ikigai 
by hector garcia 


/,%7221&20
More Than Just A Bookshelf!
&+(&.285:(%6,7(6
https://www.wasiweb.com
https://www.wasiclinic.com
https://www.Libtoon.com
https://www.pohantoon.org
You are just one book away from being amazed!

2'0)7+0 $11-5
#P KORTKPV QH 2GPIWKP 4CPFQO *QWUG ..%
 +XGVRQ 6WUHHW
0GY ;QTM 0GY ;QTM 
RGPIWKPEQO
%QR[TKIJV j  D[ *ªEVQT )CTE®C CPF (TCPEGUE /KTCNNGU 6TCPUNCVKQP EQR[TKIJV j  D[ 2GPIWKP 4CPFQO *QWUG ..%
2GPIWKP UWRRQTVU EQR[TKIJV %QR[TKIJV HWGNU ETGCVKXKV[ GPEQWTCIGU FKXGTUG XQKEGU RTQOQVGU HTGG URGGEJ CPF ETGCVGU C XKDTCPV EWNVWTG
6JCPM [QW HQT DW[KPI CP CWVJQTK\GF GFKVKQP QH VJKU DQQM CPF HQT EQORN[KPI YKVJ EQR[TKIJV NCYU D[ PQV TGRTQFWEKPI UECPPKPI QT
FKUVTKDWVKPI CP[ RCTV QH KV KP CP[ HQTO YKVJQWV RGTOKUUKQP ;QW CTG UWRRQTVKPI YTKVGTU CPF CNNQYKPI 2GPIWKP VQ EQPVKPWG VQ RWDNKUJ DQQMU
HQT GXGT[ TGCFGT
1TKIKPCNN[ RWDNKUJGF KP 5RCPKUJ CU *LJHBJ -PT TFDSFUPT EF +BQ³O QBSB VOB WJEB MBSHB Z GFMJ[ D[ 'FKEKQPGU 7TCPQ $CTEGNQPC
+NNWUVTCVKQP JGTG #DDKG5JWVVGTUVQEM #NN QVJGT KNNWUVTCVKQPU EQR[TKIJV j  D[ /CTKUC /CTV®PG\ )TCRJKEU EQR[TKIJV j  D[ (NQTC
$WMK
.+$4#4; 1( %10)4'55 %#6#.1)+0)+027$.+%#6+10 &#6# 0COGU )CTE®C *ªEVQT ཊ CWVJQT ^ /KTCNNGU (TCPEGUE ཊ CWVJQT
6KVNG +MKICK  VJG ,CRCPGUG UGETGV VQ C NQPI CPF JCRR[ NKHG  *ªEVQT )CTE®C CPF (TCPEGUE /KTCNNGU  VTCPUNCVGF D[ *GCVJGT %NGCT[
1VJGT VKVNGU +MKICK 'PINKUJ
&GUETKRVKQP 0GY ;QTM  2GPIWKP $QQMU =? ^ 1TKIKPCNN[ RWDNKUJGF KP 5RCPKUJ CU ན+MKICK .QU UGETGVQU FG ,CR´P RCTC WPC XKFC NCTIC [
HGNK\པ D[ 'FKEKQPGU 7TCPQ KP  ^ +PENWFGU DKDNKQITCRJKECN TGHGTGPEGU ^ &GUETKRVKQP DCUGF QP RTKPV XGTUKQP TGEQTF CPF %+2 FCVC
RTQXKFGF D[ RWDNKUJGT TGUQWTEG PQV XKGYGF
+FGPVKHKGTU .%%0  
RTKPV ^ .%%0  
GDQQM ^ +5$0  
GDQQM ^ +5$0 

JCTFEQXGT 5WDLGEVU .%5* .QPIGXKV[ཋ,CRCP ^ .QPIGXKV[ ^ *CRRKPGUU ^ 3WCNKV[ QH NKHG %NCUUKHKECVKQP .%% 4# 
GDQQM ^ .%%
4# )  
RTKPV ^ &&% ཋFE
.% TGEQTF CXCKNCDNG CV JVVRUNEEPNQEIQX
0GKVJGT VJG RWDNKUJGT PQT VJG CWVJQT KU GPICIGF KP TGPFGTKPI RTQHGUUKQPCN CFXKEG QT UGTXKEGU VQ VJG KPFKXKFWCN TGCFGT 6JG KFGCU
RTQEGFWTGU CPF UWIIGUVKQPU EQPVCKPGF KP VJKU DQQM CTG PQV KPVGPFGF CU C UWDUVKVWVG HQT EQPUWNVKPI YKVJ [QWT RJ[UKEKCP #NN OCVVGTU
TGICTFKPI [QWT JGCNVJ TGSWKTG OGFKECN UWRGTXKUKQP 0GKVJGT VJG CWVJQT PQT VJG RWDNKUJGT UJCNN DG NKCDNG QT TGURQPUKDNG HQT CP[ NQUU QT
FCOCIG CNNGIGFN[ CTKUKPI HTQO CP[ KPHQTOCVKQP QT UWIIGUVKQP KP VJKU DQQM
9JKNG VJG CWVJQT JCU OCFG GXGT[ GHHQTV VQ RTQXKFG CEEWTCVG VGNGRJQPG PWODGTU +PVGTPGV CFFTGUUGU CPF QVJGT EQPVCEV KPHQTOCVKQP CV VJG
VKOG QH RWDNKECVKQP PGKVJGT VJG RWDNKUJGT PQT VJG CWVJQT CUUWOGU CP[ TGURQPUKDKNKV[ HQT GTTQTU QT HQT EJCPIGU VJCV QEEWT CHVGT RWDNKECVKQP
(WTVJGT VJG RWDNKUJGT FQGU PQV JCXG CP[ EQPVTQN QXGT CPF FQGU PQV CUUWOG CP[ TGURQPUKDKNKV[ HQT CWVJQT QT VJKTFRCTV[ 9GD UKVGU QT VJGKT
EQPVGPV
%QXGT KNNWUVTCVKQP D[ 1NIC )TNKE
%QXGT CTV FKTGEVKQP D[ 4QUGCPPG 5GTTC
9HUVLRQB
'PS NZ CSPUIFS
 "JUPS

XIPࣙT TBJE UP NF NPSF PGUFO UIBO BOZPOF FMTF

ࣜ *EPOࣙU LOPX XIBU UP EP XJUI NZ MJGFࣝ
ཋ*Š%614 )#4%Ž#
'PS BMM NZ QBTU
 QSFTFOU
 BOE GVUVSF GSJFOET

GPS CFJOH NZ IPNF BOE NZ NPUJWBUJPO BMPOH
UIF XBZ
ཋ(4#0%'5% /+4#..'5
0OMZ TUBZJOH BDUJWF XJMM NBLF ZPV XBOU UP MJWF B IVOESFE ZFBST
ཋ,CRCPGUG RTQXGTD
&217(176
6KVNG 2CIG
%QR[TKIJV
&GFKECVKQP
'RKITCRJ
2TQNQIWG
*LJHBJ # O[UVGTKQWU YQTF
+ *LJHBJ
6JG CTV QH UVC[KPI [QWPI YJKNG ITQYKPI QNF
++ #PVKCIKPI 5GETGVU
.KVVNG VJKPIU VJCV CFF WR VQ C NQPI CPF JCRR[ NKHG
+++ (TQO .QIQVJGTCR[ VQ *LJHBJ
*QY VQ NKXG NQPIGT CPF DGVVGT D[ HKPFKPI [QWT RWTRQUG
+8 (KPF (NQY KP 'XGT[VJKPI ;QW &Q
*QY VQ VWTP YQTM CPF HTGG VKOG KPVQ URCEGU HQT ITQYVJ
8 /CUVGTU QH .QPIGXKV[
9QTFU QH YKUFQO HTQO VJG NQPIGUVNKXKPI RGQRNG KP VJG YQTNF
8+ .GUUQPU HTQO ,CRCPཐU %GPVGPCTKCPU
6TCFKVKQPU CPF RTQXGTDU HQT JCRRKPGUU CPF NQPIGXKV[
8++ 6JG *LJHBJ &KGV
9JCV VJG YQTNFཐU NQPIGUVNKXKPI RGQRNG GCV CPF FTKPM
8+++ )GPVNG /QXGOGPVU .QPIGT .KHG
'ZGTEKUGU HTQO VJG 'CUV VJCV RTQOQVG JGCNVJ CPF NQPIGXKV[
+: 4GUKNKGPEG CPF 8BCJTBCJ
*QY VQ HCEG NKHGཐU EJCNNGPIGU YKVJQWV NGVVKPI UVTGUU CPF YQTT[ CIG [QW
'RKNQIWG
*LJHBJ 6JG CTV QH NKXKPI
0QVGU
5WIIGUVKQPU HQT HWTVJGT TGCFKPI
#DQWV VJG #WVJQTU
352/2*8(
*LJHBJ # O[UVGTKQWU YQTF
6*+5 $11- (+456 ECOG KPVQ DGKPI QP C TCKP[ PKIJV KP 6QM[Q YJGP KVU CWVJQTU UCV
FQYP VQIGVJGT HQT VJG HKTUV VKOG KP QPG QH VJG EKV[ཐU VKP[ DCTU
9G JCF TGCF GCEJ QVJGTཐU YQTM DWV JCF PGXGT OGV VJCPMU VQ VJG VJQWUCPFU QH
OKNGU VJCV UGRCTCVG $CTEGNQPC HTQO VJG ECRKVCN QH ,CRCP 6JGP C OWVWCN
CESWCKPVCPEG RWV WU KP VQWEJ NCWPEJKPI C HTKGPFUJKR VJCV NGF VQ VJKU RTQLGEV CPF
UGGOU FGUVKPGF VQ NCUV C NKHGVKOG
6JG PGZV VKOG YG IQV VQIGVJGT C [GCT NCVGT YG UVTQNNGF VJTQWIJ C RCTM KP
FQYPVQYP 6QM[Q CPF GPFGF WR VCNMKPI CDQWV VTGPFU KP 9GUVGTP RU[EJQNQI[
URGEKHKECNN[ NQIQVJGTCR[ YJKEJ JGNRU RGQRNG HKPF VJGKT RWTRQUG KP NKHG
9G TGOCTMGF VJCV 8KMVQT (TCPMNཐU NQIQVJGTCR[ JCF IQPG QWV QH HCUJKQP COQPI
RTCEVKEKPI VJGTCRKUVU YJQ HCXQTGF QVJGT UEJQQNU QH RU[EJQNQI[ VJQWIJ RGQRNG
UVKNN UGCTEJ HQT OGCPKPI KP YJCV VJG[ FQ CPF JQY VJG[ NKXG 9G CUM QWTUGNXGU
VJKPIU NKMG
9JCV KU VJG OGCPKPI QH O[ NKHG!
+U VJG RQKPV LWUV VQ NKXG NQPIGT QT UJQWNF + UGGM C JKIJGT RWTRQUG!
9J[ FQ UQOG RGQRNG MPQY YJCV VJG[ YCPV CPF JCXG C RCUUKQP HQT NKHG YJKNG
QVJGTU NCPIWKUJ KP EQPHWUKQP!
#V UQOG RQKPV KP QWT EQPXGTUCVKQP VJG O[UVGTKQWU YQTF JLJHBJ ECOG WR
6JKU ,CRCPGUG EQPEGRV YJKEJ VTCPUNCVGU TQWIJN[ CU ནVJG JCRRKPGUU QH CNYC[U
DGKPI DWU[པ KU NKMG NQIQVJGTCR[ DWV KV IQGU C UVGR DG[QPF +V CNUQ UGGOU VQ DG QPG
YC[ QH GZRNCKPKPI VJG GZVTCQTFKPCT[ NQPIGXKV[ QH VJG ,CRCPGUG GURGEKCNN[ QP VJG
KUNCPF QH 1MKPCYC YJGTG VJGTG CTG  RGQRNG QXGT VJG CIG QH  HQT GXGT[
 KPJCDKVCPVUཋHCT OQTG VJCP VJG INQDCN CXGTCIG
6JQUG YJQ UVWF[ YJ[ VJG KPJCDKVCPVU QH VJKU KUNCPF KP VJG UQWVJ QH ,CRCP NKXG
NQPIGT VJCP RGQRNG CP[YJGTG GNUG KP VJG YQTNF DGNKGXG VJCV QPG QH VJG MG[UཋKP
CFFKVKQP VQ C JGCNVJHWN FKGV C UKORNG NKHG KP VJG QWVFQQTU ITGGP VGC CPF VJG
UWDVTQRKECN ENKOCVG 
KVU CXGTCIG VGORGTCVWTG KU NKMG VJCV QH *CYCKKཋKU VJG JLJHBJ
VJCV UJCRGU VJGKT NKXGU
9JKNG TGUGCTEJKPI VJKU EQPEGRV YG FKUEQXGTGF VJCV PQV C UKPING DQQM KP VJG
HKGNFU QH RU[EJQNQI[ QT RGTUQPCN FGXGNQROGPV KU FGFKECVGF VQ DTKPIKPI VJKU
RJKNQUQRJ[ VQ VJG 9GUV
+U JLJHBJ VJG TGCUQP VJGTG CTG OQTG EGPVGPCTKCPU KP 1MKPCYC VJCP CP[YJGTG
GNUG! *QY FQGU KV KPURKTG RGQRNG VQ UVC[ CEVKXG WPVKN VJG XGT[ GPF! 9JCV KU VJG
UGETGV VQ C NQPI CPF JCRR[ NKHG!
#U YG GZRNQTGF VJG OCVVGT HWTVJGT YG FKUEQXGTGF VJCV QPG RNCEG KP RCTVKEWNCT
1IKOK C TWTCN VQYP QP VJG PQTVJ GPF QH VJG KUNCPF YKVJ C RQRWNCVKQP QH VJTGG
VJQWUCPF DQCUVU VJG JKIJGUV NKHG GZRGEVCPE[ KP VJG YQTNFཋC HCEV VJCV JCU GCTPGF
KV VJG PKEMPCOG VJG 8KNNCIG QH .QPIGXKV[
1MKPCYC KU YJGTG OQUV QH ,CRCPཐU TIJLVXBTBཋC NKOGNKMG HTWKV VJCV RCEMU CP
GZVTCQTFKPCT[ CPVKQZKFCPV RWPEJཋEQOGU HTQO %QWNF VJCV DG 1IKOKཐU UGETGV VQ
NQPI NKHG! 1T KU KV VJG RWTKV[ QH VJG YCVGT WUGF VQ DTGY KVU /QTKPIC VGC!
9G FGEKFGF VQ IQ UVWF[ VJG UGETGVU QH VJG ,CRCPGUG EGPVGPCTKCPU KP RGTUQP
#HVGT C [GCT QH RTGNKOKPCT[ TGUGCTEJ YG CTTKXGF KP VJG XKNNCIGཋYJGTG TGUKFGPVU
URGCM CP CPEKGPV FKCNGEV CPF RTCEVKEG CP CPKOKUV TGNKIKQP VJCV HGCVWTGU NQPIJCKTGF
HQTGUV URTKVGU ECNNGF DWPCIC[CཋYKVJ QWT ECOGTCU CPF TGEQTFKPI FGXKEGU KP JCPF
#U UQQP CU YG CTTKXGF YG EQWNF UGPUG VJG KPETGFKDNG HTKGPFNKPGUU QH KVU TGUKFGPVU
YJQ NCWIJGF CPF LQMGF KPEGUUCPVN[ COKF NWUJ ITGGP JKNNU HGF D[ ET[UVCNNKPG YCVGTU
#U YG EQPFWEVGF QWT KPVGTXKGYU YKVJ VJG GNFGUV TGUKFGPVU QH VJG VQYP YG
TGCNK\GF VJCV UQOGVJKPI HCT OQTG RQYGTHWN VJCP LWUV VJGUG PCVWTCN TGUQWTEGU YCU CV
YQTM CP WPEQOOQP LQ[ HNQYU HTQO KVU KPJCDKVCPVU CPF IWKFGU VJGO VJTQWIJ VJG
NQPI CPF RNGCUWTCDNG LQWTPG[ QH VJGKT NKXGU
#ICKP VJG O[UVGTKQWU JLJHBJ
$WV YJCV KU KV GZCEVN[! *QY FQ [QW IGV KV!
+V PGXGT EGCUGF VQ UWTRTKUG WU VJCV VJKU JCXGP QH PGCTN[ GVGTPCN NKHG YCU NQECVGF
RTGEKUGN[ KP 1MKPCYC YJGTG VYQ JWPFTGF VJQWUCPF KPPQEGPV NKXGU YGTG NQUV CV VJG
GPF QH 9QTNF 9CT ++ 4CVJGT VJCP JCTDQT CPKOQUKV[ VQYCTF QWVUKFGTU JQYGXGT
1MKPCYCPU NKXG D[ VJG RTKPEKRNG QH JDIBSJCB DIPEF C NQECN GZRTGUUKQP VJCV OGCPU
ནVTGCV GXGT[QPG NKMG C DTQVJGT GXGP KH [QWཐXG PGXGT OGV VJGO DGHQTGཔ
+V VWTPU QWV VJCV QPG QH VJG UGETGVU VQ JCRRKPGUU QH 1IKOKཐU TGUKFGPVU KU HGGNKPI
NKMG RCTV QH C EQOOWPKV[ (TQO CP GCTN[ CIG VJG[ RTCEVKEG ZVJNBBSV QT
VGCOYQTM CPF UQ CTG WUGF VQ JGNRKPI QPG CPQVJGT
0WTVWTKPI HTKGPFUJKRU GCVKPI NKIJV IGVVKPI GPQWIJ TGUV CPF FQKPI TGIWNCT
OQFGTCVG GZGTEKUG CTG CNN RCTV QH VJG GSWCVKQP QH IQQF JGCNVJ DWV CV VJG JGCTV QH
VJG LQKG FG XKXTG VJCV KPURKTGU VJGUG EGPVGPCTKCPU VQ MGGR EGNGDTCVKPI DKTVJFC[U CPF
EJGTKUJKPI GCEJ PGY FC[ KU VJGKT JLJHBJ
6JG RWTRQUG QH VJKU DQQM KU VQ DTKPI VJG UGETGVU QH ,CRCPཐU EGPVGPCTKCPU VQ [QW
CPF IKXG [QW VJG VQQNU VQ HKPF [QWT QYP JLJHBJ
$GECWUG VJQUG YJQ FKUEQXGT VJGKT JLJHBJ JCXG GXGT[VJKPI VJG[ PGGF HQT C NQPI
CPF LQ[HWN LQWTPG[ VJTQWIJ NKHG
*CRR[ VTCXGNU
*Š%614 )#4%Ž# #0& (4#0%'5% /+4#..'5
,
,.,*$,
6JG CTV QH UVC[KPI [QWPI YJKNG
ITQYKPI QNF
8IBU JT ZPVS SFBTPO GPS CFJOH
#EEQTFKPI VQ VJG ,CRCPGUG GXGT[QPG JCU CP JLJHBJཋYJCV C (TGPEJ RJKNQUQRJGT
OKIJV ECNN C TCKUQP Fཐ«VTG 5QOG RGQRNG JCXG HQWPF VJGKT JLJHBJ YJKNG QVJGTU CTG
UVKNN NQQMKPI VJQWIJ VJG[ ECTT[ KV YKVJKP VJGO
1WT JLJHBJ KU JKFFGP FGGR KPUKFG GCEJ QH WU CPF HKPFKPI KV TGSWKTGU C RCVKGPV
UGCTEJ #EEQTFKPI VQ VJQUG DQTP QP 1MKPCYC VJG KUNCPF YKVJ VJG OQUV
EGPVGPCTKCPU KP VJG YQTNF QWT JLJHBJ KU VJG TGCUQP YG IGV WR KP VJG OQTPKPI
8IBUFWFS ZPV EP
 EPO୧U SFUJSF
*CXKPI C ENGCTN[ FGHKPGF JLJHBJ DTKPIU UCVKUHCEVKQP JCRRKPGUU CPF OGCPKPI VQ QWT
NKXGU 6JG RWTRQUG QH VJKU DQQM KU VQ JGNR [QW HKPF [QWTU CPF VQ UJCTG KPUKIJVU
HTQO ,CRCPGUG RJKNQUQRJ[ QP VJG NCUVKPI JGCNVJ QH DQF[ OKPF CPF URKTKV
1PG UWTRTKUKPI VJKPI [QW PQVKEG NKXKPI KP ,CRCP KU JQY CEVKXG RGQRNG TGOCKP
CHVGT VJG[ TGVKTG +P HCEV OCP[ ,CRCPGUG RGQRNG PGXGT TGCNN[ TGVKTGཋVJG[ MGGR
FQKPI YJCV VJG[ NQXG HQT CU NQPI CU VJGKT JGCNVJ CNNQYU
6JGTG KU KP HCEV PQ YQTF KP ,CRCPGUG VJCV OGCPU SFUJSF KP VJG UGPUG QH ནNGCXKPI
VJG YQTMHQTEG HQT IQQFཔ CU KP 'PINKUJ #EEQTFKPI VQ &CP $WGVVPGT C /BUJPOBM
(FPHSBQIJD TGRQTVGT YJQ MPQYU VJG EQWPVT[ YGNN JCXKPI C RWTRQUG KP NKHG KU UQ
KORQTVCPV KP ,CRCPGUG EWNVWTG VJCV QWT KFGC QH TGVKTGOGPV UKORN[ FQGUPཐV GZKUV
VJGTG
5IF JTMBOE PG 	BMNPTU
 FUFSOBM ZPVUI
%GTVCKP NQPIGXKV[ UVWFKGU UWIIGUV VJCV C UVTQPI UGPUG QH EQOOWPKV[ CPF C ENGCTN[
FGHKPGF JLJHBJ CTG LWUV CU KORQTVCPV CU VJG HCOQWUN[ JGCNVJHWN ,CRCPGUG FKGVཋ
RGTJCRU GXGP OQTG UQ 4GEGPV OGFKECN UVWFKGU QH EGPVGPCTKCPU HTQO 1MKPCYC CPF
QVJGT UQECNNGF $NWG <QPGUཋVJG IGQITCRJKE TGIKQPU YJGTG RGQRNG NKXG NQPIGUVཋ
RTQXKFG C PWODGT QH KPVGTGUVKPI HCEVU CDQWV VJGUG GZVTCQTFKPCT[ JWOCP DGKPIU
0QV QPN[ FQ VJG[ NKXG OWEJ NQPIGT VJCP VJG TGUV QH VJG YQTNFཐU RQRWNCVKQP
VJG[ CNUQ UWHHGT HTQO HGYGT EJTQPKE KNNPGUUGU UWEJ CU ECPEGT CPF JGCTV
FKUGCUG KPHNCOOCVQT[ FKUQTFGTU CTG CNUQ NGUU EQOOQP
/CP[ QH VJGUG EGPVGPCTKCPU GPLQ[ GPXKCDNG NGXGNU QH XKVCNKV[ CPF JGCNVJ VJCV
YQWNF DG WPVJKPMCDNG HQT RGQRNG QH CFXCPEGF CIG GNUGYJGTG
6JGKT DNQQF VGUVU TGXGCN HGYGT HTGG TCFKECNU 
YJKEJ CTG TGURQPUKDNG HQT
EGNNWNCT CIKPI CU C TGUWNV QH FTKPMKPI VGC CPF GCVKPI WPVKN VJGKT UVQOCEJU CTG
QPN[  RGTEGPV HWNN
9QOGP GZRGTKGPEG OQTG OQFGTCVG U[ORVQOU FWTKPI OGPQRCWUG CPF DQVJ
OGP CPF YQOGP OCKPVCKP JKIJGT NGXGNU QH UGZWCN JQTOQPGU WPVKN OWEJ NCVGT
KP NKHG
6JG TCVG QH FGOGPVKC KU YGNN DGNQY VJG INQDCN CXGTCIG
7KH &KDUDFWHUV %HKLQG ,NLJDL
+P ,CRCPGUG JLJHBJ KU YTKVVGP CU 䊷€䋊㌨ EQODKPKPI 䊷€ YJKEJ OGCPU
ནNKHGཔ YKVJ 䋊㌨ YJKEJ OGCPU ནVQ DG YQTVJYJKNGཔ 䋊㌨ ECP DG DTQMGP
FQYP KPVQ VJG EJCTCEVGTU 䋊 YJKEJ OGCPU ནCTOQTཔ ནPWODGT QPGཔ CPF ནVQ
DG VJG HKTUVཔ 
VQ JGCF KPVQ DCVVNG VCMKPI KPKVKCVKXG CU C NGCFGT CPF ㌨
YJKEJ OGCPU ནDGCWVKHWNཔ QT ནGNGICPVཔ
6JQWIJ YG YKNN EQPUKFGT GCEJ QH VJGUG HKPFKPIU QXGT VJG EQWTUG QH VJG DQQM
TGUGCTEJ ENGCTN[ KPFKECVGU VJCV VJG 1MKPCYCPUཐ HQEWU QP JLJHBJ IKXGU C UGPUG QH
RWTRQUG VQ GCEJ CPF GXGT[ FC[ CPF RNC[U CP KORQTVCPV TQNG KP VJGKT JGCNVJ CPF
NQPIGXKV[
5IF GJWF #MVF ;POFT
1MKPCYC JQNFU HKTUV RNCEG COQPI VJG YQTNFཐU $NWG <QPGU +P 1MKPCYC YQOGP KP
RCTVKEWNCT NKXG NQPIGT CPF JCXG HGYGT FKUGCUGU VJCP CP[YJGTG GNUG KP VJG YQTNF
6JG HKXG TGIKQPU KFGPVKHKGF CPF CPCN[\GF D[ &CP $WGVVPGT KP JKU DQQM 5IF #MVF
;POFT CTG
 0LJOBXB
 +BQBO 
GURGEKCNN[ VJG PQTVJGTP RCTV QH VJG KUNCPF 6JG NQECNU GCV C
FKGV TKEJ KP XGIGVCDNGU CPF VQHW V[RKECNN[ UGTXGF QP UOCNN RNCVGU +P CFFKVKQP VQ
VJGKT RJKNQUQRJ[ QH JLJHBJ VJG NPBJ QT ENQUGMPKV ITQWR QH HTKGPFU 
UGG RCIG
 RNC[U CP KORQTVCPV TQNG KP VJGKT NQPIGXKV[
 4BSEJOJB
 *UBMZ 
URGEKHKECNN[ VJG RTQXKPEGU QH 0WQTQ CPF 1INKCUVTC .QECNU QP
VJKU KUNCPF EQPUWOG RNGPV[ QH XGIGVCDNGU CPF QPG QT VYQ INCUUGU QH YKPG RGT
FC[ #U KP 1MKPCYC VJG EQJGUKXG PCVWTG QH VJKU EQOOWPKV[ KU CPQVJGT HCEVQT
FKTGEVN[ TGNCVGF VQ NQPIGXKV[
 -PNB -JOEB
 $BMJGPSOJB 4GUGCTEJGTU UVWFKGF C ITQWR QH 5GXGPVJFC[
#FXGPVKUVU YJQ CTG COQPI VJG NQPIGUVNKXKPI RGQRNG KP VJG 7PKVGF 5VCVGU
 5IF /JDPZB 1FOJOTVMB
 $PTUB 3JDB .QECNU TGOCKP TGOCTMCDN[ CEVKXG CHVGT
PKPGV[ OCP[ QH VJG TGIKQPཐU QNFGT TGUKFGPVU JCXG PQ RTQDNGO IGVVKPI WR CV
HKXG VJKTV[ KP VJG OQTPKPI VQ YQTM KP VJG HKGNFU
 *LBSJB
 (SFFDF 1PG QH GXGT[ VJTGG KPJCDKVCPVU QH VJKU KUNCPF PGCT VJG EQCUV QH
6WTMG[ KU QXGT PKPGV[ [GCTU QNF 
EQORCTGF VQ NGUU VJCP  RGTEGPV QH VJG
RQRWNCVKQP QH VJG 7PKVGF 5VCVGU C HCEV VJCV JCU GCTPGF KV VJG PKEMPCOG VJG
+UNCPF QH .QPI .KHG 6JG NQECN UGETGV UGGOU VQ DG C NKHGUV[NG VJCV FCVGU DCEM VQ
 $%
+P VJG HQNNQYKPI EJCRVGTU YG YKNN GZCOKPG UGXGTCN HCEVQTU VJCV UGGO VQ DG VJG
MG[U VQ NQPIGXKV[ CPF CTG HQWPF CETQUU VJG $NWG <QPGU RC[KPI URGEKCN CVVGPVKQP VQ
1MKPCYC CPF KVU UQECNNGF 8KNNCIG QH .QPIGXKV[ (KTUV JQYGXGT KV KU YQTVJ
RQKPVKPI QWV VJCV VJTGG QH VJGUG TGIKQPU CTG KUNCPFU YJGTG TGUQWTEGU ECP DG UECTEG
CPF EQOOWPKVKGU JCXG VQ JGNR QPG CPQVJGT
(QT OCP[ JGNRKPI QVJGTU OKIJV DG CP JLJHBJ UVTQPI GPQWIJ VQ MGGR VJGO CNKXG
#EEQTFKPI VQ UEKGPVKUVU YJQ JCXG UVWFKGF VJG HKXG $NWG <QPGU VJG MG[U VQ
NQPIGXKV[ CTG FKGV GZGTEKUG HKPFKPI C RWTRQUG KP NKHG 
CP JLJHBJ CPF HQTOKPI
UVTQPI UQEKCN VKGUཋVJCV KU JCXKPI C DTQCF EKTENG QH HTKGPFU CPF IQQF HCOKN[
TGNCVKQPU
/GODGTU QH VJGUG EQOOWPKVKGU OCPCIG VJGKT VKOG YGNN KP QTFGT VQ TGFWEG
UVTGUU EQPUWOG NKVVNG OGCV QT RTQEGUUGF HQQFU CPF FTKPM CNEQJQN KP OQFGTCVKQP

6JG[ FQPཐV FQ UVTGPWQWU GZGTEKUG DWV VJG[ FQ OQXG GXGT[ FC[ VCMKPI YCNMU
CPF YQTMKPI KP VJGKT XGIGVCDNG ICTFGPU 2GQRNG KP VJG $NWG <QPGU YQWNF TCVJGT
YCNM VJCP FTKXG )CTFGPKPI YJKEJ KPXQNXGU FCKN[ NQYKPVGPUKV[ OQXGOGPV KU C
RTCEVKEG CNOQUV CNN QH VJGO JCXG KP EQOOQP
5IF  QFSDFOU TFDSFU
1PG QH VJG OQUV EQOOQP UC[KPIU KP ,CRCP KU ན*CTC JCEJK DWཔ YJKEJ KU TGRGCVGF
DGHQTG QT CHVGT GCVKPI CPF OGCPU UQOGVJKPI NKMG ན(KNN [QWT DGNN[ VQ  RGTEGPVཔ
#PEKGPV YKUFQO CFXKUGU CICKPUV GCVKPI WPVKN YG CTG HWNN 6JKU KU YJ[ 1MKPCYCPU
UVQR GCVKPI YJGP VJG[ HGGN VJGKT UVQOCEJU TGCEJ  RGTEGPV QH VJGKT ECRCEKV[
TCVJGT VJCP QXGTGCVKPI CPF YGCTKPI FQYP VJGKT DQFKGU YKVJ NQPI FKIGUVKXG
RTQEGUUGU VJCV CEEGNGTCVG EGNNWNCT QZKFCVKQP
1H EQWTUG VJGTG KU PQ YC[ VQ MPQY QDLGEVKXGN[ KH [QWT UVQOCEJ KU CV 
RGTEGPV ECRCEKV[ 6JG NGUUQP VQ NGCTP HTQO VJKU UC[KPI KU VJCV YG UJQWNF UVQR GCVKPI
YJGP YG CTG UVCTVKPI VQ HGGN HWNN 6JG GZVTC UKFG FKUJ VJG UPCEM YG GCV YJGP YG
MPQY KP QWT JGCTVU YG FQPཐV TGCNN[ PGGF KV VJG CRRNG RKG CHVGT NWPEJཋCNN VJGUG YKNN
IKXG WU RNGCUWTG KP VJG UJQTV VGTO DWV PQV JCXKPI VJGO YKNN OCMG WU JCRRKGT KP
VJG NQPI VGTO
6JG YC[ HQQF KU UGTXGF KU CNUQ KORQTVCPV $[ RTGUGPVKPI VJGKT OGCNU QP OCP[
UOCNN RNCVGU VJG ,CRCPGUG VGPF VQ GCV NGUU # V[RKECN OGCN KP C TGUVCWTCPV KP ,CRCP
KU UGTXGF KP HKXG RNCVGU QP C VTC[ HQWT QH VJGO XGT[ UOCNN CPF VJG OCKP FKUJ
UNKIJVN[ DKIIGT *CXKPI HKXG RNCVGU KP HTQPV QH [QW OCMGU KV UGGO NKMG [QW CTG
IQKPI VQ GCV C NQV DWV YJCV JCRRGPU OQUV QH VJG VKOG KU VJCV [QW GPF WR HGGNKPI
UNKIJVN[ JWPIT[ 6JKU KU QPG QH VJG TGCUQPU YJ[ 9GUVGTPGTU KP ,CRCP V[RKECNN[ NQUG
YGKIJV CPF UVC[ VTKO
4GEGPV UVWFKGU D[ PWVTKVKQPKUVU TGXGCN VJCV 1MKPCYCPU EQPUWOG C FCKN[ CXGTCIG
QH  VQ  ECNQTKGU EQORCTGF VQ  VQ  KP VJG 7PKVGF 5VCVGU CPF
JCXG C DQF[ OCUU KPFGZ DGVYGGP  CPF  EQORCTGF VQ  QT  KP VJG 7PKVGF
5VCVGU
6JG 1MKPCYCP FKGV KU TKEJ KP VQHW UYGGV RQVCVQGU HKUJ 
VJTGG VKOGU RGT YGGM
CPF XGIGVCDNGU 
TQWIJN[  QWPEGU RGT FC[ +P VJG EJCRVGT FGFKECVGF VQ PWVTKVKQP
YG YKNN UGG YJKEJ JGCNVJ[ CPVKQZKFCPVTKEJ HQQFU CTG KPENWFGF KP VJKU  RGTEGPV
.PBJ $POOFDUFE GPS MJGF
+V KU EWUVQOCT[ KP 1MKPCYC VQ HQTO ENQUG DQPFU YKVJKP NQECN EQOOWPKVKGU # NPBJ
KU CP KPHQTOCN ITQWR QH RGQRNG YKVJ EQOOQP KPVGTGUVU YJQ NQQM QWV HQT QPG
CPQVJGT (QT OCP[ UGTXKPI VJG EQOOWPKV[ DGEQOGU RCTV QH VJGKT JLJHBJ
6JG NPBJ JCU KVU QTKIKPU KP JCTF VKOGU YJGP HCTOGTU YQWNF IGV VQIGVJGT VQ
UJCTG DGUV RTCEVKEGU CPF JGNR QPG CPQVJGT EQRG YKVJ OGCIGT JCTXGUVU
/GODGTU QH C NPBJ OCMG C UGV OQPVJN[ EQPVTKDWVKQP VQ VJG ITQWR 6JKU
RC[OGPV CNNQYU VJGO VQ RCTVKEKRCVG KP OGGVKPIU FKPPGTU ICOGU QH IQ CPF TIPHJ

,CRCPGUG EJGUU QT YJCVGXGT JQDD[ VJG[ JCXG KP EQOOQP
6JG HWPFU EQNNGEVGF D[ VJG ITQWR CTG WUGF HQT CEVKXKVKGU DWV KH VJGTG KU OQPG[
NGHV QXGT QPG OGODGT 
FGEKFGF QP C TQVCVKPI DCUKU TGEGKXGU C UGV COQWPV HTQO
VJG UWTRNWU +P VJKU YC[ DGKPI RCTV QH C NPBJ JGNRU OCKPVCKP GOQVKQPCN CPF
HKPCPEKCN UVCDKNKV[ +H C OGODGT QH C NPBJ KU KP HKPCPEKCN VTQWDNG JG QT UJG ECP IGV
CP CFXCPEG HTQO VJG ITQWRཐU UCXKPIU 9JKNG VJG FGVCKNU QH GCEJ NPBJཐU CEEQWPVKPI
RTCEVKEGU XCT[ CEEQTFKPI VQ VJG ITQWR CPF KVU GEQPQOKE OGCPU VJG HGGNKPI QH
DGNQPIKPI CPF UWRRQTV IKXGU VJG KPFKXKFWCN C UGPUG QH UGEWTKV[ CPF JGNRU KPETGCUG
NKHG GZRGEVCPE[
ȕ ȕ ȕ
(1..19+0) 6*+5 $4+'( KPVTQFWEVKQP VQ VJG VQRKEU EQXGTGF KP VJKU DQQM YG NQQM CV
C HGY ECWUGU QH RTGOCVWTG CIKPI KP OQFGTP NKHG CPF VJGP GZRNQTG FKHHGTGPV
HCEVQTU TGNCVGF VQ JLJHBJ
,,
$17,$*,1* 6(&5(76
.KVVNG VJKPIU VJCV CFF WR VQ C NQPI
CPF JCRR[ NKHG
"HJOH୧T FTDBQF WFMPDJUZ
(QT OQTG VJCP C EGPVWT[ YGཐXG OCPCIGF VQ CFF CP CXGTCIG QH  [GCTU VQ QWT NKHG
GZRGEVCPE[ GXGT[ [GCT $WV YJCV YQWNF JCRRGP KH YG JCF VJG VGEJPQNQI[ VQ CFF C
[GCT QH NKHG GZRGEVCPE[ GXGT[ [GCT! +P VJGQT[ YG YQWNF CEJKGXG DKQNQIKECN
KOOQTVCNKV[ JCXKPI TGCEJGF CIKPIཐU ནGUECRG XGNQEKV[པ
$JLQJȏV (VFDSH 9HORFLW\ DQG WKH 5DEELW
+OCIKPG C UKIP HCT QHH KP VJG HWVWTG YKVJ C PWODGT QP KV VJCV
TGRTGUGPVU VJG CIG QH [QWT FGCVJ 'XGT[ [GCT VJCV [QW NKXG
[QW CFXCPEG ENQUGT VQ VJG UKIP 9JGP [QW TGCEJ VJG UKIP [QW FKG
0QY KOCIKPG C TCDDKV JQNFKPI VJG UKIP CPF YCNMKPI VQ VJG HWVWTG 'XGT[
[GCT VJCV [QW NKXG VJG TCDDKV KU JCNH C [GCT CU HCT CYC[ #HVGT C YJKNG [QW
YKNN TGCEJ VJG TCDDKV CPF FKG
$WV YJCV KH VJG TCDDKV EQWNF YCNM CV C RCEG QH QPG [GCT HQT GXGT[ [GCT
QH [QWT NKHG! ;QW YQWNF PGXGT DG CDNG VQ ECVEJ VJG TCDDKV CPF VJGTGHQTG
[QW YQWNF PGXGT FKG
6JG URGGF CV YJKEJ VJG TCDDKV YCNMU VQ VJG HWVWTG KU QWT VGEJPQNQI[
6JG OQTG YG CFXCPEG VGEJPQNQI[ CPF MPQYNGFIG QH QWT DQFKGU VJG HCUVGT
YG ECP OCMG VJG TCDDKV YCNM
#IKPIཐU GUECRG XGNQEKV[ KU VJG OQOGPV CV YJKEJ VJG TCDDKV YCNMU CV C
RCEG QH QPG [GCT RGT [GCT QT HCUVGT CPF YG DGEQOG KOOQTVCN
4GUGCTEJGTU YKVJ CP G[G VQ VJG HWVWTG UWEJ CU 4C[ -WT\YGKN CPF #WDTG[ FG
)TG[ ENCKO VJCV YGཐNN TGCEJ VJKU GUECRG XGNQEKV[ KP C OCVVGT QH FGECFGU 1VJGT
UEKGPVKUVU CTG NGUU QRVKOKUVKE RTGFKEVKPI VJCV YGཐNN TGCEJ C NKOKV C OCZKOWO CIG
YG YQPཐV DG CDNG VQ UWTRCUU PQ OCVVGT JQY OWEJ VGEJPQNQI[ YG JCXG (QT
GZCORNG UQOG DKQNQIKUVU CUUGTV VJCV QWT EGNNU UVQR TGIGPGTCVKPI CHVGT CDQWV 
[GCTU
"DUJWF NJOE
 ZPVUIGVM CPEZ
6JGTG KU OWEJ YKUFQO KP VJG ENCUUKE UC[KPI ནOGPU UCPC KP EQTRQTG UCPQཔ 
ནC
6JGTG KU OWEJ YKUFQO KP VJG ENCUUKE UC[KPI ནOGPU UCPC KP EQTRQTG UCPQཔ 
ནC
UQWPF OKPF KP C UQWPF DQF[པ +V TGOKPFU WU VJCV DQVJ OKPF CPF DQF[ CTG
KORQTVCPV CPF VJCV VJG JGCNVJ QH QPG KU EQPPGEVGF VQ VJCV QH VJG QVJGT +V JCU DGGP
UJQYP VJCV OCKPVCKPKPI CP CEVKXG CFCRVCDNG OKPF KU QPG QH VJG MG[ HCEVQTU KP
UVC[KPI [QWPI
*CXKPI C [QWVJHWN OKPF CNUQ FTKXGU [QW VQYCTF C JGCNVJ[ NKHGUV[NG VJCV YKNN
UNQY VJG CIKPI RTQEGUU
,WUV CU C NCEM QH RJ[UKECN GZGTEKUG JCU PGICVKXG GHHGEVU QP QWT DQFKGU CPF
OQQF C NCEM QH OGPVCN GZGTEKUG KU DCF HQT WU DGECWUG KV ECWUGU QWT PGWTQPU CPF
PGWTCN EQPPGEVKQPU VQ FGVGTKQTCVGཋCPF CU C TGUWNV TGFWEGU QWT CDKNKV[ VQ TGCEV VQ
QWT UWTTQWPFKPIU
6JKU KU YJ[ KVཐU UQ KORQTVCPV VQ IKXG [QWT DTCKP C YQTMQWV
1PG RKQPGGT KP CFXQECVKPI HQT OGPVCN GZGTEKUG KU VJG +UTCGNK PGWTQUEKGPVKUV
5JNQOQ $TG\PKV\ YJQ CTIWGU VJCV VJG DTCKP PGGFU C NQV QH UVKOWNCVKQP KP QTFGT VQ
UVC[ KP UJCRG #U JG UVCVGF KP CP KPVGTXKGY YKVJ 'FWCTF 2WPUGV HQT VJG 5RCPKUJ
VGNGXKUKQP RTQITCO 3FEFT
6JGTG KU C VGPUKQP DGVYGGP YJCV KU IQQF HQT UQOGQPG CPF YJCV VJG[ YCPV VQ FQ 6JKU KU DGECWUG RGQRNG
GURGEKCNN[ QNFGT RGQRNG NKMG VQ FQ VJKPIU CU VJG[ཐXG CNYC[U FQPG VJGO 6JG RTQDNGO KU VJCV YJGP VJG
DTCKP FGXGNQRU KPITCKPGF JCDKVU KV FQGUPཐV PGGF VQ VJKPM CP[OQTG 6JKPIU IGV FQPG SWKEMN[ CPF
GHHKEKGPVN[ QP CWVQOCVKE RKNQV QHVGP KP C XGT[ CFXCPVCIGQWU YC[ 6JKU ETGCVGU C VGPFGPE[ VQ UVKEM VQ
TQWVKPGU CPF VJG QPN[ YC[ QH DTGCMKPI VJGUG KU VQ EQPHTQPV VJG DTCKP YKVJ PGY KPHQTOCVKQP

2TGUGPVGF YKVJ PGY KPHQTOCVKQP VJG DTCKP ETGCVGU PGY EQPPGEVKQPU CPF KU
TGXKVCNK\GF 6JKU KU YJ[ KV KU UQ KORQTVCPV VQ GZRQUG [QWTUGNH VQ EJCPIG GXGP KH
UVGRRKPI QWVUKFG [QWT EQOHQTV \QPG OGCPU HGGNKPI C DKV QH CPZKGV[
6JG GHHGEVU QH OGPVCN VTCKPKPI JCXG DGGP UEKGPVKHKECNN[ FGOQPUVTCVGF
#EEQTFKPI VQ %QNNKPU *GOKPIYC[ CPF 5JNQOQ $TG\PKV\ KP VJGKT DQQM .BYJNVN
#SBJOQPXFS $IBMMFOHJOH UIF #SBJO GPS )FBMUI BOE 8JTEPN OGPVCN VTCKPKPI KU
DGPGHKEKCN QP OCP[ NGXGNU ན;QW DGIKP GZGTEKUKPI [QWT DTCKP D[ FQKPI C EGTVCKP
VCUM HQT VJG HKTUV VKOGཔ JG YTKVGU ན#PF CV HKTUV KV UGGOU XGT[ FKHHKEWNV DWV CU [QW
NGCTP JQY VQ FQ KV VJG VTCKPKPI KU CNTGCF[ YQTMKPI 6JG UGEQPF VKOG [QW TGCNK\G
VJCV KVཐU GCUKGT PQV JCTFGT VQ FQ DGECWUG [QWཐTG IGVVKPI DGVVGT CV KV 6JKU JCU C
HCPVCUVKE GHHGEV QP C RGTUQPཐU OQQF +P CPF QH KVUGNH KV KU C VTCPUHQTOCVKQP VJCV
CHHGEVU PQV QPN[ VJG TGUWNVU QDVCKPGF DWV CNUQ JKU QT JGT UGNHKOCIGཔ
6JKU FGUETKRVKQP QH C ནOGPVCN YQTMQWVཔ OKIJV UQWPF C DKV HQTOCN DWV UKORN[
KPVGTCEVKPI YKVJ QVJGTUཋRNC[KPI C ICOG HQT GZCORNGཋQHHGTU PGY UVKOWNK CPF
JGNRU RTGXGPV VJG FGRTGUUKQP VJCV ECP EQOG YKVJ UQNKVWFG
1WT PGWTQPU UVCTV VQ CIG YJKNG YG CTG UVKNN KP QWT VYGPVKGU 6JKU RTQEGUU KU
1WT PGWTQPU UVCTV VQ CIG YJKNG YG CTG UVKNN KP QWT VYGPVKGU 6JKU RTQEGUU KU
UNQYGF JQYGXGT D[ KPVGNNGEVWCN CEVKXKV[ EWTKQUKV[ CPF C FGUKTG VQ NGCTP &GCNKPI
YKVJ PGY UKVWCVKQPU NGCTPKPI UQOGVJKPI PGY GXGT[ FC[ RNC[KPI ICOGU CPF
KPVGTCEVKPI YKVJ QVJGT RGQRNG UGGO VQ DG GUUGPVKCN CPVKCIKPI UVTCVGIKGU HQT VJG
OKPF (WTVJGTOQTG C OQTG RQUKVKXG QWVNQQM KP VJKU TGICTF YKNN [KGNF ITGCVGT
OGPVCN DGPGHKVU
4USFTT "DDVTFE PG LJMMJOH MPOHFWJUZ
/CP[ RGQRNG UGGO QNFGT VJCP VJG[ CTG 4GUGCTEJ KPVQ VJG ECWUGU QH RTGOCVWTG
CIKPI JCU UJQYP VJCV UVTGUU JCU C NQV VQ FQ YKVJ KV DGECWUG VJG DQF[ YGCTU FQYP
OWEJ HCUVGT FWTKPI RGTKQFU QH ETKUKU 6JG #OGTKECP +PUVKVWVG QH 5VTGUU
KPXGUVKICVGF VJKU FGIGPGTCVKXG RTQEGUU CPF EQPENWFGF VJCV NPTU IFBMUI QSPCMFNT
CTG ECWUGF D[ UVTGUU
4GUGCTEJGTU CV VJG *GKFGNDGTI 7PKXGTUKV[ *QURKVCN EQPFWEVGF C UVWF[ KP YJKEJ
VJG[ UWDLGEVGF C [QWPI FQEVQT VQ C LQD KPVGTXKGY YJKEJ VJG[ OCFG GXGP OQTG
UVTGUUHWN D[ HQTEKPI JKO VQ UQNXG EQORNGZ OCVJ RTQDNGOU HQT VJKTV[ OKPWVGU
#HVGTYCTF VJG[ VQQM C DNQQF UCORNG 9JCV VJG[ FKUEQXGTGF YCU VJCV JKU
CPVKDQFKGU JCF TGCEVGF VQ UVTGUU VJG UCOG YC[ VJG[ TGCEV VQ RCVJQIGPU CEVKXCVKPI
VJG RTQVGKPU VJCV VTKIIGT CP KOOWPG TGURQPUG 6JG RTQDNGO KU VJCV VJKU TGURQPUG
PQV QPN[ PGWVTCNK\GU JCTOHWN CIGPVU KV CNUQ FCOCIGU JGCNVJ[ EGNNU NGCFKPI VJGO VQ
CIG RTGOCVWTGN[
6JG 7PKXGTUKV[ QH %CNKHQTPKC EQPFWEVGF C UKOKNCT UVWF[ VCMKPI FCVC CPF
UCORNGU HTQO VJKTV[PKPG YQOGP YJQ JCF JKIJ NGXGNU QH UVTGUU FWG VQ VJG KNNPGUU
QH QPG QH VJGKT EJKNFTGP CPF EQORCTKPI VJGO VQ UCORNGU HTQO YQOGP YKVJ
JGCNVJ[ EJKNFTGP CPF NQY NGXGNU QH UVTGUU 6JG[ HQWPF VJCV UVTGUU RTQOQVGU EGNNWNCT
CIKPI D[ YGCMGPKPI EGNN UVTWEVWTGU MPQYP CU VGNQOGTGU YJKEJ CHHGEV EGNNWNCT
TGIGPGTCVKQP CPF JQY QWT EGNNU CIG #U VJG UVWF[ TGXGCNGF VJG ITGCVGT VJG UVTGUU
VJG ITGCVGT VJG FGIGPGTCVKXG GHHGEV QP EGNNU
)PX EPFT TUSFTT XPSL
6JGUG FC[U RGQRNG NKXG CV C HTCPVKE RCEG CPF KP C PGCTN[ EQPUVCPV UVCVG QH
EQORGVKVKQP #V VJKU HGXGT RKVEJ UVTGUU KU C PCVWTCN TGURQPUG VQ VJG KPHQTOCVKQP
DGKPI TGEGKXGF D[ VJG DQF[ CU RQVGPVKCNN[ FCPIGTQWU QT RTQDNGOCVKE
6JGQTGVKECNN[ VJKU KU C WUGHWN TGCEVKQP CU KV JGNRU WU UWTXKXG KP JQUVKNG
UWTTQWPFKPIU 1XGT VJG EQWTUG QH QWT GXQNWVKQP YG JCXG WUGF VJKU TGURQPUG VQ
UWTTQWPFKPIU 1XGT VJG EQWTUG QH QWT GXQNWVKQP YG JCXG WUGF VJKU TGURQPUG VQ
FGCN YKVJ FKHHKEWNV UKVWCVKQPU CPF VQ HNGG HTQO RTGFCVQTU
6JG CNCTO VJCV IQGU QHH KP QWT JGCF OCMGU QWT PGWTQPU CEVKXCVG VJG RKVWKVCT[
INCPF YJKEJ RTQFWEGU JQTOQPGU VJCV TGNGCUG EQTVKEQVTQRKP YJKEJ KP VWTP
EKTEWNCVGU VJTQWIJ VJG DQF[ XKC VJG U[ORCVJGVKE PGTXQWU U[UVGO 6JG CFTGPCN
INCPF KU VJGP VTKIIGTGF VQ TGNGCUG CFTGPCNKPG CPF EQTVKUQN #FTGPCNKPG TCKUGU QWT
TGURKTCVQT[ TCVG CPF RWNUG CPF RTGRCTGU QWT OWUENGU HQT CEVKQP IGVVKPI VJG DQF[
TGCF[ VQ TGCEV VQ RGTEGKXGF FCPIGT YJKNG EQTVKUQN KPETGCUGU VJG TGNGCUG QH
FQRCOKPG CPF DNQQF INWEQUG YJKEJ KU YJCV IGVU WU ནEJCTIGF WRཔ CPF CNNQYU WU VQ
HCEG EJCNNGPIGU
$BWF %XFMMFST .PEFSO )VNBOT
9GTG TGNCZGF OQUV QH VJG VKOG 9QTM OQUV QH VJG VKOG CPF CTG CNGTV VQ CP[ CPF CNN VJTGCVU
(GNV UVTGUU QPN[ KP XGT[ URGEKHKE
UKVWCVKQPU
#TG QPNKPG QT YCKVKPI HQT PQVKHKECVKQPU HTQO VJGKT EGNN RJQPGU VYGPV[HQWT JQWTU C
FC[
6JG VJTGCVU YGTG TGCN # RTGFCVQT EQWNF
GPF VJGKT NKXGU CV CP[ OQOGPV
6JG DTCKP CUUQEKCVGU VJG RKPI QH C EGNN RJQPG QT CP GOCKN PQVKHKECVKQP YKVJ VJG
VJTGCV QH C RTGFCVQT
*KIJ FQUGU QH EQTVKUQN CPF CFTGPCNKPG CV
OQOGPVU QH FCPIGT MGRV VJG DQF[
JGCNVJ[
.QY FQUGU QH EQTVKUQN HNQY EQPUVCPVN[ VJTQWIJ VJG DQF[ YKVJ KORNKECVKQPU HQT C
TCPIG QH JGCNVJ RTQDNGOU KPENWFKPI CFTGPCN HCVKIWG CPF EJTQPKE HCVKIWG
U[PFTQOG
6JGUG RTQEGUUGU CTG KP OQFGTCVKQP DGPGHKEKCNཋVJG[ JGNR WU QXGTEQOG
EJCNNGPIGU KP QWT FCKN[ NKXGU 0QPGVJGNGUU VJG UVTGUU VQ YJKEJ JWOCP DGKPIU CTG
UWDLGEVGF VQFC[ KU ENGCTN[ JCTOHWN
5VTGUU JCU C FGIGPGTCVKXG GHHGEV QXGT VKOG # UWUVCKPGF UVCVG QH GOGTIGPE[
CHHGEVU VJG PGWTQPU CUUQEKCVGF YKVJ OGOQT[ CU YGNN CU KPJKDKVKPI VJG TGNGCUG QH
EGTVCKP JQTOQPGU VJG CDUGPEG QH YJKEJ ECP ECWUG FGRTGUUKQP +VU UGEQPFCT[
GHHGEVU KPENWFG KTTKVCDKNKV[ KPUQOPKC CPZKGV[ CPF JKIJ DNQQF RTGUUWTG
#U UWEJ VJQWIJ EJCNNGPIGU CTG IQQF HQT MGGRKPI OKPF CPF DQF[ CEVKXG YG
UJQWNF CFLWUV QWT JKIJUVTGUU NKHGUV[NGU KP QTFGT VQ CXQKF VJG RTGOCVWTG CIKPI QH
QWT DQFKGU
#F NJOEGVM BCPVU SFEVDJOH TUSFTT
9JGVJGT QT PQV VJG VJTGCVU YG RGTEGKXG CTG TGCN UVTGUU KU CP GCUKN[ KFGPVKHKCDNG
EQPFKVKQP VJCV PQV QPN[ ECWUGU CPZKGV[ DWV KU CNUQ JKIJN[ RU[EJQUQOCVKE CHHGEVKPI
GXGT[VJKPI HTQO QWT FKIGUVKXG U[UVGO VQ QWT UMKP
6JKU KU YJ[ RTGXGPVKQP KU UQ KORQTVCPV KP CXQKFKPI VJG VQNN VJCV UVTGUU VCMGU QP
WUཋCPF YJ[ OCP[ GZRGTVU TGEQOOGPF RTCEVKEKPI OKPFHWNPGUU
6JG EGPVTCN RTGOKUG QH VJKU UVTGUUTGFWEVKQP OGVJQF KU HQEWUKPI QP VJG UGNH
PQVKEKPI QWT TGURQPUGU GXGP KH VJG[ CTG EQPFKVKQPGF D[ JCDKV KP QTFGT VQ DG HWNN[
EQPUEKQWU QH VJGO +P VJKU YC[ YG EQPPGEV YKVJ VJG JGTG CPF PQY CPF NKOKV
VJQWIJVU VJCV VGPF VQ URKTCN QWV QH EQPVTQN
ན9G JCXG VQ NGCTP VQ VWTP QHH VJG CWVQRKNQV VJCVཐU UVGGTKPI WU KP CP GPFNGUU NQQR
9G CNN MPQY RGQRNG YJQ UPCEM YJKNG VCNMKPI QP VJG RJQPG QT YCVEJKPI VJG PGYU
;QW CUM VJGO KH VJG QOGNGV VJG[ LWUV CVG JCF QPKQP KP KV CPF VJG[ ECPཐV VGNN [QWཔ
UC[U 4QDGTVQ #NEKDCT YJQ CDCPFQPGF JKU HCUVRCEGF NKHG VQ DGEQOG C EGTVKHKGF
KPUVTWEVQT QH OKPFHWNPGUU CHVGT CP KNNPGUU VJTGY JKO KPVQ C RGTKQF QH CEWVG UVTGUU
1PG YC[ VQ TGCEJ C UVCVG QH OKPFHWNPGUU KU VJTQWIJ OGFKVCVKQP YJKEJ JGNRU
HKNVGT VJG KPHQTOCVKQP VJCV TGCEJGU WU HTQO VJG QWVUKFG YQTNF +V ECP CNUQ DG
CEJKGXGF VJTQWIJ DTGCVJKPI GZGTEKUGU [QIC CPF DQF[ UECPU
#EJKGXKPI OKPFHWNPGUU KPXQNXGU C ITCFWCN RTQEGUU QH VTCKPKPI DWV YKVJ C DKV QH
RTCEVKEG YG ECP NGCTP VQ HQEWU QWT OKPF EQORNGVGN[ YJKEJ TGFWEGU UVTGUU CPF
JGNRU WU NKXG NQPIGT
" MJUUMF TUSFTT JT HPPE GPS ZPV
9JKNG UWUVCKPGF KPVGPUG UVTGUU KU C MPQYP GPGO[ QH NQPIGXKV[ CPF DQVJ OGPVCN
CPF RJ[UKECN JGCNVJ NQY NGXGNU QH UVTGUU JCXG DGGP UJQYP VQ DG DGPGHKEKCN
#HVGT QDUGTXKPI C ITQWR QH VGUV UWDLGEVU HQT OQTG VJCP VYGPV[ [GCTU &T
*QYCTF 5 (TKGFOCP C RU[EJQNQI[ RTQHGUUQT CV VJG 7PKXGTUKV[ QH %CNKHQTPKC
4KXGTUKFG FKUEQXGTGF VJCV RGQRNG YJQ OCKPVCKPGF C NQY NGXGN QH UVTGUU YJQ HCEGF
EJCNNGPIGU CPF RWV VJGKT JGCTV CPF UQWN KPVQ VJGKT YQTM KP QTFGT VQ UWEEGGF NKXGF
NQPIGT VJCP VJQUG YJQ EJQUG C OQTG TGNCZGF NKHGUV[NG CPF TGVKTGF GCTNKGT (TQO
VJKU JG EQPENWFGF VJCV C UOCNN FQUG QH UVTGUU KU C RQUKVKXG VJKPI CU VJQUG YJQ NKXG
YKVJ NQY NGXGNU QH UVTGUU VGPF VQ FGXGNQR JGCNVJKGT JCDKVU UOQMG NGUU CPF FTKPM
NGUU CNEQJQN

)KXGP VJKU KV KU PQV UWTRTKUKPI VJCV OCP[ QH VJG UWRGTEGPVGPCTKCPUཋRGQRNG
YJQ NKXG VQ DG  QT OQTGཋYJQO YGཐNN OGGV KP VJKU DQQM VCNM CDQWV JCXKPI
NKXGF KPVGPUG NKXGU CPF YQTMKPI YGNN KPVQ QNF CIG
" MPU PG TJUUJOH XJMM BHF ZPV
+P VJG 9GUVGTP YQTNF KP RCTVKEWNCT VJG TKUG KP UGFGPVCT[ DGJCXKQT JCU NGF VQ
PWOGTQWU FKUGCUGU UWEJ CU J[RGTVGPUKQP CPF QDGUKV[ YJKEJ KP VWTP CHHGEV
NQPIGXKV[
5RGPFKPI VQQ OWEJ VKOG UGCVGF CV YQTM QT CV JQOG PQV QPN[ TGFWEGU OWUEWNCT
CPF TGURKTCVQT[ HKVPGUU DWV CNUQ KPETGCUGU CRRGVKVG CPF EWTDU VJG FGUKTG VQ
RCTVKEKRCVG KP CEVKXKVKGU $GKPI UGFGPVCT[ ECP NGCF VQ J[RGTVGPUKQP KODCNCPEGF
GCVKPI ECTFKQXCUEWNCT FKUGCUG QUVGQRQTQUKU CPF GXGP EGTVCKP MKPFU QH ECPEGT
4GEGPV UVWFKGU JCXG UJQYP C EQPPGEVKQP DGVYGGP C NCEM QH RJ[UKECN CEVKXKV[ CPF
VJG RTQITGUUKXG FKUVQTVKQP QH VGNQOGTGU KP VJG KOOWPG U[UVGO YJKEJ CIGU VJQUG
EGNNU CPF KP VWTP VJG QTICPKUO CU C YJQNG
6JKU KU C RTQDNGO CV CNN NKHG UVCIGU PQV QPN[ COQPI CFWNVU 5GFGPVCT[ EJKNFTGP
UWHHGT HTQO JKIJ TCVGU QH QDGUKV[ CPF CNN KVU CUUQEKCVGF JGCNVJ KUUWGU CPF TKUMU
YJKEJ KU YJ[ KVཐU UQ KORQTVCPV VQ FGXGNQR C JGCNVJ[ CPF CEVKXG NKHGUV[NG CV CP GCTN[
CIG
+VཐU GCU[ VQ DG NGUU UGFGPVCT[ KV LWUV VCMGU C DKV QH GHHQTV CPF C HGY EJCPIGU VQ
[QWT TQWVKPG 9G ECP CEEGUU C OQTG CEVKXG NKHGUV[NG VJCV OCMGU WU HGGN DGVVGT
KPUKFG CPF QWVཋYG LWUV JCXG VQ CFF C HGY KPITGFKGPVU VQ QWT GXGT[FC[ JCDKVU
8BML UP XPSL
 PS KVTU HP PO B XBML HQT CV NGCUV VYGPV[ OKPWVGU GCEJ FC[
6TF ZPVS GFFU JOTUFBE PG BO FMFWBUPS PS FTDBMBUPS 6JKU KU IQQF HQT [QWT
RQUVWTG [QWT OWUENGU CPF [QWT TGURKTCVQT[ U[UVGO COQPI QVJGT VJKPIU
1BSUJDJQBUF JO TPDJBM PS MFJTVSF BDUJWJUJFT UQ VJCV [QW FQPཐV URGPF VQQ OWEJ VKOG
KP HTQPV QH VJG VGNGXKUKQP
3FQMBDF ZPVS KVOL GPPE XJUI GSVJU CPF [QWཐNN JCXG NGUU QH CP WTIG VQ UPCEM
CPF OQTG PWVTKGPVU KP [QWT U[UVGO
(FU UIF SJHIU BNPVOU PG TMFFQ 5GXGP VQ PKPG JQWTU KU IQQF DWV CP[ OQTG VJCP
VJCV OCMGU WU NGVJCTIKE
1MBZ XJUI DIJMESFO PS QFUT
 PS KPJO B TQPSUT UFBN 6JKU PQV QPN[ UVTGPIVJGPU VJG
DQF[ DWV CNUQ UVKOWNCVGU VJG OKPF CPF DQQUVU UGNHGUVGGO
#F DPOTDJPVT PG ZPVS EBJMZ SPVUJOF KP QTFGT VQ FGVGEV JCTOHWN JCDKVU CPF
TGRNCEG VJGO YKVJ OQTG RQUKVKXG QPGU
$[ OCMKPI VJGUG UOCNN EJCPIGU YG ECP DGIKP VQ TGPGY QWT DQFKGU CPF OKPFU
CPF KPETGCUG QWT NKHG GZRGEVCPE[
" NPEFM୧T CFTULFQU TFDSFU
" NPEFM୧T CFTULFQU TFDSFU
6JQWIJ YG CIG DQVJ GZVGTPCNN[ CPF KPVGTPCNN[ DQVJ RJ[UKECNN[ CPF OGPVCNN[ QPG
QH VJG VJKPIU VJCV VGNN WU VJG OQUV CDQWV RGQRNGཐU CIG KU VJGKT UMKP YJKEJ VCMGU QP
FKHHGTGPV VGZVWTGU CPF EQNQTU CEEQTFKPI VQ RTQEGUUGU IQKPI QP DGPGCVJ VJG UWTHCEG
/QUV QH VJQUG YJQ OCMG VJGKT NKXKPI CU OQFGNU ENCKO VQ UNGGR DGVYGGP PKPG CPF
VGP JQWTU VJG PKIJV DGHQTG C HCUJKQP UJQY 6JKU IKXGU VJGKT UMKP C VCWV YTKPMNG
HTGG CRRGCTCPEG CPF C JGCNVJ[ TCFKCPV INQY
5EKGPEG JCU UJQYP VJCV UNGGR KU C MG[ CPVKCIKPI VQQN DGECWUG YJGP YG UNGGR
YG IGPGTCVG OGNCVQPKP C JQTOQPG VJCV QEEWTU PCVWTCNN[ KP QWT DQFKGU 6JG RKPGCN
INCPF RTQFWEGU KV HTQO VJG PGWTQVTCPUOKVVGT UGTQVQPKP CEEQTFKPI VQ QWT FKWTPCN
CPF PQEVWTPCN TJ[VJOU CPF KV RNC[U C TQNG KP QWT UNGGR CPF YCMKPI E[ENGU
# RQYGTHWN CPVKQZKFCPV OGNCVQPKP JGNRU WU NKXG NQPIGT CPF CNUQ QHHGTU VJG
HQNNQYKPI DGPGHKVU
+V UVTGPIVJGPU VJG KOOWPG U[UVGO
+V EQPVCKPU CP GNGOGPV VJCV RTQVGEVU CICKPUV ECPEGT
+V RTQOQVGU VJG PCVWTCN RTQFWEVKQP QH KPUWNKP
+V UNQYU VJG QPUGV QH #N\JGKOGTཐU FKUGCUG
+V JGNRU RTGXGPV QUVGQRQTQUKU CPF HKIJV JGCTV FKUGCUG
(QT CNN VJGUG TGCUQPU OGNCVQPKP KU C ITGCV CNN[ KP RTGUGTXKPI [QWVJ +V UJQWNF DG
PQVGF JQYGXGT VJCV OGNCVQPKP RTQFWEVKQP FGETGCUGU CHVGT CIG VJKTV[ 9G ECP
EQORGPUCVG HQT VJKU D[
'CVKPI C DCNCPEGF FKGV CPF IGVVKPI OQTG ECNEKWO
5QCMKPI WR C OQFGTCVG COQWPV QH UWP GCEJ FC[
)GVVKPI GPQWIJ UNGGR
#XQKFKPI UVTGUU CNEQJQN VQDCEEQ CPF ECHHGKPG CNN QH YJKEJ OCMG KV JCTFGT
VQ IGV C IQQF PKIJVཐU TGUV FGRTKXKPI WU QH VJG OGNCVQPKP YG PGGF
'ZRGTVU CTG VT[KPI VQ FGVGTOKPG YJGVJGT CTVKHKEKCNN[ UVKOWNCVKPI RTQFWEVKQP QH
OGNCVQPKP OKIJV JGNR UNQY VJG CIKPI RTQEGUU    YJKEJ YQWNF EQPHKTO VJG VJGQT[
VJCV YG CNTGCF[ ECTT[ VJG UGETGV VQ NQPIGXKV[ YKVJKP WU
"OUJBHJOH BUUJUVEFT
6JG OKPF JCU VTGOGPFQWU RQYGT QXGT VJG DQF[ CPF JQY SWKEMN[ KV CIGU /QUV
FQEVQTU CITGG VJCV VJG UGETGV VQ MGGRKPI VJG DQF[ [QWPI KU MGGRKPI VJG OKPF CEVKXG
ཋC MG[ GNGOGPV QH JLJHBJཋCPF KP PQV ECXKPI KP YJGP YG HCEG FKHHKEWNVKGU
VJTQWIJQWV QWT NKXGU
1PG UVWF[ EQPFWEVGF CV ;GUJKXC 7PKXGTUKV[ HQWPF VJCV VJG RGQRNG YJQ NKXG
VJG NQPIGUV JCXG VYQ FKURQUKVKQPCN VTCKVU KP EQOOQP C QPTJUJWF BUUJUVEF CPF C JKIJ
FGITGG QH FNPUJPOBM BXBSFOFTT +P QVJGT YQTFU VJQUG YJQ HCEG EJCNNGPIGU YKVJ C
RQUKVKXG QWVNQQM CPF CTG CDNG VQ OCPCIG VJGKT GOQVKQPU CTG CNTGCF[ YGNN QP VJGKT
YC[ VQYCTF NQPIGXKV[
# TUPJD BUUJUVEFཋUGTGPKV[ KP VJG HCEG QH C UGVDCEMཋECP CNUQ JGNR MGGR [QW
[QWPI CU KV NQYGTU CPZKGV[ CPF UVTGUU NGXGNU CPF UVCDKNK\GU DGJCXKQT 6JKU ECP DG
UGGP KP VJG ITGCVGT NKHG GZRGEVCPEKGU QH EGTVCKP EWNVWTGU YKVJ WPJWTTKGF FGNKDGTCVG
NKHGUV[NGU
/CP[ EGPVGPCTKCPU CPF UWRGTEGPVGPCTKCPU JCXG UKOKNCT RTQHKNGU 6JG[ JCXG JCF
HWNN NKXGU VJCV YGTG FKHHKEWNV CV VKOGU DWV VJG[ MPGY JQY VQ CRRTQCEJ VJGUG
EJCNNGPIGU YKVJ C RQUKVKXG CVVKVWFG CPF PQV DG QXGTYJGNOGF D[ VJG QDUVCENGU VJG[
HCEGF
#NGZCPFGT +OKEJ YJQ KP  DGECOG VJG YQTNFཐU QNFGUV NKXKPI OCP CV CIG
 MPGY JG JCF IQQF IGPGU DWV WPFGTUVQQF VJCV QVJGT HCEVQTU EQPVTKDWVGF VQQ
ན6JG NKHG [QW NKXG KU GSWCNN[ QT OQTG KORQTVCPV HQT NQPIGXKV[པ JG UCKF KP CP
KPVGTXKGY YKVJ 4GWVGTU CHVGT DGKPI CFFGF VQ (VJOOFTT 8PSME 3FDPSET KP 
"O PEF UP MPOHFWJUZ
&WTKPI QWT UVC[ KP 1IKOK VJG XKNNCIG VJCV JQNFU VJG )WKPPGUU TGEQTF HQT NQPIGXKV[
C YQOCP YJQ YCU CDQWV VQ VWTP  [GCTU QNF UCPI VJG HQNNQYKPI UQPI HQT WU KP C
OKZVWTG QH ,CRCPGUG CPF VJG NQECN FKCNGEV
6Q MGGR JGCNVJ[ CPF JCXG C NQPI NKHG
GCV LWUV C NKVVNG QH GXGT[VJKPI YKVJ TGNKUJ
IQ VQ DGF GCTN[ IGV WR GCTN[ CPF VJGP IQ QWV HQT C YCNM
9G NKXG GCEJ FC[ YKVJ UGTGPKV[ CPF YG GPLQ[ VJG LQWTPG[
6Q MGGR JGCNVJ[ CPF JCXG C NQPI NKHG
YG IGV QP YGNN YKVJ CNN QH QWT HTKGPFU
5RTKPI UWOOGT HCNN YKPVGT
YG JCRRKN[ GPLQ[ CNN VJG UGCUQPU
6JG UGETGV KU VQ PQV IGV FKUVTCEVGF D[ JQY QNF VJG HKPIGTU CTG
6JG UGETGV KU VQ PQV IGV FKUVTCEVGF D[ JQY QNF VJG HKPIGTU CTG
HTQO VJG HKPIGTU VQ VJG JGCF CPF DCEM QPEG CICKP
+H [QW MGGR OQXKPI YKVJ [QWT HKPIGTU YQTMKPI  [GCTU
YKNN EQOG VQ [QW
9G ECP PQY WUG QWT HKPIGTU VQ VWTP VJG RCIG VQ VJG PGZV EJCRVGT YJGTG YG YKNN
NQQM CV VJG ENQUG TGNCVKQPUJKR DGVYGGP NQPIGXKV[ CPF FKUEQXGTKPI QWT NKHGཐU
OKUUKQP
,,,
)520 /2*27+(5$3< 72 ,.,*$,
*QY VQ NKXG NQPIGT CPF DGVVGT D[
HKPFKPI [QWT RWTRQUG
8IBU JT MPHPUIFSBQZ
# EQNNGCIWG QPEG CUMGF 8KMVQT (TCPMN VQ FGHKPG JKU UEJQQN QH RU[EJQNQI[ KP C
UKPING RJTCUG VQ YJKEJ (TCPMN TGRNKGF ན9GNN KP NQIQVJGTCR[ VJG RCVKGPV UKVU WR
UVTCKIJV CPF JCU VQ NKUVGP VQ VJKPIU VJCV CTG QP QEECUKQP JCTF VQ JGCTཔ 6JG
EQNNGCIWG JCF LWUV FGUETKDGF RU[EJQCPCN[UKU VQ JKO KP VJG HQNNQYKPI VGTOU ན+P
RU[EJQCPCN[UKU VJG RCVKGPV NKGU FQYP QP C EQWEJ CPF VGNNU [QW VJKPIU VJCV CTG QP
QEECUKQP JCTF VQ UC[པ
(TCPMN GZRNCKPU VJCV QPG QH VJG HKTUV SWGUVKQPU JG YQWNF CUM JKU RCVKGPVU YCU
ན9J[ FQ [QW PQV EQOOKV UWKEKFG!པ 7UWCNN[ VJG RCVKGPV HQWPF IQQF TGCUQPU PQV VQ
CPF YCU CDNG VQ ECTT[ QP 9JCV VJGP FQGU NQIQVJGTCR[ FQ! 
6JG CPUYGT KU RTGVV[ ENGCT *U IFMQT ZPV GJOE SFBTPOT UP MJWF
.QIQVJGTCR[ RWUJGU RCVKGPVU VQ EQPUEKQWUN[ FKUEQXGT VJGKT NKHGཐU RWTRQUG KP
QTFGT VQ EQPHTQPV VJGKT PGWTQUGU 6JGKT SWGUV VQ HWNHKNN VJGKT FGUVKP[ VJGP OQVKXCVGU
VJGO VQ RTGUU HQTYCTF DTGCMKPI VJG OGPVCN EJCKPU QH VJG RCUV CPF QXGTEQOKPI
YJCVGXGT QDUVCENGU VJG[ GPEQWPVGT CNQPI VJG YC[
6RPHWKLQJ WR /LYH )RU
# UVWF[ EQPFWEVGF D[ (TCPMN KP JKU 8KGPPC ENKPKE HQWPF VJCV COQPI DQVJ
RCVKGPVU CPF RGTUQPPGN CTQWPF  RGTEGPV DGNKGXGF VJCV JWOCP DGKPIU
PGGFGF C TGCUQP HQT NKXKPI CPF CTQWPF  RGTEGPV HGNV VJG[ JCF UQOGQPG
QT UQOGVJKPI KP VJGKT NKXGU YQTVJ F[KPI HQT

5IF TFBSDI GPS NFBOJOH
6JG UGCTEJ HQT RWTRQUG DGECOG C RGTUQPCN FTKXKPI HQTEG VJCV CNNQYGF (TCPMN VQ
CEJKGXG JKU IQCNU 6JG RTQEGUU QH NQIQVJGTCR[ ECP DG UWOOCTK\GF KP VJGUG HKXG
UVGRU
 # RGTUQP HGGNU GORV[ HTWUVTCVGF QT CPZKQWU
 6JG VJGTCRKUV UJQYU JKO VJCV YJCV JG KU HGGNKPI KU VJG FGUKTG VQ JCXG C
OGCPKPIHWN NKHG
 6JG RCVKGPV FKUEQXGTU JKU NKHGཐU RWTRQUG 
CV VJCV RCTVKEWNCT RQKPV KP VKOG
 1H JKU QYP HTGG YKNN VJG RCVKGPV FGEKFGU VQ CEEGRV QT TGLGEV VJCV FGUVKP[
 6JKU PGYHQWPF RCUUKQP HQT NKHG JGNRU JKO QXGTEQOG QDUVCENGU CPF UQTTQYU
(TCPMN JKOUGNH YQWNF NKXG CPF FKG HQT JKU RTKPEKRNGU CPF KFGCNU *KU
GZRGTKGPEGU CU C RTKUQPGT CV #WUEJYKV\ UJQYGF JKO VJCV ན'XGT[VJKPI ECP DG VCMGP
HTQO C OCP DWV QPG VJKPI VJG NCUV QH VJG JWOCP HTGGFQOUཋVQ EJQQUG QPGཐU
CVVKVWFG KP CP[ IKXGP UGV QH EKTEWOUVCPEGU VQ EJQQUG QPGཐU QYP YC[པ +V YCU
UQOGVJKPI JG JCF VQ IQ VJTQWIJ CNQPG YKVJQWV CP[ JGNR CPF KV KPURKTGF JKO HQT
VJG TGUV QH JKU NKHG
7HQ 'LIIHUHQFHV %HWZHHQ 3V\FKRDQDO\VLV DQG /RJRWKHUDS\
1TZDIPBOBMZTJT -PHPUIFSBQZ
6JG RCVKGPV TGENKPGU QP C EQWEJ NKMG C RCVKGPV 6JG RCVKGPV UKVU HCEKPI VJG VJGTCRKUV YJQ IWKFGU JKO QT JGT YKVJQWV
RCUUKPI LWFIOGPV
+U TGVTQURGEVKXG +V NQQMU VQ VJG RCUV .QQMU VQYCTF VJG HWVWTG
+U KPVTQURGEVKXG +V CPCN[\GU PGWTQUGU &QGU PQV FGNXG KPVQ VJG RCVKGPVཐU PGWTQUGU
6JG FTKXG KU VQYCTF RNGCUWTG 6JG FTKXG KU VQYCTF RWTRQUG CPF OGCPKPI
%GPVGTU QP RU[EJQNQI[ +PENWFGU C URKTKVWCN FKOGPUKQP
9QTMU QP RU[EJQIGPKE PGWTQUGU #NUQ YQTMU QP PQQIGPKE QT GZKUVGPVKCN PGWTQUGU
#PCN[\GU VJG WPEQPUEKQWU QTKIKP QH EQPHNKEVU

KPUVKPEVWCN FKOGPUKQP
&GCNU YKVJ EQPHNKEVU YJGP CPF YJGTG VJG[ CTKUG 
URKTKVWCN
FKOGPUKQP
.KOKVU KVUGNH VQ VJG RCVKGPVཐU KPUVKPEVU #NUQ FGCNU YKVJ URKTKVWCN TGCNKVKGU
+U HWPFCOGPVCNN[ KPEQORCVKDNG YKVJ HCKVJ +U EQORCVKDNG YKVJ HCKVJ
5GGMU VQ TGEQPEKNG EQPHNKEVU CPF UCVKUH[ KORWNUGU CPF
KPUVKPEVU
5GGMU VQ JGNR VJG RCVKGPV HKPF OGCPKPI KP JKU NKHG CPF UCVKUH[ JKU
OQTCN RTKPEKRNGU
'JHIU GPS ZPVSTFMG
'ZKUVGPVKCN HTWUVTCVKQP CTKUGU YJGP QWT NKHG KU YKVJQWV RWTRQUG QT YJGP VJCV
RWTRQUG KU UMGYGF +P (TCPMNཐU XKGY JQYGXGT VJGTG KU PQ PGGF VQ UGG VJKU
HTWUVTCVKQP CU CP CPQOCN[ QT C U[ORVQO QH PGWTQUKU KPUVGCF KV ECP DG C RQUKVKXG
VJKPIཋC ECVCN[UV HQT EJCPIG
VJKPIཋC ECVCN[UV HQT EJCPIG
.QIQVJGTCR[ FQGU PQV UGG VJKU HTWUVTCVKQP CU NFOUBM JMMOFTT VJG YC[ QVJGT HQTOU
QH VJGTCR[ FQ DWV TCVJGT CU TQJSJUVBM BOHVJTIࣔC PCVWTCN CPF DGPGHKEKCN
RJGPQOGPQP VJCV FTKXGU VJQUG YJQ UWHHGT HTQO KV VQ UGGM C EWTG YJGVJGT QP VJGKT
QYP QT YKVJ VJG JGNR QH QVJGTU CPF KP UQ FQKPI VQ HKPF ITGCVGT UCVKUHCEVKQP KP NKHG
+V JGNRU VJGO EJCPIG VJGKT QYP FGUVKP[
.QIQVJGTCR[ GPVGTU VJG RKEVWTG KH VJG RGTUQP PGGFU JGNR FQKPI VJKU KH JG PGGFU
IWKFCPEG KP FKUEQXGTKPI JKU NKHGཐU RWTRQUG CPF NCVGT KP QXGTEQOKPI EQPHNKEVU UQ JG
ECP MGGR OQXKPI VQYCTF JKU QDLGEVKXG +P .BOࣙT 4FBSDI GPS .FBOJOH (TCPMN EKVGU
QPG QH 0KGV\UEJGཐU HCOQWU CRJQTKUOU ན*G YJQ JCU C XIZ VQ NKXG HQT ECP DGCT
YKVJ CNOQUV CP[ IPXཔ
$CUGF QP JKU QYP GZRGTKGPEG (TCPMN DGNKGXGF VJCV QWT JGCNVJ FGRGPFU QP VJCV
PCVWTCN VGPUKQP VJCV EQOGU HTQO EQORCTKPI YJCV YGཐXG CEEQORNKUJGF UQ HCT YKVJ
YJCV YGཐF NKMG VQ CEJKGXG KP VJG HWVWTG 9JCV YG PGGF VJGP KU PQV C RGCEGHWN
GZKUVGPEG DWV C EJCNNGPIG YG ECP UVTKXG VQ OGGV D[ CRRN[KPI CNN VJG UMKNNU CV QWT
FKURQUCN
'ZKUVGPVKCN ETKUKU QP VJG QVJGT JCPF KU V[RKECN QH OQFGTP UQEKGVKGU KP YJKEJ
RGQRNG FQ YJCV VJG[ CTG VQNF VQ FQ QT YJCV QVJGTU FQ TCVJGT VJCP YJCV VJG[ YCPV
VQ FQ 6JG[ QHVGP VT[ VQ HKNN VJG ICR DGVYGGP YJCV KU GZRGEVGF QH VJGO CPF YJCV
VJG[ YCPV HQT VJGOUGNXGU YKVJ GEQPQOKE RQYGT QT RJ[UKECN RNGCUWTG QT D[
PWODKPI VJGKT UGPUGU +V ECP GXGP NGCF VQ UWKEKFG
4VOEBZ OFVSPTJT HQT GZCORNG KU YJCV JCRRGPU YJGP YKVJQWV VJG QDNKICVKQPU
CPF EQOOKVOGPVU QH VJG YQTMYGGM VJG KPFKXKFWCN TGCNK\GU JQY GORV[ JG KU
KPUKFG *G JCU VQ HKPF C UQNWVKQP #DQXG CNN JG JCU VQ HKPF JKU RWTRQUG JKU TGCUQP
HQT IGVVKPI QWV QH DGFཋJKU JLJHBJ
Ȓ, )HHO (PSW\ ,QVLGHȓ
+P C UVWF[ EQPFWEVGF CV VJG 8KGPPC 2QN[ENKPKE *QURKVCN (TCPMNཐU VGCO
HQWPF VJCV  RGTEGPV QH VJG RCVKGPVU VJG[ KPVGTXKGYGF YGTG GZRGTKGPEKPI
UQOG FGITGG QH GZKUVGPVKCN ETKUKU

#EEQTFKPI VQ NQIQVJGTCR[ FKUEQXGTKPI QPGཐU RWTRQUG KP NKHG JGNRU CP KPFKXKFWCN
HKNN VJCV GZKUVGPVKCN XQKF (TCPMN C OCP YJQ HCEGF JKU RTQDNGOU CPF VWTPGF JKU
QDLGEVKXGU KPVQ CEVKQPU EQWNF NQQM DCEM QP JKU NKHG KP RGCEG CU JG ITGY QNF *G
FKF PQV JCXG VQ GPX[ VJQUG UVKNN GPLQ[KPI VJGKT [QWVJ DGECWUG JG JCF COCUUGF C
DTQCF UGV QH GZRGTKGPEGU VJCV UJQYGF JG JCF NKXGF GPS TPNFUIJOH
#FUUFS MJWJOH UISPVHI MPHPUIFSBQZ " GFX LFZ JEFBT
9G FQPཐV DSFBUF VJG OGCPKPI QH QWT NKHG CU 5CTVTG ENCKOGFཋYG EJTDPWFS KV
9G GCEJ JCXG C WPKSWG TGCUQP HQT DGKPI YJKEJ ECP DG CFLWUVGF QT
VTCPUHQTOGF OCP[ VKOGU QXGT VJG [GCTU
,WUV CU YQTT[ QHVGP DTKPIU CDQWV RTGEKUGN[ VJG VJKPI VJCV YCU HGCTGF
GZEGUUKXG CVVGPVKQP VQ C FGUKTG 
QT ནJ[RGTKPVGPVKQPཔ ECP MGGR VJCV FGUKTG
HTQO DGKPI HWNHKNNGF
*WOQT ECP JGNR DTGCM PGICVKXG E[ENGU CPF TGFWEG CPZKGV[
9G CNN JCXG VJG ECRCEKV[ VQ FQ PQDNG QT VGTTKDNG VJKPIU 6JG UKFG QH VJG
GSWCVKQP YG GPF WR QP FGRGPFU QP QWT FGEKUKQPU PQV QP VJG EQPFKVKQP KP
YJKEJ YG HKPF QWTUGNXGU
+P VJG RCIGU VJCV HQNNQY YG YKNN NQQM CV HQWT ECUGU HTQO (TCPMNཐU QYP RTCEVKEG
KP QTFGT VQ DGVVGT WPFGTUVCPF VJG UGCTEJ HQT OGCPKPI CPF RWTRQUG
$BTF TUVEZ 7JLUPS 'SBOLM
+P )GTOCP EQPEGPVTCVKQP ECORU CU KP VJQUG VJCV YQWNF NCVGT DG DWKNV KP ,CRCP CPF
-QTGC RU[EJKCVTKUVU EQPHKTOGF VJCV VJG RTKUQPGTU YKVJ VJG ITGCVGUV EJCPEG QH
UWTXKXCN YGTG VJQUG YJQ JCF VJKPIU VJG[ YCPVGF VQ CEEQORNKUJ QWVUKFG VJG ECOR
VJQUG YJQ HGNV C UVTQPI PGGF VQ IGV QWV QH VJGTG CNKXG 6JKU YCU VTWG QH (TCPMN
YJQ CHVGT DGKPI TGNGCUGF CPF UWEEGUUHWNN[ FGXGNQRKPI VJG UEJQQN QH NQIQVJGTCR[
TGCNK\GF JG JCF DGGP VJG HKTUV RCVKGPV QH JKU QYP RTCEVKEG
(TCPMN JCF C IQCN VQ CEJKGXG CPF KV OCFG JKO RGTUGXGTG *G CTTKXGF CV
#WUEJYKV\ ECTT[KPI C OCPWUETKRV VJCV EQPVCKPGF CNN VJG VJGQTKGU CPF TGUGCTEJ JG
JCF EQORKNGF QXGT VJG EQWTUG QH JKU ECTGGT TGCF[ HQT RWDNKECVKQP 9JGP KV YCU
EQPHKUECVGF JG HGNV EQORGNNGF VQ YTKVG KV CNN QXGT CICKP CPF VJCV PGGF FTQXG JKO
CPF ICXG JKU NKHG OGCPKPI COKF VJG EQPUVCPV JQTTQT CPF FQWDV QH VJG
EQPEGPVTCVKQP ECORཋUQ OWEJ UQ VJCV QXGT VJG [GCTU CPF GURGEKCNN[ YJGP JG HGNN
KNN YKVJ V[RJWU JG YQWNF LQV FQYP HTCIOGPVU CPF MG[ YQTFU HTQO VJG NQUV YQTM
QP CP[ UETCR QH RCRGT JG HQWPF
$BTF TUVEZ 5IF "NFSJDBO EJQMPNBU
#P KORQTVCPV 0QTVJ #OGTKECP FKRNQOCV YGPV VQ (TCPMN VQ RKEM WR YJGTG JG NGHV
QHH YKVJ C EQWTUG QH VTGCVOGPV JG JCF UVCTVGF HKXG [GCTU GCTNKGT KP VJG 7PKVGF
5VCVGU 9JGP (TCPMN CUMGF JKO YJ[ JGཐF UVCTVGF VJGTCR[ KP VJG HKTUV RNCEG VJG
FKRNQOCV CPUYGTGF VJCV JG JCVGF JKU LQD CPF JKU EQWPVT[ཐU KPVGTPCVKQPCN RQNKEKGU
YJKEJ JG JCF VQ HQNNQY CPF GPHQTEG *KU #OGTKECP RU[EJQCPCN[UV YJQO JGཐF
DGGP UGGKPI HQT [GCTU KPUKUVGF JG OCMG RGCEG YKVJ JKU HCVJGT UQ VJCV JKU
IQXGTPOGPV CPF JKU LQD DQVJ TGRTGUGPVCVKQPU QH VJG RCVGTPCN HKIWTG YQWNF UGGO
NGUU FKUCITGGCDNG (TCPMN JQYGXGT UJQYGF JKO KP LWUV C HGY UGUUKQPU VJCV JKU
HTWUVTCVKQP YCU FWG VQ VJG HCEV VJCV JG YCPVGF VQ RWTUWG C FKHHGTGPV ECTGGT CPF VJG
FKRNQOCV EQPENWFGF JKU VTGCVOGPV YKVJ VJCV KFGC KP OKPF
(KXG [GCTU NCVGT VJG HQTOGT FKRNQOCV KPHQTOGF (TCPMN VJCV JG JCF DGGP
YQTMKPI FWTKPI VJCV VKOG KP C FKHHGTGPV RTQHGUUKQP CPF VJCV JG YCU JCRR[
+P (TCPMNཐU XKGY VJG OCP PQV QPN[ FKFPཐV PGGF CNN VJQUG [GCTU QH
RU[EJQCPCN[UKU JG CNUQ EQWNFPཐV GXGP TGCNN[ DG EQPUKFGTGF C ནRCVKGPVཔ KP PGGF QH
VJGTCR[ *G YCU UKORN[ UQOGQPG KP UGCTEJ QH C PGY NKHGཐU RWTRQUG CU UQQP CU JG
HQWPF KV JKU NKHG VQQM QP FGGRGT OGCPKPI
$BTF TUVEZ 5IF TVJDJEBM NPUIFS
6JG OQVJGT QH C DQ[ YJQ JCF FKGF CV CIG GNGXGP YCU CFOKVVGF VQ (TCPMNཐU ENKPKE
CHVGT UJG VTKGF VQ MKNN JGTUGNH CPF JGT QVJGT UQP +V YCU VJKU QVJGT UQP RCTCN[\GF
UKPEG DKTVJ YJQ MGRV JGT HTQO ECTT[KPI QWV JGT RNCP *G EJE DGNKGXG JKU NKHG JCF C
RWTRQUG CPF KH JKU OQVJGT MKNNGF VJGO DQVJ KV YQWNF MGGR JKO HTQO CEJKGXKPI
JKU IQCNU
6JG YQOCP UJCTGF JGT UVQT[ KP C ITQWR UGUUKQP 6Q JGNR JGT (TCPMN CUMGF
CPQVJGT YQOCP VQ KOCIKPG C J[RQVJGVKECN UKVWCVKQP KP YJKEJ UJG NC[ QP JGT
FGCVJDGF QNF CPF YGCNVJ[ DWV EJKNFNGUU 6JG YQOCP KPUKUVGF VJCV KP VJCV ECUG UJG
YQWNF JCXG HGNV JGT NKHG JCF DGGP C HCKNWTG
9JGP VJG UWKEKFCN OQVJGT YCU CUMGF VQ RGTHQTO VJG UCOG GZGTEKUG KOCIKPKPI
JGTUGNH QP JGT FGCVJDGF UJG NQQMGF DCEM CPF TGCNK\GF VJCV UJG JCF FQPG
GXGT[VJKPI KP JGT RQYGT HQT JGT EJKNFTGPཋHQT DQVJ QH VJGO 5JG JCF IKXGP JGT
RCTCN[\GF UQP C IQQF NKHG CPF JG JCF VWTPGF KPVQ C MKPF TGCUQPCDN[ JCRR[ RGTUQP
6Q VJKU UJG CFFGF ET[KPI ན#U HQT O[UGNH + ECP NQQM DCEM RGCEGHWNN[ QP O[ NKHG
HQT + ECP UC[ O[ NKHG YCU HWNN QH OGCPKPI CPF + JCXG VTKGF JCTF VQ NKXG KV HWNN[ +
JCXG FQPG O[ DGUVཋ+ JCXG FQPG O[ DGUV HQT O[ UQP /[ NKHG YCU PQ HCKNWTGཔ
JCXG FQPG O[ DGUVཋ+ JCXG FQPG O[ DGUV HQT O[ UQP /[ NKHG YCU PQ HCKNWTGཔ
+P VJKU YC[ D[ KOCIKPKPI JGTUGNH QP JGT FGCVJDGF CPF NQQMKPI DCEM VJG
UWKEKFCN OQVJGT HQWPF VJG OGCPKPI VJCV VJQWIJ UJG YCU PQV CYCTG QH KV JGT NKHG
CNTGCF[ JCF
$BTF TUVEZ 5IF HSJFGTUSJDLFO EPDUPS
#P GNFGTN[ FQEVQT WPCDNG VQ QXGTEQOG VJG FGGR FGRTGUUKQP KPVQ YJKEJ JGཐF HCNNGP
CHVGT VJG FGCVJ QH JKU YKHG VYQ [GCTU GCTNKGT YGPV VQ (TCPMN HQT JGNR
+PUVGCF QH IKXKPI JKO CFXKEG QT CPCN[\KPI JKU EQPFKVKQP (TCPMN CUMGF JKO
YJCV YQWNF JCXG JCRRGPGF KH JG JCF DGGP VJG QPG YJQ FKGF HKTUV 6JG FQEVQT
JQTTKHKGF CPUYGTGF VJCV KV YQWNF JCXG DGGP VGTTKDNG HQT JKU RQQT YKHG VJCV UJG
YQWNF JCXG UWHHGTGF VTGOGPFQWUN[ 6Q YJKEJ (TCPMN TGURQPFGF ན;QW UGG
FQEVQT! ;QW JCXG URCTGF JGT CNN VJCV UWHHGTKPI DWV VJG RTKEG [QW JCXG VQ RC[ HQT
VJKU KU VQ UWTXKXG CPF OQWTP JGTཔ
6JG FQEVQT FKFPཐV UC[ CPQVJGT YQTF *G NGHV (TCPMNཐU QHHKEG KP RGCEG CHVGT
VCMKPI VJG VJGTCRKUVཐU JCPF KP JKU QYP *G YCU CDNG VQ VQNGTCVG VJG RCKP KP RNCEG QH
JKU DGNQXGF YKHG *KU NKHG JCF DGGP IKXGP C RWTRQUG
.PSJUB UIFSBQZ
+P VJG UCOG FGECFG VJCV NQIQVJGTCR[ ECOG KPVQ DGKPIཋC HGY [GCTU GCTNKGT KP HCEV
ཋ5JQOC /QTKVC ETGCVGF JKU QYP RWTRQUGEGPVGTGF VJGTCR[ KP ,CRCP +V RTQXGF VQ
DG GHHGEVKXG KP VJG VTGCVOGPV QH PGWTQUKU QDUGUUKXGEQORWNUKXG FKUQTFGT CPF
RQUVVTCWOCVKE UVTGUU
+P CFFKVKQP VQ DGKPI C RU[EJQVJGTCRKUV 5JQOC /QTKVC YCU C <GP $WFFJKUV CPF
JKU VJGTCR[ NGHV C NCUVKPI URKTKVWCN OCTM QP ,CRCP
/CP[ 9GUVGTP HQTOU QH VJGTCR[ HQEWU QP EQPVTQNNKPI QT OQFKH[KPI VJG
RCVKGPVཐU GOQVKQPU +P VJG 9GUV YG VGPF VQ DGNKGXG VJCV YJCV YG VJKPM KPHNWGPEGU
JQY YG HGGN YJKEJ KP VWTP KPHNWGPEGU JQY YG CEV +P EQPVTCUV /QTKVC VJGTCR[
HQEWUGU QP VGCEJKPI RCVKGPVU VQ BDDFQU UIFJS FNPUJPOT XJUIPVU USZJOH UP DPOUSPM UIFN
UKPEG VJGKT HGGNKPIU YKNN EJCPIG BT B SFTVMU PG UIFJS BDUJPOT
+P CFFKVKQP VQ CEEGRVKPI VJG RCVKGPVཐU GOQVKQPU /QTKVC VJGTCR[ UGGMU VQ
ནETGCVGཔ PGY GOQVKQPU QP VJG DCUKU QH CEVKQPU #EEQTFKPI VQ /QTKVC VJGUG
GOQVKQPU CTG NGCTPGF VJTQWIJ GZRGTKGPEG CPF TGRGVKVKQP
/QTKVC VJGTCR[ KU PQV OGCPV VQ GNKOKPCVG U[ORVQOU KPUVGCF KV VGCEJGU WU VQ
CEEGRV QWT FGUKTGU CPZKGVKGU HGCTU CPF YQTTKGU CPF NGV VJGO IQ #U /QTKVC
YTKVGU KP JKU DQQM .PSJUB 5IFSBQZ BOE UIF 5SVF /BUVSF PG "OYJFUZ#BTFE
%JTPSEFST ན+P HGGNKPIU KV KU DGUV VQ DG YGCNVJ[ CPF IGPGTQWUཔ
/QTKVC GZRNCKPGF VJG KFGC QH NGVVKPI IQ QH PGICVKXG HGGNKPIU YKVJ VJG HQNNQYKPI
HCDNG # FQPMG[ VJCV KU VKGF VQ C RQUV D[ C TQRG YKNN MGGR YCNMKPI CTQWPF VJG RQUV
KP CP CVVGORV VQ HTGG KVUGNH QPN[ VQ DGEQOG OQTG KOOQDKNK\GF CPF CVVCEJGF VQ VJG
RQUV 6JG UCOG VJKPI CRRNKGU VQ RGQRNG YKVJ QDUGUUKXG VJKPMKPI YJQ DGEQOG OQTG
VTCRRGF KP VJGKT QYP UWHHGTKPI YJGP VJG[ VT[ VQ GUECRG HTQO VJGKT HGCTU CPF
FKUEQOHQTV

7KH EDVLF SULQFLSOHV RI 0RULWD WKHUDS\
 "DDFQU ZPVS GFFMJOHT +H YG JCXG QDUGUUKXG VJQWIJVU YG UJQWNF PQV VT[ VQ
EQPVTQN VJGO QT IGV TKF QH VJGO +H YG FQ VJG[ DGEQOG OQTG KPVGPUG 4GICTFKPI
JWOCP GOQVKQPU VJG <GP OCUVGT YQWNF UC[ ན+H YG VT[ VQ IGV TKF QH QPG YCXG YKVJ
CPQVJGT YG GPF WR YKVJ CP KPHKPKVG UGCཔ 9G FQPཐV ETGCVG QWT HGGNKPIU VJG[
UKORN[ EQOG VQ WU CPF YG JCXG VQ CEEGRV VJGO 6JG VTKEM KU YGNEQOKPI VJGO
/QTKVC NKMGPGF GOQVKQPU VQ VJG YGCVJGT 9G ECPཐV RTGFKEV QT EQPVTQN VJGO YG ECP
QPN[ QDUGTXG VJGO 6Q VJKU RQKPV JG QHVGP SWQVGF VJG 8KGVPCOGUG OQPM 6JKEJ
0JCV *CPJ YJQ YQWNF UC[ ན*GNNQ UQNKVWFG *QY CTG [QW VQFC[! %QOG UKV YKVJ
OG CPF + YKNN ECTG HQT [QWཔ
 %P XIBU ZPV TIPVME CF EPJOH 9G UJQWNFPཐV HQEWU QP GNKOKPCVKPI U[ORVQOU
DGECWUG TGEQXGT[ YKNN EQOG QP KVU QYP 9G UJQWNF HQEWU KPUVGCF QP VJG RTGUGPV
OQOGPV CPF KH YG CTG UWHHGTKPI QP CEEGRVKPI VJCV UWHHGTKPI #DQXG CNN YG
UJQWNF CXQKF KPVGNNGEVWCNK\KPI VJG UKVWCVKQP 6JG VJGTCRKUVཐU OKUUKQP KU VQ FGXGNQR
VJG RCVKGPVཐU EJCTCEVGT UQ JG QT UJG ECP HCEG CP[ UKVWCVKQP CPF EJCTCEVGT KU
ITQWPFGF KP VJG VJKPIU YG FQ /QTKVC VJGTCR[ FQGU PQV QHHGT KVU RCVKGPVU
GZRNCPCVKQPU DWV TCVJGT CNNQYU VJGO VQ NGCTP HTQO VJGKT CEVKQPU CPF CEVKXKVKGU +V
FQGUPཐV VGNN [QW JQY VQ OGFKVCVG QT JQY VQ MGGR C FKCT[ VJG YC[ 9GUVGTP
VJGTCRKGU FQ +V KU WR VQ VJG RCVKGPV VQ OCMG FKUEQXGTKGU VJTQWIJ GZRGTKGPEG
 %JTDPWFS ZPVS MJGFࣙT QVSQPTF 9G ECPཐV EQPVTQN QWT GOQVKQPU DWV YG ECP VCMG
EJCTIG QH QWT CEVKQPU GXGT[ FC[ 6JKU KU YJ[ YG UJQWNF JCXG C ENGCT UGPUG QH QWT
RWTRQUG CPF CNYC[U MGGR /QTKVCཐU OCPVTC KP OKPF ན9JCV FQ YG PGGF VQ DG FQKPI
TKIJV PQY! 9JCV CEVKQP UJQWNF YG DG VCMKPI!པ 6JG MG[ VQ CEJKGXKPI VJKU KU JCXKPI
FCTGF VQ NQQM KPUKFG [QWTUGNH VQ HKPF [QWT JLJHBJ
7KH IRXU SKDVHV RI 0RULWD WKHUDS\
/QTKVCཐU QTKIKPCN VTGCVOGPV YJKEJ NCUVU HKHVGGP VQ VYGPV[QPG FC[U EQPUKUVU QH VJG
HQNNQYKPI UVCIGU
 *TPMBUJPO BOE SFTU 	GJWF UP TFWFO EBZT
 &WTKPI VJG HKTUV YGGM QH VTGCVOGPV
VJG RCVKGPV TGUVU KP C TQQO YKVJQWV CP[ GZVGTPCN UVKOWNK 0Q VGNGXKUKQP DQQMU
HCOKN[ HTKGPFU QT URGCMKPI #NN VJG RCVKGPV JCU KU JKU VJQWIJVU *G NKGU FQYP HQT
OQUV QH VJG FC[ CPF KU XKUKVGF TGIWNCTN[ D[ VJG VJGTCRKUV YJQ VTKGU VQ CXQKF
KPVGTCEVKPI YKVJ JKO CU OWEJ CU RQUUKDNG 6JG VJGTCRKUV UKORN[ CFXKUGU VJG RCVKGPV
VQ EQPVKPWG QDUGTXKPI VJG TKUG CPF HCNN QH JKU GOQVKQPU CU JG NKGU VJGTG 9JGP VJG
RCVKGPV IGVU DQTGF CPF YCPVU VQ UVCTV FQKPI VJKPIU CICKP JG KU TGCF[ VQ OQXG QP VQ
VJG PGZV UVCIG QH VJGTCR[
 -JHIU PDDVQBUJPOBM UIFSBQZ 	GJWF UP TFWFO EBZT
 +P VJKU UVCIG VJG RCVKGPV
RGTHQTOU TGRGVKVKXG VCUMU KP UKNGPEG 1PG QH VJGUG KU MGGRKPI C FKCT[ CDQWV JKU
VJQWIJVU CPF HGGNKPIU 6JG RCVKGPV IQGU QWVUKFG CHVGT C YGGM QH DGKPI UJWV KP
VCMGU YCNMU KP PCVWTG CPF FQGU DTGCVJKPI GZGTEKUGU *G CNUQ UVCTVU FQKPI UKORNG
CEVKXKVKGU UWEJ CU ICTFGPKPI FTCYKPI QT RCKPVKPI &WTKPI VJKU UVCIG VJG RCVKGPV KU
UVKNN PQV CNNQYGF VQ VCNM VQ CP[QPG GZEGRV VJG VJGTCRKUV
 0DDVQBUJPOBM UIFSBQZ 	GJWF UP TFWFO EBZT
 +P VJKU UVCIG VJG RCVKGPV RGTHQTOU
VCUMU VJCV TGSWKTG RJ[UKECN OQXGOGPV &T /QTKVC NKMGF VQ VCMG JKU RCVKGPVU VQ VJG
OQWPVCKPU VQ EJQR YQQF +P CFFKVKQP VQ RJ[UKECN VCUMU VJG RCVKGPV KU CNUQ
KOOGTUGF KP QVJGT CEVKXKVKGU UWEJ CU YTKVKPI RCKPVKPI QT OCMKPI EGTCOKEU 6JG
RCVKGPV ECP URGCM YKVJ QVJGTU CV VJKU UVCIG DWV QPN[ CDQWV VJG VCUMU CV JCPF
 5IF SFUVSO UP TPDJBM MJGF BOE UIF ࣜSFBMࣝ XPSME 6JG RCVKGPV NGCXGU VJG JQURKVCN
CPF KU TGKPVTQFWEGF VQ UQEKCN NKHG DWV OCKPVCKPU VJG RTCEVKEGU QH OGFKVCVKQP CPF
QEEWRCVKQPCN VJGTCR[ FGXGNQRGF FWTKPI VTGCVOGPV 6JG KFGC KU VQ TGGPVGT UQEKGV[ CU
C PGY RGTUQP YKVJ C UGPUG QH RWTRQUG CPF YKVJQWV DGKPI EQPVTQNNGF D[ UQEKCN QT
GOQVKQPCN RTGUUWTGU
/BJLBO NFEJUBUJPO
/QTKVC YCU C ITGCV <GP OCUVGT QH 0CKMCP KPVTQURGEVKXG OGFKVCVKQP /WEJ QH JKU
VJGTCR[ FTCYU QP JKU MPQYNGFIG CPF OCUVGT[ QH VJKU UEJQQN YJKEJ EGPVGTU QP
VJTGG SWGUVKQPU VJG KPFKXKFWCN OWUV CUM JKOQT JGTUGNH
 9JCV JCXG + TGEGKXGF HTQO RGTUQP :!
 9JCV JCXG + IKXGP VQ RGTUQP :!
 9JCV RTQDNGOU JCXG + ECWUGF RGTUQP :!
6JTQWIJ VJGUG TGHNGEVKQPU YG UVQR KFGPVKH[KPI QVJGTU CU VJG ECWUG QH QWT
RTQDNGOU CPF FGGRGP QWT QYP UGPUG QH TGURQPUKDKNKV[ #U /QTKVC UCKF ན+H [QW CTG
CPIT[ CPF YCPV VQ HKIJV VJKPM CDQWV KV HQT VJTGG FC[U DGHQTG EQOKPI VQ DNQYU
#HVGT VJTGG FC[U VJG KPVGPUG FGUKTG VQ HKIJV YKNN RCUU QP KVU QYPཔ
"OE OPX
 JLJHBJ
.QIQVJGTCR[ CPF /QTKVC VJGTCR[ CTG DQVJ ITQWPFGF KP C RGTUQPCN WPKSWG
GZRGTKGPEG VJCV [QW ECP CEEGUU YKVJQWV VJGTCRKUVU QT URKTKVWCN TGVTGCVU VJG OKUUKQP
QH HKPFKPI [QWT JLJHBJ [QWT GZKUVGPVKCN HWGN 1PEG [QW HKPF KV KV KU QPN[ C OCVVGT QH
JCXKPI VJG EQWTCIG CPF OCMKPI VJG GHHQTV VQ UVC[ QP VJG TKIJV RCVJ
+P VJG HQNNQYKPI EJCRVGTU YGཐNN VCMG C NQQM CV VJG DCUKE VQQNU [QWཐNN PGGF VQ IGV
OQXKPI CNQPI VJCV RCVJ HKPFKPI HNQY KP VJG VCUMU [QWཐXG EJQUGP VQ FQ GCVKPI KP C
DCNCPEGF CPF OKPFHWN YC[ FQKPI NQYKPVGPUKV[ GZGTEKUG CPF NGCTPKPI PQV VQ IKXG
KP YJGP FKHHKEWNVKGU CTKUG +P QTFGT VQ FQ VJKU [QW JCXG VQ CEEGRV VJCV VJG YQTNFཋ
NKMG VJG RGQRNG YJQ NKXG KP KVཋKU KORGTHGEV DWV VJCV KV KU UVKNN HWNN QH QRRQTVWPKVKGU
HQT ITQYVJ CPF CEJKGXGOGPV
#TG [QW TGCF[ VQ VJTQY [QWTUGNH KPVQ [QWT RCUUKQP CU KH KV YGTG VJG OQUV
KORQTVCPV VJKPI KP VJG YQTNF!
,9
),1' )/2: ,1 (9(5<7+,1* <28 '2
*QY VQ VWTP YQTM CPF HTGG VKOG
KPVQ URCEGU HQT ITQYVJ
8F BSF XIBU XF SFQFBUFEMZ EP
&YDFMMFODF
 UIFO
 JT OPU BO BDU CVU B IBCJU
ཋ#TKUVQVNG
(PJOH XJUI UIF GMPX
+OCIKPG [QW CTG UMKKPI FQYP QPG QH [QWT HCXQTKVG UNQRGU 2QYFGT[ UPQY HNKGU WR
QP DQVJ UKFGU QH [QW NKMG YJKVG UCPF %QPFKVKQPU CTG RGTHGEV
;QW CTG GPVKTGN[ HQEWUGF QP UMKKPI CU YGNN CU [QW ECP ;QW MPQY GZCEVN[ JQY
VQ OQXG CV GCEJ OQOGPV 5IFSF JT OP GVUVSF
 OP QBTU 5IFSF JT POMZ UIF QSFTFOU
;QW HGGN VJG UPQY [QWT UMKU [QWT DQF[ CPF [QWT EQPUEKQWUPGUU WPKVGF CU C
UKPING GPVKV[ :PV BSF DPNQMFUFMZ JNNFSTFE JO UIF FYQFSJFODF
 OPU UIJOLJOH BCPVU PS
EJTUSBDUFE CZ BOZUIJOH FMTF ;QWT GIQ FKUUQNXGU CPF [QW DGEQOG RCTV QH YJCV [QW
CTG FQKPI
6JKU KU VJG MKPF QH GZRGTKGPEG $TWEG .GG FGUETKDGF YKVJ JKU HCOQWU ན$G YCVGT
O[ HTKGPFཔ
9GཐXG CNN HGNV QWT UGPUG QH VKOG XCPKUJ YJGP YG NQUG QWTUGNXGU KP CP CEVKXKV[
YG GPLQ[ 9G UVCTV EQQMKPI CPF DGHQTG YG MPQY KV UGXGTCN JQWTU JCXG RCUUGF
9G URGPF CP CHVGTPQQP YKVJ C DQQM CPF HQTIGV CDQWV VJG YQTNF IQKPI D[ WPVKN YG
PQVKEG VJG UWPUGV CPF TGCNK\G YG JCXGPཐV GCVGP FKPPGT 9G IQ UWTHKPI CPF FQPཐV
TGCNK\G JQY OCP[ JQWTU YG JCXG URGPV KP VJG YCVGT WPVKN VJG PGZV FC[ YJGP QWT
OWUENGU CEJG
6JG QRRQUKVG ECP CNUQ JCRRGP 9JGP YG JCXG VQ EQORNGVG C VCUM YG FQPཐV YCPV
VQ FQ GXGT[ OKPWVG HGGNU NKMG C NKHGVKOG CPF YG ECPཐV UVQR NQQMKPI CV QWT YCVEJ
#U VJG SWKR CVVTKDWVGF VQ 'KPUVGKP IQGU ན2WV [QWT JCPF QP C JQV UVQXG HQT C
OKPWVG CPF KV UGGOU NKMG CP JQWT 5KV YKVJ C RTGVV[ IKTN HQT CP JQWT CPF KV UGGOU
NKMG C OKPWVG 6JCV KU TGNCVKXKV[པ
6JG HWPP[ VJKPI KU VJCV UQOGQPG GNUG OKIJV TGCNN[ GPLQ[ VJG UCOG VCUM DWV YG
YCPV VQ HKPKUJ CU SWKEMN[ CU RQUUKDNG
9JCV OCMGU WU GPLQ[ FQKPI UQOGVJKPI UQ OWEJ VJCV YG HQTIGV CDQWV YJCVGXGT
YQTTKGU YG OKIJV JCXG YJKNG YG FQ KV! 9JGP CTG YG JCRRKGUV! 6JGUG SWGUVKQPU
ECP JGNR WU FKUEQXGT QWT JLJHBJ
5IF QPXFS PG GMPX
6JGUG SWGUVKQPU CTG CNUQ CV VJG JGCTV QH RU[EJQNQIKUV /KJCN[ %UKMU\GPVOKJCN[KཐU
TGUGCTEJ KPVQ VJG GZRGTKGPEG QH DGKPI EQORNGVGN[ KOOGTUGF KP YJCV YG CTG FQKPI
%UKMU\GPVOKJCN[K ECNNGF VJKU UVCVG ནHNQYཔ CPF FGUETKDGF KV CU VJG RNGCUWTG FGNKIJV
ETGCVKXKV[ CPF RTQEGUU YJGP YG CTG EQORNGVGN[ KOOGTUGF KP NKHG
6JGTG KU PQ OCIKE TGEKRG HQT HKPFKPI JCRRKPGUU HQT NKXKPI CEEQTFKPI VQ [QWT
JLJHBJ DWV QPG MG[ KPITGFKGPV KU VJG CDKNKV[ VQ TGCEJ VJKU UVCVG QH HNQY CPF VJTQWIJ
VJKU UVCVG VQ JCXG CP ནQRVKOCN GZRGTKGPEGཔ
+P QTFGT VQ CEJKGXG VJKU QRVKOCN GZRGTKGPEG YG JCXG VQ HQEWU QP KPETGCUKPI VJG
VKOG YG URGPF QP CEVKXKVKGU VJCV DTKPI WU VQ VJKU UVCVG QH HNQY TCVJGT VJCP CNNQYKPI
QWTUGNXGU VQ IGV ECWIJV WR KP CEVKXKVKGU VJCV QHHGT KOOGFKCVG RNGCUWTGཋNKMG GCVKPI
VQQ OWEJ CDWUKPI FTWIU QT CNEQJQN QT UVWHHKPI QWTUGNXGU YKVJ EJQEQNCVG KP HTQPV
QH VJG 68
#U %UKMU\GPVOKJCN[K CUUGTVU KP JKU DQQM 'MPX 5IF 1TZDIPMPHZ PG 0QUJNBM
&YQFSJFODF HNQY KU ནVJG UVCVG KP YJKEJ RGQRNG CTG UQ KPXQNXGF KP CP CEVKXKV[ VJCV
PQVJKPI GNUG UGGOU VQ OCVVGT VJG GZRGTKGPEG KVUGNH KU UQ GPLQ[CDNG VJCV RGQRNG YKNN
FQ KV GXGP CV ITGCV EQUV HQT VJG UJGGT UCMG QH FQKPI KVཔ
+V KU PQV QPN[ ETGCVKXG RTQHGUUKQPCNU YJQ TGSWKTG VJG JKIJ FQUGU QH
EQPEGPVTCVKQP VJCV RTQOQVG HNQY /QUV CVJNGVGU EJGUU RNC[GTU CPF GPIKPGGTU CNUQ
URGPF OWEJ QH VJGKT VKOG QP CEVKXKVKGU VJCV DTKPI VJGO VQ VJKU UVCVG
#EEQTFKPI VQ %UKMU\GPVOKJCN[KཐU TGUGCTEJ C EJGUU RNC[GT HGGNU VJG UCOG YC[
WRQP GPVGTKPI C UVCVG QH HNQY CU C OCVJGOCVKEKCP YQTMKPI QP C HQTOWNC QT C
UWTIGQP RGTHQTOKPI CP QRGTCVKQP # RTQHGUUQT QH RU[EJQNQI[ %UKMU\GPVOKJCN[K
CPCN[\GF FCVC HTQO RGQRNG CTQWPF VJG YQTNF CPF FKUEQXGTGF VJCV HNQY KU VJG UCOG
COQPI KPFKXKFWCNU QH CNN CIGU CPF EWNVWTGU +P 0GY ;QTM CPF 1MKPCYC YG CNN
TGCEJ C UVCVG QH HNQY KP VJG UCOG YC[
$WV YJCV JCRRGPU VQ QWT OKPF YJGP YG CTG KP VJCV UVCVG!
9JGP YG HNQY YG CTG HQEWUGF QP C EQPETGVG VCUM YKVJQWV CP[ FKUVTCEVKQPU
1WT OKPF KU ནKP QTFGTཔ 6JG QRRQUKVG QEEWTU YJGP YG VT[ VQ FQ UQOGVJKPI YJKNG
QWT OKPF KU QP QVJGT VJKPIU
+H [QW QHVGP HKPF [QWTUGNH NQUKPI HQEWU YJKNG YQTMKPI QP UQOGVJKPI [QW
EQPUKFGT KORQTVCPV VJGTG CTG UGXGTCN UVTCVGIKGU [QW ECP GORNQ[ VQ KPETGCUG [QWT
EJCPEGU QH CEJKGXKPI HNQY
7KH 6HYHQ &RQGLWLRQV IRU $FKLHYLQJ )ORZ
#EEQTFKPI VQ TGUGCTEJGT 1YGP 5EJCHHGT QH &G2CWN 7PKXGTUKV[ VJG
#EEQTFKPI VQ TGUGCTEJGT 1YGP 5EJCHHGT QH &G2CWN 7PKXGTUKV[ VJG
TGSWKTGOGPVU HQT CEJKGXKPI HNQY CTG
 -PQYKPI YJCV VQ FQ
 -PQYKPI JQY VQ FQ KV
 -PQYKPI JQY YGNN [QW CTG FQKPI
 -PQYKPI YJGTG VQ IQ 
YJGTG PCXKICVKQP KU KPXQNXGF
 2GTEGKXKPI UKIPKHKECPV EJCNNGPIGU
 2GTEGKXKPI UKIPKHKECPV UMKNNU
 $GKPI HTGG HTQO FKUVTCEVKQPU
4USBUFHZ  $IPPTF B EJGGJDVMU UBTL 	CVU OPU UPP
EJGGJDVMU

5EJCHHGTཐU OQFGN GPEQWTCIGU WU VQ VCMG QP VCUMU VJCV YG JCXG C EJCPEG QH
EQORNGVKPI DWV VJCV CTG UNKIJVN[ QWVUKFG QWT EQOHQTV \QPG
'XGT[ VCUM URQTV QT LQD JCU C UGV QH TWNGU CPF YG PGGF C UGV QH UMKNNU VQ HQNNQY
VJGO +H VJG TWNGU HQT EQORNGVKPI C VCUM QT CEJKGXKPI C RWTRQUG CTG VQQ DCUKE
TGNCVKXG VQ QWT UMKNN UGV YG YKNN NKMGN[ IGV DQTGF #EVKXKVKGU VJCV CTG VQQ GCU[ NGCF
VQ CRCVJ[
+H QP VJG QVJGT JCPF YG CUUKIP QWTUGNXGU C VCUM VJCV KU VQQ FKHHKEWNV YG YQPཐV
JCXG VJG UMKNNU VQ EQORNGVG KV CPF YKNN CNOQUV EGTVCKPN[ IKXG WRཋCPF HGGN
HTWUVTCVGF VQ DQQV
6JG KFGCN KU VQ HKPF C OKFFNG RCVJ UQOGVJKPI CNKIPGF YKVJ QWT CDKNKVKGU DWV LWUV
C DKV QH C UVTGVEJ UQ YG GZRGTKGPEG KV CU C EJCNNGPIG 6JKU KU YJCV 'TPGUV
*GOKPIYC[ OGCPV YJGP JG UCKF ན5QOGVKOGU + YTKVG DGVVGT VJCP + ECPཔ
9G YCPV VQ UGG EJCNNGPIGU VJTQWIJ VQ VJG GPF DGECWUG YG GPLQ[ VJG HGGNKPI QH
RWUJKPI QWTUGNXGU $GTVTCPF 4WUUGNN GZRTGUUGF C UKOKNCT KFGC YJGP JG UCKF ན6Q DG
CDNG VQ EQPEGPVTCVG HQT C EQPUKFGTCDNG COQWPV QH VKOG KU GUUGPVKCN VQ FKHHKEWNV
CEJKGXGOGPVཔ
+H [QWཐTG C ITCRJKE FGUKIPGT NGCTP C PGY UQHVYCTG RTQITCO HQT [QWT PGZV
RTQLGEV +H [QWཐTG C RTQITCOOGT WUG C PGY RTQITCOOKPI NCPIWCIG +H [QWཐTG C
FCPEGT VT[ VQ KPEQTRQTCVG KPVQ [QWT PGZV TQWVKPG C OQXGOGPV VJCV JCU UGGOGF
KORQUUKDNG HQT [GCTU
#FF C NKVVNG UQOGVJKPI GZVTC UQOGVJKPI VJCV VCMGU [QW QWV QH [QWT EQOHQTV
\QPG
\QPG
'XGP FQKPI UQOGVJKPI CU UKORNG CU TGCFKPI OGCPU HQNNQYKPI EGTVCKP TWNGU
JCXKPI EGTVCKP CDKNKVKGU CPF MPQYNGFIG +H YG UGV QWV VQ TGCF C DQQM QP SWCPVWO
OGEJCPKEU HQT URGEKCNKUVU KP RJ[UKEU YKVJQWV DGKPI URGEKCNKUVU KP RJ[UKEU QWTUGNXGU
YGཐNN RTQDCDN[ IKXG WR CHVGT C HGY OKPWVGU 1P VJG QVJGT GPF QH VJG URGEVTWO KH
YG CNTGCF[ MPQY GXGT[VJKPI C DQQM JCU VQ VGNN WU YGཐNN IGV DQTGF TKIJV CYC[
*QYGXGT KH VJG DQQM KU CRRTQRTKCVG VQ QWT MPQYNGFIG CPF CDKNKVKGU CPF DWKNFU
QP YJCV YG CNTGCF[ MPQY YGཐNN KOOGTUG QWTUGNXGU KP QWT TGCFKPI CPF VKOG YKNN
HNQY 6JKU RNGCUWTG CPF UCVKUHCEVKQP CTG GXKFGPEG VJCV YG CTG KP VWPG YKVJ QWT
JLJHBJ
&BTZ $IBMMFOHJOH #FZPOE 0VS "CJMJUJFT
$QTGFQO 'MPX #PZKGV[
4USBUFHZ  )BWF B DMFBS
 DPODSFUF PCKFDUJWF
8KFGQ ICOGUཋRNC[GF KP OQFGTCVKQPཋDQCTF ICOGU CPF URQTVU CTG ITGCV YC[U VQ
CEJKGXG HNQY DGECWUG VJG QDLGEVKXG VGPFU VQ DG XGT[ ENGCT $GCV [QWT TKXCN QT [QWT
QYP TGEQTF YJKNG HQNNQYKPI C UGV QH GZRNKEKVN[ FGHKPGF TWNGU
7PHQTVWPCVGN[ VJG QDLGEVKXG KUPཐV SWKVG CU ENGCT KP OQUV UKVWCVKQPU
#EEQTFKPI VQ C UVWF[ D[ $QUVQP %QPUWNVKPI )TQWR YJGP CUMGF CDQWV VJGKT
DQUUGU VJG PWODGT QPG EQORNCKPV QH GORNQ[GGU CV OWNVKPCVKQPCN EQTRQTCVKQPU KU
VJCV VJG[ FQPཐV ནEQOOWPKECVG VJG VGCOཐU OKUUKQP ENGCTN[པ CPF VJCV CU C TGUWNV VJG
GORNQ[GGU FQPཐV MPQY YJCV VJGKT QDLGEVKXGU CTG
9JCV QHVGP JCRRGPU GURGEKCNN[ KP DKI EQORCPKGU KU VJCV VJG GZGEWVKXGU IGV NQUV
KP VJG FGVCKNU QH QDUGUUKXG RNCPPKPI ETGCVKPI UVTCVGIKGU VQ JKFG VJG HCEV VJCV VJG[
FQPཐV JCXG C ENGCT QDLGEVKXG +VཐU NKMG JGCFKPI QWV VQ UGC YKVJ C OCR DWV PQ
FGUVKPCVKQP
+V KU OWEJ OQTG KORQTVCPV VQ JCXG C EQORCUU RQKPVKPI VQ C EQPETGVG QDLGEVKXG
VJCP VQ JCXG C OCR ,QK +VQ FKTGEVQT QH VJG /+6 /GFKC .CD GPEQWTCIGU WU VQ WUG
VJG RTKPEKRNG QH ནEQORCUU QXGT OCRUཔ CU C VQQN VQ PCXKICVG QWT YQTNF QH
WPEGTVCKPV[ +P VJG DQQM 8IJQMBTI )PX UP 4VSWJWF 0VS 'BTUFS 'VUVSF JG CPF ,GHH
*QYG YTKVG ན+P CP KPETGCUKPIN[ WPRTGFKEVCDNG YQTNF OQXKPI GXGT OQTG SWKEMN[ C
FGVCKNGF OCR OC[ NGCF [QW FGGR KPVQ VJG YQQFU CV CP WPPGEGUUCTKN[ JKIJ EQUV #
IQQF EQORCUU VJQWIJ YKNN CNYC[U VCMG [QW YJGTG [QW PGGF VQ IQ +V FQGUPཐV
OGCP VJCV [QW UJQWNF UVCTV [QWT LQWTPG[ YKVJQWV CP[ KFGC YJGTG [QWཐTG IQKPI
9JCV KV FQGU OGCP KU WPFGTUVCPFKPI VJCV YJKNG VJG RCVJ VQ [QWT IQCN OC[ PQV DG
UVTCKIJV [QWཐNN HKPKUJ HCUVGT CPF OQTG GHHKEKGPVN[ VJCP [QW YQWNF JCXG KH [QW JCF
VTWFIGF CNQPI C RTGRNCPPGF TQWVGཔ
+P DWUKPGUU VJG ETGCVKXG RTQHGUUKQPU CPF GFWECVKQP CNKMG KVཐU KORQTVCPV VQ
TGHNGEV QP YJCV YG JQRG VQ CEJKGXG DGHQTG UVCTVKPI VQ YQTM UVWF[ QT OCMG
UQOGVJKPI 9G UJQWNF CUM QWTUGNXGU SWGUVKQPU UWEJ CU
9JCV KU O[ QDLGEVKXG HQT VQFC[ཐU UGUUKQP KP VJG UVWFKQ!
*QY OCP[ YQTFU CO + IQKPI VQ YTKVG VQFC[ HQT VJG CTVKENG EQOKPI QWV PGZV
OQPVJ!
9JCV KU O[ VGCOཐU OKUUKQP!
*QY HCUV YKNN + UGV VJG OGVTQPQOG VQOQTTQY KP QTFGT VQ RNC[ VJCV UQPCVC CV
CP CNNGITQ VGORQ D[ VJG GPF QH VJG YGGM!
)BWJOH B DMFBS PCKFDUJWF JT JNQPSUBOU JO BDIJFWJOH GMPX
 CVU XF BMTP IBWF UP
LOPX IPX UP MFBWF JU CFIJOE XIFO XF HFU EPXO UP CVTJOFTT 1PEG VJG LQWTPG[ JCU
DGIWP YG UJQWNF MGGR VJKU QDLGEVKXG KP OKPF YKVJQWV QDUGUUKPI QXGT KV
9JGP 1N[ORKE CVJNGVGU EQORGVG HQT C IQNF OGFCN VJG[ ECPཐV UVQR VQ VJKPM JQY
RTGVV[ VJG OGFCN KU 6JG[ JCXG VQ DG RTGUGPV KP VJG OQOGPVཋVJG[ JCXG VQ GMPX +H
VJG[ NQUG HQEWU HQT C UGEQPF VJKPMKPI JQY RTQWF VJG[ཐNN DG VQ UJQY VJG OGFCN VQ
VJGKT RCTGPVU VJG[ཐNN CNOQUV EGTVCKPN[ EQOOKV CP GTTQT CV C ETKVKECN OQOGPV CPF
YKNN PQV YKP VJG EQORGVKVKQP
1PG EQOOQP GZCORNG QH VJKU KU YTKVGTཐU DNQEM +OCIKPG VJCV C YTKVGT JCU VQ
HKPKUJ C PQXGN KP VJTGG OQPVJU 6JG QDLGEVKXG KU ENGCT VJG RTQDNGO KU VJCV VJG
YTKVGT ECPཐV UVQR QDUGUUKPI QXGT KV 'XGT[ FC[ UJG YCMGU WR VJKPMKPI ན+ JCXG VQ
YTKVG VJCV PQXGNཔ CPF GXGT[ FC[ UJG UGVU CDQWV TGCFKPI VJG PGYURCRGT CPF
ENGCPKPI VJG JQWUG 'XGT[ GXGPKPI UJG HGGNU HTWUVTCVGF CPF RTQOKUGU UJGཐNN IGV VQ
YQTM VJG PGZV FC[
&C[U YGGMU CPF OQPVJU RCUU CPF VJG YTKVGT UVKNN JCUPཐV IQVVGP CP[VJKPI FQYP
QP VJG RCIG YJGP CNN KV YQWNF JCXG VCMGP YCU VQ UKV FQYP CPF IGV VJCV HKTUV YQTF
QWV VJGP VJG UGEQPF    VQ HNQY YKVJ VJG RTQLGEV GZRTGUUKPI JGT JLJHBJ
#U UQQP CU [QW VCMG VJGUG HKTUV UOCNN UVGRU [QWT CPZKGV[ YKNN FKUCRRGCT CPF [QW
YKNN CEJKGXG C RNGCUCPV HNQY KP VJG CEVKXKV[ [QWཐTG FQKPI )GVVKPI DCEM VQ #NDGTV
'KPUVGKP ནC JCRR[ OCP KU VQQ UCVKUHKGF YKVJ VJG RTGUGPV VQ FYGNN QP VJG HWVWTGཔ
7BHVF 0CKFDUJWF
$MFBSMZ %FGJOFE 0CKFDUJWF BOE B
'PDVT PO 1SPDFTT
0CTFTTJWF %FTJSF UP "DIJFWF B (PBM
8IJMF *HOPSJOH 1SPDFTT
%QPHWUKQP VKOG CPF GPGTI[ YCUVGF QP (KZCVKQP QP VJG QDLGEVKXG TCVJGT VJCP IGVVKPI
%QPHWUKQP VKOG CPF GPGTI[ YCUVGF QP
OGCPKPINGUU VCUMU 'MPX
(KZCVKQP QP VJG QDLGEVKXG TCVJGT VJCP IGVVKPI
FQYP VQ DWUKPGUU
/GPVCN DNQEM 'MPX /GPVCN DNQEM
4USBUFHZ  $PODFOUSBUF PO B TJOHMF UBTL
6JKU KU RGTJCRU QPG QH VJG ITGCVGUV QDUVCENGU YG HCEG VQFC[ YKVJ UQ OWEJ
VGEJPQNQI[ CPF UQ OCP[ FKUVTCEVKQPU 9GཐTG NKUVGPKPI VQ C XKFGQ QP ;QW6WDG
YJKNG YTKVKPI CP GOCKN YJGP UWFFGPN[ C EJCV RTQORV RQRU WR CPF YG CPUYGT KV
6JGP QWT UOCTVRJQPG XKDTCVGU KP QWT RQEMGV LWUV CU UQQP CU YG TGURQPF VQ VJCV
OGUUCIG YGཐTG DCEM CV QWT EQORWVGT NQIIKPI QP VQ (CEGDQQM
2TGVV[ UQQP VJKTV[ OKPWVGU JCXG RCUUGF CPF YGཐXG HQTIQVVGP YJCV VJG GOCKN
YG YGTG YTKVKPI YCU UWRRQUGF VQ DG CDQWV
6JKU CNUQ JCRRGPU UQOGVKOGU YJGP YG RWV QP C OQXKG YKVJ FKPPGT CPF FQPཐV
TGCNK\G JQY FGNKEKQWU VJG UCNOQP YCU WPVKN YGཐTG VCMKPI VJG NCUV DKVG
9G QHVGP VJKPM VJCV EQODKPKPI VCUMU YKNN UCXG WU VKOG DWV UEKGPVKHKE GXKFGPEG
UJQYU VJCV KV JCU VJG QRRQUKVG GHHGEV 'XGP VJQUG YJQ ENCKO VQ DG IQQF CV
OWNVKVCUMKPI CTG PQV XGT[ RTQFWEVKXG +P HCEV VJG[ CTG UQOG QH VJG NGCUV
RTQFWEVKXG RGQRNG
1WT DTCKPU ECP VCMG KP OKNNKQPU QH DKVU QH KPHQTOCVKQP DWV ECP QPN[ CEVWCNN[
RTQEGUU C HGY FQ\GP RGT UGEQPF 9JGP YG UC[ YGཐTG OWNVKVCUMKPI YJCV YGཐTG
TGCNN[ FQKPI KU TXJUDIJOH CBDL BOE GPSUI DGVYGGP VCUMU XGT[ SWKEMN[
7PHQTVWPCVGN[ YGཐTG PQV EQORWVGTU CFGRV CV RCTCNNGN RTQEGUUKPI 9G GPF WR
URGPFKPI CNN QWT GPGTI[ CNVGTPCVKPI DGVYGGP VCUMU KPUVGCF QH HQEWUKPI QP FQKPI
QPG QH VJGO YGNN
$PODFOUSBUJOH PO POF UIJOH BU B UJNF NBZ CF UIF TJOHMF NPTU JNQPSUBOU GBDUPS JO
BDIJFWJOH GMPX
#EEQTFKPI VQ %UKMU\GPVOKJCN[K KP QTFGT VQ HQEWU QP C VCUM YG PGGF
 6Q DG KP C FKUVTCEVKQPHTGG GPXKTQPOGPV
 6Q JCXG EQPVTQN QXGT YJCV YG CTG FQKPI CV GXGT[ OQOGPV
6GEJPQNQI[ KU ITGCV KH YGཐTG KP EQPVTQN QH KV +VཐU PQV UQ ITGCV KH KV VCMGU EQPVTQN
QH WU (QT GZCORNG KH [QW JCXG VQ YTKVG C TGUGCTEJ RCRGT [QW OKIJV UKV FQYP CV
[QWT EQORWVGT CPF WUG )QQING VQ NQQM WR VJG KPHQTOCVKQP [QW PGGF *QYGXGT KH
[QWཐTG PQV XGT[ FKUEKRNKPGF [QW OKIJV GPF WR UWTHKPI VJG 9GD KPUVGCF QH YTKVKPI
VJCV RCRGT +P VJCV ECUG )QQING CPF VJG +PVGTPGV YKNN JCXG VCMGP QXGT RWNNKPI [QW
VJCV RCRGT +P VJCV ECUG )QQING CPF VJG +PVGTPGV YKNN JCXG VCMGP QXGT RWNNKPI [QW
QWV QH [QWT UVCVG QH HNQY
+V JCU DGGP UEKGPVKHKECNN[ UJQYP VJCV KH YG EQPVKPWCNN[ CUM QWT DTCKPU VQ UYKVEJ
DCEM CPF HQTVJ DGVYGGP VCUMU YG YCUVG VKOG OCMG OQTG OKUVCMGU CPF
TGOGODGT NGUU QH YJCV YGཐXG FQPG
5GXGTCN UVWFKGU EQPFWEVGF CV 5VCPHQTF 7PKXGTUKV[ D[ %NKHHQTF +XCT 0CUU
FGUETKDG QWT IGPGTCVKQP CU UWHHGTKPI HTQO CP FQJEFNJD PG NVMUJUBTLJOH 1PG UWEJ
UVWF[ CPCN[\GF VJG DGJCXKQT QH JWPFTGFU QH UVWFGPVU FKXKFKPI VJGO KPVQ ITQWRU
DCUGF QP VJG PWODGT QH VJKPIU VJG[ VGPFGF VQ FQ CV QPEG 6JG UVWFGPVU YJQ YGTG
VJG OQUV CFFKEVGF VQ OWNVKVCUMKPI V[RKECNN[ CNVGTPCVGF COQPI OQTG VJCP HQWT
VCUMU HQT GZCORNG VCMKPI PQVGU YJKNG TGCFKPI C VGZVDQQM NKUVGPKPI VQ C RQFECUV
CPUYGTKPI OGUUCIGU QP VJGKT UOCTVRJQPG CPF UQOGVKOGU EJGEMKPI VJGKT 6YKVVGT
VKOGNKPG
'CEJ ITQWR QH UVWFGPVU YCU UJQYP C UETGGP YKVJ UGXGTCN TGF CPF UGXGTCN DNWG
CTTQYU 6JG QDLGEVKXG QH VJG GZGTEKUG YCU VQ EQWPV VJG TGF CTTQYU
#V HKTUV CNN VJG UVWFGPVU CPUYGTGF EQTTGEVN[ TKIJV CYC[ YKVJQWV OWEJ VTQWDNG
#U VJG PWODGT QH DNWG CTTQYU KPETGCUGF 
VJG PWODGT QH TGF CTTQYU UVC[GF VJG
UCOG QPN[ VJGKT RQUKVKQP EJCPIGF JQYGXGT VJG UVWFGPVU CEEWUVQOGF VQ
OWNVKVCUMKPI JCF UGTKQWU VTQWDNG EQWPVKPI VJG TGF CTTQYU KP VJG VKOG CNNQVVGF QT CU
SWKEMN[ CU VJG UVWFGPVU YJQ FKF PQV JCDKVWCNN[ OWNVKVCUM HQT QPG XGT[ UKORNG
TGCUQP 6JG[ IQV FKUVTCEVGF D[ VJG DNWG CTTQYU 6JGKT DTCKPU YGTG VTCKPGF VQ RC[
CVVGPVKQP VQ GXGT[ UVKOWNWU TGICTFNGUU QH KVU KORQTVCPEG YJKNG VJG DTCKPU QH VJG
QVJGT UVWFGPVU YGTG VTCKPGF VQ HQEWU QP C UKPING VCUMཋKP VJKU ECUG EQWPVKPI VJG
TGF CTTQYU CPF KIPQTKPI VJG DNWG QPGU

1VJGT UVWFKGU KPFKECVG VJCV YQTMKPI QP UGXGTCN VJKPIU CV QPEG NQYGTU QWT
RTQFWEVKXKV[ D[ CV NGCUV  RGTEGPV CPF QWT +3 D[ OQTG VJCP VGP RQKPVU
1PG UVWF[ HWPFGF D[ VJG 5YGFKUJ %QWPEKN HQT 9QTMKPI .KHG CPF 5QEKCN
4GUGCTEJ HQWPF VJCV C UCORNG ITQWR QH OQTG VJCP HQWT VJQWUCPF [QWPI CFWNVU
DGVYGGP VJG CIGU QH VYGPV[ CPF VYGPV[HQWT YJQ YGTG CFFKEVGF VQ VJGKT
UOCTVRJQPGU IQV NGUU UNGGR HGNV NGUU EQPPGEVGF VQ VJGKT EQOOWPKV[ CV UEJQQN CPF
YGTG OQTG NKMGN[ VQ UJQY UKIPU QH FGRTGUUKQP

$PODFOUSBUJOH PO B 4JOHMF 5BTL .VMUJUBTLJOH
/CMGU CEJKGXKPI HNQY OQTG NKMGN[ /CMGU CEJKGXKPI HNQY KORQUUKDNG
+PETGCUGU RTQFWEVKXKV[ &GETGCUGU RTQFWEVKXKV[ D[  RGTEGPV 
VJQWIJ KV FQGUPཐV UGGO VQ
+PETGCUGU QWT RQYGT QH TGVGPVKQP /CMGU KV JCTFGT VQ TGOGODGT VJKPIU
/CMGU WU NGUU NKMGN[ VQ OCMG OKUVCMGU /CMGU WU OQTG NKMGN[ VQ OCMG OKUVCMGU
*GNRU WU HGGN ECNO CPF KP EQPVTQN QH VJG VCUM CV
*GNRU WU HGGN ECNO CPF KP EQPVTQN QH VJG VCUM CV
JCPF
/CMGU WU HGGN UVTGUUGF D[ VJG UGPUCVKQP VJCV YGཐTG NQUKPI EQPVTQN VJCV QWT
VCUMU CTG EQPVTQNNKPI VT
%CWUGU WU VQ DGEQOG OQTG EQPUKFGTCVG CU YG
RC[ HWNN CVVGPVKQP VQ VJQUG CTQWPF WU
%CWUGU WU VQ JWTV VJQUG CTQWPF WU VJTQWIJ QWT ནCFFKEVKQPཔ VQ UVKOWNK
CNYC[U EJGEMKPI QWT RJQPGU CNYC[U QP UQEKCN OGFKC   
+PETGCUGU ETGCVKXKV[ 4GFWEGU ETGCVKXKV[
9JCV ECP YG FQ VQ CXQKF HCNNKPI XKEVKO VQ VJKU HNQYKORGFKPI GRKFGOKE! *QY
ECP YG VTCKP QWT DTCKPU VQ HQEWU QP C UKPING VCUM! *GTG CTG C HGY KFGCU HQT
ETGCVKPI C URCEG CPF VKOG HTGG QH FKUVTCEVKQPU VQ KPETGCUG QWT EJCPEGU QH TGCEJKPI
C UVCVG QH HNQY CPF VJGTGD[ IGVVKPI KP VQWEJ YKVJ QWT JLJHBJ
&QPཐV NQQM CV CP[ MKPF QH UETGGP HQT VJG HKTUV JQWT [QWཐTG CYCMG CPF VJG NCUV
JQWT DGHQTG [QW IQ VQ UNGGR
6WTP QHH [QWT RJQPG DGHQTG [QW CEJKGXG HNQY 6JGTG KU PQVJKPI OQTG
KORQTVCPV VJCP VJG VCUM [QW JCXG EJQUGP VQ FQ FWTKPI VJKU VKOG +H VJKU UGGOU
VQQ GZVTGOG GPCDNG VJG ནFQ PQV FKUVWTDཔ HWPEVKQP UQ QPN[ VJG RGQRNG ENQUGUV
VQ [QW ECP EQPVCEV [QW KP ECUG QH GOGTIGPE[
&GUKIPCVG QPG FC[ QH VJG YGGM RGTJCRU C 5CVWTFC[ QT 5WPFC[ C FC[ QH
VGEJPQNQIKECN ནHCUVKPIཔ OCMKPI GZEGRVKQPU QPN[ HQT GTGCFGTU 
YKVJQWV 9K
(K QT /2 RNC[GTU
)Q VQ C ECHª VJCV FQGUPཐV JCXG 9K(K
4GCF CPF TGURQPF VQ GOCKN QPN[ QPEG QT VYKEG RGT FC[ &GHKPG VJQUG VKOGU
ENGCTN[ CPF UVKEM VQ VJGO
6T[ VJG 2QOQFQTQ 6GEJPKSWG )GV [QWTUGNH C MKVEJGP VKOGT 
UQOG CTG OCFG
VQ NQQM NKMG C QPNPEPSP QT VQOCVQ CPF EQOOKV VQ YQTMKPI QP C UKPING VCUM
CU NQPI CU KVཐU TWPPKPI 6JG 2QOQFQTQ 6GEJPKSWG TGEQOOGPFU  OKPWVGU QH
YQTM CPF  OKPWVGU QH TGUV HQT GCEJ E[ENG DWV [QW ECP CNUQ FQ  OKPWVGU QH
YQTM CPF  OKPWVGU QH TGUV (KPF VJG RCEG VJCVཐU DGUV HQT [QW VJG OQUV
KORQTVCPV VJKPI KU VQ DG FKUEKRNKPGF KP EQORNGVKPI GCEJ E[ENG
5VCTV [QWT YQTM UGUUKQP YKVJ C TKVWCN [QW GPLQ[ CPF GPF KV YKVJ C TGYCTF
6TCKP [QWT OKPF VQ TGVWTP VQ VJG RTGUGPV YJGP [QW HKPF [QWTUGNH IGVVKPI
FKUVTCEVGF 2TCEVKEG OKPFHWNPGUU QT CPQVJGT HQTO QH OGFKVCVKQP IQ HQT C
YCNM QT C UYKOཋYJCVGXGT YKNN JGNR [QW IGV EGPVGTGF CICKP
9QTM KP C URCEG YJGTG [QW YKNN PQV DG FKUVTCEVGF +H [QW ECPཐV FQ VJKU CV
JQOG IQ VQ C NKDTCT[ C ECHª QT KH [QWT VCUM KPXQNXGU RNC[KPI VJG UCZQRJQPG
C OWUKE UVWFKQ +H [QW HKPF VJCV [QWT UWTTQWPFKPIU EQPVKPWG VQ FKUVTCEV [QW
MGGR NQQMKPI WPVKN [QW HKPF VJG TKIJV RNCEG
&KXKFG GCEJ CEVKXKV[ KPVQ ITQWRU QH TGNCVGF VCUMU CPF CUUKIP GCEJ ITQWR KVU
QYP RNCEG CPF VKOG (QT GZCORNG KH [QWཐTG YTKVKPI C OCIC\KPG CTVKENG [QW
EQWNF FQ TGUGCTEJ CPF VCMG PQVGU CV JQOG KP VJG OQTPKPI YTKVG KP VJG NKDTCT[
KP VJG CHVGTPQQP CPF GFKV QP VJG EQWEJ CV PKIJV
$WPFNG TQWVKPG VCUMUཋUWEJ CU UGPFKPI QWV KPXQKEGU OCMKPI RJQPG ECNNU CPF
UQ QPཋCPF FQ VJGO CNN CV QPEG
"EWBOUBHFT PG 'MPX %JTBEWBOUBHFT PG %JTUSBDUJPO
# HQEWUGF OKPF # YCPFGTKPI OKPF
.KXKPI KP VJG RTGUGPV 6JKPMKPI CDQWV VJG RCUV CPF VJG HWVWTG
9G CTG HTGG HTQO YQTT[
%QPEGTPU CDQWV QWT FCKN[ NKHG CPF VJG RGQRNG CTQWPF WU
KPXCFG QWT VJQWIJVU
6JG JQWTU HN[ D[ 'XGT[ OKPWVG UGGOU GPFNGUU
9G HGGN KP EQPVTQN 9G NQUG EQPVTQN CPF HCKN VQ EQORNGVG VJG VCUM CV JCPF QT
QVJGT VCUMU QT RGQRNG MGGR WU HTQO QWT YQTM
9G RTGRCTG VJQTQWIJN[ 9G CEV YKVJQWV DGKPI RTGRCTGF
9G MPQY YJCV YG UJQWNF DG FQKPI CV CP[ IKXGP OQOGPV 9G HTGSWGPVN[ IGV UVWEM CPF FQPཐV MPQY JQY VQ RTQEGGF
1WT OKPF KU ENGCT CPF QXGTEQOGU CNN QDUVCENGU VQ VJG HNQY QH
VJQWIJV
9G CTG RNCIWGF D[ FQWDVU EQPEGTPU CPF NQY UGNHGUVGGO
+VཐU RNGCUCPV +VཐU DQTKPI CPF GZJCWUVKPI
1WT GIQ HCFGU 9G CTG PQV VJG QPGU EQPVTQNNKPI VJG CEVKXKV[ QT
VCUM YGཐTG FQKPIཋVJG VCUM KU NGCFKPI WU
%QPUVCPV UGNHETKVKEKUO 1WT GIQ KU RTGUGPV CPF YG HGGN
HTWUVTCVGF
)ORZ LQ -DSDQ 7DNXPLV HQJLQHHUV JHQLXVHV DQG RWDNXV
9JCV FQ UBLVNJT 
CTVKUCPU GPIKPGGTU KPXGPVQTU CPF PUBLVT 
HCPU QH CPKOG CPF
OCPIC JCXG KP EQOOQP! 6JG[ CNN WPFGTUVCPF VJG KORQTVCPEG QH HNQYKPI YKVJ
VJGKT JLJHBJ CV CNN VKOGU
1PG YKFGURTGCF UVGTGQV[RG CDQWV RGQRNG KP ,CRCP KU VJCV VJG[ཐTG GZEGRVKQPCNN[
FGFKECVGF CPF JCTFYQTMKPI GXGP VJQWIJ UQOG ,CRCPGUG RGQRNG UC[ VJG[ NQQM NKMG
VJG[ཐTG YQTMKPI JCTFGT VJCP VJG[ TGCNN[ CTG 6JGTG KU PQ FQWDV VJQWIJ CDQWV VJGKT
CDKNKV[ VQ DG EQORNGVGN[ CDUQTDGF KP C VCUM QT CDQWV VJGKT RGTUGXGTCPEG YJGP
VJGTG KU C RTQDNGO VQ DG UQNXGF 1PG QH VJG HKTUV YQTFU QPG NGCTPU YJGP UVCTVKPI
,CRCPGUG NGUUQPU KU HBOCBSV YJKEJ OGCPU ནVQ RGTUGXGTGཔ QT ནVQ UVC[ HKTO D[ FQKPI
QPGཐU DGUVཔ
,CRCPGUG RGQRNG QHVGP CRRN[ VJGOUGNXGU VQ GXGP VJG OQUV DCUKE VCUMU YKVJ CP
KPVGPUKV[ VJCV DQTFGTU QP QDUGUUKQP 9G UGG VJKU KP CNN MKPFU QH EQPVGZVU HTQO VJG
ནTGVKTGGUཔ VCMKPI OGVKEWNQWU ECTG QH VJGKT TKEG HKGNFU KP VJG OQWPVCKPU QH 0CICPQ
VQ VJG EQNNGIG UVWFGPVU YQTMKPI VJG YGGMGPF UJKHV KP EQPXGPKGPEG UVQTGU MPQYP CU
LPOCJOJT +H [QW IQ VQ ,CRCP [QWཐNN GZRGTKGPEG VJKU CVVGPVKQP VQ FGVCKN HKTUVJCPF KP
CNOQUV GXGT[ VTCPUCEVKQP
9CNM KPVQ QPG QH VJG UVQTGU VJCV UGNN JCPFETCHVGF QDLGEVU KP 0CJC -CPC\CYC
QT -[QVQ CPF [QWཐNN CNUQ FKUEQXGT VJCV ,CRCP KU C VTGCUWTG VTQXG QH VTCFKVKQPCN
ETCHVYQTM 6JG RGQRNG QH ,CRCP JCXG C WPKSWG VCNGPV HQT ETGCVKPI PGY
VGEJPQNQIKGU YJKNG RTGUGTXKPI CTVKUCPCN VTCFKVKQPU CPF VGEJPKSWGU
5IF BSU PG UIF UBLVNJ
6Q[QVC GORNQ[U ནCTVKUCPUཔ YJQ CTG CDNG VQ OCMG C EGTVCKP V[RG QH UETGY D[ JCPF
6JGUG UBLVNJ QT GZRGTVU KP C RCTVKEWNCT OCPWCN UMKNN CTG GZVTGOGN[ KORQTVCPV VQ
6Q[QVC CPF VJG[ CTG JCTF VQ TGRNCEG 5QOG QH VJGO CTG VJG QPN[ RGQRNG YJQ
MPQY JQY VQ RGTHQTO VJGKT GZCEV UMKNN CPF KV FQGUPཐV UGGO CU VJQWIJ C PGY
IGPGTCVKQP KU IQKPI VQ VCMG WR VJG OCPVNG
6WTPVCDNG PGGFNGU CTG CPQVJGT GZCORNG 6JG[ཐTG RTQFWEGF CNOQUV GZENWUKXGN[
KP ,CRCP YJGTG [QW ECP HKPF VJG NCUV TGOCKPKPI RGQRNG YJQ MPQY JQY VQ WUG VJG
OCEJKPGT[ TGSWKTGF VQ OCMG VJGUG RTGEKUKQP PGGFNGU CPF YJQ CTG VT[KPI VQ RCUU
QP VJGKT MPQYNGFIG VQ VJGKT FGUEGPFCPVU
9G OGV C UBLVNJ QP C XKUKV VQ -WOCPQ C UOCNN VQYP PGCT *KTQUJKOC 9G YGTG
VJGTG HQT VJG FC[ YQTMKPI QP C RJQVQ GUUC[ HQT QPG QH VJG OQUV HCOQWU DTCPFU QH
OCMGWR DTWUJGU KP VJG 9GUV 6JG DKNNDQCTF YGNEQOKPI XKUKVQTU VQ -WOCPQ UJQYU
C OCUEQV JQNFKPI C NCTIG DTWUJ +P CFFKVKQP VQ VJG DTWUJ HCEVQTKGU VJG VQYP KU HWNN
QH NKVVNG JQWUGU CPF XGIGVCDNG ICTFGPU JGCFKPI HCTVJGT KP [QW ECP UGG UGXGTCN
5JKPVQ UJTKPGU CV VJG DCUG QH VJG OQWPVCKPU VJCV UWTTQWPF VJG VQYP
9G URGPV JQWTU VCMKPI RJQVQU KP HCEVQTKGU HWNN QH RGQRNG KP QTFGTN[ TQYU GCEJ
FQKPI C UKPING VCUMཋUWEJ CU RCKPVKPI VJG JCPFNGU QH VJG DTWUJGU QT NQCFKPI DQZGU
QH VJGO QPVQ VTWEMUཋDGHQTG YG TGCNK\GF YG UVKNN JCFPཐV UGGP CP[QPG CEVWCNN[
RWVVKPI DTKUVNGU KPVQ VJG DTWUJ JGCFU
#HVGT YG CUMGF CDQWV VJKU CPF IQV VJG TWPCTQWPF UGXGTCN VKOGU VJG RTGUKFGPV
QH QPG EQORCP[ CITGGF VQ UJQY WU JQY KV YCU FQPG *G NGF WU QWV QH VJG DWKNFKPI
CPF CUMGF WU VQ IGV KPVQ JKU ECT #HVGT C HKXGOKPWVG FTKXG YG RCTMGF PGZV VQ
CPQVJGT UOCNNGT UVTWEVWTG CPF ENKODGF VJG UVCKTU *G QRGPGF C FQQT CPF YG
YCNMGF KPVQ C UOCNN TQQO HKNNGF YKVJ YKPFQYU VJCV NGV KP NQXGN[ PCVWTCN NKIJV
YCNMGF KPVQ C UOCNN TQQO HKNNGF YKVJ YKPFQYU VJCV NGV KP NQXGN[ PCVWTCN NKIJV
+P VJG OKFFNG QH VJG TQQO YCU C YQOCP YGCTKPI C OCUM ;QW EQWNF UGG QPN[
JGT G[GU 5JG YCU UQ HQEWUGF QP EJQQUKPI KPFKXKFWCN DTKUVNGU HQT VJG DTWUJGUཋ
ITCEGHWNN[ OQXKPI JGT JCPFU CPF HKPIGTU WUKPI UEKUUQTU CPF EQODU VQ UQTV VJG
DTKUVNGUཋVJCV UJG FKFPཐV GXGP PQVKEG QWT RTGUGPEG *GT OQXGOGPVU YGTG UQ SWKEM
KV YCU JCTF VQ VGNN YJCV UJG YCU FQKPI
6JG RTGUKFGPV QH VJG EQORCP[ KPVGTTWRVGF JGT VQ NGV JGT MPQY VJCV YGཐF DG
VCMKPI RJQVQU CU UJG YQTMGF 9G EQWNFPཐV UGG JGT OQWVJ DWV VJG INKPV KP JGT G[G
CPF VJG EJGGTHWN KPHNGEVKQP KP JGT URGGEJ NGV WU MPQY UJG YCU UOKNKPI 5JG NQQMGF
JCRR[ CPF RTQWF VCNMKPI CDQWV JGT YQTM CPF TGURQPUKDKNKVKGU
9G JCF VQ WUG GZVTGOGN[ HCUV UJWVVGT URGGFU VQ ECRVWTG JGT OQXGOGPVU *GT
JCPFU FCPEGF CPF GMPXFE KP EQPEGTV YKVJ JGT VQQNU CPF VJG DTKUVNGU UJG YCU
UQTVKPI
6JG RTGUKFGPV VQNF WU VJCV VJKU UBLVNJ YCU QPG QH VJG OQUV KORQTVCPV RGQRNG KP
VJG EQORCP[ GXGP VJQWIJ UJG YCU JKFFGP CYC[ KP C UGRCTCVG DWKNFKPI 'XGT[
DTKUVNG QH GXGT[ DTWUJ VJG EQORCP[ OCFG RCUUGF VJTQWIJ JGT JCPFU
4UFWF +PCT JO +BQBO
#RRNG EQHQWPFGT 5VGXG ,QDU YCU C DKI HCP QH ,CRCP 0QV QPN[ FKF JG XKUKV VJG 5QP[
HCEVQTKGU KP VJG U CPF CFQRV OCP[ QH VJGKT OGVJQFU YJGP JG HQWPFGF #RRNG
JG YCU CNUQ ECRVKXCVGF D[ VJG UKORNKEKV[ CPF SWCNKV[ QH ,CRCPGUG RQTEGNCKP KP
-[QVQ
+V YCU PQV JQYGXGT CP CTVKUCP HTQO -[QVQ YJQ YQP 5VGXG ,QDUཐU FGXQVKQP DWV
TCVJGT C UBLVNJ HTQO 6Q[COC PCOGF ;WMKQ 5JCMWPCIC YJQ WUGF C VGEJPKSWG
ECNNGF &UDIV 4FUPZBLJ MPQYP D[ QPN[ C HGY
1P C XKUKV VQ -[QVQ ,QDU JGCTF QH CP GZJKDKVKQP QH 5JCMWPCICཐU YQTM *G
KOOGFKCVGN[ WPFGTUVQQF VJCV VJGTG YCU UQOGVJKPI URGEKCN CDQWV 5JCMWPCICཐU
RQTEGNCKP #U C OCVVGT QH HCEV JG DQWIJV UGXGTCN EWRU XCUGU CPF RNCVGU CPF YGPV
DCEM VQ VJG UJQY VJTGG VKOGU VJCV YGGM
,QDU TGVWTPGF VQ -[QVQ UGXGTCN VKOGU QXGT VJG EQWTUG QH JKU NKHG KP UGCTEJ QH
KPURKTCVKQP CPF GPFGF WR OGGVKPI 5JCMWPCIC KP RGTUQP +V KU UCKF VJCV ,QDU JCF
OCP[ SWGUVKQPU HQT JKOཋCNOQUV CNN QH VJGO CDQWV VJG HCDTKECVKQP RTQEGUU CPF VJG
V[RG QH RQTEGNCKP JG WUGF
5JCMWPCIC GZRNCKPGF VJCV JG WUGF YJKVG RQTEGNCKP JG GZVTCEVGF JKOUGNH HTQO
OQWPVCKPU KP VJG 6Q[COC RTGHGEVWTG OCMKPI JKO VJG QPN[ CTVKUV QH JKU KNM
HCOKNKCT YKVJ VJG HCDTKECVKQP RTQEGUU QH RQTEGNCKP QDLGEVU HTQO VJGKT QTKIKPU KP VJG
OQWPVCKPU VQ VJGKT HKPCN HQTOཋCP CWVJGPVKE UBLVNJ
,QDU YCU UQ KORTGUUGF VJCV JG EQPUKFGTGF IQKPI VQ 6Q[COC VQ UGG VJG OQWPVCKP
YJGTG 5JCMWPCIC IQV JKU RQTEGNCKP DWV VJQWIJV DGVVGT QH KV YJGP JG JGCTF VJCV KV
YCU OQTG VJCP HQWT JQWTU D[ VTCKP HTQO -[QVQ
+P CP KPVGTXKGY CHVGT ,QDUཐU FGCVJ 5JCMWPCIC UCKF JG YCU XGT[ RTQWF VJCV JKU
YQTM JCF DGGP CRRTGEKCVGF D[ VJG OCP YJQ ETGCVGF VJG K2JQPG *G CFFGF VJCV
,QDUཐU NCUV RWTEJCUG HTQO JKO JCF DGGP C UGV QH VYGNXG VGCEWRU ,QDU JCF CUMGF
HQT UQOGVJKPI URGEKCN ནC PGY UV[NGཔ 6Q UCVKUH[ VJKU TGSWGUV 5JCMWPCIC OCFG 
VGCEWRU KP VJG RTQEGUU QH VGUVKPI QWV PGY KFGCU 1H VJGUG JG EJQUG VJG VYGNXG DGUV
CPF UGPV VJGO VQ VJG ,QDU HCOKN[
'XGT UKPEG JKU HKTUV VTKR VQ ,CRCP ,QDU YCU HCUEKPCVGF CPF KPURKTGF D[ VJG
EQWPVT[ཐU CTVKUCPU GPIKPGGTU 
GURGEKCNN[ CV 5QP[ RJKNQUQRJ[ 
GURGEKCNN[ <GP CPF
EWKUKPG 
GURGEKCNN[ UWUJK

4PQIJTUJDBUFE TJNQMJDJUZ
9JCV FQ ,CRCPGUG CTVKUCPU GPIKPGGTU <GP RJKNQUQRJ[ CPF EWKUKPG JCXG KP
EQOOQP! 5KORNKEKV[ CPF CVVGPVKQP VQ FGVCKN +V KU PQV C NC\[ UKORNKEKV[ DWV C
UQRJKUVKECVGF QPG VJCV UGCTEJGU QWV PGY HTQPVKGTU CNYC[U VCMKPI VJG QDLGEV VJG
DQF[ CPF OKPF QT VJG EWKUKPG VQ VJG PGZV NGXGN CEEQTFKPI VQ QPGཐU JLJHBJ
#U %UKMU\GPVOKJCN[K YQWNF UC[ VJG MG[ KU CNYC[U JCXKPI C OGCPKPIHWN
EJCNNGPIG VQ QXGTEQOG KP QTFGT VQ OCKPVCKP HNQY
6JG FQEWOGPVCT[ +JSP %SFBNT PG 4VTIJ IKXGU WU CPQVJGT GZCORNG QH C UBLVNJ
VJKU VKOG KP VJG MKVEJGP +VU RTQVCIQPKUV JCU DGGP OCMKPI UWUJK GXGT[ FC[ HQT OQTG
VJCP GKIJV[ [GCTU CPF QYPU C UOCNN UWUJK TGUVCWTCPV PGCT VJG )KP\C UWDYC[ UVCVKQP
KP 6QM[Q *G CPF JKU UQP IQ GXGT[ FC[ VQ VJG HCOQWU 6UWMKLK HKUJ OCTMGV CPF
EJQQUG VJG DGUV HKUJ VQ DTKPI DCEM VQ VJG TGUVCWTCPV
+P VJG FQEWOGPVCT[ YG UGG QPG QH ,KTQཐU CRRTGPVKEGU NGCTPKPI VQ OCMG VCOCIQ

C VJKP UNKIJVN[ UYGGV QOGNGV 0Q OCVVGT JQY JCTF JG VTKGU JG ECPཐV IGV ,KTQཐU
CRRTQXCN *G MGGRU RTCEVKEKPI HQT [GCTU WPVKN JG HKPCNN[ FQGU
9J[ FQGU VJG CRRTGPVKEG TGHWUG VQ IKXG WR! &QGUPཐV JG IGV DQTGF EQQMKPI GIIU
GXGT[ FC[! 0Q DGECWUG OCMKPI UWUJK KU JKU JLJHBJ VQQ
$QVJ ,KTQ CPF JKU UQP CTG EWNKPCT[ CTVKUVU 6JG[ FQPཐV IGV DQTGF YJGP VJG[ EQQM
ཋVJG[ CEJKGXG C UVCVG QH HNQY 6JG[ GPLQ[ VJGOUGNXGU EQORNGVGN[ YJGP VJG[ CTG
KP VJG MKVEJGP VJCV KU VJGKT JCRRKPGUU VJGKT JLJHBJ 6JG[ཐXG NGCTPGF VQ VCMG
RNGCUWTG KP VJGKT YQTM VQ NQUG VJGKT UGPUG QH VKOG
$G[QPF VJG ENQUG TGNCVKQPUJKR DGVYGGP HCVJGT CPF UQP YJKEJ JGNRU VJGO MGGR
VJG EJCNNGPIG IQKPI GCEJ FC[ VJG[ CNUQ YQTM KP C SWKGV RGCEGHWN GPXKTQPOGPV VJCV
CNNQYU VJGO VQ EQPEGPVTCVG 'XGP CHVGT TGEGKXKPI C VJTGGUVCT TCVKPI HTQO
/KEJGNKP VJG[ PGXGT EQPUKFGTGF QRGPKPI QVJGT NQECVKQPU QT GZRCPFKPI VJG
DWUKPGUU 6JG[ UGTXG LWUV VGP RCVTQPU CV C VKOG CV VJG DCT QH VJGKT UOCNN TGUVCWTCPV
,KTQཐU HCOKN[ KUPཐV NQQMKPI VQ OCMG OQPG[ KPUVGCF VJG[ XCNWG IQQF YQTMKPI
EQPFKVKQPU CPF ETGCVKPI CP GPXKTQPOGPV KP YJKEJ VJG[ ECP HNQY YJKNG OCMKPI VJG
DGUV UWUJK KP VJG YQTNF
,KTQ NKMG ;WMKQ 5JCMWPCIC DGIKPU JKU YQTM CV ནVJG UQWTEGཔ *G IQGU VQ VJG
HKUJ OCTMGV VQ HKPF VJG DGUV VWPC 5JCMWPCIC IQGU VQ VJG OQWPVCKPU VQ HKPF VJG
DGUV RQTEGNCKP 9JGP VJG[ IGV FQYP VQ YQTM DQVJ DGEQOG QPG YKVJ VJG QDLGEV
VJG[ CTG ETGCVKPI 6JKU WPKV[ YKVJ VJG QDLGEV VJCV VJG[ TGCEJ KP C UVCVG QH HNQY
VCMGU QP URGEKCN OGCPKPI KP ,CRCP YJGTG CEEQTFKPI VQ 5JKPVQKUO HQTGUVU VTGGU
CPF QDLGEVU JCXG C LBNJ 
URKTKV QT IQF YKVJKP VJGO
9JGP UQOGQPGཋYJGVJGT CP CTVKUV CP GPIKPGGT QT C EJGHཋUGVU QWV VQ ETGCVG
UQOGVJKPI JKU QT JGT TGURQPUKDKNKV[ KU VQ WUG PCVWTG VQ IKXG KV ནNKHGཔ YJKNG
TGURGEVKPI VJCV PCVWTG CV GXGT[ OQOGPV &WTKPI VJKU RTQEGUU VJG CTVKUCP DGEQOGU
QPG YKVJ VJG QDLGEV CPF HNQYU YKVJ KV #P KTQPYQTMGT YQWNF UC[ VJCV OGVCN JCU C
NKHG QH KVU QYP LWUV CU UQOGQPG OCMKPI EGTCOKEU YQWNF UC[ VJCV VJG ENC[ FQGU
6JG ,CRCPGUG CTG UMKNNGF CV DTKPIKPI PCVWTG CPF VGEJPQNQI[ VQIGVJGT PQV OCP
XGTUWU PCVWTG DWV TCVJGT C WPKQP QH VJG VYQ
5IF QVSJUZ PG (IJCMJ
6JGTG CTG VJQUG YJQ UC[ VJCV VJG 5JKPVQ XCNWG QH DGKPI EQPPGEVGF YKVJ PCVWTG KU
XCPKUJKPI 1PG QH VJG JCTUJGUV ETKVKEU QH VJKU NQUU KU CPQVJGT CTVKUV YKVJ C ENGCTN[
FGHKPGF JLJHBJ *C[CQ /K[C\CMK VJG FKTGEVQT QH VJG CPKOCVGF HKNOU RTQFWEGF D[
5VWFKQ )JKDNK
+P PGCTN[ CNN JKU HKNOU YG UGG JWOCPU VGEJPQNQI[ HCPVCU[ CPF PCVWTG KP C UVCVG
QH EQPHNKEVཋCPF KP VJG GPF EQOKPI VQIGVJGT 1PG QH VJG OQUV RQKIPCPV
OGVCRJQTU KP JKU HKNO 4QJSJUFE "XBZ KU CP QDGUG URKTKV EQXGTGF KP VTCUJ VJCV
TGRTGUGPVU VJG RQNNWVKQP QH VJG TKXGTU
+P /K[C\CMKཐU HKNOU HQTGUVU JCXG RGTUQPCNKVKGU VTGGU JCXG HGGNKPIU CPF TQDQVU
DGHTKGPF DKTFU %QPUKFGTGF C PCVKQPCN VTGCUWTG D[ VJG ,CRCPGUG IQXGTPOGPV
/K[C\CMK KU CP CTVKUV ECRCDNG QH DGEQOKPI EQORNGVGN[ CDUQTDGF KP JKU CTV *G WUGU
C EGNN RJQPG HTQO VJG NCVG U CPF JG OCMGU JKU GPVKTG VGCO FTCY D[ JCPF *G
ནFKTGEVUཔ JKU HKNOU D[ TGPFGTKPI QP RCRGT GXGP VJG VKPKGUV FGVCKN CEJKGXKPI HNQY D[
FTCYKPI PQV D[ WUKPI C EQORWVGT 6JCPMU VQ VJKU QDUGUUKQP QP VJG FKTGEVQTཐU RCTV
5VWFKQ )JKDNK KU QPG QH VJG QPN[ UVWFKQU KP VJG YQTNF YJGTG CNOQUV VJG GPVKTG
RTQFWEVKQP RTQEGUU KU ECTTKGF QWV WUKPI VTCFKVKQPCN VGEJPKSWGU
6JQUG YJQ JCXG XKUKVGF 5VWFKQ )JKDNK MPQY VJCV KV KU HCKTN[ V[RKECN QP C IKXGP
5WPFC[ VQ UGG C UQNKVCT[ KPFKXKFWCN VWEMGF CYC[ KP C EQTPGT JCTF CV YQTMཋC OCP
KP UKORNG ENQVJGU YJQ YKNN ITGGV VJGO YKVJ CP PIBZP 
JGNNQ YKVJQWV NQQMKPI WR
/K[C\CMK KU UQ RCUUKQPCVG CDQWV JKU YQTM VJCV JG URGPFU OCP[ 5WPFC[U KP VJG
UVWFKQ GPLQ[KPI VJG UVCVG QH HNQY RWVVKPI JKU JLJHBJ CDQXG CNN GNUG 8KUKVQTU MPQY
VJCV WPFGT PQ EKTEWOUVCPEGU KU QPG VQ DQVJGT /K[C\CMK YJQ KU MPQYP HQT JKU
SWKEM VGORGTཋGURGEKCNN[ KH JG KU KPVGTTWRVGF YJKNG FTCYKPI
+P  /K[C\CMK CPPQWPEGF JG YCU IQKPI VQ TGVKTG 6Q EQOOGOQTCVG JKU
TGVKTGOGPV VJG VGNGXKUKQP UVCVKQP 0*- OCFG C FQEWOGPVCT[ UJQYKPI JKO KP JKU
NCUV FC[U CV YQTM *G KU FTCYKPI KP PGCTN[ GXGT[ UEGPG QH VJG HKNO +P QPG UEGPG
UGXGTCN QH JKU EQNNGCIWGU CTG UGGP EQOKPI QWV QH C OGGVKPI CPF VJGTG JG KU
FTCYKPI KP C EQTPGT RC[KPI PQ CVVGPVKQP VQ VJGO +P CPQVJGT UEGPG JG KU UJQYP
YCNMKPI VQ YQTM QP &GEGODGT  
C PCVKQPCN JQNKFC[ KP ,CRCP CPF QRGPKPI VJG
FQQTU QH 5VWFKQ )JKDNK UQ JG ECP URGPF VJG FC[ VJGTG FTCYKPI CNQPG
/K[C\CMK ECPཐV UVQR FTCYKPI 6JG FC[ CHVGT JKU ནTGVKTGOGPVཔ KPUVGCF QH IQKPI
QP XCECVKQP QT UVC[KPI CV JQOG JG YGPV VQ 5VWFKQ )JKDNK CPF UCV FQYP VQ FTCY
*KU EQNNGCIWGU RWV QP VJGKT DGUV RQMGT HCEGU PQV MPQYKPI YJCV VQ UC[ 1PG [GCT
NCVGT JG CPPQWPEGF JG YQWNFPཐV OCMG CP[ OQTG HGCVWTG HKNOU DWV VJCV JG YQWNF
MGGR QP FTCYKPI WPVKN VJG FC[ JG FKGF
%CP UQOGQPG TGCNN[ TGVKTG KH JG KU RCUUKQPCVG CDQWV YJCV JG FQGU!
5IF SFDMVTFT
+V KU PQV QPN[ VJG ,CRCPGUG YJQ JCXG VJKU ECRCEKV[ VJGTG CTG CTVKUVU CPF UEKGPVKUVU
CNN QXGT VJG YQTNF YKVJ UVTQPI ENGCT JLJHBJT 6JG[ FQ YJCV VJG[ NQXG WPVKN VJGKT
F[KPI FC[
6JG NCUV VJKPI 'KPUVGKP YTQVG DGHQTG ENQUKPI JKU G[GU HQTGXGT YCU C HQTOWNC
VJCV CVVGORVGF VQ WPKVG CNN VJG HQTEGU QH VJG WPKXGTUG KP C UKPING VJGQT[ 9JGP JG
FKGF JG YCU UVKNN FQKPI YJCV JG NQXGF +H JG JCFPཐV DGGP C RJ[UKEKUV JG UCKF JG
YQWNF JCXG DGGP JCRR[ CU C OWUKEKCP 9JGP JG YCUPཐV HQEWUGF QP RJ[UKEU QT
OCVJGOCVKEU JG GPLQ[GF RNC[KPI VJG XKQNKP 4GCEJKPI C UVCVG QH HNQY YJKNG
YQTMKPI QP JKU HQTOWNCU QT RNC[KPI OWUKE JKU VYQ JLJHBJT DTQWIJV JKO GPFNGUU
RNGCUWTG
/CP[ UWEJ CTVKUVU OKIJV UGGO OKUCPVJTQRKE QT TGENWUKXG DWV YJCV VJG[ CTG
TGCNN[ FQKPI KU RTQVGEVKPI VJG VKOG VJCV DTKPIU VJGO JCRRKPGUU UQOGVKOGU CV VJG
GZRGPUG QH QVJGT CURGEVU QH VJGKT NKXGU 6JG[ CTG QWVNKGTU YJQ CRRN[ VJG RTKPEKRNGU
QH HNQY VQ VJGKT NKXGU VQ CP GZVTGOG
#PQVJGT GZCORNG QH VJKU MKPF QH CTVKUV KU VJG PQXGNKUV *CTWMK /WTCMCOK *G
UGGU QPN[ C ENQUG EKTENG QH HTKGPFU CPF CRRGCTU KP RWDNKE KP ,CRCP QPN[ QPEG GXGT[
HGY [GCTU
#TVKUVU MPQY JQY KORQTVCPV KV KU VQ RTQVGEV VJGKT URCEG EQPVTQN VJGKT
GPXKTQPOGPV CPF DG HTGG QH FKUVTCEVKQPU KH VJG[ YCPV VQ HNQY YKVJ VJGKT JLJHBJ
.JDSPGMPX &OKPZJOH NVOEBOF UBTLT
$WV YJCV JCRRGPU YJGP YG JCXG VQ UC[ FQ VJG NCWPFT[ OQY VJG NCYP QT CVVGPF
VQ RCRGTYQTM! +U VJGTG C YC[ VQ OCMG VJGUG OWPFCPG VCUMU GPLQ[CDNG!
0GCT VJG 5JKPLWMW UWDYC[ UVCVKQP KP QPG QH VJG PGWTCN EGPVGTU QH 6QM[Q VJGTG
KU C UWRGTOCTMGV VJCV UVKNN GORNQ[U GNGXCVQT QRGTCVQTU 6JG GNGXCVQTU CTG HCKTN[
UVCPFCTF CPF EQWNF GCUKN[ DG QRGTCVGF D[ VJG EWUVQOGTU DWV VJG UVQTG RTGHGTU VQ
RTQXKFG VJG UGTXKEG QH UQOGQPG JQNFKPI VJG FQQT QRGP HQT [QW RWUJKPI VJG DWVVQP
HQT [QWT HNQQT CPF DQYKPI CU [QW GZKV
+H [QW CUM CTQWPF [QWཐNN NGCTP VJCV VJGTG KU QPG GNGXCVQT QRGTCVQT YJQ JCU DGGP
FQKPI VJG UCOG LQD UKPEG  5JG KU CNYC[U UOKNKPI CPF GPVJWUKCUVKE CDQWV JGT
YQTM *QY KU UJG CDNG VQ GPLQ[ UWEJ C LQD! &QGUPཐV UJG IGV DQTGF FQKPI
UQOGVJKPI UQ TGRGVKVKXG!
1P ENQUGT KPURGEVKQP KV DGEQOGU ENGCT VJCV VJG GNGXCVQT QRGTCVQT KU PQV LWUV
RWUJKPI DWVVQPU DWV KU KPUVGCF RGTHQTOKPI C YJQNG UGSWGPEG QH OQXGOGPVU 5JG
DGIKPU D[ ITGGVKPI VJG EWUVQOGTU YKVJ C UQPINKMG UCNWVCVKQP HQNNQYGF D[ C DQY CPF
C YGNEQOKPI YCXG QH VJG JCPF 6JGP UJG RTGUUGU VJG GNGXCVQT DWVVQP YKVJ C
ITCEGHWN OQXGOGPV CU VJQWIJ UJG KU C IGKUJC QHHGTKPI C ENKGPV C EWR QH VGC
%UKMU\GPVOKJCN[K ECNNU VJKU NJDSPGMPX
9GཐXG CNN DGGP DQTGF KP C ENCUU QT CV C EQPHGTGPEG CPF UVCTVGF FQQFNKPI VQ MGGR
QWTUGNXGU GPVGTVCKPGF 1T YJKUVNGF YJKNG RCKPVKPI C YCNN +H YGཐTG PQV VTWN[ DGKPI
EJCNNGPIGF YG IGV DQTGF CPF CFF C NC[GT QH EQORNGZKV[ VQ COWUG QWTUGNXGU 1WT
CDKNKV[ VQ VWTP TQWVKPG VCUMU KPVQ OQOGPVU QH OKETQHNQY KPVQ UQOGVJKPI YG GPLQ[
KU MG[ VQ QWT DGKPI JCRR[ UKPEG YG CNN JCXG VQ FQ UWEJ VCUMU
KU MG[ VQ QWT DGKPI JCRR[ UKPEG YG CNN JCXG VQ FQ UWEJ VCUMU
'XGP $KNN )CVGU YCUJGU VJG FKUJGU GXGT[ PKIJV *G UC[U JG GPLQ[U KVཋVJCV KV
JGNRU JKO TGNCZ CPF ENGCT JKU OKPF CPF VJCV JG VTKGU VQ FQ KV C NKVVNG DGVVGT GCEJ
FC[ HQNNQYKPI CP GUVCDNKUJGF QTFGT QT UGV QH TWNGU JGཐU OCFG HQT JKOUGNH RNCVGU
HKTUV HQTMU UGEQPF CPF UQ QP
+VཐU QPG QH JKU FCKN[ OQOGPVU QH OKETQHNQY
4KEJCTF (G[POCP QPG QH VJG OQUV KORQTVCPV RJ[UKEKUVU QH CNN VKOG CNUQ VQQM
RNGCUWTG KP TQWVKPG VCUMU 9 &CPKGN *KNNKU QPG QH VJG HQWPFGTU QH VJG
UWRGTEQORWVGT OCPWHCEVWTGT 6JKPMKPI /CEJKPGU JKTGF (G[POCP VQ YQTM QP VJG
FGXGNQROGPV QH C EQORWVGT VJCV EQWNF JCPFNG RCTCNNGN RTQEGUUKPI YJGP JG YCU
CNTGCF[ YQTNF HCOQWU *G UC[U (G[POCP UJQYGF WR QP JKU HKTUV FC[ QH YQTM CPF
UCKF ན1- DQUU YJCVཐU O[ CUUKIPOGPV!པ 6JG[ FKFPཐV JCXG CP[VJKPI RTGRCTGF UQ
VJG[ CUMGF JKO VQ YQTM QP C EGTVCKP OCVJGOCVKECN RTQDNGO *G KOOGFKCVGN[
TGCNK\GF VJG[ YGTG IKXKPI JKO CP KTTGNGXCPV VCUM VQ MGGR JKO DWU[ CPF UCKF ན6JCV
UQWPFU NKMG C DWPEJ QH DCNQPG[ཋIKXG OG UQOGVJKPI TGCN VQ FQཔ
5Q VJG[ UGPV JKO VQ C PGCTD[ UJQR VQ DW[ QHHKEG UWRRNKGU CPF JG EQORNGVGF JKU
CUUKIPOGPV YKVJ C UOKNG QP JKU HCEG 9JGP JG FKFPཐV JCXG UQOGVJKPI KORQTVCPV VQ
FQ QT PGGFGF VQ TGUV JKU OKPF (G[POCP FGFKECVGF JKOUGNH VQ OKETQHNQYKPIཋUC[
RCKPVKPI VJG QHHKEG YCNNU
9GGMU NCVGT CHVGT XKUKVKPI VJG 6JKPMKPI /CEJKPGU QHHKEGU C ITQWR QH KPXGUVQTU
FGENCTGF ན;QW JCXG C 0QDGN NCWTGCVG KP VJGTG RCKPVKPI YCNNU CPF UQNFGTKPI
EKTEWKVUཔ
*OTUBOU WBDBUJPOT (FUUJOH UIFSF UISPVHI NFEJUBUJPO
6TCKPKPI VJG OKPF ECP IGV WU VQ C RNCEG QH HNQY OQTG SWKEMN[ /GFKVCVKQP KU QPG
YC[ VQ GZGTEKUG QWT OGPVCN OWUENGU
6JGTG CTG OCP[ V[RGU QH OGFKVCVKQP DWV VJG[ CNN JCXG VJG UCOG QDLGEVKXG
ECNOKPI VJG OKPF QDUGTXKPI QWT VJQWIJVU CPF GOQVKQPU CPF EGPVGTKPI QWT HQEWU
QP C UKPING QDLGEV
6JG DCUKE RTCEVKEG KPXQNXGU UKVVKPI YKVJ C UVTCKIJV DCEM CPF HQEWUKPI QP [QWT
DTGCVJ #P[QPG ECP FQ KV CPF [QW HGGN C FKHHGTGPEG CHVGT LWUV QPG UGUUKQP $[
HKZKPI [QWT CVVGPVKQP QP VJG CKT OQXKPI KP CPF QWV QH [QWT PQUG [QW ECP UNQY VJG
VQTTGPV QH VJQWIJVU CPF ENGCT [QWT OGPVCN JQTK\QPU
7KH $UFKHUȏV 6HFUHW
6JG YKPPGT QH VJG  1N[ORKE IQNF OGFCN HQT CTEJGT[ YCU C UGXGPVGGP
[GCTQNF YQOCP HTQO 5QWVJ -QTGC 9JGP CUMGF JQY UJG RTGRCTGF UJG
TGRNKGF VJCV VJG OQUV KORQTVCPV RCTV QH JGT VTCKPKPI YCU OGFKVCVKPI HQT VYQ
JQWTU GCEJ FC[
+H YG YCPV VQ IGV DGVVGT CV TGCEJKPI C UVCVG QH HNQY OGFKVCVKQP KU CP GZEGNNGPV
CPVKFQVG VQ QWT UOCTVRJQPGU CPF VJGKT PQVKHKECVKQPU EQPUVCPVN[ ENCOQTKPI HQT QWT
CVVGPVKQP
1PG QH VJG OQUV EQOOQP OKUVCMGU COQPI RGQRNG UVCTVKPI VQ OGFKVCVG KU
YQTT[KPI CDQWV FQKPI KV ནTKIJVཔ CEJKGXKPI CDUQNWVG OGPVCN UKNGPEG QT TGCEJKPI
ནPKTXCPCཔ 6JG OQUV KORQTVCPV VJKPI KU VQ HQEWU QP VJG LQWTPG[
5KPEG VJG OKPF KU C EQPUVCPV UYKTN QH VJQWIJVU KFGCU CPF GOQVKQPU UNQYKPI
FQYP VJG ནEGPVTKHWIGཔཋGXGP HQT LWUV C HGY UGEQPFUཋECP JGNR WU HGGN OQTG
TGUVGF CPF NGCXG WU YKVJ C UGPUG QH ENCTKV[
+P HCEV QPG QH VJG VJKPIU YG NGCTP KP VJG RTCEVKEG QH OGFKVCVKQP KU PQV VQ YQTT[
CDQWV CP[VJKPI VJCV HNKVU CETQUU QWT OGPVCN UETGGP 6JG KFGC QH MKNNKPI QWT DQUU
OKIJV HNCUJ KPVQ QWT OKPF DWV YG UKORN[ NCDGN KV CU C VJQWIJV CPF NGV KV RCUU NKMG C
ENQWF YKVJQWV LWFIKPI QT TGLGEVKPI KV +V KU QPN[ C VJQWIJVཋQPG QH VJG UKZV[
VJQWUCPF YG JCXG GXGT[ FC[ CEEQTFKPI VQ UQOG GZRGTVU
/GFKVCVKQP IGPGTCVGU CNRJC CPF VJGVC DTCKP YCXGU (QT VJQUG GZRGTKGPEGF KP
OGFKVCVKQP VJGUG YCXGU CRRGCT TKIJV CYC[ YJKNG KV OKIJV VCMG C JCNH JQWT HQT C
DGIKPPGT VQ GZRGTKGPEG VJGO 6JGUG TGNCZKPI DTCKP YCXGU CTG VJG QPGU VJCV CTG
CEVKXCVGF TKIJV DGHQTG YG HCNN CUNGGR CU YG NKG KP VJG UWP QT TKIJV CHVGT VCMKPI C
JQV DCVJ
9G CNN ECTT[ C URC YKVJ WU GXGT[YJGTG YG IQ +VཐU LWUV C OCVVGT QH MPQYKPI JQY
VQ IGV KPཋUQOGVJKPI CP[QPG ECP FQ YKVJ C DKV QH RTCEVKEG
)VNBOT BT SJUVBMJTUJD CFJOHT
.KHG KU KPJGTGPVN[ TKVWCNKUVKE 9G EQWNF CTIWG VJCV JWOCPU PCVWTCNN[ HQNNQY TKVWCNU
VJCV MGGR WU DWU[ +P UQOG OQFGTP EWNVWTGU YG JCXG DGGP HQTEGF QWV QH QWT
TKVWCNKUVKE NKXGU VQ RWTUWG IQCN CHVGT IQCN KP QTFGT VQ DG UGGP CU UWEEGUUHWN $WV
VJTQWIJQWV JKUVQT[ JWOCPU JCXG CNYC[U DGGP DWU[ 9G YGTG JWPVKPI EQQMKPI
HCTOKPI GZRNQTKPI CPF TCKUKPI HCOKNKGUཋCEVKXKVKGU VJCV YGTG UVTWEVWTGF CU TKVWCNU
VQ MGGR WU DWU[ VJTQWIJQWV QWT FC[U
$WV KP CP WPWUWCN YC[ TKVWCNU UVKNN RGTOGCVG FCKN[ NKHG CPF DWUKPGUU RTCEVKEGU KP
$WV KP CP WPWUWCN YC[ TKVWCNU UVKNN RGTOGCVG FCKN[ NKHG CPF DWUKPGUU RTCEVKEGU KP
OQFGTP ,CRCP 6JG OCKP TGNKIKQPU KP ,CRCPཋ%QPHWEKCPKUO $WFFJKUO CPF
5JKPVQKUOཋCTG CNN QPGU KP YJKEJ VJG TKVWCNU CTG OQTG KORQTVCPV VJCP CDUQNWVG
TWNGU
9JGP FQKPI DWUKPGUU KP ,CRCP RTQEGUU OCPPGTU CPF JQY [QW YQTM QP
UQOGVJKPI KU OQTG KORQTVCPV VJCP VJG HKPCN TGUWNVU 9JGVJGT VJKU KU IQQF QT DCF
HQT VJG GEQPQO[ KU DG[QPF VJG UEQRG QH VJKU DQQM 9JCV KU KPFKURWVCDNG VJQWIJ
KU VJCV HKPFKPI HNQY KP C ནTKVWCNKUVKE YQTMRNCEGཔ KU OWEJ GCUKGT VJCP KP QPG KP
YJKEJ YG CTG EQPVKPWCNN[ UVTGUUGF QWV VT[KPI VQ CEJKGXG WPENGCT IQCNU UGV D[ QWT
DQUUGU
4KVWCNU IKXG WU ENGCT TWNGU CPF QDLGEVKXGU YJKEJ JGNR WU GPVGT C UVCVG QH HNQY
9JGP YG JCXG QPN[ C DKI IQCN KP HTQPV QH WU YG OKIJV HGGN NQUV QT QXGTYJGNOGF
D[ KV TKVWCNU JGNR WU D[ IKXKPI WU VJG RTQEGUU VJG TVCTUFQT QP VJG RCVJ VQ
CEJKGXKPI C IQCN 9JGP EQPHTQPVGF YKVJ C DKI IQCN VT[ VQ DTGCM KV FQYP KPVQ RCTVU
CPF VJGP CVVCEM GCEJ RCTV QPG D[ QPG
(QEWU QP GPLQ[KPI [QWT FCKN[ TKVWCNU WUKPI VJGO CU VQQNU VQ GPVGT C UVCVG QH
HNQY &QPཐV YQTT[ CDQWV VJG QWVEQOGཋKV YKNN EQOG PCVWTCNN[ *CRRKPGUU KU KP VJG
FQKPI PQV KP VJG TGUWNV #U C TWNG QH VJWOD TGOKPF [QWTUGNH ན4KVWCNU QXGT IQCNUཔ
6JG JCRRKGUV RGQRNG CTG PQV VJG QPGU YJQ CEJKGXG VJG OQUV 6JG[ CTG VJG QPGU
YJQ URGPF OQTG VKOG VJCP QVJGTU KP C UVCVG QH HNQY
6TJOH GMPX UP GJOE ZPVS JLJHBJ
#HVGT TGCFKPI VJKU EJCRVGT [QW UJQWNF JCXG C DGVVGT KFGC QH YJKEJ CEVKXKVKGU KP
[QWT NKHG OCMG [QW GPVGT HNQY 9TKVG CNN QH VJGO QP C RKGEG QH RCRGT VJGP CUM
[QWTUGNH VJGUG SWGUVKQPU 9JCV FQ VJG CEVKXKVKGU VJCV FTKXG [QW VQ HNQY JCXG KP
EQOOQP! 9J[ FQ VJQUG CEVKXKVKGU FTKXG [QW VQ HNQY! (QT GZCORNG CTG CNN VJG
CEVKXKVKGU [QW OQUV NKMG FQKPI QPGU VJCV [QW RTCEVKEG CNQPG QT YKVJ QVJGT RGQRNG!
&Q [QW HNQY OQTG YJGP FQKPI VJKPIU VJCV TGSWKTG [QW VQ OQXG [QWT DQF[ QT LWUV
VQ VJKPM!
+P VJG CPUYGTU VQ VJGUG SWGUVKQPU [QW OKIJV HKPF VJG WPFGTN[KPI JLJHBJ VJCV
FTKXGU [QWT NKHG +H [QW FQPཐV VJGP MGGR UGCTEJKPI D[ IQKPI FGGRGT KPVQ YJCV [QW
NKMG D[ URGPFKPI OQTG QH [QWT VKOG KP VJG CEVKXKVKGU VJCV OCMG [QW HNQY #NUQ VT[
PGY VJKPIU VJCV CTG PQV QP VJG NKUV QH YJCV OCMGU [QW HNQY DWV VJCV CTG UKOKNCT CPF
VJCV [QW CTG EWTKQWU CDQWV (QT GZCORNG KH RJQVQITCRJ[ KU UQOGVJKPI VJCV FTKXGU
[QW KPVQ HNQY [QW EQWNF CNUQ VT[ RCKPVKPI [QW OKIJV GXGP NKMG KV OQTG 1T KH [QW
NQXG UPQYDQCTFKPI CPF JCXG PGXGT VTKGF UWTHKPI   
(NQY KU O[UVGTKQWU +V KU NKMG C OWUENG VJG OQTG [QW VTCKP KV VJG OQTG [QW YKNN
HNQY CPF VJG ENQUGT [QW YKNN DG VQ [QWT JLJHBJ
9
0$67(56 2) /21*(9,7<
9QTFU QH YKUFQO HTQO VJG
NQPIGUVNKXKPI RGQRNG KP VJG YQTNF
9*'0 9' 56#46'& YQTMKPI QP VJKU DQQM YG FKFPཐV YCPV VQ LWUV TGUGCTEJ VJG HCEVQTU VJCV EQPVTKDWVG VQ C NQPI CPF
JCRR[ NKHG YG YCPVGF VQ JGCT HTQO VJG VTWG OCUVGTU QH VJKU CTV
6JG KPVGTXKGYU YG EQPFWEVGF KP 1MKPCYC OGTKV VJGKT QYP EJCRVGT DWV KP VJG
UGEVKQP VJCV RTGEGFGU KV YG JCXG RTQXKFGF CP QXGTXKGY QH VJG NKHG RJKNQUQRJKGU QH
C HGY KPVGTPCVKQPCN EJCORKQPU QH NQPIGXKV[ 9GཐTG VCNMKPI CDQWV
UWRGTEGPVGPCTKCPUཋRGQRNG YJQ NKXG VQ  [GCTU QH CIG QT OQTG
6JG VGTO YCU EQKPGF KP  D[ 0QTTKU /E9JKTVGT GFKVQT QH 5IF (VJOOFTT
#PPL PG 8PSME 3FDPSET +VU WUG DGECOG OQTG YKFGURTGCF KP VJG U CHVGT KV
CRRGCTGF KP 9KNNKCO 5VTCWUU CPF 0GKN *QYGཐU (FOFSBUJPOT 6QFC[ VJGTG CTG CP
GUVKOCVGF  VQ  UWRGTEGPVGPCTKCPU KP VJG YQTNF CNVJQWIJ VJG CIG QH QPN[
CTQWPF  QH VJGO JCU DGGP EQPHKTOGF 6JG[ CTGPཐV UWRGTJGTQGU DWV YG EQWNF UGG
VJGO CU UWEJ HQT JCXKPI URGPV HCT OQTG VKOG QP VJKU RNCPGV VJCP VJG CXGTCIG NKHG
GZRGEVCPE[ YQWNF RTGFKEV
)KXGP VJG TKUG KP NKHG GZRGEVCPE[ CTQWPF VJG YQTNF VJG PWODGT QH
UWRGTEGPVGPCTKCPU OKIJV CNUQ KPETGCUG # JGCNVJ[ CPF RWTRQUGHWN NKHG EQWNF JGNR
WU LQKP VJGKT TCPMU
.GVཐU VCMG C NQQM CV YJCV C HGY QH VJGO JCXG VQ UC[
.JTBP 0LBXB 	

Ȓ(DW DQG VOHHS DQG \RXȏOO OLYH D ORQJ WLPH <RX KDYH WR OHDUQ WR
UHOD[ȓ
#EEQTFKPI VQ VJG )GTQPVQNQI[ 4GUGCTEJ )TQWR WPVKN #RTKN  VJG QNFGUV NKXKPI
RGTUQP KP VJG YQTNF YCU /KUCQ 1MCYC YJQ RCUUGF CYC[ KP C ECTG HCEKNKV[ KP
1UCMC ,CRCP CHVGT NKXKPI HQT  [GCTU CPF  FC[U
6JG FCWIJVGT QH C VGZVKNG OGTEJCPV UJG YCU DQTP KP  YJGP 5RCKP NQUV KVU
EQNQPKGU KP %WDC CPF VJG 2JKNKRRKPGU CPF VJG 7PKVGF 5VCVGU CPPGZGF *CYCKK CPF
NCWPEJGF 2GRUK%QNC 7PVKN UJG YCU  VJKU YQOCPཋYJQ NKXGF KP VJTGG
FKHHGTGPV EGPVWTKGUཋECTGF HQT JGTUGNH WPCUUKUVGF
9JGP URGEKCNKUVU CUMGF CDQWV JGT UGNHECTG TQWVKPG /KUCQ CPUYGTGF UKORN[
ན'CVKPI UWUJK CPF UNGGRKPIཔ VQ YJKEJ YG UJQWNF CFF JCXKPI C VTGOGPFQWU VJKTUV
HQT NKHG 9JGP VJG[ KPSWKTGF CDQWV JGT UGETGV HQT NQPIGXKV[ UJG CPUYGTGF YKVJ C
UOKNG ན+ CUM O[UGNH VJG UCOG VJKPIཔ
2TQQH VJCV ,CRCP EQPVKPWGU VQ DG C HCEVQT[ QH NQPI NKHG +P ,WN[ QH VJG UCOG [GCT
5CMCTK /QOQK RCUUGF CYC[ CV  [GCTU CPF  FC[U QNF #V VJG VKOG JG YCU VJG
QNFGUV OCP KP VJG YQTNF VJQWIJ JG YCU [QWPIGT VJCP HKHV[UGXGP YQOGP
.BS­B $BQPWJMMB 	

Ȓ,ȏYH QHYHU HDWHQ PHDW LQ P\ OLIHȓ
$QTP KP 'EWCFQT KP  /CT®C %CRQXKNNC YCU TGEQIPK\GF D[ )WKPPGUU CU VJG
YQTNFཐU QNFGUV RGTUQP 5JG FKGF QH RPGWOQPKC KP  CV  [GCTU CPF  FC[U
QNF NGCXKPI DGJKPF VJTGG EJKNFTGP VYGNXG ITCPFEJKNFTGP CPF VYGPV[ ITGCVCPF
ITGCVITGCVITCPFEJKNFTGP
5JG ICXG QPG QH JGT NCUV KPVGTXKGYU CV CIG  UJCTKPI JGT OGOQTKGU CPF JGT
VJQWIJVU
+ཐO JCRR[ CPF + IKXG VJCPMU VQ )QF YJQ MGGRU OG IQKPI + PGXGT VJQWIJV +ཐF NKXG UQ NQPI + VJQWIJV +ཐF
FKG NQPI CIQ /[ JWUDCPF #PVQPKQ %CRQXKNNC YCU VJG ECRVCKP QH C UJKR *G RCUUGF CYC[ CV  9G JCF
VYQ FCWIJVGTU CPF C UQP CPF PQY + JCXG OCP[ ITCPFEJKNFTGP CPF ITGCVITCPFEJKNFTGP
6JKPIU YGTG DGVVGT DCEM KP VJG QNF FC[U 2GQRNG DGJCXGF DGVVGT 9G WUGF VQ FCPEG DWV YG YGTG
OQTG TGUVTCKPGF VJGTG YCU VJKU QPG UQPI + NQXGF FCPEKPI VQ ན/CT®Cཔ D[ .WKU #NCTE´P + UVKNN TGOGODGT
OQUV QH VJG YQTFU + CNUQ TGOGODGT OCP[ RTC[GTU CPF UC[ VJGO GXGT[ FC[
+ NKMG VJG YCNV\ CPF ECP UVKNN FCPEG KV + CNUQ UVKNN OCMG ETCHVU + UVKNN FQ UQOG QH VJG VJKPIU + FKF YJGP
+ YCU KP UEJQQN

9JGP UJG JCF HKPKUJGF TGECNNKPI JGT RCUV UJG DGICP VQ FCPEGཋQPG QH JGT
ITGCV RCUUKQPUཋYKVJ CP GPGTI[ VJCV OCFG JGT UGGO FGECFGU [QWPIGT
9JGP CUMGF CDQWV JGT UGETGV HQT NQPIGXKV[ UJG TGURQPFGF UKORN[ ན+ FQPཐV
MPQY YJCV VJG UGETGV VQ NQPI NKHG KU 6JG QPN[ VJKPI + FQ KU +ཐXG PGXGT GCVGP OGCV KP
O[ NKHG + CVVTKDWVG KV VQ VJCVཔ
+FBOOF $BMNFOU 	

Ȓ(YHU\WKLQJȏV ILQHȓ
$QTP KP #TNGU (TCPEG KP (GDTWCT[  ,GCPPG %CNOGPV NKXGF WPVKN #WIWUV 
 OCMKPI JGT CV  VJG QNFGUV RGTUQP QH XGTKHKGF CIG KP JKUVQT[ 5JG
LQMKPIN[ UCKF VJCV UJG ནEQORGVGF YKVJ /GVJWUGNCJཔ CPF VJGTG KU PQ SWGUVKQP VJCV
LQMKPIN[ UCKF VJCV UJG ནEQORGVGF YKVJ /GVJWUGNCJཔ CPF VJGTG KU PQ SWGUVKQP VJCV
UJG DTQMG PWOGTQWU TGEQTFU CU UJG YGPV QP EGNGDTCVKPI DKTVJFC[U
5JG FKGF QH PCVWTCN ECWUGU CV VJG GPF QH C JCRR[ NKHG FWTKPI YJKEJ UJG FGPKGF
JGTUGNH CNOQUV PQVJKPI 5JG TQFG C DKE[ENG WPVKN UJG VWTPGF  5JG NKXGF QP JGT
QYP WPVKN  YJGP UJG CITGGF VQ OQXG KPVQ C PWTUKPI JQOG CHVGT CEEKFGPVCNN[
UVCTVKPI C UOCNN HKTG KP JGT CRCTVOGPV 5JG UVQRRGF UOQMKPI CV  YJGP JGT
ECVCTCEVU UVCTVGF OCMKPI KV JCTF HQT JGT VQ DTKPI C EKICTGVVG VQ JGT NKRU
1PG QH JGT UGETGVU OC[ JCXG DGGP JGT UGPUG QH JWOQT #U UJG UCKF QP JGT
VJ DKTVJFC[ ན+ UGG DCFN[ + JGCT DCFN[ CPF + HGGN DCF DWV GXGT[VJKPIཐU HKPGཔ
8BMUFS #SFVOJOH 	
 Ȓ,I \RX NHHS \RXU PLQG DQG ERG\ EXV\ \RXȏOO EH DURXQG D ORQJ
WLPHȓ
$QTP KP /KPPGUQVC KP  9CNVGT $TGWPKPI YCU CDNG VQ UGG VJTGG EGPVWTKGU KP JKU
NKHGVKOG *G FKGF KP /QPVCPC KP  HTQO PCVWTCN ECWUGU JGཐF JCF VYQ YKXGU
CPF C HKHV[[GCT ECTGGT QP VJG TCKNTQCF #V GKIJV[VJTGG JG TGVKTGF VQ CP CUUKUVGF
NKXKPI EGPVGT KP /QPVCPC YJGTG JG TGOCKPGF WPVKN JKU FGCVJ *G KU VJG UGEQPF
QNFGUV OCP 
QH XGTKHKGF CIG GXGT DQTP KP VJG 7PKVGF 5VCVGU
*G ICXG OCP[ KPVGTXKGYU KP JKU HKPCN [GCTU KPUKUVKPI VJCV JKU NQPIGXKV[
UVGOOGF HTQO COQPI QVJGT VJKPIU JKU JCDKV QH GCVKPI QPN[ VYQ OGCNU RGT FC[
CPF YQTMKPI HQT CU OCP[ [GCTU CU JG EQWNF ན;QWT OKPF CPF [QWT DQF[ ;QW MGGR
DQVJ DWU[པ JG UCKF QP JKU VJ DKTVJFC[ ན[QWཐNN DG JGTG C NQPI VKOGཔ $CEM VJGP
JG YCU UVKNN GZGTEKUKPI GXGT[ FC[
#OQPI $TGWPKPIཐU QVJGT UGETGVU *G JCF C JCDKV QH JGNRKPI QVJGTU CPF JG
YCUPཐV CHTCKF QH F[KPI #U JG FGENCTGF KP C  KPVGTXKGY YKVJ VJG #UUQEKCVGF
2TGUU ན9GཐTG CNN IQKPI VQ FKG 5QOG RGQRNG CTG UECTGF QH F[KPI 0GXGT DG CHTCKF
VQ FKG $GECWUG [QWཐTG DQTP VQ FKGཔ
$GHQTG RCUUKPI CYC[ KP  JG KU UCKF VQ JCXG VQNF C RCUVQT VJCV JGཐF OCFG C
FGCN YKVJ )QF +H JG YCUPཐV IQKPI VQ IGV DGVVGT KV YCU VKOG VQ IQ
"MFYBOEFS *NJDI 	

Ȓ, MXVW KDYHQȏW GLHG \HWȓ
$QTP KP 2QNCPF KP  #NGZCPFGT +OKEJ YCU C EJGOKUV CPF RCTCRU[EJQNQIKUV
TGUKFKPI KP VJG 7PKVGF 5VCVGU YJQ CHVGT VJG FGCVJ QH JKU RTGFGEGUUQT KP 
TGUKFKPI KP VJG 7PKVGF 5VCVGU YJQ CHVGT VJG FGCVJ QH JKU RTGFGEGUUQT KP 
DGECOG VJG QNFGUV OCP QH CWVJGPVKECVGF CIG KP VJG YQTNF +OKEJ JKOUGNH FKGF
UJQTVN[ VJGTGCHVGT KP ,WPG QH VJCV [GCT NGCXKPI DGJKPF C NQPI NKHG TKEJ YKVJ
GZRGTKGPEGU
+OKEJ CVVTKDWVGF JKU NQPIGXKV[ VQ COQPI QVJGT VJKPIU PGXGT FTKPMKPI CNEQJQN
ན+VཐU PQV CU VJQWIJ +ཐF YQP VJG 0QDGN 2TK\Gཔ JG UCKF WRQP DGKPI FGENCTGF VJG
YQTNFཐU QNFGUV OCP ན+ PGXGT VJQWIJV +ཐF IGV VQ DG UQ QNFཔ 9JGP CUMGF CDQWV JKU
UGETGV VQ NKXKPI UQ NQPI JKU CPUYGT YCU ན+ FQPཐV MPQY + LWUV JCXGPཐV FKGF [GVཔ
*LJHBJ BSUJTUT
6JG UGETGV VQ NQPI NKHG JQYGXGT KU PQV JGNF D[ UWRGTEGPVGPCTKCPU CNQPG 6JGTG CTG
OCP[ RGQRNG QH CFXCPEGF CIG YJQ VJQWIJ VJG[ JCXGPཐV OCFG KV KPVQ (VJOOFTT
8PSME 3FDPSET QHHGT WU KPURKTCVKQP CPF KFGCU HQT DTKPIKPI GPGTI[ CPF OGCPKPI VQ
QWT NKXGU
#TVKUVU HQT GZCORNG YJQ ECTT[ VJG VQTEJ QH VJGKT JLJHBJ KPUVGCF QH TGVKTKPI
JCXG VJKU RQYGT
#TV KP CNN KVU HQTOU KU CP JLJHBJ VJCV ECP DTKPI JCRRKPGUU CPF RWTRQUG VQ QWT
FC[U 'PLQ[KPI QT ETGCVKPI DGCWV[ KU HTGG CPF UQOGVJKPI CNN JWOCP DGKPIU JCXG
CEEGUU VQ
*QMWUCK VJG ,CRCPGUG CTVKUV YJQ OCFG YQQFDNQEM RTKPVU KP VJG WMK[QG UV[NG
CPF NKXGF HQT  [GCTU HTQO VJG OKFGKIJVGGPVJ VQ VJG OKFPKPGVGGPVJ EGPVWT[
CFFGF VJKU RQUVUETKRV VQ VJG HKTUV GFKVKQP QH JKU 0OF )VOESFE 7JFXT PG .PVOU
'VKJ

#NN VJCV + JCXG RTQFWEGF DGHQTG VJG CIG QH  KU PQV YQTVJ DGKPI EQWPVGF +V KU CV VJG CIG QH  VJCV +
JCXG UQOGYJCV DGIWP VQ WPFGTUVCPF VJG UVTWEVWTG QH VTWG PCVWTG QH CPKOCNU CPF ITCUUGU CPF VTGGU CPF
DKTFU CPF HKUJGU CPF KPUGEVU EQPUGSWGPVN[ CV  [GCTU QH CIG + UJCNN JCXG OCFG UVKNN OQTG RTQITGUU CV
 + JQRG VQ JCXG RGPGVTCVGF KPVQ VJG O[UVGT[ QH VJKPIU CV  [GCTU QH CIG + UJQWNF JCXG TGCEJGF
FGEKFGFN[ C OCTXGNQWU FGITGG CPF YJGP + UJCNN DG  CNN VJCV + FQ GXGT[ RQKPV CPF GXGT[ NKPG UJCNN DG
KPUVKPEV YKVJ NKHG
+P VJG RCIGU VJCV HQNNQY YGཐXG EQNNGEVGF UQOG QH VJG OQUV KPURKTCVKQPCN YQTFU
HTQO CTVKUVU KPVGTXKGYGF D[ %COKNNG 5YGGPG[ HQT VJG /FX :PSL 5JNFT
 1H VJQUG
UVKNN NKXKPI PQPG JCXG TGVKTGF CPF CNN UVKNN GPLQ[ VJGKT RCUUKQP YJKEJ VJG[ RNCP VQ
RWTUWG WPVKN VJGKT HKPCN DTGCVJ FGOQPUVTCVKPI VJCV YJGP [QW JCXG C ENGCT RWTRQUG
PQ QPG ECP UVQR [QW
6JG CEVQT %JTKUVQRJGT 2NWOOGT UVKNN YQTMKPI CV GKIJV[UKZ TGXGCNU C FCTM
FGUKTG UJCTGF D[ OCP[ YJQ NQXG VJG RTQHGUUKQP ན9G YCPV VQ FTQR FGCF QPUVCIG
6JCV YQWNF DG C PKEG VJGCVTKECN YC[ VQ IQཔ
1UCOW 6G\WMC VJG HCVJGT QH OQFGTP ,CRCPGUG OCPIC UJCTGF VJKU HGGNKPI
$GHQTG JG FKGF KP  JKU NCUV YQTFU CU JG FTGY QPG HKPCN ECTVQQP YGTG ན2NGCUG
LWUV NGV OG YQTMཔ
6JG GKIJV[UKZ[GCTQNF HKNOOCMGT (TGFGTKEM 9KUGOCP FGENCTGF QP C UVTQNN
VJTQWIJ 2CTKU VJCV JG NKMGU VQ YQTM YJKEJ KU YJ[ JG FQGU KV YKVJ UWEJ KPVGPUKV[
ན'XGT[DQF[ EQORNCKPU CDQWV VJGKT CEJGU CPF RCKPU CPF CNN VJCV DWV O[ HTKGPFU CTG
GKVJGT FGCF QT CTG UVKNN YQTMKPIཔ JG UCKF

%CTOGP *GTTGTC C RCKPVGT YJQ LWUV GPVGTGF JGT QPG JWPFTGFVJ [GCT UQNF JGT
HKTUV ECPXCU CV CIG GKIJV[PKPG 6QFC[ JGT YQTM KU KP VJG RGTOCPGPV EQNNGEVKQPU QH
VJG 6CVG /QFGTP CPF VJG /WUGWO QH /QFGTP #TV 9JGP CUMGF JQY UJG XKGYGF
JGT HWVWTG UJG TGURQPFGF ན+ CO CNYC[U YCKVKPI VQ HKPKUJ VJG PGZV VJKPI #DUWTF +
MPQY + IQ FC[ D[ FC[པ
1HYHU 6WRS /HDUQLQJ
ན;QW OC[ ITQY QNF CPF VTGODNKPI KP [QWT CPCVQOKGU [QW OC[ NKG CYCMG
CV PKIJV NKUVGPKPI VQ VJG FKUQTFGT QH [QWT XGKPU [QW OC[ OKUU [QWT QPN[
NQXG [QW OC[ UGG VJG YQTNF CDQWV [QW FGXCUVCVGF D[ GXKN NWPCVKEU QT MPQY
[QWT JQPQWT VTCORNGF KP VJG UGYGTU QH DCUGT OKPFU 6JGTG KU QPN[ QPG
VJKPI HQT KV VJGPཋVQ NGCTP .GCTP YJ[ VJG YQTNF YCIU CPF YJCV YCIU KV
6JCV KU VJG QPN[ VJKPI YJKEJ VJG OKPF ECP PGXGT GZJCWUV PGXGT CNKGPCVG
PGXGT DG VQTVWTGF D[ PGXGT HGCT QT FKUVTWUV CPF PGXGT FTGCO QH
TGITGVVKPIཔ ཋ6 * 9JKVG 5IF 0ODF BOE 'VUVSF ,JOH
(QT JKU RCTV PCVWTCNKUV CPF CWVJQT 'FYCTF 1 9KNUQP CUUGTVGF ན+ HGGN + JCXG
GPQWIJ GZRGTKGPEG VQ LQKP VJQUG YJQ CTG CFFTGUUKPI DKI SWGUVKQPU #DQWV VGP
[GCTU CIQ YJGP + DGICP TGCFKPI CPF VJKPMKPI OQTG DTQCFN[ CDQWV VJG SWGUVKQPU QH
YJCV CTG YG YJGTG FKF YG EQOG HTQO CPF YJGTG CTG YG IQKPI + YCU CUVQPKUJGF
CV JQY NKVVNG VJKU YCU DGKPI FQPGཔ
'NNUYQTVJ -GNN[ CP CTVKUV YJQ RCUUGF CYC[ KP  CV VJG CIG QH PKPGV[VYQ
CUUWTGF WU VJCV VJG KFGC VJCV YG NQUG QWT HCEWNVKGU YKVJ CIG KU KP RCTV C O[VJ
DGECWUG KPUVGCF YG FGXGNQR C ITGCVGT ENCTKV[ CPF ECRCEKV[ HQT QDUGTXCVKQP ན+VཐU
QPG VJKPI CDQWV IGVVKPI QNFGT [QW UGG OQTG    'XGT[ FC[ +ཐO EQPVKPWKPI VQ UGG
PGY VJKPIU 6JCVཐU YJ[ VJGTG CTG PGY RCKPVKPIUཔ
#V GKIJV[UKZ VJG CTEJKVGEV (TCPM )GJT[ TGOKPFU WU VJCV UQOG DWKNFKPIU ECP
VCMG UGXGP [GCTU ནHTQO VJG VKOG [QWཐTG JKTGF WPVKN [QWཐTG HKPKUJGFཔ C HCEV VJCV
HCXQTU C RCVKGPV CVVKVWFG YKVJ TGICTF VQ VJG RCUUCIG QH VKOG 6JG OCP TGURQPUKDNG
HQT VJG )WIIGPJGKO /WUGWO $KNDCQ JQYGXGT MPQYU JQY VQ NKXG KP VJG JGTG CPF
PQY ན;QW UVC[ KP [QWT VKOG ;QW FQPཐV IQ DCEMYCTF + VJKPM KH [QW TGNCVG VQ VJG
VKOG [QWཐTG KP [QW MGGR [QWT G[GU CPF GCTU QRGP TGCF VJG RCRGT UGG YJCVཐU IQKPI
QP UVC[ EWTKQWU CDQWV GXGT[VJKPI [QW YKNN CWVQOCVKECNN[ DG KP [QWT VKOGཔ
/RQJHYLW\ LQ -DSDQ
$GECWUG QH KVU TQDWUV EKXKN TGIKUVT[ OCP[ QH VJQUG XGTKHKGF CU JCXKPI NKXGF
VJG NQPIGUV CTG HQWPF KP VJG 7PKVGF 5VCVGU JQYGXGT VJGTG CTG OCP[
EGPVGPCTKCPU NKXKPI KP TGOQVG XKNNCIGU KP QVJGT EQWPVTKGU # RGCEGHWN NKHG KP
VJG EQWPVT[UKFG UGGOU RTGVV[ EQOOQP COQPI RGQRNG YJQ JCXG YCVEJGF C
EGPVWT[ RCUU
9KVJQWV SWGUVKQP VJG KPVGTPCVKQPCN UWRGTUVCT QH NQPIGXKV[ KU ,CRCP
YJKEJ JCU VJG JKIJGUV NKHG GZRGEVCPE[ QH CP[ EQWPVT[ KP VJG YQTNF +P
CFFKVKQP VQ C JGCNVJ[ FKGV YJKEJ YG YKNN GZRNQTG KP FGVCKN CPF CP
KPVGITCVGF JGCNVJ ECTG U[UVGO KP YJKEJ RGQRNG IQ VQ VJG FQEVQT HQT TGIWNCT
EJGEMWRU VQ RTGXGPV FKUGCUG NQPIGXKV[ KP ,CRCP KU ENQUGN[ VKGF VQ KVU
EWNVWTG CU YG YKNN UGG NCVGT QP
6JG UGPUG QH EQOOWPKV[ CPF VJG HCEV VJCV ,CRCPGUG RGQRNG OCMG CP
GHHQTV VQ UVC[ CEVKXG WPVKN VJG XGT[ GPF CTG MG[ GNGOGPVU QH VJGKT UGETGV VQ
NQPI NKHG
+H [QW YCPV VQ UVC[ DWU[ GXGP YJGP VJGTGཐU PQ PGGF VQ YQTM VJGTG JCU
VQ DG CP JLJHBJ QP [QWT JQTK\QP C RWTRQUG VJCV IWKFGU [QW VJTQWIJQWV [QWT
NKHG CPF RWUJGU [QW VQ OCMG VJKPIU QH DGCWV[ CPF WVKNKV[ HQT VJG
EQOOWPKV[ CPF [QWTUGNH
9,
/(66216 )520 -$3$1ȏ6 &(17(1$5,$16
6TCFKVKQPU CPF RTQXGTDU HQT
JCRRKPGUU CPF NQPIGXKV[
61 )'6 61 1IKOK YG JCF VQ HN[ PGCTN[ VJTGG JQWTU HTQO 6QM[Q VQ 0CJC VJG ECRKVCN QH 1MKPCYC 5GXGTCN OQPVJU
GCTNKGT YG JCF EQPVCEVGF VJG VQYP EQWPEKN QH C RNCEG MPQYP CU VJG 8KNNCIG QH .QPIGXKV[ VQ GZRNCKP VJG
RWTRQUG QH QWT VTKR CPF QWT KPVGPVKQP VQ KPVGTXKGY VJG QNFGUV OGODGTU QH VJG EQOOWPKV[ #HVGT PWOGTQWU
EQPXGTUCVKQPU YG HKPCNN[ IQV VJG JGNR YG YGTG NQQMKPI HQT CPF YGTG CDNG VQ TGPV C JQWUG LWUV QWVUKFG VJG
VQYP
1PG [GCT CHVGT UVCTVKPI VJKU RTQLGEV YG HQWPF QWTUGNXGU QP VJG FQQTUVGR QH
UQOG QH VJG NQPIGUVNKXKPI RGQRNG KP VJG YQTNF
9G TGCNK\GF TKIJV CYC[ VJCV VKOG UGGOU VQ JCXG UVQRRGF VJGTG CU VJQWIJ VJG
GPVKTG VQYP YGTG NKXKPI KP CP GPFNGUU JGTG CPF PQY
"SSJWJOH JO 0HJNJ
#HVGT VYQ JQWTU QP VJG TQCF HTQO 0CJC YGཐTG HKPCNN[ CDNG VQ UVQR YQTT[KPI CDQWV
VJG VTCHHKE 6Q QWT NGHV CTG VJG UGC CPF CP GORV[ UVTGVEJ QH DGCEJ VQ QWT TKIJV VJG
OQWPVCKPQWU LWPING QH 1MKPCYCཐU ;CPDCTW HQTGUVU
1PEG 4QWVG  RCUUGU 0CIQ YJGTG 1TKQP DGGTཋVJG RTKFG QH 1MKPCYCཋKU
OCFG KV UMKTVU VJG EQCUV WPVKN KV TGCEJGU 1IKOK 'XGT[ PQY CPF VJGP C HGY NKVVNG
JQWUGU CPF UVQTGU ETQR WR KP VJG PCTTQY UVTGVEJ QH NCPF DGVYGGP VJG TQCF CPF VJG
DCUG QH VJG OQWPVCKP
9G RCUU UOCNN ENWUVGTU QH JQWUGU UECVVGTGF JGTG CPF VJGTG CU YG GPVGT VJG
OWPKEKRCNKV[ QH 1IKOK DWV VJG VQYP FQGUPཐV TGCNN[ UGGO VQ JCXG C EGPVGT 1WT
)25 HKPCNN[ IWKFGU WU VQ QWT FGUVKPCVKQP VJG %GPVGT HQT VJG 5WRRQTV CPF
2TQOQVKQP QH 9GNN$GKPI JQWUGF KP CP WPCVVTCEVKXG EKPFGTDNQEM DWKNFKPI TKIJV
QHH VJG JKIJYC[
9G IQ KP VJTQWIJ VJG DCEM FQQT YJGTG C OCP PCOGF 6CKTC KU YCKVKPI HQT WU
$GUKFG JKO KU C RGVKVG EJGGTHWN YQOCP YJQ KPVTQFWEGU JGTUGNH CU ;WMK 6YQ
QVJGT YQOGP KOOGFKCVGN[ IGV WR HTQO FGUMU CPF UJQY WU VQ C EQPHGTGPEG TQQO
6JG[ UGTXG WU GCEJ C EWR QH ITGGP VGC CPF C HGY TIJLVXBTB C UOCNN EKVTWU HTWKV
VJCV RCEMU C DKI PWVTKVKQPCN RWPEJ CU YG YKNN UGG NCVGT QP
6CKTC UKVU FQYP CETQUU HTQO WU KP JKU HQTOCN UWKV CPF QRGPU WR C NCTIG RNCPPGT
CPF C VJTGGTKPI DKPFGT ;WMK UKVU PGZV VQ JKO 6JG DKPFGT EQPVCKPU C NKUV QH CNN VJG
VQYPཐU TGUKFGPVU QTICPK\GF D[ CIG CPF ནENWDཔ QT NPBJ 6CKTC RQKPVU QWV VJCV VJGUG
ITQWRU QH RGQRNG YJQ JGNR QPG CPQVJGT CTG EJCTCEVGTKUVKE QH 1IKOK 6JG NPBJ CTG
PQV QTICPK\GF CTQWPF CP[ EQPETGVG QDLGEVKXG VJG[ HWPEVKQP OQTG NKMG C HCOKN[
6CKTC CNUQ VGNNU WU VJCV XQNWPVGGT YQTM TCVJGT VJCP OQPG[ FTKXGU OWEJ QH YJCV
JCRRGPU KP 1IKOK 'XGT[QPG QHHGTU VQ RKVEJ KP CPF VJG NQECN IQXGTPOGPV VCMGU
ECTG QH CUUKIPKPI VCUMU 6JKU YC[ GXGT[QPG ECP DG WUGHWN CPF HGGNU NKMG C RCTV QH
VJG EQOOWPKV[
1IKOK KU VJG RGPWNVKOCVG VQYP DGHQTG %CRG *GFQ VJG PQTVJGTPOQUV RQKPV QH
VJG NCTIGUV KUNCPF KP VJG CTEJKRGNCIQ
(TQO VJG VQR QH QPG QH 1IKOKཐU OQWPVCKPU YGཐTG CDNG VQ NQQM FQYP QXGT VJG
YJQNG VQYP #NOQUV GXGT[VJKPI KU VJG ITGGP QH VJG ;CPDCTW LWPING OCMKPI WU
YQPFGT YJGTG VJG PGCTN[ VJKTV[VYQ JWPFTGF TGUKFGPVU CTG JKFKPI 9G ECP UGG C
HGY JQWUGU DWV VJG[ཐTG UECVVGTGF KP NKVVNG ENWUVGTU PGCT VJG UGC QT KP UOCNN XCNNG[U
CEEGUUKDNG D[ UKFG TQCFU
$PNNVOBM MJGF
9GཐTG KPXKVGF VQ GCV KP QPG QH 1IKOKཐU HGY TGUVCWTCPVU DWV YJGP YG CTTKXG VJG
QPN[ VJTGG VCDNGU CTG CNTGCF[ TGUGTXGF
ན&QPཐV YQTT[ YGཐNN IQ VQ %JWTCWOK KPUVGCF +V PGXGT HKNNU WRཔ UC[U ;WMK
YCNMKPI DCEM VQ JGT ECT
5JGཐU UVKNN FTKXKPI CV CIG GKIJV[GKIJV CPF VCMGU ITGCV RTKFG KP VJCV *GT EQRKNQV
KU PKPGV[PKPG CPF JCU CNUQ FGEKFGF VQ URGPF VJG FC[ YKVJ WU 9G JCXG VQ FTKXG
HCUV VQ MGGR WR YKVJ VJGO QP C JKIJYC[ VJCV KU UQOGVKOGU OQTG FKTV VJCP CURJCNV
(KPCNN[ TGCEJKPI VJG QVJGT GPF QH VJG LWPING YG ECP CV NCUV UKV FQYP VQ GCV
ན+ FQPཐV TGCNN[ IQ VQ TGUVCWTCPVUཔ ;WMK UC[U CU YG VCMG QWT UGCVU ན#NOQUV
GXGT[VJKPI + GCV EQOGU HTQO O[ XGIGVCDNG ICTFGP CPF + DW[ O[ HKUJ HTQO
6CPCMC YJQཐU DGGP O[ HTKGPF HQTGXGTཔ
6JG TGUVCWTCPV KU TKIJV D[ VJG UGC CPF UGGOU NKMG UQOGVJKPI HTQO VJG RNCPGV
6CVQQKPG HTQO 4UBS 8BST 6JG OGPW DQCUVU KP NCTIG NGVVGTU VJCV KV UGTXGU ནUNQY
HQQFཔ RTGRCTGF YKVJ QTICPKE XGIGVCDNGU ITQYP KP VJG VQYP
ན$WV TGCNN[པ ;WMK EQPVKPWGU ནHQQF KU VJG NGCUV KORQTVCPV VJKPIཔ 5JG KU
GZVTQXGTVGF CPF TCVJGT RTGVV[ 5JG NKMGU VQ VCNM CDQWV JGT TQNG CU VJG FKTGEVQT QH
UGXGTCN CUUQEKCVKQPU TWP D[ VJG NQECN IQXGTPOGPV
ན(QQF YQPཐV JGNR [QW NKXG NQPIGTཔ UJG UC[U DTKPIKPI VQ JGT NKRU C DKVG QH VJG
FKOKPWVKXG EQPHGEVKQP VJCV HQNNQYGF QWT OGCN ན6JG UGETGV KU UOKNKPI CPF JCXKPI C
IQQF VKOGཔ
6JGTG CTG PQ DCTU CPF QPN[ C HGY TGUVCWTCPVU KP 1IKOK DWV VJQUG YJQ NKXG
VJGTG GPLQ[ C TKEJ UQEKCN NKHG VJCV TGXQNXGU CTQWPF EQOOWPKV[ EGPVGTU 6JG VQYP KU
VJGTG GPLQ[ C TKEJ UQEKCN NKHG VJCV TGXQNXGU CTQWPF EQOOWPKV[ EGPVGTU 6JG VQYP KU
FKXKFGF KPVQ UGXGPVGGP PGKIJDQTJQQFU CPF GCEJ QPG JCU C RTGUKFGPV CPF UGXGTCN
RGQRNG KP EJCTIG QH VJKPIU NKMG EWNVWTG HGUVKXCNU UQEKCN CEVKXKVKGU CPF NQPIGXKV[
4GUKFGPVU RC[ ENQUG CVVGPVKQP VQ VJKU NCUV ECVGIQT[
9GཐTG KPXKVGF VQ VJG EQOOWPKV[ EGPVGT QH QPG QH VJG UGXGPVGGP PGKIJDQTJQQFU
+V KU CP QNF DWKNFKPI TKIJV PGZV VQ QPG QH VJG OQWPVCKPU QH VJG ;CPDCTW LWPING
JQOG VQ DWPCIC[C VJG VQYPཐU KEQPKE URTKVGU
7KH %XQDJD\D 6SLULWV RI WKH <DQEDUX -XQJOH
$WPCIC[C CTG OCIKECN ETGCVWTGU VJCV KPJCDKV VJG ;CPDCTW LWPING PGCT
1IKOK CPF KVU UWTTQWPFKPI VQYPU 6JG[ OCPKHGUV CU EJKNFTGP YKVJ NQPI TGF
JCKT CPF NKMG VQ JKFG KP VJG LWPINGཐU ICLWOCTW 
DCP[CP VTGGU CPF IQ
HKUJKPI QP VJG DGCEJ
/CP[ QH 1MKPCYCཐU UVQTKGU CPF HCDNGU CTG CDQWV DWPCIC[C URTKVGU 6JG[
CTG OKUEJKGXQWU RNC[HWN CPF WPRTGFKEVCDNG .QECNU UC[ VJCV VJG DWPCIC[C
NQXG VJG OQWPVCKPU TKXGTU UGC VTGGU GCTVJ YKPF CPF CPKOCNU CPF VJCV KH
[QW YCPV VQ DGHTKGPF VJGO [QW JCXG VQ UJQY TGURGEV HQT PCVWTG
" CJSUIEBZ QBSUZ
9JGP YG CTTKXG CV VJG PGKIJDQTJQQFཐU EQOOWPKV[ EGPVGT YGཐTG ITGGVGF D[ C
ITQWR QH CDQWV VYGPV[ RGQRNG YJQ RTQWFN[ RTQENCKO ན6JG [QWPIGUV COQPI WU KU
GKIJV[VJTGGཔ
9G EQPFWEV QWT KPVGTXKGYU CV C NCTIG VCDNG YJKNG FTKPMKPI ITGGP VGC 9JGP YG
HKPKUJ YGཐTG DTQWIJV VQ CP GXGPV URCEG YJGTG YG EGNGDTCVG VJG DKTVJFC[U QH VJTGG
OGODGTU QH VJG ITQWR 1PG YQOCP KU VWTPKPI PKPGV[PKPG CPQVJGT PKPGV[HQWT
CPF QPG ན[QWPI OCPཔ JCU LWUV TGCEJGF GKIJV[PKPG
9G UKPI C HGY UQPIU RQRWNCT KP VJG XKNNCIG CPF HKPKUJ WR YKVJ ན*CRR[
$KTVJFC[པ KP 'PINKUJ 6JG YQOCP VWTPKPI PKPGV[PKPG DNQYU QWV VJG ECPFNGU CPF
VJCPMU GXGT[QPG HQT EQOKPI VQ JGT RCTV[ 9G GCV JQOGOCFG TIJLVXBTB ECMG CPF
GPF WR FCPEKPI CPF EGNGDTCVKPI CU VJQWIJ KV YGTG VJG DKTVJFC[ QH C
VYGPV[UQOGVJKPI
+VཐU VJG HKTUV RCTV[ DWV PQV VJG NCUV VJCV YGཐNN CVVGPF FWTKPI QWT YGGM KP VJG
XKNNCIG 9GཐNN CNUQ FQ MCTCQMG YKVJ C ITQWR QH UGPKQTU YJQ UKPI DGVVGT VJCP YG FQ
CPF CVVGPF C VTCFKVKQPCN HGUVKXCN YKVJ NQECN DCPFU FCPEGTU CPF HQQF UVCPFU CV VJG
CPF CVVGPF C VTCFKVKQPCN HGUVKXCN YKVJ NQECN DCPFU FCPEGTU CPF HQQF UVCPFU CV VJG
HQQV QH C OQWPVCKP
$FMFCSBUF FBDI EBZ
 UPHFUIFS
%GNGDTCVKQPU UGGO VQ DG CP GUUGPVKCN RCTV QH NKHG KP 1IKOK
9GཐTG KPXKVGF VQ YCVEJ C ICOG QH ICVGDCNN QPG QH VJG OQUV RQRWNCT URQTVU
COQPI 1MKPCYCཐU QNFGT TGUKFGPVU +V KPXQNXGU JKVVKPI C DCNN YKVJ C OCNNGVNKMG UVKEM
+V KU C NQYKORCEV URQTV VJCV ECP DG RNC[GF CP[YJGTG CPF KU C IQQF GZEWUG VQ
OQXG CTQWPF CPF JCXG HWP CU C ITQWR 6JG TGUKFGPVU JQNF NQECN EQORGVKVKQPU CPF
VJGTG KU PQ CIG NKOKV HQT RCTVKEKRCPVU
9G RCTVKEKRCVG KP VJG YGGMN[ ICOG CPF NQUG VQ C YQOCP YJQ TGEGPVN[ VWTPGF
 'XGT[QPG EJGGTU CPF VJG FGHGCVGF NQQM QP QWT HCEGU GNKEKVU NCWIJVGT
+P CFFKVKQP VQ RNC[KPI CPF EGNGDTCVKPI CU C EQOOWPKV[ URKTKVWCNKV[ KU CNUQ
GUUGPVKCN VQ VJG JCRRKPGUU QH VJG XKNNCIGཐU TGUKFGPVU
5IF HPET PG 0LJOBXB
6JG OCKP TGNKIKQP KP 1MKPCYC KU MPQYP CU 4[WM[W 5JKPVQ 3ZVLZV KU VJG QTKIKPCN
PCOG QH VJG 1MKPCYC CTEJKRGNCIQ CPF 4IJOUP OGCPU ནVJG RCVJ QH VJG IQFUཔ
4[WM[W 5JKPVQ EQODKPGU GNGOGPVU QH %JKPGUG 6CQKUO %QPHWEKCPKUO $WFFJKUO
CPF 5JKPVQKUO YKVJ UJCOCPKUVKE CPF CPKOKUVKE GNGOGPVU
#EEQTFKPI VQ VJKU CPEKGPV HCKVJ VJG YQTNF KU RQRWNCVGF D[ CP KPHKPKVG PWODGT
QH URKTKVU FKXKFGF KPVQ UGXGTCN V[RGU URKTKVU QH VJG JQOG QH VJG HQTGUV QH VJG VTGGU
CPF QH VJG OQWPVCKPU +V KU KORQTVCPV VQ CRRGCUG VJGUG URKTKVU VJTQWIJ TKVWCNU CPF
HGUVKXCNU CPF D[ EQPUGETCVKPI UCETGF ITQWPFU
1MKPCYC KU HWNN QH UCETGF LWPINGU CPF HQTGUVU YJGTG OCP[ QH VJG VYQ OCKP
MKPFU QH VGORNGU CTG HQWPF VJG VUBLJ CPF VJG VHBOKV 9G XKUKVGF CP VHBOKV QT
UOCNN QRGPCKT VGORNG CFQTPGF YKVJ KPEGPUG CPF EQKPU PGZV VQ C YCVGTHCNN KP
1IKOK 6JG VUBLJ KU C EQNNGEVKQP QH UVQPGU YJGTG RGQRNG IQ VQ RTC[ CPF YJGTG
UWRRQUGFN[ URKTKVU ICVJGT
+P 1MKPCYCཐU TGNKIKQWU RTCEVKEG YQOGP CTG EQPUKFGTGF URKTKVWCNN[ UWRGTKQT VQ
OGP YJGTGCU VJG QRRQUKVG KU VTWG QH VTCFKVKQPCN 5JKPVQKUO KP VJG TGUV QH ,CRCP
:VUB CTG YQOGP EJQUGP CU OGFKWOU D[ VJGKT EQOOWPKVKGU VQ OCMG EQPVCEV YKVJ
VJG URKTKV TGCNO VJTQWIJ VTCFKVKQPCN TKVGU
#PEGUVQT YQTUJKR KU CPQVJGT KORQTVCPV HGCVWTG QH URKTKVWCN RTCEVKEG KP
1MKPCYC CPF KP ,CRCP KP IGPGTCN 6JG JQOG QH GCEJ IGPGTCVKQPཐU HKTUVDQTP
WUWCNN[ EQPVCKPU C CVUTVEBO QT UOCNN CNVCT WUGF VQ RTC[ HQT CPF OCMG QHHGTKPIU VQ
VJG HCOKN[ཐU CPEGUVQTU
0DEXL
'XGT[ RGTUQP JCU CP GUUGPEG QT NBCVJ 6JKU NBCVJ KU QWT URKTKV CPF VJG
UQWTEG QH QWT NKHG HQTEG +V KU KOOQTVCN CPF OCMGU WU YJQ YG CTG
5QOGVKOGU VJG NBCVJ QH UQOGQPG YJQ JCU FKGF KU VTCRRGF KP VJG DQF[
QH C NKXKPI RGTUQP 6JKU UKVWCVKQP TGSWKTGU C UGRCTCVKQP TKVWCN VQ HTGG VJG
NBCVJ QH VJG FGEGCUGF KV QHVGP JCRRGPU YJGP C RGTUQP FKGU UWFFGPN[ཋ
GURGEKCNN[ CV C [QWPI CIGཋCPF JKU QT JGT NBCVJ FQGU PQV YCPV VQ OQXG QP
VQ VJG TGCNO QH VJG FGCF
# NBCVJ ECP CNUQ DG RCUUGF HTQO RGTUQP VQ RGTUQP D[ RJ[UKECN EQPVCEV
# ITCPFOQVJGT YJQ NGCXGU JGT ITCPFFCWIJVGT C TKPI VTCPUHGTU C RCTV QH JGT
NBCVJ VQ JGT 2JQVQITCRJU ECP CNUQ DG C OGFKWO HQT RCUUKPI NBCVJ COQPI
RGQRNG
5IF PMEFS
 UIF TUSPOHFS
.QQMKPI DCEM QWT FC[U KP 1IKOK YGTG KPVGPUG DWV TGNCZGFཋUQTV QH NKMG VJG
NKHGUV[NG QH VJG NQECNU YJQ CNYC[U UGGOGF VQ DG DWU[ YKVJ KORQTVCPV VCUMU DWV
YJQ WRQP ENQUGT KPURGEVKQP FKF GXGT[VJKPI YKVJ C UGPUG QH ECNO 6JG[ YGTG
CNYC[U RWTUWKPI VJGKT JLJHBJ DWV VJG[ YGTG PGXGT KP C TWUJ
0QV QPN[ FKF VJG[ UGGO VQ DG JCRRKN[ DWU[ DWV YG CNUQ PQVKEGF VJCV VJG[
HQNNQYGF VJG QVJGT RTKPEKRNGU HQT JCRRKPGUU VJCV 9CUJKPIVQP $WTPCR UVCVGF VYQ
JWPFTGF [GCTU CIQ ན6JG ITCPF GUUGPVKCNU VQ JCRRKPGUU KP VJKU NKHG CTG UQOGVJKPI VQ
FQ UQOGVJKPI VQ NQXG CPF UQOGVJKPI VQ JQRG HQTཔ
1P QWT NCUV FC[ YG YGPV VQ DW[ IKHVU CV C UOCNN OCTMGV CV VJG GFIG QH VQYP
6JG QPN[ VJKPIU UQNF VJGTG CTG NQECN XGIGVCDNGU ITGGP VGC CPF TIJLVXBTB LWKEG
CNQPI YKVJ DQVVNGU QH YCVGT HTQO C URTKPI JKFFGP KP VJG ;CPDCTW HQTGUVU DGCTKPI
NCDGNU VJCV TGCF ན.QPIGXKV[ 9CVGTཔ
9G DQWIJV QWTUGNXGU UQOG QH VJKU .QPIGXKV[ 9CVGT CPF FTCPM KV KP VJG RCTMKPI
NQV NQQMKPI QWV QXGT VJG UGC CPF JQRKPI VJCV VJG NKVVNG DQVVNGU VJCV RTQOKUGF C
OCIKE GNKZKT YQWNF DTKPI WU JGCNVJ CPF NQPI NKHG CPF YQWNF JGNR WU HKPF QWT QYP
JLJHBJ 6JGP YG VQQM C RJQVQ YKVJ C UVCVWG QH C DWPCIC[C CPF YCNMGF WR VQ KV QPG
NCUV VKOG VQ TGCF VJG KPUETKRVKQP
$ 'HFODUDWLRQ IURP WKH 7RZQ :KHUH 3HRSOH /LYH /RQJHVW
#V  + CO UVKNN C EJKNF
9JGP + EQOG VQ UGG [QW CV 
UGPF OG CYC[ VQ YCKV WPVKN +ཐO 
6JG QNFGT VJG UVTQPIGT
NGV WU PQV FGRGPF VQQ OWEJ QP QWT EJKNFTGP CU YG CIG
+H [QW UGGM NQPI NKHG CPF JGCNVJ [QW CTG YGNEQOG KP QWT XKNNCIG
YJGTG [QW YKNN DG DNGUUGF D[ PCVWTG
CPF VQIGVJGT YG YKNN FKUEQXGT VJG UGETGV VQ NQPIGXKV[ "QSJM 
 
0HJNJ 'FEFSBUJPO PG 4FOJPS $JUJ[FO $MVCT
5IF JOUFSWJFXT
1XGT VJG EQWTUG QH C YGGM YG EQPFWEVGF C VQVCN QH QPG JWPFTGF KPVGTXKGYU CUMKPI
VJG GNFGUV OGODGTU QH VJG EQOOWPKV[ CDQWV VJGKT NKHG RJKNQUQRJ[ VJGKT JLJHBJ CPF
VJG UGETGVU VQ NQPIGXKV[ 9G HKNOGF VJGUG EQPXGTUCVKQPU YKVJ VYQ ECOGTCU HQT WUG
KP C NKVVNG FQEWOGPVCT[ CPF EJQUG C HGY GURGEKCNN[ OGCPKPIHWN CPF KPURKTKPI
UVCVGOGPVU VQ KPENWFG KP VJKU UGEVKQP QH VJG DQQM
 'RQȏW ZRUU\ ན6JG UGETGV VQ C NQPI NKHG KU PQV VQ YQTT[ #PF VQ MGGR [QWT JGCTV [QWPIཋFQPཐV NGV KV ITQY QNF 1RGP
[QWT JGCTV VQ RGQRNG YKVJ C PKEG UOKNG QP [QWT HCEG +H [QW UOKNG CPF QRGP [QWT JGCTV [QWT
ITCPFEJKNFTGP CPF GXGT[QPG GNUG YKNN YCPV VQ UGG [QWཔ
ན6JG DGUV YC[ VQ CXQKF CPZKGV[ KU VQ IQ QWV KP VJG UVTGGV CPF UC[ JGNNQ VQ RGQRNG + FQ KV GXGT[ FC[ + IQ
QWV VJGTG CPF UC[ ཏ*GNNQཐ CPF ཏ5GG [QW NCVGTཐ 6JGP + IQ JQOG CPF ECTG HQT O[ XGIGVCDNG ICTFGP +P VJG
CHVGTPQQP + URGPF VKOG YKVJ HTKGPFUཔ
ན*GTG GXGT[QPG IGVU CNQPI 9G VT[ PQV VQ ECWUG RTQDNGOU 5RGPFKPI VKOG VQIGVJGT CPF JCXKPI HWP KU
VJG QPN[ VJKPI VJCV OCVVGTUཔ
 &XOWLYDWH JRRG KDELWV
 &XOWLYDWH JRRG KDELWV ན+ HGGN LQ[ GXGT[ OQTPKPI YCMKPI WR CV UKZ CPF QRGPKPI VJG EWTVCKPU VQ NQQM QWV CV O[ ICTFGP YJGTG +
ITQY O[ QYP XGIGVCDNGU + IQ TKIJV QWVUKFG VQ EJGEM QP O[ VQOCVQGU O[ OCPFCTKP QTCPIGU    + NQXG
VJG UKIJV QH VJGOཋKV TGNCZGU OG #HVGT CP JQWT KP VJG ICTFGP + IQ DCEM KPUKFG CPF OCMG DTGCMHCUVཔ
ན+ RNCPV O[ QYP XGIGVCDNGU CPF EQQM VJGO O[UGNH 6JCVཐU O[ JLJHBJཔ
ན6JG MG[ VQ UVC[KPI UJCTR KP QNF CIG KU KP [QWT HKPIGTU (TQO [QWT HKPIGTU VQ [QWT DTCKP CPF DCEM CICKP
+H [QW MGGR [QWT HKPIGTU DWU[ [QWཐNN NKXG VQ UGG QPG JWPFTGFཔ
ན+ IGV WR CV HQWT GXGT[ FC[ + UGV O[ CNCTO HQT VJCV VKOG JCXG C EWR QH EQHHGG CPF FQ C NKVVNG GZGTEKUG
NKHVKPI O[ CTOU 6JCV IKXGU OG GPGTI[ HQT VJG TGUV QH VJG FC[པ
ན+ GCV C DKV QH GXGT[VJKPI + VJKPM VJCVཐU VJG UGETGV + NKMG XCTKGV[ KP YJCV + GCV + VJKPM KV VCUVGU DGVVGTཔ
ན9QTMKPI +H [QW FQPཐV YQTM [QWT DQF[ DTGCMU FQYPཔ
ན9JGP + YCMG WR + IQ VQ VJG CVUTVEBO CPF NKIJV KPEGPUG ;QW JCXG VQ MGGR [QWT CPEGUVQTU KP OKPF +VཐU
VJG HKTUV VJKPI + FQ GXGT[ OQTPKPIཔ
ན+ YCMG WR GXGT[ FC[ CV VJG UCOG VKOG GCTN[ CPF URGPF VJG OQTPKPI KP O[ XGIGVCDNG ICTFGP + IQ
FCPEKPI YKVJ O[ HTKGPFU QPEG C YGGMཔ
ན+ FQ GZGTEKUG GXGT[ FC[ CPF GXGT[ OQTPKPI + IQ HQT C NKVVNG YCNMཔ
ན+ PGXGT HQTIGV VQ FQ O[ VCKUQ GZGTEKUGU YJGP + IGV WRཔ
ན'CVKPI XGIGVCDNGUཋKV JGNRU [QW NKXG NQPIGTཔ
ན6Q NKXG C NQPI VKOG [QW PGGF VQ FQ VJTGG VJKPIU GZGTEKUG VQ UVC[ JGCNVJ[ GCV YGNN CPF URGPF VKOG YKVJ
RGQRNGཔ
 1XUWXUH \RXU IULHQGVKLSV HYHU\ GD\ ན)GVVKPI VQIGVJGT YKVJ O[ HTKGPFU KU O[ OQUV KORQTVCPV JLJHBJ 9G CNN IGV VQIGVJGT JGTG CPF VCNMཋKVཐU
XGT[ KORQTVCPV + CNYC[U MPQY +ཐNN UGG VJGO CNN JGTG VQOQTTQY CPF VJCVཐU QPG QH O[ HCXQTKVG VJKPIU KP
NKHGཔ
ན/[ OCKP JQDD[ KU IGVVKPI VQIGVJGT YKVJ HTKGPFU CPF PGKIJDQTUཔ
ན6CNMKPI GCEJ FC[ YKVJ VJG RGQRNG [QW NQXG VJCVཐU VJG UGETGV VQ C NQPI NKHGཔ
ན+ UC[ ཏ*GNNQཐ CPF ཏ5GG [QW NCVGTཐ VQ VJG EJKNFTGP QP VJGKT YC[ VQ UEJQQN CPF YCXG CV GXGT[QPG YJQ
IQGU D[ OG KP VJGKT ECT ཏ&TKXG UCHGN[ཐ + UC[ $GVYGGP  CO CPF  CO +ཐO QWVUKFG QP O[ HGGV
VJG YJQNG VKOG UC[KPI JGNNQ VQ RGQRNG 1PEG GXGT[QPGཐU IQPG + IQ DCEM KPUKFGཔ
ན%JCVVKPI CPF FTKPMKPI VGC YKVJ O[ PGKIJDQTU 6JCVཐU VJG DGUV VJKPI KP NKHG #PF UKPIKPI VQIGVJGTཔ
ན+ YCMG WR CV HKXG GXGT[ OQTPKPI NGCXG VJG JQWUG CPF YCNM VQ VJG UGC 6JGP + IQ VQ C HTKGPFཐU JQWUG
CPF YG JCXG VGC VQIGVJGT 6JCVཐU VJG UGETGV VQ NQPI NKHG IGVVKPI VQIGVJGT YKVJ RGQRNG CPF IQKPI HTQO
RNCEG VQ RNCEGཔ
 /LYH DQ XQKXUULHG OLIH ན/[ UGETGV VQ C NQPI NKHG KU CNYC[U UC[KPI VQ O[UGNH ཏ5NQY FQYPཐ CPF ཏ4GNCZཐ ;QW NKXG OWEJ NQPIGT KH
[QWཐTG PQV KP C JWTT[པ
ན+ OCMG VJKPIU YKVJ YKEMGT 6JCVཐU O[ JLJHBJ 6JG HKTUV VJKPI + FQ YJGP + YCMG WR KU RTC[ 6JGP + FQ O[
GZGTEKUGU CPF GCV DTGCMHCUV #V UGXGP + ECNON[ UVCTV YQTMKPI QP O[ YKEMGT 9JGP + IGV VKTGF CV HKXG +
IQ XKUKV O[ HTKGPFUཔ
ན&QKPI OCP[ FKHHGTGPV VJKPIU GXGT[ FC[ #NYC[U UVC[KPI DWU[ DWV FQKPI QPG VJKPI CV C VKOG YKVJQWV
IGVVKPI QXGTYJGNOGFཔ
ན6JG UGETGV VQ NQPI NKHG KU IQKPI VQ DGF GCTN[ YCMKPI WR GCTN[ CPF IQKPI HQT C YCNM .KXKPI RGCEGHWNN[
CPF GPLQ[KPI VJG NKVVNG VJKPIU )GVVKPI CNQPI YKVJ [QWT HTKGPFU 5RTKPI UWOOGT HCNN YKPVGT   
GPLQ[KPI GCEJ UGCUQP JCRRKN[པ
 %H RSWLPLVWLF ན'XGT[ FC[ + UC[ VQ O[UGNH ཏ6QFC[ YKNN DG HWNN QH JGCNVJ CPF GPGTI[ .KXG KV VQ VJG HWNNGUVཐཔ
ན+ཐO PKPGV[GKIJV DWV EQPUKFGT O[UGNH [QWPI + UVKNN JCXG UQ OWEJ VQ FQཔ
ན.CWIJ .CWIJVGT KU VJG OQUV KORQTVCPV VJKPI + NCWIJ YJGTGXGT + IQཔ
ན+ཐO IQKPI VQ NKXG VQ DG C JWPFTGF 1H EQWTUG + CO +VཐU C JWIG OQVKXCVKQP HQT OGཔ
ན&CPEKPI CPF UKPIKPI YKVJ [QWT ITCPFEJKNFTGP KU VJG DGUV VJKPI KP NKHGཔ
ན+ HGGN XGT[ HQTVWPCVG VQ JCXG DGGP DQTP JGTG + IKXG VJCPMU HQT KV GXGT[ FC[པ
ན6JG OQUV KORQTVCPV VJKPI KP 1IKOK KP NKHG KU VQ MGGR UOKNKPIཔ
ན+ FQ XQNWPVGGT YQTM VQ IKXG DCEM VQ VJG XKNNCIG C DKV QH YJCV KV JCU IKXGP VQ OG (QT GZCORNG + WUG O[
ECT VQ JGNR HTKGPFU IGV VQ VJG JQURKVCNཔ
ན6JGTGཐU PQ UGETGV VQ KV 6JG VTKEM KU LWUV VQ NKXGཔ
.H\V WR WKH 2JLPL /LIHVW\OH
1PG JWPFTGF RGTEGPV QH VJG RGQRNG YG KPVGTXKGYGF MGGR C XGIGVCDNG
ICTFGP CPF OQUV QH VJGO CNUQ JCXG HKGNFU QH VGC OCPIQGU TIJLVXBTB
CPF UQ QP
#NN DGNQPI VQ UQOG HQTO QH PGKIJDQTJQQF CUUQEKCVKQP YJGTG VJG[ HGGN
ECTGF HQT CU VJQWIJ D[ HCOKN[
6JG[ EGNGDTCVG CNN VJG VKOG GXGP NKVVNG VJKPIU /WUKE UQPI CPF FCPEG
CTG GUUGPVKCN RCTVU QH FCKN[ NKHG
6JG[ JCXG CP KORQTVCPV RWTRQUG KP NKHG QT UGXGTCN 6JG[ JCXG CP JLJHBJ
DWV VJG[ FQPཐV VCMG KV VQQ UGTKQWUN[ 6JG[ CTG TGNCZGF CPF GPLQ[ CNN VJCV
VJG[ FQ
6JG[ CTG XGT[ RTQWF QH VJGKT VTCFKVKQPU CPF NQECN EWNVWTG
6JG[ CTG RCUUKQPCVG CDQWV GXGT[VJKPI VJG[ FQ JQYGXGT KPUKIPKHKECPV KV
OKIJV UGGO
.QECNU JCXG C UVTQPI UGPUG QH ZVJNBBSVཋTGEQIPK\KPI VJG EQPPGEVKQP
DGVYGGP RGQRNG 6JG[ JGNR GCEJ QVJGT YKVJ GXGT[VJKPI HTQO YQTM KP VJG
HKGNFU 
JCTXGUVKPI UWICTECPG QT RNCPVKPI TKEG VQ DWKNFKPI JQWUGU CPF
OWPKEKRCN RTQLGEVU 1WT HTKGPF /K[CIK YJQ CVG FKPPGT YKVJ WU QP QWT
NCUV PKIJV KP VQYP VQNF WU VJCV JG YCU DWKNFKPI C PGY JQOG YKVJ VJG JGNR
QH CNN JKU HTKGPFU CPF VJCV YG EQWNF UVC[ VJGTG VJG PGZV VKOG YG YGTG KP
1IKOK
6JG[ CTG CNYC[U DWU[ DWV VJG[ QEEWR[ VJGOUGNXGU YKVJ VCUMU VJCV CNNQY
VJGO VQ TGNCZ 9G FKFPཐV UGG C UKPING QNF ITCPFRC UKVVKPI QP C DGPEJ
FQKPI PQVJKPI 6JG[ཐTG CNYC[U EQOKPI CPF IQKPIཋVQ UKPI MCTCQMG XKUKV
YKVJ PGKIJDQTU QT RNC[ C ICOG QH ICVGDCNN
9,,
7+( ,.,*$, ',(7
9JCV VJG YQTNFཐU NQPIGUVNKXKPI
RGQRNG GCV CPF FTKPM
#%%14&+0) 61 6*'9QTNF *GCNVJ 1TICPK\CVKQP ,CRCP JCU VJG JKIJGUV NKHG GZRGEVCPE[ KP VJG YQTNF  [GCTU HQT
OGP CPF  [GCTU HQT YQOGP /QTGQXGT KV JCU VJG JKIJGUV TCVKQ QH EGPVGPCTKCPU KP VJG YQTNF OQTG VJCP
 HQT GXGT[ OKNNKQP RGQRNG 
CU QH 5GRVGODGT 
6RXUFH :RUOG +HDOWK 2UJDQL]DWLRQ  -DSDQHVH 0LQLVWU\ RI +HDOWK /DERU DQG :HOIDUH  86
'HSDUWPHQW RI +HDOWK DQG +XPDQ 6HUYLFHV&'& 
6JG CDQXG ITCRJKE YJKEJ EQORCTGU NKHG GZRGEVCPE[ KP ,CRCP KVU RTQXKPEG
1MKPCYC 5YGFGP CPF VJG 7PKVGF 5VCVGU UJQYU VJCV YJKNG NKHG GZRGEVCPE[ KP
,CRCP KU JKIJ QXGTCNN 1MKPCYC GZEGGFU VJG PCVKQPCN CXGTCIG
1MKPCYC KU QPG QH VJG CTGCU KP ,CRCP VJCV YGTG OQUV CHHGEVGF D[ 9QTNF 9CT ++
#U C TGUWNV PQV QPN[ QH EQPHNKEVU QP VJG DCVVNGHKGNF DWV CNUQ QH JWPIGT CPF C NCEM QH
TGUQWTEGU QPEG VJG YCT GPFGF VJG CXGTCIG NKHG GZRGEVCPE[ YCU PQV XGT[ JKIJ
FWTKPI VJG U CPF U #U 1MKPCYCPU TGEQXGTGF HTQO VJG FGUVTWEVKQP
JQYGXGT VJG[ ECOG VQ DG UQOG QH VJG EQWPVT[ཐU NQPIGUVNKXKPI EKVK\GPU
9JCV UGETGVU VQ NQPI NKHG FQ VJG ,CRCPGUG JQNF! 9JCV KU KV CDQWV 1MKPCYC VJCV
9JCV UGETGVU VQ NQPI NKHG FQ VJG ,CRCPGUG JQNF! 9JCV KU KV CDQWV 1MKPCYC VJCV
OCMGU KV VJG DGUV QH VJG DGUV KP VGTOU QH NKHG GZRGEVCPE[!
'ZRGTVU RQKPV QWV VJCV HQT QPG VJKPI 1MKPCYC KU VJG QPN[ RTQXKPEG KP ,CRCP
YKVJQWV VTCKPU +VU TGUKFGPVU JCXG VQ YCNM QT E[ENG YJGP PQV FTKXKPI +V KU CNUQ VJG
QPN[ RTQXKPEG VJCV JCU OCPCIGF VQ HQNNQY VJG ,CRCPGUG IQXGTPOGPVཐU
TGEQOOGPFCVKQP QH GCVKPI NGUU VJCP VGP ITCOU QH UCNV RGT FC[
0LJOBXB୧T NJSBDMF EJFU
6JG OQTVCNKV[ TCVG HTQO ECTFKQXCUEWNCT FKUGCUG KP 1MKPCYC KU VJG NQYGUV KP ,CRCP
CPF FKGV CNOQUV EGTVCKPN[ JCU C NQV VQ FQ YKVJ VJKU +V KU PQ EQKPEKFGPEG VJCV VJG
ན1MKPCYC &KGVཔ KU UQ QHVGP FKUEWUUGF CTQWPF VJG YQTNF CV RCPGNU QP PWVTKVKQP
6JG OQUV EQPETGVG CPF YKFGN[ EKVGF FCVC QP FKGV KP 1MKPCYC EQOG HTQO
UVWFKGU D[ /CMQVQ 5W\WMK C ECTFKQNQIKUV CV VJG 7PKXGTUKV[ QH VJG 4[WM[WU YJQ
JCU RWDNKUJGF OQTG VJCP UGXGP JWPFTGF UEKGPVKHKE CTVKENGU QP PWVTKVKQP CPF CIKPI
KP 1MKPCYC UKPEG 
$TCFNG[ , 9KNNEQZ CPF & %TCKI 9KNNEQZ LQKPGF /CMQVQ 5W\WMKཐU TGUGCTEJ
VGCO CPF RWDNKUJGF C DQQM EQPUKFGTGF VJG DKDNG QP VJG UWDLGEV 5IF 0LJOBXB
1SPHSBN
 6JG[ TGCEJGF VJG HQNNQYKPI EQPENWUKQPU
.QECNU GCV C XJEF WBSJFUZ PG GPPET GURGEKCNN[ XGIGVCDNGU 8CTKGV[ UGGOU VQ DG
MG[ # UVWF[ QH 1MKPCYCཐU EGPVGPCTKCPU UJQYGF VJCV VJG[ CVG  FKHHGTGPV
HQQFU KPENWFKPI URKEGU QP C TGIWNCT DCUKU 6JG[ CVG CP CXGTCIG QH GKIJVGGP
FKHHGTGPV HQQFU GCEJ FC[ C UVTKMKPI EQPVTCUV VQ VJG PWVTKVKQPCN RQXGTV[ QH QWT
HCUVHQQF EWNVWTG
5IFZ FBU BU MFBTU GJWF TFSWJOHT PG GSVJUT BOE WFHFUBCMFT FWFSZ EBZ #V NGCUV
UGXGP V[RGU QH HTWKVU CPF XGIGVCDNGU CTG EQPUWOGF D[ 1MKPCYCPU QP C FCKN[
DCUKU 6JG GCUKGUV YC[ VQ EJGEM KH VJGTG KU GPQWIJ XCTKGV[ QP [QWT VCDNG KU VQ
OCMG UWTG [QWཐTG ནGCVKPI VJG TCKPDQYཔ # VCDNG HGCVWTKPI TGF RGRRGTU
ECTTQVU URKPCEJ ECWNKHNQYGT CPF GIIRNCPV HQT GZCORNG QHHGTU ITGCV EQNQT
CPF XCTKGV[ 8GIGVCDNGU RQVCVQGU NGIWOGU CPF UQ[ RTQFWEVU UWEJ CU VQHW CTG
VJG UVCRNGU QH CP 1MKPCYCPཐU FKGV /QTG VJCP  RGTEGPV QH VJGKT FCKN[
ECNQTKGU EQOGU HTQO XGIGVCDNGU
(SBJOT BSF UIF GPVOEBUJPO PG UIFJS EJFU ,CRCPGUG RGQRNG GCV YJKVG TKEG GXGT[
FC[ UQOGVKOGU CFFKPI PQQFNGU 4KEG KU VJG RTKOCT[ HQQF KP 1MKPCYC CU
YGNN
5IFZ SBSFMZ FBU TVHBS CPF KH VJG[ FQ KVཐU ECPG UWICT 9G FTQXG VJTQWIJ
UGXGTCN UWICTECPG HKGNFU GXGT[ OQTPKPI QP QWT YC[ VQ 1IKOK CPF GXGP FTCPM
C INCUU QH ECPG LWKEG CV 0CMKLKP %CUVNG $GUKFG VJG UVCNN UGNNKPI VJG LWKEG YCU C
UKIP FGUETKDKPI VJG CPVKECTEKPQIGPKE DGPGHKVU QH UWICTECPG
+P CFFKVKQP VQ VJGUG DCUKE FKGVCT[ RTKPEKRNGU 1MKPCYCPU GCV HKUJ CP CXGTCIG QH
VJTGG VKOGU RGT YGGM WPNKMG KP QVJGT RCTVU QH ,CRCP VJG OQUV HTGSWGPVN[
EQPUWOGF OGCV KU RQTM VJQWIJ NQECNU GCV KV QPN[ QPEG QT VYKEG RGT YGGM
#NQPI VJGUG NKPGU /CMQVQ 5W\WMKཐU UVWFKGU KPFKECVG VJG HQNNQYKPI
1MKPCYCPU EQPUWOG KP IGPGTCN QPGVJKTF CU OWEJ UWICT CU VJG TGUV QH
,CRCPཐU RQRWNCVKQP YJKEJ OGCPU VJCV UYGGVU CPF EJQEQNCVG CTG OWEJ NGUU C
RCTV QH VJGKT FKGV
6JG[ CNUQ GCV RTCEVKECNN[ JCNH CU OWEJ UCNV CU VJG TGUV QH ,CRCP  ITCOU RGT
FC[ EQORCTGF VQ CP CXGTCIG QH 
6JG[ EQPUWOG HGYGT ECNQTKGU CP CXGTCIG QH  RGT FC[ EQORCTGF VQ
 KP VJG TGUV QH ,CRCP +P HCEV NQY ECNQTKE KPVCMG KU EQOOQP COQPI VJG
HKXG $NWG <QPGU
)BSB IBDIJ CV
6JKU DTKPIU WU DCEM VQ VJG  RGTEGPV TWNG YG OGPVKQPGF KP VJG HKTUV EJCRVGT C
EQPEGRV MPQYP KP ,CRCPGUG CU IBSB IBDIJ CV +VཐU GCU[ VQ FQ 9JGP [QW PQVKEG
[QWཐTG CNOQUV HWNN DWV DPVME JCXG C NKVVNG OQTG    LWUV UVQR GCVKPI
1PG GCU[ YC[ VQ UVCTV CRRN[KPI VJG EQPEGRV QH IBSB IBDIJ CV KU VQ UMKR FGUUGTV
1T VQ TGFWEG RQTVKQP UK\G 6JG KFGC KU VQ UVKNN DG C MJUUMF CJU JWPIT[ YJGP [QW HKPKUJ
6JKU KU YJ[ RQTVKQP UK\G VGPFU VQ DG OWEJ UOCNNGT KP ,CRCP VJCP KP VJG 9GUV
(QQF KUPཐV UGTXGF CU CRRGVK\GTU OCKP EQWTUGU CPF FGUUGTV +PUVGCF KVཐU OWEJ OQTG
EQOOQP VQ UGG GXGT[VJKPI RTGUGPVGF CV QPEG QP UOCNN RNCVGU QPG YKVJ TKEG
CPQVJGT YKVJ XGIGVCDNGU C DQYN QH OKUQ UQWR CPF UQOGVJKPI VQ UPCEM QP 5GTXKPI
HQQF QP OCP[ UOCNN RNCVGU OCMGU KV GCUKGT VQ CXQKF GCVKPI VQQ OWEJ CPF
HCEKNKVCVGU VJG XCTKGF FKGV FKUEWUUGF CV VJG DGIKPPKPI QH VJKU EJCRVGT
)BSB IBDIJ CV KU CP CPEKGPV RTCEVKEG 6JG VYGNHVJEGPVWT[ DQQM QP <GP
$WFFJKUO ;B[FO :PVKJOLJ TGEQOOGPFU GCVKPI VYQVJKTFU CU OWEJ CU [QW OKIJV
YCPV VQ 'CVKPI NGUU VJCP QPG OKIJV YCPV KU EQOOQP COQPI CNN $WFFJKUV VGORNGU
KP VJG 'CUV 2GTJCRU $WFFJKUO TGEQIPK\GF VJG DGPGHKVU QH NKOKVKPI ECNQTKE KPVCMG
OQTG VJCP PKPG EGPVWTKGU CIQ
4P
 FBU MFTT UP MJWF MPOHFS
(GY YQWNF EJCNNGPIG VJKU KFGC 9KVJQWV VCMKPI KV VQ VJG GZVTGOG QH OCNPWVTKVKQP
QH EQWTUG GCVKPI HGYGT ECNQTKGU VJCP QWT DQFKGU CUM HQT UGGOU VQ KPETGCUG
NQPIGXKV[ 6JG MG[ VQ UVC[KPI JGCNVJ[ YJKNG EQPUWOKPI HGYGT ECNQTKGU KU GCVKPI
HQQFU YKVJ C JKIJ PWVTKVKQPCN XCNWG 
GURGEKCNN[ ནUWRGTHQQFUཔ CPF CXQKFKPI VJQUG
VJCV CFF VQ QWT QXGTCNN ECNQTKE KPVCMG DWV QHHGT NKVVNG VQ PQ PWVTKVKQPCN XCNWG
6JG ECNQTKG TGUVTKEVKQP YGཐXG DGGP FKUEWUUKPI KU QPG QH VJG OQUV GHHGEVKXG YC[U
VQ CFF [GCTU VQ [QWT NKHG +H VJG DQF[ TGIWNCTN[ EQPUWOGU GPQWIJ QT VQQ OCP[
ECNQTKGU KV IGVU NGVJCTIKE CPF UVCTVU VQ YGCT FQYP GZRGPFKPI UKIPKHKECPV GPGTI[ QP
FKIGUVKQP CNQPG
#PQVJGT DGPGHKV QH ECNQTKG TGUVTKEVKQP KU VJCV KV TGFWEGU NGXGNU QH +)(

KPUWNKPNKMG ITQYVJ HCEVQT  KP VJG DQF[ +)( KU C RTQVGKP VJCV RNC[U C
UKIPKHKECPV TQNG KP VJG CIKPI RTQEGUU KV UGGOU VJCV QPG QH VJG TGCUQPU JWOCPU CPF
CPKOCNU CIG KU CP GZEGUU QH VJKU RTQVGKP KP VJGKT DNQQF

9JGVJGT ECNQTKG TGUVTKEVKQP YKNN GZVGPF NKHGURCP KP JWOCPU KU PQV [GV MPQYP
DWV FCVC KPETGCUKPIN[ KPFKECVG VJCV OQFGTCVG ECNQTKG TGUVTKEVKQP YKVJ CFGSWCVG
PWVTKVKQP JCU C RQYGTHWN RTQVGEVKXG GHHGEV CICKPUV QDGUKV[ V[RG  FKCDGVGU
KPHNCOOCVKQP J[RGTVGPUKQP CPF ECTFKQXCUEWNCT FKUGCUG CPF TGFWEGU OGVCDQNKE
TKUM HCEVQTU CUUQEKCVGF YKVJ ECPEGT

#P CNVGTPCVKXG VQ HQNNQYKPI VJG  RGTEGPV TWNG QP C FCKN[ DCUKU KU VQ HCUV HQT
QPG QT VYQ FC[U GCEJ YGGM 6JG  
QT HCUVKPI FKGV TGEQOOGPFU VYQ FC[U QH
HCUVKPI 
EQPUWOKPI HGYGT VJCP HKXG JWPFTGF ECNQTKGU GXGT[ YGGM CPF GCVKPI
PQTOCNN[ QP VJG QVJGT HKXG FC[U
#OQPI KVU OCP[ DGPGHKVU HCUVKPI JGNRU ENGCPUG VJG FKIGUVKXG U[UVGO CPF CNNQYU
KV VQ TGUV
 OBUVSBM BOUJPYJEBOUT GPVOE JO UIF 0LJOBXBO EJFU
#PVKQZKFCPVU CTG OQNGEWNGU VJCV UNQY VJG QZKFCVKQP RTQEGUU KP EGNNU PGWVTCNK\KPI
VJG HTGG TCFKECNU VJCV ECWUG FCOCIG CPF CEEGNGTCVG CIKPI 6JG CPVKQZKFCPV RQYGT
QH ITGGP VGC HQT GZCORNG KU YGNN MPQYP CPF YKNN DG FKUEWUUGF NCVGT CV ITGCVGT
NGPIVJ
NGPIVJ
$GECWUG VJG[ CTG TKEJ KP CPVKQZKFCPVU CPF CTG GCVGP PGCTN[ GXGT[ FC[ KP VJG
TGIKQP VJGUG HKHVGGP HQQFU CTG EQPUKFGTGF MG[U VQ 1MKPCYCP XKVCNKV[
6QHW
/KUQ
6WPC
%CTTQVU
)Q[C 
DKVVGT OGNQP
-QODW 
UGC MGNR
%CDDCIG
0QTK 
UGCYGGF
1PKQP
5Q[ URTQWVU
*GEJKOC 
EWEWODGTNKMG IQWTF
5Q[DGCPU 
DQKNGF QT TCY
5YGGV RQVCVQ
2GRRGTU
5CPRKPEJC 
LCUOKPG VGC
4BOQJODIB 5IF SFJHOJOH JOGVTJPO JO 0LJOBXB
1MKPCYCPU FTKPM OQTG 5CPRKPEJCཋC OKZ QH ITGGP VGC CPF LCUOKPG HNQYGTUཋ
VJCP CP[ QVJGT MKPF QH VGC 6JG ENQUGUV CRRTQZKOCVKQP KP VJG 9GUV YQWNF DG VJG
LCUOKPG VGC VJCV WUWCNN[ EQOGU HTQO %JKPC #  UVWF[ EQPFWEVGF D[ *KTQMQ
5JQ CV VJG 1MKPCYC +PUVKVWVG QH 5EKGPEG CPF 6GEJPQNQI[ KPFKECVGU VJCV LCUOKPG
VGC TGFWEGU DNQQF EJQNGUVGTQN NGXGNU

5CPRKPEJC ECP DG HQWPF KP OCP[ FKHHGTGPV HQTOU KP 1MKPCYC CPF KU GXGP
CXCKNCDNG KP XGPFKPI OCEJKPGU +P CFFKVKQP VQ CNN VJG CPVKQZKFCPV DGPGHKVU QH ITGGP
VGC KV DQCUVU VJG DGPGHKVU QH LCUOKPG YJKEJ KPENWFG
4GFWEKPI VJG TKUM QH JGCTV CVVCEM
5VTGPIVJGPKPI VJG KOOWPG U[UVGO
*GNRKPI TGNKGXG UVTGUU
.QYGTKPI EJQNGUVGTQN
1MKPCYCPU FTKPM CP CXGTCIG QH VJTGG EWRU QH 5CPRKPEJC GXGT[ FC[
1MKPCYCPU FTKPM CP CXGTCIG QH VJTGG EWRU QH 5CPRKPEJC GXGT[ FC[
+V OKIJV DG JCTF VQ HKPF GZCEVN[ VJG UCOG DNGPF KP VJG 9GUV DWV YG ECP FTKPM
LCUOKPG VGC QT GXGP C JKIJSWCNKV[ ITGGP VGC KPUVGCF
5IF TFDSFUT PG HSFFO UFB
)TGGP VGC JCU DGGP ETGFKVGF HQT EGPVWTKGU YKVJ UKIPKHKECPV OGFKEKPCN RTQRGTVKGU
4GEGPV UVWFKGU JCXG EQPHKTOGF KVU OCP[ DGPGHKVU CPF JCXG CVVGUVGF VQ VJG
KORQTVCPEG QH VJKU CPEKGPV RNCPV KP VJG NQPIGXKV[ QH VJQUG YJQ FTKPM KV QHVGP
1TKIKPCNN[ HTQO %JKPC YJGTG KV JCU DGGP EQPUWOGF HQT OKNNGPPKC ITGGP VGC
FKFPཐV OCMG KVU YC[ VQ VJG TGUV QH VJG YQTNF WPVKN LWUV C HGY EGPVWTKGU CIQ 7PNKMG
QVJGT VGCU CPF CU C TGUWNV QH DGKPI CKTFTKGF YKVJQWV HGTOGPVCVKQP KV TGVCKPU KVU
CEVKXG GNGOGPVU GXGP CHVGT DGKPI FTKGF CPF ETWODNGF +V QHHGTU OGCPKPIHWN JGCNVJ
DGPGHKVU UWEJ CU
%QPVTQNNKPI EJQNGUVGTQN
.QYGTKPI DNQQF UWICT NGXGNU
+ORTQXKPI EKTEWNCVKQP
2TQVGEVKQP CICKPUV VJG HNW 
XKVCOKP %
2TQOQVKPI DQPG JGCNVJ 
HNWQTKFG
2TQVGEVKQP CICKPUV EGTVCKP DCEVGTKCN KPHGEVKQPU
2TQVGEVKQP CICKPUV 78 FCOCIG
%NGCPUKPI CPF FKWTGVKE GHHGEVU
9JKVG VGC YKVJ KVU JKIJ EQPEGPVTCVKQP QH RQN[RJGPQNU OC[ DG GXGP OQTG
GHHGEVKXG CICKPUV CIKPI +P HCEV KV KU EQPUKFGTGF VQ DG VJG PCVWTCN RTQFWEV YKVJ VJG
ITGCVGUV CPVKQZKFCPV RQYGT KP VJG YQTNFཋVQ VJG GZVGPV VJCV QPG EWR QH YJKVG VGC
OKIJV RCEM VJG UCOG RWPEJ CU CDQWV C FQ\GP INCUUGU QH QTCPIG LWKEG
+P UWOOCT[ &TKPMKPI ITGGP QT YJKVG VGC GXGT[ FC[ ECP JGNR WU TGFWEG VJG HTGG
TCFKECNU KP QWT DQFKGU MGGRKPI WU [QWPI NQPIGT
5IF QPXFSGVM TIJLVXBTB
4IJLVXBTB KU VJG EKVTWU HTWKV RCT GZEGNNGPEG QH 1MKPCYC CPF 1IKOK KU KVU NCTIGUV
RTQFWEGT KP CNN QH ,CRCP
6JG HTWKV KU GZVTGOGN[ CEKFKE +V KU KORQUUKDNG VQ FTKPM TIJLVXBTB LWKEG YKVJQWV
FKNWVKPI KV HKTUV YKVJ YCVGT +VU VCUVG KU UQOGYJGTG DGVYGGP VJCV QH C NKOG CPF C
OCPFCTKP QTCPIG VQ YJKEJ KV DGCTU C HCOKN[ TGUGODNCPEG
4IJLVXBTBT CNUQ EQPVCKP JKIJ NGXGNU QH PQDKNGVKP C HNCXQPQKF TKEJ KP
CPVKQZKFCPVU
#NN EKVTWU HTWKVUཋITCRGHTWKVU QTCPIGU NGOQPUཋCTG JKIJ KP PQDKNGVKP DWV
1MKPCYCཐU TIJLVXBTBT JCXG GPSUZ UJNFT BT NVDI CU QTCPIGU %QPUWOKPI PQDKNGVKP
JCU DGGP RTQXGP VQ RTQVGEV WU HTQO CTVGTKQUENGTQUKU ECPEGT V[RG  FKCDGVGU CPF
QDGUKV[ KP IGPGTCN
4IJLVXBTBT CNUQ EQPVCKP XKVCOKPU % CPF $ DGVC ECTQVGPG CPF OKPGTCNU 6JG[
CTG WUGF KP OCP[ VTCFKVKQPCN FKUJGU CPF VQ CFF HNCXQT VQ HQQF CPF CTG USWGG\GF VQ
OCMG LWKEG 9JKNG EQPFWEVKPI TGUGCTEJ CV VJG DKTVJFC[ RCTVKGU QH VJG VQYPཐU
ནITCPFRCTGPVUཔ YG YGTG UGTXGF TIJLVXBTB ECMG
7KH $QWLR[LGDQW &DQRQ IRU :HVWHUQHUV
+P  VJG 7-ཐU %BJMZ .JSSPS RWDNKUJGF C NKUV QH HQQFU TGEQOOGPFGF D[
GZRGTVU VQ EQODCV CIKPI #OQPI VJGUG HQQFU TGCFKN[ CXCKNCDNG KP VJG 9GUV
CTG
8GIGVCDNGU UWEJ CU DTQEEQNK CPF EJCTF HQT VJGKT JKIJ EQPEGPVTCVKQP QH
YCVGT OKPGTCNU CPF HKDGT
1KN[ HKUJ UWEJ CU UCNOQP OCEMGTGN VWPC CPF UCTFKPGU HQT CNN VJG
CPVKQZKFCPVU KP VJGKT HCV
(TWKVU UWEJ CU EKVTWU UVTCYDGTTKGU CPF CRTKEQVU VJG[ CTG CP GZEGNNGPV
UQWTEG QH XKVCOKPU CPF JGNR GNKOKPCVG VQZKPU HTQO VJG DQF[
$GTTKGU UWEJ CU DNWGDGTTKGU CPF IQLK DGTTKGU VJG[ CTG TKEJ KP
RJ[VQEJGOKECN CPVKQZKFCPVU
&TKGF HTWKVU YJKEJ EQPVCKP XKVCOKPU CPF CPVKQZKFCPVU CPF IKXG [QW
GPGTI[
)TCKPU UWEJ CU QCVU CPF YJGCV YJKEJ IKXG [QW GPGTI[ CPF EQPVCKP
OKPGTCNU
1NKXG QKN HQT KVU CPVKQZKFCPV GHHGEVU VJCV UJQY KP [QWT UMKP
4GF YKPG KP OQFGTCVKQP HQT KVU CPVKQZKFCPV CPF XCUQFKNCVQT[ RTQRGTVKGU
(QQFU VJCV UJQWNF DG GNKOKPCVGF CTG TGHKPGF UWICT CPF ITCKPU RTQEGUUGF
DCMGF IQQFU CPF RTGRCTGF HQQFU CNQPI YKVJ EQYཐU OKNM CPF CNN KVU
FGTKXCVKXGU (QNNQYKPI VJKU FKGV YKNN JGNR [QW HGGN [QWPIGT CPF UNQY VJG
FGTKXCVKXGU (QNNQYKPI VJKU FKGV YKNN JGNR [QW HGGN [QWPIGT CPF UNQY VJG
RTQEGUU QH RTGOCVWTG CIKPI
9,,,
*(17/( 029(0(176 /21*(5 /,)(
'ZGTEKUGU HTQO VJG 'CUV VJCV
RTQOQVG JGCNVJ CPF NQPIGXKV[
567&+'5 (41/ 6*'$NWG <QPGU UWIIGUV VJCV VJG RGQRNG YJQ NKXG NQPIGUV CTG PQV VJG QPGU YJQ FQ VJG OQUV GZGTEKUG
DWV TCVJGT VJG QPGU YJQ NPWF VJG OQUV
9JGP YG XKUKVGF 1IKOK VJG 8KNNCIG QH .QPIGXKV[ YG FKUEQXGTGF VJCV GXGP
RGQRNG QXGT GKIJV[ CPF PKPGV[ [GCTU QNF CTG UVKNN JKIJN[ CEVKXG 6JG[ FQPཐV UVC[ CV
JQOG NQQMKPI QWV VJG YKPFQY QT TGCFKPI VJG PGYURCRGT 1IKOKཐU TGUKFGPVU YCNM C
NQV FQ MCTCQMG YKVJ VJGKT PGKIJDQTU IGV WR GCTN[ KP VJG OQTPKPI CPF CU UQQP CU
VJG[ཐXG JCF DTGCMHCUVཋQT GXGP DGHQTGཋJGCF QWVUKFG VQ YGGF VJGKT ICTFGPU 6JG[
FQPཐV IQ VQ VJG I[O QT GZGTEKUG KPVGPUGN[ DWV VJG[ CNOQUV PGXGT UVQR OQXKPI KP
VJG EQWTUG QH VJGKT FCKN[ TQWVKPGU
$V (DV\ DV *HWWLQJ RXW RI <RXU &KDLU
ན/GVCDQNKUO UNQYU FQYP  RGTEGPV CHVGT  OKPWVGU QH UKVVKPI 6JG
GP\[OGU VJCV OQXG VJG DCF HCV HTQO [QWT CTVGTKGU VQ [QWT OWUENGU YJGTG
KV ECP IGV DWTPGF QHH UNQY FQYP #PF CHVGT VYQ JQWTU IQQF EJQNGUVGTQN
FTQRU  RGTEGPV ,WUV IGVVKPI WR HQT HKXG OKPWVGU KU IQKPI VQ IGV VJKPIU
IQKPI CICKP 6JGUG VJKPIU CTG UQ UKORNG VJG[ཐTG CNOQUV UVWRKFཔ UC[U )CXKP
$TCFNG[ KP C  KPVGTXKGY YKVJ $TKIKF 5EJWNVG HQT VJG 8BTIJOHUPO 1PTU

$TCFNG[ KU QPG QH VJG RTGGOKPGPV GZRGTVU QP VJG UWDLGEV CPF VJG FKTGEVQT
QH CP KPVGTPCVKQPCN QTICPK\CVKQP FGFKECVGF VQ DWKNFKPI CYCTGPGUU QH JQY
FGVTKOGPVCN UKVVKPI CNN VJG VKOG ECP DG VQ QWT JGCNVJ
+H YG NKXG KP C EKV[ YG OKIJV HKPF KV JCTF VQ OQXG KP PCVWTCN CPF JGCNVJ[ YC[U
GXGT[ FC[ DWV YG ECP VWTP VQ GZGTEKUGU VJCV JCXG RTQXGP HQT EGPVWTKGU VQ DG IQQF
HQT VJG DQF[
6JG 'CUVGTP FKUEKRNKPGU HQT DTKPIKPI DQF[ OKPF CPF UQWN KPVQ DCNCPEG JCXG
DGEQOG SWKVG RQRWNCT KP VJG 9GUV DWV KP VJGKT EQWPVTKGU QH QTKIKP VJG[ JCXG DGGP
WUGF HQT CIGU VQ RTQOQVG JGCNVJ
;QICཋQTKIKPCNN[ HTQO +PFKC VJQWIJ XGT[ RQRWNCT KP ,CRCPཋCPF %JKPCཐU
SKIQPI CPF VCK EJK COQPI QVJGT FKUEKRNKPGU UGGM VQ ETGCVG JCTOQP[ DGVYGGP C
RGTUQPཐU DQF[ CPF OKPF UQ VJG[ ECP HCEG VJG YQTNF YKVJ UVTGPIVJ LQ[ CPF
UGTGPKV[
6JG[ CTG VQWVGF CU GNKZKTU QH [QWVJ CPF UEKGPEG JCU GPFQTUGF VJG ENCKO
6JG[ CTG VQWVGF CU GNKZKTU QH [QWVJ CPF UEKGPEG JCU GPFQTUGF VJG ENCKO
6JGUG IGPVNG GZGTEKUGU QHHGT GZVTCQTFKPCT[ JGCNVJ DGPGHKVU CPF CTG RCTVKEWNCTN[
CRRTQRTKCVG HQT QNFGT KPFKXKFWCNU YJQ JCXG C JCTFGT VKOG UVC[KPI HKV
6CK EJK JCU DGGP UJQYP COQPI QVJGT VJKPIU VQ UNQY VJG FGXGNQROGPV QH
QUVGQRQTQUKU CPF 2CTMKPUQPཐU FKUGCUG VQ KPETGCUG EKTEWNCVKQP CPF VQ KORTQXG
OWUENG VQPG CPF HNGZKDKNKV[ +VU GOQVKQPCN DGPGHKVU CTG LWUV CU KORQTVCPV +V KU C
ITGCV UJKGNF CICKPUV UVTGUU CPF FGRTGUUKQP
;QW FQPཐV PGGF VQ IQ VQ VJG I[O HQT CP JQWT GXGT[ FC[ QT TWP OCTCVJQPU #U
,CRCPGUG EGPVGPCTKCPU UJQY WU CNN [QW PGGF KU VQ CFF OQXGOGPV VQ [QWT FC[
2TCEVKEKPI CP[ QH VJGUG 'CUVGTP FKUEKRNKPGU QP C TGIWNCT DCUKU KU C ITGCV YC[ VQ FQ
UQ #P CFFGF DGPGHKV KU VJCV VJG[ CNN JCXG YGNNFGHKPGF UVGRU CPF CU YG UCY KP
EJCRVGT +8 FKUEKRNKPGU YKVJ ENGCT TWNGU CTG IQQF HQT HNQY +H [QW FQPཐV NKMG CP[ QH
VJGUG FKUEKRNKPGU HGGN HTGG VQ EJQQUG C RTCEVKEG VJCV [QW NQXG CPF VJCV OCMGU [QW
OQXG
+P VJG HQNNQYKPI RCIGU YGཐNN VCMG C NQQM CV UQOG QH VJG RTCEVKEGU VJCV RTQOQVG
JGCNVJ CPF NQPIGXKV[ཋDWV HKTUV C NKVVNG CRRGVK\GT C UKPIWNCTN[ ,CRCPGUG GZGTEKUG
HQT UVCTVKPI [QWT FC[
3BEJP UBJTP
6JKU OQTPKPI YCTOWR JCU DGGP CTQWPF UKPEG DGHQTG 9QTNF 9CT ++ 6JG ནTCFKQཔ
RCTV QH KVU PCOG KU HTQO YJGP VJG KPUVTWEVKQPU HQT GCEJ GZGTEKUG YGTG VTCPUOKVVGF
QXGT VJG TCFKQ DWV VQFC[ RGQRNG WUWCNN[ FQ VJGUG OQXGOGPVU YJKNG VWPGF VQ C
VGNGXKUKQP EJCPPGN QT +PVGTPGV XKFGQ FGOQPUVTCVKPI VJG UVGRU
1PG QH VJG OCKP RWTRQUGU QH FQKPI TCFKQ VCKUQ KU VQ RTQOQVG C URKTKV QH WPKV[
COQPI RCTVKEKRCPVU 6JG GZGTEKUGU CTG CNYC[U FQPG KP ITQWRU WUWCNN[ KP UEJQQNU
DGHQTG VJG UVCTV QH ENCUUGU CPF KP DWUKPGUUGU DGHQTG VJG YQTMFC[ DGIKPU
5VCVKUVKEU UJQY VJCV  RGTEGPV QH ,CRCPGUG RTCEVKEG TCFKQ VCKUQ HQT C HGY
OKPWVGU GXGT[ OQTPKPI DWV TCFKQ VCKUQ KU QPG VJKPI VJCV CNOQUV GXGT[QPG YG
KPVGTXKGYGF KP 1IKOK JCF KP EQOOQP 'XGP VJG TGUKFGPVU QH VJG PWTUKPI JQOG YG
XKUKVGF FGFKECVGF CV NGCUV HKXG OKPWVGU GXGT[ FC[ VQ KV VJQWIJ UQOG FKF VJG
GZGTEKUGU HTQO VJGKT YJGGNEJCKTU 9G LQKPGF VJGO QP VJGKT FCKN[ RTCEVKEG CPF YG
HGNV TGHTGUJGF HQT VJG TGUV QH VJG FC[
9JGP VJGUG GZGTEKUGU CTG FQPG KP C ITQWR KV KU WUWCNN[ QP C URQTVU HKGNF QT KP C
NCTIG TGEGRVKQP JCNN CPF V[RKECNN[ KPXQNXGU UQOG MKPF QH NQWFURGCMGT
6JG GZGTEKUGU VCMG HKXG QT VGP OKPWVGU FGRGPFKPI QP YJGVJGT [QW FQ CNN QT
QPN[ UQOG QH VJGO 6JG[ HQEWU QP F[PCOKE UVTGVEJKPI CPF KPETGCUKPI LQKPV
OQDKNKV[ 1PG QH VJG OQUV KEQPKE TCFKQ VCKUQ GZGTEKUGU EQPUKUVU QH UKORN[ TCKUKPI
OQDKNKV[ 1PG QH VJG OQUV KEQPKE TCFKQ VCKUQ GZGTEKUGU EQPUKUVU QH UKORN[ TCKUKPI
[QWT CTOU CDQXG [QWT JGCF CPF VJGP DTKPIKPI VJGO FQYP KP C EKTEWNCT OQVKQP +V
KU C VQQN VQ YCMG WR VJG DQF[ CP GCU[ OQDKNKV[ YQTMQWV VJCV KU NQY KP KPVGPUKV[
CPF VJCV HQEWUGU QP GZGTEKUKPI CU OCP[ LQKPVU CU RQUUKDNG
+V OKIJV UGGO DCUKE DWV KP QWT OQFGTP NKXGU YG ECP URGPF FC[U YKVJQWV
TCKUKPI QWT CTOU CDQXG QWT GCTU 6JKPM CDQWV KV QWT CTOU CTG FQYP YJGP WUKPI
EQORWVGTU YJGP WUKPI UOCTVRJQPGU YJGP TGCFKPI DQQMU 1PG QH VJG HGY VKOGU
YG TCKUG QWT JCPFU QXGT QWT JGCFU KU YJGP TGCEJKPI HQT UQOGVJKPI KP C EWRDQCTF
QT ENQUGV YJKNG QWT CPEGUVQTU YGTG TCKUKPI VJGKT JCPFU QXGT VJGKT JGCFU CNN VJG
VKOG YJGP ICVJGTKPI VJKPIU HTQO VTGGU 4CFKQ VCKUQ JGNRU WU VQ RTCEVKEG CNN VJG
DCUKE OQXGOGPVU QH VJG DQF[
$CUKE XGTUKQP QH VJG TCFKQ VCKUQ GZGTEKUGU 
 OKPWVGU


:PHB
2QRWNCT KP ,CRCP CU YGNN CU KP VJG 9GUV [QIC ECP DG FQPG D[ CNOQUV CP[QPG
5QOG QH KVU RQUGU JCXG GXGP DGGP CFCRVGF HQT RTGIPCPV YQOGP CPF RTCEVKVKQPGTU
YKVJ RJ[UKECN FKUCDKNKVKGU
;QIC EQOGU HTQO +PFKC YJGTG KV YCU FGXGNQRGF OKNNGPPKC CIQ VQ WPKVG QWT
OGPVCN CPF RJ[UKECN GNGOGPVU 6JG YQTF ZPHB KVUGNH EQOGU HTQO VJG 5CPUMTKV VGTO
HQT ན[QMGཔ YJKEJ TGHGTU VQ VJG ETQUURKGEG VJCV DKPFU FTCHV CPKOCNU VQ QPG CPQVJGT
CPF VQ VJG ECTV VJG[ཐTG RWNNKPI ;QIC UVTKXGU VQ WPKVG DQF[ CPF OKPF KP VJG UCOG
YC[ IWKFKPI WU VQYCTF C JGCNVJ[ NKHGUV[NG KP JCTOQP[ YKVJ VJG YQTNF CTQWPF WU
6JG OCKP QDLGEVKXGU QH [QIC CTG
6Q DTKPI WU ENQUGT VQ QWT 
JWOCP PCVWTG
/GPVCN CPF RJ[UKECN RWTKHKECVKQP
6Q DTKPI WU ENQUGT VQ VJG FKXKPG
6W\OHV RI \RJD
6JQWIJ CNN CTG QTKGPVGF VQYCTF UKOKNCT IQCNU VJGTG CTG OCP[ FKHHGTGPV V[RGU QH
[QIC VJCV XCT[ CEEQTFKPI VQ VJG VTCFKVKQPU CPF VGZVU HTQO YJKEJ VJG[ YGTG
FGXGNQRGF 6JG FKHHGTGPEGU COQPI VJGO NKG CU VJG OCUVGTU UC[ KP VJG RCVJ VCMGP
VQ VJG UWOOKV QH QWT DGUV UGNH
+OBOB ZPHB VJG [QIC QH YKUFQO VJG UGCTEJ HQT FKUEKRNKPG CPF OGPVCN
ITQYVJ
,BSNB ZPHB HQEWUGU QP CEVKQP QP VCUMU CPF FWVKGU VJCV DGPGHKV QPGUGNH CPF
QPGཐU EQOOWPKV[
#IBLUJ ZPHB VJG [QIC QH FGXQVKQP CPF UWTTGPFGT VQ VJG FKXKPG
.BOUSB ZPHB HQEWUGU QP VJG TGEKVCVKQP QH OCPVTCU VQ TGCEJ C UVCVG QH
TGNCZCVKQP
,VOEBMJOJ ZPHB EQODKPGU FKXGTUG UVGRU VQ TGCEJ VJG FGUKTGF OGPVCN UVCVG
3BKB ZPHB CNUQ MPQYP CU VJG TQ[CN RCVJ GPEQORCUUGU C TCPIG QH UVGRU
IGCTGF VQYCTF CEJKGXKPI EQOOWPKQP YKVJ QPGUGNH CPF QVJGTU
)BUIB ZPHB VJG OQUV YKFGURTGCF HQTO KP VJG 9GUV CPF ,CRCP EJCTCEVGTK\GF
D[ BTBOBT QT RQUGU EQODKPGF KP C SWGUV HQT DCNCPEG
)PX UP EP B 4VO 4BMVUBUJPO
6JG 5WP 5CNWVCVKQP KU QPG QH VJG OQUV KEQPKE GZGTEKUGU KP JCVJC [QIC 6Q FQ KV [QW
UKORN[ JCXG VQ HQNNQY VJGUG VYGNXG DCUKE OQXGOGPVU
 9KVJ [QWT HGGV VQIGVJGT UVCPF WR UVTCKIJV DWV MGGR [QWT OWUENGU TGNCZGF
'ZJCNG
 2NCEG VJG RCNOU QH [QWT JCPFU VQIGVJGT KP HTQPV QH [QWT EJGUV HTQO VJKU
RQUKVKQP KPJCNG CU [QW TCKUG [QWT CTOU CDQXG [QWT JGCF CPF DGPF DCEMYCTF
UNKIJVN[
 'ZJCNG CU [QW DGPF HQTYCTF WPVKN [QW VQWEJ VJG ITQWPF YKVJ VJG RCNOU QH
[QWT JCPFU YKVJQWV DGPFKPI [QWT MPGGU
 5VTGVEJ QPG NGI DCEM VQ VQWEJ VJG HNQQT YKVJ VJG VKRU QH [QWT VQGU +PJCNG
 $TKPI VJG QVJGT NGI DCEM MGGRKPI [QWT NGIU CPF CTOU UVTCKIJV CU [QW JQNF
[QWT DTGCVJ
 #U [QW GZJCNG DGPF [QWT CTOU CPF DTKPI [QWT EJGUV VQ VJG ITQWPF CPF VJGP
HQTYCTF TGUVKPI [QWT MPGGU QP VJG ITQWPF
 5VTCKIJVGP [QWT CTOU CPF DGPF [QWT URKPG DCEM MGGRKPI VJG NQYGT JCNH QH
[QWT DQF[ QP VJG ITQWPF +PJCNG
 9KVJ [QWT JCPFU CPF HGGV QP VJG ITQWPF NKHV [QWT JKRU WPVKN [QWT CTOU CPF
NGIU CTG UVTCKIJV CPF [QWT DQF[ HQTOU CP WRUKFGFQYP 8 'ZJCNG VJTQWIJQWV
VJG OQXGOGPV
 $TKPI HQTYCTF VJG UCOG NGI [QWཐF UVTGVEJGF DCEM GCTNKGT CPF DGPF KV UQ VJCV
[QWT MPGG CPF HQQV CTG CNKIPGF WPFGT [QWT JGCF CPF DGVYGGP [QWT JCPFU
+PJCNG
 'ZJCNG CU [QW DTKPI [QWT DCEM HQQV HQTYCTF CPF UVTCKIJVGP [QWT NGIU MGGRKPI
[QWT JCPFU QP VJG ITQWPF CU KP RQUVWTG 
 $TKPI [QWT CTOU CDQXG [QWT JGCF YKVJ [QWT RCNOU VQIGVJGT CPF DGPF
DCEMYCTF UNKIJVN[ CU [QW FKF KP RQUVWTG  YJKNG [QW KPJCNG
 .QYGT [QWT CTOU VQ VJGKT KPKVKCN RQUKVKQP KP OQWPVCKP RQUG YJKNG [QW GZJCNG
;QWཐXG LWUV ITGGVGF VJG UWP PQY [QWཐTG TGCF[ VQ JCXG C HCPVCUVKE FC[
5BJ DIJ
#NUQ MPQYP CU VཐCK EJK EJཐWCP 
QT VCKLKSWCP VCK EJK KU C %JKPGUG OCTVKCN CTV VJCV
ECP DG VTCEGF DCEM JWPFTGFU QH [GCTU VQ $WFFJKUO CPF %QPHWEKCPKUO KV KU XGT[
RQRWNCT KP ,CRCP VQQ
#EEQTFKPI VQ %JKPGUG VTCFKVKQP KV YCU ETGCVGF D[ VJG 6CQKUV OCUVGT CPF OCTVKCN
CTVU RTCEVKVKQPGT <JCPI 5CPHGPI VJQWIJ KV YCU ;CPI .WEJCP YJQ KP VJG
PKPGVGGPVJ EGPVWT[ DTQWIJV VJG HQTO VQ VJG TGUV QH VJG YQTNF
6CK EJK YCU QTKIKPCNN[ C OFJKJB QT KPVGTPCN OCTVKCN CTV OGCPKPI KVU IQCN YCU
RGTUQPCN ITQYVJ (QEWUGF QP UGNHFGHGPUG KV VGCEJGU VJQUG YJQ RTCEVKEG KV VQ
FGHGCV VJGKT CFXGTUCTKGU D[ WUKPI VJG NGCUV COQWPV QH HQTEG RQUUKDNG CPF D[ TGN[KPI
QP CIKNKV[
6CK EJK YJKEJ YCU CNUQ UGGP CU C OGCPU QH JGCNKPI DQF[ CPF OKPF YQWNF IQ
QP VQ DG WUGF OQTG HTGSWGPVN[ VQ HQUVGT JGCNVJ CPF KPPGT RGCEG 6Q GPEQWTCIG KVU
EKVK\GPU VQ DG OQTG CEVKXG VJG %JKPGUG IQXGTPOGPV RTQOQVGF KV CU CP GZGTEKUG
CPF KV NQUV KVU QTKIKPCN EQPPGEVKQP VQ OCTVKCN CTVU DGEQOKPI KPUVGCF C UQWTEG QH
JGCNVJ CPF YGNNDGKPI CEEGUUKDNG VQ CNN
6W\OHV RI WDL FKL
6JGTG CTG FKHHGTGPV UEJQQNU CPF UV[NGU QH VCK EJK 6JG HQNNQYKPI CTG VJG DGUV
MPQYP
$IFOTUZMF CNVGTPCVGU DGVYGGP UNQY OQXGOGPVU CPF GZRNQUKXG QPGU
:BOHTUZMF VJG OQUV YKFGURTGCF QH VJG HQTOU EJCTCEVGTK\GF D[ UNQY HNWKF
OQXGOGPVU
8VTUZMF WVKNK\GU UOCNN UNQY FGNKDGTCVG OQXGOGPVU
)BPTUZMF EGPVGTGF QP KPVGTPCN OQXGOGPVU YKVJ CNOQUV OKETQUEQRKE
GZVGTPCN OQXGOGPVU QPG QH VJG NGCUV RTCEVKEGF HQTOU QH VCK EJK GXGP KP
%JKPC
&GURKVG VJGKT FKHHGTGPEGU VJGUG UV[NGU CNN JCXG VJG UCOG QDLGEVKXGU
 6Q EQPVTQN OQXGOGPV VJTQWIJ UVKNNPGUU
 6Q QXGTEQOG HQTEG VJTQWIJ HKPGUUG
 6Q OQXG UGEQPF CPF CTTKXG HKTUV
 6Q MPQY [QWTUGNH CPF [QWT QRRQPGPV
7KH WHQ EDVLF SULQFLSOHV RI WDL FKL
#EEQTFKPI VQ VJG OCUVGT ;CPI %JGPIHW VJG EQTTGEV RTCEVKEG QH VCK EJK HQNNQYU VGP
DCUKE RTKPEKRNGU
 'NGXCVG VJG ETQYP QH [QWT JGCF CPF HQEWU CNN [QWT GPGTI[ VJGTG
 6KIJVGP [QWT EJGUV CPF GZRCPF [QWT DCEM VQ NKIJVGP [QWT NQYGT DQF[
 4GNCZ [QWT YCKUV CPF NGV KV IWKFG [QWT DQF[
 .GCTP VQ FKHHGTGPVKCVG DGVYGGP JGCXKPGUU CPF NKIJVPGUU MPQYKPI JQY [QWT
YGKIJV KU FKUVTKDWVGF
 4GNCZ VJG UJQWNFGTU VQ CNNQY HTGG OQXGOGPV QH VJG CTOU CPF RTQOQVG VJG
HNQY QH GPGTI[
 8CNWG VJG CIKNKV[ QH VJG OKPF QXGT VJG UVTGPIVJ QH VJG DQF[
 7PKH[ VJG WRRGT CPF NQYGT DQF[ UQ VJG[ CEV KP EQPEGTV
 7PKH[ VJG KPVGTPCN CPF VJG GZVGTPCN VQ U[PEJTQPK\G OKPF DQF[ CPF DTGCVJ
 &Q PQV DTGCM VJG HNQY QH [QWT OQXGOGPV OCKPVCKP HNWKFKV[ CPF JCTOQP[
 .QQM HQT UVKNNPGUU KP OQXGOGPV #P CEVKXG DQF[ NGCFU VQ C ECNO OKPF
,PLWDWLQJ FORXGV
1PG QH VJG DGUVMPQYP OQXGOGPVU KP VCK EJK EQPUKUVU QH HQNNQYKPI VJG HQTO QH
ENQWFU KP CP GZGTEKUG ECNNGF 9CXG *CPFU .KMG %NQWFU *GTG CTG VJG UVGRU
 'ZVGPF [QWT CTOU KP HTQPV QH [QW YKVJ [QWT RCNOU FQYP
 6WTP [QWT RCNOU VQ HCEG KP CU VJQWIJ [QW YGTG JWIIKPI C VTGG VTWPM
 1RGP [QWT CTOU QWV VQ VJG UKFG
 $TKPI VJG NGHV CTO WR CPF EGPVGT CPF VJG TKIJV CTO FQYP CPF EGPVGT
 6TCEG VJG UJCRG QH C DCNN KP HTQPV QH [QWT DQF[
 6WTP [QWT NGHV RCNO VQYCTF [QWT HCEG
 5JKHV [QWT YGKIJV VQ [QWT NGHV HQQV CPF RKXQV HTQO [QWT JKR VQYCTF VJCV UKFG
YJKNG [QWT G[GU HQNNQY VJG OQXGOGPV QH [QWT JCPF
 $TKPI [QWT NGHV JCPF VQ [QWT YCKUV CPF [QWT TKIJV JCPF KP HTQPV QH [QWT HCEG
 5JKHV [QWT YGKIJV VQ [QWT TKIJV HQQV
 2KXQV VQYCTF [QWT TKIJV NQQMKPI CV [QWT TCKUGF TKIJV JCPF VJG GPVKTG VKOG
 4GRGCV VJKU OQXGOGPV HNWKFN[ UJKHVKPI [QWT YGKIJV HTQO QPG HQQV VQ VJG
QVJGT CU [QW TGRQUKVKQP [QWT JCPFU
 5VTGVEJ [QWT CTOU QWV KP HTQPV QH [QW CICKP CPF DTKPI VJGO FQYP UNQYN[
TGVWTPKPI VQ [QWT KPKVKCN RQUKVKQP
2JHPOH
#NUQ MPQYP CU EJK MWPI KVU PCOG EQODKPGU RJ 
NKHG HQTEG QT GPGTI[ CPF HPOH

YQTM KPFKECVKPI VJCV VJG HQTO YQTMU YKVJ VJG KPFKXKFWCNཐU NKHG HQTEG 6JQWIJ
TGNCVKXGN[ OQFGTP GURGEKCNN[ WPFGT KVU EWTTGPV PCOG VJG CTV QH SKIQPI KU DCUGF QP
VJG 6CQ [KP CP CPEKGPV CTV OGCPV VQ HQUVGT OGPVCN CPF RJ[UKECN YGNNDGKPI
6JG RTCEVKEG DGICP VQ CRRGCT KP TGRQTVU QP VTCKPKPI CPF OCTVKCN CTVU CV VJG
DGIKPPKPI QH VJG VYGPVKGVJ EGPVWT[ CPF D[ VJG U YCU DGKPI WUGF KP JQURKVCNU
6JG %JKPGUG IQXGTPOGPV NCVGT RQRWNCTK\GF KV CU KV JCF FQPG YKVJ VCK EJK
3KIQPI KPXQNXGU UVCVKE CPF F[PCOKE RJ[UKECN GZGTEKUGU VJCV UVKOWNCVG
TGURKTCVKQP KP C UVCPFKPI UGCVGF QT TGENKPGF RQUKVKQP 6JGTG CTG OCP[ FKHHGTGPV
UV[NGU QH SKIQPI DWV CNN QH VJGO UGGM VQ UVTGPIVJGP CPF TGIGPGTCVG RJ 6JQWIJ KVU
OQXGOGPVU CTG V[RKECNN[ IGPVNG VJG RTCEVKEG KU KPVGPUG
%HQHILWV RI TLJRQJ
#EEQTFKPI VQ PWOGTQWU KPVGTPCVKQPCN UEKGPVKHKE UVWFKGU SKIQPIཋNKMG VCK EJK CPF
[QICཋQHHGTU UKIPKHKECPV JGCNVJ DGPGHKVU 6JG HQNNQYKPI UVCPF QWV COQPI VJQUG
RTQXGP VJTQWIJ UEKGPVKHKE TGUGCTEJ CU QDUGTXGF D[ &T -GPPGVJ / 5CPEKGT QH 5CP
(TCPEKUEQཐU 3KIQPI +PUVKVWVG KP JKU CTVKENG ན/GFKECN #RRNKECVKQPU QH 3KIQPIཔ
/QFKHKECVKQP QH DTCKP YCXGU
+ORTQXGF DCNCPEG QH UGZ JQTOQPGU
.QYGT OQTVCNKV[ TCVG HTQO JGCTV CVVCEMU
.QYGT DNQQF RTGUUWTG KP RCVKGPVU YKVJ J[RGTVGPUKQP
)TGCVGT DQPG FGPUKV[
$GVVGT EKTEWNCVKQP
&GEGNGTCVKQP QH U[ORVQOU CUUQEKCVGF YKVJ UGPKNKV[
)TGCVGT DCNCPEG CPF GHHKEKGPE[ QH DQFKN[ HWPEVKQPU
+PETGCUGF DNQQF HNQY VQ VJG DTCKP CPF ITGCVGT OKPFDQF[ EQPPGEVKQP
+ORTQXGF ECTFKCE HWPEVKQP
4GFWEVKQP KP VJG UGEQPFCT[ GHHGEVU QH ECPEGT VTGCVOGPVU
2TCEVKEKPI VJGUG CTVU PQV QPN[ MGGRU WU KP UJCRG KV CNUQ JGNRU GZVGPF QWT NKXGU
0HWKRGV IRU SUDFWLFLQJ TLJRQJ
+P QTFGT VQ RTCEVKEG SKIQPI EQTTGEVN[ YG UJQWNF TGOGODGT VJCV QWT NKHG GPGTI[
HNQYU VJTQWIJ QWT YJQNG DQF[ 9G UJQWNF MPQY JQY VQ TGIWNCVG KVU OCP[ RCTVU
 5ZBV 4IFOO 
TGIWNCVKPI VJG DQF[ D[ CFQRVKPI VJG EQTTGEV RQUVWTGཋKV KU
KORQTVCPV VQ DG HKTON[ TQQVGF VQ VJG ITQWPF
 5ZBV 4IZJ 
TGIWNCVKPI VJG DTGCVJ WPVKN KV KU ECNO UVGCF[ CPF RGCEGHWN
 5ZBV )TJO 
TGIWNCVKPI VJG OKPF VJG OQUV EQORNKECVGF RCTV CU KV KORNKGU
GORV[KPI VJG OKPF QH VJQWIJVU
 5ZBV $IJ 
TGIWNCVKPI VJG NKHG HQTEG VJTQWIJ VJG TGIWNCVKQP QH VJG VJTGG RTKQT
GNGOGPVU UQ VJCV KV HNQYU PCVWTCNN[
 5ZBV 4IFO 
TGIWNCVKPI VJG URKTKV VJG URKTKV KU DQVJ UVTGPIVJ CPF TQQV KP DCVVNG
CU ;CPI ,YKPI/KPI GZRNCKPU KP 5IF &TTFODF PG 5BJKJ 2JHPOH

+P VJKU YC[ VJG YJQNG QTICPKUO YKNN DG RTGRCTGF VQ YQTM VQIGVJGT VQYCTF C
UKPING IQCN
7KH ILYH HOHPHQWV RI TLJRQJ
1PG QH SKIQPIཐU DGUVMPQYP GZGTEKUGU KU C UGTKGU TGRTGUGPVKPI VJG HKXG GNGOGPVU
1PG QH SKIQPIཐU DGUVMPQYP GZGTEKUGU KU C UGTKGU TGRTGUGPVKPI VJG HKXG GNGOGPVU
GCTVJ YCVGT YQQF OGVCN CPF HKTG 6JKU UGTKGU QH OQXGOGPVU UGGMU VQ DCNCPEG VJG
HKXG EWTTGPVU QH GPGTI[ KP QTFGT VQ KORTQXG DTCKP CPF QTICP HWPEVKQP
6JGTG CTG UGXGTCN YC[U VQ FQ VJGUG OQXGOGPVU +P VJKU ECUG YGཐTG HQNNQYKPI
VJG OQFGN QH 2TQHGUUQT /CT®C +UCDGN )CTE®C /QPTGCN HTQO VJG 3KIQPI +PUVKVWVG KP
$CTEGNQPC
'#46*
 5VCPF YKVJ [QWT NGIU CRCTV CPF [QWT HGGV FKTGEVN[ DGNQY [QWT UJQWNFGTU
 6WTP [QWT HGGV QWVYCTF UNKIJVN[ VQ UVTGPIVJGP VJG RQUVWTG
 -GGR [QWT UJQWNFGTU TGNCZGF CPF FQYP CPF [QWT CTOU NQQUG CV [QWT UKFGU
UNKIJVN[ CYC[ HTQO [QWT DQF[ 
VJKU KU VJG 9W 3K QT TQQVGF RQUVWTG
 #U [QW KPJCNG TCKUG [QWT CTOU KP HTQPV QH [QW WPVKN [QWT JCPFU CTG NGXGN YKVJ
[QWT UJQWNFGTU [QWT RCNOU HCEKPI FQYP
 'ZJCNG CU [QW DGPF [QWT MPGGU CPF DTKPI [QWT CTOU FQYP WPVKN [QWT JCPFU
CTG NGXGN YKVJ [QWT UVQOCEJ [QWT RCNOU HCEKPI KP
 *QNF VJKU RQUKVKQP HQT C HGY UGEQPFU HQEWUKPI QP [QWT DTGCVJ
9#6'4
 5VCTVKPI HTQO 'CTVJ RQUVWTG DGPF [QWT MPGGU KPVQ C USWCV MGGRKPI [QWT EJGUV
WRTKIJV CPF GZJCNKPI VJTQWIJQWV
 2TGUU [QWT EQEE[Z FQYPYCTF VQ UVTGVEJ [QWT NWODCT URKPG
 #U [QW KPJCNG UVCPF VQ TGVWTP VQ 'CTVJ RQUVWTG
  4GRGCV VYKEG HQT C VQVCN QH VJTGG
911&
 5VCTVKPI HTQO 'CTVJ RQUVWTG VWTP [QWT RCNOU WRYCTF CPF QRGP [QWT CTOU VQ
VJG UKFG HQTOKPI C EKTENG CU [QW KPJCNG WPVKN [QWT JCPFU CTG NGXGN YKVJ [QWT
ENCXKENG 6WTP [QWT JCPFU UQ VJCV [QWT RCNOU CPF GNDQYU RQKPV FQYPYCTF
YJKNG MGGRKPI [QWT UJQWNFGTU TGNCZGF
 4GXGTUG VJG OQXGOGPV CU [QW GZJCNG OCMKPI C FQYPYCTF EKTENG YKVJ [QWT
CTOU WPVKN [QW TGCEJ [QWT KPKVKCN RQUKVKQP
 4GRGCV VYKEG HQT C VQVCN QH VJTGG
/'6#.
 5VCTVKPI HTQO 'CTVJ RQUVWTG TCKUG [QWT CTOU WPVKN [QWT JCPFU CTG NGXGN YKVJ
[QWT UVGTPWO
 6WTP [QWT RCNOU VQYCTF GCEJ QVJGT CDQWV HQWT KPEJGU CRCTV YKVJ [QWT
HKPIGTU TGNCZGF CPF UNKIJVN[ UGRCTCVGF RQKPVKPI WRYCTF
 #U [QW KPJCNG OQXG [QWT JCPFU CYC[ HTQO GCEJ QVJGT WPVKN VJG[ CTG UJQWNFGT
YKFVJ CRCTV
 #U [QW GZJCNG DTKPI [QWT JCPFU VQYCTF GCEJ QVJGT WPVKN VJG[ CTG DCEM KP
RQUKVKQP 
 4GRGCV VYKEG HQT C VQVCN QH VJTGG QDUGTXKPI VJG EQPEGPVTCVKQP QH GPGTI[ CU
[QW DTKPI [QWT JCPFU VQIGVJGT KP HTQPV QH [QWT NWPIU
(+4'
 5VCTVKPI HTQO 'CTVJ RQUVWTG DTKPI [QWT JCPFU NGXGN YKVJ [QWT JGCTV CU [QW
KPJCNG YKVJ QPG JCPF UNKIJVN[ CDQXG VJG QVJGT CPF [QWT RCNOU HCEKPI GCEJ
QVJGT
 4QVCVG [QWT JCPFU VQ HGGN VJG GPGTI[ QH [QWT JGCTV
 6WTP HTQO [QWT YCKUV IGPVN[ VQ VJG NGHV MGGRKPI [QWT VQTUQ TGNCZGF CPF [QWT
HQTGCTOU RCTCNNGN VQ VJG ITQWPF
 9KVJ [QWT RCNOU UVKNN HCEKPI GCEJ QVJGT UGRCTCVG [QWT JCPFU DTKPIKPI QPG WR
WPVKN KV KU NGXGN YKVJ [QWT UJQWNFGT CPF VJG QVJGT FQYP KP HTQPV QH [QWT
CDFQOGP
 6WTP HTQO [QWT YCKUV IGPVN[ VQ VJG TKIJV MGGRKPI [QWT VQTUQ TGNCZGF CPF [QWT
HQTGCTOU RCTCNNGN VQ VJG ITQWPF
 #U [QW GZJCNG NGV [QWT JCPFU EQOG DCEM VQIGVJGT KP HTQPV QH [QWT JGCTV
 9KVJ [QWT RCNOU UVKNN HCEKPI GCEJ QVJGT UGRCTCVG [QWT JCPFU DTKPIKPI QPG WR
WPVKN KV KU NGXGN YKVJ [QWT UJQWNFGT CPF VJG QVJGT FQYP KP HTQPV QH [QWT
CDFQOGP
%1/2.'6+0) 6*' 5'4+'5
 5VCTVKPI HTQO 'CTVJ RQUVWTG KPJCNG CU [QW DTKPI [QWT JCPFU NGXGN YKVJ [QWT
UJQWNFGTU RCNOU HCEKPI FQYP
 #U [QW GZJCNG NQYGT [QWT CTOU VQ TGUV CV [QWT UKFGU TGVWTPKPI VQ VJG KPKVKCN
9W 3K RQUVWTG
4IJBUTV
%TGCVGF KP ,CRCP KP VJG GCTN[ VYGPVKGVJ EGPVWT[ RTKPEKRCNN[ HQT VJG VTGCVOGPV QH
CTVJTKVKU UJKCVUW CNUQ YQTMU QP GPGTI[ HNQY VJTQWIJ VJG CRRNKECVKQP QH RTGUUWTG
YKVJ VJG VJWODU CPF VJG RCNOU QH VJG JCPFU +P EQODKPCVKQP YKVJ UVTGVEJKPI CPF
DTGCVJKPI GZGTEKUGU KV UGGMU VQ ETGCVG GSWKNKDTKWO COQPI VJG FKHHGTGPV GNGOGPVU
QH VJG DQF[
+V KU PQV KORQTVCPV VJCV C 6CQ ;KP JCXG C PCOG KU KOKVCVKPI UQOGVJKPI QT KU
GPITCXGF KP LCFG 9JCV KU KORQTVCPV KU VJG VGEJPKSWG CPF VJG GUUGPEG QH
YJCV KU TGCNN[ RTCEVKEGF 5VTGVEJKPI CPF EQPVTCEVKPI DGPFKPI CPF NKHVKPI QH
VJG JGCF UVGRRKPI N[KPI FQYP TGUVKPI QT UVCPFKPI YCNMKPI QT UVGRRKPI
UNQYN[ UETGCOKPI QT DTGCVJKPIཋGXGT[VJKPI ECP DG C 6CQ ;KP
ཋ)G *QPI
#SFBUIF CFUUFS
 MJWF MPOHFS
6JG DQQM 9JV[IFO TIJTIV MPQYP KP VJG 9GUV CU 5FO #PPLT PO UIF $VMUJWBUJPO PG
1FSGFDUJPO FCVGU DCEM VQ VJG VJKTVGGPVJ EGPVWT[ CPF KU C EQORGPFKWO QH OCVGTKCNU
HTQO FKXGTUG UQWTEGU QP FGXGNQRKPI VJG OKPF CPF DQF[
+V SWQVGU COQPI QVJGTU VJG EGNGDTCVGF %JKPGUG FQEVQT CPF GUUC[KUV 5WP
5KOKCQ YJQ NKXGF FWTKPI VJG UKZVJ EGPVWT[ 5WP 5KOKCQ YCU C RTQRQPGPV QH C
VGEJPKSWG ECNNGF VJG 5KZ *GCNKPI 5QWPFU YJKEJ KPXQNXGU VJG EQQTFKPCVKQP QH
OQXGOGPV DTGCVJKPI CPF RTQPQWPEKPI UQWPFU YKVJ VJG RWTRQUG QH DTKPIKPI QWT
UQWNU VQ C RNCEG QH ECNO
6JG UKZ UQWPFU CTG
9V RTQPQWPEGF NKMG ནUJJཔ YKVJ C FGGR UKIJ YJKEJ KU CUUQEKCVGF YKVJ VJG NKXGT
)F RTQPQWPEGF NKMG ནJGTཔ YKVJ C [CYP YJKEJ KU CUUQEKCVGF YKVJ VJG JGCTV
4J RTQPQWPEGF NKMG ནUKTཔ YKVJ C UNQY GZJCNG YJKEJ KU CUUQEKCVGF YKVJ VJG NWPIU
$IVJ RTQPQWPEGF NKMG ནEJYGGཔ YKVJ C HQTEGHWN GZJCNG YJKEJ KU CUUQEKCVGF
YKVJ VJG MKFPG[U
)PP RTQPQWPEGF NKMG ནYJQཔ YJKEJ KU CUUQEKCVGF YKVJ VJG URNGGP
9J RTQPQWPEGF NKMG ནUJG པ YJKEJ EQPPGEVU VJG YJQNG DQF[
6JG HQNNQYKPI RQGO D[ 5WP 5KOKCQ QHHGTU ENWGU CDQWV JQY VQ NKXG YGNN
CEEQTFKPI VQ VJG UGCUQP +V TGOKPFU WU QH VJG KORQTVCPEG QH DTGCVJKPI CPF
UWIIGUVU VJCV CU YG DTGCVJG YG XKUWCNK\G VJG QTICPU CUUQEKCVGF YKVJ GCEJ QH VJG
JGCNKPI UQWPFU
*O TQSJOH
 CSFBUIF YV GPS DMFBS FZFT BOE TP XPPE DBO BJE ZPVS MJWFS
*O TVNNFS
 SFBDI GPS IF
 TP UIBU IFBSU BOE GJSF DBO CF BU QFBDF
*O GBMM
 CSFBUIF TJ UP TUBCJMJ[F BOE HBUIFS NFUBM
 LFFQJOH UIF MVOHT NPJTU
'PS UIF LJEOFZT
 OFYU
 CSFBUIF DIVJ BOE TFF ZPVS JOOFS XBUFST DBMN
5IF 5SJQMF )FBUFS OFFET ZPVS YJ UP FYQFM BMM IFBU BOE USPVCMFT
*O BMM GPVS TFBTPOT
 UBLF EFFQ CSFBUIT TP ZPVS TQMFFO DBO QSPDFTT GPPE
"OE
 PG DPVSTF
 BWPJE FYIBMJOH OPJTJMZ EPOࣙU MFU FWFO ZPVS PXO FBST IFBS ZPV
5IF QSBDUJDF JT NPTU FYDFMMFOU BOE XJMM IFMQ QSFTFSWF ZPVS EJWJOF FMJYJS
+V OKIJV HGGN EQPHWUKPI VQ DG RTGUGPVGF YKVJ CNN VJG 'CUVGTP VTCFKVKQPU YG JCXG
KPVTQFWEGF KP VJKU EJCRVGT 6JG VCMGCYC[ KU VJCV VJG[ CNN EQODKPG C RJ[UKECN
GZGTEKUG YKVJ CP CYCTGPGUU QH QWT DTGCVJ 6JGUG VYQ EQORQPGPVUཋOQXGOGPV
CPF DTGCVJཋJGNR WU VQ DTKPI QWT EQPUEKQWUPGUU KP NKPG YKVJ QWT DQF[ KPUVGCF QH
CNNQYKPI QWT OKPF VQ DG ECTTKGF CYC[ D[ VJG UGC QH FCKN[ YQTTKGU /QUV QH VJG
VKOG YG CTG LWUV PQV CYCTG GPQWIJ QH QWT DTGCVJKPI
,;
5(6,/,(1&( $1' :$%,6$%,
*QY VQ HCEG NKHGཐU EJCNNGPIGU
YKVJQWV NGVVKPI UVTGUU CPF YQTT[ CIG
[QW
8IBU JT SFTJMJFODF
1PG VJKPI VJCV GXGT[QPG YKVJ C ENGCTN[ FGHKPGF JLJHBJ JCU KP EQOOQP KU VJCV VJG[
RWTUWG VJGKT RCUUKQP PQ OCVVGT YJCV 6JG[ PGXGT IKXG WR GXGP YJGP VJG ECTFU
UGGO UVCEMGF CICKPUV VJGO QT VJG[ HCEG QPG JWTFNG CHVGT CPQVJGT
9GཐTG VCNMKPI CDQWV TGUKNKGPEG C EQPEGRV VJCV JCU DGEQOG KPHNWGPVKCN COQPI
RU[EJQNQIKUVU
$WV TGUKNKGPEG KUPཐV LWUV VJG CDKNKV[ VQ RGTUGXGTG #U YGཐNN UGG KP VJKU EJCRVGT KV
KU CNUQ CP QWVNQQM YG ECP EWNVKXCVG VQ UVC[ HQEWUGF QP VJG KORQTVCPV VJKPIU KP NKHG
TCVJGT VJCP YJCV KU OQUV WTIGPV CPF VQ MGGR QWTUGNXGU HTQO DGKPI ECTTKGF CYC[ D[
PGICVKXG GOQVKQPU
+P VJG HKPCN UGEVKQP QH VJG EJCRVGT YGཐNN GZRNQTG VGEJPKSWGU VJCV IQ DG[QPF
TGUKNKGPEG VQ EWNVKXCVG BOUJGSBHJMJUZ
5QQPGT QT NCVGT YG CNN JCXG VQ HCEG FKHHKEWNV OQOGPVU CPF VJG YC[ YG FQ VJKU
ECP OCMG C JWIG FKHHGTGPEG VQ QWT SWCNKV[ QH NKHG 2TQRGT VTCKPKPI HQT QWT OKPF
DQF[ CPF GOQVKQPCN TGUKNKGPEG KU GUUGPVKCN HQT EQPHTQPVKPI NKHGཐU WRU CPF FQYPU
0CPC MQTQDK [C QMK ᮛ屺¦ἃ嬏€
'BMM TFWFO UJNFT
 SJTF FJHIU
ཋ,CRCPGUG RTQXGTD
4GUKNKGPEG KU QWT CDKNKV[ VQ FGCN YKVJ UGVDCEMU 6JG OQTG TGUKNKGPV YG CTG VJG
GCUKGT KV YKNN DG VQ RKEM QWTUGNXGU WR CPF IGV DCEM VQ YJCV IKXGU OGCPKPI VQ QWT
NKXGU
4GUKNKGPV RGQRNG MPQY JQY VQ UVC[ HQEWUGF QP VJGKT QDLGEVKXGU QP YJCV
OCVVGTU YKVJQWV IKXKPI KP VQ FKUEQWTCIGOGPV 6JGKT HNGZKDKNKV[ KU VJG UQWTEG QH
VJGKT UVTGPIVJ 6JG[ MPQY JQY VQ CFCRV VQ EJCPIG CPF VQ TGXGTUCNU QH HQTVWPG
6JG[ EQPEGPVTCVG QP VJG VJKPIU VJG[ ECP EQPVTQN CPF FQPཐV YQTT[ CDQWV VJQUG VJG[
ECPཐV
+P VJG YQTFU QH VJG HCOQWU 5GTGPKV[ 2TC[GT D[ 4GKPJQNF 0KGDWJT
(PE
 HJWF VT HSBDF UP BDDFQU XJUI TFSFOJUZ
UIF UIJOHT UIBU DBOOPU CF DIBOHFE

$PVSBHF UP DIBOHF UIF UIJOHT
XIJDI TIPVME CF DIBOHFE

BOE UIF 8JTEPN UP EJTUJOHVJTI
UIF POF GSPN UIF PUIFS
UIF POF GSPN UIF PUIFS
&NPUJPOBM SFTJMJFODF UISPVHI #VEEIJTN BOE 4UPJDJTN
5KFFJÂTVJC )CWVCOC 
$WFFJC YCU DQTP C RTKPEG QH -CRKNCXCUVW 0GRCN CPF ITGY
WR KP C RCNCEG UWTTQWPFGF D[ TKEJGU #V UKZVGGP JG OCTTKGF CPF JCF C EJKNF
0QV UCVKUHKGF D[ JKU HCOKN[ཐU YGCNVJ CV VYGPV[PKPG JG FGEKFGF VQ VT[ C
FKHHGTGPV NKHGUV[NG CPF TCP CYC[ HTQO VJG RCNCEG VQ NKXG CU CP CUEGVKE $WV KV YCUPཐV
CUEGVKEKUO VJCV JG YCU NQQMKPI HQT KV FKFPཐV QHHGT VJG JCRRKPGUU CPF YGNNDGKPI JG
UQWIJV 0GKVJGT YGCNVJ PQT GZVTGOG CUEGVKEKUO YQTMGF HQT JKO *G TGCNK\GF VJCV C
YKUG RGTUQP UJQWNF PQV KIPQTG NKHGཐU RNGCUWTGU # YKUG RGTUQP ECP NKXG YKVJ VJGUG
RNGCUWTGU DWV UJQWNF CNYC[U TGOCKP EQPUEKQWU QH JQY GCU[ KV KU VQ DG GPUNCXGF D[
VJGO
<GPQ QH %KVKWO DGICP JKU UVWFKGU YKVJ VJG %[PKEU 6JG %[PKEU CNUQ NGF CUEGVKE
NKXGU NGCXKPI DGJKPF CNN GCTVJN[ RNGCUWTGU 6JG[ NKXGF KP VJG UVTGGV CPF VJG QPN[
VJKPI VJG[ QYPGF YCU VJG ENQVJKPI QP VJGKT DCEMU
5GGKPI VJCV %[PKEKUO FKF PQV IKXG JKO C UGPUG QH YGNNDGKPI <GPQ CDCPFQPGF
KVU VGCEJKPIU VQ HQWPF VJG UEJQQN QH 5VQKEKUO YJKEJ EGPVGTU QP VJG KFGC VJCV VJGTG
KU PQVJKPI YTQPI YKVJ GPLQ[KPI NKHGཐU RNGCUWTGU CU NQPI CU VJG[ FQ PQV VCMG EQPVTQN
QH [QWT NKHG CU [QW GPLQ[ VJGO ;QW JCXG VQ DG RTGRCTGF HQT VJQUG RNGCUWTGU VQ
FKUCRRGCT
6JG IQCN KU PQV VQ GNKOKPCVG CNN HGGNKPIU CPF RNGCUWTGU HTQO QWT NKXGU CU KP
%[PKEKUO DWV VQ GNKOKPCVG PGICVKXG GOQVKQPU
5KPEG VJGKT KPEGRVKQP QPG QH VJG QDLGEVKXGU QH DQVJ $WFFJKUO CPF 5VQKEKUO
JCU DGGP VQ EQPVTQN RNGCUWTG GOQVKQPU CPF FGUKTGU 6JQWIJ VJG RJKNQUQRJKGU CTG
XGT[ FKHHGTGPV DQVJ CKO VQ EWTD QWT GIQ CPF EQPVTQN QWT PGICVKXG GOQVKQPU
$QVJ 5VQKEKUO CPF $WFFJKUO CTG CV VJGKT TQQVU OGVJQFU HQT RTCEVKEKPI YGNN
DGKPI
#EEQTFKPI VQ 5VQKEKUO QWT RNGCUWTGU CPF FGUKTGU CTG PQV VJG RTQDNGO 9G ECP
GPLQ[ VJGO CU NQPI CU VJG[ FQPཐV VCMG EQPVTQN QH WU 6JG 5VQKEU XKGYGF VJQUG YJQ
YGTG CDNG VQ EQPVTQN VJGKT GOQVKQPU CU XKTVWQWU
8IBU୧T UIF XPSTU UIJOH UIBU DPVME IBQQFO
9G HKPCNN[ NCPF QWT FTGCO LQD DWV CHVGT C NKVVNG YJKNG YG CTG CNTGCF[ JWPVKPI HQT C
DGVVGT QPG 9G YKP VJG NQVVGT[ CPF DW[ C PKEG ECT DWV VJGP FGEKFG YG ECPཐV NKXG
YKVJQWV C UCKNDQCV 9G HKPCNN[ YKP VJG JGCTV QH VJG OCP QT YQOCP YGཐXG DGGP
YKVJQWV C UCKNDQCV 9G HKPCNN[ YKP VJG JGCTV QH VJG OCP QT YQOCP YGཐXG DGGP
RKPKPI HQT CPF UWFFGPN[ HKPF YG JCXG C YCPFGTKPI G[G
2GQRNG ECP DG KPUCVKCDNG
6JG 5VQKEU DGNKGXGF VJCV VJGUG MKPFU QH FGUKTGU CPF CODKVKQPU CTG PQV YQTVJ
RWTUWKPI 6JG QDLGEVKXG QH VJG XKTVWQWU RGTUQP KU VQ TGCEJ C UVCVG QH VTCPSWKNKV[

BQBUIFJB VJG CDUGPEG QH PGICVKXG HGGNKPIU UWEJ CU CPZKGV[ HGCT UJCOG XCPKV[
CPF CPIGT CPF VJG RTGUGPEG QH RQUKVKXG HGGNKPIU UWEJ CU JCRRKPGUU NQXG UGTGPKV[
CPF ITCVKVWFG
+P QTFGT VQ MGGR VJGKT OKPFU XKTVWQWU VJG 5VQKEU RTCEVKEGF UQOGVJKPI NKMG
PGICVKXG XKUWCNK\CVKQP 6JG[ KOCIKPGF VJG YQTUV VJKPI VJCV EQWNF JCRRGP KP QTFGT
VQ DG RTGRCTGF KH EGTVCKP RTKXKNGIGU CPF RNGCUWTGU YGTG VCMGP HTQO VJGO
6Q RTCEVKEG PGICVKXG XKUWCNK\CVKQP YG JCXG VQ TGHNGEV QP PGICVKXG GXGPVU DWV
YKVJQWV YQTT[KPI CDQWV VJGO
5GPGEC QPG QH VJG TKEJGUV OGP KP CPEKGPV 4QOG NKXGF C NKHG QH NWZWT[ DWV YCU
PQPGVJGNGUU CP CEVKXG 5VQKE *G TGEQOOGPFGF RTCEVKEKPI PGICVKXG XKUWCNK\CVKQP
GXGT[ PKIJV DGHQTG HCNNKPI CUNGGR +P HCEV JG PQV QPN[ KOCIKPGF VJGUG PGICVKXG
UKVWCVKQPU JG CEVWCNN[ RWV VJGO KPVQ RTCEVKEGཋHQT GZCORNG D[ NKXKPI HQT C YGGM
YKVJQWV UGTXCPVU QT VJG HQQF CPF FTKPM JG YCU WUGF VQ CU C YGCNVJ[ OCP #U C
TGUWNV JG YCU CDNG VQ CPUYGT VJG SWGUVKQP ན9JCVཐU VJG YQTUV VJKPI VJCV EQWNF
JCRRGP!པ
.FEJUBUJOH GPS IFBMUIJFS FNPUJPOT
+P CFFKVKQP VQ PGICVKXG XKUWCNK\CVKQP CPF PQV IKXKPI KP VQ PGICVKXG GOQVKQPU
CPQVJGT EGPVTCN VGPGV QH 5VQKEKUO KU LOPXJOH XIBU XF DBO DPOUSPM BOE XIBU XF
DBOࣙU CU YG UGG KP VJG 5GTGPKV[ 2TC[GT
9QTT[KPI CDQWV VJKPIU VJCV CTG DG[QPF QWT EQPVTQN CEEQORNKUJGU PQVJKPI 9G
UJQWNF JCXG C ENGCT UGPUG QH YJCV YG ECP EJCPIG CPF YJCV YG ECPཐV YJKEJ KP VWTP
YKNN CNNQY WU VQ TGUKUV IKXKPI KP VQ PGICVKXG GOQVKQPU
+P VJG YQTFU QH 'RKEVGVWU ན+VཐU PQV YJCV JCRRGPU VQ [QW DWV JQY [QW TGCEV VJCV
OCVVGTUཔ
+P <GP $WFFJKUO OGFKVCVKQP KU C YC[ VQ DGEQOG CYCTG QH QWT FGUKTGU CPF
GOQVKQPU CPF VJGTGD[ HTGG QWTUGNXGU HTQO VJGO +V KU PQV UKORN[ C SWGUVKQP QH
MGGRKPI VJG OKPF HTGG QH VJQWIJVU DWV KPUVGCF KPXQNXGU QDUGTXKPI QWT VJQWIJVU
CPF GOQVKQPU CU VJG[ CRRGCT YKVJQWV IGVVKPI ECTTKGF CYC[ D[ VJGO +P VJKU YC[
YG VTCKP QWT OKPFU PQV VQ IGV UYGRV WR KP CPIGT LGCNQWU[ QT TGUGPVOGPV
1PG QH VJG OQUV EQOOQPN[ WUGF OCPVTCU KP $WFFJKUO HQEWUGU QP EQPVTQNNKPI
PGICVKXG GOQVKQPU ན1එ OCඕK RCFOG JĬඑ པ KP YJKEJ Pܠ KU VJG IGPGTQUKV[ VJCV
RWTKHKGU VJG GIQ NB KU VJG GVJKEU VJCV RWTKHKGU LGCNQWU[ ܤJ KU VJG RCVKGPEG VJCV
RWTKHKGU RCUUKQP CPF FGUKTG QBE KU VJG RTGEKUKQP VJCV RWTKHKGU DKCU NF KU VJG
UWTTGPFGT VJCV RWTKHKGU ITGGF CPF Iīܠ KU VJG YKUFQO VJCV RWTKHKGU JCVTGF
5IF IFSF BOE OPX
 BOE UIF JNQFSNBOFODF PG UIJOHT
#PQVJGT MG[ VQ EWNVKXCVKPI TGUKNKGPEG KU MPQYKPI KP YJKEJ VKOG VQ NKXG $QVJ
$WFFJKUO CPF 5VQKEKUO TGOKPF WU VJCV VJG RTGUGPV KU CNN VJCV GZKUVU CPF KV KU VJG
QPN[ VJKPI YG ECP EQPVTQN +PUVGCF QH YQTT[KPI CDQWV VJG RCUV QT VJG HWVWTG YG
UJQWNF CRRTGEKCVG VJKPIU LWUV CU VJG[ CTG KP VJG OQOGPV KP VJG PQY
ན6JG QPN[ OQOGPV KP YJKEJ [QW ECP DG VTWN[ CNKXG KU VJG RTGUGPV OQOGPVཔ
QDUGTXGU VJG $WFFJKUV OQPM 6JKEJ 0JCV *CPJ
+P CFFKVKQP VQ NKXKPI KP VJG JGTG CPF PQY VJG 5VQKEU TGEQOOGPF TGHNGEVKPI QP
VJG KORGTOCPGPEG QH VJG VJKPIU CTQWPF WU
6JG 4QOCP GORGTQT /CTEWU #WTGNKWU UCKF VJCV VJG VJKPIU YG NQXG CTG NKMG VJG
NGCXGU QH C VTGG 6JG[ ECP HCNN CV CP[ OQOGPV YKVJ C IWUV QH YKPF *G CNUQ UCKF
VJCV EJCPIGU KP VJG YQTNF CTQWPF WU CTG PQV CEEKFGPVCN DWV TCVJGT HQTO RCTV QH VJG
GUUGPEG QH VJG WPKXGTUGཋC TCVJGT $WFFJKUV PQVKQP KP HCEV
9G UJQWNF PGXGT HQTIGV VJCV GXGT[VJKPI YG JCXG CPF CNN VJG RGQRNG YG NQXG YKNN
FKUCRRGCT CV UQOG RQKPV 6JKU KU UQOGVJKPI YG UJQWNF MGGR KP OKPF DWV YKVJQWV
IKXKPI KP VQ RGUUKOKUO $GKPI CYCTG QH VJG KORGTOCPGPEG QH VJKPIU FQGU PQV JCXG
VQ OCMG WU UCF KV UJQWNF JGNR WU NQXG VJG RTGUGPV OQOGPV CPF VJQUG YJQ
UWTTQWPF WU
ན#NN VJKPIU JWOCP CTG UJQTVNKXGF CPF RGTKUJCDNGཔ 5GPGEC VGNNU WU

6JG VGORQTCT[ GRJGOGTCN CPF KORGTOCPGPV PCVWTG QH VJG YQTNF KU EGPVTCN VQ
GXGT[ $WFFJKUV FKUEKRNKPG -GGRKPI VJKU CNYC[U KP OKPF JGNRU WU CXQKF GZEGUUKXG
RCKP KP VKOGU QH NQUU
8BCJTBCJ BOE JDIJHP JDIJF
8BCJTBCJ KU C ,CRCPGUG EQPEGRV VJCV UJQYU WU VJG DGCWV[ QH VJG HNGGVKPI
EJCPIGCDNG CPF KORGTHGEV PCVWTG QH VJG YQTNF CTQWPF WU +PUVGCF QH UGCTEJKPI HQT
DGCWV[ KP RGTHGEVKQP YG UJQWNF NQQM HQT KV KP VJKPIU VJCV CTG HNCYGF KPEQORNGVG
6JKU KU YJ[ VJG ,CRCPGUG RNCEG UWEJ XCNWG HQT GZCORNG QP CP KTTGIWNCT QT
6JKU KU YJ[ VJG ,CRCPGUG RNCEG UWEJ XCNWG HQT GZCORNG QP CP KTTGIWNCT QT
ETCEMGF VGCEWR 1PN[ VJKPIU VJCV CTG KORGTHGEV KPEQORNGVG CPF GRJGOGTCN ECP
VTWN[ DG DGCWVKHWN DGECWUG QPN[ VJQUG VJKPIU TGUGODNG VJG PCVWTCN YQTNF
# EQORNGOGPVCT[ ,CRCPGUG EQPEGRV KU VJCV QH JDIJHP JDIJF YJKEJ EQWNF DG
VTCPUNCVGF CU ན6JKU OQOGPV GZKUVU QPN[ PQY CPF YQPཐV EQOG CICKPཔ +V KU JGCTF
OQUV QHVGP KP UQEKCN ICVJGTKPIU CU C TGOKPFGT VJCV GCEJ GPEQWPVGTཋYJGVJGT YKVJ
HTKGPFU HCOKN[ QT UVTCPIGTUཋKU WPKSWG CPF YKNN PGXGT DG TGRGCVGF OGCPKPI VJCV
YG UJQWNF GPLQ[ VJG OQOGPV CPF PQV NQUG QWTUGNXGU KP YQTTKGU CDQWV VJG RCUV QT
VJG HWVWTG
6JG EQPEGRV KU EQOOQPN[ WUGF KP VGC EGTGOQPKGU <GP OGFKVCVKQP CPF
,CRCPGUG OCTVKCN CTVU CNN QH YJKEJ RNCEG GORJCUKU QP DGKPI RTGUGPV KP VJG
OQOGPV
+P VJG 9GUV YGཐXG ITQYP CEEWUVQOGF VQ VJG RGTOCPGPEG QH VJG UVQPG
DWKNFKPIU CPF ECVJGFTCNU QH 'WTQRG YJKEJ UQOGVKOGU IKXGU WU VJG UGPUG VJCV
PQVJKPI EJCPIGU OCMKPI WU HQTIGV CDQWV VJG RCUUCIG QH VKOG )TGEQ4QOCP
CTEJKVGEVWTG CFQTGU U[OOGVT[ UJCTR NKPGU KORQUKPI HCECFGU CPF DWKNFKPIU CPF
UVCVWGU QH VJG IQFU VJCV QWVNCUV VJG EGPVWTKGU
,CRCPGUG CTEJKVGEVWTG QP VJG QVJGT JCPF FQGUPཐV VT[ VQ DG KORQUKPI QT RGTHGEV
DGECWUG KV KU DWKNV KP VJG URKTKV QH XBCJTBCJ 6JG VTCFKVKQP QH OCMKPI UVTWEVWTGU QWV
QH YQQF RTGUWRRQUGU VJGKT KORGTOCPGPEG CPF VJG PGGF HQT HWVWTG IGPGTCVKQPU VQ
TGDWKNF VJGO ,CRCPGUG EWNVWTG CEEGRVU VJG HNGGVKPI PCVWTG QH VJG JWOCP DGKPI CPF
GXGT[VJKPI YG ETGCVG
6JG )TCPF 5JTKPG QH +UG
 HQT GZCORNG JCU DGGP TGDWKNV GXGT[ VYGPV[ [GCTU HQT
EGPVWTKGU 6JG OQUV KORQTVCPV VJKPI KU PQV VQ MGGR VJG CVJMEJOH UVCPFKPI HQT
IGPGTCVKQPU DWV VQ RTGUGTXG EWUVQOU CPF VTCFKVKQPUཋVJKPIU VJCV ECP YKVJUVCPF VJG
RCUUCIG QH VKOG DGVVGT VJCP UVTWEVWTGU OCFG D[ JWOCP JCPFU
6JG MG[ KU VQ CEEGRV VJCV VJGTG CTG EGTVCKP VJKPIU QXGT YJKEJ YG JCXG PQ
EQPVTQN NKMG VJG RCUUCIG QH VKOG CPF VJG GRJGOGTCN PCVWTG QH VJG YQTNF CTQWPF WU
*DIJHP JDIJF VGCEJGU WU VQ HQEWU QP VJG RTGUGPV CPF GPLQ[ GCEJ OQOGPV VJCV
NKHG DTKPIU WU 6JKU KU YJ[ KV KU UQ KORQTVCPV VQ HKPF CPF RWTUWG QWT JLJHBJ
8BCJTBCJ VGCEJGU WU VQ CRRTGEKCVG VJG DGCWV[ QH KORGTHGEVKQP CU CP
QRRQTVWPKV[ HQT ITQYVJ
#FZPOE SFTJMJFODF "OUJGSBHJMJUZ
#U VJG NGIGPF IQGU VJG HKTUV VKOG *GTEWNGU HCEGF VJG *[FTC JG FGURCKTGF YJGP
JG FKUEQXGTGF VJCV EWVVKPI QHH QPG QH KVU JGCFU OGCPV VJCV VYQ YQWNF ITQY DCEM KP
KVU RNCEG *G YQWNF PGXGT DG CDNG VQ MKNN VJG DGCUV KH KV IQV UVTQPIGT YKVJ GXGT[
KVU RNCEG *G YQWNF PGXGT DG CDNG VQ MKNN VJG DGCUV KH KV IQV UVTQPIGT YKVJ GXGT[
YQWPF
#U 0CUUKO 0KEJQNCU 6CNGD GZRNCKPU KP "OUJGSBHJMF 5IJOHT 5IBU (BJO GSPN
%JTPSEFS
 YG WUG VJG YQTF GSBHJMF VQ FGUETKDG RGQRNG VJKPIU CPF QTICPK\CVKQPU
VJCV CTG YGCMGPGF YJGP JCTOGF CPF VJG YQTFU SPCVTU CPF SFTJMJFOU HQT VJKPIU VJCV
CTG CDNG VQ YKVJUVCPF JCTO YKVJQWV YGCMGPKPI DWV YG FQPཐV JCXG C YQTF HQT
VJKPIU VJCV HFU TUSPOHFS XIFO IBSNFE 
WR VQ C RQKPV
6Q TGHGT VQ VJG MKPF QH RQYGT RQUUGUUGF D[ VJG *[FTC QH .GTPC VQ VCNM CDQWV
VJKPIU VJCV IGV UVTQPIGT YJGP VJG[ CTG JCTOGF 6CNGD RTQRQUGU VJG VGTO
BOUJGSBHJMF ན#PVKHTCIKNKV[ KU DG[QPF TGUKNKGPEG QT TQDWUVPGUU 6JG TGUKNKGPV TGUKUVU
UJQEMU CPF UVC[U VJG UCOG VJG CPVKHTCIKNG IGVU DGVVGTཔ
%CVCUVTQRJGU CPF GZEGRVKQPCN EKTEWOUVCPEGU QHHGT IQQF OQFGNU HQT GZRNCKPKPI
CPVKHTCIKNKV[ +P  C VUWPCOK JKV VJG 6ĎJQMW TGIKQP QH ,CRCP FQKPI VTGOGPFQWU
FCOCIG VQ FQ\GPU QH EKVKGU CPF VQYPU CNQPI VJG EQCUV OQUV HCOQWUN[ (WMWUJKOC
9JGP YG XKUKVGF VJG CHHGEVGF EQCUV VYQ [GCTU CHVGT VJG ECVCUVTQRJG JCXKPI
FTKXGP HQT JQWTU CNQPI ETCEMGF JKIJYC[U CPF RCUV QPG GORV[ ICU UVCVKQP CHVGT
CPQVJGT YG RCUUGF VJTQWIJ UGXGTCN IJQUV VQYPU YJQUG UVTGGVU JCF DGGP VCMGP QXGT
D[ VJG TGOPCPVU QH JQWUGU RKNGU QH ECTU CPF GORV[ VTCKP UVCVKQPU 6JGUG VQYPU
YGTG GSBHJMF URCEGU VJCV JCF DGGP HQTIQVVGP D[ VJG IQXGTPOGPV CPF EQWNF PQV
TGEQXGT QP VJGKT QYP
1VJGT RNCEGU UWEJ CU +UJKPQOCMK CPF -GUGPPWOC UWHHGTGF GZVGPUKXG FCOCIG
DWV YGTG TGDWKNV YKVJKP C HGY [GCTU VJCPMU VQ VJG GHHQTVU QH OCP[ +UJKPQOCMK CPF
-GUGPPWOC UJQYGF JQY SFTJMJFOU VJG[ YGTG KP VJGKT CDKNKV[ VQ TGVWTP VQ PQTOCN
CHVGT VJG ECVCUVTQRJG
6JG GCTVJSWCMG VJCV ECWUGF VJG VUWPCOK CNUQ CHHGEVGF VJG (WMWUJKOC PWENGCT
RQYGT RNCPV 6JG 6QM[Q 'NGEVTKE 2QYGT %QORCP[ GPIKPGGTU YQTMKPI CV VJG RNCPV
YGTG PQV RTGRCTGF VQ TGEQXGT HTQO VJCV MKPF QH FCOCIG 6JG (WMWUJKOC PWENGCT
HCEKNKV[ KU UVKNN KP C UVCVG QH GOGTIGPE[ CPF YKNN DG HQT FGECFGU VQ EQOG +V
FGOQPUVTCVGF KVU GSBHJMJUZ KP VJG HCEG QH CP WPRTGEGFGPVGF ECVCUVTQRJG
6JG ,CRCPGUG HKPCPEKCN OCTMGVU ENQUGF OKPWVGU CHVGT VJG GCTVJSWCMG 9JKEJ
DWUKPGUUGU FKF VJG DGUV KP VJG CHVGTOCVJ! 5VQEM KP DKI EQPUVTWEVKQP EQORCPKGU JCU
DGGP UVGCFKN[ QP VJG TKUG UKPEG  VJG PGGF VQ TGDWKNF VJG GPVKTG EQCUV QH
6ĎJQMW KU C DQQP HQT EQPUVTWEVKQP +P VJKU ECUG ,CRCPGUG EQPUVTWEVKQP EQORCPKGU
CTG BOUJGSBHJMF UKPEG VJG[ DGPGHKVGF GPQTOQWUN[ HTQO VJG ECVCUVTQRJG
0QY NGVཐU VCMG C NQQM CV JQY YG ECP CRRN[ VJKU EQPEGRV VQ QWT FCKN[ NKXGU *QY
ECP YG DG OQTG CPVKHTCIKNG!
6WHS  &UHDWH UHGXQGDQFLHV
6WHS  &UHDWH UHGXQGDQFLHV
+PUVGCF QH JCXKPI C UKPING UCNCT[ VT[ VQ HKPF C YC[ VQ OCMG OQPG[ HTQO [QWT
JQDDKGU CV QVJGT LQDU QT D[ UVCTVKPI [QWT QYP DWUKPGUU +H [QW JCXG QPN[ QPG
UCNCT[ [QW OKIJV DG NGHV YKVJ PQVJKPI UJQWNF [QWT GORNQ[GT TWP KPVQ VTQWDNG
NGCXKPI [QW KP C RQUKVKQP QH GSBHJMJUZ 1P VJG QVJGT JCPF KH [QW JCXG UGXGTCN
QRVKQPU CPF [QW NQUG [QWT RTKOCT[ LQD KV OKIJV LWUV JCRRGP VJCV [QW GPF WR
FGFKECVKPI OQTG VKOG VQ [QWT UGEQPFCT[ LQD CPF OC[DG GXGP OCMG OQTG OQPG[
CV KV ;QW YQWNF JCXG DGCVGP VJCV UVTQMG QH DCF NWEM CPF YQWNF DG KP VJCV ECUG
BOUJGSBHJMF
1PG JWPFTGF RGTEGPV QH VJG UGPKQTU YG KPVGTXKGYGF KP 1IKOK JCF C RTKOCT[
CPF C UGEQPFCT[ QEEWRCVKQP /QUV QH VJGO MGRV C XGIGVCDNG ICTFGP CU C UGEQPFCT[
LQD CPF UQNF VJGKT RTQFWEG CV VJG NQECN OCTMGV
6JG UCOG KFGC IQGU HQT HTKGPFUJKRU CPF RGTUQPCN KPVGTGUVU +VཐU LWUV C OCVVGT CU
VJG UC[KPI IQGU QH PQV RWVVKPI CNN [QWT GIIU KP QPG DCUMGV
+P VJG URJGTG QH TQOCPVKE TGNCVKQPUJKRU VJGTG CTG VJQUG YJQ HQEWU CNN VJGKT
GPGTI[ QP VJGKT RCTVPGT CPF OCMG JKO QT JGT VJGKT YJQNG YQTNF 6JQUG RGQRNG NQUG
GXGT[VJKPI KH VJG TGNCVKQPUJKR FQGUPཐV YQTM QWV YJGTGCU KH VJG[ཐXG EWNVKXCVGF
UVTQPI HTKGPFUJKRU CPF C HWNN NKHG CNQPI VJG YC[ VJG[ཐNN DG KP C DGVVGT RQUKVKQP VQ
OQXG QP CV VJG GPF QH C TGNCVKQPUJKR 6JG[ཐNN DG CPVKHTCIKNG
4KIJV PQY [QW OKIJV DG VJKPMKPI ན+ FQPཐV PGGF OQTG VJCP QPG UCNCT[ CPF +ཐO
JCRR[ YKVJ VJG HTKGPFU +ཐXG CNYC[U JCF 9J[ UJQWNF + CFF CP[VJKPI PGY!པ +V OKIJV
UGGO NKMG C YCUVG QH VKOG VQ CFF XCTKCVKQP VQ QWT NKXGU DGECWUG GZVTCQTFKPCT[
VJKPIU FQPཐV QTFKPCTKN[ JCRRGP 9G UNKR KPVQ C EQOHQTV \QPG $WV VJG WPGZRGEVGF
CNYC[U JCRRGPU UQQPGT QT NCVGT
6WHS  %HW FRQVHUYDWLYHO\ LQ FHUWDLQ DUHDV DQG WDNH PDQ\ VPDOO
ULVNV LQ RWKHUV
6JG YQTNF QH HKPCPEG VWTPU QWV VQ DG XGT[ WUGHWN KP GZRNCKPKPI VJKU EQPEGRV +H [QW
JCXG  UCXGF WR [QW OKIJV RWV  QH VJCV KPVQ CP KPFGZ HWPF QT HKZGF
VGTO FGRQUKV CPF KPXGUV VJG TGOCKPKPI  KP VGP UVCTVWRU YKVJ JWIG ITQYVJ
RQVGPVKCNཋUC[  KP GCEJ
1PG RQUUKDNG UEGPCTKQ KU VJCV VJTGG QH VJG EQORCPKGU HCKN 
[QW NQUG  VJG
XCNWG QH VJTGG QVJGT EQORCPKGU IQGU FQYP 
[QW NQUG CPQVJGT  QT  VJG
XCNWG QH VJTGG IQGU WR 
[QW OCMG  QT  CPF VJG XCNWG QH QPG QH VJG UVCTV
WRU KPETGCUGU VYGPV[HQNF 
[QW OCMG PGCTN[  QT OC[DG GXGP OQTG
;QW UVKNN OCMG OQPG[ GXGP KH VJTGG QH VJG DWUKPGUUGU IQ EQORNGVGN[ DGNN[WR
;QWཐXG DGPGHKVGF HTQO VJG FCOCIG LWUV NKMG VJG *[FTC
;QWཐXG DGPGHKVGF HTQO VJG FCOCIG LWUV NKMG VJG *[FTC
6JG MG[ VQ DGEQOKPI CPVKHTCIKNG KU VCMKPI QP UOCNN TKUMU VJCV OKIJV NGCF VQ
ITGCV TGYCTF YKVJQWV GZRQUKPI QWTUGNXGU VQ FCPIGTU VJCV OKIJV UKPM WU UWEJ CU
KPXGUVKPI  KP C HWPF QH SWGUVKQPCDNG TGRWVCVKQP VJCV YG UCY CFXGTVKUGF KP
VJG PGYURCRGT
6WHS  *HW ULG RI WKH WKLQJV WKDW PDNH \RX IUDJLOH
9GཐTG VCMKPI VJG PGICVKXG TQWVG HQT VJKU GZGTEKUG #UM [QWTUGNH 9JCV OCMGU OG
HTCIKNG! %GTVCKP RGQRNG VJKPIU CPF JCDKVU IGPGTCVG NQUUGU HQT WU CPF OCMG WU
XWNPGTCDNG 9JQ CPF YJCV CTG VJG[!
9JGP YG OCMG QWT 0GY ;GCTཐU TGUQNWVKQPU YG VGPF VQ GORJCUK\G CFFKPI PGY
EJCNNGPIGU VQ QWT NKXGU +VཐU ITGCV VQ JCXG VJKU MKPF QH QDLGEVKXG DWV UGVVKPI ནIQQF
TKFFCPEGཔ IQCNU ECP JCXG CP GXGP DKIIGT KORCEV (QT GZCORNG
5VQR UPCEMKPI DGVYGGP OGCNU
'CV UYGGVU QPN[ QPEG C YGGM
)TCFWCNN[ RC[ QHH CNN FGDV
#XQKF URGPFKPI VKOG YKVJ VQZKE RGQRNG
#XQKF URGPFKPI VKOG FQKPI VJKPIU YG FQPཐV GPLQ[ UKORN[ DGECWUG YG HGGN
QDNKICVGF VQ FQ VJGO
5RGPF PQ OQTG VJCP VYGPV[ OKPWVGU QP (CEGDQQM RGT FC[
6Q DWKNF TGUKNKGPEG KPVQ QWT NKXGU YG UJQWNFPཐV HGCT CFXGTUKV[ DGECWUG GCEJ
UGVDCEM KU CP QRRQTVWPKV[ HQT ITQYVJ +H YG CFQRV CP CPVKHTCIKNG CVVKVWFG YGཐNN HKPF
C YC[ VQ IGV UVTQPIGT YKVJ GXGT[ DNQY TGHKPKPI QWT NKHGUV[NG CPF UVC[KPI HQEWUGF
QP QWT JLJHBJ
6CMKPI C JKV QT VYQ ECP DG XKGYGF CU GKVJGT C OKUHQTVWPG QT CP GZRGTKGPEG VJCV
YG ECP CRRN[ VQ CNN CTGCU QH QWT NKXGU CU YG EQPVKPWCNN[ OCMG EQTTGEVKQPU CPF UGV
PGY CPF DGVVGT IQCNU #U 6CNGD YTKVGU KP "OUJGSBHJMF ན9G PGGF TCPFQOPGUU OGUU
CFXGPVWTGU WPEGTVCKPV[ UGNHFKUEQXGT[ JGCT VTCWOCVKE GRKUQFGU CNN VJGUG VJKPIU
VJCV OCMG NKHG YQTVJ NKXKPIཔ 9G GPEQWTCIG VJQUG KPVGTGUVGF KP VJG EQPEGRV QH
CPVKHTCIKNKV[ VQ TGCF 0CUUKO 0KEJQNCU 6CNGDཐU "OUJGSBHJMF
.KHG KU RWTG KORGTHGEVKQP CU VJG RJKNQUQRJ[ QH XBCJTBCJ VGCEJGU WU CPF VJG
RCUUCIG QH VKOG UJQYU WU VJCV GXGT[VJKPI KU HNGGVKPI DWV KH [QW JCXG C ENGCT UGPUG
QH [QWT JLJHBJ GCEJ OQOGPV YKNN JQNF UQ OCP[ RQUUKDKNKVKGU VJCV KV YKNN UGGO
CNOQUV NKMG CP GVGTPKV[
(3,/2*8(
*LJHBJ 6JG CTV QH NKXKPI
/KVUWQ #KFC YCU QPG QH VJG OQUV KORQTVCPV ECNNKITCRJGTU CPF JCKMWKUVU QH VJG
VYGPVKGVJ EGPVWT[ *G KU [GV CPQVJGT GZCORNG QH C ,CRCPGUG RGTUQP YJQ FGFKECVGF
JKU NKHG VQ C XGT[ URGEKHKE JLJHBJ EQOOWPKECVKPI GOQVKQPU YKVJ UGXGPVGGPU[NNCDNG
RQGOU WUKPI C TIPEP ECNNKITCRJ[ DTWUJ
/CP[ QH #KFCཐU JCKMWU RJKNQUQRJK\G CDQWV VJG KORQTVCPEG QH VJG RTGUGPV
OQOGPV CPF VJG RCUUCIG QH VKOG 6JG RQGO TGRTQFWEGF DGNQY EQWNF DG
VTCPUNCVGF CU ན+P VJG JGTG CPF PQY VJG QPN[ VJKPI KP O[ NKHG KU [QWT NKHGཔ
w±††žŠ~w’Š
¡w¡u’¡w¡
+P CPQVJGT RQGO #KFC YTKVGU UKORN[ ན*GTG PQYཔ +V KU CP CTVYQTM VJCV UGGMU
VQ GXQMG HGGNKPIU QH NPOP OP BXBSF 
C OGNCPEJQN[ CRRTGEKCVKQP QH VJG
GRJGOGTCN
w±††
6JG HQNNQYKPI RQGO VQWEJGU QP QPG QH VJG UGETGVU QH DTKPIKPI JLJHBJ KPVQ QWT
NKXGU ན*CRRKPGUU KU CNYC[U FGVGTOKPGF D[ [QWT JGCTVཔ
ŠuŽ¢wµ侂ᾞ¡ⵛ€´¾
6JKU NCUV QPG CNUQ D[ #KFC OGCPU ན-GGR IQKPI FQPཐV EJCPIG [QWT RCVJཔ
6JKU NCUV QPG CNUQ D[ #KFC OGCPU ན-GGR IQKPI FQPཐV EJCPIG [QWT RCVJཔ
¡±±šww
1PEG [QW FKUEQXGT [QWT JLJHBJ RWTUWKPI KV CPF PWTVWTKPI KV GXGT[ FC[ YKNN DTKPI
OGCPKPI VQ [QWT NKHG 6JG OQOGPV [QWT NKHG JCU VJKU RWTRQUG [QW YKNN CEJKGXG C
JCRR[ UVCVG QH HNQY KP CNN [QW FQ NKMG VJG ECNNKITCRJGT CV JKU ECPXCU QT VJG EJGH
YJQ CHVGT JCNH C EGPVWT[ UVKNN RTGRCTGU UWUJK HQT JKU RCVTQPU YKVJ NQXG
$PODMVTJPO
1WT JLJHBJ KU FKHHGTGPV HQT CNN QH WU DWV QPG VJKPI YG JCXG KP EQOOQP KU VJCV YG
CTG CNN UGCTEJKPI HQT OGCPKPI 9JGP YG URGPF QWT FC[U HGGNKPI EQPPGEVGF VQ YJCV
KU OGCPKPIHWN VQ WU YG NKXG OQTG HWNN[ YJGP YG NQUG VJG EQPPGEVKQP YG HGGN
FGURCKT
/QFGTP NKHG GUVTCPIGU WU OQTG CPF OQTG HTQO QWT VTWG PCVWTG OCMKPI KV XGT[
GCU[ HQT WU VQ NGCF NKXGU NCEMKPI KP OGCPKPI 2QYGTHWN HQTEGU CPF KPEGPVKXGU

OQPG[ RQYGT CVVGPVKQP UWEEGUU FKUVTCEV WU QP C FCKN[ DCUKU FQPཐV NGV VJGO VCMG
QXGT [QWT NKHG
1WT KPVWKVKQP CPF EWTKQUKV[ CTG XGT[ RQYGTHWN KPVGTPCN EQORCUUGU VQ JGNR WU
EQPPGEV YKVJ QWT JLJHBJ (QNNQY VJQUG VJKPIU [QW GPLQ[ CPF IGV CYC[ HTQO QT
EJCPIG VJQUG [QW FKUNKMG $G NGF D[ [QWT EWTKQUKV[ CPF MGGR DWU[ D[ FQKPI VJKPIU
VJCV HKNN [QW YKVJ OGCPKPI CPF JCRRKPGUU +V FQGUPཐV PGGF VQ DG C DKI VJKPI YG
OKIJV HKPF OGCPKPI KP DGKPI IQQF RCTGPVU QT KP JGNRKPI QWT PGKIJDQTU
6JGTG KU PQ RGTHGEV UVTCVGI[ VQ EQPPGEVKPI YKVJ QWT JLJHBJ $WV YJCV YG NGCTPGF
HTQO VJG 1MKPCYCPU KU VJCV YG UJQWNF PQV YQTT[ VQQ OWEJ CDQWV HKPFKPI KV
.KHG KU PQV C RTQDNGO VQ DG UQNXGF ,WUV TGOGODGT VQ JCXG UQOGVJKPI VJCV
MGGRU [QW DWU[ FQKPI YJCV [QW NQXG YJKNG DGKPI UWTTQWPFGF D[ VJG RGQRNG YJQ
NQXG [QW
5IF UFO SVMFT PG JLJHBJ
9GཐNN EQPENWFG VJKU LQWTPG[ YKVJ VGP TWNGU YGཐXG FKUVKNNGF HTQO VJG YKUFQO QH VJG
NQPINKXKPI TGUKFGPVU QH 1IKOK
 4UBZ BDUJWF EPOࡹU SFUJSF 5IPTF XIP HJWF VQ UIF UIJOHT UIFZ MPWF EPJOH BOE
EP XFMM MPTF UIFJS QVSQPTF JO MJGF 5IBUࡹT XIZ JUࡹT TP JNQPSUBOU UP LFFQ EPJOH
UIJOHT PG WBMVF
 NBLJOH QSPHSFTT
 CSJOHJOH CFBVUZ PS VUJMJUZ UP PUIFST
 IFMQJOH
PVU
 BOE TIBQJOH UIF XPSME BSPVOE ZPV
 FWFO BGUFS ZPVS ࡼPGGJDJBMࡽ QSPGFTTJPOBM
BDUJWJUZ IBT FOEFE
 5BLF JU TMPX $GKPI KP C JWTT[ KU KPXGTUGN[ RTQRQTVKQPCN VQ SWCNKV[ QH NKHG #U
VJG QNF UC[KPI IQGU ན9CNM UNQYN[ CPF [QWཐNN IQ HCTཔ 9JGP YG NGCXG WTIGPE[
DGJKPF NKHG CPF VKOG VCMG QP PGY OGCPKPI
 %PO୧U GJMM ZPVS TUPNBDI .GUU KU OQTG YJGP KV EQOGU VQ GCVKPI HQT NQPI NKHG
VQQ #EEQTFKPI VQ VJG  RGTEGPV TWNG KP QTFGT VQ UVC[ JGCNVJKGT NQPIGT YG UJQWNF
GCV C NKVVNG NGUU VJCP QWT JWPIGT FGOCPFU KPUVGCF QH UVWHHKPI QWTUGNXGU
 4VSSPVOE ZPVSTFMG XJUI HPPE GSJFOET (TKGPFU CTG VJG DGUV OGFKEKPG
VJGTG HQT EQPHKFKPI YQTTKGU QXGT C IQQF EJCV UJCTKPI UVQTKGU VJCV DTKIJVGP [QWT
FC[ IGVVKPI CFXKEG JCXKPI HWP FTGCOKPI    KP QVJGT YQTFU NKXKPI
 (FU JO TIBQF GPS ZPVS OFYU CJSUIEBZ 9CVGT OQXGU KV KU CV KVU DGUV YJGP KV
HNQYU HTGUJ CPF FQGUPཐV UVCIPCVG 6JG DQF[ [QW OQXG VJTQWIJ NKHG KP PGGFU C DKV
QH FCKN[ OCKPVGPCPEG VQ MGGR KV TWPPKPI HQT C NQPI VKOG 2NWU GZGTEKUG TGNGCUGU
JQTOQPGU VJCV OCMG WU HGGN JCRR[
 4NJMF # EJGGTHWN CVVKVWFG KU PQV QPN[ TGNCZKPIཋKV CNUQ JGNRU OCMG HTKGPFU
+VཐU IQQF VQ TGEQIPK\G VJG VJKPIU VJCV CTGPཐV UQ ITGCV DWV YG UJQWNF PGXGT HQTIGV
YJCV C RTKXKNGIG KV KU VQ DG KP VJG JGTG CPF PQY KP C YQTNF UQ HWNN QH RQUUKDKNKVKGU
 3FDPOOFDU XJUI OBUVSF 6JQWIJ OQUV RGQRNG NKXG KP EKVKGU VJGUG FC[U
JWOCP DGKPIU CTG OCFG VQ DG RCTV QH VJG PCVWTCN YQTNF 9G UJQWNF TGVWTP VQ KV
QHVGP VQ TGEJCTIG QWT DCVVGTKGU
 (JWF UIBOLT 6Q [QWT CPEGUVQTU VQ PCVWTG YJKEJ RTQXKFGU [QW YKVJ VJG CKT
[QW DTGCVJG CPF VJG HQQF [QW GCV VQ [QWT HTKGPFU CPF HCOKN[ VQ GXGT[VJKPI VJCV
DTKIJVGPU [QWT FC[U CPF OCMGU [QW HGGN NWEM[ VQ DG CNKXG 5RGPF C OQOGPV GXGT[
FC[ IKXKPI VJCPMU CPF [QWཐNN YCVEJ [QWT UVQEMRKNG QH JCRRKPGUU ITQY
 -JWF JO UIF NPNFOU 5VQR TGITGVVKPI VJG RCUV CPF HGCTKPI VJG HWVWTG 6QFC[
KU CNN [QW JCXG /CMG VJG OQUV QH KV /CMG KV YQTVJ TGOGODGTKPI
 'PMMPX ZPVS JLJHBJ 6JGTG KU C RCUUKQP KPUKFG [QW C WPKSWG VCNGPV VJCV
IKXGU OGCPKPI VQ [QWT FC[U CPF FTKXGU [QW VQ UJCTG VJG DGUV QH [QWTUGNH WPVKN VJG
XGT[ GPF +H [QW FQPཐV MPQY YJCV [QWT JLJHBJ KU [GV CU 8KMVQT (TCPMN UC[U [QWT
OKUUKQP KU VQ FKUEQXGT KV 6JG CWVJQTU QH VJKU DQQM YKUJ [QW C NQPI JCRR[ CPF RWTRQUGHWN NKHG
6JCPM [QW HQT LQKPKPI WU
*Š%614 )#4%Ž# #0& (4#0%'5% /+4#..'5
127(6
%JCRVGT + *LJHBJ
 &CP $WGVVPGT 5IF #MVF ;POFT -FTTPOT GPS -JWJOH -POHFS GSPN UIF 1FPQMF 8IPࣙWF -JWFE UIF -POHFTU
2GQRNG KP CNN $NWG <QPGU 
GZEGRV #FXGPVKUVU FTKPM CNEQJQN OQFGTCVGN[ CPF TGIWNCTN[ /QFGTCVG FTKPMGTU
QWVNKXG PQPFTKPMGTU 6JG VTKEM KU VQ FTKPM ཊ INCUUGU RGT FC[ 
RTGHGTCDN[ 5CTFKPKCP %CPPQPCW YKPG
YKVJ HTKGPFU CPFQT YKVJ HQQF #PF PQ [QW ECPཐV UCXG WR CNN YGGM CPF JCXG  FTKPMU QP 5CVWTFC[
4GVTKGXGF XKC JVVRUYYYDNWG\QPGUEQORQYGTUVJCUJ.6E0'&FRWH
%JCRVGT ++ #PVKCIKPI 5GETGVU
 'FWCTF 2WPUGV +PVGTXKGY YKVJ 5JNQOQ $TG\PKV\ HQT 3FEFT 468' 
4CFKQ 6GNGXKUK´P 'URC²QNC
4GVTKGXGF XKC JVVRYYYTVXGGUVGNGXKUKQPRQPHQTOCVWEGTGDTQUJVON
 *QYCTF 5 (TKGFOCP CPF .GUNKG 4 /CTVKP 5IF -POHFWJUZ 1SPKFDU 4VSQSJTJOH %JTDPWFSJFT GPS )FBMUI BOE
-POH -JGF GSPN UIF -BOENBSL &JHIU%FDBEF 4UVEZ 4GVTKGXGF XKC JVVRYYYRGPIWKP
TCPFQOJQWUGEQODQQMUVJGNQPIGXKV[RTQLGEVD[JQYCTFUHTKGFOCP
%JCRVGT +++ (TQO .QIQVJGTCR[ VQ *LJHBJ
 8KMVQT ' (TCPMN 4KEJCTF 9KPUVQP 
VTCPUNCVQT %NCTC 9KPUVQP 5IF %PDUPS BOE UIF 4PVM 'SPN
1TZDIPUIFSBQZ UP -PHPUIFSBQZ 8KPVCIG 
 8KMVQT ' (TCPMN .BOࣙT 4FBSDI GPS 6MUJNBUF .FBOJOH $CUKE $QQMU 
 +DKF
 8KMVQT ' (TCPMN 5IF 8JMM UP .FBOJOH 'PVOEBUJPOT BOE "QQMJDBUJPOT PG -PHPUIFSBQZ /GTKFKCP2NWOG

 5JQOC /QTKVC .PSJUB 5IFSBQZ BOE UIF 5SVF /BUVSF PG "OYJFUZ#BTFE %JTPSEFST 5VCVG 7PKXGTUKV[ QH 0GY
;QTM 2TGUU 
 6JKEJ 0JCV *CPJ 5IF .JSBDMF PG .JOEGVMOFTT "O *OUSPEVDUJPO UP UIF 1SBDUJDF PG .FEJUBUJPO $GCEQP
2TGUU 
 /QTKVC .PSJUB 5IFSBQZ
%JCRVGT +8 (KPF (NQY KP 'XGT[VJKPI ;QW &Q
 ན%TCHVKPI (WP 7UGT 'ZRGTKGPEGU # /GVJQF VQ (CEKNKVCVG (NQYཋ# %QPXGTUCVKQP YKVJ 1YGP 5EJCHHGTཔ
4GVTKGXGF XKC JWOCP HCEVQTUEQOYJKVGRCRGTUETCHVKPIAHWPAWZCUR
 'TPGUV *GOKPIYC[ 0O 8SJUJOH 5ETKDPGT 
 $GTVTCPF 4WUUGNN 6OQPQVMBS &TTBZT 4QWVNGFIG 
 5IF $PMMFDUFE 1BQFST PG "MCFSU &JOTUFJO
 XQN  2TKPEGVQP 7PKXGTUKV[ 2TGUU 
 '[CN 1RJKT %NKHHQTF 0CUU CPF #PVJQP[ & 9CIPGT ན%QIPKVKXG %QPVTQN KP /GFKC /WNVKVCUMGTUཔ
4GVTKGXGF XKC YYYRPCUQTIEQPVGPVHWNN
 5CTC 6JQOªG #PPKMC *¥TGPUVCO CPF /CVU *CIDGTI ན/QDKNG 2JQPG 7UG CPF 5VTGUU 5NGGR
&KUVWTDCPEGU CPF 5[ORVQOU QH &GRTGUUKQP #OQPI ;QWPI #FWNVUཋ# 2TQURGEVKXG %QJQTV 5VWF[པ
4GVTKGXGF XKC JVVRUYYYPEDKPNOPKJIQXROECTVKENGU2/%
 0QDW[WMK *C[CUJK *EBJOBSV ,VSJFUFBCV %FSFLVUB /P ,JTFLJ =5VGXG ,QDU 6JG )TGCVGUV %TGCVKXG
&KTGEVQT? #5%++ /GFKC 9QTMU  +V JCU PQV DGGP VTCPUNCVGF KPVQ 'PINKUJ
 4KEJCTF 2 (G[POCP ࣜ8IBU %P :PV $BSF 8IBU 0UIFS 1FPQMF 5IJOL ࣝ' VSUIFS "EWFOUVSFT PG B $VSJPVT
$IBSBDUFS 9 9 0QTVQP 
%JCRVGT 8 /CUVGTU QH .QPIGXKV[
 'OOC +PPGU ན6JG UGETGV VQ C NQPI NKHG! 5WUJK CPF UNGGR CEEQTFKPI VQ VJG YQTNFཐU QNFGUV YQOCPཔ %BJMZ
.BJM 4GVTKGXGF XKC JVVRYYYFCKN[OCKNEQWMJGCNVJCTVKENG6JGUGETGVNQPINKHG5WUJKUNGGR
CEEQTFKPIYQTNFUQNFGUVYQOCPJVON
 ན/WGTG C NQU  NC OWLGT OCU NQPIGXC UGI»P GN .KDTQ )WKPPGUU FG NQU 4ªEQTFUཔ &M 1B­T 4GVTKGXGF XKC
JVVRGNRCKUEQOGNRCKUCEVWCNKFCFAJVON
 4VQFSDFOUFOBSJBOT 'FKVQTU * /CKGT , )CORG $ ,GWPG , 9 8CWRGN ,/ 4QDKPG 5RTKPIGT8GTNCI

 &CXKF $CVV[ ན9QTNFཐU QNFGUV OCP FKGU CV པ 5IF (VBSEJBO 4GVTKGXGF XKC
JVVRUYYYVJGIWCTFKCPEQOYQTNFCRTYQTNFQNFGUVOCPFKGUCV
 4CNRJ $NWOGPVJCN ན9QTNFཐU 1NFGUV /CP 6JQWIJ 1PN[ $TKGHN[ &KGU CV  KP 0GY ;QTMཔ /FX :PSL
5JNFT 4GVTKGXGF XKC JVVRUYYYP[VKOGUEQOP[TGIKQPYQTNFUQNFGUVOCPVJQWIJQPN[
DTKGHN[FKGUCVKPPGY[QTMJVON!
 *GPT[ & 5OKVJ )PLVTBJ 0OF )VOESFE 7JFXT PG .U 'VKJ )GQTIG $TC\KNNGT +PE 
 ན1NF /CUVGTU CV VJG 6QR QH 6JGKT )COGཔ /FX :PSL 5JNFT .BHB[JOF 4GVTKGXGF XKC
JVVRYYYP[VKOGUEQOKPVGTCEVKXGOCIC\KPGQNFOCUVGTUCVVQRQHVJGKTICOGJVON!AT
 +DKF
 6QUJKQ $CP 5IF 0TBNV 5F[VLB 4UPSZ " -JGF JO .BOHB BOE "OJNF 5VQPG $TKFIG 2TGUU 
 4QUCOWPF % $CTPGVV CPF %CT[N 4KXGTU 5IF "HF PG -POHFWJUZ 3F*NBHJOJOH 5PNPSSPX GPS 0VS /FX
-POH -JWFT 4QYOCP  .KVVNGHKGNF 2WDNKUJGTU 
 ན1NF /CUVGTU CV VJG 6QR QH 6JGKT )COGཔ /FX :PSL 5JNFT .BHB[JOF
 +DKF
 +DKF
 +DKF
 +DKF
%JCRVGT 8+ .GUUQPU HTQO ,CRCPཐU %GPVGPCTKCPU
 5VTKEVN[ URGCMKPI 5JKPVQ OGCPU ནVJG YC[ QH VJG MCOKཔ +P ,CRCPGUG LBNJ TGHGTU VQ URKTKVU QT RJGPQOGPC
VJCV EQGZKUV YKVJ WU KP PCVWTG
 9CUJKPIVQP $WTPCR 5IF 4QIFSF BOE %VUJFT PG 8PNBO " $PVSTF PG -FDUVSFT 
 4GVTKGXGF XKC
JVVRUCTEJKXGQTIFGVCKNUURJGTGFWVKGUQHYQDWTP
%JCRVGT 8++ 6JG *LJHBJ &KGV
 $TCFNG[ , 9KNNEQZ & %TCKI 9KNNEQZ CPF /CMQVQ 5W\WMK 5IF 0LJOBXB 1SPHSBN )PX UIF 8PSMEࣙT
-POHFTU-JWFE 1FPQMF "DIJFWF &WFSMBTUJOH )FBMUIࣔBOE )PX :PV $BO 5PP 4GVTKGXGF XKC
JVVRYYYRGPIWKPTCPFQOJQWUGEQODQQMUVJGQMKPCYCRTQITCOD[DTCFNG[LYKNNEQZOFF
ETCKIYKNNEQZRJFOCMQVQUW\WMKOFHQTGYQTFD[CPFTGYYGKNOF
 .WKIK (QPVCPC 'FYCTF 2 9GKUU &GPPKU 6 8KNNCTGCN 5COWGN -NGKP CPF ,QJP 1 *QNNQU\[ ན.QPIVGTO
'HHGEVU QH %CNQTKG QT 2TQVGKP 4GUVTKEVKQP QP 5GTWO +)( CPF +)($2 %QPEGPVTCVKQP KP *WOCPUཔ
4GVTKGXGF XKC JVVRUYYYPEDKPNOPKJIQXROECTVKENGU2/%
 'FFC %CXC CPF .WKIK (QPVCPC ན9KNN %CNQTKG 4GUVTKEVKQP 9QTM KP *WOCPU!པ 4GVTKGXGF XKC
JVVRUYYYPEDKPNOPKJIQXROECTVKENGU2/%
 9 ' $TQPPGT CPF ) 4 $GGEJGT ན/GVJQF HQT &GVGTOKPKPI VJG %QPVGPV QH %CVGEJKPU KP 6GC +PHWUKQPU
D[ *KIJ2GTHQTOCPEG .KSWKF %JTQOCVQITCRJ[པ 4GVTKGXGF XKC
JVVRUYYYPEDKPNOPKJIQXRWDOGF
%JCRVGT 8+++ )GPVNG /QXGOGPVU .QPIGT .KHG
 ན5KVVKPI +U VJG 0GY 5OQMKPIཔ 4UBSU 4UBOEJOH 4GVTKGXGF XKC JVVRYYYUVCTVUVCPFKPIQTIUKVVKPIPGY
UOQMKPI
 $TKIKF 5EJWNVG ན*GCNVJ 'ZRGTVU *CXG (KIWTGF 1WV *QY /WEJ 6KOG ;QW 5JQWNF 5KV 'CEJ &C[པ
8BTIJOHUPO 1PTU 4GVTKGXGF XKC JVVRUYYYYCUJKPIVQPRQUVEQOPGYUYQPMYROGFKECN
TGUGCTEJGTUJCXGHKIWTGFQWVJQYOWEJVKOGKUQMC[VQURGPFUKVVKPIGCEJFC[!
WVOAVGTOFFFHC
 -GPPGVJ / 5CPEKGT 2J& ན/GFKECN #RRNKECVKQPU QH 3KIQPIཔ "MUFSOBUJWF 5IFSBQJFT ,CPWCT[ 
XQN
 PQ  4GVTKGXGF XKC JVVRYYYKEJKMWPIEQORFH/GFKECN#RRNKECVKQPU3K IQPIRFH
 ;CPI ,YKPI/KPI 5IF &TTFODF PG 5BJKJ 2JHPOH ;/## 2WDNKECVKQP %GPVGT 
 )G *QPI 
#& ཊ 4GVTKGXGF XKC JVVRUGPYKMKRGFKCQTIYKMK)GA*QPI
%JCRVGT +: 4GUKNKGPEG CPF 8BCJTBCJ
 'RKEVGVWU %JTDPVSTFT BOE 4FMFDUFE 8SJUJOHT 2GPIWKP 
 5GPGEC -FUUFST GSPN B 4UPJD 2GPIWKP 
 ན+UG 5JTKPGཔ &ODZDMPQBFEJB #SJUBOOJDB 4GVTKGXGF XKC JVVRUYYYDTKVCPPKECEQOVQRKE+UG5JTKPG
 0CUUKO 0KEJQNCU 6CNGD "OUJGSBHJMF 5IJOHT 5IBU (BJO GSPN %JTPSEFS 4CPFQO *QWUG 
68**(67,216 )25 )857+(5 5($',1*
6JG CWVJQTU QH *LJHBJ YGTG ITGCVN[ KPURKTGF D[
$TG\PKV\ 5JNQOQ CPF %QNNKPU *GOKPIYC[ .BYJNVN #SBJOQPXFS $IBMMFOHJOH
UIF #SBJO GPS )FBMUI BOE 8JTEPN $CNNCPVKPG $QQMU 
$WGVVPGT &CP 5IF #MVF ;POFT -FTTPOT GPS -JWJOH -POHFS GSPN UIF 1FPQMF 8IPࣙWF
-JWFE UIF -POHFTU 4GVTKGXGF XKC JVVRYYYDNWG\QPGUEQORQYGT
UVJCUJ.6E0'&FRWH
%UKMU\GPVOKJCN[K /KJCN[ 'MPX 5IF 1TZDIPMPHZ PG 0QUJNBM &YQFSJFODF *CTRGT
2GTGPPKCN 
(TCPMN 8KMVQT ' 5IF %PDUPS BOE UIF 4PVM 'SPN 1TZDIPUIFSBQZ UP -PHPUIFSBQZ
8KPVCIG 
ཋཋཋ .BOࣙT 4FBSDI GPS 6MUJNBUF .FBOJOH $CUKE $QQMU 
ཋཋཋ 5IF 8JMM UP .FBOJOH 'PVOEBUJPOT BOE "QQMJDBUJPOT PG -PHPUIFSBQZ
/GTKFKCP2NWOG 
(TKGFOCP *QYCTF 5 CPF .GUNKG 4 /CTVKP 5IF -POHFWJUZ 1SPKFDU 4VSQSJTJOH
%JTDPWFSJFT GPS )FBMUI BOE -POH -JGF GSPN UIF -BOENBSL &JHIU%FDBEF 4UVEZ
2NWOG 
/QTKVC 5JQOC .PSJUB 5IFSBQZ BOE UIF 5SVF /BUVSF PG "OYJFUZ#BTFE %JTPSEFST
5VCVG 7PKXGTUKV[ QH 0GY ;QTM 2TGUU 
6CNGD 0CUUKO 0KEJQNCU +PEGTVQ UGTKGU 'PPMFE CZ 3BOEPNOFTT
 5IF #MBDL 4XBO

5IF #FE PG 1SPDSVTUFT
 "OUJGSBHJMF 4CPFQO *QWUG 
9KNNEQZ $TCFNG[ , & %TCKI 9KNNEQZ CPF /CMQVQ 5W\WMK 5IF 0LJOBXB %JFU
1MBO (FU -FBOFS
 -JWF -POHFS
 BOE /FWFS 'FFM )VOHSZ $MBSLTPO 1PUUFS
 
$%287 7+( $87+256
)©DUPS (BSD­B KU C EKVK\GP QH ,CRCP YJGTG JG JCU NKXGF HQT QXGT C FGECFG CPF QH
5RCKP YJGTG JG YCU DQTP # HQTOGT UQHVYCTG GPIKPGGT JG YQTMGF CV %'40 KP
5YKV\GTNCPF DGHQTG OQXKPI VQ ,CRCP YJGTG JG FGXGNQRGF XQKEG TGEQIPKVKQP
UQHVYCTG CPF VJG VGEJPQNQI[ PGGFGF HQT 5KNKEQP 8CNNG[ UVCTVWRU VQ GPVGT VJG
,CRCPGUG OCTMGV *G KU VJG ETGCVQT QH VJG RQRWNCT DNQI MKTCKPGVEQO CPF VJG
CWVJQT QH " (FFL JO +BQBO C  DGUVUGNNGT KP ,CRCP
'SBODFTD .JSBMMFT KU CP CYCTFYKPPKPI CWVJQT YJQ JCU YTKVVGP C PWODGT QH
DGUVUGNNKPI UGNHJGNR CPF KPURKTCVKQPCN DQQMU $QTP KP $CTEGNQPC JG UVWFKGF
LQWTPCNKUO 'PINKUJ NKVGTCVWTG CPF )GTOCP CPF JCU YQTMGF CU CP GFKVQT C
VTCPUNCVQT C IJQUVYTKVGT CPF C OWUKEKCP *KU PQXGN -PWF JO -PXFSDBTF JCU DGGP
VTCPUNCVGF KPVQ VYGPV[ NCPIWCIGU
ĸK-<¡ "9- $"
:$I* *K"ȁ ¡-C
Đ 6" Ŷ!
! @
! 7 5 5  "=!=! đ "! ! "!<
 " đ<
 'PINKUJ VTCPUNCVKQP D[ 5VGXGP 6QNNKXGT
 5BP :JO IGPGTCN VGTO TGHGTTKPI VQ VJG CPEKGPV CTVU OGCPV VQ HQUVGT OGPVCN CPF RJ[UKECN YGNNDGKPI
JVVRYYYIWVGPDGTIQTIGDQQMUCWVJQTUUGCTEJ!SWGT[)G
*QPI