.

SLR +VE] ³ 1IR EVI JVSQ 1EVW ;SQIR EVI JVSQ :IRYW

-RXVSHYGXMSR

% [IIO EJXIV SYV HEYKLXIV 0EYVIR [EW FSVR Q] [MJI &SRRMI ERH - [IVI
GSQTPIXIP] I\LEYWXIH )EGL RMKLX 0EYVIR OITX [EOMRK YW &SRRMI LEH
FIIR XSVR MR XLI HIPMZIV] ERH [EW XEOMRK TEMROMPPIVW 7LI GSYPH FEVIP]
[EPO %JXIV JMZI HE]W SJ WXE]MRK LSQI XS LIPT - [IRX FEGO XS [SVO 7LI
WIIQIH XS FI KIXXMRK FIXXIV

;LMPI - [EW E[E] WLI VER SYX SJ TEMR TMPPW -RWXIEH SJ GEPPMRK QI EX XLI
SJJMGI WLI EWOIH SRI SJ Q] FVSXLIVW [LS [EW ZMWMXMRK XS TYVGLEWI QSVI
1] FVSXLIV LS[IZIV HMH RSX VIXYVR [MXL XLI TMPPW 'SRWIUYIRXP] WLI
WTIRX XLI [LSPI HE] MR TEMR XEOMRK GEVI SJ E RI[FSVR

- LEH RS MHIE XLEX LIV HE] LEH FIIR WS E[JYP ;LIR - VIXYVRIH LSQI WLI
[EW ZIV] YTWIX - QMWMRXIVTVIXIH XLI GEYWI SJ LIV HMWXVIWW ERH XLSYKLX
WLI [EW FPEQMRK QI

7LI WEMH - ZI FIIR MR TEMR EPP HE] - VER SYX SJ TMPPW - ZI FIIR WXVERHIH
MR FIH ERH RSFSH] GEVIW

- WEMH HIJIRWMZIP] ;L] HMHR X ]SY GEPP QI#

7LI WEMH - EWOIH ]SYV FVSXLIV FYX LI JSVKSX - ZI FIIR [EMXMRK JSV LMQ
XS VIXYVR EPP HE] ;LEX EQ - WYTTSWIH XS HS# - GER FEVIP] [EPO - JIIP WS
HIWIVXIH
%X XLMW TSMRX - I\TPSHIH 1] JYWI [EW EPWS ZIV] WLSVX XLEX HE] - [EW ERKV]
XLEX WLI LEHR X GEPPIH QI - [EW JYVMSYW XLEX WLI [EW FPEQMRK QI [LIR -
HMHR X IZIR ORS[ WLI [EW MR TEMR %JXIV I\GLERKMRK E JI[ LEVWL [SVHW -
LIEHIH JSV XLI HSSV - [EW JMVIH MVVMXEFPI ERH LEH LIEVH IRSYKL ;I LEH
FSXL VIEGLIH SYV PMQMXW

8LIR WSQIXLMRK WXEVXIH XS LETTIR XLEX [SYPH GLERKI Q] PMJI

&SRRMI WEMH 7XST TPIEWI HSR X PIEZI 8LMW MW [LIR - RIIH ]SY XLI QSWX
- Q MR TEMR - LEZIR X WPITX MR HE]W 4PIEWI PMWXIR XS QI

- WXSTTIH JSV E QSQIRX XS PMWXIR

7LI WEMH .SLR +VE] ]SY VI E JEMV [IEXLIV JVMIRH %W PSRK EW - Q W[IIX
PSZMRK &SRRMI ]SY EVI LIVI JSV QI FYX EW WSSR EW - Q RSX ]SY [EPO VMKLX
SYX XLEX HSSV

8LIR WLI TEYWIH ERH LIV I]IW JMPPIH YT [MXL XIEVW %W LIV XSRI WLMJXIH
WLI WEMH 6MKLX RS[ - Q MR TEMR - LEZI RSXLMRK XS KMZI XLMW MW [LIR -
RIIH ]SY XLI QSWX 4PIEWI GSQI SZIV LIVI ERH LSPH QI =SY HSR X LEZI
XS WE] ER]XLMRK - NYWX RIIH XS JIIP ]SYV EVQW EVSYRH QI 4PIEWI HSR X KS

- [EPOIH SZIV ERH WMPIRXP] LIPH LIV 7LI [ITX MR Q] EVQW %JXIV E JI[
QMRYXIW WLI XLEROIH QI JSV RSX PIEZMRK 7LI XSPH QI XLEX WLI NYWX
RIIHIH XS JIIP QI LSPHMRK LIV

%X XLEX QSQIRX - WXEVXIH XS VIEPM^I XLI VIEP QIERMRK SJ PSZI

YRGSRHMXMSREP PSZI - LEH EP[E]W XLSYKLX SJ Q]WIPJ EW E PSZMRK TIVWSR &YX
WLI [EW VMKLX - LEH FIIR E JEMV [IEXLIV JVMIRH %W PSRK EW WLI [EW LETT]
ERH RMGI - PSZIH FEGO &YX MJ WLI [EW YRLETT] SV YTWIX - [SYPH JIIP
FPEQIH ERH XLIR EVKYI SV HMWXERGI Q]WIPJ

8LEX HE] JSV XLI JMVWX XMQI - HMHR X PIEZI LIV - WXE]IH ERH MX JIPX KVIEX -
WYGGIIHIH MR KMZMRK XS LIV [LIR WLI VIEPP] RIIHIH QI 8LMW JIPX PMOI VIEP
PSZI 'EVMRK JSV ERSXLIV TIVWSR 8VYWXMRK MR SYV PSZI &IMRK XLIVI EX LIV
LSYV SJ RIIH - QEVZIPIH EX LS[ IEW] MX [EW JSV QI XS WYTTSVX LIV [LIR -
[EW WLS[R XLI [E]
,S[ LEH - QMWWIH XLMW# 7LI NYWX RIIHIH QI XS KS SZIV ERH LSPH LIV
%RSXLIV [SQER [SYPH LEZI MRWXMRGXMZIP] ORS[R [LEX &SRRMI RIIHIH &YX
EW E QER - HMHR X ORS[ XLEX XSYGLMRK LSPHMRK ERH PMWXIRMRK [IVI WS
MQTSVXERX XS LIV &] VIGSKRM^MRK XLIWI HMJJIVIRGIW - FIKER XS PIEVR E RI[
[E] SJ VIPEXMRK XS Q] [MJI - [SYPH LEZI RIZIV FIPMIZIH [I GSYPH VIWSPZI
GSRJPMGX WS IEWMP]

-R Q] TVIZMSYW VIPEXMSRWLMTW - LEH FIGSQI MRHMJJIVIRX ERH YRPSZMRK EX

HMJJMGYPX XMQIW WMQTP] FIGEYWI - HMHR X ORS[ [LEX IPWI XS HS %W E VIWYPX
Q] JMVWX QEVVMEKI LEH FIIR ZIV] TEMRJYP ERH HMJJMGYPX

8LMW MRGMHIRX [MXL &SRRMI VIZIEPIH XS QI LS[ - GSYPH GLERKI XLMW TEXXIVR

-X MRWTMVIH Q] WIZIR ]IEVW SJ VIWIEVGL XS LIPT HIZIPST ERH VIJMRI XLI

MRWMKLXW EFSYX QIR ERH [SQIR MR XLMW FSSO &] PIEVRMRK MR ZIV] TVEGXMGEP
ERH WTIGMJMG XIVQW EFSYX LS[ QIR ERH [SQIR EVI HMJJIVIRX - WYHHIRP]
FIKER XS VIEPM^I XLEX Q] QEVVMEKI HMH RSX RIIH XS FI WYGL E WXVYKKPI
;MXL XLMW RI[ E[EVIRIWW SJ SYV HMJJIVIRGIW &SRRMI ERH - [IVI EFPI XS
MQTVSZI HVEQEXMGEPP] SYV GSQQYRMGEXMSR ERH IRNS] IEGL SXLIV QSVI
&] GSRXMRYMRK XS VIGSKRM^I ERH I\TPSVI SYV HMJJIVIRGIW [I LEZI
HMWGSZIVIH RI[ [E]W XS MQTVSZI EPP SYV VIPEXMSRWLMTW ;I LEZI PIEVRIH
EFSYX VIPEXMSRWLMTW MR [E]W XLEX SYV TEVIRXW RIZIV ORI[ ERH XLIVIJSVI
GSYPH RSX LEZI XEYKLX YW %W - FIKER WLEVMRK XLIWI MRWMKLXW [MXL Q]
GSYRWIPMRK GPMIRXW XLIMV VIPEXMSRWLMTW [IVI EPWS IRVMGLIH 0MXIVEPP]
XLSYWERHW SJ XLSWI [LS EXXIRHIH Q] [IIOIRH WIQMREVW WE[ XLIMV
VIPEXMSRWLMTW HVEQEXMGEPP] XVERWJSVQ SZIVRMKLX

7IZIR ]IEVW PEXIV MRHMZMHYEPW ERH GSYTPIW WXMPP VITSVX WYGGIWWJYP FIRIJMXW -
VIGIMZI TMGXYVIW SJ LETT] GSYTPIW ERH XLIMV GLMPHVIR [MXL PIXXIVW XLEROMRK
QI JSV WEZMRK XLIMV QEVVMEKI %PXLSYKL XLIMV PSZI WEZIH XLIMV QEVVMEKI
XLI] [SYPH LEZI HMZSVGIH MJ XLI] LEHR X KEMRIH E HIITIV YRHIVWXERHMRK SJ
XLI STTSWMXI WI\

7YWER ERH .MQ LEH FIIR QEVVMIH RMRI ]IEVW 0MOI QSWX GSYTPIW XLI]
WXEVXIH SYX PSZMRK IEGL SXLIV FYX EJXIV ]IEVW SJ MRGVIEWMRK JVYWXVEXMSR ERH
HMWETTSMRXQIRX XLI] PSWX XLIMV TEWWMSR ERH HIGMHIH XS KMZI YT &IJSVI
KIXXMRK E HMZSVGI LS[IZIV XLI] EXXIRHIH Q] [IIOIRH VIPEXMSRWLMT
WIQMREV 7YWER WEMH ;I LEZI XVMIH IZIV]XLMRK XS QEOI XLMW VIPEXMSRWLMT
[SVO ;I EVI NYWX XSS HMJJIVIRX

(YVMRK XLI WIQMREV XLI] [IVI EQE^IH XS PIEVR XLEX XLIMV HMJJIVIRGIW [IVI
RSX SRP] RSVQEP FYX [IVI XS FI I\TIGXIH 8LI] [IVI GSQJSVXIH XLEX SXLIV
GSYTPIW LEH I\TIVMIRGIH XLI WEQI TEXXIVRW SJ VIPEXMRK -R NYWX X[S HE]W
7YWER ERH .MQ KEMRIH E XSXEPP] RI[ YRHIVWXERHMRK SJ QIR ERH [SQIR

8LI] JIPP MR PSZI EKEMR 8LIMV VIPEXMSRWLMT QMVEGYPSYWP] GLERKIH 2S PSRKIV

LIEHMRK XS[EVH E HMZSVGI XLI] PSSOIH JSV[EVH XS WLEVMRK XLI VIWX SJ XLIMV
PMZIW XSKIXLIV .MQ WEMH 8LMW MRJSVQEXMSR EFSYX
SYV HMJJIVIRGIW LEW KMZIR QI FEGO Q] [MJI 8LMW MW XLI KVIEXIWX KMJX -
GSYPH IZIV VIGIMZI ;I EVI PSZMRK IEGL SXLIV EKEMR

7M\ ]IEVW PEXIV [LIR XLI] MRZMXIH QI XS ZMWMX XLIMV RI[ LSQI ERH JEQMP]
XLI] [IVI WXMPP PSZMRK IEGL SXLIV 8LI] [IVI WXMPP HYROMRK QI JSV LIPTMRK
XLIQ XS YRHIVWXERH IEGL SXLIV ERH WXE] QEVVMIH

%PXLSYKL EPQSWX IZIV]SRI [SYPH EKVII XLEX QIR ERH [SQIR EVI
HMJJIVIRX LS[ HMJJIVIRX MW WXMPP YRHIJMRIH JSV QSWX TISTPI 1ER] FSSOW MR
XLI PEWX XIR ]IEVW LEZI JSVKIH ELIEH EXXIQTXMRK XS HIJMRI XLIWI
HMJJIVIRGIW 8LSYKL MQTSVXERX EHZERGIW LEZI FIIR QEHI QER] FSSOW
EVI SRI WMHIH ERH YRJSVXYREXIP] VIMRJSVGI QMWXVYWX ERH VIWIRXQIRX
XS[EVH XLI STTSWMXI WI\ 3RI WI\ MW KIRIVEPP] ZMI[IH EW FIMRK ZMGXMQM^IH
F] XLI SXLIV % HIJMRMXMZI KYMHI [EW RIIHIH JSV YRHIVWXERHMRK LS[
LIEPXL] QIR ERH [SQIR EVI HMJJIVIRX

8S MQTVSZI VIPEXMSRW FIX[IIR XLI WI\IW MX MW RIGIWWEV] XS GVIEXI ER

YRHIVWXERHMRK SJ SYV HMJJIVIRGIW XLEX VEMWIW WIPJ IWXIIQ ERH TIVWSREP
HMKRMX] [LMPI MRWTMVMRK QYXYEP XVYWX TIVWSREP VIWTSRWMFMPMX] MRGVIEWIH
GSSTIVEXMSR ERH KVIEXIV PSZI %W E VIWYPX SJ UYIWXMSRMRK QSVI XLER
TEVXMGMTERXW MR Q] VIPEXMSRWLMT WIQMREVW - LEZI FIIR EFPI XS HIJMRI MR
TSWMXMZI XIVQW LS[ QIR ERH [SQIR EVI HMJJIVIRX %W ]SY I\TPSVI XLIWI
HMJJIVIRGIW ]SY [MPP JIIP [EPPW SJ VIWIRXQIRX ERH QMWXVYWX QIPXMRK HS[R

3TIRMRK XLI LIEVX VIWYPXW Q KVIEXIV JSVKMZIRIWW ERH MRGVIEWIH QSXMZEXMSR

XS KMZI ERH VIGIMZI PSZI ERH WYTTSVX ;MXL XLMW RI[ E[EVIRIWW ]SY [MPP -
LSTI KS FI]SRH XLI WYKKIWXMSRW MR XLMW FSSO ERH GSRXMRYI XS HIZIPST
[E]W MR [LMGL ]SY GER VIPEXI PSZMRKP] XS XLI STTSWMXI WI\
%PP SJ XLI TVMRGMTPIW MR XLMW FSSO LEZI FIIR XIWXIH ERH XVMIH %X PIEWX
TIVGIRX SJ XLI QSVI XLER MRHMZMHYEPW UYIWXMSRIH LEZI
IRXLYWMEWXMGEPP] VIGSKRM^IH XLIQWIPZIW Q XLIWI HIWGVMTXMSRW -J ]SY JMRH
]SYVWIPJ RSHHMRK ]SYV LIEH [LMPI VIEHMRK XLMW FSSO WE]MRK =IW ]IW XLMW
MW QI ]SY VI XEPOMRK EFSYX XLIR ]SY EVI HIJMRMXIP] RSX EPSRI %RH NYWX EW
SXLIVW LEZI FIRIJMXIH JVSQ ETTP]MRK XLI MRWMKLXW MR XLMW FSSO ]SY GER EW
[IPP

1IR %VI JVSQ 1EVW ;SQIR %VI JVSQ :IRYW VIZIEPW RI[ WXVEXIKMIW JSV
VIHYGMRK XIRWMSR MR VIPEXMSRWLMTW ERH GVIEXMRK QSVI

PSZI F] JMVWX VIGSKRM^MRK MR KVIEX HIXEMP LS[ QIR ERH [SQIR EVI HMJJIVIRX
-X XLIR SJJIVW TVEGXMGEP WYKKIWXMSRW EFSYX LS[ XS VIHYGI JVYWXVEXMSR ERH
HMWETTSMRXQIRX ERH XS GVIEXI MRGVIEWMRK LETTMRIWW ERH MRXMQEG]
6IPEXMSRWLMTW HS RSX LEZI XS FI WYGL E WXVYKKPI 3RP] [LIR [I HS RSX
YRHIVWXERH SRI ERSXLIV MW XLIVI XIRWMSR VIWIRXQIRX SV GSRJPMGX

7S QER] TISTPI EVI JVYWXVEXIH MR XLIMV VIPEXMSRWLMTW 8LI] PSZI XLIMV

TEVXRIVW FYX [LIR XLIVI MW XIRWMSR XLI] HS RSX ORS[ [LEX XS HS XS QEOI
XLMRKW FIXXIV 8LVSYKL YRHIVWXERHMRK LS[ GSQTPIXIP] HMJJIVIRX QIR ERH
[SQIR EVI ]SY [MPP PIEVR RI[ [E]W JSV WYGGIWWJYPP] VIPEXMRK [MXL
PMWXIRMRK XS ERH WYTTSVXMRK XLI STTSWMXI WI\ =SY [MPP PIEVR LS[ XS GVIEXI
XLI PSZI ]SY HIWIVZI %W ]SY VIEH XLMW FSSO ]SY QE] [SRHIV LS[
ER]FSH] WYGGIIHW MR LEZMRK E WYGGIWWJYP VIPEXMSRWLMT [MXLSYX MX

1IR %VI JVSQ 1EVW ;SQIR %VI JVSQ :IRYW MW E QERYEP JSV PSZMRK
VIPEXMSRWLMTW MR XLI - W -X VIZIEPW LS[ QIR ERH [SQIR HMJJIV MR EPP
EVIEW SJ XLIMV PMZIW 2SX SRP] HS QIR ERH [SQIR GSVRQYRMGEXI HMJJIVIRXP]
FYX XLI] XLMRO JIIP TIVGIMZI VIEGX VIWTSRH PSZI RIIH ERH ETTVIGMEXI
HMJJIVIRXP] 8LI] EPQSWX WIIQ XS FI JVSQ HMJJIVIRX TPERIXW WTIEOMRK
HMJJIVIRX PERKYEKIW ERH RIIHMRK HMJJIVIRX RSYVMWLQIRX

8LMW I\TERHIH YRHIVWXERHMRK SJ SYV HMJJIVIRGIW LIPTW VIWSPZI QYGL SJ XLI

JVYWXVEXMSR MR HIEPMRK [MXL ERH XV]MRK XS YRHIVWXERH XLI STTSWMXI WI\
1MWYRHIVWXERHMRKW GER XLIR FI UYMGOP] HMWWMTEXIH SV EZSMHIH -RGSVVIGX
I\TIGXEXMSRW EVI IEWMP] GSVVIGXIH ;LIR ]SY VIQIQFIV XLEX ]SYV TEVXRIV
MW EW HMJJIVIRX JVSQ ]SY EW WSQISRI JVSQ ERSXLIV TPERIX ]SY GER VIPE\
ERH GSSTIVEXI [MXL XLI HMJJIVIRGIW MRWXIEH SJ VIWMWXMRK SV XV]MRK XS GLERKI
XLIQ

1SWX MQTSVXERX XLVSYKLSYX XLMW FSSO ]SY [MPP PIEVR TVEGXMGEP XIGLRMUYIW
JSV WSPZMRK XLI TVSFPIQW XLEX EVMWI JVSQ SYV HMJJIVIRGIW 8LMW FSSO MW RSX
NYWX E XLISVIXMGEP EREP]WMW SJ TW]GLSPSKMGEP HMJJIVIRGIW FYX EPWS E TVEGXMGEP
QERYEP JSV LS[ XS WYGGIIH MR GVIEXMRK PSZMRK VIPEXMSRWLMTW

8LI XVYXL SJ XLIWI TVMRGMTPIW MW WIPJ IZMHIRX ERH GER FI ZEPMHEXIH F] ]SYV
S[R I\TIVMIRGI EW [IPP EW F] GSQQSR WIRWI 1ER] I\EQ
TPIW [MPP WMQTP] ERH GSRGMWIP] I\TVIWW [LEX ]SY LEZI EP[E]W MRXYMXMZIP]
ORS[R 8LMW ZEPMHEXMSR [MPP EWWMWX ]SY MR FIMRK ]SY ERH MR RSX PSWMRK
]SYVWIPJ MR ]SYV VIPEXMSRWLMTW

-R VIWTSRWI XS XLIWI MRWMKLXW QIR SJXIR WE] 8LMW MW I\EGXP] LS[ - EQ

,EZI ]SY FIIR JSPPS[MRK QI EVSYRH# - RS PSRKIV JIIP PMOI WSQIXLMRK MW
[VSRK [MXL QI

;SQIR SJXIR WE] *MREPP] Q] LYWFERH PMWXIRW XS QI - HSR X LEZI XS JMKLX

XS FI ZEPMHEXIH ;LIR ]SY I\TPEMR SYV HMJJIVIRGIW Q] LYWFERH
YRHIVWXERHW 8LERO ]SY
8LIWI EVI FYX E JI[ SJ XLI XLSYWERHW SJ MRWTMVEXMSREP GSQQIRXW XLEX
TISTPI LEZI WLEVIH EJXIV PIEVRMRK XLEX QIR EVI JVSQ 1EVW ERH [SQIR
EVI JVSQ :IRYW 8LI VIWYPXW SJ XLMW RI[ TVSKVEQ JSV YRHIVWXERHMRK XLI
STTSWMXI WI\ EVI RSX SRP] HVEQEXMG ERH MQQIHMEXI FYX EPWS PSRK PEWXMRK

'IVXEMRP] XLI NSYVRI] SJ GVIEXMRK E PSZMRK VIPEXMSRWLMT GER FI VSGO] EX

XMQIW 4VSFPIQW EVI MRIZMXEFPI &YX XLIWI TVSFPIQW IMXLIV GER FI WSYVGIW
SJ VIWIRXQIRX ERH VINIGXMSR SV GER FI STTSVXYRMXMIW JSV HIITIRMRK
MRXMQEG] ERH MRGVIEWMRK PSZI GEVMRK ERH XVYWX 8LI MRWMKLXW SJ XLMW FSSO
EVI RSX E UYMGO JM\ XS IPMQMREXI EPP TVSFPIQW -RWXIEH XLI] TVSZMHI E RI[
ETTVSEGL [LIVIF] ]SYV VIPEXMSRWLMTW GER WYGGIWWJYPP] WYTTSVX ]SY MR
WSPZMRK PMJI W TVSFPIQW EW XLI] EVMWI ;MXL XLMW RI[ E[EVIRIWW ]SY [MPP
LEZI XLI XSSPW ]SY RIIH XS KIX XLI PSZI ]SY HIWIVZI ERH XS KMZI ]SYV
TEVXRIV XLI PSZI ERH WYTTSVX LI SV WLI HIWIVZIW

- QEOI QER] KIRIVEPM^EXMSRW EFSYX QIR ERH [SQIR MR XLMW FSSO

4VSFEFP] ]SY [MPP JMRH WSQI GSQQIRXW XVYIV XLER SXLIVW EJXIV EPP [I
EVI YRMUYI MRHMZMHYEPW [MXL YRMUYI I\TIVMIRGIW 7SQIXMQIW MR Q] WIQMREV
GSYTPIW ERH MRHMZMHYEPW [MPP WLEVI XLEX XLI] VIPEXI XS XLI I\EQTPIW SJ QIR
ERH [SQIR FYX MR ER STTSWMXI [E] 8LI QER VIPEXIW XS Q] HIWGVMTXMSRW SJ
[SQIR ERH XLI [SQER VIPEXIW XS Q] HIWGVMTXMSRW SJ QIR - GEPP XLMW VSPI
VIZIVWEP

-J ]SY HMWGSZIV ]SY EVI I\TIVMIRGMRK VSPI VIZIVWEP - [ERX XS EWWYVI ]SY
XLEX IZIV]XLMRK MW EPP VMKLX - WYKKIWX XLEX [LIR ]SY HS RSX VIPEXI XS
WSQIXLMRK MR XLMW FSSO IMXLIV MKRSVI MX QSZMRK SR XS
WSQIXLMRK ]SY HS VIPEXI XS SV PSSO HIITIV MRWMHI ]SYVWIPJ 1ER] QIR
LEZI HIRMIH WSQI SJ XLIMV QEWGYPMRI EXXVMFYXIW MR SVHIV XS FIGSQI QSVI
PSZMRK ERH RYVXYVMRK 0MOI[MWI QER] [SQIR LEZI HIRMIH WSQI SJ XLIMV
JIQMRMRI EXXVMFYXIW MR SVHIV XS IEVR E PMZMRK MR E [SVO JSVGI XLEX VI[EVHW
QEWGYPMRI EXXVMFYXIW -J XLMW MW XLI GEWI XLIR F] ETTP]MRK XLI WYKKIWXMSRW
WXVEXIKMIW ERH XIGLRMUYIW MR XLMW FSSO ]SY RSX SRP] [MPP GVIEXI QSVI
TEWWMSR MR ]SYV VIPEXMSRWLMTW FYX EPWS [MPP MRGVIEWMRKP] FEPERGI ]SYV
QEWGYPMRI ERH JIQMRMRI GLEVEGXIVMWXMGW

-R XLMW FSSO - HS RSX HMVIGXP] EHHVIWW XLI UYIWXMSR SJ [L] QIR ERH [SQIR
EVI HMJJIVIRX 8LMW MW E GSQTPI\ UYIWXMSR XS [LMGL XLIVI EVI QER]
ERW[IVW VERKMRK JVSQ FMSPSKMGEP HMJJIVIRGIW TEVIRXEP MRJPYIRGI
IHYGEXMSR ERH FMVXL SVHIV XS GYPXYVEP GSRHMXMSRMRK F] WSGMIX] XLI QIHME
ERH LMWXSV] 8LIWI MWWYIW EVI I\TPSVIH MR KVIEX HITXL MR Q] FSSO 1IR
;SQIR ERH 6IPEXMSRWLMTW 1EOMRK 4IEGI [MXL XLI 3TTSWMXI 7I\

%PXLSYKL XLI FIRIJMXW SJ ETTP]MRK XLI MRWMKLXW MR XLMW FSSO EVI MQQIHMEXI
XLMW FSSO HSIW RSX VITPEGI XLI RIIH JSV XLIVET] ERH GSYRWIPMRK JSV
XVSYFPIH VIPEXMSRWLMTW SV WYVZMZSVW SJ E H]WJYRGXMSREP JEQMP] )ZIR LIEPXL]
MRHMZMHYEPW QE] RIIH XLIVET] SV GSYRWIPMRK EX GLEPPIRKMRK XMQIW - FIPMIZI
WXVSRKP] MR XLI TS[IVJYP ERH KVEHYEP XVERWJSVQEXMSR XLEX SGGYVW MR
XLIVET] QEVVMEKI GSYRWIPMRK ERH X[IPZI WXIT VIGSZIV] KVSYTW

=IX VITIEXIHP] - LEZI LIEVH TISTPI WE] XLEX XLI] LEZI FIRIJMXIH QSVI
JVSQ XLMW RI[ YRHIVWXERHMRK SJ VIPEXMSRWLMTW XLER JVSQ ]IEVW SJ XLIVET] -
LS[IZIV FIPMIZI XLEX XLIMV ]IEVW SJ XLIVET] SV VIGSZIV] [SVO TVSZMHIH XLI
KVSYRH[SVO XLEX EPPS[IH XLIQ XS ETTP] XLIWI MRWMKLXW WS WYGGIWWJYPP] XS
XLIMV PMJI ERH VIPEXMSRWLMTW
-J SYV TEWX [EW H]WJYRGXMSREP XLIR IZIR EJXIV ]IEVW SJ XLIVET] SV
EXXIRHMRK VIGSZIV] KVSYTW [I WXMPP RIIH E TSWMXMZI TMGXYVI SJ LIEPXL]
VIPEXMSRWLMTW 8LMW FSSO TVSZMHIW XLEX ZMWMSR 3R XLI SXLIV LERH IZIR MJ
SYV TEWX LEW FIIR ZIV] PSZMRK ERH RYVXYVMRK XMQIW LEZI GLERKIH ERH E
RI[ ETTVSEGL XS VIPEXMSRWLMTW FIX[IIR XLI WI\IW MW WXMPP VIUYMVIH -X MW
IWWIRXMEP XS PIEVR RI[ ERH LIEPXL] [E]W SJ VIPEXMRK ERH GSQQYRMGEXMRK

- FIPMIZI IZIV]SRI GER FIRIJMX JVSQ XLI MRWMKLXW MR XLMW FSSO 8LI
SRP] RIKEXMZI VIWTSRWI - LIEV JVSQ TEVXMGMTERXW MR Q] WIQMREVW ERH MR XLI
PIXXIVW - VIGIMZI MW - [MWL WSQISRI LEH XSPH QI XLMW FIJSVI

-X MW RIZIV XSS PEXI XS MRGVIEWI XLI PSZI MR ]SYV PMJI =SY SRP] RIIH XS PIEVR
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HMZSVGI HIGVIEWI ERH XLI RYQFIV SJ LETT] QEVVMEKIW MRGVIEWI 3YV
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WIPIGXMZI EQRIWME

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;I QMWXEOIRP] EWWYQI XLEX MJ SYV TEVXRIVW PSZI YW XLI] [MPP VIEGX ERH
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MX TVIZIRXW YW JVSQ XEOMRK XLI RIGIWWEV] XMQI XS GSQQYRMGEXI PSZMRKP]
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GSRJYWMSR [LIR HIEPMRK [MXL XLI STTSWMXI WI\ ;LIR ]SY VIQIQFIV XLEX
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%2 3:)6:-); 3* 396 (-**)6)2')7

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MRLIVIRXP] HMJJIVIRX ERH XV] XS YRHIVWXERH XLI X[S FMKKIWX QMWXEOIW [I
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FSXLIVMRK XLIQ =SY [MPP PIEVR RI[ WXVEXIKMIW JSV KIXXMRK [LEX ]SY [ERX
EX XLIWI GSRJPMGXMRK XMQIW

;I [MPP I\TPSVI LS[ XS QSXMZEXI XLI STTSWMXI WI\ MR GLETXIV 1IR EVI
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IEGL SXLIV FIGEYWI XLI] WTIEO HMJJIVIRX PERKYEKIW % 1EVXMER :IRYWMER
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JSV MRXMQEG] % QER KIXW GPSWI FYX XLIR MRIZMXEFP] RIIHW XS TYPP E[E]
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[LIR XLI] EVI RIIHIH XLI QSWX ERH LS[ XS FI WOMPPJYPP] WYTTSVXMZI EX
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OMRH SJ PSZI XLEX MW XVYWXMRK EGGITXMRK ERH ETTVIGMEXMZI ;SQIR TVMQEVMP]
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]SYV TEVXRIV

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PIEVR XLEX F] EGXMRK EW MJ XLI] EVI EP[E]W VMKLX XLI] QE] MRZEPMHEXI E
[SQER W JIIPMRKW ;SQIR [MPP PIEVR LS[ XLI] YRORS[MRKP] WIRH
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HIJIRWIW 8LI EREXSQ] „„„ „„ SJ ER EVKYQIRX [MPP FI I\TPSVIH EPSRK [MXL
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JSGYWMRK SR SRI FMK KMJX QIR EVI VIQMRHIH XLEX XLI PMXXPI I\TVIWWMSRW SJ
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HMJJMGYPX XMQIW 8LI HMJJIVIRX [E]W QIR ERH [SQIR LMHI JIIPMRKW EVI
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TEVXRIV EW E [E] SJ JMRHMRK KVIEXIV PSZI ERH JSVKMZIRIWW =SY [MPP
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%WOMRK JSV WYTTSVX MR GLETXIV EW [IPP EW [L] 1EVXMERW GSQQSRP] VIWMWX

VIUYIWXW =SY [MPP PIEVR LS[ XLI TLVEWIW GSYPH ]SY ERH GER ]SY XYVR
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PSZI EPMZI

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VIPEXMSRWLMTW

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JSVIZIV ;I REMZIP] FIPMIZI XLEX WSQILS[ [I EVI I\IQTX JVSQ XLI
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&YX EW XLI QEKMG VIGIHIW ERH HEMP] PMJI XEOIW SZIV MX IQIVKIW XLEX QIR
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SYV HMJJIVIRGIW [I HS RSX XEOI XLI XMQI XS YRHIVWXERH ERH VIWTIGX IEGL
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;MXL XLI FIWX ERH QSWX PSZMRK MRXIRXMSRW PSZI GSRXMRYIW XS HMI 7SQILS[
XLI TVSFPIQW GVIIT MR 8LI VIWIRXQIRXW FYMPH 'SQQYRMGEXMSR FVIEOW
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WLI RIIHW XS JIIP LMW HMVIGX EXXIRXMSR ERH GEVMRK ERH XLEX MW [LEX WLI MW
VIEPP] EWOMRK JSV

;LIR WLI WE]W - JIIP PMOI - EQ RSX MQTSVXERX XS ]SY LI WE]W 8LEX W
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,I VIEWSRW XLEX LIV JIIPMRKW EVI MRZEPMH FIGEYWI LI MW WSPZMRK TVSFPIQW XS

FIRIJMX LIV ,I HSIWR X VIEPM^I XLEX [LIR LI JSGYWIW SR SRI TVSFPIQ ERH
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LEZI XLI WEQI VIEGXMSR ERH XEOI MX TIVWSREPP] ERH JIIP YRMQTSVXERX
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HSMRK WSQIXLMRK XLEX MW IWWIRXMEP JSV LMQ XS WSPZI TVSFPIQW ,I JIIPW
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LMW GEZI E QER MW TVISGGYTMIH [MXL WSPZMRK LMW TVSFPIQ ERH MW YRE[EVI SJ
LS[ LMW MRHMJJIVIRX EXXMXYHI QMKLX JIIP XS SXLIVW

83 MRGVIEWI GSSTIVEXMSR FSXL QIR ERH [SQIR RIIH XS YRHIVWXERH IEGL

SXLIV FIXXIV ;LIR E QER FIKMRW XS MKRSVI LMW [MJI WLI SJXIR XEOIW MX
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%X WYGL XMQIW WLI QE] JIIP XLI RIIH XS XEPO EFSYX XLIWI JIIPMRKW 8LMW MW
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;LIR E [SQER MW SZIV[LIPQIH WLI JMRHW VIPMIJ XLVSYKL XEPOMRK MR KVIEX

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RIIH RSX FI MR ER] SVHIV ERH XIRH XS FI PSKMGEPP] YRVIPEXIH -J WLI JIIPW
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E[EVIRIWW QE] I\TERH IZIR JYVXLIV ERH WLI QE] FIGSQI YTWIX EFSYX
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QSVI TVSFPIQW %JXIV SJJIVMRK X[S SV XLVII WSPYXMSRW LI I\TIGXW LIV XS
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JIIP FIXXIV LI JIIPW
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LI HIJIRHW LMQWIPJ LS[IZIV XLI QSVI YTWIX WLI FIGSQIW ,I HSIWR X
VIEPM^I XLEX I\TPEREXMSRW EVI RSX [LEX WLI RIIHW 7LI RIIHW LMQ XS
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EFSYX LMQ WLI [MPP GLERKI XLI WYFNIGX ERH XEPO EFSYX SXLIV TVSFPIQW EW
[IPP

1IR EPWS FIGSQI TEVXMGYPEVP] JVYWXVEXIH [LIR E [SQER XEPOW EFSYX

TVSFPIQW XLEX LI GER HS RSXLMRK EFSYX *SV I\EQTPI [LIR E [SQER MW
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ˆ - Q RSX KIXXMRK TEMH IRSYKL EX [SVO

ˆ 1= %YRX 0SYMWI MW KIXXMRK WMGOIV ERH WMGOIV IEGL ]IEV WLI KIXW WMGOIV

ˆ 3YV LSYWI NYWX MWR X FMK IRSYKL

ˆ 8LMW MW WYGL E HV] WIEWSR ;LIR MW MX KSMRK XS VEMR

ˆ ;I EVI EPQSWX SZIVHVE[R MR SYV FERO EGGSYRX

% [SQER QMKLX QEOI ER] SJ XLI EFSZI GSQQIRXW EW E [E] SJ I\TVIWWMRK
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QEXI TEVXRIV YRPIWW LI YRHIVWXERHW XLEX WLI NYWX RIIHW XS XEPO EFSYX MX
ERH XLIR WLI [MPP JIIX FIXXIV

1IR EPWS FIGSQI MQTEXMIRX [LIR [SQIR XEPO EFSYX TVSFPIQW MR KVIEX
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%KEMR LI HSIWR X VIEPM^I XLEX WLI MW PSSOMRK RSX JSV E WSPYXMSR JVSQ LMQ FYX
JSV LMW GEVMRK ERH YRHIVWXERHMRK

-R EHHMXMSR PMWXIRMRK MW HMJJMGYPX JSV E QER FIGEYWI LI QMWXEOIRP] EWWYQIW

XLIVI MW E PSKMGEP SVHIV [LIR WLI VERHSQP] GLERKIW JVSQ

SRI TVSFPIQ XS ERSXLIV %JXIV WLI LEW WLEVIH XLVII SV JSYV TVSFPIQW LI
FIGSQIW I\XVIQIP] JVYWXVEXIH ERH GSRJYWIH XV]MRK PSKMGEPP] XS VIPEXI
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%RSXLIV VIEWSR E QER QE] VIWMWX PMWXIRMRK MW XLEX LI MW PSSOMRK JSV XLI
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SYXGSQI 8LI QSVI HIXEMPW WLI KMZIW XLI QSVI LI MW JVYWXVEXIH [LMPI
PMWXIRMRK ,MW JVYWXVEXMSR MW PIWWIRIH MJ LI GER

VIQIQFIV XLEX WLI MW KVIEXP] FIRIJMXMRK F] XEPOMRK EFSYX XLI HIXEMPW MJ LI

GER VIQIQFIV XLEX XEPOMRK MR HIXEMP MW LIPTMRK LIV XS JIIP KSSH
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MRXVMGEXI HIXEMPW SJ WSPZMRK E TVSFPIQ E [SQER MW JYPJMPPIH XLVSYKL XEPOMRK
EFSYX XLI HIXEMPW SJ LIV TVSFPIQW

7SQIXLMRK E [SQER GER HS XS QEOI MX E PMXXPI IEWMIV JSV E QER MW XS PIX

LMQ ORS[ MR EHZERGI XLI SYXGSQI SJ XLI WXSV] ERH XLIR KS

FEGO ERH KMZI XLI HIXEMPW %ZSMH OIITMRK LMQ MR WYWTIRWI ;SQIR
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JIIPMRK MRXS XLI WXSV] %RSXLIV [SQER ETTVIGMEXIW XLMW FYMPHYT FYX E QER
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8LI HIKVII XS [LMGL E QER HSIW RSX YRHIVWXERH E [SQER MW XLI HIKVII
XS [LMGL LI [MPP VIWMWX LIV [LIR WLI MW XEPOMRK EFSYX TVSFPIQW %W E QER
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HMWGSZIVW XLEX PMWXIRMRK -W RSX WS HMJJMGYPX 1SVI MQTSVXERX MJ E [SQER GER
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HSIWR X LEZI XS WSPZI ER] SJ XLIQ MX GER LIPT LMQ XS VIPE\ ERH PMWXIR

23; 8,) 1%68-%27 %2( :)297-%27 *392( 4)%')

8LI 1EVXMERW ERH :IRYWMERW PMZIH XSKIXLIV MR TIEGI FIGEYWI XLI] [IVI
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VIWTIGX XLEX :IRYWMERW RIIHIH XS XEPO XS JIIP FIXXIV )ZIR MJ LI HMHR X
LEZI QYGL XS WE] LI PIEVRIH XLEX F] PMWXIRMRK LI GSYPH FI ZIV]
WYTTSVXMZI 8LI :IRYWMERW PIEVRIH XS VIWTIGX XLEX 1EVXMERW RIIHIH XS
[MXLHVE[ XS GSTI [MXL WXVIWW 8LI GEZI [EW RS PSRKIV E KVIEX Q]WXIV] SV
GEYWI JSV EPEVQ

;LEX XLI 1EVXMERW 0IEVRIH

8LI 1EVXMERW VIEPM^IH XLEX IZIR [LIR XLI] JIPX XLI] [IVI FIMRK EXXEGOIH
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:IRYWMERW [SYPH WYHHIRP] JIIP FIXXIV ERH FI ZIV] ETTVIGMEXMZI ERH
EGGITXMRK &] PIEVRMRK XS PMWXIR XLI 1EVXMERW HMWGSZIVIH LS[ QYGL XLI
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)EGL 1EVXMER JSYRH TIEGI SJ QMRH [LIR LI JMREPP] YRHIVWXSSH XLEX E

:IRYWMER W RIIH XS XEPO EFSYX LIV TVSFPIQW [EW RSX FIGEYWI LI [EW
JEMPMRK LIV MR WSQI [E] -R EHHMXMSR LI PIEVRIH XLEX SRGI E :IRYWMER JIIPW
LIEVH WLI WXSTW H[IPPMRK SR LIV TVSFPIQW ERH FIGSQIW ZIV] TSWMXMZI
;MXL XLMW E[EVIRIWW E 1EVXMER [EW EFPI XS PMWXIR [MXLSYX JIIPMRK
VIWTSRWMFPI JSV WSPZMRK EPP LIV TVSFPIQW

1ER] QIR ERH IZIR [SQIR EVI ZIV] NYHKQIRXEP SJ XLI RIIH XS XEPO
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FI 8LI] LEZI RSX WIIR LS[ E [SQER [LS JIIPW LIEVH WYHHIRP] GER
GLERKI JIIP FIXXIV ERH WYWXEMR E TSWMXMZI EXXMXYHI +IRIVEPP] XLI] LEZI
WIIR LS[ E [SQER TVSFEFP] XLIMV QSXLIV [LS HMH RSX JIIP LIEVH
GSRXMRYIH XS H[IPP SR LIV TVSFPIQW 8LMW LETTIRW XS [SQIR [LIR XLI]
HS RSX JIIP PSZIH SV LIEVH SZIV ER I\XIRHIH TIVMSH SJ XMQI 8LI VIEP
TVSFPIQ LS[IZIV MW XLEX WLI JIIPW YRPSZIH RSX XLEX WLI MW XEPOMRK EFSYX
TVSFPIQW
%JXIV XLI 1EVXMERW PIEVRIH LS[ XS PMWXIR XLI] QEHI E QSWX EQE^MRK
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TVSFPIQW GSYPH EGXYEPP] LIPT XLIQ GSQI SYX SJ XLIMV GEZIW MR XLI WEQI
[E] EW [EXGLMRK XLI RI[W SR 8: SV VIEHMRK E RI[WTETIV

7MQMPEVP] EW QIR PIEVR XS PMWXIR [MXLSYX JIIPMRK FPEQIH SV VIWTSRWMFPI

PMWXIRMRK FIGSQIW QYGL IEWMIV %W E QER KIXW KSSH EX

PMWXIRMRK LI VIEPM^IW XLEX PMWXIRMRK GER FI ER I\GIPPIRX [E] XS JSVKIX XLI

TVSFPIQW SJ LMW HE] EW [IPP EW FVMRK E PSX SJ JYPJMPPQIRX XS LMW TEVXRIV &YX
SR HE]W [LIR LI MW VIEPP] WXVIWWIH LI QE] RIIH XS FI MR LMW GEZI ERH
WPS[P] GSQI SYX F] WSQI SXLIV HMWXVEGXMSR PMOI XLI RI[W SV E GSQTIXMXMZI
WTSVX

;LEX JMR :IRYWMERW 0IEVRIH

8LI :IRYWMERW EPWS JSYRH TIEGI SJ QMRH [LIR XLI] JMREPP] YRHIVWXSSH
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QYGL 8LI] PIEVRIH XS FI QSVI EGGITXMRK SJ LMQ EX XLIWI XMQIW FIGEYWI
LI [EW I\TIVMIRGMRK E PSX SJ WXVIWW

8LI :IRYWMERW [IVI RSX SJJIRHIH [LIR 1EVXMERW [IVI IEWMP] HMWXVEGXIH
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[SYPH FIKMR XEPOMRK EKEMR 7LI YRHIVWXSSH XLEX WSQIXMQIW MX [EW LEVH JSV
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XLI 1EVXMERW EXXIRXMSR MR E VIPE\IH ERH EGGITXMRK QERRIV XLI 1EVXMERW
[IVI LETT] XS VIHMVIGX XLIMV EXXIRXMSR
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)QTEXL] YRHIVWXERHMRK ZEPMHEXMSR ERH GSQTEWWMSR KS E PSRK [E] XS

EWWMWX LIV MR FIGSQMRK QSVI VIGITXMZI ERH ETTVIGMEXMZI SJ LMW WYTTSVX
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8II 1EH +MZMRK -W 8MVMRK

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SVHIV XS TPIEWI LIV TEVXRIV %W E QER QEXYVIW LI VIEPM^IW LS[ LI GER
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9RHIVWXERHMRK XVYWX GSQTEWWMSR EGGITXERGI ERH WYTTSVX EVI XLI

WSPYXMSR RSX FPEQMRK SYV TEVXRIVW ;LIR XLMW WMXYEXMSR SGGYVW MRWXIEH SJ
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7XIT 6IWTSRWMFMPMX]

8LI WIGSRH WXIT [EW XEOMRK VIWTSRWMFMPMX] .MQ RIIHIH XS XEOI

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7XIT 4VEGXMGI

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VIWTIGXMRK PMQMXW LI EYXSQEXMGEPP] MW QSXMZEXIH XS UYIWXMSR XLI
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PIEVRW XS VIPE\ ERH VIGIMZI QSVI

0)%62-2+ 83 6)')-:)

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% [SQER MW TEVXMGYPEVP] ZYPRIVEFPI XS XLI RIKEXMZI ERH MRGSVVIGX FIPMIJ

XLEX WLI HSIWR X HIWIVZI XS FI PSZIH -J EW E GLMPH WLI [MXRIWWIH EFYWI SV
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HMJJIVIRGI FIX[IIR RIIHMRK ERH RIIHMRIWW

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EJVEMH

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8S QEOI QEXXIVW [SVWI WLI JIIPW TS[IVPIWW XS KIX LMQ FEGO FIGEYWI WLI
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8S E GIVXEMR I\XIRX E QER PSWIW LMQWIPJ XLVSYKL GSRRIGXMRK [MXL LMW

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WSQIXLMRK WLI WE]W SV HSIW SJXIR XVMKKIVW LMW HITEVXYVI +IRIVEPP] [LIR
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23; 83 +)8 % 1%2 83 8%0/

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% [SQER WLEVMRK LIV XLSYKLXW REXYVEPP] QSXMZEXIW E QER XS XEPO &YX

[LIR LI JIIPW E HIQERH MW FIMRK QEHI XLEX LI XEPO LMW QMRH KSIW FPERO
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2S[ XS -RMXMEXI E 'SRZIVWEXMSR [MXL E 1ER

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;LIR LI MW EZEMPEFPI MRWXIEH SJ EWOMRK LMQ X[IRX] UYIWXMSRW SV

HIQERHMRK XLEX LI XEPO WLI GSYPH PIX LMQ ORS[ XLEX WLI ETTVIGMEXIW LMQ
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JVSQ XEPOMRK

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- ZI LEH E LEVH HE] ERH - [ERX XS XEPO EFSYX MX -X [MPP QEOI QI JIIP QYGL
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XS QI 8LMW ETTVIGMEXMSR IRGSYVEKIW E QER XS PMWXIR QSVI

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LI LEH VIWMWXIH LIV JSV X[IRX] ]IEVW

%JXIV LIEVMRK EFSYX QIR ERH VYFFIV FERHW MR XLI WIQMREV WLI FYVWX MRXS
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XLIMV TVSFPIQ 7LI VIGSKRM^IH LS[ WLI LEH GSRXVMFYXIH XS XLIMV
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7LI WEMH - VIQIQFIV MR SYV JMVWX ]IEV SJ QEVVMEKI - [SYPH STIR YT XEPO
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XS Q] JIIPMRKW - HMHR X KMZI LMQ E GLERGI - WXSTTIH FIMRK ZYPRIVEFPI -
[ERXIH LMQ XS STIR YT FIJSVI - [SYPH

3RI WMHIH 'SRZIVWEXMSRW

7ERHVE W GSRZIVWEXMSRW [IVI KIRIVEPP] SRI WMHIH 7LI [SYPH XV] XS KIX
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% SRI WMHIH GSRZIVWEXMSR QMKLX KS PMOI XLMW

7%2(6% ,S[ [EW ]SYV HE]#

0%66= 3/
7%2(6% ;LEX LETTIRIH#
0%66= 8LI YWYEP
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0%66= - HSR X GEVI ;LEX HS ]SY [ERX XS HS#
7%2(6% (S ]SY [ERX XS MRZMXI SYV JVMIRHW SZIV#

0%66= - HSR X ORS[ (S ]SY ORS[ [LIVI XLI

8: WGLIHYPI MW#

7%2(6% YTWIX ;L] HSR X ]SY XEPO XS QI#

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VIEWWYVIH XLEX LI [EWR X TIVQERIRXP] VIZIVXMRK FEGO XS XLI SPH ,EVVMW
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YTWIX 7LI HIWIVZIH XS FI LIEVH YRHIVWXSSH ERH VIEWWYVIH ,EVVMW [EW
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,EVVMW JIPX LI LEH XS QEOI LIV JIIPMRKW [VSRK XS KEMR XLI VMKLX XS [EXGL
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- EWWYVIH LMQ XLEX XLMW MW RSVQEP ;LIR LIV [EZI GVEWLIW ERH WLI RIIHW
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;LEX 'EXL] KIXW MW XLI FIWX LIV TEVXRIV GER KMZI EX XLI XMQI &] RSX
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% QER FIGSQIW JYPP] VIGITXMZI XS ERH ETTVIGMEXMZI SJ XLI WM\ OMRHW SJ PSZI
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TS[IVJYP WIGVIX JSV MQTVSZMRK VIPEXMSRWLMTW SR )EVXL 6IQIQFIVMRK XLEX
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- 7LI 2IIHW 'EVMRK ERH ,I 2IIHW 8VYWX

;LIR E QER WLS[W MRXIVIWX MR E [SQER W JIIPMRKW ERH LIEVXJIPX GSRGIVR

JSV LIV [IPP FIMRK WLI JIIPW PSZIH ERH GEVIH JSV ;LIR LI QEOIW LIV JIIP
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;LIR E [SQER W EXXMXYHI MW STIR ERH VIGITXMZI XS[EVH E QER LI JIIPW

XVYWXIH 8S XVYWX E QER -W XS FIPMIZI XLEX LI MW HSMRK LMW FIWX ERH XLEX LI
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JIIPMRKW ERH RIIHW
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;LIR E QER PMWXIRW [MXLSYX NYHKQIRX FYX [MXL IQTEXL] ERH VIPEXIHRIWW
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[SQER W RIIH XS FI LIEVH ERH YRHIVWXSSH MW JYPJMPPIH XLI IEWMIV MX MW JSV
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;LIR E [SQER PSZMRKP] VIGIMZIW E QER [MXLSYX XV]MRK XS GLERKI LMQ LI

JIIPW EGGITXIH %R EGGITXMRK EXXMXYHI HSIW RSX VINIGX FYX EJJMVQW XLEX LI
MW FIMRK JEZSVEFP] VIGIMZIH -X HSIW RSX QIER XLI [SQER FIPMIZIW LI MW
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QYGL IEWMIV JSV LMQ XS PMWXIR ERH KMZI LIV XLI YRHIVWXERHMRK WLI RIIHW
ERH HIWIVZIW
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;LIR E QER VIWTSRHW XS E [SQER MR E [E] XLEX EGORS[PIHKIW ERH

TVMSVMXM^IW LIV VMKLXW [MWLIW ERH RIIHW WLI JIIPW VIWTIGXIH ;LIR LMW
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KMZI LIV QER XLI ETTVIGMEXMSR XLEX LI HIWIVZIW
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7LI 2IIHW (IZSXMSR ERH ,I 2IIHW %HQMVEXMSR

;LIR E QER KMZIW TVMSVMX] XS E [SQER W RIIHW ERH TVSYHP] GSQQMXW

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7LI ,SHW :EPMHEXMSR ERH ,I 2IIHW %TTVSZEP

;LIR E QER HSIW RSX SFNIGX XS SV EVKYI [MXL E [SQER W JIIPMRKW ERH
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LI TVMQEVMP] RIIHW

(IIT MRWMHI IZIV] QER [ERXW XS FI LMW [SQER W LIVS SV ORMKLX MR WLMRMRK
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7LI 2IIHW 6IEWWYVERGI ERH ,I 2IIHW )RGSYVEKIQIRX

;LIR E QER VITIEXIHP] WLS[W XLEX LI GEVIW YRHIVWXERHW VIWTIGXW

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% QER GSQQSRP] QEOIW XLI QMWXEOI SJ XLMROMRK XLEX SRGI LI LEW QIX EPP
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JYPJMPP LIV WM\XL TVMQEV] PSZI RIIH LI QYWX VIQIQFIV XS VIEWWYVI LIV
EKEMR ERH EKEMR
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[SQER W IRGSYVEKMRK EXXMXYHI KMZIW LSTI ERH GSYVEKI XS E QER F]
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RIIHW

8LI FIWX GSQIW SYX MR E QER [LIR L W WM\ TVMQEV] PSZI RIIHW EVI JYPJMPPIH
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8,) /2-+,8 -2 7,-2-2+ %6136

(IIT MRWMHI IZIV] QER XLIVI MW E LIVS SV E ORMKLX MR WLMRMRK EVQSV 1SVI
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XS XIPP LIV - PSZI ]SY

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1EOI XLI FIH ERH GPIER YT XLI FIHVSSQ

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2SXMGI [LIR XLI XVEWL MW JYPP ERH SJJIV XS IQTX] MX

;LIR ]SY EVI SYX SJ XS[R GEPP XS PIEZI E XIPITLSRI RYQFIV [LIVI
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- ;EWL LIV GEV

;EWL ]SYV GEV ERH GPIER YT XLI MRXIVMSV FIJSVI E HEXI [MXL LIV

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8EOI LIV WMHI [LIR WLI MW YTWIX [MXL WSQISRI

3JJIV XS KMZI LIV E FEGO SV RIGO SV JSSX QEWWEKI SV EPP XLVII

1EOI E TSMRX SJ GYHHPMRK SV FIMRK EJJIGXMSREXI WSQIXMQIW [MXLSYX

FIMRK WI\YEP
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(SR X JPMGO XLI VIQSXI GSRXVSP XS HMJJIVIRX GLERRIPW [LIR WLI MW

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(MWTPE] EJJIGXMSR MR TYFPMG

;LIR LSPHMRK LERHW HSR X PIX ]SYV LERH KS PMQT

- 0IEVR LIV JEZSVMXI HVMROW WS ]SY GER SJJIV LIV E

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7YKKIWX HMJJIVIRX VIWXEYVERXW JSV KSMRK SYX HSR X TYX XLI FYVHIR SJ
JMKYVMRK SYX [LIVI XS KS SR LIV

+IX WIEWSR XMGOIXW JSV XLI XLIEXIV W]QTLSR] STIVE FEPPIX SV WSQI
SXLIV X]TI SJ TIVJSVQERGI WLI PMOIW

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&I YRHIVWXERHMRK [LIR WLI MW PEXI SV HIGMHIW XS GLERKI LIV SYXJMX

4E] QSVI EXXIRXMSR XS LIV XLER XS SXLIVW MR TYFPMG

1EOI LIV QSVI MQTSVXERX XLER XLI GLMPHVIR 0IX XLI GLMPHVIR WII LIV
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&Y] LIV PMXXPI TVIWIRXW PMOI E WQEPP FS\ SJ GLSGSPEXIW SV TIVJYQI

 &Y] LIV ER SYXJMX XEOI E TMGXYVI SJ ]SYV TEVXRIV EPSRK [MXL LIV WM^IW
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8EOI TMGXYVIW SJ LIV SR WTIGMEP SGGEWMSRW

- 8EOI WLSVX VSQERXMG KIXE[E]W

0IX LIV WII XLEX ]SY GEVV] E TMGXYVI SJ LIV MR ]SYV [EPPIX ERH YTHEXI MX
JVSQ XMQI XS XMQI

;LIR WXE]MRK MR E LSXIP LEZI XLIQ TVITEVI XLI VSSQ [MXL WSQIXLMRK
WTIGMEP PMOI E FSXXPI SJ GLEQTEKRI SV WTEVOPMRK ETTPI NYMGI SV JPS[IVW

;VMXI E RSXI SV QEOI E WMKR SR WTIGMEP SGGEWMSRW WYGL EW

ERRMZIVWEVMIW ERH FMVXLHE]W

3JJIV XS HVMZI XLI GEV SR PSRK XVMTW

(VMZI WPS[P] ERH WEJIP] VIWTIGXMRK LIV TVIJIVIRGIW %JXIV EPP WLI MW
WMXXMRK TS[IVPIWW MR XLI JVSRX WIEX

2SXMGI LS[ WLI -W JIIPMRK ERH GSQQIRX SR MX =SY PSSO LETT] XSHE]
SV =SY PSSO XMVIH ERH XLIR EWO E UYIWXMSR PMOI ,S[ [EW ]SYV HE]#
;LIR XEOMRK LIV SYX WXYH] MR EHZERGI XLI HMVIGXMSRW WS XLEX WLI HSIW
RSX LEZI XS JIIP VIWTSRWMFPI XS REZMKEXI

8EOI LIV HERGMRK SV XEOI HERGMRK PIWWSRW XSKIXLIV

 7YVTVMWI LIV [MXL E PSZI RSXI SV TSIQ

- 8VIEX LIV MR [E]W ]SY HMH EX XLI FIKMRRMRK SJ XLI VIPEXMSRWLMT

3JJIV XS JM\ WSQIXLMRK EVSYRH XLI LSYWI 7E] ;LEX RIIHW XS FI JM\IH
EVSYRH LIVI# - LEZI WSQI I\XVE XMQI (SR X XEOI SR QSVI XLER ]SY GER
HS

3JJIV XS WLEVTIR LIV ORMZIW MR XLI OMXGLIR

&Y] WSQI KSSH 7YTIV +PYI XS JM\ XLMRKW XLEX EVI FVSOIR

3JJIV XS GLERKI JMKLX FYPFW EW WSSR EW XLI] KS SYX

,IPT [MXL VIG]GPMRK XLI XVEWL

6IEH SYX PSYH SV GYX SYX WIGXMSRW SJ XLI RI[WTETIV XLEX [SYPH
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;VMXI SYX RIEXP] ER] TLSRI QIb ]SY QE] XEOI JSV LIV

/IIT XLI FEXLVSSQ JPSSV GPIER ERH HV] MX EJXIV XEOMRK E WLS[IV

3TIR XLI HSSV JSV LIV

- 3JJIV XS GEVV] XLI KVSGIVMIW

3JJIV XS GEVV] LIEZ] FS\IW JSV LIV

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-J WLI [EWLIW XLI HMWLIW SV MX MW LIV VYQ SJJIV XS LIPT WGVYF TSXW SV
SXLIV HMJJMGYPX XEWOW

1EOI E XS JM\ PMWX ERH PIEZI MX MR XLI OMXGLIR ;LIR ]SY LEZI I\XVE
XMQI HS WSQIXLMRK SR XLEX JMWX JSV LIV (SR X PIX MX KIX XSS PSRK

;LIR WLI TVITEVIW E QIEP GSQTPMQIRX LIV GSSOMRK

;LIR PMWXIRMRK XS LIV XEPO YWI I]I GSRXEGX

8SYGL LIV [MXL ]SYV LERH WSQIXMQIW [LIR ]SY XEPO XS LIV

7LS[ MRXIVIWX MR [LEX WLI HSIW HYVMRK XLI HE] MR XLI FSSOW WLI VIEHW
ERH XLI TISTPI WLI VIPEXIW XS

;LIR PMWXIRMRK XS LIV VIEWWYVI LIV XLEX ]SY EVI MRXIVIWXIH F] QEOMRK
PMXXPI RSMWIW PMOI EL LE YL LYL SL QQLYL ERH LQQQQ

- %WO LIV LS[ WLI MW JIIPMRK

-J WLI LEW FIIR WMGO MR WSQI [E] EWO JSV ER YTHEXI ERH EWO LS[ WLI
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-J WLI MW XMVIH SJJIV XS QEOI LIV WSQI XIE

+IX VIEH] XS KS XS WPIIT XSKIXLIV ERH KIX MR FIH EX XLI WEQI XMQI
 +MZI LIV E OMWW ERH WE] KSSH F]I [LIR ]SY PIEZI

0EYKL EX LIV NSOIW ERH LYQSV

:IVFEPP] WE] XLERO ]SY [LIR WLI HSIW XLMRKW JSV ]SY

2SXMGI [LIR WLI KIXW LIV LEMV HSRI ERH KMZI E VIEWWYVMRK
GSQTPMQIRX

'VIEXI WTIGMEP XMQI XS FI EPSRI XSKIXLIV

(SR X ERW[IV XLI TLSRI EX MRXMQEXI QSQIRXW SV MJ WLI MW WLEVMRK

ZYPRIVEFPI JIIPMRKW

- +S FMG]GPMRK XSKIXLIV IZIR MJ MX W NYWX E WLSVX VMHI

3VKERM^I ERH TVITEVI E TMGRMG 6IQIQFIV XS FVMRK E TMGRMG GPSXL

-J WLI LERHPIW XLI PEYRHV] FVMRK XLI GPSXLIW XS XLI GPIERIVW SV SJJIV XS
HS XLI [EWL

8EOI LIV JSV E [EPO [MXLSYX XLI GLMPHVIR

2IKSXMEXI MR E QERRIV XLEX WLS[W LIV XLEX ]SY [ERX LIV XS KIX [LEX
WLI [ERXW ERH ]SY EPWS [ERX [LEX ]SY [ERX &I GEVMRK FYX HSR X FI E
QEVX]V

0IX LIV ORS[ XLEX ]SY QMWWIH LIV [LIR ]SY [IRX E[E]
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-J WLI RSVQEPP] WLSTW JSV XLI JSSH SJJIV XS HS XLI JSSH WLSTTMRK

)EX PMKLXP] SR VSQERXMG SGGEWMSRW WS XLEX ]SY HSR X FIGSQI WXYJJIH

ERH XMVIH PEXIV

- %WO LIV XS EHH LIV XLSYKLXW XS XLMW PMWX

- - 0IEZI XLI FEXLVSSQ WIEX HS[R

8,) 1%+-' 3* (3-2+ 0-880) 8,-2+7

-X W QEKMG [LIR E QER HSIW PMXXPI XLMRKW JSV LMW [SQER -X OIITW LIV PSZI
XERO JYPP ERH XLI WGSVI IZIR ;LIR XLI WGSVI MW IZIR SV EPQSWX IZIR E
[SQER ORS[W WLI MW PSZIH [LMGL QEOIW LIV QSVI XVYWXMRK ERH PSZMRK MR
VIXYVR ;LIR E [SQER ORS[W WLI W PSZIH WLI GER PSZI [MXLSYX
VIWIRXQIRX

(SMRK PMXXPI XLMRKW JSV E [SQER MW EPWS LIEPMRK JSV E QER -R JEGX XLSWI
PMXXPI XLMRKW [MPP XIRH XS LIEP LMW VIWIRXQIRXW EW [IPP EW LIVW ,I FIKMRW XS
JIIP TS[IVJYP ERH IJJIGXMZI FIGEYWI WLI W KIXXMRK XLI GEVMRK WLI RIIHW
&SXL EVI XLIR JYPJMPPIH

;LEX E 1ER 2I[W

NYWX EW QIR RIIH XS GSRXMRYI HSMRK PMXXPI XLMRKW JSV E [SQER WLI RIIHW XS
FI TEVXMGYPEVP] EXXIRXMZI XS ETTVIGMEXI XLI PMXXPI XLMRKW LI HSIW JSV LIV
;MXL E WQMPI ERH E XLEROW WLI GER PIX LMQ ORS[ LI LEW WGSVIH E TSMRX %
QER RIIHW XLMW ETTVIGMEXMSR ERH IRGSYVEKIQIRX XS GSRXMRYI KMZMRK ,I
RIIHW XS JIIP LI GER QEOI E HMJJIVIRGI 1IR WXST KMZMRK [LIR XLI] JIIP
XLI] EVI FIMRK XEOIR JSV KVERXIH % [SQER RIIHW XS PIX LMQ ORS[ XLEX
[LEX LI MW HSMRK MW ETTVIGMEXIH

8LMW HSIWR X QIER XLEX WLI LEW XS TVIXIRH XLEX IZIV]XLMRK MW RS[
TIVJIGXP] [SRHIVJYP FIGEYWI LI LEW IQTXMIH XLI XVEWL JSV LIV &YX WLI
GER WMQTP] RSXMGI XLEX LI LEW IQTXMIH XLI XVEWL ERH WE] XLEROW
+VEHYEPP] QSVI PSZI [MPP JPS[ JVSQ FSXL WMHIW

;LEX E 1ER 2IIHW E ;SQER XS %GGITX

% [SQER RIIHW XS EGGITX E QER W MRWXMRGXMZI XIRHIRGMIW XS JSGYW EPP LMW

IRIVKMIW MRXS SRI FMK XLMRK ERH QMRMQM^I XLI MQTSVXERGI SJ XLI PMXXPI
XLMRKW &] EGGITXMRK XLMW MRGPMREXMSR MX [MPP RSX FI EW LYVXJYP XS LIV 6EXLIV
XLER VIWIRXMRK LMQ JSV KMZMRK PIWW WLI GER GSRWXVYGXMZIP] [SVO [MXL LMQ
XS WSPZI XLI TVSFPIQ 7LI GER VITIEXIHP] PIX LMQ ORS[ LS[ QYGL WLI
ETTVIGMEXIW XLI PMXXPI XLMRKW LI LEW HSRI JSV LIV ERH XLEX LI [SVOW LEVH
ERH EXXIRXMZIP]

7LI GER VIQIQFIV XLEX LMW JSVKIXXMRK XS HS XLI PMXXPI XLMRKW HSIWR X QIER
LI HSIWR X PSZI LIV FYX XLEX LI LEW FIGSQI XSS JSGYWIH SR FMK XLMRKW
EKEMR -RWXIEH SJ JMKLXMRK LMQ SV TYRMWLMRK LMQ WLI GER IRGSYVEKI LMW
TIVWSREP MRZSPZIQIRX F] EWOMRK JSV LMW WYTTSVX ;MXL QSVI ETTVIGMEXMSR
ERH IRGSYVEKIQIRX E QER [MPP KVEHYEPP] PIEVR XS ZEPYI XLI PMXXPI XLMRKW EW
[IPP EW XLI FMK ,I [MPP FIGSQI PIWW HVMZIR XS FI QSVI ERH QSVI
WYGGIWWJYP ERH FIKMR XS VIPE\ QSVI ERH WTIRH QSVI XMQI [MXL LMW [MJI
ERH JEQMP]
 6)(-6)'8-2+ )2)6+= %2( %88)28-32

- VIQIQFIV [LIR - JMVWX PIEVRIH XS VIHMVIGX Q] IRIVKMIW MRXS XLI PMXXPI

XLMRKW ;LIR &SRRMI ERH - [IVI JMVWX QEVVMIH - [EW EPQSWX E [SVOELSPMG
-R EHHMXMSR XS [VMXMRK FSSOW ERH XIEGLMRK WIQMREVW - LEH E GSYRGIPMRK
TVEGXMGI JSV JMJX] LSYVW E [IIO -R XLI JMVWX ]IEV SJ SYV QEVVMEKI WLI PIX
QI ORS[ EKEMR ERH EKEMR LS[ QYGL WLI RIIHIH QSVI XMQI [MXL QI
6ITIEXIHP] WLI [SYPH WLEVI LIV JIIPMRKW SJ EFERHSRQIRX ERH LYVX

7SQIXMQIW WLI [SYPH WLEVI LIV JIIPMRKW MR E PIXXIV ;I GEPP XLMW E 0SZI
0IXXIV -X EP[E]W IRHW [MXL PSZI ERH MRGPYHIW JIIPMRKW SJ ERKIV WEHRIWW
JIEV ERH WSVVS[ -R GLETXIV -- [I [MPP I\TPSVI QSVI HIITP] XLI QIXLSHW
ERH MQTSVXERGI SJ [VMXMRK XLIWI 0SZI 0IXXIVW 7LI [VSXI XLMW 0SZI 0IXXIV
EFSYX Q] WTIRHMRK XSS QYGL XMQI EX [SVO

(IEV .SLR

- Q [VMXMRK ]SY XLMW PIXXIV XS WLEVI [MXL ]SY Q] JIIPMRKW - HSR X QIER XS
XIPP ]SY [LEX XS HS - NYWX [ERX ]SY XS YRHIVWXERH Q] JIIPMRKW

- EQ ERKV] XLEX ]SY WTIRH WS QYGL XMQI EX [SVO -

EQ ERKV] ] XLEX ]SY GSQI LSQI [MXL RSXLMRK PIJX JSV

QI - [ERX XS WTIRH QSVI XMQI [MXL ]SY

-X LYVXW XS JIIP PMOI ]SY GEVI QSVI EFSYX ]SYV GPMIRXW XLER QI - JIIP WEH
XLEX ]SY EVI WS XMVIH - QMWW ]SY

- Q EJVEMH ]SY HSR X [ERX XS WTIRH XMQI [MXL QI -

EQ EJVEMH SJ FIMRK ERSXLIV FYVHIR MR ]SYV PMJI - EQ EJVEMH SJ WSYRHMRK PMOI
E REK - EQ EJVEMH Q] JIIPMRKW EVI RSX MQTSVXERX XS ]SY

- Q WSVV] MJ XLMW MW LEVH XS LIEV - ORS[ ]SY EVI HSMRK ]SYV FIWX -
ETTVIGMEXI LS[ LEVH ]SY [SVO

- PSZI ]SY &SRRMI

%JXIV VIEHMRK EFSYX LIV JIIPMRK RIKPIGXIH - VIEPM^IH XLEX - XVYP] [EW KMZMRK
QSVI XS Q] GPMIRXW XLER - [EW XS LIV - [SYPH KMZI Q] YRHMZMHIH EXXIRXMSR
XS Q] GPMIRXW ERH XLIR GSQI LSQI I\LEYWXIH ERH MKRSVI Q] [MJI

;LIR E 1ER 3ZIV[SVOW

- [EW MKRSVMRK LIV RSX FIGEYWI - HMHR X PSZI LIV SV GEVI JSV LIV FYX
FIGEYWI - LEH RSXLMRK PIJX XS KMZI - REMZIP] XLSYKLX - [EW HSMRK XLI FIWX
XLMRK F] [SVOMRK LEVH XS TVSZMHI E FIXXIV PMJI QSVI QSRI] JSV LIV ERH
SYV JEQMP] 3RGI - YRHIVWXSSH LS[ WLI JIPX - HIZIPSTIH E TPER JSV WSPZMRK
XLMW TVSFPIQ MR SYV VIPEXMSRWLMT

-RWXIEH SJ WIIMRK IMKLX GPMIRXW E HE] - WXEVXIH WIIMRK WIZIR - TVIXIRHIH

XLEX Q] [MJI [EW Q] IMKLXL GPMIRX )ZIV] RMKLX - GEQI LSQI E LSYV
IEVPMIV - TVIXIRHIH MR Q] QMRH XLEX Q] [MJI [EW Q] QSWX MQTSVXERX
GPMIRX - WXEVXIH KMZMRK LIV XLEX HIZSXIH ERH YRHMZMHIH EXXIRXMSR - [SYPH
KMZI E GPMIRX ;LIR - EVVMZIH LSQI - WXEVXIH HSMRK PMXXPI XLMRKW JSV LIV 8LI
WYGGIWW SJ XLMW TPER [EW MQQIHMEXI 2SX SRP] [EW WLI LETTMIV FYX - [EW
XSS
+VEHYEPP] EW - JIPX FIMRK PSZIH JSV XLI [E]W - GSYPH WYTTSVX LIV ERH SYV
JEQMP] - FIGEQI PIWW HVMZIR XS FI E KVIEX WYGGIWW - WXEVXIH XS WPS[ HS[R
ERH XS Q] WYVTVMWI RSX SRP] SYV VIPEXMSRWLMT FYX EPWS Q] [SVO JPSYVMWLIH
FIGSQMRK QSVI WYGGIWWJYP [MXLSYX Q] LEZMRK XS [SVO EW LEVH

- JSYRH XLEX [LIR - [EW WYGGIIHMRK EX LSQI Q] [SVO VIJPIGXIH XLEX

WYGGIWW - VIEPM^IH XLEX WYGGIWW MR XLI [SVO [SVPH [EW RSX EGLMIZIH
XLVSYKL LEVH [SVO EPSRI -X [EW EPWS HITIRHIRX SR Q]

EFMPMX] XS MRWTMVI XVYWX MR SXLIVW ;LIR - JIPX PSZIH F] Q] JEQMP] RSX SRP]
HMH - JIIP QSVI GSRJMHIRX FYX SXLIVW EPWS XVYWXIH ERH ETTVIGMEXIH QI
QSVI

2S[ E ;SQIR 'SR ,IPT

&SRRMI W WYTTSVX TPE]IH E FMK TEVX MR XLMW GLERKI -R EHHMXMSR XS WLEVMRK

LIV LSRIWX ERH PSZMRK JIIPMRKW WLI [EW EPWS ZIV] TIVWMWXIRX MR EWOMRK QI
XS HS XLMRKW JSV LIV ERH XLIR KMZMRK QI E PSX SJ ETTVIGMEXMSR [LIR - HMH
XLIQ +VEHYEPP] - WXEVXIH XS VIEPM^I LS[ [SRHIVJYP MX MW XS FI PSZIH JSV
HSMRK PMXXPI XLMRKW - [EW VIPMIZIH JVSQ JIIPMRK XLEX - LEH XS HS KVIEX XLMRKW
XS FI PSZIH -X [EW E VIZIPEXMSR

;,)2 ;31)2 +-:) 43-287

;SQER TSWWIWW XLI WTIGMEP EFMPMX] XS ETTVIGMEXI XLI PMXXPI XLMRKW SJ JMJI EW
QYGL EW XLI FMK XLMRKW 8LMW MW E FPIWWMRK JSV QIR 1SWX QIR WXVMZI JSV
KVIEXIV ERH KVIEXIV WYGGIWW FIGEYWI XLI] FIPMIZI MX [MPP QEOI XLIQ
[SVXL] SJ PSZI (IIT MRWMHI XLI] GVEZI PSZI ERH EHQMVEXMSR JVSQ SXLIVW
8LI] HS RSX ORS[ XLEX XLI] GER HVE[ XLEX PSZI ERH EHQMVEXMSR XS XLIQ
[MXLSYX LEZMRK XS FI E KVIEXIV WYGGIWW

% [SQER LEW XLI EFMPMX] XS LIEP E QER SJ XLMW EHHMGXMSR XS WYGGIWW F]

ETTVIGMEXMRK XLI PMXXPI XLMRKW LI HSIW &YX WLI QE] RSX I\TVIWW
ETTVIGMEXMSR MJ WLI HSIWR X YRHIVWXERH LS[ MQTSVXERX MX MW XS E QER 7LI
QE] PIX LIV VIWIRXQIRX KIX MR XLI [E]

,)%0-2+ 8,) 6)7)281)28 *09

;SQIR MRWXMRGXMZIP] ETTVIGMEXI XLI PMXXPI XLMRKW 8LI SRP] I\GITXMSRW EVI
[LIR E [SQER HSIWR X VIEPM^I E QER RIIHW XS LIEV LIV ETTVIGMEXMSR SV
[LIR WLI JIIPW XLI WGSVI MW YRIZIR ;LIR E [SQER JIIPW
YRPSZIH ERH RIKPIGXIH MX MW LEVH JSV LIV EYXSQEXMGEPP] XS ETTVIGMEXI [LEX
E QER HSIW HS JSV LIV 7LI JIIPW VIWIRXJYP FIGEYWI WLI LEW KMZIR WS QYGL
QSVI XLER LI LEW 8LMW VIWIRXQIRX FPSGOW LIV EFMPMX] XS ETTVIGMEXI XLI
PMXXPI XLMRKW

6IWIRXQIRX PMOI KIXXMRK XLI JPY SV E GSPH MW RSX LIEPXL] ;LIR E [SQER
MW WMGO [MXL VIWIRXQIRX WLI XIRHW XS RIKEXI [LEX E QER LEW HSRI JSV LIV
FIGEYWI EGGSVHMRK XS XLI [E] E [SQER OIITW WGSVI WLI LEW HSRI WS
QYGL QSVI

;LIR XLI WGSVI MW JSVX] XS XIR MR JEZSV SJ XLI [SQER WLI QE] FIKMR XS
JIIP ZIV] VIWIRXJYP 7SQIXLMRK LETTIRW XS E [SQER [LIR WLI JIIPW WLI MW
KMZMRK QSVI XLER WLI MW KIXXMRK 5YMXI YRGSRWGMSYWP] WLI WYFXVEGXW LMW
WGSVI SJ XIR JVSQ LIV WGSVI SJ JSVX] ERH GSRGPYHIW XLI WGSVI MR XLIMV
VIPEXMSRWLMT MW XLMVX] XS ^IVS 8LMW QEOIW WIRWI QEXLIQEXMGEPP] ERH MW
YRHIVWXERHEFPI FYX MX HSIWR X [SVO
;LIR WLI WYFXVEGXW LMW WGSVI JVSQ LIV WGSVI LI IRHW YT [MXL E ^IVS ERH
LI MW RSX E ^IVS ,I LEW RSX KMZIR ^IVS LI LEW KMZIR XIR ;LIR LI GSQIW
LSQI WLI LEW E GSPHRIWW MR LIV I]IW SV MR LIV ZSMGI XLEX WE]W LI MW E ^IVS
7LI MW RIKEXMRK [LEX LI LEW HSRI 7LI VIEGXW XS LMQ EW MJ LI LEW KMZIR
RSXLMRK FYX LI LEW KMZIR XIR

8LI VIEWSR E [SQER XIRHW XS VIHYGI E QER W TSMRXW XLMW [E] MW

YWI WLI JIIPW YRPSZIH 8LI YRIUYEP WGSVI QEOIW LIV JIIP XLEX WLI
FIGEYWI WLI JII *IIPMRK YRPSZIH WLI JMRHW MX ZIV] HMJJMGYPX XS ETTVIGMEXI
IZIR XLI XIR TSMRXW LI GER PIKMXMQEXIP] GPEMQ 3J GSYVWI XLMW MWR X JEMV FYX
MX MW LS[ MX [SVOW

;LEX KIRIVEPP] LETTIRW MR E VIPEXMSRWLMT EX XLMW TSMRX MW XLI QER JIIPW

YRETTVIGMEXIH ERH PSWIW LMW QSXMZEXMSR XS HS QSVI ,I GEXGLIW XLI
VIWIRXQIRX JPY 7LI XLIR GSRXMRYIW XS JIIP QSVI VIWIRXJYP ERH XLI
WMXYEXMSR KIXW [SVWI ERH [SVWI ,IV VIWIRXQIRX JPY KIXW [SVWI

;LEX 7LI 'SR (S

8LI [E] SJ WSPZMRK XLMW TVSFPIQ MW XS YRHIVWXERH MX GSQTEWWMSREXIP] JVSQ

FSXL WMHIW ,I RIIHW XS FI ETTVIGMEXIH [LMPI WLI RIIHW XS JIIP
WYTTSVXIH 3XLIV[MWI XLIMV WMGORIWW KIXW [SVWI

8LI WSPYXMSR XS XLMW VIWIRXQIRX MW JSV LIV XS XEOI VIWTSRWMFMPMX]

7LI RIIHW XS XEOI VIWTSRWMFMPMX] JSV LEZMRK GSRXVMFYXIH XS LIV TVSFPIQ F]

KMZMRK QSVI ERH PIXXMRK XLI WGSVI KIX WS YRIZIR 7LI RIIHW XS XVIEX
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- PP QEOI XLEX GEPP JSV ]SY

%KVIIMRK XS HSMRK [LEX ]SY [ERX HSIWR X QIER XLEX MX 7 [LEX WLI [ERXW
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4IREPX] TSMRXW EVI HIWXVYGXMZI XS VIPEXMSRWLMTW 8LI] QEOI E [SQER JIIP

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EW QYGL

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23; 1)2 +-:) 43-287

1IR KMZI TSMRXW HMJJIVIRXP] JVSQ [SQIR )ZIV] XMQI E [SQER

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8LI XMQI XS [VMXI E 0SZI 0IXXIV MW [LIRIZIV ]SY EVI YTWIX ERH ]SY [ERX
XS JIIP FIXXIV ,IVI EVI WSQI GSQQSR [E]W 0SZI 0IXXIVW GER FI [VMXXIR

- 0SZI 0IXXIV XS ER MRXMQEXI TEVXRIV

0SZI 0IXXIV XS E JVMIRH GLMPH SV JEQMP] QIQFIV

0SZI 0IXXIV XS FYWMRIWW EWWSGMEXI SV GPMIRX -RWXIEH SJ WE]MRK - PSZI

]SY EX XLI IRH ]SY QE] GLSSWI XS YWI - ETTVIGMEXI ERH - VIWTIGX -R
QSWX GEWIW - HSR X VIGSQQIRH WLEVMRK MX

0SZI 0IXXIV XS ]SYVWIPJ

0SZI 0IXXIV XS +SH SV ,MKLIV 4S[IV 7LEVI ]SYV YTWIX JIIPMRKW EFSYX
]SYV PMJI [MXL +SH ERH EWO JSV WYTTSVX

6SPI VIZIVWEP 0SZI 0IXXIV -J MX MW LEVH XS JSVKMZI WSQISRI TVIXIRH XLEX

]SY EVI XLIQ JSV E JI[ QMRYXIW ERH [VMXI E 0SZI 0IXXIV JVSQ XLIQ XS ]SY
=SY [MPP FI EQE^IH EX LS[ UYMGOP] ]SY FIGSQI QSVI JSVKMZMRK

1SRWXIV 0SZI 0IXXIV -J ]SY EVI VIEPP] YTWIX ERH ]SYV JIIPMRKW EVI QIER
ERH NYHKQIRXEP ZIRX XLIQ MR E PIXXIV 8LIR FYQ XLI PIXXIV (S RSX I\TIGX
]SYV TEVXRIV XS VIEH MX YRPIWW ]SY FSXL GER LERHPI RIKEXMZI JIIPMRKW ERH
EVI [MPPMRK XS HS WS -R XLEX GEWI IZIR QSRWXIV PIXXIVW GER FI ZIV] LIPTJYP

(MWTPEGIQIRX 0SZI 9XXIV ;LIR TVIWIRX IZIRXW YTWIX ]SY ERH VIQMRH
]SY SJ YRVIWSPZIH JIIPMRKW JVSQ GLMPHLSSH MQEKMRI ]SY GER KS FEGO MR
XMQI ERH [VMXI E PIXXIV XS SRI SJ ]SYV TEVIRXW WLEVMRK ]SYV JIIPMRKW ERH
EWOMRK JSV XLIMV WYTTSVX

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%W [I LEZI I\TPSVIH XLVSYKLSYX XLMW FSSO MX MW ZEWXP] MQTSVXERX JSV

[SQIR XS WLEVI XLIMV JIIPMRKW ERH JIIP GEVIH JSV YRHIVWXSSH ERH

VIWTIGXIH -X MW IUYEPP] MQTSVXERX JSV QIR XS JIIP ETTVIGMEXIH EGGITXIH

ERH XVYWXIH 8LI FMKKIWX TVSFPIQ MR VIPEXMSRWLMTW SGGYVW [LIR E [SQER
WLEVIW LIV YTWIX JIIPMRKW ERH EW E VIWYPX E QER JIIPW YRPSZIH

8S LMQ LIV RIKEXMZI JIIPMRKW QE] WSYRH GVMXMGEP FPEQMRK HIQERHMRK

ERH VIWIRXJYP ;LIR LI VINIGXW LIV JIIPMRKW WLI XLIR JIIPW YRPSZIH 8LI
WYGGIWW SJ E VIPEXMSRWLMT MW WSPIP] HITIRHIRX SR X[S JEGXSVW E QER W
EFMPMX] XS PMWXIR PSZMRKP] ERH VIWTIGXJYPP] XS E [SQER W JIIPMRKW ERH E
[SQER W EFMPMX] XS WLEVI LIV JIIPMRKW MR E PSZMRK ERH VIWTIGXJYP [E]

% VIPEXMSRWLMT VIUYMVIW XLEX TEVXRIVW GSQQYRMGEXI XLIMV GLERKMRK JIIPMRKW

ERH RIIHW 8S I\TIGX TIVJIGX GSQQYRMGEXMSR MW GIVXEMRP] XSS MHIEPMWXMG
*SVXYREXIP] FIX[IIR LIVI ERH TIVJIGXMSR XLIVI MW E PSX SJ VSSQ JSV
KVS[XL

6IEPMWXMG )\TIGXEXMSRW
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EVI ZIV] HMJJMGYPX XS GSQQYRMGEXI [MXLSYX LYVXMRK XLI PMWXIRIV 'SYTPIW
[LS LEZI [SRHIVJYP ERH PSZMRK VIPEXMSRWLMTW [MPP WSQIXMQIW EKSRM^I SZIV
LS[ XS GSQQYRMGEXI MR E [E] XLEX [SVOW JSV FSXL TISTPI -X MW HMJJMGYPX
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WLI MW RSX WE]MRK [LEX ]SY [ERX XS LIEV -X MW EPWS LEVH XS FI VIWTIGXJYP SJ
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1ER] GSYTPIW QMWXEOIRP] XLMRO XLEX XLIMV MREFMPMX] XS GSQQYRMGEXI

WYGGIWWJYPP] ERH PSZMRKP] QIERW XLI] HSR X PSZI IEGL SXLIV IRSYKL
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2S[ ;I 0IEVR XS 'SQQYRMGEXI

7YGGIWWJYP GSQQYRMGEXMSR [SYPH FI WIGSRH REXYVI MJ [I KVI[ YT MR

JEQMPMIW XLEX [IVI EPVIEH] GETEFPI SJ LSRIWX ERH PSZMRK GSQQYRMGEXMSR
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KIRIVEPP] QIERX EZSMHMRK RIKEXMZI JIIPMRKW -X [EW SJXIR EW MJ RIKEXMZI
JIIPMRKW [IVI E WLEQIJYP WMGORIWW ERH WSQIXLMRK XS FI PSGOIH E[E] MR
XLI GPSWIX

-R PIWW GMZMPM^IH JEQMPMIW [LEX [EW GSRWMHIVIH PSZMRK GSQQYRMGEXMSR

QMKLX MRGPYHI EGXMRK SYX SV VEXMSREPM^MRK RIKEXMZI JIIPMRKW XLVSYKL
TL]WMGEP TYRMWLQIRX ]IPPMRK WTEROMRK [LMTTMRK ERH EPP OMRHW SJ ZIVFEP
EFYWI EPP Q XLI REQI SJ XV]MRK XS LIPT XLI GLMPHVIR PIEVR VMKLX JVSQ
[VSRK
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RIKEXMZI JIIPMRKW [I EW GLMPHVIR [SYPH LEZI FIIR WEJI XS HMWGSZIV ERH
I\TPSVI SYV S[R RIKEXMZI VIEGXMSRW ERH JIIPMRKW XLVSYKL XVMEP ERH IVVSV
8LVSYKL TSWMXMZI VSPI QSHIPW [I [SYPH LEZI PIEVRIH WYGGIWWJYPP] LS[ XS
GSQQYRMGEXI IWTIGMEPP] SYV HMJJMGYPX JIIPMRKW %W E VIWYPX SJ IMKLXIIR
]IEVW SJ XVMEP ERH IVVSV MR I\TVIWWMRK SYV JIIPMRKW [I [SYPH LEZI
KVEHYEPP] PIEVRIH XS I\TVIWW SYV JIIPMRKW VIWTIGXJYPP] ERH ETTVSTVMEXIP] -J
XLMW LEH FIIR XLI GEWI [I [SYPH RSX RIIH XLI 0SZI 0IXXIV 8IGLRMUYI

PJ 3YV 4SWX ;SVI (MJJIVIRX

,EH SYV TEWX FIIR HMJJIVIRX [I [SYPH LEZI [EXGLIH SYV JEXLIV
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JVYWXVEXMSRW ERH HMWETTSMRXQIRXW (EMP] [I [SYPH LEZI I\TIVMIRGIH SYV
JEXLIV KMZMRK SYV QSXLIV XLI PSZMRK GEVMRK ERH YRHIVWXERHMRK XLEX WLI
RIIHIH JVSQ LIV PSZMRK LYWFERH

;I [SYPH LEZI [EXGLIH SYV QSXLIV XVYWXMRK SYV JEXLIV ERH WLEVMRK LIV
JIIPMRKW STIRP] [MXLSYX HMWETTVSZMRK SV FPEQMRK LMVR ;I [SYPH LEZI
I\TIVMIRGIH LS[ E TIVWSR GSYPH FI YTWIX [MXLSYX TYWLMRK WSQISRI E[E]
[MXL QMWXVYWX IQSXMSREP QERMTYPEXMSR EZSMHERGI HMWETTVSZEP
GSRHIWGIRWMSR SV GSPHRIWW

8LVSYKLSYX SYV IMKLXIIR ]IEVW SJ KVS[MRK YT [I [SYPH KVEHYEPP] FI EFPI

XS QEWXIV SYV S[R IQSXMSRW NYWX EW [I LEZI QEWXIVIH [EPOMRK SV QEXL -X
[SYPH FI E PIEVRIH WOMPP PMOI [EPOMRK NYQTMRK WMRKMRK VIEHMRK ERH
FEPERGMRK E GLIGOFSSO

&YX MX HMHR X LETTIR XLEX [E] JSV QSWX SJ YW -RWXIEH [I WTIRX

IMKLXIIR ]IEVW PIEVRMRK YRWYGGIWWJYP GSQQYRMGEXMSR WOMPPW &IGEYWI [I
PEGO IHYGEXMSR MR LS[ XS GSQQYRMGEXI JIIPMRKW MX MW E HMJJMGYPX ERH
WIIQMRKP] MRWYVQSYRXEFPI XEWO XS GSQQYRMGEXI PSZMRKP] [LIR [I EVI
LEZMRK RIKEXMZI JIIPMRKW

8S GSQI XS YRHIVWXERH LS[ HMJJMGYPX XLMW MW GSRWMHIV ]SYV ERW[IVW XS

XLIWI JSPPS[MRK UYIWXMSRW

- ;LIR ]SY EVI JIIPMRK ERKV] SV VIWIRXJYP LS[ HS ]SY I\TVIWW PSZI MJ
[LMPI ]SY [IVI KVS[MRK YT ]SYV TEVIRXW IMXLIV EVKYIH SV GSRWTMVIH XS
EZSMH EVKYMRK#

,S[ HS ]SY KIX ]SYV OMHW XS PMWXIR XS ]SY [MXLSYX ]IPPMRK SV TYRMWLMRK
XLIQ MJ ]SYV TEVIRXW ]IPPIH ERH TYRMWLIH ]SY XS QEMRXEMR GSRXVSP#

,S[ HS ]SY EWO JSV QSVI WYTTSVX MJ IZIR EW E GLMPH ]SY JIPX VITIEXIHP]
RIKPIGXIH ERH HMWETTSMRXIH#

,S[ HS ]SY STIR YT ERH WLEVI ]SYV JIIPMRKW MJ ]SY EVI EJVEMH SJ FIMRK
VINIGXIH#

,S[ HS ]SY XEPO XS ]SYV TEVXRIV MJ ]SYV JIIPMRKW WE] - LEXI ]SY #

,S[ HS ]SY WE] - EQ WSVV] MJ EW E GLMPH ]SY [IVI TYRMWLIH JSV

QEOMRK QMWXEOIW#

,S[ GER ]SY EHQMX ]SYV QMWXEOIW MJ ]SY EVI EJVEMH SJ TYRMWLQIRX ERH
VINIGXMSR#
 ,S[ GER ]SY WLS[ ]SYV JIIPMRKW MJ EW E GLMPH ]SY [IVI VITIEXIHP]
VINIGXIH SV NYHKIH JSV FIR YTWIX ERH GV]MRK#

,S[ EVI ]SY WYTTSWIH XS EWO JSV [LEX ]SY [ERX MJ EW E GLMPH ]SY [IVI
VITIEXIHP] QEHI XS JIIP [VSRK JSV [ERXMRK QSVI#

- ,S[ EVI ]SY IZIR 7YTTSWIH XS ORS[ [LEX ]SY EVI JIIPMRK MJ ]SYV
TEVIRXW HMHR X LEZI XLI XMQI TEXMIRGI SV E[EVIRIWW XS EWO ]SY LS[ ]SY
[IVI JIIPMRK SV [LEX [EW FSXLIVMRK ]SY#

-- ,S[ GER ]SY EGGITX ]SYV TEVXRIV W MQTIVJIGXMSRW MJ EW E GLMPH ]SY JIPX
]SY LEH XS FI TIVJIGX XS FI [SVXL] SJ PSZI#
- ,S[ GER ]SY PMWXIR XS ]SYV TEVXRIV W TEMRJYP JIIPMRKW -J RS SRI PMWXIRIH
XS ]SYVW#

- ,S[ GER ]SY JSVKMZI MJ ]SY [IVI RSX JSVKMZIR#

- ,S[ EVI ]SY WYTTSWIH XS GV] ERH LIEP ]SYV TEMR ERH KVMIJ MJ EW E GLMPH
]SY [IVI VITIEXIHP] XSPH

(SR X GV] SV ;LIR EVI ]SY KSMRK XS KVS[ YT# SV 3RP] FEFMIW GV] #

- ,S[ GER ]SY FIEV ]SYV TEVXRIV W HMWETTSMRXQIRX MJ EW E GLMPH ]SY

[IVI QEHI XS JIIP VIWTSRWM FPI JSV SYV QSXLIV W TEMR PSRK FIJSVI ]SY
GSYPH YRHIVWXERH XLEX ]SY [IVI RSX VIWTSRWMFPI#
- ,S[ GER ]SY LIEV ]SYV TEVXRIV W ERKIV MJ EW E GLMPH ]SYV QSXLIV SV
JEXLIV XSSO XLIMV JVYWXVEXMSRW SYX SR ]SY XLVSYKL ]IPPMRK ERH FIMRK
HIQERHMRK#

- ,S[ HS ]SY STIR YT ERH XVYWX ]SYV TEVXRIV MJ XLI JMVWX TISTPI ]SY
XVYWXIH [MXL ]SYV MRRSGIRGI FIXVE]IH ]SY MR WSQI [E]#

- ,S[ EVI ]SY WYTTSWIH XS GSQQYRMGEXI ]SYV JIIPMRKW PSZMRKP] ERH

VIWTIGXJYPP] MJ ]SY LEZIR X LEH IMKLXIIR ]IEVW SJ TVEGXMGI [MXLSYX XLI
XLVIEX SJ FIMRK VINIGXIH ERH EFERHSRIH#

8LI ERW[IV XS EPP XLIWI IMKLXIIR UYIWXMSRW -W XLI WEQI MX MW TSWWMFPI XS

PIEVR PSZMRK GSQQYRMGEXMSR FYX [I RIIH XS [SVO EX MX ;I LEZI XS QEOI
YT JSV XLI IMKLXIIR ]IEVW SJ RIKPIGX 2S QEXXIV LS[ TIVJIGX SYV TEVIRXW
[IVI RSFSH] MW VIEPP] TIVJIGX -J ]SY LEZI TVSFPIQW GSQQYRMGEXMRK MX MW
RIMXLIV E GYVWI RSV EPP ]SYV TEVXRIV W JEYPX -X MW WMQTP] E PEGO SJ LEZMRK XLI
GSVVIGX XVEMRMRK ERH XLI WEJIX] XS TVEGXMGI

-R VIEHMRK XLI EFSZI UYIWXMSRW ]SY QE] LEZI LEH WSQI JIIPMRKW GSQI
YT (SR X [EWXI XLMW WTIGMEP STTSVXYRMX] XS LIEP ]SYVWIPJ 8EOI X[IRX]
QMRYXIW VMKLX RS[ ERH [VMXI SRI SJ ]SYV TEVIRXW E 0SZI 0IXXIV 7MQTP] KIX
E TIR ERH WSQI TETIV ERH FIKMR I\TVIWWMRK ]SYV JIIPMRKW YWMRK XLI 0SZI
0IXXIV JSVQEX 8V] MX RS[ ERH ]SY [MPP FI EQE^IH EX XLI SYXGSQI

8)00-2+ 8,) '3140)8) 8698,

0SZI 0IXXIVW [SVO FIGEYWI XLI] EWWMWX ]SY MR XIPPMRK XLI GSQTPIXI XVYXL
1IVIP] XS I\TPSVI E TEVX SJ ]SYV JIIPMRKW HSIW RSX FVMRK EFSYX XLI HIWMVIH
LIEPMRK *SV I\EQTPI
- *IIPMRK ]SYV ERKIV QE] RSX LIPT ]SY EX EPP -X QE] NYWX QEOI ]SY QSVI
ERKV] 8LI QSVI ]SY H[IPP SR NYWX ]SYV ERKIV XLI QSVI YTWIX ]SY [MPP
FIGSQI

'V]MRK JSV LSYVW QE] PIEZI ]SY JIIPMRK IQTX] ERH WTIRX MJ ]SY RIZIV
QSZI TEWX XLI WEHRIWW

8S JIIP SRP] ]SYV JIEVW QE] QEOI ]SY IZIR QSVI JIEVJYP

8S JIIP WSVV] [MXLSYX QSZMRK XLVSYKL MX QE] NYWX QEOI ]SY JIIP KYMPX]
ERH EWLEQIH ERH QE] IZIR FI LEVQJYP XS ]SYV WIPJ IWXIIQ

8V]MRK XS JIIP PSZMRK EPP XLI XMQI [MPP JSVGI ]SY XS WYTTVIWW EPP ]SYV
RIKEXMZI IQSXMSRW ERH EJXIV E JI[ ]IEVW ]SY [MPP FIGSQI RYQF ERH
YRJIIPMRK

0SZI 0IXXIVW [SVO FIGEYWI XLI] KYMHI ]SY -R [VMXMRK SYX XLI GSQTPIXI
XVYXL EFSYX EPP ]SYV JIIPMRKW 8S LIEP SYV MRRIV TEMR [I QYWX JIIP IEGL SJ
XLI JSYV TVMQEV] EWTIGXW SJ IQSXMSREP TEMR 8LI] EVI ERKIV WEHRIWW JIEV
ERH VIKVIX

;L] 0SZI 0IXXIVW ;SVO

&= I\TVIWWMRK IEGL SJ XLI JSYV PIZIPW SJ IQSXMSREP TEMR SYV TEMR MW
VIPIEWIH ;LMXMRK SRP] SRI SV X[S RIKEXMZI JIIPMRKW HSIW RSX [SVO EW [IPP
8LMW -W FIGEYWI QER] SJ SYV RIKEXMZI IQSXMSREP VIEGXMSRW EVI RSX VIEP
JIIPMRKW FYX HIJIRWI QIGLERMWQW [I YRGSRWGMSYWP] YWI XS EZSMH SYV XVYI
JIIPMRKW
*SV I\EQTPI

- 4ISTPI [LS KIX ERKV] IEWMP] KIRIVEPP] EVI XV]MRK XS LMHI JVSQ XLIMV LYVX
WEHRIWW JIEV SV VIKVIX ;LIR XLI] JIIP XLIMV QSVI ZYPRIVEFPI JIIPMRKW
XLI ERKIV KSIW E[E] ERH XLI] FIGSQI QSVI PSZMRK

4ISTPI [LS GV] IEWMP] KIRIVEPP] LEZI E LEVH XMQI KIXXMRK ERKV] FYX
[LIR XLI] EVI LIPTIH XS I\TVIWW ERKIV XLI] JIIP QYGL FIXXIV ERH QSVI
PSZMRK

4ISTPI [LS EVI JIEVJYP KIRIVEPP] RIIH XS JIIP ERH I\TVIWW XLIMV ERKIV
XLI JIEV XLIR KSIW E[E]

4ISTPI [LS SJXIR JIIP WSVV] ERH KYMPX] KIRIVEPP] RIIH XS JIIP ERH
I\TVIWW XLIMV LYVX ERH ERKIV FIJSVI XLI] GER JIIP XLI WIPJ PSZI XLI]
HIWIVZI

4ISTPI [LS EP[E]W JIIP PSZMRK FYX [SRHIV [L] XLI] EVI HITVIWWIH SV
RYQF KIRIVEPP] RIIH XS EWO XLIQWIPZIW XLMW UYIWXMSR -J - [IVI ERKV] ERH
YTWIX EFSYX WSQIXLMRK [LEX [SYPH MX FI# ERH [VMXI SYX XLI ERW[IVW
8LMW [MPP LIPT XLIQ KIX MR XSYGL [MXL XLI JIIPMRKW LMHHIR FILMRH XLI
HITVIWWMSR ERH RYQFRIWW 0SZI 0IXXIVW GER FI YWIH MR XLMW JEWLMSR

2S[ *IIPMRKW 'SR ,MHI 3XLIV *IIPMRKW

*SPPS[MRK EVI WSQI I\EQTPIW SJ LS[ QIR ERH [SQIR YWI XLIMV RIKEXMZI
IQSXMSRW XS EZSMH SV WYTTVIWW XLIMV XVYI TEMR /IIT MR QMRH XLEX XLMW
TVSGIWW MW EYXSQEXMG ;I EVI SJXIR RSX E[EVI XLEX MX MW LETTIRMRK
'SRWMHIV JSV E QSQIRX XLIWI UYIWXMSRW
ˆ (S ]SY IZIV WQMPI [LIR ]SY EVI VIEPP] ERKV]#

ˆ ,EZI ]SY EGXIH ERKV] [LIR HIIT MRWMHI ]SY [IVI EJVEMH#

ˆ (S ]SY PEYKL ERH QEOI NSOIW [LIR ]SY EVI VIEPP] WEH ERH LYVX#

ˆ ,EZI ]SY FIIR UYMGO XS FPEQI SXLIVW [LIR ]SY JIPX KYMPX] SV EJVEMH#

8LI JSPPS[MRK GLEVX WLS[W LS[ QIR ERH [SQIR GSQQSRP] HIR] XLIMV
XVYI JIIPMRKW 'IVXEMRP] RSX EPP QIR [MPP JMX XLI QEPI HIWGVMTXMSR NYWX EW RSX
EPP [SQIR [MPP JMX XLI JIQEPI HIWGVMTXMSR 8LI GLEVX KMZIW YW E [E] XS
YRHIVWXERH LS[ [I QE] VIQEMR WXVERKIVW XS SYV VIEP JIIPMRKW

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2S[ b ;I XLIMV MR 8LMW RI ,S[ [SQIR LMHI XLIMV TEMR

8LMW
GIWW MW b YRGSRWGMSYW TVSGIWW MW b YRGSRWGMSYW

- 1IR QE] YWI ERKIV EW E [E] SJ - ;SQIR QE] YWI GSRGIVR

ERH
EZSMHMRK XLI TEMRJYP JIIPMRKW SJ WEH [SVV] EW E [E] SJ EZSMHMRK
XLI
RIWW LYVX WSVVS[ KYMPX ERH JIEV TEMRJYP JIIPMRKW SJ ERKIV
KYMPX
JIEV ERH HMWETTSMRXQIRX
1IR QE] YWI MRHMJJIVIRGI ERH HMW ;SQIR QE] JEPP MRXS
GSRJYWMSR
GSYVEKIQIRX EW E [E] SJ EZSMHMRK EW E [E] SJ EZSMHMRK ERKIV
MVVMXE
XLI TEMRJYP JIIPMRKW SJ ERKIV XMSR ERH JVYWXVEXMSR
1IR QE] YWI JIIPMRK SJJIRHIH ;SQIR QE] YWI JIIPMRK
FEH EW
EW E [E] SJ EZSMHMRK JIIPMRK LYVX E [E] SJ EZSMHMRK
IQFEVVEWWQIRX
ERKIV WEHRIWW ERH VIKVIX
1IR QE] YWI ERKIV ERH ;SQIR QE] YWI JIEV ERH
YRGIV
VMKLXISYWRIWW EW E [E] XS EZSMH XEMRX] EW E [E] SJ EZSMHMRK
ERKIV
JIIPMRK EJVEMH SV YRGIVXEMR LYVX ERH WEHRIWW
1IR QE] JIIP EWLEQIH XS EZSMH ;SQIR QE] YWI KVMIZMRK
XS
ERKIV ERH KVMIZMRK EZSMH JIIPMRK ERKV] ERH EJVEMH
2I[ QIR LMHI -L T 8LMW 40' ,S[ [SQIR LMHI XLIMV
8LMW
GIWW MW KIRIVEPP] YRGSRWGMSYW TVSGIWW MW KIRIVEPP]
YRGSRWGMSYW
1IR QE] YWI TIEGI ERH GEPQ EW ;SQIR QE] YWI LSTI EW
E [E]
E [E] XS EZSMH ERKIV JIEV HMWET XS EZSMH ERKIV WEHRIWW
KVMIJ ERH
TSMRXQIRX HMWGSYVEKIQIRX ERH WSVVS[
WLEQI
1IR QE] YWI GSRJMHIRGI XS ;SQIR QE] YWI
LETTMRIWW ERH
EZSMH JIIPMRK MREHIUYEXI KVEXMXYHI XS EZSMH JIIPMRK
WEHRIWW
ERH HMWETTSMRXQIRX
1IR QE] YWI EKKVIWWMSR XS ;SQIR QE] YWI PSZI
ERH JSV
EZSMH JIIPMRK EJVEMH KMZIRIWW EW E [E] XS EZSMH JIIPMRK
LYVX ERH ERKV]

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9RHIVWXERHMRK ERH EGGITXMRK ERSXLIV W RIKE ZI J R EVI X

XM IIP HMJJMGYP MJ =SYV S[R RIKEXMZI JIIPMRKW LEZI RSX FIIR LIEVH ERH
WYTTSVXIH 8LI QSVI [I EVI EFPI XS LIEP SYV S[R YRVIWSPZIH JIIPMRKW
JVSQ GLMPHLSSH XLI IEWMIV MX MW VIWTSRWMFP] XS WLEVI SYV JIIPMRKW ERH XS
PMWXIR XS SYV TEVXRIV W JIIPMRKW [MXLSYX FIMRK LYVX MQTEXMIRX JVYWXVEXIH SV
SJJIRHIH

8LI QSVI VIWMWXERGI ]SY LEZI XS JIIPMRK ]SYV MRRIV TEMR XLI QSVI
VIWMWXERGI ]SY [MPP LEZI XS PMWXIRMRK XS XLI JIIPMRKW SJ SXLIVW -J ]SY JIIP
MQTEXMIRX ERH MRXSPIVERX [LIR SXLIVW I\TVIWW XLIMV GLMPHPMOI JIIPMRKW XLIR
XLMW MW ER MRHMGEXSV SJ LS[ ]SY XVIEX ]SYVWIPJ

8S VIXVEMR SYVWIPZIW [I QYWX VITEVIRX SYVWIPZIW ;I QYWX EGORS[PIHKI

XLEX XLIVI MW ER IQSXMSREP TIVWSR MRWMHI YW [LS KIXW YTWIX IZIR [LIR SYV
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XS EWO SYVWIPZIW ;LEX W XLI QEXXIV# %VI ]SY LYVX# ;LEX EVI ]SY JIIPMRK#
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JIIPMRKW UYMXI QMVEGYPSYWP] EVI LIEPIH ERH [I EVI EFPI XS VIWTSRH XS

WMXYEXMSRW MR E QYGL QSVI PSZMRK ERH VIWTIGXJYP [E] &] YRHIVWXERHMRK
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TIVQIEXI [LEX [I WE]

-J EW GLMPHVIR SYV MRRIV IQSXMSRW LEH FIIR VITIEXIHP] LIEVH ERH

ZEPMHEXIH MR E PSZMRK [E] XLIR EW EHYPXW [I [SYPHR X KIX WXYGO MR
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WS [I LEZI XS HS MX JSV SYVWIPZIW

2S[ =SYV 4SWX %JJIGXW =SY 8SHE]

'IVXEMRP] ]SY ZI LEH XLI I\TIVMIRGI SJ JIIPMRK KVMTTIH F] RIKEXMZI

IQSXMSRW 8LIWI EVI WSQI GSQQSR [E]W SYV YRVIWSPZIH IQSXMSRW JVSQ
GLMPHLSSH QE] EJJIGX YW XSHE] EW [I IRGSYRXIV XLI WXVIWWIW SJ FIMRK
EHYPXW

- ;LIR WSQIXLMRK LEW FIIR JVYWXVEXMRK [I VIQEMR WXYGO JIIPMRK ERKV]

ERH ERRS]IH IZIR [LIR SYV EHYPX WIPJ WE]W [I WLSYPH JIIP GEPQ PSZMRK
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;LIR WSQIXLMRK LEW FIIR HMWETTSMRXMRK [I VIQEMR WXYGO JIIPMRK WEH

ERH LYVX IZIR [LIR SYV EHYPX WIPJ WE]W [I WLSYPH JIIP IRXLYWMEWXMG
LETT] ERH LSTIJYP
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ERH [SVVMIH IZIR [LIR SYV EHYPX WIPJ WE]W [I WLSYPH JIIP EWWYVIH
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ERH EWLEQIH IZIR [LIR SYX EHYPX WIPJ WE]W [I WLSYPH JIIP WIGYVI KSSH
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7MPIRGMRK =SYV *IIPMRKW 8LVSYKL %HHMGXMSRW

%W EHYPXW [I KIRIVEPP] XV] XS GSRXVSP XLIWI RIKEXMZI IQSXMSRW F] EZSMHMRK

XLIQ 3YV EHHMGXMSRW GER FI YWIH XS WMPIRGI XLI TEMRJYP
GVMIW SJ SYV JIIPMRKW ERH YRJYPJMPPIH RIIHW %JXIV E KPEWW SJ [MRI XLI TEMR
MW KSRI JSV E QSQIRX &YX MX [MPP GSQI FEGO EKEMR ERH EKEMR

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TS[IV XS GSRXVSP SYV PMZIW &] PIEVRMRK XS PMWXIR XS ERH RYVXYVI SYV MRRIV
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;LIR ]SY EVI ZIV] YTWIX MX GIVXEMRP] MW RSX TSWWMFPI XS GSQQYRMGEXI EW

IJJIGXMZIP] EW ]SY [ERX XS %X WYGL XMQIW XLI YRVIWSPZIH JIIPMRKW SJ ]SYV
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KVMTTMRK SYV EHYPX E[EVIRIWW ERH TVIZIRXMRK PSZMRK GSQQYR GEXMSR 9RXMP
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SYV TEWX [LMGL WIIQ XS MRXVYHI MRXS SYV PMJI [LIR [I QSWX RIIH SYV
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8LI WIGVIX SJ GSQQYRMGEXMRK SYV HMJJMGYPX JIIPMRKW PMIW MR LEZMRK XLI

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WS XLEX [I GER FIGSQI E[EVI SJ SYV QSVI TSWMXMZI JIIPMRKW 8LI QSVI [I
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FIXXIV SYV VIPEXMSRWLMTW [MPP FI ;LIR ]SY EVI EFPI XS WLEVI ]SYV YTWIX
JIIPMRKW MR E PSZMRK [E] MX FIGSQIW QYGL IEWMIV JSV ]SYV TEVXRIV XS
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WYKKIWX XLEX EX PIEWX SRGI E [IIO [LIR WSQIXLMRK MW FSXLIVMRK ]SY WMX
HS[R ERH [VMXI E 0SZI 0IXXIV

0SZI 0IXXIVW EVI LIPTJYP RSX SRP] [LIR ]SY JIIP YTWIX [MXL ]SYV TEVXRIV MR
E VIPEXMSRWLMT FYX EPWS [LIRIZIV ]SY EVI YTWIX ;VMXMRK 0SZI 0IXXIVW LIPT
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0SZI 0IXXIV -X QE] RSX EP[E]W GSQTPIXIP] MQTVSZI ]SYV QSSH FYX MX [MPP
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-R Q] JMVWX FSSO ;LEX =SY *IIP =SY 'ER ,IEP XLI MQTSVXERGI SJ I\TPSVMRK
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Q] XETI WIVMIW ,IEPMRK XLI ,IEVX - WLEVI LIEPMRK ZMWYEPM^EXMSRW ERH
I\IVGMWIW FEWIH SR XLI 0SZI 0IXXIV 8IGLRMUYI JSV SZIVGSQMRK ER\MIX]
VIPIEWMRK VIWIRXQIRX ERH JMRHMRK JSVKMZIRIWW PSZMRK ]SYV MRRIV GLMPH
ERH LIEPMRK TEWX IQSXMSREP [SYRHW

-R EHHMXMSR QER] QSVI FSSOW ERH [SVOFSSOW LEZI FIIR [VMXXIR SR XLMW
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KIX MR XSYGL [MXL ]SYV MRRIV JIIPMRKW ERH LIEP XLIQ &YX VIQIQFIV
YRPIWW ]SY EVI PIXXMRK XLEX IQSXMSREP TEVX SJ ]SY WTIEO SYX ERH FI LIEVH
MX GERRSX FI LIEPIH &SSOW GER MRWTMVI ]SY XS PSZI ]SYVWIPJ QSVI FYX F]
PMWXIRMRK XS [VMXMRK SYX SV ZIVFEPP] I\TVIWWMRK ]SYV JIIPMRKW ]SY EVI
EGXYEPP] HSMRK MX

%W ]SY TVEGXMGI XLI 0SZI 0IXXIV 8IGLRMUYI ]SY [MPP FIKMR XS I\TIVMIRGI
XLI TEVX SJ ]SY XLEX RIIHW PSZI XLI QSWX &] PMWXIRMRK XS ]SYV JIIPMRKW ERH
I\TPSVMRK ]SYV IQSXMSRW ]SY [MPP FI LIPTMRK XLMW TEVX SJ ]SY XS KVS[ ERH
HIZIPST

%W ]SYV IQSXMSREP WIPJ KIXW XLI PSZI ERH YRHIVWXERHMRK MX RIIHW =SY [MPP
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VIWTSRHMRK XS WMXYEXMSRW MR E QSVI PSZMRK QERRIV )ZIR XLSYKL [I LEZI
EPP FIIR TVSKVEQQIH XS LMHI SYV JIIPMRKW
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KVIEX LSTI

8S VIXVEMR ]SYVWIPJ ]SY RIIH XS PMWXIR XS ERH YRHIVWXERH XLI YRVIWSPZIH

JIIPMRKW XLEX LEZI RIZIV LEH E GLERGI XS FI LIEPIH 8LMW TEVX SJ ]SY
RIIHW XS FI JIPX LIEVH ERH YRHIVWXSSH ERH XLIR MX MW LIEPIH

4VEGXMGMRK XLI 0SZI 0IXXIV 8IGLRMUYI MW E WEJI [E] XS I\TVIWW

YRVIWSPZIH JIIPMRKW RIKEXMZI IQSXMSRW ERH [ERXW [MXLSYX FIMRK
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IRX W EVQW &] I\TPSVMRK XLI GSQTPIXI XVYXL SJ SYV JIIPMRKW [I EVI
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XVIEXMRK XLMW GLMPHPMOI TEVX SJ YW [MXL VIWTIGX ERH PSZI XLI YRVI
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1ER] TISTPI KVS[ YT XSS UYMGOP] FIGEYWI XLI] VINIGX ERH WYTTVIWW XLIMV
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FI PSZIH ERH LIEPIH %PXLSYKL XLI] QE] EXXIQTX XS WYTTVIWW XLIWI
JIIPMRKW XLI TEMR ERH YRLETTMRIWW GSRXMRYI XS EJJIGX XLIQ

1SWX TL]WMGEP HMWIEWIW EVI RS[ [MHIP] EGGITXIH EW FIMRK HMVIGXP] VIPEXIH
XS SYV YRVIWSPZIH IQSXMSREP TEMR 7YTTVIWWIH IQSXMSREP TEMR KIRIVEPP]
FIGSQIW TL]WMGEP TEMR SV WMGORIWW ERH GER GEYWI TVIQEXYVI HIEXL -R
EHHMXMSR QSWX SJ SYV HIWXVYGXMZI GSQTYPWMSRW SFWIWWMSRW ERH EHHMGXMSRW
EVI I\TVIWWMSRW SJ SYV MRRIV IQSXMSREP [SYRHW

% QER W GSQQSR SFWIWWMSR [MXL WYGGIWW MW LMW HIWTIVEXI EXXIQTX XS [MR

PSZI MR LSTIW SJ VIHYGMRK LMW MRRIV IQSXMSREP TEMR ERH XYVQSMP % [SQER W
GSQQSR SFWIWWMSR [MXL FIMRK TIVJIGX MW LIV HIWTIVEXI EXXIQTX XS FI
[SVXL] SJ PSZI ERH VIHYGI LIV IQSXMSREP TEMR %R]XLMRK HSRI XS I\GIWW
GER FIGSQI E QIERW XS RYQF XLI TEMR SJ SYV YRVIWSPZIH TEWX

3YV WSGMIX] MW JMPPIH [MXL HMWXVEGXMSRW XS EWWMWX YW MR EZSMHMRK SYV TEMR

0SZI 0IXXIVW LS[IZIV EWWMWX ]SY MR PSSOMRK EX ]SYV TEMR JIIPMRK MX ERH
XLIR LIEPMRK MX )ZIV] XMQI ]SY [VMXI E 0SZI 0IXXIV ]SY EVI KMZMRK ]SYV
MRRIV IQSXMSREP ERH [SYRHIH WIPJ XLI PSZI YRHIVWXERHMRK ERH EXXIRXMSR
MX RIIHW XS JIIP FIXXIV
T J 4VMZEG]

7SQIXMQIW F] TVMZEXIP] [VMXMRK SYX ]SYV JIIPMRKW ]SY [MPP HMWGSZIV

HIITIV PIZIPW SJ JIIPMRKW XLEX ]SY GSYPH RSX JIIP [MXL ERSXLIV TIVWSR

MXL

TVIWIRX 'SQTPIXI TVMZEG] GVIEXIW XLI WEJIX] XS JIIP QSVI HIITP] )ZIR
-J ]SY EVI MR E VIPEXMSRWLMT ERH ]SY JIIP ]SY GER XEPO EFSYX ER]XLMRK -
P VM MXM

WXMPP VIGSQQIRH T [VM RK HS[R ]SYV JIIPMRKW WSQIXMQIW ;VMXMRK 0SZI

0IXXIVW MR TVMZEXI MW EPWS LIEPXL] FIGEYWI MX TVSZMHIW E XMQI JSV ]SY XS KMZI
XS ]SYVWIPJ [MXLSYX HITIRHMRK SR ER]SRI IPWI

- VIGSQQIRH OIITMRK E NSYVREP SJ ]SYV 0SZI 0IXXIVW SV OIITMRK XLIQ

XSKIXLIV MR E JMPI 8S QEOI [VMXMRK 0SZI 0IXXIVW IEWMIV ]SY QE] [MWL XS
VIJIV XS XLI WEQTPI 0SZI 0IXXIV JSVQEX KMZIR IEVPMIV MR XLMW GLETXIV 8LMW
0SZI 0IXXIV JSVQEX GER EWWMWX ]SY MR VIQIQFIVMRK XLI HMJJIVIRX WXEKIW SJ
E 0SZI 0IXXIV ERH SJJIV WSQI PIEH MR TLVEWIW [LIR ]SY QE] FI WXYGO

-J ]SY LEZI E TIVWSREP GSQTYXIV XLIR X]TI MR XLI 0SZI 0IXXIV JSVQEX ERH
YWI MX SZIV ERH SZIV EKEMR 7MQTP] STIR XS XLEX JMPI [LIRIZIV ]SY [ERX XS
[VMXI E 0SZI 0IXXIV ERH [LIR ]SY EVI JMRMWLIH WEZI MX F] XLI HEXI 4VMRX MX
SYX MJ ]SY [MWL XS WLEVI MX [MXL WSQISRI

-R EHHMXMSR XS [VMXMRK PIXXIVW - WYKKIWX XLEX ]SY OIIT E TVMZEXI JMPI JSV ]SYV
PIXXIVW 3GGEWMSREPP] VIVIEH XLIWI PIXXIVW [LIR ]SY EVI RSX YTWIX FIGEYWI
XLEX MW [LIR ]SY GER VIZMI[ ]SYV JIIPMRKW [MXL E KVIEXIV SFNIGXMZMX] 8LMW
SFNIGXMZMX] [MPP LIPT ]SY XS I\TVIWW YTWIX JIIPMRKW EX E PEXIV XMQI MR E QSVI
VIWTIGXJYP [E] %PWS MJ ]SY [VMXI E 0SZI 0IXXIV ERH ]SY EVI WXMPP YTWIX F]
VIVIEHMRK XLI PIXXIV ]SY QE] FIKMR XS JIIP FIXXIV

8S EWWMWX TISTPI MR [VMXMRK 0SZI 0IXXIVW ERH I\TPSVMRK ERH I\TVIWWMRK

JIIPMRKW -R E TVMZEXI [E] - HIZIPSTIH E GSQTYXIV TVSKVEQ GEPPIH 4VMZEXI
7IWWMSR -R E TIVWSREP [E] XLI GSQTYXIV YWIW TMGXYVIW KVETLMGW
UYIWXMSRW ERH ZEVMSYW 0SZI 0IXXIV JSVQEXW XS EWWMWX ]SY MR KIXXMRK MR
XSYGL [MXL ]SYV JIIPMRKW -X IZIR WYKKIWXW PIEH MR TLVEWIW XS LIPT ]SY
HVE[ YT ERH I\TVIWW TEVXMGYPEV IQSXMSRW -R EHHMXMSR MX TVMZEXIP] WXSVIW
]SYV PIXXIVW ERH FVMRKW XLIQ YT EX XMQIW [LIR VIEHMRK XLIQ QMKLX LIPT
]SY QSVI JYPP] XS I\TVIWW ]SYV JIIPMRKW

9WMRK ]SYV GSQTYXIV XS EWWMWX ]SY MR I\TVIWWMRK ]SYV JIIPMRKW GER

LIPT SZIVGSQI XLI YWYEP VIWMWXERGI XLEX TISTPI LEZI XS [VMXMRK 0SZI
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QSXMZEXIH XS HS MX MJ XLI] GER WMX TVMZEXIP] MR JVSRX SJ XLIMV GSQTYXIV

8LI 4S[IV SJ -RXMQEG]

4VMZEXIP] [VMXMRK 0SZI 0IXXIVW MW ZIV] LIEPMRK MR MXWIPJ FYX MX HSIW RSX
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0SZI 0IXXIV ]SY EVI PSZMRK ]SYVWIPJ FYX [LIR ]SY WLEVI E PIXXIV ]SY EVI
VIGIMZMRK PSZI 8S KVS[ MR SYV EFMPMX] XS PSZI SYVWIPZIW [I RIIH XS VIGIMZI
PSZI EW [IPP 7LEVMRK XLI XVYXL STIRW XLI HSSV SJ MRXMQEG] XLVSYKL [LMGL
PSZI GER IRXIV
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GER STIRP] ERH WEJIP] WLEVI SYV JIIPMRKW -X MW ZIV] TS[IVJYP XS LEZI WSQI
WIPIGX TISTPI MR ]SYV PMJI [MXL [LSQ ]SY GER WLEVI

]SYV IZIV] JIIPMRK ERH XVYWX XLEX XLI] [MPP WXMPP PSZI ]SY ERH RSX LYVX ]SY
[MXL GVMXMGMWQ NYHKQIRX SV VINIGXMSR

;LIR ]SY GER WLEVI [LS ]SY EVI ERH LS[ ]SY JIIP XLIR ]SY GER JYPP]
VIGIMZI PSZI -J ]SY LEZI XLMW PSZI MX MW IEWMIV XS VIPIEWI RIKEXMZI
IQSXMSREP W]QTXSQW PMOI VIWIRXQIRX ERKIV JIEV ERH WS JSVXL 8LMW HSIW
RSX QIER XLEX ]SY RIIH XS WLEVI IZIV]XLMRK ]SY JIIP ERH HMWGSZIV MR
TVMZEXI &YX MJ XLIVI EVI JIIPMRKW XLEX ]SY EVI EJVEMH XS WLEVI XLIR
KVEHYEPP] XLIWI JIEVW RIIH XS FI LIEPIH

% PSZMRK XLIVETMWX SV GPSWI JVMIRH GER FI E XVIQIRHSYW WSYVGI SJ PSZI ERH

LIEPMRK MJ ]SY GER WLEVI ]SYV MRRIV ERH HIITIWX JIIPMRKW -J ]SY HSR X LEZI
E XLIVETMWX XLIR LEZMRK E JVMIRH VIEH ]SYV PIXXIVW JVSQ XMQI XS XMQI MW
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WLEVMRK ]SYV 0SZI 0IXXIVW [MXL ERSXLIV TIVWSR [LS GEVIW ERH GER FI
YRHIVWXERHMRK MW IWWIRXMEP

8LI 4S[IV SJ XLI +VSYT

8LI TS[IV SJ KVSYT WYTTSVX MW WSQIXLMRK XLEX GERRSX FI HIWGVMFIH FYX

LEW XS FI I\TIVMIRGIH % PSZMRK ERH WYTTSVXMZI KVSYT GER HS [SRHIVW XS
LIPT YW QSVI IEWMP] KIX MR XSYGL [MXL SYV HIITIV JIIPMRKW 8S WLEVI ]SYV
JIIPMRKW [MXL E KVSYT QIERW XLIVI EVI QSVI TISTPI EZEMPEFPI XS KMZI ]SY
PSZI 8LI TSXIRXMEP JSV KVS[XL MW QEKRMJMIH F] XLI WM^I SJ XLI KVSYT )ZIR
MJ ]SY HS RSX WTIEO SYX MR E KVSYT F] PMWXIRMRK XS SXLIVW WTIEO STIRP] ERH
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;LIR - PIEH KVSYT WIQMREVW EVSYRH XLI GSYRXV] - VITIEXIHP] I\TIVMIRGI

HIITIV TEVXW SJ Q]WIPJ XLEX RIIH XS FI LIEVH ERH YRHIVWXSSH ;LIR
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VIQIQFIV WSQIXLMRK SV JIIP WSQIXLMRK Q]WIPJ - KEMR ZEPYEFPI RI[
MRWMKLXW EFSYX Q]WIPJ ERH SXLIVW %X XLI IRH SJ IEGL WIQMREV - KIRIVEPP]
JIIP QYGL PMKLXIV ERH QSVI PSZMRK

)ZIV][LIVI WQEPP WYTTSVX KVSYTW SR EPQSWX IZIV] XSTMG QIIX IEGL [IIO
XS KMZI ERH VIGIMZI XLMW WYTTSVX +VSYT WYTTSVX MW IWTIGMEPP] LIPTJYP MJ EW
GLMPHVIR [I HMH RSX JIIP WEJI XS I\TVIWW SYVWIPZIW MR KVSYTW SV MR SYV
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- QIIX VIKYPEVP] [MXL E WQEPP QIR W WYTTSVX KVSYT ERH Q] [MJI &SRRMI
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WYTTSVX KVIEXP] IRLERGIW SYV VIPEXMSRWLMT -X JVIIW YW JVSQ PSSOMRK XS IEGL
SXLIV EW XLI WSPI WSYVGI SJ WYTTSVX -R EHHMXMSR F] PMWXIRMRK XS SXLIVW
WLEVI XLIMV WYGGIWWIW ERH JEMPYVIW SYV S[R TVSFPIQW XIRH XS WLVMRO

8EOMRK VMQI XS 0MWXIR

;LIXLIV ]SY EVI TVMZEXIP] [VMXMRK HS[R ]SYV XLSYKLXW ERH JIIPMRKW SR
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WYTTSVX KVSYT ]SY EVI XEOMRK ER MQTSVXERX WXIT JSV ]SYVWIPJ ;LIR ]SY
XEOI XLI XMQI XS PMWXIR XS ]SYV JIIPMRKW ]SY EVI MR IJJIGX
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LIEVH ERH - GEVI IRSYKL XS PMWXIR

- LSTI ]SY [MPP YWI XLMW 0SZI 0IXXIV 8IGLRMUYI FIGEYWI - LEZI [MXRIWWIH MX
XVERWJSVQ XLI PMZIW SJ XLSYWERHW SJ TISTPI MRGPYHMRK Q] S[R %W ]SY
[VMXI QSVI 0SZI 0IXXIVW MX FIGSQIW IEWMIV ERH [SVOW FIXXIV -X XEOIW
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,S[ XS %WO JSV

7YTTSVX ERH +IX -X

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XLI PSRK ERH MRXIVIWXMRK GSRZIVWEXMSRW [I LEH YRXMP HE[R ERH JSV LMW
FVMPPMERX MHIEW JVSQ [LMGL - EP[E]W FIRIJMX - XLERO Q] FVSXLIV 8SQ JSV LMW
IRGSYVEKIQIRX ERH TSWMXMZI WTMVMX - XLERO Q] WMWXIV :MVKMRME JSV FIPMIZMRK
MR QI ERH ETTVIGMEXMRK Q] WIQMREVW - XLERO Q] HIGIEWIH ]SYRKIV
FVSXLIV .MQQ] JSV LMW PSZI ERH EHQMVEXMSR [LMGL GSRXMRYI XS WYTTSVX QI
XLVSYKL Q] HMJJMGYPX XMQIW
- XLERO Q] EKIRX 4EXXM &VIMXQER [LSWI LIPT FVMPPMERX GVIEXMZMX] ERH
IRXLYWMEWQ LEZI KYMHIH XLMW FSSO JVSQ MXW GSRGITXMSR XS MXW GSQTPIXMSR -
XLERO 'EVSPI &MHRMGO JSV LIV MRWTMVIH WYTTSVX EX XLI FIKMRRMRK SJ XLMW
TVSNIGX - XLERO 7YWER 1SPHS[ ERH 2ERG] 4IWOI JSV XLIMV
I\TIVX JIIHFEGO ERH EHZMGI - XLERO XLI WXEJJ EX ,EVTIV'SPPMRW JSV XLIMV
GSRXMRYIH VIWTSRWMZIRIWW XS Q] RIIHW

- XLERO EPP XLI XLSYWERHW [LS TEVXMGMTEXIH MR Q] VIPEXMSRWLMT WIVRMREVW

WLEVIH XLIMV WXSVMIW ERH IRGSYVEKIH QI XS [VMXI XLMW FSSO 8LIMV TSWMXMZI
ERH PSZMRK JIIHFEGO LEW WYTTSVXIH QI MR HIZIPSTMRK XLMW WMQTPI
TVIWIRXEXMSR SJ WYGL E GSQTPI\ WYFNIGX

- XLERO Q] GPMIRXW [LS LEZI WLEVIH XLIMV WXVYKKPIW WS MRXMQEXIP] ERH

XVYWXIH Q] EWWMWXERGI MR XLIMV NSYVRI]

- XLERO 7XIZI 1EVXMRIEY JSV LMW WOMPPJYP [MWHSQ ERH MRJPYIRGI [LMGL GER
FI JSYRH WTVMROPIH XLVSYKL XLMW FSSO

- XLERO Q] HMJJIVIRX TVSQSXIVW [LS LEZI TYX XLIMV LIEVXW ERH WSYPW MRXS
TVSHYGMRK XLI NSLR +VE] 6IPEXMSRWLMT 7IQMREVW [LIVI XLMW QEXIVMEP [EW
XVMIH XIWXIH ERH HIZIPSTIH )PPI] ERH -ER 'SVIR MR 7ERXE 'VY^ (IFVE
1YHH +EV] ERH ,IPIR *VERGIPP MR ,SRSPYPY &MPP ERH .YH] )PFVMRK MR 7ER
*VERGMWGS (EZMH 3FWXJIPH ERH *VIH /PMRIV MR ;EWLMRKXSR ( ' )PM^EFIXL
/PMRK MR &EPXMQSVI 'PEVO ERH (SXXMI &EVXIPP MR 7IEXXPI 1MGLEIP 2ENEVMER MR
4LSIRM\ +PSVME 1ERGLIWXIV MR 0 % 7ERHII 1EG MR ,SYWXSR )EVPIRI
'EVVMPPS MR 0EW :IKEW (EZMH *EVPS[ MR 7ER (MIKS &EVX ERH 1IVVMP .EGSFW MR
(EPPEW ERH 3ZI .SLPMERWWSR ERH )[E 1EVXIRWWSR MR 7XSGOLSPQ
- XLERO 6MGLEVH 'SLIR ERH 'MRH] &PEGO EX &I]SRH ;SVHW 4YFPMWLMRK JSV
XLIMV PSZMRK ERH KIRYMRI WYTTSVX SJ Q] PEWX FSSO 1IR ;SQIR ERH
6IPEXMSRWFMTW [LMGL KEZI FMVXL XS XLI MHIEW MR XLMW FSSO

- XLERO NSLR :IWXQER EX 8VMERSR 7XYHMSW JSV LMW I\TIVX EYHMS VIGSVHMRKW SJ
Q] [LSPI WIQMREV ERH (EZI 1SVXSR ERH XLI WXEJJ SJ 'EWWIXXI )\TVIWW JSV
XLIMV GSRXMRYIH ETTVIGMEXMSR SJ XLMW QEXIVMEP ERH XLIMV UYEPMX] WIVZMGI

- XLERO XLI QIQFIVW SJ Q] QIR W KVSYT JSV WLEVMRK XLIMV WXSVMIW ERH -
IWTIGMEPP] XLERO 0IRRI] )MKIV 'LEVPIW ;SSH .EGUYIW )EVP] (EZMH 4PEGIO
ERH 'LVMW .SLRW [LS KEZI QI WYGL ZEPYEFPI JIIHFEGO JSV IHMXMRK XLI
QERYWGVMTX

- XLERO Q] WIGVIXEV] %VPERE JSV IJJMGMIRXP] ERH VIWTSRWMFP] XEOMRK SZIV

XLI SJJMGI HYVMRK XLMW TVSNIGX

- XLERO Q] PE[]IV ERH EHSTXIH KVERHJEXLIV SJ Q] GLMPHVIR .IVV] 6MIJSPH

JSV EP[E]W FIMRK XLIVI

- XLERO 'PMJJSVH 1G+YMVI JSV LMW GSRXMRYIH JVMIRHWLMT SJ X[IRX] ]IEVW -

GSYPH RSX EWO JSV E FIXXIV WSYRHMRK FSEVH ERH JVMIRH