ML12089A225
ML12089A225 | |
Person / Time | |
---|---|
Site: | Indian Point |
Issue date: | 12/31/2011 |
From: | Nickell R Applied Science & Technology, Electric Power Research Institute |
To: | Atomic Safety and Licensing Board Panel |
SECY RAS | |
Shared Package | |
ML12089A223 | List: |
References | |
RAS 22112, 50-247-LR, 50-286-LR, ASLBP 07-858-03-LR-BD01 | |
Download: ML12089A225 (121) | |
Text
ENT000214 Submitted: March 29, 2012 1EXIVMEPW 6IPMEFMPMX] 4VSKVEQ 164
)ZEPYEXMSR SJ *EXMKYI (EXE -RGPYHMRK 6IEGXSV ;EXIV )RZMVSRQIRXEP
)JJIGXW 164
8LMW VITSVX HIWGVMFIW VIWIEVGL WTSRWSVIH F] )46- ERH XLI 97 (ITEVXQIRX SJ )RIVK]
YRHIV XLI 2YGPIEV )RIVK] 4PERX 3TXMQM^EXMSR 2)43 4VSKVEQ
8IGLRMGEP 6ITSVX
1EXIVMEPW 6IPMEFMPMX] 4VSKVEQ 164
)ZEPYEXMSR SJ *EXMKYI (EXE -RGPYHMRK 6IEGXSV ;EXIV )RZMVSRQIRXEP
)JJIGXW 164
- MREP 6ITSVX (IGIQFIV
)46- 4VSNIGX 1EREKIV 7 6SWMRWOM
)46-y,MPPZMI[%ZIRYI4EPS%PXS'EPMJSVRMEc43&S\4EPS%PXS'EPMJSVRMEc97%
c c EWOITVM$ITVMGSQ c (([ITVMGSQ
(-7'0%-1)6 3* ;%66%28-)7 %2( 0-1-8%8-32 3* 0-%&-0-8-)7 8,-7 (3'91)28 ;%7 46)4%6)( &= 8,) 36+%2->%8-32 7 2%1)( &)03; %7 %2
%3928 3* ;36/ 7432736)( 36 '37432736)( &= 8,) )0)'86-' 43;)6 6)7)%6',
-278-898) -2' )46- 2)-8,)6 )46- %2= 1)1&)6 3* )46- %2= '37432736 8,)
36+%2->%8-32 7 &)03; 236 %2= 4)6732 %'8-2+ 32 &),%0* 3* %2= 3* 8,)1
% 1%/)7 %2= ;%66%28= 36 6)46)7)28%8-32 ;,%873):)6 )<46)77 36 -140-)( -
- -8, 6)74)'8 83 8,) 97) 3* %2= -2*361%8-32 %44%6%897 1)8,3( 463')77 36 7-1-0%6 -8)1 (-7'037)( -2 8,-7 (3'91)28 -2'09(-2+ 1)6',%28%&-0-8= %2( *-82)77
- 36 % 4%68-'90%6 496437) 36 -- 8,%8 79', 97) (3)7 238 -2*6-2+) 32 36
-28)6*)6) ;-8, 46-:%8)0= 3;2)( 6-+,87 -2'09(-2+ %2= 4%68= 7 -28)00)'89%0 4634)68= 36 --- 8,%8 8,-7 (3'91)28 -7 79-8%&0) 83 %2= 4%68-'90%6 97)6 7
'-6'9178%2') 36
& %7791)7 6)74327-&-0-8= *36 %2= (%1%+)7 36 38,)6 0-%&-0-8= ;,%873):)6
-2'09(-2+ %2= '327)59)28-%0 (%1%+)7 ):)2 -* )46- 36 %2= )46- 6)46)7)28%8-:)
,%7 &))2 %(:-7)( 3* 8,) 4377-&-0-8= 3* 79', (%1%+)7 6)7908-2+ *631 =396 7)0)'8-32 36 97) 3* 8,-7 (3'91)28 36 %2= -2*361%8-32 %44%6%897 1)8,3(
463')77 36 7-1-0%6 -8)1 (-7'037)( -2 8,-7 (3'91)28
36+%2->%8-32 7 8,%8 46)4%6)( 8,-7 (3'91)28
%TTPMIH 7GMIRGI ERH 8IGLRSPSK]
36()6-2+ -2*361%8-32 6IUYIWXW JSV GSTMIW SJ XLMW VITSVX WLSYPH FI HMVIGXIH XS )46- 'YWXSQIV *YPJMPPQIRX ;MPPS[ ;E]
7YMXI 'SRGSVH '% TVIWW
)PIGXVMG 4S[IV 6IWIEVGL -RWXMXYXI ERH )46- EVI VIKMWXIVIH WIVZMGI QEVOW SJ XLI )PIGXVMG 4S[IV 6IWIEVGL -RWXMXYXI -RG )46- )0)'86-*= 8,) ;360( MW E WIVZMGI QEVO SJ XLI )PIGXVMG 4S[IV 6IWIEVGL -RWXMXYXI -RG
'ST]VMKLX )PIGXVMG 4S[IV 6IWIEVGL -RWXMXYXI -RG %PP VMKLXW VIWIVZIH
'-8%8-327 8LMW VITSVX [EW TVITEVIH F]
%TTPMIH 7GMIRGI ERH 8IGLRSPSK]
7EKI[SSH 0ERI 4S[E] '%
4VMRGMTEP -RZIWXMKEXSV (V 6 ) 2MGOIPP
'SRWYPXERXW
(V ;MPPMEQ % :ER (IV 7PY]W
+PIROMRK 0ERI
%PPMERGI 3,
(V 7YQMS =YOE[E
:EPO]VMI (VMZI
&SYPHIV '3
8LMW VITSVX HIWGVMFIW VIWIEVGL WTSRWSVIH F] )46- ERH XLI 97 (ITEVXQIRX SJ )RIVK] YRHIV XLI 2YGPIEV )RIVK] 4PERX 3TXMQM^EXMSR 2)43 4VSKVEQ
8LMW VITSVX MW E GSVTSVEXI HSGYQIRX XLEX WLSYPH FI GMXIH MR XLI PMXIVEXYVI MR XLI JSPPS[MRK QERRIV
1EXIVMEPW 6IPMEFMPMX] 4VSKVEQ 164 )ZEPYEXMSR SJ *EXMKYI (EXE -RGPYHMRK 6IEGXSV ;EXIV
)RZMVSRQIRXEP )JJIGXW 164 )46- 4EPS %PXS '% ERH XLI 97 (ITEVXQIRX SJ )RIVK]
- EWLMRKXSR ('
MMM
6)4368 7911%6=
0EFSVEXSV] HEXE LEZI FIIR EWWIQFPIH MR XLI TEWX HIGEHI MRHMGEXMRK E WMKRMJMGERX VIHYGXMSR MR GSQTSRIRX JEXMKYI PMJI [LIR VIEGXSV [EXIV IRZMVSRQIRXEP IJJIGXW EVI I\TIVMQIRXEPP] WMQYPEXIH
,S[IZIV XLIWI PEFSVEXSV] HEXE LEZI RSX FIIR WYTTSVXIH F] RYGPIEV TS[IV TPERX GSQTSRIRX STIVEXMRK I\TIVMIRGI 8LI PEFSVEXSV] HEXE EVI FIMRK YWIH XS WYTTSVX EVKYQIRXW JSV VIZMWMRK XLI HIWMKRFEWMW JEXMKYI GYVZIW MR XLI %71) 'SHI 7IGXMSR --- (MZMWMSR JSV 'PEWW GSQTSRIRXW
% XLSVSYKL VIZMI[ SJ XLIMV ETTPMGEFMPMX] XS EGXYEP GSQTSRIRX STIVEXMRK GSRHMXMSRW LEW FIIR TIVJSVQIH 8LMW VITSVX TVSZMHIW XLI VIWYPXW SJ XLEX HEXE VIZMI[ ERH VIGSQQIRHW EHHMXMSREP PEFSVEXSV] XIWXMRK MRXIRHIH XS MQTVSZI XLI ETTPMGEFMPMX] SJ PEFSVEXSV] XIWX VIWYPXW YRHIV WMQYPEXIH VIEGXSV [EXIV IRZMVSRQIRXEP GSRHMXMSRW
&EGOKVSYRH 0MGIRWI VIRI[EP ETTPMGERXW LEZI FIIR EWOIH F] WXEJJ SJ XLI 9 7 2YGPIEV 6IKYPEXSV]
'SQQMWWMSR 26' XS IZEPYEXI XLI TSXIRXMEP WMKRMJMGERGI SJ VIHYGIH G]GPMG JEXMKYI PMJI GEYWIH F]
XLI I\TSWYVI SJ GEVFSR PS[EPPS] ERH EYWXIRMXMG WXEMRPIWW WXIIPW XS FSXL &;6 ERH 4;6 VIEGXSV
[EXIV IRZMVSRQIRXW 8LI MRHYWXV] LEW GSPPIGXMZIP] VIWTSRHIH XS XLIWI VIUYIWXW [MXL KIRIVMG WXYHMIW XLEX ETTP] VIEGXSV [EXIV IRZMVSRQIRX TIREPX] JEGXSVW XS ]IEV HIWMKRFEWMW JEXMKYI GEPGYPEXMSRW -R WSQI GEWIW XLI TIREPX] JEGXSVW EVI WYJJMGMIRX XS KIRIVEXI IRZMVSRQIRXEPP]
EHNYWXIH JEXMKYI PMZIW XLEX ETTVSEGL SV TSWWMFP] I\GIIH XLI PMQMXMRK GYQYPEXMZI YWEKI JEGXSV
'9* SJ 8LIWI GEPGYPEXMSRW WLS[ XLEX XLI QSWX EJJIGXIH GSQTSRIRX PSGEXMSRW JSV I\EQTPI
WYVKI PMRI PSGEXMSRW MR 4;6 TPERXW WLSYPH EPVIEH] FI I\LMFMXMRK SFWIVZEFPI QERMJIWXEXMSRW SJ JEXMKYI GVEGOMRK 8LMW GVEGOMRK LEW RSX FIIR HIXIGXIH HYVMRK TIVMSHMG MRWIVZMGI I\EQMREXMSRW GEVVMIH SYX MR EGGSVHERGI [MXL XLI %71) 'SHI 7IGXMSR <- -RHMZMHYEP PMGIRWI VIRI[EP ETTPMGERXW LEZI YWIH XLIWI KIRIVMG WXYHMIW EW KYMHERGI JSV TPERXWTIGMJMG IZEPYEXMSRW WLS[MRK XLEX VIPEXMZIP]
JI[ GSQTSRIRX PSGEXMSRW EVI EJJIGXIH [MXL XLI TSXIRXMEP JEXMKYI HEQEKI EX XLSWI JI[ PSGEXMSRW FIMRK QEREKIH HYVMRK XLI I\XIRHIH STIVEXMRK TIVMSH F] GSRXMRYMRK SV EYKQIRXMRK I\MWXMRK MRWIVZMGI MRWTIGXMSRW 8LI ETTPMGEFMPMX] SJ XLI PEFSVEXSV] JEXMKYI HEXE [MXL WMQYPEXIH VIEGXSV
[EXIV IRZMVSRQIRXEP IJJIGXW FIEVW HMVIGXP] SR XLIWI PMGIRWI VIRI[EP GSQQMXQIRXW
3FNIGXMZIW 8S EWWIQFPI VIZMI[ ERH EWWIWW I\MWXMRK PEFSVEXSV] JEXMKYI HEXE MRGPYHMRK VIEGXSV [EXIV IRZMVSRQIRXEP IJJIGXW 8S HIXIVQMRI XLI VERKI SJ ETTPMGEFMPMX] SJ XLI HEXE XS RYGPIEV TS[IV TPERX GSQTSRIRXW STIVEXMRK YRHIV EGXYEP TPERX GSRHMXMSRW
%TTVSEGL 8LMW WXYH] HMZMHIH XLI EWWIQFP] VIZMI[ ERH EWWIWWQIRX SJ I\MWXMRK PEFSVEXSV] JEXMKYI HEXE ERH MXW ETTPMGEFMPMX] XS TPERX STIVEXMRK GSRHMXMSRW MRXS JSYV TVMRGMTEP XEWOW VIZMI[ SJ EZEMPEFPI PEFSVEXSV] HEXE VIPEXMZI XS XLVIWLSPHW JSV IRZMVSRQIRXEP TEVEQIXIVW WYGL EW XIQTIVEXYVI VIEGXSV
[EXIV S\MHEXMSR TSXIRXMEP WXVEMR VEXI WXVEMR EQTPMXYHI VIEGXSV [EXIV JPS[ VEXI ERH GSQTSRIRX Z
QIXEP WYPJYV GSRXIRX HIXIVQMREXMSR SJ XLI VIPIZERGI SJ XLI PEFSVEXSV] HEXE XS EGXYEP TPERX STIVEXMRK GSRHMXMSRW VIZMI[ SJ PEFSVEXSV] 72 HEXE GYVZIJMXXMRK QSHIPW ERH EWWIWWQIRX SJ I\MWXMRK %71) 'SHI 7IGXMSR --- 'PEWW QEVKMRW
6IWYPXW
- EXMKYI HEXE JVSQ PEFSVEXSV] XIWXMRK XLEX WMQYPEXIW VIEGXSV [EXIV IRZMVSRQIRXEP IJJIGXW LEZI FIIR GSPPIGXIH ERH EREP]^IH FYMPHMRK YTSR ER 72 HEXE IZEPYEXMSR TIVJSVQIH F] XLI 4VIWWYVI :IWWIP 6IWIEVGL 'SYRGMP W 7XIIVMRK 'SQQMXXII SR ']GPMG 0MJI ERH )RZMVSRQIRXEP )JJIGXW JSV XLI %71)
&SEVH SR 2YGPIEV 'SHIW ERH 7XERHEVHW MR XLI IEVP] W 8LI HEXE EREP]WIW JSYRH XLEX VIEGXSV
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
TTQ EVI ER I\GITXMSR
8LI IZEPYEXMSRW EPWS JSYRH XLEX E PEVKI TSVXMSR SJ XLI VIEGXSV [EXIV IRZMVSRQIRXEP IJJIGXW JSV EYWXIRMXMG WXEMRPIWW WXIIP GER FI EGGSQQSHEXIH F] E > JEGXSV SJ (EXE SFXEMRIH EX ZIV] PS[
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
IPMQMREXI EPP FYX XLI QSWX WIZIVI VIEGXSV [EXIV IRZMVSRQIRXEP IJJIGXW % XIWX TVSKVEQ MW TVSTSWIH XS I\XIRH XLIWI JMRHMRKW XS PS[EPPS] WXIIP ERH EYWXIRMXMG WXEMRPIWW WXIIP *YPPWGEPI XIWXMRK SJ GEVFSR PS[EPPS] ERH EYWXIRMXMG WXEMRPIWW WXIIP GSQTSRIRXW [MXL EX PIEWX SRI WYVJEGI I\TSWIH XS ER S\]KIREXIH [EXIV IRZMVSRQIRX GSRJMVQ XLI GSRWIVZEXMWQ SJ XLI JEXMKYI HIWMKR TVSGIHYVIW ERH XLI QSHIVEXI IRZMVSRQIRXEP IJJIGXW JEGXSV
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
/I][SVHW
- EXMKYI 0MGIRWI VIRI[EP 0MJI G]GPI QEREKIQIRX ZM
'328)287
-2863(9'8-32
6IJIVIRGIW
6):-); 3* %:%-0%&0) 0%&36%836= (%8%
4:6' 'SQQMXXII SR ']GPMG 0MJI ERH )RZMVSRQIRXEP )JJIGXW
%71) %MV 'YVZI 0EFSVEXSV] (EXE
%71) %YWXIRMXMG 7XEMRPIWW 7XIIP %MV 'YVZI -WWYI
4:6' (EXEFEWI ERH %REP]WMW
7XVYGXYVEP 8IWX 6IWYPXW
4:6' 4VIWWYVI :IWWIP 8IWXW
+IRIVEP )PIGXVMG 'SQTER] 8IWXW SR &YXX;IPHIH 4MTMRK
7XEMRPIWW 7XIIP 'SQTSRIRX *EXMKYI 8IWXW
6IJIVIRGIW
6)0):%2') 3* 0%&36%836= (%8%
6IZMI[ SJ 3TIVEXMRK )\TIVMIRGI
'SQTSRIRX 1IXEP 8IQTIVEXYVI
%TTPMIH 7XVEMR %QTPMXYHI
%TTPMIH 7XVEMR 6EXI
(MWWSPZIH 3\]KIR 'SRXIRX
8LI )JJIGX SJ 6IEGXSV ;EXIV 'SSPERX *PS[ 6EXI
6IJIVIRGIW
6):-); 3* 72 13()07
%71) 'SHI 72 1SHIPW
%VKSRRI 2EXMSREP 0EFSVEXSV] %MV *EXMKYI (EXE 1SHIPW
.ETERIWI %MV *EXMKYI (EXE 1SHIPW
'SQTEVMWSR SJ 1SHIP 4VIHMGXMSRW JSV %MV *EXMKYI (EXE
6IEGXSV ;EXIV )RZMVSRQIRXEP )JJIGXW
ZMM
%20 )RZMVSRQIRXEP 1SHIP
'EVFSR 7XIIP
0S[%PPS] 7XIIP
%YWXIRMXMG 7XEMRPIWW 7XIIP 8]TIW ERH
%YWXIRMXMG 7XEMRPIWW 7XIIP 8]TI 2+
.ETERIWI ,MKYGLM )RZMVSRQIRXEP 1SHIP
'EVFSR 7XIIP
0S[%PPS] 7XIIP
%YWXIRMXMG 7XEMRPIWW 7XIIP
)RZMVSRQIRXEP 1SHIP 'SQTEVMWSRW
6IJIVIRGIW
%71) '3() *%8-+9) 1%6+-27
-RMXMEP 'SRWMHIVEXMSR SJ %71) 'SHI 1EVKMRW
9THEXMRK XLI %71) 'SHI 1EVKMRW
7YF*EGXSV JSV 7M^I )JJIGXW
7YF*EGXSV JSV 7YVJEGI *MRMWL
7YF*EGXSV JSV (EXE 7GEXXIV
%REP]WMW SJ (EXE 7GEXXIV
%YWXIRMXMG 7XEMRPIWW 7XIIP (EXE 7GEXXIV )ZEPYEXMSRW
'EVFSR ERH 0S[%PPS] 7XIIP (EXE 7GEXXIV )ZEPYEXMSRW
7YQQEV]
6IJIVIRGIW
463437)( 6)%'836 ;%8)6 )2:-6321)28 8)78 463+6%1
'32'097-327
ZMMM
0-78 3* *-+96)7
- MKYVI / IR EW E *YRGXMSR SJ %71) 'SHI 4PEWXMG 7XVEMR %HNYWXQIRX *EGXSV ?7 R7Q
-6 A JSV (MWWSPZIH 3\]KIR 'SRXIRX SJ ERH TTQ
- MKYVI %71) 1IER %MV *EXMKYI 'YVZI JSV 'EVFSR 7XIIP
- MKYVI %71) 1IER %MV *EXMKYI 'YVZI JSV 0S[%PPS] 7XIIP
- MKYVI %71) 1IER %MV *EXMKYI 'YVZI JSV 7XEMRPIWW 7XIIP
- MKYVI 4:6' 6SSQ 8IQTIVEXYVI %MV (EXE JSV 'EVFSR 7XIIP
- MKYVI 4:6' %MV (EXE JSV 'EVFSR 7XIIP EX ' *
- MKYVI 4:6' %MV (EXE JSV 'EVFSR 7XIIP EX ' *
- MKYVI 4:6' %MV (EXE JSV 'EVFSR 7XIIP EX ' *
- MKYVI 4:6' (EXE JSV 'EVFSR 7XIIPW 3FXEMRIH 9RHIV 7MQYPEXIH 4;6 'SRHMXMSRW
- MKYVI 4:6' (EXE JSV 'EVFSR 7XIIPW 3FXEMRIH 9RHIV 7MQYPEXIH 4;6 'SRHMXMSRW ERH 'SVVIGXIH F] *IR
- MKYVI 4:6' (EXE JSV 'EVFSR 7XIIPW 3FXEMRIH 9RHIV 7MQYPEXIH 4;6 'SRHMXMSRW
'SVVIGXIH F] *IR ERH %HNYWXIH F] XLI 1SHIVEXI )RZMVSRQIRXEP )JJIGXW *EGXSV >
- MKYVI 4:6' 0EFSVEXSV] (EXE 3FXEMRIH 9RHIV 7MQYPEXIH &;6 6IEGXSV ;EXIV
)RZMVSRQIRXW
- MKYVI 4:6' 0EFSVEXSV] (EXE 3FXEMRIH 9RHIV 7MQYPEXIH &;6 6IEGXSV ;EXIV
)RZMVSRQIRXW ERH 'SVVIGXIH F] *IR
- MKYVI 4:6' 0EFSVEXSV] (EXE 3FXEMRIH 9RHIV 7MQYPEXIH &;6 6IEGXSV ;EXIV
)RZMVSRQIRXW ERH 'SVVIGXIH F] *IR ERH >
- MKYVI 4:6' (EXE JSV 0S[%PPS] 7XIIP EX 6SSQ 8IQTIVEXYVI
- MKYVI 4:6' (EXE JSV 0S[%PPS] 7XIIP EX ' *
- MKYVI 4:6' (EXE JSV 0S[%PPS] 7XIIP EX ' *
- MKYVI 4:6' (EXE JSV 0S[%PPS] 7XIIP EX ' *
- MKYVI 4:6' (EXE JSV 0S[%PPS] 7XIIP 3FXEMRIH 9RHIV 7MQYPEXIH 4;6 'SRHMXMSRW
- MKYVI 4:6' (EXE JSV 0S[%PPS] 7XIIP 3FXEMRIH 9RHIV 7MQYPEXIH &;6 'SRHMXMSRW
- MKYVI 4:6' (EXE JSV 0S[%PPS] 7XIIP 3FXEMRIH 9RHIV 7MQYPEXIH &;6 'SRHMXMSRW ERH 'SVVIGXIH F] *IR
- MKYVI 4:6' (EXE JSV 0S[%PPS] 7XIIP 3FXEMRIH 9RHIV 7MQYPEXIH &;6 'SRHMXMSRW ERH 'SVVIGXIH F] *IR ERH >
- MKYVI 4:6' (EXE JSV %YWXIRMXMG 7XEMRPIWW 7XIIP MR %MV EX 6SSQ 8IQTIVEXYVI
- MKYVI 4:6' (EXE JSV %YWXIRMXMG 7XEMRPIWW 7XIIP MR %MV EX 6SSQ 8IQTIVEXYVI [MXL (EXE*VSQ.EWOIERH3v(SRRIPP
- MKYVI 4:6' (EXE JSV %YWXIRMXMG 7XEMRPIWW 7XIIP MR %MV EX ' *
M\
- MKYVI 4:6' (EXE JSV %YWXIRMXMG 7XEMRPIWW 7XIIP MR %MV EX ' * ;MXL (EXE
- VSQ.EWOIERH3v(SRRIPP
- MKYVI 4:6' (EXE JSV %YWXIRMXMG 7XEMRPIWW 7XIIP 3FXEMRIH 9RHIV 7MQYPEXIH 4;6
'SRHMXMSRW
- MKYVI 4:6' (EXE JSV %YWXIRMXMG 7XEMRPIWW 7XIIP 3FXEMRIH 9RHIV 7MQYPEXIH 4;6
'SRHMXMSRW ERH 'SVVIGXIH F]
- IR
- MKYVI 4:6' (EXE JSV %YWXIRMXMG 7XEMRPIWW 7XIIP 3FXEMRIH 9RHIV 7MQYPEXIH 4;6
'SRHMXMSRW ERH 'SVVIGXIH F]
- IR ERH >
- MKYVI (EXE JSV 2+ 7XEMRPIWW 7XIIP 3FXEMRIH 9RHIV 7MQYPEXIH &;6 'SRHMXMSRW
- MKYVI (EXE JSV 2+ 7XEMRPIWW 7XIIP 3FXEMRIH 9RHIV 7MQYPEXIH &;6 'SRHMXMSRW ERH 'SVVIGXIH F] *IR
- MKYVI (EXE JSV 2+ 7XEMRPIWW 7XIIP 3FXEMRIH 9RHIV 7MQYPEXIH &;6 'SRHMXMSRW ERH 'SVVIGXIH F] *IR ERH >
- MKYVI (EXE JSV 7XEMRPIWW 7XIIP 3FXEMRIH 9RHIV 7MQYPEXIH &;6 'SRHMXMSRW
- MKYVI (EXE JSV 7XEMRPIWW 7XIIP 3FXEMRIH 9RHIV 7MQYPEXIH &;6 'SRHMXMSRW ERH 'SVVIGXIH F] *IR
- MKYVI (EXE JSV 7XEMRPIWW 7XIIP 3FXEMRIH 9RHIV 7MQYPEXIH &;6 'SRHMXMSRW ERH 'SVVIGXIH JSV *IR ERH >
- MKYVI 6IWYPXW *VSQ XLI 4:6' *EXMKYI 8IWXMRK SJ *YPP 7M^I 'EVFSR 7XIIP 4VIWWYVI
- IWWIPW
- MKYVI 6IWYPXW *VSQ XLI 4:6' *EXMKYI 8IWXMRK SJ *YPP 7M^I 0S[%PPS] 7XIIP 4VIWWYVI :IWWIPW
- MKYVI 6IWYPXW *VSQ XLI 4:6' *EXMKYI 8IWXMRK SJ *YPP 7M^I 'EVFSR 7XIIP 4VIWWYVI
- IWWIPW 'SVVIGXIH F] 1 *IR
- MKYVI 6IWYPXW *VSQ XLI 4:6' *EXMKYI 8IWXMRK SJ *YPP 7M^I 0S[%PPS] 7XIIP 4VIWWYVI :IWWIPW 'SVVIGXIH F] 1
- IR
- MKYVI 6IWYPXW *VSQ *EXMKYI 8IWXMRK SJ &YXX;IPHIH 4MTI 9RHIV 7MQYPEXIH &;6
'SRHMXMSRW
- MKYVI 6IWYPXW *VSQ *EXMKYI 8IWXMRK SJ &YXX;IPHIH 4MTI 9RHIV 7MQYPEXIH &;6
'SRHMXMSRW ERH 'SVVIGXIH F]
- IR
- MKYVI 6IWYPXW *VSQ *EXMKYI 8IWXMRK SJ &YXX;IPHIH 4MTI 9RHIV 7MQYPEXIH &;6
'SRHMXMSRW ERH 'SVVIGXIH F]
- IR ERH >
- MKYVI6IPEXMSRWLMT&IX[IIR)WXMQEXIH2SXGL6SSX7XVIWW%QTPMXYHIF]2IYFIVvW 6YPI ERH *EXMKYI 0MJI
- MKYVI6IPEXMSRWLMT&IX[IIR)WXMQEXIH2SXGL6SSX7XVEMR%QTPMXYHIF]2IYFIVvW 6YPI ERH *EXMKYI 0MJI
- MKYVI /;9 'SQTSRIRX 7GEPI 8IWX 6IWYPXW JSV 'EVFSR 7XIIP
- MKYVI /;9 'SQTSRIRX 7GEPI 8IWX 6IWYPXW JSV 'EVFSR 7XIIP 'SVVIGXIH F] *IR
- MKYVI /;9 'SQTSRIRX 7GEPI 8IWX 6IWYPXW JSV 'EVFSR 7XIIP 'SVVIGXIH F] *IR ERH >
- MKYVI )JJIGXW SJ ;EXIV *PS[ 6EXI SR *EXMKYI 0MJI 8IWXIH EX XLI 7XVEMR 6EXI SJ
WIG
- MKYVI )JJIGXW SJ ;EXIV *PS[ 6EXI SR *EXMKYI 0MJI 8IWXIH EX XLI 7XVEMR 6EXI SJ
WIG
\
%71) 4VSGIHYVI 'SQTEVIH ;MXL XLI 4VIHMGXMSRW *VSQ XLI 8LVII 1SHIPW
- MKYVI 0S[%PPS] 7XIIP (EXE MR 6SSQ 8IQTIVEXYVI %MV 9WIH MR XLI (IZIPSTQIRX SJ XLI %71) 4VSGIHYVI 'SQTEVIH ;MXL XLI 4VIHMGXMSRW *VSQ XLI 8LVII 1SHIPW
- MKYVI %YWXIRMXMG 7XEMRPIWW 7XIIP (EXE MR 6SSQ 8IQTIVEXYVI %MV 9WIH MR XLI (IZIPSTQIRX SJ XLI %71) 4VSGIHYVI 'SQTEVIH ;MXL XLI 4VIHMGXMSRW *VSQ XLI 0ERKIV )UYEXMSR ERH XLI %VKSRRI 1SHIP
- MKYVI 'EVFSR 7XIIP (EXE ERH 'YVZIW *VSQ *MKYVI ;MXL XLI %HHMXMSR SJ 6SSQ 8IQTIVEXYVI %MV 'EVFSR 7XIIP (EXE *VSQ XLI 4:6' (EXEFEWI
- MKYVI 0S[%PPS] 7XIIP (EXE ERH 'YVZIW *VSQ *MKYVI ;MXL XLI %HHMXMSR SJ 6SSQ 8IQTIVEXYVI %MV 0S[%PPS] 7XIIP (EXE *VSQ XLI 4:6' (EXEFEWI
- MKYVI 7XEMRPIWW 7XIIP (EXE ERH 'YVZIW *VSQ *MKYVI ;MXL XLI %HHMXMSR SJ 6SSQ 8IQTIVEXYVI %MV 7XEMRPIWW 7XIIP (EXE *VSQ XLI 4:6' (EXEFEWI
- MKYVI 7XEMRPIWW 7XIIP (EXE ERH 'YVZIW *VSQ *MKYVI ;MXL XLI %HHMXMSR SJ 6SSQ 8IQTIVEXYVI %MV 7XEMRPIWW 7XIIP (EXE *VSQ XLI .EWOI ERH 3 (SRRIPP (EXEFEWI
- MKYVI 'SQTEVMWSR SJ 4VIHMGXIH :IVWYW 1IEWYVIH *EXMKYI 0MZIW JSV 'EVFSR 7XIIP (EXE 7LS[R MR *MKYVI 9WMRK XLI 0ERKIV )UYEXMSR JSV 0MJI 4VIHMGXMSR
- MKYVI 'SQTEVMWSR SJ 4VIHMGXIH :IVWYW 1IEWYVIH *EXMKYI 0MZIW JSV 'EVFSR 7XIIP (EXE *VSQ XLI 4:6' (EXEFEWI ERH 9WMRK XLI %VKSRRI 1SHIP JSV 0MJI 4VIHMGXMSR
- MKYVI 'SQTEVMWSR SJ 4VIHMGXIH :IVWYW 1IEWYVIH *EXMKYI 0MZIW JSV 0S[%PPS]
7XIIP (EXE *VSQ XLI 4:6' (EXEFEWI ERH 9WMRK XLI %VKSRRI 1SHIP JSV 0MJI 4VIHMGXMSR
- MKYVI 'SQTEVMWSR SJ 4VIHMGXIH :IVWYW 1IEWYVIH *EXMKYI 0MZIW JSV 'EVFSR 7XIIP (EXE MR E 7MQYPEXIH &;6 )RZMVSRQIRX *VSQ XLI 4:6' (EXEFEWI ERH 9WMRK XLI
%VKSRRI 1SHIP JSV 0MJI 4VIHMGXMSR
- MKYVI 'SQTEVMWSR SJ 4VIHMGXIH :IVWYW 1IEWYVIH *EXMKYI 0MZIW JSV 'EVFSR 7XIIP (EXE MR E 7MQYPEXIH &;6 )RZMVSRQIRX *VSQ XLI 4:6' (EXEFEWI ERH 9WMRK XLI
.ETERIWI 1SHIP JSV 0MJI 4VIHMGXMSR
- MKYVI 'SQTEVMWSR SJ 4VIHMGXIH :IVWYW 1IEWYVIH *EXMKYI 0MZIW JSV 0S[%PPS]
7XIIP (EXE MR E 7MQYPEXIH &;6 )RZMVSRQIRX *VSQ XLI 4:6' (EXEFEWI ERH 9WMRK XLI %VKSRRI 1SHIP JSV 0MJI 4VIHMGXMSR
- MKYVI 'SQTEVMWSR SJ 4VIHMGXIH :IVWYW 1IEWYVIH *EXMKYI 0MZIW JSV 0S[%PPS]
7XIIP (EXE MR E 7MQYPEXIH &;6 )RZMVSRQIRX *VSQ XLI 4:6' (EXEFEWI ERH 9WMRK XLI .ETERIWI 1SHIP JSV 0MJI 4VIHMGXMSR
- MKYVI 'SQTEVMWSR SJ 4VIHMGXIH :IVWYW 1IEWYVIH *EXMKYI 0MZIW JSV 7XEMRPIWW 7XIIP (EXE MR E 7MQYPEXIH 4;6 )RZMVSRQIRX *VSQ XLI 4:6' (EXEFEWI ERH 9WMRK XLI
%VKSRRI 1SHIP JSV 0MJI 4VIHMGXMSR
- MKYVI 'SQTEVMWSR SJ 4VIHMGXIH :IVWYW 1IEWYVIH *EXMKYI 0MZIW JSV 7XEMRPIWW 7XIIP (EXE MR E 7MQYPEXIH 4;6 )RZMVSRQIRX *VSQ XLI 4:6' (EXEFEWI ERH 9WMRK XLI
.ETERIWI 1SHIP JSV 0MJI 4VIHMGXMSR
- MKYVI 'SQTEVMWSR SJ 4VIHMGXIH :IVWYW 1IEWYVIH *EXMKYI 0MZIW JSV 7XEMRPIWW 7XIIP (EXE MR E 7MQYPEXIH &;6 )RZMVSRQIRX *VSQ XLI 4:6' (EXEFEWI ERH 9WMRK XLI %VKSRRI 1SHIP JSV 0MJI 4VIHMGXMSR
- MKYVI )JJIGX SJ 7YVJEGI 6SYKLRIWW
- MKYVI E /;9 'SQTSRIRX 7GEPI 8IWX 6IWYPXW JSV 'EVFSR 7XIIP
\M
- MKYVI F /;9 'SQTSRIRX 7GEPI 8IWX 6IWYPXW JSV 'EVFSR 7XIIP 'SVVIGXIH F] *IR
- MKYVI E 6IWYPXW *VSQ *EXMKYI 8IWXMRK SJ &YXX;IPHIH 4MTI 9RHIV 7MQYPEXIH &;6
'SRHMXMSRW
- MKYVI F 6IWYPXW *VSQ *EXMKYI 8IWXMRK SJ &YXX;IPHIH 4MTI 9RHIV 7MQYPEXIH &;6
'SRHMXMSRW ERH 'SVVIGXIH F]
- IR
\MM
0-78 3* 8%&0)7 8EFPI 4:6' )RZMVSRQIRXEP *EXMKYI (EXEFEWI
8EFPIE1SHIVEXI7XVEMR6EXI{%YWXIRMXMG7XEMRPIWW7XIIP 7XVEMR%QTPMXYHI
8EFPIF6IHYGIH7XVEMR6EXIW{%YWXIRMXMG7XEMRPIWW7XIIP 7XVEMR%QTPMXYHI
8EFPIG6IHYGIH7XVEMR6EXIW{%YWXIRMXMG7XEMRPIWW7XIIP 7XVEMR%QTPMXYHI
8EFPIE1SHIVEXI7XVEMR6EXI{%YWXIRMXMG7XEMRPIWW7XIIP 7XVEMR%QTPMXYHI
8EFPIF6IHYGIH7XVEMR6EXIW{%YWXIRMXMG7XEMRPIWW7XIIP 7XVEMR%QTPMXYHI
8EFPI %PP 7XVEMR 6EXIW
8EFPI 0S[%PPS] 7XIIP 7XVEMR %QTPMXYHI
8EFPI 'EVFSR 7XIIP0S[%PPS] 7XIIP 7XVEMR %QTPMXYHI
8EFPI 'EVFSR 7XIIP0S[%PPS] 7XIIP 7XVEMR %QTPMXYHI
8EFPI 'EVFSR 7XIIP0S[%PPS] 7XIIP 7XVEMR %QTPMXYHI
\MMM
-2863(9'8-32 0EFSVEXSV] ERH GSQTSRIRXWGEPI JEXMKYI GVEGO MRMXMEXMSR HEXE YRHIV WMQYPEXIH [EXIV VIEGXSV IRZMVSRQIRXEP GSRHMXMSRW LEZI FIIR SFXEMRIH SZIV XLI TEWX X[S HIGEHIW ERH MRHMGEXI E WMKRMJMGERX VIHYGXMSR MR G]GPMG PMJI [LIR GSQTEVIH XS JEXMKYI GVEGO MRMXMEXMSR HEXE SFXEMRIH MR EMV IRZMVSRQIRXW %R IEVP] VITSVX SR XLIWI IJJIGXW [EW TYFPMWLIH F] XLI +IRIVEP )PIGXVMG 'SQTER]
MR ?A FEWIH SR GEVFSR WXIIP TMTMRK GSQTSRIRX XIWXW MR LMKLXIQTIVEXYVI * ?'A
LMKL HMWWSPZIH S\]KIR TTQ ERH RSQMREP &;6 TTQ HMWWSPZIH S\]KIR IRZMVSRQIRXW
8LI KVIEXIWX IJJIGXW [IVI SFWIVZIH EX LMKLEQTPMXYHI PS[G]GPMG JVIUYIRG] XLEX MW PS[ WXVEMR VEXI PSEHMRK EX XIQTIVEXYVI MR TEVXMGYPEV EX PSEHW GEYWMRK WXVIWWIW MR XLI TPEWXMG VERKI -X [EW JSYRH XLEX ER IRZMVSRQIRXEP GSVVIGXMSR JEGXSV / IR [EW RIIHIH XS VIWXSVI %71) 'SHI JEXMKYI HIWMKR QEVKMRW YRHIV XLI [SVWXGEWI GSRHMXMSRW 8LMW JEGXSV [EW RSX RIIHIH [LIR XLI [EXIV XIQTIVEXYVI [EW PIWW XLER * ' RSV [EW XLI JEGXSV RIIHIH [LIR XLI G]GPMG JVIUYIRG]
[EW VIPEXMZIP] VETMH KVIEXIV XLER SV IUYEP XS ,^ / IR [EW JSYRH XS HITIRH SR WXVEMR EQTPMXYHI ERH HMWWSPZIH S\]KIR [MXL E ZEPYI SJ JSV WQEPP TPEWXMG WXVEMRW *SV PEVKI TPEWXMG WXVEMRW /IR
[EW JSYRH XS LEZI E QE\MQYQ SJ EFSYX JSV TTQ HMWWSPZIH S\]KIR ERH EFSYX JSV
TTQ HMWWSPZIH S\]KIR WII *MKYVI [LMGL MW *MKYVI JVSQ %TTIRHM\ ' SJ )46- VITSVX 24
?A
- MKYVI
/IR EW E *YRGXMSR SJ %71) 'SHI 4PEWXMG 7XVEMR %HNYWXQIRX *EGXSV ?7 R7Q -6 A JSV (MWWSPZIH 3\]KIR 'SRXIRX SJ ERH TTQ ?A
-RXVSHYGXMSR
%TTVS\MQEXIP] E HIGEHI PEXIV .ETERIWI MRZIWXMKEXSVW TYFPMWLIH E WIX SJ JEXMKYI GVEGO MRMXMEXMSR HEXE JSV GEVFSR PS[EPPS] ERH EYWXIRMXMG WXEMRPIWW WXIIPW ?A 8LIWI HEXE [IVI XLIR TVIWIRXIH XS
%71) 'SHI FSHMIW ERH XS WXEJJ SJ XLI 9 7 2YGPIEV 6IKYPEXSV] 'SQQMWWMSR 26' PIEHMRK XS GSRGIVRW EFSYX XLI WXVYGXYVEP MRXIKVMX] SJ FSXL I\MWXMRK PMKLX[EXIV VIEGXSV 0;6 GSQTSRIRXW ERH TSXIRXMEP RI[ GSRWXVYGXMSR 8LI HEXE WIX MRGPYHIH XLI GEVFSR WXIIP HEXE SFXEMRIH TVIZMSYWP]
F] XLI +IRIVEP )PIGXVMG 'SQTER] FYX EPWS MRGPYHIH HEXE JSV PS[EPPS] ERH EYWXIRMXMG WXEMRPIWW WXIIPW WLS[MRK WSQI[LEX PIWWIV FYX WXMPP WMKRMJMGERX VIHYGXMSRW MR JEXMKYI PMJI (YVMRK XLI WYFWIUYIRX HMWGYWWMSRW FIX[IIR XLI MRHYWXV] ERH XLI 26' MR TEVXMGYPEV [MXLMR XLI GSRXI\X SJ RYGPIEV TPERX PMGIRWI VIRI[EP XLI MRHYWXV] EVKYIH XLEX
8LI GEVFSR WXIIP HEXE [IVI [IPP ORS[R
% TVSGIHYVI JSV EHHVIWWMRK WIZIVI &;6 VIEGXSV [EXIV IRZMVSRQIRXEP IJJIGXW [EW EZEMPEFPI MR XLI JSVQ SJ XLI /IR WXVIWW GSRGIRXVEXMSR JEGXSV /IR MW E QE\MQYQ SJ JSV RSQMREP &;6 GSRHMXMSRW ERH IZIR PIWW JSV RSQMREP 4;6 GSRHMXMSRW [IPP [MXLMR XLI QSHIVEXI IRZMVSRQIRXEP IJJIGXW VERKI
8LIVIJSVI /IR RIIHIH XS FI ETTPMIH SRP] YRHIV LMKLWXVEMREQTPMXYHI GSRHMXMSRW EX XIQTIVEXYVI [MXL WEXYVEXIH HMWWSPZIH S\]KIR YRHIV WPS[ G]GPMG PSEHMRK GSRHMXMSRW E GSQFMREXMSR SJ GSRHMXMSRW XLEX MW VEVIP] IRGSYRXIVIH MR EGXYEP STIVEXMSR
8LI VIHYGXMSR MR JEXMKYI PMJI JSV PS[EPPS] ERH EYWXIRMXMG WXEMRPIWW WXIIPW GSYPH FI EGGSQQSHEXIH F] XLI EWWMKRQIRX SJ E JVEGXMSR SJ XLI JEGXSV SJ EX XLI PS[G]GPI IRH SJ XLI
%71) 'SHI JEXMKYI HIWMKR GYVZI XS EGGSYRX JSV WSQI SJ XLI IRZMVSRQIRXEP IJJIGXW
8LMW PEXXIV EVKYQIRX [EW FEWIH SR XLI WXEXIQIRX MR XLI %71) 'SHI &EGOKVSYRH (SGYQIRX ?A VIKEVHMRK XLI JEGXSV SJ EX XLI LMKLWXVEMREQTPMXYHI PS[G]GPI IRH SJ XLI %71) 'SHI JEXMKYI HIWMKR GYVZI XLEX
w8LIWI JEGXSVW [IVI MRXIRHIH XS GSZIV WYGL IJJIGXW EW IRZMVSRQIRX WM^I IJJIGX ERH WGEXXIV SJ HEXE ERH XLYW MX MW RSX XS FI I\TIGXIH XLEX E ZIWWIP [MPP EGXYEPP] STIVEXI WEJIP] JSV X[IRX]XMQIWMXWWTIGMJMIHPMJIx
- YVXLIVQSVI XLI MRHYWXV] EVKYIH XLEX XLI RI[ PEFSVEXSV] HEXE [IVI RSX WYTTSVXIH F] RYGPIEV TS[IV TPERX GSQTSRIRX STIVEXMRK I\TIVMIRGI
-R WTMXI SJ XLIWI EVKYQIRXW E RI[ +IRIVMG 7EJIX] -WWYI +7- ?A [EW MHIRXMJMIH F] XLI 26' WXEJJ FIGEYWI SJ GSRGIVRW EFSYX XLI IJJIGXW SJ VIEGXSV [EXIV IRZMVSRQIRXW SR GSQTSRIRX JEXMKYI PMJI HYVMRK FSXL XLI GYVVIRX XIVQ ERH ER] PMGIRWI VIRI[EP XIVQ 8LI +7- [EW GPSWIH JSV GYVVIRX STIVEXMRK TPERXW [MXL XLI MWWYERGI SJ 7)'= ?A FYX VIQEMRIH STIR EW E PMGIRWI VIRI[EP MWWYI VIRYQFIVIH EW +7- ?A +7- [EW GPSWIH MR (IGIQFIV FEWIH SR ER MRXIVREP 26' QIQSVERHYQ ?A
-R WTMXI SJ XLI MWWYI GPSWYVI PMGIRWI VIRI[EP ETTPMGERXW GSRXMRYI XS FI VIUYMVIH XS EHHVIWW VIEGXSV
[EXIV IRZMVSRQIRXEP IJJIGXW SR JEXMKYI PMJI MR XLIMV PMGIRWI VIRI[EP ETTPMGEXMSRW
8LIWI EHHMXMSREP PMGIRWI VIRI[EP VIUYMVIQIRXW EVI FEWIH MR TEVX SR QSVI VIGIRX PEFSVEXSV]
JEXMKYI HEXE YRHIV WMQYPEXIH &;6 ERH 4;6 VIEGXSV [EXIV GSSPERX GSRHMXMSRW % GSRWMHIVEFPI EQSYRX SJ RI[ HEXE LEW FIIR KIRIVEXIH HYVMRK XLI TIVMSH JVSQ XS ?A 8LI GSQFMRIH WIX SJ PEFSVEXSV] HEXE MW FIMRK YWIH XS WYTTSVX EVKYQIRXW JSV VIZMWMRK XLI HIWMKRFEWMW
-RXVSHYGXMSR JEXMKYI GYVZIW MR XLI %71) 'SHI 7IGXMSR --- (MZMWMSR JSV RI[ GSRWXVYGXMSR SJ 'PEWW
GSQTSRIRXW %PWS XLIWI WEQI HEXE EVI FIMRK YWIH XS WYTTSVX VIZMWMSRW SJ RSRQERHEXSV]
%TTIRHM\ 0 SJ XLI %71) 'SHI 7IGXMSR <- (MZMWMSR JSV JEXMKYI IZEPYEXMSR SJ STIVEXMRK GSQTSRIRXW 8LIVIJSVI XLI 9 7 RYGPIEV TS[IV MRHYWXV] XLVSYKL XLI )46- 1EXIVMEPW 6IPMEFMPMX]
4VSKVEQ 164 TIVJSVQIH E XLSVSYKL VIZMI[ SJ XLI ETTPMGEFMPMX] SJ XLIWI HEXE XS EGXYEP GSQTSRIRX STIVEXMRK GSRHMXMSRW 8LMW VITSVX TVSZMHIW XLI VIWYPXW SJ XLEX HEXE VIZMI[ 8LMW VITSVX EPWS GSRXEMRW VIGSQQIRHEXMSRW JSV EHHMXMSREP PEFSVEXSV] XIWXMRK MRXIRHIH XS MQTVSZI XLI ETTPMGEFMPMX] SJ PEFSVEXSV] XIWX VIWYPXW YRHIV WMQYPEXIH VIEGXSV [EXIV IRZMVSRQIRXEP GSRHMXMSRW
8LMW VITSVX MW FEWIH SR JSYV [SVO XEWOW
6IZMI[ SJ EZEMPEFPI PEFSVEXSV] HEXE VIPEXMZI XS XLVIWLSPHW JSV IRZMVSRQIRXEP TEVEQIXIVW WYGL EW XIQTIVEXYVI VIEGXSV [EXIV S\MHEXMSR TSXIRXMEP WXVEMR VEXI WXVEMR EQTPMXYHI VIEGXSV [EXIV JPS[ VEXI ERH GSQTSRIRX QIXEP WYPJYV GSRXIRX (IXIVQMREXMSR SJ XLI VIPIZERGI SJ XLI PEFSVEXSV] HEXE XS EGXYEP TPERX STIVEXMRK GSRHMXMSRW 6IZMI[ SJ PEFSVEXSV] 72 HEXE GYVZIJMXXMRK QSHIPW
%WWIWWQIRX SJ GYVVIRX %71) 'SHI 7IGXMSR --- 'PEWW QEVKMRW
-REHHMXMSRXLITVSNIGXMRZSPZIHX[SVITSVXMRKXEWOW{TVITEVEXMSRSJXLIJMREPVITSVXERHTVSNIGX GSSVHMREXMSR [MXL )46- ERH XLI MRHYWXV]
8LMW VITSVX MW HMZMHIH MRXS WIZIR WIGXMSRW 7IGXMSR MW XLMW -RXVSHYGXMSR 7IGXMSR GSRXEMRW XLI TVMQEV]VIWYPXWSJXLIHEXEVIZMI[{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
HIWGVMFIW E TVSTSWIH XIWX TVSKVEQ MRXIRHIH XS TVSZMHI HEXE XLEX MW GYVVIRXP] RSX EZEMPEFPI SV XS TVSZMHI JYVXLIV GSRJMVQEXMSR SJ I\TIGXIH IRZMVSRQIRXEP IJJIGXW 'SRGPYWMSRW EVI TVSZMHIH MR 7IGXMSR
6IJIVIRGIW
&;6 )RZMVSRQIRXEP 'VEGOMRK 1EVKMRW JSV 'EVFSR 7XIIP 4MTMRK )46- 4EPS %PXS '% ERH
+IRIVEP )PIGXVMG 'SQTER] 7ER .SWI 'EPMJSVRME 1E] 24
w.29*%((EXE&EWIx4VITEVIHF]XLI.ETERIWI)*('SQQMXXII8LIVQEPERH2YGPIEV 4S[IV )RKMRIIVMRK 7SGMIX] 8SO]S .ETER
'VMXIVME SJ XLI %71) &SMPIV ERH 4VIWWYVI :IWWIP 'SHI JSV (IWMKR F] %REP]WMW MR 7IGXMSRW ---
ERH :--- (MZMWMSR 8LI %QIVMGER 7SGMIX] SJ 1IGLERMGEP )RKMRIIVW 2I[ =SVO
-RXVSHYGXMSR
97 2YGPIEV 6IKYPEXSV] 'SQQMWWMSR %HIUYEG] SJ *EXMKYI 0MJI SJ 1IXEP 'SQTSRIRXW
+IRIVMG 7EJIX] -WWYI
97 2YGPIEV 6IKYPEXSV] 'SQQMWWMSR .EQIW 1 8E]PSV )\IGYXMZI (MVIGXSV JSV 3TIVEXMSRW
'SQTPIXMSR SJ XLI *EXMKYI %GXMSR 4PER 7)'= 7ITXIQFIV
97 2YGPIEV 6IKYPEXSV] 'SQQMWWMSR *EXMKYI )ZEPYEXMSR SJ 1IXEP 'SQTSRIRXW JSV =IEV 4PERX 0MJI +IRIVMG 7EJIX] -WWYI
1IQSVERHYQ %WLSO ' 8LEHERM (MVIGXSV 3JJMGI SJ 2YGPIEV 6IKYPEXSV] 6IWIEVGL XS
- MPPMEQ ( 8VEZIVW )\IGYXMZI (MVIGXSV JSV 3TIVEXMSRW 97 2YGPIEV 6IKYPEXSV]
'SQQMWWMSR ;EWLMRKXSR (' HEXIH (IGIQFIV 'PSWISYX SJ +IRIVMG 7EJIX] -WWYI
*EXMKYI )ZEPYEXMSR SJ 1IXEP 'SQTSRIRXW JSV =IEV 4PERX 0MJI
1ENYQHEV 7 'LSTVE 3 / ERH 7LEGO ; . -RXIVMQ *EXMKYI (IWMKR 'YVZIW JSV 'EVFSR
0S[%PPS] ERH %YWXIRMXMG 7XEMRPIWW 7XIIPW MR 0;6 )RZMVSRQIRXW 296)+'6 %20
%VKSRRI 2EXMSREP 0EFSVEXSV] %VKSRRI -0 %TVMP
/IMWPIV . 'LSTVE 3 / ERH 7LEGO ; . 7XEXMWXMGEP %REP]WMW SJ *EXMKYI 7XVEMR0MJI (EXE JSV 'EVFSR ERH 0S[%PPS] 7XIIPW 296)+'6 %20 %VKSRRI 2EXMSREP 0EFSVEXSV] %VKSRRI -0 %YKYWX
/IMWPIV . 'LSTVE 3 / ERH 7LEGO ; . *EXMKYI 7XVEMR0MJI &ILEZMSV SJ 'EVFSR ERH 0S[%PPS] 7XIIPW %YWXIRMXMG 7XEMRPIWW 7XIIPW ERH %PPS] MR 0;6 )RZMVSRQIRXW
296)+'6 %20\\ %VKSRRI 2EXMSREP 0EFSVEXSV] %VKSRRI -0 %YKYWX
3 / 'LSTVE ERH ; . 7LEGO )JJIGXW SJ 0;6 'SSPERX )RZMVSRQIRXW SR *EXMKYI (IWMKR
'YVZIW SJ 'EVFSR ERH 0S[%PPS] 7XIIPW 296)+'6 %20 %VKSRRI 2EXMSREP 0EFSVEXSV] %VKSRRI -0 1EVGL
3 / 'LSTVE ERH ; . 7LEGO )JJIGXW SJ 0;6 'SSPERX )RZMVSRQIRXW SR *EXMKYI (IWMKR
'YVZIW SJ %YWXIRMXMG 7XEMRPIWW 7XIIPW 296)+'6 %20 %VKSRRI 2EXMSREP 0EFSVEXSV] %VKSRRI -0 %TVMP
6):-); 3* %:%-0%&0) 0%&36%836= (%8%
4:6' 'SQQMXXII SR ']GPMG 0MJI ERH )RZMVSRQIRXEP )JJIGXW
-R XLI IEVP] W XLI IJJIGXW SJ VIEGXSV [EXIV IRZMVSRQIRXW SR JEXMKYI GVEGO MRMXMEXMSR IQIVKIH EW E QENSV MWWYI EJJIGXMRK FSXL STIVEXMRK RYGPIEV TPERXW MR FSXL XLI GYVVIRX ERH XLI PMGIRWI VIRI[EP XIVQ )JJSVXW XS EHHVIWW XLI MWWYI MRGPYHIH E VIUYIWX F] XLI %71) &SEVH SR 2YGPIEV
'SHIW ERH 7XERHEVHW &2'7 XS XLI 4VIWWYVI :IWWIP 6IWIEVGL 'SYRGMP 4:6' XS IZEPYEXI XLI EZEMPEFPI HEXE 8LI .YRI VIUYIWX WXEXIH XLEX
w&2'7 PSSOW XS 4:6' XS SFXEMR GLEVEGXIVM^I ERH VITSVX MR WYJJMGMIRX HIXEMP XS %71)
WYGL HEXE EW QE] FI YWIJYP XS %71) MR MXW IZEPYEXMSR SJ XLI *EXMKYI GYVZIW SJ 7IGXMSR ---
ERH7IGXMSR<-x
-R VIWTSRWI XLI 4:6' JSVQIH E WXIIVMRK KVSYT GEPPIH XLI ']GPMG 0MJI ERH )RZMVSRQIRXEP
)JJIGXW '0)) 7XIIVMRK 'SQQMXXII 8LI '0)) 7XIIVMRK 'SQQMXXII MR XYVR JSVQIH XLVII
- SVOMRK+VSYTW{XLI;SVOMRK+VSYTSR72(EXE%REP]WMWXLI;SVOMRK+VSYTSRHEH2(EXE
%REP]WMW ERH XLI ;SVOMRK +VSYT SR )ZEPYEXMSR 1IXLSHW 8LI IJJSVX SJ XLI ;SVOMRK +VSYT SR 72 (EXE %REP]WMW VITVIWIRXW ER MQTSVXERX TVIGYVWSV XS XLMW VITSVX
% TVIPMQMREV] VITSVX SR XLI 4:6' '0)) JEXMKYI GVEGO MRMXMEXMSR HEXE VIZMI[ [EW TVSZMHIH F]
- ER (IV 7PY]W ERH =YOE[E MR ?A 3RI SJ XLI OI] JMRHMRKW VITSVXIH F] XLI 4:6' '0)) EX XLEX XMQI [EW XLEX E GSQFMREXMSR SJ MRHITIRHIRX IRZMVSRQIRXEP TEVEQIXIVW MW VIUYMVIH FIJSVI VIEGXSV [EXIV IRZMVSRQIRXEP IJJIGXW FIGSQI WMKRMJMGERX 8S UYSXI JVSQ :ER (IV 7PY]W ERH
=YOE[E ?A
w-X LEW FIIR SFWIVZIH XLEX MR SVHIV XS LEZI E PEVKI IJJIGX SJ XLI IRZMVSRQIRX SR XLI 72 JEXMKYI PMJI E GVMXMGEP GSQFMREXMSR SJ GSRHMXMSRW MW RIGIWWEV] -J ER] SRI SJ XLI GSRHMXMSRW MWQMWWMRKXLIIJJIGXSJXLIIRZMVSRQIRXSRXLIJEXMKYIPMJI[MPPFIQSHIVEXIx 8LI WM\ MRHITIRHIRX IRZMVSRQIRXEP TEVEQIXIVW EVI ETTPMIH WXVEMR EQTPMXYHI ETTPMIH WXVEMR VEXI
HMWWSPZIH S\]KIR GSRGIRXVEXMSR MR XLI VIEGXSV [EXIV GSSPERX GSQTSRIRX QIXEP XIQTIVEXYVI
GSQTSRIRX QIXEP WYPJYV GSRXIRX ERH VIEGXSV [EXIV JPS[ VEXI 8LI GVMXMGEP XLVIWLSPH ZEPYIW JSV GEVFSR ERH PS[EPPS] WXIIPW EVI
7XVEMR %QTPMXYHI
7XVEMR 6EXI WIG (MWWSPZIH 3\]KIR TTQ 8IQTIVEXYVI S' S*
7XIIP 7YPJYV 'SRXIRX
- EXIV *PS[
- IPSGMX] QWIG MRWIG
6IZMI[ SJ %ZEMPEFPI 0EFSVEXSV] (EXE 1SVI VIGIRXP] XLI 4:6' '0)) LEW YTHEXIH XLI GVMXMGEP XLVIWLSPHW EW KMZIR FIPS[ ?A
8LI WXVEMR EQTPMXYHI XLVIWLSPH JSV GEVFSR ERH PS[EPPS] WXIIPW MW
- IR VEXMS SJ JEXMKYI PMJI MR E VIEGXSV [EXIV IRZMVSRQIRX XS JEXMKYI PMJI MR EMV ZEPYIW WLEPP FI YWIH EX WXVEMR EQTPMXYHIW IUYEP XS SV I\GIIHMRK % PMRIEV MRXIVTSPEXMSR GER FI YWIH XS GEPGYPEXI
- IR ZEPYIW JSV WXVEMR EQTPMXYHIW FIX[IIR ERH 8LI WXVEMR EQTPMXYHI XLVIWLSPH JSV
[VSYKLX ERH GEWX WXEMRPIWW WXIIPW MW
- IR ZEPYIW WLEPP FI YWIH EX WXVEMR EQTPMXYHIW IUYEP XS SV I\GIIHMRK % PMRIEV MRXIVTSPEXMSR GER FI YWIH XS GEPGYPEXI
- IR ZEPYIW JSV WXVEMR EQTPMXYHIW FIX[IIR ERH
8LI WXVEMR VEXI XLVIWLSPH MW WIGSRH JSV GEVFSR ERH PS[EPPS] WXIIPW ERH WIGSRH JSV [VSYKLX ERH GEWX WXEMRPIWW WXIIPW -J XLI WXVEMR VEXI EWWSGMEXIH [MXL XLI XIRWMPI WXVIWW PSEH WIX JSV ER] SXLIV PSEH WIX TEMV I\GIIHW XLI XLVIWLSPH ZEPYI
- IR MW JSV XLEX PSEH WIX TEMV
8LI XIQTIVEXYVI XLVIWLSPH JSV GEVFSR ERH PS[EPPS] WXIIPW MW ' * 8LI XIQTIVEXYVI XLVIWLSPH JSV [VSYKLX ERH GEWX WXEMRPIWW WXIIPW MW ' *
8LI IJJIGXMZI HMWWSPZIH S\]KIR (3 GSRXIRX XLVIWLSPH MW ETTPMGEFPI SRP] XS GEVFSR ERH PS[EPPS] WXIIPW -J XLI (3 MW PIWW XLER SV IUYEP XS TTQ XLI XLVIWLSPH GVMXIVMSR MW WEXMWJMIH ERH *IR MW
2S XLVIWLSPH GVMXIVME EVI TVSZMHIH MR XLI :ER (IV 7PY]W ERH =YOE[E VITSVX w72 *EXMKYI 4VSTIVXMIWSJ4VIWWYVI&SYRHEV]1EXIVMEPWMR0;6'SSPERX)RZMVSRQIRXWx?AJSVIMXLIVXLI GSQTSRIRX QIXEP WYPJYV GSRXIRX SV XLI VIEGXSV [EXIV JPS[ VEXI 8LI GSQTSRIRX QIXEP WYPJYV GSRXIRX XLVIWLSPH MW XLSYKLX XS FI XSS PS[ XS TVSZMHI ER] VIPMIJ JSV X]TMGEP ZIWWIP ERH TMTMRK QEXIVMEPW -X [EW XLSYKLX XLEX MRWYJJMGMIRX MRJSVQEXMSR SR [EXIV JPS[ VEXI IJJIGXW [EW EZEMPEFPI 6IEGXSV [EXIV GSSPERX JPS[ VEXI LEW LS[IZIV FIIR WLS[R XS LEZI ER I\XVIQIP] TVSRSYRGIH IJJIGX SR JEXMKYI PMJI EW HMWGYWWIH MR E WYFWIUYIRX WIGXMSR SJ XLMW VITSVX
8LI IRZMVSRQIRXEP JEGXSV *IR GMXIH MR XLI 4:6' '0)) XLVIWLSPH TEVEQIXIV HMWGYWWMSR [EW HIZIPSTIH NSMRXP] F] )46- ERH XLI +IRIVEP )PIGXVMG 'SQTER] MR ?A 8LMW JEGXSV MW HIJMRIH EW XLI VEXMS SJ JEXMKYI PMJI MR E VIEGXSV [EXIV IRZMVSRQIRX XS JEXMKYI PMJI MR EMV 8LI XIQTIVEXYVI XS FI YWIH XS HIXIVQMRI XLMW VEXMS MW E WYFNIGX SJ WSQI HMWTYXI 8LI PSKMGEP GLSMGI [SYPH FI XS HIXIVQMRI XLI VEXMS SJ JEXMKYI PMJI MR VIEGXSV [EXIV EX XIQTIVEXYVI XS JEXMKYI PMJI MR EMV EX XIQTIVEXYVI ,S[IZIV XLI 26' WXEJJ VIUYMVIW XLEX
- IR FI HIJMRIH EW XLI VEXMS SJ JEXMKYI PMJI MR VIEGXSV [EXIV EX XIQTIVEXYVI XS JEXMKYI PMJI MR EMV EX VSSQ XIQTIVEXYVI 8LMW HMJJIVIRGI MW HMWGYWWIH JYVXLIV MR WYFWIUYIRX WIGXMSRW SJ XLI VITSVX
8LI GYVVIRX VIGSQQIRHEXMSRW SJ XLI 4:6' '0)) JSV XLI
- IR I\TVIWWMSRW EVI TVSZMHIH FIPS[ EW TVSZMHIH MR )46- VITSVX 86 ?A
- SV GEVFSR WXIIPW XLI I\TVIWWMSR MW
- IR ! I\T 8 783 )U
6IZMI[ SJ %ZEMPEFPI 0EFSVEXSV] (EXE
- SV PS[EPPS] WXIIPW XLI I\TVIWWMSR MW
- IR ! I\T 8 783 )U
-R XLIWI I\TVIWWMSRW
3 ! (3 TTQ 3 ! PR (3 TTQ (3 TTQ 3 ! PR (3 " TTQ
- SV WXEMRPIWW WXIIPW I\GITX 2+ XLI EREP]XMGEP I\TVIWWMSR JSV
- IR MW
- IR ! I\T ?
8 83 A )U
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EVI XVERWJSVQIH XIQTIVEXYVI ERH WXVEMR VEXI VIWTIGXMZIP] HIJMRIH EW JSPPS[W
8 ! ?8 '
- A 8 ! ? 8 A ? 8 '
- A
!
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WIG
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WIG 8LI TEVEQIXIVW 8 ERH 3 EVI XVERWJSVQIH XIQTIVEXYVI ERH HMWWSPZIH S\]KIR (3
VIWTIGXMZIP] HIJMRIH EW JSPPS[W
8 ! ?8 '
- A 8 ! ?8 " '
- A 3 ! (3 TTQ 3 ! (3 " TTQ
- ER (IV 7PY]W ERH =YOE[E ?A EPWS TVSZMHIH XLI 4:6' '0)) XIGLRMGEP TSWMXMSR SR QSHIVEXI IRZMVSRQIRXEP IJJIGXW JSV GEVFSR ERH PS[EPPS] WXIIPW 8LIMV EREP]WMW SJ XLI GSPPIGXIH HEXE MR EMV WLS[IH E JEGXSV SJ EFSYX XS EGGSYRX JSV XIQTIVEXYVI IJJIGXW ERH JSV HEXE WGEXXIV PIEZMRK E JEGXSV SJ SR XLI %71) QIER EMV HEXE EW E VIEWSREFPI [SVOMRK HIJMRMXMSR SJ QSHIVEXI IRZMVSRQIRXEP IJJIGXW 8LI 4:6' '0)) EPWS SFWIVZIH XLEX XLI ETTVSTVMEXI TSVXMSR JSV EYWXIRMXMG WXEMRPIWW WXIIPW MW EFSYX E JEGXSV SJ SYX SJ XLI %71) 'SHI JEGXSV SJ EX XLI PS[G]GPI IRH SJ XLI JEXMKYI HIWMKR GYVZI 8LMW WEQI WYFJEGXSV SJ EVSYRH [EW SFWIVZIH EW XLI EGXYEP WEJIX] QEVKMRW MR XLI 4:6' JEXMKYI XIWXW SR PEVKIWGEPI ZIWWIPW VITSVXIH MR 'VMXIVME SJ XLI %71) &SMPIV ERH 4VIWWYVI
- IWWIP 'SHI JSV (IWMKR F] %REP]WMW MR 7IGXMSRW --- ERH :--- (MZMWMSR ?A
1SHIVEXI IRZMVSRQIRXEP IJJIGXW EVI EGGSYRXIH JSV F] EHNYWXMRK
- IR F] [LEX MW VIJIVVIH XS EW E >
JEGXSV 8LI > JEGXSV MW GSRWMHIVIH XS FI XLI EZEMPEFPI QEVKMR XLEX GER FI YWIH MR XLI HIXIVQMREXMSR
6IZMI[ SJ %ZEMPEFPI 0EFSVEXSV] (EXE SJ XLI EGGITXEFMPMX] SJ JEXMKYI IZEPYEXMSRW XLEX EVI GEPGYPEXIH YWMRK IRZMVSRQIRXEPP]EHNYWXIH JEXMKYI GYVZIW ETTVSTVMEXI JSV XLI QEXIVMEP ERH WXVEMR VEXI SJ EGXYEP TPERX GSQTSRIRXW
4EVX SJ XLI NYWXMJMGEXMSR JSV XLI > JEGXSV MW FEWIH SR XLI GLEVEGXIVMWXMGW SJ IUYEXMSRW YWIH XS JMX XLI PEFSVEXSV]WMQYPEXIH IRZMVSRQIRXEP JEXMKYI HEXE 8LIWI IUYEXMSRW HS RSX VIZIVX XS XLI IUYEXMSRW YWIH XS JMX PEFSVEXSV] EMV HEXE MRWXIEH IZIR JSV XIWXMRK GSRHMXMSRW WYGL XLEX WMQYPEXIH VIEGXSV
[EXIV IRZMVSRQIRXEP IJJIGXW EVI QMRMQEP XLI IUYEXMSRW GSRXEMR ER IRZMVSRQIRXEP WLMJX QYGL KVIEXIV XLER *SV I\EQTPI XLI IUYEXMSR XLEX JMXW VIEGXSV [EXIV IRZMVSRQIRXEP JEXMKYI HEXE JSV EYWXIRMXMG WXEMRPIWW WXIIPW TVIHMGXW ER EW]QTXSXMG IRZMVSRQIRXEP WLMJX SJ IZIR JSV XIQTIVEXYVIW FIPS[ XLI IRZMVSRQIRXEP XLVIWLSPH
8LI EFSZI VIEWSRMRK WYTTSVXW E QSHIVEXI IRZMVSRQIRXEP IJJIGXW JEGXSV SJ EX PIEWX JSV GEVFSR ERH PS[EPPS] WXIIPW ERH E JEGXSV SJ EX PIEWX JSV EYWXIRMXMG WXEMRPIWW WXIIPW -X WLSYPH FI TSMRXIH SYX XLEX MR XLIMV QSWX VIGIRX TYFPMGEXMSRW XLI 4:6' WII w72 *EXMKYI 4VSTIVXMIW SJ 4VIWWYVI
&SYRHEV]1EXIVMEPWMR0;6'SSPERX)RZMVSRQIRXWx?A LEWEPWSVIGSQQIRHIHQSHIVEXI IRZMVSRQIRXEP IJJIGXW WYFJEGXSVW SV > JEGXSVW SJ JSV GEVFSR ERH PS[EPPS] WXIIP ERH JSV EYWXIRMXMG WXEMRPIWW WXIIP
%X JMVWX XLI 26' WXEJJ EKVIIH [MXL XLI QSHMJMIH 4:6' VIGSQQIRHEXMSR ?A JSV E QSHIVEXI IRZMVSRQIRXEP JEGXSV SJ MRWXIEH SJ JSV GEVFSR ERH PS[EPPS] WXIIPW ERH E JEGXSV SJ
MRWXIEH SJ JSV EYWXIRMXMG WXEMRPIWW WXIIPW 1SVI VIGIRXP] LS[IZIV XLI 26' WXEJJ LEW WXMTYPEXIH XLEX RS QSHIVEXI IRZMVSRQIRXEP IJJIGXW JEGXSV KVIEXIV XLER GER FI GVIHMXIH EX EPP FIGEYWI SJ XLI TVIWYQEFP] KVIEXIV HEXE WGEXXIV JSV PEFSVEXSV]WMQYPEXIH VIEGXSV [EXIV IRZMVSRQIRXEP IJJIGXW
VIPEXMZI XS XLI WGEXXIV MR XLI EMV HEXE ;LMPI XLI WGEXXIV MR XLI JEXMKYI XIWX HEXE MR EMV WLS[IH E WGEXXIV JEGXSV SJ EFSYX XLI IZEPYEXMSRW SJ WGEXXIV MR XLI JEXMKYI XIWX HEXE MR WMQYPEXIH VIEGXSV
[EXIV IRZMVSRQIRXW LEZI GPEMQIH E WGEXXIV JEGXSV SJ EFSYX 8LI 26' WXEJJ VIPMIH LIEZMP] MR XLMW NYHKQIRX SR XLI EVKYQIRXW TVIWIRXIH MR 296)+'6 ?A
296)+'6 ?A EVKYIH XLEX XLI WM^I IJJIGX TSVXMSR SJ XLI JEGXSV SJ MW EFSYX XLI WYVJEGIJMRMWLJEGXSVMWFIX[IIRERHERHTSXIRXMEPIVVSVWMRXLIETTPMGEXMSRSJ1MRIVvW 6YPI PSEHMRK LMWXSV] MRXVSHYGIW E JEGXSV SJ XS ;MXL E HEXE WGEXXIV JEGXSV SJ XLI XSXEP EHNYWXQIRX VERKIW FIX[IIR ERH %R] MRGVIEWI MR HEXE WGEXXIV FI]SRH E JEGXSV SJ EFSYX
[SYPH GEYWI XLI EHNYWXQIRX XS FI [IPP EFSZI XLI EZEMPEFPI JEGXSV SJ SR G]GPMG PMJI EX XLI PS[G]GPI IRH SJ XLI JEXMKYI GYVZIW
6IGIRX IZEPYEXMSRW SJ HEXE JVSQ .ETERIWI JEXMKYI XIWXMRK TVSKVEQW LEZI WYTTSVXIH XLMW EVKYQIRX
- SV I\EQTPI 8WYXWYQM IX EP ?A LEZI EREP]^IH ER I\XIRWMZI WIX SJ HEXE SR EYWXIRMXMG WXEMRPIWW WXIIPW ERH LEZI EPWS EVKYIH XLEX XLI HEXE I\LMFMX MRGVIEWIH ZEVMEFMPMX] 8LMW MRGVIEWIH ZEVMEFMPMX]
MJ XVYI [SYPH RSX TIVQMX ER] EPPSGEXMSR SJ XLI %71) 'SHI JEGXSV SJ XS FI EWWMKRIH XS QSHIVEXI IRZMVSRQIRXEP IJJIGXW FIGEYWI WYVJEGI JMRMWL WTIGMQIR WM^I IJJIGXW ERH SXLIV GSRWMHIVEXMSRW EGGSYRX JSV XLI VIWMHYEP JEGXSV SJ % WMQMPEV EVKYQIRX SR HEXE ZEVMEFMPMX] LEW FIIR QEHI F] ,MKYGLM ?A JSV GEVFSR ERH PS[EPPS] WXIIPW ,S[IZIV XLI HEXE IZEPYEXMSRW WIIQ XSFIFEWIHSREPSKMGEPMRGSRWMWXIRG]{XLIIZEPYEXMSRSJHEXEZEVMEFMPMX]EPWSMRGPYHIWZEV]MRK IRZMVSRQIRXEP IJJIGXW 8LEX MW XLI HEXE WGEXXIV EWWIWWQIRX MRGPYHIW IRZMVSRQIRXEP IJJIGXW ZEVMEFMPMX] XLEX WLSYPH FI WITEVEXIH WXEXMWXMGEPP] JVSQ HEXE WGEXXIV EWWIWWQIRX [MXLMR E TEVXMGYPEV
[EXIV IRZMVSRQIRX HEXE WIX
6IZMI[ SJ %ZEMPEFPI 0EFSVEXSV] (EXE 8LI XSTMG SJ HEXE WGEXXIV ERH MXW MQTEGX SR QSHIVEXI IRZMVSRQIRXEP IJJIGXW QEVKMRW MR XLI %71)
'SHI JEXMKYI HIWMKR GYVZIW MW EHHVIWWIH MR 7IGXMSR SJ XLMW VITSVX
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)
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2 6%
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7I ! IRHYVERGI PMQMX SV JEXMKYI WXVIRKXL EX G]GPIW TWM 8LI EFSZI JSVQYPE [EW YWIH XS HIXIVQMRI XLI PS[G]GPI JEXMKYI GYVZIW JSV GEVFSR PS[EPPS] ERH EYWXIRMXMG WXEMRPIWW WXIIP -R IEGL GEWI E FIWXJMX GYVZI SFXEMRIH JVSQ XLI QIXLSH SJ PIEWX WUYEVIW
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8LI VSSQ XIQTIVEXYVI QSHYPYW ) [EW ORS[R MR IEGL GEWI ERH XLI GSQTYXIV GSHI KEZI XLI FIWX
JMX ZEPYI JSV 6% ERH 7I 8LIWI ZEPYIW EVI WLS[R SR XLI GYVZIW VITVSHYGIH MR *MKYVIW ERH
XEOIR JVSQ XLI %71) 'SHI GVMXIVME HSGYQIRX ?A
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7 7 W W Y =
JSV 7 7] )U
W W 9
[LIVI 7 ! ZEPYI JVSQ GYVZI 7v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
6IZMI[ SJ %ZEMPEFPI 0EFSVEXSV] (EXE
%71) %YWXIRMXMG 7XEMRPIWW 7XIIP %MV 'YVZI -WWYI
%RSXLIV MWWYI LEW FIIR MHIRXMJMIH VIPEXMZI XS XLI QIER EMV GYVZIW HIZIPSTIH F] XLI %71) 'SHI FSHMIW YWMRK )UYEXMSR ERH )UYEXMSR %R ETTEVIRX HMWGVITERG] I\MWXW FIX[IIR XLI %71)
'SHI QIER EMV GYVZI JSV EYWXIRMXMG WXEMRPIWW WXIIPW ?A ERH XLI FIWXIWXMQEXI HEXE JMX F] %VKSRRI 2EXMSREP 0EFSVEXSVMIW %20 EX XLI LMKLG]GPI IRH EFSZI G]GPIW JSV EYWXIRMXMG WXEMRPIWW WXIIP JEXMKYI HEXE SFXEMRIH MR PEFSVEXSV] EMV IRZMVSRQIRXW ?A
8LMW ETTEVIRX HMWGVITERG] LEH FIIR SFWIVZIH TVIZMSYWP] ?A ERH [EW XLI WYFNIGX SJ GSRWMHIVEFPI HMWGYWWMSR HYVMRK XLI QMHXSPEXI W [MXLMR XLI %71) 'SHI FSHMIW GSRGIVRIH
[MXL JEXMKYI ?A %X XLEX XMQI XLI EVKYQIRXW JSV EHNYWXMRK XLI %71) 'SHI JEXMKYI HIWMKR GYVZI XS IPMQMREXI XLI ETTEVIRX HMWGVITERG] [IVI RSX HIIQIH XS FI WYJJMGMIRXP] TIVWYEWMZI 8LI QENSV TSMRXW QEHI F] XLI HMWGYWWMSR TEVXMGMTERXW [LS JEZSVIH VIXEMRMRK XLI I\MWXMRK %71) 'SHI QIER EMV GYVZI HEXE JMX [IVI
8LI ETTEVIRX HMWGVITERG] MW MRWYJJMGMIRXP] PEVKI XS NYWXMJ] JMRIXYRMRK XLI LMKLG]GPI IRH SJ XLI I\MWXMRK %71) 'SHI QIER EMV GYVZI
8LI ETTEVIRX HMWGVITERG] QMKLX LEZI FIIR MRJPYIRGIH F] PSEHGSRXVSPPIH VIWYPXW [MXLMR XLI HEXE WIX MR GSRXVEWX [MXL XLI %71) 'SHI QIER EMV GYVZI XLEX MW WXVMGXP] FEWIH SR WXVEMR
GSRXVSPPIH JEXMKYI HEXE
8LI JSVKMZMRK REXYVI SJ GSQTSWMXMSREP HMJJIVIRGIW ERH SXLIV QIXEPPYVKMGEP JEGXSVW MR XLI PS[
G]GPI TPEWXMG WXVEMR VIKMSR ERH XLI KVIEXIV MRJPYIRGI SJ XLIWI HMJJIVIRGIW ERH JEGXSVW MR XLI LMKLG]GPI IPEWXMG VIKMSR
8LI WYGGIWWJYP I\TIVMIRGI [MXL WXEMRPIWW WXIIP GSQTSRIRXW WYGL EW VIEGXSV MRXIVREPW XLEX EVI WYFNIGXIH XS LMKLG]GPI LSX JYRGXMSREP XIWXMRK IRZMVSRQIRXW TVMSV XS WIVZMGI [MXLSYX JEXMKYI JEMPYVI
1SVI VIGIRXP] %20 MRZIWXMKEXSVW LEZI VIMRXVSHYGIH XLI ETTEVIRX HMWGVITERGMIW MR XLI WXEMRPIWW WXIIP LMKLG]GPI EMV IRZMVSRQIRX JEXMKYI HEXE JMXW 296)+'6 ?A WXEXIW XLEX
w-R XLI IEVP] W EHHMXMSREP HEXE SR XLI JEXMKYI SJ WXEMRPIWW WXIIPW [IVI GSPPIGXIH F]
.EWOIERH3v(SRRIPP[LSHIZIPSTIHEVIZMWIHVSSQXIQTIVEXYVIJEXMKYIHIWMKR GYVZI
'SQTEVMWSRSJXLIRI[GYVZIHIZIPSTIHF].EWOIERH3v(SRRIPP[MXLXLISVMKMREPGYVZI WLS[IH XLEX XLI PEXXIV SZIVIWXMQEXIH PMJI JSV PS[ WXVEMR VERKIW ,S[IZIV XLI %71)
'SHI 'SQQMXXII FIGEYWI SJ VIPEXMZIP] KSSH MRTPERX I\TIVMIRGI HMH RSX PS[IV XLI GSVVIWTSRHMRK TSVXMSR SJ XLI HIWMKR GYVZI -R IJJIGX XLI GYVVIRX GYVZI MW FEWIH SR E JEGXSV SJSRWXVIWWERHSRG]GPIWVEXLIVXLERXLIwSRWXVIWWSVSRG]GPIWxSVMKMREPP]
TVSTSWIHx 7IZIVEP SXLIV MXIQW JVSQ XLIWI VITSVXW QMKLX FI VIPIZERX JSV XLMW HMWGYWWMSR 97 2YGPIEV 6IKYPEXSV] 'SQQMWWMSR VITSVX +)%4 ?A TSMRXW SYX XLEX JSV IZEPYEXMSR SJ GEVFSR ERH PS[EPPS] WXIIP JEXMKYI HEXE WIZIR XIWXW MR EMV ERH IMKLX XIWXW MR [EXIV YWMRK LSYVKPEWW WTIGMQIRW
[IVI I\GPYHIH JVSQ XLI HEXE WIX FIGEYWI XLI WTIGMQIRW ]MIPHIH PSRKIV JEXMKYI PMJI XLER HMH G]PMRHVMGEPKEYKIPIRKXL WTIGMQIRW -R EHHMXMSR XLI VITSVX GPEMQW XLEX PSEHGSRXVSPPIH XIWXW MR EMV EX VSSQ XIQTIVEXYVI JSV 7% 'PEWW JSVKMRK QEXIVMEP WLS[IH WMKRMJMGERXP] PSRKIV JEXMKYI PMZIW XLER HMH WXVEMRGSRXVSPPIH XIWXW SR XLI WEQI QEXIVMEP
6IZMI[ SJ %ZEMPEFPI 0EFSVEXSV] (EXE 8LI QENSV UYIWXMSRW XS FI ERW[IVIH VIKEVHMRK XLMW MWWYI EVI EW JSPPS[W
- MVWX EVI XLI ETTEVIRX HMWGVITERGMIW WMKRMJMGERX# 8LI VEXMS SJ EPXIVREXMRK WXVIWW FIX[IIR ERH
G]GPIW JSV XLI WXEMRPIWW WXIIP EMV HEXE JMXW MW FIX[IIR ERH 8LMW MQTPMIW XLEX E GSQTSRIRX PSGEXMSR [MXL ER EPXIVREXMRK WXVIWW SJ OWM 14E [SYPH FI I\TIGXIH XS JEMP EX
G]GPIW MR XLI QSVI GSRWIVZEXMZI GEWI [LIVIEW XLI PIWW GSRWIVZEXMZI GEWI [SYPH VIUYMVI ER EPXIVREXMRK WXVIWW SJ OWM 14E 8LI YRGIVXEMRX] MR G]GPMG WXVIWW GEPGYPEXMSR ERH MR HIXIVQMRMRK ER] WXVIWW MRXIRWMJMGEXMSR QMKLX FI SJ IUYEP SV KVIEXIV WMKRMJMGERGI
7IGSRH EVI XLIVI IRSYKL ZEPMH HEXE TSMRXW MR XLI LMKLG]GPI PMJI VIKMSR EFSZI G]GPIW XS NYWXMJ] XLI HMWTYXEXMSR SJ I\MWXMRK HEXE JMXW XLEX EVI LIEZMP] MRJPYIRGIH F] PS[G]GPI HEXE# 8LI TEYGMX] SJ HEXE MR XLI ZIV] LMKLG]GPI IRH SJ XLI WTIGXVYQ MQTPMIW XLEX ER] HEXE JMX MR XLEX VIKMSR MW VIPEXMZIP] PIWW VSFYWX XLER XLI HEXE JMX EX PS[IV G]GPMG PMZIW
8LMVH EVI XLI PS[IV HEXE TSMRXW MR XLI LMKLG]GPI VIKMSR MRJPYIRGIH F] PSEHGSRXVSPPIH HEXE MRXIVWTIVWIH [MXL WXVEMRGSRXVSPPIH HEXE# 8LI %71) 'SHI MRXIRX MW XS VIP] SR WXVEMRGSRXVSPPIH HEXE FIGEYWI SJ XLI WMQMPEVMX] XS JEXMKYI HEQEKI EGGYQYPEXMSR MR EGXYEP GSQTSRIRX KISQIXV]
0SEHGSRXVSPPIH I\TIVMQIRXW WLSYPH TVSHYGI WLSVXIV JEXMKYI PMZIW EPP SXLIV XLMRKW FIMRK IUYEP
F] XLI ZIV] REXYVI SJ WTIGMQIR GSQTPMERGI ,S[IZIV YRHIV LMKLG]GPI JEXMKYI PSEHMRK ERH IWWIRXMEPP] IPEWXMG WTIGMQIR FILEZMSV [MXL PMXXPI WXVIWW VIHMWXVMFYXMSR XLI HMJJIVIRGIW QMKLX RSX FI WMKRMJMGERX
- SYVXL WLSYPH G]PMRHVMGEPKEYKIPIRKXL WTIGMQIRW FI TVIJIVVIH MR XLI LMKLG]GPI VIKMSR [LIVI IPEWXMG FILEZMSV HSQMREXIW# %R EVKYQIRX GSYPH FI QEHI XLEX LSYVKPEWW JEXMKYI WTIGMQIRW
[LMGL EVI TVIJIVVIH F] QER] MRZIWXMKEXSVW WLSYPH FI VIUYMVIH JSV JEXMKYI XIWXMRK MR XLI IPEWXMG VERKI ,SYVKPEWW WTIGMQIRW KYEVERXII XLEX JEXMKYI JEMPYVI [MPP SGGYV EX E WTIGMJMG PSGEXMSR XLEX MW
XLI REVVS[IWX TSVXMSR SJ XLI LSYVKPEWW WLETI WS XLEX QIXEPPYVKMGEP ZEVMEFMPMX] IJJIGXW EVI WXEXMWXMGEPP] QMRMQM^IH % G]PMRHVMGEPKEYKIPIRKXL WTIGMQIR [MPP FI MRJPYIRGIH F] [IEOIWXPMRO IJJIGXW FIGEYWI ETTVS\MQEXIP] XLI WEQI PIZIP SJ WXVIWW I\MWXW SZIV E WYFWXERXMEP ZSPYQI SJ QEXIVMEP 6IEP GSQTSRIRX FILEZMSV MW QSVI WMQMPEV XS XLEX SJ XLI LSYVKPEWW WTIGMQIR [MXL KISQIXVMG ERH PSEHMRK HMWGSRXMRYMXMIW SV GSRGIRXVEXMSRW XLEX XIRH XS MWSPEXI JEXMKYI HEQEKI
0EVKI ZSPYQIW SJ GSQTSRIRX QEXIVMEP EVI RSX WMQYPXERISYWP] WYFNIGXIH XS LMKL WXVIWWIW
- MJXL MW XLI IJJIGXMZI %71) 'SHI JEXMKYI QEVKMR SJ EHIUYEXI [LIR XLI GSRWIVZEXMZI ETTVSEGL YWIH F] %20 XS SFXEMR XLIMV FIWXIWXMQEXI HEXE JMX MW XEOIR MRXS EGGSYRX# ;LIR EPP SJ XLI EFSZI EVKYQIRXW EVI EWWIQFPIH E 'SHI QEVKMR SJ WIIQW XS FI ETTPMGEFPI XS TYVIP]
WXVEMRGSRXVSPPIH LSYVKPEWW WTIGMQIR HEXE [LMPI E 'SHI QEVKMR SJ EVKYEFP] ETTPMIW XS E QM\
SJ WXVEMRGSRXVSPPIH ERH PSEHGSRXVSPPIH HEXE SFXEMRIH JVSQ G]PMRHVMGEPKEYKIPIRKXL WTIGMQIRW
4:6' (EXEFEWI ERH %REP]WMW
-R XLI 4:6' SVKERM^IH ER EGXMZMX] XS VIZMI[ XLI EZEMPEFPI MRJSVQEXMSR ERH QEOI VIGSQQIRHEXMSRW XS XLI %71) &2'7 SR ER] QSHMJMGEXMSRW XS XLI 'SHI XS VIJPIGX XLI RI[
MRJSVQEXMSR SR XLI IJJIGX SJ VIEGXSV [EXIV IRZMVSRQIRXW SR JEXMKYI PMJI -R SVHIV XS EGGSQTPMWL XLMW SFNIGXMZI XLI JMVWX EGXMZMX] SJ XLI 4:6' ;SVOMRK +VSYT SR 72 'YVZI (EXE %REP]WMW [EW XS GSPPIGX EPP SJ XLI PEFSVEXSV] HEXE EZEMPEFPI %W E VIWYPX SJ MRUYMVMIW ERH WSPMGMXEXMSR E PEVKI EQSYRX SJ HEXE XSXEPMRK RIEVP] 72 XIWX VIWYPXW MR EMV ERH [EXIV IRZMVSRQIRXW LEW FIIR
6IZMI[ SJ %ZEMPEFPI 0EFSVEXSV] (EXE VIGIMZIH ERH GSQTMPIH % WYQQEV] SJ XLI WSYVGIW VITVIWIRXIH F] XLI 4:6' HEXEFEWI EW GEXIKSVM^IH F] QEXIVMEP XIWX IRZMVSRQIRX ERH XIWX TEVEQIXIVW MW TVIWIRXIH MR 8EFPI 8LMW HEXEFEWI LEW FIIR YWIH MR XLI 72 HEXE EREP]WMW TVIWIRXIH MR XLI XEFPIW ERH KVETLW MR XLMW VITSVX
8EFPI
4:6' )RZMVSRQIRXEP *EXMKYI (EXEFEWI 7SYVGI 6IJIVIRGI 1EXIVMEP )RZMVSRQIRX 2YQFIV SJ 8IWXW
+IRIVEP )PIGXVMG ?A 'EVFSR 7XIIP %MV ERH &;6
'SQTER]
+IRIVEP )PIGXVMG ?A 'EVFSR 7XIIP &;6
'SQTER]
.ETERIWI ?A ?A ERH 'EVFSR 7XIIP %MV ;EXIV 4;6
?A &;6 0S[%PPS] 7XIIP
77
-RGSRIP
.ETERIWI ?A 77;IPH 4;6 ;EXIV
1IXEP
%VKSRRI 2EXMSREP ?A ERH ?A 77 7XIIP %MV 4;6 &;6
0EFSVEXSV]
'EVFSR 7XIIP 0S[%PPS] 7XIIP
&EFGSGO ?A 'EVFSR 7XIIP 8]TMGEP *SWWMP
- MPGS\ 4S[IV 4PERX 1)% ?A 'EVFSR 7XIIP %MV ;EXIV
+IVQER ?A 'EVFSR 7XIIP %MV ;EXIV
0S[%PPS] 7XIIP 6YWWMER ?A 'EVFSR 7XIIP 4YVI ;EXIV
0S[%PPS] WXIIP
.EWOI ?A 7XEMRPIWW 7XIIPW %MV
3v(SRRIPP ERH 2MGOIP
&EWIH %PPS]W
6IZMI[ SJ %ZEMPEFPI 0EFSVEXSV] (EXE
'EVFSR 7XIIP
- MKYVI WLS[W XLI VSSQ XIQTIVEXYVI EMV HEXE JSV GEVFSR WXIIP XLEX MW MRGPYHIH MR XLI 4:6' S S HEXEFEWI *MKYVIW ERH WLS[ XLI 4:6' GEVFSR WXIIP HEXE MR EMV EX ' *
S S S S
' * ERH ' * VIWTIGXMZIP] 8LI JMKYVIW EPWS WLS[ XLI WYTIVTSWIH %71)
GEVFSR WXIIP QIER EMV GYVZI ERH XLI %71) 'SHI GEVFSR WXIIP JEXMKYI HIWMKR GYVZI
8LI VIWYPXW SJ XLI 4:6' 72 HEXE VIZMI[ WLS[ XLEX PEFSVEXSV] JEXMKYI GVEGO MRMXMEXMSR HEXE JSV GEVFSR WXIIPW MR ER EMV IRZMVSRQIRX EX ZEVMSYW XIQTIVEXYVIW EVI MR KSSH EKVIIQIRX [MXL XLI
%71) 'SHI GEVFSR WXIIP QIER EMV GYVZI [MXL E HEXE WGEXXIV JEGXSV SJ PIWW XLER
- MKYVI WLS[W XLI 4:6' HEXE JSV GEVFSR WXIIPW SFXEMRIH YRHIV WMQYPEXIH 4;6 VIEGXSV [EXIV GSRHMXMSRW *MKYVI WLS[W XLIWI WEQI HEXE EJXIV FIMRK WLMJXIH F] XLI ETTVSTVMEXI IRZMVSRQIRXEP JEGXSV *IR 8LI IRZMVSRQIRXEP WLMJX FVMRKW XLI HEXE IWWIRXMEPP] FEGO XS XLI %71)
QIER EMV GYVZI PMRI [MXL WPMKLX YRHIVWLMJX EX XLI PS[G]GPI IRH SJ XLI GYVZI ERH E WPMKLX SZIV
WLMJX EX XLI LMKLG]GPI IRH SJ XLI GYVZI *MKYVI WLS[W XLI WEQI HEXE EJXIV XLI WLMJXIH GVEGO MRMXMEXMSR TSMRXW EVI EHNYWXIH F] XLI QSHIVEXI IRZMVSRQIRXEP IJJIGXW JEGXSV > %PP SJ XLI EHNYWXIH HEXE TSMRXW JEPP FIX[IIR XLI %71) QIER EMV GYVZI ERH XLI %71) HIWMKR GYVZI I\GITX EX XLI ZIV] LMKLG]GPI IRH SJ XLI GYVZI %PP SJ XLI PEFSVEXSV] JEXMKYI GVEGO MRMXMEXMSR HEXE JSV GEVFSR WXIIPW WEXMWJ] XLI 4:6' IRZMVSRQIRXEP TEVEQIXIV XLVIWLSPHW JSV QSHIVEXI IRZMVSRQIRXEP IJJIGXW
[MXL RS HEXE TSMRXW GSVVIGXIH F]
- IR> ETTVSEGLMRK XLI %71) 'SHI GEVFSR WXIIP HIWMKR JEXMKYI GYVZI
'7 6SSQ 8IQTIVEXYVI
%71) '7 1IER %MV 68
%71) (IWMKR 68
) ) ) ) ) ) ) ) )
']GPMG 0MJI
- MKYVI
4:6' 6SSQ 8IQTIVEXYVI %MV (EXE JSV 'EVFSR 7XIIP
6IZMI[ SJ %ZEMPEFPI 0EFSVEXSV] (EXE
'7 '
%71) '7 1IER %MV '
%71) (IWMKR '
) ) ) ) ) )
']GPMG 0MJI
- MKYVI
4:6' %MV (EXE JSV 'EVFSR 7XIIP EX ' *
'7 '
%71) '7 1IER %MV '
%71) (IWMKR '
) ) ) ) ) )
']GPMG 0MJI
- MKYVI
4:6' %MV (EXE JSV 'EVFSR 7XIIP EX ' *
6IZMI[ SJ %ZEMPEFPI 0EFSVEXSV] (EXE
'7 '
%71) '7 1IER %MV '
%71) (IWMKR '
) ) ) ) ) )
']GPMG 0MJI
- MKYVI
4:6' %MV (EXE JSV 'EVFSR 7XIIP EX ' *
'77MQYPEXIH 4;6
%71) '7 1IER %MV '
%71) (IWMKR '
) ) ) ) ) ) )
']GPMG 0MJI
- MKYVI
4:6' (EXE JSV 'EVFSR 7XIIPW 3FXEMRIH 9RHIV 7MQYPEXIH 4;6 'SRHMXMSRW
6IZMI[ SJ %ZEMPEFPI 0EFSVEXSV] (EXE
'77MQYPEXIH 4;6 \ *IR
%71) '7 1IER %MV '
%71) (IWMKR '
) ) ) ) ) ) )
']GPMG 0MJI
- MKYVI
4:6' (EXE JSV 'EVFSR 7XIIPW 3FXEMRIH 9RHIV 7MQYPEXIH 4;6 'SRHMXMSRW ERH 'SVVIGXIH F] *IR
'77MQYPEXIH 4;6 \ *IR>
%71) '7 1IER %MV '
%71) (IWMKR '
) ) ) ) ) ) )
']GPMG 0MJI
- MKYVI
4:6' (EXE JSV 'EVFSR 7XIIPW 3FXEMRIH 9RHIV 7MQYPEXIH 4;6 'SRHMXMSRW 'SVVIGXIH F]
- IR ERH %HNYWXIH F] XLI 1SHIVEXI )RZMVSRQIRXEP )JJIGXW *EGXSV >
6IZMI[ SJ %ZEMPEFPI 0EFSVEXSV] (EXE
-R GSRXVEWX *MKYVI WLS[W XLI GSQTPIXI WIX SJ PEFSVEXSV] HEXE SFXEMRIH YRHIV WMQYPEXIH
&;6 VIEGXSV [EXIV IRZMVSRQIRXW 8LI HEXE WGEXXIV MW ZIV] PEVKI *MKYVI WLS[W XLIWI WEQI HEXE EJXIV GSVVIGXMSR F] XLI ETTVSTVMEXI IRZMVSRQIRXEP WLMJX
- IR 8LI HEXE WGEXXIV MW QYGL WQEPPIV EJXIV GSVVIGXMSR JSV HMJJIVIRX IRZMVSRQIRXW ERH XLI WLMJXIH HEXE TSMRXW QEXGL [IPP [MXL XLI %71)
QIER EMV GYVZI *MKYVI WLS[W XLIWI HEXE EJXIV EHNYWXQIRX JSV QSHIVEXI IRZMVSRQIRXEP IJJIGXW 2SXI XLEX XLI EHNYWXIH HEXE TSMRXW PMI FIX[IIR XLI %71) QIER EMV GYVZI ERH XLI %71)
'SHI HIWMKR GYVZI I\GITX JSV XLI SZIVGSVVIGXIH TSMRXW EX XLI LMKLG]GPI IRH SJ XLI GYVZI %
WQEPP RYQFIV SJ EHNYWXIH HEXE TSMRXW ETTVSEGL XLI %71) 'SHI GEVFSR WXIIP JEXMKYI HIWMKR GYVZI
'77MQYPEXIH &;6 '
'77MQYPEXIH &;6 '
'77MQYPEXIH &;6 '
'77MQYPEXIH &;6 '
'77MQYPEXIH &;6 '
'77MQYPEXIH &;6 '
%71) '7 1IER %MV '
%71) (IWMKR '
) ) ) ) ) ) ) ) )
']GPMG 0MJI
- MKYVI
4:6' 0EFSVEXSV] (EXE 3FXEMRIH 9RHIV 7MQYPEXIH &;6 6IEGXSV ;EXIV )RZMVSRQIRXW
6IZMI[ SJ %ZEMPEFPI 0EFSVEXSV] (EXE
'77MQYPEXIH &;6 ' \ *IR
'77MQYPEXIH &;6 ' \ *IR
'77MQYPEXIH &;6 ' \ *IR
'77MQYPEXIH &;6 ' \ *IR
'77MQYPEXIH &;6 ' \ *IR
'77MQYPEXIH &;6 ' \ *IR
%71) '7 1IER %MV '
%71) (IWMKR '
) ) ) ) ) ) ) ) )
']GPMG 0MJI
- MKYVI
4:6' 0EFSVEXSV] (EXE 3FXEMRIH 9RHIV 7MQYPEXIH &;6 6IEGXSV ;EXIV )RZMVSRQIRXW ERH
'SVVIGXIH F] *IR
6IZMI[ SJ %ZEMPEFPI 0EFSVEXSV] (EXE
'77MQYPEXIH &;6 ' \ *IR>
'77MQYPEXIH &;6 ' \ *IR>
'77MQYPEXIH &;6 ' \ *IR>
'77MQYPEXIH &;6 ' \ *IR>
'77MQYPEXIH &;6 ' \ *IR>
'77MQYPEXIH &;6 ' \ *IR>
%71) '7 1IER %MV '
%71) (IWMKR '
) ) ) ) ) ) ) ) )
']GPMG 0MJI
- MKYVI
4:6' 0EFSVEXSV] (EXE 3FXEMRIH 9RHIV 7MQYPEXIH &;6 6IEGXSV ;EXIV )RZMVSRQIRXW ERH
'SVVIGXIH F] *IR ERH >
0S[%PPS] 7XIIP
- MKYVI WLS[W XLI 4:6' HEXE WIX JSV PS[EPPS] WXIIPW XIWXIH EX VSSQ XIQTIVEXYVI ERH XLI GSQTEVMWSR [MXL XLI %71) QIER EMV GYVZI ERH XLI %71) 'SHI JEXMKYI HIWMKR GYVZI JSV PS[
EPPS] WXIIP *MKYVIW ERH WLS[ XLI 4:6' PS[EPPS] WXIIP HEXE WIX JSV XIWXMRK MR EMV EX S' S* S' S* ERH S' S* VIWTIGXMZIP] -R EPP GEWIW XLI PEFSVEXSV]
EMV HEXE EVI MR I\GIPPIRX EKVIIQIRX [MXL XLI %71) QIER EMV GYVZI [MXL E HEXE WGEXXIV SJ EFSYX E JEGXSV SJ
6IZMI[ SJ %ZEMPEFPI 0EFSVEXSV] (EXE
0%76SSQ 8IQTIVEXYVI
%71) 0%7 1IER %MV 68
%71) (IWMKR 68
) ) ) ) ) ) ) ) )
']GPMG 0MJI
- MKYVI
4:6' (EXE JSV 0S[%PPS] 7XIIP EX 6SSQ 8IQTIVEXYVI
0%7'
%71) 0%7 1IER %MV '
%71) (IWMKR '
) ) ) ) ) ) ) )
']GPMG 0MJI
- MKYVI
4:6' (EXE JSV 0S[%PPS] 7XIIP EX ' *
6IZMI[ SJ %ZEMPEFPI 0EFSVEXSV] (EXE
0%7'
%71) 0%7 1IER %MV '
%71) (IWMKR '
) ) ) ) ) ) ) )
']GPMG 0MJI
- MKYVI
4:6' (EXE JSV 0S[%PPS] 7XIIP EX ' *
0%7'
%71) 0%7 1IER %MV '
%71) (IWMKR '
) ) ) ) ) ) )
']GPMG 0MJI
- MKYVI
4:6' (EXE JSV 0S[%PPS] 7XIIP EX ' *
6IZMI[ SJ %ZEMPEFPI 0EFSVEXSV] (EXE
- MKYVI ERH *MKYVI WLS[ XLI 4:6' HEXE WIXW JSV WMQYPEXIH 4;6 ERH &;6 VIEGXSV
[EXIV IRZMVSRQIRXW VIWTIGXMZIP] %PWS WLS[R MR *MKYVI ERH EVI XLI %71) QIER EMV GYVZI JSV PS[EPPS] WXIIP ERH XLI %71) 'SHI JEXMKYI HIWMKR GYVZI JSV PS[EPPS] WXIIP 8LI PMKLX HEWLIH PMRI MR XLI X[S JMKYVIW MW XLI %71) QIER EMV GYVZI VIHYGIH F] E JEGXSV SJ 8LMW HEWLIH PMRI MPPYWXVEXIW XLI WGEXXIV MR XLI HEXE 8LIVI MW ZIV] PMXXPI WGEXXIV MR XLI PS[EPPS] WXIIP HEXE MR E 4;6 IRZMVSRQIRX FYX GSRWMHIVEFPI WGEXXIV MR XLI PS[EPPS] WXIIP HEXE MR E &;6 IRZMVSRQIRX
8LI WGEXXIV MR XLI &;6 IRZMVSRQIRXEP HEXE MW QYGL QSVI TVSRSYRGIH EX XLI PS[G]GPI IRH SJ XLI HEXE WIX 0EFSVEXSV] JEXMKYI GVEGO MRMXMEXMSR HEXE JSV PS[EPPS] WXIIPW MR WMQYPEXIH 4;6 VIEGXSV
[EXIV IRZMVSRQIRXW WEXMWJ] XLI 4:6' IRZMVSRQIRXEP TEVEQIXIV XLVIWLSPHW JSV QSHIVEXI IRZMVSRQIRXEP IJJIGXW [MXL RS RIIH XS GSVVIGX XLI IRZMVSRQIRXEP HEXE F] *IR
- MXL XLI I\GITXMSR SJ E ZIV] JI[ HEXE TSMRXW SFXEMRIH EX ZIV] LMKL WXVEMR VERKI ZIV] PS[ G]GPI JEXMKYI PEFSVEXSV] JEXMKYI GVEGO MRMXMEXMSR HEXE JSV PS[EPPS] WXIIPW MR WMQYPEXIH &;6 VIEGXSV
[EXIV IRZMVSRQIRXW WEXMWJ] XLI 4:6' IRZMVSRQIRXEP TEVEQIXIV XLVIWLSPHW JSV QSHIVEXI IRZMVSRQIRXEP IJJIGXW *MKYVI WLS[W XLI &;6 IRZMVSRQIRXEP HEXE WLMJXIH F] XLI ETTVSTVMEXI *IR (EXE TSMRXW WLMJXIH F]
- IR EVI KIRIVEPP] SZIVGSVVIGXIH VIPEXMZI XS XLI %71)
'SHI PS[EPPS] WXIIP QIER EMV GYVZI IWTIGMEPP] EFSZI E G]GPMG PMJI SJ G]GPIW ,S[IZIV E JI[ HEXE TSMRXW ETTVSEGL XLI %71) 'SHI PS[EPPS] WXIIP JEXMKYI HIWMKR GYVZI EX XLI PS[G]GPI IRH SJ XLI HEXE EJXIV GSVVIGXMSR F] *IR> WII *MKYVI
0%77MQYPEXIH 4;6
%71) 0%7 1IER %MV '
%71) 0%7 1IER %MV G]GPIW
%71) (IWMKR '
) ) ) ) ) ) )
']GPMG 0MJI
- MKYVI
4:6' (EXE JSV 0S[%PPS] 7XIIP 3FXEMRIH 9RHIV 7MQYPEXIH 4;6 'SRHMXMSRW
6IZMI[ SJ %ZEMPEFPI 0EFSVEXSV] (EXE
0%77MQYPEXIH &;6 '
0%77MQYPEXIH &;6 '
0%77MQYPEXIH &;6 '
0%77MQYPEXIH &;6 '
0%77MQYPEXIH &;6 '
0%77MQYPEXIH &;6 '
%71) 0%7 1IER %MV '
%71) 0%7 1IER %MV G]GPIW
%71) (IWMKR '
) ) ) ) ) ) ) ) )
']GPMG 0MJI
- MKYVI
4:6' (EXE JSV 0S[%PPS] 7XIIP 3FXEMRIH 9RHIV 7MQYPEXIH &;6 'SRHMXMSRW
0%77MQYPEXIH &;6 ' \ *IR 0%77MQYPEXIH &;6 ' \ *IR 0%77MQYPEXIH &;6 ' \ *IR 0%77MQYPEXIH &;6 ' \ *IR 0%77MQYPEXIH &;6 ' \ *IR
0%77MQYPEXIH &;6 ' \ *IR
%71) 0%7 1IER %MV '
%71) (IWMKR '
) ) ) ) ) ) ) ) )
']GPMG 0MJI
- MKYVI
4:6' (EXE JSV 0S[%PPS] 7XIIP 3FXEMRIH 9RHIV 7MQYPEXIH &;6 'SRHMXMSRW ERH 'SVVIGXIH F] *IR
6IZMI[ SJ %ZEMPEFPI 0EFSVEXSV] (EXE
0%77MQYPEXIH &;6 ' \ *IR>
0%77MQYPEXIH &;6 ' \ *IR>
0%77MQYPEXIH &;6 ' \ *IR>
0%77MQYPEXIH &;6 ' \ *IR>
0%77MQYPEXIH &;6 ' \ *IR>
0%77MQYPEXIH &;6 ' \ *IR>
%71) 0%7 1IER %MV '
%71) (IWMKR '
) ) ) ) ) ) ) ) )
']GPMG 0MJI
- MKYVI
4:6' (EXE JSV 0S[%PPS] 7XIIP 3FXEMRIH 9RHIV 7MQYPEXIH &;6 'SRHMXMSRW ERH 'SVVIGXIH F] *IR ERH >
%YWXIRMXMG 7XEMRPIWW 7XIIP
- MKYVI WLS[W XLI 4:6' HEXE WIX JSV EYWXIRMXMG WXEMRPIWW WXIIP XIWXIH MR ER EMV IRZMVSRQIRX EX VSSQ XIQTIVEXYVI %PWS WLS[R SR XLI JMKYVI EVI XLI %71) QIER EMV GYVZI ERH XLI %71) 'SHI JEXMKYI HIWMKR GYVZI JSV EYWXIRMXMG WXEMRPIWW WXIIP *MKYVI WLS[W XLI HEXE WIX JSV EYWXIRMXMG WXEMRPIWWWXIIPMREREMVIRZMVSRQIRXEXVSSQXIQTIVEXYVI[MXLXLIHEXEJVSQ.EWOIERH3v(SRRIPP
?A EHHIH 2SXI XLEX XLI WGEXXIV MR XLI HEXE MW QYGL KVIEXIV MR *MKYVI XLER MR *MKYVI
- MKYVI ERH *MKYVI WLS[ XLI 4:6' HEXE WIX ERH XLI 4:6' HEXE WIX EYKQIRXIH F] XLI
.EWOIERH3v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v(SRRIPPHEXEWIXGERRSXFIHIXIVQMRIH0SEH
GSRXVSPPIH XIWX VIWYPXW [SYPH XIRH XS TVSZMHI HEXE FIPS[ WXVEMRGSRXVSPPIH XIWX VIWYPXW
6IZMI[ SJ %ZEMPEFPI 0EFSVEXSV] (EXE
2+
8]TI
797
%71) 77 1IER %MV
%VKSRRI 77 1IER %MV
%71) (IWMKR
) ) ) ) ) ) ) ) ) )
']GPMG 0MJI
- MKYVI
4:6' (EXE JSV %YWXIRMXMG 7XEMRPIWW 7XIIP MR %MV EX 6SSQ 8IQTIVEXYVI
2+
8]TI
797
.EWOI 3 (SRRIPP
%71) 77 1IER %MV
%VKSRRI 77 1IER %MV
%71) (IWMKR
) ) ) ) ) ) ) ) ) )
']GPMG 0MJI
- MKYVI
4:6' (EXE JSV %YWXIRMXMG 7XEMRPIWW 7XIIP MR %MV EX 6SSQ 8IQTIVEXYVI [MXL (EXE *VSQ
.EWOIERH3v(SRRIPP
6IZMI[ SJ %ZEMPEFPI 0EFSVEXSV] (EXE
2+ '
8]TI '
'
%71) 77 1IER %MV
%71) (IWMKR
) ) ) ) ) ) ) ) )
']GPMG 0MJI
- MKYVI
4:6' (EXE JSV %YWXIRMXMG 7XEMRPIWW 7XIIP MR %MV EX ' *
2+ '
8]TI '
'
.EWOI 3 (SRRIPP '
%71) 77 1IER %MV
%71) (IWMKR
) ) ) ) ) ) ) ) )
']GPMG 0MJI
- MKYVI
4:6' (EXE JSV %YWXIRMXMG 7XEMRPIWW 7XIIP MR %MV EX ' * ;MXL (EXE *VSQ .EWOI ERH 3v(SRRIPP
6IZMI[ SJ %ZEMPEFPI 0EFSVEXSV] (EXE
- MKYVI WLS[W XLI 4:6' HEXE WIX JSV EYWXIRMXMG WXEMRPIWW WXIIP WTIGMQIRW XIWXIH YRHIV WMQYPEXIH 4;6 VIEGXSV [EXIV IRZMVSRQIRXEP GSRHMXMSRW *MKYVI WLS[W XLIWI WEQI HEXE EJXIV ETTVSTVMEXI *IR IRZMVSRQIRXEP GSVVIGXMSR ERH *MKYVI WLS[W XLI HEXE EJXIV XLI QSHIVEXI IRZMVSRQIRXEP IJJIGXW JEGXSV > MW XEOIR MRXS EGGSYRX 8LI HEXE WGEXXIV ETTIEVW XS FI PEVKI FYX EW HMWGYWWIH PEXIV MR 7IGXMSR SJ XLMW VITSVX XLI ETTEVIRX HEXE WGEXXIV MW E JYRGXMSR SJ GSQFMRMRK VIWYPXW SFXEMRIH YRHIV UYMXI HMJJIVIRX IRZMVSRQIRXEP GSRHMXMSRW *MKYVI MPPYWXVEXIW XLEX WMQYPEXIH 4;6 VIEGXSV [EXIV IRZMVSRQIRXEP JEXMKYI HEXE EJXIV IRZMVSRQIRXEP GSVVIGXMSR WLMJX XS XLI %20 QIER EMV GYVZI JSV XLI EYWXIRMXMG WXEMRPIWW WXIIPW *MKYVI WLS[W XLEX XLIVI MW RS RIIH JSV ER] IRZMVSRQIRXEP GSVVIGXMSR I\GITX JSV VIGSKRM^MRK QSHIVEXI IRZMVSRQIRXEP IJJIGXW %
QSHIWX XIRHIRG] XS YRHIVGSVVIGX JSV XLI IRZMVSRQIRXEP GSRHMXMSRW GER FI SFWIVZIH EX XLI LMKL
G]GPI IRH SJ XLI HEXE WIX
7'7% %KIH 7'7%
'*1 %KIH
77 ;IPH
77
77 ;IPH
77
2+
%71) 77 1IER %MV
%71) (IWMKR
) ) ) ) ) ) ) )
']GPMG 0MJI
- MKYVI
4:6' (EXE JSV %YWXIRMXMG 7XEMRPIWW 7XIIP 3FXEMRIH 9RHIV 7MQYPEXIH 4;6 'SRHMXMSRW
6IZMI[ SJ %ZEMPEFPI 0EFSVEXSV] (EXE
7'7% %KIH \ *IR 7'7% \ *IR
'*1 %KIH \ *IR
77 ;IPH \ *IR
77 \ *IR
77 ;IPH \ *IR
77 \ *IR
2+ \ *IR
%71) 77 1IER %MV
%VKSRRI 77 1IER %MV
%71) (IWMKR
) ) ) ) ) ) ) )
']GPMG 0MJI
- MKYVI
4:6' (EXE JSV %YWXIRMXMG 7XEMRPIWW 7XIIP 3FXEMRIH 9RHIV 7MQYPEXIH 4;6 'SRHMXMSRW ERH
'SVVIGXIH F] *IR
6IZMI[ SJ %ZEMPEFPI 0EFSVEXSV] (EXE
7'7% %KIH \ *IR>
7'7% \ *IR>
'*1 %KIH \ *IR>
77 ;IPH \ *IR>
77 \ *IR>
77 ;IPH \ *IR>
77 \ *IR>
2+ \ *IR>
%71) 77 1IER %MV
%71) (IWMKR
) ) ) ) ) ) ) )
']GPMG 0MJI
- MKYVI
4:6' (EXE JSV %YWXIRMXMG 7XEMRPIWW 7XIIP 3FXEMRIH 9RHIV 7MQYPEXIH 4;6 'SRHMXMSRW ERH
'SVVIGXIH F] *IR ERH >
- MKYVIW ERH WLS[ E QYGL WQEPPIV HEXE WIX JSV RYGPIEV KVEHI WXEMRPIWW WXIIP XIWXIH MR E WMQYPEXIH &;6 S\]KIREXIH VIEGXSV [EXIV IRZMVSRQIRX EX XIQTIVEXYVI FSXL FIJSVI
- MKYVI ERH EJXIV IRZMVSRQIRXEP GSVVIGXMSR *MKYVI ERH QSHIVEXI IRZMVSRQIRXEP IJJIGXW EHNYWXQIRX *MKYVI 8LI HEXE WGEXXIV MW WQEPP ERH WMQMPEV GSRGPYWMSRW EVI WIIR JSV XLMW QEXIVMEP MR E &;6 IRZMVSRQIRX EW [EW WIIR JSV EPP WXEMRPIWW WXIIPW MR E 4;6 IRZMVSRQIRX
%KEMR E WPMKLX XIRHIRG] JSV IRZMVSRQIRXEP IJJIGXW YRHIV GSVVIGXMSR MW SFWIVZIH EX XLI LMKLG]GPI IRH SJ XLI HEXE WIX
6IZMI[ SJ %ZEMPEFPI 0EFSVEXSV] (EXE
2+
%71) 77 1IER %MV
%71) (IWMKR
) ) ) ) ) ) ) )
']GPMG 0MJI
- MKYVI
(EXE JSV 2+ 7XEMRPIWW 7XIIP 3FXEMRIH 9RHIV 7MQYPEXIH &;6 'SRHMXMSRW
2+ \ *IR
%71) 77 1IER %MV
%71) (IWMKR
) ) ) ) ) ) ) )
']GPMG 0MJI
- MKYVI
(EXE JSV 2+ 7XEMRPIWW 7XIIP 3FXEMRIH 9RHIV 7MQYPEXIH &;6 'SRHMXMSRW ERH 'SVVIGXIH F] *IR
6IZMI[ SJ %ZEMPEFPI 0EFSVEXSV] (EXE
2+ \ *IR>
%71) 77 1IER %MV
%71) (IWMKR
) ) ) ) ) ) ) )
']GPMG 0MJI
- MKYVI
(EXE JSV 2+ 7XEMRPIWW 7XIIP 3FXEMRIH 9RHIV 7MQYPEXIH &;6 'SRHMXMSRW ERH 'SVVIGXIH F] *IR ERH >
8LI JMRHMRKW EVI UYMXI HMJJIVIRX JSV WXEMRPIWW WXIIP MR WMQYPEXIH &;6 S\]KIREXIH VIEGXSV
[EXIV IRZMVSRQIRXW *MKYVIW ERH WLS[ XLIWI HEXE FSXL FIJSVI *MKYVI ERH EJXIV IRZMVSRQIRXEP GSVVIGXMSR *MKYVI ERH QSHIVEXI IRZMVSRQIRXEP IJJIGXW EHNYWXQIRX
- MKYVI *MKYVI WLS[W XLEX XLI
- IR GSVVIGXMSR WLMJXW QER] SJ XLI HEXE TSMRXW XS[EVH ERH MR WSQI GEWIW FI]SRH XLI QIER EMV GYVZI ,S[IZIV QER] SXLIV HEXE TSMRXW EVI RSX WLMJXIH WYJJMGMIRXP] XS ETTVSEGL XLI QIER EMV GYVZI 8LI HEXE WGEXXIV MW ZIV] PEVKI FSXL FIJSVI ERH EJXIV XLI EXXIQTXIH IRZMVSRQIRXEP GSVVIGXMSR
- SV XLI TYVTSWIW SJ XLMW IZEPYEXMSR E > JEGXSV SJ [EW YWIH 2S 4:6' QSHIVEXI IRZMVSRQIRXEP IJJIGXW XLVIWLSPHW [IVI ETTPMIH MR XLI *IR TVSGIWW
8LI PEFSVEXSV] JEXMKYI HEXE IZEPYEXIH MR XLMW WIGXMSR SJ XLI VITSVX [MPP FI JYVXLIV IZEPYEXIH MR XIVQW SJ ETTPMGEFMPMX] XS EGXYEP GSQTSRIRX STIVEXMRK GSRHMXMSRW MR 7IGXMSR 8LI GETEFMPMX] SJ XLI IRZMVSRQIRXEP JEXMKYI QSHIPW XS GLEVEGXIVM^I XLI GSQTPIXI VERKI SJ PEFSVEXSV] HEXE MW EHHVIWWIH MR 7IGXMSR (EXE WGEXXIV MW IZEPYEXIH MR XIVQW SJ XLI IRZMVSRQIRXEP JEXMKYI QSHIPW MR 7IGXMSR ERH MR 7IGXMSR
6IZMI[ SJ %ZEMPEFPI 0EFSVEXSV] (EXE
77 7MQYPEXIH &;6
%71) 77 1IER %MV
%71) (IWMKR
) ) ) ) ) ) ) )
']GPMG 0MJI
- MKYVI
(EXE JSV 7XEMRPIWW 7XIIP 3FXEMRIH 9RHIV 7MQYPEXIH &;6 'SRHMXMSRW
77 7MQYPEXIH &;6 \ *IR
%71) 77 1IER %MV
%71) (IWMKR
) ) ) ) ) ) ) )
']GPMG 0MJI
- MKYVI
(EXE JSV 7XEMRPIWW 7XIIP 3FXEMRIH 9RHIV 7MQYPEXIH &;6 'SRHMXMSRW ERH 'SVVIGXIH F]
- IR
6IZMI[ SJ %ZEMPEFPI 0EFSVEXSV] (EXE
77 7MQYPEXIH &;6 \ *IR>
%71) 77 1IER %MV
%71) (IWMKR
) ) ) ) ) ) ) )
']GPMG 0MJI
- MKYVI
(EXE JSV 7XEMRPIWW 7XIIP 3FXEMRIH 9RHIV 7MQYPEXIH &;6 'SRHMXMSRW ERH 'SVVIGXIH JSV
- IR ERH >
7XVYGXYVEP 8IWX 6IWYPXW
-RJSVQEXMSR LEW FIIR GSPPIGXIH ERH EREP]^IH JSV XLMW VITSVX SR JEXMKYI XIWXW XLEX LEZI FIIR TIVJSVQIH SR WXVYGXYVIW MR E [EXIV IRZMVSRQIRX 8LI VIWYPXW JVSQ WYGL XIWXW EVI I\XVIQIP]
ZEPYEFPI JSV XLI TYVTSWI SJ IZEPYEXMRK XLI TVSTSWIH 4:6'
- IR TVSGIHYVI JSV GSRWMHIVEXMSR SJ XLI MQTEGX SJ XLI IRZMVSRQIRX SR XLI JEXMKYI TVSTIVXMIW SJ WXVYGXYVIW 8LI %71) 'SHI JEXMKYI HIWMKR GYVZIW EVI FEWIH SR PEFSVEXSV] XIWX VIWYPXW JVSQ WQSSXL TSPMWLIH PEFSVEXSV] WTIGMQIRW
&IGEYWI SJ GSRGIVRW EFSYX XLI HMJJIVIRGIW FIX[IIR XLI JEXMKYI TVSTIVXMIW SJ PEFSVEXSV]
WTIGMQIRW ERH EGXYEP WXVYGXYVIW MR WIVZMGI IRZMVSRQIRXW XLI %71) 'SHI EHHIH XLI JEGXSVW SJ
SV XS XLI PEFSVEXSV] HEXE %W LEW FIIR HMWGYWWIH IEVPMIV XLIWI JEGXSVW [IVI YWIH XS WLMJX XLI QIER GVEGO MRMXMEXMSR HEXE JVSQ PEFSVEXSV] WTIGMQIRW XS HIZIPST E HIWMKR GYVZI XLEX [EW XS VITVIWIRX XLI FIWX IWXMQEXI SJ XLI QIER GYVZI JSV XLI MRMXMEXMSR SJ GVEGOW MR XLI WXVYGXYVI YRHIV WIVZMGI GSRHMXMSRW
-J XLI JEGXSVW EVI GSVVIGX XLI HIWMKR GYVZI WLSYPH FI XLI QIER GVEGO MRMXMEXMSR HEXE JVSQ JEXMKYI XIWXW GSRHYGXIH SR EGXYEP WXVYGXYVIW MR E [EXIV IRZMVSRQIRX 8LMW WLSYPH FI XLI GEWI FIGEYWI EPP SJ XLI HMJJIVIRGIW FIX[IIR XLI XIWX WTIGMQIR ERH XLI WXVYGXYVI LEZI FIIR IPMQMREXIH [LIR EGXYEP WXVYGXYVIW EVI XIWXIH ,S[IZIV SXLIV GSRWIVZEXMWQW I\MWX MR XLI HIWMKR EWWYQTXMSRW SJ XLI %71)
JEXMKYI EREP]WMW XLEX HS RSX I\MWX MR EGXYEP WXVYGXYVI XIWXMRK 8LIWI MRGPYHI XLI YWI SJ EGXYEP VEXLIV XLER GEPGYPEXIH WXVEMR PIZIPW QIER WXVIWW IJJIGXW ERH EGXYEP VEXLIV XLER EWWYQIH G]GPIW HIJMRMXMSRW
6IZMI[ SJ %ZEMPEFPI 0EFSVEXSV] (EXE 8LVII WIXW SJ I\TIVMQIRXW LEZI FIIR MHIRXMJMIH XLEX GER FI YWIH JSV IZEPYEXMRK XLI TVSTSWIH 4:6' ETTVSEGL XS MRGPYHI IRZMVSRQIRXEP IJJIGXW MR XLI JEXMKYI EREP]WMW 8LIWI MRGPYHI JEXMKYI XIWXW TIVJSVQIH SR TVIWWYVI ZIWWIPW EX 7SYXL[IWX 6IWIEVGL -RWXMXYXI 7;6- MR XLI IEVP] W JSV XLI 4:6' ERH XLI JSVQIV %XSQMG )RIVK] 'SQQMWWMSR %)' XIWXW TIVJSVQIH F] +IRIVEP
)PIGXVMG 'SQTER] SR FYXX[IPHIH TMTMRK ERH XIWXW TVIJSVQIH MR +IVQER] /;9 SR XYFMRK
4:6' 4VIWWYVI :IWWIP 8IWXW
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
8LI VIWYPXW JVSQ XLIWI X[IPZI XIWXW [IVI VITSVXIH MR E ;IPHMRK 6IWIEVGL 7YTTPIQIRX ERH XLI
%71) 'SHI 'VMXIVME ?A ERH EVI WLS[R MR *MKYVIW ERH 8LI GEVFSR WXIIP ZIWWIP VIWYPXW EVI WLS[R MR *MKYVI ERH XLI PS[EPPS] WXIIP ZIWWIP VIWYPXW MR *MKYVI ;LMPI WSQI SJ XLI GVEGO MRMXMEXMSR VIWYPXW ETTVSEGL XLI %71) 'SHI JEXMKYI HIWMKR GYVZI RSRI SJ XLI G]GPIW XS GVEGO MRMXMEXMSR [IVI PIWW XLER XLI HIWMKR GYVZI &IGEYWI XLI MRXIRX SJ XLI %71) 'SHI JEXMKYI HIWMKR GYVZIW MW XS TVIHMGX XLI QIER PMRI JSV GVEGO MRMXMEXMSR MR EGXYEP ZIWWIPW XLIWI XIWXW HIQSRWXVEXI XLEX XLI QEVKMRW YWIH F] XLI %71) MR HIZIPSTMRK XLI HIWMKR GYVZIW EVI GSRWIVZEXMZI IZIR [MXL I\TSWYVI SJ ZIWWIP MRRIV WYVJEGIW XS S\]KIREXIH [EXIV
8LIWI XIWXW [IVI GSRHYGXIH EX VSSQ XIQTIVEXYVI [MXL [EXIV QSWX PMOIP] EMV WEXYVEXIH EW XLI TVIWWYVM^MRK QIHMYQ 8LI 4:6' XLVIWLSPH [SYPH TVIHMGX XLEX XLI IRZMVSRQIRXEP IJJIGXW YRHIV XLIWI GSRHMXMSRW [SYPH FI QSHIVEXI ERH XLEX
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TPEGMRK WXVEMR KEYKIW MR XLI GVSXGL VIKMSR SJ XLI XIIW 8LI EGXYEP WXVEMR VERKIW QIEWYVIH F]
9HSKYGLM ERH %WEHE [IVI VITSVXIH EW JSV XLI JMVWX XIWX JSV XLI WIGSRH XIWX
JSV XLI XLMVH XIWX ERH JSV XLI JSYVXL XIWX 8LIVIJSVI XLI 'SHI IWXMQEXIH TPEWXMG WXVEMRW EVI EFSYX E JEGXSV SJ XSS LMKL [LMGL MW VIEWSREFPI JSV XLI WXVIWW MRHI\ ETTVSEGL XS JEXMKYI HIWMKR %PP SJ XLI EGXYEP JEMPYVI TSMRXW EVI [IPP EFSZI XLI %71) QIER EMV GYVZI PMRI F]
JEGXSVW SJ FIX[IIR ERH
- SV XLI JSYV XIWXW JEMPYVI SGGYVVIH EW XLI VIWYPX SJ GVEGOW MRMXMEXMRK EX XLI MRXIVREP WYVJEGI SJ XLI MRXIVWIGXMSR FIX[IIR XLI VYR TMTI ERH XLI FVERGL TMTI 8LI RYQFIV SJ JYPPVERKI G]GPIW FIJSVI JEMPYVI [EW G]GPIW G]GPIW G]GPIW ERH G]GPIW VIWTIGXMZIP]
%PP JSYV SJ XLI JEMPYVI TSMRXW JSV XLI 9HSKYGLM%WEHE XII NYRGXMSR XIWXW ERH FSXL SJ XLI JEMPYVI TSMRXW JSV XLI ,IEPH/MWW IPFS[ XIWXW PMI EFSZI XLI %71) QIER EMV GYVZI PMRI WII *MKYVI
JVSQ 9HSKYGLM%WEHE ERH *MKYVI JVSQ ,IEPH/MWW FEWIH SR %71) 'SHI EREP]WMW TVSGIHYVIW %PP SJ XLIWI XIWXW [IVI GSRHYGXIH EX VSSQ XIQTIVEXYVI [MXL XLI MRXIVREP WYVJEGIW MR
6IZMI[ SJ %ZEMPEFPI 0EFSVEXSV] (EXE GSRXEGX [MXL S\]KIREXIH [EXIV 8LIVIJSVI XLI WLMJX JVSQ VSSQ XIQTIVEXYVI EMV XS VSSQ XIQTIVEXYVI [EXIV MW EFSYX MJ XLI %71) QIER EMV GYVZI MW YWIH SV EFSYX MJ XLI %20 S
QIER EMV GYVZI MW YWIH 8LI EGXYEP IRZMVSRQIRXEP HEXE EX VIPEXMZIP] PS[ XIQTIVEXYVI ? '
S
- A MW WTEVWI FYX E WLMJX SJ EFSYX XS MW TVSFEFP] JEMVP] EGGYVEXI JSV LMKL WXVEMR EQTPMXYHI ZIV] PS[ WXVEMR VEXI LMKL HMWWSPZIH S\]KIR ERH VSSQ XIQTIVEXYVI GSRHMXMSRW
8LIWI XIWX HEXE SR WXEMRPIWW WXIIP GSQTSRIRXW WLS[ XLEX
%R] WM^I IJJIGX MW GSQTPIXIP] SZIVWLEHS[IH F] XLI GSRWIVZEXMWQ MR XLI %71) 'SHI IWXMQEXIH TPEWXMG WXVEMR GSRGIRXVEXMSR TVSGIWW
%R] WYVJEGI JMRMWL IJJIGX MW EPWS SZIVWLEHS[IH F] XLI %71) 'SHI TPEWXMG WXVEMR GSRGIRXVEXMSR GSRWIVZEXMWQ FYX MW EPWS EX PIEWX TEVXMEPP] QMXMKEXIH F] E TEWWMZEXMSR PE]IV XLEX IPMQMREXIW ER] WYVJEGI VSYKLRIWW IJJIGX
8LI 'SHI TPEWXMG WXVEMR GSRWIVZEXMWQ JSV IPFS[W ERH JMXXMRKW MW EFSYX E JEGXSV SJ LMKLIV XLER EGXYEP QIEWYVIQIRXW [MXL QSWX SJ XLI GSRWIVZEXMWQ HYI XS / I
8LI GSQFMREXMSR SJ WXVYGXYVEP XIWX VIWYPXW SR GEVFSR PS[EPPS] ERH EYWXIRMXMG WXEMRPIWW WXIIP HIWGVMFIH MR XLMW WIGXMSR TVSZMHI E GSRZMRGMRK HIQSRWXVEXMSR XLEX %71) 'SHI JEXMKYI HIWMKR QEVKMRW EHIUYEXIP] GSQTIRWEXI JSV VIEGXSV [EXIV IRZMVSRQIRXEP IJJIGXW %XXIQTXW XS WYTIVMQTSWI VIEGXSV [EXIV IRZMVSRQIRXEP IJJIGXW TIREPXMIW XS XLI %71) 'SHI HIWMKR TVSGIWW
WYGL EW XLSWI TVSTSWIH MR .ETER GEYWI I\GIWWMZI GSRWIVZEXMWQ % JI[ WXVYGXYVEP XIWXW PIEH XS VIWYPXW XLEX ETTIEV XS GSQTVSQMWI %71) 'SHI JEXMKYI HIWMKR QEVKMRW ,S[IZIV IZIR MR XLI
+IRIVEP )PIGXVMG 'SQTER] FYXX[IPHIH TMTI XIWXW XLI FSYRHMRK REXYVI SJ XLI I\TIVMQIRXEP VIWYPXW ERH XLI GSRWIVZEXMWQ MR XLI HMWWSPZIH S\]KIR GSRGIRXVEXMSR TVSZMHI GSRJMVQEXMSR SJ XLI
%71) 'SHI JEXMKYI HIWMKR TVSGIWW *MREPP] JSV XLI GEWI SJ EYWXIRMXMG WXEMRPIWW WXIIP GSQTSRIRXW
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
6IJIVIRGIW
; % :ER (IV 7PY]W ERH 7 =YOE[E w7XEXYW SJ 4:6' )ZEPYEXMSR SJ 0;6 'SSPERX
)RZMVSRQIRXEP)JJIGXWSRXLI72*EXMKYI4VSTIVXMIWSJ4VIWWYVI&SYRHEV]1EXIVMEPWx4:4
- SP TT %71) 4:4 ,SRSPYPY ,- .YP]
; % :ER (IV 7PY]W ERH 7 =YOE[E w72 *EXMKYI 4VSTIVXMIW SJ 4VIWWYVI &SYRHEV]
1EXIVMEPWMR0;6'SSPERX)RZMVSRQIRXWx4:4 :SP TT %71) 4:4
.YP]
%R )RZMVSRQIRXEP *EGXSV %TTVSEGL XS %GGSYRX JSV 6IEGXSV ;EXIV )JJIGXW MR 0MKLX ;EXIV 6IEGXSV 4VIWWYVI :IWWIP ERH 4MTMRK *EXMKYI )ZEPYEXMSRW )46- 4EPS %PXS '% ERH +IRIVEP
)PIGXVMG 'SQTER] 7ER .SWI '% (IGIQFIV 86
6IZMI[ SJ %ZEMPEFPI 0EFSVEXSV] (EXE
'VMXIVME SJ XLI %71) &SMPIV ERH 4VIWWYVI :IWWIP 'SHI JSV (IWMKR F] %REP]WMW MR 7IGXMSRW ---
ERH :--- (MZMWMSR 8LI %QIVMGER 7SGMIX] SJ 1IGLERMGEP )RKMRIIVW 2I[ =SVO
3 / 'LSTVE ERH ; . 7LEGO )JJIGXW SJ 0;6 'SSPERX )RZMVSRQIRXW SR *EXMKYI (IWMKR
'YVZIW SJ 'EVFSR ERH 0S[%PPS] 7XIIPW 296)+'6 %20 %VKSRRI 2EXMSREP 0EFSVEXSV] %VKSRRI -0 1EVGL
/ 8WYXWYQM , /EREWEOM 8 9QEOSWLM 8 2EOEQYVE 7 9VEXE , 1M^YXE ERH 7 2SQSXS
w*EXMKYI0MJI6IHYGXMSRMR4;6;EXIV)RZMVSRQIRXJSV7XEMRPIWW7XIIPWx 4:4 :SP
TT %71) 4:4 7IEXXPI ;% .YP]
1 ,MKYGLM w%R 9THEXIH 1IXLSH XS )ZEPYEXI 6IEGXSV ;EXIV )JJIGXW SR *EXMKYI 0MJI JSV
'EVFSRERH0S[%PPS]7XIIPWx4VSGIIHMRKW-RXIVREXMSREP'SRJIVIRGISR*EXMKYISJ6IEGXSV
'SQTSRIRXW 2ETE '% .YP] %YKYWX
0IXXIV JVSQ & * 0ERKIV TPYW EXXEGLQIRX XS 1IQFIVW 7TIGMEP 'SQQMXXII XS 6IZMI[ 'SHI 7XVIWW&EWMWw6ITSVXSJ7YF8EWO+VSYTSR*EXMKYIx%71)&SMPIVERH4VIWWYVI:IWWIP
'SHI .YRI
1ENYQHEV 7 'LSTVE 3 / ERH 7LEGO ; . -RXIVMQ *EXMKYI (IWMKR 'YVZIW JSV 'EVFSR
0S[%PPS] ERH %YWXIRMXMG 7XEMRPIWW 7XIIPW MR 0;6 )RZMVSRQIRXW 296)+'6 %20
%VKSRRI 2EXMSREP 0EFSVEXSV] %VKSRRI -0 %TVMP
').EWOIERH;.3v(SRRIPPw*EXMKYI(IWMKR'VMXIVMEJSV4VIWWYVI:IWWIP%PPS]Wx
%71) 8VERWEGXMSRW .SYVREP SJ 4VIWWYVI :IWWIP 8IGLRSPSK] :SP 2S TT
2SZIQFIV
; * )RKPMWL 6 0 +VIIRI ( % ,YKLIW ERH 6 - 4SWX 0 * 'SJJMR 1 . 1ERNSMRI ERH
(6(MIVGOW(MWGYWWMSRw*EXMKYI(IWMKR'VMXIVMEJSV4VIWWYVI:IWWIP%PPS]Wx%71) 8VERWEGXMSRW .SYVREP SJ 4VIWWYVI :IWWIP 8IGLRSPSK] :SP 2S TT 1E]
97 2YGPIEV 6IKYPEXSV] 'SQQMWWMSR ( % ,EPI 7 % ;MPWSR ) /MWW ERH % .
+MERRY^^M 0S[ ']GPI *EXMKYI )ZEPYEXMSR SJ 4VMQEV] 4MTMRK 1EXIVMEPW MR E &;6
)RZMVSRQIRX +)%4 7ITXIQFIV
7 6ERKEREXL . 2 /EWW ERH . ( ,IEPH w*EXMKYI &ILEZMSV SJ 'EVFSR 7XIIP 'SQTSRIRXW MR
,MKL8IQTIVEXYVI;EXIV)RZMVSRQIRXWx%781784)HMXIHF]'%Q^EPPSK&2
0IMW ERH 4 6EFFI %QIVMGER 7SGMIX] JSV 8IWXMRK ERH 1EXIVMEPW 4LMPEHIPTLME 4% TT
2 2EKEXE 7 7EXS ERH = /EXEHE w0S[']GPI *EXMKYI &ILEZMSV SJ 0S[%PPS] 7XIIPW MR
,MKL8IQTIVEXYVI4VIWWYVM^IH;EXIVx8VERWEGXMSRWXL-RXIVREXMSREP'SRJIVIRGISR 7XVYGXYVEP 1IGLERMGW -R 6IEGXSV 8IGLRSPSK] :SP * )HMXIH F] % , ,EHNMER -RXIVREXMSREP
%WWSGMEXMSR JSV 7XVYGXYVEP 1IGLERMGW MR 6IEGXSV 8IGLRSPSK] %RELIMQ '%
1 ,MKYGLM ERH / -MHE w*EXMKYI 7XVIRKXL 'SVVIGXMSR *EGXSVW JSV 'EVFSR ERH 0S[%PPS]
7XIIPWMR3\]KIR'SRXEMRMRK,MKL8IQTIVEXYVI;EXIVx 2YGPIEV )RKMRIIVMRK ERH (IWMKR
- SP TT
6IZMI[ SJ %ZEMPEFPI 0EFSVEXSV] (EXE
w)RZMVSRQIRXEP)JJIGXWMR2YGPIEV%TTPMGEXMSRWx;IPHMRK6IWIEVGL'SYRGMP7]QTSWMYQ 4VSGIIHMRKW :SPW ERH 'PIEV[EXIV &IEGL *0 .ERYEV] ;IPHMRK 6IWIEVGL
'SYRGMP 2I[ =SVO 2I[ =SVO
3 / 'LSTVE ERH ; . 7LEGO )JJIGXW SJ 0;6 'SSPERX )RZMVSRQIRXW SR *EXMKYI (IWMKR
'YVZIW SJ %YWXIRMXMG 7XEMRPIWW 7XIIPW 296)+'6 %20 %VKSRRI 2EXMSREP 0EFSVEXSV] %VKSRRI -0 %TVMP
0 % .EQIW 0 ( 4EYP ERH 1 8 1MKPMR w0S[ ']GPI *EXMKYI -RMXMEXMSR MR 7% -3 %-
'EVFSR7XIIP&SMPIV8YFMRKMR'SRXEQMREXIH&SMPIV;EXIVx4:4 :SP )HMXIH F] ; ,
&EQJSVH ' &IGLX 7 & *VEQEXSRRI . ( +MPQER 0 % .EQIW ERH 1 4VEKIV %71) 4:4
2I[ =SVO TT
. & 8IVVIPP w)JJIGX SJ ']GPMG *VIUYIRG] SR XLI *EXMKYI 0MJI SR %71) 7%& 4MTMRK 7XIIPMR4;6)RZMVSRQIRXWx8VERWEGXMSRW%71).SYVREP SJ 1EXIVMEPW )RKMRIIVMRK :SP
TT
. ,MGOPMRK 1MRYXIW SJ XLI -'+)%' 7[MX^IVPERH 1EVGL
& 8MQSJIIZ 4IVWSREP 'SQQYRMGEXMSR 4VSQIXI] -RWXMXYXI 7X 4IXIVWFYVK 6YWWME
0 * /SSMWXVE ERH 11 0IQGSI w0S[ ']GPI *EXMKYI 6IWIEVGL SR *YPP7M^I 4VIWWYVI
- IWWIPWx;IPHMRK6IWIEVGL7YTTPIQIRX .YP]
7 6ERKEREXL . 2 /EWW ERH . ( ,IEPH w*EXMKYI &ILEZMSV SJ 'EVFSR 7XIIP 'SQTSRIRXW MR
,MKL8IQTIVEXYVI;EXIV)RZMVSRQIRXWx0S[']GPI *EXMKYI ERH 0MJI 4VIHMGXMSR %781 784 )HMXIH F] ' %Q^EPPMEK & 2 0IMW ERH 4 6EFFI %QIVMGER 7SGMIX] JSV 8IWXMRK ERH 1EXIVMEPW
( ;IMRWXIMR &;6 )RZMVSRQIRXEP 'VEGOMRK 1EVKMRW JSV 'EVFSR 7XIIP 4MTMRK )46- 4EPS
%PXS '% 1E] 24 4VSNIGX
1 ) 1E]JMIPH ) ' 6SHEFEYKL ERH 6 . )MFIV w% 'SQTEVMWSR SJ *EXMKYI 8IWX (EXE SR VH 4MTMRK[MXLXLI%71)'SHI*EXMKYI)ZEPYEXMSR4VSGIHYVIx 9 7 2EXMSREP 'SRKVIWW SR 4VIWWYVI :IWWIPW ERH 4MTMRK 7ER *VERGMWGS '% .YRI 4ETIV 2S 4:4
.(,IEPHERH)/MWWw0S[']GPI*EXMKYISJ2YGPIEV4MTI'SQTSRIRXWx%71) 8VERWEGXMSRW .SYVREP SJ 4VIWWYVI :IWWIP 8IGLRSPSK] :SP 2S TT %YKYWX
8 9HSKYGLM ERH = %WEHE w-RZIWXMKEXMSR SR 0S[']GPI *EXMKYI 7XVIRKXL SJ 4MTMRK
'SQTSRIRXWxRH -RXIVREXMSREP 'SRJIVIRGI SR 4VIWWYVI :IWWIP 8IGLRSPSK] 7ER %RXSRMS 8<
4VSGIIHMRKW TT
6)0):%2') 3* 0%&36%836= (%8%
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
?A E QIXEP WYPJYV GSRXIRX PIWW XLER SV IUYEP XS MW PIWW XLER XLI QE\MQYQ TIVQMWWMFPI WYPJYV PMQMXW JSV VIEGXSV GSSPERX W]WXIQ ZIWWIP ERH TMTMRK QEXIVMEPW JSV I\EQTPI JSV 7%
WXEMRPIWW WXIIP TMTMRK 2S XLVIWLSPH JSV VIEGXSV [EXIV JPS[ VEXI LEW FIIR MQTPIQIRXIH 8LI XLVIWLSPHKMZIRMR:ER(IV7PY]WERH=YOE[E?A{E[EXIVJPS[ZIPSGMX]KVIEXIVXLERQWIG
MRWIG {[EWXLSYKLXXSHITIRHYTSRERMRWYJJMGMIRXEQSYRXSJHEXE
-J ER] SRI SJ XLI SXLIV JSYV IRZMVSRQIRXEP TEVEQIXIVW WEXMWJMIW XLI VIQEMRMRK XLVIWLSPHW XLI IJJIGXW SJ XLI VIEGXSV [EXIV IRZMVSRQIRX EVI GSRWMHIVIH XS FI QSHIVEXI
-R XLMW WIGXMSR XLI PEFSVEXSV] GSRHMXMSRW YRHIV [LMGL VIEGXSV [EXIV IRZMVSRQIRXW LEZI FIIR WMQYPEXIH EVI GSQTEVIH XS XLI GSRHMXMSRW I\TIVMIRGIH YRHIV EGXYEP TPERX STIVEXMSR 8LI SFNIGXMZI MW XLI HIXIVQMREXMSR SJ XLI PEFSVEXSV] HEXE XLEX WLSYPH FI GSRWMHIVIH VIPIZERX XS EGXYEP TPERX STIVEXMSR
6IZMI[ SJ 3TIVEXMRK )\TIVMIRGI
'SQTSRIRX 1IXEP 8IQTIVEXYVI 3TIVEXMRK XIQTIVEXYVIW JSV 4;6 VIEGXSV GSSPERX W]WXIQ ERH &;6 TVMQEV] GSSPERX TVIWWYVI FSYRHEV] GSQTSRIRXW EVI MR XLI VERKI SJ S* S' [MXL I\GYVWMSRW YT XS S* S' EW XLI HIWMKRFEWMW JSV WSQI GSQTSRIRXW JSV I\EQTPI TVIWWYVM^IVW 8LI WMQYPEXMSR SJ RSQMREP PMKLX[EXIV VIEGXSV GSSPERX XIQTIVEXYVIW MW RSX ER MWWYI [MXL VIWTIGX XS ETTPMGEFMPMX] SJ PEFSVEXSV]
VIWYPXW
%TTPMIH 7XVEMR %QTPMXYHI (IWMKRFEWMW XVERWMIRX WIZIVMX] MW RSQMREPP] FEWIH SR WYHHIR HMWGSRXMRYMXMIW XLEX MW WXIT GLERKIW MR XIQTIVEXYVI -X MW RSX YRYWYEP JSV E TPERX XLIVQEP XVERWMIRX XS FI HIWGVMFIH F] E WXIT GLERKI MR XIQTIVEXYVI SJ XLI SVHIV SJ S* S' ERH E GSVVIWTSRHMRK WXVEMR EQTPMXYHI SJ XS
MRGPYHMRK XLI IJJIGX SJ TPEWXMG WXVEMR GSRGIRXVEXMSRW -R EGXYEPMX] XLIWI GEPGYPEXIH WXVEMR EQTPMXYHIW EVI ZIV] GSRWIVZEXMZI FIGEYWI XLI EGXYEP XVERWMIRX WIZIVMX] WII 9WI SJ 3R0MRI
6IPIZERGI SJ 0EFSVEXSV] (EXE
- EXMKYI 1SRMXSVMRK SJ 2YGPIEV 6IEGXSV 'SQTSRIRXW EW E 8SSP JSV 4PERX 0MJI )\XIRWMSR ?A MW QYGL PIWW MR FSXL XLI XIQTIVEXYVI GLERKI ERH MXW XIQTSVEP ZEVMEXMSR %TTPMIH WXVEMR EQTPMXYHIW EVI X]TMGEPP] ER SVHIV SJ QEKRMXYHI PIWW XLER XLSWI GEPGYPEXIH JVSQ JYPPEQTPMXYHI WXIT GLERKIW MR XIQTIVEXYVI
-R EHHMXMSR TPEWXMG WXVEMRW XIRH XS FI ZIV] PSGEPM^IH MR VIKMSRW SJ KISQIXVMG HMWGSRXMRYMX] [MXL XLI IJJIGXW SJ WXVEMR GSRGIRXVEXMSR GEYWMRK WXVEMR EQTPMXYHIW SJ XLI SVHIV SJ XS MR XLI
[SVWX GEWIW 0EFSVEXSV] XIWXMRK LEW IQTLEWM^IH PS[G]GPI JEXMKYI XIWXMRK MR WMQYPEXIH VIEGXSV
[EXIV IRZMVSRQIRXW EX TIEO ETTPMIH WXVEMR EQTPMXYHIW VERKMRK JVSQ XS 7YGL TIEO WXVEMR EQTPMXYHIW EVI ETTVSTVMEXI ,S[IZIV ER MWWYI SJ WSQI GSRGIVR MW XLI HMWXVMFYXMSR SJ XLI TPEWXMG WXVEMR
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
- SV I\EQTPI MX [EW RSXIH MR 296)+'6 ?A XLEX XLI LSYVKPEWWWLETIH XIWX WTIGMQIRW KIRIVEPP] ]MIPHIH XS PSRKIV PMZIW XLER YRMJSVQ KEYKIPIRKXL WEQTPIW
8LMW SFWIVZEXMSR SR PSGEPM^IH WXVEMR MW EPWS GSRJMVQIH F] XLI JEXMKYI PMJI HEXE SR RSXGLIH WTIGMQIRW XIWXIH MR 0;6 IRZMVSRQIRXW ?A *MKYVIW ERH MPPYWXVEXI XLI HEXE 8LIWI EVI
- MKYVIW ERH JVSQ )JJIGX SJ 0SEHMRK 6EXI SR XLI *EXMKYI 7XVIRKXL SJ 2SXGLIH 'EVFSR 7XIIP MR
,MKL 8IQTIVEXYVI ;EXIV ?A %PXLSYKL XLI WXVEMR VEXIW MR WTIGMQIRW [MXL HMJJIVIRX / X HS RSX QEXGL I\EGXP] XLI XVIRH MR JEXMKYI PMJI MW ZIV] GPIEV *SV XLI WEQI WXVIWW *MKYVI SV WXVEMR
- MKYVI EQTPMXYHI XLI JEXMKYI PMJI SJ XLI WTIGMQIR [MXL E LMKLIV / X ZEPYI MW PSRKIV
GSQTEVIH XS XLI WTIGMQIR [MXL / X ! 8LMW SFWIVZEXMSR MW JYVXLIV GSRJMVQIH F] ,MGOPMRK ?A
[LS GMXIH +IVQER HIWMKR VIUYMVIQIRXW SR XLI EPPS[EFPI WYVJEGI WXVEMR JSV PS[EPPS] WXIIP GSQTSRIRXW I\TSWIH XS [EXIV 8LIWI WYVJEGI WXVEMR PMQMXW EVI MRXIRHIH XS EZSMH HMWVYTXMSR SJ XLI TVSXIGXMZI QEKRIXMXI JMPQ ERHSV WITEVEXMSR SJ XLI JMPQ JVSQ XLI YRHIVP]MRK QIXEP WYVJEGI
8LIVIJSVI XLI MWWYI SJ WXVMGX WXVEMR GSRXVSP ZIVWYW PSEH GSRXVSP ERH XLI VIPEXIH MWWYI SJ E XIWX WTIGMQIR WLETI XLEX TVSQSXIW PSGEPM^IH TPEWXMG WXVEMRMRK MW SJ WMKRMJMGERX GSRGIVR JSV XLI PEFSVEXSV] WMQYPEXMSR SJ GSRHMXMSRW XLEX EGXYEPP] SGGYV MR WIVZMGI
6IPIZERGI SJ 0EFSVEXSV] (EXE
- MKYVI
6IPEXMSRWLMT&IX[IIR)WXMQEXIH2SXGL6SSX7XVIWW%QTPMXYHIF]2IYFIVvW6YPIERH
- EXMKYI 0MJI
- MKYVI
6IPEXMSRWLMT&IX[IIR)WXMQEXIH2SXGL6SSX7XVEMR%QTPMXYHIF]2IYFIVvW 6YPIERH
- EXMKYI 0MJI
6IPIZERGI SJ 0EFSVEXSV] (EXE
%TTPMIH 7XVEMR 6EXI
&IGEYWI SJ XLI HMJJIVIRGI FIX[IIR HIWMKRFEWMW XVERWMIRX WIZIVMX] ERH EGXYEP TPERX XVERWMIRXW XLI GEPGYPEXMSR SJ XLI XLISVIXMGEP ETTPMIH WXVEMR VEXI MW RSX GSRWIVZEXMZI (IWMKRFEWMW TPERX XLIVQEP XVERWMIRXW [MXL PEVKI VEQT GLERKIW MR XIQTIVEXYVI GEYWI ETTPMIH WXVEMR VEXIW SJ WIG XS
WIG [LMPI EGXYEP TPERX XLIVQEP XVERWMIRXW GEYWI ETTPMIH WXVEMR VEXIW XLEX EVI SRI SVHIV SJ QEKRMXYHI PIWW ;LIR XLI VEQT GLERKI MR XIQTIVEXYVI MW VIHYGIH JSV I\EQTPI TS[IV GLERKI VEXLIV XLER WLYXHS[R XLI EGXYEP ETTPMIH WXVEMR VEXI GSYPH FI VIHYGIH F] X[S SVHIVW SJ QEKRMXYHI *SV WPS[IV XIQTIVEXYVI GLERKIW ETTPMIH WXVEMR VEXIW GER ETTVSEGL XLI PS[IV IRH SJ XLI VERKI SJ WXVEMR VEXIW QIEWYVIH MR XLI PEFSVEXSV] 8LI WXVEMR VEXIW QIEWYVIH MR PEFSVEXSV]
JEXMKYI XIWXW XLEX WMQYPEXI VIEGXSV [EXIV IRZMVSRQIRXW GSZIV XLI VERKI SJ I\TIGXIH WXVEMR VEXIW MR WIVZMGI EW [IPP EW XLISVIXMGEP WXVEMR VEXIW JVSQ HIWMKRFEWMW XVERWMIRXW
(MWWSPZIH 3\]KIR 'SRXIRX 6IEGXSV GSSPERX GLIQMWXV] MW GSRXVSPPIH HYVMRK RSVQEP TPERX STIVEXMSR XS QEMRXEMR TVIWGVMFIH HMWWSPZIH S\]KIR GSRXIRX ERH SXLIV S\MHM^MRK WTIGMIW *SV 4;6W XLI RSQMREP HMWWSPZIH S\]KIR PIZIPW MR XLI VIEGXSV GSSPERX W]WXIQ HYVMRK RSVQEP TPERX STIVEXMSR MW SJ XLI SVHIV SJ XS
TTQ [IPP FIPS[ XLI XLVIWLSPH PIZIP JSV GEVFSR ERH PS[EPPS] WXIIPW 8LIWI PIZIPW EPWS ETTP] JSV
&;6W YWMRK L]HVSKIR [EXIV GLIQMWXV] *SV SXLIV &;6W XLI TVMQEV] GSSPERX TVIWWYVI FSYRHEV]
MW QEMRXEMRIH EX HMWWSPZIH S\]KIR PIZIPW SJ XS TTQ HYVMRK RSVQEP TPERX STIVEXMSR
(YVMRK TPERX WLYXHS[R [LIR XLI VIEGXSV GSSPERX W]WXIQ SV XLI TVMQEV] GSSPERX TVIWWYVI FSYRHEV] QMKLX FI STIR XS EXQSWTLIVMG GSRHMXMSRW MX MW TSWWMFPI JSV XLI HMWWSPZIH S\]KIR XS VIEGL WEXYVEXMSR PIZIPW XLEX MW TTQ 8LI TPERX VIXYVRW UYMGOP] XS RSVQEP STIVEXMRK GLIQMWXV]
HYVMRK WXEVXYT ERH FIJSVI XLI TPERX VIEGLIW WMKRMJMGERX TS[IV PIZIPW
8LI WMQYPEXIH VIEGXSV [EXIV GLIQMWXV] VERKIW YWIH MR PEFSVEXSV] JEXMKYI XIWXMRK XIRH XS QIIX IMXLIV 4;6 RSVQEP STIVEXMRK PIZIPW SV WEXYVEXIH GSRHMXMSRW 8LI JYPP VERKI SJ VIEGXSV [EXIV GLIQMWXV] SJ MRXIVIWX MW GSZIVIH
8LI SRP] MWWYI SJ ER] GSRGIVR MW XLI S\MHM^MRK TSXIRXMEP SJ XLI WMQYPEXIH VIEGXSV [EXIV GSSPERX EX XLI JPS[ VEXIW YWIH MR QSWX PEFSVEXSV] XIWXW 8LEX MWWYI MW HMWGYWWIH MR HIXEMP FIPS[
8LI )JJIGX SJ 6IEGXSV ;EXIV 'SSPERX *PS[ 6EXI 2S JPS[ VEXI XLVIWLSPHW LEZI FIIR MQTPIQIRXIH MR XLI
- IR TVSGIHYVI ,S[IZIV MX WLSYPH FI TSMRXIH SYX XLEX XLI IJJIGX SJ VIEGXSV [EXIV JPS[ VEXI LEW FIIR IZEPYEXIH JSV GEVFSR WXIIPW MR FSXL XLI PEFSVEXSV] ERH MR PEVKIWGEPI GSQTSRIRX XIWXW ERH LEW FIIR JSYRH XS FI E GVMXMGEP IRZMVSRQIRXEP TEVEQIXIV
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
6IPIZERGI SJ 0EFSVEXSV] (EXE EFSYX MRW QW ETTVSEGLMRK WXEKRERX JPS[ 3J GSYVWI RSX EPP WMQYPEXIH VIEGXSV
[EXIV ZIPSGMXMIW EVI XLEX PS[ 8LI VIGMVGYPEXMRK XIWX PSST YWIH F] +IRIVEP )PIGXVMG 'SQTER] JSV XLI FYXX[IPHIH TMTMRK XIWXW VITSVXIH MR )JJIGX SJ 0SEHMRK 6EXI SR XLI *EXMKYI 7XVIRKXL SJ 2SXGLIH 'EVFSR 7XIIP MR ,MKL 8IQTIVEXYVI ;EXIV ?A LEH E ZSPYQI JPS[ VEXI SJ KEPQMR
PQMR XLVSYKL XLI 247 TMTMRK WTIGMQIRW MQTP]MRK E ZIPSGMX] SJ EFSYX MRW QW
,S[IZIV QYGL SJ XLI I\TIVMQIRXEP HEXE KIRIVEXIH SZIV XLI TEWX X[S HIGEHIW LEW FIIR SFXEMRIH EX JPS[ VEXIW XLEX EVI ZMVXYEPP] WXEKRERX 8LIWI PS[ JPS[ VEXIW [LIR GSQFMRIH [MXL ZIV] PS[
HMWWSPZIH S\]KIR I\TSWI XLI XIWX WTIGMQIRW XS I\XVIQIP] PS[ S\MHM^MRK TSXIRXMEP XLEX GSYPH MRXVSHYGI TVSFPIQW EX WXVEMR EQTPMXYHIW WYJJMGMIRX XS VYTXYVI TVSXIGXMZI S\MHI SV TEWWMZEXIH WYVJEGIW
-R XLMW VIKEVH ,MGOPMRK ?A LEW VITSVXIH SR +IVQER I\TIVMIRGI JSV FSXL 4;6 ERH &;6 IRZMVSRQIRXW *SV &;6 IRZMVSRQIRXW LI JSYRH XLEX
w%R MQTSVXERX GSQQSR JIEXYVI MR EPQSWX EPP GEWIW SJ HEQEKI [EW PEGO SJ JPS[ XLI PMRIW
[IVI STIVEXIH SRP] MRXIVQMXXIRXP] ERH YWYEPP] GSRXEMRIH WXEKRERX QIHMYQ *YVXLIVQSVI
HEQEKI [EW SFWIVZIH EPQSWX I\GPYWMZIP] MR TMTMRK [LIVI XLI S\]KIR GSRGIRXVEXMSR MR XLI
[EXIVJMPQEHNEGIRXXSXLIWXIIP[EPP[EWVIPEXMZIP]LMKL X]TMGEPP]"TTQ x
,MGOPMRK EPWS JSYRH XLEX JSV 4;6W
w0MQMXIH [SVO GEVVMIH SYX MR +IVQER] SR XLMW IJJIGX WLS[W XLEX LMKLIV JPS[ VEXIW EVI EP[E]W QSVI FIRIJMGMEP FYX XLEX MX MW HMJJMGYPX XS WITEVEXI SYX XLI MRJPYIRGI SR GVEGO MRMXMEXMSR ERH SR WYFWIUYIRX GVEGO KVS[XL % HMVIGX GSQTEVMWSR [MXL ;& WXIIP 7768 S
MR TYVI [EXIV [MXL TTQ S\]KIR EX ' ERH E WXVEMR VEXI SJ W WLS[IH XLI WEQI HYGXMPI FILEZMSV EW MR EMV EX E PMRIEV JPS[ VEXI SJ QW FYX E HVST MR XLI QIEWYVIH EVIEXSJVEGXYVISJERMHIRXMGEPXIRWMPIWTIGMQIRYRHIVUYEWMWXEKRERXGSRHMXMSRWx
,MGOPMRK ?A KSIW SR XS HIWGVMFI GSQTSRIRX WGEPI XIWXW GEVVMIH SYX MR +IVQER] XS GSRJMVQ STIVEXMRK I\TIVMIRGI ,I MRXVSHYGIH XLI HMWGYWWMSR F] SFWIVZMRK XLEX
S w*YVXLIV [SVO SR JPS[ VEXIW [EW GEVVMIH SYX MR XLI /;9 PEFSVEXSVMIW YWMRK FIRHW SJ GEVFSR WXIIP XYFMRK 7 ! [LIVI MRXIVREP JPS[ VEXIW SJ YT XS QW [IVI IWXEFPMWLIH 8LI VIWYPXW EX PS[ JPS[ VEXIW WLS[ ZIV] GPIEV IRZMVSRQIRXEP IJJIGXW I\GITX EX XLI PS[IWX S\]KIR PIZIP XIWXIH TTQ ,S[IZIV IWXEFPMWLQIRX SJ JPS[MRK GSRHMXMSRW VIHYGIHSVIZIRIPMQMREXIHXLIMRJPYIRGISJGSVVSWMSRSRJEXMKYIGVEGOMRMXMEXMSRx 8LI VE[ HEXE JVSQ XLI /;9 XIWX TVSKVEQ EVI TPSXXIH MR *MKYVI 2SXI XLEX JSYV HMJJIVIRX I\TIVMQIRXEPGSRHMXMSRW[IVIYWIH{LMKLHMWWSPZIHS\]KIRPS[JPS[ZIV]PS[HMWWSPZIH S\]KIRPS[ JPS[ TTQ HMWWSPZIH S\]KIRPS[ JPS[ ERH TTQ HMWWSPZIH S\]KIRQSHIVEXI JPS[ ;MXL XLI I\GITXMSR SJ XLI ZIV] PS[ HMWWSPZIH S\]KIRPS[ JPS[ EPP SJ XLI PS[ JPS[ HEXE PMIW GPSWI XS SV FIPS[ XLI %71) 'SHI JEXMKYI HIWMKR GYVZI JSV GEVFSR WXIIP EX XIQTIVEXYVI *SV ZIV]
PS[ HMWWSPZIH S\]KIR ETTVS\MQEXMRK WXEKRERX JPS[ MR E 4;6 VIEGXSV [EXIV IRZMVSRQIRX XLI HEXE TSMRXW EVI WMQMPEV XS TVIZMSYW GSQTSRIRX XIWX VIWYPXW JVSQ 4:6' XIWXMRK 8LI IJJIGX SJ IZIR E QSHIVEXI JPS[ VEXI MW XS PEVKIP] IPMQMREXI XLI IRZMVSRQIRXEP IJJIGX ;LIR XLI XIWX HEXE EVI EHNYWXIH F] *IR MR EGGSVHERGI [MXL XLI GYVVIRX JSVQYPEW EPP SJ XLI HEXE I\GITX XLI ZIV] PS[
HMWWSPZIH S\]KIR HEXE TSMRXW EVI WLMJXIH [IPP EFSZI XLI %71) QIER EMV GYVZI *MKYVI
- LIR XLI *IR EHNYWXQIRX MW GSQTIRWEXIH F] XLI QSHIVEXI IRZMVSRQIRXEP IJJIGXW JEGXSV > XLI XIRHIRG] JSV SZIVGSVVIGXMSR VIQEMRW *MKYVI
6IPIZERGI SJ 0EFSVEXSV] (EXE 8LMW GSQTSRIRXWGEPI HEXE IZEPYEXMSR TVSZMHIW XLI JSPPS[MRK GSRGPYWMSRW
,MKLIV JPS[ VEXI JEXMKYI XIWXW JSV PEVKIWGEPI GEVFSR WXIIP TMTMRK GSQTSRIRXW MR IRZMVSRQIRX WLS[ WMKRMJMGERXP] PIWW IRZMVSRQIRXEP VIHYGXMSR MR JEXMKYI PMJI XLER WXEKRERX JPS[ XIWXW
- IV] PS[ HMWWSPZIH S\]KIR JEXMKYI XIWXW JSV PEVKIWGEPI GEVFSR WXIIP TMTMRK GSQTSRIRXW XLEX ETTVS\MQEXI 4;6 IRZMVSRQIRXW WLS[ WMKRMJMGERXP] PIWW IRZMVSRQIRXEP VIHYGXMSR IZIR [MXL WXEKRERX JPS[
8LI *IR EHNYWXQIRX TVSGIHYVI IZIR [LIR GSQTIRWEXIH F] E QSHIVEXI IRZMVSRQIRXEP IJJIGXW JEGXSV > SZIVGSVVIGXW JSV XLI IRZMVSRQIRX IZIR JSV WXEKRERX JPS[ GSRHMXMSRW ERH TTQ HMWWSPZIH S\]KIR
TTQ 3 PS[ JPS[
TTQ 3 PS[ JPS[
TTQ 3 PS[ JPS[
TTQ 3 QSHIVEXI JPS[
%71) '7 1IER %MV
%71) (IWMKR '
) ) ) )
']GPIW
- MKYVI
/;9 'SQTSRIRX 7GEPI 8IWX 6IWYPXW JSV 'EVFSR 7XIIP
6IPIZERGI SJ 0EFSVEXSV] (EXE
TTQ 3 PS[ JPS[ \ *IR
TTQ 3 PS[ JPS[ \ *IR
TTQ 3 PS[ JPS[ \ *IR
TTQ 3 QSHIVEXI JPS[ \ *IR
%71) '7 1IER %MV
%71) (IWMKR '
) ) ) )
']GPIW
- MKYVI
/;9 'SQTSRIRX 7GEPI 8IWX 6IWYPXW JSV 'EVFSR 7XIIP 'SVVIGXIH F] *IR
TTQ 3 PS[ JPS[ \ *IR>
TTQ 3 PS[ JPS[ \ *IR>
TTQ 3 PS[ JPS[ \ *IR>
TTQ 3 QSHIVEXI JPS[ \ *IR>
%71) '7 1IER %MV
%71) (IWMKR '
) ) ) )
']GPIW
- MKYVI
/;9 'SQTSRIRX 7GEPI 8IWX 6IWYPXW JSV 'EVFSR 7XIIP 'SVVIGXIH F] *IR ERH >
6IPIZERGI SJ 0EFSVEXSV] (EXE 8LIVIJSVI XLIWI VIWYPXW ETTIEV XS FI GSRWMWXIRX [MXL XLI +IRIVEP )PIGXVMG 'SQTER] TMTMRK GSQTSRIRX XIWXW [LMGL [IVI GEVVMIH SYX EX TTQ HMWWSPZIH S\]KIR 2S IRZMVSRQIRXEP GSVVIGXMSR MW RIIHIH JSV GEVFSR WXIIPW I\GITX TSWWMFP] JSV WXEKRERX JPS[ ZIV] LMKL HMWWSPZIH S\]KIR GSRHMXMSRW 8LMW WEQI GSRGPYWMSR [SYPH EPWS WIIQ PMOIP] XS ETTP] XS PS[EPPS] WXIIPW
6IGIRX PEFSVEXSV] HEXE SFXEMRIH F] ,MVERS IX EP ?A LEZI LIPTIH XS GPEVMJ] XLI IJJIGX SJ GSSPERX JPS[ VEXI SR IRZMVSRQIRXEP JEXMKYI PMJI VIHYGXMSR ,MVERS IX EP I\EQMRIH XLI IJJIGXW SR IRZMVSRQIRXEPJEXMKYIPMJIVIHYGXMSREXJSYV HMJJIVIRXJPS[VEXIW{QWIG MRWIG QWIG
MRWIG QWIG MRWIG ERH QWIG MRWIG 8[S SJ XLIWI JPS[ VEXIW EVI EFSZI ERH X[S EVI FIPS[ XLI SVMKMREP XLVIWLSPH IWXEFPMWLIH F] 4:6' ?A 8LI QEXIVMEP WXYHMIH [EW S
X]TMGEP GEVFSR WXIIP YWIH JSV RYGPIEV TS[IV TPERX TMTMRK %PP XIWXW [IVI GSRHYGXIH EX '
S
* RSQMREP VIEGXSV GSSPERX XIQTIVEXYVI EX STIVEXMRK GSRHMXMSRW [MXL E JYPP] VIZIVWIH WXVEMR EQTPMXYHI SJ 8LVII PIZIPW SJ HMWWSPZIH S\]KIR [IVI YWIH{ TTQ TTQ ERH TTQ
3RI SJ XLIWI PIZIPW MW FIPS[ ERH X[S PIZIPW EVI EFSZI XLI 4:6' HMWWSPZIH S\]KIR XLVIWLSPH JSV GEVFSR ERH PS[EPPS] WXIIPW 3RI JEMVP] PS[ WXVEMR VEXI WIG ERH SRI JEMVP] LMKL WXVEMR VEXI
WIG [IVI YWIH XS IZEPYEXI XLI IJJIGX SJ WXVEMR VEXI
8LI JMVWX QENSV JMRHMRK MR XLI WXYH] [EW XLEX JSV XIWXW EX XLI JEMVP] LMKL WXVEMR VEXI WIG RS IJJIGX SJ GSSPERX JPS[ VEXI SR JEXMKYI PMJI [EW SFWIVZIH 8LIWI VIWYPXW EVI WLS[R MR *MKYVI
- MKYVI JVSQ )JJIGXW SJ ;EXIV *PS[ 6EXI SR *EXMKYI 0MJI SJ 'EVFSR 7XIIP MR ,MKL 8IQTIVEXYVI 4YVI ;EXIV )RZMVSRQIRX ?A 8LMW VIWYPX [EW I\TIGXIH FIGEYWI XLI XMQI EZEMPEFPI JSV EXXEGOMRK XLI GEVFSR WXIIP WYVJEGI MW PMQMXIH JSPPS[MRK S\MHI PE]IV VYTXYVI ERH EQTPI EQSYRXW SJ HMWWSPZIH S\]KIR EVI EZEMPEFPI JSV VIS\MHEXMSR HYVMRK WXVEMR VIZIVWEP IZIR EX TTQ HMWWSPZIH S\]KIR
- MKYVI
)JJIGXW SJ ;EXIV *PS[ 6EXI SR *EXMKYI 0MJI 8IWXIH EX XLI 7XVEMR 6EXI SJ WIG
6IPIZERGI SJ 0EFSVEXSV] (EXE
- SV XIWXMRK EX XLI VIPEXMZIP] PS[ WXVEMR VEXI WIG XLI IJJIGX SJ GSSPERX JPS[ [EW WMKRMJMGERX
[MXL QYGL PIWW JEXMKYI PMJI VIHYGXMSR EX XLI LMKLIV JPS[ VEXIW 8LMW IJJIGX MW WLS[R MR *MKYVI
- MKYVI JVSQ )JJIGXW SJ ;EXIV *PS[ 6EXI SR *EXMKYI 0MJI SJ 'EVFSR 7XIIP MR ,MKL 8IQTIVEXYVI 4YVI ;EXIV )RZMVSRQIRX ?A -R EHHMXMSR ERH TIVLETW EW MQTSVXERX XLI VIHYGXMSR MR JEXMKYI PMJI MW GSRWMHIVEFP] PIWW JSV XLI PS[IV PIZIPW SJ HMWWSPZIH S\]KIR 8LMW MW ER I\TIGXIH JMRHMRK FYX SRI XLEX LEW FIIR XLVS[R MRXS WSQI GSRJYWMSR F] HEXE KIRIVEXIH F] %VKSRRI 2EXMSREP 0EFSVEXSV]
%20 *SV I\EQTPI XLI VEXMS SJ JEXMKYI PMJI EX E GSSPERX JPS[ VEXI SJ QWIG MRWIG XS XLEX EX E GSSPERX JPS[ VEXI SJ QWIG MRWIG MW EFSYX E JEGXSV SJ SV JSV HMWWSPZIH S\]KIR SJ
TTQ 8LMW WEQI VEXMS EX E HMWWSPZIH S\]KIR PIZIP SJ TTQ MW SRP] EFSYX E JEGXSV SJ
%KEMR WYGL E VIWYPX MW XS FI I\TIGXIH %X XLI VIPEXMZIP] PS[ WXVEMR VEXI WSQI WYVJEGI EXXEGO MW SFWIVZIH JSPPS[MRK S\MHI PE]IV VYTXYVI LS[IZIV XLI LMKLIV JPS[ VEXIW SJJIV EQTPI HMWWSPZIH S\]KIR JSV VIS\MHEXMSR HYVMRK WXVEMR VIZIVWEP 8LI WYVJEGI EXXEGO MW E JYRGXMSR SJ XLI HMWWSPZIH S\]KIR GSRGIRXVEXMSR [MXL LMKLIV HMWWSPZIH S\]KIR PIZIPW GEYWMRK KVIEXIV VIHYGXMSRW MR JEXMKYI PMJI
- MKYVI
)JJIGXW SJ ;EXIV *PS[ 6EXI SR *EXMKYI 0MJI 8IWXIH EX XLI 7XVEMR 6EXI SJ WIG 8LMW WYVJEGI EXXEGO MW EPWS GSRJMVQIH F] RSXMRK XLEX JSV XLI LMKLIWX GSSPERX JPS[ VEXI SJ QWIG
MRWIG XLI JEXMKYI PMJI VIHYGXMSR SZIV XLEX MR ER EMV IRZMVSRQIRX MW EFSYX E JEGXSV SJ JSV E HMWWSPZIH S\]KIR PIZIP SJ TTQ 8LMW VEXMS MW EFSYX E JEGXSV SJ JSV E HMWWSPZIH S\]KIR PIZIP SJ TTQ %X XLI PS[IWX GSSPERX JPS[ VEXI SJ QWIG MRWIG XLIWI JEXMKYI PMJI VIHYGXMSRW EVI EFSYX JSV E HMWWSPZIH S\]KIR PIZIP SJ TTQ ERH JSV E HMWWSPZIH S\]KIR PIZIP SJ TTQ 8LI JEXMKYI PMJI VIHYGXMSR EX PS[ WXVEMR VEXI LMKL GSSPERX JPS[ VEXI ERH PS[
HMWWSPZIH S\]KIR MW IWWIRXMEPP] IUYMZEPIRX XS XLI JEXMKYI PMJI VIHYGXMSR EX LMKL WXVEMR VEXI
6IPIZERGI SJ 0EFSVEXSV] (EXE
- VSQ XLIWI HEXE ERH XLIMV MRXIVTVIXEXMSR [I GSRGPYHI XLEX
- SV WXVEMR VEXIW EFSZI XLI SVMKMREP 4:6' XLVIWLSPH XLI IJJIGX SJ GSSPERX JPS[ VEXI SR JEXMKYI PMJI EX XIQTIVEXYVI MW RSX WMKRMJMGERX 8LI VIHYGXMSR MR JEXMKYI PMJI JVSQ XLEX MR EMV MW ETTVS\MQEXIP] E JEGXSV SJ XS EX XLI LMKLIV WXVEMR VEXIW [MXL XLI JEGXSV SJ ETTPMGEFPI XS PS[ HMWWSPZIH S\]KIR PIZIPW ERH XLI JEGXSV SJ ETTPMGEFPI XS LMKL HMWWSPZIH S\]KIR PIZIPW
- SV WXVEMR VEXIW FIPS[ XLI SVMKMREP 4:6' XLVIWLSPH XLI IJJIGX SJ GSSPERX JPS[ VEXI MW IWWIRXMEPP]IUYMZEPIRXXSXLIIJJIGXSJWXVEMRVEXIXLEXMWXLILMKLJPS[VEXIzPS[WXVEMRVEXI VIHYGXMSRW MR JEXMKYI PMJI EVI IWWIRXMEPP] IUYMZEPIRX XS LMKL WXVEMR VEXI JEXMKYI PMJI VIHYGXMSRW
8LI PEXXIV EVI MRHITIRHIRX SJ XLI GSSPERX JPS[ VEXI
6IJIVIRGIW
; % :ER (IV 7PY]W ERH 7 =YOE[E w7XEXYW SJ 4:6' )ZEPYEXMSR SJ 0;6 'SSPERX
)RZMVSRQIRXEP)JJIGXWSRXLI72*EXMKYI4VSTIVXMIWSJ4VIWWYVI&SYRHEV]1EXIVMEPWx 4:4 :SP TT %71) 4:4 ,SRSPYPY ,- .YP]
+ 0 7XIZIRW ERH 7 6ERKEREXL w9WI SJ 3R0MRI *EXMKYI 1SRMXSVMRK SJ 2YGPIEV 6IEGXSV
'SQTSRIRXWEWE8SSPJSV4PERX0MJI)\XIRWMSRx8VERWEGXMSRW%71).SYVREP SJ 4VIWWYVI
- IWWIP 8IGLRSPSK] :SP 2S TT %YKYWX
/IMWPIV . 'LSTVE 3 / ERH 7LEGO ; . 7XEXMWXMGEP %REP]WMW SJ *EXMKYI 7XVEMR0MJI (EXE JSV 'EVFSR ERH 0S[%PPS] 7XIIPW 296)+'6 %20 %YKYWX
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6IZMI[ SJ 72 1SHIPW
)
)
)
)
'7 7MQYPEXIH &;6
) 0MRI 1IEWYVIH! \ 4VIHMGXIH 1IEWYVIH! \ 4VIHMGXIH
)
)
) ) ) ) ) ) )
4VIHMGXIH 0MJI ']GPIW
- MKYVI
'SQTEVMWSR SJ 4VIHMGXIH :IVWYW 1IEWYVIH *EXMKYI 0MZIW JSV 'EVFSR 7XIIP (EXE MR E 7MQYPEXIH &;6 )RZMVSRQIRX *VSQ XLI 4:6' (EXEFEWI ERH 9WMRK XLI %VKSRRI 1SHIP JSV 0MJI 4VIHMGXMSR
- MKYVI WLS[W XLI WEQI GEVFSR WXIIP HEXE GSQTEVIH [MXL XLI TVIHMGXIH PMZIW JVSQ XLI
.ETERIWI QSHIP WLS[R EFSZI 8LI EQSYRX SJ HEXE WGEXXIV MW WMQMPEV XS XLEX WIIR MR *MKYVI
8LI WEQI HEXE JEPP EFSZI XLI TVIHMGXIH PMRI EW WIIR MR *MKYVI ;MXL XLMW QSHIP JVSQ .ETER
XLI XIWX VIWYPXW ETTIEV XS FI QSVI IZIRP] HMWXVMFYXIH FSXL EFSZI ERH FIPS[ XLI TVIHMGXMSR PMRI XLER [MXL XLI QSHIP JVSQ %20 ,S[IZIV RSXI XLEX *MKYVI ETTIEVW XS LEZI E KVIEXIV RYQFIV SJ HEXE TSMRXW EFSZI ERH FIPS[ XLI WGEXXIV FSYRHEVMIW -X ETTIEVW XLEX XLI QSHIP JVSQ
.ETER GSQIW GPSWI XS TVIHMGXMRK XLI QIER JEXMKYI FILEZMSV SJ XLI GEVFSR WXIIP QEXIVMEP MR XLI
&;6 IRZMVSRQIRX
6IZMI[ SJ 72 1SHIPW
)
)
)
)
'77MQYPEXIH &;6
)
0MRI 1IEWYVIH! \ 4VIHMGXIH 1IEWYVIH! \ 4VIHMGXIH
)
)
) ) ) ) ) ) )
4VIHMGXIH 0MJI ']GPIW
- MKYVI
'SQTEVMWSR SJ 4VIHMGXIH :IVWYW 1IEWYVIH *EXMKYI 0MZIW JSV 'EVFSR 7XIIP (EXE MR E 7MQYPEXIH &;6 )RZMVSRQIRX *VSQ XLI 4:6' (EXEFEWI ERH 9WMRK XLI .ETERIWI 1SHIP JSV 0MJI 4VIHMGXMSR
- MKYVIW ERH WLS[ XLI WEQI X]TI SJ GSQTEVMWSR YWMRK XLI 4:6' JEXMKYI HEXEFEWI MRJSVQEXMSR JSV PS[EPPS] WXIIP MR E WMQYPEXIH &;6 IRZMVSRQIRX 8LIWI VIWYPXW EVI WMQMPEV XS XLSWI JSV XLI GEVFSR WXIIP HEXE 8LI .ETERIWI QSHIP WIIQW XS TVIHMGX VIWYPXW XLEX EVI GPSWIV XS XLI QIER SJ XLI HEXE XLER XLI %20 QSHIP 8LMW WIIQW XS FI IWTIGMEPP] XVYI MR XLI LMKLIV G]GPMG PMJI VIKMSR SJ XLI JEXMKYI GYVZI
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
6IZMI[ SJ 72 1SHIPW
)
)
)
0%77MQYPEXIH &;6
0MRI
)
1IEWYVIH! \ 4VIHMGXIH 1IEWYVIH! \ 4VIHMGXIH
)
) ) ) ) )
4VIHMGXIH 0MJI ']GPIW
- MKYVI
'SQTEVMWSR SJ 4VIHMGXIH :IVWYW 1IEWYVIH *EXMKYI 0MZIW JSV 0S[%PPS] 7XIIP (EXE MR E 7MQYPEXIH &;6 )RZMVSRQIRX *VSQ XLI 4:6' (EXEFEWI ERH 9WMRK XLI %VKSRRI 1SHIP JSV 0MJI 4VIHMGXMSR
6IZMI[ SJ 72 1SHIPW
)
)
)
0%77MQYPEXIH &;6
0MRI
)
1IEWYVIH! \ 4VIHMGXIH 1IEWYVIH! \ 4VIHMGXIH
)
) ) ) ) )
4VIHMGXIH 0MJI ']GPIW
- MKYVI
'SQTEVMWSR SJ 4VIHMGXIH :IVWYW 1IEWYVIH *EXMKYI 0MZIW JSV 0S[%PPS] 7XIIP (EXE MR E 7MQYPEXIH &;6 )RZMVSRQIRX *VSQ XLI 4:6' (EXEFEWI ERH 9WMRK XLI .ETERIWI 1SHIP JSV 0MJI 4VIHMGXMSR
6IZMI[ SJ 72 1SHIPW
)
7'7%
'*1 %KIH
77 ;IPH
)
77
77 ;IPH
77
) 2+
0MRI 1IEWYVIH! \ 4VIHMGXIH 1IEWYVIH! \ 4VIHMGXIH
)
)
)
)
) ) ) ) ) ) )
4VIHMGXIH 0MJI ']GPIW
- MKYVI
'SQTEVMWSR SJ 4VIHMGXIH :IVWYW 1IEWYVIH *EXMKYI 0MZIW JSV 7XEMRPIWW 7XIIP (EXE MR E 7MQYPEXIH 4;6 )RZMVSRQIRX *VSQ XLI 4:6' (EXEFEWI ERH 9WMRK XLI %VKSRRI 1SHIP JSV 0MJI 4VIHMGXMSR
6IZMI[ SJ 72 1SHIPW
)
7'7%
'*1 %KIH
77 ;IPH
)
77
77 ;IPH
77
) 2+
0MRI 1IEWYVIH! \ 4VIHMGXIH
) 1IEWYVIH! \ 4VIHMGXIH
)
)
)
) ) ) ) ) ) )
4VIHMGXIH 0MJI ']GPIW
- MKYVI
'SQTEVMWSR SJ 4VIHMGXIH :IVWYW 1IEWYVIH *EXMKYI 0MZIW JSV 7XEMRPIWW 7XIIP (EXE MR E 7MQYPEXIH 4;6 )RZMVSRQIRX *VSQ XLI 4:6' (EXEFEWI ERH 9WMRK XLI .ETERIWI 1SHIP JSV 0MJI 4VIHMGXMSR 8LI GSQTEVMWSR SJ XLI TVIHMGXMSR JSV XLI %20 QSHIP JSV WXEMRPIWW WXIIP MR E WMQYPEXIH &;6 IRZMVSRQIRX ERH XLI QIEWYVIH PMZIW SJ I\TIVMQIRXW JVSQ XLI 4:6' HEXEFEWI MW WLS[R MR *MKYVI
8LI WGEXXIV MW UYMXI PEVKI MR XLMW JMKYVI 8LI HEXE JEPP SR FSXL WMHIW SJ XLI TVIHMGXMSR PMRI %X XLMW XMQI XLIVI MW RS .ETERIWI QSHIP JSV WXEMRPIWW WXIIP MR E &;6 IRZMVSRQIRX
6IZMI[ SJ 72 1SHIPW
)
777MQYPEXIH &;6
0MRI
)
1IEWYVIH! \ 4VIHMGXIH 1IEWYVIH! \ 4VIHMGXIH
)
)
)
)
)
) ) ) ) ) ) ) )
4VIHMGXIH 0MJI ']GPIW
- MKYVI
'SQTEVMWSR SJ 4VIHMGXIH :IVWYW 1IEWYVIH *EXMKYI 0MZIW JSV 7XEMRPIWW 7XIIP (EXE MR E 7MQYPEXIH &;6 )RZMVSRQIRX *VSQ XLI 4:6' (EXEFEWI ERH 9WMRK XLI %VKSRRI 1SHIP JSV 0MJI 4VIHMGXMSR 8LI ZEVMSYW QSHIPW JSV HIWGVMFMRK PEFSVEXSV] EMV JEXMKYI HEXE ERH WMQYPEXIH VIEGXSV [EXIV JEXMKYI HEXE LEZI FIIR I\EQMRIH -R TEVXMGYPEV QSHIPW JSV HIWGVMFMRK EYWXIRMXMG WXEMRPIWW WXIIP EMV JEXMKYI HEXELEZIFIIRGSQTEVIH[MXLXLISVMKMREP%71)'SHIEMVJEXMKYIHEXEXLI.EWOI3v(SRRIPPEMV JEXMKYI HEXE ERH XLI 4:6' EMV JEXMKYI HEXEFEWI 1SHIPW HIZIPSTIH F] %20 ERH F] .ETERIWI MRZIWXMKEXSVW JSV HIWGVMFMRK WMQYPEXIH VIEGXSV [EXIV IRZMVSRQIRXEP JEXMKYI HEXE LEZI EPWS FIIR GSQTEVIH 8LI QSWX WMKRMJMGERX JMRHMRKW EVI
9RGIVXEMRX] MR XLI WXVEMRGSRXVSPPIH ERH PSEHGSRXVSPPIH GLEVEGXIVMWXMGW SJ XLI .EWOI
3v(SRRIPPEYWXIRMXMGWXEMRPIWWWXIIPEMVJEXMKYIHEXEFEWIPMQMXXLIEFMPMX]XSVIWSPZIMWWYIW EFSYX XLI IJJIGXMZIRIWW SJ HMJJIVIRX QSHIPW
1ER] SJ XLI QSHIPW EVI WYJJMGMIRXP] VSFYWX XS TVSHYGI EGGYVEXI HEXE JMXW IWTIGMEPP] EX XLI LMKLIV WXVEMR EQTPMXYHIW PS[IV RYQFIVW SJ G]GPIW XS JEMPYVI
,S[IZIV WGEXXIV MR WSQI SJ XLI QSHIP VIWYPXW MR TEVXMGYPEV JSV &;6 IRZMVSRQIRXW PMQMXW XLI EFMPMX] XS HVE[ HIJMRMXMZI GSRGPYWMSRW EFSYX XLI IJJIGXMZIRIWW SJ HMJJIVIRX QSHIPW JSV XLSWI GSRHMXMSRW
%R I\TPEREXMSR JSV XLI MRGVIEWIH WGEXXIV EX XLI PS[IV WXVEMR VERKIW LMKLIV RYQFIVW SJ G]GPIW XS JEMPYVI GSYPH FI VIPEXIH XS XLI WXVEMR XLVIWLSPHW JSV VYTXYVI SJ TEWWMZEXMSR ERH S\MHEXMSR PE]IVW
6IZMI[ SJ 72 1SHIPW
6IJIVIRGIW
0IXXIV JVSQ & * 0ERKIV TPYW EXXEGLQIRX XS 1IQFIVW 7TIGMEP 'SQQMXXII XS 6IZMI[ 'SHI 7XVIWW&EWMWw6ITSVXSJ7YF8EWO+VSYTSR*EXMKYIx%71)&SMPIVERH4VIWWYVI:IWWIP
'SHI .YRI
&*0ERKIVw(IWMKRSJ4VIWWYVI:IWWIPWJSV0S[']GPI*EXMKYIx8VERWEGXMSRW%71)
.SYVREP SJ &EWMG )RKMRIIVMRK TT
, & 4EVO ERH 3 'LSTVE w% *VEGXYVI 1IGLERMGW %TTVSEGL JSV )WXMQEXMRK *EXMKYI'VEGO
-RMXMEXMSRMR'EVFSRERH0S[%PPS]7XIIPWMR0;6'SSPERX)RZMVSRQIRXWx4:4 :SP
%71) 4:4 7IEXXPI ;% .YP]
3 / 'LSTVE ERH ; . 7LEGO )JJIGXW SJ 0;6 'SSPERX )RZMVSRQIRXW SR *EXMKYI (IWMKR
'YVZIW SJ %YWXIRMXMG 7XEMRPIWW 7XIIPW 296)+'6 %20 %VKSRRI 2EXMSREP 0EFSVEXSV] %VKSRRI -0 %TVMP
1 ,MKYGLM w*EXMKYI 'YVZIW ERH *EXMKYI (IWMKR 'VMXIVME JSV 'EVFSR ERH 0S[ %PPS] 7XIIPW MR,MKL8IQTIVEXYVI;EXIVx4:4 :SP TT %71) 4:4
/ 8WYXWYQM , /EREWEOM 8 9QEOSWLM 8 2EOEQYVE ERH 7 9VEXE w*EXMKYI 0MJI 6IHYGXMSR MR4;6;EXIV)RZMVSRQIRXJSV7XEMRPIWW7XIIPWx4:4 :SP %71) 4:4
7IEXXPI ;% .YP]
').EWOIERH;.3v(SRRIPPw*EXMKYI(IWMKR'VMXIVMEJSV4VIWWYVI:IWWIP%PPS]Wx
%71) 8VERWEGXMSRW .SYVREP SJ 4VIWWYVI :IWWIP 8IGLRSPSK] :SP 2S TT
2SZIQFIV
; * )RKPMWL 6 0 +VIIRI ( % ,YKLIW ERH 6 - 4SWX 0 * 'SJJMR 1 . 1ERNSMRI ERH
(6(MIVGOW(MWGYWWMSRw*EXMKYI(IWMKR'VMXIVMEJSV4VIWWYVI:IWWIP%PPS]Wx%71) 8VERWEGXMSRW .SYVREP SJ 4VIWWYVI :IWWIP 8IGLRSPSK] :SP 2S TT 1E]
%71) '3() *%8-+9) 1%6+-27 8LI QEVKMRW XLEX I\MWX MR ER I\TPMGMX %71) 'SHI JEXMKYI EREP]WMW [IVI VIZMI[IH ERH IZEPYEXIH VIPEXMZI XS XLI MRJSVQEXMSR HIZIPSTIH MR XLI IEVPMIV XEWOW 8LI QEVKMRW XLEX EVI ETTVSTVMEXI JSV E JEXMKYI EREP]WMW MRGPYHMRK IRZMVSRQIRXEP IJJIGXW EVI GSZIVIH MR XLI JSPPS[MRK 8LI EWWMKRQIRX SJ XLIWI QEVKMRW QYWX EGGSYRX JSV XLI JVEGXMSR XLEX GSZIVW QSHIVEXI IRZMVSRQIRXEP IJJIGXW
-RMXMEP 'SRWMHIVEXMSR SJ %71) 'SHI 1EVKMRW 8LI SVMKMREP GSRWMHIVEXMSR SJ XLMW XSTMG FIKMRW [MXL XLI HIZIPSTQIRX SJ JEXMKYI HIWMKR F]
EREP]WMW VYPIW MR XLI %71) 'SHI MR XLI W ?A 8LI 'VMXIVME SJ XLI %71) &SMPIV ERH 4VIWWYVI
- IWWIP 'SHI JSV (IWMKR F] %REP]WMW MR 7IGXMSRW --- ERH :--- (MZMWMSR ?A WXEXIW XLEX
w8LI HIWMKR JEXMKYI GYVZIW EVI FEWIH SR WXVEMRGSRXVSPPIH JEXMKYI XIWXW SJ WQEPP TSPMWLIH WTIGMQIRW % FIWX JMX XS XLI I\TIVMQIRXEP HEXE [EW SFXEMRIH F] ETTP]MRK XLI QIXLSH SJ PIEWX WUYEVIW XS XLI PSKEVMXLQW SJ XLI I\TIVMQIRXEP ZEPYIW 8LI HIWMKR WXVIWW ZEPYIW [IVI SFXEMRIH JVSQ XLI FIWXJMX GYVZIW F] ETTP]MRK E JEGXSV SJ X[S SR WXVIWW SV E JEGXSV SJ X[IRX] SR G]GPIW
[LMGLIZIV [EW QSVI GSRWIVZEXMZI EX IEGL TSMRX 8LIWI JEGXSVW [IVI MRXIRHIH XS GSZIV WYGL IJJIGXW EW IRZMVSRQIRX WM^I IJJIGX ERH WGEXXIV SJ HEXE ERH XLYW MX MW RSX XS FI I\TIGXIH XLEX E ZIWWIP[MPPEGXYEPP]STIVEXIWEJIP]JSVX[IRX]XMQIWMXWWTIGMJMIHPMJIx
'SSTIV ?A LEW HIWGVMFIH XLI TEVXMXMSRMRK SJ XLI JEGXSV SJ X[IRX] JSV TSPMWLIH WTIGMQIRW XIWXIH MR EMV EW JSPPS[W
(EXE WGEXXIV MW EGGSQQSHEXIH F] E WYFJEGXSV SJ
7M^I IJJIGXW EVI EGGSQQSHEXIH F] E WYFJEGXSV SJ
8LI GSQFMREXMSR SJ WYVJEGI JMRMWL ERH IRZMVSRQIRX EVI EGGSQQSHEXIH F] E WYFJEGXSV SJ
7YVJEGI JMRMWL ERH IRZMVSRQIRX EVI GSQFMRIH FIGEYWI SJ XLI TSXIRXMEP JSV XLI WYVJEGI ERH MXW JMRMWL XS FI EJJIGXIH F] XLI XIWXMRK IRZMVSRQIRX 8LI TVSHYGX SJ XLI WYFJEGXSVW IUYEPW XLI JEGXSV SJ X[IRX]
9THEXMRK XLI %71) 'SHI 1EVKMRW 8LI XIVQ IRZMVSRQIRX MR FSXL XLI 'VMXIVME SJ XLI %71) &SMPIV ERH 4VIWWYVI :IWWIP 'SHI JSV (IWMKR F] %REP]WMW MR 7IGXMSRW --- ERH :--- (MZMWMSR ?A ERH XLI ;IPHMRK 6IWIEVGL 'SYRGMP TYFPMGEXMSR &EWMW ERH -RXIRX SJ 7IGXMSR --- *EXMKYI (IWMKR 'YVZIW ?A LEW FIIR MRXIVTVIXIH F]
QER] MRGPYHMRK XLI ']GPMG 0MJI ERH )RZMVSRQIRXEP )JJIGXW '0)) 7XIIVMRK 'SQQMXXII SJ XLI 4VIWWYVI :IWWIP 6IWIEVGL 'SYRGMP 4:6' XS QIER QSHIVEXI IRZMVSRQIRXEP IJJIGXW %X MWWYI MW
%71) 'SHI *EXMKYI 1EVKMRW XLI TSVXMSR SJ XLI JEGXSV SJ EX XLI PS[G]GPI IRH SJ XLI JEXMKYI HIWMKR GYVZI MRLIVIRX MR XLI
%71) 'SHI 7IGXMSR --- I\TPMGMX JEXMKYI HIWMKR GYVZIW XLEX GER FI EXXVMFYXIH XS QSHIVEXI IJJIGXW SJ IRZMVSRQIRX [LIR QEXIVMEPW EVI XIWXIH MR E WMQYPEXIH VIEGXSV [EXIV IRZMVSRQIRX
-R XLI JSPPS[MRK NYWXMJMGEXMSR MW TVSZMHIH JSV E HMWXVMFYXMSR SJ YRGIVXEMRX] WYFJEGXSVW XLEX XEOIR XSKIXLIV EGGSYRX JSV ER SZIVEPP JEGXSV SJ QEVKMR EKEMRWX G]GPIW XS JEMPYVI JSV GEVFSRPS[EPPS]
WXIIPW 8LI SZIVEPP JEGXSV SJ EPWS ETTPMIW XS EYWXIRMXMG WXEMRPIWW WXIIPW ,S[IZIV XLI 26' LEW MRHMGEXIH XLEX XLI SZIVEPP JEGXSV SJ WLSYPH FI VIHYGIH XS ER SZIVEPP JEGXSV SJ EKEMRWX G]GPIW XS JEMPYVI JSV EYWXIRMXMG WXEMRPIWW WXIIPW XS VIJPIGX VIKYPEXSV] GSRGIVRW EFSYX XLI HMJJIVIRGIW FIX[IIR XLI %71) QIER EMV GYVZI ERH XLI %20 QIER EMV GYVZI 8LI WYFJEGXSVW EVI
7M^I )JJIGX ! JSV FSXL GEVFSRPS[EPPS] ERH WXEMRPIWW WXIIPW 7YVJEGI *MRMWL ! JSV FSXL GEVFSRPS[EPPS] ERH WXEMRPIWW WXIIPW (EXE 7GEXXIV ! JSV FSXL GEVFSRPS[EPPS] ERH WXEMRPIWW WXIIPW 1SHIVEXI )RZMVSRQIRXEP )JJIGXW ! JSV GEVFSRPS[EPPS] WXIIPW ERH JSV WXEMRPIWW WXIIPW 8LI SZIVEPP QEVKMR EX XLI PS[G]GPI IRH SJ XLI JEXMKYI HIWMKR GYVZI [SYPH FI XLI TVSHYGX SJ XLI JSYV WYFJEGXSVW MR XLMW GEWI IUYEP XS E JEGXSV SJ JSV GEVFSRPS[EPPS] WXIIPW ERH E JEGXSV SJ IMXLIV SV JSV WXEMRPIWW WXIIPW 8LI JMVWX XLVII SJ XLIWI WYFJEGXSVW GER IEGL FI WLS[R XS FI GSRWIVZEXMZI FEWIH YTSR ER IZEPYEXMSR SJ EZEMPEFPI XIWX HEXE PIEZMRK XLI VIQEMRMRK WYFJEGXSV XS EGGSYRX JSV QSHIVEXI IRZMVSRQIRXEP IJJIGXW
7YF*EGXSV JSV 7M^I )JJIGXW 8LI JMVWX WYFJEGXSV JSV WM^I IJJIGXW VITVIWIRXW QEVKMR RIIHIH XS EGGSYRX JSV XLI HMJJIVIRGI MR JEXMKYI PMJI I\TIGXIH MR JYPPWGEPI GSQTSRIRXW EW GSQTEVIH XS PEFSVEXSV] XIWX WTIGMQIRW 'LSTVE ERH 7LEGO ?A LEZI HIXIVQMRIH XLI ETTVSTVMEXI ZEPYI JSV XLMW JEGXSV XS FI 8LIVI MW KIRIVEP MRHYWXV] EKVIIQIRX XLEX XLMW ZEPYI MW GSRWIVZEXMZI
7YF*EGXSV JSV 7YVJEGI *MRMWL 8LI WIGSRH WYFJEGXSV JSV WYVJEGI JMRMWL VITVIWIRXW QEVKMR RIIHIH XS EGGSYRX JSV XLI HMJJIVIRGI MR JEXMKYI PMJI I\TIGXIH MR JYPPWGEPI GSQTSRIRXW [MXL MRHYWXVMEPKVEHI WYVJEGI JMRMWLIW EW STTSWIH XS XLI WQSSXL TSPMWLIH WYVJEGIW SJ PEFSVEXSV] XIWX WTIGMQIRW 8LI HEXE EWWIQFPIH F]
.YZMREP ?A EW WLS[R MR *MKYVI *MKYVI JVSQ )RKMRIIVMRK 'SRWMHIVEXMSRW SJ 7XVIWW 7XVEMR ERH 7XVIRKXL ?A WLS[ XLEX JSV QEXIVMEPW [MXL E XIRWMPI WXVIRKXL SJ OWM 14E SV PIWW
% JEXMKYI GSVVIGXMSR JEGXSV SJ ETTPMIW JSV ER EWJSVKIH GSQTSRIRX
% GSVVIGXMSR JEGXSV SJ ETTPMIW JSV E LSXVSPPIH GSQTSRIRX
% JEGXSV SJ ETTPMIW JSV E QEGLMRIH WYVJEGI
%71) 'SHI *EXMKYI 1EVKMRW
- MKYVI
)JJIGX SJ 7YVJEGI 6SYKLRIWW 8S MPPYWXVEXI XLMW TSMRX JYVXLIV JEXMKYI HEXE JSV GSQTSRIRXW [MXL GSQQIVGMEPKVEHI JMRMWLIH WYVJEGIW [LSWI MRXIVREP WYVJEGIW [IVI MR GSRXEGX [MXL [EXIV LEZI FIIR TPSXXIH MR *MKYVIW E ERH F JSV /;9 XIWXW SR XYFIW ?A ERH MR *MKYVIW E ERH F JSV XLI +) TMTI XIWXW ?A %PWS WLS[R MR XLI JMKYVIW EVI XLI QIER JMX XS XLI %71) QIER EMV GYVZI ERH XLI GSVVIWTSRHMRK %71)
'SHI HIWMKR GYVZI JSV XLI QEXIVMEP YRHIV GSRWMHIVEXMSR 8LI GSQFMREXMSR SJ IRZMVSRQIRX WM^I IJJIGX WYVJEGI JMRMWL IJJIGX IXG MW WIIR XS IWWIRXMEPP] I\LEYWX XLI JEGXSV SJ SR PMJI FIX[IIR XLI QIER EMV GYVZI ERH XLI HIWMKR GYVZI ;LIR XLI IRZMVSRQIRXEP IJJIGX MW VIQSZIH F] YWMRK XLI ETTVSTVMEXI I\TVIWWMSR JSV *IR XLI JEXMKYI HEXE EVI WLMJXIH FEGO XS[EVH XLI QIER EMV GYVZI ERH FI]SRH MR WSQI GEWIW 8LMW MQTPMIW XLEX XLI WM^I ERH WYVJEGI JMRMWL IJJIGXW EVI IWWIRXMEPP]
RIKPMKMFPI %X QSWX XLI GSQFMREXMSR SJ WM^I ERH WYVJEGI JMRMWL IJJIGXW MW TIVLETW E JEGXSV SJ
8LMW ZEPYI GSQTEVIW XS XS JSV XLI GSQFMREXMSR EW IWXMQEXIH MR 296)+'6 ?A
%71) 'SHI *EXMKYI 1EVKMRW
TTQ 3 PS[ JPS[
TTQ 3 PS[ JPS[
TTQ 3 PS[ JPS[
TTQ 3 QSHIVEXI JPS[
%71) '7 1IER %MV
%71) (IWMKR '
) ) ) )
']GPIW
- MKYVI E
/;9 'SQTSRIRX 7GEPI 8IWX 6IWYPXW JSV 'EVFSR 7XIIP
TTQ 3 PS[ JPS[ \ *IR
TTQ 3 PS[ JPS[ \ *IR
TTQ 3 PS[ JPS[ \ *IR
TTQ 3 QSHIVEXI JPS[ \ *IR
%71) '7 1IER %MV
%71) (IWMKR '
) ) ) )
']GPIW
- MKYVI F
/;9 'SQTSRIRX 7GEPI 8IWX 6IWYPXW JSV 'EVFSR 7XIIP 'SVVIGXIH F] *IR
%71) 'SHI *EXMKYI 1EVKMRW
)
' TTQ ;EXIV
' TTQ 3 ;EXIV 2S *EMPYVI
%71) '7 1IER %MV
) %71) (IWMKR
)
)
) ) ) ) ) )
']GPMG PMJI
- MKYVI E 6IWYPXW *VSQ *EXMKYI 8IWXMRK SJ &YXX;IPHIH 4MTI 9RHIV 7MQYPEXIH &;6 'SRHMXMSRW
)
' TTQ ;EXIV \ *IR
' TTQ 3 ;EXIV \ *IR 2S *EMPYVI \ *IR
%71) '7 1IER %MV
)
%71) (IWMKR
)
)
) ) ) ) ) )
']GPMG PMJI
- MKYVI F 6IWYPXW *VSQ *EXMKYI 8IWXMRK SJ &YXX;IPHIH 4MTI 9RHIV 7MQYPEXIH &;6 'SRHMXMSRW ERH
'SVVIGXIH F] *IR
%71) 'SHI *EXMKYI 1EVKMRW 8LIVIJSVI E WYVJEGI JMRMWL YRGIVXEMRX] WYFJEGXSV SJ GER FI YWIH ZIV] GSRWIVZEXMZIP] XS EGGSYRX JSV GSQQIVGMEPKVEHI JMRMWLIW SR EGXYEP GSQTSRIRXW MR WIVZMGI 8LMW ZEPYI MW EPWS MR KIRIVEP EKVIIQIRX [MXL 'LSTVE ERH 7LEGO ?A [LS WXEXI XLI JSPPS[MRK
w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x
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
JSYRH MR JEXMKYI XIWX WTIGMQIRW I\TSWIH XS WMQMPEV GSRHMXMSRW WLSYPH FI IZEPYEXIH SR E WXEXMWXMGEP FEWMW
'EVI QYWX FI I\IVGMWIH MR TIVJSVQMRK XLMW IZEPYEXMSR XS EWWYVI XLEX SRP] SRI ZEVMEFPI MW FIMRK IZEPYEXIH EX E XMQI -J XLI XIWX WEQTPIW VITVIWIRXMRK HMJJIVIRX XIWX GSRHMXMSRW EVI KVSYTIH XSKIXLIV
XLI ZEVMEXMSR HYI XS XLIWI XIWX HMJJIVIRGIW [SYPH FI EHHIH XS XLI XVYI HEXE WGEXXIV XLYW MRJPEXMRK XLI ETTEVIRX WXEXMWXMGEP ZEVMEXMSR 8LIVIJSVI WMKRMJMGERX XIWX HMJJIVIRGIW QYWX JMVWX FI HIXIVQMRIH ERH XLI XIWX HEXE WSVXIH WYGL XLEX IEGL KVSYTMRK VITVIWIRXW WMQMPEV XIWX GSRHMXMSRW 8LI ZEVMEFMPMX]
SJ IEGL KVSYTMRK WLSYPH XLIR FI HIXIVQMRIH ERH XLI VIWYPXW GSQTEVIH 8LI LMKLIWX ZEVMEFMPMX]
JSYRH EQSRK ER] KVSYT SJ WMQMPEV XIWX WEQTPIW GSYPH FI GSRWMHIVIH E VIEWSREFP] GSRWIVZEXMZI IWXMQEXI SJ ZEVMEFMPMX] I\TIGXIH EQSRK XLI TSTYPEXMSR SJ VIEP GSQTSRIRXW I\TSWIH XS WMQMPEV GSRHMXMSRW ERH GER FI GSRZIVXIH XS ER YRGIVXEMRX] WYFJEGXSV VITVIWIRXMRK HEXE WGEXXIV
8LI QSWX WMKRMJMGERX XIWX TEVEQIXIV EWWSGMEXIH [MXL IRZMVSRQIRXEP JEXMKYI XIWXMRK LEW FIIR HIXIVQMRIH XS FI WXVEMR VEXI 8LI HIKVII SJ JEXMKYI PMJI VIHYGXMSR LEW FIIR JSYRH XS FI KVIEXIV EX VIPEXMZIP] PS[ WXVEMR VEXIW WIG XLER EX VIPEXMZIP] LMKL WXVEMR VEXIW WIG
8LIVIJSVI MR HIXIVQMRMRK XLI HEXE WGEXXIV YRGIVXEMRX] JEGXSV XLI XIWX VIWYPXW QYWX JMVWX FI WSVXIH MRXS KVSYTW XIWXIH [MXL WMQMPEV WXVEMR VEXIW 3XLIV[MWI MJ XLIWI WEQTPIW [IVI QM\IH XSKIXLIV ERH EREP]^IH JSV ZEVMEFMPMX] XLI WXVEMR VEXI IJJIGX ZEVMEFMPMX] [SYPH FI EHHIH XS XLI WEQTPI ZEVMEFMPMX]
FIMRK WSYKLX
%71) 'SHI *EXMKYI 1EVKMRW
%REP]WMW SJ (EXE 7GEXXIV 8EFPIW E F ERH G MPPYWXVEXI XLI ETTVSEGL YWIH XS EREP]^I EYWXIRMXMG WXEMRPIWW WXIIPW JEXMKYI HEXE SFXEMRIH MR WMQYPEXIH VIEGXSV [EXIV IRZMVSRQIRXW 8EFPI E GSRXEMRW EPP SJ XLI HEXE JVSQ XLI .ETERIWI HEXE WIX EWWIQFPIH F] 8WYXWYQM IX EP ?A JSV EYWXIRMXMG WXEMRPIWW WXIIPW SFXEMRIH EX SV RIEV E WXVEMR EQTPMXYHI SJ [MXL E XIRWMPI WXVEMR VEXI SJ WIG 8EFPIW F ERH G GSRXEMR XLI HEXE JVSQ *EXMKYI 0MJI 6IHYGXMSR MR 4;6 ;EXIV )RZMVSRQIRX JSV 7XEMRPIWW 7XIIPW ?A SFXEMRIH EX SV RIEV E WXVEMR EQTPMXYHI SJ [MXL E XIRWMPI WXVEMR VEXI PIWW XLER
WIG 7MQMPEVP] 8EFPIW E ERH F GSRXEMR HEXE JVSQ *EXMKYI 0MJI 6IHYGXMSR MR 4;6
- EXIV )RZMVSRQIRX JSV 7XEMRPIWW 7XIIPW ?A SFXEMRIH EX E WXVEMR EQTPMXYHI EX SV RIEV 8EFPI
E GSRXEMRW XLI HEXE SFXEMRIH EX E XIRWMPI WXVEMR VEXI SJ WIG [LMPI 8EFPI F GSRXEMRW XLI HEXE SFXEMRIH EX E XIRWMPI WXVEMR VEXI PIWW XLER WIG 3RP] XIWX VIWYPXW VITVIWIRXMRK WMQMPEV GSRHMXMSRW EVI MRGPYHIH [MXLMR IEGL XEFPI 8LMW WSVXMRK VIHYGIW XLI WEQTPI WM^I SJ IEGL KVSYTMRK XLEX EHHW XS XLI YRGIVXEMRX] SJ WXEXMWXMGEP EREP]WMW FYX XLMW [MPP FI EGGSYRXIH JSV PEXIV MR XLI TVSGIWW
-R XLI JSPPS[MRK WYFWIGXMSRW XLI HEXE JSV FSXL GEVFSR ERH PS[EPPS] WXIIPW ERH JSV EYWXIRMXMG WXEMRPIWW WXIIPW EVI VIEREP]^IH [MXL E GPIEV WITEVEXMSR FIX[IIR HEXE WIXW EX HMJJIVIRX IRZMVSRQIRXEP GSRHMXMSRW [MXL XLI MRXIRX XS WITEVEXI HEXE WGEXXIV [MXLMR ER IWWIRXMEPP]
LSQSKIRISYW IRZMVSRQIRXEP HEXE WIX JVSQ XLI IJJIGXW SJ IRZMVSRQIRXEP ZEVMEFMPMX] 7IGXMSR
HMWGYWWIW HEXE WGEXXIV IZEPYEXMSRW JSV EYWXIRMXMG WXEMRPIWW WXIIPW ERH 7IGXMSR HMWGYWWIW HEXE WGEXXIV IZEPYEXMSR JSV GEVFSR ERH PS[EPPS] WXIIP *MREPP] 7IGXMSR HVE[W GSRGPYWMSRW EFSYX XLI TSVXMSR SJ XLI JEGXSV SJ EX XLI PS[G]GPI IRH SJ XLI JEXMKYI HIWMKR GYVZIW XLEX GER FI EXXVMFYXIH XS QSHIVEXI IRZMVSRQIRXEP IJJIGXW
%71) 'SHI *EXMKYI 1EVKMRW 8EFPI E 1SHIVEXI7XVEMR6EXI{%YWXIRMXMG7XEMRPIWW7XIIP 7XVEMR%QTPMXYHI 1EXIVMEP (3 8IQTIVEXYVI 8IRWMPI 7XVEMR ']GPIW 7LMJXIH S
TTF ' 7XVEMR 6EXI %QTPMXYHI XS *EMPYVI ']GPIW XS
WIG *EMPYVI
7IRWMXM^IH
;IPH
%KIH
*SVKIH
;IPH
7IRWMXM^IH
;IPH
7'7% %KIH
'*1 %KIH
7'7% %KIH
7'7%
4VIWXVEMRIH
7'7%
7'7%
1IER ZEPYI ! G]GPIW 7XERHEVH HIZMEXMSR ! G]GPIW 6EXMS ! !
%71) 'SHI *EXMKYI 1EVKMRW 8EFPI F 6IHYGIH7XVEMR6EXIW{%YWXIRMXMG7XEMRPIWW7XIIP 7XVEMR%QTPMXYHI 1EXIVMEP (3 8IQTIVEXYVI 8IRWMPI 7XVEMR ']GPIW 7LMJXIH S
TTF ' 7XVEMR 6EXI %QTPMXYHI XS *EMPYVI ']GPIW XS
WIG *EMPYVI
7'7% %KIH
7IRWMXM^IH
;IPH
;IPH
7'7% %KIH
*SVKIH
;IPH
;IPH
7IRWMXM^IH
;IPH
7'7% %KIH
7'7%
7'7%
;IPH
4SXIRXMEP 3ZIVGSVVIGXIH 7LMJX
%71) 'SHI *EXMKYI 1EVKMRW 8EFPI G 6IHYGIH7XVEMR6EXIW{%YWXIRMXMG7XEMRPIWW7XIIP 7XVEMR%QTPMXYHI 1EXIVMEP (3 8IQTIVEXYVI 8IRWMPI 7XVEMR ']GPIW 7LMJXIH S
TTF ' 7XVEMR 6EXI %QTPMXYHI XS *EMPYVI ']GPIW XS
WIG *EMPYVI
;IPH
;IPH
7'7%
;IPH
7'7%
7'7%
7'7%
7'7%
7'7%
7'7%
7'7%
4SXIRXMEP 3ZIVGSVVIGXIH 7LMJX 1IER ZEPYI ! G]GPIW 'SVVIGXIH ! G]GPIW 7XERHEVH HIZMEXMSR ! G]GPIW 'SVVIGXIH ! G]GPIW 6EXMS ! 'SVVIGXIH !
%71) 'SHI *EXMKYI 1EVKMRW 8EFPI E 1SHIVEXI7XVEMR6EXI{%YWXIRMXMG7XEMRPIWW7XIIP 7XVEMR%QTPMXYHI 1EXIVMEP (3 8IQTIVEXYVI 8IRWMPI 7XVEMR ']GPIW 7LMJXIH S
TTF ' 7XVEMR 6EXI %QTPMXYHI XS *EMPYVI ']GPIW XS
WIG *EMPYVI
;IPH
4VIWXVEMRIH
*SVKIH
7IRWMXM^IH
%KIH
;IPH
7IRWMXM^IH
7'7% %KIH
'*1 %KIH
7'7%
7'7%
7'7%
;IPH
1IER ZEPYI ! G]GPIW 7XERHEVH HIZMEXMSR ! G]GPIW 6EXMS !
%71) 'SHI *EXMKYI 1EVKMRW 8EFPI F 6IHYGIH7XVEMR6EXIW{%YWXIRMXMG7XEMRPIWW7XIIP 7XVEMR%QTPMXYHI 1EXIVMEP (3 8IQTIVEXYVI 8IRWMPI 7XVEMR ']GPIW 7LMJXIH S
TTF ' 7XVEMR 6EXI %QTPMXYHI XS *EMPYVI ']GPIW XS
WIG *EMPYVI 7'7% %KIH
*SVKIH
7IRWMXM^IH
7IRWMXM^IH
;IPH
7'7% %KIH
;IPH
;IPH
7'7%
7'7%
4SXIRXMEP 3ZIVGSVVIGXIH 7LMJX 1IER ZEPYI ! G]GPIW 'SVVIGXIH ! G]GPIW 7XERHEVH HIZMEXMSR ! G]GPIW 'SVVIGXIH ! G]GPIW 6EXMS ! 'SVVIGXIH !
%71) 'SHI *EXMKYI 1EVKMRW
%YWXIRMXMG 7XEMRPIWW 7XIIP (EXE 7GEXXIV )ZEPYEXMSRW
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
- SV I\EQTPI EX E WXVEMR EQTPMXYHI EX SV RIEV WE] XS XLI GSQTPIXI HEXE WIX
[EW EW FIJSVI HMZMHIH MRXS X[S TSTYPEXMSRW 3RI TSTYPEXMSR GSRWMWXIH SJ HEXE TSMRXW SFXEMRIH EX E VIPEXMZIP] LMKL WXVEMR VEXI WIG ERH XLI SXLIV TSTYPEXMSR MRGPYHIH EPP SJ XLI HEXE TSMRXW SFXEMRIH EX SXLIV PS[IV WXVEMR VEXIW 8LIR XLI HEXE SFXEMRIH EX WXVEMR VEXIW SXLIV XLER WIG
[IVI WLMJXIH YWMRK XLI PR 2 HEXE JMXXMRK JSVQYPE HIZIPSTIH F] %20 ?A EW WLS[R FIPS[
- SV ER 0;6 IRZMVSRQIRX XLI HEXE JMX MW KMZIR F]
PR 2 ! PR E
8 3 )U
[LIVI 8 ERH 3 EVI XLI XVERWJSVQIH WXVEMR VEXI XIQTIVEXYVI ERH HMWWSPZIH S\]KIR (3
VIWTIGXMZIP] HIJMRIH EW JSPPS[W
!
" WIG
! PR
WIG
! PR
WIG 8 ! 8 '
8 ! 8 " '
3 ! (3 TTQ 3 ! (3 " TTQ
-X WLSYPH FI RSXIH XLEX
MW XLI WXVEMR VEXI ERH XLEX XLI RSVQEPM^IH WXVEMR VEXI
MW JSV E WXVEMR VEXI SJ WIG
8LI TSTYPEXMSR SJ HEXE TSMRXW EX SV RIEV WXVEMR EQTPMXYHI ERH E WXVEMR VEXI SJ WIG GSRWMWXIH SJ HEXE TSMRXW WII 8EFPI E [MXL WXVEMR EQTPMXYHIW VERKMRK JVSQ XS
8LMW TSTYPEXMSR LEH ER EZIVEKI ZEPYI SJ G]GPIW XS JEMPYVI [MXL E WXERHEVH HIZMEXMSR SJ G]GPIW 8LI VEXMS SJ XLI WXERHEVH HIZMEXMSR XS XLI QIER ZEPYI [EW
%71) 'SHI *EXMKYI 1EVKMRW 8LI TSTYPEXMSR SJ HEXE TSMRXW EX SV RIEV WXVEMR EQTPMXYHI ERH EX PS[IV WXVEMR VEXIW GSRWMWXIH SJ HEXE TSMRXW WII 8EFPIW F ERH G VERKMRK MR WXVEMR EQTPMXYHI JVSQ XS
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
6IQSZMRK XLI RI\X LMKLIWX SZIVGSVVIGXIH HEXE TSMRX KEZI E QIER ZEPYI SJ G]GPIW XS JEMPYVI ERH E WXERHEVH HIZMEXMSR SJ G]GPIW *MREPP] VIQSZMRK XLI RI\X LMKLIWX SZIV
GSVVIGXIH HEXE TSMRX VIWYPXIH MR E QIER ZEPYI SJ G]GPIW XS JEMPYVI ERH E WXERHEVH HIZMEXMSR SJ G]GPIW 8LI VEXMS SJ XLI WXERHEVH HIZMEXMSR XS XLI QIER MW 8LMW QIER ZEPYI ERH XLI EWWSGMEXIH WXERHEVH HIZMEXMSR QEXGL ZIV] [IPP [MXL XLI QIER ZEPYI ERH EWWSGMEXIH WXERHEVH HIZMEXMSR JSV XLI VIPEXMZIP] LMKL WXVEMR VEXI HEXE
-R SXLIV [SVHW VIQSZMRK XLVII SJ XLI HEXE TSMRXW VITVIWIRXMRK SZIVGSVVIGXIH IRZMVSRQIRXEP EHNYWXQIRXW XS JEXMKYI PMJI EPPS[IH XLI PR 2 WLMJX XS TVSHYGI ER IRZMVSRQIRXEPP]GSVVIGXIH HEXE WIX XLEX QEXGLIH XLI EGXYEP HEXE WIX MR WXEXMWXMGEP TVSTIVXMIW EPQSWX I\EGXP] 2SXI XLEX MJ XLVII XMQIW XLI WXERHEVH HIZMEXMSR MW YWIH EW E QIEWYVI SJ HEXE WGEXXIV XLI HEXE WGEXXIV JEGXSV MW ETTVS\MQEXIP]
8LI HEXE WIX EX SV RIEV WXVEMR EQTPMXYHI MW F] JEV XLI PEVKIWX ERH XLI QSWX VIPMEFPI HEXE WIX
,S[IZIV SXLIV HEXE WIXW [IVI EPWS I\EQMRIH *SV I\EQTPI XLI HEXE WIX EX SV RIEV WXVEMR EQTPMXYHI [EW EPWS IZEPYEXIH 8LIVI [IVI E XSXEP SJ HEXE TSMRXW MR XLMW HEXE WIX HEXE TSMRXW MR XLI TSTYPEXMSR SFXEMRIH EX E WXVEMR VEXI SJ WIG 8EFPI E ERH HEXE TSMRXW SFXEMRIH EX PS[IV WXVEMR VEXIW 8EFPI F 8LI WEQI TVSGIHYVI [EW YWIH EW FIJSVI *SV XLI JMVWX TSTYPEXMSR
XLI QIER ZEPYI SJ XLI HEXE TSMRXW [EW JSYRH XS FI G]GPIW XS JEMPYVI [MXL E WXERHEVH HIZMEXMSR SJ G]GPIW 8LI VEXMS SJ XLI WXERHEVH HIZMEXMSR XS XLI QIER ZEPYI MW *SV XLI
HEXE TSMRXW SFXEMRIH EX PS[IV WXVEMR VEXIW XLI QIER ZEPYI SJ XLI WLMJXIH HEXE [EW
G]GPIW [MXL E WXERHEVH HIZMEXMSR SJ G]GPIW %KEMR MX [EW JSYRH XLEX XLI PR 2 JSVQYPE XIRHIH XS SZIVGSVVIGX JSV XLI IRZMVSRQIRX JSV WSQI SJ XLIWI WTIGMQIRW -R XLMW GEWI MX [EW JSYRH XLEX XLI XIRHIRG] XS SZIVGSVVIGX [EW QSVI [MHIWTVIEH XLEX MW QER] QSVI HEXE TSMRXW HMH RSX VIJPIGX ZIV] QYGL SV ER] SJ XLI TVIWYQIH IRZMVSRQIRXEP IJJIGX ;LIR XLI JSYV QSWX SZIV
GSVVIGXIH HEXE TSMRXW [IVI VIQSZIH JVSQ XLI TSTYPEXMSR XLI QIER ZEPYI JSV XLI VIQEMRMRK
HEXE TSMRXW [EW G]GPIW XS JEMPYVI [MXL E WXERHEVH HIZMEXMSR SJ G]GPIW %KEMR
VIQSZMRK XLI SZIVGSVVIGXIH HEXE TSMRXW VIWYPXIH MR E QIER ZEPYI ERH E WXERHEVH HIZMEXMSR JSV XLI WLMJXIH HEXE WIX XLEX QEXGLIH XLI WXEXMWXMGEP TVSTIVXMIW SJ XLI EGXYEP WIG HEXE WIX EPQSWX I\EGXP]
8LI SRP] SXLIV HEXE WIX SJ ER] WM^I [EW XLEX JSV E WXVEMR EQTPMXYHI EX SV RIEV 8EFPI
8LI XSXEP TSTYPEXMSR GSRWMWXIH SJ HEXE TSMRXW SFXEMRIH EX E WXVEMR VEXI SJ WIG ERH SRP]
HEXE TSMRX SFXEMRIH EX PS[IV WXVEMR VEXIW 8LI QIER ZEPYI JSV XLI HEXE TSMRXW [EW JSYRH XS FI
G]GPIW XS JEMPYVI [MXL E WXERHEVH HIZMEXMSR SJ G]GPIW 8LI VEXMS MW ;LIR XLI WMRKPI HEXE TSMRX EX XLI PS[IV WXVEMR VEXI [EW WLMJXIH F] XLI PR 2 JSVQYPE XLI JEXMKYI PMJI WLMJXIH JVSQ G]GPIW XS G]GPIW VIEWSREFP] GPSWI XS XLI GEPGYPEXIH QIER ZEPYI JSV XLI EGXYEP TSTYPEXMSR
%71) 'SHI *EXMKYI 1EVKMRW 8EFPI
%PP 7XVEMR 6EXIW 1EXIVMEP (3 8IQTIVEXYVI 8IRWMPI 7XVEMR ']GPIW 7LMJXIH S
TTF ' 7XVEMR 6EXI %QTPMXYHI XS *EMPYVI ']GPIW XS
WIG *EMPYVI
%KIH
;IPH
;IPH
;IPH
7'7% %KIH
'*1 ;IPH
7'7%
1IER ZEPYI ! G]GPIW JSV WIG HEXE SRP]
7XERHEVH HIZMEXMSR ! G]GPIW JSV WIG HEXE SRP]
6EXMS ! JSV WIG HEXE SRP]
- VSQ XLI I\EQMREXMSR SJ XLIWI HEXE [I GSRGPYHI XLEX XLI SFWIVZEXMSRW SJ PEVKI HEXE WGEXXIV JSV WMQYPEXIH VIEGXSV [EXIV IRZMVSRQIRXEP XIWXMRK EVI RSX [EVVERXIH 3RP] F] QM\MRK HEXE WIXW XLEX VITVIWIRX QSHIVEXI ERH MQQSHIVEXI IRZMVSRQIRXEP IJJIGXW GER PEVKI HEXE WGEXXIV IJJIGXW FI SFWIVZIH 8LMW HEXE WGEXXIV MW EQTPMJMIH [LIR IRZMVSRQIRXEPGSVVIGXMSR JSVQYPEW EVI YWIH XS WLMJX XLI HEXE XS E GSQQSR FEWMW FIGEYWI SJ XLI XIRHIRG] JSV XLI IRZMVSRQIRXEP WLMJX JSVQYPEW XS SZIVGSVVIGX YRHIV WSQI GSRHMXMSRW 8LI SZIVGSVVIGXMSR ETTIEVW XS FI QSVI [MHIWTVIEH EX XLI PS[IV WXVEMR EQTPMXYHIW 3RI TSWWMFPI I\TPEREXMSR JSV XLMW XIRHIRG] XS SZIVGSVVIGX EX XLI PS[IV WXVEMR EQTPMXYHIW MW XLI IJJIGX SJ S\MHEXMSR SV TEWWMZEXMSR PE]IV VYTXYVI SV XLI PEGO SJ VYTXYVI
HYVMRK XIWXMRK EX XLI PS[IV WXVEMR EQTPMXYHIW 8LI XLVIWLSPH JSV S\MHEXMSRTEWWMZEXMSR PE]IV VYTXYVI LEW FIIR IWXMQEXIH XS FI EFSZI WXVEMR TIVLETW [MXL GSRWMHIVEFPI ZEVMEFMPMX] *SV XLSWI WTIGMQIRW XLEX VIWMWX S\MHEXMSRTEWWMZEXMSR PE]IV VYTXYVI XLI SZIVGSVVIGXMSR SJ XLI IRZMVSRQIRXEP IJJIGX SFWGYVIW XLI WXEXMWXMGEP EREP]WMW SJ XLI HEXE
8LI EGXYEP HEXE ZEVMEFMPMX] JSV WMQMPEV QEXIVMEPW XIWXIH YRHIV WMQMPEV IRZMVSRQIRXEP GSRHMXMSRW MW ZIV] WQEPP 0MOI[MWI [LIR XLI HEXE SFXEMRIH YRHIV HMJJIVIRX IRZMVSRQIRXEP GSRHMXMSRW [IVI WLMJXIH YWMRK IRZMVSRQIRXEPGSVVIGXMSR JSVQYPEW XLI HEXE WGEXXIV VIQEMRIH ZIV] WQEPP TVSZMHIH XLEX XLI XIRHIRG] JSV XLI IRZMVSRQIRXEPGSVVIGXMSR JSVQYPE XS SZIVWLMJX YRHIV WSQI GSRHMXMSRW
[EW XEOIR MRXS EGGSYRX -R XLMW GEWI YWMRK XLVII XMQIW XLI WXERHEVH HIZMEXMSR EW E QIEWYVI SJ
%71) 'SHI *EXMKYI 1EVKMRW WGEXXIV XLI EREP]WMW WLS[IH XLEX JSV EYWXIRMXMG WXEMRPIWW WXIIPW XLI EGXYEP HEXE WGEXXIV JEGXSV [EW ETTVS\MQEXIP]
'EVFSR ERH 0S[%PPS] 7XIIP (EXE 7GEXXIV )ZEPYEXMSRW 0EFSVEXSV] HEXE JSV GEVFSR ERH PS[EPPS] WXIIP YRHIV WMQYPEXIH VIEGXSV [EXIV IRZMVSRQIRXEP GSRHMXMSRW LEZI FIIR GSPPIGXIH F] 4:6' EW E TEVX SJ XLIMV WXYHMIW SR G]GPMG PMJI ERH IRZMVSRQIRXEP IJJIGXW 8LIWI HEXE [IVI TVSZMHIH XS )46- JSV XLI HEXE WGEXXIV EWWIWWQIRX %KEMR
XLIHEXETSTYPEXMSRW[IVIWITEVEXIHMRXSX[SWIXW{XLSWISFXEMRIHEXVIPEXMZIP]LMKLWXVEMRVEXI JSV I\EQTPI WIG VIJIVVIH XS EW XLI QSHIVEXI IRZMVSRQIRXEP IJJIGXW TSTYPEXMSR ERH XLSWI SFXEMRIH EX VIPEXMZIP] PS[ WXVEMR VEXIW VIJIVVIH XS EW XLI MQQSHIVEXI IRZMVSRQIRXEP IJJIGXW TSTYPEXMSR %KEMR XLMW X]TI SJ WITEVEXMSR SJ HEXE TSTYPEXMSRW TIVQMXW ZEVMEFMPMX] HYI XS HEXE WGEXXIV [MXLMR E TSTYPEXMSR XS FI MWSPEXIH JVSQ ZEVMEFMPMX] GEYWIH F] WXVSRKIV VIEGXSV [EXIV IRZMVSRQIRXEP MRJPYIRGI
%W [MXL XLI EYWXIRMXMG WXEMRPIWW WXIIP HEXE XLI X[S TSTYPEXMSRW [IVI JYVXLIV WYFHMZMHIH MRXS WYFWIXW [MXL VIPEXMZIP] LSQSKIRISYW XIWXMRK TEVEQIXIVW *SV I\EQTPI HEXE TSMRXW EX VIEGXSV STIVEXMRK XIQTIVEXYVIW S' S* S' S* IXG ERH EX ETTVS\MQEXIP] XLI WEQI WXVEMR EQTPMXYHI JSV I\EQTPI WXVEMR [IVI KVSYTIH XSKIXLIV 1YGL QSVI HEXE [IVI EZEMPEFPI JSV PS[EPPS] WXIIPW XLER JSV GEVFSR WXIIPW WS XLEX MR WSQI GEWIW XLI JMRHMRKW EVI PMQMXIH XS XLSWI ETTPMGEFPI XS PS[EPPS] WXIIPW 8LI MRJPYIRGI SJ HMWWSPZIH S\]KIR (3 [EW RSX JSYRH XS HMWXSVX XLI WXEXMWXMGEP IZEPYEXMSR [MXL XLI I\GITXMSR SJ XLI ZIV] LMKLIWX (3 PIZIPW
TTQ 8LI XIVQ LMKL (3 MW YWIH XS HIWGVMFI XLI TTQ HEXE [LMPI HEXE EX EPP SXLIV (3 PIZIPW MW HIWGVMFIH EW PS[ (3 HEXE ;IPH HEXE PEVKIP] JMX MRXS XLI KIRIVEP TSTYPEXMSRW [MXL XLI WMRKPI I\GITXMSR SJ HEXE JVSQ E WMRKPI .ETERIWI MRZIWXMKEXSV
%W ER I\EQTPI HEXE TSMRXW [IVI JSYRH MR XLI 4:6' HEXEFEWI JSV PS[EPPS] JSV I\EQTPI 7%
& WXIIP SFXEMRIH EX E VIPEXMZIP] LMKL WXVEMR VEXI WIG EX VIEGXSV STIVEXMRK XIQTIVEXYVI JSV I\EQTPI S' S* ERH EX WXVEMR EQTPMXYHI ;IPH HEXE ERH FSXL LMKL (3 ERH PS[ (3 HEXE EVI MRGPYHIH 3J XLI HEXE TSMRXW [IVI MRGPYHIH MR XLI LMKL (3 WYFWIX ERH
[IVI MRGPYHIH MR XLI PS[ (3 WYFWIX 8LIWI HEXE EVI PMWXIH MR 8EFPI 8LI PS[ (3 QIER ZEPYI
[EW JSYRH XS FI G]GPIW [MXL ER IWXMQEXIH WXERHEVH HIZMEXMSR SJ G]GPIW 8LI LMKL (3 WYFWIX LEH E QIER ZEPYI SJ G]GPIW [MXL E WXERHEVH HIZMEXMSR SJ G]GPIW 8LI VEXMS SJ XLI WXERHEVH HIZMEXMSR XS XLI QIER ZEPYI [EW JSV XLI PS[ (3 TSTYPEXMSR ERH SRP] JSV XLI LMKL (3 TSTYPEXMSR 8LI QIER ZEPYI JSV XLI GSQFMRIH TSTYPEXMSRW [EW G]GPIW [MXL E WXERHEVH HIZMEXMSR SJ G]GPIW 8LI VEXMS MW
%71) 'SHI *EXMKYI 1EVKMRW 8EFPI
0S[%PPS] 7XIIP 7XVEMR %QTPMXYHI 7XVEMR 8IQTIVEXYVI ']GPIW 1EXIVMEP (3 %QTPMXYHI -RZIWXMKEXSV
' XS *EMPYVI
& 0%7 ,MKL ,MKYGLM
& 0%7 ,MKL ,MKYGLM
& 0%7 ,MKL ,MKYGLM
0%7 0S[ /EWEM
0%7 0S[ /EWEM
0%7 0S[ /EWEM
0%7 0S[ /EWEM
0%7 ,MKL /EWEM
0%7 ,MKL /EWEM
& 0%7 0S[ 2EOES
& 0%7 0S[ 2EOES
& 0%7 0S[ 2EOES
0%7 ,MKL )RHSY
0%7 0S[ )RHSY
0%7 0S[ )RHSY
0%7 ,MKL ,MKYGLM
0%7 ,MKL ,MKYGLM
0%7 ,MKL ,MKYGLM
0%7 0S[ ,MKYGLM
0%7 0S[ ,MKYGLM
0%7 0S[ ,MKYGLM
& 0%7 ;IPH ,MKL ,MKYGLM
& 0%7 ;IPH ,MKL ,MKYGLM
& 0%7 ;IPH 0S[ 2EOES
& 0%7 ;IPH 0S[ 2EOES 1IER ZEPYI ! G]GPIW 7XERHEVH HIZMEXMSR ! G]GPIW 6EXMS !
%71) 'SHI *EXMKYI 1EVKMRW 8LI 4:6' HEXEFEWI GSRXEMRIH HEXE TSMRXW EX E WXVEMR EQTPMXYHI SJ EPP JVSQ ZEVMSYW
.ETERIWI MRZIWXMKEXSVW SR GEVFSRPS[EPPS] WXIIPW 8LI .ETERIWI HEXE MRGPYHIH X[S LMKL (3 HEXE TSMRXW XLEX JMX MRXS XLI KIRIVEP TSTYPEXMSR 8LIWI HEXE TSMRXW EVI PMWXIH MR 8EFPI 8LI QIER SJ XLI .ETERIWI HEXE [EW G]GPIW [MXL E WXERHEVH HIZMEXMSR SJ G]GPIW 8LI VEXMS MW SRP]
8EFPI
'EVFSR 7XIIP0S[%PPS] 7XIIP 7XVEMR %QTPMXYHI 7XVEMR 8IQTIVEXYVI ']GPIW 1EXIVMEP (3 %QTPMXYHI -RZIWXMKEXSV
' XS *EMPYVI
& 0%7 ,MKL ,MKYGLM
& 0%7 ,MKL ,MKYGLM
& 0%7 0S[ 2EOES
0%7 0S[ 2EKEXE
0%7 0S[ 2EOES
& 0%7 ;IPH 0S[ 2EOES
& 0%7 ;IPH 0S[ 2EOES
& '7 0S[ ,MKYGLM 1IER ZEPYI ! G]GPIW 7XERHEVH HIZMEXMSR ! G]GPIW 6EXMS !
%71) 'SHI *EXMKYI 1EVKMRW 8LI 4:6' HEXEFEWI GSRXEMRIH HEXE TSMRXW EX WXVEMR EQTPMXYHI ERH QSHIVEXIP] LMKL WXVEMR VEXIW %PP SJ XLI HEXE TSMRXW I\GITX SRI [IVI JSV PS[EPPS] WXIIP ERH EPP GEQI JVSQ .ETERIWI MRZIWXMKEXSVW ;IPH HEXE ERH LMKL (3 HEXE JMX MRXS XLI KIRIVEP TSTYPEXMSR [MXL XLI I\GITXMSR SJ XLVII SYXPMIVW 8LIWI HEXE TSMRXW [IVI MRGPYHIH MR XLI HEXE IZEPYEXMSR ,MKL (3 HEXE JMX MRXS XLI KIRIVEP TSTYPEXMSR [MXL RS I\GITXMSRW 8LIWI HEXE TSMRXW EVI PMWXIH MR 8EFPI 8LI HEXE QIER JSV XLI HEXE TSMRXW [EW G]GPIW [MXL E WXERHEVH HIZMEXMSR SJ G]GPIW 8LI VEXMS MW
VIJPIGXMRK XLI MRGPYWMSR SJ XLVII TSXIRXMEP SYXPMIVW ERH XLI GSQFMRIH PS[ (3 ERH LMKL (3 TSTYPEXMSRW )\GPYHMRK XLI XLVII SYXPMIVW KMZIW E VIZMWIH QIER SJ G]GPIW [MXL E WXERHEVH HIZMEXMSR SJ G]GPIW XLIVIF] VIHYGMRK XLI VEXMS XS
8EFPI
'EVFSR 7XIIP0S[%PPS] 7XIIP 7XVEMR %QTPMXYHI 7XVEMR 8IQTIVEXYVI ']GPIW 1EXIVMEP (3 %QTPMXYHI -RZIWXMKEXSV
' XS *EMPYVI
& 0%7 ,MKL ,MKYGLM
& 0%7 ,MKL ,MKYGLM
0%7 0S[ /EWEM
& 0%7 0S[ 2EKEXE
& 0%7 0S[ 2EOES
& 0%7 0S[ 2EOES
& 0%7 0S[ 2EOES
& 0%7 0S[ 2EOES
& '7 0S[ ,MKYGLM
0%7 ,MKL )RHSY
0%7 ,MKL ,MKYGLM
& 0%7 ;IPH ,MKL ,MKYGLM
& 0%7 ;IPH ,MKL ,MKYGLM
& 0%7 ;IPH 0S[ 2EOES
& 0%7 ;IPH 0S[ 2EOES
0%7 ,MKL /MXMKE[E
4SXIRXMEP 3YXPMIVW 1IER ZEPYI ! G]GPIW 'SVVIGXIH ! G]GPIW 7XERHEVH HIZMEXMSR ! G]GPIW 'SVVIGXIH ! G]GPIW 6EXMS ! 'SVVIGXIH !
%71) 'SHI *EXMKYI 1EVKMRW 8LI 4:6' HEXEFEWI GSRXEMRIH HEXE TSMRXW EX WXVEMR EQTPMXYHI ERH VIPEXMZIP] LMKL WXVEMR VEXIW %PP SJ XLI HEXE TSMRXW GEQI JVSQ .ETERIWI MRZIWXMKEXSVW 8LVII HEXE TSMRXW [IVI JSV GEVFSR WXIIP [MXL HEXE TSMRXW JSV PS[EPPS] WXIIP ,MKL (3 HEXE MRGPYHMRK XLSWI JSV GEVFSR WXIIP TMTMRK QEXIVMEP JMX MRXS XLI KIRIVEP TSTYPEXMSR EW HMH EPP SJ XLI [IPH HEXE 3RI HEXE TSMRX JSV PS[EPPS] WXIIP EX LMKL (3 ETTIEVIH XS FI ER SYXPMIV FYX [EW MRGPYHIH MR XLI EREP]WMW WIX 8LIWI HEXE TSMRXW EVI PMWXIH MR 8EFPI 8LI HEXE QIER [EW JSYRH XS FI G]GPIW [MXL E WXERHEVH HIZMEXMSR SJ G]GPIW 8LI VEXMS JSV XLMW QSVI MRGPYWMZI TSTYPEXMSR MW -J XLI SYXPMIV MW VIQSZIH XLI QIER ZEPYI MW G]GPIW ERH XLI WXERHEVH HIZMEXMSR MW WS XLEX XLI VEXMS MW SRP]
8EFPI
'EVFSR 7XIIP0S[%PPS] 7XIIP 7XVEMR %QTPMXYHI 7XVEMR 8IQTIVEXYVI ']GPIW XS 1EXIVMEP (3 %QTPMXYHI -RZIWXMKEXSV
' *EMPYVI
& 0%7 ,MKL ,MKYGLM
& 0%7 ,MKL ,MKYGLM
& 0%7 0S[ 2EOES
0%7 ,MKL ,MKYGLM
& 0%7 ;IPH ,MKL ,MKYGLM
& 0%7 ;IPH ,MKL ,MKYGLM
0%7 0S[ 2EOES
& 0%7 0S[ 2EOES
0%7 0S[ 2EKEXE
& 0%7 ;IPH 0S[ 2EOES
& 0%7 ;IPH 0S[ 2EOES
& '7 ,MKL ,MKYGLM
& '7 0S[ ,MKYGLM
& '7 0S[ ,MKYGLM
0%7 ,MKL /MXMKE[E
4SXIRXMEP 3YXPMIV 1IER ZEPYI ! G]GPIW 'SVVIGXIH ! G]GPIW 7XERHEVH HIZMEXMSR ! G]GPIW 'SVVIGXIH ! G]GPIW 6EXMS ! 'SVVIGXIH !
2SXI XLEX XLI HEXE WGEXXIV MR EPP SJ XLIWI GEPGYPEXMSRW MW PIWW XLER SV IUYEP XS XLI HEXE WGEXXIV EXXVMFYXIH XS EMV IRZMVSRQIRXW *SV GEVFSR ERH PS[EPPS] WXIIPW XLI LMKLIWX HEXE WGEXXIV JEGXSV
XMQIW XLI WXERHEVH HIZMEXMSR JSV ER] KVSYTMRK [EW JSYRH XS FI
%71) 'SHI *EXMKYI 1EVKMRW
7YQQEV]
- VSQ XLI I\EQMREXMSR SJ XLIWI HEXE MX MW GSRGPYHIH XLEX XLI SFWIVZEXMSRW SJ PEVKI HEXE WGEXXIV JSV WMQYPEXIH VIEGXSV [EXIV IRZMVSRQIRXEP XIWXMRK EVI RSX [EVVERXIH 3RP] F] QM\MRK HEXE WIXW XLEX VITVIWIRX QSHIVEXI ERH MQQSHIVEXI IRZMVSRQIRXEP IJJIGXW GER PEVKI HEXE WGEXXIV IJJIGXW FI SFWIVZIH 8LMW VIPEXMZIP] PS[ HEXE ZEVMEFMPMX] [EW SFWIVZIH F] WITEVEXMRK PEFSVEXSV] XIWX HEXE MRXS X[STSTYPEXMSRW{ETSTYPEXMSRGSRXEMRMRKXIWXHEXESFXEMRIHEXVIPEXMZIP]LMKLWXVEMRVEXI JSV I\EQTPI WIG ERH E TSTYPEXMSR GSRXEMRMRK XIWX HEXE SFXEMRIH EX VIPEXMZIP] WPS[ WXVEMR VEXIW JSV I\EQTPI WIG 8LI MQTPMGEXMSR SJ XLMW WXEXMWXMGEP WITEVEXMSR MW XLEX XLI VIPEXMZIP] LMKL WXVEMR VEXI TSTYPEXMSR I\LMFMXW QSHIVEXI IRZMVSRQIRXEP IJJIGXW [LMPI XLI VIPEXMZIP] WPS[ WXVEMR VEXI TSTYPEXMSR MR KIRIVEP I\LMFMXW E VIHYGXMSR MR JEXMKYI PMJI XLEX MW KVIEXIV XLER QSHIVEXI
8LI WXEXMWXMGEP EREP]WMW SJ XLI WITEVEXIH TSTYPEXMSRW WLS[W XLEX
(EXE ZEVMEFMPMX] JSV XLI VIPEXMZIP] LMKL WXVEMR VEXI TSTYPEXMSR MW QYGL PIWW XLER LEW FIIR VITSVXIH MR XLI PMXIVEXYVI [LIR XLI WXEXMWXMGEP EREP]WIW EVI FEWIH SR GSQFMRIH TSTYPEXMSRW
8LI VEXMS SJ XLI WXERHEVH HIZMEXMSRW XS XLI QIER ZEPYIW JSV FSXL EYWXIRMXMG WXEMRPIWW WXIIPW ERH GEVFSRPS[EPPS] WXIIPW XIWXIH EX VIPEXMZIP] LMKL WXVEMR VEXIW MW MR XLI VERKI SJ XS IZIR
[LIR HEXE TSTYPEXMSRW EVI IRPEVKIH XS MRGPYHI [IPH HEXE
- IV] LMKL HMWWSPZIH S\]KIR PIZIPW HS RSX GSQTVSQMWI XLI VIPEXMZIP] LMKL WXVEMR VEXI HEXE ZEVMERGI JSV EYWXIRMXMG WXEMRPIWW WXIIPW ERH JSV PS[EPPS] WXIIPW 8LMW MW XVYI JSV GEVFSR WXIIPW
MR KIRIVEP [MXL ER SGGEWMSREP HEXE TSMRX XLEX GSYPH FI ER SYXPMIV
8LI EHHMXMSR SJ [IPH QIXEP JEXMKYI HEXE MRGVIEWIH XLI VEXMS SJ WXERHEVH HIZMEXMSR XS QIER ZEPYI MR XLI VIPEXMZIP] LMKL WXVEMR VEXI TSTYPEXMSR F] EFSYX E JEGXSV SJ JVSQ E VEXMS SJ EFSYX
XS EFSYX -R QER] GEWIW XLI QSWX I\XVIQI QIEWYVIH ZEPYIW [MXLMR E WXVEMR EQTPMXYHI TSTYPEXMSR SR FSXL XLI PS[ WMHI ERH SR XLI LMKL WMHI [IVI [IPH QIXEP HEXE TSMRXW
- LIR XLI TSTYPEXMSR SJ HEXE TSMRXW SFXEMRIH EX VIPEXMZIP] PS[ WXVEMR VEXIW [EW WLMJXIH YWMRK XLI PR 2 JSVQYPEW HIZIPSTIH F] %20 ZMVXYEPP] MHIRXMGEP WXEXMWXMGEP TEVEQIXIVW JSV I\EQTPI
QIER ZEPYI WXERHEVH HIZMEXMSR XS XLSWI JSV XLI VIPEXMZIP] LMKL WXVEMR VEXI TSTYPEXMSR [IVI GEPGYPEXIH 8LMW [EW TEVXMGYPEVP] XVYI [LIR E JI[ SZIVGSVVIGXIH HEXE TSMRXW [IVI IPMQMREXIH JVSQ XLI PS[ WXVEMR VEXI TSTYPEXMSR -R SXLIV [SVHW SRI SJ XLI MXIQW KMZMRK VMWI XS IWXMQEXIW SJ PEVKI HEXE WGEXXIV MW XLI XIRHIRG] JSV E JI[ PS[ WXVEMR VEXI HEXE TSMRXW XLEX EVI VIPEXMZIP]
YREJJIGXIH F] VIEGXSV [EXIV IRZMVSRQIRXW XS FI SZIVGSVVIGXIH F] XLI IRZMVSRQIRXEP WLMJX JSVQYPEW XLYW WOI[MRK XLI WXEXMWXMGEP EREP]WMW
8LI WYFJEGXSVW JSV GEVFSR ERH PS[EPPS] WXIIPW EVI WM^I IJJIGX WYVJEGI VSYKLRIWW ERH
HEXE WGEXXIV 8LIVIJSVI XLI VIQEMRMRK WYFJEGXSV JSV QSHIVEXI IRZMVSRQIRXEP IJJIGXW MW SFXEMRIH F] HMZMHMRK XLI JEGXSV SJ F] XLI TVSHYGX SJ \ \ [LMGL KMZIW E WYFJEGXSV SJ JSV GEVFSR ERH PS[EPPS] WXIIPW
- SV WXEMRPIWW WXIIPW XLI WEQI YRGIVXEMRX] WYFJEGXSVW ETTP] XLEX MW E JEGXSV SJ WM^I IJJIGX
WYVJEGI JMRMWL ERH JSV HEXE WGEXXIV 8LIVIJSVI XLI VIQEMRMRK WYFJEGXSV JSV QSHIVEXI IRZMVSRQIRXEP IJJIGXW MW SFXEMRIH F] HMZMHMRK XLI SZIVEPP JEGXSV SJ F] XLI TVSHYGX SJ \
\ KMZMRK E WYFJEGXSV SJ -J XLI SZIVEPP JEGXSV MW VIHYGIH XS XLI WYFJEGXSV [SYPH FI
%71) 'SHI *EXMKYI 1EVKMRW 8LIVIJSVI XLI JMRHMRKW JVSQ XLMW HEXE WGEXXIV EREP]WMW WYTTSVX XLI VIGSQQIRHEXMSRW SJ XLI 4:6' XLEX QSHIVEXI IRZMVSRQIRXEP IJJIGXW JEGXSVW SJ JSV GEVFSR ERH PS[EPPS] WXIIP ERH JSV EYWXIRMXMG WXEMRPIWW WXIIPW EVI ZIV] GSRWIVZEXMZI +VIEXIV QSHIVEXI IRZMVSRQIRXEP IJJIGXW JEGXSVW GER FI NYWXMJMIH
6IJIVIRGIW
'VMXIVME SJ XLI %71) &SMPIV ERH 4VIWWYVI :IWWIP 'SHI JSV (IWMKR F] %REP]WMW MR 7IGXMSRW ---
ERH :--- (MZMWMSR 8LI %QIVMGER 7SGMIX] SJ 1IGLERMGEP )RKMRIIVW 2I[ =SVO
'SSTIV;)w&EWMWERH-RXIRXSJ7IGXMSR---*EXMKYI(IWMKR'YVZIWx;IPHMRK6IWIEVGL
'SYRGMP TYFPMGEXMSR 8IGLRMGEP -RJSVQEXMSR JVSQ ;SVOWLST SR ']GPMG 0MJI ERH )RZMVSRQIRXEP
)JJIGXW MR 2YGPIEV %TTPMGEXMSRW [SVOWLST MR 'PIEV[EXIV &IEGL *PSVMHE .ERYEV]
3 / 'LSTVE ERH ; . 7LEGO )JJIGXW SJ 0;6 'SSPERX )RZMVSRQIRXW SR *EXMKYI (IWMKR
'YVZIW SJ 'EVFSR ERH 0S[%PPS] 7XIIPW 296)+'6 %20 %VKSRRI 2EXMSREP 0EFSVEXSV] %VKSRRI -0 1EVGL
6'.YZMREPw)RKMRIIVMRK'SRWMHIVEXMSRWSJ7XVIWW7XVEMRERH7XVIRKXLx1IXEPW
,ERHFSSO :SPYQI -- *EMPYVI %REP]WMW ERH 4VIZIRXMSR 1G+VE[,MPP &SSO 'SQTER] 2I[
=SVO
. ,MGOPMRK 0S[']GPI 'SVVSWMSR *EXMKYI SJ 9REPPS]IH ERH 0S[%PPS] 7XIIPW MR 0;6 7]WXIQW 6IZMI[ SJ +IVQER )\TIVMIRGI 6ITSVX TVITEVIH JSV )46- 4EPS %PXS '% .ERYEV]
)/MWW.(,IEPHERH(%,EPIw0S[']GPI*EXMKYISJ4VSXSX]TMG4MTMRKx+IRIVEP
)PIGXVMG 'SQTER] 7ER .SWI '% +)%4 .ERYEV]
3 / 'LSTVE ERH ; . 7LEGO w1IXLSHW JSV -RGSVTSVEXMRK XLI )JJIGXW SJ 0;6 'SSPERX
)RZMVSRQIRXMRXS%71)'SHI*EXMKYI)ZEPYEXMSRWx4VSFEFMPMWXMG ERH )RZMVSRQIRXEP
%WTIGXW SJ *VEGXYVI ERH *EXMKYI 4:4 :SP %71) 4:4 2I[ =SVO 2= %YKYWX
/ 8WYXWYQM , /EREWEOM 8 9QEOSWLM 8 2EOEQYVE 7 9VEXE , 1M^YXE ERH 7 2SQSXS
w*EXMKYI0MJI6IHYGXMSRMR4;6;EXIV)RZMVSRQIRXJSV7XEMRPIWW7XIIPWx4:4 :SP
TT %71) 4:4 7IEXXPI ;% .YP]
3 / 'LSTVE ERH ; . 7LEGO )JJIGXW SJ 0;6 'SSPERX )RZMVSRQIRXW SR *EXMKYI (IWMKR
'YVZIW SJ %YWXIRMXMG 7XEMRPIWW 7XIIPW 296)+'6 %20 %VKSRRI 2EXMSREP 0EFSVEXSV] %VKSRRI -0 %TVMP
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
-X MW TVSTSWIH XLEX E JYPP WIVMIW SJ PEFSVEXSV] XIWXW SR EYWXIRMXMG WXEMRPIWW WXIIP ERH E QSVI PMQMXIH RYQFIV SJ XIWXW SR PS[EPPS] WXIIP FI GSRHYGXIH [MXL VIEPMWXMG JEXMKYI WTIGMQIR KISQIXV] ERH VIEPMWXMG VIEGXSV [EXIV GSSPERX IRZMVSRQIRXEP GSRHMXMSRW MR TEVXMGYPEV GSSPERX JPS[ VEXI 8LI VIEPMWXMG JEXMKYI XIWX WTIGMQIRW [SYPH FI FEWIH SR XLI KISQIXV] VIGSQQIRHIH MR *MKYVI ERH
- MKYVISJ%781) w7XERHEVH4VEGXMGIJSV7XVEMR'SRXVSPPIH*EXMKYI8IWXMRKx EW QSHMJMIH XS EGGSYRX JSV IMXLIV MRXIVREP SV I\XIVREP WMQYPEXIH VIEGXSV GSSPERX JPS[ GSRHMXMSRW
4EVEKVETL ERH 2SXIW ERH SJ %781 ) VIGSQQIRH GEYXMSR MR XLI YWI SJ XYFYPEV
YRMJSVQ KEYKI SV LSYVKPEWW WTIGMQIRW 8LIVIJSVI WSQI GSRXVSP WTIGMQIRW XIWXIH MR EMV [MPP FI RIIHIH XS IRWYVI XLEX XLI EYXSGPEZI XIWX FIH ERH WTIGMQIR KISQIXV] TVSHYGI EGGYVEXI VIWYPXW
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8LI EYXSGPEZI JSV XLI WMQYPEXIH VIEGXSV [EXIV GSSPERX XIWXW QYWX FI GETEFPI SJ EHHVIWWMRK XLI VERKI SJ WMQYPEXIH GSSPERX JPS[ VEXIW SJ MRXIVIWX JVSQ EFSYX QW MRW XS EFSYX QW
MRW -R EHHMXMSR XLI EYXSGPEZI QYWX FI EFPI XS EHHVIWW XLI XIWX XIQTIVEXYVI VERKI VSSQ S S XIQTIVEXYVI XS ' * ERH XLI HMWWSPZIH S\]KIR VERKI SJ MRXIVIWX TTQ XS
TTQ &SXL XLI /;9 EYXSGPEZI ERH XLI +IRIVEP )PIGXVMG MRXIVREP JPS[ W]WXIQW EVI WSQI[LEX PMQMXIH MR XLMW VIKEVH
4LEWI E SJ XLI TVSTSWIH XIWX TVSKVEQ [SYPH MRZSPZI E VETMH EWWIWWQIRX SJ GSSPERX JPS[ VEXI IJJIGXW SR 8]TI EYWXIRMXMG WXEMRPIWW WXIIP 8LI MRXIRX MW XS KIRIVEXI IEVP] XIWX VIWYPXW XLEX TVSZMHI SVHIVSJQEKRMXYHI MRJSVQEXMSR ,SPPS[ YRMJSVQKEYKI WTIGMQIRW SV XYFI FIRH XIWXEVXMGPIW[SYPHFIYWIHJSVXLIWI4LEWIXIWXW8LVIIJPS[VEXIW[SYPHFII\EQMRIHzQW
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S' * % QSVI PMQMXIH WIX SJ XIWXW [SYPH FI TYVWYIH JSV E JYPPWGEPI XIWX WIVMIW X[S JPS[
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8LI EPXIVREXMZI XS E WSPMH LSYVKPEWW WTIGMQIR [MXL I\XIVREP HMEQIXVEP WXVEMR QIEWYVIQIRX [SYPH FI E XYFYPEV WTIGMQIR [MXL GSRZIVKMRKHMZIVKMRK JPS[ TEWX ER MRXIVREP LSYVKPEWW WLETI 6EXLIV XLER QIEWYVI XLI HMEQIXVEP WXVEMR HMVIGXP] HYVMRK XLI XIWX MX [SYPH FI TPERRIH XS EREP]^I XLI
4VSTSWIH 6IEGXSV ;EXIV )RZMVSRQIRX 8IWX 4VSKVEQ XYFYPEV WTIGMQIR XS HIZIPST XLI TVSKVEQQIH E\MEP WXVEMR TVSJMPI XLEX GSVVIWTSRHW XS XLI PSGEPM^IH E\MEP WXVEMR EQTPMXYHI XLEX MW FIMRK GSRXVSPPIH
8LI 4LEWI XIWX TVSKVEQ MW EPWS TPERRIH XS GSRWMHIV E [MHIV VERKI SJ JPS[ VEXIW WXVEMR VEXIW
WXVEMR EQTPMXYHIW XIQTIVEXYVIW ERH HMWWSPZIH S\]KIR PIZIPW
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1IIXMRKW [MXL XLI 26' WXEJJ [SYPH FI WGLIHYPIH JSV .ERYEV] TVMSV XS XLI WXEVX SJ XLI 4LEWI
XIWXMRK PEXI MR EJXIV XLI 4LEWI XIWXMRK MW GSQTPIXI ERH EX SXLIV XMQIW [LIR RIGIWWEV] JSV MRJSVQEXMSR I\GLERKI ERH GSSVHMREXMSR
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%71) 'SHI GEVFSR WXIIP QIER EMV GYVZI [MXL E HEXE WGEXXIV JEGXSV SJ EFSYX -R EHHMXMSR
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0EFSVEXSV] JEXMKYI GVEGO MRMXMEXMSR HEXE JSV PS[EPPS] WXIIPW MR ER EMV IRZMVSRQIRX EX ZEVMSYW XIQTIVEXYVIW EVI MR I\GIPPIRX EKVIIQIRX [MXL XLI %71) 'SHI PS[EPPS] WXIIP QIER EMV GYVZI
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8LI HEXE WGEXXIV JSV EYWXIRMXMG WXEMRPIWW WXIIPW MR WMQYPEXIH &;6 VIEGXSV [EXIV IRZMVSRQIRXW MW WYFWXERXMEP ERH XLI *IR IRZMVSRQIRXEP GSVVIGXMSR HSIW RSX MQTVSZI XLI HEXE WGEXXIV XS ER] KVIEX I\XIRX RSV HSIW XLI QSHIVEXI IRZMVSRQIRXEP IJJIGXW EHNYWXQIRX 8LI MWWYI ETTIEVW XS FI XLI EHIUYEG] SJ XLI *IR I\TVIWWMSRW XS GLEVEGXIVM^I XLI VIEGXSV [EXIV IRZMVSRQIRXEP IJJIGXW *SV XLI TYVTSWIW SJ XLMW IZEPYEXMSR E > JEGXSV SJ [EW YWIH 2S 4:6' QSHIVEXI IRZMVSRQIRXEP IJJIGXW XLVIWLSPHW [IVI ETTPMIH MR XLI *IR TVSGIWW
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