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9G FQ PQV RTQVGUV CPQVJGT ITQWR QH 5EKGPVQNQIKUVU YJQ ECNN VJGOUGNXGU VJG
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GPICIGKPVJGUJCF[RQNKEKGUQH.4QP*WDDCTFQTJKU%JWTEJ6JGFCVCKUHTGGVQ
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(TGG\QPGTUDWVVJG(TGG\QPGTUNKMG#PQP[OQWUDGNKGXGUVJCVMPQYNGFIGKUHTGG

;QWECPPQVDW[UCNXCVKQPCVCP[RTKEG

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 +PYJCVOKIJVDGVJGOQUVFKUVWTDKPIQHCNN5EKGPVQNQI[RQNKEKGU¶(CKT)COG¶KU
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CP52
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(CKT)COGRQNKE[YKVJCFFKVKQPCNENCTK¿ECVKQPUVQFG¿PGVJGUEQRGQH(CKT)COG*G
OCFGKVENGCTVJCVVJGRQNKE[CRRNKGFVQPQP5EKGPVQNQIKUVUCUYGNN*GFGENCTGF

 ´6JGJQOGURTQRGTV[RNCEGUCPFCDQFGUQHRGTUQPUYJQJCXGDGGPCEVKXGKP
CVVGORVKPIVQUWRRTGUU5EKGPVQNQI[QT5EKGPVQNQIKUVUCTGCNNDG[QPFCP[RTQVGEVKQP
QH5EKGPVQNQI['VJKEUWPNGUUCDUQNXGFD[NCVGT'VJKEUQTCPCOPGUV[VJKU2QNKE[
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 #U CP GZCORNG QH JQY HCT *WDDCTF YCU YKNNKPI VQ IQ KP  JG EQPUKFGTGF
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 ´1RGTCVKQP (TGCMQWV CNUQ MPQYP CU 1RGTCVKQP 2% (TGCMQWV YCU VJG PCOG IKXGP D[ VJG
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%QQRGTKORTKUQPGFQTEQOOKVVGFVQCOGPVCNKPUVKVWVKQP6JGRNCPYCUOGCPVVQGNKOKPCVGVJG
RGTEGKXGFVJTGCVVJCV%QQRGTRQUGFVQVJG%JWTEJCPFQDVCKPTGXGPIGHQTJGTRWDNKECVKQPKP
QHCJKIJN[ETKVKECNDQQM6JG5ECPFCNQH5EKGPVQNQI[´=?

 ´+PKVUKPKVKCNHQTO1RGTCVKQP(TGCMQWVEQPUKUVGFQHVJTGGFKHHGTGPVRNCPU

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 OCMGVGNGRJQPGVJTGCVUVQ#TCDEQPUWNCVGUKP0GY;QTM

 5GEQPFCVJTGCVGPKPINGVVGTYCUVQDGOCKNGFVQCP#TCDEQPUWNCVGKPUWEJCHCUJKQP
 VJCVKVYQWNFCRRGCTVQJCXGDGGPFQPGD[2CWNGVVG%QQRGT
YJQKU,GYKUJ

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 CPFVJTGCVGPVJG2TGUKFGPVCPFVJGPVJG5GETGVCT[QH5VCVG*GPT[-KUUKPIGT
 #UGEQPF5EKGPVQNQIKUVYQWNFVJGTGCHVGTKPHQTOVJG($+QHVJGVJTGCV´=?

 6JG%JWTEJUGPVDQODVJTGCVUVJG[EQORQUGFQPJGTV[RGYTKVGTVQNKPMJGTVQHCNUGETKOGU
VJG[RQUVGFJGTRJQPGPWODGTKPRWDNKETGUVTQQOUCPFUKIPGFJGTWRHQTRQTPQITCRJKEOCKNKPI
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UKIPUQHVJGXKEKQWUUVTWIINGVQTGVCKPJGTUCPKV[YGTGSWKVGXKUKDNG


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 5EKGPVQNQI[ENCKOUVJCV¶(CKT)COG¶YCUECPEGNNGFKP1EVQDGTQHD[*%12.
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DTGCMKPUNKDGNWRUGVVKPIVJGEQORCPKGUQHVJGGPGO[GURKQPCIGJCTCUUOGPVOKUWUGQH
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 +P 9QNNGTUJGKO X %JWTEJ QH 5EKGPVQNQI[ QH %CNKHQTPKC

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KPCFGEKUKQPWRJGNFD[VJG755WRTGOG%QWTV´9QNNGTUJGKOYCUEQORGNNGFVQCDCPFQP
JKUYKHGCPFJKUHCOKN[VJTQWIJVJGRQNKE[QHFKUEQPPGEV9JGPJKUOGPVCNKNNPGUUTGCEJGF
UWEJCNGXGNJGCEVKXGN[RNCPPGFJKUUWKEKFGJGYCUHQTDKFFGPVQUGGMRTQHGUUKQPCNJGNR
(KPCNN[ YJGP 9QNNGTUJGKO YCU CDNG VQ NGCXG VJG %JWTEJ KV UWDLGEVGF JKO VQ ¿PCPEKCN
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´TGNKIKQWUGZRTGUUKQP´6JKURQUKVKQPYCUCNUQOCFGQPDGJCNHQH5EKGPVQNQI[KPVJGECUG
CICKPUV)GTCNF#TOUVTQPIKPD[TGNKIKQWUGZRGTV&T(TCPM(NKPP=?

6JG¶(CKT)COG¶RQNKE[YCUPGXGTECPEGNNGFCUVJGCTIWOGPVUQHVJG%JWTEJKP
DQVJEQWTVECUGUENGCTN[UJQY'Z15#OGODGTUQPN[EQP¿TOVJKUQXGTCPFQXGT
(CKT)COGKUUVKNNKPYKFGWUGWPFGTVJGFKTGEVKQPQHVJG1H¿EGQH5RGEKCN#HHCKTU

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 (CKT)COG#ICKPUV#PQP[OQWU
 6JG%JWTEJQH5EKGPVQNQI[VQVJKUFC[ENCKOUVJCVVJG´(CKT)COG´RQNKE[
ETGCVGFD[.4QP*WDDCTFJKOUGNHKUPQNQPIGTKPGHHGEV6JKUKURCVGPVN[WPVTWG
#PQP[OQWUJCUCNTGCF[DGIWPVQTGEGKXGNGVVGTUUVCVKPIVJCVOGODGTUQHVJG
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NGCFGTUCPFWUGQVJGTXKQNGPVOGVJQFUVQ´FGUVTQ[´VJG%JWTEJ6JG%JWTEJ
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JQOG CFFTGUUGU PWODGTU CPF RTKXCVG KPHQTOCVKQP QP ;QW6WDG CPF UGPV
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ICOGFQPN[DGECWUGYGMPQYUQOCP[QVJGTUJCFKVOWEJYQTUGVJCPYG
YKNNGXGTJCXGKV2CWNGVVG%QQRGT#TPKG.GTOC/CTM$WPMGT5GCP.QPIUFCNG
CPFOCP[QVJGTUJCFVJGKTNKXGUVWTPGFWRUKFGFQYPD[¶(CKT)COG¶9GYKNN
PQV[KGNFVQDWNNKGU

*GTGCTGVJG(CEVU
 #PQP[OQWUJCUUWEEGUUHWNN[CEEQORNKUJGFVYQYQTNFYKFGRTQVGUVUCICKPUV
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JGCTF0QVQPGXKQNGPVKPEKFGPVYCUTGRQTVGFCVGKVJGTQHVJGUGRTQVGUVU9G
RNCPVQTGVWTPQP#RTKNVJHQT¶1RGTCVKQP4GEQPPGEV¶VQCVVGORVVQWPFQ
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6JG HQNNQYKPI RCIG UJQYU VJG JCPF FGNKXGTGF NGVVGTU VJG %JWTEJ UGPV VQ GCEJ RGTUQP
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(CKT)COG.GVVGT


(CKT)COG.GVVGT


(CKT)COG&8&


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4GURQPUGVQ#PQP[OQWU2TQVGUVU
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9GVCMGVJKUUGTKQWUN[DGECWUGQHVJGPCVWTGQHVJGVJTGCVUVJKUITQWRJCUOCFGRWDNKEN[
9GYKNNVCMGGXGT[UVGRPGEGUUCT[VQRTQVGEVQWTRCTKUJKQPGTUCPFUVCHHCUYGNNCUOGODGTU
QHVJGEQOOWPKV[KPEQQTFKPCVKQPYKVJVJGNQECNCWVJQTKVKGU

#UVQQWTMPQYNGFIGQHVJGQTICPK\GTUQHVJGGXGPVVJG[CTGE[DGTVGTTQTKUVUYJQJKFG
VJGKTKFGPVKVKGUDGJKPFOCUMUCPFEQORWVGTCPQP[OKV[

.QPI DGHQTG UGNGEVKPI 5EKGPVQNQI[ CU KVU NCVGUV VCTIGV ¶#PQP[OQWU¶ JCEMGTU ETCUJGF
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¶9GCTGVJGHCEGQHEJCQU9GTWKPVJGNKXGUQHQVJGTRGQRNGUKORN[DGECWUGYGECP
*WPFTGFUFKGKPCRNCPGETCUJ9GNCWIJ6JGPCVKQPOQWTPUQXGTUEJQQNUJQQVKPIYG
NCWIJ 9G¶TG VJG GODQFKOGPV QH JWOCPKV[ YKVJ PQ TGOQTUG PQ ECTKPI PQ NQXG QT PQ
UGPUGQHOQTCNKV[¶

¶#PQP[OQWU¶KURGTRGVTCVKPITGNKIKQWUJCVGETKOGUCICKPUVEJWTEJGUQH5EKGPVQNQI[CPF
KPFKXKFWCN5EKGPVQNQIKUVUHQTPQTGCUQPQVJGTVJCPTGNKIKQWUDKIQVT[¶#PQP[OQWU¶KPKVKCNN[
LWUVK¿GFKVUCVVCEMUD[ENCKOKPIVJCVVJGEJWTEJ¶UTGSWGUVUVQUQOG9GDUKVGUVQTGOQXGC
UVQNGPXKFGQQHCPKPVGTPCNEJWTEJGXGPVUQOGJQYEQPUVKVWVGFCPCHHTQPVVQHTGGURGGEJ
+P HCEV VJG EJWTEJ CU YQWNF CP[ EQR[TKIJV QYPGT JCF UKORN[ UGPV PQVKEGU VJCV VJG
XKFGQ EQPUVKVWVGF C EQR[TKIJV XKQNCVKQP 5KOKNCT PQVKEGU CTG UGPV FCKN[ D[ VJG VGNGXKUKQP
CPFTGEQTFKPIKPFWUVTKGUCUYGNNCUVJGOGFKCVQVJQUGYJQFKURNC[RKTCVGFEQR[TKIJVGF
YQTMU

¶#PQP[OQWU¶ CNNGIGF ¶HTGG URGGEJ¶ LWUVK¿ECVKQP KU DGNKGF D[ VJG HCEV VJCV VJG XKFGQ KP
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VQ UWRRTGUU HTGG URGGEJ VJTQWIJ KNNGICN CUUCWNVU QP EJWTEJ 9GD UKVGU UQ CU VQ RTGXGPV
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KPQVJGTJCTCUUOGPVKPENWFKPIVJTGCVUQHXKQNGPEGKPVGNGRJQPGECNNUHCZVTCPUOKUUKQPU
CPFGOCKNUPQVVQOGPVKQPVJG#PQP[OQWUOCKNKPIQHYJKVGRQYFGTVQFQ\GPUQHQWT
EJWTEJGUTGSWKTKPIVJGUGTXKEGUQHNCYGPHQTEGOGPV

¶#PQP[OQWU¶ ENCKOU QH CNVTWKUVKE RWTRQUGU CTG PQ FKHHGTGPV VJCP VJQUG JGCTF HTQO CP[
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IWKFKPIOCVGTKCNUVQDGVJG%QOOWPKUV/CPKHGUVQCPF/GKP-CORH3WKVGQDXKQWUN[VJKU
ITQWRKUPQVLWUVCPVK5EKGPVQNQI[KVKUCPVKHTGGFQOQHTGNKIKQPCPVKHTGGURGGEJCPFCPVK
#OGTKECP

4GNKIKQWUDKIQVT[QHCP[PCVWTGKUFGRNQTCDNGCPFRTQHQWPFN[CHHGEVUVJGGPVKTGEQOOWPKV[
6JGJCVGETKOGUQH¶#PQP[OQWU¶UJQWNFDGEQPFGOPGF´=?


 ;QWUJQWNFECTGCDQWVVJGFGCVJU
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5EKGPVQNQI[5JGYCUUGXGTGN[FGJ[FTCVGFCPFEQXGTGFYKVJUQTGUCPFEQEMTQCEJDKVGU
/E2JGTUQPCHVGTFC[UNQEMGF
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5V2GVGTUDWTI6KOGU'FKVQTKCN
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 #YQOCPKPXQNXGFKPCOKPQTVTCH¿ECEEKFGPVUJGFUJGTENQVJGUCPFYCNMUPWFGFQYPVJGUVTGGV2QNKEGVCMG
JGTVQVJGJQURKVCNVQUGGCRU[EJKCVTKEPWTUGCPFCICKPUVOGFKECNCFXKEGUJGNGCXGUYKVJHTKGPFU6JQUGHTKGPFU
VCMGJGTVQVJGKTEJWTEJ5GXGPVGGPFC[UNCVGTVJG[FTKXGJGTVQCJQURKVCNOQTGVJCPOKNGUCYC[KPCPQVJGT
EQWPV[6JGYQOCPKUFGCFQPCTTKXCNCPFCPCWVQRU[¿PFUDTWKUGUCDTCUKQPUCPFNGUKQPUQPJGTDQF[1H¿EKCN
ECWUGQHFGCVJCDNQQFENQVECWUGFD[´DGFTGUVCPFUGXGTGFGJ[FTCVKQP´
 %NGCTYCVGTRQNKEGUC[VJQUGCTGVJGEKTEWOUVCPEGUUWTTQWPFKPIVJGUWURKEKQWUFGCVJQH.KUC/E2JGTUQPYJQ
YCUCOGODGTQHVJG%JWTEJQH5EKGPVQNQI[HQT[GCTUDGHQTGUJGFKGFKP&GEGODGT#P[QDLGEVKXGTGXKGY
ECPQPN[TCKUGOQTGSWGUVKQPUCDQWVYJCVJCRRGPGFVQVJG[GCTQNFYQOCPKPVJGFC[UDGVYGGPVJGVTCH¿E
CEEKFGPVCPFJGTFGCVJ
 #[GCTNCVGTVJG%NGCTYCVGT2QNKEG&GRCTVOGPVUVKNNKUNQQMKPIHQTCPUYGTUCPFCXQKFKPICEEWUCVKQPU+PUVGCF
QHEQQRGTCVKPIVJG%JWTEJQH5EKGPVQNQI[JCUTGURQPFGFD[CVVCEMKPIVJGRQNKEGFGRCTVOGPVCPFEQORNCKPKPI
QH JCTCUUOGPV +V KU UVCPFCTF RTQEGFWTG HQT 5EKGPVQNQIKUVU VQ FKUEQWTCIG UETWVKP[ YKVJ VCEVKEU VJCV UOCEM QH
KPVKOKFCVKQP6JG%NGCTYCVGT2QNKEG&GRCTVOGPVCPFVJGUVCVGCVVQTPG[¶UQH¿EGUJQWNFPQVCNNQYUWEJCUVTCVGI[
VQFGTCKNVJKUKPXGUVKICVKQP
 6JGTGKUEQPUKFGTCDNGCPGEFQVCNGXKFGPEGVJCVUJQWNFJGKIJVGPEQPEGTPCDQWV/E2JGTUQP¶UFGCVJ5JQTVN[
DGHQTGJGTVTCH¿ECEEKFGPVKP0QXGODGT/E2JGTUQPEQP¿FGFVJCVUJGYCUNGCXKPIVJG%JWTEJQH5EKGPVQNQI[
C NQPIVKOG HTKGPF VQNF VJG 6CORC 6TKDWPG /E2JGTUQP¶U OQVJGT (CPPKG /E2JGTUQP VQNF VJG PGYURCRGT VJCV
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 1PVJGOQTPKPIQH/CTEJ.4QP*WDDCTF¶UDKTVJFC[,GTGO[2GTMKPUYGPVKPVQ
JKUHCOKN[¶UMKVEJGPITCDDGFCKPEJMPKHGCPFJKFKVDGJKPFJKUDCEM+PJKUFGNWUKQPCNUVCVG
JG YCU UWURKEKQWU QH JKU RCTGPVU¶ FGEKUKQP VQ UGPF JKO VJCV CHVGTPQQP VQ NKXG HQT C YJKNG YKVJ
UQOGQPGKPVJG5QWVJGTP6KGT*GVJQWIJVVJGXKVCOKPRKNNUJKUOQVJGTYCPVGFJKOVQVCMGYGTG
OCMKPIJKOYQTUG#PFJGDGNKGXGFJKUOQVJGTRQUUGUUGFCPGXKNG[G

 'NNK2GTMKPUC5EKGPVQNQIKUVHQTOQTGVJCP[GCTUYCUVCNMKPIQPVJGVGNGRJQPGYJGP,GTGO[
RWUJGFJGTKPVQCDGFTQQO

*GUVCDDGFJGTVKOGU´=?

,GTGO[¶U5VCVGOGPVVQ2QNKEG


 5EKGPVQNQI[¶U5GETGV+45&GCN
 +PVJG%JWTEJQH5EKGPVQNQI[RCKFOKNNKQPVQVJG+PVGTPCN4GXGPWG5GTXKEGKPDCEMVCZGUCPFCHVGT
FGECFGU QH NGICN DCVVNGU YCU ITCPVGF HWNN VCZ GZGORV UVCVWU=? 9J[ KU VJKU UWEJ C DKI FGCN! +H 5EKGPVQNQI[ KU C
TGNKIKQPVJGPUJQWNFP¶VKVGPLQ[VJGDGPG¿VQHVCZGZGORVKQPCUCP[QVJGTTGEQIPK\GFTGNKIKQPFQGU!

 6JGRTQDNGOKUOCP[HCEGVGF(KTUVQHCNNVJGFGCNOCFGYKVJVJG+45FKTGEVN[XKQNCVGUC5WRTGOG%QWTVTWNKPI

*'40#0&'<X%1//+55+10'41(+06'40#.4'8'07'

 ´6JG %JWTEJ QH 5EKGPVQNQI[

%JWTEJ RTQXKFGU ´CWFKVKPI´ UGUUKQPU FGUKIPGF VQ KPETGCUG OGODGTU¶ URKTKVWCN
CYCTGPGUUCPFVTCKPKPIEQWTUGUCVYJKEJRCTVKEKRCPVUUVWF[VJGVGPGVUQHVJGHCKVJCPFUGGMVQCVVCKPVJGSWCNK¿ECVKQPU
PGEGUUCT[VQEQPFWEVCWFKVKPIUGUUKQPU2WTUWCPVVQCEGPVTCNVGPGVMPQYPCUVJG´FQEVTKPGQHGZEJCPIG´VJG%JWTEJ
JCU UGV HQTVJ UEJGFWNGU QH OCPFCVQT[ ¿ZGF RTKEGU HQT CWFKVKPI CPF VTCKPKPI UGUUKQPU YJKEJ XCT[ CEEQTFKPI VQ C
UGUUKQP¶UNGPIVJCPFNGXGNQHUQRJKUVKECVKQPCPFYJKEJCTGRCKFVQDTCPEJEJWTEJGU7PFGTQHVJG+PVGTPCN4GXGPWG
%QFGQHRGVKVKQPGTUGCEJUQWIJVVQFGFWEVUWEJRC[OGPVUQPVJGKTHGFGTCNKPEQOGVCZTGVWTPUCUC´EJCTKVCDNG
EQPVTKDWVKQP´ YJKEJ KU FG¿PGF CU C ´EQPVTKDWVKQP QT IKHV´ VQ GNKIKDNG FQPGGU #HVGT TGURQPFGPV %QOOKUUKQPGT QH
+PVGTPCN4GXGPWG
%QOOKUUKQPGTQT+45FKUCNNQYGFVJGUGFGFWEVKQPUQPVJGITQWPFVJCVVJGRC[OGPVUYGTGPQV
´EJCTKVCDNG EQPVTKDWVKQPU´ RGVKVKQPGTU UQWIJV TGXKGY KP VJG 6CZ %QWTV 6JCV EQWTV WRJGNF VJG %QOOKUUKQPGT¶U
FGEKUKQPUCPFTGLGEVGFRGVKVKQPGTU¶EQPUVKVWVKQPCNEJCNNGPIGUDCUGFQPVJG'UVCDNKUJOGPVCPF(TGG'ZGTEKUG%NCWUGU
QHVJG(KTUV#OGPFOGPV6JG%QWTVUQH#RRGCNUCH¿TOGFQPRGVKVKQPGTU¶UGRCTCVGCRRGCNU

*GNF

 2C[OGPVUOCFGVQVJG%JWTEJ¶UDTCPEJEJWTEJGUHQTCWFKVKPICPFVTCKPKPIUGTXKEGU
 CTGPQVFGFWEVKDNGEJCTKVCDNGEQPVTKDWVKQPUWPFGT2R
*'40#0&'<X%1//+55+10'475
75*'40#0&'<X%1//+55+10'41(
+06'40#.4'8'07'%'46+14#4+616*'70+6'&56#6'5%17461(#22'#.5(146*'(+456%+4%7+6
0Q#TIWGF0QXGODGT&GEKFGF,WPG

 9GCITGGYKVJVJG5WRTGOG%QWTVVJCVTGSWKTKPIUGVRTKEGUQPEQWTUGYQTMKUPQVEQORCVKDNGYKVJVJGIGPGTCNN[
CEEGRVGFFG¿PKVKQPQHC´VKVJG´QT´FQPCVKQP´HQNNQYGTURC[QWVVQVJGKTRNCEGUQHYQTUJKR6JQUGCTGXQNWPVCT[6JG
RC[OGPVHQT5EKGPVQNQI[EQWTUGYQTMKUPQV6JGRTKEGHQTGCEJVTCKPKPIUGUUKQPKUUGVD[VJG%JWTEJ

 6JKUYCUPQVVJG¿TUVDWVVJGVJKTFVKOGVJCV5EKGPVQNQI[JCFDGGPFGPKGFGZGORVKQPD[VJGEQWTVU5QYJ[CHVGT
 NCYUWKVUCPFFGECFGUQHFGPKCNFKFVJG+45¿PCNN[ITCPVVJG%JWTEJQH5EKGPVQNQI[VCZGZGORVKQP!2CTVQHVJG
TGCUQPUCTGUVKNNUJTQWFGFKPO[UVGT[6JGFGCNOCFGYKVJVJG+45KPKUPQVCXCKNCDNGHQTTGXKGYCPFTGOCKPU
UGETGVVQVJKUFC[6JG+45JCUCNYC[UFGPKGFTGSWGUVUVQRTQFWEGVJGGPVKTGFQEWOGPVQHVJGFGCNVJCVYCUUVTWEM
DGJKPFENQUGFFQQTU

+45FGCNXKQNCVGUVJGUV#OGPFOGPV'UVCDNKUJOGPV%NCWUG
 'XGP OQTG UWURGEV KU VJG +45¶U RTGHGTGPVKCN VTGCVOGPV QH 5EKGPVQNQI[ 5EKGPVQNQI[ GPLQ[U PQV QPN[ GSWCN VCZ
GZGORVKQP YKVJ QVJGT TGNKIKQWU GUVCDNKUJOGPVU DWV CNUQ GZGORVKQP VJCV PQ QVJGT EJWTEJ JCU 6JG +45 CITGGF VQ
CNNQY5EKGPVQNQIKUVUVQFGFWEVCVNGCUVQHVJGHGGURCKFHQT´TGNKIKQWUVTCKPKPICPFUGTXKEGU´0QQVJGTTGNKIKQP
GPLQ[UVJKUVCZDTGCM

 #TGEGPVNCYUWKVYKNNJQRGHWNN[UJGFUQOGNKIJVQPVJGUGETGVFGCNOCFGYKVJ5EKGPVQNQI[/KEJCGNCPF/CTNC
5MNCTCTGC,GYKUJEQWRNGYJQYGTGFGPKGFGZGORVKQPHQTVJGKTUQP¶UTGNKIKQWUUEJQQNKPIQPVJGKTVCZGU9JGPVJG[
FKUEQXGTGF5EKGPVQNQIKUVUJCXGVJGTKIJVVQFQVJKUCPF,GYUFQPQVVJG[TGVCKPGFCVVQTPG[,GHHTG[<WEMGTOCPVQUWG
VJG+45

 <WEMGTOCPTKIJVN[CTIWGFVJCVVJG(KTUV#OGPFOGPVRTQJKDKVUVJG+45HTQOFKUETKOKPCVKPIQPVJGDCUKUQHTGNKIKQP
6JG'UVCDNKUJOGPVENCWUGQHVJGUV#OGPFOGPVFQGUPQVCNNQY´VJGRTGHGTGPEGQHQPGTGNKIKQPQXGTCPQVJGTQTVJG
UWRRQTVQHCTGNKIKQWUKFGCYKVJPQKFGPVK¿CDNGUGEWNCTRWTRQUG´

 +P TGURQPUG VQ +45 CTIWOGPVU VJCV VJG[ YGTG PQV KP XKQNCVKQP QH VJG UV #OGPFOGPV RTGUKFKPI ,WFIG -KO
9CTFNCYCUMGF´6JGXKGYQHVJG+45KUKVECPWPEQPUVKVWVKQPCNN[XKQNCVGVJG%QPUVKVWVKQPD[GUVCDNKUJKPITGNKIKQPD[
VTGCVKPIQPGTGNKIKQPOQTGHCXQTCDN[VJCPQVJGTTGNKIKQPUKPVGTOUQHYJCVKUCNNQYGFCUFGFWEVKQPUCPFVJGTGECP
PGXGTDGCP[LWFKEKCNTGXKGYQHVJCV!´=?

#VVJKUVKOGVJGECUGKUQPIQKPICPFJCU[GVVQDGFGEKFGF


 5EKGPVQNQI[¶U5GETGV+45&GCN
 ´=?5EKGPVQNQI[JCUDTQWIJVJWPFTGFUQHUWKVUCICKPUVKVURGTEGKXGFGPGOKGUCPFVQFC[RC[UCPGUVKOCVGF
OKNNKQPCPPWCNN[VQOQTGVJCPNCY[GTU
 1PGNGICNIQCNQH5EKGPVQNQI[KUVQDCPMTWRVVJGQRRQUKVKQPQTDWT[KVWPFGTRCRGT6JGEJWTEJJCUCEVKXG
NCYUWKVUCICKPUVVJG+45CNQPG
 =?¶+PO[QRKPKQPVJGEJWTEJJCUQPGQHVJGOQUVGHHGEVKXGKPVGNNKIGPEGQRGTCVKQPUKPVJG75TKXCNKPIGXGP
VJCVQHVJG($+¶´
6GF)WPFGTUQPCHQTOGTJGCFQHVJG($+¶U.QU#PIGNGUQH¿EG

 ´#P+45%NQUKPICITGGOGPVECPPQVQXGTTWNG%QPITGUUCPFVJG5WRTGOG%QWTV´´+HVJG+45FQGUKPHCEVIKXG
RTGHGTGPVKCNVTGCVOGPVVQOGODGTUQH´´5EKGPVQNQI[´´CNNQYKPIVJGOCURGEKCNTKIJVVQENCKOFGFWEVKQPUVJCV
CTGEQPVTCT[VQNCYCPFTKIJVN[FKUCNNQYGFVQGXGT[DQF[GNUGVJGPVJGRTQRGTEQWTUGQHCEVKQPKUCNCYUWKVVQ
RWVCUVQRVQVJCVRQNKE[´
,WFIG4GKPJCTV7PKVGF5VCVGUVJ%KTEWKVEQWTVQH#RRGCNU,CPWCT[

 *QYFKFVJG%JWTEJQH5EKGPVQNQI[ICKPVCZGZGORVKQP!+PVJGUCOGOCPPGTKVCNYC[UIGVKVUYC[KVUWGF
VJG+45KPVQUWDOKUUKQP6JG¿IJVDGICPKP,WN[QHYJGPVJG+45TGXQMGFVJGVCZGZGORVUVCVWUQHVJG
%JWTEJEKVKPIVJTGGTGCUQPU

 5EKGPVQNQI[RTCEVKVKQPGTUCTGRTQ¿VKPIHTQOVJG´PQPRTQ¿V´%JWTEJ
 6JG%JWTEJ¶UCEVKXKVKGUCTGEQOOGTEKCN
 6JG%JWTEJKUUGTXKPIVJGRTKXCVGKPVGTGUVUQH.4QP*WDDCTF
CRTCEVKEGMPQYPCUKPWTGOGPV

 5EKGPVQNQI[FGPQWPEGFVJGTGXQECVKQPFGENCTGFKVUKPVGPVKQPVQKIPQTGVJGFGEKUKQPCPFYKVJJGNFRC[OGPV
QHVCZGUHQTVJGPGZV[GCTU6JGEJWTEJDGICPYCIKPICPCNNQWVYCTCICKPUVVJG+45+VKUQWTDGNKGHVJCVCHVGT
JWPFTGFUQHNCYUWKVU
GXGT[UKPINGQPGVJTQYPQWVKPVJG+45¶UHCXQTVJG+45UKORN[VJTGYWRKVUJCPFUCPF
ECXGFKP#ICKPVJG+45JCFYQPGXGT[EQWTVECUGCICKPUV5EKGPVQNQI[WRVQVJGVKOGQHVJGUGETGVCITGGOGPV
6JG[YGTGUKORN[RWOOGNGFKPVQUWDOKUUKQP6JG%JWTEJCNUQJKTGFRTKXCVGKPXGUVKICVQTUVQHQNNQYGORNQ[GGU
QHVJG+45CPFFKIWRCP[CPFCNNFKTVVJG[EQWNFICVJGTVQKPETGCUGVJGRTGUUWTG6JG[UQWIJVQWVFKUITWPVNGF
GORNQ[GGU VQ DGEQOG YJKUVNGDNQYGTU KP EQPUVCPV NCYUWKVU 6JG[ CRRNKGF EQPUVCPV CPF KPETGCUKPI RTGUUWTG
WPVKNVJG+45¿PCNN[DTQMG*QYEQWNFVJG+45IGVCYC[YKVJVJKUKNNGICN´UYGGVJGCTV´FGCNYKVJVJG%JWTEJQH
5EKGPVQNQI[!

6JG+45LWUVUKORN[MGGRUSWKGV6JKUUGETGVCITGGOGPVRTQXKFGFOCP[UWEJ´UYGGVJGCTV´FGCNUHQT5EKGPVQNQI[
 6JG+45UVCVGUVJCVKVYKNNPQNQPIGTJCXGCP[KPVGTGUVKPCEQP¿UECVGFCWFKQVCRG
VJCVCEQWTVJCFTWNGFYCUQHCOGGVKPID[5EKGPVQNQI[QH¿EKCNUCPFCVVQTPG[UVQ
CVVGORVVQFGHTCWFVJG+45
 6JG FGCN ITCPVGF GP OCUUG VCZ GZGORVKQP VQ FQ\GPU QH 5EKGPVQNQI[¶U EQTRQTCVG
UVTWEVWTGUKPENWFKPI%JWTEJQH5RKTKVWCN6GEJPQNQI[
 6JG +45 UGPV C (CEV 5JGGV VQ QVJGT EQWPVTKGU EQPEGTPKPI VJGKT PGY CITGGOGPV
YJKEJKPENWFGFCRTQ5EKGPVQNQI[RCORJNGVYTKVVGPD[VJGEJWTEJKVUGNH
 6JG FGCN EJCPIGF VJG UVCVWU QH OCP[ QH VJG  HQTOU UQ VJCV VJG[ ECPPQV DG
XKGYGFD[VJGRWDNKECUTGSWKTGFD[+45TWNGU
HQTOUCTGCP[FQEWOGPVUVJG
EJWTEJRTQXKFGUVJG+45KPQTFGTVQQDVCKPVCZGZGORVKQP
 6JGFGCNOCFG¿ZGFEQUVUQHEJWTEJEQWTUGUVCZFGFWEVKDNG#ICKPVJKUIQGUCICKPUV
VJG755WRTGOG%QWTV¶UTWNKPIKP*GTPCPFG\
 #P[HWVWTGXKQNCVKQPUQH+45TWNGUD[5EKGPVQNQI[YKNNDGVCMGPQWVQHVJGJCPFUQH
TGIWNCTCWFKVQTUCPFPQYRNCEGFKPVJGJKIJGUVQH¿EKCNUQHVJG+45¶FWVKGU
 6JGFGCNTGSWKTGFVJCVDQVJRCTVKGUMGGRVJGCITGGOGPVUGETGV
;QWECPXKGYRCTVQHVJGFGCNOCFGYKVJ5EKGPVQNQI[JGTGJVVRYYYNKUCOERJGTUQPQTIEQUKTUJVO

#VVCEJGFPGZVCTG5EKGPVQNQI[RTKEGUJGGVUHQTEQWTUGUCPFVKOGNKPGQH
VJGGXGPVUNGCFKPIWRVQVJGUGETGVFGCN5EKGPVQNQI[OCFGYKVJVJG+45

4GSWKTGF&QPCVKQP2TKEG.KUV


4GSWKTGF&QPCVKQP2TKEG.KUV


 6CZ'ZGORVKQP6KOGNKPG
5WOOGT
 5EKGPVQNQI[JKTGURTKXCVGKPXGUVKICVQTUVQKPXGUVKICVGVJGRGTUQPCNNKXGU
CPFCU.4QP*WDDCTF¶UVJGQTKGUQP
´UWRRTGUUKXGU´YQWNFJCXGKVVJG´ETKOGU´QHUGPKQT+45QH¿EKCNUKPXQNXGFKPVJGQPIQKPI5EKGPVQNQI[NKVKICVKQP
#EEQTFKPIVQ1EVCXKQ2GPCCRTKXCVGKPXGUVKICVQTKP(QTV.GG0,C5EKGPVQNQIKUVKFGPVKH[KPIJKOUGNHCU$GP5JCY
XKUKVUJKOKPVJGUWOOGTQHVQGZRNCKPVJCVVJGEJWTEJYCUEQPEGTPGFCDQWV+45EQTTWRVKQPCPFYQWNFRC[
OKNNKQPHQT2GPCVQKPXGUVKICVG+45QH¿EKCNU2GPCTGHWUGU

 6YQOQTG2+U/KEJCGN.5JQOGTUCPF6JQOCU,-T[YWEMKYQTMHQT5EKGPVQNQI[HQTCVNGCUVOQPVJUKP
CPF9QTMKPIHTQOJKU/CT[NCPFQH¿EG5JQOGTUUGVUWRCRJQP[QRGTCVKQPVJG9CUJKPIVQP0GYU$WTGCWVQ
RQUGCUCTGRQTVGTCPFICVJGTKPHQTOCVKQPCDQWVEJWTEJETKVKEU*GKP¿NVTCVGU+45EQPHGTGPEGUVQICVJGTKPHQTOCVKQP
CDQWVQH¿EKCNUYJQOKIJVDGUMKRRKPIOGGVKPIUFTKPMKPIVQQOWEJQTJCXKPICHHCKTU5EKGPVQNQI[NCY[GT-GPFTKEM
/QZQPQPGQHVJQUGEKVGFKPVJG5PQY9JKVGUECPFCNKPCFOKVUVJGWUGQHRTKXCVGKPXGUVKICVQTUDWVENCKOU
VJCVVJG[CTGPGGFGFVQEQWPVGTNKGUURTGCFD[´TQIWGIQXGTPOGPVCIGPVU´
4GH0GY;QTM6KOGU/CTEJ

1EVQDGT
 5EKGPVQNQI[NGCFGT&CXKF/KUECXKIGCPF/CTV[4CVJDWPCPQVJGTUGPKQT5EKGPVQNQI[QH¿EKCNENCKOVQJCXGJGNF
CPWPUEJGFWNGFOGGVKPIYKVJ+45%QOOKUUKQPGT(TGF6)QNFDGTI,T/KUECXKIGQHHGTUVQFTQRCNNVJGUWKVUCICKPUV
VJG+45KH5EKGPVQNQI[KUIKXGPVCZGZGORVKQP)QNFDGTICITGGUCPFETGCVGUCURGEKCN¿XGOGODGTYQTMKPIITQWR
WPFGT*QYCTF/5EJQGPHGNFVQTGUQNXGVJGFKURWVGD[RCUUKPIVJGCIGPE[¶UGZGORVQTICPK\CVKQPUFKXKUKQPYJKEJ
PQTOCNN[JCPFNGUVJQUGOCVVGTUCPGZEGRVKQPCNN[WPWUWCNCTTCPIGOGPV
4GH0GY;QTM6KOGU/CTEJ

,CPWCT[
 ,QJP'$WTMGVJGCUUKUVCPVEQOOKUUKQPGTHQTGZGORVQTICPK\CVKQPUCITGGUVQ5EKGPVQNQI[¶UFGOCPFVJCVKVU
VJGDWNMQHKVU¿PCPEKCNFGVCKNUUJQWNFDGMGRVUGETGV
4GH0GY;QTM6KOGU/CTEJ

,WPG
 6JG 75 %NCKOU %QWTV WRJQNFU VJG +45¶ NQPIUVCPFKPI FGPKCN QH C VCZ GZGORVKQP HQT 5EKGPVQNQI[¶U %JWTEJ
QH 5RKTKVWCN 6GEJPQNQI[ 6JG TWNKPI UVTQPIN[ UWRRQTVU VJG CIGPE[¶U EQPEGTPU QXGT VJG EQOOGTEKCN PCVWTG QH
5EKGPVQNQI[CPFQVJGTOCVVGTU+VUVCVGUVJCVVJGEQTRQTCVGUVTWEVWTGQH5EKGPVQNQI[YCU´UQOGVJKPIQHCFGEGRVWU
XKUWU4GCNEQPVTQNKUGZGTEKUGFNGUUHQTOCNN[DWVOQTGVCPIKDN[VJTQWIJCPWPKPEQTRQTCVGFCUUQEKCVKQPVJG5GC
1TICPK\CVKQP´5EKGPVQNQI[ENCKOUVJCVVJGTWNKPIJCUKIPQTGFVJGHCEVUCPFKU¿NNGFYKVJ´ITCVWKVQWUEQOOGPVU´

4GH0GY;QTM6KOGU/CTEJ

#WIWUV
 6JG+45CITGGUVQITCPVVCZGZGORVKQPUVQGXGT[5EKGPVQNQI[GPVKV[KPVJG7PKVGF5VCVGURNWUHQTGKIPGPVKVKGU
DCUGFKPVJG7-CPF%[RTWU6JG%JWTEJ¿NGUPGYCRRNKECVKQPUHQTGZGORVKQPUCURCTVQHVJGCITGGOGPV

5GRV
 6YQ+45VCZCPCN[UVUYTKVGKPVGTPCNOGOQTCPFCUC[KPIVJCVVJG[JCXGDGGPKPUVTWEVGFVQKIPQTGUWDUVCPVKXG
KUUWGUKPTGXKGYKPIVJGPGY5EKGPVQNQI[CRRNKECVKQPU
4GH0GY;QTM6KOGU/CTEJ

1EVQDGT
 6JG CITGGOGPV EQOGU KPVQ HQTEG 5EKGPVQNQI[ RC[U VJG +45 O KP DCEM VCZGU CPF FTQRU CNN VJG NCYUWKVU
DTQWIJV D[ %JWTEJ GPVKVKGU CPF KPFKXKFWCN 5EKGPVQNQIKUVU CICKPUV VJG +45
4GH %NQUKPI CITGGOGPV QP ¿PCN
FGVGTOKPCVKQPEQXGTKPIURGEK¿EOCVVGTU1EV

1EVQDGT
 &CXKF/KUECXKIGJQNFUC´XKEVQT[TCNN[´CVVGPFGFD[EJGGTKPI5EKGPVQNQIKUVUKPVJG.QU#PIGNGU5RQTVU
#TGPC *G FGENCTGU VJCV ´VJG YCT KU QXGT´ CPF GZRNCKPU VJCV JG JCU FGHGCVGF VJG UGETGV ´OCUVGT RNCP´ QH VJG
RU[EJKCVTKUVUQTTCVJGTVJG´RGCDTCKPGFRU[EJKPFQEVTKPCVGFOGPVCNOKFIGVU´PCOGN[VQWUGVJG+45VQFGUVTQ[
5EKGPVQNQI[=?

+UKVWPTGCUQPCDNGVQCUMVJG+45VQQRGPVJGUGETGV¿NGCPFCNNQYWUWPFGTVJG(TGGFQOQH
+PHQTOCVKQP#EVVQMPQYVJGFGVCKNUQHVJGURGEKCNFGCNVJG[OCFGYKVJ5EKGPVQNQI[!

 5EKGPVQNQI[¶U5GETGV+45&GCN
5QYJCVFQGUKVCNNOGCP!
 6JG ENCKO JCU DGGP OCFG VJCV PQV QPN[ FKF VJG %JWTEJ QH 5EKGPVQNQI[ QDVCKP VCZ
GZGORVUVCVWUWPFGTUJCF[EKTEWOUVCPEGUDWVCNUQVJCVVJG[JCXGURGEKCNVCZGZGORVKQP
PQQVJGTTGNKIKQPJCUDGGPITCPVGF$WVJQYFQGUKVYQTM!

 9GNN NGV¶U NQQM CV C VYQRCTGPV VYQKPEQOG JQWUGJQNF +H DQVJ RCTGPVU GCTP C
EQOHQTVCDNG YCIG QH  GCEJ VJGP VJG PGV JQWUGJQNF KPEQOG KU 
#EEQTFKPI VQ VJG  (GFGTCN 6CZ 4CVG 5EJGFWNGU
YYYKTUIQX VJG VCZ TCVG QP VJKU
KPEQOGKURNWUHQTCVQVCNQH

 .GV¶UCNUQCUUWOGVJGUGRCTGPVURTCEVKEG%CVJQNKEKUO6JG[FGEKFGVQUGPFVJGKTEJKNF
VQC%CVJQNKEJKIJUEJQQNYJGTGVJGVWKVKQPKUHQTKPUVCPEGC[GCT

6JG[UVKNNRC[KPKPEQOGVCZCVVJGGPFQHVJG[GCT


 *QYGXGTNGVWUPQYCUUWOGVJG[CTG5EKGPVQNQIKUVU6JG[FGEKFGVQUGPFVJGKTEJKNF
VQC5EKGPVQNQIKUVJKIJUEJQQNYJKEJCUMUHQTVWKVKQPQHC[GCT#EEQTFKPIVQVJG
FGCNOCFGYKVJVJG+45VJGRCTGPVUCTGRGTOKVVGFVQFGFWEVQHVJGVWKVKQPEQUVUHTQO
VJGKTVCZGU6JKUCNNQYUVJGOVQNGICNN[ENCKOCPKPEQOGQH6JGVCZGUVJG[RC[
CTGRNWUHQTCVQVCNQH

.GV¶UFQVJGOCVJ

OQTGKPVCZGURCKFD[VJG%CVJQNKEHCOKN[

5EKGPVQNQIKUVUUCXGVJQWUCPFUOQTGKPVJGKTKPEQOGVCZGUVJCP%CVJQNKEU,GYU*KPFWU
/WUNKOU $WFFJKUVU 9KEECPU CIPQUVKEU CPF CVJGKUVU 0Q TGNKIKQP UJQWNF JCXG URGEKCN
RTGHGTGPEGUCDQXGCPFDG[QPFCP[QVJGTTGNKIKQP6JKUGZVTCVCZDTGCMKUPQVQPN[WPHCKT
KVKUGZVTGOGN[WPLWUV


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 ´#PKPFKXKFWCNRTQEGUUGFYKVJVJGCKFQHVJG'OGVGTYCUUCKFVQTGCEJVJGKPVGPFGFIQCNQH
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 #NOQUVKPXCTKCDN[VJGUGITQWRUUQNKEKVPGYTGETWKVUYKVJVJGRTQOKUGQHUQOGNKHGEJCPIKPIGZRGTKGPEG
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 6JKUWUWCNN[QEEWTUKPVJGEQWTUGQHCEWNVTKVWCNQTVJGTCRGWVKEVGEJPKSWGVJCVKUFGHVN[QTEJGUVTCVGFVQ
ETGCVGVJGGZRGTKGPEGQHCOQOGPVQWURU[EJKEDTGCMVJTQWIJ9GHQWPFVJGOQUVXKXKFGZCORNGQHVJKUKP
VJG*CTG-TKUJPC¶UGTQVKEEGTGOQP[YJGTGCOKFUVDWTPKPIKPEGPUGRCTVKEKRCPVULWORCPFFCPEGWPVKNVJG[
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SWGUVKQPKPIQTOGTGN[VQNGVVJKPIUÀQY

 6JGUGCTGEQOOCPFUYJKEJKPQWTXKGYEQPUVKVWVGCEQXGTVHQTOQHJ[RPQVKEUWIIGUVKQP

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CPFRQVGPVKCNN[JCFVJGOQUVFCOCIKPIGHHGEVUVQKVUOGODGTU*GUCKFKVEQWNF
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ICXGVJGEQWTVCUYQTPUVCVGOGPVKPYJKEJ*WDDCTFENCKOGFVQDGKPCUGNHKORQUGFUGENWUKQPCPF
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CNNQYGF VJG FCVG QH JKU UKIPCVWTG VQ DG EQP¿TOGF +V ECNNGF /KUECXKIG C ´VTWUVGF CUUQEKCVG´ CPF
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CH¿FCXKVUVJG[JCXGYKVPGUUGF&CXKF/KUECXKIGRJ[UKECNN[DGCVKPIEJWTEJOGODGTUYJQWRUGV
JKO

 ´6JGDGCVKPIUYGTGXGT[UGETGVKXGVJTQWIJVJG¶U+VYCUKPQPYCTFUYJGTGJGYCU
DGCVKPIVJGUGIW[UOQTGCPFOQTGCPFKVYCUCTGIWNCTVJKPI+P+YQWNFCUUWOG
VJGTGYCUCVNGCUVCDGCVKPIGCEJFC[CPFUQOGVKOGOWNVKRNGQPGUFGRGPFKPIQPJQYOCP[
OGGVKPIUVJGTGYGTG6JGOCKPIW[UVJCV+UCY&/
&CXKF/KUECXKIGJKVQXGTCPFQXGTCICKP
CVOGGVKPIUYGTG/KMG4KPFGT/CTE;CIGT)WGKNNGOG.GUGTXG/CTM+PIDGT4C[/KVQHHCPF4KEM
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NKHGVKOGUVCHHGT

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 ´1P#WIWUV&CXKF/KUECXKIGCPFQVJGTUCEVKPIQPVJGQTFGTUQH.4QP*WDDCTF
MKFPCRRGF OG CPF UWDUGSWGPVN[ MGRV OG ECRVKXG CPF RJ[UKECNN[ CPF OGPVCNN[ CDWUGF OG HQT
UKZOQPVJU&WTKPIVJKURGTKQF&CXKF/KUECXKIGCPQH¿EGTCPFFKTGEVQTQH46%VQNFOGKPVJG
RTGUGPEGQH8KEMK#\PCTCP2TGUKFGPVQH46%/CTM;CGIGT%QOOCPFKPI1H¿EGT%/1+06QH%5+
VJCVKH+GXGTGUECRGFJGYQWNFRGTUQPCNN[UGGVQKVVJCVVJGTGUQWTEGUQHVJG%JWTEJQH5EKGPVQNQI[
YQWNF FGUVTQ[ O[ EJCTCEVGT CPF TGRWVCVKQP KPVGTPCVKQPCNN[ &WTKPI VJCV UKZOQPVJ RGTKQF QH
ECRVKXKV[+YCUHQTEGFVQTWPCTQWPFCVTGGKPVJGFGUGTVKPVGORGTCVWTGUQHWRVQFGITGGU
HQTJQWTUCFC[FC[UCYGGMHQTOQPVJU+YCUWPFGTVTGOGPFQWUEQGTEKQPCPFFWTGUU+
YCUTGHWUGFOGFKECNCPFFGPVCNVTGCVOGPV
CHVGTGUECRKPIECRVKXKV[+NQUVUKZVGGVJCPFTGSWKTGF
VJQWUCPFUQHFQNNCTUQHFGPVCNYQTMVQUCXGVJGTGUVQHO[VGGVJ+YCUPQVRGTOKVVGFVQOCMGQT
TGEGKXGRJQPGECNNUCPFCNNNGVVGTU+YTQVGYGTGTGCFD[5EKGPVQNQI[UGEWTKV[IWCTFU+YCUQHVGP
CYCMGPGFFWTKPIVJGPKIJVCPFKPVGTTQICVGF
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YCUVQNFD[4KEM#\PCTCP&KTGEVQTQH5GEWTKV[46%
JWUDCPFQH8KEMK#\PCTCP2TGUKFGPVQH46%
VQIGVVJGKFGCQHNGCXKPIQWVQHO[JGCFDGECWUG+YQWNFPGXGTNGCXGVJGRTQRGTV[CNKXG´
&CXKF/C[Q#H¿FCXKV
%&1EVQDGT

 &CXKF/C[QYCUJGNFCVVJG5EKGPVQNQI[EQORQWPFPGCT*GOGV%CMPQYCU)QNFGP'TC
2TQFWEVKQPU+PCPKPVGTGUVKPIVYKUVCSWKEMUGCTEJKP)QQING'CTVJTGXGCNUCDKTF¶UG[GXKGYQH
VJG)QNFGP'TCEQORQWPFCPFCPKPVGTGUVKPIIGQITCRJKECNHGCVWTG

#EKTEWNCTTWPPKPIVTCEMDWKNVCTQWPFCRCNOVTGG


 &CXKF/KUECXKIGVJG6[TCPV
&CXKF/KUECXKIGKUCNNQYKPIVJGEQTTWRVKQPQH
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(TQOVJGYJCVKUUEKGPVQNQI[QTIYGDUKVG

 ´+P/T*WDDCTFFQPCVGF=VJGVGPCPVUQH5EKGPVQNQI[?VQVJGPGYN[HQTOGF4GNKIKQWU6GEJPQNQI[
%GPVGT CPF GPVTWUVGF VJCV EJWTEJ YKVJ VJG TGURQPUKDKNKV[ QH RTQVGEVKPI VJG TGNKIKQP QH 5EKGPVQNQI[ D[
GPHQTEKPIVJGRWTGCPFGVJKECNWUGCPFUVCPFCTFCRRNKECVKQPQHJKUVGEJPQNQIKGU46%VJWUOCKPVCKPUVJG
RWTKV[QHVJGVGEJPQNQI[CPFIWCTFUCICKPUVCP[OKUWUGQTOKUTGRTGUGPVCVKQPD[NGICNN[TGIKUVGTKPICPF
YJGTG PGEGUUCT[ GPHQTEKPI EGTVCKP YQTFU CPF U[ODQNU QH VJG 5EKGPVQNQI[ TGNKIKQP CU VTCFGOCTMU CPF
UGTXKEGOCTMUKPEQWPVTKGUVJGYQTNFQXGT´=?

 #UVJGEJCKTOCPQHVJGDQCTFCVVJG46%KVHCNNUUSWCTGN[KPVJGNCRQH&CXKF/KUECXKIGJKOUGNHVQUGGVJCV
VJGVGEJ
VJGFQEVTKPGUQHVJG%JWTEJTGOCKPURWTGCPFWPCNVGTGF6JGHCEVKUOGODGTUJCXGDGGPQWUVGF
HTQOVJG%JWTEJHQTURGCMKPIWRCICKPUVEJCPIGUVJG[FKUEQXGTKPVJGVGEJ1PGUWEJEQWRNGYCU)TGI
CPF&GDTC$CTPGU)TGICPF&GDTCNQPIVKOGOGODGTUQHVJG%JWTEJQH5EKGPVQNQI[CPFDQVJDGIKPPKPI
YQTMQP16VTKGFVQCRRN[-59
-GGR5EKGPVQNQI[9QTMKPIC2QNKE[.GVVGTYTKVVGPD[.4*VQUVCORQWV
HCNUGCPFOKUCRRNKGFFQEVTKPGUCPFHQWPFVJGOUGNXGUFGENCTGF52UCPFQWUVGFHTQOVJGTGNKIKQP

 &GDTCYCUUJQYPCTGHGTGPEGD[HGNNQY5EKGPVQNQIKUV8KTIKPKC/EICHHG[YJKEJURGEK¿ECNN[CPUYGTGF
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NGXGNUCPFOQTGKORQTVCPVN[YJGPKVUJQWNFPQVDGIKXGP.4*UVCVGU

 ´2TG16U RTQITGUUKPI YGNN KP VJG PQ KPVGTHGTGPEG CTGC UJQWNF PQV DG KPVGTHGTGF YKVJ D[ 5GE %JGEMU
QTCP[VJKPIGNUG*QYGXGTYJGPCRTG16KUUVCNNGFQTOQXKPIUNQYN[CP[QHVJGCEVKQPUNKUVGFDGNQYKU
CRRTQRTKCVGCPFECPDGQTFGTGFD[CSWCNK¿GF%5=%CUG5WRGTXKUQT?´
4'(%54$KPVJG1'%RI

 # 5GE %JGEM KU DCUKECNN[ C UGTKGU QH SWGUVKQPU C 5EKGPVQNQIKUV OWUV CPUYGT VQ VJG UCVKUHCEVKQP QH VJG
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VJQWIJVUCDQWVVJG%JWTEJ'ZCORNGUQHSWGUVKQPU

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*CXG[QWGXGTVCMGPOQPG[HQTUGZ!
*CXG[QWGXGTRGTUWCFGF[QWPIDQ[UVQVCMGRCTVKPJQOQUGZWCNCEVKXKVKGU!

 6JG%JWTEJTGSWKTGFCNN2TG16UVQTGRQTVKPVQ(.#)GXGT[UKZOQPVJUHQT5GE%JGEMKPIPQGZEGRVKQPU
6JKUYGPVCICKPUVVJGQTKIKPCNRQNKE[YTKVVGPD[.4QP*WDDCTFVJCVUCKFFQPQV5GE%JGEM2TG16UKHVJG[
CTGFQKPIYGNNCPFJCXKPIICKPU
QTUWEEGUUWUKPIVJG2TG16VGEJPQNQI[6JKUKUPQVYJCVVJG%JWTEJYCU
FQKPIYJGPHQTEKPIGXGT[2TG16VQEQOGKPHQTTGIWNCTN[UEJGFWNGF5GE%JGEMU

6JGOQUVKORQTVCPVRCTVKUVJCVVJGUG5GE%JGEMUYGTGGZRGPUKXGCPFDTQWIJVKPCNQVQHGZVTCTGXGPWG
HTQO VJG JKIJGT NGXGN OGODGTU 9JGP 8KTIKPKC VQQM C UVCPEG VJCV VJGUG 5GE %JGEMU YGTG ¶QWVVGEJ¶ QT
EQTTWRVKPI YJCV . 4QP JCF YTKVVGP VJG %JWTEJ DGICP VQ RWNN KP GXGT[ RGTUQP YJQ MPGY CDQWV VJG
TGHGTGPEGCPFSWGUVKQPVJGO6JG$CTPGUJCFDGGPVQNFCDQWVVJGTGHGTGPEGUQVJG[YGTGSWKEMN[ECNNGF
KP#HVGTDGKPIVJTGCVGPGFCPFRWNNGFKPTGRGCVGFN[HQT´%QO'XU´
QT%QOOKVVGGQH'XKFGPEGVJG%JWTEJ¶U
HQTO QH C VTKCN VJG[ UVCTVGF DGKPI HCNUGN[ CEEWUGF QH ETKOGU D[ VJG 5GC 1TI JQRKPI VJKU YQWNF UKNGPEG
VJGO +V FKF PQV CPF VJG[ RGVKVKQPGF &CXKF /KUECXKIG HQT JGNR 6JG[ GZRNCKPGF VJG UKVWCVKQP KP C NQPI
NGVVGTEKVKPIVJGTGHGTGPEGCPFYJCVYCUDGKPIFQPGVQVJGOD[VJG%JWTEJOGODGTU&CXKF/KUECXKIG
VJGQPGRGTUQPOQUVTGURQPUKDNGHQTVJGRWTKV[QHVJG.4*VGEJKIPQTGFVJGKTRNGCUHQTYCTFGFVJGNGVVGT
VQUQOGQPGGNUGYJQVQNFVJGOUKORN[VJCVVJKURQNKE[YCUXCNKF0Q*%1$2.
*WDDCTF%QOOWPKECVKQP
1H¿EG$WNNGVKP2QNKE[.GVVGTDCUKECNN[VJGKTTGNKIKQWUECPQPGZKUVUYJKEJXCNKFCVGUVJGUKZOQPVJ5GE%JGEM
QTYJCVVJG%JWTEJPQYTGHGTUVQCUC´4GHTGUJGT´)TGICPF&GDTCYGTGUWDUGSWGPVN[FGENCTGFMKEMGF
QWVQH5EKGPVQNQI[CPFVJGTGHGTGPEGVJG[EQTTGEVN[EKVGFYCUGZRWPIGFHTQOVJG1'%DQQMU2TG16UCTG
VQVJKUFC[UVKNNTGSWKTGFVQRC[HQT´4GHTGUJGTU´


'ZCORNGQH5GE%JGEMKPI


 &CXKF/KUECXKIGVJG6[TCPV
 #VNGCUVVYKEGVJG%JWTEJQH5EKGPVQNQI[JCU´TGXKUGF´KVUFQEVTKPGUKPQTFGTVQQDVCKP
OQTGOQPG[HTQOKVUHQNNQYGTU'CEJVKOGVGEJKUTGXKUGFKVKUTGSWKTGFD[VJG%JWTEJ
VJCVOGODGTUTGRWTEJCUGCP[RTGXKQWUN[QYPGFOCVGTKCNU$GECWUGQHVJG-59RQNKE[
CP[QNFXGTUKQPUQHVJGVGEJPQNQI[OWUVPQNQPIGTDGWUGF

6JG)QNFGP#IGQH6GEJPQNQI[
 +P /C[ QH  VJG %JWTEJ TGNGCUGF C PGY CPF KORTQXGF ´'/GVGT´ CPF DGICP
KPUVKVWVKPI´RCVVGTFTKNNU´HQTVJGEQWTUGUVCWIJVCVVJGQTIU2CVVGTFTKNNUCTGWPFGTVCMGP
D[VJGUVWFGPVJKOUGNHYJQKUUWRRQUGFVQTGCFRQTVKQPUQHVJGEQWTUGOCVGTKCNVQC
YCNN

(TQOYKMKRGFKCQTI

 ´#EEQTFKPI VQ C  5V 2GVGTUDWTI 6KOGU CTVKENG GPVKVNGF ¶52 2TQ¿NGU¶ QPG
5EKGPVQNQIKUV6QO5OKVJQH%NGCTYCVGT(NQTKFCHQWPFJKOUGNHFGENCTGFC5WRRTGUUKXG
2GTUQP
52CHVGTJGTGRGCVGFN[EJCNNGPIGFVJGXCNKFKV[QHC¶RCVVGTFTKNN¶KPYJKEJJGYCU
KPUVTWEVGFVQTGCFRCUUCIGUQHCEQWTUGVQCYCNN*GKPUKUVGFVJGFTKNNYCUPQVDCUGFQP
*WDDCTFVGCEJKPIU5OKVJCNUQUVCVGFVJCVJGJCFDGGPRTGXKQWUN[VJTGCVGPGFYKVJCP
52FGENCTGCHVGTCTWPKPYKVJC5EKGPVQNQI[CVVQTPG[QPCPWPTGNCVGFKUUWG´=?

6JG)QNFGP#IGQH-PQYNGFIG
 +P,WPGVJG%JWTEJQH5EKGPVQNQI[TGXKUGFGFKVKQPUQHRTGXKQWUN[TGNGCUGF
DQQMU CU YGNN CU  CEEQORCP[KPI NGEVWTG UGTKGU
 NGEVWTGU KP CNN 6JGUG TGXKUGF
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VTCPUETKRVKQPOKUVCMGUCPFKPEQTRQTCVKPICNNGFKVUHTQO*WDDCTF=?

 6JKUVKOGCTQWPF[QWJCFVQRWTEJCUGCNNVJGUCOGDQQMUCPFVCRGUCNNQXGTCICKP
HQTVJGTGCUQPCDNGRTKEGQHFQNNCTU


 &CXKF/KUECXKIGVJG6[TCPV
1DUVTWEVKQPQH,WUVKEG
 ´&CXKF /KUECXKIG  UVCVGF VJCV 5EKGPVQNQI[ JCF DGGP QTFGTGF D[ C EQWTV VQ RTQFWEG XCTKQWU
FQEWOGPVU EQPEGTPKPI C HQTOGT 5EKGPVQNQI[ OGODGT PCOGF .CYTGPEG 9QNNGTUJGKO YJQ JCF C
NCYUWKVRGPFKPIKP.QU#PIGNGUCICKPUVVJG%JWTEJQH5EKGPVQNQI[QH%CNKHQTPKC6JGEQWTVJCFQTFGTGF
5EKGPVQNQI[VQRTQFWEG/T9QNNGTUJGKO¶UGPVKTG¶RTGENGCT¶
2%¿NG

 #¶2%¶¿NGKUQPGQHUGXGTCN¿NGUMGRVQPOGODGTU6JG2%¿NGKUVJG¿NGVJCVKPENWFGUCNNYTKVVGP
TGEQTFUQHCNN¶EQPHGUUKQPCNU¶FQPGD[VJGOGODGT6JKUOGCPUVJCVKVKPENWFGUPQVQPN[VJGOQUVUGNH
FCOCIKPIOCVGTKCNDWVKVCNUQTGÀGEVUGXGT[RTQDNGOVJGRGTUQPOKIJVJCXGJCFYKVJVJGQTICPK\CVKQP
KPENWFKPIEQORNCKPVU6JKU2%¿NGITQYUYKVJVJGRGTUQP¶UVGPWTGKP5EKGPVQNQI[

 /T9QNNGTUJGKO¶U2%¿NGYCUUGXGTCNVJQWUCPFRCIGUKPNGPIVJCPFUVQQFCUJKIJCUCUKZHQQVVCNN
OCP+PKVKCNN[CVVJKUOGGVKPIKVYCUFGEKFGFVJCV/T9QNNGTUJGKO¶U2%¿NGYQWNFDGTGFCEVGFCPFEWNNGF
QHCP[GXKFGPEGQTFQEWOGPVCVKQPYJKEJOKIJVCUUKUV/T9QNNGTUJGKOKPJKUNCYUWKVCICKPUV%5%6JGTG
YCUCNUQEQPEGTPVJCVVJGOCVGTKCNUMPQYPCU%NGCT16+16++16+++CPF0'&HQT16¶U
0165YQWNF
DGQRGPVQRWDNKEKPURGEVKQPKH/T9QNNGTUJGKO¶U¿NGUYGTGRTQFWEGFCUQTFGTGF5EKGPVQNQIKUVUCTG
VCWIJVVJCVCRGTUQPEQWNFECVEJRPGWOQPKCCPFFKGKHVJCVRGTUQPKURTGOCVWTGN[GZRQUGFVQVJGUG
´WRRGT NGXGN´ OCVGTKCNU YKVJQWV ¿TUV JCXKPI VCMGP OCP[ JQWTU QH RTGRCTCVQT[ CWFKVKPI 7NVKOCVGN[
CRRTQZKOCVGN[RCIGUYGTGRTQFWEGFRWTUWCPVVQVJGEQWTVQTFGT/T9QNNGTUJGKO¶U2%¿NGYCU
EWNNGFDCUGFQPCFKTGEVQTFGTHTQO&CXKF/KUECXKIG

 .CVGT+YCUKPHQTOGFVJCVCUGEQPFEQWTVQTFGTYCUKUUWGFVQRTQFWEG/T9QNNGTUJGKO¶UGPVKTG
¿NG(CEGFYKVJVJGRTQURGEVQHJCXKPIVQRTQFWEGVJGGPVKTG¿NG&CXKF/KUECXKIGICXGQTFGTUVJCVVJG
GPVKTG¿NGUKORN[DGFGUVTQ[GFD[DGKPIRWNRGF´=?
,GUUG2TKPEGUYQTPCH¿FCXKV,WN[VJ5CPVC#PC%CNKHQTPKC

#PQVJGTO[UVGTKQWUFGCVJ
 &CXKF/KUECXKIG¶UOQVJGTKPNCYJCFNGHVVJGEJWTEJCPFLQKPGFCURNKPVGTITQWR6JG#FXCPEGF
#DKNKV[%GPVGTJGCFGFWRD[GZ5EKGPVQNQIKUV&CXKF/C[Q#NNURNKPVGTITQWRUCTGFGETKGFD[VJG%JWTEJ
CPFVJKUUKVWCVKQPFWGVQJGTENQUGTGNCVKQPVQ&CXKFYCUSWKVGVJGUECPFCNYKVJKPVJGEJWTEJ

 ´6JGFGEGFGPVKUC[GCTQNFHGOCNGYJQUWHHGTGFIWPUJQVYQWPFU
VQVJGNGHVWRRGTSWCFTCPV
CPF QPG VQ VJG JGCF GKVJGT CU C TGUWNV QH C JQOKEKFG QT C UWKEKFG QP 5GRVGODGT   5JG YCU
VTCPURQTVGFHTQOVJGUEGPG
JGTTGUKFGPEGVQVJGJQURKVCND[)QQFJGY#ODWNCPEGYJGTGFGCVJ
YCURTQPQWPEGFD[&T9GDDCVJQWTU6JGTGYGTGVYQUWKEKFGPQVGUHQWPFKPVJGFGEGFGPV¶U
DGFTQQO6JGYGCRQPYCUTGEQXGTGFD[.#516JGFGEGFGPV¶UJWUDCPFCVVJGVKOGQHVJKUTGRQTV
YCUCUWURGEVFWGVQVJGPWODGTQHVKOGUVJGFGEGFGPVYCUUJQV´=?
(NQ$CTPGVV%QTQPGT¶U4GRQTV

 ´&CXKF/KUECXKIG¶UEQOOGPVWRQPJGTFGCVJYCUVJCV¶VJGDKVEJIQVYJCVUJGFGUGTXGF¶*KUYKHG
5JGNN[FKFPQVCRRGCTVQHGGNCP[FKHHGTGPVCDQWVKVVJCP&CXKF+CUMGF5JGNN[KHUJGYCUFQKPICNTKIJV
UKPEGTGEGKXKPIVJKUDCFPGYU5JGUCKFVJCVRGTUQPCNN[UJGYCUFQKPILWUV¿PG´=?
#H¿FCXKVQH8KEMK#\PCTCP
/CTEJ


 6JG5GC1TI
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 ´6JG 5GC 1TI UJQTV HQT ¶6JG 5GC 1TICPK\CVKQP¶ KU 5EKGPVQNQI[¶U RCTKUJ
HQT NCEM QH C DGVVGT
YQTF0QVCNN5EKGPVQNQIKUVUCTGKPVJG5GC1TIDWVVJGOQUVFGFKECVGFQPGUWUWCNN[CTG6JG
EWTTGPVNGCFGTQH5EKGPVQNQI[&CXKF/KUECXKIGKUCNUQKPEQOOCPFQHVJG5GC1TI

 6JG5GC1TI¶UQTICPK\CVKQPCNUVTWEVWTGKUCPQFFOKZVWTGQHOKNKVCT[CPFEQTRQTCVGOCPCIGOGPV
UV[NGUYKVJUVCHHOGODGTUNKXKPIKPCTO[NKMGEQPFKVKQPUTGEGKXKPIDQQVECORV[RGRWPKUJOGPVU
HQTOKUFGGFUCPFJQNFKPIOKNKVCTKUVKEVKVNGUYKVJKPVJGQTICPK\CVKQP

 9JGP C 5EKGPVQNQIKUV LQKPU VJG 5GC 1TI JG UKIPU C EQPVTCEV CITGGKPI VQ UGTXG HQT  DKNNKQP
[GCTU
PQV[RQ[GCTU$GECWUG5EKGPVQNQIKUVUDGNKGXGKPTGKPECTPCVKQPVJG5GC
1TIOGODGTKUGZRGEVGFVQTGVWTPCPFUGTXGCICKPKPJKUQTJGTPGZVNKHG´=?

%QR[QHCEVWCNEQPVTCEVCVVCEJGFUGGHQNNQYKPIRCIGU

9JCV¶UYTQPIYKVJVJG5GC1TICPFYJ[FQETKVKEUQRRQUGKV!
 ´%TKVKEUDGNKGXGVJCVVJG5GC1TICPK\CVKQPKUQPGQHVJGOQUVCDWUKXGITQWRUKPVJGYQTNF6JG
CDWUGUVJCVIQQPFCKN[KPVJG5GC1TICTGCNNVJCVOQTGGITGIKQWUDGECWUGFWGVQ5EKGPVQNQI[¶U
TGNKIKQWUUVCVWUNCYGPHQTEGOGPVKUTGVKEGPVVQKPXGUVKICVG*GTGCTGLWUVCHGYCURGEVUQH5GC1TI
NKHGVCMGPHTQOJWPFTGFUQHRGTUQPCNVGUVKOQPKCNUHTQOGZ5GC1TIOGODGTUVJCVCTGFGETKGFD[
ETKVKEU

 5GC 1TI OGODGTU CTG PQV RGTOKVVGF VQ JCXG EJKNFTGP YJKNG YQTMKPI HQT VJG QTICPK\CVKQP
%QWRNGU YJQ IGV RTGIPCPV CTG JGCXKN[ RTGUUWTGF VQ CDQTV VJG DCD[ +H VJG[ TGHWUG VJG[ OWUV
NGCXGVJG5GC1TI1HVGPVJGUGRGQRNGJCXGDGGPKPVJG5GC1TIUQNQPIVJCVVJG[JCXGPQYJGTG
VQIQPQTGUWOGQWVUKFGQH5EKGPVQNQI[PQLQDGZRGTKGPEGPQ¿PCPEGUPQRTQRGTV[CPFPQ
PQP5EKGPVQNQI[HTKGPFU

#P[QPGYJQNGCXGUVJG5GC1TIYKVJQWVRGTOKUUKQPKUFGENCTGFC5WRRTGUUKXG2GTUQPD[VJG
%JWTEJQH5EKGPVQNQI[CPFKUQUVTCEK\GFHTQOHCOKN[HTKGPFUCPFNQXGFQPGU+VKUXGT[FKH¿EWNVVQ
IGVRGTOKUUKQPVQNGCXGVJG5GC1TICPFQPGECPPQVUKORN[SWKVCPFVJGPYCNMQWVVJGFQQT6JG
´CRRTQXGF´NGCXKPIRTQEGUUKPXQNXGUWRVQ[GCTUQHJCTFRJ[UKECNNCDQT'OGVGTGFEQPHGUUKQPCNU
UQEKCNKUQNCVKQPCPFITQWRRTGUUWTG

5GC1TIOGODGTUNKXGKPJQTTKDNGEQPFKVKQPU7POCTTKGFOGODGTUPGXGTJCXGTQQOUVQVJGOUGNXGU
TGICTFNGUUQHCIGDWVKPUVGCFNKXGKPUOCNNTQQOUYKVJQVJGTOGODGTU/GODGTUCTGQHVGP
FGPKGFRTQRGTUNGGRCPFCTGQHVGPHQTEGFVQUMKROGCNUDGECWUGQHVJGRTGUUWTGUQHVJGLQD

5GC1TIOGODGTUCTGFGPKGFRTQRGTOGFKECNECTG6JG[CTGPQVRTQXKFGFJGCNVJKPUWTCPEGCTG
PQVIKXGPUKEMFC[UCPFVJG5GC1TIYKNNPQVRWTEJCUGVJGKTOGFKEKPGHQTVJGO+HCHTGGENKPKE
YQP¶VRTQXKFGVJGOGFKEKPGUQOGQPGPGGFUVJG5GC1TIOCPCIGOGPVYQP¶VUJQWNFGTVJGEQUVU
6JGTGCTGPWOGTQWUECUGUQHRGQRNGYJQJCXGDGEQOGXGT[KNNKPVJG5GC1TIQTYJQJCFRTG
GZKUVKPIOGFKECNEQPFKVKQPUCPFYGTGPQVCNNQYGFVQUGGMOGFKECNVTGCVOGPV

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YYYZGPWVXEQO

YYYGZUEKGPVQNQI[MKFUEQO

YYYYJ[CTGVJG[FGCFPGV

YYYUEKGPVQNQI[FKUEQPPGEVUEQO

YYYXKFGQIQQINGEQO

UGCTEJHQT¶5EKGPVQNQI[CPF/G¶

YYY;QW6WDGEQO

UGCTEJHQT¶#PQP[OQWU¶QT¶5EKGPVQNQI[¶

YYYUEKGPVQNQI[NKGUEQO

YYYNGTOCPGVEQO
 9JQQTYJCVKU´#PQP[OQWU´!

OQTGCVYYYYJ[YGRTQVGUVEQO

 9G JCXG DGGP ECNNGF ´JCEMGTU QP UVGTQKFU´ ´FQOGUVKE VGTTQTKUVU´ CPF VJG ´+PVGTPGV JCVG
OCEJKPG´ 6JG %JWTEJ QH 5EKGPVQNQI[ JCU ECNNGF WU E[DGTVGTTQTKUVU CPF XKQNGPV DKIQVU YJQ
EQORQUG QWT OCPKHGUVQU D[ TGCFKPI /GKP -CORH CPF %QOOWPKUV NKVGTCVWTG 6JG[ ENCKO YG
YKNNDQODVJGKTEJWTEJGUCUUCUUKPCVGVJGKTNGCFGTUOCKNFGCFN[CPVJTCZCPFFQ\GPUQHQVJGT
GSWCNN[TKFKEWNQWUEJCTIGU

 $WVYJQKU#PQP[OQWU!9J[FQYGJKFGDGJKPFQWTOCUMU!9J[FQYG¿IJVCICKPUVVJG
%JWTEJQH5EKGPVQNQI[YKVJUWEJRCUUKQP!

 #PQP[OQWUKUCEWNVWTCNRJGPQOGPQPVJCVDGICPQP+PVGTPGVKOCIGDQCTFU/CP[UWEJ
DQCTFUTGSWKTGPQTGIKUVTCVKQPHQTRQUVKPICPFGXGT[RQUVGTTGOCKPUCPQP[OQWU6JKUHQTOCVQH
EQOOWPKECVKQPKUKPJGTGPVN[PQKU[CPFEJCQVKE*QYGXGTVJGWPRTGEGFGPVGFQRGPPGUUOCFG
RQUUKDNGD[UWEJDQCTFUJCUPWTVWTGFVJGCRRGCTCPEGQHCWPKSWGCPFRGTUKUVGPVEWNVWTG

 9GCTGCEQNNGEVKQPQHKPFKXKFWCNUWPKVGFD[KFGCU;QWNKMGN[MPQY#PQP[OQWUCNVJQWIJ
[QW FQP¶V MPQY GZCEVN[ YJQ YG CTG 9G CTG [QWT DTQVJGTU CPF UKUVGTU [QWT RCTGPVU CPF
EJKNFTGP [QWT UWRGTKQTU CPF [QWT WPFGTNKPIU 9G CTG VJG EQPEGTPGF EKVK\GPU UVCPFKPI PGZV
VQ[QW#PQP[OQWUKUGXGT[YJGTG[GVPQYJGTG1WTUVTGPIVJNKGUKPQWTPWODGTU1WTYKNN
CUCYJQNGKUVJGEQODKPGFYKNNQHKPFKXKFWCNU1WTITGCVGUVCFXCPVCIGKUMPQYNGFIGQHVJG
HWPFCOGPVCNUYGUJCTGCUJWOCPDGKPIU6JKUMPQYNGFIGKUCHTWKVQHQWTCPQP[OKV[

 #PQP[OQWU JCU NGHV KVU OCTM QP UQEKGV[ OQTG VJCP QPEG 2TGXKQWU #PQP[OQWU RTQLGEVU
JCXGTGUWNVGFKPVJGENQUKPIQHVJGYJKVGUWRTGOCEKUVTCFKQUJQYRTQFWEGFD[*CN6WTPGTCPF
VJGETKOKPCNRTQUGEWVKQPQH%CPCFKCPRGFQRJKNG%JTKU(QTECPF#PQP[OQWUJCUDGGPECNNGFC
´%[DGT8KIKNCPVG)TQWR´D[6JG6QTQPVQ5WPCPF)NQDCN0GYUVJQWIJKPTGCNKV[YGCTGOWEJ
OQTGVJCPVJCV9GCTGCEQNNGEVKXGWPKVGFKPVJGDGNKGHVJCVMPQYNGFIGKUHTGG

9GCTG#PQP[OQWU
;QWECPDG#PQP[OQWUVQQ
6QIGVJGTYGECPOCMGCFKHHGTGPEG


 9J[FQYGYGCTOCUMU!

OQTGCVYYYYJ[YGRTQVGUVEQO

 2GQRNG JCXG CUMGF CPF EQPVKPWG VQ CUM YJ[ YG YGCT OCUMU +V KU
HQTVJGRTQVGEVKQPQHQWTNKXGUCPFNKXGNKJQQF&WGVQ5EKGPVQNQI[¶U(CKT
)COGRQNKE[YGRWVQWTUGNXGUCVTKUMUQEKCNN[RQNKVKECNN[CPF¿PCPEKCNN[
YJGPYGURGCMQWVCICKPUVVJKUFCPIGTQWUEWNV6JKUKUCEWNVVJCVJCU
C YGNNGCTPGF TGRWVCVKQP HQT JCTCUUKPI ETKVKEU CPF QRGPN[ ETKVKECN GZ
UEKGPVQNQIKUVU CV VJGKT JQOGU CPF YQTMRNCEGU 6CMKPI OGCUWTGU VQ
RTQVGEV[QWTRTKXCE[CPFCPQP[OKV[YJGPEQPHTQPVGFD[CPCIITGUUKXGN[
NKVKIKQWUEWNVCEWNVYJQUGOCPVTCKU´0GXGT&GHGPF#NYC[U#VVCEM´KU
COCVVGTQHEQOOQPUGPUG

#PKPFGRVJCTVKENGQPVJG(CKT)COGRQNKE[ECPDGHQWPFCVVJG1RGTCVKQP
%NCODCMG YGDUKVG # SWKEM UWOOCT[ KU VJCV CP[ RGTUQP FGENCTGF (CKT
)COGD[5EKGPVQNQI[OC[DGCVVCEMGFD[NGICNQTKNNGICNOGCPUCPFVJG
5EKGPVQNQIKUVYJQEQOOKVUVJKUCEVOC[PQVDGRWPKUJGFD[VJGEWNVHQT
KV9JKNG5EKGPVQNQI[ENCKOUVQJCXGGPFGFVJGRQNKE[UGXGTCNFGECFGU
CIQVJG[FKFUQQPN[KPPCOG6JGEWNVEQPVKPWGUVQRTCEVKEGVJKURQNKE[
VQVJKUFC[

9GCTGNKXKPIRTQQH

(QTOQTGQP´(CKT)COG´IQVQ
JVVRYYYZGPWPGVHCKTICOGGJVONQTTGHGT
VQVJGTGNCVGFEJCRVGTKPENWFGFKPVJKURCEMGV


 5EKGPVQNQI[9QTF)NQUUCT[
#WFKVKPIVJGCRRNKECVKQPQH&KCPGVKEUQT5EKGPVQNQI[RTQEGUUGUCPFRTQEGFWTGUVQUQOGQPGD[CVTCKPGFCWFKVQT
6JGGZCEVFG¿PKVKQPQHCWFKVKPIKU6JGCEVKQPQHCUMKPICRGTUQPCSWGUVKQP
YJKEJJGECPWPFGTUVCPFCPFCPUYGT
IGVVKPICPCPUYGTVQVJCVSWGUVKQPCPFCEMPQYNGFIKPIJKOHQTVJCVCPUYGT

$TKFIG6JGVJGTQWVGVQ%NGCTCPF16YJKEJYGECNNVJG%NCUUK¿ECVKQP)TCFCVKQPCPF#YCTGPGUU%JCTV+VKUCVGTO
QTKIKPCVKPIKPGCTN[&KCPGVKEUFC[UVQU[ODQNK\GVTCXGNHTQOWPMPQYKPIPGUUVQTGXGNCVKQP

%NGCTVJGPCOGQHCUVCVGCEJKGXGFVJTQWIJCWFKVKPIQTCPKPFKXKFWCNYJQJCUCEJKGXGFVJKUUVCVG#%NGCTKUCDGKPI
YJQPQNQPIGTJCUJKUQYPTGCEVKXGOKPF#%NGCTKUCPWPCDGTTCVGFRGTUQPCPFKUTCVKQPCNKPVJCVJGHQTOUVJG
DGUVRQUUKDNGUQNWVKQPUJGECPQPVJGFCVCJGJCUCPFHTQOJKUXKGYRQKPV6JG%NGCTJCUPQGPITCOUYJKEJECPDG
TGUVKOWNCVGFVQVJTQYQWVVJGEQTTGEVPGUUQHEQORWVCVKQPD[GPVGTKPIJKFFGPCPFHCNUGFCVC

'OGVGTVJG*WDDCTF'NGEVTQOGVGTKUCTGNKIKQWUCTVKHCEVWUGFKPVJG%JWTEJEQPHGUUKQPCN+VKPKVUGNHFQGUPQVJKPI
CPFKUWUGFD[OKPKUVGTUQPN[VQCUUKUVRCTKUJKQPGTUKPNQECVKPICTGCUQHURKTKVWCNFKUVTGUUQTVTCXCKN6JG'OGVGTKU
PQVKPVGPFGFQTGHHGEVKXGHQTFKCIPQUKUVTGCVOGPVQTRTGXGPVKQPQHCP[FKUGCUG+VRCUUGUCVKP[EWTTGPVVJTQWIJVJG
RTGENGCT¶UDQF[6JKUEWTTGPVKUKPÀWGPEGFD[VJGOGPVCNOCUUGURKEVWTGUEKTEWKVUCPFOCEJKPGT[9JGPVJGWPENGCT
RTGENGCTVJKPMUQHUQOGVJKPIVJGUGOGPVCNKVGOUUJKHVCPFVJKUTGIKUVGTUQPVJGOGVGT

'PITCOCOGPVCNKOCIGRKEVWTGYJKEJKUCTGEQTFKPIQHCPGZRGTKGPEGEQPVCKPKPIRCKPWPEQPUEKQWUPGUUCPFC
TGCNQTHCPEKGFVJTGCVVQUWTXKXCN+VKUCTGEQTFKPIKPVJGTGCEVKXGOKPFQHUQOGVJKPIYJKEJCEVWCNN[JCRRGPGFVQCP
KPFKXKFWCNKPVJGRCUVCPFYJKEJEQPVCKPGFRCKPCPFWPEQPUEKQWUPGUUDQVJQHYJKEJCTGTGEQTFGFKPVJGOGPVCN
KOCIGRKEVWTGECNNGFCPGPITCO+VOWUVD[FG¿PKVKQPJCXGKORCEVQTKPLWT[CURCTVQHKVUEQPVGPV6JGUGGPITCOU
CTGCEQORNGVGTGEQTFKPIFQYPVQVJGNCUVCEEWTCVGFGVCKNQHGXGT[RGTEGRVKQPRTGUGPVKPCOQOGPVQHRCTVKCNQT
HWNNWPEQPUEKQWUPGUU-595JQTVHQT-GGRKPI5EKGPVQNQI[9QTMKPICRQNKE[YTKVVGPD[*WDDCTFKPVJGUVJCV
TGSWKTGUCNN5EKGPVQNQIKUVUVQHQNNQYJKUYQTFUCPFJKUTWNGUGZCEVN[CPFVQCEVKXGN[UGGMCPFFGUVTQ[HCNUGFCVC

1RGTCVKPI 6JGVCP
16  KV KU C UVCVG QH DGKPIPGUU +V KU C DGKPI ´CV ECWUG QXGT OCVVGT GPGTI[ URCEG VKOG HQTO
CPFNKHG´1RGTCVKPIEQOGUHTQO´CDNGVQQRGTCVGYKVJQWVFGRGPFGPE[QPVJKPIU´CPF6JGVCPKUVJG)TGGMNGVVGT
6JGVCYJKEJVJG)TGGMUWUGFVQTGRTGUGPVVJQWIJVQTRGTJCRUURKTKVVQYJKEJCPPKUCFFGFVQOCMGCPQWPKPVJG
OQFGTPUV[NGWUGFVQETGCVGYQTFUKPGPIKPGGTKPI+VKUCNUQ´VJGVCVQVJGPVJFGITGG´OGCPKPIWPNKOKVGFQTXCUV
#DDTGXKCVKQP16

1TIU#PCDDTGXKCVKQPHQT´QTICPK\CVKQPU´FGUETKDGUCNNEJWTEJGUQH5EKGPVQNQI[VJTQWIJQWVVJGYQTNF

1WVGVJKEU#P[DGJCXKQTVJCVXKQNCVGUCP[QH*WDDCTF¶UTWNGUQHEQPFWEV

2QVGPVKCN 6TQWDNG 5QWTEG

265  UQOGQPG YJQ KU EQPPGEVGF YKVJ C UWRRTGUUKXG RGTUQP YJQ KU KPXCNKFCVKPI JKO
JKU DGKPIPGUU JKU RTQEGUUKPI JKU NKHG UQOGQPG EQPPGEVGF VQ C RGTUQP QT C ITQWR QRRQUGF VQ 5EKGPVQNQI[ 6JKU
EQPPGEVKQPTGUWNVUKPKNNPGUUCPFTQNNGTEQCUVGT
IGVUDGVVGTVJGPIGVUYQTUG2TQEGUUKPIYQWNFYQTMYKVJUWEJC
RGTUQPHQTCOQOGPVVJGPYQWNFP¶VYQTM1PGECP¶VCWFKVVJKURGTUQPWRHCUVGTVJCPVJGGPXKTQPOGPVMPQEMUJKO
FQYP$GECWUGVJGECUGFQGUP¶VIGVYGNNJGKUCRQVGPVKCNVTQWDNG

4GCEVKXG/KPFVJCVRQTVKQPQHCRGTUQP¶UOKPFYJKEJYQTMUQPCVQVCNN[UVKOWNWUTGURQPUGDCUKUYJKEJKUPQVWPFGT
JKUXQNKVKQPCNEQPVTQNCPFYJKEJGZGTVUHQTEGCPFVJGRQYGTQHEQOOCPFQXGTJKUCYCTGPGUURWTRQUGUVJQWIJVU
DQF[CPFCEVKQPU6JGTGCEVKXGOKPFKUYJGTGGPITCOUCTGUVQTGF

5WRRTGUUKXG 2GTUQP
52  C RGTUQP YJQ CEVKXGN[ UGGM VQ UWRRTGUU QT FCOCIG 5EKGPVQNQI[ QT C 5EKGPVQNQIKUV D[
UWRRTGUUKXGCEVU

6GEJ
QT.4*VGEJ#NNQHVJG5EKGPVQNQI[RQNKEKGUTWNGUOCPFCVGUCPFRTQEGFWTGU

6JGVCPVJGRGTUQPJKOUGNHPQVJKUDQF[QTJKUPCOGVJGRJ[UKECNWPKXGTUGJKUOKPFQTCP[VJKPIGNUGVJCVYJKEJKU
CYCTGQHDGKPICYCTGVJGKFGPVKV[YJKEJKUVJGKPFKXKFWCN6JGVGTOYCUEQKPGFVQGNKOKPCVGCP[RQUUKDNGEQPHWUKQP
YKVJQNFGTKPXCNKFEQPEGRVU+VEQOGUHTQOVJG)TGGMNGVVGT6JGVCYJKEJVJG)TGGMUWUGFVQTGRTGUGPVVJQWIJVQT
RGTJCRUURKTKVVQYJKEJCPPKUCFFGFVQOCMGCPQWPKPVJGOQFGTPUV[NGWUGFVQETGCVGYQTFUKPGPIKPGGTKPI+VKU
CNUQ´VJGVCVQVJGPVJFGITGG´OGCPKPIWPNKOKVGFQTXCUV=?


 4GHGTGPEGU
*WDDCTF*%12./CT´5WRRTGUUKXG#EVU5WRRTGUUKQPQH5EKGPVQNQI[CPF5EKGPVQNQIKUVU
6JG(CKT)COG.CY´

´1RGTCVKQP(TGCMQWV´/CTEJ
JVVRGPYKMKRGFKCQTIYKMK1RGTCVKQPA(TGCMQWV
CEEGUUGF/CTEJ

#\PCTCPCH¿FCXKVSWQVGFKP6QO8QNV\5EKGPVQNQI[YKVJ
QWVCP'PFEJCRVGT

,%#(TCPM-(NKPPVGUVKOQP[KP
%JWTEJQH5EKGPVQNQI[QH%CNKHQTPKCXQNRR

6KOGU5VCHH´%JWTEJQH5EKGPVQNQI[TGURQPFUVQRTQVGUVRNCPU´(GD
JVVRYYYURVKOGUEQO5QWVJRKPGNNCU%JWTEJAQHA5EKGPVQNQI[UJVON

CEEGUUGF/CTEJ

´1RGTCVKQP5PQY9JKVG´/CTEJ
JVVRGPYKMKRGFKCQTIYKMK1RGTCVKQPA5PQYA9JKVG
CEEGUUGF/CTEJ

´4X%JWTEJQH5EKGPVQNQI[QH6QTQPVQ´/CTEJ
JVVRGPYKMKRGFKCQTIYKMK4AXA%JWTEJAQHA5EKGPVQNQI[AQHA6QTQPVQ

CEEGUUGF/CTEJ

´4QPVJG,CKNDKTF´JVVRYYYTQPVJGPWVQTILCKNDKTFJVO
CEEGUUGF/CTEJ

)QTOG\/KMG´%JKNFUGZWCNCDWUGD[5EKGPVQNQIKUV)CDTKGN5EQVV9KNNKCOU´1EV
JVVRYYYYJ[CTGVJG[FGCFPGVEJKNFCDWUGRGFQRJKNG)CDTKGNA9KNNKCOUJVON

CEEGUUGF/CTEJ

9CEJVGT-TKUVK´%QGTEGF#DQTVKQPU/CT[6CDC[Q[QP´/C[
JVVRYYYUEKGPVQNQI[NKGUEQOOCT[VCDC[Q[QPJVON
CEEGUUGF/CTEJ

´'5-&KUEQPPGEVKQP´(GD
JVVRYYYGZUEKGPVQNQI[MKFUEQOFKUEQPPGEVKQPJVON
CEEGUUGF/CTEJ

1YGP%JTKU´5EKGPVQNQI[XU2U[EJKCVT[´,CP
JVVRYYYUQNKVCT[VTGGUPGVEQYGPOKUEUEPXURU[JVO
CEEGUUGF/CTEJ

9CEJVGT-TKUVK´%%*4´
JVVRYYYUEKGPVQNQI[NKGUEQOQTICPK\CVKQPHTQPVITQWRUEEJTJVON

CEEGUUGF/CTEJ

´5EKGPVQNQI[CPFRU[EJKCVT[´/CTEJ
JVVRGPYKMKRGFKCQTIYKMK5EKGPVQNQI[ACPFARU[EJKCVT[
CEEGUUGF/CTEJ

5QOOGT/CTM´'PNKIJVGPOGPV¶U&CTM5KFG´6JG$WHHCNQ0GYU,CP

/CE&QPCNF'NK\CDGVJ´5EKGPVQNQIKUVUCPF+45UGVVNGFHQTOKNNKQP´&GE
JVVRYYYEUEOWGFW`FUV%QYGPGUUC[UYLJVON
CEEGUUGF/CTEJ

´5EKGPVQNQIKUV6CZ6TKCNVQ1RGP6QFC[´0QX
JVVRYYYJQN[UOQMGQTIEQUVCZECUGLGYKUJUEKGPVQNQI[JVO
CEEGUUGF/CTEJ

´6KOGNKPGQH5EKGPVQNQI[XGTUWUVJG+45´,CP
JVVRYYYEUEOWGFW`FUV%QYGPGUUC[UVKOGNKPGJVON
CEEGUUGF/CTEJ


 4GHGTGPEGU
´+PHQTOCVKQP/GGVKPIQPVJG%WNV2JGPQOGPQPKPVJG7PKVGF5VCVGU´(GDTWCT[
4WUUGNN5GPCVG1H¿EG$WKNFKPI9CUJKPIVQP&%2QH6TCPUETKRVQH2TQEGGFKPIU

´4GNKIKQWU6GEJPQNQI[%GPVGT´
JVVRTVEQTIFCXKFOKUECXKIGJVON
CEEGUUGF/CTEJ

´5EKGPVQNQI[9JCVKUKV!´
JVVRYYYYJCVKUUEKGPVQNQI[QTIJVON2CTV%JRRICJVON

CEEGUUGF/CTEJ

-QRRGN6GF´0KIJVNKPG´&CXKF/KUECXKIGKPVGTXKGYQH(GDTWCT[

5GKFGNOCP9KNNKCO´5EKGPEGCPF+PJWOCPKV[6JG-CKUGT9KNJGNO/CZ2NCPEM5QEKGV[´(GD
JVVRYYYFQGYCVVJGOCRNCPEMRNCPEMJVONOWPKEJ
CEEGUUGF/CTEJ

(CTNG[4QDGTV´522TQ¿NGU´5V2GVGTUDWTI6KOGUR#

´0GY'TC2WDNKECVKQPU+PVGTPCVKQPCN#R5´
JVVRPGRIQNFGPCIGQHMPQYNGFIGPGV!TGHGTTGFD[YYYPGYGTCRWDNKECVKQPUEQO

CEEGUUGF/CTEJ

2TKPEG,GUUG´,GUUG2TKPEG#H¿FCXKV´
JVVRYYYHCEVPGVQTI5EKGPVQNQI[LGUUGARTKPEGACH¿FCXKVJVON
CEEGUUGF/CTEJ

´/CT[(NQTGPEG
(NQ$CTPGVV´
JVVRYYYZGPWFKTGEVQT[PGVXKEVKOUDCTPGVVJVON
CEEGUUGF/CTEJ

´'5-6JG5GC1TI%CFGV1TI´(GD
JVVRYYYGZUEKGPVQNQI[MKFUEQOUGCQTIJVON
CEEGUUGF/CTEJ

=15$?DCUGFWRQPJGCTKPIU
KPENWFKPIYKVPGUUVGUVKOQP[CPFGZJKDKVUJGNFKP1MNC
JQOCQP1EVQDGTCPF&GEGODGT

*GNFCN.WPF#PFTGCU´1RGTCVKQP%NCODCMGRTGUGPV0CTEQPQP´
JVVRZGPWPGVCTEJKXGPCTEQPQP
CEEGUUGF/CTEJ

´'5-6JG'OGVGT´(GD
JVVRYYYGZUEKGPVQNQI[MKFUEQOGOGVGTJVON
CEEGUUGF/CTEJ

´)NQUUCT[QH5EKGPVQNQI[´
JVVRYYYTGNKIKQPHCEVUEQOUEKGPVQNQI[INQUUCT[JVO
CEEGUUGF/CTEJ