Aug 17, 1980 - ily being chased by a pack of wolves while travelling on a horse drawn sled in winter. In order to delay
NINA
Norsk institutt for naturforskning
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2-2%3TTHVEKWQIPHMRK 2-/93TTHVEKWQIPHMRK (IXXIIVHIXQMRMQYQEZVETTSVXIVMRKWSQ2-2%SK2-/9KMV XMP STTHVEKWKMZIV IXXIV JYPPJVX JSVWORMRKW IPPIV YXVIHRMRK WTVSWNIOX-XMPPIKKXMP HIIQRIV WSQ HIOOIWEZ JEKVETTSVXIRI ZMP STTHVEKWQIPHMRKIRI SKWÅ SQJEXXI FIJEVMRKWVETTSVXIV WIQMREV SK OSRJIVERWIJSVIHVEK ÅVWVETTSVXIV JVE SZIV ZÅORMRKWTVSKVEQQIVSE 3TTPEKIXIVFIKVIRWIX2SVQEPX
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6IXXMKLIXWLEZIV¨ 2-2%w2-/9 7XMJXIPWIRJSVREXYVJSVWORMRKSKOYPXYVQMRRIJSVWORMRK
2-2%w2-/94VSNIGX6ITSVX 7IVMIRTVIWIRXIVIVVIWYPXEXIVJVEFIKKIMRWXMXYXXIRIWTVSWNIOXIV RÅV VIWYPXEXIRI QÅ KNVIW XMPKNIRKIPMK TÅ IRKIPWO 7IVMIR SQ JEXXIVSVMKMREPIKIRJSVWORMRKPMXXIVEXYVWXYHMIVEREP]WIVEZWTI WMIPPITVSFPIQIVIPPIVXIQEIXG 3TTPEKIXZEVMIVIVEZLIRKMKEZFILSZSKQÅPKVYTTIV
4YFPMOEWNSRIROERWMXIVIWJVMXXQIHOMPHIERKMZIPWI 6IHEOWNSR /NIXMP&IZERKIVSK0MPP0SVGO3PHIR
8IQELIJXIV (MWWIFILERHPIVWTIWMIPPIXIQESKYXEVFIMHIWIXXIVFILSZFPE JSVÅMRJSVQIVISQZMOXMKITVSFPIQWXMPPMRKIVMWEQJYRRIX1ÅP KVYTTIR IV EPPQIRRLIXIR IPPIV WVWOMPXI KVYTTIV JIOW PERHFVYOIX J]POIWQIRRIRIW QMPNZIVREZHIPMRKIV XYVMWX SK JVMPYJXPMZWOVIXWIV SP (I KMW HIVJSV IR QIV TSTYPVJEKPMK JSVQ SK QIH QIV FVYO EZ MPPYWXVEWNSRIV IRR SZIRRIZRXI TYFPMOEW NSRIV 3TTPEK:EVMIVIV
(IWMKRSKPE]SYX 0MPP0SVGO3PHIR
7EXW2-2%w2-/9 /STMIVMRK2SVWIVZMGI
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8MPKNIRKIPMKLIXàTIR
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4VSWNIOXRV
1MPNZIVRHITEVXIQIRXIX
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8LMW VITSVX [EW JMRERGIH F] XLI 1MRMWXV] SJ XLI )RZMVSRQIRX [MXL XLI TYVTSWI SJ TVSZMHMRK E JSYRHEXMSR JSV XLI TVSGIWW SJ VIHYGMRK TISTPI W JIEV SJ [SPZIW ERH XS QEOI WSQI QEREKI QIRXVIGSQQIRHEXMSRWXSVIHYGIXLIVMWOWSJEXXEGOW8LIKSEP [EW XS GSQTMPI I\MWXMRK PMXIVEXYVI ERH ORS[PIHKI SR [SPJ EX XEGOWSRTISTPIJVSQ7GERHMREZMEGSRXMRIRXEP)YVSTI%WMEERH 2SVXL%QIVMGEERHXSPSSOJSVTEXXIVRWMRXLIWIGEWIW -RSVHIVXSGSZIVWYGLE[MHIKISKVETLMGEVIEERYQFIVSJGSP PIEKYIWJVSQ)YVSTI[IVIVIGVYMXIHEWGSEYXLSVWXS WYQQEVMWI HEXE JVSQ XLIMV GSYRXV] SV VIKMSR ;I GSRGIRXVEXIH SR EVIEW [LIVI[SPJTSTYPEXMSRWLEZIVIQEMRIHVIPEXMZIP]EFYRHERXHYV MRK XLI GIRXYV] MI XLI &EPXMG GSYRXVMIW 4SPERH 6SQERME 7TEMRERH-XEP]9RJSVXYREXIP][I[IVIRSXEFPIXSVIGVYMXE6YW WMERI\TIVXEWEGSEYXLSVLS[IZIVSYVGSPPIEKYIW JVSQ 4SPERH ERHXLI&EPXMGW[IVIEFPIXSTVSZMHIEWWMWXERGI[MXL6YWWMERPMX IVEXYVI ERH [I LEZI LEH IQEMP HMWGYWWMSRW [MXL 6YWWMER GSP PIEKYIW&IGEYWIXLMWVITSVX[EWSVKMREPP]MRXIRHIHXSFIYWIHMR 2SV[E] [I EPWS JSGYWIH LIEZMP] SR XLI *IRRSWGERHMER GSYR XVMIWHIWTMXIXLIJEGXXLEXXLI]LEZIVIPEXMZIP]WQEPP[SPJTSTYPE XMSRW-REHHMXMSRXSVIGVYMXMRKGSEYXLSVW[ILEZIEZEMPIHSJSYV GSQFMRIHGSRXEGXRIX[SVOXLVSYKLXLI[SVPHERHLEHE PEVKI RYQFIV SJ HSGYQIRXW XVERWPEXIH JVSQ XLIMV SVKMREP PERKYEKIW 8LI VIWYPX MW RSX E JYPP WYQQEV] SJ EPP [SPJ EXXEGOW SR TISTPI ERHRIMXLIV GER [I ZSYGL JSV XLIEGGYVEG] SJ EPP LMWXSVMGEP VIG SVHW ,S[IZIV [I FIPMIZI XLMW MW E KSSH SZIVZMI[ SJ XLI QSWX VIPMEFPIVIGSVHWXLEXI\MWXERHMWEXPIEWXWYJJMGMIRXXSHVE[KIR IVEP TEXXIVRW ERH GSRGPYWMSRW 8LI EYXLSVW EVI KVEXIJYP XS XLI QER]TISTPIERHSVKERMWEXMSRWXLEXLEZIQEHIGSRXVMFYXMSRWXS XLMWVITSVXQER]EVIPMWXIHMR%TTIRHM\ -REHHMXMSR/VMWXIPPI *MGLI 0YMKM 1EMSVERS ERH &EVFEVE>MQQIVQERRTVSZMHIH LIPT JYP XVERWPEXMSR SJ HSGYQIRXW ;I EVI IWTIGMEPP] KVEXIJYP XS SYV GSPPIEKYIWMRXLI0EVKI'EVRMZSVI-RMXMEXMZIJSV)YVSTI7SQISJ XLI VIWYPXW TVIWIRXIH MR XLMW VITSVX QE] FI GSRXVSZIVWMEP ,S[ IZIV [I JMVQP] FIPMIZI XLEX WSPMH ERH SFNIGXMZI JEGXW WLSYPH EP [E]WJSVQXLIFEWMWJSVER]PSRKXIVQGSRWIVZEXMSREGXMZMX]IW TIGMEPP] [MXL WTIGMIW XLEX GSQI MRXS GSRJPMGX [MXL LYQER EGXMZM XMIWSVLYQERWEJIX]%WWSQYGLHITIRHWSRQYXYEPXVYWX[LIR HIEPMRK[MXLGSRJPMGXMRKMRXIVIWXWXLISPHEHEKIXLEXlLSRIWX]MW EP[E]WXLIFIWXTSPMG]zMWIWTIGMEPP]XVYI XL
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.SLR0MRRIPP 4VSNIGXPIEHIV
RMRESTTHVEKWQIPHMRK
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&IGEYWI SJ XLI PEVKI WGEPIW EX [LMGL PEVKI GEVRMZSVIW PMZI XLIMV GSRWIVZEXMSR GERRSX SGGYV SRP] [MXLMR TVSXIGXIH EVIEW 8LI] QYWXXLIVIJSVIFIGSRWIVZIH[MXLMRQYPXMYWIPERHWGETIW[LIVI GSRJPMGXW [MXL LYQERW SGGYV 'SRJPMGXW EVI HMZIVWI ERH MRGPYHI HITVIHEXMSR SR PMZIWXSGO ERH GSQTIXMXMSR JSV [MPH YRKYPEXIW ,S[IZIVSRISJXLIQSWXWIVMSYWMWXLIJIEVSJFIMRKMRNYVIHSV OMPPIHF]EPEVKIGEVRMZSVI1EROMPPMRKF]XMKIVWPMSRWPISTEVHW TYQEWERHFIEVWFVS[RFIEVFPEGOFIEVTSPEVFIEVERHWPSXL FIEV SGGYVW SR E VIKYPEV FEWMW [MXL LYRHVIHW SJ TISTPI FIMRK OMPPIHERRYEPP]SRE[SVPH[MHIFEWMW%PXLSYKLXLI HERKIV XLEX [SPZIW TSWIXS LYQER WEJIX] VIQEMRW GSRXVSZIVWMEP QER] TIS TPIXLEXPMZIMR[SPJVERKIVITSVXXLEXXLI]EVIEJVEMHSJ[SPZIW 8LMW VITSVX EXXIQTXW XS I\EQMRI XLI I\MWXMRK HEXE EFSYX [SPJ EXXEGOW SR LYQERW HYVMRK XLI PEWX JI[ LYRHVIH ]IEVW EVSYRH XLI[SVPH
%TTIRHM\ %TTIRHM\ %TTIRHM\ %TTIRHM\ %TTIRHM\
8S PSGEXI HEXE EFSYX [SPJ EXXEGOW [I LEZI I\EQMRIH XLI IGS PSKMGEPQIHMGEPZIXIVMREV]ERHLMWXSVMGEPPMXIVEXYVIERHYXMPMWIHE [MHIGSRXEGXRIX[SVOSJ TISTPI XLEX LEZI [SVOIH [MXL [SPZIW XLVSYKLSYXXLI[SVPHXSXV]ERHMHIRXMJ]YRTYFPMWLIHGEWIWJVSQ VIGIRXXMQIW*SVLMWXSVMGEPGEWIW[ILEZISRP]YWIHITMWSHIWJSV [LMGLXLIVIMWWSQIJSVQSJGSRXIQTSVEV][VMXXIRHSGYQIRXE XMSR XLMW I\GPYHIW GEWIW XLEX SRP] EVMWI JVSQ XLI SVEP XVEHMXMSR ;ILEZISRP]MRGPYHIHGEWIW[LIVIXLIVILEWFIIRGSRXEGXMR NYV]SVHIEXLVIWYPXMRKJVSQE[SPJLYQERIRGSYRXIV(EXEGSR GIVRMRK [SPJ EXXEGOW SR LYQERW MW LMKLP] JVEKQIRXIH ERH SJ ZIV]ZEVMEFPIUYEPMX]%WEVIWYPXMXLEWFIIRMQTSWWMFPIXSTVSZMHI EXSXEPWYQQEV]SJXLIRYQFIVWSJTISTPIOMPPIHF][SPZIWHYV MRK ER] KMZIR TIVMSH 6EXLIV [I LEZI GSQTMPIH E WIX SJ GEWI WXYHMIWXLEX[ILEZINYHKIHXSFIVIPMEFPIJVSQZEVMSYWTEVXWSJ 2SVXL %QIVMGEERH )YVEWME &IGEYWI SJ XLI REXYVI SJ XLI HEXE QER]VIGSVHWRIIHXSFIXVIEXIH[MXLGEYXMSR;ILEZIPSSOIH JSVFVSEHTEXXIVRWEWWSGMEXIH[MXL[SPJEXXEGOWSRTISTPI*VSQ XLI HEXE GSPPIGXIH XLIVI ETTIEVW XS FI RS HSYFX XLEX [SPZIW LEZISRVEVISGGEWMSRWEXXEGOIHERHOMPPIHTISTPI;IMHIRXMJMIH XLVIIX]TIWSJ[SPJEXXEGO EXXEGOWF]VEFMH[SPZIW TVIHE XSV] EXXEGOW [LIVI [SPZIW ETTIEV XS LEZI VIKEVHIH LYQERW EW TVI]ERH HIJIRWMZIEXXEGOW[LIVIE[SPJLEWFMXXIRETIVWSR MRVIWTSRWIXSFIMRKGSVRIVIHSVTVSZSOIH 8LI QENSVMX] SJ EXXEGOW GSRGIVR [SPZIW [MXL VEFMIW %PXLSYKL [SPZIW HS RSX WIVZI EW E VIWIVZSMV JSV VEFMIW XLI] GER GEXGL MX JVSQSXLIVWTIGMIW-XETTIEVWXLEX[SPZIWHIZIPSTERI\GITXMSR EPP]WIZIVIzJYVMSYWzTLEWIERHGERFMXIEPEVKIRYQFIVSJTIS TPI " MR E WMRKPI EXXEGO ;I LEZI JSYRH VIGSVHW JVSQ -XEP] *VERGI *MRPERH +IVQER] 4SPERH 7PSZEOME 7TEMR XLI &EPXMG 7XEXIW 6YWWME -VER /E^EOWXER %JKLERMWXER 'LMRE -RHME ERH 2SVXL %QIVMGE 8LIIEVPMIWX VIGSVH [I JSYRH SJ WYGL ER EXXEGO [EWJVSQMR+IVQER]ERHXLIQSWXVIGIRX[EWJVSQ0EX ZME MR 9T YRXMP XLI HIZIPSTQIRX SJ TSWXI\TSWYVI XVIEX QIRXW JMVWX HIZIPSTIH F] 4EWXIYV MR XLI W ERH VIJMRIH MR XLI W FMXIW JVSQ VEFMH [SPZIW [IVI EPQSWX EP[E]W JEXEP 8VIEXQIRXW EVI TVIWIRXP] WS KSSH XLEX XLI QENSVMX] SJ ZMGXMQW RS[WYVZMZI,S[IZIVXLIWIZIVMX]SJEXXEGOWF]VEFMH[SPZIWMW WYGL XLEX WSQI ZMGXMQW EVI OMPPIH SYXVMKLX SV EVI FMXXIR MR XLI LIEHWSXLEXTSWXI\TSWYVIXVIEXQIRXWHSRSXLEZIXMQIXSEGX
RMRESTTHVEKWQIPHMRK
SJ ITMWSHIW [LIVI EX PIEWX GLMPHVIR EVI FIPMIZIH XS LEZI FIIROMPPIHF][SPZIW
FIJSVIXLIHMWIEWIHIZIPSTW%WXLIMRGMHIRGISJVEFMIWLEWFIIR KVIEXP] VIHYGIHMR FSXL HSQIWXMG HSKW ERH [MPHPMJI XLVSYKLSYX [IWXIVR)YVSTIERH2SVXL%QIVMGEXLIMRGMHIRGISJEXXEGOWF] VEFMH[SPZIWLEWHVSTTIH-RXLI1MHHPI)EWXERH%WMEXLIVIEVI WXMPPEXXEGOWIEGL]IEV
8LIZMGXMQWSJTVIHEXSV]EXXEGOWXIRHXSFIQEMRP]GLMPHVIRERH XSEPIWWIVI\XIRXEHYPX[SQIRMRHMGEXMRKXLEX[SPZIWEVIFIMRK WIPIGXMZI -R GSRXVEWX ZMGXMQW SJ EXXEGOW F] VEFMH [SPZIW XIRHIH XS FI QEMRP]EHYPXW MRHMGEXMRK XLEX VEFMH [SPZIWFMXI TISTPI EX VERHSQ %XXEGOW F] VEFMH [SPZIW GPYWXIV MR XLI [MRXIV ERH WTVMRK [LIVIEW TVIHEXSV] EXXEGOW EVI GSRGIRXVEXIH MR XLI PEXI WYQQIV
8LIPMXIVEXYVIGSRXEMRWQER]I\EQTPIWSJ[SPZIWFIMRKTVSZSOIH XVETTIH GSVRIVIH TISTPI IRXIVMRK XLIMV HIRW [MXLSYX EXXEGO MRKLYQERW,S[IZIV[ILEZIJSYRHERYQFIVSJGEWIW[LIVI TVSZSOIH[SPZIWLEZIFMXXIRTISTPIMREREXXIQTXXSKIXE[E] -RQSWXGEWIWXLIWIGSRGIVRIHWLITLIVHWEXXIQTXMRKXSHIJIRH XLIMVWLIITERHXV]MRKXSOMPP[SPZIW[MXLEWXMGO-RRSGEWILEZI XLI[SPZIWHMVIGXP]OMPPIHER]FSH]MRWYGLWMXYEXMSRW
;IMHIRXMJMIHJSYVJEGXSVWXLEXEVIEWWSGMEXIH[MXL [SPJEXXEGOW SRLYQERW
9RTVSZSOIH EXXEGOW F] RSRVEFMH [SPZIW SR TISTPI EVI ZIV] VEVI ERH XLI ZEWX QENSVMX] SJ [SPZIW HS RSX VIKEVH TISTPI EW FIMRK TVI] ,S[IZIV [I LEZI JSYRH E RYQFIV SJ MRGMHIRXW [LIVI TVIHEXSV] EXXEGOW LEZI SGGYVVIH -R )YVSTI XLI PEVKIWX RYQFIVWSJVIGSVHWGSQIJVSQTVI GIRXYV] *VERGI)WXSRME ERH RSVXLIVR -XEP] [LIVI LMWXSVMERW LEZI PSSOIH W]WXIQEXMGEPP] JSV VIGSVHWSJ WYGLIZIRXW8LI QSWX JEQSYW IZIRX MW JVSQ XLI +IZEYHER EVIE MR *VERGI [LIVI LMWXSVMGEP VIGSVHW MRHMGEXI XLEX SZIV TISTPI [IVI OMPPIH MR XLI TIVMSH 8LI [SPZIW VIWTSRWMFPI [IVI FIPMIZIH XS FI L]FVMHW FIX[IIR [MPH [SPZIWERHPEVKIWLITLIVHHSKW*VSQXLIWI XLVII VIKMSRW WIZ IVEPLYRHVIHTISTPIETTIEVXSLEZIFIIROMPPIHJVSQYRXMP
6EFMIW6EFMIWMWMRZSPZIHMRXLIQENSVMX]SJ[SPJEXXEGOWSR TISTPI ,EFMXYEXMSR;LIR[SPZIWPSSWIXLIMVJIEVSJLYQERWJSV I\EQTPIMRWSQITVSXIGXIHEVIEWXLIVIMWERMRGVIEWIHVMWO SJEXXEGOWSRLYQERWSGGYVVMRK 4VSZSGEXMSR8LMWMRGPYHIWWMXYEXMSRWWYGLEWXV]MRKXSOMPPE XVETTIHSVGSVRIVIH[SPJSVIRXIVMRKEHIR[MXLTYTW ,MKLP] QSHMJMIH IRZMVSRQIRXW 8LI QENSVMX] SJ TVIHE XSV]EXXEGOWTVI GIRXYV])YVSTIERHTVIWIRXHE]-RHME LEZISGGYVVIHMRZIV]EVXMJMGMEPIRZMVSRQIRXW[LIVIERYQ FIVSJGMVGYQWXERGIWLEZISGGYVVIH8LIWIMRGPYHIPMXXPI SV RSREXYVEPTVI]LIEZ]YWISJKEVFEKIERHPMZIWXSGOEWJSSH F][SPZIWGLMPHVIRSJXIRYREXXIRHIHSVYWIHEWWLITLIVHW TSZIVX] EQSRK XLI LYQER TSTYPEXMSR ERH PMQMXIH EZEMP EFMPMX] SJ [IETSRW EQSRK TISTPI WS [SPZIW QMKLX RSX FI ZIV]WL];IHSRSXFIPMIZIXLEXXLIVI[EWWSPMXXPITVI]XLEX [SPZIWLEHXSJIIHSRGLMPHVIRMXMWNYWXXLEXXLIIGSPSK]SJ [SPZIW MR XLIWI WMXYEXMSRWFVMRKW XLIQ MRXS ZIV] GPSWI GSR XEGX[MXLTISTPIWIXXMRKXLIWGIRIJSVXLIWIVEVITVIHEXMSR IZIRXW XS SGGYV 3RGI MRHMZMHYEP [SPZIW FIGSQI QER IEXIVW XLI] XIRH XS GSRXMRYI XLMW FILEZMSYV YRXMP XLI] EVI VIQSZIH-REHHMXMSR[IFIPMIZIXLEXXLIMRXIRWMZITIVWIGY XMSRSJ[SPZIWHYVMRKXLIPEWXJI[GIRXYVMIWQE][IPPLEZI WIPIGXIH EKEMRWX [SPZIW XLEX [IVI EKKVIWWMZI SV [IVI RSX WL]SJTISTPI
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%HHMXMSREP VIGSVHW JVSQ XLI TVI GIRXYV] TIVMSH GSQI JVSQ 7[IHIR*MRPERHERH2SV[E]-R2SV[E]XLIVIMWEWMRKPIVIGSVH SJE]IEVSPHKMVPFIMRKOMPPIHMR*VSQ7[IHIRXLIVIEVI VIGSVHWSJGLMPHVIRFIMRKOMPPIHFIX[IIRERHERH GLMPHVIRERHSRI[SQER FIMRKOMPPIHMR8LMW PEXXIVITMWSHI+]WMRKIITMWSHI [EWFIPMIZIHXSFIHYIXSEWMR KPI [SPJ XLEX LEH FIIR VEMWIH MR GETXMZMX] FIJSVI IWGETMRK -R *MRPERHERH6YWWMER/EVIPME XLIVILEZIFIIR ERYQFIV SJ ITM WSHIW HYVMRK XLI GIRXYV] [LIVI TISTPI LEZI FIIR OMPPIH 1SWX SJ XLIWI IZIRXW SGGYVVIH MR GPYWXIVW /EYOSPE r GLMPHVIRERH[SQEROMPPIH /IQMSrGLMPHVIROMPPIH /MZIRRETE r GLMPHVIR ERH EHYPX OMPPIH 8EQ QIVJSVWrGLMPHVIROMPPIH ERHàFSFIX[IIR ERHGLMPHVIROMPPIH XL
XL
-RGSRGPYWMSR[IFIPMIZIXLEXXLIVIMWKSSHIZMHIRGIXLEXTISTPI LEZI FIIR OMPPIH F] FSXL LIEPXL] ERH VEFMH [SPZIW HYVMRK XLI PEWXGIRXYVMIW8LIMRGMHIRGISJEXXEGOWETTIEVWXSLEZIHVSTTIH HVEQEXMGEPP] HYVMRK XLI GIRXYV] % JEMV WYQQEV] SJ SYV VI WYPXW[SYPHFIlMRXLSWII\XVIQIP]VEVIGEWIW[LIVI[SPZIWLEZI OMPPIHTISTPIQSWXEXXEGOWLEZIFIIRF]VEFMH[SPZIWTVIHEXSV] EXXEGOWEVIEMQIHQEMRP]GLMPHVIREXXEGOWMRKIRIVEPEVIYRYWYEP FYX ITMWSHMG ERH LYQERW EVI RSX TEVX SJ XLIMV RSVQEP TVI]z ;LIR XLI JVIUYIRG] SJ [SPJ EXXEGOW SR TISTPI MW GSQTEVIH XS XLEXJVSQSXLIVPEVKIGEVRMZSVIWSV[MPHPMJIMRKIRIVEPMXMW SFZM SYWXLEX[SPZIWEVIEQSRKXLIPIEWXHERKIVSYWWTIGMIWJSVXLIMV WM^I ERH TVIHEXSV] TSXIRXMEP +MZIR XLI JEGX XLEX [SPZIW LEZI TSWIHEXLVIEXXSLYQERWEJIX]MXMWIEW]XSYRHIVWXERH[L][I LEZI E lGYPXYVEP JIEVz SJ [SPZIW [LMGL MW VIMRJSVGIH XLVSYKL WXSVMIWERHQ]XLSPSK]
4VIHEXSV] EXXEGOW JVSQ XLI GIRXYV] EVI QYGL VEVIV 8LIVI EVI VITSVXW SJ GLMPHVIR FIMRK OMPPIH MR 4SPERH ERH GLMPHVIR FIMRK OMPPIH MR 7TEMR 8LIVI EVI EPWS GSR XVSZIVWMEPVITSVXWSJ GLMPHVIR FIMRK OMPPIHMR XLI /MVSZ VIKMSR SJ6YWWME ;LMPIXLIWIIZIRXWVIQEMRYRGSRJMVQIH XLIHIXEMPWTVSZMHIHMRXLIEGGSYRXWQEOIXLIQ GVIHMFPI8LIVI EVIRSHSGYQIRXIHGEWIWSJTISTPIFIMRKOMPPIHMRTVIHEXSV]EX XEGOWF][SPZIWMR2SVXL%QIVMGEHYVMRKXLI GIRXYV],S[ IZIVXLIVILEZIFIIRIMKLX[IPPHSGYQIRXIHEXXEGOWQEMRP]MR TVSXIGXIH EVIEW [LIVI RSRVEFMH [SPZIW LEZI MRNYVIH TISTPI HYVMRKXLIPEWX]IEVW XL
XL
XL
4ISTPI OMPPIH F] [SPZIW LEZI FIIR VIGSVHIH MR -RHME WMRGI XLI GIRXYV] -R XLI PEWX ]IEVW XLIVI LEZI FIIR E RYQFIV SJ WGMIRXMJMG MRZIWXMKEXMSRW MR XLVII VIKMSRW 9XXEV 4VEHIWL &MLEV ERH%RHLVE4VEHIWL-RXLIWIXLVIIVIKMSRWXLIVILEZIERYQFIV
8LIVMWOWSJ[SPJEXXEGOWMR)YVSTI7GERHMREZMEERHEPWS2SVXL %QIVMGE XSHE]ETTIEVXSFIZIV]PS[EWVIGIRXGEWIWEVIVEVI HIWTMXIMRGVIEWMRKRYQFIVWSJ[SPZIW8LIVIEVIGYVVIRXP]ERIW
XL
RMRESTTHVEKWQIPHMRK
.YER 'EVPSW &PERGS ;SPJ TVSNIGX ' 1ERYIPE 1EPEWERE 1EHVMH7TEMR 0YMKM &SMXERM (ITEVXQIRX SJ %RMQEP ,YQER &MSPSK] 9RMZIV WMX]SJ6SQI:MEPI9RMZIVWMXE6SQI-XEP] 7GSXX &VEMRIVH 2SV[IKMER -RWXMXYXI JSV 2EXYVI 6IWIEVGL 8YR KEWPIXXE238VSRHLIMQ2SV[E] 9VW &VIMXIRQSWIV /36% 8LYRWXVEWWI ', 1YVM 7[MX ^IVPERH -PTS/SNSPE*MRRMWL+EQIERH*MWLIVMIW6IWIEVGL-RWXMXYXI 3YPY +EQI ERH *MWLIVMIW 6IWIEVGL 8YXOMNERXMI *-2 3YPS *MRPERH 3PSJ 0MFIVK +VMQW¸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ÅOSR 7ERH +VMQW¸ ;MPHPMJI 6IWIEVGL 7XEXMSR (ITEVXQIRX SJ 'SRWIVZEXMSR &MSPSK] 7[IHMWL 9RMZIVWMX] SJ %KVMGYPXYVEP 7GM IRGIW6MHHEVL]XXER7[IHIR )VPMRK.7SPFIVK2SV[IKMER-RWXMXYXIJSV2EXYVI6IWIEVGL8YR KEWPIXXE238VSRHLIMQ2SV[E] ,EVVM :EPHQERR -RWXMXYXI SJ >SSPSK] ERH ,]HVSFMSPSK] 8EVXY 9RMZIVWMX]:ERIQYMWI8EVXY)WXSRME 4IXXIV ;EFEOOIR ,IHQEVO 'SPPIKI )ZIRWXEH 23 /ST TERK2SV[E]
XMQEXIHr[SPZIWMR)YVSTIMR6YWWMEERH MR 2SVXL %QIVMGE )ZIR [MXL XLIWI RYQFIVW SJ [SPZIW [ILEZIQEREKIHXSSRP]JMRHVIGSVHWSJTISTPIFIMRKOMPPIH MR)YVSTIMR6YWWMEERHRSRIMR2SVXL%QIVMGEF]RSRVEFMH [SPZIW HYVMRK XLI PEWX ]IEVW 6IWTIGXMZI JMKYVIW JSV VEFMIW GEWIW EVI KVIEXIV XLER ERH ^IVS 'PIEVP] XLI VMWOW SJ [SPJ EXXEGOWYRHIVTVIWIRXGMVGYQWXERGIWEVIZIV]ZIV]PS[XLVSYKL SYX )YVSTI ERH 2SVXL %QIVMGE 8LIWI PS[ VEXIW SJ EXXEGOW EVI TVSFEFP]HYIXSXLIJEGXXLEXXLIJEGXSVWQSWXSJXIREWWSGMEXIH [MXL[SPJEXXEGOWEVIRSPSRKIVGSQQSR ,S[IZIVIZIRMJXLIVMWOWSJEXXEGOWEVIZIV]PS[[ILEZIQEHI ERYQFIVSJQEREKIQIRXVIGSQQIRHEXMSRWXLEXWLSYPHLIPTXS VIHYGIXLIEGXYEPVMWOWSJ[SPJEXXEGOWSGGYVVMRKIZIRJYVXLIV /IIT[SPZIW[MPH%R][SPZIWXLEXETTIEVXSPSSWIXLIMVJIEV JSVLYQERWSVEGXMR ER EKKVIWWMZI QERRIV WLSYPH FIVIQSZIH JVSQXLITSTYPEXMSR'EVIJYPP]VIKYPEXIHLYRXMRKQE]FIYWIJYP MR QEMRXEMRMRK WL]RIWW MR WSQI WMXYEXMSRW ERH [MPP MR EHHMXMSR TVSZMHI E JIIPMRK SJ PSGEP IQTS[IVQIRX ERH GSRXVSP SZIV XLI [SPJ WMXYEXMSR 4VI] 8LI TVI] FEWI EZEMPEFPI JSV [SPZIW MR QSWXTEVXWSJ)YVSTIXSHE]GERFIHIWGVMFIHEWZIV]KSSH-X[MPP FIMQTSVXERXJSV KEQI QEREKIVW XS IRWYVIMX VIQEMRW XLMW [E] IZIR [LIR XLI] LEZI XS MRGPYHI [SPJ TVIHEXMSR MRXS QEREKI QIRX TPERW 6IEGXMSR TPERRMRK ;MPHPMJI QEREKIQIRX EKIRGMIWWLSYPHIWXEFPMWLVIEGXMSRTPERWEWXSLS[XSVIWTSRHXS [SPZIW XLEX EGX MR ER EKKVIWWMZI QERRIV SV PSWI XLIMV WL]RIWW 8LIWITPERWWLSYPHFIGSSVHMREXIH[MXLXLSWIJSVFVS[RFIEVW 6EFMIW 0EVKI TEVXW SJ ;IWXIVR )YVSTI EVI TVIWIRXP] VEFMIW JVIIERHXLIVMWOWSJMXSGGYVVMRKETTIEVXSFIZIV]PS[-RSXLIV EVIEWVEFMIWGSRXVSPTPERW EVI YRHIV[E]6IHYGMRKMXW MRGMHIRGI MR HSQIWXMG HSKW ERH [MPHPMJI JYVXLIV [MPP HIGVIEWI XLI VMWO SJ EXXEGOWF]VEFMH[SPZIW %PXLSYKL XLI ZEWX QENSVMX] SJ [SPZIW [MPP TVSFEFP] RIZIV WLS[ ER]EKKVIWWMZIFILEZMSYVXS[EVHWTISTPIMXMWMQTSVXERXXSTVI TEVIQEREKIQIRXTPERWXLEXGSZIV[SPZIWMRXSXSMRGPYHMRKXLI VEFMHWMGOJIEVPIWWL]FVMHWERHSXLIV[MWIEFRSVQEP 8LIVIMWPMXXPIHSYFXXLEXEPEVKITEVXSJXLIlJIEVSJ[SPZIWz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l1I^E1ENEz /IQIVM r.YVQEPE0:0EXZME 0MREW &EPGMEYWOEW -RWXMXYXI SJ )GSPSK] %OEHIQMNSW :MPRMYW 0MXLYERME
RMRESTTHVEKWQIPHMRK
-RXVSHYGXMSR
7XYHMIW XLVSYKLSYX )YVSTI 2SV[E] 7TEMR 'VSEXME 9RMXIH /MRKHSQ %WME.ETER ERH2SVXL%QIVMGELEZIGSRJMVQIHXLEX WMKRMJMGERX RYQFIVW SJ TISTPI EVI EJVEMH SJ [SPZIW ERH [SYPH EHNYWX XLIVI FILEZMSYV MJ XLI] ORI[ [SPZIW [IVI TVIWIRX MR ER EVIEIK/ER^EOMIXEP0SLVIXEP&NIVOI /EPXIR FSVR &EXL &EXL *EVQIV &EXL 1EHNMG
)\TIVMIRGIHYVMRK VIGIRXHIGEHIW LEW WLS[R XLEX XLI QEREKI QIRX GSRWIVZEXMSR ERH VIWXSVEXMSR SJ PEVKI GEVRMZSVIW MR SYV QSHIVR[SVPHMWEWQYGLEQEXXIVSJWSPZMRKERHVIHYGMRKGSR JPMGXW[MXLLYQERWXLERSJIGSPSK]1IGL1IGLIX EP 8LI WGEPIW XLEX PEVKI GEVRMZSVIW STIVEXI SR EX FSXL MRHMZMHYEP ERH TSTYPEXMSR PIZIPW EVI WS PEVKI XLER XLIVI EVI RS [MPHIVRIWWTEVOWSVVIWIVZIWXLEXGERQEMRXEMRWMKRMJMGERXTSTY PEXMSRW [MXLSYX GSRWMHIVEXMSR SJ XLI WYVVSYRHMRK EVIEW ;SSHVSJJI +MRWFIVK -R QER] TEVXW SJ XLI [SVPHWYGLEW)YVSTIXLIPERHWGETIMWWSQSHMJMIHERHLYQER HIRWMXMIWEVIWSLMKLXLEXPEVKIGEVRMZSVIWQYWXFIGSRWIVZIHMR XLIQYPXMYWIPERHWGETIWYVVSYRHMRKLSYWIWJEVQWZMPPEKIWERH GMXMIW0MRRIPPIXEPEF
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
3RISJXLIQEMRGSRJPMGXWEWWSGMEXIH[MXLPEVKIGEVRMZSVIWMWHYI XS XLIMV HITVIHEXMSR SR HSQIWXMG PMZIWXSGO /EG^IRWO] (YVMRKXLI WXLIVI[EWQYGLVIWIEVGLJSGYWIHSRXLMWGSR JPMGX[LMGLGERFIKVIEXP]VIHYGIHXLVSYKLGEVIJYPQEREKIQIRX TPERRMRKERHXLIYWISJWYMXEFPILYWFERHV]TVEGXMGIW 0MRRIPPIX EP %HHMXMSREPGSRJPMGXWSZIVTIVGIMZIHERHVIEPGSQTIXM XMSR FIX[IIR LYRXIVW ERH GEVRMZSVIW JSV [MPH YRKYPEXIW LEZI FIIR SRKSMRK JSV HIGEHIW 3VMERW IX EP 1IGL 2IPWSR % KVIEX HIEP SJ VIWIEVGL SR XLMW XSTMG LEW FIIR GSR HYGXIH HYVMRK XLI PEWX HIGEHIW ERH QYGL MW WXMPP SRKSMRK 8LI VIWYPXMWERIZIVMQTVSZMRKYRHIVWXERHMRK SJI\EGXP] LS[ QYGL [MPHTVIHEXSVWMQTEGXXLIMVTVI]TSTYPEXMSRWJVSQQER]IGSW]W XIQWEVSYRHXLI[SVPH
8LMW TVSNIGX RIZIV EMQIH XS UYERXMJ] XLI XSXEP RYQFIV SJ [SPJ EXXEGOWSRTISTPIMR)YVEWMEERH2SVXL%QIVMGE2IMXLIVMWXLIVI ER]JSVQSJWXEXMWXMGEPWEQTPMRKFILMRHXLIHEXEGSPPIGXMSR7YGL EXEWO[SYPHFIGPIEVP]MQTSWWMFPI8LIHEXEXLIVIJSVIGSRWMWXWSJ E TSXIRXMEPP] FMEWIH WIVMIW SJ I\EQTPIW SJ ZEV]MRK UYEPMX] *VSQ XLIWI [I GER SRP] HVE[ XLI FVSEHIWX SJ TEXXIVRW 3YV WTIGMJMG VIWIEVGLUYIWXMSRWLEZIFIIR
,S[IZIV HYVMRK XLI PEXI W QYGL VIWIEVGL JSGYW LEW QSZIH E[E] JVSQ XLI IGSPSK] SJ XLI GEVRMZSVIW ERH XLIMV TVI] XSXLIWSGMEPEWTIGXWGSRGIVRMRKLYQEREXXMXYHIWERHFILEZMSYV 8LIIQIVKMRK JMIPH SJLYQERHMQIRWMSRW LEW FIIR MRGVIEWMRKP] JSGYWIH SR UYIWXMSRW GSRGIVRMRK GSRWIVZEXMSR ERH REXYVEP VI WSYVGIQEREKIQIRXMRGPYHMRKPEVKIGEVRMZSVIW&EXL 8LI WSGMEP MWWYIW GSRGIVRMRK PEVKI GEVRMZSVI GSRJPMGXW EVI GSQTPI\ ERH VERKI JVSQ JYRHEQIRXEP EWTIGXW SJ ZEPYI W]WXIQW ERH LY QERVMKLXWXLVSYKLPSWWSJGSRXVSPXSXLIQSWXZMWGIVEPSJEPPr JIEVJSVTIVWSREPWEJIX] 2WW 1]WXIVYH /EPXIRFSVR IX EP &NIVOI IX EP 8LI MQTSVXERGI SJ JIEVLEWFIGSQILMKLPMKLXIHHYVMRK VIGIRX ]IEVW EW [SPJ 'ERMW PYTYW TSTYPEXMSRW LEZI FIKYR XS VIGSZIV MR 7GERHMREZME ;E FEOOIRIXEP>MQQIVQERIXEP
,EZI[SPJEXXEGOWSRTISTPISGGYVVIH# %VIXLIVIER]SFZMSYWTEXXIVRWXS[SPJEXXEGOW# 9RHIV[LEXGMVGYQWXERGIWHS[SPJEXXEGOWSGGYV# 'SQTEVI XLI VIPEXMZI JVIUYIRG] SJ [SPJ EXXEGOW XS XLSWI JVSQSXLIVPEVKIGEVRMZSVIWEWWYQIWVITSVXMRKFMEWMWIUYEP JSVEPPWTIGMIW ;LEX QEREKIQIRX TVSGIHYVIW WLSYPH FI YWIH XS VIHYGI XLIVMWOWSJEXXEGOERH[LEXVIWTSRWIWEVIETTVSTVMEXI
*IEV SJ [SPZIW LEW FIIR [MHIWTVIEH XLVSYKLSYX )YVSTIER LMW XSV];LMPILMWXSVMGEPP]EKSSHHIEPSJXLMWJIEVETTIEVWXS LEZI FIIR JSGYWIH SR XLI WYTIVREXYVEP EWWSGMEXMSRW XLEX WYVVSYRH [SPZIW [IVI [SPZIW EW XLI W]QFSP SJ XLI HIZMP &SMXERM 4PYWOS[WOM 4PYWOS[WOM TIVW GSQQ XLIVI MW PMXXPI HSYFX XLEXEXPIEWXWSQISJXLMWJIEVLEWEPWSFIIRJSGYWIHSRXLI[SPJ EW E VIEP ERMQEP %XXMXYHIW XS[EVHW [SPZIW LEZI GLERKIH HVE QEXMGEPP] HYVMRK XLI PEWX ]IEVW ERH GSRWIVZEXMSR VEXLIV XLERI\XIVQMREXMSRPMIWEXXLILIEVXSJREXMSREPERHMRXIVREXMSREP QEREKIQIRXTVSKVEQW&SMXERM0MRRIPPIXEP ,S[ IZIVIZIRXLSYKLXLITYFPMGETTEVIRXP]JEZSYVWXLI[SPJ WVMKLX XSI\MWXMXETTIEVWXLEXTISTPIEVIWXMPPEJVEMHSJMX
RMRESTTHVEKWQIPHMRK
8LIHEXE
(EXEWSYVGIW
XIRHSGYQIRXEXMSR-RWSQIJI[GEWIW[IEPWSVITSVXIZIRXWJSV [LMGL XLIVI MWRS [VMXXIR HSGYQIRXEXMSR FYX [LIVI IMXLIV [I LEZI HMVIGXP] MRXIVZMI[IH TISTPI JEQMPMEV [MXL IZIRXW SV [LIVI SXLIVEYXLSVWLEZIMRHMGEXIHXLEXXLIIZIRXWETTIEVXSFIGVIHM FPI
8LI SVEP XVEHMXMSRW ERH [VMXXIR JSPOXEPIW SJ )YVEWME ERH 2SVXL %QIVMGE GSRXEMR QER] EGGSYRXWSJ [SPZIWEXXEGOMRKERH OMPPMRK TISTPI7SQIXEPIWKSFEGOEWJEVEW%VMWXSXPI,S[IZIVXLIVIPM EFMPMX]SJQER]SJXLIWIWXSVMIWMWZIV]UYIWXMSREFPI*SVI\EQTPI l0MXXPI 6IH 6MHMRK ,SSHz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
,MWXSVMGEPERHEHQMRMWXVEXMZIVIGSVHW'EYWISJHIEXLMW KIRIVEPP]VIGSVHIHMRTEVMWLVIKMWXIVWOITXF] GLYVGLIWI\ XIRHMRKFEGOYRXMP EXPIEWX XLI GIRXYV] ERHSXLIV EH QMRMWXVEXMZI VIGSVHW 8LI TEVMWL VIKMWXIVW EVI E TEVXMGYPEVP] VMGLWSYVGISJHEXEXLEXSRE )YVSTIERFEWMWMRGPYHI QER] GEWIW SJ [LIVI l[SPJ EXXEGOz MW [VMXXIR EW XLI WSYVGI SJ HIEXL)\EQTPIWMRGPYHI XL
:MPPEGSVXIWI ?2SVXLIVR -XEP]A 1E] z4MIXVS 1EVME WSR SJ +MSZERRM7GE^SWSGEPPIH*EVÀEKIH]IEVWERHELEPJOMPPIHF]E [SPJ[LMPIVIXYVRMRKJVSQTEWXYVI[MXLXLIGEXXPIMRXLIIZIRMRK SJXLI [EWFYVMIHXLIJSPPS[MRKHE]z XL
XL
(YVMRK XLIPEWX ]IEVW E PEVKIRYQFIVSJ WXSVMIW GSRGIVRMRK LYRXIVWERHXVETTIVWJVSQFSXL)YVSTIERH2SVXL%QIVMGELEZI ETTIEVIH MR ZEVMSYW QEKE^MRIW 8LIWI XEPIW SJXIR GSRXEMR EG GSYRXWSJXLIWXSV]XIPPIVSVWSQIFSH]LIORI[ FIMRKJSPPS[IH ERHEXXEGOIHF]FPSSHXLMVWX][SPZIW-RQSWXEGGSYRXWXLILIVS MW PYGO] IRSYKL XS LEZI E KYR ERH WLSSXW LMW [E] SYX SJ XLI WMXYEXMSR =SYRK +SPHQERR VIGSYRX WIZIVEP SJ XLI KIRVIJVSQ2SVXL%QIVMGEFYX[IVIRIZIVEFPIXSWYFWXERXMEXI XLIQ8LIMRXIVRIXMWEPWSJYPPSJWYGLWXSVMIW
+EWXVMGOPERH?7[IHIRAz4ILV WSRSJ JEVQIV)VMG4ILVWWSR JVSQ/VÇFÇGOWEZEKIH F] E [SPJ SR XLI FYVMIH ¡ ]IEVWSPHz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
7ITEVEXMRKJEGXJVSQJMGXMSRLEWFIIREQSRKXLIKVIEXIWX GLEP PIRKIWXLEXXLMWTVSNIGXLEWJEGIH;ILEZIRSXMRZIWXMKEXIH[SPJ EXXEGOW MR XLI JMIPH ERH QER] SJ XLI VITSVXW GSQI JVSQ XMQIW ERH TPEGIW [LIVI QSHIVR JSVIRWMG QIXLSHW ERH WXERHEVHW SJ HSGYQIRXEXMSR HS RSX I\MWX 2IMXLIV LEZI [I GLIGOIH SVMKMREP LMWXSVMGEP HSGYQIRXW VITSVXMRK [SPJ EXXEGOW 1ER] SJ XLI EG GSYRXW LEZI FIIR JMPXIVIH XLVSYKL WIZIVEP PE]IVW SJ VIGSVHMRK ERH MRXIVTVIXEXMSR FIJSVI [I LEZI JSYRH XLIQ 8LIVI MW XLIVI JSVIEP[E]WEGIVXEMRHIKVIISJYRGIVXEMRX]EVSYRHQER]SJXLI GEWIWTVIWIRXIHLIVIIWTIGMEPP]JSVXLIGEWIWJVSQXLI ERH GIRXYVMIW,S[IZIV[ILEZIXVMIHXSVIXEMRXLSWIGEWIW JSV[LMGLXLIVIEVIGPEMQWSJWSQIJSVQSJGSRXIQTSVEV][VMX XL
3XLIV WSYVGIW 7SQI GEWIW EVI SRP] VITSVXIH MR RI[WTE TIVW RSRXIGLRMGEP PMXIVEXYVI ERH JVSQ MRXIVZMI[W SV TIV WSREP GSQQYRMGEXMSRW 7SQI SJ XLIWI RIIH XS FI XVIEXIH [MXLGEYXMSRFIGEYWIQER]XLEX[ILEZIXVMIHXSJMRHWYT TSVX JSV LEZI TVSZIR XS FI MQTSWWMFPI XS ZIVMJ] ,S[IZIV WSQIGEWIWEVIWS[IPPHIWGVMFIHJVSQWIZIVEPMRHITIRHIRX
XL
XL
RMRESTTHVEKWQIPHMRK
FIXXTIVWGSQQ 8LIVIWYPX[EWXLEXXLIQYVHIVWMXI[EW RSX XVIEXIHEWEGVMQIWGIRIERHXLILYRXIVWERHLSYRHWXLEXFIKER XLI LYRX JSV XLI RSRI\MWXIRX GSYKEV HIWXVS]IH ER] IZMHIRGI JVSQXLIPSGEXMSR8LIEYXSTW]HSGYQIRXIHXLEXXLIZMGXMQLEH MRJEGXFIIRWXEFFIH [MXLE ORMJI 8LI GSRXVSZIVW] WYVVSYRHMRK XLI 'LEQFIVPMR HMRKS GEWI EX %]IV W VSGO MR %YWXVEPME MR XLI W EPWS MPPYWXVEXIW XLI GSQTPI\MXMIW SV WITEVEXMRK QYVHIV JVSQ E VIEP GEVRMZSVI EXXEGO WII WIGXMSR ,S[IZIV FI GEYWI SJ XLI VEVMX] SJ [SPZIW OMPPMRK TISTPI XLMW [SYPH SRP] FI TSWWMFPIHYVMRKETIVMSH[LIRVIEP[SPJEXXEGOWLEHSGGYVVIHMR XLIEVIE
WSYVGIW XLEX XLI] ETTIEV XS FI VIPMEFPI -R QER] GEWIW [I LEZILEHXSQEOIEWYFNIGXMZIIZEPYEXMSRSJUYEPMX] 3RP] HEXE JVSQ XLI JMVWX X[S GEXIKSVMIW WLSYPH FI VIKEVHIH EW FIMRKVIPEXMZIP]WIGYVI-RSVHIVXSQEOISYVXEWOIEWMIVXSQER EKI [I LEZI HIJMRIH EXXEGOW EW GEWIW MR [LMGL XLIVI MW ZMSPIRX GSRXEGXORSGOIHSZIVWGVEXGLIHFMXXIROMPPIH FIX[IIRE[SPJ ERHETIVWSR8LIWIGEWIWWLSYPHFIXLIQSWXHVEQEXMGERHEVI EPWSXLSWIJSV[LMGLXLIVIWLSYPHFIWSQITL]WMGEPIZMHIRGIERH HSGYQIRXEXMSR8LIGVMXIVMESJGSRXEGXEPWSQEOIWMRXIVTVIXEXMSR PIWW FMEWIH F] XLI SFWIVZIV ZMGXMQ 'PSWI ZMWYEP GSRXEGX SV ER IRGSYRXIV[MXL E [SPJ GERFITIVGIMZIHMR QER] [E]W EKKVIW WMZISVFIRMKR HITIRHMRKSRXLISFWIVZIV WTIVWSREPMX]ERHI\ TIVMIRGI[MXL[SPZIW
'EWI 'SRJYWMSR EFSYX REQIW -R SYV UYIWXMSRREMVI WYVZI] MR6SQERMESJVITPMIWGSYPHFIMQQIHMEXIP] HMWGEVHIH EW XLI] GSRGIVRIH HSK FMXIW 8LI GSRJYWMSR SGGYVW FIGEYWI +IVQER7LITLIVHHSKWEVIGEPPIHzGEMRIPYTz[SPJHSK MR6S QERMER[LIVIEW[SPZIWEVIGEPPIHzPYTz
7SYVGIWSJIVVSV
-R ER] WYGL WXYH] FEWIH SR WYQQEVMWMRK LMWXSVMGEP VIGSVHW RI[WTETIV ERH QEKE^MRI EGGSYRXW XVEHMXMSREP PMXIVEXYVI IXG XLIVIEVIQER]TSXIRXMEPWSYVGIWSJIVVSVXLEXETTIEV8LIWIIV VSVW GER VIWYPX JVSQ TVSFPIQW [MXL XVERWPEXMSR VIGSVHMRK IVVSV I\EKKIVEXMSRzNSYVREPMWXMG PMGIRWIz MKRSVERGI SV [MPJYP HMWXSV XMSRSJXLIXVYXLXSGSZIVYTIZIRXW;IMPPYWXVEXIWSQISJXLIWI FIPS[
'EWI (MVIGX ERH MRHMVIGX QIGLERMWQW -R -VER E WGMIRXMWX MRZIWXMKEXIH E GEWI SJ E WLITLIVH [LS LEH FIIR lOMPPIH F] [SPZIWz-XXYVRIHSYXXLEX[SPZIWLEHEXXEGOIHXLIWLITLIVH W JPSGOFYXXLEXXLIWLITLIVHWERHXLIMVHSKWLEHWYGGIWWJYPP]HI JIRHIH XLIMV WLIIT [MXLSYX ER] SJ XLI WLITLIVHW FIMRK EX XEGOIH-QQIHMEXIP]EJXIVXLIMRGMHIRXSRIIPHIVP]WLITLIVHWEX HS[RERHHMIHTIVLETWJVSQELIEVXEXXEGO8LIIZIRX[EWVI GSVHIH EW E TIVWSR OMPPIH F] E [SPJ IZIR XLSYKL XLI [SPZIW RIZIVXSYGLIHXLIWLITLIVH.SWPMR
'EWI 4VSFPIQW [MXL XLI SVEP XVEHMXMSR 8LIVI EVI QER] TVSFPIQW[MXLYWMRKXLISVEPXVEHMXMSREWIVVSVWSJXIRIRXIVXLI VIGSVHEWXLIJSPPS[MRKI\EQTPIWMPPYWXVEXI
-X MW RSX YRGSQQSR JSV TISTPI XLEX VIGIMZI E QMRSV FMXI JVSQ HSQIWXMG HSKW XS HIZIPST WIVMSYW GSQTPMGEXMSRW XLEX GER VIWYPX MR HIEXL )\EQTPIW MRGPYHI HMZIVWI MRJIGXMSRW ERH WITXMGIQME VLEFHSQ]SP]WMW [MXL VIREP JEMPYVI ERH TYPQSREV] XLVSQFSIQ FSPMWQ%RZIHIRIXEP ,SPXIV IX EP ,ERXWSR IXEP 7QMXLIX EP +EVGME 7EEF IX EP *EPGS RMIVMIXEP 4VIWYQEFP]WYGLGSQTPMGEXMSRWEVIEPWSEWWSGM EXIH[MXL[SPJFMXIW-XMWXLIVIJSVIHMJJMGYPXXSORS[MJEPPLMWXSVM GEPGEWIWSJlHIEXLF][SPJzEGXYEPP]MRZSPZIHXLITIVWSRFIMRK OMPPIHSYXVMKLXF]XLI[SPJSVMRZSPZIHWYFWIUYIRXHIEXLHYIXS GSQTPMGEXMSRWJVSQEVIPEXMZIP]QMRSVFMXI
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
XL
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
'EWI )YTLIQMWQW ERH WYTIVWXMXMSR -R QYGL SJ XLI SPHIV LMWXSVMGEP PMXIVEXYVI XLIVI MW XLI VMWO SJ XLI I\TVIWWMSR lOMPPIH F]
RMRESTTHVEKWQIPHMRK
*MKYVIXST +ISKVETLMGHMWXVMFYXMSRSJEVIEWGSZIVIHF]XLIVITSVXMRVIPEXMSRXSXLIX]TIWSJ[SPJEXXEGOWJSYRH *MKYVIPS[IWX %VIEWQIRXMSRIHMRXLIXI\X[LIVITVIHEXSV]EXXEGOWF][SPZIWSRLYQERWLEZISGGYVVIHMR7TEMR*VERGIERH-XEP] :-!:MQER^S6%!6ERXI%0!%PPEVM^+)!+IZEYHER2-!2SVXLIVR-XEP]
RMRESTTHVEKWQIPHMRK
*MKYVIXST %VIEWQIRXMSRIHMRXLIXI\X[LIVITVIHEXSV]EXXEGOWF][SPZIWSRLYQERWLEZISGGYVVIHMR*IRRSWGERHME 7!7VYQ%OIVWLYW+%!+EWXVMOPERH(EPEVREà&!àFS/%!/EYOSPE/-!/MZIRRETE/)!/IQM¸8%!8EQQIVJSVW *MKYVIPS[IWX 0SGEXMSRSJ/MVSZ/- MRGIRXVEP6YWWME[LIVIERYQFIVSJTVIHEXSV]EXXEGOWSRTISTPIEVIVITSVXIHJVSQXLITIVMSH
RMRESTTHVEKWQIPHMRK
*MKYVIXST 0SGEXMSRSJWXEXIWMR-RHME[LIVITVIHEXSV]EXXEGOWSRGLMPHVIRLEZIFIIRVITSVXIHERH[LIVIEXXEGOWF]VEFMH [SPZIWLEZIFIIRVITSVXIH&-!&MLEV94!9XXEV4VEHIWL%4!%RHLVE4VEHIWL1%!1ELEVEWLXVE *MKYVIPS[IWX 0SGEXMSRWMR2SVXL%QIVMGE[LIVIWIZIVEPEXXEGOWSRTISTPIF]VEFMHERHRSRVEFMH[SPZIWLEZISGGYVVIHHYVMRKXLI XL GIRXYV]-&!-GI&E]=EOYXEX :-!:EVKEW-WPERH%4!%PKSRUYMR4VSZMRGMEP4EVO%0!%PIVX)PPIWQIVI-WPERH;'!;LEPI'SZI '6!'STTIVQMRI6MZIV
RMRESTTHVEKWQIPHMRK
SJ[SPJEXXEGOW8LVSYKLXLMW[MHIGSRXEGXRIXMXMWLMKLP] PMOIP] XLEX YRVIGSVHIH [SPJ EXXEGOW [SYPH LEZI FIIR QIRXMSRIH LEH XLI]SGGYVVIH;ILEZIELMKLHIKVIISJGSRJMHIRGIMR XLII\ XIRXXS[LMGL[ILEZIGSZIVIHXLIPEWX]IEVWrWSXLEXXLMW MWXLITIVMSHJSV[LMGL[IFIPMIZIXLEXSYVGSZIVEKIMWVIPEXMZIP] GSQTPIXI EX PIEWX JSV )YVSTI ERH 2SVXL %QIVMGE -R EHHMXMSR [ILEZIGSRHYGXIHPMXIVEXYVIWIEVGLIWSJXIGLRMGEPPMXIVEXYVIHE XEFEWIWERHVIEHXLVSYKLQYGLPMXIVEXYVIRSXGSZIVIHF] HEXE FEWIW ;I LEZI TPEGIH I\XVE IQTLEWMW SR GSYRXVMIW MR )YVSTI [LIVI[SPZIWEVIVIPEXMZIP]EFYRHERXrXLMWMRGPYHIW-XEP]7TEMR XLIXLVII&EPXMG7XEXIW4SPERHERH6SQERME-R6SQERME[IWIRX WXYHIRXW JVSQ E 9RMZIVWMX] [MPHPMJI QEREKIQIRX GSYVWI XS XLIMV LSQIW [MXL UYIWXMSRREMVI WYVZI]W MR ER EXXIQTX XS GSPPIGX JYV XLIVYRVIGSVHIHEXXEGOW
[SPZIWzFIMRKYWIHEWEIYTLIQMWQJSVSXLIVGEYWIWSJHIEXL *SV I\EQTPI MR +IVQERMG ERH %RKPS7E\SR XLI [SVHW [EVK [EVG ERH ZIVEK[SPJ [IVI EPWS YWIH JSV SYXPE[W FERHMXW ERH IZMPWTMVMXW%WMQMPEVWMXYEXMSRI\MWXIHMR7[IHIR[LIVIXLI[SVH lZEVKz EPWS YWIH JSV IZIV]XLMRK XLEX [EW [VSRK MRGPYHMRK GVMQMREPW VITPEGIH XLI SVMKMREP XIVQ lYPZz (YVMRK XLI QMHHPI GIRXYVMIWSJXLIPEWXQMPPIRRMYQMXMWMQTSVXERXXSVIQIQFIVXLEX [IVI[SPZIW[IVIFIPMIZIHXSI\MWXERHQER]QYVHIVWQE]LEZI FIIRFPEQIHSR[SPZIWSVXLIMVWYTIVREXYVEPMRGEVREXMSR-REH HMXMSR E PEVKIRYQFIV SJ ERMQEPW MRGPYHMRK [SPZIW [IVI XVMIH MR VIPMKMSYW GSYVXWERH I\IGYXIH JSV XLIMV lGVMQIWz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
-X MW UYMXITSWWMFPI XLEX [I LEZI QMWWIH WSQI GEWIW SJ [SPJ EX XEGOWSRTISTPIrXLEXIMXLIVLEZIRSXFIIRVIGSVHIHSV[LIVI [ILEZIRSXJSYRHXLIVIGSVHW8LIMRGMHIRXWHIWGVMFIHLIVIEVI XLIVIJSVINYWXXLSWII\EQTPIWSJ[SPJEXXEGOWXLEX[ILEZIFIIR EFPIXSJMRHERHFIPMIZIEVIGVIHMFPI,S[IZIV[IFIPMIZIXLEX [ILEZIRSXSZIVPSSOIHQER]JVSQQSHIVRXMQIWKMZIR 8LIWIRWEXMSREPREXYVISJE[SPJEXXEGO 8LI JEGX XLEX PEVKI RYQFIVW SJ EXXEGOW F] SXLIV GEVRMZSVIW WYGLEWXMKIVW4ERXLIVEXMKVMW FIEVW9VWYWWT ERHGSYKEVW 4YQE GSRGSPSV EVI I\XIRWMZIP] VIGSVHIH JVSQ EVIEW ERH TIVMSHW[LIVI[ILEZIRSXJSYRHVIGSVHWSJ[SPJEXXEGOW 8LIPEVKIRYQFIVSJI\TIVMIRGIHTISTPIMRZSPZIHMRXLIVI TSVX 8LI MRXIRWI MRXIVIWX MR [SPJ QEREKIQIRX MWWYIW EQSRK [MPHPMJITVSJIWWMSREPWERHXLITYFPMGEPMOI
-R2SV[E]MR *MRPERH W ERH*VERGIMR XLIVI LEZIFIIRGEWIWVITSVXIHMRXLIQIHME[LIVITISTPIGPEMQIHXS LEZIFIIRFMXXIRF]lE[SPJz-REPPXLIWIGEWIWXLIVI[IVIQER] HIXEMPWXLEX[IVIMRGSRWMWXIRXERHXLIQSWXPMOIP]I\TPEREXMSRMW XLEXXLI][IVIFMXXIRF]HSKW 'EWI 6EFMIW ZEGGMREXMSR TVSGIHYVIW -R QER] GEWIW PEVKI RYQFIVWSJTISTPIEVIKMZIRTSWXI\TSWYVIXVIEXQIRXJSPPS[MRK I\TSWYVI XS E VEFMH [SPJ ,S[IZIV MR QE] GEWIW XLMW MRGPYHIW QER]TISTPIXLEXQE]LEZILERHPIHSVXSYGLIHXLIHIEH[SPJ ERHRSXNYWXXLSWIXLEX[IVIEXXEGOIHSVFMXXIR8LIVIJSVI[LIR XLMWMWVITSVXIHEWXLIRYQFIVSJTISTPII\TSWIHXS[SPJVEFMIW MXMWRSXEYXSQEXMGXLEXEPP[IVIEGXYEPP]EXXEGOIHF]XLI[SPJ
'SZIVEKI
-RSVHIVXSPSGEXIHEXEJSVXLMWVITSVX[ILEZIVIPMIHLIEZMP]SR XLIGSRXEGXRIX[SVOWSJXLIEYXLSVW8LIEYXLSVWSJXLMWVITSVX LEZI QER] HIGEHIW SJ EGGYQYPEXIH I\TIVMIRGI [SVOMRK [MXL [SPZIWERHSXLIVPEVKIGEVRMZSVIWXLVSYKLSYX)YVSTI%WME*MK YVI ERH2SVXL%QIVMGE-REHHMXMSR[ILEZIGSRXEGXIHQER] SXLIV [MPHPMJI TVSJIWWMSREPW WGMIRXMWXW [MPHPMJI QEREKIVW XLEX LEZI [SVOIH [MXL [SPZIW SXLIV PEVKI GEVRMZSVIW SV MR [SPJ VERKIMR2SVXL%QIVMGEERH)YVEWME*YVXLIVQSVIEPPXLIEYXLSVW ERHXLIMVGSRXEGXWLEZIHYVMRKXLIMV[SVOFIIR MR GSRXEGX [MXL QER]LYRXIVWJSVIWXIVWERHSXLIVTISTPIXLEXPMZIMR[SPJVERKI -R EHHMXMSR XS XLMW RIX[SVO [I LEZI EPWS [VMXXIR XS E [MHI VERKI SJ SVKERMWEXMSRW GSRWIVZEXMSR LYRXMRK LMWXSVMGEP IXG ERHYWIHERYQFIVSJIQEMPHMWGYWWMSRKVSYTWEWOMRKJSVVIGSVHW
RMRESTTHVEKWQIPHMRK
6EFMIW
8LIHMWIEWI
;SPZIWETTIEVXSLEZIEP[E]WFIIRMRZSPZIHMRXVERWQMXXMRKVE FMIW XS LYQERW MR )YVSTI ERH %WME [MXL XLI IEVPMIWX VITSVXW WXIQQMRK JVSQ XLI GIRXYV] IK &YX^IGO &IVER 6EFMIW WXMPP SGGYVW MR [SPZIW XLVSYKLSYX 2SVXL %QIVMGE IEWXIVR )YVSTI ERH %WME LS[IZIV XLI RYQFIV SJ GEWIW MW ZIV] PS[GSQTEVIHXSSXLIV[MPHPMJIWTIGMIW8EFPIW -R QSWX EVIEWMXMWYRPMOIP]XLEX[SPZIWWIVZIEWEVIWIVZSMVSVTVMQEV]LSWX JSV XLI HMWIEWI -X VEXLIV XIRHW XS ETTIEV EW MWSPEXIH MRGMHIRXW [LIVI E WMRKPI [SPJ 1G8EKKEVX 'S[ER SV E TEGO 'LETQER FIGSQIMRJIGXIHMREJSVQSJzWTMPPSZIVzJVSQ ERSXLIVERMQEP WTIGMIW MR [LMGL VEFMIW MW QSVI GSQQSR .SLR WSR -RXIQTIVEXIERHEVGXMGEVIEWXLMWMWPMOIP]XSFIIMXLIV XLIVIHJS\SVEVGXMGJS\[LMPI MR QSVI WSYXLIVR VIKMSRW XLMW MW PMOIP] XS FI XLI KSPHIR NEGOEP SV HSQIWXMG HSKW %X PIEWX MR RSVXLIVR2SVXL%QIVMGEMXETTIEVWXLEXVEFMIWITMHIQMGWMREVGXMG JS\IWETTIEVTIVMSHMGEPP]ERHXLEXXLI[SPJGEWIWXIRHXSETTIEV HYVMRKETIEOMRXLIITMHIQMG;LIRXLIPEVKIWM^ISJXLI2SVXL %QIVMGER[SPJTSTYPEXMSRWMWXEOIRMRXSEGGSYRXXLIRYQFIVSJ VEFMIW GEWIW MR [SPZIW MW VIQEVOEFP] PS[ VIZMI[ MR .SLRWSR 8EFPI MRGSQTEVMWSR[MXL)YVEWME-RXLIIEWXIVR1IHM XIVVERIER1MHHPI)EWXERHGIRXVEP%WMERVIKMSRIWTIGMEPP]-VER [SPJVEFMIWETTIEVWXSFIJEVQSVIGSQQSRXLERIPWI[LIVIVI JPIGXMRKXLIZIV]LMKLRYQFIVSJHMEKRSWIHGEWIW ERH VIWYPXERX PEVKIRYQFIVWSJTISTPIFIMRKFMXXIR8LII\EGXVIEWSRWJSVXLMW LMKL VIKMSREP TVIZEPIRGI SJ [SPJ VEFMIW EVI YRGPIEV FYX MX QE] FIHYI XS XLI I\MWXIRGI SJ NEGOEPWMR XLI VIKMSR %XPIEWX MR %J VMGE [LIVI NEGOEP VEFMIW LEW FIIR QSVI [MHIP] WXYHMIH NEGOEPW EVIVIKEVHIHEWFIMRKETVMQEV]LSWXJSVXLIHMWIEWI0MRLEVXIX EP&MRKLEQIXEP0SZIVMHKI 1EGHSREPH -R EHHMXMSRVEFMIWMW[MHIWTVIEHMRHSQIWXMGHSKWMRXLIVIKMSR-X MW XLIVIJSVI PMOIP] XLEX [SPJ VEFMIW [EW QYGL QSVI GSQQSR MR )YVSTI FIJSVI VEFMIW [EW ZMVXYEPP] IPMQMREXIH JVSQ HSQIWXMG HSKW HYVMRK XLI ERH GIRXYVMIW ERH FIGEYWI [SPZIW [IVIQSVIEFYRHERXMRXLITEWX
6EFMIWMR[SPZIW
XL
8LI[SVHVEFMIWGSQIWJVSQXLI7ERWOVMX[SVHVEFLEVrlXSHS ZMSPIRGIz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lJYVMSYWzX]TI[LMGLGSRWMWXWSJEPXIVREXMRK FSYXW SJL]TIVI\GMXEFMPMX]ERHPYGMHTIVMSHW 'PEWWMGEP W]QTXSQW MRGPYHI I\GIWWMZI WEPMZEXMSR ERH L]HVSTLSFME :MGXMQW X]TMGEPP] IRXIVEGSQEERHWYJJIVQYPXMTPISVKERJEMPYVI3RGIXLIHMWIEWI FIGSQIWIWXEFPMWLIHMXMWJEXEP/MRK 8YVRIV.EGO WSR ,S[IZIV MJ XVIEXIH MQQIHMEXIP] EJXIV I\TSWYVI MX MW TSWWMFPI XS TVIZIRX XLI HIZIPSTQIRX SJ XLI HMWIEWI MR QSWX GEWIW8LITSWXI\TSWYVI XVIEXQIRX [EW JMVWX HIZIPSTIH F]4EW XIYV EX XLI IRH SJ XLI GIRXYV] ERH LEW FIIR GSRWMHIVEFP] MQTVSZIH HYVMRK XLI GIRXYV] &EPXE^EVH +LSHWWM &ELQER]EVIXEP7IPMQSZIXEP 8LITVIWIRXXVIEX QIRXGSRWMWXWSJEWMRKPIMRNIGXMSRSJMQQYRSKPSFYPMRVEFMIWER XMFSHMIWKVS[RMRXMWWYIGYPXYVI ERHQYPXMTPIMRNIGXMSRWSJVEFMIW ZEGGMRI .EGOWSR 7YVZMZEP SJ TEXMIRXW XVIEXIH MW LMKL I\ GITX MR WSQI GEWIW [LIVI FMXIW LEZI FIIR MRJPMGXIH HMVIGXP] SR XLI LIEH ERH RIGO 7LEL .EW[EP *ERKXESIX EP 8LIVIWYPXSJ XLIWIHIZIPSTQIRXW MR XVIEXQIRX MW XLEXE HMWIEWI XLEX [EW MRZEVMEFP] JEXEP FIJSVI XLI GIRXYV] MW RS[ QEMRP] XVIEXEFPI XL
XL
XL
XL
(IWTMXI XLI HIZIPSTQIRX SJ IJJIGXMZI TSWXI\TSWYVI XVIEXQIRX VEFMIWMWIWXMQEXIHXSOMPPYTXSTISTPIIEGL]IEV[SVPH [MHI8LIQEMRWSYVGISJVEFMIWMRJIGXMSRWMRLYQERWMWXLIHS QIWXMG HSK EPXLSYKL [MPHPMJI VIWIVZSMVW I\MWX MR EPP EVIEW 1EG (SREPH 8LIQEMRWTIGMIWWIVZMRKEWTVMQEV]ZIGXSVWZEVMIW JVSQ VIKMSR XS VIKMSR %VGXMG JS\IW %PSTI\ PEKSTYW EVI QSWX GSQQSRMREVGXMGEVIEWNEGOEPWMR%JVMGE VIH JS\IW :YPTIW ZYP TIW ERH VEGSSR HSKW 2]GXIVIYXIW TVSG]SRSMHIW MR IEWXIVR )YVSTI ERH WOYROW 1ITLMXMW QITLMXMW ERH VEGSSRW 4VSG]SR PSXSV MR WSQI TEVXW SJ XLI 9RMXIH 7XEXIW 0MRLEVX IX EP ,ERPSRIXEP.EGOWSR1VO 4VIWXVYH ,S[ IZIVMR;IWXIVR)YVSTIERH2SVXL%QIVMGEVEFMIWLEWFIIRZMV XYEPP]IPMQMREXIHMRHSQIWXMGHSKWXLVSYKL[MHIWTVIEHZEGGMRE XMSR ERH HSK GSRXVSP PE[W 8LI RYQFIV SJ LYQER GEWIW LEW HVEQEXMGEPP]HVSTTIHEGGSVHMRKP]-RXLIWIEVIEWXLI[MPHPMJIVIW IVZSMVWLEZIXEOIRSRMRGVIEWIHMQTSVXERGI0EVKIWGEPIZEGGMRE XMSR TVSKVEQW MR ;IWXIVR )YVSTI LEZI FIIR ZIV] WYGGIWWJYP EX IVEHMGEXMRKVEFMIWMRVIHJS\IW[MXL7[MX^IVPERHFIGSQMRKVEFMIW JVIIMR
XL
;SPZIW ETTIEV XS HIZIPST XLI lJYVMSYWz TLEWI SJ VEFMIW XS E ZIV]LMKLHIKVII&IVER 8LMWVIWYPXWMRXLIPEVKIRYQFIVW SJTISTPIERHPMZIWXSGOXLEXEVIFMXXIRMRIEGLEXXEGOERHMRXLI HMWXERGIW XLEX XLIWI [SPZIW GER XVEZIP HYVMRK XLMW WLSVXPMZIH TLEWISJXLIHMWIEWI;LIRXLITL]WMGEPWM^IWXVIRKXLERHWTIIH SJ E [SPJ MW GSRWMHIVIH MX MW GPIEV XLEX E VEFMH [SPJ MW TVSFEFP] XLIQSWXHERKIVSYWVEFMHERMQEPSJEPP
RMRESTTHVEKWQIPHMRK
8EFPI2YQFIVWSJPEFSVEXSV]HMEKRSWIHGEWIWSJVEFMIWMR[SPZIWMRZEVMSYW)YVEWMERGSYRXVMIW (EXEEVIQEMRP]JVSQXLI;,36EF2IXMRXIVRIXTEKIW2SHEXE[EWEZEMPEFPIJVSQ9OVEMRI%VQIRME 'LMRE1SRKSPMEXLIJSVQIV7SZMIX'IRXVEP%WMERVITYFPMGW4EOMWXER-RHMESV%JKLERMWXER6EFMIWMWRSX TVIWIRX MR SXLIV [SPJ VERKI WXEXIW PMOI 7TEMR 4SVXYKEP -XEP] 7[MX^IVPERH 2SV[E] 7[IHIR %PFERME SV +VIIGI 'SYRXV]
&IPEVYW &YPKEVME 'VSEXME '^IGL6IT )WXSRME )]KTX *MRPERH *VERGI ,YRKEV] -VER -WVEIP .SVHER /E^EOWXER 0EXZME 0MXLYERME 1SPHSZE 3QER 4SPERH 6SQERME 6YWWME 7EYHM%VEFME 7IVFME 7PSZEOME 7PSZIRME 7]VME 8YVOI] =YKSWPEZME 8SXEP
8EFPI3GGYVVIRGISJVEFMIWMR[SPZIWMR2SVXL%QIVMGE %VIE
'EWIW
6IJIVIRGI
'EREHE
GEWIWHMEKRSWIHMR GEWIWHMEKRSWIHMR GEWIWHMEKRSWIH SJVEHMSGSPPEVIH[SPZIWHMIHSJVEFMIW GEWIWHMEKRSWIHMR
6EFRIX .SLRWSR 4VMRW =EXIW 8LIFIVKIIXEP 1G8EKKEVX'S[ER
%PEWOE
GEWIHMEKRSWIHMR GEWIWMR%PEWOE SJ[SPZIWXIWXIHJVSQ SJVEHMSGSPPEVIH[SPZIWHMIHJVSQVEFMIW TIVLETW SJVEHMSGSPPEVIH[SPZIWHMIHSJVEFMIW GEWIWHMEKRSWIH
6EFRIX .SLRWSR >EVROI &EPPEVH ;IPPIVIXEP &EPPEVH /VEYWQER 6EYWGL
RMRESTTHVEKWQIPHMRK
8]TIWSJ[SPJEXXEGO
ZMGXMQ GER IZIR FI OMPPIH SYXVMKLX %R MQTSVXERX EWTIGX MW XLEX ZMGXMQWEVIRSXIEXIRERHXLEXXLIEXXEGOWKIRIVEPP]SRP]SGGYV SREWMRKPIHE]X[SEXQSWX
,IVVIVS WITEVEXIHFIX[IIRX[SX]TIWSJFIEVEXXEGOWSR LYQERW8LIJMVWXERHQSWXGSQQSRGEXIKSV][EW[LIREFIEV [EWWYVTVMWIHSVJIPXXLVIEXIRIHERHEXXEGOIHEWEHIJIRWMZIEG XMSR 8LI WIGSRH GEXIKSV] GSRWMWXW SJ TVIHEXSV] EXXEGOW [LIVI XLI FIEV TIVGIMZIW SJ XLI ZMGXMQ EW TVI] 7ITEVEXMRK FIX[IIR XLIWIX[SJSVQWSJEXXEGOWWXMPPJSVQWXLIFEWMWJSVXLIETTVSTVM EXI VIWTSRWI VIGSQQIRHIH F] 2SVXL %QIVMGER REXMSREP TEVOW ERHQEREKIQIRXEKIRGMIW
8LIVIEVILMWXSVMGEPERHGSRXIQTSVEV]VIGSVHWSJWLITLIVHWFI MRK FMXXIR SR XLI LERH EVQ SV JSSX [LIR XLI] GSVRIV SV GSR JVSRXE[SPJXV]MRKXSOMPPPMZIWXSGOSVHSKWERHXV]XSOMPPMX[MXL E WXMGO SV LE] JSVO 3XLIV VIGSVHW I\MWX SJ LYRXIVW HMKKMRK SYX [SPJTYTWJVSQEHIRERHFIMRKFMXXIRF]EREHYPX[SPJXV]MRKXS HIJIRHXLITYTW8LIWIEXXEGOWGERFIMRXIVTVIXIHEW HIJIRWMZI FMXIWF]EWGEVIHERHGSVRIVIHERMQEP8LI]KIRIVEPP]GSRWMWXSJ E WMRKPI FMXI YWYEPP] XS ER I\XVIQMX] ERH XLI [SPJ HSIW RSX TVIWWXLIEXXEGOFYXWMQTP]IWGETIWMJTSWWMFPI
-R XLI GEWI SJ [MPH [SPZIW MX MW RIGIWWEV] XS HMJJIVIRXMEXI FI X[IIR XLVII HMJJIVIRX X]TIW SJ EXXEGO VEFMH HIJIRWMZI MRZIWXMKEXMZIERH TVIHEXSV]8LIHMJJIVIRGIFIX[IIREXXEGOW F]VEFMHERHRSRVEFMH[SPZIWETTIEVWXSLEZIFIIRGPIEVP]VIG SKRMWIHFSXLF]SVHMREV]TISTPIMRXLIEVIEW[LIVI[SPZIWSG GYV&EPXE^EVH +LSHWWM ERHF] XLILMWXSVMERW XLEXLEZI WYQQEVMWIHLMWXSVMGEPGEWIWHI&IEYJSVX'EKRSPEVSIXEP 'SQMRGMRM IX EP 6SSXWM ,S[IZIV MX MW RSX EP[E]WTSWWMFPIXS EXXVMFYXI WMRKPI GEWIW XS SRI GEXIKSV] SV XLI SXLIV IWTIGMEPP] MR SPHIV PMXIVEXYVI 8SHE] GPEWWMJMGEXMSR MW JEV IEWMIV [LIR [SPZIW GER EGXYEPP] FI XIWXIH MR XLI PEFSVEXSV] JSV VEFMIW
%RYQFIVSJGEWIWI\MWXJVSQ2SVXL%QIVMGE[LIVI[SPZIW[MXL RSJIEVSJLYQERWIMXLIVJVSQREMZIX]SVLEFMXYEXMSR LEZIFMX XIRTISTPIEJXIVETTVSEGLMRKXLIQGPSWIP]-RWSQIGEWIWMXLEW FIIR WYWTIGXIH XLEX XLI [SPZIW EVI zXIWXMRKz SV MRZIWXMKEXMRK XLITIVWSREWTSXIRXMEPTVI][LMGLGERVIWYPXMRGPSWIETTVSEGL FIMRKORSGOIHSZIVSVFMXIW-RSXLIV GEWIWMX ETTIEVW XLEX XLI [SPJLEWFIIRXV]MRKXSWIM^IERSFNIGXMRX[SGEWIWXLIWPIITMRK FEK XLEX XLI ZMGXMQ MW WPIITMRK MR ERH TERMGW [LIR XLI ZMGXMQ [EOIWYTSVWYVTVMWIWXLI[SPJ8LMWTERMGMWSJXIRI\TVIWWIHEWE FMXI SV WIVMIW SJ UYMGO FMXIW %W MR HIJIRWMZI EXXEGOW XLI [SPJ HSIWRSXTVIWWXLIEXXEGOERHMWIEWMP]WGEVIHE[E]
% JYVXLIV GEXIKSV] SJ EXXEGOW VIWYPXMRK JVSQ GETXMZI ERH TIX [SPZIW SV TIX [SPJHSKL]FVMHW EPWSI\MWXW %PXLSYKL [I FVMIJP] QIRXMSRWSQISJXLIWIGEWIWMRWIGXMSRSYVTVMQEV]JSGYWMW SR [SPZIW YRHIV JVIIVERKMRK GSRHMXMSRW 0MOI[MWI [I HS RSX MRGPYHIGEWIWSJVIWIEVGLIVWLERHPMRKHVYKKIH[SPZIWMRGSRRIG XMSR[MXLVEHMSGSPPEVMRKEPXLSYKL[IEVIE[EVISJEXPIEWXSRI GEWISJE[SPJFMXMRKEVIWIEVGLIVMRXLIPIK :MGXSV :ER &EPPIR FIVKLITIVWGSQQ
(IJIRWMZIMRZIWXMKEXMZIEXXEGOW
4VIHEXSV]
4VIHEXSV]EXXEGOWETTIEVXSYWYEPP]MRZSPZIWMRKPI[SPZIWSVWMR KPI TEGOW XLEX PIEVR XS I\TPSMX LYQERW EW TVI] -R XLIWI GEWIW XLI ZMGXMQW EVI YWYEPP] HMVIGXP] EXXEGOIH EVSYRH XLI RIGO ERH JEGIMREWYWXEMRIHQERRIV8LIFSHMIWEVISJXIRHVEKKIHE[E] ERHGSRWYQIHYRPIWWXLI[SPZIWEVIHMWXYVFIH%PXLSYKLWMRKPI MRGMHIRXWLEZISGGYVVIHXLIWITVIHEXSV]EXXEGOWXIRHXSGPYWXIV MRWTEGIERHXMQIERHGSRXMRYIYRXMPXLI[SPJMWOMPPIH
6EFMHEXXEGOW
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XL
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RMRESTTHVEKWQIPHMRK
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7EPIVRIW*VERGI .YP]%VEFMH[SPJVERMRXSEZMPPEKI r HYVMRK XLI GSYVWI SJ XLI HE] MX FMX TISTPI QEMRP] EHYPXW ERH TMK 8LIFMXIW VERKIHJVSQ E WMRKPI FMXI SR XLI EROPI XS zLEZMRKEPPXLIJEGILIEHERHRIGOXSVRSJJz(YVMRKXLIRI\X QSRXLW EX PIEWX SJ XLSWIFMXXIR [IVI VIGSVHIH EW H]MRK JVSQ VEFMIW (IWGVMFMRK XLI HIEXL SJ X[S GLMPHVIR XLI TVMIWX [VSXI z8LIGMVGYQWXERGIWSJXLIWIX[SGLMPHVIR WHIEXLEVIE[JYP.S WITL (EYTLMR FIKER XS VIJYWI IEXMRK ERH LEXI [EXIV LEZMRK SGGEWMSREP JMXW ERH XVMIH XS FMXI TISTPI LI [EVRIH XLIQ LS[ IZIV ERH HMIH MR XLMW WXEXI [MXL RS GYVI 1EVMI %RRI &SYHSY [EWQSVIJYVMSYWWLIEPWSLEXIH[EXIVWLI[EWPSGOIHEPSRIMR LIVVSSQ[LIVIWLIFVSOILIVLIEHERHFSH][LMPIJEPPMRKJVSQ XMQI XS XMQI ERH MR XLIWI I\GMXIQIRXW HMIH [MXL RS VIQIH]z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
8LIVI LEW EP[E]W FIIR GSRXVSZIVW] EFSYX XLI MHIRXMX] SJ XLI lFIEWXzIWTIGMEPP]MJ MX [EW VIEPP] [SPZIW XLEX [IVI VIWTSRWMFPI JSVEPPXLIHIEXLW%PXIVREXMZIL]TSXLIWIWLEZIFIIRVEMWIHXLEX MX [EW XLI [SVO SJ E WIVMEP OMPPIV SV ERSXLIV ERMQEP TIVLETW E L]IRE XLEX LEH IWGETIH JVSQ E ^SS 1ER] [SVOW SJ JMGXMSR MR FSXL PMXIVEXYVI ERH JMPQ QSWX VIGIRXP] XLI *VIRGL JMPQ l&VSXLIVLSSHSJXLI[SPJz LEZIIQFIPPMWLIHXLIXEPI*VSQSYV TSMRXSJZMI[MXMWMQTSWWMFPIXSFIGIVXEMR,S[IZIVIZIR MJWSQISJXLIGEWIWQE]LEZIFIIRHYIXSSXLIVEKIRXWXLERE
RMRESTTHVEKWQIPHMRK
[LIRLIWXYQFPIHYTSREHIR[MXLTYTW=SVKSW-PSTSYPSWTIVW GSQQ
+EP 1EG(SREPH 1EG(SREPH EPWS VITSVXW HIEXLW SJ TISTPIEJXIVFIMRKFMXXIRF]VEFMH[SPZIWMR*VERGIMRXLITIVMSH -R XLI WEQI TIVMSH HMIH EJXIV FIMRK FMXXIR F] VEFMHHSKW
8EFPI2YQFIVWSJGEWIWSJ[SPJEXXEGOWSRTISTPIMR*VERGIXEFYPEXIHF]HI&IEYJSVX JVSQLMW XSVMGEPVIGSVHW2SXIXLITIVGIRXEKISJHIEXLWVIWYPXMRKJVSQEXXEGOWF]VEFMH[SPZIWMWERYRHIVIWXMQEXI FIGEYWI SJ E VITSVXMRK FMEW EKEMRWX GEWIW [LIVI E PSRK XMQI TIVMSH SGGYVVIH FIX[IIR FIMRK FMXXIR F] E VEFMH [SPJ ERH HIEXL 8LI HMWGVITERG] FIX[IIR XSXEP RYQFIV SJ ZMGXMQW ERH RYQFIVW MRNYVIH TPYW XLSWI OMPPIHMWJSVGEWIW[LIVIXLIJEXISJXLIZMGXMQ[EWRSXKMZIR 4IVMSH
6EFMIW 'EWIW
:MGXMQW
-RNYV]
(IEXL
'EWIW
:MGXMQW
-RNYV]
(IEXL
GIRXYV] FIJSVI
8SXEP
XL
2SRVEFMIW
+ISVKME
3YVMRJSVQERXMR+ISVKME[EWRSXE[EVISJER]GEWIWSJIMXLIV VEFMH SV RSRVEFMH [SPZIW EXXEGOMRK TISTPI MR XLI VIGIRX TEWX -EQ^I/LYXWMWLZMPMTIVWGSQQ
8LIVI EVI RS HSGYQIRXIH GEWIW SJ [SPZIW EXXEGOMRK SV OMPPMRK LYQERWMR-XEP]MRXLITIVMSHEJXIV[SVPH[EVX[S-XEP]LEWFIIR JVIISJHSKVEFMIWWMRGIGERHLEWRSXLEHVEFMIWMR[MPH PMJI TSTYPEXMSRW HYVMRK VIGIRX GIRXYVMIW WS VEFMH [SPZIW [SYPH RSXFII\TIGXIHXSSGGYVMRVIGIRXXMQIW
+IVQER]%YWXVME
8LIVI MW RS GSQTPIXI SZIVZMI[ SJ XLI LMWXSVMGEP WMXYEXMSR MR EPP -XEP]r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
(YVMRK XLI GIRXYVMIW EJXIV XLI ]IEVW [EV XLIVIEVIERYQFIVSJEGGSYRXWMRTEVMWLVIKMWXIVWERHLMWXSVMGEP HSGYQIRXW SJ EXXEGOW F] [SPZIW MR XLI IEWXIVR TEVX SJ TVIWIRX HE] +IVQER] &YX^IGO 1SWX SJ XLIWIETTIEVIH XS QIR XMSREXXEGOWF]VEFMH[SPZIW%TTIRHM\ XL
XL
XL
XL
-R E VIZMI[ SJ LMWXSVMGEP HSGYQIRXW FSSOW SPH LYRXMRK QEKE ^MRIWLYRXMRKWXEXMWXMGWERHQYWIYQQEXIVMEPWJVSQ%YWXVME>I HVSWWIV JSYRHQIRXMSRWSJ[SPJSGGYVVIRGIJVSQ XS 2SRI SJ XLIWI [IVI MR EWWSGMEXMSR [MXL EKKVIWWMZI MR XIVEGXMSRWFIX[IIRTISTPIERH[SPZIW
-XEP]
XL
XL
+VIIGI
8LIVIEVIRSGSRJMVQIHGEWIWSJEXXEGOWF][SPZIWMRVIGIRXLMW XSV]-R[MRXIVXLIVI[EWEGEWISJE]SYRK[SQIRFIMRK OMPPIHF][SPZIWQIRXMSRIHMRXLIRI[WTETIVWERH8:,S[IZIV MXXYVRIHSYXXLEXWLILEHJVS^IR XSHIEXL [LMPIEXXIQTXMRK XS MPPIKEPP]GVSWWXLIFSVHIV [MXL &YPKEVMEERH LIV FSH] LEH FIIR WGEZIRKIHF]WLITLIVHHSKW%JYVXLIVX[SYRGSRJMVQIHVITSVXW HIWGVMFI E WLITLIVH FIMRK FMXXIR SR LMW LERH [LMPI HIJIRHMRK LMWWLIITJVSQE[SPJEXXEGOERHE]SYRKQER[LS[EWFMXXIR
XL
XL
XL
RMRESTTHVEKWQIPHMRK
,S[IZIV WSQI HEXE EVI EZEMPEFPI JSV XLI TIVMSHW ERH
(YVMRKXLMWTIVMSHXLIPERHWGETIWSJGIRXVEP4EHERME[EWFIMRK VETMHP]GSRZIVXIHXSEKVMGYPXYVEPPERH[MXLEWWSGMEXIHGPIEVERGI SJ XLI JSVIWX ERH SZIVLEVZIWX SJ XLI [MPH YRKYPEXIW ;SPZIW [IVI FIMRK MRXIRWMZIP] LYRXIH [MXL XLI IRGSYVEKIQIRX SJ E LMKLFSYRX]VIWYPXMRKMRXLIPSGEPI\XMRGXMSRHYVMRKXLI GIR XYV] *VSQ XLI EGGSYRXW ERH XLIMV ORS[PIHKI SJ EHQMRMWXVEXMZI TVSGIHYVIW XLI EYXLSVW GSRGPYHI XLEX VIGSVH OIITIVW EX XLI XMQI[IVIEFPIXSHMJJIVIRXMEXIFIX[IIR[SPZIWERH JIVEPHSKW ERH FIX[IIR VEFMH [SPZIW ERH RSRVEFMH [SPZIW -R EHHMXMSR FIGEYWI GEWIW [IVI KIRIVEPP] HIWGVMFIH F] QYPXMTPI HSGYQIRXW XLI GEWIW EVI VIKEVHIH EW FIMRK EYXLIRXMG 'EKRSPEVS IX EP 'SQMRGMRMIXEP
-R XLI TIVMSH XLIVI [IVI QER] EGGSYRXW ERH VY QSYVWSJTISTPILEZMRKREVVS[IWGETIWEJXIVFIMRKzEXXEGOIHz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zEXXEGOIHz [MXLSYX WYJJMGMIRX HIXEMPW XS HIXIVQMRI MJ XLI] [IVI OMPPIHMRNYVIHSVQIVIP]XLVIEXIRIH
XL
0EXZME
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
%XXEGOWF] VEFMH [SPZIW SR TISTPI LEZI GSRXMRYIH XS XLI TVIW IRXHE]*VSQYTYRXMP1E]XLIVI[IVIVITSVXWSJ TISTPILEZMRKFIIRFMXXIRF]VEFMH[SPZIW
4SPERHERH&IPEVYW 8LI KISKVETLMG FSVHIVW SJ 4SPERH LEZI GLERKIH JVIUYIRXP] HYVMRKXLIPEWXJI[GIRXYVMIWWSQYGLSJXLILMWXSVMGEPMRJSVQE XMSRSR [SPJEXXEGOW GSVVIWTSRHW XS XLIEVIE SGGYTMIH F] TVIW IRXHE]4SPERH&IPEVYWERH0MXLYERME8LMWXYVFYPIRXLMWXSV]LEW EPWSPIEHXSEWIZIVIJVEKQIRXEXMSRSJLMWXSVMGEPVIGSVHW8LII\ MWXMRKHEXEVITSVXGEWIWSJ[SPJEXXEGOWSRTISTPIHYVMRKXLI ERHIEVP] GIRXYV]*SVI\EQTPIMR;EKVS[GSYRX]TISTPI [IVIVITSVXIHEWFIMRKOMPPIHF][SPZIWMREPSRI&IX[IIR ERH TISTPI [IVI VIGSVHIH F] XLI 4EWXIYV (I TEVXQIRXMR;MPRSTVIWIRXHE]:MPRMYW EWFIMRKFMXXIRF]VEFMH [SPZIW MR WIZIR GSYRXMIW MR 4SPERH 3J XLIWI TISTPI HMIH SJ VEFMIW /VE[G^EO -R EHHMXMSR XLIVI MW E [VMXXIR VIGSVHSJE]IEVSPHFS]FIMRKOMPPIHF]E[SPJMRXLIZMPPEKISJ 1W^ERMIG MR XLI &MIW^G^EH] 1SYRXEMRW SJ WSYXLIEWXIVR 4SPERH SR 1E]6SQER+YPETIVWGSQQ XL
XL
8LVIIVIGIRXEXXEGOWF]RSRVEFMH[SPZIWLEHEPWSFIIRVITSVXIH XSXLI2EXMSREP:IXIVMREV]0EFSVEXSV] -RGMHIRX&EYWOEHMWXVMGXWSYXLIVR0EXZME (IGIQFIV % [SPJ EXXEGOIH ER EHYPX QER [EPOMRK EPSRK E JSVIWX VSEH 2IMKLFSYVW GEQI XS LIPT ERH QEREKIH XS OMPP XLI [SPJ XLEX XIWXIHRIKEXMZIJSVVEFMIW XL
WX
-RGMHIRX0YH^EHMWXVMGXIEWXIVR0EXZME (IGIQFIV%R EHYPX QER LIEVH LMW HSKW FEVOMRK ERH [IRX XS MRZIWXMKEXI ,I WE[E[SPJERHXVMIHXSWGEVIMXE[E]FYXXLI[SPJEXXEGOIHLMQ FMXMRKLMWEVQERHIEV%RSXLIVQERGEQIXSLMWEWWMWXERGIERH QEREKIHXSOMPPXLI[SPJ[MXLERE\I8LI[SPJ[EWXIWXIHERH JSYRHXSFIRIKEXMZIJSVVEFMIW
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
XL
-RGMHIRX 6I^IORI HMWXVMGX IEWXIVR 0EXZME %TVMP 2S HI XEMPW I\MWX FI]SRH XLI JEGX XLEX E [SPJ XLEX HMH RSX LEZI VEFMIW EXXEGOIHWSQIFSH]
0MXLYERME
-R XLI TIVMSH JSPPS[MRK XLI ;; XLIVI EVI RS ORS[R GEWIW SJ TISTPIFIMRKOMPPIHF][SPZIW[MXLMRXLITVIWIRXHE]FSVHIVWSJ 4SPERH3OEVQE (YVMRKXLMWTIVMSH[SPJTSTYPEXMSRWJPYG XYEXIH [MHIP] LEZMRK MRGVIEWIH HYVMRK XLI [EV KSZIVRQIRX WTSRWSVIH GSRXVSP EGXMSRW PIH XS E HIGVIEWI HYVMRK XLI W
,MWXSVMGEP [SVOW QEOI JVIUYIRX VIJIVIRGI XS XLI TVSFPIQW XLEX [SPZIW GEYWIH JSV PMZIWXSGO ERH TISTPI MR TVI GIRXYV] 0MXLYERMEEPXLSYKLRSHIXEMPWSJWTIGMJMGMRGMHIRXWEVIEZEMPEFPI XL
RMRESTTHVEKWQIPHMRK
ERH W.IHV^INI[WOEIX EP 8LIVI EVI TVIWIRXP] IWXM QEXIHXSFI[SPZIWMR4SPERH
7PSZIRME
6SQERME
8LIVIEVIRSORS[RGEWIWSJ[SPZIWEXXEGOMRKTISTPIMRXLITSWX [SVPH[EVX[STIVMSHMR7PSZIRME1MLE%HEQMGTIVWGSQQ
7TEMR
*VSQ E UYIWXMSRREMVI WYVZI] MR 6SQERME VIWIEVGLIVW LEZI GSP PIGXIHEXSXEPSJWXSVMIWSJTISTPIFIMRKEXXEGOIHF][SPZIW 3J XLIWI GEWIW GSYPH FI GSRJMVQIH EW FIMRK XVYI 8LIWI EVI PMWXIHFIPS[
8LIVIEVIXLVIIITMWSHIWJVSQ7TEMR[LIVITVIHEXSV]EXXEGOWF] [SPZIW LEZI SGGYVVIH SR LYQERW %PP SGGYVVIH MR +EPMGME 2SVXL[IWXIVR 7TEMR MR ER EKVMGYPXYVEP IRZMVSRQIRX [LIVI XLIVIEVIJI[[MPHTVI][SPZIWEVIEFYRHERXERHWYFWMWXQEMRP] F]JIIHMRKSRKEVFEKIERHPMZIWXSGO*MKYVI (IXEMPWEVITVS ZMHIHMR8IVYIPS :EPZIVHI ERH EVI FEWIH SRMRZIWXMKE XMSRWF]:EPZIVHI
*VSQXLIWIGEWIWSGGYVVIH[LMPILYRXMRK 'EWI -R 'SPMFEFE 7YGIEZE GSYRX] SRI [SPJ [EW [SYRHIH F]ELYRXIVERHEFIEXIVXVMIHXSWXSTXLI[SYRHIH[SPJ[MXLE WXMGO8LI[SPJFMXXLIFIEXIVFIJSVIERSXLIVLYRXIVWLSXMX 'EWI-R%TSPH'PYNGSYRX] E[SPJ[EWGEYKLXMREPIKLSPH XVET8LIXVETTIVXVMIHXSOMPPXLI[SPJ[MXLEWXMGOERH[EWFMXXIR SRLMWLERHF]XLI[SPJ
:MQMER^S ITMWSHI -R XLMW ITMWSHI XLVII GLMPHVIR [IVIEXXEGOIHX[SSJ [LMGLHMIH 8LI JMVWX EXXEGO SGGYVVIH SR .YRIMRXLIZMPPEKISJ:MPEVIMR'EWXVIPSQYRMGMTEPMX]% [SPJ EXXEGOIH X[S ]IEVSPH FS]W XLEX [IVI [EPOMRK EPSRK E VSEH3RIFS]IWGETIHFYXXLI[SPJOMPPIHXLISXLIV0YMW:E^ UYI^4IVI^ %JXIVOMPPMRKXLIJMVWXFS]XLI[SPJGLEWIHXLIWIG SRHFS]ERHETTVSEGLIHE]IEVSPHKMVPFIJSVIFIMRKGLEWIH E[E] F] EHYPXW 8LI FSH] SJ 0YMW 4IVI^ [EW PSGEXIH SRI LSYV PEXIV LMHHIR MR FVYWL [MXL FMXI QEVOW SR LMW LIEH GLIWX ERH PIKW 4ISTPI [LS WE[ XLI [SPJ FIPMIZI MX [EW E JIQEPI XLI] GPEMQXSLEZIWIIRHMWXIRHIHXIEXW XL
8LI SXLIV WM\ [IVI EPP VIPEXIH XS PMZIWXSGO EXXEGOW ERH XLI EX XIQTXWSJLYQERWXSOMPPXLI[SPJ 'EWI-R6SH7MFMYGSYRX] E[SPJIRXIVIHEFEVR8LIJEVQIV WE[ XLI [SPJ ERH XVMIH XS OMPP MX [MXL E LE]JSVO ;LIR LI ET TVSEGLIH XLI [SPJ ERH XVMIH XS OMPP MX XLI [SPJ EXXEGOIH ERH [SYRHIHXLIJEVQIV 'EWI 8LI WEQI WMXYEXMSR LETTIRIH MR &VEHIWXM ,EVKLMXE GSYRX] 'EWI -R -RXSVWYVE 'SZEWRE GSYRX] E [SPJ [EW GSVRIVIH F] XLIPMZIWXSGOKYEVHMRKHSKW EXE WLIIT GEQT % WLITLIVH XVMIH XSOMPPXLI[SPJ[MXLEWXMGOERH[EWFMXXIRF]XLI[SPJ 'EWI 8LI WEQI XLMRK LETTIRIH MR 7JMRXY %RE 'SZEWRE GSYRX] 'EWI -R 8YVHE 'PYN GSYRX] E [SPJ KSX WXYGO MR E [SSHIR WLIITJIRGI-XWXVYKKPIHXSJVIIMXWIPJERH [LIR XLI WLITLIVHW GEQIVYRRMRKERHXVMIHXSOMPPMXXLI[SPJFMXSRISJXLIQMRXLI LERH 'EWI-R:MHVE%VKIWGSYRX] E[SPJ[EWGEYKLXMRWMHIEFEVR ERHGSVRIVIHF]XLIPMZIWXSGOKYEVHMRKHSKWERHXLIWLITLIVHW 8LIWLITLIVHWXVMIHXSOMPPXLI[SPJ[LMGLFMXSRISJXLIWLIT LIVHWMRXLIPIK
8LIWIGSRHEXXEGOSGGYVVIHMRXLIRIEVF]ZMPPEKISJ8MRIWHYVMRK XLIRI\XWYQQIV 3R .YP] % [SPJEKEMR FIPMIZIH XS FI E PEGXEXMRK JIQEPI EXXEGOIH X[S FS]W TPE]MRK EPSRI -X KVEFFIH]IEVSPH1ERYIP7YEVI^F]XLILIEHERHHVEKKIHLMQ QFIJSVIEHYPXW[SVOMRKRIEVF]EVVMZIHERHGLEWIHXLI[SPJ E[E] 8LI GLMPH [EW XEOIR XS LSWTMXEP MR GVMXMGEP GSRHMXMSR FYX WYVZMZIHJSPPS[MRKXVIEXQIRX RH
8LIXLMVHEXXEGOSGGYVVIHMRXLIZMPPEKISJ8VEWYJVI SR .YRI %[SPJEXXEGOIHX[SJSYV]IEVSPHFS]WTPE]MRKEPSRI8LI [SPJ FMX1ERYIP 7EV 4E^SW MR XLI FEGO FIJSVI GLEWMRK XLI WIG SRHGLMPH%REHYPXEVVMZIHERH[EWEFPIXSGLEWIE[E]XLI[SPJ 7EV4E^SWHMIHWSSREJXIV[EVHW WX
6SQERME TVIWIRXP] LEW XLI PEVKIWX [SPJ TSTYPEXMSR MR )YVSTI [MXLERIWXMQEXIHXS[SPZIWPMZMRKMRXLI'EVTEXLMER 1SYRXEMRW
-R%YKYWXX[S[SPZIW[IVIOMPPIHMRXLIEVIEERHRSQSVI EXXEGOWSGGYVVIH
7PSZEOME
6ERXIITMWSHI-RXLMWITMWSHIJSYVTISTPI[IVIEXXEGOIH SJ[LMGLHMIH8LIJMVWXEXXEGOSGGYVVIHSR .YP][LIR E[SPJETTVSEGLIHE]IEVSPHKMVP[SVOMRKFIWMHIE]IEV SPH[SQERMREJMIPH8LI[SPJFMXXLIKMVPMRXLIGLIWXERHXLI [SQERSRXLILERHFIJSVIFIMRKHVMZIRE[E] VH
;SPZIW [MXL VEFMIW LEZI FIIR SJXIR HSGYQIRXIH MR 7PSZEOME 8LIVI EVI TYFPMWLIH EGGSYRXW SJ E JSYV TISTPI FIMRK FMXXIR F] VEFMH[SPZIWHYVMRK;;HMIH ERHEQERH]MRKJVSQVEFMIW EJXIV FIMRK FMXXIR F] E VEFMH [SPJ MR 1EXSYGL .EVSW ,IPP %RSPHWLITLIVHERHELSVWI[IVIEPWSFMXXIR F]EVEFMH[SPJMR7ZMHRMOIEWXIVR7PSZEOMEMR.YP]7PEZSQMV *MRHS TIVW GSQQ *MRHS EPWS HIWGVMFIW ER MRGMHIRGI [LIVI E WLITLIVH EXXIQTXIH XS GLEWI E [SPJ XLEX [EW EXXEGOMRK LMW GS[W8LI[SPJETTEVIRXP]EXXEGOIHLMQEPXLSYKLLI[EWJMREPP] EFPIXSOMPPXLI[SPJ-XXIWXIHRIKEXMZIJSVVEFMIW
3R .YP] E [SPJ TMGOIH YT ER QSRXLSPH FS] .SWI 8SQEW1EVXMRI^4IVI^ JVSQEJMIPH[LIVILI[EWP]MRKGPSWIXS WSQI EHYPXW ERH SPHIV GLMPHVIR XLEX [IVI [SVOMRK 8LI EHYPXW GLEWIHXLI[SPJERHPEXIVJSYRHXLIH]MRKFEF]MRWSQIWGVYF XL
3R .YP]E[SPJKVEFFIHE]IEVSPHFS].EZMIV-KPIWMEW &EPFMR JVSQFIWMHIERIPHIVP][SQIR7LIGLEWIHXLI[SPJFYX MX XLVIEXIRIH LIV ERH VER E[E] [MXL XLI ]SYRK FS] ,MW HIEH XL
RMRESTTHVEKWQIPHMRK
3XLIVGEWIW*SYVSXLIVGEWIW[LIVIlOMPPIHF]E[SPJzMWGMXIH EW XLI GEYWI SJ HIEXL JSV GLMPHVIR MR 7[IHMWL TEVMWL VIKMWXIVW LEZIFIIRJSYRH)PIW,ÅOSR)PIWTIVWGSQQ 'EWI &SHE TEVMWL :ÇVQPERH GSYRX] (IGIQFIV r ]IEV SPH FS] .SR 7ZIRWWSR r lQEYPIH F] [SPJ ERH QSWXP] GSRWYQIHz 'EWI&SHETEVMWL:ÇVQPERHGSYRX] .ERYEV]r]IEV SPHFS].SR)VWWSRrlQEYPIHF][SPJz 'EWI 7XIRIF] TEVMWL (EPWPERH GSYRX] %YKYWX ]IEVSPHKMVP&SVXE.SLERWHSXXIV[EWOMPPIHF]E[SPJ 'EWI ,SZE TEVMWL:ÇWXIVKSXPERH .ERYEV] r ]IEV SPH FS]2MPW2MPWWSRrlFMXXIRXSHIEXLF]E[SPJz 'SRWMHIVMRKXLITVS\MQMX]MRWTEGIERHXMQIMXMWTVSFEFPIXLEX GEWIW ERH EVI HYI XS XLI WEQI [SPJ 3RP] XLI :ÇVQPERH GEWIWEVIHYIXSW]WXIQEXMGWIEVGLMRKWSMXMWTSWWMFPIXLEXSXLIV GEWIWEVI[VMXXIRHS[RMRTEVMWLVIKMWXIVWJVSQ ERH GIR XYV]7[IHIRXLEXLEZI]IXXSFIHMWGSZIVIH
FSH][EWJSYRHMR E TEXGL SJ [SSHPERH Q E[E]8LI I]I [MXRIWWHIGPEVIHXLEXXLI[SPJ[EWEPEGXEXMRKJIQEPI[MXLSFZM SYWXIEXW
XL
3R.YP] XLIFSH]SJEPEGXEXMRK[SPJ[EWJSYRH[LIVIMXLEH HMIHEJXIVIEXMRKTSMWSRIHFEMX8LIEXXEGOWLEHSGGYVVIH[MXLMR OQ SJ E HIR GSRXEMRMRK TYTW 7GEXW EX XLI HIR GSRXEMRIH GLMGOIR VIQEMRW ERH EPP EXXEGOW LEH SGGYVVIH GPSWI XS GLMGOIR JEVQW8LI[SPJ[EWRSXVEFMHFYXLEHEWIZIVITEVEWMXIMRJIWXE XMSR8LIEXXEGOWGIEWIHEJXIVXLIHIEXLSJXLMW[SPJ XL
XL
VH
%PPEVM^ ITMWSHI 3R .YRI E ]IEVSPH FS] [EW KVEFFIHF]E[SPJJVSQEREPPSXQIRX[LIVILI[EWTPE]MRKFI WMHILMWKVERHJEXLIV8LIKVERHJEXLIVGLEWIHXLI[SPJE[E]ERH XLIFS]SRP]WYJJIVIHWSQIWPMKLX[SYRHWXSSRIPIK8LIEXXEGO SGGYVVIHSRP]OQJVSQEREGXMZIHIR[LIVIX[S[SPZIW[IVI WYFWIUYIRXP]OMPPIH RH
XL
XL
*MRPERH
8LIVI EVI E RYQFIV SJ GEWIW [LIVI [SPZIW LEZI EXXEGOIH SV XLVIEXIRIHEHYPXWMRWIPJHIJIRGI 'EWI8VEFE^SW0ISR7TEMR%WLITLIVHERHHSKW [IVI EXXIQTXMRK XS HMK TYTW SYX SJ E [SPJ HIR 8LI HSKW EX XEGOIHERHGSVRIVIHXLIJIQEPI[SPJ8LIWLITLIVHXVMIHXSOMPP XLI[SPJF]XLVS[MRKVSGOWEXLIVFYXWLINYQTIHEXXLIWLIT LIVHFMXLMQSRXLIGLIIOERHVERE[E] 'EWI4EPEGMSWHIP7MP0ISR7TEMR%TEVOVERKIV[EW [EPOMRK TEWX E HSROI] GEVGEWW SR [LMGL E [SPJ [EW JIIHMRK ;LIR LI [EW Q E[E] JVSQ XLI GEVGEWW XLI [SPJ [EPOIH TEVEPPIPXSXLIVERKIVWREVPMRKERHHMHRSXVYR[LIRXLIVERKIV WLSYXIH
%RYQFIVSJITMWSHIWSJTVIHEXSV]EXXEGOWF][SPZIWSRTISTPI EVIORS[RJVSQ GIRXYV]*MRPERHRSXIXLEXWSQITEVXWXLEX [IVI MR *MRPERH MR XLI GIRXYV] EVI TVIWIRXP] MR XLI 6YWWMER TEVX SJ /EVIPME *MKYVI 8LIWI ITMWSHIW [IVI I\XIRWMZIP] HI WGVMFIH F] GSRXIQTSVEV] WGMIRXMWXW EHQMRMWXVEXSVW IK +S HIRLNIPQ ERH RI[WTETIVW ERH [IVI MWWYIW SJ REXMSREP MQTSVXERGITVSQTXMRKLMKLFSYRXMIWERHWTIGMEPGSRXVSPSTIVE XMSRW8LIVIMWXLIVIJSVIPMXXPIHSYFXXLEXXLIIZIRXWEGXYEPP]SG GYVVIH ERH XLI LEZI FIIR EGGITXIH F] GIRXYV] WGMIRXMWXW WYQQEVMWIHMR4YPPMEMRIR ERH1ÇIRW]VNÇ 8LII\ EGX RYQFIV SJ GEWIW QE] FI E PMXXPI PIWW GIVXEMR EW SRGI E WI UYIRGI SJ EXXEGOW LEH FIKYR MX MW TSWWMFPI XLEX WSQI GEWIW SJ GLMPHVIRXLEX[IVIPSWX[MXLSYXFIMRKJSYRH[SYPHFIEXXVMFYXIH XSXLI[SPJEXXEGOW8LIWIGEWIWLEZIFIIRVIGIRXP]WYQQEVMWIH F]4SYWIXXI XL
XL
XL
6EFMIW *MREPP] XLIVI EVI E RYQFIV SJ VITSVXIH GEWIW SJ VEFMH [SPZIW FMXMRK TISTPI FIX[IIR ERH 8IVYIPS :EP ZIVHI WYQQEVMWIHMR%TTIRHM\(YVMRKXLMWTIVMSHVE FMIW[EWSRP]IRHIQMGEQSRKHSQIWXMGHSKW6EFMIW RIZIV FI GEQIIWXEFPMWLIHMR[MPHPMJIMR-FIVMEERH[EWIVEHMGEXIHMRHS QIWXMGHSKWF]XLI W
)TMWSHI /EYOSPE TVIWIRXP] MR XLI 6YWWMER TEVX SJ /EVIPME &IX[IIR .ERYEV] ERH WYQQIV E XSXEP SJ GLMPHVIR ERHEHYPX[SQIR[IVIOMPPIHF][LEX[EWTVIWYQIHXSFIE WMRKPI[SPJ
7[IHIR +]WMRKI ITMWSHI 8LIVI MW SRI [IPPHSGYQIRXIH ITMWSHI SJ [SPJ TVIHEXMSR SR LYQERW JVSQ GIRXVEP 7[IHIR JVSQ XLI GIRXYV]4IVWWSR 7ERH 4SYWIXXI LEWGSQTMPIHER IRSVQSYW EQSYRX SJ HSGYQIRXEXMSR MRGPYHMRK VIGSVHW SJ HIEXLW MRTEVMWL VIKMWXIVWTVMZEXI ERHEHQMRMWXVEXMZI GSVVIWTSR HIRGI LMWXSVMGEP EGGSYRXW ERH HMEVMIW GSRGIVRMRK E WIVMIW SJ [SPJEXXEGOWSRTISTPISRXLIFSVHIVFIX[IIR+ÇWXVMOPERHERH (EPEVRE GSYRXMIW MR XLI ]IEVW *MKYVI 8LI WIVMIW SJ EXXEGOW WXEVXIH SR (IGIQFIV ERH GSRXMRYIH YRXMP 1EVGL (YVMRK XLMW QSRXL TIVMSH TISTPI [IVI EXXEGOIH VIWYPXMRK MR HIEXLW ERH MRNYVMIW 1SWX SJ XLSWI OMPPIH [IVI GLMPHVIR FIX[IIR XLI EKIW SJ ¡ ERH [MXL XLI I\GITXMSR SJ ER ]IEVSPH [SQIR 8LI MRNYVIH [IVI EPWS QSWXP] GLMPHVIR [MXL XLI I\GITXMSR SJ ER ]IEVSPH QER -R QER]SJXLIGEWIWXLIZMGXMQ[EWTEVXMEPP]GSRWYQIHEJXIVFIMRK OMPPIH8LIWIVMIW SJ EXXEGOW WXSTTIH [LIRE [SPJ [EW OMPPIH SR %TVMP-XETTIEVWXLEXXLI[SPJLEHFIIRGETXYVIHEWE TYTMRERHLIPHGETXMZIJSVWIZIVEP]IEVWFIJSVIIWGETMRK 4SYWIXXI
)TMWSHI/IQM¸WSYXL[IWX*MRPERH -RGLMPHVIR[IVI OMPPIHF]E[SPJSV[SPZIW
XL
)TMWSHI/MZIRRETETVIWIRXP]MRXLI6YWWMERTEVXSJ/EVIPME &IX[IIRERHEXSXEPSJGLMPHVIRERHEHYPX[IVI OMPPIHF][LEX[EWTVIWYQIHXSFIXLIWEQI[SPJ*YPPHIXEMPWSJ QSWXZMGXMQWEVIYRORS[RLS[IZIVJSVZMGXMQWJSV[LMGLEKI MWORS[REPP[IVIFIX[IIRERH]IEVWSJEKI
XL
XL
)TMWSHI8EQQIVJSVWWSYXL[IWX*MRPERH -REXSXEPSJ GLMPHVIR[IVIEXXEGOIHF][SPZIWSJ[LMGLHMIH )TMWSHIàFSWSYXL[IWX*MRPERH -RXLITIVMSHE TEMVSJ[SPZIWOMPPIHEPEVKIRYQFIVSJGLMPHVIR[MXLMREPMQMXIH EVIE GSZIVMRK TEVMWLIW )EVP] EGGSYRXW +SHIRLNIPQ HIWGVMFIH GLMPHVIR EW FIMRK OMPPIH %TTIRHM\ ,S[IZIV JYVXLIV I\EQMREXMSR SJ VIGSVHW 4SYWIXXI LEW ETTEVIRXP] VIZIEPIHEJYVXLIVGEWIWFVMRKMRKXLIXSXEPXS2SXEPPEX
XL
RMRESTTHVEKWQIPHMRK
6YWWMEERHXLI JSVQIV9776
XEGOW [IVI IUYEPP] [IPP HSGYQIRXIH ERH WSQI EVI FEWIH SR VYQSYVW -R EHHMXMSR XLI MRZSPZIQIRX SJ E [SPJ [EW SRP] MR JIVVIHMRWSQIGEWIW1ÇIRW]VNÇ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
6YWWMER[SPZIWERHEXXEGOWSR LYQERW
8LI6YWWMER[SPJTSTYPEXMSRMWTVSFEFP]XLIPEVKIWXMRXLI[SVPH ;SPZIW LEZI FIIR ERH WXMPP EVI HMWXVMFYXIH EGVSWW QSWX SJ XLI PERHEVIESJFSXL6YWWMEERHXLIJSVQIV7SZMIX9RMSRJVSQXLI LMKLEVGXMGXLVSYKLXSXLIWIQMHIWIVXWSJXLI'IRXVEP%WMER6I TYFPMGW 8LVSYKLSYX XLMW EVIE MRXIRWMZI [SPJ GSRXVSP LEW FIIR I\IVGMWIH HYVMRK XLI PEWX JI[ GIRXYVMIW [MXL XLI WM^I SJ [SPJ TSTYPEXMSRW JPYGXYEXMRK MR EGGSVHERGI XS XLI GSRXVSP IJJSVX ;EVWWYGLEW[SVPH[EVX[SPIHXSVIHYGXMSRMRGSRXVSPIJJSVXW ERHWLSVXXIVQMRGVIEWIWMRXLI[SPJTSTYPEXMSRW8LIVIEVIGYV VIRXP] ER IWXMQEXIH [SPZIW MR 6YWWME 3ZW]ERMOSZ IX EP
-R EHHMXMSR XLIVI EVI RI[WTETIV VITSVXW SJ SXLIV EXXEGOW JEXEPMRNYVIH %]IEVSPHKMVP[EWOMPPIHMR)YVENSOMWSYXL [IWX*MRPERHMRE]IEVSPHFS][EWOMPPIHMR9YWMOVMOOS /EVIPMEMRERHEFS][EWEXXEGOIHMR7SVXEZEPE/EVIPMEMR 8LIEGGYVEG]SJXLIWIVITSVXWMWYRORS[R %PXLSYKL XLIVI MW RS HMVIGX IZMHIRGI XLEX XLIWI [SPZIW [IVI XEQIEWMRXLIGEWISJXLI+]WMRKI[SPJJVSQ7[IHIR 4SYWIXXI MRHMGEXIWXLEXXLITSWWMFMPMX]GERRSXFIVYPIHSYX%TTEV IRXP] HYVMRK XLMW TIVMSH XLI FSYRX] TEMH JSV [SPJ TYTW HYVMRK WYQQIV [EW SRP] LEPJ XLEX SJ XLI FSYRX] TEMH HYVMRK [MRXIV %GGSVHMRKP]QER]LYRXIVW[SYPHGETXYVI[SPJTYTWMRWYQQIV EXHIRWMXIWERHOIITXLIQGEKIHYRXMPQMH[MRXIV%XXLMWXMQI XLI]KSXXLIJYPPFSYRX]ERHEZEPYEFPIJYV-RXLMWX]TISJWMXYE XMSR MX MW UYMXI TSWWMFPI XLEX E [SPJ GSYPH LEZI IWGETIH EJXIV LEZMRKPSWXMXWJIEVSJTISTPI
8LII\XIRXSJ[SPJEXXEGOWSRTISTPI[MXLMRXLIJSVQIV9776LEW FIIRQYGLHIFEXIHFSXLF]6YWWMERERH[IWXIVRWGMIRXMWXWERH GSRWIVZEXMSRMWXW &MFMOSZ 'IRXVEP XS XLI GSRXVSZIVW] LEW FIIR E FSSO F] 1MGLEMP 4EZPSZ GEPPIH z8LI [SPJz TYFPMWLIH MR 7IZIVEPGLETXIVWMRGPYHMRKSRIGEPPIHz8LIHERKIV[SPZIW TSWI XS LYQERWz [IVI XVERWPEXIH MRXS 2SV[IKMER MR 4ÅPWWSR *SVEZEVMIX]SJEHQMRMWXVEXMZIVIEWSRWXLIHMWXVM FYXMSRSJXLIVITSVX[EWLEPXIHEJXIVTYFPMGEXMSR8LMWTVSZSOIH E]IEVHIFEXIEFSYXXLIUYEPMX]SJ4EZPSZ W[SVOXLIXVYXLSJ XLI HEXE TVIWIRXIH ERH [LIXLIV XLI 2SV[IKMER KSZIVRQIRX [EWEXXIQTXMRKEGSZIVYTIK6II
*MREPP]XLIVIEVIEHHMXMSREPVITSVXWSJWSQIJI[EXXEGOWF]VEFMH [SPZIWMRERHEPXLSYKLHIXEMPWEVIRSXEZEMP EFPI8ITIVM
8LIHEXETVIWIRXIHF]4EZPSZJEPPMRXSX[SGEXIKSVMIW*MVWXP]LI GMXIW HEXE JVSQ XLI 6YWWMER WGMIRXMJMG KEQI QEREKIQIRX ERH LMWXSVMG PMXIVEXYVI GSRGIVRMRK XLI RYQFIVW SJ TISTPI OMPPIH F] [SPZIW XLVSYKLSYX 6YWWME r F] LMWS[R EHQMWWMSR XLIWI QEMRP] GSRGIVREXXEGOWF]VEFMH[SPZIW7IGSRHP]LIHIWGVMFIWEWIVMIW SJTVIHEXSV]EXXEGOWF][SPZIWSRGLMPHVIRMRXLI/MVSZEVIE OQRSVXLIEWXSJ1SWGS[ MRXLITIVMSH
2SV[E] 8LIVIMWSRP]EWMRKPIGEWISJELYQERFIMRKOMPPIHF]E[SPJMR 2SV[E][LIVI[VMXXIRGSRXIQTSVEV]HSGYQIRXEXMSRI\MWXW8LMW GSRGIVRW E ]IEVSPH KMVP OMPPIH MR 7VYQ %OIVWLYW GSYRX] *MKYVI SR (IGIQFIV8LMWGEWIMWVITSVXIHMRFSXL XLI TEVMWL VIKMWXIVERH E RI[WTETIV 2SVWOI -RXIPPMKIRW 7IHPIV ,S[IZIV XLIVI LEW RIZIV FIIR E W]WXIQEXMG I\EQMREXMSR SJ 2SV[IKMER TEVMWL VIKMWXIVW SV EHQMRMWXVEXMZI HSGYQIRXW WS MX MW EP[E]W TSWWMFPI XLEX XLIVI EVI QSVI VIGSVHW XLEX LEZI RSX ]IX FIIRHMWGSZIVIH9RWKÅVH :MKIVWXP
XL
8LIVEFMIWGEWIW
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
8LIVIEVIQER]SXLIVWXSVMIWSJTISTPIFIMRKEXXEGOIHERHIZIR OMPPIH F] [SPZIW XLEX LEZI FIIR TEWWIH HS[R XLVSYKL XLI SVEP XVEHMXMSR ERH LEZI FIIR [VMXXIR HS[R HYVMRK XLI GIRXYV] %TTIRHM\ 7RIVXI LEW GSPPIGXIH QER] WXSVMIW JVSQ SXLIV [VMXXIR WSYVGIW QEMRP] VIKMSREP LMWXSVMGEP EWWSGMEXMSR ER RYEPW ,S[IZIVXLIVIMWTVIWIRXP]RSJMVQIZMHIRGIEXXLMWXMQI XLEXXLIWXSVMIWEVIXVYI7IEVGLIWSJXLITEVMWLVIKMWXIVWSVSXLIV LMWXSVMGEPHSGYQIRXWJVSQXLIWIEVIEWERHTIVMSHW[SYPHFISJ KVIEXMRXIVIWXERHWLSYPHGSRJMVQSVHIR]XLIWXSVMIW
XL
XL
XL
XL
RMRESTTHVEKWQIPHMRK
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
TYFPMGEXMSR =ERWLMR IX EP ERH EVI EPWS GMXIH MR 'LIV OEWWOM] %PXLSYKL XLI I\EGX RYQFIVW ERH TPEGI REQIW TVIWIRXIHF] 4EZPSZ JSV XLI TIVMSH HS RSX GSVVIWTSRH I\EGXP] XS XLSWI JVSQ 7IPMQSZ IX EP ERH 'LIV OEWWOM] JSV XLI WEQI TIVMSH XLI HMJJIVIRGIW EVI QMRSV %TTIRHM\ *VSQ XLIMV GSQFMRIH WSYVGIW MX ETTIEVW EX PIEWX TISTPI [IVI FMXXIR F] VEFMH [SPZIW MR XLI TIVMSH %R I\EQTPI SJE VEFMIW GEWI JVSQ XLI QIHMGEP PMXIVEXYVI MW TVS ZMHIHFIPS[ VH
%VOEHEO 7EVEXSZ VIKMSR 6YWWME 1E] (YVMRK E WMRKPIQSVRMRKEVEFMH[SPJVEREVSYRHXLIWXVIIXWSJXLIZMPPEKI FMXMRKTISTPI3RI]IEVSPH[SQERHMIHXLIRI\XHE]HM VIGXP] JVSQ LIV MRNYVMIW I\XIRWMZI FMXIW XS LIEH JEGI ERH I\ XVIQMXMIW 8LI SXLIV WYVZMZIH LEZMRK VIGIMZIH TSWXI\TSWYVI XVIEXQIRX % QIHMGEP XIEQ HSGYQIRXIH XLI MRGMHIRX 8LI [SPJ [EWWLSXERHVEFMIW[EWHMEKRSWIHMRXLIPEFSVEXSV]7IPMQSZIX EP
3XLIV6YWWMEREYXLSVWSJXLITIVMSHEPWSMRHMGEXIXLEXEPXLSYKL XLI]ZMI[IH[SPZIWEWYRHIWMVEFPIMX[EWVEFMHMRHMZMHYEPW XLEX QEMRP] FYX RSX I\GPYWMZIP] TSWIH XLI HERKIV XS LYQERW *SV I\EQTPIl8LI[SPJEXXEGOWLYQERWZIV]VEVIP]6EFMH[SPZIWEVI I\XVIQIP] HERKIVSYW 'SRXVSP SJ [SPZIW MW E REXMSREP HYX]z 7XVSKERSZ ERHl8LIHERKIVSJHMVIGXEXXEGOF]IZIRXLI PEVKIGEVRMZSVIWSRQERMWYWYEPP]KVIEXP]I\EKKIVEXIH||6EFMH ERMQEPW[LMGLPSWIEPPWIRWISJGEYXMSREVII\XVIQIP]HERKIVSYW 7SQIXMQIWQERIEXMRKXIRHIRGMIWFIGSQIQERMJIWXMRMRHMZMHYEP XMKIVW[SPZIWFIEVWERHSXLIVPEVKITVIHEXSVWz2SZMOSZ 7XVSKERSZ ERH /VYWNMRWOMN LEZI EPWS QEHI WMQMPEV WXEXIQIRXW /SV]XMR EPWS HIWGVMFIW ER MRGMHIRX [LIR LYRXIVW [IVI EXXEGOIH F] E [SPJ [LIR XLI] XVMIH XS VIQSZI TYTWJVSQEHIR
(EXEEZEMPEFPIJVSQXLI;SVPH,IEPXL3VKERMWEXMSR6EF2IX EPWS GSRJMVQ XLEX VEFMIW SGGYVW EQSRK 6YWWMER [SPZIW ERH XLEX [SPZIW EVI WXMPP ER SGGEWMSREP WSYVGI SJ GSRXEGX JSV LYQERW VI GIMZMRK VEFMIW XVIEXQIRX /Y^QMR PMWXW GEWIW SJ LYQER VEFMIW [MXL [SPZIW EW XLI WSYVGI JSV XLI TIVMSH [MXLMR XLI 6YWWMER *IHIVEXMSR HYVMRK [LMGL XMQI GEWIW SJ VEFMIWMR[SPZIW[IVIHMEKRSWIH7SEXPIEWXJSVXLI GIRXYV] XLIJMKYVIWTVIWIRXIHMR 4EZPSZ GSRGIVRMRK VEFMH [SPZIW ETTIEV XSFIVIEWSREFPI%TTIRHM\ XL
4VIHEXSV]EXXEGOW
4EZPSZ GMXIW LMWXSVMGEP HSGYQIRXW JVSQ XLI GIRXYV] [LIVI LYRHVIHW SJ TISTPI [IVI VITSVXIH EW FIMRK EXXEGOIH F] [SPZIW,S[IZIVJVSQXLIGMXEXMSRWMXMWRSXGPIEVMJXLIWI GEWIW GSRGIVRIHVEFMHSVRSRVEFMH[SPZIWERHMJTISTPIHMIHSVRSX -RHITIRHIRXP] /SV]XMR LEW I\EQMRIH EHQMRMWXVEXMZI VIG SVHWJVSQ6YWWMEJVSQXLITIVMSH(YVMRKXLMWTIVMSH LIJSYRHVITSVXWSJEXXEGOWF][SPZIWSRTISTPIVIWYPXMRK MR HIEXLW GLMPHVIR ERH EHYPXW ,I I\TPMGMXP] WXEXIW XLEXXLIWI[IVIRSXHYIXSVEFMH[SPZIW.YHKMRKF]XLIPIZIPSJ HIXEMPVITSVXIHMRXLIHSGYQIRXWLIFIPMIZIHXLEXXLIGEWIW[IVI VIPMEFPI 6SSXWM TIVW GSQQ LEW EPWS I\XIRHIH LMW EREP]WMW SJ XLI )WXSRMER VIGSVHW JVSQ XLI GIRXYV] XS 6YWWME 4VI PMQMREV] VIWYPXW MRHMGEXI XLEX XLIVI EVI LYRHVIHW SJ VITSVXW SJ TISTPIOMPPIHSVEXXEGOIHF][SPZIWJVSQXLMWTIVMSH XL
8LI QSWX GSRXVSZIVWMEP EWTIGXW SJ 4EZPSZ W [SVO GSRGIVR XLVII TSWX ;; ITMWSHIW [LIVI [SPZIW [IVI FIPMIZIH XS LEZI EX XEGOIHGLMPHVIRMREVIEWEVSYRH/MVSZ%TTIRHM\*MKYVI /MVSZITMWSHI&IX[IIRERHGLMPHVIRFIX[IIR XLIEKIWSJERH[IVIOMPPIHF][SPZIW8LVIIQSVIGLMPHVIR [IVIEXXEGOIHFYXIWGETIH 3VMXNMITMWSHI&IX[IIRERHGLMPHVIR[IVIOMPPIH *SYVQSVI[IVIEXXEGOIHFYX[IVIVIWGYIH :PEHMQMVITMWSHI&IX[IIRERHXLIVI[IVIJEXEP EXXEGOWQEMRP]SRGLMPHVIR &SXL XLIWI PEXXIV WIUYIRGIW ETTEVIRXP] IRHIH JSPPS[MRK XLI WLSSXMRK SJ PSGEP [SPZIW *SV XLI /MVSZ ERH XLI 3VMXNM WIUYIRGI 4EZPSZTVSZMHIWHIXEMPWSJXLIREQIWERHEKIWSJXLIZMGXMQWERH XLITPEGIERHGMVGYQWXERGIW[LIVIXLIEXXEGOWSGGYVVIHQEOMRK XLI HIWGVMTXMSRW GVIHMFPI ,S[IZIV FIGEYWI SJ XLI EPQSWX YR TVIGIHIRXIHREXYVISJXLIWIEXXEGOWMRXLI[SPJPMXIVEXYVIQER] VIWIEVGLIVWERHGSRWIVZEXMSRMWXWLEZIGEWXHSYFXSRXLIMVXVYXL 4EZPSZ[EWELYRXIVKEQIQEREKIVVEXLIVXLEREWGMIRXMWXERH MXMWSFZMSYWJVSQLMWGLETXIVWSRXLIIJJIGXWSJ[SPZIWSRKEQI TSTYPEXMSRW XLEX LMW EXXMXYHI XS[EVHW [SPZIW [EW GPIEVP] XLEX XLI] [IVI YR[ERXIH ZIVQMR XLEX LEH RS TPEGI MR XLI QSHIVR [SVPH8LIXSRISJXLI[SVOMWEPQSWXSRISJETIVWSREPGVYWEHI SR LMW TEVX XS XIPP zXLI XVYXL EFSYX [SPZIWz MI XLEX XLI] EVI HERKIVSYWXSLYQERW8LIWIJEGXSVWHSRSXMRHMGEXIXLEX4EZPSZ [EW ER SFNIGXMZI ERH YRFMEWIH SFWIVZIV ,S[IZIV 4EZPSZ LMQ WIPJEHQMXWXLEXGMVGYQWXERGIWHYVMRKXLMWTSWX[EVTIVMSH[LIVI YRYWYEP [MXL LMKL [SPJ TSTYPEXMSRW GSRXVSP I\IVGMWIW [LIVI WYWTIRHIH HYVMRK XLI [EV ERH TSWX [EV VIGSZIV] ]IEVW PS[
XL
1ERXINJIPGSQQMWWMSR
4EZPSZ EPWSWXEXIWXLEXEKSZIVRQIRXGSQQMWWMSRMRZIWXM KEXIHVITSVXWSJ[SPJEXXEGOWSRTISTPIHYVMRKXLITIVMSHFIJSVI ERH HYVMRK [SVPH [EV X[S %TTEVIRXP] XLI GSQQMWWMSR JSYRH IZMHIRGI JSV IZIRXW MR [LMGL YT XS TISTPI QSWXP] GLMP HVIR [IVIIEXIRSVOMPPIHrLS[IZIVMXMWRSXGPIEV[LIXLIVXLMW VIJIVW XS EXXEGOW F] VEFMH [SPZIW TVIHEXSV] EXXEGOW SV WMQTP] GEWIW SJ [SPZIW JIIHMRK SR LYQER GSVTWIW-X MW EPWS MQTSVXERX XSGSRWMHIVXLEXXLMWTIVMSH[EWSRISJQEWWMZIMRXIVREPTSPMXMGEP ERHWSGMEPYRVIWX[MXLMRXLIJSVQIV9776EWMXGSZIVWXLIVIZSPY XMSRXLIGMZMP[EVERH[SVPH[EVX[S+MZIRXLMWFEGOKVSYRHMX MWMQTSWWMFPIXSIZEPYEXIXLIUYEPMX]SJXLIHEXEJVSQXLMWTIVMSH ERH[ILEZIRSXGSRWMHIVIHXLIGEWIWJYVXLIV
RMRESTTHVEKWQIPHMRK
%WMEI\GPYHMRKXLIJSVQIV 9776
%WMER[SPJTSTYPEXMSRW
FIIRMRZSPZIHVEXLIVXLEREWMRKPIMRHMZMHYEP%PQSWXEPPXLIZMG XMQW[IVIGLMPHVIRYRHIV]IEVWSJEKI3FWIVZEXMSRWEPWSI\MWX SJ [SPZIW JIIHMRK SR TEVXMEPP] GVIQEXIH LYQER VIQEMRW JVSQ FYVMEPWMXIWMRXLIVIKMSR7LELM 8LMWMWEPWSEVIKMSR[LIVI VITSVXWSJ[SPZIWOMPPMRKLYQERWI\XIRHFEGOMRXSXLIIEVP] GIRXYV] XL
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
%WIGSRH[IPPWXYHMIHEVIE[MXLEXXEGOWMWMRXLIIEWXIVRVIKMSR SJ9XEV4VEHIWL7XEXI-RXLIGSYVWISJQSRXLWMREX XEGOW SR GLMPHVIR SJ [LMGL [IVI JEXEP [IVI VIGSVHIH JVSQ ZMPPEKIW[MXLMREOQ EVIE%XXLIXMQIMX[EWFIPMIZIH XLEX XLI WTEXI SJ EXXEGOW [EW HYI XS E WMRKPI [SPJ .LEPE 7LEVQE LS[IZIV XLI JEGX XLEX JYVXLIV EXXEGOW LEZI SG GYVVIHXLVSYKLSYXXLITIVMSHMRHMGEXIWXLEXXLMWMWYR PMOIP]XSFIXLIGEWI.LEPE
%XLMVHFYXPIWW[IPPHSGYQIRXIHEVIEMWXLI%RERXTYVVIKMSRSJ %RHLVE 4VEHIWL WXEXI [LIVI GLMPHVIR [IVI OMPPIH ERH MR NYVIH[MXLMREOQ EVIEHYVMRKEQSRXLTIVMSHMR 7LELM
-RHMERWYFGSRXMRIRX
%GGSYRXWSJ[SPJEXXEGOWSRLYQERWMR-RHMEKSFEGOXSXLISJJM GMEPVIGSVHWSJXLI&VMXMWLGSPSRMEPEHQMRMWXVEXMSRMRXLIPEXI GIRXYV] ERH GSRXMRYI XLVSYKLSYX QSWX SJ XLI GIRXYV] -R XLIWIIEVP]VIGSVHWMXMWRSXTSWWMFPIXSHMJJIVIRXMEXIFIX[IIREX XEGOWF]VEFMHSVRSRVEFMH[SPZIW,S[IZIVMRXLIPEWX]IEVW XLIVI EVI QSVI VIPMEFPI EGGSYRXW XLEX VIPMEFP] HIQSRWXVEXI XLEX FSXL X]TIW SJ EXXEGOW SGGYV 6EFMIWMW IRHIQMG MR -RHME [MXL ER IWXMQEXIH TISTPI H]MRK IEGL ]IEV JVSQ XLI HMWIEWI (YXXE (YXXE 8VERWQMWWMSR MW JVSQ FMXIW SJ FSXL [MPH ERH HSQIWXMG ERMQEPW EPXLSYKL HSQIWXMG HSKW EVI F] JEV XLI QSWXMQTSVXERXZIGXSV1MXQSSRTMXEOIXEP %PXLSYKLSYV VIZMI[MWF]RSQIERWI\LEYWXMZIRSJMKYVIWJSVERMQEPVEFMIWMR -RHMEEVIPMWXIHSRXLI;,3MRXIVRIXTEKIW GEWIWXYHMIWJVSQ 1ELEVEWLXVE 7XEXI *MKMVI VITSVXIH MR XLI QIHMGEP PMXIVEXYVI MPPYWXVEXIXLII\XIRXSJXLITVSFPIQ7LEL .EW[EP6EXLSH IXEP -RFSXLXLIWIMRGMHIRXWVEFMH[SPZIWFMXTIS TPI-RXLIGEWISJXLIZMGXMQWMX[EWGPIEVP]EWMRKPI[SPJXLEX FMX XLI TISTPI SR XLI WEQIHE] VIUYMVMRK XLEX MX GSZIV EX PIEWX OQMRXLITVSGIWW4SWXI\TSWYVIXVIEXQIRX[MXLZEGGMRIERH MQQYRSKPSFYPMR WEZIH QSWX SJ XLI ZMGXMQ W PMZIW I\GITX JSV WSQIJI[[LS[IVIFMXXIRSRXLILIEHERHJEGI8EFPI
8LIWI IZIRXW EVI GLEVEGXIVMWIH F] XLI JEGX XLEX XLI] EVI EWWSGM EXIH[MXLEVIPEXMZIP]GPIEVP]HIJMRIHEVIEJSVETIVMSHSJEXPIEWX WIZIVEP QSRXLW XS WIZIVEP ]IEVW 6EFMH [SPJ EXXEGOW MR GSRXVEWX XIRHXSFIWMRKPIHE]IZIRXWEWXLITIVMSHSJEKKVIWWMZIFILEZ MSYVlJYVMSYWTLEWIz JSV[SPZIWPMOIEPPVEFMHERMQEPWXIRHWXS FIZIV]WLSVXFIJSVITEVEP]WMWWIXWMR-REHHMXMSREPPZMGXMQW[IVI TEVXMEPP] SV XSXEPP] GSRWYQIH [LMGL RIZIV SGGYVW MR XLI GEWI SJ VEFMIWEXXEGOW
XL
XL
8LIWI GEWIWRIIH XSFI TPEGIH MRXS GSRXI\X EKEMRWX XLI LEFMXEX SJXLIEVIEERHXLIKIRIVEPLMKLVEXIWSJ[MPHERMQEPQIHMEXIH HIEXLW MR XLI VIKMSRW 1SWX SJ XLIWIEVIEW SJ-RHME [LIVI [SPJ EXXEGOW LEZI FIIR VITSVXIH EVI HIJSVIWXIH EKVMGYPXYVEP LEFMXEXW [MXL E ZIV] TSSV TVI] FEWI ERH E ZIV] LMKL LYQER TSTYPEXMSR HIRWMX]"OQ PMZMRKMRTSSVGSRHMXMSRW-REWIVMIWSJXVER WIGXW MR 9XEV 4VEHIWL YREGGSQTERMIH GLMPHVIR [IVI XLI QSWX GSQQSRTSXIRXMEPzTVI]zEZEMPEFPIXS[SPZIWEW[MPHTVI][IVI ZIV]VEVIERHEPPPMZIWXSGO[IVIKYEVHIHF]WLITLIVHWERHHSKW .LEPE 7LEVQE -R XLI ,E^EVMFEKL WXYH] HYVMRK XLI ]IEVTIVMSH[LIRGLMPHVIR[IVIOMPPIHF][SPZIWERSXLIV TISTPI [IVI OMPPIH F] [MPH IPITLERXW F] WPSXL FIEVW F] PISTEVHWF]XMKIVWERHF]L]IREW6ENTYVSLMX
8LIVI LEZI EPWS FIIR E PEVKI RYQFIV SJ TVIHEXSV] EXXEGOW SR LYQERWF]RSRVEFMH[SPZIWMREXPIEWX-RHMERWXEXIW*MKMVI HYVMRK XLI PEWX HIGEHIW 8LIWI WMXYEXMSRW LEZI FIIR VIPEXMZIP] [IPP HSGYQIRXIH F] XVEMRIH FMSPSKMWXW ERH GSRWXMXYXI WSQI SJ XLIFIWXVIGSVHWXLEXI\MWXSJRSRVEFMH[SPJEXXEGOWSRLYQERW )ZMHIRGISJXLIMHIRXMX]SJXLIERMQEPVIWTSRWMFPIJSVXLIEXXEGOW EWFIMRKE[SPJLEWMRGPYHIH XLIEFWIRGISJSXLIVPEVKIGEV RMZSVI WTIGMIW I\EQMREXMSR SJ XVEGOW QIEWYVIQIRX ERH I\EQMREXMSR SJ FMXI [SYRHW IPIGXVSRQMGVSKVETLW SJ LEMVW JSYRHEX WGIRI XLI JMRHMRK SJLYQER VIQEMRW EX [SPJ HIR WMXIW ERH I]I[MXRIWW ERH WYVZMZSVW EGGSYRXW 8LI I\XIRX SJ IZIRXWLEWFIIRKVIEXIWXMRXLI,E^EVMFEKLVIKMSRSJ&MLEVWXEXI [LIVIEXPIEWXGLMPHVIR[IVIVITSVXIHEWFIMRKOMPPIHMREH HMXMSR XS QER] QSVI XLEX [IVI EXXEGOIH F] [SPZIW FIX[IIR ERH7LELM6ENTYVSLMX 8LIKISKVETLMGEP I\XIRX SJ XLI EXXEGOW ERH XLI PSRK XMQI TIVMSH SZIV [LMGL EX XEGOW LEZI SGGYVVIH MRHMGEXI XLEX MX MW WIZIVEP TEGOW XLEX LEZI
-VER
-VERERHMXW[SPZIWEVI[IPPORS[RMRQIHMGEPGMVGPIWJSVXLITMS RIIVMRK[SVOGSRHYGXIHXLIVIF]XLI;,3MRHIZIPSTMRKTSWX I\TSWYVIERXMVEFMIWXVIEXQIRXW4VMSVXSTISTPIFMXXIRF] VEFMH ERMQEPW VIGIMZIH TSWXI\TSWYVI XVIEXQIRX MR XLI JSVQ SJ MRNIGXMSRWSJEZEGGMRI;LMPIXLMWQIXLSH[SVOIH[IPPJSVTIS TPIVIGIMZMRKQMRSVFMXIWJVSQVEFMHHSKWMX[EWVIPEXMZIP]MRIJ JIGXMZI MR TEXMIRXW XLEX LEH FIIR FMXXIR F] [SPZIW 8LMW [EW PEVKIP]HYIXSXLIJEGXXLEXVEFMH[SPZIWSJXIRMRJPMGXQSVIWIZIVI FMXIW SJXIR SR XLI LIEH ERH RIGO [LMGL EGGIPIVEXIW XLI TVS KVIWWMSR SJ XLI HMWIEWI -R EXXIQTXW [IVI QEHI XS GSQ FMRI MRNIGXMSRW SJ FSXL ZEGGMRI ERHMQQYRSKPSFYPMRr VIWYPXMRK MRJEVFIXXIVWYVZMZEPSJTEXMIRXW&EPXE^EVH &ELQER]EV 1SHMJMGEXMSRWSJXLMWETTVSEGLEVIWXMPPYWIHXSHE]
RMRESTTHVEKWQIPHMRK
8EFPI6IGSVHWSJEXXEGOWSRLYQERWF]VEFMHERHRSRVEFMH[SPZIWMR-RHME 4IVMSH
%VIE
(IXEMPW
6IJIVIRGI
(YQSL(MWXVMGX1EHL]E4VEHIWL
7IZIVEPGLMPHVIRGEVVMIHSJJ
,E^EVMFEKL(MWXVMGX&MLEV
OMPPIH
W
,E^EVMFEKLZMPPEKI&MLEV
MMXSZMMM
,E^EVMFEKLZMPPEKI&MLEV
zXLI[SPZIW[IVIRSXSVMSYWJSVXLIMV QEROMPPMRKTVSTIRWMXMIWz GLMPHVIROMPPIHEKIWXS]IEVW TPYWSXLIVW[IVIEXXEGOIH
&PERJSVHMR 7LELMT 0MWXIVMR7LELM T 4SGSGOMR 7LELMT 7LELMT
MM
,E^EVMFEKLZMPPEKI&MLEV
\MM
,E^EVMFEKLZMPPEKI&MLEV
ZM
,E^EVMFEKLZMPPEKI&MLEV
\ XSMMM
%RERXTYV%RHLVE4VEHIWL
MM
%YVERKEFEH(MWXVMGX1ELEVEWLXVE
MZ XSMMM
,E^EVMFEKL /SHIVQE&MLEV
,E^EVMFEKL&MLEV
&S][EWEXXEGOIHFYX[EWVIWGYIHERH [SPJ[EWOMPPIH ]IEVSPHFS]OK EXXEGOIHERHGEV VMIHE[E]Q FYX[EWVIWGYIH *MZI[SPZIWSFWIVZIHJIIHMRKSRLYQER VIQEMRWMRGIQIXV] GLMPHVIROMPPIHERHMRNYVIH[MXLMR EREVIESJOQ\OQ%KIWr 6EFMHEWWYQIH [SPJEXXEGOIHLY QERWEHYPXWERHGLMPHVIR ERHERM QEPWTMKWHSKFYPPW %XXEGOW[IVI WTEGIHSYXF]OQ ZMGXMQWHMIHSJVEFMIWYRXVIEXIH rEPP LEHJEGMEPMRNYVMIW GLMPHVIROMPPIHrEPPPMJXIHJVSQWIXXPI QIRXWLSYWIWrSJOMPPMRKWSGGYVVIH MRE]IEVTIVMSHrYTXSTEGOWMRZSPZIH GLMPHVIRPMJXIHF][SPZIW
9XEV4VEHIWL
OMPPIH
&IRKEP
OMPPIH
MMMr\
9XEV4VEHWIL
EXXEGOWSRGLMPHVIRPIXLEP [MXLMR OQ MRZMPPEKIWrFIPMIZIHXSFI SRI[SPJ%KIWQSRXLWXS]IEVW z7TSEVHMGJEXEPEXXEGOWSRGLMPHVIRz TISTPIXVIEXIHEJXIVFIMRKFMXXIRF] VEFMH[SPJ TISTPIFMXXIRF]VEFMH[SPZIW EHYPXWERHGLMPHVIR ZMGXMQWHMIHSJ VEFMIWFSXLXVIEXIH rEPPLEHJEGMEPMRNY VMIW 7LITLIVHFMXXIRF]VEFMH[SPJHMIWSJVE FMIW
XL
WX
XL
VH
\
9XEV4VEHIWL .EPKESR(MWXVMGX1ELEVEWLXVE
ZM XS
.EPKESR(MWXVMGX1ELEVEWLXVE
7SPETYV(MWXVMGX1ELEVEWLXVE
XL
XL
7LELMT 7LELMT 7LELMT 7LELMT 7LEL .EW[EP
6ENTYVSLMX GMXIHMR6ENTYVSLMX GMXIHMR6ENTYVSLMX GMXIHMR6ENTYVSLMX .LEPE 7LEVQE .LEPE 6EXLSHIXEP 6EXLSHIXEP
/YQEV 6ELQERM
;LMPI [I LEZI RSX JSYRH ER] HIXEMPW SJ TVIHEXSV] EXXEGOW F] RSRVEFMH[SPZIWJVSQ-VER&EPXE^EVH +LSHWWM MRHMGEXI XLEX WYGL EXXEGOW LEZI SGGYVVIH .SWPMR MRZIWXMKEXIH E RYQFIVSJVITSVXIHEXXEGOWERH[EWYREFPIXSGSRJMVQER]3RI VITSVXSJEWLITLIVHFIMRKOMPPIHF] [SPZIW XYVRIH SYX XSFIE GEWI [LIVI MQQIHMEXIP] EJXIV HIJIRHMRK E WLIIT JPSGO JVSQ E [SPJTEGOEWLITLIVHWEXHS[RERHHMIHETTEVIRXP]JVSQLIEVX JEMPYVI r FYX [EW RIZIV EGXYEPP] EXXEGOIH F] XLI [SPZIW ,S[ IZIV E [MHIP] GMVGYPEXIH RI[WTETIV FYX YRGSRJMVQIH VITSVX VITSVXIH E GEWI SJ E [SPJ WIM^MRK ERH GSRWYQMRK E ]IEVSPH FS]MR(YWLEFZMPPEKIMRGIRXVEP-VERMR(IGIQFIV
*VSQXLIRYQFIVWTVIWIRXIHMR%TTIRHM\MXMWETTEVIRXXLEX [SPJ EXXEGOW EVI WXMPP GSQQSR &EPXE^EVH +LSHWWM FI PMIZIHXLEXXLITVIRYQFIVWVITVIWIRXIHERYRHIVIWXMQEXI SJ XLI XVYIRYQFIVSJ TISTPIFMXXIR F] [SPZIW FIGEYWI TISTPI [IVIJEQMPMEV[MXLXLIWMKRWSJVEFMIWMR[SPZIWERH[SYPHRSX FSXLIV XS WIIO XVIEXQIRX JVSQ FMXIW SFZMSYWP] GEYWIH F] RSR VEFMH[SPZIW.YWXXSTYXXLIJMKYVIWMRXSWSQIJSVQSJGSRXI\X MR [LIR [IVI KMZIR TSWXI\TSWYVI VEFMIW XVIEXQIRX EJXIV FIMRK FMXXIR F] [SPZIW SZIV [IVI KMZIR WMQMPEV XVIEXQIRXEJXIVFIMRKFMXXIRF]HSKW
RMRESTTHVEKWQIPHMRK
%JKLERMWXER
(YIXSXLIPEWX]IEVWSJTSPMXMGEPMRWXEFMPMX]MXMWRSXWYVTVMWMRK XLEXXLIVIMWRSSJJMGMEPSVWGMIRXMJMGHEXEEZEMPEFPIJVSQ%JKLERM WXER,S[IZIV[ILEZIVIGIMZIHSRIVITSVXJVSQ E 2SV[IKMER LIEPXL[SVOIV[LS[SVOIHMREGPMRMGMRXLIGIRXVEP,MRHY/YWL JVSQ %VRI &IVKWEOIV TIVW GSQQ %TTEVIRXP] XLIVI [EWERMRGMHIRXMRXLIEYXYQRSJXLITVIZMSYW]IEV [LIR E VEFMH [SPJ FMX QIR XLEX [IVI WPIITMRK MR JMIPHW XS KYEVH XLIMVGVSTW%PPQIRHMIHSJVEFMIWMRXLIGPMRMGFIGEYWIXLIVI [EWRSTSWXI\TSWYVIXVIEXQIRXEZEMPEFPI
2SVXL%QIVMGER[SPJTSTYPEXMSRW
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
-WVEIP
(IWTMXIMRXIRWMZIIJJSVXWXSZEGGMREXIHSQIWXMGERMQEPWERHXVMEPW [MXL[MPHPMJIZEGGMREXMSR0MRLEVXIXEP VEFMIWMWWXMPPTVIW IRX MR -WVEIP [MXL VIH JS\IW ERH NEGOEPW FIMRK XLI QEMR [MPHPMJI LSWXW'EWIWSJ[SPJVEFMIWLEZIFIIRHMEKRSWIHMRVIGIRX]IEVW =EOSFWSRIXEP(EZMHIXEP8EFPI -R XLVIITISTPIHMIHJVSQVEFMIWEJXIVFIMRKFMXXIRMRXLIMVWPIITMR WITEVEXIMRGMHIRXW-RWSQIVITSVXWXLIWTIGMIWSJERMQEPVIWTSR WMFPI [EW WXEXIH EW lYRORS[Rz ,S[IZIV 4VSJ 1IRHIPWWSLR (ITEVXQIRXSJ>SSPSK]8IP%ZMZ9RMZIVWMX] WXEXIHMREPIXXIVXS XLI-RXIVREXMSREP;SPJ*IHIVEXMSRHEXIH %YKYWX XLEX XLIVI LEH FIIR E VIGIRX GEWI .YP] [LIVI lE VEFMH [SPJ LEHFMXXIRWIZIVEPTISTPIz-XLEWRSXFIIRTSWWMFPIXSIWXEFPMWL MJXLIWIIZIRXWEVIGSRRIGXIH
XL
2SVXL%QIVMGE
;SPJEXXEGOWMR2SVXL%QIVMGEMRXLI XLGIRXYV]
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
8LI*EV)EWX
3RXLI[LSPIXLIVIMWZIV]PMXXPIIGSPSKMGEPSVQIHMGEPHEXEEZEMP EFPIJVSQXLI*EV)EWX 'LMRE-REREVXMGPISRVEFMIW*ERKXESIXEP QIRXMSR TISTPI FIMRK FMXXIR F] VEFMH [SPZIW MR XLI 3GLERK VIKMSR MR ERHTISTPIFIMRKFMXXIRF]z[SPJHSKWzMRXLI*Y]ERK VIKMSRMR3JXLITISTPIFMXXIRF][SPZIWHMIH8LVII FIGEYWISJXLIWIZIVI[SYRHWLEWXIRMRKXLIHIZIPSTQIRXSJXLI HMWIEWI ERH FIGEYWI SJ MQTVSTIV EHQMRMWXVEXMSR SJ XLI TSWX I\TSWYVI ZEGGMRI 0M IX EP EPWS QIRXMSR XLEX [SPZIW EX XEGOTISTPIFYXHSRSXTVSZMHIER]RYQFIVWSVI\TPEMRMJXLMWMW HYIXSVEFMIW[SPZIWSRP]SVMJMXGSRGIVRWTVIHEXSV]EXXEGOW 1SRKSPME&EXWYOLYRTYFPMWLIHVITSVX QEOIWTEWWMRKQIRXMSR XSWSQIEXXEGOWSRTISTPIFYXHSIWRSXIPEFSVEXISRRYQFIVW SVXLIMRZSPZIQIRXSJVEFMIW .ETER%PXLSYKL[SPZIWFIGEQII\XMRGXMR.ETEREXXLIIRHSJ XLI GIRXYV] XLIVI EVI WSQI LMWXSVMGEP VIGSVHW GSRGIVRMRK XLIMV TVIZMSYW FILEZMSYV ERH HMWXVMFYXMSR % RYQFIV SJ TEWWMRK VIJIVIRGIW EVI QEHI XS EXXEGOW SR LYQERW 1EVY]EQE IX EP rEPXLSYKLUYERXMJMGEXMSRMWMQTSWWMFPI XL
&IGEYWI SJ XLIMV PS[ RYQFIVW ERH VIPEXMZIP] [IPPHSGYQIRXIH REXYVI [I [MPP HIWGVMFI IEGL SJ XLI 2SVXL %QIVMGER MRGMHIRXW MRHMZMHYEPP]FIPS[
RMRESTTHVEKWQIPHMRK
VEFMIW [EW RSX QIRXMSRIH MR XLI SVMKMREP EGGSYRX 4IXIVWSR MXWIIQWPMOIP]XLEXXLI[SPJ[EWVEFMH[LIRNYHKIHJVSQ XLIHIWGVMTXMSRSJMXWFILEZMSYV6YXXIV 4MQPSXXGMXIHMR .IRRIWW
;LEPI'SZI2SVXL[IWX8IVVMXSVMIW(IGIQFIV*MKYVI 6SFIVX 1YPHIVW E FMSPSKMWX [MXL XLI XIVVMXSVMEP (ITEVXQIRX SJ 2EXYVEP 6IWSYVGIW ERH E XIGLRMGMER [IVI VEHMSGSPPEVMRK E GEVM FSYSRXLIXYRHVEXLEXXLI]LEHNYWXRIXKYRRIHJVSQELIPMGST XIV 8LI] LEHNYWX PERHIHERH [IVI VIQSZMRK XLI RIX JVSQ XLI GEVMFSYGPSWIXSXLILIPMGSTXIV[LMGL[EWTEVOIH[MXLXLIQS XSVVYRRMRK%WMRKPI[SPJ[EPOIH[MXLMRQSJXLILIPMGSTXIV ERHETTVSEGLIHXLIXIEQ1SYPHIVETTVSEGLIHXLI[SPJ[EZ MRK LMW EVQW ERH WLSYXMRK 8LI [SPJ FMX LMW PIJX PIK FIPS[ XLI ORII ERH LIPH SR HIWTMXI 1SYPHIV LMXXMRK MX SR XLI LIEH [MXL LMWJMWXW8LIXIGLRMGMERGEQIXSLIPTERHORSGOIHXLI[SPJYR GSRWGMSYW[MXLEFPS[JVSQXLIVEHMSGSPPEV8LI]OMPPIHXLI[SPJ [MXL E ORMJI ERH XVERWTSVXIH MX FEGO XS FEWI 0EXIV XIWXMRK WLS[IHXLEXMX[EWE]SYRKLIEPXL]JIQEPI[IMKLMRKEVSYRH OKERHXLEXMX[EWRSXVEFMH1SYPHIVSRP]VIGIMZIHEXIEVMRLMW GPSXLMRK ERH QMRSV FMXI [SYRHW EFVEWMSRW 6SFIVX 1SYPHIV TIVWGSQQ -RYMXLYRXIVWLYRXOMPPERHFYXGLIVEVSYRH GEVMFSYMRXLMWVIKMSRIZIV]]IEVERHLEZIRIZIVLIEVHSJEWMQM PEV MRGMHIRX 6SFIVX 1SYPHIV TIVW GSQQ (EZMH /VMXXIVPMO TIVW GSQQ
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zEZIVEKIz FSH] GSRHMXMSR 8LI[SPJLEHFIIRWIIREVSYRHPSKKMRKGEQTWMRXLIEVIEHYV MRK XLI TVIZMSYW ]IEVW QE] LEZI FIIR I\TPSMXMRK KEVFEKI EW E JSSHWSYVGIERH[EWVITSVXIHEWRSXFIMRKFIMRKJVMKLXIRIHSJ LYQERW8LIFS]VIGIMZIHWXMXGLIWXSGPSWIXLI[SYRHWFYXPEXIV MRJIGXMSRVIUYMVIHLSWTMXEPMWEXMSRERHMRXVEZIRSYWHIPMZIV]SJER XMFMSXMGW
'STTIVQMRI 6MZIV 2SVXL[IWX 8IVVMXSVMIW *IFVYEV] *MKYVI %WGMIRXMJMGI\TIHMXMSRGSRWMWXMRKSJTISTPI[EWGEQTIHSRXLI XYRHVE;LMPIMRXLIXIRXIEXMRKFVIEOJEWX XLI]LIEVH XLIMV WPIH HSKW KVS[PMRK ERH WREVPMRK 8LI QIR VYWLIH SYX SJ XLI XIRX WE[E[SPJGPSWIXSXLIHSKWERHXVMIHXSHVMZIMXE[E]8LI[SPJ VYWLIHEXSRIQIQFIV(MEQSRH.IRRIWW EXXIQTXMRKXSFMXILMW PIK.IRRIWWKVEFFIHXLI[SPJF]XLIFEGOSJXLIRIGOrXLI[SPJ XYVRIH LMW LIEH ERH FMX MRXS LMW VMKLX EVQ %JXIV .IRRIWW EX XIQTXIHXSGLSOIMX[MXLLMWPIJXEVQXLI[SPJPIXKSERH[EW WLSX.IRRIWW EVQLIEPIH[MXLMRE[IIO[LMGL[SYPHMRHMGEXI XLEX XLI [SPJ [EW RSX VEFMH 8LI [SPJ [EW E LIEPXL] EHYPX JI QEPI.IRRIWW
%PKSRUYMR4VSZMRGMEP4EVO3RXEVMS*MKYVI -RGMHIRX%]IEVSPHKMVP[EWFMXXIRSRXLIEVQF]E [SPJ EJXIV WLMRMRK E XSVGL MRXS MXW I]IW EX GPSWI VERKI 8LI FMXI VIWYPXIHMRX[SWGVEXGLIW8LI[SPJHMHRSXTVIWWXLIEXXEGOERH [EW XLIR GLEWIH E[E] 8LI [SPJ [EW WLSX XLI RI\X HE] ERH XIWXIHRIKEXMZIJSVVEFMIW8LI[SPJLEHFIIRWIIRSJXIRMRXLI GEQTWMXIHYVMRKTVIZMSYW[IIOWERH[EWVITSVXIHEWRSXFIMRK JVMKLXIRIHSJTISTPI -RGMHIRXW %[SPJLEHFIIRWIIRVITIEXIHP]MRERH EVSYRH GEQTWMXIW HYVMRK XLI WYQQIV ERH WLS[IH RS JIEV SJ TISTPI-RX[SWITEVEXIMRGMHIRXWMXFMXX[STISTPIMRGEQTWMXIW 3RI]IEVSPHFS]VIGIMZIHEWMRKPITYRGXYVI[SYRHERHEWOMR XIEVSR%YKYWX ERHEREHYPX[SQERVIGIMZIHEWMRKPIFMXIXS LIV PIK SR 7ITXIQFIV 8LI [SPJ HMH RSX TVIWW IMXLIV EXXEGO ERH[LIRWLSXHE]WPEXIV[EWJSYRHXSFIVEFMIWRIKEXMZI
4SYPMR3RXEVMS(IGIQFIV % VEMP[E] [SVOIV 1MOI (YWMEO [EW XVEZIPPMRK EPSRI SR E WTIIHIVEXEFSYXOQTL[LIRLI[EWLMXJVSQFILMRHF]ER EXXEGOMRK [SPJ 8LI FPS[ ORSGOIH FSXL LMQ ERH LMW WTIIHIV JVSQ XLI XVEGO 8LI [SPJ QEHI VITIEXIH EXXEGOW SR LMQ JSV EFSYXQMRYXIW(YVMRKXLMWXMQI(YWMEO[EWEFPIXSHITIRH LMQWIPJ [MXL X[S E\IW LMXXMRK XLI [SPJ QER] XMQIW *MREPP] E TEWWMRKXVEMRWXSTTIHERHXLIX[SIRKMRIIVWLIPTIHLMQXSGPYF XLI[SPJXSHIEXL(YWMEO[EWRSXMRNYVIHSVFMXXIRF]XLI[SPJ FYX XLMW [EW PMOIP] HYI XS LMW EGXMZI WIPJHIJIRGI EW MX ETTIEVW XLEX XLI [SPJ QEHI VITIEXIH ERH TIVWMWXIRX EXXEGOW %PXLSYKL
VH
WX
RMRESTTHVEKWQIPHMRK
7TIRGI &E] 2YREZYX % ]IEVSPH QEPI -RYMX LYRXIV +MHISR 2ERSSO [EW SYX [MXL LMW WPIH HSK XIEQ [LIR E [SPJ FIKER XSEXXEGO LMW HSKWERH XLIR EXXEGOIH XLI LYRXIV FMXMRK MRXSLMWTEVOE8LILYRXIVQEREKIHXSORSGOXLI[SPJSYX[MXL LMWVMJPIFYXXERHOMPPMX[MXLEORMJI8LI[SPJXIWXIHTSWMXMZIJSV VEFMIW%RSR]QSYW1G2E]TIVWGSQQ
-RGMHIRX%[SPJETTEVIRXP]QEHIEREXXIQTXXSHVEKE WPIITMRK FEK GSRXEMRMRK E ]IEVSPH FS] [LS [EW WPIITMRK SYXWMHI E XIRX MR E GEQTWMXI -X VIWYPXIH MR XLI [SPJ FMXMRK XLI FS] SR XLI LIEH ERH HVEKKMRK LMQ Q 8LI [SPJ [EW HVMZIR E[E]F]XLIFS] WJEXLIV8LIFS]VIGIMZIHEFVSOIRRSWIERH PEGIVEXMSRWSRLMWJEGIXLEXVIUYMVIHWXMXGLIWERHTPEWXMGWYV KIV] 8LMW [SPJ LEH EPWS FIIR WIIR GPSWI XS ERH MRWMHI GEQT WMXIWHYVMRKXLITVIZMSYW [IIOW ERHETTEVIRXP] LEH QEHI WIZ IVEPEXXIQTXWXSKVEFGPSXLMRKERHGEQTMRKIUYMTQIRX -RGMHIRX(YVMRKXLIWYQQIVE[SPJLEHFIIRWLS[MRK EPEGOSJJIEVSJTISTPIEVSYRHGEQTWMXIW3RXLVIISGGEWMSRWMX LEHEXXEGOIHHSKWMRGEQTWMXIW3R7ITXIQFIV MXETTEVIRXP] ETTVSEGLIHERHGMVGPIHEJEQMP][MXLE]IEVSPHKMVP8LIJEXLIV WTVE]IH XLI [SPJ [MXL TITTIV WTVE] ERH GEVVMIH LMW HEYKLXIV FEGOXSXLIGEV8LIRI\XHE]XLI[SPJEXXEGOIHEJSYVXLHSK3R 7ITXIQFIV MXETTVSEGLIHEJEQMP]LEZMRKETMGRMGKVEFFIH XLIMV QSRXLSPH FEF] XLEX [EW WMXXMRK SR XLI KVSYRH Q JVSQMXWTEVIRXWF]XLIGLIWXERHXSWWIHLMQEQIXVI8LIJEQMP] [EWEFPIXSGLEWIXLI[SPJE[E]-X[EWWLSXXLEXEJXIVRSSRERH JSYRHXSFIELIEPXL]QEPI[SPJXLEXXIWXIHRIKEXMZIJSVVEFMIW 8LIFEF] VIUYMVIH X[S WXMXGLIW %PP MRJSVQEXMSR JVSQ 7XVMGOPERH ERH8LIFIVKI 8LIFIVKI
,EYP VSEH XS 4VYHLSI &E] %PEWOE W % RYQFIV SJ GEWIW LEZI FIIR QIRXMSRIH SJ [SPZIW FIMRK JIH F] XVYGOIVW EPSRKXLILEYPVSEHPIEHMRKXSXLIEVGXMGGSEWXSMPJMIPHEX4VYH LSI &E] 7SQI SJ XLIWI LEFMXYEXIH [SPZIW ETTEVIRXP] MRJPMGXIH QMRSVFMXIWSRXVYGOIVWHYVMRKXLI W:MGXSV:ER&EPPIRFIV KLITIVWGSQQ
XL
-R EHHMXMSR XLIVI EVI WSQI SXLIV GEWIW SJ TISTPI FIMRK EX XEGOIHOMPPIHSVI\TSWIHXSVEFMIWXLVSYKL[SPZIW 2SSVZMO %PEWOE %R -RYMX LYRXIV [EW FMXXIR F] E VEFMH [SPJHIZIPSTIHVEFMIWERHHMIH6EYWGL ;EMR[VMKLX%PEWOE%R-RYMXFS][EWFMXXIRF]EVEFMH [SPJHIZIPSTIHVEFMIWERHHMIH.SLRWSR %REOXYZYO4EWW%PEWOE%VEFMH[SPJEXXEGOIHER-RYMX LYRXIV6EYWGL 'EREHE 4VMRW =EXIW PMWX GEWIW SJ [SPZIW l[MXLLYQERGSRXEGXz FIMRK XIWXIH JSV VEFMIW 3RP] SJ XLI LEHVEFMIW8LI]HSRSXI\TPEMR[LEXlLYQERGSRXEGXzQIERW -X GSYPH QIER EXXEGOW SV MX GSYPH EPWS GSZIV GEWIW [LIVI XVET TIVWLEHGSRXEGX[MXLEHIEH[SPJ
XL
-X MW MQTSVXERX XS RSXI XLEX XLIVI MW WSQI HMWGYWWMSR EFSYX XLI KIRIXMGXE\SRSQMGMHIRXMX]SJXLI[SPZIWMRLEFMXMRK%PKSRUYMR 4EVO ;LMPI XLI] EVI GYVVIRXP] VIKEVHIH EW FIMRK 'ERMW PYTYW VIGIRX KIRIXMG EREP]WMW LEW TVSZMHIH WSQI MRHMGEXMSR XLEX XLI] WLSYPHFIGEPPIH'ERMWP]GESR8LIFIVKI 8LIFIVKI;MP WSRIXEP
%PIVX)PPIWQIVI-WPERH2YREZYX*MKYVI 8LI 'EREHMER QMPMXEV] QEMRXEMR E FEWI ERH [IEXLIV WXEXMSR EX %PIVX MR RSVXLIEWXIVR )PPIWQIVI -WPERH ;SPZIW LEZI FIIR VIWM HIRXMRXLIZMGMRMX]SJXLIFEWIJSVEXPIEWX]IEVWERHLEZIFI GSQILEFMXYEXIHXSLYQERWXEOMRKJSSHJVSQTISTPIERHJVSQ XLIFEWI WKEVFEKIHYQT-RI\XVIQIGEWIW[SPZIWETTVSEGLIH TISTPI XS PMGO XLIMV JEGIW 8LIVI LEH FIIR E PSRK WIVMIW SJ PS[ MRXIRWMX]MRXIVEGXMSRW[LIVI[SPZIWJSPPS[IHTISTPIMREXLVIEX IRMRKQERRIVSVVIJYWIHXSEPPS[TISTPIXSPIEZIFYMPHMRKW%X XIQTXWXSWGEVI[SPZIWVIWYPXIHMRWREVPMRKERHKVS[PMRK-RSRI MRGMHIRXE[SPJWREXGLIHEKPSZIJVSQE[SVOIV WLERH-R E &VMXMWL GSQQERHS YRMX WLSX X[S [SPZIW [LIR XLI] JIPX XLI] [IVI XLVIEXIRIH 3R %TVMP XLIVI [IVI XLVII EXXEGOW SRTISTPI3RITIVWSR[EWORSGOIHHS[RFYXRSXFMXXIR%R SXLIVTIVWSRVIGIMZIHEWLEPPS[FMXIERHEXLMVHVIGIMZIHELEVH FMXIXSXLIORII8LIVIWTSRWMFPI[SPJ[EWWLSXERHXIWXIHTSWM XMZIJSVVEFMIW+VE]
)EVP]WXSVMIWERHSXLIVMRGMHIRXW
=SYRK +SPHQER EXXIQTXIHXSVIZMI[[SPJEXXEGOWSR LYQERW JVSQ XLI IEVP] HE]W SJ WIXXPIQIRX MR 2SVXL %QIVMGE 8LI] JSYRH QER] XEPIW JVSQ XVETTIVW ERH LYRXIVW [LS [IVI lEXXEGOIHzSVLEH GPSWIIRGSYRXIVW [MXL [SPZIWEGXMRKEKKVIW WMZIP]rLS[IZIVRSRISJXLIWIEXXEGOWPIHXSLYQERMRNYV]ERH XLIMVEGGYVEG]MWZIV]LEVHXSHIXIVQMRI-REHHMXMSRMXMWLEVHXS HIXIVQMRILS[QER]SJXLIWIEXXEGOW[IVIXLIVIWYPXWSJ[SPZIW ETTVSEGLMRKSYXSJGYVMSWMX]VEXLIVXLEREXXEGOMRK8LI]HMHHMW GSZIV SRI MRGMHIRX JVSQ E XVETTIV VIKEVHIH EW FIMRK E VIPMEFPI [MXRIWWMR&VMXMWL'SPYQFMEMRXLIIEVP] GIRXYV]8LIXVETTIV 6EPTL )H[EVHW LEH FIIR XIRHMRK XS LMW LSVWIW KVE^MRK SR E [MRXIVTEWXYVIERH[EW[EPOMRKLSQIXLVSYKLXLIJSVIWX[LIR JSYV [SPZIW ETTVSEGLIH LMQ EKKVIWWMZIP] XS [MXLMR Q )H [EVHWNYHKIHXLEXXLI][IVIEFSYXXSEXXEGOLMQ,IWLSXX[S ERH XLI VIWX VER E[E] 3XLIV WXSVMIW MRGPYHIH XEPIW SJ [SPZIW IEXMRK XLI FSHMIW SJ -RHMERW XLEX HMIH HYVMRK WQEPPTS\ SYX FVIEOWERHIZIRSJ[SPZIWOMPPMRKXLSWIXLEX[IVIXSS[IEOXS HITIRHXLIQWIPZIW%KEMRXLIEGGYVEG]SJXLIWIXEPIWMWMQTSWWM FPIXSHIXIVQMRI3XLIVVIPMEFPIGEWIWMRGPYHI XL
XL
1MRRIWSXE%REHYPXQEPIPSKKIVERHLMWHSKWE[X[S[SPZIW EXXEGOMRK E HIIV 8LI HSK FIGEQI JVMKLXIRIH WS XLI PSKKIV TMGOIH XLI HSK YT 3RI SJ XLI [SPZIW GLEVKIH EX XLI QER XIEVMRKLMWWLMVXMRXLITVSGIWW8LI[SPJHMHRSXTVIWWXLIEXXEGO 1IGL
7REOI6MZIV'SPSVEHS8LIQSWXVIPMEFPIEGGSYRXSJER EXXEGOGSRGIVRWER]IEVSPH[SQERMR'SPSVEHSMR7LI LEHNYWXPIJXXLIJEQMP]GEFMRXSFVMRKXLIGS[WMRJSVXLIIZIR MRK7LIWE[E[SPJWMXXMRKGPSWIXSXLIXVEMPERHXLVI[EWXSRIEX MX 8LI [SPJ EXXEGOIH LIV FMXMRK LIV SR XLI WLSYPHIV PIKW ERH EVQW ,IV WGVIEQW EXXVEGXIH LIV FVSXLIV [LS WLSX XLI [SPJ [LMGL XYVRIH SYX XS FI E ]SYRK ERMQEP 8LI JEGX XLEX XLI [SQIRWYVZMZIHMRHMGEXIWXLEXXLI[SPJ[EWRSXVEFMH=SYRK +SPHQER
1MRRIWSXE % ]IEVSPH LYRXIV [IEVMRK E NEGOIX GSZIVIH MR FYGOWGIRX[EWORSGOIHSZIVERHWGVEXGLIHF]E[SPJEXXEGOMRK JVSQ FILMRH 8LI LYRXIV JMVIH LMW KYR ERH XLI [SPJ VER E[E] 1IGL
RMRESTTHVEKWQIPHMRK
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
+VIIR 6MZIV ;]SQMRK % VEFMH [SPJ EXXEGOIH X[S GEQTWFMXMRKWIZIVEPTISTPI%GGSYRXWSJXLIRYQFIVXLEX[IVI FMXXIR ZEV] [MXL %PPIR VITSVXMRK ERH 0STI^ 6ILRQEVO ERH4SYWIXXI VITSVXMRKZMGXMQW *SVX0EVRIH/ERWEW W%VEFMH[SPJFMXWSPHMIVWERHE HSK3RIWSPHMIVERHXLIHSKHMIHSJ VEFMIW [MXLMR [IIOW SJ XLIFMXI8LI[SPJ WMHIRXMX][EWGSRJMVQIHEWMX[EWWLSXHYVMRK XLIEXXEGO(SHKIMR'EWI]ERH'PEVO 8LI lRSVXLz =SYRK +SPHQER VITSVX VYQSYVW SJ EX XEGOWSR-RYMXMRRSVXLIVR'EREHEERH%PEWOEJSV[LMGLRSHI XEMPW[IVIEZEMPEFPI-RQSVIVIGIRXWXYHMIWSJXVEHMXMSREPIGSPSKM GEP ORS[PIHKI EQSRK XLI 2YREQMYX LYRXIVW SJ XLI &VSSOW 6ERKIMRRSVXLIVR%PEWOEMXLEWFIIRGSRJMVQIHXLEXXLILYRXIVW [IVI SRP] VIEPP] EJVEMH SJ lXLI SGGEWMSREP VEFMH ERMQEPz ,S[ IZIVXLIVI[IVIlEJI[EGGSYRXWSJ[SPZIWEXXEGOMRK2YREQMYX XVEZIPPMRK EPSRI SV MR WQEPP KVSYTW TVMSV XS XLI MRXVSHYGXMSR SJ JMVIEVQWMRXLIPEXI WzMRXLIMVSVEPXVEHMXMSR7XITLIRWSR %LKSSO -R EHHMXMSR XLIVI EVI E RYQFIV SJ GEWIW [LIR VEFMH [SPZIW LEZI EXXEGOIH WPIH HSKW MR RSVXLIVR %PEWOE ERH RSVXLIVR'EREHE1G8EKKEVX'S[ER6EYWGL *VSQ SYVIQEMPWYVZI]SJWGMIRXMWXWERH[MPHPMJIQEREKIVWMRRSVXLIVR 'EREHE[ILEZIVIGIMZIHERYQFIVSJYRGSRJMVQIHVYQSYVWSJ -RYMX FIMRK EXXEGOIH F] [SPZIW TVSFEFP] VEFMH HYVMRK VIGIRX HIGEHIW
%HHMXMSREPITMWSHIWSJEKKVIWWMZIFILEZMSYVLEZIFIIRVIGSVHIH -R E RYQFIV SJ GEQTWMXIW MR (IREPM 2EXMSREP 4EVO %PEWOE[IVIGPSWIHFIGEYWIXLI[SPZIWLEHFIKYRXSHIQ SRWXVEXI lJIEVPIWWz FILEZMSYV ETTVSEGLMRK TISTPI ERH KVEFFMRKSFNIGXWJVSQGEQTIVW 3RI SJ XLMW VITSVX W EYXLSVW 7GSXX &VEMRIVH XSKIXLIV [MXL ERSXLIVFMSPSKMWX(EZMH.EQIWETTVSEGLIHE[SPJ VIRHI^ ZSYW WMXI MR %YKYWX SR XLI XYRHVE MR RSVXL[IWX %PEWOE XS GSPPIGX WGEXW 8LI] LEH GVE[PIH GPSWI FYX [LIR XLI WXSSH YT SRI SJ XLI [SPZIW ETTVSEGLIH XLIQ XS [MXLMR Q WREVPMRKERHLS[PMRK8LMW[SPJJSPPS[IHXLIQFEGOXSXLIMV GEQTERHVIQEMRIHXLIVIJSVERYQFIVSJLSYVW
*SV XLI JMVWX LEPJ SJ XLI GIRXYV]=SYRK +SPHQER [IVI RSX EFPI XS JMRH ER] HSGYQIRXIH EXXEGOW SJ [SPZIW EX XEGOMRKERHGEYWMRKMRNYV]XSLYQERW8LMWMRGPYHIHXLII\TIVM IRGISJEPPSJXLISTIVEXMZIWSJXLI97*MWLERH;MPHPMJI7IVZMGI XLEX[IVIIRKEKIHMR[SPJGSRXVSPEGXMZMXMIWHYVMRK XLEX TIVMSH ,S[IZIVXLI]GSRGPYHIF]WXEXMRKl|XLIEGGSYRXWXSFIJSYRH XLVSYKLSYX XLI [SPJ PMXIVEXYVI WIIQ XS PIEZI PMXXPI HSYFX XLEX [SPZIWLEZIEXXMQIWQEHIYRTVSZSOIHEXXEGOWSRLYQERW8LI I\XIRXXS[LMGLXLMWLEWFIIRGEYWIHF]XLIHMWIEWIVEFMIWSVF] JEQMRIMWHMJJMGYPXXSHIXIVQMRIz XL
7MPEW 'EPFSVR 8YVRFS GSPPIGXIH JSPO XEPIW JVSQ %VOERWEW HYVMRK LMW PMJI 8LIWI EVIE EZEMPEFPI FSXL MR TVMRX ERH SR XLI MRXIVRIX LXXTXYVRFS8EFPISJ'SRXIRXWLXQP ,I HIWGVMFIWE RYQFIV SJ EKKVIWWMZI IRGSYRXIVW FIX[IIR TIS TPI ERH [SPZIW LS[IZIV MX MW RSX WYVI XLEX XLI [SPZIW LI HI WGVMFIWEVI'ERMWPYTYWEWXLIEVIE[EW[MXLMRXLILMWXSVMGVERKI SJXLIVIH[SPJ'ERMWVYJYW=SYRKERH+SPHQER &IGEYWI SJXLISVMKMRSJXLIXEPIWERHXLIXE\SRSQMGYRGIVXEMRX][ILEZI RSXGSRWMHIVIHXLIWIGEWIWMRSYVEREP]WMW
8LVIEXIRMRKFILEZMSYV
7YGL MW XLI VEVMX] SJ [SPJ EXXEGOW SR TISTPI MR 2SVXL %QIVMGE XLEX IZIR GEWIW SJ [SPZIW EGXMRK EKKVIWWMZIP] XS[EVHW TISTPI LEZIIRXIVIHXLIWGMIRXMJMGPMXIVEXYVI*SVI\EQTPI % [SPJ FMSPSKMWX 'LETQER [EW ETTEVIRXP] GLEVKIH F] ER EKKVIWWMZI [SPJ ,I WLSX MX [LIR MX ETTVSEGLIH XS [MXLMR Q 0EXIV I\EQMREXMSR WLS[IH XLEX MX [EW VEFMH GMXIH MR 1YRXLI ,YXGLMWSR 8SQTE VIPEXIW E GEWI SJ E JSVIWX IRKMRIIV FIMRK GLEWIHMRXSEXVIIF]E[SPJTEGO
RMRESTTHVEKWQIPHMRK
%XXEGOWERHOMPPMRKWF] HSQIWXMGHSKWGETXMZI [SPZIWERH[SPJHSK L]FVMHW
EPXLSYKLTEGOEXXEGOWF]QYPXMTPIHSKWHSSGGYVEWXLIJSPPS[ MRKI\EQTPIMPPYWXVEXIW 2I[JSYRHPERH W % JEQMP] SJ JSYV JEXLIV ]IEVWSPH QSXLIV]IEVWSPHQEPI GLMPHVIR EKIW ERH ZMWMXIH ER MWPERHXSTMGO FIVVMIW 8LIMWPERH [EWMRLEFMXIHF] LYWO] WPIH HSKWXLEXLEHFIIRTPEGIHXLIVIJSVXLIWYQQIVMRERYRWYTIV ZMWIHJVIIVERKMRKWXEXI 8LIQSXLIV[ERHIVIHSJJEPSRI;LIR XLISXLIVJSYRHLIVEKEMRXLITEGOSJHSKWLEHOMPPIHLIV8LI JEQMP]HVSZIXLIHSKWE[E]FYXXLIIPHIWXGLMPHVERFEGOXSXLI FSEX XS KIX QEXGLIW WS XLI] GSYPH FYMPH E JMVI XS XV] ERH OIIT XLI HSKW SJJ XLI QSXLIV W FSH] [LMPI XLI] [IRX JSV LIPT 8LI HSKW JSPPS[IH XLI GLMPH OMPPIH LMQ ERH FIKER JIIHMRK SR LMW FSH] )ZIRXYEPP] XLI JEXLIV ERH WYVZMZMRK GLMPH IWGETIH ;LIR XLI]VIXYVRIH[MXLVIWGYIVWXLI]WLSXXLIHSKW*SYV[IVIWIRX JSV EYXSTW] EPP [IVI JSYRH XS GSRXEMR LYQER VIQEMRW MR XLIMV WXSQEGLWERHXIWXIHRIKEXMZIJSVVEFMIW%ZMW
'ETXMZI[SPZIWERHL]FVMHW
% RYQFIV SJ GEWIW I\MWX MR 2SVXL %QIVMGE [LIVI [SPZIW ERH [SPJHSKL]FVMHWOITXEWTIXWSVMR GETXMZMX] LEZIEXXEGOIHERH OMPPIHTISTPI%PXLSYKLXLIWIGEWIWEVIRSXXLITVMQEV]JSGYWSJ XLMWVITSVXERYQFIVSJTSMRXWEVIMPPYWXVEXMZI &IX[IIRERHXLIVI[IVIOMPPMRKWF]L]FVMHW F]E[SPJ ERHWIZIVIEXXEGOWF]L]FVMHWF][SPZIW 3J XLIWI SJ XLI [SPJ EXXEGOW [IVI [MXLMR ^SSW SV ERMQEP TEVOW %PPXLIZMGXMQW[IVIGLMPHVIR[MXLEKIWVERKMRKJVSQ[IIOXS ]IEVW7EGOWIXEP
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
-XWLSYPHEPWSFIVIQIQFIVIHXLEXHSQIWXMGHSKWEVIF]JEVXLI WMRKPIQSWXMQTSVXERXZIGXSVMRZSPZIHMRXLIXVERWQMWWMSRSJVE FMIWXSLYQERW%PMIXEP&IVER1MXQSSRTMXEOIXEP 1SSVIIXEP
-REHHMXMSRXLIVIEVIERYQFIVSJRI[WTETIVVITSVXWSJGETXMZI [SPZIWIWGETMRKJVSQ^SSWSVGMVGYWIWERHFMXMRKSVOMPPMRKTIS TPI8LIWIMRGPYHIEGEWIJVSQ&IPKMYQ6IYXIVW ERHSRI JVSQ ,YRKEV] 7^IQIXL] 0EW^PS TIVW GSQQ 8LIVI EVI EPWS E RYQFIVSJGEWIWSJGLMPHVIRFIMRKFMXXIRF][SPZIWMR^SSW*SV I\EQTPIXLIVIEVIEXPIEWXORS[RGEWIWSJGETXMZI[SPZIWFMX MRKGLMPHVIRMR2SV[IKMER^SSWGEWIWMRXLI4SPEV>SSMR&EVHY ERHGEWIMR0ERKIHVEK
(SQIWXMGHSKW
(SQIWXMGHSKWFMXIERIWXMQEXIHQMPPMSRTISTPITIV]IEVMRXLI 9RMXIW7XEXIWSJ[LMGLEVIGLMPHVIR1EXLI[W 0EXXEP 3J XLIWI FMXIW ETTVS\MQEXIP] TIV ]IEV EVI JEXEP 0ERKPI] 1SVVS[ %ZMW EKEMR QEMRP] XS GLMPHVIR ;LMPI SZIVFVIIHW SJ HSK MRGPYHMRK [SPJHSK L]FVMHW LEZI FIIRMRZSPZIHMRJEXEPEXXEGOW6SXX[IMPIVWERHTMXFYPPX]TIHSKW EVIVIWTSRWMFPIJSVEVSYRHSJJEXEPEXXEGOWSJEXXEGOW MRZSPZI XLI JEQMP] HSK SR XLI S[RIV W TVSTIVX] 7EGOW IX EP SJ EXXEGOW MRZSPZI WMRKPI HSKW 7EGOW IX EP
RMRESTTHVEKWQIPHMRK
;SPJEXXEGOWMRGSRXI\X
'S]SXIW 8LIVI LEZI FIIR E RYQFIV SJ HSGYQIRXIH GS]SXI EXXEGOW SR TISTPI MR 2SVXL %QIVMGE HYVMRK VIGIRX HIGEHIW 'EVF]R &SYRHW 7LE['SRSZIVIXEP,WY'SRRSZIV 8LIZMGXMQWEVIKIRIVEPP]WQEPPGLMPHVIRYRHIVXLIEKISJ EPXLSYKLWSQIEHYPXWMRGPYHMRKEHYPXQIRLEZI EPWS FIIR FMXXIR1SWXSJXLIHSGYQIRXIHGEWIWEVMWIJVSQTVSXIGXIHEVIEW SV YVFER WIXXMRKW MQTP]MRK XLEX XLI MRHMZMHYEP GS]SXIW LEZI FI GSQI TEVXP] LEFMXYEXIH XS LYQERW 'EVF]R VIKEVHIH QER]SJXLIEXXEGOWSRWQEPPGLMPHVIREWFIMRKTVIHEXSV]MRRE XYVI:IV]JI[SJXLIEXXEGOWEVIJEXEPEPXLSYKLWSQISJXLIEX XEGOWSR]SYRKGLMPHVIRLEZIFIIRWSWIVMSYWXLEXXLI]VIUYMVIH YT XS WXMXGLIW XS GPSWI XLI [SYRHW 2SRISJ XLI GEWIW HI WGVMFIHETTIEVXSFIHYIXSGS]SXIW[MXLVEFMIW
-RSVHIVXSTYXXLIWI[SPJEXXEGOWMRXSGSRXI\XMXMWRIGIWWEV]XS GSRWMHIVLS[ XLI] GSQTEVI XS EXXEGOW F] SXLIV PEVKI GEVRMZSVI WTIGMIW %XXEGOW F] FIEVW ERH GSYKEVW SR TISTPI EVI WSQILS[ QSVI JEQMPMEVEW XLI] EVI FIXXIV ORS[R ERH FIXXIV GSZIVIH MR XLIQIHMEXLER[SPJEXXEGOW8LIQEKRMXYHISJEXXEGOWF]SXLIV WTIGMIW GER EPWS WIVZI EW E GSRXVSP SR XLI UYEPMX] SJ SYV [SPJ HEXE EW [I FIPMIZI XLEX XLI VITSVXMRK HSGYQIRXEXMSR FMEW MW PMOIP]XSFIIUYEPJSVEPPPEVKIGEVRMZSVIWTIGMIW
(MRKSIW 8LIXE\SRSQMGWXEXYWSJXLIHMRKSMWWSQI[LEXYRGIVXEMR[MXL WSQI EYXLSVW TPEGMRK MX EW E WYFWTIGMIW SJ [SPJ 'ERMW PYTYW HMRKS [LMPISXLIVVIKEVHMXEWFIMRKEWYFWTIGMIWSJXLIHSQIW XMG HSK 'ERMW JEQMPMEVMW HMRKS )MXLIV [E] MXW IGSPSK] ERH FI LEZMSYV EVI ZIV] WMQMPEV XS XLEX SJ )YVEWMER SV 2SVXL %QIVMGER [SPZIW'SVFIXX 8LIVILEZIFIIRERYQFIVSJITMWSHIWMR XLIPEWXHIGEHIWXLEXEVIVIPIZERXJSVXLMWHMWGYWWMSR
'SYKEVW 'SYKEVEPWSORS[REWTYQESVQSYRXEMRPMSR EXXEGOWSRTIS TPIMR2SVXL%QIVMGELEZIFIIRVITSVXIHERHVIZMI[IHF]EWYG GIWWMSR SJ EYXLSVW &EVRIW *MX^LYKL +SVIR^IP &IMIV 'SRVEH 8LMW SZIVZMI[ MW FEWIH SR YRTYF PMWLIHHEXEJVSQ0II*MX^LYKLERHI\XIRHWYRXMPIEVP]8E FPI
8LI QSWX JEQSYW GEWI [EW XLEX SJ [IIO SPH %^EVME 'LEQ FIVPEMR[LS[EWVITSVXIHP]HVEKKIHSYXSJEXIRXERHOMPPIHF]E HMRKS SR %YKYWX EX 9PYVY %]IV W 6SGO MR GIRXVEP %YWXVEPME,IVVIQEMRW[IVIRIZIVJSYRHERHXLIVI[EWHIFEXI EFSYXMJMX[EWVIEPP]HMRKSIWXLEXLEHOMPPIHXLIFEF]SVRSX8LI QSXLIV[EWEGXYEPP]GLEVKIHERHJSYRHKYMPX]SJQYVHIVMRKXLI FEF]FYX[EWPEXIVVIPIEWIHEJXIVWIZIVEPETTIEPW XL
6EFMIWHSIWSGGYVMRGSYKEVWFYXVEVIP]%JI[SJXLIWIEXXEGOW LEZIFIIRNYHKIHEWFIMRKHYIXSGSYKEVW[MXLVEFMIWFYXXLI ZEWXQENSVMX]ETTIEV XS LEZI FIIR TVIHEXSV] MRREXYVI 'SRWMH IVMRKSRP]XLSWIEXXEGOWXLEXLEZIFIIRZIVMJMIH*MX^LYKL WHEXE MRHMGEXIW XLEX JVSQ XS XLIVI LEZI FIIR JEXEP EX XEGOW ERH RSRJEXEP EXXEGOW 8EFPI 8LI RSRJEXEP EXXEGOW GSYRXIHLIVIEVISRP]XLSWI[LIVIXLIGSYKEVLEWGEYWIHMRNYV] XSXLIZMGXMQ8LIHMWXVMFYXMSRSJXLIWIEXXEGOWMRXMQIMW JEXEPERHRSRJEXEPJEXEPERHRSR JEXEP JEXEP ERH RSRJEXEP JEXEP ERH RSRJEXEP JEXEP EXXEGO -X MW RSX GPIEV MJ XLI MR GVIEWMRKXVIRHMWVIEPSVWMQTP]EREVXMJEGXSJMQTVSZIHGLERGIW SJHSGYQIRXEXMSR
%PP SXLIV VITSVXIH EXXEGOW EVI JVSQ OQ *VEWIV -WPERH SJJ XLI GSEWX SJ IEWXIVR 5YIIRWPERH %RSR 8LI QENSVMX] SJ XLI MWPERH W EVIE MW E REXMSREP TEVO ERH HMRKSIW EVI TVSXIGXIH JVSQLYRXMRKERHGSRXVSP(YVMRKXLIPEWX]IEVWXLIHMRKSIW LEZIFIGSQILEFMXYEXIHXSTISTPIERHLEZIFIKYRXSXEOIJSSH LERHSYXWJVSQXSYVMWXWERHWXIEPJVSQGEQTWMXIWERHTMGRMGEV IEW*IIHMRKHMRKSIWXSTVSZMHITLSXSKVETLIVW[MXLKSSHZMI[W LEWEPWSFIGSQI[MHIWTVIEH%WEGSRWIUYIRGIXLIVILEZIFIIR ER MRGVIEWMRK RYQFIV SJ EKKVIWWMZI MRGMHIRXW FIX[IIR HMRKSIW ERHTISTPI&IX[IIRERHXLIVI[IVIMRGMHIRXW [LIVI TISTPI [IVI EGXYEPP] FMXXIR XLEX VIUYMVIH WSQI JSVQ SJ QIHMGEPXVIEXQIRX(YVMRKXLMWTIVMSHSZIVHMRKSIW[IVIWLSX JSPPS[MRK XLIWI MRGMHIRXW )ZIRXW GEQI XS E TIEO SR 1E] [LIRHMRKSIWOMPPIHE]IEVSPHFS]
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
XL
%TTEVIRXP] XLI FS] ERH LMW ]IEVSPH FVSXLIV [IVI [EPOMRK GPSWIXSXLIFIEGL[LIRXLI][IVIETTVSEGLIHF]EHMRKS8LI FS]W FIGEQI WGEVIHERH VER E[E]8LI SPHIWX FS] XVMTTIH ERH XLIHMRKSGEYKLXYTERHOMPPIHLMQ8LI]IEVSPHIWGETIHERH JIXGLIHXLIMVJEXLIV&]XLIXMQIXLI]VIEGLIHXLISPHIWXFS]LI [EW HIEH 8LI JEXLIV WIRX XLI ]IEVSPH JSV LIPT FYX SR LMW [E] XLI FS] [EW EXXEGOIH ERH MRNYVIH F] XLI HMRKS -X XYVRIH SYXXLEXXLIHMRKSLEHFIIRJIIHMRKJSV[IIOWSREFEMXTPEGIH SYXF]EKYMHI XS EMH TLSXSKVETLIVWERH LEH LEVEWWIH TISTPI HYVMRKTVIZMSYWHE]W
XL
XL
RMRESTTHVEKWQIPHMRK
8EFPI6IGSVHWSJXLII\XIRXSJTVIHEXMSRSRLYQERWF]FVS[RFIEVWTYQEWXMKIVWPMSRWERHPISTEVHW %VIE
4IVMSH
4ISTPIOMPPIH %XXEGOWTIVERRYQ
6IJIVIRGI
&VS[R+VM^^P]FIEV )YVSTI %WME 2SVXL%QIVMGE
GIRXYV] GIRXYV] GIRXYV]
7[IRWSRIXEP 7[IRWSRIXEP 7[IRWSRIXEP
8MKIV -RHME 9RMXIH4VSZMRGIW-RHME 9RMXIH4VSZMRGIW-RHME 9RMXIH4VSZMRGIW-RHME 1EPE] &ERKPEHIWL7YRHEVFERW -RHMER7YRHEVFERW &ERKPEHIWLM -RHMER7YREVFERW &ERKPEHIWLM -RHMER7YRHEVFERW 9XXEV4VEHIWL-RHME 7YQEXVE 'LMX[ER2ITEP &EVHME2ITEP
1G(SYKEP 1G(SYKEP 1G(SYKEP 1G(SYKEP
0MSR +MVVIWIVZI-RHME +MVVIWIVZI-RHME 9KERHE 0YERK[E:EPPI]>EQFME
8VIZIW 2EYKLXSR8VIZIW =EQE^EOM &[EP]E
4YQE 2SVXL%QIVMGE 2SVXL%QIVMGE
MRNYVIH
&IMIV*MX^LYKLYRTYFPMWLIH &IMIV*MX^LYKLYRTYFPMWLIH
0ISTEVH 6YHVETVE]EK-RHME 9XXEV4VEHIWL-RHME 4EYVM+EVL[EP-RHME 9KERHE
'SVFIXX 1SLER +S]EPIXEP+S]EP 8VIZIW 2EYKLXSR8VIZIW
XL
XL
XL
/LER 7ER]EP /LER /LER 1G(SYKEP 2]LYWIXEP 1G(SYKEP 1G(SYKEPIXEP
7EFIV[EPIXEP
2YQFIVW MR TEVIRXLIWMWI\GPYHI 6SQERME [LMGL MW ER SYXPMIV (EXE LEW FIIR YTHEXIH EJXIV 7[IRWSR IX EP XS MRGPYHI ER I\XIRHIH
HEXEWIX
PET [MXL EVIEW SJ LYQER LEFMXEXMSR 3R 7ZEPFEVH XLIVI LEZI FIIREXXEGOWPIEHMRKXSMRNYV]ERHJEXEPEXXEGOWMRXLITIVMSH JVSQ (IVSGLIV IX EP -R RSVXLIVR 'EREHE XLIVI LEZI FIIR TISTPI MRNYVIH ERH OMPPIH MR XLI TIVMSH *PIGO ,IVVIVS [LMPISRP]TIVWSRETTIEVWXS LEZI FIIR MRNYVIH MR %PEWOE MR XLI TIVMSH 1MHHEYKL *PS]H
3XLIVFIEVW &PEGO FIEVW 9VWYW EQIVMGERYW EVI EWWSGMEXIH [MXL QER] QSVI MRNYVMIW XLER FVS[R KVM^^P] FIEVW MR 2SVXL %QIVMGE 8LMW MW QEMRP]HYIXSXLIJEGXXLEXXLIMVTSTYPEXMSRWEVIJEVPEVKIVERH XLEX XLI] MRLEFMX EVIEW [MXL JEV LMKLIV LYQER HIRWMXMIW XLER FVS[R FIEVW ,IVVIS HSGYQIRXIH SZIV EXXEGOW SR TISTPIF]FPEGOFIEVWJVSQXS1SWXSJXLIWIEXXEGOW [IVIQMRSVEPXLSYKLXLIVI[IVIHSGYQIRXIHLYQERHIEXLW FIX[IIR ERH ,IVVIVS *PIGO 'SRRSZIV IWXMQEXIHFPEGOFIEVEXXEGOWTIV]IEV[MXLSRIFIMRK JEXEPIZIV]XLMVH]IEV 4SPEV FIEVW 9VWYW QEVMXMQYW EVI VEVIP] MRZSPZIH MR EXXEGOW SR LYQERWFYXXLMWMWRSXWYVTVMWMRKGSRWMHIVMRKXLIMVPMQMXIHSZIV
7PSXL FIEVW 1IPYVWYW YVWMRYW EXXEGOW LEZI FIIR WXYHMIHMR XLI 1EHL]E4VEHIWLEVIESJ-RHME[LIVIXLI FIEVW SGGYT]E LMKLP] QSHMJIHLEFMXEX[MXL LMKLLYQER HIRWMX] 6ENTYVSLMX /VEYW QER (YVMRK E ]IEV TIVMSH E XSXEP SJ EXXEGOW SR TISTPI [IVI VIGSVHIH SJ [LMGL [IVI JEXEP ;LIR EHHMRK EXXEGOW JVSQ SXLIV VIKMSRW MR GIRXVEP -RHME ER EZIVEKI SJ WPSXL FIEV EXXEGOW SR TISTPI SGGYV IZIV] ]IEV .YWX XEOMRK XLI
RMRESTTHVEKWQIPHMRK
SRW ERH VIEGXMSRW XS FII [EWT ERH LSVRIX WXMRKW 0ERKPI] 1SVVS[ -XMWIWXMQEXIHXLEXWREOIFMXIWOMPPTISTPI [SVPH[MHIIEGL]IEV3JEXXEGOWF]EPPMKEXSVW%PPMKEXSVQMW WMWWMTTMIRWMW HYVMRK XLI GIRXYV] LEZI FIIR JEXEP ERH XLIVIMWIZMHIRGI XLEX XLI RYQFIV MW MRGVIEWMRK8LMW MRGVIEWIMW HYI XS ER MRGVIEWI MR EPPMKEXSV RYQFIVW FIXXIV VITSVXMRK SJ EX XEGOWERHMRGVIEWIHLEFMXYEXMSRXSLYQERWJSPPS[MRKTVSXIGXMSR MRXLI W'SRRSZIV 7LEVOEXXEGOWSGGYV[SVPH[MHIr [MXLEREZIVEKISJEXXEGOWTIV]IEVWIZIRSJ[LMGLEVIJEXEP 'SRRSZIV
1EH]L]E4VEHIWLHEXEMRHMGEXIWXLEXHIEXLWTIV]IEVGERFI I\TIGXIHJVSQXLEXVIKMSREPSRI
8MKIVW
XL
8LI JVIUYIRG] SJ XMKIV EXXEGOW SR LYQERW ZEVMIW KVIEXP] XLVSYKLSYXXLIMVVERKI-REVIEWWYGLEW-VERFIJSVIXLIMVI\XMRG XMSR &YVQE 8LEMPERH 1EPE] ERH 7YQEXVE EXXEGOW SGGYV EX E VIPEXMZIP]PS[JVIUYIRG],S[IZIVMREVIEWWYGLEW-RHME7SYXL 'LMRE ERH 7MRKETSVI EXXEGOW LEZI FIIR SGGYVVMRK EX LMKL JVI UYIRG] HYVMRK XLI IRXMVI GIRXYV] 1G(SYKEP (EXE JVSQKMZIRTIVMSHWERHEVIEWEVITVIWIRXIHMR8EFPI8LIWGEPI SJXLIEXXEGOWSRTISTPIMWGPIEVP]JEVLMKLIVXLERJSVER]SXLIV PEVKIGEVRMZSVIW-RWSQI]IEVWHYVMRKXLIIEVP] GIRXYV]SZIV TISTPITIV]IEV[IVIOMPPIHF]XMKIVW1SWXSJXLIEXXEGOW LEZIFIIRTVIHEXSV]MRREXYVI[MXLFSXLLEFMXYEPlQERIEXIVWz ERH lSTTSVXYRMWXMG OMPPIVWz VIWTSRWMFPI /LER 1G(SYKEP 7ER]EP 1G(SYKEP IX EP 7SQI SJ XLI QSWX MRJEQSYW QERIEXIVWETTIEV XS LEZI OMPPIHERI\XVIQI RYQFIV SJ TISTPI FIJSVI FIMRK OMPPIH *SV I\EQTPI XLI l'LEQTE[EX XMKVIWWz [EW GVIHMXIH [MXL OMPPMRK TISTPI HYVMRK ER IMKLX ]IEVTIVMSHMRXLIIEVP] GIRXYV]'SVFIXX XL
-RWIGXWEVIEPWSVIWTSRWMFPIJSVXLIHIEXLWSJTISTPISREVIKYPEV FEWMW 'EWIW SJ TISTPI FIMRK OMPPIH F] [EWT ERH FII WXMRKW EVI GSQQSR JSV I\EQTPI TISTPI MR 7[IHIR HMIH MR E XIR]IEV TIVMSH.SLERWWSRIXEP 3RISJXLIERMQEPWXLEXTSWIWE XLVIEXXSXLILIEPXLSJLYQERWXLEXZIRXYVISYXHSSVWMR)YVSTI ERH2SVXL%QIVMGEMWXLIXMGOKIRYW-\SHIW 8LIWIGERXVERWQMX E ZEVMIX] SJ FEGXIVMEP ERH ZMVEP HMWIEWIW MRGPYHMRK 0]QI HMWIEWI FSVVIPMSWMW LYQER KVERYPSG]XMG ILVPMGLMSWMW ,+) ERH XMGO FSVRI IRGITLEPMXMW (MGOMRWSR &EXXPI +VERWXV¸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
XL
XL
0MSRW (EXE JVSQ PMSRW 4ERXLIVE PIS LEW RSX FIIR WS W]WXIQEXMGEPP] GSPPIGXIHWSXLEX[ISRP]LEZIEGGIWWXSEJI[WRETWLSXWJVSQ WSQITSTYPEXMSRWERHTIVMSHW8EFPI &EWIHSRXLITSSVHEXE EZEMPEFPIPMSRWETTIEVXSFIPIWWHERKIVSYWXLERXMKIVW[MXLSRP] E JI[ TISTPI FIMRK OMPPIH IEGL ]IEV SR EZIVEKI (YVVLIMQ 0IKKEX =EQE^EOM &[EP]E ,S[IZIV XLIVI LEZI FIIR WSQI I\GITXMSREP IZIRXW WYGL EW XLI lQERIEXIVW SJ 8WEZSz[LSOMPPIH[SVOIVWSREVEMP[E]PMRIMR/IR]E0MSR EXXEGOW ETTIEV XS LEZI SGGYVVIH JSV E [MHIZEVMIX] SJ VIEWSRW MRGPYHMRK TVIHEXMSR SR TISTPI ERH PMSRW HIJIRHMRK XLIMV OMPPW JVSQ TISTPI XV]MRK XS WXIEP XLIQ 8VIZIW 2EYKLXSR8VIZIW
0ISTEVHW
*MREPP] [I WLSYPH RSX JSVKIX XLI EXXEGOW F] LIVFMZSVIW WYGL EW IPITLERXW QSSWI ERH FMWSR -R =IPPS[WXSRI 2EXMSREP 4EVO XLI RYQFIVSJMRNYVMIWHYIXSFMWSR&MWSRFMWSR I\GIIHXLSWIHYI XSFIEVWrFIX[IIRERHSRP]TISTPI[IVIMRNYVIH F] FPEGO ERH KVM^^P] FIEVW [LIVIEW [IVI MRNYVIH F] FMWSR 'SRVEH &EPMWSR 1ER] QSVI TISTPI EVI MRNYVIH ERH OMPPIHF] YRKYPEXIW [LIR XLI] EVI MRZSPZIH MR ZILMGPI GSPPMWMSRW -RXLI97'SRRSZIV IWXMQEXIWXLEXTISTPIEVIMR NYVIH ERH OMPPIH IEGL ]IEV MR ZILMGPI GSPPMWMSRW [MXL HIIV KIRYW3HSGSMPIYW
0IWW HEXE I\MWX JSV PISTEVHW 4ERXLIVE TEVHYW LS[IZIV XLIVI LEZIFIIREXXEGOWIZIV]JI[]IEVWMREVIEWWYGLEW9KERHEERH -RHME8EFPI -XETTIEVWXLEXQSWXEXXEGOWEVITVIHEXSV]MRRE XYVI ERH XLEX LEFMXYEP QERIEXIVW GER SGGYV YRHIV WSQI GMV GYQWXERGIW
*YVXLIVTIVWTIGXMZIrSXLIV[MPHPMJI (IWTMXI XLI PS[ RYQFIVW SJ [SPJ EXXEGOW HSGYQIRXIH MR 2SVXL %QIVMGE FIMRK FMXXIR F] [MPHPMJI MW E VIPEXMZIP] GSQQSR IZIRX &IGEYWI EXXEGOW F] WQEPPIV ERMQEPW EVI RSX WS HVEQEXMG XLI] VEVIP]VIGIMZIXLIWEQIQIHMEEXXIRXMSR'SRRSZIV TVIW IRXW XLI JSPPS[MRK ERRYEP EZIVEKIW JSV XLI 97 FMXIW F] VSHIRXWF]WOYROWERHF]JS\IW 6ITXMPIW EVI EPWS MRZSPZIH MR EXXEGOW SR LYQERW :IRSQSYW WREOIW FMXI %QIVMGERW IEGL ]IEV ERH ER IWXMQEXIH %QIVMGERWHMIIEGL]IEVJVSQZIRSQSYWWREOIWWTMHIVWWGSVTM
RMRESTTHVEKWQIPHMRK
4EXXIVRWERHTVSGIWW
1ER]SJXLI2SVXL%QIVMGERGEWIW%PKSRUYMR:EVKEW-WPERH-GI &E] [IVIHYIXS[SPZIWXLEXLEHPSWXQYGLSJXLIMVJIEVSJLY QERWERHLEHIZIRFIKYRXSEWWSGMEXILYQERW[MXLJSSH8LI HERKIVSYW GSRWIUYIRGIW SJ XLMW LEFMXYEXMSR MR FIEVW EVI [IPP ORS[R ,IVVIVS ERH MX ETTIEVW XLEX XLI WEQI SGGYVW MR [SPZIWSRVEVISGGEWMSRW8LII\XVIQIGSRWIUYIRGIWSJXLIPSWW SJJIEVMR[SPZIWETTIEVMRXLI GIRXYV]GEWIWJVSQ7[IHIR ERH)WXSRME[LIVI[SPZIWXLEXLEZIIWGETIHJVSQGETXMZMX]LEZI OMPPIH QER] TISTPI8LI GEWIW SJ TIX ERH GETXMZI [SPZIW OMPPMRK TISTPIJYVXLIVYRHIVPMRIWXLIHERKIVSYWTSXIRXMEPSJLEFMXYEXMSR JEQMPMEVMX] XEOIR XS I\XVIQI WMXYEXMSRW -R EHHMXMSR MX MW WYW TIGXIHXLEXJVIIPMZMRKL]FVMHW[MPPLEZIPIWWJIEVSJLYQERWXLER [MPH [SPZIW 6]EFSZ r GMVGYQWXERGIW XLEX GSYPH LEZIPIHXSXLIIZIRXWMR+ÃZEYHERMR*VERGIMRXLI GIRXYV] ,S[IZIVXLIIZMHIRGIJSVXLMWMWWSQI[LEXPMQMXIH
4YXXMRK[SPJEXXEGOWMRXSTIVWTIGXMZI )PIW TVSZMHIW E KSSH WYQQEV] SJ XLI [SPJ EXXEGO HEXE l[SPZIWLEZIOMPPIHTISTPIMXLEWFIIRQEMRP]GLMPHVIRMXMWYR YWYEP TISTPI EVI RSX TEVX SJ XLIMV RSVQEP TVI]z (IWTMXI XLI GEWIWXLEX[ILEZITVIWIRXIHLIVIMXQYWXFIVIQIQFIVIHXLEX [SPJ EXXEGOW SR TISTPI EVI ERH LEZI EP[E]W FIIR E VIPEXMZIP] VEVI ERH YRYWYEP IZIRX ;I LEZI GSZIVIH 2SVXL %QIVMGE ERH )YVEWMESZIVETIVMSHSJ]IEVW(YVMRKXLMWTIVMSHFMPPMSRWSJ TISTPILEZIHMIHJVSQSXLIVGEYWIWXLER[SPJEXXEGOW-XMWGPIEV XLEX TISTPI HS RSX ETTIEV EW VIKYPEV MXIQW SJ [SPJ TVI] 8LI ITMWSHIW [LIVI [SPZIW HS TVI] SR TISTPI EVI [MHIP] WGEXXIVIH XLVSYKL LMWXSV] -R EVIEW [LIVI XLI] LEZI SGGYVVIH IK -RHME *MRPERH*VERGI MXMWMRXIVIWXMRKXLEXPSGEPTISTPILEZIVIKEVHIH XLI IZIRXW EW FIMRK HYI XS ER IZMP WTMVMX 8LMW MRHMGEXIW XLEX TVIHEXSV] [SPJ EXXEGOW [IVI RSX VIKEVHIH EW RSVQEP FILEZMSYV JSV [SPZIW %XXEGOMRK ERH TVI]MRK SR LYQERW MW QYGL QSVI E TEVXSJXLIlRSVQEPzFILEZMSYVSJSXLIVPEVKIGEVRMZSVIWFIEVW GSYKEVWXMKIVW XLERXLEXSJ[SPZIW8LIVMWOWSJFIMRKEXXEGOIH F]E[SPJEVIRSX^IVSFYXEVIGPIEVP]WSPS[XLEXXLI]EVIZMVXY EPP] MQTSWWMFPI XS UYERXMJ] IWTIGMEPP] [LIR GSQTEVIH XS XLI SXLIV FEGOKVSYRH VMWOW EWWSGMEXIH [MXL PMZMRK ,S[IZIV XLI GLEPPIRKI MW XS PIEVR EW QYGL EW TSWWMFPI JVSQ XLIWI VEVI TEWX IZIRXWEFSYXXLIIGSPSK]SJ[SPJEXXEGOWSRLYQERWERHTPEGI MXMRXSXLIGSRXI\XSJXLIQSHIVRWMXYEXMSR
XL
XL
8S WIX XLMRKW MR TIVWTIGXMZI MX MW MQTSVXERX XS VIQIQFIV XLEX XLIVIEVIQER]GETXMZI[SPJTEGOWMR^SSWERHTEVOWEVSYRHXLI [SVPH XLEX EVI XSXEPP] LEFMXYEXIH XS LYQERW [LIVI XLIVI LEZI FIIRRSVIGSVHWSJTISTPIFIMRKEXXEGOIHSVOMPPIH8LIGEWIMR XLI 3RXEVMS [SPJ TEVO JVSQ WIGXMSR MW ER I\XVIQI WMXYEXMSR-REHHMXMSREXER]KMZIRQSQIRXXLIVIEVIXLSYWERHW SJ [SPZIW MR 2SVXL %QIVMGER REXMSREP TEVOW XLEX QEMRXEMR XLIMV WL]RIWWSJLYQERW3YVHEXELIVIHSRSXWLS[XLEXLEFMXYEXIH [SPZIW[MPPEXXEGOTISTPINYWXXLEXXLI]GERHSWSSRVEVISGGE WMSRW
*EGXSVWEWWSGMEXIH[MXL[SPJEXXEGOW
4VSZSGEXMSR
8LIVITSVXGSRXEMRWGEWIW[LIVI[SPZIWXLEXLEZIFIIRGSVRIVIH SVTVSZSOIHLEZIEXXEGOIHTISTPI8STYXXLMWMRXSTIVWTIGXMZIMX WXMPP ETTIEVW XS FIE QMRSVMX] SJ [SPZIW XLEX EXXEGO IZIR [LIR GSVRIVIHERHXLVIEXIRIH8LILMWXSVMGPMXIVEXYVIMWJYPPSJHIWGVMT XMSRWSJXVETTIVWETTVSEGLMRKEXVETTIH[SPJERHOMPPMRKMX[MXLE GPYFXSWEZIFYPPIXW[MXLSYXFIMRKFMXXIRSVIZIREXXEGOIH1ER] EYXLSVW LEZI EPWS HIWGVMFIH GEWIW [LIVI XLI] LEZI LERHPIW SV VIQSZIH [SPJ TYTW JVSQ HIRW [MXLSYX VIEGXMSR JVSQ XLI TEV IRXW =SYRK +SPHQER 1IGL 'EWI] 'PEVO
8LMW VITSVX LEW TVIWIRXIH E PEVKI RYQFIV SJ GEWIW 8EFPI [MXL E ZEVMEFPI UYEPMX] SJ HSGYQIRXEXMSR [LMGL MRHMGEXI XLEX [SPJEXXEGOWSRLYQERWLEZISGGYVVIHSRLYQERWHYVMRKVIGIRX GIRXYVMIW IWTIGMEPP] MR )YVEWME %W [I YRHIVPMRIH MR WIGXMSR XLMWMWRSXEJYPPSZIVZMI[NYWXEWYQQEV]SJXLSWIXLEX[I[IVI EFPIXSJMRH8LII\TIVMIRGISJHMJJIVIRXGSYRXVMIWERHHMJJIVIRX GIRXYVMIWMRHMGEXIWELMKLP]ZEVMEFPIMRGMHIRGISJ[SPJEXXEGOW-X MWXLIVIJSVIPSKMGEPXSPSSOJSVXLIJEGXSVWXLEXI\TPEMRXLMWZEVME XMSR;ILEZIFIIREFPIXSMHIRXMJ]JSYVJEGXSVWXLEXEVIEWWSGM EXIH[MXLXLIZEWXQENSVMX]SJXLIVITSVXIHGEWIW
,EFMXYEXMSR
6EFMIW
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8LI [SVWX LMWXSVMGEP ITMWSHIW SJ TVIHEXSV] EXXEGOW SR TISTPI IK *VERGI )WXSRME RSVXLIVR -XEP] ERH *MRPERH HYVMRK XLI GIRXYV] ETTIEV XS WXIQ JVSQ TIVMSHW ERH TPEGIW [LIVI PERH WGETIW[IVIZIV]LIEZMP]QSHMJMIH8LIWIPERHWGETIWEVIGLEVEG XIVMWIHF]ERYQFIVSJJIEXYVIWQEOMRKMXLEVHXSMWSPEXI[LMGL MW XLI QSWX MQTSVXERX *MVWXP] [MPH TVI] WTIGMIW [IVI WGEVGI SV IZIREFWIRXEJXIVGIRXYVMIWSJYRVIKYPEXIHLYRXMRKJSVIWXGPIEV ERGI ERH MRXIRWMZI KVE^MRK SJ HSQIWXMG YRKYPEXIW 8LI SRP] EFYRHERX JSSH WSYVGIW [IVI HSQIWXMG PMZIWXSGO ERH KEVFEKI 8LISRP]FEVVMIVWFIX[IIR[SPZIWERHXLMWPMZIWXSGO[IVIYWYEPP] GLMPHVIR XLEX [IVI GSQQSRP] YWIH EW WLITLIVHW XLVSYKLSYX )YVSTIHYVMRKXLEXTIVMSH;LIXLIVXLI[SPZIW[IVIJIIHMRKSR PMZIWXSGOSV KEVFEKI XLI] [SYPH LEZIFIGSQIYWIH XS I\TPSMX MRK JSSH WSYVGIW EWWSGMEXIH [MXL LYQERW -R EHHMXMSR GLMPHVIR [SYPHLEZIWTIRXEPSXSJXMQIMRXLIJSVIWXYREXXIRHIHLIVHMRK
8LI QSWX MQTSVXERX JEGXSV I\TPEMRMRK XLI MRGMHIRGI SJ TVIWIRX HE]ERHTVSFEFP]QSWXLMWXSVMG[SPJEXXEGOWMWXLITVIWIRGISJ VEFMIW%PXLSYKL [SPZIW HS RSX WIVZIEW E VIWIVZSMV JSV XLIHMW IEWI MXETTIEVW XLEX XLI] EVI WYWGITXMFPI XS WTMPPSZIV JVSQ HS QIWXMGHSKWERH NEGOEPW ERHEVGXMG JS\IWMR RSVXLIVR EVIEW %W XLI I\EQTPIW MRHMGEXI XLI GSRWIUYIRGIW GER FI HVEQEXMG 3J XLIGEWIWXLEX[ITVIWIRXLIVIVEFMIWEGGSYRXWJSVQSWXSJXLI EXXEGOW SR LYQERW 8LMW MW IWTIGMEPP] IZMHIRX JSV XLI PEWX ]IEVW[LIVIVEFMIWI\TPEMRWXLIZEWXQENSVMX]SJEPPEXXEGOWSYX WMHI-RHME
XL
RMRESTTHVEKWQIPHMRK
WYTTSVX MX %XXIQTXW XS YWI EZIVWMZI GSRHMXMSRMRK SR MRHMZMHYEP GEVRMZSVIW F] GVIEXMRK E RIKEXMZI WXMQYPYW [LIR JIIHMRK SR E PMZIWXSGO GEVGEWW LEZI SJXIR JEMPIH XS TVIZIRX XLSWI MRHMZMHYEPW JVSQOMPPMRKPMZIPMZIWXSGO8LMWMRHMGEXIWXLEXXLITIVGITXMSRSJE PMZI TVI] MW ZIV] HMJJIVIRX JVSQ XLEX SJ E GEVGEWW 7QMXL IX EP
PMZIWXSGO GSPPIGXMRK FIVVMIW QYWLVSSQW ERH JMVI[SSH *MREPP] XLIWITIVMSHW[IVISJXIREWWSGMEXIH[MXLVIPEXMZITSZIVX]EQSRK XLI VYVEP TSTYPEXMSR GVIEXMRK FILEZMSYVEP TEXXIVRW ERH WMXYE XMSRWXLEX[SYPHI\TSWITISTPIXSEKVIEXIVHIKVII-XMWRSXXLI JEGXXLEXXLI[SPZIW[IVIKIRIVEPP]WS LYRKV] XLEX XLI]LEH XS JIIH SR GLMPHVIR [LMGL YRHIVPMIW XLI QIGLERMWQW MR XLIWI EX XEGOW -J XLMW LEH FIIR XLI GEWI XLI RYQFIV SJ HIEXLW [SYPH LEZI FIIR HVEQEXMGEPP] LMKLIV -XMW NYWX XLEX [SPJ IGSPSK] JVSQ XLI TIVMSH FVSYKLX XLIQ MRXS ZIV] GPSWI GSRXEGX [MXL LYQERW ERHXLIMVPMZIWXSGOWIXXMRKXLIWGIRIJSV XLIWI VEVIMRGMHIRXW XS SGGYV
8LIVI[IVIGPIEVWIEWSREPHMJJIVIRGIWMRXLISGGYVVIRGISJ[SPJ EXXEGOW,S[IZIVXLIWIHMJJIVIHWMKRMJMGERXP]FIX[IIREXXEGOWF] VEFMH [SPZIW ERH TVIHEXSV] EXXEGOW 8EFPI SRP] WLS[W HEXE JVSQ )YVSTI ERH 6YWWME I\GPYHMRK HEXE JVSQ GIRXVEP %WME ERH -RHME FIGEYWI XLIWI VIKMSRW LEZI HMJJIVIRX TEXXIVRW SJ IRZMVSR QIRXEP WIEWSREPMX] 1SWX EXXEGOW F] VEFMH [SPZIW SGGYVVIH HYV MRK WTVMRK [MXL SGGYVVMRK MR XLI QSRXL TIVMSH JVSQ 1EVGLXS1E]ERHEWIGSRHWQEPPIVTIEOMRPEXIEYXYQR:IV] JI[EXXEGOWHYVMRKPEXIWYQQIVQMH[MRXIV8LMWTEXXIVRLEWEPWS FIIRVITSVXIHMRSXLIVWXYHMIW=EROMRIXEP6SSXWM 8LMWWIEWSREPTEXXIVRMWEPWSWIIRMRWXYHMIWSJVIHJS\ VEFMIW MR FSXL[IWXIVR)YVSTIERHIEWXIVR'EREHE1EGHSREPH :SMKLX 4VIHEXSV]EXXEGOWSGGYVVIHMREPPQSRXLWSJXLI]IEV[MXL EGPIEVTIEOMR.YRIXS%YKYWX 8LIVIEWSRWJSVXLIWIWIE WSREPTEXXIVRWEVIRSXGPIEVFYXX[SHMJJIVIRXI\TPEREXMSRWLEZI FIIR VEMWIH JSV XLI TIEO SJ TVIHEXSV] EXXEGOW HYVMRK [MRXIV *MVWXP] XLIVI EVI QSVI TSXIRXMEP ZMGXMQW MR XLI JSVIWXW HYVMRK WYQQIV LIVHMRK PMZIWXSGO ERH GSPPIGXMRK FIVVMIW QYWLVSSQW ERHRYXW7IGSRHP][SPZIWVEMWMRKTYTW[MPPFII\TIVMIRGMRKMR GVIEWIH JSSH WXVIWW HYVMRK XLMW TIVMSH 6SSXWM 8LIVI MW XLIVIJSVI RS WYTTSVX JSV XLI TSTYPEV MQEKI SJ LYRKV] [SPZIW EXXEGOMRKTISTPIHYVMRKXLIHITXLWSJ[MRXIV
1G(SYKEP WTIGYPEXIH XLEX QERIEXIV XMKIVW MR -RHME HI ZIPSTIH[LIR[MPHTVI]FIGEQIVEVIVIWYPXMRKMRXMKIVWTVI]MRK SRPMZIWXSGO8LMW[SYPHFVMRKXLIQMRXSGPSWIGSRXEGX[MXLQER [MXL [LMGL XLI XMKIVW [SYPH FIGSQI JEQMPMEV YT XS XLI TSMRX [LIR XLI] FIGEQI VIKEVHIH EW EPXIVREXMZI TVI] 8LMW TVSGIWW [LIVISRP]GIVXEMRMRHMZMHYEPWFIKMRXSVIKEVHLYQERWEWTVI]MW E GPEWWMG HIQSRWXVEXMSR SJ XLI I\MWXIRGI SJ TVSFPIQ MRHMZMHYEPW 0MRRIPPIXEP % QSHIVR TEVEPPIP XS XLI [SPJ WMXYEXMSR MR TVI GIRXYV] )YVSTI WXMPPI\MWXW MR-RHME ;MPH TVI]EVI VEVI ERH XLI PMZIWXSGO EVI SJXIR [IPP KYEVHIH F] EHYPXW PIEZMRK YREXXIRHIH ]SYRK GLMPHVIR EW E ZYPRIVEFPI lTVI]z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lJIEVPIWWz MRHM ZMHYEPWMWPMOIP]XSFI[IEO XL
;L]EVIXLIVIWSJI[EXXEGOWJVSQ2SVXL%QIVMGE#
4EXXIVRWr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
3XLIVJEGXSVW
;SPZIW VIKYPEVP] OMPP HSQIWXMG HSKW 8LMW MRGPYHIW FSXL LYRXMRK HSKWWPIHKIHSKWERHHSKWXMIHYTMRJEVQ]EVHW-XMWXLIVIJSVI TSWWMFPIXLEXXLITVIWIRGISJEHSKQE]EXXVEGXE[SPJERHPIEH XLI [SPJ XS EGX MR ER EKKVIWWMZI QERRIV 4SXIRXMEPP] E LYQER XV]MRKXSHIJIRHEHSKQE]TVSZSOIE[SPJMRXSQEOMRKEHIJIR WMZIEXXEGO7YVTVMWMRKP]XLITVIWIRGISJEHSKHSIWRSXETTIEV MRQER]SJXLIGEWIWXLEX[ILEZII\EQMRIHLIVIETEVXJVSQE JI[GEWIW[LIVIE[SPJEXXEGOIHWPIHKIHSKW-XVIQEMRWEJEGXSV XLEXWLSYPHFIGSRWMHIVIH
4EXXIVRWrXIQTSVEPGLERKIWMR RYQFIVWSJEXXEGOW
8LIVI EVI QER]HIWGVMTXMSRW SJ [SPZIW JIIHMRKSR LYQER FSH MIWMRGPYHMRKXLSWI XLEXLEZIHMIH SR XLI FEXXPIJMIPH JVSQ ITM HIQMGW SV TSSVP] GVIQEXIH VIQEMRW MR KVEZI]EVHW 7LELM 'EWI] 'PEVO 7RIVXI -X MW SJXIR WTIGYPEXIH XLEX [SPZIWXLEXLEZIJIHSRLYQERFSHMIWQMKLXQEOIXLIGLERKI XSOMPPMRKTISTPI;LMPIXLIMHIEMWEXXVEGXMZIXLIVIMWPMXXPIHEXEXS
8LIVIMWEGPIEVTEXXIVRJSVXLIRYQFIVSJHSGYQIRXIHERH VI TSVXIH [SPJ EXXEGOW XS HIGVIEWI MR )YVSTI HYVMRK XLI GIR XYV]8EFPI 8LMWMWXLISTTSWMXI SJ [LEX [SYPH FI I\TIGXIH XL
RMRESTTHVEKWQIPHMRK
8EFPI %KI ERH WI\ WTIGMJMG REXYVI SJ EXXEGOW F] VEFMH [SPZIW ERH TVIHEXSV] EXXEGOW SR LYQERW 'EWIW QEVOIH[MXLEREWXIVM\MRGPYHIFSXLZMGXMQWXLEX[IVIEXXEGOIHERHWYVZMZIHERHXLSWIXLEX[IVIOMPPIH3XLIV[MWI XLIHEXEGSRXEMRWJEXEPEXXEGOWSRP] %VIE
4IVMSH
2
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4VIHEXSV] 2SV[E]7[IHIR *MRPERH 7TEMR 6YWWME *VERGI *VERGI -XEP] *MRPERH 4SPERH 6YWWME 6YWWME -RHME -RHME )WXSRME
r
8SXEPQIER 6EFMIW *VERGI *VERGI -VER -RHME -RHME +IVQER] 7TEMR 9776 9776 8SXEPQIER
GIRXYV] XL
%KILEWSRP]FIIRKMZIREWlGLMPHz;ILEZIXLIVIJSVIEPPSGEXIHEKIWIUYEPP]MRXSXLIX[SGEXIKSVMIW
XMSREKEMRWXlJIEVPIWWz[SPZIWSVXLSWIXLEXEVIRSXZIV]WL] SJ LYQERW -R GSYRXVMIW [LIVI [SPZIW EVI LYRXIH PIKEPP] ERH MPPIKEPP] MX MW YRPMOIP] XLEX ER] [MPP PMZI PSRK SRGI XLI] FIKMR XS HIZIPST lJIEVPIWWz FILEZMSYV ,S[IZIV MR GSYR XVMIW [LIVI [SPZIW EVI TVSXIGXIH QEREKIQIRX QE] RIIH XSGSRWMHIVVIWTSRWIEGXMSRWWIIWIGXMSR
[LIR XLI MQTVSZIH VIGSVH OIITMRK ERH MRZIWXMKEXMSR SJ VIGIRX HIGEHIWMWGSRWMHIVIH'PIEVP]XLIVILEWFIIREHVEQEXMGVIHYG XMSR MR XLI RYQFIVW ERH HMWXVMFYXMSR SJ [SPZIW HYVMRK XLI PEWX GIRXYVMIW1IGL XSKIXLIV[MXLEQEWWQSZIQIRXSJTIS TPI JVSQ VYVEP XS YVFER EVIEW 8LIWI X[S GLERKIW [SYPH REXY VEPP]HIGVIEWIXLIGLERGIWSJ[SPZIWERHTISTPIQIIXMRK&YXE RYQFIVSJSXLIVJEGXSVWQYWXEPWSFIGSRWMHIVIH
(IWTMXI XLI GIRXYVMIW SJ TIVWIGYXMSR [SPZIW LEZI WYVZMZIH MR QER]EVIEWMRPEVKIRYQFIVWERHLEZIFIKYRXSVIXYVRXSQER] TPEGIWJVSQ[LMGL XLI] [IVII\XIVQMREXIH % QSHIVR TIVWTIG XMZISRXLIVEVMX]SJ[SPJEXXEGOWGERFITVSZMHIHF] I\EQMRMRK XLIRYQFIVSJ[SPJEXXEGOWVIPEXMZIXSXLIRYQFIVWSJ[SPZIWMR ZEVMSYWGSYRXVMIWWXEXIWHYVMRKXLIPEWXHIGEHI8EFPIWERH 8LIVI EVI GYVVIRXP] ER IWXMQEXIH r [SPZIW MR )YVSTI MR 6YWWME ERH MR 2SVXL %QIVMGE )ZIR [MXLXLIWIRYQFIVW[ILEZIQEREKIHXSSRP]JMRHVIGSVHWSJ TISTPI FIMRK OMPPIH MR )YVSTI MR 6YWWME ERH RSRI MR 2SVXL %QIVMGEF]RSRVEFMH[SPZIWHYVMRKXLIPEWX]IEVW6IWTIGXMZI JMKYVIW JSV VEFMIW GEWIW EVI ERH ^IVS 'PIEVP] XLI VMWOW SJ
'LMPHVIREVIVEVIP]YWIHEWWLITLIVHWXSHE] ;MPH TVI] TSTYPEXMSRW LEZI MRGVIEWIH HVEQEXMGEPP] MR QSWX EVIEW 6EFMIWMRHSQIWXMGHSKWLEWFIIRKVIEXP]VIHYGIHXLVSYKL ZEGGMREXMSRERHHSKGSRXVSPPE[W 8LITVEGXMGISJOIITMRKXEQI[SPZIWERHL]FVMHWHSIWRSX ETTIEV XS FI WS GSQQSR r EX PIEWX [LIVI XLI] SGGYV XLI WMXYEXMSRMWGLERKIHERHXLIGLERGIWSJXLIQIWGETMRKEVI JEVPIWW ;SPZIWLEZIFIIRWSLIEZMP]TIVWIGYXIHHYVMRKXLIPEWXGIR XYV]XLEXMXMWLMKLP]PMOIP]XLEXXLIVILEWFIIRMRXIRWIWIPIG
RMRESTTHVEKWQIPHMRK
[SPJ EXXEGOW YRHIV TVIWIRX GMVGYQWXERGIW EVI ZIV] ZIV] PS[ XLVSYKLSYX)YVSTIERH2SVXL%QIVMGE
8LIVIWYPXWSJXLMWVITSVXQE]WIIQWYVTVMWMRKXSQER]KMZIRXLI QSHIVRTSWMXMZIMQEKISJXLI[SPJEWEREPQSWXLEVQPIWWGEVRM ZSVI 1ER] LEZI VIEH SV LIEVH WXEXIQIRXW WYGL EW z|XLIVI MW RS VIGSVH SJ ER YRTVSZSOIH RSRVEFMH [SPJ MR 2SVXL %QIVMGE WIVMSYWP] MRNYVMRK E TIVWSRz 1IGL *VSQ SYV VIZMI[ [I GERRSX HMWTVSZI XLMW WXEXIQIRX EPXLSYKL XLMW HITIRHW SR LS[ ]SYMRXIVTVIXlWIVMSYWP] MRNYVIHzERH lVIGSVHz -X MWEPWSMQTSV XERXXSYRHIVPMRIXLIGSRHMXMSRWMRXLIWXEXIQIRX8LIlMR2SVXL %QIVMGEzGSRHMXMSRMWXLIQSWXMQTSVXERXSJEPP-R2SVXL%QIV MGE TISTPI LEZI FIIR OMPPIH F] VEFMH [SPZIW ERH IPWI[LIVI TISTPI LEZI FIIR FMXXIR F] LIEPXL] [SPZIW 2SVXL %QIVMGER EYXLSVWLEZIFIIRE[EVISJWXSVMIWSJ[SPJEXXEGOWJVSQ)YVEWME rFYXYRXMPVIGIRXP]XLI]LEZIRSXLEHEGGIWWXSEVIZMI[EWXLI PERKYEKI FEVVMIV LEW GPIEVP] LMRHIVIH XLI JPS[ SJ MRJSVQEXMSR
:MI[MRKXLI[SPJEWE[SPJ 8LMW VITSVX HSGYQIRXW XLEX [SPZIW LEZI OMPPIH ERH EXXEGOIH TISTPIXLVSYKLSYXVIGIRXGIRXYVMIW-XMWIEW]XSWIIJVSQ[LIVI SYV GYPXYVEP JIEV SJ [SPZIW GSQIW JVSQ 8LI VIGSVHW JVSQ TEWX ERHTVIWIRXXMQIWSJVEFMH[SPZIWKSMRKEQSOERHSJXLIWISG GEWMSREP ITMWSHIW SJ [SPZIW TVI]MRK SR GLMPHVIR EVI HVEQEXMG 8LIMV HVEQEXMG REXYVI MW GPIEV IZIR JVSQ XLI TIVWTIGXMZI SJ SYV QSHIVRIRPMKLXIRIHXMQIW;LIRZMI[IHJVSQXLI ERH GIRXYVMIWXLI]QYWXLEZIFIIRXIVVMJ]MRK-XMWXLIVIJSVIRSXWYV TVMWMRK XLEX XLI [SPJ SJ EPP XLI PEVKI GEVRMZSVIW FIGEQI WYGL E RIKEXMZI W]QFSP &SMXERM 6ILRQEVO XLVSYKLSYX )YVSTIERLMWXSV] XL
XL
8EFPI7IEWSREPHMWXVMFYXMSRSJ[SPJEXXEGOWSRLYQERWWITIVEXIHMRXSTVIHEXSV]EXXEGOWF]LIEPXL][SPZIWERHEXXEGOWF] VEFMH[SPZIW'EWIWWLS[RYQFIVWSJTISTPIOMPPIHYRPIWWSXLIV[MWIMRHMGEXIH !OMPPIHERHMRNYVIHs!MRNYVIHSRP] 7SQI ITMWSHIWSJTVIHEXSV]EXXEGOWQE]MRGPYHIEJI[VEFMHGEWIWt %VIE
4IVMSH
2
4VIHEXSV] 2SV[E] 7[IHIR 7[IHIR 6YWWME 6YWWME )WXSRME *MRPERHàFS *MRPERH *VERGI *VERGI 0EXZMEs 4SPERH 4SPERH 7TEMR -XEP]t 2SVXL%QIVMGEs
8SXEP 6EFMIW +IVQER] 0EXZME 0MXLYERME )WXSRME 7TEMR 6YWWME -VER 'VSEXME *VERGI 7PSZEOME 2SVXL%QIVMGE 8SXEP
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RMRESTTHVEKWQIPHMRK
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8LITVSFPIQMWXLEXMRXLIEFWIRGISJEJYPPKPSFEPVIZMI[QER] TISTPILEZIEXXIQTXIHXSI\XVETSPEXIXLI2SVXL%QIVMGERI\TI VMIRGI XS XLI VIWXSJ XLI [SVPH *VSQ SYV VIZMI[ MX MW GPIEV XLEX XLI2SVXL%QIVMGERI\TIVMIRGIMWRSXX]TMGEPERHXLEX[LIRGSR WMHIVMRK [SPJ QEREKIQIRX ERH XLI VMWO XS LYQER WEJIX] [I RIIHXSGSRWMHIVXLI[SPJMRXSXS8LMWQIERWXLEXEPPEXXEGOWF] [SPZIW XLEX EVI VEFMH LEFMXYEXIH WMGO L]FVMH IWGETIH JVSQ GETXMZMX]SVTVSZSOIHEVINYWXEWMQTSVXERXEWXLSWIEXXEGOWXLEX EVI QEHI F] LIEPXL] [MPH YRTVSZSOIH ERH RSRLEFMXYEXIH
:EVMSYW MRXIVIWX KVSYTW LEZI PSRK LIPH YT XLI [SPJ EW IMXLIV E HIZMPPMOIW]QFSPSVEWXLEXSJEFIRMKRKSHPMOIERMQEP%HQMX XMRKXLEX[SPZIWLEZIOMPPIHTISTPIQE]GLERKIXLIMQEKIXLEX
8EFPI7YQQEV]SJ[SPJEXXEGOWSRLYQERW3RP]XLIQSWXVIPMEFPIGEWIWLEZIFIIRMRGPYHIHMRXLMWXEFPI2YQFIVW HSRSXVITVIWIRX XSXEP RYQFIVW FYX QIVIP] XLSWIJSV [LMGL [I LEZI JSYRH VIGSVHW8LI TIVMSH ERH VIKMSRW GSZIVIH [MXLMRIEGLXMQITIVMSHZEV]KVIEXP]8LIRYQFIVWXLEXHMIJSPPS[MRKVEFMIWEXXEGOWMWSJXIRYRHIVIWXMQEXIHEWXLIPSRK XIVQJEXIWSJZMGXMQWEVIVEVIP]VITSVXIHMRLMWXSVMGHSGYQIRXW;LIVIEYXLSVWLEZISRP]VITSVXIH RYQFIVW OMPPIH [I YWIXLMWRYQFIVEWEQMRMQYQIWXMQEXISJXLIXSXEPRYQFIVEXXEGOIHMRHMGEXIH[MXLElz %VIE
6EFMIW 'VSEXME )WXSRME *VERGI +IVQER] -XEP] 0EXZME 0MXLYERME 4SPERH 7PSZEOME 7TEMR )YVSTIXSXEP -RHME %JKLERMWXER -VER 'LMRE 6YWWME9776 2SVXL%QIVMGE 2SRVEFMIW )WXSRME *MRPERH *VERGI -XEP] 0EXZME 0MXLYERME 2SV[E] 4SPERH 7PSZEOME 7TEMR 7[IHIR )YVSTIXSXEP -RHME 6YWWME9776 2SVXL%QIVMGE
GIRXYV]
GIRXYV]
XL
XL
8SXEPEXXEGOW /MPPIH
8SXEPEXXEGOW /MPPIH
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8SXEPEXXEGOW /MPPIH
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8SXEPEXXEGOW /MPPIH
8LIWIGEWIW[IVIVITSVXIHF]4EZPSZ JVSQXLITIVMSHERHHSRSXWITEVEXIFIX[IIRVEFMIWERHRSRVEFMIW 8LIWIGEWIWJVSQEVIVITSVXIHF]/SV]XMR [LSMRHMGEXIWWTIGMJMGEPP]XLEXXLI]EVIRSXJVSQVEFMH[SPZIW&IGEYWISJ
TSWWMFPIHSYFPIVITSVXMRK[IHSRSXVITSVXJMKYVIWJVSQ4EZPSZ GMXIHJVSQXLMWTIVMSH
RMRESTTHVEKWQIPHMRK
1EREKIQIRX TPERRMRK
WSQIQER]# TISTPILEZISJXLI[SPJ;LIR[IGSRWMHIVXLEXE [SPJ MW E LMKLP] EHETXEFPI PEVKI GEVRMZSVI JSYRH JVSQ XLI %VE FMERHIWIVXWXSXLIEVGXMGXYRHVEGETEFPISJOMPPMRKEHYPXQSSWI [IMKLXMRKQER]LYRHVIHWSJOMPSKVEQWMXWLSYPHRSXFIWYVTVMW MRKXLEX[SPZIWPMOIQSWXSXLIVPEVKIGEVRMZSVIWLEZISRSGGE WMSR OMPPIH LYQERW -R QER] [E]W MX MW WYVTVMWMRK XLEX [SPZIW LEZIRSXOMPPIHQSVITISTPIHYVMRKXLIGSYVWISJXMQI8LIQEMR W]QFSPMGGSRGPYWMSRXLEXGSQIWJVSQXLMWWXYH]MWXLEXMXMWXMQI XSWXSTZMI[MRKXLI[SPJEWEHIZMPSVEKSH%[SPJMWE[SPJ%W E WTIGMIW [I GERRSX I\TIGX XLIQ XS RSX IEX LYQERW ER IEW] ERH EFYRHERX TVI] SR TVMRGMTPI ;I WLSYPH NYWX FI KPEH XLEX XLI]EZSMHYWEWQYGLEWXLI]HSERHQEREKIXLIQXSOIITMX XLEX[E]
&EWIHSRXLITEXXIVRWTVIWIRXIHEFSZIMXETTIEVWXLEXXLIVMWOW SJ[SPJEXXEGOWSRTISTPIEVIGYVVIRXP]ZIV]ZIV]PS[MR)YVSTI ERH 2SVXL %QIVMGE XSHE] 8LI JEGXSVW EWWSGMEXIH [MXL MR GVIEWIHVMWOWSJ[SPJEXXEGOWEVIRSXTVIWIRXP]GSQQSRWIGXMSR ERH EVI YRPMOIP] XS MRGVIEWI MR XLI JYXYVI ,S[IZIV MX MW MQTSVXERX XS TVITEVI JSV EPP IZIRXYEPMXMIW IZIR XLSWI XLEX EVI ZIV]YRPMOIP]
6IHYGMRKXLIGLERGIWXLEX[SPJ EXXEGOWSGGYV &EWIH SR XLI EREP]WMW SJ JEGXSVW EWWSGMEXIH [MXL [SPJ EXXEGOW XLIVIEVIXLVII[E]WMR[LMGLXLIVMWOSJ[SPJEXXEGOWSGGYVVMRK GERFIVIHYGIHIZIRJYVXLIV 'SQFEXVEFMIW%WVEFMIWMWEWWSGMEXIH[MXLEPEVKITVSTSV XMSRSJ[SPJEXXEGOWMX[SYPHFIHIWMVEFPIXSVIHYGIXLIVMWO SJ [SPZIW GSRXVEGXMRK VEFMIW %W HSQIWXMG HSKW ETTIEV XS LEZIFIIRXLIQEMRWSYVGISJVEFMIWMR[SPZIWMXWLSYPHFI VIPEXMZIP]IEW]XSGSRXMRYIXLISRKSMRKIJJSVXWXS ZEGGMREXI ERH GSRXVSP HSKW EX PIEWX MR XLI [IWXIVR [SVPH *YVXLIV QSVIXLISRKSMRKIJJSVXWXSZEGGMREXI[MPHPMJITSTYPEXMSRW EKEMRWXVEFMIWXLEXLEZIFIIRWYGGIWWJYPMR[IWXIVR)YVSTI [MPPJYVXLIVVIHYGIXLI VMWOSJ [SPZIW GSRXVEGXMRK VEFMIW -R %WMEXLMWXEWOQE]FIZIV]HMJJMGYPXMRXLIWLSVXXIVQ ,EFMXEXERHTVI]QEREKIQIRX1EREKMRKERHVIWXSVMRK TVI] TSTYPEXMSRW ERH XLIMV LEFMXEX ERH YWMRK IJJIGXMZI QIXLSHW XS TVSXIGX PMZIWXSGO WS XLEX [SPZIW EVI RSX HI TIRHIRXSRLYQERJSSHWSYVGIW[MPPVIHYGIFSXLXLI[SPJ LYQER IRGSYRXIV VEXI ERH XLI VMWO SJ LEFMXYEXMSR 8LMW WLSYPH EKEMR VIHYGI XLI GLERGIW SJ [SPJ EXXEGOW SR LY QERW /IITMRK [SPZIW [MPH ,EFMXYEXIH [SPZIW LEZI FIIR VI WTSRWMFPIJSVERYQFIVSJEXXEGOWEW LEZI LEFMXYEXIH HMR KSIWERHGS]SXIW/IITMRK[SPZIW[MPHWSXLEXXLI]HSRSX EWWSGMEXILYQERW[MXLJSSHERHQEMRXEMREGIVXEMRPIZIPSJ JIEVSJLYQERWWLSYPHKVIEXP]VIHYGIXLIVMWOSJEXXEGOW-R EVIEW[LIVI[SPZIWEVILYRXIHIQTLEWMWWLSYPHFITPEGIH SR QIXLSHW [LIVI XLI TEGOW PIEVR XS EWWSGMEXI LYQERW [MXL RIKEXMZI GSRWIUYIRGIW (VMZI LYRXW QE] EGLMIZI XLMW KSEP QSVI XLER WMXERH[EMX LYRXW JSV I\EQTPI ;LIVI [SPJLYRXMRKMWRSXETTVSTVMEXIIJJSVXWWLSYPHFIQEHIXS WXST [SPZIW JVSQ EWWSGMEXMRK LYQERW [MXL JSSH ERH XLI YWI SJ LEVEWWQIRX QIEWYVIW WLSYPH FI GSRWMHIVIH [LIVI RIIHIH
6IEGXMSRTPERRMRK (IWTMXIXLIPS[TVSFEFMPMX]SJ[SPJEXXEGOWSRLYQERWSGGYVVMRK XLI VMWO MW RSX ^IVS ERH [MPHPMJI QEREKIQIRX VIEGXMSR TVSGI HYVIWWLSYPHFITYXMRTPEGIFIJSVIWYGLMRGMHIRXWSGGYVMRXLI
RMRESTTHVEKWQIPHMRK
HIRGIMRXLMWWSYVGISJORS[PIHKI8LIVILEWFIIREGSRJPMGXFI X[IIR PE] ORS[PIHKI ERH WGMIRXMJMG ORS[PIHKI [MXL VIKEVHW XS XLIHERKIV[SPZIWTSWIXSLYQERWEJIX]7MRGIWGMIRXMJMGORS[P IHKILSPHWELIKIQSRMGTSWMXMSRXSPE]ORS[PIHKIXLIGSRXIW XEXMSRSJGPEMQWXLEX[SPZIWEVILEVQPIWWQE]FIERIPIQIRXMRE WXVYKKPI EKEMRWX XLI HSQMRERGI SJ XLMW JSVQ SJ ORS[PIHKI ,S[IZIV XLI GPEMQ XLEX [SPZIW EVI LEVQPIWW MW RSX EGXYEPP] E VIWYPXSJWGMIRXMJMGMRZIWXMKEXMSREWXLMWMWXLIJMVWXWIVMSYWEXXIQTX XS VIZMI[ XLI XSTMG 8LI VIWYPXW SJ XLMW VIZMI[ XLEX HSGYQIRXW XLEX [SPZIW GER TVIWIRX VMWOW XS LYQER WEJIX] YRHIV GIVXEMR GSRHMXMSRWWLSYPHLSTIJYPP]KSEPSRK[E]XS VIGSRGMPMEXMSR FI X[IIR PE] ERH WGMIRXMJMG ORS[PIHKI SR XLMW XSTMG &NIVOI IX EP %RLSRIWXTVIWIRXEXMSR SJ JEGXWEFSYX [SPZIW MRGPYHMRK XLI RIKEXMZI EWTIGXW MW ZMXEP XS FYMPH YT XVYWX EQSRK HMJJIVIRX MRXIVIWXKVSYTW7GLPMGOIMWIR
LSTIXLEXXLI]EVIRIZIVRIIHIH+MZIRXLEXXLIVMWOSJEXXEGOW JVSQ SXLIV PEVKI GEVRMZSVIW FIEVW TYQEW XMKIVW IXG MW QYGL LMKLIV[SPJEXXEGOVIWTSRWITVSXSGSPWGERFIMRGSVTSVEXIHMRXS XLSWIJSVXLISXLIVWTIGMIW8[STSXIRXMEPWMXYEXMSRWXLEXVIUYMVI VIEGXMSR GER SGGYV -X MW IWWIRXMEP XLEX VIEGXMSR TVSXSGSPW EVI MR TPEGIFIJSVIWYGLIZIRXWSGGYV l*IEVPIWW[SPZIWz-RHMZMHYEP[SPZIWQE]FIKMRXSFILEZI MRE[E][LIVIXLI]EVIRSXWLS[MRKXLIETTVSTVMEXIPIZIP SJJIEVSJLYQERW8LIVIWLSYPHFIEQEREKIQIRXTVSXSGSP MRTPEGIXSHIEP[MXLXLMWIZIRXYEPMX]*SVI\EQTPIMR (IREPM2EXMSREP4EVOMR%PEWOEGPSWIHWIZIVEPGEQTWMXIW FI GEYWI XLI VIWMHIRX [SPZIW LEH FIKYR XS WLS[ lJIEVPIWWz FILEZMSYV ETTVSEGLMRK GEQTIVW ERH WXIEPMRK JSSH ERH SXLIVSFNIGXW
*MREPP]MXMWMQTSVXERXXLEXXLITYFPMGVIGIMZIMRJSVQEXMSRSRLS[ XS EGX [LIR GSRJVSRXIH [MXL E [SPJ XLI] FIPMIZI MW EGXMRK EK KVIWWMZIP] MR XLI WEQI QERRIV XLEX ZMWMXSVW XS 2SVXL %QIVMGER REXMSREP TEVOW EVI KMZIR MRJSVQEXMSR EFSYX FIEV WEJIX] %R I\ EQTPISJ XLI MRJSVQEXMSR TVSZMHIH F] XLI &VMXMWL 'SPYQFME 2E XMSREP4EVOW7IVZMGIMWTVSZMHIHMR%TTIRHM\
'IRXVEP XS WYGL E TVSXSGSP MW ER YRHIVWXERHMRK SJ [LEX GSRWXM XYXIWRSVQEPERHEFRSVQEP[SPJFILEZMSYV*SVI\EQTPI[SPZIW PMZMRKMR QM\IH JEVQPERHJSVIWX LEFMXEXW [MPP KIRIVEPP] XSPIVEXI E ZIV] LMKL HIKVII SJ LYQER EGXMZMX] ERH LYQER MRJVEWXVYGXYVI 8LI] QE] IZIR ETTVSEGL LSYWIW ERH OMPP HSKW 7YGL FILEZMSYV QYWX FI VIKEVHIH EW lRSVQEPz [SPJ FILEZMSYV 1EREKIQIRX TVSXSGSPW XLEX HIJMRI PMQMXW JSV RSVQEP FILEZMSYV [MPP XLIVIJSVI RIIHXSFIHIZIPSTIHMRGPSWIGSRWYPXEXMSR[MXLI\TIVXWSR[SPJ FILEZMSYV ;SPJ EXXEGOW 1EREKIQIRX TVSXSGSPW EVI RIIHIH JSV GMV GYQWXERGIW [LIVI E TIVWSR GPEMQW XS LEZI FIIR EXXEGOIH F][SPZIWSVMJEFSH]MWJSYRH[LIVI[SPZIWEVIWYWTIGXIH XSLEZIFIIRMRZSPZIH-RWYGLIZIRXWMXMWMQTSVXERXXSGSR JMVQ XLI MHIRXMX] SJ XLI EXXEGOIV EW E [SPJ FIGEYWI XLI GLERGIW SJ MX LEZMRK FIIR E HSK SV SXLIV EKIRX EVI JEV LMKLIV-R&VMXMWL'SPYQFME[LIVIJEXEPEXXEGOWJVSQTYQEW ERHFIEVWSGGYVEPPHIEXLWEVIXVIEXIHEWGVMQIWGIRIW[MXL XLIIQTLEWMWSRTVIWIVZMRKIZMHIRGI8LIEFMPMX]SJJSVIRWMG WGMIRGIXSYWI(2%QIXLSHSPSK]XSMHIRXMJ]XLIMHIRXMX]SJ XLIEXXEGOMRKERMQEPWLSYPHEPWSFIMRZIWXMKEXIH7EZSPEMRIR 0YRHIFIVK
8LILYQERHMQIRWMSR -XMWMQTSVXERXXSVIEPMWIXLEXQYGLSJXLIJIEVXLEXMWI\TVIWWIH XS[EVHW[SPZIWQE]FIHMVIGXIHEXXLI[SPJEWEW]QFSPVEXLIV XLEREGXYEPJIEVJSVTL]WMGEPVMWO1MHKPI] -RXLIQSHIVR GSRXI\X XLMW W]QFSPMWQ MW PMOIP] XS FI EWWSGMEXIH [MXL E PSWW SJ GSRXVSPSJPSGEPEJJEMVWMRXLIJEGISJSYXWMHIMRXIVZIRXMSRF]GIR XVEPEYXLSVMXMIWERHPEVKIYVFERTSTYPEXMSRW&NIVOIIXEP 7OSKIR ,EEPERH 1IEWYVIW [LMGL MRGVIEWI PSGEP MR ZSPZIQIRX MR [MPHPMJI QEREKIQIRX ERH STIR JSV HMEPSKYI FI X[IIR PSGEP TISTPI VIWIEVGLIVW ERH QEREKIVW [MPP EPWS EWWMWX 'EVIJYPP]VIKYPEXIHLYRXMRKSJ[SPZIWMR[LMGLPSGEPTISTPIGER XEOITEVXQE]FIERIJJIGXMZIWXITXS[EVHWPSGEPIQTS[IVQIRX MRWSQIWMXYEXMSRW7OSKIR ,EEPERH&NIVOIIXEP 8LIEXXMXYHIXLEXTISTPILEZIXS[EVHW[SPZIWMWEPWSMRJPYIRGIH F]XLIMVGSRJMHIRGIMRHMJJIVIRXWSYVGIWSJORS[PIHKIWGMIRXMJMG ORS[PIHKIZIVWYWPE]ORS[PIHKI 8LSWI[MXLGSRJMHIRGIMRWGM IRXMJMGORS[PIHKIEVIPMOIP]XSFIQSVITSWMXMZIXS[EVHW[SPZIW LS[IZIV PEVKI WIKQIRXW SJ VYVEP GSQQYRMXMIW LEZI PS[ GSRJM
RMRESTTHVEKWQIPHMRK
0MXIVEXYVIGMXIH
&EXL % . *EVQIV 0 )YVSTIkW GEVRMZSVIW E WYVZI] SJ GLMPHVIRk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kW GSQTIXMXSVW &MSPSKMGEP 'SRWIVZEXMSR
%PM;/LER*/(SYPEL7 1ENYQHEV.97YVZIMP PERGISJVEFMIWMR(EGGE&ERKPEHIWL1IHMGEP 6IWIEVGL 'SYRGMP&YPPIXMR %PPIR(0;SPZIWSJ1MRSRK-WPI6S]EPIk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
RMRESTTHVEKWQIPHMRK
(YRHIW%I0MXXPI6IH6MHMRK ,SSHE GEWIFSSO 9RM ZIVWMX]SJ;MWGSRWMR4VIWW1EHMWSR;MWGSRWMR (YVVLIMQ(2 0IKKEX4%6MWOXSXSYVMWXWTSWIHF] [MPHQEQQEPWMR7SYXL%JVMGE.SYVREPSJ8VEZIP1IHM GMRI (YXXE./ (YXXE8/6EFMIWMRIRHIQMGGSYRXVMIW &VMXMWL1IHMGEP.SYVREP )PHIR+7EQHEP:MO-7:MO) 1MHKEVH60]QI RIZVSFSVVIPMSWIM 1VI SK 6SQWHEP 8MHWWWOVMJX JSV HIR 2SVWOI0KIVJSVIRMRK )PIW , :EVKIR M O]VOFSGOIVRE :EVKIR :EVQPERH JSVV SGLRYàVWFSOJVER:EVQPERHWQYWIYQ%&=WXEHW'IR XVEPXV]GOIVM=WXEH *EFVÃ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ÅR ZEVKÅVIR M àFS PER . 7MQIPMM %VJZMRKEVW &SOXV]GOIVM%OXMIFSPEK ,IP WMROM +SXXPMIF . 3 1MWJIPHX . ' (SF FMXIW MR XLI WPIHKI HSK HMWXVMGXW SJ +VIIRPERH 9KIWOVMJX JSV 0KIV +VERWXV¸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Ã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
RMRESTTHVEKWQIPHMRK
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r /SWWEO7?8LVIEXWXSGSI\MWXIRGISJTISTPIERH[SPZIWAl;MPOr^EKVS^IRMEMTV^]W^PSWGz7YTVEWPG^IV[MIG /VE[G^EO ' ?,YRXMRK SJ [SPZIW MR XLI +VIEX (YGL] SJ 4S^RERA0S[MIG4SPWOM /VMWXMERWIR&).IROMRW%8ZIXIR=/EVWXIR&0MRI &N¸IVWHSVJJ % ,YQER KVERYPSG]XV ILVPMGLMSWI M 2SVKI 8MHWWWOVMJX JSV HIR 2SVWOI 0KIVJSVIRMRK /VYWNMRWOMN 0 ?;SPJ FILEZMSYVA 4SZIHIRMI ZSPOE %OEHIQMNEREYO77761SWGS[ /YQEV 7 6ELQERM % 6 7XEXYW SJ -RHMER KVI] [SPJ 'ERMWPYTYWTEPPMTIWERHMXWGSRWIVZEXMSRMRQEVKMREPEKVM GYPXYVEP EVIEW SJ 7SPETYV (MWXVMGX 1ELEVEWLXVE .SYVREP SJXLI&SQFE]2EXYVEP,MWXSV]7SGMIX] /Y^QMR - 6EFMIW MR 6YWWME 6%&2)8 [[[[LSMRXIQGHMWIEWIW^SS6YWWMECHEXEVYWWMEVEFMIW MRHI\LXQP 0ERKPI] 6 0 1SVVS[ ; ) (IEXLW VIWYPXMRK JVSQ ERMQEPEXXEGOWMRXLI9RMXIH7XEXIW;MPHIVRIWWERH)R ZMVSRQIRXEP1IHMGMRI 0M;/*YPPIV8/+EVWLIPMW(0 5YMKPI],&8LI WXEXYW SJ PEVKI GEVRMZSVIW MR 'LMRE .SYVREP SJ ;MPHPMJI 6IWIEVGL 0MRHKVIR)'PMQEXIERHXMGOFSVRIIRGITLEPMXMW'SRWIV ZEXMSR)GSPSK]?SRPMRIA LXXT[[[GSRWIGSPSVKZSPMWWEVX 0MRLEVX7&/MRK6>EQMV72EZIL9(EZMHWSR1 4IVP 73VEPVEFMIWZEGGMREXMSRSJVIHJS\IWERHKSPHIR NEGOEPW MR -WVEIP TVIPMQMREV] FEMX IZEPYEXMSR 6IZYI 7GM
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l*MREP (VEJX 4PER JSV XLI 'SRWIVZEXMSR SJ ;SPZIW MR )YVSTIz 0'-) 6ITSVX4VSNIGX0-*)l0='37z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
RMRESTTHVEKWQIPHMRK
1IGL 0 ( ;SPZIW SJ XLI LMKL EVGXMG :S]EKIYV 4VIWW 7XMPP[EXIV1MRRIWSXE 1IGL0(8LIGLEPPIRKIERHSTTSVXYRMX]SJVIGSZIVMRK [SPJTSTYPEXMSRW'SRWIVZEXMSR&MSPSK] 1IGL0(%RI[IVEJSVGEVRMZSVIGSRWIVZEXMSR;MPH PMJI7SGMIX]&YPPIXMR 1IGL0(;LSk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ÇIRW]VNÇ4,YOOELYYXEE%VZM%/EVMWXS3WEOI]LXM¸R OMVNETEMRS,ÇQIIPMRRE 1VO8 4VIWXVYH46EFMIWMEVOXMWOISQVÅ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
IRXMJMUYI IX 8IGLRMUYI HI Pk3JJMGI -RXIVREXMSREP HIW )TM ^SSXMIW 0MRRIPP.('%RHVÃ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kW 7SRW2I[=SVO 0SZIVMHKI%. 1EGHSREPH(;7IEWSREPMX]MRWTEXMEP SVKERM^EXMSR ERH HMWTIVWEP SJ W]QTEXVMG NEGOEPW 'ERMW QIWSQIPEWERH'EHYWXYW MQTPMGEXMSRWJSVVEFMIWQER EKIQIRX.SYVREPSJ>SSPSK]0SRHSR 1EGHSREPH ( ; 6EFMIW ERH [MPHPMJI E FMSPSKMWXk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
RMRESTTHVEKWQIPHMRK
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
3OEVQE , ?8LI [SPJ r E QSRSKVETL SJ XLI WTIGMIWA r &ME PS[MI^E 3VMERW + , 'SGLVER4 % (YJJMIPH . ; *YPPIV 8 / +Y XMIVVI^6.,ERIQER;1.EQIW*'/EVIMZE4 /IPPIVX 7 6 /PIMR ( 1G0IPPER & 2 3PWSR 4 ( =EWOE+;SPZIWFIEVWERHXLIMVTVI]MR%PEWOE FMSPSKMGEPERHWSGMEPGLEPPIRKIWMR[MPHPMJIQEREKIQIRX 2EXMSREP6IWIEVGL'SYRGMP;EWLMRKXSR(' 3VQEEWIR : &VERXWWXIV % & 1SIR ) ; *PÅXXFÅVIRIRGIJEPMXXM2SVKI8MHWWWOVMJXJSVHIR2SVWOI 0KIVJSVIRMRK 3ZW]ERMOSZ 2 + &MFMOSZ ( - &SPSKSZ : &EXXPMRK [MXL[SPZIW6YWWMEkWHIGEHIWSPHWXVYKKPIXSQEREKIMXW JPYGXYEXMRK[SPJTSTYPEXMSR-RXIVREXMSREP;SPJ 4EZPSZ1?;SPJA1SWGS[ 4IVWWSR . 7ERH , :EVKIR ZMPXIX IOSPSKMR SGL QER RMWOER7ZIRWOE.EKEVIJSVFYRHIX9TTWEPE 4IXIVWSR60%VIGSVHSJEXMQFIV[SPJEXXEGOMRKEQER .SYVREPSJ1EQQEPSK] 4PYWOS[WOM%)RQVOJMIRHI#3QXVYIRHIZMPPH]VMRSV HIYVSTIMWOQMHHIPEPHIV7TSV 4SYVGLIV % ,MWXSVMI HI PE &IXI HY +IEZYHER ZIVXMXEFPI JPIEYHI(MIYHkETVIWPIWHSGYQIRXW IRIHMXWIXEYXLIR XMUYIW7EMRX1EVXMRHI&SYFEY\ 4SYWIXXI ) (I QÅERRMWOSÇXERHI ZEVKEVRE &NVOIPER KIR&SO 4ETMV&NVOIPERKIR2SVKI 4VMRW0 =EXIW;(+6EFMIWMR'EREHE 'EREHMER:IXIVMREV].SYVREP 4YPPMEMRIR ) ;SPJ IGSPSK] MR RSVXLIVR )YVSTI -R *S\ 1;IH8LI[MPHGERMHWXLIMVW]WXIQEXMGWFILEZMSVEP IGSPSK]ERHIZSPYXMSR:ER2SWXVERH6IMRLSPH'SQTER] 2I[=SVO4T 4Å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ÅV KEQPIR]LIXIVFPMVWSQR]IMRSVWOTVIWWIZÅVIR :ÅVI6SZH]V 6ILRQEVO)02IMXLIVKSHRSVHIZMPVIXLMROMRKSYVTIV GITXMSR SJ [SPZIW 4SQIKVEREXI 'SQQYRMGEXMSRW -RG 'EPMJSVRME
RMRESTTHVEKWQIPHMRK
8VIZIW% 2EYKLXSR8VIZIW06MWOERHSTTSVXYRMX]JSV LYQERW GSI\MWXMRK [MXL PEVKI GEVRMZSVIW .SYVREP SJ ,YQER)ZSPYXMSR 9RWKÅVH. :MKIVWXP249PZM2SVKI0ERHFVYOWJSV PEKIX3WPS :EREKW.IH ?,YRXMRK]IEVA6KE%ZSXW :MPÆ' ;E]RI6/,]FVMHM^EXMSRFIX[IIR[SPZIWERH HSKW'SRWIVZEXMSR&MSPSK] :SW.*SSHLEFMXWERHPMZIWXSGOHITVIHEXMSRSJX[S-FI VMER[SPJTEGOW'ERMWPYTYWWMKREXYW MRXLIRSVXLSJ4SV XYKEP.SYVREPSJ>SSPSK]0SRHSR ;EFEOOIR47ERH , 0MFIVK 3 &NÇ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
PSOEPFIJSPORMRK 2SVWO -RWXMXYXX JSV 2EXYVJSVWORMRK *EKVETTSVX 7QMXL ' ( 1SMV ' 6 1YGLE 4 6LEFHSQ]SP]WMW ERH VIREP JEMPYVI JSPPS[MRK E [SPJ EXXEGO GEWI VITSVX .SYVREPSJ8VEYQE 7QMXL1)0MRRIPP.('3HHIR. )7.1IXL SHWJSVVIHYGMRKPMZIWXSGOPSWWIWXSTVIHEXSVW&%ZIVWMZI GSRHMXMSRMRK HIXIVVIRXW ERH VITIPPIRXW %GXE %KVMGYP XYV7GERHMREZMGE 7RIVXI/9PZILMWXSVMIV7EQPEKIX3WPS 7XIIVI % ' 0]QI HMWIEWI E KVS[MRK XLVIEX XS YVFER TSTYPEXMSRW 4VSGIIHMRKW SJ XLI 2EXMSREP %GEHIQ] SJ 7GMIRGISJXLI9RMXIW7XEXIWSJ%QIVMGE 7XITLIRWSR 6 3 %LKSSO 6 8 8LI IWOMQS LYRXIVk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ÅXXFÅVRI W]OHSQQIV QIH LSZIHHZIOX TÅ KI RSKVYTTI)LVPMGLME %RETPEWQE TLEKSG]XSTLMPE 2SVWO :IXIVMRVXMHWWWOVMJX 7[IRWSR.)7ERHIKVIR*,IMQ1&VYRFIVK77VIRWIR 3 . 7¸HIVFIVK % &NÇVZEPP % *VER^Ã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
RMRESTTHVEKWQIPHMRK
=ERWLMR = 1 /SQMWWEVSZ 0 : 9REFE]IV )> ?4VI ZIRXMSRSJL]HVSTLSFMEMRTISTPIFMXXIRF]VEFMH[SPZIWA /E^EOWXER,IEPXL'EVI =SYRK 7 4 +SPHQER ) % 8LI [SPZIW SJ 2SVXL %QIVMGETEVX(SZIV4YFPMGEXMSRW-RG2I[=SVO >EVROI60 &EPPEVH;&7IVSPSKMGWYVZI]JSVWIPIGXIH QMGVSFMEP TEXLSKIRW SJ [SPZIW MR %PEWOE .SYVREPSJ;MPHPMJI(MWIEWIW >IHVSWWIV % (IV [SPJ 'ERMW PYTYW MR ÓWXIVVIMGL ,MW XSVMWGLI IRX[MGOPYRK YRH ^YOYRJXWEYWWMGLXIR 9RTYF PMWLIHVITSVXJVSQ;;*%YWXVMETT >I]REPM 1 *E]E^ % 2EHMQ % %RMQEP FMXIW ERH VE FMIWWMXYEXMSRMR-VER%VGLMZIWSJ-VERMER1IHMGMRI >MQQIVQERR & ;EFEOOIR 4 (¸XXIVIV 1 ,YQER GEVRMZSVI MRXIVEGXMSRW MR 2SV[E] LS[ HSIW XLI VI ETTIEVERGI SJ PEVKI GEVRMZSVIW EJJIGX TISTPIkW EXXMXYHIW ERHPIZIPWSJJIEV#*SVIWX7RS[ERH0ERHWGETI6IWIEVGL MRTVIWW
RMRESTTHVEKWQIPHMRK
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£SMW1SYXSY -EQ^I/LYXWMWLZMPM 7XIJJIR&YX^IGO 7^IQIXL]0EW^PS &MW[ENMX1SLERX] :EWERX7EFIV[EP
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2%'6)7+ISVKME'-7 7TVII[EPH&MSWTLIVI6IWIVZI&VERHIRFYVK +IVQER] (ITEVXQIRXSJ;MPHPMJI&MSPSK]ERH1EREKI QIRX7X7XITLIR9RMZIVWMX],YRKEV] ;MPHPMJI7SGMIX]SJ3VMWWE-RHME
%VIESJ)\TIVMIRGI %JKLERMWXER %PEWOE %PEWOE %PEWOE %PEWOE %PEWOE'EREHE %PFIVXE'EREHE %PFIVXE'EREHE %PFIVXE'EREHE %YWXVME &VMXMWL'SPYQFME &VMXMWL'SPYQFME 'EREHE &YPKEVME 'EREHE 'EREHE 'EREHE 'EREHE 'EREHE 'LMRE 'LMRE 'VSEXME*SVQIV=YKSWPEZME )YVSTI )YVSTI )YVSTI )YVSTI'EREHE *VERGI *VERGI *VERGI *VERGI *VERGI *VERGI +ISVKME +IVQER] ,YRKEV] -RHME -RHME
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
RMRESTTHVEKWQIPHMRK
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