2S[ [I [SYPH PMOI XS XEPO EFSYX VIGYVWMZI X]TIW ERH XEPO EFSYX LS[ XS
TVSZI X]TI WEJIX] JSV 780' VIGYVWMZI X]TIW WXEVXMRK [MXL E TVSSJ JSV
X]TI WEJIX] JSV NYWX 780'
5 (S [I JSVQEPP] GEVI XLEX XLI ZEPYI [I
KIX LEW XLI GSVVIGX X]TI#
RSX KIXXMRK WXYGO
% +SSH UYIWXMSR 6MKLX RS[ [I HSR X
;LMPI QSWX SJ ]SY LEZI WIIR X]TI WEJIX] TVSZIH
YWMRK TVSKVIWW ERH TVIWIVZEXMSR XLIWI EVI SRP]
QIERW XS IRHW 8,-7 MW XLI XLISVIQ [I VIEPP] GEVI EFSYX
6IQEVO 8]TI WEJIX] HSIW RSX MQTP] WXVSRK RSVQEPM^EXMSR
-J ]SY [IVI EPPS[IH XS XVERWMXMSR XS XLI WEQI XIVQ XLEX W 3/
=SY NYWX QI EFPI XS YWI XLI STIVEXMSREP WIQERXMGW XS XEOI SRI
WXIT )ZIR MJ ]SY KIX XS XLI WEQI XIVQ ]SY VI WXMPP QEOMRK TVSKVIWW
' &YX MX WIIQW ]SY EVI RSX HSMRK ER]XLMRK YWIJYP
% ;IPP ]SY EVI WXMPP TVSKVIWWMRK NYWX RSX HSMRK ER]XLMRK YWIJYP
%PP [I VIEPP] [ERX XS EZSMH MW WXYGORIWW
-X YWIH XS FI XLI GEWI [LIRIZIV ]SY TVSZIH X]TI WEJIX] MR XLI IMKLXMIW
TISTPI RSVQEPP] HMH XLMW YWMRK HIRSXEXMSREP WIQERXMGW KMZI E QEXLIQEXMGEP
HIRSXEXMSRW JSV IZIV]XLMRK ERH WLS[ XLI X]TMRK VYPIW [IVI WSYRH 8LIR
;VMKLX *IPPIMWIR WLS[IH LS[ XS HS X]TI WEJIX] MR E W]RXEGXMG QERRIV -J ]SY
TVSZI XLIWI X[S PIQQEW ]SY GER GSRGPYHI X]TI WEJIX] F] VITIEXIH ETTPMGEXMSR
5 (SIW XLMW QIER MJ ]SY LEZI ER] PERKYEKI XLEX WEXMW IW TVIWIVZEXMSR
]SY GER XVMZMEPP] QEOI MX TVSKVIWW F] EHHMRK E PSSTMRK STIVEXMSR#
% =IEL -X W RSX ZIV] YWIJYP FYX XLIVI MW EP[E]W E VYPI XLEX [MPP PIX MX PSST
-X W X]TI WEJI -X W RSX WXYGO PEYKL
' ;IPP XLEX W FIGEYWI ]IWXIVHE] [I [IVI XEPOMRK EFSYX RSVQEPM^EXMSR
% %R MQTSVXERX TSMRX MW XLEX - Q KSMRK XS [SVO [MXL E PERKYEKI [LMGL
HSIW 238 LEZI RSVQEPM^EXMSR
6IGEPP XLEX ]IWXIVHE] [I HI RIH E TVIHMGEXI WYGL XLEX MJ ER I\TVIWWMSR
[EW E QIQFIV SJ SYV TVIHMGEXI MX [EW WXVSRKP] RSVQEPM^MRK ;I PP HS XLI
WEQI XLMRK XSHE] FYX JSV X]TI WEJIX] 8EOI XLMW WMQTPI TVIHMGEXI
5 ,S[ HSIW XLI HIRSXEXMSREP WIQERXMGW TVSSJ KS#
% =SY RSVQEPP] LEZI XS TVSZI E XLISVIQ GEPPIH %HIUYEG] [LMGL WLS[W XLEX
XLI HIRSXEXMSREP WIQERXMGW VI IGX XLI STIVEXMSREP WIQERXMGW SJ ]SYV PERKYEKI
8LI MREFMPMX] XS TVSZI EHIUYEG] SJ HSQEMR XLISV] JSV 4'* [EW E
LYKI TEMR MR XLI RIGO JSV 40 VIWIEVGLIVW JSV E PSRK XMQI
;I VI KSMRK XS HI RI SYV RI[ VIPEXMSR PMOI 72 MRXS E HM IVIRX WX]PI
- I [LEX EVI XLI ZEPYIW SJ X]TI XEY
[LEX EVI XLI GPSWIH I\TVIWWMSRW SJ X]TI
XEY# -RWXIEH SJ HI RMRK E WMRKPI VIPEXMSR
SJ EPP XLI X]TIW X]TI XEY [I VI HMZMHMRK XLMW
MRXS ZEPYIW ERH I\TVIWWMSRW 8LIVI [MPP
FI E QYXYEPP] VIGYVWMZI HI RMXMSR 8LMW PSKMGEP
VIPEXMSR [MPP GETXYVI WEJI XLI] [MPP MQTP] 7EJI
FYX 7EJI [MPP RSX RIGIWWEVMP] MQTP] XLMW VIPEXMSR
WEQI WXVYGXYVI EW
]IWXIVHE]
3RGI EKEMR PIX W HS XLI IEW] WXIT &
VWX
2S[ PIX W GSRWMHIV % %W PEWX XMQI [I VWX RIIH XS KIRIVEPM^I SYV L]TSXLIWMW XS
[SVO [MXL STIR XIVQW
-J ]SY KMZI QI WYFWXMXYXMSRW XLEX FIPSRK XS Q] PSKMGEP
VIPEXMSR MJ ]SY GPSWI S Q] I\TVIWWMSR MX FIPSRKW XS
Q] PSKMGEP VIPEXMSR
8LMW XLISVIQ MW GEPPIH XLI *YRHEQIRXEP 4VSTIVX] WMRGI MR EPP PSKMGEP VIPEXMSR TVSSJW
]SY [MPP LEZI XS TVSZI WSQIXLMRK PMOI XLMW -J ]SY LEZI E [IPP X]TIH XIVQ MJ ]SY GPSWI
S XLI JVII ZEVMEFPIW [MXL XLMRKW MR XLI PSKMGEP VIPEXMSR XLI VIWYPX MW MR XLI PSKMGEP VIPEXMSR
-X LEW EPWS FIIR GEPPIH XLI &EWMG 0IQQE 8LMW MW XLI XLISVIQ XLEX XIPPW ]SY MJ
]SYV PSKMGEP VIPEXMSR MW WIRWMFPI %JXIV ]SY TVSZI XLMW ]SY YWYEPP] GER KIX XLI
XLISVIQ ]SY VI MRXIVIWXIH MR 3V MR XLI GEWI SJ TVSKVEQ IUYMZEPIRGI ]SY QE]
RIIH XS HS QSVI [SVO
4VSSJ TVSGIIHW F] MRHYGXMSR SR XLI HIVMZEXMSR 7S ]SY PP LEZI E GEWI JSV IZIV]
X]TMRK VYPI XLI MRXIVIWXMRK GEWIW FIMRK PEQFHE ERH ETTPMGEXMSR
- EQ RSX KSMRK XS HS XLMW TVSSJ FIGEYWI MX PSSOW ZIV] WMQMPEV
,EWOIPP TVSKVEQQIVW QE] FI GSRJYWIH F] XLI XIVQMRSPSK] LIVI
JSPH YRJSPH GSVVIWTSRH XS VSPP YRVSPH RSX XLI VIGYVWMZI LMKLIV SVHIV JYRGXMSR
&VMIJ VIZMI[
-R IUYMVIGYVWMZI X]TMRK [I XLMRO SJ E PMWX EW IUYEP XS MXW YRJSPHMRK
-R MWSVIGYVWMZI X]TMRK [I XLMRO SJ XLMW EW ER MWSQSVTLMWQ XLYW ]SY RIIH ER
I\TPMGMX WIX SJ JYRGXMSRW XS KS JVSQ YRI\TERHIH XS I\TERHIH ZMI[W 8LI]
EVI PMOI QEVOIVW
8LMW MW E ZIV] YWIJYP X]TMRK JIEXYVI
-R LSQSXST] X]TI XLISV] IUYMZEPIRGI
MW IUYEPMX] &YX ]SY WXMPP RIIH XS
XVERWTSVX
4VIZMSYWP] SQIKE XLI GERSRMGEP I\EQTPI SJ E RSRXIVQMREXMRK I\TVIWWMSR
HMH RSX X]TI GLIGO
;MXL VIGYVWMZI X]TIW [I GER RS[ QEOI MX X]TI GLIGO
XLI WXVMGX TSWMXMZMX] GSRHMXMSR [SYPH TVIZIRX YW
JVSQ [VMXMRK XLMW VIGYVWMZI X]TI OIITMRK 'SU WSYRH
;I HMH RSX FSXLIV [MXL XLI QSRSXSRMGMX] GSRHMXMSRW [I HSR X RIIH ER]XLMRK
XS HS FSXL GSRXVEZEVMERX ERH GSZEVMERX X]TIW
8LMW MW FIGEYWI [I HSR X LEZI WYFX]TMRK
0IX W RS[ I\XIRH SYV PSKMGEP VIPEXMSR [MXL VIGYVWMZI X]TIW
;I XVMIH XS YWI E FMKKIV X]TI MR SYV HI RMXMSR SJ XLI QY VIPEXMSR ,S[ HS [I
ORS[ XLMW \IH TSMRX I\MWXW# ;I HSR X ,S[ HS [I WSPZI XLMW TVSFPIQ#
% ZEPYI MW E QIQFIV SJ XLMW VIPEXMSR MJ MX PSSOW PMOI MX W X]TI XEY JSV O WXITW
%JXIV[EVHW [I HSR X WE] ER]XLMRK EFSYX MX 2S[ SYV HI RMXMSR [SVOW SR
XLI RYQFIV SJ WXITW EW [IPP EW X]TI XEY E HSYFPI MRHYGXMSR
;I QE] RSX IZEPYEXI XLI PEQFHE VMKLX E[E] ;I PP YWI YT WSQI RYQFIV SJ WXITW
ERH [LIR [I LEZI N WXITW PIJX [I QMKLX ETTP] XLI PEQFHE &YX EX XLMW TSMRX [I
FIXXIV ETTP] MX XS ER EVKYQIRX [LMGL MW KSSH JSV XLI VIQEMRMRK N WXITW
;L] RSX N # %JXIV EPP EGXYEPP] HSMRK
I?Z \A XEOIW E WXIT ;IPP MX XYVRW SYX XLEX HSR X VIEPP] RIIH XLI Z XS FI KSSH JSV
SRI I\XVE WXIT
-RXYMXMZIP] Z MW
%PXIVREXI IUYMZEPIRX HI RMXMSR
YRE IGXIH F] XLI
WYFWXMXYXMSR -X W GPIEV
MR XLI TVSSJ MXWIPJ
8LI MHIE LIVI MW XLEX XLI SRP] [E] XS KIX XS XLI MRWMHI SJ E JSPH
MW ER YRJSPH [LMGL [SYPH XEOI YT E WXIT 8LYW [I HSR X RIIH XLI Z
JSV ZIV] QER] WXITW
5
%
5
%
;LEX MW :C #
-X GSRXEMRW IZIV]XLMRK &YX XLMW MWR X XLI MRXIVIWXMRK UYIWXMSR [LEX MW )C #
;IPP - [EW [SRHIVMRK [LEX LETTIRW [MXL O
%L PIX QI KIRIVEPM^I XLMW HI RMXMSR ?WLS[R EFSZIA
2S[ [I VI KSMRK XS [SVO SR ) ) LEW XLI X]TI XEY JSV O WXITW 7S [LEX HS ]SY
HS [MXL )# ;IPP ]SY VYR MX &YX VIGEPP ]SY LEZI E FSYRH ]SY GER X VYR MX JSV QSVI
XLER O WXITW
5 ;L] MW N WXVMGXP] PIWW XLER O#
% ;IPP [MXL WXIT MRHI\IH VIPEXMSRW XLI MRHMGIW GER FI WSQI[LEX HHP]
- ZI TPEGIH MX SR ) MRWXIEH SJ XLI JYRGXMSR GEWI 8LI XMQI MW KSMRK HS[R
WS ]SY VI EPPS[IH XS YWI MX -J [I EXI YT O WXITW [I [SYPH LEZI ^IVS WXITW
PIJX - WYTTSWI XLEX [SYPH [SVO ERH SR Q] JIIX - GER X XLMRO SJ MX FYX MX W
RSX VIEPP] QIERMRKJYP XS FI MR : JSV ^IVS WXITW 0IX QI XLMRO EFSYX MX
5 8LI WXIT MRHI\IW LEZI TSPPYXIH IZIV]XLMRK -W XLIVI ER] WEPZEXMSR#
% 2S 2SXI XLEX [MXL WXIT MRHMGIW ]SY GER MQQIHMEXIP] XIPP XLEX MX W E [IPP JSYRHIH
VIPEXMSR XLIWI WIXW GER X FI YRMRLEFMXIH -J ]SY [IVIR X YWMRK WXIT MRHI\IW ]SY [SYPH
LEZI XS [VMXI XLMRKW XLEX [IVIR X SFZMSYWP] JSYRHIH -R XLSWI GEWIW ]SY LEZI XS HS
E PSX SJ [SVO XS WLS[ XLI VIPEXMSR MW MRLEFMXIH 4ISTPI LEZI HSRI XLMW WSVX SJ WXY
;LEX XLMW MW WEZMRK ]SY MW E PSX SJ I\XVE QEXLIQEXMGEP [SVO XS TVSZI XLI VIPEXMSR
MW WIRWMFPI 8LI 46-') MW XLI OW EVI RS[ TSPPYXMRK IZIV]XLMRK
-X MW E FMX PMOI HITIRHIRX X]TIW
2SXI XLEX WSQI TISTPI LEZI GSQI YT [MXL [E]W XS [SVO EVSYRH XLI YKPMRIWW
SJ XLI MRHMGIW
7S [I GSYPH [VMXI HS[R ER STIVEXMSREP WIQERXMGW [LIVI XLI] EVI EPP ^IVS WXIT
STIVEXMSRW ERH SRP] JSPH YRJSPH MW E SRI WXIT STIVEXMSR 7S XLI MRXYMXMSR MW RMGI MR
SYV GEWI ERH ]SY GER QEOI MX RMGIV FYX RS[ ]SY LEZI XS WTIGMEPM^I =SY ZI NYWX
HI RIH E QIXVMG
-QTSVXERX RSXI - WEMH WSQI I\TVIWWMSR PSSOW PMOI XEY YT XS O WXIT 7S [LEX MJ
]SY LEH JI[IV WXITW# =IW -J ]SY LEZI QSVI MX WLSYPHR X ;LEX - Q XV]MRK XS KIX
EX MW XLEX XLIWI PSKMGEP VIPEXMSRW VIP] SR E HS[R[EVH GPSWYVI QSRSXSRMGMX] 7S
XLMW MW ER MQTSVXERX PIQQE ]SY LEZI XS TVSZI
4VSSJ F] MRHYGXMSR SR X]TI XEY ,IVI W XLI QY GEWI
)\IVGMWI HS XLI JYRGXMSR GEWI 2SXMGI XLEX [I GEVIJYPP] WEMH PIWW XLER SV IUYEP
XS O -J [I HMH RSX XEPO EFSYX ER EVFMXVEV] N ERH NYWX TYX MR O XLIVI [MPP
FI E TVSFPIQ 8LMW MW MRGVIHMFP] MQTSVXERX =SY RIIH XS XEPO EFSYX XLI JYXYVI
)\IVGMWI HS XLI PEQFHE GEWI ERH XLI JYRGXMSR GEWI =SY [MPP RIIH XS FI
GEVIJYP EFSYX HIGVIQIRXMRK XLI WXITW ]SY [MPP WSQIXMQIW LEZI XSS QER]
WXITW MR [LMGL GEWI XLI QSRSXSRMGMX] PIQQE GSQIW MR LERH] -R SXLIV GEWIW
]SY PP LEZI WIUYIRGI SJ VIHYGXMSRW ERH HIGVIQIRX XLIQ ETTVSTVMEXIP]
5 0EWX XMQI ]SY [IRX XS PSKMGEP VIPEXMSRW FIGEYWI ]SY RIIHIH E WXVIRKXLIRIH
MRHYGXMSR L]TSXLIWMW &YX LIVI MJ ]SY HMH E TVSKVIWW TVIWIVZEXMSR ]SY [SYPHR X
RIIH E WXVIRKXLIRIH MRHYGXMSR L]TSXLIWMW
% =IW XLEX [SYPH [SVO RI %RH LIVI [I LEZI XS HS WXIT MRHI\IH &YX [I VI
FYMPHMRK XS[EVHW TVSKVEQ IUYMZEPIRGI EX [LMGL TSMRX ]SY HS 2))( WXIT MRHI\IH
PSKMGEP VIPEXMSRW JSV VIGYVWMZI X]TIW 1] 4L( X]TIW [EW EFSYX WXIT MRHI\IH
PSKMGEP VIPEXMSRW JSV QYXEFPI VIJIVIRGIW ;LIR - RMWLIH - XLSYKLX XLMW [EW PEQI
FIGEYWI TVSKVIWW TVIWIVZEXMSR GSYPH EP[E]W HSRI 4VSKVEQ IUYMZEPIRGI MW XLI
/-00)6 %44
5 (SIW '&2 [SVO XLI WEQI [E]#
% =IW WS PSRK EW ]SY WXE] JEMXLJYP XS ]SYV STIVEXMSREP WIQERXMGW =SY LEZI
XS X[IEO XLI HI RMXMSRW FEWIH SR XLI PERKYEKI WIQERXMGW