8KFCU RCTCNGNCU #NGLCPFTQ
FKEGP SWG UG COQTVKIWCUG GN COQT [ ECTKQ FG (KNKRQ SWG
*CDKPFQPQU RTQRWGUVQ GUETKDKT GP GUVG NKDTQ NC XKFC FG
#NGLCPFTQ [ NC FG %UCT GN SWG XGPEK C 2QORG[Q RQT NC
OWEJGFWODTG FG JC\CCU FG WPQ [ QVTQ WPC UQNC EQUC CF
XGTVKOQU [ TQICOQU C NQU NGEVQTGU [ GU SWG UK PQ NCU TGHG
TKOQU VQFCU PK CWP PQU FGVGPGOQU EQP FGOCUKCFC RTQNKLK
FCF GP ECFC WPC FG NCU OU EGNGDTCFCU UKPQ SWG EQTVCOQU
[ UWRTKOKOQU WPC ITCP RCTVG PQ RQT GUVQ PQU EGPUWTGP [
TGRTGPFCP 2QTSWG PQ GUETKDKOQU JKUVQTKCU UKPQ XKFCU PK
GU GP NCU CEEKQPGU OU TWKFQUCU GP NCU SWG UG OCPKGUVCP
NC XKTVWF Q GN XKEKQ UKPQ SWG OWEJCU XGEGU WP JGEJQ FG
WP OQOGPVQ WP FKEJQ CIWFQ [ WPC PKGTC UKTXGP OU
RCTC RKPVCT WP ECTEVGT SWG DCVCNNCU GP SWG OWGTGP OKNNC
TGU FG JQODTGU PWOGTQUQU GLTEKVQU [ UKVKQU FG EKWFCFGU
2QT VCPVQ CU EQOQ NQU RKPVQTGU VQOCP RCTC TGVTCVCT NCU
UGOGLCP\CU FGN TQUVTQ [ CSWGNNCU HCEEKQPGU GP SWG OU UG
OCPKGUVC NC PFQNG [ GN ECTEVGT EWKFPFQUG RQEQ FG VQ
FQ NQ FGOU FG NC OKUOC OCPGTC FGDG C PQUQVTQU EQPEG
FTUGPQU GN SWG CVGPFCOQU OU C NQU KPFKEKQU FGN PKOQ
[ SWG RQT GNNQU FKDWLGOQU NC XKFC FG ECFC WPQ FGLCPFQ C
QVTQU NQU JGEJQU FG ITCPFG CRCTCVQ [ NQU EQODCVGU
3WG #NGLCPFTQ GTC RQT RCTVG FG RCFTG *GTCENKFC FGUEGP
FKGPVG FG %CTCPQ [ SWG GTC 'EKFC RQT RCTVG FG OCFTG
VTC[GPFQ QTKIGP FG 0GQRVNGOQ UQP EQUCU GP SWG IGPG
TCNOGPVG EQPXKGPGP VQFQU &EGUG SWG KPKEKCFQ (KNKRQ GP
5COQVTCEKC LWPVCOGPVG EQP 1NKORKC UKGPFQ VQFCXC LQ
XGP UG GPCOQT FG UVC SWG GTC PKC JWTHCPC FG RCFTG [
OCFTG [ SWG UG EQPEGTV UW OCVTKOQPKQ VTCVPFQNQ EQP GN
JGTOCPQ FG GNNC NNCOCFQ #TKODCU 2CTGEKNG C NC GURQUC
SWG CPVGU FG NC PQEJG GP SWG UG TGWPKGTQP GP GN VNCOQ
PWREKCN JCDKGPFQ VTQPCFQ NG EC[ WP TC[Q GP GN XKGPVTG
[ SWG FG IQNRG UG GPEGPFK OWEJQ HWGIQ GN EWCN FKXK
FKPFQUG FGURWU GP NNCOCU SWG UG GURCTEKGTQP RQT VQFCU
RCTVGU UG FKUKR (KNKRQ CNIP VKGORQ FGURWU FG EGNGDTC
FQ GN OCVTKOQPKQ VWXQ WP UWGQ GP GN SWG NG RCTGEK SWG
UGNNCDC GN XKGPVTG FG UW OWLGT [ SWG GN UGNNQ VGPC ITCDC
FC NC KOCIGP FG WP NGP .QU FGOU CFKXKPQU PQ ETGCP
SWG CSWGNNC XKUKP UKIPKECUG QVTC EQUC UKPQ SWG (KNKRQ
PGEGUKVCDC WPC XKIKNCPEKC OU CVGPVC GP UW OCVTKOQPKQ HGUQ VGPKGPFQ GN 5WEGUQ FGN VGORNQ RQT KPFKEKQ FG QVTQ
RGTQ #TKUVCPFTQ FG 6GNOGUQ FKLQ SWG CSWGNNQ UKIPKECDC
GUVCT 1NKORKC GPEKPVC RWGU NQ SWG GUV XCEQ PQ UG UGNNC [
SWG NQ GUVCDC FG WP PKQ XCNGTQUQ [ RCTGEKFQ GP UW PFQNG
C NQU NGQPGU 8KUG VCODKP WP FTCIP SWG GUVCPFQ FQT
OKFC 1NKORKC UG NG GPTGF CN EWGTRQ FG FQPFG RTQXKPQ
GUECUGCDC GN TGRQUCT EQP GNNC DKGP HWGTC RQT VGOGT SWG
WUCTC FG CNIWPQU GPECPVCOKGPVQU [ OCNGEKQU EQPVTC N Q
DKGP RQTSWG VWXKGTC TGRCTQ GP FQTOKT EQP WPC OWLGT SWG
UG JCDC C[WPVCFQ EQP WP UGT FG PCVWTCNG\C UWRGTKQT 6Q
FCXC EQTTG QVTC JKUVQTKC CEGTEC FG GUVCU EQUCU [ GU SWG
VQFCU NCU OWLGTGU FG CSWGN RCU FG VKGORQ OW[ CPVKIWQ
GUVCDCP KPKEKCFCU GP NQU /KUVGTKQU TEQU [ GP NCU QTICU
FG $CEQ [ UKGPFQ CRGNNKFCFCU %NQFQPGU [ /KOCNQPGU JC
ECP EQUCU OW[ RCTGEKFCU C NCU SWG GLGEWVCP NCU 'FPK
FGU [ NCU 6TCEKCU JCDKVCPVGU FGN OQPVG *GOQ FG FQPFG
JCDCP RTQXGPKFQ GN SWG GN XGTDQ UG CRNKECUG C UKIPKECT
UCETKEKQU CDWPFCPVGU [ NNGXCFQU CN GZEGUQ 2WGU CJQTC
1NKORKC SWG KOKVCDC OU SWG NCU QVTCU GUVG HCPCVKUOQ [
NCU GZEGFC GP GN GPVWUKCUOQ FG VCNGU GUVCU NNGXCDC GP
NCU LWPVCU DSWKECU WPCU UGTRKGPVGU ITCPFGU FQOGUVKECFCU
RQT GNNC NCU EWCNGU UCNKPFQUG OWEJCU XGEGU FG NC JKGFTC
[ FG NC \CTCPFC OUVKEC [ GPTQUEPFQUG GP NQU VKTUQU [ GP
NCU EQTQPCU CUWUVCDCP C NQU EQPEWTTGPVGU
&EGUG UKP GODCTIQ SWG JCDKGPFQ GPXKCFQ (KNKRQ C
3WGTP GN /GICNQRQNKVCPQ C &GNHQU FGURWU FGN UWGQ
NG VTCLQ FGN FKQU WP QTEWNQ RQT GN SWG NG RTGUETKDC SWG
UCETKECTC C #OP [ NG XGPGTCTC EQP GURGEKCNKFCF GPVTG
NQU FKQUGU [ GU VCODKP HCOC SWG RGTFK WP QLQ RQT JCDGT
XKUVQ CRNKEPFQUG C WPC TGPFKLC FG NC RWGTVC SWG GN FKQU
UG UQNC\CDC EQP UW OWLGT GP HQTOC FG FTCIP &G 1NKORKC
TGGTG 'TCVUVGPGU SWG CN FGURGFKT C #NGLCPFTQ GP QEC
UKP FG OCTEJCT CN GLTEKVQ NG FGUEWDTK C N UNQ GN CTECPQ
FG UW PCEKOKGPVQ [ NG GPECTI SWG UG RQTVCTC FG WP OQ
FQ FKIPQ FG UW QTKIGP RGTQ QVTQU CUGIWTCP SWG UKGORTG
OKT EQP JQTTQT UGOGLCPVG HDWNC FKEKGPFQ 5GT RQUK
DNG SWG #NGLCPFTQ PQ FGLG FG ECNWOPKCTOG CPVG *GTC!
0CEK RWGU #NGLCPFTQ GP GN OGU *GECVQODGP CN SWG
NNCOCDCP NQU /CEGFQPKQU .QQ GP GN FC UGZVQ GN OKUOQ
GP SWG UG CDTCU GN VGORNQ FG TVGOKU FG HGUQ NQ SWG
FKQ QECUKP C *GIGUKCU GN /CIPGUKQ RCTC WUCT FG WP EJKUVG
SWG JWDKGTC RQFKFQ RQT UW HTKCNFCF CRCICT CSWGN KPEGPFKQ
RQTSWG FKLQ SWG PQ GTC GZVTCQ JCDGTUG SWGOCFQ GN VGO
RNQ GUVCPFQ TVGOKU QEWRCFC GP CUKUVKT GN PCEKOKGPVQ FG
#NGLCPFTQ 6QFQU EWCPVQU OCIQU UG JCNNCTQP C NC UC\P GP
OCN EQTTCP NCUVKOPFQUG NQU TQUVTQU [ FKEKGPFQ C XQEGU
SWG CSWGN FC JCDC RTQFWEKFQ QVTC ITCP FGUXGPVWTC RCTC
GN #UKC #ECDCDC (KNKRQ FG VQOCT C 2QVKFGC EWCPFQ C WP
VKGORQ TGEKDK VTGU PQVKEKCU SWG JCDC XGPEKFQ C NQU +NK
TKQU GP WPC ITCP DCVCNNC RQT OGFKQ FG 2CTOGPKP SWG GP

  

NQU ,WGIQU 1NORKEQU JCDC XGPEKFQ EQP ECDCNNQ FG OQP UKC [ UG NGU JK\Q VCP COKIQ EQP UW DWGP VTCVQ [ EQP PQ
VCT [ SWG JCDC PCEKFQ #NGLCPFTQ 'UVCDC TGIQEKLCFQ EQP JCEGTNGU PKPIWPC RTGIWPVC KPHCPVKN Q SWG RWFKGTC RCTGEGT
GNNCU EQOQ GTC PCVWTCN [ NQU CFKXKPQU CETGEGPVCTQP VQFC HTXQNC UKPQ UQDTG NC FKUVCPEKC FG WPQU NWICTGU C QVTQU UQ
XC OU UW CNGITC OCPKHGUVPFQNG SWG CSWGN PKQ PCEKFQ DTG GN OQFQ FG XKCLCT UQDTG GN TG[ OKUOQ [ EWN GTC UW
GPVTG VTGU XKEVQTKCU UGTC KPXGPEKDNG FKURQUKEKP RCTC EQP NQU GPGOKIQU [ EWN NC HWGT\C [ RQ
FGT FG NQU 2GTUCU SWG UG SWGFCTQP CFOKTCFQU [ PQ VWXKG
TQP GP PCFC NC EGNGDTCFC UCICEKFCF FG (KNKRQ EQORCTCFC
EQP NQU EQPCVQU [ RGPUCOKGPVQU GNGXCFQU FGN JKLQ %WCP
VCU XGEGU XGPC PQVKEKC FG SWG (KNKRQ JCDC VQOCFQ CNIWPC
EKWFCF KNWUVTG Q JCDC XGPEKFQ GP CNIWPC OGOQTCDNG DC
.CU GUVCVWCU SWG EQP OU GZCEVKVWF TGRTGUGPVCP NC KOC VCNNC PQ UG OQUVTCDC CNGITG CN QTNC UKPQ SWG UQNC FGEKT
IGP FG UW EWGTRQ UQP NCU FG .KUKRQ SWG GTC GN PKEQ RQT C NQU FG UW GFCF 5GT RQUKDNG COKIQU SWG OK RCFTG
SWKGP SWGTC UGT TGVTCVCFQ RQTSWG GUVG CTVKUVC IWT EQP UG CPVKEKRG C VQOCTNQ VQFQ [ PQ PQU FGLG C PQUQVTQU PCFC
NC OC[QT XKXG\C CSWGNNC NKIGTC KPENKPCEKP FGN EWGNNQ CN NC DTKNNCPVG [ INQTKQUQ GP SWG RQFCOQU CETGFKVCTPQU! 2WGU
FQ K\SWKGTFQ [ CSWGNNC GZKDKNKFCF FG QLQU SWG EQP VCPVQ SWG PQ EQFKEKCPFQ RNCEGTGU PK TKSWG\CU UKPQ UNQ OTKVQ
EWKFCFQ RTQEWTCTQP KOKVCT FGURWU OWEJQU FG UWU UWEG [ INQTKC NG RCTGEC SWG EWCPVQ OU NG FGLCTC ICPCFQ GN
UQTGU [ FG UWU COKIQU #RGNGU CN RKPVCTNG EQP GN TC[Q PQ RCFTG OGPQU NG SWGFCTNC C N SWG XGPEGT [ ETG[GPFQ RQT
KOKV DKGP GN EQNQT RQTSWG NQ JK\Q OU OQTGPQ [ GPEGP NQ OKUOQ SWG GP EWCPVQ UG CWOGPVCDC GN 'UVCFQ GP QVTQ
FKFQ UKGPFQ DNCPEQ UGIP FKEGP EQP WPC DNCPEWTC UQP VCPVQ FGETGECP UWU HWVWTCU JC\CCU NQ SWG FGUGCDC GTC
TQUCFC RTKPEKRCNOGPVG GP GN RGEJQ [ GP GN TQUVTQ 5W EWVKU PQ TKSWG\CU PK TGICNQU PK RNCEGTGU UKPQ WP KORGTKQ SWG NG
GURKTCDC HTCICPEKC [ UW DQEC [ UW ECTPG VQFC FGURGFCP GN QHTGEKGTC EQODCVGU IWGTTCU [ CETGEGPVCOKGPVQU FG INQTKC
OGLQT QNQT GN SWG RGPGVTCDC UW TQRC UK JGOQU FG ETGGT NQ 'TCP OWEJQU EQOQ UG FGLC EQPQEGT NQU FGUVKPCFQU C UW
SWG NGGOQU GP NQU %QOGPVCTKQU FG #TKUVZGPQ .C ECWUC CUKUVGPEKC EQP NQU PQODTGU FG PWVTKEKQU C[QU [ OCGUVTQU
RQFC UGT NC EQORNGZKP FG UW EWGTRQ SWG GTC CTFKGPVG C VQFQU NQU EWCNGU RTGUKFC .GPKFCU XCTP CWUVGTQ GP UWU
[ HQIQUC RQTSWG GN DWGP QNQT PCEG FG NC EQEEKP FG NQU EQUVWODTGU [ RCTKGPVG FG 1NKORCFG RGTQ EQOQ PQ IWU
JWOQTGU RQT OGFKQ FGN ECNQT UGIP QRKPKP FG 6GQHTCU VCUG FG NC FGPQOKPCEKP FG C[Q UKP GODCTIQ FG UKIPKECT
VQ RQT NQ EWCN NQU NWICTGU UGEQU [ CTFKGPVGU FG NC VKGTTC WPC QEWRCEKP JQPGUVC [ TGEQOGPFCDNG GTC NNCOCFQ RQT
UQP NQU SWG RTQFWEGP GP OC[QT ECPVKFCF NQU OU UWCXGU VQFQU NQU FGOU C ECWUC FG UW FKIPKFCF [ RCTGPVGUEQ PW
CTQOCU [ GU SWG GN UQN FKUKRC NC JWOGFCF FG NC UWRGT VTKEKQ [ FKTGEVQT FG #NGLCPFTQ [ GN SWG VGPC VQFQ GN CKTG
EKG FG NQU EWGTRQU SWG GU NC OCVGTKC FG VQFC EQTTWREKP [ CRCTCVQ FG C[Q GTC .KUOCEQ PCVWTCN FG #ECTPCPKC GN
[ C #NGLCPFTQ NQ CTFKGPVG FG UW EQORNGZKP NG JK\Q UG EWCN C RGUCT FG SWG EQPUKUVC VQFC UW ETKCP\C GP FCTUG C U
IP RCTGEG DGDGFQT [ FG ITCPFGU CNKGPVQU 5KGPFQ VQFCXC OKUOQ GN PQODTG FG (PKZ C #NGLCPFTQ GN FG #SWKNGU [
OW[ LQXGP UG OCPKHGUV [C UW EQPVKPGPEKC RWGU EQP UGT C (KNKRQ GN FG 2GNGQ CITCFCDC OWEJQ EQP GUVC UKORNG\C
RCTC VQFQ NQ FGOU CTTQLCFQ [ XGJGOGPVG GP EWCPVQ C [ VGPC GN UGIWPFQ NWICT
NQU RNCEGTGU EQTRQTCNGU GTC RQEQ UGPUKDNG [ NQU WUCDC EQP
ITCP UQDTKGFCF EWCPFQ UW CODKEKP OQUVT FGUFG NWGIQ
WPC QUCFC [ WPC OCIPCPKOKFCF UWRGTKQTGU C UWU CQU
2QTSWG PQ VQFC INQTKC NG CITCFCDC PK VQFQU NQU RTKPEKRKQU
FG GNNC EQOQ C (KNKRQ SWG EWCN UK HWGTC WP UQUVC JCEC
ICNC FG UCDGT JCDNCT GNGICPVGOGPVG [ SWG ITCDCDC GP UWU 6TCLQ WP 6UCNQ NNCOCFQ (KNQPKEQ GN ECDCNNQ $WEHCNQ RC
OQPGFCU NCU XKEVQTKCU SWG GP 1NKORKC JCDC CNECP\CFQ GP TC XGPFGTNQ C (KNKRQ GP VTGEG VCNGPVQU [ JCDKGPFQ DCLCFQ
C WP FGUECORCFQ RCTC RTQDCTNQ RCTGEK URGTQ [ GPVGTC
ECTTQ UKPQ SWG C NQU FG UW HCOKNKC SWG NG JKEKGTQP RTQRQ
OGPVG KPFOKVQ UKP CFOKVKT LKPGVG PK UWHTKT NC XQ\ FG PKP
UKEKP FG UK SWGTC CURKTCT CN RTGOKQ GP GN GUVCFKQ RQTSWG
GTC UWOCOGPVG NKIGTQ RCTC NC ECTTGTC NGU TGURQPFK SWG IWPQ FG NQU SWG CEQORCCDCP C (KNKRQ UKPQ SWG C VQFQU
UNQ GP GN ECUQ FG JCDGT FG VGPGT TG[GU RQT EQORGVKFQTGUUG NGU RQPC FG OCPQU &GUCITCFNG C (KNKRQ [ FKQ QTFGP
'P IGPGTCN RCTGEG SWG GTC OW[ KPFKHGTGPVG C VQFC GURG FG SWG UG NQ NNGXCTCP RQT UGT GTQ G KPFEKN RGTQ #NGLCP
EKG FG EQODCVGU CVNVKEQU RWGU SWG EQUVGCPFQ OWEJQU FTQ SWG UG JCNNCDC RTGUGPVG b3W ECDCNNQ RKGTFGP FKLQ
UNQ RQT PQ VGPGT EQPQEKOKGPVQ PK TGUQNWEKP RCTC OCPG
EGTVOGPGU FG VTIKEQU FG CWVKUVCU FG EKVCTKUVCU [ CWP
LCTNG (KNKRQ CN RTKPEKRKQ ECNN OCU JCDKPFQNQ TGRGVKFQ
NQU FG NQU TCRUQFKUVCU Q TGEKVCFQTGU FG NCU RQGUCU FG *Q
OGTQ [ FCPFQ UKOWNCETQU FG ECEGTCU FG VQFQ IPGTQ [ NCUVKOPFQUG FG GNNQ OWEJCU XGEGU +PETGRCU NG TGRNKE
LWGIQU FG GUITKOC LCOU FG UW XQNWPVCF RTQRWUQ RTGOKQ C NQU SWG VKGPGP OU CQU SWG V EQOQ UK UWRKGTCU Q RW
FGN RWIKNCVQ Q FGN RCPETCEKQ FKGTCU OCPGLCT OGLQT GN ECDCNNQ C NQ SWG EQPVGUV 'UVG
[C UG XG SWG NQ OCPGLCT OGLQT SWG PCFKG 5K PQ UCNKGTGU
EQP VW KPVGPVQ EQPVKPW GN RCFTG EWN JC FG UGT NC RGPC
FG VW VGOGTKFCF! 2QT ,RKVGT  FKLQ RCICT GN RTGEKQ FGN
ECDCNNQ 'EJTQPUG C TGT [ EQPXGPKFQU GP NC ECPVKFCF
OCTEJ CN RWPVQ CFQPFG GUVCDC GN ECDCNNQ VQONG RQT NCU
6WXQ SWG TGEKDKT [ QDUGSWKCT JCNNPFQUG CWUGPVG (KNKRQ TKGPFCU [ XQNXKPFQNG NG RWUQ HTGPVG CN UQN RGPUCPFQ UG
C WPQU GODCLCFQTGU SWG XKPKGTQP FG RCTVG FGN TG[ FG 2GT IP RCTGEG SWG GN ECDCNNQ RQT XGT UW UQODTC SWG ECC [

UG OQXC LWPVQ C U GTC RQT NQ SWG UG KPSWKGVCDC 2CUNG
FGURWU NC OCPQ [ NG JCNCI RQT WP OQOGPVQ [ XKGPFQ
SWG VGPC HWGIQ [ DTQU UG SWKV RQEQ C RQEQ GN OCPVQ
CTTQLPFQNQ CN UWGNQ [ FG WP UCNVQ OQPV GP N UKP FKEWN
VCF 6KT WP RQEQ CN RTKPEKRKQ FGN HTGPQ [ UKP ECUVKICTNG
PK CWP VQECTNG NG JK\Q GUVCTUG SWGFQ %WCPFQ [C XKQ SWG
PQ QHTGEC TKGUIQ CWPSWG JGTXC RQT EQTTGT NG FKQ TKGPFC
[ NG CIKV WUCPFQ FG XQ\ HWGTVG [ CRNKEPFQNG NQU VCNQPGU
(KNKRQ [ NQU SWG EQP N GUVCDCP VWXKGTQP CN RTKPEKRKQ OW
EJQ EWKFCFQ [ UG SWGFCTQP GP UKNGPEKQ RGTQ EWCPFQ NG FKQ
NC XWGNVC EQP HCEKNKFCF [ UQNVWTC OQUVTPFQUG EQPVGPVQ [
CNGITG VQFQU NQU FGOU RTQTTWORKGTQP GP XQEGU FG CENC
OCEKP OCU FGN RCFTG UG TGGTG SWG NNQT FG IQ\Q [ SWG
DGUPFQNG GP NC ECDG\C NWGIQ SWG UG CRG $WUEC JKLQ
OQ NG FKLQ WP TGKPQ KIWCN C VK RQTSWG GP NC /CEGFQPKC
PQ ECDGU
1DUGTXCPFQ SWG GTC FG ECTEVGT RQEQ GZKDNG [ FG NQU SWG
PQ RWGFGP UGT NNGXCFQU RQT NC HWGT\C RGTQ SWG EQP NC TC
\P [ GN FKUEWTUQ UG NG EQPFWEC HEKNOGPVG C NQ SWG GTC
FGEQTQUQ [ LWUVQ RQT U OKUOQ RTQEWT OU DKGP RGTUWC
FKTNG SWG OCPFCTNG [ PQ VGPKGPFQ DCUVCPVG EQPCP\C GP
NQU OCGUVTQU FG OUKEC [ FG NCU FGOU JCDKNKFCFGU EQ
OWPGU RCTC SWG RWFKGTCP KPUVTWKTNG [ HQTOCTNG RQT GZK
IKT GUVQ OC[QT KPVGNKIGPEKC [ UGT UGIP CSWGNNC GZRTGUKP
FG 5HQENGU 1DTC FG OWEJQ HTGPQ [ OWEJC OCC GPXK
C NNCOCT GN NUQHQ FG OU HCOC [ OU GZVGPUQU EQPQ
EKOKGPVQU SWG GTC #TKUVVGNGU CN SWG FKQ WP JQPTQUQ [
EQPXGPKGPVG RTGOKQ FG UW GPUGCP\C RQTSWG TGGFKE FG
PWGXQ NC EKWFCF FG 'UVCIKTC FG FQPFG GTC PCVWTCN #TKUV
VGNGU SWG GN OKUOQ (KNKRQ JCDC CUQNCFQ [ TGUVKVW[ C GNNC
C NQU CPVKIWQU EKWFCFCPQU HWIKVKXQU Q GUENCXQU %QPEGFK
NGU RCTC GUEWGNC [ RCTC UWU GLGTEKEKQU GN NWICT EQPUCITCFQ C
NCU 0KPHCU KPOGFKCVQ C /KG\C FQPFG CWP CJQTC OWGUVTCP
NQU CUKGPVQU FG RKGFTC FG #TKUVVGNGU [ UWU RCUGQU FGHGP
FKFQU FGN UQN 2CTGEG SWG #NGLCPFTQ PQ UNQ CRTGPFK NC
VKEC [ NC RQNVKEC UKPQ SWG VQO VCODKP EQPQEKOKGPVQ
FG CSWGNNCU GPUGCP\CU ITCXGU TGUGTXCFCU C NCU SWG NQU
NUQHQU NNCOCP EQP PQODTGU VEPKEQU CETQCOVKECU [
GRRVKECU [ SWG PQ EQOWPKECP C NC OWEJGFWODTG 2QT
SWG JCDKGPFQ GPVGPFKFQ FGURWU FG JCDGT RCUCFQ [C CN
#UKC SWG #TKUVVGNGU JCDC RWDNKECFQ GP UWU NKDTQU CNIWPCU
FG GUVCU FQEVTKPCU NG GUETKDK JCDNPFQNG EQP FGUGPHCFQ
UQDTG NC OCVGTKC WPC ECTVC FG SWG GU EQRKC NC UKIWKGPVG
#NGLCPFTQ C #TKUVVGNGU HGNKEKFCF 0Q JCU JGEJQ DKGP GP
RWDNKECT NCU FQEVTKPCU CETQCOVKECU RQTSWG GP SW PQU
FKHGTGPEKCOQU FG NQU FGOU UK NCU EKGPEKCU GP SWG PQU JCU
KPUVTWKFQ JCP FG UGT EQOWPGU C VQFQU! 2WGU [Q OU SWKGTQ
UQDTGUCNKT GP NQU EQPQEKOKGPVQU VKNGU [ JQPGUVQU SWG GP
GN RQFGT &KQU VG IWCTFG #TKUVVGNGU RCTC CECNNCT GUVC
PQDNG CODKEKP UG FGHGPFK CEGTEC FG GUVCU FQEVTKPCU FK
EKGPFQ SWG PQ FGDC VGPGTNCU RQT FKXWNICFCU CWPSWG NCU
JCDC RWDNKECFQ RWGU GP TGCNKFCF UWU VTCVCFQU FG /GVCH
UKEC PQ GTCP VKNGU RCTC CRTGPFGT G KPUVTWKTUG RQT JCDGTNQ
GUETKVQ FGUFG NWGIQ RCTC UGTXKT EQOQ FG PFKEG Q TGEWGTFQ

C NQU [C CFQEVTKPCFQU
6GPIQ RQT EKGTVQ JCDGT UKFQ VCODKP #TKUVVGNGU SWKGP
RTKPEKRCNOGPVG KPURKT C #NGLCPFTQ UW CEKP C NC /GFK
EKPC RWGU PQ UNQ UG FGFKE C NC VGTKEC UKPQ SWG CUKUVC C
UWU COKIQU GPHGTOQU [ NGU RTGUETKDC GN TIKOGP [ OGFKEK
PCU EQPXGPKGPVGU EQOQ UG RWGFG KPHGTKT FG UWU ECTVCU 'P
IGPGTCN GTC PCVWTCNOGPVG KPENKPCFQ C NCU NGVTCU C CRTGP
FGT [ C NGGT [ EQOQ VWXKGUG C NC +NCFC RQT IWC FG NC FQE
VTKPC OKNKVCT [ CWP NG FKGUG GUVG PQODTG VQO EQTTGIKFC
FG OCPQ FG #TKUVVGNGU NC EQRKC SWG UG NNCOCDC .C +NCFC
FG NC ECLC NC SWG EQP NC GURCFC RQPC UKGORTG FGDCLQ
FG NC ECDGEGTC UGIP GUETKDG 1PGUETKVQ 0Q CDWPFCDCP
NQU NKDTQU GP /CEGFQPKC RQT NQ SWG FKQ QTFGP C *TRCNQ
RCTC SWG NQU GPXKCUG [ NG GPXK NQU NKDTQU FG (KNKUVQ OW
EJCU EQRKCU FG NCU VTCIGFKCU FG 'WTRKFGU FG 5HQENGU [
FG 'USWKNQ [ NQU FKVKTCODQU FG 6GNGUVGU [ FG (KNZGPQ #N
RTKPEKRKQ CFOKTCDC C #TKUVVGNGU [ NG VGPC UGIP FGEC N
OKUOQ PQ OGPQU COQT SWG C UW RCFTG RWGU UK FGN WPQ JC
DC TGEKDKFQ GN XKXKT FGN QVTQ GN XKXKT DKGP RGTQ CN ECDQ
FG VKGORQ VWXQ EKGTVQU TGEGNQU FG N PQ JCUVC GN RWPVQ FG
QHGPFGTNG GP PCFC UKPQ SWG GN PQ VGPGT [C UWU QDUGSWKQU
GN ECNQT [ NC XKXG\C SWG CPVGU FCDC OWGUVTCU FG CSWGNNC KP
FKURQUKEKP 5KP GODCTIQ GN COQT [ FGUGQ FG NC NQUQHC
SWG CSWGN NG KPHWPFK [C PQ UG DQTT PWPEC FG UW CNOC
EQOQ NQ CVGUVKIWCP GN JQPQT SWG FKURGPU C #PCZCTEQ NQU
EKPEWGPVC VCNGPVQU GPXKCFQU C ,GPETCVGU [ GN CORCTQ SWG
GP N JCNNCTQP &CPFCOKU [ %CNCPQ
*CEC (KNKRQ NC IWGTTC C NQU $K\CPVKPQU EWCPFQ #NGLCPFTQ
PQ VGPC OU SWG FKG\ [ UGKU CQU [ JCDKGPFQ SWGFCFQ GP
/CEGFQPKC EQP GN IQDKGTPQ [ EQP GN UGNNQ FG N UQOGVK C
NQU /GFQU SWG UG JCDCP TGDGNCFQ VQONGU NC ECRKVCN FG
NC SWG CTTQL C NQU DTDCTQU [ TGRQDNPFQNC EQP IGPVGU FG
FKHGTGPVGU RCUGU NG FKQ GN PQODTG FG #NGLCPFTRQNKU 'P
3WGTQPGC EQPEWTTK C NC DCVCNNC FCFC EQPVTC NQU )TKGIQU
[ UG FKEG JCDGT UKFQ GN RTKOGTQ SWG CEQOGVK C NC EQJQT
VG UCITCFC FG NQU 6GDCPQU VQFCXC GP PWGUVTQ VKGORQ UG
OWGUVTC C QTKNNCU FGN %GUQ WPC GPEKPC CPVKIWC NNCOCFC
FG #NGLCPFTQ LWPVQ C NC EWCN VWXQ UW VKGPFC [ CNN EGTEC
GUV GN EGOGPVGTKQ FG NQU /CEGFQPKQU (KNKRQ EQP GUVQU
JGEJQU COCDC GZVTCQTFKPCTKCOGPVG CN JKLQ VCPVQ SWG UG
CNGITCDC FG SWG NQU /CEGFQPKQU NNCOCTCP TG[ C #NGLCPFTQ
[ IGPGTCN C (KNKRQ RGTQ NCU KPSWKGVWFGU SWG UQDTGXKPKGTQP
GP NC ECUC EQP OQVKXQ FG NQU COQTGU [ NQU OCVTKOQPKQU FG
UVG JCEKGPFQ GP EKGTVC OCPGTC SWG GPHGTOCTC GN TGKPQ C
NC RCT FG NC WPKP EQP[WICN RTQFWLGTQP OWEJCU SWGLCU [
ITCPFGU FGUCXGPGPEKCU NCU SWG JCEC OC[QTGU GN OCN IG
PKQ FG 1NKORCFG OWLGT UWURKEC\ [ EQNTKEC SWG RTQEW
TCDC CECNQTCT C #NGLCPFTQ *\QNCU UWDKT FG RWPVQ VCNQ
GP NCU DQFCU FG %NGQRCVTC FQPEGNNC EQP SWKGP UG ECU (K
  
NKRQ GPCOQTCFQ FG GNNC HWGTC FG UW GFCF VCNQ GTC VQ FG
UVC [ GODTKCICFQ GP OGFKQ FG NQU DTKPFKU GZJQTVCDC C
NQU /CEGFQPKQU C SWG RKFKGTCP C NQU FKQUGU NGU EQPEGFKG
TCP FG (KNKRQ [ %NGQRCVTC WP UWEGUQT NGIVKOQ FGN TGKPQ
+TTKVCFQ EQP GUVQ #NGLCPFTQ 2WGU SWG NG FKLQ OCNC
ECDG\C VG RCTGEG SWG [Q UQ[ DCUVCTFQ! [ NG VKT EQP NC
VC\C .GXCPVUG (KNKRQ EQPVTC N FGUGPXCKPCPFQ NC GURC
FC RGTQ RQT HQTVWPC FG CODQU EQP NC ENGTC [ GN XKPQ UG
NG HWG GN RKG [ EC[ [ GPVQPEGU #NGLCPFTQ GZENCO EQP
KPUWNVQ 'UVG GU b1J /CEGFQPKQU GN JQODTG SWG UG RTG
RCTCDC RCTC RCUCT FG NC 'WTQRC CN #UKC [ RCUCPFQ CJQTC
FG WP GUECQ C QVTQ JC XGPKFQ CN UWGNQ &G TGUWNVC FG GUVC
KPFGEGPVG TG[GTVC VQOCPFQ EQPUKIQ C 1NKORCFG [ GUVC
DNGEKPFQNC GP GN 'RKTQ N UG HWG C JCDKVCT GP +NKTKC 'P
GUVQ &GOCTCVQ FG %QTKPVQ SWG GTC JWURGF FG NC ECUC [
JQODTG HTCPEQ RCU C XGT C (KNKRQ [ EQOQ FGURWU FG
NQU CDTC\QU [ RTKOGTQU QDUGSWKQU NG RTGIWPVCUG UVG E
OQ GP RWPVQ C EQPEQTFKC UG JCNNCDCP NQU )TKGIQU WPQU EQP
QVTQU 2WGU GU EKGTVQ NG EQPVGUV SWG VG GUV C VK DKGP bQJ
(KNKRQ GN OQUVTCT GUG EWKFCFQ RQT NC )TGEKC EWCPFQ JCU
NNGPCFQ VW RTQRKC ECUC FG VWTDCEKP [ FG OCNGU 8WGNVQ
GP U (KNKRQ EQP GUVC CFXGTVGPEKC GPXK C NNCOCT C #NGLCP
FTQ [ EQPUKIWK CVTCGTNG RQT OGFKQ FG NCU RGTUWCUKQPGU FG
&GOCTCVQ
5WEGFK C RQEQ SWG 2GZQFQTQ UVTCRC FG %CTKC EQP NC
OKTC FG ICPCTUG NC CNKCP\C FG (KNKRQ EQPVTC[GPFQ FGWFQ
EQP N RGPU FCT GP OCVTKOQPKQ UW JKLC OC[QT C #TTKFGQ
JKLQ FG (KNKRQ RCTC NQ SWG GPXK C #TKUVETKVQ C /CEGFQ
PKC EQP GUVG OQVKXQ KPVGTXKPKGTQP PWGXCU JCDNKNNCU [ PWG
XCU ECNWOPKCU FG NQU COKIQU [ FG NC OCFTG EQP #NGLCPFTQ
CEJCECPFQ C (KNKRQ SWG EQP GUVQU DTKNNCPVGU GPNCEGU [ GUVQU
CRQ[QU VTCVCDC FG RTGRCTCT RCTC GN VTQPQ C #TTKFGQ +PEQ
OQFCFQ #NGLCPFTQ GPXC C %CTKC RQT UW RCTVG C 6UCNQ
CEVQT FG VTCIGFKCU EQP GN GPECTIQ FG RTQRQPGT C 2GZQFQ
TQ SWG FGLCPFQ C WP NCFQ GN FGN DCUVCTFQ [ PQ OW[ CXKUC
FQ VTCUNCFG GN GPNCEG C N OKUOQ NQ SWG CEQOQF OWEJQ
OU C 2GZQFQTQ SWG GN RTKOGT RTQ[GEVQ RGTQ JCDKPFQNQ
GPVGPFKFQ (KNKRQ UG HWG C NC JCDKVCEKP FG #NGLCPFTQ [
JCEKGPFQ EQPXQECT C (KNQVCU JKLQ FG 2CTOGPKP WPQ FG
UWU OU PVKOQU COKIQU C RTGUGPEKC FG UVG NG KPETGR
XKQNGPVCOGPVG [ NG TGEQPXKPQ EQP CURGTG\C UQDTG SWG UG
OQUVTCDC JQODTG TWKP G KPFKIPQ FG NQU DKGPGU SWG UW EQP
FKEKP NG QHTGEC UK VGPC RQT EQPXGPKGPEKC UGT [GTPQ FG WP
JQODTG FG %CTKC SWG GP UWOC GTC WP GUENCXQ 'UETKDK
CFGOU C NQU %QTKPVKQU RCTC SWG C 6UCNQ UG NQ TGOKVKG
UGP EQP RTKUKQPGU [ FG NQU FGOU COKIQU FG #NGLCPFTQ
FGUVGTT FG /CEGFQPKC C *TRCNQ [ C 0GCTEQ C (TKIKQ [
C 6QNQOGQ C NQU EWCNGU TGUVKVW[ FGURWU #NGLCPFTQ [ NQU
VWXQ GP GN OC[QT JQPQT [ CRTGEKQ .WGIQ EWCPFQ 2CWUC
PKCU CHTGPVCFQ RQT FKURQUKEKP FG VCNQ [ %NGQRCVTC PQ
RWFQ QDVGPGT LWUVKEKC [ EQP GUVG OQVKXQ FKQ OWGTVG C (K
NKRQ NC EWNRC UG ECTI RTKPEKRCNOGPVG C 1NKORCFG CVTK
DW[PFQNG SWG JCDC KPEKVCFQ [ CECNQTCFQ C CSWGN LQXGP
JGTKFQ FG UW QHGPUC [ CWP CNECP\ CNIQ FG GUVC CEWUCEKP
C #NGLCPFTQ RWGU UG FKEG SWG GPEQPVTPFQNG 2CWUCPKCU
FGURWU FG NC KPLWTKC [ NCOGPVPFQUG FG GNNC NG TGEKV
CSWGN [CODQ FG NC /GFGC #N SWG NC FKQ CN GURQUQ [ C
NC GURQUC %QP VQFQ RGTUKIWKGPFQ [ DWUECPFQ FKNKIGPVG
OGPVG C VQFQU NQU UQEKQU FG CSWGN ETKOGP NQU ECUVKI [
RQTSWG 1NKORCFG GP CWUGPEKC UW[C VTCV ETWGNOGPVG C
%NGQRCVTC UG OQUVT QHGPFKFQ [ NQ NNGX OW[ C OCN
6GPC XGKPVG CQU EWCPFQ UG GPECTI FGN TGKPQ EQODCVK
FQ RQT VQFCU RCTVGU FG NC GPXKFKC [ FG VGTTKDNGU QFKQU [
RGNKITQU RQTSWG NQU DTDCTQU FG NCU PCEKQPGU XGEKPCU PQ
RQFCP UWHTKT NC GUENCXKVWF [ UWURKTCDCP RQT UWU CPVKIWQU
TG[GU [ GP EWCPVQ C NC )TGEKC CWPSWG (KNKRQ NC JCDC UQ
LW\ICFQ RQT NCU CTOCU CRGPCU JCDC VGPKFQ VKGORQ RCTC
FQOCTNC [ COCPUCTNC RWGU PQ JCDKGPFQ JGEJQ OU SWG
XCTKCT [ CNVGTCT UWU EQUCU NCU JCDC FGLCFQ GP ITCP KPSWKG
VWF [ FGUQTFGP RQT NC PQXGFCF [ HCNVC FG EQUVWODTG 6G
OCP NQU /CEGFQPKQU GUVG GUVCFQ FG NQU PGIQEKQU [ GTCP
FG QRKPKP FG SWG TGURGEVQ FG NC )TGEKC FGDC NGXCPVCT
UG GPVGTCOGPVG NC OCPQ UKP VQOCT GN OGPQT GORGQ [
FG SWG C NQU DTDCTQU SWG UG JCDCP TGDGNCFQ UG NGU CVTC
LGUG EQP DNCPFWTC CRNKECPFQ TGOGFKQ C NQU RTKPEKRKQU FG
CSWGN VTCUVQTPQ RGTQ #NGLCPFTQ RGPUCPFQ FG WP OQFQ
GPVGTCOGPVG QRWGUVQ UG FGEKFK C CFSWKTKT NC UGIWTKFCF [
NC UCNWF EQP NC QUCFC [ NC GPVGTG\C RWGU SWG UK UG XKGUG
SWG FGECC FG PKOQ GP NQ OU OPKOQ VQFQU XGPFTCP
C ECTICT UQDTG N 2QT VCPVQ C NCU TGDGNKQPGU [ IWGTTCU
FG NQU DTDCTQU NGU RWUQ RTQPVCOGPVG VTOKPQ EQTTKGPFQ
EQP UW GLTEKVQ JCUVC GN +UVTQ [ GP WPC ITCP DCVCNNC XGPEK
C 5KTOQ TG[ FG NQU 6TKDCNQU %QOQ JWDKGUG UCDKFQ SWG UG
JCDCP UWDNGXCFQ NQU 6GDCPQU [ SWG GUVCDCP FG CEWGTFQ
EQP NQU #VGPKGPUGU SWGTKGPFQ CETGFKVCTUG FG JQODTG CN
RWPVQ OCTEJ EQP UWU HWGT\CU RQT NCU 6GTORKNCU FKEKGP
FQ SWG RWGU &GOUVGPGU NG JCDC NNCOCFQ PKQ OKGPVTCU
GUVWXQ GPVTG NQU +NKTKQU [ 6TKDCNQU [ OWEJCEJQ FGURWU GP
6GUCNKC SWGTC JCEGTNG XGT CPVG NQU OWTQU FG #VGPCU SWG
[C GTC JQODTG 5KVWCFQ RWGU FGNCPVG FG 6GDCU FPFQNGU
VKGORQ RCTC CTTGRGPVKTUG FG NQ RCUCFQ TGENCO C (PKZ [
2TVKVGU [ OCPF GEJCT RTGIP QHTGEKGPFQ KORWPKFCF C
NQU SWG OWFCTCP FG RTQRUKVQ RGTQ TGENCOCPFQ FG N C UW
XG\ NQU 6GDCPQU C (KNQVCU [ #PVRCVTQ [ GEJCPFQ GN RTGIP
FG SWG NQU SWG SWKUKGTCP NC NKDGTVCF FG NC )TGEKC UG WPKG
TCP EQP GNNQU FKURWUQ UWU /CEGFQPKQU C NC IWGTTC 2GNGC
TQP NQU 6GDCPQU EQP WP XCNQT [ WP CTTQLQ UWRGTKQTGU C UWU
HWGT\CU RWGU XGPCP C UGT WPQ RCTC OWEJQU GPGOKIQU RG
TQ JCDKGPFQ FGUCORCTCFQ NC EKWFCFGNC NNCOCFC %CFOGC
NCU VTQRCU OCEGFQPKCU SWG NC IWCTPGECP EC[GTQP UQDTG
GNNQU RQT NC GURCNFC [ GPXWGNVQU RGTGEKGTQP NQU OU GP
GUVG NVKOQ RWPVQ FG NC DCVCNNC 6QO NC EKWFCF NC GPVTG
I CN UCSWGQ [ NC CUQN RTKPEKRCNOGPVG RQT GURGTCT SWG
CUQODTCFQU G KPVKOKFCFQU NQU )TKGIQU EQP UGOGLCPVG EC
NCOKFCF PQ XQNXKGTCP C TGDWNNKTUG RGTQ VCODKP SWKUQ FCT
C GPVGPFGT SWG GP GUVQ UG JCDC RTGUVCFQ C NCU SWGLCU FG
NQU CNKCFQU RQTSWG NQU (QEGPUGU [ 2NCVGGPUGU CEWUCDCP C
NQU 6GDCPQU *K\Q RWGU UCNKT C NQU UCEGTFQVGU C VQFQU NQU
 

JWURGFGU FG NQU /CEGFQPQU C NQU FGUEGPFKGPVGU FG 2P

FCTQ [ C NQU SWG UG JCDCP QRWGUVQ C NQU SWG FGETGVCTQP
NC UWDNGXCEKP C VQFQU NQU FGOU NQU RWUQ GP XGPVC SWG %QPITGICFQU NQU )TKGIQU GP GN +UVOQ FGETGVCTQP OCTEJCT
HWGTQP EQOQ WPQU VTGKPVC OKN JQODTGU UKGPFQ OU FG UGKU EQP #NGLCPFTQ C NC IWGTTC EQPVTC NC 2GTUKC PQODTPFQNG
OKN NQU SWG OWTKGTQP GP GN EQODCVG IGPGTCN [ EQOQ HWGUGP OWEJQU NQU JQODTGU FG 'UVCFQ [
NQU NUQHQU SWG NG XKUKVCDCP [ NG FCDCP GN RCTCDKP GU
RGTCDC SWG JCTC QVTQ VCPVQ &KIGPGU GN FG 5KPQRG SWG
TGUKFC GP %QTKPVQ /CU UVG PKPIWPC EWGPVC JK\Q FG #NG
LCPFTQ UKPQ SWG RCUCDC VTCPSWKNCOGPVG UW XKFC GP GN DC
TTKQ NNCOCFQ %TCPGQ [ CU JWDQ FG RCUCT #NGLCPFTQ C
'P OGFKQ FG NQU OWEJQU [ VGTTKDNGU OCNGU SWG CKIKGTQP XGTNG *CNNDCUG ECUWCNOGPVG VGPFKFQ CN UQN [ JCDKPFQ
C CSWGNNC FGUITCEKCFC EKWFCF CNIWPQU 6TCEKQU SWGDTCPVC UG KPEQTRQTCFQ WP RQEQ C NC NNGICFC FG VCPVQU RGTUQPCLGU
TQP NC ECUC FG 6KOQENGC OWLGT RTKPEKRCN [ FG QTFGPCFC L NC XKUVC GP #NGLCPFTQ 5CNWFNG UVG [ RTGIWPVPFQ
EQPFWEVC [ OKGPVTCU NQU FGOU UCSWGCDCP NQU DKGPGU GN NG GP UGIWKFC UK UG NG QHTGEC CNIWPC EQUC /W[ RQEQ NG
LGHG FGURWU FG JCDGT KPUWNVCFQ [ JGEJQ XKQNGPEKC CN COC TGURQPFK SWG VG SWKVGU FGN UQN &EGUG SWG #NGLCPFTQ
NG RTGIWPV UK JCDC QEWNVCFQ RNCVC W QTQ GP CNIWPC RCT EQP CSWGNNC GURGEKG FG OGPQURTGEKQ SWGF VCP CFOKTCFQ
VG %QPHGUNG SWG U [ NNGXPFQNG UNQ CN JWGTVQ NG OQUVT FG UGOGLCPVG GNGXCEKP [ ITCPFG\C FG PKOQ SWG EWCP
GN RQ\Q FKEKGPFQ SWG CN VQOCTUG NC EKWFCF JCDC CTTQLC FQ TGVKTCFQU FG CNN GORG\CTQP NQU SWG NG CEQORCCDCP
FQ CNN NQ OU RTGEKQUQ FG UW ECWFCN #EGTEUG GN 6TCEKQ [ C TGTUG [ DWTNCTUG N NGU FKLQ 2WGU [Q C PQ UGT #NG
EWCPFQ UG RWUQ C TGEQPQEGT GN RQ\Q JCDKPFQUGNG CSWNNC LCPFTQ FG DWGPC ICPC HWGTC &KIGPGU 3WKUQ RTGRCTCT
RWGUVQ FGVTU NG CTTQL [ GEJPFQNG GPEKOC OWEJCU RKG UG RCTC NC GZRGFKEKP EQP NC CRTQDCEKP FG #RQNQ [ JC
FTCU CECD EQP N .NGXTQPNC NQU 6TCEKQU CVCFC CPVG #NG DKGPFQ RCUCFQ C &GNHQU ECUWCNOGPVG NQU FCU GP SWG NNGI
LCPFTQ [ FGUFG NWGIQ SWG UG RTGUGPV RCTGEK WPC RGTUQPC GTCP PGHCUVQU GP NQU SWG PQ GU RGTOKVKFQ FCT TGURWGUVCU
TGURGVCDNG [ CPKOQUC RWGU UGIWC C NQU SWG NC EQPFWECP EQP VQFQ NQ RTKOGTQ SWG JK\Q HWG NNCOCT C NC UCEGTFQVK
UKP FCT NC OGPQT OWGUVTC FG VGOQT Q UQDTGUCNVQ &GURWU UC RGTQ PGIPFQUG UVC [ QDLGVCPFQ NC FKURQUKEKP FG NC
RTGIWPVPFQNG GN 4G[ SWKP GTC TGURQPFK UGT JGTOCPC FG NG[ UWDK FQPFG UG JCNNCDC [ RQT HWGT\C NC VTCLQ CN VGO
6GIGPGU GN SWG JCDC RGNGCFQ EQPVTC (KNKRQ RQT NC NKDGT RNQ 'NNC GPVQPEGU OKTPFQUG EQOQ XGPEKFC RQT CSWGNNC
VCF FG NQU )TKGIQU [ JCDC OWGTVQ FG IGPGTCN GP NC DCVCNNC FGVGTOKPCEKP 'TGU KPXGPEKDNG bQJ LQXGP GZRTGU NQ
FG 3WGTQPGC #FOKTCFQ RWGU #NGLCPFTQ FG UW TGURWGUVC SWG QFQ RQT #NGLCPFTQ FKLQ SWG [C PQ PGEGUKVCDC QVTQ
[ FG NQ SWG JCDC GLGEWVCFQ NC FGL GP NKDGTVCF C GNNC [ C XCVKEKPKQ RWGU JCDC GUEWEJCFQ FG UW DQEC GN QTEWNQ SWG
UWU JKLQU CRGVGEC %WCPFQ [C GUVCDC GP OCTEJC RCTC NC GZRGFKEKP
CRCTGEKGTQP FKHGTGPVGU RTQFKIKQU [ UGCNGU [ GPVTG GNNQU
GN FG SWG NC GUVCVWC FG 1THGQ GP .KDGVTC SWG GTC FG EK
RTU FGURKFK EQRKQUQ UWFQT RQT CSWGNNQU FCU # OWEJQU
NGU KPURKTCDC OKGFQ GUVG RQTVGPVQ RGTQ #TKUVCPFTQ NQU GZ
JQTV C NC EQPCP\C 2WGU UKIPKEC FKLQ SWG #NGLCPFTQ
# NQU #VGPKGPUGU NQU CFOKVK C TGEQPEKNKCEKP CWP GP OG GLGEWVCT JC\CCU FKIPCU FG UGT ECPVCFCU [ CRNCWFKFCU NCU
FKQ FG JCDGT JGEJQ ITCPFGU FGOQUVTCEKQPGU FG UGPVKOKGP SWG RQT VCPVQ FCTP OWEJQ SWG VTCDCLCT [ SWG UWFCT C
VQ RQT GN KPHQTVWPKQ FG 6GDCU RWGU VGPKGPFQ GPVTG OCPQU NQU RQGVCU [ OUKEQU SWG JC[CP FG EGNGDTCTNCU
NC GUVC FG NQU /KUVGTKQU NC FGLCTQP RQT CSWGN FWGNQ [
C NQU SWG UG TGHWIKCTQP GP #VGPCU NGU RTGUVCTQP VQFQU NQU
QEKQU FG JWOCPKFCF OCU EQP VQFQ DKGP HWGUG RQT JCDGT
UCEKCFQ [C UW ENGTC EQOQ NQU NGQPGU Q DKGP RQTSWG SWK
UKGUG QRQPGT WP CEVQ FG ENGOGPEKC C QVTQ FG UWOC ETWGN
FCF [ CURGTG\C PQ UNQ NQU KPFWNV FG VQFQ ECTIQ UKPQ SWG %QORQPCUG UW GLTEKVQ UGIP NQU SWG FKEGP OGPQU FG
NQU GZJQTV C SWG CVGPFKGUGP CN DWGP QTFGP FG NC EKWFCF VTGKPVC OKN JQODTGU FG KPHCPVGTC [ EKPEQ OKN FG ECDCNNG
EQOQ SWG JCDC FG VQOCT GN KORGTKQ FG NC )TGEKC UK C N TC [ NQU SWG OU NG FCP JCUVC VTGKPVC [ EWCVTQ OKN KPHCPVGU
NG UQDTGXGPC CNIWPC FGUITCEKC [ FG CNN GP CFGNCPVG UG [ EWCVTQ OKN ECDCNNQU [ RCTC VQFQ GUVQ FKEG #TKUVQDWNQ SWG
FKEG SWG NG ECWUCDC UWOQ FKUIWUVQ CSWGNNC ECNCOKFCF FG PQ VGPC OU HQPFQU SWG UGVGPVC VCNGPVQU [ &WTKU SWG UNQ
NQU 6GDCPQU RQT NQ SWG UG OQUVT OW[ DGPKIPQ EQP NQU EQPVCDC EQP XXGTGU RCTC VTGKPVC FCU OCU 1PGUETKVQ TG
FGOU RWGDNQU [ NQ QEWTTKFQ EQP %NKVQ GPVTG NQU DTKPFKU GTG SWG JCDC VQOCFQ C ETFKVQ FQUEKGPVQU VCNGPVQU 2WGU
FG WP HGUVP [ NC EQDCTFC GP NC +PFKC FG NQU /CEGFQPKQU EQP VQFQ FG JCDGT GORG\CFQ EQP VCP RGSWGQU [ GUECUQU
RQT NC SWG GP EWCPVQ GUVWXQ FG UW RCTVG FGLCTQP KPEQORNG OGFKQU CPVGU FG GODCTECTUG UG KPHQTO FGN GUVCFQ SWG
VC UW GZRGFKEKP [ UW INQTKC HWGTQP EQUCU SWG NCU CVTKDW[ VGPCP NCU EQUCU FG UWU COKIQU FKUVTKDW[GPFQ GPVTG GNNQU
UKGORTG C KTC [ XGPICP\C FG $CEQ 2QT P FG NQU 6GDC C WPQ WP ECORQ C QVTQ WP VGTTGPQ [ C QVTQ NC TGPVC FG WP
PQU SWG SWGFCTQP EQP XKFC PKPIWPQ UG NG CEGTE C RGFKTNG ECUGTQ Q FG WP RWGTVQ %WCPFQ [C JCDC ICUVCFQ [ CRNKEC
CNIWPC EQUC SWG PQ UCNKGTC DKGP FGURCEJCFQ [ GUVQ GU NQ FQ UG RWGFG FGEKT VQFQU NQU DKGPGU [ TGPVCU FG NC EQTQPC
SWG JC[ SWG TGHGTKT UQDTG NC VQOC FG 6GDCU NG RTGIWPV 2GTFKECU ; RCTC VK bQJ TG[ SW GU NQ SWG
  
FGLCU! %QOQ NG EQPVGUVCUG SWG NCU GURGTCP\CU 2WGU PQ
RCTVKEKRCTGOQU VCODKP FG GNNCU TGRWUQ NQU SWG JGOQU
FG CEQORCCTVG GP NC IWGTTC! ; TGPWPEKCPFQ 2GTFKECU
NC RCTVG SWG NG JCDC CUKIPCFQ CNIWPQU FG NQU FGOU COK
IQU JKEKGTQP QVTQ VCPVQ RGTQ C NQU SWG VQOCTQP NCU UW[CU
Q NCU TGENCOCTQP UG NCU GPVTGI EQP NCTIWG\C [ EQP GU
VG TGRCTVKOKGPVQ EQPENW[ EQP ECUK VQFQ NQ SWG VGPC GP
/CEGFQPKC &KURWGUVQ [ RTGXGPKFQ FG GUVC OCPGTC RCU
GN *GNGURQPVQ [ DCLCPFQ C VKGTTC GP +NKP JK\Q UCETKEKQ
C #VGPC [ NKDCEKQPGU C NQU JTQGU 7PIK NCTICOGPVG NC
EQNWOPC GTKIKFC C #SWKNGQ [ EQTTKGPFQ FGUPWFQ EQP UWU
COKIQU CNTGFGFQT FG GNNC UGIP GU EQUVWODTG NC EQTQP
NNCOCPFQ C UVG DKGPCXGPVWTCFQ RQTSWG GP XKFC VWXQ WP
COKIQ GN [ FGURWU FG UW OWGTVG WP ITCP RQGVC %WCP
FQ CPFCDC TGEQTTKGPFQ NC EKWFCF [ XKGPFQ NQ SWG JCDC FG
PQVCDNG GP GNNC NG RTGIWPV WPQ UK SWGTC XGT NC NKTC FG 2C
TKU [ N NG TGURQPFK SWG UVG PCFC NG KORQTVCDC [ NC SWG
DWUECDC GTC NC FG #SWKNGQ EQP NC SWG ECPVCDC GUVG JTQG
NQU ITCPFGU [ INQTKQUQU JGEJQU FG NQU XCTQPGU GUHQT\CFQU
'P GUVQ NQU IGPGTCNGU FG &CTQ JCDCP TGWPKFQ OWEJCU
HWGT\CU [ EQOQ NCU VWXKGUG QTFGPCFCU RCTC KORGFKT GN RC
UQ FGN )TCPKEQ FGDC VGPGTUG RQT KPFKURGPUCDNG GN FCT WPC
DCVCNNC RCTC CDTKTUG NC RWGTVC FGN #UKC UK UG JCDC FG GP
VTCT [ FQOKPCT GP GNNC RGTQ NQU OU VGOCP NC RTQHWPFKFCF
FGN TQ [ NC FGUKIWCNFCF [ CURGTG\C FG NC QTKNNC QRWGUVC C
NC SWG UG JCDC FG UWDKT RGNGCPFQ [ C CNIWPQU NGU FGVG
PC VCODKP EKGTVC UWRGTUVKEKP TGNCVKXC CN OGU RQT EWCP
VQ GP GN &GUKQ GTC EQUVWODTG FG NQU TG[GU FG /CEGFQPKC
PQ QDTCT EQP GN GLTEKVQ RGTQ GUVQ NQ TGOGFK #NGLCPFTQ
OCPFCPFQ SWG UG EQPVCTC QVTC XG\ GN #TVGOKUKQ 1RQPC
UG FG QVTQ NCFQ 2CTOGPKP C SWG UG VTCDCTC EQODCVG
RQT GUVCT [C CFGNCPVCFC NC VCTFG RGTQ FKEKGPFQ #NGLCPFTQ
SWG UG CXGTIQP\CTC GN *GNGURQPVQ UK JCDKPFQNQ RCUCFQ
VGOKGTCP CN )TCPKEQ UG CTTQL CN CIWC EQP VTGEG JKNGTCU
FG ECDCNNGTC [ OCTEJCPFQ EQPVTC NQU FCTFQU GPGOKIQU [
EQPVTC UKVKQU GUECTRCFQU FGHGPFKFQU EQP IGPVG CTOCFC [
EQP ECDCNNGTC CTTGDCVCFQ [ EWDKGTVQ GP EKGTVC OCPGTC FG
NC EQTTKGPVG RCTGEC SWG OU GTC CSWGNNQ CTTQLQ FG HWTQT
[ NQEWTC SWG TGUQNWEKP FG DWGP ECWFKNNQ /CU N UGIWC
GORGCFQ GP GN RCUQ [ NNGICPFQ C JCEGT RKG EQP VTCDCLQ
[ FKEWNVCF GP NWICTGU JOGFQU [ TGUDCNCFK\QU RQT GN DC
TTQ NG HWG RTGEKUQ RGNGCT CN RWPVQ GP FGUQTFGP [ ECFC WPQ
UGRCTCFQ EQPVTC NQU SWG NGU ECTICDCP CPVGU SWG RWFKGTCP
VQOCT HQTOCEKP NQU SWG KDCP RCUCPFQ RQTSWG NQU CEQOG
VCP EQP ITCPFG CNIC\CTC QRQPKGPFQ ECDCNNQU C ECDCNNQU [
GORNGCPFQ NCU NCP\CU [ EWCPFQ UVCU UG TQORCP NCU GU
RCFCU &KTKIKTQPUG OWEJQU EQPVTC N OKUOQ RQTSWG UG
JCEC PQVCT RQT GN GUEWFQ [ GN RGPCEJQ FGN OQTTKP SWG
ECC RQT WPQ [ QVTQ NCFQ HQTOCPFQ EQOQ FQU CNCU OC
TCXKNNQUCU GP UW DNCPEWTC [ GP UW OCIPKVWF [ JCDKPFQNG
CTTQLCFQ WP FCTFQ SWG NG CEGTV GP GN TGOCVG FG NC EQTC\C
PQ SWGF JGTKFQ 5QDTGXKPKGTQP C WP VKGORQ NQU IGPGTC
NGU 4GUCEGU [ 'URKVTKFCVGU [ JWTVCPFQ GN EWGTRQ C UVG
C 4GUCEGU CTOCFQ FG EQTC\C NG VKT WP DQVG FG NCP\C
[ TQVC UVC OGVK OCPQ C NC GURCFC $CVKPFQUG NQU FQU
CEGTE RQT GN CPEQ UW ECDCNNQ 'URKVTKFCVGU [ RQPKPFQUG
C RWPVQ NG CNECP\ EQP NC C\EQPC FG SWG WUCDCP CSWGNNQU
DTDCTQU EQP NC EWCN NG FGUVTQ\ GN RGPCEJQ NNGXPFQUG
WPC FG NCU CNCU GN OQTTKP TGUKUVK EQP FKEWNVCF CN IQN
RG VCPVQ SWG CWP RGPGVT NC RWPVC [ NNGI C VQECTNG GP GN
ECDGNNQ &KURQPCUG 'URKVTKFCVGU C TGRGVKT GN IQNRG RGTQ
NQ RTGXKPQ %NKVQ GN PGITQ RCUPFQNG FG OGFKQ C OGFKQ
EQP NC NCP\C [ CN OKUOQ VKGORQ EC[ OWGTVQ 4GUCEGU
JGTKFQ FG #NGLCPFTQ 'P GUVG EQPKEVQ [ GP NQ OU TG
EKQ FGN EQODCVG FG NC ECDCNNGTC RCU NC HCNCPIG FG NQU
/CEGFQPKQU [ XKPKGTQP C NCU OCPQU WPC [ QVTC KPHCPVGTC
RGTQ NQU GPGOKIQU PQ UG UQUVWXKGTQP EQP XCNQT PK NCTIQ TC
VQ UKPQ SWG UG FKURGTUCTQP [ JW[GTQP C GZEGREKP FG NQU
)TKGIQU GUVKRGPFKCTKQU NQU EWCNGU TGVKTCFQU C WP EQNNCFQ
KORNQTCDCP NC HG FG #NGLCPFTQ RGTQ UVG CEQOGVKPFQNQU
GN RTKOGTQ NNGXCFQ OU FG NC ENGTC SWG IQDGTPCFQ RQT NC
TC\P RGTFK GN ECDCNNQ RCUCFQ FG WPC GUVQECFC RQT NQU
KLCTGU GTC QVTQ PQ GN $WEHCNQ [ CNN EC[GTQP VCODKP
NC OC[QT RCTVG FG NQU SWG RGTGEKGTQP GP CSWGNNC DCVCNNC
RGNGCPFQ EQP JQODTGU FGUGURGTCFQU [ CIWGTTKFQU &EG
UG SWG OWTKGTQP FG NQU DTDCTQU XGKPVG OKN JQODTGU FG
KPHCPVGTC [ FQU OKN FG ECDCNNGTC 2QT RCTVG FG #NGLCPFTQ
FKEG #TKUVQDWNQ SWG NQU OWGTVQU PQ HWGTQP GPVTG VQFQU
OU SW VTGKPVC [ EWCVTQ FG GNNQU PWGXG KPHCPVGU # UVQU
OCPF SWG UG NGU GTKIKGUGP GUVCVWCU FG DTQPEG SWG VTC
DCL .KUKRQ &KQ RCTVG C NQU )TKGIQU FG GUVC XKEVQTKC GP
XKCPFQ GP RCTVKEWNCT C NQU #VGPKGPUGU VTGUEKGPVQU GUEWFQU
FG NQU SWG EQIKGTQP [ JCEKGPFQ WP EOWNQ FG NQU FGOU
FGURQLQU JK\Q RQPGT UQDTG N GUVC CODKEKQUC KPUETKREKP
#.',#0&41 *+,1 &' (+.+21 ; .15 )4+')15
# ':%'2%+0 &' .15 .#%'&'/10+15 &' .15
$4$#415 37' *#$+6#0 '. #5+# &G NQU XCUQU
RTGEKQUQU FG NCU TQRCU FG RTRWTC [ FG EWCPVCU RTGUGCU
TKECU VQO FG 2GTUKC HWGTC FG OW[ RQEQ VQFQ NQ FGOU
NQ TGOKVK C NC OCFTG
2TQFWLQ GUVG EQODCVG VCP ITCP OWFCP\C GP NQU PGIQEKQU
HCXQTCDNGU C #NGLCPFTQ SWG EQP NC EKWFCF FG 5CTFGU UG
NG GPVTGI GP EKGTVC OCPGTC GN KORGTKQ OCTVKOQ FG NQU
DTDCTQU RQPKPFQUG C UW FKURQUKEKP NQU FGOU RWGDNQU
5NQ NG JKEKGTQP TGUKUVGPEKC *CNKECTPCUQ [ /KNGVQ NCU SWG
VQO RQT CUCNVQ [ UWLGVCPFQ VQFQ GN RCU XGEKPQ C WPC
[ QVTC SWGF RGTRNGLQ GP UW PKOQ UQDTG NQ SWG FGURWU
GORTGPFGTC RGPUCPFQ WPCU XGEGU SWG UGTC NQ OGLQT KT
FGUFG NWGIQ GP DWUEC FG &CTQ [ RQPGTNQ VQFQ C NC UWGT
VG FG WPC DCVCNNC [ QVTCU SWG UGTC OU EQPXGPKGPVG FCT
UW CVGPEKP C NQU PGIQEKQU G KPVGTGUGU FGN OCT EQOQ RCTC
GLGTEKVCTUG [ EQDTCT HWGT\CU [ FG GUVG OQFQ OCTEJCT EQP
VTC CSWGN *C[ GP NC .KEKC EGTEC FG NC EKWFCF FG ,CPVQ
WPC HWGPVG FG NC SWG UG FKEG SWG GPVQPEGU OWF UW EWTUQ
[ UCNK FG UWU OTIGPGU CTTQLCPFQ UKP ECWUC EQPQEKFC
FG UW HQPFQ WPC RNCPEJC FG DTQPEG UQDTG NC EWCN GUVC
DC ITCDCFQ GP ECTCEVGTGU CPVKIWQU SWG EGUCTC GN KORGTKQ
FG NQU 2GTUCU FGUVTWKFQ RQT NQU )TKGIQU #NGPVCFQ EQP GU
 

VG RTQFKIKQ UG CRTGUWT C RQPGT FG UW RCTVG VQFQ GN RCU FKQU SWG DTKNNCTCP [ TGURNCPFGEGTCP NCU GORTGUCU FG NQU
OCTVKOQ JCUVC NC (GPKEKC [ NC %KNKEKC 5W KPEWTUKP GP NC /CEGFQPKQU [ SWG #NGLCPFTQ FQOKPCTC GP GN #UKC EQOQ
2CPNKC UKTXK C OWEJQU JKUVQTKCFQTGU FG OCVGTKC RKPVQ JCDC FQOKPCFQ &CTQ JCDKGPFQ RCUCFQ FG KPVGPFGPVG C
TGUEC RCTC GZEKVCT NC CFOKTCEKP [ GN CUQODTQ FKEKGPFQ TG[ RGTQ SWG GP DTGXG VGPFTCP VTOKPQ UW INQTKC [ UW XK
SWG EQOQ RQT WPC FKURQUKEKP FKXKPC CSWGN OCT JCDC VQ FC
OCFQ GN RCTVKFQ FG #NGLCPFTQ EWCPFQ UKGORTG UQNC UGT
KPSWKGVQ [ DQTTCUEQUQ [ TCTC XG\ FGLCDC CN FGUEWDKGTVQ NQU
GUEQPFKFQU [ TGUQPCPVGU GUEQNNQU UKVWCFQU CN RKG FG UWU GU
ECTRCFCU [ RGFTGIQUCU QTKNNCU C NQ SWG CNWFG /GPCPFTQ
EGNGDTCPFQ EOKECOGPVG NQ GZVTCQTFKPCTKQ FGN OKUOQ UW
EGUQ 'UVQ XC C NQ #NGLCPFTQ FKEJQ [ JGEJQ UK C CNIWKGP &KNG VQFCXC C &CTQ OU EQPCP\C GN ITCFWCT FG VOKFQ
DWUEQ EQORCTGEG NWGIQ UKP SWG PCFKG NG NNCOG UK GU RTG C #NGLCPFTQ CN XGT SWG UG FGVGPC OWEJQ VKGORQ GP NC %KNK
EKUQ FKTKIKTOG RQT OCT C EKGTVQ RWPVQ GN OCT UG CNNCPC EKC RGTQ UW FGVGPEKP RTQXGPC FG GPHGTOGFCF SWG WPQU
[ HCEKNKVC GN RCUQ /CU GN OKUOQ #NGLCPFTQ GP UWU ECT FGECP JCDC EQPVTCFQ EQP NCU ITCPFGU HCVKICU [ QVTQU
VCU UKP VGPGT PCFC FG GUVQ C RQTVGPVQ FKEG UGPEKNNCOGP SWG RQT JCDGTUG DCCFQ GP NCU CIWCU JGNCFCU FGN %KFPQ
VG SWG CPFWXQ C RKG NC OQPVCC NNCOCFC %NOCZ SWG NC &G VQFQU NQU FGOU OFKEQU PKPIWPQ EQPCDC GP SWG
CVTCXGU RCTVKGPFQ FG NC EKWFCF FG (CUEGNKU GP NC EWCN UG RQFTC EWTCTUG UKPQ SWG TGRWVCPFQ GN OCN RQT UWRGTKQT C
FGVWXQ OWEJQU FCU [ SWG GP GNNQU JCDKGPFQ XKUVQ GP NC VQFQ TGOGFKQ VGOCP SWG GTTCFC NC EWTC JCDCP FG UGT
RNC\C NC GUVCVWC FG 6GQFGEVGU SWG GTC PCVWTCN FG NC OKUOC ECNWOPKCFQU RQT NQU /CEGFQPKQU RGTQ (KNKRQ FG #ECTPC
EKWFCF [ JCDC OWGTVQ RQEQ CPVGU HWG C HGUVGLCTNC DKGP PKC CWPSWG UG JK\Q ECTIQ FG NQ RGPQUC SWG GTC CSWGNNC
DGDKFQ FGURWU FG NC EGPC [ FGTTCO UQDTG GNNC OWEJCU UKVWCEKP NNGXCFQ UKP GODCTIQ FG NC COKUVCF [ VGPKGP
EQTQPCU VTKDWVCPFQ EQOQ RQT LWGIQ GUVC ITCVC OGOQTKC FQ C CHTGPVC GN PQ RGNKITCT EQP GN SWG GUVCDC FG RGNKITQ
CN VTCVQ SWG EQP N JCDC VGPKFQ C ECWUC FG #TKUVVGNGU [ CUKUVKPFQNG [ EWKFPFQNG JCUVC PQ FGLCT PCFC RQT RTQDCT
FG NC NQUQHC UG FGVGTOKP C GORNGCT NCU OGFKEKPCU [ NG RGTUWCFK CN
OKUOQ #NGLCPFTQ SWG VWXKGTC UWHTKOKGPVQ [ NCU VQOCTC
RTQEWTCPFQ RQPGTUG DWGPQ RCTC NC IWGTTC 'P GUVQ 2CT
OGPKP NG GUETKDK FGUFG GN GLTEKVQ RTGXKPKPFQNG SWG UG
IWCTFCTC FG (KNKRQ RQTSWG JCDC UKFQ UGFWEKFQ RQT &CTQ
EQP ITCPFGU FQPGU [ GN OCVTKOQPKQ FG UW JKLC RCTC SWK
&GURWU FG GUVQ UWLGV C CSWGNNQU FG NQU 2KUKFCU SWG NG VCTNG NC XKFC .G[ #NGLCPFTQ NC ECTVC [ UKP OQUVTCTNC C
JKEKGTQP QRQUKEKP RWUQ DCLQ UW QDGFKGPEKC NC (TKIKC [ PKPIWPQ FG NQU COKIQU NC RWUQ DCLQ NC CNOQJCFC .NGICFC
VQOCPFQ NC EKWFCF FG )QTFKQ SWG UG FKEG JCDGT UKFQ EQT NC JQTC GPVT (KNKRQ EQP NQU COKIQU VTC[GPFQ NC OGFKEKPC
VG FGN CPVKIWQ /KFCU XKQ CSWGN EGNGDTCFQ ECTTQ CVCFQ EQP GP WPC VC\C FKNG #NGLCPFTQ NC ECTVC [ CN OKUOQ VKGORQ
EQTVG\C FG UGTDCN [ Q[ NC TGNCEKP CNN ETGFC RQT CSWG VQO NC OGFKEKPC EQP ITCPFG PKOQ [ UKP SWG OQUVTCUG
NNQU DTDCTQU UGIP NC EWCN GN JCFQ QHTGEC CN SWG FGUCVCUG PKPIWPC UQURGEJC FG OCPGTC SWG GTC WP GURGEVEWNQ XGT
CSWGN PWFQ GN UGT TG[ FG VQFC NC VKGTTC .QU OU TGGTGP FCFGTCOGPVG VGCVTCN GN XGT C WPQ NGGT [ CN QVTQ DGDGT [ SWG
SWG GUVG PWFQ VGPC EKGIQU NQU ECDQU GPTGFCFQU WPQU EQP FGURWU UG OKTCTQP WPQ C QVTQ CWPSWG FG OW[ FKHGTGPVG
QVTQU EQP OWEJCU XWGNVCU [ SWG FGUGURGTCFQ #NGLCPFTQ OCPGTC RQTSWG #NGLCPFTQ OKTCDC C (KNKRQ EQP UGODNCPVG
FG FGUCVCTNQ NQ EQTV EQP NC GURCFC RQT OGFKQ CRCTGEKGP CNGITG [ UGTGPQ GP GN SWG GUVCDCP RKPVCFCU NC DGPGXQNGP
FQ OWEJQU ECDQU FGURWU FG EQTVCFQ RGTQ #TKUVQDWNQ EKC [ NC EQPCP\C [ UVG UQTRTGPFKFQ EQP NC ECNWOPKC
FKEG SWG NG HWG OW[ HEKN GN FGUCVCTNQ RQTSWG SWKV FGN WPCU XGEGU RQPC RQT VGUVKIQU C NQU FKQUGU [ NGXCPVCDC NCU
VKOP NC ENCXKLC SWG WPG EQP UVG GN [WIQ [ FGURWU H OCPQU CN EKGNQ [ QVTCU UG TGENKPCDC UQDTG GN NGEJQ GZJQT
EKNOGPVG SWKV GN [WIQ OKUOQ &GUFG CNN RCU C CVTCGT C VCPFQ C #NGLCPFTQ C SWG GUVWXKGTC VTCPSWKNQ [ EQPCTC GP
UW FQOKPCEKP C NQU 2CCIQPKQU [ %CRCFQEKQU [ JCDKGP N 2QTSWG GN TGOGFKQ CN RTKPEKRKQ RCTGEC JCDGT EQTVCFQ
FQ VGPKFQ PQVKEKC FG NC OWGTVG FG /GOPP SWG UKGPFQ GN EWGTRQ RQUVTCPFQ [ CDCVKGPFQ NCU HWGT\CU JCUVC JCEGT
GN LGHG OU CETGFKVCFQ FG NC CTOCFC PCXCN FG &CTQ JC NG RGTFGT GN JCDNC [ SWGFCT OW[ CRQECFQU VQFQU NQU UGPVK
DC FCFQ OWEJQ GP SW GPVGPFGT [ RWGUVQ GP TGRGVKFQU FQU UQDTGXKPKPFQNG NWGIQ WPC EQPIQLC RGTQ (KNKRQ NQIT
CRWTQU CN OKUOQ #NGLCPFTQ UG CPKO OWEJQ OU C NNG XQNXGTNG RTQPVQ [ TGUVKVW[PFQNG NCU HWGT\CU JK\Q SWG UG
XCT UWU CTOCU C NCU RTQXKPEKCU UWRGTKQTGU FG NC 2GTUKC 'P OQUVTCUG C NQU /CEGFQPKQU SWG UG OCPVWXKGTQP UKGORTG
GUVQ [C &CTQ DCLCDC FG 5WUC OW[ GPITGFQ EQP NC OW OW[ FGUEQPCFQU G KPSWKGVQU OKGPVTCU SWG PQ XKGTQP C
EJGFWODTG FG UWU VTQRCU RWGU SWG VTCC UGKUEKGPVQU OKN #NGLCPFTQ
JQODTGU [ EQPCFQ GP WP UWGQ SWG NQU OCIQU GZRNKEC
DCP OU DKGP UGIP NQ SWG CSWN FGUGCDC SWG UGIP NQ
SWG N KPFKECDC GP TGCNKFCF 2QTSWG NG RCTGEK SWG FKUEW
TTC ITCP TGURNCPFQT RQT NC HCNCPIG FG NQU /CEGFQPKQU SWG
NG UGTXC #NGLCPFTQ CFQTPCFQ EQP NC GUVQNC SWG NNGXCDC GN
OKUOQ &CTQ EWCPFQ GTC CUVCPFC FGN 4G[ [ SWG FGURWU *CNNDCUG GP GN GLTEKVQ FG &CTQ WP HWIKVKXQ FG /CEG
JCDKGPFQ GPVTCFQ #NGLCPFTQ CN DQUSWG FGN VGORNQ FG $G FQPKC [ PCVWTCN FG GNNC NNCOCFQ #OKPVCU SWG PQ FGLCDC
NQ FGUCRCTGEK GP NQ EWCN C NQ SWG RCTGEG UKIPKECDC GN FG VGPGT EQPQEKOKGPVQ FGN ECTEVGT FG #NGLCPFTQ UVG
  
XKGPFQ SWG &CTQ KDC C GPEGTTCTUG GPVTG FGUNCFGTQU GP
DWUEC FG #NGLCPFTQ NG RTQRQPC SWG RGTOCPGEKGUG FQPFG
UG GPEQPVTCDC GP NWICTGU NNCPQU [ CDKGTVQU JCDKGPFQ FG
RGNGCT EQPVTC RQEQU EQP VCP KPOGPUQ POGTQ FG VTQRCU
[ EQOQ NG TGURQPFKGUG &CTQ SWG VGOC PQ UG CPVKEKRC
TCP C JWKT NQU GPGOKIQU [ UG NG GUECRCTC #NGLCPFTQ 2QT
GUQ bQJ TG[ NG TGRWUQ PQ RCUGU RGPC RQTSWG N XGPFT
EQPVTC VK Q SWK\ XKGPG [C C GUVCU JQTCU /CU PQ EGFK
RQT GUVQ &CTQ UKPQ SWG NGXCPVCPFQ GN ECORQ OCTEJ
RCTC NC %KNKEKC [ CN OKUOQ VKGORQ #NGLCPFTQ OCTEJCDC
EQPVTC N C NC 5KTKC RGTQ JCDKGPFQ GP NC PQEJG CRCTVP
FQUG RQT [GTTQ WPQU FG QVTQU TGVTQEGFKGTQP #NGLCPFTQ
EQPVGPVQ EQP SWG CU NG HCXQTGEKGUG NC UWGTVG RCTC UCNKTNG
C CSWN CN GPEWGPVTQ GPVTG OQPVCCU [ &CTQ RCTC XGT
UK RQFTC TGEQDTCT UW CPVKIWQ ECORCOGPVQ [ RQPGT UWU
VTQRCU HWGTC FG ICTICPVCU RQTSWG [C GPVQPEGU TGEQPQEK
SWG EQPVTC NQ SWG NG EQPXGPC UG JCDC OGVKFQ GP NWICTGU
SWG RQT GN OCT RQT NCU OQPVCCU [ RQT GN TQ 2PCTQ SWG
EQTTG GP OGFKQ GTCP RQEQ C RTQRUKVQ RCTC NC ECDCNNGTC
[ SWG NG QDNKICDCP C VGPGT FKXKFKFCU UWU HWGT\CU GUVCPFQ
RQT VCPVQ CSWGNNC RQUKEKP OW[ GP HCXQT FG NQU GPGOK
IQU SWG GTCP GP VCP EQTVQ POGTQ .C HQTVWPC RWGU NG
RTGRCT GUVG NWICT C #NGLCPFTQ RGTQ N RQT UW RCTVG RTQ
EWT VCODKP C[WFCT C NC HQTVWPC FKURQPKGPFQ NCU EQUCU
FGN OQFQ OGLQT RQUKDNG RCTC GN XGPEKOKGPVQ RWGU UKGPFQ
OW[ KPHGTKQT C VCPVQ POGTQ FG DTDCTQU PQ UNQ PQ UG
FGL GPXQNXGT UKPQ SWG GZVGPFKGPFQ UW CNC FGTGEJC UQ
DTG NC K\SWKGTFC FG CSWGNNQU NNGI C HQTOCT UGOKETEWNQ
[ QDNKI C NC HWIC C NQU SWG VGPC CN HTGPVG RGNGCPFQ GPVTG
NQU RTKOGTQU VCPVQ SWG HWG JGTKFQ FG WPC EWEJKNNCFC GP
WP OWUNQ UGIP FKEG %CTGU RQT &CTQ JCDKGPFQ XGPKFQ
CODQU C NCU OCPQU RGTQ GN OKUOQ #NGLCPFTQ GUETKDKGPFQ
C #PVRCVTQ CEGTEC FG GUVC DCVCNNC PQ FKLQ SWKP JWDKGUG
UKFQ GN SWG NG JKTK UKPQ SWG JCDC UCNKFQ JGTKFQ FG WPC
EWEJKNNCFC GP WP OWUNQ UKP SWG JWDKGUG VGPKFQ NC JGTKFC
OCNCU TGUWNVCU *CDKGPFQ EQPUGIWKFQ WPC UGCNCFC XKEVQ
TKC EQP OWGTVG FG OU FG EKGPVQ FKG\ OKN JQODTGU PQ
CECD EQP &CTQ SWG UG NG JCDC CFGNCPVCFQ GP NC HWIC
EWCVTQ Q EKPEQ GUVCFKQU RQT NQ EWCN JCDKGPFQ VQOCFQ UW
ECTTQ [ UW CTEQ UG XQNXK [ JCNN C NQU /CEGFQPKQU ECTIC
FQU FG KPOGPUC TKSWG\C [ DQVP SWG UG NNGXCDCP FGN ECO
RQ FG NQU DTDCTQU UKP GODCTIQ FG SWG UVQU UG JCDCP
CNKIGTCFQ RCTC NC DCVCNNC [ JCDCP FGLCFQ GP &COCUEQ NC
OC[QT RCTVG FGN DCICLG *CDCP TGUGTXCFQ RCTC GN OKUOQ
#NGLCPFTQ GN RCDGNNP FG &CTQ NNGPQ FG OWEJGFWODTGU
FG UKTXKGPVGU FG TKEQU GPUGTGU [ FG EQRKC FG QTQ [ RNCVC
&GUPWFPFQUG RWGU CN RWPVQ FG NCU CTOCU UG FKTKIK UKP
FKNCEKP CN DCQ FKEKGPFQ 8COQU C NCXCTPQU GN UWFQT FG
NC DCVCNNC GP GN DCQ FG &CTQ UQDTG NQ SWG WPQ FG UWU
COKIQU TGRWUQ 0Q C HG OC UKPQ FG #NGLCPFTQ RQTSWG
NCU EQUCU FGN XGPEKFQ UQP [ FGDGP NNCOCTUG FGN XGPEGFQT
%WCPFQ XKQ NCU ECLCU NQU LCTTQU NQU GPLWICFQTGU [ NQU CNC
DCUVTQU VQFQ IWCTPGEKFQ FG QTQ [ VTCDCLCFQ EQP RTKOQT
RGTEKDK CN OKUOQ VKGORQ GN QNQT HTCICPVG SWG FG NC OKTTC
[ NQU CTQOCU FGURGFC NC ECUC [ JCDKGPFQ RCUCFQ FGUFG
CNN C NC VKGPFC SWG GP UW CNVWTC [ ECRCEKFCF [ GP VQFQ GN
CFQTPQ FG CNHQODTCU FG OGUCU [ FG CRCTCFQTGU GTC EKGT
VCOGPVG FKIPC FG CFOKTCEKP XWGNVQ C NQU COKIQU 'P
GUVQ EQPUKUVC NGU FKLQ UGIP RCTGEG GN TGKPCT
#N VKGORQ FG KT C NC EGPC UG NG CPWPEK SWG GPVTG NQU ECWVK
XQU JCDCP UKFQ EQPFWEKFCU NC OCFTG [ NC OWLGT FG &CTQ
[ FQU JKLCU FQPEGNNCU NCU EWCNGU JCDKGPFQ XKUVQ GN ECTTQ
[ GN CTEQ FG UVG JCDCP GORG\CFQ C JGTKTUG GN TQUVTQ [
C NNQTCT VGPKPFQNG RQT OWGTVQ 2CTUG RQT DCUVCPVG TC
VQ #NGLCPFTQ [ OGTGEKPFQNG OU EWKFCFQ NQU CHGEVQU FG
GUVCU FGUITCEKCFCU SWG NQU RTQRKQU GPXK C .GQPCVQ EQP
QTFGP FG FGEKTNGU SWG PK JCDC OWGTVQ &CTQ PK FGDCP
VGOGT FG #NGLCPFTQ RQTSWG EQP &CTNQ GUVCDC GP IWGTTC
RQT GN KORGTKQ RGTQ C GNNCU PCFC NGU HCNVCTC FG NQ SWG TGK
PCPFQ CSWGN UG GPVGPFC EQTTGURQPFGTNGU 5K GUVG NGPIWC
LG RCTGEK CHCDNG [ JQPGUVQ C CSWGNNCU OWLGTGU VQFCXC
GP NCU QDTCU UG CETGFKV OU FG JWOCPQ EQP WPCU ECWVK
XCU RQTSWG NGU EQPEGFK FCT UGRWNVWTC C EWCPVQU 2GTUCU
SWKUKGTQP VQOCPFQ NCU TQRCU [ VQFQ NQ FGOU PGEGUCTKQ
RCTC GN QTPCVQ FG NQU FGURQLQU FG IWGTTC [ FG NC CUKUVGPEKC
[ JQPQTGU SWG FKUHTWVCDCP PCFC UG NGU FKUOKPW[ [ CWP
RGTEKDKGTQP OC[QTGU TGPVCU SWG CPVGU RGTQ GN QDUGSWKQ
OU NQCDNG [ TGIKQ SWG FG N TGEKDKGTQP WPCU OWLGTGU KP
IGPWCU [ JQPGUVCU TGFWEKFCU C NC GUENCXKVWF HWG GN PQ QT
PK UQURGEJCT PK VGOGT PCFC KPFGEQTQUQ UKPQ SWG NGU HWG
NEKVQ NNGXCT WPC XKFC CRCTVCFC FG VQFQ VTCVQ [ FG NC XKUVC
FG NQU FGOU EQOQ UK GUVWXKGTCP PQ GP WP ECORCOGPVQ
FG GPGOKIQU UKPQ IWCTFCFCU GP RWTQU [ UCPVQU VGORNQU
FG XTIGPGU [ GUQ SWG UG FKEG SWG NC OWLGT FG &CTQ GTC
NC OU DKGP RCTGEKFC FG VQFC NC HCOKNKC TGCN CU EQOQ GN
OKUOQ &CTQ GTC GN OU DGNNQ [ ICNNCTFQ FG NQU JQODTGU
[ SWG NCU JKLCU UG RCTGECP C NQU RCFTGU 2GTQ #NGLCPFTQ
VGPKGPFQ UGIP RCTGEG RQT OU FKIPQ FG WP TG[ GN FQ
OKPCTUG C U OKUOQ SWG XGPEGT C NQU GPGOKIQU PK VQE C
UVCU PK CPVGU FG ECUCTUG EQPQEK C PKPIWPC QVTC OWLGT
HWGTC FG $CTUKPC NC EWCN JCDKGPFQ SWGFCFQ XKWFC RQT NC
OWGTVG FG /GOPP JCDC UKFQ ECWVKXCFC GP &COCUEQ
*CDC TGEKDKFQ WPC GFWECEKP ITKGIC [ UKGPFQ FG PFQNG
UWCXG G JKLC FG #TVCDC\Q VGPKFC GP JKLC FGN TG[ HWG EQPQ
EKFC RQT #NGLCPFTQ C KPUVKICEKP UGIP FKEG #TKUVQDWNQ
FG 2CTOGPKP SWG NG RTQRWUQ UG CEGTECUG C WPC OWLGT
DGNNC SWG WPC C NC DGNNG\C GN UGT FG GUENCTGEKFQ NKPCLG #N
XGT #NGLCPFTQ C NCU FGOU ECWVKXCU SWG VQFCU GTCP CXGP
VCLCFCU GP JGTOQUWTC [ ICNNCTFC FKLQ RQT EJKUVG b)TCP
FQNQT FG QLQU UQP GUVCU 2GTUCU %QP VQFQ QRQPKGPFQ C
NC DGNNG\C FG GUVCU OWLGTGU NC JQPGUVKFCF FG UW OQFGTC
EKP [ EQPVKPGPEKC RCUCDC RQT FGNCPVG FG GNNCU EQOQ RQT
FGNCPVG FG KOIGPGU UKP CNOC FG WPCU GUVCVWCU
'UETKDKNG GP WPC QECUKP (KNZGPQ IGPGTCN FG NC CTOCFC
PCXCN JCNNCTUG C UWU TFGPGU WP VCTGPVKPQ NNCOCFQ 6GQ
FQTQ SWG VGPC FG XGPVC FQU OQ\WGNQU FG WPC DGNNG\C UQ
DTGUCNKGPVG RTGIWPVPFQNG UK NQU EQORTCTC [ UG QHGPFK

VCPVQ SWG GZENCO OWEJCU XGEGU CPVG UWU COKIQU GP VQPQ
FG RTGIWPVC 3W RWGFG JCDGT XKUVQ GP O (KNZGPQ FG C VQFQU UG NGU UKTXKGUG EQP KIWCNFCF [ FKNKIGPEKC .C DGDKFC
KPFGEGPVG G KPJQPGUVQ RCTC JCEGTUG EQTTGFQT FG UGOGLCPVG
OGTECFGTC! 4GRTGPFK URGTCOGPVG C (KNZGPQ GP WPC XGTUCEKP RQTSWG UKGPFQ RCTC GN VTCVQ GP VQFCU NCU FGOU
ECTVC OCPFPFQNG SWG GPXKCTC PQTCOCNC C 6GQFQTQ EQP
UWU ECTICOGPVQU /QUVTUG VCODKP GPQLCFQ CN LQXGP #I
PP SWG NG GUETKDK VGPGT KPVGPEKP FG EQORTCT GP %QTKP
VQ C %TQDKNQ OQ\Q CNN FG ITCPFG PQODTCFC RCTC RTGUGP
VTUGNQ [ JCDKGPFQ UCDKFQ SWG &COP [ 6KOQVGQ /CEG
FQPKQU FG NQU SWG UGTXCP C NCU TFGPGU FG 2CTOGPKP
JCDCP JGEJQ XKQNGPEKC C NCU OWLGTGU FG WPQU GUVKRGPFKC
TKQU GUETKDK C 2CTOGPKP FPFQNG QTFGP FG SWG UK GTCP
EQPXKEVQU NQU ECUVKICTC FG OWGTVG EQOQ GTCU EQTTWRVQ
TCU FG NQU JQODTGU JCDNCPFQ FG U OKUOQ GP GUVC ECTVC
GP NCU UKIWKGPVGU RCNCDTCU 2QTSWG PQ UG JCNNCT SWG [Q
JC[C XKUVQ C NC OWLGT FG &CTNQ PK SWG JC[C SWGTKFQ XGT
NC PK FCT UKSWKGTC QFQU C NQU SWG JCP XGPKFQ C JCDNCTOG
FG UW DGNNG\C &GEC SWG GP FQU EQUCU GEJCDC FG XGT SWG
GTC OQTVCN GP GN UWGQ [ GP GN CEEGUQ C OWLGTGU RWGU
FG NC OKUOC FGDKNKFCF FG NC PCVWTCNG\C RTQXGPC GN UGPVKT
GN ECPUCPEKQ [ NCU UGFWEEKQPGU FGN RNCEGT 'TC CUKOKUOQ
OW[ UQDTKQ GP EWCPVQ CN TGICNQ FGN RCNCFCT NQ SWG OC
PKHGUV FG OWEJCU OCPGTCU [ VCODKP GP NCU TGURWGUVCU
SWG FKQ C #FC C SWKGP CFQRV RQT OCFTG [ NC FGENCT TGK
PC FG %CTKC RQTSWG EQOQ UVC RCTC CICUCLCTNG NG GPXKCUG
FKCTKCOGPVG OWEJQU RNCVQU FGNKECFQU [ GZSWKUKVCU RCUVCU
[ PCNOGPVG NQU OU JDKNGU EQEKPGTQU [ RCUVGNGTQU SWG
RWFQ GPEQPVTCT NG FKLQ SWG RCTC N VQFQ CSWGNNQ GUVCDC FG
OU RQTSWG VGPC QVTQU OGLQTGU EQEKPGTQU RWGUVQU RQT UW
C[Q .GPKFCU SWG GTCP RCTC GN FGUC[WPQ UCNKT CN ECORQ
CPVGU FGN CNDC [ RCTC NC EGPC EQOGT OW[ RQEQ GPVTG FC
N OKUOQ FGEC UQNC CDTKT OKU EQHTGU [ OKU IWCTFC
TTQRCU RCTC XGT UK OK OCFTG PQ OG JCDC RWGUVQ EQUCU FG
TGICNQ [ FG NWLQ
#WP TGURGEVQ FGN XKPQ GTC OGPQU FGUOCPFCFQ FG NQ SWG
EQOPOGPVG UG ETGG [ UK RCTGEC UGTNQ OU DKGP SWG RQT
NCTIQ DGDGT GTC RQT GN OWEJQ VKGORQ SWG EQP ECFC VC\C
UG NNGXCDC JCDNCPFQ [ CWP GUVQ EWCPFQ GUVCDC OW[ FG
XCICT RWGU EWCPFQ JCDC SW JCEGT PK XKPQ PK UWGQ PK
LWGIQ CNIWPQ PK DQFCU PK GURGEVEWNQ PCFC JCDC SWG
EQOQ C QVTQU ECRKVCPGU NG FGVWXKGUG NQ SWG RQPG FG OC
PKGUVQ UW OKUOC XKFC RWGU SWG JCDKGPFQ UKFQ VCP EQTVC
GUV NNGPC FG OWEJCU [ ITCPFGU JC\CCU %WCPFQ PQ VGPC
SW JCEGT UG NGXCPVCDC [ NQ RTKOGTQ GTC UCETKECT C NQU
FKQUGU [ VQOCT GN FGUC[WPQ UGPVCFQ FGURWU RCUCDC GN FC
GP EC\CT Q GP GLGTEKVCT NC VTQRC Q GP FGURCEJCT NQU LWK
EKQU OKNKVCTGU Q GP NGGT &G XKCLG UK PQ JCDC FG UGT NCTIQ
UKP FGVGPGTUG UG GLGTEKVCDC GP VKTCT EQP GN CTEQ Q GP UWDKT
[ DCLCT C WP ECTTQ SWG HWGUG EQTTKGPFQ /WEJCU XGEGU UG
GPVTGVGPC GP EC\CT \QTTCU [ CXGU EQOQ UG RWGFG XGT GP
UWU FKCTKQU 'P GN DCQ [ OKGPVTCU KDC C N [ C WPIKTUG
GZCOKPCDC C NQU GPECTICFQU FG NCU RTQXKUKQPGU [ FG NC EQ
EKPC UQDTG UK GUVCDC GP UW RWPVQ VQFQ NQ TGNCVKXQ C NC EGPC
[GPFQ UKGORTG C EGPCT VCTFG [ FGURWU FG CPQEJGEKFQ 5W

EWKFCFQ [ GUOGTQ GP NC OGUC GTC GZVTCQTFKPCTKQ UQDTG SWG
UG RTQNQPICDC EQOQ JGOQU FKEJQ RQT NC FGOCUKCFC EQP
FQVGU GN OU COCDNG FG NQU TG[GU UKP SWG JWDKGUG ITCEKC
SWG NG UCNVCUG GPVQPEGU UG JCEC HCUVKFKQUQ EQP UWU LCEVCP
EKCU [ FG UQDTC OKNKVCT NNGICPFQ C FCT [C GP HCPHCTTP [ C
UGT GP EKGTVQ OQFQ RTGUC FG NQU CFWNCFQTGU SWG GEJCDCP
C RGTFGT CWP C NQU OU OQFGUVQU EQPXKFCFQU RQTSWG PK
SWGTCP EQPHWPFKTUG EQP NQU CFWNCFQTGU PK SWGFCTUG OU
EQTVQU GP NCU CNCDCP\CU UKGPFQ NQ RTKOGTQ DCLQ G KPFG
EQTQUQ [ PQ ECTGEKGPFQ FG TKGUIQ NQ UGIWPFQ &GURWU FG
JCDGT DGDKFQ UG NCXCDC [ UG KDC C TGEQIGT FWTOKGPFQ OW
EJCU XGEGU JCUVC GN OGFKQFC [ CWP CNIWPC UG NNGX GN FC
GPVGTQ FWTOKGPFQ 'P EWCPVQ C OCPLCTGU GTC OW[ VGO
RNCFQ FG OCPGTC SWG EWCPFQ RQT OCT NG VTCCP HTWVCU Q
RGUECFQU GZSWKUKVQU FKUVTKDW[PFQNQU GPVTG UWU COKIQU
GTC OW[ HTGEWGPVG PQ FGLCT PCFC RCTC U 5W EGPC UKP GO
DCTIQ GTC UKGORTG QRRCTC [ JCDKPFQUG CWOGPVCFQ GN
ICUVQ GP RTQRQTEKP FG UWU RTURGTQU UWEGUQU NNGI RQT
P C FKG\ OKN FTCEOCU RGTQ CSW RCT [ UVC GTC NC UWOC
RTGLCFC RCTC FCTUG C NQU SWG JQURGFCDCP C #NGLCPFTQ
&GURWU FG GUVC DCVCNNC FG +UQ GPXK VTQRCU C &COCUEQ [
UG CRQFGT FGN ECWFCN FG NQU GSWKRCLGU [ FG NQU JKLQU [
FG NCU OWLGTGU FG NQU 2GTUCU FG VQFQ NQ EWCN VQOCTQP NC
OC[QT RCTVG NQU UQNFCFQU FG NC ECDCNNGTC VUCNC RQTSWG
EQOQ UG JWDKGUGP FKUVKPIWKFQ GP NC CEEKP RQT UW XCNQT
FG KPVGPVQ NQU GPXK EQP PKOQ FG SWG VWXKGTCP GUVC OC
[QT WVKNKFCF 5KP GODCTIQ CP RWFQ UCVKUHCEGTUG FG DQVP
[ TKSWG\C VQFQ GN TGUVQ FGN GLTEKVQ [ JCDKGPFQ GORG\CFQ
CNN NQU /CEGFQPKQU C VQOCT GN IWUVQ FGN QTQ FG NC RNCVC
FG NCU OWLGTGU [ FGN OQFQ FG XKXKT CUKVKEQ UG CEKQPC
TQP C NC OCPGTC FG NQU RGTTQU C KT EQOQ RQT GN TCUVTQ
GP DWUEC [ RGTUGEWEKP FG NC TKSWG\C FG NQU 2GTUCU 2CTG
EKNG EQP VQFQ C #NGLCPFTQ SWG UW RTKOGT EWKFCFQ FGDC
UGT CUGIWTCT VQFC NC RCTVG OCTVKOC [ GURQPVPGCOGPVG
XKPKGTQP NQU TG[GU C GPVTGICTNG C %JKRTG [ NC (GPKEKC C GZ
EGREKP FG 6KTQ #N URVKOQ OGU FG VGPGT UKVKCFC C 6KTQ
EQP VTKPEJGTCU EQP OSWKPCU [ EQP FQUEKGPVCU PCXGU VW
XQ WP UWGQ GP GN SWG XKQ SWG *GTCENGU NG CNCTICDC FGUFG
GN OWTQ NC OCPQ [ NG NNCOCDC # OWEJQU FG NQU 6KTKQU
NGU RCTGEK CUKOKUOQ GPVTG UWGQU SWG #RQNQ NGU FGEC UG
RCUCDC C #NGLCPFTQ RWGU PQ NG GTC CITCFCDNG NQ SWG UG
JCEC GP NC EKWFCF RGTQ GNNQU OKTCPFQ CN FKQU EQOQ C WP
JQODTG SWG C UW CPVQLQ UG RCUCUG C NQU GPGOKIQU GEJCTQP
ECFGPCU C UW GUVCVWC [ NC ENCXCTQP CN RGFGUVCN NNCOPFQNG
CNGLCPFTKUVC 6WXQ #NGLCPFTQ QVTC XKUKP GPVTG UWGQU [
HWG CRCTGETUGNG WP UVKTQ SWG FG NGLQU UG RWUQ EQOQ C
LWIWGVGCT EQP N [ SWGTKGPFQ CUKTNG UG NG JWC RGTQ CN
P C HWGT\C FG TWGIQU [ ECTTGTCU UG NG XKPQ C NC OCPQ
.QU CFKXKPQU RCTVKGPFQ CU GN PQODTG UVKTQU NG FKLGTQP
EQP EKGTVC CRCTKGPEKC FG XGTQUKOKNKVWF 6W[C UGT 6KTQ
[ VQFCXC OWGUVTCP NC HWGPVG LWPVQ C NC EWCN RCTGEK JC
DGT XKUVQ GP UWGQU CN UVKTQ 'P OGFKQ FGN UKVKQ JCEKGPFQ

NC IWGTTC C NQU TCDGU SWG JCDKVCP GN #PVGNDCPQ UG XKQ
GP ITCP RGNKITQ C ECWUC FG UW UGIWPFQ C[Q .KUOCEQ SWG
UG GORG GP UGIWKTNG FKEKGPFQ SWG PQ UG VGPC GP OG
PQU PK GTC OU XKGLQ SWG (PKZ #EGTETQPUG C NC OQPVC
C [ FGLCPFQ NQU ECDCNNQU ECOKPCDCP C RKG NQU FGOU UG
CFGNCPVCTQP OWEJQ [ N PQ UWHTKPFQNG GN EQTC\P CDCP
FQPCT C .KUOCEQ ECPUCFQ [C [ SWG CPFCDC EQP VTCDCLQ
RQTSWG ECTICDC NC PQEJG [ NQU GPGOKIQU UG JCNNCDCP EGTEC
PQ GEJ FG XGT SWG GUVCDC OW[ UGRCTCFQ FG UWU VTQRCU EQP
UNQ WPQU RQEQU [ SWG KDC C VGPGT SWG RCUCT GP WP UKVKQ
OW[ GZRWGUVQ CSWGNNC PQEJG SWG GTC UWOCOGPVG QUEWTC [
HTC 8KQ RWGU C NQ NGLQU GPEGPFKFCU EQP UGRCTCEKP OW
EJCU JQIWGTCU FG NQU GPGOKIQU [ EQPCFQ GP UW CIKNKFCF
[ GP GUVCT JGEJQ C EQPVKPWCU HCVKICU RCTC EQPUQNCT GP UW
KPEQOQFKFCF C NQU /CEGFQPKQU EQTTK C NC JQIWGTC OU
RTZKOC [ RCUCPFQ EQP NC GURCFC C FQU DTDCTQU SWG UG
ECNGPVCDCP C GNNC EQIK WP VK\P [ XQNXK EQP N C NQU UW
[QU 'PEGPFKGTQP VCODKP WPC ITCP NWODTCFC EQP NQ SWG
CUWUVCTQP C NQU GPGOKIQU FG OCPGTC SWG WPQU UG GPVTG
ICTQP C NC HWIC [ C QVTQU SWG CEWFKGTQP NQU TGEJC\CTQP [
RCUCTQP NC PQEJG UKP RGNKITQ CU GU EQOQ NQ TGTK %CTGU
'N TGUWNVCFQ SWG VWXQ GN UKVKQ HWG GN UKIWKGPVG FCDC FGU
ECPUQ #NGLCPFTQ FG NQU OWEJQU EQODCVGU CPVGTKQTGU C NC
OC[QT RCTVG FG UWU VTQRCU [ CRTQZKOCDC UNQ WPQU EWCP
VQU JQODTGU C NCU OWTCNNCU RCTC PQ FGLCT FGN VQFQ TGRQ
UCT C NQU GPGOKIQU 'P WPC FG GUVCU QECUKQPGU JCEC GN
CIQTGTQ #TKUVCPFTQ WP UCETKEKQ [ CN QDUGTXCT NCU UGCNGU
CUGIWT EQP NC OC[QT EQPCP\C CPVG NQU SWG UG JCNNCDCP
RTGUGPVGU SWG GP CSWGN OGU UKP HCNVC JCDC FG VQOCTUG
NC EKWFCF 'EJTQPNQ C DWTNC [ C TKUC RQTSWG CSWGN GTC GN
NVKOQ FC FGN OGU [ XKPFQNG RGTRNGLQ #NGLCPFTQ SWG
FCDC ITCPFG KORQTVCPEKC C NCU RTQHGECU OCPF SWG PQ
UG EQPVCTC CSWGN RQT FC VTGKPVC UKPQ RQT FC VGTEGTQ FGN
VTOKPQ FGN OGU [ JCEKGPFQ UGCN EQP NC VTQORGVC CEQ
OGVK C NQU OWTQU EQP OU CTFQT FG NQ SWG CN RTKPEKRKQ
JCDC RGPUCFQ (WG XKQNGPVQ GN CVCSWG [ EQOQ PQ UG GU
VWXKGUGP SWGFQU NQU FGN ECORCOGPVQ UKPQ SWG CEWFKGUGP
RTQPVQU C FCT CWZKNKQU FGUOC[CTQP NQU 6KTKQU [ VQO NC
EKWFCF GP CSWGN OKUOQ FC 5KVKCDC FGURWU C )C\C EKW
FCF NC OU RQRWNQUC FG NC 5KTKC [ NG FKQ WP [GUP GP GN
JQODTQ FGLCFQ ECGT FGUFG NQ CNVQ RQT WP CXG NC EWCN RQ
UPFQUG UQDTG WPC FG NCU OSWKPCU UG GPTGF UKP RQFGTNQ
GXKVCT GP WPC FG NCU TGFGU FG PGTXKQU SWG UGTXCP FG ECDQU
RCTC GN OCPGLQ FG NCU EWGTFCU GUVC UGCN VWXQ GN VTOKPQ
SWG RTGFKLQ #TKUVCPFTQ RWGU HWG JGTKFQ #NGLCPFTQ GP WP
JQODTQ [ VQOCFC NC EKWFCF 'PXK ITCP RCTVG FG NQU FGU
RQLQU C 1NKORCFG C %NGQRCVTC [ C UWU COKIQU [ TGOKVK
CN OKUOQ VKGORQ C UW C[Q .GPKFCU SWKPKGPVQU VCNGPVQU FG
KPEKGPUQ [ EKGPVQ FG OKTTC GP TGEWGTFQ FG WPC GURGTCP\C
SWG NG JK\Q EQPEGDKT GP UW RWGTKEKC RQTSWG UGIP RCTGEG
EQOQ GP WP UCETKEKQ JWDKGUG EQIKFQ #NGLCPFTQ [ GEJC
FQ GP GN CTC WPC CNOQT\CFC FG RGTHWOGU NG FKLQ .GPKFCU VGU EQP GN GLTEKVQ FG %CODKUGU RWGU NGXCPVCPFQ WP ITCP
%WCPFQ FQOKPGU NC VKGTTC SWG NNGXC NQU CTQOCU GPVQPEGU
UCJWOCTU EQP RTQHWUKP CJQTC GU OGPGUVGT EQPFWEKTUG
 
EQP RCTUKOQPKC 'UETKDKNG RWGU #NGLCPFTQ 6G GPXQ
KPEKGPUQ [ OKTTC GP ITCPFG CDWPFCPEKC RCTC SWG GP CFG
NCPVG PQ CPFGU GUECUQ EQP NQU FKQUGU
*CDKPFQUGNG RTGUGPVCFQ WPC ECLKVC SWG RCTGEK NC EQUC
OU RTGEKQUC [ TCTC FG VQFCU C NQU SWG TGEKDCP NCU LQ[CU
[ FGOU GSWKRCLGU FG &CTQ RTGIWPV C UWU COKIQU SW
UGTC NQ OU RTGEKCFQ [ EWTKQUQ SWG RQFTC IWCTFCTUG GP
GNNC 4GURQPFKGTQP WPQU WPC EQUC [ QVTQU QVTC [ N FKLQ
SWG GP CSWGNNC ECLC KDC C EQNQECT [ VGPGT FGHGPFKFC .C
+NCFC FG NQ SWG FCP VGUVKOQPKQ OWEJQU GUETKVQTGU FG
FKIPQU ; UK GU XGTFCF NQ SWG FKEGP NQU FG #NGLCPFTC UQDTG
NC HG FG *GTCENKFGU PQ NG HWG *QOGTQ WP EQPUGLGTQ QEKQ
UQ G KPVKN GP UWU GZRGFKEKQPGU RWGU TGGTGP SWG CRQFG
TCFQ FGN 'IKRVQ SWKUQ GFKECT GP N WPC EKWFCF ITKGIC
ECRC\ [ RQRWNQUC C NC SWG KORWUKGTC UW PQODTG [ SWG
[C ECUK VGPC OGFKFQ [ EKTEWPXCNCFQ GN UKVKQ UGIP NC KFGC
FG NQU CTSWKVGEVQU EWCPFQ SWGFPFQUG FQTOKFQ C NC PQ
EJG UKIWKGPVG VWXQ WPC XKUKP OCTCXKNNQUC RCTGEKNG SWG
WP XCTP FG ECDGNNQ ECPQ [ XGPGTCDNG CURGEVQ RWGUVQ C
UW NCFQ NG TGEKV GUVQU XGTUQU 'P GN WPFQUQ [ TGUQPCPVG
2QPVQ JC[ WPC KUNC C 'IKRVQ EQPVTCRWGUVC FG (CTQ EQP GN
PQODTG FKUVKPIWKFC .GXCPVPFQUG RWGU OCTEJ CN RWP
VQ C (CTQ SWG GPVQPEGU GTC KUNC UKVWCFC WP RQEQ OU CTTK
DC FG NC DQEC FGN 0KNQ NNCOCFC %CPDKEC [ CJQTC RQT NC
ECN\CFC GUV WPKFC CN EQPVKPGPVG %WCPFQ XKQ CSWGN NWICT
VCP XGPVCLQUCOGPVG UKVWCFQ RQTSWG GU WPC HCLC SWG C OC
PGTC FG KUVOQ EQP WP VGTTGPQ NNCPQ UGRCTC NKIGTCOGPVG
FG WPC RCTVG GN ITCP NCIQ [ FG QVTC GN OCT SWG TGOCVC
GP GN CPEJWTQUQ RWGTVQ PQ RWFQ OGPQU FG GZENCOCT SWG
*QOGTQ VCP CFOKTCDNG GP VQFQ NQ FGOU GTC CN RTQRKQ
VKGORQ WP JCDKNUKOQ CTSWKVGEVQ [ OCPF SWG NG FKUGC
TCP NC HQTOC FG NC EKWFCF CEQOQFCFC CN UKVKQ %CTGECP
FG VKGTTC DNCPEC RGTQ EQP JCTKPC GP GN VGTTGPQ SWG GTC
PGITQ FGUETKDKGTQP WP UGPQ EW[C EKTEWPHGTGPEKC GP HQT
OC FG OCPVQ IWCTPGEKFQ EQORTGPFKGTQP FGPVTQ FG FQU
EWTXCU SWG EQTTCP EQP KIWCNFCF CRQ[CFCU GP WPC DCUG
TGEVC %WCPFQ GN TG[ GUVCDC UWOCOGPVG EQORNCEKFQ EQP
GUVG FKUGQ CXGU GP KPOGPUQ POGTQ [ FG VQFC GURGEKG
CEWFKGTQP TGRGPVKPCOGPVG C CSWGN UKVKQ C OCPGTC FG PWDG
[ PQ FGLCTQP PK UGCN UKSWKGTC FG NC JCTKPC FG OCPGTC SWG
#NGLCPFTQ EQPEKDK RGUCFWODTG EQP GUVG CIGTQ RGTQ NQU
CFKXKPQU NG ECNOCTQP FKEKPFQNG SWG NC EKWFCF SWG VTCVCDC
FG HWPFCT CDWPFCTC FG VQFQ [ FCTC GN UWUVGPVQ C JQODTGU
FG FKHGTGPVGU PCEKQPGU EQP NQ SWG FKQ QTFGP C UWU GPECT
ICFQU RCTC SWG RWUKGTCP OCPQ C NC QDTC [ N GORTGPFK
XKCLG CN VGORNQ FG #OP 'TC GUVG XKCLG NCTIQ [ CFGOU
FG UGTNG KPUGRCTCDNGU QVTCU OWEJCU KPEQOQFKFCFGU QHTG
EC FQU RGNKITQU GN WPQ FG NC HCNVC FG CIWC GP WP VGTTGPQ
FGUKGTVQ FG OWEJCU LQTPCFCU [ GN QVTQ FG SWG GUVCPFQ
FG ECOKPQ UQRNCTC WP TGEKQ DTGIQ GP WPQU CTGPCNGU RTQ
HWPFQU G KPVGTOKPCDNGU EQOQ UG FKEG JCDGT UWEGFKFQ CP
OQPVP FG CTGPC [ HQTOCPFQ TGOQNKPQU HWGTQP GPXWGN
VQU [ RGTGEKGTQP EKPEWGPVC OKN JQODTGU 6QFQU FKUEWTTCP
 

FG GUVC OCPGTC RGTQ GTC OW[ FKHEKN CRCTVCT C #NGLCP UW[QU C NQU DWGPQU
FTQ FG NQ SWG WPC XG\ GORTGPFC RQTSWG HCXQTGEKGPFQ
NC HQTVWPC UWU EQPCVQU NG CTOCDC GP UW RTQRUKVQ [ UW
ITCPFG\C FG PKOQ NNGXCDC UW QDUVKPCEKP PWPEC XGPEKFC
C VQFC GURGEKG FG PGIQEKQU CVTQRGNNCPFQ GP EKGTVC OCPGTC
PQ UNQ EQP NQU GPGOKIQU UKPQ EQP NQU NWICTGU [ CWP EQP
NQU VGORQTCNGU 'P IGPGTCN EQP NQU DTDCTQU UG OQUVTCDC CTTQICPVG [ EQ
OQ SWKGP GUVCDC OW[ RGTUWCFKFQ FG UW IGPGTCEKP [ QTK
IGP FKXKPQ RGTQ EQP NQU )TKGIQU UG KDC EQP OU VKGPVQ
GP FKXKPK\CTUG UNQ WPC XG\ GUETKDKGPFQ C NQU #VGPKGPUGU
EGTEC FG 5COQU NGU FKLQ 0Q UQ[ [Q SWKGP QU GPVTGI GUVC
EKWFCF NKDTG [ INQTKQUC UKPQ SWG NC VGPKU JCDKPFQNC TGEK
.QU HCXQTGU SWG GP NQU CRWTQU [ FKEWNVCFGU FG GUVG XKC DKFQ FGN SWG GPVQPEGU UG FGEC OK UGQT [ RCFTG SWGTKGP
LG TGEKDK FGN FKQU NG ICPCTQP C UVG OU EQPCP\C SWG FQ KPFKECT C (KNKRQ 'P WPC QECUKP JCDKGPFQ XGPKFQ CN
NQU QTEWNQU FCFQU FGURWU Q RQT OGLQT FGEKT RQT GNNQU UWGNQ JGTKFQ FG WP IQNRG FG UCGVC [ UKPVKGPFQ FGOCUKCFQ
UG VWXQ FGURWU GP EKGTVC OCPGTC OU HG GP NQU QTEWNQU GN FQNQT 'UVQ SWG EQTTG COKIQU NGU FKLQ GU UCPITG [ PQ
2QTSWG GP RTKOGT NWICT GN TQEQ FGN EKGNQ [ NCU CDWPFCP NKEQT UWVKN EQOQ GN SWG W[G FG NQU CNOQU FKQUGU [ QVTC
VGU NNWXKCU SWG GPVQPEGU EC[GTQP FKUKRCTQP GN OKGFQ FG XG\ EQOQ JCDKGPFQ FCFQ WP ITCP VTWGPQ UG JWDKGUGP
NC UGF [ JCEKGPFQ FGUCRCTGEGT NC UGSWGFCF RQTSWG EQP CUWUVCFQ VQFQU GN UQUVC #PCZCTEQ SWG UG JCNNCDC RTG
GNNCU UG JWOGFGEK NC CTGPC [ SWGF CRGNOC\CFC FKGTQP UGPVG NG RTGIWPV ; V JKLQ FG <GWU PQ JCEGU CNIQ FG
CN CKTG NCU ECNKFCFGU FG OU TGURKTCDNG [ OU RWTQ 'P UG GUVQ! ; N TKPFQUG 0Q SWKGTQ NG FKLQ KPHWPFKT VGTTQT
IWPFQ NWICT EQOQ EQPHWPFKFQU NQU VTOKPQU RQT FQPFG C OKU COKIQU EQOQ OG NQ RTQRQPGU V GN SWG FGUFGCU
UG IQDGTPCDCP NQU IWCU JWDKGUGP GORG\CFQ C CPFCT RGT OK EGPC RQTSWG XGU GP NCU OGUCU RGUECFQU [ PQ ECDG\CU
FKFQU [ GTTCPVGU RQT PQ UCDGT GN ECOKPQ WPQU EWGTXQU SWG FG UVTCRCU ; GTC CU NC XGTFCF SWG #PCZCTEQ UGIP
UG NGU CRCTGEKGTQP HWGTQP UWU EQPFWEVQTGU XQNCPFQ FGNCP UG EWGPVC JCDKGPFQ GPXKCFQ GN TG[ C *GHGUVKP WPQU RG
VG CEGNGTCPFQ NC OCTEJC EWCPFQ NQU UGIWCP [ RCTPFQUG EGU RTQTTWORK GP NC HTCUG SWG UG FGLC GZRTGUCFC EQOQ
[ CIWCTFCPFQ EWCPFQ UG TGVTCUCDCP 2GTQ NQ OCTCXKNNQUQ VGPKGPFQ GP RQEQ [ GUECTPGEKGPFQ C NQU SWG EQP ITCPFGU
GTC UGIP FKEG %CNUVGPGU SWG EQP UWU XQEGU [ ITC\PKFQU VTCDCLQU [ RGNKITQU XCP GP RQU FG NCU EQUCU DTKNNCPVGU UKP
NNCOCDCP C NQU SWG UG RGTFCP RQT NC PQEJG VTC[PFQNQU SWG RQT GUQ GP GN IQEG FG NQU RNCEGTGU [ FG NCU EQOQFK
C NCU JWGNNCU FGN ECOKPQ %WCPFQ RCUCFQ GN FGUKGTVQ NNGI FCFGU GZEGFCP C NQU FGOU PK GP NQ OU OPKOQ 5G XG
C NC EKWFCF GN RTQHGVC FG #OP NG CPWPEK SWG NG UCNW RWGU RQT NQ SWG FGLCOQU FKEJQ SWG #NGLCPFTQ FGPVTQ FG
FCDC FG RCTVG FGN FKQU EQOQ FG UW RCFTG C NQ SWG N NG U OKUOQ PQ HWG UGFWEKFQ PK UG GPITK EQP NC KFGC FG UW
RTGIWPV UK UG JCDC SWGFCFQ UKP ECUVKIQ CNIWPQ FG NQU QTKIGP FKXKPQ UKPQ SWG UQNCOGPVG SWKUQ UWD[WICT EQP NC
OCVCFQTGU FG UW RCFTG 4GRUQNG GN RTQHGVC SWG OKTCTC QRKPKP FG N C NQU FGOU
NQ SWG FGEC RQTSWG PQ JCDC VGPKFQ WP RCFTG OQTVCN
[ GPVQPEGU N OWFCPFQ FG NGPIWCLG RTGIWPV UK JCDC
ECUVKICFQ C VQFQU NQU OCVCFQTGU FG (KNKRQ [ GP UGIWKFC
CEGTEC FGN KORGTKQ UK NG EQPEGFGTC GN FQOKPCT C VQFQU NQU
JQODTGU *CDKPFQNG VCODKP FCFQ GN FKQU HCXQTCDNG TGU
RWGUVC [ CUGIWTPFQNG SWG (KNKRQ GUVCDC EQORNGVCOGPVG 8WGNVQ FGN 'IKRVQ C NC (GPKEKC JK\Q UCETKEKQU [ RTQEGUKQ
XGPICFQ NG JK\Q NCU OU OCIPECU QHTGPFCU [ C NQU JQO PGU C NQU FKQUGU [ EGTVOGPGU FG EQTQU FG OUKEC [ DCKNG [
DTGU CNN FGUVKPCFQU NQU OU TKEQU RTGUGPVGU 'UVQ GU NQ SWG FG VTCIGFKCU SWG HWGTQP DTKNNCPVGU PQ UNQ RQT NC OCIPK
GP EWCPVQ C NQU QTEWNQU TGGTGP NQU OU FG NQU JKUVQTKC EGPEKC EQP SWG UG JKEKGTQP UKPQ VCODKP RQT GN EQPEWTUQ
FQTGU [ UG FKEG SWG GN OKUOQ #NGLCPFTQ GP WPC ECTVC C RQTSWG EQPFWLGTQP GUVQU EQTQU NQU TG[GU FG %JKRTG CN OQ
UW OCFTG NG UKIPKE JCDGTNG UKFQ JGEJQU EKGTVQU XCVKEK FQ SWG GP #VGPCU CSWGNNQU C SWKGPGU ECDG NC UWGTVG GP UWU
PKQU CTECPQU SWG C GNNC UQNC TGXGNCTC C UW XWGNVC #NIWPQU VTKDWU [ EQPVGPFKGTQP EQP OCTCXKNNQUQ GORGQ WPQU EQP
JCP GUETKVQ SWG SWGTKGPFQ GN RTQHGVC UCNWFCTNG GP ITKGIQ QVTQU UKP GODCTIQ NC EQPVKGPFC OU CTFKGPVG HWG NC FG
EQP EKGTVQ ECTKQ FKEKPFQNG *KLQ OQ UG GSWKXQE RQT 0KEQETGQPVG FG 5CNCOKPC [ 2CUETCVGU FG 5QNQU RQTSWG
DCTDCTKUOQ GP WPC NGVTC RQPKGPFQ WPC U RQT WPC P [ SWG C UVQU NGU VQE RTGUKFKT C NQU CEVQTGU OU ENGDTGU 2C
C #NGLCPFTQ NG HWG OW[ ITCVQ GUVG GTTQT RQT EWCPVQ UG FKQ UETCVGU C #VGPQFQTQ [ 0KEQETGQPVG C 6UCNQ RQT SWKGP
OQVKXQ C SWG RCTGEKGTC NG JCDC NNCOCFQ JKLQ FG <GWU GUVCDC GN OKUOQ #NGLCPFTQ %QP VQFQ UG CDUVWXQ FG OC
RQTSWG GUVQ GTC NQ SWG TGUWNVCDC FG NC GSWKXQECEKP & PKHGUVCT UW RCUKP JCUVC SWG NQU XQVQU FGENCTCTQP XGPEGFQT
EGUG CUKOKUOQ SWG JCDKGPFQ QFQ GP GN 'IKRVQ CN NUQHQ C #VGPQFQTQ OCU GPVQPEGU CN TGVKTCTUG FKLQ UGIP RCTG
2UCOP NQ SWG RTKPEKRCNOGPVG EQNKIK FG UWU FKUEWTUQU EG SWG CNCDCDC NC KORCTEKCNKFCF FG NQU LWGEGU RGTQ SWG
HWG SWG VQFQU NQU JQODTGU UQP TGIKFQU RQT &KQU C ECWUC JCDTC FCFQ FG DWGPC ICPC RCTVG FG UW TGKPQ RQT PQ JCDGT
FG SWG NC RCTVG SWG GP ECFC WPQ OCPFC G KORGTC GU FK XKUVQ XGPEKFQ C 6UCNQ (WG OU CFGNCPVG OWNVCFQ #VGPQ
XKPC [ SWG N VQFCXC QRKPCDC OU NQUECOGPVG CEGT FQTQ RQT NQU #VGPKGPUGU EQP OQVKXQ FG PQ JCDGTUG RTGUGP
EC FG GUVCU EQUCU FKEKGPFQ SWG &KQU GU RCFTG EQOP FG VCFQ CN EQODCVG FG NCU (KGUVCU $CECPCNGU [ EQOQ JWDKGUG
VQFQU NQU JQODTGU RGTQ CFQRVC GURGEKCNOGPVG RQT JKLQU UWRNKECFQ CN TG[ GUETKDKGUG GP UW HCXQT GUVQ PQ VWXQ C DKGP
  

GLGEWVCTNQ RGTQ FG UW GTCTKQ NG RCI NC OWNVC 4GRTGUGP OWLGT OWGTVC SWKVPFQUG C UK OKUOQ GN OC[QT EQPUWGNQ
VCDC GP GN VGCVTQ .KEP PCVWTCN FG 'UECTQ OGTGEKGPFQ GP UWU ITCPFGU KPHQTVWPKQU SWG GTC GN SWG RCTGEKGUG JCDGT
CRNCWUQ [ JCDKGPFQ KPVGTECNCFQ EQP NQU FG NC EQOGFKC WP UKFQ XGPEKFQ RQT WP JQODTG UWRGTKQT C NC JWOCPC PCVWTC
XGTUQ SWG EQPVGPC NC RGVKEKP FG FKG\ VCNGPVQU UG GEJ NG\C UKPQ SWG OU DKGP CFOKTCTC GP #NGLCPFTQ GN JCDGT
C TGT [ UG NQU FKQ 'PXKNG &CTQ WPC ECTVC [ RGTUQPCLGU FCFQ OC[QTGU OWGUVTCU FG EQPVKPGPEKC [ OQFGTCEKP EQP
FG UW EQTVG SWG KPVGTEGFKGUGP EQP N RCTC SWG TGEKDKGP NCU OWLGTGU FG NQU 2GTUCU SWG FG XCNQT EQP UWU OCTKFQU
FQ FKG\ OKN VCNGPVQU RQT NQU ECWVKXQU EQPUGTXCPFQ VQFQ GN %QPVKPWCDC GN ECOCTGTQ RTQTKGPFQ VGTTKDNGU LWTCOGPVQU
VGTTGPQ FG NC RCTVG CE FGN WHTCVGU [ VQOCPFQ GP OCVTK GP EQPTOCEKP FG NQ SWG JCDC FKEJQ [ EGNGDTCPFQ NC
OQPKQ WPC FG UWU JKLCU JWDKGUG GPVTG CODQU COKUVCF [ OQFGTCEKP [ ITCPFG\C FG PKOQ FG #NGLCPFTQ EWCPFQ
CNKCP\C NQ SWG EQPUWNV EQP UWU COKIQU [ JCDKPFQNG FK UCNKGPFQ &CTQ CFQPFG GUVCDCP UWU COKIQU [ NGXCPVCPFQ
EJQ 2CTOGPKP 2WGU [Q UK HWGTC #NGLCPFTQ CFOKVKTC NCU OCPQU CN EKGNQ &KQUGU RCVTKQU GZENCO VWVGNCTGU
GUVG RCTVKFQ ;Q VCODKP NG TGURQPFK UK HWGTC 2CTOG FGN TGKPQ FCFOG CPVG VQFCU NCU EQUCU GN SWG XWGNXC C XGT
PKP RGTQ C &CTQ NG GUETKDK SWG UGTC VTCVCFQ EQP NC GP RKG NC HQTVWPC FG NQU 2GTUCU [ SWG NC FGLG HQTVCNGEKFC
OC[QT JWOCPKFCF UK XKPKGUG C N OCU UK PQ XGPC SWG KDC EQP NQU DKGPGU SWG NC TGEKD RCTC SWG XGPEGFQT RWGFC
CN OQOGPVQ C OCTEJCT GP UW DWUEC TGVQTPCT C #NGLCPFTQ NQU HCXQTGU SWG GP VCN CFXGTUKFCF JC
FKURGPUCFQ C NQU QDLGVQU SWG OG UQP OU ECTQU [ UK GU SWG
UG CEGTEC GN VKGORQ SWG NC XGPICP\C FGN EKGNQ VKGPG RTG
LCFQ RCTC GN VTCUVQTPQ FG NCU EQUCU FG 2GTUKC SWG PKPIP
QVTQ JQODTG SWG #NGLCPFTQ UG UKGPVG GP GN VTQPQ FG %KTQ
.QU OU FG NQU JKUVQTKCFQTGU EQPXKGPGP GP SWG GUVCU EQUCU
/CU C RQEQ VWXQ OQVKXQ FG FKUIWUVQ RQT JCDGT OWGTVQ
UWEGFKGTQP [ UG FKLGTQP EQOQ CSW XCP TGHGTKFCU
FG RCTVQ NC OWLGT FG &CTQ [ FKQ DKGP ENCTCU RTWGDCU FGN
UGPVKOKGPVQ SWG NG ECWUCDC GN SWG UG NG SWKVCUG NC QECUKP
FG OCPKHGUVCT UW DWGP EQTC\P *K\Q RWGU SWG UG NG FKGTC
UGRWNVWTC UKP GZEWUCT PCFC FG NQ SWG RWFKGTC EQPVTKDWKT
C NC OCIPKEGPEKC [ CN FGEQTQ 'P GUVQ WPQ FG NQU GWPW
EQU FG NC EOCTC SWG JCDC UKFQ ECWVKXCFQ EQP NC 4GKPC #NGLCPFTQ FGURWU FG JCDGT RWGUVQ C UW QDGFKGPEKC VQFQ
[ FGOU OWLGTGU NNCOCFQ 6KTGQ OCTEJC EQTTKGPFQ GP GN RCU FG NC RCTVG CE FGN WHTCVGU OQXK EQPVTC &CTQ
RQUVC FGN ECORCOGPVQ [ NNGICFQ CPVG &CTQ NG TGGTG SWG DCLCDC EQP WP OKNNP FG EQODCVKGPVGU 4GTKNG WPQ
NC OWGTVG FG UW GURQUC &GURWU FG JCDGTUG NCUVKOCFQ NC FG UWU COKIQU WPC QEWTTGPEKC FKIPC FG TKUC [ HWG SWG NQU
ECDG\C [ FGUCJQIPFQUG EQP GN NNCPVQ b'UVCOQU DWGPQU CUKUVGPVGU [ DCICLGTQU FGN GLTEKVQ RQT LWGIQ UG JCDCP
GZENCO EQP GN )GPKQ FG NC 2GTUKC UK NC OWLGT [ JGTOCPC FKXKFKFQ GP FQU DCPFQU ECFC WPQ FG NQU EWCNGU VGPC UW
FGN TG[ PQ UNQ JC XKXKFQ GP NC UGTXKFWODTG UKPQ SWG JC ECWFKNNQ [ IGPGTCN CN SWG NQU WPQU NNCOCDCP #NGLCPFTQ [
UKFQ VCODKP RTKXCFC FG WP GPVKGTTQ TGIKQ # NQ SWG TG NQU QVTQU &CTQ 'ORG\CTQP C EQODCVKTUG FG NGLQU VKTP
RNKECPFQ GN ECOCTGTQ 2QT NQ SWG JCEG CN GPVKGTTQ FKLQ FQUG VGTTQPGU WPQU C QVTQU XKPKGTQP FGURWU C NCU RWC
bQJ 4G[ [ C VQFQ JQPQT [ TGURGVQ PQ VKGPGU GP SW EWN FCU [ CECNQTCFC NC EQPVKGPFC NNGICTQP JCUVC NCU RKGFTCU [
RCT CN )GPKQ OCNQ FG NC 2GTUKC RQTSWG OKGPVTCU XKXK OK NQU RCNQU JCDKGPFQ EQUVCFQ OWEJQ VTCDCLQ GN UGRCTCTNQU
COCFC 'UVCVKTC PK C GNNC OKUOC PK C VW OCFTG PK C VWU 'PVGTCFQ FG GNNQ OCPF SWG NQU ECWFKNNQU UG DCVKGTCP GP
JKLQU NGU HCNV PCFC FG NQU DKGPGU [ JQPQTGU SWG NGU GTCP FWGNQ CTOCPFQ N RQT U OKUOQ C #NGLCPFTQ [ (KNQVCU C
FGDKFQU C GZEGREKP FGN FG XGT VW NW\ SWG QVTC XG\ XQN &CTQ [ GN GLTEKVQ HWG GURGEVCFQT FG CSWGN FGUCHQ VQ
XGT C JCEGT SWG TGURNCPFG\EC GN UWRTGOQ 1TQOCUFGU PK OCPFQ NQ SWG GP N UWEGFKGUG RQT CIGTQ FGN HWVWTQ ZKVQ
FGURWU FG OWGTVC CSWNNC JC FGLCFQ FG RCTVKEKRCT FG VQFQ FG NC IWGTTC (WG TGKFC NC RGNGC GP NC SWG XGPEK GN SWG
FGEQTQ UKGPFQ JQPTCFC EQP NCU NITKOCU FG NQU GPGOKIQU UG NNCOCDC #NGLCPFTQ [ TGEKDK RQT RTGOKQ FQEG CNFGCU [
RWGU #NGLCPFTQ GU VCP DGPKIPQ GP NC XKEVQTKC EQOQ VGTTKDNG RQFGT WUCT FG NC GUVQNC RGTUC CU GU EQOQ 'TCVUVGPGU PQU
GP GN EQODCVG #N QT &CTQ GUVC TGNCEKP NC VWTDCEKP [ NQ JC FGLCFQ GUETKVQ RGTQ NC ITCPFG DCVCNNC EQPVTC &CTQ
GN COQT NQ EQPFWLGTQP C KPHWPFCFCU UQURGEJCU G KPVTQ PQ HWG GP #TDGNCU EQOQ FKEGP OWEJQU UKPQ GP )CWICOG
FWEKGPFQ CN GWPWEQ C NQ OU TGVKTCFQ FG UW VKGPFC 5K GU NQU PQODTG SWG GP FKCNGEVQ RGTUC FKEGP UKIPKEC NC ECUC
SWG V NG FKLQ PQ VG JCU JGEJQ VCODKP /CEGFQPKQ EQP NC FGN %COGNNQ C ECWUC FG SWG GP NQ CPVKIWQ WP TG[ JW[GP
HQTVWPC FG NQU 2GTUCU [ VQFCXC UQ[ VW COQ &CTQ FKOG FQ FG NQU GPGOKIQU GP WP FTQOGFCTKQ NG GFKE CNN ECUC
TGXGTGPEKCPFQ NC TGURNCPFGEKGPVG NW\ FG /KVTC [ NC FKGUVTC UGCNCPFQ CNIWPCU CNFGCU [ EKGTVCU TGPVCU RCTC UW EWKFC
FGN TG[ UK CECUQ UQP NKIGTQU NQU OCNGU SWG NNQTQ FG 'UVCVK FQ .C NWPC FGN OGU DQGFTQOKP UG GENKRU CN RTKPEKRKQ
TC GP EQORCTCEKP FG QVTQU OU VGTTKDNGU SWG OG JC[CP FG NQU OKUVGTKQU SWG UG EGNGDTCP GP #VGPCU [ GP NC PQEJG
CECGEKFQ OKGPVTCU XKXC RQT JCDGT ECNFQ GP OCPQU FG WP WPFEKOC FGURWU FGN GENKRUG GUVCPFQ CODQU GLTEKVQU
GPGOKIQ ETWGN G KPJWOCPQ 2QTSWG SW OQVKXQ FGEGPVG C NC XKUVC &CTQ VWXQ UWU VTQRCU UQDTG NCU CTOCU TGEQ
RWGFG JCDGT RCTC SWG WP LQXGP NNGIWG JCUVC GUG GZEGUQ FG TTKGPFQ EQP CPVQTEJCU NCU NCU RGTQ #NGLCPFTQ OKGPVTCU
JQPQT EQP NC OWLGT FG WP GPGOKIQ! 6QFCXC PQ JCDC FGUECPUCDCP NQU /CEGFQPKQU RCU NC PQEJG FGNCPVG FG UW
EQPENWKFQ EWCPFQ CTTQLPFQUG C UWU RKGU 6KTGQ GORG\ RCDGNNP EQP GN CIQTGTQ #TKUVCPFTQ JCEKGPFQ EKGTVCU EG
C TQICTNG SWG OKTCTC DKGP NQ SWG FGEC [ PQ ECNWOPKC TGOQPKCU CTECPCU [ UCETKECPFQ CN /KGFQ .QU OU CPEKC
TC C #NGLCPFTQ PK EWDTKGTC FG KIPQOKPKC C UW JGTOCPC [ PQU FG UWU COKIQU [ EQP GURGEKCNKFCF 2CTOGPKP XKGP

FQ VQFQ GN RCU SWG OGFKC GPVTG GN 0KHCVGU [ NQU OQPVGU
FG )QTFKGPC KNWOKPCFQ EQP NCU JCEJCU FG NQU DTDCTQU [
SWG FGUFG GN ECORCOGPVQ UG FKHWPFC [ TGUQPCDC WPC XQ\
EQPHWUC EQP VWTDCEKP [ OKGFQ EQOQ FG WP KPOGPUQ RK
NCIQ CFOKTCFQU FG UGOGLCPVG OWEJGFWODTG [ FKEKPFQ
UG WPQU C QVTQU SWG JCDC FG UGT GORTGUC GN CEQOGVGT CN
FGUEWDKGTVQ [ TGRGNGT VCP HWTKQUC VQTOGPVC UG FKTKIKGTQP
CN TG[ EQPENWKFQ SWG JWDQ NQU UCETKEKQU [ NG RTQRWUKGTQP
SWG UG CEQOGVKGTC FG PQEJG C NQU GPGOKIQU [ UG QEWNVCTC
GPVTG NCU UQODTCU NQ VGTTKDNG FGN EQODCVG GP SWG KDCP C
GPVTCT 2GTQ FKEKGPFQ N CSWGNNC VCP EGNGDTCFC UGPVGPEKC
;Q PQ JWTVQ NC XKEVQTKC C WPQU NGU RCTGEK SWG JCDC EQP N WP EQNNCT CUKOKUOQ FG CEGTQ IWCTPGEKFQ EQP RKG
FCFQ WPC TGURWGUVC RWGTKN [ XCPC VTCVCPFQ FG DWTNGTC VCP
ITCXG RGNKITQ RGTQ QVTQU ETG[GTQP SWG JCDC JGEJQ DKGP
GP OCPKHGUVCT EQPCP\C GP NQ RTGUGPVG [ CEGTVCFQ RCTC NQ
HWVWTQ GP PQ FCT QECUKP C &CTQ UK HWGTG XGPEKFQ RCTC
SWGTGT VQFCXC JCEGT QVTC RTWGDC CEJCECPFQ GUVC FGTTQVC
C NC PQEJG [ C NCU VKPKGDNCU EQOQ NC RTKOGTC C NQU OQPVGU
C NQU FGUNCFGTQU [ CN OCT RQTSWG &CTQ EQP VCP KPOGP
UCU HWGT\CU PQ FGUKUVKTC FG EQODCVKT RQT HCNVC FG CTOCU Q
FG JQODTGU UKPQ EWCPFQ RGTFKGTC GN PKOQ [ NC GURGTCP
\C EQPXGPEKFQ FG JCDGT UKFQ FGUJGEJQ GP DCVCNNC FCFC C
XKUVC FG VQFQ GN OWPFQ FG RQFGT C RQFGT
&EGUG SWG GPEGTTPFQUG GP UW RCDGNNP NWGIQ SWG UVQU
UG TGVKTCTQP FWTOK EQP WP RTQHWPFQ UWGQ NC RCTVG SWG
TGUVCDC FG NC PQEJG HWGTC FG UW EQUVWODTG GP VTOKPQU
SWG UG OCTCXKNNCTQP NQU LGHGU JCDKGPFQ KFQ C JCDNCTNG FG
OCFTWICFC [ VWXKGTQP SWG FCT RQT U NC RTKOGTC QTFGP
SWG HWG NC FG SWG NQU UQNFCFQU EQOKGTCP NQU TCPEJQU &GU
RWU EWCPFQ [C GN VKGORQ GUVTGEJCDC GPVT 2CTOGPKP
[ RQPKPFQUG CN NCFQ FG NC ECOC NG HWG RTGEKUQ NNCOCTNG
FQU Q VTGU XGEGU RQT UW PQODTG FGURGTVUG [ RTGIWPVP
FQNG UVG GP SW EQPUKUVC SWG FWTOKGUG GN UWGQ FG WP C NQU )TKGIQU 'N CIQTGTQ #TKUVCPFTQ SWG NG CEQORCC
XGPEGFQT EWCPFQ PQ HCNVCDC PCFC RCTC GPVTCT GP GN OU
TGKFQ FG VQFQU NQU EQODCVGU UG CCFG JCDGTNG TGURQPFK
FQ UQPTKPFQUG 2WGU VG RCTGEG SWG PQ JGOQU XGPEKFQ
[C NKDTGU FG VGPGT SWG CPFCT GTTCPVGU GP RGTUGEWEKP FG
&CTQ SWG PQU JCEC NC IWGTTC JW[GPFQ RQT WP RCU GZVGP
UQ [ ICUVCFQ! ; PQ UNQ CPVGU FG NC DCVCNNC UKPQ GP OG
FKQ FGN RGNKITQ UG OQUVT ITCPFG G KPCNVGTCDNG RCTC VQOCT
FKURQUKEKQPGU [ FCT RTWGDCU FG EQPCP\C RQTSWG CSWGNNC
CEEKP VWXQ OQOGPVQU FG CSWG\C [ FG CNIP FGUQTFGP GP
GN CNC K\SWKGTFC OCPFCFC RQT 2CTOGPKP RQT JCDGT ECT
ICFQ NC ECDCNNGTC DCEVTKCPC EQP ITCP ORGVW [ XKQNGPEKC
C NQU /CEGFQPKQU [ JCDGT GPXKCFQ /CEGQ QVTC FKXKUKP
FG ECDCNNGTC HWGTC FG NC NPGC FG DCVCNNC RCTC CEQOGVGT
C NQU SWG IWCTFCDCP NQU GSWKRCLGU #U GU SWG VWTDCFQ
2CTOGPKP EQP GUVQU FQU KPEKFGPVGU GPXK C[WFCPVGU SWG
KPHQTOCTCP C #NGLCPFTQ FG SWG KDCP C RGTFGTUG GN ECORC
OGPVQ [ GN DCICLG UK UKP FKNCEKP CNIWPC PQ GPXKCDC FGUFG
XCPIWCTFKC WP EQPUKFGTCDNG TGHWGT\Q C NQU FG TGUGTXC GUVQ
HWG GP GN OQOGPVQ GP SWG LWUVCOGPVG GUVCDC FCPFQ C NQU
SWG RQT U OCPFCDC NC QTFGP [ UGCN FG GODGUVKT .WGIQ
SWG UG GPVGT FGN CXKUQ FG 2CTOGPKP FKLQ SWG UKP FWFC

GUVCDC NGNQ [ HWGTC FG UW CEWGTFQ RWGU EQP NC VWTDCEKP
PQ TGRCTCDC SWG UK XGPECP UGTCP FWGQU FG EWCPVQ VGPCP
NQU GPGOKIQU [ UK GTCP XGPEKFQU PQ GUVCTCP RCTC RGPUCT
GP ECWFCNGU PK GP GUENCXQU UKPQ GP OQTKT RGNGCPFQ FGPQ
FCFC [ XCNGTQUCOGPVG [ GUVQ OKUOQ HWG NC TGURWGUVC SWG
OCPF C 2CTOGPKP %CNUG GPVQPEGU GN ECUEQ RQTSWG [C
CPVGU JCDC VQOCFQ GP UW VKGPFC GN TGUVQ FGN CTOCOGPVQ
SWG EQPUKUVC GP WPC TQRC C NC 5KEKNKCPC EGKFC [ GPEKOC
WPC UQDTGXGUVC FG NKPQ FQDNG FG NQU FGURQLQU VQOCFQU GP
+UQ 'N ECUEQ QDTC FG 6GNQ GTC FG CEGTQ RGTQ TGURNCP
FGEC EQOQ NC OU DTWKFC RNCVC )WCTFCDC EQPHQTOKFCF
FTCU .C GURCFC GTC CFOKTCFC RQT GN VGORNG [ NC NKIGTG\C
FFKXC SWG NG JCDC JGEJQ GN TG[ FG NQU %KVKGPUGU [ UG NC
JCDC EGKFQ RQTSWG QTFKPCTKCOGPVG WUCDC FG NC GURCFC
GP NCU DCVCNNCU 'N DTQEJG FG NC EQVC GTC FG WP VTCDCLQ [
FG WP RTKOQT OW[ UWRGTKQT CN TGUVQ FG NC CTOCFWTC RWGU
GTC QDTC FG *GNKEP GN OC[QT [ QDUGSWKQ FG NC EKWFCF FG
4QFCU SWG NG JCDNC JGEJQ CSWGN RTGUGPVG UQNC VCODKP
NNGXCTNQ GP NQU EQODCVGU /KGPVTCU CPFWXQ FKURQPKGPFQ
NC HQTOCEKP Q FCPFQ TFGPGU Q EQOWPKECPFQ KPUVTWE
EKQPGU Q JCEKGPFQ TGEQPQEKOKGPVQU VWXQ QVTQ ECDCNNQ
PQ SWGTKGPFQ ECPUCT C $WEHCNQ SWG GUVCDC XKGLQ RGTQ
EWCPFQ [C UG KDC C GPVTCT GP NC CEEKP NG VTCLGTQP UVG [
GP GN OQOGPVQ OKUOQ FG OQPVCTNG JCDC RTKPEKRKCFQ GN
EQODCVG
'PVQPEGU JCDKGPFQ JCDNCFQ EQP CNIWPC FGVGPEKP C NQU
6UCNQU [ C NQU FGOU )TKGIQU NWGIQ SWG UVQU NG FKGTQP
PKOQ ITKVCPFQ SWG NQU NNGXCTC EQPVTC NQU DTDCTQU RCU NC
NCP\C C NC OCPQ K\SWKGTFC [ VGPFKGPFQ NC FKGUVTC KPXQE C
NQU FKQUGU RKFKPFQNGU UGIP FKEG %CNUVGPGU SWG UK XGT
FCFGTCOGPVG GTC JKLQ FG <GWU FGHGPFKGTCP [ RTQVGIKGTCP
DC C ECDCNNQ NNGXCPFQ WPC GURGEKG FG CNDC [ WPC EQTQPC
FG QTQ NGU OQUVT WP IWKNC SWG RWGUVC UQDTG NC ECDG
\C FG #NGLCPFTQ UG GPECOKPCDC TGEVC C NQU GPGOKIQU NQ
SWG KPHWPFK ITCPFG CNKGPVQ C NQU SWG NC XKGTQP [ EQP GUVG
OQVKXQ GZJQTVPFQUG WPQU C QVTQU NC HCNCPIG CEGNGT GN
RCUQ RCTC UGIWKT C NC ECDCNNGTC SWG FG ECTTGTC OCTEJCDC
CN EQODCVG #PVGU FG VTCDCTUG UVG GPVTG NQU FG NC RTKOG
TC NPGC TGRNGITQPUG NQU DTDCTQU [ UG NGU RGTUGIWC EQP
CTFQT RTQEWTCPFQ #NGLCPFTQ KORGNGT NQU XGPEKFQU JCEKC
GN EGPVTQ FQPFG UG JCNNCDC &CTQ RQTSWG NG JCDC XKUVQ
FG NGLQU JCEKPFQUG QDUGTXCT RQT GPVTG NQU FG XCPIWCTFKC
EQNQECFQ GP GN HQPFQ FG NC VTQRC TGCN FG DGNNC RTGUGPEKC
[ GUVCVWTC EQPFWEKFQ GP WP ECTTQ CNVQ [ FGHGPFKFQ RQT
PWOGTQUC [ DTKNNCPVG ECDCNNGTC OW[ DKGP FKUVTKDWKFC CN
TGFGFQT FGN ECTTQ [ FKURWGUVC C TGEKDKT URGTCOGPVG C NQU
GPGOKIQU RGTQ RCTGEKPFQNGU #NGLCPFTQ VGTTKDNG FG EGT
EC G KORGNKGPFQ UVG C NQU HWIKVKXQU UQDTG NQU SWG UG OCP
VGPCP GP UW RWGUVQ NNGP FG VGTTQT [ FKURGTU C NC OC[QT
RCTVG .QU GUHQT\CFQU [ XCNKGPVGU OWTKGPFQ CN NCFQ FGN
TG[ [ EC[GPFQ WPQU UQDTG QVTQU GTCP GUVQTDQ RCTC GN CN
ECPEG CHGTTPFQUG CP GP GUVC FKURQUKEKP C NQU JQODTGU

[ C NQU ECDCNNQU &CTQ XKGPFQ CPVG UWU QLQU VQFC GURGEKG
FG RGNKITQU [ SWG XGPCP UQDTG N VQFCU NCU VTQRCU SWG VG
PC FGNCPVG EQOQ PQ NG HWGUG HEKN JCEGT EGLCT Q UCNKT RQT
CNIP NCFQ GN ECTTQ UKPQ SWG NCU TWGFCU GUVCDCP CVCUECFCU
EQP VCPVQU ECFQU [ NQU ECDCNNQU FGVGPKFQU [ ECUK EWDKGTVQU
EQP VCN OWEJGFWODTG FG ECFXGTGU VGPCP GP CIKVCEKP [
FGURGFCP CN SWG NQU IQDGTPCDC CDCPFQP GN ECTTQ [ NCU
CTOCU [ OQPVCPFQ UGIP FKEGP GP WPC [GIWC TGEKP RC
TKFC FKQ C JWKT GU RTQDCDNG UKP GODCTIQ SWG PQ JCDTC
GUECRCFQ C PQ JCDGT XGPKFQ QVTQU C[WFCPVGU FG RCTVG FG
2CTOGPKP KORNQTCPFQ GN CWZKNKQ FG #NGLCPFTQ RQT OCP
VGPGTUG CNN VQFCXC EQPUKFGTCDNGU HWGT\CU [ PQ CECDCT FG
EGFGT NQU GPGOKIQU )GPGTCNOGPVG UG VCEJC C 2CTOGPKP
FG JCDGT CPFCFQ FGUKFKQUQ G KPCEVKXQ GP GUVC DCVCNNC DKGP
HWGTC RQTSWG NC GFCF NG JWDKGUG FKUOKPWKFQ NQU DTQU Q
DKGP RQTSWG EQOQ FKEG %CNUVGPGU NG ECWUCUG FKUIWUVQ [
GPXKFKC GN CNVQ ITCFQ FG XKQNGPEKC [ GPVQPCOKGPVQ C SWG
JCDC NNGICFQ GN RQFGT FG #NGLCPFTQ GN EWCN CWPSWG UG KP
EQOQF EQP CSWGNNC NNCOCFC PQ OCPKHGUV NQ EKGTVQ C NQU
UQNFCFQU UKPQ SWG EQOQ UK UG EQPVWXKGTC FG NC OCVCP\C
RQT UGT [C FG PQEJG JK\Q NC UGCN FG TGVKTCFC [ OCTEJCP
FQ CFQPFG UG FGEC SWG JCDC TKGUIQ TGEKDK CXKUQ GP GN
ECOKPQ FG SWG GPVGTCOGPVG JCDCP UKFQ XGPEKFQU [ JWCP
NQU GPGOKIQU
*CDKGPFQ VGPKFQ GUVG ZKVQ CSWGNNC DCVCNNC RCTGEC GUVCT
FGN VQFQ FGUVTWKFQ GN KORGTKQ FG NQU 2GTUCU [ CENCOCFQ
#NGLCPFTQ TG[ FGN #UKC UCETKE GURNPFKFCOGPVG C NQU
FKQUGU [ TGRCTVK C UWU COKIQU JCEKGPFCU ECUCU [ IQDKGT
PQU 'UETKDK CFGOU EQP EKGTVC CODKEKP C NQU )TKGIQU
SWG UG FGUVTW[GTCP VQFCU NCU VKTCPCU [ UG IQDGTPCTC ECFC
RWGDNQ RQT UWU RTQRKCU NG[GU [ GP RCTVKEWNCT FKQ QTFGP C
NQU 2NCVGGPUGU RCTC SWG TGUVCDNGEKGTCP UW EKWFCF RWGU SWG
UWU RCFTGU JCDCP FCFQ VGTTKVQTKQ C NQU )TKGIQU GP GN SWG
RGNGCUGP RQT NC NKDGTVCF EQOP 'PXK CUKOKUOQ C NQU FG
%TQVQPC GP +VCNKC RCTVG FG NQU FGURQLQU RCTC JQPTCT EQP
GNNQU NC DWGPC XQNWPVCF [ NC XKTVWF FGN CVNGVC (CNKQ SWG GP
NC )WGTTC 2TUKEC EWCPFQ VQFQU NQU FGOU FG +VCNKC FC
DCP RQT RGTFKFQU C NQU )TKGIQU OCTEJ C 5CNCOKPC EQP
WPC PCXG CTOCFC SWG VGPC RTQRKC RCTC VQOCT RCTVG GP
CSWGNNQU RGNKITQU b6CP KPENKPCFQ GTC C VQFC XKTVWF [ JCUVC
VCN RWPVQ EQPUGTXCDC NC OGOQTKC FG NCU CEEKQPGU NQCDNGU
[ NCU OKTCDC EQOQ JGEJCU GP UW DKGP
4GEQTTKGPFQ NC RTQXKPEKC FG $CDKNQPKC SWG [C VQFC NG GU
VCDC UWLGVC NQ SWG OU NG OCTCXKNN HWG NC UKOC SWG JC[ GP
'EDVCPC FG HWGIQ RGTGPPG EQOQ UK HWGTC WPC HWGPVG [
GN TCWFCN FG PCHVC SWG XKGPG C HQTOCT WP GUVCPSWG PQ NGLQU
FG NC UKOC 2CTEGUG NC PCHVC GP NCU OU FG UWU ECNKFCFGU
CN DGVP [ VKGPG VCN CVTCEEKP EQP GN HWGIQ SWG CPVGU FG
VQECTNG NC NNCOC EQP WPC OPKOC RCTVG SWG NG NNGIWG FGN
 
TGURNCPFQT KPCOC OWEJCU XGEGU GN CKTG EQPVKIWQ 2CTC
JCEGT RWGU NQU DTDCTQU XGT CN TG[ UW HWGT\C [ UW XKTVWF
PQ FGTTCOCTQP OU SWG WPCU IQVKVCU FG GUVC OCVGTKC RQT
GN EQTTGFQT SWG EQPFWEC CN DCQ [ FGURWU FGUFG NGLQU
CNCTICTQP NCU JCEJCU EQP SWG NG CNWODTCDCP RQTSWG [C
GTC FG PQEJG JCEKC NQU RWPVQU SWG UG JCDCP TQEKCFQ G
KPCOCFQU NQU RTKOGTQU NC RTQRCICEKP PQ VWXQ VKGORQ
UGPUKDNG UKPQ SWG EQOQ GN RGPUCOKGPVQ RCU GN HWGIQ FG
WPQ CN QVTQ GZVTGOQ SWGFCPFQ KPCOCFQ VQFQ GN EQTTG
FQT *CNNDCUG GP GN UGTXKEKQ FG #NGLCPFTQ WP #VGPKGPUG
NNCOCFQ #VGPHCPGU FGUVKPCFQ EQP QVTQU CN OKPKUVGTKQ FG
WPIKTNG [ DCCTNG [ VCODKP CN FG RTQEWTCTNG FGUCJQIQ [
FKXGTUKP UVG RWGU EQOQ C NC UC\P GUVWXKGUG GP GN DCQ
WP OQ\WGNQ FGN VQFQ FGURTGEKCDNG [ TKFEWNQ RQT UW IWTC
RGTQ SWG ECPVCDC EQP ITCEKC NNCOCFQ 'UVHCPQ 3WGTKU
NG FKLQ bQJ TG[ SWG JCICOQU GP 'UVHCPQ GZRGTKGPEKC FG
GUVG DGVP! RQTSWG UK EQP VQECTNG PQ UG CRCIC GU RTGEKUQ
EQPHGUCT SWG UW XKTVWF GU KPUWRGTCDNG [ VGTTKDNG 2TGUV
DCUG VCODKP GN OQ\WGNQ FG DWGPC ICPC CN GZRGTKOGPVQ
[ GP GN OQOGPVQ FG WPVCTNG [ VQECTNG NGXCPV UW EWGTRQ VCN
NNCOCTCFC [ UG GPEGPFK VQFQ FG VCN OCPGTC SWG #NGLCP
FTQ UG XKQ GP GN OC[QT EQPKEVQ [ EQPEKDK VGOQT [ C PQ
UGT SWG RQT HQTVWPC UG VWXKGTQP C OCPQ OWEJCU XCUKLCU FG
CIWC RCTC GN DCQ WP CWZKNKQ OU VCTFQ PQ JWDKGTC CNECP
\CFQ C SWG PQ UG CDTCUCUG CWP CU UG CRCI EQP OWEJC
FKEWNVCF GN HWGIQ SWG [C UG JCDC GZVGPFKFQ RQT VQFQ GN
EWGTRQ [ FG TGUWNVCU SWGF DKGP OCNVTCVCFQ %QP TC\P
RWGU CEQOQFCPFQ CNIWPQU NC HDWNC C NC XGTFCF FKEGP JC
DGT UKFQ UVG GN KPITGFKGPVG EQP SWG WPV /GFGC NC EQTQPC
[ NC TQRC FG SWG UG JCDNC GP NCU VTCIGFKCU RQTSWG PQ CT
FKGTQP UVCU RQT U OKUOCU PK UG KPEGPFK CSWGN HWGIQ UKP
ECWUC UKPQ SWG JCDKPFQUG RWGUVQ EGTEC CNIWPC NW\ VWXQ
NWICT WPC CVTCEEKP G KPCOCEKP TGRGPVKPC KORGTEGRVK
DNG C NQU UGPVKFQU 2QTSWG NQU TC[QU [ GOCPCEKQPGU FGN HWG
IQ SWG RCTVGP FG EKGTVC FKUVCPEKC UQDTG CNIWPQU EWGTRQU PQ
FGTTCOCP OU SWG NW\ [ ECNQT RGTQ GP QVTQU SWG VKGPGP
WPC UGSWGFCF GURKTKVWQUC Q WPC JWOGFCF ITCUKGPVC [ PQ
FKUKRCDNG COQPVQPPFQUG [ CEWOWNCPFQ HWGIQ GP GNNQU
RTQFWEGP OWFCP\C [ FGUVTWEEKP GP UW OCVGTKC 1HTGEC
RWGU FKEWNVCF GN EQPEGDKT NC HQTOCEKP FG NC PCHVC UK
GU UNQ WP DGVP NSWKFQ SWG UG EQPUKFGTG EQOQ FGRQUK
VCFQ CNN Q UK GU WP JWOQT GPEGPFKFQ SWG OCPC FG WPC
VKGTTC ITCUKGPVC RQT U [ EQOQ UK FKLUGOQU RKTIGPC 2QT
SWG NC FG $CDKNQPKC GU FG UW[Q UWOCOGPVG HQIQUC VCPVQ
SWG OWEJCU XGEGU NGXCPVC [ JCEG UCNVCT NCU RCLCU SWG JC[
RQT GN UWGNQ EQOQ UK CSWGN NWICT RQT FGOCUKCFQ CTFQT
VWXKGTC RWNUQU FG OQFQ SWG NQU PCVWTCNGU GP GN VKGORQ
FGN ECNQT FWGTOGP UQDTG QFTGU NNGPQU FG CIWC *TRCNQ
SWG SWGF RQT CFOKPKUVTCFQT FGN RCU [ SWG UG RTQRWUQ
CFQTPCT NCU RNC\CU FGN RCNCEKQ [ NQU RCUGQU EQP TDQNGU [
RNCPVCU ITKGICU NCU OU JK\Q SWG UG FKGUGP GP CSWGNNC TG
IKP [ UNQ PQ NQ EQPUKIWK EQP NC JKGFTC SWG UKGORTG UG
UGE RQT PQ RQFGT NNGXCT CSWGNNC VGORGTCVWTC SWG GU OW[
ENKFC EWCPFQ GNNC GU RNCPVC FG VGTTGPQU HTQU 'URGTCOQU
SWG GUVCU FKITGUKQPGU PQ KPEWTTKTP GP NC TGRTGPUKP CWP
FG NQU OU FGNKECFQU UKGORTG SWG IWCTFGP EKGTVC OGFKFC
 

SWGVG [ HTCPECEJGNC NNGI JCUVC GN RWPVQ FG RGTOKVKT SWG

EQPEWTTKGUGP OWLGT\WGNCU C EQOGT [ DGDGT EQP UWU COCP
*GEJQ FWGQ #NGLCPFTQ FG 5WUC QEWR GP GN RCNCEKQ EWC VGU 5QDTGUCNC GPVTG UVCU 6CKU COKIC FG 6QNQOGQ SWG
TGPVC OKN VCNGPVQU GP OQPGFC CEWCFC [ GP NQ FGOU RTG OU CFGNCPVG XKPQ C UGT TG[ PCVWTCN FGN VKEC NC EWCN [C
EKQUKFCFGU [ TKSWG\CU KPECNEWNCDNGU &EGUG SWG UNQ GP EGNGDTCPFQ EWKFCFQUCOGPVG NCU FQVGU FG #NGLCPFTQ [ [C
RTRWTC FG *GTOQPC UG GPEQPVTCTQP EKPEQ OKN VCNGPVQU JCEKPFQNG ITCEKQUCU CCIC\CU EQP GN ECNQT FG NC DGDKFC
NC EWCN EQP GUVCT CNN IWCTFCFC FGUFG JCEC EKGPVQ PQXGPVC NNGI C RTQPWPEKCT WPC GZRTGUKP SWG UK DKGP PQ FGUFGEC
CQU UG EQPUGTXCDC HTGUEC [ DTKNNCPVG EQOQ UK CECDCTC FG FG NCU EQUVWODTGU FG UW RCVTKC RCTGEC UKP GODCTIQ SWG
RQPGTUG CVTKDW[PFQUG GUVQ C SWG GN VKPVG FGN EQNQT RWTR PQ RQFC RTQXGPKT FG GNNC 2QTSWG FKLQ SWG GP CSWGN FC
TGQ UG FCDC EQP OKGN [ GN EQNQT DNCPEQ EQP CEGKVG DNCPEQ TGEKDC NC TGEQORGPUC FG EWCPVQ JCDC RCFGEKFQ GP UWU
RWGU UG XGCP QVTQU RCQU SWG VGPKGPFQ GN OKUOQ VKGO OCTEJCU [ RGTGITKPCEKQPGU RQT GN #UKC RWFKGPFQ VTCVCT
RQ EQPUGTXCDCP VQFQ UW NWUVTG [ VQFC NC XKXG\C FG EQNQTGU EQP GN NVKOQ FGURTGEKQ C NC QTIWNNQUC EQTVG FG NQU 2GTUCU
4GGTG &KPP SWG NQU TG[GU FG 2GTUKC JCECP NNGXCT JCUVC [ SWG UW OC[QT IWUVQ UGTC SWGOCT GP OGFKQ FG CSWGN
CIWC FGN 0KNQ [ FGN +UVTQ [ FGRQUKVCTNC GP GN VGUQTQ EQP NCU TGIQEKLQ GN RCNCEKQ FG ,GTLGU SWG JCDC KPEGPFKCFQ C #VG
FGOU EQUCU SWG NQ EQORQPCP RCTC JCEGT CU RCVGPVG NC PCU UKGPFQ GNNC SWKGP NG FKGTC HWGIQ GP RTGUGPEKC FGN TG[
ITCPFG\C FG UW KORGTKQ [ SWG FQOKPCDCP NC VKGTTC RCTC SWG EQTTKGTC RQT VQFCU RCTVGU NC XQ\ FG SWG OC[QT
XGPICP\C JCDCP VQOCFQ FG NQU 2GTUCU GP PQODTG FG NC
)TGEKC WPCU OWLGT\WGNCU SWG VCPVCU VTQRCU FG OCT [ FG
VKGTTC [ VCPVQU IGPGTCNGU EQP GN OKUOQ #NGLCPFTQ &KEJQ
GUVQ UG NGXCPV CN RWPVQ ITCPFG CNIC\CTC [ CRNCWUQ GZJQT
VPFQNC [ CECNQTPFQNC UWU COKIQU VCPVQ SWG KPCOCFQ
%QOQ NC GPVTCFC GP 2GTUKC HWGUG FKHEKN RQT NC CURGTG\C GN 4G[ UG NGXCPV [ GEJQ C CPFCT GN RTKOGTQ RQPKPFQ
FGN VGTTGPQ [ GUVWXKGUG FGHGPFKFC RQT NQU OU CNGPVCFQU [ UG WPC EQTQPC [ VQOCPFQ WPC CPVQTEJC 5KIWKTQPNG VQFQU
GNGU FG UWU PCVWTCNGU RWGU &CTQ UG JCDC CEQIKFQ C GNNC NQU FGN HGUVP EQP ITKVGTC [ GUVTWGPFQ FKUVTKDW[PFQUG CN
VWXQ RQT IWC RCTC FCT EKGTVQ TQFGQ SWG PQ HWG VCORQEQ TGFGFQT FGN RCNCEKQ [ NQU FGOU /CEGFQPKQU SWG NQ GP
OW[ NCTIQ C WP JQODTG KPUVTWKFQ GP CODCU NGPIWCU RQT VGPFKGTQP CEWFKGTQP VCODKP EQP CPVQTEJCU UWOCOGPVG
EWCPVQ UW RCFTG GTC .KEKQ [ UW OCFTG 2GTUC &EGUG SWG EQPVGPVQU RQTSWG GEJCDCP NC EWGPVC FG SWG GN CDTCUCT [
UKGPFQ VQFCXC PKQ #NGLCPFTQ NC 2KVKC RTQHGVK\ SWG WP FGUVTWKT GN RCNCEKQ GTC FG WP JQODTG SWG XQNXC NQU QLQU
.KEKQ NG UGTXKTC FG IWC GP UW GZRGFKEKP EQPVTC NQU 2GT JCEKC UW FQOKEKNKQ ; PQ VGPC RGPUCOKGPVQ FG JCDKVCT GP
UCU (WG ITCPFG NC OQTVCPFCF SWG UG FKEG JCDGT VGPKFQ CNN CSWGN RCU DTDCTQ 7PQU FKEGP SWG RQT GUVG VTOKPQ UG
NWICT FG NQU SWG EC[GTQP ECWVKXQU RWGU GUETKDG N OKUOQ FKURWUQ CSWGN KPEGPFKQ [ QVTQU SWG OW[ FG RTQRUKVQ G
SWG ETG[GPFQ JCNNCT GP GUVQ XGPVCLC JCDC FCFQ QTFGP FG KPVGPVQ OCU GP NQ SWG EQPXKGPGP VQFQU GU GP SWG UG CTTG
SWG UG FKGTC OWGTVG C NQU GPGOKIQU SWG GP FKPGTQ GPEQP RKPVK OW[ GP DTGXG [ FKQ QTFGP RCTC SWG UG CRCICUG
VT VCPVC ECPVKFCF EQOQ GP 5WUC [ VQFQU NQU FGOU GHGE
VQU [ TKSWG\CU HWGTQP ECTIC FKG\ OKN [WPVCU FG OWNCU [ FG
EKPEQ OKN ECOGNNQU *CDKGPFQ XKUVQ WPC GUVCVWC EQNQUCN FG
,GTLGU FGTTKDCFC UKP TGRCTCT CN UWGNQ RQT NC OWNVKVWF SWG
JCDC RGPGVTCFQ CN RCNCEKQ UG RCT [ UCNWFPFQNC EQOQ
5KGPFQ RQT PCVWTCNG\C FCFKXQUQ ETGEK GP N NC NKDGTCNK
UK GUVWXKGUG CPKOCFC # SW OG FGVGTOKPCT NG FKLQ C
FCF C RTQRQTEKP SWG ETGEK UW RQFGT [ UVC KDC UKGORTG
FGLCTVG GP VKGTTC RQT VW GZRGFKEKP EQPVTC NQU )TKGIQU Q
C NGXCPVCTVG RQT VW ITCPFG\C FG PKOQ [ QVTCU XKTVWFGU!CEQORCCFC FG CHCDKNKFCF [ DGPGXQNGPEKC SWG GU EQOQ
NQU DGPGEKQU KPURKTCP WPC XGTFCFGTC ITCVKVWF *CTGOQU
; CN ECDQ JCDKGPFQ GUVCFQ RQT WP TCVQ RGPUCPFQ GPVTQ U
RCU FG NCTIQ UKP JCDNCT OU RCNCDTC 3WGTKGPFQ SWG GN OGOQTKC FG CNIWPCU FG UWU FFKXCU #TKUVP IGPGTCN FG
NQU 2GQPKQU JCDC FCFQ OWGTVG C WP GPGOKIQ [ OQUVTP
GLTEKVQ UG TGRWUKGUG RWGU GTC GPVQPEGU NC GUVCEKP FG KP
FQNG NC ECDG\C 'PVTG PQUQVTQU bQJ 4G[ NG FKLQ GUVG
XKGTPQ UG FGVWXQ CNN EWCVTQ OGUGU [ UG FKEG SWG GUVCPFQ
UGPVCFQ RQT NC RTKOGTC XG\ GP GN VTQPQ TGIKQ DCLQ WP FQRTGUGPVG UG TGEQORGPUC EQP XCUQ FG QTQ #NGLCPFTQ UQP
UGN FG QTQ &GOCTCVQ FG %QTKPVQ JQODTG SWG NG COCDC TKPFQUG 8CEQ NG EQPVGUV [ [Q VG NQ FQ[ NNGPQ FG DWGP
EQPVKPWPFQNG NC COKUVCF SWG JCDC VGPKFQ EQP UW RCFTG XKPQ DGDKGPFQ CPVGU C VW UCNWF )WKCDC WPQ FG VCPVQU
UG GEJ C NNQTCT EQOQ UWEGFG C NQU CPEKCPQU [ GZENCO /CEGFQPKQU WPC CEOKNC ECTICFC FG QTQ FGN SWG UG JCDC
GP GUVC HQTOC b&G SW RNCEGT VCP ITCPFG UG JCP RTKXCFQQEWRCFQ CN TG[ [ EQOQ UVC UG ECPUCUG VQO N NC ECTIC
CSWGNNQU )TKGIQU SWG JCP OWGTVQ CPVGU FG JCDGT XKUVQ C [ NC NNGXCDC C EWGUVCU 8KQNG #NGLCPFTQ UWOCOGPVG HCVK
#NGLCPFTQ UGPVCFQ GP GN VTQPQ FG &CTQ ICFQ [ GPVGTCFQ FG NQ SWG GTC EWCPFQ KDC C FGLCTNC ECGT
0Q JCICU VCN NG FKLQ UKPQ UKIWG VW ECOKPQ [ NNXCNC JCU
VC VW VKGPFC RCTC VK 'P IGPGTCN OU UG KPEQOQFCDC EQP
NQU SWG PQ TGEKDCP UWU DGPGEKQU SWG EQP NQU SWG NG RG
FCP [ C (QEKP NG GUETKDK WPC ECTVC GP SWG NG FGEC SWG
PQ NG VGPFTC GP CFGNCPVG RQT COKIQ UK FGUGEJCDC UWU HC
&G CNN C RQEQ GUVCPFQ [C RCTC OQXGT EQPVTC &CTQ UW XQTGU # 5GTCRKP WPQ FG NQU OQ\QU SWG LWICDCP EQP N C
EGFK SWG EQPFGUEGPFKGPFQ EQP UWU COKIQU GP WP DCP NC RGNQVC PQ NG FKQ PWPEC PCFC RQTSWG PQ RGFC [ GP WPC

QECUKP RWGUVQ UVG GP GN LWGIQ CNCTICDC NC RGNQVC C NQU
FGOU [ FKEKPFQNG GN 4G[ ; C O PQ OG NC CNCTICU! EWKFCT RQT U WP ECDCNNQ Q CEKECNCT NC NCP\C [ GN ECUEQ
5K PQ NC RKFGU NG TGURQPFK EQP NQ SWG UG GEJ C TGT [ GN SWG TGJWUC RQPGT OCPQ GP NC EQUC OU RTGEKCFC SWG
NG JK\Q WP ITCP TGICNQ 2CTGEK SWG UG JCDC GPQLCFQ EQP
2TQVGCU WPQ FG NQU FGEKFQTGU [ DWHQPGU SWG PQ ECTGEC
FG ITCEKC TQIDCPNG RQT N NQU COKIQU [ GN OKUOQ 2TQ
VGCU UG RTGUGPV NNQTCPFQ [ NGU FKLQ SWG GUVCDC CRNCECFQ GN CVCTGCTUG [ FCTUG OCNQU TCVQU GP NC OKNKEKC [ GP NC EC\C
OCU EQOQ UVG TGRWUKGUG ; PQ GORG\CTU bQJ 4G[ C
FCTOG FG GNNQ CNIWPC RTGPFC! OCPF SWG NG FKGTCP EKP
EQ VCNGPVQU %WPVC JWDKGUG UKFQ UW RTQHWUKP GP TGRCTVKT
FQPGU [ ITCEKCU C UWU COKIQU [ C NQU FG UW IWCTFKC NQ OC
PKHGUV 1NKORCFG GP WPC ECTVC SWG NG GUETKDK &G QVTQ
OQFQ NG FGEC UGTC FG RTQDCT SWG JKEKGUGU DKGP C VWU
COKIQU [ SWG VG RQTVCUGU EQP GURNGPFQT RGTQ CJQTC EQP
XKTVKPFQNQU GP QVTQU VCPVQU TG[GU C GNNQU NGU RTQRQTEKQPCU
SWG VGPICP COKIQU [ C VK GN SWGFCTVG UQNQ 'UETKDCNG HTG
EWGPVGOGPVG 1NKORCFG RQT GUVG OKUOQ VTOKPQ [ GUVCU
ECTVCU VGPC EWKFCFQ FG TGUGTXCTNCU UNQ WPC XG\ NG[GPFQ
LWPVCOGPVG EQP N *GHGUVKP RWGU UQNC VGPGT GUVC EQP
CP\C WPC FG GUVCU ECTVCU SWG CECDCDC FG CDTKT PQ UG
NQ RTQJKDK UKPQ SWG UG SWKV GN CPKNNQ [ NG RWUQ C CSWN
GN UGNNQ GP NC DQEC #N JKLQ FG /CEGQ CSWGN SWG IQ\CDC
FG NC OC[QT RTKXCP\C EQP &CTNQ VGPKGPFQ WPC UCVTCRC
NG FKQ EQP GNNC QVTC OC[QT OCU UVG NC TGJWU FKEKGPFQ
#PVGU bQJ TG[ PQ JCDC OU FG WP &CTQ RGTQ V CJQ
TC JCU JGEJQ OWEJQU #NGLCPFTQU # 2CTOGPKP RWGU NG
FKQ NC ECUC FG $CIQCU EGTEC FG 5WUC GP NC SWG UG FKEG
JCDGTUG GPEQPVTCFQ GP OWGDNGU JCUVC OKN VCNGPVQU 'UETK
DK C #PVRCVTQ SWG UG TQFGCTC FG IWCTFKCU RWGU JCDNC
SWKGP NG CTOCDC CUGEJCP\CU # NC OCFTG NG FKQ [ GPXK
OWEJQU RTGUGPVGU RGTQ PWPEC NG RGTOKVK OG\ENCTUG GP
GN IQDKGTPQ PK GP NCU EQUCU FGN GLTEKVQ [ UKGPFQ FG GNNC
TGRTGPFKFQ NNGX DNCPFCOGPVG NC FWTG\C FG UW IGPKQ [
WPC XG\ JCDKGPFQ NGFQ WPC NCTIC ECTVC FG #PVRCVTQ GP
SWG VTCVCDC FG RQPGTNG OCN EQP GNNC 0Q UCDG #PVRCVTQ
FKLQ SWG WPC UQNC NITKOC FG OK OCFTG DQTTC OKNGU FG
ECTVCU
*CDKGPFQ XKUVQ SWG EWCPVQU VGPC C UW NCFQ UG JCDCP GP
VTGICFQ GPVGTCOGPVG CN NWLQ [ CN TGICNQ JCEKGPFQ GZEG
UKXQU ICUVQU GP VQFQ NQ TGNCVKXQ C UWU RGTUQPCU VCPVQ SWG
*CIPP FG 6G[Q NNGXCDC ENCXQU FG RNCVC GP NQU \CRCVQU
.GQPCVQ UG JCEC VTCGT FGN 'IKRVQ EQP ECOGNNQU OWEJCU
ECTICU FG RQNXQ RCTC NQU IKOPCUKQU (KNQVCU JCDC JGEJQ
RCTC NC EC\C VQNFQU SWG UG GZVGPFCP JCUVC EKGP GUVCFKQU [
SWG GTCP OU NQU SWG RCTC WPIKTUG [ RCTC GN DCQ WUCDCP
FG OKTTC SWG FG CEGKVG NNGICPFQ JCUVC GN GZVTGOQ FG VGPGT
OQ\QU PKECOGPVG FGUVKPCFQU C SWG NQU TCUECUGP [ EQP
EKNKCUGP GN UWGQ NQU TGRTGPFK UWCXG [ NQUECOGPVG FGURWU UG FGUEWDTKGUG SWG PKPIP OCN VGPC [ EQPHGUCUG
FKEKGPFQ OCTCXKNNCTUG FG SWG JQODTGU SWG JCDCP UQUVG
PKFQ VCPVQU [ VCP TGKFQU EQODCVGU UG JWDKGTCP QNXKFCFQ
FG SWG FWGTOGP EQP OU IWUVQ NQU SWG VTCDCLCP SWG NQU
SWG GUVP QEKQUQU [ FG SWG PQ XKGTCP EQORCTCPFQ UW O
VQFQ FG XKFC EQP GN FG NQU 2GTUCU SWG GN FCTUG CN TGICNQ GU
NQ OU UGTXKN [ CDCVKFQ [ GN VTCDCLCT NQ OU TGIKQ [ OU
 
RTQRKQ FG NQU SWG JCP FG OCPFCT (WGTC FG SWG EOQ
VKGPG SWG GU UW RTQRKQ EWGTRQ! 0Q UCDKU SWG GN P SWG
GP XGPEGT PQU RTQRQPGOQU GU GN PQ JCEGT NQ SWG JCEGP NQU
XGPEKFQU! 6QO RWGU FGUFG GPVQPEGU EQP OU GORGQ
FG OCPGTC SWG WP GODCLCFQT FG .CEGFGOQPKC SWG UG JC
NN RTGUGPVG EWCPFQ FKQ P C WP VGTTKDNG NGP /W[ DKGP
bQJ #NGLCPFTQ NG FKLQ NKFKCT EQP WP NGP UQDTG GN TGKPQ
'UVC ECEGTC NC FGFKE %TVGTQ GP &GNHQU JCEKGPFQ GUEWN
RKT GP DTQPEG NC KOCIGP FGN NGP NC FG NQU RGTTQU NC FGN
TG[ GP CEVKVWF FG JCDGT RQUVTCFQ CN NGP [ NC FGN OKUOQ
%TVGTQ SWG NG CUKUVC FG NCU EWCNGU WPCU HWGTQP QDTC FG
.KUKRQ [ QVTCU FG .GECTGU
#NGLCPFTQ RWGU GLGTEKVPFQUG [ GZEKVCPFQ CN OKUOQ
VKGORQ C NQU FGOU C NC XKTVWF UG GZRQPC C VQFQ TKGU
IQ RGTQ UWU COKIQU SWGTKGPFQ [C IQ\CT [ TGICNCTUG RQT
NC TKSWG\C [ GN NWLQ NNGXCDCP OCN NCU OCTEJCU [ NCU GZRG
FKEKQPGU [ RQEQ C RQEQ NNGICTQP JCUVC OWTOWTCT [ JCDNCT
OCN FG N 5WHTCNQ CN RTKPEKRKQ DGPKIPC [ UWCXGOGPVG FK
EKGPFQ SWG GTC OW[ FG TG[GU GN SWG UG JCDNCTC OCN FG GNNQU
EWCPFQ JCECP DKGP ; GP XGTFCF SWG CWP NQU OGPQTGU HC
XQTGU SWG FKURGPUCDC C UWU COKIQU GTCP UKGORTG KPFKEKQ
FG NQ SWG NQU CRTGEKCDC [ SWGTC JQPTCTNQU FG NQ SWG CC
FKTGOQU CNIWPQU GLGORNQU 'UETKDK C 2GWEGUVCU SWGLP
FQUG FG SWG OCNVTCVCFQ RQT WP QUQ JCDC GUETKVQ C QVTQU
[ C N PQ UG NQ JCDC RCTVKEKRCFQ 2GTQ CJQTC NG FGEC
FKOG EOQ VG JCNNCU [ UK GU SWG VG CDCPFQPCTQP CNIWPQU
FG NQU SWG VG CEQORCCDCP GP NC EC\C RCTC SWG NNGXGP UW
OGTGEKFQ # *GHGUVKP SWG UG JCNNCDC CWUGPVG EQP OQ
VKXQ FG EKGTVCU EQOKUKQPGU NG GUETKDK SWG GUVCPFQ GPVTG
VGPKPFQUG EQP WP KEPGWOP %TVGTQ JCDC ECFQ UQDTG
NC NCP\C FG 2GTFKECU [ UG JCDC NCUVKOCFQ NQU OWUNQU *C
DKGPFQ UCPCFQ 2GWEGUVCU FG EKGTVC GPHGTOGFCF GUETKDK
CN OFKEQ #NGZKRQ FPFQNG NCU ITCEKCU *CNNDCUG %TVGTQ
GPHGTOQ [ JCDKGPFQ VGPKFQ WPC XKUKP GPVTG UWGQU JK\Q
UCETKEKQU RQT N [ NG OCPF SWG NQU JKEKGUG #N OFKEQ
2CWUCPKCU SWG SWGTC FCT GNDQTQ C %TVGTQ NG GUETKDK
[C QRQPKPFQUG [ [C FPFQNG TGINCU UQDTG GN OQFQ FG CF
OKPKUVTCT CSWGNNC OGFKEKPC # NQU RTKOGTQU SWG NG FKGTQP
RCTVG FG NC FGUGTEKP [ HWIC FG *TRCNQ SWG HWGTQP 'CN
VGU [ %KUQ NQU JK\Q CRTKUKQPCT EQOQ SWG NG NGXCPVCDCP
WPC ECNWOPKC 'ORG\ C FCT NKEGPEKC RCTC TGVKTCTUG C UW
ECUC C NQU KPXNKFQU [ CPEKCPQU [ JCDKPFQUG 'WTNQEQ FG
'IGC RWGUVQ C U OKUOQ GP NC NKUVC FG NQU GPHGTOQU EQOQ
SWG COCDC C 6GNGUKRC [ UG JCDC RTQRWGUVQ CEQORCCT
NC GP UW TGITGUQ RQT OCT RTGIWPV SW ENCUG FG OWLGT
GTC UVC [ JCDKPFQNG KPHQTOCFQ SWG GTC WPC EQTVGUCPC
FG EQPFKEKP NKDTG 2WGU OG VGPFTU bQJ 'WTNQEQ NG FK
LQ RQT COCFQT EQPVKIQ OKTC UK RQFTGOQU RGTUWCFKTNC EQP
FQPGU Q EQP RCNCDTCU RWGUVQ SWG GU OWLGT NKDTG

'U EKGTVCOGPVG FG CFOKTCT SWG VWXKGUG VKGORQ RCTC GU
ETKDKT NCU ECTVCU SWG GUETKDK GP QDUGSWKQ FG NQU COKIQU
EQOQ RQT GLGORNQ EWCPFQ WP OQ\Q FG 5GNGWEQ UG GUECR
C NC %KNKEKC FCPFQ QTFGP FG SWG NG DWUECUGP VTKDWVCPFQ
CNCDCP\CU C 2GWEGUVCU RQT JCDGT TGEQIKFQ C 0KEP GUENC
XQ FG %TVGTQ [ RTGUETKDKGPFQ C /GICDK\Q EQP OQVKXQ
FG JCDTUGNG JWKFQ WP GUENCXQ CN VGORNQ SWG UK RQFC NQ
CRTGJGPFKGUG HWGTC RTQEWTCPFQ CVTCGTNG RGTQ GP GN VGO
RNQ PQ NQ VQECTC &EGUG SWG CN RTKPEKRKQ EWCPFQ LW\ICDC
NCU ECWUCU ECRKVCNGU UG VCRCDC EQP NC OCPQ WP QFQ OKGP
VTCU JCDNCDC GN CEWUCFQT C P FG EQPUGTXCT GN QVTQ RCTC
GN TGQ RWTQ [ NKDTG FG VQFC RTGXGPEKP RGTQ OU CFGNCPVG
NQ GZCURGTCTQP NCU OWEJCU ECNWOPKCU SWG GPXWGNVCU EQP
XGTFCFGU EQPEKNKCDCP ETFKVQ C NC OGPVKTC .Q SWG UQDTG
VQFQ NG UCECDC FG VKPQ [ NG JCEC FWTQ G KPGZQTCDNG GTC GN
SWG UG NG FGUCETGFKVCUG EQOQ SWG GTC JQODTG SWG RTGHG
TC NC INQTKC C NC XKFC [ CN TGKPQ /CTEJ GPVQPEGU EQPVTC
&CTQ RCTC EQODCVKT UGIWPFC XG\ RGTQ JCDKGPFQ NNGICFQ
C UWU QFQU SWG $GUQ NG JCDC CRTGUCFQ NKEGPEK C NQU 6
UCNQU CCFKGPFQ C UWU UQNFCFQU FQU OKN VCNGPVQU FG TGICNQ
%QP NC OCTEJC [ RGTUGEWEKP SWG HWG RGPQUC [ NCTIC JC
DKGPFQ CPFCFQ C ECDCNNQ GP QPEG FCU VTGU OKN VTGUEKGPVQU
GUVCFKQU NNGICTQP C CSWGCT [ FGUCNGPVCTUG NC OC[QT RCT
VG RTKPEKRCNOGPVG RQT NC HCNVC FG CIWC #NN UG GPEQPVT
EQP CNIWPQU /CEGFQPKQU SWG GP CEOKNCU NNGXCDCP QFTGU
NNGPQU FG GNNC [ XKPFQNG UVQU OQTVKECFQ FG NC UGF RQT
SWG XGPC C UGT GPVQPEGU NC JQTC FGN OGFKQFC NNGPCTQP
UKP FKNCEKP GN ECUEQ [ UG NQ RTGUGPVCTQP OCU JCDKGPFQ
RTGIWPVCFQ RCTC SWKPGU EQPFWECP CSWGNNC CIWC [ GNNQU
TGURQPFKGUGP 2CTC PWGUVTQU RTQRKQU JKLQU RGTQ XKXKGPFQ
VW QVTQU VGPFTGOQU UK RGTFKTGOQU UVQU VQO CN QTNQ GN SWG RQT ECUWCNKFCF UG GPEQPVTCTQP EQP NQU RCNCHTGPGTQU
ECUEQ GP NCU OCPQU RGTQ XQNXKGPFQ NC XKUVC [ QDUGTXCPFQ
SWG NQU UQNFCFQU FG C ECDCNNQ SWG NG CEQORCCDCP VQFQU
VGPCP KPENKPCFC NC ECDG\C [ LQU NQU QLQU GP NC DGDKFC NQ
FGXQNXK UKP JCDGT DGDKFQ [ FPFQNGU NCU ITCEKCU NGU FKLQ C VQFQU C EWEJKNNQ EQP UWU JKLQU [ UWU OWLGTGU UK PQ NG
5K [Q UQNQ DGDKGTG UVQU FGUHCNNGEGTP VQFCXC OU [ XQNXCP GN ECDCNNQ RGTQ NWGIQ SWG XKPKGTQP C TGUVKVWTUG
GNNQU XKGPFQ UW VGORNCP\C [ UW ITCPFG\C FG PKOQ ITK
VCTQP SWG NQU EQPFWLGUG EQP VQFC EQPCP\C [ CIWKLCTQP
NQU ECDCNNQU RQTSWG PK UG ECPUCTCP PK VGPFTCP UGF PK
UG CEQTFCTCP SWG GTCP OQTVCNGU OKGPVTCU VWXKGUGP WP TG[
EQOQ N
.C FGEKUKP GP VQFQU GTC KIWCN [ UG FKEG SWG UKP GODCT
IQ UNQ HWGTQP WPQU UGUGPVC NQU SWG RWFKGTQP NNGICT JCUVC
GN ECORCOGPVQ FG NQU GPGOKIQU GP GN SWG PQ JKEKGTQP
EWGPVC FGN OWEJQ QTQ [ OWEJC RNCVC SWG GUVCDCP COQP
VQPCFQU RCUCPFQ VCODKP FG NCTIQ RQT OWEJQU ECTTQU FG
PKQU [ FG OWLGTGU SWG CPFCDCP GTTCPVGU UKP EQPFWEVQT
[ [GPFQ UKGORTG GP RGTUGEWEKP FG NQU RTKOGTQU RQTSWG
GPVTG GNNQU JCDNC FG GUVCT &CTQ 'PEQPVTUGNG EQP FKEWN
VCF VTCURCUCFQ GN EWGTRQ FG FCTFQU VGPFKFQ GP WP ECTTQ [
OW[ RTZKOQ C HCNNGEGT EQP VQFQ RKFK CIWC [ JCDKGPFQ

DGDKFQ CIWC HTC FKLQ C 2QNUVTCVQ SWG UG NC JCDC FCFQ
UVG GU COKIQ GN NVKOQ VTOKPQ FG OK FGUITCEKC TGEK
DKT DGPGEKQU [ PQ RQFGT RCICTNQU RGTQ #NGLCPFTQ VG NQ
RTGOKCT [ NQU FKQUGU C #NGLCPFTQ GN VTCVQ NNGPQ FG DQP
FCF SWG OK OCFTG OK OWLGT [ OKU JKLQU TGEKDKGTQP FG
N C SWKGP RQT VW OGFKQ FQ[ GUVC FKGUVTC ; CN FGEKT GU
VQ CUKFQ FG NC OCPQ FG 2QNUVTCVQ GZRKT %WCPFQ NNGI
#NGLCPFTQ UG GEJ FG XGT EWPVQ NQ UGPVC [ SWKVPFQUG
UW OCPVQ NG CTTQL UQDTG GN ECFXGT [ NQ GPXQNXK GP N
/U CFGNCPVG JCDKGPFQ RQFKFQ CRTGJGPFGT C $GUQ NG JK
\Q RGFC\QU FG GUVG OQFQ FQDNCPFQ JCEKC FGPVTQ FQU T
DQNGU FGTGEJQU JK\Q CVCT C ECFC WPQ WP OWUNQ [ FGURWU
FGLPFQNQU NKDTGU EQP NC HWGT\C EQP SWG UG GPFGTG\CTQP
ECFC WPQ UG NNGX UW RCTVG RGTQ RQT GPVQPEGU GN ECFXGT
FG &CTQ CFQTPCFQ EQOQ C NC FKIPKFCF TGCN EQTTGURQPFC
NQ TGOKVK C NC OCFTG [ C 1ZCVTGU JGTOCPQ FG CSWGN NG
CFOKVK GP GN POGTQ FG UWU COKIQU
$CL FGURWU C NC *KTECPKC EQP NQ OU QTKFQ FG UWU VTQ
RCU [ XKGPFQ WP IQNHQ FG OCT PQ OGPQT SWG GN 2QPVQ 'W
ZKPQ CWPSWG FG CIWC OU FWNEG SWG NQU QVTQU OCTGU PCFC
RWFQ CXGTKIWCT FG EKGTVQ CEGTEC FG N [ NQ OU SWG EQP
LGVWT HWG SWG XGPFTC C UGT WPC NVTCEKP FG NC NCIWPC
/GQVKU %QP VQFQ C NQU GLGTEKVCFQU GP NCU KPXGUVKICEKQPGU
HUKECU PQ UG NGU QEWNV NC XGTFCF UKPQ SWG OWEJQU CQU
CPVGU FG NC GZRGFKEKP FG #NGLCPFTQ PQU FGLCTQP GUETKVQ
SWG UKGPFQ EWCVTQ NQU IQNHQU SWG FGN OCT GZVGTKQT UG GPVTCP
GP GN EQPVKPGPVG GN OU DQTGCN GU UVG SWG UG NNCOC OCT
FG *KTECPKC [ VCODKP /CT %CURKQ #NN WPQU DTDCTQU
SWG EQPFWECP GN ECDCNNQ $WEHCNQ FG #NGLCPFTQ UG NQ
TQDCTQP NQ SWG NG KTTKV UQDTG OCPGTC [ JCDKGPFQ GPXKC
FQ WP JGTCNFQ NGU KPVKO NC COGPC\C FG SWG NQU RCUCTC
NQ JCEKGPFQ CFGOU GPVTGIC FG UWU EKWFCFGU NQU VTCV C
VQFQU EQP OWEJC JWOCPKFCF [ FKQ GN TGUECVG FGN ECDCNNQ
C NQU SWG NQ JCDCP TQDCFQ
2CU FGUFG CNN C NC TGIKP RTVKEC [ FGVGPKPFQUG GP GNNC
GORG\ C XGUVKTUG NC GUVQNC TQRCLG WUWCN FG CSWGNNQU DT
DCTQU DKGP RQTSWG SWKUKGUG CEQOQFCTUG C NCU NG[GU FGN
RCU RQT EWCPVQ UKTXG OWEJQ RCTC ICPCT NQU JQODTGU GN
KOKVCT UWU EQUVWODTGU RCVTKCU Q DKGP RQTSWG UG RTQRWUKG
UG JCEGT WPC VGPVCVKXC RCTC NC CFQTCEKP EQP NQU /CEGFQ
PKQU C P FG KTNQU CEQUVWODTCPFQ RQEQ C RQEQ C NNGXCT
GN VTPUKVQ [ OWFCP\C SWG RGPUCDC JCEGT GP GN OVQFQ
FG XKFC %QP VQFQ PQ CFQRV GPVGTCOGPVG GN VTCLG FG NQU
/GFQU SWG GTC OU FKUVCPVG FGN RTQRKQ [ OU GZVTCQ
RQTSWG PQ UG RWUQ NQU ECN\QPGU NCTIQU PK NC TQRC VCNCT
PK NC VKCTC UKPQ SWG JK\Q WPC OG\ENC FGN 2GTUC [ /GFQ

VQOCPFQ WP XGUVKFQ OGFKQ PQ FG VCPVQ NWLQ EQOQ UVG
RGTQ OU DTKNNCPVG SWG CSWGN #N RTKPEKRKQ PQ NQ WUCDC
UKPQ RCTC TGEKDKT C NQU DTDCTQU [ GP ECUC EQP NQU COKIQU PQ JWDQ VTQRKG\Q GP JCEGT KT CFGNCPVG C NC OWEJGFWODTG
RGTQ FGURWU [C NQ XKGTQP OWEJQU UCNKT [ FGURCEJCT EQP
N 'URGEVEWNQ GTC UVG OW[ FGUCITCFCDNG C NQU /CEGFQ
PKQU RGTQ CFOKTCPFQ GP NQ FGOU UWU XKTVWFGU ETGCP SWG
GTC RTGEKUQ EQPVGORQTK\CT CNIP VCPVQ GP QDUGSWKQ FG UW
INQTKC [ FG UW IWUVQ RWGU UQDTG VQFQ NQ FGOU JCDKGPFQ
TGEKDKFQ TGEKGPVGOGPVG WP GEJC\Q GP NC RKGTPC FGN SWG
EC[ CN UWGNQ JGTKFQ GP GN JWGUQ FG NC TQFKNNC [ UKFQ NCU
VKOCFQ UGIWPFC XG\ FG WPC RGFTCFC GP GN EWGNNQ JCUVC GN
RWPVQ FG JCDGT RGTFKFQ RQT NCTIQ TCVQ NC NWODTG FG NQU
QLQU EQP VQFQ PQ FGLCDC FG GZRQPGTUG UKP TGUGTXC C NQU
RGNKITQU CU GU SWG JCDKGPFQ RCUCFQ GN TQ 1TGZCTVGU SWG
N ETGC UGT GN 6CPCKU [ FGTTQVCFQ C NQU 'UEKVCU NQU RGTUK
IWK EKGP GUVCFKQU UKP GODCTIQ FG GUVCT OQNGUVCFQ RQT NC
FKCTTGC
#SW HWG FQPFG XKPQ C RTGUGPVTUGNG NC #OC\QPC UGIP
FKEGP NQU OU FG NQU GUETKVQTGU FG EW[Q POGTQ UQP %NK
VCTEQ 2QNETKVQ 1PGUETKVQ #PVIGPGU G +UVTQ RGTQ #TKU
VQDWNQ %CTGU WLKGT FGN 4G[ 6QNQOGQ #PVKENKFGU (KNP
6GDCPQ (KNKRQ 6GCPIGNGQ [ CFGOU FG UVQU *GECVGQ
'TGVTKQ (KNKRQ %CNEKFGPUG [ &WTKU 5COKQ FKEGP SWG VQ
FQ GUVQ HWG WPC KPXGPEKP EQPTOCPFQ CN RCTGEGT UW
QRKPKP GN OKUOQ #NGLCPFTQ RQTSWG GUETKDKGPFQ C #P
VRCVTQ EQP NC OC[QT RWPVWCNKFCF EWCPVQ QEWTTC DKGP NG
EQOWPKE SWG GN 'UEKVC NG JCDC QHTGEKFQ UW JKLC GP OC
VTKOQPKQ RGTQ FG NC #OC\QPC PQ JK\Q PKPIWPC OGPEKP
&EGUG CFGOU SWG NG[GPFQ 1PGUETKVQ OU CFGNCPVG C
.KUOCEQ EWCPFQ [C TGKPCDC GN NKDTQ EWCTVQ FG UW JKUVQ
TKC FQPFG UG TGGTG NQ FG NC #OC\QPC .KUOCEQ UG GEJ
C TGT [ NG RTGIWPV 2WGU FPFG GUVCDC [Q GPVQPEGU!
2GTQ GN SWG GUVQ UG ETGC Q UG FGLG FG ETGGT PCFC RWGFG
KPWKT RCTC SWG UG CFOKTG C #NGLCPFTQ PK OU PK OGPQU
6GOKGPFQ SWG NQU /CEGFQPKQU FGUOC[CUGP RCTC NQ SWG
TGUVCDC FG NC GZRGFKEKP [C FG CPVGOCPQ JCDC FGLCFQ GP
EWCTVGNGU NC OC[QT RCTVG FG NCU VTQRCU [ VGPKGPFQ EQPUKIQ
GP NC *KTECPKC NQ OU GUEQIKFQ FG GNNCU SWG GTCP XGKPVG
OKN KPHCPVGU [ VTGU OKN ECDCNNQU UG CPVKEKR C FGEKTNGU SWG
JCUVC GPVQPEGU NQU DTDCTQU PQ NQU JCDCP XKUVQ UKPQ EQOQ
WP UWGQ [ UK UG TGVKTCUGP UKP JCDGT JGEJQ OU SWG RQ
PGT GP OQXKOKGPVQ GN #UKC ECTICTCP CN RWPVQ UQDTG GNNQU
EQOQ UQDTG WPCU OWLGTGU EQP VQFQ SWG NGU RTGXGPC RQ
FTCP OCTEJCTUG NQU SWG SWKUKGUGP RTQVGUVCPFQ GORGTQ
EWCPFQ CFSWKTC NC VKGTTC GPVGTC RCTC NQU /CEGFQPKQU UQ
DTG XGTUG CDCPFQPCFQ EQP UWU COKIQU [ EQP NQU SWG VGPCP
XQNWPVCF FG EQPVKPWCT NC IWGTTC %CUK EQP GUVCU OKUOCU
RCNCDTCU UG JCNNC GUETKVQ GP WPC ECTVC C #PVRCVTQ GP NC
EWCN UG CCFG SWG PQ DKGP NQ JWDQ RTQPWPEKCFQ EWCPFQ
 
VQFQU ITKVCTQP SWG NQU NNGXCUG CN RWPVQ FG NC VKGTTC SWG
SWKUKGUG *CDKGPFQ UCNKFQ DKGP NC VGPVCVKXC EQP UVQU [C
[ CPVGU DKGP UKIWK UKP NC OGPQT FKEWNVCF 'PUGIWKFC
FG GUVQ VQFCXC UG CEGTE OU GP GN OQFQ FG XKXKT C NQU
PCVWTCNGU CWPSWG LWPVPFQNQ EQP NCU EQUVWODTGU OCEG
FPKECU RQT ETGGT SWG GUVCDNGEGTC OGLQT UW KORGTKQ EQP
GUVC OG\ENC [ EQOWPKECEKP WUCPFQ FG CHCDKNKFCF SWG
PQ EQP NC HWGT\C EWCPFQ RGPUCDC RCUCT VCP CFGNCPVG 2QT
GUVC OKUOC TC\P GNKIK VTGKPVC OKN LXGPGU [ FKURWUQ SWG
CRTGPFKGTCP NCU NGVTCU ITKGICU [ UG GLGTEKVCUGP GP NCU CT
OCU OCEGFPKECU RQPKPFQNGU OWEJQU UWRGTKPVGPFGPVGU
[ EGNCFQTGU 5W GPNCEG EQP 4QZCPC DGNNC [ GP GFCF P
DKN HWG GHGEVQ FGN COQT JCDKPFQNC XKUVQ [ RTGPFPFQUG
FG GNNC GP %QTGCPC GP EKGTVQ HGUVP NQ SWG GUVCPFQ OW[
GP CTOQPC EQP GN OVQFQ SWG JCDC CFQRVCFQ FKQ OU
EQPCP\C C NQU DTDCTQU RQT GN FGWFQ SWG JCDC EQPVTC
FQ EQP GNNQU G KPCO OU UW COQT CN XGT SWG JCDKGPFQ
WUCFQ UKGORTG FG OQFGTCEKP [ EQPVKPGPEKC NC JCDC NNG
XCFQ GPVQPEGU JCUVC GN GZVTGOQ FG PQ SWGTGT VQECT PK CWP
C GUVC OWLGT PKEC SWG NG JCDC TGPFKFQ UKP CWVQTK\CEKP
FG NC NG[ #NN XKQ SWG FG UWU OC[QTGU COKIQU *GHGUVKP
EGNGDTCDC UW UKUVGOC [ NG KOKVCDC RGTQ %TVGTQ UG OCP
VGPC GP NQU WUQU RCVTKQU [ CU GU SWG RQT OGFKQ FG CSWN
FGURCEJCDC NQU PGIQEKQU FG NQU DTDCTQU [ RQT OGFKQ FG
UVG NQU FG NQU )TKGIQU [ /CEGFQPKQU PCNOGPVG UK CN
WPQ NG COCDC OU RQT GUVG OQVKXQ CN QVTQ NG GUVKOCDC [
JQPTCDC RGPUCPFQ [ FKEKGPFQ EQPVKPWCOGPVG SWG *GHGU
VKP GTC COKIQ FG #NGLCPFTQ [ %TVGTQ COKIQ FGN TG[
&G CSW GU SWG VGPKGPFQ EGNQU GN WPQ FGN QVTQ CNVGTECTQP
OWEJCU XGEGU [ NWPC UQNC GP NC +PFKC XKPKGTQP C NCU OC
PQU NNGICPFQ JCUVC UCECT NCU GURCFCU [ EWCPFQ UWU TGURGE
VKXQU COKIQU CRCFTKPCDCP C WPQ [ C QVTQ RTGUGPVPFQUG
#NGLCPFTQ C *GHGUVKP NG TGRTGPFK CDKGTVCOGPVG NNCOP
FQNG CTTGDCVCFQ [ NQEQ UK PQ XGC SWG UK CNIWPQ NG RTKXCDC
FG NC UQODTC FG #NGLCPFTQ PQ GTC PCFC [ C %TVGTQ NG TK
VCODKP CWPSWG GP RCTVKEWNCT URGTCOGPVG .NCONQU
C UW RTGUGPEKC G JK\Q SWG UG TGEQPEKNKCUGP LWTCPFQ RQT
#OP [ NQU FGOU FKQUGU SWG NQU COCDC UQDTG VQFQU NCU
JQODTGU RGTQ UK XQNXC C GPVGPFGT SWG JCDC EQPVKGPFCU
GPVTG GNNQU FCTC OWGTVG C GPVTCODQU Q CN OGPQU CN SWG
JWDKGUG FCFQ RTKPEKRKQ C NC FKUGPUKP RQT NQ SWG GP CFG
NCPVG [C PQ UG FKEG SWG PK RQT LWGIQ JWDKGUGP JCDNCFQ Q
JGEJQ PCFC GN WPQ EQPVTC GN QVTQ
(KNQVCU JKLQ FG 2CTOGPKP GTC GN FG OC[QT CWVQTKFCF [
FKIPKFCF GPVTG NQU /CEGFQPKQU RQTSWG JCDC FCFQ RTWG
DCU FG XCNQT [ UWHTKOKGPVQ [ GP EWCPVQ C FCFKXQUQ [ COKIQ
FG UWU COKIQU PKPIWPQ OU SWG N FGURWU FG #NGLCPFTQ
&EGUG SWG RKFKPFQNG GP WPC QECUKP FKPGTQ WPQ FG UWU
COKIQU OCPF SWG UG NG FKGTC [ TGURQPFKGPFQ GN OC[QT
FQOQ SWG PQ VGPC 3W FKEGU! NG TGRNKE PQ VKGPGU
VCORQEQ WP XCUQ Q WPC TQRC! 5W GPITGKOKGPVQ FG PK
OQ NC QUVGPVCEKP FG UW TKSWG\C [ GN UGTXKEKQ [ CRCTCVQ
TGNCVKXQ C UW RGTUQPC GTCP FG OU DQCVQ FG NQ SWG C WP
 

RCTVKEWNCT EQTTGURQPFC [ GPVQPEGU KOKVCPFQ NC ITCPFG NQU SWG FG CPVGOCPQ NG QFKCDCP [ FGECP [C UKP TGDQ\Q
\C [ OCLGUVCF FG WP TG[ EQP OWEJQ EWKFCFQ RGTQ UKP SWG UGTC ITCPFG PGEGFCF GP GN TG[ GN ETGGT SWG WP JQO
PKPIWPC ITCEKC GP UNQ NQ GZVTCXCICPVG [ SWG OU FCDC DTG FG %CNGUVTC EQOQ &KOPQ JCDC FG JCDGT VGPKFQ RQT U
GP QLQU PQ NG ITCPLGCDC GUVG RQTVG OU SWG UQURGEJCU [ UGOGLCPVG CTTQLQ RQT VCPVQ SWG PQ GTC UKPQ GLGEWVQT Q
GPXKFKC VCPVQ SWG GN RCFTG NG FKLQ GP WPC QECUKP &C OU DKGP KPUVTWOGPVQ OCPGLCFQ RQT WPC HWGT\C UWRGTKQT
OG JKLQ GN IWUVQ FG XCNGT OGPQU 2CTC EQP #NGLCPFTQ [C RQT NQ SWG NC CUGEJCP\C UG JCDC FG DWUECT GP CSWGNNQU C
JCEC VKGORQ SWG JCDC GORG\CFQ C ECGT GP FGUETFKVQ SWKGPGU OU KORQTVCDC SWG GUVWXKGUG QEWNVC %QP GUVQU
RQTSWG EWCPFQ UG VQOCTQP VCPVCU TKSWG\CU GP &COCUEQ FKUEWTUQU [ UQURGEJCU CDTKGTQP NQU QFQU FGN TG[ RCTC SWG
FGURWU FG EQPUGIWKFC NC XKEVQTKC EQPVTC &CTQ GP NC %KNK NNGICUGP C GNNQU QVTCU FKG\ OKN ECNWOPKCU EQPVTC (KNQVCU
EKC GPVTG NQU OWEJQU ECWVKXQU EQPFWEKFQU CN ECORCOGPVQ *\QNG RWGU RTGPFGT [ NG RWUQ GP LWKEKQ CUKUVKGPFQ C NC
UG GPEQPVT WPC LQXGP PCVWTCN FG 2KFPC [ FG DGNNC IWTC EWGUVKP FG VQTOGPVQ NQU COKIQU FG #NGLCPFTQ [ GUEW
NNCOCFC #PVIQPC #RTQRKUGNC (KNQVCU [ NQ SWG GU PC EJCPFQ N OKUOQ FGUFG CHWGTC UKP SWG OGFKCUG OU SWG
VWTCN EQP WPC PWGXC COKIC GPVTG GN XKPQ [ NQU RNCEGTGU WPC EQTVKPC CU UG TGGTG SWG RTQTKGPFQ (KNQVCU GZRTG
VWXQ EQPCP\CU EQP GNNC UQDTG EQUCU RQNVKECU [ FG NC IWG UKQPGU FG CDCVKOKGPVQ [ EQORCUKP [ FKTKIKGPFQ TWGIQU
TTC [ CVTKDW[PFQUG C U OKUOQ [ C UW RCFTG NQU JGEJQU C *GHGUVKP FKLQ CSWGN 2WGU UK VCP FDKN GTCU [ FG VCP
OU UGCNCFQU NNCOCDC C #NGLCPFTQ OWEJCEJWGNQ [ FG RQEQ XCNQT bQJ (KNQVCU 2QT SW GORTGPFCU JGEJQU VCP
EC SWG RQT GNNQU JCDC CFSWKTKFQ UW TGKPCFQ %QOWPKE CTTKGUICFQU! /WGTVQ (KNQVCU GPXK KPOGFKCVCOGPVG C NC
#PVIQPC GUVCU EQPXGTUCEKQPGU C WPQ FG UWU COKIQU [ U /GFKC QTFGP FG SWG UG SWKVCTC VCODKP NC XKFC C 2CTOG
VG EQOQ GUV GP GN QTFGP C QVTQ FG OCPGTC SWG NNGICTQP PKP CPVKIWQ EQORCGTQ FG (KNKRQ GP NCU OU FG UWU GO
C NQU QFQU FG %TVGTQ SWKGP VQOCPFQ C NC OWLGT EQPUK RTGUCU FG NQU CPVKIWQU COKIQU FG #NGLCPFTQ GN PKEQ Q GN
IQ NC EQPFWLQ UGETGVCOGPVG CPVG #NGLCPFTQ .WGIQ SWG SWG OU NG JCDC KPEKVCFQ C NC GZRGFKEKP EQPVTC GN #UKC [
UVG NC JWDQ GUEWEJCFQ NG RTGXKPQ SWG EQPVKPWCTC GP NC SWG FG VTGU JKLQU SWG VGPC GP GN GLTEKVQ FG FQU JCDC XKU
COKUVCF FG (KNQVCU [ VQFQ EWCPVQ NG Q[GTC XKPKGUG [ UG NQ VQ NC OWGTVG CPVGU OWTKGPFQ EQP GN VGTEGTQ 'UVQU JGEJQU
TGXGNCTC JKEKGTQP VGTTKDNG C #NGLCPFTQ RCTC OWEJQU FG UWU COKIQU
[ GURGEKCNOGPVG RCTC #PVRCVTQ GN EWCN PGIQEK TGUGTXC
FCOGPVG EQP NQU 'VQNKQU EQORTQOGVKPFQUG EQP GNNQU [
GNNQU EQP N TGERTQECOGPVG RQTSWG NQU 'VQNKQU VGOCP C
#NGLCPFTQ RQT NC TWKPC [ OQTVCPFCF FG NQU 'PCFCU RWGU
CN UCDGTNC JCDC FKEJQ #NGLCPFTQ SWG PQ UGTCP NQU JKLQU
+IPQTCDC (KNQVCU NQ SWG UG VTCOCDC EQPVTC N [ EQPVKPWC
FG NQU 'PCFCU UKPQ N OKUOQ SWKGP VQOCUG XGPICP\C
DC UW VTCVQ EQP #PVIQPC RGTOKVKPFQUG [C RQT GPEQPQ [
[C RQT LCEVCPEKC [ XCPCINQTKC RCNCDTCU [ GZRTGUKQPGU EQP
VWOGNKQUCU EQPVTC GN TG[ #NGLCPFTQ CWPSWG UG NG JCDCP
JGEJQ FGPWPEKCU XGJGOGPVGU EQPVTC (KNQVCU PQ UG FCDC
RQT GPVGPFKFQ PK JCEC WUQ FG GNNCU Q RQT FGOCUKCFC EQP
CP\C GP GN COQT SWG 2CTOGPKP NG VGPC Q RQT VGOQT FG &G CNN C DTGXG VKGORQ QEWTTK GN NCUVKOQUQ CEQPVGEKOKGP
NC QRKPKP [ FGN RQFGT FGN RCFTG [ FGN JKLQ /CU GP CSWG VQ FG %NKVQ RCTC NQU SWG OGTCOGPVG NQ Q[GP OU ETWGN
NNC OKUOC UC\P WP /CEGFQPKQ NNCOCFQ &KOPQ PCVWTCN SWG GN FG (KNQVCU RGTQ RCTC NQU SWG TGGZKQPCP UQDTG GN
FG %CNGUVTC SWG CTOCDC CUGEJCP\CU C #NGLCPFTQ EQP NC VKGORQ [ NC QECUKP GHGEVQ OU DKGP FG FGUITCEKC FGN TG[
OU OCNKIPC KPVGPEKP EQOQ VWXKGUG COQTGU EQP GN LQ SWG FG UW XQNWPVCF [ UW KPVGPEKP UKGPFQ NC OCNC UWGTVG
XGP 0KEOCEQ NG UQNKEKV RCTC SWG EQPEWTTKGUG EQP N C FG %NKVQ NC SWG GP NC KTC [ GP NC GODTKCIWG\ RTQRQTEKQP NC
NC GLGEWEKP 0Q CFOKVK UVG NC RTQRWGUVC [ FCPFQ RCTVG ECWUC [ UWEGFK FG GUVC OCPGTC .NGICTQP CNIWPQU VTC[GP
FG CSWGN KPVGPVQ C UW JGTOCPQ $CNKPQ UVG UG FKTKIK EQP FQ CN TG[ RQT OCT HTWVCU FG NC )TGEKC N OCTCXKNNCFQ FG UW
N C (KNQVCU TQIPFQNG SWG NQU RTGUGPVCUG C #NGLCPFTQ HTGUEWTC [ DGNNG\C NNCO C %NKVQ EQP PKOQ FG OQUVTTUG
RQTSWG VGPCP SWG JCDNCTNG FG EQUCU OW[ KORQTVCPVGU [ NCU [ FG RCTVKT EQP N *CNNDCUG %NKVQ JCEKGPFQ WP UCETK
OW[ WTIGPVGU RGTQ (KNQVCU UKP UCDGT RQT SW ECWUC RWGU EKQ [ FGLPFQNQ OCTEJ CNN CN RWPVQ [ VTGU FG NCU TGUGU
PWPEC UG CXGTKIW PQ UG RTGUV C GNNQ FKEKGPFQ SWG GN TG[ UQDTG NCU SWG JCDC JGEJQ NKDCEKP NG UKIWKGTQP 'PVGPFK
GUVCDC QEWRCFQ GP EQUCU OC[QTGU NQ SWG NGU UWEGFK RQT GUVQ GN TG[ [ EQOWPKE GN ECUQ EQP NQU CFKXKPQU #TKUVCP
FQU XGEGU 'PVTCTQP EQP GUVQ GP UQURGEJCU EQPVTC (KNQ FTQ [ %NGQOCPVKU FG .CEGFGOQPKC NQU EWCNGU FKLGTQP UGT
VCU [ EQOQ XCNKPFQUG FG QVTQ UVG NQU EQPFWLGUG CPVG CSWGNNC OCNC UGCN GN TG[ OCPF SWG KPOGFKCVCOGPVG UG
#NGLCPFTQ JCDNTQPNG NQ RTKOGTQ FG NQ TGNCVKXQ C &KOPQ UCETKECTC RQT %NKVQ RQTSWG JCEC VTGU FCU SWG N OKU
[ FGURWU VQECTQP NKIGTCOGPVG GP NQ QEWTTKFQ EQP (KNQVCU OQ JCDC VGPKFQ GPVTG UWGQU WPC XKUKP GZVTCC JCDCNG
[ EOQ FQU XGEGU NG JCDCP JCDNCFQ [ NCU FQU XGEGU NQU RCTGEKFQ SWG XGC C %NKVQ UGPVCFQ EQP XGUVKFQ PGITQ GP
JCDC FGUCVGPFKFQ SWG HWG NQ SWG UQDTG OCPGTC KTTKV C VTG NQU JKLQU FG 2CTOGPKP SWG VQFQU GTCP OWGTVQU %NKVQ
#NGLCPFTQ 1EWTTK VCODKP SWG GN SWG HWG GPXKCFQ EQP PQ UG JCDC RTGXGPKFQ EQP GN UCETKEKQ UKPQ SWG UKP FK
VTC &KOPQ EQOQ UVG UG FGHGPFKGUG NG SWKV NC XKFC EQP NCEKP OCTEJ C EGPCT EQP GN TG[ SWG JCDC UCETKECFQ
NQ SWG VQFCXC UG UQDTGUCNV OU #NGLCPFTQ RQT ETGGT SWG C NQU &KQUEWTQU $GDKUG NCTICOGPVG [ UG GORG\CTQP C
EQP GUVQ UG FGUXCPGECP NQU KPFKEKQU FG NC VTCKEKP %QOQ ECPVCT NQU XGTUQU FG WP VCN 2TPKEQ Q UGIP FKEGP QVTQU
[C PQ GUVCDC DKGP EQP (KNQVCU EQP GUVQ EQDTCTQP QUCFC FG 2KGTKP EQORWGUVQU RCTC GUECTPKQ [ DWTNC FG NQU IGPG

TCNGU XGPEKFQU RQEQ CPVGU RQT NQU DTDCTQU .NGXTQPNQ C
OCN NQU CPEKCPQU [ RTQTKGTQP FGPWGUVQU EQPVTC GN RQGVC
[ EQPVTC GN ECPVQT RGTQ #NGLCPFTQ NG QC EQP IWUVQ [ OCP
FCDC SWG EQPVKPWCUG %NKVQ [C FGOCUKCFQ ECNKGPVG EQP GN
XKPQ [ SWG FG UW[Q GTC RTQPVQ G KPUQNGPVG UG KPEQOQF
FKEKGPFQ PQ UGT FGN ECUQ SWG GPVTG DTDCTQU [ GPGOKIQU
UG VTCVCTC FG CHTGPVCT C WPQU /CEGFQPKQU SWG XCNCP JCT
VQ OU SWG NQU SWG FG GNNQU UG DWTNCDCP CWPSWG JWDKGUGP
UKFQ FGUITCEKCFQU 4GRWUQ #NGLCPFTQ SWG %NKVQ FGHGPFC
UW RTQRKQ RNGKVQ CN NNCOCT FGUITCEKC C NC EQDCTFC C NQ
SWG RWGUVQ [C GP RKG %NKVQ 2WGU GUVC EQDCTFC NG FKLQ
VG UCNX C VK FGUEGPFKGPVG FG NQU FKQUGU EWCPFQ [C VGPCU
GPEKOC NC GURCFC FG 'URKVTKFCVGU [ C NC UCPITG FG NQU /C
EGFQPKQU [ C GUVCU JGTKFCU FGDGU GN JCDGTVG GNGXCFQ C VCN
CNVWTC SWG VG FCU RQT JKLQ FG #OP TGPWPEKCPFQ C (KNK
RQ
+TTKVCFQ RWGU #NGLCPFTQ 6G RCTGEG OCNC ECDG\CNG
FKLQ SWG JCDNCPFQ FG O EQPVKPWCOGPVG FG GUVG OQFQ
[ CNDQTQVPFQOG C NQU /CEGFQPKQU VG JCU FG KT TKGPFQ!
0K CWP CJQTC PQU TGOQU bQJ #NGLCPFTQ NG EQPVGUV
UKGPFQ UVG GN RTGOKQ SWG TGEKDKOQU FG PWGUVTQU VTCDC
LQU UKPQ SWG VGPGOQU RQT OW[ FKEJQUQU C NQU SWG OW
TKGTQP CPVGU FG XGT SWG NQU /CEGFQPKQU UQOQU C\QVCFQU
EQP NCU XCTCU FG NQU /GFQU [ DWUECOQU NC KPVGTEGUKP FG
NQU 2GTUCU RCTC CEGTECTPQU CN TG[ /KGPVTCU %NKVQ JCDNC
DC EQP GUVG FGUGPHCFQ [ OKGPVTCU #NGLCPFTQ UG NG QRQPC
[ RTQHGTC EQPVTC N KPLWTKCU RTQEWTCDCP NQU OU CPEKC
PQU UQUGICT CSWGN CNDQTQVQ [ #NGLCPFTQ XWGNVQ GPVQPEGU
C ,GPFQEQ FG %CTFKC [ #TVGOKQ FG %QNQHP 0Q QU
RCTGEG NGU FKLQ SWG NQU )TKGIQU UG JCNNCP GPVTG NQU /CEG
FQPKQU EQOQ NQU UGOKFKQUGU GPVTG NCU GTCU! 2GTQ %NKVQ
PQ EGFC UKPQ SWG EQPVKPWCDC ITKVCPFQ SWG #NGLCPFTQ FK
LGUG RDNKECOGPVG SW GTC NQ SWG SWGTC [ PQ NNCOCTC C
UW OGUC C JQODTGU NKDTGU SWG UCDCP JCDNCT EQP HTCPSWG
\C UKPQ SWG XKXKGTC GPVTG DTDCTQU [ GPVTG GUENCXQU SWG
CFQTCUGP UW EGKFQT RGTUC [ UW VPKEC DNCPEC 'PVQPEGU
#NGLCPFTQ PQ RWFKGPFQ [C TGRTKOKT NC KTC NG VKT WPC FG
NCU OCP\CPCU SWG JCDC GP NC OGUC [ HWG C GEJCT OCPQ
FG NC GURCFC RGTQ #TKUVHCPGU WPQ FG NQU FG NC IWCTFKC
EQP RTGXKUKP NC JCDC TGVKTCFQ [ UKP GODCTIQ FG SWG NQU
FGOU NG TQFGCDCP [ UWRNKECDCP UCNK [ GP NGPIWC OCEG
FQPKC NNCO C NQU OQ\QU FG CTOCU NQ SWG GTC KPFKEKQ FG
ITCP TGDCVQ [ CN VTQORGVC NG OCPF JCEGT UGCN [ RQTSWG
UG FGVGPC [ PQ EWORNC NQ OCPFCFQ NG FKQ WPC RWCFC
&GURWU UG TGEQPQEK SWG JCDC JGEJQ OW[ DKGP [ JCDC
UKFQ OW[ RTKPEKRCN ECWUC RCTC SWG PQ UG RWUKGTC GP CTOCU
[ GP EQPHWUKP VQFQ GN ECORCOGPVQ # %NKVQ SWG PWPEC
UG CRCEKIWCDC NG UCECTQP NQU COKIQU PQ UKP ITCP FKEWNVCF
FGN EGPCFQT RGTQ XQNXK C GPVTCT RQT QVTC RWGTVC TGEKVCPFQ
EQP FGURTGEKQ G KPUQNGPEKC CSWGNNQU [CODQU FG 'WTRKFGU
GP NC #PFTOCEC b3W +PLWUVKEKC C[ FG O EQOGVG )TG
EKC 3WKV GPVQPEGU #NGLCPFTQ WP FCTFQ C WPQ FG NQU FG
NC IWCTFKC [ CVTCXGU EQP N C %NKVQ SWG CEGTV C RCTGEGT
EGTEC NGXCPVCPFQ NC EQTVKPC SWG JCDC FGNCPVG FG NC RWGT
 
VC [ FCPFQ WP UWURKTQ [ WP SWGLKFQ EC[ OWGTVQ 'P CSWGN
OKUOQ RWPVQ UG CECD GP #NGLCPFTQ NC KTC [ XWGNVQ GP U
CN XGT C UW NCFQ C VQFQU NQU COKIQU UKP CNKGPVQ [ UKP XQ\ UG
CRTGUWT C UCECT GN FCTFQ FGN ECFXGT [GPFQ C ENCXTUGNQ
GP GN EWGNNQ RGTQ NQU FG NC IWCTFKC NG EQIKGTQP NCU OCPQU
[ C NC HWGT\C NQ EQPFWLGTQP C UW FQTOKVQTKQ
2CU VQFC CSWGNNC PQEJG GP NCOGPVQU [ EQOQ CN FC UK
IWKGPVG ECPUCFQ FG ITKVCT [ NNQTCT GUVWXKGUG ECNNCFQ FCP
FQ UQNCOGPVG RTQHWPFQU UWURKTQU TGEGNCPFQ UWU COKIQU
FG CSWGN UKNGPEKQ GPVTCTQP RQT HWGT\C [ C NCU GZRTGUKQPGU
FG NQU FGOU PQ CVGPFK RGTQ JCDKPFQNG TGEQTFCFQ GN
CIQTGTQ #TKUVCPFTQ NC XKUKP SWG JCDC VGPKFQ CEGTEC FG
%NKVQ [ NC UGCN FG NCU TGUGU RCTC FCTNG C GPVGPFGT SWG NQ
UWEGFKFQ JCDC UKFQ FKURQUKEKP FGN JCFQ RCTGEK SWG TG
EKDC CNIP CNKXKQ RQT NQ EWCN KPVTQFWLGTQP VCODKP CN N
UQHQ %CNUVGPGU SWG GTC FGWFQ FG #TKUVVGNGU [ C #PCZCT
EQ FG #DFGTC &G UVQU %CNUVGPGU UG HWG KPVTQFWEKGPFQ
EQP FWN\WTC [ UWCXKFCF RTQEWTCPFQ FGUXCPGEGT EQP UWU
TC\QPGU GN FKUIWUVQ [ NC RGUCFWODTG RGTQ #PCZCTEQ SWG
FGUFG NWGIQ JCDC VQOCFQ WP ECOKPQ GP NC NQUQHC GPVG
TCOGPVG PWGXQ OKTCPFQ EQP EKGTVC CNVKXG\ [ FGUFP C NQU
FG UW RTQHGUKP GPVT ITKVCPFQ UKP QVTQ RTGNWFKQ 'U
VG GU CSWGN #NGLCPFTQ GP SWKGP GN QTDG VKGPG CJQTC LC NC
XKUVC [ UG GUV VGPFKFQ JCEKGPFQ GZENCOCEKQPGU EQOQ WP
OKUGTCDNG GUENCXQ VGOKGPFQ GN LWKEKQ [ TGRTGPUKP FG NQU
JQODTGU RCTC SWKGPGU EQTTGURQPFC SWG N HWGUG NC NG[ [
PQTOC FG NQ LWUVQ UK GU SWG XGPEK RCTC KORGTCT [ FQOK
PCT [ PQ RCTC UGTXKT FQOKPCFQ FG WPC INQTKC XCPC! 0Q
UCDGU SWG <GWU VKGPG RQT CUGUQTGU C NC ,WUVKEKC [ C 6G
OKU RCTC SWG VQFQ EWCPVQ GU GLGEWVCFQ RQT GN SWG OCPFC
UGC NGIVKOQ [ LWUVQ! 'ORNGCPFQ #PCZCTEQ GUVQU [ QVTQU
UGOGLCPVGU FKUEWTUQU CNKIGT GN RGUCT FGN 4G[ RGTQ RGT
XKTVK UW OQTCN JCEKPFQNG OU RTGEKRKVCFQ [ XKQNGPVQ [
CN RCUQ SWG N UG ICP OCTCXKNNQUCOGPVG UW PKOQ FGU
SWKEK GN XCNKOKGPVQ [ VTCVQ FG %CNUVGPGU SWG [C PQ GTC
OW[ CITCFCDNG RQT NC UGXGTKFCF FG UWU RTKPEKRKQU %WPVC
UG SWG JCDKGPFQ TGECFQ WPC XG\ NC EQPXGTUCEKP FWTCPVG
NC EGPC UQDTG NCU GUVCEKQPGU [ NC VGORGTCVWTC FGN CODKGPVG
%CNUVGPGU CFQRV NC QRKPKP FG NQU SWG UQUVGPCP SWG CNN
JCEC OU HTQ [ GTC OU FWTQ GN KPXKGTPQ SWG GP )TGEKC [
SWG VQOCPFQ #PCZCTEQ EQP GORGQ NC QRKPKP EQPVTCTKC
2WGU V NG TGRWUQ CSWNGU RTGEKUQ EQPGUGU SWG GUVC TG
IKP GU OWEJQ OU HTC RQTSWG V RCUCDCU CNN GN KPXKGTPQ
GP TQRKNNC [ CSW FWGTOGU CDTKICFQ EQP VTGU EQDGTVQTGU
NQ SWG RKE UQDTG OCPGTC C #PCZCTEQ
+PEQOQFCDC CUKOKUOQ %CNUVGPGU C NQU FGOU UQUVCU [
CFWNCFQTGU EQP UGT DWUECFQ FG NQU LXGPGU RQT UW GNQEWGP
EKC [ OGTGEGT CN OKUOQ VKGORQ NC CRTQDCEKP FG NQU CP
EKCPQU RQT UW VGPQT FG XKFC CTTGINCFQ FGEQTQUQ [ UQDTKQ

EQP GN EWCN EQPTOCDC GN SWG UG UWRQPC RTGVGZVQ FG UW
XKCLG RWGU NG FCDC NC KORQTVCPEKC FG FGEKT SWG RCTC XQN
XGT UWU EKWFCFCPQU C NC RCVTKC [ RQDNCTNC QVTC XG\ JCDC
KFQ GP DWUEC FG #NGLCPFTQ 5QDTG VGPTUGNG GPXKFKC RQT
UW HCOC FCDC VCODKP OCTIGP C SWG NG ECNWOPKCTCP EQP
PGICTUG C NQU EQPXKVGU [ EQP PQ FCT CNCDCP\CU EWCPFQ C
GNNQU EQPEWTTC CVTKDW[PFQUG UW UKNGPEKQ C CHGEVCEKP [
FKURNKEGPEKC VCPVQ SWG #NGLCPFTQ TGEKV RCTC OQTVKECT
NG CSWGNNC UGPVGPEKC 0Q FGDG JCEGTUG ECUQ FGN UQUVC SWG
CWP GP RTQXGEJQ RTQRKQ PCFC UCDG &EGUG SWG GP EKGTVC
QECUKP JCDKGPFQ UKFQ OWEJQU NQU EQPXKFCFQU C NC EGPC
UG GPECTI C %CNUVGPGU GPVTG NQU DTKPFKU SWG CNCDCUG C
NQU /CEGFQPKQU [ SWG FGUGORG GN GPECTIQ EQP VCPVC
GNQEWGPEKC SWG NGXCPVPFQUG NG CRNCWFKGTQP [ CTTQLCTQP
UQDTG N EQTQPCU FG QTGU C NQ SWG #NGLCPFTQ JCDC FKEJQ
SWG UGIP 'WTRKFGU CN SWG VQOC RCTC FKUEWTUQ FKIPQ
CUWPVQ NG GU HEKN UGT HCEWPFQ CCFKGPFQ /WEJQ OGLQT
RQFTU OQUVTCT VW JCDKNKFCF CEWUCPFQ C NQU /CEGFQPKQU
RCTC SWG UG JCICP OGLQTGU CFXGTVKFQU FG CSWGNNQ GP SWG
[GTTCP EQP NQ EWCN ECPVCPFQ %CNUVGPGU NC RCNKPQFKC JC
DC FKEJQ OKN EQUCU EQPVTC NQU /CEGFQPKQU [ JCEKGPFQ XGT
SWG NC FKUEQTFKC [ FGUWPKP FG NQU )TKGIQU HWG NC XGTFCFG
TC ECWUC FGN KPETGOGPVQ [ RQFGT FG (KNKRQ JCDC EGTTCFQ
FG GUVG OQFQ GN FKUEWTUQ 'P NCU TGXWGNVCU FG NQU RWGDNQU
UWGNG GN OU TWKP CN\CTUG EQP GN OCPFQ &G TGUWNVCU FG GUVQ
CCFGP SWG HWG OW[ COCTIQ [ RGUCFQ GN QFKQ SWG EQPVTC
N EQPEKDKGTQP NQU /CEGFQPKQU FKEKGPFQ #NGLCPFTQ SWG
%CNUVGPGU PQ JCDC FCFQ C UVQU RTWGDCU FG UW JCDKNKFCF
UKPQ FG UW QLGTK\C
*GTOKRQ GUETKDG SWG 'UVTGDQ NGEVQT FG %CNUVGPGU HWG
SWKGP TGTK GUVCU EQUCU C #TKUVVGNGU CCFKGPFQ SWG %C
NUVGPGU JCDKGPFQ EQPQEKFQ NC CXGTUKP FG #NGLCPFTQ FK
LQ RQT FQU Q VTGU XGEGU EQPVTC N CN TGVKTCTUG /WTK VCO
DKP GP LWXGPVWF 2CVTQENQ SWG GP XKTVWF JCTVQ OU SWG
V XCNC 2CTGEG RWGU SWG PQ NG HCNV TC\P C #TKUVVGNGU GPHGTOGFCF GP NC RTKUKP RGTQ %CTGU GUETKDG SWG FGURWU
RCTC FGEKT SWG %CNUVGPGU GTC FKGUVTQ [ ITCPFG GP NC QTC
VQTKC RGTQ SWG PQ VGPC LWKEKQ 'P P EQP JCDGT TGUKUVKFQ
XKIQTQUC [ NQUECOGPVG NC CFQTCEKP UKGPFQ GN PKEQ NQU FCU GP SWG #NGLCPFTQ HWG JGTKFQ RGNGCPFQ GP NC +PFKC
SWG FGEC GP RDNKEQ NQ SWG GP UGETGVQ KPEQOQFCDC C VQ
FQU NQU RTKPEKRCNGU [ OU CPEKCPQU FG NQU /CEGFQPKQU N
DKGP TGFKOK C NQU )TKGIQU FG WPC ITCP XGTIGP\C [ FG
WPC OWEJQ OC[QT VQFCXC C #NGLCPFTQ GXKVCPFQ CU NC VCN
CFQTCEKP RGTQ UG RGTFK C U OKUOQ RWGU C NQ SWG UG
XG JK\Q HWGT\C C #NGLCPFTQ OCU PQ NG RGTUWCFK %CTGU
FG /KVKNGPC FKEG SWG DGDKGPFQ GP WP DCPSWGVG #NGLCPFTQ
GP WPC EQRC NC CNCTI C WPQ FG NQU COKIQU [ VQOPFQ
NC UVG UG NGXCPV [ CEGTE CN CTC DGDK [ CFQT RTKOGTQ DC &GOCTCVQ FG %QTKPVQ UKGPFQ [C OW[ CPEKCPQ GN UWDKT
FGURWU DGU C #NGLCPFTQ GP GN DCPSWGVG [ UG XQNXK C
UGPVCT [ SWG NQ OKUOQ GLGEWVCTQP VQFQU RQT QTFGP RGTQ
%CNUVGPGU VQOCPFQ NC EQRC C VKGORQ SWG #NGLCPFTQ PQ
CVGPFC UKPQ SWG GUVCDC GP EQPXGTUCEKP EQP *GHGUVKP
DGDK [ UG CEGTE RCTC DGUCTNG RGTQ FKEKPFQNG &GOG
VTKQ FGPQOKPCFQ (KFP bQJ TG[ PQ DGUGU RQTSWG UVG
UNQ PQ JC CFQTCFQ #NGLCPFTQ JW[ GN TQUVTQ CN UEWNQ

[ %CNUVGPGU FKLQ GP XQ\ CNVC $KGP OG KT EQP WP DGUQ
OGPQU
+PFKURWGUVQ [C FG GUVC OCPGTC #NGLCPFTQ NC RTKOGTC EQ
UC C SWG FKQ ETFKVQ HWG NC TGNCEKP FG *GHGUVKP SWG NG
EQOWPKE JCDGT EQPXGPKFQ EQP N %CNUVGPGU GP SWG CFQ
TCTC [ JCDGT FGUOGPVKFQ NWGIQ GUVG EQPXGPKQ &GURWU
NQU .KUOCEQU [ NQU *CIPQPGU FGPWPEKCTQP C #NGLCPFTQ
SWG GN UQUVC UG CPFCDC LCEVCPFQ FG NC FGUVTWEEKP FG NC
VKTCPC RQPKGPFQ FG UW RCTVG C NQU LXGPGU [ GURCTEKGP
FQ NC XQ\ FG SWG N UQNQ GTC NKDTG GPVTG VCPVQU OKNNCTGU FG
JQODTGU 2QT GUVG OQVKXQ EWCPFQ NNGI GN ECUQ FG NC EQP
LWTCEKP FG *GTOQNCQ [ UG VWXKGTQP NCU RTWGDCU FG GNNC
RCTGEK XGTQUOKN NC CEWUCEKP SWG EQPVTC N UG JCEC FG
SWG RTGIWPVPFQNG *GTOQNCQ EOQ UG JCTC JQODTG ENG
DTG NG JCDC TGURQPFKFQ &CPFQ OWGTVG CN OU ENGDTG
#VTKDW[PFQUGNG CFGOU SWG GZEKVCPFQ C *GTOQNCQ C NC
GLGEWEKP NG JCDC FKEJQ SWG PQ VGOKGUG CN NGEJQ FG QTQ
UKPQ SWG UG CEQTFCTC SWG KDC C VGPGT CPVG U C WP JQODTG
GPHGTOQ [ JGTKFQ 5KP GODCTIQ PKPIWPQ FG NC EQPLWTC
EKP FG *GTOQNCQ RTQTK PK NC OU NGXG GZRTGUKP EQPVTC
%CNUVGPGU CWP GP OGFKQ FG NQU OC[QTGU VQTOGPVQU [ CP
IWUVKCU 'N OKUOQ #NGLCPFTQ GUETKDKGPFQ GP NQU RTKOGTQU
OQOGPVQU C %TVGTQ C VCNQ [ C NEGVCU NGU FGEC SWG NQU
LXGPGU RWGUVQU C VQTOGPVQ JCDCP EQPHGUCFQ JCDGT UKFQ
GNNQU NQU CWVQTGU FG VQFQ UKP SWG PKPIP QVTQ VWXKGUG PQVK
EKC OCU GUETKDKGPFQ FGURWU C #PVRCVTQ [C EWNR C %C
NUVGPGU FKEKGPFQ .QU LXGPGU JCP UKFQ CRGFTGCFQU RQT
NQU /CEGFQPKQU RGTQ CN UQUVC [Q NQ ECUVKICT [ C NQU SWG
CE NG GPXKCTQP [ C NQU SWG FCP CEQIKFC GP NCU EKWFCFGU C
NQU VTCKFQTGU EQPVTC O GP NQ SWG CNWFC OCPKGUVCOGP
VG C #TKUVVGNGU RQTSWG %CNUVGPGU UG JCDC ETKCFQ C UW
NCFQ C ECWUC FGN RCTGPVGUEQ UKGPFQ JKLQ FG *GTQ RTKOC
FG #TKUVVGNGU 'P EWCPVQ C UW OWGTVG WPQU FKEGP SWG HWG
CJQTECFQ FG QTFGP FG #NGLCPFTQ [ QVTQU SWG HCNNGEK FG
FG UW RTKUKP GUVWXQ UKGVG OGUGU CJGTTQLCFQ GP NC ETEGN
RCTC UGT LW\ICFQ GP EQPEKNKQ RTGUGPVG #TKUVVGNGU [ GP
EQP NQU /CNQU 1ZFTCECU OWTK FG QDGUKFCF [ EQOKFQ FG
RKQLQU
5WEGFKGTQP GUVQU CEQPVGEKOKGPVQU OU CFGNCPVG #PJGNC
C NQU RCUGU FQPFG UG JCNNCDC #NGLCPFTQ [ JCDKGPFQ EQP
UGIWKFQ XGTNG GZENCO SWG UG JCDCP RTKXCFQ FGN OC[QT
RNCEGT CSWGNNQU )TKGIQU SWG JCDCP OWGTVQ CPVGU FG XGT
C #NGLCPFTQ UGPVCFQ GP GN VTQPQ FG &CTQ RGTQ HWG DKGP
EQTVQ GN VKGORQ SWG VWXQ RCTC IQ\CT FGN HCXQT FGN TG[ RQT
SWG OWTK NWGIQ FG GPHGTOGFCF *KEKTQPUGNG QUVGPVQUCU
GZGSWKCU JCDKPFQNG NGXCPVCFQ GN GLTEKVQ WP VOWNQ FG
  

ITCPFG NQPIKVWF [ FG QEJGPVC EQFQU FG GNGXCEKP [ UWU [QT OCN NG XKPQ C UW GZRGFKEKP FG NC HCNVC FG NQU QDLGVQU
FGURQLQU HWGTQP EQPFWEKFQU JCUVC GN OCT GP WP ECTTQ FG FG PGEGUKFCF [ FG NC FGUVGORNCP\C FG NC CVOUHGTC 2QT NQ
EWCVTQ ECDCNNQU OCIPECOGPVG CFQTPCFQ SWG C N TGURGEVC JCEC GORGQ GP EQPVTCTTGUVCT C NC HQT
VWPC EQP NC QUCFC [ CN RQFGT EQP GN XCNQT RWGU PCFC NG RC
TGEC UGT KPCEEGUKDNG RCTC NQU QUCFQU PK HWGTVG [ FGHGPFKFQ
RCTC NQU EQDCTFGU &EGUG RQT VCPVQ SWG VGPKGPFQ UKVKCFQ
GN ECUVKNNQ FG 5KUKOKVTGU SWG GTC WPC TQEC OW[ GNGXCFC G
KPCEEGUKDNG EQOQ [C NQU UQNFCFQU FGUEQPCUGP RTGIWPV
%WCPFQ KDC C KPXCFKT NC +PFKC EQOQ XKGUG SWG GN GLTEKVQ C 1ZKCTVGU SW JQODTG GTC GP EWCPVQ CN PKOQ 5KUKOKVTGU
CTTCUVTCDC ITCPFG ECTIC GP RQU FG U [ GTC FKHEKN FG OQXGT [ TGURQPFKPFQNG UVG SWG GTC GN OU VOKFQ FG NQU OQTVC
RQT NC ITCP TKSWG\C FG NQU FGURQLQU CN OKUOQ COCPGEGT NGU 'UQ GU FGEKTOGNG TGRWUQ SWG RWGFQ VQOCT NC TQEC
GUVCPFQ [C NKUVQU NQU ECTTQU SWGO RTKOGTQ NQU UW[QU [ RWGU SWG GN SWG OCPFC GP GNNC PQ GU HWGTVG VQONC RWGU
NQU FG UWU COKIQU [ FGURWU OCPF SWG UG RWUKGTC HWG EQP UNQ KPVKOKFCT C 5KUKOKVTGU /CPF EQPVTC QVTC KIWCN
IQ C NQU FG NQU /CEGFQPKQU QTFGP SWG RCTGEK OU FWTC OGPVG GUECTRCFC C NQU OU LXGPGU FG NQU /CEGFQPKQU [
[ VGTTKDNG GP U SWG PQ GP UW GLGEWEKP RQTSWG OQTVK UCNWFCPFQ C WPQ SWG UG NNCOCDC #NGLCPFTQ # VK VG VQ
E C OW[ RQEQU [ CPVGU DKGP NQU OU TGEKDKPFQNC EQP EC NG FKLQ GN UGT XCNKGPVG CWPSWG PQ UGC OU SWG RQT GN
GPVWUKCUOQ [ EQP FGOQUVTCEKQPGU FG CENCOCEKP [ LDK PQODTG 2GNG GHGEVKXCOGPVG CSWGN LQXGP EQP ITCP FG
NQ TGRCTVKGTQP NCU EQUCU SWG UQP OU RTGEKUCU GPVTG NQU PWGFQ RGTQ RGTGEK GP NC CEEKP NQ SWG ECWU C #NGLCP
SWG NCU RKFKGTQP [ NCU TGUVCPVGU NCU SWGOCTQP Q FGUVTQ\C FTQ ITCP RGUCFWODTG 2QPCP NQU /CEGFQPKQU FKEWNVCF
TQP GPEGPFKGPFQ EQP GUVQ GP GN PKOQ FG #NGLCPFTQ OC GP CEQOGVGT C NC HQTVCNG\C NNCOCFC /KUC RQT GUVCT DCCFC
[QT CTTQLQ [ EQPCP\C 'TC [C GPVQPEGU GTQ G KPGZQTCDNG FG WP TQ RTQHWPFQ [ GUVCPFQ RTGUGPVG 2WGU OKUGTCDNG
GP GN ECUVKIQ FG NQU EWNRCFQU FG OCPGTC SWG JCDKGPFQ FG O FKLQ PQ JG CRTGPFKFQ [Q C PCFCT! [ VGPKGPFQ [C
EQPUVKVWKFQ C /GPCPFTQ WPQ FG UWU COKIQU IQDGTPCFQT GN GUEWFQ GODTC\CFQ UG FKURQPC C RCUCT &GVWXQ NC CE
FG WP HWGTVG RQTSWG PQ SWGTC SWGFCTUG NG SWKV NC XKFC EKP RQT XGPKT C N EQP TWGIQU GODCLCFQTGU FG NC EKWFCF
[ JCDKPFQUG TGDGNCFQ NQU DTDCTQU RQT U OKUOQ CVTCXG UKVKCFC NQU EWCNGU [C FGUFG NWGIQ UG OCTCXKNNCTQP XKPFQNG
U EQP WPC UCGVC C 1TUQFCVGU 5WEGFK RQT GPVQPEGU SWG UQDTG NCU CTOCU UKP PKPIP CEQORCCOKGPVQ 6TCLTQPNG
WPC QXGLC RCTK WP EQTFGTQ SWG VGPC GP NC ECDG\C NC IWTC FGURWU WP CNOQJCFP [ VQOPFQNG OCPF SWG UG UGPVC
[ EQNQT FG WPC VKCTC [ NC HQTOC VCODKP FG WPQU VGUVEW TC GP N GN OU CPEKCPQ FG CSWGNNQU SWG UG NNCOCDC #EWU
NQU C WPQ [ QVTQ NCFQ NQ SWG CDQOKP #NGLCPFTQ EQOQ #FOKTCFQ OU UVG VQFCXC EQP VCNGU OWGUVTCU FG DGPKI
OCNC UGCN [ UG JK\Q RWTKECT RQT WPQU $CDKNQPKQU SWG CN PKFCF [ JWOCPKFCF NG RTGIWPV SW JCTCP RCTC SWG NQU
GHGEVQ CEQUVWODTCDC NNGXCT EQPUKIQ UQDTG NQ EWCN FKLQ C VWXKGUG RQT COKIQU [ EQOQ TGURQPFKGUG SWG NQ RTKOGTQ
UWU COKIQU SWG PQ GTC RQT U OKUOQ RQT SWKGP UG JCDC PQODTCTNG C N OKUOQ RQT ECWFKNNQ [ RTPEKRG FG VQFQU
UQDTGUCNVCFQ UKPQ RQT GNNQU PQ HWGTC SWG WP OCN IGPKQ [ NQ UGIWPFQ GPXKCTNG GP TGJGPGU EKGPVQ FG NQU OGLQTGU
HCNVCPFQ N VTCUNCFCTC GN RQFGT C WP JQODTG EQDCTFG [ GEJPFQUG C TGT #EWU /WEJQ OGLQT bQJ TG[ OCPFCT
QUEWTQ /CU QVTC UGCN DWGPC SWG UQDTGXKPQ NWGIQ DQTT NG TGRWUQ GPXKPFQVG NQU OU OCNQU SWG NQU OGLQTGU
GUVC OCNC KORTGUKP FG FGUCNKGPVQ [ HWG SWG WP /CEG
FQPKQ LGHG FG NC VCRKEGTC NNCOCFQ 2TZGPQ CNNCPCPFQ GN
UKVKQ GP SWG JCDC FG RQPGTUG NC VKGPFC FGN TG[ LWPVQ CN TQ
1ZQ FGUEWDTK WPC HWGPVG FG WP NKEQT EQPVKPWQ [ WPVQ
UQ [ C NQ RTKOGTQ SWG UCE UG GPEQPVT EQP SWG GTC WP
CEGKVG NKORKQ [ ENCTQ UKP FKHGTGPEKCTUG FG GUVC UWUVCPEKC &EGUG FG 6CZKNGU SWG RQUGC GP NC +PFKC WPC RQTEKP PQ
PK GP GN QNQT PK GP GN UCDQT EQPXKPKGPFQ CFGOU EQP GNNC OGPQT SWG GN 'IKRVQ GP GZVGPUKP [ CDWPFCPVG [ HTVKN EQ
GP GN EQNQT DTKNNCPVG [ GP NC WPVWQUKFCF [ GUVQ GP RCU SWG OQ NC SWG OU [ SWG UKGPFQ JQODTG FG ITCP UGUQ UCNW
PQ RTQFWEC CEGKVG &EGUG RWGU SWG GN CIWC FGN 1ZQ GU F C #NGLCPFTQ [ NG FKLQ 3W PGEGUKFCF VGPGOQU bQJ
VCODKP OW[ DNCPFC [ SWG RQPG ETCUC NC RKGN FG NQU SWG #NGLCPFTQ FG IWGTTCU PK FG DCVCNNCU GPVTG PQUQVTQU UK PQ
GP N UG DCCP 'NNQ GU SWG #NGLCPFTQ UG CNGIT GZVTCQTFK XKGPGU C SWKVCTPQU PK GN CIWC PK GN CNKOGPVQ PGEGUCTKQ SWG
PCTKCOGPVG EQP GUVC UGCN EQOQ UG FGOWGUVTC RQT NQ SWG UQP NCU PKECU EQUCU RQT NCU SWG C NQU JQODTGU NGU GU HQT\Q
GUETKDK C #PVRCVTQ RQPKPFQNC GPVTG NQU OC[QTGU HCXQ UQ RGNGCT! 2QT NQ SWG JCEG C NQ FGOU SWG UG NNCOC DKGPGU
TGU SWG FGN FKQU JCDC TGEKDKFQ .QU CFKXKPQU VGPCP NC RQT [ TKSWG\CU U UQ[ OGLQT SWG V GUVQ[ RTQPVQ C JCEGTVG
RTQPUVKEQ FG WPC GZRGFKEKP INQTKQUC RGTQ VTCDCLQUC [ DKGP [ UK XCNIQ OGPQU PQ TGJUQ OQUVTCTOG CITCFGEKFQ
FKHEKN RQTSWG GN CEGKVG JC UKFQ FCFQ C NQU JQODTGU RQT TGEKDKPFQNQ FG VK %QORNCEKFQ #NGLCPFTQ [ CNCTIPFQ
&KQU RCTC TGOGFKQ FG UWU HCVKICU NG NC FKGUVTC 2WGU SW RKGPUCU NG FKLQ SWG EQP VCNGU
GZRTGUKQPGU [ VCN DQPFCF PWGUVTQ GPEWGPVTQ JC FG UGT UKP
EQPVKGPFC! 6GP GPVGPFKFQ SWG PCFC CFGNCPVCU RQTSWG [Q
EQPVGPFGT [ RGNGCT EQPVKIQ C HWGT\C FG DGPGEKQU C P
FG SWG PQ RCTG\ECU OGLQT SWG [Q 4GEKDKGPFQ RWGU OW
EJQU FQPGU [ FCPFQ OWEJQU OU RQT P NG JK\Q GN RTGUGPVG
(WGTQP RWGU OWEJQU NQU RGNKITQU SWG EQTTK GP CSWGNNQU FG OKN VCNGPVQU GP FKPGTQ EQP NQ SWG FKUIWUV GP ITCP OC
GPEWGPVTQU [ ITCXGU NCU JGTKFCU SWG TGEKDK RGTQ GN OC PGTC C NQU COKIQU RGTQ JK\Q SWG OWEJQU FG NQU DTDCTQU

UG NG OQUVTCUGP OGPQU FGUCHGEVQU .QU OU DGNKEQUQU GP
VTG NQU FG NC +PFKC RCUCDCP RQT UQNFCFC C FGHGPFGT EQP CT
FQT NCU EKWFCFGU [ NG ECWUCDCP ITCPFGU FCQU *CDKGPFQ
RWGU JGEJQ VTGIWCU EQP GNNQU GP WPC FG UVCU EQIKPFQNQU
FGURWU GP GN ECOKPQ EWCPFQ UG TGVKTCDCP NGU FKQ OWGTVG
C VQFQU [ GPVTG UWU JGEJQU FG IWGTTC GP NQU SWG UKGORTG
UG EQPFWLQ LWUVC [ TGIKCOGPVG UVG GU GN PKEQ SWG RWGFG
VGPGTUG RQT WPC OCPEJC 0Q NG FKGTQP NQU NUQHQU OGPQU
GP SW GPVGPFGT SWG UVQU KPFKURQPKGPFQ EQPVTC N C NQU
TG[GU SWG UG NG JCDCP WPKFQ [ JCEKGPFQ SWG UG TGDGNC
TCP NQU RWGDNQU NKDTGU RQT NQ SWG NG HWG RTGEKUQ CJQTECT C
OWEJQU
.Q TGNCVKXQ C 2QTQ GN OKUOQ #NGLCPFTQ GUETKDK GP UWU
ECTVCU EQOQ JCDC RCUCFQ RQTSWG FKEG SWG EQTTKGPFQ FG
*KFCURGU GP OGFKQ FG NQU FQU ECORCOGPVQU VGPC 2QTQ
EQNQECFQU CN HTGPVG NQU GNGHCPVGU RCTC IWCTFCT GN RCUQ [
SWG N RQT UW RCTVG OQXC VQFQU NQU FCU OWEJC DWNNC [
CNDQTQVQ GP UW ECORQ C P FG CEQUVWODTCT C NQU DTDCTQU
C PQ JCEGT CNVQ GP GNNQ PK VGOGTNQ SWG GP WPC PQEJG FG
NCU RTQRKCU FG KPXKGTPQ GP SWG PQ NWEC NC .WPC VQOCPFQ
CNIWPCU VTQRCU FG NCU FG C RKG [ NQ OU QTKFQ FG NC ECDC
NNGTC UG CNGL OWEJQ FG NQU GPGOKIQU [ RCU JCUVC WPC
KUNGVC FG PQ ITCPFG GZVGPUKP SWG CNN NG EQIK WPC ITCPFG
NNWXKC [ UKGPFQ OWEJQU NQU TGNORCIQU [ TC[QU SWG RCTG
ECP FKTKIKTUG CN ECORCOGPVQ CWP GP OGFKQ FG XGT SWG
OWEJQU GTCP CDTCUCFQU [ EQPUWOKFQU FG GNNQU OQXK FG
NC KUNGVC RCTC RCUCT C NC QRWGUVC QTKNNC OCU [GPFQ ETGEK
FQ [ HWGTC FG OCFTG GN *KFCURGU C ECWUC FG NC VGORGUVCF
JCDC JGEJQ WPC ITCP TQVWTC G KPWPFCEKP EQTTKGPFQ RQT
GNNCU NCU CIWCU GP PQVCDNG ECPVKFCF [ RWFQ RQPGTUG GP
GN VGTTGPQ KPVGTOGFKQ EQP RQEC UGIWTKFCF RQT UGT UVG
TGUDCNCFK\Q [ GUVCT OQLCFQ %WPVCUG JCDGT RTQTTWORKFQ
CNN GP GUVC GZRTGUKP #JQTC ETGGTCKU bQJ #VGPKGPUGU FKFQ GP N PCFC OGPQU SWG WP COKIQ [ WP FQOUVKEQ [
EWPVQU VTCDCLQU CIWCPVQ RQT UGT EGNGDTCFQ GPVTG XQUQ
VTQU 2GTQ GUVQ SWKGP NQ TGGTG GU 1PGUETKVQ GN OKUOQ
#NGLCPFTQ FKEG SWG FGLCPFQ NCU NCPEJCU RCUCTQP CTOC
FQU NC KPWPFCEKP EQP CIWC JCUVC GN RGEJQ 2CUCFQ SWG
JWDQ UG CFGNCPV EQP NC ECDCNNGTC WPQU XGKPVG GUVCFKQU
JCEKGPFQ EWGPVC SWG UK NQU GPGOKIQU CEQOGVKGUGP EQP GUVC
CTOC OGLQT NQU XGPEGTC [ UK SWKUKGUGP OQXGT UW DCVCNNC
VCODKP NG NNGICTC C N EQP CPVKEKRCEKP UW KPHCPVGTC [
UWEGFK NQ RTKOGTQ RQTSWG JCDKGPFQ ECTICFQ OKN ECDC
NNQU [ UGUGPVC ECTTQU NQU RWUQ GP JWFC JCDKGPFQ VQOCFQ
VQFQU NQU ECTTQU [ OWGTVQ VTGUEKGPVQU JQODTGU 'PVGPFK
EQP GUVQ 2QTQ SWG GN OKUOQ #NGLCPFTQ GUVCDC [C FG CSWGN
NCFQ RQT NQ SWG RWUQ GP OQXKOKGPVQ VQFQ UW GLTEKVQ C
GZEGREKP FG CNIWPCU VTQRCU SWG HWG RTGEKUQ FGLCT RCTC
SWG GUVQTDCTCP GN RCUQ C NQU /CEGFQPKQU #NGLCPFTQ RQT
VGOQT FG NQU GNGHCPVGU [ FGN ITCP POGTQ FG NQU GPGOKIQU
FKEG SWG ECTI QDNKEWCOGPVG RQT GN CNC K\SWKGTFC FCPFQ
QTFGP C %GPQ FG SWG CEQOGVKGUG RQT NC FGTGEJC SWG RQT
WPC [ QVTC HWGTQP NQU GPGOKIQU TGEJC\CFQU [ TGVKTPFQUG
UKGORTG JCEKC NQU GNGHCPVGU NQU SWG KDCP FG XGPEKFC CNN
UG GODCTC\CDCP [ EQPHWPFCP [ SWG VTCDCFQ GN EQODC

VG CN UCNKT GN 5QN EQP FKEWNVCF C NC JQTC QEVCXC EGFKGTQP
NQU GPGOKIQU 'UVQ GU NQ SWG GN OKUOQ QTFGPCFQT FG GUVC
DCVCNNC TGTK GP UWU ECTVCU .QU OU FG NQU JKUVQTKCFQTGU
EQPXKGPGP GP SWG 2QTQ UQDTGRWLCDC NC GUVCVWTC QTFKPC
TKC GP EWCVTQ EQFQU [ WP RCNOQ [ SWG C ECDCNNQ PCFC NG
HCNVCDC RCTC SWGFCT KIWCN EQP GN GNGHCPVG RQT NC VCNNC [ TQ
DWUVG\ FG UW EWGTRQ [ GUQ SWG GN VCN GNGHCPVG FG SWG WUCDC
GTC FG NQU OU ITCPFGU GN EWCN OCPKHGUV GP GUVC QECUKP
WPC GZVTCQTFKPCTKC KPVGNKIGPEKC [ UWOQ EWKFCFQ FGN TG[
RWGU OKGPVTCU UVG UG UQUVWXQ EQP XKIQT NG FGHGPFK GP
EQNGTK\CFQ FG NQU SWG NG CEQOGVCP JCEKPFQNQU RGFC\QU
OCU EWCPFQ RGTEKDK SWG FGUHCNNGEC RQT GN ITCP POGTQ
FG FCTFQU [ JGTKFCU VGOGTQUQ FG SWG EC[GUG FG IQNRG UG
KPENKP DNCPFCOGPVG CN UWGNQ FQDNCPFQ NCU TQFKNNCU [ EQ
IKGPFQ FGURWU UWCXGOGPVG EQP NC VTQORC NQU FCTFQU UG
NQU HWG UCECPFQ FG WPQ GP WPQ 2TGIWPVCPFQ #NGLCPFTQ
C 2QTQ EWCPFQ [C SWGF ECWVKXQ EOQ SWGTC NG VTCVCUG
4GIKCOGPVG NG TGURQPFK [ TGRNKEPFQNG #NGLCPFTQ UK
PQ VGPC OU SWG CCFKT %QP FGEKT TGIKCOGPVG GUV VQ
FQ FKEJQ NG TGRWUQ &GLNG RWGU CWVQTKFCF PQ UNQ UQ
DTG UWU CPVKIWQU UDFKVQU EQP GN PQODTG FG UVTCRC UKPQ
SWG NG CCFK PWGXQ VGTTKVQTKQ JCDKGPFQ UWLGVCFQ NQU RWG
DNQU NKDTGU SWG GTCP SWKPEG PCEKQPGU GP XCTKCU EKWFCFGU
RTKPEKRCNGU [ OWEJCU CNFGCU %QPSWKUV CUKOKUOQ QVTC
TGIKP VTGU XGEGU OC[QT FG NC SWG EQPUVKVW[ UVTCRC C
(KNKRQ WPQ FG UWU COKIQU
&G TGUWNVCU FG NC DCVCNNC EQPVTC 2QTQ OWTK $WEHCNQ PQ
FGUFG NWGIQ UKPQ CN ECDQ FG CNIP VKGORQ EWCPFQ UGIP
NQU OU UG NG GUVCDC EWTCPFQ FG UWU JGTKFCU RGTQ UGIP
FKEG 1PQUETKVQ HCVKICFQ EQP WP VTCDCLQ SWG PQ RQFC [C
NNGXCT RQT UW XGLG\ RWGU VGPC VTGKPVC CQU EWCPFQ OWTK
5KPVKNQ RTQHWPFCOGPVG #NGLCPFTQ ETG[GPFQ JCDGT RGT
GFKECPFQ GP UW OGOQTKC WPC EKWFCF LWPVQ CN *KFCURGU
NC NNCO $WEGHCNKC &EGUG SWG JCDKGPFQ RGTFKFQ VCODKP
WP RGTTQ NNCOCFQ 2GTKVCU CN SWG JCDC ETKCFQ [ FGN SWG
IWUVCDC OWEJQ GFKE QVTC EKWFCF FG UW PQODTG 5QEKP
GUETKDG SWG CU UG NQ Q[ FGEKT C 2QVCOP FG .GUDQ
'N EQODCVG FG 2QTQ FGUCPKO OWEJQ C NQU /CEGFQPKQU
CRCTVPFQNQU FG SWGTGT KPVGTPCTUG OU GP NC +PFKC RWGU PQ
DKGP JCDCP TGEJC\CFQ C UVG SWG NGU JCDC JGEJQ HTGPVG
EQP XGKPVG OKN KPHCPVGU [ FQU OKN ECDCNNQU EWCPFQ [C UG
JCEC FG PWGXQ TGUKUVGPEKC C #NGLCPFTQ SWG UG FKURQPC
C HQT\CT GN RCUQ FGN TQ )CPIGU EW[C CPEJWTC UCDCP UGT
FG VTGKPVC [ FQU GUVCFKQU [ UW RTQHWPFKFCF FG EKGP DTC\CU
[ SWG NC QTKNNC QRWGUVC GUVCDC EWDKGTVC EQP ITCP POGTQ
FG JQODTGU CTOCFQU FG ECDCNNQU [ GNGHCPVGU RQTSWG UG
FGEC SWG NG GUVCDCP GURGTCPFQ NQU TG[GU FG NQU )CPFC
TKVCU [ NQU 2TGUNQU EQP QEJGPVC OKN ECDCNNQU FQUEKGPVQU

OKN KPHCPVGU QEJQ OKN ECTTQU [ UGKU OKN GNGHCPVGU FG IWG
TTC ; PQ UG VGPIC GUVQ C GZCIGTCEKP RWGU #PFTQEQVQ
SWG TGKP FG CNN C RQEQ JK\Q C 5GNGWEQ GN RTGUGPVG FG
SWKPKGPVQU GNGHCPVGU [ EQP WP GLTEKVQ FG UGKUEKGPVQU OKN
JQODTGU EQTTK [ UQLW\I VQFC NC +PFKC #N RTKPEKRKQ FG
GPQLQ [ FG TCDKC UG TGVKT #NGLCPFTQ C UW VKGPFC [ CNN RGT
OCPGEC GPEGTTCFQ FKEKGPFQ SWG PCFC CITCFGEC NQ CPVGU
JGEJQ UK PQ RCUCDC GN )CPIGU [ SWG OKTCDC CSWGNNC TGVK
TCFC EQOQ WPC EQPHGUKP FG KPHGTKQTKFCF [ XGPEKOKGPVQ
/CU TGRTGUGPVPFQNG UWU COKIQU NQ SWG EQPXGPC [ TQ
FGCPFQ NQU UQNFCFQU UW VKGPFC EQP NCOGPVQU [ XQEGU RCTC
JCEGTNG TWGIQU EQPFGUEGPFK RQT P [ NGXCPV GN ECORC
OGPVQ JCDKGPFQ TGEWTTKFQ RCTC HQTLCTUG KNWUKQPGU CEGT
EC FG UW INQTKC C CTDKVTKQU PGEKQU G KPXGPEKQPGU GZVTCCU WP FC UGPVKFQ C NC RCTVG FG CHWGTC C NQU /CEGFQPKQU CNDQ
RQTSWG JK\Q NCDTCT CTOCU OWEJQ OC[QTGU [ RGUGDTGU [
HTGPQU RCTC NQU ECDCNNQU FG OWEJQ OC[QT RGUQ [ NQU HWG
FGLCPFQ [ GURCTEKGPFQ RQT GN ECOKPQ 'TKIK VCODKP CTCU
FG NQU FKQUGU SWG CP GP GN FC FG JQ[ XGPGTCP NQU TG[GU
FG NQU 2TGUKQU VTCUNCFPFQUG C CSWGN UKVKQ [ QHTGEKPFQNGU
UCETKEKQU C NC WUCP\C ITKGIC #PFTQEQVQ SWG GTC GPVQP
EGU OW[ LQXGP XKQ C #NGLCPFTQ [ UG TGGTG JCDGT FKEJQ
FGURWU OWEJCU XGEGU SWG PQ GUVWXQ GP PCFC GN SWG #NG
LCPFTQ UG JWDKGTC JGEJQ FWGQ FG VQFQ RQT GN FGURTGEKQ
EQP SWG GTC OKTCFQ GN TG[ C ECWUC FG UW OCNFCF [ FG UW
TWKP QTKIGP
(QTO GPVQPEGU #NGLCPFTQ GN RTQ[GEVQ FG KT FGUFG CNN C
XGT GN OCT GZVGTKQT [ EQPUVTW[GPFQ OWEJQU VTCPURQTVGU
[ NCPEJCU PCXGICDC EQP UQUGICFQ EWTUQ RQT GN TQ /CU
PQ RQT GUQ GTC GN XKCLG FGUECPUCFQ [ UKP RGNKITQ RWGU UCN
VCPFQ GP VKGTTC [ CEQOGVKGPFQ C NCU EKWFCFGU NQ KDC UW
LGVCVPFQ VQFQ 5KP GODCTIQ EQP NQU NNCOCFQU /CNQU SWG
UG FKEG UGT NQU OU DGNKEQUQU FG NC +PFKC GUVWXQ GP OW[
RQEQ GN SWG PQ RGTGEKGUG 2QTSWG C UCGVC\QU TGVKT C CSWG
NNQU JCDKVCPVGU FG NC OWTCNNC [ RWGUVCU NCU GUECNCU UWDK C
GNNC GN RTKOGTQ RGTQ JCDKPFQUG TQVQ NC GUECNC EQNQECFQU
NQU DTDCTQU CN RKG FGN OWTQ NG ECWUCTQP FGUFG CDCLQ FK
HGTGPVGU JGTKFCU OCU N UKP GODCTIQ FG VGPGT OW[ RQEC
IGPVG EQPUKIQ VWXQ GN CTTQLQ FG FGLCTUG ECGT GP OGFKQ FG
NQU GPGOKIQU SWGFCPFQ RQT HQTVWPC FG RKG [ JCDKGPFQ
TGEKDKFQ ITCP UCEWFKOKGPVQ NCU CTOCU NGU RCTGEK C NQU
DTDCTQU SWG WP TGURNCPFQT [ CRCTKGPEKC GZVTCQTFKPCTKC
FKUEWTTC RQT FGNCPVG FG N #U CN RTKPEKRKQ JW[GTQP [
UG FKURGTUCTQP RGTQ CN XGTNG EQP UNQ FQU GUEWFGTQU EQ
TTKGTQP FG PWGXQ C N [ CNIWPQU CWPSWG UG FGHGPFC NG
JGTCP FG EGTEC EQP GURCFCU [ NCP\CU [ WPQ SWG GUVCDC
OU NGLQU NG FKURCT FGN CTEQ WPC UCGVC EQP VCN HWGT\C [
TCRKFG\ SWG RCUCPFQ NC EQTC\C UG NG ENCX GP NCU EQUVKNNCU
LWPVQ C NC VGVKNNC %GFK GN EWGTRQ CN IQNRG [ CWP UG VTCU
VQTP CNIP VCPVQ [ GN VKTCFQT CEWFK CN RWPVQ UCECPFQ GN
CNHCPLG SWG WUCP NQU DTDCTQU RGTQ 2GWEGUVCU [ .KOPGQ
UG RWUKGTQP FGNCPVG [ UKGPFQ JGTKFQU CODQU UVG OWTK LWG\ OCPFPFQNG SWG RTQPWPEKCUG [ FKEKGPFQ UVG SWG
RGTQ 2GWEGUVCU UG UQUVWXQ [ #NGLCPFTQ FKQ OWGTVG CN DT
DCTQ *CDC TGEKDKFQ OWEJQU IQNRGU [ JGTKFQ RQT P EQP
WP OC\Q LWPVQ CN EWGNNQ VWXQ SWG CRQ[CTUG GP NC OWTC
 
NNC SWGFPFQUG OKTCPFQ C NQU GPGOKIQU #EWFKGTQP GP
GUVQ NQU /CEGFQPKQU [ TGEQIKPFQNG [C UKP UGPVKFQ NG NNG
XCTQP C UW VKGPFC [ CN RTKPEKRKQ GP GN GLTEKVQ EQTTK NC
XQ\ FG SWG JCDC OWGTVQ 5CETQPNG PQ UKP ITCP FKEWN
VCF [ VTCDCLQ GN ECDQ FG NC UCGVC SWG GTC FG OCFGTC EQP
NQ SWG RWFQ FGUCVCTUG CWPSWG VCODKP C OWEJC EQUVC NC
EQTC\C FGUEWDTKGPFQ CU NC JGTKFC [ JCNNCPFQ SWG NC RWP
VC SWG UGIP UG FKEG VGPC VTGU FGFQU FG CPEJQ [ EWCVTQ
FG NCTIQ JCDC SWGFCFQ ENCXCFC GP WPQ FG NQU JWGUQU #N
UCETUGNC VWXQ FGUOC[QU GP NQU SWG ETG[GTQP UG SWGFCTC
RGTQ NWGIQ UG TGUVCDNGEK #WPSWG JCDC UCNKFQ FGN RGNK
ITQ SWGF VQFCXC OW[ FDKN [ VWXQ SWG RCUCT DCUVCPVG
VKGORQ IWCTFCPFQ FKGVC [ OGFKEKPPFQUG OCU JCDKGPFQ
TQVCFQU G KPSWKGVQU RQT GN FGUGQ FG XGTNG RQPKPFQUG WPC
TQRC UCNK CFQPFG GUVCDCP 5CETKE FGURWU C NQU FKQUGU
[ XQNXKGPFQ C GODCTECTUG [ FCT NC XGNC UWLGV PWGXCU TG
IKQPGU [ OWEJCU EKWFCFGU
8KPKGTQP C UW RQFGT FKG\ FG NQU NUQHQU IKOPQUQUVCU
CSWGNNQU SWG EQP UWU RGTUWCUKQPGU JCDCP EQPVTKDWKFQ OU
C SWG 5CDCU UG TGDGNCUG [ SWG OC[QTGU OCNGU JCDCP ECW
UCFQ C NQU /CEGFQPKQU %QOQ VWXKGUGP HCOC FG SWG GTCP
OW[ JDKNGU GP FCT TGURWGUVCU DTGXGU [ EQPEKUCU NGU RTQ
RWUQ EKGTVCU RTGIWPVCU QUEWTCU FKEKGPFQ SWG RTKOGTQ FC
TC NC OWGTVG CN SWG OU OCN TGURQPFKGUG [ CU FGURWU
RQT QTFGP C NQU FGOU KPVKOCPFQ CN OU CPEKCPQ SWG LW\
ICUG 2TGIWPV CN RTKOGTQ UK GTCP OU GP UW QRKPKP NQU
XKXQU Q NQU OWGTVQU [ FKLQ SWG NQU XKXQU RQTSWG NQU OWGT
VQU [C PQ GTCP #N UGIWPFQ EWN ETC OC[QTGU DGUVKCU NC
VKGTTC Q GN OCT [ FKLQ SWG NC VKGTTC RQTSWG GN OCT JCEC
RCTVG FG GNNC #N VGTEGTQ EWN GU GN CPKOCN OU CUVWVQ [
TGURQPFK #SWGN SWG GN JQODTG PQ JC EQPQEKFQ VQFC
XC 2TGIWPVCPFQ CN EWCTVQ EQP SW QDLGVQ JCDC JGEJQ
SWG 5CDCU UG TGDGNCUG TGURQPFK %QP GN FGUGQ FG SWG
XKXKGTC DKGP Q OWTKGTC OCNCOGPVG 5KGPFQ RTGIWPVCFQ
GN SWKPVQ EWN NG RCTGEC SWG JCDC UKFQ JGEJQ RTKOGTQ
GN FC Q NC PQEJG TGURQPFK SWG GN FC RTGEGFK C UVC
GP WP FC [ CCFK XKGPFQ SWG GN TG[ OQUVTCDC OCTCXK
NNCTUG SWG UKGPFQ GPKIOVKECU NCU RTGIWPVCU GTC RTGEKUQ
SWG VCODKP NQ HWGUGP NCU TGURWGUVCU /WFCPFQ RWGU FG
OVQFQ RTGIWPV CN UGZVQ EOQ NQITCTC UGT WPQ GN OU
COCFQ GPVTG NQU JQODTGU [ TGURQPFK 5K UKGPFQ GN OU
RQFGTQUQ PQ UG JKEKGUG VGOGT &G NQU FGOU RTGIWPVCP
FQ WPQ EOQ RQFTC EWCNSWKGTC FG JQODTG JCEGTUG FKQU
FKLQ 5K JKEKGUG EQUCU SWG CN JQODTG GU KORQUKDNG JC
EGT [ RTGIWPVCFQ QVTQ FG NC XKFC [ NC OWGTVG EWN RQFC
OU TGURQPFK SWG NC XKFC RWGU SWG RQFC UQRQTVCT VCP
VQU OCNGU 2TGIWPVCFQ GN NVKOQ JCUVC EWPFQ NG GUVCTC
DKGP CN JQODTG GN XKXKT TGURQPFK *CUVC SWG PQ VGPIC
RQT OGLQT NC OWGTVG SWG NC XKFC %QPXKTVKUG GPVQPEGU CN
JCDCP TGURQPFKFQ C EWN RGQT TGRWUQ #NGLCPFTQ 2WGU
V OQTKTU GN RTKOGTQ LW\ICPFQ FG GUC OCPGTC C NQ SWG
NG TGRNKE 0Q JC[ VCN bQJ TG[ C PQ UGT SWG VG EQPVTCFK
 

ICU JCDKGPFQ FKEJQ SWG OQTKTC GN RTKOGTQ GN SWG RGQT FGUOGFTCFQ CEQUVWODTCFQ C CNKOGPVCTUG EQP RGUECFQ FG
JWDKGUG TGURQPFKFQ OCT RQT NQ SWG UW ECTPG GTC RQEQ UCPC [ FG OCN QNQT %QP
VTCDCLQ RWFQ CVTCXGUCTNG GP UGUGPVC FCU OCU GPVTCPFQ CN
ECDQ FG GNNQU GP NC )GFTQUKC CN RWPVQ UG XKQ UQDTCFQ FG
VQFQ UKGPFQ NQU UVTCRCU [ NQU TG[GU FG NCU KPOGFKCEKQPGU
NQU SWG NG CDCUVGECP

&GL RWGU KT NKDTGU C UVQU JCDKPFQNGU JGEJQ RTGUGPVGU

[ C NQU SWG VGPKGPFQ VCODKP PQODTCFC XKXCP FG RQT
U GPXK C 1PGUETKVQ RCTC SWG NGU FKLGTC HWGTCP C XGTNG
'TC 1PGUETKVQ NUQHQ FG NQU FG NC GUEWGNC FG &KIGPGU
GN %PKEQ [ FKEG SWG %CNCPQ NG OCPF EQP FGUFP [ EGQ
SWG UG SWKVCTC NC VPKEC [ GUEWEJCTC FGUPWFQ UWU NGEEKQ
PGU RWGU FG QVTQ OQFQ PQ NG FKTKIKTC NC RCNCDTC CWPSWG
XKPKGTC FG RCTVG FG <GWU RGTQ SWG &CPFCOKU NG VTCV EQP
OU FWN\WTC [ JCDKPFQNG QFQ JCDNCT FG 5ETCVGU 2KV
IQTCU [ &KIGPGU JCDC FKEJQ SWG NG RCTGECP JQODTGU
CRTGEKCDNGU CWPSWG C UW GPVGPFGT JCDCP XKXKFQ EQP UQ
DTCFC UWOKUKP C NCU NG[GU 1VTQU UQP FG QRKPKP PQ JCDGT
FKEJQ &CPFCOKU OU SWG GUVQ 2WGU EQP SW OQVKXQ JC
JGEJQ #NGLCPFTQ WP XKCLG VCP NCTIQ RCTC XGPKT CSW! [
FG %CNCPQ CNECP\ 6CZKNGU SWG HWGTC C XGT C #NGLCPFTQ 5W
PQODTG GTC 'UPGU RGTQ EQOQ UCNWFCDC C NQU SWG NG JC
DNCDCP GP NGPIWC KPFKC FKEKGPFQ %CN GP NWICT FG &KQU VG
IWCTFG NQU )TKGIQU NG NNCOCTQP %CNCPQ &EGUG SWG RTG
UGPV C #NGLCPFTQ GUVG GODNGOC [ GLGORNQ FGN RQFGT [ NC
CWVQTKFCF SWG HWG RQPGT GP UWGNQ WPC RKGN FG DWG[ UGEC
[ VQUVCFC [ RKUCPFQ WPQ FG NQU GZVTGOQU EQORTKOKFC GP
CSWGN RWPVQ UG NGXCPV RQT VQFCU NCU FGOU RCTVGU JK\Q
NQ OKUOQ RQT VQFQ CNTGFGFQT [ GN UWEGUQ HWG KIWCN JCU
VC SWG RWGUVQ GP OGFKQ NC FGVWXQ [ SWGF NNCPC [ FEKN
SWGTKGPFQ EQP GUVC KOCIGP UKIPKECT SWG GN KORGTKQ FG
DC GLGTEGTUG RTKPEKRCNOGPVG UQDTG GN OGFKQ [ EGPVTQ FGN
TGKPQ [ PQ JCDGTUG KFQ #NGLCPFTQ C VCPVC FKUVCPEKC
.C DCLCFC RQT NQU TQU CN OCT NG EQPUWOK GN VKGORQ FG
UKGVG OGUGU [ GPVTCPFQ EQP NCU PCXGU GP GN 1ECPQ UG FK
TKIK C WPC KUNC SWG N NNCO 'UEKNWUVKU [ QVTQU 2UKNVWEKU
&GUEGPFKGPFQ GP GNNC C VKGTTC UCETKE C NQU FKQUGU [ UG
JK\Q ECTIQ FG NC PCVWTCNG\C FG CSWGN OCT [ UWU TKDGTCU JCU
VC FQPFG RWFQ CNECP\CT [ JCEKGPFQ RNGICTKCU C NQU FKQUGU
RCTC SWG PQ HWGTC FCFQ C PKPIP JQODTG GN RCUCT NQU VT
OKPQU FG UW GZRGFKEKP TGVTQEGFK 'P EWCPVQ C NCU PCXGU
FKQ QTFGP FG SWG EQUVGCUGP VGPKGPFQ NC +PFKC C NC FGTGEJC
[ PQODT EQOCPFCPVG C 0GCTEQ [ RTKOGT RKNQVQ C 1PG
UETKVQ 2QT NQ SWG C N VQEC UKIWK NC OCTEJC C RKG RQT
NC TGIKP FG NQU 1TKVCU FQPFG NNGI JCUVC GN NVKOQ GZVTG
OQ FG GUECUG\ [ RGTFK ITCPFUKOC RCTVG FG UW IGPVG GP
VTOKPQU SWG PQ XQNXK FG NC +PFKC PK EQP NC EWCTVC RCTVG
FG NC FG IWGTTC UKGPFQ CU SWG NC KPHCPVGTC UWDC C EKGPVQ
XGKPVG OKN JQODTGU [ NC ECDCNNGTC C WPQU SWKPEG OKN RGTQ
GPHGTOGFCFGU RGNKITQUCU OCNCU EQOKFCU ECNQTGU CDTCUC
FQTGU [ GN JCODTG CECDCTQP EQP NQU OU ECOKPCPFQ RQT
WP RCU GUVTKN JCDKVCFQ RQT JQODTGU SWG NNGXCDCP WPC XK
FC OKUGTCDNG UKP VGPGT OU SWG CNIP ICPCFQ NCPCT TWKP [
4GRWUQ CNN UWU VTQRCU [ OCTEJ GPVTG DCPSWGVGU [ HGUVK
PGU WPQU UKGVG FCU RQT NC %CTOCPKC %QPFWECPNG C N [
C UWU COKIQU EQP ITCP TGRQUQ QEJQ ECDCNNQU GP WPC GURG
EKG FG GUEGPC EQNQECFC GP WP VCDNCFQ CNVQ [ FGUEWDKGTVQ
DCPSWGVGCPFQ EQPVKPWCOGPVG FG FC [ FG PQEJG 5GIWCP
NG ITCP POGTQ FG ECTTQU EWDKGTVQU WPQU EQP EQTVKPCU FG
RTRWTC FG FKHGTGPVGU EQNQTGU [ FGHGPFKFQU QVTQU EQP TC
OQU FG TDQNGU XGTFGU [ TGEKP EQTVCFQU [ GP GNNQU ECOK
PCDCP NQU FGOU COKIQU [ ECWFKNNQU EGKFQU FG EQTQPCU
[ DGDKGPFQ 0Q XGTCU CNN PK CFCTIC PK ECUEQ PK C\EQPC
UKPQ SWG RQT VQFQ GN ECOKPQ NQU UQNFCFQU EQP VC\CU EQP
EQRCU [ EQP XCUQU FG QTQ VQOCDCP XKPQ FG ITCPFGU VQ
PGNGU [ VKPCLCU [ UG NQ CNCTICDCP OWVWCOGPVG DGDKGPFQ
WPQU [ CPFCPFQ CN OKUOQ VKGORQ [ QVTQU FGVGPKPFQUG [
TGENKPPFQUG *CDC OWEJC OUKEC FG CWVCU [ EJKTKOCU
[ VQFQ TGUQPCDC EQP XGTUQU [ ECPEKQPGU [ EQP CNIC\CTC FG
OWLGTGU RQUGFCU FG $CEQ [ C GUVG FGUQTFGP [ EQPHWUKP
FG ECOKPQ UGIWC GN EQTQ [ VWOWNVQ FG NC DSWKEC FGU
EQORQUVWTC EQOQ UK GN OKUOQ FKQU UG JCNNCTC RTGUGPVG [
EQPEWTTKGTC C CSWGNNQU HGUVKPGU %WCPFQ FG NC )GFTQUKC [
%CTOCPKC NNGI CN RCNCEKQ VQFCXC XQNXK C FCT CN GLTEKVQ
TGRQUQ [ JQNICP\C GP EQPVKPWQU DCPSWGVGU [ UG FKEG SWG
DGQFQ CUKUVK CN EGTVCOGP FG WPQU EQTQU GP NQU SWG UCNK
XGPEGFQT $CIQCU UW HCXQTKVQ SWG GTC EQPFWEVQT FG WPQ
FG GNNQU [ SWG RCUCPFQ FGUFG GN VGCVTQ EQP GN CFQTPQ FG
XGPEGFQT HWG [ UG NG UGPV CN NCFQ NQ SWG XKUVQ RQT NQU /C
EGFQPKQU CRNCWFKGTQP [ ITKVCTQP UKP EGUCT SWG NQ DGUCUG
JCUVC VCPVQ SWG CDTC\PFQNG NG FKQ WP DGUQ
/KGPVTCU CNN RGTOCPGEC NNGI 0GCTEQ FG NQ SWG TGEKDK
ITCP RNCEGT [ JCDKPFQNG QFQ TGHGTKT NQU UWEGUQU FG UW
PCXGICEKP UG GODCTE N OKUOQ EQP PKOQ FG TGEQTTGT
EQP WPC ITCPFG GUEWCFTC RCTVKGPFQ FGN WHTCVGU NC #TC
DKC [ GN HTKEC [ FG RGPGVTCT GP GN OCT KPVGTKQT RQT NCU
EQNWOPCU FG *GTCENGU RCTC NQ EWCN UG EQPUVKVWCP VQFC
GURGEKG FG GODCTECEKQPGU GP 6RUCEQ [ UG TGEQICP GP
VQFCU RCTVGU OCTKPGTQU [ RKNQVQU RGTQ NQ VTCDCLQUQ FG NC
GZRGFKEKP FG NC +PFKC GN UKVKQ RGNKITQUQ FG NC EKWFCF FG
NQU /CNQU [ NC ITCP RTFKFC FG VTQRCU FG SWG JCDC EQTTK
FQ XQ\ RQT NC FGUEQPCP\C FG SWG RWFKGTC UCNKT EQP DKGP
FG UW GORTGUC OQXKGTQP C UGFKEKQPGU [ CNDQTQVQU CWP C
NQU OU QDGFKGPVGU [ HWGTQP RCTC NQU IGPGTCNGU [ UVTCRCU
QECUKP FG ITCPFGU KPLWUVKEKCU [ FG EQFKEKCU G KPUQNGPEKC
FKUEWTTKGPFQ RQT VQFCU RCTVGU GN GURTKVW FG KPSWKGVWF [

PQXGFCF JCUVC GN GZVTGOQ FG JCDGTUG UWDNGXCFQ EQPVTC
#PVRCVTQ 1NKORCFG [ %NGQRCVTC FKXKFKPFQUG GN TGKPQ
FGN SWG VQO RCTC U 1NKORCFG GN 'RKTQ [ %NGQRCVTC NC
/CEGFQPKC 1FQ SWG GUVQ HWG RQT #NGLCPFTQ FKLQ SWG
NC OCFTG JCDC CPFCFQ OU CEGTVCFC GP UW GNGEEKP RWGU
NQU /CEGFQPKQU PQ UWHTKTCP UGT IQDGTPCFQU RQT WPC OW
LGT %QP GUVG OQVKXQ JK\Q SWG 0GCTEQ XQNXKGTC CN OCT
VGPKGPFQ TGUWGNVQ NNGXCT NC IWGTTC RQT VQFCU NCU TGIKQPGU
OCTVKOCU [ OCTEJCPFQ N OKUOQ RQT VKGTTC ECUVKI C
NQU ECWFKNNQU SWG GPEQPVT FGNKPEWGPVGU [ FG NQU JKLQU FG
#DWNKVGU RQT U OKUOQ FKQ NC OWGTVG C 1ZKCTVGU RCUP
FQNG EQP WPC C\EQPC [ EQOQ #DWNKVGU PQ NG CEWFKGUG EQP
NCU RTQXKUKQPGU PGEGUCTKCU EQPVGPVPFQUG EQP RTGUGPVCTNG
VTGU OKN VCNGPVQU GP FKPGTQ NG OCPF SWG NQ GEJCTC C NQU
ECDCNNQU PQ NQ IWUVCTQP [ FKEKPFQNG GPVQPEGU 2WGU
FG SW OG UKTXGP VWU RTQXKUKQPGU! RWUQ C #DWNKVGU GP WP
GPEKGTTQ
'P 2GTUKC NQ RTKOGTQ SWG GLGEWV HWG JCEGT C NCU OWLG
TGU GN FQPCVKXQ FG FKPGTQ #EQUVWODTCDCP GP GHGEVQ NQU
TG[GU EWCPVCU XGEGU GPVTCDCP GP 2GTUKC FCT WPC OQPGFC
FG QTQ C ECFC WPC RQT NQ EWCN UG FKEG SWG CNIWPQU KDCP
CNN RQECU XGEGU [ SWG 1EQ PQ JK\Q GUVG XKCLG PK UKSWKGTC
WPC FGUVGTTPFQUG RQT OG\SWKPFCF FG UW RCVTKC &GUEW
DTK CN ECDQ FG RQEQ GN UGRWNETQ FG %KTQ [ JCNNCPFQ SWG
JCDC UKFQ XKQNCFQ FKQ OWGTVG CN SWG VCN KPUWNVQ JCDC EQ
OGVKFQ UKP GODCTIQ FG SWG GTC FG NQU 2GNGQU [ PQ FG NQU
OGPQU RTKPEKRCNGU NNCOCFQ 2QNOCEQ *CDKGPFQ NGFQ NC
KPUETKREKP OCPF SWG UG ITCDCTC GP ECTCEVGTGU ITKGIQU
[ GTC GP GUVC HQTOC *1/$4' 37+'037+'4# 37'
5'#5 ; &' &10&'37+'4# 37' 8'0)#5 214
37' &' 37' *#5 &' 8'0+4 '561; %+'461 ;1
51; %+41 37' #&37+4 # .15 2'45#5 '. +/
2'4+1 01 %1&+%+'5 27'5 '56# 21%# 6+'44#
37' %7$4' /+ %7'421 %QUC HWG GUVC SWG RWUQ
OW[ VTKUVG [ RGPUCVKXQ C #NGLCPFTQ JCEKPFQNG TGGZKQ
PCT UQDTG CSWGN QNXKFQ [ CSWGNNC OWFCP\C #NN %CNCPQ
JCDKGPFQ UWHTKFQ RQT CNIWPQU FCU WPC KPEQOQFKFCF FG
XKGPVTG RKFK SWG UG NG NGXCPVCTC WPC RKTC [ NNGXCFQ C GNNC
C ECDCNNQ JK\Q RNGICTKCU C NQU FKQUGU [ NKDCEKQPGU UQDTG U
OKUOQ QHTGEKGPFQ NCU RTKOKEKCU FG UWU ECDGNNQU [ CN UW
DKT C NC JQIWGTC CDTC\ C NQU /CEGFQPKQU SWG UG JCNNCDCP
RTGUGPVGU [ NQU GZJQTV C SWG CSWGN FC NQ RCUCTCP CNGITG
OGPVG [ GP NC GODTKCIWG\ EQP GN TG[ FKEKGPFQ SWG C UVG
NQ XGTC FGPVTQ FG RQEQ VKGORQ GP $CDKNQPKC .WGIQ SWG
CU NGU JWDQ JCDNCFQ UG TGENKP [ UG EWDTK EQP NC TQRC
[ PQ JK\Q GN OGPQT OQXKOKGPVQ CN NNGICTNG GN HWGIQ UKPQ
SWG OCPVGPKPFQUG GP NC OKUOC RQUVWTC GP SWG UG JCDC
TGEQUVCFQ UG QHTGEK C U OKUOQ GP XEVKOC UGIP GN TKVQ
RCVTKQ FG NQU UQUVCU FG CSWGN RCU 'UVQ OKUOQ JK\Q OW
EJQU CQU FGURWU QVTQ +PFKQ FG NC EQOKVKXC FG %UCT GP
#VGPCU [ JCUVC GN FC FG JQ[ UG OWGUVTC UW UGRWNETQ SWG
UG NNCOC GN UGRWNETQ FGN +PFKQ
 
8WGNVQ #NGLCPFTQ FG NC JQIWGTC EQPXKF C OWEJQU FG UWU
COKIQU [ FG NQU IGPGTCNGU C WP DCPSWGVG GP GN SWG RTQ
RWUQ WP EGTVCOGP FG KPVGORGTCPEKC GP GN DGDGT [ EQTQPC
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DGDK OU NNGI JCUVC EWCVTQ OGFKFCU [ TGEKDKGPFQ NC EQ
TQPC FG NC XKEVQTKC GUVKOCFC GP WP VCNGPVQ UQDTGXKXK VTGU
FCU &G NQU FGOU FKEG %CTGU SWG EWCTGPVC [ WPQ OWTKG
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UQNGOPGU DQFCU FG UWU COKIQU [ VQOCPFQ N OKUOQ RQT
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NQU FGOU /CEGFQPKQU SWG [C CPVGU UG JCDCP ECUCFQ
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UKGPFQ PWGXG OKN NQU EQPXKFCFQU UG FKQ C ECFC WPQ WPC
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UW ECWFCN C NQU DCPSWGTQU GN FKPGTQ SWG CSWGNNQU NGU FG
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OKN VCNGPVQU OGPQU EKGPVQ VTGKPVC 5WEGFK SWG GN VWGT
VQ #PVIGPGU UG KPUETKDK HCNUCOGPVG GPVTG NQU FGWFQTGU
[ RTGUGPVCPFQ GP NC OGUC WPQ SWG FKLQ JCDGTNG JGEJQ GN
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LQXGP EWCPFQ (KNKRQ UKVK C 2GTKPVQ UG NG OGVK RQT WP
QLQ WPC UCGVC NCP\CFC EQP ECVCRWNVC [ PQ RGTOKVK SWG UG
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IQU HWGTQP TGEJC\CFQU [ GPEGTTCFQU FGPVTQ FG NQU OWTQU
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VQ [ RGUCFWODTG 6GOKNQ CU GN TG[ [ CRNCEPFQUG GP UW
GPQLQ JCUVC XKPQ GP SWG UG SWGFCUG EQP GN FKPGTQ
#SWGNNQU VTGKPVC OKN LXGPGU SWG JCDC FGLCFQ RCTC SWG
UG GLGTEKVCTCP G KPUVTW[GTCP FKGTQP OWGUVTCU FG XCNQT GP
UWU RGTUQPCU [ EQOQ CFGOU HWGUGP FG TGEQOGPFCDNG 
IWTC [ FEKNGU [ RTQPVQU RCTC NQ SWG UG NGU GPECTICDC
#NGLCPFTQ UG OCPKHGUV OW[ UCVKUHGEJQ RGTQ FG NQU /C
EGFQPKQU UG CRQFGT GN FKUIWUVQ [ GN TGEGNQ RCTGEKPFQNGU
SWG GN 4G[ JCEC OGPQU ECUQ FG GNNQU 2QT NQ VCPVQ EQOQ
JWDKGUG FKURWGUVQ NKEGPEKCT C NQU GPHGTOQU [ GUVTQRGCFQU
GPXKPFQNQU RQT OCT FKLGTQP SWG GTC WPC CHTGPVC [ WP
QRTQDKQ JCDGTUG XCNKFQ FG CSWGNNQU JQODTGU RCTC VQFQ [
FGUGEJCTNQU CJQTC EQP XGTIGP\C [ CTTQLCTNQU C UW RCVTKC
[ C UW HCOKNKC PQ JCDKPFQNQU TGEKDKFQ FG CSWGNNC OCPGTC
&KLTQPNG RWGU SWG PQ FGLCTC C PKPIWPQ [ CPVGU OKTCTC
EQOQ KPVKNGU C VQFQU NQU /CEGFQPKQU FGDKGPFQ DCUVCT
NG CSWGNNQU LQXGPEKVQU DCKNCTKPGU EQP NQU SWG RQFC KT C
EQPSWKUVCT VQFQ GN QTDG +PEQOQFUG #NGLCPFTQ EQP GUVQ
UQDTG OCPGTC [ JCDKPFQNGU FKEJQ OKN FGPWGUVQU EQP GN

ECNQT FG NC KTC NGU OCPF UCNKT FG UW RTGUGPEKC GPEQOGP
F CU IWCTFKCU C NQU 2GTUCU [ VQO FG GNNQU UWU C[WFCPVGU
[ UWU OKPKUVTQU [ GPVQPEGU EWCPFQ [C NG XKGTQP CEQORC
CFQ FG UVQU [ C U OKUOQU FGUGEJCFQU [ XKNKRGPFKCFQU
UG CDCVKGTQP VTCDCTQP RNVKECU GPVTG U [ UG EQPXGPEKG
TQP FG SWG NGU HCNVCDC RQEQ RCTC GUVCT NQEQU FG EGNQU [ FG
ENGTC 2QT P XWGNVQU GP U UG HWGTQP UKP CTOCU [ GP TQ
RKNNC CN RCNCEKQ QHTGEKPFQUGNG C FKUETGEKP EQP NCOGPVQU
[ UWURKTQU [ RKFKPFQNG SWG PQ NQU VTCVCTC EQOQ C JQODTGU
OCNQU G KPITCVQU 0Q NGU JK\Q ECUQ C RGUCT FG SWG [C GU
VCDC CRNCECFQ [ GNNQU PQ FGUKUVKGTQP UKPQ SWG NG TQFGCTQP
FG CSWGNNC OCPGTC FQU FCU [ FQU PQEJGU [ EQPVKPWCTQP GP
UWU RNGICTKCU NNCOPFQNG COQ [ UGQT #N VGTEGT FC UCNK TC GP $CDKNQPKC RGTQ UVG PQ JK\Q ECUQ UKPQ SWG EQPVKPW
[ XKPFQNQU OKUGTCDNGU [ CDCVKFQU PQ RWFQ EQPVGPGT NCU
NITKOCU RQT NCTIQ TCVQ 4GRTGPFKNQU FGURWU EQP DNCP
FWTC [ UCNWFPFQNQU CHCDNGOGPVG NKEGPEK C NQU KPVKNGU
TGOWPGTPFQNQU EQP NCTIWG\C [ GUETKDKGPFQ C #PVRCVTQ
SWG GP VQFQU NQU LWGIQU [ GP VQFQU NQU VGCVTQU UG UGPVCTCP
EQTQPCFQU GP NWICT RTGHGTGPVG 5GCN CUKOKUOQ RGPUKQ
PGU C NQU JKLQU JWTHCPQU FG NQU SWG JCDCP OWGTVQ
.WGIQ SWG CTTKD C 'EDVCPC FG NC /GFKC [ QTFGP NQU
PGIQEKQU WTIGPVGU XQNXK CN RWPVQ C NQU GURGEVEWNQU [
TGIQEKLQU OC[QTOGPVG EQP GN OQVKXQ FG JCDGTNG NNGICFQ
VTGU OKN CTVKUVCU FG NC )TGEKC 1EWTTK GP CSWGNNQU FCU SWG
C *GHGUVKP NG FKQ ECNGPVWTC [ EQOQ C HWGT\C FG LQXGP [
OKNKVCT PQ SWKUKGUG UWLGVCTUG C NC FGDKFC FKGVC [ CFGOU
UW OFKEQ )NCWEQ UG JWDKGUG KFQ CN VGCVTQ UG UGPV C
EQOGT C NC OGUC [ JCDKPFQUG EQOKFQ WP RQNNQ CUCFQ [
DGDFQUG WP ITCP XCUQ FG XKPQ RWGUVQ C GPHTKCT UG UKPVK
OWEJQ RGQT [ CN ECDQ FG RQEQ VKGORQ OWTK #NGLCPFTQ
PQ VWXQ OQFQ PK VTOKPQ PKPIWPQ GP GUVC RGUCFWODTG
UKPQ SWG KPOGFKCVCOGPVG OCPF EQTVCT NCU ETKPGU RQT
NWVQ C VQFQU NQU ECDCNNQU [ C VQFCU NCU CEOKNCU [ SWK
VCT NCU CNOGPCU GP NCU EKWFCFGU FGN EQPVQTPQ [ CN RQDTG
OFKEQ NQ RWUQ GP WPC ETW\ 'P GN GLTEKVQ EGU GN VQSWG
FG CWVCU [ VQFC OUKEC RQT NCTIQ VKGORQ JCUVC SWG XKPQ
WP QTEWNQ FG #OP RCTC SWG UG FKGTC XGPGTCEKP C *G
HGUVKP [ UG NG JKEKGTCP UCETKEKQU EQOQ JTQG 6QOCPFQ
CFGOU NC IWGTTC RQT EQPUWGNQ FG CSWGN RGUCT UCNK C GNNC
EQOQ C WPC EC\C Q C WPC DCVKFC [ CECD EQP NC PCEKP
FG NQU %QUGQU FCPFQ OWGTVG C VQFQU UKP FKUVKPEKP [ C
GUVQ NG FCDC GN PQODTG FG GZGSWKCU FG *GHGUVKP *CDC
RGPUCFQ KPXGTVKT FKG\ OKN VCNGPVQU GP UW VOWNQ GP UW UG
RWNETQ [ GP VQFQ GN QTPCVQ EQTTGURQPFKGPVG [ VGPKGPFQ NC
KFGC FG SWG GN CTVKEKQ [ GN RTKOQT UQDTGRWLCTCP CN ICU
VQ FGUGCDC UQDTG VQFQ VGPGT RQT FKTGEVQT FG NQU CTVKUVCU C
'UVCUETCVGU SWG JCDC OCPKHGUVCFQ EKGTVC OCIPKEGPEKC
QUCFC [ DQCVQ GP UWU KPXGPEKQPGU RWGU GP WPC QECUKP
GP SWG NG JCDC JCDNCFQ NG FKLQ SWG FG VQFQU NQU OQPVGU
GN #VQU FG 6TCEKC GTC GN SWG TGEKDKTC OGLQT FKURQUKEKP [
EQPHQTOCEKP JWOCPC RQT VCPVQ SWG UK UG NQ OCPFCUG NG
JCTC WPC GUVCVWC OW[ FWTCFGTC [ OW[ XKUVQUC FGN OQPVG
#VQU NC EWCN VGPFTC GP NC OCPQ K\SWKGTFC WPC EKWFCF FG
FKG\ OKN XGEKPQU [ EQP NC FGTGEJC FGTTCOCTC GN RGTGPPG

ECWFCN FG WP TQ SWG FGUCIWCDC GP GN OCT 'UVG RTQ[GEVQ
NQ FGUGEJ RGTQ GP CSWGNNQU FCU GUVWXQ VTCVCPFQ [ FKU
RQPKGPFQ EQUCU VQFCXC OU CDUWTFCU [ EQUVQUCU SWG UVC
EQP NQU CTVKUVCU
%WCPFQ UG CEGTECDC C $CDKNQPKC 0GCTEQ SWG JCDC XWGN
VQ CN WHTCVGU RQT GN ITCP OCT FKLQ SWG NG JCDCP JCDNCFQ
CNIWPQU %CNFGQU KPUVPFQNG RCTC SWG #NGLCPFTQ PQ GPVTC
UW OCTEJC [ EWCPFQ [C VQECDC C NCU OWTCNNCU XKQ OW
EJQU EWGTXQU SWG RGNGCDCP [ UG JGTCP WPQU C QVTQU FG NQU
EWCNGU CNIWPQU EC[GTQP FQPFG GUVCDC *\QUGNG GPUGIWKFC
FGPWPEKC EQPVTC #RQNQFQTQ IQDGTPCFQT FG $CDKNQPKC FG
SWG JCDC JGEJQ UCETKEKQ CEGTEC FGN OKUOQ #NGLCPFTQ
FG TGUWNVCU FG NQ EWCN GPXK C NNCOCT CN CIQTGTQ 2KVIQ
TCU EQOQ UVG PQ PGICUG GN JGEJQ NG RTGIWPV UQDTG NC
FKURQUKEKP FG NCU XEVKOCU &LQNG SWG CN JICFQ NG HCNVC
DC GN NDWNQ UQDTG NQ SWG GZENCO #NGLCPFTQ b#[ C[
'UVC GU VGTTKDNG UGCN ; EQP VQFQ GP PCFC QHGPFK C 2K
VIQTCU 5QNCOGPVG UG KPEQOQF EQPUKIQ OKUOQ RQT PQ
JCDGT ETGFQ C 0GCTEQ [ FG TGUWNVCU RCU OWEJQ VKGORQ
Q CECORCFQ HWGTC FG $CDKNQPKC Q PCXGICPFQ RQT GN WHTC
VGU #IQNRDCPUGNG GP VCPVQ NQU RTQFKIKQU RQTSWG CN NGP
OU ITCPFG [ OU JGTOQUQ FG NQU SWG JCDC ETKCFQ WP
CUPQ FQOUVKEQ NG CEQOGVK [ NQ OCV FG WPC EQ\ *CDKP
FQUG FGUPWFCFQ RCTC WPIKTUG UG RWUQ C LWICT C NC RGNQVC
[ NQU LXGPGU SWG EQP N LWICDCP CN KT FGURWU C VQOCT
NC TQRC XKGTQP UGPVCFQ GP GN VTQPQ UKP FGEKT RCNCDTC C WP
JQODTG CFQTPCFQ EQP NC FKCFGOC [ NC GUVQNC TGIKC 2UQ
UGNG GP LWKEKQ [ C EWGUVKP FG VQTOGPVQ RCTC UCDGT SWKP
GTC [ RQT OWEJQ VKGORQ GUVWXQ UKP CTVKEWNCT PCFC OCU
XWGNVQ EQP FKEWNVCF GP UW CEWGTFQ FKLQ SWG UG NNCOCDC
&KQPKUKQ [ GTC PCVWTCN FG /GUGPC SWG VTCFQ CNN RQT OCT
EQP OQVKXQ FG EKGTVC ECWUC [ CEWUCEKP JCDC GUVCFQ GP
RTKUKP OWEJQ VKGORQ [ SWG OW[ RQEQ CPVGU UG NG JCDC
CRCTGEKFQ 5GTCRKU NG JCDC SWKVCFQ NCU ECFGPCU [ EQPFW
EKPFQNG C CSWGN UKVKQ NG JCDC OCPFCFQ VQOCT NC GUVQNC [
NC FKCFGOC UGPVCTUG [ ECNNCT
%WCPFQ GUVQ Q[ #NGLCPFTQ NQ SWG GU FGN JQODTG CSWGN
FKQ P EQOQ NQU CIQTGTQU UG NQ RTQRQPCP RGTQ FGEC[ FG
PKOQ [ FG GURGTCP\CU EQP TGURGEVQ C NQU FKQUGU [ GORG
\ C VGPGT VQFQU NQU COKIQU RQT UQURGEJQUQU 6GOC RTKP
EKRCNOGPVG FG RCTVG FG #PVRCVTQ [ FG UWU JKLQU FG NQU
EWCNGU +QNCQ GTC UW RTKOGT GUECPEKCFQT [ %CUCPFTQ JCEC
RQEQ SWG JCDC NNGICFQ [ JCDKGPFQ XKUVQ C WPQU DTDCTQU
JCEGT GN CEVQ FG CFQTCEKP EQOQ JQODTG SWG UG JCDC
ETKCFQ CN GUVKNQ ITKGIQ [ PWPEC JCDC XKUVQ EQUC UGOGLCP
VG UG GEJ C TGT FGUOCPFCFCOGPVG FG NQ SWG #NGLCPFTQ
EQPEKDK ITCPFG GPQLQ [ CUKPFQNG RQT NQU ECDGNNQU NG IQN
RG NC ECDG\C EQPVTC NC RCTGF 'P QVTC QECUKP SWGTKGPFQ
  

%CUCPFTQ JCDNCT EQPVTC WPQU SWG CEWUCDCP C #PVRCVTQ NG UCETKE C NQU FKQUGU [ JCDKGPFQ EGPCFQ VWXQ FG PWGXQ
KPVGTTWORK [ 3W FKEGU! NG RTGIWPV %TGGU V SWG ECNGPVWTC CSWGNNC PQEJG 'N  UG DC G JK\Q VCODKP GN
JQODTGU SWG PQ JWDKGTCP TGEKDKFQ PKPIP CITCXKQ JCDCP CEQUVWODTCFQ UCETKEKQ [ JCDKPFQUG CEQUVCFQ GP NC JC
FG JCDGT CPFCFQ VCP NCTIQ ECOKPQ RCTC ECNWOPKCT! ; DKVCEKP FGN DCQ UG FGFKE C QT C 0GCTEQ NC TGNCEKP
TGRNKEPFQNG %CUCPFTQ SWG GUVQ OKUOQ GTC UGCN FG SWG SWG NG JK\Q FG UW PCXGICEKP [ FGN ITCPFG 1ECPQ 'N 
ECNWOPKCDCP VGPGT VCP NGLQU NC TGFCTIWEKP [ GN EQPXGP GLGEWV NQ OKUOQ SWG GN CPVGTKQT [ JCDKPFQUG GPCTFGEK
EKOKGPVQ UG GEJ C TGT #NGLCPFTQ [ 'UVQU OKUOQU UQP FQ OU RCU OCNC PQEJG [ CN FC UKIWKGPVG HWG XKQNGPVC
NG FKLQ NQU UQUOCU FG #TKUVVGNGU RCTC CTIKT RQT WPQ [ NC ECNGPVWTC 6TCUNCFUGNG C NC ITCP RKG\C FGN PCFCFGTQ
RQT QVTQ GZVTGOQ VGPFTKU SWG UGPVKT EQOQ UG CXGTKIG FQPFG UG RWUQ GP ECOC [ VTCV EQP NQU IGPGTCNGU CEGTEC
SWG NGU JCDKU CITCXKCFQ CWP GP NQ OPKOQ &EGUG RQT FGN OCPFQ FG NQU TGIKOKGPVQU XCECPVGU RCTC SWG NQU RTQ
P SWG HWG VCN [ VCP KPFGNGDNG GN OKGFQ SWG UG KPHWPFK GP XG[GTCP JCEKGPFQ EWKFCFQUC GNGEEKP 'N  JCDKPFQUG
GN PKOQ FG %CUCPFTQ SWG NCTIQU CQU FGURWU EWCPFQ CTTGEKCFQ OU NC GDTG JK\Q UCETKEKQ NNGXCFQ CN GHGEVQ
[C TGKPCDC GP /CEGFQPKC [ FQOKPCDC NC )TGEKC RCUGP CN CNVCT [ FG NQU IGPGTCNGU [ ECWFKNNQU OCPF SWG NQU RTKP
FQUG GP &GNHQU [ XKGPFQ NCU GUVCVWCU CN RQPGT NQU QLQU GP EKRCNGU UG SWGFCTCP GP UW EOCTC [ SWG NQU EQOCPFCPVGU
NC KOCIGP FG #NGLCPFTQ UG SWGF TGRGPVKPCOGPVG RCUOC [ ECRKVCPGU FWTOKGTCP C NC RCTVG FG CHWGTC .NGXUGNG CN
FQ [ UG NG GUVTGOGEK VQFQ GN EWGTRQ FG VCN OCPGTC SWG VTCURCNCEKQ FQPFG GN  FWTOK CNIP TCVQ RGTQ NC G
EQP FKEWNVCF RWFQ TGEQDTCTUG FGN UWUVQ SWG CSWGNNC XKUVC DTG PQ UG TGOKVK 'PVTCTQP NQU IGPGTCNGU [ GUVWXQ CSWGN
NG ECWU FC UKP JCDNC [ VCODKP GN  FG EW[CU TGUWNVCU NGU RC
TGEK C NQU /CEGFQPKQU SWG JCDC OWGTVQ [ FKTKIKPFQUG
CN RCNCEKQ ITKVCDCP [ JCECP COGPC\CU C NQU OU HCXQTGEK
FQU FG #NGLCPFTQ JCUVC SWG CN P NGU QDNKICTQP C CDTKTNGU
NCU RWGTVCU [ CDKGTVCU SWG NGU HWGTQP NNGICTQP FG WPQ GP
WPQ GP TQRKNNC JCUVC NC ECOC 'P CSWGN OKUOQ FC 2KVP
.WGIQ SWG #NGLCPFTQ EGFK C NQU VGOQTGU TGNKIKQUQU SWG [ 5GNGWEQ GPXKCFQU C EQPUWNVCT C 5GTCRKU NG RTGIWPVCTQP
F EQP NC OGPVG RGTVWTDCFC FG VGTTQT [ GURCPVQ [ PQ JCDC UK NNGXCTCP CNN C #NGLCPFTQ GN FKQU NGU TGURQPFK SWG NQ
EQUC VCP RGSWGC EQOQ HWGUG FGUWUCFC [ GZVTCC FG SWG FGLCTCP FQPFG GUVCDC [ GN  RQT NC VCTFG OWTK
PQ JKEKGUG WPC UGCN [ WP RTQFKIKQ EQP NQ SWG GN RCNC
EKQ GUVCDC UKGORTG NNGPQ FG UCEGTFQVGU FG GZRKCFQTGU [
FG CFKXKPQU 5K GU RWGU CDQOKPCDNG EQUC NC KPETGFWNKFCF
[ OGPQURTGEKQ GP NCU EQUCU FKXKPCU GU VCODKP CDQOK
PCDNG RQT QVTC RCTVG NC UWRGTUVKEKP SWG EQOQ GN CIWC
UG XC UKGORTG C NQ OU DCLQ [ CDCVKFQ [ NNGPC GN PKOQ .CU OU FG GUVCU EQUCU UG JCNNCP CU GUETKVCU CN RKG FG NC NG
FG KPEGTVKFWODTG [ FG OKGFQ EQOQ GPVQPEGU GN FG #NG VTC GP GN FKCTKQ [ FG SWG UG NG JWDKGUG GPXGPGPCFQ PCFKG
LCPFTQ 5KP GODCTIQ JCDKPFQUG VTCFQ EKGTVQU QTEWNQU VWXQ UQURGEJC RQT NQ RTQPVQ FKEKPFQUG UQNCOGPVG SWG
FG RCTVG FGN FKQU CEGTEC FG *GHGUVKP RQPKGPFQ VTOKPQ JCDKPFQUGNG JGEJQ WPC FGNCEKP C 1NKORCFG C NQU QEJQ
CN FWGNQ XQNXK GPVQPEGU C NQU UCETKEKQU [ NQU DCPSWGVGU CQU FKQ OWGTVG C OWEJQU [ CXGPV NCU EGPK\CU FG +QNCQ
&KQ RWGU WP ITCP EQPXKVG C 0GCTEQ [ JCDKPFQUG DCC GPVQPEGU [C OWGTVQ RQT JCDGT UKFQ GN SWG NG RTQRKP GN
FQ [C EQOQ NQ VGPC FG EQUVWODTG RCTC KTUG C CEQUVCT C XGPGPQ .QU SWG FKEGP SWG #TKUVVGNGU HWG SWKGP CEQPUGL
RGVKEKP FG /GFKQ OCTEJ C UW ECUC C EQPVKPWCT NC EGPC GUVC CEEKP C #PVRCVTQ [ SWG VCODKP RTQRQTEKQP GN XG
[ JCDKGPFQ RCUCFQ CNN GP DGDGT GN FC UKIWKGPVG GORG\ PGPQ FGUKIPCP C WP VCN *CIPVGOKU EQOQ FKXWNICFQT FG
C UGPVKTUG EQP ECNGPVWTC PQ CN CRWTCT GN XCUQ FG *GTCENGU GUVC PQVKEKC JCDKPFQUGNC QFQ TGHGTKT CN TG[ #PVIQPQ
PK FPFQNG TGRGPVKPCOGPVG WP ITCP FQNQT GP NQU NQOQU [ SWG GN XGPGPQ HWG WP CIWC HTC [ JGNCFC SWG FGUVKNCDC
EQOQ UK NQ JWDKGTCP RCUCFQ EQP WPC NCP\C RQTSWG UVCU FG WPC RKGFTC EGTEC FG 0QPETKFG NC SWG TGEQICP EQ
UQP EKTEWPUVCPEKCU SWG ETG[GTQP CNIWPQU FGDGT CCFKT KP OQ TQEQ OW[ VGPWG TGUGTXPFQNC GP WP XCUQ FG ECUEQ
XGPVCPFQ GUVG FGUGPNCEG VTIKEQ [ RCVVKEQ EQOQ UK HWGTC FG CUPQ RWGU PKPIWPQU QVTQU RQFCP EQPVGPGTNC UKPQ SWG
GN FG WP XGTFCFGTQ FTCOC #TKUVQDWNQ FKEG UGPEKNNCOGPVG NQU JCEC UCNVCT RQT UW GZEGUKXC HTKCNFCF [ CURGTG\C 2GTQ
SWG NG FKQ WPC GDTG CTFKGPVG EQP FGNKTKQ [ SWG VGPKGP NQU OU ETGGP SWG GUVC TGNCEKP FGN XGPGPQ HWG WPC RWTC
FQ WPC ITCP UGF DGDK XKPQ FG NQ SWG NG TGUWNV RQPGTUG KPXGPEKP VGPKGPFQ RCTC GNNQ GN RQFGTQUQ HWPFCOGPVQ FG
HTGPVKEQ [ OQTKT GP GN FC  FGN OGU &GUKQ SWG JCDKGPFQ CNVGTECFQ GPVTG U NQU IGPGTCNGU RQT OWEJQU
FCU UKP JCDGTUG EWKFCFQ FG FCT UGRWNVWTC CN EWGTRQ SWG
RGTOCPGEK GZRWGUVQ GP UKVKQ ECNKGPVG [ PQ XGPVKNCFQ PKP
IWPC UGCN VWXQ FG UGOGLCPVG OQFQ FG FGUVTWEEKP UKPQ
SWG UG EQPUGTX UKP NC OGPQT OCPEJC [ HTGUEQ 3WGF 4Q
ZCPC GPEKPVC RQT NQ SWG NQU /CEGFQPKQU NC VTCVCDCP EQP GN
'P GN FKCTKQ UG JCNNCP CU FGUETKVQU NQU VTOKVGU FG NC GPHGT OC[QT JQTTQT [ GNNC EQOQ UG JCNNCUG GPXKFKQUC FG 'UVCVK
OGFCF 'P GN FC  FGN OGU &GUKQ UG CEQUV GP GN EWCTVQ TC NC GPIC RQT OGFKQ FG WPC ECTVC PIKFC EQP GN QDLGVQ
FGN DCQ RQT GUVCT EQP ECNGPVWTC #N FC UKIWKGPVG FGURWU FG JCEGTNC XGPKT NNGICFQ SWG JWDQ NG SWKV NC XKFC [ VCO
FG JCDGTUG DCCFQ UG VTCUNCF C UW EOCTC [ NQ RCU LW DKP C NC JGTOCPC [ NQU ECFXGTGU NQU CTTQL C WP RQ\Q [
ICPFQ C NCU VCDNCU EQP /GFKQ $CUG C NC VCTFG QVTC XG\ FGURWU NQ EGI UKGPFQ UCDGFQT FG GNNQ 2GTFKECU [ EO
 

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GP (KNKPC OWLGT FG DCLC GUVKTRG [ RDNKEC [ PQ VGPC EC
DCN GN LWKEKQ RQT GPHGTOGFCF PQ PCVWTCN Q SWG NG JWDKGUG
XGPKFQ RQT U UKP ECWUC UKPQ SWG JCDKGPFQ OCPKHGUVCFQ
UGIP FKEGP WPC PFQNG CITCEKCDNG [ DWGPC FKURQUKEKP
UKGPFQ VQFCXC PKQ FGURWU 1NKORCFG NG JK\Q GPHGTOCT
EQP JKGTDCU [ NG RGTVWTD NC TC\P
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