERH WXYHIRXW RIIH WX]PI QERYEPW 8LI JSVQIV YWI
XLIQ XS UYMGOP] VIJVIWL XLIMV QIQSVMIW EFSYX UYIWXMSRW XS PSSO YT
VIGSQQIRHEXMSRW EFSYX RI[ TVSFPIQW MR [VMXMRK EW XLI] EVMWI ERH XS
QSRMXSV KIRIVEPP] XLI GSRWMWXIRG] SJ XLIMV S[R [VMXMRK *VIUYIRXP]
JEGYPX] QIQFIVW [VMXI JSV QSVI XLER SRI GSPPIEKYI EYHMIRGI XLI EG
GITXIH WX]PIW SJ XLI X[S QE] ZEV] *SV MRWXERGI XLI %QIVMGER )HYGE
XMSREP 6IWIEVGL %WWSGMEXMSR XLI %QIVMGER -RWXMXYXI SJ 4L]WMGW XLI
%QIVMGER 4W]GLSPSKMGEP %WWSGMEXMSR ERH XLI 7SGMEP ;SVO =IEVFSSO
EPP LEZI WSQI[LEX HMJJIVIRX WX]PIW TVIWGVMFIH
7SQI WX]PI KYMHIW EWWSGMEXIH [MXL EGEHIQMG HMWGMTPMRIW EVI
EZEMPEFPI SR PMRI *SV I\EQTPI XLI LSQI TEKI SJ XLI %QIVMGER -RWXM
XYXI SJ 4L]WMGW [[[EMTSVK PIEHW ]SY XS XLIMV 7X]PI 1ERYEP EZEMP
4VITEVEXMSR SJ XLI 4VSTSWEP 

*MKYVI  %HQMRMWXVEXMZI ERH XIGLRMGEP QEXXIVW MRGPYHIH MR XLIWMW ERH


HMWWIVXEXMSR VIKYPEXMSRW
*MKYVI  'SRXMRYIH
4VITEVEXMSR SJ XLI 4VSTSWEP 

*MKYVI  'SRXMRYIH

EFPI SR PMRI +VEHYEXI WXYHIRXW WLSYPH FIGSQI JEQMPMEV [MXL XLI EG
GITXIH WX]PI QERYEP MR XLIMV HMWGMTPMRI ERH YWI MX JVSQ XLI HE] SJ
EHQMWWMSR XS XLI HE] SJ KVEHYEXMSR /RS[MRK XLI WX]PI W]WXIQ JSV GMXE
XMSRW MR WGLSPEVP] TETIVW [MPP WEZI E KVIEX HIEP SJ XMQI MR KVEHYEXI
WGLSSP EW [IPP EW PEXIV MR TVSJIWWMSREP PMJI 8LI %4% WX]PI QERYEP
GSQQSRP] YWIH MR XLI WSGMEP ERH FILEZMSVEP WGMIRGIW MW ERSXLIV I\
EQTPI SJ E WX]PI W]WXIQ JSV [LMGL XLIVI MW SRPMRI MRJSVQEXMSR ERH
LIPT 8LI LSQI TEKI LXXT[[[ETESVK [MPP PIEH [VMXIVW XS LIPT MR
YRHIVWXERHMRK ERH YWMRK %4% WX]PI MR [VMXMRK TETIVW ERH EVXMGPIW
8LIVI MW EPWS LIPT %4%   SR LS[ XS JSVQEX VIJIVIRGIW
GMXEXMSRW LIEHMRKW WXEXMWXMGW XEFPIW ERH -RXIVRIX HSGYQIRX GMXEXMSRW
%R I\GIPPIRX XI\X XS LIPT RI[ [VMXIVW MW 1EWXIVMRK %4% 7X]PI 7XY
HIRXtW ;SVOFSSO ERH 8VEMRMRK +YMHI +IPJERH ERH ;EPOIV  
8LI QSWX GSQQSRP] YWIH WX]PI QERYEPW EVI PMWXIH MR XLMW FSSOtW
VIJIVIRGI PMWX )EGL JEGYPX] QIQFIV ERH WXYHIRX WLSYPH MRUYMVI EFSYX
 'LETXIV 

XLI WGLSSPtW WX]PI VIUYMVIQIRXW ERH EFMHI F] XLIQ *SVIMKR WXYHIRXW


WXMPP HIZIPSTMRK WOMPP MR WGMIRXMJMG ERH TVSJIWWMSREP )RKPMWL [VMXMRK
SJXIR RIIH XS FI EXXIRXMZI XS XLI GLEVEGXIVMWXMGW SJ 8( TVSWI +MFEPHM
ERH %GLXIVX  0ERH  8YVEFMER  
7X]PI QERYEPW HS RSX RIGIWWEVMP] LIPT MQTVSZI [VMXMRK WOMPPW SV
FI PSKMGEP ERH GPIEV MR XLMROMRK ERH [VMXMRK 8LIVI EVI FSSOW TYFPMWLIH
XS HS XLMW ERH WSQI EVI UYMXI VIEHEFPI ERH YWIJYP )ZERW ERH )ZERW
 *S[PIV  +IPJERH ERH ;EPOIV  2I[QER 
7XVYRO ERH ;LMXI  >MRWWIV   3RGI EHIUYEXI KIRIVEP [VMX
MRK WOMPP MW EXXEMRIH LS[IZIV XLI WX]PI QERYEP MJ YWIH XLSYKLXJYPP]
GER FI E QEXIVMEP EMH XS TVSHYGMRK LMKLUYEPMX] TVSWI MR E JSVQ EGGITX
EFPI JSV TVSJIWWMSREP TYFPMGEXMSRW

3980-2-2+ 8,) 463437%0


-R HIZIPSTMRK XLI TVSTSWEP ]SY GER YWI XLI -RXIVRIX XS JMRH I\EQTPIW
SJ SYXPMRIW XLEX QE] LIPT ]SY XLMRO XLVSYKL MR ER SVHIVP] JEWLMSR XLI
GSRXIRXW SJ E HMWWIVXEXMSR SV XLIWMW TVSTSWEP % WMQTPI [E] XS JMRH
SYXPMRI LIPT MW XS IRXIV XIVQW WYGL EW SYXPMRI SYXPMRMRK SV SYXPMRMRK
WOMPPW MRXS WIEVGL IRKMRIW IK [[[KSSKPIGSQ ERH JMRH E WMXI PMOI
%GXMSR3YXPMRI [[[KVIIRTEVVSXWGSQ  8LMW MW WSJX[EVI XLEX PIXW ]SY
SVKERM^I ]SYV FMXW SJ MRJSVQEXMSR MR E XVII SYXPMRI JSVQ 8LMW WSJX[EVI
MW JSV WEPI FYX XLIVI MW E JVII XVMEP HS[RPSEH XLEX QE] LIPT ]SY GSR
WXVYGX E YWIJYP SYXPMRI
1ER] YRMZIVWMXMIW ERH GSPPIKIW QEMRXEMR ;IF WMXIW XLEX LEZI SYX
PMRI WEQTPIW ERH EWWMWX MR MQTEVXMRK SYXPMRMRK WOMPPW ERH KYMHIW XS
KVEQQEV ERH [VMXMRK *SV I\EQTPI 'ETMXEP 'SQQYRMX] 'SPPIKI LEW
E WMXI XLEX LIPTW [IFWXIVGSQQRIXIHY  EW HSIW XLI 4YVHYI 9RMZIVWMX]
3RPMRI ;VMXMRK 0EF LXXTS[PIRKPMWLTYVHYIIHY  8LMW WMXI LEW WEQ
TPI SYXPMRIW MRJSVQEXMSR EFSYX [VMXMRK VIWIEVGL TETIVW WIEVGL IR
KMRIW WIEVGL LIPTW LIPT [MXL KVEQQEV WTIPPMRK ERH TYRGXYEXMSR VIJ
IVIRGI QEXIVMEPW ERH VIWSYVGIW ERH TVSJIWWMSREP [VMXMRK EMH

*SVQEX SJ XLI 4VIWIRXEXMSR


7SQI EHZMWSVW VIGSQQIRH XLEX XLI WXYHIRX TVITEVI SRP] E X[S SV
XLVIITEKI TVSWTIGXYW XS XEOI XS XLI GSQQMXXII JSV ETTVSZEP 3XLIVW
KS QYGL JYVXLIV VIUYMVMRK RSX SRP] E HIXEMPIH VIWIEVGL TPER FYX EPWS
4VITEVEXMSR SJ XLI 4VSTSWEP 

E WYQQEV] SJ TVIPMQMREV] VIWIEVGL VIWYPXW 1ER] WGLSSPW ERH HITEVX


QIRXW LEZI MR VIGIRX ]IEVW TVMRXIH MRJSVQEXMSR SR TVSTSWEP VIUYMVI
QIRXW MR E &YPPIXMR SR 1EWXIVtW ERH (SGXSVEP 7XYH] SV WSQIXLMRK
WMQMPEV %PWS EWO ]SYV EHZMWSV XS PIX ]SY VIEH X[S SV XLVII VIGIRX
TVSTSWEPW XLEX [IVI GSRWMHIVIH SJ KSSH UYEPMX] XS LIPT ]SY TPER ]SYVW
%X XLMW WXEKI [VMXMRK QYWX FIGSQI QSVI JSVQEP -X [MPP WEZI
XMQI MJ HVEJXW ETTVS\MQEXI XLI JSVQ ERH WX]PI SJ ER EGXYEP TVSTSWEP
EW MX [MPP ETTIEV [LIR GSQTPIXIH 8LIR IEGL HVEJX [MPP FI E GPSWIV
ETTVS\MQEXMSR SJ XLI IRH KSEP =SY [MPP JMRH XLMW WXITF]WXIT HIZIP
STQIRX LIPTW ]SY XS VIEGL GPSWYVI SR [LEX EX XLI FIKMRRMRK QMKLX
ETTIEV EW ER SZIV[LIPQMRK XEWO 9WI SJ E [SVHTVSGIWWMRK TVSKVEQ
GER KVIEXP] JEGMPMXEXI XLI TVITEVEXMSR SJ IEGL ETTVS\MQEXMSR ERH VIHYGI
XLI XEWO XS QSVI QEREKIEFPI TVSTSVXMSRW
-R 8(W SJXIR E WYFWXERXMEP EQSYRX SJ JMVWXLERH SFWIVZEFPI HEXE
EVI KEXLIVIH ERH EREP]^IH =IX QER] SXLIV 8(W XEOI XLI JSVQ SJ E
TSPMG] GSRGITXYEPM^EXMSR EREP]WMW ERH MRXIVTVIXEXMSR SV SJ E XLISV]
FEWIH GVMXMGEP I\EQMREXMSR ERH W]RXLIWMW SJ E WTIGMJMG FSH] SJ ORS[P
IHKI SR E TEVXMGYPEV MWWYI SV XSTMG
)ZIV] 8( SJ GSYVWI VIPMIW SR XLI EWWIQFPMRK SJ W]WXIQEXMG IZM
HIRGI XS JSGYW SR XLI TVSFPIQ EX LERH 8LI WSYVGIW SJ IZMHIRGI ERH
XLI REXYVI SJ HEXE ZEV] XLSYKL ERH WS HS XLI QIXLSHW SJ EGUYMVMRK
ERH EREP]^MRK QEXIVMEP 8LISVIXMGEP W]RXLIWIW SVHMREVMP] HITIRH LIEZ
MP] SR FSXL TVMQEV] ERH WIGSRHEV] WSYVGIW 1YGL SJ XLI QEXIVMEP WXYH
MIH [MPP FI QSVI UYEPMXEXMZI XLER UYERXMXEXMZI -X MW MR XLI YRMJSVQMX]
XLI GSRWMWXIRG] ERH XLI W]WXIQEXMG ETTVSEGL XS WYGL HEXE XLEX XLI
XLISVIXMGEP W]RXLIWMW HMWTPE]W MXW SFNIGXMZMX] ERH MXW STIRRIWW XS VITPM
GEXMSR 4SPMG] EREP]WIW XIRH XS VIP] PEVKIP] SR PMFVEV] WSYVGIW WYGL EW
EVXMGPIW FSSOW HSGYQIRXW IWWE]W MRJSVQERXW SJJMGMEP XVERWGVMTXMSRW
WTIGMEP WYVZI]W ERH VITSVXW 8LI EVVE]MRK ERH SVHIVMRK SJ TIVXMRIRX
MRJSVQEXMSR JVSQ WYGL WSYVGIW JSV EREP]XMGEP EWWIWWQIRX MW E QENSV
GLEPPIRKI XS XLI MRZIWXMKEXSV ERH XLI WOMPP GPEVMX] ERH WSTLMWXMGEXMSR
[MXL [LMGL XLEX MW HSRI MW E TVMQI GSRWMHIVEXMSR MR NYHKMRK XLI QIVMXW
SJ XLI [SVO )QTMVMGEP WXYHMIW IQTLEWM^I GSRXVSP MR XLI WIRWI XLEX XLI
MRZIWXMKEXSV WIXW YT XLI GSRHMXMSRW SJ XLI MRZIWXMKEXMSR ERH WTIGMJMIW
HIXEMPIH UYIWXMSRW XLEX [MPP FI ERW[IVIH SV L]TSXLIWIW XLEX [MPP FI
XIWXIH 8LI MHIRXMJMGEXMSR ETTPMGEXMSR SV SFWIVZEXMSR SJ E XVIEXQIRX
IJJIGX MW E GSQQSR TEVX SJ WYGL WXYHMIW EW MW XLI EREP]WMW SJ HEXE
)EGL SJ XLIWI 8( JSVQW MW TVSFEFP] FIWX TVIWIRXIH F] JSPPS[MRK
 'LETXIV 

E WSQI[LEX HMJJIVIRX WXVYGXYVI SV SYXPMRI -R XLMW GLETXIV XLI 8EFPI SJ


'SRXIRXW SJ XLI QSWX JVIUYIRX JSVQ SJ TVSTSWEP XLI IQTMVMGEP WXYH]
MW LMKLPMKLXIH *MK   %TTIRHM\ & SJJIVW I\TERHIH SYXPMRIW XLEX
QMKLX FI LIPTJYP JSV SXLIV 8( X]TIW 8LI] EVI WYKKIWXIH KYMHIW TVI
WGVMTXMSRW GERRSX FI [VMXXIR FIGEYWI RS X[S TVSNIGXW [MPP FI I\EGXP]
EPMOI

%HETX XLI *SVQEX XS XLI 4VSFPIQ


8LI KSEPW ERH QIXLSHW SJ E WXYH] WLETI XLI TVSTSWEP HMJJIVIRX WXYHMIW
[MPP IQTLEWM^I HMJJIVIRX XLMRKW 7SQI QE] JMX XLI WXERHEVH JSVQEX FYX
SXLIVW QE] VIUYMVI EHETXEXMSR /VEXL[SLP  
8LI WEQI TSMRX EFSYX YWMRK XLI SFNIGXMZIW ERH XLI TVSGIHYVIW SJ
XLI MRXIRHIH WXYH] XS HIXIVQMRI XLI JSVQEX SJ XLI TVSTSWEP MW QEHI F]
1IPS]   7LI HIZSXIW E PEVKI TSVXMSR SJ LIV FSSO SR UYEPMXEXMZI
VIWIEVGL XS IPEFSVEXMRK XLEX TVMRGMTPI YWMRK GSVVIWTSRHIRGI JVSQ HMW
WIVXEXMSR WXYHIRXW JSV MPPYWXVEXMZI I\EQTPIW
8LI QSWX VIGIRX WXEXIQIRX SJ XLI 'SYRGMP SJ +VEHYEXI 7GLSSPW
PF T  SR STXMSRW JSV XLI JSVQ SJ XLI HMWWIVXEXMSR TSMRXW SYX
XLI JSPPS[MRK
;LIXLIV XLI JSVQ SJ XLI HMWWIVXEXMSR MW E QSRSKVETL E WIVMIW SJ
EVXMGPIW SV E WIX SJ IWWE]W MW HIXIVQMRIH F] XLI VIWIEVGL I\TIGXE
XMSRW ERH EGGITXIH JSVQW SJ TYFPMGEXMSR MR XLI HMWGMTPMRI EW [IPP
EW F] GYWXSQ MR XLI HMWGMTPMRI ERH XLI WXYHIRXtW TVSKVEQ -R XLI
LYQERMXMIW ERH WSQI SJ XLI WSGMEP WGMIRGIW XLI HMWWIVXEXMSR   
VIJPIGXW XLI MRHMZMHYEP WGLSPEVtW ETTVSEGL XS VIWIEVGL ERH GER
YPXMQEXIP] JSVQ XLI FEWMW JSV E QSRSKVETL TYFPMWLIH F] E YRMZIV
WMX] TVIWW 7IZIVEP EVXMGPI PIRKXL IWWE]W    QE] FI XLI LIEVX SJ
XLI HMWWIVXEXMSR MR IGSRSQMGW EX E RYQFIV SJ YRMZIVWMXMIW -R IR
KMRIIVMRK ERH XLI TL]WMGEP ERH FMSPSKMGEP WGMIRGIW [LMGL EVI
MRGVIEWMRKP] XIEQ HMWGMTPMRIW [MXL PEVKI KVSYTW SJ MRZIWXMKEXSVW
[SVOMRK SR GSQQSR TVSFPIQW HMWWIVXEXMSRW SJXIR TVIWIRX MR
ZEVMIH JSVQEXW XLI VIWYPXW SJ WIZIVEP MRHITIRHIRX FYX VIPEXIH I\
TIVMQIRXW
8LI GSYRGMP KSIW SR T  XS QEOI E ZIV] MQTSVXERX TSMRX q,S[
E HMWGMTPMRI RSVQEPP] GSRHYGXW MXW [SVO MW HMWXMRGXP] VIPEXIH XS XLEX
HMWGMTPMRItW I\TIGXEXMSRW JSV XLI 4L( HMWWIVXEXMSRr
4VITEVEXMSR SJ XLI 4VSTSWEP 

*MKYVI  8EFPI SJ GSRXIRXW JSV E TVSTSWEP


 'LETXIV 

8LYW MX MW ZMXEP XLEX XLI WXYHIRX ORS[W SV EWGIVXEMRW XLI RSVQW


ERH I\TIGXEXMSRW JSV HMWWIVXEXMSRW ERH XLIWIW EW [IPP MR XLI WXYHIRXtW
TVSKVEQ ERH HMWGMTPMRI -J MR HSYFX EWO XLI EHZMWSV %PWS VIZMI[ WIZ
IVEP HMWWIVXEXMSRW SV XLIWIW VIGIRXP] GSQTPIXIH MR XLI HITEVXQIRX RSXI
XLI REQI SJ XLI VIWIEVGL EHZMWSV ERH XLI JSVQEX GSRXIRX XLISVIXMGEP
FEWMW ERH XLI QIXLSHSPSK] IQTPS]IH MR XLI I\EQTPIW VIZMI[IH
,E[PI]  
%PXLSYKL RS JSVQEX MW GSQQSR XS EPP MRWXMXYXMSRW SJ LMKLIV IHY
GEXMSR *MK  IRGSQTEWWIW XLI XSTMGW SVHMREVMP] MRGPYHIH :MI[ XLMW
SYXPMRI EW E KIRIVEP KYMHI VEXLIV XLER E TVIWGVMTXMSR %HETX MX EW RIGIW
WEV] SV EW VIUYMVIH F] XLI EHZMWSV SV XLI YRMZIVWMX] 8LI QEXIVMEP XLEX
JSPPS[W MW OI]IH MR WIUYIRGI XS XLI MXIQW MR XLI 8EFPI SJ 'SRXIRXW
WLS[R MR *MK 

*-00-2+ -2 8,) 3980-2)

-RXVSHYGXMSR
%GUYEMRX XLI VIEHIV [MXL XLI XSTMG 1EOI MX WLSVXhSRP] E TEKI SV
X[ShFYX QEOI MX YWIJYP *MVWX XIPP XLI VIEHIV [LEX XLI WXYH] [MPP FI
EFSYX ERH [L] MX MW MQTSVXERX ERH XMQIP] %VSYWI XLI VIEHIVtW MRXIVIWX
FYMPH E HIWMVI XS VIEH SR ERH JMRH SYX QSVI 7IX XLI WXEKI JSV [LEX
GSQIW EJXIV TYXXMRK MQTSVXERX TEVXW SJ XLI XSTMG EVIE MR XLIMV TVSTIV
TIVWTIGXMZI
7IGSRH FI HMVIGX RSX XIHMSYW 1EOI XLI -RXVSHYGXMSR E XEWX] XMH
FMX E WEQTPI SJ XLI KSSH XLMRKW XS GSQI %MQ MX EX ER MRXIPPMKIRX [IPP
MRJSVQIH TIVWSR FYX SRI [LS MW RSX HIITP] MRZSPZIH MR XLI TEVXMGYPEV
TVSFPIQ EHHVIWWIH
;VMXIVW VIP] SR HMEKVEQW XS I\TPEMR MHIEW SV GSRGITXW XSS HMJJM
GYPX XS TYX MRXS WMQTPI WIRXIRGIW 1SWX PERKYEKIW EVI YRMHMQIRWMSREP
ERH WIUYIRXMEP WS MX MW MQTSWWMFPI XS ZIVFEPM^I WIZIVEP XLMRKW EX XLI
WEQI XMQI &YX E HMEKVEQ PMOI E TMGXYVI GER VIEHMP] EGGSQTPMWL [LEX
QIVI [SVHW GERRSX 8LI WEQI MW XVYI SJ KVETLW ERH GLEVXW 8LIVIJSVI
[I YVKI XLEX XLI GETEFMPMXMIW SJ XLI GSQTYXIV FI YWIH XS GVIEXI ERH
MRWIVX MPPYWXVEXMSRW MR XLI FSH] SJ XLI 8( 8LMW LIPTW XLI VIEHIV EW
[IPP EW XLI VIWIEVGLIV XS ZMWYEPM^I GSQTPI\ VIPEXMSRWLMTW SV MRXIVEGXMZI
TVSGIWWIW -X GER FI IWTIGMEPP] MQTSVXERX MR QEOMRK XLMW ERH SXLIV WIG
4VITEVEXMSR SJ XLI 4VSTSWEP 

XMSRW SJ XLI TVSTSWEP FSXL GSRGMWI ERH GPIEV 8YJXI   
WYTTPMIW WYTIVMSV I\EQTPIW SJ MPPYWXVEXMSRW QEHI F] GSQTYXIV
%JXIV VIEHMRK XLI -RXVSHYGXMSR SRI WLSYPH FI EFPI XS KYIWW EGGY
VEXIP] [LEX XLI TVSFPIQ MW )ZIV]XLMRK MR XLI -RXVSHYGXMSR GYPQMREXIW
MR XLI WXEXIQIRX SJ XLI TVSFPIQ EW XLI RI\X PSKMGEP WXIT

8LI 4VSFPIQ

6EXMSREPI 7MKRMJMGERGI SV 2IIH JSV XLI 7XYH] 7MRGI XLI LIEHMRK


q8LI 4VSFPIQr FIKMRW E RI[ GLETXIV SJ XLI 8( TVSTSWEP MX MW ETTVS
TVMEXI XS PMRO MX XS XLI TVMSV GLETXIV F] JMVWX WYQQEVM^MRK [LEX ET
TIEVIH MR XLI -RXVSHYGXMSR [LMGL SYKLX XS XEOI RS QSVI XLER X[S SV
XLVII WIRXIRGIW ;LEX ETTIEVW MR XLMW WIGXMSR MR EHHMXMSR WLSYPH WIVZI
XS WLEVTIR ERH QEOI QSVI TVIGMWI XLI TYVTSWI SJ XLI WXYH] 6IQIQ
FIV XLI GSQQMXXII VMKLXJYPP] I\TIGXW XLI WXYHIRX XS FI EFPI XS WXEXI
GSRZMRGMRKP] XLI GLMIJ VIEWSR W JSV HSMRK XLI WXYH] XLI TSXIRXMEP
ZEPYI W XLEX GSYPH JPS[ JVSQ HSMRK XLI WXYH] ERH XLI YVKIRG] XS HS
XLMW TEVXMGYPEV WXYH] EX XLMW XMQI 8LMW WIGXMSR RIIHW YWYEPP] SRP] XLVII
SV JSYV WLSVX WIRXIRGIW 4SMRX SYX XLEX [LEX MW TVIWIRXIH LIVI [MPP FI
IPEFSVEXIH PEXIV MR XLI 8( HSGYQIRX MJ XLEX MW RIGIWWEV] 8LMW MW XLI
TPEGI XS TVIWIRX WYGGMRGXP] XLI VEXMSREPI WMKRMJMGERGI SV RIIH JSV XLI
MRZIWXMKEXMSR
8LISVIXMGEP *VEQI[SVO JSV XLI 4VSTSWIH 7XYH] 1ER] MQTSVXERX VI
WIEVGL XSTMGW HS RSX LEZI E GPIEV VIPEXMSRWLMT XS E XLISV] 3RI I\EQTPI
MW E WXYH] XLEX IWXEFPMWLIH XLI QSWX ETTVSTVMEXI X]TI WM^I JSV VIEHMRK
QEXIVMEPW XS FI YWIH F] TIVWSRW [MXL WIZIVI ZMWMSR MQTEMVQIRXW -X
[EW ER MQTSVXERX WXYH] FYX SRI XLEX [EW IWWIRXMEPP] TVEKQEXMG QIER
MRK XLEX MX TIVXEMRIH XS SV TVMQEVMP] [EW GSRGIVRIH [MXL TVEGXMGEP VI
WYPXW SV SYXGSQIW -R XLI GEWI SJ XLI X]TIWM^I WXYH] XLI TVSFPIQ [EW
XS EWGIVXEMR E WM^I SJ TVMRX XLEX [SYPH EPPS[ EW QER] ZMWYEPP] MQTEMVIH
TIVWSRW EW TSWWMFPI XS LEZI EGGIWW XS VIEHMRK QEXIVMEPW [LMPI EX XLI
WEQI XMQI OIITMRK XLI WM^I ERH XLI FYPO ERH XLI GSWX SJ XLI TVMRXIH
QEXIVMEPW [MXLMR VIEWSR
3R XLI SXLIV LERH WSQI 8( TVSTSWEPW EVI IGPIGXMG MR XLIMV
JVEQIW SJ VIJIVIRGI QIERMRK XLEX XLI] WIPIGX JVSQ E ZEVMIX] SJ XLIS
VMIW SV W]WXIQW SJ XLMROMRK VEXLIV XLER FYMPHMRK SR SV XIWXMRK WSQI
TEVX SJ SRI XLISV] )\EQTPIW GER FI JSYRH MR XLI PMXIVEXYVI SR QIXLSHW
 'LETXIV 

SJ VILEFMPMXEXMRK GVMQMREPW JSV [LMGL E ZEVMIX] SJ TEVXW SJ XLISVMIW


SJ GVMQMREP NYWXMGI WSGMEP PIEVRMRK TYRMWLQIRX ERH QSVEPMX] QE] FI
MRXIVEGXMZI
*MREPP] XLIVI EVI QER] WXYHMIW XLEX EMQ WTIGMJMGEPP] EX GLEPPIRK
MRK SV EXXIQTXMRK XS ZEPMHEXI MRHMZMHYEP XLISVMIW SV EX XIWXMRK XLI EGGY
VEG] SJ TVIHMGXMSRW QEHI JVSQ WTIGMJMG XLISVMIW -RHMZMHYEP XLISVMIW EVI
RYQIVSYW VERKMRK EGVSWW EPP EGEHIQMG ERH TVSJIWWMSREP HMWGMTPMRIW
8[S IWWIRXMEP TSMRXW SYKLX XS FI MRGPYHIH MR XLMW WIGXMSR SJ IZIV]
TVSTSWEP *MVWX MX WLSYPH FI QEHI GPIEV [LIXLIV XLI JVEQI[SVO SJ XLI
MRZIWXMKEXMSR MW TVEKQEXMG IGPIGXMG SV JSGYWIH SR E WMRKPI XLISV] [MXL
E FVMIJ I\TPEREXMSR SJ [L] ERH LS[ 7IGSRH XLI JVEQI[SVO [LMGL
IZIV MX MW SV MR [LEXIZIV GSQFMREXMSR  WLSYPH FI WXEXIH [MXL ETTVS
TVMEXI VIJIVIRGIW XS XLI TVMQEV] WSYVGIW [LIVI JYPP MRJSVQEXMSR SR XLI
ETTPMGEFPI XLISVMIW SV W]WXIQW SJ XLSYKLX QE] FI JSYRH

7XEXIQIRX SJ XLI 4VSFPIQ


8LI 7XEXIQIRX SJ XLI 4VSFPIQ MW E WLSVX WIGXMSR FYX TIVLETW XLI QSWX
MQTSVXERX MR XLI TVSTSWEP -X PE]W HS[R E KYMHI XS JSPPS[ MR EPP XLEX
GSQIW EJXIV %X XLI WEQI XMQI MX MW E WIVMSYW EKVIIQIRX FIX[IIR XLI
TVSTSWIV ERH XLI JEGYPX] 7SQI MRWXMXYXMSRW IZIR VIJIV XS MX EW LEZMRK
GSRXVEGXPMOI GLEVEGXIVMWXMGW -R ER] GEWI XLI WXEXIQIRX SJ XLI TVSFPIQ
[MPP FI GEVIJYPP] WGVYXMRM^IH F] XLI JEGYPX] ERH SRGI EGGITXIH [MPP
RSX FI GLERKIH [MXLSYX JEGYPX] TIVQMWWMSR ERH EKVIIQIRX 3RGI EG
GITXIH XLI WXYHIRX VIWIEVGLIV [MPP PMZI [MXL XLI WXEXIQIRX YRXMP XLI
QMWWMSR MW GSQTPIXIH SV EFSVXIH
7XEXI ]SYV GSRGITX SJ XLI TVSFPIQ MR GPIEV TVSWI 1EOI MX XLI
MRMXMEP TEVEKVETL SJ XLI WXEXIQIRX SJ XLI TVSFPIQ &I FVMIJ &YMPH SR
XLI MRXVSHYGXMSR XS TVSZMHI MRJSVQEXMSR GSRGIVRMRK XLI VIEWSRW [L]
XLI WXYH] MW TVSTSWIH [LEX MX [SYPH EGGSQTPMWL ERH XLI ERXMGMTEXIH
SYXGSQIW
%JXIV XLI TYVTSWI MW KMZIR E TEVEKVETL SV X[S SYKLX XS WYJJMGI
JSV XLI VIQEMRMRK WXEXIQIRX SJ XLI TVSFPIQ 'LSSWI [SVHW GEVIJYPP]
(S RSX TVSQMWI QSVI XLER MW RIGIWWEV] XS HS XLI WXYH] MR E VIEWSREFPI
XMQI 8LI TVSFPIQ WXEXIQIRX LEW XS JSPPS[ PSKMGEPP] XLI TYVTSWI WXEXI
QIRX -X QE] FI I\TVIWWIH EW E UYIWXMSR SV E WXEXIQIRX TVIJIVIRGI
HITIRHMRK SR XLI MRHMZMHYEP VIWIEVGLIV XLI JEGYPX] QIQFIV KYMHMRK
XLI VIWIEVGL ERH XLI REXYVI SJ XLI XSTMG 8LI WXEXIQIRX KMZIW HMVIGXMSR
4VITEVEXMSR SJ XLI 4VSTSWEP 

XS XLI WXYH] KMZIW IWWIRXMEP MRJSVQEXMSR EFSYX XLI WGSTI SJ XLI WXYH]
ERH WYKKIWXW [MXLSYX KMZMRK HIXEMPW LS[ XLI WXYH] [MPP FI GEVVMIH
SYX 8LI WXEXIQIRX QYWX FI GPIEV GSRGMWI ERH YREQFMKYSYW

)PIQIRXW SJ XLI 4VSFPIQ


)PIQIRXW EVI WXEXIH MR WXYHMIW XLEX HS RSX VIUYMVI L]TSXLIWIW 7SQI
XMQIW IPIQIRXW MR 8( TVSTSWEPW EVI GEPPIH VIWIEVGL UYIWXMSRW SV GSQ
TSRIRXW &] [LEXIZIV REQI XLI] EVI XLI WTIGMJMG TEVXW SJ XLI TVSFPIQ
WXYHMIH EW STTSWIH XS SXLIV TEVXW YWYEPP] YRREQIH RSX WXYHMIH 8LYW
XLI IPIQIRXW LIPT HIJMRI ERH QEOI QSVI WTIGMJMG XLI TVSFPIQ WXEXI
QIRX

,]TSXLIWIW 8LISVMIW ERH 6IWIEVGL 5YIWXMSRW


8LI L]TSXLIWMW MW WXEXIH EW E WYKKIWXIH WSPYXMSR XS E TVSFPIQ SV EW
XLI VIPEXMSRWLMT SJ WTIGMJMIH ZEVMEFPIW -X VIXEMRW XLI GLEVEGXIV SJ E
KYIWW YRXMP JEGXW EVI JSYRH XS GSRJMVQ SV HMWGVIHMX MX
%W SRI QMKLX I\TIGX JVSQ XLI WTIPPMRK XLI [SVH GSQIW JVSQ XLI
+VIIO L]TSXLIWMW QIERMRK KVSYRH[SVO JSYRHEXMSR WYTTSWMXMSR 8LI
TPYVEP MW L]TSXLIWIW -X LEW GSQI XS LEZI E QIERMRK WMQMPEV XS SRI SJ
XLI +VIIO QIERMRKWhWYTTSWMXMSR -X GSYPH FI GEPPIH E WYTTSWMXMSR
TVSTSWMXMSR SV YRTVSZIH I\TPEREXMSR XIRXEXMZIP] EHZERGIH XS EGGSYRX
JSV SFWIVZIH JEGXW SV TLIRSQIRE
3RI SV QSVI L]TSXLIWIW QE] FI KIRIVEXIH F] E XLSVSYKL EREP]
WMW SJ XLI XLISVIXMGEP ERH JEGXYEP FEGOKVSYRH SJ XLI VIWIEVGL TVSFPIQ
;MXLSYX JSVQYPEXMRK L]TSXLIWIW E VIWIEVGLIV [EWXIW XMQI MR HMVIG
XMSRPIWW MRZIWXMKEXMSR
4ISTPI WSQIXMQIW KS FI]SRH KMZMRK XIRXEXMZI I\TPEREXMSRW JSV
[LEX XLI] WIIQ XS WII 8LI] SJXIR YWI XLIWI I\TPEREXMSRW EW E FEWI JSV
JYVXLIV MRZIWXMKEXMSR XS HIXIVQMRI MJ TSWWMFPI [LIXLIV XLI XIRXEXMZI
I\TPEREXMSRW WIIQ EGGYVEXI EW E HIWGVMTXMSR SJ [LEX MW LETTIRMRK ERH
IZIR [LIXLIV XLI I\TPEREXMSR TVIHMGXW [LEX [MPP LETTIR YRHIV GIVXEMR
GSRHMXMSRW 8LIVI [I JMRH XLI VIPEXMSRWLMT FIX[IIR L]TSXLIWIW ERH
VIWIEVGL 6IWIEVGLIVW YWYEPP] [ERX XS JMRH ER I\TPEREXMSR JSV E TLI
RSQIRSR MI ;L] MW XLIVI WS QYGL QSVI HMZSVGI XLER IZIV FIJSVI

7SQI GSQTPI\ MRZIWXMKEXMSRW QE] GSRXEMR FSXL IPIQIRXW ERH L]TSXLIWIW


 'LETXIV 

MR XLI 9RMXIH 7XEXIW#  *MVWX XLI] VIZMI[ XLI VIWIEVGL ERH XLI WTIGYPE
XMSR SJ SXLIVW 8LI] XLIR HIZIPST PMOIP] L]TSXLIWIW EPMIREXMSR JVSQ
IEVPMIV QSVIW FVIEOHS[R MR JEQMP] PMJI MRGVIEWIH QSFMPMX] WSGMIXEP
GLERKIW PSWW SJ MRJPYIRGI SJ VIPMKMSYW KVSYTW ERH WS SR  *MREPP]
XLI] JSVQYPEXI E TVSFPIQ WXYH] XLEX QE] QSVI EGGYVEXIP] EWGIVXEMR
[LEX MW GSRXVMFYXMRK XS XLI VMWI SJ XLI HMZSVGI VEXI
-RZIWXMKEXSVW HIZIPST L]TSXLIWIW XS LIPT KMZI HMVIGXMSR XS XLIMV
[SVO 8LI IRKMRIIV [LS WGERW QSYRXEMR XIVVEMR FIJSVI HMVIGXMRK E
QMRMRK STIVEXMSR SV PE]MRK SYX E VSEH[E] QEOIW MRJIVIRGIW FEWIH SR
JEGXW ERH SFWIVZIH GSRHMXMSRW MR GSQMRK XS E HIGMWMSR 8LI IRKMRIIV
L]TSXLIWM^IW XLEX MW I\TVIWWIW ER MRJSVQIH STMRMSR EW XS XLI GSVVIGX
ETTVSEGL XS XLI TVSFPIQ 8LI GLMPH HIZIPSTQIRX WTIGMEPMWX RSXMGIW XLEX
FS]W WIIQ XS XEOI XS WGMIRGI ERH QEXLIQEXMGW QSVI VIEHMP] XLER HS
KMVPW 8LI WTIGMEPMWX KYIWWIW XLEX MW L]TSXLIWM^IW XLEX XLI HMJJIVIRGI
EVMWIW FIGEYWI ]SYRK FS]W ERH KMVPW EVI HMJJIVIRXMEPP] I\TSWIH XS WGM
IRGI ERH QEXLIQEXMGW ERH HMJJIVIRXMEPP] VI[EVHIH JSV WLS[MRK MRXIVIWX
MR XLIQ
,]TSXLIWIW EVI RSX GSRJMRIH XS XLI I\TIVMQIRXEP VIWIEVGL QSHI
-R JEGX MX MW XLI VEVI WXYH] MR ER] VIWIEVGL QSHI XLEX HSIW RSX MRZSPZI
L]TSXLIWIW IMXLIV I\TPMGMXP] SV MQTPMGMXP] % L]TSXLIWMW MW E WLVI[H
KYIWW ER EWWYQTXMSR ER STMRMSR E LYRGL ER MRJSVQIH NYHKQIRX SV
ER MRJIVIRGI XLEX MW TVSZMWMSREPP] TYX JSV[EVH XS I\TPEMR JEGXW SV GSRHM
XMSRW SV XS KYMHI LS[ SRI WXEVXW XS EXXEGO E TVSFPIQ % L]TSXLIWMW
LIPTW MR HIXIVQMRMRK XLI MRJSVQEXMSR HEXE XS FI KEXLIVIH ERH XLI
MRZIWXMKEXMZI QIXLSHW XS FI YWIH
1SWX WXYHIRXW LEZI [SVOMRK L]TSXLIWIW [LIR XLI] WXEVX XS GSR
WMHIV MRZIWXMKEXMSRW 8LIWI EVI GSRNIGXYVIW JSVQIH XS KYMHI XLI MRMXMEP
WXEKIW SJ ER] MRUYMV]
% WXYHIRX GER L]TSXLIWM^I WXEXI E L]TSXLIWMW EFSYX EPQSWX ER]
XLMRK FIGEYWI XLI XIVQ WMQTP] VIJIVW EW [I LEZI WEMH XS E QSVI SV
PIWW IHYGEXIH KYIWW -X MW E PMXXPI QSVI HMJJMGYPX XLSYKL XS QEOI E
XIWXEFPI L]TSXLIWMW [LMGL QIERW TLVEWMRK XLI IHYGEXIH KYIWW MR WYGL
E [E] XLEX ]SY GER HIXIVQMRI LS[ GSVVIGX XLI KYIWW MW 7SQIXMQIW
SRI GER WXEXI XLI L]TSXLIWMW MR E [E] XLEX QEOIW MX EFWSPYXIP] XIWXEFPI
&YX QSWX SJ XLI XMQI MX MW TSWWMFPI SRP] XS SFXEMR E UYEPMJMIH XIWX RSX
ER EFWSPYXI SRI
-J L]TSXLIWIW EVI XS FI YWIH XLI] WLSYPH FI [IPP GLSWIR /IIT
4VITEVEXMSR SJ XLI 4VSTSWEP 

IEGL SRI WMQTPI WXVEMKLXJSV[EVH MR PERKYEKI ERH EWGIVXEMR XLEX MX


QIIXW VIGSKRM^IH GVMXIVME WYGL EW XLI JSPPS[MRK
 %VI XLIVI KSSH VIEWSRW TVEGXMGEP I\TIVMIRGIW XLISVMIW SV TVIZM
SYW VIWIEVGL JMRHMRKW XLEX XIRH XS WYTTSVX MX# -J WS MX GER FI WEMH
XS LEZI GSRWXVYGX ZEPMHMX]
 -W MX TSWWMFPI XS GSPPIGX ERH EREP]^I HEXE MR WYGL E [E] EW XS WLS[
[LIXLIV XLI L]TSXLIWMW WXERHW YT# -J WS MX MW XIWXEFPI
 (SIW XLI L]TSXLIWMW JSGYW SR XLI TVSFPIQ FIMRK WXYHMIH# 8S FI
VIPIZERX E L]TSXLIWMW QYWX ERW[IV TEVX SV EPP SJ XLI QEXXIV FIMRK
MRZIWXMKEXIH
%RSXLIV MQTSVXERX ERH GSRGITXYEPP] VIPEXIH +VIIOHIVMZIH [SVH
MW XLISV] 4IVLETW XLI QSWX QMWPIEHMRK RSXMSR MW XLEX E XLISV] MW ER
MQTVEGXMGEP I\TPEREXMSR WSQIXLMRK XLEX WSYRHW KVIEX FYX [MPP RSX [SVO
SV IZIR MJ MX HSIW [SVO MR WSQI WIRWI MX MW WS JEV EFSZI XLI GSQQSR
TIVWSR XLEX MX MW RSX YWIJYP -R WLEVT GSRXVEWX MW XLI GSQQIRX F] +EVH
RIV [LS WEMH E XLISV] MW SRI SJ XLI QSWX TVEGXMGEP XSSPW SJ XLI QSHIVR
[SVPH ,I KEZI XLI I\EQTPI SJ XLI TPYQFIV [LS HEMP] YWIW XLISV] XS
TVEGXMGI XLI XVEHI MR ER I\TIVX QERRIV 8LI TPYQFIV [LS YWIW MRJPEQ
QEFPI TPEWXMG TMTIW MR XLI [EPPW SJ E RI[ LSYWI SV I\TIGXW [EXIV XS
HVEMR YTLMPP HSIW RSX ORS[ QYGL EFSYX IMXLIV XLISV] SV TPYQFMRK
+EVHRIV  
;IFWXIVtW 2MRXL 2I[ 'SPPIKMEXI (MGXMSREV]  T  HI
JMRIW XLISV] JSV SYV TYVTSWIW EW qE TPEYWMFPI SV WGMIRXMJMGEPP] EGGITX
EFPI KIRIVEP TVMRGMTPI SV FSH] SJ TVMRGMTPIW SJJIVIH XS I\TPEMR TLI
RSQIREr -R GSQTEVMRK L]TSXLIWMW [MXL XLISV] ERH WGMIRXMJMG PE[ XLI
WEQI HMGXMSREV] T  QEOIW E YWIJYP HMWXMRGXMSR MR XLEX
0E[ QIERW E JSVQYPE HIVMZIH F] MRJIVIRGI JVSQ WGMIRXMJMG HEXE
XLEX I\TPEMRW E TVMRGMTPI STIVEXMRK MR REXYVI 0E[ MQTPMIW E WXEXI
QIRX SJ SVHIV ERH VIPEXMSR MR REXYVI XLEX LEW FIIR JSYRH XS FI
MRZEVMEFPI YRHIV XLI WEQI GSRHMXMSRW ,]TSXLIWMW MQTPMIW MRWYJJM
GMIRX IZMHIRGI XS TVSZMHI QSVI XLER E XIRXEXMZI I\TPEREXMSR 8LI
SV] MQTPMIW E KVIEXIV VERKI SJ IZMHIRGI ERH KVIEXIV PMOIPMLSSH SJ
XVYXL XLER L]TSXLIWMW ?FYX QYGL PIWW GIVXEMRX] XLER PE[A
8LISV] I\TPEMRW XLI VIPEXMSRW EQSRK IZIRXW SV JEGXW EPXLSYKL
RSX GSQTPIXIP] *SV I\EQTPI XLISV] EXXIQTXW XS I\TPEMR XLI VIPEXMSR
 'LETXIV 

WLMT FIX[IIR IGSRSQMG GSRHMXMSRW ERH FY]IV TVIJIVIRGIW SV FIX[IIR


LSQI GSRHMXMSRW ERH GLMPHEFYWI FILEZMSV 8LISV] GER TVSZMHI E JVEQI
[SVO XS KIRIVEXI L]TSXLIWIW SV UYIWXMSRW SV TVSFPIQ IPIQIRX WXEXI
QIRXW -R XYVR XLI] KYMHI VIWIEVGL TVSGIHYVIW SFNIGXMZIW ERH HEXE
GSPPIGXMSR *SV I\EQTPI XS TVSTSWI ERH WXYH] XLI IJJIGXW SJ E RI[
TVMWSR HMWGMTPMRI GSHI [I WLSYPH FI EFPI XS WE] [L] MR XLISV] [I
XLMRO MX [MPP FI FIXXIV -R XLMW KIRIVEP WIRWI IZIV] 8( TVSTSWEP WLSYPH
FI FEWIH SR XLISV]
-J XLI MRZIWXMKEXSV MW WIIOMRK HMVIGX ERW[IVW XS GIVXEMR UYIWXMSRW
MX MW RSX RIGIWWEV] XS WXEXI L]TSXLIWIW JSVQEPP] ERH HIWMKR XLI WXYH]
XS XIWX XLIQ -J MX MW FIPMIZIH LS[IZIV XLEX GSMRGMHIRXEP VIPEXMSRWLMTW
QE] I\MWX ERH WLSYPH FI VIZIEPIH SV MJ MX ETTIEVW XLEX SRI JEGXSV QE]
FI XLI GEYWI SV XLI VIWYPX SJ ERSXLIV E L]TSXLIWMW QE] FI XLI FIWX
[E] XS WXEXI [LEX XLI MRZIWXMKEXSV MW WIXXMRK SYX XS YRGSZIV ;I IR
GSYVEKI WXYHIRXW XS XEOI XLI MRMXMEXMZI [MXL XLIMV EHZMWSVW XS HMWGYWW
[LIXLIV E KMZIR XSTMG QMKLX FIXXIV FI ETTVSEGLIH XLVSYKL WIXXMRK YT
L]TSXLIWIW F] TSWMRK UYIWXMSRW F] IRYQIVEXMRK XLI TVSFPIQ IPI
QIRXW SV F] WSQI GSQFMREXMSR SJ XLI XLVII 7MKRMJMGERX TEVXW SJ XLI
WXYH] HIWMKR [MPP FI MRJPYIRGIH F] XLEX HIGMWMSR RSXEFP] XLI HEXE GSPPIG
XMSR HEXE EREP]WMW ERH TVIWIRXEXMSR ERH MRXIVTVIXEXMSR SJ XLI VIWYPXW

(IPMQMXEXMSRW ERH 0MQMXEXMSRW SJ XLI 7XYH]


8LI X[S [SVHW HIPMQMXEXMSRW ERH PMQMXEXMSRW EVI SJXIR GSRJYWIH %
PMQMXEXMSR MW E JEGXSV XLEX QE] SV [MPP EJJIGX XLI WXYH] FYX MW RSX YRHIV
GSRXVSP SJ XLI VIWIEVGLIV E HIPMQMXEXMSR HMJJIVW TVMRGMTEPP] MR XLEX MX
MW GSRXVSPPIH F] XLI VIWIEVGLIV
-R TW]GLSPSK] MX MW GSQQSR XS YWI E UYIWXMSRREMVI XS EWGIVXEMR
XLI WXEXYW SJ WSQIXLMRK JSV I\EQTPI XLI NSF WTIGMJMGEXMSRW SJ GPMRMGEP
WGLSSP SV GSYRWIPMRK TW]GLSPSKMWXW [LS EVI IQTPS]IH F] TYFPMG EKIR
GMIW -R WYGL WXYHMIW E ZIV] GSQQSR PMQMXEXMSR MW XLI [MPPMRKRIWW SJ
MRHMZMHYEPW XS VIWTSRH EX EPP XS VIWTSRH MR E XMQIP] JEWLMSR ERH XS
VIWTSRH EGGYVEXIP] 8LIWI EVI PMQMXEXMSRW SR XLI WXYH] XLEX MW XLI]
EVI MQTSVXERX TSWWMFPI IJJIGXW SR XLI SYXGSQIW SJ XLI WXYH] ERH XLI]
EVI RSX GSRXVSPPIH F] XLI VIWIEVGLIV
-R WYGL WXYHMIW EPWS MX MW GSQQSR XS LEZI E HIPMQMXEXMSR EW XS
WM^I SV REXYVI SJ XLI KVSYT UYIWXMSRIH JSV WSQI ETTVSTVMEXI VIEWSR
-R XLI I\EQTPI YWIH XLI WM^I QMKLX FI PMQMXIH XS XLSWI MR SRI WXEXI
4VITEVEXMSR SJ XLI 4VSTSWEP 

XLSWI [SVOMRK MR YVFER VIKMSRW SV XLSWI MR GIVXEMR X]TIW SJ EKIRGMIW


%PWS XLI WM^I QMKLX FI PMQMXIH XS  SV  SJ ORS[R TW]GLSPSKMWXW
MR WYGL IQTPS]QIRX XS OIIT MX XS E QEREKIEFPI RYQFIV
0MQMXEXMSRW ERH HIPMQMXEXMSRW WLSYPH ETTIEV SRP] [LIR XLI] EVI
MQTSWIH F] XLI REXYVI SJ XLI TVSFPIQ FIMRK WXYHMIH 0MQMXEXMSRW X]TM
GEPP] WYVJEGI EW ZEVMEFPIW XLEX GERRSX FI GSRXVSPPIH F] XLI VIWIEVGLIV
FYX QE] PMQMX SV EJJIGX XLI SYXGSQI SJ XLI WXYH] 6IWIEVGL LSRIWX]
HIQERHW XLEX IZIV] MQTSVXERX PMQMXEXMSR FI WTIPPIH SYX JSV XLI VIEHIV
ERH XLI GSQQMXXII -R SYV I\TIVMIRGI PMQMXEXMSRW FIGSQI TVSFPIQW XS
WXYHIRXW [LIR XLI] EVI RSX WTIGMJMIH )ZIV] WXYH] LEW MXW PMQMXEXMSRW
MX MW FIWX XS GEPP XLI GSQQMXXIItW EXXIRXMSR XS XLIQ -J XLI PMQMXEXMSRW
EVI GVMXMGEPP] HEQEKMRK XS XLI WXYH] XLI FIWX XMQI XS JMRH XLEX SYX MW
[LIR XLI TVSTSWEP MW MR XLI XLMROMRKERHTPERRMRK WXEKI RSX PEXIV
-R E WMQMPEV [E] TPEMRP] WXEXIH HIPMQMXEXMSRW LIPT IZIV]SRI MR
ZSPZIH XS XLMRO XLVSYKL XLI HIWMKR SJ XLI WXYH] (IPMQMXEXMSRW EVI MRXI
KVEP TEVXW SJ XLI HIWMKR FIGEYWI XLI] WIX TEVEQIXIVW XLI] XIPP XLI
VIEHIV [LEX [MPP FI MRGPYHIH [LEX [MPP FI PIJX SYX ERH [L] % KSSH
WXEXIQIRX SJ XLI TVSFPIQ [MPP MXWIPJ FI WSQI[LEX PMQMXMRK ERH HIPMQMX
MRK SJ GSYVWI ,S[IZIV MR XLMW WIGXMSR SRI WLSYPH JMRH HIXEMPIH WXVMG
XYVIW VIGSKRM^IH F] XLI VIWIEVGLIV FYX RSX ETTEVIRX MR XLI FVMIJ TVSF
PIQ WXEXIQIRX

(IJMRMXMSR SJ 8IVQW
8LIVI EVI X[S QENSV VIEWSRW JSV HIJMRMRK SRItW XIVQW MR HSMRK VI
WIEVGL *MVWX HIJMRI IEGL I\TVIWWMSR XLEX MW YWIH MR E WTIGMEP ZIV]
TVIGMWI WIRWI MR XLI TVSTSWEP 9RJSVXYREXIP] YRPIWW MX MW HIJMRIH XLIVI
MW RSX EP[E]W EKVIIQIRX SR XLI QIERMRK ]SY MRXIRH JSV E [SVH SV
KVSYT SJ [SVHW -J E GSQQSR [SVH MW YWIH MR E WTIGMJMG [E] MR XLI
WXYHIRXtW JMIPH SJ WXYH] XLEX RIIHW XS FI WXEXIH
7IGSRH XLI TVSTSWIH VIWIEVGL QE] HITIRH SR ER STIVEXMSREP
HIJMRMXMSR SJ E XIVQ 3TIVEXMSREP QIERW XLEX XLI I\TVIWWMSR YWIH QYWX
FI HIJMREFPI MR XIVQW SJ SFWIVZEFPI MHIRXMJMEFPI ERH VITIEXEFPI STIVE
XMSRW *SV I\EQTPI XLI I\TVIWWMSR JYRGXMSREP PMXIVEG] MW MR MXWIPJ STIR
XS QER] MRXIVTVIXEXMSRW &YX MJ MX MW WTIGMJMIH EW E  SV LMKLIVKVEHI
IUYMZEPIRX WGSVI MR VIEHMRK WTIIH ERH GSQTVILIRWMSR SR E TEVXMGYPEV
REXMSREPP] WXERHEVHM^IH XIWX XLIR JYRGXMSREP PMXIVEG] FIGSQIW HIJMRIH
F] XLSWI STIVEXMSRW YWIH XS MHIRXMJ] MX ERH MXW QIERMRK MW YREQFMKY
 'LETXIV 

SYW FIGEYWI SJ XLI STIVEXMSREP HIJMRMXMSR *SV ERSXLIV I\EQTPI X[S


GSQQSR XIVQW MR IHYGEXMSR EVI WGLSSP UYEPMX] ERH EGLMIZIQIRX 2IM
XLIV SJ XLIWI GSRGITXW QIERW ZIV] QYGL YRPIWW XLI YWIV HIJMRIW XLI
QIERMRK STIVEXMSREPP] *SV I\EQTPI EGLMIZIQIRX QE] FI HIJMRIH EW
XLI PIZIP SJ XIWX WGSVIW JVSQ \ XIWX ] JSVQ KMZIR EX ^ XMQI XLVSYKLSYX
XLI WGLSSP W]WXIQ 7GLSSP UYEPMX] QE] FI HIJMRIH STIVEXMSREPP] F] E
RYQFIV SJ ZEVMEFPIW WYGL EW I\TIRHMXYVI TIV GLMPH IHYGEXMSREP PIZIP
SJ XIEGLIVW ]IEVW SJ XIEGLMRK I\TIVMIRGI ERH TYTMP XIWX WGSVIW SR
WTIGMJMG XIWXW 8LYW ER STIVEXMSREP HIJMRMXMSR MW SRI XLEX WTIGMJMIW XLI
STIVEXMSRW XLEX [MPP HIJMRI XLI [SVH 3TIVEXMSREP HIJMRMXMSRW RSX SRP]
EPPS[ SRI XS WE] TVIGMWIP] [LEX MW QIERX F] XIVQW YWIH FYX XLIWI
HIJMRMXMSRW EPWS IWXEFPMWL E FEWMW JSV SFNIGXMZI XIWXW JSV XLI SYXGSQIW
SJ XLI TVSTSWIH WXYH]
*SYV KIRIVEP HMGXMSREVMIW [I LEZI JSYRH YWIJYP MR HIJMRMRK XIVQW
EVI XLI 3\JSVH )RKPMWL (MGXMSREV]  ZSP F] . % , 1YVVE] XLI
6ERHSQ ,SYWI (MGXMSREV] SJ XLI )RKPMWL 0ERKYEKI 9REFVMHKIH XLI
;IFWXIVtW 2I[ ;SVPH (MGXMSREV] SJ XLI %QIVMGER 0ERKYEKI 'SPPIKI
)HMXMSR ERH XLI ;IFWXIVtW 2MRXL 2I[ 'SPPIKMEXI (MGXMSREV] 1ER]
TVSJIWWMSREP JMIPHW IK IHYGEXMSR QIHMGMRI TW]GLSPSK] LEZI [IPP
VIGSKRM^IH WTIGMEPM^IH HMGXMSREVMIW 0MFVEVMERW EVI I\GIPPIRX GSRWYP
XERXW SR XLMW ERH VIPEXIH QEXXIVW
8IVQW XLEX EVI GYVVIRX SV GLERKMRK MR GSRGITX QE] FI FIWX HI
JMRIH F] XLIMV YWEKI MR TVSJIWWMSREP ERH WGLSPEVP] [VMXMRK )QMRIRX
TIVWSRW MR XLI JMIPH SJ MRUYMV] ]SY LEZI GLSWIR [MPP HIJMRI TVIGMWIP]
XLI HMJJMGYPX XIVQW MR XLIMV [SVO MR SVHIV XS FI GPIEVP] YRHIVWXSSH 8LI
WXYHIRX VIWIEVGLIV MW SR WEJI KVSYRH XS GMXI ERH YWI XLSWI HIJMRMXMSRW
MJ XLI] EVI RIIHIH MR XLI TVSTSWIH VIWIEVGL
%RSXLIV ZEVMEXMSR MW XS VIZMI[ XLI HIJMRMXMSRW YWIH F] XLI XST
WGLSPEVW MR XLI JMIPH ERH GVMXMUYI XLIQ MR XIVQW SJ XLIMV ETTVSTVMEXIRIWW
XS XLI TVSTSWIH VIWIEVGL 8LIVI MW RSXLMRK [VSRK [MXL IRHMRK YT [MXL
]SYV S[R RI[ HIJMRMXMSR FEWIH SR E VIZMI[ SJ HIJMRMXMSRW JSYRH MR XLI
PMXIVEXYVI TVSZMHIH ]SYV HIJMRMXMSR MW HIQSRWXVEFP] QSVI YWIJYP ERH
ETTVSTVMEXI JSV XLI WXYH]

6IZMI[ SJ XLI 0MXIVEXYVI 7SYVGIW


%X PIEWX JMZI WSYVGIW SJ PMXIVEXYVI WLSYPH FI WIEVGLIH NSYVREPW QENSV
FSSOW SR XLI WYFNIGX QSRSKVETLW VIPIZERX GSPPIGXMSRW SJ MQEKIW SV
4VITEVEXMSR SJ XLI 4VSTSWEP 

SFNIGXW ERH HMWWIVXEXMSRW 8SHE] QYGL SJ XLI MHIRXMJMGEXMSR SJ VIPI


ZERX QEXIVMEP MR XLIWI JMZI GPEWWIW SJ TYFPMGEXMSR GER FI HSRI ZME GSQ
TYXIV EGGIWW XS FMFPMSKVETLMG HEXEFEWIW
&] XLMW XMQI ]SY WLSYPH EPWS LEZI EWGIVXEMRIH XLI FMFPMSKVETLMG
GMXEXMSR JSVQ VIUYMVIH JSV ]SYV 8( =SY WLSYPH XEOI TEMRW XS VIGSVH
JVSQ IZIV] VIJIVIRGI ]SY YWI XLI I\EGX MRJSVQEXMSR ]SY [MPP RIIH MJ
]SY HIGMHI XS GMXI MX MR XLI JYXYVI -X MW QYGL FIXXIV XS IVV SR XLI WMHI
SJ VIGSVHMRK XSS QER] VIJIVIRGIW RS[ XLER XS LEZI XS VIXYVR E JI[
[IIOW SV QSRXLW LIRGI ERH WTIRH LSYVW XV]MRK XS VIPSGEXI WSQI HSGY
QIRX
-J ]SY EVI YWMRK E GSQTYXIV [I VIGSQQIRH WXVSRKP] XLEX ]SY
WXSVI XLI HEXE JSV FMFPMSKVETLMG GMXEXMSRW 1YGL HVYHKIV] GER FI EZSMHIH
XSS F] YWMRK E GSQTYXIV TVSKVEQ XS WXVYGXYVI ]SYV FMFPMSKVETL] EW
]SY FYMPH MX 7YGL E HEXE JMPI WXSVIW EPP X]TIW SJ VIJIVIRGIW ERH GER
KIRIVEXI GMXEXMSRW MR QSVI XLER  TYFPMWLMRK WX]PIW TPYW [VMXI JSSX
RSXIW MR E ZEVMIX] SJ WX]PIW
8LI XIVQ PMXIVEXYVI MW IQTPS]IH XS MRGPYHI ER]XLMRK ETTVSTVMEXI
XS XLI XSTMG WYGL EW XLISVMIW PIXXIVW HSGYQIRXW LMWXSVMGEP VIGSVHW
TLSXSW ERH SXLIV MQEKIW SV SFNIGXW KSZIVRQIRX VITSVXW RI[WTETIV
EGGSYRXW IQTMVMGEP WXYHMIW ERH WS JSVXL 7SQI SJ XLIWI PMOI PIXXIVW
SV VITSVXW EVI GEPPIH qJYKMXMZI QEXIVMEPWr FIGEYWI [LMPI WYGL MXIQW
QE] EGXYEPP] FI SJ OI] MQTSVXERGI XS ]SYV XSTMG XLI SVMKMREPW QE] FI
UYMXI HMJJMGYPX XS PSGEXI 8LMW MW ERSXLIV TSMRX EX [LMGL E TVSJIWWMSREP
PMFVEVMER GER TVSZI XS FI E KVIEX LIPT
7IEVGLIW F] GSQTYXIV JSV MQEKIW TLSXSW WSYRHW HVE[MRKW WIX
XMRKW QETW TEMRXMRKW XLEX HS RSX LEZI XI\X GETXMSRW TSWI GLEPPIRKIW
FIGEYWI GYVVIRX WSJX[EVI QE] RSX VIGSZIV WYGL QEXIVMEP HMVIGXP] ;MXL
GSRZIRXMSREP HEXEFEWIW GSQTYXIVW PSSO SRP] JSV I\EGX QEXGLIW SJ OI]
[SVHW
7SJX[EVI RS[ MR HIZIPSTQIRX QE] YWI EVXMJMGMEP MRXIPPMKIRGI TVS
GIWWIW XLEX EPPS[ XLI WIEVGL IRKMRIW XS FI WIRWMXMZI XS IRSYKL RYERGIW
EFSYX )RKPMWL SV ERSXLIV PERKYEKI W]RXE\ XS FVSEHIR SV HIITIR E
WIEVGL ERH JMRH QSVI QEXGLIW 8LYW qWYRR] HE] EX XLI FIEGLr ERH
q[EVQ WERH ERH WTEVOPMRK WYVJr GSYPH TVSHYGI E qQEXGLr MRWXIEH SJ E
qRS QEXGLr VIWTSRWI )\EQTPIW SJ ;IF WMXIW TSXIRXMEPP] LIPTJYP [MXL
XLI EFSZI TVSFPIQ WIEVGL EVIEW EVI XLSWI JSV ']GSVT -RG LXXT[[[
G]GGSQ  :MVEKI -RG LXXT[[[ZMVEKIGSQ  ERH -&1 LXXT
 'LETXIV 

[[[MFQGSQ  8LIWI WMXIW [IVI VIXVMIZIH SR 1E]   7II


'LETXIV  JSV LSQI TEKIW SJ KIRIVEP ERH WTIGMJMG WIEVGL IRKMRIW
*MKYVI  GSRXEMRW WM\ WYFLIEHMRKW YRHIV 6IZMI[ SJ XLI 0MXIVE
XYVI -R EPP WM\ WYFLIEHMRKW MJ XLISV] ERH VIWIEVGL EVI IEGL XVIEXIH MR
GLVSRSPSKMGEP SVHIV MR XLI [VMXMRK YWYEPP] E GSLIVIRX TMGXYVI SJ XLI
XSTMGtW FEGOKVSYRH IQIVKIW 8LI OI] MW ETTVSTVMEXIRIWW

)\XIRX ERH (ITXL SJ 0MXIVEXYVI 6IZMI[


% VIZMI[ SJ XLI PMXIVEXYVI MW RIGIWWEV] JSV IZIV] 8( FYX XLIVI MW
HMWEKVIIQIRX EFSYX XLI HIXEMP ERH HITXL SJ XLI VIZMI[ EX XLI TVSTSWEP
WXEKI EW GSQTEVIH [MXL XLI JMREP WXEKI 7SQI EHZMWSVW VIGSQQIRH E
WLSVX VIZMI[ LMXXMRK XLI LMKL WTSXW SJ XLI PMXIVEXYVI ERH ERXMGMTEXMRK
XLI GSQTPIXI VIZMI[ MR XLI JMREP HSGYQIRX 3XLIVW MRWMWX SR E GSQTPIXI
VIZMI[ MR XLI TVSTSWEP 8LSWI [LS XEOI XLI JSVQIV TSWMXMSR JIIP XLEX
XLI [LSPI TVSTSWEP EW E QEXXIV SJ TVMRGMTPI SYKLX XS FI FVMIJ YT XS
 XS  TEKIW ERH SYKLX XS GSRGIRXVEXI SR E WXEXIQIRX SJ [LEX XLI
VIWIEVGLIV [ERXW XS HS [L] ERH LS[ TPYW LS[ MX [MPP EHH XS [LEX
LEW EPVIEH] FIIR HSRI 8LMW MX MW EVKYIH TIVQMXW E QE\MQYQ SJ WXY
HIRX MRHITIRHIRGI ERH JVIIHSQ JVSQ GSQQMXXII GSRWXVEMRXW ERH VI
ZMI[W HYVMRK XLI WXYH]
8LSWI [LS XEOI XLI GSQTPIXI VIZMI[ TSWMXMSR JIIP XLEX XLI WXY
HIRX VIWIEVGLIV [MPP LEZI E FIXXIV TVSTSWEP GPIEVIV TVSGIHYVI ERH FIX
XIV JMREP TVSHYGX MJ XLI VIZMI[ MW XLSVSYKLP] HSRI FIJSVI IQFEVOMRK
SR XLI WXYH] *YVXLIV XLI] WE] XLI VIZMI[ LEW XS FI HSRI ER][E] WS
MX MW RSX PSWX IJJSVX % JYPP EREP]WMW SJ XLI PMXIVEXYVI FIJSVILERH TVS
ZMHIW STTSVXYRMXMIW XS IHYGEXI FSXL XLI WXYHIRX ERH XLI GSQQMXXII XS
WSQI SJ XLI TMXJEPPW ELIEH
;I PIER XS[EVH XLI GSQTPIXI VIZMI[ ZMI[ FYX [I TVIJIV XS JS
GYW SR [LEX XLI WXYHIRX VIWIEVGLIV WLSYPH XV] XS KIX SYX SJ XLI VIZMI[
EX XLI TVSTSWEP WXEKI ;LEXIZIV XLI HITXL ERH HIXEMP SJ XLI [VMXXIR
VIUYMVIQIRX SJ XLMW WIGXMSR SJ XLI TVSTSWEP [I IRGSYVEKI WXYHIRXW XS
VIEH [MHIP] MR XLI PMXIVEXYVI XEOI GEVIJYP RSXIW ERH QEMRXEMR ER SVKE
RM^IH JMPI ERH VIGSVH
*SV QSVI MHIEW SR PMXIVEXYVI VIZMI[ YWI ]SYV WIEVGL IRKMRI JSV
SRPMRI MRJSVQEXMSR %PWS XLI [SVO SJ 'PEVO ERH 3\QER  MW E
WSYVGI JSV KYMHIPMRIW ERH JSVQEX JSV W]WXIQEXMG VIZMI[ SJ XLI PMXIVEXYVI
MR XLI LIEPXL GEVI JMIPH 8LI [SVOW +EWL   ,EVX   ERH
4VITEVEXMSR SJ XLI 4VSTSWEP 

'SSTIV  EVI EPP KSSH WSYVGIW SJ MRJSVQEXMSR ' ; &S[IR


 HIWGVMFIW E QIXEEREP]WMW ETTVSEGL XS GSRHYGXMRK PMXIVEXYVI VI
ZMI[W ,I MPPYWXVEXIW XLI TS[IV SJ XLMW ETTVSEGL F] VITSVXMRK XLI IJ
JIGXW SJ GSSTIVEXMZI PIEVRMRK SR GLIQMWXV] EGLMIZIQIRX MR LMKL WGLSSP
ERH GSPPIKI GPEWWIW *MRHMRK WEQTPIW SJ PMXIVEXYVI VIZMI[W MR ]SYV JMIPH
[SYPH FI ZIV] LIPTJYP XS ]SYV TVSKVIWW

&IRIJMXW JVSQ XLI 0MXIVEXYVI 6IZMI[


8LI QSWX MQTSVXERX FIRIJMX XS FI KEMRIH JVSQ E VIZMI[ SJ XLI PMXIVEXYVI
EX XLI TVSTSWEP WXEKI MW KSSH ORS[PIHKI SJ XLI JMIPH SJ MRUYMV]h[LEX
XLI JEGXW EVI [LS XLI IQMRIRX WGLSPEVW EVI [LIVI XLI TEVEQIXIVW SJ
XLI JMIPH EVI ERH [LMGL MHIEW XLISVMIW UYIWXMSRW ERH L]TSXLIWIW
WIIQ QSWX MQTSVXERX 8LI VIZMI[IV EX XLMW WXEKI SYKLX XS FI EFPI XS
GEVV] SR ER MRJSVQIH MRXIPPMKIRX HMWGYWWMSR EFSYX XLI JMIPH [MXL ER
I\TIVX YWMRK VIJIVIRGIW ERH GMXMRK EYXLSVW ERH GSRGITXW MQTSVXERX SV
GVMXMGEP XS XLI JMIPH
%RSXLIV FIRIJMX JVSQ XLI VIZMI[ EX XLMW WXEKI MW ORS[PIHKI SJ XLI
QIXLSHSPSKMIW GSQQSR XS XLI JMIPH ERH E JIIPMRK JSV XLIMV YWIJYPRIWW
ERH ETTVSTVMEXIRIWW MR ZEVMSYW WIXXMRKW 8LI VIZMI[IV GER KIX MHIEW SJ
[LMGL QIXLSHSPSKMIW EVI QSWX SJXIR YWIH QIXLSHSPSKMIW ETTVSTVMEXI
JSV XLI TVSTSWIH VIWIEVGL ERH [LIR ERH LS[ XLIWI MHIEW LEZI FIIR
WYGGIWWJYPP] YWIH MR XLI JMIPH % GEVIJYP PSSO EX XLI TVIZEPIRX QIXLSH
SPSKMIW QE] EPWS GSRZMRGI E WXYHIRX IMXLIV XS EPXIV XLI XSTMG SJ MRUYMV]
FIGEYWI WOMPPW EVI PEGOMRK XS HS XLEX OMRH SJ VIWIEVGL SV XS OIIT XLI
XSTMG ERH EGUYMVI XLI RIIHIH WOMPPW
% XLMVH TSXIRXMEP FIRIJMX MW VIMRJSVGIQIRX JSV ER IEVPMIV LSTI XLEX
XLI TVSTSWIH VIWIEVGL MW VIEPP] RIIHIH )ZIR MJ WMQMPEV VIWIEVGL LEW
FIIR TYFPMWLIH XLI PMXIVEXYVI VIZMI[ SJXIR XYVRW YT WXEXIQIRXW WYGL EW
q-X [SYPH FI MRXIVIWXMRK XS ORS[ MJ 'PEVOtW [SVO GSYPH FI VITPMGEXIH
MR SXLIV TPEGIW SV [MXL HMJJIVIRX KVSYTWr 3V q-X [SYPH FI ZIV] YWIJYP
XS ORS[ MJ 'PEVOtW TMSRIIVMRK [SVO MW WXMPP VIPIZERX XSHE]r 8LIWI EVI
GPYIW XLEX ER MQTSVXERX WXYH] RIIHW XS FI VITPMGEXIH IWWIRXMEP MRJSVQE
XMSR XS ORS[ FIJSVI XLI TVSTSWEP MW HVEJXIH 0MRHZEPP  
3RI ZI\MRK TVSFPIQ VIWIEVGLIVW LEZI JEGIH JSV ]IEVW MW LS[ FIWX
XS QEMRXEMR SFNIGXMZMX] [LIR VIZMI[MRK TVMSV VIWIEVGL XS EWWIWW
[LIXLIV JYVXLIV VIWIEVGL SR XLI XSTMG MW RIIHIH 8LMW MW IWTIGMEPP]
HMJJMGYPX [LIR XLIVI EVI QER] TYFPMWLIH WXYHMIW VITSVXMRK GSRJPMGXMRK
 'LETXIV 

VIWYPXW 7SQI VIWIEVGLIVW LEZI EXXIQTXIH XS FYMPH XEFPIW SV GLEVXW SJ


XLI ZEVMSYW WXYH] VIWYPXW XS EMH MR qI]IFEPPMRKr XLI TVMSV VITSVXW ERH
XS IWXMQEXI [LMGL QMKLX FI GSRWMHIVIH QSVI GVIHMFPI
%R MQTVIWWMZI FVIEOXLVSYKL MR [IMKLMRK XLI IZMHIRGI JVSQ IEV
PMIV VIWIEVGL %WLIV  &ERKIVX(VS[RW ERH 6YHRIV  +PEWW
 ,SHKIW  ,YRXIV ERH 7GLQMHX  MW RS[ EZEMPEFPI
'EPPIH QIXEEREP]WMW XLI TVSGIHYVI EPPS[W SRI XS EHH WYFWXERXMEP SF
NIGXMZMX] XS VIWIEVGL VIZMI[W 1IXEEREP]WMW ETTPMIW [IPP XS VIZMI[MRK
IQTMVMGEP WXYHMIW [MXL XVIEXQIRX QIERW ERH GSRXVSP KVSYT QIERW GSQ
TEVIH 7YGL WXYHMIW GSRWXMXYXI E TSTYPEXMSR [MXL VIWYPXW XLEX EVI UYERXM
JMIH F] XLI PMXIVEXYVI WIEVGLIV ERH TYX XSKIXLIV MRXS E HEXEFEWI 8LI
VIWIEVGLIV XLIR EREP]^IW XLI HEXEFEWI WXEXMWXMGEPP] QYGL PMOI ER] SXLIV
WIX SJ UYERXMXEXMZI JMRHMRKW ;I VIGSQQIRH MXW YWI RSX SRP] XS QMRM
QM^I VIZMI[IV FMEW FYX EPWS XS LIPT HIXIVQMRI XLI REXYVI SJ XLI
L]TSXLIWIW SV UYIWXMSRW ERH XLI HMVIGXMSRW XLI] QMKLX XEOI 1SVISZIV
QIXEEREP]WMW GER FI GPEWWIH EW E VIWIEVGL QIXLSHSPSK] MR MXW S[R
VMKLX ERH MX MW E [MHIP] YWIJYP SRI
8LIVI EVI ;IF WMXIW XLEX TIVQMX JVII HS[RPSEHW 8LI 9RMZIVWMX]
SJ /IRXYGO] 'SQTYXMRK 'IRXIV RH GMXEXMSR MW ER I\GIPPIRX WSYVGI
8LI [SVO SJ /IRR]  MW ERSXLIV KSSH WSYVGI HIWMKRIH XS EWWMWX
XLI YWIV MR GSQTYXEXMSR SJ WXEXMWXMGW HYVMRK QIXEEREP]WMW %RSXLIV
WXVEXIK] MW XS IRXIV QIXEEREP]WMW MR ]SYV WIEVGL IRKMRI XS WII LS[
QYGL [MPP FI YWIJYP MRJSVQEXMSR *MREPP] EP[E]W GSRWYPX ]SYV VIJIV
IRGI PMFVEVMER JSV EHZMGI ERH JSV XLI REQIW SJ HS[RPSEH WMXIW XLEX EVI
JVII XS XLI YRMZIVWMX] GSQQYRMX]
*SYVXL E PMXIVEXYVI VIZMI[ EX XLMW WXEKI SJXIR LIPTW XS REVVS[ E
TVSFPIQ 7SQI KIX WS SZIV[LIPQIH [MXL XLI JPSSH SJ PMXIVEXYVI XLEX
WIZIVI JVYWXVEXMSR WIXW MR ;LIVI ERH LS[ HSIW SRI REVVS[ E XSTMG XS
QEOI MX JIEWMFPI ]IX RSX GYX SYX XLI MQTSVXERX HIXEMPW XLEX MQTMRKI SR
MX ERH QEOI MX QSVI YRHIVWXERHEFPI ERH VIWIEVGLEFPI# 8LMW MW E GSQ
QSR TVSFPIQ WLEVIH F] EPQSWX EPP FIKMRRMRK VIWIEVGLIVW ;I VIGSQ
QIRH TEVWMQSR] FEWIH SR GVMXIVME EKVIIH XS [MXL XLI EHZMWSV
8V] REVVS[MRK XLI WGSTI SJ XLI VIZMI[ F] IQTPS]MRK E XLVII
WXIT WIUYIRGI -RMXMEPP] VIEH [MHIP] MR XLI TVSTSWIH JMIPH SJ MRXIVIWX
8LIR XLMRO ERH EREP]^I EXXIQTXMRK EP[E]W XS REVVS[ HS[R ERH [IIH
SYX %JXIV XLEX EVVERKI XS WTIRH WSQI VIZMI[ XMQI [MXL ER I\TIVM
IRGIH VIWIEVGLIV MR XLI TVSTSWIH JMIPH SJ WXYH] ERH GEVIJYPP] XEPO
4VITEVEXMSR SJ XLI 4VSTSWEP 

XLVSYKL XLI TVSFPIQW IRGSYRXIVIH -J ]SYV EHZMWSV JMXW EPP XLI VIUYMVI
QIRXW SJ E KSSH PMWXIRIV MR XLMW GEWI ]SY EVI JSVXYREXI YWI XLI EH
ZMWSV
-J ]SY WXMPP LEZI XVSYFPI KIXXMRK XLI MHIEW XS EHH YT XS E PMXIVEXYVI
VIZMI[ JSV ]SYV TVSTSWEP KS FEGO XS XLI JMVWX WXIT )EGL XMQI XLI
WIUYIRGI MW VITIEXIH MX [MPP KS QSVI UYMGOP] :EV] XLI YWI SJ TIVWSRW
EW WSYRHMRK FSEVHW %X WSQI TSMRX E PMKLX [MPP JPEWL MR XLI QMRH ERH
E KSSH VIZMI[ JSV XLI TVSTSWEP [MPP GSQI MRXS JSGYW
% JMJXL ZEPYI [I YVKI WXYHIRXW XS [VMRK SYX SJ XLI VIZMI[ MW XLI
KIRIVEXMSR SJ L]TSXLIWIW SV UYIWXMSRW JSV JYVXLIV WXYHMIW 8LI QSVI
SRI ORS[W EFSYX E WYFNIGX XLI QSVI UYIWXMSRW GSQI XS QMRH 8S E
VIWIEVGLIV XLIVI MW EP[E]W E VIEWSR [L] WSQIXLMRK TIVWSR KVSYT
SVKERM^EXMSR FSH] QEXIVMEP STIVEXIW FILEZIW [SVOW EGXW XLI [E]
MX HSIW FYX XLEX VIEWSR SV GSQTPI\ SJ VIEWSRW MW WMQTP] RSX ORS[R
-X QE] RSX LEZI FIIR VIWIEVGLIH IRSYKL XLI HEXE QE] FI MREHIUYEXI
SV XLI XLISVIXMGEP GSRWXVYGXW QE] RSX ]IX FI EZEMPEFPI XS KYMHI ERH
HMVIGX JYVXLIV VIWIEVGL *VSQ XLI PMXIVEXYVI EREP]WMW [MPP GSQI E QYPXM
XYHI SJ MHIEW JSV JYVXLIV VIWIEVGL FEWIH SR XLI [SVO XLEX LEW EPVIEH]
FIIR HSRI
/IIT E PMWX SJ XLI UYIWXMSRW ERH L]TSXLIWIW XLEX GSQI XS ]SYV
QMRH SV XLEX EVI QIRXMSRIH MR [LEX ]SY VIEH -R XLI PEXXIV GEWI FI
WYVI XLEX ]SY EPWS VIGSVH [LIVI ]SY JSYRH XLIQ WS XLEX ]SY GER TVST
IVP] GMXI XLIMV WSYVGIW PEXIV MJ ]SY [MWL -R TEVXMGYPEV XLEX PMWX [MPP
TVSZI YWIJYP [LIR ]SY EVI [VMXMRK XLI WIGXMSR SJ XLI JMREP GLETXIV SJ
]SYV 8( MR [LMGL ]SY HMWGYWW XLI MQTPMGEXMSRW SJ ]SYV S[R JMRHMRKW
ERH XLI EHHMXMSREP VIWIEVGL HMVIGXMSRW ]SYV [SVO WYTTSVXW SV WYKKIWXW
7M\XL XLI XSTMG FIMRK VIWIEVGLIH RS[ GSYPH WXEVX E PSRKXIVQ
MRXIVIWX TEVXMGYPEVP] MJ MX MW JVIUYIRXP] YTHEXIH ERH QEMRXEMRIH [MXL E
GSRWMWXIRX GMXEXMSR W]WXIQ MR E GSQTYXIV JMPI 3FZMSYWP] XLEX QEOIW MX
IEWMP] EZEMPEFPI JSV JYVXLIV EVXMGPIW ERH JSPPS[YT MRZIWXMKEXMSRW
-R WIEVGLMRK XLI PMXIVEXYVI MX MW KSSH EPWS XS HIZIPST E PMWX SJ
WYFNIGX LIEHMRKW XLEX VIPEXI XS XLIQIW SJ MRXIVIWX ;I VIGSQQIRH
[SVOMRK FEGO JVSQ XLI RI[ XS XLI SPH ERH JVSQ XLI KIRIVEP XS XLI
WTIGMJMG 8LYW E VIWIEVGLIV QMKLX WXEVX [MXL GYVVIRX VIJIVIRGI WSYVGIW
ERH VIGIRX XI\XW ERH VIWIEVGL VIZMI[W GSRGIVRMRK JSV I\EQTPI RY
GPIEV IRIVK] ETTPMGEXMSRW HIRXEP L]KMIRI MR SPH EKI TYFPMG TSPMG] SR
XLI VMKLXW SJ ZMGXMQW SJ GVMQI EHSTXMSR TVEGXMGIW SV XLI IHYGEXMSR SJ
 'LETXIV 

KMJXIH LERHMGETTIH GLMPHVIR 8LIR [SVOMRK FEGO XLVSYKL XLI IEVPMIV


VIWIEVGL [MPP TVSZMHI E HITXL GSRXI\X ERH YRHIVWXERHMRK SJ GYVVIRX
TVSFPIQW 7XEVXMRK [MXL XLI KIRIVEP XSTMG [MPP TVSZMHI PIEHW XS WTIGMJMG
EVIEW SJ MRXIVIWX ERH LIPT HIZIPST ER YRHIVWXERHMRK JSV XLI MRXIVVIPE
XMSRWLMTW SJ VIWIEVGL *SV I\EQTPI XLI VIPEXMSRWLMT FIX[IIR IHYGEXMSR
SJ KMJXIH GLMPHVIR LERHMGETTIH GLMPHVIR QIRXEP XIWXW TYFPMG TSPMG]
IUYEP IHYGEXMSREP STTSVXYRMX] MRGPYWMSR WITEVEXMSR ERH QEMRWXVIEQ
MRK [SYPH FI GEWIW SJ MRXIVVIPEXMSRWLMTW GYVVIRXP] XSTMGEP MR TW]GLSP
SK] ERH MR XLI TYFPMG EJJEMVW PIKEP WSGMEP [SVO ERH IHYGEXMSR TVSJIW
WMSRW

'YVVIRG] SJ 0MXIVEXYVI 6IZMI[ (EXE


*SV XLSWI MR XLI WXEKI SJ VIZMI[MRK PMXIVEXYVI VIGIRX NSYVREP MWWYIW
SJXIR TVSZMHI PIEHW XS GSRXIRX XLEX WLSYPH FI MR XLI VIZMI[ 8LI TE
VEQIXIVW SJ EGEHIQMG SV TVSJIWWMSREP EVIEW XLI GYVVIRX XLMROMRK MR XLI
JMIPH XLI MRZIWXMKEXSVW [LS EVI [VMXMRK MR XLI JMIPH XLI MHIEW FIMRK
HMWGYWWIH ERH XLI VIJIVIRGIW XLEX EVI QSWX GMXIH ERH VIWTIGXIH MR XLI
JMIPH EVI EPP HMWTPE]IH MR VIGIRX MWWYIW SJ MQTSVXERX NSYVREPW %X ER
IEVP] WXEKI SJ TVITEVMRK XLI VIZMI[ LSYVW WTIRX [MXL NSYVREPW MHIRXM
JMIH EW GIRXVEP XS XLI XSTMG QE] FI ZIV] GSWXIJJIGXMZI
3RI [SVH SJ EHZMGI EFSYX NSYVREPW 8LIVI MW [MHI ZEVMEXMSR MR
UYEPMX] 7SQI NSYVREPW EVI ZIV] GEVIJYP EFSYX [LEX XLI] TYFPMWL SXL
IVW EVI RSX 7SQI EVI VIJIVIIH F] XST I\TIVXW SXLIVW EVI LYRKV] JSV
ER] QERYWGVMTX XLEX XYVRW YT MR XLI QEMP 7SQI EVI VIEH F] SYXWXERHMRK
WGLSPEVW SXLIVW [SYPH LEZI HMJJMGYPX] JMRHMRK XLIMV [E] MRXS E WGLSP
EVtW [EWXIFEWOIX ,S[ HSIW SRI XIPP XLI HMJJIVIRGI# %WO TVSJIWWSVW
GSPPIEKYIW [LS ORS[ XLI JMIPH ERH PMFVEVMERW [LS WTIGMEPM^I MR XLI
JMIPH ERH PSSO XLVSYKL NSYVREPW 6IEH E GST] SJ XLI NSYVREP PSSO EX MXW
JSVQEX MXW TYFPMWLIV MXW FSEVH SJ IHMXSVW I\EQMRI XLI UYEPMJMGEXMSRW SJ
[VMXIVW ERH VIZMI[ XLI TVSGIHYVIW JSV HIXIVQMRMRK [LEX KIXW TYF
PMWLIH MR XLI NSYVREP =SY GER EPWS ZMWMX XLI ;IF SJ /RS[PIHKI LSQI
TEKI LXXT[[[MWMRIXGSQ  [LMGL [MPP TVSZMHI EGGIWW XS XLI QENSV
GMXEXMSR MRHI\IW IK 7SGMEP 7GMIRGIW 'MXEXMSR -RHI\ 7GMIRGI 'MXEXMSR
-RHI\ ERH ,YQERMXMIW 'MXEXMSR -RHI\ 
% WMQMPEV GSQQIRX GSYPH FI QEHI EFSYX XLI PMFVEV]tW FSSO GSP
PIGXMSR ERH XLI PMFVEV]tW HEXEFEWIW XLEX KMZI EGGIWW XS XLI GSPPIGXMSRW
SJ SXLIV PMFVEVMIW %W E VIWIEVGLIV TYXXMRK XSKIXLIV E VIZMI[ SJ XLI
4VITEVEXMSR SJ XLI 4VSTSWEP 

PMXIVEXYVI ]SY HS RSX LEZI XS EKVII [MXL XLI QENSV GSRXVMFYXSVW XS XLI
JMIPH FYX ]SY HS LEZI XS ORS[ XLIMV [SVO ERH GMXI MX 3JXIR XLMW [SVO
I\MWXW MR FSSOW 8LI WIQMREP [SVO MR EPQSWX ER] JMIPH MW PMOIP] XS FI
MR XLI YRMZIVWMX] PMFVEV] FSSO GSPPIGXMSR ERH XLEX MW ER ETTVSTVMEXI
TPEGI XS WTIRH E KSSH HIEP SJ XMQI HSMRK E VIZMI[ SJ XLI PMXIVEXYVI SV
VIWIEVGL 8LIVI MW RS WYFWXMXYXI JSV XLI LSYVW SRI QYWX WTIRH FVS[WMRK
XLI FSSOWLIPZIW ERH GSQTYXIVM^IH HEXEFEWIW SJ XLI PMFVEV] ERH VI
ZMI[MRK XLI QENSV [SVOW MR XLI WIPIGXIH JMIPH SJ MRUYMV]
-R WLSVX XLMW TEVX SJ XLI TVSTSWEP WLSYPH TVIWIRX MRJSVQEXMSR
EFSYX XLI IZSPYXMSR ERH TVIWIRX WXEXI SJ XLISV] ERH WTIGYPEXMSR ERH
VIWIEVGL SR XLI XSTMG TVSTSWIH JSV MRZIWXMKEXMSR 8LI VIZMI[ WLSYPH
GSRGPYHI F] WLS[MRK LS[ XLI TVSTSWIH WXYH] [MPP EHH XS XLI WYFNIGXtW
ORS[PIHKI FEWI 8LI VIZMI[ WLSYPH QEOI YRQMWXEOEFP] GPIEV XS XLI
VIEHIV XLEX XLIVI EVI WSQI QMWWMRK TMIGIW XS XLI FSH] SJ VIWIEVGL ERH
[LEX XLSWI TMIGIW EVI ERH XLEX XLI TVSTSWIH WXYH] MW HMVIGXP] EMQIH EX
JMPPMRK MR SRI SV QSVI SJ XLSWI QMWWMRK TMIGIW

6)7)%6', ()7-+2
%W [I YWI XLI XIVQ VIWIEVGL HIWMKR MW E XSXEP TPER JSV GEVV]MRK SYX ER
MRZIWXMKEXMSR 6IWIEVGL QIXLSHSPSK] VIWIEVGL X]TI SV KIRIVEP
QIXLSH EVI GSRWMHIVIH W]RSR]QW JSV VIWIEVGL HIWMKR % GSQTPIXIH
VIWIEVGL HIWMKR WLS[W XLI WXITF]WXIT WIUYIRGI SJ EGXMSRW MR GEVV]MRK
SYX ER MRZIWXMKEXMSR IWWIRXMEP XS SFXEMRMRK SFNIGXMZI VIPMEFPI ERH ZEPMH
MRJSVQEXMSR 8LI GSQTPIXIH HIWMKR EPWS MRHMGEXIW LS[ XLI VIWYPXERX
SFNIGXMZI MRJSVQEXMSR MW XS FI YWIH XS HIXIVQMRI GSRGPYWMSRW EFSYX XLI
EGGYVEG] SJ E L]TSXLIWMW E XLISV] SV XLI GSVVIGX ERW[IV XS E UYIWXMSR
(MPPQER  )MWRIV ERH 4IWOOMR  0IIH] ERH 3VQVSH 
1MPPIV ERH 7EPOMRH  
%HZERGIH WXYH] MR XLI 9RMXIH 7XEXIW MW XVIQIRHSYW MR WGSTI ERH
GSQTPI\MX] %PWS MX MW KVS[MRK ERH GLERKMRK 4VSFEFP] RS SXLIV WIG
XSV SJ LMKLIV IHYGEXMSR KIRIVEXIW WS QER] I\GMXMRK ERH HMJJMGYPX UYIW
XMSRW 8LI ZEVMIH REXYVI SJ XLI UYIWXMSRW GEPPW MR XYVR JSV XLI ETTPMGE
XMSR SJ QER] HMJJIVIRX JSVQW SJ VIWIEVGL
8S EWWMWX WXYHIRXW JVSQ E ZEVMIX] SJ EGEHIQMG ERH TVSJIWWMSREP
HMWGMTPMRIW IRZMWMSR XLI SZIVEPP GSRGITX SJ VIWIEVGL HIWMKR [I MRGPYHI
*MK  EW E KIRIVEP QSHIP 8LI QSHIP MX MW LSTIH [MPP WYTTP] ER
 'LETXIV 

*MKYVI  +IRIVEP QSHIP JSV VIWIEVGL HIWMKRW


4VITEVEXMSR SJ XLI 4VSTSWEP 

EHHMXMSREP GSRGITXYEP WXVYGXYVI JSV WXYHIRXW XS WYTTPIQIRX XLI SYXPMRIW


MR %TTIRHM\ & 8LI KIRIVEP QSHIP HSIW RSX TEVEPPIP I\EGXP] XLI GLET
XIV SV XLI XSTMG HIZIPSTQIRX SJ XLMW FSSO FYX EPP XLI MXIQW MR XLI
FS\IW MR XLI JMKYVI EVI XVIEXIH -J VIJIVVIH XS MR HMWGYWWMSRW [MXL ER
EHZMWSV ERH SXLIV GSQQMXXII QIQFIVW SV GSRWYPXERXW XLI QSHIP GER
FI YWIJYP MR QEMRXEMRMRK XLI JSGYW SJ E GSRJIVIRGI SR WTIGMJMG TVSFPIQ
EVIEW ERH MR [SVOMRK SYX WSPYXMSRW XS XLIQ

6)7)%6', 1)8,3(303+=
8LI VIWIEVGL QIXLSHSPSK] TEVX SJ XLI TVSTSWEP WLSYPH MHIRXMJ] JSV XLI
VIEHIV XLI SRI SV QSVI VIWIEVGL QIXLSHW XLI WXYHIRX TPERW XS YWI MI
STMRMSR TSPPMRK GEWI WXYH] I\TIVMQIRXEP SV SXLIV  8LI WXYHIRXtW SF
NIGXMZI WLSYPH FI XS KMZI XLI VIEHIV E GETWYPI WXEXIQIRX EFSYX XLI
GSRXIQTPEXIH VIWIEVGL QIXLSHSPSK] [LMPI MRHMGEXMRK XLEX HIXEMPW EVI
XS FI JSYRH MR WYGGIIHMRK TSVXMSRW SJ XLI TVSTSWEP
%JXIV XLI VIWIEVGL UYIWXMSRW ERHSV L]TSXLIWIW LEZI FIIR HI
GMHIH XLI WMRKPI QSWX MQTSVXERX GLSMGI XS FI QEHI F] XLI MRZIWXMKEXSV
MW XLI VIWIEVGL QIXLSHSPSK] XS IQTPS] 3RGI WIPIGXIH XLI VIWIEVGL
QIXLSHSPSK] XIRHW XS KSZIVR SV EX PIEWX PMQMX XLI VERKI SJ GLSMGIW EW
XS LS[ XLI HEXE [MPP FI GSPPIGXIH LS[ MX [MPP FI EREP]^IH LS[ VIWYPXW
[MPP FI VITSVXIH ERH IZIR XLI REXYVI SJ XLI GSRGPYWMSRW XLEX QE] VIE
WSREFP] FI HVE[R JVSQ XLI VIWYPXW
;I JSYRH RS KIRIVEPP] EGGITXIH GPEWWMJMGEXMSR SJ X]TIW SJ VI
WIEVGL *SV I\EQTPI X[S XI\XW +E]  7PEZMR  IEGL PMWX
JMZI VIWIEVGL X]TIW FYX XLI] EKVIIH SR SRP] XLVII SJ XLIQ 1SVISZIV
SRI XI\X GSRWMHIVW UYEPMXEXMZI SV IXLRSKVETLMG VIWIEVGL E HMWXMRGX ERH
QENSV GPEWWMJMGEXMSR [LMPI XLI SXLIV WYFWYQIW UYEPMXEXMZI MRZIWXMKE
XMSRW YRHIV ERSXLIV KIRIVEP GEXIKSV] SJ VIWIEVGL =IX XLI] FSXL EKVII
XLEX UYEPMXEXMZI VIWIEVGL HIZIPSTIH TVMQEVMP] MR ERXLVSTSPSK] ERH [EW
FSVVS[IH EW E QIXLSHSPSK] F] SXLIV JMIPHW 8LI] EPWS EKVII MR HIJMR
MRK UYEPMXEXMZI VIWIEVGL EW HIWGVMFMRK E WMXYEXMSR EW MX I\MWXW [MXLSYX
MRZSPZMRK JSVQEP L]TSXLIWIW FYX JSGYWMRK SR I\TPEMRMRK WSGMEP TVS
GIWWIW MR KVIEX HIXEMP
&IGEYWI XLIVI HSIW RSX WIIQ XS FI ER]XLMRK GSQTEVEFPI XS E
XE\SRSQ] MR XLI GPEWWMJMGEXMSR SJ VIWIEVGL X]TIW [I GLSWI MRWXIEH XS
WMQTP] PMWX ERH FVMIJP] MPPYWXVEXI E ZEVMIX] SJ JVIUYIRXP] YXMPM^IH ET
TVSEGLIW XS VIWIEVGL
 'LETXIV 

8]TIW SJ 1IXLSHSPSK]
*SV QSVI WTIGMJMG EMH XS XLI WXYHIRX [I MRXIVVYTX SYV SVHIVP] HIZIPST
QIRX SJ XLI SYXPMRI MR *MK  XS MRWIVX XLI WIGXMSR FIPS[ 8]TIW SV
QIXLSHW EVI REQIH ERH MPPYWXVEXIH % VIZMI[ SJ XLI X]TIW QE] TVSZI
YWIJYP MR LIPTMRK XLI WXYHIRX HIGMHI [LEX [MPP FI [VMXXIR YRHIV XLI
6IWIEVGL 1IXLSHSPSK] LIEHMRK MR XLI 8( TVSTSWEP
%GGITXIH VIWIEVGL QIXLSHSPSK] PIKMXMQEXIP] IQFVEGIW E [MHI
ZEVMIX] SJ JSVQW
-R JEGX XLIVI EVI QER] EGXMSRW XLEX GER EWWMWX MR HMWGSZIVMRK
ORS[PIHKI ERH LYQERMX] PIEVRIH QYGL EFSYX LYQER REXYVI
PSRK FIJSVI XLIVI [EW ?JSVQEP VIGSKRMXMSR SJA WGMIRGI ERH WGMIR
XMJMG QIXLSH %R] EGXMSRW XLEX PIEH XS EGGYVEXI WXEXIQIRXW EFSYX
REXYVI QYWX FI GSRWMHIVIH EW LEZMRK WSQI QIXLSHSPSKMGEP PIKMXM
QEG] XLI GLEVEGXIVM^EXMSRW SJ GSRXVEWXMRK QIXLSHW EVI WMQTP]
EVKYQIRXW XLEX WSQI WGMIRXMJMG EGXMSRW EVI QSVI IJJIGXMZI XLER
SXLIVW EX TVSHYGMRK WXEXIQIRXW SJ KSSH KIRIVEPMX] .SLRWXSR ERH
4IRR]TEGOIV  TT i
8LI QIXLSHW GLSWIR JSV E WXYH] GIVXEMRP] LEZI TVSJSYRH IJJIGXW
SR XLI SYXGSQIW 8LI WEQI LSPHW JSV LS[ WYFNIGXW EVI WIPIGXIH ERH
JSV LS[ HEXE EVI GSPPIGXIH ERH EREP]^IH 1SWX MQTSVXERX XLSYKL MW
XLI QEXGL FIX[IIR QIXLSHW ERH XLI XLISVIXMGEP SV L]TSXLIXMGEP TVSTS
WMXMSRW YRHIV WGVYXMR] MR XLI MRZIWXMKEXMSR -X MW XLI WXEXIQIRX SJ XLI
TVSFPIQ XLEX TVSTIVP] WIVZIW EW E PEYRGLTEH JSV EPP XLI WYFWIUYIRX
WXITW 8LI GSVVIGX VIWIEVGL QIXLSHSPSK] WLSYPH JMX WQSSXLP] MRXS MXW
TPEGI MR XLI VIWIEVGL TPER WIUYIRGI XS QSZI JVSQ [LEX SRI WIIOW F]
HSMRK VIWIEVGL XS LS[ SRI KSIW EFSYX WIIOMRK MX
8LIWI MRUYMVMIW WLSYPH KSZIVR WIPIGXMSR SJ E VIWIEVGL QIXLSHSP
SK] q;LEX MW E XLI QSWX TVEGXMGEP F XLI QSWX IJJMGMIRX G XLI
QSWX TVSQMWMRK ERH H XLI QSWX VIEHMP] EZEMPEFPI [E] XS WSPZI XLI
VIWIEVGL TVSFPIQ SV ERW[IV XLI VIWIEVGL UYIWXMSR#r 6EVIP] [MPP SRI
QIXLSH TVSZMHI E q=IWr ERW[IV SR EPP JSYV TSMRXW 1SVI SJXIR E GSQ
TVSQMWI TVSZIW RIGIWWEV]
-RIZMXEFP] XLI QIXLSHSPSK] GLSMGI MRJPYIRGIW XLI SYXGSQIW SJ
XLI VIWIEVGL ;LEX QEXXIVW QSWX MW XLEX XLI WXYHIRX ORS[W ERH EG
ORS[PIHKIW XLI MRJPYIRGI ERH HSIW RSX MKRSVI SV XV] XS LMHI MX
-R TVITEVMRK XLI WIZIVEP IHMXMSRW SJ XLMW [SVO XLI EYXLSVW JSYRH
4VITEVEXMSR SJ XLI 4VSTSWEP 

RS WXERHEVHM^EXMSR MR VIWIEVGL QIXLSHSPSK] XIVQMRSPSK] EGVSWW EGE


HIQMG ERH TVSJIWWMSREP JMIPHW 8S VIGSRJMVQ XLMW [I I\EQMRIH JMZI
VIWIEVGL QIXLSHSPSK] XI\XW TYFPMWLIH JVSQ  XS  %PXSKIXLIV
XLI] PMWXIH  X]TIW SJ VIWIEVGL %PP JMZI FSSOW EKVIIH SR SRP]  SJ
XLI  GPEWWMJMGEXMSRW )ZIV] FSSO MRGPYHIH EX PIEWX  GPEWWMJMGEXMSR SJ
VIWIEVGL RSX JSYRH MR ER] SJ XLI SXLIV JSYV FSSOW
8LI XIVQMRSPSK] [I HIGMHIH XS YWI MRGPYHIW EPP XLI X]TIW SJ VI
WIEVGL [I GSYPH MHIRXMJ] ERH MPPYWXVEXI )ZIR WS XLI REQI SJ XLI VI
WIEVGL X]TI ]SY GLSSWI WLSYPH FI VIZMI[IH [MXL XLI EHZMWSV FIJSVI
FIMRK MRGPYHIH MR E TVSTSWEP 8LI WEQI QIXLSHSPSK] QE] FI ORS[R
F] E HMJJIVIRX REQI MR ERSXLIV JMIPH
 8]TI %REP]XMGEP 'PEWWIW SJ HEXE EVI GSPPIGXIH ERH WXYHMIW EVI
GSRHYGXIH XS HMWGIVR ERH I\TPMGEXI TVMRGMTPIW XLEX QMKLX KYMHI
EGXMSR 7TIGMEP WYFX]TIW YRHIV XLMW LIEHMRK MRGPYHI QMGVS
QEGVS ERH TSPMG] EREP]WMW
)\EQTPIW 7XEXI GSYVX MRXIVTVIXEXMSRW SJ TIVQMWWMZI PIKMWPEXMSR
SR RSRWGLSSP YWI SJ WGLSSP TVSTIVX]
'VMXIVME JSV EGGITXMRK ETTPMGERXW MR LSYWMRK GSSTIVEXMZIW
1EREKIQIRX SJ I\XVIQIW SJ LYQER FILEZMSV MR LSWTMXEP IQIV
KIRG] VSSQW
)QTPS]QIRX SJ LERHMGETTIH LMKL WGLSSP KVEHYEXIW MR ER IGS
RSQMGEPP] HITVIWWIH VIKMSR
 8]TI 'EWI WXYH] 8LI FEGOKVSYRH HIZIPSTQIRX GYVVIRX GSRHM
XMSRW ERH IRZMVSRQIRXEP MRXIVEGXMSRW SJ SRI SV QSVI MRHMZMHYEPW
KVSYTW GSQQYRMXMIW FYWMRIWWIW SV MRWXMXYXMSRW EVI SFWIVZIH
VIGSVHIH ERH EREP]^IH JSV WXEKIW SV TEXXIVRW MR VIPEXMSR XS MRXIV
REP ERH I\XIVREP MRJPYIRGIW
)\EQTPIW % GEWI WXYH] SJ STIR EHQMWWMSRW MR ER %QIVMGER NY
RMSV GSPPIKI
8LI HIZIPSTQIRX SJ GSKRMXMZI JYRGXMSRW MR XLVII EYXMWXMG GLMP
HVIR GEWI VIGSVHW EREP]WIW
)WXEFPMWLQIRX ERH KVS[XL SJ XLI 2EXMSREP %WWSGMEXMSR SJ 6IXMVIH
4IVWSRW
8LI 2EXMSREP %WWSGMEXMSR SJ 1ERYJEGXYVIVWt PEFSV TSPMG] E GEWI
WXYH] SJ HIZIPSTQIRX
 8]TI 'SQTEVEXMZI 8[S SV QSVI I\MWXMRK WMXYEXMSRW EVI WXYHMIH
XS HIXIVQMRI ERH I\TPMGEXI XLIMV PMOIRIWWIW ERH HMJJIVIRGIW
 'LETXIV 

)\EQTPIW 'SRGITXW XEYKLX MR WIGSRHEV] WGLSSP GLIQMWXV] MR


'EREHE +VIEX &VMXEMR 2I[ >IEPERH ERH XLI 9RMXIH 7XEXIW
7IPJGSRXVSP SJ GLMPHVIR ERH EHYPXW HYVMRK GEVHMEG HMEKRSWXMG TVS
GIHYVIW
&MH WTIGMJMGEXMSR TVSGIHYVIW JSV TYFPMG TPE]KVSYRH ERH VIGVI
EXMSR WYTTP] ERH IUYMTQIRX TYVGLEWIW MR 2I[ =SVO 4IRRW]P
ZERME -PPMRSMW ERH 'EPMJSVRME
 8]TI 'SVVIPEXMSREPTVIHMGXMZI 7XEXMWXMGEPP] WMKRMJMGERX GSVVIPE
XMSR GSIJJMGMIRXW FIX[IIR ERH EQSRK VIPIZERX TLIRSQIRE EVI
WSYKLX ERH MRXIVTVIXIH XLMW X]TI MRGPYHIW XLI HIXIVQMREXMSR SJ
XLI I\XIRX XS [LMGL ZEVMEXMSRW MR SRI SV QSVI JEGXSVW GSVVIWTSRH
[MXL ZEVMEXMSRW MR SRI SV QSVI SXLIV JEGXSVW ERH XLI YWI SJ WYGL
JMRHMRKW MR QEOMRK TVIHMGXMSRW
)\EQTPIW -RXIVEGXMSR SJ KEWSPMRI TVMGIW ERH EYXSQSFMPI XVEZIP
JSV FYWMRIWW ERH ZEGEXMSR TYVTSWIW
6IPEXMSRWLMTW FIX[IIR REXYVI SJ GVMQI ERH EQSYRX SJ VIGMHMZMWQ
6IPEXMSRWLMTW EQSRK WM^I SJ JEQMP] EKI ERH YWI SJ LSQI LIEPXL
EKIRGMIW
6IPEXMSRWLMTW FIX[IIR XIEGLIV FEGOKVSYRHW ERH XLIMV EXXMXYHIW
XS[EVH MRXIVREXMSREP GSSTIVEXMSR
 8]TI (IWMKR ERH HIQSRWXVEXMSR 2I[ STIVEXMSREPP] VIPEXIH
FYWMRIWW W]WXIQW TIVWSRRIP XVEMRMRK GYVVMGYPE TVSJIWWMSREP IHY
GEXMSR TVSKVEQW MRWXVYGXMSREP QEXIVMEPW HMWIEWI GSRXVSP TPERW
ERH XLI PMOI EVI GSRWXVYGXIH ERH HIWGVMFIH XLMW X]TI MW SJXIR GEPPIH
EGXMSR VIWIEVGL ERH MRGPYHIW EX PIEWX JSVQEXMZI IZEPYEXMSR
)\EQTPIW % PMXIVEG] TVSKVEQ JSV XLI 7YHER
*IEWMFMPMX] SJ E PMKLXIVXLEREMV JVIMKLX XVERWTSVX W]WXIQ JSV %J
VMGE
% GYVVMGYPYQ MR QSXSV HIZIPSTQIRX JSV XLI TIVMSH FMVXL XS 
]IEVW SJ EKI
% G]XSXS\MGMX] XIWX JSV MRWSPYFPI HYWXW
(IWMKR ERH IWXEFPMWLQIRX SJ E GSQTVILIRWMZI LIEPXL MRJSVQEXMSR
W]WXIQ JSV [IWXIVR %YWXVEPME
 8]TI )ZEPYEXMSR % TVSKVEQ SV E TVSNIGX MW I\TIGXIH XS FI GEV
VMIH SYX MR E GIVXEMR [E] ERH I\TIGXIH XS TVSHYGI E GIVXEMR VI
WYPX VIWIEVGL MW MRXIRHIH XS HIXIVQMRI [LIXLIV XLI ERXMGMTEXIH
TVSGIHYVI ERH XLI SYXGSQI EVI VIEPM^IH )ZEPYEXMSR VIWIEVGL XLEX
4VITEVEXMSR SJ XLI 4VSTSWEP 

JSGYWIW SR XLI TVSGIHYVI MW GEPPIH JSVQEXMZI ERH XLEX [LMGL EX


XIRHW TEVXMGYPEVP] XS XLI SYXGSQI MW GEPPIH WYQQEXMZI
)\EQTPIW )JJIGXMZIRIWW SJ QIRXEP LIEPXL TVSKVEQW XLEX WIVZI
LIEVMRKMQTEMVIH GLMPHVIR
)ZEPYEXMSR SJ E VIKMSREP JEQMP] TPERRMRK TVSKVEQ
-QTEGX SJ GSYRX] HVYK ERH EPGSLSP TVSKVEQW
)ZEPYEXMSR SJ E VYVEP QEVOIXMRK TPER JSV JMVI MRWYVERGI
)JJIGXMZIRIWW SJ VILEFMPMXEXMSR GSYRWIPMRK ER IZEPYEXMSR
 8]TI (IZIPSTQIRXEP 8LI GLERKIW SZIV XMQI MR SRI SV QSVI
SFWIVZEFPI JEGXSVW TEXXIVRW SV WIUYIRGIW SJ KVS[XL SV HIGPMRI
QE] FI XVEGIH SV GLEVXIH ERH VITSVXIH
)\EQTPIW +VS[XL SJ GLMPH GEVI GIRXIVW MR %QIVMGER FYWMRIWW
ERH MRHYWXV]
)QIVKIRGI ERH WTVIEH SJ GVIHMX GEVH YXMPM^EXMSR
8LI [VMXXIR PERKYEKI HIZIPSTQIRX SJ GLMPHVIR
8LI GSQTYXIV ERH XLI ORS[PIHKI I\TPSWMSR E HIZIPSTQIRXEP
WXYH]
 8]TI )\TIVMQIRXEP 3RI SV QSVI ZEVMEFPIW QE] FI HIPMFIVEXIP]
QERMTYPEXIH ERH XLI VIWYPXW EREP]^IH ERH VEXMSREPM^IHhqXVYIr
I\TIVMQIRXW VIUYMVMRK XMKLX GSRXVSPW ERH WYFNIGX VERHSQM^EXMSR
)\EQTPIW 6IHYGXMSR SJ WITEVEXMSR ER\MIX] XLVSYKL YWI SJ QIR
XEP MQEKIV]
9WI SJ TVSKVEQQIH MRWXVYGXMSR XS GSVVIGX IVVSVW MR XLI [VMXXIR
PERKYEKI SJ HIEJ EHSPIWGIRXW
8LI IJJIGXW SJ PMWXIRMRK XVEMRMRK SR WEPIWTIVWSR IJJIGXMZIRIWW
)JJIGXW SJ E TEVIRXEP MRXIVZIRXMSR WXVEXIK] SR VIEHMRK WOMPP HIZIP
STQIRX
)JJIGXW SJ HMJJIVIRX STXMSRW JSV GSRXMRYIH IQTPS]QIRX SR VIXMVI
QIRX HIGMWMSRW
 8]TI )\TPSVEXSV] -RZIWXMKEXMSRW MRXS RI[ SV VIPEXMZIP] YR
ORS[R XIVVMXSV] JSV XLI TYVTSWI SJ WIEVGLMRK SYX SV GPSWIP] WGVY
XMRM^MRK SFNIGXW SV TLIRSQIRE XS PIEH XS E FIXXIV YRHIVWXERHMRK
SJ XLIQ
)\EQTPIW 8IPIWGSTMG ERH WEXIPPMXI SFWIVZEXMSRW SJ XLI GSQTSWM
XMSR SJ XLI WYVJEGI SJ XLI QSSRW SJ .YTMXIV
8LI TEVEWMXMG PMJI MR XLI JIGIW SJ [MPH LSVWI LIVHW SJ XLI 6SGO]
1SYRXEMR VIKMSR
 'LETXIV 

8LI FILEZMSV SJ QSPXIR QIXEPW YRHIV GSRHMXMSRW SJ ZMVXYEPP] ^IVS


KVEZMX]
8LI GLEVEGXIVMWXMGW SJ qTVMZEXIr PERKYEKIW YWIH F] X[MRW ERH
XVMTPIXW MR GSQQYRMGEXMSR FIX[IIR ERH EQSRK XLIQWIPZIW
8LI WXYH] SJ I\XVEXIVVIWXVMEP SFNIGXW JSV IZMHIRGIW SJ PMJI JSVQW
 8]TI ,MWXSVMGEP -RHMZMHYEPW SV EGXMZMXMIW EVI WXYHMIH XS VIGSR
WXVYGX XLI TEWX EGGYVEXIP] ERH [MXLSYX FMEW XS EWGIVXEMR HSGY
QIRX ERH MRXIVTVIX XLIMV MRJPYIRGIW SV XS GLIGO XLI XIREFMPMX] SJ
ER L]TSXLIWMW
)\EQTPIW 8LI VIPIZERGI SJ XLI XLSYKLX SJ %PFIVX 'EQYW JSV
IHYGEXMSR
7SYVGIW SJ MRHMZMHYEP HMJJIVIRGIW MR WSPYXMSRW XS QEREKIQIRX
TVSFPIQW
,MWXSVMGEP PERHQEVOW MR XLI QEREKIQIRX SJ IRZMVSRQIRXEP RSMWI
8LI WIEVGL JSV XLI TIVTIXYEP QSXMSR QEGLMRI MXW GSRXVMFYXMSR XS
IRKMRIIVMRK
3VMKMRW ERH WXEXYW SJ XLI 1SRXIWWSVM QSZIQIRX MR XLI 9RMXIH
7XEXIW
 8]TI 1IXEEREP]WMW % TVSGIHYVI JSV GSQFMRMRK VIWYPXW SJ VI
WIEVGL EGVSWW EVIEW MR [LMGL QIEWYVIQIRX W]WXIQW EVI RSX TVI
GMWI F] EHHMRK XSKIXLIV WSYVGIW SJ ZEVMERGI XS KIX E TSTYPEXMSR
ZEPYI SJ XLI WXERHEVH HIZMEXMSR EW XLI FEWMW JSV IWXEFPMWLMRK IJ
JIGX WM^IW 9WIH FSXL MR EWWIQFPMRK QIERMRKJYP PMXIVEXYVI VI
ZMI[W ERH MR XIWXMRK L]TSXLIWIW
)\EQTPIW ,S[ qVIEPr MW XLI KIRHIV KET MR ETXMXYHI XIWX VIWYPXW#
;LEX MW XLI IZMHIRGI XLEX EMV TSPPYXMSR MW EWWSGMEXIH [MXL LYQER
MPPRIWWIW#
%VI PEVKI EYXSQSFMPIW WEJIV#
8LI IJJIGXMZIRIWW SJ L]TRSWMW MR GYVMRK EHHMGXMSR
 8]TI 1IXLSHSPSKMGEP 8LIWI WXYHMIW I\EQMRI RI[ ETTVSEGLIW
QIXLSHW [MXL TSXIRXMEP EHZERXEKIW SZIV TVIWIRX ETTVSEGLIW
QIXLSHW  8LI WXYH] GSRXIRX MRGPYHIW FYX MW RSX PMQMXIH XS
FYMPHMRK QIEWYVMRK SFWIVZMRK SVKERM^MRK HMWTPE]MRK ERH GSQ
QYRMGEXMRK 7YGL WXYHMIW JVIUYIRXP] QEOI YWI SJ FSXL HIZIPST
QIRXEP ERH IZEPYEXMZI TVSGIHYVIW
)\EQTPIW 8LI VIPEXMZI EHZERXEKIW ERH HMWEHZERXEKIW SJ HMKMXEP
ERH EREPSK XIPIZMWMSR
4VITEVEXMSR SJ XLI 4VSTSWEP 

0SRKMXYHMREP ZIVWYW GVSWWWIGXMSREP EKI GSLSVX ETTVSEGLIW MR


WXYH]MRK TIVWSREPMX] HIZIPSTQIRX
%HZERXEKIW ERH HMWEHZERXEKIW SJ QIXEEREP]WMW MR KEYKMRK XLI
MQTSVX SJ TEWX VIWIEVGL
4VIWXVYGXYVIH SV WIPJHIWMKRIH QENSVW MR GSPPIKMEXI IHYGEXMSR
TVSW ERH GSRW
 8]TI 3TMRMSR TSPPMRK 8LI FILEZMSV FIPMIJW SV MRXIRXMSRW SJ WTIG
MJMIH KVSYTW SJ TIVWSRW EVI HIXIVQMRIH VITSVXIH ERH MRXIVTVIXIH
)\EQTPIW *SSH TVIJIVIRGIW SJ LSWTMXEPM^IH MRHMZMHYEPW F] EKI
ERH KISKVETLMGEP VIKMSR MR 'EREHE
3TMRMSRW SJ WXYHIRXW ERH EPYQRM VIKEVHMRK XLI KVEHYEXI TVSKVEQ
MR GSYRWIPMRK TW]GLSPSK]
4SPMXMGEP ERH WSGMEP FIPMIJW SJ I\TIVMIRGIH IRKMRIIVW
'MXM^IR ZMI[W SR E ZSPYRXIIV W]WXIQ SJ EVQIH JSVGIW
%XXMXYHIW SJ 7YRHE] WGLSSP XIEGLIVW XS[EVH VIPMKMSYW ERH WIGYPEV
IHYGEXMSREP SFNIGXMZIW
 8]TI 7XEXYW % VITVIWIRXEXMZI SV WIPIGXIH WEQTPI SJ SRI SV QSVI
TLIRSQIRE QE] FI MWSPEXIH ERH I\EQMRIH XS EWGIVXEMR XLI GLEV
EGXIVMWXMGW SJ XLI SFNIGX W SJ WXYH]
)\EQTPIW *VIIQEWSRV] MR 2I[ >IEPERH GSRXIQTSVEV] WXEXYW
8LI QEMP SVHIV GEXEPSK FYWMRIWW MR %QIVMGE
8LI XVEMRMRK FEGOKVSYRH HYXMIW EGXMZMXMIW ERH NSF TIVGITXMSRW
SJ TYFPMG LIEPXL SJJMGIVW
)QTPS]QIRX EQSRK QMRSVMXMIW MR PEVKI 97 GMXMIW
8LI ]IEVFSSO MR TYFPMG LMKL WGLSSPW
 8]TI 8LISVIXMGEP -RGPYWMZI ERH TEVWMQSRMSYW I\TPEREXSV] TVMR
GMTPIW JSV TLIRSQIRE SV HEXE EVI HIZIPSTIH TVSTSWIH ERH HI
WGVMFIH
)\EQTPIW % GSRGITXYEP EREP]WMW SJ GVIEXMZMX]
% XLISV] SJ GSQTIRWEXSV] IHYGEXMSR
%R I\TPEREXSV] QSHIP JSV QEWW ETTVEMWEP I\XIRWMSR SJ 6SWIRtW
XLISV] SJ MQTPMGMX QEVOIXW XS YVFER LSYWMRK
% TW]GLSPSKMGEP XLISV] XS I\TPEMR JEMXL LIEPMRK
% XLISV] SJ MRXIPPIGXYEP IZSPYXMSR
 8]TI 8VIRH EREP]WMW 4LIRSQIRE XLEX EVI SV LEZI FIIR MR XLI
TVSGIWW SJ GLERKI EVI I\EQMRIH XS MHIRXMJ] ERH VITSVX XLI HMVIG
XMSRW SJ XVIRHW ERH XS QEOI MRXIVTVIXEXMSRW ERH JSVIGEWXW
 'LETXIV 

)\EQTPIW 8VIRHW MR XLI XIEGLMRK SJ TEVIRXMRK MR %QIVMGER WIG


SRHEV] WGLSSPW
8LI YWI SJ TYFPMG XVERWTSVXEXMSR MR 1I\MGS E XVIRH EREP]WMW
(S[.SRIW EZIVEKI GLERKIW HYVMRK WIPIGXIH TIVMSHW SJ JIHIVEP
QSRIXEV] TSPMG]
8VIRHW MR EZEMPEFMPMX] ERH GSWX SJ HIRXEP LIEPXL MRWYVERGI
8VIRHW MR TYFPMG XE\ WYTTSVX JSV TVMZEXI GSPPIKIW ERH YRMZIVWMXMIW
 8]TI 8[IRX]X[IRX]  EREP]XMG )\XVIQIW SJ TSTYPEXMSRW
EVI WXYHMIH F] GSQTEVEXMZI XIGLRMUYIW ERH QIEWYVIW XS HIXIV
QMRI [LIXLIV ERH XS [LEX I\XIRX EGXMSRW MRXIRHIH XS MQTEGX
IZIRP] SV TVSTSVXMSREXIP] EGVSWW E TSTYPEXMSR EGXYEPP] HS WS
6I]RSPHW IX EP   8LI EREP]WMW JSGYWIW SR EGGSYRXEFMPMX]
JSV WYGGIWW SV JEMPYVI XS VIEGL I\TPMGMX SV MQTPMGMX KSEPW
)\EQTPIW 4SPMGI GEPPW VIWTSRWIW ERH JSPPS[YT MR LMKL ERH
PS[MRGSQI RIMKLFSVLSSHW
,IEPXL WXEXYW SJ 'EREHMER GMXM^IRW EX I\XVIQI MRGSQI PIZIPW
7GLSSP IJJIGXMZIRIWW MR WIVZMRK I\GITXMSREP GLMPHVIR EX QSFMPMX]
I\XVIQIW
%GLMIZIQIRX MR WGLSSP HMWXVMGXW [MXL LMKL ERH PS[ TIVTYTMP I\
TIRHMXYVI PIZIPW
 8]TI 5YEPMXEXMZI 8LMW MW E KIRIVEP JSVQ SV WX]PI SJ VIWIEVGL
VEXLIV XLER E WTIGMJMG QIXLSHSPSK] -R JEGX UYEPMXEXMZI VIWIEVGL
IRGSQTEWWIW WIZIVEP QIXLSHSPSKMIW ERH UYERXMXEXMZI ETTVSEGLIW
XLEX QMKLX [IPP FI YWIH [MXL QER] SJ XLI I\EQTPIW SJ WXYHMIW
PMWXIH EFSZI WII T  JSV E JYPPIV HMWGYWWMSR SJ XLI REXYVI SJ
UYEPMXEXMZI VIWIEVGL 
 8]TI 5YEWMI\TIVMQIRXEP )\TIVMQIRXEP VMKSV WS JEV EW QERMT
YPEXMSR GSRXVSP SV VERHSQM^EXMSR MW RSX JIEWMFPI FYX XLI GSQ
TEVMWSR SJ XVIEXQIRX ZIVWYW RSRXVIEXQIRX GSRHMXMSRW MW ET
TVS\MQEXIH ERH XLI GSQTVSQMWIW ERH PMQMXEXMSRW EVI WXEXIH
YRHIVWXSSH ERH XEOIR MRXS EGGSYRX MR EPP GSRGPYWMSRW ERH MRXIV
TVIXEXMSRW
)\EQTPIW %PP SJ XLI I\EQTPIW YRHIV -XIQ  )\TIVMQIRXEP
[SYPH FI ETTPMGEFPI LIVI MJ XLI] [IVI GEVVMIH SYX YRHIV GSRHM
XMSRW MR [LMGL SRP] TEVXMEP GSRXVSP [EW TSWWMFPI SJ ZEVMEFPIW
XVIEXQIRXW TSTYPEXMSRW SV SXLIV MQTSVXERX GSRHMXMSRWhXLI
4VITEVEXMSR SJ XLI 4VSTSWEP 

GEWI MR QER] VIEPPMJI WMXYEXMSRW JSV [LMGL JMIPH ERH STIVE


XMSREP WXYHMIW EVI XLI SRP] JIEWMFPI OMRHW SJ TVSJIWWMSREP ERH
IXLMGEP GSHIW EVI XS FI TVSTIVP] YTLIPH
8LIWI JSVQW SJ VIWIEVGL HS RSX I\LEYWX EPP XLEX GSYPH FI PMWXIH
%PWS EW RSXIH SYV GEXIKSV] REQIW QE] HMJJIV JVSQ XLSWI XLEX SXLIVW
[SYPH YWI )ZEPYEXMSR -XIQ  EFSZI  JSV I\EQTPI QE] LEZI QER]
WYFKVSYTW 7SQI EVI GEPPIH SYXGSQI FEWIH SFNIGXMZI FEWIH ERH GSR
WYQIV SVMIRXIH XS REQI E JI[ 7GLEPSGO   8LI QSWX WMKRMJMGERX
TSMRX MW XS VIGSKRM^I ERH IQTPS] XLI QIXLSH QSWX ETTVSTVMEXI JSV XLI
TVSFPIQ [LEXIZIV XLI ETTVSEGL QE] FI GEPPIH
8[S SXLIV TSMRXW WLSYPH FI RSXIH *MVWX WS JEV EW GER FI HIXIV
QMRIH IEGL SJ XLI WIZIVEP PMWXIH VIWIEVGL ETTVSEGLIW LEW VIWYPXIH MR
WMKRMJMGERX RI[ GSRXVMFYXMSRW XS ORS[PIHKI 2S SRI HIWIVZIW LMKLIV
VIKEVH XLER ERSXLIV 7IGSRH EPP WXYHIRXW WLSYPH PIEVR EFSYX EPP SJ XLI
VIWIEVGL ETTVSEGLIW 2EXYVEPP] E WXYHIRX [MPP XIRH XS FIGSQI QYGL
QSVI JEQMPMEV [MXL XLI ETTVSEGLIW YWIH MR XLEX WXYHIRXtW 8( ,S[
IZIV EPP WXYHIRXW WLSYPH FIGSQI JEQMPMEV IRSYKL [MXL XLI PMWXIH ET
TVSEGLIW XS ORS[ LS[ XS YWI XLIQ ERH XS ORS[ [LIR ER ETTVSEGL MW
RSX ETTVSTVMEXI
8LI TVSTSWEP WLSYPH GPIEVP] REQI ERH FVMIJP] HIWGVMFI XLI VI
WIEVGL QIXLSH 'MXEXMSRW JVSQ EYXLSVMXMIW QE] GPEVMJ] ERH WYTTSVX XLI
GLSMGI SJ QIXLSHSPSK] EPXLSYKL XLI QIXLSHSPSK] WIPIGXIH MW E VI
WTSRWMFMPMX] SJ XLI VIWIEVGLIV 8LI GVMXIVMSR QIEWYVI SJ ETTVSTVMEXI
RIWW MW [LIXLIV XLI QIXLSHSPSK] [MPP ]MIPH YWIJYP IZMHIRGI [MXL VI
KEVH XS XLI WXEXIQIRX SJ XLI TVSFPIQ 8LYW XLI GLSMGI MW EP[E]W
HMVIGXP] VIPEXIH XS XLI TVSFPIQ WXEXIQIRX %WO ]SYVWIPJ ;MPP XLI
QIXLSH ]MIPH XLI HEXE RIIHIH XS QEOI ER MRXIPPMKIRX ERH YWIJYP VI
WTSRWI XS XLI TVSFPIQ WXEXIQIRX# 6EMWI XLEX UYIWXMSR [MXL ]SYVWIPJ
]SYV EHZMWSV ERH SXLIVW [LS GVMXMUYI XLI TVSTSWEP

7TIGMJMG 4VSGIHYVIW
-R XLI 7TIGMJMG 4VSGIHYVIW WIGXMSR XIPP XLI VIEHIV WXIT F] WXIT [LEX
[MPP FI HSRI MR XLI GSRHYGX SJ XLI WXYH] 8LMW QE] MRGPYHI GSVVIWTSR
HIRGI XLI HIWMKR SJ UYIWXMSRREMVIW TMPSX WXYHMIW XS FI QSYRXIH FIJSVI
XLI GSQTPIXI WXYH] XLI ETTPMGEXMSR SJ WSQI XVIEXQIRX XLI GSRHYGX SJ
 'LETXIV 

MRXIVZMI[W XLI HMWXVMFYXMSR SJ MRUYMV] JSVQW SV SXLIV MRWXVYQIRXW HI


WMKRIH XS KEXLIV ETTVSTVMEXI HEXE SFXEMRMRK TIVQMWWMSRW XLI YWI SJ
GSRWYPXEXMSR SV SXLIV EGXMSRW 0IEZI SYX QEXXIVW XS FI HIEPX [MXL YRHIV
SXLIV LIEHMRKW
7XEVX [MXL E GLVSRSPSKMGEPP] SVHIVIH PMWX SJ XLI TVSGIHYVIW XS FI
YWIH )PEFSVEXI IEGL MXIQ MR SRP] IRSYKL HIXEMP XS PIX XLI GSQQMXXII
ORS[ [LEX [MPP FI HSRI -R E TVSTSWEP qIRSYKL HIXEMPr QE] ZEV]
JVSQ E TEVEKVETL SR SRI MXIQ XS E JYPP TEKI SR ERSXLIV -J ]SY KS
FI]SRH E TEKI EWO ]SYVWIPJ MJ XLI [VMXMRK MW EW TEVWMQSRMSYW ERH
WYGGMRGX EW MX WLSYPH FI 7YVTPYW [SVHW SFJYWGEXI XLI TVSFPIQ ERRS]
XLI GSQQMXXII ERH VEMWI XLI UYIWXMSR SJ LS[ WYVI ]SY EVI EFSYX [LEX
]SY MRXIRH XS HS

6IWIEVGL 4STYPEXMSR SV 7EQTPI


-R XLI 6IWIEVGL 4STYPEXMSR SV 7EQTPI WIGXMSR E JI[ IWWIRXMEP TSMRXW
QYWX FI GSZIVIH ;LEX MW XLI TSTYPEXMSR XS FI WXYHMIH# -W MX E X]TI SJ
JPSVE# -W MX E KVSYT SJ VIWIEVGL VITSVXW SR [LMGL ]SY [MPP GSRHYGX E
QIXEEREP]WMW# -W MX E JSVQ SJ ZMVYW# -W MX E KVSYT SJ TISTPI# ;LEX EVI
MXW GLEVEGXIVMWXMGW# ;MPP XLI YRMZIVWI IZIV]SRI SV IZIV]XLMRK MR XLI
TSTYPEXMSR KVSYT FI WXYHMIH SV [MPP XLIVI FI E WEQTPI# -J E WEQTPI
LS[ [MPP MX FI WIPIGXIH JVSQ XLI [LSPI# ;LEX MW XLI NYWXMJMGEXMSR JSV
WIPIGXMRK XLI WEQTPI# -W MX TSWWMFPI XS HIXIVQMRI XLI VITVIWIRXEXMZIRIWW
SJ XLI WEQTPI# -J RSX HSIW XLEX JEGX GSRWXMXYXI E TVSLMFMXMSR SV NYWX E
PMQMXEXMSR# ,S[ HSIW SRI KEMR EGGIWW XS XLI WEQTPI TSTYPEXMSR ERH
LS[ HMJJMGYPX E TVSFPIQ MW XLEX I\TIGXIH XS FI#
3RI VIQMRHIV LIVIhXLI VIWIEVGL TSTYPEXMSR ERH XLI WEQTPI MJ
ER] WLSYPH XMI MR ZIV] GPIEVP] [MXL XLI WXEXIQIRX SJ XLI TVSFPIQ -J
XLI TVSFPIQ MRHMGEXIW E HITIRHIRGI SR TIVGITXMSRW SJ YVFER VIWMHIRXW
SV [SVOIVW JSV I\EQTPI SRI QMKLX I\TIGX WYGL MRHMZMHYEPW XS FI MR
ER] VIWIEVGL TSTYPEXMSR HIWMKREXIH 7MQMPEVP] MJ SRI [ERXW XS FI EFPI
XS KIRIVEPM^I XS RYVWIV]KVS[R XVIIW MR XLI 9RMXIH 7XEXIW XLI WEQTPI
QYWX FI GSRWXVYGXIH [MXL XLEX KSEP MR QMRH

-RWXVYQIRXEXMSR
-R XLI -RWXVYQIRXEXMSR WIGXMSR HIXEMP XLI VIPIZERX HEXE EFSYX MRWXVY
QIRXEXMSR XIWXW ETTEVEXYW MRXIVZMI[ TVSXSGSPW UYIWXMSRREMVIW ERH
4VITEVEXMSR SJ XLI 4VSTSWEP 

XLI PMOI TVSTSWIH JSV XLI WXYH] 8LI TYVTSWI SJ ER] MRWXVYQIRX WLSYPH
FI XS LIPT TVSHYGI SV KEXLIV HEXE XS ERW[IV UYIWXMSRW VEMWIH MR XLI
TVSFPIQ WXEXIQIRX
6IZMI[ XLI TSXIRXMEPMXMIW MR GSRXIQTSVEV] XIGLRSPSK] JSV [E]W
XS IRLERGI XLI WTIIH XLI EGGYVEG] ERH XLI VIPMEFMPMX] SJ MRWXVYQIRXE
XMSR *SV I\EQTPI XLIVI EVI GSQTYXIV TVSKVEQW JSV EHQMRMWXIVMRK
UYIWXMSRREMVIW JSV HMWTPE]MRK WXMQYPYW QEXIVMEP SJ E ZEVMIX] SJ OMRHW
JSV EHQMRMWXIVMRK XIWXW ERH JSV E RYQFIV SJ SXLIV YWIW VIUYMVMRK ER
MRXIVJEGI [MXL E WYFNIGX 7YGL QEXIVMEP GSQIW SRXS XLI QEVOIX MR E
WXIEH] WXVIEQ EW VIWIEVGLIVW VIGSKRM^I MXW ZEPYI MR QMRMQM^MRK LYQER
IVVSV JEGXSVW
'LSSWMRK XLI VMKLX TEGOEKI JSV E TEVXMGYPEV WIX SJ HEXE EQSRK
EPP XLI EPXIVREXMZIW MW E HMJJMGYPX XEWO 7SQI ;IF TEKIW XLEX TIVJSVQ
WXEXMWXMGEP GEPGYPEXMSRW LEZI PMROW XLEX [MPP LIPT MR XLMW XEWO *SV I\EQ
TPI WIZIVEP YRMZIVWMX] PMFVEV] ;IF WMXIW [MPP PIEH XS FMFPMSKVETLMIW
NSYVREP WIEVGLIW PMROW XS WXEXMWXMGEP TEGOEKIW ERH SRPMRI LIPT 9RM
ZIVWMX] SJ /IRXYGO] 'SQTYXMRK 'IRXIV RH 9RMZIVWMX] SJ 1MEQM 0M
FVEVMIW  9RMZIVWMX] SJ 1MRRIWSXE 0MFVEVMIW   7IZIVEP GSR
XEMR ER MRXIKVEXIH GSPPIGXMSR SJ WXEXMWXMGEP XIWXW GSQFMRIH [MXL E W]WXIQ
XLEX LIPTW ]SY XS WIPIGX ERH XLIR TIVJSVQ XLI QSWX ETTVSTVMEXI EREP]
WMW 8VSGLMQ  EX 'SVRIPP TVSZMHIW ER MRXIVEGXMZI WIX SJ ;IF
TEKIW XS LIPT MR XLI WIPIGXMSR SJ ETTVSTVMEXI EREP]WMW JSV HEXE -X EWOW
E WMQTPI WIVMIW SJ UYIWXMSRW EFSYX XLI HEXE XLIR QEOIW VIGSQQIRHE
XMSRW EFSYX XLI FIWX XIWXW XS YWI 8LI [SVO SJ /IRR]  MW ERSXLIV
KSSH WSYVGI HIWMKRIH XS EWWMWX XLI YWIV MR GSQTYXEXMSR SJ WXEXMWXMGW
HYVMRK QIXEEREP]WMW %RSXLIV WXVEXIK] MW XS IRXIV QIXEEREP]WMW MR
]SYV WIEVGL IRKMRI XS WII LS[ QYGL [MPP FI YWIJYP MRJSVQEXMSR *M
REPP] EP[E]W GSRWYPX ]SYV VIJIVIRGI PMFVEVMER JSV EHZMGI ERH JSV XLI
REQIW SJ HS[RPSEH WMXIW XLEX EVI JVII XS XLI YRMZIVWMX] GSQQYRMX]
8IGLRSPSKMGEP MRWXVYQIRXEXMSR IQTPS]IH QYWX FI GMXIH KMZMRK
MXW REQI ERH [LIVI XS PSGEXI MX %W [MXL ER] SXLIV VIJIVIRGI SV GMXE
XMSR XLI TYVTSWI MW XS EPPS[ E VIEHIV XS EGGIWW XLI QEXIVMEP HMVIGXP] XS
ZIVMJ] XLEX MX [EW VITVIWIRXIH EGGYVEXIP] F] XLI EYXLSV
'EVIJYP EHZMWSVW XIRH XS [ERX XS WII ER] MRWXVYQIRX FIJSVI MX MW
ETTPMIH XS E VIWIEVGL TSTYPEXMSR %X PIEWX XLI WTIGMJMGEXMSRW JSV ER]
MRWXVYQIRX WLSYPH EGGSQTER] XLI TVSTSWEP ERH MX MW QYGL FIXXIV MJ
XLI IRXMVI MRWXVYQIRX HSIW
 'LETXIV 

4MPSX 7XYH]
-J ]SY TPER E TMPSX WXYH] XLI TVSTSWEP WLSYPH HIWGVMFI [LIR [LIVI
ERH LS[ MX [MPP FI GEVVMIH SYX % TMPSX WXYH] F] HIJMRMXMSR XEOIW TPEGI
FIJSVI XLI EGXYEP WXYH] XS HIXIVQMRI JIEWMFMPMX] SJ XLI WXYH] ERH XS
[SVO SYX FYKW -X MW MQTSVXERX XLIR XLEX XLI TMPSX LEZI E TVSZMWMSR
JSV WSPMGMXMRK ERH KEXLIVMRK JSVQEXMZI IZEPYEXMSR JVSQ XLI TMPSX WXYH]
TSTYPEXMSR 8LMW TMPSX TSTYPEXMSR MR SXLIV [SVHW SYKLX XS LEZI FYMPX
MRXS MX E W]WXIQEXMGEPP] HIWMKRIH STTSVXYRMX] JSV XLI WXYHIRX XS PIEVR
XLI TSMRXW SJ ZMI[ SJ VIWTSRHIRXW MRGPYHMRK ER] TVSFPIQW SV WYKKIW
XMSRW XLI VIWTSRHIRXW QE] LEZI
8IPP XLI VIEHIV MJ ERH LS[ XLI TMPSX TSTYPEXMSR HMJJIVW JVSQ XLI
TVSTSWIH WXYH] TSTYPEXMSR ERH LS[ XLEX HMJJIVIRGI QE] EJJIGX XLI
WXYH] &I GSQTPIXIP] LSRIWX % HMJJIVIRGI QE] RSX XLVIEXIR XLI ZEPMH
MX] SJ XLI WXYH] MJ VIGSKRM^IH ERH EGGSYRXIH JSV FIJSVILERH
%JXIV XLI TMPSX WXYH] XLI VIWIEVGLIV HIGMHIW [LIXLIV XLI TVS
TSWIH TVSGIHYVIW RIIH XS FI VIZMWIH 8LI TVSTSWEP QYWX XIPP XLI VIEHIV
[LEX XLI VIWIEVGLIV MRXIRHW XS HS EJXIV XLI TMPSX WXYH] MW GSQTPIXIH
ERH LS[ MX MW XS FI HSRI

(EXE 'SPPIGXMSR
-R XLI (EXE 'SPPIGXMSR WIGXMSR SRI HIWGVMFIW XLI REXYVI SJ XLI HEXE
ERH LS[ XLI HEXE [MPP FI GSPPIGXIH MRGPYHMRK JSV I\EQTPI XLI QEMPMRK
SJ UYIWXMSRREMVIW XLI KEXLIVMRK SJ WTIGMQIRW XLI WGLIHYPMRK SJ MRXIV
ZMI[W XLI WIEVGL JSV HSGYQIRXW MR PMFVEVMIW MR WTIGMJMIH PSGEXMSRW SV
XLI VIGSVHMRK SJ HMJJIVIRGIW FIX[IIR X[S KVSYTW SJ WYFNIGXW % WXEXI
QIRX SJ TVSZMWMSRW JSV JSPPS[YT MW I\TIGXIH ;LMGLIZIV X]TI SJ VI
WIEVGL MW TVSTSWIH XLI GSQQMXXII [MPP [ERX IZMHIRGI XLEX XLI VI
WIEVGLIV LEW XLSYKLX EFSYX XLI TSWWMFMPMX] XLEX HEXE QE] RSX GSQI
IEWMP] ERH LEW QEHI TPERW JSV XLI IZIRXYEPMX] %PWS MJ ERMQEP SV LY
QER WYFNIGXW EVI MRZSPZIH XLI TVSXIGXMSR SJ XLIMV VMKLXW QYWX FI MRHM
GEXIH WII -RHI\ 
8LI TVSGIWW SJ GSPPIGXMRK HEXE QYWX FI ETTVSTVMEXI XS XLI VI
WIEVGL TVSFPIQ ERH XLI WTIGMJMG REXYVI SJ XLI HEXE *SV I\EQTPI MRXIV
ZMI[W EVI ZIV] MRIJJMGMIRX [E]W XS GSPPIGX PEVKIWGEPI WYVZI] MRJSVQE
XMSR EPXLSYKL XLI] QE] FI YWIH XS WYTTPIQIRX SV XS EWGIVXEMR ZEPMHMX]
ERH VIPMEFMPMX] SJ WYGL HEXE 3XLIV I\EQTPIW SJ MRETTVSTVMEXI HEXE GSP
4VITEVEXMSR SJ XLI 4VSTSWEP 

PIGXMSR TVSGIHYVIWh[LMGL QE] WTSMP SXLIV[MWI I\GIPPIRX VIWIEVGL


WXYHMIWhEVI XLSWI XLEX YREGGITXEFP] MRZEHI XLI TVMZEG] SJ VIWTSR
HIRXW SV TYX WYFNIGXW EX VMWO
%HZERGIW MR GSQTYXIV XIGLRSPSK] RS[ QEOI JIEWMFPI XLI JMVWX
LERH GSPPIGXMSR ERH EREP]WMW SJ QER] OMRHW SJ HEXE MRZSPZMRK IZIRXW
ERH FILEZMSV % PETXST GSQTYXIV QE] FI YWIH XS GSPPIGX ERH WXSVI HEXE
ERH XLIR XS KIRIVEXI E ZEVMIX] SJ XEFPIW ERH VITSVXW MRGPYHMRK ERW[IVMRK
QER] HMJJIVIRX UYIWXMSRW EFSYX TVSFEFMPMX] VIPEXMSRWLMTW FIX[IIR ERH
EQSRK IZIRXW 1SVI EFSYX GSQTYXIV YXMPM^EXMSR MW HMWGYWWIH FIPS[

8VIEXQIRX SJ XLI (EXE


%JXIV XLI TVSTSWIH HEXE EVI GSPPIGXIH [LEX [MPP FI HSRI# ;MPP XEFPIW
ERH GLEVXW FI GSRWXVYGXIH ERH MJ WS [LEX [MPP XLI] HMWTPE]# -J XLI
HEXE HIQERH EREP]WMW HIWGVMFI XLEX EREP]WMW ;MPP XLI EREP]WMW FI HSRI
MR GSRGIVX [MXL WSQI XLISVIXMGEP GSRWXVYGX# -J WS TVSZMHI E HIWGVMT
XMSR 8LI GSQQMXXII I\TIGXW XS JMRH WYGL GSRXIRX MR XLI 8VIEXQIRX SJ
XLI (EXE WIGXMSR
9WYEPP] XLI XLISV] XLI L]TSXLIWIW SV XLI VIWIEVGL UYIWXMSRW
KYMHI XLI VIWIEVGLIV MR WMJXMRK XLVSYKL E QEWW SJ HEXE 8LI] JSGYW XLI
WIEVGL ERH TVSZMHI MQTPMGMX GVMXIVME JSV XLI IZMHIRGI WIEVGL % WMQTPI
EREPSK] QMKLX FI QEHI XS EVGLEISPSKMWXW EX E HMK 8LIVI MW E QSYRXEMR
SJ WXYJJ XS WMJX XLVSYKL ERH TIVLETW EPP SJ MX MW MRXIVIWXMRK FYX [MXLSYX
XLISV] UYIWXMSRW SV L]TSXLIWIW KYMHMRK XLI WIEVGL MX MW TSWWMFPI XLEX
WSQI MQTSVXERX EVXMJEGXW [MPP FI KPSWWIH SZIV ERH WSQI GVMXMGEP VIPE
XMSRWLMTW QMWWIH
,IVI XSS GSQTYXIV WSJX[EVI GER QEOI WYFWXERXMEP GSRXVMFYXMSRW
XS XLI VIWIEVGL TVSGIWW 1ER] GSPPIKIW ERH YRMZIVWMXMIW QEMRXEMR GIR
XIVW XLEX JYVRMWL GSRWYPXEXMSR XS WXYHIRXW ERH JEGYPX] SR XLI WIPIGXMSR
ERH YWI SJ XLI QSWX ETTVSTVMEXI WXEXMWXMGEP TVSGIHYVIW JSV ERW[IVMRK
UYIWXMSRW SV XIWXMRK L]TSXLIWIW JVSQ E KMZIR WIX SJ HEXE 7YGL GIRXIVW
EVI QYGL PMOI XLI PMFVEVMIW MR XLI [E] XLI] STIVEXI FIMRK XLIVI JSV YWI
EW RIIHIH -R WSQI MRWXERGIW XLI] [MPP WXSVI HEXE JSV XLI VIWIEVGLIV
ERH VYR EREP]WIW EW VIUYIWXIH
(SMRK WYGL [SVO SR SRItW S[R MW QEHI IEWMIV XSS F] WXEXMWXMGEP
WSJX[EVI TEGOEKIW SR XLI QEVOIX 7477 ERH 7% EVI TSTYPEV WSYVGIW
JSV E PEVKI ZEVMIX] SJ WXEXMWXMGEP ERH KVETLMG EREP]WMW TEGOEKIW -R EHHM
XMSR XLIVI EVI SXLIVW 7XEXMWXMGEP ERH 7XEXMWXMGEP +VETLMG 6IWSYVGIW
 'LETXIV 

VIXVMIZIH 1E]   JVSQ LXXT[[[QEXL]SVOYGE7'77XEX


6IWSYVGIWLXQP TVSZMHIW VIWSYVGIW JSV WXEXMWXMGW WXEXMWXMGEP KVETLMGW
GSQTYXEXMSRW VIPEXIH XS VIWIEVGL HEXE EREP]WMW ERH XIEGLMRK -X GSR
XEMRW SZIV  PMROW
8LI 8( WXYHIRX QYWX VIQIQFIV XLSYKL XLEX YWI SJ E WXEXMWXMGEP
TVSGIHYVI GEVVMIW [MXL MX XLI VIWTSRWMFMPMX] SJ YRHIVWXERHMRK ERH FIMRK
EFPI XS I\TPEMR XLI VIEWSRW XLEX XLI TVSGIHYVI MW ETTVSTVMEXI %R
%QIVMGER 4W]GLSPSKMGEP %WWSGMEXMSR 8EWO *SVGI SR 7XEXMWXMGEP -RJIV
IRGI  T  VIGIRXP] VIIQTLEWM^IH XLI RIIH JSV YRHIVWXERHMRK
q'SQTYXIV TVSKVEQW LEZI TPEGIH E QYGL KVIEXIV HIQERH SR VIWIEVGL
IVW XS YRHIVWXERH ERH GSRXVSP XLIMV EREP]WMW ERH HIWMKR GLSMGIWr 8LMW
MW TEVX SJ XLI TVIZEMPMRK IXLMGW SJ VIWIEVGL MR EGEHIQMG ERH TVSJIW
WMSREP GMVGPIW -J ]SY EVI XLI EYXLSV ]SY EGGITX VIWTSRWMFMPMX] JSV IZ
IV]XLMRK MR XLI QERYWGVMTX

%TTIRHMGIW
%R ETTIRHM\ QE] FI RIIHIH XS TVIWIRX HVEJXW SJ PIXXIVW XS FI WIRX
FVMIJW SJ VIPEXIH VIWIEVGL EW [IPP EW HVEJXW SJ UYIWXMSRREMVIW ERHSV
MRXIVZMI[ WGLIHYPIW XIWXW SV VEXMRK JSVQW 8LMW MW EPWS ER ETTVSTVMEXI
TPEGI XS TYX ER ETTIRHM\ XLEX WLS[W E XMQI PMRI SV JPS[GLEVX SJ LS[
XLI VIWIEVGL [MPP TVSGIIH 8LMW GSYPH FI EHETXIH JVSQ *MKW  ERH
 -R KIRIVEP ER ETTIRHM\ GSRXEMRW HSGYQIRXEXMSR SV IZMHIRGI SJ
MQTSVXERX TSMRXW QEHI MR XLI FSH] SJ XLI TVSTSWEP ERH VIJIVVIH XS MR
XLI TVSTSWEP %R ETTIRHM\ MW XLI TPEGI JSV MQTSVXERX XEFPIW HMWTPE]W
SV SXLIV MXIQW XSS PSRK ERH HIXEMPIH XS FI MR XLI TVSTSWEPtW QEMR FSH]
*SV XLI TVSTSWEP MXWIPJ ERH MXW ETTIRHMGIW [I VIGSQQIRH TEVWMQSR]
-J MR HSYFX PIEZI MX SYX %JXIV EPP MXIQW GER EP[E]W FI EHHIH MJ XLEX
MW XLI [MWL SJ XLI GSQQMXXII SV XLI EHZMWSV

&MFPMSKVETL]
% XLSVSYKL JSGYWIH WYGGMRGX FMFPMSKVETL] MW QERHEXSV] 0MWX SRP]
XLI QEXIVMEPW GMXIH MR XLI TVSTSWEP 8LMW MW RSX XLI TPEGI XS PMWX IZIV]
XLMRK ]SY GER JMRH SR XLI WYFNIGX MR XLI PMFVEV] 6IQIQFIV XLEX XLI
FMFPMSKVETL] LIPTW XS MRHMGEXI XLI EYXLSVMX] SJ XLI [SVO F] XLI UYEPMX]
SJ WSYVGIW GMXIH RSX XLI UYERXMX]
4VITEVEXMSR SJ XLI 4VSTSWEP 

% QENSV TYVTSWI SJ XLI FMFPMSKVETL] MW XS IREFPI XLI VIEHIV XS


YWI XLI [SVOW GMXIH 8LIVIJSVI IEGL IRXV] QYWX FI GSQTPIXI WS XLI
[SVO GMXIH GER FI JSYRH -J ]SY QYWX YWI HSGYQIRXW XLEX SXLIVW GERRSX
SFXEMR XIPP XLI VIEHIV MR E JSSXRSXI [LEX XLI HSGYQIRXW EVI ERH [L]
XLI] EVI MQTSVXERX XS ]SYV WXYH] -X [MPP RSX LIPT XLI VIEHIV MJ ]SY
WMQTP] GMXI WYGL [SVOW MR XLI FMFPMSKVETL]
7GLSPEVWLMT VIUYMVIW TVIGMWMSR MR GMXMRK XSS 0EPYQMIDVI 
HMWXMRKYMWLIW X[S OMRHW SJ GMXEXMSRW 3RI VIJIVW XLI VIEHIV WMQTP] XS E
WSYVGI SJ MRJSVQEXMSR ERH XLI SXLIV OMRH KMZIW WYTTSVX XS E GPEMQ ,I
FVIEOW XLI PEXXIV OMRH MRXS JSYV X]TIW T  XLEX VIJIV
E XS ER STMRMSR SJ ER EYXLSV F XS GSRGPYWMSRW HIVMZIH JVSQ E
REVVEXMZI VIZMI[ SJ IQTMVMGEP WXYHMIW G XS XLI QIXLSH ERH VI
WYPXW SJ ER IQTMVMGEP WXYH] ERH H XS XLI QIXLSH ERH VIWYPXW SJ
E UYERXMXEXMZI VIZMI[ SJ IQTMVMGEP WXYHMIW QIXEEREP]WMW 
;I NSMR 0EPYQMIDVI  MR IRGSYVEKMRK [VMXIVW XS FI WTIGMJMG
EFSYX XLI FEWMW JSV E GMXEXMSR WS EW XS EZSMH QMWPIEHMRK XLI VIEHIV EW
XS XLI [IMKLX EXXEGLIH XS E GMXIH VITSVX
;LIR WTIGMJ]MRK E VIJIVIRGI EP[E]W WIIO XS GMXI XLI EGXYEP
WSYVGI -J ER EVXMGPI ]SY EVI VIEHMRK GSRXEMRW E TIVXMRIRX UYSXEXMSR
JVSQ ERSXLIV WSYVGI XLIVI MW E XIQTXEXMSR WSQIXMQIW XS YWI XLI UYSXE
XMSR MR ]SYV S[R QERYWGVMTX EW XLSYKL ]SY LEH JSYRH MX ]SYVWIPJ MR
XLI SVMKMREP WSYVGI *MVWX XLEX [SYPH FI HMWLSRIWX -X [SYPH RSX KMZI
HYI GVIHMX XS XLI EYXLSV SJ XLI EVXMGPI MR [LMGL ]SY VIEPP] JSYRH MX ERH
MX [SYPH KMZI XLI MQTVIWWMSR JEPWIP] XLEX ]SY LEH VIEH XLI SVMKMREP
WSYVGI ERH HMWGSZIVIH XLI TIVXMRIRX UYSXEXMSR ]SYVWIPJ 7IGSRH XS ET
TVSTVMEXI QEXIVMEP MR XLEX [E] I\TSWIW SRI XS HERKIVW SJ X[S OMRHW
7SQI WXYHMIW LEZI WLS[R %HPIV  XLEX GMXEXMSRW EVI PMOIP] SJXIR
XS LEZI FIIR VIJIVIRGIH MRGSVVIGXP] MR IZIR SXLIV[MWI [IPPIHMXIH
FSSOW ERH NSYVREPW *YVXLIV MJ ]SY TVIXIRH XS LEZI UYSXIH JVSQ ER
SVMKMREP WSYVGI ]SY VMWO IQFEVVEWWQIRX MJ SRI SJ ]SYV GSQQMXXII
QIQFIVW ORS[W XLI SVMKMREP WSYVGI [IPP ERH FIKMRW XS UYM^ ]SY EFSYX
[LEX IPWI MX GSRXEMRW 1SVISZIV IZIR MJ ]SY LEZI FIIR QSXMZEXIH XS
PSGEXI ERH WXYH] XLI SVMKMREP WSYVGI SJ XLI TIVXMRIRX UYSXI MX MW E TVS
JIWWMSREP ERH EGEHIQMG TSMRX SJ GSYVXIW] XS EGORS[PIHKI XLI EYXLSV
[LS PIH ]SY XS HS WS
 'LETXIV 

1%/) 73*8;%6) =396 7)6:%28


%PQSWX IZIV] EWTIGX SJ 8( [SVO GER FI IRLERGIH MR ETTIEVERGI
HSRI QSVI IJJMGMIRXP] GSQTPIXIH QSVI UYMGOP] SV QEHI QSVI EGGY
VEXI YWMRK VIEHMP] EZEMPEFPI WSJX[EVI 8LMW ETTPMIW JVSQ XLI QSQIRX
SRI FIKMRW XS XLMRO EFSYX TSWWMFPI XSTMGW YRXMP XLI 8( MW GSQTPIXIH
ERH FIMRK VIEHMIH JSV NSYVREP SV FSSO TYFPMGEXMSR
;LIVI GER ]SY JMRH XLI WSJX[EVI ]SY RIIH# *MVWX EWO XLI VI
WIEVGL PMFVEVMER %PWS WIEVGL XLI ;IF *SV I\EQTPI XLI %WWSGMEXMSR
JSV 7YVZI] 'SQTYXMRK LSQI TEKI LXXT[[[EWGSVKYO PIEHW XS
QSVI XLER  WSJX[EVI TEGOEKIW [MXL EXXVMFYXIW ERH WYTTPMIVW [MXL
E FYMPXMR WIEVGL JEGMPMX] -RJSVQEXMSR MRGPYHIW WXEXMWXMGEP HIWMKR HI
WMKR EREP]WMW WEQTPI WM^I MR WYVZI] VIWIEVGL QYPXMPIZIP WXEXMWXMGEP
QSHIPW ERH WYVZI] WEQTPMRK VSYXMRIW %PWS JSPPS[ SXLIV WMXIW PMWXIH
MR XLI VIJIVIRGIW 'PEVOI ERH 3\QER  *PSVMHE 'SQQYRMX] 'SP
PIKI  /MRK  7XIQTRIV  8VSGLMQ  9RMZIVWMX]
SJ 1MEQM 0MFVEVMIW   8S WIEVGL JSV ETTVSTVMEXI WSJX[EVI SRI
GER EPWS YWI WIEVGL IRKMRIW WYGL EW =ELSS %PXE:MWXE SV +SSKPI
8]TI FY]IVtW KYMHI ERH GLSSWI GSQTYXIV -RXIVRIX WSJX[EVI XS JMRH
WSYVGIW SJ MRJSVQEXMSR 8LIVI EVI EPWS QIXEEREP]WMW TVSKVEQW
/IRR]  /MRK  XLEX QE] EPPS[ E JVII HS[RPSEH 8LIWI
WMXIW SJXIR EWWMWX XLI YWIV MR XLI WXEXMWXMGEP GSQTYXEXMSR ERH TVSZMHI
ER EVVE] SJ GSQTYXEXMSREP STXMSRW 7SQI LEZI PMROW XS SXLIV WMXIW JSV
HEXE EREP]WMW
'SRWMHIV OIITMRK VIGSVHW JSV E JMRI MPPYWXVEXMSR SJ LS[ XVYP] LIPT
JYP WSJX[EVI GER FI 1EOI E LEFMX SJ IRXIVMRK HEMP] SRItW XLSYKLXW
QYWMRKW MHIEW UYIWXMSRW ERH HMWGSZIVMIW MR E GSQTYXIVtW QIQSV]
MR XLI JSVQ SJ SRI SV QSVI JMPIW 7YGL JMPIW XLIR FIGSQI ]SYV WXSGO
TMPIW SJ VE[ QEXIVMEP XS [LMGL ]SY [MPP TVSFEFP] VIXYVR EKEMR ERH
EKEMR EW ]SY JMRH RI[ YWIW JSV [LEX [EW SVMKMREPP] WXSVIH XLIVI 1SVI
SZIV ]SY [MPP JMRH ]SYVWIPJ IPEFSVEXMRK SR XLI MXIQW EPVIEH] MR WXSVEKI
ERH EHHMRK RI[ MXIQW
% OI] TSMRX EFSYX JMPMRK RSXIW MW XLI ZEPYIhIZIR XLI RIGIW
WMX]hSJ OIITMRK XVEGO SJ XLI WSYVGIW SJ ]SYV RSXIW IWTIGMEPP] XLSWI
XLEX GEQI JVSQ VIEHMRK FSSOW SV NSYVREPW PMWXIRMRK XS PIGXYVIW SV
TEVXMGMTEXMRK MR HMWGYWWMSRW 8LMW RIIH IQTLEWM^IW XLI MQTSVXERGI SJ
FIMRK EFPI PEXIV XS GMXI TVIGMWIP] XLI WSYVGI SJ XLI MRJSVQEXMSR 8LI
4VITEVEXMSR SJ XLI 4VSTSWEP 

RIIH JSV GSQTPIXI ERH EGGYVEXI ORS[PIHKI EFSYX [LIVI SRI KSX ER
MHIE SV E UYSXEXMSR TSMRXW XS XLI YVKIRG] SJ WXEVXMRK MQQIHMEXIP] XS
GSRWXVYGX ERH QEMRXEMR E FMFPMSKVETL]
% RYQFIV SJ WXYHIRXW LEZI JSYRH MX ZEPYEFPI XS TYX XLI LIEHMRKW
MR XLMW GLETXIV MRXS SYXPMRI JSVQ VMKLX MR XLIMV S[R GSQTYXIVW WS XLI]
GER XLIR MRWIVX VIPIZERX QEXIVMEP EW XLI] PIEVR EFSYX MX SV GSRGITXYEPM^I
MX %TTVSTVMEXI WSJX[EVI RSX SRP] [MPP EPPS[ XLMW FYX EPWS [MPP QEOI MX
TSWWMFPI XS VIEVVERKI ERH IHMX XS LIPT GPEVMJ] ]SYV ZMWMSR SJ [LEX ]SY
[ERX XS HS ERH GSYPH PIEH ]SY XS QEOI ]SYV [VMXMRK QSVI KVEQQEXM
GEPP] GSVVIGX ERH GSQTIPPMRK

7911%6=
8LMW GLETXIV LIPTW XLI VIEHIV TVITEVI XLI TVSTSWEP F] HMWGYWWMRK XLI
QSWX VIPIZERX GVMXIVME JSV XLI TVSGIWW % WYKKIWXIH JSVQEX JSV XLI SZIV
ZMI[ MW TVIWIRXIH [MXL VIGSQQIRHEXMSRW EFSYX LS[ XS HIEP [MXL IEGL
WIGXMSR SJ XLI TVSTSWEP %R SYXPMRI MR XLI JSVQ SJ E 8EFPI SJ 'SRXIRXW
MW TVIWIRXIH EW MPPYWXVEXMZI QEXIVMEP 7IGXMSRW I\TPEMRMRK JSV I\EQTPI
XLI TVSFPIQ WXEXIQIRX XLI VIZMI[ SJ XLI PMXIVEXYVI ERH XLI VIWIEVGL
HIWMKR EVI QENSV TEVXW SJ XLI GLETXIV % PMWX SJ HMJJIVIRX OMRHW SJ VI
WIEVGL QIXLSHSPSK] [MXL E FVMIJ I\TPEREXMSR ERH WSQI I\EQTPIW SJ
IEGL MW MRGPYHIH EW EVI WYKKIWXMSRW EFSYX QE\MQM^MRK XLI LIPT EZEMP
EFPI JVSQ GSRXIQTSVEV] XIGLRSPSK]

Vous aimerez peut-être aussi