LG Electronics USA P940 Cellular/PCS GSM/EDGE and PCS WCDMA Phone with WLAN, Bluetooth and RFID User Manual
LG Electronics MobileComm USA, Inc. Cellular/PCS GSM/EDGE and PCS WCDMA Phone with WLAN, Bluetooth and RFID
Users Manual
Part 15.21 statement
" Change or Modifications that are not expressly approved by the manufacturer could void the user's
authority to operate the equipment.
Part 15.105 statement
This equipment has been tested and found to comply with the limits for a class B digital device,
pursuant to Part 15 of the FCC Rules. These limits are designed to provide reasonable protection against
harmful interference in a residential installation. This equipment generates uses and can radiate radio
frequency energy and, if not installed and used in accordance with the instructions, may cause harmful
interference to radio communications. However, there is no guarantee that interference will not occur in
a particular installation. If this equipment does cause harmful interference or television reception, which
can be determined by turning the equipment off and on, the user is encouraged to try to correct the
interference by one or more of the following measures:
-Reorient or relocate the receiving antenna.-Increase the separation between the equipment and receiver.
-Connect the equipment into an outlet on a circuit different from that to which the receiver is connected.
-Consult the dealer or an experienced radio/TV technician for help.
FCC Part 15 Class B Compliance
This device and its accessories comply with part 15 of FCC rules and ICES-003 Class B digital
apparatus requirements for Industry Canada. Operation is subject to the following two conditions:(1)
This device and its accessories may not cause harmful interference, and (2) this device and its
accessories must accept any interference received, including interference that may cause undesired
operation.
Body-worn Operation
This device has been tested for body-worn operations with the distance of 1.0cm (0.39 inches) between
the user’s body and the phone. To comply with FCC RF exposure requirements, a minimum separation
distance of 1.0cm (0.39 inches) must be maintained from the user's body. Third-party belt-clips, holsters,
and similar accessories containing metallic components should not be used. Body-worn accessories that
cannot maintain 1.0cm (0.39 inches) separation distance between the user's body and the phone, and
have not been tested for typical body-worn operations may not comply with FCC RF exposure limits
and should be avoided.
Wi-Fi Caution.
Within the 5.15–5.25 GHz band, U-NII devices will be restricted to indoor operations
to reduce any potential for harmful interference to co-channel MSS operations.
The device shall automatically discontinue transmission in case of either absence of information to
transmit or operational failure. These provisions are not intended to preclude the transmission of control
or signaling information or the use of repetitive codes used by certain digital technologies to complete
frame or burst intervals.
This EUT is not intended for sale in the U.S.A
)2+0-7,
0+4
97)6+9-()
8LMWKYMHILIPTW]SYXSKIXWXEVXIHYWMRK]SYVTLSRI
7SQISJXLIGSRXIRXWSJXLMWQERYEPQE]RSX
ETTP]XS]SYVTLSRIHITIRHMRKSRXLIWSJX[EVI
ERH]SYVWIVZMGITVSZMHIV
8LMWLERHWIXMWRSXWYMXEFPIJSVTISTPI[LSLEZI
EZMWYEPMQTEMVQIRXHYIXSXLIXSYGLWGVIIR
OI]FSEVH
'ST]VMKLX0+)PIGXVSRMGW-RG%PPVMKLXW
VIWIVZIH0+ERHXLI0+PSKSEVIVIKMWXIVIH
XVEHIQEVOWSJ0++VSYTERHMXWVIPEXIHIRXMXMIW
%PPSXLIVXVEHIQEVOWEVIXLITVSTIVX]SJXLIMV
VIWTIGXMZIS[RIVW
+SSKPIv+SSKPI1ETWv+QEMPv=SY8YFIv
+SSKPI8EPOvERH%RHVSMH1EVOIXvEVI
XVEHIQEVOWSJ+SSKPI-RG
d
d
d
d
+IXXMRKXSORS[]SYVTLSRI
'LEVKIV97&TSVX
4S[IV0SGOOI]
:SPYQIOI]W
d-RXLI,SQIWGVIIR'SRXVSP
VMRKIVZSPYQI
d(YVMRKEGEPP'SRXVSP]SYV
IEVTMIGIZSPYQI
d;LIRTPE]MRKEXVEGO'SRXVSP
ZSPYQIGSRXMRYSYWP]
)EVTLSRI.EGO
&EGOGSZIV
'EQIVEPIRW
7-1GEVHWPSX
QMGVS7(
'EVHWPSX
7TIEOIV &EXXIV]
+IXXMRKXSORS[]SYVTLSRI
-RWXEPPMRKXLI7-1GEVHERH
FEXXIV]
&IJSVI]SYGERWXEVXI\TPSVMRK]SYV
RI[TLSRI]SYPPRIIHXSWIXMXYT8S
MRWIVXXLI7-1GEVHERHFEXXIV]
8SVIQSZIXLIFEGOGSZIVLSPH
XLITLSRIJMVQP]MRSRILERH;MXL
]SYVSXLIVLERHJMVQP]TVIWW]SYV
XLYQFSRXLIFEGOGSZIV9WIXLI
JMRKIVXMTGYXSYXXSTYPPSJJXLIFEGO
GSZIV[MXL]SYVJSVIJMRKIV
7PMHIXLI7-1GEVHMRXSXLI7-1
GEVHWPSX1EOIWYVIXLIKSPH
GSRXEGXEVIESRXLIGEVHMWJEGMRK
HS[R[EVHW
-RWIVXXLIFEXXIV]MRXSTPEGIF]
EPMKRMRKXLIKSPHGSRXEGXWSRXLI
TLSRIERHXLIFEXXIV]ERH
TVIWWMRKMXHS[RYRXMPMXGPMGOWMRXS
TPEGI
%PMKRXLIFEGOGSZIVSZIVXLI
FEXXIV]GSQTEVXQIRXERHTVIWW
MXHS[RYRXMPMXGPMGOWMRXSTPEGI
+IXXMRKXSORS[]SYVTLSRI
'LEVKMRK]SYVTLSRI
3TIRXLIGSZIVSJXLIGLEVKIV
GSRRIGXSVSRXLIXST-RWIVXXLI
GLEVKIVERHTPYKMXMRXSERIPIGXVMGEP
SYXPIX
8LIFEXXIV]QYWXFIJYPP]GLEVKIH
MRMXMEPP]XSMQTVSZIFEXXIV]PMJIXMQI
9WMRKXLIQIQSV]GEVH
8SMRWIVXEQIQSV]GEVH
-RWIVXXLIQIQSV]GEVHMRXSXLIWPSX
1EOIWYVIXLIKSPHGSRXEGXEVIEMW
JEGMRKHS[R[EVHW
8SVIQSZIXLIQIQSV]GEVH
WEJIP]
%TTPMGEXMSRW"7IXXMRKW"7XSVEKI"
9RQSYRX7(GEVH
+IXXMRKXSORS[]SYVTLSRI
8SJSVQEXXLIQIQSV]GEVH
=SYVQIQSV]GEVHQE]EPVIEH]FI
JSVQEXXIH-JMXMWRX]SYQYWXJSVQEX
MXFIJSVI]SYGERYWIMX
%PPJMPIWSR]SYVQIQSV]GEVHEVI
HIPIXIH[LIRMXMWJSVQEXXIH
3RXLI,SQIWGVIIRXSYGLXLI
%TTPMGEXMSRWXEF XSSTIRXLI
ETTPMGEXMSRWQIRY
7GVSPPERHXSYGL7IXXMRKW"
7XSVEKI
8SYGL9RQSYRX7(GEVHERH
XSYGL3/XSGSRJMVQMX
8SYGL)VEWI7(GEVH")VEWI7(
GEVH")VEWIIZIV]XLMRKXLIR
GSRJMVQ]SYVGLSMGI
-J]SYLEZIWIXETEXXIVRPSGOMRTYX
XLITEXXIVRPSGOXLIRWIPIGX)VEWI
)ZIV]XLMRK
-JXLIVIMWGSRXIRXSR]SYV
QIQSV]GEVHXLIJSPHIV
WXVYGXYVIQE]FIHMJJIVIRXEJXIV
JSVQEXXMRKEWEPPXLIJMPIW[MPP
LEZIFIIRHIPIXIH
0SGOMRKERHYRPSGOMRKXLIWGVIIR
-J]SYHSRSXYWIXLITLSRIJSVE
[LMPIXLIWGVIIRMWXYVRIHSJJERH
PSGOIHEYXSQEXMGEPP]8LMWLIPTW
XSTVIZIRXEGGMHIRXEPXSYGLIWERH
WEZIWFEXXIV]TS[IV
;LIR]SYEVIRSXYWMRKXLI0+
4TVIWWXLI4S[IV0SGOOI]
XSPSGO]SYVTLSRI
-JXLIVIEVIER]TVSKVEQWVYRRMRK
[LIR]SYWIXPSGOWGVIIRXLI]
QE]FIWXMPPVYRRMRKMR0SGOQSHI
-XMWVIGSQQIRHIHXLEX]SYI\MXEPP
TVSKVEQWFIJSVIIRXIVMRK0SGOQSHI
XSEZSMHYRRIGIWWEV]GLEVKIWIK
TLSRIGEPPW[IFEGGIWWERHHEXE
GSQQYRMGEXMSRW
8S[EOIYT]SYVTLSRITVIWWXLI
4S[IV0SGOOI]8LIPSGOWGVIIR
[MPPETTIEV8SYGLERHWPMHIXLIPSGO
WGVIIRYT[EVHWXSYRPSGO]SYVLSQI
WGVIIR8LIPEWXWGVIIR]SYZMI[IH
[MPPSTIR
+IXXMRKXSORS[]SYVTLSRI
7IGYVI]SYVPSGOWGVIIR
=SYGERPSGO]SYVWGVIIRWSXLEX
SRP]]SYGERYRPSGOMXXSEGGIWW]SYV
TLSRI
8SWIXER9RPSGO4EXXIVR4-2SV
4EWW[SVHJSVXLIJMVWXXMQI
%TTPMGEXMSRW"7IXXMRKW"0SGEXMSR
WIGYVMX]"7IXYTWGVIIRPSGO"
4EXXIVR4-2SV4EWW[SVH
3RGIMXMWWIX]SYGERGLERKIMXSR
XLI'LERKIWGVIIRPSGOQIRY
4VIGEYXMSRWXSXEOI[LIRYWMRK
TEXXIVRPSGO
-XMWZIV]MQTSVXERXXSVIQIQFIV
XLIYRPSGOTEXXIVR]SYWIX
=SY[MPPRSXFIEFPIXSEGGIWW
]SYVTLSRIMJ]SYYWIER
MRGSVVIGXTEXXIVRXMQIW=SY
LEZISTTSVXYRMXMIWXSIRXIV
]SYVYRPSGOTEXXIVR4-2SV
TEWW[SVH-J]SYLEZIYWIHEPP
STTSVXYRMXMIW]SYGERXV]EKEMR
EJXIVWIGSRHW
d
=SYV,SQIWGVIIR
=396,31)7'6))2
8SYGLWGVIIRXMTW
,IVIEVIWSQIXMTWSRLS[XS
REZMKEXIEVSYRH]SYVTLSRI
8SYGLi8SGLSSWIEQIRYSTXMSRSV
STIRERETTPMGEXMSRXSYGLMX
8SYGLERHLSPHi8SSTIRER
STXMSRWQIRYSVKVEFERSFNIGX]SY
[ERXXSQSZIXSYGLERHLSPHMX
(VEKi8SWGVSPPXLVSYKLEPMWXSV
QSZIWPS[P]HVEKEGVSWWXLIXSYGL
WGVIIR
*PMGOi8SWGVSPPXLVSYKLEPMWXSV
QSZIUYMGOP]JPMGOEGVSWWXLIXSYGL
WGVIIRHVEKUYMGOP]ERHVIPIEWI
d8SWIPIGXERMXIQXSYGLXLI
GIRXVISJXLIMGSR
d(SRSXTVIWWXSSLEVHXLIXSYGL
WGVIIRMWWIRWMXMZIIRSYKLXS
TMGOYTEPMKLXJMVQXSYGL
d9WIXLIXMTSJ]SYVJMRKIVXS
XSYGLXLISTXMSR]SY[ERX&I
GEVIJYPRSXXSXSYGLER]SXLIV
OI]W
,SQI
7MQTP]W[MTI]SYVJMRKIVXSXLI
PIJXSVVMKLXXSZMI[XLITERIPW=SY
GERGYWXSQMWIIEGLTERIP[MXL
[MHKIXWWLSVXGYXWXS]SYVJEZSYVMXI
ETTPMGEXMSRWJSPHIVWERH[EPPTETIV
7SQIWGVIIRMQEKIWQE]FI
HMJJIVIRXHITIRHMRKSR]SYV
TLSRITVSZMHIV
3R]SYV,SQIWGVIIR]SYGERZMI[
UYMGOOI]WEXXLIFSXXSQSJXLI
WGVIIR5YMGOOI]WTVSZMHIIEW]SRI
XSYGLEGGIWWXSXLIJYRGXMSRW]SY
YWIXLIQSWX
8SYGLXLI4LSRIMGSRXSFVMRK
YTXLIXSYGLWGVIIRHMEPTEHXSQEOI
EGEPP
8SYGLXLI'SRXEGXWMGSRXSSTIR
]SYVGSRXEGXW
8SYGLXLI1IWWEKMRKMGSRXS
EGGIWWXLIQIWWEKMRKQIRY8LMW
MW[LIVI]SYGERGVIEXIERI[
QIWWEKI
=SYV,SQIWGVIIR
8SYGLXLI%TTPMGEXMSRWXEFEXXLI
FSXXSQSJXLIWGVIIR=SYGERXLIR
ZMI[EPP]SYVMRWXEPPIHETTPMGEXMSRW8S
STIRER]ETTPMGEXMSRWMQTP]XSYGL
XLIMGSRMRXLIETTPMGEXMSRWPMWX
'YWXSQMWMRKXLI,SQIWGVIIR
=SYGERGYWXSQMWI]SYV,SQIWGVIIR
F]EHHMRK[MHKIXWWLSVXGYXWJSPHIVW
SV[EPPTETIVW*SVQSVIGSRZIRMIRGI
YWMRK]SYVTLSRIEHH]SYVJEZSYVMXI
[MHKIXWXSXLI,SQIWGVIIR
8SEHHMXIQWSR]SYV,SQIWGVIIR
,SQIWGVIIR"1IRY"%HH
36
8SYGLERHLSPHXLIIQTX]TEVXSJ
XLI,SQIWGVIIR
-RXLI%HH1SHIQIRYWIPIGX
MXIQW]SY[ERXXSEHH=SY[MPP
XLIRWIIEHHIHMXIQWSRXLI,SQI
WGVIIR
(VEKMXXSXLIPSGEXMSR]SY[ERX
ERHPMJX]SYVJMRKIV
8SVIQSZIERMXIQJVSQXLI,SQI
WGVIIR
,SQIWGVIIR"XSYGLERHLSPHXLI
MGSR]SY[ERXXSVIQSZI"HVEKMX
XS
d
8SEHHERETTPMGEXMSRMGSR
XSXLI,SQIWGVIIRJVSQXLI
%TTPMGEXMSRWQIRYXSYGLERH
LSPHXLIETTPMGEXMSR]SY[ERXXS
EHH
6IXYVRMRKXSVIGIRXP]YWIH
ETTPMGEXMSRW
8SYGLERHLSPHXLI,SQIOI]
8LIWGVIIRHMWTPE]WETSTYT[MXL
MGSRWSJETTPMGEXMSRW]SYYWIH
VIGIRXP]
8SYGLERMGSRXSSTIRXLI
ETTPMGEXMSR3VXSYGLXLI&EGO
OI]XSVIXYVRXS]SYVGYVVIRX
ETTPMGEXMSR
2SXMJMGEXMSRHVE[IV
8LIRSXMJMGEXMSRHVE[IVVYRWEGVSWW
XLIXSTSJ]SYVWGVIIR
(EXE
'SRRIGXMZMX]
2*'
&PYIXSSXL
;M*M
6MRK
:MFVEXMSR
8SYGLERHWPMHIXLIRSXMJMGEXMSR
HVE[IVHS[R[MXL]SYVJMRKIV
3VSRXLI,SQIWGVIIRTVIWWXLI
1IRYOI]ERHWIPIGX2SXMJMGEXMSRW
,IVI]SYGERGLIGOERHQEREKI
WSYRH;M*M&PYIXSSXLERH2*'EW
[IPPEWSXLIVRSXMJMGEXMSRW
:MI[MRKXLIWXEXYWFEV
8LIWXEXYWFEVYWIWHMJJIVIRXMGSRW
XSHMWTPE]TLSRIMRJSVQEXMSRWYGL
EWWMKREPWXVIRKXLRI[QIWWEKIW
FEXXIV]PMJIEGXMZI&PYIXSSXLERH
HEXEGSRRIGXMSRW
&IPS[MWEXEFPII\TPEMRMRKXLI
QIERMRKSJMGSRW]SYVIPMOIP]XSWII
MRXLIWXEXYWFEV
-GSR (IWGVMTXMSR
2S7-1GEVH
2SWMKREP
%MVTPERIQSHI
'SRRIGXIHXSE;M*M
RIX[SVO
;M*M(MVIGXMWSR
;MVIHLIEHWIX
-GSR (IWGVMTXMSR
'EPPMRTVSKVIWW
'EPPLSPH
7TIEOIVTLSRI
4LSRIQMGVSTLSRIMWQYXIH
1MWWIHGEPP
&PYIXSSXLMWSR
'SRRIGXIHXSE&PYIXSSXL
HIZMGI
2*'MWSR
7]WXIQ[EVRMRK
%PEVQMWWIX
2I[ZSMGIQEMP
6MRKIVMWWMPIRGIH
:MFVEXIQSHI
&EXXIV]JYPP]GLEVKIH
&EXXIV]MWGLEVKMRK
(EXEMRERHSYX
4LSRIMWGSRRIGXIHXS4'
ZME97&GEFPI
=SYV,SQIWGVIIR
=SYV,SQIWGVIIR
-GSR (IWGVMTXMSR
(S[RPSEHMRKHEXE
9TPSEHMRKHEXE
+47MWEGUYMVMRK
6IGIMZMRKPSGEXMSRHEXE
JVSQ+47
3R7GVIIR4LSRI
GSRRIGXIH
QSVIRSXMJMGEXMSRWRSX
HMWTPE]IH
(EXEMWW]RGMRK
(S[RPSEHJMRMWLIH
2I[+QEMP
2I[+SSKPI8EPOQIWWEKI
2I[QIWWEKI
7SRKMWTPE]MRK
9TGSQMRKIZIRX
*1VEHMSXYVRIHSRMRXLI
FEGOKVSYRH
97&XIXLIVMRKMWEGXMZI
4SVXEFPI;M*MLSXWTSXMW
EGXMZI
-GSR (IWGVMTXMSR
&SXL97&XIXLIVMRKERH
TSVXEFPILSXWTSXEVIEGXMZI
3RWGVIIROI]FSEVH
=SYGERIRXIVXI\XYWMRKXLI
SRWGVIIROI]FSEVH8LISRWGVIIR
OI]FSEVHETTIEVWEYXSQEXMGEPP]
SRXLIWGVIIR[LIR]SYRIIHXS
IRXIVXI\X8SQERYEPP]HMWTPE]XLI
OI]FSEVHWMQTP]XSYGLEXI\XJMIPH
[LIVI]SY[ERXXSIRXIVXI\X
9WMRKXLIOI]TEHIRXIVMRKXI\X
8ETSRGIXSGETMXEPMWIXLIRI\X
PIXXIV]SYX]TI(SYFPIXETJSVEPP
GETW
8ETXSW[MXGLXSXLIRYQFIVW
ERHW]QFSPWOI]FSEVH=SYGEREPWS
XSYGLERHLSPHXLMWXEFXSZMI[XLI
7IXXMRKWQIRY
8ETXSZMI[SVTVIWWERHLSPHXS
GLERKIXLI[VMXMRKPERKYEKI
8ETXSMRWIVXERIQSXMGSR[LIR
[VMXMRKEQIWWEKI
8ETXSIRXIVEWTEGI
8ETXSGVIEXIERI[PMRIMRXLI
QIWWEKIJMIPH
8ETXSHIPIXIXLITVIZMSYW
GLEVEGXIV
8ETXSLMHIXLISRWGVIIROI]FSEVH
)RXIVMRKEGGIRXIHPIXXIVW
;LIR]SYWIPIGX*VIRGLSV7TERMWL
EWXLIXI\XIRXV]PERKYEKI]SYGER
IRXIVWTIGMEP*VIRGLSV7TERMWL
GLEVEGXIVWIKÅ
*SVI\EQTPIXSMRTYXÅXSYGLERH
LSPHXLIEOI]YRXMPXLI^SSQMROI]
KVS[WFMKKIVERHHMWTPE]WGLEVEGXIVW
JVSQHMJJIVIRXPERKYEKIW
8LIRWIPIGXXLIWTIGMEPGLEVEGXIV]SY
[ERX
+SSKPIEGGSYRXWIXYT
'322)'8-2+83
2)8;36/7%2(
():-')7
;M*M
;MXL;M*M]SYGERYWILMKLWTIIH
-RXIVRIXEGGIWW[MXLMRXLIGSZIVEKI
SJXLI[MVIPIWWEGGIWWTSMRX%4
)RNS][MVIPIWW-RXIVRIXYWMRK;M*M
[MXLSYXI\XVEGLEVKIW
'SRRIGXMRKXS;M*MRIX[SVOW
8SYWI;M*MSR]SYVTLSRI]SY
RIIHXSEGGIWWE[MVIPIWWEGGIWW
TSMRXSVLSXWTSX7SQIEGGIWW
TSMRXWEVISTIRERH]SYGERWMQTP]
GSRRIGXXSXLIQ3XLIVWEVILMHHIR
SVYWIWIGYVMX]JIEXYVIW]SYQYWX
GSRJMKYVI]SYVTLSRIXSFIEFPIXS
GSRRIGXXSXLIQ
8YVRSJJ;M*M[LIR]SYVIRSXYWMRK
MXXSI\XIRHXLIPMJISJ]SYVFEXXIV]
-J]SYEVISYXSJXLI;M*M^SRI
SVWIX;M*MXS3**EHHMXMSREP
GLEVKIWQE]FIETTPMIHF]]SYV
QSFMPISTIVEXSVJSVQSFMPIHEXE
YWI
8YVRMRK;M*MSRERHGSRRIGXMRKXS
E;M*MRIX[SVO
%TTPMGEXMSRW"7IXXMRKW"
;MVIPIWWRIX[SVOW";M*M
WIXXMRKW
8SYGL;M*MXSXYVRMXSRERH
WXEVXWGERRMRKJSVEZEMPEFPI;M*M
RIX[SVOW
%PMWXSJEZEMPEFPI;M*MRIX[SVOW
MWHMWTPE]IH7IGYVIHRIX[SVOWEVI
MRHMGEXIHF]EPSGOMGSR
8SYGLERIX[SVOXSGSRRIGXXSMX
-JXLIRIX[SVOMWSTIR]SYEVI
EWOIHXSGSRJMVQXLEX]SY[ERX
XSGSRRIGXXSXLEXRIX[SVOF]
XSYGLMRK'SRRIGX
-JXLIRIX[SVOMWWIGYVIH]SYEVI
TVSQTXIHXSIRXIVETEWW[SVH
SVSXLIVGVIHIRXMEPW%WO]SYV
RIX[SVOEHQMRMWXVEXSVJSVHIXEMPW
8LIWXEXYWFEVHMWTPE]WMGSRXLEX
MRHMGEXI;M*MWXEXYW
&PYIXSSXL
=SYGERYWI&PYIXSSXLXSWIRH
HEXEF]VYRRMRKEGSVVIWTSRHMRK
ETTPMGEXMSRRSXJVSQXLI&PYIXSSXL
QIRYEWSRQSWXSXLIVQSFMPI
TLSRIW
d
d
d
'SRRIGXMRKXS2IX[SVOWERH(IZMGIW
'SRRIGXMRKXS2IX[SVOWERH(IZMGIW
;MXL0+4]SYGERIRNS]
&PYIXSSXLLMKLWTIIH
-JXLIHIZMGI]SY[ERXXSWLEVI
JMPIW[MXLEPWSWYTTSVXWLMKL
WTIIH&PYIXSSXLXLIJMPIW[MPP
EYXSQEXMGEPP]FIXVERWJIVVIH
ZMEXLILMKLWTIIHRIX[SVO8S
YWI&PYIXSSXLLMKLWTIIHHEXE
XVERWJIVTPIEWIQEOIWYVIXLI
;M*MMW3**SR]SYVHIZMGIW
FIJSVIYWI8LIWIXXMRKWJSV
&PYIXSSXLLMKLWTIIHQE]FI
HMJJIVIRXHITIRHWSRXLIHIZMGI
4PIEWIGLIGOXLIHIZMGIW
WIXXMRKW[MXLXLIMVWIVZMGI
TVSZMHIV
8YVRMRKSR&PYIXSSXLERHTEMVMRK
YT]SYVTLSRI[MXLE&PYIXSSXL
HIZMGI
%TTPMGEXMSRW"7IXXMRKW"
;MVIPIWWRIX[SVOW"&PYIXSSXL
"32
+SXS&PYIXSSXLWIXXMRKW"7GER
JSVHIZMGIW
'LSSWIXLIHIZMGI]SY[ERXXSTEMV
YT[MXLJVSQXLIPMWX
3RGIXLITEVMRKMWWYGGIWWJYP]SYV
HIZMGI[MPPGSRRIGXXSXLIHIZMGI
-JXLIHIZMGI]SY[ERXXSTEMVYT
[MXLMWRSXSRXLIPMWXQEOIWYVI
XLEXXEVKIXHIZMGIMWWIXXSFI
(MWGSZIVEFPIXLIRWGEREKEMR
7IRHMRKTMGXYVIWYWMRK&PYIXSSXL
7IPIGXETMGXYVI"1IRY"7LEVI"
&PYIXSSXL
'LIGO[LIXLIV&PYIXSSXLMW32
XLIRWIPIGX7GERJSVHIZMGIW
'LSSWIXLIHIZMGI]SY[ERXXS
WIRHHEXEXSJVSQXLIPMWX
7LEVMRK]SYVTLSRIWHEXE
GSRRIGXMSR
97&XIXLIVMRKERHTSVXEFPI;M*M
LSXWTSXEVIKVIEXJIEXYVIW[LIR
XLIVIEVIRS[MVIPIWWGSRRIGXMSRW
EZEMPEFPI=SYGERWLEVI]SYVTLSRIW
QSFMPIHEXEGSRRIGXMSR[MXLEWMRKPI
GSQTYXIVZMEE97&GEFPI97&
XIXLIVMRK=SYGEREPWSWLEVI]SYV
TLSRIWHEXEGSRRIGXMSR[MXLQSVI
XLEREWMRKPIHIZMGIEXEXMQIF]
XYVRMRK]SYVTLSRIMRXSETSVXEFPI
;M*MLSXWTSX
;LIR]SYVTLSRIMWWLEVMRKMXW
HEXEGSRRIGXMSRERMGSRETTIEVW
MRXLIWXEXYWFEVERHEWERSRKSMRK
RSXMJMGEXMSRMRXLIRSXMJMGEXMSRW
HVE[IV
*SVXLIPEXIWXMRJSVQEXMSREFSYX
XIXLIVMRKERHTSVXEFPILSXWTSXW
MRGPYHMRKWYTTSVXIHSTIVEXMRK
W]WXIQWERHSXLIVHIXEMPWZMWMX
LXXT[[[ERHVSMHGSQXIXLIV
'SRRIGXMRKXS2IX[SVOWERH(IZMGIW
8SGLERKI97&XIXLIVMRK
TSVXEFPI;M*MLSXWTSXWIXXMRKW
%TTPMGEXMSRW"7IXXMRKW";MVIPIWW
RIX[SVOW"8IXLIVMRK
TSVXEFPILSXWTSX"'LSSWISTXMSRW
XLEX]SY[ERXXSEHNYWX
-J]SYVGSQTYXIVMWVYRRMRK
;MRHS[WSVEVIGIRX
HMWXVMFYXMSRSJWSQIJPEZSYVWSJ
0MRY\WYGLEW9FYRXY]SYHSRX
YWYEPP]RIIHXSTVITEVI]SYV
GSQTYXIVJSVXIXLIVMRK&YXMJ
]SYVIVYRRMRKERIEVPMIVZIVWMSR
SJ;MRHS[WSVERSXLIVSTIVEXMRK
W]WXIQ]SYQE]RIIHXSTVITEVI
]SYVGSQTYXIVXSIWXEFPMWLE
RIX[SVOGSRRIGXMSRZME97&*SV
XLIQSWXGYVVIRXMRJSVQEXMSR
EFSYX[LMGLSTIVEXMRKW]WXIQW
WYTTSVX97&XIXLIVMRKERHLS[
XSGSRJMKYVIXLIQZMWMXLXXT
[[[ERHVSMHGSQXIXLIV
8SVIREQISVWIGYVI]SYV
TSVXEFPILSXWTSX
=SYGERGLERKIXLIREQISJ]SYV
TLSRIW;M*MRIX[SVOREQI77-(
ERHWIGYVIMXW;M*MRIX[SVO
3RXLI,SQIWGVIIRXSYGLXLI
%TTPMGEXMSRWXEF ERHWIPIGX
7IXXMRKW
8SYGL;MVIPIWWRIX[SVOWERH
WIPIGX8IXLIVMRK4SVXEFPI
d
LSXWTSX
)RWYVI4SVXEFPI;M*MLSXWTSXMW
XMGOIH
8SYGL4SVXEFPI;M*MLSXWTSX
WIXXMRKW
8SYGL'SRJMKYVI;M*MLSXWTSX
8LI'SRJMKYVI;M*MLSXWTSX
HMEPSKFS\[MPPSTIR
=SYGERGLERKIXLIRIX[SVO77-(
REQIXLEXSXLIVGSQTYXIVWWII
[LIRWGERRMRKJSV;M*MRIX[SVOW
=SYGEREPWSXSYGLXLI7IGYVMX]
QIRYXSGSRJMKYVIXLIRIX[SVO[MXL
;M*M4VSXIGXIH%GGIWW;4%
WIGYVMX]YWMRKETVIWLEVIHOI]
47/
-J]SYXSYGLXLI;4%47/
WIGYVMX]STXMSRETEWW[SVHJMIPH
MWEHHIHXSXLI'SRJMKYVI;M
*MLSXWTSXHMEPSK-J]SYIRXIVE
TEWW[SVH]SY[MPPRIIHXSIRXIV
XLEXTEWW[SVH[LIR]SYGSRRIGX
XSXLITLSRIWLSXWTSX[MXLE
GSQTYXIVSVSXLIVHIZMGI=SYGER
XSYGL3TIRMRXLI7IGYVMX]QIRY
XSVIQSZIWIGYVMX]JVSQ]SYV;M*M
RIX[SVO
d
d
d
d
'SRRIGXMRKXS2IX[SVOWERH(IZMGIW
%88)28-32
-J]SYWIXXLIWIGYVMX]STXMSR
EW3TIR]SYGERRSXTVIZIRX
YREYXLSVMWIHYWEKISJSRPMRI
WIVZMGIWF]SXLIVTISTPIERH
EHHMXMSREPGLEVKIWGERFI
MRGYVVIH8SEZSMHYREYXLSVMWIH
YWEKI]SYEVIEHZMWIHXSOIIT
XLIWIGYVMX]STXMSREGXMZI
8SYGL7EZI
9WMRKXLI;M*M'EWX
=SYGERWLEVI]SYVQYWMGTMGXYVI
ERHZMHISGSRXIRXFIX[IIRYWIVW
[LSYWI%RHVSMH4LSRIWGSRRIGXIH
ZMEXLIWEQI;M*M;M*M(MVIGXIH
RIX[SVO
'LIGO]SYV;M*M;M*M(MVIGXIH
RIX[SVOMREHZERGIERHQEOIWYVI
XLIYWIVWEVIGSRRIGXIHXSXLIWEQI
RIX[SVO
%TTPMGEXMSRW"7IXXMRKW"
;MVIPIWWRIX[SVOW";M*M
(MVIGX7IXXMRKW";M*M(MVIGX"
32
7IPIGXEHIZMGIXSGSRRIGXJVSQ
XLIWGERRIHHIZMGIPMWX
8SYGL'SRRIGX
)REFPMRK;M*M(MVIGXXSWLEVI
XLVSYKL7QEVX7LEVI
;M*M(MVIGXEYXSQEXMGEPP]WGERW
RIEVF];M*M(MVIGXHIZMGIWERH
XLIWIEVGLIHHIZMGIWEVIPMWXIHEW
XLI]EVIJSYRHERH]SYGERWIPIGXE
WTIGMJMGHIZMGIXSWLEVIQYPXMQIHME
HEXEXLVSYKL7QEVX7LEVI
;M*M(MVIGXGERRSXFIIREFPIH[LMPI
YWMRKSXLIV;M*MJYRGXMSRW
%TTPMGEXMSRW"7IXXMRKW"
;MVIPIWWRIX[SVOW";M*M
(MVIGX7IXXMRKW
)RWYVI;M*M(MVIGXMW32
7IPIGXEHIZMGIXSGSRRIGXJVSQ
XLIWGERRIHHIZMGIPMWX
*SVGIH+VSYTS[RIVQSHIi8SYGL
XSEGXMZEXIKVSYTS[RIVQSHI[LMGL
IREFPIWXLIPIKEG];M*MHIZMGIWXS
GSRRIGXF]WGERRMRK]SYVTLSRI
-RXLMWGEWI]SYQYWXIRXIVXLI
TEWW[SVHXLEXMWWIXMRXLI1IRY"
%HZERGIH"4EWW[SVH
;LIR]SYVTLSRIFIGSQIWE
KVSYTS[RIVMX[MPPGSRWYQI
QSVIFEXXIV]TS[IVXLER
[LIRMXMWEGPMIRX;M*M(MVIGX
GSRRIGXMSRHSIWRSXTVSZMHI
-RXIVRIXWIVZMGI%HHMXMSREPGSWXW
QE]FIMRGYVVIH[LIRGSRRIGXMRK
ERHYWMRKSRPMRIWIVZMGIW'LIGO
HEXEGLEVKIW[MXL]SYVRIX[SVO
TVSZMHIV
9WMRK7QEVX7LEVI
7QEVX7LEVIYWIW(02%(MKMXEP
0MZMRK2IX[SVO%PPMERGIXIGLRSPSK]
XSWLEVIHMKMXEPGSRXIRXXLVSYKLE
[MVIPIWWRIX[SVO
&SXLHIZMGIWQYWXFI(02%GIVXMJMIH
XSWYTTSVXXLMWJIEXYVI
8SXYVR7QEVX7LEVISRERHEPPS[
WLEVMRKGSRXIRXW
8SYGL%TTPMGEXMSRWXEF ERH
WIPIGX7QEVX7LEVI
4VIWWXLI1IRYOI]ERHWIPIGX
7IXXMRKW
8SYGL(MWGSZIVEFPIGLIGOFS\XS
XYVRSR
8SYGL%P[E]WEGGITXVIUYIWXMJ
]SY[SYPHPMOIXSEYXSQEXMGEPP]
EGGITXWLEVMRKVIUYIWXWJVSQSXLIV
HIZMGIW
8SYGL6IGIMZIJMPIWMJ]SY[SYPH
PMOIXSEYXSQEXMGEPP]EPPS[YTPSEH
d
d
JMPIWXSQ]TLSRIJVSQSXLIV
HIZMGIW
9RHIVXLI7LEVMRKGSRXIRXW
WIGXMSRXSYGLXSGLIGOQEVOXLI
X]TIWSJGSRXIRX]SY[SYPHPMOI
XSWLEVI'LSSWIJVSQ4MGXYVIW
:MHISWERH1YWMG
7QEVX7LEVIMWRS[EGXMZEXIHERH
VIEH]XSWLEVIGSRXIRXW
8SWLEVIGSRXIRXWJVSQVIQSXI
GSRXIRXPMFVEV]XSSXLIVHIZMGIW
0IX]SYVVIRHIVIVHIZMGIIK8:
TPE]QYPXMQIHMEGSRXIRXWJVSQ]SYV
VIQSXIGSRXIRXPMFVEV]IK4'
1EOIWYVIXLEXXLI(02%
JYRGXMSREPMX]SJ]SYVHIZMGIWMW
TVSTIVP]GSRJMKYVIHIK8:ERH
4'
8SYGLXLIXSTVMKLXFYXXSRXSSV
WIPIGXXLIHIZMGIJVSQVIRHIVIV
PMWXW
8SYGLXLIXSTPIJXFYXXSRERH
WIPIGXXLIHIZMGISJXLIVIQSXI
GSRXIRXPMFVEV]
=SYGERFVS[WIXLIGSRXIRXPMFVEV]
8SYGLEGSRXIRXXLYQFREMPSV
TVIWWXLI1IRYOI]ERHWIPIGX4PE]
FYXXSR
'SRRIGXMRKXS2IX[SVOWERH(IZMGIW
'EPPW
'%007
1EOMRKEGEPP
8SYGL XSSTIRXLIOI]TEH
)RXIVXLIRYQFIVYWMRKXLI
OI]TEH8SHIPIXIEHMKMXXSYGL
XLI
8SYGLXLI XSQEOIEGEPP
8SIRHEGEPPXSYGLXLI)RHMGSR
8SIRXIVXSQEOI
MRXIVREXMSREPGEPPWXSYGLERH
LSPH
'EPPMRK]SYVGSRXEGXW
8SYGL XSSTIR]SYVGSRXEGXW
7GVSPPXLVSYKLXLIGSRXEGXPMWX
SVIRXIVXLIJMVWXJI[PIXXIVWSJ
XLIGSRXEGX]SY[ERXXSGEPPF]
XSYGLMRK7IEVGL
-RXLIPMWXXSYGLXLIGSRXEGX]SY
[ERXXSGEPP
%RW[IVMRKERHVINIGXMRKEGEPP
;LIR]SYVIGIMZIEGEPPMR0SGOWXEXI
HVEKXLI XSXLIVMKLXXSERW[IV
MRGSQMRKGEPP
(VEKXLI XSXLIPIJXXSVINIGXER
MRGSQMRKGEPP
(VEKXLI)\GYWIQIWWEKIWFEVJVSQ
XLIFSXXSQMJ]SY[ERXXSWIRHSRI
)\GYWIQIWWEKIW
=SYGERWIRHEQIWWEKIUYMGOP]
YWMRKXLMWJYRGXMSR8LMWMWYWIJYP
MJ]SYRIIHXSVITP]XLIQIWWEKI
HYVMRKEQIIXMRK
%HNYWXMRKGEPPZSPYQI
8SEHNYWXXLIMRGEPPZSPYQIHYVMRK
EGEPPYWIXLI:SPYQIYTERHHS[R
OI]WSRXLIPIJXLERHWMHISJXLI
TLSRI
1EOMRKEWIGSRHGEPP
(YVMRK]SYVJMVWXGEPPXSYGL
(MEPTEH ERHHMEPXLIRYQFIV
%PWS]SYGERWIEVGL]SYVGSRXEGXW
F]XSYGLMRK'SRXEGXW ERH
WIPIGXXLIRYQFIV]SY[ERXXSGEPP
8SYGLXLI XSQEOIXLIGEPP
&SXLGEPPWEVIHMWTPE]IHSRXLIGEPP
WGVIIR=SYVMRMXMEPGEPPMWPSGOIH
ERHTYXSRLSPH
8SYGLXLIHMWTPE]IHRYQFIVXS
XSKKPIFIX[IIRGEPPW3VXSYGL
1IVKIGEPPWXSQEOIEGSRJIVIRGI
GEPP
8SIRHEGXMZIGEPPWXSYGL)RH
SVTVIWW,SQI/I]ERHWPMHIXLI
RSXMJMGEXMSRFEVHS[RERHWIPIGX
)RHGEPP
=SYEVIGLEVKIHJSVIEGLGEPP]SY
QEOI
:MI[MRK]SYVGEPPPSKW
3RXLI,SQIWGVIIRXSYGL ERH
GLSSWIXLI'EPPPSKXEF
:MI[EGSQTPIXIPMWXSJEPPHMEPPIH
VIGIMZIHERHQMWWIHZSMGIGEPPW
8SYGLER]GEPPPSKIRXV]XSZMI[
XLIHEXIXMQIERHHYVEXMSRSJ
XLIGEPP
4VIWWXLI1IRYOI]XLIRXSYGL
(IPIXIEPPXSHIPIXIEPPXLI
VIGSVHIHMXIQW
'EPPWIXXMRKW
=SYGERGSRJMKYVITLSRIGEPPWIXXMRKW
WYGLEWGEPPJSV[EVHMRKERHSXLIV
WTIGMEPJIEXYVIWSJJIVIHF]]SYV
GEVVMIV
3RXLI,SQIWGVIIRXSYGLXLI
%TTPMGEXMSRWXEF XSSTIRXLI
ETTPMGEXMSRWQIRY
7GVSPPERHXSYGL7IXXMRKW
8ET'EPPWIXXMRKWERHGLSSWIXLI
STXMSRWXLEX]SY[ERXXSEHNYWX
'EPPW
'SRXEGXW
'328%'87
%HHGSRXEGXWXS]SYVTLSRIERH
W]RGLVSRMWIXLIQ[MXLXLIGSRXEGXW
MR]SYV+SSKPIEGGSYRXSVSXLIV
EGGSYRXWXLEXWYTTSVXGSRXEGX
W]RGMRK
7IEVGLMRKJSVEGSRXEGX
-RXLI,SQIWGVIIR
8SYGL XSSTIR]SYVGSRXEGXW
8SYGL7IEVGLERHIRXIVXLI
GSRXEGXREQIYWMRKXLIOI]FSEVH
%HHMRKERI[GSRXEGX
8SYGL IRXIVXLIRI[GSRXEGXW
RYQFIVXLIRTVIWWXLI1IRYOI]
8SYGL%HHXSGSRXEGXWERHXLIR
'VIEXIRI[GSRXEGX
-J]SY[ERXXSEHHETMGXYVIXSXLI
RI[GSRXEGXXSYGLXLIMQEKIEVIE
'LSSWIJVSQ'ETXYVITMGXYVISV
4MGOJVSQ+EPPIV]
7IPIGXXLIGSRXEGXX]TIF]
XSYGLMRK
8SYGLEGEXIKSV]SJGSRXEGX
MRJSVQEXMSRERHIRXIVXLIHIXEMPW
EFSYX]SYVGSRXEGX
8SYGL7EZI
*EZSYVMXIGSRXEGXW
=SYGERGPEWWMJ]JVIUYIRXP]GEPPIH
GSRXEGXWEWJEZSYVMXIW
%HHMRKEGSRXEGXXS]SYV
JEZSYVMXIW
8SYGL XSSTIR]SYVGSRXEGXW
8SYGLEGSRXEGXXSZMI[XLIMV
HIXEMPW
8SYGLXLIWXEVXSXLIVMKLXSJXLI
GSRXEGXWREQI8LIWXEVXYVRW
FPYI
6IQSZMRKEGSRXEGXJVSQ]SYV
JEZSYVMXIWPMWX
8SYGL XSSTIR]SYVGSRXEGXW
8SYGLXLI+VSYTWXEFWIPIGX
*EZSYVMXIWEXXLIXSTSJXLIPMWX
ERHGLSSWIEGSRXEGXXSZMI[MXW
HIXEMPW
8SYGLXLIFPYIWXEVXSXLIVMKLXSJ
XLIGSRXEGXWREQI8LIWXEVXYVRW
KVI]ERHXLIGSRXEGXMWVIQSZIH
JVSQ]SYVJEZSYVMXIW
1SZMRKGSRXEGXWJVSQ]SYVSPH
TLSRIXS]SYVRI[TLSRI
)\TSVX]SYVGSRXEGXWEWE'7:JMPI
JVSQ]SYVSPHTLSRIXS]SYV4'
YWMRKE4'W]RGTVSKVEQ
-RWXEPP4'7YMXI-:SRXLI4'JMVWX
6YRXLITVSKVEQERHGSRRIGX]SYV
%RHVSMHQSFMPITLSRIXSXLI4'
YWMRKE97&GEFPI
7IPIGXXLI +SXS*MPI"-QTSVX
ERHWIPIGXXLI'7:JMPIWEZIHSR
]SYV4'
-JXLIJMIPHWMRXLIMQTSVXIH'7:JMPI
EVIHMJJIVIRXJVSQXLSWIMR4'7YMXI
-:]SYRIIHXSQETXLIJMIPHW
%JXIVQETTMRKXLIJMIPHWGPMGO3/
8LIGSRXEGXWEVIXLIREHHIHXS4'
7YMXI-:
-J4'7YMXI-:HIXIGXWXLI
GSRRIGXMSRSJ]SYV0+4
TLSRIYWMRKXLI97&GEFPI
GPMGO7]RGSV7]RGGSRXEGXWXS
W]RGLVSRMWIXLIGSRXEGXWWEZIHSR
]SYV4'[MXL]SYVTLSRI
'SRXEGXW
1IWWEKMRK
1)77%+-2+
=SYV0+4GSQFMRIW717ERH
117MRXSSRIMRXYMXMZIIEW]XSYWI
QIRY
7IRHMRKEQIWWEKI
8SYGL MGSRSRXLILSQIWGVIIR
ERHXSYGL2I[QIWWEKIXSSTIR
EFPEROQIWWEKI
)RXIVEGSRXEGXREQISVGSRXEGX
RYQFIVMRXLI8SJMIPH%W]SY
IRXIVXLIGSRXEGXREQIQEXGLMRK
GSRXEGXWETTIEV=SYGERXSYGLE
WYKKIWXIHVIGMTMIRX=SYGEREHH
QYPXMTPIGSRXEGXW
=SY[MPPFIGLEVKIHJSVEXI\X
QIWWEKIJSVIZIV]TIVWSR]SY
WIRHXLIQIWWEKIXS
8SYGL)RXIVQIWWEKIJMIPHERH
WXEVXXSGSQTSWI]SYVQIWWEKI
4VIWWXLI1IRYOI]XSSTIRXLI
3TXMSRWQIRY'LSSWIJVSQ%HH
WYFNIGX%XXEGL7IRHERH1SVI
8SYGL7IRHXSWIRH]SYVQIWWEKI
8LIQIWWEKIWGVIIRSTIRW[MXL
]SYVQIWWEKIEJXIV6IGMTMIRX
2EQI2YQFIV6IWTSRWIWETTIEV
SRXLIWGVIIR%W]SYZMI[ERH
WIRHEHHMXMSREPQIWWEKIWE
QIWWEKIXLVIEHMWGVIEXIH
"
;%62-2+
8LIGLEVEGXIVPMQMXQE]
ZEV]JVSQGSYRXV]XSGSYRXV]
HITIRHMRKSRXLIPERKYEKIERH
LS[XLI717MWGSHIH
"
;%62-2+
-JERMQEKIZMHISSVEYHMSJMPI
MWEHHIHXSER717QIWWEKIMX
MWEYXSQEXMGEPP]GSRZIVXIHMRXS
ER117QIWWEKIERH]SYEVI
GLEVKIHEGGSVHMRKP]
8LVIEHIHFS\
1IWWEKIW717117I\GLERKIH
[MXLERSXLIVTEVX]GERFIHMWTPE]IH
MRGLVSRSPSKMGEPSVHIVWSXLEX]SY
GERGSRZIRMIRXP]WIIERSZIVZMI[SJ
]SYVGSRZIVWEXMSR
9WMRK7QMPMIW
0MZIRYT]SYVQIWWEKIWYWMRK
7QMPMIW
;LIR[VMXMRKERI[QIWWEKITVIWW
XLI1IRYOI]XLIRGLSSWI-RWIVX
WQMPI]
'LERKMRK]SYVQIWWEKI
WIXXMRKW
=SYV0+4QIWWEKIWIXXMRKW
EVITVIHIJMRIHWS]SYGERWIRH
QIWWEKIWMQQIHMEXIP]=SYGER
GLERKIXLIWIXXMRKWFEWIHSR]SYV
TVIJIVIRGIW
8SYGL1IWWEKMRKMGSRSRXLILSQI
WGVIIRERHXSYGLXLI1IRYOI]XLIR
XET7IXXMRKW
1IWWEKMRK
)QEMP
)1%-0
=SYGERYWIXLI)QEMPETTPMGEXMSRXS
VIEHIQEMPWJVSQWIVZMGIWSXLIVXLER
+SSKPI1EMP8LI)QEMPETTPMGEXMSR
WYTTSVXWXLIJSPPS[MRKEGGSYRXX]TIW
434-1%4ERH)\GLERKI
=SYVWIVZMGITVSZMHIVSVW]WXIQ
EHQMRMWXVEXSVGERTVSZMHIXLI
EGGSYRXWIXXMRKW]SYRIIH
1EREKMRKERIQEMPEGGSYRX
8LIJMVWXXMQI]SYSTIRXLI)QEMP
ETTPMGEXMSREWIXYT[M^EVHSTIRWXS
LIPT]SYXSWIXYTERIQEMPEGGSYRX
8SEHHERSXLIVIQEMPEGGSYRX
%TTPMGEXMSRW")QEMP"MRXLI
EGGSYRXWGVIIRXSYGL1IRY"%HH
EGGSYRX
%JXIVXLIMRMXMEPWIXYT)QEMPHMWTPE]W
XLIGSRXIRXWSJ]SYVMRFS\-J]SY
LEZIEHHIHQSVIXLERSRIEGGSYRX
]SYGERW[MXGLEQSRKEGGSYRXW
8SGLERKIERIQEMPEGGSYRXW
WIXXMRK
%TTPMGEXMSRW")QEMP"MRXLI
EGGSYRXWGVIIRXSYGL1IRY"
7IXXMRKW
d
d
8SHIPIXIERIQEMPEGGSYRX
%TTPMGEXMSRW")QEMP"MRXLI
EGGSYRXWGVIIRXSYGL1IRY"
7IXXMRKW"XSYGLEREGGSYRX]SY
[ERXXSHIPIXI"6IQSZIEGGSYRX
)QEMPEGGSYRXWGVIIR
=SYGERXSYGLEREGGSYRXXSZMI[MXW
-RFS\8LIEGGSYRXJVSQ[LMGL]SY
WIRHIQEMPF]HIJEYPXMWMRHMGEXIH
[MXLEXMGO
i8SYGLXSSTIR]SYV'SQFMRIH
-RFS\[MXLQIWWEKIWWIRXXSEPPSJ
]SYVEGGSYRXW
1IWWEKIWMRXLI'SQFMRIH-RFS\EVI
GSPSYVGSHIHSRXLIPIJXF]EGGSYRX
YWMRKXLIWEQIGSPSYVWYWIHJSV]SYV
EGGSYRXWMRXLI%GGSYRXWWGVIIR
i8SYGLXLIJSPHIVMGSRXSSTIR
XLIEGGSYRXJSPHIVW
3RP]XLIQSWXVIGIRXIQEMPWMR]SYV
EGGSYRXEVIHS[RPSEHIHXS]SYV
TLSRI8SHS[RPSEHQSVIIEVPMIV
IQEMPQIWWEKIWXSYGL0SEHQSVI
IQEMPWEXXLIFSXXSQSJXLIIQEMPW
PMWX
d
;SVOMRK[MXLEGGSYRXJSPHIVW
)EGLEGGSYRXLEWER-RFS\3YXFS\
7IRXERH(VEJXWJSPHIV(ITIRHMRK
SRXLIJIEXYVIWWYTTSVXIHF]]SYV
EGGSYRXWWIVZMGITVSZMHIV]SYQE]
LEZIEHHMXMSREPJSPHIVW
'SQTSWMRKERHWIRHMRKIQEMP
8SGSQTSWIERHWIRHEQIWWEKI
;LMPIMRXLI)QEMPETTPMGEXMSR
XSYGLXLI1IRYOI]XLIRXSYGL
'SQTSWI
)RXIVEREHHVIWWJSVXLIQIWWEKIW
MRXIRHIHVIGMTMIRX%W]SYIRXIV
XI\XQEXGLMRKEHHVIWWIWEVI
SJJIVIHJVSQ]SYV'SRXEGXW
7ITEVEXIQYPXMTPIEHHVIWWIW[MXL
WIQMGSPSR
%HH'G&GGERHEHHEXXEGLQIRX
JMPIWMJVIUYMVIH
)RXIVXLIXI\XSJXLIQIWWEKI
8SYGLXLI7IRHFYXXSR
-J]SYEVIRXGSRRIGXIHXSE
RIX[SVOJSVI\EQTPIMJ]SYVI
[SVOMRKMREMVTPERIQSHIXLI
QIWWEKIWXLEX]SYWIRHEVIWXSVIH
MR]SYV3YXFS\JSPHIVYRXMP]SYVI
GSRRIGXIHXSERIX[SVOEKEMR-JMX
GSRXEMRWER]TIRHMRKQIWWEKIW
XLI3YXFS\MWHMWTPE]IHSRXLI
%GGSYRXWWGVIIR
;LIRERI[IQEMPEVVMZIWMR
XLIMRFS\]SY[MPPVIGIMZIE
RSXMJMGEXMSRF]WSYRHSVZMFVEXMSR
8ETXLIIQEMPRSXMJMGEXMSRXSWXST
RSXMJMGEXMSRW
)QEMP
'EQIVE
'%1)6%
+IXXMRKXSORS[XLIZMI[JMRHIV
7[MXGLPIRWIWi7[MXGLFIX[IIRXLIVIEViJEGMRKGEQIVEPIRWERHXLI
JVSRXiJEGMRKGEQIVEPIRW
>SSQi>SSQMRSV^SSQSYX%PXIVREXMZIP]]SYGERYWIXLIWMHIZSPYQI
OI]W
& V M K L X R I W W i8LMWHIJMRIWERHGSRXVSPWXLIEQSYRXSJWYRPMKLXIRXIVMRKXLI
MQEKI
7 G I R I Q S H I i'LSSWIJVSQ%YXS4SVXVEMX0ERHWGETI7TSVXW2MKLXERH
7YRWIX
7IXXMRKWi8SYGLXLMWMGSRXSSTIRXLI7IXXMRKWQIRY
:MHISQSHIi7PMHIXLMWMGSRHS[RXSW[MXGLXSZMHISQSHI
8EOMRKETLSXS
+ E P P I V ] i8SYGLXSZMI[XLIPEWXTLSXS]SYGETXYVIH8LMWIREFPIW]SYXS
EGGIWW]SYVKEPPIV]ERHZMI[WEZIHTLSXSW[MXLMRGEQIVEQSHI
'EQIVE
8EOMRKEUYMGOTLSXS
3TIRXLI'EQIVEETTPMGEXMSR
,SPHXLITLSRITSMRXXLIPIRW
XS[EVHWXLIWYFNIGX]SY[ERXXS
TLSXSKVETL
8SYGLERHLSPHXLI PMKLXP]ERHE
JSGYWFS\[MPPETTIEVMRXLIGIRXVI
SJXLIZMI[JMRHIVWGVIIR
;LIRXLIJSGYWFS\XYVRWKVIIR
XLIGEQIVELEWJSGYWIHSR]SYV
WYFNIGX
8EOI]SYVJMRKIVSJJXLI
3RGI]SYZIXEOIRXLITLSXS
=SYVGETXYVIHTLSXSETTIEVWSRXLI
WGVIIR
7LEVI
8SYGLXSWLEVI]SYV
TLSXSYWMRK7QEVX7LEVI
&PYIXSSXL)QEMP
*EGIFSSO+QEMP
1IWWEKMRK4MGEWE7SGMEP
8[MXXIVSV;M*M'EWX
-J]SYLEZIER727EGGSYRXERH
WIXMXYTSR]SYVTLSRI]SYGER
WLEVI]SYVTLSXS[MXLXLI727
GSQQYRMX]
7IXEW
8SYGLXSYWIXLIMQEKIEWE
'SRXEGXMGSRSV[EPPTETIV
6IREQI
8SYGLXSIHMXXLIREQISJ
XLIWIPIGXIHTMGXYVI
8SYGLXSHIPIXIXLIMQEKI
8SYGLXSXEOIERSXLIVTLSXS
MQQIHMEXIP]=SYVGYVVIRXTLSXS
MWWEZIH
9WMRKXLIEHZERGIHWIXXMRKW
-RXLIZMI[JMRHIVXSYGL XSSTIR
EPPEHZERGIHSTXMSRW
i6IWXSVIEPPGEQIVEHIJEYPX
WIXXMRKW
i8SYGL[LIRIZIV]SY[ERXXS
ORS[LS[XLMWJYRGXMSRSTIVEXIW8LMW
TVSZMHIW]SY[MXLEUYMGOKYMHI
'LERKIGEQIVEWIXXMRKWF]WGVSPPMRK
XLVSYKLXLIPMWX%JXIVWIPIGXMRKXLI
STXMSRXSYGLXLI&EGOOI]
i*SGYWIWSRXLIWTIGMJMGWTSX
i7IPIGXXLIMQEKIVIWSPYXMSR-J
]SYGLSSWIXLILMKLVIWSPYXMSRXLI
JMPIWM^I[MPPMRGVIEWI[LMGLQIERW
]SY[MPPFIEFPIXSWXSVIJI[IVTLSXSW
MRXLIQIQSV]
i8LI-73VEXMRKHIXIVQMRIW
XLIWIRWMXMZMX]SJXLIGEQIVEWPMKLX
WIRWSV8LILMKLIVXLI-73XLIQSVI
WIRWMXMZIXLIGEQIVEMW8LMWMWYWIJYP
MRHEVOIVGSRHMXMSRW[LIR]SYGERRSX
YWIXLIJPEWL
'EQIVE
i-QTVSZIWGSPSYVUYEPMXMIWMR
HMJJIVIRXPMKLXMRKGSRHMXMSRW
i%TTPMIWEVXMWXMGIJJIGXWXSXLI
TMGXYVIW
i7IXEHIPE]EJXIVXLIGETXYVI
FYXXSRMWTVIWWIH8LMWMWMHIEPMJ]SY
[ERXXSFIMRXLITLSXS
i7IPIGXZEVMSYWWLSXQSHIW
i-XEYXSQEXMGEPP]WLS[W]SYXLI
TMGXYVI]SYNYWXXSSO
i%GXMZEXIXSYWI]SYVTLSRIW
PSGEXMSRFEWIHWIVZMGIW8EOI
TMGXYVIW[LIVIZIV]SYEVIERHXEK
XLIQ[MXLXLIPSGEXMSR-J]SYYTPSEH
XEKKIHTMGXYVIWXSEFPSKXLEX
WYTTSVXWKISXEKKMRK]SYGERWIIXLI
TMGXYVIWHMWTPE]IHSREQET
8LMWJYRGXMSRMWSRP]EZEMPEFPI
[LIR+47MWEGXMZI
;LIR]SYI\MXXLIGEQIVEWSQI
WIXXMRKWVIXYVRXSXLIMVHIJEYPXW
WYGLEW[LMXIFEPERGIGSPSYV
XSRIXMQIVERHWGIRIQSHI
'LIGOXLIWIFIJSVI]SYXEOI]SYV
RI\XTLSXS
8LI7IXXMRKWQIRYMW
WYTIVMQTSWIHSZIVXLI
ZMI[JMRHIVWS[LIR]SYGLERKI
IPIQIRXWSJXLIMQEKIGSPSYV
SVUYEPMX]]SYWIIETVIZMI[SJ
XLIMQEKIGLERKIFILMRHXLI
7IXXMRKWQIRY
:MHISGEQIVE
:-()3'%1)6%
+IXXMRKXSORS[XLIZMI[JMRHIV
7[MXGLPIRWIWi7[MXGLFIX[IIRXLIVIEViJEGMRKGEQIVEPIRWERHXLI
JVSRXJEGMRKGEQIVEPIRW
>SSQi>SSQMRSV^SSQSYX%PXIVREXMZIP]]SYGERYWIXLIWMHIZSPYQI
OI]W
& V M K L X R I W W i8LMWHIJMRIWERHGSRXVSPWXLIEQSYRXSJWYRPMKLXIRXIVMRKXLI
ZMHIS
:MHISWM^Ii8SYGLXSWIXXLIWM^IMRTM\IPWSJXLIZMHIS]SYVIGSVH
7IXXMRKWi8SYGLXLMWMGSRXSSTIRXLIWIXXMRKWQIRY
'EQIVEQSHIi7PMHIXLMWMGSRYTXSW[MXGLXSGEQIVEQSHI
7XEVXVIGSVHMRK
+ E P P I V ] i8SYGLXSZMI[XLIPEWXZMHIS]SYVIGSVHIH8LMWIREFPIW]SYXS
EGGIWW]SYVKEPPIV]ERHZMI[]SYVWEZIHZMHISWJVSQ[MXLMRZMHISQSHI
:MHISGEQIVE
7LSSXMRKEUYMGOZMHIS
7PMHIXLI'EQIVEQSHIFYXXSR
HS[RERHXLIMGSRGLERKIWXS
8LIZMHISGEQIVEZMI[JMRHIV
ETTIEVWSRXLIWGVIIR
,SPHMRKXLITLSRITSMRXXLIPIRW
XS[EVHWXLIWYFNIGX]SY[ERXXS
GETXYVIMR]SYVZMHIS
4VIWWXLI6IGSVH FYXXSRSRGI
XSWXEVXVIGSVHMRK
6)'ETTIEVWEXXLIFSXXSQSJXLI
ZMI[JMRHIV[MXLEXMQIVWLS[MRKXLI
PIRKXLSJXLIZMHIS
8SYGL SRXLIWGVIIRXSWXST
VIGSVHMRK
%JXIVWLSSXMRKEZMHIS
%WXMPPMQEKIVITVIWIRXMRK]SYVZMHIS
[MPPETTIEVSRXLIWGVIIR
4PE]
8SYGLXSTPE]XLIZMHIS
7LEVI
8SYGLXSWLEVI]SYV
TLSXSYWMRK7QEVX7LEVI
&PYIXSSXL)QEMP
*EGIFSSO+QEMP
1IWWEKMRK;M*M'EWXSV
=SYXYFI
6IREQI
8SYGLXSIHMXXLIREQISJ
XLIWIPIGXIHZMHIS
8SYGLXSWLSSXERSXLIVZMHIS
WXVEMKLXE[E]=SYVGYVVIRXZMHIS
MWWEZIH
8SYGLXSHIPIXIXLIZMHIS]SYNYWX
QEHI'SRJMVQF]XSYGLMRK3/
8LIZMI[JMRHIVVIETTIEVW
9WMRKXLIEHZERGIHWIXXMRKW
9WMRKXLIZMI[JMRHIVXSYGL XS
STIREPPXLIEHZERGIHSTXMSRW
i6IWXSVIEPPZMHISGEQIVE
HIJEYPXWIXXMRKW
i8SYGLMJ]SY[ERXXSORS[LS[
XLMWJYRGXMSRSTIVEXIW8LMWTVSZMHIW
]SY[MXLEUYMGOKYMHI
%HNYWXXLIZMHISGEQIVEWIXXMRK
F]WGVSPPMRKXLVSYKLXLIPMWX%JXIV
WIPIGXMRKXLISTXMSRXSYGLXLI&EGO
OI]
i-QTVSZIWGSPSYVUYEPMXMIWMR
HMJJIVIRXPMKLXMRKGSRHMXMSRW
i'LSSWIEGSPSYVXSRIXSYWIJSV
]SYVRI[ZMI[
i7IXEHYVEXMSRPMQMXJSV]SYV
ZMHIS'LSSWIFIX[IIR2SVQEPERH
117XSPMQMXXLIQE\MQYQWM^IXS
WIRHEWER117QIWWEKI
i'LSSWI1YXIXSVIGSVHEZMHIS
[MXLSYXWSYRH
i%YXSVIZMI[EYXSQEXMGEPP]
WLS[W]SYXLIZMHIS]SYNYWX
VIGSVHIH
:MHISGEQIVE
%HNYWXMRKXLIZSPYQI[LIR
ZMI[MRKEZMHIS
8SEHNYWXXLIZSPYQISJEZMHIS[LMPI
MXMWTPE]MRKYWIXLIZSPYQIOI]WSR
XLIPIJXLERHWMHISJXLITLSRI
1YPXMQIHME
1908-1)(-%
=SYGERWXSVIQYPXMQIHMEJMPIWSRE
QIQSV]GEVHJSVIEW]EGGIWWXSEPP
]SYVMQEKIERHZMHISJMPIW
+EPPIV]
8SYGLXLI%TTPMGEXMSRWXEF
XLIRWIPIGX+EPPIV]3TIREPMWXSJ
GEXEPSKYIFEVWXLEXWXSVIEPP]SYV
QYPXMQIHMEJMPIW
1EOIWYVI]SYMRWXEPPEQIQSV]
GEVHMRXLITLSRIXSWEZITLSXSW
ERHEGGIWWEPP]SYVTMGXYVIW
;MXLSYXEQIQSV]GEVHXLI
TLSRIHSIWRSXHMWTPE]TLSXSW
SVZMHISW[MXLSYX4MGEWEMQEKIW
[LMGLEVIMR]SYV4MGEWEEPFYQ
8MQIPMRIZMI[
0+4+EPPIV]TVSZMHIWEXMQIPMRI
ZMI[SJ]SYVTLSXSWERHZMHISW-R
KVMHZMI[QSHIHVEK XS
XLIVMKLXERHXLIHEXI]SYXSSO]SYV
TLSXSWMWHMWTPE]IHWXEVXMRK[MXLXLI
QSWXVIGIRX-J]SYWIPIGXEWTIGMJMG
HEXIEPPXLITLSXSW]SYXSSOSRXLEX
HE]EVIKVSYTIH
1YWMG
=SYV0+4LEWEFYMPXMRQYWMG
TPE]IVXLEXPIXW]SYTPE]EPP]SYV
JEZSYVMXIXVEGOW8SEGGIWWXLIQYWMG
TPE]IVXSYGL1YWMG
8VERWJIVVMRKQYWMGJMPIWYWMRK
97&QEWWWXSVEKIHIZMGIW
'SRRIGXXLI0+4XSE4'
YWMRKE97&GEFPI
-J]SYLEZIRXMRWXEPPIH0+%RHVSMH
4PEXJSVQ(VMZIVSR]SYV4']SY
RIIHXSGLERKIXLIWIXXMRKW
QERYEPP]'LSSWI7IXXMRKW
"7XSVEKIXLIRWIPIGX1EWW
WXSVEKISRP]
8SYGL8YVRSR97&WXSVEKI
=SYGERZMI[XLIQEWWWXSVEKI
GSRXIRXSR]SYV4'ERHXVERWJIV
XLIJMPIW
=SYRIIHXSMRWXEPPER7(GEVH
JMVWX;MXLSYXER7(GEVH]SY
GERRSXYWI97&QEWWWXSVEKI
-J]SYMRWXEPPIH0+%RHVSMH
4PEXJSVQ(VMZIV]SY[MPP
MQQIHMEXIP]WIIETSTYTWE]MRK
8YVRSR97&WXSVEKI
1YPXMQIHME
4PE]MRKEWSRK
-RXLI,SQIWGVIIRXSYGLXLI
%TTPMGEXMSRWXEF ERHWIPIGX
1YWMG
8SYGL7SRKW
7IPIGXXLIWSRK]SY[ERXXSTPE]
8SYGLXSTEYWITPE]FEGO
8SYGLXSVIWYQITPE]FEGO
8SYGLXSWOMTXSXLIRI\XXVEGOMRXLI
EPFYQTPE]PMWXSVWLYJJPI
8SYGLXSWOMTXSXLITVIZMSYWXVEGOMR
XLIEPFYQTPE]PMWXSVWLYJJPI
8SYGLXSWIIQYWMGPMFVEV]WGVIIR
8SYGLXSWIXVITIEXQSHI
8SYGLXSTPE]XLIGYVVIRXTPE]PMWXMR
WLYJJPIQSHI
8SYGLXSWIIXLIGYVVIRXTPE]PMWX
8SYGLXSWIIP]VMGW8LMWSTXMSRMWSR
SRP]MJXLIWSRKMRGPYHIWXLIP]VMGW
8SGLERKIXLIZSPYQI[LMPIPMWXIRMRK
XSQYWMGTVIWWXLIYTERHHS[R
ZSPYQIOI]WSRXLIPIJXLERHWMHISJ
XLITLSRI
8SYGLERHLSPHER]WSRKMRXLIPMWX
-XHMWTPE]W4PE]%HHXSTPE]PMWX9WI
EWVMRKXSRI(IPIXI7LEVI7IEVGL
ERH(IXEMPWEWSTXMSRW
1YWMGJMPIGST]VMKLXWQE]FI
TVSXIGXIHF]MRXIVREXMSREP
XVIEXMIWERHREXMSREPGST]VMKLX
PE[W
8LIVIJSVIMXQE]FIRIGIWWEV]XS
SFXEMRTIVQMWWMSRSVEPMGIRGIXS
VITVSHYGISVGST]QYWMG
-RWSQIGSYRXVMIWREXMSREP
PE[WTVSLMFMXTVMZEXIGST]MRK
SJGST]VMKLXIHQEXIVMEP&IJSVI
HS[RPSEHMRKSVGST]MRKXLIJMPI
GLIGOXLIREXMSREPPE[WSJXLI
VIPIZERXGSYRXV]GSRGIVRMRKXLI
YWISJWYGLQEXIVMEP
*16EHMS
=SYV0+4LEWEFYMPXMR*1
6EHMSWS]SYGERXYRIMRXS]SYV
JEZSYVMXIWXEXMSRWERHPMWXIRSRXLI
KS
=SYRIIHXSYWI]SYVLIEHTLSRIW
XSPMWXIRXSXLIVEHMS-RWIVXXLIQ
MRXSXLILIEHTLSRINEGO
8SW[MXGL2*'SRSVSJJ
*VSQXLI,SQIWGVIIRXSYGLERH
WPMHIXLIRSXMJMGEXMSRHVE[IVHS[R
[MXL]SYVJMRKIVXLIRWIPIGXXLI2*'
MGSR XSXYVRMXSR
;LIRXLI*PMKLXQSHIMW
EGXMZEXIH2*'ETTPMGEXMSRGERFI
YWIH
9WMRK2*'
8SYWI2*'QEOIWYVI]SYVHIZMGI
MWW[MXGLIHSRERHEGXMZEXIXLI2*'
WIXXMRKMJHMWEFPIH
9WMRK8EK[VMXMRK
0EYRGLXLIQEMRQIRYERHWIPIGX
XLI2*'ETTPMGEXMSR2*'
7IPIGX2I[XEFERHWIPIGXXLI
HIWMVIHSTXMSR'SRXEGX960
1IQS'EPP8I\XQIWWEKIERH
7GLIHYPI
/I]MRXLIMRJSVQEXMSRWXS[VMXIXS
EXEKSVEHIZMGIERHWIPIGX
7LEVI
8SYGLXLIFEGOSJ]SYVHIZMGIXSE
XEKSVEHIZMGIXSWLEVI
9WMRK8EKVIEHMRK
8SVIEHEWIVZMGIXEKXSYGLXLI
WIVZMGIXEKSVSXLIV2*'HIZMGI
[MXLXLIFEGOSJ]SYVHIZMGI
;LIREXEKSVHIZMGIMWVIGSKRMWIH
GSVVIWTSRHMRKMRJSVQEXMSRMW
HMWTPE]IH
1YPXMQIHME
9XMPMXMIW
98-0-8-)7
7IXXMRK]SYVEPEVQ
%TTPMGEXMSRW"%PEVQ'PSGO"
"2I[EPEVQ
%JXIV]SYWIXXLIXMQIXLI0+
4PIXW]SYORS[LS[QYGLXMQI
MWPIJXFIJSVIXLIEPEVQ[MPPWSYRH
7IX7RSS^IHYVEXMSR:MFVEXMSR
%PEVQXSRIERH4Y^^PIPSGOXLIR
EHHEPEFIPXSREQIXLIEPEVQ
8SYGL7EZI
9WMRK]SYVGEPGYPEXSV
%TTPMGEXMSRW"'EPGYPEXSV
8SYGLXLIRYQFIVOI]WXSIRXIV
RYQFIVW
*SVWMQTPIGEPGYPEXMSRWXSYGLXLI
JYRGXMSR]SY[ERXi\SVÛ
JSPPS[IHF]!
*SVQSVIGSQTPI\GEPGYPEXMSRW
TVIWWXLI1IRYOI]XSYGLXLI
%HZERGIHTERIPXLIRGLSSWIWMR
GSWXERPSKERHWSSR
%HHMRKERIZIRXXS]SYV
GEPIRHEV
%TTPMGEXMSRW"'EPIRHEV
8SGLIGOXLIIZIRXXSYGLXLIHEXI
8SYGLXLI1IRYOI]MJ]SY[ERX
XSEHHERI[IZIRX8SYGL2I[
IZIRX
8SYGL;LEXXLIRIRXIVXLIIZIRX
REQI'LIGOXLIHEXIERHIRXIV
XLIXMQI]SY[ERX]SYVIZIRXXS
WXEVXERHJMRMWL
%PWSXSYGL;LIVIXLIRIRXIVXLI
PSGEXMSR
-J]SY[ERXXSEHHERSXIXS]SYV
IZIRXXSYGL(IWGVMTXMSRERH
IRXIVXLIHIXEMPW
-J]SY[ERXXSVITIEXXLIEPEVQWIX
6ITIXMXMSRERHWIX6IQMRHIVWMJ
RIGIWWEV]
8SYGL7EZIXSWEZIXLIIZIRXMR
XLIGEPIRHEV
'LERKMRK]SYVGEPIRHEVZMI[
%TTPMGEXMSRW"'EPIRHEV
3RXLIXSTSJXLIWGVIIR]SYGER
JMRHXLIHMJJIVIRXZMI[X]TIWSJ
XLI'EPIRHEV(E];IIO1SRXL
%KIRHE
9XMPMXMIW
4SPEVMW3JJMGI
4SPEVMW3JJMGIMWETVSJIWWMSREP
QSFMPISJJMGIWSPYXMSRXLEXPIXWYWIVW
GSRZIRMIRXP]ZMI[ZEVMSYWX]TIWSJ
SJJMGIHSGYQIRXWMRGPYHMRK;SVH
)\GIPERH4S[IV4SMRXJMPIWER][LIVI
ER]XMQIYWMRKXLIMVQSFMPIHIZMGIW
1EREKMRKJMPIW
4SPEVMW3JJMGITVSZMHIWQSFMPIYWIVW
[MXLGSRZIRMIRXJMPIQEREKIQIRX
JIEXYVIWMRGPYHMRKGST]MRKGYXXMRK
ERHTEWXMRKERHHIPIXMRKJMPIWERH
JSPHIVWVMKLXSRXLIHIZMGI
:MI[MRKJMPIW
1SFMPIYWIVWGERRS[IEWMP]ZMI[E
[MHIZEVMIX]SJJMPIX]TIWMRGPYHMRK
1MGVSWSJX3JJMGIHSGYQIRXWERH
%HSFI4(*VMKLXSRXLIMVQSFMPI
HIZMGIW;LIRZMI[MRKHSGYQIRXW
YWMRK4SPEVMW3JJMGIXLISFNIGXWERH
PE]SYXVIQEMRXLIWEQIEWMRXLIMV
SVMKMREPHSGYQIRXW
8LI[IF
8,);)&
&VS[WIV
&VS[WIVKMZIW]SYEJEWXJYPPGSPSYV
[SVPHSJKEQIWQYWMGRI[WWTSVX
IRXIVXEMRQIRXERHQYGLQSVIVMKLX
SR]SYVQSFMPITLSRI;LIVIZIV]SY
EVIERH[LEXIZIV]SYIRNS]
%HHMXMSREPGLEVKIWETTP][LIR
GSRRIGXMRKXSXLIWIWIVZMGIW
ERHHS[RPSEHMRKGSRXIRX'LIGO
HEXEGLEVKIW[MXL]SYVRIX[SVO
TVSZMHIV
9WMRKXLI[IFXSSPFEV
8SYGLXSKSFEGOETEKI
8SYGLXSKSJSV[EVHWETEKI
XSXLITEKI]SYGSRRIGXIHXS
EJXIVXLIGYVVIRXSRI8LMWMWXLI
STTSWMXISJ[LEXLETTIRW[LIR
]SYTVIWWXLI&EGOOI][LMGL
KSIWXSXLITVIZMSYWTEKI
8SYGLXSWLS[EPP]SYVSTIR
[MRHS[W
8SYGLXSEHHERI[[MRHS[
8SYGLXSGLERKI[IFFVS[WIV
WIXXMRKW
9WMRKSTXMSRW
4VIWWXLI1IRYOI]XSZMI[STXMSRW
&SSOQEVOWi:MI[]SYVGYVVIRX
FSSOQEVOWERHEHHERI[
FSSOQEVO=SYGEREPWSZMI[]SYV
FVS[WIVLMWXSV]
%HHFSSOQEVOi%HHXLIGYVVIRX
[IFTEKIEWEFSSOQEVO
6IEHMXPEXIVi%HHIHMR6IEHMX
PEXIV
%HH677*IIHi%HHXLIGYVVIRX
[IFTEKIXSXLI677JIIH
7 L E V I T E K I i%PPS[W]SYXSWLEVI
XLI[IFTEKI[MXLSXLIVW
1SVI
*MRHSRTEKI%PPS[W]SYXSJMRH
PIXXIVWSV[SVHWSRXLIGYVVIRX[IF
TEKI
7IPIGXXI\X%PPS[W]SYXSGST]ER]
XI\XJVSQXLI[IFTEKI
%HHWLSVXGYXXS,SQI%HHXLI
WLSVXGYXJSVXLIGYVVIRX[IFTEKI
XSXLI,SQIWGVIIR
4EKIMRJS(MWTPE]WXLI[IFTEKI
MRJSVQEXMSR
(S[RPSEHW(MWTPE]W]SYV
HS[RPSEHLMWXSV]
d
d
d
d
d
0+3R7GVIIR4LSRI
0+327'6))24,32)
0+3R7GVIIR4LSRIEPPS[W]SY
XSZMI[]SYVQSFMPITLSRIWGVIIR
JVSQE4'ZMEE97&&PYIXSSXLSV
;M*MGSRRIGXMSR
=SYGEREPWSGSRXVSP]SYVQSFMPI
TLSRIJVSQ]SYV4'YWMRKXLIQSYWI
SVOI]FSEVH
3R7GVIIR4LSRIMGSRW
'SRRIGXW]SYVQSFMPITLSRIXS
]SYV4'SVHMWGSRRIGXWMX
6SXEXIWXLI3R7GVIIR4LSRI
[MRHS[SRP]EZEMPEFPIEX
ETTPMGEXMSRWXLEXWYTTSVX
VSXEXMSR
0EYRGLIW0+,SQI4ERSVEQESV
GLERKIWXLI3R7GVIIR4LSRI
TVIJIVIRGIW
)\MXWXLI3R7GVIIR4LSRI
TVSKVEQ
1E\MQMWIWXLI3R7GVIIR4LSRI
[MRHS[
1MRMQMWIWXLI3R7GVIIR4LSRI
[MRHS[
3R7GVIIR4LSRIJIEXYVIW
6IEPXMQIXVERWJIVERHGSRXVSP
(MWTPE]WERHGSRXVSPW]SYVQSFMPI
TLSRIWGVIIR[LIRGSRRIGXIHXS
]SYV4'
1SYWIGSRXVSP%PPS[W]SYXS
GSRXVSP]SYVQSFMPITLSRIF]YWMRK
XLIQSYWIXSGPMGOERHHVEKSR]SYV
4'WGVIIR
8I\XMRTYX[MXLOI]FSEVH%PPS[W
]SYXSGSQTSWIEXI\XQIWWEKI
SVRSXIYWMRK]SYVGSQTYXIV
OI]FSEVH
*MPIXVERWJIVQSFMPITLSRIXS
4'7IRHWEJMPIJVSQ]SYVQSFMPI
TLSRIIK+EPPIV]:MHIS4PE]IV
1YWMGERH4SPEVMW3JJMGIXS]SYV
4'7MQTP]VMKLXGPMGOERHHVEKXS
WIRHEJMPIXS]SYV4'
*MPIXVERWJIV4'XSQSFMPI
TLSRI7IRHWJMPIWJVSQ]SYV4'
XS]SYVQSFMPITLSRI7MQTP]WIPIGX
XLIJMPIW]SY[MWLXSXVERWJIVERH
HVEKERHHVSTMRXSXLI3R7GVIIR
4LSRI[MRHS[8LIJMPIW]SYWIRH
EVIWXSVIHSR374JSPHIV
6IEPXMQIIZIRXRSXMJMGEXMSRW
4VSQTXWETSTYTXSMRJSVQ]SYSJ
ER]MRGSQMRKGEPPWSVXI\XEW[IPP
EWEPEVQERHIZIRXRSXMJMGEXMSRW
d
d
d
d
d
d
0+3R7GVIIR4LSRI
0+,SQI4ERSVEQE7LS[WXLI
[LSPI[SVOWTEGIWSJ0+,SQI=SY
GERIEWMP]SVKERMWIMGSRWSV[MHKIXW
ERHVYRERETTPMGEXMSRF]HSYFPI
GPMGOMRKXLIWLSVXGYX
4PIEWIQEOIWYVI0+,SQIMWE
HIJEYPXPEYRGLIV
-RWXEPPMRK3R7GVIIR4LSRISR
]SYV4'
-J]SYMRWXEPP0+4'7YMXI-:XLI3R
7GVIIR4LSRITVSKVEQ[MPPEPWSFI
HS[RPSEHIHSR]SYV4'8LIR]SY
GERMRWXEPPXLI3R7GVIIR4LSRISR
]SYV4'
'SRRIGXMRK]SYVTLSRIXS]SYV
4'
3R7GVIIR4LSRITVSZMHIW97&
&PYIXSSXLERH;M*MGSRRIGXMSR
4PIEWIJSPPS[XLIMRWXVYGXMSRSR
'SRRIGXMSR;M^EVHSJ374TVSKVEQ
d4PIEWIQEOIWYVIXLEX3R7GVIIR
4LSRIGLIGOFS\MR7IXXMRKW"
;MVIPIWWRIX[SVO"3R7GVIIR
4LSRIWIXXMRKWMWWIPIGXIH
4PIEWIQEOIWYVIXLEXXLI
FEXXIV]QE]VYRSYXQSVIUYMGOP]
HYIXSXLIGYVVIRXGSRWYQTXMSR
MJ3R7GVIIR4LSRIMWGSRRIGXIH
ZME;M*M
'LIGOMRKXLI3R7GVIIR4LSRI
GSRRIGXMSR
3RGIXLIHIZMGIWLEZIFIIR
GSRRIGXIHHVEKHS[RXLIWXEXYW
FEVEXXLIXSTSJXLILSQIWGVIIR
XSGLIGOXLI3R7GVIIR4LSRI
GSRRIGXMSRWXEXYW
(MWGSRRIGXMRK]SYVTLSRIJVSQ
]SYV4'
'PMGO MRXLIXSTPIJXSJXLI3R
7GVIIR4LSRI[MRHS[3VHVEKHS[R
XLIRSXMJMGEXMSRFEVEXXLIXSTSJXLI
LSQIWGVIIRERHWIPIGX3R7GVIIR
4LSRIGSRRIGXIH8SYGL3OMRXLI
HMWGSRRIGXHMEPSK
7IXXMRKW
7)88-2+7
-RXLI,SQIWGVIIRXSYGLXLI
%TTPMGEXMSRWXEF XLIRWGVSPPXS
ERHXSYGL7IXXMRKW
;MVIPIWWRIX[SVOW
,IVI]SYGERQEREKI;M*MERH
&PYIXSSXL=SYGEREPWSWIXYTQSFMPI
RIX[SVOWERHW[MXGLXSEMVTPERI
QSHI
%MVTPERIQSHIi%JXIVW[MXGLMRK
XSEMVTPERIQSHIEPP[MVIPIWW
GSRRIGXMSRWEVIHMWEFPIH
;M*Mi8YVRWSR;M*MXSGSRRIGXXS
EZEMPEFPI;M*MRIX[SVOW
;M*MWIXXMRKWi%PPS[W]SYXSWIXYT
ERHQEREKI[MVIPIWWEGGIWWTSMRXW
7IXRIX[SVORSXMJMGEXMSRSVEHHE
;M*MRIX[SVO8LIEHZERGIH;M*M
WIXXMRKWWGVIIRMWEGGIWWIHJVSQ
XLI;M*MWIXXMRKWWGVIIR4VIWWXLI
1IRYOI]ERHXSYGL%HZERGIH
;M*M(MVIGX7IXXMRKWi7IX;M*M
(MVIGXHIZMGIREQIERHWGERJSV
SXLIVHIZMGIW
,S[XSSFXEMRXLI1%'EHHVIWW
8SWIXYTEGSRRIGXMSRMRWSQI
[MVIPIWWRIX[SVOW[MXL1%'
JMPXIVW]SYQE]RIIHXSIRXIVXLI
1%'EHHVIWWSJ]SYV0+4
MRXSXLIVSYXIV
=SYGERJMRHXLI1%'EHHVIWW
MRXLIJSPPS[MRKYWIVMRXIVJEGI
8SYGL%TTPMGEXMSR"7IXXMRKW
";MVIPIWWRIX[SVOW";M*M
WIXXMRKWERHTVIWWXLI1IRYOI]
8LIRWIPIGX%HZERGIH"1%'
%HHVIWW
&PYIXSSXLi8YVRWSR&PYIXSSXLXS
GSRRIGXXS&PYIXSSXLHIZMGIW
&PYIXSSXLWIXXMRKWi7IXHIZMGI
REQIHMWGSZIVEFPIQSHIWGERJSV
SXLIVHIZMGIW%PXIVREXMZIP]GLIGOE
PMWXSJ&PYIXSSXLHIZMGIWXLEX]SYZI
TVIZMSYWP]GSRJMKYVIHEW[IPPEW
XLSWIHIXIGXIH[LIRXLITLSRIPEWX
WGERRIHJSV&PYIXSSXLHIZMGIW
8IXLIVMRKTSVXEFPILSXWTSXi=SY
GERGSRJMKYVIXLI97&XIXLIVMRKERH
TSVXEFPI;M*MLSXWTSXWIXXMRKW
7IXXMRKW
:42WIXXMRKWi(MWTPE]WXLIPMWXSJ
:MVXYEP4VMZEXI2IX[SVOW:42WXLEX
]SYZITVIZMSYWP]GSRJMKYVIH%PPS[W
]SYXSEHHHMJJIVIRXX]TIWSJ:42
1SFMPIRIX[SVOWi7IXSTXMSRW
JSVHEXEVSEQMRKRIX[SVOQSHI
STIVEXSVWEGGIWWTSMRXREQIW
%42WERHWSSR
3R7GVIIR4LSRIWIXXMRKWi%PPS[W
]SYXSXYVRSR3R7GVIIR4LSRI
ERHXSGLERKIXLI3R7GVIIR4LSRI
TEWW[SVHXLIHIJEYPXTEWW[SVHMW
'EPPWIXXMRKW
*M\IH(MEPMRK2YQFIVW"
7IPIGX*M\IH(MEPMRK2YQFIVWXS
XYVRSRERHGSQTMPIEPMWXSJRYQFIVW
XLEXGERFIGEPPIHJVSQ]SYVTLSRI
=SYPPRIIH]SYV4-2[LMGLMW
EZEMPEFPIJVSQ]SYVSTIVEXSV3RP]
RYQFIVW[MXLMRXLIJM\IHHMEPPMWXGER
FIGEPPIHJVSQ]SYVTLSRI
:SMGIQEMP"
:SMGIQEMPWIVZMGIi%PPS[W]SY
XSWIPIGX]SYVGEVVMIVWZSMGIQEMP
WIVZMGI
:SMGIQEMPWIXXMRKWi-J]SYEVIYWMRK
]SYVGEVVMIVWZSMGIQEMPWIVZMGIXLMW
STXMSREPPS[W]SYXSIRXIVXLITLSRI
RYQFIVXSYWIJSVPMWXIRMRKXSERH
QEREKMRK]SYVZSMGIQEMP
3XLIVGEPPWIXXMRKW"
'EPPFEVVMRKi7IPIGX[LIR]SY
[SYPHPMOIGEPPWXSFIFEVVIH)RXIV
XLIGEPPFEVVMRKTEWW[SVH4PIEWI
GLIGO[MXL]SYVRIX[SVOSTIVEXSV
EFSYXXLMWWIVZMGI
'EPPVINIGXi%PPS[W]SYXSWIXXLI
GEPPVINIGXJYRGXMSR'LSSWIJVSQ3JJ
6INIGXSRPMWXSV6INIGXEPPGEPPW
)\GYWIQIWWEKIWi;LIR]SY[ERX
XSVINIGXEGEPP]SYGERWIRHEUYMGO
QIWWEKIYWMRKXLMWJYRGXMSR8LMW
MWYWIJYPMJ]SYRIIHXSVINIGXEGEPP
HYVMRKEQIIXMRK
:MHISGEPPWIXXMRKWi'LERKI]SYV
ZMHISGEPPWIXXMRKW
'EPPJSV[EVHMRKi'LSSWI[LIXLIV
XSHMZIVXEPPGEPPW[LIRXLIPMRIMW
FYW][LIRXLIVIMWRSERW[IVSV
[LIR]SYLEZIRSWMKREP
'EPPHYVEXMSRi:MI[XLIHYVEXMSRSJ
GEPPWMRGPYHMRKEPPGEPPWHMEPPIHGEPPW
VIGIMZIHGEPPWERHPEWXGEPP
'EPPGSWXWi:MI[XLIGLEVKIW
ETTPMIHXS]SYVGEPPW8LMWWIVZMGIMW
RIX[SVOHITIRHIRXWSQISTIVEXSVW
HSRSXWYTTSVXXLMWJYRGXMSR
%HHMXMSREPWIXXMRKWi8LMWPIXW]SY
GLERKIXLIJSPPS[MRKWIXXMRKW
'EPPIV-('LSSWI[LIXLIVXS
HMWTPE]]SYVRYQFIVSRER
SYXKSMRKGEPP
d
7IXXMRKW
'EPP[EMXMRK-JGEPP[EMXMRK
MWEGXMZEXIHXLILERHWIX[MPP
RSXMJ]]SYSJERMRGSQMRKGEPP
[LMPI]SYEVISRXLITLSRI
HITIRHMRKSR]SYVRIX[SVO
TVSZMHIV
d
7SYRH
+IRIVEP"
7MPIRXQSHIi%PPS[W]SYXSWMPIRGI
EPPWSYRHWMRGPYHMRKGEPPERH
RSXMJMGEXMSRVMRKXSRIWI\GITXXLI
EYHMSJVSQQYWMGERHZMHISWERH
ER]EPEVQW]SYLEZIWIX1IHMEERH
EPEVQWQYWXFIWMPIRGIHMRXLIMVS[R
ETTPMGEXMSRW
:MFVEXIi%PPS[W]SYXSWIX]SYV
TLSRIXSZMFVEXI[LIR]SYVIGIMZIER
MRGSQMRKGEPP
:SPYQIiEPPS[W]SYXSWIXXLI
ZSPYQIJSVVMRKXSRIWQIHMEERH
EPEVQW-J]SYYRGLIGOXLISTXMSR
YWIMRGSQMRKGEPPZSPYQIJSV
RSXMJMGEXMSRW]SYGERWIXXLIZSPYQI
JSVMRGSQMRKGEPPWERHRSXMJMGEXMSRW
WITEVEXIP]
-RGSQMRKGEPPW"
4LSRIVMRKXSRIi%PPS[W]SYXSWIX
]SYVHIJEYPXMRGSQMRKGEPPVMRKXSRI
2SXMJMGEXMSRW"
2SXMJMGEXMSRVMRKXSRIi%PPS[W
]SYXSWIX]SYVHIJEYPXRSXMJMGEXMSR
VMRKXSRI
*IIHFEGO"
%YHMFPIXSYGLXSRIWi%PPS[W]SY
XSWIXXLITLSRIXSTPE]XSRIW[LIR
YWMRKXLIHMEPTEHXSHMEPRYQFIVW
%YHMFPIWIPIGXMSRi%PPS[W]SYXS
WIX]SYVTLSRIXSTPE]EWSYRH[LIR
]SYXSYGLFYXXSRWMGSRWERHSXLIV
SRWGVIIRMXIQWXLEXVIEGXXS]SYV
XSYGL
7GVIIRPSGOWSYRHWi%PPS[W]SYXS
WIX]SYVTLSRIXSTPE]EWSYRH[LIR
PSGOMRKERHYRPSGOMRKXLIWGVIIR
,ETXMGJIIHFEGOi%PPS[W]SYXSWIX
]SYVTLSRIXSZMFVEXIFVMIJP][LIR
]SYXSYGLXLIWSJXOI]WERHGEVV]SYX
SXLIVEGXMSRW
(MWTPE]
&VMKLXRIWWi%HNYWXXLIWGVIIR
FVMKLXRIWW
%YXSVSXEXIWGVIIRi7IXXSW[MXGL
SVMIRXEXMSREYXSQEXMGEPP][LIR]SY
VSXEXIXLITLSRI
%RMQEXMSRi7IXXSHMWTPE]ER
ERMQEXMSR
7GVIIRXMQISYXi7IXXLIXMQIJSV
WGVIIRXMQISYX
7IXXMRKW
(MWTPE]JSRXi'LERKIXLIHMWTPE]
JSRX
+IWXYVI
9WIQSXMSRKIWXYVIWi%HNYWXXLI
KIWXYVIWIXXMRKWJSVXLIXI\XMRTYX
JMIPHMRGSQMRKGEPPEPEVQKEPPIV]ERH
ZMHISTPE]IV
6IWIXKIWXYVIWIRWSVi'EPMFVEXI
XLIQSXMSRWIRWSV[MXLXLITLSRI
TPEGIHSREJPEXWYVJEGI
0SGEXMSRWIGYVMX]
9WI[MVIPIWWRIX[SVOWi-J]SY
WIPIGX9WI[MVIPIWWRIX[SVOW]SYV
TLSRIHIXIVQMRIW]SYVETTVS\MQEXI
PSGEXMSRYWMRK;M*MERHQSFMPI
RIX[SVOW;LIR]SYWIPIGXXLMW
STXMSR]SYVIEWOIH[LIXLIV]SY
GSRWIRXXSEPPS[MRK+SSKPIXSYWI
]SYVPSGEXMSR[LIRTVSZMHMRKXLIWI
WIVZMGIW
9WI+47WEXIPPMXIWi-J]SYWIPIGX
9WI+47WEXIPPMXIW]SYVTLSRI
HIXIVQMRIW]SYVPSGEXMSRXSWXVIIX
PIZIPEGGYVEG]
7IXYTWGVIIRPSGOi7IXERYRPSGO
TEXXIVRXSWIGYVI]SYVTLSRI
3TIRWEWIXSJWGVIIRWXLEXKYMHI
]SYXLVSYKLHVE[MRKEWGVIIR
YRPSGOTEXXIVR=SYGERWIXE4-2SV
4EWW[SVHMRWXIEHSJE4EXXIVRSV
PIEZIMXEW2SRI
;LIR]SYXYVRSR]SYVTLSRISV
[EOIYTXLIWGVIIR]SYVIEWOIHXS
HVE[]SYVYRPSGOTEXXIVRXSYRPSGO
XLIWGVIIR
7IXYT7-169-1GEVHPSGOi7IX
YT7-169-1GEVHPSGOSVGLERKIXLI
7-169-14-2
:MWMFPITEWW[SVHWi7IPIGXXSWLS[
TEWW[SVHWEW]SYX]TIXLIQSV
HIWIPIGXXSLMHITEWW[SVHWEW]SY
X]TIXLIQ
7IPIGXHIZMGIEHQMRMWXVEXSVWi%HH
SRISVQSVIEHQMRMWXVEXSVW
9WIWIGYVIGVIHIRXMEPWi%PPS[W]SY
XSEGGIWWWIGYVIGIVXMJMGEXIW
-RWXEPPJVSQ7(GEVHi'LSSWIXS
MRWXEPPIRGV]TXIHGIVXMJMGEXIWJVSQ
]SYV7(GEVH
7IXTEWW[SVHi7IXSVGLERKIXLI
GVIHIRXMEPWXSVEKITEWW[SVH
'PIEVWXSVEKIi'PIEVGVIHIRXMEPWJSV
EPPGSRXIRXERHVIWIXTEWW[SVH
%TTPMGEXMSRW
=SYGERZMI[ERHQEREKIXLI
ETTPMGEXMSRW
9RORS[RWSYVGIWi(IJEYPXWIXXMRK
XSMRWXEPPRSR1EVOIXETTPMGEXMSRW
7IXXMRKW
"
;%62-2+
(ITIRHMRKSRXLIETTPMGEXMSRW
]SYMRWXEPPXLIQSFMPITLSRIQE]
RSXSTIVEXIGSVVIGXP]ERHGSYPH
FIMPPIKEPP]YWIHXSIWXEFPMWL
]SYVPSGEXMSRERHKEMREGGIWW
XSTIVWSREPMRJSVQEXMSRZMEXLI
-RXIVRIX
8STVSXIGX]SYVTLSRIERH
TIVWSREPHEXESRP]HS[RPSEH
ETTPMGEXMSRWJVSQXVYWXIHWSYVGIW
WYGLEW%RHVSMH1EVOIX
1EREKIETTPMGEXMSRWi1EREKIERH
VIQSZIMRWXEPPIHETTPMGEXMSRW
6YRRMRKWIVZMGIWi'LIGOWIVZMGIW
XLEXEVIGYVVIRXP]VYRRMRK
7XSVEKIYWIi:MI[WXSVEKIYWIHF]
ETTPMGEXMSRW
&EXXIV]YWEKIi7II[LEXLEWFIIR
YWMRKXLIFEXXIV]
(IZIPSTQIRXi7IXSTXMSRWJSV
ETTPMGEXMSRHIZIPSTQIRX
%GGSYRXWW]RG
+IRIVEPW]RGWIXXMRKW"
&EGOKVSYRHHEXEi4IVQMXW
ETTPMGEXMSRWXSW]RGLVSRMWIHEXE
MRXLIFEGOKVSYRH[LIXLIVSVRSX
]SYEVIEGXMZIP][SVOMRKMRXLIQ
(IWIPIGXMRKXLMWWIXXMRKGERWEZI
FEXXIV]TS[IVERHPS[IVWFYXHSIW
RSXIPMQMREXIHEXEYWEKI
%YXSW]RGi4IVQMXWETTPMGEXMSRWXS
W]RGLVSRMWIWIRHERHVIGIMZIHEXE
XSXLIMVS[RWGLIHYPI
1EREKIEGGSYRXW"
0MWXSJEPP+SSKPIEGGSYRXWERHSXLIV
EGGSYRXW]SYLEZIEHHIHXS]SYV
TLSRI
-J]SYXSYGLEREGGSYRXMRXLMW
WGVIIRMXWEGGSYRXWGVIIRSTIRW
4VMZEG]
*EGXSV]HEXEVIWIXi-J]SYWIPIGX
*EGXSV]HEXEVIWIXMX[MPPIVEWIEPPSJ
]SYVTIVWSREPHEXEJVSQXLIMRXIVREP
TLSRIWXSVEKIMRGPYHMRKMRJSVQEXMSR
EFSYX]SYV+SSKPIEGGSYRXER]
SXLIVEGGSYRXW]SYVW]WXIQ
ETTPMGEXMSRHEXEERHWIXXMRKWER]
HS[RPSEHIHETTPMGEXMSRWERH]SYV
(61PMGIRGI
6IWIXXMRKXLITLSRI[MPPRSXIVEWI
ER]W]WXIQWSJX[EVIYTHEXIW]SY
LEZIHS[RPSEHIHSVER]JMPIWSR
]SYVQMGVS7(GEVHWYGLEWQYWMG
SVTLSXSW-J]SYVIWIXXLITLSRI
MRXLMW[E]]SYEVITVSQTXIHXS
VIIRXIVXLIWEQIMRJSVQEXMSRXLEX
]SYIRXIVIH[LIR]SYJMVWXWXEVXIH
%RHVSMH
7IXXMRKW
7XSVEKI
97&GSRRIGXMSRQSHI"
1EWWWXSVEKISRP]i=SYVTLSRIGER
FIYWIHEWEQEWWWXSVEKIHIZMGIMJ
]SYLEZIEQIQSV]GEVHMRWIVXIH
=SYGERWIX1EWWWXSVEKISRP]EWE
HIJEYPXWIXXMRKJSV97&GSRRIGXMSR
QSHI
7(GEVH"
'LIGOXSXEPEZEMPEFPI7(GEVHWTEGI
8SYGL9RQSYRX7(GEVHJSVWEJI
VIQSZEP)VEWI7(GEVHMJ]SY[ERX
XSHIPIXIEPPHEXEJVSQXLI7(GEVH
-RXIVREPWXSVEKI"
'LIGOWXLIEZEMPEFPIWTEGI
0ERKYEKIOI]FSEVH
9WIXLI0ERKYEKIOI]FSEVH
WIXXMRKWXSWIPIGXXLIPERKYEKIERH
VIKMSRJSVXLIXI\XSR]SYVTLSRI
ERHJSVGSRJMKYVMRKXLISRWGVIIR
OI]FSEVHMRGPYHMRK[SVHW]SYZI
EHHIHXSMXWHMGXMSREV]
:SMGIMRTYXSYXTYX
:SMGIMRTYX"
:SMGIVIGSKRMXMSRWIXXMRKWi9WI
XLI:SMGIVIGSKRMXMSRWIXXMRKWXS
GSRJMKYVIXLI%RHVSMHZSMGIMRTYX
JIEXYVI
0ERKYEKI3TIRWEWGVIIR[LIVI
]SYGERWIXXLIPERKYEKI]SYYWI
WTIIGLXSIRXIVXI\X
7EJI7IEVGL3TIRWEHMEPSKFS\
[LIVI]SYGERWIX[LIXLIV]SY
[ERXXLI+SSKPI7EJI7IEVGLJMPXIV
XSFPSGOGIVXEMRVIWYPXW
&PSGOSJJIRWMZI[SVHW;LIR
HIWIPIGXIH+SSKPIZSMGI
VIGSKRMXMSR[MPPVIGSKRMWIERH
XVERWGVMFI[SVHWQER]TISTPI
GSRWMHIVSJJIRWMZI[LIR]SY
YWIWTIIGLXSIRXIVXI\X
;LIRWIPIGXIH+SSKPIZSMGI
VIGSKRMXMSRVITPEGIWXLSWI[SVHW
MRXVERWGVMTXMSRW[MXLETPEGILSPHIV
GSQTVMWIHSJLEWLW]QFSPW
:SMGISYXTYX"
8I\XXSWTIIGLWIXXMRKWi9WI
XLI8I\XXSWTIIGLWIXXMRKWXS
GSRJMKYVIXLI%RHVSMHXI\XXSWTIIGL
W]RXLIWMWIVJSVETTPMGEXMSRWXLEXGER
YWIXLMWJIEXYVI
-J]SYHSRXLEZIWTIIGL
W]RXLIWMWIVHEXEMRWXEPPIHSRP]
XLI-RWXEPPZSMGIHEXEWIXXMRKMW
EZEMPEFPI
0MWXIRXSERI\EQTPI4PE]WEFVMIJ
WEQTPISJXLIWTIIGLW]RXLIWMWIV
YWMRK]SYVGYVVIRXWIXXMRKW
d
d
d
d
7IXXMRKW
%P[E]WYWIQ]WIXXMRKW'LIGO
XSYWIXLIWIXXMRKWSRXLMWWGVIIR
VEXLIVXLERXLIWTIIGLW]RXLIWMWIV
WIXXMRKWEZEMPEFPIMRSXLIV
ETTPMGEXMSRW
(IJEYPX)RKMRI3TIRWEHMEPSK
[LIVI]SYGERWIXXLIXI\XXS
WTIIGLETTPMGEXMSR]SY[ERXXSYWI
MJ]SYLEZIQSVIXLERSRIMRWXEPPIH
-RWXEPPZSMGIHEXE-J]SYVTLSRI
HSIWRSXLEZIWTIIGLW]RXLIWMWIV
HEXEMRWXEPPIHXLMWGSRRIGXWXS
%RHVSMH1EVOIXERHKYMHIW]SY
XLVSYKLXLITVSGIWWSJHS[RPSEHMRK
ERHMRWXEPPMRKXLIHEXE8LMWWIXXMRK
MWRSXEZEMPEFPIMJXLIHEXEMWEPVIEH]
MRWXEPPIH
7TIIGLVEXI3TIRWEHMEPSK[LIVI
]SYGERWIPIGXLS[UYMGOP]]SY
[ERXXLIW]RXLIWMWIVXSWTIEO
0ERKYEKI3TIRWEHMEPSK[LIVI
]SYGERWIPIGXXLIPERKYEKISJ
XLIXI\X]SY[ERXXLIW]RXLIWMWIV
XSVIEH8LMWMWTEVXMGYPEVP]YWIJYP
[LIRGSQFMRIH[MXL%P[E]WYWI
Q]WIXXMRKWXSIRWYVIXI\XMW
WTSOIRGSVVIGXP]EGVSWWEZEVMIX]SJ
ETTPMGEXMSRW
4MGS887'SRJMKYVIXLI4MGS887
WIXXMRKW
d
d
d
d
d
d
%GGIWWMFMPMX]
9WIXLI%GGIWWMFMPMX]WIXXMRKWXS
GSRJMKYVIEGGIWWMFMPMX]TPYKMRW]SY
LEZIMRWXEPPIHSR]SYVTLSRI
6IUYMVIWEHHMXMSREPTPYKMRW
(EXIXMQI
9WI(EXIXMQIWIXXMRKWXSWIXLS[
HEXIWEVIHMWTPE]IH=SYGEREPWSYWI
XLIWIWIXXMRKWXSWIX]SYVS[RXMQI
ERHXMQI^SRIVEXLIVXLERSFXEMRMRK
XLIGYVVIRXXMQIJVSQXLIQSFMPI
RIX[SVO
%FSYXTLSRI
:MI[PIKEPMRJSVQEXMSRERHGLIGO
TLSRIWXEXYWERHWSJX[EVIZIVWMSR
4LSRIWSJX[EVIYTHEXI
0+1SFMPITLSRIWSJX[EVIYTHEXI
JVSQXLI-RXIVRIX
*SVQSVIMRJSVQEXMSREFSYXYWMRKXLMW
JYRGXMSRTPIEWIZMWMXLXXTYTHEXI
PKQSFMPIGSQSVLXXT[[[PKGSQ
GSQQSRMRHI\NWT WIPIGXGSYRXV]
ERHPERKYEKI