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'SRWXMXYXMSR XVERWJIVVMRK XS XLIQWIPZIW XLI TS[IV SJ ETTSMRXQIRX SJ .YHKIW 8LMW MW
LS[ XLI TVIWIRX 'SPPIKMYQ W]WXIQ GEQI MRXS I\MWXIRGI
7'34) %2( 3&.)'8
8LI TVSGIWW SJ ETTSMRXQIRX SJ NYHKIW [EW QEHI XS FIKMR [MXL F] XLI

I\IGYXMZI MR GSRWYPXEXMSR [MXL XLI NYHMGMEV] ERH MX TPE]IH E HSQMRERX VSPI FYX HSYFXW
[IVI QEHI EW XS XLI TVMQEG] SJ XLI STMRMSR SJ XLI I\IGYXMZI )ZIV WMRGI XLI TVSGIWW
SJ ETTSMRXQIRX SJ NYHKIW PIH XS NYHMGMEP MRXIVTVIXEXMSRW 8LSYKL XLI TVSZMWMSRW VIPEXMRK
XS ETTSMRXQIRX ERH VIQSZEP EVI GPIEV XLI MQTPIQIRXEXMSR MW RSX MR GSRWSRERGI [MXL
XLI MHIEPW SJ XLI JVEQIVW SJ XLI 'SRWXMXYXMSR XLIVIF] OIITMRK XLI TVSGIWW SJ
ETTSMRXQIRX SJ NYHKIW ZEKYI ERH HIZSMH SJ XVERWTEVIRG] 8LI WYFSVHMREXI NYHMGMEV] MW
EQIREFPI XS XLI HMWGMTPMREV] GSRXVSP IRJSVGIH ERH WYTIVZMWIH F] XLI VIWTIGXMZI ,MKL
'SYVXW SJ XLI 7XEXIW ERH XLI ,MKL 'SYVXW GSRGIVRIH GER HIJMRMXIP] XEOI GEVI SJ XLI
RIIH JSV IRWYVMRK EGGSYRXEFMPMX] SJ XLI NYHKIW MR XLI WYFSVHMREXI NYHMGMEV] ,S[IZIV
XLI TSWMXMSR MR WS JEV EW NYHKIW SJ XLI WYTIVMSV GSYVXW EVI GSRGIVRIH MX MW KSZIVRIH F]
XLI 'SRWXMXYXMSR ERH XLI SRP] [E] SJ HMWGMTPMRMRK ER IVVERX NYHKI MW F] [E] SJ
MQTIEGLQIRX F] XLI 4EVPMEQIRX EW TVSZMHIH MR %VXMGPI ERH SJ XLI
'SRWXMXYXMSR
;MXL XLI TVIWIRX TSPMXMGEP W]WXIQ [MXL JVEKQIRXIH TSPMXMGEP TEVXMIW ERH HMZIVWI
TSPMXMGEP ZMI[W MQTIEGLQIRX QIGLERMWQ QE] RSX FI ER IEW] TVSGIWW JSV HMWGMTPMRMRK
ER IVVERX NYHKI SJ XLI WYTIVMSV GSYVXW YRPIWW XLIVI MW GSRWIRWYW EQSRKWX XLI TSPMXMGEP
TEVXMIW 8LMW LEW JYVXLIV PIJX XLI NYHKIW SJ XLI WYTIVMSV GSYVXW MQQYRI JVSQ ER]

EGGSYRXEFMPMX] ERH XLEX MW [L] XLI TLVEWI NYHMGMEPEGGSYRXEFMPMX] LEWKEMRIHWSQYGL
MQTSVXERGI ERH WMKRMJMGERGI -R TEVXMGYPEV XLIVI MW RS WTIGMJMG QIERW XS I\EQMRI XLI
VIGSVHW SV GVIHIRXMEPW SJ NYHKIW XS GLIGO XLIMV EHLIVIRGI XS XLI GSRWXMXYXMSREP MHIEPW
8LIVIJSVI MX MW LMKLP] IWWIRXMEP XLEX XLI WYTIVMSV NYHMGMEV] FI EGGSYRXEFPI JSV XLIMV
TIVJSVQERGIW ERH GSRHYGXW 1SVISZIV MX MW YRJSVXYREXI XLEX RIMXLIV XLI 'SRWXMXYXMSR
RSV ER] SXLIV PE[ LEW GVIEXIH ER] MRWXMXYXMSR SV W]WXIQ XS I\EQMRI XLI TIVJSVQERGI SJ
NYHKIW SV I\EQMRI XLI GSQTPEMRXW EKEMRWX XLIQ 8LI I\IVGMWI SJ TS[IV SJ XLI 'SYVXW
[MXL PEGO SJ EGGSYRXEFMPMX] MW E KVIEX XLVIEX XS XLI -RHMER HIQSGVEG]
,=438,)7)7
8LMW [SVO MW KYMHIH F] XLI JSPPS[MRK L]TSXLIWIW

8LI TVSGIWW SJ WIPIGXMSR MW RSX XVERWTEVIRX IRSYKL XS XLVS[ STIR XS TYFPMG
KEÎ XLI WXVIRKXL ERH [IEORIWW SJ EHZSGEXIW MR TEVXMGYPEV [LS EVI FIMRK
GSRWMHIVIH JSV WIPIGXMSR
8LI TVIWIRX 'SPPIKMYQ W]WXIQ I\MWXMRK MR TVEGXMGI JSV XLI WIPIGXMSR SJ .YHKIW
SJ ,MKLIV .YHMGMEV] MW RSX IJJIGXMZI MR IRWYVMRK ETTSMRXQIRX SJ FIWX EZEMPEFPI
XEPIRXW
,MKLIV NYHMGMEV] MW RSX MRHITIRHIRX ERH RSX EGGSYRXEFPI MR VIEPMX] JSV

WYWXEMRMRK VYPI SJ PE[
8LI TVSGIWW SJ VIQSZEP SJ IVVERX NYHKIW XLVSYKL MQTIEGLQIRX EW E QIEWYVI

SJ IRJSVGMRK EGGSYRXEFMPMX] MW RSX VIEPP] IJJIGXMZI
1)8,3(303+= %(348)(

8LI QIXLSHSPSK] EHSTXIH MR XLMW WXYH] MW HSGXVMREP HIWGVMTXMZI ERH EREP]XMGEP
8LMW [SVO QEMRP] HITIRHW SR XLI TVMQEV] WSYVGIW PMOI 'SRWXMXYXMSR SJ -RHME ERH
WIGSRHEV] WSYVGIW PMOI FSSOW EVXMGPIW ERH NSYVREPW -X MW FEWMGEPP] E XLISVIXMGEP [SVO
[LMGL MW FYMPX YT JVSQ XLI MRJSVQEXMSR KEXLIVIH JVSQ FSSOW NSYVREPW ERH HIGMWMSRW SJ
GSYVXW SJ PE[ -QTSVXERX HIGMWMSRW SJ ,MKL 'SYVXW ERH 7YTVIQI 'SYVX LEZI FIIR
MRGSVTSVEXIH [LIVIZIV RIGIWWEV] MR SVHIV XS XLVS[ PMKLX SR XLMW EVIE -RXIVRIX LEW

FIIR E OI] WSYVGI MR GSPPIGXMRK XLI ZMI[W ERH STMRMSRW SJ ZEVMSYW NYVMWX ERH IQMRIRX
[VMXIVW (EMPMIW ERH QEKE^MRIW EVI EPWS YWIH EW ZEPYEFPI MRJSVQEXMSR JSV XLI WXYH] %
GSQTEVEXMZI EREP]WMW MW EPWS QEHI [LIVIZIV RIGIWWEV] [MXL ER SFNIGXMZI XS EREP]WI XLI
I\MWXMRK W]WXIQ SJ TVSGIWW SJ ETTSMRXQIRX SJ NYHKIW MR HMJJIVIRX GSYRXVMIW ERH XS
WYKKIWX QSVI XVERWTEVIRX ERH IJJIGXMZI TVSGIWW JSV ETTSMRXQIRX MR -RHME ;LIVIZIV XLI
VIWIEVGLIV LEW VIQEVOIH EFSYX NYHMGMEV] MX MW SRP] [MXL E LMKL GSRGIVR JSV YTLSPHMRK
XLI HMKRMX] ERH MRHITIRHIRGI SJ NYHMGMEV]
7',)1) 3* 8,) ;36/
',%48)6 - -2863(9'8-32
8LMW GLETXIV TVSZMHIW E FVMIJ SZIVZMI[ SJ XLI XSTMG MRGPYHMRK XLI SFNIGXMZI
ERH WGSTI SJ XLI [SVO VIWIEVGL QIXLSHSPSK] YWIH ERH L]TSXLIWIW JSPPS[IH F] XLI
WGLIQI SJ XLI [SVO
',%48)6 -- ,-7836-'%0 &%'/(634 3* %443-281)28 %2(

%''3928%&-0-8= 3* ,-+,)6 .9(-'-%6=
8LMW GLETXIV YRJSPHW XLI LMWXSVMGEP FEGOKVSYRH EW XS XLI TVSGIWW SJ

ETTSMRXQIRX SJ NYHKIW SJ LMKLIV NYHMGMEV] MR -RHME ERH REVVEXIW XLI TVSGIWW SJ
ETTSMRXQIRX VMKLX JVSQ XLI GSPSRMEP TIVMSH XMPP XLI TVIWIRX GSPPIKMYQ W]WXIQ 8LMW
GLETXIV EPWS XVEZIVWIW XLVSYKL ZEVMSYW WYKKIWXMSRW ERH VIGSQQIRHEXMSRW IEVPMIV QEHI
F] HMJJIVIRX GSQQMXXIIW IWTIGMEPP] XLI EXXIQTXW XVMIH SYX JSV FVMRKMRK EFSYX XLI
VIJSVQW MR XLI ETTSMRXQIRX TVSGIWW
',%48)6 --- '3278-898-32%0 '39687 %2( -87 7-+2-*-'%2')
8LMW GLETXIV HMWGYWWIW EX PIRKXL XLI TS[IVW ERH TVMZMPIKIW SJ XLI LMKLIV
NYHMGMEV] ERH MXW QEKRMXYHI ERH WYTVIQEG] -X JYVXLIV WXEXIW XLI NYHMGMEP ZEPYIW SJ
XLIWI GSYVXW ERH XLIMV TS[IV SJ .YHMGMEP 6IZMI[ -X JYVXLIV H[IPPW EX PIRKXL [MXL XLI
EGXMZMWX VSPI TPE]IH F] LMKLIV NYHMGMEV] %RH JMREPP] MX TVSGIIHW XS I\TPEMR XLI GSRGITX

SJ NYHMGMEP MRHITIRHIRGI ERH XLI RIIH XS TVIWIVZI XLI WEQI E XIVQ SJXIR YWIH MR
-RHME W'SRWXMXYXMSREP 0MXIVEXYVI
',%48)6 -: '3278-898-32%0 *6%1);36/ %7 83 %443-281)28

3* ,-+,)6 .9(-'-%6=
8LMW GLETXIV JSGYWIW SR XLI GSRWXMXYXMSREP JVEQI[SVO JSV XLI ETTSMRXQIRX SJ

NYHKIW MR ,MKL GSYVXW ERH 7YTVIQI 'SYVX ERH HMWGYWWIW XLI WMKRMJMGERGI SJ
GSRWYPXEXMSR IRZMWEKIH YRHIV %VXMGPI ERH &IWMHIW HIEPMRK [MXL XLI
UYIWXMSR SJ XVERWTEVIRG] MX HMWGYWWIW XLI GSRWXMXYXMSREPMX] SJ GSPPIKMYQ W]WXIQ F]
WGVYXMRM^MRK EPP XLI XLVII .YHKIW 'EWIW ERH VIGIRX HIZIPSTQIRXW [LMGL JYVXLIV
UYIWXMSRW XLI XVYWX[SVXLMRIWW SJ XLI TVIWIRX ETTSMRXQIRX W]WXIQ
',%48)6 : 8,) '32')48 3* .9(-'-%0 )8,-'7
8LMW GLETXIV HMWGYWWIW XLI GSRGITX SJ .YHMGMEP )XLMGW MXW REXYVI ERH WGSTI -X
JSGYWIW SR XLI VSPI SJ NYHKIW ERH XLI UYEPMXMIW I\TIGXIH SJ XLIQ -X EPWS VIJIVW XS
ZEVMSYW VIPMKMSYW ZMI[W MR XLMW GSRRIGXMSR -X EPWS VIJIVW XS XLI 'ERSRW SJ .YHMGMEP
)XLMGW 'SHI SJ 'SRHYGXW ERH MXW PIKEP IJJIGX %HHMXMSREPP] NYHMGMEP IXLMGW TVIZEPIRX MR
SXLIV GSYRXVMIW MW EPWS HMWGYWWIH MR SVHIV XS IQTLEWMWI XLI MQTSVXERGI SJ XLI WEQI
',%48)6 :- 8,) '32')48 3* .9(-'-%0 %''3928%&-0-8=
8LMW GLETXIV MPPYQMREXIW XLI GSRGITX SJ NYHMGMEP EGGSYRXEFMPMX] MXW REXYVI ERH
WMKRMJMGERGI 8LMW GLETXIV VIGMXIW XLI TVIWIRX TVSGIHYVI EZEMPEFPI JSV XLI VIQSZEP SJ
NYHKIW SJ LMKLIV NYHMGMEV] %RH [LMPI HSMRK WS MX FVMRKW XS PMKLX XLI MRGMHIRXW SJ RSR
MQTIEGLQIRX ERH WIZIVEP MRWXERGIW SJ GSVVYTXMSR MR NYHMGMEV] *YVXLIVQSVI MX
HMWGYWWIW EFSYX XLI TIRHMRK FMPP SR .YHMGMEP 7XERHEVHW ERH %GGSYRXEFMPMX]
',%48)6 :-- '32'097-327 %2( 79++)78-327
8LMW GLETXIV EVXMGYPEXIW XLI GSRGPYWMSRW HVE[R JVSQ XLI GLETXIVW ERH TVSZMHIW
XLI WYKKIWXMSRW

',%48)6 --
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%''3928%&-0-8= 3* ,-+,)6 .9(-'-%6=

',%48)6 --
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%''3928%&-0-8= 3* ,-+,)6 .9(-'-%6=
%HQMRMWXVEXMSR SJ .YWXMGI MR -RHME 4VI 'SRWXMXYXMSREP 4IVMSH ERH 4SWX

'SRWXMXYXMSREP 4IVMSH
8LMW GLETXIV IRYQIVEXIW XLI GLVSRSPSKMGEP HIZIPSTQIRX ERH KVS[XL SJ XLI

PIKEP W]WXIQ QEMRP] EREP]^MRK XLI W]WXIQ SJ NYHMGMEP EHQMRMWXVEXMSR MR MXW LMWXSVMGEP
TIVWTIGXMZI -X MW RIGIWWEV] ERH HIWMVEFPI XS PSSO FEGO XLI LMWXSV] IR VSYXI JSV
MHIRXMJ]MRK XLI VSSXW SJ XLI TVSGIWW SJ ETTSMRXQIRX SJ .YHKIW QSVI WTIGMJMGEPP] XLEX SJ
XLI ,MKLIV .YHMGMEV] MR -RHME 8LI IZSPYXMSR GER FI XVEGIH IZIR FIJSVI XLI GSPSRMEP
VIKMQI
8LI 0IKEP LMWXSV] SJ -RHME GER FI WXYHMIH YRHIV XLI MQTSVXERX TIVMSHW ,MRHY
TIVMSH 1YWPMQ TIVMSH &VMXMWL TIVMSH ERH EJXIV -RHITIRHIRGI %RH XLI NYHMGMEP WIX YT
HYVMRK XLIWI TIVMSHW LIPTW XS GSQTVILIRH XLI IZSPYXMSR SJ ETTSMRXQIRXW MR .YHMGMEV]
8LI ,MRHY TIVMSH I\XIRHW JSV RIEVP] ]IEVW FIJSVI ERH EJXIV XLI FIKMRRMRK SJ XLI
'LVMWXMER IVE 1YWPMQ TIVMSH FIKMRW [MXL XLI JMVWX QENSV MRZEWMSR F] 1YWPMQW MR
%( &VMXMWL TIVMSH FIKMRW [MXL XLI GSRWSPMHEXMSR SJ XLI &VMXMWL TS[IV MR XLI QMHHPI SJ
XLI IMKLXIIRXL GIRXYV] ERH PEWXW JSV RIEVP] X[S LYRHVIH ]IEVW 8LI QSHIVR TIVMSH
FIKMRW [MXL XLI [MXLHVE[EP SJ XLI &VMXMWL [LIR SR XL %YKYWX -RHME [EW
HIGPEVIH MRHITIRHIRX
-2(-%,-2(9 4)6-3(
(YVMRK XLI ,MRHY TIVMSH MR ERGMIRX -RHME ,MRHY WSGMIX] MRWXMXYXMSRW ERH
FIPMIJW KVEHYEPP] HIZIPSTIH ERH EGUYMVIH E HIJMRMXI WLETI 1ER] MQTSVXERX FIPMIJW ERH
HSGXVMRIW SJ XSHE] EVI HIITVSSXIH MR XLI ERGMIRX ,MRHY MHISPSK] -R ERGMIRX -RHME XLI
/MRK [EW VIKEVHIH EW XLI JSYRXEMRLIEH SJ .YWXMGI ,MW JSVIQSWX HYX] [EW XS TVSXIGX

/ERI4: ,MWXSV] SJ (LEVQEWEWXVE :SP--- 'L<- HIEPW [MXL 0E[ ERH %HQMRMWXVEXMSR SJ
.YWXMGI &LERHEVOIV3VMIRXEP6IWIEVGL-RWXMXYXI4SSRET 7II EPWS .YWXMGI (LEZER 77
-RHMER.YVMWTVYHIRGI :SP:--- .SYVREP SJ XLI 2EXMSREP %GEHIQ] SJ %HQMRMWXVEXMSR T

LMW WYFNIGXW ,I [EW VIWTIGXIH EW XLI PSVH SJ HLEVQE ERH [EW IRXVYWXIH [MXL XLI
WYTVIQI EYXLSVMX] SJ XLI EHQMRMWXVEXMSR SJ NYWXMGI MR LMW OMRKHSQ 8LI /MRK W'SYVX
[EW XLI LMKLIWX GSYVX SJ ETTIEP
-R ZMPPEKIW XLI PSGEP ZMPPEKI GSYRGMPW SV OYPERM WMQMPEV XS QSHIVR TERGLE]EXW

GSRWMWXIH SJ E FSEVH SJ JMZI SV QSVI QIQFIVW XS HMWTIRWI NYWXMGI XS ZMPPEKIVW -X [EW
GSRGIVRIH [MXL EPP QEXXIVW VIPEXMRK XS IRHS[QIRXW MVVMKEXMSR GYPXMZEFPI PERH
TYRMWLQIRX SJ GVMQI IXG :MPPEKI GSYRGMPW HIEPX [MXL GMZMP ERH GVMQMREP GEWIW %X E
LMKLIV PIZIP MR XS[RW ERH HMWXVMGXW XLI GSYVXW [IVI TVIWMHIH SZIV F] XLI KSZIVRQIRX
SJJMGIVW YRHIV XLI EYXLSVMX] SJ XLI OMRK XS EHQMRMWXIV NYWXMGI 8LI PMRO FIX[IIR XLI
ZMPPEKI EWWIQFP] ERH XLI SJJMGMEP EHQMRMWXVEXMSR [EW XLI LIEHQER SJ XLI ZMPPEKI
-R IEGL ZMPPEKI E PSGEP LIEHQER [EW LSPHMRK LIVIHMXEV] SJJMGI ERH [EW
VIUYMVIH XS QEMRXEMR SVHIV ERH EHQMRMWXIV NYWXMGI ,I [EW EPWS E QIQFIV SJ XLI ZMPPEKI
GSYRGMP ,I EGXIH FSXL EW XLI PIEHIV SJ XLI ZMPPEKI ERH XLI QIHMEXSV [MXL XLI
+SZIVRQIRX (YI XS XLI TVIZEMPMRK MRWXMXYXMSR SJ XLI NSMRX JEQMP] W]WXIQ JEQMP]
GSYVXW [IVI EPWS IWXEFPMWLIH 4YKE EWWIQFPMIW QEHI YT SJ KVSYTW SJ JEQMPMIW MR XLI
WEQI ZMPPEKI HIGMHIH GMZMP HMWTYXIW EQSRKWX JEQMP] QIQFIVW %GGSVHMRK XS
&VMWLEWTEXM
*MVWX GSQI XLI JEQMP] EVFMXVEXSVW XLI NYHKIW EVI WYTIVMSV XS XLI JEQMPMIW
XLI GLMIJ NYWXMGI %H]EOWLE MW WYTIVMSV XS XLI NYHKIW XLI OMRK MW WYTIVMSV XS EPP SJ
XLIQ ERH LMW HIGMWMSR FIGSQIW PE[
'VMQMREP GEWIW [IVI SVHMREVMP] TVIWIRXIH FIJSVI XLI 'IRXVEP 'SYVX SV XLI
GSYVXW LIPH YRHIV XLI VS]EP EYXLSVMX] 8LI WQEPPIV NYHMGMEP EWWIQFP] EX XLI ZMPPEKI
PIZIP [EW EPPS[IH XS LIEV SRP] QMRSV GVMQMREP GEWIW :EGLEWTEXM 1MWVE LEW TSMRXIH
SYX XLEX IZIR MR ERGMIRX -RHME XLI HIGMWMSR SJ IEGL LMKLIV GSYVX WYTIVWIHIH XLEX SJ XLI
GSYVX FIPS[ )EGL PS[IV GSYVX WLS[IH JYPP VIWTIGX XS XLI HIGMWMSR SJ IEGL LMKLIV

:EVEHEGLEVMEV7 8LI ,MRHY .YHMGMEP 7]WXIQ 0YGORS[ 9RMZIVWMX] 0YGORS[ T

/ERI4: ,MWXSV] SJ (LEVQEWEWXVE :SP-- T

(V 6EHLEOYQYH QYOIVNM 0SGEP +SZIVRQIRX MR %RGMIRX -RHME 1SXMPEP &EREVWM (EWW TT

GSYVX %W WYGL XLI OMRK W HIGMWMSR [EW WYTVIQI 3RI SJ XLI GEVHMREP VYPIW SJ XLI
EHQMRMWXVEXMSR SJ NYWXMGI MR ERGMIRX -RHME [EW XLEX E WMRKPI MRHMZMHYEP WLSYPH RSX
EHQMRMWXIV NYWXMGI 2SHIGMWMSRWLEPPFIKMZIRF]ETIVWSRWMRKP ]
(YVMRK XLI ,MRHY TIVMSH GEWXI GSRWMHIVEXMSRW TPE]IH ER MQTSVXERX VSPI MR XLI
ETTSMRXQIRX SJ XLI 'LMIJ .YHKI ERH SXLIV .YHKIW %PQSWX EPP XLI PE[ FSSOW HIEPMRK
[MXL XLI ERGMIRX NYHMGMEP W]WXIQW QIRXMSR XLEX TVIJIVEFP] E &VELQMR WLEPP FI
ETTSMRXIH E 'LMIJ .YHKI SV SXLIV .YHKI -R SVHIV SJ TVIJIVIRGI RI\X GEQI /WLEXVM]EW
ERH :EMWL]EW &YX MR RS GEWI E 7YHVE MW ETTSMRXIH EW .YHKI 6IKEVHMRK XLI
UYEPMJMGEXMSRW SJ E .YHKI MX MW WXEXIH XLEX TIVWSRW [LS EVI MKRSVERX SJ XLI GYWXSQW SJ
XLI GSYRXV] RSRFIPMIZIVW MR XLI GEWXI W]WXIQ ERH +SH HIWTMWIVW SJ WEGVIH FSSOW
MRWERI MVEXI SV HMWXVIWWIH WLSYPH RSX FI ETTSMRXIH NYHKIW ;SQIR [IVI RSX EPPS[IH
XS LSPH XLI SJJMGI SJ E NYHKI 8LI WXERHEVHW PEMH HS[R JSV NYHKIW ERH 1EKMWXVEXIW
[IVI ZIV] LMKL .YHKIW [IVI VIUYMVIH XS XEOI XLI SEXL SJ MQTEVXMEPMX] [LIR HIGMHMRK
HMWTYXIW FIX[IIR GMXMÎRW -RXIKVMX] [EW XLI JMVWX UYEPMJMGEXMSR ;LMPI VIJIVVMRK XS XLI
MRXIKVMX] SJ E NYHKI &VMWLEWTEXM WXEXIW % NYHKI WLSYPH HIGMHI GEWIW [MXLSYX
GSRWMHIVEXMSR SJ TIVWSREP KEMR SV TVINYHMGI SV ER] OMRH SJ FMEW ERH LMW HIGMWMSR WLSYPH
FI MR EGGSVHERGI [MXL XLI TVSGIHYVI TVIWGVMFIH F] XLI XI\XW (MWLSRIWX] MR E NYHKI
[EW VIKEVHIH EW XLI QSWX VITVILIRWMFPI GVMQI 1SVISZIV E NYHKI [LS TIVJSVQW LMW
NYHMGMEP HYXMIW MR XLMW QERRIV EGLMIZIW XLI WEQI WTMVMXYEP QIVMX EW E TIVWSR TIVJSVQMRK
E ]ENRE
-2(-% 1970-1 4)6-3(
1YWPMQ TIVMSH QEVOIH XLI FIKMRRMRK SJ E RI[ IVE MR XLI PIKEP LMWXSV] SJ -RHME
%VEFW [IVI XLI JMVWX 1YWPMQW [LS GEQI XS -RHME 8LI] GEQI MR XLI IMKLXL GIRXYV] ERH
WIXXPIH HS[R MR XLI 1EPEFEV 'SEWX ERH MR 7MRH ,EZMRK GSQI XS -RHME EW VYPIVW XLI]
[IVI TSPMXMG IRSYKL RSX XS ERXEKSRMÎ XLI ,MRHYW GSQTPIXIP] XLSYKL RS[ ERH XLIR

/YPWLVIWXLE:( 0ERHQEVOW MR -RHMER 0IKEP ERH 'SRWXMXYXMSREP ,MWXSV] )EWXIVR &SSO 'SQTER] XL
)HMXMSR T

/ERI4: ,MWXSV] SJ (LEVQEWEWXVE :SP--- 'L<- T

7YTVE RSXI T

XLI] MRHYPKIH MR EGXW SJ QIVI ZERHEPMWQ ERH FVYXEPMX] 6YPIVW PMOI XLI %OFEV XLI +VIEX
ERH WEMRXW PMOI /EFMV WXVSZI LEVH JSV WYGL YXMPMX] FYX YRJSVXYREXIP] JSV XLI -RHMERW XLI
&VMXMWL EVVMZIH SR XLI WGIRI XS EHZERGI XLIQWIPZIW ERH XS IWXEFPMWL XLIQWIPZIW EW
XVEHIVW ERH EGUYMVI TS[IV ERH XS GSRWSPMHEXI XLIQWIPZIW EW VYPIVW
-R 1IHMIZEP -RHME XLI 7YPXER FIMRK LIEH SJ XLI 7XEXI [EW XLI WYTVIQI
EYXLSVMX] XS EHQMRMWXIV NYWXMGI MR LMW OMRKHSQ 8LI EHQMRMWXVEXMSR SJ NYWXMGI [EW SRI
SJ XLI MQTSVXERX JYRGXMSRW SJ XLI 7YPXER [LMGL [EW EGXYEPP] HSRI MR LMW REQI MR XLVII
GETEGMXMIW 8LI GSYVXW [IVI VIUYMVIH XS WIIO LMW TVMSV ETTVSZEP FIJSVI E[EVHMRK XLI
GETMXEP TYRMWLQIRX
(YVMRK XLMW TIVMSH XLI .YHKIW [IVI MQTEVXMEPP] ETTSMRXIH F] XLI 7YPXER SR XLI
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8LI ,MKL 'SYVXW %GX
8LI +SZIVRSV+IRIVEPMR 'SYRGMP [EW EYXLSVMÎH F] XLMW %GX SJ XS

QEOI RIGIWWEV] EPXIVEXMSRW MR XLI XIVVMXSVMEP NYVMWHMGXMSR SJ XLI 'LEVXIVIH ,MKL 'SYVXW
IWXEFPMWLIH YRHIV XLI %GX ,S[IZIV XLI TS[IV SJ XLI +SZIVRSV+IRIVEPMR
'SYRGMP [EW WYFNIGX XS ETTVSZEP SJ XLI 'VS[R
8LI ,MKL 'SYVXW %GX
8LI ,MKL 'SYVXW %GX [EW TEWWIH [LIVIF] XLI QE\MQYQ RYQFIV SJ
NYHKIW MR IEGL ,MKL 'SYVX [EW VEMWIH JVSQ XS 8LI %GX EPWS IQTS[IVIH ,MW
1ENIWX] XS IWXEFPMWL EHHMXMSREP ,MKL 'SYVXW ERH KEZI TS[IV XS XLI +SZIVRSV +IRIVEP
XS ETTSMRX EHHMXMSREP .YHKIW JSV E TIVMSH SJ X[S ]IEVW
,MKL 'SYVXW YRHIV XLI +SZIVRQIRX SJ -RHME %GX
8LI +SZIVRQIRX SJ -RHME 'SRWSPMHEXMRK %GX [EW TEWWIH F] XLI &VMXMWL
4EVPMEQIRX SR .YP] JSV GSRWSPMHEXMRK ERH VIIREGXMRK EPP XLI TVSZMWMSRW
VIPEXMRK XS XLI -RHMER ,MKL 'SYVXW %GX IREGXIH IEVPMIV 9RHIV XLMW %GX EPP XLI I\MWXMRK
,MKL 'SYVXW %GX EX XLEX XMQI [EW VITIEPIH ERH WIZIVEP GLERKIW [IVI MRXVSHYGIH MR XLI
GSQTSWMXMSR NYVMWHMGXMSR ERH XLI PE[W ETTPMGEFPI MR XLIWI 'SYVXW 8LI %GX SJ
TVSZMHIH XLEX IEGL ,MKL 'SYVX [EW XS GSRWMWX SJ E 'LMIJ .YWXMGI ERH EW QER] .YHKIW EW
ETTSMRXIH F] ,MW 1ENIWX] RSX I\GIIHMRK X[IRX] 8LI +SZIVRSV +IRIVEPMR'SYRGMP
[EW IQTS[IVIH XS ETTSMRX EHHMXMSREP NYHKIW JSV E TIVMSH SJ X[S ]IEVW

8VIZIP]ER). 8LI 'SRWXMXYXMSR ERH .YVMWHMGXMSR SJ 'SYVXW SJ 'MZMP NYWXMGI MR &VMXMWL -RHME 7TMRO
'S 'EPGYXXE T

8LI UYEPMJMGEXMSRW JSV ETTSMRXQIRX SJ E TIVWSR EW E .YHKI SJ XLI ,MKL 'SYVX
[IVI EW JSPPS[W
M LI WLSYPH FI E &EVVMWXIV SV ER EHZSGEXI SJ +VIEX &VMXEMR SJ RSX PIWW XLER

JMZI ]IEVW WXERHMRK SV
MM % QIQFIV SJ -RHMER 'MZMP 7IVZMGI JSV RSX PIWW XLER XIR ]IEVW MRGPYHMRK
I\TIVMIRGI SJ ]IEVW EW E (MWXVMGX .YHKI SV
MMM % TIVWSR LIPH NYHMGMEP SJJMGI RSX MRJIVMSV XS XLEX SJ E 7QEPP 'EYWI 'SYVX
JSV E TIVMSH SJ RSX PIWW XLER JMZI ]IEVW SV
MZ % TIVWSR WLSYPH LEZI FIIR E TPIEHIV SJ E ,MKL 'SYVX JSV RSX PIWW XLER XIR
]IEVW
8LI %GX WTIGMJMGEPP] TVSZMHIH XLEX MR EPP GEWIW EXPIEWX SRIXLMVH .YHKIW SJ E
,MKL 'SYVX MRGPYHMRK XLI 'LMIJ .YWXMGI FYX I\GPYHMRK XLI %HHMXMSREP .YHKIW LEH XS FI
&EVVMWXIVW SV %HZSGEXIW ERH EXPIEWX SRIXLMVH SJ XLIQ [IVI VIUYMVIH XS FI XLI
QIQFIVW SJ XLI -RHMER 'MZMP 7IVZMGIW ;LEXIZIV FI XLI GLERKIW XLI .YHKIW LEH XS
LSPH SJJMGI HYVMRK XLI TPIEWYVI SJ XLI 'VS[R
9RHIV XLI +SZIVRQIRX SJ -RHME %GX XLI NYHKIW SJ ,MKL 'SYVXW MR -RHME
LIPH SJJMGI HYVMRK XLI TPIEWYVI SJ ,MW SV ,IV 1ENIWX] 8LEX [EW E HITEVXYVI JVSQ
XLI TSWMXMSR XLIR SFXEMRMRK MR )RKPERH [LIVI XLI .YHKIW LIPH SJJMGI HYVMRK KSSH
FILEZMSV 8LIHMJJIVIRGIFIX[IIRXLI[SVHW TPIEWYVI ERH KSSH FILEZMSYV MWXLEX
XLI TIVWSR LSPHMRK ER SJJMGI HYVMRK TPIEWYVI GER FI VIQSZIH [MXLSYX ER] VIEWSR
[LIVIEW XLI TIVWSR LSPHMRK ER SJJMGI HYVMRK KSSH FILEZMSV GERRSX FI VIQSZIH JVSQ
LMW SJJMGI I\GITX JSV QMWGSRHYGX EW MR XLI STMRMSR SJ E 'SYVX SJ .YWXMGI NYWXMJ] LMW
VIQSZEP 8LI NYHKIW SJ -RHMER ,MKL 'SYVXW [IVI I\TVIWWP] HIGPEVIH F] WXEXYXI XS LSPH
SJJMGI HYVMRK TPIEWYVI 8LMW [EW WS XMPP

7YTVE RSXI T

8LI +SZIVRQIRX SJ -RHME %GX VITIEPIH EPP XLI IEVPMIV %GXW %GGSVHMRK XS
XLMW %GX IZIV] ,MKL 'SYVX [EW XS GSRWMWX SJ E 'LMIJ .YWXMGI ERH WYGL SXLIV .YHKIW EW
[IVI ETTSMRXIH F] ,MW 1ENIWX] JVSQ XMQI XS XMQI 8LI UYEPMJMGEXMSRW JSV
ETTSMRXQIRX EW E ,MKL 'SYVX .YHKI VIQEMR QSVI SV PIWW XLI WEQI EW YRHIV XLI %GX SJ
,S[IZIV XLI VYPI TVIWGVMFMRK XLEX E TIVWSR ETTSMRXIH XS LSPH SJJMGI SJ 'LMIJ
.YWXMGI SJ E ,MKL GSYVX WLSYPH FI E &EVVMWXIV SJ )RKPERH SV -VIPERH SV ER EHZSGEXI SJ
7GSXPERH [EW EFVSKEXIH ERH IZIR ER -RHMER [LS LEH WIVZIH EW E .YHKI SJ E ,MKL
'SYVX JSV RSX PIWW XLER XLVII ]IEVW [EW IPMKMFPI XS LSPH SJJMGI SJ XLI 'LMIJ .YWXMGI
8LI +SZIVRQIRX SJ -RHME %GX FVSYKLX EFSYX E WMKRMJMGERX GLERKI F]

JM\MRK XLI XIRYVI &] JYVXLIV TVSZMHMRK JSV XLI VIQSZEP SJ XLI NYHKI JSV QMWFILEZMSV
XLI GSRGITX SJ XIRYVI HYVMRK KSSH FILEZMSV [EW MRXVSHYGIH 7IGXMSR SJ XLI
+SZIVRQIRX SJ -RHME %GX GVIEXIH XLI *IHIVEP 'SYVX EX 2I[ (IPLM 8LI *IHIVEP
'SYVX LEH NYVMWHMGXMSR SRP] MR GSRWXMXYXMSREP QEXXIVW % JYVXLIV ETTIEP WLEPP PMI XS XLI
4VMZ] 'SYRGMP 9RHIV XLI +SZIVRQIRX SJ -RHME %GX ERH XLI WYFWIUYIRX
+SZIVRQIRX SJ -RHME %GX MX [EW XLI TVIVSKEXMZI SJ XLI 'VS[R XS ETTSMRX XLI
,MKL 'SYVX NYHKIW [MXL RS WTIGMJMG TVSZMWMSR JSV GSRWYPXMRK XLI 'LMIJ .YWXMGI MR XLI
TVSGIWW
*-*8, 4,%7)
8,) 46-:= '392'-0

8LI IQIVKIRGI SJ XLI 4VMZ] 'SYRGMP EW XLI LMKLIWX 'SYVX SJ %TTIEP JVSQ -RHME
GSRWXMXYXIW ]IX ERSXLIV MQTSVXERX TLEWI SJ HIZIPSTQIRX MR XLI NYHMGMEP W]WXIQ SJ -RHME
-X WXMQYPEXIH TVSTIV HIZIPSTQIRX SJ PE[W MR -RHME SR E YRMJSVQ TEXXIVR ERH EPWS
QSXMZEXIH XLI 'SYVXW XS ETTP] LMKL NYHMGMEP WXERHEVHW MR HMWGLEVKMRK XLIMV JYRGXMSRW EW
HMWTIRWIVW SJ NYWXMGI

.EMR 14 3YXPMRIW SJ -RHMER 0IKEP ,MWXSV] 8VMTEXM &SQFE] XL )HMXMSR T

8LI 4VMZ] 'SYRGMP MR XLI GSYVWI SJ LIEVMRK ETTIEPW JVSQ -RHME MRXVSHYGIH
'SQQSR 0E[ MR -RHME EWGIVXEMRIH XLI PE[ ERH WIXXPIH XLI YRWIXXPIH MWWYIW -R XLI
[SVHW SJ /1 1YRWLM ER IQMRIRX QIQFIV SJ PIKEP TVSJIWWMSR XLI 'SRWXMXYIRX
%WWIQFP] ERH WXEXIWQER SJ -RHME WTIEOMRK SR XLI SGGEWMSR SJ XLI EFSPMXMSR SJ XLI
4VMZ] 'SYRGMP WNYVMWHMGXMSRSZIV-RHME WEMH
8LI &VMXMWL 4EVPMEQIRX ERH XLI 4VMZ] 'SYRGMP EVI XLI X[S KVIEX MRWXMXYXMSRW
[LMGL XLI %RKPS7E\SR VEGI LEW KMZIR XS QEROMRH 8LI 4VMZ] 'SYRGMP HYVMRK XLI PEWX
JI[ GIRXYVMIW LEW RSX SRP] PEMH HS[R PE[ FYX EPWS GSSVHMREXIH XLI GSRGITX SJ VMKLX
ERH SFPMKEXMSRW XLVSYKLSYX EPP XLI (SQMRMSRW ERH XLI GSPSRMIW MR XLI &VMXMWL
'SQQSR[IEPXL 7S JEV EW -RHME MW GSRGIVRIH XLI VSPI SJ XLI 4VMZ] 'SYRGMP LEW FIIR
SRI SJ XLI QSWX MQTSVXERX SRI -X LEW FIIR E KVIEX YRMJ]MRK JSVGI ERH JSV YW -RHMERW MX
FIGEQI XLI MRWXVYQIRX ERH IQFSHMQIRX SJ XLI VYPI SJ PE[ E GSRGITX SR [LMGL EPSRI
[I LEZI FEWIH XLI HIQSGVEXMG MRWXMXYXMSRW [LMGL [I LEZI WIX YT MR SYV
'SRWXMXYXMSR
(YVMRK XLI TIVMSH JVSQ XS ERH IWTIGMEPP] JVSQ SR[EVHW XLI
4VMZ] 'SYRGMP TPE]IH E ZIV] MQTSVXERX VSPI MR QEOMRK E YRMUYI GSRXVMFYXMSR XS XLI
-RHMER PE[ ERH XLI NYHMGMEP W]WXIQ EW E [LSPI -X LEW TVSRSYRGIH SZIV NYHKQIRXW
HYVMRK MXW GEVIIV 8LI LMWXSV] VIPEXMRK XS XLI ETTIEPW JVSQ -RHME XS XLI 4VMZ] 'SYRGMP MR
)RKPERH WLEPP FI I\TPEMRIH F] XLI JSPPS[MRK
%TTIEPW XS XLI 4VMZ] 'SYRGMP HYVMRK

%TTIEPW JVSQ XLI 'VS[R W 'SYVX ERH 'SQTER] W 'SYVX
8LI ETTIEPW JVSQ XLI 1E]SV W GSYVX [IVI XS FI LIEVH F] XLI +SZIVRSV ERH
'SYRGMP ERH XLI ETTIEPW JVSQ XLI +SZIVRSV ERH 'SYRGMP [IVI EPPS[IH XS XLI 4VMZ]
'SYRGMP MR )RKPERH MR EPP GEWIW SJ XLI ZEPYI SJ TEKSHEW SV QSVI 8LI 'LEVXIV
SJ JSV XLI JMVWX XMQI KVERXIH E VMKLX XS ETTIEP XS XLI 4VMZ] 'SYRGMP MR )RKPERH
JVSQ XLI NYHKQIRXW SJ XLI 'SYVXW SJ -RHME 8LI 'LEVXIV SJ VIXEMRIH XLI

5YSXIH F] (V14.EMR MR LMW FSSO 3YXPMRIW SJ -RHMER 0IKEP ,MWXSV] T 7II EPWS 6EQE .SMW
0IKEP ERH 'SRWXMXYXMSREP ,MWXSV] SJ -RHME :SP-- )HMXMSR T

7YTVE RSXI T

8LI ZEPYI SJ SRI TEKSHE [EW IUYMZEPIRX XS XLVII VYTIIW

TVSZMWMSRW SJ XLI 'LEVXIV SJ VIPEXMRK XS ETTIEPW 8LYW XLIWI TVSZMWMSRW VIPEXMRK
XS ETTIEPW XS XLI 4VMZ] 'SYRGMP GSRXMRYIH XMPP XLI TEWWMRK SJ XLI 6IKYPEXMRK %GX
8LI 6IKYPEXMRK %GX IQTS[IVIH XLI &VMXMWL 'VS[R XS IWXEFPMWL E 7YTVIQI 'SYVX
EX 'EPGYXXE F] MWWYMRK 'LEVXIV 8LI 'LEVXIV SJ IWXEFPMWLIH E 7YTVIQI 'SYVX EX
'EPGYXXE 8LMW 'LEVXIV SJ WYTIVWIHIH XLI TVSZMWMSRW SJ XLI 'LEVXIV SJ ERH
XLYW XLI 1E]SV W'SYVXEX'EPGYXXE[EWEFSPMWLIH8LMW'LEVXIV EPWS QEHI TVSZMWMSRW
JSV ETTIEPW JVSQ XLI NYHKQIRX SJ XLI 7YTVIQI 'SYVX XS XLI 4VMZ] 'SYRGMP
8LI 7EHEV (M[ERM %HEPEX [EW IQTS[IVIH XS LIEV ETTIEPW JVSQ XLI NYHKQIRX
SJ XLI PS[IV GSYVXW SJ XLI 'SQTER] MR XLI 4VSZMRGIW SJ &IRKEP ERH FIJSVI XLI TEWWMRK
SJ XLI %GX SJ 7IXXPIQIRX MR XLI HIGMWMSRW SJ XLI 7EHEV (M[ERM %HEPEX [IVI JMREP
8LI %GX SJ 7IXXPIQIRX TEWWIH MR EPPS[IH ETTIEPW XS XLI 4VMZ] 'SYRGMP JVSQ XLI
NYHKQIRXW SJ XLI 7EVHEV (M[ERM %HEPEX [LIVI XLI ZEPYI SJ XLI WYFNIGXQEXXIV MR
HMWTYXI [EW TSYRHW SV QSVI 8LI %GX SJ 7IXXPIQIRX TVIWGVMFIH SRP] XLI
PMQMXEXMSR EW XS EQSYRX ERH XLIVI [EW RS PMQMXEXMSR SJ XMQI JSV JMPMRK WYGL ETTIEPW -R
XLI +SZIVRSV+IRIVEPMR'SYRGMP TEWWIH E 6IKYPEXMSR [MXL ER SFNIGX XS
TVSZMHI VYPIW JSV XLI ETTIEPW XS XLI 4VMZ] 'SYRGMP JVSQ XLI .YHKQIRXW SJ XLI 7EHEV
(M[ERM %HEPEX 8LI VMKLX XS ETTIEP JVSQ XLI 1EHVEW 7EHEV (M[ERM %HEPEX ERH
&SQFE] 7EHEV (M[ERM %HEPEX [IVI KVERXIH MR ERH VIWTIGXMZIP] 8LYW
XLIVI [IVI X[S OMRHW SJ ETTIEPW JVSQ XLI HIGMWMSRW SJ XLI 'VS[R W 'SYVX ERH XLI
7EVHEV (M[ERM %HEPEX XS XLI 4VMZ] 'SYRGMP
%TTIEPW EW E QEXXIV SJ VMKLX [LIR XLI TVIWGVMFIH GSRHMXMSRW [IVI

JYPJMPPIH ERH
%TTIEPW F] WTIGMEP PIEZI SJ XLI 4VMZ] 'SYRGMP
.YHMGMEP 'SQQMXXII %GX
-R SVHIV XS VIKYPEXI XLI W]WXIQ SJ ETTIEPW XS XLI 4VMZ] 'SYRGMP MR

.YHMGMEP 'SQQMXXII %GX [EW TEWWIH 8LMW %GX GVIEXIH E TIVQERIRX .YHMGMEP 'SQQMXXII
SJ XLI 4VMZ] 'SYRGMP XS LIEV ETTIEPW %R 3VHIVMR'SYRGMP [EW MWWYIH SR XL %TVMP
YRHIV XLMW %GX 8LMW 3VHIVMR'SYRGMP TVSZMHIH XLEX ETTIEP JVSQ XLI NYHKQIRX

6IKYPEXMSR <:- SJ

HIGVII SVHIV SJ XLI 7YTVIQI 'SYVX SV 7EVHEV (M[ERM %HEPEXW MR -RHME GSYPH FI JMPIH
MR XLI 4VMZ] 'SYRGMP [MXLMR QSRXLW JVSQ XLI HEXI SJ WYGL NYHKQIRX HIGVII SV SVHIV
MJ XLI ZEPYEXMSR SJ XLI WYMX [EW QSVI XLER 6W 8LYW FSXL XLI 'VS[R WERHXLI
'SQTER] W'SYVXW[IVITYXSRXLIWEQIJSSXMRKMRXLIQEXXIVSJZEPYEXMSR*YVXLIV
MR XLI &VMXMWL 4EVPMEQIRX TEWWIH ER %GX XS EQIRH XLI .YHMGMEP 'SQQMXXII %GX
ERH XSSO SYX XLI TS[IV SJ ETTIEPW JVSQ XLI 'SQTER] ERH ZIWXIH MR XLI LERHW SJ
XLI VIWTIGXMZI TEVXMIW
%TTIEPW XS XLI 4VMZ] 'SYRGMP HYVMRK

%TTIEPW JVSQ ,MKL 'SYVXW ERH *IHIVEP 'SYVX
-R XLI -RHMER ,MKL GSYVXW %GX [EW TEWWIH [MXL XLI SFNIGX XS EFSPMWL XLI
7YTVIQI 'SYVXW ERH 7EVHEV (M[ERM %HEPEX ERH MR XLIMV TPEGI XS IWXEFPMWL ,MKL 'SYVXW
MR XLI 4VIWMHIRG] 8S[RW 1EHVEW &SQFE] ERH 'EPGYXXE 8LYW XLI -RHMER ,MKL
GSYVXW %GX QEHI TVSZMWMSRW JSV XLI QIVKIV SJ XLI 7YTVIQI 'SYVX ERH 7EVHEV
%HEPEXW ERH GVIEXMSR SJ E ,MKL 'SYVX MR XLIMV TPEGI MR IEGL 4VIWMHIRG] 8S[R 9RHIV
XLMW %GX XLI ETTIEPW XS XLI 4VMZ] 'SYRGMP [EW EPPS[IH MR EPP QEXXIVW I\GITX GVMQMREP
GEWIW JVSQ XLI JMREP NYHKQIRX SJ XLI ,MKL 'SYVX TVSZMHIH XLI ZEPYEXMSR SJ XLI WYMX
[EW RSX PIWW XLER 6W SV XLI ,MKL 'SYVX GIVXMJMIH XLEX XLI GEWI [EW E JMX SRI JSV
ETTIEP XS XLI 4VMZ] 'SYRGMP
8,) *)()6%0 '3968 3* -2(-%

8LI +SZIVRQIRX SJ -RHME %GX QEHI TVSZMWMSR JSV XLI IWXEFPMWLQIRX SJ E
*IHIVEP 'SYVX )ZIR FIJSVI XLI *IHIVEP 'SYVX SJ -RHME [EW IWXEFPMWLIH YRHIV XLI
+SZIVRQIRX SJ -RHME %GX XLI &VMXMWL 4EVPMEQIRX [EW WIVMSYWP] GSRWMHIVMRK
XEGOPMRK XLI TVSFPIQ SJ GVIEXMRK E GIRXVEP GSYVX SJ JMREP ETTIEP MR -RHME -X [EW TEVXP]
HYI XS XLI KVS[MRK XVIRH SJ XLI -RHMER TYFPMG STMRMSR MR JEZSYV SJ WXSTTMRK ETTIEPW XS
XLI 4VMZ] 'SYRGMP JVSQ -RHMER ,MKL 'SYVXW ERH EPWS TEVXP] HYI XS XLI IQIVKMRK JIHIVEP
WXVYGXYVI SJ XLI &VMXMWL )QTMVI MR -RHME 7MV ,EVM 7MRKL +SYV [EW XLI JMVWX TIVWSR MR
XLI PIKEP LMWXSV] SJ -RHME [LS VIEPMÎH XLI RIGIWWMX] SJ IWXEFPMWLMRK ER EPP -RHME GSYVX
SJ JMREP ETTIEP MR -RHME MR TPEGI SJ XLI 4VMZ] 'SYRGMP ;MXL XLMW MR QMRH LI IZIR
MRXVSHYGIH E VIWSPYXMSR SR XL 1EVGL MR XLI 'IRXVEP 0IKMWPEXMZI %WWIQFP]

,I [EW E JEQSYW EHZSGEXI ERH JSYRHIV SJ XLI 7EKEV 9RMZIVWMX] MR 1EHL]E 4VEHIWL

[LMGL WXEXIH 8LMW%WWIQFP]VIGSQQIRHWXSXLI+SZIVRSV+IRIVEPMR'SYRGMP XS FI
WS TPIEWIH EW XS XEOI IEVP] WXITW XS IWXEFPMWL E 'SYVX SJ YPXMQEXI %TTIEP MR -RHME JSV
XLI XVMEP SJ GMZMP ETTIEPW RS[ HIXIVQMRIH F] XLI 4VMZ] 'SYRGMP MR )RKPERH ERH EW XLI
GSYVX SJ JMREP ETTIEP EKEMRWX GSRZMGXMSRW JSV WIVMSYW SJJIRGIW SGGEWMSRMRK XLI JEMPYVI SJ
.YWXMGI 8LI *IHIVEP GSYVX GSRWMWXIH SJ E GLMIJ .YWXMGI ERH WYGL TYMWRI NYHKIW EW XLI
&VMXMWL 'VS[R [SYPH HIIQ RIGIWWEV] 8LI] [IVI XS LSPH SJJMGI YT XS XLI EKI SJ WM\X]
JMZI ]IEVW % NYHKI GSYPH FI VIQSZIH JVSQ XLI SJJMGI SR XLI KVSYRH SJ QMWFILEZMSV SV
SJ QIRXEP SV FSHMP] MRJMVQMX] MR GEWI XLI 4VMZ] 'SYRGMP SR VIJIVIRGI F] XLI &VMXMWL
'VS[R WS VIGSQQIRHIH
8LI UYEPMJMGEXMSRW TVIWGVMFIH JSV ETTSMRXQIRX SJ E NYHKI MR XLI *IHIVEP 'SYVX

[IVI
*MZI ]IEVW I\TIVMIRGI EW NYHKI SJ E ,MKL 'SYVX SV
% FEVVMWXIV SV ER EHZSGEXI SJ XIR ]IEVW WXERHMRK SV
% TPIEHIV MR E ,MKL 'SYVX SJ XIR ]IEVW WXERHMRK
%W VIKEVHW XLI ETTSMRXQIRX SJ XLI 'LMIJ .YWXMGI MX TVSZMHIH XLEX E TIVWSR
WLSYPH LEZI IMXLIV SJ XLI JSPPS[MRK
JMJXIIR ]IEVW I\TIVMIRGI SJ WXERHMRK MR E ,MKL 'SYVX EW E FEVVMWXIV
EHZSGEXI SV TPIEHIV SV
WLSYPH LEZI FIIR SRI [LIR JMVWX ETTSMRXIH EW E NYHKI
8LI *IHIVEP 'SYVX [EW IQTS[IVIH XS LIEV ETTIEPW JVSQ ER] NYHKQIRX HIGVII
SV JMREP SVHIV SJ E ,MKL 'SYVX MR &VMXMWL -RHME MJ XLI ,MKL 'SYVX GIVXMJMIH XLEX XLI GEWI
MRZSPZIH WYFWXERXMEP UYIWXMSR SJ PE[ EW XS MRXIVTVIXEXMSR SJ XLMW %GX SV ER] 3VHIVMR
'SYRGMP QEHI XLIVI YRHIV ,S[IZIV [MXL XLI TVIZMSYW WERGXMSR SJ XLI +SZIVRSV
+IRIVEP XLI *IHIVEP 0IKMWPEXYVI GSYPH QEOI TVSZMWMSR JSV ETTIEPW MR GMZMP GEWI JVSQ
XLI ,MKL 'SYVX MR &VMXMWL -RHME XS XLI *IHIVEP 'SYVX IZIR [MXLSYX XLI EJSVIWEMH
GIVXMJMGEXI MJ MX MRZSPZIH E GEWI ZEPYIH EX RSX PIWW XLER 6W 8LI +SZIVRSV
KIRIVEP [EW IQTS[IVIH XS VIJIV ER] TSMRX SJ PE[ XS XLI *IHIVEP 'SYVX JSV MXW STMRMSR

0IKMWPEXMZI %WWIQFP] -RHME (IFEXIW :SP- T

8LI +SZIVRQIRX SJ -RHME %GX 7W E F
G

8LI *IHIVEP 'SYVX [EW XS TVSRSYRGI MXW STMRMSR SR WYGL VIJIVIRGI MR STIR GSYVX
,S[IZIV XLI *IHIVEP 'SYVX [EW RSX XLI JMREP GSYVX
8LI ETTIEP JVSQ XLI NYHKQIRX SJ XLI *IHIVEP GSYVX GSYPH PMI XS XLI 4VMZ]
'SYRGMP MR GEWIW [IVI
8LI NYHKQIRX [EW KMZIR F] XLI JIHIVEP 'SYVX MR I\IVGMWI SJ XLI SVMKMREP
NYVMWHMGXMSR [MXLSYX PIEZI SV
-R ER] SXLIV GEWI F] PIEZI SJ XLI *IHIVEP 'SYVX SV WTIGMEP PIEZI XS ETTIEP
F] XLI 4VMZ] 'SYRGMP
,S[IZIV MR XLI 'SRWXMXYIRX %WWIQFP] HIGMHIH XS KMZI JYPP NYHMGMEP

EYXSRSQ] XS XLI -RHMER NYHMGMEV] 8LI HVEJX SJ XLI RI[ 'SRWXMXYXMSR SJ -RHME [EW EX MXW
JMREP WXEKI ERH XLI PIEHIVW [ERXIH XS KMZI MX E WQSSXL XVERWMXMSR 8LI %WWIQFP]
XLIVIJSVI TEWWIH XLI %FSPMXMSR SJ XLI 4VMZ] 'SYRGMP .YVMWHMGXMSR %GX MR 8LI
%GX GEQI MRXS JSVGI JVSQ XL 3GXSFIV ERH MX WIZIVIH EPP GSRRIGXMSRW SJ XLI
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XLSWI [LMGL [IVI EX ER EHZERGIH WXEKI XS XLI *IHIVEP 'SYVX SJ -RHME JSV JMREP
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GSRWXMXYXMSREP LMWXSV] SJ -RHME
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MR 97% XLI .YHMGMEV] %GX SJ IWXEFPMWLIH XLI *IHIVEP 7YTVIQI 'SYVX 8LI
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7YTVE RSXI T

-R &YVQE XLI LMKLIWX GSYVX SJ ETTIEP MW ORS[R EW XLI 7YTVIQI 'SYVX SJ &YVQE
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GSYVXW EVI ORS[R EW XLI 7YTVIQI GSYVXW %W GSQTEVIH XS XLI 7YTVIQI 'SYVXW SJ SXLIV
GSYRXVMIW XLI 7YTVIQI 'SYVX SJ -RHME MW E YRMUYI NYHMGMEP MRWXMXYXMSR IRXVYWXIH [MXL
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LEW XLI TS[IV XS MWWYI [VMXW XS XLI 9RMSR ERH 7XEXI KSZIVRQIRXW ERH SXLIV EYXLSVMXMIW
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8LYW MX MW EX XLI ETI\ SJ XLI IRXMVI NYHMGMEP W]WXIQ SJ XLI 'SYRXV] 8LI ETTSMRXQIRXW
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ERH XLIR WMRGI -RHITIRHIRGI MR XLI QEXXIVW VIPEXMRK XS XLI ETTSMRXQIRXW SJ NYHKIW
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%W VIEH MR E GSRWYPXEXMSR TETIV SR 7YTIVMSV.YHMGMEV]
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%YWXMR+ 8LI -RHMER 'SRWXMXYXMSR 'SVRIVWXSRI SJ E 2EXMSR 3\JSVH 'PEVIRHSR 4VIWW T

WIPIGXMRK NYHKIW JSV XLI 7YTVIQI 'SYVX 8LI 'SQQMXXII WYFQMXXIH E YRERMQSYW VITSVX
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XLEX FILEPJ REQIP]
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4VIWMHIRX [MXL XLI ETTVSZEP SJ EX PIEWX X[SXLMVHW SJ XLI 1IQFIVW SJ XLI 'SYRGMP SJ
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ER I\SJJMGMS QIQFIV
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8LI HVEJX 'SRWXMXYXMSR [EW JSV[EVHIH XS XLI *IHIVEP 'SYVX JSV MXW ZMI[W -R
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8LI TERIP GSQTSWIH SJ WSQI SJ XLI 'LMIJ .YWXMGIW SJ XLI ,MKL 'SYVXW WSQI QIQFIVW SJ FSXL XLI
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7LMZE 6SE& 8LI *VEQMRK SJ -RHME W'SRWXMXYXMSR% WXYH] --4% 2I[ (IPLM :SP T

6ES&2 -RHME W 'SRWXMXYXMSR MR XLI 1EOMRK )HMXIH F] &7LMZE 6ES 3VMIRX 0SRKQERW
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GSRWYPXEXMSR [MXL XLI +SZIVRSV SJ XLI 7XEXI ERH [MXL XLI GSRGYVVIRGI SJ XLI 'LMIJ
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LI GSRGPYHIH
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[LMGL [I EVI RSX TVITEVIH XS ZIWX MR XLI 4VIWMHIRX SV XLI +SZIVRQIRX SJ XLI HE] -

XLIVIJSVI XLMRO XLEX MW EPWS E HERKIVSYW TVITSWMXMSR
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YRHIV LMW LERH ERH WIEP EJXIV GSRWYPXEXMSR [MXL XLI 'LMIJ .YWXMGI SJ -RHME XLI
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%VX 'SRWXMXYXMSR SJ -RHME


VIGVYMXQIRX XS XLI NYHMGMEV] 8LI 'SQQMWWMSR WIRX UYIWXMSRREMVIW XS EWGIVXEMR XLI
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WIPIGXMSR TVSGIWW -X VITSVXIH XLEX MX LEH LIEVH FMXXIVERHVIZIEPMRK GSRHIQREXMSRSJ
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I\XVERISYW GSRWMHIVEXMSR /11YRWLM JSVQIV +SZIVRSV SJ 94 MR VITP] XS XLI
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XLVII VIEWSRW JSV WYGL HIXIVMSVEXMSR
8LI 'LMIJ 1MRMWXIV EGXW EW E WSYVGI SJ TEXVSREKI YRHIV XLI WIPIGXMSR
W]WXIQ SJ %VX
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WIRXMQIRX ;MXL XLI ZMI[W SFXEMRIH XLI 0E[ 'SQQMWWMSR HVEJXIH XLI JMREP
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VIJIVIRGI XS GSQQYREP SV VIKMSREP GSRWMHIVEXMSRW

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*SV E HIXEMPIH HMWGYWWMSR SR XLIWI PIXXIVW WII 7YTVE RSXI TT

8LI 'LMIJ .YWXMGI SJ -RHME WLSYPH FI GLSWIR RSX QIVIP] SR XLI FEWMW SJ
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MRGPMRIH MR JEZSV SJ QIVMXSVMSYW NYHKIW ,S[IZIV XLIWI VIGSQQIRHEXMSRW [IVI JSV E
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8LI WXYH] XIEQ SR 'IRXVI7XEXI 6IPEXMSRW SJ XLI %HQMRMWXVEXMZI 6IJSVQW
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.YHKIW SJ XLI 7YTVIQI 'SYVX MR XLI QEXXIV SJ ETTSMRXQIRX XS XLI SJJMGI SJ XLI 'LMIJ

*SYVXIIRXL 6ITSVX 6IJSVQ SJ XLI .YHMGMEP %HQMRMWXVEXMSR 'PEWWMJMIH 6IGSQQIRHEXMSRW T

.YWXMGI SJ -RHME MR E 'SRZIRXMSR SJ XLI &EV SJ XLI [LSPI GSYRXV] [EW LIPH SR
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ERH TVSGIHYVI JSV ETTSMRXQIRX SJ 'LMIJ .YWXMGI ERH SXLIV .YHKIW 8LI VIWSPYXMSR
VIGSQQIRHIH MRXIV EPME XLEX XLI ETTSMRXQIRX SJ XLI ,MKL GSYVX .YHKIW WLSYPH FI
QEHI SR XLI VIGSQQIRHEXMSR SJ E 'SQQMXXII SJ XLVII WIRMSVQSWX .YHKIW SJ XLI ,MKL
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TYVTSWI F] XLI %WWSGMEXMSR SJ XLI ,MKL 'SYVX &EV -RMXMEXMZI MR QEOMRK E
VIGSQQIRHEXMSR WLSYPH EPWS FI [MXL XLMW 'SQQMXXII ERH RSX [MXL ER] I\IGYXMZI
EYXLSVMX] -R JEGX XLMW MW XLI JMVWX SGGEWMSR [LIR XLI &EV [EW WSYKLX XS FI FVSYKLX MRXS
XLI ETTSMRXQIRX QIGLERMWQ
)MKLXMIXL XL 6ITSVX SJ XLI 0E[ 'SQQMWWMSR SJ -RHME
-R XLI ]IEV EX XLI MRWXERGI SJ XLI XLIR 4VMQI 1MRMWXIV SJ -RHME XLI
1MRMWXV] SJ 0E[ .YWXMGI ERH 'SQTER] %JJEMVW VIUYIWXIH XLI 0E[ 'SQQMWWMSR XS
I\EQMRI XLI UYIWXMSR SJ ETTSMRXQIRX SJ .YHKIW SJ ,MKL 'SYVX ERH 7YTVIQI 'SYVX ERH
XS WYFQMX E VITSVX 8LI 0E[ 'SQQMWWMSR LIEHIH F] 7LVM , 6 /LERRE . [IRX MRXS
XLI QEXXIV EX PIRKXL ERH VIGSQQIRHIH XLEX [LMPI QEOMRK E VIGSQQIRHEXMSR JSV
ETTSMRXQIRX SJ E .YHKI SJ E ,MKL 'SYVX XLI 'LMIJ .YWXMGI SJ XLI ,MKL 'SYVX WLSYPH
GSRWYPX LMW X[S WIRMSVQSWX GSPPIEKYIW ERH [LMPI JSV[EVHMRK XLI VIGSQQIRHEXMSR
WLSYPH MRGSVTSVEXI XLIVIMR XLI JEGX SJ WYGL GSRWYPXEXMSR ERH MRHMGEXI XLI ZMI[W SJ XLI
X[S GSPPIEKYIW 8LI YRERMQSYW VIGSQQIRHEXMSR SJ XLMW FSH] WLSYPH RSVQEPP] FI
EGGITXIH F] XLI I\IGYXMZI
-RXIVIWXMRKP] XLI 'SQQMWWMSR LEH TVSTSWIH MR MXW UYIWXMSRREMVI GSRWXMXYXMSR

SJ E LMKL PIZIP TERIP E GSRWYPXEXMZI TERIP GEPPIH .YHKIW %TTSMRXQIRX 'SQQMWWMSR
GSRWMWXMRK SJ TIVWSRW ORS[R JSV XLIMV MRXIKVMX] MRHITIRHIRGI ERH NYHMGMEP
FEGOKVSYRH XS IRWYVI HMWTEWWMSREXI WGVYXMR] ERH XS IPMQMREXI I\XVERISYW
GSRWMHIVEXMSRW MR XLI QEXXIV SJ XLIWI ETTSMRXQIRXW &YX MX HVSTTIH XLI TVSTSWEP MR
ZMI[ SJ XLI STTSWMXMSR F] QSWX SJ XLI ,MKL 'SYVXW 8LI 0E[ 'SQQMWWMSR EPWS

&] XLI XMQI SJ WYFQMWWMSR SJ XLI VITSVX 7LVM ,6/LERRE . VIWMKRIH

8LI TERIP [EW XS GSRWMWX SJ 'LMIJ .YWXMGI SJ -RHME 1MRMWXIV JSV 0E[ ERH .YWXMGI ERH XLVII TIVWSRW
IEGL SJ [LSQ LEW FIIR XLI 'LMIJ .YWXMGI SV E .YHKI SJ XLI 7YTVIQI 'SYVX

VIGSVHIH MXW ZMI[W SR XVERWJIV SJ ,MKL 'SYVX .YHKIW ETTSMRXQIRX SJ WIRMSVQSWX
TYMWRI .YHKI EW 'LMIJ .YWXMGI
&EV 'SYRGMP W 3TMRMSR
6IJIVIRGI QE] EPWS FI QEHI XS ER STMRMSR I\TVIWWIH F] XLI &EV 'SYRGMP SJ

-RHME MR XLEX SJ EPP XLI WIKQIRXW SJ XLI WSGMIX] XLI QIQFIVW SJ XLI &EV EVI
TVIIQMRIRXP] WYMXIH XS NYHKI TIVWSRW [LS WLSYPH FI ETTSMRXIH EW NYHKIW SJ XLI ,MKL
'SYVX ERH 7YTVIQI 'SYVX ERH XLIVIJSVI ER] VIJSVQ SV QSHMJMGEXMSR MR XLI QSHIP JSV
WIPIGXMSR ERH ETTSMRXQIRX SJ XLI SVKERMÎH FEV MR XLI QIGLERMWQ
1ENSVMX] ZMI[ MR 74+YTXE W GEWI
-R 74+YTXE WGEWI .YWXMGI &LEK[EXM [LS [EW MR XLI QENSVMX] HMH
RSX EGGITX XLI GSRGITX SJ XLI TVMQEG] SJ XLI 'LMIJ .YWXMGI SJ -RHME ,I STMRIH XLEX
TVSTSWEP JSV ETTSMRXQIRX GER IQEREXI IMXLIV JVSQ 'LMIJ .YWXMGI SJ -RHME SV JVSQ ER]
SJ XLI SXLIV XLVII GSRWXMXYXMSREP JYRGXMSREVMIW MR GEWI SJ ETTSMRXQIRX SJ ,MKL 'SYVX
ERH XLEX MX [EW STIR XS XLI 'IRXVEP +SZIVRQIRX XS SZIVVMHI XLI STMRMSR SJ 'LMIJ
.YWXMGI SJ -RHME SV XLI SXLIV X[S GSRWXMXYXMSREP JYRGXMSREVMIW ,I WEMH XLEX STMRMSR SJ
EPP XLI XLVII JYRGXMSREVMIW XS FI GSRWYPXIH WXSSH SR IUYEP JSSXMRK ,I JYVXLIV EHHIH
UYMXI WMKRMJMGERXP] XLEX MJ XLI STMRMSR SJ 'LMIJ .YWXMGI SJ -RHME ERH 'LMIJ .YWXMGI SJ XLI
,MKL 'SYVX EVI YRERMQSYW XLI +SZIVRQIRX WLSYPH SVHMREVMP] EGGITX MX
-R XLI GSYVWI SJ LMW STMRMSR XLI PIEVRIH .YHKI EPWS VIJIVVIH XS XLI HIWMVEFMPMX]
SJ E GSPPIKMYQ XS QEOI VIGSQQIRHEXMSR XS XLI 4VIWMHIRX MR VIKEVH XS ETTSMRXQIRX SJ
7YTVIQI 'SYVX ERH ,MKL 'SYVX .YHKIW ,I XLSYKLX XLEX WYGL E GSPPIKMYQ WLSYPH FI
FVSEHFEWIH ERH WLSYPH QEOI XLI VIGSQQIRHEXMSR MR GSRWYPXEXMSR [MXL [MHIV
MRXIVIWXW ,I VIJIVVIH XS XLI JEGX XLEX MR GSYRXVMIW PMOI %YWXVEPME ERH 2I[ >IEPERH XLI
MHIE SJ E .YHMGMEP 'SQQMWWMSR LEW FIIR KEMRMRK KVSYRH

%-6 7'


6IGSQQIRHEXMSRW SJ &EV 'SYRGMP SJ -RHME JSV 'SPPIKMYQ
8LI &EV 'SYRGMP SJ -RHME SVKERMÎH E REXMSREP WIQMREV SJ PE[]IVW EX

%LQEHEFEH SR XL 3GXSFIV -X STMRIH XLEX XLI VSPI SJ I\IGYXMZI MR XLI QEXXIV SJ
ETTSMRXQIRX XS ,MKL 'SYVX ERH 7YTVIQI 'SYVX WLSYPH SRP] FI JSVQEP ERH QMRMQEP
8LI MRMXMEXMZI MR XLI QEXXIV SJ WIPIGXMSR ERH ETTSMRXQIRX SJ NYHKIW WLSYPH MRZEVMEFP]
VIWX [MXL XLI 'LMIJ .YWXMGI SJ -RHME
*SV ETTSMRXQIRX XS XLI 7YTVIQI 'SYVX MX VIGSQQIRHIH E GSPPIKMYQ

GSRWMWXMRK SJ
XLI 'LMIJ .YWXMGI SJ -RHME
JMZI WIRMSV .YHKIW SJ XLI 7YTVIQI 'SYVX ERH
X[S VITVIWIRXEXMZIW SJ XLI &EV VITVIWIRXMRK XLI &EV 'SYRGMP SJ -RHME
ERH XLI 7YTVIQI 'SYVX &EV %WWSGMEXMSR
8LI VIGSQQIRHEXMSR SJ WYGL GSPPIKMYQ WLSYPH FI FMRHMRK SR XLI 4VIWMHIRX

XLSYKL MX [SYPH FI STIR JSV LMQ XS EWO JSV VIGSRWMHIVEXMSR SJ WTIGMJMG GEWIW SR WXEXIH
KVSYRHW -R XLI QEXXIV SJ ETTSMRXQIRX XS XLI ,MKL 'SYVX MX [EW VIGSQQIRHIH XLI
GSPPIKMYQ WLSYPH GSRWMWX SJ XLI 'LMIJ .YWXMGI SJ XLI ,MKL 'SYVX ERH LMW X[S WIRMSV
QSWX GSPPIEKYIW ERH X[S PIEHMRK EHZSGEXIW XS FI RSQMREXIH F] XLI &EV %WWSGMEXMSR SJ
XLI ,MKL 'SYVX EW MXW VITVIWIRXEXMZIW
WX 6ITSVX SJ 0E[ 'SQQMWWMSR SJ -RHME JSV 'SRWXMXYXMSR SJ E 2EXMSREP

.YHMGMEP 7IVZMGI 'SQQMWWMSR
8LI 0E[ 'SQQMWWMSR EKEMR [IRX MRXS XLMW QEXXIV EX KVIEX PIRKXL MR XLI ]IEV
YRHIV XLI 'LEMVQERWLMT SJ .YWXMGI (%(IWEM -XW VIGSQQIRHEXMSRW EVI
GSRXEMRIH MR XLI WX 6ITSVX SR 2I[ *SVYQ JSV .YHMGMEP %TTSMRXQIRXW WYFQMXXIH MR
.YP] %JXIV RSXMGMRK WIZIVEP VIGSQQIRHEXMSRW QEHI IEVPMIV ERH XLI HIZIPSTMRK
XVIRHW MR SXLIV GSYRXVMIW XLI 0E[ 'SQQMWWMSR VIGSQQIRHIH XLI GSRWXMXYXMSR SJ
2EXMSREP .YHMGMEP 7IVZMGI 'SQQMWWMSR -X STMRIH E FVSEH FEWIH 2EXMSREP .YHMGMEP

%ZEMPEFPI EX [[[PE[GSQQMWWMSRSJMRHMERMGMR 0EWX ZMI[IH SR

7IVZMGI 'SQQMWWMSR VITVIWIRXMRK ZEVMSYW MRXIVIWXW [MXL TVIIQMRIRX TSWMXMSR MR JEZSV
SJ XLI NYHMGMEV] MW XLI HIQERH SJ XLI XMQIW
8LI 6ITSVX VIGSQQIRHIH XLEX XLI .YHMGMEP 7IVZMGI 'SQQMWWMSR WLSYPH FI

GSQTSWIH SJ IPIZIR TIVWSRW REQIP]
8LI GLMIJ .YWXMGI SJ -RHME

8LVII WIRMSV QSWX .YHKIW SJ XLI 7YTVIQI 'SYVX
8LI MQQIHMEXI TVIHIGIWWSV MR SJJMGI SJ XLI 'LMIJ .YWXMGI SJ -RHME
8LVII WIRMSV QSWX 'LMIJ .YWXMGIW SJ ,MKL 'SYVXW
1MRMWXIV JSV 0E[ ERH .YWXMGI
8LI %XXSVRI] +IRIVEP SJ -RHME ERH
%R SYXWXERHMRK PE[ EGEHIQMG
8LI VITSVX JYVXLIV STMRIH XLEX MX QYWX FI PIJX XS WYGL 'SQQMWWMSR XS HIZMWI MXW
S[R TVSGIHYVI JSV MRMXMEXMSR SJ TVSTSWEP JSV VIGSQQIRHMRK MRHMZMHYEPW JSV
ETTSMRXQIRX ERH XLEX RS LEVH ERH JEWX VYPI GER FI PEMH HS[R MR XLEX FILEPJ -X [EW
SFWIVZIH XLEX VIGSQQIRHEXMSR SJ WYGL E 'SQQMWWMSR WLSYPH FI FMRHMRK YTSR XLI
4VIWMHIRX FYX MX WLEPP FI STIR XS XLI 4VIWMHIRX XS VIJIV XLI VIGSQQIRHEXMSR FEGO XS XLI
'SQQMWWMSR MR ER] KMZIR GEWI EPSRK [MXL MRJSVQEXMSR MR LMW TSWWIWWMSR VIKEVHMRK XLI
WYMXEFMPMX] SJ XLI GERHMHEXI -J LS[IZIV EJXIV VIGSRWMHIVEXMSR XLI 'SQQMWWMSR
VIMXIVEXIW MXW VIGSQQIRHEXMSR XLI 4VIWMHIRX WLEPP FI FSYRH XS QEOI XLI ETTSMRXQIRX
-X [EW EPWS VIGSQQIRHIH XLEX XLI 'LMIJ .YWXMGI SJ XLI ,MKL 'SYVX XS [LMGL
ETTSMRXQIRX MW TVSTSWIH XS FI QEHI WLSYPH FI GSSTXIH EW E QIQFIV SJ XLI
'SQQMWWMSR &IWMHIW XLI 'LMIJ .YWXMGI SJ XLI ,MKL 'SYVX XLI 'LMIJ 1MRMWXIV SJ XLI
7XEXI [LIVI XLI ,MKL 'SYVX MW WMXYEXIH [EW EPWS VIGSQQIRHIH XS FI GSSTXIH -X MW
IZMHIRX XLEX XLI 0E[ 'SQQMWWMSR LEH MR QMRH XLI ETTSMRXQIRX XS ,MKL 'SYVXW SRP] -X
HSIW RSX ETTIEV XS LEZI HIEPX [MXL ETTSMRXQIRX XS 7YTVIQI 'SYVX MR XLMW 6ITSVX
XL 6ITSVX SJ XLI 0E[ 'SQQMWWMSR SJ -RHME JSV E TVSTSWEP JSV
VIGSRWMHIVEXMSR SJ .YHKIW GEWIW - -- ERH ---

8LMW [EW SR XLI TVIQMWI XLEX +SZIVRSV MW SRP] E GSRWXMXYXMSREP LIEH [LS LEW XS EGX YTSR XLI EHZMGI
SJ XLI 'LMIJ 1MRMWXIV

8LI 'LEMVQER (V.YWXMGI %60EOWLQERER JSV[EVHIH XLI VITSVX XS XLI XLIR
9RMSR 1MRMWXIV SJ 0E[ ERH .YWXMGI MR XLI ]IEV -X QEMRP] HIEPX [MXL E TVSTSWEP XS
VIGSRWMHIV XLI .YHKI WGEWIW---ERH---
74 +YTXE Z 93- VITSVXIH MR %-6 7'

7YTVIQI 'SYVX %HZSGEXIW SR 6IGSVH %WWSGMEXMSR Z 93- VITSVXIH MR
7'' ERH
7TIGMEP 6IJIVIRGI SJ VITSVXIH MR 7'
8LMW VITSVX [EW TPEGIH FIJSVI XLI QIQFIVW ERH XLI QIQFIVW YRERMQSYWP]
ETTVSZIH XLI VITSVX 8LI VIGSRWMHIVEXMSR [EW TVSTSWIH SR XLI FEWMW SJ XLI HSYFXW
VEMWIH F] XLI 7YTVIQI 'SYVX SJ -RHME MR 7YFEWL 7LEVQE Z 9RMSR SJ -RHME TVIWMHIH
SZIV F] 'LMIJ .YWXMGI 6ERKEREXL 1MWVE .YWXMGI 12 :IROEXEGLEPMEL ERH .YWXMGI
11 4YRGLM -R XLMW GEWI HSYFXW [IVI VEMWIH EFSYX XLI GSVVIGXRIWW SJ XLI
MRXIVTVIXEXMSR SJ XLI [SVH GSRWYPXEXMSR MR VIKEVH XS XLI ETTSMRXQIRX SJ NYHKIW MR
74 +YTXE Z 93- 8LYW XLI VITSVX [EW WIRX EPSRK [MXL X[S EPXIVREXMZIW IMXLIV XS
VIGSRWMHIV XLI XLVII NYHKIQIRXW SV XS TEWW E PE[ XS VIWXSVI XLI TVMQEG] SJ XLI
NYHMGMEV] ERH XLI I\IGYXMZI

7YTT 7''

%-6 7'

',%48)6---
'3278-898-32%0 '39687 %2( -87 7-+2-*-'%2')

',%48)6 ---
'3278-898-32%0 '39687 %2( -87 7-+2-*-'%2')
'3278-898-32%0 '39687 43;)67 %2( 46-:-0)+)7
'SRWXMXYXMSREP 'SYVXW GER FI WXEXIH EW LMKLIV GSYVX XLEX HIEPW [MXL

'SRWXMXYXMSREP 0E[ -XW QEMR EYXLSVMX] MW XS VYPI SR [LIXLIV SV RSX PE[W XLEX EVI
GLEPPIRKIH EVI MR JEGX GSRWXMXYXMSREP MI [LIXLIV SV RSX XLI] GSRJPMGX [MXL
GSRWXMXYXMSREPP] IWXEFPMWLIH VMKLXW ERH JVIIHSQW 1ER] GSYRXVMIW HS RSX LEZI WITEVEXI
'SRWXMXYXMSREP 'SYVX FYX MRWXIEH HIPIKEXI GSRWXMXYXMSREP NYHMGMEP EYXLSVMX] XS XLIMV
7YTVIQI 'SYVX -R -RHME XLIVI EVI RS WITEVEXI GSYVXW XS HIEP [MXL GSRWXMXYXMSREP MWWYIW
I\GPYWMZIP] YRPMOI SXLIV GSYRXVMIW9RHIV XLI -RHMER 'SRWXMXYXMSR XLI TS[IV XS
MRXIVTVIX XLI 'SRWXMXYXMSR MW I\IVGMWIH F] XLI 7YTVIQI 'SYVX ERH ,MKL 'SYVXW
8LIVIJSVI MR XLMW GSRXI\X XLI XIVQ 'SRWXMXYXMSREP 'SYVXW VIJIV XS XLI 7YTVIQI
'SYVX ERH ,MKL'SYVXW
-RHME LEW ER MRXIKVEXIH NYHMGMEP W]WXIQ %X XLI XST SJ XLI W]WXIQ MW XLI
7YTVIQI 'SYVX SJ -RHME [LMGL I\IVGMWIW NYVMWHMGXMSR MR HMJJIVIRX JSVQW REQIP] [VMX
NYVMWHMGXMSR SVMKMREP ETTIPPEXI ERH EHZMWSV] 2I\X XS XLI 7YTVIQI 'SYVX EVI XLI ,MKL
'SYVXW MR ZEVMSYW WXEXIW 1SWX SJ XLI WXEXIW LEZI XLIMV S[R ,MKL 'SYVXW [LMPI WSQI
WXEXIW LEZI GSQQSR ,MKL 'SYVXW 0MOI XLI 7YTVIQI 'SYVX ,MKL 'SYVXW I\IVGMWI
[VMX NYVMWHMGXMSR FIWMHIW SXLIVW
8LI ,MKL GSYVXW LEZI XLI TS[IV SJ WYTIVZMWMSR SZIV EPP XLI 'SYVXW ERH
8VMFYREPW PSGEXIH MR XLIMV VIWTIGXMZI 7XEXIW 8LI XLMVH XMIV MW XLEX SJ XLI WYFSVHMREXI
NYHMGMEV] EX XLI HMWXVMGXPIZIP [LMGL MR XYVR GSRWMWXW SJ QER] PIZIPW SJ NYHKIW FSXL SR
XLI GMZMP ERH GVMQMREP WMHIW [LSWI NYVMWHMGXMSR MW FEWIH SR XIVVMXSVMEP ERH TIGYRMEV]
PMQMXW

)\EQTPI %YWXVME *VERGI+IVQER] 6YWWME ERH 7SYXL %JVMGE LEZI WITEVEXI 'SRWXMXYXMSREP GSYVXW

%VXMGPI 'SRWXMXYXMSR SJ -RHME

%TTIEPW JVSQ XLI WYFSVHMREXI GSYVXW

1%+2-89() %2( 7946)1%'=
-RHMER 'SRWXMXYXMSR QEOIW -RHMER .YHMGMEV] E WIPJVIKYPEXSV] FSH]

'SRWXMXYXMSREP GSYVXW TPE] ER MQTSVXERX VSPI MR IRWYVMRK XLI WYTVIQEG] SJ
GSRWXMXYXMSREP TVSZMWMSRW ERH VYPI SJ PE[ 8LI] EVI EPWS TMZSXEP MR IRWYVMRK XLI
JYPJMPPQIRX SJ SFPMKEXMSRW MR MRXIVREXMSREP PE[ MRGPYHMRK MRXIVREXMSREP LYQER VMKLXW
PE[ 3FPMKEXMSRW EWWYQIH EX XLI MRXIVREXMSREP PIZIP SRP] XLSWI XVERWPEXIH MRXS
HSQIWXMG PIKMWPEXMSR WLSYPH FI JYPP] MQTPIQIRXIH MR SVHIV XS TVSXIGX XLI VMKLXW SJ EPP
8LI 7YTVIQI 'SYVX ERH ,MKL 'SYVXW I\IVGMWI TS[IVW SJ WYTIVMRXIRHIRGI
'SRWXMXYXMSREP GSYVXW EVI EPWS ER MRXIKVEP TEVX SJ E W]WXIQ SJ GLIGOW ERH

FEPERGIW XS IRWYVI XLEX TS[IV MW RSX GSRJMRIH XS XLI I\IGYXMZI FYX WLEVIH [MXL ER
MRHITIRHIRX NYHMGMEV] ERH E VITVIWIRXEXMZI 0IKMWPEXYVI 8LI 7YTVIQI 'SYVX SJ -RHME
MW XLI YPXMQEXI MRXIVTVIXIV SJ XLI 'SRWXMXYXMSR ERH EW WYGL MXW KYEVHMER 8LI EYXLSVMX]
SJ XLMW GSYVX MW JYVXLIV IRLERGIH F] XLI TVSZMWMSR XLEX XLI PE[ HIGPEVIH F] XLI
7YTVIQI 'SYVX WLEPP FI FMRHMRK SR EPP GSYVXW [MXLMR XLI XIVVMXSV] SJ -RHME %VX
%R IRYQIVEXMSR SJ XLIMV ZEVMSYW TS[IVW [MPP WLS[ LS[ MQTVIWWMZI ERH

JSVQMHEFPI XLI] EVI 'SRWXMXYXMSREP GSYVXW EVI EFPI XS MRXIVTVIX ERH GPEVMJ] XLI
FSYRHEVMIW SJ EYXLSVMX] JSV XLI I\IGYXMZI ERH PIKMWPEXYVI IRWYVI XLI EGGSYRXEFMPMX] SJ
WXEXI MRWXMXYXMSRW ERH EWWMWX MR QEMRXEMRMRK XLI WXEFMPMX] SJ GSRWXMXYXMSREP SVHIV
'SRWXMXYXMSREP GSYVXW EW KYEVHMERW SJ XLI GSRWXMXYXMSR LEZI XLI JMREP [SVH MR

XLI VIZMI[ SJ XLI GSRJSVQMX] SJ XLI EGXW SJ EPP WXEXI EYXLSVMXMIW [MXL XLI GSRWXMXYXMSR
%W XLI JMREP MRXIVTVIXEXMSREP EYXLSVMX] SJ XLI 'SRWXMXYXMSR XLI TS[IV SJ XLI
'SRWXMXYXMSREP 'SYVXW IQFVEGIW RSX SRP] XLI MRXIVTVIXEXMSR SJ XLI 'SRWXMXYXMSR FYX EPWS
XLEX SJ XLI PE[W SJ XLI 9RMSR XLI 7XEXIW ERH PSGEP EYXLSVMXMIW 8LI HIGMWMSRW SJ XLI
'SRWXMXYXMSREP 'SYVXW GER IZIR RYPPMJ] XLI PE[W QEHI F] XLI LMKLIWX PIKMWPEXMZI
EYXLSVMX] MR XLI PERH XLI 4EVPMEQIRX SJ -RHME ERH WXEXI PIKMWPEXYVI %FSZI EPP XLI
'SYVX MW XLI TVSXIGXSV SJ XLI *YRHEQIRXEP 6MKLXW ERH SXLIV VMKLXW KYEVERXIIH YRHIV XLI

:8.SWLM ERH %RMP 'LE[PE -RHMER .YHMGMEV] ERH XLI 6IZMI[ SJ 'SRWXMXYXMSR SJ -RHME %ZEMPEFPI EX
[[[WEQEVXLFLEVEXGSQNYHMGMEV]LXQ 0EWX ZMI[IH SR

%ZEMPEFPI EX [[[SWGISVKSHMLV 0EWX ZMI[IH SR

'SRWXMXYXMSR -R XLI I\IVGMWI SJ XLMW TS[IV MX GER HIGPEVI XLI 9RMSR SV 7XEXI PE[W
MRZEPMH SV MWWYI [VMXW SV SVHIVW XS ER] EHQMRMWXVEXMZI EYXLSVMX] MR ER] TEVX SJ -RHME
[MXL E ZMI[ XS TVIZIRX XLI MRJVMRKIQIRX SJ ER] JYRHEQIRXEP VMKLX KYEVERXIIH YRHIV
XLI 'SRWXMXYXMSR 8LI GSQFMREXMSR SJ WYGL [MHI ERH ZEVMIH TS[IVW SJ XLI 7YTVIQI
'SYVX QEOIW MX RSX SRP] XLI WYTVIQI EYXLSVMX] MR XLI NYHMGMEP JMIPH FYX EPWS XLI
KYEVHMER SJ XLI 'SRWXMXYXMSR ERH XLI PE[W SJ XLI PERH
.96-7(-'8-32
-X GER FI GSRZMRGMRKP] WEMH XLEX XLI 7YTVIQI 'SYVX SJ -RHME MW XLI JMREP
EVFMXVEXSV MR EPP GSRWXMXYXMSREP GSRXVSZIVWMIW 8LI 'SRWXMXYXMSR SJ -RHME LEW KVERXIH
XLVII X]TIW SJ NYVMWHMGXMSR REQIP] 3VMKMREP %TTIPPEXI ERH %HZMWSV] -X LEW EPWS KMZIR
WTIGMEP TS[IVW PMOI VIZMI[ MXW S[R NYHKQIRXW XS TYRMWL XLI KYMPX] JSV XLI GSRXIQTX SJ
GSYVX XS MWWYI [VMXW NYHMGMEP VIZMI[ SJ PIKMWPEXMSR ERH WS SR
36-+-2%0 .96-7(-'8-32
8LI 'SRWXMXYXMSR GSRJIVW [MHI SVMKMREP NYVMWHMGXMSR SR XLI 7YTVIQI 'SYVX -R

MXW SVMKMREP NYVMWHMGXMSR XLI 7YTVIQI 'SYVX MW XLI SRP] JSVYQ [LIVI HMWTYXIW FIX[IIR
WXEXIW ERH XLI 9RMSR SV FIX[IIR 7XEXIW XLIQWIPZIW GER FI LIEVH 9RHIV %VXMGPI
XLI SVMKMREP NYVMWHMGXMSR I\XIRHW XS ER] HMWTYXI FIX[IIR XLI 'IRXVI ERH XLI 'SRWXMXYIRX
WXEXIW SV FIX[IIR XLI WXEXIW MRXIV WI ,S[IZIV XLI SVMKMREP NYVMWHMGXMSR MW I\GPYHIH MR
GEWIW SJ E HMWTYXI EVMWMRK SYX SJ ER] XVIEX] EKVIIQIRX GSZIRERX IRKEKIQIRX SV SXLIV
WMQMPEV MRWXVYQIRXW XLEX LEZI FIIR I\IGYXIH FIJSVI XLI 'SRWXMXYXMSR XLEX TVSZMHIW JSV
ER] WYGL I\GPYWMSR 8LI 7YTVIQI 'SYVX MW RSX E 'SYVX SJ SVHMREV] SVMKMREP NYVMWHMGXMSR
MR EPP QEXXIVW ERH FIX[IIR EPP TEVXMIW % WYMX GERRSX FI JMPIH FIJSVI XLI 7YTVIQI
'SYVX WMQTP] SR XLI FEWMW XLEX XLIVI MW RS SXLIV GSYVX MR XLI PERH [LMGL GER XV] XLI
UYIWXMSR VEMWIH MR XLI WYMX

%ZEMPEFPI EX LXXT[[[TVIWIVZIEVXMGPIWGSQIWWE]SRXLINYHMGMEPWYTVIQEG]SJ
XLIWYTVIQIGSYVXSJMRHMELXQP 0EWX ZMI[IH SR

3VMKMREP NYVMWHMGXMSR SJ 7YTVIQI 'SYVX

6EQKEVL 7XEXI Z 4VSZMRGI SJ &MLEV %-6 *'

-R EHHMXMSR %VXMGPI SJ XLI 'SRWXMXYXMSR KMZIW ER I\XIRWMZI SVMKMREP
NYVMWHMGXMSR XS XLI 7YTVIQI 'SYVX MR VIKEVH XS IRJSVGIQIRX SJ JYRHEQIRXEP VMKLXW -X MW
IQTS[IVIH XS MWWYI HMVIGXMSRW SVHIVW SV [VMXW -XW [VMX NYVMWHMGXMSR HIVMZIH JVSQ
%VXMGPI KMZIW MX E FMK WXEXYW MR XLI QEXXIV SJ IRJSVGMRK JYRHEQIRXEP VMKLXW
1SVISZIV XLI VIQIH] XS IRJSVGI JYRHEQIRXEP VMKLXW MW KYEVERXIIH F] %VXMGPIW ERH
SJ XLI 'SRWXMXYXMSR
%VXMGPI [LMGL MR MXWIPJ MW E JYRHEQIRXEP VMKLX TVSZMHIW XLEX XLI 7YTVIQI
'SYVX WLEPP LEZI XLI TS[IV XS MWWYI HMVIGXMSRW SV SVHIVW SV [VMXW [LMGL IZIV QE] FI
ETTVSTVMEXI JSV IRJSVGIQIRX SJ JYRHEQIRXEP VMKLXW 8LI 'SYVX LEW MRXIVTVIXIH XLMW
VIQIHMEP TVSZMWMSR [MHIP] WS EW XS PMFIVEPMWI XLI PSGYW WXERHM VIUYMVIQIRXW ERH
HIZIPST ITMWXSPEV] NYVMWHMGXMSR 8LI [MHI EQFMX SJ %VXMGPI LEW FIIR IQTPS]IH F]
XLI 7YTVIQI 'SYVX XS MWWYI E VERKI SJ SVHIVW ERH HMVIGXMSRW JSV I\EQTPI XS SVHIV
XLI TE]QIRX SJ GSQTIRWEXMSR IRJSVGI PEFSYV PE[W MWWYI HMVIGXMSRW JSV EHSTXMSR SJ
GLMPHVIR F] JSVIMKRIVW TVIWIVZI IGSPSKMGEP FEPERGI TVSXIGX [SVOMRK [SQIR JVSQ
WI\YEP LEVEWWQIRX ERH XS GSRXVSP TSPPYXMSR SJ XLI VMZIV +ERKIW
8LI 'SRWXMXYXMSR SJ -RHME HSIW RSX KMZI E HIXEMPIH HIWGVMTXMSR SJ XLI SVMKMREP
NYVMWHMGXMSR SJ XLI ,MKL 'SYVX -X MW EGGITXIH XLEX XLI SVMKMREP NYVMWHMGXMSR SJ E ,MKL
'SYVX MW I\IVGMWIH F] MWWYI SJ ;VMXW XS ER] TIVWSR SV EYXLSVMX] MRGPYHMRK +SZIVRQIRX
%VXMGPI GSRJIVW E WMQMPEV TS[IV SR XLI ,MKL 'SYVX XS MWWYI [VMXW 8LIVI EVI
LS[IZIV XLVII RSXEFPI HMJJIVIRGIW FIX[IIR XLIWI X[S %VXMGPIW *MVWXP] YRPMOI %VXMGPI
%VXMGPI MW RSX E JYRHEQIRXEP VMKLX 7IGSRHP] XLI [VMX MWWYMRK TS[IV SJ XLI
,MKL 'SYVXW MW GSRWXVEMRIH F] XIVVMXSVMEP PMQMXEXMSR MR XLEX XLI] GERRSX MWWYI [VMXW XS
ER] TIVWSR SV EYXLSVMX] SYXWMHI XLIMV XIVVMXSVMEP NYVMWHMGXMSR 8LMVHP] [LMPI XLI TS[IV

MRGPYHMRK [VMXW MR XLI REXYVI SJ LEFIEW GSVTYW QERHEQYW TVSLMFMXMSR UYS [EVVERXS ERH GIVXMSVEVM

7 4 +YTXE Z 9RMSR SJ -RHME %-6 7' 49(6 Z 9RMSR SJ -RHME %-6 7'
&ERHLYE 1YOXM 1SVGLE Z 9RMSR SJ -RHME 7''

7YRMP &EXVE Z (IPLM %HQMRMWXVEXMSR %-6 7' (V 9TIRHVE &E\M Z 7XEXI SJ 94
7'' 1SLER 0E[ 7LEVQE Z 7XEXI SJ 94 7''

1ELIRHVE 4 7MRKL : 2 7LYOPE W'SRWXMXYXMSRSJ-RHME )EWXIVR &SSO 'S 0YGORS[ XL )HMXMSR
TK


YRHIV %VXMGPI GSYPH FI I\IVGMWIH SRP] JSV XLI IRJSVGIQIRX SJ JYRHEQIRXEP VMKLXW
XLI TS[IV YRHIV %VXMGPI I\XIRHW XS MWWYI SVHIVW ERH [VMXW JSV ER] SXLIV TYVTSWI EW
[IPP
8LI 7YTVIQI 'SYVX LEW FIIR GSRJIVVIH [MXL XLI TS[IV XS HMVIGX XVERWJIV SJ ER]
GMZMP SV GVMQMREP GEWI JVSQ SRI ,MKL 'SYVX XS ERSXLIV WXEXI ,MKL 'SYVX SV JVSQ E GSYVX
WYFSVHMREXI XS ERSXLIV ,MKL 'SYVX %W JEV EW XLI ,MKL 'SYVXW EVI GSRGIVRIH XLI]
LEZI [MHI [VMX MWWYMRK TS[IV XLSYKL SRP] [MXLMR XLIMV VIWTIGXMZI XIVVMXSVMIW -R
EHHMXMSR XLI ,MKL 'SYVXW EPWS LEZI XLI TS[IV XS XVERWJIV GEWIW JVSQ WYFSVHMREXI
GSYVXW XS XLIQWIPZIW MJ XLI GEWI MRZSPZIW E WYFWXERXMEP UYIWXMSR SJ PE[ EW XS XLI
MRXIVTVIXEXMSR SJ XLI 'SRWXMXYXMSR -R GIVXEMR WTIGMEP GMVGYQWXERGIW XLI 7YTVIQI
'SYVX GER EPWS XVERWJIV XS MXWIPJ ER] GEWI JVSQ ER] SJ XLI ,MKL 'SYVXW 8LMW YWYEPP]
XEOIW TPEGI [LIR GEWIW EVI TIRHMRK FIJSVI XLI 7YTVIQI 'SYVX ERH ,MKL 'SYVX SV
FIJSVI X[S SV QSVI ,MKL 'SYVXW MRZSPZMRK WMQMPEV UYIWXMSRW SJ PE[ -J XLI 7YTVIQI
'SYVX MW WEXMWJMIH IMXLIV WYS QSXY SV SR ER ETTPMGEXMSR QEHI F] XLI %XXSVRI] +IRIVEP
SV ER] TEVX] XS ER] GEWI XLEX WYGL UYIWXMSRW EVI SJ KIRIVEP MQTSVXERGI XLI 7YTVIQI
'SYVX QE] [MXLHVE[ XLI GEWIW JVSQ XLI ,MKL 'SYVXW ERH HMWTSWI XLIQ MXWIPJ ,S[IZIV
XLIWI TVSZMWMSRW %VX ERH % SJ XLI 'SRWXMXYXMSR SJ -RHME EVI YRHIVTMRRIH F]
XLI WEQI VEXMSREPI XLEX MW XS IRWYVI GSRWMWXIRX MRXIVTVIXEXMSR SR GSRWXMXYXMSREP MWWYIW
SV SXLIV MQTSVXERX UYIWXMSR SJ PE[
%44)00%8) .96-7(-'8-32
%VXMGPIW XS SJ XLI 'SRWXMXYXMSR HIEP [MXL XLI ETTIPPEXI NYVMWHMGXMSR SJ
XLI 7YTVIQI 'SYVX MR 'SRWXMXYXMSREP GMZMP ERH GVMQMREP GEWIW %VXMGPI HIEPW [MXL
ETTIEPW MRZSPZMRK MRXIVTVIXEXMSR SJ XLI 'SRWXMXYXMSR EVMWMRK SYX SJ ER] TVSGIIHMRKW MR
E ,MKL 'SYVX -X TVSZMHIW XLEX ER ETTIEP WLEPP PMI XS XLI 7YTVIQI 'SYVX JVSQ ER]
NYHKQIRX HIGVII SV JMREP SVHIV SJ ER] ,MKL 'SYVX MR XLI 8IVVMXSV] SJ -RHME MR ER]
GMZMP GVMQMREP SV SXLIV TVSGIIHMRKW FYX XLI ,MKL 'SYVX QYWX GIVXMJ] XS XLEX IJJIGX -X
MW IRWYVIH F] XLI TVSZMWMSRW XLEX XLI HIGMWMSR SJ XLI ,MKL 'SYVX MR GSRWXMXYXMSREP


%VX% 'SRWXMXYXMSR SJ -RHME

%VX% 'SRWXMXYXMSR SJ -RHME

QEXXIVW [MPP RSX FI JMREP ERH XLI JMREP EYXLSVMX] XS MRXIVTVIX XLI 'SRWXMXYXMSR VIWXW [MXL
XLI 7YTVIQI 'SYVX [LEXIZIV QE] FI XLI REXYVI SJ XLI WYMX SV XLI TVSGIIHMRKW [LIVI
XLI UYIWXMSR EVMWIW
%VXMGPI GSRJIVW E GSRWXMXYXMSREP VMKLX XS ETTIEP XS XLI 7YTVIQI 'SYVX MR

GMZMP QEXXIVW ERH %VXMGPI GSRJIVW E GSRWXMXYXMSREP VMKLX XS ETTIEP XS XLI 7YTVIQI
'SYVX MR GVMQMREP QEXXIVW ,S[IZIV MR ER ETTIEP YRHIV EVXMGPI XLI 7YTVIQI
'SYVX [MPP RSX VIEWWIWW IZMHIRGI ERH EVKYQIRX SR E TSMRX SJ JEGX [LMGL HMH RSX TVIZEMP
[MXL XLI GSYVXW FIPS[ 8LI ETTIPPEXI NYVMWHMGXMSR SJ ,MKL 'SYVX EPWS I\XIRHW XS FSXL
GMZMP ERH GVMQMREP GEWIW -R GMZMP GEWIW MXW NYVMWHMGXMSR I\XIRHW XS GEWIW XVMIH F] 'SYVXW
SJ 1YRWMJW ERH (MWXVMGX NYHKIW -R XLI GVMQMREP GEWIW MX I\XIRHW XS GEWIW HIGMHIH F]
7IWWMSRW ERH %HHMXMSREP 7IWWMSRW .YHKIW
-R XLI 7YTVIQI 'SYVX W ETTIPPEXI NYVMWHMGXMSR ER] NYHKQIRX SJ E ,MKL 'SYVX
GER FI FVSYKLX FIJSVI XLI 7YTVIQI 'SYVX MJ XLI ,MKL 'SYVX GIVXMJMIW XLEX XLI QEXXIV EX
LERH GSRGIVRW E WYFWXERXMEP UYIWXMSR SJ MRXIVTVIXEXMSR SJ PE[ SV XLI 'SRWXMXYXMSR
,S[IZIV ETTIEP XS XLI 7YTVIQI 'SYVX MW RSX E QEXXIV SJ VMKLX -R GEWIW [LIVI E ,MKL
'SYVX HSIW RSX MWWYI GIVXMJMGEXI SJ ETTIEP ERH XLIVI I\MWXW ER MQTSVXERX PIKEP UYIWXMSR
VIGSYVWI XS 7TIGMEP 0IEZI QE] FI QEHI 8LMW TVSZMWMSR %VXMGPI SJ XLI
'SRWXMXYXMSR IREFPIW XLI 7YTVIQI 'SYVX XS KVERX WTIGMEP PIEZI XS ETTIEP JVSQ ER]
NYHKQIRX HIGVII HIXIVQMREXMSR WIRXIRGI SV SVHIV MR ER] GEYWI SV QEXXIV TEWWIH SV
QEHI F] ER] GSYVX SV XVMFYREP MR -RHME 8LMW TS[IV MW I\XVIQIP] [MHI ERH IREFPIW XLI
7YTVIQI 'SYVX XS EGX EW E GLIGO EKEMRWX MQTVSTIV I\IVGMWI SJ NYVMWHMGXMSR F] NYHMGMEP
SV UYEWMNYHMGMEP FSHMIW EW [IPP EW QEMRXEMR E YRMJSVQMX] SJ PIKEP ETTVSEGL
%VXMGPI SJ XLI -RHMER 'SRWXMXYXMSR TVSZMHIW XLEX XLI PE[HIGPEVIHF]XLI

7YTVIQI 'SYVX WLEPP FI FMRHMRK SR EPP GSYVXW [MXLMR XLI XIVVMXSVMIW SJ -RHME 8LMW
TVSZMWMSR EPWS MRGPYHIW EPP WXEXI EKIRGMIW ERH SJJMGMEPW FSYRH F] XLI 7YTVIQI 'SYVX
VYPMRKW 8LI 'SRWXMXYXMSR JYVXLIV QERHEXIW EPP GMZMP ERH NYHMGMEP EYXLSVMXMIW XS EGX MR



)ZIR XLI KYMHIPMRIW MWWYIH F] XLI 7YTVIQI 'SYVX [MPP EQSYRX XS PE[ HIGPEVIH YRHIV XLMW TVSZMWMSR
:MWLEOE Z 7XEXI SJ 6ENEWXLER %-6 7'

EMH SJ XLI 7YTVIQI 'SYVX *MREPP] FSXL XLI 7YTVIQI 'SYVX ERH XLI ,MKL 'SYVXW EVI
GSYVXW SJ VIGSVH ERH TSWWIW XLI TS[IV XS TYRMWL JSV XLIMV GSRXIQTX
%(:-736= .96-7(-'8-32
9RHIV %VXMGPI SJ XLI 'SRWXMXYXMSR XLI 7YTVIQI 'SYVX EPWS I\IVGMWIW
EHZMWSV] NYVMWHMGXMSRYRHIV[LMGLXLI4VIWMHIRXSJ-RHMEQE]VIJIVER]UYIWXMSR SJ
PE[ SV E UYIWXMSR SJ TYFPMG MQTSVXERGI XS XLI 'SYVX JSV MXW STMRMSR 8LI STMRMSR SJ XLI
'SYVX QE] FI WSYKLX MR VIPEXMSR XS MWWYIW XLEX LEZI EVMWIR SV EVI PMOIP] XS EVMWI %
4VIWMHIRXMEP 6IJIVIRGI QE] FI QEHI MR QEXXIVW XLEX EVI SJ TYFPMG MQTSVXERGI ERH
[LIVI MX MW I\TIHMIRX XS SFXEMR XLI STMRMSR SJ XLI 7YTVIQI 'SYVX 8LI 'SYVX QE]
VIJYWI XS ERW[IV EPP SV ER] SJ XLI UYIVMIW EVSWI MR XLI 6IJIVIRGI 8LI GSYVX LEW EPWS
TS[IV XS VIZMI[ MXW HIGMWMSRW %VXMGPI ERH TVSZMHIW JSV VIJIVVMRK E
HMWTYXI XS XLI 7YTVIQI 'SYVX JSV MXW STMRMSR 8LMW EVXMGPI SJ XLI 'SRWXMXYXMSR
TVEGXMGEPP] VITVSHYGIW 7IGXMSR SJ XLI +SZIVRQIRX SJ -RHME %GX -X MW
XLIVIJSVI REXYVEP XLEX XLI TVMRGMTPIW PEMH HS[R F] XLI *IHIVEP GSYVX VIKEVHMRK XLI
EHZMWSV] TS[IV [MPP EPWS FI E KSSH KYMHI JSV XLI 7YTVIQI 'SYVX SJ -RHME 9RHIV
GPEYWI MX MW EX XLI HMWGVIXMSR SJ XLI 7YTVIQI 'SYVX XS IRXIVXEMR E VIJIVIRGI ERH XS
VITSVX XS XLI 4VIWMHIRX MXW STMRMSR ERH XLI 'SYVX QE] MR E TVSTIV GEWI HIGPMRI XS
I\TVIWW ER] STMRMSR SR XLI UYIWXMSR WYFQMXXIH XS MX )K [LIVI XLI UYIWXMSR VIJIVVIH
XS MW E TSPMXMGEP SRI 'PEYWI QEOIW MX SFPMKEXSV] SR XLI 7YTVIQI 'SYVX XS
IRXIVXEMR E VIJIVIRGI ERH XS VITSVX XS XLI 4VIWMHIRX MXW STMRMSR
8LI EHZMWSV] STMRMSR SJ XLI 7YTVIQI 'SYVX [MPP RSX FI FMRHMRK SR XLI
4VIWMHIRX EW MX GSRWXMXYXIW QIVIP] GSRWYPXEXMSR FIX[IIR XLI I\IGYXMZI ERH XLI
NYHMGMEV] -X MW EPWS XVYI XLEX XLI STMRMSR SJ XLI 7YTVIQI 'SYVX SR E TEVXMGYPEV MWWYI


%VX ERH %VX 'SRWXMXYXMSR SJ -RHME

&EWY(( 'SQQIRXEV] SR XLI 'SRWXMXYXMSR SJ -RHME ;EHL[E
'S 2EKTYV :SP--- XL )HMXMSR
TT

6IJIVIRGI YRHIV %VXMGPI SJ XLI 'SRWXMXYXMSR SJ -RHME -R VI %-6 7'

0IZ] SJ )WXEXI (YX] -R VI %-6 *'

[MPP RSX TVIZIRX XLI 7YTVIQI 'SYVX JVSQ KMZMRK E GSRXVEV] NYHKQIRX MJ MR E TVSTIV
GEWI JMPIH FIJSVI MX ZEPMHMX] SJ E TVSTSWIH IREGXQIRX MW GLEPPIRKIH 3R XLIWI QEXXIVW
%VXMGPI TVSZMHIW RS HMVIGXMSR -X MW NYHMGMEPP] EGORS[PIHKIH XLEX XLI GLMIJ YXMPMX] SJ
ER EHZMWSV] NYHMGMEP STMRMSR MW XS IREFPI XLI KSZIVRQIRX XS WIGYVI ER EYXLSVMXEXMZI
STMRMSR EW XS XLI ZEPMHMX] SJ E QIEWYVI FIJSVI MRMXMEXMRK MX MR XLI PIKMWPEXYVI
%TTIEPW YRHIV GIVXEMR WXEXYIW
%TTIEPW EPWS PMI XS XLI 7YTVIQI 'SYVX YRHIV XLI 6ITVIWIRXEXMSR SJ XLI 4ISTPI
%GX 7IGXMSR % SJ XLI 6ITVIWIRXEXMSR SJ 4ISTPI %GX TVSZMHIW JSV ER
ETTIEP XS XLI 7YTVIQI 'SYVX SR ER] UYIWXMSR [LIXLIV SJ PE[ SV JEGX JVSQ IZIV]
SVHIV TEWWIH F] E ,MKL 'SYVX YRHIV 7IGXMSR SV 7IGXMSR SJ XLI WEMH %GX
1SRSTSPMIW ERH 6IWXVMGXMZI 8VEHI 4VEGXMGIW %GX 7IGXMSR SJ XLI

1SRSTSPMIW ERH 6IWXVMGXMZI 8VEHI 4VEGXMGIW %GX TVSZMHIW JSV ER ETTIEP XS
XLI 7YTVIQI 'SYVX JVSQ GIVXEMR SVHIVW TEWWIH F] XLI 'IRXVEP +SZIVRQIRX SV F]
1684 'SQQMWWMSR
%HZSGEXIW %GX 7IGXMSR SJ XLI %HZSGEXIW %GX TVSZMHIW JSV ER
ETTIEP XS XLI 7YTVIQI 'SYVX JVSQ ER SVHIV QEHI F] XLI (MWGMTPMREV] 'SQQMXXII SJ
XLI &EV 'SYRGMP SJ -RHME YRHIV 7IGXMSR SV SJ XLI WEMH %GX
'SRXIQTX SJ 'SYVXW %GX 7IGXMSR F SJ XLI 'SRXIQTX SJ 'SYVXW

%GX TVSZMHIW JSV ER ETTIEP XS XLI 7YTVIQI 'SYVX EW SJ VMKLX JVSQ ER] SVHIV SV
HIGMWMSR SJ (MZMWMSR &IRGL SJ E ,MKL 'SYVX MR I\IVGMWI SJ MXW NYVMWHMGXMSR XS TYRMWL JSV
GSRXIQTX
'YWXSQW %GX 7IGXMSR ) SJ XLI 'YWXSQW %GX TVSZMHIW JSV ER
ETTIEP XS XLI 7YTVIQI 'SYVX JVSQ ER] NYHKQIRX SJ XLI ,MKL 'SYVX SR E VIJIVIRGI
QEHI YRHIV 7IGXMSR MR ER] GEWI [LMGL XLI ,MKL 'SYVX GIVXMJMIW XS FI E JMX SRI JSV
ETTIEP XS XLI 7YTVIQI 'SYVX SV ER] SVHIV TEWWIH F] XLI %TTIPPEXI 8VMFYREP VIPEXMRK

%XXSVRI] +IRIVEP SJ 'EREHE Z %XXSVRI] +IRIVEP SJ 3RXEVMS %-6 4'

EQSRKWX SXLIV XLMRKW XS XLI HIXIVQMREXMSR SJ ER] UYIWXMSR LEZMRK VIPEXMSR XS XLI VEXI
SJ GYWXSQ HYX] SV XLI ZEPYI SJ KSSHW JSV XLI TYVTSWI SJ EWWIWWQIRX
'IRXVEP )\GMWI ERH 7EPX %GX 7IGXMSR 0 SJ XLI 'IRXVEP )\GMWI ERH
7EPX %GX TVSZMHIW JSV ER ETTIEP XS XLI 7YTVIQI 'SYVX JVSQ ER] NYHKQIRX SJ XLI
,MKL 'SYVX HIPMZIVIH SR E VIJIVIRGI QEHI YRHIV 7IGXMSR + MR ER] GEWI [LMGL XLI
,MKL 'SYVX GIVXMJMIW XS FI E JMX SRI JSV ETTIEP XS XLI 7YTVIQI 'SYVX SV ER] SVHIV
TEWWIH F] XLI %TTIPPEXI 8VMFYREP VIPEXMRK EQSRKWX SXLIV XLMRKW XS XLI HIXIVQMREXMSR
SJ ER] UYIWXMSR LEZMRK E VIPEXMSR XS XLI VEXI SJ HYX] SJ I\GMWI SV XS XLI ZEPYI SJ KSSHW
JSV TYVTSWI SJ EWWIWWQIRX
)RPEVKIQIRX SJ 'VMQMREP %TTIPPEXI .YVMWHMGXMSR %GX 7IGXMSR SJ XLI

'SHI SJ 'VMQMREP 4VSGIHYVI VIEH [MXL 7IGXMSR SJ XLI 7YTVIQI 'SYVX
)RPEVKIQIRX SJ 'VMQMREP %TTIPPEXI .YVMWHMGXMSR %GX EW EQIRHIH F] XLI
7YTVIQI 'SYVX )RPEVKIQIRX SJ 'VMQMREP %TTIPPEXI .YVMWHMGXMSR %QIRHQIRX %GX
TVSZMHIW JSV ER ETTIEP XS XLI 7YTVIQI 'SYVX JVSQ ER] NYHKQIRX JMREP SVHIV SV
WIRXIRGI MR E GVMQMREP TVSGIIHMRKW SJ E ,MKL 'SYVX MJ XLI ,MKL 'SYVX E LEW SR
ETTIEP VIZIVWIH ER SVHIV SJ EGUYMXXEP SJ ER EGGYWIH TIVWSR ERH WIRXIRGIH LMQ XS HIEXL
SV XS MQTVMWSRQIRX JSV PMJI SV XS MQTVMWSRQIRX JSV E TIVMSH SJ RSX PIWW XLER XIR ]IEVW
F LEW [MXLHVE[R JSV XVMEP FIJSVI MXWIPJ ER] GEWI JVSQ ER] 'SYVX WYFSVHMREXI XS MXW
EYXLSVMX] ERH LEW MR WYGL XVMEP GSRZMGXIH XLI EGGYWIH TIVWSR ERH WIRXIRGIH LMQ XS
MQTVMWSRQIRX JSV PMJI SV XS MQTVMWSRQIRX JSV E TIVMSH SJ RSX PIWW XLER XIR ]IEVW
8VMEP SJ 3JJIRGIW VIPEXMRK XS 8VERWEGXMSRW MR 7IGYVMXMIW %GX 7IGXMSR

SJ XLI 7TIGMEP 'SYVX 8VMEP SJ SJJIRGIW VIPEXMRK XS 8VERWEGXMSRW MR 7IGYVMXMIW %GX
TVSZMHIW JSV ER ETTIEP XS XLI 7YTVIQI 'SYVX JVSQ ER] NYHKQIRX WIRXIRGI SV
SVHIV RSX FIMRK MRXIVPSGYXSV] SVHIV SJ XLI WTIGMEP GSYVX FSXL SR JEGX ERH SR PE[
8IVVSVMWX ERH (MWVYTXMZI %GXMZMXMIW 4VIZIRXMSR %GX 7IGXMSR SJ XLI

8IVVSVMWX ERH (MWVYTXMZI %GXMZMXMIW 4VIZIRXMSR %GX TVSZMHIW JSV ER ETTIEP
XS XLI 7YTVIQI 'SYVX JVSQ ER] NYHKQIRX WIRXIRGI SV SVHIV RSX FIMRK ER MRXIVPSGYXSV]
SVHIV SJ E (IWMKREXIH 'SYVX FSXL SR JEGXW ERH SR PE[ 8LI %GX LEW WMRGI FIIR
VITIEPIH

'SRWYQIV 4VSXIGXMSR %GX 7IGXMSR SJ XLI 'SRWYQIV 4VSXIGXMSR
%GX TVSZMHIW JSV ER ETTIEP XS XLI 7YTVIQI 'SYVX JVSQ ER SVHIV QEHI F] XLI
2EXMSREP 'SQQMWWMSR IRXIVXEMRMRK GSQTPEMRXW [LIVI XLI ZEPYI SJ XLI KSSHW SV
WIVZMGIW ERH GSQTIRWEXMSR MJ ER] GPEMQIH I\GIIHW 6YTIIW 3RI 'VSVI
7IGYVMXMIW ERH )\GLERKI &SEVH SJ -RHME %GX 7IGXMSR ^ SJ XLI

7IGYVMXMIW ERH )\GLERKI &SEVH SJ -RHME %GX TVSZMHIW XLEX ER] TIVWSR
EKKVMIZIH F] ER] HIGMWMSR SV SVHIV SJ XLI 7IGYVMXMIW %TTIPPEXI 8VMFYREP QE] JMPI ER
ETTIEP XS XLI 7YTVIQI 'SYVX SR ER] UYIWXMSR SJ PE[ EVMWMRK SYX SJ WYGL SVHIV
4S[IV XS VIZMI[ NYHKQIRXW
%VXMGPI IQTS[IVW XLI 7YTVIQI 'SYVX XS VIZMI[ MXW S[R NYHKQIRXW WYFNIGX
XS TVSZMWMSRW SJ ER] PE[ QEHI F] 4EVPMEQIRX SV ER] VYPIW QEHI F] XLI 7YTVIQI 'SYVX
YRHIV %VXMGPI -R GMZMP GEWIW XLI VIZMI[ SJ XLI 7YTVIQI 'SYVX SVHIVW ERH
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EW TVSZMHIH JSV MR %VXMGPI 7MQMPEVP] XLI 'SRWXMXYXMSR HSIW RSX I\TVIWWP]
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/ETSSV%' 8LI 'SRWXMXYXMSREP ,MWXSV] SJ -RHME 7'LERH
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XLI HYX] SJ XLI NYHMGMEV] MW WMQTP] XS KMZI IJJIGX XS XLI PIKMWPEXMZI TSPMG] SJ XLI WXEXYI
MR XLI PMKLX SJ XLI TSPMG] SJ XLI 'SRWXMXYXMSR 8LI HYX] SJ XLI NYHMGMEV] MW XS GSRWMHIV
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SJ TS[IVW FIX[IIR XLI [MRKW SJ KSZIVRQIRX ERH XLI ZMKSVSYW I\IVGMWI SJ NYHMGMEP
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XLI 'SRWXMXYXMSR LIRGI IUYMT XLI GSRWXMXYXMSREP GSYVXW [MXL XERKMFPI GVMXIVMSR XS
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HMVIGXMSRW XS XLI SXLIV SVKERW SJ XLI WXEXI XS JSPPS[ XLI GSRWXMXYXMSREP QERHEXI
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XLI JSPPS[MRK
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MRXS JYRHEQIRXEP VMKLXW 8LI IJJIGX SJ XLMW NYHMGMEP I\XIRWMSR SJ JYRHEQIRXEP
VMKLXW LEW E HMVIGX FIEVMRK SR XLI TS[IV SJ NYHMGMEP VIZMI[ XLI QSVI
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GSYVXW EW ERH [LIR RIGIWWEV]
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T

0 'LERHVE /YQEV Z 9RMSR SJ -RHME %-6 7'

7 ' %HZSGEXIW SR 6IGSVH %WWSGMEXMSR Z 9RMSR SJ -RHME 7'' -R VI 4VIWMHIRXMEP
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GLSWIR XS TVSXIGX TISTPI W LYQER VMKLXW TVIWIVZI XLI VYPI SJ PE[ ERH
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HIWMKREXI STTSWMXI ETTVSEGLIW XEOIR F] NYHKIW XS XLI XI\X XLI] EVI I\TIGXIH XS
MRXIVTVIX [LIRIZIV XLI QIERMRK SJ XLI [SVHW SJ [LMGL MX MW GSQTSWIH SV XLI MRXIRX SJ
MXW EYXLSVW MW RSX HIIQIH WYJJMGMIRX JSV VIWSPZMRK XLI GEWI 8LI QSVI E NYHKI JIIPW
LMQWIPJ JVII MR WYGL GMVGYQWXERGIW XS KMZI XLI XI\X JYVXLIV QIERMRKW XLI QSVI LI MW
GSRWMHIVIH EGXMZMWX 'SRZIVWIP]XLIQSVIENYHKITVIZIRXWLMQWIPJJVSQKMZMRKXLI
XI\X XLSWI QIERMRKW XLI QSVI LI MW HIIQIH XS FI JSPPS[MRK E VIWXVEMRXFEWIH
ETTVSEGL ;LMPI JSGYWMRK SR XLI QIERMRK SJ XLI XI\X XLIWI HIJMRMXMSRW GSRRIGX XLI
XIVQW EGXMZMWQ ERH VIWXVEMRX WXVMGXP] XS XLI XEWO SJ MRXIVTVIXEXMSR ;LIXLIV NYHKIW
WLSYPH WXVMGXP] ETTP] XLI VYPIW SJ WXERHMRK [LIXLIV NYHKIW WLSYPH RSX GSRWMHIV E GEWI
YRXMP XLI ETTPMGERX LEW I\LEYWXIH SXLIV VIQIHMIW ERH [LIXLIV NYHKIW WLSYPH EZSMH
HIGMHMRK TSPMXMGEP UYIWXMSRW EVI EQSRK XLI UYIWXMSRW XLEX WSQIXMQIW EVI HIIQIH
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1ELIRHVE 4 7MRKL : 2 7LYOPE W'SRWXMXYXMSRSJ -RHME XL IHMXMSR 0YGORS[ )EWXIVR &SSO 'S
T

1ELIRHVE 4EP 7MRKL
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T

/MVTEP &2 %WLSO (IWEM +STEP 7YFVEQERMEQ 6ENIIZ (LEZER ERH 6ENY 7YTVIQI FYX RSX
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T

(EPI]. (IJMRMRK .YHMGMEP 6IWXVEMRX 8 'EQTFIPP . +SPHW[SVXL] IHW .YHMGMEP 4S[IV
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&PEGO WPE[HMGXMSREV] HIJMRIW NYHMGMEP EGXMZMWQ EW E NYHMGMEP TLMPSWSTL] [LMGL
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ERH RI[ TSPMGMIW [LMGL EVI RSX EP[E]W GSRWMWXIRX [MXL XLI VIWXVEMRX I\TIGXIH F]
ETTIPPEXI NYHKIW -R SVHIV XS VIWTSRH XS XLI LSTIW ERH EWTMVEXMSRW SJ XLI PMXMKERXW
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8S LEZI XLEX GSYVEKI YWI SJ TVEGXMGEP [MWHSQ MR EHNYHMGEXSV] TVSGIWW LIPTW E

PSX .YHMGMEP EGXMZMWQ GER FI VIKEVHIH EW ER YRGSRZIRXMSREP VSPI TPE]IH F] NYHMGMEV] F]
HIPMZIVMRK ZEPYEFPI NYHKIQIRXW ERH KVERXMRK VIPMIJW XS XLI EKKVMIZIH EGGSVHMRK XS XLI
QSVEP ERH WSGMEP NYWXMGI [LIVI WXEXYXSV] PE[ MW WMPIRX SV IZIR GSRXVEV] %GXMZI
MRXIVTVIXEXMSR SJ ER I\MWXMRK TVSZMWMSR [MXL E ZMI[ XS IRLERGI XLI YXMPMX] SJ PIKMWPEXMSR
JSV WSGMEP FIXXIVQIRX GER FI VIKEVHIH EW E NYHMGMEP EGXMZMWQ -R FVMIJ MX GER FI EPWS
EWWYQIH XLEX NYHMGMEP EGXMZMWQ GSQIW MR XS TPE] [LIR XLIVI MW E PIKMWPEXMZI
WLSVXWMKLXIHRIWW SV I\IGYXMZI EVFMXVEVMRIWW SV FSXL
3YV REXMSREP JVIIHSQ QSZIQIRX PMIW MR XLI JEGX XLEX XLI KSEP MX WIX FIJSVI MXWIPJ
[EW RSX SRP] XS JMKLX JSV XLI IQERGMTEXMSR SJ XLI GSYRXV] JVSQ XLI JIXXIVW SJ &VMXMWL
VYPI FYX EPWS XS VIGSRWXVYGX -RHMER WSGMIX] SR XLI H]REQMG TLMPSWSTL] SJ WSGMS
IGSRSQMG VIZSPYXMSR *VIIHSQ [EW RSX ER IRH MR MXWIPJ FYX SRP] E QIERW XS EGLMIZI ER
IRH XLI IRH FIMRK XS JVII -RHME XLVSYKL E RI[ 'SRWXMXYXMSR XS JIIH XLI WXEVZMRK
QMPPMSRW XS GPSXLI XLI REOIH QEWWIW ERH XS KMZI IZIV] -RHMER XLI JYPPIWX STTSVXYRMX]
XS HIZIPST LMQWIPJ EGGSVHMRK XS LMW GETEFMPMX] -R MXW FMH XS EGGSQTPMWL XLI
GLIVMWLIH KSEP SJ XLI JSYRHMRK JEXLIVW SJ SYV 'SRWXMXYXMSR XLI -RHMER KSZIVRQIRX LEW
FIIR IREGXMRK ZEVMSYW PIKMWPEXMSRW FYX HYI XS XLI SFWGYVIH QEPMGI XLI HS[R XVSHHIR
QENSVMX] MR -RHME LEW XS PMZI MR XLI WEQI JIXXIVW 8LI KVS[MRK HMJJIVIRGIW FIX[IIR
TVSQMWI ERH TIVJSVQERGI I\TIGXEXMSR ERH VIEPMX] IREGXQIRX ERH MQTPIQIRXEXMSR
LEZI GVIEXIH E JIIPMRK SJ LIPTPIWWRIWW ERH EPMIREXMSR
8LI KSZIVRQIRX TVSZIH MXW MREFMPMX] XS XEGOPI XLI TVSFPIQW SJ XLI YRHIV
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QEVKMREPMÎH QEWWIW SJ XLI TISTPI STXIH JSV XLI .YHMGMEP XLIVET] XS LIEP XLI EMPMRK

'LMXOEVE1+ ERH 1ILXE40 0E[ ERH XLI TSSV %WLMWL 4YFPMWLMRK ,SYWI 2I[ (IPLM T

HIQSGVEG] %RH MR VIWTSRWI XLI NYHMGMEV] PIEZMRK FILMRH MXW XVEHMXMSREP QSHIVEXI
VSPI LEW EHSTXIH ER EGXMZI VSPI [MXL RI[ WTMVMX ERH WYTTSVX SJ XLI QEWWIW %GGSVHMRK
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WXEXI 8LYW XLI XLMVH [MRK MRXIVTVIXIH XLI I\MWXMRK PIKMWPEXMSR MR E [E] XS IRWYVI
QE\MQYQ LYQER JVIIHSQ ERH KEPZERMÎH XLI X[S SXLIV [MRKW XS EGX JSV XLI RSFPI
GEYWI SJ TYFPMG KSSH
8LI XVEHMXMSR SJ NYHMGMEP EGXMZMWQ XLEX GSQQIRGIH MR XLI 9RMXIH 7XEXIW [MXL
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,MKL GSYVX MR [LIVI LI HIPMZIVIH E HMWWIRXMRK .YHKQIRX XLEX WS[IH XLI WIIH SJ
EGXMZMWQ MR -RHME -X [EW E GEWI SJ ER YRHIV XVMEP [LS GSYPH RSX EJJSVH XS IRKEKI E
PE[]IV 7S XLI UYIWXMSR [EW [LIXLIV XLI GSYVX GSYPH HIGMHI LMW GEWI F] QIVIP]
PSSOMRK EX LMW TETIVW# .YWXMGI 1ILQSSH LIPH XLEX XLI TVIGSRHMXMSR SJ XLI GEWI FIMRK
LIEVH [SYPH FI JYPJMPPIH SRP] [LIR WSQIFSH] WTSOI 7S LI KEZI XLI [MHIWX
TSWWMFPI MRXIVTVIXEXMSR SJ XLI VIPIZERX PE[ ERH PEMH XLI JSYRHEXMSR WXSRI SJ XLI NYHMGMEP
EGXMZMWQ 8LYW XLMW GSRGITX GEQI XS XLI JSVIJVSRX MR -RHME ERH GSRWTMGYSYWP] MR
/IWLEZERERHE &LEVXM Z 7XEXI SJ /IVEPE LEW XEOIR JMVQ VSSXW MR XLI -RHMER WSMP
-R -RHME XLI NYHMGMEV] MW E YRMJMIH MRWXMXYXMSR XLSYKL XLI EHQMRMWXVEXMZI

VIWTSRWMFMPMXMIW EVI HMWXVMFYXIH 8LI 'LMIJ .YWXMGI SJ -RHME '.- MW TEVIRW TEXVMEW SJ
-RHMER .YHMGMEV] 0MOI 0SVH 'LERGIPPSV SJ +VIEX &VMXEMR LI TVSXIGXW EPP XLI TIVWSRW MR
NYHMGMEP SJJMGI [LEXIZIV FI XLI LMIVEVGLMGEP PIZIP 8LI VSPI SJ LMKLIV NYHMGMEV] YRHIV
XLI GSRWXMXYXMSR GEWXW SR MX E KVIEX SFPMKEXMSR EW XLI WIRXMRIP XS HIJIRH XLI ZEPYIW SJ XLI
GSRWXMXYXMSR ERH XLI VMKLXW SJ XLI -RHMERW 'SYVX QYWX EGX [MXLMR XLIMV NYHMGMEPP]
TIVQMWWMFPI PMQMXEXMSRW XS YTLSPH XLI VYPI SJ PE[ ERH LEVRIWW XLIMV TS[IV MR TYFPMG
MRXIVIWX

4VSJ 9TIRHVE &EOWLM SRXLIWEQISJRSXFIMRKEREGMXMZMWXXLSYKLXSR.YHMGMEP%GXMZMWQ :SP
-RHMER &EV 6IZMI[ 4

1EVFYV] Z 1EHMWSR 97

:MI[W )\TVIWWIH F] .YWXMGI .7:IVQE *SVQIV 7YTVIQI 'SYVX 'LMIJ .YWXMGI VIKEVHMRK XLI SVMKMR SJ
.YHMGMEP %GXMZMWQ MR -RHME -RHME 8SHE] HEXIH T

%-6 7'

2EVQEHE &EGLES %RHSPER Z 9RMSR SJ -RHME 7'' T

3ZIV XLI ]IEVW XLI -RHMER 7YTVIQI 'SYVX LEW IWXEFPMWLIH MXWIPJ EW E TS[IVJYP
GSYVX SJ XLI HIQSGVEG] % JI[ HIGMWMSRW FIPS[ [MPP JYVXLIV WYTTSVX XLMW GSRXIRXMSR
-R TEVXMGYPEV XLIWI HIGMWMSRW [MPP HIQSRWXVEXI XLI I\XIRX XS [LMGL XLI ETI\ GSYVX LEW
WXITTIH MRXS XLI WLSIW SJ XLI PIKMWPEXYVI
(/&EWY Z 7XEXI SJ ;IWX &IRKEP

+YMHIPMRIW JSV %VVIWX ERH (IXIRXMSR
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EHHVIWWIH E PIXXIV XS XLI 'LMIJ .YWXMGI SJ -RHME HVE[MRK LMW EXXIRXMSR XS GIVXEMR HIEXLW
VITSVXIH MR TSPMGI PSGOYTW ERH GYWXSH] 8LI PIXXIV EPSRK [MXL WSQI SXLIV WMQMPEV
PIXXIVW [EW XVIEXIH EW E [VMX TIXMXMSR YRHIV %VXMGPI 8LI 7YTVIQI 'SYVX MWWYIH
RSXMGIW XS EPP WXEXI KSZIVRQIRXW ERH EPWS XS XLI 0E[ 'SQQMWWMSR [MXL E VIUYIWX XS
QEOI WYMXEFPI WYKKIWXMSRW%JXIV QEOMRK VIJIVIRGI XS GSRWXMXYXMSREP ERH WXEXYXSV]
TVSZMWMSRW ERH MRXIVREXMSREP GSRZIRXMSRW XLI 7YTVIQI 'SYVX MWWYIH
VIUYMVIQIRXW EW ETTVSTVMEXI SRIW XS FI JSPPS[IH MR EPP GEWIW SJ EVVIWX SV HIXIRXMSR
M 8LI TSPMGI TIVWSRRIP GEVV]MRK SYX XLI EVVIWX ERH LERHPMRK XLI
MRXIVVSKEXMSR SJ XLI EVVIWXII WLSYPH FIEV EGGYVEXI ZMWMFPI ERH GPIEV
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MR E VIKMWXIV
MM 8LEX XLI TSPMGI SJJMGIV GEVV]MRK SYX XLI EVVIWX SJ XLI EVVIWXII WLEPP TVITEVI
E QIQS SJ EVVIWX EX XLI XMQI SJ EVVIWX ERH WYGL QIQS WLEPP FI EXXIWXIH F]

(IZE 7YV]E 'SRWXMXYXMSREP 'SYVXW EW 4SWMXMZI0IKMWPEXSVW8LI-RHMER)\TIVMIRGI
%ZEMPEFPI EX LXXTWWVRGSQEFWXVEGX! 0EWX ZMI[IH SR

%-6 7''

-H TEVE

-H TEVE

%ZEMPEFPI EX LXXTTSPMGITSRHMGLIVV]KSZMR%FSYX YW%VVIWX+YMHPMRIWLXQ 0EWX ZMI[IH SR

SRI [MXRIWW [LS QE] IMXLIV FI E QIQFIV SJ XLI JEQMP] SJ XLI EVVIWXII SV
E VIWTIGXEFPI TIVWSR SJ XLI PSGEPMX] JVSQ [LIVI XLI EVVIWX MW QEHI -X WLEPP
FI GSYRXIVWMKRIH F] XLI EVVIWXII ERH WLEPP GSRXEMR XLI XMQI ERH HEXI SJ
EVVIWX
MMM % TIVWSR [LS LEW FIIR EVVIWXIH SV HIXEMRIH ERH MW FIMRK LIPH MR GYWXSH]
MR E TSPMGI WXEXMSR SV MRXIVVSKEXMSR GIRXVI SV SXLIV PSGO YT WLEPP FI IRXMXPIH
XS LEZI SRI JVMIRH SV VIPEXMZI SV SXLIV TIVWSR ORS[R XS LMQ SV LEZMRK ER
MRXIVIWX MR LMW [IPJEVI FIMRK MRJSVQIH EW WSSR EW TVEGXMGEFPI XLEX LI LEW
FIIR EVVIWXIH ERH MW FIMRK HIXEMRIH EX XLI TEVXMGYPEV TPEGI YRPIWW XLI
EXXIWXMRK [MXRIWW SJ XLI QIQS SJ EVVIWX MW LMQWIPJ WYGL E JVMIRH SV E
VIPEXMZI SJ XLI EVVIWXII
MZ 8LI XMQI TPEGI SJ EVVIWX ERH ZIRYI SJ GYWXSH] SJ ER EVVIWXII QYWX FI
RSXMJMIH F] XLI TSPMGI [LIVI XLI RI\X JVMIRH SV VIPEXMZI SJ XLI EVVIWXII PMZIW
SYXWMHI XLI HMWXVMGX SV XS[R XLVSYKL XLI 0IKEP %MH 3VKERMWEXMSR MR XLI
HMWXVMGX ERH XLI TSPMGI WXEXMSR SJ XLI EVIE GSRGIVRIH XIPIKVETLMGEPP] [MXLMR
E TIVMSH SJ XS LSYVW EJXIV EVVIWX
Z 8LI TIVWSR EVVIWXIH QYWX FI QEHI SJ E[EVI SJ XLMW VMKLX XS LEZI WSQISRI
MRJSVQIH SJ LMW EVVIWX SV HIXIRXMSR EW WSSR EW LI MW TYX YRHIV EVVIWX SV MW
HIXEMRIH
ZM %R IRXV] QYWX FI QEHI MR XLI HMEV] EX XLI TPEGI SJ HIXIRXMSR VIKEVHMRK XLI
EVVIWX SJ XLI TIVWSR [LMGL WLEPP EPWS HMWGPSWI XLI REQI SJ XLI RI\X JVMIRH
SJ XLI TIVWSR [LS LEW FIIR MRJSVQIH SJ XLI EVVIWX ERH XLI REQIW ERH
TEVXMGYPEVW SJ XLI TSPMGI SJJMGMEPW MR [LSWI GYWXSH] XLI EVVIWXII MW
ZMM 8LI EVVIWXII WLSYPH [LIVI LI WS VIUYIWXW FI EPWS I\EQMRIH EX XLI XMQI SJ
LMW EVVIWX ERH QENSV ERH QMRSV MRNYVMIW MJ ER] TVIWIRX SR LMW LIV FSH]
QYWX FI VIGSVHIH EX XLEX XMQI 8LI -RWTIGXSV 1IQS QYWXFIWMKRIHFSXL
F] XLI EVVIWXII ERH XLI TSPMGI SJJMGIV IJJIGXMRK XLI EVVIWX ERH MXW GST]
TVSZMHIH XS XLI EVVIWXII

ZMMM 8LI EVVIWXII WLSYPH FI WYFNIGX XS QIHMGEP I\EQMREXMSR F] E XVEMRIH HSGXSV
IZIV] LSYVW HYVMRK LMW HIXIRXMSR MR GYWXSH] F] E HSGXSV SR XLI TERIP SJ
ETTVSZIH HSGXSV ETTSMRXIH F] (MVIGXSV ,IEPXL 7IVZMGIW SJ XLI GSRGIVRIH
7XEXI SV 9RMSR 8IVVMXSV] (MVIGXSV ,IEPXL 7IVZMGIW WLSYPH TVITEVI WYGL E
TERIP JSV EPP 8ILWMPW ERH (MWXVMGXW EW [IPP
M\ 'STMIW SJ EPP XLI HSGYQIRXW MRGPYHMRK XLI QIQS SJ EVVIWX VIJIVVIH XS
EFSZI WLSYPH FI WIRX XS XLI 1EKMWXVEXI JSV LMW VIGSVH
\ 8LI EVVIWXII QYWX FI TIVQMXXIH XS QIIX LMW PE[]IV HYVMRK MRXIVVSKEXMSR

XLSYKL RSX XLVSYKLSYX XLI MRXIVVSKEXMSR
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VSSQ MX WLSYPH FI HMWTPE]IH SR E GSRWTMGYSYW RSXMGI FSEVH
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SJ XLI 'SRWXMXYXMSR QYWX FI GSQTPMIH [MXL F] EPP KSZIVRQIRX EKIRGMIW ERH XLEX
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JSV GSRXIQTX SJ GSYVX -X MW XLYW ETTEVIRX JVSQ XLI VIUYMVIQIRXW JSVQYPEXIH F] XLI
7YTVIQI 'SYVX XLEX XLIWI [IVI EMQIH XS WYTTPIQIRX I\MWXMRK VIKYPEXSV] JVEQI[SVO
VIPEXIH XS EVVIWX ERH HIXIRXMSR %R MRXIVIWXMRK XLMRK XS RSXI MW XLEX XLIWI VIUYMVIQIRXW
PSSO QSVI PMOI WYFSVHMREXI SV HIPIKEXIH PIKMWPEXMSR XLER E TVSTIV PIKMWPEXMSR JSV XLI]
HIEP [MXL QMRYXI HIXEMPW GSRGIVRMRK EVVIWX ERH HIXIRXMSR

-H TEVEW ERH

:MWLEOE Z7XEXI SJ 6ENEWXLER
7I\YEP ,EVEWWQIRX SJ ;SQIR EX ;SVOTPEGI
8LMW GEWI LEW FIIR E PERHQEVO GEWI MR XLI QEXXIV VIPEXMRK XS WI\YEP LEVEWWQIRX
SJ [SQIR EX [SVOTPEGI 'IVXEMR WSGMEP EGXMZMWX ERH 2+3W JMPIH E TIXMXMSR MR 7YTVIQI
'SYVX YRHIV %VXMGPI JSV XLI IRJSVGIQIRX SJ XLI VMKLXW SJ [SVOMRK [SQIR YRHIV
%VXMGPIW ERH 8LI ETI\ GSYVX EGORS[PIHKIH XLEX EPXLSYKL XLI TVMQEV]
VIWTSRWMFMPMX] JSV TVSXIGXMRK XLIWI VMKLXW SJ [SVOMRK [SQIR PMIW [MXL XLI PIKMWPEXYVI
ERH I\IGYXMZI MX GERRSX HIGMHI RSX XS EGX 8LI GSYVX SFWIVZIH ;LIR LS[IZIV
MRWXERGIW SJ WI\YEP LEVEWWQIRX VIWYPXMRK MR ZMSPEXMSR SJ JYRHEQIRXEP VMKLXW SJ [SQIR
[SVOIVW YRHIV %VXW ERH EVI FVSYKLX FIJSVI YW JSV VIHVIWW YRHIV %VX ER
IJJIGXMZI VIHVIWWEP VIUYMVIW XLEX WSQI KYMHIPMRIW WLSYPH FI PEMH HS[R JSV XLI

TVSXIGXMSR SJ XLIWI VMKLXW XS JMPP XLI PIKMWPEXMZI ZEGYYQ
-X MW GPIEV XLEX XLI 7YTVIQI 'SYVX [EW GSRWGMSYW SJ IRXIVMRK MRXS XLI HSQEMR SJ
XLI PIKMWPEXYVI ERH XLEX I\TPEMRW [L] MX SJJIVIH QYPXMTPI NYWXMJMGEXMSRW JSV MXW HIGMWMSR
XS JMPP XLMW PIKMWPEXMZI ZEGYYQ -X EPWS RSXIH MR XLI NYHKQIRX F] [E] SJ GEYXMSR XLEX
XLI KSZIVRQIRX SJ -RHME LEH KMZIR MXW GSRWIRX XS XLI KYMHIPMRIW *YVXLIV MR XLMW GEWI
XLI GSYVX PEMH HS[R E HIXEMPIH HIJMRMXMSR SJ WI\YEPLEVEWWQIRX ERHMRXLIPMKLXSJXLMW
HIJMRMXMSR XLI 7YTVIQI 'SYVX MQTSWIH E HYX] SR XLI IQTPS]IV SV SXLIV VIWTSRWMFPI
TIVWSRW MR [SVO TPEGIW SV SXLIV MRWXMXYXMSRW XS TVIZIRX SV HIXIV XLI GSQQMWWMSR SJ

%-6 7'

MI XLI VMKLX XS IUYEPMX] XLI VMKLX XS GEVV] SR ER] TVSJIWWMSR XVEHI SV TVSJIWWMSR ERH XLI VMKLX XS PMJI
ERH PMFIVX] VIWTIGXMZIP]

7YV]E (IZE ;LS[MPP.YHKIXLI.YHKIW%'VMXMGEP4YVZMI[SJ.YHMGMEP%GXMZMWQ (IPLM
9RMZIVWMX] 0E[ .SYVREP

8LYW XLI TS[IV SJ XLMW 'SYVX YRHIV %VX JSV IRJSVGIQIRX SJ XLI JYRHEQIRXEP VMKLXW ERH XLI
I\IGYXMZI TS[IV SJ XLI YRMSR LEZI XS QIIX XLI GLEPPIRKI XS TVSXIGX XLI [SVOMRK [SQIR JVSQ WI\YEP
LEVEWWQIRX ERH XS QEOI XLIMV JYRHEQIRXEP VMKLXW QIERMRKJYP +SZIVRERGI SJ XLI WSGMIX] F] XLI VYPI SJ
PE[ QERHEXIW XLMW VIUYMVIQIRX EW PSKMGEP GSRGSQMXERX SJ XLI GSRWXMXYXMSREP WGLIQI -H TEVE

-H TEVE

EGXW SJ WI\YEP LEVEWWQIRX ERH XS TVSZMHI XLI TVSGIHYVIW JSV XLI VIWSPYXMSR WIXXPIQIRX

SV TVSWIGYXMSR SJ EGXW SJ WI\YEP LEVEWWQIRX F] XEOMRK EPP WXITW VIUYMVIH
8LI 'SYVX PEMH HS[R E HIXEMPIH HIJMRMXMSR SJ WI\YEP LEVEWWQIRX MR XLI
JSPPS[MRK XIVQW
WI\YEP LEVEWWQIRX MRGPYHIW WYGL YR[IPGSQI WI\YEPP] HIXIVQMRIH
FILEZMSYV [LIXLIV HMVIGXP] SV F] MQTPMGEXMSR EW
E 4L]WMGEP GSRXEGX ERH EHZERGIW
F E HIQERH SV VIUYIWX JSV WI\YEP JEZSYVW
G WI\YEPP] GSPSYVIH VIQEVOW
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I ER] SXLIV YR[IPGSQI TL]WMGEP ZIVFEP SV RSRZIVFEP GSRHYGX SJ WI\YEP
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;LIVI ER] SJ XLIWI EGXW MW GSQQMXXIH MR GMVGYQWXERGIW [LIVIYRHIV XLI ZMGXMQ

SJ WYGL GSRHYGX LEW E VIEWSREFPI ETTVILIRWMSR XLEX MR VIPEXMSR XS XLI ZMGXMQ W
IQTPS]QIRX SV [SVO [LIXLIV WLI MW HVE[MRK WEPEV] SV LSRSVEVMYQ SV ZSPYRXEV]
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ERH QE] GSRWXMXYXI E LIEPXL ERH WEJIX] TVSFPIQ -X MW HMWGVMQMREXSV] JSV MRWXERGI [LIR
XLI [SQER LEW VIEWSREFPI KVSYRHW XS FIPMIZI XLEX LIV SFNIGXMSR [SYPH HMWEHZERXEKI
LIV MR GSRRIGXMSR [MXL LIV IQTPS]QIRX SV [SVO MRGPYHMRK VIGVYMXQIRX SV TVSQSXMSR SV
[LIR MX GVIEXIW E LSWXMPI [SVO IRZMVSRQIRX %HZIVWI GSRWIUYIRGIW QMKLX ZMWMX MJ XLI

ZMGXMQ HSIW RSX GSRWIRX XS XLI GSRHYGX MR UYIWXMSR SV VEMWIW ER] SFNIGXMSR XLIVIXS
8LI GSYVX EPWS MWWYIH KYMHIPMRIW GSZIVMRK WIZIVEP HMJJIVIRX EWTIGXW IK XEOMRK
TVIZIRXMZIW WXITW MRMXMEXMRK GVMQMREP TVSGIIHMRKW YRHIV XLI GVMQMREP PE[ XEOMRK
HMWGMTPMREV] EGXMSR IWXEFPMWLMRK E GSQTPEMRX QIGLERMWQ ERH WTVIEHMRK E[EVIRIWW SJ
XLI KYMHIPMRIW 8LI 7YTVIQI 'SYVX GSRGPYHIH F] HMVIGXMRK XLEX XLI EFSZI
KYMHIPMRIW ERH RSVQW [SYPH FI WXVMGXP] SFWIVZIH MR EPP [SVO TPEGIW JSV XLI
TVIWIVZEXMSR ERH IRJSVGIQIRX SJ XLI VMKLX XS KIRHIV IUYEPMX] SJ XLI [SVOMRK [SQIR

-H TEVE

-H T

-H TEVE

8LIWI HMVIGXMSRW [SYPH FI FMRHMRK ERH IRJSVGIEFPI MR PE[ YRXMP WYMXEFPI PIKMWPEXMSR MW

IREGXIH XS SGGYT] XLI JMIPH 3RI MQTSVXERX MQTPMGEXMSR SJ XLMW NYHKQIRX PMIW MR
XLI JEGX XLEX XLI GSYVX I\XIRHIH XLI TVSXIGXMSR SJ XLI VMKLX EKEMRWX WI\YEP LEVEWWQIRX
YRHIV %VXMGPI EKEMRWX RSRWXEXI EGXSVW WYGL EW TVMZEXI GSQTERMIW
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6EKKMRK 1IREGI EX 9RMZIVWMXMIW
% 4YFPMG -RXIVIWX 0MXMKEXMSR [EW JMPIH F] :MWL[E .EKVMXM 1MWWMSR E WTMVMXYEP

SVKERMÊXMSR MR WIIOMRK HMVIGXMSRW JVSQ XLI 7YTVIQI 'SYVX -R XLI I\IVGMWI SJ MXW
TS[IV YRHIV %VXMGPIW ERH SJ XLI 'SRWXMXYXMSR MX MWWYIH WIZIVEP KYMHIPMRIW MR
8LI GSYVX RSX SRP] SJJIVIH E HIJMRMXMSR SJ VEKKMRK FYX EPWS GSRXIQTPEXIH
TSWWMFPI GEYWIW SJ VEKKMRK TVIWGVMFIH HIXEMPIH WXITW XS GYVF XLMW TVEGXMGI ERH PEMH
HS[R HMZIVWI QSHIW SJ TYRMWLQIRX XLEX IHYGEXMSREP EYXLSVMXMIW QE] XEOI 2SX SRP]
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XS WXST VEKKMRK +SMRK SRI WXIT JYVXLIV XLI GSYVX VYPIH XLEX MJ ERMRWXMXYXMSRJEMPWXS
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EWWMWXERGI XS WYGL ER MRWXMXYXMSR XMPP WYGL XMQI EW MX EGLMIZIW XLI WEQI (IWTMXI
XLIWI KYMHIPMRIW XLI MRGMHIRXW SJ VEKKMRK GSRXMRYI MR -RHME IZIR EX TVIWIRX
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SJ 1V 6 / 6EKLEZER XLI I\HMVIGXSV SJ XLI 'IRXVEP &YVIEY SJ -RZIWXMKEXMSR '&- XS
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VIGSQQIRHEXMSRW SJ XLI 'SQQMXXII WLSYPH FI MQTPIQIRXIH [MXLSYX ER] JYVXLIV PETWI
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-H

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:MWL[E .EKVMXM 1MWWMSR Z 'IRXVEP +SZIVRQIRX %-6 7'

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9RMZIVWMX] SJ /IVEPE Z 'SYRGMP SJ 4VMRGMTEPW SJ 'SPPIKIW SJ /IVEPE SVHIV HEXIH 1E]

8LI TYRMWLQIRX XS FI QIXIH SYX LEW XS FI I\IQTPEV] ERH NYWXMJMEFP] LEVWL
XS EGX EW E HIXIVVIRX EKEMRWX VIGYVVIRGI SJ WYGL MRGMHIRXW
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XLI ,IEH SJ MRWXMXYXMSR MW RSX WEXMWJMIH [MXL XLI MRWXMXYXMSREP EVVERKIQIRX JSV EGXMSR E
*MVWX -RJSVQEXMSR 6ITSVX QYWX FI JMPIH [MXLSYX I\GITXMSR F] XLI MRWXMXYXMSREP
EYXLSVMXMIW [MXL XLI PSGEP TSPMGI EYXLSVMXMIW %R] JEMPYVI SR XLI TEVX SJ XLI MRWXMXYXMSREP
EYXLSVMX] SV RIKPMKIRGI SV HIPMFIVEXI HIPE] MR PSHKMRK XLI *-6 [MXL XLI PSGEP TSPMGI
WLEPP FI GSRWXVYIH XS FI ER EGX SJ GYPTEFPI RIKPMKIRGI SR XLI TEVX SJ XLI MRWXMXYXMSREP
EYXLSVMX] -J ER] ZMGXMQ SV LMW TEVIRXKYEVHMER SJ VEKKMRK MRXIRHW XS JMPI *-6 HMVIGXP]
[MXL XLI TSPMGI XLEX [MPP RSX EFWSPZI XLI MRWXMXYXMSREP EYXLSVMX] JVSQ XLI VIUYMVIQIRX
SJ JMPMRK XLI *-6
8LI 7YTVIQI 'SYVX VYPIH XLEX XLI 'SQQMXXII GSRWXMXYXIH TYVWYERX XS XLI
SVHIV SJ XLMW 'SYVX WLEPP GSRXMRYI XS QSRMXSV XLI JYRGXMSRMRK SJ XLI ERXMVEKKMRK
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SJ XLI VIGSQQIRHEXMSRW XS [LMGL VIJIVIRGI LEW FIIR QEHI EFSZI -R MXW SVHIV SJ
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E LMWXSVMGEP EGGSYRX SJ VEKKMRK MR WSGMIXMIW SXLIV XLER -RHME ERH HMVIGXIH EPP WXEXI
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4VSJ 74 7EXLI SFWIVZIW
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SJ TSTYPMWQ EW [IPP EW EHZIRXYVMWQ MR ZMSPEXMSR SJ XLI HSGXVMRI SJ WITEVEXMSR SJ
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VIWXVEMRX &YX MR XLI TVIWIRX -RHMER 7GIREVMS I\GIWWMZI VIWXVEMRX ERH HSGXVMREMVI VIKEVH
JSV WITEVEXMSR SJ TS[IVW GSYPH EPWS FI HMWEWXVSYW 9PXMQEXIP] [LEX E GSYVX WLSYPH
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SJ .YHMGMEP %GXMZMWQ 8LIVI EVI TIVLETW X[S QENSV GEYWIW FILMRH MX *MVWX XLI XIVQ
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WLSYPH FI VIWSVXIH XS SRP] MR I\GITXMSREP GMVGYQWXERGIW [LIR XLI WMXYEXMSR JSVGIJYPP]
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KSZIVRQIRX

7EXLI74 .YHMGMEP %GXMZMWQ MR -RHME 8VERWKVIWWMRK &SEVHIVW ERH IRJSVGMRK PMQMXW 3\JSVH
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7YTVE RSXI TT

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EHZIRXYVMWQ NYHKIWRIIHXSFIGMVGYQWTIGXERHWIPJ HMWGMTPMRIH MR XLI HMWGLEVKI SJ
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YRPIWW NYHKIW I\IVGMWI WIPJ VIWXVEMRX IEGL NYHKI GER FIGSQI PE[ YRXS LMQWIPJ ERH
MWWYI HMVIGXMSRW EGGSVHMRK XS LMW TIVWSREP JERGMIW [LMGL [MPP GVIEXI GLESW
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WXERH SJ VIWXVEMRX EPWS EJJIGXW XLI W]WXIQ EHZIVWIP]%W XSS QYGL NYHMGMEP EGXMZMWQ
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VIWXVEMRX [SYPH LEZI E WIPJ ERRMLMPEXMRK IJJIGX -J XLI GSYVXW EVI RSX EFPI XS GLIGO
EFYWI SJ PIKMWPEXMZI ERH I\IGYXMZI TS[IV F] XLI ZIV] VEMWSR H ÎXVI SJ NYHMGMEP
MRWXMXYXMSR [SYPH FI HIJIEXIH 7YGL E JEMPYVI SR XLI TEVX SJ XLI NYHMGMEV] [SYPH

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7'' .SYV

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YTSR MXWIPJ SR XLI FEWMW SJ WXVMGX WITEVEXMSR SJ TS[IVW GERRSX FI E TEXL XS MHIRXMJ]
NYWXMGI MR XLI I]IW SJ TSSV % [MWI NYHMGMEP TSPMG] LEW XS FI E NYHMGMSYW FPIRH SJ
EGXMZMWQ ERH VIWXVEMRX XLI I\EGX TVSTIVXMIW SJ IEGL ZEV]MRK [MXL XLI I\MKIRGMIW SJ XLI
WMXYEXMSR MW XS FI [IPGSQIH .YHMGMEP EGXMZMWQ EW E XSSP JVIUYIRXP] VIWSVXIH XS EKEMRWX
I\IGYXMZI LEW EPWS MRZMXIH EPPIKEXMSRW SJ MXW I\GIWW YWI RSX SRP] JVSQ SXLIV UYEVXIVW
FYX JVSQ XLI ETI\ GSYVX MXWIPJ ]IX XLIVI MW RS HSYFX XLEX NYHMGMEP EGXMZMWQ LEW
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GSRWXMXYXMSREP VMKLXW MR XLIMV JEZSYV
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XLI 7YTVIQI ERH MRJIVMSV GSYVXW WLEPP LSPH XLIMV SJJMGIW HYVMRK KSSH FILEZMSYV ERH
WLEPP EX WXEXIH XMQIW VIGIMZI JSV XLIMV WIVZMGIW E GSQTIRWEXMSR [LMGL WLEPP RSX FI
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NYHMGMEP W]WXIQ 8LSYKL XLI NYHKIW [IVI ETTSMRXIH F] XLI 'VS[R MR QER] 7XEXIW XLI
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WLSYPH LEZI 8LMW GSRGIVR SJ XLI QIQFIVW SJ XLI 'SRWXMXYIRX %WWIQFP] [EW
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8LIVI GER FI RS HMJJIVIRGI SJ STMRMSR MR XLI ,SYWI XLEX SYV NYHMGMEV] QYWX FI
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8LI UYIWXMSR XLEX EVMWIW EX JMVWX MRWXERGI MR XLI QMRHW MW XLEX [LEX QEHI XLI
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XS XLI NYHMGMEV] ERH QEOMRK MXWIPJ GSQTIXIRX
8LI ERW[IV XS XLMW UYIWXMSR PMIW MR XLI ZIV] FEWMG YRHIVWXERHMRK XLEX WS EW XS
WIGYVI XLI WXEFMPMX] ERH TVSWTIVMX] SJ XLI WSGMIX] XLI JVEQIVW EX XLEX XMQI YRHIVWXSSH
XLEX WYGL E WSGMIX] GSYPH FI GVIEXIH SRP] F] KYEVERXIIMRK XLI JYRHEQIRXEP VMKLXW ERH
XLI MRHITIRHIRGI SJ XLI NYHMGMEV] XS KYEVH ERH IRJSVGI XLSWI JYRHEQIRXEP VMKLXW %PWS
MR E GSYRXV] PMOI -RHME XLI MRHITIRHIRGI SJ XLI NYHMGMEV] MW SJ YXQSWX MQTSVXERGI MR
YTLSPHMRK XLI TMPPEVW SJ XLI HIQSGVEXMG W]WXIQ ERH LIRGI IRWYVMRK E JVII WSGMIX]
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VIUYMWMXI JSV IRWYVMRK E JVII ERH JEMV WSGMIX] YRHIV XLI VYPI SJ PE[ 6YPI SJ PE[ XLEX MW
VIWTSRWMFPI JSV KSSH KSZIVRERGI SJ XLI GSYRXV] GER FI WIGYVIH XLVSYKL YRFMEWIH
NYHMGMEV] 8LI HSGXVMRI SJ WITEVEXMSR SJ TS[IVW [LMGL [EW FVSYKLX MRXS I\MWXIRGI
XS HVE[ YTSR XLI FSYRHEVMIW JSV XLI JYRGXMSRMRK SJ EPP XLI XLVII SVKERW SJ XLI WXEXI
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XS EGX EW E [EXGLHSK ERH XS GLIGO [LIXLIV XLI I\IGYXMZI ERH XLI PIKMWPEXYVI EVI
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MRHITIRHIRX MR MXWIPJ %R MRHITIRHIRX NYHMGMEV] WYTTSVXW XLI FEWI SJ HSGXVMRI SJ
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SJ MXW I\MWXIRGI 'SRWXMXYXMSR F] [E] SJ XLI TVSZMWMSRW NYWX XEPOW SJ XLI MRHITIRHIRGI
SJ XLI NYHMGMEV] FYX MX MW RS [LIVI HIJMRIH [LEX EGXYEPP] MW XLI MRHITIRHIRGI SJ XLI
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8LI SXLIV QIERMRK SJ XLI NYHMGMEP MRHITIRHIRGI WLEPP FI XLI MRHITIRHIRGI SJ

XLI NYHMGMEV] MR XLI I\IVGMWI SJ XLI JYRGXMSRW F] XLI NYHKIW MR ER YRFMEWIH QERRIV MI
JVII JVSQ ER] I\XIVREP JEGXSV 7S XLI MRHITIRHIRGI SJ XLI NYHMGMEV] GER FI YRHIVWXSSH
EW XLI MRHITIRHIRGI SJ XLI MRWXMXYXMSR SJ XLI NYHMGMEV] ERH EPWS XLI MRHITIRHIRGI SJ XLI
NYHKIW [LS JSVQ E TEVX SJ XLI NYHMGMEV] &SXL XLIWI LEZI XS KS LERH MR LERH EW XLI
MRHITIRHIRGI SJ XLI NYHMGMEV] EW ER MRWXMXYXMSR MW RSX TSWWMFPI [MXLSYX XLI
MRHITIRHIRGI SJ XLI MRHMZMHYEP NYHKIW ERH MJ XLI MRWXMXYXMSR SJ XLI NYHMGMEV] MW RSX
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FI YRFMEWIH MI JVII JVSQ ER] TVIWWYVI JVSQ ER] SVKERW PMOI I\IGYXMZI -J XLI NYHMGMEV]
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TVSZMWMSR SJ XLI 'SRWXMXYXMSR EGGSVHMRK XS XLIQ .YHMGMEV] MW KMZIR XLI NSF XS MRXIVTVIX
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TSWXYPEXIW XLEX XLI GSRWXMXYIRX SR TS[IV SJ XLI TEVPMEQIRX HSIW RSX IREFPI XS EQIRH XLI IWWIRXMEP
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SJ XLI NYHMGMEV] 8LI GSRWXMXYXMSREP TVSZMWMSRW EVI HMWGYWWIH FIPS[
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8LI SFNIGX FILMRH XLI (MVIGXMZI 4VMRGMTPI MW XS WIGYVI XLI MRHITIRHIRGI SJ XLI
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JVII JVSQ I\IGYXMZI GSRXVSP
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'SYVX SJ -RHME VYPIW XLEX MRHITIRHIRGI SJ XLI NYHMGMEV] MW FEWMG JIEXYVI SJ 'SRWXMXYXMSR
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MZ -R ,MKL 'SYVX SJ .YHMGEXYVI EX &SQFE] Z 7MVMWL /YQEV 6ERKVES 4EXMP 7'' MX [EW
LIPH XLEX IZIR 'SYVX EHQMRMWXVEXSVW ERH WYTTSVXMRK WXEJJ [IVI MRWYPEXIH JVSQ I\IGYXMZI MRJPYIRGI EW MX
[EW
IZMHIRX JVSQ %VXMGPI SJ 'SRWXMXYXMSR


'SYVXW %VX 8LI] GERRSX FI VIQSZIH JVSQ XLI SJJMGI I\GITX F] ER SVHIV SJ
XLI 4VIWMHIRX ERH XLEX XSS SRP] SR XLI KVSYRH SJ TVSZIR QMWFILEZMSV ERH MRGETEGMX] %
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QIQFIVW SJ XLI LSYWI TVIWIRX ERH ZSXMRK 4VSGIHYVI MW WS GSQTPMGEXIH XLEX XLIVI LEW
FIIR RS GEWI SJ XLI VIQSZEP SJ E .YHKI SJ 7YTVIQI 'SYVX SV ,MKL 'SYVX YRHIV XLMW
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7EPEVMIW ERH %PPS[ERGIW 8LI WEPEVMIW ERH EPPS[ERGIW SJ XLI NYHKIW

EVI EPWS E JEGXSV [LMGL QEOIW XLI NYHKIW MRHITIRHIRX EW XLIMV WEPEVMIW ERH EPPS[ERGIW
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'SRWSPMHEXIH *YRH SJ -RHME MR GEWI SJ 7YTVIQI 'SYVX NYHKIW ERH XLI 'SRWSPMHEXIH
*YRH SJ XLI WXEXI MR XLI GEWI SJ ,MKL 'SYVX NYHKIW 8LIMV IQSPYQIRXW GERRSX FI
EPXIVIH XS XLIMV HMWEHZERXEKI %VX I\GITX MR XLI IZIRX SJ KVEZI JMRERGMEP
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4EVPMEQIRX %VX TVSZMHIW XLEX XLIVI WLEPP FI RS HMWGYWWMSR MR XLI PIKMWPEXYVI SJ
XLI WXEXI [MXL VIWTIGX XS XLI GSRHYGX SJ ER] NYHKI SJ 7YTVIQI 'SYVX SV SJ E ,MKL
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SJ XLI NYHKI SJ 7YTVIQI 'SYVX SV ,MKL 'SYVX MR XLI HMWGLEVKI SJ LMW HYXMIW I\GITX
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XLI NYHKI
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XLI 7YTVIQI 'SYVX WLEPP LEZI XLI TS[IV XS TYRMWL JSV GSRXIQTX SJ MXWIPJ 0MOI[MWI
%VX PE]W HS[R XLEX IZIV] ,MKL 'SYVX WLEPP LEZI XLI TS[IV XS TYRMWL JSV GSRXIQTX
SJ MXWIPJ

%VXMGPIW
ERH %VXMGPIW F
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%VXMPGPI 'SRWXMXYXMSR SJ -RHME

-X GERRSX FI EFVSKEXIH IZIR F] GSRWXMXYXMSREP EQIRHQIRXW ;LIR SRI
GSRXIQTPEXIW MRHITIRHIRGI SJ NYHMGMEV] MX SYKLX XS FI ZMWYEPMÎH EX X[S PIZIPW
-RHITIRHIRGI SJ NYHMGMEV] MR E REVVS[ WIRWI HIEPW [MXL MRHITIRHIRGI ERH MQTEVXMEPMX]
SJ MRHMZMHYEP NYHKIW MR VIPEXMSR XS XLI ETTSMRXQIRX XIRYVI TE]QIRX SJ WEPEVMIW ERH
TVSGIHYVIW JSV VIQSZEP JVSQ XLI SJJMGI -R E FVSEHIV WIRWI EX WIGSRH PIZIP XLI GSRGITX
MW EFSYX MRWXMXYXMSREP MRHITIRHIRGI SJ XLI NYHMGMEV] 8LI SXLIV EWTIGXW XLEX EMQ XS
TVIWIVZI XLI MRHITIRHIRGI SJ .YHMGMEV] EVI XLI ETTSMRXQIRX SJ NYHKIW XS XLI 7YTVIQI
'SYVX EW [IPP EW XLI ,MKL 'SYVXW ERH XLIMV VIQSZEP TVSGIWW 8LI ETTSMRXQIRX SJ
.YHKIW SJ 7YTVIQI 'SYVX ERH ,MKL 'SYVXW EVI QEHI SR XLI VIGSQQIRHEXMSR SJ E
GSPPIKMYQ [LMGL GSRWMWXW SJ XLI 'LMIJ .YWXMGI SJ -RHME ERH XLI RI\X JSYV WIRMSV
QSWX NYHKIW SJ XLI 7YTVIQI 'SYVX %TTSMRXQIRXW XS XLI 7YTVIQI 'SYVX EVI QEHI
JVSQ EQSRK WMXXMRK NYHKIW SJ XLI ,MKL 'SYVXW ERH MR I\GITXMSREP GEWIW JVSQ
EQSRKWX I\TIVMIRGIH PIKEP TVEGXMXMSRIVW EW [IPP %TTSMRXQIRXW XS XLI ,MKL 'SYVXW EVI
QEHI FSXL JVSQ EQSRK XLI WYFSVHMREXI NYHMGMEV] EW [IPP EW TVEGXMXMSRIVW 8LI
WYFSVHMREXI NYHMGMEV] MR XYVR MW GSRWXMXYXIH YRHIV XLI WYTIVZMWMSR SJ XLI ,MKL 'SYVXW
FYX XLI VIWTIGXMZI 7XEXI KSZIVRQIRXW EPWS TPE] E VSPI MR WS JEV EW XLI] GSRHYGX
GSQTIXMXMZI I\EQMREXMSRW JSV NYHMGMEP ETTSMRXQIRXW EX XLI PS[IV PIZIPW 8S WXEXI 0SVH
%GXSR W[SVHW
4S[IV XIRHW XS GSVVYTX ERH EFWSPYXI TS[IV GSVVYTXW EFWSPYXIP]
8LIVIJSVI [LIRIZIV XLIVI MW E QIRXMSR SJ XLI MRHITIRHIRGI SJ XLI NYHMGMEV]
XLIVI MW EP[E]W E GSRGIVR EFSYX XLI PEXIRX HERKIVW SJ XLI NYHMGMEP MRHITIRHIRGI ERH

XLIVI EVMWIW XLI MQTSVXERGI SJ .YHMGMEP %GGSYRXEFMPMX] 8LI MQTSVXERGI SJ XLI
MRHITIRHIRGI SJ XLI NYHMGMEV] [EW PSRK EKS VIEPMÎH F] XLI JVEQIVW SJ XLI 'SRWXMXYXMSR
[LMGL LEW FIIR EGGITXIH F] XLI GSYVXW F] QEVOMRK MX EW XLI FEWMG JIEXYVI SJ XLI
'SRWXMXYXMSR -X MW [IPP ORS[R XLEX PE[ LEW XS GLERKI MR SVHIV XS QIIX XLI RIIHW SJ XLI
GLERKMRK WSGMIX] 7MQMPEVP] NYHMGMEP MRHITIRHIRGI LEW XS FI WIIR [MXL XLI GLERKMRK
HMQIRWMSR SJ XLI WSGMIX] .YHMGMEP EGGSYRXEFMPMX] ERH NYHMGMEP MRHITIRHIRGI LEZI XS
[SVO LERH MR LERH XS IRWYVI XLI VIEP TYVTSWI SJ WIXXMRK YT SJ XLI MRWXMXYXMSR SJ
NYHMGMEV]

8LIWI EWTIGXW EVI IPEFSVEXIP] HIEPX MR XLI JSVI GSQMRK GLETXIVW

-R GEWI SJ /YPHMT 7MRKL [LS [EW ER IQMRIRX NYVMWX

.YHMGMEP EGGSYRXEFMPMX] MW HIXEMPIH MR XLI JSVXL GSQMRK GLETXIVW

',%48)6 -:
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8LI HMZIVWI TVSZMWMSRW VIKEVHMRK XLI 'SRWXMXYXMSREP 'SYVXW EVI GPIEVP] KMZIR MR
XLI 'SRWXMXYXMSR SJ -RHME 8LSYKL YRHIV XLI 'SRWXMXYXMSR XLI TSPMX] MW HYEP XLI
NYHMGMEV] MW MRXIKVEXIH [LMGL GER MRXIVTVIX ERH EHNYHMGEXI YTSR FSXL XLI 'IRXVEP ERH
7XEXI 0E[W 8LI WXVYGXYVI SJ NYHMGMEV] MW T]VEQMHMGEP MR REXYVI ;LMPI HIEPMRK [MXL
XLI ETTSMRXQIRX SJ .YHKIW MX QE] TIVLETW FI SJ MRXIVIWX XS ORS[ XLI TVSGIHYVI
EHSTXIH MR SXLIV GSYRXVMIW
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XLI 4VMQI 1MRMWXIV EJXIV GSRWYPXEXMSR [MXL XLI 0SVH 'LERGIPPSV FYX XLI 0SVH
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VIKEVHW XLI *IHIVEP 'SYVX SJ %TTIEP E 'MVGYMX.YHKIW2SQMREXMSR'SQQMWWMSR LEW
FIIR IWXEFPMWLIH F] E 4VIWMHIRXMEP SVHIV XS WYTTP] XLI 4VIWMHIRX [MXL XLI REQIW SJ XLI
FIWX UYEPMJMIH TIVWSRW JSV ETTSMRXQIRX 8LI %QIVMGER &EV %WWSGMEXMSR EPWS TPE]W E
ZMXEP VSPI )\GITX MR XLI QEXXIV SJ WIPIGXMSR JSV XLI ETTSMRXQIRX SJ NYHKIW MR XLI 97
7YTVIQI 'SYVX XLI ZMI[W SJ XLI %QIVMGER &EV %WWSGMEXMSR GEVV] E PSX SJ [IMKLX [MXL
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8LIWI EWTIGXW EVI EPVIEH] HMWGYWWIH MR XLI TVIZMSYW GLETXIVW

%ZEMPEFPI EX LXXT[[[PIKGSKSZLO]VIRKPMWLPMFVEV]IVTTHJ 0EWX ZMI[IH SR

%ZEMPEFPIEX
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0EWX :MI[IH SR

-R %YWXVEPME .YHKIW EVI ETTSMRXIH F] XLI I\IGYXMZI MR EGGSVHERGI [MXL XLI
7XEXYI ;LMPI ETTSMRXQIRX XS XLI ,MKL 'SYVXW ERH SXLIV *IHIVEP 'SYVXW MW F] XLI
*IHIVEP +SZIVRQIRX [LIVIEW XLI ETTSMRXQIRX XS XLI WXEXI GSYVXW MW F] XLI WXEXI
KSZIVRQIRXW 8LI ETTSMRXQIRXW EVI QEHI MR XLI REQI SJ XLI +SZIVRSV +IRIVEP SV
XLI +SZIVRSV MR 'SYRGMP ,S[IZIV SRGI ETTSMRXIH XLI] EVI MRHITIRHIRX SJ XLI
I\IGYXMZI 8LYW XLI %YWXVEPMER QIXLSH SJ ETTSMRXQIRXW GSRXVEWXW [MXL XLI W]WXIQ
TVIZEPIRX MR XLI 9RMXIH /MRKHSQ ERH XLI 9RMXIH 7XEXIW
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4VSZMRGMEP ERH *IHIVEP MR IEGL TVSZMRGI EVI QEHI F] XLI +SZIVRSV+IRIVEP -R
EHHMXMSR IEGL SJ XLI XIR TVSZMRGIW LEW MXW S[R TVSGIWW SJ ETTSMRXQIRX SJ TVSZMRGMEP
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EVI F] XLI )\IGYXMZI -R .ETER XLI .YHKIW SJ XLI 7YTVIQI 'SYVX EVI ETTSMRXIH F]
XLI 'EFMRIX I\GITX XLI 'LMIJ .YWXMGI [LS MW ETTSMRXIH F] XLI )QTIVSV EJXIV
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8LI %PPELEFEH ,MKL 'SYVX MW XLI PEVKIWX


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XLI I\TPEREXMSR ER] TIVMSH HYVMRK [LMGL E TIVWSR LEW EJXIV FIGSQMRK ER EHZSGEXI
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SV E 7XEXI VIUYMVMRK WTIGMEP ORS[PIHKI SJ PE[ [MPP FI MRGPYHIH MR GSQTYXMRK XLI
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IPMKMFMPMX] JSV ETTSMRXQIRX EW E .YHKI SJ E ,MKL 'SYVX
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MR GSQTYXMRK XLI TIVMSH HYVMRK [LMGL XLI TIVWSR LEH FIIR ER EHZSGEXI SJ E ,MKL
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WTIGMEP ORS[PIHKI SJ PE[
8LI NYVMWHMGXMSR SJ XLI LMKL 'SYVX MW IUYEPP] I\XIRWMZI MJ RSX QSVI PMOI XLEX SJ
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SJ XLI *YRHEQIRXEP VMKLXW QIRXMSRIH MR 4EVX --- )ZIV] ,MKL 'SYVX I\IVGMWIW TS[IV SJ
WYTIVMRXIRHIRGI ERH GSRXVSP SZIV EPP XLI 8VMFYREPW ERH 'SYVXW [MXLMR MXW .YVMWHMGXMSR
%+) 3* 6)8-6)1)28 3* .9(+)7 3* 7946)1) '3968

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XLI WEQI 8LI VIEWSR KMZIR MR WYTTSVX SJ XLMW ZMI[ MW XLEX WSQI NYHKIW SV GLMIJ
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7YTVIQI 'SYVX -X MW EPWS TSMRXIH SYX XLEX MR 9/ XLI EKI SJ VIXMVIQIRX JSV XLI NYHKIW
SJ XLI ,MKL 'SYVX ERH XLI 'SYVX SJ %TTIEP MW XLI WEQI REQIP] 8LIVI MW SJ
GSYVWI E GSRXVEV] ZMI[ XLEX MR -RHME XLI EKI SJ VIXMVIQIRX JSV XLI 7YTVIQI 'SYVX ERH
XLI ,MKL 'SYVXW LEW EP[E]W FIIR HMJJIVIRX &IJSVI XLI *MJXIIRXL %QIRHQIRX MX [EW
ERH ERH RS[ MX MW ERH VIWTIGXMZIP]
8LIVI EVI RS KSSH VIEWSRW XS HS E[E] [MXL XLMW TSMRX SJ HMWXMRGXMSR 3YX SJ XLI
X[S HMJJIVIRX ZMI[W WXEXIH EFSZI XLMW GLETXIV MW MR JEZSYV SJ XLI MHIRXMGEP EKI SJ
WYTIVERRYEXMSR JSV XLI .YHKIW SJ XLI 7YTVIQI 'SYVX ERH XLI ,MKL 'SYVXW EW MX MW QSVI
VIEWSREFPI ERH EGGITXEFPI ERH MX QIVIP] TYXW JSVXL XLI I\MWXMRK MHIEW XS IRPMKLXIR XLI
QIQFIVW SJ XLI .YHMGMEV] ERH XLI TYFPMG EW E [LSPI
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2SRI SJ XLI 'SRWXMXYXMSRW SJ 'SQQSR[IEPXL GSYRXVMIW SV XLI 'SRWXMXYXMSR SJ

97% TVSZMHIW JSV GSRWYPXEXMSR [MXLXLILIEHSJXLINYHMGMEV]SVER]SXLIVQIQFIV
SJ XLI NYHMGMEV] MR XLI QEXXIV SJ ETTSMRXQIRX SJ .YHKIW 3RP] SYV 'SRWXMXYXMSR HSIW
8LI UYIWXMSR EVMWIW [L] HMH XLI JVEQIVW SJ XLI 'SRWXMXYXMSR HITEVX JVSQ SXLIV
GSYRXVMIW ERH TVSZMHIH XLMW MRRSZEXMZI TVSGIHYVI [LIR IZIR XLI +SZIVRQIRX SJ -RHME
%GX HMH RSX TVSZMHI JSV WYGL GSRWYPXEXMSR 8LIVI GER FI RS I\TPEREXMSR JSV
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[MXL XLI GSRGITX SJ MRHITIRHIRGI SJ NYHMGMEV] 8VYXL [EW XLEX XLI HVEJX TVITEVIH F]
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XLMW QSHIP 8LI VIUYMVIQIRX SJ GSRWYPXEXMSR [MXL RSX SRP] XLI 'LMIJ .YWXMGI SJ -RHME
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%ZEMPEFPI EX LXXT[[[TYFPMGEXMSRWTEVPMEQIRXYOTEPHPHWIPIGXPHGSRWXLXQ
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8LI 'SRWXMXYXMSR *MJXIIRXL %QIRHQIRX %GX

7 GSRGIVRMRK XLI ETTSMRXQIRX SJ .YHKIW SJ ,MKL 'SYVXW 'SRWXMXYXMSR SJ -RHME

MW ER EHHIH MRHMGEXMSR SJ XLI GSRGIVR XLI JSYRHMRK JEXLIVW LEH [MXL XLI
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LIEH SJ XLI NYHMGMEV] IMXLIV EX JIHIVEP SV TVSZMRGMEP PIZIP FYX ]IX GLSWI XLMW TEVXMGYPEV
JSVQYPEXMSR -X GER FI IZMHIRXP] WEMH XLEX XLI] HMH RSX XVYWX XLI )\IGYXMZI MR -RHME XS
QEOI TVSTIV ETTSMRXQIRXW ERH LIRGI IRXVIRGLIH XLI VIUYMVIQIRX SJ GSRWYPXEXMSR
MR XLI 'SRWXMXYXMSR MXWIPJ I\TVIWWP]
%VXMGPIW ERH GSRWXMXYXIW ]IX ERSXLIV I\GITXMSR XS XLI VIUYMVIQIRX MR
%VXMGPI FSXL FIGEYWI SJ XLI I\TVIWW PERKYEKI IQTPS]IH XLIVIMR ERH EPWS FIGEYWI SJ
XLI GSRGITX SJ NYHMGMEP MRHITIRHIRGI [LMGL QYWX RIGIWWEVMP] FI MQTPMIH XLIVIMR -X MW
[IPP IWXEFPMWLIH XLEX XLI SZIVEVGLMRK GSRGITX SJ NYHMGMEP MRHITIRHIRGI GEPPW JSV ER
MRXIVTVIXEXMSR SJ XLI 'SRWXMXYXMSR GSRWMWXIRX [MXL XLI WEMH GSRGITX -J SRI VIEHW %VXMGPI
SV MR XLI PMKLX SJ XLI TVMRGMTPI SJ MRHITIRHIRGI SJ NYHMGMEV] KMZMRK JYPP
IJJIGX XS XLI PERKYEKI YWIH XLIVIMR MX [SYPH JSPPS[ XLEX %VXMGPI LEW RS ETTPMGEXMSR
XS %VXMGPIW ERH ERH XLEX YRHIV XLIWI EVXMGPIW XLI 4VIWMHIRX LEW XS EGX MR
GSRWYPXEXMSR [MXL XLI EYXLSVMXMIW REQIH MR XLSWI EVXMGPIW EPSRI -R SXLIV [SVHW MR XLI
QEXXIV SJ ETTSMRXQIRX SJ NYHKIW SJ XLI 7YTVIQI 'SYVX ERH ,MKL 'SYVXW XLI 4VIWMHIRX
LEW XS EGX MR GSRWYPXEXMSR [MXL SRP] XLI EYXLSVMXMIW REQIH MR XLI EVXMGPIW 8LI GSRXI\X
I\GPYHIW ETTPMGEXMSR SJ %VXMGPI -X QE] EPWS FI E GEWI SJ WTIGMEP %VXMGPIW ERH
I\GPYHMRK XLI KIRIVEP %VXMGPI 0: (IIOWLMXYPY WGEWI MW ER EYXLSVMX] JSV
XLI TVSTSWMXMSR XLEX PMXIVEP MRXIVTVIXEXMSR LEW XS FI HMWGEVHIH MJ WYGL MRXIVTVIXEXMSR LEW
XLI IJJIGX SJ IVSHMRK XLI GSRGITX SJ NYHMGMEP MRHITIRHIRGI
0: (IIOWLMXYPY W GEWI
8LI JEGXW ERH XLI VEXMS SJ XLMW GEWI EVI LMKLP] VIPIZERX ERH MRWXVYGXMZI 8LI
4VIWMHIRX SJ -RHME LEH GSRWXMXYXIH ER %HQMRMWXVEXMZI 8VMFYREP JSV %RHLVE 4VEHIWL XS
EHNYHMGEXI YTSR XLI WIVZMGI HMWTYXIW SJ IQTPS]IIW SJ XLI 7XEXI 8LI 8VMFYREP [EW
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;LMGL MW GSRWMHIVIH XLI FEWMG JIEXYVI SJ XLI 'SRWXMXYXMSR

'LMIJ .YWXMGI SJ %4 Z 0: (IIOWLMXYPY %-6 7'

SXLIVW 8LI UYIWXMSR [EW [LIXLIV XLI IQTPS]IIW SJ XLI ,MKL 'SYVX EVI RSX TIVWSRW
LSPHMRK TSWXW MR XLI GMZMP WIVZMGIW SJ XLI 7XEXI 8LI 'SYVX LIPH XLEX XLSYKL MR MXW
SVHMREV] GSRRSXEXMSR XLI IQTPS]IIW SJ XLI ,MKL 'SYVX ERH QIQFIVW SJ 7YFSVHMREXI
NYHMGMEV] GER FI WEMH XS LSPH TSWXW MR XLI GMZMP WIVZMGIW SJ XLI 7XEXI XLI SXLIV
TVSZMWMSRW SJ XLI 'SRWXMXYXMSR GSRGIVRMRK NYHMGMEV] ERH XLI YRHIVP]MRK GSRGITX SJ
NYHMGMEP MRHITIRHIRGI QYWX PIEH YW XS GSRWXVYI XLSWI [SVHW REVVS[P] WS EW XS I\GPYHI
XLI IQTPS]IIW SJ ,MKL 'SYVX QIQFIVW SJ 7YFSVHMREXI NYHMGMEV] ERH IQTPS]IIW MR
ZEVMSYW GSYVXW YRHIV XLI GSRXVSP SJ XLI ,MKL 'SYVX 8LI GSRWXMXYXMSR FIRGL WTIEOMRK
XLVSYKL 7EVOEVME . VIJIVVIH XS %VXMGPI XS ERH XS XLI TVSZMWMSRW MR 'LETXIV :
ERH :- SJ XLI 'SRWXMXYXMSR ERH LIPH XLEX XLI I\TVIWWMSR GMZMPWIVZMGIWSJXLI7XEXI MR
%VXMGPI( WLSYPH FI GSRWXVYIH ERH YRHIVWXSSH MR XLI PMKLX SJ XLI WEMH %VXMGPIW ERH
XLI YRHIVP]MRK WGLIQI SJ XLI WEMH 'LETXIVW -R XLMW GSRRIGXMSR XLI 'SRWXMXYXMSR
&IRGL UYSXIH ER IEVPMIV NYHKIQIRX SJ XLI 'SYVX WE]MRK XLEX [LMPIMRXIVTVIXMRK[SVHW
MR E WSPIQR HSGYQIRX PMOI XLI 'SRWXMXYXMSR SRI QYWX PSSO EX XLIQ RSX MR E WGLSSP
QEWXIVP] JEWLMSR RSX [MXL XLI GSPH I]I SJ XLI PI\MGSKVETLIV FYX [MXL XLI VIEPMÊXMSR
XLEX XLI] SGGYV MR EWMRKPIGSQTPI\MRWXVYQIRXMR[LMGLSRITEVXQE]XLVS[PMKLXSR
XLI SXLIV WS XLEX XLI 'SRWXMXYXMSR QYWX LSPH E FEPERGI FIX[IIR EPP MXW TEVXW 8LI
GSYVX GSRGPYHIH F] WE]MRK -R WYQ XLI IRXMVI WGLIQI SJ GLETXIVW : ERH :-
ITMXSQMÎH MR %VXMGPI ERH LEW FIIR EWWMHYSYWP] HIWMKRIH F] XLI JSYRHMRK
JEXLIVW XS IRWYVI MRHITIRHIRGI SJ XLI ,MKL 'SYVX ERH XLI WYFSVHMREXI NYHMGMEV]
79&36(-2%8) .9(-'-%6=
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EW WYFSVHMREXI NYHMGMEV] EVI IQTS[IVIH XS IRXIVXEMR ERH EHNYHMGEXI YTSR EPP GMZMP
HMWTYXIW ERH EPP OMRHW SJ GVMQMREP GEWIW 8LI LMKLIVPIZIP SJJMGIVW REQIP] HMWXVMGX
NYHKIW I\IVGMWI ETTIPPEXI TS[IV MR FSXL GMZMP ERH GVMQMREP QEXXIVW SZIV XLI SVHIVW SJ
1YRWMJJW ERH 1EKMWXVEXIW 8LI WXVYGXYVI SJ WYFSVHMREXI NYHMGMEV] ZEVMIW JVSQ 7XEXI XS
7XEXI WMRGI MX MW [MXLMR XLI TS[IV SJ XLI 7XEXI XS SVKERMÎ XLI WYFSVHMREXI NYHMGMEV] MR
ER ETTVSTVMEXI QERRIV &VSEHP] WTIEOMRK LS[IZIV EX XLI FEWI SJ XLI T]VEQMH SR XLI
GMZMP WMHI MW XLI QYRWMJJ ,MW NYVMWHMGXMSR MW PMQMXIH RSX SRP] F] XIVVMXSV] FYX EPWS F]
QSRIXEV] PMQMX ,MW SVHIVW EVI EQIREFPI XS ETTIEP -R FIX[IIR QYRWMJJ ERH HMWXVMGX

)\GITX XLSWI [LMGL LEZI FIIR I\GPYHIH JVSQ XLIMV NYVMWHMGXMSR

NYHKI XLIVI MW E PE]IV [LMGL QE] FVSEHP] FI GEPPIH WYFSVHMREXI NYHKI ,I I\IVGMWIW
SVMKMREP GMZMP NYVMWHMGXMSR SR EPP QEXXIVW ERH ZIV] SJXIR ETTIEP EKEMRWX LMW SVHIV PMIW XS
XLI ,MKL 'SYVX 3R XLI GVMQMREP WMHI XLI *MVWX 'PEWW 1EKMWXVEXI MW EX XLI FEWI SJ XLI
T]VEQMH ,I GER XV] SJJIRGIW TYRMWLEFPI [MXL XLVII ]IEVW SV PIWW %KEMRWX LMW SVHIV ER
ETTIEP PMIW XS XLI WIWWMSRW NYHKI -R FIX[IIR XLIWI X[S SJJMGIVW XLIVI MW XLI %WWMWXERX
7IWWMSRW .YHKI ,I XVMIW WIWWMSR GEWIW TYRMWLEFPI YT XS XIR ]IEVW %R ETTIEP EKEMRWX
LMW SVHIV PMIW XS XLI ,MKL 'SYVX
%443-281)28 83 79&36(-2%8) .9(-'-%6=
8LI ETTSMRXQIRX XS WYFSVHMREXI NYHMGMEV] MW KSZIVRIH F] %VXMGPIW XS

MR 'LETXIV :- MR 4EVX :- SJ XLI 'SRWXMXYXMSR ERH XLI VYPIW QEHI YRHIV XLI TVSZMWS XS
%VXMGPI 8LI HMWXVMGX NYHKIW [LS EVI EX XLI LMKLIWX VYRK SJ XLI WYFSVHMREXI
NYHMGMEV] EVI ETTSMRXIH FSXL F] HMVIGX VIGVYMXQIRX ERH F] TVSQSXMSR 8LI WIPIGXMSR SJ
HMVIGX VIGVYMXQIRX SJ HMWXVMGX NYHKIW MW QEHI F] XLI ,MKL 'SYVX 3R XLI FEWMW SJ XLI
VIGSQQIRHEXMSR SJ XLI ,MKL GSYVX XLI +SZIVRSV ETTSMRXW XLIQ 7S JEV EW TVSQSXMSR
XS XLI TSWX SJ HMWXVMGX NYHKIW MW GSRGIVRIH MX MW EPWS QEHI F] XLI ,MKL 'SYVX EPSRI ERH
JSVQEP SVHIVW EVI FIMRK MWWYIH F] XLI +SZIVRSV 7S JEV EW XLI ETTSMRXQIRX SJ QYRWMJJW
ERH QEKMWXVEXIW MW GSRGIVRIH XLIMV WIPIGXMSR MW QEHI F] XLI 4YFPMG 7IVZMGI
'SQQMWWMSR ERH XLI ,MKL 'SYVX 8LI TVEGXMGI MR QER] 7XEXIW MW XLEX E .YHKI SJ XLI
,MKL GSYVX RSQMREXIH F] XLI 'LMIJ .YWXMGI SJ XLEX 'SYVX WMXW [MXL XLI 4YFPMG 7IVZMGI
'SQQMWWMSR JSV XLI TYVTSWI SJ WIPIGXMSR -R WSQI 7XEXIW XLI TS[IV SJ WIPIGXMSR MW
I\GPYWMZIP] ZIWXIH [MXL XLI ,MKL 'SYVX

%ZEMPEFPI EX LXXT[[[TVIWIVZIEVXMGPIWGSQFVMIJRSXIWSJXLIWYFSVHMREXI
GSYVXWSJMRHMELXQP 0EWX :MI[IH SR

%VXMGPI 6IGVYMXQIRX ERH GSRHMXMSRW SJ WIVZMGIW SJ TIVWSRW WIVZMRK XLI 9RMSR SV E 7XEXI

%VXMGPI %TTSMRXQIRX SJ (MWXVMGX .YHKIW 'SRWXMXYXMSR SJ -RHME

8LI PS[IWX VYRK MR XLI WYFSVHMREXI NYHMGMEV]

%VXMGPI 6IGVYMXQIRX SJ TIVWSRW SXLIV XLER HMWXVMGX NYHKIW XS .YHMGMEP WIVZMGI 'SRWXMXYXMSR SJ
-RHME

%VXMGPI 'SRXVSP SZIV WYFSVHMREXI 'SYVXW 'SRWXMXYXMSR SJ -RHME

,IVI EKEMR XLI ETTSMRXQIRX MW QEHI F] XLI +SZIVRSV SR XLI FEWMW SJ XLI
VIGSQQIRHEXMSR QEHI F] XLI HIWMKREXIH NYHKI ERH XLI 4YFPMG 7IVZMGI 'SQQMWWMSR SV
F] XLI ,MKL 'SYVX EW XLI GEWI QE] FI 7S JEV EW TVSQSXMSR JVSQ QYRWMJJ SV
QEKMWXVEXI XS XLI MRXIVQIHMEXI LMKLIV PIZIP SJ WYFSVHMREXI NYHKI SV EWWMWXERX WIWWMSR W
NYHKI MW GSRGIVRIH MX MW QEHI F] XLI ,MKL 'SYVX MXWIPJ -R WLSVX MR XLI QEXXIV SJ
WIPIGXMSR JSV ETTSMRXQIRX TVSQSXMSR ERH TSWXMRKW SJ WYFSVHMREXI NYHMGMEV] XLI ,MKL
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XLI ,MKL 'SYVX SR [LSWI VIGSQQIRHEXMSR JSVQEP SVHIVW EVI MWWYIH F] XLI +SZIVRSV
-R VIWTIGX SJ EPP SXLIV WIVZMGI GSRHMXMSRW ,MKL 'SYVX MW XLI GSQTIXIRX EYXLSVMX]
WYFNIGX SJ GSYVWI XS XLI VYPIW MJ ER] QEHI YRHIV XLI TVSZMWS XS EVXMGPI SJ XLI
'SRWXMXYXMSR
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HIGEHI HYI XS XLI YRIRHMRK XYWWPIW FIX[IIR XLI XLIR VYPMRK TEVX] ERH XLI NYHMGMEV]
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NYHKIW JSV XLI TSWX SJ 'LMIJ .YWXMGI SJ -RHME QEWW XVERWJIVW SJ ,MKL 'SYVX .YHKIW ERH
PEXIV XLI 7YTVIQI 'SYVX KMZMRK E WIPJMRJPMGXMRK FPS[ EJJIGXMRK XLI MRHITIRHIRGI SJ
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QIXLSH SJ TVSQSXMSR F] WIRMSVMX] 8LMW QIXLSH [EW FVSOIR JSV XLI JMVWX XMQI MR

2EXMSREP 'SQQMWWMSR XS 6IZMI[ XLI [SVOMRK SJ XLI 'SRWXMXYXMSR %'SRWYPXEXMSR4ETIVSR7YTIVMSV
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[LIR EJXIV XLI VIXMVIQIRX SJ 'LMIJ .YWXMGI 7MOVM %26E] [EW ETTSMRXIH EW XLI 'LMIJ
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XLVII F]TEWWIH NYHKIW VIWMKRIH JVSQ XLI 'SYVX MR TVSXIWX 8LMW PIH XS E REXMSREP
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NYHMGMEV] ,S[IZIV XS NYWXMJ] XLMW TEGI XLI +SZIVRQIRX SJ -RHME MRZSOIH XLI XL
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G XLI QERHEXSV] GSRWYPXEXMZI TVSGIWW IRZMWEKIH MR %VXMGPI LEH
RS[ FIIR VIWSVXIH XS
;MXLSYX KMZMRK ER] HIJMRMXMZI STMRMSR SR XLI TSMRXW F ERH G XLI ,MKL 'SYVX
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ETTSMRXMRK EYXLSVMX] [EW MVVIPIZERX 8LI 'SYVX LIPH XLEX IZIR MJ XLIWI GSRXIRXMSRW
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XLI SXLIV WIRMSV NYHKIW VIWMKRIH ERH GSYPH FI VIETTSMRXIH MQQIHMEXIP]
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8LMW 0E[ 'SQQMWWMSR GLEMVIH F] %XXSVRI] +IRIVEP 1'7IXEPZEH [EW IWXEFPMWLIH MR %YKYWX
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400EOLERTEP Z %26E] %-6 (IP

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SJ NYHKQIRXW EKEMRWX XLI XLIR KSZIVRQIRX MR XLI JEQSYW /IWEZERERHLE &LEVEXM
GEWI ERH XLI] [IVI E[EVHIH [MXL WYTIVWIWWMSR SR XLI ZIV] RI\X HE] XLI]
TVSRSYRGIH XLIMV NYHKIQIRXW 1SVISZIV 6E] . LEH VYPIH JSV XLI KSZIVRQIRX MR XLI
&ERO 2EXMSREPMWEXMSR GEWI ERH [EW SRI SJ XLI X[S HMWWIRXIVW MR XLI 4VMZ] 4YVWI
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ERXMKSZIVRQIRX FYX E FVEZI HMWWIRXMRK STMRMSR MR XLI ,EFIEW 'SVTYW GEWI
8,) 8,6)) .9(+)7 '%7)7
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XLVII TVSRSYRGIQIRXW SJ XLI 7YTVIQI 'SYVX [LMGL RIIH XS FI GSRWMHIVIH JSV E FIXXIV
ERH QSVI MRGMWMZI YRHIVWXERHMRK SJ XLI TVIWIRX WGIREVMS ERH MXW IJJIGX SR XLI WIPIGXMSR
ERH ETTSMRXQIRX SJ NYHKIW

/LERRE ,6 .YHMGMEV] MR -RHME ERH .YHMGMEP 4VEGXMGI %NS] 0E[ ,SYWI 7'7EVOEV ERH 7SRW 4ZX
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T

6''SSTIV Z 9RMSR SJ -RHME %-6 7'

1EHLEZ 6SE .MZENM 6SE 7GMRHME Z 9RMSR SJ -RHME %-6 7' ? -R XLMW GEWI XLI 7' VINIGXIH
E TVIWMHIRXMEP SVHIV EFSPMWLMRK XMXPIW TVMZMPIKIW ERH TVMZ] TYVWIW SJ -RHME W IVWX[LMPI TVMRGIP]
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%QIRHQIRX %GX SQMXXIH EVXMGPIW ERH ERH MRWIVXIH E RI[ EVXMGPI % [LMGL EFSPMWLIH
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%(1.EFEPTYV Z 7LMZOERX 7LYOPE %-6 7' ?-R XLMW GEWI ./LERRE KEZI E HMWWIRXMRK
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IQIVKIRG] 7SSR EJXIV XLMW NYHKQIRX SR .ER LI [EW WYTIVWIHIH F] LMW NYRMSV 1,&IK SR .ER
,S[IZIV XLI 7' HIGPEVIH XLEX XLI VMKLX XS QSZI XS 'SYVX YRHIV %VX ERH [SYPH
VIQEMR WYWTIRHIH HYVMRK XLI )QIVKIRG]A

*-678 .9(+)7 '%7) 74+YTXE Z 9RMSR SJ -RHME
8LMW GEWI VIQIQFIVIH EW XLI .YHKIW 8VERWJIV 'EWI MW E YRMUYI TVSHYGX SJ XLI
-RHMER 7YTVIQI 'SYVX HIEPMRK [MXL EWTIGXW SJ XLI 0E[ SJ )ZMHIRGI 'SRWXMXYXMSREP
0E[ ERH )\IGYXMZI.YHMGMEV] VIPEXMSRW YRMXIH MR E WXVSRK TSPMXMGEP YRHIVGYVVIRX SJ E
QSWX YRMUYI ZEVMIX] MR XLI 7YTVIQI 'SYVX WTSWX)QIVKIRG] GEXLEVWMW (IGMHIH F] E
FIRGL SJ WIZIR NYHKIW XLI QEXXIV XS FI HIGMHIH VIWXIH SR WIZIVEP GSRXIRXMSYW
MWWYIW
8LI GPEMQ SJ TVMZMPIKI SJ GIVXEMR GSVVIWTSRHIRGI FIX[IIR GIVXEMR 'LMIJ

.YWXMGIW XLI '.- ERH XLI 0E[ 1MRMWXIV
8LI PSGYW WXERHM SJ XLI TIXMXMSRIVW
8LI GMVGYQWXERGIW SJ ETTSMRXQIRX ERH GSRHMXMSRW SJ WIVZMGI ERH
GSRJMVQEXMSR SJ %HHMXMSREP .YHKIW EVMWMRK MR XLI GSRXI\X SJ .YWXMGIW :SLVE

/YQEV SJ XLI %PPELFEH ,MKL 'SYVX
8LI GMVGYQWXERGIW SJ XVERWJIV SJ .YHKIW EVMWMRK MR XLI GSRXI\X SJ 'LMIJ
.YWXMGI /&2 7MRKL SJ XLI 4EXRE ,MKL 'SYVX
%PP XLI NYHKIW EKVIIH XLEX XLI TIXMXMSRIVW HMH MRHIIH LEZI PSGYW WXERHM FYX SR
LIEVMRK XLI IRXMVI GEWI XLI QENSVMX] KVERXIH RS VIPMIJ ERH EPP XLI TIXMXMSRW [IVI
HMWQMWWIH 8LI HIGMWMSR SJ XLI QENSVMX] SJ WIZIR NYHKIW EJJMVQIH XLI TS[IV SJ XLI
I\IGYXMZI XS HIGMHI XLIWI MWWYIW ERH HMWQMWWIH XLI TIXMXMSRW 8LI I\IVGMWI SJ NYHMGMEP
TVSHYGXMSR HMH RSX LS[IZIV IRH [MXL XLI TEKIW SJ XLI NYHKQIRX HMWQMWWMRK XLI
TIXMXMSR MX MR JEGX [IRX JYVXLIV ERH PEMH HS[R WIZIVEP TVSTSWMXMSRW SJ PE[ [MXL
IQTLEXMG EYXLSVMX]
%W JEV EW XLI MWWYI SJ TVMZMPIKI XLI 'SYVX SVHIVIH XLI TVSHYGXMSR SJ XLI
VIPIZERX HSGYQIRXW ERH XYVRIH HS[R XLI 9RMSR SJ -RHME WTPIEXEOIRSRXLIKVSYRHW
SJ %VXMGPI SJ XLI 'SRWXMXYXMSR SJ -RHME ERH 7IGXMSR SJ XLI -RHMER )ZMHIRGI
%GX 8EOMRK MRXS EGGSYRX XLI TSWMXMSR SJ PE[ EW WXEXIH MR XLI GEWI SJ 7SHLM

%-6 7'

%ZEMPEFPI EX LXXTPIXWXEPOEFSYXXLIPE[[SVHTVIWWGSQXEKWTKYTXEZYRMSRSJMRHME 0EWX ZMI[IH
SR

7YOLHIZ 7MRKL Z 7XEXI SJ 4YRNEF ERH 7XEXI SJ 94 Z 6EN 2EVEMR ERH
SZIVVYPMRK XLI JSVQIV SR WIZIVEP GSYRXW XLI 'SYVX WXEXIH XLEX
%W TIV XLI TVSLMFMXMSR MR %VXMGPI XLI 'SYVX GSYPH RSX PSSO MRXS XLI
I\MWXIRGI SV REXYVI SJ EHZMGI XIRHIVIH F] XLI 'SYRGMP SJ 1MRMWXIVW XS XLI
4VIWMHIRX FYX GSYPH MRWTIGX XLI IZMHIRGIW XLEX XLI 'SYRGMP SJ QMRMWXIVW FEWIH
MXW HIGMWMSR SR WYGL EW XLI '.- WSTMRMSRERH
XLI 'SYVX GSYPH SRP] KS WS JEV EW XS HIXIVQMRI [LIXLIV XLI HSGYQIRXW XSYGLIH
E QEXXIV SJ TYFPMG MRXIVIWX SV RSX ERH WYFWIUYIRXP] MX [EW YTXS XLI
(ITEVXQIRXEP %YXLSVMX] XS HIGMHI [LIXLIV XS TVSHYGI XLI HSGYQIRX SV RSX
SRGI MX [EW HIGMHIH XLEX XLI QEXXIV HMH MRHIIH XSYGL TYFPMG MRXIVIWX
%W JEV EW PSGYW WXERHM XLIVI [EW E PMXXPI HSYFX SZIV [LEX XLI 'SYVX [SYPH
HIGMHI FYX XLI 'SYVX LIPH XLI TIXMXMSR QEMRXEMREFPI 8LI FSRE JMHIW SJ XLI TIXMXMSRIVW
GSYPH RSX FI UYIWXMSRIH ERH XLI QEXXIV [EW GPIEVP] SRI SJ GSRWXMXYXMSREP WMKRMJMGERGI
[MXL ER IQTLEXMG FIEVMRK SR XLI WITEVEXMSR SJ TS[IVW EW MX QERMJIWXW MXWIPJ MR XLI
-RHMER 'SRWXMXYXMSR -X MW FIWX IPYGMHEXIH F] XLI HMGXYQ SJ .YWXMGI &LEK[EXM
;LIVI E PIKEP [VSRK SV E PIKEP MRNYV] MW GEYWIH XS E TIVWSR SV XS E
HIXIVQMREXI GPEWW SJ TIVWSRW F] VIEWSR SJ ZMSPEXMSR SJ ER] GSRWXMXYXMSREP SV PIKEP VMKLX
SV ER] FYVHIR MW MQTSWIH MR GSRXVEZIRXMSR SJ ER] GSRWXMXYXMSREP SV PIKEP TVSZMWMSR SV
[MXLSYX EYXLSVMX] SJ PE[ SV ER] WYGL PIKEP [VSRK SV PIKEP MRNYV] SV MPPIKEP FYVHIR MW
XLVIEXIRIH ERH WYGL TIVWSR SV HIXIVQMREXI GPEWW SJ TIVWSRW F] VIEWSRW SJ TSZIVX]
LIPTPIWWRIWW SV HMWEFMPMX] SV WSGMEPP] SV IGSRSQMGEPP] HMWEHZERXEKIH TSWMXMSR YREFPI
XS ETTVSEGL XLI GSYVX JSV VIPMIJ ER] QIQFIV SJ TYFPMG GER QEMRXEMR ER
ETTPMGEXMSR MR XLI ,MKL 'SYVX YRHIV %VXMGPI ERH MR GEWI ER] FVIEGL SJ
JYRHEQIRXEP VMKLXW SJ WYGL TIVWSRW SV HIXIVQMREXI GPEWW SJ TIVWSRW MR XLMW GSYVX

YRHIV %VXMGPI

?A 7'6

?A 7'6

7YTVE RSXI EX TEVE

6IKEVHMRK XLI MWWYI EFSYX XLI ETTSMRXQIRX SJ %HHMXMSREP .YHKIW MX
[EW HIEPX [MXL EX PIRKXL ERH MX MW XLMW MWWYI XLEX GSRGIVRIH WITEVEXMSR SJ TS[IVW ERH
MRHITIRHIRGI SJ XLI NYHMGMEV] MR XLI QSWX WMKRMJMGERX QERRIV 8LI GLEPPIRKI [EW
VIKEVHMRK E GMVGYPEV MWWYIH F] XLI 0E[ 1MRMWXIV XS IEGL ,MKL 'SYVX VIUYMVMRK XLI
VIPIZERX EYXLSVMX] XS SFXEMR JVSQ IEGL WMXXMRK %HHMXMSREP .YHKI ERH ER] TSXIRXMEP
ETTSMRXII %HHMXMSREP .YHKI E PIXXIV SJ GSRWIRX EPPS[MRK XLIQ XS FI ETTSMRXIH EW
TIVQERIRX MR ERSXLIV ,MKL 'SYVX MJ ERH [LIR XLI] [IVI ETTSMRXIH 8LI MQTPMGEXMSR SJ
XLMW MR E TSWX)QIVKIRG] VIKMQI [EW XLEX XLMW [EW WMQTP] E JVIWL EXXIQTX F] XLI
I\IGYXMZI XS QERMTYPEXI NYHMGMEP SJJMGIW YWI XLI XLVIEX SJ XVERWJIV 8LI 'SYVX XLVSYKL
XLI QENSVMX] GSRWMWXMRK SJ .YWXMGIW &LEK[EXM :IROEXVEQEMEL *EÊP %PM ERH (IWEM
YTLIPH XLI ZEPMHMX] SJ XLI GMVGYPEV SR XLI KVSYRH XLEX MX [EW E HSGYQIRX XLEX GEVVMIH
RS PIKEP JSVGI SV WERGXMSR EW WYGL ERH LIPH XLEX XLSYKL XLI 9RMSR SJ -RHME LEH
EHQMXXIH XLEX RSRJYVRMWLMRK SJ XLI VIUYMVIH GSRWIRX GSYPH FI XEOIR EW E VIPIZERX
KVSYRH JSV HIR]MRK E NYHKI FIMRK QEHI TIVQERIRX XLI HSGYQIRX MR MXWIPJ HMH RSX
GEVV] PIKEP JSVGI WMRGI
-X QE] FI XLEXFIGEYWI ER EHHMXMSREP .YHKI HSIW RSX KMZI LMW GSRWIRX XS FI
ETTSMRXIH EW E TIVQERIRX .YHKI MR ERSXLIV ,MKL 'SYVX LI QE] RSX FI ETTSMRXIH EW E
TIVQERIRX .YHKI MR LMW S[R ,MKL 'SYVX ERH QE] FI HMWGSRXMRYIH EW ER EHHMXMSREP
.YHKI SR XLI I\TMVEXMSR SJ LMW XIVQ XLSYKL XLMW MW RSX [MXLMR XLI MRXIRHQIRX SJ XLI
GMVGYPEV PIXXIV ERH MW GPIEVP] MQTIVQMWWMFPI FYX MR XLEX IZIRX MX [SYPH FI LMW RSR
ETTSMRXQIRX EW E TIVQERIRX .YHKI SV HMWGSRXMRYERGI EW ER EHHMXMSREP .YHKI [LMGL
[SYPH MJ EX EPP KMZI LMQ E GEYWI SJ EGXMSR ERH RSX XLI GMVGYPEV PIXXIV EWOMRK JSV WYGL

GSRWIRX
3R XLI MWWYI SJ XVERWJIV SJ .YWXMGI /&2 7MRKL XLI PE[ EW PEMH HS[R MR XLI
GEWI [EW WEPYXEV] MX [EW LIPH XLEX EW XLI IZMHIRGI SR VIGSVH HIQSRWXVEXIH XLI
XVERWJIV [EW IJJIGXIH MR TYFPMG MRXIVIWX MX [EW TIVQMWWMFPI ,S[IZIV EW TSMRXIH SYX F]
PIEVRIH GSQQIRXEXSVW XLI VEXMS SJ XLI HIGMWMSR EW XEOIR F] PEXIV HIGMWMSRW LEW FIIR
XLEX [LMPI NYHKIW QE] FI XVERWJIVVIH MR TYFPMG MRXIVIWX XS HS WS MR GEWIW SJ IVVERX
NYHKIW F] [E] SJ TYRMWLQIRX MW MQTIVQMWWMFPI 8LEX TSWMXMSR IWTIGMEPP] [LIR

7YTVE RSXI EX TEVE

I\EQMRIH EKEMRWX XLI TVMSV HIGMWMSR MR 7EROEPGLERH 7IXL WGEWI ETTIEVW XS FI RSX
SRP] YRVIEWSREFPI FYX FEH MR PE[ EW [IPP
6IKEVHMRK XLI TVMQEG] SJ STMRMSR FIX[IIR XLI 'LMIJ .YWXMGIW SJ -RHME ERH E
VIPIZERX ,MKL 'SYVX XLI 'SYVXW HMGXYQ STIVEXIW XS TPEGI FSXL SR E PIZIP TPE]MRK JMIPH
8LI UYIWXMSR SJ MRMXMEP ETTSMRXQIRX SJ NYHKIW [EW RS[LIVI MR MWWYI FYX XLI QENSVMX]
NYHKQIRX LSPHMRK XLEX XLI I\TVIWWMSR GSRWYPXEXMSR YWIH MR%VX ERH SJ
XLI 'SRWXMXYXMSR HMH RSX QIER GSRGYVVIRGI HIGPEVIHXLEXXLII\IGYXMZIGSYPHETTSMRX
E NYHKI IZIR MJ XLI 'LMIJ .YWXMGI LEH HMJJIVIRX ZMI[W MR XLI QEXXIV -R XLMW GEWI XLI
'SYVX [LMPI ERW[IVMRK XLI MWWYI EW XS [LS LEW XLI JMREP ZSMGI MR XLI ETTSMRXQIRX SJ
.YHKIW SJ 7YTVIQI 'SYVX ERH ,MKL 'SYVX XLI GSYVX WEMH XLEX MX MW XLI 4VIWMHIRX [LMGL
MR IJJIGX ERH WYFWXERGI QIERW XLI 'IRXVEP +SZIVRQIRX -X MW GPIEV SR E TPEMR VIEHMRK
SJ XLI X[S EVXMGPIW XLEX XLI '.- 'LMIJ .YWXMGI SJ ,MKL 'SYVX ERH WYGL SXLIV NYHKIW SJ
,MKL 'SYVX ERH SJ XLI 7YTVIQI 'SYVX EVI QIVIP] GSRWXMXYXMSREP JYRGXMSREVMIW LEZMRK E
GSRWYPXEXMZI VSPI ERH XLI TS[IV SJ ETTSMRXQIRX VIWMHIW WSPIP] ERH I\GPYWMZIP] MR XLI
'IRXVEP +SZIVRQIRX %RH [LMPI VITP]MRK XS XLI UYIWXMSR EW XS XLI QIERMRK SJ XLI
XIVQ GSRWYPXEXMSR XLI'SYVXWEMHXLEXUYIWXMSRMWRSPSRKIV VIW MRXIKVE ERH MX WXERHW
GSRGPYHIH F] XLI HIGMWMSR SJ XLMW GSYVX MR 7EROEPGLERH 7IXL GEWI -R 7EROEPGLERH
GEWI /VMWLRE -]IV . WEMH GSRWYPXEXMSR MW HMJJIVIRX JVSQ GSRWIRXERIMX] 8LI] QE]
HMWGYWW FYX QE] HMWEKVII XLI] QE] GSRJIV FYX QE] RSX GSRGYV
-R GEWI SJ HMJJIVIRGI SJ STMRMSR

-R XLMW GEWI XLI %TI\ 'SYVX LIPH XLEX MJ XLIVI I\MWXW ER] OMRH SJ HMJJIVIRGI MR
XLI STMRMSRW SJ XLI 'SRWXMXYXMSREP JYRGXMSREVMIW XLIR XLI 'IRXVEP +SZIVRQIRX LEW ER
SZIVVMHMRK IJJIGX WS PSRK EW WYGL HIGMWMSR MW FEWIH SR VIPIZERX GSRWMHIVEXMSRW ERH RSX
QEPEJMHI 6IKEVHMRK XLI MWWYI VIPEXIH XS TVMQEG] XLI GSYVX VITPMIH XLEX GPEYWI SJ
%VX HS RSX EWWMKR ER] OMRH SJ WYTIVMSVMX] XS XLI STMRMSR SJ SRI SZIV XLI SXLIV
GSRWXMXYXMSREP JYRGXMSREV] ERH MX TPEGIW EPP XLVII SR XLI WEQI TIHIWXEP [MXL VIKEVH XS

%-6 7'

7YTT 7'' EX

7''

-H EX

XLI TVSGIWW SJ GSRWYPXEXMSR MW GSRGIVRIH ERH HSIW RSX QEOI ER] HMWXMRGXMSR FIX[IIR
SRI GSRWXMXYXMSREP JYRGXMSREVMIW ERH ERSXLIV -J SRI PSSOW EX XLI VEMWSR H ÎXVISJ XLI
TVSZMWMSR JSV GSRWYPXEXMSR IREGXIH MR GPEYWI SJ %VXMGPI MX MW SFZMSYW XLEX XLI
STMRMSR KMZIR F] XLI 'LMIJ .YWXMGI SJ XLI ,MKL 'SYVX QYWX LEZI EX PIEWX IUYEP
[IMKLXEKI EW XLI STMRMSR SJ XLI '.- FIGEYWI SVHMREVMP] XLI 'LMIJ .YWXMGI SJ E ,MKL
'SYVX [SYPH FI MR E FIXXIV TSWMXMSR XS ORS[ EFSYX XLI GSQTIXIRGI GLEVEGXIV ERH
MRXIKVMX] SJ XLI TIVWSR VIGSQQIRHIH JSV ETTSMRXQIRX EW E NYHKI XS XLI 7YTVIQI
'SYVX
8LI GSYVX WXEXIH XLEX MJ XLI TVMQEG] [IVI XS FI KMZIR XS XLI '.- MX [SYPH MR
IJJIGX ERH WYFWXERGI EQSYRX XS GSRGYVVIRGI FIGEYWI KMZMRK TVMQEG] QIERW XLEX LMW
STMRMSR QYWX TVIZEMP SZIV XLEX SJ XLI 'LMIJ .YWXMGI SJ XLI LMKL GSYVX ERH XLI +SZIVRSV
SJ XLI 7XEXI ERH XLEX XLI 'IRXVEP +SZIVRQIRX QYWX EGGITX LMW STMRMSR -R XLMW [E]
XLI GSYVX VINIGXIH XLEX RS TVMQEG] [EW EXXEGLIH XS XLI STMRMSR SJ XLI '.- ERH EPP
GSRWYPXIIW [IVI QIVI GSRWXMXYXMSREP JYRGXMSREVMIW 8LI JMREP ZSMGI [EW EXXEGLIH XS XLI
SJJMGI SJ XLI 4VIWMHIRX MR QEXXIVW SJ ETTSMRXQIRX %RH QSVISZIV XLI GSYVX EJJMVQIH
XLEX XLI [SVH GSRWYPXEXMSR YRHIV %VXMGPIW ERH QIERX GSRWYPXEXMSR ERH MX
HMH RSX GSVVIWTSRH XS GSRGYVVIRGI .YWXMGI &LEK[EXM [LMPI HIPMZIVMRK XLI QENSVMX]
NYHKQIRX EPWS LIPH XLEX GSRWYPXEXMSR [MXL XLI 'LMIJ .YWXMGI [SYPH QIER XLEX XLIVI
WLSYPH FI E GSPPIKMYQ XSEHZMGIXLI'LMIJ.YWXMGI-X[EWLS[IZIVRSXWTIPXSYXEWXS
[LEX WLSYPH FI XLI GSQTSWMXMSR SJ XLI GSPPIKMYQ EX XLEX WXEKI -X [EW EPWS LIPH XLEX
XLI WSPMXEV] ZMI[ SJ XLI 'LMIJ .YWXMGI [SYPH RSX GSRWXMXYXI GSRWYPXEXMSR [MXLMR XLI
QIERMRK SJ %VXMGPIW ERH 8LYW XLI I\TVIWWMSR GSPPIKYMQ GEQI XS FI
YWIH JSV XLI JMVWX XMQI MR TEVEKVETL SJ XLI NYHKQIRX ERH MX [EW E ZMVXYEP MRWIVXMSR
MRXS XLI 'SRWXMXYXMSR 8LYW YRHIV XLI KEVF SJ NYHMGMEP MRHITIRHIRGI XLI GSPPIKMYQ
[EW GVIEXIH ERH NYWXMJMIH MXW TS[IV F] WLS[MRK XLI 4VIWMHIRX EW E QIVI TYTTIX [LS MW
SFPMKIH XS KS F] XLI 'LMIJ .YWXMGI WVIGSQQIRHEXMSR

7YTVE RSXI

7YTVE RSXI EX

-X [EW EQFMKYSYW SR XLI TEVX SJ XLI 'SYVX EW SR SRI LERH MX WEMH EPP JYRGXMSREVMIW [IVI IUYEP [LMPI
SR XLI SXLIV LERH MX WEMH XLEX XLI I\IGYXMZI LEW XLI SZIVVMHMRK IJJIGX

,S[IZIV XLI 'SYVX XLIR TVSGIIHIH XS KVERX XLI I\IGYXMZI E WSVX SJ
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STMRMSRW XS QIVI JSVQEPGSRWYPXEXMSRW
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STMRMSR SJ RSRI SJ XLI GSRWXMXYXMSREP JYRGXMSREVMIW MW IRXMXPIH XS TVMQEG] FYX EJXIV
GSRWMHIVMRK XLI STMRMSR SJ IEGL SJ XLI GSRWXMXYXMSREP JYRGXMSREVMIW ERH KMZMRK MX HYI
[IMKLX XLI 'IRXVEP +SZIVRQIRX MW IRXMXPIH XS GSQI XS MXW S[R HIGMWMSR EW XS [LMGL
STMRMSR MX WLSYPH EGGITX [LIVIE.YHKISJXLI7YTVIQI'SYVXMWXSFIETTSMRXIHXLI
'LMIJ .YWXMGI SJ -RHME MW VIUYMVIH XS FI GSRWYPXIH FYX EKEMR MX MW RSX GSRGYVVIRGI FYX
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XLI STMRMSR SJ XLI 'LMIJ .YWXMGI SJ -RHME 8LI YPXMQEXI TS[IV SJ ETTSMRXQIRX VIWXW
[MXL XLI 'IRXVEP +SZIVRQIRX ERH XLEX MW MR EGGSVH [MXL XLI GSRWXMXYXMSREP TVEGXMGI
TVIZEMPMRK MR EPP HIQSGVEXMG GSYRXVMIW
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XS XLI JYPPIWX
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GLIVMWLIH ZEPYIW SJ NYHMGMEP MRHITIRHIRGI 8LMW FIRGL JYVXLIV WYKKIWXIH XLEX XLI

7'%HZSGEXIW SR 6IGSVH %WWSGMEXMSR Z 9RMSR SJ -RHME %-6 7'

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GEQI XS FI TSTYPEVP] ORS[R EW XLI 7IGSRH .YHKIW 'EWI 8LMW GEWI EVSWI SYX SJ E
TYFPMG MRXIVIWX [VMX TIXMXMSR JMPIH MR XLI 7YTVIQI 'SYVX F] XLI 0E[]IVW %WWSGMEXMSR
UYIWXMSRMRK WIZIVEP GVMXMGEP MWWYIW GSRGIVRMRK XLI ETTSMRXQIRX SJ NYHKIW SJ XLI
7YTVIQI 'SYVX ERH ,MKL 'SYVXW
9RXMP *MVWX .YHKIW 'EWI 7YTVIQI 'SYVX LIPH XLEX GSRWYPXEXMSR SJ
4VIWMHIRX HMH RSX QIER GSRGYVVIRGI QIERMRK EKVIIQIRX SJ VIWYPXW SV STMRMSRW &YX
MR 7IGSRH .YHKIW GEWI E RMRI NYHKI FIRGL SJ 7YTVIQI 'SYVX LIPH XLEX XLI
GSRWYPXEXMSR QIERW GSRGYVVIRGI 7S MJ GSRWYPXEXMSR QIERW GSRGYVVIRGI XLIR FSXL
KSZIVRQIRX ERH XLI 7YTVIQI 'SYVX QYWX QYXYEPP] EKVII MR XLI QEXXIV SJ ETTSMRXQIRX
SJ NYHKIW 7YTVIQI 'SYVX STMRIH XLEX QIQFIVW SJ XLI NYHMGMEV] EVI [IPP UYEPMJMIH
XLER SXLIVW XS KMZI XLIMV STMRMSR MR XLI QEXXIV SJ ETTSMRXMRK NYHKIW -R XLMW GEWI XLI
RMRI.YHKI 'SRWXMXYXMSR &IRGL [MXL QENSVMX] SJ WIZIR RSX SRP] SZIVVYPIH
74+YTXE WGEWI FYX EPWS HIZMWIH E WTIGMJMG TVSGIHYVI JSV ETTSMRXQIRX SJ .YHKIW SJ
XLI 7YTVIQI 'SYVX MR XLI MRXIVIWX SJ TVSXIGXMRK XLI MRXIKVMX] ERH KYEVHMRK XLI
MRHITIRHIRGI SJ XLI NYHMGMEV] %RH JSV XLMW WEQI VIEWSR XLI TVMQEG] SJ XLI 'LMIJ
.YWXMGI SJ -RHME [EW LIPH XS FI IWWIRXMEP -X EPWS LIPH XLEX XLI VIGSQQIRHEXMSR MR XLEX
FILEPJ WLSYPH FI QEHI F] XLI 'LMIJ .YWXMGI SJ -RHME MR GSRWYPXEXMSR [MXL LMW X[S
WIRMSVQSWX GSPPIEKYIW ERH XLEX WYGL VIGSQQIRHEXMSR WLSYPH RSVQEPP] FI KMZIR
IJJIGX XS F] XLI I\IGYXMZI
8LI 'SYVX VIJIVVMRK XS XLI GSRWYPXEXMZI TVSGIWW IRZMWEKIH MR %VX
IQTLEWMÎH XLEX XLI I\IGYXMZI HMH RSX IRNS] TVMQEG] SV EFWSPYXIHMWGVIXMSR MRXLI
QEXXIV SJ ETTSMRXQIRX SJ 7YTVIQI 'SYVX NYHKIW -X EPWS MRHMGEXIH XLEX MX [EW RSX
GSRWMHIVIH HIWMVEFPI XS ZIWX EFWSPYXI HMWGVIXMSR SR XLI 'LMIJ .YWXMGI SR XLI QEXXIV SJ
ETTSMRXQIRXW ERH XLI I\IGYXMZI WLSYPH EGX EW E GLIGO [LIRIZIV RIGIWWEV] -R XLMW
VIKEVH 'SYVX SFWIVZIH

*MVWX .YHKIW GEWI

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8LIMRHMGEXMSRMWXLEXMRXLIGLSMGISJEGERHMHEXIWYMXEFPIJSVETTSMRXQIRX
XLI STMRMSR SJ XLI 'LMIJ .YWXMGI SJ -RHME WLSYPH LEZI XLI KVIEXIWX [IMKLX 8LI WIPIGXMSR
WLSYPH FI QEHI EW E VIWYPX SJ E TEVXMGMTEXMZI GSRWYPXEXMZI TVSGIWW MR [LMGL XLI
I\IGYXMZI WLSYPH LEZI XLI TS[IV XS EGX EW E QIVI GLIGO SR XLI I\IVGMWI SJ TS[IV F]
XLI 'LMIJ .YWXMGI SJ -RHME XS EGLMIZI XLI GSRWXMXYXMSREP TYVTSWI
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XLI 'SYVX WEMH XLEX MX [EW RSX QIVIP] LMW MRHMZMHYEP STMRMSR FYX XLI GSPPIGXMZI
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8LYW XLI 7YTVIQI 'SYVX PEMH HS[R E GPIEV TVSGIHYVI MR ETTSMRXMRK NYHKIW [LMGL GER
FI WYQQEVMÎH EW JSPPS[W
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WXEXMRK EPP XLI JEGXSVW GSKIRXP] ERH [MXL WMKRMJMGERX VIEWSRMRK
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WIRX XS XLI I\IGYXMZI
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XLI I\IGYXMZI QE] VIJYWI XS EGGITX XLI GERHMHEXIW VIGSQQIRHIH F] XLI 7YTVIQI
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VIJYWEP -R GEWI KSZX EGGITXW 7YTVIQI 'SYVX W VIGSQQIRHEXMSRW QEXXIV IRHW
XLIVI ERH XLI NYHKIW [MPP FI ETTSMRXIH EW VIGSQQIRHIH
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XLI ETTSMRXQIRX SJ VIGSQQIRHIH GERHMHEXIW QYWX FI QEHI XLIR XLI KSZIVRQIRX
4VIWMHIRX LEW RS GLSMGI FYX XS ETTSMRX XLIQ
8LI 'SYVX F] XLI [E] SJ XLMW NYHKIQIRX QMRMQMÎH TSPMXMGEP MRJPYIRGI SR XLI
TEVX SJ XLI I\IGYXMZI ERH MRHMZMHYEP HMWGVIXMSR SR XLI TEVX SJ EPP XLI GSRWXMXYXMSREP
JYRGXMSREVMIW MRZSPZIH MR XLI TVSGIWW SJ ETTSMRXQIRX SJ 7YTVIQI 'SYVX NYHKIW
,S[IZIV XLI HMWWIRXMRK STMRMSR SJ %LQEHM . MR XLI 7IGSRH .YHKI W'EWIMW [SVXL XS
QIRXMSR LIVI ,I HMJJIVIH JVSQ XLI QENSVMX] STMRMSR SR WIZIVEP GSYRXW 6ITP]MRK SR
XLI UYIWXMSR SJ TVMQEG] LISTMRIHXLEXTVMQEG]LEWX[SWIRWIWJMVWXSTMRMSRSJXLI
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TVIZEMP SZIV XLI ZMI[W SJ SXLIV GSRWYPXIIW MJ XLI] EVI HMJJIVMRK .YWXMGI %LQEHM
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TS[IV FYX XLI WEQI MW GLIGOIH GMVGYQWGVMFIH ERH GSRHMXMSRIH F] XLI VIUYMVIQIRX SJ
XLI TVMSV GSRWYPXEXMSR [MXL XLI XLVII GSRWXMXYXMSREP JYRGXMSREVMIW QIRXMSRIH MR EVX
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%VXMGPI % &IRGL SJ NYHKIW [EW EKEMR GSRWXMXYXIH LIEHIH F] .YWXMGI
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FI FMRHMRK FYX XLI %XXSVRI] +IRIVEP QEHI E WXEXIQIRX FIJSVI XLI 'SYVX XLEX
KSZIVRQIRX [SYPH EFMHI F] XLI STMRMSR SJ XLI 'SYVX 8LI RMRI NYHKI &IRGL
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7YTT 7''

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VIGSQQIRHEXMSR QYWX FI QEHI MR GSRWYPXEXMSR [MXL XLI X[S WIRMSV QSWX NYHKIW
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RSRGSRJMVQEXMSR SJ ER EHLSG XVERWJIV SJ 7YTVIQI 'SYVX
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'SQQMXXII SR XLI PMRIW SJ XLI %YWXVEPMER .YHMGMEP 'SQQMWWMSR JSV VIGSQQIRHMRK XLI
REQIW SJ TIVWSRW JSV XLI ETTSMRXQIRX SJ NYHKIW 7IZIVEP EXXIQTXW [IVI QEHI EX
HMJJIVIRX TIVMSH SJ XMQIW JSV XLI GSRWXMXYXMSR SJ XLI .YHMGMEP 'SQQMWWMSR F] IQMRIRX
TISTPI XLSYKL WYGL E 'SQQMWWMSR RIZIV GEQI MRXS TPE] -R XLI 0E[

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GSRXEMRIH MR XLI WX 6ITSVX 7MRGI XLI .YHKIW *MVWX GEWI XLI 0E[ 'SQQMWWMSR LEH
JIEVIH EVFMXVEVMRIWW SR XLI TEVX SJ XLI I\IGYXMZI EW MX LEH SZIVVMHMRK TS[IVW MR XLI
QEXXIV SJ WIPIGXMSR ERH ETTSMRXQIRX SJ NYHKIW ERH XLYW [ERXIH XS VIQSZI WSQI
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7IVZMGI 'SQQMWWMSR -X STMRIH EFVSEHFEWIH2EXMSREP.YHMGMEP7IVZMGIVITVIWIRXMRK
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XLI XMQIW 8LI 6ITSVX VIGSQQIRHIH XLEX XLI .YHMGMEP 7IVZMGI 'SQQMWWMSR WLSYPH
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QSWX NYHKIW SJ XLI 7YTVIQI 'SYVX XLI MQQIHMEXI TVIHIGIWWSV MR SJJMGI SJ XLI 'LMIJ
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ERH .YWXMGI XLI %XXSVRI] +IRIVEP SJ -RHME ERH ER SYXWXERHMRK PE[ EGEHIQMG 8LI
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WX 6ITSVX SJ 0E[ 'SQQMWWMSR SJ -RHME 'LETXIV :--

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WLEPP FI STIR XS XLI 4VIWMHIRX XS VIJIV XLI VIGSQQIRHEXMSR FEGO XS XLI 'SQQMWWMSR MR
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XLI GERHMHEXI -J LS[IZIV EJXIV GSRWMHIVEXMSR XLI 'SQQMWWMSR VIMXIVEXIW MXW
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VIGSQQIRHEXMSRW SJ XLI 0E[ 'SQQMWWMSR ERH MRXVSHYGIH XLI XL 'SRWXMXYXMSREP
%QIRHQIRX &MPP TVSZMHMRK JSV XLI 'SRWXMXYXMSR SJ E 2EXMSREP .YHMGMEP 'SQQMWWMSR
ERH QEOMRK ETTSMRXQIRXW XS XLI 7YTVIQI 'SYVX ERH XLI ,MKL 'SYVXW SR XLI FEWMW SJ
MXW VIGSQQIRHEXMSR 8LI SFNIGX ERH XLI VIEWSRW ETTIRHIH XS XLI &MPP WXEXIH XLEX XLI
SFNIGX SJ WEMH EQIRHQIRX [EW XS SFZMEXI XLI GVMXMGMWQW SJ EVFMXVEVMRIWW SR XLI TEVX SJ
XLI I\IGYXMZI MR WYGL ETTSMRXQIRXW ERH XVERWJIVW ERH EPWS XS QEOI WYGL ETTSMRXQIRXW
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8LMW [EW SR XLI TVIQMWI XLEX XLI +SZIVRSV MW SRP] E GSRWXMXYXMSREP LIEH [LS LEW XS EGX YTSR XLI
EHZMGI SJ XLI 'LMIJ 1MRMWXIV

XL 'SRWXMXYXMSREP %QIRHQIRX &MPP
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'SRWXMXYXMSR XL EQIRHQIRX &MPP ERH SRGI EKEMR GSRXIQTPEXIH JSV XLI
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[MXL XLI 4VMQI 1MRMWXIV JSV E TIVMSH SJ XLVII ]IEVW
8LI GSQTSWMXMSR SJ XLI 2EXMSREP .YHMGMEP 'SQQMWWMSR GER FI WEMH XS FI

WIVMSYWP] JPE[IH EW XLI 'SQQMWWMSR HMH RSX VIJIV XS GSRWYPXEXMSR [MXL XLI 'LMIJ
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LEW XS FI QEHI XS XLI VIWTIGXMZI 'SYVXW 8LI 'SQQMWWMSR [EW EPWS XS HVE[ YT E 'SHI
SJ )XLMGW JSV XLI .YHKIW SJ XLI 7YTVIQI 'SYVX XLI 'LMIJ .YWXMGIW ERH XLI .YHKIW SJ XLI
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EHZMWI XLI 'LMIJ .YWXMGI SJ -RHME SV XLI 'LMIJ .YWXMGI SJ XLI ,MKL 'SYVX GSRGIVRIH
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XL 'SRWXMXYXMSREP %QIRHQIRX FMPP

8LI 'SRWXMXYXMSR 3RI ,YRHVIH ERH 8[IRXMIXL %QIRHQIRX &MPP
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% XS 'SRWXMXYXMSR SJ -RHME ERH EPWS EQIRHMRK %VXMGPIW ERH
8LI WXVYGXYVI ERH JYRGXMSRW SJ XLI TVSTSWIH 'SQQMWWMSR EVI TVSZMHIH MR XLI .YHMGMEP
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XLMW 'SQQMXXII 8LMW FMPP WIIOW XS WIX YT E WM\ QIQFIV FSH] YRHIV XLI 'LEMVQERWLMT
SJ 'LMIJ .YWXMGI SJ -RHME JSV XLI TYVTSWI SJ VIGSQQIRHMRK REQIW SJ MRHMZMHYEPW
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SJ .YHKIW SJ 7YTVIQI 'SYVX ERH XLI ,MKL 'SYVXW XS XLI 4VIWMHIRX SJ -RHME 8LI
GSQTSWMXMSR SJ .YHMGMEP %TTSMRXQIRXW 'SQQMWWMSR EW TVSZMHIH MR XLI &MPP 'PEYWI
MW EW YRHIV
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8[S WIRMSV QSWX .YHKIW SJ 7YTVIQI 'SYVX RI\X XS 'LMIJ .YWXMGI SJ -RHME
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8[S IQMRIRX TIVWSRW XS FI RSQMREXIH F] E 'SQQMXXII GSQTVMWMRK XLI 4VMQI
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4ISTPI 1IQFIVW
34-2-327 3* )1-2)28 4)67327

6IWTSRHMRK XS XLI RIGIWWMX] SJ E 2EXMSREP .YHMGMEP 'SQQMWWMSR JSVQIV 'LMIJ
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GSRWYPXEXMSRW -X QYWX FI KMZIR E JEMV GLERGI XS TVSZI MXW [SVXL
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+SZIVRQIRX SJ -RHME JEZSVIH E 2EXMSREP .YHMGMEP 'SQQMWWMSR [MXL E TVIHSQMRERGI SJ
NYHMGMEP QIQFIVW EW ER EPXIVREXMZI XS XLI GSPPIKMYQ W]WXIQ 8LI HMWTPIEWYVI EW XS
XLI GSYVX WWIPJEWWYQIHVSPIMRETTSMRXMRKERHXVERWJIVVMRKSJNYHKIWLEWPIEHXSXLI
WYKKIWXMSRW JSV JSVQEXMSR SJ E 2EXMSREP .YHMGMEP 'SQQMWWMSR [LMGL WLEPP GSRWXMXYXI
RSX SRP] QIQFIVW SJ XLI NYHMGMEV] FYX EPWS SXLIV RSRNYHMGMEP QIQFIVW [LMGL [IVI
WYTTSWIH XS QEOI VIGSQQIRHEXMSRW JSV ETTSMRXQIRX SJ .YHKIW SJ XLI ,MKL 'SYVX ERH
XLI 7YTVIQI 'SYVX 0EXIV XLI TVSTSWEP XS MRXVSHYGI 2EXMSREP .YHMGMEP 'SQQMWWMSR

86%HL]EVYNMRE .YHMGMEP %GGSYRXEFMPMX] -RHME WQIXLSHWERH)\TIVMIRGI MR(V']VYW(EWERH
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4ZX 0XH (IPLM

%ZEMPEFPI EX LXXT[[[XLILMRHYGSQSTMRMSRSTIHEVXMGPIIGI 0EWX ZMI[IH SR

[EW VIWYVVIGXIH F] XLI XL 'SRWXMXYXMSREP %QIRHQIRX &MPP &YX ]IX EKEMR XLI
FMPP RIZIV WE[ PMKLX ERH [EW RSX TEWWIH
8LI RSRIWXEFPMWLQIRX SJ XLI 2EXMSREP .YHMGMEP 'SQQMWWMSR LEW EPWS MRJPEXIH

XLI TVSFPIQW VIPEXMRK XS XLI ETTSMRXQIRX SJ NYHKIW 8LSYKL MXW IWXEFPMWLQIRX LEW FIIR
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XLI 2EXMSREP .YHMGMEP 'SQQMWWMSR
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437-8-327 -2 38,)6 '39286-)7
4SWMXMSR MR XLI 9RMXIH /MRKHSQ -R XLMW GSRRIGXMSR -X [SYPH FI VIPIZERX XS RSXMGI

XLI JSPPS[MRK JEGXW -R 9/ XLI .YWXMGI 7YFGSQQMXXII SR .YHMGMEV] YRHIV XLI
'LEMVQERWLMT SJ 4IXIV ;IPWXIV 5' WYFQMXXIH E TVSTSWEP MR XLEX [LMPI XLI
0SVH 'LERGIPPSV WLSYPH QEOI XLI JMREP TVSTSWEP XS XLI 5YIIR LI WLSYPH FI EWWMWXIH
F] ER %HZMWSV] %TTSMRXQIRXW 'SQQMXXII GSQTVMWMRK PE[]IVW .YHKIW ERH PE]
QIQFIVW 8LI TVSTSWEP [EW PEXIV HVSTTIH 7SQI ]IEVW PEXIV E TVSTSWEP XS GVIEXI E
.YHMGMEP 'SQQMWWMSR [EW QSSXIH ERH HIFEXIH FYX XLMW XSS [EW HVSTTIH -R LMW VITP]
XS E UYIWXMSR XLI 0SVH 'LERGIPPSV -VZMRI SJ 0EMVK WXEXIH MR XLI ,SYWI SJ 'SQQSRW
SR XL 3GXSFIV
- IEVPMIV ERRSYRGIH SJJMGMEP VITSVX VH .YRI 'SP ;% XLEX -
TVSTSWIH XS GSRWYPX SR XLI QIVMXW SJ IWXEFPMWLMRK E .YHMGMEP %TTSMRXQIRXW
'SQQMWWMSR ,S[IZIV MR XLI PMKLX SJ XLI VIEWSRW XLEX - LEZI PMWXIH EFSZI -
LEZI HIGMHIH RSX XS TVSGIIH [MXL JYVXLIV [SVO SR E TSWWMFPI 'SQQMWWMSR
8LI VIEWSRW KMZIR F] XLI 0SVH 'LERGIPPSV JSV HVSTTMRK XLI WEMH TVSTSWEPW EVI
XLI JSPPS[MRK
-X MW IWWIRXMEP MR TYFPMG MRXIVIWX XLEX XLI NYHMGMEV] EX IZIV] PIZIP MW SJ XLI
LMKLIWX TSWWMFPI UYEPMX] %TTSMRXQIRXW [MPP GSRXMRYI XS FI QEHI WXVMGXP] SR QIVMX
EJXIV XLI MRHITIRHIRX ZMI[W SJ XLI NYHMGMEV] ERH XLI 0IKEP TVSJIWWMSR LEW FIIR XEOIR
MRXS GSRWMHIVEXMSR F] XLI 0SVH 'LERGIPPSV
-RHIIH XLI TVSTSWEP JSV XLI GSRWXMXYXMSR SJ E NYHMGMEP GSQQMWWMSR [EW EPWS
GVMXMGMÎH WIZIVIP] MR )RKPERH ?JSV I\EQTPI WII 0SRHSR 8MQI XL 1E] ERH ER
EVXMGPI SR XLI WYFNIGX MR XLI %YWXVEPMER 0E[ .SYVREP :SP 4EKI A

%W VIEH MR XLI 'SRWYPXEXMSR 4ETIV SR7YTIVMSV .YHMGMEV] F] 2EXMSREP'SQQMWWMSR XS 6IZMI[ XLI
;SVOMRK SJ 'SRWXMXYXMSR %ZEMPEFPI EX LXXTPE[QMRRMGMRRGV[GJMREPVITSVXZFLXQ 0EWX
ZMI[IH SR

,S[IZIV XLI 'SRWXMXYXMSREP 6IJSVQ %GX '6% [EW VIGIRXP] EQIRHIH
F] XLI .YHMGMEP %TTSMRXQIRXW 6IKYPEXMSRW 8LI NYHKIW MR XLI LMKLIV NYHMGMEV] MR
XLI 9/ EVI ETTSMRXIH SR XLI FEWMW SJ VIGSQQIRHEXMSRW QEHI F] XLI MRHITIRHIRX
.YHMGMEP ETTSMRXQIRXW 'SQQMWWMSR .%' 1SVISZIV XLI .%' SR MXW S[R GERRSX
WIPIGX NYWXMGIW JSV XLI 9/ 7YTVIQI 'SYVX
4SWMXMSR MR %YWXVEPME -R %YWXVEPME [LIVI XLI ETTSMRXQIRXW EVI QEHI F] XLI

)\IGYXMZI SR XLI EHZMGI SJ XLI %XXSVRI] +IRIVEP XLIVI LEZI FIIR GSQTPEMRXW SJ
TSPMXMGEP GSRWMHIVEXMSRW WII %XXEGOW SR .YHKIW '-.0 ]IEVFSSO TEKIW
ERH ER EVXMGPI F] 1MGLEP /MVF] MR XLI FSSO .YHMGMEP -RHITIRHIRGI GSRXIQTSVEV]
HIFEXI IHMXIHF]7LMQSR7LIXVYX
4SWMXMSR MR 'EREHE -R 'EREHE XSS XLIVI MW [MHIWTVIEH HMWWEXMWJEGXMSR [MXL

XLI QIXLSH SJ ETTSMRXQIRX XLIVI F] XLI 'EFMRIX SR XLI EHZMGI SJ 0E[ 1MRMWXIV ERH
%XXSVRI] +IRIVEP 6IJIVIRGI QE] FI LEH XS XLI 6ITSVX SJ XLI 'EREHMER &EV
%WWSGMEXMSR HEXIH %YKYWX SR XLI %TTSMRXQIRXW SJ .YHKIW SJ 'EREHE 8LI
6ITSVX WTIEOW SJ TSPMXMGEP TEXVSREKI MR XLI QEXXIV SJ XLIWI ETTSMRXQIRXW
4SWMXMSR MR .ETER %QIVMGER 7XEXIW -WVEIP ERH XLI 9RMXIH /MRKHSQ -R

XLMW GSRRIGXMSR MX [SYPH FI VIPIZERX XS QIRXMSR XLI JSPPS[MRK [LMGL IQTLEWMÎ ERH
MPPYWXVEXI XLI TSWMXMSR SFXEMRMRK MR HMJJIVIRX GSYRXVMIW IZMHIRXP] XLI VIWYPX SJ E
LMWXSVMGEP TVSGIWW TIGYPMEV XS IEGL SJ XLSWI GSYRXVMIW
-R .ETER EPXLSYKL XLI ETTSMRXQIRX SJ XLI 'LMIJ .YHKI SJ XLI 7YTVIQI

'SYVX MW QEHI F] XLI )QTIVSV EW HIWMKREXIH F] XLI 'EFMRIX ERH SXLIV NYHKIW EVI
ETTSMRXIH F] XLI 'EFMRIX IZIV] ETTSMRXQIRX MW QEHI SRP] MR GSRWYPXEXMSR [MXL XLI
'LMIJ .YHKI SJ .ETER 7II TEKI SJ XLI EVXMGPI -RHITIRHIRGI SJ XLI .YHMGMEV] MR
.ETER 8LISV] ERH 4VEGXMGI F] .ETER *IHIVEXMSR SJ &EV %WWSGMEXMSR MR XLI '-.0
=IEV &SSO TYFPMWLIH F] '-.0 'IRXVI JSV XLI -RHITIRHIRGI SJ .YHKIW ERH
0E[]IVW
8LI %QIVMGER 7XEXIW [LMGL EVI XV]MRK XS IWGETI JVSQ XLI MPPW ERH
I\GIWWIW SJ XLI W]WXIQ SJ IPIGXMSR SJ NYHKIW EVI GSRXIQTPEXMRK [LEX MW GEPPIH

1MWWSYVM 4PER [LMGL QIERW E NYHMGMEP GSQQMWWMSR TVIIQMRIRXP] GSQTSWIH
SJ NYHKIW ERH PE[]IVW
-R -WVEIP NYHKIW EVI WIPIGXIH F] XLI .YHMGMEP 7IPIGXMSR 'SQQMXXII 3R

XLI FEWMW SJ XLIMV VIGSQQIRHEXMSR XLI NYHKIW EVI ETTSMRXIH F] XLI 4VIWMHIRX 8LI
%TTSMRXQIRX 'SQQMXXII GSQTVMWIW RMRI QIQFIVW MRGPYHMRK XLVII NYHKIW SJ XLI
7YTVIQI 'SYVX X[S PE[]IVW IPIGXIH F] XLI &EV %WWSGMEXMSR X[S QIQFIVW SJ XLI
/RIWWIX ERH X[S 1MRMWXIVW SJ XLI +SZIVRQIRX SRI SJ XLIQ FIMRK XLI 1MRMWXIV SJ
.YWXMGI [LS GLEMVW XLI 'SQQMXXII 7II TEKIW ERH SJ XLI FSSO .YHMGMEP
-RHITIRHIRGI 'SRXIQTSVEV] (IFEXI F] 7MQSR 7LIXVIIX ERH . (IWGLERIW
)ZIR MR 9/ [LIVI XLI ETTSMRXQIRX MW QEHI F] XLI 0SVH 'LERGIPPSV

[LS MW MRZEVMEFP] E PIEHMRK PE[]IV SJ )RKPERH ERH SJ GSYVWI E QIQFIV SJ XLI 'EFMRIX
XLI WIPIGXMSR SJ NYHKIW MW QEHI MR GSRWYPXEXMSR [MXL XLI LIEH SJ XLI HMZMWMSR XS [LMGL
XLI ETTSMRXQIRX MW TVSTSWIH XS FI QEHI -R SXLIV [SVHW MJ XLI ZEGERG] SGGYVW MR XLI
5YIIRW &IRGL (MZMWMSR 5&( XLI ETTSMRXQIRX MW QEHI MR GSRWYPXEXMSR [MXL XLI
PIEVRIH 'LMIJ .YWXMGI -R XLI GEWI SJ *EQMP] (MZMWMSR XLI 4VIWMHIRX SJ XLI *EQMP]
(MZMWMSR ERH MR XLI GEWI SJ 'LERGIV] (MZMWMSR XLI :MGI 'LERGIPPSV MW GSRWYPXIH -J
XLI ZEGERG] SGGYVW MR XLI 'SYVX SJ %TTIEP XLI ETTSMRXQIRX MW QEHI MR GSRWYPXEXMSR
[MXL XLI 1EWXIV SJ 6SPPW
3FWIVZEXMSRW SJ 7MV ,IRV] +MFFW ,EZMRK RSXMGIH XLI QIXLSH SJ WIPIGXMSR MR

WIZIVEP GSYRXVMIW MX MW RSXEFPI XS GSRGPYHI XLMW EWTIGX [MXL XLI [SVHW SJ 7MV ,IRV]
+MFFW 'LMIJ .YWXMGI SJ %YWXVEPME [LS SFWIVZIH MR ER EVXMGPI MR %YWXVEPMER
0E[ .SYVREP TEKIW ERH XLEX .YHMGMEP'SQQMWWMSRWEHZMWSV]'SQQMXXIIWERH
TVSGIHYVIW JSV GSRWYPXEXMSR [MPP EPP FI YWIPIWW YRPIWW XLIVI I\MWXW EQSRK XLI
TSPMXMGMERW SJ EPP TEVXMIW E VIEPMÊXMSR XLEX XLI MRXIVIWX SJ XLI GSQQYRMX] VIUYMVIW XLEX
RIMXLIV TSPMXMGEP RSV TIVWSREP TEXVSREKI RSV E HIWMVI XS TPEGEXI ER] WIGXMSR SJ E

WSGMIX] WLSYPH TPE] ER] TEVX MR QEOMRK NYHMGMEP ETTSMRXQIRXW

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)\IGYXMZI WLSYPH LEZI RS VSPI MR XVERWJIV SV HMWGMTPMREV] EWTIGX SJ
NYHKIW 7S JEV EW XLI XVERWJIV SV HMWGMTPMREV] EWTIGX MW GSRGIVRIH XLIVI MW YRERMQMX] SJ
STMRMSR EQSRK XLI NYVMWXW XLEX XLI I\IGYXMZI WLSYPH LEZI RS WE] MR XLI QEXXIV QE] FI
4EVPMEQIRX FYX GIVXEMRP] RSX XLI I\IGYXMZI 3RGI E TIVWSR MW ETTSMRXIH EW E NYHKI
ERH XEOIW XLI TVIWGVMFIH SEXL LMW MRHITIRHIRGI SV LMW GSRHYGX GERRSX FI UYIWXMSRIH
F] XLI I\IGYXMZI [LMGL MW ZIV] SJXIR XLI QEMR PMXMKERX FIJSVI XLI 'SYVXW
/IITMRK XLI EFSZI HMWGYWWMSR MR QMRH XLI 'SQQMXXI WYKKIWXIH X[S

EPXIVREXMZI GSQTSWMXMSRW SJ XLI 2EXMSREP .YHMGMEP 'SQQMWWMSR
%
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F *SYV WIRMSVQSWX .YHKIW SJ XLI 7YTVIQI 'SYVX RI\X XS XLI 'LMIJ .YWXMGI
G 8LI 9RMSR 1MRMWXIV JSV 0E[ ERH .YWXMGI
&
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F *SYV WIRMSVQSWX .YHKIW SJ XLI 7YTVIQI 'SYVX RI\X XS XLI 'LMIJ .YWXMGI
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H 8[S IQMRIRX TIVWSRW WYGL EW JSVQIV 4VIWMHIRXW :MGI4VIWMHIRXW JSVQIV
'LMIJ .YWXMGIW.YHKIW SJ XLI 7YTVIQI 'SYVX SV IQMRIRX NYVMWXW IXG XS FI RSQMREXIH
F] XLI 4VIWMHIRX SJ -RHME MR GSRWYPXEXMSR [MXL XLI 4VMQI 1MRMWXIV SJ -RHME ERH XLI
'LMIJ .YWXMGI SJ -RHME

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',%48)6 :
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;LIR SRI WE]W )XLMGW MX QIERW XLI QSVEP TVMRGMTPIW XLEX LEZI IZSPZIH MR SVHIV
XS OIIT SRI MR XLI TEXL SJ ZMVXYI %PQSWX IZIV] TYFPMG WIVZERX MW KSZIVRIH F] WSQI
FEWMG GSHI SJ GSRHYGX %PP OMRHW SJ TISTPI EVI WYFNIGX XS GSHIW SJ IXLMGW FI MX PE[]IVW
XIEGLIVW SV HSGXSVW &] ERH PEVKI EPP XLIWI GSHIW GSHMJ] SFZMSYWP] XLI EWWYVERGI
EKEMRWX GLIEXMRK WIPJHIEPMRK ERH MQTSWMXMSRW SJ ZEVMSYW OMRHW ;LEXIZIV FI XLI
GSHIW MX MRGPYHIW XLI I\TIGXEXMSR XS QEMRXEMR EFWSPYXI MRXIKVMX] HIZSXMSR XS HYX] XS
FI TVSQTX ERH GSYVXISYW RSX XS MRZSPZI MR ER] OMRH SJ EGXMZMXMIW XLEX MRZSPZIW QSVEP
XYVTMXYHI RSX XS XEOI TEVX MR TSPMXMGW ERH RSX XS IRKEKI LMQWIPJ MR MRXIVZMI[W [MXL XLI
QIHME RSX XS HMWGPSWI SJJMGMEP MRJSVQEXMSR RSX XS EGGITX ER] OMRH SJ TIGYRMEV]
FIRIJMXW JSV LMW SJJMGMEP HIEPMRKW ERH RSX XS HS ER] OMRH SJ XVEHI SV FYWMRIWW [LMPI
LSPHMRK TYFPMG SJJMGI 8LIWI EVI NYWX XLI KIRIVEP TVMRGMTPIW KSZIVRMRK XLI GSHI SJ
GSRHYGX SJ EPP XLI TYFPMG WIVZERXW ,S[IZIV XLI SJJMGI SJ NYHMGMEV] VIUYMVIW QYGL
QSVI XLER XLMW ERH MX KSIW FI]SRH XLI GEPP SJ HYX] SJ XLI TYFPMG WIVZERX
-X [SYPH FI JMXXMRK LIVI XS WXEXI XLI [MWHSQ SJ XLI [IPP ORS[R /MRK JSV LMW
WLVI[H NYHKQIRXW 8LI WIPJWX]PIH NYHKI ERH /MRK 7SPSQSR MW ORS[R XS LEZI JSYRH
YRMUYI [E]W XS HIGMHI HMWTYXIW XLEX GEQI FIJSVI LMQ ,I LEH E OREGO SJ KIXXMRK
TEVXMIW XS E HMWTYXI XS VIZIEP XLIMV XVYI GSPSYVW [MXLSYX XLI TEVXMIW XLIQWIPZIW FIMRK
E[EVI SJ MX ERH LI YWIH XLMW QIXLSH XS JMRH SYX XLI XVYXL 8LIVI MW E TSTYPEV WXSV] SJ
LS[ /MRK 7SPSQSR [EW ETTVSEGLIH F] X[S [SQIR [LS [IVI GPEMQMRK VMKLX SZIV E
FEF] %JXIV LEZMRK FSXL XLI [SQIR /MRK 7SPSQSR SVHIVIH XLEX XLI FEF] WLSYPH FI
GYX MRXS X[S TMIGIW ERH FSXL SJ XLIQ WLEPP VIGIMZI IUYEP WLEVI ;LMPI SRI [SQER
EKVIIH XS MX XLI SXLIV WEMH XLEX WLI [SYPH KMZI XLI FEF] E[E] 8LI /MRK YRHIVWXSSH
XLEX XLI PEXXIV [EW MRHIIH XLI VIEP QSXLIV SJ XLI FEF] %JXIV EPP E QSXLIV [SYPH VEXLIV
KMZI E[E] LIV FEF] XLER PIX ER] LEVQ LETTIR 0MOI[MWI XLIVI EVI GIVXEMR
I\XVESVHMREV] EWTIGXW I\TIGXIH SYX SJ XLI NYHKIW MR SVHIV XS FVMRK XLI XVYXL XS PMKLX
8LYW XLMW GLETXIV [MPP WIIO XS MHIRXMJ] WSQI SJ XLI TVIWWMRK IXLMGEP GSRGIVRW JEGMRK

NYHKIW ERH XLI YWI SJ NYHMGMEP GSHIW EW E QIGLERMWQ JSV IWXEFPMWLMRK ERH EVXMGYPEXMRK
TVSTIV WXERHEVHW SJ GSRHYGX
.YHKIW EVI LSRSVEFPI QIR ERH [SQIR XLI] LEZI XEGMX GSHI SJ GSRHYGX 8LI]
LEZI TVSJIWWMSREP IXLMGW XLEX QE] FI GEPPIH EW NYHMGMEP IXLMGW .YHMGMEP IXLMGW MW E JI[
RSXGLIW LMKLIV XLER XLI IXLMGW SJ SXLIV TVSJIWWMSRW 8LI XIVQ NYHMGMEP IXLMGW HIJMIW
HIJMRMXMSR -R ER] JSVQ SJ PMXIVEV] [SVO [LIVIZIV XLI XIVQ MW YWIH MX MW RSX HIJMRIH
TEVXMGYPEVP] FYX MX MW EXXIQTXIH XS FI GSRGITXYEPMÎH
;LMPI WSQI SJ XLI HIJMRMXMSRW EVI WXEXIH FIPS[ WSQI HMGXMSREVMIW RSX IZIR
TVSZMHI JSV E HIJMRMXMSR
&PEGO W 0E[ (MGXMSREV]

3J SV VIPEXMRK XS QSVEP EGXMSR GSRHYGX QSXMZI SV GLEVEGXIV EW IXLMGEP
IQSXMSR EPWS XVIEXMRK SJ QSVEP JIIPMRK HYXMIW SV GSRHYGX GSRXEMRMRK TVIGITXW SJ
QSVEPMX] QSVEP 4VSJIWWMSREPP] VMKLX SV FIJMXXMRK GSRJSVQMRK XS TVSJIWWMSREP
WXERHEVHW SJ GSRHYGX
'EREHMER 0E[ (MGXMSREV]

8LI FEWMG TVMRGMTPIW SJ VMKLX EGXMSR )XLMGW SJ E 4VSJIWWMSR QIERW XLI
KIRIVEP FSH] SJ VYPIW [VMXXIR SV YR[VMXXIR VIPEXMZI XS XLI GSRHYGX SJ XLI QIQFIVW SJ
XLI TVSJIWWMSR MRXIRHIH XS KYMHI XLIQ MR QEMRXEMRMRK GIVXEMR FEWMG WXERHEVHW SJ
FILEZMSV %R MRGVIEWMRKP] TSTYPEV XSTMG SJ HMWGYWWMSR ERH HIFEXI XLMW XIVQ VIQEMR MPP

HIJMRIH

,IRV] 'EQFIPP &PEGO &PEGO W0E[(MGXMSREV] 7 7X 4EYP 1MRR;IWX 4YFPMGEXMSR 'S XL )HMXMSR

(EXMRHIV 77SHLM 8LI 'EREHMER 0E[ HMGXMSREV] 0E[ ERH &YWMRIWW 4YFPMGEXMSRW 'EREHE -RG

8LI +MPQIV W 6IZMWMSR XLI 0E[ (MGXMSREV] ERH 7XVSYH W .YHMGMEP
(MGXMSREV] SJ [SVHW ERH 4LVEWIW HS RSX TVSZMHI JSV ER] HIJMRMXMSR JSV XLMW XIVQ
.YHMGMEP IXLMGW MW E GSRGITX XLEX MW GIRXIVIH EX XLI NYHKIW FYX MX MW RSX GPIEVP] HIJMRIH
8LI ,SRSVEFPI 1V .YWXMGI 8LSQEW SJ XLI 7YTVIQI 'SYVX SJ 5YIIRWPERH MHIRXMJMIH
X[S OI] MWWYIW XLEX QYWX FI EHHVIWWIH
8LI MHIRXMJMGEXMSR SJ WXERHEVHW XS [LMGL QIQFIVW SJ XLI NYHMGMEV] QYWX

FI LIPH ERH
% QIGLERMWQ JSVQEP SV MRJSVQEP XS IRWYVI XLEX XLIWI WXERHEVHW EVI
EHLIVIH XS
%KEMR MR SRI SJ LMW [SVOW 1V.YWXMGI 8LSQEW WXEXIH 7SQIWXERHEVHWGERFI

TVIWGVMFIH F] PE[ FYX XLI WTMVMX SJ ERH XLI UYEPMX] SJ XLI WIVZMGI VIRHIVIH F] E
TVSJIWWMSR HITIRHW JEV QSVI XLER SR MXW SFWIVZERGI SJ XLI IXLMGEP WXERHEVHW 8LIWI EVI
QSVI VMKSVSYW XLER PIKEP WXERHEVHW 8LI] EVI PIEVRX RSX F] TIVGITX FYX F] XLI
I\EQTPI ERH MRJPYIRGI SJ VIWTIGXIH TIIVW .YHMGMEP WXERHEVHW EVI EGUYMVIH WS XS WTIEO

F] TVSJIWWMSREP SWQSWMW 8LI] EVI IRJSVGIH MQQIHMEXIP] F] GSRWGMIRGI
,SR FPI 1V.YWXMGI 7,/ETEHME JSVQIV 'LMIJ .YWXMGI SJ -RHME WEMH ;LIR
[I XEPO SJ IXLMGW XLI NYHKIW RSVQEPP] GSQQIRX YTSR IXLMGW EQSRK TSPMXMGMERW
WXYHIRXW TVSJIWWSVW ERH SXLIVW &YX - [SYPH WE] XLEX JSV E NYHKI XSS IXLMGW RSX SRP]

GSRWXMXYXMSREP QSVEPMX] FYX IZIR IXLMGEP QSVEPMX] WLSYPH FI XLI FEWI
8LI TVMRGMTPIW SJ NYHMGMEP IXLMGW XLEX MW XLI GSRHYGX SJ XLI NYHKIW EVMWI SYX SJ
XLI PIKMXMQEXI VMKLX SJ XLI TISTPI JSV [LSQ XLI NYHMGMEP MRWXMXYXMSR MW GVIEXIH JSV -X MW

;IWPI] +MPQIV +MPQIV W 6IZMWMSR 8LI 0E[ (MGXMSREV] %RHIVWSR 4YFPMWLMRK 'S XL )HMXMSR

.SLR7.EQIW 7XVSYH W .YHMGMEP (MGXMSREV] SJ [SVHW ERH 4LVEWIW 7[IIX ERH 1E\[IPP 0XH
0SRHSR XL )HMXMSR

.EQIW & 8LSQEW .YHMGMEP )XLMGW MR %YWXVEPME 8LI 0E[ &SSO 'SQTER] 0XH 7]HRI]

.YWXMGI 8LSQEW .YHMGMEP )XLMGW MR %YWXVEPME 0&' -RJSVQEXMSR 7IVZMGIW 7]HRI] RH )HMXMSR

/ETEHME GEYXMSRW NYHKIW EKEMRWX NYHMGMEP EGXMZMWQ 2I[ (IPLM 1E] %ZEMPEFPI EX
LXXTFIXEXLILMRHYGSQRI[WREXMSREPEVXMGPIIGI 0EWX ZMI[IH SR

XLI VMKLX SJ XLI TISTPI XS KIX XLIMV NYWXMGI JVSQ XLI GSYVXW ERH MR XYVR MX MW XLI
GSVVIWTSRHMRK HYX] SJ XLI GSYVXW XS PMZI YT XS XLIMV I\TIGXEXMSRW .YHMGMEV] MW I\TIGXIH
XS OIIT XLI TISTPI [MXLMR XLI FSYRHW MRHMGEXIH F] XLI 'SRWXMXYXMSR &YX XLEX HSIW RSX
QIER XLEX XLI NYHKIW EVI JVII JVSQ WYGL FSYRHW %HHMXMSREPP] XLI] EVI IRXVYWXIH F]
XLI 'SRWXMXYXMSR RSX SRP] XS OIIT IZIV]SRI [MXLMR XLI FSYRHW FYX EPWS XS VIQEMR
[MXLMR WYGL FSYRHW
630) %2( 59%0-8-)7 3* % .9(+)
8LI TVMQI VSPI SJ XLI NYHKIW MW XS TVSZMHI NYWXMGI .YWXMGI MW E HMZMRI JYRGXMSR
ERH NYHKIW EVI IRXVYWXIH [MXL XLI XIHMSYW [SVO SJ HMWTIRWMRK NYWXMGI .YWXMGI MW WEMH XS
FI E HMZMRI JYRGXMSR FIGEYWI SJ MXW JYRGXMSR XS WMX MR NYHKQIRX SZIV SXLIV JIPPS[
FIMRKW -R E [IPP ORS[R WXSV] 4ERGL 4EVQIWL[EV 1YRWLM4VIQGLERH WE]W EFSYX
XLI W]WXIQ SJ NYWXMGI -XW GIRXVEP GLEVEGXIV .YQQER 7LEMOL MW ERKV] XS[EVHW LMW
JVMIRHXYVRIHJSI %PEKY 'LEYHLEV] -RGMHIRXEPP] LI MW GLSWIR F] XLI ZMPPEKIVW EW XLI
YPXMQEXI EVFMXIV TERGL TEVQIWL[EV MR LMRHM MR E JIYH [LMGL MRZSPZIW 'LEYHLEV]
[LS JIEVW 7LEMOL [MPP WIXXPI TIVWSREP WGSVIW ,S[IZIV [LIR SR XLI JEXIJYP HE]
7LEMOL WMXW SR XLI WIEX SJ XLI .YWXMGI XLI LYQFPI ZMPPEKIV HMWEHZERXEKIH F] VYWXMGMX]
ERH PEGO SJ IHYGEXMSR VMWIW EFSZI TIXX] TEVXMWERWLMT ERH TVIWIRXW E WLMRMRK I\EQTPI SJ
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% NYHKI WLSYPH RSX TIVQMX ER] QIQFIV SJ LMW MQQIHMEXI JEQMP] WYGL EW
WTSYWI WSR HEYKLXIV WSRMRPE[ SV HEYKLXIVMRPE[ SV ER] SXLIV GPSWI
VIPEXMZI MJ E QIQFIV SJ XLI &EV XS ETTIEV FIJSVI LMQ SV IZIR FI EWWSGMEXIH MR
ER] QERRIV [MXL E GEYWI XS FI HIEPX [MXL F] LMQ
2S QIQFIV SJ LMW JEQMP] [LS MW E QIQFIV SJ XLI &EV WLEPP FI TIVQMXXIH XS
YWI XLI VIWMHIRGI MR [LMGL XLI .YHKI EGXYEPP] VIWMHIW SV SXLIV JEGMPMXMIW JSV
TVSJIWWMSREP [SVO
% NYHKI WLSYPH TVEGXMGI E HIKVII SJ EPSSJRIWW GSRWMWXIRX [MXL XLI HMKRMX] SJ LMW
SJJMGI
% NYHKI WLEPP RSX LIEV ERH HIGMHI E QEXXIV MR [LMGL E QIQFIV SJ LMW JEQMP] E
GPSWI VIPEXMSR SV E JVMIRH MW GSRGIVRIH

% NYHKI WLEPP RSX IRXIV MRXS TYFPMG HIFEXI SV I\TVIWW LMW ZMI[W MR TYFPMG SR
TSPMXMGEP QEXXIVW SV SR QEXXIVW XLEX EVI TIRHMRK SV EVI PMOIP] XS EVMWI JSV NYHMGMEP
HIXIVQMREXMSR
% NYHKI MW I\TIGXIH XS PIX LMW NYHKQIRXW WTIEO JSV XLIQWIPZIW ,I WLEPP RSX
KMZI MRXIVZMI[W XS XLI QIHME
% NYHKI WLEPP RSX EGGITX KMJXW SV LSWTMXEPMX] I\GITX JVSQ LMW JEQMP] GPSWI
VIPEXMSRW ERH JVMIRHW
% NYHKI WLEPP RSX LIEV ERH HIGMHI E QEXXIV MR [LMGL E GSQTER] MR [LMGL LI
LSPHW WLEVIW MW GSRGIVRIH YRPIWW LI LEW HMWGPSWIH LMW MRXIVIWX ERH RS SFNIGXMSR
XS LMW LIEVMRK ERH HIGMHMRK XLI QEXXIV MW VEMWIH
% NYHKI WLEPP RSX WTIGYPEXI MR WLEVIW WXSGOW SV XLI PMOI
% NYHKI WLSYPH RSX IRKEKI HMVIGXP] SV MRHMVIGXP] MR XVEHI SV FYWMRIWW IMXLIV F]
LMQWIPJ SV MR EWWSGMEXMSR [MXL ER] SXLIV TIVWSR 4YFPMGEXMSR SJ E PIKEP XVIEXMWI
SV ER] EGXMZMX] MR XLI REXYVI SJ E LSFF] WLEPP RSX FI GSRWXVYIH EW XVEHI SV
FYWMRIWW
% NYHKI WLSYPH RSX EWO JSV EGGITX GSRXVMFYXMSRW SV SXLIV[MWI EGXMZIP]
EWWSGMEXI LMQWIPJ [MXL XLI VEMWMRK SJ ER] JYRH JSV ER] TYVTSWI
% NYHKI WLSYPH RSX WIIO ER] JMRERGMEP FIRIJMX MR XLI JSVQ SJ E TIVUYMWMXI SV
TVMZMPIKI EXXEGLIH XS LMW SJJMGI YRPIWW MX MW GPIEVP] EZEMPEFPI %R] HSYFX MR XLMW
FILEPJ QYWX FI KSX VIWSPZIH ERH GPEVMJMIH XLVSYKL XLI 'LMIJ .YWXMGI
)ZIV] NYHKI QYWX EX EPP XMQI FI GSRWGMSYW XLEX LI MW YRHIV XLI TYFPMG KEÎ ERH
XLIVI WLSYPH FI RS EGX SV SQMWWMSR F] LMQ [LMGL MW YRFIGSQMRK SJ XLI LMKL
SJJMGI LI SGGYTMIW ERH XLI TYFPMG IWXIIQ MR [LMGL XLEX SJJMGI MW LIPH
8LIWI EVI SRP] XLI 6IWXEXIQIRX SJ XLI :EPYIW SJ .YHMGMEP 0MJI ERH EVI RSX
QIERX XS FI I\LEYWXMZI FYX MPPYWXVEXMZI SJ [LEX MW I\TIGXIH SJ E .YHKI 8LI EFSZI
WXEXIH VIWXEXIQIRX [EW VEXMJMIH ERH EHSTXIH F] XLI -RHMER .YHMGMEV] MR XLI 'LMIJ
.YWXMGIW 'SRJIVIRGI %PP XLI ,MKL 'SYVXW MR XLI GSYRXV] LEZI EPWS EHSTXIH XLI
WEQI MR XLIMV VIWTIGXMZI *YPP 'SYVX 1IIXMRKW

6IWXEXIQIRX SJ .YHMGMEP :EPYIW %ZEMPEFPI EX
LXXTMRHMERGSVVYTXNYHKIWGSQ4PSX4PSX 9T (EXIW '.-0ELSXM*MVQ'.-(SGW
6IWXEXIQIRX SJ .YHKIW ZEPYIWLXQ 0EWX ZMI[IH SR

&%2+%036) 46-2'-40)7 3* .9(-'-%0 '32(9'8
(VEJXMRK ,MWXSV]
-R XLI ]IEV XLI 9RMXIH 2EXMSRW 'IRXVI JSV -RXIVREXMSREP 'VMQI
4VIZIRXMSR MRZMXIH E KVSYT SJ 'LMIJ .YWXMGIW ERH WIRMSV .YWXMGIW JSV E TVITEVEXSV]
QIIXMRK MR :MIRRE MR GSRRIGXMSR [MXL XLI 8IRXL 2EXMSREP 'SRKVIWW SR 4VIZIRXMSR
SJ 'VMQI ERH 8VIEXQIRX SJ 3JJIRHIVW 8LI SFNIGXMZI SJ XLI QIIXMRK [EW XS EHHVIWW XLI
TVSFPIQ XLEX [EW GVIEXIH MR QER] GSYRXVMIW XLEX XLIMV TISTPI [IVI PSWMRK GSRJMHIRGI
MR XLI NYHMGMEP W]WXIQW FIGEYWI XLI] TIVGIMZIH XLIQ XS FI GSVVYTX SV SXLIV[MWI TEVXMEP
8LMW [EW XLI JMVWX SGGEWMSR YRHIV XLI 9RMXIH 2EXMSRW [LIVI XLI NYHKIW [IVI
MRZMXIH XS TYX XLIMV S[R LSYWI MR SVHIV XS HIZIPST E GSRGITX SJ NYHMGMEP EGGSYRXEFMPMX]
XLEX [SYPH GSQTPIQIRX XLI TVMRGMTPI SJ NYHMGMEP MRHITIRHIRGI %W XLIVI I\MWXIH
HMJJIVIRX PIKEP W]WXIQW MR XLI [SVPH MX [EW HIGMHIH XS PMQMX XLI I\IVGMWI XS XLI
GSQQSR PE[ PIKEP W]WXIQ 8LMW QIIXMRK XLEX [EW LIPH MR :MIRRE [EW XLI JMVWX QIIXMRK
XS TVITEVI XLI HVEJX TVMRGMTPIW 7IZIVEP I\MWXMRK GSHIW ERH MRXIVREXMSREP MRWXVYQIRXW
[IVI XEOIR MRXS GSRWMHIVEXMSR 8LI WIGSRH QIIXMRK [EW LIPH MR &ERKEPSVI MR

8LI JMVWX QIIXMRK SJ XLI .YHMGMEP -RXIKVMX] +VSYT -X [EW EXXIRHIH F] 'LMIJ .YWXMGI 0EXMJYV 6ELQER SJ
&ERKPEHIWL 'LMIJ .YWXMGI = &LEWOEV 6ES SJ /EVREXEOE WXEXI-RHME .YWXMGI +SZMRH &ELEHYV 7LVIWXVE
SJ 2ITEP VITVIWIRXMRK XLI GLMIJ NYWXMGI SJ 2ITEP 'LMIJ .YWXMGI 10 9QEMW SJ 2MKIVME (ITYX]
4VIWMHIRX 4YMW 0ERKE SJ XLI 'SRWXMXYXMSREP 'SYVX SJ 7SYXL %JVMGE 6IXMVIH 'LMIJ .YWXMGI *02]EPEPM SJ
8ERÊRMEERH .YWXMGI &.3HSOMGLEMVQER SJ XLI NYHMGMEP WIVZMGI GSQQMWWMSR SJ 9KERHE YRHIV XLI
GLEMVQERWLMT SJ .YHKI 'LVMWXSTILIV +VIKSV] ;IIVEQERXV]:MGITVIWMHIRX SJ XLI -RXIVREXMSREP 'SYVX SJ
.YWXMGI .YWXMGI 1MGLEIP /MVF] SJ XLI ,MKL 'SYVX SJ %YWXVEPME JYRGXMSRIH EW 6ETTSVXIYV (EXS 4EVEQ
'YQEVEW[EQ] 92 WTIGMEP 6ETTSVXIYV SR XLI -RHITIRHIRGI SJ NYHKIW ERH PE[]IVW .YWXMGI (V )VRWX
1EVOIP :MGITVIWMHIRX SJ XLI -RXIVREXMSREP %WWSGMEXMSR SJ .YHKIW ERH (V +MYWITTI HM +IRREVS
TEVXMGMTEXIH EW SFWIVZIVW

-X [EW EXXIRHIH F] 'LMIJ .YWXMGI 1EMRYV 6IÊ 'LS[HYV] SJ &ERKPEHIWL 'LMIJ .YWXMGI 4: 6IHHM SJ
/EVREXEOE 7XEXI MR -RHME 'LMIJ .YWXMGI /IWLEZ 4VEWEH 9TEHL]E] SJ 2ITEP 'LMIJ .YWXMGI 10 9[EMW SJ
2MKIVME (ITYX] 'LMIJ .YWXMGI 4MYW 0ERKE SJ 7SYXL %JVMGE 'LMIJ .YWXMGI 72 7MPZE SJ 7VM 0EROE 'LMIJ
.YWXMGI &% 7EQEXLE SJ 8ERÊRME
'LMIJ .YWXMGI &. 3HSOM SJ 9KERHE .YWXMGI 'PEMVI 0 LEYVIY\
(YFI SJ 7YTVIQI 'SYVX SJ 'EREHE TVIWMHIRX SJ -RXIVREXMSREP GSQQMWWMSR SJ NYVMWX [EW E WTIGMEP
MRZMXII .YHKI ;IIVEQERXV] WIVZIH EW E GLEMVTIVWSR ERH .YWXMGI /MVF] EW 6ETTSVXIYV -R EHHMXMSR XLI
9RMXIH 2EXMSRW 7TIGMEP 6ETTSVXIYV SR XLI MRHITIRHIRGI SJ .YHKIW ERH 0E[]IVW (EXS 4EVEQ
'YQEVEWEQ] ERH XLI GLEMVQER SJ XLI 9RMXIH 2EXMSRW ,YQER 6MKLXW 'SQQMXXII .YWXMGI 42

*IFVYEV] -R XLMW QIIXMRK XLI HVEJX [EW KMZIR E WLETI ERH MX [EW EPWS GSRWMHIVIH
XLEX XLI HVEJX FI TPEGIH FIJSVI XLI NYHKIW SJ SXLIV PIKEP W]WXIQW JSV WGVYXMRM^MRK ERH
XS EYXLIRXMGEXI XLI GSHI SJ NYHMGMEP GSRHYGX 8LMW HVEJX [EW [MHIP] HMWWIQMREXIH
EQSRKWX NYHKIW SJ FSXL GSQQSR PE[ ERH GMZMP PE[ W]WXIQW ERH HMWGYWWIH EX WIZIVEP
NYHMGMEP GSRJIVIRGIW 8LI HVEJX YRHIV[IRX E JI[ VIZMWMSRW ERH [EW JMREPP] ETTVSZIH
F] E 6SYRH8EFPI 1IIXMRK SJ 'LMIJ .YWXMGIW SV XLIMV VITVIWIRXEXMZIW [LMGL [EW LIPH
MR 4IEGI 4EPEGI MR 8LI ,EKYI 2IXLIVPERHW MR 2SZIQFIV 8LI &ERKEPSVI
4VMRGMTPIW SJ .YHMGMEP 'SRHYGX GER FI WEMH XS FI IQIVKIH RSX SRP] JVSQ XLI
6IWXEXIQIRX SJ NYHMGMEP ZEPYIW FYX EPWS JVSQ XLI WEMH 6SYRH XEFPI QIIXMRK 8LI
9RMZIVWEP (IGPEVEXMSR SJ ,YQER 6MKLXW XLEX VIGSKRMÎW EW JYRHEQIRXEP XLI
TVMRGMTPI XLEX IZIV]SRI MW IRXMXPIH MR JYPP IUYEPMX] XS E JEMV ERH TYFPMG LIEVMRK F] ER
MRHITIRHIRX ERH MQTEVXMEP XVMFYREP MR XLI HIXIVQMREXMSR SJ VMKLXW ERH SFPMKEXMSRW ERH
SJ ER] GVMQMREP GLEVKI EW [IPP EW XLI -RXIVREXMSREP 'SZIRERX SR 'MZMP ERH 4SPMXMGEP
6MKLXW XLEX KYEVERXIIW XLEX EPP TIVWSRW WLEPP FI IUYEP FIJSVI XLI GSYVXW ERH XLEX MR
XLI HIXIVQMREXMSR SJ ER] GVMQMREP GLEVKI SV SJ VMKLXW ERH SFPMKEXMSRW MR E WYMX EX PE[
IZIV]SRI WLEPP FI IRXMXPIH [MXLSYX HIPE] XS JEMV ERH TYFPMG LIEVMRK F] E GSQTIXIRX
MRHITIRHIRX ERH MQTEVXMEP XVMFYREP IWXEFPMWLIH F] PE[ XLIMV QEMR JSGYW MW XS IWXEFPMWL
WXERHEVHW JSV IXLMGEP GSRHYGX SJ NYHKIW ERH XS TVSZMHI E JVEQI[SVO SJ KYMHERGI XS
VIKYPEXI NYHMGMEP GSRHYGX
8LI GSVI ZEPYIW VIGSKRMÎH MR XLMW HSGYQIRX EVI MRHITIRHIRGI MQTEVXMEPMX]

MRXIKVMX] TVSTVMIX] IUYEPMX] GSQTIXIRGI ERH HMPMKIRGI 8LI ZEPYIW WXEXIH MR XLMW
HSGYQIRX EVI
:EPYI -RHITIRHIRGI

&LEKE[EXM TEVXMGMTEXIH EW SFWIVZIVW XLI PEXXIV VITVIWIRXMRK XLI 9RMXIH 2EXMSRW ,MKL 'SQQMWWMSRIV
JSV ,YQER 6MKLXW

%VXMGPI SJ 9RMZIVWEP (IGPEVEXMSR SJ ,YQER 6MKLXW

%VXMGPI 9RMZIVWEP (IGPEVEXMSR SJ ,YQER 6MKLXW

%ZEMPEFPI EX LXXT[[[GSIMRXXHKLPGSSTIVEXMSRGGNIXI\XIW&ERKEPSVI4VMRGMTPIW'SQQIRX4(*
0EWX ZMI[IH SR

.YHMGMEP MRHITIRHIRGI MW E TVIVIUYMWMXI XS XLI VYPI SJ PE[ ERH E JYRHEQIRXEP
KYEVERXII SJ E JEMV XVMEP % NYHKI WLEPP XLIVIJSVI YTLSPH ERH I\IQTPMJ] NYHMGMEP
MRHITIRHIRGI MR FSXL MXW MRHMZMHYEP ERH MRWXMXYXMSREP EWTIGXW
-XW ETTPMGEXMSR
% NYHKI WLEPP I\IVGMWI XLI NYHMGMEP JYRGXMSR MRHITIRHIRXP] SR XLI FEWMW SJ XLI
NYHKIW EWWIWWQIRX SJ XLI JEGXW ERH MR EGGSVHERGI [MXL E GSRWGMIRXMSYW
YRHIVWXERHMRK SJ XLI PE[ JVII SJ ER] I\XVERISYW MRJPYIRGIW MRHYGIQIRXW
TVIWWYVIW XLVIEXW SV MRXIVJIVIRGI HMVIGX SV MRHMVIGX JVSQ ER] UYEVXIV SV JSV ER]
VIEWSR
% NYHKI WLEPP FI MRHITIRHIRX MR VIPEXMSR XS WSGMIX] MR KIRIVEP ERH MR VIPEXMSR XS

XLI TEVXMGYPEV TEVXMIW XS E HMWTYXI [LMGL XLI NYHKI LEW XS EHNYHMGEXI
% NYHKI WLEPP RSX SRP] FI JVII JVSQ MRETTVSTVMEXI GSRRIGXMSRW [MXL ERH
MRJPYIRGI F] XLI I\IGYXMZI ERH PIKMWPEXMZI FVERGLIW SJ KSZIVRQIRX FYX QYWX
EPWS ETTIEV XS E VIEWSREFPI SFWIVZIV XS FI JVII XLIVI JVSQ
-R TIVJSVQMRK NYHMGMEP HYXMIW E NYHKI WLEPP FI MRHITIRHIRX SJ NYHMGMEP GSPPIEKYIW

MR VIWTIGX SJ HIGMWMSRW [LMGL XLI NYHKI MW SFPMKIH XS QEOI MRHITIRHIRXP]
% NYHKI WLEPP IRGSYVEKI ERH YTLSPH WEJIKYEVHW JSV XLI HMWGLEVKI SJ NYHMGMEP
HYXMIW MR SVHIV XS QEMRXEMR ERH IRLERGI XLI MRWXMXYXMSREP ERH STIVEXMSREP
MRHITIRHIRGI SJ XLI NYHMGMEV]
% NYHKI WLEPP I\LMFMX ERH TVSQSXI LMKL WXERHEVHW SJ NYHMGMEP GSRHYGX MR SVHIV XS
VIMRJSVGI TYFPMG GSRJMHIRGI MR XLI NYHMGMEV] [LMGL MW JYRHEQIRXEP XS XLI
QEMRXIRERGI SJ NYHMGMEP MRHITIRHIRGI
;LMPI I\TPEMRMRK EFSYX XLI GSRGITX SJ MRHITIRHIRGI XLI NYHMGMEP MRXIKVMX]

KVSYT SR KMZMRK XLI GSQQIRXEV] SR XLI &ERKEPSVI .YHMGMEP 4VMRGMTPIW LEW KMZIR XLI
HMJJIVIRGI FIX[IIR XLI NYHMGMEP MRHITIRHIRGI ERH MRWXMXYXMSREP MRHITIRHIRGI
%GGSVHMRKP] NYHMGMEP MRHITIRHIRGI VIJIVW XS FSXL XLI MRHMZMHYEP ERH XLI MRWXMXYXMSREP

MRHITIRHIRGI VIUYMVIH JSV HIGMWMSRQEOMRK .YHMGMEP MRHITIRHIRGI MW XLIVIJSVI FSXL
E WXEXI SJ QMRH ERH E WIX SJ MRWXMXYXMSREP ERH STIVEXMSREP EVVERKIQIRXW 8LI JSVQIV MW
GSRGIVRIH [MXL XLI NYHKI W MRHITIRHIRGI MR JEGX XLI PEXXIV [MXL HIJMRMRK XLI
VIPEXMSRWLMTW FIX[IIR XLI NYHMGMEV] ERH SXLIVW TEVXMGYPEVP] XLI SXLIV FVERGLIW SJ
KSZIVRQIRX WS EW XS EWWYVI FSXL XLI VIEPMX] ERH XLI ETTIEVERGI SJ MRHITIRHIRGI 8LI
VIPEXMSRWLMT FIX[IIR XLIWI X[S EWTIGXW SJ NYHMGMEP MRHITIRHIRGI MW XLEX ER MRHMZMHYEP
NYHKI QE] TSWWIWW XLEX WXEXI SJ QMRH FYX MJ XLI GSYVX SZIV [LMGL LI SV WLI TVIWMHIW MW
RSX MRHITIRHIRX SJ XLI SXLIV FVERGLIW SJ KSZIVRQIRX MR [LEX MW IWWIRXMEP XS MXW
JYRGXMSRW XLI NYHKI GERRSX FI WEMH XS FI MRHITIRHIRX
*YVXLIV MX EPWS WIX JSVXL XLI XLVII QMRMQYQ GSRHMXMSRW JSV NYHMGMEP
MRHITIRHIRGI ERH XLI] EVI
7IGYVMX] SJ XIRYVI
*MRERGMEP WIGYVMX] ERH
-RWXMXYXMSREP -RHITIRHIRGI
:EPYI -QTEVXMEPMX]
-QTEVXMEPMX] MW IWWIRXMEP XS XLI TVSTIV HMWGLEVKI SJ XLI NYHMGMEP SJJMGI -X ETTPMIW
RSX SRP] XS XLI HIGMWMSR MXWIPJ FYX EPWS XS XLI TVSGIWW F] [LMGL XLI HIGMWMSR MW QEHI
-XW ETTPMGEXMSR
% NYHKI WLEPP TIVJSVQ LMW SV LIV NYHMGMEP HYXMIW [MXLSYX JEZSYV FMEW SV
TVINYHMGI
% NYHKI WLEPP IRWYVI XLEX LMW SV LIV GSRHYGX FSXL MR ERH SYX SJ GSYVX QEMRXEMRW
ERH IRLERGIW XLI GSRJMHIRGI SJ XLI TYFPMG XLI PIKEP TVSJIWWMSR ERH PMXMKERXW MR
XLI MQTEVXMEPMX] SJ XLI NYHKI ERH SJ XLI NYHMGMEV]

:EPIRXI Z 8LI 5YIIR 7YTVIQI 'SYVX SJ 'EREHE ?A 7'6 %ZEMPEFPI EX
LXXT[[[GSIMRXXHKLPGSSTIVEXMSRGGNIXI\XIW&ERKEPSVI4VMRGMTPIW'SQQIRX4(* 0EWX ZMI[IH SR

-H

% NYHKI WLEPP WS JEV EW MW VIEWSREFPI WS GSRHYGX LMQWIPJ SV LIVWIPJ EW XS
QMRMQMÎ XLI SGGEWMSRW SR [LMGL MX [MPP FI RIGIWWEV] JSV XLI NYHKI XS FI
HMWUYEPMJMIH JVSQ LIEVMRK SV HIGMHMRK GEWIW
% NYHKI WLEPP RSX ORS[MRKP] [LMPI E TVSGIIHMRK MW FIJSVI SV GSYPH GSQI

FIJSVI XLI NYHKI QEOI ER] GSQQIRX XLEX QMKLX VIEWSREFP] FI I\TIGXIH XS
EJJIGX XLI SYXGSQI SJ WYGL TVSGIIHMRK SV MQTEMV XLI QERMJIWX JEMVRIWW SJ XLI
TVSGIWW 2SV WLEPP XLI NYHKI QEOI ER] GSQQIRX MR TYFPMG SV SXLIV[MWI XLEX
QMKLX EJJIGX XLI JEMV XVMEP SJ ER] TIVWSR SV MWWYI
% NYHKI WLEPP HMWUYEPMJ] LMQWIPJ SV LIVWIPJ JVSQ TEVXMGMTEXMRK MR ER]

TVSGIIHMRKW MR [LMGL XLI NYHKI MW YREFPI XS HIGMHI XLI QEXXIV MQTEVXMEPP] SV MR
[LMGL MX QE] ETTIEV XS E VIEWSREFPI SFWIVZIV XLEX XLI NYHKI MW YREFPI XS HIGMHI
XLI QEXXIV MQTEVXMEPP]
8LI )YVSTIER 'SYVX LEW I\TPEMRIH MR +VIKSV] Z 9RMXIH /MRKHSQ XLEX XLIVI
EVI X[S EWTIGXW XS XLI VIUYMVIQIRX SJ MQTEVXMEPMX] *MVWX XLI XVMFYREP QYWX FI
WYFNIGXMZIP] MQTEVXMEP MI RS QIQFIV SJ XLI XVMFYREP WLSYPH LSPH ER] TIVWSREP
TVINYHMGI SV FMEW 4IVWSREP MQTEVXMEPMX] MW XS FI TVIWYQIH YRPIWW XLIVI MW IZMHIRGI XS
XLI GSRXVEV] 7IGSRHP] XLI XVMFYREP QYWX EPWS FI MQTEVXMEP JVSQ ER SFNIGXMZI
ZMI[TSMRX MI MX QYWX SJJIV WYJJMGMIRX KYEVERXIIW XS I\GPYHI ER] PIKMXMQEXI HSYFX MR
XLMW VIWTIGX
:EPYI -RXIKVMX]
-RXIKVMX] MW IWWIRXMEP XS XLI TVSTIV HMWGLEVKI SJ XLI NYHMGMEP SJJMGI
-XW ETTPMGEXMSR
% NYHKI WLEPP IRWYVI XLEX LMW SV LIV GSRHYGX MW EFSZI VITVSEGL MR XLI ZMI[ SJ E
VIEWSREFPI SFWIVZIV

)YVSTIER 'SYVX SJ ,YQER 6MKLXW ),66

8LI FILEZMSYV ERH GSRHYGX SJ E NYHKI QYWX VIEJJMVQ XLI TISTPIW JEMXL MR XLI
MRXIKVMX] SJ XLI NYHMGMEV] .YWXMGI QYWX RSX QIVIP] FI HSRI FYX QYWX EPWS FI
WIIR XS FI HSRI
-RXIKVMX] MW ER EXXMXYHI SJ VIGXMXYHI ERH VMKLXISYWRIWW 8LI GSQTSRIRXW SJ

MRXIKVMX] EVI LSRIWX] ERH NYHMGMEP QSVEPMX] % NYHKI [LMPI HMWGLEVKMRK LMW HYXMIW MR
SJJMGI WLSYPH RSX SRP] EGX LSRSVEFP] FYX WLSYPH EPWS FI JVII JVSQ JVEYH HIGIMX ERH
JEPWILSSH 8LI HIKVII SJ MRXIKVMX] MW RS [LIVI HIJMRIH LS[IZIV MX MW QSVI XLER ZMVXYI
:EPYI 4VSTVMIX]
4VSTVMIX] ERH XLI ETTIEVERGI SJ TVSTVMIX] EVI IWWIRXMEP XS XLI TIVJSVQERGI SJ

EPP SJ XLI EGXMZMXMIW SJ E NYHKI
-XW %TTPMGEXMSR
% NYHKI WLEPP EZSMH MQTVSTVMIX] ERH XLI ETTIEVERGI SJ MQTVSTVMIX] MR EPP SJ XLI
NYHKIW EGXMZMXMIW
%W E WYFNIGX SJ GSRWXERX TYFPMG WGVYXMR] E NYHKI QYWX EGGITX TIVWSREP

VIWXVMGXMSRW XLEX QMKLX FI ZMI[IH EW FYVHIRWSQI F] XLI SVHMREV] GMXMÎR ERH
WLSYPH HS WS JVIIP] ERH [MPPMRKP] -R TEVXMGYPEV E NYHKI WLEPP GSRHYGX LMQWIPJ
SV LIVWIPJ MR E [E] XLEX MW GSRWMWXIRX [MXL XLI HMKRMX] SJ XLI NYHMGMEP SJJMGI
% NYHKI WLEPP MR LMW SV LIV TIVWSREP VIPEXMSRW [MXL MRHMZMHYEP QIQFIVW SJ XLI
PIKEP TVSJIWWMSR [LS TVEGXMGI VIKYPEVP] MR XLI NYHKIW GSYVX EZSMH WMXYEXMSRW
[LMGL QMKLX VIEWSREFP] KMZI VMWI XS XLI WYWTMGMSR SV ETTIEVERGI SJ JEZSVMXMWQ
SV TEVXMEPMX]
% NYHKI WLEPP RSX TEVXMGMTEXI MR XLI HIXIVQMREXMSR SJ E GEWI MR [LMGL ER]

QIQFIV SJ XLI NYHKIW JEQMP] VITVIWIRXW E PMXMKERX SV MW EWWSGMEXIH MR ER]
QERRIV [MXL XLI GEWI

% NYHKI WLEPP RSX EPPS[ XLI YWI SJ XLI NYHKIW VIWMHIRGI F] E QIQFIV SJ XLI
PIKEP TVSJIWWMSR XS VIGIMZI GPMIRXW SV SXLIV QIQFIVW SJ XLI PIKEP TVSJIWWMSR
% NYHKI PMOI ER] SXLIV GMXMÎR MW IRXMXPIH XS JVIIHSQ SJ I\TVIWWMSR FIPMIJ

EWWSGMEXMSR ERH EWWIQFP] FYX MR I\IVGMWMRK WYGL VMKLXW E NYHKI WLEPP EP[E]W
GSRHYGX LMQWIPJ SV LIVWIPJ MR WYGL E QERRIV EW XS TVIWIVZI XLI HMKRMX] SJ XLI
NYHMGMEP SJJMGI ERH XLI MQTEVXMEPMX] ERH MRHITIRHIRGI SJ XLI NYHMGMEV]
% NYHKI WLEPP MRJSVQ LMQWIPJ SV LIVWIPJ EFSYX XLI NYHKIW TIVWSREP ERH
JMHYGMEV] JMRERGMEP MRXIVIWXW ERH WLEPP QEOI VIEWSREFPI IJJSVXW XS FI MRJSVQIH
EFSYX XLI JMRERGMEP MRXIVIWXW SJ QIQFIVW SJ XLI NYHKIW JEQMP]
% NYHKI WLEPP RSX EPPS[ XLI NYHKIW JEQMP] WSGMEP SV SXLIV VIPEXMSRWLMTW
MQTVSTIVP] XS MRJPYIRGI XLI NYHKIW NYHMGMEP GSRHYGX ERH NYHKQIRX EW E NYHKI
% NYHKI WLEPP RSX YWI SV PIRH XLI TVIWXMKI SJ XLI NYHMGMEP SJJMGI XS EHZERGI XLI
TVMZEXI MRXIVIWXW SJ XLI NYHKI E QIQFIV SJ XLI NYHKIW JEQMP] SV SJ ER]SRI
IPWI RSV WLEPP E NYHKI GSRZI] SV TIVQMX SXLIVW XS GSRZI] XLI MQTVIWWMSR XLEX
ER]SRI MW MR E WTIGMEP TSWMXMSR MQTVSTIVP] XS MRJPYIRGI XLI NYHKI MR XLI
TIVJSVQERGI SJ NYHMGMEP HYXMIW
'SRJMHIRXMEP MRJSVQEXMSR EGUYMVIH F] E NYHKI MR XLI NYHKIW NYHMGMEP GETEGMX]

WLEPP RSX FI YWIH SV HMWGPSWIH F] XLI NYHKI JSV ER] SXLIV TYVTSWI RSX VIPEXIH XS
XLI NYHKIW NYHMGMEP HYXMIW
7YFNIGX XS XLI TVSTIV TIVJSVQERGI SJ NYHMGMEP HYXMIW E NYHKI QE]
- [VMXI PIGXYVI XIEGL ERH TEVXMGMTEXI MR EGXMZMXMIW GSRGIVRMRK XLI PE[ XLI PIKEP
W]WXIQ XLI EHQMRMWXVEXMSR SJ NYWXMGI SV VIPEXIH QEXXIVW
-- ETTIEV EX E TYFPMG LIEVMRK FIJSVI ER SJJMGMEP FSH] GSRGIVRIH [MXL QEXXIVW
VIPEXMRK XS XLI PE[ XLI PIKEP W]WXIQ XLI EHQMRMWXVEXMSR SJ NYWXMGI SV VIPEXIH
QEXXIVW

--- WIVZI EW E QIQFIV SJ ER SJJMGMEP FSH] SV SXLIV KSZIVRQIRX GSQQMWWMSR
GSQQMXXII SV EHZMWSV] FSH] MJ WYGL QIQFIVWLMT MW RSX MRGSRWMWXIRX [MXL XLI
TIVGIMZIH MQTEVXMEPMX] ERH TSPMXMGEP RIYXVEPMX] SJ E NYHKI
-: IRKEKI MR SXLIV EGXMZMXMIW MJ WYGL EGXMZMXMIW HS RSX HIXVEGX JVSQ XLI HMKRMX] SJ
XLI NYHMGMEP SJJMGI SV SXLIV[MWI MRXIVJIVI [MXL XLI TIVJSVQERGI SJ NYHMGMEP
HYXMIW
% NYHKI WLEPP RSX TVEGXMWI PE[ [LMPWX XLI LSPHIV SJ NYHMGMEP SJJMGI
% NYHKI QE] JSVQ SV NSMR EWWSGMEXMSRW SJ NYHKIW SV TEVXMGMTEXI MR SXLIV

SVKERMÊXMSRW VITVIWIRXMRK XLI MRXIVIWXW SJ NYHKIW
% NYHKI ERH QIQFIVW SJ XLI NYHKIW JEQMP] WLEPP RIMXLIV EWO JSV RSV EGGITX
ER] KMJX FIUYIWX PSER SV JEZSYV MR VIPEXMSR XS ER]XLMRK HSRI SV XS FI HSRI SV
SQMXXIH XS FI HSRI F] XLI NYHKI MR GSRRIGXMSR [MXL XLI TIVJSVQERGI SJ NYHMGMEP
HYXMIW
% NYHKI WLEPP RSX ORS[MRKP] TIVQMX GSYVX WXEJJ SV SXLIVW WYFNIGX XS XLI NYHKIW
MRJPYIRGI HMVIGXMSR SV EYXLSVMX] XS EWO JSV SV EGGITX ER] KMJX FIUYIWX PSER SV
JEZSYV MR VIPEXMSR XS ER]XLMRK HSRI SV XS FI HSRI SV SQMXXIH XS FI HSRI MR
GSRRIGXMSR [MXL LMW SV LIV HYXMIW SV JYRGXMSRW
7YFNIGX XS PE[ ERH XS ER] PIKEP VIUYMVIQIRXW SJ TYFPMG HMWGPSWYVI E NYHKI QE]
VIGIMZI E XSOIR KMJX E[EVH SV FIRIJMX EW ETTVSTVMEXI XS XLI SGGEWMSR SR [LMGL
MX MW QEHI TVSZMHIH XLEX WYGL KMJX E[EVH SV FIRIJMX QMKLX RSX VIEWSREFP] FI
TIVGIMZIH EW MRXIRHIH XS MRJPYIRGI XLI NYHKI MR XLI TIVJSVQERGI SJ NYHMGMEP
HYXMIW SV SXLIV[MWI KMZI VMWI XS ER ETTIEVERGI SJ TEVXMEPMX]
:EPYI )UYEPMX]
)RWYVMRK IUYEPMX] SJ XVIEXQIRX XS EPP FIJSVI XLI GSYVXW MW IWWIRXMEP XS XLI HYI
TIVJSVQERGI SJ XLI NYHMGMEP SJJMGI

-XW ETTPMGEXMSR
% NYHKI WLEPP FI E[EVI SJ ERH YRHIVWXERH HMZIVWMX] MR WSGMIX] ERH HMJJIVIRGIW
EVMWMRK JVSQ ZEVMSYW WSYVGIW MRGPYHMRK FYX RSX PMQMXIH XS VEGI GSPSV WI\
VIPMKMSR REXMSREP SVMKMR GEWXI HMWEFMPMX] EKI QEVMXEP WXEXYW WI\YEP
SVMIRXEXMSR WSGMEP ERH IGSRSQMG WXEXYW ERH SXLIV PMOI GEYWIW MVVIPIZERX
KVSYRHW
% NYHKI WLEPP RSX MR XLI TIVJSVQERGI SJ NYHMGMEP HYXMIW F] [SVHW SV GSRHYGX

QERMJIWX FMEW SV TVINYHMGI XS[EVHW ER] TIVWSR SV KVSYT SR MVVIPIZERX KVSYRHW
% NYHKI WLEPP GEVV] SYX NYHMGMEP HYXMIW [MXL ETTVSTVMEXI GSRWMHIVEXMSR JSV EPP
TIVWSRW WYGL EW XLI TEVXMIW [MXRIWWIW PE[]IVW GSYVX WXEJJ ERH NYHMGMEP
GSPPIEKYIW [MXLSYX HMJJIVIRXMEXMSR SR ER] MVVIPIZERX KVSYRH MQQEXIVMEP XS XLI
TVSTIV TIVJSVQERGI SJ WYGL HYXMIW
% NYHKI WLEPP RSX ORS[MRKP] TIVQMX GSYVX WXEJJ SV SXLIVW WYFNIGX XS XLI NYHKIW
MRJPYIRGI HMVIGXMSR SV GSRXVSP XS HMJJIVIRXMEXI FIX[IIR TIVWSRW GSRGIVRIH MR E
QEXXIV FIJSVI XLI NYHKI SR ER] MVVIPIZERX KVSYRH
% NYHKI WLEPP VIUYMVI PE[]IVW MR TVSGIIHMRKW FIJSVI XLI GSYVX XS VIJVEMR JVSQ
QERMJIWXMRK F] [SVHW SV GSRHYGX FMEW SV TVINYHMGI FEWIH SR MVVIPIZERX
KVSYRHW I\GITX WYGL EW EVI PIKEPP] VIPIZERX XS ER MWWYI MR TVSGIIHMRKW ERH
QE] FI XLI WYFNIGX SJ PIKMXMQEXI EHZSGEG]
:EPYI 'SQTIXIRGI ERH (MPMKIRGI
'SQTIXIRGI ERH HMPMKIRGI EVI TVIVIUYMWMXIW XS XLI HYI TIVJSVQERGI SJ NYHMGMEP

SJJMGI
-X W %TTPMGEXMSR
8LI NYHMGMEP HYXMIW SJ E NYHKI XEOI TVIGIHIRGI SZIV EPP SXLIV EGXMZMXMIW
% NYHKI WLEPP HIZSXI XLI NYHKIW TVSJIWWMSREP EGXMZMX] XS NYHMGMEP HYXMIW [LMGL
MRGPYHI RSX SRP] XLI TIVJSVQERGI SJ NYHMGMEP JYRGXMSRW ERH VIWTSRWMFMPMXMIW MR

GSYVX ERH XLI QEOMRK SJ HIGMWMSRW FYX EPWS SXLIV XEWOW VIPIZERX XS XLI NYHMGMEP
SJJMGI SV XLI GSYVXW STIVEXMSRW
% NYHKI WLEPP XEOI VIEWSREFPI WXITW XS QEMRXEMR ERH IRLERGI XLI NYHKIW
ORS[PIHKI WOMPPW ERH TIVWSREP UYEPMXMIW RIGIWWEV] JSV XLI TVSTIV TIVJSVQERGI
SJ NYHMGMEP HYXMIW XEOMRK EHZERXEKI JSV XLMW TYVTSWI SJ XLI XVEMRMRK ERH SXLIV
JEGMPMXMIW [LMGL WLSYPH FI QEHI EZEMPEFPI YRHIV NYHMGMEP GSRXVSP XS NYHKIW
% NYHKI WLEPP OIIT LMQWIPJ SV LIVWIPJ MRJSVQIH EFSYX VIPIZERX HIZIPSTQIRXW SJ
MRXIVREXMSREP PE[ MRGPYHMRK MRXIVREXMSREP GSRZIRXMSRW ERH SXLIV MRWXVYQIRXW
IWXEFPMWLMRK LYQER VMKLXW RSVQW
% NYHKI WLEPP TIVJSVQ EPP NYHMGMEP HYXMIW MRGPYHMRK XLI HIPMZIV] SJ VIWIVZIH
HIGMWMSRW IJJMGMIRXP] JEMVP] ERH [MXL VIEWSREFPI TVSQTXRIWW
% NYHKI WLEPP QEMRXEMR SVHIV ERH HIGSVYQ MR EPP TVSGIIHMRKW FIJSVI XLI GSYVX
ERH FI TEXMIRX HMKRMJMIH ERH GSYVXISYW MR VIPEXMSR XS PMXMKERXW NYVSVW
[MXRIWWIW PE[]IVW ERH SXLIVW [MXL [LSQ XLI NYHKI HIEPW MR ER SJJMGMEP
GETEGMX] 8LI NYHKI WLEPP VIUYMVI WMQMPEV GSRHYGX SJ PIKEP VITVIWIRXEXMZIW GSYVX
WXEJJ ERH SXLIVW WYFNIGX XS XLI NYHKIW MRJPYIRGI HMVIGXMSR SV GSRXVSP
% NYHKI WLEPP RSX IRKEKI MR GSRHYGX MRGSQTEXMFPI [MXL XLI HMPMKIRX HMWGLEVKI
SJ NYHMGMEP HYXMIW
'SQTIXIRGI VIUYMVIW WOMPP PIKEP ORS[PIHKI ERH XLSVSYKLRIWW ,MW

GSQTIXIRGI WLSYPH FI IZMHIRX MR XLI HMWGLEVKI SJ LMW SV LIV HYXMIW 8LMW GSQTIXIRGI
QE] FI HMQMRMWLIH HYI XS MREHIUYEXI I\TIVMIRGI TVSFPIQW SJ TIVWSREPMX] ERH IZIR
ETTSMRXQIRX SJ YRWYMXEFPI TIVWSR XS XLI SJJMGI 8S HIGMHI MQTEVXMEPP] ERH XS EGX
I\TIHMXMSYWP] EVI XLI EWTIGXW SJ HMPMKIRGI 8LI EFMPMX] XS I\LMFMX HMPMKIRGI MR XLI
TIVJSVQERGI SJ NYHMGMEP HYXMIW QE] HITIRH SR XLI FYVHIR SJ [SVO XLI EHIUYEG] SJ
VIWSYVGIW MRGPYHMRK XLI TVSZMWMSR SJ WYTTSVX WXEJJ ERH XIGLRMGEP EWWMWXERGI ERH XMQI
JSV VIWIEVGL HIPMFIVEXMSR [VMXMRK ERH SXLIV NYHMGMEP HYXMIW ETEVX JVSQ WMXXMRK MR GSYVX
3%8, 3* 3**-')
8LI .YHKIW SJ XLI ,MKL 'SYVXW ERH XLI 7YTVIQI 'SYVX EVI EPWS FSYRH F] XLI
SEXL XEOIR F] XLIQ YRHIV WGLIHYPI --- SJ XLI 'SRWXMXYXMSR 8LI SEXL WYQQEVMÎW XLI
NYHMGMEP VIWTSRWMFMPMXMIW MR XLI JSPPS[MRK [SVHW

XLEX - [MPP HYP] ERH JEMXLJYPP] ERH XS XLI FIWX SJ Q] EFMPMX] ORS[PIHKI ERH
NYHKQIRX TIVJSVQ XLI HYXMIW SJ Q] SJJMGI [MXLSYX JIEV SV JEZSYV EJJIGXMSR SV MPP [MPP
ERH XLEX - [MPP YTLSPH XLI 'SRWXMXYXMSR ERH XLI PE[W
.YHMGMEP IXLMGEP ZEPYIW QYWX FI IQTPS]IH XS EGX EW QIERW SJ JYVXLIVMRK NYHMGMEP

MRHITIRHIRGI MR XLI MRXIVIWXW SJ SYV GMXMÎRW -X MW JSV XLMW VIEWSR XLEX XLI -RHMER
NYHMGMEV] LEW IWXEFPMWLIH MXWIPJ EW WXVSRK MRHITIRHIRX MQTEVXMEP ERH MRJSVQIH
NYHMGMEV] XLEX MW LMKLP] VIWTIGXIH JSV MXW JYRGXMSRMRK EGVSWW XLI [SVPH 8LI NYHMGMEV]
LEW FIIR IRXVYWXIH [MXL XLI XEWO SJ YTLSPHMRK XLI 'SRWXMXYXMSR ERH [EXGLJYPP]
KYEVHMRK XLI GSRWXMXYXMSREP ZEPYIW 8LI SEXL EHQMRMWXIVIH XS E NYHKI TVSGPEMQIH LMQ
XS YTLSPH XLI SJJMGI EW E FEWXMSR SJ TYFPMG NYWXMGI ERH TYFPMG WIGYVMX] XS JYPJMPP XLI
GSRWXMXYXMSREP VSPI EWWMKRIH XS XLI NYHMGMEV]
8LI GSRGITX SJ MRHITIRHIRGI SJ XLI NYHMGMEV] MW E RSFPI GSRGITX [LMGL
MRWTMVIW XLI GSRWXMXYXMSREP WGLIQI ERH GSRWXMXYXIW XLI JSYRHEXMSR SR [LMGL VIWXW XLI
IHMJMGI SJ SYV HIQSGVEXMG TSPMX] -J XLIVI MW SRI TVMRGMTPI [LMGL VYRW XLVSYKL XLI IRXMVI
JEFVMG SJ XLI 'SRWXMXYXMSR MX MW XLI TVMRGMTPI SJ XLI 6YPI SJ 0E[ ERH YRHIV XLI
'SRWXMXYXMSR MX MW XLI NYHMGMEV] [LMGL MW IRXVYWXIH [MXL XLI XEWO SJ OIITMRK IZIV] SVKER
SJ XLI 7XEXI [MXLMR XLI PMQMXW SJ XLI PE[ ERH XLIVIF] QEOMRK XLI 6YPI SJ 0E[
QIERMRKJYP ERH IJJIGXMZI -X MW XS EMH XLI NYHMGMEV] MR XLMW XEWO XLEX XLI TS[IV SJ
NYHMGMEP VIZMI[ LEW FIIR GSRJIVVIH YTSR XLI NYHMGMEV] ERH MX MW F] I\IVGMWMRK XLMW
TS[IV [LMGL GSRWXMXYXIW SRI SJ XLI QSWX TSXIRX [IETSRW MR EVQSYV] SJ XLI PE[ XLEX
XLI NYHMGMEV] WIIOW XS TVSXIGX XLI GMXMÎR EKEMRWX ZMSPEXMSR SJ LMW GSRWXMXYXMSREP SV PIKEP

VMKLXW SV QMWYWI SV EFYWI SJ TS[IV F] XLI 7XEXI SV MXW SJJMGIVW 8LMW MW XLI TVMRGMTPI
SJ MRHITIRHIRGI SJ NYHMGMEV] [LMGL NYHKIW QYWX OIIT MR QMRH [LMPI YTLSPHMRK XLI
'SRWXMXYXMSR ERH EHQMRMWXIVMRK XLI PE[W
0)+%0 )**)'8

'SHI SJ 'SRHYGX MW E WIX SJ VYPIW SYXPMRMRK XLI VIWTSRWMFMPMXMIW SJ SV TVSTIV
TVEGXMGIW SJ ER MRHMZMHYEP TEVX] SV SVKERMÊXMSR -X GER EPWS FI WEMH EW E WIX SJ

%VXMGPI ERH SJ 'SRWXMXYXMSR SJ -RHME -RWIVXIH F] XLI 'SRWXMXYXMSR 7M\XIIRXL
%QIRHQIRX %GX

74 +YTXE Z 9RMSR SJ -RHME 7YTT 7'' TEVE

GSRZIRXMSREP TVMRGMTPIW ERH I\TIGXEXMSRW XLEX EVI GSRWMHIVIH FMRHMRK SR ER] TIVWSR
[LS MW E QIQFIV SJ E TEVXMGYPEV KVSYT ;LEXIZIV FI XLI REXYVI SJ [SVO SJ XLI
QIQFIV MX MW I\TIGXIH XLEX LI JSPPS[W ERH MW [MXLMR XLI WTLIVI SJ XLI TVIWGVMFIH GSHI
%X XLMW NYRGXYVI MX MW LMKLP] MQTSVXERX XS HMWGYWW XLI PIKEP IJJIGX ERH XLI I\XIRX SJ
IRJSVGIQIRX SJ GSHI SJ GSRHYGX 8LI WERGXMX] SJ XLI GSHI LEW FIIR LIPH HMJJIVIRXP] EX
HMZIVWI MRWXERGIW [LMGL GVIEXIW GSRJYWMSR ERH QEOIW XLI IRJSVGIEFMPMX] SJ XLI GSHI
LE^]
-R E [IPPORS[R GEWI SJ XLI %-%(1/ TEVX] PIEHIV 1MWW ..E]EPEPMXLE XLI

7YTVIQI 'SYVX LIPH XLEX XLI GSHI SJ GSRHYGX JSV 1MRMWXIVW MW RSX WXEXYXSV] JSV MXW
IRJSVGIQIRX -R XLMW GEWI E TVMZEXI GSQTPEMRX [EW PSHKIH FIJSVI XLI -<XL
1IXVSTSPMXER 'SYVX 7EMHETIX WIIOMRK XS TYRMWL 1MWW ..E]EPEPMXLE JSV XLI SJJIRGI
YRHIV WIGXMSR SJ -RHMER 4IREP GSHI JSV TYVGLEWMRK PERH MR ZMSPEXMSR SJ XLI 'SHI
SJ 'SRHYGX JSV 1MRMWXIVW 8LMW 'SHI SJ 'SRHYGX JSV 1MRMWXIVW GEQI MRXS JSVGI F]
+31W2SW SR .YRI [LMGL [EW VIZMWIH JVSQ XMQIXSXMQI 1SVI

WTIGMJMGEPP] 'PEYWI F TVSZMHIW XLEX E 1MRMWXIV WLEPP VIJVEMR JVSQ FY]MRK JVSQ
SV WIPPMRK XS XLI +SZIVRQIRX ER] MQQSZEFPI TVSTIVX] I\GITX [LIVI WYGL TVSTIVX] MW
GSQTYPWSVMP] EGUYMVIH F] XLI +SZIVRQIRX MR XLI YWYEP GSYVWI ERH VIJVEMR JVSQ
WXEVXMRK SV NSMRMRK ER] FYWMRIWW % LIEZ] VIPMERGI [EW TPEGIH SR GSHI SJ GSRHYGX SR
XLI KVSYRH XLEX MX MW RIGIWWEV] XS WII XLI REXYVI SJ XLMW GEWI ERH QSVISZIV MX MW
RIGIWWEV] XS PMJX XLI ZIMP SJ GSVTSVEXI TIVWSREPMX] SJ 8%27- ERH JMRH SYX XLEX XLI
TVSTIVX] VIEPP] FIPSRKIH XS XLI +SZIVRQIRX ERH 8%27- EW ERSXLIV IQEREXMSR

8%27- '%7) %ZEMPEFPI EX [[[LMRHYGSQXLILMRHYRMGXERWMXERWMLXQ 0EWX ZMI[IH SR

67EM&LEVEXLM Z ..E]EPEPMXLE
3XLIVW %-6 7'

4YFPMG WIVZERX YRPE[JYPP] FY]MRK SV FMHHMRK JSV TVSTIVX] ;LSIZIV FIMRK E TYFPMG WIVZERX ERH
FIMRK PIKEPP] FSYRH EW WYGL TYFPMG WIVZERX RSX XS TYVGLEWI SV FMH JSV GIVXEMR TVSTIVX] TYVGLEWIW SV
FMHW JSV XLEX TVSTIVX] IMXLIV MR LMW S[R REQI SV MR XLI REQI SJ ERSXLIV SV NSMRXP] SV MR WLEVIW [MXL
SXLIVW WLEPP FI TYRMWLIH [MXL WMQTPI MQTVMWSRQIRX JSV E XIVQ [LMGL QE] I\XIRH XS X[S ]IEVW SV [MXL
JMRI SV [MXL FSXL ERH XLI TVSTIVX] MJ TYVGLEWIH WLEPP FI GSRJMWGEXIH

%VXMGPI GPEYWI F SJ 'SHI SJ 'SRHYGX JSV 1MRMWXIVW 7II EPWS 7YTVE RSXI

*YVXLIV MX WXEXIH XLEX XLI TIVYWEP SJ E GSHI [SYPH MRHMGEXI XLEX XLI] PE] HS[R
KYMHIPMRIW SV RSVQW SJ GSRHYGX [LMGL XLI 1MRMWXIV QYWX SFWIVZI -X [EW WYFQMXXIH
XLEX XLI GSHI SJ GSRHYGX FIMRK YRIRJSVGIEFPI MR E GSYVX RS GMZMP EGXMSR [SYPH PMI ERH
MX HSIW RSX LEZI ER] WERGXMSR SV TVSGIHYVI JSV HIEPMRK [MXL XLI GSRXVEZIRXMSR XLIVI SJ
F] XLI 'LMIJ 1MRMWXIV ERH MX GERRSX FI GSRWXVYIH XS MQTSWI E PIKEP TVSLMFMXMSR EKEMRWX
XLI TYVGLEWI SJ TVSTIVX] SJ XLI +SZIVRQIRX WS EW XS KMZI VMWI XS E GVMQMREP SJJIRGI
YRHIV WIGXMSR SJ -RHMER 4IREP GSHI 8LMW GEWI [IRX SR XS WE] XLEX E GSHI SJ
GSRHYGX YRHIV GIVXEMR RSXMJMGEXMSR F] MXWIPJ GERRSX FI IPIZEXIH XS XLI PIZIP SJ PE[
8LIVIJSVI EW PSRK EW WYGL E GSHI SJ GSRHYGX MW RSX IRJSVGIEFPI MR ER] GSYVX SJ PE[
ERH HSIW RSX IZIR TVSZMHI [LEX EGXMSR GSYPH TSWWMFP] FI XEOIR MR GEWI SJ FVIEGL F]
XLI 'LMIJ 1MRMWXIV XLI TVSLMFMXMSR GSRXEMRIH XLIVI MW SRP] IXLMGEP ERH QSVEP ERH ER]
WYGL FVIEGL GERRSX FI XVIEXIH XS FI YRPE[JYP ERH XLI ETTIEPW [IVI HMWQMWWIH
-R ]IX ERSXLIV MRWXERGI SJ XLI )PIGXMSR 'SQQMWWMSR SJ -RHME E GSRXVEV] ZMI[

[EW LIPH F] XLI 7YTVIQI 'SYVX [MXL VIKEVH XS GSHI SJ GSRHYGX -R -RHME XLI 1SHIP
'SHI SJ 'SRHYGX [EW JMVWX HIZIPSTIH MR MR XLI WSYXLIVR WXEXI SJ /IVEPE
)QEREXMRK JVSQ E FVSEH GSRWIRWYW EQSRK TSPMXMGEP TEVXMIW MR XLI WXEXI XLI 1SHIP
'SHI [EW HIWMKRIH JSV ZSPYRXEV] EHLIVIRGI 3R EGGITXERGI F] XLI TSPMXMGEP TEVXMIW MX
[EW I\XIRHIH XLVSYKLSYX XLI GSYRXV] -R E WIVMIW SJ QIIXMRKW [IVI LIPH F] XLI
'SQQMWWMSR [MXL VIGSKRMWIH TSPMXMGEP TEVXMIW EX 2EXMSREP ERH 7XEXI PIZIPW %PP WXVIWWIH
XLI RIIH JSV SFWIVZERGI SJ XLI QSHIP GSHI SJ GSRHYGX ERH ETTVIGMEXIH XLI IJJSVXW SJ
XLI 'SQQMWWMSR XS IRWYVI MXW GSQTPMERGI
7SQI SJ XLI REXMSREP TEVXMIW IZIR HIWMVIH XLEX XLI QSHIP GSHI SJ GSRHYGX
WLSYPH FI IRJSVGIH EX PIEWX XLVII QSRXLW TVMSV XS XLI HEXI SJ IPIGXMSR WS XLEX XLI TEVX]
MR TS[IV QE] RSX QMWYWI XLI KSZIVRQIRXEP QEGLMRIV] ERH MXW TS[IV JSV MXW TEVXMWER
IRHW 8LI QSHIP GSHI SJ GSRHYGX [EW RSX JVEQIH F] XLI 'SQQMWWMSR YRMPEXIVEPP] FYX
F] XLI GSRWIRWYW SJ EPP TSPMXMGEP TEVXMIW -XW MQTPIQIRXEXMSR MW RIGIWWEV] JSV XLI
GSRHYGX SJ JVII ERH JEMV IPIGXMSR ERH XS IRWYVI XLEX RS TSPMXMGEP TEVX] KIXW ER YRJEMV
EHZERXEKI F] ZMVXYI SJ MXW FIMRK MR TS[IV EX XLI XMQI SJ IPIGXMSR (IWTMXI XLI JEGX XLEX
XLI 1SHIP 'SHI LEW RS WXEXYXSV] FEWMW SZIV XLI GSYVWI SJ ]IEVW MX LEW IZSPZIH EW ER
MRXIKVEP TEVX SJ GSRHYGXMRK JEMV ERH JVII IPIGXMSRW MR -RHME EW E [LSPI -R XLMW GSYVWI SJ

7YTVE RSXI EX TEVE

IZSPYXMSR MX LEW GIEWIH XS FI E WLEVIH QSVEP GSHI ERH LEW GSQI XS EWWYQI XLI WXEXYW
SJ E WIX SJ TVIWGVMTXMZI VYPIW GSHMJMIH ERH MQTPIQIRXIH F] XLI )PIGXMSR 'SQQMWWMSR
SJ -RHME
8LI XIRXL )PIGXMSR 'SQQMWWMSRIV SJ -RHME LEW TPE]IH E ZMXEP VSPI MR XLMW
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%ZEMPEFPI EX LXXTEVXMGPIWXMQIWSJMRHMEMRHMEXMQIWGSQMRHMECCNYWXMGI
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%ZEMPEFPI EX LXXTMRHMEROERSSRSVKHSG 0EWX :MI[IH SR

WEMH XLEX WSQIXLMRK MW VSXXIR MR XLI %PPELEFEH ,MKL 'SYVX EFIRGLWEMHMREHHMXMSR
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ZMI[ XLI] [IVI GPIEVP] TEWWIH SR I\XVERISYW GSRWMHIVEXMSRW
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&IRGL WLSYPH RSX LEZI LIEVH XLI GEWI
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KVERXIH E JMREP VIPMIJ F] ER MRXIVMQ SVHIV
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VIPEXMZIW SJ XLI NYHKI FIGSQI QYPXMQMPPMSREMVIW LEZI LYKI FERO FEPERGIW PY\YVMSYW
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%ZEMPEFPI EX LXXT[[[XLILMRHYGSQRI[WREXMSREPWYTVIQIGSYVXYTLSPHWVSXXIRVIQEVO
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%ZEMPEFPI EX
LXXT[[[JVSRXPMRIMRREZMKEXMSR#X]TI!WXEXMG
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WXVSRK QIEWYVIW MRGPYHMRK VIGSQQIRHMRK XVERWJIVW SJ XLI MRGSVVMKMFPIW 8LYW XLI
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%ZEMPEFPI EX LXXTMRHMEPE[]IVWJMPIW[SVHTVIWWGSQVENEOLERNYHKIQIRXTHJ 0EWX
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7SQI SJ XLI REQIW PMWXIH MR XLI HSGYQIRX [IVI .YWXMGI %HEVWL +SIP .YWXMGI %WLYXSWL 1ELERXE
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%RERH

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S[R GSYVXW
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TVEGXMGIH MR XLI WEQI GSYVX 7SQISJXLIWINYHKIWMRGPYHI.YWXMGI%/7MOVM.YWXMGI
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XS 1 2 /VMWLREQERM 4VIWMHIRX SJ XLI 7YTVIQI 'SYVX &EV %WWSGMEXMSR XLI YRGPI
NYHKI TLIRSQIRSR MW XLI FMKKIWX WGERHEP SJ XLI GSYRXV]W NYHMGMEV] ERH MW HSRI SR
VIGMTVSGEP FEWMW -RXVMKYMRKP] NYHKIW GLMPHVIR [MXL NYWX SRI SV X[S ]IEVW SJ TVEGXMGI
LEZI EVSYRH GSYVX GEWIW ERH XLIMV ERRYEP IEVRMRK SJXIR VERKIW FIX[IIR 6W
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%ZEMPEFPI EX LXXT[[[XLIJVIIPMFVEV]GSQ92'0).9(+)7690-2+'39687
E 0EWX :MI[IH SR

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%GGSVHMRK XS XLI GSYVX XLI REXYVI SJ XLI VIZIPEXMSRW XLEX ETTIEVIH XLSYKL
TYVTSVXMRK XS WMRKPI SYX E JSVQIV 'LMIJ .YWXMGI SJ -RHME XEVRMWLIH XLI MQEKI SJ XLI
7YTVIQI 'SYVX EW E [LSPI %W WYGL XLI GSYVX SRGI EKEMR XIVQIH XLI WEQI EW ER EGX
XIRHMRK XS IVSHI XLI GSRJMHIRGI SJ XLI KIRIVEP TYFPMG MR XLI MRWXMXYXMSR SJ XLI 7YTVIQI
'SYVX 7S EGGSVHMRK XS MX F] MQTYXMRK QSXMZI XS XLI TVIWMHMRK QIQFIV SJ MXW &IRGL

XLI GSRXIQRSVW EYXSQEXMGEPP] WIRX E WMKREP XLEX XLI SXLIV QIQFIVW [IVI TEVX] XS XLI
YPXIVMSV HIWMKR SJ XLI JSVQIV 'LMIJ .YWXMGI 8LI GSYVX JSYRH XLI WEQI ZIV] HMWXYVFMRK
ERH XLI EGGYWIH [EW E[EVHIH JSYV QSRXLW SJ MQTVMWSRQIRX 0EXIV XLI] [IVI VIPIEWIH
SR TIVWSREP FEMPW SJ 6W IEGL 8LMW [LSPI ITMWSHI [EW E ZIV] HMWXYVFMRK SRI
MR XLI PMKLX SJ XLI MWWYI SJ NYHMGMEP EGGSYRXEFMPMX]
8,) .9(+)7 -259-6= %'8
8LI .YHKIW -RUYMV] &MPP [EW JSVQYPEXIH PE]MRK HS[R XLI TVSGIHYVI EW
GSRXIQTPEXIH F] XLI TVSZMWMSR SJ XLI 'SRWXMXYXMSR ERH XLI &MPP [EW VIJIVVIH XS E .SMRX
'SQQMXXII SJ XLI X[S ,SYWIW %JXIV IPEFSVEXI HMWGYWWMSR FIJSVI XLI 'SQQMXXII MR
[LMGL IQMRIRX 1IQFIVW SJ 4EVPMEQIRX ERH XLI XLIR %XXSVRI] +IRIVEP ERH JSVQIV
%XXSVRI] +IRIVEP KEZI XLIMV IZMHIRGI XLI .SMRX 'SQQMXXII KEZI MXW VITSVX SR 1E]
8LI VIGSQQIRHEXMSRW SJ XLI 'SQQMXXII [IVI XEOIR MRXS EGGSYRX ERH 8LI
.YHKIW -RUYMV] %GX [EW TEWWIH TVIWGVMFMRK XLI TVSGIHYVI JSV XLI MRZIWXMKEXMSR
ERH TVSSJ SJ QMWFILEZMSYV ERH MRGETEGMX] SJ .YHKIW SJ XLI 7YTVIQI 'SYVX MRGPYHMRK
XLI 'LMIJ .YWXMGI SJ -RHME XLI 'LMIJ .YWXMGIW ERH .YHKIW SJ XLI ,MKL 'SYVXW
4VSGIHYVI PEMH HS[R MR XLI %GX
9RHIV XLI TVSGIHYVI PEMH HS[R MR XLI %GX E RSXMGI SJ E QSXMSR JSV TVIWIRXMRK
ER %HHVIWW XS XLI 4VIWMHIRX JSV XLI VIQSZEP SJ E .YHKI MJ KMZIR MR 6EN]E 7EFLE
9TTIV ,SYWI SJ XLI -RHMER 4EVPMEQIRX MW XS FI WMKRIH F] RSX PIWW XLER JMJX] QIQFIVW
SJ XLI ,SYWI ERH MJ KMZIR MR XLI 0SO 7EFLE 0S[IV ,SYWI SJ XLI -RHMER 4EVPMEQIRX
F] RSX PIWW XLER SRI LYRHVIH QIQFIVW SJ XLEX ,SYWI 8LI 'LEMVQER SV XLI 7TIEOIV
EW XLI GEWI QE] FI EJXIV HYI GSRWMHIVEXMSR ERH GSRWYPXEXMSR QE] EHQMX SV VIJYWI XS
EHQMX XLI QSXMSR 'SRWIUYIRX SR XLI EHQMWWMSR SJ XLI QSXMSR XLI 'LEMVQER SV XLI

%ZEMPEFPI EX LXXTQOXE]EPFPSKWTSXMRWEFLEV[EPGEWIQMHHE]NSYVREPMWXWLIPHLXQP 0EWX
:MI[IH SR

12 /EYP ERH 7 07LEOHLIV 4VEGXMGI ERH 4VSGIHYVI SJ 4EVPMEQIRX XL)HMXMSR 2I[ (IPLM
TT 7II EPWS 'SQQYRMGEXMSR JVSQ (V:/%KRMLSXVM 7IGVIXEV] +IRIVEP SJ 6EN]E 7EFLE SJ
-RHME SR -QTIEGLQIRXSJE.YHKIMR-RHMER4EVPMEQIRX /EQTEPE TT

7TIEOIV EW XLI GEWI QE] FI [MPP GSRWXMXYXI E 'SQQMXXII SJ XLVII QIQFIVW SRI IEGL
JVSQ
M XLI 'LMIJ .YWXMGI ERH SXLIV .YHKIW SJ XLI 7YTVIQI 'SYVX

MM 'LMIJ .YWXMGIW SJ XLI ,MKL 'SYVXW ERH
MMM HMWXMRKYMWLIH NYVMWXW
-R GEWI XLI RSXMGIW SJ QSXMSR EVI KMZIR SR XLI WEQI HE] MR FSXL XLI ,SYWIW
XLI 'SQQMXXII [MPP FI GSRWXMXYXIH SRP] MJ XLI QSXMSR LEW FIIR EHQMXXIH MR FSXL XLI
,SYWIW ERH XLIVIYTSR NSMRXP] F] XLI 'LEMVQER ERH XLI 7TIEOIV -R GEWI RSXMGIW SJ
QSXMSR EVI KMZIR MR FSXL XLI ,SYWIW SR HMJJIVIRX HEXIW XLI RSXMGI [LMGL MW KMZIR PEXIV
WLEPP WXERH VINIGXIH 8LI 'SQQMXXII [MPP JVEQI HIJMRMXI GLEVKIW EKEMRWX XLI .YHKI SR
XLI FEWMW SJ [LMGL MRZIWXMKEXMSR MW TVSTSWIH XS FI LIPH ERH [MPP LEZI XLI TS[IVW SJ E
'MZMP 'SYVX MR VIWTIGX SJ WYQQSRMRK TIVWSRW JSV I\EQMREXMSR SR SEXL TVSHYGXMSR SJ
HSGYQIRXW IXG -R XLI IZIRX SJ XLI EHSTXMSR SJ XLI QSXMSR MR EGGSVHERGI [MXL XLI
GSRWXMXYXMSREP TVSZMWMSRW XLI QMWFILEZMSYV SV MRGETEGMX] SJ XLI .YHKI [MPP FI HIIQIH
XS LEZI FIIR TVSZIH ERH ER %HHVIWW TVE]MRK JSV XLI VIQSZEP SJ XLI .YHKI [MPP FI
TVIWIRXIH MR XLI TVIWGVMFIH QERRIV F] IEGL ,SYWI SJ XLI 4EVPMEQIRX MR XLI WEQI
7IWWMSR MR [LMGL XLI QSXMSR LEW FIIR EHSTXIH
-R E GEWI SJ EPPIKIH TL]WMGEP SV QIRXEP MRGETEGMX] ERH [LIVI WYGL ER EPPIKEXMSR

MW HIRMIH E 1IHMGEP &SEVH [MPP FI ETTSMRXIH F] XLI 'LEMVQER SV XLI 7TIEOIV EW XLI
GEWI QE] FI SV [LIVI XLI 'SQQMXXII LEW FIIR GSRWXMXYXIH NSMRXP] F] FSXL SJ XLIQ
JSV XLI QIHMGEP I\EQMREXMSR SJ XLI .YHKI %X XLI GSRGPYWMSR SJ XLI MRZIWXMKEXMSR XLI
'SQQMXXII [MPP WYFQMX MXW VITSVX XS XLI 'LEMVQER SV EW XLI GEWI QE] FI XS XLI
7TIEOIV WXEXMRK XLIVIMR MXW JMRHMRKW SR IEGL SJ XLI GLEVKIW WITEVEXIP] [MXL WYGL
SFWIVZEXMSRW SR XLI [LSPI GEWI EW MX XLMROW JMX 8LI VITSVX [MPP XLIVIEJXIV FI PEMH
FIJSVI XLI VIWTIGXMZI ,SYWI SV XLI ,SYWIW MJ XLI 'SQQMXXII LEW FIIR ETTSMRXIH
NSMRXP] F] XLI 'LEMVQER SV XLI 7TIEOIV -J XLI 'SQQMXXII EFWSPZIW XLI NYHKI SJ ER]
QMWFILEZMSYV SV MRGETEGMX] XLI QSXMSR TIRHMRK MR XLI VIWTIGXMZI ,SYWI SV ,SYWIW EW
XLI GEWI QE] FI [MPP RSX FI TVSGIIHIH [MXL -J XLI VITSVX SJ XLI 'SQQMXXII GSRXEMRW E
JMRHMRK XLEX XLI NYHKI MW KYMPX] SJ ER] QMWFILEZMSYV SV WYJJIVW JVSQ ER] MRGETEGMX] XLI

-H

QSXMSR [MPP XSKIXLIV [MXL XLI VITSVX SJ XLI 'SQQMXXII FI XEOIR YT JSV GSRWMHIVEXMSR
F] XLI ,SYWI SV XLI ,SYWIW MR [LMGL MX MW TIRHMRK
.YHMGMEV] GPEMQW XLEX ER] SYXWMHI FSH] LEZMRK HMWGMTPMREV] TS[IVW SZIV XLIQ
[LS GSQTVSQMWI XLIMV MRHITIRHIRGI WS XLI] LEZI WIX YT ER MRLSYWI QIGLERMWQ
MRZIWXMKEXMRK GSVVYTXMSR 8LMW [EW TVSTSWIH F] XLI .YHKIW -RUYMV] %GX %QIRHQIRX
&MPP [LMGL TVSZMHIW JSV E 2EXMSREP .YHMGMEP 'SYRGMP GSRWMWXMRK SJ XLI '.- X[S
WIRMSVQSWX NYHKIW SJ XLI 7' ERH X[S '. W SJ ,'W EW QIQFIVW XS IRUYMVI
EPPIKEXMSRW
8LI TVSFPIQ [LMGL EVMWIW MW XLEX MR XLMW MRLSYWI TVSGIHYVI XLI NYHKIW VIKEVH

XLIQWIPZIW EW E GPSWI FVSXLIVLSSH ERH XLIVIJSVI EVI YR[MPPMRK XS XEOI ER] WXIT
EKEMRWX XLIQ ;LEX MW SFNIGXMSREFPI MW 7IGXMSR [LMGL WE]W RSX XS HMWGPSWI ER]
MRJSVQEXMSR VIPEXMRK XS XLI GSQTPEMRX XS ER] TIVWSR MR ER] TVSGIIHMRK I\GITX [LIR
HMVIGXIH F] XLI 'SYRGMP 8LMW [MPP QEOI MX MQTSWWMFPI XS TYFPMGMWI XLI GLEVKIW
1SVISZIV IZIR MJ MX JMRHW E NYHKI KYMPX] SJ WIVMSYW QMWGSRHYGX MX GER SRP]
VIGSQQIRH MQTIEGLQIRX [LMGL EKEMR KSIW JSV ZSXMRK MR XLI 4EVPMEQIRX 8LI SRP]
TSWMXMZI JIEXYVI SJ XLI FMPP MW XLEX MX JEGMPMXEXIW ER IRUYMV] MRXS XLI EPPIKEXMSRW SJ
QMWGSRHYGX SJ E NYHKI
.9(-'-%0 78%2(%6(7 %2( %''3928%&-0-8= &-00
8LI .YHMGMEP 7XERHEVHW ERH %GGSYRXEFMPMX] FMPP [EW MRXVSHYGIH MR XLI 0SO
7EFLE SR (IGIQFIV 8LI FMPP [EW MRXVSHYGIH F] XLI 1MRMWXIV SJ 0E[ ERH


&EGOKVSYRH TETIV JSV XLI 7IQMREV SR .YHMGMEP %GGSYRXEFMPMX] 7IGYVMRK .YHMGMEP %GGSYRXEFMPMX]
LIPH SR EX XLI -RHMER 7SGMIX] JSV -RXIVREXMSREP 0E[ 2I[ (IPLM T
%ZEMPEFPI EX LXXT[[[NYHMGMEPVIJSVQWSVKVIWSYVGIWEEVXMGPIWFEGOKVSYRHTETIVSRUWIGYVMRK

NYHMGMEPEGGSYRXEFMPMX]ULXQP 0EWX ZMI[IH SR

4VEWLERX &LYWLER SR FILEPJ SJ XLI 'SQQMXXII SR .YHMGMEP %GGSYRXEFMPMX] 'SQQMXXIISR.YHMGMEP
%GGSYRXEFMPMX] T

.YWXMGI 8LI FMPP [EW VIJIVVIH XS XLI 7XERHMRK 'SQQMXXII SR 4IVWSRRIP 4YFPMG
+VMIZERGIW 0E[ ERH .YWXMGI 8LI .YHMGMEP 7XERHEVHW ERH %GGSYRXEFMPMX] &MPP MW E
PIKMWPEXMSR [LMGL EMQW XS MRGVIEWI EGGSYRXEFMPMX] SJ XLI LMKLIV NYHMGMEV] MR -RHME %W
WXEXIH MR XLI 4VIEQFPI ERH VIMXIVEXIH MR XLI 7XEXIQIRX SJ 3FNIGXW ERH 6IEWSRW XLI FMPP
WIIOW XS EGLMIZI XLI EMQ F] IWXEFPMWLMRK WXEXYXSV] NYHMGMEP WXERHEVHW MRWXMXYXMRK E
W]WXIQ SJ TYFPMG GSQTPEMRXW EKEMRWX NYHKIW JSV QMWFILEZMSYV ERH MRGETEGMX] ERH
WIXXMRK YT E VIZMWIH EHQMRMWXVEXMZI QIGLERMWQ XS IRJSVGI XLIWI WXERHEVHW ERH LIEV
XLIWI GSQTPEMRXW
8LI YPXMQEXI QIGLERMWQ JSV IRJSVGMRK NYHMGMEP EGGSYRXEFMPMX] MR XLMW &MPP MW

MQTIEGLQIRX SJ XLI NYHKI TYVWYERX XS XLI GSRWXMXYXMSREP WGLIQI IRZMWEKIH MR %VX
VIEH [MXL %VX ?VIEH [MXL %VX JSV MQTIEGLQIRX SJ ,MKL 'SYVX
NYHKIWA 8LI VEXMSREPI FILMRH XLI FMPP MW YRHSYFXIHP] PEYHEFPI MR WIIOMRK XS MRGVIEWI
XLI WGSTI JSV NYHMGMEP EGGSYRXEFMPMX] )WTIGMEPP] MR GSRXIQTSVEV] -RHME [LIVI EPVIEH]
X[S MQTIEGLQIRX QSXMSRW [IVI MRMXMEXIH ERH [IVI EX HMJJIVIRX WXEKIW SJ TVSKVIWWMSR
XLI MRGVIEWI ERH XLI RIIH XS JM\ XLI NYHMGMEP EGGSYRXEFMPMX] MW LMKLP] MQTSVXERX XS KEMR
XLI TYFPMG GSRJMHIRGI MR XLI NYHMGMEV] 8LI FMPP EPWS VIUYMVIW XLI NYHKIW XS TVEGXMGI XLI
YRMZIVWEPP] EGGITXIH ZEPYIW SJ NYHMGMEP PMJI [LMGL MRGPYHIW XLI TVSLMFMXMSR SJ XLI
JSPPS[MRK
'PSWI EWWSGMEXMSR [MXL XLI MRHMZMHYEP QIQFIVW SJ XLI &EV [LS TVEGXMGI MR XLI
WEQI GSYVX
%PPS[MRK XLI JEQMP] QIQFIVW [LS EVI XLI QIQFIV SJ FEV XS YWI XLI NYHKIW
VIWMHIRGI JSV TVSJIWWMSREP [SVO
,IEVMRK SV HIGMHMRK QEXXIVW MR [LMGL QIQFIV SJ NYHKIW JEQMP] SV VIPEXMZI SV
JVMIRH MW GSRGIVRIH
)RKEKMRK MR XVEHI SV FYWMRIWW ERH WTIGYPEXMSR MR WIGYVMXMIW
)RXIVMRK MRXS TYFPMG HIFEXI SR TSPMXMGEP QEXXIVW SV QEXXIVW [LMGL XLI NYHKI MW
PMOIP] XS HIGMHI

%ZEMPEFPI EX LXXTMRHMEPE[]IVW[SVHTVIWWGSQXLINYHMGMEPWXERHEVHWERH
EGGSYRXEFMPMX]FMPP 0EWX ZMI[IH SR

,MKLPMKLXW ERH /I] MWWYIW SJ XLI &MPP
8LI .YHMGMEP 7XERHEVHW ERH %GGSYRXEFMPMX] &MPP GSRWMWXW SJ GLETXIVW [MXL
WIGXMSRW ERH MX WIIOW XS VITIEP XLI .YHKIW -RUYMV] %GX
-X VIUYMVIW RSX SRP] XLI NYHKIW XS HIGPEVI XLIMV EWWIXW ERH PMEFMPMXMIW FYX EPWS SJ
XLIMV WTSYWI ERH GLMPHVIR
-X PE]W HS[R XLI WXERHEVHW ERH IWXEFPMWLIW XLI TVSGIWW JSV XLI VIQSZEP SJ NYHKIW
SJ XLI 7YTVIQI 'SYVX ERH ,MKL 'SYVXW
8LI &MPP TVSZMHIW E PMWX SJ WXERHEVHW SJ NYHMGMEP GSRHYGX [LMGL EPP NYHKIW EVI
I\TIGXIH XS EHLIVI 7M\XIIR SJ XLI IRYQIVEXIH WXERHEVHW EVI HIVMZIH JVSQ XLI
6IWXEXIQIRXSJXLI:EPYIW SJ .YHMGMEP 0MJI EHSTXIHEXE*YPP'SYVX1IIXMRKSJ
XLI 7YTVIQI 'SYVX SR 1E]
8LI &MPP EPWS IWXEFPMWLIW XLI 2EXMSREP .YHMGMEP 'SQQMXXII XLI 'SQTPEMRXW
7GVYXMR] 4ERIP ERH XLI -RZIWXMKEXMSR 'SQQMXXII
8LI GSQTPEMRXW ERH MRUYMVMIW EKEMRWX XLI NYHKIW [MPP FI GSRJMHIRXMEP ERH
JVMZSPSYW GSQTPEMRXW [MPP FI TIREPMÎH *YVXLIV XLI &MPP TIREPMÎW XLI TIVWSR
[LS FVIEGLIW XLI GSRJMHIRXMEPMX] SJ XLI GSQTPEMRXW

'SQTPEMRX 4VSGIHYVIW ERH %YXLSVMXMIW
.YHKIW -RUYMV] %GX .YHMGMEP 7XERHEVHW ERH %GGSYRXEFMPMX] &MPP

1IQFIVW SJ XLI 4EVPMEQIRX EVI XLI 1IQFIVW SJ 4EVPMEQIRX SV ER] SXLIV

TIVWSRW [LS EVI EPPS[IH XS JMPI TIVWSR WLEPP JMPI GSQTPEMRXW
GSQTPEMRXW
8LI GSQTPEMRX WLEPP FI QEHI XS XLI
8LI GSQTPEMRX WLEPP FI QEHI XS 7TIEOIV 'LEMVQER F] 1IQFIVW SJ XLI
XLI WTIEOIV SJ XLI 0SO 7EFLE SV XLI 4EVPMEQIRX
'LEMVQER SJ 6EN]E 7EFLE 2EXMSREP .YHMGMEP 3ZIVWMKLX GSQQMXXII
F] TIVWSRW SXLIV XLER XLI 1IQFIVW SJ XLI
8LI 7TIEOIV'LEMVQER QE] 4EVPMEQIRX
GSRWXMXYXI E XLVII QIQFIV GSQQMXXII
GSRWMWXMRK SJ SRI NYHKI JVSQ XLI 7YTVIQI -J XLI GSQTPEMRX MW QEHI F] 4EVPMEQIRX
'SYVX ERH SRI NYHKI JVSQ EQSRK XLI XLI 7TIEOIV 'LEMVQER [MPP VIJIV XLI QEXXIV XS
'LMIJ .YWXMGIW SJ ,MKL 'SYVXW ERH E XLI 3ZIVWMKLX 'SQQMXXII [LS [MPP GSRWXMXYXI ER
HMWXMRKYMWLIH NYVMWX MRZIWXMKEXMSR GSQQMXXII -R SXLIV GEWIW XLI
3ZIVWMKLX 'SQQMXXII VIJIVW XLI QEXXIV XS XLI
7GVYXMR] 4ERIP [MXLMR XLVII QSRXLW
8LI 'SQQMXXII WLEPP TVITEVI E
VITSVX EJXIV XLI GSQTPIXMSR SJ XLI 8LI 7GVYXMR] 4ERIP WLEPP VITSVX XS XLI
MRZIWXMKEXMSR ERH WLEPP PE] XLI VITSVX 3ZIVWMKLX 'SQQMXXII SR [LIXLIV XLIVI EVI
FIJSVI FSXL XLI ,SYWIW SJ XLI 4EVPMEQIRX WYJJMGMIRX KVSYRHW JSV TVSGIIHMRK EKEMRWX XLI
NYHKI 6ITSVX XS FI WYFQMXXIH MR XLVII QSRXLW
FYX QE] FI I\XIRHIH F] ERSXLIV XLVII QSRXLW

-H

.YHKIW -RUYMV] %GX .YHMGMEP 7XERHEVHW ERH %GGSYRXEFMPMX]
&MPP
-J XLI VITSVX JMRHW XLEX XLI GLEVKIW -J XLI 7GVYXMR] 4ERIP VITSVXW XLEX
RSX TVSZIH XLIR RS EGXMSR WLEPP PMI ERH MJ XLIVI EVI WYJJMGMIRX KVSYRHW JSV TVSGIIHMRK
GLEVKIW EVI TVSZIH XLIR XLI QSXMSR EKEMRWX EKEMRWX XLI NYHKI XLI 3ZIVWMKLX
XLI NYHKI MW MRMXMEXIH 'SQQMXXII WLEPP WIX YT ER -RZIWXMKEXMSR
'SQQMXXII XS PSSO MRXS XLI GSQTPEMRX
-J XLI QSXMSR MW EHSTXIH F] FSXL XLI 7GVYXMR] 4ERIP [MPP RSX FI MRZSPZIH MJ XLI
LSYWIW SJ XLI 4EVPMEQIRX XLI QMWFILEZMSV QEXXIV MW VIJIVVIH XLVSYKL 4EVPMEQIRX
SV XLI MRGETEGMX] SJ XLI NYHKI MW HIIQIH XS -RUYMV] LEW XS FI GSQTPIXIH [MXLMR WM\
FI TVSZIH QSRXLW 8LI MRZIWXMKEXMSR GSQQMXXII WLEPP
VITSVX MXW JMRHMRKW XS XLI 3ZIVWMKLX
'SQQMXXII
-J XLI 3ZIVWMKLX 'SQQMXXII MW

WEXMWJMIH XLEX XLI GLEVKIW LEZI FIIR
TVSZIH XLI 'SQQMXXII GER E MWWYI
EHZMWSVMIW SV [EVRMRKW SV F VIUYIWX XLI
NYHKI XS VIWMKR ZSPYRXEVMP]
-J XLI NYHKI HSIW RSX VIWMKR

ZSPYRXEVMP] XLI 'SQQMXXII WLEPP EHZMWI
XLI 4VIWMHIRX XS TVSGIIH [MXL XLI VIQSZEP
SJ XLI NYHKI ERH XLI 4VIWMHIRX WLEPP VIJIV
XLI QEXXIV XS 4EVPMEQIRX
8LI NYHKI QE] FI VIQSZIH MJ IEGL

,SYWI EHSTXW XLI QSXMSR [MXL X[SXLMVHW
QENSVMX]
7SYVGIW .YHMGMEP 7XERHEVHW ERH %GGSYRXEFMPMX] &MPP .YHKIW -RUYMV] %GX
467

-2:)78-+%8-32 %98,36-8-)7
8LI FMPP IWXEFPMWLIW XLVII FSHMIW XS MRZIWXMKEXI XLI GSQTPEMRXW EKEMRWX XLI
NYHKIW XLI] EVI
8LI 7GVYXMR] 4ERIP ERH
8LMW GSQQMXXII [MPP GSRWMWX SJ JMZI TIVWSRW SJ [LMGL SRI MW E VIXMVIH 'LMIJ
.YWXMGI SJ -RHME XLI 'LEMVTIVWSR E NYHKI SJ XLI 7YTVIQI 'SYVX E 'LMIJ .YWXMGI SJ
XLI ,MKL 'SYVX XLI %XXSVRI] +IRIVEP JSV -RHME ERH ER IQMRIRX TIVWSR ETTSMRXIH F]
XLI 4VIWMHIRX 8LI 3ZIVWMKLX 'SQQMXXII WLEPP LEZI WYTIVZMWSV] TS[IVW VIKEVHMRK
MRZIWXMKEXMSR MRXS GSQTPEMRXW EKEMRWX NYHKIW ERH EPWS XLI TS[IV XS MQTSWI QMRSV
QIEWYVIW 8LI TVIWIRGI SJ XLI %XXSVRI] +IRIVEP MR XLI 'SQQMXXII QE] VEMWI E
WYWTMGMSR EW XLI %XXSVRI]+IRIVEP LEW XLI VIWTSRWMFMPMX] SJ VIKYPEVP] ETTIEVMRK SR
FILEPJ SJ XLI KSZIVRQIRX FIJSVI XLI GSYVX 3R SGGEWMSRW XLI TSWWMFMPMX] SJ LMW
ETTIEVMRK FIJSVI E NYHKI EKEMRWX [LSQ E GSQTPEMRX LEW FIIR JMPIH GERRSX FI VYPIH
SYX -R WYGL E GMVGYQWXERGI XLIVI MW GPIEVP] E GSRJPMGX SJ MRXIVIWX WMRGI XLI %XXSVRI]
+IRIVEP [MPP FI E QIQFIV SJ XLI 3ZIVWMKLX 'SQQMXXII XS PSSO MRXS XLI GSQTPEMRXW
QEHI EKEMRWX XLI JSVQIV
8LI 7GVYXMR] 4ERIP
8LMW TERIP [MPP FI GSRWXMXYXIH MR XLI 7YTVIQI 'SYVX ERH MR IZIV] ,MKL 'SYVX
-X MW XS GSRWMWX SJ XLVII QIQFIVW X[S SJ [LSQ [MPP FI NYHKIW WMXXMRK MR XLI WEQI GSYVX
EW XLI NYHKI EKEMRWX [LSQ XLI GSQTPEMRX MW QEHI 8LI 4ERIP WLEPP GSRHYGX ER MRMXMEP
MRZIWXMKEXMSR MRXS XLI QIVMXW SJ E GSQTPEMRX QEHI EKEMRWX E NYHKI -X WLEPP EPWS LEZI XLI
TS[IV XS VITSVX JVMZSPSYW SV ZI\EXMSYW GSQTPEMRXW 4IVWSRW QEOMRK JVMZSPSYW SV
ZI\EXMSYW GSQTPEMRXW GER FI TIREPMWIH F] VMKSVSYW MQTVMWSRQIRX SJ YT XS JMZI ]IEVW
ERH JMRI SJ YT XS JMZI PEOL VYTIIW 8LI TSMRX XS VEMWI E HSYFX EW VIKEVHW XS XLIWI NYHKIW
MW XLEX XLI] [SYPH FI GSPPIEKYIW WMXXMRK MR XLI WEQI GSYVX ERH MX MW PMOIP] XLEX XLMW [MPP

MRJPYIRGI XLIMV GSRHYGX -X [SYPH FI HMJJMGYPX JSV NYHKIW XS RIYXVEPP] HIGMHI E GEWI
EKEMRWX SRI SJ XLIMV S[R ERH XLI SRI [LS MW WMXXMRK [MXL XLIQ HE] MR ERH HE] SYX
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XLI NYHKIW GSYPH RSX KYEVERXII NYHMGMEP MRHITIRHIRGI 6ITPEGMRK I\IGYXMZI GSRXVSP
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EW E RSRTSPMXMGMWEXMSR MR XLI ETTSMRXQIRX TVSGIWW MW SYXHEXIH WMRGI XLI STIVEXMSR SJ
XLI GSPPIKMYQ WIIQW XS FI SYX[EVHP] JVII JVSQ TSPMXMGEP MRJPYIRGIW MX LS[IZIV WYJJIVW
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UYIWXMSR SJ MRHITIRHIRGI SJ .YHMGMEV] -R XLI FEGO HVST XLI XLMVH L]TSXLIWMW XLEX
LMKLIV NYHMGMEV] MW RSX MRHITIRHIRX ERH RSX EGGSYRXEFPI MR VIEPMX] JSV WYWXEMRMRK VYPI
SJ PE[ MW WYWXEMRIH
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XLI VIQSZEP SJ E NYHKI JSV TVSZIH QMWFILEZMSV .YHKIW NYWX PMOI XLI SXLIV
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-X TVSZMHIW E REVVS[P] VIWXVMGXIH TVSGIWW JSV LSPHMRK XLIWI NYHKIW EGGSYRXEFPI
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4EVPMEQIRX 8LI 7YTVIQI 'SYVX SJ -RHME EGORS[PIHKIH EW JEV FEGO EW MR MR XLI
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NYHKIW JVSQ SJJMGI MW E TSPMXMGEPTVSGIWW F]XLI4EVPMEQIRX8LIQIQSMVIVIKEVHMRK
XLI MQTIEGLQIRX TVSGIHYVIW MRMXMEXIH EKEMRWX .YWXMGI : 6EQEW[EQM MW WXMPP EJVIWL MR
XLI QMRHW SJ XLI PMXMKERX TYFPMG MR TEVXMGYPEV %RH WXMPP GSQTPEMRXW EKEMRWX XLI LMKLIV
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QMWFILEZMSYV SV MRGETEGMX] [LIVI YRHIV X[S XLMVHW SJ XLI QIQFIVW SJ IEGL ,SYWI SJ
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VIWSPYXMSR XS FI TEWWIH F] VHW QENSVMX] MR FSXL XLI ,SYWIW %JXIV XLI VIWSPYXMSR MW
TEWWIH MX MW XS FI WIRX XS XLI 4VIWMHIRX SJ -RHME [LS XLIR [SYPH SVHIV JSV VIQSZEP
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1SRE 7LYOPE .YHMGMEP%GGSYRXEFMPMX]EREWTIGXSJNYHMGMEPMRHITIRHIRGI MR.YHMGMEP

EVI MW RSX E TVEGXMGEP VIQIH] MR HMWGMTPMRMRK XLIQ 8LI KVIEX NYHKIW HMWGLEVKMRK XLIMV
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HIPMRUYIRXW XLIR XLIVI QYWX FI E WSYRH QIGLERMWQ JSV GSVVIGXMSR
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GSRJMHIRGI MR XLI NYHMGMEV] % TYVTSWIJYP GSQTIXIRXP] XVEMRIH MRJVEWXVYGXYVI [MXL
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8LYW XLI JSYVXL L]TSXLIWMW XLEX XLI TVSGIWW SJ VIQSZEP SJ IVVERX NYHKIW XLVSYKL
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6IEWSRW XLEX XLI FMPP WIIOW XS EGLMIZI XLMW EMQ F] IWXEFPMWLMRK WXEXYXSV] NYHMGMEP
WXERHEVHW MRWXMXYXMRK E W]WXIQ SJ TYFPMG GSQTPEMRX EKEMRWX NYHKIW JSV QMWFILEZMSYV
ERH MRGETEGMX] ERH WIXXMRK YT E VIZMWIH EHQMRMWXVEXMZI QIGLERMWQ XS IRJSVGI XLIWI
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MRJPYIRGI LEW XS FI KMZIR E [E] 0E[ MW WYTVIQI ERH IZIV] SRI LS[WSIZIV TS[IVJYP
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XLI .YHMGMEP %TTSMRXQIRXW 'SQQMWWMSR F] XLI MRXVSHYGXMSR SJ XLI FMPP 8LI .YHMGMEP
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JYRHEQIRXEP UYIWXMSR *YVXLIV XLI FMPP TVSZMHIW XLEX XLI 'SQQMWWMSR QE] F]
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ERH XLI QIXLSH JSV WIPIGXMSR EW TIV XLI GVMXIVME ;LEXIZIV QE] FI XLI W]WXIQ SJ
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XLI TYFPMG GSRJMHIRGI
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VITVIWIRXEXMZI ERH E TEVXMGMTEXMZI GLEVEGXIV 8LIVI I\MWXW RIMXLIV E GSPPIKMYQ
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%22)<96)

TO BE INTRODUCED IN LOK SABHA
Bill No. 136 of 2010
THE JUDICIAL STANDARDS AND ACCOUNTABILITY BILL, 2010

ōōōō
ARRANGEMENT OF CLAUSES
ōōōō
CHAPTER I
PRELIMINARY
CLAUSES
1. Short title and commencement.
2. Definitions.
.
CHAPTER II
JUDICIAL STANDARDS TO BE FOLLOWED BY JUDGES
3. Judicial standards.
CHAPTER III
DECLARATION OF ASSETS AND LIABILITIES BY JUDGES
4. Declaration of assets and liabilities.
5. Making available document or information in relation to a declaration of assets and
liabilities of Judges on website.
6. Maintenance of records.
CHAPTER IV
MAKING OF COMPLAINT
7. Complaints.
8. Manner of making of complaint.
9. Reference to Scrutiny Panel.
CHAPTER V
SCRUTINY PANEL
10. Constitution of Scrutiny Panel.
11. Composition of Scrutiny Panel.
12. Functions of Scrutiny Panel.
13. Procedure of Scrutiny Panel.
14. Power relating to scrutiny of complaints.
15. Provision for officers and other employees for Scrutiny Panel.
16. Provision regarding frivolous and vexatious complaints.
CHAPTER VI
A. NATIONAL JUDICIAL OVERSIGHT COMMITTEE, ITS POWERS AND FUNCTIONS AND PROCEDURE FOR
INQUIRY OF COMPLAINTS
17. Establishment of Oversight Committee.

(ii)
CLAUSES
18. Composition of Oversight Committee.
19. Forwarding of complaint relating to misbehaviour to Scrutiny Panel.
20. Records of complaints forwarded to Scrutiny Panel.
21. Certain complaints not to be forwarded to Scrutiny Panel.
B. CONSTITUTION OF INVESTIGATION COMMITTEE, ITS POWERS AND FUNCTIONS AND PROCEDURE FOR
INVESTIGATION
22. Investigation by investigation committee.

23. Powers of Oversight Committee and investigating committee.
24. Search and seizure by investigation committee.
25. Assistance to investigation committee by Government agencies.
26. 'ZRCTVG investigation.
27. Investigation into act or conduct of certain other persons in certain cases.
28. Submission of report by investigation committee.
C. INQUIRY PROCEDURE OF INVESTIGATION COMMITTEE
29. Procedure in inquiries by investigation committee.
30. Investigation committee to have power to regulate its own procedure.
31. Central Government to appoint an advocate to conduct cases against Judge.
D. STAFF OF OVERSIGHT COMMITTEE
32. Staff of Oversight Committee.
E. PENALTIES ON CONCLUSION OF INQUIRY
33. Stoppage of assigning judicial work in certain cases.
34. Procedure on receipt of report of investigation committee.
35. Advice to President for removal of Judge.
36. Filing of complaint against complainant in certain cases.
F. O THER PROVISIONS RELATING TO INQUIRY
37. Proceedings before Oversight Committee to be judicial proceedings.
38. Power to call for assistance.
39. Confidentiality in complaint procedure.
40. Keeping identity of complainant confidential.
41. No action for contempt to lie in certain cases.
42. Investigation and inquiry by Oversight Committee not to affect criminal liability.
43. All records, documents, etc., related to complaint, scrutiny, investigation and inquiry to
be confidential.
44. Protection of action taken in good faith.
CHAPTER VII
PROCEDURE FOR PRESENTATION OF AN ADDRESS FOR REMOVAL OF A JUDGE
45. Laying of advice of Oversight Committee before Parliament.

46. Motion for removal of a Judge.
(iii)
CLAUSES
47. Investigation into misbehaviour or incapacity of Judge by investigation committee for
removal of Judges.
48. Consideration of report and procedure for presentation of an address for removal of
Judge.
49. Power of Joint Committee to make rules.
CHAPTER VIII
OFFENCES AND PENALTIES
50. Intentional insult or interruption to Oversight Committee.

51. Penalty for violation of confidentiality in complaint procedure.
52. Power of Oversight Committee to try certain cases.
53. Punishment for frivolous and vexatious complaints.
54. Offences by companies.
55. Offences by societies or trusts.
56. Appeal to Supreme Court.
57. Power of Central Government to make rules.
58. Power to remove difficulties.
59. Repeal and saving.
THE SCHEDULE.
AS INTRODUCED IN LOK SABHA
Bill No. 136 of 2010
THE JUDICIAL STANDARDS AND ACCOUNTABILITY BILL, 2010

A
BILL
VQ NC[ FQYP LWFKEKCN UVCPFCTFU CPF RTQXKFG HQT CEEQWPVCDKNKV[ QH ,WFIGU CPF GUVCDNKUJ
ETGFKDNG CPF GZRGFKGPV OGEJCPKUO HQT KPXGUVKICVKPI KPVQ KPFKXKFWCN EQORNCKPVU HQT
OKUDGJCXKQWTQTKPECRCEKV[QHC,WFIGQHVJG5WRTGOG%QWTVQTQHC*KIJ%QWTVCPF
VQ TGIWNCVG VJG RTQEGFWTG HQT UWEJ KPXGUVKICVKQP CPF HQT VJG RTGUGPVCVKQP QH CP
CFFTGUUD[2CTNKCOGPVVQVJG2TGUKFGPVKPTGNCVKQPVQRTQEGGFKPIHQTTGOQXCNQHC
,WFIGCPFHQTOCVVGTU EQPPGEVGFVJGTGYKVJQTKPEKFGPVCNVJGTGVQ
BEKVGPCEVGFD[2CTNKCOGPVKPVJG5KZV[HKTUV;GCTQHVJG4GRWDNKEQH+PFKCCUHQNNQYUō
CHAPTER I
PRELIMINARY
1. () This Act may be called the Judicial Standards and Accountability Act, 2010. Short title and
commencement.
5 () It shall come into force on such date as the Central Government may, by
notification in the Official Gazette, appoint:
2
Provided that different dates may be appointed for different provisions of this Act and
any reference in any such provision to the commencement of this Act shall be construed as
a reference to the coming into force of that provision.
Definitions. 2+PVJKU#EVWPNGUUVJGEQPVGZVQVJGTYKUGTGSWKTGUō
(CőCUUGVUŒKPENWFGUKOOQXCDNGCPFOQXCDNGRTQRGTV[ 5
'ZRNCPCVKQPō(QTVJG RWTRQUGUQH VJKU ENCWUGō
(K őKOOQXCDNG RTQRGTV[Œ KPENWFGU VJG NCPF CPF CP[ DWKNFKPI QT QVJGT
structure attached to the land or permanently fastened to anything which is
attached to the land, and tenancies, lease holds or any other interest in immov-
able property; 10
(KKőOQXCDNGRTQRGTV[ŒKPENWFGUCP[QVJGTRTQRGTV[YJKEJKUPQVKOOQX
able property as also corporeal and incorporeal property of every description
and household goods and personal effects of the value of each item of more
than fifty thousand rupees;
(Dő%JCKTOCPŒOGCPUVJG%JCKTOCPQHVJG%QWPEKNQH5VCVGU 15
(EőEQORGVGPVCWVJQTKV[ŒOGCPUKPTGNCVKQPVQō
(K) the Judge of the High Court, the Chief Justice of that High Court;
(KK) the Chief Justice of the High Court, the Chief Justice of India;
(KKK) the Judge of the Supreme Court, the Chief Justice of India;
(KX) the Chief Justice of India, the President of India; 20
(FőKPECRCEKV[ŒOGCPURJ[UKECNQTOGPVCNKPECRCEKV[YJKEJKUQTKUNKMGN[VQDG
of a permanent character;
(G őKPXGUVKICVKQP EQOOKVVGGŒ OGCPU VJG KPXGUVKICVKQP EQOOKVVGG EQPUVKVWVGF
under section 22;
(HőKPSWKT[ŒOGCPUCPKPSWKT[HQTRTQQHQHOKUDGJCXKQWTQTKPECRCEKV[ 25
(I ő,WFIGŒOGCPUC,WFIGQHVJG5WRTGOG%QWTVQTQHC*KIJ%QWTVCPFKP
cludes the Chief Justice of India and the Chief Justice of a High Court;
(JőLWFKEKCNUVCPFCTFUŒOGCPUVJGXCNWGUQHLWFKEKCNNKHGURGEKHKGFKPUGEVKQP
and the Schedule;
(KőNKCDKNKVKGUŒKPENWFGUHKPCPEKCNIWCTCPVGGUIKXGPCPFCNNNQCPUTCKUGFHTQOCP[ 30
bank, financial institution or any other source;
(LőOKUDGJCXKQWTŒOGCPUō
(K) conduct which brings dishonour or disrepute to the judiciary; or
(KK) wilful or persistent failure to perform the duties of a Judge; or
(KKK) wilful abuse of judicial office; or 35
(KX) corruption or lack of integrity which includes delivering judgments
for collateral or extraneous reasons, making demands for consideration in cash
or kind for giving judgments or any other action on the part of the Judge which
has the effect of subverting the administration of justice; or
(X) committing an offence involving moral turpitude; or 40
(XK) failure to furnish the declaration of assets and liabilities in accordance
with the provisions of this Act; or
3
(XKK) wilfully giving false information in the declaration of assets and
liabilities under this Act; or
(XKKK) wilful suppression of any material fact, whether such fact relates to a
period before assumption of office, which would have bearing on his integrity;
5 or
(KZ) wilful breach of judicial standards;
(MőPQVKHKECVKQPŒOGCPUCPQVKHKECVKQPRWDNKUJGFKPVJG1HHKEKCN)C\GVVG
(Nő1XGTUKIJV%QOOKVVGGŒOGCPUVJG0CVKQPCN,WFKEKCN1XGTUKIJV%QOOKVVGG
established under section 17;
10 (OőRTGUETKDGFŒOGCPURTGUETKDGFD[TWNGUOCFGWPFGTVJKU#EV
(Pő5ETWVKP[2CPGNŒOGCPUCRCPGNEQPUVKVWVGFWPFGTUWDUGEVKQP
) or sub-
section () of section 11 for the scrutiny of complaints;
(Qő5RGCMGTŒOGCPUVJG5RGCMGTQHVJG*QWUGQHVJG2GQRNG
CHAPTER II
15 JUDICIAL STANDARDS TO BE FOLLOWED BY JUDGES
3. () Every Judge shall continue to practice universally accepted values of judicial life Judicial stan-
as specified in the Schedule to this Act. dards.
() In particular, and without prejudice to the generality of the foregoing provision, no
,WFIGUJCNNō
20 (C) contest the election to any office of a club, society or other association or
hold such elective office except in a society or association connected with the law or
any court;
(D) have close assoication with individual members of the Bar, particularly with
those who practice in the same court in which he is a Judge;
25 (E) permit any member of his immediate family (including spouse, son, daughter,
son-in-law or daughter-in-law or any other close relative), who is a member of the
Bar, to appear before him or associated in any manner with a cause to be dealt with by
him;
(F) permit any member of his family, who is a member of the Bar, to use the
30 residence in which the Judge actually resides or use other facilities provided to the
Judge, for professional work of such member;
(G) hear and decide a matter in which a member of his family, or his close relative
or a friend is concerned;
(H) enter into public debate or express his views in public on political matters or
35 on matters which are pending or are likely to arise for judicial determination by him:
2TQXKFGFVJCVPQVJKPIEQPVCKPGFKPVJKUENCWUGUJCNNCRRN[VQō
(K) the views expressed by a Judge in his individual capacity on issues of
public interest (other than as a Judge) during discussion in private forum or
academic forum;
40 (KK) the views expressed by a Judge relating to administration of court or
its efficient functioning;
(I) give interview, to the media in relation to any of his judgment delivered, or
order made, or direction issued, by him, in any case adjudicated by him;
(J) accept gifts or hospitality except from his relatives;
4
(K) hear and decide a matter in which a company or society or trust in which he
holds or any member of his family holds shares or interest, unless he has disclosed his
such holding or interest, and no objection to his hearing and deciding the matter is raised;
(L) speculate in securities or indulge in insider trading in securities;
(M) engage, directly or indirectly, in trade or business, either by himself or in 5
association with any other person:
Provided that the publication of a legal treatise or any activity in the nature of a
hobby shall not be construed as trade or business for the purpose of this clause;
(N) seek any financial benefit in the form of a perquisite or privilege attached to
his office unless it is clearly available or admissible; 10
(O) hold membership in any organisation that practices invidious discrimination
on the basis of religion or race or caste or sex or place of birth;
(P) have bias in his judicial work or judgments on the basis of religion or race or
caste or sex or place of birth.
'ZRNCPCVKQPō(QTVJGRWTRQUGUQHVJKUUWDUGEVKQPőTGNCVKXGŒOGCPUō 15
(K) spouse of the Judge;
(KK) brother or sister of the Judge;
(KKK) brother or sister of the spouse of the Judge;
(KX) brother or sister of either of the parents of the Judge;
(X) any lineal ascendant or descendant of the Judge; 20
(XK) any lineal ascendant or descendant of the spouse of the Judge;
(XKK) spouse of the person referred to in clauses (KK) to (XK).
CHAPTER III
DECLARATION OF ASSETS AND LIABILITIES BY JUDGES
Declaration of 4. () Every Judge shall make a declaration of his assets and liabilities in the manner as 25
assets and provided by or under this Act.
liabilities.
() A Judge shall, within thirty days from the date on which he makes and subscribes
an oath or affirmation to enter upon his office, furnish to the competent authority the infor-
OCVKQPTGNCVKPIVQō
(C) the assets of which he, his spouse and his dependent children are, jointly or 30
severally, owners or beneficiaries;
(D) his liabilities and that of his spouse and his dependent children.
() A Judge holding his office as such, at the time of the commencement of this Act, shall
furnish information relating to such assets and liabilities, as referred to in sub-section () to
the competent authority within thirty days of the coming into force of this Act. 35
() Every Judge shall file with the competent authority, on or before the 31st July of
every year, an annual return of such assets and liabilities, as referred to in sub-section (), as
on the 31st March of that year.
() The information under sub-section () or sub-section () and annual return under
sub-section () shall be furnished in such form and in such manner, as may be prescribed. 40
'ZRNCPCVKQPō(QT VJG RWTRQUGU QH VJKU UGEVKQP őFGRGPFGPV EJKNFTGPŒ OGCPU UQPU
and daughters who have no separate means of earning and are wholly dependent on the
Judge for their livelihood.
5
5. The competent authority shall exhibit the document or information in relation to a Making avail-
FGENCTCVKQPQHCUUGVUCPFNKCDKNKVKGUQH,WFIGUō able document
or information
in the case of Judges and Chief Justices of the High Courts, on the website in relation to a
declaration of
of the High Court in which such Judges and Chief Justice are serving; assets and li-
(D) in the case of Judges of the Supreme Court and Chief Justice of India, on the abilities of
5 Judges on
website of the Supreme Court. website.
6. The competent authority shall keep the documents or information forms containing Maintenance
the details of the assets and liabilities and other particulars in relation thereto filed by of records.
the Judges in its safe custody for such period as may be decided by the Oversight
10 Committee.
CHAPTER IV
MAKING OF COMPLAINT
7. Any person making an allegation of misbehaviour or incapacity in respect of a Complaints.

Judge may file a complaint in this regard to the Oversight Committee.
15 86JGEQORNCKPVWPFGTUGEVKQPUJCNNō Manner of
making of
(C) be in such form and filed in such manner as may be prescribed; complaint.
(D) set forth particulars of the misbehaviour or incapacity which is the subject
matter of allegation;
(E) be verified at the foot of the complaint by the complainant and shall specify,
20 by reference to the numbered paragraphs of the complaint, what he verifies of his own
knowledge and what he verifies upon information and shall refer to the source of the
information.
9. Save as otherwise provided under this Act, the Oversight Committee shall refer Reference to
all such complaints to the appropriate Scrutiny Panel constituted under Chapter V for Scrutiny Panel.
25 scrutiny.
CHAPTER V
SCRUTINY PANEL
10. 6JGTGUJCNNDGEQPUVKVWVGFCRCPGNVQDGECNNGFő%QORNCKPVU5ETWVKP[2CPGNŒKPVJG Constitution of
Supreme Court and in every High Court to scrutinise the complaints against a Judge received Scrutiny Panel.
30 under this Act.

11. () The Scrutiny Panel in the Supreme Court shall consist of a former Chief Justice Composition
of India and two Judges of the Supreme Court to be nominated by the Chief Justice of of Scrutiny
Panel.
India.
() The Scrutiny Panel in every High Court shall consist of a former Chief Justice of
35 that High Court and two Judges of that High Court to be nominated by the Chief Justice of
that High Court.
12. () If the Scrutiny Panel, after scrutiny of the complaint referred to it for scrutiny Functions of
under section 9, and after making scrutiny of the complaint, as it deems appropriate, is Scrutiny Panel.
UCVKUHKGF VJCVō
40 (C) there are sufficient grounds for proceeding against the Judge, it shall, after
recording reasons therefor, submit a report on its findings to the Oversight
Committee for making inquiry against the Judge in accordance with the provisions of
this Act;
6
(D) the complaint is frivolous or vexatious, or, is not made in good faith, or there
are not sufficient grounds for inquiring into the complaint, or the complaint relates
only to the merits of the judgment or a procedural order, and, then, it shall after
recording reasons therefor submit a report on its findings to the Oversight Committee
for not proceeding with the complaint and treating the matter as closed. 5
() The Scrutiny Panel shall submit its report under clause (C) or clause (D) of sub-
section (), to the Oversight Committee in this behalf within a maximum period of three
months from the date of receipt of the complaint from the Oversight Committee.
Procedure of 13. Save as otherwise provided in this Act, the Scrutiny Panel shall have power to
Scrutiny Panel. regulate its own procedure in scrutinising the complaints referred to it for scrutiny under 10
section 9.
Power relating 14. The Scrutiny Panel shall, while scrutinising the complaints forwarded to it for
to scrutiny of scrutiny under section 9, have all the powers of a civil court trying a suit under the Code of
complaints.
%KXKN2TQEGFWTGCPFKPRCTVKEWNCTKPTGURGEVQHVJGHQNNQYKPIOCVVGTUPCOGN[ō 5 of 1908.
(C) summoning and enforcing the attendance of any person from any part of 15
India and examining him on oath;
(D) requiring the discovery and production of any document;
(E) receiving evidence on affidavits;
(F) requisitioning any public record or copy thereof from any court or office;
(G) issuing commissions for the examination of witnesses or other documents; 20
and
(H) any other matter which may be prescribed.
Provision for 15. () The Chief Justice of India shall, determine the nature and categories of the officers
officers and and other employees required to assist the Scrutiny Panel referred to in sub-section () of
other employ-
ees for Scrutiny section 11 in the discharge of its functions and provide the Scrutiny Panel with such officers 25
Panel. and other employees as he may think fit.
() The Chief Justice of the High Court shall, determine the nature and categories of
the officers and other employees required to assist the Scrutiny Panel referred to in
sub-section () of section 11 in the discharge of its functions and provide the Scrutiny Panel
with such officers and other employees as he may think fit. 30
Provision 16. If the Scrutiny Panel is of the opinion that a complaint was filed frivolously or
regarding vexatiously or only with a view to scandalise or intimidate a Judge, it may refer the case to the
frivolous and
vexatious Oversight Committee for further action.
complaints.
CHAPTER VI
A. NATIONAL JUDICIAL OVERSIGHT COMMITTEE, ITS POWERS AND FUNCTIONS AND PROCEDURE FOR 35
INQUIRY OF COMPLAINTS
Establishment 17. With effect from such date as the Central Government may, by notification,
of Oversight appoint, there shall be established a National Judicial Oversight Committee.
Committee.
Composition 18. () The National Judicial Oversight Committee shall consist of the following,
of Oversight PCOGN[ō 40
Committee.
(C) a retired Chief Justice of India appointed by the President after ascertaining
VJGXKGYUQHVJG%JKGH,WUVKEGQH+PFKCō%JCKTRGTUQP
(DC,WFIGQHVJG5WRTGOG%QWTVPQOKPCVGFD[VJG%JKGH,WUVKEGQH+PFKCō
Member
7
(EVJG%JKGH,WUVKEGQHC*KIJ%QWTVPQOKPCVGFD[VJG%JKGH,WUVKEGQH+PFKCō
Member GZQHHKEKQ
(FVJG#VVQTPG[)GPGTCNHQT+PFKCōGZQHHKEKQMember
(GCPGOKPGPVRGTUQPPQOKPVGFD[VJG2TGUKFGPVō/GODGT
5 2TQXKFGFVJCVō
(C) where the allegations are against a Judge of the Supreme Court, who is a
member of the Oversight Committee, then, the Chief Justice of India shall nominate
another Judge of the Supreme Court in his place as a member of that committee; or
(D) where the allegations are against the Chief Justice of a High Court, who is a
10 member of the Oversight Committee, then, the Chief Justice of India shall nominate a
Chief Justice of another High Court in his place as a member of that committee.
() After the commencement of the proceedings relating to a complaint against a
,WFIGō
(C) if any change in the composition of the Oversight Committee arises due to
15 elevation of a member of the Oversight Committee, as the Chief Justice of India or a
Judge of a Supreme Court, as the case may be; or
(D) if any change arises in the composition of the Oversight Committee due to
refusal or retirement or resignation or any other reason,
the proceedings of the Oversight Committee shall continue from the stage from which it was
20 pending before such change and the Chairperson of the Oversight Committee shall make
such incidental changes, as he deems necessary, to continue the proceedings.
19. The Oversight Committee shall, within three months of the receipt of a complaint Forwarding of
TGNCVKPIVQOKUDGJCXKQWTQHō complaint re-
lating to
(C) an individual Judge of the Supreme Court or Chief Justice of a High Court, misbehaviour to
25 refer the complaint, to the Scrutiny Panel of the Supreme Court to scrutinise and Scrutiny Panel.
report thereon;
(D) an individual Judge of a High Court, refer the complaint, to the Scrutiny Panel
of the High Court in which such Judge is acting as such, to scrutinise and report
thereon.
30 20. The Oversight Committee shall maintain a record of the complaints referred to the Records of
Scrutiny Panel. complaints for-
warded to Scru-
tiny Panel.
21. A complaint against the Chief Justice of India shall not be referred to the Scrutiny Certain com-
Panel for scrutiny but shall be scrutinised by the Oversight Committee. plaints not to
be forwarded to
Scrutiny Panel.
B. CONSTITUTION OF INVESTIGATION COMMITTEE, ITS POWERS AND FUNCTIONS AND PROCEDURE FOR
35 INVESTIGATION
22. () The Oversight Committee, shall for the purpose of inquiry for misbehaviour by Investigation by
a Judge, constitute an investigation committee (by whatever name called) to investigate into i n ve st i g at i on
the complaint in respect of which the Scrutiny Panel has recommended in its report under committee.
clause (C) of sub-section () of section 12 for making inquiry against the Judge in accordance
40 with the provisions of this Act.
() The composition and tenure of the investigation committee shall be such as may be
decided by the Oversight Committee:
Provided that the number of the investigation committees, in no case, at a time, shall
exceed three:
45 Provided further that the Oversight Committee may, having regard to the nature of
misbehaviour of a Judge, may constitute different investigation committees for inquiry into
different complaints.
8
Powers of 23. The Oversight Committee, shall, for the purpose of proceedings under this Act
Oversight and the investigation committee, while conducting any investigation under this Chapter,
Committee
and investigat- have all the powers of a civil court while trying a suit under the Code of Civil Procedure, 1908 5 of 1908.
ing committee. CPFKPRCTVKEWNCTKPTGURGEVQHVJGHQNNQYKPIOCVVGTUPCOGN[ō
(C) summoning and enforcing the attendance of any person from any part of 5
India and examining him on oath;
(D) requiring the discovery and production of any document;
(c) receiving evidence on affidavits;
(F) requisitioning any public record or copy thereof from any court or office;
(G) issuing commissions for the examination of witnesses or other documents; 10
and
(H) any other matter which may be prescribed.
Search and 24. () If the investigation committee has reason to believe that any documents which,
seizure by in its opinion, will be useful for, or relevant to, any preliminary investigation or inquiry, are
investigation
committee.
secreted in any place, it may authorise any officer subordinate to it, or any officer of an 15
agency referred to in section 25, to search for and to seize such documents.
() If the investigation committee is satisfied that any document seized under
sub-section () would be evidence for the purpose of any investigation and that it
would be necessary to retain the original document in its custody, it may so retain the said
document till the completion of such investigation or retain a copy of such document, as it 20
may deem fit.
() The provisions of the Code of Criminal Procedure, 1973, relating to searches shall, 2 of 1974.
so far as may be, apply to searches under this section subject to the modification that sub-
section (QHUGEVKQPQHVJGUCKF%QFGUJCNNJCXGGHHGEVCUKHHQTVJGYQTFő/CIKUVTCVGŒ
YJGTGXGTKVQEEWTUVJGYQTFUőKPXGUVKICVKQPEQOOKVVGGQTCP[QHHKEGTCWVJQTKUGFD[KVŒYGTG 25
substituted.
Assistance to 25. The investigation committee shall be entitled to make a request to the Oversight
investi gation Committee for assistance to it and the Oversight Committee may invoke its powers in this
committee by
Government
behalf under section 38 of this Act.
agencies.
'Z RCTVG 26. If a Judge, to whom notice is issued by the investigation committee referred to in 30
investigation. section 22, refuses to appear before it or does not co-operate with it in conducting investiga-
tion, then, the investigation committee may proceed GZRCTVG.
Investigation 27. The investigation committee may cause investigation into any act or conduct of
into act or
any person, other than the Judge concerned, in so far as it considers necessary so to do for
conduct of
certain other the purpose of its investigation into any allegations made against a Judge and shall give 35
persons in such person a reasonable opportunity of being heard and to produce evidence in his
certain cases. defence.
Submission of 28. The investigation committee, after completion of the inquiry in respect of a com-
report by plaint, shall submit its findings to the Oversight Committee.
investigation
committee.
C. INQUIRY PROCEDURE OF INVESTIGATION COMMITTEE 40
Procedure in 29. () The investigation committee shall frame definite charges against the Judge on
inquiries by
investigation
the basis of which the inquiry is proposed to be held.
committee.
() Every such inquiry shall be conducted KPECOGTC by the investigation committee.
() Charges framed under sub-section () together with the statement of grounds on
which each such charge is based shall be communicated to the Judge and he shall be given 45
9
a reasonable opportunity of presenting a written statement of defence within such time as
may be specified by the investigation committee.
() The investigation committee shall hold every such inquiry as expeditiously as
possible and in any case complete the inquiry within a period of six months from the date of
5 receipt of the complaint:
Provided that the Oversight Committee, for reasons to be recorded in writing, may
extend the period for completion of the inquiry by a further period of six months.
30. Save as otherwise provided, the investigation committee shall have power to Inves tig at io n
regulate its own procedure in making the inquiry and shall give reasonable opportunity to committee to
have power to
10 the Judge of cross examining witnesses, adducing evidence and of being heard in his de- regulate its own
fence. procedure.
31. The Central Government may, if requested by the investigation committee, Central Gov-
appoint an advocate to conduct the cases against the Judge. ernment to ap-
point an advo-
cate to conduct
cases against
Judge.
D. STAFF OF OVERSIGHT COMMITTEE
15 32. () The Oversight Committee shall, for the purpose of performing its functions Staff of
under this Act, appoint a Secretary and such other officers and employees possessing such Oversight
Committee.
qualifications, as the President may determine, from time to time, in consultation with the
Oversight Committee.
() The terms and conditions of service of the Secretary, officers and employees
20 referred to in sub-section () shall be such as the President may determine, from time to time,
in consultation with the Oversight Committee.
() In the discharge of their functions under this Act, the Secretary, the officers and
employees referred to in sub-section () shall be subject to the administrative control and
direction of the Oversight Committee.
25 () The Oversight Committee shall provide such number of its officers and other
employees to assist the investigation committee as the Oversight Committee considers
appropriate having regard to the nature of investigation in a case.
E. PENALTIES ON CONCLUSION OF INQUIRY
33. During the pendency of the inquiry by the investigation committee, the Oversight Stoppage of as-
30 Committee may recommend stoppage of assigning judicial work including cases assigned to signing judicial
work in certain
the Judge concerned if it appears to the Oversight Committee that it is necessary in the cases.
interest of fair and impartial scrutiny of complaints or investigation or inquiry.
34. () If the Oversight Committee on receipt of the report from the investigation Procedure on
EQOOKVVGGKUUCVKUHKGFVJCVō receipt of
report of
35 (C) no charges have been proved, it shall dismiss the complaint and matter be investigation
committee.
closed and no further action shall be taken against the Judge and the complainant shall
be informed accordingly;
(D) all or any of the charges have been proved but the Oversight Committee is of
the opinion that the charges proved do not warrant removal of the Judge, it may, by
40 order, issue advisories or warnings.
() Without prejudice to the provisions contained in sub-section (), if the Oversight
Committee, on receipt of the report from the investigation committee is satisfied that there
has been a RTKOCHCEKG commission of any offence under any law for the time being in force
by a Judge, it may recommend to the Central Government for prosecution of the Judge in
45 accordance with the law for the time being in force.
10
() In a case where an inquiry or investigation against the Judge has been initiated
and such Judge has demitted office during such inquiry or investigation, such inquiry or
investigation may be continued if the Oversight Committee is of the opinion that the
misbehaviour is serious in nature and requires to be inquired into or investigated and the
Oversight Committee may after conclusion of inquiry forward its findings to the Central 5
Government to take further action in the matter under relevant law for the time being in force.
Advice to 35. If the Oversight Committee is satisfied that all or any of the charges of misbehaviour
President for or incapacity of a Judge have been proved and that they are of serious nature warranting his
removal of
Judge. removal, it shall request the judge to voluntarily resign and if he fails to do so, then, advise
the President to proceed for the removal of the Judge and the President shall refer the matter 10
to Parliament.
Filing of 36. If the Scrutiny Panel refers a case to the Oversight Committee under section 16, the
complaint Oversight Committee shall consider the matter further and if it concurs with the conclusion
against of the Scrutiny Panel, it may authorise the filing of a criminal complaint against the original
complainant
in certain complainant before a competent court. 15
cases.
F. O THER PROVISIONS RELATING TO INQUIRY
Proceedings 37. All proceedings under this Act shall be deemed to be judicial proceedings within
before the meaning of sections 193 and 228 of the Indian Penal Code, and the Oversight Committee 45 of 1860.
Oversight
Committee to shall be deemed to be a civil court for the purposes of section 195 and Chapter XXVI of the 2 of 1974.
be judicial Code of Criminal Procedure, 1973. 20
proceedings.
Power to call 38. The Oversight Committee shall be entitled to take assistance of such officers of the
for assistance. Central Government or State Government or any agency thereof or authority as it deems fit.
Confidentiality 39. Notwithstanding anything contained in any other law for the time being in force,
in complaint the complainant and every person who participates in the scrutiny or investigation or
procedure.
inquiry as a witness or as a legal practitioner or in any other capacity, whether or not he seeks 25
confidentiality about his name, shall undertake to the Oversight Committee or Scrutiny Panel
or investigation committee that he shall not reveal his own name, the name of the Judge
complained against, the contents of the complaint or any of the documents or proceedings
to anybody else including the media without the prior written approval of the Oversight
Committee. 30
Keeping 40. The Oversight Committee or the Scrutiny Panel or investigation committee may, at
identity of the request of a complainant, direct that the complainant be accorded such protection, as it
complainant
confidential.
deems appropriate, including keeping his identity confidential, from every body and also the
Judge against whom the complaint is made.
No action for 41. After the commencement of scrutiny of complaints under this Act, no action for 35
contempt to contempt of court shall lie or shall be proceeded with in respect of the allegations, which are
lie in certain
cases.
the subject matter of the investigation or inquiry.
Investigation 42. Any scrutiny, investigation or inquiry pending before the Scrutiny Panel or inves-
and Inquiry by tigation committee or Oversight Committee shall not affect the criminal liability in respect of
Oversight
Committee
such allegations which are the subject matter of the investigation or inquiry. 40
not to affect
criminal
liability.
All records, 43. Notwithstanding anything contained in the Right to Information Act, 2005 or any 22 of 2005.
documents, other law for the time being in force, all papers, documents and records of proceedings
etc., related
to complaint,
related to a complaint, preliminary investigation and inquiry shall be confidential and shall
scrutiny, not be disclosed by any person in any proceeding except as directed by the Oversight
investigation Committee: 45
and inquiry to
be confidential.
11
Provided that the findings of the investigation committee and the orders passed by the
Oversight Committee under clause (D) of sub-section () of section 34 shall be made public.
44. No suit, prosecution or other legal proceeding shall lie against the Chairperson or Protection of
any member of the Oversight Committee, Scrutiny Panel, investigation committee or against action taken in
5 any officer or employee, agency or person engaged by such committees or panel for the good faith.
purpose of conducting scrutiny or investigation or inquiry in respect of anything which is in
good faith done or intended to be done under this Act or the rules made thereunder.
CHAPTER VII
PROCEDURE FOR PRESENTATION OF AN ADDRESS FOR REMOVAL OF A J UDGE
10 45. The President, on receipt of advice under section 35, shall cause the findings of the Laying of ad-
Oversight Committee along with the accompanying materials to be laid before both Houses vice of Over-
sight Commit-
of Parliament. tee before Par-
liament.
46. On laying of the advice of the Oversight Committee along with the accompanying Motion for re-
material, the Central Government may move a motion in either House of Parliament for taking moval of a
Judge.
15 up the said advice for consideration by the House.
47. (). Notwithstanding anything contained in section 45 or section 46, if notice is Investigation
given of a motion for presenting an address to the President praying for the removal of a into mis-
behaviour or
,WFIG UKIPGFō incapacity of
Judge by inves-
(C) in the case of a notice given in the House of the People, by not less than tigation com-
20 one hundred members of that House; mittee for re-
moval of
(D) in the case of a notice given in the Council of States, by not less than fifty Judges.
members of that Council,
then, the Speaker or, as the case may be, the Chairman may, after consulting such persons,
if any, as he thinks fit and after considering such materials, if any, as may be available to
25 him, either admit the motion or refuse to admit the same.
() If the motion referred to in sub-section () is admitted, the Speaker or, as the case
may be, the Chairman shall keep the motion pending and the matter shall be referred to the
Oversight Committee for constitution of an investigation committee under section 22.
() The Oversight Committee, after receipt of reference under sub-section (), consti-
30 tute an investigation committee under section 22 and the investigation committee shall
conduct an inquiry in accordance with the provisions contained under Chapter VI and
submit its report to the Oversight Committee for being submitted to the Speaker or Chairman,
as the case may be, for consideration.
() Where it is alleged that a Judge is unable to discharge the duties of his office
35 efficiently due to any physical or mental incapacity and the allegation is denied, the inves-
tigation committee may arrange for the medical examination of the Judge by such Medical
Board as may be appointed for the purpose by the Speaker or, as the case may be, the
Chairman.
() The Medical Board shall undertake such medical examination of the Judge as may
40 be considered necessary and submit a report to the investigation committee stating therein
whether the incapacity is such as to render the Judge unfit to continue in office.
() If the Judge refuses to undergo medical examination considered necessary by
the Medical Board, the Board shall submit a report to the investigation committee stating
therein the examination which the Judge has refused to undergo, and the investigation
45 committee may, on receipt of such report, presume that the Judge suffers from such
physical or mental incapacity as is alleged in the motion referred to in sub-section ().
12
Consideration 48. () If the report of the investigation committee contains a finding that the Judge
of report and is not guilty of any misbehaviour or does not suffer from any incapacity, then, no further
procedure for
p r e s en t a t i o n steps shall be taken in either House of Parliament in relation to the report and the motion
of an address pending in the House or the Houses of Parliament shall not be proceeded with.
for removal
of Judge. () If the report of the investigation committee contains a finding that the Judge is 5
guilty of any misbehaviour or suffers from any incapacity, then, the motion referred to in
section 46 shall together with the report of the investigation committee, be taken up for
consideration by the House or the Houses of Parliament in which it is pending.
() If the motion is adopted by each House of Parliament in accordance with the
provisions of clause (4) of article 124 or, as the case may be, in accordance with that clause 10
read with article 218 of the Constitution, then, the misbehaviour or incapacity of the Judge
shall be deemed to have been proved and an address praying for the removal of the Judge
shall be presented in the prescribed manner to the President by each House of Parliament in
the same session in which the motion has been adopted.
Power of Joint 49. () There shall be constituted a Joint Committee of both the Houses of Parlia- 15
Committee to ment in accordance with the provisions hereinafter contained for the purpose of making
make rules.
rules to carry out the purposes of this Chapter.
() The Joint Committee shall consist of fifteen members of whom ten shall be nomi-
nated by the Speaker and five shall be nominated by the Chairman.
() The Joint Committee shall elect its own Chairman and shall have power to regulate 20
its own procedure.
() Without prejudice to the generality of the provisions of sub-section (), the Joint
%QOOKVVGGOC[OCMGTWNGUVQRTQXKFGHQTVJGHQNNQYKPICOQPIQVJGTOCVVGTUPCOGN[ō
(C) the manner of transmission of a motion adopted in one House to the other
House of Parliament; 25
(D) the manner of presentation of an address to the President for the removal
of a Judge;
(E) the travelling and other allowances payable to the members of the Commit-
tee and the witnesses who may be required to attend such Committee;
(F) the facilities which may be accorded to the Judge for defending himself; 30
(G) any other matter which has to be, or may be, provided for by rules or in
respect of which provision is, in the opinion of the Joint Committee, necessary.
() Any rules made under this section shall not take effect until they are approved
and confirmed both by the Speaker and the Chairman and are published in the Official
Gazette, and such publication of the rules shall be conclusive proof that they have been 35
duly made.
CHAPTER VIII
OFFENCES AND PENALTIES
Intentional in- 50. () Whoever intentionally insults, or causes any interruption, to the Scrutiny Panel
sult or inter- or investigation committee or Oversight Committee while the Oversight Committee or Scru- 40
ruption to
Oversight
tiny Panel or investigation committee or any of their members is doing scrutiny or conduct-
Committee. ing any investigation or inquiry under this Act, shall be punished with simple imprisonment
for a term which may extend to six months, or with fine, or with both.
() The provisions of sub-section () of section 199 of the Code of Criminal Procedure,
1973 shall apply in relation to an offence referred to in sub-section () as they apply in 45 2 of 1974.
relation to an offence referred to in sub-section () of the said section 199, subject to the
modification that no complaint in respect of such offence shall be made by the Public
Prosecutor except with the previous sanction of the Oversight Committee.
13
51. If any complainant or other person, who participates in the scrutiny or investigation Penalty for
or inquiry as a witness or as a lawyer or in any other capacity, contravenes the provisions of violation of
confidentiality
section 39 or section 40 or section 43, shall be liable for punishment with simple imprisonment in complaint
for a term which may extend to one month, or with fine which may extend to five hundred procedure.
5 rupees or with both.
52. When any such offence as is described in sub-section () of section 50 is committed, Power of
Oversight
in the view, or, in the presence, of the Oversight Committee, then the said Oversight Committee, Committee to
may cause the offender to be detained in custody and may at any time on the same day take try certain
cognizance of the offence and after giving the offender a reasonable opportunity of showing cases.
10 cause as to why he should not be punished under this section, try such offender summarily
so far as may be in accordance with the procedure specified for summary trials under the
2 of 1974. Code of Criminal Procedure, 1973, and sentence him to simple imprisonment for a term
which may extend to one month, or with fine which may extend to five hundred rupees or with
both.
15 53. () Any person who makes a complaint which is found, after following the procedure Punishment
under this Act to be frivolous or vexatious or made with an intent to scandalise or intimidate for frivolous
and vexatious
the Judge against whom such complaint is filed, shall be punishable with rigorous complaints.
imprisonment for a term which may extend to five years and also to fine which may extend to
five lakh rupees.
20 () The provisions of this section shall have effect notwithstanding anything contained
2 of 1974. in the Code of Criminal Procedure, 1973.
54. () Where an offence under this Act which has been committed by a company, Offences by
every person who at the time the offence was committed was in charge of, and was responsible Companies.
to, the company for the conduct of the business of the company, as well as the company,
25 shall be deemed to be guilty of the offence and shall be liable to be proceeded against and
punished accordingly:
Provided that where a company has different establishments or branches or different
units in any establishment or branch, the concerned Head or the person in-charge of such
establishment, branch or unit nominated by the company as responsible shall be liable for
30 contravention in respect of such establishment, branch or unit:
Provided further that nothing contained in this sub-section shall render any such
person liable to any punishment provided in this Act, if he proves that the offence was
committed without his knowledge or that he exercised all due diligence to prevent the
commission of such offence.
35 () Notwithstanding anything contained in sub-section (), where an offence under
this Act has been committed by a company and it is proved that the offence has been
committed with the consent or connivance of or is attributable to any neglect on the part of,
any director, manager, secretary or other officer of the company, such director, manager,
secretary or other officer shall also be deemed to be guilty of that offence and shall be liable
40 to be proceeded against and punished accordingly.
'ZRNCPCVKQPō(QTVJGRWTRQUG QHVJKUUGEVKQPō
(CőEQORCP[ŒOGCPUCP[DQF[EQTRQTCVGCPFKPENWFGUCHKTOQTQVJGTCUUQEKCVKQP
of individuals; and
(DőFKTGEVQTŒKPTGNCVKQPVQCHKTOOGCPUCRCTVPGTKPVJGHKTO
45 55. () Where an offence under this Act has been committed by a society or trust, Offences by
every person who at the time the offence was committed was in charge of, and was responsible societies or
trusts.
to, the society or trust for the conduct of the business of the society or the trust, as well as
the society or trust, shall be deemed to be guilty of the offence and shall be liable to be
proceeded against and punished accordingly:
14
Provided that nothing contained in this sub-section shall render any such person
liable to any punishment provided in this Act, if he proves that the offence was committed
without his knowledge or that he exercised all due diligence to prevent the commission of
such offence.
() Notwithstanding anything contained in sub-section (), where any offence under 5
this Act has been committed by a society or trust and it is proved that the offence has been
committed with the consent or connivance of, or is attributable to, any neglect on the part of
any director, manager, secretary, trustee or other officer of the society or trust, such director,
manager, secretary, trustee or other officer shall also be deemed to be guilty of that offence
and shall be liable to be proceeded against and punished accordingly. 10
'ZRNCPCVKQPō(QTVJGRWTRQUG QH VJKU UGEVKQPō
(C őUQEKGV[Œ OGCPU CP[ DQF[ EQTRQTCVG TGIKUVGTGF WPFGT VJG 5QEKGVKGU
4GIKUVTCVKQP#EVCPFőVTWUVŒOGCPUCP[DQF[TGIKUVGTGFWPFGTVJG+PFKCP6TWUVU 21 of 1860.
Act, 1882; 2 of 1882.
(DőFKTGEVQTŒKPTGNCVKQPVQCUQEKGV[QTVTWUVOGCPUCOGODGTQHKVUIQXGTPKPI 15
board other than an GZQHHKEKQ member representing the interests of the Central or State
Government or the appropriate statutory authority.
Appeal to 56. Any person convicted on a trial held under sub-section () of section 53 may,
Supreme notwithstanding anything contained in any other law for the time being in force, appeal,
Court.
within sixty days of order of such conviction, to the Supreme Court. 20
Power of 57. () The Central Government may make rules, in consultation with the Chief Justice
Central of India, to carry out the provisions of this Act (other than the provisions contained under
Government
to make rules.
Chapter VII).
() In particular, and without prejudice to the generality of the foregoing power, rules
OCFGWPFGTVJKUUGEVKQPOC[RTQXKFGHQTCNNQTCP[QHVJGHQNNQYKPIOCVVGTUPCOGN[ō 25
(C) the form and manner in which, information is to be furnished or, annual return
to be filed, under section 4;
(D) the form and manner in which complaint shall be filed under section 8;
(E) other matters in respect of which the Scrutiny Panel shall, for the purpose of
scrutiny of complaint, have powers of a civil court under section 14; 30
(F) other matters in respect of which the Oversight Committee shall, for the
purpose of inquiry or investigation of complaint have powers of a civil court under
clause (f) of section 23;
(G) any other matter which is required to be, or may be, specified by rules or in
respect of which provision is to be made by rules. 35
() Every rule made under this section shall be laid, as soon as may be after it is made,
before each House of Parliament while it is in session, for a total period of thirty days which
may be comprised in one session or in two or more successive sessions, and if before the
expiry of the session immediately following the session or the successive sessions aforesaid,
both Houses agree in making any modification in the rule or both Houses agree that the rule 40
should not be made, the rule shall thereafter have effect only in such modified form or be of
no effect, as the case may be; so, however, that any such modification or annulment shall be
without prejudice to the validity of anything previously done under that rule.
Power to 58. () If any difficulty arises in giving effect to the provisions of this Act, the Central
remove Government may, after consultation with the Chief Justice of India, by an order published in 45
difficulties.
the Official Gazette, make such provisions, not inconsistent with the provisions of this Act
as appear to it to be necessary or expedient for removing the difficulty:
15
Provided that no such order shall be made after the expiry of a period of three years
from the date of commencement of this Act.
() Every order made under this section shall, as soon as may be after it is made, be laid
before each House of Parliament.
51 of 1968. 5 59. () The Judges (Inquiry) Act, 1968 is hereby repealed. Repeal and sav-
ing.
51 of 1968. () Notwithstanding the repeal of the Judges (Inquiry) Act, 1968 (hereinafter referred
to as the repealed Act) the rules made by the Joint Committee under section 7 of the repealed
Act shall continue to be in force until rules are framed under section 49 of this Act.
() Notwithstanding such repeal, anything done or any action taken or purported to
10 have been done or taken including any order or notice made or issued or any inquiry
initiated under the repealed Act shall, in so far as it is not inconsistent with the provisions of
this Act, be deemed to have been done or taken or initiated under the corresponding
provisions of this Act.
() The mention of particular matters in sub-sections () and () shall not be held to
10 of 1897. 15 prejudice or affect the general application of section 6 of the General Clauses Act, 1897 with
regard to the effect of repeal.
THE SCHEDULE
[5GGsection 3()]
JUDICIAL STANDARDS
1. Norms, including punctuality and commitment to work, guidelines and conven-

tions essential for the conduct and behaviour of Judges, being pre-requisite for
an independent, strong and respected judiciary, having integrity and detachment
and impartial administration of justice as reflected in the Restatement of Values
already adopted by the Conference of Chief Justices held in 1999 shall be prac-
tised by every Judge.
2. All times be conscious that he is under the public gaze and not do any act or
omission which is unbecoming of the high office he occupies and the public
esteem in which that office is held.
3. A degree of aloofness consistent with the dignity of his office shall be practised
by every Judge.
4. Judgments should speak for themselves.
ōōōō
16
STATEMENT OF OBJECTS AND REASONS
The Judges (Inquiry) Act, 1968 was enacted with a view to lay down a procedure for
removal, for proved misbehaviour or incapacity, of Judges of the High Courts and the Supreme
Court by way of address of the Houses of Parliament to the President. There is, however, no
legal provision at present for dealing with complaints filed by the public against Judges of
the High Courts and the Supreme Court. The need for a statutory mechanism to address
complaints of the public in this regard has been felt to bring greater transparency in the
judiciary.
6JG(WNN%QWTVOGGVKPIQH5WRTGOG%QWTVQH+PFKCQP/C[JCFCFQRVGFőVJG
4GUVCVGOGPVQH8CNWGUQH,WFKEKCN.KHGŒ6JGCDQXG4GUVCVGOGPVNC[UFQYPEGTVCKPLWFKEKCN
standards which are to be followed by the Judges of the Supreme Court and the High Courts.
However, this Restatement of Values of Judicial Life does not have any legal authority and
cannot be enforced. It is felt that the judicial standards also be made a part of the statute to
give it the requisite legal sanction. This measure is also likely to increase public confidence
in the judiciary considerably as the Judges would be required to follow the prescribed
judicial standards.
3. There is also no legal provision at present that requires Judges of the Supreme Court
and High Courts to declare their assets and liabilities. The Resolution adopted at the Full
Court meeting of the Supreme Court of India on 7 May, 1997 requires every Judge to declare
his assets within a reasonable time of assuming office and thereafter whenever acquisition of
substantial nature is made. The Second Administrative Reforms Commission, in its Fourth
Report on Ethics in Governance, endorsed the above resolution after noting that independence
of Judiciary is inextricably linked with judicial ethics and any conduct on the part of a Judge
which demonstrates lack of integrity and dignity will undermine the trust reposed in the
judiciary by the citizens and, therefore, the conduct of a judge should be above reproach. In
VJG9TKV2GVKVKQP
%0QHKNGFQPDGJCNHQHVJG*QPŏDNG5WRTGOG%QWTVKPVJG&GNJK
High Court challenging the order dated 6 January, 2009 passed by the Central Information
Commission under the Right to Information Act, 2005, it has been asserted on behalf of the
Supreme Court that the Judiciary has no objection to the disclosure of assets of Judges
provided this is done in a formal manner by an Act of Parliament with adequate safeguards.
In this backdrop, it is considered necessary to enact a law in this regard to meet with the
larger public interest as well as ensuring and maintaining the independence of the judiciary.
4. The Judicial Standards and Accountability Bill, 2010 seeks to repeal the Judges
(Inquiry) Act, 1968, while retaining its basic features and aims to achieve all the above
objectives of creating a statutory mechanism for enquiring into individual complaints against
Judges of the High Courts and the Supreme Court and recommending appropriate action,
enabling declaration of assets and liabilities of Judges and laying down the judicial standards
to be followed by the Judges. All these measures will increase accountability of Judges of
the High Courts and the Supreme Court thereby further strengthening the independence of
the judiciary.
5. The proposed Bill would strengthen the institution of judiciary in India by making it
more accountable thereby increasing the confidence of the public in the institution.
6. The Bill seeks to achieve the above objectives.
NEW DELHI; M. VEERAPPA MOILY.

6JG 10VJ0QXGODGT, 2010.
17
18
24'5+&'06ŏ54'%1//'0&#6+1070&'4#46+%.'1(6*'%1056+676+101(
INDIA
ōōōō
[Copy of letter No. K.11015/5/2009-US.II dated the 16th November, 2010 from Dr. M.
Veerappa Moily, Minister of Law and Justice to the Secretary-General, Lok Sabha]
The President, having been informed of the subject matter of the proposed Judicial
Standards and Accountability Bill, 2010 has recommended the introduction and considration
of the Bill under article 117(1) and (3) of the Constitution.
ōōōō
0QVGUQPENCWUGU
%NCWUG2 . ¯ This clause defines certain expressions used in the proposed legislation,
which, KPVGT CNKC KPENWFG VJG GZRTGUUKQPU őCUUGVUŒ őKOOQXCDNG RTQRGTV[Œ őOQXCDNG
RTQRGTV[Œ őEQORGVGPV CWVJQTKV[Œ őKPECRCEKV[Œ őKPXGUVKICVKQP EQOOKVVGGŒ őKPSWKT[Œ
őLWFKEKCNUVCPFCTFUŒőNKCDKNKVKGUŒCPFőOKUDGJCXKQWTŒGVE
%NCWUG 3.¯ This clause specifies the judicial standards. It provides that every Judge
shall continue to practice universally accepted values of judicial life as specified in the
Schedule to the proposed legislation. The judicial standards, KPVGT CNKC include that no
,WFIGUJCNNō
CEQPVGUVVJGGNGEVKQPVQCP[QHHKEGQHCENWDUQEKGV[QTQVJGTCUUQEKCVKQPQT
hold such elective office except in a society or association connected with the law or any
court; (b) have close association with individual members of the Bar, particularly with those
who practice in the same court in which he is a Judge; (c) permit any member of his immediate
family (including spouse, son, daughter, son-in-law or daughter-in-law or any other close
relative), who is a member of the Bar, to appear before him or associated in any manner with
a cause to be dealt with by him; (d) permit any member of his family, who is a member of the
Bar, to use the residence in which the Judge actually resides or use other facilities provided
to the Judge, for professional work of such member; (e) hear and decide a matter in which a
member of his family, or his close relative or a friend is concerned; (f) enter into public debate
or express his views in public on political matters or on matters which are pending or are
NKMGN[VQCTKUGHQTLWFKEKCNFGVGTOKPCVKQPD[JKOGVE+VHWTVJGTFGHKPGUVJGVGTOőTGNCVKXGŒHQT
the purposes of this clause.
%NCWUG4.¯ This clause makes provision for declaration of assets and liabilities by Judges.
It provides that every Judge shall make a declaration of his assets and liabilities in the
manner as provided by or under the proposed legislation.
It further provides that a Judge shall, within thirty days, from the date on which he makes
and subscribes an oath or affirmation to enter upon his office, furnish to the competent
authority the information relating to the assets of which he, his spouse and his dependent
children are, jointly or severally, owners or beneficiaries and his liabilities and that of his
spouse and his dependent children.
It also provides that every Judge shall file with the competent authority, on or before the
31st July of every year, an annual return of such assets and liabilities, as on the
31st March of that year in the form and manner as may be provided in the rules.
%NCWUG5.¯ This clause provides for making available document or information in relation
to a declaration of assets and liabilities of Judges on website. It provides that the competent
authority shall exhibit the document or information in relation to a declaration of assets and
liabilities of Judges in the case of Judges and Chief Justices of the High Courts, on the
website of the High Court in which such Judges and Chief Justice are serving; and in the
case of Judges of the Supreme Court and Chief Justice of India, on the website of the
Supreme Court.
%NCWUG6.¯ This clause makes provision for maintenance of records. It provides that the
competent authority shall keep the documents or information forms containing the
details of the assets and liabilities and other particulars in relation thereto filed by the Judges
in its safe custody for such period as may be decided by the Oversight Committee.
%NCWUG7.¯ This clause makes provisions relating to complaints. It provides that any
person making an allegation of misbehaviour or incapacity in respect of a Judge may file a
complaint in this regard to the Oversight Committee.
%NCWUG8.¯ This clause makes provision for manner of making of complaint. It provides
that the complaint under clause 7 shall be filed in form and manner as may be provided in the
rules made in this behalf. It further provides that the complaints should set forth particulars
of the misbehaviour or incapacity which is the subject matter of allegation and be verified at
the foot of the complaint by the complainant and shall specify, by reference to the numbered
19
20
paragraphs of the complaint, what he verifies of his own knowledge and what he verifies
upon information and shall refer to the source of the information.
%NCWUG9.¯ This clause makes provision for reference to Scrutiny Panel. It provides
that the Oversight Committee shall refer all such complaints to the appropriate Scrutiny
Panel constituted under Chapter V for scrutiny.
%NCWUG1 0 . ¯ This clause provides for the constitution of the Scrutiny Panel. It provides
VJCV VJGTG UJCNN DG EQPUVKVWVGF C RCPGN VQ DG ECNNGF ő%QORNCKPVU 5ETWVKP[ 2CPGNŒ KP VJG
Supreme Court and in every High Court to scrutinise the complaints against a Judge received
under the proposed legislation.
%NCWUG11.¯ This clause provides for the composition of the Scrutiny Panel. It provides
that the Scrutiny Panel in the Supreme Court shall consist of a former Chief Justice of India
and two Judges of the Supreme Court to be nominated by the Chief Justice of India and in
every High Court the Scrutiny Panel shall consist of a former Chief Justice of that High Court
and two Judges of that High Court to be nominated by the Chief Justice of that High Court.
%NCWUG12.¯ This clause specifies the functions of the Scrutiny Panel. It provides that
if the Scrutiny Panel, after scrutiny of the complaint referred to it for scrutiny under clause 9,
and after making scrutiny of the complaint, as it deems appropriate, is satisfied that there are
sufficient grounds for proceeding against the Judge, it shall, after recording reasons therefor,
submit a report on its findings to the Oversight Committee for making inquiry against the
Judge in accordance with the provisions of this Act; and if the complaint is frivolous or
vexatious, or, is not made in good faith, or there are not sufficient grounds for inquiring into
the complaint, or the complaint relates only to the merits of the judgment or a procedural
order, then, it shall after recording reasons therefor submit a report on its findings to the
Oversight Committee for not proceeding with the complaint and treating the matter as
closed.
It further provides that the Scrutiny Panel shall submit its report to the Oversight
Committee within a maximum period of three months from the date of receipt of the complaint
from the Oversight Committee.
%NCWUG13.¯ This clause provides the procedure of the Scrutiny Panel. It provides that
save as otherwise provided in the proposed legislation, the Scrutiny Panel shall have power
to regulate its own procedure in scrutinising the complaints.
%NCWUG14.¯ This clause vests power of civil court in the Scrutiny Panel in respect of
scrutinising the complaints forwarded to it which include the powers of summoning and
enforcing the attendance of any person from any part of India and examining him on oath;
requiring the discovery and production of any document; receiving evidence on affidavits;
requisitioning any public record or copy thereof from any court or office; and issuing
commissions for the examination of witnesses or other documents.
%NCWUG15.¯ This clause makes provisions for officers and other employees for the
Scrutiny Panel. This clause provides that the Chief Justice of India shall determine the nature
and categories of the officers and other employees required to assist the Scrutiny Panel in
the discharge of its functions and provide the Scrutiny Panel with such officers and other
employees as he may think fit.
It further provides that the Chief Justice of the High Court shall determine the nature
and categories of the officers and other employees required to assist the Scrutiny Panel in
the discharge of its functions and provide the Scrutiny Panel with such officers and other
employees as he may think fit.
%NCWUG16.¯ This clause makes provision regarding frivolous and vexatious complaints.
It provides that if the Scrutiny Panel is of the opinion that a complaint was filed frivolously
or vexatiously or only with a view to scandalise or intimidate a Judge, it may refer the case to
the Oversight Committee for further action.
21
%NCWUG17. ¯ This clause provides that the Central Government may, by notification,
establish a National Judicial Oversight Committee with effect from such date as it may
decide.
%NCWUG18. ¯ This clause provides for the composition of the Oversight Committee.
It provides that the National Judicial Oversight Committee shall consist of a retired Chief
Justice of India appointed by the President after ascertaining the view of the Chief Justice of
India as its Chairperson; and a Judge of the Supreme Court and the Chief Justice of a
High Court, to be nominated by the Chief Justice of India and; the Attorney General for
India an, GZQHHKEKQ member and an eminent person to be nominated by the President as its
Member.
It further provides that where the allegations are against a Judge of the Supreme Court,
who is a member of the Oversight Committee, then, the Chief Justice of India shall nominate
another Judge of the Supreme Court in his place as a member of that committee and in case
where the allegations are against the Chief Justice of a High Court, who is a member of the
Oversight Committee, then, the Chief Justice of India shall nominate a Chief Justice of
another High Court in his place as member of that committee.
It also provides that after the commencement of the proceedings relating to a complaint
against a Judge if any change in the composition of the Oversight Committee arises due to
elevation of a member of the Oversight Committee, as the Chief Justice of India or a Judge
of a Supreme Court, as the case may be; or if any change arises in the composition of the
Oversight Committee due to refusal or retirement or resignation or any other reason, then,
the proceedings of the Oversight Committee shall continue from the stage from which it was
pending before such change and the Chairperson of the Oversight Committee shall make
such incidental changes, as he deems necessary, to continue the proceedings.
%NCWUG19.¯ This clause provides for procedure of forwarding of complaint relating to
misbehaviour to Scrutiny Panel. It provides that the Oversight Committee shall, within three
months of the receipt of a complaint relating to misbehaviour of an individual Judge of the
Supreme Court or Chief Justice of a High Court, refer the complaint, to the Scrutiny Panel of
the Supreme Court to scrutinise and report thereon; and in the case of complaint of
misbehaviour of an individual Judge of a High Court, refer the complaint, to the Scrutiny
Panel of the High Court in which such Judge is acting as such, to scrutinise and report
thereon.
%NCWUG20.¯ This clause makes provision for maintenance of records of complaints
forwarded to Scrutiny Panel. It provides that the Oversight Committee shall maintain a record
of the complaints referred to the Scrutiny Panel.
%NCWUG21.¯ This clause provides that a complaint against the Chief Justice of India
shall not be referred to the Scrutiny Panel for scrutiny but shall be scrutinised by the Oversight
Committee.
%NCWUG 22.¯ This clause makes provision for investigation by an investigation
committee. It provides that the Oversight Committee constitute an investigation committee
to investigate into the complaint in respect of which the Scrutiny Panel has recommended in
its report for making inquiry against the Judge in accordance with the provisions of the
proposed legislation.
It further provides that the composition and tenure of the investigation committee shall
be such as may be decided by the Oversight Committee and different investigation committees
may be constituted for inquiry into different complaints.
%NCWUG23.¯ This clause vests power of civil court in the Oversight Committee and the
investigation committee in respect of investigation of the complaints forwarded to them
which include the powers of summoning and enforcing the attendance of any person from
any part of India and examining him on oath; requiring the discovery and production of any
document; receiving evidence on affidavits; requisitioning any public record or copy thereof
22
from any court or office; and issuing commissions for the examination of witnesses or other
documents.
%NCWUG24.¯ This clause empowers the investigation committee with the power of
search and seizure. It provides that if it has reason to believe that any documents which, in
its opinion, will be useful for, or relevant to, any preliminary investigation or inquiry, are
secreted in any place, it may authorise any officer subordinate to it, or any officer of an
agency referred to in clause 25, to search for and to seize such documents.
It further provides that the provisions of the Code of Criminal Procedure, 1973, relating
to searches shall, so far as may be, apply to searches under this clause subject to the
modification that sub-section (5) of section 165 of the said Code shall have effect as if, for the
YQTFő/CIKUVTCVGŒYJGTGXGTKVQEEWTUVJGYQTFUőKPXGUVKICVKQPEQOOKVVGGQTCP[QHHKEGT
CWVJQTKUGFD[KVŒYGTGUWDUVKVWVGF
%NCWUG2 5 . ¯ This clause empowers the investigation committee to make a request to
the Oversight Committee for providing assistance to it and the Oversight Committee on
such request may invoke its powers in this behalf under clause 38 of the proposed
legislation.
%NCWUG26.¯ This clause empowers the investigation committee to proceed GZRCTVG if
a Judge, to whom notice is issued by the investigation committee referred to in clause 22,
refuses to appear before it or does not co-operate with it in conducting investigation.
%NCWUG 2 7 . ¯ This clause empowers the investigation committee to cause
investigation into any act or conduct of any person after giving such person a reasonable
opportunity of being heard and to produce evidence in his defence if it considers
necessary so to do for the purpose of its investigation into any allegations made against
a Judge.
%NCWUG28.¯ This clause provides that the investigation committee, after completion of
the inquiry in respect of a complaint, shall submit its findings to the Oversight Committee.
%NCWUG 29.¯ This clause lays down the procedure in inquiries by the investigation
committee. It provides that the investigation committee shall frame definite charges against
the Judge on the basis of which the inquiry is proposed to be held and every such inquiry
shall be conducted KPECOGTC.
It further provides that the charges framed and the statement of grounds on which each
such charge is based shall be communicated to the Judge and he shall be given a reasonable
opportunity of presenting a written statement of defence within such time as may be
specified by the investigation committee.
It also provides that the investigation committee shall complete the inquiry within a
period of six months from the date of receipt of the complaint and the Oversight Committee
may after recording the reasons in writing extend the period for completion of the inquiry by
a further period of six months.
%NCWUG30.¯ This clause provides that the investigation committee shall have power to
regulate its own procedure in making the inquiry and shall give reasonable opportunity to
the Judge of cross-examining witnesses, adducing evidence and of being heard in his
defence.
%NCWUG 3 1 . ¯ This clause provides that if it is requested by the investigation
committee, then, the Central Government may appoint an advocate to conduct the cases
against the Judge.
%NCWUG32.¯ This clause makes provision for staff of the Oversight Committee. It
provides that the Oversight Committee shall appoint a Secretary and such other officers and
employees possessing such qualifications, as the President may determine, from time to
time, in consultation with the Oversight Committee.
23
It further provides that the terms and conditions of service of the Secretary, officers and
employees of the Oversight Committee shall be such as the President may determine, from
time to time, in consultation with the Oversight Committee. The Secretary, officers and other
employees shall be under control and direction of the Oversight Committee.
It also provides that the Oversight Committee shall provide such number of its officers
and other employees to assist the investigation committee as the Oversight Committee
considers appropriate having regard to the nature of investigation in a case.
%NCWUG 33.¯ This clause empowers the Oversight Committee, if it considers it
necessary in the interest of fair and impartial scrutiny of complaints or investigation or
inquiry, to recommend stoppage of assigning judicial work including cases assigned to the
Judge concerned during the pendency of the inquiry by the investigation committee.
%NCWUG34.¯ This clause empowers the Oversight Committee to dismiss the complaint
or impose minor penalties. It provides that if the Oversight Committee on receipt of the report
from the investigation committee is satisfied that no charges have been proved, it shall
dismiss the complaint and matter be closed and no further action shall be taken against the
Judge and the complainant shall be informed accordingly. It further provides that if all or any
of the charges have been proved but the Oversight Committee is of the opinion that the
charges proved do not warrant removal of the Judge, it may, by order, issue advisories or
warnings.
It further provides that if the Oversight Committee, on receipt of the report from the
investigation committee is satisfied that there has been a RTKOCHCEKG commission of any
offence under any law for the time being in force by a Judge, it may recommend to the Central
Government for prosecution of the Judge in accordance with the law for the time being in
force.
It also provides that the inquiry or investigation may be continued against the Judge
even if such Judge has demitted office, if the Oversight Committee is of the opinion that the
misbehaviour is serious in nature and requires to be inquired into or investigated and the
Oversight Committee may after conclusion of inquiry forward its findings to the Central
Government to take further action in the matter under relevant law for the time being in force.
%NCWUG35.¯ This clause makes provision for advice to President for removal of Judge.
It provides that if the Oversight Committee is satisfied that all or any of the charges of
misbehaviour or incapacity of a Judge have been proved and that they are of serious nature
warranting his removal, it shall request the Judge to voluntarily resign and if he fails to do so,
then advise the President accordingly who shall refer the matter to Parliament.
%NCWUG 36.¯ This clause provides that if the Scrutiny Panel refers a case to the
Oversight Committee under clause 16 relating to complaints which was filed frivolously or
vexatiously or only with a view to scandalise or intimidate a Judge, the Oversight Committee
shall consider the matter and if it concurs with the conclusion of the Scrutiny Panel, it may
authorise the filing of a criminal complaint against the original complainant before a
competent court.
%NCWUG37.¯This clause makes provision to deem all proceedings under the proposed
legislation to be judicial proceedings within the meaning of sections 193 and 228 of the
Indian Penal Code, and the Oversight Committee shall be deemed to be a civil court for the
purposes of section 195 and Chapter XXVI of the Code of Criminal Procedure, 1973.
%NCWUG38.¯ This clause empowers the Oversight Committee to take assistance of such
officers of the Central Government or State Government or any agency thereof or authority
as it deems fit.
%NCWUG 39.¯ This clause makes provision as regard to confidentiality in complaint
procedure. It provides that notwithstanding anything contained in any other law for the time
being in force, the complainant and every person who participates in the scrutiny or
investigation or inquiry as a witness or as a legal practitioner or in any other capacity,
24
whether or not he seeks confidentiality about his name, shall undertake to the Oversight
Committee or Scrutiny Panel or investigation committee that he shall not reveal his own
name, the name of the Judge complained against, the contents of the complaint or any of the
documents or proceedings to anybody else including the media without the prior written
approval of the Oversight Committee.
%NCWUG40.¯ This clause provides for keeping identity of complainant confidential. It
provides that the Oversight Committee or the Scrutiny Panel or investigation committee may,
at the request of a complainant, direct that the complainant be accorded such protection, as
it deems appropriate, including keeping his identity confidential, from every body and also
the Judge against whom the complaint is made.
%NCWUG41.¯This clause provides that after the commencement of scrutiny of complaint
no action for contempt of court shall lie or shall be proceeded with in respect of the allegations,
which are the subject matter of the investigation or inquiry.
%NCWUG42. ¯ This clause provides that any scrutiny, investigation or inquiry pending
before the Scrutiny Panel or investigation committee or Oversight Committee shall not affect
the criminal liability in respect of such allegations which are the subject matter of the
investigation or inquiry.
%NCWUG43.¯ This clause make overriding provision with reference to confidentiality of
informations. It provides that notwithstanding anything contained in the Right to Information
Act, 2005 or any other law for the time being in force, all papers, documents and records of
proceedings related to a complaint, preliminary investigation and inquiry shall be confidential
and shall not be disclosed by any person in any proceeding except as directed by the
Oversight Committee. However, the findings of the investigation committee and the orders
passed by the Oversight Committee under clause (b) of sub-clause (1) of clause 34 relating to
action taken on receipt of the report from the investigation committee shall be made public.
%NCWUG44.¯ This clause provides for protection of action taken in good faith. It provides
that no suit, prosecution or other legal proceeding shall lie against the Chairperson or any
member of the Oversight Committee, Scrutiny Panel, investigation committee or against any
officer or employee, agency or person engaged by such committees or panel for the purpose
of conducting scrutiny or investigation or inquiry in respect of anything which is in good
faith done or intended to be done under this Act or the rules made thereunder.
%NCWUG45.¯ This clause provides for laying of advice of Oversight Committee before
Parliament. It provides that the President, on receipt of advice under clause 35, shall cause
the findings of the Oversight Committee along with the accompanying materials to be laid
before both the Houses of Parliament.
%NCWUG46.¯ This clause provides for motion for removal of a Judge. It provides that on
laying of the advice of the Oversight Committee along with the accompanying material, the
Central Government may move a motion in either House of Parliament for taking up the said
advice for consideration by the House.
%NCWUG 47.¯ This clause makes provision of investigation into misbehaviour or
incapacity of Judge by investigation committee for removal of Judges. It provides that if
notice is given of a motion for presenting an address to the President praying for the removal
of a Judge signed in the case of a notice given in the House of the People, by not less than
one hundred members of that House; and in the case of a notice given in the Council of
States, by not less than fifty members of that Council, then, the Speaker or, as the case may
be, the Chairman may, after consulting such persons, if any, as he thinks fit and after
considering such materials, if any, as may be available to him, either admit the motion or
refuse to admit the same.
It further provides that if the motion is admitted, the Speaker or, as the case may be, the
Chairman shall keep the motion pending and the matter shall be referred to the Oversight
Committee for constitution of an investigation committee under clause 22 and thereafter the
25
Oversight Committee shall constitute an investigation committee which shall conduct an
inquiry in accordance with the provisions contained in Chapter VI and submit its report to
the Oversight Committee for being submitted to the Speaker or Chairman, as the case may be,
for consideration.
It also provides that where it is alleged that a Judge is unable to discharge the duties
of his office efficiently due to any physical or mental incapacity and the allegation is denied,
the investigation committee may arrange for the medical examination of the Judge by such
Medical Board to be appointed for the purpose by the Speaker or, as the case may be, the
Chairman and the Medical Board shall undertake medical examination of the Judge and
submit a report to the investigation committee stating therein whether the incapacity is such
as to render the Judge unfit to continue in office.
It also provides that if the Judge refuses to undergo medical examination, the Medical
Board shall submit a report to the investigation committee stating therein the examination
which the Judge has refused to undergo, and the investigation committee may, on receipt of
such report, presume that the Judge suffers from such physical or mental incapacity as is
alleged in the motion.
%NCWUG48.¯ This clause makes provision for consideration of report and procedure for
presentation of an address for removal of Judge. It provides that if the report of the
investigation committee contains a finding that the Judge is not guilty of any misbehaviour
or does not suffer from any incapacity, then, no further steps shall be taken in either House
of Parliament in relation to the report and the motion pending in the House or the Houses of
Parliament shall not be proceeded with. It further provides that if the report of the investigation
committee contains a finding that the Judge is guilty of any misbehaviour or suffers from any
incapacity, then, the motion referred to in clause 46 shall together with the report of the
investigation committee, be taken up for consideration by the House or the Houses of
Parliament in which it is pending.
It further provides that if the motion is adopted by each House of Parliament in
accordance with the provisions of clause (4) of article 124 or, as the case may be, in accordance
with that clause read with article 218 of the Constitution, then, the misbehaviour or incapacity
of the Judge shall be deemed to have been proved and an address praying for the removal
of the Judge shall be presented in the prescribed manner to the President by each House of
Parliament in the same session in which the motion has been adopted.
%NCWUG4 9 . ¯ This clause empowers the Joint Committee to make rules. It provides that
a Joint Committee of both Houses of Parliament shall be constituted in accordance with
the provisions hereinafter contained for the purpose of making rules to carry out the
purposes of this Chapter. It further provides that the Joint Committee shall consist of fifteen
members of whom ten shall be nominated by the Speaker and five shall be nominated by the
Chairman and the Joint Committee shall elect its own Chairman and shall have power to
regulate its own procedure.
It also specifies the matter for which the Joint Committee may make rules. It also provides
that any rule made under this clause shall not take effect until they are approved and
confirmed both by the Speaker and the Chairman and are published in the Official
Gazette, and such publication of the rules shall be conclusive proof that they have been
duly made.
%NCWUG50.¯ This clause provides punishment for intentional insult or interruption to

the Oversight Committee. It provides that whoever intentionally insults, or causes any
interruption, to the Scrutiny Panel or investigation committee or Oversight Committee while
the Oversight Committee or Scrutiny Panel or investigation committee or any of their members
is doing scrutiny or conducting any investigation or inquiry under the proposed legislation,
shall be punished with simple imprisonment for a term which may extend to six months, or
with fine, or with both.
26
It further provides that the provisions of sub-section (2) of section 199 of the Code of
Criminal Procedure, 1973 shall apply in relation to an offence under this clause subject to the
modification that no complaint in respect of such offence shall be made by the Public
Prosecutor except with the previous sanction of the Oversight Committee.
%NCWUG51.¯ This clause provides for penalty for violation of confidentiality in complaint
procedure. It provides that if any complainant or other person, who participates in the
scrutiny or investigation or inquiry as a witness or as a legal practitioner or in any other
capacity, contravenes the provisions of clause 39 or clause 40 or clause 43, shall be liable for
punishment with simple imprisonment for a term which may extend to one month, or with fine
which may extend to five hundred rupees or with both.
%NCWUG52.¯ This clause makes provision relating to power of the Oversight Committee
to try certain cases. It provides that when any offence as is described in sub-clause (1) of
clause 50 is committed, in the view, or, in the presence, of the Oversight Committee, then said
Oversight Committee, may cause the offender to be detained in custody and may at any time
on the same day take cognizance of the offence and after giving the offender a reasonable
opportunity of showing cause, try such offender summarily in accordance with the procedure
specified for summary trials under the Code of Criminal Procedure, 1973, and sentence him to
simple imprisonment for a term which may extend to one month, or with fine which may
extend to five hundred rupees, or with both.
%NCWUG53.¯ This clause provides for punishment for false and vexatious complaints.
It provides that any person who makes a complaint which is found to be frivolous or vexatious
or made with an intent to scandalise or intimidate the Judge against whom such complaint is
filed, shall be punishable with rigorous imprisonment for a term which may extend to five
years and also to fine which may extend to five lakh rupees.
It further provides that the provisions of this clause shall have effect notwithstanding
anything contained in the Code of Criminal Procedure, 1973.
%NCWUG 5 4 . ¯ This clause contains provisions relating to offences by companies. It
provides that where any offence under the proposed legislation has been committed by a
company, every person who, at the time the offence was committed, was in charge of, and
was responsible to the company for the conduct of the business of the company, as well as
the company, shall be deemed to be guilty of the offence and shall be liable to be proceeded
against and punished accordingly. It further provides that if he proves that the offence was
committed without his knowledge or that he had exercised all due diligence to prevent the
commission of such offence, he shall not be liable to any punishment provided in the proposed
legislation.
It also provides that where any offence has been committed by company and it is proved
that the offence has been committed with the consent or connivance of, or is attributable to
any neglect on the part of, any director, manager, secretary or other officer of the company,
such director, manager, secretary or other officer shall also be deemed to be guilty of that
offence and shall be liable to be proceeded against and punished accordingly.
%NCWUG55.¯ This clause contains provision relating to offences by societies or trusts.
It provides that where an offence under the proposed legislation is committed by a society or
trust, every person who at the time the offence was committed was in charge of, and was
responsible to, the society or trust for the conduct of the business of the society or the trust,
as well as the society or trust, shall be deemed to be guilty of the offence and shall be liable
to be proceeded against and punished accordingly. It further provides that if he proves that
the offence was committed without his knowledge or that he exercised all due diligence to
prevent the commission of such offence, then, such person shall not be liable to any punishment
provided in the proposed legislation.
It also provides that where any offence under the proposed legislation is committed by
a society or trust and it is proved that the offence has been committed with the consent or
27
connivance of, or is attributable to, any neglect on the part of any director, manager, secretary,
trustee or other officer of the society or trust, such director, manager, secretary, trustee or
other officer shall also be deemed to be guilty of that offence and shall be liable to be
proceeded against and punished accordingly.
%NCWUG56.¯ This clause provides for appeal to Supreme Court. It provides that any
person convicted on a trial held under sub-clause (1) of clause 53 may appeal to the Supreme
Court within a period of sixty days from the date of order of such conviction.
%NCWUG5 7 .¯ This clause empowers the Central Government to make rules, in consultation
with the Chief Justice of India, by notification in the Official Gazette, for carrying out the
provisions of the proposed legislation (other than provisions contained under Chapter VII).
It further specifies the matters for which the Central Government may make rules. It also
provides that every rule made by the Central Government shall be laid before each House of
Parliament.
%NCWUG5 8 . ¯ This clause makes provisions for removal of difficulties. It provides that if
any difficulty arises in giving effect to the provisions of the proposed legislation, the Central
Government may, after consultation with the Chief Justice of India, by order published in the
Official Gazette, make such provisions, not inconsistent with the provisions of the proposed
legislation as may appear to it to be necessary for removing the difficulty. It further provides
that such order shall be made within a period of two years from the commencement of the
proposed legislation. It also provides that every order made under this clause shall be laid, as
soon as may be after it is made, before each House of Parliament.
%NCWUG5 9 . ¯ This clause provides for repeal of the Judges (Inquiry) Act, 1968. It further
provides that notwithstanding the repeal of the Judges (Inquiry) Act, 1968, the rules made by
the Joint Committee under section 7 of the repealed Act shall continue to be in force until
rules are framed under section 49 of the proposed legislation. It also provides that
notwithstanding such repeal, anything done or any action taken under the said Acts shall be
deemed to have been done or taken under the corresponding provisions of the proposed
legislation. It also provides that the matters mentioned in sub-clauses (2) and (3) shall not be
held to prejudice or affect the general application of section 6 of the General Clauses Act,
1897 with regard to the effect of repeal.
Schedule appended to the proposed legislation specifies the Judicial Standards to be
practised by all Judges.
FINANCIAL MEMORANDUM
Clause 17 of the Bill provides for establishment of National Judicial Oversight Committee
comprising of a retired Chief Justice of India as the Chairperson, a Judge of the Supreme
Court and the Chief Justice of a High Court to be nominated by the Chief Justice of India and
the Attorney-General for India and an eminent person to be nominated by the President as
members.
Clause 31 of the Bill empowers the Central Government, if requested by the investigation
committee, to appoint an advocate to conduct the cases against the Judge.
Clause 32 of the Bill provides for appointment of a Secretary and such other officers and
employees as the President may determine, from time to time, in consultation with the
Oversight Committee.
The expenditure on account of the aforesaid provisions would be negligible. At this
stage, it is not practicable to make an estimate of expenditure likely to be involved in the
financial year 2010-2011, both recurring and non-recurring. However, the expenditure would
be met from the Consolidated Fund of India.
28
MEMORANDUM REGARDING DELEGATED LEGISLATION
Sub-clause (1) of clause 57 of the Bill empowers the Central Government to make rules, in
consultation with the Chief Justice of India, to carry out the provisions of the proposed
legislation.
2. Sub-clause (2) of clause 57 specifies the matters in respect of which such rules may be
made. These matters, KPVGTCNKCinclude: (i) the form in which the information relating to
assets and liabilities is to be furnished by Judges and the form for filing annual return by
Judges regarding their assets and liabilities, (ii) the form and manner in which a complaint is
to be filed, (iii) other matters in respect of which the Scrutiny Panel and the Oversight
Committee shall have powers of a civil court, and (iv) any other matter which is required to be
or may be prescribed for the purposes of the proposed legislation.
3. The rules made by the Central Government are to be laid before each House of
Parliament.
4. The matters in respect of which rules may be made in accordance with the aforesaid
provisions of the Bill are matters of procedure and detail and it is not practicable to provide
for them in the Bill itself. The delegation of legislative power is, therefore, of a normal
character.
29
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BILL
to lay down judicial standards and provide for accountability of Judges, and, establish
credible and expedient mechanism for investigating into individual complaints for
misbehaviour or incapacity of a Judge of the Supreme Court or of a High Court and to
regulate the procedure for such investigation; and for the presentation of an address
by Parliament to the President in relation to proceeding for removal of a Judge and for
matters connected therewith or incidental thereto.
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