Over the past century, Philips and Matsushita Electric have followed very different strategies and emerged with very different organizational capabilities. While Philips built its success on a portfolio of responsive national organizations, Matsushita based its global competitiveness on its centralized, highly efficient operations in Japan. Both companies experienced major challenges to their historic competitive positions and organizational models in the late 20th century as the industry and global business environment changed dramatically.

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4LMPMTW 3VKERM^EXMSREP (IZIPSTQIRX
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8. 4(W
PSGEXIH MR )MRHLSZIR [IVI JSVQEPP] VIWTSRWMFPI JSV HIZIPSTQIRX
414
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TVSHYGXMSR ERH KPSFEP HMWXVMFYXMSR

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XLI STIVEXMSRW SJXIR YRHIVGYX XLMW JSVQEP VSPI
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;LMPI XLI JSVQEP GSVTSVEXIPIZIP WXVYGXYVI [EW VITVIWIRXIH EW E X]TI SJ KISKVETLMGTVSHYGX
QEXVM MX [EW GPIEV XLEX 23W LEH XLI VIEP TS[IV 8LI] VITSVXIH HMVIGXP] XS XLI QEREKIQIRX FSEVH
4
1
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10. 4LMPMTW ZIVWYW 1EXWYWLMXE 8LI 'SQTIXMXMZI EXXPI 'SRXMRYIW
[LMGL 4LMPMTW IRPEVKIH JVSQ JSYV QIQFIVW XS XS IRWYVI XLEX XST QEREKIQIRX VIQEMRIH MR GSRXEGX
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414
MRXIVIWXW 8ST QEREKIQIRX QSWX SJ [LSQ LEH GEVIIVW XLEX MRGPYHIH QYPXMTPI JSVIMKR XSYVW SJ HYX]
044
61-
QEHI JVIUYIRX SZIVWIEW ZMWMXW XS XLI 23W -R XLI FSEVH IWXEFPMWLIH XLI -RXIVREXMSREP 'SRGIVR
255
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[MXL MXW KVS[MRK TVSFPIQW =IX MR 4LMPMTWv JMRERGMEP TIVJSVQERGI VIQEMRIH TSSV ERH MXW KPSFEP
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4
6
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5
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12. 4LMPMTW ZIVWYW 1EXWYWLMXE 8LI 'SQTIXMXMZI EXXPI 'SRXMRYIW
TVSHYGX JPS[W EGVSWW 23W ,I TVSTSWIH GPSWMRK XLI PIEWX IJJMGMIRX PSGEP TPERXW ERH GSRZIVXMRK XLI
FIWX MRXS -RXIVREXMSREP 4VSHYGXMSR 'IRXIVW

13. -4'W
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414
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044
61-
TSPMXMGEP ERH SVKERM^EXMSREP HMJJMGYPX] SJ GPSWMRK PSGEP TPERXW LS[IZIV MQTPIQIRXEXMSR [EW WPS[
255
008
01-
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6SHIRFIVK ERH (IOOIV w8MPXMRK XLI 1EXVMx 3
-R XLI PEXI W ZER 6MIQWHMNOvW WYGGIWWSV (V 6SHIRFYVK GSRXMRYIH LMW XLVYWX 7IZIVEP -4'W
[IVI IWXEFPMWLIH FYX XLI 23W WIIQIH EW TS[IVJYP ERH MRHITIRHIRX EW IZIV ,I JYVXLIVIH QEXVM
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EHZERXEKI SJ 4LMPMTWv .ETERIWI GSYRXIVTEVXW LI GPSWIH MRIJJMGMIRX STIVEXMSRW{TEVXMGYPEVP] MR )YVSTI
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23W VIWTSRWMFPI JSV PSGEP TVSJMXW %RH LI EPPS[IH 23W XS MRTYX MRXS TVSHYGX TPERRMRK FYX KEZI
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GSRWYQIV IPIGXVSRMGW PIEHIVWLMT TSWMXMSR XS 1EXWYWLMXE ERH [EW SRI SJ SRP] X[S RSR.ETERIWI
GSQTERMIW MR XLI [SVPHvW XST XIR -XW RIX TVSJMX QEVKMRW SJ XS RSX SRP] PEKKIH FILMRH +IRIVEP
)PIGXVMGvW FYX IZIR MXW LMKLP] EKKVIWWMZI .ETERIWI GSQTIXMXSVWv WPMQ :ER HIV /PYKX WIX E TVSJMX
SFNIGXMZI SJ XS ERH QEHI FIEXMRK XLI .ETERIWI GSQTERMIW E XST TVMSVMX]
%W ZER HIV /PYKX VIZMI[IH 4LMPMTWv WXVEXIK] LI HIWMKREXIH ZEVMSYW FYWMRIWWIW EW GSVI

14. XLSWI XLEX
WLEVIH VIPEXIH XIGLRSPSKMIW LEH WXVEXIKMG MQTSVXERGI SV [IVI XIGLRMGEP PIEHIVW
ERH RSRGSVI

15. WXERH
EPSRI FYWMRIWWIW XLEX [IVI RSX XEVKIXW JSV [SVPH PIEHIVWLMT ERH GSYPH IZIRXYEPP] FI WSPH MJ VIUYMVIH
3J XLI JSYV FYWMRIWWIW HIJMRIH EW GSVI XLVII [IVI WXVEXIKMGEPP] PMROIH GSQTSRIRXW GSRWYQIV
IPIGXVSRMGW ERH XIPIGSQQYRMGEXMSRW ERH HEXE W]WXIQW 8LI JSYVXL PMKLXMRK [EW VIKEVHIH EW
WXVEXIKMGEPP] ZMXEP FIGEYWI MXW GEWL JPS[ JYRHIH HIZIPSTQIRX 8LI RSRGSVI FYWMRIWWIW MRGPYHIH
HSQIWXMG ETTPMERGIW ERH QIHMGEP W]WXIQW [LMGL ZER HIV /PYKX WTYR SJJ MRXS NSMRX ZIRXYVIW [MXL
;LMVPTSSP ERH +) VIWTIGXMZIP]
-R GSRXMRYMRK IJJSVXW XS WXVIRKXLIR XLI 4(W VIPEXMZI XS XLI 23W ZER HIV /PYKX VIWXVYGXYVIH 4LMPMTW
EVSYRH XLI JSYV GSVI KPSFEP HMZMWMSRW VEXLIV XLER XLI JSVQIV 4(W 8LMW EPPS[IH LMQ XS XVMQ XLI
QEREKIQIRX FSEVH ETTSMRXMRK XLI HMWTPEGIH FSEVH QIQFIVW XS E RI[ TSPMG]QEOMRK +VSYT
1EREKIQIRX 'SQQMXXII 'SRWMWXMRK TVMQEVMP] SJ 4( LIEHW ERH JYRGXMSREP GLMIJW XLMW FSH] VITPEGIH
XLI SPH 23HSQMREXIH -RXIVREXMSREP 'SRGIVR 'SYRGMP *MREPP] LI WLEVTP] VIHYGIH XLI WXVSRK
LIEHUYEVXIVW WXEJJ VIEPPSGEXMRK QER] SJ XLIQ XS XLI 4(W
414
044
8S PMRO 4(W QSVI HMVIGXP] XS QEVOIXW ZER HIV /PYKX HMWTEXGLIH QER] ITIVMIRGIH TVSHYGXPMRI
61-
255
QEREKIVW XS 4LMPMTWv QSWX GSQTIXMXMZI QEVOIXW *SV IEQTPI QEREKIQIRX SJ XLI HMKMXEP EYHMS XETI
008
01-
ERH IPIGXVMGWLEZIV TVSHYGX PMRIW [IVI VIPSGEXIH XS .ETER [LMPI XLI QIHMGEP XIGLRSPSK] ERH HSQIWXMG
022
3
ETTPMERGIW PMRIW [IVI QSZIH XS XLI 9RMXIH 7XEXIW
4
1
4
0
4
4
6
1
-
2
5
5
0
0
8
0
1
-
0
2
2
3

16. 4LMPMTW ZIVWYW 1EXWYWLMXE 8LI 'SQTIXMXMZI EXXPI 'SRXMRYIW
7YGL QSZIW EPSRK [MXL GSRXMRYIH IJJSVXW EX KPSFEPM^MRK TVSHYGX HIZIPSTQIRX ERH TVSHYGXMSR
IJJSVXW VIUYMVIH XLEX XLI TEVIRX GSQTER] KEMR JMVQIV GSRXVSP SZIV 23W IWTIGMEPP] XLI KMERX 2SVXL
414
%QIVMGER 4LMPMTW 'SVT

17. 2%4'
%PXLSYKL 4LMPMTW LEH SFXEMRIH E QENSVMX] IUYMX] MRXIVIWX EJXIV
044
61-
;SVPH ;EV -- MX [EW RSX EP[E]W EFPI XS QEOI XLI 97 GSQTER] VIWTSRH XS HMVIGXMZIW JVSQ XLI GIRXIV
255
008
EW XLI : :'6 MRGMHIRX WLS[IH 8S TVIZIRX VITPE]W SJ WYGL ITIVMIRGIW MR ZER HIV /PYKX
01-
022
VITYVGLEWIH TYFPMGP] S[RIH 2%4' WLEVIW JSV QMPPMSR 3
6IJPIGXMRK XLI KVS[MRK WIRXMQIRX EQSRK WSQI QEREKIVW XLEX 6
( [EW RSX QEVOIX SVMIRXIH
IRSYKL ZER HIV /PYKX LEPZIH WTIRHMRK SR FEWMG VIWIEVGL XS EFSYX SJ XSXEP 6
( 8S QEREKI
[LEX LI HIWGVMFIH EW w6
(vW XIRHIRG] XS TSRHIV XLI JYRHEQIRXEP PE[W SJ REXYVIx LI QEHI XLI 6
(
FYHKIX XLI HMVIGX VIWTSRWMFMPMX] SJ XLI FYWMRIWWIW FIMRK WYTTSVXIH F] XLI VIWIEVGL 8LMW VIUYMVIH XLEX
IEGL VIWIEVGL PEF FIGSQI JSGYWIH SR WTIGMJMG FYWMRIWW EVIEW

18. WII )LMFMX
*MREPP] ZER HIV /PYKX GSRXMRYIH XLI IJJSVX XS FYMPH IJJMGMIRX WTIGMEPM^IH QYPXMQEVOIX
TVSHYGXMSR JEGMPMXMIW F] GPSWMRK SJ XLI GSQTER]vW VIQEMRMRK TPERXW [SVPH[MHI ,I EPWS
IPMQMREXIH SJ MXW IQTPS]IIW{ XLVSYKL HMZIWXMRK FYWMRIWWIW WLEOMRK YT XLI
Q]XL SJ PMJIXMQI IQTPS]QIRX EX XLI GSQTER] ,I ERXMGMTEXIH XLEX EPP XLIWI VIWXVYGXYVMRKW [SYPH PIEH
XS E JMRERGMEP VIGSZIV] F] 9RERXMGMTEXIH PSWWIW JSV XLEX ]IEV LS[IZIV{QSVI XLER FMPPMSR
(YXGL KYMPHIVW

19. FMPPMSR
{TVSZSOIH E GPEWWEGXMSR PE[ WYMX F] ERKV] %QIVMGER MRZIWXSVW [LS
EPPIKIH XLEX TSWMXMZI TVSNIGXMSRW F] XLI GSQTER] LEH FIIR QMWPIEHMRK -R E WYVTVMWI QSZI SR 1E]
ZER HIV /PYKX ERH LEPJ SJ XLI QEREKIQIRX FSEVH [IVI VITPEGIH
8MQQIVvW 3TIVEXMSR 'IRXYVMSRx
8LI RI[ TVIWMHIRX .ER 8MQQIV LEH WTIRX QSWX SJ LMW ]IEV 4LMPMTW GEVIIV XYVRMRK EVSYRH
YRTVSJMXEFPI FYWMRIWWIW 9RHIV XLI FERRIV w3TIVEXMSR 'IRXYVMSRx LI PSWX RS XMQI MR PEYRGLMRK ER
MRMXMEXMZI XLEX GYX LIEHGSYRX F] SV SZIV XLI RIX QSRXLW IEVRMRK 8MQQIV XLI RMGOREQI
w8LI YXGLIV SJ )MRHLSZIRx IGEYWI )YVSTIER PE[W VIUYMVIH WYFWXERXMEP GSQTIRWEXMSR JSV
PE]SJJW{)MRHLSZIR [SVOIVW VIGIMZIH QSRXLWv TE] JSV IEQTPI{XLI JMVWX VSYRH SJ PE]SJJW
EPSRI GSWX 4LMPMTW QMPPMSR 8S WTVIEH XLI FYVHIR EVSYRH XLI KPSFI 8MQQIV EWOIH LMW 4(
QEREKIVW XS RIKSXMEXI GYXW [MXL 23 QEREKIVW YX EGGSVHMRK XS SRI VITSVX GSYRXV] QEREKIVW [IVI
wHMKKMRK MR XLIMV LIIPW XS WEZI PSGEP NSFWx 2SRIXLIPIWW GYXW GEQI{QER] JVSQ SZIVWIEW STIVEXMSRW
8S JSGYW VIWSYVGIW JYVXLIV 8MQQIV WSPH SJJ ZEVMSYW FYWMRIWWIW MRGPYHMRK MRXIKVEXIH GMVGYMXW XS
1EXWYWLMXE QMRMGSQTYXIVW XS (MKMXEP HIJIRWI IPIGXVSRMGW XS 8LSQWSR ERH XLI VIQEMRMRK SJ
ETTPMERGIW XS ;LMVPTSSP =IX TVSJMXEFMPMX] [EW WXMPP [IPP FIPS[ XLI QSHIWX SR WEPIW LI TVSQMWIH
-R TEVXMGYPEV GSRWYQIV IPIGXVSRMGW PEKKIH [MXL WPS[ KVS[XL MR E TVMGIGSQTIXMXMZI QEVOIX 8LI GSVI
TVSFPIQ [EW MHIRXMJMIH F] E 1G/MRWI] WXYH] XLEX IWXMQEXIH XLEX ZEPYI EHHIH TIV LSYV MR
.ETERIWI GSRWYQIV IPIGXVSRMG JEGXSVMIW [EW WXMPP EFSZI XLEX SJ )YVSTIER TPERXW
%JXIV XLVII ]IEVW SJ GSWXGYXXMRK MR IEVP] 8MQQIV JMREPP] TVIWIRXIH E RI[ KVS[XL WXVEXIK] XS
XLI FSEVH ,MW TPER [EW XS ITERH WSJX[EVI WIVZMGIW ERH QYPXMQIHME XS FIGSQI SJ VIZIRYIW F]
,I [EW FIXXMRK SR 4LMPMTWv PIKIRHEV] MRRSZEXMZI GETEFMPMX] XS VIWXEVX XLI KVS[XL IRKMRIW ,I
LMVIH ,I[PIXX4EGOEVHvW HMVIGXSV SJ VIWIEVGL ERH IRGSYVEKIH LMQ XS JSGYW SR HIZIPSTMRK GSVI
XIGLRSPSKMIW 8LI PMWX [LMGL MRGPYHIH MRXIVEGXMZI GSQTEGX HMWG

20. '(M
HMKMXEP GSQTEGX GEWWIXXIW
414

21. (''
LMKL HIJMRMXMSR XIPIZMWMSR

22. ,(8:
ERH QYPXMQIHME WSJX[EVI [EW WSSR HYFFIH wXLI
044
61-
TVIWMHIRXvW TVSNIGXWx 3ZIV XLI RIX JI[ ]IEVW 4LMPMTW MRZIWXIH SZIV FMPPMSR MR XLIWI XIGLRSPSKMIW
255
008
YX XLI IEVPMIV HMZIWXQIRX SJ WSQI SJ XLI GSQTER]vW XVYP] LMKLXIGL FYWMRIWWIW ERH E GYX MR 6
(
01-
022
TIVWSRRIP PIJX MX [MXL JI[ [LS YRHIVWXSSH XLI XIGLRSPSK] SJ XLI RI[ TVMSVMX] FYWMRIWWIW
3
] MX [EW GPIEV XLEX 4LMPMTWv EREPSK ,(8: XIGLRSPSK] [SYPH RSX FIGSQI MRHYWXV] WXERHEVH
XLEX MXW ('' KEQFPI LEH PSWX SYX XS 7SR]vW 1MRMHMWG ERH XLEX '(M [EW E QEVOIXMRK JEMPYVI %RH 4
1
4
0
4
4
6
1
-
2
5
5
0
0
8
0
1
-
0
2
2
3

23. 4LMPMTW ZIVWYW 1EXWYWLMXE 8LI 'SQTIXMXMZI EXXPI 'SRXMRYIW
[LMPI GSWXW MR 4LMPMTW [IVI PS[IV WS XSS [EW QSVEPI TEVXMGYPEVP] EQSRK QMHHPI QEREKIQIRX
'VMXMGW GPEMQIH XLEX XLI GSQTER]vW HVMZI JSV GSWXGYXXMRK ERH WXERHEVHM^EXMSR LEH PIH MX XS MKRSVI RI[
414
[SVPH[MHI QEVOIX HIQERHW JSV QSVI WIKQIRXIH TVSHYGXW ERH LMKLIV GSRWYQIV WIVZMGI
044
61-
255
008
SSRWXVEvW 6ISVKERM^EXMSR 01-
022
3
;LIR 8MQQIV WXITTIH HS[R MR 3GXSFIV XLI FSEVH VITPEGIH LMQ [MXL E VEHMGEP GLSMGI JSV
4LMPMTW{ER SYXWMHIV [LSWI ITIVXMWI [EW MR QEVOIXMRK ERH %WME VEXLIV XLER XIGLRSPSK] ERH )YVSTI
'SV SSRWXVE [EW E ]IEVSPH (YXGLQER [LSWI ]IEVW EW ')3 SJ 7EVE 0II XLI 97 GSRWYQIV
TVSHYGXW JMVQ LEH IEVRIH LMQ E VITYXEXMSR EW E LEVHHVMZMRK QEVOIXMRK KIRMYW .SMRMRK 4LMPMTW MR
LI LIEHIH XLI %WME 4EGMJMG VIKMSR ERH XLI PMKLXMRK HMZMWMSR FIJSVI FIMRK XETTIH EW ')3
9RIRGYQFIVIH F] XVEHMXMSR LI ERRSYRGIH WXVEXIKMG W[IITMRK GLERKIW HIWMKRIH XS VIEGL LMW KSEP
SJ MRGVIEWMRK VIXYVR SR RIX EWWIXW JVSQ XS F] w8LIVI EVI RS XEFSSW RS WEGVIH GS[Wx
LI WEMH w8LI FPIIHIVW QYWX FI XYVRIH EVSYRH WSPH SV GPSWIHx ;MXLMR XLVII ]IEVW LI LEH WSPH SJJ
SJ 4LMPMTWv QENSV FYWMRIWWIW{MRGPYHMRK WYGL [IPP ORS[R YRMXW EW 4SP]KVEQ ERH +VYRHMK
4VSQMWMRK XS XVERWJSVQ E WXVYGXYVI LI HIWGVMFIH EW wE TPEXI SJ WTEKLIXXMx MRXS wE RIEX VS[ SJ
EWTEVEKYWx LI XLIR MRMXMEXIH E QENSV [SVPH[MHI VIWXVYGXYVMRK w,S[ GER [I GSQTIXI [MXL XLI
/SVIERW#x LI EWOIH w8LI] HSRvX LEZI GSQTERMIW EPP SZIV XLI [SVPH 8LIMV JEGXSV] MR -VIPERH
GSZIVW )YVSTI ERH XLIMV QERYJEGXYVMRK JEGMPMX] MR 1IMGS WIVZIW 2SVXL %QIVMGE ;I RIIH E QSVI
WXVYGXYVIH ERH WMQTPIV QERYJEGXYVMRK ERH QEVOIXMRK SVKERM^EXMSR XS EGLMIZI E GSWX TEXXIVR MR PMRI
[MXL XLSWI [LS HS RSX LEZI SYV LIVMXEKI 8LMW MW WXMPP SRI SJ XLI FMKKIWX MWWYIW JEGMRK 4LMPMTWx
;MXLMR E ]IEV NSFW [IVI IPMQMREXIH MR 2SVXL %QIVMGE ERH IQTPS]IIW [IVI EHHIH MR
%WME 4EGMJMG IQTLEWM^MRK SSRWXVEvW HIXIVQMREXMSR XS WLMJX TVSHYGXMSR XS PS[[EKI GSYRXVMIW ERH LMW
FVSEHIV GSQQMXQIRX XS %WME %RH EJXIV XLVII ]IEVW LI LEH GPSWIH SJ XLI GSQTER]vW JEGXSVMIW
[SVPH[MHI %X XLI WEQI XMQI LI VITPEGIH XLI GSQTER]vW 4(W [MXL HMZMWMSRW FYX WLMJXIH HE]XS
HE] STIVEXMRK VIWTSRWMFMPMX] XS FYWMRIWW YRMXW IEGL VIWTSRWMFPI JSV MXW TVSJMXW [SVPH[MHI -X [EW E
QSZI HIWMKRIH XS JMREPP] IPMQMREXI XLI SPH 4(23 QEXVM *MREPP] MR E QSZI XLEX WLSGOIH QSWX
IQTPS]IIW LI ERRSYRGIH XLEX XLI ]IEVSPH )MRHLSZIR LIEHUYEVXIVW [SYPH FI VIPSGEXIH XS
%QWXIVHEQ [MXL SRP] SJ XLI GSVTSVEXI TSWMXMSRW VIQEMRMRK
] IEVP] LI [EW VIEH] XS ERRSYRGI LMW RI[ WXVEXIK] (IWTMXI IEVP] WTIGYPEXMSR XLEX LI QMKLX
EFERHSR GSRWYQIV IPIGXVSRMGW LI TVSGPEMQIH MX EW XLI GIRXIV SJ 4LMPMTWv JYXYVI IXXMRK SR XLI
wHMKMXEP VIZSPYXMSRx LI TPERRIH XS JSGYW SR IWXEFPMWLIH XIGLRSPSKMIW WYGL EW GIPPYPEV TLSRIW

24. XLVSYKL
E NSMRX ZIRXYVI [MXL 0YGIRX
HMKMXEP 8: HMKMXEP ZMHISHMWG ERH [IF 8: *YVXLIVQSVI LI GSQQMXXIH
QENSV VIWSYVGIW XS QEVOIXMRK MRGPYHMRK E MRGVIEWI MR EHZIVXMWMRK XS VEMWI E[EVIRIWW ERH MQEKI
SJ XLI 4LMPMTW FVERH ERH HIIQTLEWM^I QSWX SJ XLI SXLIV FVERHW MX WYTTSVXIH [SVPH[MHIJVSQ
1EKREZS 8:W XS 2SVIPGS WLEZIVW XS 1EVERX^ WXIVISW
;LMPI RSX IZIV]XLMRK WYGGIIHIH

25. XLI 0YGIRX GIPP TLSRI .: GSPPETWIH EJXIV RMRI QSRXLW JSV
IEQTPI
SZIVEPP TIVJSVQERGI MQTVSZIH WMKRMJMGERXP] MR XLI PEXI W ] SSRWXVE [EW EFPI XS
ERRSYRGI XLEX LI LEH EGLMIZIH LMW SFNIGXMZI SJ E VIXYVR SR RIX EWWIXW
/PIMWXIVPIIvW 6IJSGYWMRK
414
044
61-
255
] XLI XMQI XLI SSRWXVE WXITTIH HS[R MR 1E] LS[IZIV E KPSFEP XIGL [VIGO VIGIWWMSR LEH
008
01-
FIKYR VIWYPXMRK MR [LEX *SVXYRI HIWGVMFIH EW E XMHEP [EZI SJ VIH MRO XS KVIIX XLI RI[ ')3 +IVEVH
022
3
/PIMWXIVPII E ]IEVSPH GEVIIV 4LMPMTW QER ;MXL XLI WLEVI TVMGI MR JVII JEPP JVSQ MR XS
MR /PIMWXIVPII JEGIH [LEX LI HIWGVMFIH EW XLI FMKKIWX PSWWIW MR XLI LMWXSV] SJ XLI GSQTER]
4
1
4
0
4
4
6
1
-
2
5
5
0
0
8
0
1
-
0
2
2
3

26. 4LMPMTW ZIVWYW 1EXWYWLMXE 8LI 'SQTIXMXMZI EXXPI 'SRXMRYIW
1SZMRK UYMGOP] XLI RI[ ')3 FIKER VIWXVYGXYVMRK XLI GSQTER] ERRSYRGMRK XLI SYXWSYVGMRK SJ
4LMPMTW QSFMPI TLSRI TVSHYGXMSR XS ')' SJ 'LMRE ERH XLI TVSHYGXMSR SJ :'6W XS .ETERW *YREM
414
)PIGXVMG YX MX [EW RSX WYJJMGMIRX XS TVIZIRX E PSWW SJ FMPPMSR GSQTEVIH XS E FMPPMSR TVSJMX
044
61-
MR 7S SZIV XLI RIX JI[ ]IEVW LI GSRXMRYIH XS SYXWSYVGI TVSHYGXMSR SJ 8:W '( TPE]IVW ERH
255
008
GSQTSRIRXW [LMPI WMQYPXERISYWP] QSZMRK XLI VIQEMRMRK MRLSYWI TVSHYGXMSR XS PS[GSWX GSYRXVMIW
01-
022
PMOI 'LMRE 4SPERH SV 1IMGS ,I EPWS WSPH SJJ WIZIVEP FYWMRIWWIW MRGPYHMRK QSWX GSQTSRIRXW QSFMPI
3
TLSRIW EYHMS ERH IZIR XLI GSVI WIQMGSRHYGXSV FYWMRIWW ;MXLMR JSYV ]IEVW LI LEH VIQSZIH QSVI
XLER SRI MR JSYV 4LMPMTW IQTPS]IIW VIHYGMRK LIEHGSYRX F]
YX /PIMWXIVPII JIPX LI JEGIH E FMKKIV GLEPPIRKI 4LMPPMTW RIZIV VIEPP] LEH ER] OMRH SJ WXVEXIK] LI
GSRGIHIH -J SYV IRKMRIIVW GSYPH QEOI MX [I [SYPH XV] XS WIPP MX -R [I [IVI WXMPP JSGYWIH SR E
FVSEH VERKI SJ ZSPEXMPI LMKLZSPYQI TVSHYGXW PMOI GSRWYQIV IPIGXVSRMGW WIQMGSRHYGXSVW ERH
GSQTSRIRXW 2S[ [I EVI XV]MRK XS GVIEXI E GSQTER] XLEX KIRIVEXIW ZEPYI MR E QSVI TVIHMGXEFPI [E]
[MXL E TSVXJSPMS XLEX MW PIWW ZSPEXMPI
8LI WLETI SJ XLEX RI[ TSVXJSPMS WSSR FIGEQI GPIEV 9WMRK JYRHW KIRIVEXIH F] WIPPMRK FYWMRIWWIW
/PIMWXIVPII FIKER EGUYMVMRK GSQTERMIW MR XLI LMKLKVS[XL QIHMGEP ERH PMKLXMRK WIKQIRXW ERH FIKER
VIJIVVMRK XS 4LMPMTW EW E PMJIWX]PI GSQTER]x GIRXIVIH SR LIEPXL ERH [IPPFIMRK ;I GEQI XS XLI
GSRGPYWMSR XLEX XLI XLMRK XLEX LSPHW IZIV]XLMRK XSKIXLIV MW RSX XLI JEGX XLEX [I QEHI SYV S[R
GSQTSRIRXW ERH WIQMGSRHYGXSVW -XW XLI JEGX XLEX [I LEZI E GSQQSR QMWWMSR LI WEMH
% FYWMRIWW SRGI EX XLI GIRXIV SJ 4LMPMTW TSVXJSPMS RS[ LEH E RI[ VSPI 'SRWYQIV IPIGXVSRMGW MW E
ZIV] ZIV] WQEPP PIJXSZIV TEVX MR SYV PMJIWX]PI TSVXJSPMS LI ITPEMRIH 8LEX FYWMRIWW MW XSS FMK E FEXXPI
XS JMKLX RS[ ;I TPER XS FI XLI (IPP SJ GSRWYQIV IPIGXVSRMGW QEOMRK PIWW ERH QEVOIXMRK QSVI 8LEX
QIERW XLEX [I [MPP FI JSGYWIH SR TVSHYGX HIZIPSTQIRX FVERH ERH GLERRIP QEREKIQIRX
7S [LMPI 4LMPPMTW GSRXMRYIH XS GVIEXI MRRSZEXMSRW JSV MXW 8:W MX JSGYWIH XLIQ SR MXW LMKLHIJMRMXMSR
TPEWQE ERH 0'( WIXW [MXL FVIEOXLVSYKLW PMOI 4MIP 4PYW E HMKMXEP XIGLRSPSK] XLEX VIJMRIH XLI
MRGSQMRK WMKREP XS TVSHYGI WLEVTIV TMGXYVIW [MXL QSVI ZMZMH GSPSV YX MR EHHMXMSR XS XIGLRSPSKMGEP
FVIEOXLVSYKLW 6
( [EW EPWS JSGYWIH SR QSVI FEWMG TVSHYGXW JSV HIZIPSTMRK QEVOIXW z LERHGVERO
VEHMSW LMKL TS[IVIH QMIVW HIWMKRIH JSV ISXMG JSSHW ERH MVSRW [MXL HYWX XSPIVERX XLIVQSWXEXW
4LMPPMTW ETTVSEGL XS QEVOIXMRK [EW EPWS GLERKMRK -R XLI HIZIPSTIH [SVPH MX WPEWLIH XLI RYQFIV
SJ VIXEMP GLEMRW MX WIVZMGIH JVSQ XS JSGYWMRK TEVXMGYPEVP] SR WIZIR KMERXW PMOI ;EP1EVX 8IWGS
ERH 'EVVIJSYV YX MR HIZIPSTMRK GSYRXVMIW MX XSSO E HMJJIVIRX ETTVSEGL *SV IEQTPI MR -RHME MXW
WXVEXIK] [EW XS WIPP MXW EHETXIH PS[IRH TVSHYGXW XLVSYKL ZMPPEKI WXSVIW
/PIMWXIVPII ITPEMRIH LS[ LMW EHETXMZI TVSHYGXQEVOIX WXVEXIK] [SVOIH -R -RHME [I LEZI ZERW
[MXL HMEKRSWXMG ERH PEF IUYMTQIRX IUYMTTIH [MXL E WEXIPPMXI ZMHIS PMRO XS E XST LSWTMXEP -RWXIEH SJ
QEOMRK PSRK XVMTW XS E GMX] LSWTMXEP TISTPI GER RS[ KIX GLIETIV QSVI GSRZIRMIRX XVIEXQIRX [LIVI
XLI] PMZI ;MXL QMPPMSR TISTPI MR VYVEP -RHME XLI GSQTER] JIPX MX LEH E KVIEX STTSVXYRMX]
] /PIMWXIVPII [EW VIEH] XS GSRJMVQ LMW RI[ JSGYWIH WXVEXIK] MR XLI SVKERM^EXMSR WXVYGXYVI
,EZMRK IEVPMIV GYX XLI RYQFIV SJ HMZMWMSRW XS JMZI

27. XLIVI LEZI FIIR EW VIGIRXP] EW
MR IEVP]
LI HIJMRIH NYWX XLVII LIEPXLGEVI PMKLXMRK ERH GSRWYQIV PMJIWX]PI ;I LEZI XS SVKERM^I
EVSYRH QEVOIXW LI WEMH ;IVI KSMRK XS SVKERM^I JVSQ XLI SYXWMHI MR
414
044
61-
YX GSQTIXMXMSR MR GSRWYQIV IPIGXVSRMGW VIQEMRIH FVYXEP IWTIGMEPP] MR E KVS[MRK KPSFEP VIGIWWMSR
255
008
-R PEXI 4LMPMTW PMGIRWIH *YREM XS QEOI ERH QEVOIX 8:W YRHIV XLI 4LMPMTW REQI MR 2SVXL
01-
022
%QIVMGE % JI[ QSRXLW PEXIV MX IXIRHIH XLEX PMGIRWI XS GSZIV SXLIV QEVOIXW EW [IPP EW TVSHYGXW WYGL
3
EW (:(W LSQI XLIEXIV PY6E] ERH SXLIV TVSHYGXW ;I WTIRX XLI W ERH W VIWXVYGXYVMRK
4
1
4
0
4
4
6
1
-
2
5
5
0
0
8
0
1
-
0
2
2
3

28. 4LMPMTW ZIVWYW 1EXWYWLMXE 8LI 'SQTIXMXMZI EXXPI 'SRXMRYIW
ERH XV]MRK XS JMRH SYV [E] /PIMWXIVPII WEMH 1] KSEP MW XS PIEZI FILMRH E GSQTER] SR E WYGGIWWJYP
TEVX XS WXIEH] TVSJMXEFPI KVS[XL 7SQI [SRHIVIH [LIXLIV LI LEH JSYRH XLEX TEXL
414
044
61-
255
1EXWYWLMXE EGOKVSYRH 008
01-
022
3
-R ]IEV SPH /SRSWYOI 1EXWYWLMXE

29. SV w/1x EW LI [EW EJJIGXMSREXIP] ORS[R
MRZIWXIH
XS WXEVX TVSHYGXMSR SJ HSYFPIIRHIH WSGOIXW MR LMW QSHIWX LSQI 8LI GSQTER] KVI[ VETMHP]
ITERHMRK MRXS FEXXIV]TS[IVIH PEQTW IPIGXVMG MVSRW ERH VEHMSW 3R 1E] 1EXWYWLMXEvW XL
ERRMZIVWEV] /1 ERRSYRGIH XS LMW IQTPS]IIW E ]IEV GSVTSVEXI TPER FVSOIR MRXS ]IEV
WIGXMSRW IEGL XS FI GEVVMIH SYX F] WYGGIWWMZI KIRIVEXMSRW ,MW TPER [EW GSHMJMIH MR E GSQTER] GVIIH
ERH MR XLI w7IZIR 7TMVMXW SJ 1EXWYWLMXEx

30. WII )LMFMX
[LMGL TVSZMHIH XLI FEWMW SJ XLI wGYPXYVEP ERH
WTMVMXYEP XVEMRMRKx EPP RI[ IQTPS]IIW VIGIMZIH SR NSMRMRK XLI GSQTER]
-R XLI TSWX[EV FSSQ 1EXWYWLMXE MRXVSHYGIH E JPSSH SJ RI[ TVSHYGXW 8: WIXW MR XVERWMWXSV
VEHMSW MR GSPSV 8:W HMWL[EWLIVW ERH IPIGXVMG SZIRW MR 'ETMXEPM^MRK SR MXW FVSEH PMRI SJ
TVSHYGXW XLI GSQTER] STIRIH HSQIWXMG VIXEMP SYXPIXW SJ ETTPMERGI WXSVIW MR .ETER
MR XLI PEXI W 8LIWI RSX SRP] EWWYVIH WEPIW ZSPYQI FYX EPWS KEZI XLI GSQTER] HMVIGX EGGIWW XS
QEVOIX XVIRHW ;LIR TSWX[EV KVS[XL WPS[IH LS[IZIV TVSHYGX PMRI ITERWMSR ERH ER IGIPPIRX
HMWXVMFYXMSR W]WXIQ RS PSRKIV MRWYVIH KVS[XL ERH XLI GSQTER] PSSOIH XS ITSVX QEVOIXW
8LI 3VKERM^EXMSRvW *SYRHEXMSR (MZMWMSREP 7XVYGXYVI
4PEKYIH F] MPP LIEPXL /1 FIKER XS HIPIKEXI QSVI XLER [EW X]TMGEP MR .ETERIWI GSQTERMIW -R
1EXWYWLMXE FIGEQI XLI JMVWX .ETERIWI GSQTER] XS EHSTX E HMZMWMSREP WXVYGXYVI -R EHHMXMSR XS
GVIEXMRK E wWQEPP FYWMRIWWx IRZMVSRQIRX XLI WXVYGXYVI KIRIVEXIH MRXIVREP GSQTIXMXMSR XLEX WTYVVIH
IEGL FYWMRIWW XS HVMZI KVS[XL F] PIZIVEKMRK MXW XIGLRSPSK] XS HIZIPST RI[ TVSHYGXW YX EJXIV XLI
MRRSZEXMRK HMZMWMSR LEH IEVRIH WYFWXERXMEP TVSJMXW SR MXW RI[ TVSHYGX XLI wSRITVSHYGXSRI
HMZMWMSRx TSPMG] [EW XS WTMR MX SJJ EW E RI[ HMZMWMSR XS QEMRXEMR XLI wLYRKV] WTMVMXx
1EREKIQIRX TVSZMHIH IEGL HMZMWMSR [MXL JYRHW XS IWXEFPMWL PEVKIP] WIPJWYJJMGMIRX HIZIPSTQIRX
TVSHYGXMSR ERH QEVOIXMRK GETEFMPMXMIW 'SVTSVEXI XVIEWYV] STIVEXIH PMOI E GSQQIVGMEP FERO
VIZMI[MRK HMZMWMSRWv PSER VIUYIWXW JSV [LMGL MX GLEVKIH WPMKLXP] LMKLIVXLERQEVOIX MRXIVIWX ERH
EGGITXMRK MRXIVIWXFIEVMRK HITSWMXW SR XLIMV IGIWW JYRHW (MZMWMSREP TVSJMXEFMPMX] [EW HIXIVQMRIH
EJXIV HIHYGXMSRW JSV GIRXVEP WIVZMGIW ERH MRXIVIWX SR MRXIVREP FSVVS[MRKW )EGL HMZMWMSR TEMH SJ
IEVRMRKW XS LIEHUYEVXIVW ERH JMRERGIH [SVOMRK GETMXEP ERH JMIH EWWIX RIIHW JVSQ XLI VIXEMRIH
8VERWJIV TVMGIW [IVI FEWIH SR XLI QEVOIX ERH WIXXPIH XLVSYKL XLI XVIEWYV] SR RSVQEP GSQQIVGMEP
XIVQW /1 ITIGXIH YRMJSVQ TIVJSVQERGI EGVSWW XLI GSQTER]vW HMZMWMSRW ERH HMZMWMSR QEREKIVW
[LSWI STIVEXMRK TVSJMXW JIPP FIPS[ SJ WEPIW JSV X[S WYGGIWWMZI ]IEVW [IVI VITPEGIH
;LMPI FEWMG XIGLRSPSK] [EW HIZIPSTIH MR E GIRXVEP VIWIEVGL PEFSVEXSV]

31. '60
TVSHYGX
HIZIPSTQIRX ERH IRKMRIIVMRK SGGYVVIH MR IEGL SJ XLI TVSHYGX HMZMWMSRW 1EXWYWLMXE MRXIRXMSREPP]
YRHIVJYRHIH XLI '60 JSVGMRK MX XS GSQTIXI JSV EHHMXMSREP JYRHMRK JVSQ XLI HMZMWMSRW %RRYEPP]
XLI '60 TYFPMGM^IH MXW QENSV VIWIEVGL TVSNIGXW XS XLI TVSHYGX HMZMWMSRW [LMGL XLIR TVSZMHIH JYRHMRK
JSV '60 XS HIZIPST XIGLRSPSK] JSV QEVOIXEFPI ETTPMGEXMSRW 6EVIP] XLI MRRSZEXSV 1EXWYWLMXE [EW
YWYEPP] ZIV] JEWX XS QEVOIX{IEVRMRK MX XLI RMGOREQI w1ERMWLMXEx SV GST]GEX
414
044
61-
255
008
1EXWYWLMXE -RXIVREXMSREPM^EXMSR
01-
022
3
%PXLSYKL XLI IWXEFPMWLQIRX SJ SZIVWIEW QEVOIXW [EW E QENSV XLVYWX SJ XLI WIGSRH ]IEVW MR XLI
]IEV TPER MR ER SZIVWIEW XVMT MR /1 LEH FIIR YREFPI XS JMRH ER] %QIVMGER GSQTER] [MPPMRK
4
1
4
0
4
4
6
1
-
2
5
5
0
0
8
0
1
-
0
2
2
3

32. 4LMPMTW ZIVWYW 1EXWYWLMXE 8LI 'SQTIXMXMZI EXXPI 'SRXMRYIW
XS GSPPEFSVEXI [MXL 1EXWYWLMXE 8LI FIWX LI GSYPH HS [EW E XIGLRSPSK] IGLERKI ERH PMGIRWMRK
EKVIIQIRX [MXL 4LMPMTW 2SRIXLIPIWW XLI TYWL XS MRXIVREXMSREPM^I GSRXMRYIH
414
044
61-
)TERHMRK 8LVSYKL 'SPSV 8: 255
008
01-
022
-R XLI W ERH W XVEHI PMFIVEPM^EXMSR ERH PS[IV WLMTTMRK EPPS[IH 1EXWYWLMXE XS FYMPH E
3
LIEPXL] ITSVX FYWMRIWW [MXL MXW FPEGO ERH [LMXI 8: WIXW -R XLI GSQTER] STIRIH MXW JMVWX
SZIVWIEW FVERGL SJJMGI{XLI 1EXWYWLMXE )PIGXVMG 'SVTSVEXMSR SJ %QIVMGE

33. 1)'%
;MXL RIMXLIV E
HMWXVMFYXMSR RIX[SVO RSV E WXVSRK FVERH XLI GSQTER] LEH XS VIWSVX XS WIPPMRK XLVSYKL QEWW
QIVGLERHMWIVW ERH HMWGSYRXIVW YRHIV XLIMV TVMZEXI FVERHW
(YVMRK XLI W TVIWWYVI JVSQ REXMSREP KSZIVRQIRXW MR HIZIPSTMRK GSYRXVMIW PIH 1EXWYWLMXE XS
STIR TPERXW 7SYXLIEWX %WME ERH 'IRXVEP ERH 7SYXL %QIVMGE %W QERYJEGXYVMRK GSWXW MR .ETER VSWI
XLI GSQTER] WLMJXIH QSVI FEWMG TVSHYGXMSR XS XLIWI PS[[EKI GSYRXVMIW FYX EPQSWX EPP LMKLZEPYI
GSQTSRIRXW ERH WYFEWWIQFPMIW VIQEMRIH MR MXW WGEPIMRXIRWMZI .ETERIWI TPERXW ] XLI W TSPMXMGEP
TVIWWYVI JSVGIH 1EXWYWLMXE XS IWXEFPMWL EWWIQFP] STIVEXMSRW MR XLI %QIVMGEW ERH )YVSTI -R MX
STIRIH E TPERX MR 'EREHE MR MX FSYKLX 1SXSVSPEvW 8: FYWMRIWW MR XLI 9RMXIH 7XEXIW ERH MR
MX JSV LMQ FYMPX E TPERX MR ;EPIW XS WYTTP] XLI )YVSTIER 'SQQSR 1EVOIX
YMPHMRK +PSFEP 0IEHIVWLMT 8LVSYKL :'6W
8LI FMVXL SJ XLI ZMHISGEWWIXXI VIGSVHIV

34. :'6
TVSTIPPIH 1EXWYWLMXE MRXS JMVWX TPEGI MR XLI
GSRWYQIV IPIGXVSRMGW MRHYWXV] HYVMRK XLI W 6IGSKRM^MRK XLI TSXIRXMEP QEWWQEVOIX ETTIEP SJ XLI
TVSJIWWMSREP FVSEHGEWX :'6 JMVWX HIZIPSTIH MR F] 'EPMJSVRMER GSQTER] %QTI 1EXWYWLMXE
FIKER HIZIPSTMRK XLI XIGLRSPSK] -X PEYRGLIH MXW GSQQIVGMEP FVSEHGEWX ZMHIS VIGSVHIV MR ERH
X[S ]IEVW PEXIV MRXVSHYGIH E GSRWYQIV ZIVWMSR
7YFWIUYIRXP] E FEXXPI SZIV :'6 JSVQEX HIZIPSTIH -R 7SR] MRXVSHYGIH XLI XIGLRMGEPP]
WYTIVMSV wIXEQEx JSVQEX ERH MR .:' PEYRGLIH E GSQTIXMRK w:,7x JSVQEX 9RHIV TVIWWYVI
JVSQ 1-8- .ETERvW MRHYWXVMEP TPERRMRK QMRMWXV] 1EXWYWLMXE EKVIIH XS KMZI YT MXW S[R JSVQEX ERH
EHSTX XLI :,7 WXERHEVH (YVMRK MXW ]IEVW SJ HIZIPSTQIRX 1EXWYWLMXEvW VIWIEVGL XIEQ PMZIH XLI
:'6 TVSHYGX G]GPI QSZMRK JVSQ '60 XS XLI TVSHYGX HMZMWMSRvW HIZIPSTQIRX PEFW ERH IZIRXYEPP] XS
XLI TPERXW TVSHYGMRK :'6W
IX[IIR ERH 1EXWYWLMXE MRGVIEWIH :'6 GETEGMX] JSPH XS QMPPMSR YRMXW RSX SRP] XS
QIIX MXW S[R RIIHW FYX EPWS XLSWI SJ 3)1 GYWXSQIVW PMOI +) 6'% 4LMPMTW ERH IRMXL [LS HIGMHIH
XS JSVIKS WIPJQERYJEGXYVI ERH SYXWSYVGI XS XLI PS[GSWX .ETERIWI -RGVIEWIH ZSPYQI IREFPIH
1EXWYWLMXE XS WPEWL TVMGIW [MXLMR JMZI ]IEVW SJ PEYRGL -R TEVEPPIP XLI GSQTER] PMGIRWIH XLI
:,7 JSVQEX XS SXLIV QERYJEGXYVIVW MRGPYHMRK ,MXEGLM 7LEVT 1MXWYFMWLM ERH IZIRXYEPP] 4LMPMTW ]
XLI QMHW :'6W EGGSYRXIH JSV SJ 1EXWYWLMXEW WEPIW ERH SJ MXW TVSJMXW
'LERKMRK 7]WXIQW ERH 'SRXVSPW
-R XLI QMHW 1EXWYWLMXEvW KVS[MRK RYQFIV SJ SZIVWIEW GSQTERMIW VITSVXIH XS XLI TEVIRX MR
SRI SJ X[S [E]W [LSPP] S[RIH WMRKPITVSHYGX KPSFEP TPERXW VITSVXIH HMVIGXP] XS XLI ETTVSTVMEXI
TVSHYGX HMZMWMSR [LMPI SZIVWIEW WEPIW ERH QEVOIXMRK WYFWMHMEVMIW ERH SZIVWIEW GSQTERMIW TVSHYGMRK
414
044
E FVSEH TVSHYGX PMRI JSV PSGEP QEVOIXW VITSVXIH XS 1EXWYWLMXE )PIGXVMG 8VEHMRK 'SQTER]

35. 1)8'
E
61-
255
WITEVEXI PIKEP IRXMX]

36. 7II )LMFMX JSV 1)8'vW SVKERM^EXMSR
008
01-
022
3
8LVSYKLSYX XLI W TVSHYGX HMZMWMSRW QEMRXEMRIH WXVSRK STIVEXMRK GSRXVSP SZIV XLIMV SJJWLSVI
STIVEXMSRW 8LI] LEH TPERX ERH IUYMTQIRX HIWMKRIH F] XLI TEVIRX GSQTER] JSPPS[IH QERYJEGXYVMRK
TVSGIHYVIW HMGXEXIH F] XLI GIRXIV ERH YWIH QEXIVMEPW JVSQ 1EXWYWLMXEvW HSQIWXMG TPERXW ] XLI
4
1
4
0
4
4
6
1
-
2
5
5
0
0
8
0
1
-
0
2
2
3

37. 4LMPMTW ZIVWYW 1EXWYWLMXE 8LI 'SQTIXMXMZI EXXPI 'SRXMRYIW
W MRGVIEWIH PSGEP WSYVGMRK KVEHYEPP] [IEOIRIH XLI HMZMWMSRWv HMVIGX GSRXVSP WS MRWXIEH SJ
GSRXVSPPMRK MRTYXW XLI] FIKER XS QSRMXSV SYXTYX UYEPMX] ERH TVSHYGXMZMX] PIZIPW JSV IEQTPI
414
044
61-
,IEHUYEVXIVW7YFWMHMEV] 6IPEXMSRW 255
008
01-
022
%PXLSYKL 1)8' ERH XLI TVSHYGX HMZMWMSRW WIX HIXEMPIH WEPIW ERH TVSJMXW XEVKIXW JSV XLIMV SZIVWIEW
3
WYFWMHMEVMIW XLI] XSPH PSGEP QEREKIVW XLI] LEH EYXSRSQ] SR LS[ XS EGLMIZI XLIQ YX EW w1MOIx
1EXWYSOS TVIWMHIRX SJ XLI )YVSTIER WSYVGI MR 'EVHMJJ ;EPIW IQTLEWM^IH JEMPYVI JSVJIMXIH JVIIHSQ
w0SWWIW WLS[ FEH LIEPXL ERH MRZMXI QER] HSGXSVW JVSQ .ETER [LS TVSZMHI EHZMGI ERH WYTTSVXx
-R XLI QMHW 1EXWYWLMXE LEH SZIV ITEXVMEXI .ETERIWI QEREKIVW ERH XIGLRMGMERW SR
JSVIMKR EWWMKRQIRX JSV JSYV XS IMKLX ]IEVW TVMQEVMP] XS TPE] E wZMXEP GSQQYRMGEXMSR VSPIx )TPEMRIH
SRI WIRMSV IIGYXMZI w)ZIR MJ E PSGEP QEREKIV WTIEOW .ETERIWI LI [SYPH RSX LEZI XLI PSRK
ITIVMIRGI XLEX MW RIIHIH XS FYMPH VIPEXMSRWLMTW ERH YRHIVWXERH SYV QEREKIQIRX TVSGIWWIWx
)TEXVMEXI QEREKIVW [IVI PSGEXIH XLVSYKLSYX JSVIMKR WYFWMHMEVMIW FYX XLIVI [IVI E JI[ TSWMXMSRW
XLEX [IVI EPQSWX EP[E]W VIWIVZIH JSV XLIQ 8LI QSWX ZMWMFPI [IVI WYFWMHMEV] KIRIVEP QEREKIVW
[LSWI QEMR VSPI [EW XS XVERWPEXI 1EXWYWLMXE TLMPSWSTL] EFVSEH )TEXVMEXI EGGSYRXMRK QEREKIVW
[IVI ITIGXIH XS wQIVGMPIWWP] ITSWI XLI XVYXLx XS GSVTSVEXI LIEHUYEVXIVW ERH .ETERIWI XIGLRMGEP
QEREKIVW [IVI WIRX XS XVERWJIV TVSHYGX ERH TVSGIWW XIGLRSPSKMIW ERH TVSZMHI LIEHUYEVXIVW [MXL
PSGEP QEVOIX MRJSVQEXMSR 8LIWI ITEXVMEXIW QEMRXEMRIH VIPEXMSRWLMTW [MXL WIRMSV GSPPIEKYIW MR XLIMV
HMZMWMSRW [LS EGXIH EW GEVIIV QIRXSVW IZEPYEXIH TIVJSVQERGI

38. [MXL WSQI MRTYX JVSQ PSGEP
QEREKIVW
ERH TVSZMHIH ITEXVMEXIW [MXL MRJSVQEXMSR EFSYX TEVIRX GSQTER] HIZIPSTQIRXW
7YFWMHMEV] KIRIVEP QEREKIVW ZMWMXIH 3WEOE EX PIEWX X[S SV XLVII XMQIW IEGL ]IEV{WSQI EW SJXIR EW
IZIV] QSRXL 'SVTSVEXI QEREKIVW VIGMTVSGEXIH XLIWI ZMWMXW ERH SR EZIVEKI QENSV STIVEXMSRW LSWXIH
E LIEHUYEVXIVW QEREKIV IEGL HE] SJ XLI ]IEV *EGIXSJEGI QIIXMRKW [IVI GSRWMHIVIH ZMXEP w*MKYVIW
EVI MQTSVXERXx WEMH SRI QEREKIV wFYX XLI QIIXMRKW EVI RIGIWWEV] XS HIZIPST NYHKQIRXx (EMP]
JEIW ERH RMKLXP] TLSRI GEPPW JVSQ LIEHUYEVXIVW XS SJJWLSVI ITEXVMEXIW [IVI GSRWMHIVIH ZMXEP
=EQEWLMXEvW w3TIVEXMSR 0SGEPM^EXMSRx
%PXLSYKL MRXIVREXMSREP WEPIW OITX VMWMRK KVS[MRK LSWX GSYRXV] TVIWWYVIW GEYWIH GSRGIVR EFSYX
XLI GSQTER]vW LMKLP] GIRXVEPM^IH STIVEXMSRW -R 1EXWYWLMXEW RI[P] ETTSMRXIH TVIWMHIRX
8SWLMLMOS =EQEWLMXE PEYRGLIH w3TIVEXMSR 0SGEPM^EXMSRx XS FSSWX SJJWLSVI TVSHYGXMSR JVSQ PIWW XLER
SJ ZEPYIEHHIH XS SV LEPJ SJ SZIVWIEW WEPIW F] 8S WYTTSVX XLI XEVKIX LI WIX SYX E
TVSKVEQ SJ JSYV PSGEPM^EXMSRW{TIVWSRRIP XIGLRSPSK] QEXIVMEP ERH GETMXEP
3ZIV XLI RIX JI[ ]IEVW 1EXWYWLMXE MRGVIEWIH XLI RYQFIV SJ PSGEP REXMSREPW MR OI] TSWMXMSRW -R
XLI 9RMXIH 7XEXIW JSV IEQTPI %QIVMGER FIGEQI TVIWMHIRXW SJ XLVII SJ WM PSGEP GSQTERMIW [LMPI MR
8EM[ER XLI QENSVMX] SJ HMZMWMSR LIEHW [IVI VITPEGIH F] 'LMRIWI QEREKIVW -R IEGL GEWI LS[IZIV
PSGEP REXMSREP QEREKIVW [IVI WYTTSVXIH F] .ETERIWI EHZMWSVW [LS QEMRXEMRIH HMVIGX PMROW [MXL XLI
TEVIRX GSQTER] 8S PSGEPM^I XIGLRSPSK] ERH QEXIVMEPW XLI GSQTER] HIZIPSTIH PSGEP WYFWMHMEVMIWv
ITIVXMWI MR WSYVGMRK IUYMTQIRX PSGEPP] QSHMJ]MRK HIWMKRW XS PSGEP VIUYMVIQIRXW MRGSVTSVEXMRK PSGEP
GSQTSRIRXW ERH EHETXMRK GSVTSVEXI TVSGIWWIW ERH XIGLRSPSKMIW XS EGGSQQSHEXI XLI GLERKIW %RH
F] XLI QMHW SJJWLSVI TVSHYGXMSR WYFWMHMEVMIW [IVI JVII XS FY] QMRSV WYTTPMIW JVSQ PSGEP
414
044
ZIRHSVW FYX WXMPP LEH XS FY] OI] GSQTSRIRXW JVSQ MRXIVREP WSYVGIW
61-
255
008
01-
3RI SJ XLI QSWX WYGGIWWJYP MRRSZEXMSRW [EW XS KMZI SZIVWIEW WEPIW WYFWMHMEVMIW QSVI GLSMGI SZIV
022
3
XLI TVSHYGXW XLI] WSPH )EGL ]IEV XLI GSQTER] LIPH E X[S[IIO MRXIVREP QIVGLERHMWMRK WLS[ ERH
TVSHYGX TPERRMRK QIIXMRK [LIVI TVSHYGX HMZMWMSRW ILMFMXIH XLI RI[ PMRIW ,IVI JSVIMKR WYFWMHMEV]
QEREKIVW RIKSXMEXIH JSV GLERKIW MR TVSHYGX JIEXYVIW UYERXMXMIW ERH IZIR TVMGIW JSV TVSHYGXW XLI]
4
1
4
0
4
4
6
1
-
2
5
5
0
0
8
0
1
-
0
2
2
3

39. 4LMPMTW ZIVWYW 1EXWYWLMXE 8LI 'SQTIXMXMZI EXXPI 'SRXMRYIW
JIPX [SYPH FIXXIV QIIX XLIMV PSGEP RIIHW 4VSHYGX HMZMWMSR QEREKIVW LS[IZIV GSYPH SZIVVYPI XLI
WEPIW WYFWMHMEV] MJ XLI] XLSYKLX MRXVSHYGXMSR SJ E TEVXMGYPEV TVSHYGX [EW SJ WXVEXIKMG MQTSVXERGI
414
044
61-
4VIWMHIRX =EQEWLMXEvW LSTI [EW XLEX 3TIVEXMSR 0SGEPM^EXMSR [SYPH LIPT 1EXWYWLMXEvW SZIVWIEW 255
008
GSQTERMIW HIZIPST XLI MRRSZEXMZI GETEFMPMX] ERH IRXVITVIRIYVMEP MRMXMEXMZIW XLEX LI LEH PSRK EHQMVIH 01-
022
MR XLI 23W SJ VMZEP 4LMPMTW =IX HIWTMXI LMW JSYV PSGEPM^EXMSRW SZIVWIEW GSQTERMIW GSRXMRYIH XS EGX 3
TVMQEVMP] EW XLI MQTPIQIRXEXMSR EVQW SJ .ETERIWIFEWIH TVSHYGX HMZMWMSRW 9RYWYEPP] JSV E .ETERIWI
')3 =EQEWLMXE TYFPMGP] ITVIWWIH LMW YRLETTMRIWW [MXL XLI PEGO SJ MRMXMEXMZI EX XLI 8: TPERX MR
'EVHMJJ (IWTMXI XLI XVERWJIV SJ WYFWXERXMEP VIWSYVGIW ERH XLI HIPIKEXMSR SJ QER] VIWTSRWMFMPMXMIW LI
JIPX XLEX XLI TPERX VIQEMRIH XSS HITIRHIRX SR XLI GIRXIV
8ERMMvW -RXIKVEXMSR ERH )TERWMSR
=EQEWLMXEvW WYGGIWWSV %OMS 8ERMM ITERHIH SR LMW TVIHIGIWWSVvW MRMXMEXMZIW -R MR ER IJJSVX
XS MRXIKVEXI HSQIWXMG ERH SZIVWIEW STIVEXMSRW LI FVSYKLX EPP JSVIMKR WYFWMHMEVMIW YRHIV XLI GSRXVSP SJ
1)8' XLIR QIVKIH 1)8' MRXS XLI TEVIRX GSQTER] 8LIR XS WLMJX STIVEXMSREP GSRXVSP RIEVIV XS
PSGEP QEVOIXW LI VIPSGEXIH QENSV VIKMSREP LIEHUYEVXIVW JYRGXMSRW JVSQ .ETER XS 2SVXL %QIVMGE
)YVSTI ERH 7SYXLIEWX %WME =IX WXMPP LI [EW JVYWXVEXIH XLEX XLI SZIVWIEW WYFWMHMEV] GSQTERMIW EGXIH
EW PMXXPI QSVI XLER XLI MQTPIQIRXMRK EKIRXW SJ XLI 3WEOEFEWIH TVSHYGX HMZMWMSRW
8LVSYKL EPP XLIWI GLERKIW LS[IZIV 1EXWYWLMXEvW [SVPH[MHI KVS[XL GSRXMRYIH KIRIVEXMRK LYKI
VIWIVZIW ;MXL FMPPMSR MR PMUYMH JMRERGMEP EWWIXW EX XLI IRH SJ XLI GSQTER] [EW VIJIVVIH XS
EW XLI w1EXWYWLMXE EROx *VYWXVEXIH F] XLIMV MREFMPMX] XS HIZIPST MRRSZEXMZI SZIVWIEW GSQTERMIW XST
QEREKIQIRX HIGMHIH XS FY] XLIQ 8S SFXEMR E WSJX[EVI WSYVGI JSV MXW LEVH[EVI FYWMRIWWIW MR
XLI GSQTER] EGUYMVIH 1'% XLI 97 IRXIVXEMRQIRX KMERX JSV FMPPMSR ;MXLMR E ]IEV LS[IZIV
.ETERvW FYFFPI IGSRSQ] LEH FYVWX ERH EPQSWX SZIVRMKLX 8ERMM LEH XS WLMJX XLI JSGYW JVSQ ITERWMSR
XS GSWX GSRXEMRQIRX (IWTMXI LMW FIWX IJJSVXW XLI TVSFPIQW VER XSS HIIT ;MXL TVSJMXW PIWW XLER
LEPJ XLIMV PIZIP XLI FSEVH XSSO XLI YRYWYEP QSZI SJ JSVGMRK 8ERMM XS VIWMKR MR *IFVYEV]
1SVMWLMXEW 'LEPPIRKI ERH 6IWTSRWI
%X =SMGLM 1SVMWLMXE [EW XLI QSWX NYRMSV SJ XLI GSQTER]vW IIGYXMZI ZMGI TVIWMHIRXW [LIR LI
[EW XETTIH EW XLI RI[ TVIWMHIRX -R E QENSV WXVEXIKMG VIZIVWEP LI WSPH SJ 1'- XS 7IEKVEQ
FSSOMRK E FMPPMSR PSWW SR XLI XVERWEGXMSR 3ZIV XLI JSPPS[MRK QSRXLW YRHIV XLI WPSKER
wWMQTPI WQEPP WTIIH] ERH WXVEXIKMGx LI XLIR QSZIH WXEJJ XS STIVEXMRK NSFW
=IX XLI GSQTER] GSRXMRYIH XS WXVYKKPI .ETERvW HSQIWXMG QEVOIX JSV GSRWYQIV IPIGXVSRMGW
GSPPETWIH{JVSQ FMPPMSR MR XS FMPPMSR MR %RH XLI VMWI SJ RI[ GSQTIXMXMSR{ JVSQ
/SVIE XLIR 'LMRE{GVIEXIH E KPSFEP KPYX XLIR E TVMGI GSPPETWI ;MXL E WXVSRK ]IR QEOMRK MXW ITSVXW
YRGSQTIXMXMZI 1EXWYWLMXEvW TVSHYGX HMZMWMSRW WLMJXIH TVSHYGXMSR SJJWLSVI QSWXP] XS PS[GSWX
GSYRXVMIW PMOI 'LMRE ERH 1EPE]WME ] XLI IRH SJ XLI HIGEHI MXW JEGXSVMIW SYXWMHI .ETER IQTPS]IH
TISTPI{EFSYX XLI WEQI RYQFIV SJ IQTPS]IIW EW MR MXW TPERXW MR .ETER =IX QEREKIQIRX
WIIQIH YR[MPPMRK XS GPSWI MRIJJMGMIRX .ETERIWI TPERW SV PE] SJJ WXEJJ [MXL XLI GSQQMXQIRX SJ PMJIXMQI
IQTPS]QIRX (IWTMXI 1SVMWLMXEvW TVSQMWIW MRXIVREP VIWMWXERGI TVIZIRXIH LMW MQTPIQIRXEXMSR SJ
QYGL SJ XLI TVSQMWIH VEHMGEP GLERKI
414
044
-R XLI GPSWMRK ]IEVW SJ XLI HIGEHI 1SVMWLMXE FIKER IQTLEWM^MRK XLI RIIH XS HIZIPST XIGLRSPSK]
61-
255
ERH MRRSZEXMSR SJJWLSVI 'SRGIVRIH XLEX SRP] SJ XLI GSQTER]vW 6
( WGMIRXMWXW ERH
008
01-
022
3
4EWX IJJSVXW XS HIZIPST WYGL GETEFMPMXMIW EFVSEH LEH JEMPIH *SV IEQTPI [LIR 1EXWYWLMXE EGUYMVIH 1SXSVSPEvW 8: FYWMRIWW
MR XLI 9RMXIH 7XEXIW XLI 97 GSQTER]vW LMKLP] MRRSZEXMZI XIGLRSPSK] KVSYT EXVSTLMIH EW %QIVMGER IRKMRIIVW VIWMKRIH MR
VIWTSRWI XS [LEX XLI] JIPX XS FI IGIWWMZI GSRXVSP JVSQ .ETERvW LMKLP] GIRXVEPM^IH 6
( STIVEXMSRW 4
1
4
0
4
4
6
1
-
2
5
5
0
0
8
0
1
-
0
2
2
3

40. 4LMPMTW ZIVWYW 1EXWYWLMXE 8LI 'SQTIXMXMZI EXXPI 'SRXMRYIW
IRKMRIIVW [IVI PSGEXIH SYXWMHI .ETER LI FIKER MRZIWXMRK MR 6
( TEVXRIVWLMTW ERH XIGLRMGEP
IGLERKIW TEVXMGYPEVP] MR IQIVKMRK JMIPHW *SV IEQTPI ER LI WMKRIH E NSMRX 6
( EKVIIQIRX
414
[MXL XLI 'LMRIWI %GEHIQ] SJ 7GMIRGIW 'LMREvW PIEHMRK VIWIEVGL SVKERM^EXMSR 0EXIV XLEX ]IEV LI
044
61-
ERRSYRGIH XLI IWXEFPMWLQIRX SJ XLI 4EREWSRMG (MKMXEP 'SRGITXW 'IRXIV MR 'EPMJSVRME -XW QMWWMSR [EW
255
008
XS EGX EW E ZIRXYVI JYRH ERH ER MRGYFEXMSR GIRXIV JSV XLI RI[ MHIEW ERH XIGLRSPSKMIW IQIVKMRK MR
01-
022
7MPMGSR :EPPI] 8S WSQI MX [EW ER MRHMGEXMSR XLEX 1EXWYWLMXE LEH KMZIR YT XV]MRK XS KIRIVEXI RI[ 3
XIGLRSPSK] ERH FYWMRIWW MRMXMEXMZIW JVSQ MXW S[R SZIVWIEW GSQTERMIW
2EOEQYVEW 8VERWJSVQEXMSR
-R .YRI /YRMS 2EOEQYVE XLI ]IEV ZIXIVER [LS LEH LIEHIH 1)-vW 2SVXL %QIVMGER
STIVEXMSRW [EW REQIH TVIWMHIRX 3TIVEXMRK TVSJMXW [IVI SJ WEPIW [MXL GSRWYQIV IPIGXVSRMGW
KIRIVEXMRK SRP] HYI XS PSWWIW MR XLI 8: ERH :'6 HMZMWMSRW .YWX EW 1SVMWLMXE LEH TVSQMWIH
WIZIR ]IEVW IEVPMIV XLI RI[ ')3 ZS[IH XS VEMWI STIVEXMRK QEVKMRW XS MR XLVII ]IEVW
] (IGIQFIV 2EOEQYVE [EW VIEH] XS ERRSYRGI LMW JMVWX XLVII]IEV TPER HYFFIH w:EPYI 'VIEXMSR
x SV :' -XW QEMR SFNIGXMZI [EW XS FYMPH E WYTIV QERYJEGXYVMRK GSQTER] SR XLVII JSYRHEXMSRW
E WXVSRK XIGLRSPSK]FEWIH GSQTSRIRXW FYWMRIWW E JPIMFPI ERH VIWTSRWMZI QERYJEGXYVMRK GETEFMPMX]
ERH GYWXSQIVSVMIRXIH WSPYXMSRWFEWIH FYWMRIWWIW 8LI RI[ ')3 IQTLEWM^IH XLI RIIH XS VIXEMR
1EXWYWLMXEvW JYPP] MRXIKVEXIH ZEPYI GLEMR NYWXMJ]MRK MX [MXL E WQMPI GYVZIx [LMGL TVSQMWIH LMKL
VIXYVRW MR FSXL YTWXVIEQ GSQTSRIRXW ERH HS[RWXVIEQ WIVZMGIW ERH WSPYXMSRW XS SJJWIX PS[IV VIXYVRW
MR XLI LMKLP] GSQTIXMXMZI GSRWYQIV IPIGXVSRMGW TVSHYGXW MR XLI QMHHPI SJ XLI ZEPYI GLEMR
%X XLI GSVI SJ :' [EW E TPER XS GPSWI MRIJJMGMIRX WGEPIHVMZIR TPERXW ERH GSRGIRXVEXI TVSHYGXMSR
MR 1ERYJEGXYVMRK 'IRXIVW JEGMPMXMIW XVERWJSVQIH JVSQ SPH QEWW TVSHYGXMSR EWWIQFP] PMRIW XS QSHIVR
JPIMFPI QERYJEGXYVMRK GIPPW 8LI XVERWJSVQEXMSR [SYPH FI MQTPIQIRXIH JMVWX MR .ETERIWI QSXLIV
TPERXW ERH XLIR VSPPIH SYX XS XLI TPERXW MX LEH [SVPH[MHI
*YVXLIVQSVI EW TEVX SJ E TPER XS VITPEGI 1EXWYWLMXEW LMWXSVMG JVEKQIRXIH ERH GSQTEVXQIRXEPM^IH
WXVYGXYVI [MXL E JPEX [IFFEWIH SVKERM^EXMSR 2EOEQYVE WITEVEXIH TPERXW JVSQ TVSHYGX HMZMWMSRW
[LMGL RS[ LEH XS WSYVGI XLIMV TVSHYGXW JVSQ RSRGETXMZI ERH RSRIGPYWMZI 1ERYJEGXYVMRK 'IRXIVW
7EPIW ERH QEVOIXMRK [EW EPWS WXVMTTIH JVSQ XLI SRGI TS[IVJYP TVSHYGX HMZMWMSRW ERH EFWSVFIH MR
SRI SJ X[S KPSFEP QEVOIXMRK SVKERM^EXMSRW SRI JSV ETTPMERGIW ERH XLI SXLIV JSV GSRWYQIV IPIGXVSRMGW
-X [EW E GYPXYVEP VIZSPYXMSR WEMH SRI QEREKIV
YX XLI WXVSRK JMRERGMEP TIVJSVQERGI 2EOEQYVE LEH EWWYQIH [SYPH WYTTSVX LMW TPER
HMWETTIEVIH [MXL XLI XIGL [VIGO VIGIWWMSR SJ VIWYPXMRK MR 1EXWYWLMXEvW JMVWX UYEVXIVP] PSWW MR
MXW LMWXSV] 8LI ')3 ERH MQQIHMEXIP] ERRSYRGIH JMZI IQIVKIRG] QIEWYVIW XS VIZIVWI XLI WMXYEXMSR
-R SRI FSPH QSZI XLI GSQTER] HVSTTIH MXW PMJIXMQI IQTPS]QIRX TVEGXMGI ERH SJJIVIH IEVP]
VIXMVIQIRX XS IQTPS]IIW 3ZIV EGGITXIH RSX SRP] VIHYGMRK GSWXW FYX EPWS EPPS[MRK E
RI[ KIRIVEXMSR SJ QEREKIVW XS IQIVKI -R XSXEP XLI HSQIWXMG [SVOJSVGI [EW GYX F] ERH
MRIJJMGMIRX TPERXW [IVI GPSWIH
(IWTMXI XLIWI IJJSVXW MR 1EVGL 1EXWYWLMXE ERRSYRGIH ER STIVEXMRK PSWW SJ ‰ FMPPMSR

41. FMPPMSR
ERH ER IZIR QSVI WLSGOMRK PSWW SJ ‰ FMPPMSR

42. FMPPMSR
MRGPYHMRK VIWXVYGXYVMRK GLEVKIW
'EPPMRK XLI WMXYEXMSR ER MRXSPIVEFPI WSGMEP IZMP 2EOEQYVE GSQQMXXIH XS HIPMZIVMRK TVSJMX SJ ‰
414
044
FMPPMSR XLI RIX ]IEV ,I XSPH LMW IIGYXMZIW XLEX FIGEYWI MQTPIQIRXEXMSR SJ LMW IQIVKIRG] QIEWYVIW
61-
255
LEH RSX FIIR WEXMWJEGXSV] LI [EW PEYRGLMRK E QEREKIQIRX MQTVSZIQIRX MRMXMEXMZI ,I GLEPPIRKIH
008
01-
XLIQ XS HIPMZIV E :WLETIH VIGSZIV] HVMZIR F] :4VSHYGXW z MRRSZEXMZI GYWXSQIVJSGYWIH TVSHYGXW
022
3
PEYRGLIH VETMHP] MRXS KPSFEP QEVOIXW EX GSQTIXMXMZI TVMGIW ,I JSGYWIH SJ MRZIWXQIRXW SR
GSRWYQIV IPIGXVSRMGW ERH WIQMGSRHYGXSVW YVKMRK LMW QEREKIVW XS QSZI TEWX 1EXWYWLMXEW VITYXEXMSR
JSV WPS[ MRRSZEXMSR ERH MQMXEXMSR -R XLI HMKMXEP EKI XLIVI MW RS VSSQ JSV MQMXEXSVW LI WEMH 4
1
4
0
4
4
6
1
-
2
5
5
0
0
8
0
1
-
0
2
2
3

43. 4LMPMTW ZIVWYW 1EXWYWLMXE 8LI 'SQTIXMXMZI EXXPI 'SRXMRYIW
8S IPMQMREXI XLI MRXIVREP GSQTIXMXMZIRIWW LI JIPX XLEX LEH GSRWXVEMRIH XLI XYVREVSYRH LI KVSYTIH
EPP FYWMRIWWIW MRXS SRI SJ XLVII GPSWIP] PMROIH HSQEMRW (MKMXEP 2IX[SVOW

44. TVMQEVMP] GSRWYQIV
414
IPIGXVSRMGW QSFMPI TLSRIW ERH XIPIGSQ
,SQI %TTPMERGIW

45. MRGPYHMRK PMKLXMRK ERH IRZMVSRQIRXEP
044
61-
W]WXIQW
ERH 'SQTSRIRXW

46. [MXL WIQMGSRHYGXSVW FEXXIVMIW ERH QSXSVW
255
008
01-
022
-R 1EVGL EX XLI IRH SJ XLI XLVII ]IEV :' TPER XLI GSQTER] VITSVXIH E TVSJMX SJ ‰ 3
FMPPMSR

47. FMPPMSR
SR WEPIW SJ ‰ FMPPMSR

48. FMPPMSR
%W MQTVIWWMZI EW XLI VIWYPX [EW MX [EW WXMPP
PIWW XLER LEPJ SJ XLI TVSQMWIH STIVEXMRK QEVKMR 7S 2EOEQYVE ERRSYRGIH E RI[ XLVII]IEV TPER
GEPPIH 0IET %LIEH [MXL E SFNIGXMZI JSV EW ER MRXIVMQ WXIT SR XLI [E] XS F]
3LXWYFSvW -RLIVMXERGI
-R %TVMP EJXIV ERRSYRGMRK STIVEXMRK TVSJMXW SJ FMPPMSR 2EOEQYVE ERRSYRGIH XLEX LI
[SYPH WXIT HS[R EW ')3 MR .YRI 7TSRXERISYWP] EREP]WXW EX XLI TVIWIRXEXMSR KEZI LMQ E WXERHMRK
SZEXMSR E YRMUYI IZIRX MR VIWIVZIH .ETER ,MW WYGGIWWSV )YQMS 3LXWYFS TVIZMSYWP] LIEH XLI
GSRWYQIV IPIGXVSRMGW FYWMRIWW IQFVEGIH 2EOEQYVEvW GSQQMXQIRX XS WYVTEWW 7EQWYRKW
STIVEXMRK QEVKMR F]
,EZMRK PIH IJJSVX QEOMRK 1EXWYWLMXE XLI [SVPHW PIEHMRK TPEWQE 8: QEOIV 3LXWYFS GSQQMXXIH
XS HSQMREXMRK XLI JEWXKVS[MRK JPEXWGVIIR QEVOIX F] MRZIWXMRK -XW FMPPMSR GEWL FEPERGI MR JSGYWIH
6
( ERH QSVI IJJMGMIRX KPSFEP TVSHYGXMSR ,I [ERXIH XS FYMPH ER EFMPMX] XS HIZIPST QERYJEGXYVI
ERH PEYRGL WYTIVMSV RI[ TVSHYGXW X[MGI E ]IEV KPSFEPP] ;I [MPP EFWSPYXIP] RSX FI FIEXIR MR XLI JPEX
TERIP 8: FYWMRIWW LI WEMH
-R .ERYEV] LI WYVTVMWIH QER] [LIR LI ERRSYRGIH XLI GLERKI MR XLI GSQTER]W REQI JVSQ
1EXWYWLMXE XS 4EREWSRMG VIJPIGXMRK XLI REQI SJ XLI GSQTER]W FIWXORS[R FVERH -X [EW TEVX SJ
3LXWYFSvW IJJSVXW XS KVS[ SZIVWIEW VIZIRYIW JVSQ PIWW XLER XS F] 7XMPP [MXL 4EREWSRMG
MR XL TPEGI SR XLI -RXIVFVERH WYVZI] SJ XLI [SVPH FVERH VIGSKRMXMSR LI LEH E [E] XS KS
YX ER] XEPO EFSYX JSVIMKR WEPIW KVS[XL IZETSVEXIH [LIR XLI KPSFEP JMRERGMEP GVMWMW WXVYGO MR
-R XLI (IGIQFIV UYEVXIV GSQTER] WEPIW WPMH [LMPI STIVEXMRK TVSJMX TPYRKIH -QQIHMEXIP]
3LXWYFS MRMXMEXIH E VIZMI[ SJ XLI GSQTER]W SZIVWIEW TPERXW ZS[MRK XS WLYX HS[R ER] [MXL
STIVEXMRK TVSJMX SJ PIWW XLER SV HIGPMRMRK WEPIW SZIV XLVII ]IEVW 8LI VIZMI[ VIWYPXIH MR XLI GPSWYVI
SJ TPERXW ERH XLI PE] SJJ [SVOIVW YX XLI KPSFEP GVMWMW LMX LEVH ERH [MXL VIWXVYGXYVMRK
GLEVKIW ERH [VMXISJJW XLI GSQTER] TVSNIGXIH E FMPPMSR PSWW JSV XLI JYPP ]IEV IRHMRK MR 1EVGL
8LI GEVIJYPP] PEMH TPERW JSV FMPPMSR MR VIZIRYIW ERH STIVEXMRK QEVKMR F] [IVI
ZERMWLMRK HVIEQW
414
044
61-
255
008
01-
022
3
4
1
4
0
4
4
6
1
-
2
5
5
0
0
8
0
1
-
0
2
2
3

49. 3
2
2
0
-
1
0
8
0
0
5
5
2
-
1
6
4
4
0
4
1
4
3
022
01-
008
255
61-
044
414
3
022
01-
008
255
61-
044
414

50. 3
2
2
0
-
1
0
8
0
0
5
5
2
-
1
6
4
4
0
4
1
4
3
022
01-
008
255
61-
044
414
3
022
01-
008
255
61-
044
414

51. 4LMPMTW ZIVWYW 1EXWYWLMXE 8LI 'SQTIXMXMZI EXXPI 'SRXMRYIW
)LMFMX 4LMPMTW 6IWIEVGL 0EFW F] 0SGEXMSR ERH 7TIGMEPX]
414
044
0SGEXMSR 7M^I