Sous le soleil de Hölderlin : Oedipe en question

De
Publié par

Il y eut autrefois, à la fin des années 1960, une étude germanique sur le mythe solaire chez Hölderlin, jugée inachevée. La recherche fut reprise plus tard par la méthode psychanalytique. Essayer de revenir de Hölderlin représentait encore une entreprise risquée, mais désormais en psychanalyse appliquée, mise à l'épreuve après coup de la littérature appliquée.
Publié le : lundi 1 février 2010
Lecture(s) : 76
Tags :
EAN13 : 9782296241565
Nombre de pages : 359
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PQWU CXQPU ,V, KPFWKVGGPGTTGWT QW GP AVGPVCVKQPC*PQWU CXQPUEQOOKUNG
AR,EJ,C RJKNQNQIKSWG FG PG RCU CNNGT LWUSWMCW TGPXQK ’ NMJKUVQKTG FW? FGU
OCPWUETKV*U2 FG "4NFGTNKP? NC XCTKCPVGPM,VCPV RCUFCV,G *+%’6070%2 FG NG RTGPFTG
RQWT WP HTCIOGPV FG A RQ-OG VCTFKH C? TGNGXCPV FG NC AITCPFG RQ,UKGC FG
Q "4NFGTNKPB x)/6.+%*’ |’4-’Yf419’ x6766)#46’4 ]75)#$’ *x6]1[?,FKV,GRCT rTKGFTKEJ hGK<PGT
cFWXTGUe GV gFQNH hGEM c0GVVTGU GV kQEWOGPVUe CXGE WP KPFG[ HKPCNB_ XQNWOGU? 8VWVVICTV
Q‘ZX@Q‘_[B
0GU XQNWOGU Q? V?Z GV\ UG UWDFKXKUGPV EJCEWPGPFGW[RCTVKGU *FGW[ XQNWOGU2? FQPVNCFGW[K-OG
EQPVKGPVNMCRRCTGKNETKVKSWG GV NGU XCTKCPVGUB 0G XQNWOG^ UG EQORQUG FG SWCVTG RCTVKGU *SWCVTG
XQNWOGU2 CXGE FGUNGVVTGU’ "4NFGTNKP GV FGUFQEWOGPVU SWK UQPV EJCSWG HQKU EQOOGPV,UGP
F,VCKNB .QEJGP8EJOKFV?’ SWK PQWUPQWUT,H,TQPU KEK? EQPUKF-TG SWG EMGUVANM,FKVKQP OQFGTPG
NC RNWUXCUVGGPO.OG VGORUSWG EGNNG SWK RGTOGV NG F,EJKHHTCIGFGHQPF GV NC EQPUVKVWVKQP NC
RNWUHKF-NGFWVG[VG’NKTGCKP‘o{*BRBQN‘^B
V .GCP0CRNCPEJG? RU\EJCPCN\UVGFGANC VTQKUK-OG I,P,TCVKQP C? P, GP Q‘VZ? EQOOGPEG UQP GWXTG
CXGE NC RWDNKECVKQP GP Q‘\Q FG UC VJ-UG UQWUNGVKVTG j4.&’4.+0 ’6 .# 37’56+10 &7 2-4’= iHB
G0g50g2i"o? .GCPB j4.&’4.+0 ’6 .# 37’56+10 &7 2-4’ Aj32B *X ,FKVKQP2B 5CTKUa 6WCFTKIGI5B:BrB?
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X 0GTPQWV?yGGTVB y*’ 21’6 #5 6*+0-’4Wj4.&’4.+0 +0 c4#0%’= iQNWODKC :8ga iCOFGP"QWUG?Q‘‘ZB RB
X[aA"GKFGIIGTKPVGTRTGVU"4NFGTNKP HTQO VJGRGTURGEVKXG QH CDUQNWVG OGVCRJ\UKEUKPQTFGT
VQJCXGCUVCTVKPI RQKPV HTQOZJKEJVQNGCRQWVQHOGVCRJ\UKEUBCQV x175.’ x1.’+. &’j4.&’4.+0
"4NFGTNKP? RQTV,GCW[ PWGU GP RCTVKEWNKGT RCTNMKPVGNNKIGPVUKC HTCP+CKUG GP COQPV
GV GP CXCN FGUCPP,GU FK[@PGWH EGPV UQK[CPVGB 2QVTG O,VJQFG XC UG TGUUGPVKT
CRT-UEQWR FG EGVVGF,EQWXGTVG FMWPGCRRTQEJGRNWU FKCEJTQPKSWG
KPFKURGPUCDNGB
2QWU PMCXKQPURCT EQPU,SWGPVRCU ,V, KPXKV,GLCFKU’ NKTG EGV G[VTCKVFCPU NG
QEQPVG[VG DKQITCRJKSWGFG"4NFGTNKPBoPOCK Q_NN? "4NFGTNKP TGXQKV 8WUGVVG
yQPVCTF RQWTNCFGTPK-TG HQKU ’rTCPEHQTV? TCRRQTVG 1KEJCGN /PCWRR? VT-U
VTGURGEVWGW[ FGUFCVGU? FCPUUQPVCDNGCW EJTQPQNQIKSWGB 0MCOQWT GPVTG NG RQ-VG
GV NM,RQWUG FW DCPSWKGT FG rTCPEHQTV? EJG] SWK "4NFGTNKP ,VCKVRT,EGRVGWT?UM,VCKV
X,XGKNN, RNWU RT,EKU,OGPV GP OCK Q^‘\? FCPUWPG OCKUQP FG ECORCIPG SWGNGU
yQPVCTF NQWCKV’ NMGUVFGNCXKNNG? GV NG OQKU FG OCKRQWTTCKV .VTGWPCPPKXGTUCKTG
AUCET,CB "4NFGTNKPCF6 SWKVVGT UQPRQUVG FG RT,EGRVGWT GP UGRVGODTG Q^‘_
CRT-UWPG CNVGTECVKQP CXGENGOC0VTGFGOCKUQPB 8WUGVVG GV NWK UG TGPEQPVTGPV
GPXKTQP WPG HQKU RCT OQKU RCTNCUWKVG GV ,EJCPIGPV FGUNGVVTGU? UGET-VGOGPVB 0G
_ OCK Q_NN UGTCKV NGWT FGTPKGTTGPFG]@XQWU?’ OQKPU? UGNQPNMJ\RQVJ-UG JCTFKG?
OCKU PQP RCU KPXTCKUGODNCDNG? EQPUVTWKVGRCT 5KGTTG hGTVCW[? SWG NG RQ-VG CKV
TG+W’hQTFGCW[ GP Q_NV WPGNGVVTGFG8WUGVVG RTQXQSWCPV UQPTGVQWT RT,EKRKV,
Q :PG JKUVQKTGFGNCNKVV,TCVWTG CNNGOCPFGFGNCHKP FGUCPP,GU Q‘[N FQPPG GP PQVG NG TCEEQWTEK
DKQITCRJKSWG UWKXCPVCWUWLGV FG rTKGFTKEJ "4NFGTNKPaA"$0ko70*2PCSWKVGP Q^^N ’
0CWHHGP? UWTNG2GEMCTBoVWFKCPV GP VJ,QNQIKG CW 8VKHV FG 97DKPIGP FG Q^__’ ‘X? KN HWVGPUWKVG
RT,EGRVGWT?GP Q^‘Z’=CNVGTUJCWUGPRT-UFM*,PCFCPUNCHCOKNNGXQP/CNDbCRT-UWPU,LQWT GP
=WTVGODGTI? KN RCUUCRT-UFGVTQKU CPU’rTCPEHQTV EQOOG RT,EGRVGWTEJG]NGDCPSWKGT
yQPVCTF *Q^‘\@Q^‘_2B gRT-UUQP F,RCTV FG rTCPEHQTV? KN OGPC WPGG[KUVGPEG KPUVCDNG GV
FKHHKEKNG? VCPV3VTGEWGKNNK RCTUQP COK8KPENCKT’ "QODWTI? VCPV3VEJG]UCO-TGBkGPQWXGCW
RT,EGRVGWTEJG]WPP,IQEKCPV CNNGOCPF FG hQTFGCW[GP Q_NQB 7GPVT, OCNCFGGP gNNGOCIPG? KN
HWVGPEQTGTGEWGKNNK RCT 8KPENCKT LWUSWMCW LQWTQ5 KN RGTFKVNCTCKUQPBgRT-UFGXCKPUGHHQTVU RQWT
NGIW,TKT?QPNGEQPHKC’WPOGPWKUKGTFG97DKPIGP?EJG]NGSWGN KNX,EWV?CNK,P,? RGPFCPVVTGPVG@
UGRV CPU? FG Q_N\ ’Q_ZXBCyTCRRKP? 5KGTTGB *P a j+561+4’ &’ .# .+66,4#674’ #..’/#0&’ UQWU NC
FKTGEVKQPFG rGTPCPF1QUU,B5CTKUagWDKGTH1QPVCKIPG?Q‘[‘BRBZ\\?PQVG VXB
oP Q‘[‘? NMCWVGWT FG EGVVG PQVG UKIPCNG NM,FKVKQPFGU GWXTGU FG "4NFGTNKP RCT2QTDGTV XQP
"GNNKPITCVJ *Q‘QX@Q‘VN2 GV RCTNGFGNM,FKVKQPFG8VWVVICTV *UQWU NC FKTGEVKQPFG rTBhGKUUPGT2?
CNQTU GP EQWTU FG RWDNKECVKQP? EQOOG FGANC ITCPFG ,FKVKQP F,HKPKVKXG CBA1CNIT, NMG[VT.OG
FKHHKEWNV, FG EG VTCXCKN? NGU ITCPFURQ-OGUFG"4NFGTNKP QPV ,V, VTCFWKVU RNWUKGWTU HQKUGP
HTCP+CKU? PQVCOOGPV RCT yWUVCXG 7QWF C? CLQWVG@V@KNB 8QPV UKIPCN,UNMQWXTCIG FG 5KGTTG
hGTVCW[? j4.&’4.+0: 70’ $+1)4#2*+’ +06,4+’74’ *Q‘X\2 GVWPG ,VWFGFMoTPGUV9QPPGNCV *Q‘Z_2B
0G VTCXCKN ,FKVQTKCNUWT NGU GWXTGU FG "4NFGTNKP PG UMGUVRCU CTT.V,’ NM,FKVKQP FG 8VWVVICTV UWT
NCSWGNNG UMCRRWKG NG XQNWOG FGU A784’5 FG "4NFGTNKP FCPU NC u.,+#&’ GP Q‘\^ UQWU NC FKTGEVKQP
FG 5JKNKRRG .CEEQVVGV *SWK EQPUGTXG P,CPOQKPUNGRNCPFGNM,FKVKQP"GNNKPITCVJ2B *N\C GW
GPUWKVG? CXQPU@PQWUFKV? NM,FKVKQP FG rTCPEHQTV FG kBoB 8CVVNGT *Q‘^[@VNNX2B :PG PQWXGNNG
R,TKQFGFGVTCFWEVKQPHTCP+CKUG *’ RCTVKT FGUCPP,GU Q‘‘N? CXGE PQVCOOGPV NG VTCXCKNFG.B5B
0GH-DXTG2 UGODNG UG T,H,TGTFCXCPVCIG’ NM,FKVKQP"CPUGT *X XQNWOGU2 UQWUNCFKTGEVKQPFG
1KEJCGN/PCWRR?SWKUWKVNM,FKVKQPFG rTCPEHQTVB
V"4NFGTNKP? j{***BRB_Z[B
X iHB 0G VCDNGCWEJTQPQNQIKSWG FG 1B /PCWRRKP j{ ***B RB_Z[a’ EGVVG FCVG PC0VNGRQ-OG TKO,
‘+16+/#Bl0641&7%6+10 QX
QGV CKVTGXW NCHGOOG SWMKN CKOCKV UWTUQP NKV FG OQTVBoVKNGUV XTCKSWG "4NFGTNKP
SWKVVG NC OCKUQP 1G\GT Q5 KN ,VCKV RT,EGRVGWT’hQTFGCW[ GP OCK Q_NV CRT-U
UM.VTGHCKV ,VCDNKTWPRCUUGRQTVFG hQTFGCW[’8VTCUDQWTI *NG QNOCK2B
kGVQWVGHC+QP? NGUCPPKXGTUCKTGUGPI,P,TCN? PQWU GPVGPFQPUNGU
CPPKXGTUCKTGUFGPCKUUCPEG? UQPV GP gNNGOCIPG? FG PQU LQWTU GPEQTG? VT-U
VTGURGEV,UB 2QWUGPGUSWKUUGTKQPUWPG G[RNKECVKQP CNNCPV FCPU NG UGPU FG PQVTG
VTCXCKNa 0MKORT,IPCVKQPEJT,VKGPPG RTQVGUVCPVG FG NC EWNVWTG CNNGOCPFG CWTCKV
COGP,’ VTCPUH,TGT UWTNGTGURGEV FW VGORUKPUVKVW, FCPU NGUECNGPFTKGTU ,ETKVUGV
PQP ,ETKVU *NGUT\VJOGU PCVWTGNU2 WP TGURGEV FG NMKPUVKVWVKQPTGNKIKGWUG SWK GP
rTCPEG ECVJQNKSWG RCTG[GORNG RQWXCKV UG OCPKHGUVGT RNWU’ NMG[V,TKGWT FCPU WP
VGORUOQKPUO\UVKSWGOGPV KPV,TKQTKU, +064# /7415 FG NMKPFKXKFW? RNWUGP
EQOOWPKECVKQPUQEKCNGOGPVO\UVKSWG ’;64# /7415 CXGENMoINKUGBgKPUK? "4NFGTNK P
,ETKV@KN NG XN F,EGODTG Q^‘_ WP RQ-OG RQWT NGU ^X CPUFGUCITCPF@O-TG "G\P
A"4NFGTNKP OQWTTC’ NM(IG FG ^X CPU GV NG OKVCP FG UC XKG?X\ CPU?(IG CWSWGN KN
TGPVTG QHHKEKGNNGOGPV GP AHQNKGC GV FCPU NC VQWT FW OGPWKUKGT @KOOGT? GUVNG
O.OGSWGEGNWKCWSWGNGUVOQTVUQPR-TGB?GVGP Q_NVHKNGUVCNQTU’hQTFGCW[ @?
KN PM\C RCUSWG 8WUGVVG yQPVCTF SWK OGWTV? OCKU CWUUKUCITCPF@O-TG "G\P
SWGNSWGU OQKUCWRCTCXCPV? NG QZ H,XTKGT’ 27TVKPIGPB0C PQWXGNNGFWF,E-UFGUC
XITCPF@O-TG TG+WG’hQTFGCW[GUV CEEWGKNNKGFCPU WPG ITCPFG FKIPKV,B 8K 8EJKNNGT
CRQWT "4NFGTNKP NMKORQTVCPEGSWG NWK FQPPG NC VJ-UG FG .GCP 0CRNCPEJG? KN
HCWFTCCWUUKTGOCTSWGTNCFCVGFGUCOQTV?NG‘OCK Q_N[B
Z0C ITCPF@O-TG FW E3V, OCVGTPGN FG "4NFGTNKP? u(#44’4+0?ARCUVGWTCW
Q hGTVCW[? 5KGTTGB j4.&’4.+0 17 .’ 6’/25 &H70 21-6’= 5CTKUayCNNKOCTF?Q‘_XB RRBVXN@V[\a JhQTFGCW[KB
2QWU PQWUT,H,TQPU’ EGV QWXTCIGRNWUT,EGPV FGUVKP, CW ITCPF RWDNKE FG 5KGTTG hGTVCW[?
TGRTGPCPV UC VJ-UG GV UC RTQITGUUKQP FGRWKUBiMGUV’ NC VJ-UG FG 5KGTTG hGTVCW[SWG UG T,H-TG
.GCP0CRNCPEJG FCPU j32 *EHB UC DKDNKQITCRJKG2a j4.&’4.+0=b55#+&’$+1)4#2*+’ +06,4+’74’B 5CTKU a
"CEJGVVG?Q‘X\B
V 2QWU CXQPU F,L’ RW EQPUVCVGTSWG PQU COK*G2 CNNGOCPF*G2UQWDNKGPV OQKPU PQVTGCPPKXGTUCKTG
SWG PQU COK*G2UHTCP+CKU*GU2 GV SWG PQWUNGNGWTBoVTCRRGNQPU SWMCXCPV NC EJWVG FW OWT FG
hGTNKP? WP CPPKXGTUCKTG FCPU NC HCOKNNG FG NM4WGUV RQWXCKV EQPUVKVWGTWPOQVKH XCNCDNG RQWTW P
EKVQ\GPFGNC7BkBgBFMQDVGPKTWPG RGTOKUUKQPG[EGRVKQPPGNNGFGUQTVKGRQWTCNNGT’NM4WGUVB
5KGTTG hGTVCW[ TCRRQTVG ASWG LWUSWM’ UC OQTV GP Q_XQ *FQW]GCPU CXCPV "4NFGTNKP2? "GIGN C
EJCSWGCPP,GE,N,DT, FCPU NMKPVKOKV, NMCPPKXGTUCKTGFG"4NFGTNKPa RTGWXG UMKN GP HWVSWG
NMCOKVK,PM,VCKVRCU ,VGKPVGBC*Pj4.&’4.+0 17 .’ 6’/25&H70 21-6’=4RBEKVBRBX[[B
X iHBhGTVCW[?5B j4.&’4.+0 17 .’ 6’/25&H70 21-6’=4RBEKVBRRBVX[@VX\B
Z 8Vg? ;**B ‘1-7/’06’ *G RCTVKG Q^^N@Q^‘X RCT gFQNH hGEMB 8VWVVICTVa =B /QJNJCOOGT ;GTNCI?
Q‘\_a gWOQOGPV FG NC PCKUUCPEG FG "4NFGTNKPGVFGUGU HT-TGUGVUGWTU? RT,EKU,OGPVAEHB
FQEWOGPVP9‘? RRBV^_@V^‘B’ NC PCKUUCPEGFGNCFGOK@UGWT FG "4NFGTNKP GP Q^^[ gPCUVCUKC?
iCTQNKPC?kQTQVJGC *P,GNG Q_ CQ6V? F,E,F,GNG Q‘ F,EGODTG2?’ EGNNG GP Q^^\ FG UQP FGOK@
HT-TG iCTN iJTKUVQRJ rTKGFGTKEJ?’ EGNNG GP Q^^_ FG rTKGFGTKMC7QUKPC iJTKUVKCPC *P,GNG QV
PQXGODTG? F,E,F,GNG VN F,EGODTG Q^_X2? NC ITCPF@O-TG "G\P CRRCTC0VRCTOK NGU u#64+0+ UQWU
NMCRRGNNCVKQPA5HCTTGTKP "G\PKPXQP iNGGDTQPP CB oNNGCRRCTCKUUCKV CW DCRV.OG FG "4NFGTNKP
NG VQ OCTU Q^^N RCTOK NGU y’56’5 EQOOGA,RQWUG FGBCaA"B n1*#0 gPFTGCU"G\P 5HCTTGTKPQZ x175.’ x1.’+. &’j4.&’4.+0
QH,OKPKPC NKVV,TCNGOGPV? FG UQPA,VCVC RCTEG SWG ,RQWUG FMWP RCUVGWT? .QJCPPC
7QUKPC "G\P?P,G8WVQT? TGPXQKG’NCRGVKVGGPHCPEG FG"4NFGTNKP?’EGVVGVGTTKDNG
AXCNUGC FGUOQTVU GV FGUXKXCPVU SWKNMCRGWRN,G? EGNNG FGURGVKVGUUGWTU *GV FMWP
HT-TGAgPQP\OWUC2 GP RNWUFGNCOQTV FW R-TG GV FW DGCW@R-TGaoP Q^^V GP
VNMGURCEG FG VTQKUOQKU? KN PM\C RCU CNQTU PQP RNWUSWG NG R-TG FG "4NFGTNKP
GPHCPVSWK OGWTVb NC O-TG FW RQ-VG XQKV CWUUKNGUKGP OQWTKTCRT-UNCOQTVFG
UQPRTGOKGT OCTK *RNWU (I, SWMGNNG FG FQW]GCPU? GV VCPFKU SWGUCRTQRTG O-TG
RGTF NG UKGPH KN\C N’ EQOOGWPG OKUG GP CD\OG2 GV NMCEEQWEJGOGPV FG UQ P
VTQKUK-OG GPHCPVB 8C DGNNG@UGWT? NC VCPVG *GV OCTTCKPG FG "4NFGTNKP2 FG
X Z0QJGPUEJKQNF?XGWXG *FMWPRTQHGUUGWTFMJKUVQKTGGVFGFTQKVFG97DKPIGP?FQPE
u41(’5514+02? UCPU GPHCPV? UMKPUVCNNG CW HQ\GT FG UQPHT-TG F,E,F,B 0C ITCPF@O-TG
j’<0+0 XKVCWUUK GP ITCPFG RCTVKG CWRT-UFGUCHKNNGB 0C RT,UGPEG H,OKPKPG GUV
RT,RQPF,TCPVGFCPUNMGPHCPEG FG "4NFGTNKP? GV GNNGGUV RTQHQPF,OGPV NK,GCW
FGWKN? CNQTU SWGNCXKG PMCTT.VG RCU *OKUG CW OQPFG FG NMGPHCPV ARQUVJWOGC?
UQKP GV ,FWECVKQP FGU CWVTGU? EG SWK F,VGTOKPGGPRCTVKG NG UGEQPF OCTKCIGGVEB2B
0C OQTVCNKV, KPHCPVKNG CXCKV DGCW .VTGEQWTCPVG’ NC HKP FW >;***G UK-ENG? NC
UWEEGUUKQP TCRKFG FG EGU XKGUFGXGPCPVOQTVU TGORNCE,GU RCTFGPQWXGNNGUXKGU
PMGPCRCU OQKPU G[KUV, FCPU NMG[R,TKGPEG GPHCPVKPG FG "4NFGTNKPBoNNG TGPXQKG
iNGGDTQPP #875 ANGITCPF@R-TG FQPE GV RCTTCKPFG"4NFGTNKP? RCUVGWTB %7/ 7;= rTB n1*#00#
w15+0#: #8+#BCAkQEBQ?RBV\QB2QVQPUCWRCUUCIGSWGFCPUNGUTGIKUVTGUFM,INKUGU?NGVGTOGNCVKP
#875D#8+# EQTTGURQPF FCXCPVCIG ’A gJP C? GP CNNGOCPF ANMC1GWN C? NGU OQVU
AyTQ<XCVGTIyTQ<OWVVGTC,VCPVCRRCTWU RNWU VCTFKXGOGPVFCPUNCNCPIWG? HQTO,UUWT NG
HTCP+CKUAITCPF@R-TGIITCPF@O-TGC*GORTWPVCWVQWTFG QZNN2B
Q iMGUV WP HCKV EWNVWTGN GP gNNGOCIPGa NM,RQWUG RQTVG CW H,OKPKP NG VKVTGJQPQTKHKSWG SWG RGWV
TGX.VKTNCHQPEVKQPFGUQP OCTK? O.OG GPEQTG T,EGOOGPV FCPU NG ECURCT G[GORNG FMWP VKVTG
CECF,OKSWG EQOOG AFQEVGWTC FG NM:PKXGTUKV,? NM,RQWUG RGWV UMCRRGNGT ArTCW kQMVQT
8QWPFUQA1CFCOG kQEVGWT:PVGNB CB
V 0G R-TG FG .QJCPP iJTKUVKCP rTKGFTKEJ "4NFGTNKP *VN OCTU Q^^N @^ LWKP Q_ZX2? "GKPTKEJ
rTKGFTKEJ"4NFGTNKP *V[BQBQ^X\H[B^BQ^^V2?OGWTVDTWUSWGOGPVNG[LWKNNGVbNG Q[ CQ6V?NCO-TG
FG "4NFGTNKP? .QJCPPC iJTKUVKCPC "4NFGTNKP P,G"G\P *Q^Z_@Q_V_2? OGVCWOQPFGW P
VTQKUK-OG GPHCPV? 1CTKC oNGQPQTC "GKPTKMG? NC RGVKVG UGWT A7KMG C? TGUV,GGPXKGb NG ITCPF@
R-TG "G\P *NMWP FGURCTTCKPU CW DCRV.OG FG "4NFGTNKP2 OGWTV NG V[ UGRVGODTGA0MCTTK-TG
ITCPF@O-TG?OCTTCKPGFG"4NFGTNKP?.QJCPPC.WFKVJC8WVQT?GUV ,ICNGOGPVF,E,F,GGP Q^^VBB
X 1CTKC oNKUCDGVJFG0QJGPUEJKQNF? UQGWTFWR-TG? RNWU (I,GSWG NWKBkMCRT-UNGFGOK@HT-TG FG
"4NFGTNKP? /CTN yQEM? GNNG FGXKPV RQWTUCDGNNG@UGWT RNWULGWPG FG SWKP]G CPUWPG ACOKG
OCVGTPGNNG CBg UC OQTVGP Q^^^? rTKGFTKEJ GV UC UGWT "GKPTKMG UQPV RCTOK UGUJ,TKVKGTUBkW
E3V, RCVGTPGN? "4NFGTNKP J,TKVGCWUUK RQWTWPVKGTU FG UC RNWU LGWPGUGWT F,E,F,G.QJCPPC
iJTKUVKCPC rTKFGTKEC *Q^^Q@Q^^[2?FQPV KN HCWV TGOCTSWGTSWMGNNG RQTVG G[CEVGOGPV? CW H,OKPKP?
NGUO.OGURT,PQOUSWGNGRQ-VGB
Z iHBhGEM? 0kQVA"4NFGTNKP GP VCPV SWMJ,TKVKGT FG UC VCPVG kG0QJGPUEJKQNFC KP fx6] ;**?QB
RBV‘^a 1CTKC oNKUCDGVJXQP 0QJGPUEJKQNF *‘BQVB Q^XVHQQB [B Q^^^2? UGWT C0P,GFWR-TG FG
"4NFGTNKP? UG OCTKG GP Q^[Q CXGE 4VVQ iJTKUVKCP FG 0QJGPUEJKQNF FG 97DKPIGP *Q^VN@Q^\Q2B
kMQTKIKPG FCPQKUG? HKNUFMWP EQPUGKNNGT FMoVCVFG/KGN? EGNWK@EK FGXKPV RTQHGUUGWTFMJKUVQKTG *GV
FG FTQKVH NMCNNGOCPF FKVEQPHQTO,OGPV’ NC T,CNKV, JKUVQTKSWGaAFGUFTQKVU C2’ 97DKPIGP GP
Q^[NBl0641&7%6+10 Q[
CWUUK GP ECUECFGH VGNNG WPG F,ENKPCKUQPH’ FMCWVTGU ATCRRGNUC FCPU NMJKUVQKTG
WNV,TKGWTG FW RQ-VG? RCT G[GORNG NC OQTV FG 7QUKPG 8V)WFNKP GP Q^‘[? HKCPE,GFG
NMCOK 2GWHHGT? RWKUNGUWKEKFG FG 8V)WFNKP FCPUNG7JKPGP Q^‘\? CNQTU SWMWPG
FGOK@UGWT FW RQ-VG .QJCPP iJTKUVKCP rTKGFTKEJ "4NFGTNKP? P,GGP Q^^_ GV
PQOO,G rTKGFGTKMG 7QUKPC iJTKUVKCPC ,VCKV F,E,F,GGP Q^_XB 0C OQTV FG
kKQVKOC FCPUNGTQOCP ,N,IKCSWG j<2,4+10 RWKU FCPUNCT,CNKV, CTTKXGEQOOG WPG
AEQPU,ETCVKQPC? UQKV WPG EQPFGPUCVKQPFGVGORU? WP AVTCXCKNC FG DKGPFGU
FGWKNUb PMQWDNKQPURCU NC T,UQPCPEG VGTTKDNGOGPVCODKXCNGPVG SWG RQWTTCKV
RTGPFTG? XWG UQWU EGVCPING? NC HKPFWTQOCP j<2,4+10 W A 0)%*56’05 /’*4 >: ANC
RTQEJCKPGHQKU? ALMGP FKTCKB RNWU CB 6WCPVCWVG[VG l0.+’$.+%*’4 ^.)7’?:AoPDNGW
QCFQTCDNGDC? KN UMCEJ-XG RCT EGUOQVU a p’$’0 +56 y1&: 70& y1& +56#7%* ’+0 p’$’0:
VA;KXTG GUVWPG OQTV? GV NC OQTV GNNGCWUUKGUV WPGXKG C? VTCFWKV gPFT, FW
XhQWEJGVBiGV\RG FG VTCWOC FCPU NG VGORU? SWK PMGUVRCU T,UGTX,’ "4NFGTNKP?
OCKU EQPEGTPG NM.VTGJWOCKP WPKXGTUGNGVVQWVKPFKXKFWUGNQPNCT,EGRVKQP FCPU
UQP (OG FMWP VGNVTCWOC? PG RGWVRCU .VTGVTCKV, RCTNGUGWNVTCXCKN FG NC
EQPUEKGPEGb KN HCWVWPG CRRTQEJG VTCPUEGPFCPVCNG FG NMQTFTGFWHCPVCUOGa 0C
RU\EJCPCN\UG? SWG F,EQWXTG rTGWF GP TGPQP+CPV ’ UC 0’7416+%#: QTICPKUG WPG
O,VJQFGSWKEQPUVKVWGWPG CRRTQEJGRQUUKDNGB
1CKU KN\C RNWU GPEQTGB "4NFGTNKPVTCPUH-TG UWTNMCWVTGFCPUNGVGORU? WP*G2
CWVTG UKPIWNKGT@RNWTKGN’ NC VTCPUEGPFCPVG CFTGUUG? GV EGNCP,EGUUKVGTCKVWPQWVKN
ZFMWPG CWVTG CORNGWTCPCN\VKSWGa 0CA VJ,QTKG FG NC U,FWEVKQPI,P,TCNKU,G C FG
.GCP0CRNCPEJG FCPU NC UWKVGFGUQP GWXTG PQWU RCTC0VXGPKTUQWUNCOCKP
Q *Pa "4NFGTNKPB j{*B RB‘N‘B 2QVQPUCWRCUUCIGGVGPTGICTFEJG] NG RU\EJCPCN\UVG SWKCNGRNWU
GPVTGRTKU LWUSWG N’ FG UG RGPEJGT UWTNG AECUC FG "4NFGTNKP? .GCP 0CRNCPEJG? NG VKVTG FG
NMQWXTCIGOCTSWCPV NC UGEQPFG ,VCRG KORQTVCPVGFGNM,XQNWVKQP FG UC RGPU,G a {+’ ’6 /146 ’0
25<%*#0#.<5’: GV UC EQPENWUKQPaA gDUGPVGFGVQWVKPEQPUEKGPV? EQOOG FG VQWV DQWSWGVNCTQUG?
NC OQTV UM\TGVTQWXG RGWV@.VTGEQOOG NQIKSWG NC RNWUTCFKECNGOCKUCWUUK NC RNWU UV,TKNGB 1CKU
EMGUV NC XKGSWK ETKUVCNNKUG NGU RTGOKGTU QDLGVU Q5 UMCVVCEJGNGF,UKT CXCPV SWG PG UM\CEETQEJG NC
RGPU,GBC0CRNCPEJG?.B{+’ ’6 /146 ’0 25<%*#0#.<5’=5CTKUarNCOOCTKQP?Q‘^NBRBQ‘XB
V*Pa"4NFGTNKPB u.,+#&’BRB‘ZQB
X iMGUV RCTTCRRQTV’ EGVVG EQPUVCVCVKQP NQTU FG PQVTG TGEJGTEJGRU\EJCPCN\VKSWG UWT"4NFGTNKP SWG
PQWUCXQPU RCTVKEKR, CW U,OKPCKTGFG gPFT, 1KEJGNU A5T,UGPVCVKQPENKPKSWGB 5U\EJQUGGV
VGORUC’ NMJ3RKVCN 8CKPVG@gPPG? 5CTKU? QTICPKU, CXGENGEQPEQWTU FG A0MGURCEG CPCN\VKSWG C?
VNNXB
Z 2QVTGVGTTCKPVJ,QTKSWG GUVNMGWXTG RU\EJCPCN\VKSWG H +0#%*’8,’: PQP UGWNGOGPV FCPU NC XKG? OCKU
RCT F,HKPKVKQP F\PCOKSWG KPVTKPU-SWGH FG .GCP0CRNCPEJG? SWK UG TCUUGODNGGPUQP OQOGPV
PQFCN FG NC 6*,14+’ &’ .# 5,&7%6+10 ),0,4#.+5,’ RQU,GAQHHKEKGNNGOGPVC GP Q‘_^ FCPU NGU r178’#7;
(10&’/’065 2174 .# 25<%*#0#.<5’ A0CRNCPEJG? .GCPB r178’#7;(10&’/’065 2174 .# 25<%*#0#.<5’: .#
-TG5,&7%6+10 14+)+0#+4’ *r(22= 5CTKUa 6WCFTKIGI5:r? Q‘‘Z *Q ,FKVKQP5:r? Q‘_^2B: GV FQPV NG
EQTT,NCVGUV WPG 6*,14+’&’.#64#&7%6+10 W RQWTPQWU? EGNNG FMWPGVQRKSWG *FWAOQK C2? Q5 PQWU
F,DCVVQPU FG NC 37’56+10&’.HA&+2’B 8K NC VJ,QTKUCVKQP NCRNCPEJKGPPGTGRT,UGPVG’ PQU\GW[W P
4’37+5+6 RQWTPQWUCRRTQEJGT +0&+4’%6’/’06 FG "4NFGTNKP? EMGUV’ PQVTG VJ-UG SWMKN KPEQODG
LWUVGOGPV FG NG F,OQPVTGT a p#6*,14+’ &’ .# 5,&7%6+10 ),0,4#.+5,’ FG .GCP0CRNCPEJG GUV? UGNQP
PQWU?NC UWKVG +052+4,’FG j4.&’4.+0 ’6 .# 37’56+10 &7 2-4’=Q\ x175.’ x1.’+. &’j4.&’4.+0
EQOOG EGVQWVKN EQPU,SWGPV’,RTQWXGTGPRU\EJCPCN\UGBgWHKN FG PQVTG VTCXCKN
GP GHHGV? NC UKVWCVKQPFKUU\O,VTKSWG QTKIKPCKTG? TGNGX,GRCT EGVVGVJ,QTKG? GPVTG
NMCFWNVG RQWTXW FMWP KPEQPUEKGPV?,OGVVGWT FG AOGUUCIGU ,PKIOCVKSWGUC GV
NMGPHCPVVTCFWEVGWT? XC UG T,X,NGT EQOOG ,VCPV EGNNG? RTQHQPFG? FMWPG TGOKUGGP
SWGUVKQPFWEQORNG[GFMFFKRGNWK@O.OGB
iCT FGTTK-TG NGAF,VCKNC FG NCITCPF@O-TG "G\P? u(#44’4+0: EMGUV’FKTG CXCPV? KN
\C EG SWMGNNG UKIPKHKGFCPU NG PCTEKUUKUOG FG "4NFGTNKP?’ E3V, FW UQWXGPKT
KORQTVCPV SWG "4NFGTNKP GPHCPV ACKOCKV’ GPVGPFTG UC ITCPF@O-TG GV UC VCPVG
QRCTNGT FG C UQPR-TG? OQTV SWCPF KN CXCKV FGW[ CPUa NC RWKUUCPVG CUEGPFCPEG
OCVGTPGNNGGPHQWKG FG EGVVG ACTKUVQETCVKGC RCUVQTCNG UQWCDG? FCPU NCSWGNNG NG
RTGOKGT OCTK FG .QJCPPC iJTKUVKCPC? P,G"G\P? NC O-TG FG "4NFGTNKP? PG XKGPV
SWG UMKPUETKTG WP RGW AHWTVKXGOGPVC FCPU EG VGORU FMWPG HKNKCVKQP TGNKIKGWUG
OCVGTPGNNG XKECTK,GFGNCO.OG OCPK-TG SWGEGNNGACPCNQIKSWGOGPVa 2QWU
VTCPUH,TQPU’ XQN FMQKUGCWRCT@FGUUWU SWGNSWGUUK-ENGU WP RTQEGUUWUEWNVWTGN
CRRTQEJ, GP FKCEJTQPKGFCPUWPG NGEVWTGUVTWEVWTCNG *U\PEJTQPKSWGIJQTU VGORU2
FMWP RJ,PQO-PG CPVJTQRQNQIKSWGBD FQPVNGU JQOOGU RCUUGPV EJG] NGU
VHGOOGU FCPU EGVVG UQTVGFM0NQVEWNVWTGN FGU r# FG iJKPGB 0G R-TG FG "4NFGTNKP?
"GKPTKEJ rTKGFTKEJ "4NFGTNKP? GP FGJQTUFGNMKPV,T.VHQTVGOGPV TGJCWUU, RCTWPG
NGEVWTG NCECPKGPPG E3V,AR-TG C? 8’4575 AOCWXCKUG O-TGC KORT,IP,GFW
AOCWXCKU QDLGVCMNGKPKGP?PMGUVARCUG[CEVGOGPVWPRCUVGWT?OCKUVQWVEQOOG a
WP CFOKPKUVTCVGWT FG DKGPUEQPXGPVWGNUC GV CFCPUUQP CUEGPFCPEG AFGU
XRCUVGWTUDKGP U6T? OCKU CWUUKFGU LWTKUVGUB 0WK@O.OG ,VCKVNKEGPEK, GP FTQKVBC A*N
HCWV TGOCTSWGT SWGUCUGWT C0P,GH NC VCPVG kG0QJGPUEJKQNF@C ,RQWU, WP
RTQHGUUGWTFMJKUVQKTG ’6 &’ &41+6BBiKVQPU hGEM UWT.QJCPPC 7QUKPC P,G8WVQT
*Q^V[@Q_NV2aA5CTUGU RCTGPVUNCO-TG FG "4NFGTNKPFGUEGPFCKVFGNMCTKUVQETCVKG
RCUVQTCNG FW =WTVGODGTIb UC ITCPF@O-TG .QJCPPC.WFKVJC 8WVQT *Q^NV@^V b
OCTTCKPG CW DCRV.OG FG "4NFGTNKP2,VCKV P,G hCTFKNK? FGUEGPFCPVGFG7GIKPC
hCTFKNK@hWTEMJCTFV *Q[‘‘@Q\\‘2? FQPV NG UCPI EQWNCKVEJG] WP CUUG] ITCPF
ZPQODTG FG RQ-VGU GV FG RGPUGWTU UQWCDGU CB 4P NC PQOOGANC O-TG URKTKVWGNNG
UQWCDGCb NGU CTDTGUI,P,CNQIKSWGU FG "4NFGTNKP? :JNCPF? 8EJGNNKPI? 14TKMG
Q hGTVCW[?5B"4NFGTNKPQWNGVGORUFMWPRQ-VGB4RBEKVBRBXQB
V "WC?iCKB z0’ 51%+,6, 5#05 2-4’ 0+ /#4+ p’5 Yr#[ &’ _*+0’B5CTKUa RWH *iQNNGEVKQPAoVJPQNQIKGU C2?
G GQ ,FKVKQP Q‘‘^? Z ,FKVKQPEQTTKI,G VNNNB
X hGTVCW[? 5B 4RB EKVB? RRBV^@V_BiHBhGEM KP fx6] ;**?Q? RBV\Xa "GKPTKEJ rTKGFTKEJ "4NFGTNK P
RTGPF NC UWEEGUUKQP FG UQP R-TG EQOOG CFOKPKUVTCVGWT FG DKGPU EQPXGPVWGNU GP Q^\VB iGNWK@
EK *Q^NX@Q^\V2 CXCKV ,ICNGOGPV WPGHQTOCVKQP CECF,OKSWG GV ,VCKV NKEGPEK, FCPU NGU FGW[
FTQKVUB8QPR-TG"CPU/QPTCF *Q\^V@Q^Q‘2 CXCKVG[GTE,NCO.OGRTQHGUUKQPVCPFKUSWGNGR-TG
FGEGFGTPKGT gNG[CPFGT *Q\X_@Q^N[2CXCKV ,V,RCUVGWTB
Z hGEM?gB8Vg?;**BQGRCTVKGBRBV\XBl0641&7%6+10 Q^
QT,X-NGPVFGU NKGPUFGNQKPVCKP EQWUKPCIGB iGVVG HKNKCVKQP TGNKIKGWUG UWTF,VGTOKP,G
RCT NG UCEGTFQEG NWVJ,TKGPGUV TGURQPUCDNG FMWPGDQPPG RCTVKG FG NC NKVV,TCVWTG
CNNGOCPFG FG NC f1’6*’=’+6:ANG VGORU FG yQGVJGC? GV FG NM,PQTOG ,NCDQTCVKQP
RJKNQUQRJKSWGFGEGVVG R,TKQFG’ NCSWGNNG RCTVKEKRG "4NFGTNKP’ WP PKXGCWFG
RTQHQPFGWT SWMQP PMCRCU HKPK FMG[RNQTGTB 0C RJKNQUQRJKG CNNGOCPFG VTCKVGGPVTG
CWVTGU RTQDN-OGU ,RKUV,OQNQIKSWGUFGNCSWGUVKQP FG NC O,VCRJ\UKSWGCW
VOQOGPV FW DCUEWNGOGPV FG NMgPEKGP 7,IKOG FCPU NC OQFGTPKV, CVJ,GUQWU NG
TQWIG UGKPI FG NC 7,XQNWVKQP HTCP+CKUGBiGNC OGVGPDTCPNGNCVGEVQPKSWG
RU\EJKSWGFGRNCSWGUKOOGPUGUFGNCEKXKNKUCVKQPFGRWKUNMgPVKSWKV,B
iGSWG PQWU NCKUUQPUUGRTQHKNGT RCTN’ FCPU NC RGTURGEVKXG JGWTKUVKSWG FG
PQVTG VJ-UG? EMGUVWPVTCPUHGTVEWNVWTGN SWMKN HCWFTCKV RQTVGT’ NC RWKUUCPEG 0: EMGUV
’ FKTG DKGP CW@FGN’ FG EG SWGRGWV GP FKTG NG FTQKVFCPU NMJKUVQKTG *NMCPEKGP FTQKV
TQOCKP? NG LWTKUVG yCKWU RCTG[GORNGSWKUMCTT.VG RQWTNCF,UKIPCVKQP FGURCTGPVU
EQNNCV,TCW[CWUK[K-OG FGIT,? GV’ RCTVKT FW UGRVK-OG? HCWVG FG VGTOGAPCVWTGN C
XTGEQWTV ’ WP U\PVCIOG ACTVKHKEKGN C 2B 0MKPVGTFKVFGNMKPEGUVG CFOKPKUVTCPV NGU
TGNCVKQPU AJWOCKPGUC UGTCKV VTCPUH,T,’ NMKOR,TCVKH OQTCN MCPVKGP? XGPW
Q iHBhGEM? l$+&B GV hGTVCW[? 5B 4RB EKVB? RRBVZ@V[B 5BhGTVCW[G[RNKSWG EQOOGPV CW UQTVKTFW8VKHV
FG 97DKPIGP? NG XKECKTG CTTKXCKV DKGP UQWXGPV EJG] WP RCUVGWTSWK RQWXCKV CXQKT WPGHKNNG ’
OCTKGTDhTGH? WP RGWEQOOG EJG] NGU RJCTCQPU FMoI\RVG *SWK? GW[?,RQWUCKGPV FKTGEVGOGPV
NGWTUGWT2 GV FCPU NG U\UV-OG FG NC TQ\CWV, GP rTCPEG ANMCPCNQIKG RNWUNQKPVCKPG FGURJCTCQPU
KEK GUV NC P3VTGB? OCKU’ WP FGIT, DKGP RNWUNQKPVCKPFGRCTGPV,? GP ,RQWUCPV ANC HKNNGGVNG
RTGUD\V-TG C? QP CTTKXCKV’AFGUT,UWNVCVUVTQWDNCPVU CB gWDQWVFGSWCVTG QW EKPS I,P,TCVKQPU?
FCPUEGOKNKGWRCUVQTCNVQWVNGOQPFG ,VCKVRNWUQWOQKPUEQWUKPFGVQWVNGOQPFGBC
V iHBkGUEKOQP? 7BA gPEKGP 7,IKOGC KP hWTIWK-TG?gPFT,*UQWUNCFKTGEVKQP FG2B ‘+%6+100#+4’ &’5
5%+’0%’5*+5614+37’5=5CTKUa 5:r? Q‘_\B RRBX[@X^a0C PQVKQPV,N,QNQIKSWG FMgPEKGP7,IKOG? FMWP
GORNQK CPCEJTQPKSWG FCPU NMJKUVQTKQITCRJKG? GUVWPG QTKIKPCNKV, HTCP+CKUG HQPF,GFCPUNC
7,XQNWVKQP? RQRWNCTKU,GFCPUNMKPVGNNKIGPVUKCRCT 9QESWGXKNNGBkMCRT-U5KGTTG iJCWPW?ANGU
T,XQNWVKQPU? HTCP+CKUG *UWTGUVKO,G2 GV KPFWUVTKGNNG *DKGP T,GNNG2? QPV EQPVTKDW,’ F,OCPVGNGT
NM3oWTQRGENCUUKSWG3BC 2QWU TGEQWTQPU’ EGVVG PQVKQPRQWTWPG CRRTQEJG’ RNWUKGWTU PKXGCW[
FQPV NM,PWO,TCVKQP KEK PG RGWV .VTGG[JCWUVKXGaQ2 "4NFGTNKP *GP UQPVGORU2 GV NC 7,XQNWVKQP
HTCP+CKUGbV2 NC T,XQNWVKQPEQRGTPKEKGPPGFGNCRJKNQUQRJKG MCPVKGPPGFCPU NMJKUVQKTG FG NC
EQPUEKGPEGQEEKFGPVCNGbX2ANC T,XQNWVKQP EQRGTPKEKGPPG KPCEJGX,GC FG NC 6*,14+’ &’ .# 5,&7%6+10
),0,4#.+5,’ NCRNCPEJKGPPGGPRU\EJCPCN\UGCRT-UEGNNGFGNCF,EQWXGTVG HTGWFKGPPGFG
NMKPEQPUEKGPVbZ2 NG EQOOGPEGOGPV RQWTPQWUFMWPGTGOKUGGPSWGUVKQP FG NMFFKRG RJCNNKSWG
FCPU NC VJ,QTKGRU\EJCPCN\VKSWG CRRNKSW,G’ NC DQTPGFGNC AiCUVTCVKQPC U\ODQNKSWG FG NC
NQIKSWG RJCNNKSWG@ECUVT, FCPU NC EWTG GV UQP G[VGPUKQPKPVTC@EWNVWTGNNG? DQTPGSWG PQWU
EJGTEJQPU’ TGPFTG RNWUOQDKNGGPNCF,XGTTQWKNNCPV FG UQPKPFG[CVKQPUGWNGOGPVRJCNNKSWG?
RNWUTGNCVKXGFCPUNGO\VJGD
X kMCRT-U5JKNKRRG 1QTGCW ,VWFKCPVNGVG[VG FW LWTKUVG yCKWU? NKXTG _ FW _1//’06#+4’’ .H,&+6
2418+0%+#.AKPayCKWU? ]&’&+%67/ 2418+0%+#.’? ***? ‘+)’56’?X_? QN?Q GVX*,FB 9JB 1QOOUGP GV 5B
/TWGIGT? _14275+74+5 %+8+.+5: *?kWDNKP@@WTKEJ?Q‘N_? RRB\VX@\VZ2Ba 8,OKPCKTG o"o88 H,XTKGT
VNNX AA0GEVWTG FG VG[VGU JKUVQTKSWGUUWT NC RCTGPV, GV NMCNNKCPEG C? 8,OKPCKTG EQNNGEVKH QTICPKU,
RCT 0CWTGPV hCTT\? .GCP@1KEJGN iCTTK, GV y,TCTF kGNKNNG?gPKVC yWGTTGCW@.CNCDGTV?rTCP+QKUG
",TKVKGTGV?CP9JQOCU’NMoEQNGFGUJCWVGU ,VWFGUGPUEKGPEGUUQEKCNGUB5CTKUaVNNV@VNNXBQ_ x175.’ x1.’+. &’j4.&’4.+0
TGFQWDNGTNMKPVGTFKVI NMKORQUUKDKNKV, FGUCXQKTRQWTNGUWLGVVTCPUEGPFCPVCN EG SWK
F,RCUUG NMG[R,TKGPEG? T,IN, UWTNMG[ENWUKQPFGNCO,VCRJ\UKSWG JQTU FW EJCOR FG
NC EQPPCKUUCPEG? EG SWG NMKF,CNKUOG CNNGOCPF EJGTEJG’ UWDXGTVKT GP U,EWNCTKUCPV
NC O,VCRJ\UKSWGakKGW HGTC RNCEGUQOOG VQWVG’ NMoURTKV FG NM"QOOGB 5QWT
WPG VGNNG UWDXGTUKQP? NG U\UV-OG J,I,NKGP TGRT,UGPVG WP CDQWVKUUGOGPVBiGV
CDQWVKUUGOGPV GUVTGRTKU FCPU NG U\UV-OG NCECPKGP’ NMGPFTQKV FW EQPEGRV@RKXQV
FW A2QO@FW@R-TG C? FQPV NC O,VCRJQTG HQPEVKQPPG UWTNGOQF-NG FG NC
QFKCNGEVKSWG J,I,NKGPPG T,EWR,TCVTKEG FWP,ICVKHFCPUWPGU\PVJ-UGUWR,TKGWTG? GV
SWKF,VGTOKPG NCAUVTWEVWTGC FWAUWLGVCb UK NGA2QO@FW@R-TGC GUVAHQTENQU C?
NCAUVTWEVWTGC GUVFKVGARU\EJQVKSWG CB 4T? KN PQWU HCWFTCCDQTFGT GP VCPIGPEG?
UCPURQWXQKT PQWUGPICIGT FCXCPVCIG ,XKFGOOGPV FCPU EGVKOOGPUGEJCOR
RJKNQUQRJKSWG FG NMKF,CNKUOG CNNGOCPF? GP SWQK"4NFGTNKPRCTVKEKRG EGTVGU’EGVVG
,NCDQTCVKQP? OCKU CWUUK ,N-XG ’ UQPGPEQPVTG WPG QDLGEVKQP ECRKVCNGBiGVVG
QDLGEVKQP RJKNQUQRJKSWG J4NFGTNKPKGPPG? FW HCKV FG UC HQTEG? QDLGEVKQP FQPV
NMGWXTGRQ,VKSWGEQPUVKVWG NC F,OQPUVTCVKQP? PMCWVQTKUG RCU FG TCPIGT? RCT
CRRNKECVKQP FG NMCRT-U@EQWR AT,VTQCEVKHC NCECPKGP? NG ECU ARU\EJQVKSWGC FG
"4NFGTNKP FCPUFGNMJ,I,NKCPKUOGKPCDQWVKB 0G NKXTG FG .GCP0CRNCPEJG? FW RQKPV
FG XWG FG UC F\PCOKSWG RU\EJCPCN\VKSWG? VQWV GP E,FCPV FCPU WPGEGTVCKPG
OGUWTG’ EG TCPIGOGPVRJKNQUQRJKSWGFMWP ,EJGE J4NFGTNKPKGP FG NC U\PVJ-UG?
PMGUV@KN RCU FMCKNNGWTURTQHQPF,OGPV JCDKV, CWUUK RCT WPGSWGUVKQP RCTCFQ[CNG
KPURKT,G’ UQPCWVGWTRCT "4NFGTNKP NWK@O.OGfiMGUVLWUVGOGPV NG 2-4’ 5</$1.+37’
FG .CESWGU 0CECP? FQPVEGVVGVJ-UG UMCRRNKSWG’ F,OQPVTGTNC (14%.75+10 FCPU NG
AECUC FG NC AUEJK]QRJT,PKGC FG "4NFGTNKP? SWK XQKV UC SWGUVKQP CW DQWVFW
VEQORVG 4178’46’ RCTNGRQ-VG : FCPU WP TGPXQK FQU’ FQUGPEQPENWUKQP FG NC
XRQ,UKG GV FG NCAUEJK]QRJT,PKG C? Q5 NG RQ-VG TGUVGRTGOKGT FCPUNM,PQPEKCVKQP ?
Q 2QWU PG RQWXKQPU RT,VGPFTG FCPU PQVTG VTCXCKN’ WPGEQPPCKUUCPEG CRRTQHQPFKG?AFG RTGOK-TG
OCKP C? FG "GIGN *RCU RNWU? FMCKNNGWTU? SWM’ EGNNG FGUCWVTGU ITCPFURJKNQUQRJGU SWG EQPXQSWG
WPGTGEJGTEJGUWT "4NFGTNKP GV UWTNCRGPU,GFG.GCP 0CRNCPEJG2a 0QTUSWG PQWURCTNQPU FG NC
AFKCNGEVKSWG J,I,NKGPPG C? PQWU NKXTQPU GP RCTVKGPQVTG G[R,TKGPEGETKVKSWG FG UQP CRRNKECVKQP
’ NC AO,VCRJQTG RCVGTPGNNGC FMQD,FKGPEG NCECPKGPPG FCPU WPGEGTVCKPG A;WNICVGC FG NC
RU\EJCPCN\UGHTCP+CKUG? CUUG]’ PQVTG KPUW FMCNQTU FCPU NC RTCVKSWG FG NC EWTG ARCT G[GORNGNC
P3VTG? FCPU UC RTGOK-TG VTCPEJG GP VQWU NGU ECUB? SWK TGHN-VG VQWVGWPG ,RQSWG FGXGPWG
,ICNGOGPVQDLGVEWNVWTGNFMCPCN\UGCWEQWTUFGEGVTCXCKNB
V iHB 0CRNCPEJG? .GCPB j32=RBQXVaA 4T NG 5Q-VG TQWXTG? KN QWXTG NC SWGUVKQPBgUUWT,OGPV? EMGUVNC
SWGUVKQP FW R-TG? FQPV KN VGPVGFGTCUUGODNGT NGUF,DTKU 3EJWUFMWP F,UCUVTG QDUEWT3a EG PMGUV
RCU N’ WP RJ,PQO-PG KPEQPPW FCPU NC UEJK]QRJT,PKGB *N TQWXTG NMCDUGPEG FW R-TGf 4WK? OCKU
EG PMGUV RCURQWTF,UKIPGTFCPU EGVVG CDUGPEG NMQTKIKPG FG UGU OCW[b EMGUVRQWTKPFKSWGTSWG
UGWNEG3F,HCWV3RGWV3NMCKFGT3B 0MCDUGPEGFMWP F,HCWV? XQKN’ EG FQPV KN UQWHHTGBiGR-TG SWK 3C
FW F,HCWV3? PMGUV@EG RCUNGR-TG OQTV QW EJ(VT, SWMWP CWVTGO\VJGFTGUUG’ NMQTKIKPG FG
NMJKUVQKTGJWOCKPG?GVSWG.CESWGU0CECPPQOOGNGR-TGU\ODQNKSWGfC
X 0CRNCPEJG? .B l$+&B RBQXXaA kCPUNGECU FG "4NFGTNKP? NC SWGUVKQPa UEJK]QRJT-PG RCTEG SWG
RQ-VGH RQ-VG RCTEGSWG UEJK]QRJT-PGf RGTF UQP UGPU UK GNNG RGWVGPCXQKT WPB 5Q-VG RCTEG
SWMKNQWXTGNCUEJK]QRJT,PKGEQOOGSWGUVKQP?KNQWXTGEGVVGSWGUVKQP RCTEGSWMKNGUVRQ-VGBCl0641&7%6+10 Q‘
VCPFKU SWGNGFGTPKGT OQVGUV CW P,ICVKH RJQVQITCRJKSWG FMWPAUQNGKN PQKTC GP
RQKPVFMQTIWG N\TKSWG FMWPGO,VCRJQTG CUVTQPQOKSWGB 0G RU\EJCPCN\UVGNCPEG
UQP j4.&’4.+0UWTWPG QTDKVGFG/GRNGT? KEK CUUG]F,XQTCPVGFWOQK= iCT EMGUVWPG
NWVVGFGXKVGUUGa GPVTGNMQODTG EGPVTKHWIG FG NC VGTTG SWKXQWFTCKV
O,NCPEQNKSWGOGPV VQODGT UWT NG OQK? GV WP UQNGKN EGPVTKR-VG KPXGTU, GP UQP
EQPVTCKTG FMQDLGV CWVTG SWK NMGORQTVGBkCPU NMGWXTG FG .GCP 0CRNCPEJG? SWK
EQOOGPEG FG ETKVKSWGTNG 5+)0+(+#06 .#%#0+’0 UWT NG RNCPFGNCVJ,QTKG RWTG CW
QEQNNQSWGFG hQPPGXCN FG NMCWVQOPG Q‘\N? EGVVGO,VCRJQTG CUVTQPQOKSWG
VSWMCEVKQPPGNCEQWTUG FG UQP j4.&’4.+0 GUVWP +0%+2+6 FW DCNCPEGOGPV OCTSW,
Q iHB7QWFKPGUEQ?oNKUCDGVJB f,0,#.1)+’5B5CTKUarC\CTF?Q‘‘Z a
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0GDQXKEK?gPFT,yTGGP?iQPTCF 8VGKP? .GCP 0CRNCPEJG? 8GTIG0GENCKTGBgXGENCRCTVKEKRCVKQP
FG 5CWN7KEQGWT? 1CWTKEG 1GTNGCW@5QPV\? .GCP "\RRQNKVGB 8GTIG0GENCKTGG[RQUGNGECU FG
NM"QOOG’ NC NKEQTPGB *N GP HGTCWPHKNO RQWTNCV,N,XKUKQPB n’#0 p#2.#0%*’ %4+6+37’ .# 6*,14+’
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1KEJGN rQWECWNVUQWVKGPVUCVJ-UGUWTc1.+’ ’6 &,4#+510=j+561+4’ &’ .# (1.+’’ .H()’ %.#55+37’=
@ RBV^NaA rKP FG NC FGW[K-OG UEKUUKQP FW OQWXGOGPVRU\EJCPCN\VKSWG HTCP+CKUB 0C VTQKUK-OG
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NM*5g?WPCWVTG?VQWLQWTUHTGWFKGP OCKUFMQTKGPVCVKQPNCECPKGPPG?JQTU FGNCN,IKVKOKV,KR,KUVGBC
@ RBV^Q? GP LVSQaA oPVT,GGPUE-PG FG NC SWCVTK-OG I,P,TCVKQP RU\EJCPCN\VKSWG HTCP+CKUGB ‘,$76
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@ RBV\\? GP Q‘\[aA.CESWGU kGTTKFCa 3kGNCITCOOCVQNQIKG3? CTVKENG RWDNK, FCPU NC TGXWG
_4+6+37’ C? GP Q‘\\aA iQPH,TGPEG FG .CESWGU kGTTKFC’ NC 8B5B5Ba 3rTGWFGVNCUE-PG FG
NM,ETKVWTG3 CB
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RJKNQUQRJKG3BC
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QWXTCIGFGRT,UGPVCVKQPFWRU\EJCPCN\UVGEQPVGORQTCKP .GCP 0CRNCPEJGB *P 8ECTHQPG?
kQOKPKSWGB n’#0 p#2.#0%*’B 8ECTHQPG?kB n’#0 p#2.#0%*’B 4RB EKVB RRB‘@QNB 5CTOKNGU SWGNSWGU
CNNWUKQPU ’ NC DKQITCRJKG FG .GCP 0CRNCPEJG HCKVGU RCT kB 8ECTHQPG? KN GUV TCRRQTV, SWG
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NMJ,NKQEGPVTKUOGBCB Al$+&B RBQNBB gLQWVQPU SWG NMCWVGWT EN3VUCRT,UGPVCVKQPRCT WP A5QUV@
UETKRVWO C Q5 KN TGITGVVG UQP QOKUUKQPa *N PMC AIW-TG RCTN,C FW RTGOKGTNKXTG FG .GCP
0CRNCPEJG UWT"4NFGTNKP? OCKU RQWT AGPXQ\GTC UQP DTGH QWXTCIG OKUUQWUNGUKIPG FG NC
AO,VCRJQTGCUVTQPQOKSWGC EJG] NG RU\EJCPCN\UVG? KN PG RGWVRCU UG RCUUGT FG NC %1&# FW
HNGWXG J4NFGTNKPKGPSWK AEQWNGXGTUUCUQWTEG C? CXCPVFGTCRRGNGTNMKOCIGFW AUQNGKN PQKT C
EQPENWCPV NG j4.&’4.+0 FG .GCP 0CRNCPEJG? RCT TCRRQTVCW[ FGW[ HQ\GTUFGU AQTDKVGU
GNNKRVKSWGUC FG /GRNGT? NG UQNGKN?AEGPVTG ENCKT C? GV WPAFGW[K-OG EGPVTGCAQDUEWTC Al$+&B RRB
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WPGKPHNWGPEG ,XGPVWGNNG FG "4NFGTNKP LWUSWG UWTNMG[KUVGPEG FW RU\EJCPCN\UVG GV FW XKIPGTQP?
TGNGXQPU ,ICNGOGPVSWG? GPVTG Q‘[‘? FCVG FG UQWVGPCPEGFGUCVJ-UG FG O,FGEKPG j4.&’4.+0 #7
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WNV,TKGWTGOGPVEJG] EGVCWVGWT GPVTG 261.,/,+5/’ *EGPVTCVKQP PCTEKUUKSWG2 GV
Q*,.+1%’064+5/’*,PKIOGFGNMCWVTG2 W
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NC RNWOG FG EGW[ SWK CDQTFGPV NMG[KUVGPEG RQ,VKSWG FG "4NFGTNKP RGPFCPV
NGUCPP,GU Q_NN@Q_N\B iGTVCKPU CWVGWTUNGOQPVTGPVVGPVCPVFGRTQHKVGT
FGU FGTPK-TGU NWGWTU FW LQWT? FMCWVTGU RGPUGPVSWMKN F,ETKV EG ET,RWUEWNG?
QW GPEQTG SWGUGU ECRCEKV,URQ,VKSWGU UQPVF,EWRN,GU RCTNM,OQVKQPSWK
CEEQORCIPG EGVVGJGWTGVTCIKSWGB 2QWUNGXGTTKQPU RNWV3V? CW OQOGPV
FM.VTGCVVGKPVRCT EG E3PG FMQODTG SWG RTQLGVVG NC VGTTG? NWVVGT FG XKVGUUG
CXGENWK? PQP RCUGPHW\CPV NMQODTGOCKU GP RKSWCPV FTQKV UWTNGUQNGKNB
1CKU KN HCWFTCKV KPXGTUGT NMGPUGODNG FG EGVVGKOCIG? EQOOG HQPV NGU
VP,ICVKHURJQVQITCRJKSWGUQ5NGUQNGKNGUVWPUQNGKNPQKTBC=
rTGWF PM,VCKV RCURTGUU, CW F,RCTV FMCLWUVGT NC ARU\EJQUGC’ WPG
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RT,EQEG SWMKN PG PQOOG RCUUEJK]QRJT,PKGBrTGWF NWKT,VQTSWGCXGE FGW[
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F,OGPEG RT,EQEGb KN PM\GPC RCU? KN PM\C SWGFGNCP,XTQUG
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NC ETKVKSWGFW 5+)0+(+#06 NCECPKGP? NM(IG FG X\ CPU? WP PQODTG FMCPP,GU JCWVGOGPVUKIPKHKCPV
FCPU NC DKQITCRJKG FG "4NFGTNKPa 0G R-TG *P, GP Q^X\2 FW RQ-VG GUV OQTV’X\ CPUb "4NFGTNK P
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EQOOG PQWU CXQPU GPVGPFW.B 0CRNCPEJG NG UKIPCNGT NQTUFMWPG QW FGW[ EQOOWPKECVKQP*U2
QTCNG*U2B? RQWUU, RCT 0CECP’,VWFKGT NC O,FGEKPGAEHB 7QWFKPGUEQ?oB j+561+4’ &’ .# 25<%*#0#.<5’
’0 c4#0%’=OLVOR;LVUR= 5CTKUarC\CTF?Q‘‘ZB RBV‘‘B? NKXTG N’ CWUUKWPKPFKEG +0 24#’5’06+# FMWPG
HKNKCVKQP RNWU RTQHQPFGGVUGET-VG FG .H,%4+674’ FG NC RU\EJCPCN\UG? NC 6*,14+’: SWK UGTCKV RNWU
RJKNQUQRJKEQ@NKVV,TCKTG? VCPFKU SWG NM,VC\CIG UWTNCO,FGEKPG CRRCTC0VTCKV FCXCPVCIGFCPU
NMJKUVQKTG FG NMKPUVKVWVKQP EQOOGWPG AHCWUUGEQPPG[KQPCEQTTQDQT,GRCT NG 5</263/’ FG
NMJ\UV,TKG FCPU UC EQORNCKUCPEG UQEKCNG RQWT NG IGPTG (,/+0+0b PQWU\ TGXKGPFTQPU RCTTCRRQTV ’
rTGWFB
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p#4,81.76+10%12’40+%+’00’+0#%*’8,’: Q‘‘V2B 4RB EKVBiMGUVFCPUNGRTGOKGT VG[VGFGEGV QWXTCIG?
KPVKVWN,A5QPEVWCVKQPC ARRB ***@>>>;B? SWG .B 0CRNCPEJGUKVWG NG RNWU HQTVGOGPVEG
DCNCPEGOGPVVQRKSWGGPVTG 261.,/,+5/’GV %12’40+%+5/’B
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X iHB 7QWFKPGUEQ?oB "KUVQKTGFGNCRU\EJCPCN\UG GP rTCPEGBQ *Q__[@Q‘X‘2B 5CTKUarC\CTF?Q‘‘ZB
RBQV\Bl0641&7%6+10 VQ
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SWK RQWUUGNMKPXGPVGWT FG NC RU\EJCPCN\UG ’,NCDQTGT WPG VJ,QTKG FGU
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RCTCRJT,PKG AVGTOG RTQEJGRCT UCUQPQTKV, FG 3RCTCPQ1C3?GORNQ\, EQPVTG
NC AF,OGPEG RT,EQEGC FG .WPI GV NC 3UEJK]QRJT,PKG3 FG hNGWNGTB GV
Q,NCDQTGWPGFQEVTKPGRU\EJCPCN\VKSWGFGU RU\EJQUGUBC
0G AVTCKVGOGPVC RU\EJKCVTKSWG FCPUNCVJ,QTKG FG NC AHQNKGC FG "4NFGTNKP
PMGUVSWMWP F,RCTVGOGPVVT-UUWDQTFQPP,’ NMJKUVQKTG FG NMKPUVKVWVKQP FG NC
AHQNKGC UGNQP NMCRRTQEJG SWMGP HCKV CW >>G UK-ENG 1KEJGN rQWECWNV FCPU WPG
RGTURGEVKXG? GP VQWUNGU ECURQWT NC OGPVKQP HCKVG FG "4NFGTNKP RCTEGV CWVGWT?
SWG PQWU TGUUGPVQPU EQOOG 41/#06+37’/’06 TGNK,GCWUVTWEVWTCNKUOG HTCP+CKUBoV
NM,NCDQTCVKQP RU\EJCPCN\VKSWG NCECPKGPPG FMWPGVJ,QTKGUVTWEVWTCNGFGNC
ARU\EJQUGC GP ATGVQWT ’rTGWFC? EQORTQOKUG CXGENCVJ,QTKG O,FKEQ@
RU\EJKCVTKSWG? GUV WPGVGPVCVKXG FMCTTCKUQPPGOGPV RCTNG x</$1.+37’ A:P 2-4’
5</$1.+37’ KPVGTRT,V,? CXQPU@PQWUFKV? EQOOG (14%.15 FCPU NG ECU FG "4NFGTNKPB FG
EGVVG AEJQUGC FMCNNWTGKPEQOOGPUWTCDNG SWKCTTKXGFWVGORUB "4NFGTNKP?
EJGTEJGWT? CXCKV WP GURTKV FMWPGGPXGTIWTG VGNNG SWGA+CC PM,VCKV RGWV@.VTGRCU
VKPVWKVKXGOGPV RQWT NWK KPEQOOGPUWTCDNGb OCKU KN CXCKVAXWC CXGEANC TCRKFKV,
FG NMQKUGCWC A0C O,VCRJQTG FG NMQKUGCW? FQWDNCPV EGNNG FG NC EQO-VG SWG PQWU
TCRRGNQPUFG b0$.’7#&14#$.’: RGWV .VTGEJG] "4NFGTNKP EGNNG FW RNWU PQDNG FGU
TCRCEGU?ANMCKING C? CUUQEK,GRTQDCDNGOGPV’ NC HCUEKPCVKQP JKUVQTKSWG G[GTE,GRCT
ANMgKINGC 2CRQN,QP? FMCDQTF J,TKVKGT FG NC 7,XQNWVKQP HTCP+CKUG CXCPV FG
F,XQKNGTUGU CRR,VKVU KOR,TKCNKUVGUBa0COGKNNGWTGO,VJQFGRQUUKDNGSWK NWKTGUVCKV
’UWKXTG FW EQWR CXGE #&4’55’GV FCPU NCOGUWTGFGUGUAHQTEGU C? EM,VCKV NCRQ,UKGB
0CRQ,UKGGUVWPCEVGB
0GU XGTU AoVRGW FG UCXQKT? OCKU FG LQKG DGCWEQWRIoUV CW[ OQTVGNU
FQPP,GC UQPV RNCE,URCT NM,FKVKQPFG rTCPEHQTV GV RCT1KEJCGN /PCWRR’ NC HKP
FG NMGUSWKUUG A;QNQPVKGTULGTGICTFGDC? SWK RT,E-FG FCPU NG EQTRU FW VG[VG
A5QWTSWQK?QDGCW UQNGKNDCB 0M,FKVKQP FG 8VWVVICTVNGU RNCEG CXCPVA5QWTSWQK?
Q iHB7QWFKPGUEQ?oB l$+&B?RBQV^B
V 2QWU XQWNQPURCTNGT KEK FG ANMKPVWKVKQP C? CW UGPU FG A &+’ ]05%*#770)C GP CNNGOCPF? FQPV
NM,V\OQNQIKG HTCP+CKUG RCT NG NCVKP GUV CWUUKEGNNG FWATGICTF C? GV WP? XQKTGANGC EQPEGRV@ENGH
RCT NGSWGNKNHCWVRCUUGTRQWTCEE,FGT’ANMKF,CNKUOG CNNGOCPFC FCPU VQWV UQP F,RNQKGOGPV a
iMGUVRCT rKEJVGSWMQP RCUUG FG /CPV’ "GIGN? GV EMGUVN’ SWG UG UKVWGTCKGPV? GPVTG rKEJVGGV
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NMKF,CNKUOGCNNGOCPF? GV RQVGPVKGNNGOGPV’ NC U\PVJ-UG UGWNGOGPVVGTPCKTG J,I,NKGPPG? EG SWK
PQWUKORQTVGDGCWEQWR RCTTCRRQTV’ NC EQPUVTWEVKQPFWU\UV-OG NCECPKGP UQWU@VGPFWRCT NC
FKCNGEVKSWG J,I,NKGPPGB A8WT ANMKPVWKVKQPC EQOOG OCTEJG@RKGF RQWT RCUUGT FG /CPV ’
NMKF,CNKUOG CNNGOCPF RCT rKEJVG? PQWU TGOGTEKQPURQWTUQP KPFKECVKQPNGRJKNQUQRJG 1CTKCP
hGPOCPUQWT?FQPVNCTGEJGTEJGTGURGEVKXGRQTVGUWT8EJGNNKPIBBVV x175.’ x1.’+. &’j4.&’4.+0
QQDGCW UQNGKNDC? CW HTCIOGPV V‘ TGEQPUVKVW,BiGU FGW[ XGTUUQPVNCNG+QP FW
RQ-OG SWKUWKVa 0G RQ-VG PG RGWV RCUFKTG VQWVG NC LQKG RCUU,GGVNCHQTEG FG
NMCOQWT SWK NMCHHGEVG? GV KN PMCRNWU SWGNCPCVWTG EQOOG UGWN CNNQEWVCKTGb NC DKG P
CKO,GGUV CDUGPVGB 8QP UGPVKOGPV F,RCUUG FG NQKP NC TGRT,UGPVCVKQP EQPEGRVWGNNG
T,H,TGPE,G’ NMQDLGVACUVTGC? OCKU NMCTVKUVG TGVQWTPG UC RWNUKQPFCPU NG EQPVTCKTG?
KN RKXQVG UWTNC AHNGWTC FG NC TJ,VQTKSWG SWK? FMWPG NKVQVGG[VT.OG? XC UG
TGVQWTPGTEQOOG GP VJ,QNQIKG P,ICVKXG GP OGUUCIG J\RGTDQNKSWG? HQTOWN, FCPU
WP O\VJG JWOCKP CW[ FKOGPUKQPU EQUOKSWGU UQWU AHKIWTGCDUGPVGC*5B
V.CEEQVVGV2B*N GPT,UWNVG WPGHHGV FMWPGCWVTGT,CNKV,? RQ,VKSWGB0MCURGEVNCEWPCKTG?
NC DKGP CKO,GPM,VCPV RCUXTCKOGPV ,XQSW,G? RTQFWKVEGVVGGHHGEVKXKV, FW PQO FW
UQNGKN SWK VKGPV VQWV UGWN FCPU NMGURCEG@VGORU? EMGUVNGRTKPVGORUb EG ALQWT FG
OCKC PG XKGPV@KN RCUEQOOG WP EJKHHTG? WP OGUUCIG EQF, QWXTCPV EGTVGURGWV@
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FGU VGORU’ PMGPRNWUHKPKTQ5 NC RQN\U,OKGKPFWKVG UQWU U\ODQNGEQUOKSWGTGUVG
ARGW FG UCXQKTC GPXGTUA DGCWEQWR FG LQKGC FMWP CHHGEV F,DQTFCPV? NMGHHWUKQP
N\TKSWGGVUCVTCFWEVKQPVQWLQWTUGPTGUVG f
X"4NFGTNKPCNWRTQHQPF,OGPV NC _4+6+37’ &’ .# (#%7.6, &’ ,7)’4 FG /CPVB 1CKU
EGVVG ITCPFG XQKG MCPVKGPPGFGNCVTQKUK-OG _4+6+37’? NC ATGRT,UGPVCVKQPC FG
NMQDLGV GUVJ,VKSWG GP UCAHKPCNKV, UWDLGEVKXG UCPU HKPC? OCNIT, UQPF,VCEJGOGPV
FW EQPEGRV GV NC NKD,TCVKQP VTCPUEGPFCPVCNG FW UWLGV @ o#06 ’56 .’ q105’ &’ .# 0#6+10
Z#..’/#0&’CFKV "4NFGTNKP @? UWHHKV@GNNGRQWTTGPFTG EQORVG FG NMGHHGEVKXKV,? CW
UGPU FG |+4-.+%*-’+6? FG A T,CNKV,C FQPE? SWMQP ,RTQWXG FCPU NC PQOKPCVKQ P
RT,UGPVGf 4P PG TGVTQWXGRCU FCPU NC T,EGRVKQPGUVJ,VKSWG SWMQP RGWV CXQKT FG
EGVVGRCTQNG N\TKSWG NMG[R,TKGPEG FMWPG UEKUUKQP MCPVKGPPG GPVTG NG UWLGV GV NMQDLGV
SWMQPRGWVP,CPOQKPUU\PVJ,VKUGTRCTWPALWIGOGPVT,HNG[KH CB
0C RCTQNG RQ,VKSWG RTQFWKV UQPGHHGV FMCXCPV? O.OG UK NMCTVSWKUMGUV GORNQ\,
’ NC RTQH,TGT NMCVTCXCKNN,GFCPUWPCRT-UFGUQP KPURKTCVKQPBiGVACRT-UC GUVWP
OQOGPV FG NM(OG? EG PMGUV RCUWPG SWGUVKQPFGOKPWVGUQWFGNCRUFGVGORU
EQPET-VGOGPVXKUKDNGUB .WUVGOGPVEMGUV RNWV3VFGNMQTFTGFGNMKPXKUKDNG? RNWV3V
EQORCTCDNG ’ NC HC+QP FQPV CTTKXGTCKV NG VGORU? NC UWEEGUUKQP FCPU WPG
G[R,TKGPEG FG RJ\UKSWG SWCPVKSWGEJGTEJCPV’ NG F,HKPKTGPC\CPV’ HCKTG CXGE
SWGNSWGEJQUG SWK PMCRCU HQTE,OGPV WP UGPU? OCKU EGRGPFCPV KN UMGP RTQFWKV WP
[ACRT-U CB 2QWU GUUC\QPUFGPQWU TGRT,UGPVGTITQUUK-TGOGPVH VGN? FCPU NGU
Q"4NFGTNKP? x6]?**BRBXVXB
V.CEEQVVGV?5JKNKRRGB u#<5#)’5 #8’% (+)74’5 #$5’06’5=5CTKU a 04( yCNNKOCTF?Q‘^NB
X *N NC NKV G[CEVGOGPV’ =CNVGTUJCWUGP? NQTU FG UQPRTGOKGTRT,EGRVQTCV FCPU NC OCKUQP XQP/CND?
EHB j{***BRB_ZXB
Z GT"4NFGTNKP?A0GVVTG’UQPHT-TGFW Q LCPXKGT Q^‘‘CKP au.,+#&’BRB\‘NB
[ 7,EGOOGPV?AFCPU NGU UQWU@UQNU FG NMWPKXGTUKV, FG yGP-XG? FGURJ\UKEKGPU QPV F,OQPVT, SWG
PQVTG UGPU EQOOWPFGNCECWUCNKV, PG UMCRRNKSWCKV RCU’ NM,EJGNNG CVQOKSWGBgWVTGOGPVFKV? NG
VGORUPMCRCU EQWTUFCPUNGOQPFG SWCPVKSWGniQOOGPV RGWV@KN CNQTU ,OGTIGT’ PQVTGl0641&7%6+10 VX
DCPFGUFGUUKP,GU FG 1QTTKUGV yQUEKPP\? 0WEM\ 0WMG VKTCPV RNWUXKVG SWG UQP
QODTG H NMCEVGFGET,CVKQP? SWK RQWTVCPV RGWVTGRQUGTUWT WPG VT-UNQPIWG
OCVWTCVKQP? EQOOGWPOQWXGOGPV FG VTCPUOKUUKQP RNWU TCRKFG QW KPXKUKDNG
RGWV@.VTGSWG NC NWOK-TG GV SWK RGWV VT-UDKGP UG RT,UGPVGT GP UWTHCEGEQOOG
KOOQDKNG QW FCPU NC RNWU G[VT.OG P,ICVKXKV,? EG SWK PMG[KUVG RCUCNQTUSWG EGNC
GUVBiMGUV FW E3V, FMWP RCUUCIGFM,PGTIKGCRRCTGOOGPVPQP SWCPVKHKCDNG? VCPV
GNNGGUV WP GHHGV FG EQPFGPUCVKQP GV FG RTQRGPUKQP CW F,RNCEGOGPV? EGPVTKR-VG@
EGPVTKHWIGBiGV\RG FG XQNECP RQWTTCKVUMCRRGNGTPCTEKUUKUOGRWNUKQPPGNB 0GU
OQVU RQWTNGRQ-VG UQPV EQOOGNCRGKPVWTG QW NC RKGTTGRQWT NG RGKPVTG GV NG
UEWNRVGWTBkQPE EG UQPV FGUEJQUGUUQWUIGPVTG UGUOCKPUa 0M,ETKVWTG DKGP U6T
QGUVCDCKUU,GFCPU NG EQTRU AEQWEJ, RCT ,ETKV C? EMGUVWPCEVG COQWTGW[ \
EQORTKU NQTUSWG NG RQ-VGUECPFG GP OCTEJCPVB*N GUVFMCDQTFWPEJCPVGWT? GV WPG
EJCPVGWUG N\TKSWGPGRCTNG RCU? UKPQP UC XQK[ PG UQTV RCUQWVT-UOCN? NC EQNQPPG
FMCKTGUV GOR.EJ,GB 0MCTVKUCP UMQEEWRG FGU UQPU? NGUEQODKPG NGWT FQPPG HQTOG?
NG OWUKEKGP EQORQUGB 0C RGPU,GCWUUK GUVWPOCV,TKCW? KN HCWV FKTG SWGNSWG
EJQUG? RCTEG SWGNGU OQVU UQPV EGPU,UXQWNQKT FKTG SWGNSWGEJQUG? GV EMGUVWPG
VT-UITQUUGEJCTIG? &’5$6%*’5 EQOOG KN GP CTTKXGFCPUNGRQ-OG q0,/15<0’ UWT NG
FQUFWRQ-VGB 0C EQORTQOKUUKQP CXGENCRGPU,GXKGPV FG EG SWG NGU OQVUUQPV
HQTE,OGPVRQTVGWTUFGUGPU’ NMKPV,TKGWT FMWP U\UV-OG NKPIWKUVKSWGGODTC\CPV NC
RQN\U,OKGa NC AHNQTCKUQPC*^.76*’2 FG NMCTDTGFWNCPICIGB 1CKU NC RQ,UKGXKGPV
FMCXCPV EQOOG FG NM,VTCPIGTFCPUNCNCPIWGB *N\C N’ WP LGW KPVGPUGCXGE NG
VGORURCT NGSWGN QP CTTKXGCW y4#7’452+’.?ANG LGW FW FGWKNC QW
AVTCI,FKGCICEJCPV FW DQWE C? ECT NGU OQVUUGTXGPV’ G[RTKOGTNGFGWKN FGU
EJQUGUb EMGUV WPGSWGUVKQP FMACFTGUUGC FCPU NC VTCFWEVKQPB "4NFGTNKPC TGUUGPVK
NC P,EGUUKV,? CW TGUVGTGSWKUGRQWT NC (14/#6+10 *^+.&70)2 FG NM*1//’ +05647+6
V*f’.’*46’2 FG UQP ,RQSWG? FG HT,SWGPVGTVQWLQWTURNWUCXCPVNGU yTGEU RQWT
VTCFWKTGUCRTQRTG KPURKTCVKQPB j<2,4+10 17 .H’4/+6’’0 f4-%’ GUVRCTW GP Q^‘^ RQWT
NG XQNWOG RTGOKGT? GV GP Q^‘‘ RQWT NG XQNWOG UGEQPFB *N VTCXCKNNG ’ UQP
b/2,&1%.’ FGRWKU Q^‘^ *RNCP FG rTCPEHQTV2 LWUSWMGP F,EGODTG Q^‘‘ *9TQKUK-OG
XGTUKQP2BE RCTVKTFG Q_NN? XQPV XGPKT NGUVTCFWEVKQPU FG5KPFCTG GV FG 8QRJQENGB
1CKU EMGUVVQWVGNMGWXTG FG "4NFGTNKP SWKEJGTEJG ’ VTCFWKTGNCEWNVWTG
QEEKFGPVCNGOQFGTPG RCT NC HT,SWGPVCVKQPFG ANM,VTCPIGTC ITGE? FMQ5 KN UMGP
TGVQWTPGFCPUNCOQFGTPKV,BiMGUVNC yT-EGFG"4NFGTNKPB
PKXGCWfiMGUVVQWVG NC SWGUVKQPDC? CKPUK EQOOGPEG NMCTVKENG FG "GTX, 5QKTKGTKP a x%+’0%’ 9
8+’= 29QNVZ? LCPXKGT VNNXB RBXZB 2QVTG CUUQEKCVKQP FMKF,GC ,XKFGOOGPV NGU NKOKVGU FG PQVTG
KPHQTOCVKQPT,H,T,G’WPCTVKENGFGXWNICTKUCVKQPB
Q 9KVTG FMWP NKXTG FG NC RU\EJCPCN\UVG.CESWGNKPG 7QWUUGCW@kWLCTFKPB _17%*, 2#4 ,%4+6= kGNC
UKVWCVKQPRU\EJCPCN\VKSWGB5CTKUaICNKN,G?Q‘_NB
V 0C VTCFWEVKQP RCT AKPVGNNGEVWGNC UGTCKVVTQR EQPVGORQTCKPG GV UGPVKTCKV VTQR AUQPHTCP+CKUC?
,VCPV FQPP, NC VT-UITQUUGEQORTQOKUUKQPGP rTCPEGCXGENMKF,GRTQRTG CW[KPVGNNGEVWGNU
HTCP+CKUFGNCPQVKQPFMAKPVGNNGEVWGNCCWOQKPUFGRWKUNMCHHCKTG kTG\HWUBVZ x175.’ x1.’+. &’j4.&’4.+0
0GUAFGUVKPUFGNCRWNUKQPC QDUGTX,URCT rTGWF?ANG TGPXGTUGOGPVFCPUNG
EQPVTCKTGC GV ANG TGVQWTPGOGPV UWTNCRGTUQPPG RTQRTGC EQPUVKVWGPV WPG
CRRTQEJG RU\EJCPCN\VKSWGP,EGUUCKTG? CXGENGU CWVTGU AFGUVKPUC RWNUKQPPGNU
OQKPU ,XKFGPVUKEK RQWT PQWU ’ CRRNKSWGTVJ,QTKSWGOGPV SWGUQPV ANG
TGHQWNGOGPVC GV ANC UWDNKOCVKQP CB 0C yT-EG FG "4NFGTNKPGUV RWNUKQPPGNNG a
rTGWF CWPCWVGWTRT,@UQETCVKSWG GP EQOOWP OCPKHGUVG CXGE "4NFGTNKP?
oOR,FQENGBoVRQWT EG SWKGUV FWATGVQWTPGOGPV UWTNCRGTUQPPGRTQRTGC? KN \
CWTCKV FGW[ VJ,OCVKSWGU XQKUKPGUFWRQ-VG@RGPUGWTGVFW AR-TGC FG NC
RU\EJCPCN\UGa NM,NCDQTCVKQP FW EQPEGRV FW 24124’ EJG] "4NFGTNKPSWMKN HCWV
,VGPFTG CW FGUVKPEQNNGEVKH FG NMgNNGOCIPG? NCSWGNNG gNNGOCIPG GUVFMCDQTFWP
EQPEGRV NKPIWKUVKSWG? GV’ VQWVG NMJKUVQKTGQEEKFGPVCNG? AEJG] GV RCT rKEJVG EGNC
GFQPPG NCAPCVKQPCb CW >> UK-ENG? EGNC ,XQSWGTCKVO.OG’ RT,UGPV NC SWGUVKQ P
FG ANMWPKQPC GWTQR,GPPGGVFGUCSW.VG KFGPVKVCKTGFGRCT NG OQPFGBb EJG]
rTGWF? KN UMCIKV FG .H+0641&7%6+10 AHWTVKXGB &7 0#4%+55+5/’ GP RU\EJCPCN\UG? CXGEUGU
EQPUKF,TCDNGUTGVQOD,GU VJ,QTKSWGU VQWLQWTU’ XGPKT CW@FGN’ FG UQPCWVGWT? NG
EQPVTGRQKPVGUUGPVKGN’ EGVVGU\PVJ-UG FMWP QDLGV OQ1SWG VQVCN ,VCPVNMQDUEWTG? GV
CUUG] TQOCPVKSWG UQOOGVQWVG?ARWNUKQPFGOQTVCB 2QWU EQPUKF,TGTKQPUGP
GHHGV NG PCTEKUUKUOG EQOOG WP AFGUVKP FG NC RWNUKQPC? WP FGUVKP QWXGTV ’
NMCWVTGB 6WCPV’ EGV CWVTG? PQWU FQWVQPUFGNCOCLWUEWNGNCECPKGPPG *’ NMKPKVKCNG
FW r1/;&7;u-4’2 UCETCPVNG8\ODQNKSWGEQOOG ECUVTCVKQP UKIPKHKCPVG FG
NMKOCIKPCKTG? OCLWUEWNG UK #4$+64#+4’ FCPUNMJKUVQKTG FG NMQTVJQITCRJG AEQPUGTX,GG P
GgNNGOCIPG CW >;* UK-ENG *T,KPVTQFWKVG RCT 0WVJGT CW EQWTU FG UC VTCFWEVKQP FG
NC DKDNG2? CDCPFQPP,GGP rTCPEG’ NC O.OG ,RQSWGBB *N HCWV TGOGVVTG NG UQNGKN
EQRGTPKEKGPGPEKTEWNCVKQP FCPU NC ;QKG 0CEV,G? Q5 CUVTQPQOKSWGOGPVKNPMGUV
FMCKNNGWTUSWMWPGVT-UOQFGUVG ,VQKNG?OCKUUKDGNNG?^.76*’/’+0’4^.76*’0:AHNGWTFG
OGU HNGWTU C? NG UQNGKN FW RC\U PCVCN SWK PQWU VQWEJG VCPVBkCPUNMgPVKSWKV,
ITGESWG?’ NCSWGNNG UG T,H,TCKV"4NFGTNKPRQWTNM,NCDQTCVKQP FG UQPCTV RQ,VKSWG?
NG UQNGKN RQWXCKV .VTGEQPUKF,T, EQOOGWPG ARNCP-VGC? EMGUV’ FKTG AWP CUVTG
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RWKUUKQPU CRRT,JGPFGTRQWT PQWU UKVWGT JWOCKPGOGPV? XKGPV FW VGORU? UMKPUETKV
GVUGVTCFWKVFCPUNGVGORU?NGP3VTG?PQVTG 24124’ W
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DGNNG? RCTEG SWMGNNG HNGWTKV UQWU NG UQNGKNB 8QWXGPV NMGKN VTQWXG GP EGVVGXKG
FGU ET,CVWTGU SWMKN UGTCKV RNWU DGCW FG PQOOGT? GPEQTG? SWG NGU HNGWTUB
4Jn EQOOGLGNGUCKUniCT’ UCKIPGTFGUQP EQTRU? GV CW EGWT O.OG? FG
PM.VTGRNWU GPVKGT?kKGW C@V@KN RNCKUKTf 1CKU NM(OG FQKV FGOGWTGT? LG NG
ETQKU? RWTG? UKPQP? FG NC 9QWVG@5WKUUCPEG CXGEUGU CKNGU CRRTQEJGNMCKING?
CXGENCNQWCPIGFGUQP EJCPV GV NC XQK[ FG VCPV FMQKUGCW[BiMGUV NMGUUGPEG?
EMGUVNGEQTRU FG NM.VTGB .QNKTWKUUGCW? QWK? VW CU NMCKTVQWEJCPV EGRGPFCPVl0641&7%6+10 V[
SWG VW TQWNGU? ENCKT EQOOG NMGKN FG NC kKXKPKV,? RCTNC;QK[ 0CEV,GB
QiQOOGLGVGEQPPCKUnFGUNCTOGU?RQWTVCPV?UQWTFGPVFGNMGKNBC
0G LQWT RGWV UMKPXGTUGTGPPWKV FCPUNGOCV,TKGN? NC EQWNGWT? FGUOQVU
GORNQ\,U? RCTEG SWM’ NC UGEQPFG UVTQRJGXQPVXGPKTNGU r#%*6+)#..’0?ANGU
TQUUKIPQNU C? ,V\OQNQIKSWGOGPVANGUEJCPVGWUGU FG NC PWKV C? RCTEGSWG NG OQV
|100’: NG ATCXKUUGOGPV C? RGWV UMCUUQEKGT GP GURTKV’ NMG[VCUGKOCIKPCKTG FMWPG
PWKV FMCOQWTRNWV3VFCPU NG UV\NG N,IGT FMWPGEJCPUQPa 0C XQ\GNNGTQPFG?
QWXGTVGRWKUSWG DT-XG GUVRTQEJGFGU #FG r#%*6+)#..’0 XNMCNNKV,TCVKQP OWUKECNG FW
0 GUVQOPKRT,UGPVG? GV NG XKGW[ OQVRQ,VKSWG CNNGOCPF |100’/10& G[KUVG? SWK
UKIPKHKG ANG OQKU FG OCK C? NKVV,TCNGOGPV ANC NWPG *INWPCKUQP2 FG NC LQKG CB 0C
P,ICVKXKV,*FW RGWFGUCXQKTFGNCTGRT,UGPVCVKQP2 FQPV NC HNGWTFWUQNGKN TGUUQTV
GUVFGNMCTVb GNNGHCDTKSWGWPG RT,UGPEG T,GNNGCWUGPUQ5 GNNGGUV RQ,VKSWGOGPV
VJCDKV,G a {1.. {’4&+’056: &1%* &+%*6’4+5%*: :1*0’6 &’4 q’05%*#7( &+’5’4 b4&’? A7KEJG
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VTCFWEVKQPFMgPFT,FWhQWEJGVB
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FG NM,DCWEJG EQPUVKVW,GFMCRT-UNGVTCXCKN I,P,VKSWGFGU ,FKVGWTUBiGVVG UGEQPFG
UVTQRJG XKGPV EQOOG WPG T,RQPUG’ NC SWGUVKQP NCPE,GXGTUNGEKGNGVUCHNGWTB
iCT ^.76*’ANCAHNGWTC FG NMCTDTGB RGWVGPVTC0PGT RCTUCUQPQTKV, WPGCNNKV,TCVKQP
CUUQEKCVKXG EJG] NMCWFKVGWT@NGEVGWT CXGE ^.#7D^.)7’ AKNHCWVCWUUK EQORVGTCXGE
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ZRCUUCPVRCT WPG 4+/’ 517#$’ KPV,TKGWTG B: NGADNGWINMC]WTCb QP RGWVGPVGPFTG NG
EKGNGPCNNGOCPFFCPU ^.76*’AkGRNWU?NGRCRKGTFWOCPWUETKVGUVDNGWR(NGGVUQ P
[HKNKITCPGEQPVKGPVNGOQVAh0g: CIAh0o: C BB 2QVTG NGEVWTGCWFKVKXG@ PQWU
UQOOGUT,EGRVKQPPCKTG@ UMCUUQEKG CNQTUDKGP U6TCWVG[VG l0.+’$.+%*’4 ^.)7’:AoP
Q o[VTCKVFGAoPDNGW CFQTCDNGDC VTCFWKVRCT gPFT, FW hQWEJGV?OCKUPQWUCXQPU TGOKUNG VG[VG
UQWUUCHQTOG FGARTQUG C? EQOOGNGRT,UGPVGPV NGU ,FKVKQPUCNNGOCPFGU FMCWLQWTFMJWKB 4P
RGWVNKTGNCVTCFWEVKQPFG gPFT,FW hQWEJGV GPXGTUNKDTGUKPa"4NFGTNKPB u.,+#&’BRB‘ZNB
kMCRT-U1KEJCGN /PCWRR?NGVG[VGl0.+’$.+%*’4 ^.)7’?A"4NFGTNKPB j{*BRRB‘N_@‘N‘BUGTCKVP,XGTU
Q_N^IN_A"4NFGTNKPB j{***BRBX[ZBB
V kCPUNGVG[VG l0.+’$.+%*’4 ^.)7’=4RB EKVB*Pa"4NFGTNKP? j{*BRB‘N_B
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‘X‘B
Z A4P CFOGVEQOOG NKEGPEGRQ,VKSWG NC RTQPQPEKCVKQPFG 7 EQOOG +? FG ’7 EQOOG ’+: FG 4
EQOOG ’ ADBBiMGUVNC 4+/’ 517#$’BC KParQWTSWGV? .B f4#//#+4’ &’ .H#..’/#0&B 5CTKUaiNCUUKSWGU
"CEJGVVG?Q‘[VBRBV[[B
[ x6]? **? RRB\XV@\XXa kGUETKRVKQP FW OCPWUETKV"W FCPUlP P *KP@HQNKQ FG 8VWVVICTV2? UWTNGSWGNUG
VTQWXG NG HTCIOGPV V‘ FCPUNCOCTIGUWR,TKGWTG GV FCPU NC OQKVK, KPH,TKGWTGb NG HKNKITCPG
UMKPVKVWNGG[CEVGOGPVAkYih0g:= CBV\ x175.’ x1.’+. &’j4.&’4.+0
QDNGW CFQTCDNGDCBiGVVGAT,RQPUGC TGUUGODNG? FCPU NMKTT,GN FW F,UKT *OQFG FW
UWDLQPEVKHa EGNC PG RGWVRCU .VTG? GV EMGUVCWUUK FW EQWR WP UQWRKT GV WP TGITGV
FQWNQWTGW[2’ WPG j’4=’05’4)+’970): WP A,RCPEJGOGPV FW EGWTC* VGTOG FW
VTQOCPVKSWG =CEMGPTQFGT? RTGOKGT TQOCPVKUOG AFM*,PCC SWG E3VQKG
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’ EGU VQPKSWGUEJCPUQPUFG |#0&’4’4: NGUXQ\CIGWTUTQOCPVKSWGU CNNGOCPFU
X*XQ\CIGWTU ’ RKGFa "4NFGTNKP ,VCKV WP AKPVT,RKFG OCTEJGWT C? KPUKUVG5KGTTG
hGTVCW[SWK UMGUV VCPV CVVCEJ,’ OQPVTGT NMCURGEV XKIQWTGW[FG"4NFGTNKP? GV PQP
RCUEGNWKFMWPRQ-VGA,VJ,T,CGVOCNCFKH2B iGNCTGUUGODNG’WPIGUVGITCEKGW[FW
RQ-VG oKEJGPFQTHH *TQOCPVKUOG VCTFKH2B 0MCOQWTGW[ XCICDQPFG *p’5
u,4,)4+0#6+105 &’ c4#0= x6’40$#.& FG 0WFZKI 9KGEM? TQOCPVKUOG FM*,PC? RCTC0VGP
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RK,FGUVCN2B *N UG NCPIWKVFGNMQDLGVFMCOQWT SWK NWK OCPSWG? FKV@KN? RNWUSWG NMCUVTG
GVUGRTQLGVVGFCPUWPGPCVWTGEQODN,GFGNMGPHCPEGKF,CNG a
A4SWGLMCKOGTCKUOKGW[ .VTGEQOOGUQPVNGUGPHCPVU n
oVHCKTG?EQOOGNGUTQUUKIPQNU?WPEJCPVKPUQWEKCPV
kGOCH,NKEKV,nC
0M,FKVKQP j#05’4 FG 1KEJCGN /PCWRR TCO-PG GPHKP FGW[XGTUSWK UG
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RCTVKGFMCRT-UEGVVGCWVTGETKVKSWGI,P,VKSWG a
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A.QWTPCN5Q,VKSWGC FG 9KGEMB 4P RGWVNKTGFCPU NC EQTTGURQPFCPEG FG NC
RGTUQPPG SWKGUV UQPKPVGTO,FKCKTG CWRT-UFG rTB 8EJNGIGN? CWVTG KPVGTO,FKCKTG
RQWT GPVTGT GP TGNCVKQP CXGE 9KGEM? SWG "4NFGTNKP UGTCKV EQPUKF,T, FCPU UC
RCTVKEKRCVKQP ,XGPVWGNNG CW n1740#. 21,6+37’ FG 9KGEM EQOOG WP AEQNNCDQTCVGWT
[,VTCPIGT CB 0G n1740#. FG 9KGEMEGUUC TCRKFGOGPV FG RCTC0VTG GV NC VGPVCVKXG FG
"4NFGTNKP PMGWVRCU FG UWKVGa 2G UGTCKV@EG RCUNMWPG FGUTCKUQPU FG NM,VCVFG
ADTQWKNNQPC FCPU NGSWGN GUV TGUV, NG HTCIOGPV ENCUU,V‘? UWTVQWV UK QP NWK CFLQKPV
Q"4NFGTNKPB u.,+#&’=RRB‘X‘@‘ZN *9B RCT gPFT,FW hQWEJGV2B
V =CEMGPTQFGT? =KNJGNO "GKPTKEJB b((75+105&7%1’74 &H70 /1+0’ #/+&’5 #465 *Q^‘^2a 0MCTVKUVG\GUV
WPKPURKT,FG kKGW?NGNCPICIGGUVFKXKPB
X hGTVCW[?5KGTTGB j4.&’4.+0 17 .’ 6’/25&H70 21-6’=5CTKUayCNNKOCTF?Q‘_XBRBZ‘B
Z";*B*DKFBa4FC< KEJNKGDGTZ)TG? ZKG/KPFGTUKPFn
kC<KEJ?ZKG2CEJVKICNNGP?GKPUQTINQU0KGF
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:PF ZCPFGNUVFW GKPUCO
2KOOGTFTQDGP yGUVKTPf
[8Vg?**?VBRB\XVBl0641&7%6+10 V^
EQOOG NG HCKV 1KEJCGN/PCWRR NGUFGW[ XGTU UG VTQWXCPV UWTNGDTQWKNNQP FG
pH]4%*+2’. \ *N PG UGTCKV RCU G[ENW PQPRNWU SWG NG XQECDWNCKTGATQOCPVKSWGC FG
NC UGEQPFG UVTQRJG UQKV GORNQ\,? PQP UGWNGOGPV FCPUNMKPVGPVKQP FG DTKIWGT FGU
TGNCVKQPUWVKNGU CXGEANM,EQNGFG*,PC C? OCKU CWUUKCXGE WPG VT-UUWDVKNG KTQPKG
FKUVKNN,G? EQPUEKGPVG QW UWDEQPUEKGPVGGVRCT LGWNKVV,TCKTG CXGE WPG OQFG FG
NM,RQSWG? EGU ATQUUKIPQNUC HCKUCPV RCTVKG FG NMCKTFWVGORU? FG NC x6+//70)?
ANMCODKCPEGCAGPXKTQPPCPVG C? NC z/:’.6= 6WMKN PQWUUQKV RGTOKU CNQTU’ EGVVG
QQEECUKQP FG FKTG CXGEJWOQWT GV’ .# ^’#7/#4%*#+5’ NMCFTGUUG FG NC c#%7.6, W
"4NFGTNKP PMGUVRGWV@.VTGRCU UK HQWn GV GP EQPVKPWCPVPQVTG RJTCUG? UCPU CNNGT
LWUSWM’ ,RQWUGTVGNNGSWGNNG NC VJ-UG FG 5KGTTG hGTVCW[ *FG NC PQP HQNKG FG
V"4NFGTNKP2a RCU UK HQWSWMKN GP CWTCKV NMCKTSWGNSWGU UK[CPP,GU RNWU VCTF? GV
Q iHB p’ r178’#7 u’6+6 w1$’46’AHCEWNV,CaA;*o*00*0grgi:09#a NC HCEWNV, FG O,FGEKPGb NC
O,FGEKPGBA_’0H’56 ,#/#+5 5#05 64’/$.’437’ ,’ 2.#+5#06’ 70 2’7.#c#%7.6,C*hGCWOB2B
V 2WCP+QPU PQVTG RTQRQU UWTNCVJ-UG FG 5KGTTG hGTVCW[a 8GNQPNMKPVTQFWEVKQP FG .GCP 0CRNCPEJG
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EG OQWXGOGPV FG EQORT,JGPUKQP? NMCWVGWTUGJGWTVG ,XKFGOOGPV CW[RTQDN-OGUFGFCVGaC
KP j32= RB‘BiMGUVUWT EG RTQDN-OG KPU,T, FG FCVG SWG XC ALQWGTC NC VJ-UG /,&+%#.’ FG .B
0CRNCPEJGGP VTCKVCPVNGUGIOGPV DKQITCRJKSWG LTVQ;LUII FCPUNGIGPTGFGNCARCVJQITCRJKG C
KPURKT, FGUVTCXCW[FG.GCP kGNC\ UWT p#,’70’55’ &H]0&4,f+&’: 5CTKU?yCNNKOCTF?Q‘[\BiHB
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NMgECF,OKGHTCP+CKUG GV FG NMgECF,OKGFG1,FGEKPG? RTQHGUUGWT FG iNKPKSWG FGU1CNCFKGU
OGPVCNGU? SWK OMCCEEWGKNNKFCPUUQP UGTXKEG GV FQPV LMCK TG+WNGU RNWU U6TU TGR-TGUENKPKSWGUGV
VJ,QTKSWGURQWTOCRTCVKSWG FG NC RU\EJKCVTKGB *N OMCHCKV NMJQPPGWTFGOGEQPHKGTEGVVG
TGEJGTEJG? FCPU NG FQOCKPGFGNCRU\EJQDKQITCRJKGFGNM,ETKXCKP Q5 OG RT,E,FCKV NMKNNWUVTG
G[GORNG FG UQP GWXTGBC 0G OQVA OC0VTGC PMGUVRCU RTQPQPE, KEK? OCKU KN RTKOG 2#424,6,4+6+10
FG NC UWKVGFGU TGOGTEKGOGPVU CFTGUU,URCT .GCP 0CRNCPEJG’ UQPAOC0VTGGPRJKNQUQRJKG? 1B
.GCP"?5540*9oC? GV’ UQPAOC0VTG GPRU\EJCPCN\UG?1B .CESWGU0gig2C KP j32= RRB ;@
;*B 8WT 5KGTTG hGTVCW[? .GCP 0CRNCPEJG? GP HQWTPKUUCPV NMCTIWOGPVFGUQP GPVGTGURGEVKXG
FMWPGKPVTQFWEVKQP *SWCUK 21.+6+37’ UK PQWUUCXQPU NKTG2 FG UQP j4.&’4.+0 RTKPEGRU FCPU EG SWK UG
EQPUVKVWG ’ RCTVKT FG NMJ\DTKFGaANKVV,TCVWTGUQWUEQWXGTV FG NMCWVQTKV, TGFQWDN,GFGNC
1,FGEKPG *RWKUSWG.BkGNC\GUVOGODTGFGNMgECF,OKGHTCP+CKUG2@RJKNQUQRJKG@GV .#56: $76016
.’#56 RU\EJCPCN\UG CD NC 25<%*#0#.<5’(4#0+#+5’ EQOOG 5%+’0%’: RQWTUWKV *j32= RB‘2aAO.OG UMKN
A5BhGTVCW[BTGRQWUUGNCHQNKGOCPKHGUVGLWUSWMCW TGVQWTFG hQTFGCW[? KN GUVHQTE, FMCFOGVVTG
WPGR,TKQFGCUUG]NQPIWGFM3KPXCUKQP3*5BhGTVCW[?j4.&’4.+0:b55#+&’$+1)4#2*+’ +06,4+’74’:RRBQQ@
QV2? Q5 NMQP UMG[RNKSWG OCNEQOOGPV NMGWXTG RQWTTCKV ,EJCRRGT EQORN-VGOGPV ’ VQWVG
KPHNWGPEGRCVJQNQIKSWGB *N NWKHCWV ,XQSWGT? RQWTEGVVGR,TKQFGWPG UQTVGFM,XQNWVKQP
RU\EJQNQIKSWG SWK TGUUGODNGTCKV? RCT EGTVCKPU VTCKVU ’ NC HQNKG VQWV GP ,VCPV TCFKECNGOGPV
FKHH,TGPVGFMGNNGa 3iMGUV FCPUEGVVG PWKV SWG F,UQTOCKU "4NFGTNKP XC XKXTG GV UMGPHQPEGTFG
RNWUGPRNWURTQHQPF,OGPVB 2QWU PG XQWNQPU RQKPV RCT N’ HCKTG CNNWUKQP’ UC HQNKG? OCKU’ EGV
KUQNGOGPVFGNMGURTKVSWKXC .VTGNGUKGPGVSWKGUVCPV,TKGWT’UCHQNKGB3AEKVCVKQPFG5BhGTVCW[B C
kCPU UQPNKXTG FG Q‘_X? j4.&’4.+0 17 .’ 6’/25&H70 21-6’: 5KGTTG hGTVCW[ FCPU NMCXCPV@FGTPKGTEJCRKVTG
A0o858?i"*g97o8 o9"$0ko70*2*PVGTRT,VCVKQP FGUDK]CTTGTKGU FW RQ-VG C? TCRRGNNG
OKPWVKGWUGOGPVNGU HCKVUDKQITCRJKSWGUUWUEGRVKDNGU FG EQPVTGECTTGT NG AEQPUGPUWU UWT3NC
HQNKG FG "4NFGTNKP3SWK APMGUVRCU WPGRTGWXGC*A.G OG UWKU CRGT+WSWG 3VQWVNGOQPFG3
FKUCKV SWG "4NFGTNKP CXCKV ,V, HQW RQWTNCUGWNG GV WPKSWG TCKUQP SWG 3VQWVNGOQPFG3 NG
FKUCKV C? ,ETKV5BhGTVCW[BiQOOGEMGUVXTCK? CWTKQPU@PQWUGPXKGFMCLQWVGT n2B 2QWU VTQWXQPUV_ x175.’ x1.’+. &’j4.&’4.+0
O.OG CXCPV? UMKN UMCIKV FM,VWFKGTNGU RTQFTQOGUFMGPVT,GGPRU\EJQUGFGEGAECU
NKVV,TCKTGC UGNQPEGVVG HQKU NC VJ-UG FG .GCP 0CRNCPEJG UQWVGPWG GP Q‘[‘ FGXCPV
NC rCEWNV, FG 1,FGEKPG a j4.&’4.+0 #7 &,6174 &’ 5# (1.+’ ’6 &’ 510 B784’ *LTVQ;LUII1:
CXCPVEG |100’/10&?AOQKUFGOCKCQ_NN=
E RTQRQUFGU TGNCVKQPUFG"4NFGTNKP CXGENCT,CNKV, FG UQP ,RQSWG? F,VCKNNQPU
SWGNSWGRGW WP HTCIOGPV FG NMCRRTQEJG FG 5KGTTG hGTVCW[CHKP FG UKVWGTNCVJ-UG
FG EG IGTOCPKUVG? SWK EQORVGDGCWEQWRRQWT VQWV WPEQWTCPV FG NCT,EGRVKQPFG
"4NFGTNKP GV PMCRCU ,V, PQP RNWU UCPU KPHNWGPEGT CRT-UOCK Q‘\_ NMGURTKV FG
.H,&+6+10&’ c4#0%(146 FG kBoB 8CVVNGTBiGFGTPKGT? EQPVTCKTGOGPV’rBhGK<PGT? PMGUV
RCU WP WPKXGTUKVCKTGb NC RWDNKECVKQP FG NC c4#0-(746’4 ]75)#$’ RCT NC OCKUQP
FM,FKVKQP w16’4 x6’40: AoVQKNG 7QWIGC EQOOGPEG GP Q‘^[aoP Q^‘‘’
"QODWTI? "4NFGTNKP CXCKV F6 CDCPFQPPGTUQP RTQLGV FG NC TGXWG l&70#’ ECWUG
FW TGHWUFM\RCTVKEKRGTFGUAJQOOGUCXGE PQOC*FQPV yQGVJG? 8EJKNNGTSWK PG
T,RQPF RCU? 8EJGNNKPI NK, RCT iCTQNKPG CXGE NGU HT-TGU8EJNGIGN2? RCTVKEKRCVKQPSWG
QT,ENCOCKV NM,FKVGWT 8VGKPMQRHB kMCRT-U5KGTTG hGTVCW[? KN CWTCKV GW ANMKPVGPVKQ P
VFG HCKTG FGUCTGXWG WPGOCEJKPG FG IWGTTG EQPVTG NGTQOCPVKUOGPCKUUCPV C? KN C
NW NGU VTQKU RTGOKGTUPWO,TQUFGNM]6*’0#’7/ FGUHT-TGU8EJNGIGNBiGW[@EKASWK
CXCKGPV GW[CWUUK ,V, NGURTGOKGTUVGORU GPVJQWUKCUO,URCT NC 7,XQNWVKQP
HTCP+CKUG? CXCKGPV VQWTP, ECUCSWG F-USWMKNU CXCKGPV EQPUVCV, SWGNMKPEGPFKG
PMGODTCUGTCKV RCU NGU gNNGOCIPGUb SWMCW EQPVTCKTGNGU KF,GU EQPUGTXCVTKEGU\
VKGPFTCKGPV NG JCWVFWRCX,B gWUUK UMGORTGUU-TGPV@KNUFGLQWGTNCECTVG FG NC
XTGNKIKQP? FW TGVQWTCW1Q\GP PIG? FG NC UQWOKUUKQPCWRTKPEGBC 0M,EJGE FW
RTQLGV FG NC TGXWG l&70# FGOCPFG WPG CPCN\UG RNWU RTQHQPFG SWCPV ’
NMGPICIGOGPV FM,ETKXCKP FG "4NFGTNKP FCPU WPGXQKG SWKNM,ECTVG LWUVGOGPVFG
OCPK-TG F,EKUKXG FGURTGOKGTUTQOCPVKSWGU FM*,PC GV FG 8EJGNNKPI? GP NWK HCKUCPV
TGRTGPFTG NG HNCODGCW A"WOCPKV)VC FG "GTFGT? OCKU ’ WP PKXGCW RNWU
ZHQPFCOGPVCNB 0C UGEQPFG UVTQRJG FW HTCIOGPV V‘ CW[ CEEGPVUA TQOCPVKSWGU C
RQWTPQVTG RCTV EGVVG RNCKFQKTKGFGNMWP FGUCXQECVUFG .# &,(’05’ VT-UEQPXCKPECPVGBkCPU NG
FGTPKGTEJCRKVTG KPVKVWN,A0oig8"$0ko70*20CVJ,QTKG FG yTGIQT\ hCVGUQPB 0C
UEJK]QRJT,PKGPMGUVRCU WPGOCNCFKG OGPVCNGBC? 5KGTTG hGTVCW[C NMKPVWKVKQP? LWUVG’ PQVTGCXKU
*GV SWK PG UGTCKV RCU UCPU TGLQKPFTG NMKPURKTCVKQPJ4NFGTNKPKGPPGEJG] .GCP 0CRNCPEJG #24-5%172
FMWPGVJ,QTKGRCTCFQ[CNG &’ .# 5,&7%6+10 ),0,4#.+5,’2? RCT UC T,H,TGPEGA’ NC VJ,QTKG RU\EJKCVTKSWG
FWFQWDNGNKGP? EGSWMGP CPINCKU QP CRRGNNG &17$.’ $+0&C FG yB hCVGUQPFMWPGKPVGTRT,VCVKQP SWK
LGVVGTCKV AWPGNWOK-TG PQWXGNNG UWTNGU TCRRQTVU GPVTG rTKGFTKEJ GV UC O-TG? GV UWTNGWT
UKIPKHKECVKQPBC iHBhGTVCW[? 5B j4.&’4.+0 17 .’ 6’/25&H70 21-6’= 4RB EKVB RRBXZN@X_^? RBXZQ GV RB
X_VRQWTNGUEKVCVKQPUB
Q*Pa"4NFGTNKPB j{***BRB_Z_B
V hGTVCW[?5B4RBEKVBRBQ^[B
X l$+&B RBQ^XB
Z 7QIGT g\TCWNV? SWG PQWUUWKXQPU KEK? HCKV EGVVG CPCN\UG FCPU WP CTVKENG KPVKVWN,A"4NFGTNKP GV NGU
RTGOKGTU TQOCPVKSWGUB 8WTNGRTQLGV FG NC TGXWG*FWPC GP Q^‘‘C KP a w’87’ &H]..’/#)0’ ’6 &’5
2#<5 &’ .#0)7’ #..’/#0&’: A"QOOCIG ’ 5KGTTG hGTVCW[ CB 9QOG *>? 29ZZB 8VTCUDQWTI a
4EVQDTG@F,EGODTG Q‘^^BRRB[^Q@[__Bl0641&7%6+10 V‘
G[RNKSWGTCKV RGWV@.VTGNGHCKV SWGNGRQ-VG CKVRCUU, NMGPUGODNGFWHTCIOGPV RCT
RGTVGU GV RTQHKVU? VCPFKUSWG NGUXGTUTGVGPWURCT PQWU OQPVTGPV NC HQTVGAUGTTG C
FG NMCKING GP VTCKPFMGP TGUUQTVKT? NC ITKHHG RNWU UR,EKHKSWGOGPV J4NFGTNKPKGPPGB
gWUUK RQWUU,GSWG UQKV NMGPSW.VG JKUVQTKSWG? PQWU TKUSWQPUFGD(VKTWPG VJ,QTKG
UWTWPCWVGWT CW[ HTCKU FG NMKIPQTCPEG FCPU NCSWGNNG PQWUFGOGWTQPUFGNCT,GNNG
UKVWCVKQP FW RQ-VGB 9QWVG VJ,QTKG PG FGXTCKV@GNNGRCU RNWV3VUGTGEQPPC0VTG
EQOOG ,VCPVEGNNGFMWPGT,EGRVKQP f
oVFGTTK-TG PQVTGSWGUVKQP VQWEJCPV’ NC T,CNKV, JKUVQTKSWG HCEVWGNNG? NCKUUQPU
GPVGPFTGEGNNGSWMGNNG TGEQWRGGVSWMKPFKSWG FCPUNGHTCIOGPV V‘ SWKPQWU
CEEQORCIPG PQVTGARGW FG UCXQKTCa NMGODTCPEJGOGPV FMKOOGPUGUEJCORUFG
NC EQPPCKUUCPEG GPVTC0PCPVWPAOQWXGOGPV FGU KF,GUC QWXGTVCWVGORUB 2QWU
GP UKIPCNGTQPU WP RCT G[GORNG FCPU NG UGWN FQOCKPGFGNC AUEKGPEG FG NC
NKVV,TCVWTGC*p+6’4#674:+55’05%*#(62a NMKPVGTR,P,VTCVKQP FCPU NC NKVV,TCVWTG CNNGOCPFG
FG NM,RQSWGFG yQGVJG *NC f1’6*’=’+62 FW ATQOCPVKUOGC GV FW AENCUUKEKUOG C
FGRWKU NGWT VTQPE EQOOWPART,@TQOCPVKSWGC FW x674/70& ‘4#0): ,VCPV FQPP,
NMKPHNWGPEG RTQHQPFG FG EGVVG .+66,4#674’ UWTNM,ETKVWTGHTGWFKGPPG FG NC
RU\EJCPCN\UGGP .#0)7’#..’/#0&’D 0MGWXTGFG"4NFGTNKPPMGUV@GNNGRCU NG NKGW
ETWEKCNFMWPG VGNNG ATGPEQPVTGCf 0C VJ-UG FG 5KGTTG hGTVCW[? RQWT UC RCTV?’
VTCXGTUUQP KPVGTRT,VCVKQP O.OG? LCEQDKPG? FGUHCKVU? EJGTEJG ’ KPUETKTG NC
DKQITCRJKG FG "4NFGTNKPFCPU NG EJCORFGNMJKUVQKTGB 0MCRRNKECVKQPFW
UVTWEVWTCNKUOG’ NC RU\EJQNQIKG FCPU NG EJCOR FG NC RU\EJCPCN\UG VGPF’ KIPQTGT
NMJKUVQKTG CW PQOFGANMC@VGORQTCNKV,C FGURJ,PQO-PGUKPEQPUEKGPVUB :PGAC@
VGORQTCNKV,C FQPV QP RGWV UG FGOCPFGT? CW OQOGPVFGNCR,TKQFGNCECPKGPPG
FWA8\ODQNKSWGC RCUU,GNCTIGOGPV FCPUANC ;WNICVGC FG UQPCRRNKECVKQP’ NC
AEWTG C? GV NKGW Q5UG OCKPVKGPV FCPUNMJKUVQKTGKPUVKVWVKQPPGNNG FG NCRU\EJCPCN\UG
UQP ,VC\CIG UWTNCO,FGEKPG? UK GNNGPGUMGUVRCU UWDTGRVKEGOGPV EQPHQPFWG CXGE
NMKPVGORQTCNKV, FQIOCVKSWGFMWPG KF,QNQIKG EQPUGTXCVTKEGFGEGTVCKPU RQWXQKTU
QJKUVQTKSWGUBgWTGICTF FG NMJKUVQKTG SWK XC UQPEQWTU? OCKU SWG NGU JQOOGU
Q 0G NKXTGFG1KEJGN 9QTV EQPUVKVWGTCKV WPGT,EGPVGOKUG CW RQKPVFGEGVVG UKVWCVKQP? FGXGPWGUK
HTCP+CKUG JKUVQTKSWGOGPV GV RCT 0CECP? FMWP FKUEQWTU RU\EJCPCN\VKSWG XWNICTKU,? CW UGKP FMWPG
AKF,QNQIKGC QEEKFGPVCNG FQPV KN TGRT,UGPVGWPRTQVCIQPKUVGBiHB 9QTV? 1KEJGNB c+0 &7 &1)/’
2#6’40’.=5CTKUaoFKVKQPU rNCOOCTKQP?F,RCTVGOGPV gWDKGT?VNN[B
*N PQWU UGODNG? N’ Q5 PQWU GP UQOOGU RQWT PQVTG RCTV? SWG EG NKXTGUCNWVCKTG *GV CUUG] 5#.76+56’2
EQWTV NG TKUSWG P,CPOQKPU FG LGVGTWPRGW VTQR XKVGANG D,D,C? jlx APQWUUQWNKIPQPUB q#,’56<
6*’ ^#$< FW PCTEKUUKUOG *RNWV3V AUGEQPFCKTG C? UGNQPPQWU2 KPVTQFWKVRCT rTGWFGP
RU\EJCPCN\UG *RCTKPFKXKU CXGEWPAPCTEKUUKUOG RTKOCKTGC DGCWEQWRRNWUKPEGTVCKP2@ GV RQWT
SWQKHCKTGf FMCWVCPV SWG NG VG[VG EQOOGPEG’ 7QOG GP Q‘QXaA CXGE NMGCW FW DCKP C?’ UCXQKT
NG AEQORNG[G FMFFKRG FW )#4+10C GP UQP #0#61/+’ RQNKVKSWGOGPV A RQRWNCKTGC FQPV rTGWF
CWTCKV CEEQWEJ, UQWUNM>FWAFGUVKPC GP RCUVKEJCPV 2CRQN,QP TGPEQPVT, EJG] yQGVJGBiMGUV
N’ RNWURT,EKU,OGPV SWG UMQWXTG PQVTGEJCORFGTGEJGTEJG? FCPU .H#0#.<5’ +0(+0+’ HTGWFKGPPGFW
EQORNG[GFMFFKRG FW )#4+10 OQF-NG? CRRNKSW, RQWT\OGVVTGWPG (+0 AECUVTCVTKEGC KF,CNG?
VQWLQWTU UWTNGOQFGFGNCEQPVTG@,RTGWXG?’ WPG AHKNNGC SWK LWUSWG@N’ PMG[KUVG SWG FCPU
NMKOCIKPCVKQPB0MKOCIKPCVKQPFGSWKf9GNNGUGTCKVNCSWGUVKQPSWGRGTOGVFGRQUGT"4NFGTNKP?NCXN x175.’ x1.’+. &’j4.&’4.+0
HQPV? NMKPVGTRT,VCVKQPFGNC AUVTWEVWTG RU\EJQVKSWGC FG "4NFGTNKPRCT
NMCRRNKECVKQP’ UQPAECUNKVV,TCKTGC FMWPG VJ,QTKG FG NCA HQTENWUKQP FW 2QO@FW@
R-TGC O,TKVGRQWT NG OQKPU G[COGP? CW UW SWK RNWU GUVSWMWPG CRRNKECVKQP FG NC
UQTVGUGTVFGEQPVTG@,RTGWXG’ NMFFKRG HTGWFKGPUWRRQU,,EJQWGT KEKB 4P PG
RGWV RCUP,INKIGT NG EQPVG[VG JKUVQTKSWGFCPU NGSWGN NM,ETKXCKP KPVGTXKGPV RCTUC
RNWOG? UWTVQWVNQTUSWMKN XC UMCIKT CXGE "4NFGTNKPFMWPG VJ,QTKG CWUUK
HQPFCOGPVCNG FG NMJKUVQKTGFGNC 64#),&+’ JWOCKPG? SWK GUVFQPE CWUUK WPG VJ,QTKG
FG .H#46QEEKFGPVCNB*NPG HCWVFQPERCUQWDNKGTSWG"4NFGTNKPXQKVCWVQWTFG Q_NN
H GP =WTVGODGTIKNGUV CW[ RTGOK-TGUNQIGURQWTNGXQKTH NG OQPFG GWTQR,GP
DCUEWNGT CXGENGU EQPSW.VGU HTCP+CKUGUGVNGRTQLGVFG2CRQN,QP FGXGPW
GORGTGWT FG TGORNCEGT NG AXKGW[ TQ\CWOG@GORKTG *w’+%*2 CNNGOCPFC FG
iJCTNGOCIPG RCT NG UKGP FMQD,FKGPEG HTCP+CKUG? OCKU VQWLQWTUUWT NG OQF-NG
SWGUVKQPFW /<6*’ FG NMJQOOG? CWSWGN NC NQIKSWG VTCFKVKQPPGNNGRJCNNKSWG@ECUVT, UVCVWHK,G RCTNC
RU\EJCPCN\UGEQWRGEQWTVB
:P CWVTGRTQDN-OG UG RQUG?’ RTQRQU FG EG NKXTG GV FG UQP CWFKGPEGa *N G[KUVGEJG]DKGP FGU
RU\EJCPCN\UVGU? RCTVKU GP IWGTTGRCT G[GORNGEQPVTG NMCPEKGP OC0VTG? 0CECP? GV SWK PG UGTCKGPV
RCU O,EQPVGPVU FMCXQKTVTQWX, WP RTQEWTGWT? WPGVGPFCPEG’ EQODCVVTGUKRCUUKQPP,OGPV NC
ATGNKIKQPC FW 2-4’: GP F,HGPFCPVEGSWK GUV CRRCTGOOGPV NG EQTT,NCVFGEGVVG ECWUG?’ UCXQKT
NM,OCPEKRCVKQP AH,OKPKPGC’ E3V, FG NC TGEQPPCKUUCPEGRQNKVKSWGOGPV EQTTGEVG FG
NMJQOQUG[WCNKV,*RNWUOCPKHGUVG CW OCUEWNKP2 RCT NC DCPFGFGEGNNG FG NMJQOQ@RCTGPVCNKV,? SWG
NM,VGPFCTF .#0% GP FGXKGPFTCKV RTGUSWG NG UKIPG QUVGPUKDNG FMWPGD TGNKIKQP? RQWT PQWU CUUG]
UWURGEVG? FG NCAOQTV FG kKGWC TGEQWXTCPVWPOCPSWG FMCPCN\UGFGNCDCUGPCTEKUUKSWG FG
NMCPIQKUUG FG ECUVTCVKQP RJCNNKSWG? KPXGTU,GKEK GP UQP EQPVTCKTG VTCPUH,T, CW EQORNG[G FG
NMCWVTGAH,OKPKP CB 1CKU FG SWGNNG 6#$7.# 4#5# GUV UWRRQU,,OGTIGT NG 0#4%+55+5/’ FMWPAUWLGV C
H,OKPKPFCPUPQVTG EWNVWTGUMKN PGTGVQODGRCUFW %+’.OKNN,PCKTGFWO\VJGFG .H*1//’%7.674’.GP
RT.V@’@RQTVGT FWAFGW[K-OG UG[GC LCKNNK FMWP EQWTV@EKTEWKV PCTEKUUKSWG RTQXQSW, RCTNG &’5216’
,%.#+4, UWTNCFKVG 6#$7.#4#5# \ *N GUV DKGP HTCP+CKUFGXQWNQKT LGVGTNCTGNKIKQPCWPQO FGU p7/+-4’5
GV FG Q^_‘? OCKU KN GUVOQKPU HTCP+CKU? GV RNWU RJKNQUQRJKSWGOGPV CNNGOCPF? FG UMQEEWRGT
FMCPCN\UGT NG RQWXQKT TGNKIKGW[NK,’ NC SWGUVKQP O,VCRJ\UKSWGB 0CSWGNNGEQPVKPWGFMKPUETKTG UC
VTCEGUQWVGTTCKPG? RCTG[GORNG GP RU\EJCPCN\UG XWNICTKU,GNQTUSWGEGNNG@EK CVTCPUH,T, NG
XKECTKCVFWPCTEKUUKUOGRJCNNQ@EGPVT, RQWT 6175 NGUAUWLGVUC U\ODQNKSWGUFWRGWRNGRCVKGPV CW
ARU\C UWRRQU, UCXQKT FCPU NC %74’ CUUG]UCETCNKU,GACW 01/ FMWPGRU\EJCPCN\UG WP RGW
AO\VJKSWGC HQWTPKUUCPV NGANCDGN C? ECTFCPUNCRTCVKSWG? DGCWEQWR FG RCVKGPVUPGXQKGPVRNWU
NGWTARU\C SWMWPGHQKU RCTUGOCKPG RQWTWPVTCKVGOGPVOQKPU EQ6VGW[? GV RNWV3VTGEQPPW CW
FGJQTU? QW F,L’AQHHKEKGNNGOGPV C? EQOOG WPGARU\EJQVJ,TCRKG CB= iCT EMGUVVQWLQWTUNC %74’
SWK CWVQTKUGEGXKECKTG@N’’ HCKTG RCTVKG FMWP EGTVCKPAENGTI,C CXGEXWG UWTNCRTQOQVKQP FCPU
NMQTFTGFWF,UKT VQWLQWTU RNWUJCWVFGNMCPCN\UVGB 5QWT PQVTG RCTVH WP RGW JWIWGPQVGFCPU
NM(OG FW HCKV? GPVTGCWVTGU CVCXKUOGU? FG PQU ,VWFGUIGTOCPKSWGU H? PQWUUQWJCKVQPUSWG NC
RU\EJCPCN\UGUQKV NC1SWG?,ICNGOGPV RCT UQPQDLGV *PQP RCUHQTE,OGPV O,FKECN QWAENKPKSWG C2
GVPQWURT,H,TGTKQPUCPCN\UGT NGTCRRQTVGPVTG NC RU\EJCPCN\UGGVNCTGNKIKQP?EMGUV’FKTG NG /<6*’
&’ .H*1//’ GP CEVKXKV,H GV PQPRCU UGWNGOGPV GP VCPV SWG HQUUKNG UVTWEVWTCNKUVG? RNWV3VSWG FG
HCKTGUGODNCPV FG ETQKTGSWMGP EJCUUCPV NC TGNKIKQP RCT NC RQTVG ETKVKSWG FG NC T,CEVKQP
EQPUEKGPVG? NGU CXCVCTU FMKEGNNG? NC TGNKIKQP? PMQPVRCU ,NW FQOKEKNG’ NC HGP.VTGFCPUNGU RQVU FG
HNGWTU GV NGUEJT\UCPVJ-OGUFGNMCPCN\UVG GP JCDKV FG ENGTI\*:12OCP a ‘+’7 2146’ 70 8.6’/’06: FKV
WPXGTUKORQUCPVFGNC f4-%’FG"4NFGTNKPBl0641&7%6+10 XQ
QCPVKSWG FG NMGORKTGTQOCK PB :PGEQ1PEKFGPEG FG NMJKUVQKTG RGTUQPPGNNGFG
"4NFGTNKP GV FG NMJKUVQKTG FW AOQPFGC GWTQR,GP FMCNQTU HCKV 6176 &’ /./’ SWG
"4NFGTNKP GPVTG QHHKEKGNNGOGPV GPA HQNKGC GV 5H#44.6’: GP PG T,R,VCPV RNWU SWG NGU
LQWTU GV NGU UCKUQPU? NC O.OG CPP,GSWG EGNNG?Q_N\? Q5 2CRQN,QP OGVHKP CW
8CKPV oORKTG 7QOCKP yGTOCPKSWGB :P RGW EQOOG FCPU WPGG[VTCQTFKPCKTG
*<56,4+’&’%108’45+10: NG RQ-VG?’ NC HC+QP FG UGUEQNN-IWGU CPVKSWGU UCKUKU
RJ\UKSWGOGPV RCT NMKPURKTCVKQP? KPUETKVUWT UQPEQTRU WP OGUUCIG’ 64#&7+4’ RQWT
NGU UK-ENGU HWVWTU: GV EGNC PMGUV RCU UCPU CPPQPEGTEGVVG VGTTKDNGOCEJKPG
VFM,ETKVWTGOQFGTPGFG/CHMCFCPU p#%1.10+’ 2,0+6’06+#+4’ =
iQOOG /NGKUV’hGTNKPRWDNKCPVWPKORQTVCPVHTCIOGPV FG UC u’06*,5+.,’ FCPU
UQP LQWTPCN u*1’$75: "4NFGTNKP GUR,TCKV RWDNKGT FCPU NGU RTGOKGTU PWO,TQUFW
LQWTPCNSWMKN HQPFGTCKV WPG RCTVKG FG UQP b/2,&1%.’ GV FGU RQ-OGUB *N CXCKV RWDNK,
WP HTCIOGPV FG NC RTGOK-TG XGTUKQP &Hj<2,4+10 FCPUNC y*#.+# FG 8EJKNNGT GV? IT(EG
CW UQWVKGP FG EG FGTPKGT? NMj<2,4+10 F,HKPKVKH EJG]NGITCPF ,FKVGWT iQVVC CXGE SWK
X8EJKNNGT CXCKVNCPE, NC TGXWG &+’ j14’0= kMCRT-U5KGTTG hGTVCW[? FQPV EMGUVNC
VJ-UGEGPVTCNGFGEQPUKF,TGT"4NFGTNKPEQOOGRTQHQPF,OGPVNK,’NC7,XQNWVKQP
HTCP+CKUG? UG VTQWXG ,ICNGOGPV T,FWKV ’ P,CPVGP Q^‘‘? CXGE NM,EJGE FMWPG
AT,XQNWVKQPUQWCDGC GV FMWPG AT,RWDNKSWGC FCPU NG =WTVGODGTI? NG T.XG FW
ZRQ-VG FG XQKT LQWGT UQP b/2,&1%.’ARQWTNGRGWRNG CBoP Q_NN? "4NFGTNKPCF6
GTGPQPEGT’ UQP b/2,&1%.’ *X XGTUKQPFMb/2,&1%.’ GP F,EGODTG Q^‘‘2 GV’ UQP
RTQLGV FG TGXWG? UWTNGUSWGNU KN EQORVCKV RQWT CEE,FGT ’ WPG EGTVCKPG
KPF,RGPFCPEG OCV,TKGNNG GV’ WPG TGEQPPCKUUCPEG NKVV,TCKTGB 0G FGTPKGT DKNNGV ,ETKV
RCT8WUGVVG yQPVCTF NG_ OCK Q_NN?AFW OQKPUNGFGTPKGTFGEGW[ SWK UQPV
[RCTXGPWULWUSWM’ PQWUC? NCKUUG RTGUUGPVKT AEQOOGWPCFKGW C?,ETKV 5KGTTG
hGTVCW[B
iMGUVCWUUK GP OCK? GP OCK Q_N^? SWG NG OKU,TKEQTFKGW[ OGPWKUKGT@KOOGT
TGEWGKNNGTC "4NFGTNKP? FKCIPQUVKSW,AHQWC KPEWTCDNG GV PMC\CPV RNWU SWG RGW
FMCPP,GU’ XKXTG? CW UQTVKT FG NC ENKPKSWG FMgWVGPTKGVJ RNWV3V ARTQITGUUKUVG C
RQWT NM,RQSWG? OCKU FQPVANGUO,VJQFGU SWMQP\CRRNKSWCKV QPV HCKV FW RQ-VG WP
\JQOOGOCNCFGGVDTKU,B C
Q kCPUWP CDT,I,FMJKUVQKTGCNNGOCPFFGUCPP,GU Q‘[N? QP RGWVNKTGSWGNGADWVFG2CRQN,QP ,VCKV
NMWPKHKECVKQP FG NMoWTQRGEQPVKPGPVCNG UQWUFQOKPCVKQP HTCP+CKUG *FMCRT-UNGOQF-NG FG
iJCTNGOCIPG GV FG NMCPVKSWG GORKTG TQOCKP2 GV NC NWVVG EQPVTG NC FQOKPCVKQP EQNQPKCNG GV
OCTKVKOGFGNMgPINGVGTTGBC *Pa "CTVOCPP? .QJCPPGUB ‘#5 f’5%*+%*65$7%*810 &’0 ]0()0)’0 $+5=74
f’)’0:#46= rTCPMHWTVCO1CKParKUEJGT h7EJGTGK?Q‘[[ *Q-TG ,FKVKQP2B RBQ^\B
V /CHMC?rTCP]BAg NCEQNQPKG R,PKVGPVKCKTGC KP a z0#46+56’ &’ .# (#+/] .# %1.10+’ 2,0+6’06+#+4’ ’6 #764’5
4,%+65B9TBFG iNCWFG kCXKFB5CTKUayCNNKOCTF HQNKQENCUUKSWG?Q‘‘NBRRB\[@QN^B
X hGTVCW[?5B4RBEKVBRRBQ^V@Q^ [ 2#55+/B
ZBl$+&BRBVN_B
[ l$+&B RBQ^NB
\.QRRKGP?*PIGDQTIB c4+’&4+%* j4.&’4.+0 b+0’ u5<%*1$+1)4#2*+’ *Q‘‘_2B4RBiKVBRBVN_BXV x175.’ x1.’+. &’j4.&’4.+0
0G RQ-OG |#47/: 15%*40’ x100’? UG TGPXGTUGTCKV GP NWK@O.OGa 0G N,IGT
UQWRKTOCPKHGUVGFMCURKTCVKQPCOQWTGWUGNCKUUGGPVGPFTG NG OCPSWGFMCXCPV? GP
VQWU NGU ECU FCPU NC T,EGRVKQPSWK PQWU GP CTTKXG CXGE NG VGORUCRT-UEQWR? NG
F,UKTXGTVKIKPGW[FGNMCWVTG@CUVTGSWK NMCURKTGGPNWK@O.OGB 0G PQOFWUQNGKN GP
TGUUQTV T,GNNGOGPVCXGE NC RWKUUCPEG GHHGEVKXG FMWPGRWNUKQP QTCNG EQOOG EGNNG
QFW f’+’4? NG HCPVCUOG FW EQPVTQXGTU,AXCWVQWTC SWG rTGWF TGVTQWXG FCPU UQ P
x178’0+4 &H’0(#0%’ &’ p,10#4& &’ {+0%+= 1CKU FCPUPQVTG T,EGRVKQP FW O\VJG UQNCKTG
EJG] "4NFGTNKP? NMQKUGCW CWTCKV RTKU WPG GPXGTIWTG VGNNG SWMKN CWTCKV SWGNSWGU
FKHHKEWNV,U’ TGUUQTVKT FW EKGNaiMGUVNMJQOOG GV UQPFGUVKP UWTNMCXGTU? NGALG C
N\TKSWGBoVUWT NMGPXGTU? FCPU NC P,ICVKQP? KN \CWTCKV RGWV@.VTG RQWT UMGP
VCRRTQEJGTSWGNSWG EJQUG EQOOG WPG u’+0674’ 01+4’ FG yQ\C ? .’ _*+’0 &#05 .’
)17((4’ RCT G[GORNGB 0G RQ-VG ?XGU hQPPGHQ\ RCTNG FG EGVVG CDUQNWG OQFGTPKV,
FGU AVGTTKDNGU u’+0674’5 01+4’5C FG yQ\CGPFGU VGTOGU SWKVTQWXGTCKGPV KEK
SWGNSWGU ,EJQU a
A0KVV,TCNGOGPV UQWU PQVTGTGICTF? NM.VTG? EGVVGU\PVJ-UG FG T.XGU? UG
F,UCIT-IGB :P CTVSWKUG XGWVX,TKV,UGHCKV NC ETKVKSWGFGNM4EEKFGPV NC RNWU
TCFKECNG? NG F,PK FCPU NCTKIWGWTFWSWGNUMGHHQPFTGCXGE WPDTWKVFGRKGTTGU
VQODCPV VQWLQWTURNWUDCU FCPU NC PWKV VQWVG GUR,TCPEG O,VCRJ\UKSWG? NC
RCTQNG@NKOKVG SWK FKUUKRG O.OG EGVVGO,NCPEQNKGRCTSWQK VCPVFMCTVKUVGUGV
FG RQ-VGUICTFCKGPV XKXGNMKF,GFGNM.VTG? FW UKORNG HCKV SWMKNU PMGP
XHKPKUUCKGPVRCUFMGPRQTVGTNGFGWKNBC
*N HCWFTCKV VTCXCKNNGTCXGE NC NQWRGFG8JGTNQEM "QNOGUGVNMCWTKEWNCKTGFW
RU\EJCPCN\UVGUR,EKCNKUVG GP QDLGVU EWNVWTGNU *NC RU\EJCPCN\UGGP ,VCPVFGXGPWW P
CWUUK2 UWTNGOCV,TKGN RJQPKSWG? NGU ,V\OQNQIKGU? EGNNGU SWK UQPV CVVGUV,GU RCTNC
Q f’+’4: AXCWVQWTC GUV CWUUK WP VGTOGI,P,TKSWGGPCNNGOCPFRQWTVQWV ATCRCEG C? GP O.OG
VGORUSWG NG U\ODQNG FG NC f+’4: NCAXQTCEKV,C? NMACXKFKV,C? NCATCRCEKV,C?ASWKPGTGURGEVGPV
TKGP C?QWSWGATKGPPMCTT.VG CB iHB PQVTG x24#%*;^41%-*#75B=KGUDCFGPahTQEMJCWU?Q‘[QBRBVXZ
’ f’+’4 W 0MKNNWUVTCVKQP KEQPQITCRJKSWGy‘ TGRT,UGPVGCNQTU WP f)05’)’+’4:AXCWVQWT FGUQKGU C?
SWK? GNNG? OQPVTGPGVVGOGPVNMQKUGCW VTCFKVKQPPGN EJCTQIPCTF FG NC TGRT,UGPVCVKQP EQOOWPG
SWMQPCFWAXCWVQWT CB
2QWU UGTQPU COGP,G’ TGXGPKTWNV,TKGWTGOGPV UWTNGAXCWVQWTC FG rTGWF? CW UWLGV FWSWGN QP RGWV
CRGTEGXQKT F,L’ SWMWPGQDUGTXCVKQPRNWURT,EKUG FG NC NCPIWG CNNGOCPFGPGRGTOGVRCU FG NG
TCPIGT VTQR XKVGFCPUNCECV,IQTKG FMWPG AHCWVGC FG VTCFWEVKQPUCPURNWUa 5QWTPQWU? EMGUV
RNWUEQORNKSW, SWGEGNC? KN\XCFGNMQWXGTVWTGFMWPEJCORFGNM,ETKVWTG 57$.+/+0#+4’ FG NC 5%+’0%’
RU\EJCPCN\VKSWG UQWUNCRNWOG HTGWFKGPPG GV UQP CRT-U@EQWR VJ,QTKSWG GP I,P,TCN? FQPV EGNWK
SWKEQPEGTPGPQVCOOGPV NCVTCFWEVKQPRTQDN,OCVKSWGFGNC u*#06#5+’B
V 7GOCTSWQPU SWG yQ\C? EQPVGORQTCKP FG "4NFGTNKP? RQWTHWKTNM*PSWKUKVKQP GURCIPQNG? X,EWVW P
VGORU’hQTFGCW[B?Q5KNOQWTWVGP Q_V_B
X hQPPGHQ\? ?XGU?A yQ\C RQWTNCHKP FW UK-ENGC KP a f1<#: 70 4’)#4&.+$4’= o[RQUKVKQP CW 5CNCKUFGU
hGCW[@gTVU FG 0KNNG?QV F,EGODTG Q‘‘_@QZ OCTU Q‘‘‘? RNCE,GUQWUNGJCWVRCVTQPCIGFGNGWTU
1CLGUV,UNGTQK GV NC TGKPGFMoURCIPGGVFG1QPUKGWT iJKTCE? 5T,UKFGPV FG NC 7,RWDNKSWG
HTCP+CKUGB 5CTKUaoFKVKQPU FG NC 7,WPKQP FGUOWU,GU PCVKQPCW[?Q‘‘_B RBZXB p’ _*+’0? XGTU
Q_VN@Q_VX?RGKPVWTGOWTCNGVTCPURQU,GUWTVQKNG QXQ?[[ ^‘?X?1CFTKF?1WUGQFGN5TCFQBl0641&7%6+10 XX
RJKNQNQIKG GV EGNNGU? RQ,VKEQ@CUUQEKCVKXGU? SWK UQPV TGPVT,GU FCPU NG FKEVKQPPCKTG?
NGU VQWTPWTGURQRWNCKTGU? ’6 %’6’4#: ECT EMGUV’ PMGP RNWUHKPKT GV NMQP VQODG CUUG]
XKVG GP 6’44# +0%1)0+6#? NC NCPIWG ,VTCPI-TG FCPUNMGURCEG@VGORU? ’;64# /7415 FG PQU
RCWXTGU GV HCPVCUVKSWGU FKEVKQPPCKTGUB 5QWT EGVVGUQOOG KPHKPKGFGTCKUQPU? NC
UGWNG O,VJQFG 24+0%’25 UGTCKVNCRQ,UKGSWK HCKV UWTPCIGTFGU DCNKUGUFQPVNGVTCXCKN
GUVGPEQWTU? EQOOG FGU XQNECPU RQWXCPV UG T,XGKNNGT? FGU T.XGU QW UCPFCNGU
FMoOR,FQENGB 0C O,VJQFG RU\EJCPCN\VKSWG? KPXGPV,GCXGE NC F,EQWXGTVG RCT
rTGWF FG NMJ\UV,TKG? WVKNKUG EG RTQE,F,A RQ,VKSWGC FG VTCKVGOGPV FGU
AT,OKPKUEGPEGUC RCTNC 6#.-+0);%74’BoNNG NMWVKNKUGARTQUC1SWGOGPV C? CWTKQPU@PQWU
GPXKG FG FKTG? CXGE RTCIOCVKUOG? GP VCPV SWG VGEJPKSWG FMCEE-UCW[ RTQEGUUWU
KPEQPUEKGPVUBrQTEG GUVFGEQPUVCVGTSWG NC RQ,UKGFG"4NFGTNKP EQPUKUVG GP WP
HQTOKFCDNG RTQEGUUWUFM,ETKVWTGSWK TGPFVT-UFKHHKEKNGFCPU PQVTGGUUCKFG
AVTCFWEVKQPC GP RU\EJCPCN\UG UC NQECNKUCVKQP RCT TCRRQTV CW[FGW[ VQRKSWGU
HTGWFKGPPGU?GPVTGNGEQPUEKGPVGVNMKPEQPUEKGPV?RWKUGPVTGNGOQKGVNG +CB
iJG] "4NFGTNKP? NG 8QNGKN GUVWPAFKGWC RCTOKANGU FKGW[C FW RQ-VG? FCPU NG
O\VJG ,NCDQT, FG NC r#674’ SWK NGU TCUUGODNGa :P FKGW PM\GUV LCOCKUUGWN? KN PG
XC RCUUCPU NMCWVTGRNWTKGNB 0MG[GORNGFWRCPVJ,QP ITGE? FMWUCIG FCPU NG TGVQWT
EWNVKX, CW OQF-NG CPVKSWGFGNC f1’6*’=’+6: ANM,RQSWG FG yQGVJG C? GUVCWUUK
KPVGPU,OGPVTGUUQWTE, FCPUNMKPURKTCVKQPFWRC\U PCVCNJ4NFGTNKPKGP? RC\U PCVCN
SWK PG EQORTGPF RCUSWG NC 8QWCDG? OCKU RNWU GPEQTGNCUGPUKDKNKV, FGRWKU
NMGPHCPEG CW[ RTGOKGTU AQDLGVU C? RT,UGPVUGVCDUGPVU? SWKNMJCDKVGPV? NGU CWVTGU
JWOCKPU FCPUNMGURCEG GV NG VGORU? EJG] WP "4NFGTNKPFQPV yQGVJG CRW
TGUUGPVKT FG RTKOG CDQTF EQODKGP KN ,VCKVACP[KGWUGOGPV QWXGTV CB oPHCKV? NMQP
RCUUGFMWPG HKIWTG FMWP FKGWFCPU EGNNG FMWP CWVTGQW FCPU NMKORTGUUKQP SWG HQPV
NGU EJQUGUGVNGU RGTUQPPGU PQOO,GU? RCTVKEKRCPVFCPUNCRCTQNG RQ,VKSWGFMWP
UGPU CWUUK UCET, SWG EGNWK FGU FKGW[? EQOOG FCPU NC EQPFGPUCVKQPGVNG
F,RNCEGOGPV QPKTKSWGU? UCWH SWG NMGHHGVGUV RTQFWKVRCT NMCTV FW RQ-VG GP UQ P
KPURKTCVKQP? GV SWG EGVVG FGTPK-TG? NMKPURKTCVKQP? GUVNCECWUGGUUGPVKGNNG FG EG SWK
QCTTKXGFCPUNG /<6*’ J4NFGTNKPKGPB 7QOCPQ yWCTFKPK CFKV VT-ULWUVGOGPV FW
x1.’+. EJG] "4NFGTNKP SWMKN ,VCKV WPG HKIWTG ARNWURGTUQPPGNNGC FG NMb6*’4 *A Q
VR-TG oVJGT C 2: CWVTG AFKGWC FG "4NFGTNKP@ GV O.OG?,ETKV .QEJGP8EJOKFV?
AEJKHHTG EGPVTCN FG UC XKUKQPRCPVJ,KUVGFWOQPFG C? FKGW 2-4’ RCT G[EGNNGPEG GV
F,PQOO, VGNFMCRT-UANC VTCFKVKQP CPVKSWGC? RCTEG SWMKN GUVEQP+WEQOOGANG
XRTKPEKRG UWRT.OG ET,CVGWT FG NC XKG CB 0CAFQEVTKPG RCPVJ,KUVGGVUVQ1EKGPPG FG
Q G GyWCTFKPK? 7QOCPQB j4.&’4.+0:|’.6$+.&70& c44//+)-’+6 *V ,FKVKQP2B 17PEJGPa /4UGN?Q‘[[ AQ
,FKVKQPB0GKR]KI?Q‘X‘BB
V "4NFGTNKPB ]0&’0 ]’6*’4: Ag NMoVJGT CB j{ *B RRBQ^\@Q^_ b u.,+#&’= QN^@QN_ *9B FG 5JKNKRRG
.CEEQVVGV2a 5B .CEEQVVGV VTCFWKV RCT A3 oVJGT?3 5-TGC QW DKGP RCT A3 PQDNG oVJGTC AQ5
AR-TGCGUVGHHCE,BB
X8EJOKFV?.QEJGPBA iQOOGPVCKTGUWT] .Hb6*’4 >KPa"4NFGTNKPB ‘o{*BRB[‘‘BXZ x175.’ x1.’+. &’j4.&’4.+0
NMoVJGT C?FCPU NCSWGNNG EGV ,N,OGPV GUVOKU UWTNGO.OG RNCP SWGNGArGWCQW NG
QAUQWHHNGFGNMCKTC*u0’7/#2 SWKACPKOGVQWV C? GUVEQPUEKGOOGPV TGRTKUG RCTW P
V"4NFGTNKP /1&’40’ FGANMCEVWCNKV, EQPVGORQTCKPG C aiGPMGUV RCUQTKIKPCN’ EGVVG
,RQSWG FG RCTNGTFGNMb6*’4? RCURNWU SWMKN PMGUVQTKIKPCN FG RCTNGTFGNC yT-EG n
0C EQPEGRVKQPFWOQPFG RCPVJ,KUVGURKPQ]KGPPG GUVNCTIGOGPV T,RCPFWG b
"GKPUG? CXGE SWK"4NFGTNKP GUVGP ,VTQKVGTGNCVKQP? XQWG FCPUUQP ]4&+0)*’..1 WP
X,TKVCDNG EWNVG’ NMoVJGTb EJG] "GTFGT? KN GUVNM,N,OGPV GHHGEVKH GV KPG[RNQT, SWK
CPKOG ANGURNWURTQHQPFUCD0OGUFWFGXGPKTCb EG UGTC? RQWT 8EJGNNKPI?
NMKPEQPPW FG ANM(OG FW OQPFGC*|’.65’’.’2 SWGNGU CPEKGPU 2*<5+%+’05 QPV
X,NCDQT,B iGSWK KORQTVG NG RNWU’ "4NFGTNKP FCPU EGVVG VTCFKVKQP? UGNQP.QEJGP
8EJOKFV? EMGUV NCARCTGPV, FG NM(OG JWOCKPGCXGE NMoVJGT? EMGUV’FKTG CXGE NM(OG
FW OQPFGBiGVVGRCTGPV, KPV,TKGWTG GPIGPFTG NC F,UKTCPEG *x’*057%*62 FG NM(OG
ZKPFKXKFWGNNG ’ UMQWXTKT *#7()’*’02 CW TQ\CWOG FKXKP FG NMoVJGT?’ UQTVKT FG
NMKPFKXKFWCVKQP RQWT TGVQWTPGT FCPU NG 9QWV H WP VTCKV SWKLWUVGOGPVGUV
[KORQTVCPVFCPU NMJ\OPG] .Hb6*’4BC kGEGRQ-OG GPXQ\,’ 8EJKNNGT GP Q^‘^ GV
RCTWFCPU pH]./#0#%* &’5 q75’5FG Q^‘_?yQGVJG?FQPV8EJKNNGTUQNNKEKVCNMCXKU?FKV
A0GVVTG’ 8EJKNNGT FW V_ LWKP Q^‘^BSWMKN NG LWIGCKVRNWURTQEJG FG ANMJKUVQKTG
PCVWTGNNGC SWGFGNCRQ,UKG? GP CLQWVCPVaA0G RQ-VGCWPTGICTF UGTGKP UWTNC
PCVWTG? SWMKN PG UGODNG VQWVGHQKU EQPPC0VTGSWM’ VTCXGTUNCEQPXGPVKQPDCB 0GU
NWPGVVGUUEJKNN,TKGPPGU NKUCKGPVEJG] NMCWVGWT? SWK ,VCKVCWUUKUQPACOKGVRTQV,I,C
A7,RQPUG FG 8EJKNNGT’yQGVJG FW XN LWKP Q^‘^B?AWPG UWDLGEVKXKV, XKQNGPVG C
CNNK,G ’AWP EGTVCKP GURTKVRJKNQUQRJKSWG PQP UCPU RTQHQPFGWTCb 8EJKNNGT
CLQWVCKVaA 8QP ,VCVGUV FCPIGTGW[? RCTEG SWGFGVGNNGU PCVWTGUFQPPGPV? SWK RNWU
GUV? FKHHKEKNGOGPVRTKUG UWTGNNGUDC? RWKU? CRT-UCXQKT TCRRGN,’ yQGVJG SWMKN
UMCIKUUCKV FG "4NFGTNKP ? SWMKN CXCKV XW EJG] NWK 8EJKNNGT? SWGNSWGU CPP,GU
CWRCTCXCPV a
A.G PG NMCDCPFQPPGTCKU RCU? UK UGWNGOGPV LG UCXCKU WPG RQUUKDKNKV, FG NG
UQTVKT FG UC RTQRTG UQEK,V,? GV FG NMQWXTKT’ WPG KPHNWGPEGDKGPHCKUCPVG GV
FWTCDNGFGNMG[V,TKGWTBC
0G Q^CQ6V Q^‘^?8EJKNNGT ,ETKVGPEQTG’yQGVJG a
A.G XQWFTCKU DKGPUCXQKTUKEGU 8EJOKFV? EGU7KEJVGT? EGU "4NFGTNK P
UGTCKGPV TGUV,UGPVQWVGU EKTEQPUVCPEGU? FCPU NMCDUQNW? CWUUK UWDLGEVKHU?
CWUUK VGPFWU? CWUUK RCTVKCW[? UMKN UMCIKV FMWP ,N,OGPV RTKOKVKH GP GW[? QW UK
EMGUVNGOCPSWGFGPQWTTKVWTG GUVJ,VKSWG? FMKPHNWGPEGU G[V,TKGWTGU? GV
Q8EJOKFV?.QEJGPB l$+&B
V8EJOKFV?.B l$+&BRB\NNB
X kMCRT-U.QEJGP8EJOKFVB l$+&BRRB\NN@\NQB
Z ]7()’*’0 W UG NGXGT *RQWT NGU CUVTGUGVNGTKFGCW FW VJ,(VTG2? UMQWXTKT? UG F,HCKTG QW UG F,EQWFTG
*RQWTWPX.VGOGPV2? .VTGNCRTQKG *FGUHNCOOGU2?UMGPCNNGT *GPHWO,G2? UMKFGPVKHKGTCXGED
[8EJOKFV?.B l$+&BRB\NNBl0641&7%6+10 X[
NMQRRQUKVKQP GPVTG NG OQPFGGORKTKSWG Q5 KNU XKXGPV GV NGWT VGPFCPEG
QKF,CNGSWKQPVRTQFWKVEGOCNJGWTGW[GHHGVDC B
0GUCPP,GU RT,E,FGPVGU? 8EJKNNGT CXCKV ,NCDQT, UGUITCPFUVG[VGUGUVJ,VKSWGU?
GV PQVCOOGPVUQP GUUCK x74 .# 21,5+’ 0#08’ ’6 5’06+/’06#.’ *Q^‘[2B 8QPLWIGOGPV
R,P,VTCPV UWT"4NFGTNKP? NGSWGN "4NFGTNKP CRRCTVKGPV ’ NC LGWPG I,P,TCVKQP
OQPVCPVG? GUVGORTGKPV FG UC RTQRTGKPVGTTQICVKQPUWT WP +&,#.+5/’ UWDLGEVKH
OQFGTPG? EGNWK FG NC RQ,UKGFKVG 5’06+/’06#.’: SWMKN QRRQUG’ NC 0#08’@ CXGE NG
RTQDN-OG SWGNWK RQUG yQGVJG @? SWK UGTCKV EGNNGFGNC 0#674’ RGTFWG FGUCPEKGPU
yTGEUB 1CKU 8EJKNNGT PG HTCPEJKVRCU NC NKOKVG 57$,’%6+8’ MCPVKGPPG? SWKVVG’ NC
TGRQWUUGT ’ NMKPHKPK UGNQP WP RTQEGUUWU HKEJV,GP FMCRRTQ[KOCVKQP?AFQPE
VFMKORGTHGEVKQPCEEGRV,G C B
oUV@KN RQUUKDNG FG TGNKGT NG O\VJGUQNCKTG EJG]"4NFGTNKPCWEQORNG[G
FMFFKRG HTGWFKGPQWEQORNG[G RCVGTPGN? UQP CWVTG GV RT,E,FGPVG CRRGNNCVKQP?
AEQORNG[GPWEN,CKTGFGU P,XTQUGUCf oPRU\EJCPCN\UG? NGA8QNGKNC KNNWUVTG SWK
XKGPV KOO,FKCVGOGPV’ NMGURTKV GUVEGNWK FW F,NKTG RCTCPQ1CSWGFWRT,UKFGPV
8EJTGDGTB 0M,VWFG FMWP /<6*’51.#+4’ EJG] "4NFGTNKPFGXTCKV GP RTKPEKRG PQWU
GOOGPGT FW E3V, FW PCTEKUUKUOG? XQKTGFGEGPCTEKUUKUOGKNNKOKV, FW AOQK
RTKOCKTGC FCPU NC O,VCRJQTG CTEJ,QNQIKSWGFG rTGWF? VGNSWG EGNWK@EK GP RCTNG
CW F,DWV FW q#.#+5’&#05 .# %7.674’? RWKUSWGEMGUVCKPUK SWG ANG R-TGC FG NC
RU\EJCPCN\UG UGODNG CEEWGKNNKT ANG UGPVKOGPV QE,CPKSWGC FG 7QOCKP 7QNNCPF?
AUQWTEG X,TKVCDNG FG NC TGNKIKQUKV,C UGNQPNM,ETKXCKP TGITGVVCPVUCPQP RTKUGGP
EQORVG FCPU pH#8’0+4&H70’+..75+10? GV UGPVKOGPV SWG? NWK rTGWF? CXQWG PG RCU
XEQPPC0VTGFCPU UC RTQRTG G[R,TKGPEG RU\EJKSWGB rTGWF FKVCNQTU FKURQUGTAFW
EJGOKPGOGPVFGRGPU,GUWKXCPVCa
APQTOCNGOGPV? TKGPPMGUVRQWT PQWURNWUCUUWT, SWG NG UGPVKOGPVFG
PQVTGUQK? FGPQVTGOQK RTQRTGBiGOQK PQWUCRRCTC0VCWVQPQOG? WPKVCKTG?
Q *Pa 8EJOKFV? .BAiQOOGPVCKTG FG] .Gb6*’4 CB l$+&B RRB[‘^@[‘_B *Pa PQVG FG 5JKNKRRG .CEEQVVGV
UWT ] .Hb6*’4=u.,+#&’= RRBQQZ[@QQZ\ A9TCFWEVKQPOQFKHK,GRQWTaARCTEG SWG FG VGNNGU
PCVWTGUDUWTGNNGU CBB
V iHBg\TCWNV? 7QIGTBA0MCURGEV VTCFKVKQPPGN FG NC 6WGTGNNG FGU gPEKGPU GV FGU1QFGTPGUaQ2
8EJKNNGT GV NMGURTKV FG NC RQ,UKGTQOCPVKSWGC KP a p#)’0-5’ &7 41/#06+5/’ #..’/#0&=x+67#6+10
52+4+67’..’ &’ .H]..’/#)0’ &#05 .# &’7;+-/’ /1+6+, &7 }{lll’5+-%.’= 9QOG VB 5CTKUagWDKGT I
1QPVCKIPG?Q‘\QB RB^VZaA0MCPVKVJ-UG RQU,GRCT NG VKVTG Ax74 .# 21,5+’ 0#08’ ’6 5’06+/’06#.’BRGTF
NGU FGTPKGTUTGUVGUFGUQP CURGEV JKUVQTKSWG GV FGXKGPVRTQRTGOGPV O,VCRJ\UKSWG? EQOOGKN
GUV FCPU UC PCVWTG? UK GNNG PG HCKV SWG TGEQWXTKT EGNNG FG NKOKVG GV FMKPHKPK? GV? CW[ITCPFU
OQOGPVU FG NMCTIWOGPVCVKQP? UMGHHCEG RQWT NC NCKUUGT UG T,X,NGTBkCPUNGOQWXGOGPV NG RNWU
JCTFKSWMCKV LCOCKU CEEQORNK UC RGPU,G? 8EJKNNGTCTGRQTV, UWTNCRQ,UKGOQFGTPG NG RTQEGUUWU
HKEJV,GP FG OCTEJG3’ NMKPHKPK3XGTU WP DWV3KPCEEGUUKDNG3? FG UKORNG 3CRRTQEJG3? FQPE
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3FGUVKPCVKQP3SWGNMJQOOGTG+QKVFW >;***GUK-ENGUWTUCHKPBC
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