Professional Documents
Culture Documents
6IETTVSZIH
'SSPMRKERH-RWYPEXMRK7]WXIQW
JSV1EWW'SRGVIXI
6ITSVXIHF]%'-'SQQMXXII
*MVWXTVMRXMRK
3GXSFIV
'SSPMRKERH-RWYPEXMRK7]WXIQW
JSV1EWW'SRGVIXI
'ST]VMKLX F] XLI %QIVMGER 'SRGVIXI -RWXMXYXI *EVQMRKXSR ,MPPW 1- %PP VMKLXW VIWIVZIH 8LMW QEXIVMEP
QE]RSXFIVITVSHYGIHSVGSTMIHMR[LSPISVTEVXMRER]TVMRXIHQIGLERMGEPIPIGXVSRMGJMPQSVSXLIV
HMWXVMFYXMSRERHWXSVEKIQIHME[MXLSYXXLI[VMXXIRGSRWIRXSJ%'-
8LIXIGLRMGEPGSQQMXXIIWVIWTSRWMFPIJSV%'-GSQQMXXIIVITSVXWERHWXERHEVHWWXVMZIXSEZSMHEQFMKYMXMIW
SQMWWMSRWERHIVVSVWMRXLIWIHSGYQIRXW-RWTMXISJXLIWIIJJSVXWXLIYWIVWSJ%'-HSGYQIRXWSGGE
WMSREPP]JMRHMRJSVQEXMSRSVVIUYMVIQIRXWXLEXQE]FIWYFNIGXXSQSVIXLERSRIMRXIVTVIXEXMSRSVQE]FI
MRGSQTPIXI SV MRGSVVIGX 9WIVW [LS LEZI WYKKIWXMSRW JSV XLI MQTVSZIQIRX SJ %'- HSGYQIRXW EVI
VIUYIWXIHXSGSRXEGX%'-
%'-GSQQMXXIIHSGYQIRXWEVIMRXIRHIHJSVXLIYWISJMRHMZMHYEPW[LSEVIGSQTIXIRXXSIZEPYEXIXLI
WMKRMJMGERGIERHPMQMXEXMSRWSJMXWGSRXIRXERHVIGSQQIRHEXMSRWERH[LS[MPPEGGITXVIWTSRWMFMPMX]JSVXLI
ETTPMGEXMSRSJXLIQEXIVMEPMXGSRXEMRW-RHMZMHYEPW[LSYWIXLMWTYFPMGEXMSRMRER][E]EWWYQIEPPVMWOERH
EGGITXXSXEPVIWTSRWMFMPMX]JSVXLIETTPMGEXMSRERHYWISJXLMWMRJSVQEXMSR
%PPMRJSVQEXMSRMRXLMWTYFPMGEXMSRMWTVSZMHIHwEWMWx[MXLSYX[EVVERX]SJER]OMRHIMXLIVI\TVIWWSVMQTPMIH
MRGPYHMRKFYXRSXPMQMXIHXSXLIMQTPMIH[EVVERXMIWSJQIVGLERXEFMPMX]JMXRIWWJSVETEVXMGYPEVTYVTSWISV
RSRMRJVMRKIQIRX
%'-ERHMXWQIQFIVWHMWGPEMQPMEFMPMX]JSVHEQEKIWSJER]OMRHMRGPYHMRKER]WTIGMEPMRHMVIGXMRGMHIRXEP
SV GSRWIUYIRXMEP HEQEKIW MRGPYHMRK [MXLSYX PMQMXEXMSR PSWX VIZIRYIW SV PSWX TVSJMXW [LMGL QE] VIWYPX
JVSQXLIYWISJXLMWTYFPMGEXMSR
-XMWXLIVIWTSRWMFMPMX]SJXLIYWIVSJXLMWHSGYQIRXXSIWXEFPMWLLIEPXLERHWEJIX]TVEGXMGIWETTVSTVMEXIXS
XLIWTIGMJMGGMVGYQWXERGIWMRZSPZIH[MXLMXWYWI%'-HSIWRSXQEOIER]VITVIWIRXEXMSRW[MXLVIKEVHXS
LIEPXLERHWEJIX]MWWYIWERHXLIYWISJXLMWHSGYQIRX8LIYWIVQYWXHIXIVQMRIXLIETTPMGEFMPMX]SJEPP
VIKYPEXSV]PMQMXEXMSRWFIJSVIETTP]MRKXLIHSGYQIRXERHQYWXGSQTP][MXLEPPETTPMGEFPIPE[WERHVIKYPE
XMSRWMRGPYHMRKFYXRSXPMQMXIHXS9RMXIH7XEXIW3GGYTEXMSREP7EJIX]ERH,IEPXL%HQMRMWXVEXMSR37,%
LIEPXLERHWEJIX]WXERHEVHW
3VHIVMRJSVQEXMSR%'-HSGYQIRXWEVIEZEMPEFPIMRTVMRXF]HS[RPSEHSR'(631XLVSYKLIPIGXVSRMG
WYFWGVMTXMSRSVVITVMRXERHQE]FISFXEMRIHF]GSRXEGXMRK%'-
1SWX%'-WXERHEVHWERHGSQQMXXIIVITSVXWEVIKEXLIVIHXSKIXLIVMRXLIERRYEPP]VIZMWIH%'-1ERYEPSJ
'SRGVIXI4VEGXMGI1'4
%QIVMGER'SRGVIXI-RWXMXYXI
'SYRXV]'PYF(VMZI
*EVQMRKXSR,MPPW1-
97%
4LSRI
*E\
[[[GSRGVIXISVK
-7&2
%'-6
6IETTSZIH
'SSPMRKERH-RWYPEXMRK7]WXIQW
JSV1EWW'SRGVIXI
6ITSVXIHF]%'-'SQQMXXII
7XITLIR&8EXVS
'LEMV
8LI RIIH XS GSRXVSP ZSPYQI GLERKI MRHYGIH TVMQEVMP] F] XIQTIVEXYVI {,IEXI\GLERKI
GLERKI MR QEWW GSRGVIXI SJXIR VIUYMVIW GSSPMRK ERH MRWYPEXMRK W]WXIQW {&EXGL[EXIV
8LMWVITSVXVIZMI[WTVIGSSPMRKTSWXGSSPMRKERHMRWYPEXMRKW]WXIQW%WMQ
TPMJMIH QIXLSH JSV GSQTYXMRK XLI XIQTIVEXYVI SJ JVIWLP] QM\IH GSRGVIXI
{%KKVIKEXIGSSPMRK
GSSPIHF]ZEVMSYWW]WXIQWMWEPWSTVIWIRXIH {'IQIRXMXMSYWQEXIVMEPW
{,IEXKEMRWHYVMRKGSRGVIXMRKSTIVEXMSRW
/I][SVHW GIQIRX GSRXIRX GSEVWI EKKVIKEXI GVIIT JSVQ[SVO LIEX SJ {6IJVMKIVEXMSRTPERXGETEGMX]
L]HVEXMSR QEWW GSRGVIXI QSHYPYW SJ IPEWXMGMX] TVIGSSPMRK TSWXGSSPMRK {4PEGIQIRXEVIE
TS^^SPER VIWXVEMRX WTIGMJMG LIEX WXVEMR WXVIWW XIQTIVEXYVI VMWI XIRWMPI
WXVIRKXLXLIVQEPGSRHYGXMZMX]XLIVQEPHMJJYWMZMX]XLIVQEPI\TERWMSRXLIVQEP
KVEHMIRXXLIVQEPWLSGO
'LETXIV{4SWXGSSPMRKW]WXIQWT
{+IRIVEP
{)QFIHHIHTMTI
'328)287
'LETXIV{-RXVSHYGXMSRT {6IJVMKIVEXMSRERHTYQTMRKJEGMPMXMIW
{7GSTIERHSFNIGXMZI {3TIVEXMSREPJPS[GSRXVSP
{,MWXSVMGEPFEGOKVSYRH {7YVJEGIGSSPMRK
{8]TIWSJWXVYGXYVIWERHXIQTIVEXYVIGSRXVSPW
{'SRWXVYGXMSRTVEGXMGIWJSVXIQTIVEXYVIGSRXVSP 'LETXIV{7YVJEGIMRWYPEXMSRT
{+IRIVEP
{-RWXVYQIRXEXMSR
{1EXIVMEPW
{,SVM^SRXEPWYVJEGIW
'LETXIV{4VIGSSPMRKW]WXIQWT
{+IRIVEP {*SVQIHWYVJEGIW
{)HKIWERHGSVRIVW
{,IEXEFWSVTXMSRJVSQPMKLXIRIVK]TIRIXVEXMSR
%'-'SQQMXXII6ITSVXW+YMHIW1ERYEPWERH'SQQIRXEVMIW {+ISKVETLMGEPVIUYMVIQIRXW
EVIMRXIRHIH JSVKYMHERGI MR TPERRMRK HIWMKRMRKI\IGYXMRK
ERHMRWTIGXMRKGSRWXVYGXMSR8LMWHSGYQIRXMWMRXIRHIHJSVXLI
YWI SJ MRHMZMHYEPW [LS EVI GSQTIXIRX XS IZEPYEXI XLI 'LETXIV{6IJIVIRGIWT
WMKRMJMGERGIERHPMQMXEXMSRWSJMXWGSRXIRXERHVIGSQQIRHEXMSRW {6IJIVIRGIHWXERHEVHWERHVITSVXW
ERH[LS[MPPEGGITXVIWTSRWMFMPMX] JSVXLI ETTPMGEXMSRSJXLI {'MXIHVIJIVIRGIW
QEXIVMEPMXGSRXEMRW8LI%QIVMGER'SRGVIXI-RWXMXYXIHMWGPEMQW
ER]ERHEPPVIWTSRWMFMPMX]JSVXLIWXEXIHTVMRGMTPIW8LI-RWXMXYXI
WLEPPRSXFIPMEFPIJSVER]PSWWSVHEQEKIEVMWMRKXLIVIJVSQ
%'- 6 WYTIVWIHIW 6 6IETTVSZIH
ERH FIGEQI IJJIGXMZI
6IJIVIRGI XS XLMW HSGYQIRX WLEPP RSX FI QEHIMR GSRXVEGX %YKYWX
HSGYQIRXW-JMXIQWJSYRHMRXLMWHSGYQIRXEVIHIWMVIHF]XLI 'ST]VMKLX%QIVMGER'SRGVIXI-RWXMXYXI
%VGLMXIGX)RKMRIIVXSFIETEVXSJXLIGSRXVEGXHSGYQIRXWXLI] %PPVMKLXWVIWIVZIHMRGPYHMRKVMKLXWSJVITVSHYGXMSRERHYWIMRER]JSVQSVF]ER]
WLEPPFIVIWXEXIHMRQERHEXSV]PERKYEKIJSVMRGSVTSVEXMSRF] QIERW MRGPYHMRK XLI QEOMRK SJ GSTMIW F] ER] TLSXS TVSGIWW SV F] IPIGXVSRMG SV
QIGLERMGEPHIZMGITVMRXIH[VMXXIRSVSVEPSVVIGSVHMRKJSVWSYRHSVZMWYEPVITVSHYGXMSR
XLI%VGLMXIGX)RKMRIIV SVJSVYWIMRER]ORS[PIHKISVVIXVMIZEPW]WXIQSVHIZMGIYRPIWWTIVQMWWMSRMR[VMXMRK
MWSFXEMRIHJVSQXLIGST]VMKLXTVSTVMIXSVW
'330-2+%2(-2790%8-2+7=78)17*361%77'32'6)8)%'-6
',%48)6{-2863(9'8-32 'SSPMRK[EWEPWSWXEVXIHMRXLMWPEXXIV^SRIGSMRGMHIRXP][MXL
{7GSTIERHSFNIGXMZI XLITPEGMRKSJGSRGVIXIMRIEGLRI[PMJX
8LIRIIHXSGSRXVSPZSPYQIGLERKIMRHYGIHTVMQEVMP]F] -RXLIWXLI'SVTWSJ)RKMRIIVWFIKERXLITVEGXMGISJ
XIQTIVEXYVIGLERKIMRQEWWGSRGVIXISJXIRVIUYMVIWGSSPMRK WXEVXMRKWXSTTMRKERHVIWXEVXMRKXLIGSSPMRKTVSGIWWFEWIH
ERHMRWYPEXMRKW]WXIQW8LMWVITSVXHMWGYWWIWXLVIIGSRWXVYGXMSR SR XIQTIVEXYVIW QIEWYVIH [MXL IQFIHHIH VIWMWXERGI
TVSGIHYVIWYWIHXSGSRXVSPXIQTIVEXYVIGLERKIWMRGSRGVIXI XLIVQSQIXIVW %X ([SVWLEO (EQ ERH EX XLI -GI ,EVFSV
WXVYGXYVIWTVIGSSPMRKSJQEXIVMEPWTSWXGSSPMRKSJMRTPEGI %HHMXMSREP 4S[IV ,SYWI 9RMXW XLI GSSPMRK [EXIV [EW
GSRGVIXIF]IQFIHHIHTMTIWERHWYVJEGIMRWYPEXMSR3XLIV WXSTTIH[LIRXLIXIQTIVEXYVISJXLIGSRGVIXIRIEVXLITMTIW
HIWMKR ERH GSRWXVYGXMSR TVEGXMGIW WYGL EW WIPIGXMSR SJ FIKERXSHVSTVETMHP]EJXIVVIEGLMRKETIEO;MXLMRXSHE]W
GIQIRXMRK QEXIVMEPW EKKVIKEXIW GLIQMGEP EHQM\XYVIW PEXIV[LIRXLIXIQTIVEXYVI[SYPHVMWIEKEMRXSXLITVIZMSYW
GIQIRXGSRXIRXSVWXVIRKXLVIUYMVIQIRXWEVIRSX[MXLMRXLI TIEOXIQTIVEXYVIGSSPMRK[SYPHFIWXEVXIHEKEMRXSTVSHYGI
WGSTISJXLMWVITSVX GSRXVSPPIHWEJIGSSPMRK
8LI SFNIGXMZI SJ XLMW VITSVX MW XS SJJIV KYMHERGI SR XLI +IRIVEPP]EVGLHEQW[IVI GSRWXVYGXIH[MXLTSWXGSSPMRK
WIPIGXMSR ERH ETTPMGEXMSR SJ XLIWI TVSGIHYVIW JSV VIHYGMRK W]WXIQWXSI\TIHMXIXLIZSPYQIGLERKISJXLIQEWWGSRGVIXI
XLIVQEPGVEGOMRKMREPPX]TIWSJGSRGVIXIWXVYGXYVIW JSVNSMRXKVSYXMRK8LIJMVWXVSPPIVGSQTEGXIHGSRGVIXI6''
EVGLHEQ[EW/RIPPTSSVX(EQMR7SYXL%JVMGEGSQTPIXIHMR
{,MWXSVMGEPFEGOKVSYRH (YIXSXLILIMKLXERHVETMHGSRWXVYGXMSRSJ6''EVGL
1ENSVHIZIPSTQIRXWMRGSSPMRKERHMRWYPEXMRKW]WXIQWJSV HEQWHIWMKRIRKMRIIVWTEMHGPSWIEXXIRXMSRXSXLILIEXSJ
GSRGVIXI FIKER [MXL TSWXGSSPMRK W]WXIQW JSV HEQW 0EXIV L]HVEXMSRMWWYIWHYIXSXLIMVIJJIGXSRXLIJMREPWXVIWWWXEXISJ
KEMRW[IVIQEHIMRHIZIPSTMRKTVIGSSPMRKQIXLSHW8LIYWI XLIHEQ-R'LMREWIZIVEPEVGLHEQWLEZIFIIRGSQTPIXIH
MRGPYHMRK7LETEM(EQRIEV'LIRKHY'LMRE[LMGL[EWXLI
SJ REXYVEP GSSPMRK QIXLSHW LEW MRGVIEWIH [MXL XLI YWI SJ
[SVPHvWLMKLIWXYRXMP%X7LETEM(EQERHSXLIVWWMRGI
FIXXIVEREP]XMGEPQIXLSHWXSGSQTYXIXLIVQEPTIVJSVQERGI
GSSPMRKTMTIW[IVIIQFIHHIHFIX[IIRWSQISJXLI6''PMJXW
7MQMPEVP] MRWYPEXMRK W]WXIQW I\TERHIH FI]SRH NYWX GSPH
XS GMVGYPEXI GSSP PMUYMH XS GSRXVSP XLI QE\MQYQ MRXIVREP
[IEXLIV TVSXIGXMSR ERH MRXS GSRXVSP SJ XLIVQEP KVEHMIRXW
XIQTIVEXYVI SJ XLI 6'' 8IWXMRK WLS[IH XLEX LMKLHIRWMX]
HYVMRKSXLIV[IEXLIVGSRHMXMSRW
TSP]IXL]PIRIGSSPMRKTMTIW[SVOIHUYMXI[IPP[MXL6'' 8LI
8LI JMVWX QENSV YWI SJ TSWXGSSPMRK SJ MRTPEGI QEWW GSRXVSPW ERH STIVEXMSR TVSGIHYVIW JSV XLI 6'' EVGL HEQW
GSRGVIXI[EWMRXLIGSRWXVYGXMSRSJXLI&YVIEYSJ6IGPEQE [IVIXLIWEQIEWYWIHMRGSRZIRXMSREPGSRGVIXIHEQWMRXLI
XMSRvW,SSZIV(EQMRXLIIEVP]W8LITVMQEV]SFNIGXMZI TEWX&]PEXI6''EVGLHEQWLEHFIIRGSQTPIXIHSV
[EWXSEGGIPIVEXIXLIVQEPGSRXVEGXMSRSJXLIGSRGVIXIQSRS [IVIYRHIVGSRWXVYGXMSRQEMRP]MR'LMREERH7SYXL%JVMGE
PMXLW[MXLMRXLIHEQWSXLEXXLIGSRXVEGXMSRNSMRXWGSYPHFI 8LI JMVWXVITSVXIH YWI SJTVIGSSPMRKGSRGVIXIQEXIVMEPWXS
JMPPIH [MXL KVSYX XS IRWYVI QSRSPMXLMG EGXMSR SJ XLI HEQ VIHYGIXLIQE\MQYQXIQTIVEXYVISJQEWWGSRGVIXI[EWF]XLI
'SSPMRK[EWEGLMIZIHF]GMVGYPEXMRKGSPH[EXIVXLVSYKLTMTIW 'SVTWSJ)RKMRIIVWHYVMRKXLIGSRWXVYGXMSRSJ2SVJSVO(EQ
IQFIHHIHMRXLIGSRGVIXI'MVGYPEXMSRSJ[EXIV[EWYWYEPP] JVSQXS%TSVXMSRSJXLIFEXGL[EXIV[EWMRXVS
WXEVXIH WIZIVEP [IIOW SV QSVI EJXIV XLI GSRGVIXI LEH FIIR HYGIHMRXSXLIQM\XYVIEWGVYWLIHMGI4PEGIQIRXXIQTIVEXYVI
TPEGIH7MRGIXLIGSRWXVYGXMSRSJ,SSZIV(EQXLIWEQIFEWMG SJ XLI GSRGVIXI [EW VIHYGIH F] ETTVS\MQEXIP] * '
W]WXIQ SJ TSWXGSSPMRK LEW FIIR YWIH MR XLI GSRWXVYGXMSR SJ 8LIGSRGVIXI[EWGSSPIHEWEVIWYPXSJXLIXLIVQEPIRIVK]LIEX
QER]PEVKIHEQWERHSXLIVQEWWMZIWXVYGXYVIWWYGLEWTS[IV SJ JYWMSR
VIUYMVIH XS GSRZIVX MGI XS [EXIV ERH JVSQ XLI
LSYWIWI\GITXXLEXGMVGYPEXMSRSJGSSPMRK[EXIVMWRS[X]TMGEPP] PS[IVIH XIQTIVEXYVI SJ XLI [EXIV EJXIV QIPXMRK 7MRGI XLIR
MRMXMEXIHMQQIHMEXIP]EJXIVTPEGMRKXLIGSRGVIXI TVIGSSPMRK LEW FIGSQI ZIV] GSQQSR JSV QEWW GSRGVIXI
-RXLIIEVP]WXLI8IRRIWWII:EPPI]%YXLSVMX]YWIH TPEGIQIRXW-XEPWSMWYWIHJSVTPEGIQIRXWSJVIPEXMZIP]WQEPP
TSWXGSSPMRK MR XLI GSRWXVYGXMSR SJ *SRXERE (EQ JSV X[S HMQIRWMSRW WYGLEWJSVFVMHKITMIVWERHJSYRHEXMSRW[LIVI
TYVTSWIWXSGSRXVSPXLIXIQTIVEXYVIVMWITEVXMGYPEVP]MRXLI XLIVIMWWYJJMGMIRXGSRGIVRJSVQMRMQM^MRKXLIVQEPWXVIWWIW
ZYPRIVEFPIFEWISJXLIHEQ[LIVIGVEGOMRKSJXLIGSRGVIXI -RNIGXMSRSJGSPHRMXVSKIRKEWMRXSXLIQM\IVLEWFIIRYWIH
GSYPHFIMRHYGIHF]XLIVIWXVEMRMRKIJJIGXSJXLIJSYRHEXMSR XSTVIGSSPGSRGVIXIMRVIGIRX]IEVW4VEGXMGEPERHIGSRSQMGEP
ERHXSEGGIPIVEXIXLIVQEPGSRXVEGXMSRSJXLIGSPYQRWWSXLEX GSRWMHIVEXMSRWWLSYPHFIIZEPYEXIHFYXMXGERFIIJJIGXMZI
XLIGSRXVEGXMSRNSMRXWFIX[IIRGSPYQRWGSYPHFIJMPPIH[MXL %W[MXLMGIEHHMXMSREPQM\MRKXMQIQE]FIVIUYMVIH1MRSV
KVSYX XS IRWYVI QSRSPMXLMG EGXMSR4SWXGSSPMRK [EW WXEVXIH EQSYRXWSJGSRGVIXIGSSPMRKLEZIFIIREGLMIZIHF]MRNIGXMRK
GSMRGMHIRXP] [MXL XLI TPEGMRK SJ IEGL PMJX SJ GSRGVIXI 8LI MX EX XVERWJIV TSMRXW SR GSRZI]SV HIPMZIV] W]WXIQW MR KSF
TMTI WTEGMRK ERH PMJX XLMGORIWW [IVI ZEVMIH XS PMQMX XLI LSTTIVW ERH MR XLI QM\MRK GLEQFIV 2MXVSKIRvW QEMR
QE\MQYQXIQTIVEXYVIXSETVIHIWMKRIHPIZIPMREPPWIEWSRW MRIJJMGMIRG]MWPSWMRKKEWXSXLIEXQSWTLIVIMJXLIQM\IVSV
-R WYQQIV [MXL REXYVEPP] LMKL YRVIKYPEXIH
TPEGMRK XVERWJIVMWRSX[IPPIRGPSWIH
XIQTIVEXYVIWXLITMTIWTEGMRKERHPMJXXLMGORIWWJSVXLI :EVMSYW GSQFMREXMSRW SJ GVYWLIH MGI GSPH FEXGL [EXIV
GVMXMGEPJSYRHEXMSR^SRI[EWJXQ
MR[MRXIV[LIR PMUYMH RMXVSKIR ERH GSSPIH EKKVIKEXI EVI YWIH XS PS[IV
TPEGMRK XIQTIVEXYVIW [IVI REXYVEPP] PS[ XLI TMTI WTEGMRK TPEGIQIRXXIQTIVEXYVIXS*'
ERH[LIRRIGIWWEV]
ERHPMJXXLMGORIWWJSVXLMW^SRI[EWJXQ
%FSZIXLI XSEWPS[EW*'
GVMXMGEP^SRIXLIPMJXXLMGORIWW[EWMRGVIEWIHXSJXQ
6''TVSNIGXWLEZIIJJIGXMZIP]YWIHwREXYVEPxTVIGSSPMRK
ERH XLI TMTI WTEGMRK [EW MRGVIEWIH XS JX Q
SJEKKVIKEXIHYVMRKTVSHYGXMSR0EVKIUYERXMXMIWSJEKKVIKEXI
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
'330-2+%2(-2790%8-2+7=78)17*361%77'32'6)8)%'-6
TVSHYGIHHYVMRKGSPH[MRXIVQSRXLWSVHYVMRKGSPHRMKLXXMQI e 'SSPMRKFEXGL[EXIV
XIQTIVEXYVIW ERH WXSGOTMPIH MR REXYVEPP] GSPH GSRHMXMSRW GER e 4VSHYGMRK EKKVIKEXI HYVMRK GSPH WIEWSRW SV GSSP
VIQEMR GSPH EX XLI MRXIVMSV SJ XLI TMPI [IPP MRXS XLI [EVQ RMKLXW
WYQQIVQSRXLW%X1MHHPI*SVO1SROWZMPPIERH7XEKI e 6ITPEGMRKETSVXMSRSJXLIFEXGL[EXIV[MXLMGI
GSEGL(EQWMX[EWRSXYRYWYEPXSJMRHJVSWXMRXLIWXSGOTMPIW e 7LEHMRKEKKVIKEXIWMRWXSVEKI
HYVMRK TVSHYGXMSR SJ 6'' MR XLI WYQQIV EX EQFMIRX e 7LEHMRKEKKVIKEXIGSRZI]SVW
XIQTIVEXYVIW EFSYX XS * XS '
-GI [EW e 7TVE]MRKEKKVIKEXIWXSGOTMPIWJSVIZETSVEXMZIGSSPMRK
SFWIVZIH MR WSYXLIVR 2I[ 1I\MGSvW +VMRHWXSRI
e -QQIVWMSRMRGSSP[EXIVSVWEXYVEXMSRSJGSEVWIEKKVIKEXIW
'ER]SRvWGSEVWIEKKVIKEXIWXSGOTMPIEWPEXIEW.YRI
MRGPYHMRK[IXFIPXGSSPMRK
4VIGSSPMRKERHTSWXGSSPMRKLEZIFIIRYWIHMRGSQFMREXMSRMR
e :EGYYQIZETSVEXMSRSJQSMWXYVIMRGSEVWIEKKVIKEXI
XLIGSRWXVYGXMSRSJQEWWMZIWXVYGXYVIWWYGLEW+PIR'ER]SR
e 2MXVSKIR MRNIGXMSR MRXS XLI QM\XYVI ERH EX XVERWJIV
(EQ GSQTPIXIH MR ([SVWLEO (EQ GSQTPIXIH MR
TSMRXWHYVMRKHIPMZIV]
ERH XLI 0S[IV +VERMXI (EQ 4S[IVLSYWI EHHMXMSR
GSQTPIXIHMR e 9WMRKPMKLXGSPSVIHQM\MRKERHLEYPMRKIUYMTQIRXERH
WTVE]MRK XLI QM\MRK GSRZI]MRK ERH HIPMZIV] IUYMTQIRX
-RWYPEXMSRLEWFIIRYWIHSRPMJXWYVJEGIWERHGSRGVIXIJEGIW
[MXLE[EXIVQMWX
XS TVIZIRX SV QMRMQM^I XLI TSXIRXMEP JSV GVEGOMRK YRHIV
WYHHIR HVSTW MR EQFMIRX XIQTIVEXYVIW 8LMW QIXLSH SJ e 7GLIHYPMRK TPEGIQIRXW [LIR EQFMIRX XIQTIVEXYVIW EVI
QMRMQM^MRK GVEGOMRK F] GSRXVSPPMRK VETMH GSSPMRK SJ XLI PS[IVWYGLEWEXRMKLXSVHYVMRKGSSPIVXMQIWSJXLI]IEV
WYVJEGILEWFIIRYWIHWMRGI-XLEWFIGSQIERIJJIGXMZI e 'SSPMRK GYVI [EXIV ERH XLI IZETSVEXMZI GSSPMRK SJ
TVEGXMGI[LIVIRIIHIH8LIJMVWXI\XIRWMZIYWISJMRWYPEXMSR GYVI[EXIV
[EWHYVMRKXLIGSRWXVYGXMSRSJ8EFPI6SGO(EQFYMPXHYVMRK e 4SWXGSSPMRK[MXLIQFIHHIHGSSPMRKTMTIW
XS 1SVI VIGIRX I\EQTPIW SJ QEWW GSRGVIXI e 'SRXVSPPMRK WYVJEGI GSSPMRK SJ XLI GSRGVIXI [MXL
MRWYPEXMSRMRGPYHIXLI0SGO
(EQ&SQFMGL2SVQER MRWYPEXMSR
ERH.SRIW
1G%PTMRI0SGO6ITPEGIQIRXERH:MGXSVME e %ZSMHMRK XLIVQEP WLSGO HYVMRK JSVQ ERH MRWYPEXMSR
6'' HEQ MR RSVXLIVR 1MGLMKER GSRWXVYGXIH MR VIQSZEP
-RWYPEXMSRSJI\TSWIHWYVJEGIWJSVXLITYVTSWISJEZSMHMRK e 4VSXIGXMRK I\TSWIH IHKIW ERH GSVRIVW JVSQ I\GIWWMZI
GVEGO HIZIPSTQIRX WYTTPIQIRXW SXLIV GSRXVSP QIEWYVIW LIEXPSWW
HYVMRKGSRWXVYGXMSRWYGLEWTVIGSSPMRKQEXIVMEPWERHTSWX e 'SSPMRK EKKVIKEXIW [MXL REXYVEP SV QERYJEGXYVIH
GSSPMRKSJMRTPEGI GSRGVIXI% YWIJYPTVEGXMGI MW XSETTP] GLMPPIHEMVERH
WYVJEGIMRWYPEXMSRMRPE]IVWWYGLEW[MXLQYPXMTPIFPEROIXWWS e &IXXIVQSRMXSVMRKSJEQFMIRXERHQEXIVMEPXIQTIVEXYVIW
XLEX XLI MRWYPEXMSR GER FI VIQSZIH KVEHYEPP] MR [EVQIV
[IEXLIV 6IQSZMRK EPP XLI MRWYPEXMSR EX SRGI GER GEYWI {-RWXVYQIRXEXMSR
GVEGOMRK MJ XLI EMV XIQTIVEXYVI MW QYGL PS[IV XLER XLI 8LI QSRMXSVMRK SJXIQTIVEXYVIW MRGSRGVIXI GSQTSRIRXW
GSRGVIXIXIQTIVEXYVIYRHIVXLIMRWYPEXMSR ERHMRJVIWLGSRGVIXIGERFIEHIUYEXIP]EGGSQTPMWLIH[MXLSVHM
-R EHHMXMSR XS VIHYGMRK XLIVQEP WXVIWWIW SXLIV FIRIJMXW REV]TSVXEFPIXLIVQSQIXIVWGETEFPISJ*'
VIWSPYXMSR
VIWYPX JVSQ QM\MRK ERHTPEGMRK GSRGVIXI EX PS[IV XIQTIVE 6IGIRX TVEGXMGI LEW YWIH XLIVQSGSYTPIW TPEGIH EX ZEVMSYW
XYVIW WYGL EW IRLERGIH PSRKXIVQ HYVEFMPMX] ERH WXVIRKXL PSGEXMSRW [MXLMR PEVKI EKKVIKEXI WXSGOTMPIW XS QSRMXSV
MQTVSZIH GSRWMWXIRG] ERH PSRKIV TPEGIQIRX XMQI 8LI XIQTIVEXYVIWMRXLITMPIWIWTIGMEPP][LIRXLIEKKVIKEXIMW
MQTVSZIH [SVOEFMPMX] GER EX XMQIW FI YWIH XS VIHYGI XLI TVSGIWWIHERHWXSGOTMPIH[IPPMREHZERGISJ[LIRMXMWYWIH
[EXIVVIUYMVIQIRX'SSPIVGSRGVIXIMWEPWSQSVIVIWTSRWMZIXS 4SWXGSSPMRKW]WXIQWVIUYMVIIQFIHHIHXIQTIVEXYVIWIRWMRK
ZMFVEXMSRHYVMRKGSRWSPMHEXMSR HIZMGIW XLIVQSGSYTPIW SV VIWMWXERGI XLIVQSQIXIVW
XS
TVSZMHI WTIGMEP MRJSVQEXMSR JSV XLI GSRXVSP SJ GSRGVIXI
{8]TIWSJWXVYGXYVIWERHXIQTIVEXYVIGSRXVSPW GSSPMRK VEXIW 7MQMPEV MRWXVYQIRXW [MPP TVSZMHI XLI HEXE XS
'SSPMRKERHMRWYPEXMRKW]WXIQWLEZIIZSPZIHXSQIIX IZEPYEXI XLI HIKVII SJ TVSXIGXMSR EJJSVHIH F] MRWYPEXMSR
IRKMRIIVMRK ERH GSRWXVYGXMSR VIUYMVIQIRXW JSV QEWWMZI 3XLIVMRWXVYQIRXWYWIHXSQIEWYVIMRXIVREPZSPYQIGLERKI
GSRGVIXI WXVYGXYVIW WYGL EW GSRGVIXI KVEZMX] HEQW EVGL WXVIWW WXVEMR ERH NSMRX QSZIQIRX LEZI FIIR HIWGVMFIH
HEQWREZMKEXMSRPSGOWRYGPIEVVIEGXSVWTS[IVLSYWIWPEVKI 'EVPWSR97%')
JSSXMRKW QEX JSYRHEXMSRW ERH FVMHKITMIVW 8LI] EVI EPWS
ETTPMGEFPIXSWQEPPIVWXVYGXYVIW[LIVILMKLPIZIPWSJMRXIVREPP] ',%48)6{46)'330-2+7=78)17
HIZIPSTIH XLIVQEP WXVIWWIW ERH TSXIRXMEP GVEGOW VIWYPXMRK {+IRIVEP
JVSQZSPYQIGLERKIWGERRSXFIXSPIVEXIHSV[SYPHFILMKLP] 1MRMQM^MRKXLIXIQTIVEXYVISJXLIJVIWLGSRGVIXIEXTPEGIQIRX
SFNIGXMSREFPI8YXLMPPERH%HEQW7GLVEHIV
MW SRI SJXLIQSWX MQTSVXERX ERH IJJIGXMZI[E]W XSQMRMQM^I
XLIVQEP WXVIWWIW ERH GVEGOMRK +IRIVEPP] XLI PS[IV XLI
{'SRWXVYGXMSRTVEGXMGIWJSVXIQTIVEXYVIGSRXVSP XIQTIVEXYVISJXLIGSRGVIXI[LIRMXTEWWIWJVSQETPEWXMGSV
4VEGXMGIW XLEX LEZI IZSPZIH XS GSRXVSP XIQTIVEXYVIW ERH EWTPEGIH GSRHMXMSR XS ER IPEWXMG WXEXI YTSR LEVHIRMRK XLI
GSRWIUYIRXP]QMRMQM^IXLIVQEPWXVIWWERHGVEGOMRKEVIPMWXIH PS[IVXLIXIRHIRG]XS[EVHGVEGOMRK-RQEWWMZIWXVYGXYVIW
FIPS[ 7SQI SJ XLIWI VIUYMVI QMRMQEPIJJSVX[LMPI SXLIVW IEGL*'
VIHYGXMSRSJXLITPEGMRKXIQTIVEXYVIFIPS[
VIUYMVIWYFWXERXMEPMRMXMEPI\TIRWI EZIVEKIEMVXIQTIVEXYVI[MPPPS[IVXLITIEOXIQTIVEXYVI
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
'330-2+%2(-2790%8-2+7=78)17*361%77'32'6)8)%'-6
XSXLISXLIVQEXIVMEPW)UYMTQIRXJSVGLMPPMRK[EXIVMWPIWW IJJIGXSJXLIQIPXMRKSJXLIMGI[SYPHPS[IVXLIXIQTIVEXYVI
GSQTPMGEXIHXLERMGIQEOMRKIUYMTQIRXERHMXEZSMHWTVSFPIQW SJXLIGSRGVIXIF]*'
XLEXGERFIIRGSYRXIVIH[MXLLERHPMRKERHJIIHMRKMGIXSXLI
QM\IV-XWGSRWMHIVEXMSRMWEP[E]WMRHMGEXIH[LIXLIVWSPIP] MRGLTSYRHYRMXW
JSVGLMPPMRKFEXGL[EXIVSVMRGSQFMREXMSR[MXLSXLIVEWTIGXW
SJ E GSQTVILIRWMZI XIQTIVEXYVI GSRXVSP TVSKVEQ XLEX MW PF
&XY k PF
MRYRHEXMSRGSSPMRKSJGSEVWIEKKVIKEXIWGSPHGPEWWMJ]MRKSJJMRI !*
[EXIVIUYMZEPIRXPF
&XYPF *
EKKVIKEXI SV TSWXGSSPMRK SJ LEVHIRIH GSRGVIXI [MXL
IQFIHHIHGSSPMRKGSMPW
7-YRMXW
-XMWTVEGXMGEPXSTVSHYGIFEXGL[EXIVGSRWMWXIRXP]EX*
'
SV WPMKLXP] PS[IV 9WMRK XLI QEWW GSRGVIXI QM\XYVI
OK
O. k OK
HMWGYWWIH TVIZMSYWP] GLMPPMRK XLI PF OK
SJ FEXGL !'
[EXIVIUYMZEPIRXOK
O. k OK /
[EXIVJVSQXS*XS'
[MPPVIHYGIXLIGSRGVIXI
XIQTIVEXYVIF]ETTVS\MQEXIP]*'
8LMWGERFIVIEHMP]GSQTYXIHF]QYPXMTP]MRKXLIQEWWSJ {%KKVIKEXIGSSPMRK
FEXGL[EXIVMRTSYRHWF]XLIRYQFIVSJHIKVIIWXLI[EXIV %PXLSYKL QSWX VSGO QMRIVEPW LEZI E GSQTEVEXMZIP] PS[
XIQTIVEXYVIMWVIHYGIHERHHMZMHMRKXLI[LSPIF]XLI[EXIV YRMXLIEXGETEGMX]EKKVIKEXIWGSQTVMWIXLIKVIEXIWXTVSTSVXMSR
IUYMZEPIRXSJXLIGSRGVIXI*SVXLIMPPYWXVEXMSRQM\XYVIXLMW SJ GSRGVIXI QM\XYVIW 8LIVIJSVI XLI XIQTIVEXYVIW SJ XLI
[SYPHFI EKKVIKEXIWLEZIXLIKVIEXIWXMRJPYIRGISRXLIXIQTIVEXYVISJ
XLIGSRGVIXI9RHIVXLIQSWXWIZIVIXIQTIVEXYVIGSRHMXMSRW
SJGSRWXVYGXMSRXLISFNIGXMZIWSJEGSQTVILIRWMZIXIQTIVEXYVI
MRGLTSYRHYRMXW
GSRXVSPTVSKVEQGERRSXFIEGLMIZIH[MXLSYXWSQIGSSPMRKSJ
XLIGSRGVIXIEKKVIKEXIW
PF
z *
!* 7GLIHYPIGSRWMHIVEXMSRW{-JRSXIQTIVEXYVIGSRXVSP
[EXIVIUYMZEPIRXPF
QIEWYVIW EVI MQTPIQIRXIH XLI EZIVEKI GSRGVIXI TPEGMRK
XIQTIVEXYVI [MPP PEK FILMRH XLI EZIVEKI HEMP] EQFMIRX
7-YRMXW XIQTIVEXYVI 'SRGVIXI TPEGIH HYVMRK XLI WTVMRK ERH IEVP]
WYQQIV[MPPFIGSSPIVXLERXLIEZIVEKIHEMP]XIQTIVEXYVI
OK
z '
'SRGVIXI TPEGIH HYVMRK XLI JEPP ERH IEVP] [MRXIV [MPP FI
!'
[EXIVIUYMZEPIRXOK
[EVQIV XLER XLI EZIVEKI HEMP] XIQTIVEXYVI 7GLIHYPMRK
TPEGIQIRXWHYVMRKXLIRMKLXXMQIMRXLIWYQQIVERHHYVMRK
9WMRK MGI EW FEXGL [EXIV{3RIPF SJ MGI EFWSVFW XLIHE]XMQIMRXLI[MRXIVGERXEOIEHZERXEKISJGSSPIVERH
&XY [LIR MX GLERKIW JVSQ MGI XS [EXIV EX XLI WEQI [EVQIV XIQTIVEXYVIW ERH WYTTPIQIRX SXLIV QIXLSHW SJ
XIQTIVEXYVI ETTVS\MQEXIP] * 7MQMPEVP] OK SJ MGI VIHYGMRKGSRGVIXIXIQTIVEXYVI
EFWSVFWO.[LIRMXGLERKIWJVSQMGIXS[EXIV'SRWI 'SPH[IEXLIVEKKVIKEXITVSGIWWMRK{+IRIVEPP]
UYIRXP]XLIYWISJMGIMWSRISJXLIFEWMGERHQSWXIJJMGMIRX SRPEVKIGSRZIRXMSREPQEWWGSRGVIXITVSNIGXWEKKVIKEXI
QIXLSHWXSPS[IVGSRGVIXITPEGMRKXIQTIVEXYVIW TVSGIWWMRKSGGYVWGSRGYVVIRXP][MXLGSRGVIXITVSHYGXMSR
8LIIEVPMIWXQIXLSHMRZSPZIHXLIYWISJFPSGOMGIXLEX[EW ERH TPEGIQIRX4VSNIGXW GSRWXVYGXIH SJ6''LEZI PEVKI
GVYWLIHSVGLMTTIHMQQIHMEXIP]FIJSVIMX[EWFEXGLIH0EXIV TVSTSVXMSRW SJ XLI GSRGVIXI EKKVIKEXI VIUYMVIH XS FI
QIXLSHW YWIH IMXLIV MGI JPEOMRK IUYMTQIRX [LIVI MGI MW TVSGIWWIH ERH WXSGOTMPIH FIJSVI XLI GSQQIRGIQIRX SJ
JSVQIH SR ERH WGVETIH JVSQ E VIJVMKIVEXIH HVYQ XLEX TPEGIQIRX STIVEXMSRW 8LI 6'' TPEGIQIRX EPQSWX
VIZSPZIWXLVSYKLEWSYVGISJ[EXIVSVIUYMTQIRX[LIVIMGI EP[E]WSGGYVWEXEQYGLJEWXIVVEXIXLERHSIWEKKVIKEXI
MWJSVQIHERHI\XVYHIHJVSQVIJVMKIVEXIHXYFIWERHMWGPMTTIH TVSHYGXMSR7MKRMJMGERXEKKVIKEXIXIQTIVEXYVIVIHYGXMSRW
MRXS WQEPP FMWGYMXWLETIH TMIGIW EW MX MW I\XVYHIH 7QEPPIV GER FI VIEPM^IH F] TVSGIWWMRK XLI EKKVIKEXI HYVMRK XLI
TVSNIGXW XLEX LEZI RSX NYWXMJMIH XLI GSWX SJ MRWXEPPMRK MGI GSPH [MRXIV WIEWSR EX PSGEXMSRW [LIVI E QEVOIH [MRXIV
QEOMRK IUYMTQIRX LEZI YWIH GSQQIVGMEPP] TYVGLEWIH MGI WIEWSRSGGYVW8LIYWISJPEVKIWXSGOTMPIWERHWIPIGXMZI
XLEX[EWXLIRWLEZIHSVGVYWLIH7LEZIHMGILEWXLIFIRIJMX [MXLHVE[EPSJEKKVIKEXIWJVSQXLIWXSGOTMPIWGERVIHYGI
SJQIPXMRKJEWXIVXLERGVYWLIHMGI XLIMRTPEGIXIQTIVEXYVIWSJXLIGSRGVIXIWMKRMJMGERXP] %HHM
-XMWMQTSVXERXXLEXEPPSJXLIMGIQIPXWFIJSVIXLIGSRGPYWMSRSJ XMSREPXLIVQEP GSRWMHIVEXMSRW JSV 6'' EVI HMWGYWWIHF]
QM\MRK ERH XLEX WYJJMGMIRX QM\MRK XMQI MW EPPS[IH XS 8EXVSERH7GLVEHIV
EHIUYEXIP]FPIRHXLIPEWXSJXLIQIPXIHMGIMRXSXLIQM\XYVI 8LMW IJJIGX LS[IZIV QE] FI VIHYGIH [LIR EKKVIKEXI
;LIVIEKKVIKEXIWEVITVSGIWWIHHV]XLMWQE]VIUYMVIEHHMRK TVSHYGXMSR WTERW E RYQFIV SJ WIEWSRW %KKVIKEXI YWEKI
RSQSVIXLERXLVIIJSYVXLWSJXLIFEXGL[EXIVEWMGI;LIVI WLSYPHFIQSRMXSVIHFIGEYWIMXMWTSWWMFPIXSIPIZEXITPEGI
EKKVIKEXIWEVITVSGIWWIH[IXXLIVI[MPPRSVQEPP]FIWYJJMGMIRX QIRXXIQTIVEXYVIWEFSZIEZIVEKIEQFMIRXXIQTIVEXYVIWF]
QSMWXYVISRXLIEKKVIKEXIWXSTIVQMXEPQSWXEPPSJXLIFEXGL YWMRK EKKVIKEXIW TVSHYGIH HYVMRK XLI LSX [IEXLIV -J XLI
[EXIVXSFIEHHIHEWMGI[MXLNYWXIRSYKL[EXIVXSIJJIGXMZIP] EZIVEKI [MRXIV XIQTIVEXYVI MW LMKLIV XLER RSVQEP SV MJ
MRXVSHYGI ER] EHQM\XYVIW -J XLI IRXMVI PF OK
SJ IEVP]WIEWSRTVSHYGXMSRMWHIPE]IHXLIIJJIGXSJTVIGSSPMRK
FEXGL [EXIV MR XLI MPPYWXVEXMSR QM\XYVI MW EHHIH EW MGI XLI MWHIGVIEWIH
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
'330-2+%2(-2790%8-2+7=78)17*361%77'32'6)8)%'-6
4VSGIWWMRK JMRI EKKVIKEXI MR GLMPPIH [EXIV{-J XLI GSEVWI EKKVIKEXI MRXS XLI XERO GMVGYPEXMRK XLI GLMPPIH
WIUYIRGMRKERHRIIHIHTVSHYGXMSRVEXIWTIVQMXERHMJWXSGO [EXIVXLVSYKLXLIEKKVIKEXIHVEMRMRK[EXIVJVSQXLIXERO
TMPMRK MW RSX RIGIWWEV] YWMRK GLMPPIH [EXIV MR XLI JMREP ERH HMWGLEVKMRK XLI EKKVIKEXI JVSQ XLI FSXXSQ KEXI 8LI
[EWLMRK SV GPEWWMJMGEXMSR SJ XLI JMRI EKKVIKEXI GER FI ER EKKVIKEXIMWHMWGLEVKIHSRXSEGSRZI]SVFIPXERHJIHSZIVE
IJJIGXMZIGSSPMRKQIXLSH8LIIJJPYIRX[EXIVJVSQXLIGPEWWMJMIV ZMFVEXMRK WGVIIR XS VIQSZI I\GIWWMZI QSMWXYVI ;MXL XLMW
MWHMVIGXIHXSEWIXXPMRKXEROXSHVSTSYXI\GIWWJMRIWERHXLI QIXLSHYWMRK*'
[EXIVIZIRXLIPEVKIVMRQQ
[EXIVMWVIXYVRIHXSXLIGSSPIVERHXLIRFEGOXSXLIGPEWWMJMIV XST WM^I GSFFPIW JSV QEWW GSRGVIXI GER FI GSSPIH XS
*MRIEKKVIKEXIMWVIEHMP]GSSPIHF]XLMWQIXLSHMXKEMRWLIEX ETTVS\MQEXIP] * '
[MXL E GMVGYPEXMRK XMQI SJ
UYMXI WPS[P] JSPPS[MRK [IX GPEWWMJMGEXMSR FIGEYWI SJ XLI QMRYXIW8LIGSQTPIXIG]GPILS[IZIVMRGPYHMRKJMPPMRKERH
QSMWXYVIMXGEVVMIWERHXLITSWWMFMPMX]JSVIZETSVEXMSR&]XLMW HMWGLEVKMRK [SYPH FI ETTVS\MQEXIP] LSYVW 7ITEVEXI
QIXLSH JMRI EKKVIKEXI GER FI GSRWMWXIRXP] TVSHYGIH EX XEROWYTXSXSRW1K
GETEGMX]LEZIFIIRYWIHJSV
XIQTIVEXYVIWFIX[IIRERH*ERH'
IEGLWM^ISJGSEVWIEKKVIKEXI
-J XLI IRXMVI PF]H OKQ
SJ JMRI EKKVIKEXI -J XLI IRXMVI PF OK
SJ GSEVWI EKKVIKEXI
MRGPYHMRKQSMWXYVI
SJXLIMPPYWXVEXMSRQM\XYVIWMWVIHYGIHXS MRGPYHMRKQSMWXYVI
SJXLIMPPYWXVEXMSRQM\XYVIMWVIHYGIHXS
* '
JVSQ MXW * '
XIQTIVEXYVI XLI VIWYPX *'
JVSQMXW*'
XIQTIVEXYVIMX[SYPHVIWYPX
[SYPH FI E PS[IVMRK SJ XLI GSRGVIXI XIQTIVEXYVI F] MR E PS[IVMRK SJ XLI GSRGVIXI XIQTIVEXYVI F] ETTVS\M
ETTVS\MQEXIP]*'
GSQTYXIHEWJSPPS[W QEXIP]*'
MRGLTSYRHYRMXW MRGLTSYRHYRMXW
7-YRMXW 7-YRMXW
WMPSWSVFMRW[MXLGETEGMXMIWJVSQXSXSRWIEGLXS HE]W 8LMW GER FI EHZERXEKISYW EW E WYTTPIQIRX XS SXLIV
1K
SJEKKVIKEXII\TSWIHXSEZEGYYQSJMRQQ
GSSPMRK QIXLSHW XS EGLMIZI XLI VIHYGXMSR MR GSRGVIXI
SJ QIVGYV] [MPP YWYEPP] TVSZMHI JSV E VIHYGXMSR SJ MRMXMEP XIQTIVEXYVISRP][LIRRIGIWWEV]
XIQTIVEXYVIWSJ*'
XSEJMREPEZIVEKIXIQTIVEXYVI 0MUYMH RMXVSKIR W]WXIQW LEZI TVSZIR WYGGIWWJYP SR E
SJ*'
SZIVEQMRYXISTIVEXMSREPG]GPI RYQFIVSJGSRWXVYGXMSRTVSNIGXWTEVXMGYPEVP][LIVIEYXSQEXMGSV
8LMWQIXLSHYWIWXLIJVIIQSMWXYVISRXLIEKKVIKEXIWJSV JPI\MFPISTIVEXMSRGSRXVSPMWFIRIJMGMEP&IEZIV
0SGEP
XLIIZETSVEXMZIGSSPMRK8LIQSMWXEKKVIKEXIWEVIJIHMRXSE EZEMPEFMPMX]WLSYPHFIGSRWMHIVIHERHGSSPMRKQSVIXLER*
TVIWWYVIZIWWIPXLEXGERFIWIEPIHEXFSXLXLIXSTMRPIXERHXLI '
GERFIHMJJMGYPXERHMRIJJMGMIRX[MXLRMXVSKIREPSRIF]
FSXXSQ SYXPIX :EGYYQ MWETTPMIHJVSQ EWMHI GLEQFIVF] HVEQEXMGEPP] MRGVIEWMRK QM\MRK XMQIW ERH QIGLERMGEP
WXIEQJIHHMJJYWMSRTYQTW TVSFPIQW 0MUYMH RMXVSKIR LEW EPWS FIIR MRNIGXIH HMVIGXP]
%KEMRYWMRKXLIMPPYWXVEXMSRQM\XYVIMJXLI WYVJEGI MRXSQM\IVW8LMWETTVSEGLX]TMGEPP]VIUYMVIWXLEXXLIQM\MRK
QSMWXYVI GEVVMIH F] XLI GSEVWI EKKVIKEXIW MW IZETSVEXIH XLI XMQIFITVSPSRKIHERHTVIJIVEFP]XLEXXLIQM\IVMWEXPIEWX
XIQTIVEXYVISJXLIGSEVWIEKKVIKEXIW[MPPFIPS[IVIHF]ETTVS\ TEVXMEPP]WIEPIHXSQMRMQM^IXLIPSWWSJKEWXSXLIEXQSWTLIVI
MQEXIP]*'
SVHS[RXSETTVS\MQEXIP]*z'
8LI I\XVIQIP] GSPH XIQTIVEXYVIW XLEX HIZIPST ERH X]TMGEP
PSRKIV QM\MRK XMQIW GVIEXI TSXIRXMEP JSV XLIVQEP WLSGO
MRGLTSYRHYRMXW GVEGOMRKERHSJXIRMRGVIEWIQM\IVQEMRXIRERGIERHVITEMV
7MKRMJMGERXWEJIX]GSRGIVRWFI]SRHI\XVIQIP]PS[XIQTIVEXYVIW
PF
&XY k PF
!*
MRGPYHI XLI UYMGO FYVWX SJ IZETSVEXMRK RMXVSKIR XLEX
QSMWX'%[EXIVIUYMZEPIRXPF
&XY k PF *
HMWTPEGIWEZEMPEFPIS\]KIR
8LISVIXMGEPP]SXLIVKEWIWGEREPWSFIYWIH(V]MGI{XLI
7-YRMXW WSPMH TLEWI SJ GEVFSR HMS\MHI{LEW EPWS FIIR YWIH SR E
PMQMXIHFEWMWF]TPEGMRKFPSGOWMREKKVIKEXITMPIW8LIFPSGO
OK
O. k OK
!'
GLERKIWJVSQWSPMHXSKEW[MXLSYXEPMUYMHTLEWIHMJJYWMRK
QSMWX'%[EXIVIUYMZEPIRXOK
O. k OK /
XLVSYKLSYXXLIEKKVIKEXIEWGSPHGEVFSRHMS\MHI
-RXLMWMPPYWXVEXMSRXLILIEXSJZETSVM^EXMSRSJ[EXIVEX {'IQIRXMXMSYWQEXIVMEPW
MRQQ
SJQIVGYV]MWETTVS\MQEXIP]&XYPF 'IQIRXMXMSYWQEXIVMEPWYWIHMRGSRGVIXIWLSYPHFILERHPIH
O.OK
HV]-JXLIXIQTIVEXYVISJXLIGIQIRXMWFIPS[XLIHI[TSMRX
%W E VIWYPX SJ XLMW GSSPMRK SJ XLI GSEVWI EKKVIKEXI XLI SJXLIWYVVSYRHMRKEXQSWTLIVIQSMWXYVIGERGSRHIRWIERH
XIQTIVEXYVISJXLIGSRGVIXI[SYPHFIPS[IVIHF]EFSYX* EHZIVWIP] EJJIGX XLI YPXMQEXI UYEPMX] SJ XLI GIQIRX %W E
'
GSQTYXIHEWJSPPS[W KIRIVEP VYPI XLI GSRGVIXI QM\XYVI LIEX FEPERGI HSIW RSX
VIUYMVIGSSPMRKSJXLIGIQIRXXSQIIXXLITPEGIQIRXXIQTIVEXYVI
MRGLTSYRHYRMXW VIUYMVIQIRXW2SVQEPP]GIQIRXMWHIPMZIVIHEXEXIQTIVEXYVISJ
ETTVS\MQEXIP] XS * XS '
8LI GIQIRX
PF
&XY k PF
XIQTIVEXYVI GER FI MRGVIEWIH SV HIGVIEWIH E JI[ HIKVIIW
! *
GSRGVIXI[EXIVIUYMZEPIRXPF
&XY k PF *
HITIRHMRK SR XLI GIQIRX LERHPMRK IUYMTQIRX ERH TVSGI
HYVIWYWIH)ZIRMJGIQIRXMWHIPMZIVIHGSSPIVXLIRSVQEP
7-YRMXW TVSGIHYVIJSVXVERWTSVXMRKMXJVSQXEROXVYGOWXSWMPSWEXXLI
NSFWMXIMW[MXLEMV8LIX]TMGEPXVYGOGSQTVIWWSVLIEXWEMVXS
OK
O. k OK
ETTVS\MQEXIP] * '
WS TVIGSSPIH GIQIRX [MPP FI
!'
GSRGVIXI[EXIVIUYMZEPIRXOK
O. k OK /
VILIEXIHXSWSQII\XIRXMJMXMWFPS[RMRXSWMPSWF]XLMWQIXLSH
&IGEYWI GIQIRX MW WYGL E VIPEXMZIP] WQEPP TSVXMSR SJ QEWW
0MUYMH RMXVSKIR{%R EPXIVREXI QIXLSH JSV GSSPMRK GSRGVIXIQM\XYVIWMXWMRMXMEPXIQTIVEXYVILEWPMXXPIIJJIGXSRXLI
FEXGL[EXIVERHGVIEXMRKERMGI[EXIVQM\XYVIIQTPS]WPMUYMH GSRGVIXI XIQTIVEXYVI %PWS GSSPMRK XLI GIQIRX MW RSX ZIV]
RMXVSKIRERMRIVXGV]SKIRMGJPYMH[MXLEXIQTIVEXYVISJz* TVEGXMGEPSVIGSRSQMGEP
z'
''1
*VSQ E GV]SKIRMG WXSVEKI XERO
PSGEXIHEXXLIFEXGLTPERXXLIPMUYMHKEWMWMRNIGXIHXLVSYKL {,IEXKEMRWHYVMRKGSRGVIXMRKSTIVEXMSRW
PERGIWHMVIGXP]MRXSXLIFEXGL[EXIVWXSVEKIXEROEKKVIKEXI 'SRWMHIVEXMSRW JSV XIQTIVEXYVIGSRXVSP WLSYPH VIGSKRM^I
SVQM\IVXSPS[IVXLIXIQTIVEXYVIEWQYGLEWTVEGXMGEPFYX XLILIEXKEMRSVPSWW
SJXLIGSRGVIXISVXLIGSRGVIXIMRKVIHMIRXW
EFSZIJVII^MRK8STVSQSXIKVIEXIVGSSPMRKSJXLIGSRGVIXI HYVMRKFEXGLTPERXWXSVEKIGSRGVIXIQM\MRKERHXVERWTSVXEXMSR
LS[IZIVPMUYMHRMXVSKIRGERFIMRNIGXIHMRXSXLI[EXIVMRE ERH TPEGIQIRX SJ XLI GSRGVIXI 8LI TPEGIQIRX SJ E PEVKI
WTIGMEPP] HIWMKRIH QM\IV NYWX FIJSVI XLI [EXIV IRXIVW XLI QEWWGSRGVIXIWXVYGXYVIGERFIZMWYEPM^IHEWEVETMHWIUYIRGI
GSRGVIXIQM\IV[LIVIF]XLIPMUYMHRMXVSKIRGEYWIWETSVXMSR SJ TVSGIHYVIW EPP SJ [LMGL EVI KYMHIH F] WIZIVEP SZIVEPP
SJXLI[EXIVXSJVII^I8LIEQSYRXSJMGITVSHYGIHGERFI SFNIGXMZIWRSXXLIPIEWXSJ[LMGLMWXSTVSXIGXXLIGSRGVIXI
ZEVMIHXSQIIXHMJJIVIRXXIQTIVEXYVIVIUYMVIQIRXW JVSQER]EZSMHEFPILIEXKEMR
%HZERXEKIWSJPMUYMHRMXVSKIRGSSPMRKMRGPYHIVIPEXMZIPS[ -RKVIHMIRXW GERFI TVSXIGXIH EKEMRWX LIEXKEMR EXXLI FEXGL
GSWXXSVIRXSVTYVGLEWIXLIIUYMTQIRXW]WXIQERHXLIEFMPMX] TPERXF]QIERWWYGLEWMRWYPEXMSRVIJPIGXMZIWMHMRKEMVGSRHM
XS TVITEVI XLI TPERX JSV RMXVSKIR GSSPMRK [MXLMR NYWX EJI[ XMSRMRKERHGMVGYPEXMSRSJGLMPPIHEMVXLVSYKLGSEVWIEKKVIKEXIW
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
'330-2+%2(-2790%8-2+7=78)17*361%77'32'6)8)%'-6
8LIVEHMEPXIQTIVEXYVIMWSXLIVQWHIZIPSTIHEVSYRHIEGL XLITMTISZIVXLIPMJISJXLIWXVYGXYVIMWMQTIVEXMZIERHTSWWMFPI
GSSPMRK TMTI GVIEXI E GSQTPI\ RSRYRMJSVQ ERH GLERKMRK PIEOEKIGSYPHFIGVMXMGEP
XLIVQEP TEXXIVR 7QEPPIV TMTIW [MXL GSPHIV JPYMH GVIEXI E 7TEGMRK{*SV TVEGXMGEP VIEWSRW TMTI GSMPW EVI
QSVIWIZIVIPSGEPGSRHMXMSRXLERPEVKIVTMTIW[MXLEPIWWGSPH YWYEPP]TPEGIHHMVIGXP]SRERHXMIHXSXLIXSTSJXLITVIZMSYW
JPYMH9RHIVGSRHMXMSRWSJVETMHERHMRXIRWIGSSPMRKPSGEPM^IH LEVHIRIHGSRGVIXIPMJX8LYWXLIZIVXMGEPTMTIWTEGMRKX]TMGEPP]
VEHMEP SV GMVGYQJIVIRXMEP GVEGOW GSYPH HIZIPST ;LMPI XLI GSVVIWTSRHWXSXLIPMJXLIMKLX%LSVM^SRXEPWTEGMRKXLIWEQI
GSRGVIXIMWJPYMHXSWPMKLXP]TPEWXMGERHFIJSVIHIZIPSTMRKE EWXLIZIVXMGEPWTEGMRK[MPPVIWYPXMRXLIQSWXYRMJSVQGSSPMRK
VIEWSREFPIQSHYPYWSJIPEWXMGMX]YWYEPP]FIJSVISVRIEVXLI TEXXIVRFYXZEVMEXMSRWQE]FIYWIH*SVZIVXMGEPGSRWXVYGXMSR
XMQISJXLIJMVWXTIEOXIQTIVEXYVI
RSVIWXVMGXMSRSRGSSPMRK GSSPMRKTMTIWGERFIWIGYVIHXSXLIVIMRJSVGMRKWXIIP
VEXIMWYWYEPP]RIIHIH%JXIVERMRMXMEPTIEOGSRGVIXIXIQTIVEXYVI *MKYVIWXLVSYKLSJ%'-6GERFIYWIHEW
LEWFIIRI\TIVMIRGIHGSSPMRKMWYWYEPP]GSRXMRYIHYRXMPXLI EKYMHIXSIWXEFPMWLTMTIWTEGMRKWERHXLIEQSYRXSJGSSPMRK
JMVWXSJXLIWIGSRHMXMSRWSGGYV RIGIWWEV]JSVXLIXIQTIVEXYVIGSRXVSPHIWMVIH
E
8LIGSRGVIXIGSSPMRKVEXIVIEGLIWXLIQE\MQYQXLEXGER 4MTI PSST PE]SYX{-RHMZMHYEP TMTI VYRW QE]VERKI
FIXSPIVEXIH[MXLSYXGVEGOMRK7IGXMSR
JVSQJXXSETTVS\MQEXIP]JXMRPIRKXLXSQ
F
8LIXIQTIVEXYVISJXLIGSRGVIXIHIGVIEWIWXSEFSYX* [MXLJX Q
FIMRK EXEVKIXZEPYI JSV HIWMKR TYVTSWIW
'
FIPS[XLIMRMXMEPTIEOZEPYI8LMWMWERIQTMVMGEPP] ;EHHIP
0SRKIVTMPIVYRWEVIPIWWIJJIGXMZIFIGEYWIXLI
HIVMZIHZEPYI7IGXMSR
KIRIVEPP]WYFWXERXMEXIHF]WPS[ [EXIV[EVQWYTMRXLITMTIEWLIEXMWXVERWJIVVIHERHMRGVIEWMRKP]
WXVEMRGETEGMX]XIWXWSV PIWWLIEXMWXVERWJIVVIHEPSRKXLIPIRKXLSJTMTI7TPMGIW[MXLMR
XLITMTIVYRWWLSYPHFIQMRMQM^IHEWQYGLEWTVEGXMGEP
G
8LIGSRGVIXILEWFIIRGSSPIHXSMXWJMREPWXEFPIXIQTIVEXYVI
4MTIPSSTWWIVZIHF]XLIWEQIGSSPERXHMWXVMFYXMSRQERMJSPH
SVERMRXIVQIHMEXIXIQTIVEXYVITVIWGVMFIHF]XLIHIWMKRIV
WLSYPHFIETTVS\MQEXIP]XLIWEQIPIRKXLWSEWXSIUYEPM^I
8LIHYVEXMSRSJXLMWMRMXMEPGSSPMRKTIVMSHQE]FIEWWLSVXEW XLIJPS[ERHGSSPMRKIJJIGX
WIZIVEPHE]WSVEWPSRKEWQSRXL7YFWIUYIRXP]XLIGSRGVIXI
'SSPMRKTMTIXMIHS[RQIXLSHWRIIHXSFITSWMXMSRIHXS
XIQTIVEXYVI YWYEPP] [MPP MRGVIEWI EKEMR -J XLI MRGVIEWI MW
WIGYVIXLITMTIW7TIGMEPEXXIRXMSRWLSYPHFIKMZIRXSWTPMGIH
WMKRMJMGERX SRI SV QSVI EHHMXMSREP GSSPMRK TIVMSHW [MPP FI
EVIEW XS WIGYVI GSYTPMRKW JVSQ [SVOMRK PSSWI 8MIHS[R
RIGIWWEV])\TIVMIRGILEWWLS[RXLEXWYTTPIQIRXEV]GSSPMRK [MVIWSVIQFIHHIHERGLSVWGERFITSWMXMSRIHMRXLIJMREPPMJX
STIVEXMSRW GER WEJIP] VIHYGI XLI GSRGVIXI XIQTIVEXYVIW XS WYVJEGI FIJSVI JMREP WIX 4MTI GPEQTW [MXL QIGLERMGEPP]
FIPS[EJMREPWXEFPIZEPYISVXSETSMRXXLEXGVIEXIWNSMRXSTIRMRKW MRWXEPPIHERGLSVWLEZIFIIRYWIHFYXXLMWQIXLSHVIUYMVIWXLI
SJEQTPI[MHXLXSTIVQMXKVSYXMRKMJVIUYMVIH'SSPMRKVEXIWMR GSRGVIXIXSQEXYVIXSEWYJJMGMIRXWXVIRKXLJSVXLIERGLSVWXS
HIKVIIWTIVHE]JSVXLIWIPEXIVTIVMSHWWLSYPHFIPS[IVXLERXLEX [SVOTVSTIVP])EGLTMTIPSSTWLSYPHFIPIEOXIWXIHFIJSVI
TIVQMXXIHHYVMRKXLIMRMXMEPTIVMSHFIGEYWISJXLILMKLIVQSHYPYW XLIGSZIVMRKGSRGVIXIMWTPEGIH)EGLTMTIVYRWLSYPHMRGPYHI
SJIPEWXMGMX]EXPEXIVEKIW E ZMWYEP JPS[ MRHMGEXSV SR XLI PSST WMHI SJ XLI WYTTP] SV
VIXYVR QERMJSPH 8S IRWYVI XLI MRMXMEXMSR SJ GSSPMRK EX XLI
{)QFIHHIHTMTI IEVPMIWXEKIXSQMRMQM^IHEQEKIXSXLIIQTPEGIHTMTIERH
1EXIVMEPW{%PYQMRYQSVXLMR[EPPWXIIPXYFMRKMR LIPTOIITXLITMTIJVSQJPSEXMRKMRXLIJVIWLGSRGVIXI[EXIV
QQ
RSQMREP SYXWMHI HMEQIXIV ERH MR QQ
GMVGYPEXMSRWLSYPHFIMRTVSKVIWWEXXLIXMQIGSRGVIXITPEGI
[EPP XLMGORIWW LEW FIIR YWIH WYGGIWWJYPP] JSV IQFIHHIH QIRXFIKMRWMRXLIGSZIVMRKPMJX
GSSPMRKGSMPW%PXLSYKLXLMWTMTIWM^ILEWFIIRYWIHSRQER] 6ITEMVW HYVMRK TPEGIQIRX{8LI TMTIW GER FI
TVSNIGXWEREP]WMWGPIEVP]WLS[WXLEXPEVKIVHMEQIXIVTMTMRK HEQEKIHHYVMRKGSRGVIXITPEGIQIRXF]XLIGSRGVIXIMXWIPJ
[SYPHFIQSVIIJJIGXMZIIZIR[MXLEGSSPMRKPMUYMH[MXLE F]GSRGVIXIFYGOIXWFIMRKHVSTTIHSRMXF]ZMFVEXSVWERHWS
LMKLIV XIQTIVEXYVI 4PEWXMG ERH TSP]ZMR]P GLPSVMHI 4:'
SR)\XVEWIGXMSRWSJTMTIERHGSYTPMRKWWLSYPHFIVIEHMP]
TMTIQE]EPWSFIYWIHFYXXLI]WLSYPHFILIEZ]HYX]ERH EZEMPEFPIMRXLIIZIRXXLEXETMTIMWHEQEKIHHYVMRKTPEGIQIRX
WYMXIHJSV XLI GPMQEXMGERH TPEGMRKGSRHMXMSRWSJXLITVSNIGX 8LIJVIWLP]TPEGIHGSRGVIXIEVSYRHXLIHEQEKIHTMTIWLSYPH
'SYTPMRKWSJXLIGSQTVIWWMSR X]TI YWIH XS NSMR WIGXMSRW SJ FIVIQSZIHXLIHEQEKIHWIGXMSRGYXSYXERHERI[WIGXMSR
EPYQMRYQSVWXIIPXYFMRKWLSYPHFISJXLIWEQIQEXIVMEPSV WTPMGIHSRXSXLII\MWXMRKYRHEQEKIHTMTI%PPSJXLIHEQEKIH
RSRGSRHYGXSV WPIIZIW ERH KEWOIXW WLSYPH FI TVSZMHIH XS TMTI WLSYPH FI VIQSZIH WS XLEX MX [MPP RSX VIWXVMGX JPS[
EZSMH XLI KEPZERMG IJJIGX SJ HMWWMQMPEV QIXEPW %PYQMRYQ XLVSYKLXLITMTI
XYFMRKLEWXLIEHZERXEKIWSJPMKLX[IMKLXERHIEW]MRWXEPPEXMSR
FYX MW WYFNIGX XS HIXIVMSVEXMSR ERH PIEOEKI HYI XS VIEGXMSR {6IJVMKIVEXMSRERHTYQTMRKJEGMPMXMIW
[MXLEPOEPMIWMRXLIGIQIRX-XYWYEPP]MWWEXMWJEGXSV]JSVXLI 4YQTMRK TPERX{4YQTMRK TPERX VIUYMVIQIRXW EVI
X]TMGEPP]WLSVXGSSPMRKTIVMSHLS[IZIVHIXIVMSVEXMSRSJXLI HIXIVQMRIHJVSQXLIRYQFIVSJTMTIGSMPWSVPSSTWMRSTIVEXMSR
TMTMRKGERFIETVSFPIQMJXLIGSSPMRKPMRIMWXSFIKVSYXIHEX [LMGL MR XYVR QE] FI IWXEFPMWLIH JVSQ XLI PMJXF]PMJX
E PEXIV HEXI ;LIR XLI I\TIGXIH EGXMZI GSSPMRK TIVMSH GSRWXVYGXMSRWGLIHYPI8LIJPS[VEXIJSVIEGLGSMPX]TMGEPP]
I\GIIHW QSRXLW EPYQMRYQ WLSYPH RSX FI YWIH -R QEWW MWJVSQXSKEPXS0
TIVQMRYXIJSVEMRQQ
GSRGVIXIHEQGSRWXVYGXMSRXLIVILEZIFIIRRS[IPPHSGY HMEQIXIV TMTI 97&6
8LMW [MPP VIWYPX MR E JPYMH
QIRXIH MRWXERGIW VITSVXIH [LIVI XLI PSRKXIVQ IJJIGXW SJ ZIPSGMX]EFSYXJSYVXMQIWXLIQMRMQYQRIGIWWEV]XSIRWYVI
EPYQMRYQ XYFMRK HIXIVMSVEXMSR LEW GEYWIH HMWXVIWW MR XLI XYVFYPIRX JPS[ GSRHMXMSRW 8YVFYPIRX JPS[ [MXLMR XLI GSMP
GSRGVIXIFYXMXWLSYPHRSXFIYWIH[LIVIEFWSPYXIMRXIKVMX]SJ MRGVIEWIWXLIVEXISJIRIVK]XVERWJIVFIX[IIRXLIJPYMHTEVXMGPIW
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
'330-2+%2(-2790%8-2+7=78)17*361%77'32'6)8)%'-6
XLIVIJSVI MRGVIEWMRK XLI VEXI SJ LIEX JPS[ F] GSRZIGXMSR MRMXMEP TIEO XIQTIVEXYVI ERH MW TVIHMGXIH XS GSRXMRYI XS
'SSPMRK[EXIVYWIHMRXLIW]WXIQTEVXMGYPEVP]MJJVSQEVMZIV MRGVIEWIXSYREGGITXEFPIPIZIPW
SV WMQMPEV YRXVIEXIH WSYVGI WLSYPH FI JMPXIVIH XS VIQSZI )\TIVMIRGI LEW WLS[R XLEX QSWX QEWW GSRGVIXI LEZMRK
WIHMQIRXWSEWXSVIHYGIXLITSWWMFMPMX]SJW]WXIQWXSTTEKIW EZIVEKI IPEWXMG ERH XLIVQEP I\TERWMSR TVSTIVXMIW GER VIWMWX
EXFIRHWGSRWXVMGXMSRWSVGSRXVSPZEPZIW9RPIWWXLIPIRKXL GVEGOMRKMJXLIXIQTIVEXYVIHVSTMWVIWXVMGXIHXSXS*
SJXLIGSSPMRKVYRMWWLSVXJPS[WXLVSYKLXLIGSMPWWLSYPHFI XS'
SZIVETTVS\MQEXIP]EHE]TIVMSHMQQIHMEXIP]
VIZIVWIHEXPIEWXHEMP]EYXSQEXMGEPP]SVQERYEPP]F]ZEPZIH JSPPS[MRKMXWMRMXMEPTIEO97&6
GVSWWGSRRIGXMSRW EX XLI TYQTMRK TPERX SV EX XLI WYTTP] 8IQTIVEXYVIQSRMXSVMRK{'SRGVIXIGSSPMRKWLSYPH
VIXYVRQERMJSPHWWIVZMRKIEGLFEROSJMRHMZMHYEPTMTIGSMPW FI QSRMXSVIH YWMRK MRWXVYQIRXW MRWXEPPIH EX VITVIWIRXEXMZI
-RWYPEXMRKXLII\TSWIHWYTTP]ERHVIXYVRTMTIVYRW[MPPLIPT PSGEXMSRW [MXLMR XLI GSRGVIXI MRGPYHMRK PSGEXMSRW GPSWI XS
IRWYVIXLIHIWMVIH[EXIVXIQTIVEXYVIWEXXLIQERMJSPHPSGEXMSRW IEGLTMTIERHQMH[E]FIX[IIRXLITMTIW8LIVQSGSYTPIW
7M^MRK SJ XLI HMWXVMFYXMSR W]WXIQ WIKQIRXW ERH LIEH PSWW VIWMWXERGIXLIVQSQIXIVWERHJMFIVSTXMGGEFPIWLEZIEPPFIIR
EPPS[ERGIWWLSYPHJSPPS[GYWXSQEV]HIWMKRTVSGIHYVIW YWIH :IVXMGEP WXERHTMTIW IQFIHHIH MR XLI GSRGVIXI ERH
6IJVMKIVEXMSR TPERX{8LI WM^I ERH RYQFIV SJ JMPPIH[MXL[EXIVGEREPWSFIYWIHXSQIEWYVIXLIGSRGVIXI
VIJVMKIVEXMSR TPERX GSQTSRIRXW WLSYPH FI FEWIH SR XLI XIQTIVEXYVI [MXLMR WIPIGXIH ^SRIW % XLIVQSQIXIV MW
QE\MQYQVIUYMVIQIRXWRYQFIVSJGSMPWMRSTIVEXMSREXXLI PS[IVIHMRXSXLIWXERHTMTIXSXLIHIWMVIHIPIZEXMSRERHLIPH
WEQI XMQI ERH E GSMP MRPIX XIQTIVEXYVI IWXEFPMWLIH F] XLI XLIVI YRXMP XLI VIEHMRK WXEFMPM^IW ;EXIV XIQTIVEXYVIW EX
HIWMKRGVMXIVME
ERHXLIRIIHJSVJPI\MFMPMX]SZIVXLII\TIGXIH WYTTP]ERHVIXYVRQERMJSPHW[MPPEPWSWIVZIEWEGLIGOSRXLI
HYVEXMSRSJXLIGSRGVIXIGSSPMRKSTIVEXMSRW'LMPPIH[EXIVEW EQSYRXSJLIEXFIMRKVIQSZIHJVSQXLIGSRGVIXI
PS[ EW * '
LEW FIIR YWIH JSV TSWXGSSPMRK ;LIVI
PS[IVGSSPERXXIQTIVEXYVIWEVIVIUYMVIHEGLMPPIHQM\XYVISJ {7YVJEGIGSSPMRK
[EXIVERH ERXMJVII^ITVST]PIRIKP]GSP
LEWFIIR 'SRXVSPPIHGSSPMRKSJXLI WYVJEGIWSJEXLMGO SVQEWWMZI
IJJIGXMZIP] YWIH EX * '
(IXEMPW SJ GSQTVIWWSVW GSRGVIXI WXVYGXYVI GER FI E YWIJYP GVEGOVIHYGMRK TVEGXMGI
GSRHIRWIVW WYVKIXEROWZEPZIW QIXIVW ERHSXLIVTVSHYGXMSR 'EVPWSRERH8LE]IV
8LISFNIGXMZISJWYVJEGIGSSPMRK
ERHGSRXVSPMXIQWJSVIMXLIVTSVXEFPISVWXEXMSREV]TPERXEVI MWXSGVIEXIEWXIITFYXXSPIVEFPIXLIVQEPKVEHMIRXEHNEGIRXXS
QIGLERMGEPIRKMRIIVMRKJYRGXMSRWRSXGSZIVIHMRXLMWVITSVX XLII\TSWIHZIVXMGEPWYVJEGIWGSRGYVVIRXP][MXLXLITPEGMRK
%PXIVREXMZI [EXIV GSSPMRK TVEGXMGIW{'SSP [EXIV SJXLIGSRGVIXIERHXSQEMRXEMRXLIGSSPMRKJSVEQMRMQYQ
JVSQREXYVEPWSYVGIWWYGLEW[IPPWSVJPS[MRKWXVIEQWQE] SJ[IIOW8LISTXMQYQTIVMSHHIXIVQMRIHXLISVIXMGEPP]JSV
FIYWIHEWXLIGSSPERXTVSZMHIHXLIWYTTP]MWEHIUYEXIXLI E X]TMGEP QEWW GSRGVIXI TPEGIQIRX MW EFSYX [IIOW &]
XIQTIVEXYVIMWVIEWSREFP]GSRWXERXERHXLI[EXIVGSRXEMRW HIZIPSTMRKERMRMXMEP^IVSWXVIWWGSRHMXMSREXEPS[XIQTIVEXYVI
SRP] E WPMKLX EQSYRX SJ WYWTIRHIH WIHMQIRX 1ERMJSPHW WYFWIUYIRX XIRWMPI WXVEMRW ERH WXVIWWIW
HYI XS JYVXLIV
ZEPZIWKEYKIWERHPSSTFIRHWEVITEVXMGYPEVP]ZYPRIVEFPIXS EQFMIRXXIQTIVEXYVIHVSTWEVIVIHYGIH
WXSTTEKIW MJ HMVX] [EXIV MW YWIH 7SQI TVSNIGXW LEZI YWIH 8LVII GSRWXVYGXMSR QIXLSHW EVI
GMVGYPEXMRK VIJVMKIVEXIH
4:'TMTIJSVXLIIQFIHHIHTMTIERHGMVGYPEXIH[EXIVJVSQ [EXIV[MXLMRHSYFPI[EPPIHWXIIPJSVQWPIJXMRTPEGIJSVXLI
XLIPSGEPQYRMGMTEP[EXIVW]WXIQ6SYWLERH3v0IEV]
[IIO TIVMSH
HMWGLEVKMRK YWIH GSSPMRK [EXIV JVSQ XLI
FSXXSQSJLSPPS[JSVQWJSVXLIFEPERGISJXLI[IIO TIVMSH
;EXIV HMWGLEVKIH FEGO MRXS E WXVIEQ SV [IPP [MPP FI
EJXIVFIMRKVEMWIHJSVXLIRI\XPMJXSJGSRGVIXIERH
IQFIH
[EVQIVEJXIVGMVGYPEXMSRXLVSYKLXLIGSSPMRKTMTIWERHQE]
HMRKERIEVWYVJEGITMTIGSSPMRKW]WXIQ8LIWYVJEGIWLSYPH
VIUYMVI TIVQMXW MR GSRJSVQERGI [MXL PSGEP SV REXMSREP
RSXFI GSSPIH EX E VEXI GEYWMRK WYVJEGI GVEGOW XLEX QE]
IRZMVSRQIRXEP GSHIW -R JEZSVEFPI GPMQEXIW GSRZIRXMSREP
PEXIVTVSTEKEXIMRXSXLIQEWWGSRGVIXIERHGEVIWLSYPHFI
GSSPMRK XS[IVW YWMRK XLI IZETSVEXMZI GSSPMRK IJJIGX VEXLIV
XEOIR XS EZSMH HMWGLEVKMRK GSSPMRK [EXIV SZIV I\TSWIH
XLERVIJVMKIVEXMSRGSYPHFIJIEWMFPI
WYVJEGIW[LIVIWXEMRMRK[SYPHFISFNIGXMSREFPI
*SVQW{;LIVIRSRMRWYPEXIHQIXEPJSVQWEVIYWIH
{3TIVEXMSREPJPS[GSRXVSP
WSQI FIRIJMGMEP IJJIGXW GER FI EGLMIZIH F] WTVE]MRK [MXL
1ERMJSPHW{7YTTP]ERHVIXYVRLIEHIVWSVVMWIVTMTIW
GSPH[EXIVERHF]WLEHMRK
WLSYPH FI XETTIH EX GSRZIRMIRX MRXIVZEPW [MXL JMXXMRKW JSV
'YVMRK[EXIV{7LEHMRKERH[EXIVGYVMRKSJJSVQIH
EXXEGLMRK QERMJSPHW XS WIVZI IEGL FERO SJ GSSPMRK GSMPW
ERHJMRMWLIHWYVJEGIWGERFIGSRHYGXIHXSGSSPHMVIGXP][MXL
*PI\MFPI GSRRIGXSVW [MXL EHETXIVW ERH YRMZIVWEPX]TI LSWI
XLIEHHIHFIRIJMX SJ IZETSVEXMZIGSSPMRKMRWSQIVIKMSRW
GSYTPMRKWEVIVIGSQQIRHIH
3RLSVM^SRXEPWYVJEGIWXLIGYVMRKWLSYPHFIGSRXVSPPIHWSXLEXRS
'SSPMRK VEXIW{'LEVXW SV MWSXLIVQEP HMEKVEQW [EXIVVIQEMRWSRXLIWYVJEGIPSRKIRSYKLXSFIGSQI[EVQ
WLS[MRK XLI I\TIGXIH JMREP WXEFPI XIQTIVEXYVI HMWXVMFYXMSR
[MXLMRXLIJYPP]GSSPIHWXVYGXYVITVSZMHIXIQTIVEXYVISFNIGXMZIW ',%48)6{796*%')-2790%8-32
JSVWGLIHYPMRKGSMPJPS[STIVEXMSRW+YMHIPMRIWJSVGSSPMRK {+IRIVEP
VEXIWLEZIFIIRHMWGYWWIHTVIZMSYWP] 3RGI GIQIRX ERH [EXIV MRXIVEGX HYVMRK QM\MRK XLI
;LIR XLI HIWMVIH VEXI SJ XIQTIVEXYVI HVST MW I\GIIHIH QM\XYVIXIQTIVEXYVIFIKMRWXSVMWIEWEVIWYPXSJXLIL]HVEXMSR
TSWXGSSPMRKSTIVEXMSRWMRXLEXFEROSJTMTIGSMPWWLSYPHFI SJ XLI GIQIRXMXMSYW QEXIVMEPW ;MXL PMJXW SJJX Q
SV
MRXIVVYTXIHYRXMPXLIXIQTIVEXYVIVMWIWEKEMR'SSPMRKWLSYPH LMKLIVERHPEXIVEPJSVQHMQIRWMSRWSJETTVS\MQEXIP]XSJX
FI VIWYQIH [LIR XLI GSRGVIXI XIQTIVEXYVI I\GIIHW XLI XSQ
XLIXIQTIVEXYVIVMWIMWIWWIRXMEPP]EHMEFEXMGMR
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
'330-2+%2(-2790%8-2+7=78)17*361%77'32'6)8)%'-6
8EFPI{)JJIGXSJMRWYPEXMSRTVSXIGXMSRSJ 8EFPI{)JJIGXSJMRWYPEXMSRTVSXIGXMSRSJ
GSRGVIXII\TSWIHXS*'
VETMHEMV GSRGVIXII\TSWIHXS*'
VETMHEMV
XIQTIVEXYVIHVST XIQTIVEXYVIHVST
'SRGVIXIXIQTIVEXYVIGLERKIW*'
'SRGVIXIXIQTIVEXYVIGLERKIW*'
)PETWIH %MVXIQTIVEXYVI EXZEVMSYWHITXLWJXQ
)PETWIH %MVXIQTIVEXYVI EXZEVMSYWHITXLWJXQ
XMQIL GLERKI*'
XMQIL GLERKI*'
2SMRWYPEXMSR 2SMRWYPEXMSR
zz
zz
zz
zz
zz
zz
zz
zz
zz
zz
zz
zz
zz
zz
zz
zz
zz
zz
zz
zz
zz
zz
zz
zz
zz
zz
zz
zz
zz
zz
zz
zz
zz
zz
zz
zz
zz
zz
zz
zz
zz
zz
zz
zz
zz
zz
6JEGXSV 6JEGXSV
zz
zz
zz
zz
zz
zz
zz
zz
zz
zz
zz
zz
zz
zz
zz
zz
zz
zz
zz
zz
zz
zz
zz
zz
zz
zz
zz
zz
zz
zz
zz
zz
zz
zz
zz
zz
zz
zz
6JEGXSV 6JEGXSV
zz
zz
zz
zz
zz
zz
zz
zz
zz
zz
zz
zz
zz
zz
zz
zz
zz
zz
zz
zz
zz
zz
zz
zz
zz
zz
zz
zz
zz
zz
6JEGXSV 6JEGXSV
zz
zz
zz
zz
zz
zz
zz
zz
zz
zz
zz
zz
zz
zz
zz
zz
6ZEPYIMWXLIVQEPVIWMWXERGISJMRWYPEXMSRMRL JX *&XY 6ZEPYIMWXLIVQEPVIWMWXERGISJMRWYPEXMSRMRL JX *&XY
{,SVM^SRXEPWYVJEGIW GSRGVIXIQE]FIHIPE]IHGSRWMHIVTPEGMRKEPE]IVSJTPEWXMG
9RJSVQIHWYVJEGIWSJGSRGVIXIPMJXWEVIHMJJMGYPXXSMRWYPEXI SR XLI GSRGVIXI FIJSVI TPEGMRK XLI LE] SV WXVE[ 8LI LIEX
IJJIGXMZIP] FIGEYWI SJ HEQEKI JVSQ ERH MRXIVJIVIRGI [MXL GETEGMX] SJ [IX WERH WLSYPH FI XEOIR MRXS EGGSYRX [LIR
GSRWXVYGXMSR EGXMZMXMIW 1E\MQYQ IJJMGMIRG] SJ XLI MRWYPEXMSR MRMXMEPP]TPEGIHFIGEYWIMXGERHVEMRLIEXJVSQXLIYRHIVP]MRK
VIUYMVIW GPSWI GSRXEGX [MXL XLI GSRGVIXI{E GSRHMXMSR RSX WYVJEGIHYVMRKXLEXXMQIERHEGXYEPP]MRGVIEWIXLIGSRGVIXI
YWYEPP]EXXEMREFPISRVSYKLPMJXWYVJEGIW2IMXLIVTSRHMRKSJ XLIVQEPKVEHMIRX8LYWMXWXIQTIVEXYVIEXTPEGIQIRXWLSYPH
[EXIVRSVPE]IVWSJWERHLEZITVSZIRXSFITVEGXMGEPW]WXIQW FIXEOIRMRXSEGGSYRX
JSVMRXIVQIHMEXIPMJXWMRQYPXMTPIPMJXGSRWXVYGXMSR1MRIVEPSV (YVMRKXLI[MRXIVWLYXHS[RSJ6''TPEGIQIRX
KPEWW[SSPFPEROIXWSVFEXXMRKXSMRXSQQ
MR EX4IRR*SVIWX(EQXLI6''PMJXWYVJEGI[EWGSZIVIH[MXL
XLMGORIWWERHERYQFIVSJVSPPSRJPI\MFPIVYFFIVX]TIQEXIVMEPW JXQ
SJWSMPXLEX[EWWTVIEHSZIVXLIPMJXWYVJEGI8LI
RS[ GSQQIVGMEPP] EZEMPEFPI TVSZMHI GSRWMHIVEFPI TVSXIGXMSR WSMP GSZIV [EW MR TPEGI JVSQ IEVP] (IGIQFIV XLSYKL PEXI
ERHLEZIFIIR[MHIP]YWIH 1EVGL8LIVQSGSYTPIW[IVITPEGIHMRXLIGIRXIVSJXLIXST
9RXMPXLIRI\XPE]IVSJGSRGVIXIMWTPEGIHXLIRIIHJSV 6''PMJXERHEXXLIFSXXSQSJXLIWSMPGSZIV2MKLXXMQIEMV
MRWYPEXMSRTVSXIGXMSRSJLSVM^SRXEPWYVJEGIWMWEWKVIEXEWJSV XIQTIVEXYVIW SGGEWMSREPP] HVSTTIH XS ETTVS\MQEXIP]*
JSVQIHWYVJEGIWERHXLIMRWYPEXMSRWLSYPHFIETTPMIHEWWSSR z'
8LIPS[IWXXIQTIVEXYVIVIGSVHIHMRXLIXST6''
EWXLIGSRGVIXILEWLEVHIRIHWYJJMGMIRXP]XSTIVQMXEGGIWW PMJX[EWETTVS\MQEXIP]*'
8LIPS[IWXXIQTIVEXYVI
F][SVOIVW EXXLIFSXXSQSJXLIWSMPGSZIV[EWETTVS\MQEXIP]*'
-RWIZIVIGPMQEXIWXLIETTPMGEXMSRSJMRWYPEXMSRQE]LEZIXSFI *SPPS[MRKXLIVIQSZEPSJXLIWSMPGSZIVMRXLIWTVMRKXLIXST
EGGSQTPMWLIHFIJSVI[LIRX]TMGEP[SVOIVEGGIWWMWEXXEMRIH PMJXWYVJEGI[EW[EWLIHXLVIIXMQIW8LIVI[EWIRSYKLWMPXMR
8LI MRWYPEXMSR WLSYPH FI VIQSZIH XS TIVQMX PMJX WYVJEGI XLIWSMPXSQEOIGPIERYTWSQI[LEXHMJJMGYPX+ISXI\XMPISV
GPIERYT FYX WLSYPH FI VITPEGIH TVSQTXP] YRPIWW XLI TPEWXMG TPEGIH SR XLI 6'' FIJSVI TPEGMRK XLI WSMP GSZIV
GSZIVMRKPMJXMWXSFITPEGIH[MXLMREJI[LSYVW QMKLXLEZIVIHYGIHGPIERYTIJJSVXW
&EPIWSJLE]SVWXVE[ERHXLMGOPE]IVWSJ[IXWERHGERFI -RWYPEXMSRVEXMRKz%GGITXEFPIXIQTIVEXYVIKVEHMIRXW
IJJIGXMZIERHIGSRSQMGEP[E]WXSTVSZMHIPSRKIVXIVQERH GER FI QEMRXEMRIH HYVMRK XLI [MRXIV WIEWSR MR QSHIVEXI
QSVIXLSVSYKLPMJXWYVJEGITVSXIGXMSR;LIVIWIXXMRKSJXLI GPMQEXIWF]XLIETTPMGEXMSRSJMRWYPEXMSR[MXLER6ZEPYISJ
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
'330-2+%2(-2790%8-2+7=78)17*361%77'32'6)8)%'-6
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
%W %'- FIKMRW MXW WIGSRH GIRXYV] SJ EHZERGMRK GSRGVIXI ORS[PIHKI MXW SVMKMREP GLEVXIVIH TYVTSWI
VIQEMRW wXS TVSZMHI E GSQVEHIWLMT MR JMRHMRK XLI FIWX [E]W XS HS GSRGVIXI [SVO SJ EPP OMRHW ERH MR
WTVIEHMRKORS[PIHKIx-ROIITMRK[MXLXLMWTYVTSWI%'-WYTTSVXWXLIJSPPS[MRKEGXMZMXMIW
8IGLRMGEPGSQQMXXIIWXLEXTVSHYGIGSRWIRWYWVITSVXWKYMHIWWTIGMJMGEXMSRWERHGSHIW
7TVMRKERHJEPPGSRZIRXMSRWXSJEGMPMXEXIXLI[SVOSJMXWGSQQMXXIIW
)HYGEXMSREPWIQMREVWXLEXHMWWIQMREXIVIPMEFPIMRJSVQEXMSRSRGSRGVIXI
'IVXMJMGEXMSRTVSKVEQWJSVTIVWSRRIPIQTPS]IH[MXLMRXLIGSRGVIXIMRHYWXV]
7XYHIRXTVSKVEQWWYGLEWWGLSPEVWLMTWMRXIVRWLMTWERHGSQTIXMXMSRW
7TSRWSVMRKERHGSWTSRWSVMRKMRXIVREXMSREPGSRJIVIRGIWERHW]QTSWME
*SVQEPGSSVHMREXMSR[MXLWIZIVEPMRXIVREXMSREPGSRGVIXIVIPEXIHWSGMIXMIW
4IVMSHMGEPWXLI%'-7XVYGXYVEP.SYVREPERHXLI%'-1EXIVMEPW.SYVREPERH'SRGVIXI-RXIVREXMSREP
%W E QIQFIV SJ %'- ]SY NSMR XLSYWERHW SJ TVEGXMXMSRIVW ERH TVSJIWWMSREPW [SVPH[MHI [LS WLEVI E
GSQQMXQIRX XS QEMRXEMR XLI LMKLIWX MRHYWXV] WXERHEVHW JSV GSRGVIXI XIGLRSPSK] GSRWXVYGXMSR ERH
TVEGXMGIW-REHHMXMSR%'-GLETXIVWTVSZMHISTTSVXYRMXMIWJSVMRXIVEGXMSRSJTVSJIWWMSREPWERHTVEGXMXMSRIVW
EXEPSGEPPIZIP
&IRIJMXW SJ QIQFIVWLMT MRGPYHI E WYFWGVMTXMSR XS 'SRGVIXI -RXIVREXMSREP ERH XS ER %'- .SYVREP %'-
QIQFIVWVIGIMZIHMWGSYRXWSJYTXS SREPP%'-TVSHYGXWERHWIVZMGIWMRGPYHMRKHSGYQIRXWWIQMREVW
ERHGSRZIRXMSRVIKMWXVEXMSRJIIW
%QIVMGER'SRGVIXI-RWXMXYXI
'SYRXV]'PYF(VMZI
*EVQMRKXSR,MPPW1-
97%
4LSRI
*E\
[[[GSRGVIXISVK
'SSPMRKERH-RWYPEXMRK7]WXIQW
JSV1EWW'SRGVIXI
8LI%1)6-'%2'32'6)8)-278-898)
[EWJSYRHIHMREWERSRTVSJMXQIQFIVWLMTSVKERM^EXMSRHIHMGEXIHXSTYFPMG
WIVZMGIERHVITVIWIRXMRKXLIYWIVMRXIVIWXMRXLIJMIPHSJGSRGVIXI%'-KEXLIVWERH
HMWXVMFYXIW MRJSVQEXMSR SR XLI MQTVSZIQIRX SJ HIWMKR GSRWXVYGXMSR ERH
QEMRXIRERGISJGSRGVIXITVSHYGXWERHWXVYGXYVIW8LI[SVOSJ%'-MWGSRHYGXIHF]
MRHMZMHYEP %'- QIQFIVW ERH XLVSYKL ZSPYRXIIV GSQQMXXIIW GSQTSWIH SJ FSXL
QIQFIVWERHRSRQIQFIVW
8LIGSQQMXXIIWEW[IPPEW%'-EWE[LSPISTIVEXIYRHIVEGSRWIRWYWJSVQEX
[LMGLEWWYVIWEPPTEVXMGMTERXWXLIVMKLXXSLEZIXLIMVZMI[WGSRWMHIVIH'SQQMXXII
EGXMZMXMIWMRGPYHIXLIHIZIPSTQIRXSJFYMPHMRKGSHIWERHWTIGMJMGEXMSRWEREP]WMWSJ
VIWIEVGL ERH HIZIPSTQIRX VIWYPXW TVIWIRXEXMSR SJ GSRWXVYGXMSR ERH VITEMV
XIGLRMUYIWERHIHYGEXMSR
-RHMZMHYEPWMRXIVIWXIHMRXLIEGXMZMXMIWSJ%'-EVIIRGSYVEKIHXSFIGSQIEQIQFIV
8LIVI EVI RS IHYGEXMSREP SV IQTPS]QIRX VIUYMVIQIRXW %'-vW QIQFIVWLMT MW
GSQTSWIH SJ IRKMRIIVW EVGLMXIGXW WGMIRXMWXW GSRXVEGXSVW IHYGEXSVW ERH
VITVIWIRXEXMZIWJVSQEZEVMIX]SJGSQTERMIWERHSVKERM^EXMSRW
1IQFIVWEVIIRGSYVEKIHXSTEVXMGMTEXIMRGSQQMXXIIEGXMZMXMIWXLEXVIPEXIXSXLIMV
WTIGMJMGEVIEWSJMRXIVIWX*SVQSVIMRJSVQEXMSRGSRXEGX%'-
[[[GSRGVIXISVK