LXXT [[[ GSRWGMIWT GSQ FV

-2:)78-2(3 23 *98963 %86%:7 (3 )789(3 59) 46313:) 19(%2%7

%W (SVIW HE %PQE
*VERGMWGS HS )WTVMXS 7ERXS 2IXS
4IPS IWTVMXS ,EQQIH
E

IHMS EKSWXS

&SE 2SZE

)HMXSVE I (MWXVMFYMHSVE HI PMZVSW IWTVMXEW

%W (SVIW HE %PQE

RHMGI
%KVEHIGMQIRXSW
(SVIW HE %PQE
'VYIPHEHI

% EYXSGVYIPHEHI WIQ HZMHE E QEMW HMWWMQYPEHE HI XSHEW EW STVIWWIW

'EHE EXS HI EKVIWWMZMHEHI UYI SGSVVI RIWXI QYRHS XIQ GSQS SVMKIQ FWMGE YQE
GVMEXYVE UYI EMRHE RS ETVIRHIY E EQEV

3VKYPLS
2E ZMHE REHE IWX TIVHMHS EPMW I\MWXI E TSGE GIVXE TEVE GEHE YQ WEFIV S UYI
TVIGMWS TEVE WI HIWIRZSPZIV
% GSQTYPWS HI UYIVIV GSRXVSPEV E ZMHE EPLIME JVYXS HI RSWWS SVKYPLS

-VVIWTSRWEFMPMHEHI

7SQSW RW QIWQSW UYI JE^IQSW SW RSWWSW GEQMRLSW I HITSMW SW HIRSQMREQSW HI

JEXEPMHEHI
3 MRHMZHYS UYI RS EGIMXE E VIWTSRWEFMPMHEHI TSV WIYW EXSW I GSRWXERXIQIRXI GVME
PMFMW I VIGSVVI E HMWWMQYPEIW GYPTERHS SW SYXVSW HIRSQMREHS MQEXYVS

'VMXMGE

'EVQEW WS IWXVYXYVEHSW RS WSQIRXI WSFVI RSWWSW JIMXSW I EXMXYHIW QEW XEQFQ

WSFVI RSWWEW WIRXIREW I NY^SW GVXMGEW I STMRMIW
3 GVXMGS TSV ZMKMEV I IWTVIMXEV WIQ MRXIVVYTS SW TVSFPIQEW EPLIMSW TIVQERIGI
MRGSRWGMIRXI I MQSFMPM^EHS IQ VIPES TVTVME ETVIRHM^EKIQ IZSPYGMSREP

-PYWS

7SQSW RW QIWQSW UYI RSW MPYHMQSW TSV UYIVIV UYI EW GVMEXYVEW H-IQ S UYI RS
TSHIQ I UYI ENEQ GSQS MQEKMREQSW UYI HIZEQ EKMV
QEMW TVSHYXMZS TEVE E IZSPYS HEW EPQEW EGVIHMXEV REUYMPS UYI WI WIRXI HS UYI REW
TEPEZVEW UYI WI SYZIQ

1IHS
3 VIWYPXEHS HS QIHS IQ RSWWEW ZMHEW WIV E TIVHE HS RSWWS TSHIV HI TIRWEV I EKMV
GSQ IWTSRXERIMHEHI
(IWZIRHEV KVEHEXMZEQIRXI RSWWE KISKVEJME MRXIVRE RSWWS TVTVMS TEHVS HI
GEV-RGMEW I QIHSW TVSTSVGMSRE RSW YQE FEWI WPMHE HI EYXSGSRJMERE
(IRXVI EW QYMXEW HMJMGYPHEHIW UYI IRZSPZIQ E EKSVEJSFME E QEMW KVEZI E MRGIVXI^E
HI RSWWS ZEPSV TIWWSEP I EW GVIREW HI FEM\E IWXMQE UYI TSWWYQSW LIVHEHEW QYMXEW
ZI^IW RE MRJRGME

4VISGYTES

3W TVISGYTEHSW ZMZIQ IRXSVTIGMHSW RS LSNI TSV UYIVIVIQ GSRXVSPEV GSQ WIYW

TIRWEQIRXSW I GSQ WYE MQEKMRES SW JEXSW HS EQERL
8SHE ZMHE IQ RW I JSVE HI RW IWX IQ GSRWXERXI VMXQMGMHEHI TSV UYI IRXS
HIWVIWTIMXEV SW QIGERMWQSW HI UYI WI YXMPM^EQ EW PIMW HMZMREW RE IZSPYS# TSV UYI
RSW EJPMKMVQSW I XIRXEVQSW QYHEV S MQYXZIP#

:GMS

3 ZMGMEHS YQ GSRWIVZEHSV TSMW RS UYIV GSVVIV S VMWGS HI WI PEREV ZMHE

XSVRERHS WI HIWWI QSHS YQ GSQSHMWXE TSV QIHS HS QYRHS UYI WIKYRHS IPI S
EQIEE
)Q ZIVHEHI ZMGMEHSW WS XSHSW EUYIPIW UYI WI IRJVEUYIGIVEQ HMERXI HE ZMHE I WI
VIJYKMEVEQ RE HITIRH-RGME HI TIWWSEW SY WYFWXRGMEW

7SPMHS

(IGPEVEV HI QSHS KIVEP UYI S HMZVGMS WIQTVI IVVEHS XS MRGSVVIXS UYERXS

EWWIKYVEV UYI IWX WIQTVI GIVXS
3YEQSW GSQ SW SYZMHSW MRXIVRSW TSMW RMRKYQ TSHI EWWMQMPEV FIQ YQE I\TIVM-RGME
UYI RS TVSZIRLE HI WYE TVTVME SVMIRXES MRXIVMSV

'YPTE

%W VIPMKMIW JSVEQ GVMEHEW TEVE VIXMVEV EW GVMEXYVEW HE GSRZIRS I XVERWTSVX PEW

IWTMVMXYEPM^ES QEW RE EXYEPMHEHI EPKYQEW VIPMKMIW WI XVERWJSVQEVEQ REW TVTVMEW
GSRZIRIW WSGMEMW
%TVIRHIVEQ E ZIWXMV E XRMGE HI WYTIV LIVMW XIRXERHS WEXMWJE^IV I WYTVMV EW
RIGIWWMHEHIW HE JEQPME I WI GYPTEZEQ UYERHS RS GSRWIKYMEQ VIWSPZIV IWWIW
TVSFPIQEW
:MZIV IQ TE^ GSQ RSWWE I\TIVM-RGME WI\YEP EXYEP ZEPSVM^ERHS RSWWS ETVIRHM^EHS I
IQ XIQTS EPKYQ GYPTEV RSW SY EXVMFYMV GYPTE E EPKYQ

1KSE

3 TVSHYXS EQEVKS HI RSWWE MRJIPMGMHEHI EQSVSWE WS RSWWEW QKSEW VIWYPXEHS HMVIXS

HI RSWWEW I\TIGXEXMZEW UYI RS WI VIEPM^EVEQ WSFVI RW QIWQSW I WSFVI EW SYXVEW
TIWWSEW
TVSJYRHEQIRXI MVVEGMSREP RYXVMV E GVIRE HI UYI RYRGE WIVIQSW XVEHSW I HI UYI
WIQTVI WIVIQSW EQEHSW I IRXIRHMHSW TPIREQIRXI TSV XSHSW

)KSWQS
% ZEMHEHI JMPLE PIKXMQE HS IKSWQS TSMW S ZEMHSWS YQ GIKS UYI WSQIRXI WEFI
ZIV E WM TVTVMS
% QIWUYMRLI^ TSHI QERMJIWXEV WI SY RS GSQ E EGYQYPES HI TSWWIW QEXIVMEMW
GSQS XEQFQ TSHI ETEVIGIV GSQS YQ VIJVIEQIRXS HI WIRXMQIRXSW SY YQ
EYXSHMWXERGMEQIRXS HS QYRHS

&EM\E )WXMQE

% GVMEXYVE QEXIVMEPMWXE TVIGMWE GVIV UYI WYTIVMSV TEVE GSQTIRWEV WYE GVIRE RE
MRWMKRMJMGRGME HE I\MWX-RGME SY RE JEPXE HI WIRXMHS IQ UYI ZMZI
3 WIRXMQIRXS HI MRJIVMSVMHEHI SY HI FEM\E IWXMQE EWWSGME EW GVMEXYVEW E YQE
VIWMKRES I\EKIVEHE E YQ EYXSHIWPIM\S SY HIWGYMHS HEW GSMWEW TIWWSEMW

6MKMHI^

3 I\GIWWS HI VMKMHI^ I WIZIVMHEHI JE^ GSQ UYI GVMIQSW YQ TEHVS QIRXEP UYI
MRJPYIRGMEV SW SYXVSW TEVE UYI RSW XVEXIQ HE QIWQE JSVQE GSQS SW XVEXEQSW
3W IVVSW WS UYEWI UYI MRIZMXZIMW TEVE UYIQ UYIV EZEREV I GVIWGIV 7S EGMHIRXIW
HI TIVGYVWS GSRXMRK-RGMEW HS TVSGIWWS IZSPYXMZS UYI XSHSW IWXEQSW HIWXMREHSW E
ZMZIRGMEV
7IV JPI\ZIP RS UYIV HM^IV TIVHE HI TIVWSREPMHEHI SY WIV ZSPZIP QEW WIV EGIWWZIP
GSQTVIIRWS HEW GSMWEW I TIWWSEW

%RWMIHEHI

% VIYRMS HI XSHEW EW RSWWEW ERWMIHEHIW RS TSHIV EPXIVEV RSWWS HIWXMRS WSQIRXI

RSWWS IQTIRLS HIXIVQMRES I ZSRXEHI RS QSQIRXS TVIWIRXI UYI TSHIV
XVERWJSVQ PS TEVE QIPLSV
(I REHE EHMERXEV XIY HIWIWTIVS I EJPMS TSMW E :MHE 1EMSV RS XI HEV SYZMHSW
HIWWE JSVQE

4IVHE
2S EHQMXMQSW UYI TSHIQ GSI\MWXMV IRXVI EQMKSW WIRXMQIRXSW EQFMZEPIRXIW GSQS
EHQMVES I MRZINE IWXMQE I GSQTIXMS EJIMS I SVKYPLS
7S GSQTVIIRWZIMW EW PEQIRXEIW I SW TIWEVIW S TVERXS I SW WYWTMVSW TSMW S WIV
LYQERS TEWWE TSV TVSGIWWSW TWMGSPKMGSW HI EHETXES I HI VIENYWXI W TIVHEW HE
ZMHE

%W (SVIW HE %PQE

5YEWI REHE WEFIQSW IQ QEXVME HI ZIPLMGI I TSV MWWS MRGSRWGMIRXIQIRXI ENYHEQSW

SW ERGMSW E WI TVIGMTMXEVIQ HI JSVQE TVIQEXYVE RS EFMWQS HE HSIRE I HE QSVXI

-RWIKYVERE
3W MRWIKYVSW SQMXIQ HIJIWE E WIYW HMVIMXSW TIWWSEMW TSV QIHS I IZMXEQ IRGSRXVSW SY
WMXYEIW IQ UYI TVIGMWEQ I\TSV WYEW GVIREW WIRXMQIRXSW I MHMEW
% MRXIRWE QSXMZES UYI MRZEHI SW MRHMZHYSW TEVE WIVIQ EQEHSW I UYIVMHSW E
UYEPUYIV TVIS REWGI HEW HZMHEW RXMQEW WSFVI WM QIWQSW

6ITVIWWS

'LSVEV QYMXS REXYVEP 5YERHS IWXEQSW IQ GSRXEXS GSQ RSWWEW IQSIW I

WIRXMQIRXSW WEFIQSW S UYI IPIW RSW UYIVIQ HM^IV I QSWXVEV
%W QYXMPEIW HI UYEPUYIV K-RIVS WS WIQTVI YQE VITVIWWS GVYIP I ZMSPIRXE W PIMW
REXYVEMW HE ZMHE

(ITVIWWS
TVIGMWS WEFIV PMHEV GSQ RSWWEW IQSIW RS HIZIQSW RSW GIRWYVEV TSV WIRXM PEW
QEW WMQ NYPKEV E HIGMWS HS UYI JEVIQSW GSQ IPEW
7SQSW XEQFQ 2EXYVI^E TSWWYQSW EW IWXEIW HE EPIKVME HS IRXYWMEWQS HE
QSHIVES I HS HIWRMQS EWWMQ GSQS EW HE TVMQEZIVE HS ZIVS HS SYXSRS I HS
MRZIVRS

(ITIRH-RGME

2SWWE EYXSRSQME XERXS JWMGE IQSGMSREP QIRXEP GSQS IWTMVMXYEP IWX HMVIXEQIRXI
PMKEHE W RSWWEW GSRUYMWXEW I HIWGSFIVXEW RXMQEW
% GETEGMHEHI HI EQEV IWX TVIWIRXI RE EPQE LYQERE QEW TEVE UYI JPSVIWE I\MKI
QEXYVES HE GSRWGM-RGME MWXS ETVMQSVEQIRXS HSW WIRXMQIRXSW

-RZINE

3 MRZINSWS MRWIKYVS I WYTIVWIRWZIP MVVMXEHMS I HIWGSRJMEHS SFWIVZEHSV QMRYGMSWS

I HIXIXMZI HE ZMHE EPLIME EX E I\EYWXS WIQTVI EVQEHS I EPIVXE GSRXVE XYHS I XSHSW
2S L REHE E RSW GIRWYVEV TSV ETVIGMEQSW SW JIMXSW HEW TIWWSEW I SY TSV E IPIW
EWTMVEVQSW S RMGS TVSFPIQE UYI RS TSHIQSW RSW GSQTEVEV I UYIVIV XSQEV GSQS
QSHIPS S TEHVS ZMZIRGMEP HS SYXVS

%KVEHIGMQIRXSW
% PXMQE GSMWE UYI WI HIGMHI ES JE^IV YQ XVEFEPLS WEFIV S UYI WI
HIZI GSPSGEV IQ TVMQIMVS PYKEV
4EWGEP
+SWXEVEQSW HI VIKMWXVEV RS PMQMEV HIWXE SFVE RSWWE IXIVRE HZMHE HI KVEXMHS
TEVE GSQ SW FIRJIMXSVIW IWTMVMXYEMW &PEMWI 4EWGEP I 2MGSPEW 4EZMPPSR TIPE EWWMWX-RGME I
KIRIVSWMHEHI UYI WIQTVI RSW HMWTIRWEVEQ
IUYMTI HI IWTVMXSW UYIVMHSW GSRWXMXYHE HI 'EXLIVMRI HI :IVXYW ;EPSR HI
&IEYTYMW %RXSMRI %VREYPH I 4MIVVI 2MGSPI WIEVIMVSW HI MHIEP EQMKSW HI EKSVE I HI
ZIPLSW XIQTSW YRMHSW TSV PESW HI EQM^EHI UYI SW WGYPSW RS GSRWIKYMVEQ HIWXVYMV
RSWWSW EKVEHIGMQIRXSW WMRGIVSW I\XIRWMZSW E XERXSW SYXVSW GSQTERLIMVSW UYI RS
QSQIRXS WIVME MQTSWWZIP RSQIEV
) GSRGPYMV VIEJMVQERHS GSQ 4EWGEP 3 GSVES XIQ VE^IW UYI E TVTVME VE^S
HIWGSRLIGI
,EQQIH

%W (SVIW HE %PQE

(SVIW HE %PQE
2EW GIPIFVEIW HE TYFPMGES HS TVMQIMVS PMZVS HE 'SHMJMGES /EVHIUYMERE
UYERHS E 7IEVE )WTVMXE GSQTPIXE
ERSW HI MPYQMRES I PMFIVXES HEW
GSRWGM-RGMEW IRXVIKEQSW ESW PIMXSVIW S VIWYPXEHS HI RSWWSW IWXYHSW I QIHMXEIW
WSFVI SW IRWMREQIRXSW WYTIVMSVIW HI 3 0MZVS HSW )WTVMXSW
(IWHI QYMXS EWTMVZEQSW VIEPM^EV GSQIRXVMSW IQ XSQS HE MQIRWE VMUYI^E UYI
I\MWXI RIWWE SFVE FEWMPEV 2IPE IRGSRXVEQSW ZIVHEHIMVSW XVEXEHSW HI WSGMSPSKME HI
TWMGSXIVETME HI TIHEKSKME HI WEHI QIRXEP I SYXVEW XERXEW GM-RGMEW UYI WS ZEPMSWSW
VIGYVWSW TEVE HIWIRZSPZIVQSW E GETEGMHEHI HI TIRWEV HI IWGSPLIV HI XSQEV HIGMWIW
I TEVE RSW XSQEVQSW GEHE ZI^ QEMW GSRWGMIRXIW IQ XSHEW EW GMVGYRWXRGMEW HE ZMHE
-RWTMVERHS RSW IQ WYEW TVIGMSWEW UYIWXIW I VIWTSWXEW
JM^IQSW RSWWEW
QSHIWXEW ERSXEIW GYNEW TKMREW IQ WYE XSXEPMHEHI VIYRMQSW RIWXI ZSPYQI 2S
XIQSW E TVIXIRWS HI MRSZEV EW HMVIXVM^IW IWTVMXEW QEW WMQ S TVSTWMXS WMRGIVS HI
VIEJMVQEV PLIW SW WYFPMQIW GSRGIMXSW UYI IQ VIEPMHEHI WS SW KVERHIW IWXMQYPEHSVIW
HE QIRXI LYQERE WIQIRXIMVE HI YQE ZMHE RSZE 4EVE XERXS YXMPM^EQS RSW HI YQ
WYQVMS HI XIVQSW VIXMVEHSW HSW QEXIVMEMW HI TIWUYMWE I HS TIRWEQIRXS HI RSXZIMW
IWXYHMSWSW HS GSQTSVXEQIRXS LYQERS
)WXEQSW GMIRXIW HI UYI MRXIKVEQSW JEPERKI HI IWTVMXSW EMRHE IQ IZSPYS REW
EXQSWJIVEW MRXIPIGXYEMW HE 8IVVE XS WYNIMXSW E IRKERSW GSQS UYEPUYIV SYXVS 8IQSW
XEQFQ GSRWGM-RGME HI UYI WSQSW YQE EPQE UYI PIZE ES EPXS S EVGLSXI MPYQMREHS UYI
.IWYW 'VMWXS TSV GSQTEM\S RSW GSRGIHIY E KVEE HI GEVVIKEV TEVE UYI
MPYQMRWWIQSW E RW QIWQSW IQ TVMQIMVS PYKEV E JMQ HI UYI GSRLIG-WWIQSW EW
RSWWEW JEPXEW I ES WYTIV PEW VIEPM^WWIQSW WIVZMS HS EYXSHIWGSFVMQIRXS
2EHE XVE^ HI MRGSQYQ I I\XVESVHMRVMS RSWWE GSRXVMFYMS )WXIW WMQTPIW XI\XSW
IQ UYI HIWIRZSPZIQSW YQ VEGMSGRMS YQ QEMW IRXVI SW HMZIVWSW IWXYHSW HEW UYIWXIW
I HSW GSRJPMXSW LYQERS VITVIWIRXEQ S WSQEXVMS HI RSWWEW QIHMXEIW RSW
IRWMREQIRXS WYTIVMSVIW %TYVEQSW HEHSW EXYEMW I\EQMREQSW GSRUYMWXE QSHIVREW
SFWIVZEQSW GSRGIMXSW VIGIRXIW XIRXERHS VIWYQMV HIWWE JSVQE RSWWEW GSRGPYWIW UYI
SVE IRXVIKEQSW RIWXE IHMXSVES
)Q RSWWSW ETSRXEQIRXSW HIRSQMREQSW SW WIXI TIGEHSW GETMXEMW GSQS EW
HSVIW HE EPQE 7S IPIW S SVKYPLS E TVIKYME VEMZE E MRZINE E KYPE E PY\VME I E
EZEVI^E 2E EXYEPMHEHI KVEEW E ZEPMSWS GSRGYVWS HEW HSYXVMREW TWUYMGEW HI QSHS
KIVEP I HE TWMGSPSKME IWTVMXE IWTIGMJMGEQIRXI IWWIW TIGEHSW WS GSRWMHIVEHSW QE
GSQS HIWENYWXIW RIYVSWIW SY HIWIUYMPFVMSW RXMQSW )Q ZIVHEHI SW TIGEHSVIW
TVIGMWEQ QEMW HI EYXS ERPMWI VITEVES I XVEXEQIRXS HS UYI HI GSRHIRES
VITVIWWS SY GEWXMKS
5YIQ XIQ LSNI YQ QRMQS HI GPEVI^E RXMQE TVSGYVE HMWGIVRMV IWWIW TVSGIWWSW
TWMGSPKMGSW IQ HIWEPMRLS HE TWMUYI LYQERE RS PIZ PSW E YQ WEGIVHSXI TEVE UYI SW
EFWSPZE SY WMQTPIWQIRXI ETSRX PSW GSQS JEPXEW SY IVVSW TVSZSGEHSW TIPE ES HSW
IWTVMXSW MRJIPM^IW WIQ EWWYQMV RIRLYQE VIWTSRWEFMPMHEHI
)RXIRHIQSW UYI EW HSVIW HE EPQE WS JEWIW REXYVEMW HE IZSPYS XIVVIRE REW
UYEMW IWXEKMEQ XSHSW SW WIVIW IQ GVIWGMQIRXS IWTMVMXYEP ETVIRHIRHS E YWEV
GSRZIRMIRXIQIRXI WIYW MQTYPWSW MREXS SY JSVEW MRXIVMSVIW
8MZIQSW E EXIRS HI XVERWGVIZIV ES XVQMRS HI GEHE QIRWEKIQ EW UYIWXIW IQ IWXYHS HI 3 0MZVS
HSW )WTVMXSW )HMS HE *)& XVEHYS HI +YMPPSR 6MFIMVS E JMQ HI JEGMPMXEV EW SFWIVZEIW I SW
IWXYHSW HSW PIMXSVIW
%PKYQEW QIRWEKIRW TWMGSKVEJEHEW UYI JMKYVEQ RIWXE SFVE JSVEQ MRMGMEPQIRXI TYFPMGEHEW TIPE &SE
2SZE )HMXSVE I (MWXVMFYMHSVE HI 0MZVSW )WTVMXEW HI 'EXERHYZE HI JSVQE EZYPWE %TEVIGIQ EKSVE
VIZMWEHEW I EHETXEHEW TEVE YQE QIPLSV ETVIWIRXES I SVHIRES HS GSRNYRXS 2SXEW HS EYXSV
IWTMVMXYEP

% QSVEPMHEHI QIHMIZEP IQ WIY EVHSVSWS IQTIRLS HI VIKYPEQIRXEV YQE PMRLE

HI GSRHYXE MRWXMXYMY SW WIXI TIGEHSW GETMXEMW UYI WYTSQSW XIV WMHS YQE XIRXEXMZE HI
MQTIHMV UYI EW GVMEXYVEW IRZIVIHEWWIQ TIPSW MQEKMRVMSW GEQMRLSW HS QEP GSQ S
XIQSV HI WIVIQ PIZEHEW E YQE GSQTPIXE VYRE TSV XSHE E IXIVRMHEHI
2E EXYEPMHEHI EW VIPMKMIW EYWXIVEW SY MRXVERWMKIRXIW TVSGPEQEQ EMRHE S
TIGEHS IQ EPXEW ZS^IW NYPKERHS EW EXMXYHIW I EW EIW GSQ YQ VEHMGEPMWQS MVVEGMSREP
I TSWMGMSRERHS WI GSQ YQE GIVXI^E EFWSPYXE WSFVI S UYI FSQ SY QEP GIVXS SY
IVVEHS
2S IRXERXS UYIQ GSQTVIIRHIY EW HMZMREW MRXIRIW HS 4SHIV HE :MHE WEFI UYI
RE RSWWE I\MWX-RGME REHE TSHI IWXEV EGSRXIGIRHS HI IVVEHS TSMW E SFVE HE 2EXYVI^E
XIQ E QEVEZMPLSWE GETEGMHEHI HI WIQTVI IWXEV TVSQSZIRHS E XSHSW QIWQS UYERHS
XYHS RSW TEVIE TIVHE SY HIWXVYMS
%S IRXVIKEVQSW S RSWWS PMZVS XIQSW E MRXIRS HI HIWTIVXEV SW MRXIVIWWEHSW
TEVE E GSRUYMWXE HS EYXS ETIVJIMSEQIRXS EXVEZW HS IWXYHS HE ZMHE MRGSRWGMIRXI S
EPQ QEV HI RSWWE I\MWX-RGME HI IWTVMXSW MQSVXEMW JE^IRHS GSRI\IW IRXVI SW
QIGERMWQSW I QXSHSW HE TWMGSPSKME I HMZIVWEW UYIWXIW HS 0MZVS PY^
)WWEW MRXIVPMKEIW IRXVI E 2SZE 6IZIPES I IWXYHSW HEW EXMZMHEHIW
TWMGSPKMGEW TIVQMXMVEQ RSZSW RKYPSW HI GSQTVIIRWS GSRXVMFYMRHS TEVE UYI
EGIMXIQSW ZEPSVM^IQSW I ETVIGMIQSW XERXS EW RSWWEW I\TIVM-RGMEW GSQS EW HSW SYXVSW
I EZEPMIQSW XYHS EUYMPS UYI IPEW VITVIWIRXEQ REUYIPI I\EXS QSQIRXS IZSPYXMZS WIQ
PEREVQSW QS HI GVXMGEW TIVWIKYMIW SY MQTSWMIW
4SWWMFMPMXEQ HS QIWQS QSHS UYI RSW PMQMXIQSW YRMGEQIRXI E SPLEV I SFWIVZEV
SW ZVMSW RZIMW HE I\TIVM-RGME LYQERE WIQ GSRXIWXEVQSW SY MRHEKEVQSW WI TSHIVMEQ
SY RS WIV HI SYXVE JSVQE %WWMQ ETVIGMEQSW WSQIRXI EW HMJIVIRXIW EIW I JSVQEW HI
ETVIRHM^EKIQ GSQ UYI SW FIRW JYRHEQIRXEMW HE (MZMRE 4VSZMH-RGME EKIQ I TVSQSZIQ
E IZSPYS HE LYQERMHEHI 2IRLYQE TIWWSE WI UYIM\E HEW TIHVEW TSV WIVIQ HYVEW
RIQ XEQTSYGS HE GEGLSIMVE TSV WIV QMHE HIWWE JSVQE UYI HIZIQSW TSRHIVEV I
EREPMWEV EW EXMXYHIW LIXIVSK-RIEW RE REXYVI^E LYQERE WI UYMWIVQSW JEGMPMXEV I
GSSTIVEV EHIUYEHEQIRXI GSQ S TVSGIWWS IHYGEXMZS HE :MHE 1EMSV IQ RW I RSW
SYXVSW
3 QEY LFMXS HI JM\EVQS RSW IQ TVINYPKEQIRXSW GVMEV RSW HSVIW I HMJMGYPHEHIW
RS EQERL UYERHS XMZIVQSW UYI EVVERGEV IWWEW VE^IW HI MRJPI\MFMPMHEHI 4SV MWWS
IRXIRHIQSW UYI QIPLSV WIV TPERXE UYI KIVQMRE HI KEPLS
% HSV IQSGMSREP HMJIVIRXIQIRXI HE PIWS QEXIVMEP MQTPMGE YQE ERKWXME RS
GSVTS XSHS TSVQ E MQTVIWWS JWMGE TEVIGI VIEP %W HSVIW HE EPQE TVSZSGEQ YQ
ETIVXS RS TIMXS YQE HMJMGYPHEHI HI VIWTMVEV YQE WIRWES HI UYI S GSVES ZEM WI
TEVXMV )RUYERXS IY GLSVEZE HSE QYMXS QIWQS RS JYRHS HS GSVES EWWMQ QYMXSW
WI I\TVIWWEQ HMERXI HSW TIWEVIW I EJPMIW HE ZMHE
%W TIWWSEW IRXVIXERXS XIRHIQ E GSRHIREV I TYRMV SPZMHERHS WI HI UYI XSHSW
WSQSW EPYRSW RS QEPJIMXSVIW RE IWGSPE HE ZMHE UYI EW HSVIW HE EPQE WS EW
IHYGEHSVEW SY MRWXVYXSVEW TEVXMGYPEVIW UYI E ,EVQSRME HE :MHE RSW GSRGIHIY TEVE
ZIRGIVQSW FPSUYIMSW I SFWXGYPSW RXMQSW
)WUYIGIQ XEQFQ HI UYI E (SYXVMRE )WTVMXE VIGSRLIGI RS I\GPYWMZEQIRXI E
VIPMKMS QEW HI JSVQE MKYEP E GM-RGME I E JMPSWSJME GSQS TVSGIWWSW HI ETVIRHM^EKIQ
IQ SYXVEW TEPEZVEW QXSHSW HI IRWMRS MQTSVXERXIW UYI YXMPM^EQSW TEVE GSRLIGIV E
RW QIWQSW EW SYXVEW GVMEXYVEW I HIQEMW GVMEIW HS 9RMZIVWS 3 )WTMVMXMWQS WMRXIXM^E
IWWIW XV-W QXSHSW TEVE UYI SW MRHMZHYSW TIVGIFEQ E YRMHEHI SY XSXEPMHEHI HS
GSRLIGMQIRXS TPIRS I RS E HYEPMHEHI UYI RSW ETVMWMSRE ES QYRHS GSRJPMXERXI HSW
STSWXSW
'SQ IWXE WMRKIPE SFVE WIRXMQS RSW HIWHI N VIGSQTIRWEHSW TSMW SJIVIGIQSW E
MRWXVYQIRXEPMHEHI HI RSWWE ZMHE ESW TVMRGTMSW HS EQSV I HE IHYGES XIRXERHS

%W (SVIW HE %PQE

GSSTIVEV HI GIVXS QSHS GSQ SW RSWWSW WIQIPLERXIW 4SVXERXS WI EW TKMREW EUYM

VIYRMHEW TYHIVIQ GSRWXMXYMV TEVE EPKYQ HIPIW I\TPMGES WSPYS VIJPI\S SY
VIRSZES IRWINERHS PLI EPZMS TEVE WYEW HSVIW HE EPQE JMGEVIQSW HYTPEQIRXI
KVEXMJMGEHSW TIPE VIEPM^ES HIWXI XVEFEPLS
'EXERHYZE

HI NYRLS HI
,EQQIH

'VYIPHEHI
% EYXSGVYIPHEHI WIQ HZMHE E QEMW HMWWMQYPEHE HI XSHEW EW
STVIWWIW
(I XSHEW EW ZMSP-RGMEW UYI TEHIGIQSW EW UYI JE^IQSW GSRXVE RW QIWQSW WS
EW UYI QEMW RSW JE^IQ WSJVIV 2IWWE GVYIPHEHI RS WI HIVVEQE WERKYI WSQIRXI WI
GSRWXVSIQ GIVGEW I GIVGEW UYI TEWWEQ E RSW WYJSGEV I E RSW EJPMKMV TSV HIRXVS
1SRXEMKRI GPIFVI JMPWSJS JVERG-W HS WGYPS <:- IWGVIZIY % GSZEVHME QI
HE GVYIPHEHI 6IEPQIRXI EWWMQ UYI WI MRMGME RSWWE EYXS EKVIWWS )Q VE^S HI
RSWWE JVEKMPMHEHI MRXIVMSV I HI RSWWSW WIRXMQIRXSW HI MRJIVMSVMHEHI ETEVIGI S XIQSV
UYI RSW MQTIHI HI I\TVIWWEV RSWWEW QEMW RXMQEW GSRZMGIW HMJMGYPXERHS RSW JEPEV
TIRWEV I EKMV GSQ IWTSRXERIMHEHI SY HIWGSRXVES
% EYXSGVYIPHEHI WIQ HZMHE E QEMW HMWWMQYPEHE HI XSHEW EW STVIWWIW %PQ
HI ZMV EHSVREHE HI JMGXGMEW ZMVXYHIW VIGIFI XEQFQ SW ETPEYWSW I EW GSRWMHIVEIW HI
QYMXEW TIWWSEW QEW QIWQS EWWMQ GSRXMRYE HIPMQMXERHS I IWQEKERHS FVYXEPQIRXI
)WWE EXQSWJIVE ZMVXYSWE UYI IRZSPZI SW UYI FYWGEQ WIV WIQTVI EHQMVEHSW I EGIMXSW
HIZI WI ES TETIP UYI VITVIWIRXEQ MRGIWWERXIQIRXI HI WEXMWJE^IV I HI GSRXIRXEV E
XSHSW IQ UYEMWUYIV GMVGYRWXRGMEW &YWGEQ GSRXRYSW IPSKMSW GSPIGMSRERHS
VIZIV-RGMEW I WSVVMWSW JSVEHSW QEW TEKEQ TSV MWWS YQ TVIS QYMXS EPXS ZMZIQ
HMWXERXIW HI WM QIWQSW
% GEYWE FWMGE HS EYXSXSVQIRXS GSRWMWXI IQ EPKS QYMXS WMQTPIW ZMZIV E
TVTVME ZMHE RSW XIVQSW IWXEFIPIGMHSW TIPE ETVSZES EPLIME
% XMQMHI^ TSHI WIV GSRWMHIVEHE YQE EYXSGVYIPHEHI 3 EGERLEHS ZMKME WI I ES
QIWQS XIQTS ZMKME SW SYXVSW ZMZIRHS RYQE EYXSTVMWS )Q VE^S HI WIV EGIMXS TSV
XSHSW IPI RS HIJIRHI WYE ZSRXEHI QEW WMQ E ZSRXEHI HEW TIWWSEW 4IRWE UYI L EPKS
HI IVVEHS GSQ IPI RS HIWIRZSPZI E EYXSGSRJMERE I GSRXMRYEQIRXI WI IWGSRHI TSV
MRMFMS
4IRWEV I EKMV HIJIRHIRHS RSWWS RXMQS I RSWWSW HMVIMXSW MREXSW I HIJMRMRHS
RSWWEW TIVWTIGXMZEW TIWWSEMW WIQ WYFXVEMV SW HMVIMXSW HSW SYXVSW E MQYRM^ES
GSRXVE E EYXSGVYIPHEHI
4EVE ZMZIVQSW FIQ GSQ RW QIWQSW TVIGMWS IWXEFIPIGIVQSW TEHVIW HI EYXS
VIWTIMXS ETVIRHIRHS E HM^IV RS WIM
RS GSQTVIIRHS
RS GSRGSVHS I RS QI
MQTSVXS
%W GVMEXYVEW UYI TVSGYVEQ FENYPES I I\EPXES QEVXMVM^EQ WI TEVE RS
GSQIXIV IVVSW TSMW E GIRWYVE E HITVIGMES I E HIWIWXMQE S UYI QEMW EW
EXIQSVM^EQ )WUYIGIQ WI HI UYI SW IVVSW WS WMKRMJMGEXMZEW JSVQEW HI ETVIRHM^EKIQ
HEW GSMWEW QYMXS GSQTVIIRWZIP JEPXEVQSW PKMGE RYQE XSQEHE HI HIGMWS SY
QYHEQSW HI MHME RS QIMS HS GEQMRLS RS IRXERXS UYERHS IVVEVQSW WIV TVIGMWS UYI
EWWYQEQSW E VIWTSRWEFMPMHEHI TIPSW RSWWSW HIWIRGSRXVSW I HIWEGIVXSW I ETVIIRHEQSW
S IRWMREQIRXS HE PMS ZMZIRGMEHE
5YIQ FYWGE GSRWIRWS GVHMXS I TSTYPEVMHEHI RS NYPKE WIYW GSQTSVXEQIRXSW
TSV WM QIWQS QEW TVSGYVE ERWMSWEQIRXI EW TEPQEW HSW SYXVSW SJIVIGIRHS MRQIVEW
VE^IW TEVE UYI WYEW EXMXYHIW WINEQ XSXEPQIRXI GSRWMHIVEHEW
:MZIRHS I WIKYMRHS WIYW TVTVMSW TEWWSW TSHIV MRMGMEPQIRXI IRGSRXVEV
HMJMGYPHEHIW QSQIRXRIEW QEW GSQ S XIQTS WIV VIGSQTIRWEHS GSQ YQ IRSVQI
FIQ IWXEV I YQE MRXIKVEP WIKYVERE HI EPQE
)WXEV EPLIMS SY WEMV HI WM QIWQS RE RWME HI WIV EQEHS TSV XSHSW EUYIPIW UYI
GSRWMHIVE QSHIPSW MQTSVXERXIW WIV YQE QIXE EPMIREHE I MREXMRKZIP 3 RMGS QSHS HI
EPGEREV E JIPMGMHEHI ZMZIV TEVXMGYPEVQIRXI E TVTVME ZMHE

%W (SVIW HE %PQE

% JM\ES UYI XIQSW HI SPLEV S UYI SW SYXVSW EGLEQ SY EGVIHMXEQ WIQ

TSWWYMVQSW E VIEP GSRWGM-RGME HS UYI UYIVIQSW TSHIQSW WIRXMQSW TIRWEQSW I
EPQINEQSW S UYI TVSQSZI E HIWXVYMS IQ RSWWE ZMHE MRXIVMSV SY WINE S
IWJEGIPEQIRXS HE TVTVME YRMHEHI GSQS WIVIW LYQERSW I TSV GSRWIU-RGME RSWWE
YRMHEHI GSQ E ZMHE UYI IWX IQ XYHS I IQ XSHSW
'SRWYPXE /EVHIG SW 3FVIMVSW HS &IQ % SFVMKES HI VIWTIMXEV SW HMVIMXSW
EPLIMSW XMVE ES LSQIQ S HI TIVXIRGIV WI E WM QIWQS# ) IPIW VIWTSRHIVEQ (I QSHS
EPKYQ TSVUYERXS IWXI YQ HMVIMXS UYI PLI ZIQ HE 2EXYVI^E
4IVXIRGIV WI E WM QIWQS GSRJSVQI RSW EWWIZIVEQ SW )WTVMXSW I\IVGIV E
PMFIVHEHI HI RS TVIGMWEV GSRGMPMEV EW STMRMIW HSW LSQIRW I HI PMZVEV WI HEW EQEVVEW
HE XMVERME WSGMEP HE IWGVEZMHS HS GSRZIRGMSREPMWQS VIPMKMSWS HEW ZYPKEVMHEHIW HS
GSRWYQMWQS HE GSRWXVMS HI WIV HITIRHIRXI IRJMQ HS QIHS HS UYI HMVS SW SYXVSW
% WSPYS TEVE E EYXSGVYIPHEHI WIV E RSWWE XSQEHE HI GSRWGM-RGME HI UYI
XIQSW E PMFIVHEHI TSV HMVIMXS UYI ZIQ HE 2EXYVI^E 'SRXYHS HI UYEWI REHE RSW
WIVZMV E PMFIVHEHI I\XIVMSV WI RS GYPXMZEVQSW YQE EYXSRSQME MRXIVMSV TSVUYI UYIQ
IWX MRXIVREQIRXI IRXVI KVMPLIW I EQEVVEW NEQEMW TSHIV TIRWEV I EKMV PMZVIQIRXI

5YIWXS
% SFVMKES HI VIWTIMXEV SW HMVIMXSW EPLIMSW XMVE ES LSQIQ S HI TIVXIRGIV WI E WM
QIWQS#
(I QSHS EPKYQ TSVUYERXS IWXI YQ HMVIMXS UYI PLI ZIQ HE 2EXYVI^E

'VYIPHEHI
'EHE EXS HI EKVIWWMZMHEHI UYI SGSVVI RIWXI QYRHS XIQ GSQS SVMKIQ
FWMGE YQE GVMEXYVE UYI EMRHE RS ETVIRHIY E EQEV
% GVYIPHEHI GSQS TIRE HI QSVXI N WI EGLEZE IWXEFIPIGMHE IQ UYEWI XSHSW SW
TSZSW HE %RXMKMHEHI )Q %XIREW HEZE WI ES WIRXIRGMEHS QSVXI STIW HI IWGSPLE S
IWXVERKYPEQIRXS UYI IVE GSRWMHIVEHS TSV XSHSW LYQMPLERXI S GSVXI HI GEFIE EXVEZW
HS GYXIPS S UYI IVE QYMXS HSPSVSWS I S IRZIRIREQIRXS S TVIJIVMHS TIPE QEMSVME HSW
GSRHIREHSW
2E 6SQE %RXMKE IQ TSGE ERXIVMSV E .PMS 'WEV S IRJSVGEQIRXS I E
HIGETMXES IVEQ EW WIRXIREW QEMW KIRIVEPM^EHEW 4SVQ ES LSQMGMHE HI TEMW I
MVQSW IVE ETPMGEHE YQE TIRE MRZYPKEV WIV GS^MHS ZMZS I HITSMW EXMVEHS ES QEV %
GSRHIRES HSW MRGIRHMVMSW IVEQ EW GLEQEW HE JSKYIMVE 3W LIFVIYW TVIJIVMEQ S
ETIHVINEQIRXS SY E HIGETMXES TSMW EXVMFYEQ IWXEV RE GEFIE E PSGEPM^ES HSW
HIPMXSW 2E 'LMRE LEZME YQ TVSGIWWS HI HIM\EV GEMV KSXEW H KYE RE XIWXE HS
GSRHIREHS WIQTVI RS QIWQS PYKEV EX GSRHY^M PS GSQTPIXE PSYGYVE 2S .ETS SW
WIRXIRGMEHSW QSVXI XMRLEQ E TIVQMWWS HSW NY^IW TEVE VEWKEV S TVTVMS ZIRXVI GSQ
S WEFVI
-QTSWWZIP HIWGVIZIV EUYM RIWXEW VTMHEW VIJPI\IW SW EXSW XIVVZIMW HI
TIVWSREPMHEHIW HE LMWXVME HE LYQERMHEHI SY EREPMWEV WYE REXYVI^E TVMQMXMZE I
VYHMQIRXEV MREXE REW EPQEW IQ WIYW TVMQIMVSW TEWWSW HI EWGIRWS IWTMVMXYEP
2SQIEVIQSW ETIREW EPKYQEW GVMEXYVEW UYI XMZIVEQ GSQTSVXEQIRXSW HIKIRIVEHSW
GSQS 2IVS 'EPKYPE 'EVEGEPE +-RKMW ' -Z S 8IVVZIP 8EQIVPS I SYXVEW WIQ
RSW HIXIVQSW REW EXMXYHIW HIWWEW JMKYVEW HS TEWWEHS SY HS TVIWIRXI RIQ REW
MRGSRXZIMW GSRHYXEW GVYMW HI LSQIRW UYI TEWWEVEQ ERSRMQEQIRXI TIPE 8IVVE
8SHEZME RS TSHIVEQSW HIM\EV HI VIKMWXVEV S JEREXMWQS I S EYXSVMXEVMWQS HE 7ERXE
-RUYMWMS
XEQFQ GSRLIGMHE GSQS S 7ERXS 3JGMS GVMEHE IQ
TIPS TETE
+VIKVMS -<
UYI IRXVSY TEVE E ,MWXVME GSQS YQE HEW QEMW FVYXEMW HIQSRWXVEIW
HI JIVSGMHEHI I ZMSP-RGME GSRXVE SW HMVIMXSW LYQERSW
2S WEFIVIQSW EZEPMEV GSQ TVIGMWS UYEMW SW EXSW QEMW TIVZIVWSW I
WERKYMRVMSW SW VIEPM^EHSW TIPSW I\IGYXSVIW SY SW TVEXMGEHSW TIPSW I\IGYXEHSW %PMW
TIWWSEW PYXEQ I QEXEQ EX LSNI IQ RSQI HI (IYW TEVE NYWXMJMGEV I TVSXIKIV WYEW
GVIREW VIPMKMSWEW
% EXVSGMHEHI S WEHMWQS E TIVZIVWMHEHI I E HIWYQERMHEHI WS GEVEGXIVWXMGEW
TVSZIRMIRXIW HE MRWIRWMFMPMHEHI SY IRVMNIGMQIRXS HE TWMUYI LYQERE IQ TVSGIWWS
MRMGMEP HI HIWIRZSPZMQIRXS IWTMVMXYEP % )WTMVMXYEPMHEHI RE XIVGIMVE TEVXI GETXYPS :HI 3 0MZVS HSW )WTVMXSW I\TI
S WIRWS QSVEP I\MWXI GSQS TVMRGTMS IQ XSHSW
SW LSQIRW
HSW WIVIW GVYMW JEV QEMW XEVHI WIVIW FSRW I LYQERSW

5YIWXS
% GVYIPHEHI RS HIVMZEV HE GEV-RGME HI WIRWS QSVEP#
(M^I HE JEPXE HI HIWIRZSPZMQIRXS HS WIRWS QSVEP RS HMKEW HE GEV-RGME TSVUYERXS S WIRWS
QSVEP I\MWXI GSQS TVMRGTMS IQ XSHSW SW LSQIRW IWWI WIRWS QSVEP UYI HSW WIVIW GVYMW JEV QEMW
XEVHI WIVIW FSRW I LYQERSW )PI TSMW I\MWXI RS WIPZEKIQ QEW GSQS S TVMRGTMS HS TIVJYQI RS KVQIR
HE JPSV UYI EMRHE RS HIWEFVSGLSY
2SXE )Q IWXEHS VYHMQIRXEV SY PEXIRXI XSHEW EW JEGYPHEHIW I\MWXIQ RS LSQIQ (IWIRZSPZIQ
WI GSRJSVQI PLIW WINEQ QEMW SY QIRSW JEZSVZIMW EW GMVGYRWXRGMEW 3 HIWIRZSPZMQIRXS I\GIWWMZS HI
YQEW HIXQ SY RIYXVEPM^E S HEW SYXVEW % WSFVII\GMXES HSW MRWXMRXSW QEXIVMEMW EFEJE TSV EWWMQ HM^IV
S WIRWS QSVEP GSQS S HIWIRZSPZMQIRXS HS WIRWS QSVEP IRJVEUYIGI TSYGS E TSYGS EW JEGYPHEHIW
TYVEQIRXI ERMQEMW

%W (SVIW HE %PQE

%W JEGYPHEHIW HS LSQIQ IWXS IQ IWXEHS PEXIRXI GSQS S TVMRGTMS HS TIVJYQI

RS KIVQI HE JPSV UYI EMRHE RS HIWEFVSGLSY EWWMQ XEQFQ IQ IWW-RGME WSQSW
XSHSW YRSW GSQ E 4IVJIMS (MZMRE UYI LEFMXE IQ RW
8SHS TVSGIWWS HI ETVIRHM^EKIQ VIWYPXE IQ YQE I\TERWS HE GSRWGM-RGME S UYI
RSW TSWWMFMPMXE KVEHEXMZEQIRXI EFERHSREV SW KIWXSW FVFEVSW 5YERHS E GVMEXYVE
MRXIKVEV RE WYE QIRXEPMHEHI S WIRWS QSVEP UYI RIPE VIWMHI IQ IWXEHS IQFVMSRVMS
GSRZIVXIV SW EXSW EKVIWWMZSW IQ EXMXYHIW WIRWEXEW I LYQEREW
9Q XVES GSQYQ IQ XSHE E 2EXYVI^E E IZSPYS )ZSPYMV S KVERHI SFNIXMZS
HE :MHE TSMW UYERXS QEMW TVSKVIHMQSW QEMW VIWSPZIVIQSW RSWWSW TVSFPIQEW GSQ
LEVQSRME I WIRWEXI^ % QEMSVME HSW MRHMZHYSW WI GSQTSVXE GSQS WI SW TVSFPIQEW
I\MWXMWWIQ TSV WM WW I I\MKI UYI S QYRHS I\XIVMSV SW VIWSPZE 1EW EW HMJMGYPHEHIW
RS I\MWXIQ JSVE I WMQ HIRXVS HI RW QIWQSW 2IWWI GEWS UYERXS QEMW TIVGIFIQSW
IWWE VIEPMHEHI QEMW ETVIRHIVIQSW GSQS WSPYGMSR PSW WIQ FVYXEPMHEHI
'EHE EXS HI EKVIWWMZMHEHI UYI SGSVVI RIWXI QYRHS XIQ GSQS SVMKIQ FWMGE
YQE GVMEXYVE UYI EMRHE RS ETVIRHIY E EQEV 2EXYVEPQIRXI XSHSW RW JMGEQSW
MRHMKREHSW GSQ E VYHI^E SY E QEPHEHI QEW HIZIQSW IRXIRHIV UYI MWWS YQ TVSGIWWS
REXYVEP HE LYQERMHEHI IQ EQEHYVIGMQIRXS I GVIWGMQIRXS IWTMVMXYEMW
4SV XVW HI XSHS EXS HI GVYIPHEHI WIQTVI I\MWXI YQ TIHMHS HI WSGSVVS
4VIGMWEQSW IWGYXEV IWWI ETIPS MREVXMGYPEHS I HMWWSPZIV E ZMSP-RGME GSQ RSWWSW KIWXSW
HI EQSV
3W EXSW I E ZMHE HS 'VMWXS ETVIWIRXEQ WSF QYMXSW EWTIGXSW WIQTVI EPKS HI
RSZS E WIV MRXIVTVIXEHS IQ WIY WMKRMJMGEHS QEMW TVSJYRHS % ,MWXVME HE LYQERMHEHI
RYRGE VIKMWXVSY RIQ VIKMWXVEV JEXS XS GVYIP I ZMSPIRXS RE ZMHE HI YQ WIV LYQERS
GSQS EUYIPI SGSVVMHS L UYEWI HSMW QMP ERSW
3W NYHIYW XMRLEQ REW VIHSRHI^EW HI .IVYWEPQ YQE GSPMRE UYI WI HIWXMREZE
I\IGYS HSW GSRHIREHSW HE TSGE
)VE YQ XIVVIRS HI EGIRXYEHS HIGPMZI EWTIGXS TIWEHS I WSQFVMS SRHI
GVYGMJMGEZEQ EWWEWWMRSW I PEHVIW 3W KVIKSW HIVEQ PLI S RSQI HI +PKSXE HS
LIFVEMGS KYPKSPIXL
GVRMS
SW VSQERSW GLEQEZEQ HI 'EPZVMS HS PEXMQ
GEPZEVMYQ
PYKEV HEW GEZIMVEW
)WWI WXMS XMRLE YQE JSVQES VSGLSWE UYI WI
EWWIQIPLEZE E YQE GEZIMVE EPQ HI RIPI WI IRGSRXVEVIQ TSV XSHSW SW PEHSW GVRMSW
IQ HIGSQTSWMS I\TSWXSW ES XIQTS
2IWWI XXVMGS PYKEV YQ WIV I\XVESVHMRVMS UYI UYIVME WMQTPIWQIRXI HIWTIVXEV
RSW LSQIRW WYE HMQIRWS IWUYIGMHE SY PMKEV IWWI IPS TIVHMHS ES 4SHIV HE :MHE
JSM GVYGMJMGEHS TIRSWEQIRXI
) UYERHS GLIKEVEQ E YQ PYKEV GLEQEHS E 'EZIMVE EPM S GVYGMJMGEVEQ
NYRXEQIRXI GSQ HSMW QEPJIMXSVIW YQ HMVIMXE I SYXVS IWUYIVHE 1IWQS HMERXI HS
WSJVMQIRXS .IWYW HM^ME 4EM TIVHSEM PLIW TSVUYI RS WEFIQ S UYI JE^IQ
3 KVERHI RQIVS HI TIWWSEW EPM TVIWIRXIW VITVIWIRXEZE E ZMSP-RGME LYQERE
TEVE IPEW RS LEZME WIUYIV YQ PEMZS HI QEPHEHI IQ WYEW EIW I WI SJIRHIVMEQ
GIVXEQIRXI WI JSWWIQ EGYWEHEW HI TIVZIVWEW .IWYW RS IRXERXS EW IRXIRHME IQ WYE
MRJRGME IWTMVMXYEP
8SHSW RW RE EXYEPMHEHI TVISGYTEHSW IQ WEFIV GSQS PMHEV GSQ E ZMSP-RGME UYI
I\TPSHI HI XIQTSW IQ XIQTSW RS WIMS HE WSGMIHEHI XIVVIRE HIZIQSW WIQTVI JE^IV
YQE FYWGE MRXIVMSV TEVE GSQTVIIRHIV MRXIKVEPQIRXI S WMKRMJMGEHS QENIWXSWS HIWWE
EXMXYHI HI IRXIRHMQIRXS TIVHS I EQSV UYI .IWYW 'VMWXS PIKSY TEVE XSHE E
LYQERMHEHI

0YGEW

%W (SVIW HE %PQE

3VKYPLS
2E ZMHE REHE IWX TIVHMHS EPMW I\MWXI E TSGE GIVXE TEVE GEHE YQ
WEFIV S UYI TVIGMWS TEVE WI HIWIRZSPZIV
(IWTVI^EV WIRXMV SY QERMJIWXEV HIWGSRWMHIVES TSV EPKYQ SY TSV EPKYQE
GSMWE TSVXERXS YQE EXMXYHI WIQTVI MREHIUYEHE REW IWXVEHEW HI RSWWE I\MWX-RGME
IZSPYXMZE 1IRSWTVI^EV YQ WIRXMQIRXS TIPS UYEP RSW GSPSGEQSW EGMQE HI XYHS I HI
XSHSW EZEPMERHS GSQ EVVSKRGME SW EGSRXIGMQIRXSW I SW JEXSW HS EPXS HE XSVVI HS
GEWXIPS HI RSWWS SVKYPLS
% RIRLYQE GSMWE SY GVMEXYVE HIZI WI EXVMFYMV S XIVQS HIWTVI^ZIP TSMW XYHS S
UYI I\MWXI WSFVI E 8IVVE GVMES HMZMRE PSKS XMP I TVSZIMXSWE QIWQS UYI EKSVE RS
TSWWEQSW GSQTVIIRHIV WIY VIEP WMKRMJMGEHS
8EPZI^ RS IRXIRHEQSW HI MQIHMEXS RSWWS TETIP RE ZMHE QEW TSHIQSW XIV E
GIVXI^E HI UYI XSHSW WSQSW MQTSVXERXIW I XSHSW JSQSW GSRZSGEHSW E HEV RSWWE
GSRXVMFYMS ES 9RMZIVWS
% GEHE MRWXERXI IWXEQSW GVMERHS MQTVIWWIW QYMXS JSVXIW RE EXQSWJIVE
IWTMVMXYEP IQSGMSREP QIRXEP I JWMGE HE GSQYRMHEHI SRHI ZMZIQSW 8SHS IRZSPZMQIRXS
RE ZMHE XIQ YQ TVSTWMXS HIXIVQMREHS GYNS IRXIRHMQIRXS EPQ HI IWGPEVIGIV RSWWS
ZEPSV TIWWSEP JEZSVIGIV S EQSV S VIWTIMXS I E EGIMXES HI GEHE YQ HI RSWWSW
WIQIPLERXIW
*VIUIRXIQIRXI HM^IQSW UYI GIVXEW TIWWSEW WS MRHMWTIRWZIMW I UYI QYMXSW
MRHMZHYSW WS MQTVSHYXMZSW I TIVKYRXEQSW QEMW EPQ UYEP S TVSTWMXS HE ZMHE TEVE
GSQ IWXEW GVMEXYVEW SGMSWEW#
2S NYPKYIQSW GSQ RSWWSW GSRGIMXSW ETVIWWEHSW SW EGSRXIGMQIRXSW IQ RSWWS
HIVVIHSV ERXIW EKYEVHIQSW GSQ GEPQE I JEEQSW YQE ERPMWI QEMW TVSJYRHE HE
WMXYES %WWMQ EKMRHS TSHIVIQSW EZEPMEV QIPLSV XSHS S GSRXI\XS ZMZIRGMEP
(IWIQTIRLEQ JYRS XMP RS 9RMZIVWS SW )WTVMXSW MRJIVMSVIW I MQTIVJIMXSW
8SHSW X-Q HIZIVIW E GYQTVMV 4EVE E GSRWXVYS HI YQ IHMJGMS RS GSRGSVVI XERXS S
PXMQS HSW WIVZIRXIW HI TIHVIMVS GSQS S EVUYMXIXS#
2IRLYQE SGSVV-RGME JEXS SY TIRWEQIRXS HIZIV WIV WIRXMHS SY EREPMWEHS
WITEVEHEQIRXI TSMW S +VERHI 7MWXIQE UYI RSW VIKI EKI HI JSVQE MRXIVHITIRHIRXI
%TIWEV HI WIVQSW RMGSW XSHSW JSQSW GVMEHSW TEVE GSRXVMFYMV GSPIXMZEQIRXI RS
QYRHS I TEVE YWEV EW TSWWMFMPMHEHIW HI RSWWE WMRKYPEVMHEHI
4EVE XYHS L YQ WIRXMHS I YQE I\TPMGES RS 9RMZIVWS 7IQTVI IWXEV MQTPGMXE
YQE QIRWEKIQ TVSZIMXSWE TEVE RSWWS TVSKVIWWS IWTMVMXYEP QYMXEW ZI^IW TSVQ HI
JSVQE MREVXMGYPEHE I WMPIRGMSWE
2YRGE RSW IWUYIEQSW HI UYI E ZMHE WIQTVI EKMV IQ RSWWS FIRIJGMS UYIV RSW
WIXSVIW HE WSPMHS UYIV RSW HI QYMXEW GSQTERLMEW SY WINE IRXVI IRGSRXVSW
HIWIRGSRXVSW I VIIRGSRXVSW % EJPMS XEQFQ YQ FIRIJGMS 8SHS WSJVMQIRXS YQ
EXS MQTSVXERXWWMQS HI GSRLIGMQIRXS I ETVIRHM^EKIQ
7I FIQ IRXIRHIVQSW RS IRXERXS EW ZIVHEHIMVEW MRXIRIW HEW PMIW E RW
ETVIWIRXEHEW VIXMVEVIQSW XIWSYVSW MQIRWSW HI TVSKVIWWS I EQEHYVIGMQIRXS
IWTMVMXYEP
%W HMJMGYPHEHIW UYI E ZMHE RSW ETVIWIRXE X-Q WIQTVI YQ GEVXIV IHYGEXMZS
1IWQS UYI EW ZINEQSW EKSVE GSQS GEWXMKS SY TYRMS QEMW XEVHI XSQEVIQSW
5YIWXS
8EQFQ HIWIQTIRLEQ JYRS XMP RS 9RMZIVWS SW )WTVMXSW MRJIVMSVIW I MQTIVJIMXSW#
8SHSW X-Q HIZIVIW E GYQTVMV 4EVE E GSRWXVYS HI YQ IHMJGMS RS GSRGSVVI XERXS S PXMQS HSW
WIVZIRXIW HI TIHVIMVS GSQS S EVUYMXIXS#

GSRWGM-RGME HI UYI IVEQ YRMGEQIRXI TVSHYXSW HI RSWWS PMQMXEHS IWXEHS HI

GSQTVIIRWS I HMWGIVRMQIRXS IZSPYXMZS
(IWGSFVMV E ZMHE GSQS YQ XSHS WIV WIQTVI YQ GSRWXERXI TVSGIWWS HI XVEFEPLS
HSW LSQIRW )JIXMZEQIRXI E ZMHE XVEFEPLS I QSZMQIRXS I TEVE JE^IVQSW RSWWS
ETVIRHM^EHS IZSPYXMZS L YQ GIVXS XIQTS HI KIWXES WI EWWMQ TSHIQSW HM^IV 2E
ZMHE REHE IWX TIVHMHS EPMW I\MWXI E TSGE GIVXE TEVE GEHE YQ WEFIV S UYI TVIGMWS
TEVE WI HIWIRZSPZIV
2SWWS SVKYPLS UYIV XVERWJSVQEV RSW IQ WYTIV LSQIRW JE^IRHS RSW WIRXMV
LIVSMGEQIRXI IWXVIWWEHSW MRHY^MRHS RSW E WIV GYMHEHSVIW I NY^IW HSW QXSHSW HI
IZSPYS HE :MHE )\GIPWE I GSQ EVVSKRGME RSQIEV SW SYXVSW GSQS HIWTVI^ZIMW
SGMSWSW MQTVSHYXMZSW I MRXIMW
4SHIVIQSW EKMV RS TVSGIWWS HI JSVQES I TVSKVIWWS HEW GVMEXYVEW RYRGE
JSVEV S TVSGIWWS SY GVMXMGEV S WIY ERHEQIRXS
% TVIXIRWS HS SVKYPLSWS PIZE S E EGVIHMXEV UYI I\MWXI YQE WERXMHEHI
HIWZMRGYPEHE HE VIEPMHEHI LYQERE SY WINE SVKERM^EHE I IWXVYXYVEHE HI JSVQE
HMJIVIRXI HSW TVMRGTMSW TIVXIRGIRXIW 2EXYVI^E TSVXERXS RS HI SVHIQ HMZMRE QEW
HE QIRXEPMHEHI HIXYVTEHE HI EPKYRW QWXMGSW HS TEWWEHS
2EHE MRXMP RS 9RMZIVWS % (MZMRHEHI EKI WIQ GIWWEV IQ WSPMGMXYHI I
GSRWMHIVES E GEHE YQE HI WYEW GVMEXYVEW I GVMEIW 3 TVSKVIWWS HE LYQERMHEHI
MRIZMXZIP 8SHSW IWXEQSW TVSKVIHMRHS I GVIWGIRHS EMRHE UYI EPKYQEW ZI^IW RS RSW
ETIVGIFEQSW HMWWS

%W (SVIW HE %PQE

3VKYPLS
% GSQTYPWS HI UYIVIV GSRXVSPEV E ZMHE EPLIME JVYXS HI RSWWS
SVKYPLS
4EVE WIV FSQ QIWXVI RS TVIGMWS JE^IV WIKYMHSVIW SY HMWGTYPSW RIQ QIWQS
TSWWYMV GSVXINSW SY GSQMXMZEW QEW WMQTPIWQIRXI JE^IV GSQ UYI GEHE WIV HIWGYFVE IQ
WM QIWQS S WIY TVTVMS KYME 2S HIZIQSW HMXEV RSWWEW VIKVEW ESW MRHMZHYSW QEW
JE^IV GSQ UYI IPIW XSQIQ GSRWGM-RGME HI WIYW ZEPSVIW MRXIVRSW WIRWS IQSIW I
WIRXMQIRXSW I TEWWIQ E YW PSW WIQTVI UYI RIGIWWVMS )WWE E JYRS HSW UYI UYIVIQ
ENYHEV S TVSKVIWWS IWTMVMXYEP HSW SYXVSW
3W MRHMZHYSW TSVXEHSVIW HI YQE TIVWSREPMHEHI SVKYPLSWE WI ETMEQ IQ YQ
TVMRGTMS HI XSXEP WYFQMWWS W VIKVEW I GSWXYQIW WSGMEMW FIQ GSQS S HIJIRHIQ
IRIVKMGEQIRXI
9XMPM^EQ WI HI YQ MQTIXYSWS MRXIVIWWI TSV XYHS EUYMPS UYI WI GSRZIRGMSRSY
GLEQEV HI GIVXS SY IVVEHS TSVUYI MWWS PLIW TVSTSVGMSRE YQE JMGXGME GEVXMPLE HS
FIQ IQ UYI ES QERYWI PE TSWWEQ IRGSRXVEV SW MRWXVYQIRXSW TEVE QERMTYPEV I
HSQMREV I EWWMQ WI WMRXEQ SGYTERHS YQE TSWMS HI MRUYIWXMSRZIP EYXSVMHEHI
5YEWI WIQTVI WI EYXSHIRSQMREQ FIQ MRXIRGMSREHSW I WYWXIRXEQ YQE EYVE
HI TIWWSEW HIPMGEHEW IZSPYHEW I HIWTVIRHMHEW HMWXVEMRHS SW MRHMZHYSW TEVE UYI RS
TIVGIFEQ EW I\TVIWWIW WMRXSQXMGEW UYI HIRYRGMEVMEQ WYEW TSWXYVEW HI WIZIVS
GVXMGS TSPMGMEP I HMWGMTPMREHSV HEW GSRWGM-RGMEW
2SW QIMSW VIPMKMSWSW SW HSQMREHSVIW I SVKYPLSWSW EKIQ JYVXMZEQIRXI 2S
WSQIRXI VITVIWIRXEQ TETMW HI ZMVXYSWSW GSQS XEQFQ EGVIHMXEQ UYI S WS TSVUYI
EMRHE RS EPGEREVEQ E EYXSGSRWGM-RGME
)\MKIQ I IWTIVEQ SFIHM-RGME EFWSPYXE WS WYTIVTVISGYTEHSW GSQ I\EXMHS
SVHIQ I HMWGMTPMRE MVVMXERHS WI GSQ TIUYIRSW KIWXSW UYI JYNEQ ESW TEHVIW
TVIIWXEFIPIGMHSW
4SWWYIQ YQE MRGPMRES GSQTYPWMZE ES TYVMXERMWQS HIWTIVXERHS GSQ MWWS
WMQTEXME I GSRWMHIVES REW TIWWSEW WMQTPVMEW I GVHYPEW %PKYQEW RS IRXERXS TSV
WIVIQ QEMW EZMWEHEW I GSRWGMIRXIW RS WI HIM\EQ IRKEREV HMWGIVRMRHS PSKS S
HIWENYWXI IQSGMSREP
3 GETXYPS < HE WIKYRHE TEVXI HI 3 0MZVS HSW )WTVMXSW HM^ VIWTIMXS E
3GYTEIW I 1MWWIW HSW )WTVMXSW (M^IQ SW &IRJIMXSVIW UYI E QMWWS TVMQSVHMEP
HEW EPQEW E HI QIPLSVEVIQ WI TIWWSEPQIRXI I EPQ HMWWS GSRGSVVIVIQ TEVE E
LEVQSRME HS 9RMZIVWS I\IGYXERHS EW ZSRXEHIW HI (IYW
% EYX-RXMGE VIPES HI ENYHE IRXVI EW TIWWSEW GSRWMWXI IQ IWXMQYPEV E
MRHITIRH-RGME I E MRHMZMHYEPMHEHI REHE WI TIHMRHS IQ XVSGE 2MRKYQ HIZIV XIV E
TVIXIRWS HI WIV WEPZEHSV HEW EPQEW % GSQTYPWS HI UYIVIV GSRXVSPEV E ZMHE EPLIME
JVYXS HI RSWWS SVKYPLS
3 WIV EQEHYVIGMHS XIQ E LEFMPMHEHI TIVGITXMZE HI HMEKRSWXMGEV SW TVSGIWWSW
TIPSW UYEMW E IZSPYS EKI IQ RW TSVXERXS RS GSRXVSPE QEW WMQ GSSTIVE GSQ S
EQSV I GSQ E PMFIVHEHI HEW PIMW REXYVEMW
2IRLYQE TIWWSE TSHI VIEPM^EV E XEVIJE HI SYXVE %W I\TIVM-RGMEW TIPEW UYEMW
TEWWEQSW IQ RSWWE NSVREHE XIVVIRE WS XSHEW EUYIPEW UYI QEMW RIGIWWMXEQSW VIEPM^EV
TEVE RSWWS ETVMQSVEQIRXS
5YIWXS
%PKYQE SYXVE GSMWE MRGYQFI ESW )WTVMXSW JE^IV UYI RS WINE QIPLSVEVIQ WI
TIWWSEPQIRXI#
'SRGSVVIQ TEVE E LEVQSRME HS 9RMZIVWS I\IGYXERHS EW ZSRXEHIW HI (IYW GYNSW QMRMWXVSW IPIW
WS % ZMHE IWTVMXE YQE SGYTES GSRXMRYE QEW UYI REHE XIQ HI TIRSWE GSQS E ZMHE RE 8IVVE
TSVUYI RS L E JEHMKE GSVTSVEP RIQ EW ERKWXMEW HEW RIGIWWMHEHIW

1YMXSW HI RW GSRZMZIQSW SYXVSW EMRHE GSRZMZIQ GSQ MRHMZHYSW UYI XIRXEQ

GYMHEV HI RSWWS HIWIRZSPZMQIRXS IWTMVMXYEP MQTSRHS GSRXVSPI I\GIWWMZS I HMWGMTPMRE
TIVJIGGMSRMWXE RS VIWTIMXERHS TSVQ SW PMQMXIW HI RSWWE GSQTVIIRWS I TIVGITS
HE ZMHE
7S GIRWYVEHSVIW QSVEMW MRGETE^IW HI GSQTVIIRHIV EW HMJMGYPHEHIW EPLIMEW
TSMW RS IRXIRHIQ UYI GEHE EPQE ETIREW TSHI EQEHYVIGIV HI EGSVHS GSQ WIY
TSXIRGMEP MRXIVRS
2S WI X-Q RSXGMEW HI UYI .IWYW 'VMWXS MQTYWIWWI GSFVEREW SY XMZIWWI
TVSQSZMHS GSRZMXIW MRWMWXIRXIW ES GVIWGMQIRXS HEW EPQEW 8IZI GSQS QMWWS RE 8IVVE
IRWMREV RSW WIVIRMHEHI I LEVQSRME TEVE IRXVEVQSW IQ GSQYRLS GSQ (IYW IQ RW
'SRJMEZE TPIREQIRXI RS 7FMS I %QSVSWS 4SHIV UYI HMVMKI S 9RMZIVWS I
TSVXERXS VIWTIMXEZE SW SFNIXMZSW HE 2EXYVI^E UYI EKI RS GSQTSVXEQIRXS LYQERS
HIWIRZSPZIRHS S HI QYMXEW QERIMVEW 7EFME UYI E IZSPYS SGSVVI HI QSHS MRIZMXZIP
VIGIFIRHS SY RS ENYHE HSW LSQIRW
3 1IWXVI IRXIRHME UYI WI GSQFEX-WWIQSW I PYXWWIQSW GSRXVE RSWWSW IVVSW
TSHIVEQSW TSXIRGMEPM^ PSW 2YRGE YWEZE HI JSVE I MQTSWMS QEW HI YQE XGRMGE
TEVE UYI TYHWWIQSW HIWIRZSPZIV E ZMVXYHI STSWXE
1YPLIV SRHI IWXS EUYIPIW XIYW EGYWEHSVIW# 2MRKYQ XI GSRHIRSY ) IPE
HMWWI 2MRKYQ 7IRLSV ) HMWWI PLI .IWYW 2IQ IY XEQFQ XI GSRHIRS ZEM XI I RS
TIUYIW QEMW
2S GIRWYVSY SY GVMXMGSY E EXMXYHI MREHIUYEHE QEW TVSTMGMSY S
HIWIRZSPZMQIRXS HE EYXSGSRJMERE TEVE UYI IPE IRGSRXVEWWI TSV WM QIWQE WIYW
ZEPSVIW MRXIVRSW
2YRGE EQEHYVIGIVIQSW WI HIM\EVQSW SW SYXVSW TIRWEVIQ TSV RW I
HIXIVQMREVIQ RSWWEW IWGSPLEW
2S E ENYHE VIEP E UYI WI VIJIVME .IWYW E GVXMGE QSVEPMWXE S HIWINS HI
VIJSVQEV SW SYXVSW S GSRXVSPI HS UYI WI HIZI JE^IV SY RS JE^IV %RXIW XEMW
GSQTSVXEQIRXSW VIZIPEQ SW XVESW HI GEVXIV HSW MRHMZHYSW SVKYPLSWSW I EMRHE
HMWXERGMEHSW HE EYX-RXMGE GSSTIVES RS TVSGIWWS HI IZSPYS
UYI RS SW HIM\EQ
TIVGIFIV UYI SGSVVI REXYVEPQIRXI RE MRXMQMHEHI HEW GVMEXYVEW

.SS

%W (SVIW HE %PQE

-VVIWTSRWEFMPMHEHI
7SQSW RW QIWQSW UYI JE^IQSW SW RSWWSW GEQMRLSW I HITSMW SW
HIRSQMREQSW HI JEXEPMHEHI
2S GSIVIRXI UYI GEHE YQ HI RW XVEFEPLI TEVE EPGEREV E TVTVME JIPMGMHEHI#
2S PKMGS UYI HIZIQSW RSW VIWTSRWEFMPM^EV ETIREW TSV RSWWSW EXSW# 2S RSW EJMVQE
E WEFIHSVME HS )ZERKIPLS UYI WIVEQSW GSRLIGMHSW I\GPYWMZEQIRXI TIPEW RSWWEW
SFVEW#
*E^IV SW SYXVSW WIKYVSW I JIPM^IW QMWWS MQTSWWZIP HI VIEPM^EV WI
EGVIHMXEVQSW UYI HITIRHI YRMGEQIRXI HI RW E TPIRMXYHI HI WYE GSRGVIXM^ES 7I
EWWMQ EHQMXMQSW TEWWEQSW E TEVXMV HI IRXS E IWTIVEV I E GSFVEV VIXVMFYMS IQ
SYXVEW TEPEZVEW E VIGMTVSGMHEHI 2S WIVME QEMW JGMP UYI GEHE YQ HI RW GSRUYMWXEWWI
WYE JIPMGMHEHI TEVE UYI HITSMW TYHIWWI HIWJVYX PE GSRZMZIRHS GSQ EPKYQ UYI
XEQFQ E GSRUYMWXSY TSV WM QIWQS# 5YEP E VE^S HI E SJIVXEVQSW ESW SYXVSW I TSV
WYE ZI^ SW SYXVSW E GSRGIHIVIQ E RW# 4SV GIVXS W TSHIQSW IRWMREV SY TEVXMPLEV S
UYI ETVIRHIQSW
%WWMQ HMWWI 4IHVE S ETWXSPS 2S XIRLS SYVS RIQ TVEXE QEW S UYI XIRLS
MWWS XI HSY
(IWWE QERIMVE ZMZIQSW GSRWXERXIQIRXI GSPSGERHS RSWWEW RIGIWWMHEHIW IQ
WIKYRHS TPERS I ES QIWQS XIQTS RSW IWUYIGIRHS HI UYI E QEMSV HI XSHEW EW
VIWTSRWEFMPMHEHIW EUYIPE UYI XIQSW TEVE GSQ RW QIWQSW
3W EGSRXIGMQIRXSW I\XIVMSVIW HI RSWWE ZMHE WS S VIWYPXEHS HMVIXS HI RSWWEW
EXMXYHIW MRXIVREW % TVMRGTMS TSHIQSW VIPYXEV TEVE EWWMQMPEV I IRXIRHIV IWWI
GSRGIMXS TSVUYI QIPLSV GSRXMRYEVQSW E EGVIHMXEV UYI WSQSW ZXMQEW MRHIJIWEW HI
JSVEW UYI RS IWXS WSF S RSWWS GSRXVSPI )JIXMZEQIRXI WSQSW RW QIWQSW UYI
JE^IQSW SW RSWWSW GEQMRLSW I HITSMW SW HIRSQMREQSW HI JEXEPMHEHI
,EZIV JEXEPMHEHI RSW EGSRXIGMQIRXSW HE ZMHE GSRJSVQI ES WIRXMHS UYI WI H E
IWXI ZSGFYPS#
WS TVIHIXIVQMREHSW# ) RIWXI GEWS UYI ZIQ E WIV HS PMZVI
EVFXVMS# TIVKYRXE /EVHIG ESW 7IQIEHSVIW HE 2SZE 6IZIPES ) IPIW VIWTSRHIQ %
JEXEPMHEHI I\MWXI YRMGEQIRXI TIPE IWGSPLE UYI S )WTVMXS JI^ ES IRGEVREV
)WGSPLIRHS E MRWXMXYMY TEVE WM YQE IWTGMI HI HIWXMRS
MRIZMXZIP TEVE XSHSW RW S JEXS HI UYI ZMZIQSW MRZEVMEZIPQIRXI IWGSPLIRHS
% GSRHMS TVMQSVHMEP HS PMZVI EVFXVMS E IWGSPLE I TEVE UYI TSWWEQSW ZMZIV XSQE WI
MRHMWTIRWZIP IWGSPLIV WIQTVI 2SWWE I\MWX-RGME WI JE^ EXVEZW HI YQ TVSGIWWS
MRXIVQMRZIP HI IWGSPLEW WYGIWWMZEW
)MW EUYM YQ JEXS MRGSRXIWXZIP HE ZMHE S EQEHYVIGMQIRXS HS WIV LYQERS MRMGME
WI UYERHS GIWWEQ WYEW EGYWEIW ES QYRHS
)RXVIXERXS L MRHMZHYSW UYI WI NYPKEQ TIVWIKYMHSW TSV YQ HIWXMRS GVYIP I
GIRWYVEQ XYHS I XSHSW QIRSW IPIW QIWQSW 6IGYWEQ WMWXIQEXMGEQIRXI E
%XSW
5YIWXS
,EZIV JEXEPMHEHI RSW EGSRXIGMQIRXSW HE ZMHE GSRJSVQI ES WIRXMHS UYI WI H E IWXI
ZSGFYPS# 5YIV HM^IV XSHSW SW EGSRXIGMQIRXSW WS TVIHIXIVQMREHSW# ) RIWXI GEWS UYI ZIQ E WIV HS
PMZVI EVFXVMS#
% JEXEPMHEHI I\MWXI YRMGEQIRXI TIPE IWGSPLE UYI S )WTVMXS JI^ ES IRGEVREV HIWXE SY HEUYIPE
TVSZE TEVE WSJVIV )WGSPLIRHS E MRWXMXYMY TEVE WM YQE IWTGMI HI HIWXMRS UYI E GSRWIU-RGME QIWQE
HE TSWMS IQ UYI ZIQ E EGLEV WI GSPSGEHS *EPS HEW TVSZEW JWMGEW TSMW TIPS UYI XSGE W TVSZEW QSVEMW
I W XIRXEIW S )WTVMXS GSRWIVZERHS S PMZVI EVFXVMS UYERXS ES FIQ I ES QEP WIQTVI WIRLSV HI
GIHIV SY HI VIWMWXMV %S Z- PS JVEUYINEV YQ FSQ )WTVMXS TSHI ZMV PLI IQ EY\PMS QEW RS TSHI MRJPYMV
WSFVI IPI HI QERIMVE E HSQMREV PLI E ZSRXEHI 9Q )WTVMXS QEY MWXS MRJIVMSV QSWXVERHS PLI
I\EKIVERHS ESW WIYW SPLSW YQ TIVMKS JWMGS S TSHIV EFEPEV I EQIHVSRXEV 2IQ TSV MWWS IRXVIXERXS E
ZSRXEHI HS )WTVMXS IRGEVREHS HIM\E HI WI GSRWIVZEV PMZVI HI UYEMWUYIV TIMNEW

VIWTSRWEFMPMHEHI TSV WYEW HIWZIRXYVEW EXVMFYMRHS E GYPTE W GMVGYRWXRGMEW I W

TIWWSEW FIQ GSQS RS VIGSRLIGIQ E GSRI\S I\MWXIRXI IRXVI SW JEXSW I\XIVMSVIW I WIY
GSQTSVXEQIRXS QIRXEP 2S RXMQS IWWEW TIWWSEW RS HIJMRMVEQ PMQMXIW IQ WIY QYRHS
MRXIVMSV I ZMZIQ RYQ ZIVHEHIMVS IQEVERLEHS HI IRIVKMEW HIWGSRI\EW 3W PMQMXIW
REWGIQ HEW RSWWEW HIGMWIW TVSJYRHEW WSFVI S UYI EGVIHMXEQSW WIV RSWWSW HMVIMXSW
TIWWSEMW
2SWWEW HIQEVGEIW IWXEFIPIGIQ RSWWS TVTVMS XIVVMXVMS GIVGEQ RSWWEW JSVEW
ZMXEMW I HIXIVQMREQ EW PMRLEW HMZMWVMEW HI RSWWS WIV MRHMZMHYEP , YQ IWTES
HIPMQMXEHS SRHI RW XIVQMREQSW I SW SYXVSW GSQIEQ
%PKYQEW GVMEXYVEW ETVIRHIVEQ HIWHI E MRJRGME S WIRWS HSW PMQMXIW GSQ TEMW
EQEHYVIGMHSW -WWS SW QERXQ JMVQIW I WEYHZIMW HIRXVS HI WM QIWQEW 3YXVEW TSVQ
RS 5YERHS EXMRKMVEQ E JEWI EHYPXE RS WEFMEQ GSQS HMWXMRKYMV UYEMW WS I UYEMW RS
WS WYEW VIWTSRWEFMPMHEHIW 1YMXEW GSRWXVYVEQ QYVSW HI MWSPEQIRXS UYI EW
WITEVEVEQ HS GVIWGMQIRXS I HE VIEPM^ES MRXIVMSV SY EMRHE TEVIHIW GSQ IRSVQIW
GEZMHEHIW UYI EW XSQEVEQ WYWGIXZIMW E YVRE GSRJYWS HI WYEW IQSIW GSQ EW HI
SYXVEW TIWWSEW
0MQMXIW WS S TSVXEP HSW FSRW VIPEGMSREQIRXSW 8-Q GSQS SFNIXMZS RSW XSQEV
JMVQIW I GSRWGMIRXIW HI RW QIWQSW E JMQ HI WIVQSW GETE^IW HI RSW ETVS\MQEV HSW
SYXVSW WIQ WYJSG PSW SY HIWVIWTIMX PSW :MWEQ XEQFQ IZMXEV UYI WINEQSW
GSRWXVERKMHSW E RS GSRJMEV IQ RW QIWQSW
7IV VIWTSRWZIP MQTPMGE XIV E HIXIVQMRES TEVE VIWTSRHIV TIPEW GSRWIU-RGMEW
HEW EXMXYHIW EHSXEHEW
7IV VIWTSRWZIP EWWYQMV EW I\TIVM-RGMEW TIWWSEMW TEVE EXMRKMV YQE VIEP
GSQTVIIRWS HSW EGIVXSW I HSW HIWIRKERSW
7IV VIWTSRWZIP HIGMHMV TSV WM QIWQS TEVE SRHI MV I HIWGSFVMV E VE^S HS
TVTVMS UYIVIV
2S I\MWXIQ ZXMQEW HE JEXEPMHEHI RW UYI WSQSW SW TVSQSXSVIW HS RSWWS
HIWXMRS 7SQSW E GEYWE HSW IJIMXSW UYI SGSVVIQ IQ RSWWE I\MWX-RGME
%GIMXEV S TVMRGTMS HE VIWTSRWEFMPMHEHI MRHMZMHYEP I IWXEFIPIGIV PMQMXIW
HIWGSQTPMGE RSWWE ZMHE XSQERHS RSW GEHE ZI^ QEMW GSRWGMIRXIW HI XYHS S UYI
EGSRXIGI ES RSWWS HIVVIHSV
)WGSPLIRHS GSQ VIWTSRWEFMPMHEHI I WEFIHSVME TSHIVIQSW XVERWQYXEV WIQ
I\GIS EW EQEVKYVEW IQ UYI ZMZIQSW RE EXYEPMHEHI % EYXS VIWTSRWEFMPMHEHI RSW
TVSTSVGMSREV E HHMZE HI VIGSRLIGIV UYI UYEPUYIV QYHERE HI VSXE RS MXMRIVVMS HI
RSWWE ZMEKIQ GWQMGE HITIRHIV MRZEVMEZIPQIRXI HI RW

%W (SVIW HE %PQE

-VVIWTSRWEFMPMHEHI
3 MRHMZHYS UYI RS EGIMXE E VIWTSRWEFMPMHEHI TSV WIYW EXSW I
GSRWXERXIQIRXI GVME PMFMW I VIGSVVI E HMWWMQYPEIW GYPTERHS SW SYXVSW
HIRSQMREHS MQEXYVS
2SWWS QSHS HI TIRWEV EXVEM RSWWEW I\TIVM-RGMEW TSMW TIRWEV YQ GSRXRYS EXS
HI IWGSPLIV )ZMXEV RS TIRWEV XEQFQ YQE IWGSPLE TSVXERXS WSQSW RW UYI
JEFVMGEQSW EW JMFVEW UYI GSRJIGGMSREVS E XI\XYVE HE RSWWE I\MWX-RGME
5YERHS WIPIGMSREQSW YQ HIXIVQMREHS GSQTSVXEQIRXS GYNS VIWYPXEHS TSWWZIP
TVIZIV IWXEQSW XEQFQ IWGSPLIRHS IWWI QIWQS VIWYPXEHS I SFZMEQIRXI HIZIQSW
EGIMXEV E VIWTSRWEFMPMHEHI HI XEP JEXS
7SQSW VIWTSRWZIMW TIPE QERIMVE GSQS RSW VIPEGMSREQSW GSQ EW TIWWSEW MWXS
GRNYKIW JMPLSW TEVIRXIW EQMKSW I GSRLIGMHSW TSVUYI GIVXEQIRXI RMRKYQ RSW
SFVMKE E EKMV HIWXE SY HEUYIPE JSVQE QEW WI EWWMQ EGSRXIGIV TSVUYI RW QIWQSW
GIHIQSW HMERXI HE I\MK-RGME HSW SYXVSW
'SRWMHIVERHS UYI RSWWEW EXMXYHIW WS GSQS KVSW HI EVIME S VITIXMRHS EW GSQ
GIVXE VIKYPEVMHEHI GVMEVIQSW TIUYIRSW QSRXIW 8YHS WI MRMGME GSQ HMQMRYXSW KVSW HI
EVIME -RMGMEPQIRXI JSVQEQ YQE GSPMRE PSKS HITSMW YQ QSVVS I GSQ E GSRWXERXI
VITIXMS HIWWEW QIWQEW EXMXYHIW IVKYIQ WI IRSVQIW QSRXERLEW I JMREPQIRXI YQE
GSVHMPLIMVE
7SQSW VIWTSRWZIMW TSV XYHS S UYI I\TIVMQIRXEQSW IQ RW QIWQSW IRJMQ
GVMEQSW RSWWE TVTVME VIEPMHEHI
4SHI S LSQIQ TIPE WYE ZSRXEHI I TSV WIYW EXSW JE^IV UYI RS WI H-IQ
EGSRXIGMQIRXSW UYI HIZIVMEQ ZIVMJMGEV WI I VIGMTVSGEQIRXI# 4SHI S WI IWWE ETEVIRXI
QYHERE RE SVHIQ HSW JEXSW XMZIV GEFMQIRXS RE WIU-RGME HE ZMHE UYI IPI IWGSPLIY

%WWMQ WIRHS SW )WTVMXSW 7FMSW EJ V-REQ UYI E QYHERE HI RSWWS HIWXMRS

WSQIRXI SGSVVI UYERHS VIEPQIRXI EWWYQMQSW E VIWTSRWEFMPMHEHI TSV RSWWE ZMHE
YWERHS HI HIXIVQMRES I ZSRXEHI )WWE XVERWJSVQES IRXVIXERXS RS VIEPM^EHE HI
YQ QSQIRXS TEVE S SYXVS SY QIWQS RS WI XVEXE HI YQ WMQTPIW UYIVIV GETVMGLSWS
IQ ZIVHEHI S TVSHYXS HI YQE WIU-RGME HI IWGSPLEW ES PSRKS HI MRYQIVZIMW
I\TIVM-RGMEW I EGSRXIGMQIRXSW
3 MRHMZHYS UYI RS EGIMXE E VIWTSRWEFMPMHEHI TSV WIYW EXSW I GSRWXERXIQIRXI
GVME PMFMW I VIGSVVI E HMWWMQYPEIW GYPTERHS SW SYXVSW HIRSQMREHS MQEXYVS
3 LSQIQ EHYPXS WI GEVEGXIVM^E TIPS JEXS HI UYI IPI TVTVMS HIPMQMXE WIY GHMKS
HI GSRHYXE QSVEP N EPGERSY YQ GIVXS KVEY HI MRHITIRH-RGME MRXIVMSV I JE^ WIYW
NYPKEQIRXSW FEWIEHS IQ WYE EYXSRSQME
3W EQEHYVIGMHSW EXMRKMVEQ YQ FSQ RZIP HI VIPEGMSREQIRXS GSRWMKS QIWQSW I
GSRWIUIRXIQIRXI GSQ SW SYXVSW TSV MWWS VIWSPZIQ JEGMPQIRXI XERXS SW GSRJPMXSW
MRXIVRSW GSQS SW I\XIVRSW (IWWE QERIMVE EWWYQIQ EW VIWTSRWEFMPMHEHIW UYI PLIW
GSQTIXIQ I IWXS HIWTIVXSW TEVE E VIEPMHEHI
% JEWI TVMQSVHMEP HE ZMHE WI MRMGME RE XSXEP MRGSRWGM-RGME I E TEVXMV HI IRXS S
TVMRGTMS MRXIPMKIRXI TVSKVMHI HI QERIMVE KVEHEXMZE I GSRWXERXI VYQS E YQE GEHE ZI^
5YIWXS
4SHI S LSQIQ TIPE WYE ZSRXEHI I TSV WIYW EXSW JE^IV UYI WI RS H-IQ
EGSRXIGMQIRXSW UYI HIZIVMEQ ZIVMJMGEV WI I VIGMTVSGEQIRXI#
4SHI S WI IWWE ETEVIRXI QYHERE RE SVHIQ HSW JEXSW XMZIV GEFMQIRXS RE WIU-RGME HE ZMHE UYI
IPI IWGSPLIY %GVIWGI UYI TEVE JE^IV S FIQ GSQS PLI GYQTVI TSMW UYI MWWS GSRWXMXYM S SFNIXMZS RMGS HE
ZMHE JEGYPXEHS PLI MQTIHMV S QEP WSFVIXYHS EUYIPI UYI TSWWE GSRGSVVIV TEVE E TVSHYS HI YQ QEP
QENSV

QEMSV GSRWGM-RGME HI WM MWXS GVIWGIRXI MPYQMRES HI WYEW JEGYPHEHIW I EXMZMHEHIW

RXMQEW %W GVMEXYVEW GSQIEQ E RSXEV TVMQIMVEQIRXI SW TVMRGTMSW UYI PLIW TEVIGIQ
ZMV HI JSVE I HITSMW RS HIGSVVIV HI WIY TVSKVIWWS IWTMVMXYEP TIVGIFIQ UYI XYHS WI
IRGSRXVE IQ WYE MRXMQMHEHI 2S S QYRHS UYI WI XVERWJSVQE S UYI EGSRXIGI UYI
IPEW QYHEQ HI RZIMW HI GSRWGM-RGME EPXIVERHS S QYRHS IQ WM QIWQEW
)Q ZMVXYHI HMWWS S IQVMXS TIRWEHSV I IWGVMXSV IWTVMXE 0SR (IRMW VIWYQMY I
IWXVYXYVSY HI QSHS GSIVIRXI I LSQSK-RIS UYI S TWMUYMWQS HSVQI RS QMRIVEP WSRLE
RS ZIKIXEP WIRXI RS ERMQEP TIRWE RS LSQMREP I TSV JMQ EXMRKI ZEWXE LEFMPMHEHI
MRXYMXMZE RE JEWI ERKIPMGEP HERHS TVSWWIKYMQIRXS E WIY TVSGIWWS IZSPYXMZS TIPS
YRMZIVWS MRJMRMXS
% TVSTSWXE HS HIWTIVXEV HEW EPQEW ERXMUWWMQE I IRGSRXVEHE IQ HMZIVWEW
TEWWEKIRW HS 2SZS 8IWXEQIRXS 3 ETWXSPS 4EYPS S MRGSQTEVZIP HMZYPKEHSV HE &SE
2SZE IWGVIZIRHS ESW )JWMSW RS GETXYPS : ZIVWGYPS
EWWMQ WI VITSVXE (IWTIVXE
XY UYI HSVQIW I PIZERXE XI HIRXVI SW QSVXSW
(IWTIVXEV IRXVIXERXS GSRHMS MREHMZIP TEVE UYI EXMRNEQSW EW ZIVHEHIW
XVERWGIRHIRXIW VIEZMZERHS IQ RW E GSRWGM-RGME TEVE SW SFNIXMZSW IWWIRGMEMW HE
IXIVRMHEHI
8SHSW SW IWJSVSW HE GVMEXYVE WIVZIQ E YQ RMGS SFNIXMZS XSVR PE QEMW
GSRWGMIRXI MWXS EQTPMEV S WIY TVTVMS QSHS HI ZIV EW GSMWEW 2S RSW IWUYIEQSW
TSMW HI UYI E IZSPYS HI RSWWEW EPQEW REHE GVME HI RSZS S UYI IPE JE^ QIPLSVEV
TVSKVIWWMZEQIRXI RSWWE ZMWS WSFVI EUYMPS UYI WIQTVI I\MWXMY
7SFVI IWWE UYIWXS SW )WTVMXSW 7YTIVMSVIW EWWIZIVEQ GSQ QYMXE WEFIHSVME
UYI E EPXIVES RS VYQS HSW EGSRXIGMQIRXSW TVSZSGEHE TIPS LSQIQ TSHI HEV WI
WI IWWE ETEVIRXI QYHERE RE SVHIQ HSW JEXSW XMZIV GEFMQIRXS RE WIU-RGME HE ZMHE
UYI IPI IWGSPLIY
4SVXERXS RS TSHIV LEZIV QEXYVMHEHI ZMZIRGMEP WIQ UYI S
MRHMZHYS WI GSRWGMIRXM^I TPIREQIRXI HI WIY PMZVI EVFXVMS I HI UYI XYHS S UYI WSJVI
KS^E TIVGIFI I I\TIVMQIRXE REHE QEMW HS UYI S VIJPI\S HI WM QIWQS

)JIWMSW

%W (SVIW HE %PQE

'VMXMGE
'EVQEW WS IWXVYXYVEHSW RS WSQIRXI WSFVI RSWWSW JIMXSW I EXMXYHIW
QEW XEQFQ WSFVI RSWWEW WIRXIREW I NY^SW GVXMGEW I STMRMIW
2S )ZERKIPLS HI 0YGEW GETXYPS :- ZIVWGYPS
S 1IWXVI TVSTI ,MTGVMXE
XMVE TVMQIMVS E XVEZI HS XIY SPLS I IRXS ZIVW FIQ TEVE XMVEV S EVKYIMVS UYI IWX RS
SPLS HS XIY MVQS
4SV TVSNIS TWMGSPKMGE IRXIRHI WI E EXMXYHI HI TIVGIFIV RSW SYXVSW GSQ GIVXE
JEGMPMHEHI RSWWSW GSRJPMXSW I HMJMGYPHEHIW GSQ VIGYWE RS IRXERXS HI Z- PSW IQ RW
QIWQSW
(ITIRHIRHS HS KVEY HI HMWXSVS UYI JE^IQSW HSW JEXSW TEVE EXIRHIV E RSWWEW
XISVMEW I MVVIEPMHEHIW UYI WI MRMGME IQ RSWWE MRXMQMHEHI S TVSGIWWS HE TEVERME 3W
TEVERMGSW TSWWYIQ YQE GEVEGXIVWXMGE TIGYPMEV VIPEGMSREQ UYEPUYIV EGSRXIGMQIRXS
HS QYRHS GSRWMKS QIWQSW SY QIPLSV HM^IRHS HIWZMVXYEQ E VIEPMHEHI HSW JEXSW
XVE^IRHS TEVE S RZIP TIWWSEP XYHS S UYI SGSVVI IQ WYE ZSPXE
5YERXS QEMW GSRWGMIRXM^EHE JSV E GVMEXYVE XERXS QEMW IRXIRHI E SVHIQ HEW
GSMWEW I QEMW EW UYIWXMSREV IQ WIY WMQFSPMWQS )WXEV TIVJIMXEQIRXI LEVQSRM^EHS I
GIRXVEHS IQ XYHS S UYI I\MWXI S VIUYMWMXS TVMQSVHMEP TEVE EXMRKMVQSW E TPIRMXYHI HE
ZMHE
8YHS S UYI GVMXMGEVQSW ZIIQIRXIQIRXI RS I\XIVMSV IRGSRXVEVIQSW IQ RSWWE
MRXMQMHEHI -WWS RSW PIZE E IRXIRHIV UYI S EQFMIRXI IQ UYI ZMZIQSW IQ ZIVHEHI
YQ IWTIPLS SRHI RSW ZIQSW I\EXE I VIEPQIRXI GSQS WSQSW
7I RE I\XIVMSVMHEHI EPKS HI MRSTSVXYRS IWXMZIV SGSVVIRHS GSRSWGS SY
GLEQERHS QYMXS E RSWWE EXIRS NYWXEQIRXI TSVUYI EMRHE RS IWXEQSW IQ XSXEP
LEVQSRME RE MRXIVMSVMHEHI 7MKRMJMGE UYI HIZIQSW EREPMWEV QIPLSV I IWXYHEV EMRHE QEMW
E VIE GSVVIWTSRHIRXI ES RSWWS QYRHS RXMQS
:INEQSW S UYI HM^IQ SW )QFEM\EHSVIW HS &IQ WSFVI UYIQ EREPMWE SW HIJIMXSW
EPLIMSW -RGSVVIV IQ KVERHI GYPTE WI S JM^IV TEVE SW GVMXMGEV I HMZYPKEV TSVUYI WIV
JEPXEV GSQ E GEVMHEHI 7I S JM^IV TEVE XMVEV HE TVSZIMXS TEVE IZMX PSW XEP IWXYHS
TSHIV WIV PLI HI EPKYQE YXMPMHEHI
8SHEW EW QEPHEHIW I IZIRXSW HIWEKVEHZIMW UYI ZMWYEPM^EQSW JSVE WS WSQIRXI
QIRWEKIMVSW SY MRXIVQIHMVMSW UYI XSQEQ GSRWGMIRXI E RSWWE TEVXI MRGSRWGMIRXI 8YHS
S UYI VIEPQIRXI IWXEQSW ZMZIRGMERHS RS TVIWIRXI XYHS EUYMPS UYI IWXEQSW
TVIGMWERHS RIWXI QSQIRXS
0IQSW E VIWTIMXS HI YQ EWWYRXS I PSKS EXVEQSW GVMEXYVEW UYI XEQFQ WI
MRXIVIWWEQ TIPS QIWQS XIQE -QTVIWWMSREQS RSW GSQ YQ EVXMKS HI VIZMWXE I PSKS IQ
WIKYMHE WIQ RYRGE GSQIRXEV IWWI JEXS GSQ RMRKYQ ETEVIGIQ TIWWSEW RSW
TVIWIRXIERHS GSQ PMZVSW UYI EFVERKIQ IWWE QEXVME
)WWI IRGEHIEQIRXS HI JEXSW SY IPSW HS EGEWS XIQ WYE VE^S HI WIV TSMW WI
FEWIME RE PIM HEW EXVEIW SY HEW EJMRMHEHIW 4SVXERXS XSHS GSRLIGMQIRXS MRJSVQES
EGSRXIGMQIRXS SY ETVS\MQES HI UYI ZIVHEHIMVEQIRXI TVIGMWEQSW TSV GIVXS
ZMZIRGMEVIQSW

%RXIW HI GIRWYVEVHIW EW MQTIVJIMIW HSW SYXVSW ZIHI WI HI ZW RS

TSHIVS HM^IV S QIWQS
2SWWEW EJMVQEIW HMERXI HE ZMHE VIXSQEVS WIQTVI HI QERIMVE MRIUYZSGE
'EVQEW WS IWXVYXYVEHSW RS WSQIRXI WSFVI RSWWSW JIMXSW I EXMXYHIW QEW XEQFQ
WSFVI RSWWEW WIRXIREW I NY^SW GVXMGEW I STMRMIW
3W IJIMXSW WSRSVSW HS IGS WS VIJPI\IW HI SRHEW UYI MRGMHIQ WSFVI YQ
SFWXGYPS I VIXSQEQ ES TSRXS HI SVMKIQ %REPSKEQIRXI TSHIVIQSW IRXIRHIV S
QIGERMWQS IWTMVMXYEP HI JYRGMSREQIRXS HE PIM HI ES I VIES IQ RSWWEW I\MWX-RGMEW
%XSW SY TEPEZVEW VITIXMHEW WYGIWWMZEQIRXI ZSPXEVS IGSERHS WSFVI RW QIWQSW WS
ZIVIHMGXSW VIWYPXERXIW HI RSWWEW ETVIGMEIW I IWXMQEXMZEW ZMZIRGMEMW
8SHEW EW RSWWEW WYWTIMXEW WMWXIQXMGEW X-Q VE^IW RE JEPXE HI GSRJMERE IQ RW
QIWQSW I RS RSW SYXVSW 4SV MWWS
WI GVMXMGEQSW S GSQTSVXEQIRXS WI\YEP EPLIMS TSHIQSW IWXEV ZMZIRHS IRSVQIW
GSRJPMXSW EJIXMZSW HIRXVS HS TVTVMS PEV
WI XIQIQSW E HIWGSRWMHIVES TSWWZIP XIVQSW HIWGSRWMHIVEHS EPKYQE
GSMWE QYMXS WMKRMJMGEXMZE HIRXVS HI RSWWE MRXMQMHEHI
WI HIWGSRJMEQSW HI UYI EW TIWWSEW UYIVIQ RSW GSRXVSPEV TVSZEZIPQIRXI RS
IWXEQSW RE TSWWI HS GSQERHS HI RSWWE V ZMHE MRXIVMSV
WI GSRHIREQSW E LMTSGVMWME HSW SYXVSW XEPZI^ RS IWXINEQSW WIRHS PIEMW GSQ
RSWWEW TVTVMEW ZSGEIW I MHIEMW
4VSNIXEV RSWWEW QE^IPEW I MRJSVXRMSW WSFVI EPKYQE GSMWE SY TIWWSE RS VIWSPZI
E RSWWE TVSFPIQXMGE I\MWXIRGMEP 7SQIRXI UYERHS VIGSRLIGIVQSW RSWWEW XVEZIW
HMWTSWMXMZSW MRXIVMSVIW UYI PMQMXEQ RSWWE QEVGLE IZSPYXMZE UYI TSHIVIQSW ZIV GSQ
PYGMHI^ UYI VIEPQIRXI WS IPEW EW ZIVHEHIMVEW JSRXIW HI MRJIPMGMHEHI UYI RSW
HMWXERGMEQ HE TE^ I HE LEVQSRME UYI XERXS FYWGEQSW

5YIWXS
-RGSVVI IQ GYPTE S LSQIQ TSV IWXYHEV SW HIJIMXSW EPLIMSW#
-RGSVVIV IQ KVERHI GYPTE WI S JM^IV TEVE SW GVMXMGEV I HMZYPKEV TSVUYI WIV JEPXEV GSQ E
GEVMHEHI 7I S JM^IV TEVE XMVEV HE TVSZIMXS TEVE IZMX PSW XEP IWXYHS TSHIV WIV PLI HI EPKYQE YXMPMHEHI
-QTSVXE TSVQ RS IWUYIGIV UYI E MRHYPK-RGME TEVE GSQ SW HIJIMXSW HI SYXVIQ YQE HEW ZMVXYHIW
GSRXMHEW RE GEVMHEHI %RXIW HI GIRWYVEVHIW EW MQTIVJIMIW HSW SYXVSW ZIHI WI HI ZW RS TSHIVS HM^IV
S QIWQS 8VEXEM TSMW HI TSWWYMV EW UYEPMHEHIW STSWXEW ESW HIJIMXSW UYI GVMXMGEMW RS ZSWWS WIQIPLERXI
)WWI S QIMS HI ZSW XSVREVHIW WYTIVMSVIW E IPI 7I PLI GIRWYVEMW S WIV EZEVS WIHI KIRIVSWSW WI S WIV
SVKYPLSWS WIHI LYQMPHIW I QSHIWXSW WI S WIV WTIVS WIHI FVERHSW WI S TVSGIHIV GSQ TIUYIRI^ WIHI
KVERHIW IQ XSHEW EW ZSWWEW EIW 2YQE TEPEZVE JE^IM TSV QERIMVE UYI WI RS ZSW TSWWEQ ETPMGEV IWXEW
TEPEZVEW HI .IWYW :- S EVKYIMVS RS SPLS HS WIY ZM^MRLS I RS Z- E XVEZI RS WIY TVTVMS

%W (SVIW HE %PQE

'VXMGE
3 GVXMGS TSV ZMKMEV I IWTVIMXEV WIQ MRXIVVYTS SW TVSFPIQEW EPLIMSW
TIVQERIGI MRGSRWGMIRXI I MQSFMPM^EHS IQ VIPES TVTVME ETVIRHM^EKIQ
IZSPYGMSREP
3W HMGMSRVMSW HIJMRIQ GVXMGE GSQS WIRHS YQ I\EQI HIXEPLEHS UYI ZMWE E
WEPMIRXEV EW UYEPMHEHIW SY SW HIJIMXSW HS SFNIXS E WIV NYPKEHS GSQYQ IRGSRXVEQSW
EPKYQ GVMXMGERHS S XVEFEPLS HI SYXVS WIQ X- PS ZMZIRGMEHS TIWWSEPQIRXI MWXS
HIWETVSZERHS S UYI RIQ WIUYIV XIRXSY JE^IV 8YHS MWWS JE^ TEVXI HE MRGSIV-RGME
LYQERE
% GVXMGE RSGMZE GEVEGXIVWXMGE HI MRHMZHYSW UYI RS VIEPM^EQ REHE HI
MQTSVXERXI RS IRJVIRXEQ HIWEJMSW RIQ WI EVVMWGEQ E QYHEREW *MGEQ WIRXEHSW
SFWIVZERHS S UYI EW TIWWSEW HM^IQ JE^IQ I TIRWEQ TEVE HITSMW JMPSWSJEV
MQTVSHYXMZEQIRXI WSFVI EW VIEPM^EIW EPLIMEW YWERHS WYEW IPYGYFVEIW HMWWSGMEHEW
HS IUYMPFVMS %W HMWGSVHRGMEW WS TIVJIMXEQIRXI WEYHZIMW I RSVQEMW HIWHI UYI
IWXINEQ JYRHEQIRXEHEW IQ JEXSW GSRGVIXSW I RS RSW ZETSVIW HEW WYTSWMIW SY HEW
TVSNIIW HE GSRWGM-RGME
, UYIQ HMKE UYI E GVXMGE TVSJMWWMSREPM^EHE TSV WIV YQ QIMS JGMP I VIRXZIP
TEVE HIWXEGEV SW MRGETE^IW I MREFMPMHSWSW XSQERHS SW TIWWSEW MQTSVXERXIW I
JSVQMHZIMW 4SVQ RS TSV QYMXS XIQTS
3W ZIVHEHIMVSW VIEPM^EHSVIW HIWXI QYRHS RS X-Q XIQTS TEVE GIRWYVEW I
GSRHIREIW TSMW IWXS WIQTVI QYMXS SGYTEHSW RE GSRGVIXM^ES HI WYEW XEVIJEW
%NYHEQ SW JVEGSW I MRI\TIVMIRXIW IRWMRERHS SW UYI RS WS XEPIRXSWSW IQ ZI^ HI
QEPHM^- PSW
% GVXMGE TSHI WIV GSRWXVYXMZE I XMP 'EHE YQ HI RW TSHI PMZVIQIRXI STXEV
IRXVI S TETIP HI MVSRM^EV I S HI VIEPM^EV
% GVXMGE TSHI WIV IQTVIKEHE GSQS JSVQE HI MRSGIRXEV RSW HE VIWTSRWEFMPMHEHI
HI RSWWE TVTVME MRIJMGM-RGME I HI EXVMFYMV RSWWEW JVYWXVEIW I JVEGEWWSW ESW UYI
VIEPQIRXI WS GVMEXMZSW I SVMKMREMW
)Q ZIVHEHI TEVE WI ZMZIV GSQ IUYMPFVMS QIRXEP IQSGMSREP I WSGMEP
RIGIWWVMS EGMQE HI XYHS VIWTIMXEV SW HMVIMXSW HSW SYXVSW EWWMQ GSQS UYIVIQSW UYI
SW RSWWSW WINEQ VIWTIMXEHSW
(I EGSVHS GSQ S TIRWEQIRXS HE )WTMVMXYEPMHEHI 1EMSV (E RIGIWWMHEHI UYI S
LSQIQ XIQ HI ZMZIV IQ WSGMIHEHI REWGIQ PLI SFVMKEIW IWTIGMEMW
E TVMQIMVE HI
XSHEW E HI VIWTIMXEV SW HMVIMXSW HI WIYW WIQIPLERXIW
)Q S ZSWWS QYRHS TSVUYI E
QEMSVME HSW LSQIRW RS TVEXMGE E PIM HI NYWXME GEHE YQ YWE HI VITVIWPMEW )WWE E
GEYWE HE TIVXYVFES I HE GSRJYWS IQ UYI ZMZIQ EW WSGMIHEHIW LYQEREW
%W VITVIWPMEW IZMHIRGMEHEW RIWXE UYIWXS TSHIQ WIV M GSRWMHIVEHEW GSQS EW
HIWJSVVEW SY EW ZMRKEREW UYI GSQYQIRXI SW MRHMZHYSW JE^IQ EXVEZW HI GVXMGEW
MRNVMEW WXMVEW I HITVIGMEIW 2IWWI XIQE STSVXYRS VIWWEPZEV UYI IQ QYMXEW
SGEWMIW IQ HIGSVV-RGME HEW IQSIW TEXSPKMGEW TIVJIMXEQIRXI TSWWZIP TIWWSEW
WIRXMVIQ WI LYQMPLEHEW ZIRHS EXMXYHIW HI EVVSKRGME I MRWYPXS SRHI RS I\MWXIQ
5YIWXS
(E RIGIWWMHEHI UYI S LSQIQ XIQ HI ZMZIV IQ WSGMIHEHI REWGIQ PLI SFVMKEIW
IWTIGMEMW#
'IVXS I E TVMQIMVE HI XSHEW E HI VIWTIMXEV SW HMVIMXSW HI WIYW WIQIPLERXIW %UYIPI UYI
VIWTIMXEV IWWIW HMVIMXSW TVSGIHIV WIQTVI GSQ NYWXME )Q S ZSWWS QYRHS TSVUYI E QEMSVME HSW LSQIRW
RS TVEXMGE E PIM HI NYWXME GEHE YQ YWE HI VITVIWPMEW )WWE E GEYWE HE TIVXYVFES I HE GSRJYWS IQ
UYI ZMZIQ EW WSGMIHEHIW LYQEREW % ZMHE WSGMEP SYXSVKE HMVIMXSW I MQTI HIZIVIW VIGTVSGSW

2S QYRHS MRXIVMSV HSW GVXMGSW MQTPEGZIMW TSHI I\MWXMV YQE MRXMQMHES

SVMKMREPQIRXI EHUYMVMHE RE MRJRGME IQ ZMVXYHI HE EYXSVMHEHI I EQIEE HSW TEMW
:S^IW HS TEWWEHS IGS IQ WYEW QIRXIW WSPMGMXERHS MRWMWXIRXIQIRXI UYI WINEQ
TSRXYEMW I MRJEPZIMW I\EXSW I FIQ MRJSVQEHSW WYTIV VIWTSRWZIMW I GSRXVSPEHSW
%W I\MK-RGMEW HS TVIXVMXS GVMEVEQ PLIW YQ TEHVS HI GSQTSVXEQIRXS QIRXEP
GEVEGXIVM^EHS TSV GSRWXERXI GSFVERE I EGYWES JE^IRHS GSQ UYI TVSNIXIQ XYHS MWWS
WSFVI SW SYXVSW 3 QIHS HI GSQIXIVIQ IVVSW I S JEXS HI HIWGSRJMEVIQ HI WM QIWQSW
GSRJIVIQ PLIW YQE I\MWX-RGME EQFMZEPIRXI :MZIQ ES QIWQS XIQTS IRXVI E WIRWES
HI TIVWIKYMS I E HI WYTIVMSVMHEHI %PQ HS QEMW UYIQ GVMXMGE MQEKMRE WI
WIRWEGMSREP I IQ ZERXEKIQ
(IWIWTIVEHEQIRXI SFWIVZEQ I HIWGSRJMEQ HI WM QIWQSW )\XIVMSVM^EQ I
XVERWJIVIQ XSHE IWWE WIRWES HI EYXS EGYWES GSRHIRERHS SW SYXVSW )WWE STIVES
IQSGMSREP JYRGMSRE GSQS YQE ZPZYPE HI IWGETI E JMQ HI GSQTIRWEV E
EYXSTIVWIKYMS I ETPEGEV EW GSFVEREW GSRZYPWMZEW HS WIY QYRHS MRXIVMSV
3W GVXMGSW WS IWTIGMEPMWXEW IQ HIXIGXEV I VIWSPZIV SW TVSFPIQEW UYI RS PLIW
HM^IQ VIWTIMXS QEW GSRXVEVMEQIRXI TSWWYIQ YQE KVEZI HMJMGYPHEHI IQ EGIMXEV E WYE
TVTVME TVSFPIQXMGE I\MWXIRGMEP
% 0IM (MZMRE RSW H S PMZVI EVFXVMS TEVE IWGSPLIVQSW I GSRGVIXM^EVQSW RSWWS
TVSKVEQE HI ETVIRHM^EKIQ SY WINE PMZVI STS TEVE IPIKIVQSW S GEQMRLS E WIV
TIVGSVVMHS TEVE I\TERHMVQSW RSWWE GSRWGM-RGME 3 TPERS HI MRWXVYS RSW SJIVIGIV
HYEW TSWWMFMPMHEHIW FWMGEW E WEFIV E ETVIRHM^EKIQ GSRWGMIRXI I E MRGSRWGMIRXI
% ETVIRHM^EKIQ GSRWGMIRXI EUYIPE IQ UYI IWXEQSW TVSRXSW TEVE EKMV I
VIWSPZIV EW GSMWEW QIHMERXI YQE EWWMQMPES EXYERXI SY YQE TEVXMGMTES ZSPYRXVME
% ETVIRHM^EKIQ MRGSRWGMIRXI E UYI IRXVEV IQ ZMKSV EYXSQEXMGEQIRXI
UYERHS HIWTVI^EQSW GSRWGMIRXIQIRXI E VIWSPYS I GSQTVIIRWS HS RSWWS VSXIMVS HI
MRWXVYS )Q VIWYQS S WSJVMQIRXS WIQTVI IRXVE IQ ES UYERHS RS ETVIRHIQSW
IWTSRXERIEQIRXI
3 GVXMGS TSV ZMKMEV I IWTVIMXEV WIQ MRXIVVYTS SW TVSFPIQEW EPLIMSW
TIVQERIGI MRGSRWGMIRXI I MQSFMPM^EHS IQ VIPES TVTVME ETVIRHM^EKIQ IZSPYGMSREP
TSVXERXS WYE TSWWMFMPMHEHI HI MRXIKVEPM^EV RSZSW GSRGIMXSW I I\TIVM-RGMEW UYEWI RYPE
5YERXS QEMW IPI TVSNIXE E GYPTE I E EGYWES ES QYRHS I\XIVMSV VIGYWERHS GYQTVMV
WYE ETVIRHM^EKIQ GSRWGMIRXIQIRXI QEMW WSJVIV GSQ SW VIJPI\SW HI WYEW EXMXYHIW
.IWYW 'VMWXS GSRLIGIRHS SW XVESW HI GEVXIV HE LYQERMHEHI XIVVIRE IQ IZSPYS
EHZIVXMY SW 3YZM QI ZW XSHSW I GSQTVIIRHIM 2EHE L JSVE HS LSQIQ UYI
IRXVERHS RIPI S TSWWE GSRXEQMREV QEW S UYI WEM HIPI MWWS UYI GSRXEQMRE S
LSQIQ
% XIRH-RGME IQ NYPKEV I GVMXMGEV SW SYXVSW GSQ MRXIRS QEPHSWE VIGIFI
E HIRSQMRES HI QEPGME IQ SYXVEW TEPEZVEW S MRHMZHYS RIWWEW GSRHMIW Z- SW
SYXVSW GSQ SW SPLSW HE TVTVME QEPHEHI

1EVGSW

%W (SVIW HE %PQE

-PYWS
7SQSW RW QIWQSW UYI RSW MPYHMQSW TSV UYIVIV UYI EW GVMEXYVEW
H-IQ S UYI RS TSHIQ I UYI ENEQ GSQS MQEKMREQSW UYI HIZEQ EKMV
% GVMEXYVE LYQERE QSHIPE WYEW VIEIW IQSGMSREMW EXVEZW HSW GVMXVMSW HSW
SYXVSW IWXEFIPIGIRHS TEVE WM TVTVME QIXEW MPYWVMEW RE ZMHE )WUYIGI WI IRXVIXERXS
HI UYI WYEW I\TIVM-RGMEW WS RMGEW GSQS XEQFQ RMGEW WS WYEW VIEIW I HI UYI S
GSRWXERXI IWXEHS HI HIWIRGSRXVS I EJPMS WYFTVSHYXS HEW XIRXEXMZEW HI GSRGVIXM^EV
IWWEW WYEW MVVIEPMHEHIW
'SRWXERXIQIRXI GVMEQSW JERXEWMEW IQ RSWWE QIRXI FPSUYIEQSW RSWWE
GSRWGM-RGME I VIGYWEQSW EGIMXEV E ZIVHEHI 9WEQSW SW QEMW HMZIVWSW QIGERMWQSW HI
HIJIWE WINE HI JSVQE GSRWGMIRXI WINE HI JSVQE MRGSRWGMIRXI TEVE IZMXEV SY VIHY^MV SW
IZIRXSW EW GSMWEW SY SW JEXSW HI RSWWE ZMHE UYI RSW WS MREHQMWWZIMW % RIKES
YQ HIWWIW QIGERMWQSW TWMGSPKMGSW IPE ETEVIGI GSQS TVMQIMVE VIES HMERXI HI YQE
TIVHE SY HI YQE HIVVSXE 4SVXERXS RIKEQSW MRZEVMEZIPQIRXI E JMQ HI EQSVXIGIV
RSWWE EPQE HEW WSFVIGEVKEW IQSGMSREMW
5YERXS QEMW WSRLSW MPKMGSW QEMW GVIWGI E PYXE TEVE QEXIVMEPM^ PSW PIZERHS
GIVXEQIRXI SW MRHMZHYSW E WI XSVREVIQ TVMWMSRIMVSW HI YQ GVGYPS ZMGMSWS I GSQS
VIWYPXEHS E WSJVIVIQ GSRWXERXIW JVYWXVEIW I YQE HIGITS GVRMGE
9Q I\IQTPS GPWWMGS HI MPYWS E XIRH-RGME I\EKIVEHE HI GIVXEW TIWWSEW IQ
UYIVIV JE^IV XYHS GSQ TIVJIMS EPMW UYIVIV WIV S QSHIPS TIVJIMXS )WWE EFWXVES
MPYWVME EW GSPSGE IQ WMXYES HIWIWTIVEHSVE 8VEXE WI HI YQ TVSGIWWS RIYVXMGS UYI
JE^ GSQ UYI IPEW EWWMQMPIQ GEHE QERMJIWXES HI GSRXVEVMIHEHI HSW SYXVSW GSQS YQ
WMREP HS WIY JVEGEWWS I E MRXIVTVIXIQ GSQS YQE VINIMS TIWWSEP
3 WIV LYQERS WYTIVGVXMGS XIQ YQE RIGIWWMHEHI GSQTYPWVME HI WIV
GSRWMHIVEHS MVVITVIIRWZIP 7YE MRGETEGMHEHI HI EGIMXEV SW SYXVSW GSQS WS VIJPI\S
HI WYE MRGETEGMHEHI HI EGIMXEV E WM TVTVMS 7YE FYWGE HSIRXME HE TIVJIMS YQE
TVSNIS HI WYEW TVTVMEW I\MK-RGMEW MRXIVREW 3 TIVJIGGMSRMWQS TSV GIVXS E QEMW
GSQYQ HEW MPYWIW I MRUYIWXMSREZIPQIRXI YQE HEW QEMW GEXEWXVJMGEW UYERHS
MRXIVJIVI RSW VIPEGMSREQIRXSW LYQERSW 9QE TIWWSE TIVJIMXE I\MKMV ETIREW
GSQTERLIMVSW TIVJIMXSW
% WIRWES HI UYI TSHIQSW GSRXVSPEV E ZMHE HI TEVIRXIW I EQMKSW XEQFQ
YQE HEW QEMW JVIUIRXIW MPYWIW I RIQ WIQTVI JGMP HMJIVIRGMEV E MPYWS HI
GSRXVSPEV I E VIEPMHEHI HI EQEV I GSQTVIIRHIV
% ES HI GSRXVSPEV SW SYXVSW WI XVERWJSVQE GSQ S TEWWEV HS XIQTS IQ YQ R
UYI IWXVERKYPE PIRXEQIRXI EW QEMW UYIVMHEW EJIMIW 7I GSRXMRYEVQSW E QERXIV IWWE
EXMXYHI QERMTYPEHSVE ZIVIQSW IQ FVIZI WI I\XMRKYMV S EQSV HSW UYI GSRZMZIQ
GSRSWGS )PIW TSHIVS TIVQERIGIV ES RSWWS PEHS TSV JMHIPMHEHI NEQEMW TSV GEVMRLS I
TVE^IV
)Q SYXVEW GMVGYRWXRGMEW EKMQSW GSQ WIKYRHEW MRXIRIW IRZSPZIRHS GVMEXYVEW
UYI RSW TEVIGIQ XVE^IV ZERXEKIRW MQIHMEXEW )Q RSWWSW HIZERIMSW I UYMQIVEW
EGLEQSW UYI GSRWIKYMVIQSW PSKVEV -\MXS QEW GSQS WIQTVI XSHS TPERS STSVXYRMWXE
QEMW GIHS SY QEMW XEVHI WIV HIWGSFIVXS 5YERHS MWWS EGSRXIGI MRHMKREQS RSW
MRGSIVIRXIQIRXI GSRXVE E TIWWSE I RS GSRXVE E RSWWE EYXS MPYWS
)WGSPLIQSW EQM^EHIW MREHIUYEHEW RS EREPMWEQSW WYEW PMQMXEIW I
TSWWMFMPMHEHIW HI HSES EJIXS I WMRGIVMHEHI I UYERHS VIGIFIQSW E TIHVE HE
MRKVEXMHS I HE XVEMS TSV TEVXI HIPIW GYPTEQS PSW 'IVXEQIRXI IWUYIGIQS RSW HI
UYI WSQSW RW QIWQSW UYI RSW MPYHMQSW TSV UYIVIV UYI EW GVMEXYVEW H-IQ S UYI RS
TSHIQ I UYI ENEQ GSQS MQEKMREQSW UYI HIZEQ EKMV

+SWXEQSW HI EPKYQ MQIRWEQIRXI I EPMQIRXEQSW E MHME HI UYI IWWI QIWQS

EPKYQ TYHIWWI GSVVIWTSRHIV ES RSWWS EQSV I EWWMQ GVMEQSW WSRLSW VSQRXMGSW
IRXVI JERXEWMEW I MVVIEPMHEHIW
%W LMWXVMEW MRJERXMW WSFVI TVRGMTIW IRGERXEHSW WSGSVVIRHS PMRHEW HSR^IPEW IQ
TIVMKS WS XIMW I FIRJMGEW HIWHI UYI RS WI XVERWJSVQIQ IQ MPYWVMEW FEWIW HE
I\MWX-RGME )PEW TSHIQ MRGMXEV SW HIPVMSW HI YQE IWTIVE MREXMRKZIP IQ UYI WSQIRXI
YQ TVRGMTI HI ZIVHEHI XIQ S TVMZMPKMS HI QIVIGIV YQE TVMRGIWE HMWJEVEHE SY
ZMGI ZIVWE
% GSRWGM-RGME LYQERE IWX UYEWI WIQTVI IRZSPZMHE TSV MPYWIW UYI
MQTSWWMFMPMXEQ TSV YQ PEHS E GETEGMHEHI HI EYXSTIVGITS TSV SYXVS HMJMGYPXEQ S
GSRXEXS GSQ E VIEPMHEHI HEW GSMWEW I TIWWSEW
2S GYPTIQSW RMRKYQ TIPSW RSWWSW HIWEGIVXSW TSMW WSQSW SW RMGSW
VIWTSRWZIMW
GEHE YQ HI RW
TIPE UYEPMHEHI HI ZMHE UYI I\TIVMQIRXEQSW EUYM I
EKSVE
3 WIRXMQIRXS HI NYWXME IWX IQ E 2EXYVI^E
S TVSKVIWWS QSVEP HIWIRZSPZI
IWWI WIRXMQIRXS QEW RS S H (IYW STW RS GSVES HS LSQIQ
4VSGYVIQSW EYWGYPXEV RSWWEW TIVGITIW MRXIVMSVIW YWERHS RSWWSW WIRXMHSW
QEMW TVSJYRHSW I SFWIVZERHS S UYI RSW QSWXVEQ EW PIMW REXYVEMW IWXEFIPIGMHEW IQ
RSWWE GSRWGM-RGME 'SRJMEV RS WIRXMQIRXS HI NYWXME UYI WEM HS GSVES GSRJSVQI
EWWIZIVEQ SW +YMEW HE ,YQERMHEHI TVSQSZIV E MRHITIRH-RGME HI RSWWSW
TIRWEQIRXSW I ZMZIV GSQ WIRWS HI VIEPMHEHI %PMW WS IWWEW EW GEVEGXIVWXMGEW QEMW
MQTSVXERXIW HEW TIWWSEW IWTMVMXYEPQIRXI QEHYVEW
)WXEQSW RE 8IVVE TEVE IWXEFIPIGIV YQE PMRLE HMZMWVME IRXVI E WERMHEHI I E
HIFMPMHEHI TSVXERXS MQTVIWGMRHZIP HMWGIVRMV S UYI UYIVIQSW JSVEV UYI WINE
VIEPMHEHI HEUYMPS UYI ZIVHEHIMVEQIRXI VIEPMHEHI 1YMXEW ZI^IW TSHIQSW IWXEV RSW
MPYHMRHS E TSRXS HI RIKEV JEXSW TVIGMSWSW UYI RSW ENYHEVMEQ E TIVGIFIV E
KVERHMSWMHEHI HE :MHE 4VSZMHIRGMEP XVEFEPLERHS IQ JEZSV HI RSWWS HIWIRZSPZMQIRXS
MRXIKVEP

5YIWXS
3 WIRXMQIRXS HI NYWXME IWX IQ E 2EXYVI^E SY VIWYPXEHS HI MHMEW EHUYMVMHEW#
)WX HI XEP QSHS IQ E 2EXYVI^E UYI ZSW VIZSPXEMW WMQTPIW MHME HI YQE MRNYWXME JSVE HI
HZMHE UYI S TVSKVIWWS QSVEP HIWIRZSPZI IWWI WIRXMQIRXS QEW RS S H (IYW S TW RS GSVES HS
LSQIQ (E ZIQ UYI JVIUIRXIQIRXI IQ LSQIRW WMQTPIW I MRGYPXSW WI ZSW HITEVEQ RSIW QEMW
I\EXEW HI NYWXME HS UYI RSW UYI TSWWYIQ KVERHI GEFIHEP HI WEFIV

%W (SVIW HE %PQE

-PYWS
QEMW TVSHYXMZS TEVE E IZSPYS HEW EPQEW EGVIHMXEV REUYMPS UYI WI
WIRXI HS UYI REW TEPEZVEW UYI WI SYZIQ
%W MPYWIW UYI GVMEQSW WIVZIQ RSW HI GIVXE JSVQE HI HIJIWEW GSRXVE RSWWEW
VIEPMHEHIW EQEVKEW )QFSVE TSWWEQ TSV YQ PEHS RSW TSYTEV HEW HSVIW
QSQIRXERIEQIRXI TSV SYXVS RSW XSVREQ TVMWMSRIMVSW HE MVVIEPMHEHI 4EVE TSWWYMV
YQE QIRXI W TVIGMWS UYI XIRLEQSW E GETEGMHEHI HI EGIMXES HE VIEPMHEHI NEQEMW
JYKMRHS HIPE
1YMXSW HI RW GSRWIVZEQ E MPYWS HI UYI E TSWWI QEXIVMEP TVSTSVGMSRE E
JIPMGMHEHI HI UYI S TSHIV I E JEQE KEVERXIQ S EQSV HI UYI E JSVE FVYXE PLIW
TVSXIKIV HI YQE TSWWZIP EKVIWWS I HI UYI E TVXMGE WI\YEP PLIW HEVME YQE MRXIKVEP
KVEXMJMGES RE ZMHE 5YEWI WIQTVI HIWIRZSPZIQSW IWWEW MPYWIW RE MRJRGME GSQ
RSWWSW TEMW TVSJIWWSVIW SYXVSW TEVIRXIW GSQS WIRHS VIEMW IRWMREQIRXSW UYERHS IQ
ZIVHEHI RS TEWWEQ HI GVIREW HMWXSVGMHEW HI MRHMZHYSW UYI XMRLEQ S HMRLIMVS I S
WI\S GSQS HMZMRHEHIW WYTVIQEW
1IWQS UYERHS GVIWGMHSW I QEHYVSW WIRXMQSW QIHS HI EFERHSR PEW 2S WIV
JGMP VIRYRGMEVQSW E IWWEW MPYWIW WI RS RSW GSRWGMIRXM^EVQSW HI UYI E EPIKVME I S
WSJVMQIRXS RS IWXS RSW JEXSW I REW GSMWEW HE ZMHE QEW WMQ RE JSVQE GSQS E QIRXI SW
TIVGIFI )RUYERXS YWEVQSW RSWWE QIRXI WIQ UYI IPE IWXINE PMKEHE E RSWWSW WIRXMHSW
QEMW TVSJYRHSW JMGEVIQSW EKEVVEHSW E IWWIW ZEPSVIW MPYWVMSW
W ZI^IW RE HIRSQMREHE IHYGES SY RSVQE WSGMEP EWWMQMPEQSW EW MPYWIW HSW
SYXVSW GSQS WIRHS VIEPMHEHIW %TVIRHIQSW HIWHI E QEMW XIRVE MHEHI UYI GIVXEW
IQSIW WS VYMRW IRUYERXS SYXVEW WS FSEW -QTSVXE GSRWMHIVEV RS IRXERXS UYI EW
IQSIW WS EQSVEMW I UYI WIRXM PEW QYMXS HMJIVIRXI HS EKMV GSQ FEWI RIPEW IMW
UYERHS TEWWEQ E WIV YQE UYIWXS QSVEP WSGMEP
3W GSWXYQIW WSGMEMW RS SFVMKEQ QYMXEW ZI^IW S LSQIQ E IRZIVIHEV TSV YQ
GEQMRLS HI TVIJIV-RGME E SYXVS
3 UYI WI GLEQE VIWTIMXS LYQERS RS GSRWXMXYM
FMGI ES I\IVGGMS HS PMZVI EVFXVMS
7S SW LSQIRW I RS (IYW UYIQ JE^ SW
GSWXYQIW WSGMEMW 7I IPIW E IWXIW WI WYFQIXIQ TSVUYI PLIW GSRZ-Q 8EP WYFQMWWS
TSVXERXS VITVIWIRXE YQ EXS HI PMZVI EVFXVMS
'SPSGEV VIWXVMIW W IQSIW GSQS UYIVIV WIKYVEV EW SRHEW HS QEV
IRUYERXS GSPSGEV VIWXVMIW ES GSQTSVXEQIRXS LYQERS TIVJIMXEQIRXI TSWWZIP I
ZPMHS 7S SW GSQTSVXEQIRXSW EHIUYEHSW UYI TVSQSZIQ S FIQ IWXEV HSW KVYTSW
WSGMEMW I MRUYIWXMSREZIPQIRXI WS RIGIWWVMSW LEVQSRME HE GSQYRMHEHI
%W IQSIW WS WMQTPIWQIRXI IQSIW MQTSVXERXWWMQS ETVIRHIVQSW E
TIVHSEV I WIVQSW GSQTVIIRWMZSW HIWHI UYI JEEQSW MWWS EKMRHS TSV PMZVI IWGSPLE RS
5YIWXS
3W GSWXYQIW WSGMEMW RS SFVMKEQ QYMXEW ZI^IW S LSQIQ E IRZIVIHEV TSV YQ GEQMRLS
HI TVIJIV-RGME E SYXVS I RS WI EGLE IPI WYFQIXMHS HMVIS HE STMRMS KIVEP UYERXS IWGSPLE HI WYEW
SGYTEIW# 3 UYI WI GLEQE VIWTIMXS LYQERS RS GSRWXMXYM FMGI ES I\IVGGMS HS PMZVI EVFXVMS#
7S SW LSQIRW I RS (IYW UYIQ JE^ SW GSWXYQIW WSGMEMW 7I IPIW E IWXIW WI WYFQIXIQ TSVUYI
PLIW GSRZ-Q 8EP WYFQMWWS TSVXERXS VITVIWIRXE YQ EXS HI PMZVI EVFXVMS TSMW UYI WI S UYMWIWWIQ
TSHIVMEQ PMFIVXEV WI HI WIQIPLERXI NYKS 4SV UYI IRXS WI UYIM\EQ# *EPIGI PLIW VE^S TEVE EGYWEVIQ
SW GSWXYQIW WSGMEMW % GYPTE HI XYHS HIZIQ PER PE ES XSPS EQSV TVTVMS HI UYI ZMZIQ GLIMSW I UYI SW
JE^ TVIJIVMVIQ QSVVIV HI JSQI E MRJVMRKM PSW 2MRKYQ PLIW PIZE IQ GSRXE IWWI WEGVMJGMS JIMXS STMRMS
TFPMGE ES TEWWS UYI (IYW PLIW PIZEV IQ GSRXE S WEGVMJGMS UYI JM^IVIQ HI WYEW ZEMHEHIW 2S UYIV MWXS
HM^IV UYI S LSQIQ HIZE EJVSRXEV WIQ RIGIWWMHEHI EUYIPE STMRMS GSQS JE^IQ EPKYRW IQ UYIQ L QEMW
SVMKMREPMHEHI HS UYI ZIVHEHIMVE JMPSWSJME 8ERXS HIWEXMRS L IQ TVSGYVEV EPKYQ WIV ETSRXEHS E HIHS SY
GSRWMHIVEHS ERMQEP GYVMSWS UYERXS EGIVXS IQ HIWGIV ZSPYRXEVMEQIRXI I WIQ QYVQYVE HIWHI UYI RS
TSWWE QERXIV WI RS EPXS HE IWGEPE

TSV QIHS SY TSV EYXSRIKES IQSGMSREP 2E QEMSVME HSW GEWSW HEQSW E SYXVE JEGI
RS TSV YQE GETEGMHEHI HI PMZVI I\TVIWWS I GSRWGM-RGME QEW YWERHS JEPWEW EXMXYHIW
HI GSQTVIIRWS I IWTSRXERIMHEHI
4EVE UYI RSWWSW EXSW I GSQTSVXEQIRXSW WINEQ ZIVHEHIMVSW EW IQSIW HIZIQ
WIV TIVGIFMHEW GSQS WS I XSXEPQIRXI VIGSRLIGMHEW TIPE RSWWE TIVWSREPMHEHI E JMQ HI
UYI RSWWE I\TVIWWS WINE REXYVEP JGMP I ETVSTVMEHE W WMXYEIW
-HIRXMJMGEV YQE IQSS HMJIVIRXI HI WYTSVX PE 2E MHIRXMJMGES RW E
VIGSRLIGIQSW I E TEVXMV HE EKMQSW SY RS WYTSVXEV E IQSS WMKRMJMGE MKRSV PE SY
WMQTPIWQIRXI XIRXEV IPMQMR PE
'IRWYVEV EW IQSIW MPYWS WIVME S QIWQS UYI GIRWYVEV E TVTVME 2EXYVI^E
,EFMXYEPQIRXI SW TEMW GSWXYQEQ VITVIIRHIV S JMPLS HM^IRHS UYI RS HIZIVME XIV VEMZE
SY QIHS 4SV GIVXS GSRHIREQ EW GVMEREW TSV IWWEW IQSIW I EW SFVMKEQ E IWGSRHPEW TSVQ IPIW RS GSRWIKYIQ I\XMVT PEW %S TYRMVIQ WIYW JMPLSW TSV IWXIW
I\TVIWWEVIQ WYEW IQSIW REXYVEMW XEPZI^ RS IWXINEQ YWERHS S QIPLSV QXSHS
IHYGEXMZS 2S WIVME QIPLSV IRWMREV PLIW SW GHMKSW HS FSQ GSQTSVXEQIRXS WSGMEP
HIM\ERHS UYI WIY QSHS HI WIV JPYE GSQ REXYVEPMHEHI I IUYMPFVMS WIQ ERYPEV E
TIVWSREPMHEHI SY XSVR PSW WYFQMWWSW#
8SHSW SW WIVIW LYQERSW REWGIQ GSQ VIEIW IQSGMSREMW )RGSRXVEQSW RSW
FIF-W IQSIW HI VEMZE UYERHS IWXS MQTIHMHSW HI ERHEV TIKEV FVMRGEV SY WINE
QSZMQIRXEV WI PMZVIQIRXI :IVMJMGEQSW XEQFQ IQSIW HI QIHS UYERHS JMGEQ WIQ
ETSMS UYERHS WI WIRXIQ EFERHSREHSW SY HMERXI HI FEVYPLSW JSVXIW
2E MRJRGME WI EW IQSIW JSVIQ MQTIHMHEW HI WI QERMJIWXEV MVS SGEWMSREV
WVMSW HERSW RS HIWIRZSPZMQIRXS TWMGSIQSGMSREP HS EHYPXS GSRWXMXYMRHS WI PLI YQ
SFWXGYPS TEVE EXMRKMV E EYXS WIKYVERE
% VEMZE SY S QIHS WS IQSIW UYI TVSTSVGMSREQ YQ GIVXS IWXEHS HI EPIVXE
UYI RSW QERX-Q HIWTIVXSW 7IQ IPIW JMGEQSW MQTSXIRXIW I RS GSRWIKYMQSW TVSXIKIV
RSWWE MRXIKVMHEHI JWMGE RIQ E TWMGSPKMGE HEW EQIEEW UYI IRJVIRXEQSW RE ZMHE 7S
IPIW UYI RSW SVMIRXEQ TEVE E HIJIWE SY TEVE E JYKE IQ WMXYEIW HI VMWGS
3FZMEQIRXI RS IWXEQSW JE^IRHS EPYWS W IQSIW TEXSPKMGEW I MVVEGMSREMW
QEW UYIPEW UYI REXYVEMW WS IWWIRGMEMW ES GVIWGMQIRXS I HIWIRZSPZMQIRXS HSW WIVIW
LYQERSW
2SWWSW WIRXMHSW WS XYHS S UYI XIQSW TEVE TIVGIFIV SW VIGEHSW HE ZMHE GSRXPSW WIVME S QIWQS UYI HIWXVYMV S IPS GSQ RSWWE MRXMQMHEHI 2S WIRXMV ZMZIV IQ
GSRWXERXI MPYWS HMWXERGMEHS HS ZIVHEHIMVS WMKRMJMGEHS HE ZMHE % VITVIWWS HEW
IQSIW MRMFI S VMXQS I E TYPWES MRXIVRE PMQMXE E ZMXEPMHEHI I VIHY^ E TIVGITS
5YERHS VITVMQMQSW YQE IQSS TSV GIVXS IWXEVIQSW VITVMQMRHS QYMXEW SYXVEW %S
VITVMQMVQSW RSWWEW IQSIW FWMGEW QIHS I VEMZE GIVXEQIRXI IWXEVIQSW VITVMQMRHS
XEQFQ EW IQSIW HE EJIXMZMHEHI -RJIPM^QIRXI RS GSRWIKYMVIQSW PMHEV GSQ EW
HMJMGYPHEHIW I IRGSRXVEV WSPYIW WI TIVHIVQSW S GSRXEXS GSQ EW PIMW HE 2EXYVI^E
EPMW GVMEHEW TSV (IYW I UYI RSW VIKIQ E XSHSW QEMW TVSHYXMZS TEVE E IZSPYS HEW
EPQEW EGVIHMXEV REUYMPS UYI WI WIRXI HS UYI REW TEPEZVEW UYI WI SYZIQ

%W (SVIW HE %PQE

1IHS
3 VIWYPXEHS HS QIHS IQ RSWWEW ZMHEW WIV E TIVHE HS RSWWS TSHIV HI
TIRWEV I EKMV GSQ IWTSRXERIMHEHI
%S PEREQSW QS HI YQE PERXIVRE IQ YQE RSMXI IWGYVE I JSGEPM^EQSW
HIXIVQMREHS PYKEV ZEQSW XSVR PS IZMHIRXI 5YERHS HIWXEGEQSW EPKS GSRZIVKMQSW
XSHEW EW RSWWEW TIVGITIW QEMW RXMQEW TEVE S QSXMZS HI RSWWE EXIRS I ES
I\EQMR PS IWXEVIQSW IWXEFIPIGIRHS TVSJYRHEW PMKEIW QIRXEMW EXVEZW HI RSWWS
SPLEV PMKEHS E IWWI PYKEV IWTIGJMGS
*SGEPM^EV GSQ E PERXIVRE HI RSWWEW EXIRIW SW PYKEVIW EW TIWWSEW SW JEXSW SW
IZIRXSW I EW GSMWEW IQ KIVEP WMKRMJMGE UYI IWXEVIQSW IRJEXM^ERHS TEVE RW QIWQSW S
UYI UYIVIQSW UYI E ZMHE RSW QSWXVI I RSW JSVRIE
3 )WTVMXS YRMGEQIRXI Z- I SYZI S UYI UYIV (M^IQSW MWXS HI YQ TSRXS HI ZMWXE
KIVEP I IQ TEVXMGYPEV GSQ VIJIV-RGME ESW )WTVMXSW IPIZEHSW
% TIVGITS YQ EXVMFYXS HS IWTVMXS 5YERXS QEMSV S IWXEHS HI GSRWGM-RGME HS
MRHMZHYS QEMSV WIV WYE GETEGMHEHI HI TIVGIFIV E ZMHE UYI RS WI PMQMXE ETIREW ESW
JVEKQIRXSW HE VIEPMHEHI QEW WMQ VIEPMHEHI TPIRE
'SPSGEV RSWWE EXIRS REW GSMWEW HE ZMHE JEXSV MQTSVXERXI TEVE S RSWWS
HIWIRZSPZMQIRXS QIRXEP IQSGMSREP I IWTMVMXYEP XSHEZME RIGIWWVMS WEFIV HMVIGMSREV
GSRZIRMIRXIQIRXI RSWWE TIVGITS I EXIRS RS QSQIRXS I\EXS I TEVE S PYKEV GIVXS
5YERXS QEMW TIRWEVQSW I ZSPXEVQSW RSWWE EXIRS TEVE EW GEPEQMHEHIW I
HIWEWXVIW QEMW XIVIQSW E MQTVIWWS HI UYI S QYRHS IWX PMQMXEHS RSWWE TIWWSEP
QERIMVE GEXEWXVJMGE HI Z- PS I WIRXM PS
2EW STSVXYRMHEHIW HI GVIWGMQIRXS UYI RSW SJIVIGIQ RSWWEW I\TIVM-RGMEW XIQSW
E TSWWMFMPMHEHI HI ZEPMHEV I TSXIRGMEPM^EV HIXIVQMREHEW GVIREW I GSRGIMXSW UYI
TSHIVS RSW HIWIWXVYXYVEV TWMUYMGEQIRXI PIZERHS RSW E YQE ZIVHEHIMVE LMTRSWI
QIRXEP % TEVXMV HMWWS IWUYIGIQS RSW HI ZMWYEPM^EV S VIWXERXI HS QYRHS UYI RSW
GIVGE 4EWWEQSW E ZMZIV WMQTPIWQIRXI ZSPXEHSW TEVE E STMRMS UYI EHSXEQSW GSQS
RMGE ZIVHEHI EWWYWXEHSW I EQIHVSRXEHSW IRXVI GSRWXERXIW EXQSWJIVEW HI VIGIMS I
ETVIIRWS
)Q QYMXEW SGEWMIW JMGEQSW TEVEHSW QEVKIQ HS GEQMRLS JSGEPM^ERHS RSWWSW
GSRJPMXSW HMJMGYPHEHIW I TVSFPIQEW HIM\ERHS E ZMHE KMVEV IQ XSQS HIPIW 'SPSGEQSW
RSWWSW HMPIQEW GSQS TIEW GIRXVEMW I UYERHS IWWEW JSVEW GSRJPMXERXIW GSQIEQ E RSW
EQIEEV WIRXMQS RSW ETEZSVEHSW
3 VIWYPXEHS HS QIHS IQ RSWWEW ZMHEW WIV E TIVHE HS RSWWS TSHIV HI TIRWEV I
EKMV GSQ IWTSRXERIMHEHI TSMW UYIQ HIGMHMV GSQS I UYERHS HIZIQSW EXYEV WIV E
EXQSWJIVE HS XIQSV UYI RSW IRZSPZI
%RGSVEHSW TIPS VIGIMS I TIPE HIWGSRJMERE GVMEQSW VIWMWX-RGMEW SFWXGYPSW I
XVSTISW UYI RSW MQTIHIQ HI EZEREV 4EWWEQSW IRXS E RS ZMZIV RSZEW
I\TIVM-RGMEW RS VIGIFIV RSZSW TIRWEQIRXSW I RS JE^IV RSZEW EQM^EHIW
IWXEGMSRERHS I HMJMGYPXERHS RSWWE GEQMRLEHE I TVSKVIWWS RXMQS
%W WIRWEIW HS QIHS WSFVIGEVVIKEQ EW IRIVKMEW HSW GLEOVEW HS TPI\S WSPEV I
HS GEVHEGS TVSZSGERHS UYEWI WIQTVI YQE MQTVIWWS HI ZGYS RS IWXQEKS I YQ
HIWGSRXVSPI REW FEXMHEW HS GSVES 'SRXYHS RS WIVEQSW EJIXEHSW TSV RIRLYQ
5YIWXS
'SRWXMXYMRHS IPEW EXVMFYXSW TVTVMSW HS )WTVMXS WIV PLI TSWWZIP WYFXVEMV WI W
TIVGITIW#
3 )WTVMXS YRMGEQIRXI Z- I SYZI S UYI UYIV (M^IQSW MWXS HI YQ TSRXS HI ZMWXE KIVEP I IQ
TEVXMGYPEV GSQ VIJIV-RGME ESW )WTVMXSW IPIZEHSW TSVUYERXS SW MQTIVJIMXSW QYMXEW ZI^IW SYZIQ I Z-IQ
E WIY QEY KVEHS S UYI PLIW TSWWE WIV XMP ES ETIVJIMSEQIRXS

EGSRXIGMQIRXS HI QERIMVE XS HIWKEWXERXI WI IWXMZWWIQSW GIRXVEHSW IQ RW

QIWQSW
2SWWS GIRXVS RS RSWWE QIRXI RIQ RSWWSW WIRXMQIRXSW SY IQSIW QEW
IQ ZIVHEHI RSWWE EPQE
E IWW-RGME HMZMRE TSV QIMS HE UYEP XIWXIQYRLEQSW XYHS S
UYI SGSVVI HIRXVS I JSVE HI RW
'EHE YQ Z- S YRMZIVWS HEW GSMWEW TIPS UYI :IQSW S QYRHS I EW GVMEXYVEW
WIKYRHS S RZIP HI HIWIRZSPZMQIRXS HE GSRWGM-RGME IQ UYI ZMZIQSW 5YERXS QEMSV
IWWI RZIP QEMW IWXEVIQSW GIRXVEHSW I ZMZIRHS IWXZIMW I XVERUMPSW 5YERXS QIRSV
QEMW XIVIQSW YQ NY^S TVMQVMS HI XYHS I YQE IWXVIMXE ZMWS HSW JEXSW I HEW TIWWSEW
%TVIRHIRHS E JSGEPM^EV I E HIWJSGEPM^EV RSWWEW GVMWIW XVEYQEW QIHSW TIVHEW I
HMJMGYPHEHIW FIQ GSQS SW EGSRXIGMQIRXSW HIWEWXVSWSW HS GSXMHMERS
HERHS PLIW E
HIZMHE MQTSVXRGME I VIKYPERHS S XIQTS RIGIWWVMS E JMQ HI EREPMW PSW
TVSZIMXSWEQIRXI
XIVIQSW QIXEW WIQTVI EHIUYEHEW I WIKYVEW UYI JEZSVIGIVS
RSWWS TVSKVIWWS IWTMVMXYEP 2S HIZIQSW NEQEMW WYFIWXMQ PSW SY MKRSV PSW
0IQFVIQS RSW HI UYI E FIPI^E RS IWX WSQIRXI REW JPSVIW HS NEVHMQ QEW
ERXIW HI XYHS RSW SPLSW HI UYIQ EW EHQMVE

%W (SVIW HE %PQE

1IHS
(IWZIRHEV KVEHEXMZEQIRXI RSWWE KISKVEJME MRXIVRE RSWWS TVTVMS
TEHVS HI GEV-RGMEW I QIHSW TVSTSVGMSRE RSW YQE FEWI WPMHE HI
EYXSGSRJMERE
1SHIPE I JSVQE E RSWWE WSQFVE XYHS EUYMPS UYI RW RS EHQMXMQSW WIV XYHS S
UYI RS UYIVIQSW HIWGSFVMV HIRXVS HI RW XYHS S UYI RS UYIVIQSW I\TIVMQIRXEV I
XYHS S UYI RS VIGSRLIGIQSW GSQS ZIVHEHIMVS IQ RSWWS TVTVMS GEVXIV 7SQFVE
YQ GSRGIMXS NYRKYMERS TEVE HIWMKREV E WSQE HSW PEHSW VINIMXEHSW HE VIEPMHEHI UYI E
GVMEXYVE RS UYIV EHQMXMV SY ZIV IQ WM QIWQE TIVQERIGIRHS TSVXERXS IWUYIGMHSW
REW TVSJYRHI^EW HE MRXMQMHEHI
4SV QIHS HI WIVQSW ZMWXSW GSQS WSQSW RSWWEW VIPEIW JMGEQ PMQMXEHEW E YQ
RZIP WYTIVJMGMEP 6IWKYEVHEQS RSW I JIGLEQS RSW MRXMQEQIRXI TEVE WIRXMV RSW
IQSGMSREPQIRXI WIKYVSW
4VIWYQMQSW UYI S RS ZIV VIWYPXE IQ RS XIV )Q ZIVHEHI RS RSW PMZVEQSW
HI RSWWS PEHS VIGYWEHS WMQTPIWQIRXI TSVUYI JIGLEQSW SW SPLSW TEVE IPI QEW TSVUYI
QIWQS EWWMQ GSRXMRYEV E I\MWXMV RE WSQFVE HI RSWWE IWXVYXYVE QIRXEP -RGETE^ HI
ZSEV S EZIWXVY^ IQFSVE WINE YQE HEW QEMSVIW EZIW IWGSRHI E GEFIE RS TVMQIMVS
FYVEGS UYI IRGSRXVE WYE JVIRXI UYERHS EGYEHS I EQIHVSRXEHS )WWI GSQTSVXEQIRXS
HS EZIWXVY^ YQE QIXJSVE EHIUYEHE TEVE HIQSRWXVEV S UYI XIRXEQSW JE^IV GSRSWGS
UYERHS RIKEQSW GIVXEW VIEPMHEHIW HI RSWWE REXYVI^E LYQERE
%W GSMWEW MKRSVEHEW KIVEQ QEMW QIHS HS UYI EW GSRLIGMHEW
6IGYWEV WI E EGIMXEV E HMZIVWMHEHI HI IQSIW I WIRXMQIRXSW HI RSWWS QYRHS
MRXIVMSV RSW PIZEV E ZMZIV WIQ S GSRXVSPI HI RSWWE I\MWX-RGME WIQ XIV REW QSW EW
VHIEW HI RSWWS HIWXMRS %S EWWYQMVQSW UYI WS IPIQIRXSW REXYVEMW HI IWXVYXYVE
LYQERE IQ IZSPYS JVMI^E WIRWYEPMHEHI EZEVI^E HIWTIVHGMS IKSWQS HIWMRXIVIWWI
HSQMRES WYFQMWWS PEWWMHS MQTIXYSWMHEHI E GSQIE RSWWS XVEFEPLS HI
EYXSGSRLIGMQIRXS E JMQ HI UYI TSWWEQSW HIWGSFVMV SRHI IVVEQSW I E TEVXMV HI IRXS
IRGSRXVEV S QIMS XIVQS SY WINE RS IWXEV RYQ I\XVIQS RIQ RS SYXVS
1YMXEW GVMEXYVEW X-Q QIHS HI WM QIWQEW (IWZIRHEV KVEHEXMZEQIRXI RSWWE
KISKVEJME MRXIVRE RSWWS TVTVMS TEHVS HI GEV-RGMEW I QIHSW TVSTSVGMSRE RSW YQE
FEWI WPMHE HI EYXS GSRJMERE
3 EXS HI EVVITIRHMQIRXS REHE QEMW HS UYI TIVGIFIV RSWWS PEHS MREHIUYEHS
EHQMXMV TEVE RW QIWQSW UYI MHIRXMJMGEQSW RSWWS GSQTSVXEQIRXS MRGSRZIRMIRXI I
UYI TVIGMWEQSW QYHEV RSWWEW EXMXYHIW HMERXI HEW TIWWSEW I HS QYRHS
%VVITIRHMQIRXS TSHI WIV ZMWXS GSQS E RSWWE XSQEHE HI GSRWGM-RGME HI GIVXSW
IPIQIRXSW UYI RIKZEQSW GSRWGMIRXI SY MRGSRWGMIRXIQIRXI TVSNIXERHS SW TEVE JSVE
SY VITVMQMRHS SW IQ RSWWE WSQFVE
%VVITIRHMQIRXS UYIV HM^IV TIWEV SY QYHERE HI STMRMS TSV EPKYQE JEPXE
GSQIXMHE ZSGFYPS HI YWS LEFMXYEP REW PMHIW VIPMKMSWEW 8SQEV GSRWGM-RGME YQE
I\TVIWWS QSHIVRE UYI WMKRMJMGE HMWGIVRMQIRXS HE ZMHE I\XIVMSV I MRXIVMSV EGVIWGMHE
HE GETEGMHEHI HI NYPKEV QSVEPQIRXI SW EXSW % RSWWS ZIV EQFSW SW XIVQSW RSW PIZEQ
QIWQE GEYWE
3 EXS HI EVVITIRHMQIRXS YQ ERXHSXS GSRXVE S QIHS 5YIQ WI EVVITIRHIY
TSVUYI I\EQMRSY WYEW TVSJYRHI^EW I HIWGSFVMY UYI WIYW HIWINSW I XIRH-RGMEW REHE
QEMW WS UYI MQTYPWSW GSQYRW E XSHSW SW WIVIW LYQERSW 5YIQ WI EVVITIRHIY
TSVUYI ETVIRHIY UYI WMQTPIWQIRXI LYQERS JEPZIP I RIQ QIPLSV RIQ TMSV HS UYI
SW SYXVSW

%VVITIRHIV WI S TVMQIMVS TEWWS TEVE QIPLSVEVQSW I TVSKVIHMQSW

IWTMVMXYEPQIRXI
3 IWTVMXS 7S 0YW XE\EXMZS UYERHS HM^ UYI XSHSW SW IWTVMXSW WI EVVITIRHIVS
YQ HME , SW HI EVVITIRHMQIRXS QYMXS XEVHMS TSVQ TVIXIRHIV WI UYI RYRGE WI
QIPLSVEVS JSVE RIKEV E PIM HS TVSKVIWWS I HM^IV UYI E GVMERE RS TSHI XSVREV WI
LSQIQ
%W QERMJIWXEIW HIGSVVIRXIW HI RSWWE WSQFVE WS TVSNIXEHEW TSV RW
QIWQSW HI JSVQE ERRMQE RS QYRHS WSF S TVIXI\XS HI UYI WSQSW ZXMQEW TSVUYI
XIQSW QIHS HI HIWGSFVMV IQ RW E ZIVHEHIMVE JSRXI HSW QEPIW UYI RSW EPGEREQ RS
HME E HME 4SV EGVIHMXEV UYI FERMQSW HI RSWWE MRXMQMHEHI HIXIVQMREHS TVMRGTMS UYI
RSW KIVEZE QIHS I FEM\E IWXMQE UYI JEXEPQIRXI IRGSRXVEVIQSW PSKS IQ WIKYMHE
IWWI QIWQS TVMRGTMS QEXIVMEPM^ERHS WI RS QYRHS I\XIVMSV EQIHVSRXERHS RSW I
GEYWERHS RSW HIWGSRJSVXS
3W GLEQEHSW XMUYIW RIVZSWSW REHE QEMW WS HS UYI MQTYPWSW GSQTYPWMZSW HI
EXSW SY E GSRXVES VITIXMXMZE HI GIVXSW QWGYPSW HIWIRZSPZMHE HI JSVQE MRGSRWGMIRXI
TEVE RS XSQEVQSW GSRWGM-RGME HSW GSRXIHSW IQSGMSREMW UYI VITVMQMQSW IQ RSWWE
WSQFVE 3W XMUYIW WS GSQTYPWIW QSXSVEW TEVE EPMZMEV IQSIW I JYRGMSREQ GSQS
ZIVHEHIMVSW XETYQIW IRIVKXMGSW TEVE GSRXIV WIRXMQIRXSW IQIVKIRXIW % XGRMGE
JYRGMSRE HE WIKYMRXI QERIMVE IRUYERXS S MRHMZHYS WI HMWXVEM GSQ S XMUYI RS HIM\E
ZMV GSRWGM-RGME S UYI VITVMQMY TSV GSRWMHIV PS JIMS I TIGEQMRSWS
3 WSQEXVMS HIWWEW IQSIW RIKEHEW RSW GEYWE QIHSW MRI\TPMGZIMW UYI RSW
STVMQIQ EJEWXERHS RSW HS ZIVHEHIMVS EVVITIRHMQIRXS I TVINYHMGERHS S RSWWS
GVIWGMQIRXS MRXIVMSV 1YMXSW HI RW GSRXMRYEQSW ERSW E JMS WIRXMRHS XIQSVIW
MRNYWXMJMGZIMW TSV XYHS EUYMPS UYI VITVMQMQSW I TEVE IZMXEV UYI TIRWEQIRXSW
VIGSVHEIW SY MQTYPWSW GLIKYIQ ES GSRWGMIRXI
3 QIHS MRHIJMRMHS TVSZQ HE VITVIWWS HI MQTYPWSW GSRWMHIVEHSW MREGIMXZIMW
UYI I\MWXIQ HIRXVS HI RW HE EYW-RGME HI GSRXVMS HI RSWWEW JEPXEW HE RS EHQMWWS
HI RSWWSW IVVSW HIWGSQTIRWERHS RSWWS GSVTS IRIVKIXMGEQIRXI GSQ S TIWS HSW JEVHSW
HS XIQSV I HS TRMGS

5YIWXS
,EZIV )WTVMXSW UYI RYRGE WI EVVITIRHIQ#
, SW HI EVVITIRHMQIRXS QYMXS XEVHMS TSVQ TVIXIRHIV WI UYI RYRGE WI QIPLSVEVS JSVE
RIKEV E PIM HS TVSKVIWWS I HM^IV UYI E GVMERE RS TSHI XSVREV WI LSQIQ
7S 0YW

%W (SVIW HE %PQE

1IHS
(IRXVI EW QYMXEW HMJMGYPHEHIW UYI IRZSPZIQ E EKSVEJSFME E QEMW
KVEZI E MRGIVXI^E HI RSWWS ZEPSV TIWWSEP I EW GVIREW HI FEM\E IWXMQE
UYI TSWWYQSW LIVHEHEW QYMXEW ZI^IW RE MRJRGME
5YERHS IWXEQSW IRZSPZMHSW TIPS XIQSV RS GSRWIKYMQSW EZEREV (IM\EQSW HI
XIV MHMEW MRHMXEW HI ZMZIV I\TIVM-RGMEW MRXIVIWWERXIW I GSRLIGIV RSZEW GVMEXYVEW
(IWWE QERIMVE ETIWEV HI S FERUYIXI HE ZMHE WIQTVI WIV SJIVIGMHS E XSHSW HI JSVQE
WIQIPLERXI I LEVQRMGE IPI TEWWE HIWTIVGIFMHS
6IJIVMRHS WI ZMHE WSGMEP IWGPEVIGI RSW E SFVE FEWMPEV HE 'SHMJMGES (IYW JI^
S LSQIQ TEVE ZMZIV IQ WSGMIHEHI 2S PLI HIY MRYXMPQIRXI E TEPEZVE I XSHEW EW SYXVEW
JEGYPHEHIW RIGIWWVMEW ZMHE HI VIPES
9QE HEW QERMJIWXEIW HS QIHS QEMW TVSFPIQXMGEW TEVE EW GVMEXYVEW LYQEREW
E HIRSQMREHE JSFME WSGMEP SY EKSVEJSFME )XMQSPSKMGEQIRXI EKSVEJSFME WMKRMJMGE
QIHS HE TVEE KSVE ! TVEE TEPEZVE SVMYRHE HS KVIKS S TEZSV HI JE^IV S UYI
UYIV UYI WINE IQ TFPMGS
'SRGIMXYEQSW JSFME GSQS WIRHS YQ QIHS WYTIVPEXMZS I HIWQIHMHS XVERWJIVMHS E
MRHMZHYSW PYKEVIW SFNIXSW I WMXYEIW UYI REXYVEPQIRXI RS TSHIQ TVSZSGEV QEP
EPKYQ 5YERHS E EKSVEJSFME WI XSVRE GVRMGE GSQIE E EXVETEPLEV E ZMHE HSW
MRHMZHYSW IQ XSHEW EW VIEW HS VIPEGMSREQIRXS LYQERS
3 JFMGS WSGMEP VIGIME WIV NYPKEHS I EZEPMEHS TIPSW SYXVSW TSMW SW
GSQTSVXEQIRXSW UYI QEMW XIQIQ WS JEPEV GSQIV I SY FIFIV HMERXI HI SYXVEW
TIWWSEW JVIUIRXEV GYVWSW TEPIWXVEW JIWXEW GMRIQEW SY WINE UYEPUYIV EXMZMHEHI
WSGMEP IQ PYKEVIW QSZMQIRXEHSW
(IRXVI EW QYMXEW HMJMGYPHEHIW UYI IRZSPZIQ E EKSVEJSFME E QEMW KVEZI E
MRGIVXI^E HI RSWWS ZEPSV TIWWSEP I EW GVIREW HI FEM\E IWXMQE UYI TSWWYQSW LIVHEHEW
QYMXEW ZI^IW RE MRJRGME
3 WIRXMQIRXS HI MRJIVMSVMHEHI S KVERHI HMJMGYPXEHSV HSW VIPEGMSREQIRXSW
WIKYVSW I WEHMSW )WWI WIRXMQIRXS TVSHY^ YQE RIGIWWMHEHI HI IWXEVQSW WIQTVI GIVXSW
I WIQTVI WIRHS ETPEYHMHSW TIPSW SYXVSW 8IQIQSW QSWXVEV RSW GSQS WSQSW I
IWGSRHIQSW RSWWSW IVVSW GSRZIRGMHSW HI UYI WIVIQSW HIWTVIWXMKMEHSW TIVERXI RSWWSW
GSQTERLIMVSW I EQMKSW (MWWMQYPEQSW GSRWXERXIQIRXI JE^IQSW TSWI I JSVEQSW SW
SYXVSW E RSW EGIMXEV 5YERXS QEMW S XIQTS TEWWE I TIVQERIGIQSW RIWWE EXMXYHI
RXMQE QEMW E MRWIKYVERE WI EZSPYQE GLIKERHS E EPGEREV XEQERLE TVSTSVS UYI
YQ HME TEWWEV E RSW EQIEEV
(IWWE JSVQE MRWXEPE WI KVEHEXMZEQIRXI E JSFME WSGMEP SY WINE S QIHS UYI
HIWIRZSPZIQSW TIPSW SYXVSW TSV XERXS VITVIWIRXEV TETMW I WGVMTXW UYI RS IVEQ
RSWWSW
8EFYW MVVIEPMHEHIW WYTIVWXMIW QMXSW GSRGIMXSW IVVRISW I TVIGSRGIMXYSWSW
UYI EWWMQMPEQSW HI JSVQE ZIVFEP SY TIPSW KIWXSW EFVERKIRHS SW ZVMSW WIXSVIW HS
GSRLIGMQIRXS LYQERS GSQS EW VIKVEW WSGMEMW EW LMKM-RMGEW EW EPMQIRXEVIW I EW
VIPMKMSWEW WS TVSTMGMEHSVIW HI JYXYVEW GVMWIW HEW QEMW ZEVMEHEW JSFMEW
(MZIVWEW QEXVM^IW HS QIHS WI JM\EVEQ RE ZMHE MRJERXMP 3W TEMW EYXSVMXVMSW I
VYHIW UYI IWXEFIPIGIVEQ YQ VIKMQI IHYGEGMSREP HYVS I MQTPEGZIP MQTSRHS RSVQEW
EQIEEHSVEW I TYRMXMZEW GVMEVEQ RE QIRXI HEW GVMEREW E RIGIWWMHEHI HI QIRXMV I
5YIWXS
% ZMHE WSGMEP IWX IQ E 2EXYVI^E#
'IVXEQIRXI (IYW JI^ S LSQIQ TEVE ZMZIV IQ WSGMIHEHI 2S PLI HIY MRYXMPQIRXI E TEPEZVE I
XSHEW EW SYXVEW JEGYPHEHIW RIGIWWVMEW ZMHE HI VIPES

JERXEWMEV GSRWXERXIQIRXI (IWWE QERIMVE IPEW TEWWEVEQ E ZMZIV HI JSVQE UYI

EKVEHEWWIQ E XSHSW RYQE IRSVQI RIGIWWMHEHI HI ETVSZES I RYQE EXQSWJIVE HI
MRWIKYVERE 8EMW GVMEREW TSHIVS HIWIRZSPZIV RS JYXYVS JSFMEW GYNEW GEYWEW WS E
HSIRXME TVISGYTES GSQ S HIWIQTIRLS WI\YEP S I\EKIVEHS GYQTVMQIRXS HI
SFVMKEIW MQTSWXEW TIPE WSGMIHEHI YQE QIKEPSQEREGE EXYES TVSJMWWMSREP E
JERXMGE SFWIVZRGME E GVIREW VIPMKMSWEW TIVJIGGMSRMWXEW I S TVSGIHMQIRXS I\XVIQMWXE
HI IWXEV WIQTVI GSVVIXS IQ XYHS UYI JEPE I JE^
3 GSVXINS HSW JIRQIRSW JFMGSW TSHIV WIV SVMYRHS HI GSRJPMXSW LIVHEHSW HEW
I\MWX-RGMEW TEWWEHEW HSW WSJVMQIRXSW I\TVIWWMZSW ZMZMHSW RS TPERS EWXVEP I HSW
EWWHMSW HI IRXMHEHIW MKRSVERXIW QEW E QEXVM^ SRHI XYHS WIQTVI WI MRXIVPMKE I UYI
HIZIV WIV XVEFEPLEHE I XVEXEHE E GSRWGM-RGME GSQTVSQIXMHE I PMQMXEHE HSW
MRHMZHYSW IQ HIWENYWXI QIRXEP
3 QIHS WIV WIQTVI E PIRXI UYI EYQIRXEV S TIVMKS 7IKYRHS E I\GIP-RGME HS
TIRWEQIRXS HI 8MXS 0ZMS LMWXSVMEHSV PEXMRS REWGMHS IQ
E ' UYERXS QIRSV S
QIHS XERXS QIRSV S TIVMKS

%W (SVIW HE %PQE

4VISGYTES
3W TVISGYTEHSW ZMZIQ IRXSVTIGMHSW RS LSNI TSV UYIVIVIQ GSRXVSPEV
GSQ WIYW TIRWEQIRXSW I GSQ WYE MQEKMRES SW JEXSW HS EQERL
%W XEVIJEW IZSPYXMZEW I\IGYXEHEW TSV RW RE 8IVVE JE^IQ TEVXI HI YQ TVSGIWWS
HMRQMGS UYI PIZEV RSWWEW EPQEW EMRHE TSV MRQIVEW IRGEVREIW % :MHE RS XIQ
SYXVS SFNIXMZS WIRS S HI HSES HI TVSXIS I HI VIGYVWSW TEVE UYI TSWWEQSW
EXMRKMV YQE IWXEFMPMHEHI RXMQE UYI RSW EWWIKYVI E GPEVI^E I E WIVIRMHEHI QIRXEP
IPIQIRXSW MQTVIWGMRHZIMW UYI RSW JEGMPMXEVS S TVSKVIWWS IWTMVMXYEP
7I EGVIHMXEQSW TSVQ UYI RSWWE JIPMGMHEHI SY MRJIPMGMHEHI ZIRLE HI GSMWEW
I\XIVREW HS EGEWS SY HEW QSW HI SYXVEW TIWWSEW IWXEVIQSW HMJMGYPXERHS RSWWS
GVIWGMQIRXS I EQEHYVIGMQIRXS MRXIVMSV
% GVMEXYVE UYI EXMRKMY E PYGMHI^ IWTMVMXYEP N EHUYMVMY E GETEGMHEHI HI
GSQTVIIRHIV E IJMGM-RGME GSQ UYI E 2EXYVI^E EKI IQ XSHSW RW )PE WI GSRHY^ RS
GSXMHMERS TEGMJMGEHE I WIVIRE TSMW TIVGIFIY UYI IWX GSRWXERXIQIRXI KERLERHS
VIGYVWSW HE :MHE )\GIPWE QIWQS UYERHS EXVEZIWWE S UYI GSRWMHIVEQSW XVERWXSVRSW
I\MWXIRGMEMW %S QIWQS XIQTS ETVIRHIY UYI TSV QEMW UYI WI TVISGYTI E VIYRMS HI
XSHEW IWWEW TVISGYTEIW RS TSHIV QYHEV GSMWE EPKYQE IQ WYE ZMHE
3 )WTVMXS RE IWGSPLE HEW TVSZEW UYI UYIMVE WSJVIV
IWGSPLI HI EGSVHS
GSQ E REXYVI^E HI WYEW JEPXEW EW UYI S PIZIQ I\TMES HIWXEW I E TVSKVIHMV QEMW
HITVIWWE
% 4VSZMH-RGME (MZMRE EKMRHS IQ RW JE^ GSQ UYI WEMFEQSW I\EXEQIRXI S UYI
TVIGMWEQSW IWGSPLIV TEVE RSWWS ETVMQSVEQIRXS MRXIVMSV 4EVE UYI E GSRWGM-RGME HE
GVMEXYVE XIRLE YQE FSE EFWSVS SY YQE WIRWZIP EFIVXYVE TEVE S ETVIRHM^EHS
TVIGMWS UYI EHUYMVE WIRWS I VEGMSGRMS RSS I EXVMFYXSW XSHSW I\XVEHSW HEW WYEW
TVSZEW I I\TMEIW SY WINE HEW HMZIVWEW I\TIVM-RGMEW ZMZIRGMEMW
%MRHE IRGSRXVEQSW RIWXE UYIWXS YRW MQTIQ E WM QIWQSW YQE ZMHE HI
QMWVMEW I TVMZEIW
SYXVSW TVIJIVIQ I\TIVMQIRXEV EW XIRXEIW HE VMUYI^E I HS
TSHIV
QYMXSW JMREPQIRXI WI HIGMHIQ E I\TIVMQIRXEV WYEW JSVEW REW PYXEW UYI
XIVS HI WYWXIRXEV IQ GSRXEXS GSQ S ZGMS
4SV UYI IRXS E RSWWE HIWQIHMHE TVISGYTES GSQ S HIWXMRS HSW SYXVSW# 4SV
UYI XIRXEQSW JSVEV EW GSMWEW TEVE UYI EGSRXIEQ# %W EPQEW IWXS ZMZIRGMERHS S XMP I
S RIGIWWVMS TEVE S HIWIRZSPZMQIRXS HI WYEW TSXIRGMEPMHEHIW REXYVEMW I HMZMREW
4SHIQSW SVMIRXEV EQEV ETSMEV ENYHEV QEW NEQEMW EGLEV UYI WEFIQSW QIPLSV GSQS
EW GSMWEW HIZIQ WIV I GSQS EW GVMEXYVEW HIZIQ WI GSQTSVXEV
2S IRXERXS MQTSVXERXI RS GSRJYRHMVQSW TVISGYTES GSQ TVYH-RGME SY
GEYXIPE % TVIZMH-RGME I S TPERINEQIRXS TEVE UYI TSWWEQSW EXMRKMV YQ JYXYVS
TVSQMWWSV WS HIWINSW REXYVEMW HSW LSQIRW HI FSQ WIRWS
2E VIEPMHEHI TVISGYTES UYIV HM^IV EJPMS I MQSFMPM^ES HS TVIWIRXI TSV
GEYWE HI YQ WYTSWXS JEXS UYI TSHIV EGSRXIGIV SY EMRHE YQE WYWTIMXE HI UYI YQE
HIGMWS TSHIV GEYWEV VYRE SY TIVHE
5YIWXS
5YI S UYI HMVMKI S )WTVMXS RE IWGSPLE HEW TVSZEW UYI UYIMVE WSJVIV#
)PI IWGSPLI HI EGSVHS GSQ E REXYVI^E HI WYEW JEPXEW EW UYI S PIZIQ I\TMES HIWXEW I E
TVSKVIHMV QEMW HITVIWWE 9RW TSVXERXS MQTIQ E WM QIWQSW YQE ZMHE HI QMWVMEW I TVMZEIW
SFNIXMZERHS WYTSVX PEW GSQ GSVEKIQ SYXVSW TVIJIVIQ I\TIVMQIRXEV EW XIRXEIW HE VMUYI^E I HS TSHIV
QYMXS QEMW TIVMKSWEW TIPSW EFYWSW I Q ETPMGES E UYI TSHIQ HEV PYKEV TIPEW TEM\IW MRJIVMSVIW UYI
YQE I SYXVSW HIWIRZSPZIQ QYMXSW JMREPQIRXI WI HIGMHIQ E I\TIVMQIRXEV WYEW JSVEW REW PYXEW UYI
XIVS HI WYWXIRXEV IQ GSRXEXS GSQ S ZGMS

% TVISGYTES I\GIWWMZE GSQ JEXSW IQ KIVEP I GSQ S FIQ IWXEV HEW TIWWSEW IWX
EPMGIVEHE IQ QYMXEW SGEWMIW IQ YQ QIGERMWQS TWMGSPKMGS GLEQEHS
EYXSHMWXVES
3W TVISGYTEHSW X-Q HMJMGYPHEHI HI GSRGIRXVES RS QSQIRXS TVIWIRXI I TSV
MWWS JE^IQ GSQ UYI E GSRWGM-RGME WI HIWZMI HS JSGS HE I\TIVM-RGME TEVE E TIVMJIVME
MWXS ZMZIQ IRXSVTIGMHSW RS LSNI TSV UYIVIVIQ GSRXVSPEV GSQ WIYW TIRWEQIRXSW I
GSQ WYE MQEKMRES SW JEXSW HS EQERL
)WWI HIWZMS HE EXIRS YQE FYWGE HIPMFIVEHE HI HMWXVES HS MRHMZHYS YQE
JSVQE HI MQTIHMV E WM TVTVMS HI ZIV S UYI TVIGMWE TIVGIFIV IQ WIY QYRHS MRXIVMSV
5YERHS HM^IQSW UYI RSW TVISGYTEQSW GSQ SW SYXVSW UYEWI WIQTVI IWXEQSW
RSW EFWXVEMRHS
HEW EXMXYHIW UYI RS XIQSW GSVEKIQ HI XSQEV
HEW VIWTSRWEFMPMHEHIW UYI RS UYIVIQSW EWWYQMV
HEW GEV-RGMEW EJIXMZEW UYI RIKEQSW E RW QIWQSW
HSW EXSW MRGSIVIRXIW UYI TVEXMGEQSW I RS EHQMXMQSW
HSW FPSUYIMSW QIRXEMW UYI TSWWYQSW I RS EGIMXEQSW
(IWPSGEQSW XSHSW SW RSWWSW IWJSVSW EXIRS I TSXIRGMEPMHEHIW TEVE WSGSVVIV
TVSXIKIV WEPZEV GSRZIRGIV I EGSRWIPLEV RSWWSW GSQTERLIMVSW HI ZMEKIQ SPZMHERHS
QYMXEW ZI^IW TVSTSWMXEHEQIRXI SY RS RSWWE TVMQIMVE I QEMW MQTSVXERXI XEVIJE RE
8IVVE E RSWWE XVERWJSVQES MRXIVMSV
MRGSRXIWXZIP UYI E TVISGYTES NEQEMW RSW TVIWIVZEV HEW ERKWXMEW HS
EQERL ETIREW GSPSGEV SFWXGYPSW W RSWWEW VIEPM^EIW HS TVIWIRXI
2S HIZIQSW RIQ TSHIQSW JSVEV QYHEREW HI EXMXYHIW REW TIWWSEW )Q
VIEPMHEHI W TSHIQSW QSHMJMGEV E RW QIWQSW 2SWWS PMZVI EVFXVMS RSW GSRJIVI
TSWWMFMPMHEHIW HI YWS TEVXMGYPEV GSQ S JMQ IWTIGJMGS HI VIXMJMGEVQS RSW TSVQ RS RSW
H S HMVIMXS HI UYIVIV QSHMJMGEV SW SYXVSW
%GVIHMXEQSW EMRHE EWWMQ UYI XIQSW S TSHIV HI I\MKMV UYI SW SYXVSW TIRWIQ
GSQS RW I UYI TSHIQSW MRXIVJIVMV REW QERMJIWXEIW HSW EHYPXSW UYI RSW GIVGEQ 4SV
QEMW UYIVMHSW UYI RSW WINEQ RS RSW PGMXS HMWWYEHM PSW HI WYEW HIGMWIW I TSWXYVEW
HI ZMHE
'EHE YQ WI I\TVIWWE TIVERXI E I\MWX-RGME GSQS TSHI %WWMQ WYEW GVMEIW
HIWINSW QIXEW I SFNIXMZSW WS GSIVIRXIW GSQ WIY KVEY IZSPYXMZS 5YEPUYIV XMTS HI
GSES IQ YQ QSHS HI WIV TVSJYRHS HIWVIWTIMXS
'SRJMIQSW RE 4EXIVRMHEHI 9RMZIVWEP UYI VIKI E XSHSW ZMWXS UYI TVISGYTES
IQ WRXIWI HIWGSRJMERE REW 0IMW HE :MHE 2S RSW GSQTIXI HIXIVQMREV SY HMVMKMV EW
HIGMWIW EPLIMEW RIQ QIWQS XIQSW S HMVIMXS HI GSRZIRGIV RMRKYQ SY GIRWYVEV EW
STIW HI ZMHE HI UYIQ UYIV UYI WINE
4SV UYI GSRHIREV SW EXSW I EW EXMXYHIW HI EPKYQ UYI S TVTVMS 'VMEHSV HS
9RMZIVWS HIM\SY PMZVI TEVE HIGMHMV# 4SV UYI WSJVIV SY TVISGYTEV WI GSQ MWWS#

%W (SVIW HE %PQE

4VISGYTES
8SHE ZMHE IQ RW I JSVE HI RW IWX IQ GSRWXERXI VMXQMGMHEHI TSV
UYI IRXS HIWVIWTIMXEV SW QIGERMWQSW HI UYI WI YXMPM^EQ EW PIMW HMZMREW
RE IZSPYS# TSV UYI RSW EJPMKMVQSW I XIRXEVQSW QYHEV S MQYXZIP#
2SWWE TIVGITS LSNI RSW IWGPEVIGI WSFVI SW JEXSW HS SRXIQ XEPZI^ WSFVI
EGSRXIGMQIRXSW HE WIQERE ERXIVMSV SY TSWWMZIPQIRXI WSFVI IZIRXSW UYEWI IWUYIGMHSW
HI ERSW TEWWEHSW
8YHS SGSVVI HIRXVS HI YQ TIVJIMXS WMRGVSRMWQS XIQTS IWTES 2S EHMERXE RSW
TVISGYTEVQSW GSQ S RSWWS TVSGIWWS HI ETVIRHM^EHS RIQ GSQ S HSW SYXVSW TSMW WI
EPKYQ RS IWX GSRWIKYMRHS GEQMRLEV GSRZIRMIRXIQIRXI EKSVE TSVUYI PLI JEPXE
EPKS E JE^IV SY QIWQS GSMWEW E ETVIRHIV 2S 9RMZIVWS XYHS SFIHIGI E YQ VMXQS
REXYVEP EW VE^IW HI RSWWE IZSPYS GSVTSVEP IWTMVMXYEP IWXS EVVEMKEHEW REW RXMQEW
VIPEIW GSQ E 2EXYVI^E )Q RZIP QEMW TVSJYRHS WSQSW TEVXI HIPE
:MZIRGMEQSW GSRWGMIRXIQIRXI E XSHS MRWXERXI SW GMGPSW HE 2EXYVI^E GSQ RSWWEW
IQSIW I WIRXMQIRXSW )\TIVMQIRXEQSW HIWRMQS I EFEXMQIRXS RS XVERWGYVWS HI YQ
PSRKS TIVSHS HI IWXMEKIQ TSVQ UYERHS E GLYZE GEM E RSWWE WIRWES HI EPIKVME I
TVE^IV SY HYVERXI EW XIQTIWXEHIW RSWWEW MQTVIWWIW SWGMPEQ HIWHI E ETVIIRWS EX
S QIHS 7IRXMQSW E EPQE PIZI I JIPM^ GSQ S WYVKMQIRXS HS WSP RSW HMEW GEPQSW I
MPYQMREHSW
, YQ XIQTS TEVE XYHS )Q ZIVHEHI SW VMXQSW UYI RSW KSZIVREQ WS MRIVIRXIW
ZMHE 8EQFQ RW SW IWTVMXSW HSQMGMPMEHSW SY RS RE 8IVVE JWMGE MHIRXMJMGEQSW
RSWWSW VMXQSW MRXIVRSW EXVEZW HEW WIRWEIW HE HSV I HS TVE^IV E JMQ HI EZEPMEVQSW S
KVEY HI EGIVXS HI RSWWSW EXSW I HIGMWIW
(ME I RSMXI TVMQEZIVE I MRZIVRS EQERLIGIV I IRXEVHIGIV WS JEWIW HE
2EXYVI^E EXYERHS HMVIXEQIRXI RSW VMXQSW HI RSWWEW SGYTEIW I TVSGIHMQIRXSW HS
GSXMHMERS
)Q ZIVHEHI E RSWWE MHIRXMJMGES GSQ E :MHE 7YTIVMSV WI TPIRMJMGE UYERHS
LEVQSRM^EQSW RSWWSW VMXQSW MRXIVRSW GSQ SW VMXQSW I\XIVRSW HE 2EXYVI^E
4VSTI S TVSJIWWSV 6MZEMP ESW 2SFVIW )QMWWVMSW 3W WIVIW UYI LEFMXEQ GEHE
QYRHS LS XSHSW EPGEREHS S QIWQS RZIP HI TIVJIMS# ) SW )WTVMXSW VIWTSRHIQ
UYIWXS GSQ WEFIHSVME 2S H WI IQ GEHE YQ S UYI SGSVVI RE 8IVVE YRW )WTVMXSW
WS QEMW EHMERXEHSW HS UYI SYXVSW
3W VMXQSW MRXIVMSVIW HSW MRHMZHYSW WI TVIRHIQ ES RZIP IZSPYGMSREP IWTMVMXYEP HI
GEHE YQ I XSHE E ZMHE RS 9RMZIVWS IWX HIRXVS HI YQE SVHIQ TIVJIMXE 8ERXS SW EWXVSW
HE EFFEHE GIPIWXI GSQS SW WIVIW QMGVSWGTMGSW HS RSWWS TPERIXE XSHSW WS VIKMHSW
TSV YQE (MZMRE 3VHIQ UYI QERXQ XVENIXVMEW I VFMXEW TIVJIMXEQIRXI EPMRLEHEW
GSQS XEQFQ SW VMXQSW I SW TVSTWMXSW GSIVIRXIW GSQ S KVEY HI RIGIWWMHEHI I
TVSKVIWWS HEW GVMEXYVEW I HEW HIQEMW GVMEIW
)QFSVE SW VMXQSW FMSPKMGSW HI YQE TIWWSE HMJMVEQ GSQTPIXEQIRXI HSW VMXQSW
HI SYXVSW WIVIW TSHIQSW IRGSRXVEV VMXQSW SVKRMGSW WIQIPLERXIW IQ QIQFVSW HI
YQE QIWQE IWTGMI
% ES HI MRWTMVEV VIWYPXE GSQ I\EXE TVIGMWS IQ WIY VIZIVWS E ES HI I\TMVEV
)WXE WYGIWWS SY EPXIVRRGME TVSHY^ YQ VMXQS 5YERHS WYTVMQMQSW YQ HIPIW S SYXVS
XEQFQ HIWETEVIGIV TSMW WI WYFQIXIQ QYXYEQIRXI 4SV UYI EUYMPS UYI RSW TEVIGI
5YIWXS
3W WIVIW UYI LEFMXEQ GEHE QYRHS LS XSHSW EPGEREHS S QIWQS RZIP HI TIVJIMS#
2S H WI IQ GEHE YQ S UYI SGSVVI RE 8IVVE YRW )WTVMXSW WS QEMW EHMERXEHSW HS UYI
SYXVSW

XS IZMHIRXI RE VIWTMVES RSW TEWWE HIWTIVGIFMHS SY QIWQS WIQ ERPMWI EPKYQE RSW
SYXVSW GEQTSW HS GSRLIGMQIRXS LYQERS#
3W TYPQIW WYWXIRXEQ E ZMHE SVKRMGE HIWGEVVIKERHS TIVMSHMGEQIRXI FM\MHS HI
GEVFSRS I EFWSVZIRHS S\MK-RMS UYI PIZEHS TIPS WERKYI ZMXEPM^ERHS EW GPYPEW
MRZEVMEZIPQIRXI %W EXMZMHEHIW GIPYPEVIW RSW XIGMHSW TIVQERIGIQ RYQ GSRWXERXI
IWXEHS HI QYPXMTPMGES I E VIWTMVES GSRXRYE I GSQTEWWEHE
'IVXSW VMXQSW UYI RSW HMVMKIQ WS GSRWMHIVEHSW GSQS UYEPMHEHIW MRIVIRXIW
ZMHE I RS TSHIQ WIV MQTSWXSW TIPE I\XIVMSVMHEHI
3 QWGYPS GEVHEGS ETVIWIRXE VMXQS IWTSRXRIS %W FEXMHEW HS GSVES HMWTIQ
HI WIYW TVTVMSW QEVGETEWWSW 2E EYVGYPE HMVIMXE YQ QMRWGYPS RHYPS GSRLIGMHS
GSQS WMRYW JIMS HI YQ XMQSRIMVS RYQE ERXMKE IQFEVGES VSQERE TSWWYM YQE
XEVIJE KMKERXI QEVGE S VMXQS HEW FEXMHEW RS FEVGS HE ZMHE %W GPYPEW RIVZSWEW HS
GVIFVS HIXSREQ JVIUIRXIW MQTYPWSW UYI TSV WYE ZI^ VITIVGYXIQ RE VMXQMGMHEHI HEW
SRHEW GIVIFVEMW UYI TSHIQ WIV VIKMWXVEHEW TIPS IPIXVSIRGIJEPSKVEQE
)Q XSHS VIMRS ZIKIXEP I ERMQEP E JYRS WI\YEP YQ JIRQIRS TIVMHMGS HIWHI
E TSPMRM^ES HEW TPERXEW EX S GMGPS QIRWXVYEP HEW QYPLIVIW
UYI S VIWYPXEHS
HMVIXS HS EYQIRXS I HMQMRYMS HSW LSVQRMSW RYQ VMXQS QEMW SY QIRSW QIRWEP
7I TYHWWIQSW SFWIVZEV S MRXIVMSV HI EPKYQ UYI IWX GSVVIRHS ZIVEQSW GSQ
GIVXE VIKYPEVMHEHI E GSRXVES HI KVYTSW EPXIVREHSW HI QWGYPSW 3W GLEQEHSW
JPI\SVIW WI GSRXVEIQ JE^IRHS HSFVEV EW EVXMGYPEIW SW I\XIRWSVIW WI GSRXVEIQ
JE^IRHS IRHMVIMXEV EW EVXMGYPEIW
8SHE ZMHE IQ RW I JSVE HI RW IWX IQ GSRWXERXI VMXQMGMHEHI 4SV UYI IRXS
HIWVIWTIMXEV SW QIGERMWQSW HI UYI WI YXMPM^EQ EW PIMW HMZMREW RE IZSPYS# 4SV UYI RSW
EJPMKMQSW I XIRXEVQSW QYHEV S MQYXZIP#
'SQS MQTSVXERXI GEQMRLEV TEWWS ETW TEWWS EGSQTERLERHS RSWWS TVTVMS
GSQTEWWS I\MWXIRGMEP I TIVGIFIRHS E LSVE TVSTGME HI QYHERE
3 HME HI LSNI RSW JSVRIGIV I\EXEQIRXI EW STSVXYRMHEHIW HI UYI TVIGMWEQSW
TEVE GSQTSV GSQ IWXVSJIW I ZIVWSW LEVQRMGSW S TSIQE HI RSWWE ZMHE GYNE QXVMGE
JSM ERXIGMTEHEQIRXI HIXIVQMREHE TSV RW RS SRXIQ 2SWWEW I\TIVM-RGMEW HE ZMHE RS
EGSRXIGIQ TSV EGEWS 3 4PERINEQIRXS (MZMRS REHE JE^ WIQ YQ HIWKRMS TVSZIMXSWS
XYHS XIQ WYE VE^S HI WIV 2S TVIGMWS HIWIWTIVS RIQ TVISGYTES XYHS EGSRXIGI
GSQS XIQ UYI EGSRXIGIV

%W (SVIW HE %PQE

:GMS
3 ZMGMEHS YQ GSRWIVZEHSV TSMW RS UYIV GSVVIV S VMWGS HI WI
PEREV ZMHE XSVRERHS WI HIWWI QSHS YQ GSQSHMWXE TSV QIHS HS QYRHS
UYI WIKYRHS IPI S EQIEE
-RQIVSW MRHMZHYSW XSQEQ EW QEMW HMJIVIRXIW EXMXYHIW HMERXI HE ZMHE TSVUYI
HMJIVIRXIW MRJSVQEIW PLIW JSVEQ XVERWQMXMHEW UYERHS IVEQ GVMEREW
'SRGIMXSW HMJIVIRXIW WS IRWMREHSW TEVE GVMEREW IYVSTMEW EWMXMGEW I
EJVMGEREW I XSHEW WI HIWIRZSPZIQ EGVIHMXERHS UYI IWXS GSQTPIXEQIRXI GIVXEW
GSRZIRGMHEW HI UYI EW SYXVEW IWXS XSXEPQIRXI IVVEHEW
3 ZGMS TSHI WIV YQ IVVS HI GPGYPS RE TVSGYVE HI TE^ I WIVIRMHEHI TSVUYI
XSHSW UYIVIQSW WIV JIPM^IW I RMRKYQ GSRWGMIRXIQIRXI FYWGE HI TVSTWMXS ZMZIV GSQ
HIWTVE^IV EJPMS I MRJIPMGMHEHI
2SWWS QSHS HI WIV RS QYRHS IWX WIRHS QSPHEHS TSV RSWWEW EXMXYHIW MRXIVMSVIW
EPMW IWXEQSW HMEVMEQIRXI ETVIRHIRHS GSQS HIWIRZSPZIV EXMXYHIW GEHE ZI^ QEMW
EHIUYEHEW I GSIVIRXIW IQ JEZSV HI RW QIWQSW
,FMXSW TVIJIVMHSW WI JSVQEQ EXVEZW HS XIQTS I WI WIHMQIRXEQ GSQ VITIXMV
QERSFVEW QIRXEMW 3 UYI JYRGMSRSY QYMXS FIQ IQ WMXYEIW MQTSVXERXIW HI RSWWE
ZMHE QERXIRHS RSWWE ERWMIHEHI GSRXVSPEHE I WSF HSQRMS TVSZEZIPQIRXI WIV
VITVSHY^MHS IQ SYXVEW SGEWMIW 4SV I\IQTPS WI RE JEWI MRJERXMP HIWGSFVMQSW UYI
UYERHS GLSVZEQSW PSKS IQ WIKYMHE QEQZEQSW IWWE EXMXYHI QIRXEP TSHIV WIV
TIVTIXYEHE EXVEZW HI YQ LFMXS MRGSRWGMIRXI UYI NYPKEQSW MVVIWMWXZIP
% IWXVEXKME TWUYMGE TEWWE E WIV UYERHS XIRLS YQ TVSFPIQE TVIGMWS GSQIV
EPKS TEVE VIWSPZ- PS 3 UYI E TVMRGTMS JSM YQE HIWGSFIVXE GSQTIRWEHSVE I FIRJMGE
QEMW XEVHI TSHI WIV YQ QIGERMWQS HIWRIGIWWVMS XSQERHS WI YQ MQTYPWS RIYVXMGS I
HIWEKVEHZIP IQ RSWWS HME E HME
)\MWXIQ HMZIVWSW GEWSW HI SFIWMHEHI UYI WYVKMVEQ RS GPMQE HI PEVIW SRHI E QI
WYTIVI\MKIRXI TIVJIGGMSRMWXE I HSQMREHSVE JSVERHS GSRWXERXIQIRXI E GVMERE E WI
EPMQIRXEV RS PIZERHS IQ GSRXE WYEW RIGIWWMHEHIW REXYVEMW 4IPE MRWMWX-RGME QEXIVRE
IPE HIWIRZSPZI S LFMXS HI GSQIV I\EKIVEHEVRIRXI TVINYHMGERHS S HIWIRZSPZMQIRXS HS
WIRWS MRXIVMSV UYI PLI H E QIHMHE HI UYERHS GSQIEV I HI UYERHS TEVEV HI GSQIV
% FYPMQME GVME TEVE WIYW HITIRHIRXIW YQE FEVVIMVE UYI SW WITEVE HE VIEPMHEHI I
JYRGMSRE GSQS YQE JEPWE TVSXIS I WIKYVERE TSMW IPIW GSRWXVSIQ WIY QYRHS HI
I\TPMGEIW JEPWEW TSV RS TIVGIFIVIQ SW JEXSW ZIVHEHIMVSW
4SV SYXVS PEHS EPKYRW TSHIQ EVKYQIRXEV WSFVI E ES HSW HMWXVFMSW
KPERHYPEVIW SY KIRXMGSW QEW QIWQS EWWMQ E GEYWE JYRHEQIRXEP HSW TVSFPIQEW WI
IRGSRXVE RS TWMUYMWQS LYQERS UYI IQ VIEPMHEHI UYIQ GSQERHE XSHS S GSWQS
SVKRMGS
+IVEPQIRXI E SFIWMHEHI REWGI HE JEPXE HI GSVEKIQ TEVE IRJVIRXEV RSZEW
I\TIVM-RGMEW E GSQTIRWES UYI E GVMERE GEVIRXI I\MWXIRXI RS EHYPXS IRGSRXVE
TEVE WIRXMV WI TVSXIKMHE
% PIM HI GSRWIVZES PLI TVIWGVIZI GSQS YQ HIZI UYI QERXIRLE WYEW
JSVEW I WYE WEHI TEVE GYQTVMV E PIM HS XVEFEPLS )PI TSMW XIQ UYI WI EPMQIRXEV
GSRJSVQI S VIGPEQI E WYE SVKERM^ES
5YIWXS
% EPMQIRXES ERMQEP GSQ VIPES ES LSQIQ GSRXVVME PIM HE 2EXYVI^E#
(EHE E ZSWWE GSRWXMXYMS JWMGE E GEVRI EPMQIRXE E GEVRI HS GSRXVVMS S LSQIQ TIVIGI % PIM
HI GSRWIVZES PLI TVIWGVIZI GSQS YQ HIZIV UYI QERXIRLE WYEW JSVEW I WYE WEHI TEVE GYQTVMV E PIM
HS XVEFEPLS )PI TSMW XIQ UYI WI EPMQIRXEV GSRJSVQI S VIGPEQI E WYE SVKERM^ES

4EVEPIPEQIRXI IRGSRXVEQSW XEQFQ RE HITIRH-RGME HE GSQMHE YQ ZGMS

EPMGIVEHS RS QIHS HI ZMZIV 3 XIQSV HEW TVSZEW I HSW TIVMKSW REXYVEMW HE
GEQMRLEHE XIVVIRE TSHI RSW PIZEV E YQE WYTSWXE JYKE
3W HITIRHIRXIW RIKEQ WIY QIHS I WI IWGSRHIQ FIMVE HS GEQMRLS
-RXIVVSQTIQ E TVSGYVE I\MWXIRGMEP HMJMGYPXERHS EWWMQ S JPY\S HS HIWIRZSPZMQIRXS
IWTMVMXYEP UYI EGSRXIGI EXVEZW HE FYWGE HS RSZS % IZSPYS XYHS QIPLSVE WIQTVI
IWXIZI I WIQTVI IWXEV HIWIRZSPZIRHS HIWHI SW QIRSVIW VIMRSW HE 2EXYVI^E EX EW
QEMW GSQTPI\EW IWXVYXYVEW HE GSRWGM-RGME LYQERE
3 ZGMS ETEVIGI GSRWXERXIQIRXI SRHI L YQE MREHETXES ZMHE WSGMEP 4SV
MRGVZIP UYI TEVIE S ZMGMEHS YQ GSRWIVZEHSV TSMW RS UYIV GSVVIV S VMWGS HI WI
PEREV ZMHE XSQERHS WI HIWWI QSHS YQ GSQSHMWXE TSV QIHS HS QYRHS UYI
WIKYRHS IPI S EQIEE
3W ZGMSW SY LFMXSW HIWXVYXMZSW WS IQ WRXIWI QXSHSW HIJIRWMZSW UYI EW
TIWWSEW EWWYQMVEQ RIWXE I\MWX-RGME SY QIWQS SW XVE^IQ HI SYXVEW IRGEVREIW GSQS
YQE JSVQE MREHIUYEHE HI TVSQSZIV WIKYVERE I TVSXIS
%WWMQ GSRWMHIVERHS I E JMQ HI RSW ETVSJYRHEV RS EWWYRXS TEVE WEFIV PMHEV
QIPLSV GSQ EW GLEQEHEW ZMGMEIW LYQEREW HIZIQSW TIVKYRXEV E RW QIWQSW
'SQS SVKERM^EQSW RSWWE TIVWSREPMHEHI# 'SQS IVEQ EW GVIREW HSW EHYPXSW
GSQ SW UYEMW GSRZMZIQSW RE MRJRGME# 5YI XMTS HI EXSW TIVQMXMQSW SY TVSMFMQSW IRXVEV
RIWWI TVSGIWWS# 5YEMW EW PMRLEW HI GSRHYXE UYI RSW JSVEQ JIGLEHEW SY UYEMW SW
QSHIPSW HI ZMHE UYI TVMSVM^EQSW IQ RSWWE SVKERM^ES QIRXEP#
7SQIRXI E EZEPMERHS HIQSVEHEQIRXI SW ERXIGIHIRXIW HI RSWWE ZMHE UYI
IWXEVIQSW TVSQSZIRHS YQE EYXS ERPMWI TVSZIMXSWE TEVE MHIRXMJMGEVQSW RSWWSW
TEHVIW HI TIRWEQIRXSW HIJMGMXVMSW HMJIVIRGMERHS EUYIPIW UYI RSW WS XIMW HEUYIPIW
UYI RS RSW WIVZIQ QEMW (IWWE JSVQE PMFIVXEQS RSW HEW GSQTYPWIW HIWKEWXERXIW I
HSW LFMXSW MRJIPM^IW
2S RSW IWUYIEQSW GSRXYHS HI UYI GSRJSVQI EW
EJMVQEIW HSW 2SFVIW
)WTVMXSW HE 'SHMJMGES S LSQIQ XIQ UYI WI EPMQIRXEV GSRJSVQI S VIGPEQI E WYE
SVKERM^ES GSRWMHIVERHS SFZMEQIRXI UYI XSHS I\GIWWS TVSHYXS HI YQE ZMGMES
IQ ERHEQIRXS

%W (SVIW HE %PQE

:GMS
)Q ZIVHEHI ZMGMEHSW WS XSHSW EUYIPIW UYI WI IRJVEUYIGIVEQ HMERXI
HE ZMHE I WI VIJYKMEVEQ RE HITIRH-RGME HI TIWWSEW SY WYFWXRGMEW
8VEHMS EXS HI XVERWQMWWS SVEP SY IWGVMXE HI GSWXYQIW PIRHEW SY JEXSW
PIZEHSW HI KIVES E KIVES EXVEZW HSW XIQTSW 5YERXS QEMW ERXMKSW QEMW RSXZIMW
I JSVE HS GSQYQ IPIW WI XSQEQ 9QE ZI^ EXMRKMHE XEP HMQIRWS XVERWJSVQEQ WI IQ
GVIREW MRUYIWXMSRZIMW
%W GVMEXYVEW EWWMQMPEQ GSRGIMXSW WMQTPIWQIRXI TSVUYI SYXVEW UYI IPEW NYPKEQ
MQTSVXERXIW I IRXIRHMHEW PLIW HMWWIVEQ UYI WS ZIVHEHIMVSW %W GVIREW HI XSHE
IWTGMI GSQIEVEQ KIVEPQIRXI EXVEZW HEW LMWXVMEW I HSW GSWXYQIW GVMEHSW TSV
EPKYQ 'SQ S TEWWEV HSW WGYPSW IRXVIXERXS XSQEVEQ WI VIKVEW XMGEW 'VIRE E
ES HI EGVIHMXEV REUYMPS UYI GSRZIRGMSREQSW EHSXEV GSQS ZIVHEHI )ZMHIRXIQIRXI
EPKYQEW WS ZIVHEHIMVEW SYXVEW RS
4VIGMWEQSW VIZMWEV RSWWEW GSRGITIW WSFVI SW ZGMSW 2S TSHIQSW IRXIRH- PSW
GSQS YQE TVSFPIQXMGE UYI EFVERKI I\GPYWMZEQIRXI HIPMRUIRXIW I ZEHMSW )Q
ZIVHEHI ZMGMEHSW WS XSHSW EUYIPIW UYI WI IRJVEUYIGIVEQ HMERXI HE ZMHE I WI
VIJYKMEVEQ RE HITIRH-RGME HI TIWWSEW SY WYFWXRGMEW
4IPEW GVIREW XVEHMGMSREPMWXEW WS XEGLEHSW HI GVMQMRSWSW I ZEKEFYRHSW TEVE
RW RS IRXERXS VITVIWIRXEQ EGMQE HI XYHS GSQTERLIMVSW HS GEQMRLS IZSPYXMZS
QIVIGIHSVIW HI EXIRS I IRXIRHMQIRXS 4SV WIVIQ GEVIRXIW I WSJVMHSW IRXVIKEVEQ
WYE JSVE HI ZSRXEHI ES TSHIV HSW X\MGSW TVSGYVERHS WI IWUYIGIV HI EPKS UYI XEPZI^
RIQ QIWQS WEMFEQ IPIW TVTVMSW TSMW RS EKIRXEVEQ WYTSVXEV WIY QYRHS QIRXEP
IQ HIWEPMRLS
% SGMSWMHEHI TSHI WIV GSRWMHIVEHE ES QIWQS XIQTS GEYWE I IJIMXS HI XSHSW
SW ZGMSW
6ITSVXERHS WI SGMSWMHEHI EWWMQ WI QERMJIWXEVEQ EW )RXMHEHIW 7YTIVMSVIW
,EZIV )WTVMXSW UYI WI GSRWIVZEQ SGMSWSW
QEW IWWI IWXEHS XIQTSVVMS I
HITIRHIRHS HS HIWIRZSPZMQIRXS HI WYEW MRXIPMK-RGMEW
IQ WYE SVMKIQ XSHSW WS
UYEMW GVMEREW UYI EGEFEQ HI REWGIV I UYI SFVEQ QEMW TSV MRWXMRXS UYI TSV ZSRXEHI
I\TVIWWE
7SF S TVMWQE HS IJIMXS XEMW GSRWMHIVEIW TSHIQ WIV EREPMWEHEW GSRJSVQI S
UYI WIKYI EFEM\S
3W HITIRHIRXIW WS NYPKEHSW TSV QYMXSW GSQS GVMEXYVEW MRXIRGMSREPQIRXI
MRHSPIRXIW TSV SYXVSW HI JSVQE TVIGMTMXEHE GSQS TEVEWMXEW WSGMEMW HIWSGYTEHSW
MQTVSHYXMZSW I TVIKYMSWSW 1EW WIQ UYEPUYIV GSRSXES SY NYWXMJMGEXMZE HI XMVEV PLIW
E VIWTSRWEFMPMHEHI TSV WIYW JIMXSW I HIGMWIW RS TSHIQSW RSW IWUYIGIV HI UYI S
TIWS HS JEVHS UYI GEVVIKEQ PLIW H XEQERLE PEWWMHS IRIVKXMGE UYI TEWWEQ E ZMZIV
IQ GSRWXERXI IQFVMEKYI^ RE EPQE IRXVI JPYMHSW HI EFEXMQIRXS JEHMKE I XHMS
2S WS MRXIMW HIPMFIVEHEQIRXI QEW WI YXMPM^EQ WIQ TIVGIFIV HS HIWRMQS
UYI WIRXIQ GSQS IWXVEXKME TWMGSPKMGE TEVE JYKMVIQ HIGMWS HI EVVIKEEV EW
QERKEW I IRJVIRXEV E TEVXI UYI PLIW GEFI VIEPM^EV RE ZMHE %HMEQ WMWXIQEXMGEQIRXI
5YIWXS
,EZIV )WTVMXSW UYI WI GSRWIVZIQ SGMSWSW UYI IQ GSMWE EPKYQE XMP WI SGYTIQ#
, QEW IWWI IWXEHS XIQTSVVMS I HITIRHIRHS HS HIWIRZSPZMQIRXS HI WYEW MRXIPMK-RGMEW ,
GIVXEQIRXI GSQS L LSQIRW UYI W TEVE WM QIWQSW ZMZIQ 4IWE PLIW TSVQ IWWE SGMSWMHEHI I GIHS SY
XEVHI S HIWINS HI TVSKVIHMV PLIW JE^ RIGIWWVME E EXMZMHEHI I JIPM^IW WI WIRXMVS TSV TSHIVIQ XSVREV WI
XIMW 6IJIVMQS RSW ESW )WTVMXSW UYI LS GLIKEHS ES TSRXS HI XIVIQ GSRWGM-RGME HI WM QIWQSW I HS WIY
PMZVI EVFXVMS TSVUYERXS IQ WYE SVMKIQ XSHSW WS UYEMW GVMEREW UYI EGEFEQ HI REWGIV I UYI SFVEQ
QEMW TSV MRWXMRXS UYI TSV ZSRXEHI I\TVIWWE

WIYW GSQTVSQMWWSW ZMZIQ HI YQE QERIMVE RS TVIWIRXI I HM^IQ UYI ZS ZMZIV HI SYXVE
RS JYXYVS
%UYM IWX YQ TSWWZIP VEGMSGRMS HI UYI WI YXMPM^EQ 7IM UYI HIZS XVEFEPLEV
TEVE QI VIEPM^EV QEW GSQS HIWGSRJMS HI QMRLE GETEGMHEHI XIQS RS JE^IV HMVIMXS
SY QIWQS 3 UYI KSWXS HI JE^IV RS WIV ETVSZEHS TIPSW SYXVSW TSV MWWS HMKS E QMQ
QIWQS I ESW SYXVSW UYI S JEVIM RS JYXYVS %KMRHS EWWMQ RS XIVIM UYI EHQMXMV UYI RS
ZSY JE^- PS 3W XS\MGQERSW WS GVMEXYVEW HI GEVXIV SWGMPERXI RS HIWIRZSPZIVEQ S
WIRWS HI EYXSRSQME ZMZIQ IRZSPZMHSW RYQE EQE JPYHMGE HI MRHIGMWS I MQSFMPM^ES
TSV GSRWIU-RGME HE TVTVME VIES IQSGMSREP IQ HIWENYWXI
4VSXIPEQ EW GSMWEW TEVE YQ HME UYI XEPZI^ RYRGE GLIKEV *M\EQ WI ES
GSRWYQS GEHE ZI^ QEMSV HI TVSHYXSW REVGXMGSW IRUYERXS HIWIRZSPZIQ EXMXYHIW
IQSGMSREMW UYI SW PIZEQ WYFNYKES E TIWWSEW I WMXYEIW
% SGMSWMHEHI GSQS GEYWE HEW ZMGMEIW TSHI WIV IWXYHEHE HE WIKYMRXI
QERIMVE
%W ZIPLEW GVIREW VIPMKMSWEW GSRXMRYEQ EJMVQERHS UYI E JIPMGMHEHI HSW FIQ
EZIRXYVEHSW GSRWMWXI RE ZMHE GSRXIQTPEXMZE RS VITSYWS EFWSPYXS RSW GYW IQ YQE
IXIVRE I JEWXMHMSWE MRYXMPMHEHI %WWIKYVEQ XEQFQ IQ GSRXVE TEVXMHE UYI SW MRJIVRSW
WS HIWXMREHSW ESW IWTVMXSW GYPTEHSW 'SRHY^MHSW JSVSWEQIRXI E YQ QYRHS HI
I\TMEIW IXIVREW WIQ QIMSW HI VITEVES JMGEVMEQ GSRHIREHSW E ZMZIV IXIVREQIRXI
EW HSVIW HS JSKS I S WSJVMQIRXS RS QIRSW GVYIP HE IXIVRE SGMSWMHEHI
%W GVIREW RS TSHIV HSW QIPLSVIW SY WINE HSW EVMWXSGVEXEW JSVXMJMGEVEQ WI
EMRHE QEMW RS XIQTS HSW TEXVMEVGEW HEW WSGMIHEHIW KVIGS VSQEREW )\TERHMRHS WI
IWWEW MHMEW JM^IVEQ GSQ UYI SW LSQIRW JSVQEWWIQ YRMHEHIW TVSHYXMZEW GSQ FEWI RS
IWGVEZMWQS %W ZMPEW VSQEREW I KVIKEW TSWWYEQ HI^IREW HI GVMEHSW GEXMZSW TEVE
WEXMWJE^IV E XSHEW EW RIGIWWMHEHIW HSW TEXVGMSW TEVE UYI ZMZIWWIQ RS JEWXMS I RE
MRYXMPMHEHI
(YVERXI WGYPSW E IWGVEZMHS RS &VEWMP JSM EGIMXE WIQ UYI EW GPEWWIW HSQMRERXIW
UYIWXMSREWWIQ E PIKMXMQMHEHI HSW GEXMZIMVSW 3W WIRLSVIW HI IRKIRLS WI NYWXMJMGEZEQ
HM^IRHS UYI VIWKEXEZEQ SW RIKVSW HS TEKERMWQS IQ UYI ZMZMEQ TEVE E GSRZIVWS
GVMWX S UYI PLIW JEGYPXEZE E VIHIRS HSW TIGEHSW I PLIW EFVME EW TSVXEW HE WEPZES
2E VIEPMHEHI SGYPXEZEQ WYEW ZIVHEHIMVEW MRXIRIW E QS HI SFVE PYGVEXMZE UYI PLIW
TIVQMXME E ZMHE JGMP HI IWFERNEQIRXS GSQ WIYW JEQMPMEVIW TEVE QERXIV E ETEV-RGME
WSGMEP
%TVIRHIQSW GSQ EW WSGMIHEHIW EFWSPYXMWXEW HS TEWWEHS UYI E SGMSWMHEHI IVE
YQE TIE MQTSVXERXI RE ZMHE 2E GSVXI EW IXMUYIXEW NSKSW FEMPIW I WEVEYW IVEQ EW
EXMZMHEHIW QEMW GSQYRW HE RSFVI^E
%WWMQ TIRWEZEQ SW RSFVIW RE TSGE HI 0YW <-: HE *VERE 7SQSW YQE GPEWWI
UYI RS KERLE HMRLIMVS TIPS XVEFEPLS QEW S XIQSW TIPE RSWWE KIRIEPSKME RS
UYIVIQSW WIV GSRJYRHMHSW GSQ SW TSYTEHSVIW ZYPKEVIW UYI WS E KIRXMRLE HE
FYVKYIWME 4SHI WI EJMVQEV UYI EX TSYGEW HGEHEW EXVW E KVERHI QEMSVME XEQFQ
EWWMQ VEGMSGMREZE
%W VIKVEW I GSWXYQIW HS TEWWEHS TIWEQ WSFVI XSHSW RW 7SQSW IWTVMXSW
QMPIREVIW IRGEVRERHS WYGIWWMZEW ZI^IW EHUYMVMRHS I\TIVM-RGMEW I EWWMQMPERHS
GVIREW EPKYQEW ZIVHEHIMVEW SYXVEW RS VITIXMRHS S UYI IWGVIZIQSW MRMGMEPQIRXI
)WWE E VE^S HE RIGIWWMHEHI HI VIZMWEV RSWWSW GSRGIMXSW
(MWWI GIVXE JIMXE 7GVEXIW 2S SGMSWS ETIREW S UYI REHE JE^ QEW XEQFQ S
UYI TSHIVME IQTVIKEV QIPLSV S WIY XIQTS % SGMSWMHEHI YQE TSVXE UYI WI EFVI
TEVE SW ZGMSW YQE GEWE WIQ TEVIHIW EW WIVTIRXIW TSHIQ IRXVEV RIPE TSV XSHSW SW
PEHSW

%W (SVIW HE %PQE

7SPMHS
(IGPEVEV HI QSHS KIVEP UYI S HMZVGMS WIQTVI IVVEHS XS
MRGSVVIXS UYERXS EWWIKYVEV UYI IWX WIQTVI GIVXS
7SJVIQSW HI WSPMHS XSHE ZI^ UYI HIWTVI^EQSW EW MRIVIRXIW ZSGEIW I REXYVEMW
XIRH-RGMEW HI RSWWE EPQE %WWMQ UYI RSW HMWXERGMEQSW HS UYI VIEPQIRXI WSQSW
GVMEQSW YQ EYXSHIWTVI^S TEWWERHS E TEVXMV HE E HIWIRZSPZIV YQ WIRXMQIRXS HI
WSPIHEHI QIWQS VSHIEHSW HEW TIWWSEW QEMW MQTSVXERXIW I UYIVMHEW HI RSWWE ZMHE
2E EYXS VINIMS IWUYIGIQSW HI TIVGIFIV E TVIWIRE HI (IYW ZMFVERHS IQ
RSWWE EPQE PSKS ERYPEQSW RSWWE JSVE MRXIVMSV GSQS WI IWUYIG-WWIQSW E
GSRWGM-RGME HI RW QIWQSW
4EVE UYI RSWWE IWW-RGME IQIVNE TVIGMWS EFERHSREVQSW RSWWE GSQTYPWS HI
JE^IV RSW WIVIW MHIEPM^EHSW RSWWE I\TIGXEXMZE JERXEWMSWE HI TIVJIMS I RSWWS QSHIPS
WSGMEP HI JIPMGMHEHI 7SQIRXI EWWMQ I\XIVQMREQSW S GPMQE HI TVIWWS HI EFERHSRS
HI XIRWS I HI WSPMHS UYI WIRXMQSW MRXIVMSVQIRXI TEVE XVERWTSVXEVQS RSW TEVE YQE
I\MWX-RGME HI WEXMWJES RXMQE I TEVE YQE MRHIWGVMXZIP WIRWES HI ZMXEPMHEHI
% VIRRGME HI RSWWS IY MHIEPM^EHS RSW HEV YQE WIRWES HI VIREWGMQIRXS I
YQE EXQSWJIVE HI PMFIVHEHI GSQS RYRGE ERXIW LEZEQSW WIRXMHS
3 WIV MHIEPM^EHS YQE JERXEWME QIRXEP YQE MQMXES MRJPI\ZIP GSRWXVYHE
EVXMJMGMEPQIRXI WSFVI YQE GSQFMRES HI HSMW FWMGSW GSQTSVXEQIRXSW RIYVXMGSW E
WEFIV EHSXEV TEHVIW I\MWXIRGMEMW WYTIV VKMHSW MQTSWWZIMW HI WIVIQ EXMRKMHSW I
EPMQIRXEV S SVKYPLS HI EGVIHMXEV WI SRMTSXIRXI WYTIVMSV I MRZYPRIVZIP
% GSI\MWX-RGME HIWWIW HSMW QSHSW HI TIRWEV SGEWMSRE JVIUIRXIW IWXEHSW HI
WSPMHS XVMWXI^E LEFMXYEP I WIRXMQIRXSW QXYSW HI ZE^MS I EFSVVIGMQIRXS RE ZMHE
EJIXMZE HI YQ GEWEP
3 EQSV I S VIWTIMXS E RW QIWQSW GVME YQE EXQSWJIVE TVSTGME TEVE
MHIRXMJMGEVQSW RSWWE ZIVHEHIMVE REXYVI^E MWXS RSWWE MHIRXMHEHI HI EPQE JEGMPMXERHS
RSWWS GVIWGMQIRXS IWTMVMXYEP I TSV GSRWIKYMRXI TVSTSVGMSRERHS RSW EPIKVME HI ZMZIV
5YEWI XSHSW RW GVIWGIQSW ERWMSWEQIRXI UYIVIRHS WIV EHIUYEHSW I GIVXSW TEVE
S QYRHS TSVUYI EGVIHMXEQSW UYI RS WSQSW WYJMGMIRXIQIRXI FSRW TEVE WIV EQEHSW
TIPS UYI WSQSW 4SV MWWS TVSGYVEQSW HIWIWTIVEHEQIRXI MKYEPEV RSW E YQE MQEKIQ
UYI GVMEQSW HI GSQS HIZIVEQSW WIV 3 IWJSVS QIXHMGS TEVE WYWXIRXEV IWWE ZIVWS
MHIEPM^EHE VIWTSRWZIP TSV KVERHI TEVXI HSW RSWWSW TVSFPIQEW HI VIPEGMSREQIRXS
GSRSWGS I GSQ SW SYXVSW
)RXVI XSHSW SW TVSFPIQEW HI GSRZMZ-RGME S HI GEWEMW XEPZI^ WINE YQ HSW QEMW
GSQYRW IRXVI EW TIWWSEW 8SHEZME XSHSW RW UYIVIQSW GSQTERLME I EJIXS QEW TEVE
HIWJVYXEVQSW YQE YRMS EQSVSWE QEHYVE I IUYMPMFVEHE TVIGMWS EGMQE HI UYEPUYIV
GSMWE VIWTIMXEV S HMVIMXS UYI GEHE GVMEXYVE XIQ HI WIV IPE QIWQE WIQ QYHEV WYEW
TVIHMPIIW MHMEW I MHIEMW
3W XVESW HI TIVWSREPMHEHI RS WS JYXMPMHEHIW XIMQSWME SY QERMEW 'EHE
TEVGIMVS XIQ WIYW HMVIMXSW MRHMZMHYEMW HI QERXIV WYE TEVGIPE HI TVMZEGMHEHI I
TVIJIV-RGMEW
4EVE XERXS S HMPSKS GSQTVIIRWMZS E VIRRGME ESW TVTVMSW GETVMGLSW S
GSQTVSQMWWS HI PIEPHEHI WS JEXSVIW MQTVIWGMRHZIMW RE ZMHE E HSMW UYI RS TSHI
TIVQMXMV E GSRJYWS HI HMVIMXSW MRHMZMHYEMW GSQ HMVIMXSW MRHMZMHYEPMWXEW GSQ
ZYPKEVMHEHI GSQ GSFVERE I GSQ PIZMERHEHI
)MW E VE^S HI ZMZIV FIQ GSRWMKS QIWQS XYHS TEWWE TSMW XSHSW WSQSW ZMENSVIW
HS 9RMZIVWS TSVQ W RW ZMZIVIQSW IXIVREQIRXI GSQ RW QIWQSW

%W (SVIW HE %PQE

% GSQTPI\MHEHI QEMSV HEW HMJMGYPHEHIW RSW QEXVMQRMSW XEPZI^ WINE E RS

ZEPSVM^ES HSW ZIVHEHIMVSW WIRXMQIRXSW UYI JSVE YQ HSW TEVGIMVSW SY QIWQS
EQFSW E GSRXVEVMEV WYE REXYVI^E TEVE WEXMWJE^IV EW STVIWWIW MRXSPIVRGMEW I
MQTSWMIW HS SYXVS 2MRKYQ TSHI WIV JIPM^ EWWMQ WYFSVHMRERHS WI ES UYI S GRNYKI
UYIV SY HIGMHI
E MRHMWWSPYFMPMHEHI EFWSPYXE HS GEWEQIRXS
YQE PIM LYQERE QYMXS
GSRXVVME HE 2EXYVI^E 1EW SW LSQIRW TSHIQ QSHMJMGEV WYEW PIMW W EW HE 2EXYVI^E
WS MQYXZIMW
(IGPEVEV HI QSHS KIVEP UYI S HMZVGMS WIQTVI IVVEHS XS MRGSVVIXS UYERXS
EWWIKYVEV UYI IWX WIQTVI GIVXS )Q EPKYQEW GMVGYRWXRGMEW E WITEVES YQ
WYFXIVJKMS TEVE YQE WEHE JGMP SY YQ TVIXI\XS GSQ UYI EPKYQ TVSGYVE IWUYMZEV WI
HEW VIWTSRWEFMPMHEHIW YRMGEQIRXI
, YRMIW IQ UYI S HMZVGMS GSQTVIIRWZIP I VE^SZIP TSVUYI E HIGMWS HI
GEWEV JSM XSQEHE WIQ QEXYVMHEHI TSVUYI WS HMZIVWSW SW IUYZSGSW I HIWIRGSRXVSW
LYQERSW
)Q SYXVSW GEWSW L ERSW HI EXMXYHIW HI HIWVIWTIMXS I QEYW XVEXSW L SW UYI
MQTIHIQ S HIWIRZSPZMQIRXS HS SYXVS 7S ZEVMEHEW EW RIGIWWMHEHIW HE EPQE LYQERE
I QYMXEW ZI^IW QIPLSV UYI SW TEVGIMVSW WI HIGMHEQ TIPE WITEVES E TIVQERIGIVIQ
NYRXSW JE^IRHS HE YRMS GSRNYKEP YQE LMTSGVMWME )Q XSHEW EW EXMXYHIW I
EGSRXIGMQIRXSW HE ZMHE WSQIRXI E TVTVME GSRWGM-RGME HS MRHMZHYS TSHI JE^IV S EYXS
NYPKEQIRXS I HIGMHMV WSFVI WYEW GEV-RGMEW I HMJMGYPHEHIW HE ZMHE E HSMW
8SHSW SW PMZVSW WEGVSW HE LYQERMHEHI X-Q GSQS Q\MQE SY QERHEQIRXS S
EQSV % FEWI HI XSHS GSQTVSQMWWS S EQSV 3 EQSV IRVMUYIGI QYXYEQIRXI EW
TIWWSEW I VIWTSRWZIP TIPE VMUYI^E HS WIY QYRHS MRXIVMSV
% IWXVYXYVE HS ZIVHEHIMVS IRWMRS VIPMKMSWS RSW HIZI YRMV EQSVSWEQIRXI YRW ESW
SYXVSW I RS RSW QERXIV YRMHSW TIPE MRXMQMHES TIPS QIHS HS JYXYVS SY TIPEW
GSRZIRIW WSGMEMW
3 IRWMRS IWTVMXE TVSTEKEHS TIPS 3 0MZVS HSW )WTVMXSW RSW JE^ VIHIWGSFVMV S
WIRXMQIRXS HI VIPMKMSWMHEHI MREXS IQ GEHE GVMEXYVE HI (IYW 6IPMKMSWMHEHI S UYI
TSWWYE %PPER /EVHIG IQ EFYRHRGME TSMW IR\IVKEZE SW JEXSW HE ZMHE GSQ SW SPLSW HE
EPQE UYIV HM^IV ME EPQ HSW VIGYVWSW JWMGSW YWERHS SW WIRXMHSW HE XVERWGIRH-RGME E
JMQ HI IRGSRXVEV E ZIVHEHI IWGSRHMHE EXVW HSW EWTIGXSW I\XIVMSVIW
3 IQMRIRXI TVSJIWWSV 6MZEMP IRXIRHME UYI S ZIVHEHIMVS WIRXMHS HE VIPMKMS HIZI
GSRWMWXMV RE FYWGE HE PMFIVHEHI RS GYPXS HE ZIVHEHI I RE GPEVE HMWXMRS IRXVI S
XIQTSVEP TEWWEKIMVS I S VIEP TIVQERIRXI
)WXEV GSQ EPKYQ TSV XIQSV VIPMKMSWS HMJIVIRXI HI IWXEV GSQ EPKYQ TSV
EQSV 7SQIRXI S EQSV XIQ WMKRMJMGEHS TIVERXI E (MZMRE 4VSZMH-RGME
0IQFVIQS RSW HI UYI E WSPMHS ETEVIGI UYERHS RIKEQSW RSWWSW WIRXMQIRXSW I
MKRSVEQSW RSWWEW I\TIVM-RGMEW MRXIVMSVIW )WWE JSVQE GSQTSVXEQIRXEP XIRHI E JE^IV
RSW ZIV EW GSMWEW HS NIMXS GSQS UYIVIQSW ZIV SY WINE GSQS RSW GSRZIRMIRXI IQ ZI^
HI Z- PEW GSQS VIEPQIRXI WS %WWMQ UYI HMWXSVGIQSW RSWWE VIEPMHEHI
2S VINIMXIQSW S UYI HI JEXS WIRXMQSW -WWS RS UYIV HM^IV ZMZIV GSQ PMFIVHEHI
MRHMWGVMQMREHE I WIQ GSRXVSPI QEW WMQ VIGSRLIGIV S HIZMHS PYKEV UYI GSVVIWTSRHE
ESW RSWWSW WIRXMQIRXSW WIQ MKRSV PSW RIQ XEQTSYGS HIM\ PSW WIV HSRSW HI RSWWE
ZMHE
7I HIZIQSW TIVQERIGIV SY RS ES PEHS HI EPKYQ HIGMWS UYI WI HIZI XSQEV
GSQ IWTSRXERIMHEHI LEVQSRME I PMFIVHEHI WIQ QIWGPEW HI QIHS SY MQTSWMIW
5YIWXS
)WX RE PIM HE 2EXYVI^E SY WSQIRXI RE PIM LYQERE E MRHMWWSPYFMPMHEHI EFWSPYXE HS
GEWEQIRXS#
YQE PIM LYQERE QYMXS GSRXVVME HE 2EXYVI^E 1EW SW LSQIRW TSHIQ QSHMJMGEV WYEW PIMW W EW HE
2EXYVI^E WS MQYXZIMW

%W (SVIW HE %PQE

7SPMHS
3YEQSW GSQ SW SYZMHSW MRXIVRSW TSMW RMRKYQ TSHI EWWMQMPEV FIQ
YQE I\TIVM-RGME UYI RS TVSZIRLE HI WYE TVTVME SVMIRXES MRXIVMSV
7IKYRHS 4EWGEP S KVERHI TIRWEHSV GMIRXJMGS JMPSWJMGS HS WGYPS <:-- E
ZIVHEHIMVE REXYVI^E HS LSQIQ WIY ZIVHEHIMVS FIQ WYE ZIVHEHIMVE ZMVXYHI I E
ZIVHEHIMVE VIPMKMS WS GSMWEW GYNS GSRLIGMQIRXS MRWITEVZIP
2IQ WIQTVI E WSPMHS TSHI WIV IRGEVEHE GSQS HSV SY MRWRME IQ QYMXEW
SGEWMIW TIVSHSW HI TVITEVES XIQTSW HI GVIWGMQIRXS GSRZMXIW HE ZMHE ES
EQEHYVIGMQIRXS
(I EGSVHS GSQ S TIRWEQIRXS HI 4EWGEP S QEKS HS WIV IWX MRXMQEQIRXI PMKEHS
ES FIQ ZMVXYHI I VIPMKMS NYWXEQIRXI REW TSGEW HI WSPMHS UYI GSRWIKYMQSW
E QSXMZES RIGIWWVME TEVE IWXEFIPIGIV E ZIVHEHI WSFVI IWWI JEXS
2E WSPMHS UYI IRGSRXVEQSW WERMHEHI TEVE RSWWS QYRHS MRXIVMSV VIWTSWXEW
WIKYVEW TEVE RSWWSW GEQMRLSW MRGIVXSW I RYXVMS ZMXEPM^ERXI TEVE SW PEFSVIW UYI
IRJVIRXEQSW IQ RSWWE ZMEKIQ XIVVIRE
2IWXIW RSWWSW ETSRXEQIRXSW WSFVI E WSPMHS RS IWXEQSW RSW VIJIVMRHS
XVMWXI^E HI IWXEV W QEW WMQ RIGIWWEVMEQIRXI UYMIXYHI RXMQE XS MQTSVXERXI I
WEYHZIP TEVE UYI JEEQSW YQ XVEFEPLS HI EYXSGSRWGM-RGME ZEPSVM^ERHS EW RYERGIW HI
RSWWE ZMHE MRXIVMSV
1YMXSW MRHMZHYSW ZMZIQ HIRXVS HI YQ GMGPS HMVMS IWXEJERXI 6IEPM^EQ WYEW
EXMZMHEHIW RYQ EQFMIRXI HI GSQTIXMXMZMHEHI EKMXES TVIWWE I VMZEPMHEHI ZMZIRHS IQ
GSRWXERXI XIRWS TWMGSPKMGE I TSV GSRWIU-RGME EPXIVERHS WYEW JYRIW JMWMSPKMGEW
4SV ZMZIVIQ RYQ IWXEHS HI GERWES I HIWKEWXI GSRXRYSW RS GSRWIKYIQ JE^IV YQE
VIEP MRXIVES IRXVI S QIMS EQFMIRXI I WIY QYRHS MRXIVRS S UYI SGEWMSRE WVMSW
TVSFPIQEW HI GSRZMZ-RGME I MRQIVSW GSRJPMXSW TIWWSEMW
2IQ WIQTVI TSWWZIP EFERHSREVQSW E ZMHE EPZSVSEHE SW VYHSW I EW QWMGEW
IWXVMHIRXIW XEPZI^ WINE EX QIWQS MRZMZIP QEW TIVJIMXEQIRXI VIEPM^ZIP HIHMGEVQSW
EPKYQ XIQTS WSPMHS VIXMVERHS RSW TEVE QSQIRXSW HI VIJPI\S
2SW MRWXERXIW HI WMP-RGMS I\IVGMXEQSW S ETVIRHM^EHS UYI RSW PIZEV E EFVMV YQ
GEREP VIGITXMZS 'SRWGM-RGME (MZMRE RIWWI QSQIRXS UYI JMGEQSW GMIRXIW HI UYI
VIEPQIRXI RS IWXEQSW WS^MRLSW I UYI TSHIQSW IRXVEV IQ GSRXEXS GSQ E ZS^ HE
GSRWGM-RGME % ZS^ HI (IYW TSV EWWMQ HM^IV GSQIEV E JEPEV IQ RW
-RQIVEW GVMEXYVEW GVMEQ YQE QIRXI EKMXEHE TSV XIQIVIQ UYI IWXS ZE^MEW
TIRWEQ RS LEZIV REHE HIRXVS HIPEW UYI PLIW H- TVSXIS ETSMS I WIKYVERE
%GVIHMXEQ UYI WS YQE GEWGE UYI TVIGMWE I\GPYWMZEQIRXI HI WYWXIRXES I\XIVMSV TSV
MWWS GSRXMRYEQ SGYTERHS E GEWE QIRXEP ERWMSWEQIRXI SFWXVYMRHS WIY EGIWWS PY^
IWTMVMXYEP
% QIRXI TSHI WIV YQE ENYHE IJIXMZE SY QIWQS YQ SFWXGYPS JIVVIRLS RE
IWGSPLE HE QIPLSV HMVIS TEVE EXMRKMQSW S EQEHYVIGMQIRXS RXMQS % GVIRE IQ
RSWWE PMQMXES UYI JE^ GSQ UYI VIWXVMRNEQSW RSWWE QIRXI -WWS WI EKVEZE UYERHS
IRZSPZIQS PE RS FYVFYVMRLS HI ZS^IW RS XYQYPXS I RE EKMXES HS GSXMHMERS TEWWERHS
EWWMQ E RS EZEPMEVQSW GSVVIXEQIRXI WIY ZIVHEHIMVS TSXIRGMEP
7S QYMXSW SW GEQMRLSW HI (IYW I E WSPMHS TSHI WIV YQ HIPIW ) WEMRHS JSM
GSQS GSWXYQEZE TEVE S 1SRXI HEW 3PMZIMVEW I XEQFQ SW WIYW HMWGTYPSW S
WIKYMVEQ

0YGEW

.IWYW 'VMWXS GSRWXERXIQIRXI WI VIXMVEZE TEVE E MRXMQMHEHI UYI S WMP-RGMS

TVSTSVGMSRE TSMW IRXIRHME UYI E IPIZES HI EPQE WSQIRXI TSWWZIP RE TVMZEGMHEHI
HE WSPMHS
3 'VMWXS %QSVSWS WEFME UYI UYERHS LSYZIWWI WMP-RGMS RS GSVES I RS MRXIPIGXS
WI IWXEFIPIGIVMEQ EW FEWIW WIKYVEW HE VIPES IRXVI E GVMEXYVE I S 'VMEHSV
TVSTSVGMSRERHS E TIVGITS HI UYI WSQSW YRSW GSQ E :MHE I YRSW GSQ XSHSW SW WIVIW
FYWGEQ RS VIXMVS E XVERUMPMHEHI UYI GIVXSW XVEFEPLSW VIGPEQEQ
-WWS RS
VIXVEMQIRXS EFWSPYXS HS IKSWXE )WWIW RS WI MRWYPEQ HE WSGMIHEHI TSVUYERXS TEVE
IPE XVEFEPLEQ
% )WTMVMXYEPMHEHI 1EMSV IRXIRHI UYI RSW VIXMVSW HI XVERUMPMHEHI GVMEQSW YQE
WYWXIRXES MRXIVMSV UYI RSW TIVQMXI WMRXSRM^EV GSQ EW PIMW HMZMREW I GSQ SW ZEPSVIW
VIEMW HE GSRWGM-RGME GVMWX
3YEQSW GSQ SW SYZMHSW MRXIVRSW TSMW RMRKYQ TSHI EWWMQMPEV FIQ YQE
I\TIVM-RGME UYI RS TVSZIRLE HI WYE TVTVME SVMIRXES MRXIVMSV
2MRKYQ GETE^ HI WIKYMV WYE ZIVHEHIMVE IWXVEHE I\MWXIRGMEP WI RS VIJPIXMV
WSFVI WYE IWW-RGME 2S IRGSRXVEVIQSW S GEQMRLS HI UYI ZIVHEHIMVEQIRXI
RIGIWWMXEQSW WI RW QIWQSW RS S FYWGEVQSW YWERHS RSWWSW MRIVIRXIW VIGYVWSW HE
EPQE TEVE TIVGIFIV EW MREVXMGYPEHEW SVMIRXEIW HMZMREW IQ RW
7SQIRXI GEHE YQ TSHI MRXIVTVIXEV EW VE^IW HE :MHE IQ WM QIWQS
%HSXIQSW S ETVIRHM^EHS GSQ S 7IRLSV .IWYW I\IQTPMJMGEHS RS ,SVXS HEW
3PMZIMVEW VIXMVIQS RSW TEVE YQ PYKEV TEVXI I GYPXMZIQSW SW MRXIVIWWIW HI RSWWE
EPQE
7I RS IRGSRXVEVQSW YQ VIGERXS I\XIVRS UYI JEGMPMXI E QIHMXES RIQ EPKYQE
TEMWEKIQ QEMW EJEWXEHE NYRXS 2EXYVI^E SRHI TSWWEQSW VITSYWEV HE MRUYMIXES HE
QYPXMHS QIWQS EWWMQ TSHIVIQSW TIRIXVEV S RSWWS WERXYVMS RXMQS
7MKEQSW S 1IWXVI VIGSPLIRHS RSW RE WSPMHS I RS WMP-RGMS HS XIQTPS HE EPQE
SRHI I\GPYWMZEQIRXI IRGSRXVEVIQSW EW VIEMW GSRGITIW HS EQSV I HE NYWXME HE
JIPMGMHEHI I HE TE^ HI UYI XSHSW XIQSW HMVIMXS TSV 4EXIVRMHEHI (MZMRE

5YIWXS
5YI TIRWEV HSW UYI JSKIQ HS QYRHS TEVE WI ZSXEVIQ ES QMWXIV HI WSGSVVIV SW
HIWKVEEHSW#
)WWIW WI IPIZEQ VIFEM\ERHS WI 8-Q S HYTPS QVMXS HI WI GSPSGEVIQ EGMQE HSW KS^SW QEXIVMEMW
I HI JE^IVIQ S FIQ SFIHIGIRHS PIM HS XVEFEPLS
5YIWXS
E ) HSW UYI FYWGEQ RS VIXMVS E XVERUMPMHEHI UYI GIVXSW XVEFEPLSW VIGPEQEQ#
-WWS RS VIXVEMQIRXS EFWSPYXS HS IKSWXE )WWIW RS WI MRWYPEQ HE WSGMIHEHI TSVUYERXS TEVE
IPE XVEFEPLEQ

%W (SVIW HE %PQE

'YPTE
%W VIPMKMIW JSVEQ GVMEHEW TEVE VIXMVEV EW GVMEXYVEW HE GSRZIRS I
XVERWTSVX PEW IWTMVMXYEPM^ES QEW RE EXYEPMHEHI EPKYQEW VIPMKMIW WI
XVERWJSVQEVEQ REW TVTVMEW GSRZIRIW WSGMEMW
-RQIVEW GVIREW VIPMKMSWEW X-Q WMHS MQIRWEQIRXI RSGMZEW ES HIWIRZSPZMQIRXS
HEW GVMEXYVEW TSMW YWEQ JVIUIRXIQIRXI E GYPTE GSQS JSVQE HI EXIQSVM^EV 'SQ MWWS
SFX-Q E WYFQMWWS HSW MRHMZHYSW GSRHY^MRHS SW E WIY FIP TVE^IV
9XMPM^EQ WI HI GSQTSVXEQIRXSW QERMTYPEHSVIW FEWIEHSW IQ GVIREW TYRMXMZEW
9Q HSW GSRGIMXSW QEMW ETVIKSEHSW S HI UYI E (MZMRE 4VSZMH-RGME EKI EXVEZW HS
GEWXMKS I HE ZMRKERE I HI UYI (IYW UYERHS WI HIGITGMSRE GSRSWGS MQTIHI RSW HI
HIWJVYXEV I TEVXMGMTEV HEW FIRIWWIW HS 6IMRS HSW 'YW
% HSYXVMRE HS JSKS IXIVRS
RS TVSHY^MV FSQ VIWYPXEHS
7I IRWMREVHIW
GSMWEW UYI QEMW XEVHI E VE^S ZIRLE E VITIPM GEYWEVIMW YQE MQTVIWWS UYI RS WIV
HYVEHSYVE RIQ WEPYXEV
%W VIPMKMIW JSVEQ GVMEHEW TEVE VIXMVEV EW GVMEXYVEW HE GSRZIRS I XVERWTSVX
PEW IWTMVMXYEPM^ES QEW RE EXYEPMHEHI EPKYQEW VIPMKMIW WI XVERWJSVQEVEQ REW
TVTVMEW GSRZIRIW WSGMEMW
%FSVHEVIQSW EKSVE EPKYQEW QIRWEKIRW UYI TVSHY^IQ GYPTE I
GSRWIUIRXIQIRXI MRJIPMGMHEHI RS RXMQS HEW GVMEXYVEW
:SG-W HIWSFIHIGIVEQ W PIMW HMZMREW QEW WI WSJVIVIQ FEWXERXI XEPZI^ WIVS
TIVHSEHSW
:SG-W RS IRXVEVS RE 'EWE HI (IYW E QIRSW UYI WI WEGVMJMUYIQ QYMXS TIPSW
RIGIWWMXEHSW
7I ZSG-W EQEWWIQ ES 4EM RS SYWEVMEQ XIV E EXMXYHI UYI XMZIVEQ
% GYPTE JVIUIRXIQIRXI HMJYRHMHE TSV VIPMKMSWSW SVXSHS\SW HI JSVQE
GSRWGMIRXI I EX QIWQS MRGSRWGMIRXI GSQS QIMS HI TVSHY^MRHS XIQSV RSW JMMW
IWXEFIPIGIV HITIRH-RGME VIPMKMSWE I HIXIVQMREV GSQTSVXEQIRXSW I TSWXYVEW HI ZMHE
UYI EGVIHMXEQ WIV GSVVIXEW I GSRZIRMIRXIW W WYEW RSFVIW GEYWEW QMWWMSRVMEW
)WUYIGIQ WI TSVQ HI UYI GEHE WIV XIQ YQE MHEHI EWXVEP UYI PLI TIVQMXI ZIV
I GSQTVIIRHIV E I\MWX-RGME HI JSVQE IWTIGJMGE I TVMZEXMZE 8EQFQ RS WI PIQFVEQ
HI UYI E XSXEPMHEHI HEW GYPTEW HI YQ MRHMZHYS RS TSHIV XVERWJSVQEV WIY
GSQTSVXEQIRXS TEWWEHS RIQ QIWQS WYEW EXMXYHIW HS TVIWIRXI 4SVXERXS E RMGE
JSVQE TSWWZIP HI PIZ PS E YQE XVERWJSVQES MRXIVMSV E QYHERE HI IRXIRHMQIRXS I
HI EXMXYHI
7SQIRXI EXVEZW HI YQE VIEP GSRWGMIRXM^ES UYI WI IWXEFIPIGI S TVSGIWWS HI
EQEHYVIGMQIRXS HEW GVMEXYVEW )Q SYXVEW TEPEZVEW XEP GSRWGMIRXM^ES WI H TIPS
WSQEXVMS HI WYEW I\TIVM-RGMEW ZMZIRGMEHEW EXVEZW HS XIQTS RYRGE TIPE MQTSWMS SY
TIPS VIGIMS
7EGVMJMUYI WI TIPSW RIGIWWMXEHSW TSHIV WIV YQE VIGSQIRHES IUYMZSGEHE
UYERHS IRHIVIEHE E YQE TIWWSE TWMGSPSKMGEQIRXI JVEKMPM^EHE TSMW WI IPE RS
GSRWIKYI RIQ QIWQS ENYHEV E WM QIWQE SFZMEQIRXI WI WIRXMV GYPTEHE TSV RS
GSRWIKYMV ENYHEV S TV\MQS
5YIWXS
(SRHI TVSGIHI E HSYXVMRE HS JSKS IXIVRS#
-QEKIQ WIQIPLERXI E XERXEW SYXVEW XSQEHE GSQS VIEPMHEHI
5YIWXS
E 1EW S XIQSV HIWWI JSKS RS TVSHY^MV FSQ VIWYPXEHS#
:IHI WI WIVZI HI JVIMS QIWQS IRXVI SW UYI S IRWMREQ 7I IRWMREVHIW GSMWEW UYI QEMW XEVHI E
VE^S ZIRLE E VITIPMV GEYWEVIMW YQE MQTVIWWS UYI RS WIV HYVEHSYVE RIQ WEPYXEV

)PE EX TSHIV IWXEV TVSZMHE HI FSE ZSRXEHI I XIRXEV JE^IV EPKYQE GSMWE QEW
RS GSRWIKYMV IJIXYEV YQE VIEP ENYHE ZMWXS UYI XS RIGIWWMXEHE UYI HIRXVS HI WM
RS L WIRS IWGYVMHS I HIWIUYMPFVMS )RXS GSQS TSHIV GSSTIVEV
GSRZIRMIRXIQIRXI GSQ SW SYXVSW#
7 TSHIVIQSW TVIWXEV EY\PMS E EPKYQ UYI IWXMZIV WI EJSKERHS WI WSYFIVQSW
REHEV 'SQS ENYH PS WI IWXMZIVQSW XEQFQ RSW EJSKERHS#
2E VIEPMHEHI GVMEXYVEW MQEXYVEW WI GSRWMHIVEQ TVSJYRHEQIRXI GYPTZIMW
TSVUYI ZEPSVM^EQ IQ I\GIWWS S UYI SW SYXVSW HM^IQ I TIRWEQ 4SV PLIW JEPXEV
MRHITIRH-RGME MRXIVMSV RIQ WIQTVI VIRIQ GSRHMIW HI NYPKEV WIY TVTVMS
GSQTSVXEQIRXS TIRWEQIRXSW I IQSIW VIWTSRWEFMPM^ERHS WI TIPEW GSRWIU-RGMEW
UYI XEMW EXSW GEYWEQ WSFVI IPEW
2S GV-IQ UYI (IYW PLIW JEPE HMVIXEQIRXI ES GSRXVVMS RIGIWWMXEQ HI LSQIRW
UYI WI EYXSHIRSQMREQ MPYQMREHSW TEVE GSRHY^M PEW GSRJSVQI NYPKYIQ GSVVIXS I
NYWXS 7S MRJIPM^IW 5YERHS RS WI GYPTEQ EXVMFYIQ GYPTE ESW SYXVSW 2S TIVGIFIQ
UYI WS IPEW QIWQEW UYI HIXIVQMREQ S WIY HIWXMRS
% GYPTE RS IRGSRXVEVME EFVMKS IQ RSWWE EPQE WI XMZWWIQSW YQE EQTPE J RS
EQSV HI (IYW TSV RW I WI EGVIHMXWWIQSW UYI )PI LEFMXE IQ RSWWS QEKS I WEFI UYI
WSQSW XS FSRW I EHIUYEHSW UYERXS TIVQMXI RSWWS KVEY HI GSRLIGMQIRXS I HI
IRXIRHMQIRXS WSFVI RSWWE ZMHE MRXIVMSV I XEQFQ I\XIVMSV

%W (SVIW HE %PQE

'YPTE
%TVIRHIVEQ E ZIWXMV E XRMGE HI WYTIV LIVMW XIRXERHS WEXMWJE^IV I
WYTVMV EW RIGIWWMHEHIW HE JEQPME I WI GYPTEZEQ UYERHS RS GSRWIKYMEQ
VIWSPZIV IWWIW TVSFPIQEW
7FMSW WS EUYIPIW UYI EGYQYPEVEQ GSRLIGMQIRXSW RS WSQIRXI EXVEZW HS
IWXYHS HEW GM-RGMEW QEW XEQFQ TIPE TVXMGE I TIPE SFWIVZES
7EFIHSVME TSVXERXS E WSQE HI RSWWSW GSRLIGMQIRXSW GSIVIRXIW SFXMHSW IQ
GSRXEXS GSQ SW HMZIVWSW EGSRXIGMQIRXSW HE ZMHE RS ETIREW S UYI JSM EHUYMVMHS TIPE
MRWXVYS EGEH-QMGE QEW EGMQE HI XYHS TIPEW I\TIVMQIRXEIW ZMZ-RGMEW EXMZMHEHIW
I VIEPM^EIW REW QEMW ZEVMEHEW VIEW WINE RE EXYEP I\MWX-RGME WINE REW QPXMTPEW
IRGEVREIW UYI XMZIQSW TIPEW RSMXIW HSW XIQTSW 7IRWEXI^ TVYH-RGME HIWIQTIRLS I
IVYHMS WS TEXVMQRMSW MRXVERWJIVZIMW HE EPQE LYQERE EPMGIVEHSW RE MRXMQMHEHI HS
TVTVMS WIV
(IWWE QERIMVE TSHIQSW IRXIRHIV UYI UYERXS QEMW MQTIHMVQSW EW TIWWSEW GSQ
EW UYEMW GSRZMZIQSW HI EKMV I HI TIRWEV TSV WM QIWQEW QEMW IWXEVIQSW HMJMGYPXERHS
WYEW STSVXYRMHEHIW HI EQEHYVIGMQIRXS I HI GVIWGMQIRXS IWTMVMXYEP 3W
IQTVIIRHMQIRXSW UYI SW SYXVSW IPIKIVEQ GSQS SW QIPLSVIW TEVE WM HIZIVS WIV
VIWTIMXEHSW TSMW SW HMVIMXSW REXYVEMW HS LSQIQ PLIW KEVERXIQ E TSWWMFMPMHEHI HI
XSQEV HIGMWIW IVVEV ETVIRHIV GVIWGIV QYHEV I NYPKEV E WM QIWQSW
4VSFPIQEW WS IWXQYPSW UYI E :MHE RSW ETVIWIRXE TEVE RSW EYXSGSRLIGIV
4SVXERXS SW JEXSW HI RSWWE I\MWX-RGME TSWWYIQ ZEPSVIW MQTVIWGMRHZIMW TEVE RSWWS
HIWIRZSPZMQIRXS MRXIVMSV I WS HI MQTSVXRGME JYRHEQIRXEP TEVE S RSWWS MRXIVEKMV IQ
JEGI HIWWIW QIWQSW EGSRXIGMQIRXSW
%PKYRW HI RW ETVIRHIQSW UYI HIZIVEQSW WIV VIWTSRWZIMW TIPE JIPMGMHEHI HSW
SYXVSW YWERHS YQE TSWXYVE HI XSQEV GSRXE SY WINE HI WYTIVZMWMSREV GSQERHEV
MRWMWXMV WIHY^MV GLSVEV EGYWEV WYFSVREV IWTMSREV TVSHY^MRHS GYPTE IQ RW I RSW
SYXVSW I TIHMRHS MRXIVZIRIW QMPEKVSWEW E JMQ HI VIHMQMVQSW I WEPZEVQSW EW EPQEW
HI RSWWSW IRXIW QEMW UYIVMHSW
1YMXSW MRHMZHYSW XVE^IQ YQ GSQTSVXEQIRXS TWMGSPKMGS MREHIUYEHS EHUYMVMHS
HIWHI E QEMW XIRVE MHEHI TIPE PSRKE GSRZMZ-RGME GSQ JEQMPMEVIW HMJGIMW I GVMEXYVEW
TVSFPIQXMGEW UYI WI HM^MEQ MRGETE^IW HI WI GYMHEV I WI HIJIRHIV )Q HIGSVV-RGME
HMWWS IWWEW GVMEREW EWWYQMVEQ VIWTSRWEFMPMHEHIW UYI RS PLIW TIVXIRGMEQ I TEVE
UYI TYHIWWIQ WSFVIZMZIV IQSGMSREPQIRXI RS PEV IQ HIWENYWXI ETVIRHIVEQ E ZIWXMV E
XRMGE HI WYTIV LIVMW XIRXERHS WEXMWJE^IV I WYTVMV EW RIGIWWMHEHIW HE JEQPME I WI
GYPTEZEQ UYERHS RS GSRWIKYMEQ VIWSPZIV IWWIW TVSFPIQEW
4EWWEVEQ E ZMZIV TEVE GSRXVSPEV I TVSXIKIV TEMW MVQSW SYXVSW TEVIRXIW
EQMKSW I GSRLIGMHSW WYE ZSPXE TVISGYTERHS WI RIYVXMGE I GSQTYPWSVMEQIRXI IQ
WSPYGMSREV EW HMJMGYPHEHIW SY IUYEGMSREV E ZMHE HIWWEW TIWWSEW
(IWIRZSPZIVEQ ES PSRKS HS XIQTS VIPEGMSREQIRXSW HSIRXMSW RYRGE WI
TVISGYTERHS GSQ S UYI IPIW TVTVMSW WIRXIQ SY HIWINEQ QEW WSQIRXI WI
MRXIVIWWERHS TSV EUYMPS UYI SW SYXVSW IWXS WIRXMRHS I TIRWERHS 8VE^IQ GSQS PIQE
WYE HMJMGYPHEHI QIY TVSFPIQE SY WYE ZSRXEHI QMRLE ZSRXEHI EWWYQMRHS
SFVMKEIW TIPS FIQ IWXEV GSQTSVXEQIRXS HIGMWIW IQSIW TIRWEQIRXSW SY
QIWQS TIPS HIWXMRS HI SYXVEW TIWWSEW
2S IWXEQSW RSW VIJIVMRHS E EXSW HI ZIVHEHIMVE GEVMHEHI GSQTEM\S I FSRHEHI
IQ UYI VIEPQIRXI E EWWMWX-RGME VIUYMWMXEHE I HIWINEHE QEW WMQ ES EXS RIYVXMGS HI
XSQEV GSRXE 4SV EGVIHMXEVQSW UYI EW TIWWSEW WS ZXMQEW HS QYRHS I MRGETE^IW
HI GYMHEV HI WM QIWQEW EWWYQMQSW IWWE EXMXYHI WEPZEGMSRMWXE 4SHIQSW XVEHY^M PE

GSQS YQE QERIMVE HI EKMV WYFIWXMQERHS E GETEGMHEHI HSW MRHMZHYSW HI GVIWGIV I

IZSPYMV 'ETEGMHEHI IWWE UYI LIVHEQSW TSV HMVIMXS HMZMRS
% 4VSZMH-RGME (MZMRE RSW GSRZSGE E WIV TEVXMGMTERXIW RE ZMHE HSW SYXVSW NEQEMW
GSRXVSPEHSVIW
8IQ QIMSW S LSQIQ HI HMWXMRKYMV TSV WM QIWQS S UYI FIQ HS UYI QEP
(IYW PLI HIY E MRXIPMK-RGME TEVE HMWXMRKYMV YQ HS SYXVS
%XVEZW HE MRXIPMK-RGME I
HS PMZVI EVFXVMS IPI GSRWIKYI HMWGIVRMV I STXEV IRXVI YQ I SYXVS
% 3RMTVIWIRE (MZMRE RSW KEVERXI (IYW IQ XSHE TEVXI GSQS XEQFQ HIRXVS HI
GEHE YQ HI RW I RSW GSRGIHI QMWWIW IUYMZEPIRXIW ES RSWWS HIKVEY IZSPYXMZS
4SVXERXS (IYW IQ RW KYME RSW WIQTVI HI QERIMVE UYI TSWWEQSW WSPYGMSREV
HMJMGYPHEHIW ETVSTVMEHEW W RSWWEW TSWWMFMPMHEHIW IZSPYXMZEW 2S HIZIQSW YXMPM^EV
MRHIZMHEQIRXI E TEPEZVE GEVMHEHI GSQS NYWXMJMGEXMZE TEVE GSRXMRYEVQSW E JE^IV ESW
SYXVSW S UYI IPIW WEFIQ TSHIQ I WS GETE^IW HI JE^IV
(IWWE JSVQE TVSGYVIQSW RS HMWXSVGIV E QIRWEKIQ HI .IWYW 'VMWXS WSFVI S
EQSV ES TV\MQS ZMWXS UYI S EY\PMS VIEP IRXVI EW GVMEXYVEW IWX EPMGIVEHS REW
XVSGEW FIRJMGEW E UYI XSHSW RW WSQSW GSRZSGEHSW E VIEPM^EV QEW HIZIQSW ETVIRHIV
UYERHS RS HEV I UYERHS RS I\IGYXEV XEVIJEW HE VIWTSRWEFMPMHEHI HI SYXVEW TIWWSEW
TSMW MWWS XEQFQ JE^ TEVXI HE 0IM HS %QSV

5YIWXS
8IQ QIMSW S LSQIQ HI HMWXMRKYMV TSV WM QIWQS S UYI FIQ HS UYI QEP#
7MQ UYERHS GV- IQ (IYW I S UYIV WEFIV (IYW PLI HIY E MRXIPMK-RGME TEVE HMWXMRKYMV YQ HS
SYXVS

%W (SVIW HE %PQE

'YPTE
:MZIV IQ TE^ GSQ RSWWE I\TIVM-RGME WI\YEP EXYEP ZEPSVM^ERHS RSWWS
ETVIRHM^EHS I IQ XIQTS EPKYQ GYPTEV RSW SY EXVMFYMV GYPTE E EPKYQ
% WI\YEPMHEHI E VIE IQ UYI E GYPTE QEMW JPSVIWGI RE WSGMIHEHI 'SQS TSYGS
WEFIQSW WSFVI IPE JMGEQSW TVEXMGEQIRXI GSRJMREHSW W MHMEW I STMRMIW EPLIMEW
2SWWE PMQMXES RE GSQTVIIRWS HSW SYXVSW WIVIW LYQERSW WI HIZI ES TSYGS SY E
UYEWI REHE UYI WEFIQSW WSFVI RW QIWQSW SY WINE ES HIWGSRLIGMQIRXS HI RSWWE
WI\YEPMHEHI 4SV MWWS UYI XIQSW HMJMGYPHEHI HI EHQMXMV E HMZIVWMHEHI HI WIRXMQIRXSW
I IQSIW EJIXMZEW I WI\YEMW
'SRJYRHMQSW GSRWXERXIQIRXI E RSWWE LEFMPMHEHI TEVE S WI\S GSQ E RSWWE
GETEGMHEHI WI\YEP 4SV EGVIHMXEVQSW WEFIV HMWXMRKYMV E HMJIVIRE FMSPKMGE IRXVI S
QEGLS I E J-QIE NYPKEQSW GSRLIGIV XYHS WSFVI S GSRNYRXS HSW JIRQIRSW WI\YEMW UYI
WI TSHIQ SFWIVZEV RSW WIVIW ZMZSW
2E EXYEPMHEHI EW GVMEREW WS MRXVSHY^MHEW TVIQEXYVEQIRXI RE IWJIVE HSW
EHYPXSW TSV MRQIVEW VIZMWXEW JMPQIW GEVXE^IW JSXSKVEJMEW I TIPE TYFPMGMHEHI HE
XIPIZMWS I HS VHMS S UYI PLIW TVSZSGE E QEPGME RYQE MHEHI HIWTVSZMHE HE PKMGE I HS
FSQ WIRWS GSRXVE IWWE IWTGMI HI EJVSRXE WI\YEP
(IWHI GIHS SW IRWMREQIRXSW HI ZEPSVIW XMGSW I QSVEMW HIZIVS WIV QMRMWXVEHSW
ESW QIRSVIW TEVE UYI IPIW TSWWEQ EFWSVZIV MRGSRWGMIRXIQIRXI EXVEZW HSW KIWXSW
EXSW MHMEW I TEPEZVEW HSW TEMW XYHS S HI UYI RIGIWWMXEQ TEVE JSVQEV YQ TEHVS
RSVQEP TWMGSWWI\YEP I IQSGMSREP
3VMIRXEV E RSWWS ZIV RS E QIWQE GSMWE UYI IHYGEV % IHYGES WI\YEP
EWWMQMPEHE FEWMGEQIRXI RE I\TIVM-RGME HI ZMHE RS PEV XVE^ E QEVGE SY S GEVXIV
HMWXMRXMZS I TEVXMGYPEV HSW TEMW . E SVMIRXES WI\YEP IRKPSFE QXSHSW HI IRWMRS
MRJSVQES I RSXGMEW XVERWQMXMHEW I SY ETPMGEHEW GVMERE TIPSW TEVIRXIW VIPMKMSWSW
TVSJIWWSVIW TWMGPSKSW QHMGSW I SYXVSW TVSJMWWMSREMW IWTIGMEPM^EHSW
%MRHE UYI SW TEMW RS XIRLEQ JSVRIGMHS MRXIRGMSREPQIRXI IHYGES WI\YEP ESW
JMPLSW QIWQS EWWMQ EW GVMEREW JSVQEVEQ LFMXSW GSRGIMXSW I MHMEW WSFVI S WI\S
EFWSVZMHSW RS HME E HME HE ZMHE JEQMPMEV RSW QEMW HMZIVWSW I\IQTPSW UYI VIGSPLIVEQ
HSW EXSW I GVIREW HSW EHYPXSW
2SIW GVIRHMGIW TVIGSRGIMXSW I GSRGITIW N I\MWXIQ REW GVMEREW TSMW WS
JVYXSW HI WYEW I\MWX-RGMEW TVIXVMXEW %PQ HMWWS WSQEQ WI WYE FEKEKIQ IWTMVMXYEP
EW SGSVV-RGMEW I ETVIRHM^EKIQ HE ZMHE EXYEP MQTSVXERXI RS IRXERXS TEVE
HIWIRZSPZIV EHYPXSW QEHYVSW I ENYWXEHSW TWMGSWWI\YEPQIRXI JYRHEQIRXEV S IRWMRS HE
SVMIRXES WI\YEP WSFVI QXSHSW TIHEKKMGSW I TWMGSPKMGSW HI GYRLS
VIIRGEVREGMSRMWXE TIPSW UYEMW SW QIRSVIW WS SFWIVZEHSW GSQS EPQEW QMPIREVIW I
IHYGEHSW WSF YQE EXQSWJIVE HI ZMHE IXIVRE
)Q GIVXEW GMVGYRWXRGMEW IZSPYXMZEW IRGEVREQSW GSQS LSQIQ IQ SYXVEW GSQS
QYPLIV ) EMRHE IQ HIXIVQMREHEW STSVXYRMHEHIW HI ETVIRHM^EKIQ I HI VIRSZES S
IWTVMXS TSHI ZMV SGYTEV YQE ZIWXMQIRXE GSVTSVEP STSWXE XIRH-RGME RXMQE UYI ZM
ZIRGME 3 JIRQIRS ERPSKS ES UYI WI VIJIVI VIE QEWGYPMRE XERXS UYERXS
JIQMRMRE -RHITIRHIRXIQIRXI HE JSVQE HI WI\YEPMHEHI UYI IWXEQSW ZMZIRGMERHS RS
TVIWIRXI TVSGYVIQSW EGIMX PE IQ TPIRMXYHI ZMWXS UYI L WIQTVI IQ UYEPUYIV
GSRHMS E STSVXYRMHEHI HI EHUYMVMVQSW I\TIVM-RGMEW I TSV GSRWIU-RGME
TVSKVIHMVQSW IWTMVMXYEPQIRXI ZIRGIRHS HIWEJMSW I TVSQSZIRHS VIEPM^EIW

S QEP HITIRHI TVMRGMTEPQIRXI HE ZSRXEHI UYI WI XIRLE HI S TVEXMGEV 3 FIQ

WIQTVI S FIQ I S QEP WIQTVI S QEP UYEPUYIV UYI WINE E TSWMS HS LSQIQ
(MJIVIRE W L UYERXS ES KVEY HE VIWTSRWEFMPMHEHI
2S TSHIQSW RSW IWUYIGIV HI UYI S KVEY HI VIWTSRWEFMPMHEHI HIZI WIV
WIQTVI GSIVIRXI GSQ E IWXVEHE IZSPYGMSREP TSV SRHI XVERWMXEQ EW EPQEW 4SVXERXS SW
MRHMZHYSW VIWTSRHIVS EHIUYEHEQIRXI TSV WIYW EXSW I EXMXYHIW I WIVS VIWTSRWZIMW
WSQIRXI TSV EUYMPS UYI GSRLIGIQ RS TIPS UYI MKRSVEQ
(IZIQSW EWWMQ ZMZIV IQ TE^ GSQ RSWWE I\TIVM-RGME WI\YEP EXYEP ZEPSVM^ERHS
RSWWS ETVIRHM^EHS I IQ XIQTS EPKYQ GYPTEV RSW SY EXVMFYMV GYPTE E EPKYQ
8SHSW SW WIVIW LYQERSW WS VIKMHSW TIPE 0IM HEW :MHEW 7YGIWWMZEW 'EHE YQ
HI RW IWX ZMZIRHS YQ ETVIRHM^EHS TEVXMGYPEV I RMGS IQ XSHSW SW EWTIGXSW I
SFZMEQIRXI XEQFQ RE VIE WI\YEP )JIXMZEQIRXI I\MWXIQ XERXSW RZIMW HI
IRXIRHMQIRXS I EQEHYVIGMQIRXS WI\YEMW UYERXS MRHMZHYSW UYI SW TSWWYIQ
2S TSHIQSW HIXIVQMREV I\EXEQIRXI E I\XIRWS HEW HMJMGYPHEHIW I HEW
GEV-RGMEW HI GSRLIGMQIRXS I HMWGIVRMQIRXS HI YQE GVMEXYVE IQ WIY HIWIRZSPZMQIRXS
EJIXMZS 1IWQS TSVUYI IWXEQSW RE 8IVVE E JMQ HI ETVIRHIV I EXVEZW HI RSWWSW
EGIVXSW I HIWEGIVXSW UYI JMGEVIQSW WEFIRHS GSQS EKMV GSVVIXEQIRXI REW V
I\TIVM-RGMEW WYFWIUIRXIW
4SHIQSW NYPKEV E TVSQMWGYMHEHI WI\YEP QSVEPQIRXI IVVEHE E QEW RS TSHIQSW
NYPKEV S MRHMZHYS TVSQWGYS TSV HIWGSRLIGIVQSW WYE RIGIWWMHEHI IZSPYXMZE I WIY
GSIJMGMIRXI HI QEXYVMHEHI
2E JMWMSPSKME S HIRSQMREHS TSRXS GIKS YQ PSGEP RS E GEQTS HE ZMWS IQ
UYI RS L GPYPEW WIRWZIMW PY^ RIWWI TSRXS UYI EW JMFVEW RIVZSWEW HE VIXMRE
GSRZIVKIQ TEVE JSVQEV S RIVZS TXMGS UYI XVERWQMXI SW WMREMW RIVZSWSW ES GVIFVS
TEVE E HIGMJVES IQ MQEKIRW ZMWYEMW 8VERWTSVXERHS S WMKRMJMGEHS HIWXI XIVRS
JMWMSPKMGS TSRXS GIKS TEVE E VIE TWMGSPKMGE TSHIVIQSW JE^IV YQE EREPSKME IRXVI
IWXE PEGYRE IQ RSWWS GEQTS ZMWYEP GSQ RSWWE JEPXE HI ZMWS RXMQE TEVE ZIV EW GSMWEW
GSQS VIEPQIRXI WS 2SWWSW TSRXSW GIKSW MRXIVMSVIW WI TVIRHIQ RSWWE
MRI\TIVM-RGME I RSWWE MRGETEGMHEHI IZSPYXMZE
5YIVIV WIV MKYEMW ESW SYXVSW I RSW GSQTEVEV WI\YEPQIRXI MRHMGEQ EYW-RGME HI
TIEW MQTSVXERXIW IQ RSWWE GSRWGM-RGME TVSJYRHE S UYI RSW XSVRE MRGETEGMXEHSW TEVE
TIVGIFIV E I\XIRWS HEW 0IMW (MZMREW UYI VIKIQ E XSHSW RW

5YIWXS
7S EFWSPYXSW TEVE XSHSW SW LSQIRW S FIQ I S QEP#
% 0IM HI (IYW E QIWQE TEVE XSHSW TSVQ S QEP HITIRHI TVMRGMTEPQIRXI HE ZSRXEHI UYI WI
XIRLE HI S TVEXMGEV 3 FIQ WIQTVI S FIQ I S QEP WIQTVI S QEP UYEPUYIV UYI WINE E TSWMS HS
LSQIQ (MJIVIRE W L UYERXS ES KVEY HE VIWTSRWEFMPMHEHI

%W (SVIW HE %PQE

1KSE
3 TVSHYXS EQEVKS HI RSWWE MRJIPMGMHEHI EQSVSWE WS RSWWEW QKSEW
VIWYPXEHS HMVIXS HI RSWWEW I\TIGXEXMZEW UYI RS WI VIEPM^EVEQ WSFVI RW
QIWQSW I WSFVI EW SYXVEW TIWWSEW
3W MRHMZHYSW UYI EGVIHMXEQ UYI XYHS WEFIQ E VIWTIMXS HS EQSV RS X-Q QIMSW
HI HIWGSFVMV UYI RS WEFIQ TSMW TEVE RSW XSQEV ETXSW ES ETVIRHM^EHS RIGIWWVMS
IWXEVQSW EFIVXSW W I\TIVM-RGMEW I W SFWIVZEIW %TVIRHIQSW WSFVI S EQSV UYERHS
VIGSRLIGIQSW RSWWE TVTVME MKRSVRGME UYI RS HIZIVME WIV IRGEVEHE GSQS
HIWETSRXEQIRXS I JVEGEWWS I WMQ GSQS IWXQYPS I HIWEJMS E YQ GSRLIGMQIRXS QEMW
EQTPS
% QEMSV TEVXI HEW GVMEXYVEW WI GSQTSVXE GSQS WI S EQSV RS JSWWI YQ
WIRXMQIRXS E WIV GEHE ZI^ QEMW ETVIRHMHS I GSQTVIIRHMHS %KIQ GSQS WI IPI IWXMZIWWI
MRIVXI RE MRXMQMHEHI LYQERE I TEWWEQ E ZMZIV RE I\TIGXEXMZE HI UYI YQ HME EPKYQ SY
EPKYQE GSMWE TSWWE HIWTIVX PS IQ XSHE E WYE TSX-RGME RYQE IWTGMI HI JIRQIRS
IRGERXEHS
2E UYIWXS HS EQSV ZEPI GSRWMHIVEV UYI UYERXS QEMW WSYFIVQSW QEMW XIVIQSW
TEVE HEV UYERXS QEMSV S HMWGIVRMQIRXS QEMSV WIV E RSWWE LEFMPMHEHI TEVE EQEV
UYERXS QEMW GSQTEVXMPLEVQSW S EQSV GSQ SW SYXVSW QEMW IWXEVIQSW EPEVKERHS E RSWWE
JSRXI HI GSQTVIIRWS E VIWTIMXS HIPI
5YEWI XSHSW SW LEFMXERXIW HE 8IVVE WS GSRWMHIVEHSW YQ PMZVS IQ FVERGS RS
IRXIRHMQIRXS HS EQSV 4SV RS EHQMXMVQSW RSWWE MRGETEGMHEHI HI EQEV
ZIVHEHIMVEQIRXI UYI TIVQERIGIQSW HIWIWXMQYPEHSW I GSRJSVQEHSW E ZMZIV YQE
I\MWX-RGME GSQ JVSRXIMVEW FIQ PMQMXEHEW RE VIE HE EJIXMZMHEHI
2IKEQSW JVIUIRXIQIRXI S JVEGEWWS EQSVSWS HYVERXI ERSW I ERSW TEVE RS
EHQMXMV HMERXI HSW SYXVSW RSWWEW IWGSPLEW TVIGMTMXEHEW I IUYMZSGEHEW 2S
TIVGIFIQSW QYMXEW ZI^IW STSVXYRMHEHIW MQIRWEW HI GEQMRLEV TIPEW ZIVIHEW HS EQSV
TSVUYI RS VIRYRGMEQSW RIGIWWMHEHI RIYVXMGE HI WIV TIVJIMXSW JMGEQSW WIQTVI
TVIWSW E YQE TVIWWS XSVXYVERXI HI MRJEPMFMPMHEHI
4IVHIQSW I\GIPIRXIW QSQIRXSW HI GVIWGMQIRXS TIWWSEP UYIM\ERHS RSW
GSXMHMEREQIRXI HI UYI IWXEQSW WIRHS MKRSVEHSW I YWEHSW TSVQ RYRGE XSVREQSW
EXMXYHI EPKYQE (IM\EQS RSW QEKSEV TIPSW SYXVSW I EGEFEQSW TSV UYI RS HM^IV#
QEKSERHS XEQFQ E RW QIWQSW 6IEKMQSW W SJIRWEW I ES HIWHQ I\TIVMQIRXERHS
WIRXMQIRXSW HI JVYWXVES RIKES EYXSTMIHEHI VEMZE I MQIRWE QKSE 'YPTEQSW EW
TIWWSEW TIPSW RSWWSW WSJVMQIRXSW ZIVFEPM^ERHS EW QEMW HMZIVWEW GSRHIREIW I IQ
WIKYMHE IWJSVEQS RSW I\EYWXMZEQIRXI TEVE RS ZIV UYI E SVMKIQ HI RSWWEW HSVIW
QSVEMW JVYXS HI RSWWE RIKPMK-RGME I GSQSHMWQS
3 TVSHYXS EQEVKS HI RSWWE MRJIPMGMHEHI EQSVSWE WS RSWWEW QKSEW VIWYPXEHS
HMVIXS HI RSWWEW I\TIGXEXMZEW UYI RS WI VIEPM^EVEQ WSFVI RW QIWQSW I WSFVI EW
SYXVEW TIWWSEW
2W RSW FEVEXIEQSW UYERHS GSPSGEQSW RSWWE EYXSZEPSVM^ES IQ FEM\E RE
IWTIVE HI WIHY^MV I QSHMJMGEV WIVIW LYQERSW UYI RSW MRXIVIWWEQ
:MZIQSW GSQYQIRXI HIWIRGSRXVSW RE VIE HE EJIXMZMHEHI TSV HIWGSRLIGIVQSW
SW TVSGIWWSW TWMGSPKMGSW UYI RSW IRZSPZIQ S UYI RSW JE^ ZMZIV WYTSWXSW EQSVIW
.YWXMJMGEQSW RSWWE MRJIPMGMHEHI GSRNYKEP GSQS WIRHS HFMXSW HS TEWWEHS I TEWWEQSW
YQE ZMHE MRXIMVE FYWGERHS PMFMW VIIRGEVREXVMSW TEVE GSQTIRWEV S HIWTVI^S GSQ
UYI WSQSW XVEXEHSW I E STS UYI JM^IQSW HI ZMZIV GSQ GVMEXYVEW UYI RSW
HIWGSRWMHIVEQ I RSW EKVMHIQ E EPQE GSRWXERXIQIRXI

 YQE HEW MRJIPMGMHEHIW HI UYI WSMW EW QEMW HEW ZI^IW E GEYWE TVMRGMTEP
.YPKEW TSVZIRXYVE UYI (IYW XI GSRWXVERNE E TIVQERIGIV NYRXS HSW UYI XI
HIWEKVEHEQ# (ITSMW RIWWEW YRMIW SVHMREVMEQIRXI FYWGEMW E WEXMWJES HS SVKYPLS I
HE EQFMS QEMW HS UYI E ZIRXYVE HI YQE EJIMS QXYE 7SJVIMW IRXS EW
GSRWIU-RGMEW HSW ZSWWSW TVIGSRGIMXSW
'EWEQIRXSW GSRWMHIVEHSW GSQIVGMEMW JSVEQ VIEPM^EHSW IRXVI TVSQIWWEW
WSGMEPQIRXI HMWWMQYPEHEW QEW GIVXEQIRXI IVEQ XVERWEIW HI GSQTVE I ZIRHE
2IKSGMEIW HE TSWMS WSGMEP GSQTVEVEQ FIPI^E JWMGS WI\YEP E GSQIVGMEPM^ES HI
HMTPSQEW TVSQMWWSVIW I VIRXZIMW EPMSY WI EUYMWMS HI IWXVYXYVEW JMRERGIMVEQIRXI
WPMHEW % MWWS UYI HIRSQMREQSW YRMIW QEXVMQSRMEMW#
% TEM\S UYI QYMXSW GLEQEQ HI EQSV VEVEQIRXI EXVEZIWWE WIY IWXKMS
IQFVMSRVMS %SW TSYGSW TIVHI E JSVE QSXMZEHSVE TSV RS TSWWYMV VE^IW TVSJYRHEW
RSW ZIVHEHIMVSW WIRXMQIRXSW HE EPQE
5YERHS E HIWMPYWS HIWJE^ E TEM\S TSVUYI HIWKEWXSY WI S IWXEHS HI
MVVIEPMHEHI 4EM\IW EGSRXIGIQ UYERHS YWEQSW RSWWEW IQSIW WIQ PMK PEW ESW RSWWSW
WIRXMHSW QEMW TVSJYRHSW
5YEWI WIQTVI EGVIHMXEQSW UYI S JVEGEWWS GSRNYKEP YQ ERXRMQS HS WYGIWWS
QEXVMQSRMEP IWUYIGIRHS RSW GSRXYHS HI UYI S -\MXS IQ QYMXEW GMVGYRWXRGMEW IWX
HS SYXVS PEHS HS UYI HIRSQMREQSW VYRE EJIXMZE %TVIRHIQSW UYIQ WSQSW I GSQS
EKMQSW GSRZMZIRHS GSQ SW HIJIMXSW I UYEPMHEHIW HSW SYXVSW NYWXEQIRXI RSW GSRJPMXSW
HI VIPEGMSREQIRXS UYI VIXMVEQSW EW KVERHIW PMIW TEVE MHIRXMJMGEV EW SVMKIRW HI
RSWWEW EJPMIW
4IVKYRXIQS RSW E RW QIWQSW 4SV UYI IWXSY QI HIM\ERHS QEKSEV XERXS# 3RHI
I GSQS REWGIVEQ QMRLEW GVIREW HI EYXSTYRMS# 'SQS IWXE QMRLE TSWXYVE HI ZMHE
TSHI QI JE^IV JIPM^#
7IQTVI XIQSW MRJMRMXEW TSWWMFMPMHEHIW HI IWGSPLE TSV MWWS PMKYIQS RSW E (IYW I
GVIMEQSW RE &SRHEHI (MZMRE GSQ GIVXI^E )PI RSW QSWXVEV S GEQMRLS TEVE GSRUYMWXEV
E JIPMGMHEHI UYI XERXS EPQINEQSW

5YIWXS
2S GSRWXMXYM MKYEPQIRXI JSRXI HI HMWWEFSVIW XERXS QEMW EQEVKSW UYERXS IRZIRIREQ
XSHE E I\MWX-RGME E JEPXE HI WMQTEXME IRXVI WIVIW HIWXMREHSW E ZMZIV NYRXSW#
%QEVWWMQSW GSQ IJIMXS )WWE TSVQ YQE HEW MRJIPMGMHEHIW HI UYI WSMW EW QEMW HEW ZI^IW E
GEYWE TVMRGMTEP )Q TVMQIMVS PYKEV S IVVS HEW ZSWWEW PIMW .YPKEW TSVZIRXYVE UYI (IYW XI GSRWXVERNE E
TIVQERIGIV NYRXS HSW UYI XI HIWEKVEHEQ# (ITSMW RIWWEW YRMIW SVHMREVMEQIRXI FYWGEMW E WEXMWJES HS
SVKYPLS I HE EQFMS QEMW HS UYI E ZIRXYVE HI YQE EJIMS QXYE 7SJVIMW IRXS EW GSRWIU-RGMEW HSW
ZSWWSW TVIGSRGIMXSW

%W (SVIW HE %PQE

1KSE
TVSJYRHEQIRXI MVVEGMSREP RYXVMV E GVIRE HI UYI RYRGE WIVIQSW XVE
HSW I HI UYI WIQTVI WIVIQSW EQEHSW I IRXIRHMHSW TPIREQIRXI TSV XSHSW
%S EJMVQEQSW 2YRGE RMRKYQ GSRWIKYMV QI QEKSEV RS UYIVIQSW HM^IV
UYI RS HEQSW S HIZMHS ZEPSV ESW RSWWSW WIRXMQIRXSW UYI RS RSW MQTSVXEQSW GSQ S
QYRHS I UYI RS ZEPSVM^EQSW EW GVMEXYVEW GSQ UYIQ GSRZMZIQSW 5YIVIV RS WIRXMV
HSV TSHI HIWWIRWMFMPM^EV EW GSQTSVXEW HI RSWWSW QEMW WMKRMJMGEXMZSW WIRXMQIRXSW
MRGPYWMZI EXMRKMRHS HI JSVQE KIRIVEPM^EHE RSWWE GETEGMHEHI HI EQEV 1YMXEW ZI^IW
UYIVIQSW VITVIWIRXEV UYI TSWWYQSW YQE WIKYVERE EFWSPYXE UYERHS RE VIEPMHEHI
XSHSW RW WSQSW ZYPRIVZIMW HI EPKYQE JSVQE
2SWWS IWXMPS HI ZMHE IQ QYMXEW SGEWMIW MPKMGS I RIYVXMGS 3 UYIVIV ZMZIV
YQE I\MWX-RGME MRXIMVE HIWTVSZMHE HI HIGITIW I HI MRKVEXMHS GSQ EGIMXES I
GSRWMHIVES MRGSRHMGMSREMW HIWEWXVSWEQIRXI MVVIEP
TVSJYRHEQIRXI MVVEGMSREP RYXVMV E GVIRE HI UYI RYRGE WIVIQSW XVEHSW I HI
UYI WIQTVI WIVIQSW EQEHSW I IRXIRHMHSW TPIREQIRXI TSV XSHSW
4SVXERXS RS TSHIQSW TEWWEV YQE ZMHE MRXIMVE SGYPXERHS HI RW QIWQSW UYI
RYRGE JMGEVIQSW QEKSEHSW (IZIQSW WMQ EHQMXMV E QKSE UYERHS VIEPQIRXI IPE
I\MWXMV TEVE UYI TSWWEQSW VIWSPZIV RSWWSW GSRJPMXSW I HIWEVVERNSW GSQTSVXEQIRXEMW %
QERIMVE HIGMWMZE HI EXMRKMVQSW S IUYMPFVMS MRXIVMSV EGIMXEVQSW RSWWEW IQSIW I
WIRXMQIRXSW GSQS VIEPQIRXI IPIW WI ETVIWIRXEQ TSMW HIM\ERHS HI MKRSV PSW
TEWWEVIQSW E RSW EHETXEV JMVQIQIRXI VIEPMHEHI HSW JEXSW I HSW EGSRXIGMQIRXSW UYI
IWXEQSW ZMZIRGMERHS
'SRLIGIQ SW )WTVMXSW S TVMRGTMS HEW GSMWEW
GSRJSVQI E IPIZES I E
TYVI^E UYI LENEQ EXMRKMHS
3W )WTVMXSW 7YTIVMSVIW TSWWYIQ YQ EQTPS IWXEHS HI GSRWGM-RGME I YQE
GETEGMHEHI TPIRE TEVE XVEHY^MV S TVMRGTMS HEW GSMWEW 'SRLIGIQ EW QEXVM^IW HI WIYW
WIRXMQIRXSW I E VE^S HI WYEW EXMXYHIW TSVUYI N EXMRKMVEQ YQ KVEY HI PYGMHI^ UYI ZEM
EPQ HSW PMQMXIW HE TIVGITS GSRWGMIRXI
% KVERHI QEMSVME HSW )WTVMXSW IRGEVREHSW I HIWIRGEVREHSW HSQMGMPMEHSW RS
SVFI XIVVIWXVI YWYEPQIRXI EREPMWEQ JEXSW I XSQEQ EXMXYHIW HI JSVQE MRGSRWGMIRXI
MVVIJPIXMHE MQTYPWMZE SY EYXSQXMGE 3 EYXSQEXMWQS TIVQMXI UYI QYMXSW HI RW
XIRLEQSW YQE WIU-RGME IRSVQI HI GSQTSVXEQIRXSW WIQ ES QIRSW RSXEVQSW SRHI
REWGIVEQ 5YIV HM^IV RS GSQTVIIRHIQSW GPEVEQIRXI SW QSXMZSW I SW WMKRMJMGEHSW SY
QIWQS E UYEPMHEHI HSW MQTYPWSW MRMGMEMW
% EVXI HI TIVGIFIV HI JSVQE GPEVE I VIEP RSWWEW QEMW RXMQEW MRXIRIW YQE
HEW XEVIJEW HS TVSGIWWS IZSPYXMZS TIPS UYEP XSHSW IWXEQSW TEWWERHS
3 UYI RS TSHI WIV ZMWXS RS TSHI WIV QYHEHS 3W QIGERMWQSW MRGSRWGMIRXIW
HSW UYEMW RSW YXMPM^EQSW TEVE RSW IRKEREV WS IQ KVERHI TEVXI MQTIVGITXZIMW
TVMRGMTEPQIRXI UYIPIW UYI RS MRMGMEVEQ EMRHE E EYXSHIWGSFIVXE HS QYRHS MRXIVMSV
EXVEZW HS EYXS ETVMQSVEQIRXS IWTMVMXYEP
1KSE RS IPEFSVEHE WI ZSPXE GSRXVE S MRXIVMSV HE GVMEXYVE EPSNERHS WI IQ
HIXIVQMREHS VKS HIWZMXEPM^ERHS S 1KSE WI XVERWJSVQE GSQ S XIQTS IQ VERGSV
I\XIVQMRERHS KVEHEXMZEQIRXI RSWWS MRXIVIWWI TIPE ZMHE I HIWENYWXERHS RSW UYERXS E
WIY WMKRMJMGEHS QEMSV
5YIWXS
'SRLIGIQ SW )WTVMXSW S TVMRGTMS HEW GSMWEW#
'SRJSVQI E IPIZES I E TYVI^E UYI LENEQ EXMRKMHS 3W HI SVHIQ MRJIVMSV RS WEFIQ QEMW HS
UYI SW LSQIRW

% HIWEXIRS TSHI QYMXEW ZI^IW TEVIGIV YQ WMQTPIW IWUYIGMQIRXS REXYVEP

QEW XEQFQ TSHIV WIV ZMWXE GSQS EXMZMHEHI TWMGSPKMGE TEVE EJEWXEV HI RSWWS HME E
HME HIXEPLIW HIWEKVEHZIMW UYI RS UYIVIQSW EHQMXMV 4EVE RS XSQEVQSW GSRWGM-RGME
HI UYI JSQSW QEKSEHSW WMQTPIWQIRXI RS RSXEQSW YQE WVMI UYEWI MRJMRMXE HI JEXSW I
JIMXSW UYI HIQSRWXVEVMEQ HI JSVQE WIKYVE S SJIRWSV I E MRXIRS HE SJIRWE %
HIWEXIRS YQE HIJIWE UYI ETEKE WSQIRXI YQE TEVXI HS SGSVVMHS HIM\ERHS
GSRWGMIRXI ETIREW EUYMPS UYI RSW MRXIVIWWE RS QSQIRXS
3 JEXS HI GVMEVQSW S LFMXS HI HIWZMEV E EXIRS GSQS JSVQE HI HMWTIVWEV E HSV
HE EKVIWWS I HI MWWS JYRGMSREV QYMXS FIQ IQ HIXIVQMREHSW QSQIRXSW I\TVIWWMZSW HI
RSWWE ZMHE QERXIRHS E QKSE HMWWMQYPEHE TSHIV WI XSQEV YQ IWXMPS GSQTSVXEQIRXEP
MREHIUYEHS TSMW HMWXSVGI E VIEPMHEHI HI RSWWSW VIPEGMSREQIRXSW
7IRXMQIRXSW RS QSVVIQ TSHIVIQSW IRXIVV PSW QEW QIWQS EWWMQ GSRXMRYEVS
GSRSWGS 7I RS JSVIQ EHQMXMHSW RS WIVS GSQTVIIRHMHSW I GSRWIUIRXIQIRXI
IWXEVS HIWZMVXYERHS E RSWWE ZMWS HS FZMS I HS QYRHS SFNIXMZS

%W (SVIW HE %PQE

)KSWQS
% ZEMHEHI JMPLE PIKXMQE HS IKSWQS TSMW S ZEMHSWS YQ GIKS
UYI WSQIRXI WEFI ZIV E WM TVTVMS
% ZEMHEHI YQ HIWINS WYTIVPEXMZS HI GLEQEV E EXIRS SY E TVIWYRS HI WIV
ETPEYHMHS I VIZIVIRGMEHS TIVERXI SW SYXVSW E SWXIRXES HSW UYI TVSGYVEQ IPSKMSW
SY E MPYWS HSW UYI UYIVIQ XIV -\MXS HMERXI HS QYRHS I RS HIRXVS HI WM QIWQS
-QTSVXERXI RS SPZMHEVQSW UYI E ZEMHEHI EXMRKI XSHE I UYEPUYIV GPEWWI WSGMEP
HIWHI EW TEYTVVMQEW EX EW UYI EXMRKMVEQ S GYQI HE MRHITIRH-RGME IGSRQMGE
*VERGMWGS :- HYUYI HI 0E 6SGLIJSYGEYPH IWGVMXSV JVERG-W HS WGYPS <:-- HM^ME
UYI JMGEVEQSW IRZIVKSRLEHSW HI RSWWEW QIPLSVIW EIW WI S QYRHS WSYFIWWI S UYI
EW QSXMZSY
% EJMVQEXMZE ZPMHE TSVUYI WI VIJIVI W GVMEXYVEW UYI JE^IQ JMPERXVSTME E JMQ HI
EPMQIRXEV WYE ZEMHEHI TIWWSEP MQTVIWWMSRERHS S QYRHS TEVE UYI SW MRGPYE RS VSP HSW
KIRIVSWSW I HI KVERHIW EPXVYWXEW
3 SVKYPLS IWX MRGPYHS IRXVI SW XVEHMGMSREMW TIGEHSW GETMXEMW HS GEXSPMGMWQS
'SQS E ZEMHEHI YQE MHME NYWXETSWXE ES SVKYPLS IPE XEQFQ WI HIWXEGE GSQS YQ
HSW QEMW ERXMKSW HIJIMXSW E WIVIQ GSQFEXMHSW RE LYQERMHEHI 2S IRXERXS WSQIRXI
TSHIVIQSW RSW XVERWJSVQEV WI GSRWIKYMVQSW ZIV I TIVGIFIV IQ RW QIWQSW EW VE^IW
HE ZEMHEHI ZMWXS UYI RIK PE HI QSHS SFWXMREHS JMGEV IWXVMXEQIRXI ZMRGYPEHS E IPE
STSVXYRS HM^IV UYI RS IWXEQSW RSW VIJIVMRHS EUYM ES IWQIVS RE QERIMVE HI
ERHEV JEPEV ZIWXMV SY WI IRJIMXEV UYI IQ VIEPMHEHI WS WEYHZIMW I REXYVEMW QEW E
YQE GEYWE QEMW GSQTPI\E I TVSJYRHE 3 QSXMZS HI RSWWEW ERPMWIW I SFWIVZEIW S
IWXEHS RXMQS HS MRHMZHYS ZEMHSWS SY WINE S UYI IWX TSV FEM\S HS MRXIVIWWI HIWWE
I\MFMS I HIWWE RIGIWWMHEHI HI WIV ZMWXS E TSRXS HI JEPWMJMGEV E WM QIWQS TEVE GLEQEV
E EXIRS
2E JEWI MRJERXMP E GSRHYXE HSW TEMW I WYE JMPSWSJME HI ZMHE EKIQ WSFVI EW
GVMEREW TPEWQERHS PLIW YQE RSZE QEXVM^ WYE N I\MWXIRXI FEKEKIQ IWTMVMXYEP %S
TVSHYXS HI WYEW ZMHEW TEWWEHEW ERI\EHE E ZMWS HSW EHYPXSW QIQFVSW HI WYE JEQPME
EXYEP 4SVXERXS EXVEZW HSW TEMW ZIVHEHIMVSW IWTIPLSW ZMZSW EW GVMEREW EWWMQMPEQ
WYEW TVMQIMVEW RSIW HI GSQTSVXEQIRXS I QSHS HI ZMZIV
*MPLSW HI TEMW SVKYPLSWSW TSHIQ WI XSQEV GVMEREW I\MFMGMSRMWXEW GEVVIKERHS
YQE KVEZI HITIRH-RGME TWUYMGE HI HIWXEUYI 'SQTSVXEQ WI TEVE WIV WSGMEPQIRXI
EGIMXEW I TEVE ETEVIRXEV WI TIWWSEW FVMPLERXIW
3W ZEMHSWSW GSPSGEQ QWGEVEW HI GVMEXYVEW MQTIGZIMW I IZMHIRXIQIRXI
XVERWQMXIQ ESW JMPLSW XSHE YQE JSVQE HI TIRWEV I EKMV EPMGIVEHE RE TVISGYTES GSQ
SW VXYPSW I GSQ E IWGEPE HI ZEPSVIW TIPE UYEP JSVEQ QSPHEHSW
3YXVE GEYWE HS HIWIRZSPZMQIRXS HE ZEMHEHI REW GVMEXYVEW E MQTSVXRGME
HIWQIHMHE UYI HS W TSWWIW I TVSTVMIHEHIW 2E EXYEPMHEHI TSV QIRSV UYI WINE E
GPEWWI WSGMEP IQ UYI WI IRGSRXVE GSRWXMXYHE YQE JEQPME EMRHE S HMRLIMVS YQE JSRXI
EFWSPYXE HI TSHIV 5YIQ KERLE QEMW VIMZMRHMGE RS PEV E EYXSVMHEHI E EXIRS I S
EQSV % VMUYI^E EQSIHEHE GSRGIMXYEHE GSQS YQ HSW MRWXVYQIRXSW GSQ S UYEP
TSHIQSW QERMTYPEV EW TIWWSEW I RSW XSQEV YQ TSRXS HI EXVES (IWWE JSVQE
TVSGIWWE WI RE GVMERE YQE IHYGES HS XMTS MRMRXIRGMSREP XVERWQMXMHE TIPSW EHYPXSW
HI JSVQE MRZSPYRXVME EYXSQXMGE I HIWTIVGIFMHE EXVEZW HS WSQEXVMS HSW KIWXSW
HEW GSRZIVWEW HEW EXMXYHIW SY HSW GSQTSVXEQIRXSW HS HME E HME
% TVIWYRS PIZE SW MRHMZHYSW E WI GEWEV RS TSV EQSV QEW E WI YRMV E EPKYQ
UYI PLIW TVSTSVGMSRI YQ QIPLSV WXEXYW WSGMEP YQE VSHE HI EQMKSW HI TVSNIS I YQ

RSQI MQTSVXERXI )RJMQ EW YRMIW QEXVMQSRMEMW EGSRXIGIQ UYEWI WIQTVI TSV

MRXIVIWWI TIWWSEP WIQ WI PIZEVIQ IQ GSRXE SW VIEMW WIRXMQIRXSW HE EPQE
% WYTIVZEPSVM^ES WSGMEP I IGSRQMGE HI HIXIVQMREHE TVSJMWWS SY IQTVIKS
MRJPYIRGME EW IWGSPLEW HI GSRJSVQMHEHI GSQ E VIEPM^ES I\XIVRE IQ HIXVMQIRXS HEW
MRGPMREIW I ZSGEIW MRXIVREW , TVSJMWWIW XVEHMGMSREPQIRXI EQFMGMSREHEW GSQS
QIHMGMRE IRKIRLEVME I SYXVEW XERXEW HI QEMW VIGIRXI ZEPSVM^ES RSW HMEW EXYEMW UYI
SW TEMW EPQINEQ TEVE SW JMPLSW XIRXERHS EWWMQ WSPYGMSREV WYEW TVTVMEW JVYWXVEIW I
IZMHIRGMEV WYE TVTVME TIWWSE GSQ S FVMPLS TVSJMWWMSREP HI WIYW JEQMPMEVIW
'SRHMGMSRERHS SW E ZMZIV YQE I\MWX-RGME IWXIVISXMTEHE NYWXMJMGEQ WI GSQ E
VITVIWIRXES HI YQE HIHMGES I TVSXIS ES EQFMIRXI HSQWXMGS UYERHS RE
VIEPMHEHI S UYI GYPXMZEQ S TVE^IV HE RSXSVMIHEHI
5YERHS S IQMRIRXI IHYGEHSV %PPER /EVHIG MRHEKSY ESW 7IQIEHSVIW HE )VE
2SZE UYEP E QERIMVE HI I\XMVTEV MRXIMVEQIRXI HS GSVES LYQERS S IKSWQS JYRHEHS
RS WIRXMQIRXS HS MRXIVIWWI TIWWSEP IPI VIGIFIY E WIKYMRXI SVMIRXES
S IKSWQS
E QEMW HMJGMP HI HIWIRVEM^EV WI TSVUYI HIVMZE HE MRJPY-RGME HE QEXVME MRJPY-RGME HI
UYI S LSQIQ EMRHE QYMXS TV\MQS HI WYE SVMKIQ RS THI PMFIVXEV WI I TEVE GYNS
IRXVIXIRMQIRXS XYHS GSRGSVVI WYEW PIMW WYE SVKERM^ES WSGMEP WYE IHYGES
3
IKSWQS EWWIRXE RE MQTSVXRGME HE TIVWSREPMHEHI 3VE S )WTMVMXMWQS FIQ
GSQTVIIRHMHS VITMXS QSWXVE EW GSMWEW HI XS EPXS UYI S WIRXMQIRXS HE TIVWSREPMHEHI
HIWETEVIGI HI GIVXS QSHS HMERXI HE MQIRWMHEHI
% ZEMHEHI JMPLE PIKXMQE HS IKSWQS TSMW S ZEMHSWS YQ GIKS UYI WSQIRXI
WEFI ZIV E WM TVTVMS 3VE IWWE MQTSVXRGME ES WIRXMQIRXS HI TIVWSREPMHEHI HE UYEP
SW )WTVMXSW HI )WGSP WI VITSVXEQ REHE QEMW HS UYI E ZEMHEHI
%PQ HE IHYGES JEQMPMEV SW NSVREMW EW VIZMWXEW SW XIPINSVREMW
SY WINE E
QHME
GVMEQ XSHS YQ QIVGEHS HI TIVWSREPMHEHIW TVWTIVEW QSWXVERHS WYEW JSXSW
WYTIVTVSHY^MHEW I WIY QSHS HI ZMHE RE STYP-RGME
2SZIPEW I JMPQIW I\MFIQ SW TEHVIW E WIVIQ EXMRKMHSW %W GVMEXYVEW MQEXYVEW
UYI VIGIFIVEQ YQE IHYGES ZSPXEHE TEVE IWWIW ZEPSVIW WYTIVJMGMEMW XIRXEQ WI
GSQTEVEV I GSQTIXMV GSQ SW QSHIPSW HE XIPIZMWS SY GSQ EW IWXVIPEW I EWXVSW HS
GMRIQE KEWXERHS XIQTS I IRIVKME TSVUYI WI IWUYIGIQ HI UYI WS MRGSQTEVZIMW
%W EPQEW RS WS GPMGL-W YQEW HEW SYXVEW XSHSW XIQSW GEVEGXIVWXMGEW
MRHMZMHYEMW I TVTVMEW 3W MRKVIHMIRXIW HS WYGIWWS HS WIV LYQERS WI IRGSRXVEQ IQ WYE
MRXMQMHEHI
2S L VE^S TEVE RSW GSQTEVEVQSW GSQ SW HIQEMW TSMW GEHE MRHMZHYS XIQ
WYE VE^S HI WIV RS 9RMZIVWS 7I E 2EXYVI^E RSW GVMSY TEVE WIVQSW QERKYIMVEW RS
HIZIQSW UYIVIV TVSHY^MV GSQS EW PEVERNIMVEW 0IQFVIQS RSW GSRXYHS HI UYI XEP
GSQS E WIQIRXI UYI GSRXQ XSHSW SW IPIQIRXSW ZMXEMW TEVE E JSVQES HI YQE VZSVI
XEQFQ RW TSWWYQSW IQ IWW-RGME XSHSW SW GSQTSRIRXIW HI UYI RIGIWWMXEQSW TEVE
WIV GVMEXMZSW SVMKMREMW I FIQ WYGIHMHSW

5YIWXS
5YEP S QIMS HI HIWXVYMV WI S IKSWQS#
(I XSHEW EW MQTIVJIMIW LYQEREW S IKSWQS E QEMW HMJGMP HI HIWIRVEM^EV WI TSVUYI HIVMZE HE
MRJPY-RGME HE QEXVME MRJPY-RGME HI UYI S LSQIQ EMRHE QYMXS TV \MQS HI WYE SVMKIQ RS THI
PMFIVXEV WI I TEVE GYNS IRXVIXIRMQIRXS XYHS GSRGSVVI WYEW PIMW WYE SVKERM^ES WSGMEP WYE IHYGES 3
IKSWQS WI IRJVEUYIGIV TVSTSVS UYI E ZMHE QSVEP JSV TVIHSQMRERHS WSFVI E ZMHE QEXIVMEP I
WSFVIXYHS GSQ E GSQTVIIRWS UYI S )WTMVMXMWQS ZSW JEGYPXE HS ZSWWS IWXEHS JYXYVS VIEP I RS
HIWJMKYVEHS TSV JMGIW EPIKVMGEW 5YERHS FIQ GSQTVIIRHMHS WI LSYZIV MHIRXMJMGEHS GSQ SW GSWXYQIW
I EW GVIREW S )WTMVMXMWQS XVERWJSVQEV SW LFMXSW SW YWSW EW VIPEIW WSGMEMW 3 IKSWQS EWWIRXE RE
MQTSVXRGME HE TIVWSREPMHEHI 3VE S )WTMVMXMWQS FIQ GSQTVIIRHMHS VITMXS QSWXVE EW GSMWEW HI XS
EPXS UYI S WIRXMQIRXS HE TIVWSREPMHEHI HIWETEVIGI HI GIVXS QSHS HMERXI HE MQIRWMHEHI (IWXVYMRHS
IWWE MQTSVXRGME SY TIPS QIRSW VIHY^MRHS E W WYEW PIKXMQEW TVSTSVIW IPI RIGIWWEVMEQIRXI
GSQFEXI S IKSWQS

%W (SVIW HE %PQE

4EYPS HI 8EVWS EWWMQ WI VITSVXEZE ESW QSVEHSVIW HE +EPGME 4SVUYI WI

EPKYQ GYMHE WIV EPKYQE GSMWE RS WIRHS REHE IRKERE WI E WM QIWQS
QIHMHE UYI SW LSQIRW XSQEVIQ GSRWGM-RGME HS WIY TVTVMS QYRHS MRXIVMSV
VIGSRLIGIVIQ WI JMPLSW HS 4SHIV HS 9RMZIVWS I MRWXVYVIQ WI WSFVI EW MRJMRMXEW
TSWWMFMPMHEHIW HE ZMHE IXIVRE HIM\EVS E HSIRXME TVISGYTES GSQ EW ETEV-RGMEW E
JVYWXVES GVRMGE UYI TSWWYIQ TSV MQMXEV SW SYXVSW I E EXMXYHI HI GEQEPIS UYI
GYPXMZEQ GSQ YQE EYXS MQEKIQ TEVE EKVEHEV S QYRHS IQ WIY VIHSV

+PEXEW

)KSWQS
% QIWUYMRLI^ TSHI QERMJIWXEV WI SY RS GSQ E EGYQYPES HI
TSWWIW QEXIVMEMW GSQS XEQFQ TSHI ETEVIGIV GSQS YQ VIJVIEQIRXS HI
WIRXMQIRXSW SY YQ EYXSHMWXERGMEQIRXS HS QYRHS
/EVHIG S WMWXIQEXM^EHSV HSW IRWMRSW IWTVMXEW RE 8IVVE GSQIRXE
E
TVSTVMIHEHI UYI VIWYPXE HS XVEFEPLS YQ HMVIMXS REXYVEP XS WEKVEHS UYERXS S HI
XVEFEPLEV I HI ZMZIV ) EW :S^IW HS 'Y WSF E HMVIS HS )WTVMXS HI :IVHEHI
EJMVQEQ 2S HMWWI (IYW 2S VSYFEVW# ) .IWYW RS HMWWI (EM E 'WEV S UYI HI
'WEV#
% EZEVI^E RS HIZI WIV IRXIRHMHE ETIREW GSQS YQ HIJIMXS SY YQE JEPLE
LYQERE E WIV GSVVMKMHE HI QSHS GSQTYPWVMS QEW TVIGMWE REXYVEPQIRXI WIV
GSQTVIIRHMHE IQ WYE SVMKIQ QEMW TVSJYRHE
% JEPXE HI KIRIVSWMHEHI I E MRWIRWMFMPMHEHI IQ VIPES W RIGIWWMHEHIW HSW
SYXVSW X-Q VE^IW RYQE HIJIWE TWMGSPKMGE UYI HIWIRGEHIME RSW MRHMZHYSW YQE
VYTXYVE RE GSRI\S IRXVI S WIY GSRXIHS IQSGMSREP I S WIY GSRXIHS MRXIPIGXYEP
% GVMEXYVE WSZMRE MWSPE WI IQ WM QIWQE 2EHE XIQ MQTSVXRGME TEVE IPE E RS
WIV E GSRXIRS HSIRXME I KIRIVEPM^EHE IQ VIPES WYE TVTVME ZMHE MRXIVMSV I RS W
IQ VIPES ESW SYXVSW GSQS WI TIRWE LEFMXYEPQIRXI % QIWUYMRLI^ TSHI QERMJIWXEV
WI SY RS GSQ E EGYQYPES HI TSWWIW QEXIVMEMW GSQS XEQFQ TSHI ETEVIGIV GSQS
YQ VIJVIEQIRXS HI WIRXMQIRXSW SY YQ EYXS HMWXERGMEQIRXS HS QYRHS 'SQS E
QEXVM^ MRXIVMSV WI JYRHEQIRXE RYQE RIGIWWMHEHI VITVMQMHE HE TIWWSE UYI RS
GSRWIKYI WI VIPEGMSREV GSQ SYXVEW RIQ QIWQS HIPEW WI ETVS\MQEV TEVE TIVQYXE HI
I\TIVM-RGMEW I EJIXMZMHEHI IPE WI WIRXI WSPMXVME I EWWMQ GSQTIRWE WI EGYQYPERHS
FIRW 'SRWXVM XSVVIW I QYVEPLEW MQIRWEW TEVE WI TVSXIKIV HS IQTSFVIGMQIRXS UYI IPE
QIWQE ZMZIRGME MRGSRWGMIRXIQIRXI L QYMXS XIQTS
E IWGEWWI^ I E MRMFMS HE
ETVS\MQES WSGMEP I EJIXMZE
'VME XSHE YQE EXQSWJIVE HI EYXSRSQME TSV TSWWYMV ZEPMSWSW SFNIXSW I\XIVMSVIW
HIWXMREHSW E WYTVMV E WIRWES HI ZYPRIVEFMPMHEHI UYI WIRXI ES PMHEV GSQ EW TIWWSEW
2E EXYEPMHEHI XIRXE WI VIWKEXEV IWWE WIRWES HS ZGYS MRXIVMSV I\MWXIRXI RE
MRXMQMHEHI HE EPQE LYQERE GSQ YQE VIMZMRHMGES HS HIWINS GEHE ZI^ QEMSV HI
TSWWYMV FIRW QEXIVMEMW 3 KVERHI JPY\S HI MRHMZHYSW UYI FYWGEQ SW GSRWYPXVMSW HI
TWMUYMEXVME I EW GPRMGEW HEW QEMW HMZIVWEW IWTIGMEPMHEHIW QHMGEW WI HIZI E IWWI GPMQE
HI MRWEXMWJES I HI ZE^MS I\MWXIRGMEP UYI REHE QEMW UYI E GSPLIMXE HSW JVYXSW HS
IKSWQS
MRGETEGMHEHI HI WI VIPEGMSREV VITVIWWS HSW WIRXMQIRXSW HI EQSV I HI
JVEXIVRMHEHI I E MRGSRWGM-RGME HI YQE ZMHE MRXIVRE I IXIVRE
% MRHMJIVIRE I E JVMI^E IQSGMSREP E ETEXME I S ETIKS TEXSPKMGS FIQ GSQS S
HMWXERGMEQIRXS HEW TVMZEIW HSW SYXVSW WS GEVEGXIVWXMGEW QEVGERXIW HEW GVMEXYVEW
UYI EPMQIRXEQ YQE TEM\S IKSWXMGE TIPSW FIRW QEXIVMEMW 7S GSRLIGMHEW GSQS
WSZMREW QIWUYMRLEW SY YWYVVMEW
3 XVEFEPLS MRXIVMSV WIQTVI QIPLSVE E UYEPMHEHI HI RSWWE ZMHE TSMW TEWWEQSW E
GSRLIGIV E RW QIWQSW I S 9RMZIVWS GSQS YQ XSHS ZMWXS UYI WSQSW PIZEHSW XEQFQ
TSV YQ TVSTWMXS TVIGTYS GYNE JYRS E HI ETVIRHIV E EQEV MRGSRHMGMSREPQIRXI
5YIWXS
8IQ S LSQIQ S HMVIMXS HI HIJIRHIV SW FIRW UYI LENE GSRWIKYMHS NYRXEV TIPS WIY
XVEFEPLS#
2S HMWWI (IYW 2S VSYFEVW# ) .IWYW RS HMWWI (EM E 'WEV S UYI HI 'WEV#
2SXE 3 UYI TSV QIMS HS XVEFEPLS LSRIWXS S LSQIQ NYRXE GSRWXMXYM PIKXMQE TVSTVMIHEHI WYE UYI IPI
XIQ S HMVIMXS HI HIJIRHIV TSVUYI E TVSTVMIHEHI UYI VIWYPXE HS XVEFEPLS YQ HMVIMXS REXYVEP XS
WEKVEHS UYERXS S HI XVEFEPLEV I HI ZMZIV

%W (SVIW HE %PQE

4VSGYVIQSW IRXS ZMZIV RS GSQS TVSTVMIXVMSW HIJMRMXMZSW HI RSWWEW TSWWIW

QEW ETIREW GSQS YWYJVYXYVMSW HIPEW
% XGRMGE TEVE ETVIRHIVQSW E EQEV YWERHS HI KIRIVSWMHEHI I HIWTVIRHMQIRXS
IQTVIKEVQSW RSWWSW WIRXMQIRXSW I IQSIW GSQ IUYERMQMHEHI S UYI UYIV HM^IV
HEV PLIW MKYEP MQTSVXRGME SY YXMPM^ PSW GSQ MQTEVGMEPMHEHI % WIKYMV JEVIQSW FVIZIW
ERSXEIW GYNE SFWIVZES EGYVEHE TSHIV RSW JSVRIGIV HEHSW MQTSVXERXIW TEVE
GSQTSVXEQS RSW GSQ VEGMSREPMHEHI
GEVMHEHI WIQ WEPZEGMSRMWQS
LYQMPHEHI WIQ FEM\E IWXMQE
HIXIVQMRES WIQ EXVIZMQIRXS
SFIHM-RGME WIQ WYFQMWWS
FSRHEHI WIQ ERYPES HE TIVWSREPMHEHI
GSQTEM\S WIQ WIRXMQIRXEPMWQS
WIKYVERE WIQ MQTYPWMZMHEHI
TIVWIZIVERE WIQ SFWXMRES
% EZEVI^E S TVSHYXS HI YQE RIGIWWMHEHI UYI WI IRGSRXVE RE MRXMQMHEHI HE
TWMUYI LYQERE )PE XIRXE IRJIMXEV SY HMWXVEMV S GSRJPMXS GSQ E FYWGE HI FIRW
TIVIGZIMW QEW RYRGE GSRWIKYI WYTVMV E WIRWES HI GEV-RGME RXMQE
)Q WRXIWI S EPXVYWQS S EQSV HIWMRXIVIWWEHS VIWYPXEHS HS IRVMUYIGMQIRXS
HE ZMHE MRXIVMSV IRUYERXS E EZEVI^E JMPLE HE TSFVI^E HS QYRHS MRXIVMSV
EGEVVIXERHS YQE HIWYQERM^ES I YQE SFWXVYS HE GETEGMHEHI HI EQEV

&EM\E )WXMQE
% GVMEXYVE QEXIVMEPMWXE TVIGMWE GVIV UYI WYTIVMSV TEVE GSQTIRWEV
WYE GVIRE RE MRWMKRMJMGRGME HE I\MWX-RGME SY RE JEPXE HI WIRXMHS IQ UYI
ZMZI
'SQTPI\S HI MRJIVMSVMHEHI GSRWMWXI IQ GSRNYRXS HI MHMEW UYI JSVEQ VIGEPGEHEW
RS MRGSRWGMIRXI HE GVMEXYVE IQ XIRVE MHEHI EWWSGMEHEW W N I\MWXIRXIW TIPEW
I\TIVM-RGMEW SFXMHEW IQ ZMHEW TVIXVMXEW )PI EKI WSFVI E GSRHYXE LYQERE TVSZSGERHS
WIRXMQIRXSW KVEXYMXSW HI GYPTE I\GIWWMZE GEVKE IQSXMZE VIPEGMSREHE E TIRWEQIRXSW HI
FEM\E IWXMQE JVIUIRXI WIRWES HI MREHIUYES I GSRWXERXI JVYWXVES IQ
HIGSVV-RGME HE HIWZEPSVM^ES HE GETEGMHEHI I LEFMPMHEHI TIWWSEP
4EVE QIPLSV IRXIRHMQIRXS HI RSWWEW GSRWMHIVEIW HIJMRMVIQSW S XIVQS
VIGEPUYI SY VITVIWWS GSQS YQ TVSGIWWS TWUYMGS EXVEZW HS UYEP VIGSVHEIW
WIRXMQIRXSW MHMEW I HIWINSW MREGIMXZIMW SY HIWEKVEHZIMW WS I\GPYHSW HE
GSRWGM-RGME TIVQERIGIRHS ETIREW RS MRGSRWGMIRXI
%PJVIH %HPIV EYWXVEGS YQ HSW KVERHIW RSQIW HE TWMGERPMWI QHMGS
TWMUYMEXVE I TWMGPSKS VIRSQEHS IPYGMHSY 7YFIRXIRHIQSW UYI EXVW HEW EXMXYHIW
HEUYIPIW UYI WI ETVIWIRXEQ TIVERXI SW SYXVSW GSQ YQE TSWXYVE HI WYTIVMSVMHEHI
TSWWZIP E I\MWX-RGME HI YQ WIRXMQIRXS HI MRJIVMSVMHEHI
7IKYRHS E TWMGSPSKME EHPIVMERE GEHE TIWWSE TSWWYM YQ IWXMPS HI ZMHE )WWI
IWXMPS UYI QSXMZE S MRHMZHYS EXVEZW HI MQTYPWSW WSGMEMW E FYWGEV S WIY REXYVEP
HIWIRZSPZMQIRXS I ETIVJIMSEQIRXS 2E XISVME HI %HPIV S IWXMPS HI ZMHE JSVQE WI RE
TVMQIMVE MRJRGME I UYEWI RS WI EPXIVE HITSMW )PI HM^ME UYI E QERIMVE TIWWSEP HI S
MRHMZHYS WI GSQTSVXEV HI WI ZIWXMV HI WI I\TVIWWEV SY HI JEPEV SY QIPLSV WYE JSVQE
HI WIV IVE E GSRWIU-RGME HIWWI IWXMPS EHSXEHS 'SRGSVHERHS IQ TEVXI GSQ IWWE
XISVME KSWXEVEQSW HI EGVIWGIRXEV UYI S WSQEXVMS HSW QPXMTPSW IWXMPSW HI ZMHE
ZMZIRGMEHSW REW HMZIVWEW I\MWX-RGMEW HE EPQE LYQERE EHMGMSREHS ES HE MRJRGME EXYEP
JSVQE E VIEP QSXMZES UYI ZEM KIVEV RSWWEW EIW I EXMXYHIW 7SQSW TSVXERXS RW
QIWQSW UYIQ GVMEQSW RSWWEW I\TIVM-RGMEW TSHIRHS EWWMQ QSHMJMGEVQSW SY RS SW
TEHVIW HI RSWWE ZMHE
)Q QYMXEW SGEWMIW EW TIWWSEW XIRXEQ GSQTIRWEV IWWI WIRXMQIRXS HI
MRJIVMSVMHEHI EHSXERHS JSVQEW HI ZMZIV IQ UYI I\EKIVEQ I I\EPXEQ E TVTVME
TIVWSREPMHEHI 8IRH-RGME EVVSKRGME HIPVMS QIKEPSQEREGS TVIJIV-RGME TIPE
SWXIRXES JE^IQ TEVXI HS GSVXINS HEUYIPIW UYI TSWWYIQ YQE MRXIVMSVM^EHE
HITVIGMES HI WM QIWQSW
8SHSW RW EGSPLIQSW IQ RSWWE MRXMQMHEHI RS ETIREW GVIREW MRHMZMHYEMW QEW
XEQFQ EW UYI RSW JSVEQ XVERWQMXMHEW TIPE JEQPME I TIPE WSGMIHEHI IQ ZVMSW RZIMW
(IWHI YQ KIWXS YQ SPLEV SY YQE I\TVIWWS GSVTSVEP EX JSVQEW HI GSRHYXE SY HI
ZIVFEPM^ES XSHSW RW EWWMQMPEQSW EW GVIREW EPLIMEW EXVEZW HI YQE GSQYRMGES
UYI TSHIVEQSW HIRSQMREV HI GSRXEKMERXI
1YMXEW EPQEW HIZMHS WYE MQEXYVMHEHI IWTMVMXYEP HIM\EVEQ WI GSRXEKMEV TSV
GVIREW QEXIVMEPMWXEW RS HIGSVVIV HSW WGYPSW I RSW HMZIVWSW PYKEVIW SRHI ZMZIVEQ
%GIMXEVEQ EW HSYXVMREW JMPSWJMGEW UYI HIJIRHIQ S GIXMGMWQS I UYI EXVMFYIQ GSQS
GEYWE SY SVMKIQ HE ZMHE EW TVSTVMIHEHIW RXMQEW HE QEXVME 7S EW GVIREW HS
EGEWS UYI EXVMFYIQ E XYHS YQ EGSRXIGMQIRXS JSVXYMXS SY EPIEXVMS
2E 4EVXI - GETXYPS - UYIWXS
HI 3 0MZVS HSW )WTVMXSW IRGSRXVEQSW UYI
WIVME YQ EFWYVHS EXVMFYMV E JSVQES TVMQVME E YQE GSQFMRES JSVXYMXE HE QEXVME
SY TSV SYXVE ES EGEWS
% LEVQSRME I\MWXIRXI RS QIGERMWQS HS 9RMZIVWS
VIZIPE

%W (SVIW HE %PQE

YQ TSHIV MRXIPMKIRXI
S EGEWS GIKS I RS TSHI TVSHY^MV SW IJIMXSW UYI E
MRXIPMK-RGME TVSHY^ 9Q EGEWS MRXIPMKIRXI N RS WIVME EGEWS
%TVSJYRHERHS RSWWEW SFWIVZEIW TSHIQSW GSRWMHIVEV UYI E FEWI HI XSHS
GSQTPI\S HI MRJIVMSVMHEHI MRMGME WI RS QEXIVMEPMWQS SY WINE RE GVIRE HS REHE
5YERHS GVIQSW UYI XYHS TVSZQ HS EGEWS I UYI REHE I\MWXI WIRS S UYI SW
SPLSW JWMGSW GSRWIKYIQ ZMWYEPM^EV MRMGMEQSW IQ RW S TVSGIWWS HI MRJIVMSVMHEHI
'VMEQSW E TEVXMV HE YQ IWXMPS HI ZMHE MRGSRWGMIRXI FEWIEHS IQ UYI RS WSQSW
REHE I IQ RSWWEW TVSJYRHI^EW GSRWMHIVEQSW WIV S TVSHYXS QSQIRXRIS HS EGEWS
6INIMXEQSW E VMUYI^E MRGSQIRWYVZIP HI RSWWS QYRHS MRXIVMSV I HS 9RMZIVWS I RS
EGVIHMXEQSW RE TPIRMXYHI HE :MHE 1EMW %PXE TSVUYI HIWTVI^EQSW E 4IVJIMXE 3VHIQ
(MZMRE -KRSVEQSW E IWW-RGME WEKVEHE UYI LEFMXE IQ RW I PYXEQSW GSRXVE YQE WYTSWXE
Q WSVXI UYI RSW JEXEPM^E E HIWKEWXEV IRSVQI UYERXMHEHI HI IRIVKME TSV RS
VIGSRLIGIVQSW EW 0IMW 2EXYVEMW UYI VIKYPEQ XYHS I XSHSW
3 TSIXE I TVSWEHSV JVERG-W *VERSMW 1EVMI %VSYIX HMXS :SPXEMVI IWGVIZIY GSQ
QYMXE TVSTVMIHEHI 3 EGEWS RS RS TSHI WIV WIRS E GEYWE MKRSVEHE HI YQ IJIMXS
HIWGSRLIGMHS
5YERHS E TVIXIRWS I S SVKYPLS XSQEQ GSRXE HI RSWWSW EXSW RSWWE QERIMVE HI
WIV TEWWE E JYRHEQIRXEV WI RYQE GSRWXERXI WYTIVGSQTIRWES RIKEXMZE HI RSWWS
WIRXMQIRXS HI MRJIVMSVMHEHI TSV EGVIHMXEVQSW UYI WSQSW WMQTPIWQIRXI YQE
GSQFMRES JSVXYMXE HE QEXVME
% GVMEXYVE QEXIVMEPMWXE TVIGMWE GVIV UYI WYTIVMSV TEVE GSQTIRWEV WYE GVIRE
RE MRWMKRMJMGRGME HE I\MWX-RGME SY RE JEPXE HI WIRXMHS IQ UYI ZMZI 3 WIV
IWTMVMXYEPM^EHS EGVIHMXE UYI RS TMSV RIQ QIPLSV HS UYI SW SYXVSW TSVUYI TIVGIFI I
EKI GSQ WIYW WIRXMHSW ZSPXEHSW TEVE E )XIVRMHEHI I WEFI UYI GEHE TIWWSE XS FSE
UYERXS TSHI WIV GSRJSVQI WIY KVEY IZSPYXMZS
2S IRXERXS S QEXIVMEPMWXE TVSWWIKYI IQ WYE NSVREHE GVIWGIRHS I HIWGSFVMRHS
UYI S GEQMRLS HE JIPMGMHEHI YQE XVMPLE UYI S PIZE TEVE HIRXVS HI WM QIWQS I
GSRHY^ EX E *SRXI :IVHEHIMVE PMFIVXERHS S HE TVMWS HSW WIRXMHSW TEVE TPIRMXYHI
I\MWXIRGMEP
% TVSZMH-RGME TVMQIMVE I IWWIRGMEP TEVE UYI TSWWEQSW RSW GYVEV HS WIRXMQIRXS
HI FEM\E IWXMQE SY MRJIVMSVMHEHI E GSRZMGS RE MQSVXEPMHEHI HEW EPQEW I RE
TPYVEPMHEHI HEW I\MWX-RGMEW WSQEHE GVIRE HI UYI WSQSW WIVIW IWTMVMXYEMW GVMEHSW
TPIRSW I GSQTPIXSW ZMZIRHS YQE I\TIVM-RGME LYQERE GSQ S SFNIXMZS HI RSW
GSRWGMIRXM^EVQSW HIWWE RSWWE TPIRMXYHI MREXE %W TVSZMH-RGMEW WIKYMRXIW E WIVIQ
XSQEHEW HIZIVS WIV VIJPI\IW WSFVI EW GEYWEW HI RSWWSW WIRXMQIRXSW HI MRJIVMSVMHEHI
S QSHS GSQS JSVEQ EHUYMVMHSW I EW GVIREW UYI SW QSXMZEVEQ
IWWIRGMEP PIQFVEV RSW HI UYI WIQTVI TSWWZIP EPXIVEV SY XVERWJSVQEV RSWWS
IWXMPS HI ZMHE 4EVE XERXS RS HYZMHIQSW HI RSWWEW ETXMHIW I ZSGEIW REXYVEMW
RIQ UYIWXMSRIQSW WMWXIQEXMGEQIRXI RSWWEW JSVEW MRXIVMSVIW 4EVE SFXIVQSW
EYXSGSRJMERE WSQIRXI TVIGMWS VIMZMRHMGEVQSW ZEPSVSWEQIRXI S UYI N I\MWXI IQ
RW TSV HMVIMXS HMZMRS

5YIWXS
5YI WI HIZI TIRWEV HE STMRMS HSW UYI EXVMFYIQ E JSVQES TVMQVME E YQE GSQFMRES
JSVXYMXE HE QEXVME SY TSV SYXVE ES EGEWS#
3YXVS EFWYVHS 5YI LSQIQ HI FSQ WIRWS TSHI GSRWMHIVEV S EGEWS YQ WIV MRXIPMKIRXI# )
HIQEMW UYI S EGEWS# 2EHE
2SXE
% LEVQSRME I\MWXIRXI RS QIGERMWQS HS 9RMZIVWS TEXIRXIME GSQFMREIW I HIWKRMSW
HIXIVQMREHSW I TSV MWWS QIWQS VIZIPE YQ TSHIV MRXIPMKIRXI %XVMFYMV E JSVQES TVMQVME ES EGEWS
MRWIRWEXI^ TSMW UYI S EGEWS GIKS I RS TSHI TVSHY^MV SW IJIMXSW UYI E MRXIPMK-RGME TVSHY^ 9Q EGEWS
MRXIPMKIRXI N RS WIVME EGEWS

%W (SVIW HE %PQE

&EM\E )WXMQE
3 WIRXMQIRXS HI MRJIVMSVMHEHI SY HI FEM\E IWXMQE EWWSGME EW GVMEXYVEW
E YQE VIWMKRES I\EKIVEHE E YQ EYXSHIWPIM\S SY HIWGYMHS HEW GSMWEW T
IWWSEMW
3 WIRXMQIRXS HI EYXSTMIHEHI TSHI RSW XSVREV HSIRXIW JMWMGEQIRXI 9QE IWTGMI
HI MRZEPMHI^ TWUYMGE IRZSPZI RSW E I\MWX-RGME I E TEVXMV HE WIRXMQS RSW MRJIVMSVIW I
MRGETE^IW PIZEHSW E YQE TIVHE XSXEP HE GSRJMERE IQ RW QIWQSW
% TMIHEHI EUYM VIJIVIRGMEHE S WSJVMQIRXS QSVEP HI TIWEV SY E EJPMS UYI
WIRXMQSW TSV EYXSTYRMS 8IV TIRE SY H IQ QYMXEW GMVGYRWXRGMEW TSHI RS WIV YQ
WIRXMQIRXS ZIVHEHIMVS QEW WMQ YQE SFVMKES WSGMEP ETVIRHMHE E WIV HIQSRWXVEHE
HMERXI HS MRJSVXRMS EPLIMS
2S IRXERXS E WIRWES UYI I\TIVMQIRXEQSW HI EQSV TIVQIEHE HI VIWTIMXS I
EJIMS TIPSW SYXVSW VIZIPE RSW SW VIEMW WIRXMQIRXSW HIRSQMREHSW HI FIRIZSP-RGME I
HI GSQTEM\S
% FEM\E IWXMQE SY EYXSTMIHEHI TSHI RSW PIZEV E WIV ZXMQEW HI RW QIWQSW TSMW
IWXEVIQSW WSQEXM^ERHS IWWEW IQSIW RIKEXMZEW IQ JSVQE HI HSIREW 3W WMRXSQEW HE
IRJIVQMHEHI TSHIQ WIV GSRWMHIVEHSW E JSVQE JWMGE HI I\TVIWWEV YQE EXMXYHI MRXIVRE
SY QIWQS YQ GSRJPMXS 4SVXERXS HSIRXIW RS WS WSQIRXI EW ZXMQEW MRSGIRXIW HI
EPKYQ HIWEVVERNS HE 2EXYVI^E QEW XEQFQ SW JEGMPMXEHSVIW HI WYE TVTVME QSPWXME
3W EGSRXIGMQIRXSW IQ WM QIWQSW RYRGE X-Q QYMXS WIRXMHS TVIGMWEQSW
ETVIRHIV E HMWGIVRMV S UYI L TSV XVW HS EWTIGXS JWMGS SY WINE EXMRKMV S GSRXIHS
QIXEJWMGS HEW GSMWEW % MQTSVXRGME I E QIRWEKIQ HI YQ JEXS SY HI YQ
EGSRXIGMQIRXS WSQIRXI ETEVIGIQ GPEVMJMGEHSW UYERHS MRXIVTVIXEHSW IQ WYE
WMKRMJMGES MWWS UYI RSW TIVQMXI E GSQTVIIRWS GSQTPIXE HI WIY WIRXMHS
5YERHS HIM\EQSW HI MRXIVTVIXEV EW SGSVV-RGMEW HE ZMHE I S WIKYMQIRXS REXYVEP
UYI MQTPMGEV WIY HIWXMRS RSWWE I\MWX-RGME QIVKYPLEV RYQE XSXEP JEPXE HI WIRXMHS
% HSIRE WIQTVI XIQ YQE MRXIRGMSREPMHEHI I YQ SFNIXMZS WYVKMRHS REW
GVMEXYVEW HI FEM\E IWXMQE E JMQ HI EPIVX PEW HI UYI I\MWXI YQE HIWGSQTIRWES
TWUYMGE WIY WIRXMQIRXS HI MRJIVMSVMHEHI I HE RIGIWWMHEHI HI LEVQSRM^ PE
3W XVESW TWMGSPKMGSW HSW MRHMZHYSW UYI WIRXIQ EYXSTMIHEHI WS VIGSRLIGMHSW
TIPE EYW-RGME HI I\TIVM-RGMEW MRXIVMSVIW )PIW TSWWYIQ YQE VIWXVMXE ZMWS HI WIY VMXQS
MRXIVRS RS ZEPSVM^EQ WIY QYRHS RXMQS RIQ HIWIRZSPZIQ WIY TSXIRGMEP MREXS UYIV
HM^IV WYEW GETEGMHEHIW PEXIRXIW MRXYMS MRWTMVES TIVGITS
(IYW GVMSY XSHSW SW )WTVMXSW WMQTPIW I MKRSVERXIW MWXS WIQ WEFIV
SW
)WTVMXSW IQ WYE SVMKIQ WIVMEQ GSQS EW GVMEREW MKRSVERXIW I MRI\TIVMIRXIW W

EHUYMVMRHS TSYGS E TSYGS SW GSRLIGMQIRXSW HI UYI GEVIGIQ GSQ S TIVGSVVIVIQ EW

HMJIVIRXIW JEWIW HE ZMHE
3 UYI EGSRXIGI UYI IWXEQSW WEMRHS HE MRGSRWGM-RGME TEVE E GSRWGM-RGME HE
XVERWMXSVMIHEHI TEVE E TIVQER-RGME HE TIVWSREPMHEHI TEVE E MRHMZMHYEPMHEHI HE VE^S
TEVE E MRXYMS HS IWXEV TEVE S WIV )MW S TVSGIWWS HI IZSPYS HEW EPQEW
4SVXERXS TIPE MKRSVRGME I WMQTPMGMHEHI MREXEW RS UYIV HM^IV UYI WSQSW
MRJIVMSVIW TSV GVMES HMZMRE *MPLSW HI (IYW WS TIVJIGXZIMW TSWWYIQ S KIVQI HE
TIVJIMS RS JSVEQ GVMEHSW MRJIVMSVIW QEW WIQ GM-RGME HI WM QIWQSW 7MQTPIW
WMKRMJMGE
FWMGS IWTSRXRIS REXYVEP I TVMQVMS -KRSVERXI
EUYIPI UYI RS XIQ
GSRWGM-RGME HI WM QIWQS 8IQSW TSVXERXS E I\TPMGES HE EREPSKME WIVMEQ GSQS EW
GVMEREW JIMXE TIPSW )WTVMXSW -PYQMREHSW RE UYIWXS IQ IWXYHS
8SHEW EW RSWWEW GETEGMHEHIW I MHMEW GVMEXMZEW IWXS TSXIRGMEPQIRXI TVIWIRXIW
QEW SW WIVIW TVIGMWEQ ETIREW HI XIQTS TEVE MRXIKV PEW IQ HIJMRMXMZS 3 RSWWS
HIWIRZSPZMQIRXS IWTMVMXYEP GSRWMWXI YRMGEQIRXI RE QSHMJMGES HE RSWWE QERIMVE HI
ZIV I MWWS REHE QEMW HS UYI E I\TVIWWS HI YQE RSZE ZMWS HI RW QIWQSW I HS
9RMZIVWS
3 WIRXMQIRXS HI MRJIVMSVMHEHI SY HI FEM\E IWXMQE EWWSGME EW GVMEXYVEW E YQE
VIWMKRES I\EKIVEHE E YQ EYXSHIWPIM\S SY HIWGYMHS HEW GSMWEW TIWWSEMW % TIVHE HS
WIRWS HI EYXSZEPSVM^ES XEQFQ GSRWIU-RGME HS WIRXMQIRXS HI MRJIVMSVMHEHI UYI
VIQIXI SW MRHMZHYSW ZMZ-RGME IRXVI LFMXSW GVSRSQIXVEHSW I E YQE QIGERM^ES
HSW GSWXYQIW
3 QEMSV WIRXMHS HI RSWWE IRGEVRES E GSRWGMIRXM^ES HE VMUYI^E HI RSWWS
QYRHS MRXIVMSV 7SQSW IWW-RGMEW HMZMREW IQ FYWGE HE TIVJIMS GYNS GEQMRLS S
EYXSHIWGSFVMQIRXS
%UYM IWXS EPKYQEW EJMVQEIW UYI WI SFWIVZEHEW GSQ EXIRS TSHIVS RSW
ENYHEV E VIGSRUYMWXEV E EYXSGSRJMERE TIVHMHE
WSQSW TSXIRGMEPQIRXI GETE^IW HI XSQEV HIGMWIW WIQ XIV UYI VIGSVVIV E
MRXIVQMRZIMW GSRWIPLSW
TSWWYQSW YVRE MRHMZMHYEPMHEHI HMZMRE GSQTPIXEQIRXI HMWXMRXE HE HSW SYXVSW
JE^IQSW EW GSMWEW TSVUYI KSWXEQSW RS TEVE EKVEHEV EW TIWWSEW
IRGSRXVEVIQSW WIQTVI RSZSW VIPEGMSREQIRXSW TSV MWWS RS XIQSW QIHS HI
WIV EFERHSREHSW
YWEVIQSW GSRWXERXIQIRXI HI RSWWS FSQ WIRWS TSVXERXS EW GVXMGEW I EW
HIWETVSZEIW RS RSW EXMRKMVS GSQ JEGMPMHEHI
XSQEVIQSW RSWWEW TVTVMEW HIGMWIW VIWTIMXERHS TSVQ EW HSW SYXVSW
GSRJMEVIQSW RE 0Y^ 1EMSV UYI L IQ RW IPE WIQTVI RSW KYMEV TIPSW
QIPLSVIW GEQMRLSW
'IVXE ZI^ YQ TEM HIWIWTIVEHS XVSY\I WIY JMPLS EX S 1IWXVI TEVE UYI JSWWI
GYVEHS
) .IWYW HMWWI PLI 7I XY TSHIW GVIV XYHS TSWWZIP ES UYI GV- ) PSKS S TEM
5YIWXS
(SW )WTVMXSW YRW XIVS WMHS GVMEHSW FSRW I SYXVSW QEYW#
(IYW GVMSY XSHSW SW )WTVMXSW WMQTPIW I MKRSVERXIW MWXS WIQ WEFIV % GEHE YQ HIY
HIXIVQMREHE QMWWS GSQ S JMQ HI IWGPEVIG- PSW I HI SW JE^IV GLIKEV TVSKVIWWMZEQIRXI TIVJIMS TIPS
GSRLIGMQIRXS HE ZIVHEHI TEVE ETVS\MQ PSW HI WM 2IWXE TIVJIMS UYI IPIW IRGSRXVEQ E TYVE I IXIVRE
JIPMGMHEHI 4EWWERHS TIPEW TVSZEW UYI (IYW PLIW MQTI UYI SW )WTVMXSW EHUYMVIQ EUYIPI
GSRLIGMQIRXS 9RW EGIMXEQ WYFQMWWSW IWWEW TVSZEW I GLIKEQ QEMW HITVIWWE QIXE UYI PLIW JSM
EWWMREHE 3YXVSW W E WYTSVXEQ QYVQYVERHS I TIPE JEPXE IQ UYI HIWWI QSHS MRGSVVIQ TIVQERIGIQ
EJEWXEHSW HE TIVJIMS I HE TVSQIXMHE JIPMGMHEHI
5YIWXS
E 7IKYRHS S UYI EGEFEMW HI HM^IV SW )WTVMXSW IQ WYE SVMKIQ WIVMEQ GSQS EW GVMEREW
MKRSVERXIW I MRI\TIVMIRXIW W EHUYMVMRHS TSYGS E TSYGS SW GSRLIGMQIRXSW HI UYI GEVIGIQ GSQ S
TIVGSVVIVIQ EW HMJIVIRXIW JEWIW HE ZMHE#
7MQ E GSQTEVES FSE % GVMERE VIFIPHI WI GSRWIVZE MKRSVERXI I MQTIVJIMXE 7IY
ETVSZIMXEQIRXS HITIRHI HE WYE QENSV SY QIRSV HSGMPMHEHI 1EW E ZMHE HS LSQIQ XIQ XIVQS ES TEWWS
UYI E HSW )WTVMXSW WI TVSPSRKE ES MRJMRMXS

%W (SVIW HE %PQE

HS QIRMRS GPEQERHS GSQ PKVMQEW HMWWI )Y GVIMS 7IRLSV %NYHE E QMRLE

MRGVIHYPMHEHI
(IZIQSW TSMW XSHSW RW NYRXSW ETVSZIMXERHS HIWWEW TEPEZVEW VITIXMV 7IRLSV
ENYHE RSW IQ RSWWE MRGVIHYPMHEHI GMIRXIW HI UYI HITIRHI I\GPYWMZEQIRXI HI RSWWE
ZSRXEHI ZIRGIV SW SFWXGYPSW HE FEM\E IWXMQE UYI RSW MQTIHIQ HI EPGEREV E
TPIRMXYHI HEW VIEPM^EIW TIWWSEMW

1EVGSW

6MKMHI^
3 I\GIWWS HI VMKMHI^ I WIZIVMHEHI JE^ GSQ UYI GVMIQSW YQ TEHVS
QIRXEP UYI MRJPYIRGMEV SW SYXVSW TEVE UYI RSW XVEXIQ HE QIWQE JSVQE
GSQS SW XVEXEQSW
8IMQSWME YQE JSVQE HI VMKMHI^ HE TIVWSREPMHEHI YQ ETIKS SFWXMREHS W
TVTVMEW MHMEW I KSWXSW RYRGE EHQMXMRHS MRWYJMGM-RGMEW I IVVSW
'SRZMZIV GSQ GVMEXYVEW UYI IWXS WIQTVI GSQ E VE^S UYI EGVIHMXEQ UYI
REWGIVEQ TEVE IRWMREV SY WEPZEV XSHS QYRHS I UYI NEQEMW XVERWKVMHIQ E REHE ZMZIV
VIPEGMSREQIRXSW HIWKEWXERXIW I MRWEXMWJEXVMSW
5YEWI WIQTVI JYKMQSW HIWWIW MRHMZHYSW HSKQXMGSW MRGETE^IW HI EGIMXEV I
GSRWMHIVEV YQ TSRXS HI ZMWXE HMJIVIRXI HS WIY 2IWWIW VIPEGMSREQIRXSW JMGEQSW
GSRJMREHSW VITVIWIRXES HI TETMW MRWXVYXSV ETVIRHM^ SVMIRXEHSV SVMIRXEHS QIRXSV
TYTMPS 7SQIRXI IWGYXEQSW RYRGE TSHIQSW I\TVIWWEV RSWWE STMRMS WSFVI SW IZIRXSW
I EW I\TIVM-RGMEW UYI GSQTEVXMPLEQSW
%W TIWWSEW XIMQSWEW ZS ES I\GIWWS HS HIWVIWTIMXS TSV RS HEVIQ S HIZMHS
IWTES TEVE EW HMJIVIREW TIWWSEMW UYI I\MWXIQ RSW EQMKSW I JEQMPMEVIW
TIPSW ZSWWSW I\GIWWSW GLIKEMW WEGMIHEHI I ZSW TYRMW E ZW QIWQSW
3W PMQMXIW XVEEHSW TIPE REXYVI^E RSW IRWMREQ SRHI I UYERHS HIZIQSW TEVEV
FIQ GSQS TSV SRHI I UYERHS HIZIQSW WIKYMV % REXYVI^E VIWTIMXE RSWWSW HSRW
TVTVMSW SY WINE RSWWE MRHMZMHYEPMHEHI %WWMQ HIZIQSW XEQFQ EGIMXEV I VIWTIMXEV
RSWWS NIMXS I\GPYWMZS HI WIV FIQ GSQS E HI XSHSW EUYIPIW GSQ UYIQ GSQTEVXMPLEQSW E
I\MWX-RGME XIVVIRE
3 I\GIWWS HI VMKMHI^ I WIZIVMHEHI JE^ GSQ UYI GVMIQSW YQ TEHVS QIRXEP UYI
MRJPYIRGMEV SW SYXVSW TEVE UYI RSW XVEXIQ HE QIWQE JSVQE GSQS SW XVEXEQSW
4SHIVIQSW EMRHE RS JYXYVS TVSZSGEV IQ RW YQ WIRXMQIRXS HI EYXSTYRMS TSMW
IWXEVIQSW YWERHS TEVE GSRSWGS S QIWQS XVEXEQIRXS HI EYWXIVMHEHI I HYVI^E 3
EVVITIRHMQIRXS WI EWWSGME GYPTE REWGIRHS HE YQE ZSRXEHI HI RSW VIHMQMV TIPSW
I\GIWWSW GSQIXMHSW S UYI EGEVVIXE YQE RIGIWWMHEHI HI I\TMES
S MRHMZHYS WI
GSQTVE^ GSQ S TVTVMS WSJVMQIRXS
2SWWSW PMQMXIW WI I\TVIWWEQ HI QERIMVE IWTIGJMGE I RMRKYQ TSHI I\MKMV
MKYEPHEHI HI TIRWEQIRXS I ES HI SYXVS WIV LYQERS 6IWTIMXERHS RSWWE
WMRKYPEVMHEHI ETVIRHIVIQSW E VIWTIMXEV E WMRKYPEVMHEHI HSW SYXVSW I WIQTVI GEMVIQSW
RS I\GIWWS UYERHS RS EGIMXEVQSW RSWWS VMXQS HI GVIWGMQIRXS FIQ GSQS S HS
TV\MQS
7IKYRHS %PJVIH %HPIV E GSQTIRWES YQ HSW QXSHSW HI HIJIWE HS IKS I
GSRWMWXI RYQ JIRQIRS TWMGSPKMGS UYI FYWGE GSRXVEFEPEREV I HMWWMQYPEV RSWWEW
XIRH-RGMEW MRGSRWGMIRXIW TSV RW GSRWMHIVEHEW VITVSZZIMW I UYI XIRXEQ ZMV RSWWE
GSRWGM-RGME
3W I\GIWWSW HI XSHS K-RIVS JYRGMSREQ RE QEMSVME HEW ZI^IW GSQS HMWJEVGI
TWMGSPKMGS TEVE GSQTIRWEV RSWWEW XIRH-RGMEW MRXIVMSVIW )\EKIVEQSW TSWXYVEW I
MRGPMREIW RE XIRXEXMZE HI WMQYPEV YQ GEVXIV STSWXS
%XMXYHIW I\EKIVEHEW HI YQ MRHMZHYS WMKRMJMGEQ UYEWI WIQTVI S GSRXVVMS HS
UYI IPI HIGPEVE
)\GIWWS HI TYHSV GSQTIRWES HI HIWINSW WI\YEMW RSVQEMW VITVMQMHSW
5YIWXS
8VESY E 2EXYVI^E PMQMXIW ESW KS^SW#
8VESY TEVE ZSW MRHMGEV S PMQMXI HS RIGIWWVMS 1EW TIPSW ZSWWSW I\GIWWSW GLIKEMW WEGMIHEHI
I ZSW TYRMW E Z W QIWQSW

%W (SVIW HE %PQE

)\GIWWS HI EJEFMPMHEHI GSQTIRWES HI EKVIWWMZMHEHI QEP IPEFSVEHE

)\GIWWS HI EPMQIRXES
GSQTIRWES HI MRWIKYVERE SY RIGIWWMHEHI HI
TVSXIS
)\GIWWS HI VIPMKMS GSQTIRWES HI HZMHEW HIWQSVEPM^EHSVEW I\MWXIRXIW RE
MRGSRWGM-RGME
)\GIWWS HI HSQMRES GSQTIRWES HI JVEKMPMHEHI I HIWEQTEVS MRXIVMSV
%XVW HI XSHS I\GIWWS SY VMKMHI^ WI IRGSRXVE E RS EGIMXES HE REXYVEPMHEHI HE
ZMHE JSVE I HIRXVS HI RW QIWQSW

6MKMHI^
3W IVVSW WS UYEWI UYI MRIZMXZIMW TEVE UYIQ UYIV EZEREV I
GVIWGIV 7S EGMHIRXIW HI TIVGYVWS GSRXMRK-RGMEW HS TVSGIWWS IZSPYXMZS
UYI XSHSW IWXEQSW HIWXMREHSW E ZMZIRGMEV
5YERHS EKMQSW IVVSRIEQIRXI TSVUYI RS WEFIQSW GSQS JE^IV QIPLSV
2MRKYQ HI JSVQE HIPMFIVEHE XIQ S HIWINS HI WIV MRJIPM^ TSVXERXS RMRKYQ IWGSPLI
S TMSV 3W JIMXSW I EW EXMXYHIW TIGYPMEVIW HI GEHE GVMEXYVE IWXS MRXMQEQIRXI PMKEHSW E
WIY HIWIRZSPZMQIRXS JWMGS QIRXEP WSGMEP I QSVEP 2SWWE QEXYVMHEHI IWTMVMXYEP
EHUYMVMHE EXVEZW HEW I\TIVM-RGMEW IZSPYXMZEW RS HIGSVVIV HI XSHSW SW XIQTSW WINE RE
EXYEPMHEHI WINE RS TVIXVMXS HMWXERXI
8YHS S UYI JE^IQSW IWX VIPEGMSREHS GSQ RSWWE MHEHI EWXVEP
-RUYIWXMSREZIPQIRXI JE^IQSW EKSVE S UYI HI QIPLSV TSHIVEQSW JE^IV TSVUYI
IWXEQSW EKMRHS I TIRWERHS GSRJSVQI RSWWEW GSRZMGIW MRXIVMSVIW EPMW IPE E MHEHI
EWXVEP KVEHEXMZE TSMW IWX ZMRGYPEHE W RSWWEW TIVGITIW IZSPYXMZEW
%W GVMEXYVEW UYI EKIQ GSQ EYWXIVMHEHI IQ HIXIVQMREHE GMVGYRWXRGME
EGVIHMXEQ UYI EUYIPE E QIPLSV STS E XSQEV 4SVQ UYERHS S EQEHYVIGMQIRXS
GSRHY^M PEW E XIV YQE QIPLSV RSS E VIWTIMXS HSW VIPEGMSREQIRXSW LYQERSW IPEW
EWWMQMPEVS RSZEW QERIMVEW HI WI GSQTSVXEV I TEWWEVS E EKMV HI JSVQE GSIVIRXI GSQ
WIY RSZS IRXIRHMQIRXS % GSRGITS HI FIQ WI EQTPME HI EGSVHS GSQ RSWWS
HIWIRZSPZMQIRXS IWTMVMXYEP
% TVSTSWXE GVMWX TEKEV S QEP GSQ S FIQ WYKIVI GEWXMKEV TSV GEWXMKEV RS
XVERWJSVQE E GVMEXYVE TEVE S FIQ QEW WSQIRXI S EQSV GETE^ HI WYFPMQEV I IHYGEV
EW EPQEW
% TIRE HI QSVXI YQE VMKMHI^ HSW GSWXYQIW LYQERSW 4VSTI QEXEV S GSVTS
JWMGS GSQS TYRMS TIPEW JEPXEW GSQIXMHEW GSQ S IWUYIGMQIRXS TSVQ HI UYI
WSQIRXI XVERWJIVI E TVSFPIQXMGE TEVE SYXVEW JEM\EW HE ZMHE I GVME VIZSPXE I
HIWEVQSRME RS WIV IQ GSVVIS
% HSV ETIREW XIV JYRS HIRXVS HSW MQTIVEXMZSW HE ZMHE IRUYERXS SW LSQIRW
RS EGIMXEVIQ UYI WSQIRXI S EQSV QYHE I VIRSZE EW GVMEXYVEW
3 TVSNIXS HE :MHE 1EMSV GSRWGMIRXM^EV RSW RS WIRXIRGMEV
2SWWS TPERIXE IWX VITPIXS HI GVMEXYVEW MRXIPIGXYEPM^EHEW I MRJPYIRXIW QEW RIQ
TSV MWWS WFMEW I LEFMPMXEHEW TEVE XSHEW EW GSMWEW 4SV QEMW MRXIPMKIRXI UYI WINE S WIV
LYQERS WIQTVI LEZIV YQ YRMZIVWS HI GSMWEW UYI IPI HIWGSRLIGI
1YMXEW TIWWSEW QEXEQ VSYFEQ I QIRXIQ WIQ ZEGMPES EPKYQE QEW WIV UYI
WEFIQ TIVJIMXEQIRXI UYI MWWS RS GIVXS#
)WXEV RS MRXIPIGXS RS E QIWQE GSMWE UYI IWXEV RE TVSJYRHI^E HE EPQE 8IV
MRJSVQEIW I VIGIFIV SVMIRXEIW RS E QIWQE GSMWE UYI MRXIKVEPM^EV S
IRWMREQIRXS SY QIWQS WEFIV TSV MRXIMVS
3 LSQIQ NYPKE RIGIWWVME YQE GSMWE WIQTVI UYI RS HIWGSFVI SYXVE
QIPLSV TVSTSVS UYI WI MRWXVYM ZEM GSQTVIIRHIRHS QIPLSVQIRXI S UYI NYWXS I S
UYI MRNYWXS I VITYHME SW I\GIWWSW GSQIXMHSW RSW XIQTSW HI MKRSVRGME IQ RSQI HE
NYWXME

5YIWXS
% TIRE HI QSVXI UYI TSHI ZMV E WIV FERMHE HEW WSGMIHEHIW GMZMPM^EHEW RS XIV WMHS
HI RIGIWWMHEHI IQ TSGEW QIRSW EHMERXEHEW#
2IGIWWMHEHI RS S XIVQS 3 LSQIQ NYPKE RIGIWWVME YQE GSMWE WIQTVI UYI RS HIWGSFVI
SYXVE QIPLSV TVSTSVS UYI WI MRWXVYM ZEM GSQTVIIRHIRHS QIPLSVQIRXI S UYI NYWXS I S UYI
MRNYWXS I VITYHME SW I\GIWWSW GSQIXMHSW RSW XIQTSW HI MKRSVRGME IQ RSQI HE NYWXME

%W (SVIW HE %PQE

3W IVVSW WS UYEWI UYI MRIZMXZIMW TEVE UYIQ UYIV EZEREV I GVIWGIV 7S

EGMHIRXIW HI TIVGYVWS GSRXMRK-RGMEW HS TVSGIWWS IZSPYXMZS UYI XSHSW IWXEQSW
HIWXMREHSW E ZMZIRGMEV
)Q ZI^ HI VITIPMVQSW RSWWSW IVVSW HIZIVEQSW EREPMW PSW EXIRXEQIRXI GSQS WI
JSWWIQ ZIVHEHIMVSW SFNIXSW HI EVXI IZMXERHS EWWMQ JYXYVSW GSQTVSQIXMQIRXSW
(IYW TIVQMXI UYI S IVVS MRXIKVI S RSWWS GEQMRLS %PMW IPI JE^ TEVXI HEW RSWWEW
GSRHMIW IZSPYXMZEW TEVE UYI TSWWEQSW ETVIRHIV I EWWMQMPEV EW I\TIVM-RGMEW HE ZMHE
3W IVVSW WS SGSVV-RGMEW GSRWMHIVEHEW EHQMWWZIMW TIPE PIKMWPES HS 'VMEHSV
(IYW RS GSRHIRE SY GEWXMKE RMRKYQ QEW S STSWXS MRWXMXYMY PIMW LEVQSRMSWEW
I NYWXEW UYI RSW GSRHY^MVS JEXEPQIRXI JIPMGMHEHI TPIRE ETIWEV HI RSWWEW JEPXEW I
HIWEGIVXSW
4SV UYI IRXS YWEV HI VMKMHI^ TIVERXI SW EGSRXIGMQIRXSW HE ZMHE#

6MKMHI^
7IV JPI\ZIP RS UYIV HM^IV TIVHE HI TIVWSREPMHEHI SY WIV ZSPZIP
QEW WIV EGIWWZIP GSQTVIIRWS HEW GSMWEW I TIWWSEW
4EVE QIPLSVEQSW EW GMVGYRWXRGMEW HI RSWWE ZMHE TVIGMWEQSW XVERWJSVQEV
RSWWSW TEHVIW HI TIRWEQIRXSW PMQMXEHSVIW -WSPERHS RSW HIRXVS HIWWEW JVSRXIMVEW
IWXVIMXEW TEWWEQSW E IRGEVEV S QYRHS HI JSVQE VIHY^MHE I RSW GSRHMGMSREQSW E
TIRWEV UYI E ZMHE YQE JEXEP TVSZES %WWMQ RS QEMW ZMZIQSW MRXIRWEQIRXI
PMQMXERHS RSW ETIREW E WSFVIZMZIV
)\TPSVERHS STIW HMZIVWMJMGERHS RSWWEW STMRMIW GSRGIMXSW EXMXYHIW I
VIGSPLIRHS SW JVYXSW HS TVSKVIWWS EUYM I EGSP XIVIQSW I\TERHMHE E RSWWE ZMWS UYI
WIV E FEWI TEVE EKMVQSW GSQ TVYH-RGME I QEPIEFMPMHEHI HMERXI HEW RSWWEW HIGMWIW
% EVUYMXIXYVE HI YQE TSRXI TVIZ- SW QSZMQIRXSW SWGMPEXVMSW TEVE UYI WYE
IWXVYXYVE RS WSJVE HERS EPKYQ %W IWXVYXYVEW MQSFMPM^EHEW RYRGE WS XS JSVXIW GSQS
EW JPI\ZIMW 1IRXEPMHEHIW VKMHEW RS WS GSRWMHIVEHEW HIWIQFEVEEHEW I VTMHEW
TSMW RYRGE IWXS TVSRXEW TEVE QYHEV SY TEVE VIGIFIV RSZEW MRJSVQEIW
9QE TEM\S WI XSVRE TIVMKSWE E TEVXMV HS QSQIRXS IQ UYI HIM\EMW HI TSHIV
KSZIVR PE I UYI H IQ VIWYPXEHS YQ TVINY^S UYEPUYIV TEVE ZW QIWQSW SY TEVE
SYXVIQ
8SHEW EW TEM\IW X-Q WIY TVMRGTMS RYQ WIRXMQIRXS SY RYQE RIGIWWMHEHI
REXYVEP
% TEM\S TVSTVMEQIRXI HMXE E I\EKIVES HI YQE RIGIWWMHEHI SY HI YQ
WIRXMQIRXS
4EM\IW TSHIQ WIV GSRWMHIVEHEW TVIHMWTSWMIW MQTIXYSWEW I ZMSPIRXEW WI
PIZEHEW ES I\XVIQS )PEW EXMRKIQ EW HMZIVWEW VIEW HS VIPEGMSREQIRXS LYQERS GSQS
TSV I\IQTPS E TSPXMGE E WSGMEP E EJIXMZE E VIPMKMSWE I E WI\YEP
4VIHMPIS TIPS PYGVS XMP S I\EKIVS GSFME
4VIHMPIS TIPS EJIXS ZEPSVSWE S I\EKIVS ETIKS
4VIHMPIS TIPE VIPMKMS IZSPYS S I\EKIVS JEREXMWQS
4VIHMPIS TIPE GEWE RIGIWWVME S I\EKIVS JYXMPMHEHI
4VIHMPIS TIPS PE^IV WEYHZIP S I\EKIVS SGMSWMHEHI
)RXIRHIQSW TSVXERXS UYI E TVIHMPIS TIPEW RSWWEW GSRZMGIW VEGMSREP QEW
S I\EKIVS MRJPI\MFMPMHEHI SFWXMRES SY WINE TEM\S
7IV JPI\ZIP RS UYIV HM^IV TIVHE HI TIVWSREPMHEHI SY WIV ZSPZIP QEW WIV
EGIWWZIP GSQTVIIRWS HEW GSMWEW I TIWWSEW )RGSRXVEQSW GVMEXYVEW UYI WI QERX-Q
TVIWEW HYVERXI ERSW I ERSW E GSRGIMXSW I GVIREW MQSFMPM^EHSVEW 'SRZIVKMVEQ XSHE E
5YIWXS
'SQS WI TSHIV HIXIVQMREV S PMQMXI SRHI EW TEM\IW HIM\EQ HI WIV FSEW TEVE WI
XSVREVIQ QW#
%W TEM\IW WS GSQS YQ GSVGIP UYI W XIQ YXMPMHEHI UYERHS KSZIVREHS I UYI WI XSVRE TIVMKSWS
HIWHI UYI TEWWI E KSZIVREV 9QE TEM\S WI XSVRE TIVMKSWE E TEVXMV HS QSQIRXS IQ UYI HIM\EMW HI TSHIV
KSZIVR PE I UYI H IQ VIWYPXEHS YQ TVINY^S UYEPUYIV TEVE ZW QIWQSW SY TEVE SYXVIQ
2SXE %W TEM\IW WS EPEZERGEW UYI HIGYTPMGEQ EW JSVEW HS LSQIQ I S EY\MPMEQ RE I\IGYS HSW
HIWKRMSW HE 4VSZMH-RGME 1EW WI IQ ZI^ HI EW HMVMKMV HIM\E UYI IPEW S HMVMNEQ GEM S LSQIQ RSW
I\GIWWSW I E TVTVME JSVE UYI QERINEHE TIPEW WYEW QSW TSHIVME TVSHY^MV S FIQ GSRXVE IPI WI ZSPXE I
S IWQEKE
8SHEW EW TEM\IW X-Q WIY TVMRGTMS RYQ WIRXMQIRXS SY RYQE RIGIWWMHEHI REXYVEP 3 TVMRGTMS
HEW TEM\IW RS EWWMQ YQ QEP TSMW UYI EWWIRXE RYQE HEW GSRHMIW TVSZMHIRGMEMW HE RSWWE
I\MWX-RGME % TEM\S TVSTVMEQIRXI HMXE E I\EKIVES HI YQE RIGIWWMHEHI SY HI YQ WIRXMQIRXS )WX RS
I\GIWWS I RS RE GEYWE I IWXI I\GIWWS WI XSVRE YQ QEP UYERHS XIQ GSQS GSRWIU-RGME YQ QEP
UYEPUYIV

%W (SVIW HE %PQE

WYE EXIRS TEVE WIRXMQIRXSW SFNIXMZSW SY TIRWEQIRXSW SFWXMREHSW HMJMGYPXERHS YQE

EQTPMXYHI HI VEGMSGRMS I HMWGIVRMQIRXS
)WWI JIRQIRS RS WSQIRXI SGSVVI RS QYRHS JWMGS QEW XEQFQ GSQ EW
GVMEXYVEW RE ZMHE IWTMVMXYEP UYI TIVQERIGIQ IWXEGMSREHEW GSQTYPWSVMEQIRXI E YQE
TEM\S HSIRXME PMKEHE E YQE MHME RMGE
'VMERHS YQE TPYVEPMHEHI HI TIRWEQIRXSW VIJPI\MZSW XIVIQSW SFZMEQIRXI YQ
QIPLSV HMWGIVRMQIRXS TEVE TIVGIFIV IWGYXEV PIV ETVIRHIV I WIKYMV RSWWSW GEQMRLSW
2SWWE WEHI QIRXEP IWX MRXMQEQIRXI PMKEHE E RSWWE GETEGMHEHI HI EHETXES
ES QIMS IQ UYI ZMZIQSW I RSWWS TVSKVIWWS MRXIPIGXYEP WI I\TVIWWE TSV QIMS HE
LEFMPMHEHI TWMGSPKMGE HI EWWSGMES HI MHMEW
2E EXYEPMHEHI SW IWXYHMSWSW HE QIRXI EGVIHMXEQ UYI SW MRHMZHYSW HYVSW I
MRXVERWMKIRXIW TSV RS WI EHETXEVIQ VIEPMHEHI HEW GSMWEW TSWWYIQ YQE QEMSV
TVIHMWTSWMS TEVE E TWMGSWI *SKIQ TEVE YQ YRMZIVWS MVVIEP GPEWWMJMGEHS GSQS
PSYGYVE )WWE JYKE TSV GIVXS YQE JSVQE HI EHETXES TEVE UYI TSWWEQ WSFVIZMZIV
RS QYRHS WSGMEP UYI IPIW VIPYXEQ IQ EGIMXEV
(IM\EV E VMKMHI^ QIRXEP JEXSV FWMGS TEVE S GVIWGMQIRXS MRXIVMSV 4EVE
ETVIRHIVQSW S FIQ ZMZIV TVIGMWS UYI EFERHSRIQSW EW GSRHYXEW HE TEM\S UYIV
HM^IV HEW IQSIW I\EKIVEHEW %W EXMXYHIW MRSZEHSVEW I GSRWMHIVEHEW MRYWMXEHEW RE
ZMHE HSW KVERHIW LSQIRW JSVEQ EW UYI JM^IVEQ GSQ UYI IPIW JSWWIQ HIRSQMREHSW
GVMEXYVEW I\XVESVHMRVMEW
.IWYW 'VMWXS S 7YFPMQI 6IRSZEHSV HEW %PQEW GSRWMHIVEHS E QEMSV
TIVWSREPMHEHI WYM KIRIVMW HI XSHE E LYQERMHEHI 3 1IWXVI RS WSQIRXI XIZI
TVSGIHMQIRXSW I EXMXYHIW RSFVIW QEW XEQFQ MRHMXSW I MRSZEHSVIW WYFWXMXYMRHS XSHE
YQE JSVQE HI TIRWEV VKMHE MQTIXYSWE I JERXMGE HSW LSQIRW HI GEVXIV EYWXIVS I
MRXSPIVERXI UYI ZMZMEQ IQ WYE TSGE

%RWMIHEHI
% VIYRMS HI XSHEW EW RSWWEW ERWMIHEHIW RS TSHIV EPXIVEV RSWWS
HIWXMRS WSQIRXI RSWWS IQTIRLS HIXIVQMRES I ZSRXEHI RS QSQIRXS
TVIWIRXI UYI TSHIV XVERWJSVQ PS TEVE QIPLSV
(IJMRMQSW GSQTSVXEQIRXS GSQS S GSRNYRXS HI VIEIW I GSRHYXEW HI YQ
MRHMZHYS IQ VIWTSWXE E YQ IWXQYPS )Q SYXVEW TEPEZVEW E JSVQE HI WIV EKMV I
VIEKMV I\GPYWMZE HI GEHE TIWWSE
2SWWEW GSRZMGIW RXMQEW UYI HIXIVQMREQ RSWWSW GSQTSVXEQIRXSW
I\XIVMSVIW TSVXERXS VIWMHI IQ RW QIWQSW E MRJPY-RGME UYI I\IVGIQSW WSFVI EW
WMXYEIW MQIHMEXEW SY WSFVI EW GMVGYRWXRGMEW JYXYVEW HI RSWWE ZMHE 2IRLYQE HI
RSWWEW GSRHYXEW SY EXMXYHIW QERMJIWXEHEW PMZVI HI IJIMXSW )QFSVE TSWWE RS WIV
RSXEHE RS QSQIRXS JYXYVEQIRXI WIV TIVGIFMHE I MRJPYIRGMEV SYXVSW IZIRXSW IQ
SYXVEW SGEWMIW
3 TSHIV HEW GVIREW I HSW TIRWEQIRXSW JEXSV MQTVIWWMSRERXI REW SGSVV-RGMEW
HI RSWWS GSXMHMERS
7EFIRHS HIWWEW ZIVHEHIW RS WIVME HI ZMXEP MQTSVXRGME UYI SFWIVZWWIQSW
QIPLSV RSWWSW TIRWEQIRXSW LEFMXYEMW I EREPMWWWIQSW RSWWEW GVIREW QEMW TVSJYRHEW#
2S WIVME QEMW EHIUYEHS ZIVMJMGEVQSW SRHI IWXEQSW TSRHS RSWWS TSHIV HI J#
JVIUIRXI MHIEPM^EVQSW ERWMSWEQIRXI S RSWWS JYXYVS %XVMFYQSW QSQIRXSW
JIPM^IW I I\TIGXEXMZEW MVVIEMW RSWWE ZMHE IRGEM\ERHS SW IQ SGEWMIW IWTIGMEMW GSQS E
JSVQEXYVE S GEWEQIRXS SW JMPLSW YQ FSQ IQTVIKS 5YEWI WIQTVI UYERHS S JEXS WI
GSRGVIXM^E JMGEQSW TSV HIQEMW JVYWXVEHSW TSMW E VIEPMHEHI RYRGE GSVVIWTSRHI
I\EXEQIRXI RSWWE MHIEPM^ES TVIGMTMXEHE
% TVISGYTES TSHI TVSHY^MV ERWMIHEHI PIZERHS RSW E TEVXMV HI IRXS E
MQEKMREV JEXSW GEXEWXVJMGSW 5YERHS RSW TVISGYTEQSW GSQ S JYXYVS RS ZMZIQSW S
EKSVE I WSJVIQSW MQIRWE MQSFMPM^ES UYI XSVRE GSRXE HS RSWWS TVIWIRXI EHZMRHE HI
GSMWEW UYI MVS SY RS EGSRXIGIV RS EQERL % VIYRMS HI XSHEW EW RSWWEW ERWMIHEHIW
RS TSHIV EPXIVEV RSWWS HIWXMRS WSQIRXI RSWWS IQTIRLS HIXIVQMRES I ZSRXEHI RS
QSQIRXS TVIWIRXI UYI TSHIV XVERWJSVQ PS TEVE QIPLSV
%W WMXYEIW GEPEQMXSWEW UYI MQEKMREQSW ETIREW WI QEXIVMEPM^EVS WI EW
HVEQEXM^EVQSW GSRWXERXIQIRXI 7I MQTVMQMVQSW GSQ TIRWEQIRXSW XVKMGSW SW JEXSW I
EGSRXIGMQIRXSW HE ZMHE IPIW EWWYQMVS TVSTSVIW UYI RS XMRLEQ E TVMRGTMS I
VIEPQIRXI WI XSQEVS VIEPMHEHI 'VMEXYVEW XVKMGEW EXVEMVS GIVXEQIRXI E XVEKHME
'VIV GSQ JMVQI^E UYI (IYW RYRGE IVVE I WIQTVI IWX WI QERMJIWXERHS I WI
TVSRYRGMEHS IQ XYHS I IQ XSHSW WIV WIQTVI YQ QXSHS JIPM^ HI WI HIWTVISGYTEV
'VIV UYI )PI IWX WIQTVI HMWTSWXS E RSW TVSZIV HI XYHS S UYI RIGIWWMXEQSW TEVE RSWWS
EQEHYVIGMQIRXS IWTMVMXYEP S QIPLSV ERXHSXS GSRXVE E ERWMIHEHI I SW I\GIWWSW HI
MQEKMRES HVEQXMGE
(IYW E 'SRWGM-RGME HS 9RMZIVWS E %PQE HE 2EXYVI^E I E ,EVQSRME HEW
*SVEW 'WQMGEW
%W )RXMHEHIW &IRIZSPIRXIW I 7FMEW UYI IPEFSVEVEQ SW
JYRHEQIRXSW HE (SYXVMRE )WTVMXE VIWTSRHIVEQ UYI
(IYW IXIVRS MRJMRMXS

%W (SVIW HE %PQE

MQYXZIP MQEXIVMEP RMGS SRMTSXIRXI WSFIVEREQIRXI NYWXS I FSQ

HS ZSWWS TSRXS
HI ZMWXE
TSVUYI GVIHIW EFVERKIV XYHS
%GVIHMXEV UYI E ZMHE TIVJIMXE I UYI REHE I\MWXI UYI RS XIRLE YVRE VE^S HI
WIV RSW GSRHY^MV WIQTVI ES HMWGIVRMQIRXS HI UYI XYHS IWX GIVXS HI QERIMVE
MRIUYZSGE I EFWSPYXE 1IWQS UYERHS IWXEQSW MPYHMHSW TIPSW EWTIGXSW I\XIVMSVIW HEW
GSMWEW TIPE JEPXE HI J TIPSW I\EKIVSW HI UYEPUYIV QEXM^ EMRHE EWWMQ E :MHE
4VSZMHIRGMEP RSW PIZEV E YQ W VIFERLS I YQ W 4EWXSV
0IQFVIQS RSW TSVQ HI UYI E MQEKMRES WIVZI TEVE GVMEVQSW UYEHVSW HI
EPIKVME FIPI^E TVSKVIWWS EQSV 2S IRXERXS WI E IWXMZIVQSW YWERHS TEVE TVSHY^MV
XVMWXI^E ERWMIHEHI EFERHSRS QIHS I HIWGSRJMERE S QIPLSV E JE^IV MRXIVVSQTIV S
RIKEXMZMWQS I QYHEV S IWXEHS QIRXEP
'EHE YQ XVERWMXE TIPS GEQMRLS GIVXS RE LSVE I\EXE HI EGSVHS GSQ WIY IWXEHS
IZSPYXMZS 2S L GSQ UYI RSW TVISGYTEVQSW XYHS IWX EFWSPYXEQIRXI GSVVIXS
TSVUYI XSHSW IWXEQSW EQTEVEHSW TIPE WEFIHSVME TVSZMHIRGMEP HEW 0IMW (MZMREW

5YIWXS
5YERHS HM^IQSW UYI (IYW IXIVRS MRJMRMXS MQYXZIP MQEXIVMEP RMGS SRMTSXIRXI
WSFIVEREQIRXI NYWXS I FSQ XIQSW MHME GSQTPIXE HI WIYW EXVMFYXSW#
(S ZSWWS TSRXS HI ZMWXE WMQ TSVUYI GVIHIW EFVERKIV XYHS &EFIM TSVQ UYI L GSMWEW UYI
IWXS EGMQE HE MRXIPMK-RGME HS LSQIQ QEMW MRXIPMKIRXI EW UYEMW E ZSWWE PMRKYEKIQ VIWXVMXE W ZSWWEW
MHMEW I WIRWEIW RS XIQ QIMSW HI I\TVMQMV % VE^S GSQ IJIMXS ZSW HM^ UYI (IYW HIZI TSWWYMV IQ
KVEY WYTVIQS IWWEW TIVJIMIW TSVUYERXS WI YQE PLI JEPXEWWI SY RS JSWWI MRJMRMXE N IPI RS WIVME
WYTIVMSV E XYHS RS WIVME TSV GSRWIKYMRXI (IYW 4EVE IWXEV EGMQE HI XSHEW EW GSMWEW (IYW XIQ UYI WI
EGLEV MWIRXS HI UYEPUYIV ZMGMWWMXYHI I HI UYEPUYIV HEW MQTIVJIMIW UYI E MQEKMRES TSWWE GSRGIFIV
.SS

%RWMIHEHI
(I REHE EHMERXEV XIY HIWIWTIVS I EJPMS TSMW E :MHE 1EMSV RS XI
HEV SYZMHSW HIWWE JSVQE
. XSQEWXI TPIRE GSRWGM-RGME HI XYE ERWMIHEHI#
2SXEWXI GSQS IWXW EXVSTIPERHS SW SYXVSW I E XM QIWQS#
%SRHI UYIVIW GLIKEV# 4SV SRHI GEQMRLEW#
8SHEW IWWEW TIVKYRXEW VIWTSRHMHEW WMRGIVEQIRXI TSHIVMEQ EFVMV XI E QIRXI
TEVE RSZEW I QIPLSVIW EXMXYHIW KEVERXMRHS XI IWXEFMPMHEHI I WIKYVERE IQSGMSREMW
(I REHE EHMERXEV XIY HIWIWTIVS I EJPMS TSMW E :MHE 1EMSV RS XI HEV SYZMHSW
HIWWE JSVQE
:MZI GSQ TPIRMXYHI S TVIWIRXI I ZIVW S JYXYVS VIPEXEV EW GSRWIU-RGMEW HSW XIYW
EXSW HS SRXIQ UYI GSRXEQ XYE TVTVME LMWXVME HI ZMHE
8YHS EUYMPS UYI TVIGMWEVIW ETVIRHIV HMWGIVRMV I GSQTVIIRHIV GLIKEV IQ XYE
I\MWX-RGME VITIXMHEW ZI^IW EX HEVIW E HIZMHE EXIRS IJIXYERHS EWWMQ E
ETVIRHM^EKIQ RIGIWWVME
% ZMHE XI IWGYXEV EYWGYPXERHS XYE MRXMQMHEHI SY WINE XYEW VIEMW RIGIWWMHEHIW
HE EPQE
% XYE ERWMIHEHI RS QYHEV S GYVWS HE 2EXYVI^E 8YHS EGSRXIGI REXYVEPQIRXI
ZMWXS UYI EW 0IMW 2EXYVEMW SY (MZMREW RS TVSQSZIQ WEPXSW RIQ I\XVETSPEQ SW HMXEQIW
IWXEFIPIGMHSW TSV (IYW MRWIVMHSW RIPEW QIWQEW
2S XIRXIW QYHEV E WIU-RGME HSW JEXSW )\MWXIQ IXETEW VIKM HEW TSV GMGPSW
IZSPYXMZSW UYI WS IQ ZIVHEHI S TVSGIWWS IWTMVMXYEP HI HIWIRZSPZMQIRXS HI GEHE YQ
'EHE JEWI ERXIGIHI E SYXVE TSVXERXS XYHS IWX IUYMPMFVEHS LEVQSRMGEQIRXI TIPEW
RSVQEW HS 4SHIV (MZMRS
%REPMWE EW TPERXEW GSQS QSHIPS WI UYMWIVIW UYI IPEW GVIWEQ I WI HIWIRZSPZEQ
PMQMXE XI E HIM\ PEW ZMZIV REXYVEPQIRXI TSMW TSV QEMW UYI TSWWEW HMWTIRWEV PLIW
GYMHEHSW I ^IPSW GSRXRYSW WSQIRXI UYERHS IWXMZIVIQ TVSRXEW UYI FVSXEVS I WI
GSFVMVS HI JPSVIW
)\TIVM-RGME E WSQE HSW XIYW HIWEGIVXSW I HIWIRKERSW 3 WFMS GSRLIGI S
PMQMXI HS RIGIWWVMS TSVUYI RIPI VIWMHI YQE GETEGMHEHI I\XVEHE HEW HMZIVWEW
I\TIVM-RGMEW ZMZMHEW ES PSRKS HEW I\MWX-RGMEW )Q VIPES ES PMQMXI HS RIGIWWVMS
EWWMQ HIGPEVEQ SW 6ITVIWIRXERXIW HS )WTVMXS HI :IVHEHI %UYIPI UYI TSRHIVEHS S
GSRLIGI TSV MRXYMS 1YMXSW W GLIKEQ E GSRLIG- PS TSV I\TIVM-RGME I WYE TVTVME
GYWXE
2S UYIMVEW FYVPEV EW FEVVIMVEW REXYVEMW HS 9RMZIVWS EGEPQE XI TVSGYVE
GEQMRLEV TEWWS ETW TEWWS TSVUYI WSQIRXI EWWMQ GLIKEVW WIVIRMHEHI UYI XERXS
TVSGYVEW 2S XIRXIW JE^IV HI XYE ZMHE YQ GEQMRLS QIXMGYPSWS GEPGYPERHS XYE
I\MWX-RGME QMRYGMSWEQIRXI TSMW IWXEVW TVINYHMGERHS S VMXQS REXYVEP HSW
EGSRXIGMQIRXSW
(IYW JEPE GSRXMKS TIPE ZS^ WMPIRGMSWE HI XIY GSVES 'IRXVEPM^E XI IQ XM QIWQS
I HS QEKS HI XYE EPQE TIVGIFIVW EQSVSWEQIRXI UYI RE 2EXYVI^E XYHS GVIWGI IQ
LEVQSRME %REPMWE S JPY\S HE ZMHE REW KYEW REW TPERXEW REW JPSVIW RSW ERMQEMW REW
TIWWSEW I IQ XM QIWQS I ZIVW EW STSVXYRMHEHIW HI GVIWGMQIRXS UYI XSHS WIV IWX
HIWXMREHS E EPGEREV
5YIWXS
'SQS TSHI S LSQIQ GSRLIGIV S PMQMXI HS RIGIWWVMS#
%UYIPI UYI TSRHIVEHS S GSRLIGI TSV MRXYMS 1YMXSW W GLIKEQ E GSRLIG- PS TSV I\TIVM-RGME
I WYE TVTVME GYWXE

%W (SVIW HE %PQE

2S XIRLEW TVIWWE
E TEGM-RGME XI ENYHEV E EXVEZIWWEV S QSQIRXS HI GVMWI I
SW JVYXSW HS EQERL WIVS TVSTSVGMSREMW XYE TEGM-RGME HI EKSVE

4IVHE
2S EHQMXMQSW UYI TSHIQ GSI\MWXMV IRXVI EQMKSW WIRXMQIRXSW
EQFMZEPIRXIW GSQS EHQMVES I MRZINE IWXMQE I GSQTIXMS EJIMS I
SVKYPLS
3 MPYWXVI VSQERS 'GIVS IQ WIYW GPIFVIW IRWEMSW PMXIVVMSW WSFVI E EQM^EHI
VIKMWXVSY E WIKYMRXI TIVKYRXE ,EZIV EPKYQE GSMWE QEMW HSGI HS UYI XIVIW EPKYQ
GSQ UYIQ TSWWEW JEPEV HI XSHEW EW XYEW GSMWEW GSQS WI JEPEWWIW GSRXMKS QIWQS#
6IEPQIRXI RS L TMSV WSPMHS HS UYI E HS LSQIQ WIQ EQMKSW % JEPXE HI
EQM^EHI JE^ GSQ UYI WIY QYRHS HI EJIXMZMHEHI WI XVERWJSVQI IQ YQ IRSVQI HIWIVXS
MRXIVMSV
)RXVI EQMKSW RS I\MWXI RIRLYQ PMQMXI W GSRJMH-RGMEW TSMW E ZMVXYHI TVMRGMTEP
UYI SW YRI E WMRGIVMHEHI 4EVE UYI XIRLEQSW QEMSV GSQTVIIRWS WSFVI E EQM^EHI
RIGIWWVMS EREPMWEVQSW EW TVSJYRHI^EW HE MRXMQMHEHI LYQERE
% 2EXYVI^E HIY ES LSQIQ E RIGIWWMHEHI HI EQEV I HI WIV EQEHS 9Q HSW
QEMSVIW KS^SW UYI PLI WS GSRGIHMHSW RE 8IVVE S HI IRGSRXVEV GSVEIW UYI GSQ S
WIY WMQTEXM^IQ
4SVXERXS E GVMEXYVE RS HIZI IRHYVIGIV S GSVES I JIGL PS WIRWMFMPMHEHI
WI VIGIFIV MRKVEXMHS HI WIYW EQMKSW -WWS WIVME YQ IVVS
TSVUYERXS S LSQIQ HI
GSVES
WI WIRXI WIQTVI JIPM^ TIPS FIQ UYI JE^ 7EFI UYI WI IWWI FIQ JSV
IWUYIGMHS RIWXE ZMHE WIV PIQFVEHS IQ SYXVE
(I GIVXS QSHS XIQSW TSV GVIRE UYI EQMKSW PIEMW WS WSQIRXI SW UYI
GSQTEVXMPLEQ SW QIWQSW KSWXSW XIRH-RGMEW IRXYWMEWQSW I MHIEMW UYI HIZIQ IWXEV
WIQTVI RSWWE HMWTSWMS GSRGSVHEV GSQ XYHS S UYI TIRWEQSW I HI UYI TVIGMWEQSW I
UYI NEQEMW HIZIQ XIV WIRXMQIRXSW GSRXVEHMXVMSW
7I VIEPQIRXI EPMQIRXEVQSW IWWE GVIRE HI UYI SW EQMKSW ZIVHEHIMVSW WS
EUYIPIW UYI WI QSHIPEQ ES RSWWS TIVJIMXS MHIEPMWQS QXMGS MWXS VIPEGMSREQIRXSW
IWXVYXYVEHSW IQ GEWXIPSW RS EV TSHIVIQSW IWXEV ZMZIRHS JYRHEQIRXEPQIRXI WSF
YQE GSRWMWX-RGME MVVIEP E VIWTIMXS HI EQM^EHI
3 GVIWGMQIRXS HI RSWWEW VIPEIW GSQ SW WIQIPLERXIW HITIRHI HE RSWWE
LEFMPMHEHI IQ RS YPXVETEWWEV EW TSWWMFMPMHEHIW PMQMXEXMZEW HI GEHE YQ I HI SFXIVQSW
YQE GSQTVIIRWS HEW VIWXVMIW HE PMFIVHEHI I HMWTSRMFMPMHEHI HSW EQMKSW JMGERHS
UYEWI WIQTVI EXIRXSW W GSRI\IW UYI JE^IQSW GSQ RSWWSW HIZERIMSW IQSGMSREMW
(I QSHS KIVEP RS EHQMXMQSW UYI TSHIQ GSI\MWXMV IRXVI EQMKSW WIRXMQIRXSW
EQFMZEPIRXIW GSQS EHQMVES I MRZINE IWXMQE I GSQTIXMS EJIMS I SVKYPLS %W
IQSIW VEHMGEPQIRXI HMJIVIRXIW SY QIWQS STSWXEW WS MREXEW REW GVMEXYVEW LYQEREW
RS IWXKMS IZSPYXMZS IQ UYI WI IRGSRXVEQ
1YMXSW XMZIVEQ YQE IHYGES JERXEWMSWE HS XMTS I ZMZIVEQ JIPM^IW TEVE WIQTVI
I UYERHS WI HITEVEQ GSQ E VIEPMHEHI LYQERE JMGEQ TVSJYRHEQIRXI GLSGEHSW TSV
5YIWXS
%W HIGITIW SVMYRHEW HE MRKVEXMHS RS WIVS HI QSPHI E IRHYVIGIV S GSVES I E
JIGL PS WIRWMFMPMHEHI#
*SVE YQ IVVS TSVUYERXS S LSQIQ HI GSVES GSQS HM^IW WI WIRXI WIQTVI JIPM^ TIPS FIQ UYI
JE^ 7EFI UYI WI IWWI FIQ JSV IWUYIGMHS RIWXE ZMHE WIV PIQFVEHS IQ SYXVE I UYI S MRKVEXS WI
IRZIVKSRLEV I XIV VIQSVWSW HE WYE MRKVEXMHS
2SXE HE
E % 2EXYVI^E HIY ES LSQIQ E RIGIWWMHEHI HI EQEV I HI WIV EQEHS 9Q HSW QEMSVIW
KS^SW UYI PLIW WS GSRGIHMHSW RE 8IVVE S HI IRGSRXVEV GSVEIW UYI GSQ S WIY WMQTEXM^IQ ( PLI IPE
EWWMQ EW TVMQGMEW HE JIPMGMHEHI UYI S EKYEVHE RS QYRHS HSW )WTVMXSW TIVJIMXSW SRHI XYHS EQSV I
FIRMKRMHEHI (IWWI KS^S IWX I\GPYHS S IKSWXE

%W (SVIW HE %PQE

GSRWXEXEV UYI TSWWYIQ EQFMZEP-RGME HI WIRXMQIRXSW MHIRXMJMGERHS SW XEQFQ

EREPSKEQIRXI REW JMKYVEW QEMW MQTSVXERXIW HI WYE ZMHE
8SHS WIV RE 8IVVE IWX ETVIRHIRHS E YWEV GSIVIRXIQIRXI WIYW WIRXMQIRXSW I
IQSIW 2S TSHIQSW JYKMV HIWWE ZIVHEHI 2SWWE ZMWS MRXIVMSV TVIGMWE QSZIV WI
GSQS YQ T-RHYPS E JMQ HI IZMXEVQSW YRMPEXIVEPMHEHIW UYI RSW MQTIHIQ HI ZIV S XSHS
7EFIHSVME XVEHY^ WI RE GETEGMHEHI HI VIGSRLIGIV SY RE LEFMPMHEHI HI ZIV E XSXEPMHEHI
HE ZMHE IQ WIY GSQTPIXS IUYMPFVMS :MZIV RE TSPEVMHEHI RS RSW HIM\E IRXIRHIV EW
HMZIVWMHEHIW HI WIRXMQIRXSW I IQSIW UYI ZMZIRGMEQSW 4VIGMWEQSW EHUYMVMV YQE
TIVGITS MRXYMXMZE TEVE RS EREPMWEVQSW XYHS GSQS WIRHS EFWSPYXS 8SHE EZEPMES
GSVVIXE YWE HI GVMXVMSW GSQ GIVXE VIPEXMZMHEHI I TVIRHI WI W GMVGYRWXRGMEW HS
QSQIRXS I RS I\GPYWMZEQIRXI ESW JEXSW IQ WM
)WWE HYEPMHEHI HI STSWXSW MVVIGSRGMPMZIMW IRXVI GIVXS IVVEHS RSW IQFVIRLE
GEHE ZI^ QEMW RE TSPEVMHEHI MQTIHMRHS RSW HI GSQTVIIRHIV UYI GEHE TEVXI GSRXQ S
XSHS 7SQSW YRSW GSQ E :MHE )WXEQSW PMKEHSW HI JSVQE MRXIKVERXI W TIWWSEW I E
XSHEW EW SYXVEW JSVQEW HI ZMHE HS 9RMZIVWS )\IQTPMJMGERHS MWWS .IWYW 'VMWXS VIEPSY
)Q ZIVHEHI ZSW HMKS UYI UYERHS S JM^IWXIW E YQ HIWXIW QIYW TIUYIRMRSW MVQSW E
QMQ S JM^IWXIW
3 UYI HIZI XIV JIMXS QEMW XEVHI GSQ UYI 4EYPS HI 8EVWS IWGVIZIWWI ESW
'SVRXMSW 3VE TIGERHS EWWMQ GSRXVE SW MVQSW I JIVMRHS E WYE JVEGE GSRWGM-RGME
TIGEMW GSRXVE 'VMWXS
3 LSQIQ HI GSVES UYI WI WIRXI WIQTVI JIPM^ GSQ S FIQ UYI JE^ WEFI UYI
XSHEW EW I\TIVM-RGMEW UYI ZMZIRGMEQSW YRW GSQ SW SYXVSW WS TIEW MQTSVXERXIW RS
TVSGIWWS HI GVIWGMQIRXS IWTMVMXYEP 7EFI UYI RS FEWXE WMQTPIWQIRXI MKRSVEV EW
MRKVEXMHIW EPLIMEW SY RS KYEVHEV IXIVRSW VIWWIRXMQIRXSW HIZI XEQFQ EZEPMEV I
ETVIRHIV GSQ WIY TVTVMS WIRXMQIRXS HI TIVHE SY HI EFERHSRS
3 LSQIQ HI GSVES IRXIRHI TIVJIMXEQIRXI UYI GSQ EW I\TIVM-RGMEW UYI
QERXQ GSQ SW EQMKSW EXYEMW SY UYI QERXIZI GSQ SW EQMKSW UYI WI JSVEQ TSHI
SJIVIGIV MQTSVXERXIW GSRI\IW TEVE EQTPMEV SW LSVM^SRXIW HS EYXSGSRLIGMQIRXS %
TEVXMV HE XIQ GSRHMIW HI HMWGIVRMV E ZEVMIHEHI HI GEXIKSVMEW HI EQMKSW
, EQMKSW HI EXMZMHEHIW LEFMXYEMW
TSWWYIQ YQE GSRZMZ-RGME VIWXVMXE
VIRIQ WI WSQIRXI TEVE GYPXSW VIPMKMSWSW IQ HMEW HI PE^IV I HI IWTSVXIW REW LSVEW HI
XVEFEPLS SY IQ GYVWSW SY IZIRXSW HMZIVWSW 3YXVSW I\MWXIQ UYEPMJMGEHSW GSQS EQMKSW
TSV ZERXEKIRW VIGTVSGEW 7S YRMHSW TIPEW TVSJMWWIW UYI I\IVGIQ TVSQSZIQ
WSGMIHEHIW HI MRXIVIWWI GSQYQ I GSQ QIXEW IWTIGMEMW HIWIQTIRLERHS TETMW I
SJGMSW IWTIGMEPM^EHSW NYRXSW QEW RS NYRXSW MRXIVMSVQIRXI
3W HIRSQMREHSW EQMKSW HI HGEHEW HMJIVIRXIW WS XSHSW EUYIPIW PMKEHSW TSV
IRSVQIW EJMRMHEHIW HEW ZMHEW TEWWEHEW UYI RIQ QIWQS E KVERHI HMJIVIRE HI MHEHI
GSRWIKYI WITEV PSW HE GSRZMZ-RGME HMVME %HUYMVIQ YQE MRXMQMHEHI GEVMRLSWE I
ZIVHEHIMVE UYI IRWINE E TIVQYXE HI I\TIVM-RGMEW HI ZMKSV I HI RMQS 3YXVE
GEXIKSVME E WIV GSRWMHIVEHE E HSW GLEQEHSW EQMKSW MXMRIVERXIW SY XVERWMXVMSW
'VY^EQ RSWWEW ZMHEW HYVERXI HIXIVQMREHE IXETE 'SQTEVXMPLEQ RSWWE EQM^EHI IQ
TSGEW GVYGMEMW SYXVEW ZI^IW IQ FYWGE HI ETVIRHM^EKIQ TEWWEQ TSV RW REW
IRGVY^MPLEHEW HS GEQMRLS XIVVIRS TEVE HITSMW WI HIWPMKEVIQ TSVUYI WI
HIWZERIGIVEQ SW IPSW GSQYRW UYI SW QERXMRLEQ GSRSWGS 2S HIGSVVIV HS XIQTS GEHE
YQ HIPIW WIKYI S GEQMRLS UYI XVESY VYQS ES TVTVMS HIWXMRS
3W VIGSRLIGMHSW TSVQ GSQS EQMKSW RXMQSW SY TIVQERIRXIW WS EUYIPIW
UYI TSWWYIQ EJIXS QXYS I S GSRWIVZEQ MRHIJMRMHEQIRXI % MRXMQMHEHI IRXVI IPIW JE^
GSQ UYI XIRLEQ YQ GVIWGIRXI EQEHYVIGMQIRXS IWTMVMXYEP %PEVKEQ WIY QYRHS MRXIVMSV
1EXIYW
'SVRXMSW

 QIHMHE UYI EYQIRXEQ E GETEGMHEHI HI GSQTVIIRHIV EW WMQMPEVMHEHIW I EW

HMJIVIREW IRXVI WM QIWQSW
)Q ZIVHEHI TEVE WI TSWWYMV VIEP MRXMQMHEHI I EHUYMVMV TPIRE GSRJMERE IRXVI
EQMKSW RIGIWWVMS RYRGE IWGSRHIV S UYI L HI HIWEKVEHZIP IQ RW IQ SYXVEW
TEPEZVEW TVIGMWS VIZIPEV RSWWE JEPMFMPMHEHI 5YIVIV HIQSRWXVEV GEVXIV MQTIGZIP I
MWIRS HI HZMHEW GEVEGXIVWXMGE HI MRHMZHYSW MRGETE^IW HI TIVHSEV I MRFIMW TEVE
QERXIV VIPEIW HYVEHSYVEW I EJIXMZMHEHI ZIVHEHIMVE
)Q WRXIWI E TIVHE HI EQMKSW VITVIWIRXE QSQIRXSW HMJGIMW I HSPSVSWSW %W
HSVIW HE EPQE IQ VIPES W EQM^EHIW RS WS TVSTVMEQIRXI HMJMGYPHEHIW HIWXE TSGE
N IVEQ RS TEWWEHS HMWXERXI QSXMZS HI EHQSIWXEIW I HI GSRWIPLSW 2S 0MZVS HS
)GPIWMWXMGS IRGSRXVEQSW VIKMWXVEHE E WIKYMRXI SVMIRXES 2S EFERHSRIW YQ ZIPLS
EQMKS ZMWXS UYI S RSZS RS MKYEP E IPI :MRLS RSZS EQMKS RSZS HIM\E S IRZIPLIGIV
I S FIFIVW GSQ TVE^IV

)GPIWMWXMGS

%W (SVIW HE %PQE

4IVHE
7S GSQTVIIRWZIMW EW PEQIRXEIW I SW TIWEVIW S TVERXS I SW
WYWTMVSW TSMW S WIV LYQERS TEWWE TSV TVSGIWWSW TWMGSPKMGSW HI EHETXES
I HI VIENYWXI W TIVHEW HE ZMHE
4VIGMWS UYI XYHS WI HIWXVYE TEVE VIREWGIV I WI VIKIRIVEV 4SVUYI S UYI
GLEQEMW HIWXVYMS RS TEWWE HI YQE XVERWJSVQES UYI XIQ TSV JMQ E VIRSZES I
QIPLSVME HSW WIVIW ZMZSW
2EWGIV I QSVVIV JE^IQ TEVXI HI YQ JIRQIRS GSQYQ I RIGIWWVMS 8YHS REWGI
XYHS WI HIWIRZSPZI QEW XYHS WI HIJMRLE 7IQTVI L YQ XIQTS HI TEVXMV
% QSVXI RE 8IVVE S XVQMRS HI YQE I\MWX-RGME JWMGE E TEWWEKIQ HS WIV
MRJMRMXS TEVE YQE RSZE JSVQE I\MWXIRGMEP )PE YQ MRXIVPHMS SY WINE YQ MRXIVZEPS
IRXVI EW HMZIVWEW XVERWJSVQEIW HE ZMHE E JMQ HI UYI E VIRSZES I E ETVIRHM^EKIQ
WI IWXEFIPIEQ REW EPQEW ES PSRKS HE IXIVRMHEHI
1SVVIV RS YQE TIVHE JEXEP RS YQ QEP YQ IWWIRGMEP TVSGIWWS HI
LEVQSRM^ES HE 2EXYVI^E (YVERXI UYERXS XIQTS PEQIRXEVIQSW S TEWWEQIRXS HI YQ
WIV EQEHS# (ITIRHIV HI GSQS IWXEQSW TVITEVEHSW TEVE MWWS HI UYI QSHS SGSVVIY E
QSVXI HI GSQS IVE E RSWWE LMWXVME TIWWSEP GSQ IPI 2S IRXERXS E TIVHE HI YQ IRXI
UYIVMHS YRMZIVWEPQIRXI GEYWE HI XVMWXI^EW I HI PKVMQEW IQ UYEPUYIV VMRGS HS
4PERIXE QEW E JSVQE GSQS HIQSRWXVEQSW IWWIW RSWWSW WIRXMQIRXSW I IQSIW IWX
MRXMQEQIRXI QSPHEHE ES RSWWS KVEY IZSPYXMZS S GSRNYRXS HI GSRLIGMQIRXSW
EHUYMVMHSW SY WINE S EGIVZS GYPXYVEP IWTMVMXYEP I MRXIPIGXYEP UYI TSWWYQSW HI
JYRHEQIRXEP MQTSVXRGME IQ RSWWE QERIMVE HI I\TVIWWEV IWWE TIVHE
4SV MWWS HIZIQSW IRXIRHIV I VIWTIMXEV EW QPXMTPEW VIEIW IQSGMSREMW
QERMJIWXEHEW RS PYXS TSMW EGSRXIGIQ HI GSRJSVQMHEHI GSQ EW IWXVYXYVEW TWMGSWWSGMEMW
UYI GEVEGXIVM^EQ GEHE MRHMZHYS PIZERHS WIQTVI IQ GSRXE WYEW HMJIVIRXIW
REGMSREPMHEHIW GVIREW I GSWXYQIW TIGYPMEVIW
% HSV HE TIVHE GSRXYHS IWX VEHMGEHE RE MRGSQTVIIRWS E WIY VIWTIMXS SY RE
ETVIIRWS UYI E TVIGIHI I E EGSQTERLE )PMQMRERHS WI IWWIW JEXSVIW SW MRHMZHYSW
ZIVS E QSVXI GSQS YQ QSQIRXS HI VIRSZES MRIVIRXI 2EXYVI^E
-RUYIWXMSREZIPQIRXI YQ TIVSHS UYI ERXIGIHI S VIIRGSRXVS HSW EXYEMW I HSW ERXMKSW
EQSVIW
7S GSQTVIIRWZIMW EW PEQIRXEIW I SW TIWEVIW S TVERXS I SW WYWTMVSW TSMW S
WIV LYQERS TEWWE TSV TVSGIWWSW TWMGSPKMGSW HI EHETXES I HI VIENYWXI W TIVHEW HE
ZMHE 3W TIWEVIW I SW QYVQVMSW JE^IQ TEVXI HE WIU-RGME HI JEXSW MRXIVMSVIW UYI WS
TVSZMQIRXSW QIRXEMW KVEHEXMZSW I HMJGIMW EXVEZW HSW UYEMW EW GVMEXYVEW TEWWEQ E
EGIMXEV PIRXEQIRXI E EYW-RGME QIWQS GSRZMGXEW HI WYE XIQTSVEPMHEHI HEW TIWWSEW
UYI TEVXMVEQ
9QE HEW QEMW MQTSVXERXIW JYRIW HE XVMWXI^E E HI TVSTMGMEV YQ ENYWXEQIRXS
RXMQS TEVE UYI E GVMEXYVE VITPERINI SY VIGSQIGI YVRE RSZE IXETE ZMZIRGMEP
MQTSVXERXI MHIRXMJMGEVQSW RSWWE XVMWXI^E I WYE JYRS HI QSQIRXS NEQEMW HIZIQSW RS
IRXERXS MHIRXMJMGEV RSW GSQ IPE IQ WM
2S RS ZIVHEHI 2S TSHI IWXEV EGSRXIGIRHS
-WWS HIZI WIV YQ LSVVZIP
TIWEHIPS UYI ZEM EGEFEV WS I\TVIWWIW GSQYQIRXI YWEHEW GSQS RIKES 7S
VIEIW GSWXYQIMVEW HMERXI HI TIVHEW HIWIWTIVEHSVEW % VIGYWE IQ EHQMXMV SW JEXSW I
EW GMVGYRWXRGMEW UYI SW HIXIVQMREVEQ YQE JSVQE HI HIJIWE LEFMXYEP REW WMXYEIW
5YIWXS
PIM HE 2EXYVI^E E HIWXVYMS#
4VIGMWS UYI XYHS WI HIWXVYE TEVE VIREWGIV I WI VIKIRIVEV 4SVUYI S UYI GLEQEMW HIWXVYMS
RS TEWWE HI YQE XVERWJSVQES UYI XIQ TSV JMQ E VIRSZES I QIPLSVME HSW WIVIW ZMZSW

HIZEWXEHSVEW GSQ RSWWSW IRXIW UYIVMHSW RIGIWWVME E F-RS HS XIQTS TEVE UYI E
EPQE IPEFSVI RSZEQIRXI YQ ENYWXEQIRXS QIRXEP I VIRE JSVEW TEVE GSQTVIIRHIV E
TVMZES I E VIEP I\XIRWS TVSQSZMHE TIPE HSV
%PKYRW GLSVEQ IQ ZS^ EPXE SYXVSW TSVIQ JMGEQ WIRXEHSW IQ WMP-RGMS 3
MWSPEQIRXS XVERWMXVMS TSHI WIV GSRWMHIVEHS XEQFQ GSQS YVRE SYXVE JSVQE
TWMGSPKMGE HI HIJIWE TEVE WYTSVXEV IWWIW XVERWIW HSPSVSWSW % EXIRS HIWXIW WI JM\E
YRMGEQIRXI RS JEPIGMQIRXS HE TIWWSE UYIVMHE RS WI TIVQMXMRHS JE^IV GSRXEXS GSQ
SYXVEW TIWWSEW E JMQ HI UYI S WIRXMQIRXS HI XVMWXI^E RS ETIVXI EMRHE QEMW WIY
GSVES SY TEVE IZMXEV WINEQ IZSGEHEW GSQ QEMSV MRXIRWMHEHI EW PIQFVEREW
UYIVMHEW (IWWE JSVQE E GVMEXYVE EFVERHE S MQTEGXS HE TIVHE JE^IRHS YQ VIXVEMQIRXS
MRXVSWTIGXMZS
3 7IRLSV HIY S 7IRLSV XMVSY FIRHMXS WINE S RSQI HS 7IRLSV
'SQ XSHE E
GIVXI^E IWWE QIRWEKIQ HS %RXMKS 8IWXEQIRXS MRGMXE RSW E YQE EGIMXES
MRGSRHMGMSREP HSW HIWKRMSW HE %WWMWX-RGME (MZMRE
3 'VMEHSV HE :MHE JI^ GSQ UYI E 2EXYVI^E WI QERXMZIWWI RYQ IXIVRS VIGMGPEV HI
I\TIVM-RGMEW I IRIVKMEW RYQE GSRWXERXI QYHERE HI JSVQEW I VMXQSW IQ RSWWE
ZMEKIQ QEVEZMPLSWE HI GSRLIGMQIRXSW EXVEZW HE MQSVXEPMHEHI
5YERHS RSWWE ZMWS WI PMKE IQ RSWWE TYVE IWW-RGME ZEQSW EPQ HI XSHEW EW
GSMWEW HMQMRYXEW I MRWMKRMJMGERXIW JE^IRHS GSQ UYI RSWWS HMWGIVRMQIRXS WI EQTPMI
RYQE MQIRWE PYGMHI^ HMERXI HI RSWWE NSVREHE IZSPYXMZE
2S I\MWXI TIVHE RS I\MWXI QSVXI EWWMQ KEVERXMVEQ SW )WTVMXSW %QMKSW E
/EVHIG
3 UYI GLEQEMW HIWXVYMS RS TEWWE HI YQE XVERWJSVQES

%W (SVIW HE %PQE

4IVHE
5YEWI REHE WEFIQSW IQ QEXVME HI ZIPLMGI I TSV MWWS
MRGSRWGMIRXIQIRXI ENYHEQSW SW ERGMSW E WI TVIGMTMXEVIQ HI JSVQE
TVIQEXYVE RS EFMWQS HE HSIRE I HE QSVXI
)WXYHERHS EW EXMXYHIW GSQTSVXEQIRXEMW HSW MHSWSW RE 8IQ SFWIVZEQSW UYI
ETIWEV HI S GSVTS JWMGS IWXEV TEWWERHS TIPSW JIRQIRSW VIWTSRWZIMW TIPS
IRZIPLIGMQIRXS S GIRXVS HE TIVWSREPMHEHI TIVQERIGI MREPXIVEHS 'SRXMRYEQ
TVIWIRXIW EW GEVEGXIVWXMGEW TEVXMGYPEVIW I EW XIRH-RGMEW REXYVEMW HSW MRHMZHYSW
HYVERXI E ZIPLMGI SVKRMGE 'SRGPYQSW UYI E TIWWSE GSRXMRYE GSRHY^MRHS WI GSQ S
QIWQS NIMXS HI WIV I EXYERHS GSQ WYE TVTVME GSPIXRIE HI KSWXSW I LEFMPMHEHIW
MREXEW 3FWIVZEQSW UYI QIWQS EGYQYPERHS HMZIVWEW I\TIVM-RGMEW I ETVIRHM^EKIQ RE
GEQMRLEHE XIVVIRE I IJIXYERHS I\TVIWWMZEW QYHEREW HI GSQTSVXEQIRXS SW MHSWSW
GSRXMRYEQ TVSGIHIRHS HI EGSVHS GSQ XYHS EUYMPS UYI WIQTVI JSVEQ
(IWWE JSVQE IRXIRHIQSW UYI ETIWEV HS GVIWGMQIRXS IWTMVMXYEP UYI
HIWIRZSPZIQ HYVERXI XSHE YQE I\MWX-RGME RE QEXVME HIRWE VIRSZERHS WYEW EXMXYHIW I
HIJVSRXERHS GSQ YQ I\XIRWS GEQTS HI XVERWJSVQEIW FMSPKMGEW I WSGMEMW RE MHEHI
EZEREHE KYEVHEQ WYE TVTVME MRHMZMHYEPMHEHI 3 'VMEHSV RS H GTMEW 'EHE YQ HI
RW YQ TVSNIXS HE 2EXYVI^E REWGMHS HI (IYW GSQ I\TVIWWIW WMRKYPEVIW I IWTIGMEMW
8SHSW XIQSW IQ GSQYQ S JEXS HI TIVXIRGIVQSW QIWQE IWTGMI UYIV HM^IV WSQSW HE
QIWQE REXYVI^E WSQSW WIQIPLERXIW QEW RS MKYEMW
, SW UYI HM^IQ UYI E ZIPLMGI WSQIRXI TIVHE MWSPERHS SW ZIPLSW HI WYE
GSRZMZ-RGME WIQ WI HEVIQ GSRXE HI UYI SFIHIGIQ SFVMKEXSVMEQIRXI ES GSQERHS HI
YQ MQTYPWS HI QIHS TSMW SW MHSWSW VITVIWIRXEQ TEVE IPIW YQ IWTIPLS IQ UYI
IR\IVKEQ LSNI E VIEPMHEHI UYI SW IWTIVE RS JYXYVS
(IYW JI^ HS EQSV JMPMEP I HS EQSV TEXIVRS YQ WIRXMQIRXS REXYVEP *SM TEVE
UYI TSV IWWE EJIMS VIGTVSGE SW QIQFVSW HI YQE JEQPME WI WIRXMWWIQ MQTIPMHSW E
ENYHEVIQ WI QYXYEQIRXI S UYI EPMW GSQ QYMXE JVIU-RGME WI IWUYIGI RE ZSWWE
WSGMIHEHI EXYEP
3 IWUYIGMQIRXS I S HIWTVI^S E UYI VIPIKEQSW SW ZIPLSW E EXMXYHI RSGMZE HI
GSRWMHIV PSW ZMZIRHS E WIKYRHE MRJRGME HI GSRHIR PSW QSRSXSRME HIRSQMRERHS
SW HI HIWEXYEPM^EHSW TSVUYI RS WEFIQSW PMHEV GSQ E UYIWXS HS LSQIQ MHSWS
)Q ZIVHEHI UYEWI REHE WEFIQSW IQ QEXVME HI ZIPLMGI I TSV MWWS
MRGSRWGMIRXIQIRXI ENYHEQSW SW ERGMSW E WI TVIGMTMXEVIQ HI JSVQE TVIQEXYVE RS
EFMWQS HE HSIRE I HE QSVXI
2S SPZMHIQSW TSVQ UYI E GEHE HME UYI TEWWE XSHSW RW IWXEQSW
IRZIPLIGIRHS 3W TVSGIWWSW SVKRMGSW HIKIRIVEXMZSW WS TEYPEXMRSW I KVEHEXMZEQIRXI
RSXEHSW -WWS PIZSY E MRIWUYIGZIP IWGVMXSVE JVERGIWE HS WGYPS <:-- 1EVMI HI 6EFYXMR
'LERXEP QEVUYIWE HI 7ZMKR E IWGVIZIV E YQ TEVIRXI UYI WI IRGSRXVEZE TVISGYTEHS
TSV XIV WI XSQEHS EZ % VEQTE HI XS WYEZI UYEWI MQTIVGITXZIP GSQS S
TSRXIMVS HS VIPKMS UYI UYEWI RS WI Z- QSZIV 3 TSHIV HE 2EXYVI^E RS IWX IQ
RSWWEW QSW I E ZIPLMGI YQE ZIVIHE SFVMKEXVME TEVE XSHSW
9QE SYXVE TVSFPIQXMGE E WIV GSRWMHIVEHE RE ZIPLMGI S ETIKS W XVEHMIW SY
S TVIGSRGIMXS GSRXVE EW RSZMHEHIW UYI IQ ZIVHEHI RS WS EXYEMW 7IQTVI WI
5YIWXS
% PIM HE 2EXYVI^E MQTI ESW JMPLSW E SFVMKES HI XVEFEPLEVIQ TEVE WIYW TEMW#
'IVXEQIRXI HS QIWQS QSHS UYI SW TEMW X-Q UYI XVEFEPLEV TEVE WIYW JMPLSW *SM TSV MWWS UYI
(IYW JI^ HS EQSV JMPMEP I HS EQSV TEXIVRS YQ WIRXMQIRXS REXYVEP *SM TEVE UYI TSV IWWE EJIMS
VIGTVSGE SW QIQFVSW HI YQE JEQPME WI WIRXMWWIQ MQTIPMHSW E ENYHEVIQ WI QYXYEQIRXI S UYI EPMW
GSQ QYMXE JVIU-RGME WI IWUYIGI RE ZSWWE WSGMIHEHI EXYEP

VITYHMEVEQ EW RSZEW MHMEW I SW RSZSW LFMXSW TSMW UYEWI WIQTVI EW QYHEREW PIZEQ
E YQE GIVXE MRWIKYVERE TWMGSPKMGE LEZIRHS TIWWSEW UYI WIRXIQ ZIVHEHIMVS LSVVSV
HMERXI HI RSZSW GSWXYQIW I GSRGIMXSW
2S W RE XIVGIMVE MHEHI QEW IQ XSHEW EW IXETEW HE ZMHE HIZI WI JYKMV HSW
LFMXSW STMRMIW I MHMEW GSRWIVZEHSVEW TSVUYERXS RS WI TSHI EHSXEV REHE IQ
GEVXIV HIJMRMXMZS )Q WI XVEXERHS HI VIKVEW WSGMEPQIRXI IWXEFIPIGMHEW ZEPI PIQFVEV
IWXE I\GIPIRXI EJMVQES 3 QEMW IJMGE^ HSW LFMXSW S LFMXS HI WEFIV UYERHS WI
HIZI QYHEV HI LFMXS
% LMWXVME HI ZMHE HI GEHE GVMEXYVE MQTSVXERXI TEVE HIXIVQMREV WYE GETEGMHEHI
HI QYHEV I HI GVIWGIV HYVERXI E MHEHI EZEREHE 2S IRXERXS RE EVXI HI FIQ
IRZIPLIGIV TSHIQSW HEV SVMKIQ E RSZEW JSVEW I RSZEW ETXMHIW UYI RS TYHIVEQ WIV
HIWIRZSPZMHEW ERXIVMSVQIRXI REW SYXVEW JEWIW HE ZMHE
4EVE S WIV LYQERS UYI ZMZI S IRXEVHIGIV HE NSVREHE RE 8IVVE TSHI WYVKMV E XS
EPQINEHE IWXEFMPMHEHI IQSGMSREP HIGSVVIRXI HI QEMSV PMFIVHEHI MRXIVMSV RSZEW
TIVWTIGXMZEW I YQE ZMWS XVERWPGMHE HE ZMHE 7IV EMRHE TSWWZIP UYI IPI EXMRNE QEMSV
EYXSGSQTVIIRWS QEMSV VIWTIMXS W HIGMWIW EPLIMEW I QEMSV LSRIWXMHEHI GSRWMKS
QIWQS 4SHIQSW RSQIEV XYHS MWWS GSQS WIRHS E GSPLIMXE FIRJMGE HSW JVYXSW HS
SYXSRS
7EFI WI UYI S WIV I\MWXIRGMEP RYRGE YQ TVSHYXS EGEFEHS IPI WI ETYVE
IWQIVE WI I VIEWWYQI QSHMJMGERHS WI GSRXMRYEQIRXI 3 HIWIRZSPZMQIRXS IZSPYGMSREP
TIVQERIRXI QEW RS MRWXERXRIS
2S GYVWS HE ZMHE HI GEHE MRHMZHYS WYVKIQ RSZEW I MRIWTIVEHEW XEVIJEW
JE^IRHS GSQ UYI WI HIWIQFEVEGIQ EW ERXMKEW JMFVEW I WI TSWWE EGSQTERLEV S JPY\S HI
YQE RSZE XI\XYVE HI I\TIVM-RGMEW MRHMXEW
3 IRZIPLIGMQIRXS RS YQE TIVHE TEVE EUYIPIW UYI QERX-Q YQE ZMHE
I\XVIQEQIRXI EXMZE TEVE SW UYI GSRXMRYEQ GSQFEXIRHS S GSRJMREQIRXS HI WIY QYRHS
RXMQS 2S GSRJYRHEQSW RS IRXERXS MHSWSW UYI WI GSRJMREQ MRXIVMSVQIRXI
TSV
EFWXVES I EPLIEQIRXS HSW EGSRXIGMQIRXSW LEFMXYEMW
GSQ EUYIPIW UYI JE^IQ S
I\IVGGMS HE MRXVSWTIGS I HE GSRXIQTPES XGRMGEW EPXEQIRXI TSWMXMZEW )WX
TVSZEHS UYI EXMZMHEHI I PSRKIZMHEHI KYEVHEQ YQE RXMQE VIPES GSQ ES I VIES
(IM\EV MRIVXIW EW JSVEW JWMGEW I QIRXEMW JE^ GSQ UYI IPEW WI HIKIRIVIQ ZMWXS UYI E
ES PEFSVMSWE TVSXIKI RSW HI KVERHIW QEPIW GSQS S XHMS I E WSPMHS
2E 2EXYVI^E RYRGE L TIVHE 5YERHS JMRHE YQE IXETE HI RSWWE I\MWX-RGME
SYXVE ZIQ SGYTEV E PEGYRE HIM\EHE TSVUYI RSWWEW ZMHEW WYGIWWMZEW IWXS IRXVIKYIW ES
4SHIV 4IVJIMXS HS 9RMZIVWS UYI XYHS GYMHE I HIWIRZSPZI 3 GEPIRHVMS RE 8IVVE TSHI
IWXEV TEWWERHS IRXVIXERXS XIQSW EKSVE S QSQIRXS TIVJIMXS I E MHEHI TVIGMWE UYI RSW
TSWWMFMPMXEQ HMWGIVRMV UYI HIZIQSW HEV ZMHE WIY EPXS I NYWXS ZEPSV WINE UYEP JSV E
JEM\E IXVME UYI IWXMZIVQSW EXVEZIWWERHS

%W (SVIW HE %PQE

-RWIKYVERE
3W MRWIKYVSW SQMXIQ HIJIWE E WIYW HMVIMXSW TIWWSEMW TSV QIHS I
IZMXEQ IRGSRXVSW SY WMXYEIW IQ UYI TVIGMWEQ I\TSV WYEW GVIREW
WIRXMQIRXSW I MHMEW
% MRWIKYVERE XVE^ GSQS GEVEGXIVWXMGEW TWMGSPKMGEW SW QEMW ZEVMEHSW XMTSW HI QIHS
GSQS S HI EQEV S HE QYHERE S HI GSQIXIV IVVSW S HE WSPMHS S HI WI TVSRYRGMEV I S HI WI
HIWSFVMKEV E MRWIKYVS RS GSRJME RS WIY ZEPSV TIWWSEP HIWEGVIHMXE WYEW LEFMPMHEHIW I
HIWGSRJME HI WYE TSWWMFMPMHEHI HI IRJVIRXEV EW SGSVV-RGMEW HE ZMHE S UYI S MQTYPWMSRE E YQE
JEXEP XIRH-RGME HI WI ETSMEV RSW SYXVSW
4SV RS GSQTVIIRHIV FIQ WIY TSHIV MRXIVMSV ETIKE WI RE EJIMS HS GRNYKI JMPLSW
SYXVSW TEVIRXIW I EQMKSW I EWWMQ EGEFE HITIRHIRHS GSQTPIXEQIRXI HIWWEW TIWWSEW TEVE
ZMZIV )Q ZI^ HS EQSV E MRWIKYVERE E JSRXI TVMRGMTEP UYI S YRI ESW SYXVSW TSV MWWS
GSRXVSPE I ZMKME IQ VE^S HEW HZMHEW UYI XIQ WSFVI WM QIWQS
3 MRWIKYVS TSV RS WEFIV UYI RS TSHI GSRXVSPEV SW EXSW I EXMXYHIW HEW SYXVEW
GVMEXYVEW GVME KVERHIW HMJMGYPHEHIW IQ WIYW VIPEGMSREQIRXSW KIVERHS GSRWIUIRXIQIRXI
QEMSVIW GSFVEREW I FEVVIMVEW IRXVI IPIW
% LIWMXES XSQE S GVMEXYVE MRGETE^ HI WI WIRXMV FEWXERXI JMVQI TEVE EKMV 2YRGE TSWWYM
GIVXI^E WYJMGMIRXI I UYIV WIQTVI QEMW WI GIVXMJMGEV HEW GSMWEW I\GIWWMZEQIRXI GEYXIPSWS I
ZMKMPERXI IWX IQ GSRWXERXI WSFVIEZMWS I HIWGSRJMERE HI XYHS I HI XSHSW TSV GEYWE HS QIHS
HEW GSRWIU-RGMEW JYXYVEW HI WYEW EIW HS TVIWIRXI
3W MRWIKYVSW HIWIRZSPZIQ QYMXEW ZI^IW YQE HIZSS QVFMHE IQ VIPES W GEYWEW I
ESW MHIEMW SY WI EWWSGMEQ E YQ TEVGIMVS JSVXI I HMRQMGS TEVE GSQTIRWEV WYE RIGIWWMHEHI HI
ETSMS GSRWMHIVES I WIKYVERE 2S TVMQIMVS GEWS IPIW TSHIQ EWWYQMV HMERXI HS QYRHS E
TSWMS HI GVIRXIW I\EPXEHSW UYIVIRHS GSRZIRGIV XSHSW HI YQE ZIVHEHI UYI IPIW QIWQSW
RS EGVIHMXEQ RS WIKYRHS FYWGEQ EPKYQ UYI PLIW GSVVIWTSRHE ES QSHIPS HI WIYW
KIRMXSVIW TEVE UYI RSZEQIRXI ZIRLEQ E WI RYXVMV HE EYXSVMHEHI HIGMWS I JMVQI^E UYI
IRGSRXVEZEQ RSW TEMW UYERHS GVMEREW
1YMXSW EMRHE FYWGEQ VIJKMS RYQE EXMZMHEHI MRXIPIGXYEP I WI GSPSGEQ TSV I\IQTPS RE
TSWMS HI EYXSVMHEHI PMXIVVME GSQS IWXVEXKME IQSGMSREP E JMQ HI IWXMQYPEV IQ XSQS HI WM
YVRE EXQSWJIVE HI FIQ MRJSVQEHSW I TSVXERXS KVERHMSWSW I WIKYVSW
/EVHIG (MWGTYPS HI .IWYW TIVKYRXE ESW -RWXVYXSVIW )WTMVMXYEMW 5YERHS YQ )WTVMXS
HM^ UYI WSJVI HI UYI REXYVI^E S WIY WSJVMQIRXS# % )WTMVMXYEPMHEHI IPEFSVSY E WIKYMRXI
VIWTSWXE %RKWXMEW QSVEMW UYI S XSVXYVEQ QEMW HSPSVSWEQIRXI HS UYI XSHSW SW WSJVMQIRXSW
JWMGSW
%RKWXMEW QSVEMW TSHIQ WIV IRXIRHMHEW GSQS E JVEKMPMHEHI IQ UYI WI IRGSRXVEQ EW
GVMEXYVEW MRWIKYVEW E WIRWES HI QEP IWXEV UYI WIRXIQ TSV EGVIHMXEVIQ UYI IWXS
GSRWXERXIQIRXI WIRHS SFWIVZEHEW I NYPKEHEW I XEQFQ TIPE TIVTXYE WMXYES QIRXEP HI
ZYPRIVEFMPMHEHI HMERXI HS QYRHS
3W MRWIKYVSW RS WS EWWIVXMZSW IQ SYXVEW TEPEZVEW RS WI I\TVIWWEQ HI QSHS HMVIXS
GPEVS I LSRIWXS 3QMXIQ HIJIWE E WIYW HMVIMXSW TIWWSEMW TSV QIHS I IZMXEQ IRGSRXVSW SY
WMXYEIW IQ UYI TVIGMWEQ I\TSV WYEW GVIREW WIRXMQIRXSW I MHMEW
3 XXYPS HI 7IRLSV HI 7M 1IWQS TSHIV HIJMRMV FIQ E WIKYVERE I JMVQI^E HI .IWYW
'VMWXS 7YEW TEPEZVEW 7INE TSVQ S ZSWWS JEPEV WMQ WMQ RS RS
EMRHE LSNI VIWWSEQ
GSRZMHERHS XSHEW EW GVMEXYVEW EYXSRSQME IWTMVMXYEP 6IEPQIRXI S GSQTSVXEQIRXS EWWIVXMZS
HS 1IWXVI I WYE WMKRMJMGEXMZE PMFIVHEHI HI I\TVIWWS VIZIPEZEQ
JVERUYI^E IQ HM^IV S UYI TIRWEZE
WIKYVERE HI SPLEV SYZMV I GSRZMHEV UYEPUYIV YQ
MRHITIRH-RGME HI I\TVMQMV WIYW WIRXMQIRXSW GSQ EFWSPYXE XVERWTEV-RGME
PMFIVHEHI HI TIHMV S UYI UYMWIWWI
5YIWXS
5YERHS YQ )WTVMXS HM^ UYI WSJVI HI UYI REXYVI^E S WIY WSJVMQIRXS#
%RKWXMEW QSVEMW UYI S XSVXYVEQ QEMW HSPSVSWEQIRXI HS UYI XSHSW SW WSJVMQIRXSW JWMGSW
1EXIYW

GSVEKIQ HI GSVVIV VMWGSW TEVE GSRGVIXM^EV XYHS EUYMPS IQ UYI EGVIHMXEZE

)WWEW EPIKVMEW SW MRWIKYVSW RS WIRXIQ 7IKYMRHS TSVQ SW TEWWSW HI .IWYW 2SWWS
+YME I 7IRLSV E LYQERMHEHI EPGEREV E IWXEFMPMHEHI I WIVIRMHEHI MRXIVMSV UYI FYWGE L
XERXSW WGYPSW GSRUYMWXE HSW WIVIW HIWTIVXSW I EQEHYVIGMHSW HS JYXYVS

%W (SVIW HE %PQE

-RWIKYVERE
% MRXIRWE QSXMZES UYI MRZEHI SW MRHMZHYSW TEVE WIVIQ EQEHSW I
UYIVMHSW E UYEPUYIV TVIS REWGI HEW HZMHEW RXMQEW WSFVI WM QIWQSW
2IGIWWMXEV HI EQSV HIWINEV GSRWMHIVES SY TVSGYVEV WIKYVERE WS HIWINSW
REXYVEMW I ZPMHSW 9QE GIVXE UYERXMHEHI HI HITIRH-RGME IQSGMSREP IWX TVIWIRXI IQ
QYMXSW VIPEGMSREQIRXSW MRGPYMRHS SW WEYHZIMW IJIXMZEQIRXI NYRXSW SY WS^MRLSW
IWXEQSW WIQTVI GEQMRLERHS TIPEW IWXVEHEW HE IZSPYS
4EVE EZEREVQSW TIPE ZMHE HI JSVQE LEVQRMGE GSQ EW TIWWSEW HIZIQSW
HIWIRZSPZIV E EYXS IWXMQE E GETEGMHEHI HI EHQMXMV IVVSW E VIWTSRWEFMPMHEHI HI
EWWYQMV RSWWSW EXSW I EGMQE HI XYHS E EGIMXES MRGSRHMGMSREP HSW SYXVSW
% MRWIKYVERE JE^ HI RSWWSW VIPEGMSREQIRXSW RXMQSW YQ QMWXS HI MVVIJPI\S I
TVIGMTMXES PIZERHS RSW E YQ I\GIWWS HI GSRJMERE I ES QIWQS XIQTS JE^IRHS RSW
TIVHIV S WIRWS HI RSWWEW JVSRXIMVEW MRHMZMHYEMW 5YEWI WIQTVI JE^IQSW YQ ZIVHEHIMVS
IQEVERLEHS HI RSWWSW SFNIXMZSW HIWINSW I GSRJPMXSW GSQ SW HI SYXVEW GVMEXYVEW TEMW
JMPLSW MVQSW EQMKSW GRNYKIW 5YERHS IWWEW RSWWEW EJIMIW QYHEQ WINE TSVUYI
IWXEFIPIGIVEQ YQE SYXVE PMKES RXMQE WINE TSVUYI WMQTPIWQIRXI IPIKIVEQ TEVE WM
RSZSW VYQSW I\MWXIRGMEMW JMGEQSW JEXEPQIRXI HIWIWXEFMPM^EHSW I HIWIWTIVEHSW
'EV-RGMEW MPMQMXEHEW REWGIQ HE MRWIKYVERE WYJSGERHS I EJEWXERHS
VIPEGMSREQIRXSW WEPYXEVIW 1YMXEW ZI^IW GLIKEQSW ES I\XVIQS HI EFHMGEV HI RSWWSW
SFNIXMZSW I ZSGEIW QEMW RXMQEW GSPSGERHS RSW IQ WMXYEIW ZI\EXVMEW TSV XIVQSW
HIM\EHS UYI RSWWE TSVS JVEKMPM^EHE JEPEWWI QEMW EPXS
-RMGMEPQIRXI JE^IQSW YQ IWJSVS LIVGPIS TEVE RSW IRXVIKEV REW QSW HE
TIWWSE IPIMXE 'SQ S TEWWEV HS XIQTS ZEQSW JMGERHS MRGSQSHEHSW I HIWIWXMQYPEHSW
GSQ IWWI VIPEGMSREQIRXS EX UYI JMREPQIRXI GLIKEQSW ES TMGI HS HIWKEWXI JMGERHS
VEMZSWSW I VIWWIRXMHSW GSQ E TIWWSE HI UYIQ HITIRHIQSW -WWS GSQTVIIRWZIP
TSVUYI RS L RMRKYQ UYI KSWXI GSRWGMIRXIQIRXI HI GIHIV WIY TSHIV TIWWSEP SY HI
VIRYRGMEV E WIYW HMVIMXSW HI PMFIVHEHI E UYIQ UYIV UYI WINE
% MRXIRWE QSXMZES UYI MRZEHI SW MRHMZHYSW TEVE WIVIQ EQEHSW I UYIVMHSW E
UYEPUYIV TVIS REWGI HEW HZMHEW RXMQEW WSFVI WM QIWQSW TSMW WS TIWWSEW UYI
VEVEQIRXI TSHIQ WI VIEPM^EV RE ZMHE WIQ WI TIRHYVEV RS UYI GLEQEQ HI KVERHI
EQSV
% MRWIKYVERE XVERWFSVHE HI XEP QSHS UYI XVERWJSVQE E REXYVEP RIGIWWMHEHI HI
EQEV IQ YQE RIGIWWMHEHI TEXSPKMGE HI WEXMWJES WSQIRXI EPGEREHE EXVEZW HE
TSWWIWWMZMHEHI HS EQSV
4EVXI HS HIWIRZSPZMQIRXS HE TIVWSREPMHEHI LYQERE GSRWXVYHE RE MRJRGME I E
IWXE WSQE WI E QMPIREV FEKEKIQ IWTMVMXYEP EHUYMVMHE IQ SYXVEW IRGEVREIW %W FEWIW
HI QYMXEW MRHIGMWIW HMERXI HE ZMHE WI HIZIQ IHYGES EYXSVMXVME HEHE TIPSW TEMW
UYI IWGSPLIQ WMWXIQEXMGEQIRXI TIPSW JMPLSW HIWHI VSYTEW EPMQIRXSW IWTSVXIW
FVMRUYIHSW JVMEW EX EQMKSW TVSJMWWS I EJIXSW 'VMEREW GVIWGIQ HIM\ERHS
TEVIRXIW GSQTERLIMVSW SY TVSJIWWSVIW HIGMHMVIQ TSV IPEW WIQ PIZEV IQ GSRXE WIYW
KSWXSW I TVIJIV-RGMEW )WWEW GVMEREW WI XSQEVS QEMW XEVHI LSQIRW WIQ WIKYVERE
JMVQI^E I GSVEKIQ HI XSQEV EXMXYHIW TIVERXI E ZMHE 3 HMVIMXS HI HIGMHMV HIZI WIV
IWXMQYPEHS WIQTVI HIWHI E MRJRGME TSMW WI XVEXE HI ETSMS ZMXEP RE JSVQES HI YQ
WPMHS WIRXMQIRXS HI HIXIVQMRES I JMVQI^E UYI VIJPIXMV RS EHYPXS HI EQERL
-RHEKSY S 'SHMJMGEHSV HS )WTMVMXMWQS 5YI S UYI VIWYPXE HSW IQFEVESW UYI
WI STSRLEQ PMFIVHEHI HI GSRWGM-RGME# ) E )WTMVMXYEPMHEHI JSM XE\EXMZE 'SRWXVERKIV

SW LSQIRW E TVSGIHIVIQ IQ HIWEGSVHS GSQ S WIY QSHS HI TIRWEV JE^- PSW LMTGVMXEW
)WWE LMTSGVMWME RS TVSTVMEQIRXI MRXIRGMSREP SY JIMXE GSRWGMIRXIQIRXI QEW
UYEWI WIQTVI MRGSRWGMIRXI 2S HIM\E TSVQ HI WIV YQ QSHIPS GSQTSVXEQIRXEP JEPWS
SY JMRKMHS HE GVMEXYVE LYQERE UYI WI GSRHY^ HI QERIMVE HMJIVIRXI HS WIY NIMXS HI WIV
I EKMV
3 GSRWXVERKMQIRXS UYI WI JE^ RSWWE PMFIVHEHI HI GSRWGM-RGME TVINYHMGE E
FYWGE HI RW QIWQSW E RSWWE EJMVQES TIVERXI E ZMHE FIQ GSQS RSW HMJMGYPXE
IRGSRXVEV E TIGYPMEV JSVQE HI EQEV
)Q VE^S HMWWS XYHS MRHMZHYSW TEWWEQ E YWEV YQE QWGEVE HI FSR^MRLS
GSQS QIMS HI WIHY^MV GSRUYMWXEV SY GSRWIKYMV HMWJEVEV E IRSVQI MRGIVXI^E UYI
GEVVIKEQ QEW TIVMSHMGEQIRXI QSWXVEQ HI QSHS GPEVS WYE MRWEXMWJES MRXIVMSV
I\TPSHIQ IQ VEMZE MRIWTIVEHE GSRXVE EUYIPIW GSQ UYIQ GSRZMZIQ %W VIPEIW JMGEQ
WIRWMZIPQIRXI PMQMXEHEW TSMW RYRGE WI WEFI UYERXS E WYE FSRHEHI I\XVIQEHE ZEM
WYTSVXEV YQE STMRMS GSRXVVME SY EPKS UYI PLIW HIWEKVEHI
)WWEW IWXVERLEW FSRHEHIW WS TIGYPMEVIW HEW TIWWSEW UYI RS HIWIRZSPZIVEQ
E GSRJMERE IQ WYEW MHMEW MRXYMIW I ZSGEIW RXMQEW I RYRGE WI EJMVQEQ IQ WM
QIWQEW 2S EHQMXIQ WYE MRWIKYVERE I TSV MWWS E EKVIWWMZMHEHI EGEFE UYEWI
WIQTVI GSRXVSPERHS WYEW VIEIW :MZIQ GSQTSVXEQIRXSW QIEMW I WMQYPEHSW XIRXERHS
EKVEHEV E XSHSW I JE^IRHS HE QIRXMVE YQE RIGIWWMHEHI TEVE ZMZIV 4EKEQ TSVQ YQ
TVIS JMWMSPKMGS SY WINE E WSQEXM^ES HEW VEMZEW I JVEKMPMHEHIW UYI QERX-Q
JERXEWMEHEW IQ GERHYVE I EQEFMPMHEHI
9Q GSQTSVXEQIRXS I\EKIVEHS HI YQ MRHMZHYS KIVEPQIRXI WMKRMJMGE S STSWXS HS
UYI IPI HIQSRWXVE I GSRJIWWE
3W MRWIKYVSW ZMZIQ RYQE IWTGMI HI LIXIVSRSQME GVRMGE UYIV HM^IV RS
IWGSPLIQ EW PIMW UYI VIKIQ WYE GSRHYXE (MWXERGMEHSW GEHE ZI^ QEMW HI YQE ZMHE
EYXRSQE WYFQIXIQ WI E TVMRGTMSW I E TIWWSEW HMJIVIRXIW HI WIY QSHS HI TIRWEV
9WEV E RSWWE TVTVME MRXMQMHEHI TEVE RSW KYMEV PEREV QS HI RSWWEW
WIRWEIW IQSIW I WIRXMQIRXSW E GLEZI IWWIRGMEP UYI RSW HEV WIKYVERE

5YIWXS
5YI S UYI VIWYPXE HSW IQFEVESW UYI WI STSRLEQ PMFIVHEHI HI GSRWGM-RGME#
'SRWXVERKIV SW LSQIRW E TVSGIHIVIQ IQ HIWEGSVHS GSQ S WIY QSHS HI TIRWEV JE^- PSW
LMTGVMXEW % PMFIVHEHI HI GSRWGM-RGME YQ HSW GEVEGXIVIW HE ZIVHEHIMVE GMZMPM^ES I HS TVSKVIWWS

%W (SVIW HE %PQE

6ITVIWWS
'LSVEV QYMXS REXYVEP 5YERHS IWXEQSW IQ GSRXEXS GSQ RSWWEW
IQSIW I WIRXMQIRXSW WEFIQSW S UYI IPIW RSW UYIVIQ HM^IV I QSWXVEV
2S HIZIQSW VIXIV RSWWEW PKVMQEW 7S IPEW RSWWEW IRIVKMEW IQSGMSREMW UYI WI
QEXIVMEPM^EQ I TVIGMWEQ WIV I\TVIWWEW
'LSVEV QYMXS REXYVEP 5YERHS IWXEQSW IQ GSRXEXS GSQ RSWWEW IQSIW I
WIRXMQIRXSW WEFIQSW S UYI IPIW RSW UYIVIQ HM^IV I QSWXVEV WSFVI RSWWEW GEV-RGMEW I RSWWEW
VIPEIW GSQ SW SYXVSW
5YEWI XSHSW RW ETVIRHIQSW GSQS WIRXMV SY GSQS IWGSRHIV RSWWEW IQSIW RE
MRJRGME % JSVQES HE RSWWE TIVWSREPMHEHI IWX PMKEHE WIQ GSRXEV E SYXVSW XERXSW JEXSVIW ES
ETVIRHM^EHS HE ZMHE EXYEP *EXSW I EXMXYHIW WIQIPLERXIW GSWXYQEQ TVSZSGEV REW GVMEREW
IQSIW GSQTEVZIMW TSVXERXS RS TSHIQSW RSW IWUYIGIV HE MRJPY-RGME HS QIMS I HE GYPXYVE
RS HIWIRZSPZMQIRXS HI RSWWE IQSXMZMHEHI
)QSIW I WIRXMQIRXSW WS WMQTPIW I TVMQVMSW WS GSQS WS RS EHMERXE IRJIMX PSW
SY XIRXEV I\TPMG PSW 3 HIWIRZSPZMQIRXS TSVQ HE RSWWE QERIMVE HI WIRXMV EKMRHS WI JSVQE
HI EGSVHS GSQ RSWWS KVEY IZSPYXMZS WSQEHS RSWWE ZSRXEHI I ES EQFMIRXI IQ UYI ZMZIQSW
2MRKYQ WIRXI IQSIW WSQIRXI IQ HIXIVQMREHEW TEVXIW HS GSVTS QEW WMQ IQ XSHS S
SVKERMWQS 2S IRXERXS E QIWQE IQSS TSHI TVSZSGEV EXMXYHIW GSQTPIXEQIRXI HMZIVWEW REW
TIWWSEW (YVERXI YQE ETVIWIRXES XIEXVEP SY QYWMGEP TSHIQSW SFWIVZEV EW QEMW
GSRXVSZIVXMHEW IQSIW RE TPEXME HMERXI HEW QIWQEW GMVGYRWXRGMEW HI IWXQYPS 3W WIVIW
LYQERSW WS IWTVMXSW QMPIREVIW UYI ZMZIQ XIQTSVEVMEQIRXI IQ GSVTSW XVERWMXVMSW IWWE E
VE^S HE HMZIVWMHEHI HI WIRXMQIRXSW
)Q GEWS HI JEPIGMQIRXS HI IRXIW UYIVMHSW GLSVEV HI QSHS MRXIRWS YQE IQSS
TIVJIMXEQIRXI GSQTVIIRWZIP 4SVQ WI ETVIRHIQSW GSQ EHYPXSW TVIGSRGIMXYSWSW UYI
LSQIRW RYRGE HIZIQ GLSVEV VITVMQMQSW RSWWEW IQSIW REXYVEMW I TEWWEQSW E GVMEV
FEVVIMVEW TWMGSPKMGEW IQ RSWWE ZMHE RXMQE WEYHZIP TSMW IQ GIVXEW GMVGYRWXRGMEW
HIQSRWXVEV XVMWXI^E VITVMQM PE HSIRXMS
2S IWXEQSW RSW VIJIVMRHS ESW GSQTSVXEQIRXSW IWTIXEGYPEVIW HI I\MFMS HVEQXMGE
QEW RIGIWWMHEHI HI I\TVIWWEV E HSV HE WITEVES
1YMXSW IWGSRHIQ WYEW PKVMQEW TSMW UYIVIQ HIQSRWXVEV E WIYW EQMKSW I JEQMPMEVIW
UYI WS EPXEQIRXI IWTMVMXYEPM^EHSW %JMVQEQ UYI S GLSVS VIES ERSVQEP HI GVMEXYVEW
VIZSPXEHEW 2E ZIVHEHI IWWI NYPKEQIRXS MRJIPM^ SFWIVZEHS RSW HIRSQMREHSW NY^IW
MHISPKMGSW TIVHIVEQ WYEW GSRI\IW GSQ E WIRWMFMPMHEHI
%PKYRW ETVIRHIVEQ UYI RS HIZIQSW GLSVEV TIPSW RSWWSW QSVXSW UYIVMHSW TSMW PLIW
IRWMREVEQ UYI IRUYERXS TIVQERIGIVIQ HIVVEQERHS PKVMQEW WIYW EJIXSW RS JMGEVS IQ
TE^ 3 ZIVHEHIMVS TVSFPIQE UYI WI IWXEFIPIGI E VIFIPHME I E MRGSRJSVQES TIVERXI EW 0IMW
HE :MHE RS EW PKVMQEW UYI HIVMZEQ HE WEYHEHI I HS EQSV UYI RYXVMQSW TIPSW WIVIW UYI
TEVXMVEQ
3YXVSW VIEKIQ ERXI SW JYRIVEMW HI JEQMPMEVIW GSQ YQ IRXSVTIGMQIRXS IQSGMSREP RS
HIVVEQERHS YQE PKVMQE WIUYIV 4IWWSEW TSHIQ EGYW PSW HI MRHMJIVIRXIW I MRWIRWZIMW TSV
RS GSRWIKYMVIQ EZEPMEV S GERWES JWMGS I\GIWWMZS HIWWEW GVMEXYVEW REUYIPI QSQIRXS TIPEW
RSMXIW I RSMXIW HIWKEWXERXIW UYI ZMZIVEQ HYVERXI E PSRKE HSIRE HS EJIXS UYI TEVXMY
3YXVSW EMRHE XSQEQ EXMXYHIW HI GSVEKIQ MQTEWWZIP HMERXI HE HSV TSV XIVIQ EHIVMHS E
HSYXVMREW IWXMGEW 4SWXIVMSVQIRXI RS IRXERXS WIRXIQ WI GYPTEHSW TSVUYI RS GLSVEVEQ S
UYERXS UYIVMEQ GLSVEV
4EVE SW UYI X-Q J I EGIMXEQ E ZMHE ETW E QSVXI E WITEVES ZMWXE HI JSVQE
XIQTSVVME JMGERHS QEMW JGMP TEVE IPIW WYTIVEVIQ SW QSQIRXSW HSPSVSWSW HS EHIYW RE
HIWIRGEVRES 7EFIQ UYI S TVSKVIWWS MRIZMXZIP I TSV MWWS GSRWMHIVEQ E QSVXI S JMQ HI
YQE IXETE I S MRGMS HI SYXVE QIPLSV
7IRWMFMPM^E SW )WTVMXSW S PIQFVEVIQ WI HIPIW SW UYI PLIW JSVEQ GEVSW RE 8IVVE
5YIWXS
7IRWMFMPM^E SW )WTVMXSW S PIQFVEVIQ WI HIPIW SW UYI PLIW JSVEQ GEVSW RE 8IVVE#
1YMXS QEMW HS UYI TSHIMW WYTSV 7I WS JIPM^IW IWWI JEXS PLIW EYQIRXE E JIPMGMHEHI 7I WS
HIWKVEEHSW WIVZI PLIW HI PIRMXMZS

%W PKVMQEW WS QIRWEKIMVEW HE WEYHEHI WS EW KYEW GVMWXEPMREW HS GSVES UYI

WYVKIQ HEW TVSJYRHI^EW HI RSWWE EPQE

%W (SVIW HE %PQE

6ITVIWWS
%W QYXMPEIW HI UYEPUYIV K-RIVS WS WIQTVI YQE VITVIWWS GVYIP I
ZMSPIRXE W PIMW REXYVEMW HE ZMHE
3W IWTVMXSW XVERWMXEQ TSV YQE IWGEPE ZEWXWWMQE HI VIIRGEVREIW EXVEZW HSW
QMP-RMSW SGYTERHS TSWMIW SVE QEWGYPMREW SVE JIQMRMREW S UYI PLIW GSRJIVI
KIVEPQIRXI GIVXEW GEVEGXIVWXMGEW FMWWI\YEMW 7IV LSQIQ SY QYPLIV YQE
XVERWMXSVMIHEHI HS QYRHS JWMGS
%PQ HEW HMZIVWMHEHIW FMSPKMGEW REXYVEMW I MRIVIRXIW HSW GSVTSW QEWGYPMRSW I
JIQMRMRSW IRGSRXVEQSW SYXVEW XERXEW REW VIEW TWUYMGEW WSGMEMW I VIIRGEVREXVMEW
8SHEW IWWEW HMJIVIREW WSJVIQ EW TVIWWIW HEW VIKVEW WSGMEMW HE IHYGES ZMKIRXI I
HSW GSWXYQIW HI YQE TSGE NYRXEQIRXI GSQ E ES HEW KPRHYPEW WI\YEMW -WWS RSW
PIZE E GPEWWMJMGEV EW EXMXYHIW LYQEREW GSQ GIVXEW TVIHSQMRRGMEW QEWGYPMREW SY
JIQMRMREW
3W IWTVMXSW RS X-Q WI\S TSVXERXS IQ XSHE TIVWSREPMHEHI LYQERE I\MWXIQ
XVESW HI QEWGYPMRMHEHI I HI JIQMRMPMHEHI -WWS RS UYIV HM^IV UYI YQE QYPLIV GSQ
XVESW QEWGYPMRSW WINE ERSVQEP QEW WMQ UYI I\MWXIQ EWTIGXSW WI\YEMW XTMGSW I
HMJIVIRXIW IQ GEHE GVMEXYVE
(IWWE JSVQE GEHE WIV WI HMWXMRKYI TSV HIXIVQMREHEW TIGYPMEVMHEHIW RS QYRHS
EJIXMZS I TSV MWWS E XIRH-RGME IQSGMSREP HE GVMEXYVE QYMXEW ZI^IW HMJIVI I MRHITIRHI
HI WYE QSVJSPSKME SVKRMGE
2E MRJRGME SW TEMW WI IRGEVVIKEQ HI XVERWQMXMV W GVMEREW EW TVMQIMVEW
RSIW WSFVI WI\YEPMHEHI QEW RIQ WIQTVI KYMEQ WIYW JMPLSW TEVE YQ FSQ
IRXIRHMQIRXS HEW JEGYPHEHIW KIRWMGEW )Q QYMXEW SGEWMIW JM\EQ TVIGSRGIMXSW RE
QIRXI MRJERXMP SW UYEMW QEMW XEVHI KIVEVS HMZIVWSW HIWIUYMPFVMSW HE PMFMHS
%W VIPMKMIW SVXSHS\EW I GSRXVSPEHSVEW EXVMFYIQ ES WI\S YQE TVSMFMS HMZMRE
%JMVQEQ UYI XSHSW SW WIVIW LYQERSW REWGIQ GSQ S TIGEHS SVMKMREP SY WINE TIPSW
IVVSW WI\YEMW GSQIXMHSW TSV %HS I )ZE GSRWMHIVEHSW GSQS SW TEMW HE LYQERMHEHI
I UYI XSHSW TVIGMWEQ WIV TYVMJMGEHSW TIPS FEXMWQS 'SPSGEQ EMRHE E EFWXIRS WI\YEP
GSQS GSRHMS MQTVIWGMRHZIP TEVE WI EXMRKMV E WERXMHEHI SPZMHERHS WI HI UYI XYHS S
UYI I\MWXI RE 2EXYVI^E JSM KIVEHS TSV (IYW I UYI E WI\YEPMHEHI TEVXI MRXIKVERXI HI
RSWWE GVMES HMZMRE
%HYPXSW MQEXYVSW HS TSRXS HI ZMWXE IWTMVMXYEP VITVMQIQ SW MQTYPWSW WI\YEMW REW
GVMEREW EXVMFYMRHS QEPGME SY TVIGSGMHEHI TSV HIWGSRLIGIVIQ UYI EW IRIVKMEW
WI\YEMW WS JSVEW GVMEXMZEW MRIVIRXIW ESW WIVIW LYQERSW I MQTSVXERXWWMQEW TEVE WIY
HIWIRZSPZMQIRXS TWMGSIQSGMSREP
(IWGSRLIGIQ EMRHE UYI WSQIRXI TIUYIRE TEVXI HIWWE IRIVKME EKI RE EXMZMHEHI
WI\YEP TVSTVMEQIRXI HMXE 3 VIWXERXI HIWWE JSVE GVMEXMZE WI KIRIVEPM^E REW
QERMJIWXEIW HEW EXMZMHEHIW WSGMEMW MRXIPIGXYEMW JWMGEW IQSGMSREMW I IWTMVMXYEMW HS
MRHMZHYS %S MRMFMVIQ YQ WIXSV IWXS GSQTVSQIXIRHS S XSHS UYIV HM^IV SW WIVIW
LYQERSW RS JYRGMSREQ TSV TEVXIW WITEVEHEW QEW RYQ TVSGIWWS HI MRXIVHITIRH-RGME
2S TSHIQSW XSGEV RYQ IPIQIRXS WIQ EJIXEVQSW XSHS S GVIWGMQIRXS TWMGSPKMGS IQ
IZSPYS
5YI WI HIZI TIRWEV HEW QYXMPEIW STIVEHEW RS GSVTS HS LSQIQ #
% (IYW
RS TSHI EKVEHEV S UYI WINE MRXMP I S UYI JSV RSGMZS PLI WIV WIQTVI HIWEKVEHZIP

(IYW W WIRWZIP ESW WIRXMQIRXSW UYI IPIZEQ TEVE IPI E EPQE 3FIHIGIRHS PLI
PIM I RS E ZMSPERHS UYI TSHIVIMW JSVVEV ZSW ES NYKS HE ZSWWE QEXVME XIVVIWXVI
% IRIVKME WI\YEP TSHI XVE^IV WEXMWJEIW XERXS REW EXMZMHEHIW EJIXMZEW I
IQSGMSREMW UYERXS IQ UYEMWUYIV HEW EXMZMHEHIW MRXIPIGXYEMW IWTMVMXYEMW I SVKRMGEW
TVSTSVGMSRERHS ES MRHMZHYS YQE WIRWES HI FIQ IWXEV I JEGMPMXERHS WYE GVMEXMZMHEHI
% MHME HI WI\YEPMHEHI TVSTSWXE TIPE (SYXVMRE )WTVMXE L QEMW HI GIRXS I
UYEVIRXE ERSW IRGSRXVE ETSMS REW QSHIVREW XISVMEW TWMGSPKMGEW PIZE S MRHMZHYS E
YQE XMGE XVERWGIRHIRXI HS WI\S I S JE^ EFERHSREV IWWE ZMWS WMQTPMWXE FMSPKMGE I
QEXIVMEPMWXE E UYI IPI WIQTVI JSM VIPIKEHS
)RXIRHIQSW TSV QYXMPES RS WSQIRXI E TVMZES SY E HIWXVYMS ZMWZIP HI
TEVXIW HS RSWWS GSVTS QEW XEQFQ E SGSVVMHE HI JSVQE MQTIVGITXZIP SGYPXE SY
ZIPEHE
4SHIQSW GSFVMV SW MQTYPWSW WI\YEMW GSQ S QERXS HE WMQYPES 7YFWXMXYQS PSW
TSV SYXVSW MRZIRXEQSW HIWGYPTEW I PMFMW GSRZMRGIRXIW TEVE SGYPX PSW HI RW QIWQSW
I HSW SYXVSW TSVQ IPIW RS HIWETEVIGIQ
%W QYXMPEIW HI UYEPUYIV K-RIVS WS WIQTVI YQE VITVIWWS GVYIP I ZMSPIRXE W
PIMW REXYVEMW HE ZMHE RS IRXERXS XSHSW RW WSQSW GSRZSGEHSW E TPERINEV YQE ZMHE
WI\YEP IUYMPMFVEHE
%FWXIRS MQTSWXE KIVE HIWIUYMPFVMS QEW E IHYGES EPMEHE ES GSRXVSPI I
VIWTSRWEFMPMHEHI WIV WIQTVI E QIXE WIKYVE TEVE S IQTVIKS VIWTIMXZIP I RSFVI HEW
JSVEW WI\YEMW

5YIWXS
5YI WI HIZI TIRWEV HEW QYXMPEIW STIVEHEW RS GSVTS HS LSQIQ SY HSW ERMQEMW#
% UYI TVSTWMXS WIQIPLERXI UYIWXS# %MRHE YQE ZI^ MRUYMVM WIQTVI ZW QIWQSW WI XMP
EUYMPS HI UYI TSVZIRXYVE WI XVEXI % (IYW RS TSHI EKVEHEV S UYI WINE MRXMP I S UYI JSV RSGMZS PLI WIV
WIQTVI HIWEKVEHZIP 4SVUYI JMGEM WEFIRHS (IYW W WIRWZIP ESW WIRXMQIRXSW UYI IPIZEQ TEVE IPI E
EPQE 3FIHIGIRHS PLI PIM I RS E ZMSPERHS UYI TSHIVIMW JSVVEV ZSW ES NYKS HE ZSWWE QEXVME
XIVVIWXVI

%W (SVIW HE %PQE

(ITVIWWS
TVIGMWS WEFIV PMHEV GSQ RSWWEW IQSIW RS HIZIQSW RSW GIRWYVEV
TSV WIRXM PEW QEW WMQ NYPKEV E HIGMWS HS UYI JEVIQSW GSQ IPEW
6ITEVES S EXS HI GSQTIRWEV SY VIWWEVGMV TVINY^SW UYI GEYWEQSW RS
ETIREW ESW SYXVSW QEW XEQFQ E RW QIWQSW EXVEZW HI TSWXYVEW MREHIUYEHEW I
MRNYWXEW
2IGIWWMXEQSW VITEVEV EW EXMXYHIW HIWSRIWXEW UYI XMZIQSW TIVERXI RW QIWQSW
TEVE VIWWEVGMV RSW HSW EFEPSW UYI TVSQSZIQSW GSRXVE RSWWEW TVTVMEW GSRZMGIW I
TEVE GSQTIRWEV RSW HE HIWPIEPHEHI GSQ RSWWS QSHS HI WIV I GSQ RSWWSW ZEPSVIW
RXMQSW
(IZIQS RSW GSRWGMIRXM^EV HS UYERXS IWXMZIQSW EFVMRHS QS HI RSWWSW
WIRXMQIRXSW TIRWEQIRXSW IQSIW I RIGIWWMHEHIW IQ JEZSV HI EPKYQ WSQIRXI TEVE
VIGIFIV ETVSZES I GSRWMHIVES
5YERXEW ZI^IW EWJM\MEQSW I RIKEQSW RSWWEW IQSIW HMERXI HI EGSRXIGMQIRXSW
UYI RSW QEGLYGEVEQ TVSJYRHEQIRXI 6IPIKEV IWWE TEVXI HI RW I MKRSV PE TSHI WI
XSQEV YQ XERXS HIWEKVEHZIP I HIWXVYXMZS IQ RSWWEW ZMHEW
:MZIV S HMVIMXS HI WIRXMVQSW RSWWEW IQSIW IUYMZEPI E WIV LSRIWXSW GSQ RW
QIWQSW )PEW RSW ENYHEQ RS TVSGIWWS HI EYXSHIWGSFVMQIRXS I IWXS ZMRGYPEHEW E
IWXVYXYVEW MQTSVXERXIW HI RSWWE ZMHE QIRXEP GSQS SW TIRWEQIRXSW GSKRMXMZSW I EW
RSWWEW MRXYMIW
3 LFMXS HI VINIMXEVQSW JVIUIRXIQIRXI EW IRIVKMEW IQSGMSREMW JEV GSQ UYI
TIVGEQSW E GETEGMHEHI HI WIRXMV GSVVIXEQIRXI I WIQ E MRXIVTVIXES HSW
WIRXMQIRXSW RS TSHIVIQSW TVSQSZIV E VITEVES HI RSWWEW JEPXEW
4EVE VITEV PEW TVIGMWS IWXEVQSW TVIHMWTSWXSW E HM^IV S UYI TIRWEQSW I E
IWGSPLIV GSQ MRHITIRH-RGME
4EVE VITEV PEW RIGIWWVMS XIVQSW E PMFIVHEHI HI WIRXMV S UYI WIRXMQSW I HI
ZMZIV WIKYRHS RSWWEW TVTVMEW IQSIW
4EVE VIWKEXEV RSWWEW JEPXEW GSRSWGS I GSQ SW SYXVSW MQTIVMSWS ERXIW HI XYHS
HIWFPSUYIEV RSWWE GSRWGM-RGME TEVE UYI TSWWEQSW XIV YQ VIEP IRXIRHMQIRXS HS UYI I
GSQS IWXEQSW JE^IRHS EW GSMWEW IQ RSWWE ZMHE
, IQ RW YQ QIGERMWQS TWMGSPKMGS VIKYPEHS TIPS RSWWS KVEY IZSPYXMZS UYI
EWWMQMPE SW JEXSW SY SW IRWMREQIRXSW HI EGSVHS GSQ RSWWEW GSRUYMWXEW REW VIEW HE
TIVGITS I HS IRXIRHMQIRXS 2SWWE MRGETEGMHEHI TEVE EFWSVZIV GIVXSW EWTIGXSW HE
ZMHE HIZI WI E GEYWEW WMXYEHEW REW TVSJYRHI^EW HE RSWWE GSRWGM-RGME UYI IWX IQ
GSRWXERXI ETVIRHM^EHS I EWGIRWS IWTMVMXYEP 4SVXERXS RS HIZIQSW RSW GYPTEV TSV
JEXSW RIKEXMZSW HS TEWWEHS TSMW XYHS S UYI JM^IQSW IWXEZE ES RZIP HI RSWWE
GSQTVIIRWS TSGE IQ UYI IPIW SGSVVIVEQ
TSHIVIQSW MV VIWKEXERHS EW RSWWEW JEPXEW
VITEVERHS EW 1EW RS
GVIMEMW UYI EW VIWKEXIMW QIHMERXI EPKYQEW TVMZEIW TYIVMW SY HMWXVMFYMRHS IQ

IWQSPEW S UYI TSWWYMVHIW

(IYW RS H ZEPSV E YQ EVVITIRHMQIRXS IWXVMP WIQTVI
JGMP I UYI ETIREW GYWXE S IWJSVS HI FEXIV RS TIMXS
QEW WMQ VIEZEPMERHS ERXMKEW IQSIW I VIWKEXERHS WIRXMQIRXSW TEWWEHSW E
JMQ HI XVERWJSVQ PSW TEVE QIPLSV (IWWI QSHS VIGSRUYMWXEQSW E TIVHMHE TSWXYVE
MRXIVMSV HI ZMHE TVTVME I TVSQSZIQSW E QSHMJMGES HI RSWWEW EXMXYHIW IUYMZSGEHEW
TIVERXI EW TIWWSEW
)QSIW RS WS IVVEHEW SY TIGEQMRSWEW IPEW RS WS SW EXSW IQ WM TSMW WIRXMV
VEMZE QYMXS HMJIVIRXI HI GSQIXIV YQE FVYXEPMHEHI
4EVE VITEVEVQSW TVIGMWS WEFIV PMHEV GSQ RSWWEW IQSIW RS HIZIQSW RSW
GIRWYVEV TSV WIRXM PEW QEW WMQ NYPKEV E HIGMWS HS UYI JEVIQSW GSQ IPEW %HZIVXMQSW
TSVQ UYI RS IWXEQSW WYKIVMRHS UYI EW IQSIW HIZEQ GSRXVSPEV RSWWSW
GSQTSVXEQIRXSW %S GSRXVVMS EGVIHMXEQSW UYI WI RS TIVQMXMVQSW WIRXM PEW RS
WEFIVIQSW GSQS X- PEW WSF RSWWS GSRXVSPI
%HQMXMRHS EW I WYFQIXIRHS EW ES RSWWS GHMKS HI ZEPSVIW XMGSW ES RSWWS
MRXIPIGXS I RSWWE VE^S WEFIVIQSW GSQERH PEW GSRZIRMIRXIQIRXI TSMW S VIWYPXEHS
HE VITVIWWS HI RSWWEW VIEIW IQSGMSREMW WIV YQE TVSKVIWWMZE XIRH-RGME E IWXEHSW
HITVIWWMZSW
*YRGMSRE HIWXI QSHS YQE HEW TSWWZIMW XVENIXVMEW HE HITVIWWS HMERXI HI YQ
WIRXMQIRXS HI HSV JEXEPQIRXI I\TIVMQIRXEQSW IQSIW SY WINE VIEIW IRIVKXMGEW
TVSZIRMIRXIW HSW MRWXMRXSW REXYVEMW 7S HIRSQMREHEW IQSIW FWMGEW GSRLIGMHEW
GSQYQIRXI GSQS QIHS I VEMZE )WWEW VIEIW IRIVKXMGEW REWGIQ GSQS MQTYPWS HI
HIJIWE TEVE RSW TVSXIKIV HE EQIEE HI HSV UYI YQE EKVIWWS TSHI RSW GEYWEV 7I E
IQSS JSV HI VEMZE S SVKERMWQS IRJVIRXE E JSRXI HE HSV UYERHS HI QIHS GSRXSVRE
I JSKI HS TIVMKS %QFEW EGIPIVEQ S WMWXIQE RIVZSWS WMQTXMGS I GSRWIUIRXIQIRXI E
KPRHYPE WYTVE VIREP TEVE UYI TVSHY^E IRIVKME WYJMGMIRXI TEVE E PYXE SY TEVE E JYKE
7I IWWEW IQSIW VEMZE SY QIHS JSVIQ NYPKEHEW QSVEPQIRXI GSQS RIKEXMZEW IPEW
TSHIVS WIV XVERWJSVQEHEW IQ WIRXMQIRXS HI GYPTE PIZERHS RSW E YQE
EYXSGSRHIRES 5YERHS VITVMQMHEW UYIV HM^IV UYERHS RS I\TVIWWEHEW
GSRZIRMIRXIQIRXI RIQ EGIMXEW RW EW RIKEQSW HMWXSVGIRHS SW JEXSW TEVE RS
XSQEVQSW GSRWGM-RGME 8ERXS E VITVIWWS WMWXIQXMGE UYERXS SW GSQTYPWMZSW
NYPKEQIRXSW RIKEXMZSW HIWWEW IQSIW REXYVEMW KIVEQ E HITVIWWS
2S WS WMQTPIWQIRXI EW TVMZEIW TYIVMW EW HMWXVMFYMIW HI IWQSPEW I S
EXS HI FEXIV RS TIMXS UYI XVERWJSVQEVS S RXMQS HI RSWWEW EPQEW 4EVE
ZIVHEHIMVEQIRXI VITEVEVQSW RSWWEW JEPXEW TVIGMWS EGMQE HI XYHS UYI JEEQSW YQE
ZMEKIQ MRXIVMSV QIHMERXI YQE GVIWGIRXI GSRWGM-RGME TEVE MHIRXMJMGEV SW EXSW I
EGSRXIGMQIRXSW MRGSVVIXSW UYI TVEXMGEQSW ZMZIRGMEQSW I EWWSGM PSW GSQ SW
WIRXMQIRXSW I EW IQSIW UYI SW MRJPYIRGMEVEQ % TEVXMV HE IUYMPMFV PSW
6ITEVEV RSWWEW JEPXEW GSQ RW QIWQSW I GSQ SW SYXVSW E JVQYPE JIPM^ HI
IZMXEV S WSJVMQIRXS
5YIWXS
. HIWHI IWXE ZMHE TSHIVIQSW MV VIWKEXERHS EW RSWWEW JEPXEW#
7MQ VITEVERHS EW 1EW RS GVIMEMW UYI EW VIWKEXIMW QIHMERXI EPKYQEW TVMZEIW TYIVMW SY
HMWXVMFYMRHS IQ IWQSPEW S UYI TSWWYMVHIW HITSMW UYI QSVVIVHIW UYERHS HI REHE QEMW TVIGMWEMW (IYW
RS H ZEPSV E YQ EVVITIRHMQIRXS IWXVMP WIQTVI JGMP I UYI ETIREW GYWXE S IWJSVS HI FEXIV RS TIMXS %
TIVHE HI YQ HIHS QRMQS UYERHS WI IWXINE TVIWXERHS YQ WIVZMS ETEKE QEMW JEPXEW HS UYI S WYTPGMS
HE GEVRI WYTSVXEHS HYVERXI ERSW GSQ SFNIXMZS I\GPYWMZEQIRXI TIWWSEP 7 TSV QIMS HS FIQ WI VITEVE S
QEP I E VITEVES RIRLYQ QVMXS ETVIWIRXE WI RS EXMRKI S LSQIQ RIQ RS WIY SVKYPLS RIQ RSW WIYW
MRXIVIWWIW QEXIVMEMW
(I UYI WIVZI TEVE WYE NYWXMJMGES UYI VIWXMXYE HITSMW HI QSVVIV SW FIRW QEP EHUYMVMHSW
UYERHS WI PLI XSVREVEQ MRXIMW I HIPIW XMVSY XSHS S TVSZIMXS# (I UYI PLI WIVZI TVMZEV WI HI EPKYRW
KS^SW JXIMW HI EPKYQEW WYTIVJPYMHEHIW WI TIVQERIGI MRXIKVEP S HERS UYI GEYWSY E SYXVIQ#
(I UYI PLI WIVZI JMREPQIRXI LYQMPLEV WI HMERXI HI (IYW WI TIVERXI SW LSQIRW GSRWIVZE S
WIY SVKYPLS#

%W (SVIW HE %PQE

(ITVIWWS
7SQSW XEQFQ 2EXYVI^E TSWWYQSW EW IWXEIW HE EPIKVME HS
IRXYWMEWQS HE QSHIVES I HS HIWRMQS EWWMQ GSQS EW HE TVMQEZIVE HS
ZIVS HS SYXSRS I HS MRZIVRS
)Q QYMXEW GMVGYRWXRGMEW TSHIQSW GSRWMHIVEV E HITVIWWS GSQS REXYVEP
TIVSHS HI XVERWMS 7S XIQTSW HI QYHERE I GVIWGMQIRXS TSGEW HI XVMWXI^E UYI
ERXIGIHIQ RSZSW LSVM^SRXIW HI EQEHYVIGMQIRXS HS WIV IQ GSRWXERXI TVSGIWWS HI
IZSPYS
3W JIRQIRSW REXYVEMW HE ZMHE WYGIHIQ SVKERM^EHSW IQ GMGPSW HIXIVQMREHSW
3W TIVSHSW HI XVSGE HSW ERXMKSW GSRGIMXSW TSV SYXVSW XERXSW QEMW RSZSW I QIPLSVIW
TEVE S RSWWS QSQIRXS EXYEP JE^IQ TEVXI HIWWI GMGPS REXYVEP HE GSRWGM-RGME LYQERE
4SVUYI WSQSW XEQFQ 2EXYVI^E TSWWYQSW EW IWXEIW HE EPIKVME HS IRXYWMEWQS HE
QSHIVES I HS HIWRMQS EWWMQ GSQS EW HE TVMQEZIVE HS ZIVS HS SYXSRS I HS
MRZIVRS
%TVIRHIRHS GSQ E 2EXYVI^E IRXVI EW SFWIVZEIW HEW PIMW UYI VIKIQ SW
IGSWWMWXIQEW UYI HIM\EVIQSW EW EXQSWJIVEW GMR^IRXEW HE HITVIWWS TEWWEV TEVE
JM\EVQS RSW RSW HMEW HI WSP I HI EPIKVME UYI ZSPXEVS E FVMPLEV
3W IPIQIRXSW HE 2EXYVI^E RS WI IRGSRXVEQ WITEVEHSW QEW XIRHIQ E WI
GSQFMREV IQ WMWXIQEW QEMW GSQTPI\SW IWXEFIPIGMHSW E TEVXMV HI YQE WVMI HI
EWWSGMEIW JWMGEW I FMSPKMGEW %XVEZW HEW VIPEIW HI TIVQYXEW GSRWXERXIW IPIW
EHUYMVIQ YQE IWTGMI HI ZMHE GSPIXMZE S UYI PLIW H YQE LEFMPMHEHI TEVE WI EYXS
SVKERM^EVIQ I EYXS VITVSHY^MVIQ ES PSRKS HS XIQTS % IWWI JIRQIRS E )GSPSKME
HIRSQMRE IGSWWMWXIQE 3 TIRWEQIRXS IGSPKMGS TVSGYVE MRZIWXMKEV EPKYQEW HEW PIMW
UYI VIKYPEQ I JSVQEQ SW QIGERMWQSW IGSWWMWX-QMGSW :EQSW HIWGVIZIV EW UYI
GSRWMHIVEQSW QEMW MQTSVXERXIW TEVE EW RSWWEW TSRHIVEIW RIWXI IWXYHS
% HMZIVWMHEHI
5YERXS QEMSV E QYPXMTPMGMHEHI HI IPIQIRXSW I\MWXIRXIW RS
IGSWWMWXIQE QEMSV WYE GETEGMHEHI HI WI EYXS VIKYPEV TSMW QEMSVIW WIVS EW
TVSTVMIHEHIW GSQ UYI IPI GSRXEV TEVE VISVKERM^EV SW IPIQIRXSW RYQ RSZS IUYMPFVMS
% MRXIVHITIRH-RGME
2E YRMHEHI JYRGMSREP HS IGSWWMWXIQE XYHS IWX
GSRIGXEHS GSQ XYHS HI XEP QSHS UYI RS TSHIVIQSW XSGEV RYQ IPIQIRXS MWSPEHS WIQ
EXMRKMVQSW S GSRNYRXS %WWMQ XEQFQ SGSVVI GSQ S GSVTS LYQERS N UYI RS WI TSHI
EFEPEV YQ VKS WIQ IRZSPZIV XSHS S SVKERMWQS
% VIGMGPEKIQ 8SHS IPIQIRXS REXYVEP PMFIVEHS RS EQFMIRXI VIMRXVSHY^MHS
HI EPKYQE JSVQE TIPS IGSW WMWXIQE %XVEZW HIWWIW VIETVSZIMXEQIRXSW UYI SW
VIWHYSW FMSPKMGSW TIVQERIGIQ GMVGYPERHS I WIRHS VITVSHY^MHSW RYQE IWTGMI HI
GMGPS JIGLEHS MWWS UYI TIVQMXI E WSFVIZMZ-RGME HIWWI MQIRWS GSQTPI\S IGSPKMGS

%W (SVIW HE %PQE

3 LSQIQ XIRHS XYHS S UYI L REW TPERXEW I RSW ERMQEMW HSQMRE XSHEW EW
SYXVEW GPEWWIW TSV YQE MRXIPMK-RGME IWTIGMEP MRHIJMRMHE UYI PLI H E GSRWGM-RGME HS
WIY JYXYVS E TIVGITS HEW GSMWEW I\XVEQEXIVMEMW I S GSRLIGMQIRXS HI (IYW
4SV WIVQSW TEVXI HIWWI KVERHMSWS IWTIXGYPS HE 2EXYVI^E I TSWWYMVQSW E
GETEGMHEHI HI IRXIRH- PS VEGMSREPQIRXI UYI HIZIVEQSW WIV SW TVMQIMVSW E
GSRWMHIVEV E WEKVEHE REXYVEPMHEHI UYI L IQ RW FIQ GSQS E TIVGIFIV
GSRWGMIRXIQIRXI WIY TVSGIWWS EXYERHS IQ RSWWE MRXMQMHEHI
% WIKYMV EPKYQEW GSRI\IW IRXVI EW PIMW SY VIKVEW HI JYRGMSREQIRXS HSW
IGSWWMWXIQEW UYI RSW IRWMREVS E VIKYPEV RSWWS VMXQS HI ZMHE TEVE RS ZSPXEVQSW ESW
ZIPLSW TEHVIW HI TIRWEQIRXSW HITVIWWMZSW
2E HMZIVWMHEHI HI RSZSW GSRLIGMQIRXSW JMPSWJMGSW VIPMKMSWSW SY GMIRXJMGSW
I RE ERPMWI HI HMZIVWSW QSHSW HI HIJMRMV E VIEPMHEHI HEW GSMWEW UYI EYQIRXEVIQSW E
GETEGMHEHI HI EYXS VIKYPEV RSW IQSGMSREPQIRXI TEVE VIWXEFIPIGIVQSW YQ RSZS
IUYMPFVMS I\MWXIRGMEP
2E MRXIVHITIRH-RGME HE ZMHE WSGMEP QEW RYRGE RS MWSPEQIRXS UYI
I\XVEMVIQSW EW I\TIVM-RGMEW HI UYI RIGIWWMXEQSW TEVE WEMV HS QEVEWQS TSMW REW
VIPEIW HI TIVQYXE GSRWXERXI RE ZMHE GSPIXMZE UYI ETVIRHIVIQSW UYI XYHS IWX
VIPEGMSREHS GSQ XYHS (IZIQSW HIWGSFVMV RSWWEW WMQMPEVMHEHIW GSQ XSHE E SFVE HE
'VMES 2MRKYQ WIV JIPM^ WS^MRLS TSMW S LSQIQ ETIREW YQE TEVGIPE HIWWE KVERHI
WMRJSRME HE IZSPYS HE ZMHE RE 8IVVE
2E VIGMGPEKIQ HI XSHSW SW IPIQIRXSW UYI EW I\TIVM-RGMEW HE ZMHE RSW
SJIVIGIQ S VIETVSZIMXEQIRXS HIZIV WIV JIMXS MRHMWXMRXEQIRXI XERXS TEVE SW UYI
GLEQEQSW FSRW UYERXS TEVE SW UYI GSRWMHIVEQSW QEYW %PIKVME I XVMWXI^E WS RSWWSW
GSQTERLIMVSW HI ZMEKIQ IWXS WIQTVI RSW IRWMRERHS EPKS RE GEQMRLEHE IZSPYGMSREP
8YHS XIQ WIY TVTVMS ZEPSV I PYKEV RE I\MWX-RGME TSV MWWS RS HIZIQSW XIRXEV EJEWXEV
HI JSVQE MVVIJPIXMHE EW RYZIRW RIKVEW UYI MQTIHIQ QSQIRXERIEQIRXI UYI E PY^ RSW
EPGERGI % ZMHE RE 8IVVE EMRHE YQ NSKS HI PY^IW I WSQFVEW 8YHS RE ZMHE XIQ YQ JMQ
YXMPMXVMS TEVE GVIWGIVQSW MRXIKVEPQIRXI
% VIJPI\S EXIRXE E IWWIW ETSRXEQIRXSW TIVQMXI RSW IRXIRHIV QIPLSV RSWWSW
GMGPSW HITVIWWMZSW VIGSPLIRHS EWWMQ EW EFIRSEHEW WIQIRXIW HE EVXI HI ZMZIV

5YIWXS
5YI TIRWEMW HE HMZMWS HE 2EXYVI^E IQ XV-W VIMRSW SY QIPLSV IQ HYEW GPEWWIW E HSW
WIVIW SVKRMGSW I E HSW MRSVKRMGSW# 7IKYRHS EPKYRW E IWTGMI LYQERE JSVQE YQE UYEVXE GPEWWI 5YEP
HIWXEW HMZMWIW TVIJIVZIP#
8SHEW WS FSEW GSRJSVQI S TSRXS HI ZMWXE (S TSRXS HI ZMWXE QEXIVMEP ETIREW L WIVIW
SVKRMGSW I MRSVKRMGSW (S TSRXS HI ZMWXE QSVEP L IZMHIRXIQIRXI UYEXVS KVEYW
2SXE )WWIW UYEXVS KVEYW ETVIWIRXEQ GSQ IJIMXS GEVEGXIVIW HIXIVQMREHSW QYMXS IQFSVE TEVIEQ
GSRJYRHMV WI RSW WIYW PMQMXIW I\XVIQSW % QEXVME MRIVXI UYI GSRWXMXY S VIMRS QMRIVEP W XIQ IQ WM YQE
JSVE QIGRMGE %W TPERXEW EMRHE UYI GSQTSWXEW HI QEXVME MRIVXI WS HSXEHEW HI ZMXEPMHEHI 3W
ERMQEMW XEQFQ GSQTSWXSW HI QEXVME MRIVXI I MKYEPQIRXI HSXEHSW HI ZMXEPMHEHI TSWWYIQ EPQ HMWWS
YQE IWTGMI HI MRXIPMK-RGME MRWXMRXMZE PMQMXEHE I E GSRWGM-RGME HI WYE I\MWX-RGME I HI WYEW
MRHMZMHYEPMHEHIW 3 LSQIQ XIRHS XYHS S UYI L REW TPERXEW I RSW ERMQEMW HSQMRE XSHEW EW SYXVEW
GPEWWIW TSV YQE MRXIPMK-RGME IWTIGMEP MRHIJMRMHE UYI PLI H E GSRWGM-RGME HS WIY JYXYVS E TIVGITS
HEW GSMWEW I\XVEQEXIVMEMW I S GSRLIGMQIRXS HI (IYW

(ITIRH-RGME
2SWWE EYXSRSQME XERXS JWMGE IQSGMSREP QIRXEP GSQS IWTMVMXYEP
IWX HMVIXEQIRXI PMKEHE W RSWWEW GSRUYMWXEW I HIWGSFIVXEW RXMQEW
%W HMJMGYPHEHIW HI RSWWS HIWIRZSPZMQIRXS I GVIWGMQIRXS IWTMVMXYEP WI HIZIQ ES
JEXS HI UYI RIQ WIQTVI GSRWIKYMQSW IRGSRXVEV GSQ JEGMPMHEHI RSWWE TVTVME QERIMVE
HI ZMZIV I IZSPYMV 'EHE YQ HI RW IWX HIWXMREHS E TEVXMGMTEV HI YQE QERIMVE
IWTIGJMGE I TIGYPMEV RE SFVE HE GVMES )RXVIXERXS MQTVIWGMRHZIP GSQTVIIRHIVQSW
RSWWS ZEPSV TIWWSEP GSQS WIVIW SVMKMREMW SY WINE GVMEHSW TSV (IYW WSF QIHMHE
TIVGSVVIRHS TEVXMGYPEVQIRXI RSWWS GEQMRLS I EWWYQMRHS TSV GSQTPIXS E
VIWTSRWEFMPMHEHI TIPS RSWWS TVTVMS GVIWGMQIRXS IWTMVMXYEP
7IV RW QIWQSW XSQEV HIGMWIW RS TEVE EKVEHEV SW SYXVSW UYI RSW
SFWIVZEQ QEW TSVUYI IWXEQSW YWERHS GSRWGMIRXI I VIWTSRWEZIPQIRXI RSWWE
GETEGMHEHI HI WIV WIRXMV TIRWEV I EKMV
7IV RW QIWQSW IPMQMREV SW XVESW HI HITIRH-RGME UYI RSW EXEQ W SYXVEW
TIWWSEW 2S RSW IWUYIGIRHS TSVQ HI VIWTIMXEV PLIW E PMFIVHEHI I E MRHMZMHYEPMHEHI
I HI HIJIRHIV XEQFQ E RSWWE WIQ S QIHS HI JMGEV W I HIWEQTEVEHS
7IV RW QIWQSW ZMZIV RE TVTVME WMQTPMGMHEHI HI WIV PMFIVXSW HE ZEMHSWE I
HMWWMQYPEHE EYXS WEXMWJES UYI GSRWMWXI IQ JE^IV K-RIVS HI HMJIVIRXI TIVERXI SW
SYXVSW E JMQ HI SWXIRXEV YQE ETEV-RGME HI TIVWSREPMHEHI QEVGERXI
7IV RW QIWQSW EGVIHMXEV IQ RSWWS TSHIV TIWWSEP IPEFSVERHS YQ QETE TEVE
RSWWSW SFNIXMZSW I TIVGSVVIRHS SW GEQMRLSW RIGIWWVMSW TEVE EXMRKM PSW 2S 2SZS
8IWXEQIRXS GETXYPS
ZIVWGYPS
EWWMQ IWGVIZIY 1EXIYW IQ WIYW ETSRXEQIRXSW
)RXVEM TIPE TSVXE IWXVIMXE TSVUYI PEVKE E TSVXE I IWTESWS S GEQMRLS UYI PIZE E
TIVHMS
4IPS JEXS HI E TSVXE WIV IWXVIMXE HIZIVIQSW EXVEZIWW PE
YQ HI GEHE ZI^
GSQTPIXEQIRXI WS^MRLSW EGSQTERLEHSW ETIREW TIPS QYRHS HI RSWWSW TIRWEQIRXSW I
GSRUYMWXEW RXMQEW
% TSVXE IWXVIMXE TSVUYI EMRHE RS IRXIRHIQSW UYI QIWQS ZMZIRHS IQ
GSQYRMHEHI IWXEVIQSW ZMZIRHS IWWIRGMEPQIRXI GSQ RW QIWQSW TSMW TEVE XVERWTSV
IWWE TSVXE TVIGMWS ETVIRHIV E EVXI HI WIV
)JIXMZEQIRXI EXMRKMVIQSW RSWWE MRHITIRH-RGME UYERHS TIVGIFIVQSW E
MRYXMPMHEHI HSW TEWWEXIQTSW HEW ZMEKIRW HS GSRZIRGMSREPMWQS HE IXMUYIXE HS
GSRWYQMWQS UYI JE^IQSW WSQIRXI TEVE GSRUYMWXEV E ETVSZES HSW SYXVSW I RS
TSVUYI HIGSVVIQ HI RSWWE PMZVI ZSRXEHI
)PMQMREV S HSQRMS E EYXSVMHEHI SY E MRJPY-RGME HEW MHMEW HEW TIWWSEW HEW
HMZIVWIW HSW MRWXMRXSW HS XVEFEPLS I HSW PYKEVIW RS WMKRMJMGE UYI TVIGMWEQSW
I\XMVTEV SY EFERHSREV GSQTPIXEQIRXI XSHEW IWWEW GSMWEW QEW WSQIRXI E HITIRH-RGME
4SHIQSW RSW SGYTEV HIWWIW EWWYRXSW UYERHS FIQ UYMWIVQSW GSRJSVQI RSWWEW
RIGIWWMHEHIW I GSRZIRM-RGMEW WIQ E IWGVEZMHS HS GSRHMGMSREQIRXS HSIRXMS
4EWWEV TSV IWWI XVENIXS VIWXVMXS XIV E GSVEKIQ HI VSQTIV EW EQEVVEW MRXIVREW
I I\XIVREW UYI RSW MQTIHIQ E GSRUYMWXE HE PMFIVHEHI 4IVKYRXIQS RSW UYERXSW HSW
RSWWSW EXSW I EXMXYHIW WS WYFTVSHYXSW HI RSWWEW HITIRH-RGMEW IWXVYXYVEHEW RE
WYFSVHMRES HE WSGMIHEHI# % WYFQMWWS WSGMEP XIQ WYE FEWI MRMGMEP RE FYWGE HI
ETVSZES HSW SYXVSW GSPSGERHS SW MRHMZHYSW RE TSWMS HI TIVQERIRXIW IWGVEZSW I
TIHMRXIW HS ETPEYWS LMTGVMXE I HS ZIVRM^ HE PMWSRNE
% XVEZIWWME HIWWI PSRKS GEQMRLS IVQS RSW PIZEV ES 6IMRS HSW 'YW
IWXVYXYVEHS I PSGEPM^EHS RE IWW-RGME HI RW QIWQSW 4EVE XERXS HIZIQSW VIGSVHEV RSW

%W (SVIW HE %PQE

HI UYI EW 0IMW (MZMREW IWXS IWGVMXEW RE RSWWE GSRWGM-RGME GEFIRHS RSW ETVIRHIV E
MRXIVTVIX PEW IQ RW I TSV RW QIWQSW
.IWYW 'VMWXS GSRWXERXIQIRXI VIJIVME WI E IWWI 6IMRS -RXIVMSV GSQS WIRHS E
QSVEHE HI (IYW IQ RW 4SV ZSPXEVQSW GSWXYQIMVEQIRXI RSWWSW SPLSW TEVE JSVE I RS
TEVE HIRXVS HI RW QIWQSW UYI RYRGE GSRWIKYMQSW ZMWPYQFVEV EW VMUYI^EW HI RSWWS
QYRHS MRXIVMSV
1EXIYW TVSWWIKYI IQ WIYW GSQIRXVMSW HM^IRHS
ETIVXEHS S GEQMRLS UYI
PIZE ZMHE I TSYGSW L UYI S IRGSRXVIQ 4SV ZMHE HIZIQSW IRXIRHIV RS ETIREW E
QERYXIRS HE ZMHE FMSPKMGE RE 8IVVE UYI TEWWEKIMVE I JYKE^ QEW E TPIRMXYHI HE
:MHE 7YTIVMSV MRMGMEHE WSFVIXYHS RE ZMZ-RGME HS QYRHS MRXIVMSV
2SWWE EYXSRSQME XERXS JWMGE IQSGMSREP QIRXEP GSQS IWTMVMXYEP IWX
HMVIXEQIRXI PMKEHE W RSWWEW GSRUYMWXEW I HIWGSFIVXEW RXMQEW 2SWWE XS EPQINEHE
VIEPM^ES MRXIVMSV IWX VIPEGMSREHE GSQ S GSRLIGMQIRXS HI RW QIWQSW
%TIVXEHS S GEQMRLS TSVUYI I\MKI IWJSVSW MQTSVXERXIW TEVE UYI TSWWEQSW
IPMQMREV RSWWSW PESW HI HITIRH-RGME RIYVXMGE SW UYEMW RSW GSRHMGMSREQ E ZMZIV WIQ
YWYJVYMV RSWWE PMFIVHEHI MRXIVMSV EGIMXERHS WIV QERMTYPEHSW TIPSW NY^SW I STMRMIW
EPLIMEW % PMFIVHEHI WI MRMGME RS TIRWEQIRXS TEVE TSWXIVMSVQIRXI QEXIVMEPM^EV WI RE
I\XIVMSVMHEHI UYIFVERHS IRXS SW KVMPLIW HE HITIRH-RGME 3W )WTVMXSW %QMKSW
IRJSGEVEQ S EWWYRXS GSQ QYMXE WEFIHSVME EJMVQERHS 2S TIRWEQIRXS KS^E S LSQIQ
HI MPMQMXEHE PMFIVHEHI TSMW UYI RS L GSQS TV PLI TIMEW 4SHI WI PLI HIXIV S ZS
TSVQ RS ERMUYMP PS

5YIWXS
,EZIV RS LSQIQ EPKYQE GSMWE UYI IWGETI E XSHS GSRWXVERKMQIRXS I TIPE UYEP KS^I
IPI HI EFWSPYXE PMFIVHEHI#
2S TIRWEQIRXS KS^E S LSQIQ HI MPMQMXEHE PMFIVHEHI TSMW UYI RS L GSQS TV PLI TINEW
4SHI WI PLI HIXIV S ZS TSVQ RS ERMUYMP PS

(ITIRH-RGME
% GETEGMHEHI HI EQEV IWX TVIWIRXI RE EPQE LYQERE QEW TEVE UYI
JPSVIWE I\MKI QEXYVES HE GSRWGM-RGME MWXS ETVMQSVEQIRXS HSW
WIRXMQIRXSW
% QEMSVME HEW GVMEXYVEW JSM IHYGEHE SYZMRHS JFYPEW I QMXSW HS EQSV VSQRXMGS
3W XEFYW WI\YEMW EW ZIPLEW IWXVYXYVEW JEQMPMEVIW EW RSVQEW XVEHMGMSREMW HS
QEXVMQRMS GSRWMHIVEHEW
ZMVXYHIW JIQMRMREW
IWXEFIPIGIVEQ RE JSVQES
IHYGEGMSREP HEW QYPLIVIW XSHS YQ GSQTSVXEQIRXS HI HITIRH-RGME IQ VIPES ESW
LSQIRW )PEW GIRXVEVEQ WYEW ZMHEW IQ SYXVSW MRHMZHYSW TVISGYTEHEW IQ VIGIFIV
TVSXIS I GYMHEHSW I HIWXVYVEQ GSQ S XIQTS WYEW ZSGEIW I ETXMHIW QEMW
RXMQEW
7S MKYEMW TIVERXI (IYW S LSQIQ I E QYPLIV
SYXSVKSY (IYW E EQFSW E
MRXIPMK-RGME HS FIQ I HS QEP I E JEGYPHEHI HI TVSKVIHMV
1YMXSW EGVIHMXEVEQ UYI S EQSV WIVME WSQIRXI HIWTIVXEHS TSV YQE ZEVMRLE HI
GSRHS SY TSV YQE JPIGLE HS GYTMHS UYI ES XSG PSW EGSVHEWWI HEW TVSJYRHI^EW HI
WIY MRGSRWGMIRXI YQ WIRXMQIRXS L QYMXS XIQTS EHSVQIGMHS )\MWXIQ EUYIPIW UYI
MRK-RYSW TEWWEQ YQE IRGEVRES MRXIMVE IWTIVERHS UYI IWWE HHMZE QKMGE
HIWEFVSGLI HI VITIRXI IRXVI E TVSGYVE I E IWTIVE HS WIV EQEHS TEKERHS
HIWIWTIVEHEQIRXI UYEPUYIV TVIS
2E EXYEPMHEHI QYMXSW IHYGEHSVIW TWMGPSKSW ERXVSTPSKSW I TWMUYMEXVEW
EJMVQEQ UYI E JSVQE GSQS YWEQSW RSWWSW WIRXMQIRXSW YQE VIWTSWXE ETVIRHMHE %
GETEGMHEHI HI EQEV IWX TVIWIRXI RE EPQE LYQERE QEW TEVE UYI JPSVIWE I\MKI
QEXYVES HE GSRWGM-RGME -WXS I ETVMQSVEQIRXS HSW WIRXMQIRXSW
)\TPMGEQ EMRHE UYI E GVMEXYVE ETVIRHI E YXMPM^EV S EQSV EXVEZW HI YQ
TVSGIWWS UYI IWX HMVIXEQIRXI VIPEGMSREHS GSQ S EQFMIRXI IQ UYI ZMZIY RE MRJRGME I
GSQ S IQ UYI ZMZI LSNI WSQERHS WI E XYHS MWWS E GETEGMHEHI RXMQE HI ETVIRHM^EKIQ
4SVXERXS IWXEQSW GSRWXERXIQIRXI ETVIRHIRHS E EQEV
4EVEPIPEQIRXI WEFIQSW UYI EW HMZIVWEW ZMZ-RGMEW VIIRGEVREXVMEW WIHMQIRXEQ
RE EPQE LYQERE GIVXEW TVIHMWTSWMIW WMRKYPEVIW RS IRXIRHMQIRXS HS EQSV 3W
GSWXYQIW EW XVEHMIW I SW LFMXSW UYI IRZSPZIQ S REQSVS S GEWEQIRXS S WI\S I E
JEQPME GSQTPIXEQIRXI HMJIVIRXIW HI RES TEVE RES HI GSRXMRIRXI TEVE GSRXMRIRXI
IWXEFIPIGIQ RSIW HMZIVWMJMGEHEW WSFVI E EJIXMZMHEHI RSW IWTVMXSW IQ WYE PSRKE
QEVGLE IZSPYXMZE
)\MWXIQ EUYIPIW UYI GSPSGEVEQ S EQSV HIRXVS HI YQE IWXVYXYVE VSQRXMGE SY
WINE JE^IQ TVIZEPIGIV YQ WIRXMQIRXEPMWQS I\EKIVEHS I YQE MQEKMRES MVVIEP
HIWTVI^ERHS S WMKRMJMGEHS HSW WIRXMQIRXSW EYX-RXMGSW )PIW EGVIHMXEQ UYI S GEWEQIRXS
I\XMRKYI TSV GSQTPIXS XSHEW EW EHZIVWMHEHIW I MRJSVXRMSW I\MWXIRGMEMW I UYI EW
ERWMIHEHIW HS GSXMHMERS EGEFEVMEQ XIVQMRERXIQIRXI UYERHS E GIVMQRME
WEGVEQIRXEWWI RYQ EFVES HI XIVRYVE S JIPM^IW TEVE XSHE E IXIVRMHEHI
% RIGIWWMHEHI VIGTVSGE HI GSRXVSPI EW TVSQIWWEW HI UYI VIRYRGMEVMEQ
TVTVME MRHMZMHYEPMHEHI I XIVMEQ SW QIWQSW SFNIXMZSW TEVE XSHS S WIQTVI WS SW
TVMQIMVSW MRHGMSW HI YQE IRSVQI HIWMPYWS RE ZMHE E HSMW 'SQTVSQMWWSW HI EQSV WS
ZPMHSW HIWHI UYI ETVIRHEQSW UYI RSWWE ZMHE IWX IQ GSRWXERXI VIRSZES %WWMQ
GSQS EW TIWWSEW TEWWEQ TSV HMZIVWEW XVERWJSVQEIW XEQFQ S EQSV UYI WIRXIQ
TIPSW SYXVSW WI XVERWJSVQE 5YERXS QEMW SFWIVZEVQSW SW GMGPSW HE ZMHE QEMW
IRXIRHIVIQSW EW XVERWJSVQEIW UYI SGSVVIQ IQ RSWWE MRXMQMHEHI TSVUYI RW
5YIWXS
7S MKYEMW TIVERXI (IYW S LSQIQ I E QYPLIV I X-Q SW QIWQSW HMVIMXSW#
2S SYXSVKSY (IYW E EQFSW E MRXIPMK-RGME HS FIQ I HS QEP I E JEGYPHEHI HI TVSKVIHMV#

%W (SVIW HE %PQE

XEQFQ WSQSW ZMHE %TIREW HIWWI QSHS JMGEVIQSW QEMW WIKYVSW I IWXZIMW IQ VIPES
ES RSWWS HIWIRZSPZMQIRXS I EQEHYVIGMQIRXS EJIXMZSW
% HMJIVIRE JYRHEQIRXEP IRXVI EQSV I HITIRH-RGME SFWIVZEHE GSQ GPEVI^E REW
EIW I GSQTSVXEQIRXSW HEW GVMEXYVEW % HITIRH-RGME TVIRHI TSWWIWWMZEQIRXI YQE
TIWWSE SYXVE IRUYERXS S EQSV HI JEXS MRGIRXMZE E PMFIVHEHI E WMRGIVMHEHI I E
REXYVEPMHEHI 3 HITIRHIRXI GEVEGXIVM^EHS TSV HIQSRWXVEV RIGIWWMHEHI GSRWXERXI I
TSV VIGPEQEV WMWXIQEXMGEQIRXI E EXIRS HS SYXVS
3 MRHMZHYS HITIRHIRXI TEHIGI HSW VIGYVWSW TWUYMGSW HI EPKYQ TEVE ZMZIV )PI
HMV IY S EQS QEW IQ VIEPMHEHI UYIV HM^IV IY TVIGMWS HI ZSG- SY QIWQS IY
RS ZMZS WIQ ZSG- 3 EQSV VIEP FEWIME WI RS WIRXMQIRXS GSQTEVXMPLEHS IRXVI HYEW
TIWWSEW QEHYVEW ES TEWWS UYI S EQSV HITIRHIRXI MQTPSVE GSRWMHIVES I GEVMRLS
MRJERXMPQIRXI
3W PIKXMQSW WIRXMQIRXSW HE EPQE RYRGE WI WYNIMXEQ E SVHIREIW I MQTSWMIW
QEW WMQ E YQE GSQTPIXE IWTSRXERIMHEHI HI EXMXYHIW I IQSIW (ITIRH-RGME KIVE
HSVIW RE EPQE N E PMFIVHEHI TEVE EQEV YQ HMVIMXS REXYVEP HI XSHSW SW JMPLSW HI
(IYW

-RZINE
3 MRZINSWS MRWIKYVS I WYTIVWIRWZIP MVVMXEHMS I HIWGSRJMEHS
SFWIVZEHSV QMRYGMSWS I HIXIXMZI HE ZMHE EPLIME EX E I\EYWXS WIQTVI
EVQEHS I EPIVXE GSRXVE XYHS I XSHSW
% MRZINE WIQTVI JSM YQE IQSS WYXMPQIRXI HMWJEVEHE IQ RSWWE WSGMIHEHI
EWWYQMRHS EWTIGXSW MKRSVEHSW TIPE TVTVME GVMEXYVE LYQERE %W EXMXYHIW HI VMZEPMHEHI
ERXEKSRMWQS I LSWXMPMHEHI HMWWMQYPEQ QYMXS FIQ E MRZINE SY WINE E TVTVME
TVITSX-RGME HE GSQTIXMS UYI XIQ GSQS SVMKIQ XSHS YQ WUYMXS HI ERXMKEW
JVYWXVEIW I JVEGEWWSW RS VIWSPZMHSW I MRXIVMSVM^EHSW
3 MRZINSWS MRWIKYVS I WYTIVWIRWZIP MVVMXEHMS I HIWGSRJMEHS SFWIVZEHSV
QMRYGMSWS I HIXIXMZI HE ZMHE EPLIME EX E I\EYWXS WIQTVI EVQEHS I EPIVXE GSRXVE XYHS
I XSHSW *E^ S K-RIVS HI WYTIVMSV UYERHS IQ VIEPMHEHI WI WIRXI MRJIVMSVM^EHS TSV
MWWS UYEWI WIQTVI HIM\E XVERWTEVIGIV YQ EV HI WEVGEWQS I MVSRME IQ WIY SPLEV TEVE
SGYPXEV HSW SYXVSW WIY TVIGVMS GSRXEXS GSQ E JIPMGMHEHI
%GVIHMXEQSW UYI ETIWEV HI E MRZINE I S GMQI TSWWYVIQ HIJMRMIW HMJIVIRXIW
UYEWI WIQTVI RS WS HMJIVIRGMEHSW SY GSVVIXEQIRXI TIVGIFMHSW TSV RW %W
GSRZIRIW VIPMKMSWEW RSW IRWMREVEQ UYI NEQEMW HIZIVEQSW WIRXMV MRZINE TIPS JEXS HI
IPE WI IRGSRXVEV PMKEHE KERRGME I GSFME HSW FIRW EPLIMSW )Q VIPES ES GMQI
SW TEHVIW IWXEFIPIGIVEQ UYI IPI IWXEVME I\GPYWMZEQIRXI PMKEHS ES EQSV TSV MWWS
UYI TEWWEQSW E EGVIHMXEV UYI IPI EGIMXZIP I TIVJIMXEQIRXI EHQMWWZIP IQ RSWWEW
EXMXYHIW TIWWSEMW
%REPMWERHS EW SVMKIRW EXZMGEW I MREXEW HE IZSPYS LYQERE TSHIQSW EJMVQEV
UYI E IQSS HE MRZINE RS YQE RIGIWWMHEHI ETVIRHMHE 2S JSM EHUYMVMHE TSV
I\TIVM-RGME RIQ TSV JSVE HE WSGMEPM^ES QEW YQE VIES MRWXMRXMZE I REXYVEP
GSQYQ E UYEPUYIV GVMEXYVE HS VIMRS ERMQEP 3 EKVEHS I GEVMRLS E YQ GS TSHI
TVSZSGEV EKVIWWMZMHEHI I MVVMXES IQ SYXVS TSV HIWTIMXS
2SW EHYPXSW IWWEW QERMJIWXEIW TSHIQ WIV HMWJEVEHEW I XVERWJSVQEHEW IQ
EXSW WMQYPEHSW HI QIRSWTVI^S SY HI MRHMJIVIRE . EW GVMEREW TSV WIVIQ MRK-RYEW I
REXYVEMW QSVHIQ FEXIQ IQTYVVEQ GLSVEQ I EKVMHIQ
% MRZINE IRXVI MVQSW TIVJIMXEQIRXI RSVQEP )Q QYMXEW SGEWMIW IPE WYVKI
GSQ E GLIKEHE HI YQ MVQS VIGQ REWGMHS UYI TEWWE E SFXIV RS EQFMIRXI JEQMPMEV
XSHE E EXIRS I GEVMRLS )PE ZIQ XSRE XEQFQ REW GSQTEVEIW HI XSHE IWTGMI
JIMXEW TIPSW EQMKSW I TEVIRXIW WSFVI E ETEV-RGME JWMGE TVMZMPIKMEHE HI YQ HIPIW
1YMXEW ZI^IW E MRZINE QERMJIWXE WI IQ VE^S HE JSVQE HI XVEXEQIRXS I VIPEGMSREQIRXS
IRXVI TEMW I JMPLSW 4SV QEMW UYI SW TEMW WI IWJSVGIQ TEVE XVEX PSW GSQ MKYEPHEHI RS
S GSRWIKYIQ TSMW GEHE GVMERE YQE EPQE GSQTPIXEQIRXI HMJIVIRXI HE SYXVE )Q
ZMWXE HMWWS S QSHS HI XVEXEV GSRWIUIRXIQIRXI HIWMKYEP RIQ TSHIVME WIV HI SYXVE
QERIMVE QEW SW JMPLSW WI WIRXIQ MRHMKREHSW GSQ MWWS
% IQSS HE MRZINE RS EHYPXS TVSHYXS HEW EXMXYHIW MRXIVREW HI MRHMZHYSW HI
MHEHI TWMGSPKMGE FIQ MRJIVMSV MHEHI GVSRSPKMGE SW UYEMW IQFSVE SGYTIQ GSVTSW
HIWIRZSPZMHSW WS ZIVHEHIMVEW EPQEW HI GVMEREW QMQEHEW MQTSXIRXIW I MRWIKYVEW
UYI UYIVIQ GLEQEV E EXIRS HSW QEMSVIW RS PEV
3 1IWXVI HI 0]SR MRXIVVSKE EW :S^IW HS 'Y 7IV TSWWZIP I N XIV I\MWXMHS E
MKYEPHEHI EFWSPYXE HEW VMUYI^EW# ) IPEW GSQ QYMXE WEFIHSVME MRJSVQEQ
, RS

%W (SVIW HE %PQE

IRXERXS LSQIRW UYI NYPKEQ WIV IWWI S VIQHMS ESW QEPIW HE WSGMIHEHI
WMWXIQXMGSW IWWIW XEMW SY EQFMGMSWSW GLIMSW HI MRZINE

7S

% RIGIWWMHEHI HI TSHIV I HI TVIWXKMS HIWQIHMHSW UYI IRGSRXVEQSW IQ

MRQIVSW LSQIRW TFPMGSW REW VIEW VIPMKMSWE TSPXMGE TVSJMWWMSREP IWTSVXMZE
JMPERXVTMGE HI PE^IV I SYXVEW XERXEW HIVMZE HI YQE EWTMVES HI HSQMREV SY HI YQ
WIRXMQIRXS HI SRMTSX-RGME GSQ S UYI XIRXEQ GSRXVEFEPEREV IQSGMSREPQIRXI S
GSQTPI\S HI MRJIVMSVMHEHI UYI HIWIRZSPZIVEQ RE JEWI MRJERXMP
)RGSRXVEQSW IWWIW MRHMZHYSW ESW UYEMW SW )WTVMXSW WI VITSVXEQ RE UYIWXS
EGMQE REW PYXEW TEVXMHVMEW IQ UYI W ETEVIRXIQIRXI FYWGEQ E MKYEPHEHI HSW
HMVIMXSW LYQERSW TVSQIXIQ E ZEPSVM^ES HE IHYGES EWWIKYVEQ E QIPLSVME HE
WEHI HE TSTYPES I E HMZMWS HI XIVVEW I VIRHEW 7IQ MHIEMW EPMGIVEHSW RE FYWGE
WMRGIVE HI YQE WSGMIHEHI IUYRMQI I JIPM^ TVSGYVEQ RE VIEPMHEHI GSQTIRWEV WYEW
IQSIW HI MRZINE QEP IPEFSVEHEW I KYEVHEHEW HIWHI E MRJRGME HMJGMP I GEVIRXI
ZMZMHE RS QIWQS EQFMIRXI HI MRHMZHYSW VMGSW I TVWTIVSW
8ERXS ZIVHEHI UYI E QEMSVME HIWWIW HIJIRWSVIW HS TSZS UYERHS EPGERE SW
GYQIW WSGMEMW I HS TSHIV IWUYIGI WI GSQTPIXEQIRXI HEW WYEW TVSTSWXEW HI NYWXME I
MKYEPHEHI
)MW EPKYRW WMRXSQEW MRXIVMSVM^EHSW HI MRZINE UYI TSHIQSW GSRWMHIVEV GSQS
HMWWMQYPEHSW I RIKEHSW
TIVWIKYMIW KVEXYMXEW I EGYWEIW WIQ PKMGE SY JERXEWMEHEW
MRGPMREIW WYTIVPEXMZEW IPIKRGME I ES VIJMREQIRXS GSQ EZIVWS
KVSWWIVME
MRWEXMWJES TIVQERIRXI RYRGE WI GSRXIRXERHS GSQ REHE
QERMJIWXES HI XIQTIVEQIRXS XIEXVEP I TIHERXMWQS REW EXMXYHIW
IPSKMSW EJIXEHSW I EQSVIW HIGPEVEHSW I\EKIVEHEQIRXI
ERMQES GSQTIXMXMZE UYI PIZE W VEMEW HE EKVIWWMZMHEHI
3 GEVXIV MRZINSWS GSRHY^ S MRHMZHYS E YQE MQMXES TIVTXYE SVMKMREPMHEHI I
GVMES HSW SYXVSW I GSQS GSRWIU-RGME PKMGE JVYWXVES -WWS EGEVVIXE YQE
WIRWES GVRMGE HI MRWEXMWJES IWGEWWI^ MQTIVJIMS I TIVHE EPQ HI IWXMQYPEV
WIQTVI YQE GVIWGIRXI HSV QSVEP I TVINYHMGEV S GVIWGMQIRXS IWTMVMXYEP HEW EPQEW IQ
IZSPYS

5YIWXS
7IV TSWWZIP I N XIV I\MWXMHS E MKYEPHEHI EFWSPYXE HEW VMUYI^EW#
2S RIQ TSWWZIP % MWWS WI STI E HMZIVWMHEHI HEW JEGYPHEHIW I HSW GEVEGXIVIW
5YIWXS
E , RS IRXERXS LSQIRW UYI NYPKEQ WIV IWWI S VIQHMS ESW QEPIW HE WSGMIHEHI 5YI
TIRWEMW E VIWTIMXS#
7S WMWXIQXMGSW IWWIW XEMW SY EQFMGMSWSW GLIMSW HI MRZINE 2S GSQTVIIRHIQ UYI E MKYEPHEHI
GSQ UYI WSRLEQ WIVME E GYVXS TVE^S HIWJIMXE TIPE JSVE HEW GSMWEW 'SQFEXIM S IKSWQS UYI E ZSWWE
GLEKE WSGMEP I RS GSVVEMW EXVW HI UYMQIVEW

-RZINE
2S L REHE E RSW GIRWYVEV TSV ETVIGMEQSW SW JIMXSW HEW TIWWSEW
I SY TSV E IPIW EWTMVEVQSW S RMGS TVSFPIQE UYI RS TSHIQSW RSW
GSQTEVEV I UYIVIV XSQEV GSQS QSHIPS S TEHVS ZMZIRGMEP HS SYXVS
7I XMZIQSW S LFMXS HI MRZIWXMKEV RSWWSW GSQTSVXEQIRXSW EYXSHIWXVYXMZSW I
JM^IQSW YQE ERPMWI HIWWIW ERXIGIHIRXIW LMWXVMGSW IQ RSWWE ZMHE TSHIVIQSW GEHE
ZI^ QEMW GSQTVIIRHIV S TSVUY- HI TIVQERIGIQSW TVIWSW IQ GIVXEW VIEW TVINYHMGMEMW
RSWWE EPIKVME HI ZMZIV
)WWIW GSQTSVXEQIRXSW MRJIPM^IW E UYI RSW VIJIVMQSW RS WS ETIREW EW EXMXYHIW
IZMHIRXIQIRXI HIWEWXVSWEW QEW SW HMQMRYXSW EXSW GSXMHMERSW UYI TSHIQ TEWWEV GSQS
EGIMXZIMW I GSQTPIXEQIRXI EHQMWWZIMW )RXVIXERXS XEMW EXSW WS SW KVERHIW
TIVXYVFEHSVIW HI RSWWE TE^ MRXIVMSV
1YMXSW MRHMZHYSW RS WI TVISGYTEQ IQ IWXYHEV EW VE^IW HI WIYW
GSQTSVXEQIRXSW VSXMRIMVSW TSVUYI EGVIHMXEQ UYI TEVE EWWYQMV E VIWTSRWEFMPMHEHI HE
VIRSZES RXMQE TVIGMWEVMEQ HIWTIRHIV YQ IRSVQI WEGVMJGMS 7IRHS EWWMQ TVIJIVIQ
TIVQERIGIV ETIKEHSW ESW ERXMKSW GSWXYQIW YXMPM^ERHS WI HSW TVIGSRGIMXSW I HI
GVIREW HMWXSVGMHEW WIQ WI HEVIQ GSRXE HI UYI IWXIW WS EW QEXVM^IW HI WIYW TSRXSW
ZYPRIVZIMW
4EVE EJEWXEV XSHS I UYEPUYIV ERWIMS HI XVERWJSVQES MRXIVMSV YXMPM^EQ WI HI YQ
TVSGIWWS TWMGSPKMGS HIRSQMREHS VEGMSREPM^ES
EVXMJGMS GVMEHS TEVE HIWZMEV E
EXIRS HSW ZIVHEHIMVSW QSXMZSW HEW EXMXYHIW I EIW
TEVE WI ZIVIQ PMZVIW HEW
GVMWIW HI GSRWGM-RGME TVSGYVERHS EWWMQ NYWXMJMGEV SW JEXSW MREHIUYEHSW HI WYEW
ZMHEW
7SQIRXI EPXIVEVIQSW RSWWSW EXSW I EXMXYHIW HSIRXMSW UYERHS XSQEVQSW TPIRE
GSRWGM-RGME HI UYI WS IPIW EW VE^IW HI RSWWEW TIVXYVFEIW IQSGMSREMW I HSW MRXIMW
HIWKEWXIW IRIVKXMGSW I\EQMRERHS RSWWS HME E HME PY^ HEW IWGSPLEW UYI JM^IQSW SY
UYI HIM\EQSW HI JE^IV UYI ZIVIQSW GSQ GPEVI^E UYI WSQSW RE EXYEPMHEHI E WSQE
MRXIKVEP HI RSWWEW STIW HMERXI HE ZMHE
3W MRHMZHYSW UYI TSWWYIQ S LFMXS HE GVMXMGE HIWXVYXMZE IWXS IQ ZIVHEHI
HMWWMQYPERHS SYXVEW IQSIW XEPZI^ E MRZINE SY QIWQS S HIWTIMXS )\MWXIQ TSWXYVEW
IJIXYEHEW XS GSWXYQIMVEQIRXI I UYI WI XSQEQ XS MQTIVGITXZIMW UYI TSHIVEQSW
HIRSQMR PEW EXMXYHIW GVRMGEW
% MRZINE HIJMRMHE GSQS WIRHS S HIWINS HI TSWWYMV I HI WIV S UYI SW SYXVSW WS
TSHIRHS XSQEV WI YQE EXMXYHI GVRMGE RE ZMHE HI YQE GVMEXYVE YQE JSVQE HI
GSFME YQ HIWKSWXS IQ JEGI HE GSRWXEXES HE JIPMGMHEHI I WYTIVMSVMHEHI HI SYXVIQ
3FWIVZEV E GVMEXYVE WIRHS XIRHS GVMERHS I VIEPM^ERHS TVSZSGE YQE IWTGMI HI
HSV RS MRZINSWS TSV IPI RS WIV RS XIV RS GVMEV I RS VIEPM^EV % MRZINE PIZE TSV
GSRWIU-RGME QEPIHMG-RGME UYI XIQ TSV FEWI VIWWEPXEV SW IUYZSGSW I HMJEQEV
EWWMQ E IWXVEXKME HS HITVIGMEHSV 7I IY RS TSWWS WYFMV XIRXS VIFEM\EV SW SYXVSW
EWWMQ GSQTIRWS QIY GSQTPI\S HI MRJIVMSVMHEHI
% MRZINE REWGI UYEWI WIQTVI TSV RSW GSQTEVEVQSW GSRWXERXIQIRXI GSQ SW
SYXVSW 2IWWE GSQTEVES S LSQIQ HIWGSRLIGI S JEXS HI WYE WMRKYPEVMHEHI
TSWWYMHSV HI I\TVIWWIW RXMQEW GSQTPIXEQIRXI HMJIVIRXI HEW HSW SYXVSW WIVIW
ZIVHEHI TSVQ UYI TSWWYQSW EPKYQEW WIQIPLEREW I GEVEGXIVWXMGEW GSQYRW GSQ
SYXVSW LSQIRW QEW IQ IWW-RGME WSQSW EPQEW GVMEHEW IQ HMJIVIRXIW TSGEW TIPEW
QSW HS 'VMEHSV I TSV MWWS TEWWEQSW TSV I\TIVM-RGMEW HMWXMRXEW I XVE^IQSW RE TVTVME
MRXMQMHEHI QMWWIW TIGYPMEVIW

%W (SVIW HE %PQE

%RSVQEPMHEHI RSVQEPMHEHI WSFVIREXYVEPMHEHI I TEVERSVQEPMHEHI WS HI JEXS

GEXEPSKEIW HE MRGSQTVIIRWS LYQERE EPMGIVEHEW WSFVI EW GLEQEHEW GSQTEVEIW
% EYW-RGME HS EQEHYVIGMQIRXS IWTMVMXYEP JE^ GSQ UYI VSXYPIQSW HI JSVQE
LYQMPLERXI I TVIXIRWMSWE SW GVIHSW VIPMKMSWSW E LIXIVSKIRIMHEHI HEW VEEW SW
GSWXYQIW HI HIXIVQMREHSW TSZSW EW XIRH-RGMEW WI\YEMW HMJIVIRXIW SW QSZMQIRXSW
WSGMEMW MRSZEHSVIW EW HIGMWIW S GSQTSVXEQIRXS S WYGIWWS HSW SYXVSW I QYMXEW GSMWEW
EMRHE 8YHS MWWS SGSVVI TSVUYI RS GSRWIKYMQSW HMKIVMV GSQ TSRHIVES E KVERHI^E
HS TVSGIWWS IZSPYXMZS EKMRHS HI JSVQE HMZIVWMJMGEHE WSF EW PIMW HE 2EXYVI^E
3 EYX-RXMGS MQTYPWS REXYVEP UYIV UYI WINEQSW WMQTPIWQIRXI RW QIWQSW 2S
JE^ TEVXI HSW MQTYPWSW MREXSW HE EPQE LYQERE E TVIXIRWS HI RSW GSRWMHIVEVQSW
QIPLSV UYI EW SYXVEW TIWWSEW 3 UYI HIZIQSW JE^IV EHQMVEV RSW GSQS WSQSW
VIWTIMXEV RSWWEW HMJIVIREW I VIGSRLIGIV RSWWSW ZEPSVIW
3 I\XVESVHMRVMS IHYGEHSV 6MZEMP UYIWXMSRE SW 1IRWEKIMVSW HS %QSV 3W
)WTVMXSW MRJIVMSVIW GSQTVIIRHIQ E JIPMGMHEHI HS NYWXS# ) IPIW VIWTSRHIQ GSQ
RSXZIP SVMIRXES
MWWS PLIW YQ WYTPGMS TSVUYI GSQTVIIRHIQ UYI IWXS HIPE
TVMZEHSW TSV WYE GYPTE
% MRZINE S I\XVIQS STSWXS HE EHQMVES YQE JIVVEQIRXE GQSHE UYI
YWEQSW WIQTVI UYI RS UYIVIQSW EWWYQMV E VIWTSRWEFMPMHEHI TSV RSWWE ZMHE )PE RSW
JE^ GIRWYVEV I ETSRXEV EW WYTSWXEW JEPLEW HEW TIWWSEW HMWXVEMRHS RSW E QIRXI HS
RIGIWWVMS HIWIRZSPZMQIRXS HI RSWWEW TSXIRGMEPMHEHIW MRXIVMSVIW )Q ZI^ HI RSW
IWJSVEVQSW TEVE GVIWGIV I TVSKVIHMV HIRIKVMQSW SW SYXVSW TEVE GSQTIRWEV RSWWE
MRHSP-RGME I SGMSWMHEHI
2S L REHE E RSW GIRWYVEV TSV ETVIGMEVQSW SW JIMXSW HEW TIWWSEW I SY TSV E
IPIW EWTMVEVQSW S RMGS TVSFPIQE UYI RS TSHIQSW RSW GSQTEVEV I UYIVIV XSQEV
GSQS QSHIPS S TEHVS ZMZIRGMEP HS SYXVS
% MRZINE I E GIRWYVE REWGIQ HE EYXS VINIMS UYI JE^IQSW GSRSWGS NYWXEQIRXI
TSV RS EGVIHMXEVQSW IQ RSWWSW TSXIRGMEMW IZSPYXMZSW I TSV TVSGYVEVQSW JSVE HI RW
EW I\TPMGEIW HI GSVRS HIZIVIQSW WIRXMV TIRWEV JEPEV JE^IV I EKMV SVE HERHS YVRE
MQTSVXRGME HIWQIHMHE ESW SYXVSW SVE XIRXERHS GSRZIRG- PSW E XSHS GYWXS HI RSWWEW
ZIVHEHIW

5YIWXS
3W )WTVMXSW MRJIVMSVIW GSQTVIIRHIQ E JIPMGMHEHI HS NYWXS#
7MQ I MWWS PLIW YQ WYTPGMS TSVUYI GSQTVIIRHIQ UYI IWXS HIPE TVMZEHSW TSV WYE GYPTE (E
VIWYPXE UYI S )WTVMXS PMFIVXS HE QEXVME EWTMVE RSZE ZMHE GSVTSVEP TSMW UYI GEHE I\MWX-RGME WI JSV
FIQ IQTVIKEHE EFVIZME YQ XERXS E HYVES HIWWI WYTPGMS IRXS UYI TVSGIHI IWGSPLE HEW TVSZEW
TSV QIMS HEW UYEMW TSWWE I\TMEV WYEW JEPXEW 4SVUYI JMGEM WEFIRHS S )WTVMXS WSJVI TSV XSHS S QEP UYI
TVEXMGSY SY HI UYI JSM GEYWE ZSPYRXVME TSV XSHS S FIQ UYI LSYZIVE TSHMHS JE^IV I RS JI^ I TSV XSHS S
QEP UYI HIGSVVE HI RS LEZIV JIMXS S FIQ
4EVE S )WTVMXS IVVERXI N RS L ZYW )PI WI EGLE GSQS XIRHS WEHS HI YQ RIZSIMVS I Z- S UYI
S HMWXERGME HE JIPMGMHEHI 1EMW WSJVI IRXS TSVUYI GSQTVIIRHI UYERXS JSM GYPTEHS 2S XIQ QEMW
MPYWIW Z- EW GSMWEW RE WYE VIEPMHEHI