Career Profile Reliable Realist

Career ProfileReliable Realist

iPersonic

All contents copyright by iPersonic. All rights reserved. No part of this document or

the related files may be reproduced or transmitted in any form, by any means

(electronic, photocopying, recording, or otherwise) without the prior written

permission of the publisher.

This Career Profile deals with all facets of professional development, job and

career. As in all other areas of your life, your personality plays a decisive role in the

things you enjoy or dont enjoy. It plays a role in why you are more successful in a

particular area with less effort and why some areas might be more difficult for you

and require more effort. Your personality affects how you affect others and how

you see them. In addition to your personal partnership, your profession should

ideally be the second sustaining mainstay in your life. It should make you happy -

at least most of the time.

Your work should not be draining, but should instead energize you with a sense of

satisfaction that you have accomplished something important, something useful

and that you are in the right place. The happiest people among us are probably

those who describe their calling when speaking of their profession. There is no

question that you should work in an environment where you are happy, where you

are rewarded with appreciation and recognition, and where you get along with your

colleagues and superiors. The structure of your work should match your

disposition. More chaotic environments are the wrong place for those who prefer

structure and order; in strongly team-oriented endeavors, the person who tends to

be a loner would probably be in the wrong place.

Most of us must make a decision about our professional career at an age and

stage of development when we dont yet know much about our personalities and

ourselves. If you chose an education path or career while you were still young, you

set a course that is very important for the largest part of your waking life.

Frequently many outside influences play an important role: advice you received

from your parents, the grades you got at school, what your friends were going to

do. You may have been accepted for an internship or at a university that was not

your first choice - this list could probably be continued for a while. Only very few

young people are truly at peace with themselves and their personalities and

choose their careers accordingly.

Should you belong to that group of people who are still stuck in the process of

choosing, then this Career Profile will assist you in making a decision as to your

iPersonic Career Profile! 3

Introduction

professional direction. However, even if you belong to that group of people who are

already in the middle of their career, this Career Profile will encourage you to face

up to your own needs one more time and to ask yourself whether the profession

you chose is truly what you want to do for the rest of your (professional) life. If you

arrive at the conviction while reading this that you may have made the wrong turn

on the way, then that is still no reason to panic! Almost all decisions can be

corrected with patience and perseverance. It does not even have to mean

choosing a totally different profession or going back to school (even though that

may be an alternative - many people do this in the course of their lives.)

It may be sufficient for you to change certain aspects of your profession. You may

be happy with a change of department, or working for a company in the same

sector but with a different structure. Maybe this Career Profile will simply help you

to see the subject in general and your personal expectations of your professional

career in a different light. On the other hand, this Career Profile will help you see

the continuously occurring conflicts between yourself and certain colleagues

(superiors) with different eyes and you may be able to handle them better.

Finally, there is always the alternative that after having read this youll sit back with

a good feeling that you are in exactly the right job - and also recognizing the

causes of your strengths and weaknesses even more clearly and how you can best

use them. For this, it is vital that you know yourself as well as possible. In everyday

life we dont take sufficient time to deal with our wishes, needs, abilities and

preferences, our habitat in general. This Career Profile is intended for you to stop

for a moment and define your position on the subject of profession. If you are

satisfied with the chosen road, you will be able to continue traveling it with more

confidence and knowledge about yourself. If you are in any way dissatisfied, then

you will hopefully have gained a few ideas and food for thought, enabling you to

make the necessary changes.

Last but not least, it is important to point to the fact that these 16 iPersonic

personality models will not cover the entire individuality spectrum distinguishing us

as people. They include tendencies, inclinations, preferences and that is how they

must be perceived. Therefore, you should take away from this Career Profile

everything that seems to be beneficial for you. Dont overrate the described

analysis of your person, either. In essence, you are a unique personality - but only

with reference to the type Reliable Realist!


As with all Realists, your most prominent qualities are your sense of responsibility,

your strong work ethic, and your readiness to assume responsibilities. The

psychologist David Keirsey once described the realist as the foundation () of

Society. That hits the nail on the head. You like to make yourself useful and

everywhere you render your personal contribution, you are much more comfortable

in the role of the giver than receiver. In this respect, you strive for independence

yourself; to be in someones debt (if only in your imagination) can become

unbearable. Your lifes motto could be work before play, but then play for you

could well be called work by others. But that is how you are: industrious with a

pronounced sense of right and wrong, and always there to help.

Naturally, that makes you the cornerstone in all personal and professional contexts

and forms the basis for your considerable success. Colleagues and superiors

quickly realize that you are reliability personified. When one wants a job to be done

well and on time, it is best to entrust it to a Realist. He would rather die than permit

it to be delivered too late or not of the best possible quality. You demand a lot of

yourself and others, and that sometimes represents a little problem because only

few can satisfy your standards. Then you frequently take on their work as well, just

so it is finished according to your expectations.

If you encounter the wrong people, it is easy for them to abuse your willingness to

cooperate and help. That hurts your feelings because you have an antenna for

ingratitude. On the other hand, you rarely manage to call for respect and

appreciation - it is difficult for you to demand something from others, anyway. You

are too modest and consider your contribution to be a given. Therefore, it is very

important that you set up structures in your work environment that protect you a

little from yourself, so you dont completely wear yourself out with quid pro quo.

Life is good, just as long as your colleagues and superiors appreciate what you are

doing for them.

Incidentally, you are well suited as a manager personality especially in old

established organizations where it is important to secure the territory and preserve

the status quo - less so in start-up companies. You prefer to leave innovation and


Personality Profile

complete reorganization to others. Perseverance, your sometimes apparently

superhuman self-discipline, and your absolute tenacity, are your greatest strengths.

One frequently finds Realists in middle and upper management because with their

industriousness and untiring dedication, they often fall up the career ladder.

You have no problem with hierarchies, order and rules. On the contrary, you are

comfortable with them because they provide you with important stability,

continuity, and predictability. More than other types, you also appreciate their need

for many people functioning in concert. Continuous changes that demand a high

degree of flexibility spell unadulterated stress for you. Your type belongs to the

preservers, the traditionalists - and not to the re-arrangers and revolutionaries. In

general, you have no problems accepting authority and justifying the demands put

upon you to the best of your ability. Consequently, it is important to you that your

professional environment offers clear perimeters and clear targets that you can use

to measure yourself and your accomplishments, and that you receive regular and

unequivocal feedback as to whether you have delivered a good job.

Tasks resulting in situations where you would have to defend the quality of your

work, or that have no clearly defined goals, tend to make you insecure. You already

have a tendency to be a pessimist, and that is a very fertile soil for acute self-

doubt, and razor sharp self-criticism - even if it is not deserved. Although you are

not necessarily negative, you are always concerned with being prepared for bad

times or setbacks. You have a very pronounced need for security; to live from one

day to the next, and trust that everything will work out is not your thing at all.

Therefore you should give a lot of thought to whether your profession is going to

provide you with the stability and security your soul needs. For instance, self-

employment only becomes an issue if it is associated with low risk, but excellent

opportunities for success.

You are in good hands with institutions, organizations and established companies.

You are great at preserving traditions, and giving them life - and you just love

rituals. Additionally, you have a deep need to belong to a community. There is no

other personality type who wishes more to be a part of a community. To be a part

of a social network is as important to you as the air you breathe. You are prepared

to do a lot for that because you dont want anything for free. You want to earn it by

making your contribution, and by becoming indispensable. It wont occur to you to

merely wait until people appreciate you, and like to have you around. For instance,

the host of a party will always want you among his guests, because you are sure to

ask if you can help - and you are probably the person wholl stay behind to clean

up and help washing the dishes.


Another great strength of the Realist are his outstanding talent for organizing and

his systematic way of dealing with challenges. You seldom need any instructions:

You see what must be done, and you do it without wasting a lot of words. Like

many other personality types, you concentrate on the details. You dont miss

important deadlines, time limits, or contract details.

Consequently, you prefer work environments where you can deal with clear facts

and tangible performance requirements. Very abstract, theoretically oriented

professions dealing with the creation of visions or long-term future projects are not

your strong point; they are not sufficiently defined for you. Besides, you accept

something new with reservations and are not crazy about experimenting in the

unknown. You prefer to be able to orient yourself on the proven, and to know that

you are referring to reliable information and experience values. Therefore,

professions involving mainly conceptualizing or new developments are usually

rather stressful for you.


As a Reliable Realist you belong to the introverted personality types. You dont

appreciate too much commotion around you preferring to work relatively

independently of others. You need to give yourself plenty of time to work in peace

and deal with your projects thoroughly and intensely. Your ability to concentrate is

exceptionally high and if you are interested in something you can truly immerse

yourself forgetting everything around you. Very strongly team-oriented professional

fields, or employment where your concentration is continuously disturbed, or your

work is disrupted, are not really for you. It is just too important to you to complete

your projects really well.

One or two colleagues who are on your wavelength or possibly a small group of

like-minded colleagues are the most you need. Too many people are stressful to

you because the emotionality and irrationality that comes with interpersonal

relationships tends to disturb you. You are reserved when revealing yourself, and

often have the effect of being aloof. Sometimes, and although it may not be your

intention, you even convey the impression of being dismissive to the people

around you. The continuous locker room and water cooler banter enervate you

more than anything else. For you, work is work, and you feel that private matters

dont really belong there. When you choose your profession, watch out that you are

not made to adjust to and interact with others around the clock.

Reliability is your middle name. Whoever hands you a project can rest assured that

it will be handled diligently and delivered on time. The thought not to keep a

promise or a commitment on time is total horror to you. Therefore, it is important to

you to be in an environment providing smooth working conditions where you

receive consistent and predictable feedback about your efforts. Clear and definite

objectives, and the assurance that the necessary resources for your activities will

be available, are a must.

You cant stand improvisation, short-term changes of plans, and last minute rush.

You are a master at organized planning and proceed very purposefully with

everything you do. You are driven up the wall if something unforeseen throws your

careful calculations into disarray. You want everything within the purview of your


Workplace Profile

responsibility to run smoothly, so that it can be dealt with one after the other.

Professional environments where it is impossible to plan from one day to the next,

requiring continuous flexibility, are not your thing. You can deal with a sudden

adjustment, but please, not too frequently! A daily life in uncertainty, not knowing if

you would be able to deliver a performance meeting your high demands, is not for

you.

Visible and measurable results of your work are very important to you. You dont

like to fly blind, deal with intangible theories, and vague eventualities. On the other

hand, you much prefer a well thought through structure, methodically sound

projects or services, and comprehensible and logical standard production

procedures and evaluations. Where your work is concerned, you have an excellent

sense for detail, and an almost legendary memory for facts. You are probably also

excellent at juggling numbers; many people of your type are found in professional

environments where numbers somehow play an important role.

You approach your tasks in a sober and logical manner, and dont let your

perceptions be diverted by subjective impressions or personal preferences. You

manage that which needs to be managed precisely and with attention to detail. You

are not satisfied until you have a perfect result. Here, you can expend infinite

patience and effort. For that reason, it is so much more important to look for a

work environment that appreciates these qualities. Here, your sense of your

capabilities and your aptitude accrues to you. Despite your perfectionism the risk

of burnout is not as pronounced as with some of the other personality types who

dont have this ability to gage themselves.

Because you are very task-oriented, loyal, and always looking out for the

companys well being, you do good work in management positions. Your

employers and colleagues are going to notice your engagement and energy for

projects, and even if you dont necessarily aspire to it youll gradually, and almost

automatically, be handed more and more responsibilities.

Your leadership is always responsible for outstanding results to which you normally

contribute the lions share. You probably rarely have to criticize and regiment. You

consistently lead by example and expect - usually rightfully so - that the others will

follow. Your subordinates probably wont have to complain about excessive praise

- you economize regardless whether your own employers finances or interpersonal

relationships are concerned.

You are not all that well suited for independence. You are one of the personality

types who need security more than most, and you hate any risk. You appreciate

traditions, security, and stability; unpredictability makes you insecure and restless.

Even if you are not in charge, you have no problems coming to terms with

authorities and hierarchies - the important thing is that it is clear who is supposed


to do what, and who is responsible for what. Your sense of duty does not end with

tasks you dont really enjoy as much as others. You know that sometimes one also

has to deal with something unpleasant, and you see no point in fighting the

inevitable.

As long as you see the necessity of a task, youll complete it without complaining.

The commotion created by others about the fun factor at work only causes you

to shake your head; your motto is work is work, and play is play. Consequently

there are very few reasons for you to break out of organizations and institutions in

order to exchange your beloved security for that dangerous freedom.


Although networking may not be one of your strengths, during your job search you

should really try to go against your grain just a little. The best jobs are never

advertised in the paper but are always found because someone was at the right

place, at the right time, asking the right question. If at all possible, at least activate

all those people you already know - your former work or school colleagues, your

friends and family. Normally, you dont talk about yourself much but prefer to listen

to others. Now it is important for all these people to know that you are looking for a

new job and what your expectations are.

There is no question that your primary strengths will help you during your job

search: set up a precise timetable and estimate the expense and expected

duration of your search, as well as meticulously document your course of action.

You are simply too well organized to risk missing a deadline or forgetting an

upcoming follow up conversation. Make sure that your potential employer gets the

correct impression of your attention to detail from the outset.

Arrange your documents neatly, precisely, and properly; pay particular attention to

being punctual. After the interview, briefly express your appreciation for your

interviewers time with a personal note (for instance by e-mail.) None of this is

going to represent a special effort but is guaranteed to get you lots of points. Go

ahead and be a bit more persistent than is consistent with your normally reserved

nature when it is time for you to follow up: Inquire when the decision regarding the

staffing will be made. Dont be afraid that you might appear to be too forward; this

only demonstrates your interest.

You are probably not all that eager to resort to any exotic or unusual way or means

to present your application, or portray yourself during the application process. In

your case this strategy is not imperative. Many employers in the occupational field

(for which you are especially well suited) appreciate correct and impeccable

manners a lot more than creative scatterbrains. Present yourself consistent with

your style: respectable, reliable, and efficient. It starts with your attire, and ends

with your style: for instance, the submission of complete and exact application


Career Strategy

forms. Those who are looking for qualities like yours will certainly take positive note

of that.

Collect as much advance information as possible about your potential employer

and the job in question. Your systematic and patient nature should make this easy.

Utilize all available sources you can find: write-ups in the papers, business

magazines, conversations with the companys other employees, the internet, etc.

You are someone who prefers to be prepared when going into a job interview - that

is great! Take time in advance to think about which questions you are probably

going to get and which questions you yourself should ask.

Maybe you can talk about having previously worked in a comparable

environment,about projects that you have successfully implemented, or at least

develop some ideas how you can convincingly demonstrate why this company has

been waiting for you all along. Typically, coming up with quick responses to these

questions during an interview does not really suit a quiet and deliberate personality

type like you. Calmly preparing yourself in advance is going to get you an

important advantage. You may feel like practicing a job interview with good friends

and have them give you feedback about your performance. All of this will increase

your composure and permit you to conduct yourself as the self-confident person

that you are.

Take all the time you need when making your decision for or against a job. You may

want to ask for a break to think about accepting or declining it. It isnt like you to

force things, so why deviate from this principle in a question as important as this?

If you have the time and space to think about it realistically and logically, and using

your ability to soberly and impersonally weigh the pros and cons, you are going to

make the right decision. However, if you let yourself be tempted to shoot from the

hip, this whole thing can well go down the drain.

Sometimes you appear cool and uninvolved even if you arent. You are just very

self-controlled and reserved. Those are great qualities. However you dont want to

give a potential employer the impression that you may not be all that interested in

the job, or later, not sufficiently committed to your projects. Try to obviate this total

misjudgment of your personality by deliberately extolling your competencies and

experience. This is not the time to hide your light under a bushel basket; you do

that much too often, anyway. Present yourself as purposeful and determined. Make

it clear that the company needs you to make it complete. You may also want to

show a little more enthusiasm and excitement about this job than you would

normally do. You dont have to win the Oscar for your acting, but your counterpart

should be aware that you really want this job. During your job interview as well as

in your regular work environment, you tend to underestimate the human factor. To

gain your interviewers sympathy is just as important as proving your competence.


When searching for a job, dont be too conservative and let your need for security

take over. If the search takes a little longer than expected, many people of your

personality type tend to lose their nerve too quickly and accept lousy compromises

in order to have a decent income as quickly as possible. Short term or small

compromises are ok, but not at the cost of your long-term professional

satisfaction.

You are very realistically inclined; that is all right as long as it doesnt get to the

point that options have been nipped in the bud just because they appeared to be a

little unusual. Maybe you have a few good friends who are less down to earth than

you, and with whom you could spend an evening with a bottle of wine,

brainstorming to get their input about which careers would fit you best. Reliable

Realists sometimes have problems correcting an already chosen course. For them,

it as almost impossible to abort an educational course, for instance. Try to be a bit

more flexible, its maybe worth it in the long run.

You may also want to see if you want to create a little more peace in your present

work environment. Maybe there are possibilities of reducing disruptions and

interference factors, or delegating some of your tasks to someone else. Also, see if

you can get sufficient feedback for your performance and if that is not the case, try

to have a conversation with your superior in order to change this.


Before you furiously lunge into the evaluation process, you should spend a little

time and consider the following questions - using the information provided to you

by this Career Profile - about your personality and the potential working

environments suitable to you

What exactly do I want?

Remain in my present profession but find a new place in another company?

Change my present profession altogether because?

Earn more because otherwise I cant make it?

Work because the children are not living at home any longer?

What will I forgo in return?

Accept a lower salary (how much)?

Accept moving?

Accept a longer commute (how long?)

Go back to school?

Work more hours (how many)?

Change my hours? (i.e. only in the morning; also on weekends/in the evening)


Check list

What is expected of me when I submit an application?

Is the job description clearly outlined?

Do I meet the most important requirements of the advertised job?

What do I have to offer?

How complete is my education or training?

How about additional education?

What is my professional experience?

What business experience do I have?

Do I have experience in a foreign country?

And most importantly: What is there I can probably do better than the other applicants?

Here you should be able to use a lot of the ideas and suggestions from the Career

Profile. Always carefully consider your specific contribution that is going to be of

use to this particular employer.


The following pages contain the descriptions of 70 careers that fit your personality

type. Each description will show you typical tasks and skills that are required in the

corresponding profession.

In addition, a graphical representation of each RIASEC factors is included. The six

personality and work environment types comprised in the RIASEC scheme are as

follows:

Realistic - practical, physical, hands-on, tool-oriented

Investigative - analytical, intellectual, scientific, explorative

Artistic - creative, original, independent, chaotic

Social - cooperative, supporting, helping, healing/nurturing

Enterprising - competitive environments, leadership, persuading

Conventional - detail-oriented, organizing, clerical

The RIASEC model has been adopted by the U.S. Department

of Labor for categorizing jobs relative to interests. The following

career descriptions are partly based on O*NET data (Version

15.0) supplied by the U.S. Department of Labor.

Career Suggestions

*HYLLY:\NNLZ[PVUZ0UKL_

(;

99

0; 99 .9 :+ 0+ ,+ +9 :9 3+ :0 .; +; ,0 /0 +0WHNL

5\YZPUN(ZZPZ[HU[Z 6YKLYSPLZ *VTT\UP[`/LHS[O>VYRLYZ 0U[LSSPNLUJL(UHS`Z[Z 9LJ`JSPUNHUK9LJSHTH[PVU>VYRLYZ *VTW\[LY5L[^VYR:\WWVY[:WLJPHSPZ[Z )PVM\LSZ7YVJLZZPUN;LJOUPJPHUZ 4L[OHUL3HUKMPSS.HZ.LULYH[PVU:`Z[LT;LJOUPJPHUZ )PVTHZZ7SHU[;LJOUPJPHUZ /`KYVLSLJ[YPJ7SHU[;LJOUPJPHUZ 3PIYHY`;LJOUPJPHUZ -YLPNO[HUK*HYNV0UZWLJ[VYZ *P[`HUK9LNPVUHS7SHUUPUN(PKLZ (\KPV=PZ\HSHUK4\S[PTLKPH*VSSLJ[PVUZ:WLJPHSPZ[Z 7OHYTHJ`;LJOUPJPHUZ 4LKPJHS(ZZPZ[HU[Z 6JJ\WH[PVUHS/LHS[OHUK:HML[`;LJOUPJPHUZ +LU[HS(ZZPZ[HU[Z -PSL*SLYRZ 0UZ\YHUJL(WWYHPZLYZ(\[V+HTHNL -PYL0UZWLJ[VYZ *VTW\[LY6WLYH[VYZ 7YLWYLZZ;LJOUPJPHUZHUK>VYRLYZ 9HKPH[PVU;OLYHWPZ[Z .HZ7SHU[6WLYH[VYZ 4HWWPUN;LJOUPJPHUZ 3PIYHY`(ZZPZ[HU[Z*SLYPJHS 4L[LY9LHKLYZOVSLZHSLHUK9L[HPS:HSLZ 7OHYTHJ`(PKLZ ;LSLWOVUL6WLYH[VYZ 7VZ[HS:LY]PJL4HPS*HYYPLYZ 4HPS*SLYRZHUK4HPS4HJOPUL6WLYH[VYZ,_JLW[7VZ[HS:LY]PJL

P7LYZVUPJ*HYLLY7YVMPSL

*HYLLY:\NNLZ[PVUZ0UKL_

(;

99

0; 99 .9 :+ 0+ ,+ +9 :9 3+ :0 .; +; ,0 /0 +0WHNL

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`2L`LYZ )\Z+YP]LYZ:JOVVSVY:WLJPHS*SPLU[ :OPWWPUN9LJLP]PUNHUK;YHMMPJ*SLYRZ 7Z`JOPH[YPJ(PKLZ 7HYRPUN,UMVYJLTLU[>VYRLYZ :[H[LTLU[*SLYRZ 7H`YVSSHUK;PTLRLLWPUN*SLYRZ *VTIPULK-VVK7YLWHYH[PVUHUK:LY]PUN>VYRLYZ0UJS\KPUN-HZ[-VVK :[VJR*SLYRZ:[VJRYVVT>HYLOV\ZLVY:[VYHNL@HYK -VVK7YLWHYH[PVU>VYRLYZ 7HYRPUN3V[([[LUKHU[Z *VVRZ-HZ[-VVK *VVRZ:OVY[6YKLY 4HPKZHUK/V\ZLRLLWPUN*SLHULYZ +PUPUN9VVTHUK*HML[LYPH([[LUKHU[ZHUK)HY[LUKLY/LSWLYZ 5VUMHYT(UPTHS*HYL[HRLYZ


&RQYHQWLRQDOGHWDLORULHQWHGRUJDQL]LQJFOHULFDO(QWHUSULVLQJFRPSHWLWLYHOHDGHUVKLSSHUVXDGLQJ6RFLDOFRRSHUDWLYHVXSSRUWLQJKHOSLQJKHDOLQJ$UWLVWLFFUHDWLYHRULJLQDOLQGHSHQGHQWFKDRWLF,QYHVWLJDWLYHDQDO\WLFDOLQWHOOHFWXDOVFLHQWLILF5HDOLVWLFSUDFWLFDOSK\VLFDOWRRORULHQWHG

5\YZPUN(ZZPZ[HU[Z

+LZJYPW[PVU7YV]PKLIHZPJWH[PLU[JHYL\UKLYKPYLJ[PVUVMU\YZPUNZ[HMM7LYMVYTK\[PLZZ\JOHZMLLKIH[OLKYLZZNYVVTVYTV]LWH[PLU[ZVYJOHUNLSPULUZ4H`[YHUZMLYVY[YHUZWVY[WH[PLU[Z0UJS\KLZU\YZPUNJHYLH[[LUKHU[ZU\YZPUNHPKLZHUKU\YZPUNH[[LUKHU[Z

;HZRZ(KTPUPZ[LYTLKPJH[PVUZVY[YLH[TLU[ZZ\JOHZJH[OL[LYPaH[PVUZZ\WWVZP[VYPLZPYYPNH[PVUZLULTHZTHZZHNLZVYKV\JOLZHZKPYLJ[LKI`HWO`ZPJPHUVYU\YZL(UZ^LYWH[PLU[JHSSZPNUHSZZPNUHSSPNO[ZILSSZVYPU[LYJVTZ`Z[LTZ[VKL[LYTPULWH[PLU[ZULLKZ(WWS`JSLHUKYLZZPUNZZSPUNZZ[VJRPUNZVYZ\WWVY[IHUKHNLZ\UKLYKPYLJ[PVUVMU\YZLVYWO`ZPJPHU(ZZPZ[U\YZLZVYWO`ZPJPHUZPU[OLVWLYH[PVUVMTLKPJHSLX\PWTLU[VYWYV]PZPVUVMWH[PLU[JHYL*OHUNLILKSPULUZVYTHRLILKZ*SLHUHUKZHUP[PaLWH[PLU[YVVTZIH[OYVVTZL_HTPUH[PVUYVVTZVYV[OLYWH[PLU[HYLHZ*VSSLJ[ZWLJPTLUZZ\JOHZ\YPULMLJLZVYZW\[\T*VTT\UPJH[L^P[OWH[PLU[Z[VHZJLY[HPUMLLSPUNZVYULLKMVYHZZPZ[HUJLVYZVJPHSHUKLTV[PVUHSZ\WWVY[+VJ\TLU[VYV[OLY^PZLYLWVY[VIZLY]H[PVUZVMWH[PLU[ILOH]PVYJVTWSHPU[ZVYWO`ZPJHSZ`TW[VTZ[VU\YZLZ-LLKWH[PLU[ZVYHZZPZ[WH[PLU[Z[VLH[VYKYPUR.H[OLYPUMVYTH[PVUMYVTJHYLNP]LYZU\YZLZVYWO`ZPJPHUZHIV\[WH[PLU[JVUKP[PVU[YLH[TLU[WSHUZVYHWWYVWYPH[LHJ[P]P[PLZ4LHZ\YLHUKYLJVYKMVVKHUKSPX\PKPU[HRLVY\YPUHY`HUKMLJHSV\[W\[YLWVY[PUNJOHUNLZ[VTLKPJHSVYU\YZPUNZ[HMM6IZLY]LVYL_HTPULWH[PLU[Z[VKL[LJ[Z`TW[VTZ[OH[TH`YLX\PYLTLKPJHSH[[LU[PVUZ\JOHZIY\PZLZVWLU^V\UKZVYISVVKPU\YPUL7VZP[PVUVYOVSKWH[PLU[ZPUWVZP[PVUMVYZ\YNPJHSWYLWHYH[PVU7YLWHYLVYZLY]LMVVK[YH`Z7YV]PKLWO`ZPJHSZ\WWVY[[VHZZPZ[WH[PLU[Z[VWLYMVYTKHPS`SP]PUNHJ[P]P[PLZZ\JOHZNL[[PUNV\[VMILKIH[OPUNKYLZZPUN\ZPUN[OL[VPSL[Z[HUKPUN^HSRPUNVYL_LYJPZPUN9LJVYKOLPNO[VY^LPNO[VMWH[PLU[Z


9LHSPZ[PJ 0U]LZ[PNH[P]L (Y[PZ[PJ :VJPHS ,U[LYWYPZPUN *VU]LU[PVUHS

(;*HSJ

1VIAVUL .YLLU6JJ\WH[PVUHS*H[LNVY`

*VU]LU[PVUHS,U[LYWYPZPUN

:VJPHS(Y[PZ[PJ

0U]LZ[PNH[P]L9LHSPZ[PJ

7YVMPSL

0;*HSJ

,_[YH]LYZPVU

0U]LZ[PNH[P]L

;HZR;`WL(KTPUPZ[L

,_[YH]LYZPVU*VW`

3PUR


6YKLYSPLZ

+LZJYPW[PVU;YHUZWVY[WH[PLU[Z[VHYLHZZ\JOHZVWLYH[PUNYVVTZVY_YH`YVVTZ\ZPUNÔLLSJOHPYZZ[YL[JOLYZVYTV]LHISLILKZ4H`THPU[HPUZ[VJRZVMZ\WWSPLZVYJSLHUHUK[YHUZWVY[LX\PWTLU[

;HZRZ(UZ^LYWH[PLU[JHSSZPNUHSZZPNUHSSPNO[ZILSSZVYPU[LYJVTZ`Z[LTZ[VKL[LYTPULWH[PLU[ZULLKZ*HYY`TLZZHNLZVYKVJ\TLU[ZIL[^LLUKLWHY[TLU[Z*OHUNLZVPSLKSPULUZZ\JOHZILKSPULUZKYHWLZVYJ\IPJSLJ\Y[HPUZ*SLHUHUKZHUP[PaLWH[PLU[YVVTZIH[OYVVTZL_HTPUH[PVUYVVTZVYV[OLYWH[PLU[HYLHZ*SLHULX\PWTLU[Z\JOHZÔLLSJOHPYZOVZWP[HSILKZVYWVY[HISLTLKPJHSLX\PWTLU[KVJ\TLU[PUNULLKLKYLWHPYZVYTHPU[LUHUJL*VSSLJ[HUK[YHUZWVY[PUMLJ[PV\ZVYOHaHYKV\Z^HZ[LPUJSVZLKJVU[HPULYZMVYZ[LYPSPaH[PVUVYKPZWVZHSPUHJJVYKHUJL^P[OHWWSPJHISLSH^Z[HUKHYKZVYWVSPJPLZ*VSSLJ[ZVPSLKSPULUVY[YHZO+PZPUMLJ[VYZ[LYPSPaLLX\PWTLU[VYZ\WWSPLZ\ZPUNNLYTPJPKLZVYZ[LYPSPaPUNLX\PWTLU[3PM[VYHZZPZ[V[OLYZ[VSPM[WH[PLU[Z[VTV]L[OLTVUVYVMMILKZL_HTPUH[PVU[HISLZZ\YNPJHS[HISLZVYZ[YL[JOLYZ7VZP[PVUVYOVSKWH[PLU[ZPUWVZP[PVUMVYZ\YNPJHSWYLWHYH[PVU9LZWVUK[VLTLYNLUJ`ZP[\H[PVUZZ\JOHZLTLYNLUJ`TLKPJHSJHSSZZLJ\YP[`JHSSZVYMPYLHSHYTZ9LZ[YHPUWH[PLU[Z[VWYL]LU[]PVSLUJLVYPUQ\Y`VY[VHZZPZ[WO`ZPJPHUZVYU\YZLZ[VHKTPUPZ[LY[YLH[TLU[Z:LY]LVYJVSSLJ[MVVK[YH`Z:[VJRVYPZZ\LTLKPJHSZ\WWSPLZZ\JOHZKYLZZPUNWHJRZVY[YLH[TLU[[YH`Z:[VJR\[PSP[`YVVTZUVUTLKPJHSZ[VYHNLYVVTZVYJSLHUPUNJHY[Z^P[OZ\WWSPLZ:\WWS`JVSSLJ[VYLTW[ÌLKWHUZ;YHUZWVY[IVKPLZ[V[OLTVYN\L



(;*HSJ



:VJPHS(Y[PZ[PJ


7YVMPSL

0;*HSJ

,_[YH]LYZPVU

0U]LZ[PNH[P]L

;HZR;`WL(UZ^LY

,_[YH]LYZPVU*VW`

3PUR


*VTT\UP[`/LHS[O>VYRLYZ

+LZJYPW[PVU(ZZPZ[PUKP]PK\HSZHUKJVTT\UP[PLZ[VHKVW[OLHS[OÌLOH]PVYZ*VUK\J[V\[YLHJOMVYTLKPJHSWLYZVUULSVYOLHS[OVYNHUPaH[PVUZ[VPTWSLTLU[WYVNYHTZPU[OLJVTT\UP[`[OH[WYVTV[LTHPU[HPUHUKPTWYV]LPUKP]PK\HSHUKJVTT\UP[ÒLHS[O4H`WYV]PKLPUMVYTH[PVUVUH]HPSHISLYLZV\YJLZWYV]PKLZVJPHSZ\WWVY[HUKPUMVYTHSJV\UZLSPUNHK]VJH[LMVYPUKP]PK\HSZHUKJVTT\UP[ÒLHS[OULLKZHUKWYV]PKLZLY]PJLZZ\JOHZMPYZ[HPKHUKISVVKWYLZZ\YLZJYLLUPUN4H`JVSSLJ[KH[H[VOLSWPKLU[PM`JVTT\UP[ÒLHS[OULLKZ

;HZRZ(KTPUPZ[LYPTT\UPaH[PVUZVYV[OLYIHZPJWYL]LU[P]L[YLH[TLU[Z(K]PZLJSPLU[ZVYJVTT\UP[`NYV\WZVUPZZ\LZYLSH[LK[VKPHNUVZ[PJZJYLLUPUNZZ\JOHZIYLHZ[JHUJLYZJYLLUPUNWHWZTLHYZNSH\JVTH[LZ[ZVYKPHIL[LZZJYLLUPUNZ(K]PZLJSPLU[ZVYJVTT\UP[`NYV\WZVUPZZ\LZYLSH[LK[VPTWYV]PUNNLULYHSOLHS[OZ\JOHZKPL[VYL_LYJPZL(K]PZLJSPLU[ZVYJVTT\UP[`NYV\WZVUPZZ\LZYLSH[LK[VYPZRVYWYL]LU[PVUVMJVUKP[PVUZZ\JOHZSLHKWVPZVUPUNO\THUPTT\UVKLMPJPLUJ`]PY\Z/0=WYLUH[HSZ\IZ[HUJLHI\ZLVYKVTLZ[PJ]PVSLUJL(K]PZLJSPLU[ZVYJVTT\UP[`NYV\WZVUPZZ\LZYLSH[LK[VZHUP[H[PVUVYO`NPLULZ\JOHZMSVZZPUNVYOHUK^HZOPUN(K]PZLJSPLU[ZVYJVTT\UP[`NYV\WZVUPZZ\LZYLSH[LK[VZLSMJHYLZ\JOHZKPHIL[LZTHUHNLTLU[(K]PZLJSPLU[ZVYJVTT\UP[`NYV\WZVUPZZ\LZYLSH[LK[VZVJPHSVYPU[LSSLJ[\HSKL]LSVWTLU[Z\JOHZLK\JH[PVUJOPSKJHYLVYWYVISLTZVS]PUN(K]PZLJSPLU[ZVYJVTT\UP[`NYV\WZ[VLUZ\YLWHYLU[HS\UKLYZ[HUKPUNVM[OLPTWVY[HUJLVMJOPSKOVVKPTT\UPaH[PVUZHUKOV^[VHJJLZZPTT\UPaH[PVUZLY]PJLZ(K]VJH[LMVYPUKP]PK\HSVYJVTT\UP[ÒLHS[OULLKZ^P[ONV]LYUTLU[HNLUJPLZVYOLHS[OZLY]PJLWYV]PKLYZ([[LUKJVTT\UP[`TLL[PUNZVYOLHS[OMHPYZ[V\UKLYZ[HUKJVTT\UP[`PZZ\LZVYI\PSKYLSH[PVUZOPWZ^P[OJVTT\UP[`TLTILYZ*VUK\J[OVTL]PZP[ZMVYWYLNUHU[^VTLUULÎVYUPUMHU[ZVYV[OLYOPNOYPZRPUKP]PK\HSZ[VTVUP[VY[OLPYWYVNYLZZVYHZZLZZ[OLPYULLKZ*VU[HJ[JSPLU[ZPUWLYZVUI`WOVULVYPU^YP[PUN[VLUZ\YL[OLÒH]LJVTWSL[LKYLX\PYLKVYYLJVTTLUKLKHJ[PVUZ+PZ[YPI\[LMS`LYZIYVJO\YLZVYV[OLYPUMVYTH[PVUHSVYLK\JH[PVUHSKVJ\TLU[Z[VPUMVYTTLTILYZVMH[HYNL[LKJVTT\UP[`0KLU[PM`VYJVU[HJ[TLTILYZVMOPNOYPZRVYV[OLY^PZL[HYNL[LKNYV\WZZ\JOHZTLTILYZVMTPUVYP[`WVW\SH[PVUZSV^PUJVTLWVW\SH[PVUZVYWYLNUHU[^VTLU0KLU[PM`[OLWHY[PJ\SHYOLHS[OJHYLULLKZVMPUKP]PK\HSZPUHJVTT\UP[`VY[HYNL[HYLH0U[LYWYL[[YHUZSH[LVYWYV]PKLJ\S[\YHSTLKPH[PVUYLSH[LK[VOLHS[OZLY]PJLZVYPUMVYTH[PVUMVYJVTT\UP[`TLTILYZ4HPU[HPU\WKH[LKJSPLU[YLJVYKZ^P[OWSHUZUV[LZHWWYVWYPH[LMVYTZVYYLSH[LKPUMVYTH[PVU



(;*HSJ



:VJPHS(Y[PZ[PJ


7YVMPSL

0;*HSJ

,_[YH]LYZPVU

0U]LZ[PNH[P]L

;HZR;`WL(KTPUPZ[L

,_[YH]LYZPVU*VW`

3PUR


0U[LSSPNLUJL(UHS`Z[Z

+LZJYPW[PVU.H[OLYHUHS`aLVYL]HS\H[LPUMVYTH[PVUMYVTH]HYPL[`VMZV\YJLZZ\JOHZSH^LUMVYJLTLU[KH[HIHZLZZ\Y]LPSSHUJLPU[LSSPNLUJLUL[^VYRZVYNLVNYHWOPJPUMVYTH[PVUZ`Z[LTZ


9LJ`JSPUNHUK9LJSHTH[PVU>VYRLYZ

+LZJYPW[PVU7YLWHYLHUKZVY[TH[LYPHSZVYWYVK\J[ZMVYYLJ`JSPUN0KLU[PM`HUKYLTV]LOHaHYKV\ZZ\IZ[HUJLZ+PZTHU[SLJVTWVULU[ZVMWYVK\J[ZZ\JOHZHWWSPHUJLZ

;HZRZ*\[KPZJHYKLKWYVK\J[ZZ\JOHZHWWSPHUJLZHUKH\[VTVIPSLZPU[VZTHSSWPLJLZ\ZPUNZH^ZISV^[VYJOLZVYV[OLYOHUKVYWV^LY[VVSZ,_[YHJ[JOLTPJHSZMYVTKPZJHYKLKHWWSPHUJLZZ\JOHZHPYJVUKP[PVULYZVYYLMYPNLYH[VYZ\ZPUNZWLJPHSPaLKTHJOPULY`Z\JOHZYLMYPNLYHU[YLJV]LY`LX\PWTLU[:VY[TH[LYPHSZZ\JOHZTL[HSZNSHZZ^VVKWHWLYVYWSHZ[PJZPU[VHWWYVWYPH[LJVU[HPULYZMVYYLJ`JSPUN*VSSLJ[YLJ`JSHISLTH[LYPHSZMYVTJ\YIZPKLMVYKLSP]LY`[VKLZPNUH[LKMHJPSP[PLZ+LWVZP[YLJV]LYHISLTH[LYPHSZPU[VJO\[LZVYWSHJLTH[LYPHSZVUJVU]L`VYILS[Z+PZTHU[SL^YLJRLK]LOPJSLZI`YLTV]PUNWHY[ZHUKSHILSPUNHUKZVY[PUNWHY[ZPU[VJVU[HPULYZ6WLYH[LH\[VTH[LKYLM\ZLVYTHU\HSYLJ`JSPUNJVSSLJ[PVU]LOPJSLZ6WLYH[LIHSLYZ[VJVTWYLZZYLJ`JSHISLTH[LYPHSZPU[VI\UKSLZVYIHSLZ6WLYH[LMVYRSPM[ZWHSSL[QHJRZWV^LYSPM[ZVYMYVU[LUKSVHKLYZ[VSVHKIHSLZI\UKSLZVYV[OLYOLH]`P[LTZVU[V[Y\JRZMVYZOPWWPUN[VZTLS[LYZVYV[OLYYLJ`JSLKTH[LYPHSZWYVJLZZPUNMHJPSP[PLZ6WLYH[LWYVJLZZPUNLX\PWTLU[Z\JOHZMPILYZVY[LYZHUKNYPUKLYZ[VZVY[JY\ZOVYNYPUKYLJ`JSHISLTH[LYPHSZ6WLYH[LZOYLKKLYZ[VYLJSHPTZ[LLSMYVTKPZJHYKLKHWWSPHUJLZ9LJVYKSVNZVMYLJ`JSLKTH[LYPHSZVY^HZ[LJOLTPJHSZYLTV]LKMYVTWYVK\J[Z:VY[TL[HSZ[VZLWHYH[LOPNONYHKLTL[HSZZ\JOHZJVWWLYIYHZZHUKHS\TPU\TMVYYLJ`JSPUN*SLHUTH[LYPHSZZ\JOHZTL[HSZHJJVYKPUN[VYLJ`JSPUNYLX\PYLTLU[Z*SLHUYLJ`JSPUN`HYKI`Z^LLWPUNYHRPUNWPJRPUN\WIYVRLUNSHZZHUKSVVZLWHWLYKLIYPZVYTV]PUNIHYYLSZHUKIPUZ*VSSLJ[HUKZVY[YLJ`JSHISLJVUZ[Y\J[PVUTH[LYPHSZZ\JOHZJVUJYL[LKY`^HSSWSHZ[PJZVY^VVKPU[VJVU[HPULYZ*SLHUPUZWLJ[VYS\IYPJH[LYLJ`JSHISLJVSSLJ[PVULX\PWTLU[VYWLYMVYTYV\[PULTHPU[LUHUJLVYTPUVYYLWHPYZVUYLJ`JSPUNLX\PWTLU[Z\JOHZZ[HYNLHYZMPUNLYZVY[LYZKLZ[VULYZILS[ZHUKNYPUKLYZ



(;*HSJ


.YLLU5L^


:VJPHS(Y[PZ[PJ


7YVMPSL .YLLU*HYLLY

0;*HSJ

,_[YH]LYZPVU

0U]LZ[PNH[P]L

;HZR;`WL*\[

,_[YH]LYZPVU*VW`

3PUR


*VTW\[LY5L[^VYR:\WWVY[:WLJPHSPZ[Z

+LZJYPW[PVU(UHSàL[LZ[[YV\ISLZOVV[HUKL]HS\H[LL_PZ[PUNUL[^VYRZ`Z[LTZZ\JOHZSVJHSHYLHUL[^VYR3(5^PKLHYLHUL[^VYR>(5HUK0U[LYUL[Z`Z[LTZVYHZLNTLU[VMHUL[^VYRZ`Z[LT7LYMVYTUL[^VYRTHPU[LUHUJL[VLUZ\YLUL[^VYRZVWLYH[LJVYYLJ[S`^P[OTPUPTHSPU[LYY\W[PVU

;HZRZ(UHSàLUL[^VYRKH[H[VKL[LYTPULUL[^VYR\ZHNLKPZRZWHJLH]HPSHIPSP[`VYZLY]LYM\UJ[PVU*VUMPN\YLHUKKLMPULWHYHTL[LYZMVYPUZ[HSSH[PVUVY[LZ[PUNVMSVJHSHYLHUL[^VYR3(5^PKLHYLHUL[^VYR>(5O\IZYV\[LYZZ^P[JOLZJVU[YVSSLYZT\S[PWSL_LYZVYYLSH[LKUL[^VYRPUNLX\PWTLU[*VUMPN\YLZLJ\YP[`ZL[[PUNZVYHJJLZZWLYTPZZPVUZMVYNYV\WZVYPUKP]PK\HSZ*VUMPN\YL^PKLHYLHUL[^VYR>(5VYSVJHSHYLHUL[^VYR3(5YV\[LYZVYYLSH[LKLX\PWTLU[+VJ\TLU[UL[^VYRZ\WWVY[HJ[P]P[PLZ,]HS\H[LSVJHSHYLHUL[^VYR3(5VY^PKLHYLHUL[^VYR>(5WLYMVYTHUJLKH[H[VLUZ\YLZ\MMPJPLU[H]HPSHIPSP[`VYZWLLK[VPKLU[PMÙL[^VYRWYVISLTZVYMVYKPZHZ[LYYLJV]LY`W\YWVZLZ0KLU[PM`[OLJH\ZLZVMUL[^VYRPUNWYVISLTZ\ZPUNKPHNUVZ[PJ[LZ[PUNZVM[^HYLHUKLX\PWTLU[0UZ[HSSHUKJVUMPN\YL^PYLSLZZUL[^VYRPUNLX\PWTLU[0UZ[HSSUL[^VYRZVM[^HYLPUJS\KPUNZLJ\YP[`VYMPYL^HSSZVM[^HYL0UZ[HSSULÔHYK^HYLVYZVM[^HYLZ`Z[LTZVYJVTWVULU[ZLUZ\YPUNPU[LNYH[PVU^P[OL_PZ[PUNUL[^VYRZ`Z[LTZ0UZ[HSSVYYLWHPYUL[^VYRJHISLZPUJS\KPUNMPILYVW[PJJHISLZ7LYMVYTYV\[PULTHPU[LUHUJLVYZ[HUKHYKYLWHPYZ[VUL[^VYRPUNJVTWVULU[ZVYLX\PWTLU[;LZ[JVTW\[LYZVM[^HYLVYOHYK^HYL\ZPUNZ[HUKHYKKPHNUVZ[PJ[LZ[PUNLX\PWTLU[HUKWYVJLK\YLZ;YV\ISLZOVV[UL[^VYRVYJVUULJ[P]P[`WYVISLTZMVY\ZLYZVY\ZLYNYV\WZ(UHSàLHUKYLWVY[JVTW\[LYUL[^VYRZLJ\YP[ÌYLHJOLZVYH[[LTW[LKIYLHJOLZ)HJR\WUL[^VYRKH[H*YLH[LVYYL]PZL\ZLYPUZ[Y\J[PVUZWYVJLK\YLZVYTHU\HSZ



(;*HSJ



:VJPHS(Y[PZ[PJ


7YVMPSL

0;*HSJ

,_[YH]LYZPVU

0U]LZ[PNH[P]L

;HZR;`WL(UHSàL

,_[YH]LYZPVU*VW`

3PUR


)PVM\LSZ7YVJLZZPUN;LJOUPJPHUZ

+LZJYPW[PVU*HSJ\SH[LTLHZ\YLSVHKTP_HUKWYVJLZZYLMPULKMLLKZ[VJR^P[OHKKP[P]LZPUMLYTLU[H[PVUVYYLHJ[PVUWYVJLZZ]LZZLSZHUKTVUP[VYWYVK\J[PVUWYVJLZZ7LYMVYTHUKRLLWYLJVYKZVMWSHU[THPU[LUHUJLYLWHPYZHUKZHML[`PUZWLJ[PVUZ

;HZRZ*HSJ\SH[LTLHZ\YLSVHKVYTP_YLMPULKMLLKZ[VJR\ZLKPUIPVM\LSZWYVK\J[PVU6WLYH[LJOLTPJHSWYVJLZZPUNLX\PWTLU[MVY[OLWYVK\J[PVUVMIPVM\LSZ6WLYH[LLX\PWTLU[Z\JOHZHJLU[YPM\NL[VL_[YHJ[IPVM\LSZWYVK\J[ZHUKZLJVUKHYÌ`WYVK\J[ZVYYL\ZHISLMYHJ[PVUZ6WLYH[L]HS]LZW\TWZLUNPULZVYNLULYH[VYZ[VJVU[YVSHUKHKQ\Z[IPVM\LSZWYVK\J[PVU7YVJLZZYLMPULKMLLKZ[VJR^P[OHKKP[P]LZPUMLYTLU[H[PVUVYYLHJ[PVUWYVJLZZ]LZZLSZ(ZZLZZ[OLX\HSP[`VMIPVM\LSZHKKP[P]LZMVYYLWYVJLZZPUN*HSPIYH[LSPX\PKMSV^KL]PJLZHUKTL[LYZPUJS\KPUNM\LSJOLTPJHSHUK^H[LYTL[LYZ*VSSLJ[IPVM\LSZZHTWSLZHUKWLYMVYTYV\[PULSHIVYH[VY`[LZ[ZVYHUHS`ZLZ[VHZZLZZIPVM\LSZX\HSP[`0UZWLJ[IPVM\LSZWSHU[VYWYVJLZZPUNLX\PWTLU[YLN\SHYS`YLJVYKPUNVYYLWVY[PUNKHTHNLHUKTLJOHUPJHSWYVISLTZ4LHZ\YLHUKTVUP[VYYHÎPVM\LSZMLLKZ[VJR4VUP[VYHUKYLJVYKIPVM\LSZWYVJLZZPUNKH[H4VUP[VYHUKYLJVYKMSV^TL[LYWLYMVYTHUJL4VUP[VYIH[JOJVU[PU\V\ZMSV^VYOÌYPKIPVM\LSZWYVK\J[PVUWYVJLZZLZ4VUP[VYZ[VYLKIPVM\LSZWYVK\J[ZVYZLJVUKHYÌ`WYVK\J[Z\U[PSYL\ZLKVY[YHUZMLYYLK[V\ZLYZ7YLWYVJLZZMLLKZ[VJRPUWYLWHYH[PVUMVYWO`ZPJHSJOLTPJHSVYIPVSVNPJHSM\LSWYVK\J[PVUWYVJLZZLZ*SLHUIPVM\LSZWYVJLZZPUN^VYRHYLHLUZ\YPUNJVTWSPHUJL^P[OZHML[`YLN\SH[PVUZ*VVYKPUH[LYH^WYVK\J[ZV\YJPUNVYJVSSLJ[PVU



(;*HSJ


.YLLU5L^


:VJPHS(Y[PZ[PJ


7YVMPSL .YLLU*HYLLY

0;*HSJ

,_[YH]LYZPVU

0U]LZ[PNH[P]L

;HZR;`WL*HSJ\SH[L

,_[YH]LYZPVU*VW`

3PUR


4L[OHUL3HUKMPSS.HZ.LULYH[PVU:`Z[LT;LJOUPJPHUZ

+LZJYPW[PVU4VUP[VYVWLYH[LHUKTHPU[HPUSHUKMPSSNHZJVSSLJ[PVUZ`Z[LTJVTWVULU[ZHUKLU]PYVUTLU[HSTVUP[VYPUNHUKJVU[YVSZ`Z[LTZ

;HZRZ6WLYH[LSHUKMPSSNHZTL[OHULVYUH[\YHSNHZM\LSLKLSLJ[YPJHSNLULYH[PVUZ`Z[LTZ7LYMVYTYV\[PULTHPU[LUHUJLVYTPUVYYLWHPYZ[VSHUKMPSSNHZJVSSLJ[PVUHUKWV^LYNLULYH[PVUZ`Z[LTZPUJS\KPUNLX\PWTLU[Z\JOHZWUL\TH[PJW\TWZISV^LYVYMSHYLZ`Z[LTZHUKJVUKLUZH[LTHUHNLTLU[Z`Z[LTZ)HSHUJLPUKP]PK\HSNHZL_[YHJ[PVU^LSSZH[SHUKMPSSNHZMHJPSP[PLZ+PHNUVZLVY[YV\ISLZOVV[WYVISLTZ^P[OTL[OHULVYSHUKMPSSNHZJVSSLJ[PVUZ`Z[LTZ+V^USVHKSHUKMPSSNHZ^LSSMPLSKTVUP[VYPUNKH[H4LHZ\YLSHUKMPSSNHZ]LNL[H[P]LJV]LYPUNPUZ[HSSPUNHKKP[PVUHSJV]LYPUNHZYLX\PYLK4LHZ\YLSPX\PKSL]LSZPUSHUKMPSSNHZL_[YHJ[PVU^LSSZ4VUP[VYSHUKMPSS^LSSMPLSKZWLYPVKPJHSS`[VLUZ\YLWYVWLYM\UJ[PVUPUNHUKWLYMVYTHUJL7YLWHYLHUKZ\ITP[JVTWSPHUJLVWLYH[PVUHSHUKZHML[`MVYTZVYYLWVY[Z9LHKPU[LYWYL[HUKHKQ\Z[TVUP[VYPUNLX\PWTLU[Z\JOHZMSV^TL[LYZHUKWYLZZ\YLVY]HJ\\TNH\NLZ9LJVYKHUKTHPU[HPUSVNVM^LSSOLHKNH\NLWYLZZ\YLYLHKPUNZ=LYPM`[OH[^LSSMPLSKTVUP[VYPUNKH[HJVUMVYTZ[VHWWSPJHISLYLN\SH[PVUZ(UHS`aL[OLSH`V\[PUZ[Y\TLU[H[PVUVYM\UJ[PVUVMLSLJ[YPJHSNLULYH[PVUVY[YHUZTPZZPVUMHJPSP[PLZ4VUP[VYSHUKMPSSNHZWLYPTL[LYWYVILZ[VPKLU[PM`SHUKMPSSNHZTPNYH[PVU7LYMVYTSHUKMPSSZ\YMHJLZJHUZ[VKL[LYTPULV]LYHSSLMMLJ[P]LULZZVM[OLSHUKMPSSNHZZP[L9LWHPYVYYLWSHJLSHUKMPSSNHZWPWPUN;YHJLLSLJ[YPJHSJPYJ\P[Y`MVYSHUKMPSSNHZI\PSKPUNZ[VLUZ\YLJVTWSPHUJLVMLSLJ[YPJHSZ`Z[LTZ^P[OHWWSPJHISLJVKLZVYSH^Z



(;*HSJ


.YLLU5L^


:VJPHS(Y[PZ[PJ


7YVMPSL .YLLU*HYLLY

0;*HSJ

,_[YH]LYZPVU

0U]LZ[PNH[P]L

;HZR;`WL6WLYH[L

,_[YH]LYZPVU*VW`

3PUR


)PVTHZZ7SHU[;LJOUPJPHUZ

+LZJYPW[PVU*VU[YVSHUKTVUP[VYIPVTHZZWSHU[HJ[P]P[PLZHUKWLYMVYTTHPU[LUHUJLHZULLKLK

;HZRZ4LHZ\YLHUKTVUP[VYYH^IPVTHZZMLLKZ[VJRPUJS\KPUN^VVK^HZ[LVYYLM\ZLTH[LYPHSZ6WLYH[L]HS]LZW\TWZLUNPULZVYNLULYH[VYZ[VJVU[YVSHUKHKQ\Z[WYVK\J[PVUVMIPVM\LSZVYIPVTHZZM\LSLKWV^LY7LYMVYTYV\[PULTHPU[LUHUJLVYTHRLTPUVYYLWHPYZ[VTLJOHUPJHSLSLJ[YPJHSVYLSLJ[YVUPJLX\PWTLU[PUIPVTHZZWSHU[Z(ZZLZZX\HSP[`VMIPVTHZZMLLKZ[VJR*HSJ\SH[LTLHZ\YLSVHKVYTP_IPVTHZZMLLKZ[VJRMVYWV^LYNLULYH[PVU*HSPIYH[LSPX\PKMSV^KL]PJLZVYTL[LYZPUJS\KPUNM\LSJOLTPJHSHUK^H[LYTL[LYZ0UZWLJ[IPVTHZZWV^LYWSHU[VYWYVJLZZPUNLX\PWTLU[YLJVYKPUNVYYLWVY[PUNKHTHNLHUKTLJOHUPJHSWYVISLTZ6WLYH[LIPVTHZZM\LSI\YUPUNIVPSLYVYIPVTHZZM\LSNHZPMPJH[PVUZ`Z[LTLX\PWTLU[PUHJJVYKHUJL^P[OZWLJPMPJH[PVUZVYPUZ[Y\J[PVUZ6WLYH[LLX\PWTLU[[VOLH[IPVTHZZ\ZPUNRUV^SLKNLVMJVU[YVSZJVTI\Z[PVUHUKMPYPUNTLJOHUPZTZ6WLYH[LLX\PWTLU[[VZ[HY[Z[VWVYYLN\SH[LIPVTHZZM\LSLKNLULYH[VYZNLULYH[VY\UP[ZIVPSLYZLUNPULZVYH\_PSPHY`Z`Z[LTZ6WLYH[LOPNOWYLZZ\YLZ[LHTIVPSLYVY^H[LYJOPSSLYLX\PWTLU[MVYLSLJ[YPJHSJVNLULYH[PVUVWLYH[PVUZ7YLWYVJLZZMLLKZ[VJR[VWYLWHYLMVYIPVJOLTPJHSVY[OLYTVJOLTPJHSWYVK\J[PVUWYVJLZZLZ9LJVYKVYYLWVY[VWLYH[PVUHSKH[HZ\JOHZYLHKPUNZVUTL[LYZPUZ[Y\TLU[ZHUKNH\NLZ*SLHU^VYRHYLHZ[VLUZ\YLJVTWSPHUJL^P[OZHML[`YLN\SH[PVUZ4HUHNLWHY[ZHUKZ\WWS`PU]LU[VYPLZMVYIPVTHZZWSHU[Z9LHKHUKPU[LYWYL[PUZ[Y\J[PVUTHU\HSZVY[LJOUPJHSKYH^PUNZYLSH[LK[VIPVTHZZM\LSLKWV^LYVYIPVM\LSZWYVK\J[PVULX\PWTLU[VYWYVJLZZLZ



(;*HSJ


.YLLU5L^


:VJPHS(Y[PZ[PJ


7YVMPSL .YLLU*HYLLY

0;*HSJ

,_[YH]LYZPVU

0U]LZ[PNH[P]L

;HZR;`WL4LHZ\YL

,_[YH]LYZPVU*VW`

3PUR


/`KYVLSLJ[YPJ7SHU[;LJOUPJPHUZ

+LZJYPW[PVU4VUP[VYHUKJVU[YVSHJ[P]P[PLZHZZVJPH[LK^P[OO`KYVWV^LYNLULYH[PVU6WLYH[LWSHU[LX\PWTLU[Z\JOHZ[\YIPULZW\TWZ]HS]LZNH[LZMHUZLSLJ[YPJJVU[YVSIVHYKZHUKIH[[LY`IHURZ4VUP[VYLX\PWTLU[VWLYH[PVUHUKWLYMVYTHUJLHUKTHRLULJLZZHY`HKQ\Z[TLU[Z[VLUZ\YLVW[PTHSWLYMVYTHUJL7LYMVYTLX\PWTLU[THPU[LUHUJLHUKYLWHPYHZULJLZZHY`

;HZRZ0KLU[PM`VYHKKYLZZTHSM\UJ[PVUZVMO`KYVLSLJ[YPJWSHU[VWLYH[PVUHSLX\PWTLU[Z\JOHZNLULYH[VYZ[YHUZMVYTLYZVY[\YIPULZ4VUP[VYO`KYVLSLJ[YPJWV^LYWSHU[LX\PWTLU[VWLYH[PVUHUKWLYMVYTHUJLHKQ\Z[PUN[VWLYMVYTHUJLZWLJPMPJH[PVUZHZULJLZZHY`:[HY[HKQ\Z[VYZ[VWNLULYH[PUN\UP[ZVWLYH[PUN]HS]LZNH[LZVYH\_PSPHY`LX\PWTLU[PUO`KYVLSLJ[YPJWV^LYNLULYH[PUNWSHU[Z*VTT\UPJH[LZ[H[\ZVMO`KYVLSLJ[YPJVWLYH[PUNLX\PWTLU[[VKPZWH[JOLYZVYZ\WLY]PZVYZ0TWSLTLU[SVHKVYZ^P[JOPUNVYKLYZPUO`KYVLSLJ[YPJWSHU[ZPUHJJVYKHUJL^P[OZWLJPMPJH[PVUZVYPUZ[Y\J[PVUZ0UZWLJ[^H[LYWV^LYLKLSLJ[YPJNLULYH[VYZVYH\_PSPHY`LX\PWTLU[PUO`KYVLSLJ[YPJWSHU[Z[V]LYPM`WYVWLYVWLYH[PVUVY[VKL[LYTPULTHPU[LUHUJLVYYLWHPYULLKZ0UZ[HSSVYJHSPIYH[LLSLJ[YPJHSVYTLJOHUPJHSLX\PWTLU[Z\JOHZTV[VYZLUNPULZZ^P[JOIVHYKZYLSH`ZZ^P[JONLHYZTL[LYZW\TWZO`KYH\SPJZVYMSVVKJOHUULSZ4HPU[HPUSVNZYLWVY[Z^VYRYLX\LZ[ZVYV[OLYYLJVYKZVM^VYRWLYMVYTLKPUO`KYVLSLJ[YPJWSHU[Z4HPU[HPUVYYLWHPYO`KYVLSLJ[YPJWSHU[LSLJ[YPJHSTLJOHUPJHSVYLSLJ[YVUPJLX\PWTLU[Z\JOHZTV[VYZ[YHUZMVYTLYZ]VS[HNLYLN\SH[VYZNLULYH[VYZYLSH`ZIH[[LY`Z`Z[LTZHPYJVTWYLZZVYZZ\TWW\TWZNH[LZVY]HS]LZ6WLYH[LOPNO]VS[HNLZ^P[JOLZVYYLSH[LKKL]PJLZPUO`KYVWV^LYZ[H[PVUZ6WLYH[LO`KYVLSLJ[YPJWSHU[LX\PWTLU[Z\JOHZ[\YIPULZW\TWZ]HS]LZNH[LZMHUZLSLJ[YPJJVU[YVSIVHYKZVYIH[[LY`IHURZ;HRLYLHKPUNZHUKYLJVYKKH[HZ\JOHZ^H[LYSL]LSZ[LTWLYH[\YLZVYMSV^YH[LZ;LZ[HUKYLWHPYVYYLWSHJLLSLJ[YPJHSLX\PWTLU[Z\JOHZJPYJ\P[IYLHRLYZZ[H[PVUIH[[LYPLZJHISL[YH`ZJVUK\P[ZVYJVU[YVSKL]PJLZ*OHUNLVPSO`KYH\SPJMS\PKVYV[OLYS\IYPJHU[Z[VTHPU[HPUJVUKP[PVUVMO`KYVLSLJ[YPJWSHU[LX\PWTLU[*VUULJ[TL[HSWHY[ZVYJVTWVULU[ZPUO`KYVLSLJ[YPJWSHU[ZI`^LSKPUNZVSKLYPUNYP]L[PUN[HWWPUNIVS[PUNIVUKPUNVYZJYL^PUN*\[ILUKVYZOHWLTL[HSMVYHWWSPJH[PVUZPUO`KYVLSLJ[YPJWSHU[Z\ZPUNLX\PWTLU[Z\JOHZO`KYH\SPJILUKLYZVYWPWL[OYLHKLYZ,YLJ[ZJHMMVSKZWSH[MVYTZVYOVPZ[PUNMYHTLZ[VHJJLZZO`KYVLSLJ[YPJWSHU[THJOPULY`VYPUMYHZ[Y\J[\YLMVYYLWHPYVYYLWSHJLTLU[



(;*HSJ


.YLLU5L^


:VJPHS(Y[PZ[PJ


7YVMPSL .YLLU*HYLLY

0;*HSJ

,_[YH]LYZPVU

0U]LZ[PNH[P]L

;HZR;`WL0KLU[PM`

,_[YH]LYZPVU*VW`

3PUR


3PIYHY`;LJOUPJPHUZ

+LZJYPW[PVU(ZZPZ[SPIYHYPHUZIÒLSWPUNYLHKLYZPU[OL\ZLVMSPIYHY`JH[HSVNZKH[HIHZLZHUKPUKL_LZ[VSVJH[LIVVRZHUKV[OLYTH[LYPHSZ"HUKI`HUZ^LYPUNX\LZ[PVUZ[OH[YLX\PYLVUSÌYPLMJVUZ\S[H[PVUVMZ[HUKHYKYLMLYLUJL*VTWPSLYLJVYKZ"ZVY[HUKZOLS]LIVVRZVYV[OLYTLKPH"YLTV]LVYYLWHPYKHTHNLKIVVRZVYV[OLYTLKPH"YLNPZ[LYWH[YVUZ"HUKJOLJRTH[LYPHSZPUHUKV\[VM[OLJPYJ\SH[PVUWYVJLZZ9LWSHJLTH[LYPHSZPUZOLS]PUNHYLHZ[HJRZVYMPSLZ0UJS\KLZIVVRTVIPSLKYP]LYZÔVHZZPZ[^P[OWYV]PKPUNZLY]PJLZPUTVIPSLSPIYHYPLZ

;HZRZ/LSWWH[YVUZMPUKHUK\ZLSPIYHY`YLZV\YJLZZ\JOHZYLMLYLUJLTH[LYPHSZH\KPV]PZ\HSLX\PWTLU[JVTW\[LYZHUKV[OLYLSLJ[YVUPJYLZV\YJLZHUKWYV]PKL[LJOUPJHSHZZPZ[HUJLÔLUULLKLK(UZ^LYYV\[PUL[LSLWOVULVYPUWLYZVUYLMLYLUJLPUX\PYPLZYLMLYYPUNWH[YVUZ[VSPIYHYPHUZMVYM\Y[OLYHZZPZ[HUJLÔLUULJLZZHY`7YVJLZZWYPU[HUKUVUWYPU[SPIYHY`TH[LYPHSZ[VWYLWHYL[OLTMVYPUJS\ZPVUPUSPIYHY`JVSSLJ[PVUZ9LZLY]LJPYJ\SH[LYLUL^HUKKPZJOHYNLIVVRZHUKV[OLYTH[LYPHSZ*H[HSVN\LHUKZVY[IVVRZHUKV[OLYWYPU[HUKUVUWYPU[TH[LYPHSZHJJVYKPUN[VWYVJLK\YLHUKYL[\YU[OLT[VZOLS]LZMPSLZVYV[OLYKLZPNUH[LKZ[VYHNLHYLHZ7YV]PKLHZZPZ[HUJL[V[LHJOLYZHUKZ[\KLU[ZI`SVJH[PUNTH[LYPHSZHUKOLSWPUN[VJVTWSL[LZWLJPHSWYVQLJ[Z6YNHUPaLHUKTHPU[HPUWLYPVKPJHSZHUKYLMLYLUJLTH[LYPHSZ4HPU[HPUHUK[YV\ISLZOVV[WYVISLTZ^P[OSPIYHY`LX\PWTLU[PUJS\KPUNJVTW\[LYZWOV[VJVWPLYZHUKH\KPV]PZ\HSLX\PWTLU[+LSP]LYHUKYL[YPL]LP[LTZ[OYV\NOV\[[OLSPIYHYÌÒHUKVY\ZPUNW\ZOJHY[;YHPUV[OLYZ[HMM]VS\U[LLYZVYZ[\KLU[HZZPZ[HU[ZHUKZJOLK\SLHUKZ\WLY]PZL[OLPY^VYR6YKLYHSSWYPU[HUKUVUWYPU[SPIYHY`TH[LYPHSZJOLJRPUNWYPJLZMPN\YPUNJVZ[ZWYLWHYPUNVYKLYZSPWZHUKTHRPUNWH`TLU[Z7YVJLZZPU[LYSPIYHY`SVHUZMVYWH[YVUZ,U[LYHUK\WKH[LWH[YVUZYLJVYKZVUJVTW\[LYZ9L[YPL]LPUMVYTH[PVUMYVTJLU[YHSKH[HIHZLZMVYZ[VYHNLPUHSPIYHY`ZJVTW\[LY7YLWHYL]VS\TLZMVYIPUKPUN=LYPMÌPISPVNYHWOPJHSKH[HMVYTH[LYPHSZPUJS\KPUNH\[OVY[P[SLW\ISPZOLYW\ISPJH[PVUKH[LHUKLKP[PVU9L]PL^Z\IQLJ[TH[[LYVMTH[LYPHSZ[VILJSHZZPMPLKHUKZLSLJ[JSHZZPMPJH[PVUU\TILYZHUKOLHKPUNZHJJVYKPUN[VJSHZZPMPJH[PVUZ`Z[LTZ



(;*HSJ

P[O>VYR.YV\WVY;LHT +LHS>P[O,_[LYUHS*\Z[VTLYZ *VVYKPUH[LVY3LHK6[OLYZ 9LZWVUZPISLMVY6[OLYZ/LHS[OHUK:HML[`

9LZWVUZPIPSP[`MVY6\[JVTLZHUK9LZ\S[Z

-YLX\LUJ`VM*VUMSPJ[:P[\H[PVUZ +LHS>P[OP[O7O`ZPJHSS`(NNYLZZP]L7LVWSL

0UKVVYZ,U]PYVUTLU[HSS`*VU[YVSSLK 0UKVVYZ5V[,U]PYVUTLU[HSS`*VU[YVSSLK

6\[KVVYZ,_WVZLK[V>LH[OLY 6\[KVVYZOVSL)VK`=PIYH[PVU ,_WVZLK[V9HKPH[PVU ,_WVZLK[V+PZLHZLVY0UMLJ[PVUZ ,_WVZLK[V/PNO7SHJLZ ,_WVZLK[V/HaHYKV\Z*VUKP[PVUZ ,_WVZLK[V/HaHYKV\Z,X\PWTLU[ ,_WVZLK[V4PUVY)\YUZ*\[Z)P[LZVY:[PUNZ

:WLUK;PTL:P[[PUN :WLUK;PTL:[HUKPUN :WLUK;PTL*SPTIPUN3HKKLYZ:JHMMVSKZVY7VSLZ

:WLUK;PTL>HSRPUNHUK9\UUPUN :WLUK;PTL2ULLSPUN*YV\JOPUN:[VVWPUNVY*YH^SPUN

:WLUK;PTL2LLWPUNVY9LNHPUPUN)HSHUJL

:WLUK;PTLLHY*VTTVU7YV[LJ[P]LVY:HML[`,X\PWTLU[Z\JOHZ:HML[`:OVLZ

>LHY:WLJPHSPaLK7YV[LJ[P]LVY:HML[`,X\PWTLU[Z\JOHZ)YLH[OPUN

*VUZLX\LUJLVM,YYVY 0TWHJ[VM+LJPZPVUZVU*V^VYRLYZVY*VTWHU`9LZ\S[Z

-YLX\LUJ`VM+LJPZPVU4HRPUN -YLLKVT[V4HRL+LJPZPVUZ +LNYLLVM(\[VTH[PVU 0TWVY[HUJLVM)LPUN,_HJ[VY(JJ\YH[L

0TWVY[HUJLVM9LWLH[PUN:HTL;HZRZ

:[Y\J[\YLK]LYZ\ZVYR

3L]LSVM*VTWL[P[PVU ;PTL7YLZZ\YL 7HJL+L[LYTPULKI`:WLLKVM,X\PWTLU[

>VYR:JOLK\SLZ



:VJPHS(Y[PZ[PJ


7YVMPSL

0;*HSJ

,_[YH]LYZPVU

0U]LZ[PNH[P]L

;HZR;`WL/LSW

,_[YH]LYZPVU*VW`

3PUR


-YLPNO[HUK*HYNV0UZWLJ[VYZ

+LZJYPW[PVU0UZWLJ[[OLOHUKSPUNZ[VYHNLHUKZ[V^PUNVMMYLPNO[HUKJHYNVLZ

;HZRZ7YLWHYLHUKZ\ITP[YLWVY[ZHM[LYJVTWSL[PVUVMMYLPNO[ZOPWTLU[Z0UZWLJ[ZOPWTLU[Z[VLUZ\YL[OH[MYLPNO[PZZLJ\YLS`IYHJLKHUKISVJRLK9LJVYKKL[HPSZHIV\[MYLPNO[JVUKP[PVUZOHUKSPUNVMMYLPNO[HUKHU`WYVISLTZLUJV\U[LYLK(K]PZLJYL^ZPU[LJOUPX\LZVMZ[V^PUNKHUNLYV\ZHUKOLH]`JHYNV6IZLY]LSVHKPUNVMMYLPNO[[VLUZ\YL[OH[JYL^ZJVTWS`^P[OWYVJLK\YLZ9LJVTTLUKYLTLKPHSWYVJLK\YLZ[VJVYYLJ[HU`]PVSH[PVUZMV\UKK\YPUNPUZWLJ[PVUZ0UZWLJ[SVHKLKJHYNVJHYNVSHZOLK[VKLJRZVYPUZ[VYHNLMHJPSP[PLZHUKJHYNVOHUKSPUNKL]PJLZ[VKL[LYTPULJVTWSPHUJL^P[OOLHS[OHUKZHML[`YLN\SH[PVUZHUKULLKMVYTHPU[LUHUJL4LHZ\YLZOPWZOVSKZHUKKLW[OZVMM\LSHUK^H[LYPU[HURZ\ZPUNZV\UKPUNSPULZHUK[HWLTLHZ\YLZ5V[PM`^VYRLYZVMHU`ZWLJPHS[YLH[TLU[YLX\PYLKMVYZOPWTLU[Z+PYLJ[JYL^Z[VYLSVHKMYLPNO[VY[VPUZLY[HKKP[PVUHSIYHJPUNVYWHJRPUNHZULJLZZHY`*OLJR[LTWLYH[\YLZHUKO\TPKP[PLZVMZOPWWPUNHUKZ[VYHNLHYLHZ[VLUZ\YL[OH[[OL`HYLH[HWWYVWYPH[LSL]LSZ[VWYV[LJ[JHYNV+L[LYTPULJHYNV[YHUZWVY[H[PVUJHWHIPSP[PLZI`YLHKPUNKVJ\TLU[Z[OH[ZL[MVY[OJHYNVSVHKPUNHUKZLJ\YPUNWYVJLK\YLZJHWHJP[PLZHUKZ[HIPSP[`MHJ[VYZ9LHKKYHM[THYRPUNZ[VKL[LYTPULKLW[OZVM]LZZLSZPU^H[LY0ZZ\LJLY[PMPJH[LZVMJVTWSPHUJLMVY]LZZLSZ^P[OV\[]PVSH[PVUZ>YP[LJLY[PMPJH[LZVMHKTLHZ\YLTLU[[OH[SPZ[KL[HPSZZ\JOHZKLZPNUZSLUN[OZKLW[OZHUKIYLHK[OZVM]LZZLSZHUKTL[OVKZVMWYVW\SZPVU*HSJ\SH[LNYVZZHUKUL[[VUUHNLOVSKJHWHJP[PLZ]VS\TLZVMZ[VYLKM\LSHUK^H[LYJHYNV^LPNO[ZHUKZOPWZ[HIPSP[`MHJ[VYZ\ZPUNTH[OLTH[PJHSMVYT\SHZ7VZ[^HYUPUNZPNUZVU]LOPJSLZJVU[HPUPUNL_WSVZP]LZVYMSHTTHISLVYYHKPVHJ[P]LTH[LYPHSZ



(;*HSJ














:[Y\J[\YLK]LYZ\ZVYR


>VYR:JOLK\SLZ



:VJPHS(Y[PZ[PJ


7YVMPSL

0;*HSJ

,_[YH]LYZPVU

0U]LZ[PNH[P]L

;HZR;`WL7YLWHYL

,_[YH]LYZPVU*VW`

3PUR


*P[`HUK9LNPVUHS7SHUUPUN(PKLZ

+LZJYPW[PVU*VTWPSLKH[HMYVT]HYPV\ZZV\YJLZZ\JOHZTHWZYLWVY[ZHUKMPLSKHUKMPSLPU]LZ[PNH[PVUZMVY\ZLI`JP[`WSHUULYPUTHRPUNWSHUUPUNZ[\KPLZ

;HZRZ7HY[PJPWH[LPUHUKZ\WWVY[[LHTWSHUUPUNLMMVY[Z7YLWHYLYLWVY[Z\ZPUNZ[H[PZ[PJZJOHY[ZHUKNYHWOZ[VPSS\Z[YH[LWSHUUPUNZ[\KPLZPUHYLHZZ\JOHZWVW\SH[PVUSHUK\ZLVYaVUPUN9LZLHYJOJVTWPSLHUHS`aLHUKVYNHUPaLPUMVYTH[PVUMYVTTHWZYLWVY[ZPU]LZ[PNH[PVUZHUKIVVRZMVY\ZLPUYLWVY[ZHUKZWLJPHSWYVQLJ[Z7YV]PKLHUKWYVJLZZaVUPUNHUKWYVQLJ[WLYTP[ZHUKHWWSPJH[PVUZ9LZWVUK[VW\ISPJPUX\PYPLZHUKJVTWSHPU[Z:LY]LHZSPHPZVUIL[^LLUWSHUUPUNKLWHY[TLU[HUKV[OLYKLWHY[TLU[ZHUKHNLUJPLZ0UZWLJ[ZP[LZHUKYL]PL^WSHUZMVYTPUVYKL]LSVWTLU[WLYTP[HWWSPJH[PVUZ*VUK\J[PU[LY]PL^ZZ\Y]L`ZHUKZP[LPUZWLJ[PVUZJVUJLYUPUNMHJ[VYZ[OH[HMMLJ[SHUK\ZHNLZ\JOHZaVUPUN[YHMMPJMSV^HUKOV\ZPUN7YLWHYLTHPU[HPUHUK\WKH[LMPSLZHUKYLJVYKZPUJS\KPUNSHUK\ZLKH[HHUKZ[H[PZ[PJZ7YLWHYLKL]LSVWHUKTHPU[HPUTHWZHUKKH[HIHZLZ7LYMVYTJSLYPJHSK\[PLZZ\JOHZJVTWVZPUN[`WPUNHUKWYVVMYLHKPUNKVJ\TLU[ZZJOLK\SPUNHWWVPU[TLU[ZHUKTLL[PUNZOHUKSPUNTHPSHUKWVZ[PUNW\ISPJUV[PJLZ7LYMVYTJVKLLUMVYJLTLU[[HZRZ



(;*HSJ

VYR.YV\WVY;LHT +LHS>P[O,_[LYUHS*\Z[VTLYZ *VVYKPUH[LVY3LHK6[OLYZ 9LZWVUZPISLMVY6[OLYZ/LHS[OHUK:HML[`













:[Y\J[\YLK]LYZ\ZVYR


>VYR:JOLK\SLZ



:VJPHS(Y[PZ[PJ


7YVMPSL

0;*HSJ

,_[YH]LYZPVU

0U]LZ[PNH[P]L

;HZR;`WL7HY[PJPWH[

,_[YH]LYZPVU*VW`

3PUR


(\KPV=PZ\HSHUK4\S[PTLKPH*VSSLJ[PVUZ:WLJPHSPZ[Z

+LZJYPW[PVU7YLWHYLWSHUHUKVWLYH[LT\S[PTLKPH[LHJOPUNHPKZMVY\ZLPULK\JH[PVU4H`YLJVYKJH[HSVN\LHUKMPSLTH[LYPHSZ

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`Z[LTZ+L[LYTPULMVYTH[ZHWWYVHJOLZJVU[LU[SL]LSZHUKTLKP\TZULJLZZHY`[VTLL[WYVK\J[PVUVIQLJ[P]LZLMMLJ[P]LS`HUK^P[OPUI\KNL[HY`JVUZ[YHPU[Z7LYMVYTZPTWSLTHPU[LUHUJL[HZRZZ\JOHZJSLHUPUNTVUP[VYZHUKSLUZLZHUKJOHUNPUNIH[[LYPLZHUKSPNO[I\SIZ(JX\PYLJH[HSVNHUKTHPU[HPUJVSSLJ[PVUZVMH\KPV]PZ\HSTH[LYPHSZ\JOHZMPSTZ]PKLVHUKH\KPV[HWLZWOV[VNYHWOZHUKZVM[^HYLWYVNYHTZ([[LUKJVU]LU[PVUZHUKJVUMLYLUJLZYLHK[YHKLQV\YUHSZHUKJVTT\UPJH[L^P[OPUK\Z[Y`PUZPKLYZ[VRLLWHIYLHZ[VMPUK\Z[Y`KL]LSVWTLU[Z+L]LSVWTHU\HSZ[L_[Z^VYRIVVRZVYYLSH[LKTH[LYPHSZMVY\ZLPUJVUQ\UJ[PVU^P[OWYVK\J[PVUTH[LYPHSZ*VUMLY^P[O[LHJOLYZ[VZLSLJ[JV\YZLTH[LYPHSZHUK[VKL[LYTPULÔPJO[YHPUPUNHPKZHYLILZ[Z\P[LK[VWHY[PJ\SHYNYHKLSL]LSZ6MMLYWYLZLU[H[PVUZHUK^VYRZOVWZVU[OLYVSLVMT\S[PTLKPHPULMMLJ[P]LWYLZLU[H[PVUZ7YVK\JLYV\NOHUKMPUPZOLKNYHWOPJZHUKNYHWOPJKLZPNUZ*VUZ[Y\J[HUKWVZP[PVUWYVWLY[PLZZL[ZSPNO[PUNLX\PWTLU[HUKV[OLYLX\PWTLU[3VJH[LHUKZLJ\YLZL[[PUNZWYVWLY[PLZLMMLJ[ZHUKV[OLYWYVK\J[PVUULJLZZP[PLZ+L]LSVWWYLWYVK\J[PVUPKLHZHUKPUJVYWVYH[L[OLTPU[VV\[SPULZZJYPW[ZZ[VYÌVHYKZHUKNYHWOPJZ



(;*HSJ

.P]PUNM\SSH[[LU[PVU[VÔH[V[OLYWLVWSLHYLZH`PUN[HRPUN[PTL[V

VYR>P[O>VYR.YV\WVY;LHT +LHS>P[O,_[LYUHS*\Z[VTLYZ *VVYKPUH[LVY3LHK6[OLYZ 9LZWVUZPISLMVY6[OLYZ/LHS[OHUK:HML[`













:[Y\J[\YLK]LYZ\ZVYR


>VYR:JOLK\SLZ



:VJPHS(Y[PZ[PJ


7YVMPSL

0;*HSJ

,_[YH]LYZPVU

0U]LZ[PNH[P]L

;HZR;`WL:L[\W

,_[YH]LYZPVU*VW`

3PUR


7OHYTHJ`;LJOUPJPHUZ

+LZJYPW[PVU7YLWHYLTLKPJH[PVUZ\UKLY[OLKPYLJ[PVUVMHWOHYTHJPZ[4H`TLHZ\YLTP_JV\U[V\[SHILSHUKYLJVYKHTV\U[ZHUKKVZHNLZVMTLKPJH[PVUZHJJVYKPUN[VWYLZJYPW[PVUVYKLYZ

;HZRZ9LJLP]L^YP[[LUWYLZJYPW[PVUVYYLMPSSYLX\LZ[ZHUK]LYPM`[OH[PUMVYTH[PVUPZJVTWSL[LHUKHJJ\YH[L,Z[HISPZOVYTHPU[HPUWH[PLU[WYVMPSLZPUJS\KPUNSPZ[ZVMTLKPJH[PVUZ[HRLUI`PUKP]PK\HSWH[PLU[Z4HPU[HPUWYVWLYZ[VYHNLHUKZLJ\YP[`JVUKP[PVUZMVYKY\NZ(UZ^LY[LSLWOVULZYLZWVUKPUN[VX\LZ[PVUZVYYLX\LZ[Z7YLWHJRI\SRTLKPJPULZMPSSIV[[SLZ^P[OWYLZJYPILKTLKPJH[PVUZHUK[`WLHUKHMMP_SHILSZ4P_WOHYTHJL\[PJHSWYLWHYH[PVUZHJJVYKPUN[V^YP[[LUWYLZJYPW[PVUZ*SLHUHUKOLSWTHPU[HPULX\PWTLU[VY^VYRHYLHZHUKZ[LYPSPaLNSHZZ^HYLHJJVYKPUN[VWYLZJYPILKTL[OVKZ7YPJLHUKMPSLWYLZJYPW[PVUZ[OH[OH]LILLUMPSSLK(ZZPZ[J\Z[VTLYZI`HUZ^LYPUNZPTWSLX\LZ[PVUZSVJH[PUNP[LTZVYYLMLYYPUN[OLT[V[OLWOHYTHJPZ[MVYTLKPJH[PVUPUMVYTH[PVU9LJLP]LHUKZ[VYLPUJVTPUNZ\WWSPLZ]LYPM`X\HU[P[PLZHNHPUZ[PU]VPJLZJOLJRMVYV\[KH[LKTLKPJH[PVUZPUJ\YYLU[PU]LU[VY`HUKPUMVYTZ\WLY]PZVYZVMZ[VJRULLKZHUKZOVY[HNLZ6YKLYSHILSHUKJV\U[Z[VJRVMTLKPJH[PVUZJOLTPJHSZVYZ\WWSPLZHUKLU[LYPU]LU[VY`KH[HPU[VJVTW\[LY6WLYH[LJHZOYLNPZ[LYZ[VHJJLW[WH`TLU[MYVTJ\Z[VTLYZ;YHUZMLYTLKPJH[PVUMYVT]PHSZ[V[OLHWWYVWYPH[LU\TILYVMZ[LYPSLKPZWVZHISLZ`YPUNLZ\ZPUNHZLW[PJ[LJOUPX\LZ:\WWS`HUKTVUP[VYYVIV[PJTHJOPULZ[OH[KPZWLUZLTLKPJPULPU[VJVU[HPULYZHUKSHILS[OLJVU[HPULYZ7YLWHYLHUKWYVJLZZTLKPJHSPUZ\YHUJLJSHPTMVYTZHUKYLJVYKZ+LSP]LYTLKPJH[PVUZVYWOHYTHJL\[PJHSZ\WWSPLZ[VWH[PLU[ZU\YZPUNZ[H[PVUZVYZ\YNLY`*VTW\[LJOHYNLZMVYTLKPJH[PVUVYLX\PWTLU[KPZWLUZLK[VOVZWP[HSWH[PLU[ZHUKLU[LYKH[HPUJVTW\[LY



(;*HSJ















:[Y\J[\YLK]LYZ\ZVYR


>VYR:JOLK\SLZ



:VJPHS(Y[PZ[PJ


7YVMPSL

0;*HSJ

,_[YH]LYZPVU

0U]LZ[PNH[P]L

;HZR;`WL9LJLP]L

,_[YH]LYZPVU*VW`

3PUR


4LKPJHS(ZZPZ[HU[Z

+LZJYPW[PVU7LYMVYTHKTPUPZ[YH[P]LHUKJLY[HPUJSPUPJHSK\[PLZ\UKLY[OLKPYLJ[PVUVMHWO`ZPJPHU(KTPUPZ[YH[P]LK\[PLZTH`PUJS\KLZJOLK\SPUNHWWVPU[TLU[ZTHPU[HPUPUNTLKPJHSYLJVYKZIPSSPUNHUKJVKPUNPUMVYTH[PVUMVYPUZ\YHUJLW\YWVZLZ*SPUPJHSK\[PLZTH`PUJS\KL[HRPUNHUKYLJVYKPUN]P[HSZPNUZHUKTLKPJHSOPZ[VYPLZWYLWHYPUNWH[PLU[ZMVYL_HTPUH[PVUKYH^PUNISVVKHUKHKTPUPZ[LYPUNTLKPJH[PVUZHZKPYLJ[LKI`WO`ZPJPHU

;HZRZ9LJVYKWH[PLU[ZTLKPJHSOPZ[VY`]P[HSZ[H[PZ[PJZVYPUMVYTH[PVUZ\JOHZ[LZ[YLZ\S[ZPUTLKPJHSYLJVYKZ7YLWHYL[YLH[TLU[YVVTZMVYWH[PLU[L_HTPUH[PVUZRLLWPUN[OLYVVTZULH[HUKJSLHU0U[LY]PL^WH[PLU[Z[VVI[HPUTLKPJHSPUMVYTH[PVUHUKTLHZ\YL[OLPY]P[HSZPNUZ^LPNO[HUKOLPNO[(\[OVYPaLKY\NYLMPSSZHUKWYV]PKLWYLZJYPW[PVUPUMVYTH[PVU[VWOHYTHJPLZ*SLHUHUKZ[LYPSPaLPUZ[Y\TLU[ZHUKKPZWVZLVMJVU[HTPUH[LKZ\WWSPLZ7YLWHYLHUKHKTPUPZ[LYTLKPJH[PVUZHZKPYLJ[LKI`HWO`ZPJPHU:OV^WH[PLU[Z[VL_HTPUH[PVUYVVTZHUKWYLWHYL[OLTMVY[OLWO`ZPJPHU,_WSHPU[YLH[TLU[WYVJLK\YLZTLKPJH[PVUZKPL[ZVYWO`ZPJPHUZPUZ[Y\J[PVUZ[VWH[PLU[Z/LSWWO`ZPJPHUZL_HTPULHUK[YLH[WH[PLU[ZOHUKPUN[OLTPUZ[Y\TLU[ZVYTH[LYPHSZVYWLYMVYTPUNZ\JO[HZRZHZNP]PUNPUQLJ[PVUZVYYLTV]PUNZ\[\YLZ*VSSLJ[ISVVK[PZZ\LVYV[OLYSHIVYH[VY`ZWLJPTLUZSVN[OLZWLJPTLUZHUKWYLWHYL[OLTMVY[LZ[PUN7LYMVYTYV\[PULSHIVYH[VY`[LZ[ZHUKZHTWSLHUHS`ZLZ*VU[HJ[TLKPJHSMHJPSP[PLZVYKLWHY[TLU[Z[VZJOLK\SLWH[PLU[ZMVY[LZ[ZVYHKTPZZPVU6WLYH[L_YH`LSLJ[YVJHYKPVNYHT,2.VYV[OLYLX\PWTLU[[VHKTPUPZ[LYYV\[PULKPHNUVZ[PJ[LZ[Z*OHUNLKYLZZPUNZVU^V\UKZ:L[\WTLKPJHSSHIVYH[VY`LX\PWTLU[7LYMVYTNLULYHSVMMPJLK\[PLZZ\JOHZHUZ^LYPUN[LSLWOVULZ[HRPUNKPJ[H[PVUVYJVTWSL[PUNPUZ\YHUJLMVYTZ.YLL[HUKSVNPUWH[PLU[ZHYYP]PUNH[VMMPJLVYJSPUPJ



(;*HSJ


;HSRPUN[VV[OLYZ[VJVU]L`PUMVYTH[PVULMMLJ[P]LS`

)LPUNH^HYLVMV[OLYZYLHJ[PVUZHUK\UKLYZ[HUKPUN^O`[OL`YLHJ[HZ[OL`














:[Y\J[\YLK]LYZ\ZVYR


>VYR:JOLK\SLZ



:VJPHS(Y[PZ[PJ


7YVMPSL

0;*HSJ

,_[YH]LYZPVU

0U]LZ[PNH[P]L

;HZR;`WL9LJVYK

,_[YH]LYZPVU*VW`

3PUR


6JJ\WH[PVUHS/LHS[OHUK:HML[`;LJOUPJPHUZ

+LZJYPW[PVU*VSSLJ[KH[HVU^VYRLU]PYVUTLU[ZMVYHUHS`ZPZI`VJJ\WH[PVUHSOLHS[OHUKZHML[`ZWLJPHSPZ[Z0TWSLTLU[HUKJVUK\J[L]HS\H[PVUVMWYVNYHTZKLZPNULK[VSPTP[JOLTPJHSWO`ZPJHSIPVSVNPJHSHUKLYNVUVTPJYPZRZ[V^VYRLYZ

;HZRZ4HPU[HPUHSSYLX\PYLKLU]PYVUTLU[HSYLJVYKZHUKKVJ\TLU[H[PVU:\WWS`VWLYH[LVYTHPU[HPUWLYZVUHSWYV[LJ[P]LLX\PWTLU[=LYPM`[OH[ZHML[`LX\PWTLU[Z\JOHZOLHYPUNWYV[LJ[PVUHUKYLZWPYH[VYZPZH]HPSHISL[VLTWSV`LLZHUKTVUP[VY[OLPY\ZLVMZ\JOLX\PWTLU[[VLUZ\YLWYVWLYMP[HUK\ZL7YLWHYLVYJHSPIYH[LLX\PWTLU[\ZLK[VJVSSLJ[VYHUHSàLZHTWSLZ,]HS\H[LZP[\H[PVUZÔLYLH^VYRLYOHZYLM\ZLK[V^VYRVU[OLNYV\UKZ[OH[KHUNLYVYWV[LU[PHSOHYTL_PZ[ZHUKKL[LYTPULOV^Z\JOZP[\H[PVUZZOV\SKILOHUKSLK;LZ[^VYRWSHJLZMVYLU]PYVUTLU[HSOHaHYKZZ\JOHZL_WVZ\YL[VYHKPH[PVUJOLTPJHSVYIPVSVNPJHSOHaHYKZVYL_JLZZP]LUVPZL7YLWHYLVYYL]PL^ZWLJPMPJH[PVUZVYVYKLYZMVY[OLW\YJOHZLVMZHML[`LX\PWTLU[LUZ\YPUN[OH[WYVWLYMLH[\YLZHYLWYLZLU[HUK[OH[P[LTZJVUMVYT[VOLHS[OHUKZHML[`Z[HUKHYKZ9LWVY[[OLYLZ\S[ZVMLU]PYVUTLU[HSJVU[HTPUHU[HUHS`ZLZHUKYLJVTTLUKJVYYLJ[P]LTLHZ\YLZ[VILHWWSPLK9L]PL^WO`ZPJPHUZYLWVY[ZHUKJVUK\J[^VYRLYZ[\KPLZPUVYKLY[VKL[LYTPULÔL[OLYZWLJPMPJPUZ[HUJLZVMKPZLHZLVYPSSULZZHYLQVIYLSH[LK,_HTPULJYLKLU[PHSZSPJLUZLZVYWLYTP[Z[VLUZ\YLJVTWSPHUJL^P[OSPJLUZPUNYLX\PYLTLU[Z*VUK\J[MPYLKYPSSZHUKPUZWLJ[MPYLZ\WWYLZZPVUZ`Z[LTZHUKWVY[HISLMPYLZ`Z[LTZ[VLUZ\YL[OH[[OL`HYLPU^VYRPUNVYKLY,K\JH[L[OLW\ISPJHIV\[OLHS[OPZZ\LZVYLUMVYJLOLHS[OSLNPZSH[PVU[VWYL]LU[KPZLHZL[VWYVTV[LOLHS[OVY[VOLSWWLVWSL\UKLYZ[HUKOLHS[OWYV[LJ[PVUWYVJLK\YLZHUKYLN\SH[PVUZ7YV]PKLJVUZ\S[H[PVU[VVYNHUPaH[PVUZVYHNLUJPLZVU[OLHWWSPJH[PVUVMZHML[`WYPUJPWSLZWYHJ[PJLZHUK[LJOUPX\LZPU[OL^VYRWSHJL*VUK\J[PU[LY]PL^Z[VVI[HPUPUMVYTH[PVUVYL]PKLUJLYLNHYKPUNJVTT\UPJHISLKPZLHZLZVY]PVSH[PVUZVMOLHS[OVYZHUP[H[PVUYLN\SH[PVUZ9L]PL^YLJVYKZVYYLWVY[ZJVUJLYUPUNSHIVYH[VY`YLZ\S[ZZ[HMMPUNMSVVYWSHUZMPYLPUZWLJ[PVUZVYZHUP[H[PVU[VNH[OLYPUMVYTH[PVUMVY[OLKL]LSVWTLU[VYLUMVYJLTLU[VMZHML[`HJ[P]P[PLZ7YLWHYLKVJ\TLU[Z[VIL\ZLKPUSLNHSWYVJLLKPUNZ[LZ[PM`PUNPUZ\JOWYVJLLKPUNZÔLUULJLZZHY`7SHULTLYNLUJ`YLZWVUZLKYPSSZ



(;*HSJ
















:[Y\J[\YLK]LYZ\ZVYR


>VYR:JOLK\SLZ


.YLLU


:VJPHS(Y[PZ[PJ


7YVMPSL .YLLU*HYLLY

0;*HSJ

,_[YH]LYZPVU

0U]LZ[PNH[P]L

;HZR;`WL4HPU[HPU

,_[YH]LYZPVU*VW`

3PUR


+LU[HS(ZZPZ[HU[Z

+LZJYPW[PVU(ZZPZ[KLU[PZ[ZL[\WLX\PWTLU[WYLWHYLWH[PLU[MVY[YLH[TLU[HUKRLLWYLJVYKZ

;HZRZ7YLWHYLWH[PLU[Z[LYPSPaLVYKPZPUMLJ[PUZ[Y\TLU[ZZL[\WPUZ[Y\TLU[[YH`ZWYLWHYLTH[LYPHSZVYHZZPZ[KLU[PZ[K\YPUNKLU[HSWYVJLK\YLZ,_WVZLKLU[HSKPHNUVZ[PJ_YH`Z9LJVYK[YLH[TLU[PUMVYTH[PVUPUWH[PLU[YLJVYKZ7YV]PKLWVZ[VWLYH[P]LPUZ[Y\J[PVUZWYLZJYPILKI`KLU[PZ[(ZZPZ[KLU[PZ[PUTHUHNLTLU[VMTLKPJHSVYKLU[HSLTLYNLUJPLZ;HRLHUKYLJVYKTLKPJHSHUKKLU[HSOPZ[VYPLZHUK]P[HSZPNUZVMWH[PLU[Z0UZ[Y\J[WH[PLU[ZPUVYHSO`NPLULHUKWSHX\LJVU[YVSWYVNYHTZ6YKLYHUKTVUP[VYKLU[HSZ\WWSPLZHUKLX\PWTLU[PU]LU[VY`*SLHUHUKWVSPZOYLTV]HISLHWWSPHUJLZ4HRLWYLSPTPUHY`PTWYLZZPVUZMVYZ[\K`JHZ[ZHUKVJJS\ZHSYLNPZ[YH[PVUZMVYTV\U[PUNZ[\K`JHZ[Z7V\Y[YPTHUKWVSPZOZ[\K`JHZ[Z:JOLK\SLHWWVPU[TLU[ZWYLWHYLIPSSZHUKYLJLP]LWH`TLU[MVYKLU[HSZLY]PJLZJVTWSL[LPUZ\YHUJLMVYTZHUKTHPU[HPUYLJVYKZTHU\HSS`VY\ZPUNJVTW\[LY-HIYPJH[L[LTWVYHY`YLZ[VYH[PVUZVYJ\Z[VTPTWYLZZPVUZMYVTWYLSPTPUHY`PTWYLZZPVUZ*SLHU[LL[O\ZPUNKLU[HSPUZ[Y\TLU[Z-HIYPJH[LHUKMP[VY[OVKVU[PJHWWSPHUJLZHUKTH[LYPHSZMVYWH[PLU[ZZ\JOHZYL[HPULYZ^PYLZVYIHUKZ(WWS`WYV[LJ[P]LJVH[PUNVMMS\VYPKL[V[LL[O



(;*HSJ















:[Y\J[\YLK]LYZ\ZVYR


>VYR:JOLK\SLZ



:VJPHS(Y[PZ[PJ


7YVMPSL

0;*HSJ

,_[YH]LYZPVU

0U]LZ[PNH[P]L

;HZR;`WL7YLWHYL

,_[YH]LYZPVU*VW`

3PUR


-PSL*SLYRZ

+LZJYPW[PVU-PSLJVYYLZWVUKLUJLJHYKZPU]VPJLZYLJLPW[ZHUKV[OLYYLJVYKZPUHSWOHIL[PJHSVYU\TLYPJHSVYKLYVYHJJVYKPUN[V[OLMPSPUNZ`Z[LT\ZLK3VJH[LHUKYLTV]LTH[LYPHSMYVTMPSL^OLUYLX\LZ[LK

;HZRZ2LLWYLJVYKZVMTH[LYPHSZMPSLKVYYLTV]LK\ZPUNSVNIVVRZVYJVTW\[LYZ(KKUL^TH[LYPHS[VMPSLYLJVYKZVYJYLH[LUL^YLJVYKZHZULJLZZHY`7LYMVYTNLULYHSVMMPJLK\[PLZZ\JOHZ[`WPUNVWLYH[PUNVMMPJLTHJOPULZHUKZVY[PUNTHPS;YHJRTH[LYPHSZYLTV]LKMYVTMPSLZ[VLUZ\YL[OH[IVYYV^LKMPSLZHYLYL[\YULK.H[OLYTH[LYPHSZ[VILMPSLKMYVTKLWHY[TLU[ZVYLTWSV`LLZ:VY[VYJSHZZPM`PUMVYTH[PVUHJJVYKPUN[VN\PKLSPULZZ\JOHZJVU[LU[W\YWVZL\ZLYJYP[LYPHVYJOYVUVSVNPJHSHSWOHIL[PJHSVYU\TLYPJHSVYKLY-PUKHUKYL[YPL]LPUMVYTH[PVUMYVTMPSLZPUYLZWVUZL[VYLX\LZ[ZMYVTH\[OVYPaLK\ZLYZ:JHUVYYLHKPUJVTPUNTH[LYPHSZ[VKL[LYTPULOV^HUK^OLYL[OL`ZOV\SKILJSHZZPMPLKVYMPSLK7SHJLTH[LYPHSZPU[VZ[VYHNLYLJLW[HJSLZZ\JOHZMPSLJHIPUL[ZIV_LZIPUZVYKYH^LYZHJJVYKPUN[VJSHZZPMPJH[PVUHUKPKLU[PMPJH[PVUPUMVYTH[PVU(ZZPNUHUKYLJVYKVYZ[HTWPKLU[PMPJH[PVUU\TILYZVYJVKLZ[VPUKL_TH[LYPHSZMVYMPSPUN(UZ^LYX\LZ[PVUZHIV\[YLJVYKZVYMPSLZ4VKPM`VYPTWYV]LMPSPUNZ`Z[LTZVYPTWSLTLU[UL^MPSPUNZ`Z[LTZ7LYMVYTWLYPVKPJPUZWLJ[PVUZVMTH[LYPHSZVYMPSLZ[VLUZ\YLJVYYLJ[WSHJLTLU[SLNPIPSP[`VYWYVWLYJVUKP[PVU,SPTPUH[LV\[KH[LKVY\UULJLZZHY`TH[LYPHSZKLZ[YV`PUN[OLTVY[YHUZMLYYPUN[OLT[VPUHJ[P]LZ[VYHNLHJJVYKPUN[VMPSLTHPU[LUHUJLN\PKLSPULZVYSLNHSYLX\PYLTLU[Z,U[LYKVJ\TLU[PKLU[PMPJH[PVUJVKLZPU[VZ`Z[LTZPUVYKLY[VKL[LYTPULSVJH[PVUZVMKVJ\TLU[Z[VILYL[YPL]LK6WLYH[LTLJOHUPaLKMPSLZ[OH[YV[H[L[VIYPUNULLKLKYLJVYKZ[VHWHY[PJ\SHYSVJH[PVU+LZPNUMVYTZYLSH[LK[VMPSPUNZ`Z[LTZ



(;*HSJ














:[Y\J[\YLK]LYZ\ZVYR


>VYR:JOLK\SLZ



:VJPHS(Y[PZ[PJ


7YVMPSL

0;*HSJ

,_[YH]LYZPVU

0U]LZ[PNH[P]L

;HZR;`WL2LLW

,_[YH]LYZPVU*VW`

3PUR


0UZ\YHUJL(WWYHPZLYZ(\[V+HTHNL

+LZJYPW[PVU(WWYHPZLH\[VTVIPSLVYV[OLY]LOPJSLKHTHNL[VKL[LYTPULYLWHPYJVZ[ZMVYPUZ\YHUJLJSHPTZL[[SLTLU[7YLWHYLPUZ\YHUJLMVYTZ[VPUKPJH[LYLWHPYJVZ[VYJVZ[LZ[PTH[LZHUKYLJVTTLUKH[PVUZ4H`ZLLRHNYLLTLU[^P[OH\[VTV[P]LYLWHPYZOVWVUYLWHPYJVZ[Z

;HZRZ,Z[PTH[LWHY[ZHUKSHIVY[VYLWHPYKHTHNL\ZPUNZ[HUKHYKH\[VTV[P]LSHIVYHUKWHY[ZJVZ[THU\HSZHUKRUV^SLKNLVMH\[VTV[P]LYLWHPY9L]PL^YLWHPYJVZ[LZ[PTH[LZ^P[OH\[VTVIPSLYLWHPYZOVW[VZLJ\YLHNYLLTLU[VUJVZ[VMYLWHPYZ,_HTPULKHTHNLK]LOPJSL[VKL[LYTPULL_[LU[VMZ[Y\J[\YHSIVK`TLJOHUPJHSLSLJ[YPJHSVYPU[LYPVYKHTHNL,]HS\H[LWYHJ[PJHSP[`VMYLWHPYHZVWWVZLK[VWH`TLU[VMTHYRL[]HS\LVM]LOPJSLILMVYLHJJPKLU[+L[LYTPULZHS]HNL]HS\LVU[V[HSSVZZ]LOPJSL7YLWHYLPUZ\YHUJLMVYTZ[VPUKPJH[LYLWHPYJVZ[LZ[PTH[LZHUKYLJVTTLUKH[PVUZ(YYHUNL[VOH]LKHTHNLHWWYHPZLKI`HUV[OLYHWWYHPZLY[VYLZVS]LKPZHNYLLTLU[^P[OZOVWVUYLWHPYJVZ[



(;*HSJ















:[Y\J[\YLK]LYZ\ZVYR


>VYR:JOLK\SLZ



:VJPHS(Y[PZ[PJ


7YVMPSL

0;*HSJ

,_[YH]LYZPVU

0U]LZ[PNH[P]L

;HZR;`WL,Z[PTH[L

,_[YH]LYZPVU*VW`

3PUR


-PYL0UZWLJ[VYZ

+LZJYPW[PVU0UZWLJ[I\PSKPUNZHUKLX\PWTLU[[VKL[LJ[MPYLOHaHYKZHUKLUMVYJLZ[H[LHUKSVJHSYLN\SH[PVUZ

;HZRZ0UZWLJ[I\PSKPUNZ[VSVJH[LOHaHYKV\ZJVUKP[PVUZHUKMPYLJVKL]PVSH[PVUZZ\JOHZHJJ\T\SH[PVUZVMJVTI\Z[PISLTH[LYPHSLSLJ[YPJHS^PYPUNWYVISLTZHUKPUHKLX\H[LVYUVUM\UJ[PVUHSMPYLL_P[Z7YLZLU[HUKL_WSHPUMPYLJVKLYLX\PYLTLU[ZHUKMPYLWYL]LU[PVUPUMVYTH[PVU[VHYJOP[LJ[ZJVU[YHJ[VYZH[[VYUL`ZLUNPULLYZKL]LSVWLYZMPYLZLY]PJLWLYZVUULSHUK[OLNLULYHSW\ISPJ0KLU[PM`JVYYLJ[P]LHJ[PVUZULJLZZHY`[VIYPUNWYVWLY[PLZPU[VJVTWSPHUJL^P[OHWWSPJHISLMPYLJVKLZSH^ZYLN\SH[PVUZHUKZ[HUKHYKZHUKL_WSHPU[OLZLTLHZ\YLZ[VWYVWLY[`VÛLYZVY[OLPYYLWYLZLU[H[P]LZ([[LUK[YHPUPUNJSHZZLZ[VTHPU[HPUJ\YYLU[RUV^SLKNLVMMPYLWYL]LU[PVUZHML[`HUKMPYLMPNO[PUNWYVJLK\YLZ*VUK\J[MPYLJVKLJVTWSPHUJLMVSSV^\WZ[VLUZ\YL[OH[JVYYLJ[P]LHJ[PVUZOH]LILLU[HRLUPUJHZLZÔLYL]PVSH[PVUZ^LYLMV\UK>YP[LKL[HPSLKYLWVY[ZVMMPYLPUZWLJ[PVUZWLYMVYTLKMPYLJVKL]PVSH[PVUZVIZLY]LKHUKJVYYLJ[P]LYLJVTTLUKH[PVUZVMMLYLK0UZWLJ[WYVWLY[PLZ[OH[Z[VYLOHUKSLHUK\ZLOHaHYKV\ZTH[LYPHSZ[VLUZ\YLJVTWSPHUJL^P[OSH^ZJVKLZHUKYLN\SH[PVUZHUKPZZ\LOHaHYKV\ZTH[LYPHSZWLYTP[Z[VMHJPSP[PLZMV\UKPUJVTWSPHUJL+L]LSVWVYYL]PL^MPYLL_P[WSHUZ0UZWLJ[HUK[LZ[MPYLWYV[LJ[PVUVYMPYLKL[LJ[PVUZ`Z[LTZ[V]LYPM`[OH[Z\JOZ`Z[LTZHYLPUZ[HSSLKPUHJJVYKHUJL^P[OHWWYVWYPH[LSH^ZJVKLZVYKPUHUJLZYLN\SH[PVUZHUKZ[HUKHYKZ*VUK\J[PUZWLJ[PVUZHUKHJJLW[HUJL[LZ[PUNVMUL^S`PUZ[HSSLKMPYLWYV[LJ[PVUZ`Z[LTZ9L]PLÎS\LWYPU[ZHUKWSHUZMVYUL^VYYLTVKLSLKI\PSKPUNZ[VLUZ\YL[OLZ[Y\J[\YLZTLL[MPYLZHML[`JVKLZ0UZWLJ[SPX\LMPLKWL[YVSL\TPUZ[HSSH[PVUZZ[VYHNLJVU[HPULYZHUK[YHUZWVY[H[PVUHUKKLSP]LY`Z`Z[LTZMVYJVTWSPHUJL^P[OMPYLSH^Z+L]LSVWHUKJVVYKPUH[LMPYLWYL]LU[PVUWYVNYHTZZ\JOHZMHSZLHSHYTIPSSPUNMPYLPUZWLJ[PVUYLWVY[PUNHUKOHaHYKV\ZTH[LYPHSZTHUHNLTLU[*VUK\J[MPYLL_P[KYPSSZ[VTVUP[VYHUKL]HS\H[LL]HJ\H[PVUWYVJLK\YLZ;LHJOW\ISPJLK\JH[PVUWYVNYHTZVUMPYLZHML[`HUKWYL]LU[PVU;LZ[PM`PUJV\Y[YLNHYKPUNMPYLJVKLHUKMPYLZHML[`PZZ\LZ9LJVTTLUKJOHUNLZ[VMPYLWYL]LU[PVUPUZWLJ[PVUHUKMPYLJVKLLUKVYZLTLU[WYVJLK\YLZ


9LHSPZ[PJ 0U]LZ[PNH[P]

Career Profile Reliable Realist

Documents

Transcript of Career Profile Reliable Realist