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MR WSQI VIWTIGXW ZIV] GSQTPI\;LMPWX MR QER] EVIEW XLI PE[W SJ 
GSYRXVMIWLEZIFIIRVITPEGIHF]SRI(MVIGXMZIMXMWWXMPPEHEYRXMRKXEWO
JSVXLIGMXM^IRSVFYWMRIWWQERXSORS[XLIMVVMKLXWMRXLI7MRKPI1EVOIX
ERHMJXLIVI´WETVSFPIQXSORS[LS[XSIRJSVGISRI´WVMKLXW%W[IPP
EWTYVWYMRKETVSKVEQQISJVIKYPEXSV]WMQTPMJMGEXMSRXLI'SQQMWWMSR
TVSZMHIWWIVZMGIWWYGLEWXLI=SYV)YVSTI[IFWMXIXLI'MXM^IR´W7MKR
TSWX7IVZMGIERHXLITVSFPIQWSPZMRK730:-8WIVZMGI¯RS[GIPIFVEX
MRKMXWXLERRMZIVWEV][LMGLKSEPSRKXSJMPPMRKXLMWKETMRMRJSVQMRK
TISTPISJXLIMVVMKLXWERHWLS[MRKXLIQLS[XSKSEFSYXVIWSPZMRKER]
TVSFPIQMWWYIW7II7TIGMEP*IEXYVITEKI

*SPPS[MRK I\XIRWMZI GSRWYPXEXMSR [MXL XLI MRXIVREXMSREP MRWYVERGI MR


HYWXV]XLI'SQQMWWMSRLEWTVSTSWIHEKVSYRHFVIEOMRKVIZMWMSRSJ)9
MRWYVERGI PE[ HIWMKRIH XS MQTVSZI GSRWYQIV TVSXIGXMSR QSHIVRMWI
WYTIVZMWMSRHIITIRQEVOIXMRXIKVEXMSRERHMRGVIEWIXLIMRXIVREXMSREP
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EW7SPZIRG]--MWMRXIRHIHXSFVMRKXLIMRWYVERGIMRHYWXV]´WWSPZIRG]VI
UYMVIQIRXWMRXSPMRI[MXLXLIVIEPVMWOW[LMGLXLI]JEGI-XEPWSWIXWSYX
XSIRGSYVEKIXLIQXSMQTVSZIXLIMVVMWOQIEWYVIQIRXERHQSRMXSVMRK
TVEGXMGIW8LI RI[ VIKYPEXSV] JVEQI[SVO [MPP ETTP] XS VSYKLP] 
MRWYVERGIERHVIMRWYVERGIYRHIVXEOMRKWMRXLI)9ERHXLI'SQQMWWMSR
EMQWXSLEZIXLIRI[W]WXIQMRSTIVEXMSRMR7IITEKI

8LI'SQQMWWMSRLEWTYXEPSXSJIJJSVXMRXSMQTVSZMRKXLI)9´WGSVTS
VEXIKSZIVRERGIPERHWGETIERHX[SWXYHMIW[LMGLLEZINYWXFIIRTYF
PMWLIHWLS[XLEXMXWIJJSVXWEVIFIKMRRMRKXSLEZIWSQIMQTEGX%VITSVX
SRHMVIGXSVW´VIQYRIVEXMSRWLS[WXLEXXVERWTEVIRG]WXERHEVHWEVIRS[
FIMRK[MHIP]JSPPS[IHMR)91IQFIV7XEXIW6IKEVHMRKXLIMWWYISJXLI
ETTSMRXQIRXSJMRHITIRHIRXRSRI\IGYXMZIHMVIGXSVWEJYVXLIVVITSVX
JMRHWXLEXVIEPTVSKVIWWFIMRKQEHIMRMQTVSZMRKKSZIVRERGIWXERHEVHW
MRXLMWJMIPHXLSYKLWSQISJXLIVIGSQQIRHIHWXERHEVHWLEZIRSXFIIR
JSPPS[IHMREPP1IQFIV7XEXIW7IITEKI

8LIPEXIWXEREP]WMWWLS[WGSRWMHIVEFPITVSKVIWWMWRS[FIMRKQEHIF]
1IQFIVW7XEXIWMRMQTPIQIRXMRKXLI(MVIGXMZIWEKVIIHEX)9PIZIP8LI
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7XEXIW RS[ ETTIEV XS FI SR XLI VMKLX XVEGO %R EVIE SJ GSRXMRYMRK
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XSVIHYGIXLIRYQFIVSJMRJVMRKIQIRXTVSGIIHMRKWEKEMRWXXLIQ7II
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MRWYVERGIVIKYPEXMSR

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GSRWYQIV TVSXIGXMSR QSHIVRMWI WYTIVZMWMSR HIITIR QEVOIX MRXIKVE
XMSRERHMRGVIEWIXLIMRXIVREXMSREPGSQTIXMXMZIRIWWSJ)YVSTIERMRWYVIVW
LEWFIIRTVSTSWIHF]XLI'SQQMWWMSR8LIRI[QIEWYVIWEVIMRXIRHIH
XS FIXXIV QEXGL WSPZIRG] VIUYMVIQIRXW XS XLI VMWOW [LMGL MRWYVERGI
GSQTERMIWJEGIERHIRGSYVEKIXLIMRHYWXV]XSMQTVSZIXLIQIEWYVI
QIRXERHQSRMXSVMRKSJVMWOW8LIRI[VIKYPEXSV]JVEQI[SVO[MPPETTP]
XSVSYKLP]MRWYVERGIERHVIMRWYVERGIYRHIVXEOMRKWMRXLI)9ERH
XLI'SQQMWWMSREMQWXSLEZIXLIRI[W]WXIQMRSTIVEXMSRMR

9 RHIVXLIRI[VIKYPEXSV]JVEQI[SVO
JSVXLIMRWYVERGIMRHYWXV]ORS[REW
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)9WSPZIRG]VIUYMVIQIRXWGYVVIRXP]SRP]
GSZIVMRWYVERGIVMWOW[LIVIEWMRJYXYVI
MRWYVIVW[SYPHFIVIUYMVIHXSLSPHGETM
RSXWYJJMGMIRXERHLEZIMQTPIQIRXIHXLIMV
S[R VIJSVQW XLIVIF] GVIEXMRK E TEXGL
[SVOSJVIKYPEXSV]VIUYMVIQIRXWEGVSWW
XEOIEGGSYRXSJEPPXLIX]TIWSJVMWOXLI] XEPEPWSEKEMRWXQEVOIXVMWO IKEJEPPMR XLI)98LMWLEQTIVWXLIJYRGXMSRMRKSJ
EVI I\TSWIH XS ERH XS QEREKI XLSWI XLI ZEPYI SJ ER MRWYVIV´W MRZIWXQIRXW  XLI7MRKPI1EVOIX
VMWOWQSVIIJJIGXMZIP] GVIHMX VMWO IK [LIR HIFX SFPMKEXMSRW
EVI RSX QIX  ERH STIVEXMSREP VMWO IK %GXMZIVMWOQEREKIQIRX
-R EHHMXMSR MRWYVERGI KVSYTW [MPP LEZI QEPTVEGXMGISVW]WXIQJEMPYVI 
E HIHMGEXIH ³KVSYT WYTIVZMWSV´ XS IR 9RHIV XLI RI[ W]WXIQ MRWYVIVW [MPP FI
EFPI FIXXIV QSRMXSVMRK SJ XLI KVSYT EW %PPXLIWIVMWOX]TIWTSWIQEXIVMEPXLVIEXW VIUYMVIHXSJSGYWSRXLI EGXMZI MHIRXMJM
E[LSPI XS MRWYVIVW´ WSPZIRG] FYX EVI RSX WYJJM GEXMSRQIEWYVIQIRXERHQEREKIQIRXSJ
GMIRXP] GSZIVIH F] XLI GYVVIRX )9 W]W
XIQ 8LIW]WXIQTVSTSWIHF]XLI
%HIUYEXIGSRWYQIVTVSXIGXMSR 'SQQMWWMSR[SYPHMRXVSHYGIQSVI
WSTLMWXMGEXIHWSPZIRG]VIUYMVIQIRXW
7SPZIRG] VYPIW WXMTYPEXI XLI QMRMQYQ
EQSYRXW SJ JMRERGMEP VIWSYVGIW XLEX MR XSKYEVERXIIXLEXMRWYVIVWLEZIWYJ
WYVIVWERHVIMRWYVIVWQYWXLEZIMRSVHIV JMGMIRXGETMXEPXS[MXLWXERHEHZIVWI
XSGSZIVXLIVMWOWXS[LMGLXLI]EVII\
TSWIH)UYEPP]MQTSVXERXP]XLIVYPIWEPWS IZIRXWWYGLEWJPSSHWWXSVQWSVFMK
PE]HS[RXLITVMRGMTPIWXLEXWLSYPHKYMHI GEVEGGMHIRXW
MRWYVIVW´SZIVEPPVMWOQEREKIQIRXWSXLEX
XLI] GER FIXXIV ERXMGMTEXI ER] EHZIVWI
8LIWIRI[WSPZIRG]VIUYMVIQIRXW IZIRXWERHFIXXIVLERHPIWYGLWMXYEXMSRW VMWOW ERH XS GSRWMHIV ER] JYXYVI HIZIP
[MPPFIQSVIVMWOWIRWMXMZIERHQSVI STQIRXWWYGLEWRI[FYWMRIWWTPERWSV
WSTLMWXMGEXIHXLERMRXLITEWXXLYW 8LIVEXMSREPIJSV)9MRWYVERGIPIKMWPEXMSR XLITSWWMFMPMX]SJGEXEWXVSTLMGIZIRXWXLEX
IREFPMRKFIXXIVGSZIVEKISJXLIVIEPVMWOW MWXSJEGMPMXEXIXLIHIZIPSTQIRXSJE7MRKPI QMKLXEJJIGXXLIMVJMRERGMEPWXERHMRK
1EVOIXMRMRWYVERGIWIVZMGIW[LMPWXEXXLI
WEQIXMQIWIGYVMRKEREHIUYEXIPIZIPSJ 8LIWIRI[WSPZIRG]VIUYMVIQIRXW[MPPFI
8LIW]WXIQTVSTSWIHF]XLI'SQQMW GSRWYQIV TVSXIGXMSR8LI XLMVHKIRIVE QSVI VMWOWIRWMXMZI ERH QSVI WSTLMWXM
WMSR MRXVSHYGIW QSVI WSTLMWXMGEXIH WSP XMSR-RWYVERGI(MVIGXMZIWIWXEFPMWLIHER GEXIHXLERMRXLITEWXXLYWIREFPMRKFIX
ZIRG]VIUYMVIQIRXWXSKYEVERXIIXLEXMR )9TEWWTSVX  WMRKPIPMGIRGI JSVMRWYVIVW XIVGSZIVEKISJXLIVIEPVMWOWVYRF]ER]
WYVIVWLEZIWYJJMGMIRXGETMXEPXS[MXLWXERH FEWIH SR XLI GSRGITX SJ QMRMQYQ LEVV TEVXMGYPEVMRWYVIV8LIRI[VIUYMVIQIRXW
EHZIVWIIZIRXWWYGLEWJPSSHWWXSVQWSV QSRMWEXMSRERHQYXYEPVIGSKRMXMSR1ER] QSZIE[E]JVSQEGVYHI SRIQSHIPJMXW
QENSVGEVEGGMHIRXW8LMW[MPPLIPTXSMR 1IQFIV7XEXIWLEZIGSRGPYHIHXLEXXLI EPP [E]SJIWXMQEXMRKGETMXEPVIUYMVIQIRXW
GVIEWIXLIMVJMRERGMEPWSYRHRIWW GYVVIRX )9 QMRMQYQ VIUYMVIQIRXW EVI XSQSVI IRXMX]WTIGMJMG VIUYMVIQIRXW

2 S          , , ,


-RWYVERGIVIKYPEXMSR

;LIVIEW XLI GYVVIRX WSPZIRG] VIUYMVI 8LI GYVVIRX )9 WSP


QIRXWEVIPEVKIP]FEWIHSRLMWXSVMGEPHEXE ZIRG]W]WXIQMWSZIV
XLIRI[VYPIW[MPPVIUYMVIMRWYVIVWEPWSXS ]IEVW SPH ERH JMRERGMEP
XLMROEFSYXER]JYXYVIHIZIPSTQIRXW-R QEVOIXWLEZIHIZIPSTIH
WYVIVW[SYPHRIIHXSEWWIWWXLIMVGETMXEP HVEQEXMGEPP] MR VIGIRX
RIIHWMRXLIPMKLXSJEPPVMWOWF]QIERWSJ ]IEVW PIEHMRK XS E PEVKI
XLI³3[R6MWOERH7SPZIRG]%WWIWWQIRX´ HMWGVITERG] FIX[IIR
[LMPI XLI³7YTIVZMWSV] 6IZMI[ 4VSGIWW´ XLI VIEPMX] SJ XLI MRWYV
V
764  [MPP WLMJX XLI JSGYW SJ WYTIVZMWSVW ERGIFYWMRIWWXSHE]ERH
JVSQ GSQTPMERGI QSRMXSVMRK ERH GETMXEP MXWVIKYPEXMSR
XS IZEPYEXMRK MRWYVIVW´ VMWO TVSJMPIW ERH
XLIUYEPMX]SJXLIMVVMWOQEREKIQIRXERH 8LI 'SQQMWWMSR EMQW
KSZIVRERGIW]WXIQW XSLEZIXLIRI[W]WXIQ
[LMGL MW WYFNIGX XS ET 8LISZIVVMHMRKEMQSJXLIRI[)9WSPZIRG]VYPIWMWXS
'SQTVILIRWMZIETTVSEGL TVSZEP F] XLI )YVSTIER IRWYVIXLEXMRWYVERGIYRHIVXEOMRKWEVIJMRERGMEPP]WSYRH
4EVPMEQIRX ERH 'SYRGMP ERHGER[MXLWXERHEHZIVWIIZIRXW
7SPZIRG]VIUYMVIQIRXW[MPPEPWSFIQSVI MRSTIVEXMSRMR
GSQTVILIRWMZIXLERMRXLITEWX;LIVIEW 8LIRI[VYPIW[MPPIRWYVIEYRMJSVQERH
EXXLIQSQIRXXLI)9WSPZIRG]VIUYMVI -X[MPPVITPEGIXLIGYVVIRXTEXGL[SVOSJ IRLERGIHPIZIPSJTSPMG]LSPHIVTVSXIGXMSR
QIRXWGSRGIRXVEXIQEMRP]SRXLIPMEFMPMXMIW HMJJIVIRX VYPIW IRWYVMRK E PIZIP TPE]MRK EGVSWW XLI )9 VIHYGMRK XLI PMOIPMLSSH
WMHI MIMRWYVERGIVMWOW 7SPZIRG]--[MPP JMIPH ERH E YRMJSVQ PIZIP SJ GSRWYQIV XLEXTSPMG]LSPHIVWPSWISYXMJMRWYVIVWKIX
EPWSXEOIEGGSYRXSJXLIEWWIXWMHIVMWOW TVSXIGXMSR MRXSHMJJMGYPXMIW
8LI RI[ VIKMQI [MPP FI E³XSXEP FEPERGI
WLIIX´X]TIVIKMQI[LIVIEPPXLIVMWOWERH ±;IEVIWIXXMRKE[SVPHPIEHMRKWXERHEVH
XLIMVMRXIVEGXMSRWEVIGSRWMHIVIH
8LIRI[VYPIW[MPPVIUYMVIMRWYV LEX VIUYMVIW MRWYVIVW XS JSGYW SR QER
IVWEPWSXSXLMROEFSYXER]JYXYVI EKMRK EPP XLI VMWOW XLI] JEGI ERH IREFPIW
-R EHHMXMSR XLI RI[ W]WXIQ [MPP IREFPI LIQXSSTIVEXIQYGLQSVIIJJMGMIRXP]
MRWYVERGIKVSYTWXSFIWYTIVZMWIHQSVI
HIZIPSTQIRXWWYGLEWRI[FYWM GSQQIRXIH-RXIVREP1EVOIXERH7IVZMGIW
IJJMGMIRXP]XLVSYKLE³KVSYTWYTIVZMWSV´MR RIWWTPERWSVXLITSWWMFMPMX]SJ 'SQQMWWMSRIV'LEVPMI1G'VIIZ]
XLILSQIGSYRXV]XLEX[SYPHLEZIWTIGMJ J
MGVIWTSRWMFMPMXMIWXSFII\IVGMWIHMRGPSWI
GEXEWXVSTLMGIZIRXW[LMGLQMKLX 8LMW MW ER EQFMXMSYW TVSTSWEP XLEX [MPP
GSSTIVEXMSR [MXL XLI VIPIZERX REXMSREP EJJIGXXLIMVJMRERGMEPWXERHMRK GSQTPIXIP]SZIVLEYPXLI[E][IIRWYVI
WYTIVZMWSVW LIJMRERGMEPWSYRHRIWWSJSYVMRWYVIVW
MRJS
8LI MRXVSHYGXMSR SJ KVSYT WYTIVZMWSVW
[MPPIRWYVIXLEXKVSYT[MHIVMWOWEVIRSX -XMWMRPMRI[MXLMRXIVREXMSREPHMWGYWWMSRW
SZIVPSSOIHERHIREFPIKVSYTWXSSTIVEXI [MXLMRXLI-RXIVREXMSREP%WWSGMEXMSRSJ-R
QSVI IJJMGMIRXP] [LMPI TVSZMHMRK TSPMG] WYVERGI7YTIVZMWSVW -%-7 
LSPHIVW[MXLELMKLPIZIPSJTVSXIGXMSR
8LI SZIVVMHMRK EMQ SJ XLI RI[ )9 WSP
+VSYTW XLEX EVI WYJJMGMIRXP] HMZIVWMJMIH ZIRG] VYPIW MW XS IRWYVI XLEX MRWYVERGI
QE]EPWSFIEPPS[IHXSPS[IVXLIMVGETMXEP YRHIVXEOMRKW EVI JMRERGMEPP] WSYRH ERH
VIUYMVIQIRXWYRHIVGIVXEMRGSRHMXMSRW GER[MXLWXERHEHZIVWIIZIRXWMRSVHIVXS
TVSXIGXTSPMG]LSPHIVWERHXLIWXEFMPMX]SJ
6ITPEGMRK(MVIGXMZIW XLIJMRERGMEPW]WXIQEWE[LSPI
MRJS
8LMW 7SPZIRG] -- TVSTSWEP MW TEVX SJ XLI (SQMRMUYI8LMIRTSRX
8)0  
'SQQMWWMSR´W&IXXIV6IKYPEXMSRWXVEXIK] *%<  
ERHMXWJMVQGSQQMXQIRXXSWMQTPMJ]XLI 1EVOX,$IGIYVSTEIY
VIKYPEXSV]IRZMVSRQIRXERHGYXVIHXETI
-X [MPP QIER VITPEGMRK XLMVXIIR I\MWXMRK
(MVIGXMZIW[MXLEWMRKPI(MVIGXMZI
MRJS LXXTIGIYVSTEIYMRXIVREPCQEVOIXMRWYVERGIWSPZIRG]CIRLXQ

2 S          , , ,

'SVTSVEXI+SZIVRERGI

'SQQMWWMSRVITSVXWSRXLIMQTEGX
SJ)9VIGSQQIRHEXMSRWSR
HMVIGXSVW´TE]ERHMRHITIRHIRGI
8LI'SQQMWWMSRLEWTYFPMWLIHX[SVITSVXWSR1IQFIV7XEXIW´
ETTPMGEXMSRSJ)9VIGSQQIRHEXMSRWSRGSQTER]HMVIGXSVW´TE]
ERHMRHITIRHIRGI8LIVITSVXSRHMVIGXSVW´VIQYRIVEXMSRWLS[W
XLEX XVERWTEVIRG] WXERHEVHW EVI [MHIP] JSPPS[IH FYX MR WSQI
1IQFIV 7XEXIW MX MW WXMPP RSX VIGSQQIRHIH XLEX WLEVILSPHIVW
ZSXISRXLMWMWWYI8LIVITSVXSRXLIVSPISJMRHITIRHIRXRSR
I\IGYXMZI HMVIGXSVW JMRHW XLEX XLIVI LEW FIIR VIEP TVSKVIWW MR
MQTVSZMRKKSZIVRERGIWXERHEVHWMRXLMWJMIPHFYXWSQISJXLIVIG
SQQIRHIHWXERHEVHWLEZIRSXFIIRJSPPS[IHMREPPGSYRXVMIW



6 IQYRIVEXMSRMWSRISJXLIQEMREVIEW
SJ TSXIRXMEP GSRJPMGXW SJ MRXIVIWX JSV
I\IGYXMZI HMVIGXSVW )\GIWWMZI TE] TEGO
VIKEVHIHEWXLIQSWXZMWMFPIVIJPIGXMSRSJ
XLIEFMPMX]SJWLEVILSPHIVWSVXLIFSEVH
XS QSRMXSV QEREKIQIRX 'SRWIUYIRXP]
IVGLIGOWEVIPMOIP]
XSVIHYGIXLIVMWOW
MRLIVIRX MR WYGL
-

EKIW LEZI EPWS IQIVKIH EW E TVSQMRIRX XVERWTEVIRG] SR TE] MR MXWIPJ QE] GSR WGLIQIW S
JIEXYVIMRQER]GSVTSVEXIJVEYHWGERHEPW XVMFYXIXSEQSZIXS[EVHWFIXXIVGSRXVSP
8LI 'SQQMWWMSR´W  6IGSQQIRHE ERHLMKLIVIJJMGMIRG] 3R XLI [LSPI XLI
XMSRSRHMVIGXSVW´VIQYRIVEXMSRTVSZMHIW PIZIP SJ ETTPMGE M
JSV LMKL WXERHEVHW SJ HMWGPSWYVI SR XLMW 6IQYRIVEXMSRTSPMG]VIQEMRWGPSWIH XMSR SJ XLI VIGSQ
MWWYI ERH VIGSQQIRHW KVIEXIV MRZSPZI QIRHIH XVERWTEV V
QIRX SJ WLEVILSPHIVW MR XLI HIGMWMSRW 6IKVIXXEFP]XLIVIGSQQIRHEXMSRSRHMW IRG] VIUYMVIQIRXW
VIPEXMRKXSI\IGYXMZITE] GPSWYVI SJ XLI VIQYRIVEXMSR TSPMG] LEW SR VIQYRIVEXMSR
RSX FIIR [MHIP] JSPPS[IH MR 1IQFIV TSPMG] ERH SR XLI
-RERI[VITSVXSRLS[1IQFIV7XEXIW 7XEXIW TE]SJMRHMZMHYEPHM
EVIETTP]MRKXLIVIGSQQIRHIHWXERHEVHW VIGXSVW ETTIEVW XS
XLI'SQQMWWMSRJMRHWXLEXHMWGPSWYVISJ *YVXLIVQSVISRP]EHMWETTSMRXMRKP]PS[ FI VIPEXMZIP] LMKL
VIQYRIVEXMSRHIXEMPWMWRS[[MHIWTVIEH RYQFIV SJ 1IQFIV 7XEXIW GSRWMHIV MX IZIR XLSYKL XLI
FYXXLIVIETTIEVWXSFIEGIVXEMREQSYRX RIGIWWEV]XSVIGSQQIRHXLEXWLEVILSPH 'SQQMWWMSR[SYPHLEZII\TIGXIHQSVI
SJVIPYGXERGIXSJYPP]MRZSPZIWLEVILSPH IVWZSXISRXLIVIQYRIVEXMSRGVMXIVMESJ TVSKVIWW VIKEVHMRK XLSWI VIGSQQIRHE
IVW MR HIGMWMSRW SZIV XLIFSEVHSJQEREKIQIRXSVXSTI\IGY XMSRW [LMGL EMQ EX IPMQMREXMRK GSRJPMGXW
VIQYRIVEXMSRTSPMG] XMZIW SJMRXIVIWXWERHKMZIWLEVILSPHIVWQSVI
TS[IVMRHIGMWMSRWSRTE]TSPMG]
% PEVKI QENSVMX] SJ %PXLSYKLWLEVILSPHIVWYWYEPP]LEZIEWE]
1IQFIV 7XEXIW LEZI MR HIXIVQMRMRK XLI VIQYRIVEXMSR SJ XLI -XMWPMOIP]XLEXELMKLIVPIZIPSJXVERWTEV
V
MRXVSHYGIHLMKLHMWGPS WYTIVZMWSV] FSEVHSRP]EJI[1IQFIV IRG][MPPMRHYGIMRZIWXSVWXSFIQSVIEG
WYVI WXERHEVHW VIKEVH 7XEXIWLEZIIRGSYVEKIHGSQTERMIWXSMR XMZIMRGSQTERMIW´EJJEMVWERHGPEMQKVIEX
MRKXLITE]SJMRHMZMHYEP ZSPZI WLEVILSPHIVW QSVI GPSWIP] MR XLI IVMRZSPZIQIRXMRVIQYRIVEXMSRQEXXIVW
I\IGYXMZIW  -RHIIH E HIGMWMSR SR XLI VIQYRIVEXMSR TSPMG] SJ
WMKRMJMGERX RYQFIV SJ XLI QEREKIQIRX FSEVHI\IGYXMZI QER -X QE] EPWS GSRXVMFYXI XS XLI MQTVSZI
1IQFIV 7XEXIW LEZI EKIQIRXIZIRMJSRP]MREREHZMWSV]GE QIRX SJ XLI WXERHMRK  SJ FYWMRIWW ERH
QEHI WYGL HMWGPSWYVI TEGMX] VIMRJSVGI MRZIWXSVW´ XVYWX MR GSVTSVEXI
GSQTYPWSV] XLYW KSMRK PIEHIVW
FI]SRH XLI 6IGSQ 1SWX1IQFIV7XEXIWLS[IZIVLEZIVIG
QIRHEXMSR´W WXERHEVHW SQQIRHIH SV SFPMKIH WLEVILSPHIV ET 8LI'SQQMWWMSRMRXIRHWXSGPSWIP]QSR
ERH XLI 'SQQMWWMSR TVSZEPSJWLEVIFEWIHMRGIRXMZIWGLIQIW MXSVQEVOIXHIZIPSTQIRXWFIJSVIHIGMH
JMRHW TVSKVIWW MR XLMW MRK[LIXLIVER]JYVXLIVQIEWYVI[SYPH
JMIPH MW QSWX [IPGSQI 8LI'SQQMWWMSRWIIWXLMWEWEZIV]TSWM FIRIGIWWEV]MRXLMWJMIPH
(MVIGXSVW´ TE] MW SJXIR XMZIHIZIPSTQIRXEWWXVSRKIVWLEVILSPH

2 S          , , ,


'SVTSVEXI+SZIVRERGI

-RHITIRHIRXRSRI\IGYXMZIHMVIGXSVW GERFIWIIREWQENSVTVSKVIWW

8LI 'SQQMWWMSR´W  6IGSQQIRHE (MJJIVIRGIWMRXLIHIJMRMXMSRSJ MRHITIRH


XMSRSRXLIVSPISJRSRI\IGYXMZISVWY IRGI  LS[IZIV QEOI WXERHEVHW YRIZIR
TIVZMWSV] HMVIGXSVW ERH SR WYTIVZMWSV] 8LI VIUYMVIQIRX SJ MRHITIRHIRGI JVSQ
FSEVH GSQQMXXIIW WIX SYX XS MQTVSZI XLI QENSVMX] WLEVILSPHIV LEW RSX FIIR
WLEVILSPHIVW´ GSRXVSP SZIV XST I\IGY JYPP]IRHSVWIHMREPP1IQFIV7XEXIW
XMZIWF]VIMRJSVGMRKXLITVIWIRGISJMRHI
TIRHIRX HMVIGXSVW SR FSEVHW ERH FSEVH1SWX1IQFIV7XEXIWVIUYMVISVVIGSQ
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