8MQI XS 7XERH 9T

&] 6MGLEVH (E[OMRW

(MWXMRKYMWLIH &VMXMWL WGMIRXMWX EYXLSV ERH EXLIMWX 6MGLEVH (E[OMRW [LS [EW WGLIHYPIH XS
EGGITX ER )QTIVSV ,EW 2S 'PSXLIW %[EVH SR 7ITX

EX XLI *VIIHSQ *VSQ 6IPMKMSR

*SYRHEXMSR GSRZIRXMSR GERGIPPIH LMW ETTIEVERGI MR PMKLX SJ XVEZIP HMJJMGYPXMIW EJXIV XLI 7ITX
XIVVSVMWX EXXEGOW EKEMRWX XLI 9RMXIH 7XEXIW
,I WYTTPMIH ER I\GPYWMZI EVXMGPI VITVMRXIH FIPS[ [LMGL [EW VIEH EX XLI *SYRHEXMSR
GSRZIRXMSR MR LMW WXIEH F] .EQIW 'SSVW E TVSJIWWSV SJ %KVSRSQ] EX XLI 9RMZIVWMX] SJ
;MWGSRWMR 1EHMWSR
8LI IWWE] MW E JSPPS[ YT XS (E[OMRW TS[IVJYP EVXMGPI 6IPMKMSR W 1MWKYMHIH 1MWWMPIW
ETTIEVMRK MR 8LI +YEVHMER SR 7ITXIQFIV

7II I\GIVTX JSPPS[MRK XLI EVXMGPI

;VMXXIR JSV XLI *VIIHSQ *VSQ 6IPMKMSR *SYRHEXMSR LXXT [[[ JJVJ SVK 1EHMWSR ;MWGSRWMR
7ITXIQFIV

8S FPEQI -WPEQ JSV [LEX LETTIRIH MR 2I[ =SVO MW PMOI FPEQMRK 'LVMWXMERMX] JSV XLI XVSYFPIW MR

2SVXLIVR -VIPERH =IW 4VIGMWIP] -X MW XMQI XS WXST TYWW]JSSXMRK EVSYRH 8MQI XS KIX ERKV]
%RH RSX SRP] [MXL -WPEQ
8LSWI SJ YW [LS LEZI VIRSYRGIH SRI SV ERSXLIV SJ XLI XLVII KVIEX QSRSXLIMWXMG VIPMKMSRW
LEZI YRXMP RS[ QSHIVEXIH SYV PERKYEKI JSV VIEWSRW SJ TSPMXIRIWW 'LVMWXMERW .I[W ERH
1YWPMQW EVI WMRGIVI MR XLIMV FIPMIJW ERH MR [LEX XLI] JMRH LSP] ;I LEZI VIWTIGXIH XLEX IZIR
EW [I LEZI HMWEKVIIH [MXL MX 8LI PEXI (SYKPEW %HEQW TYX MX [MXL LMW GYWXSQEV] KSSH LYQSV MR
ER MQTVSQTXY WTIIGL MR

WPMKLXP] EFVMHKIH

2S[ XLI MRZIRXMSR SJ XLI WGMIRXMJMG QIXLSH MW - Q WYVI [I PP EPP EKVII XLI QSWX TS[IVJYP
MRXIPPIGXYEP MHIE XLI QSWX TS[IVJYP JVEQI[SVO JSV XLMROMRK ERH MRZIWXMKEXMRK ERH
YRHIVWXERHMRK ERH GLEPPIRKMRK XLI [SVPH EVSYRH YW XLEX XLIVI MW ERH MX VIWXW SR XLI TVIQMWI
XLEX ER] MHIE MW XLIVI XS FI EXXEGOIH -J MX [MXLWXERHW XLI EXXEGO XLIR MX PMZIW XS JMKLX ERSXLIV
HE] ERH MJ MX HSIWR X [MXLWXERH XLI EXXEGO XLIR HS[R MX KSIW 6IPMKMSR HSIWR X WIIQ XS [SVO PMOI
XLEX -X LEW GIVXEMR MHIEW EX XLI LIEVX SJ MX [LMGL [I GEPP WEGVIH SV LSP] SV [LEXIZIV ;LEX MX
QIERW MW ,IVI MW ER MHIE SV E RSXMSR XLEX ]SY VI RSX EPPS[IH XS WE] ER]XLMRK FEH EFSYX ]SY VI
NYWX RSX ;L] RSX# FIGEYWI ]SY VI RSX -J WSQIFSH] ZSXIW JSV E TEVX] XLEX ]SY HSR X EKVII
[MXL ]SY VI JVII XS EVKYI EFSYX MX EW QYGL EW ]SY PMOI IZIV]FSH] [MPP LEZI ER EVKYQIRX FYX
RSFSH] JIIPW EKKVMIZIH F] MX -J WSQIFSH] XLMROW XE\IW WLSYPH KS YT SV HS[R ]SY EVI JVII XS
LEZI ER EVKYQIRX EFSYX MX &YX SR XLI SXLIV LERH MJ WSQIFSH] WE]W - QYWXR X QSZI E PMKLX
W[MXGL SR E 7EXYVHE] ]SY WE] - VIWTIGX XLEX
8LI SHH XLMRK MW IZIR EW - EQ WE]MRK XLEX - EQ XLMROMRK -W XLIVI ER 3VXLSHS\ .I[ LIVI [LS MW
KSMRK XS FI SJJIRHIH F] XLI JEGX XLEX - NYWX WEMH XLEX# &YX - [SYPHR X LEZI XLSYKLX 1E]FI
XLIVI W WSQIFSH] JVSQ XLI PIJX [MRK SV WSQIFSH] JVSQ XLI VMKLX [MRK SV WSQIFSH] [LS
WYFWGVMFIW XS XLMW ZMI[ SV XLI SXLIV MR IGSRSQMGW [LIR - [EW QEOMRK XLI SXLIV TSMRXW - NYWX
XLMRO *MRI [I LEZI HMJJIVIRX STMRMSRW &YX XLI QSQIRX - WE] WSQIXLMRK XLEX LEW WSQIXLMRK
XS HS [MXL WSQIFSH] W - Q KSMRK XS WXMGO Q] RIGO SYX LIVI ERH WE] MVVEXMSREP FIPMIJW XLIR [I
EPP FIGSQI XIVVMFP] TVSXIGXMZI ERH XIVVMFP] HIJIRWMZI ERH WE] 2S [I HSR X EXXEGO XLEX XLEX W
ER MVVEXMSREP FIPMIJ FYX RS [I VIWTIGX MX

;L] WLSYPH MX FI XLEX MX W TIVJIGXP] PIKMXMQEXI XS WYTTSVX XLI 0EFSV TEVX] SV XLI 'SRWIVZEXMZI
TEVX] 6ITYFPMGERW SV (IQSGVEXW XLMW QSHIP SJ IGSRSQMGW ZIVWYW XLEX 1EGMRXSWL MRWXIEH SJ
;MRHS[W FYX XS LEZI ER STMRMSR EFSYX LS[ XLI 9RMZIVWI FIKER EFSYX [LS GVIEXIH XLI
9RMZIVWI

RS XLEX W LSP]# ;LEX HSIW XLEX QIER# ;L] HS [I VMRK JIRGI XLEX JSV ER] SXLIV

VIEWSR SXLIV XLER XLEX [I ZI NYWX KSX YWIH XS HSMRK WS# 8LIVI W RS SXLIV VIEWSR EX EPP MX W NYWX
SRI SJ XLSWI XLMRKW XLEX GVITX MRXS FIMRK ERH SRGI XLEX PSST KIXW KSMRK MX W ZIV] ZIV] TS[IVJYP
7S [I EVI YWIH XS RSX GLEPPIRKMRK VIPMKMSYW MHIEW FYX MX W ZIV] MRXIVIWXMRK LS[ QYGL SJ E JYVSV
6MGLEVH GVIEXIW [LIR LI HSIW MX )ZIV]FSH] KIXW EFWSPYXIP] JVERXMG EFSYX MX FIGEYWI ]SY VI RSX
EPPS[IH XS WE] XLIWI XLMRKW =IX [LIR ]SY PSSO EX MX VEXMSREPP] XLIVI MW RS VIEWSR [L] XLSWI
MHIEW WLSYPHR X FI EW STIR XS HIFEXI EW ER] SXLIV I\GITX XLEX [I LEZI EKVIIH WSQILS[
FIX[IIR YW XLEX XLI] WLSYPHR X FI
(SYKPEW MW HIEH FYX - XLMRO LI [SYPH NSMR QI MR EWOMRK TISTPI RS[ XS WXERH YT ERH FVIEO XLMW
EFWYVH XEFSS 1] VIWTIGX JSV XLI %FVELEQMG VIPMKMSRW [IRX YT MR XLI WQSOI ERH GLSOMRK HYWX
SJ 7ITXIQFIV

XL 8LI PEWX ZIWXMKI SJ VIWTIGX JSV XLI XEFSS HMWETTIEVIH EW - [EXGLIH XLI (E]

SJ 4VE]IV MR ;EWLMRKXSR 'EXLIHVEP [LIVI TISTPI SJ QYXYEPP] MRGSQTEXMFPI JEMXLW YRMXIH MR
LSQEKI XS XLI ZIV] JSVGI XLEX GEYWIH XLI TVSFPIQ MR XLI JMVWX TPEGI VIPMKMSR -X MW XMQI JSV
TISTPI SJ MRXIPPIGX EW STTSWIH XS TISTPI SJ JEMXL XS WXERH YT ERH WE] )RSYKL 0IX SYV XVMFYXI
XS XLI HIEH FI E RI[ VIWSPZI XS VIWTIGX TISTPI JSV [LEX XLI] MRHMZMHYEPP] XLMRO VEXLIV XLER
VIWTIGX KVSYTW JSV [LEX XLI] [IVI GSPPIGXMZIP] FVSYKLX YT XS FIPMIZI
2SX[MXLWXERHMRK FMXXIV WIGXEVMER LEXVIHW SZIV XLI GIRXYVMIW EPP XSS SFZMSYWP] WXMPP KSMRK
WXVSRK .YHEMWQ -WPEQ ERH 'LVMWXMERMX] LEZI QYGL MR GSQQSR (IWTMXI 2I[ 8IWXEQIRX
[EXIVMRK HS[R ERH SXLIV VIJSVQMWX XIRHIRGMIW EPP XLVII TE] LMWXSVMG EPPIKMERGI XS XLI WEQI
ZMSPIRX ERH ZMRHMGXMZI +SH SJ &EXXPIW QIQSVEFP] WYQQIH YT F] +SVI :MHEP MR
8LI KVIEX YRQIRXMSREFPI IZMP EX XLI GIRXIV SJ SYV GYPXYVI MW QSRSXLIMWQ *VSQ E FEVFEVMG
&VSR^I %KI XI\X ORS[R EW XLI 3PH 8IWXEQIRX XLVII ERXM LYQER VIPMKMSRW LEZI IZSPZIH
.YHEMWQ 'LVMWXMERMX] ERH -WPEQ 8LIWI EVI WO] KSH VIPMKMSRW 8LI] EVI PMXIVEPP] TEXVMEVGLEP
+SH MW XLI 3QRMTSXIRX *EXLIV LIRGI XLI PSEXLMRK SJ [SQIR JSV

]IEVW MR XLSWI GSYRXVMIW

EJJPMGXIH F] XLI WO] KSH ERH LMW IEVXLP] QEPI HIPIKEXIW 8LI WO] KSH MW E NIEPSYW KSH SJ GSYVWI
,I VIUYMVIW XSXEP SFIHMIRGI JVSQ IZIV]SRI SR IEVXL EW LI MW RSX NYWX MR TPEGI JSV SRI XVMFI FYX
JSV EPP GVIEXMSR 8LSWI [LS [SYPH VINIGX LMQ QYWX FI GSRZIVXIH SV OMPPIH JSV XLIMV S[R KSSH
-R 8LI +YEVHMER SJ

XL 7ITXIQFIV - REQIH FIPMIJ MR ER EJXIVPMJI EW XLI OI] [IETSR XLEX QEHI

XLI 2I[ =SVO EXVSGMX] TSWWMFPI 3J TVMSV WMKRMJMGERGI MW VIPMKMSR W HIIT VIWTSRWMFMPMX] JSV XLI
YRHIVP]MRK LEXVIHW XLEX QSXMZEXIH TISTPI XS YWI XLEX [IETSR MR XLI JMVWX TPEGI 8S FVIEXLI WYGL
E WYKKIWXMSR IZIR [MXL XLI QSWX KIRXPIQERP] VIWXVEMRX MW XS MRZMXI ER SRWPEYKLX SJ TEXVSRM^MRK
EFYWI EW (SYKPEW %HEQW RSXIH &YX XLI MRWERI GVYIPX] SJ XLI WYMGMHI EXXEGOW ERH XLI IUYEPP]
ZMGMSYW XLSYKL RYQIVMGEPP] PIWW GEXEWXVSTLMG VIZIRKI EXXEGOW SR LETPIWW 1YWPMQW PMZMRK MR
%QIVMGE ERH &VMXEMR TYWL QI FI]SRH SVHMREV] GEYXMSR
,S[ GER - WE] XLEX VIPMKMSR MW XS FPEQI# (S - VIEPP] MQEKMRI XLEX [LIR E XIVVSVMWX OMPPW LI MW
QSXMZEXIH F] E XLISPSKMGEP HMWEKVIIQIRX [MXL LMW ZMGXMQ# (S - VIEPP] XLMRO XLI 2SVXLIVR -VIPERH
TYF FSQFIV WE]W XS LMQWIPJ 8EOI XLEX 8VMHIRXMRI 8VERWYFWXERXMEXMSRMWX FEWXEVHW 3J GSYVWI -
HSR X XLMRO ER]XLMRK SJ XLI OMRH 8LISPSK] MW XLI PEWX XLMRK SR XLI QMRHW SJ WYGL TISTPI 8LI]
EVI RSX OMPPMRK FIGEYWI SJ VIPMKMSR MXWIPJ FYX FIGEYWI SJ TSPMXMGEP KVMIZERGIW SJXIR NYWXMJMIH
8LI] EVI OMPPMRK FIGEYWI XLI SXLIV PSX OMPPIH XLIMV JEXLIVW 3V FIGEYWI XLI SXLIV PSX HVSZI XLIMV
KVIEX KVERHJEXLIVW SJJ XLIMV PERH 3V FIGEYWI XLI SXLIV PSX STTVIWWIH SYV PSX IGSRSQMGEPP] JSV
GIRXYVMIW
1] TSMRX MW RSX XLEX VIPMKMSR MXWIPJ MW XLI QSXMZEXMSR JSV [EVW QYVHIVW ERH XIVVSVMWX EXXEGOW FYX
XLEX VIPMKMSR MW XLI TVMRGMTEP PEFIP ERH XLI QSWX HERKIVSYW SRI F] [LMGL E XLI] EW STTSWIH
XS E [I GER FI MHIRXMJMIH EX EPP - EQ RSX IZIR GPEMQMRK XLEX VIPMKMSR MW XLI SRP] PEFIP F] [LMGL

[I MHIRXMJ] XLI ZMGXMQW SJ SYV TVINYHMGI 8LIVI W EPWS WOMR GSPSV PERKYEKI ERH WSGMEP GPEWW &YX
SJXIR EW MR 2SVXLIVR -VIPERH XLIWI HSR X ETTP] ERH VIPMKMSR MW XLI SRP] HMZMWMZI PEFIP EVSYRH
)ZIR [LIR MX MW RSX EPSRI VIPMKMSR MW RIEVP] EP[E]W ER MRGIRHMEV] MRKVIHMIRX MR XLI QM\ EW [IPP
-X MW RSX ER I\EKKIVEXMSR XS WE] XLEX VIPMKMSR MW XLI QSWX MRJPEQQEXSV] IRIQ] PEFIPPMRK HIZMGI MR
LMWXSV] ;LS OMPPIH ]SYV JEXLIV# 2SX XLI MRHMZMHYEPW ]SY EVI EFSYX XS OMPP MR VIZIRKI 8LI
GYPTVMXW XLIQWIPZIW LEZI ZERMWLIH SZIV XLI FSVHIV 8LI TISTPI [LS WXSPI ]SYV KVIEX
KVERHJEXLIV W PERH LEZI HMIH SJ SPH EKI =SY EMQ ]SYV ZIRHIXXE EX XLSWI [LS FIPSRK XS XLI
WEQI VIPMKMSR EW XLI SVMKMREP TIVTIXVEXSVW -X [EWR X 7IEQYW [LS OMPPIH ]SYV FVSXLIV FYX MX [EW
'EXLSPMGW WS 7IEQYW HIWIVZIW XS HMI MR VIXYVR 2I\X MX [EW 4VSXIWXERXW [LS OMPPIH 7IEQYW WS
PIX W KS SYX ERH OMPP WSQI 4VSXIWXERXW MR VIZIRKI -X [EW 1YWPMQW [LS HIWXVS]IH XLI ;SVPH
8VEHI 'IRXIV WS PIX W WIX YTSR XLI XYVFERIH HVMZIV SJ E 0SRHSR XE\M ERH PIEZI LMQ TEVEP]^IH
JVSQ XLI RIGO HS[R
8LI FMXXIV LEXVIHW XLEX RS[ TSMWSR 1MHHPI )EWXIVR TSPMXMGW EVI VSSXIH MR XLI VIEP SV TIVGIMZIH
[VSRK SJ XLI WIXXMRK YT SJ E .I[MWL 7XEXI MR ER -WPEQMG VIKMSR -R ZMI[ SJ EPP XLEX XLI .I[W LEH
FIIR XLVSYKL MX QYWX LEZI WIIQIH E JEMV ERH LYQERI WSPYXMSR 4VSFEFP] HIIT JEQMPMEVMX] [MXL
XLI 3PH 8IWXEQIRX LEH KMZIR XLI )YVSTIER ERH %QIVMGER HIGMWMSR QEOIVW WSQI WSVX SJ MHIE
XLEX XLMW VIEPP] [EW XLI LMWXSVMG LSQIPERH SJ XLI .I[W XLSYKL XLI LSVVMJMG WXSVMIW SJ LS[
.SWLYE ERH SXLIVW GSRUYIVIH XLIMV 0IFIRWVEYQ QMKLX LEZI QEHI XLIQ [SRHIV )ZIR MJ MX
[EWR X NYWXMJMEFPI EX XLI XMQI RS HSYFX E KSSH GEWI GER FI QEHI XLEX WMRGI -WVEIP I\MWXW RS[
XS XV] XS VIZIVWI XLI WXEXYW UYS [SYPH FI E [SVWI [VSRK
- HS RSX MRXIRH XS KIX MRXS XLEX EVKYQIRX &YX MJ MX LEH RSX FIIR JSV VIPMKMSR XLI ZIV] GSRGITX SJ
E .I[MWL WXEXI [SYPH LEZI LEH RS QIERMRK MR XLI JMVWX TPEGI 2SV [SYPH XLI ZIV] GSRGITX SJ
-WPEQMG PERHW EW WSQIXLMRK XS FI MRZEHIH ERH HIWIGVEXIH -R E [SVPH [MXLSYX VIPMKMSR XLIVI
[SYPH LEZI FIIR RS 'VYWEHIW RS -RUYMWMXMSR RS ERXM 7IQMXMG TSKVSQW XLI TISTPI SJ XLI
HMEWTSVE [SYPH PSRK EKS LEZI MRXIVQEVVMIH ERH FIGSQI MRHMWXMRKYMWLEFPI JVSQ XLIMV LSWX
TSTYPEXMSRW RS 2SVXLIVR -VIPERH 8VSYFPIW RS PEFIP F] [LMGL XS HMWXMRKYMWL XLI X[S

GSQQYRMXMIW ERH RS WIGXEVMER WGLSSPW XS XIEGL XLI GLMPHVIR LMWXSVMG LEXVIHW XLI] [SYPH

WMQTP] FI SRI GSQQYRMX]
-X MW E WTEHI [I LEZI LIVI PIX W GEPP MX E WTEHI 8LI )QTIVSV LEW RS GPSXLIW -X MW XMQI XS WXST
XLI QIEP] QSYXLIH IYTLIQMWQW 2EXMSREPMWXW 0S]EPMWXW 'SQQYRMXMIW )XLRMG +VSYTW
6IPMKMSRW MW XLI [SVH ]SY RIIH 6IPMKMSR MW XLI [SVH ]SY EVI WXVYKKPMRK L]TSGVMXMGEPP] XS EZSMH
4EVIRXLIXMGEPP] VIPMKMSR MW YRYWYEP EQSRK HMZMWMZI PEFIPW MR FIMRK WTIGXEGYPEVP] YRRIGIWWEV] -J
VIPMKMSYW FIPMIJW LEH ER] IZMHIRGI KSMRK JSV XLIQ [I QMKLX LEZI XS VIWTIGX XLIQ MR WTMXI SJ
XLIMV GSRGSQMXERX YRTPIEWERXRIWW &YX XLIVI MW RS WYGL IZMHIRGI 8S PEFIP TISTPI EW HIEXL
HIWIVZMRK IRIQMIW FIGEYWI SJ HMWEKVIIQIRXW EFSYX VIEP [SVPH TSPMXMGW MW FEH IRSYKL 8S HS XLI
WEQI JSV HMWEKVIIQIRXW EFSYX E HIPYWMSREP [SVPH MRLEFMXIH F] EVGLERKIPW HIQSRW ERH
MQEKMREV] JVMIRHW MW PYHMGVSYWP] XVEKMG
8LI VIWMPMIRGI SJ XLMW JSVQ SJ LIVIHMXEV] HIPYWMSR MW EW EWXSRMWLMRK EW MXW PEGO SJ VIEPMWQ -X
WIIQW XLEX GSRXVSP SJ XLI TPERI [LMGL GVEWLIH RIEV 4MXXWFYVKL [EW TVSFEFP] [VIWXPIH SYX SJ
XLI LERHW SJ XLI XIVVSVMWXW F] E KVSYT SJ FVEZI TEWWIRKIVW 8LI [MJI SJ SRI SJ XLIWI ZEPMERX ERH
LIVSMG QIR EJXIV WLI XSSO XLI XIPITLSRI GEPP MR [LMGL LI ERRSYRGIH XLIMV MRXIRXMSR WEMH XLEX
+SH LEH TPEGIH LIV LYWFERH SR XLI TPERI EW ,MW MRWXVYQIRX XS TVIZIRX XLI TPERI GVEWLMRK SR
XLI ;LMXI ,SYWI - LEZI XLI KVIEXIWX W]QTEXL] JSV XLMW TSSV [SQER MR LIV XVEKMG PSWW FYX NYWX
XLMRO EFSYX MX %W Q] EPWS YRHIVWXERHEFP] SZIV[VSYKLX %QIVMGER GSVVIWTSRHIRX [LS WIRX QI
XLMW TMIGI SJ RI[W WEMH

'SYPHR X +SH LEZI NYWX KMZIR XLI LMNEGOIVW E LIEVX EXXEGO SV WSQIXLMRK MRWXIEH SJ OMPPMRK EPP

XLSWI RMGI TISTPI SR XLI TPERI# - KYIWW LI HMHR X KMZI E JP]MRK JYGO EFSYX XLI 8VEHI 'IRXIV

HMHR X FSXLIV XS GSQI YT [MXL E TPER JSV XLIQ

- ETSPSKM^I JSV Q] JVMIRH W MRXIQTIVEXI

PERKYEKI FYX MR XLI GMVGYQWXERGIW [LS GER FPEQI LIV#
-W XLIVI RS GEXEWXVSTLI XIVVMFPI IRSYKL XS WLEOI XLI JEMXL SJ TISTPI SR FSXL WMHIW MR +SH W
KSSHRIWW ERH TS[IV# 2S KPMQQIVMRK VIEPM^EXMSR XLEX LI QMKLX RSX FI XLIVI EX EPP XLEX [I NYWX
QMKLX FI SR SYV S[R RIIHMRK XS GSTI [MXL XLI VIEP [SVPH PMOI KVS[R YTW#
&MPP] +VELEQ 1V &YWL W WTMVMXYEP EHZMWSV WEMH MR ;EWLMRKXSR 'EXLIHVEP
&YX LS[ HS [I YRHIVWXERH WSQIXLMRK PMOI XLMW# ;L] HSIW +SH EPPS[ IZMP PMOI XLMW XS XEOI TPEGI#
4IVLETW XLEX MW [LEX ]SY EVI EWOMRK RS[ =SY QE] IZIR FI ERKV] EX +SH - [ERX XS EWWYVI ]SY
XLEX +SH YRHIVWXERHW XLSWI JIIPMRKW XLEX ]SY QE] LEZI
;IPP XLEX W FMK SJ +SH - QYWX WE] - Q WYVI XLEX QEOIW XLI FIVIEZIH JIIP E [LSPI PSX FIXXIV

XLI TEXLIXMG XLMRK MW MX TVSFEFP] HSIW

1V +VELEQ [IRX SR

- LEZI FIIR EWOIH LYRHVIHW SJ XMQIW MR Q] PMJI [L] +SH EPPS[W XVEKIH] ERH WYJJIVMRK - LEZI XS
GSRJIWW XLEX - VIEPP] HS RSX ORS[ XLI ERW[IV XSXEPP] IZIR XS Q] S[R WEXMWJEGXMSR - LEZI XS
EGGITX F] JEMXL XLEX +SH MW WSZIVIMKR ERH ,I MW E +SH SJ PSZI ERH QIVG] ERH GSQTEWWMSR MR
XLI QMHWX SJ WYJJIVMRK 8LI &MFPI WE]W +SH MW RSX XLI EYXLSV SJ IZMP -X WTIEOW SJ IZMP EW E

Q]WXIV]

0IWW FEJJPIH F] XLMW HIIT XLISPSKMGEP Q]WXIV] [IVI X[S SJ %QIVMGE W FIWX ORS[R XIPIZERKIPMWXW
4EX 6SFIVXWSR ERH .IVV] *EP[IPP -R E GSRZIVWEXMSR SR 6SFIVXWSR W PYGVEXMZI XIPIZMWMSR WLS[

VIPMKMSR MW XE\ I\IQTX XLI] ORI[ I\EGXP] [LIVI XS TYX XLI FPEQI 8LI [LSPI XLMRK [EW

SFZMSYWP] GEYWIH F] %QIVMGE W WMR *EP[IPP WEMH XLEX +SH LEH TVSXIGXIH %QIVMGE [SRHIVJYPP]
JSV

]IEVW FYX RS[ [LEX [MXL EFSVXMSR ERH KE]W ERH PIWFMERW ERH XLI %'09 EPP SJ XLIQ

[LS LEZI XVMIH XS WIGYPEVM^I %QIVMGE

- TSMRX XLI JMRKIV MR XLIMV JEGI ERH WE] ]SY LIPTIH XLMW

LETTIR

;IPP - XSXEPP] GSRGYV VIWTSRHIH 6SFIVXWSR &YWL XS LMW GVIHMX W[MJXP] HMWS[RIH

XLMW GLEVEGXIVMWXMG I\EQTPI SJ XLI VIPMKMSYW QMRH EX [SVO
8LI 9RMXIH 7XEXIW MW XLI QSWX VIPMKMSWI GSYRXV] MR XLI ;IWXIVR [SVPH ERH MXW FSVR EKEMR
'LVMWXMER PIEHIV MW I]IFEPP XS I]IFEPP [MXL XLI QSWX VIPMKMSWI TISTPI SR )EVXL &SXL WMHIW
FIPMIZI XLEX XLI &VSR^I %KI +SH SJ &EXXPIW MW SR XLIMV WMHI &SXL XEOI VMWOW [MXL XLI [SVPH W
JYXYVI MR YRWLEOIEFPI JYRHEQIRXEPMWX JEMXL XLEX ,I [MPP KVERX XLIQ XLI ZMGXSV] -RGMHIRXEPP]
TISTPI WTIEO SJ -WPEQMG *YRHEQIRXEPMWXW FYX XLI GYWXSQEV] KIRXIIP HMWXMRGXMSR FIX[IIR
JYRHEQIRXEPMWX ERH QSHIVEXI -WPEQ LEW FIIR GSRZMRGMRKP] HIQSPMWLIH F] -FR ;EVVEU MR LMW
[IPP MRJSVQIH FSSO ;L] - %Q 2SX E 1YWPMQ
8LI LYQER TW]GLI LEW X[S KVIEX WMGORIWWIW XLI YVKI XS GEVV] ZIRHIXXE EGVSWW KIRIVEXMSRW
ERH XLI XIRHIRG] XS JEWXIR KVSYT PEFIPW SR TISTPI VEXLIV XLER WII XLIQ EW MRHMZMHYEPW
%FVELEQMG VIPMKMSR KMZIW WXVSRK WERGXMSR XS FSXL ERH QM\IW I\TPSWMZIP] [MXL FSXL 3RP] XLI
[MPJYPP] FPMRH GSYPH JEMP XS MQTPMGEXI XLI HMZMWMZI JSVGI SJ VIPMKMSR MR QSWX MJ RSX EPP SJ XLI
ZMSPIRX IRQMXMIW MR XLI [SVPH XSHE] ;MXLSYX E HSYFX MX MW XLI TVMQI EKKVEZEXSV SJ XLI 1MHHPI
)EWX 8LSWI SJ YW [LS LEZI JSV ]IEVW TSPMXIP] GSRGIEPIH SYV GSRXIQTX JSV XLI HERKIVSYW
GSPPIGXMZI HIPYWMSR SJ VIPMKMSR RIIH XS WXERH YT ERH WTIEO SYX 8LMRKW EVI HMJJIVIRX RS[ %PP MW
GLERKIH GLERKIH YXXIVP]
6MGLEVH (E[OMRW MW TVSJIWWSV SJ XLI 4YFPMG 9RHIVWXERHMRK SJ 7GMIRGI 9RMZIVWMX] SJ 3\JSVH ERH
EYXLSV SJ 8LI 7IPJMWL +IRI 8LI &PMRH ;EXGLQEOIV ERH 9R[IEZMRK XLI 6EMRFS[

'SYPH [I KIX WSQI SXLIV[MWI RSVQEP LYQERW ERH WSQILS[

TIVWYEHI XLIQ XLEX XLI] EVI RSX KSMRK XS HMI EW E GSRWIUYIRGI SJ
JP]MRK E TPERI WQEGO MRXS E WO]WGVETIV#

3JJIV XLIQ E JEWX XVEGO

XS E +VIEX 3EWMW MR XLI 7O] GSSPIH F] IZIVPEWXMRK JSYRXEMRW ,EVTW
ERH [MRKW [SYPHR X ETTIEP XS XLI WSVX SJ ]SYRK QIR [I RIIH WS XIPP
XLIQ XLIVI W E WTIGMEP QEVX]V W VI[EVH SJ

ZMVKMR FVMHIW

KYEVERXIIH IEKIV ERH I\GPYWMZI

;SYPH XLI] JEPP JSV MX# =IW XIWXSWXIVSRI WSHHIR ]SYRK QIR XSS

YREXXVEGXMZI XS KIX E [SQER MR XLMW [SVPH QMKLX FI HIWTIVEXI
IRSYKL XS KS JSV

TVMZEXI ZMVKMRW MR XLI RI\X

+MZI XLIQ E LSP] FSSO ERH QEOI XLIQ PIEVR MX F] LIEVX

%W PYGO

[SYPH LEZI MX [I LEZI NYWX XLI XLMRK XS LERH E VIEH] QEHI W]WXIQ
SJ QMRH GSRXVSP [LMGL LEW FIIR LSRIH SZIV GIRXYVMIW LERHIH HS[R
XLVSYKL KIRIVEXMSRW 1MPPMSRW SJ TISTPI LEZI FIIR FVSYKLX YT MR MX
-X MW GEPPIH VIPMKMSR

2S[ EPP [I RIIH MW XS VSYRH YT E JI[ SJ XLIWI

JEMXL LIEHW ERH KMZI XLIQ JP]MRK PIWWSRW

- EQ XV]MRK XS GEPP EXXIRXMSR XS XLI IPITLERX MR XLI VSSQ XLEX

IZIV]FSH] MW XSS TSPMXI SV XSS HIZSYX XS RSXMGI VIPMKMSR ERH
WTIGMJMGEPP] XLI HIZEPYMRK IJJIGX XLEX VIPMKMSR LEW SR LYQER PMJI
6IPMKMSR XIEGLIW XLI HERKIVSYW RSRWIRWI XLEX HIEXL MW RSX XLI IRH

8LIVI MW RS HSYFX XLEX XLI EJXIVPMJI SFWIWWIH WYMGMHEP FVEMR VIEPP] MW

E [IETSR SJ MQQIRWI TS[IV ERH HERKIV

6IPMKMSR MW EPWS SJ GSYVWI XLI YRHIVP]MRK WSYVGI SJ XLI

HMZMWMZIRIWW MR XLI 1MHHPI )EWX [LMGL QSXMZEXIH XLI YWI SJ XLMW
HIEHP] [IETSR MR XLI JMVWX TPEGI

8S JMPP E [SVPH [MXL VIPMKMSR SV

VIPMKMSRW SJ XLI %FVELEQMG OMRH MW PMOI PMXXIVMRK XLI WXVIIXW [MXL
PSEHIH KYRW (S RSX FI WYVTVMWIH MJ XLI] EVI YWIH

6MGLEVH

(E[OMRW 8LI +YEVHMER 7ITX

l *VIIHSQ *VSQ 6IPMKMSR *SYRHEXMSR

LXXT JJVJ SVK XMQIP] HE[OMRW TLT