%'-6
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ERH-RWXEPPEXMSRSJ'SRGVIXI4MPIW
6ITSVXIHF]%'-'SQQMXXII
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1EVGL
%QIVMGER'SRGVIXI-RWXMXYXI’
%HZERGMRKGSRGVIXIORS[PIHKI
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'ST]VMKLXF]XLI%QIVMGER'SRGVIXI-RWXMXYXI*EVQMRKXSR,MPPW1-%PPVMKLXWVIWIVZIH8LMWQEXIVMEPQE]RSXFI
VITVSHYGIHSVGSTMIHMR[LSPISVTEVXMRER]TVMRXIHQIGLERMGEPIPIGXVSRMGJMPQSVSXLIVHMWXVMFYXMSRERHWXSVEKI
QIHME[MXLSYXXLI[VMXXIRGSRWIRXSJ%'-
8LIXIGLRMGEPGSQQMXXIIWVIWTSRWMFPIJSV%'-GSQQMXXIIVITSVXWERHWXERHEVHWWXVMZIXSEZSMHEQFMKYMXMIWSQMWWMSRW
ERHIVVSVWMRXLIWIHSGYQIRXW-RWTMXISJXLIWIIJJSVXWXLIYWIVWSJ%'-HSGYQIRXWSGGEWMSREPP]JMRHMRJSVQEXMSRSV
VIUYMVIQIRXWXLEXQE]FIWYFNIGXXSQSVIXLERSRIMRXIVTVIXEXMSRSVQE]FIMRGSQTPIXISVMRGSVVIGX9WIVW[LS
LEZI WYKKIWXMSRWJSVXLIMQTVSZIQIRX SJ %'-HSGYQIRXWEVIVIUYIWXIHXSGSRXEGX%'-ZME XLI IVVEXE [IFWMXIEX
[[[GSRGVIXISVKGSQQMXXIIWIVVEXEEWT4VSTIVYWISJXLMWHSGYQIRXMRGPYHIWTIVMSHMGEPP]GLIGOMRKJSVIVVEXE
JSVXLIQSWXYTXSHEXIVIZMWMSRW
%'-GSQQMXXIIHSGYQIRXWEVIMRXIRHIHJSVXLIYWISJMRHMZMHYEPW[LSEVIGSQTIXIRXXSIZEPYEXIXLIWMKRMJMGERGI
ERH PMQMXEXMSRW SJ MXW GSRXIRX ERH VIGSQQIRHEXMSRW ERH [LS [MPP EGGITX VIWTSRWMFMPMX] JSV XLI ETTPMGEXMSR SJ XLI
QEXIVMEPMXGSRXEMRW-RHMZMHYEPW[LSYWIXLMWTYFPMGEXMSRMRER][E]EWWYQIEPPVMWOERHEGGITXXSXEPVIWTSRWMFMPMX]
JSVXLIETTPMGEXMSRERHYWISJXLMWMRJSVQEXMSR
%PPMRJSVQEXMSRMRXLMWTYFPMGEXMSRMWTVSZMHIHwEWMWx[MXLSYX[EVVERX]SJER]OMRHIMXLIVI\TVIWWSVMQTPMIHMRGPYHMRK
FYXRSXPMQMXIHXSXLIMQTPMIH[EVVERXMIWSJQIVGLERXEFMPMX]JMXRIWWJSVETEVXMGYPEVTYVTSWISVRSRMRJVMRKIQIRX
%'-ERHMXWQIQFIVWHMWGPEMQPMEFMPMX]JSVHEQEKIWSJER]OMRHMRGPYHMRKER]WTIGMEPMRHMVIGXMRGMHIRXEPSVGSRWI
UYIRXMEPHEQEKIWMRGPYHMRK[MXLSYXPMQMXEXMSRPSWXVIZIRYIWSVPSWXTVSJMXW[LMGLQE]VIWYPXJVSQXLIYWISJXLMW
TYFPMGEXMSR
-X MW XLI VIWTSRWMFMPMX] SJ XLI YWIV SJ XLMW HSGYQIRX XS IWXEFPMWL LIEPXL ERH WEJIX] TVEGXMGIW ETTVSTVMEXI XS XLI
WTIGMJMG GMVGYQWXERGIW MRZSPZIH [MXL MXW YWI %'- HSIW RSX QEOI ER] VITVIWIRXEXMSRW [MXL VIKEVH XS LIEPXL ERH
WEJIX]MWWYIWERHXLIYWISJXLMWHSGYQIRX8LIYWIVQYWXHIXIVQMRIXLIETTPMGEFMPMX]SJEPPVIKYPEXSV]PMQMXEXMSRW
FIJSVIETTP]MRKXLIHSGYQIRXERHQYWXGSQTP][MXLEPPETTPMGEFPIPE[WERHVIKYPEXMSRWMRGPYHMRKFYXRSXPMQMXIHXS
9RMXIH7XEXIW3GGYTEXMSREP7EJIX]ERH,IEPXL%HQMRMWXVEXMSR 37,% LIEPXLERHWEJIX]WXERHEVHW
4EVXMGMTEXMSRF]KSZIVRQIRXEPVITVIWIRXEXMZIWMRXLI[SVOSJXLI%QIVMGER'SRGVIXI-RWXMXYXIERHMRXLIHIZIPSTQIRX
SJ-RWXMXYXIWXERHEVHWHSIWRSXGSRWXMXYXIKSZIVRQIRXEPIRHSVWIQIRXSJ%'-SVXLIWXERHEVHWXLEXMXHIZIPSTW
3VHIVMRJSVQEXMSR%'-HSGYQIRXWEVIEZEMPEFPIMRTVMRXF]HS[RPSEHSR'(631XLVSYKLIPIGXVSRMGWYFWGVMTXMSRSV
VITVMRXERHQE]FISFXEMRIHF]GSRXEGXMRK%'-
1SWX%'-WXERHEVHWERHGSQQMXXIIVITSVXWEVIKEXLIVIHXSKIXLIVMRXLIERRYEPP]VIZMWIH%'-1ERYEPSJ'SRGVIXI
4VEGXMGI 1'4 %QIVMGER'SRGVIXI-RWXMXYXI
'SYRXV]'PYF(VMZI
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97%
4LSRI
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[[[GSRGVIXISVK
-7&2
%'-6
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6ITSVXIHF]%'-'SQQMXXII
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7XERPI]1IVNER
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;MPPMEQ0+EQFPI'LEMV
6S]1%VQWXVSRK
6SFIVX2&VYGI.V
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18(EZMWWSR
6YHSPTL4*VM^^M
.SVKI0*YIRXIW
.SLR7/EVTMRWOM
.SLR&/IPP]
(IGIEWIH
'SRWYPXMRKQIQFIVW
)VRIWX:%GVII.V
.SWI-6IWXVITS
7TIGMEPEGORS[PIHKQIRXXS6YHSPTL4*VM^^MJSVLMWGSRXVMFYXMSRXSXLMWVITSVX
Chapter 2—Notation and definitions, p. 5
{2SXEXMSR
8LMWVITSVXTVIWIRXWVIGSQQIRHEXMSRWXSEWWMWXXLIHIWMKREVGLMXIGX
IRKMRIIVQERYJEGXYVIVGSRWXVYGXMSRIRKMRIIVERHGSRXVEGXSVMR
XLIHIWMKRQERYJEGXYVIERHMRWXEPPEXMSRSJQSWXX]TIWSJGSRGVIXI
TMPIW
'LETXIV{+ISXIGLRMGEPHIWMKRGSRWMHIVEXMSRW
T
{+IRIVEP
{7YFWYVJEGIGSRHMXMSRW
{&IEVMRKGETEGMX]SJMRHMZMHYEPTMPIW
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{+VSYTEGXMSRMRGSQTVIWWMSR
{4MPIWTEGMRK
{0EXIVEPWYTTSVX
{&EXXIVTMPIW
{%\MEPPSEHHMWXVMFYXMSR
{0SRKXIVQTIVJSVQERGI
{0EXIVEPGETEGMX]
{9TPMJXGETEGMX]
/I][SVHW EYKIVIH TMPIW FIEVMRK GETEGMX] GSQTSWMXI GSRWXVYGXMSR
GSRGVIXI TMPIW GSVVSWMSR HVMPPIH TMPIW JSYRHEXMSRW LEVFSV WXVYGXYVIW
PSEHW TVIWXVIWWIH GSRGVIXI UYEPMX] GSRXVSP WXIIP VIMRJSVGIQIRX WSMP
QIGLERMGWWXSVEKIXSPIVERGIW
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{+IRIVEP
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%'- 'SQQMXXII 6ITSVXW +YMHIW ERH 'SQQIRXEVMIW EVI
MRXIRHIHJSVKYMHERGIMRTPERRMRKHIWMKRMRKI\IGYXMRKERH
MRWTIGXMRKGSRWXVYGXMSR8LMWHSGYQIRXMWMRXIRHIHJSVXLIYWI
'LETXIV{7XVYGXYVEPHIWMKRGSRWMHIVEXMSRWT
{+IRIVEP
{0SEHWERHWXVIWWIWXSFIVIWMWXIH
ERHPMQMXEXMSRWSJMXWGSRXIRXERHVIGSQQIRHEXMSRWERH[LS
[MPPEGGITXVIWTSRWMFMPMX]JSVXLIETTPMGEXMSRSJXLIQEXIVMEPMX
GSRXEMRW8LI%QIVMGER'SRGVIXI-RWXMXYXIHMWGPEMQWER]ERH
EPPVIWTSRWMFMPMX]JSVXLIWXEXIHTVMRGMTPIW8LI-RWXMXYXIWLEPP
RSXFIPMEFPIJSVER]PSWWSVHEQEKIEVMWMRKXLIVIJVSQ
6IJIVIRGI XS XLMW HSGYQIRX WLEPPRSX FIQEHI MR GSRXVEGX
HSGYQIRXW -J MXIQW JSYRH MR XLMW HSGYQIRX EVI HIWMVIH F]
XLI%VGLMXIGX)RKMRIIVXSFIETEVXSJXLIGSRXVEGXHSGYQIRXW
XLI]WLEPPFIVIWXEXIHMRQERHEXSV]PERKYEKIJSVMRGSVTSVEXMSR
F]XLI%VGLMXIGX)RKMRIIV
%'-6WYTIVWIHIW%'-6ERH[EWEHSTXIHERHTYFPMWLIH1EVGL
'ST]VMKLX%QIVMGER'SRGVIXI-RWXMXYXI
%PPVMKLXWVIWIVZIHMRGPYHMRKVMKLXWSJVITVSHYGXMSRERHYWIMRER]JSVQSVF]ER]
QIERW MRGPYHMRK XLI QEOMRK SJ GSTMIW F] ER] TLSXS TVSGIWW SV F] IPIGXVSRMG SV
QIGLERMGEPHIZMGITVMRXIH[VMXXIRSVSVEPSVVIGSVHMRKJSVWSYRHSVZMWYEPVITVSHYG
XMSRSVJSVYWIMRER]ORS[PIHKISVVIXVMIZEPW]WXIQSVHIZMGIYRPIWWTIVQMWWMSRMR
[VMXMRKMWSFXEMRIHJVSQXLIGST]VMKLXTVSTVMIXSVW
+9-()83()7-+21%29*%'896)%2(-278%00%8-323*'32'6)8)4-0)7 %'-6
{7XVYGXYVEP WXVIRKXL HIWMKR ERH EPPS[EFPI WIVZMGI
GETEGMXMIW
{-RWXEPPEXMSRERHWIVZMGIGSRHMXMSRWEJJIGXMRKHIWMKR
'LETXIV{7IMWQMGHIWMKRERHHIXEMPMRK
GSRWMHIVEXMSRWT
{-RXVSHYGXMSR
{+IRIVEPWIMWQMGMQTEGXWSRTMPIFILEZMSV
{7IMWQMGTMPIFILEZMSV
{+ISXIGLRMGEPERHWXVYGXYVEPHIWMKRGSRWMHIVEXMSRW
{7IMWQMGHIXEMPMRKSJGSRGVIXITMPIW
{:IVXMGEPEGGIPIVEXMSRW
'LETXIV{1EXIVMEPWT
{'SRGVIXI
{+VSYX
{6IMRJSVGIQIRXERHTVIWXVIWWMRKQEXIVMEPW
{7XIIPGEWMRK
{7XVYGXYVEPWXIIPGSVIWERHWXYFW
{7TPMGIW
'LETXIV{1ERYJEGXYVISJTVIGEWXGSRGVIXITMPIW
T
{+IRIVEP
{*SVQW
{4PEGIQIRXSJWXIIPVIMRJSVGIQIRX
{)QFIHHIHMXIQW
{1M\MRKXVERWTSVXMRKTPEGMRKERHGYVMRKGSRGVIXI
{4MPIQERYJEGXYVMRK
{,ERHPMRKERHWXSVEKI
'LETXIV{-RWXEPPEXMSRSJGSRGVIXITMPIWT
{4YVTSWIERHWGSTI
{-RWXEPPEXMSRIUYMTQIRXXIGLRMUYIWERHQIXLSHW
{4VIZIRXMSRSJHEQEKIXSTMPMRKHYVMRKMRWXEPPEXMSR
{,ERHPMRKERHTSWMXMSRMRKHYVMRKMRWXEPPEXMSR
{6IMRJSVGMRKWXIIPERHWXIIPGSVITPEGIQIRX
{'SRGVIXITPEGIQIRXJSV'-4ERH'-7TMPIW
{4MPIHIXEMPW
{)\XVEGXMSRSJGSRGVIXITMPIW
{'SRGVIXIWLIIXTMPIW
'LETXIV{6IJIVIRGIWT
{6IJIVIRGIHWXERHEVHWERHVITSVXW
{'MXIHVIJIVIRGIW
',%48)6{-2863(9'8-32
{+IRIVEP
4MPIW EVI WPIRHIV WXVYGXYVEP IPIQIRXW MRWXEPPIH MR XLI
KVSYRH XS WYTTSVX E PSEH SV GSQTEGX XLI WSMP 8LI] EVI
QEHISJWIZIVEPQEXIVMEPWSVGSQFMREXMSRWSJQEXIVMEPWERH
EVI MRWXEPPIH F] MQTEGX HVMZMRK NEGOMRK ZMFVEXMRK NIXXMRK
HVMPPMRKKVSYXMRKSVGSQFMREXMSRWSJXLIWIXIGLRMUYIW4MPIW
QER]X]TIWERHRI[X]TIWEVIWXMPPFIMRKHIZIPSTIH8LMW
VITSVXGSZIVWSRP]XLIX]TIWSJTMPIWGYVVIRXP]YWIHMR2SVXL
%QIVMGERGSRWXVYGXMSRTVSNIGXW%TMPIX]TIGERFIEWWMKRIH
GSHIWXIGLRMGEPKVSYTWERHMRZEVMSYWKISKVETLMGEPVIKMSRW
2SEXXIQTXMWQEHILIVIMRXSVIGSRGMPIXLI[MHIZEVMIX]SJ
REQIWYWIH[MXLEKMZIRTMPIX]TI
4MPIWGERFIHIWGVMFIHF]XLITVIHSQMRERXQEXIVMEPJVSQ
[LMGLXLI]EVIQEHIWXIIPGSRGVIXI SVGIQIRXERHSXLIV
QEXIVMEPW SVXMQFIV'SQTSWMXITMPIWLEZIERYTTIVWIGXMSR
SJSRIQEXIVMEPERHEPS[IVWIGXMSRSJERSXLIV4MPIWQEHI
LS[IZIVSXLIVWXIIPQIQFIVWGERFIYWIH8MQFIVTMPIWEVI
X]TMGEPP]XVIIXVYROWXLEXEVITIIPIHWSVXIHXSWM^IERHHVMZIR
MRXSTPEGI8LIXMQFIVMWYWYEPP]XVIEXIH[MXLTVIWIVZEXMZIWFYX
YRXVIEXIHTMPIWGERFIYWIH[LIRTSWMXMSRIHIRXMVIP]FIPS[
XLI TIVQERIRX [EXIV XEFPI 8LIHIWMKR SJ WXIIP ERH XMQFIV
TMPIWMWRSXGSRWMHIVIHLIVIMRI\GITX[LIRYWIHMRGSRNYRG
XMSR[MXLGSRGVIXI1SWXSJXLIVIQEMRMRKX]TIWSJI\MWXMRK
TMPIWGSRXEMRGSRGVIXISVEGIQIRXFEWIHQEXIVMEP
(VMZIRTMPIWEVIX]TMGEPP]XSTHVMZIR[MXLERMQTEGXLEQQIV
EGXMZEXIH F] EMV WXIEQ L]HVEYPMG SV HMIWIP QIGLERMWQW
EPXLSYKLZMFVEXSV]HVMZIVWEVISGGEWMSREPP]YWIH7SQITMPIW
WYGLEWWXIIPGSVVYKEXIHWLIPPWERHXLMR[EPPTMTITMPIW[SYPHFI
HIWXVS]IHMJXSTHVMZIR*SVWYGLTMPIWERMRXIVREPWXIIPQERHVIP
MWMRWIVXIHMRXSXLITMPIXSVIGIMZIXLIFPS[WSJXLILEQQIVERH
WYTTSVXXLIWLIPPHYVMRKMRWXEPPEXMSR8LITMPIMWHVMZIRMRXSXLI
KVSYRH [MXL XLI QERHVIP [LMGL MW XLIR [MXLHVE[R (VMZIR
TMPIWXIRHXSGSQTEGXXLIWSMPFIRIEXLXLITMPIXMT
7IZIVEPX]TIWSJTMPIWEVIMRWXEPPIHF]HVMPPMRKSVVSXEXMRK
[MXL HS[R[EVH TVIWWYVI MRWXIEH SJ HVMZMRK (VMPPIH TMPIW
YWYEPP]MRZSPZIGSRGVIXISVKVSYXTPEGIQIRXMRHMVIGXGSRXEGX
[MXL XLI WSMP [LMGL GER TVSHYGI WMHIJVMGXMSR VIWMWXERGI
KVIEXIV XLER XLEX SFWIVZIH JSV HVMZIR TMPIW 3R XLI SXLIV
LERH FIGEYWI XLI] EVI HVMPPIH VEXLIV XLER HVMZIR HVMPPIH
TMPIWHSRSXGSQTEGXXLIWSMPFIRIEXLXLITMPIXMTERHMRJEGX
GERPSSWIRXLIWSMPEXXLIXMT4SWXKVSYXMRKQE]FIYWIHEJXIV
MRWXEPPEXMSRXSHIRWMJ]XLIWSMPYRHIVXLITMPIXMT
XMSRYRHIV[LMGLXLIGSRGVIXIMWGEWX7SQIGSRGVIXITMPIW
TVIGEWX TMPIW EVI GEWX MR E TPERX FIJSVI HVMZMRK [LMGL
EPPS[W GSRXVSPPIH MRWTIGXMSR SJ EPP TLEWIW SJ QERYJEGXYVI
3XLIVTMPIWEVIGEWXMRTPEGI '-4 EXIVQYWIHMRXLMWVITSVX
XSHIWMKREXITMPIWQEHISJGSRGVIXITPEGIHMRXSETVIZMSYWP]
ERHGPSWIHIRHTMTIEVII\EQTPIWSJ'-4TMPIW3XLIVTMPIW
EVIGEWXMRWMXY '-7 EXIVQYWIHMRXLMWVITSVXXSHIWMKREXI
GSRGVIXI GEWX HMVIGXP] EKEMRWX XLI IEVXL (VMPPIH TMIVW ERH
EYKIVKVSYXTMPIWEVII\EQTPIWSJ'-7TMPIW
{8]TIWSJTMPIW
4VIGEWXGSRGVIXI TMPIW
GSZIVW FSXL GSRZIRXMSREPP] VIMRJSVGIH GSRGVIXI TMPIW ERH
TVIWXVIWWIH GSRGVIXI TMPIW &SXL X]TIW GER FI JSVQIH F]
GEWXMRK WTMRRMRK GIRXVMJYKEP GEWXMRK WPMTJSVQMRK SV
I\XVYWMSR ERH EVI QEHI MR ZEVMSYW GVSWWWIGXMSREP WLETIW
WYGL EW XVMERKYPEV WUYEVI SGXEKSREP ERH VSYRH 7SQI
TMPIWEVIGEWX[MXLELSPPS[GSVI4VIGEWXTMPIWYWYEPP]LEZI
EYRMJSVQGVSWWWIGXMSRFYXGERLEZIEXETIVIHXMT4VIGEWX
GSRGVIXITMPIWEVIHIWMKRIHERHQERYJEGXYVIHXS[MXLWXERH
LERHPMRKERHHVMZMRKWXVIWWIWMREHHMXMSRXSWIVZMGIPSEHW
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
+9-()83()7-+21%29*%'896)%2(-278%00%8-323*'32'6)8)4-0)7 %'-6
6IMRJSVGIH GSRGVIXI TMPIW{8LIWI TMPIW EVI
GSRWXVYGXIH SJ GSRZIRXMSREPP] VIMRJSVGIH GSRGVIXI [MXL
MRXIVREP VIMRJSVGIQIRX GSRWMWXMRK SJ E GEKI QEHI YT SJ
WIZIVEPPSRKMXYHMREPWXIIPFEVWERHPEXIVEPWXIIPMRXLIJSVQSJ
MRHMZMHYEPXMIWSVEWTMVEP
4VIWXVIWWIH GSRGVIXI TMPIW{8LIWI TMPIW EVI
GSRWXVYGXIHYWMRKWXIIPVSHWWXVERHWSV[MVIWYRHIVXIRWMSR
8LI TVIWXVIWWMRK WXIIP MW X]TMGEPP] IRGPSWIH MR [MVI WTMVEPW
SVXMIW2SRQIXEPPMGWXVERHWLEZIEPWSFIIRWXYHMIHJSVYWI
MR TMPIW 7IR IX EP EF EF FYX XLIMV YWI MW RSX
GSZIVIHMRXLMWVITSVX
4VIWXVIWWIH TMPIW GER IMXLIV FI TVI SV TSWXXIRWMSRIH
4VIXIRWMSRIHTMPIWEVIYWYEPP]GEWXJYPPPIRKXLMRTIVQERIRX
GEWXMRKFIHW4SWXXIRWMSRIHTMPIWEVIYWYEPP]QERYJEGXYVIH
MR WIGXMSRW XLEX EVI XLIR EWWIQFPIH ERH TVIWXVIWWIH XS XLI
VIUYMVIHTMPIPIRKXLWMRXLIQERYJEGXYVMRKTPERXSVEXXLINSF
WMXI
7IGXMSREPTVIGEWXGSRGVIXITMPIW{8LIWIX]TIWSJ
TMPIWEVIIMXLIVGSRZIRXMSREPP]VIMRJSVGIHSVTVIWXVIWWIHTMPI
WIGXMSRW[MXLWTPMGIWSVQIGLERMWQWXLEXI\XIRHXLIQXSXLI
VIUYMVIHPIRKXL7TPMGIWX]TMGEPP]TVSZMHIXLIJYPPGSQTVIWWMZI
WXVIRKXL SJ XLI TMPI ERH WSQI WTPMGIW GER TVSZMHI XLIJYPP
XIRWMSRFIRHMRKERHWLIEVWXVIRKXL'SRZIRXMSREPP]VIMRJSVGIH
ERHTVIWXVIWWIHTMPIWIGXMSRWGERFIGSQFMRIHMRXLIWEQI
TMPIJSVHIWMKRTYVTSWIWMJHIWMVIH
'EWXMRTPEGIGSRGVIXITMPIW{+IRIVEPP]'-4TMPIW
QE]FIEGSVVYKEXIHQERHVIPHVMZIRWXIIPWLIPPSVEXST
HVMZIRSVQERHVIPHVMZIRWXIIPTMTIEPPLEZIEGPSWIHIRH
'SRGVIXI MW GEWX MRXS XLI WLIPP SV TMTI EJXIV HVMZMRK 8LYW
YRPIWWMXFIGSQIWRIGIWWEV]XSVIHVMZIXLITMPIEJXIVGSRGVIXI
TPEGIQIRXXLIGSRGVIXIMWRSXWYFNIGXIHXSHVMZMRKWXVIWWIW
8LIGSVVYKEXIHWLIPPWGERFISJYRMJSVQWIGXMSRXETIVIH
SV WXITTIH G]PMRHIVW EPWS ORS[R EW WXITXETIV 4MTI MW
YRMJSVQ WIGXMSRSVEYRMJSVQYTTIVWIGXMSR[MXLEXETIVIH
PS[IVWIGXMSR
'-4 TMPI GEWMRKW GER FI MRWTIGXIH MRXIVREPP] FIJSVI
GSRGVIXI TPEGIQIRX 6IMRJSVGMRK WXIIP GER FI EHHIH JYPP
PIRKXLSVTEVXMEPPIRKXLEWHMGXEXIHF]XLIHIWMKR
)RPEVKIHXMT TMPIW{-R KVERYPEV WSMPW TMPIXMT
IRPEVKIQIRXKIRIVEPP]MRGVIEWIWTMPIFIEVMRKGETEGMX]3RI
X]TISJIRPEVKIHXMTTMPIEPWSGEPPIHEGSQTEGXIHGSRGVIXI
TMPI MW JSVQIH F] FSXXSQHVMZMRK E XYFI [MXL E GSRGVIXI
TPYKXSXLIHIWMVIHHITXL8LIGSRGVIXITPYKMWXLIRJSVGIH
SYXMRXSXLIWSMPEWGSRGVIXIMWEHHIH9TSRGSQTPIXMSRSJ
XLI FEWI XLI XYFI MW [MXLHVE[R [LMPI I\TERHMRK GSRGVIXI
SYXSJXLIXMTSJXLIXYFIXLMWJSVQWE'-7GSRGVIXIWLEJX
%PXIVREXIP]ETMTISVGSVVYKEXIHWLIPPGEWMRKGERFIFSXXSQ
HVMZIRMRXSXLIFEWIERHXLIXYFI[MXLHVE[R8LIVIWYPXMRK
ERRYPEVWTEGI FIX[IIRWSMPERHTMPI IMXLIVGPSWIWSRXSXLI
XMTFEWIFIMRKQERHVIPHVMZIRXSFIEVMRKIRIVEPP]KVERYPEV
WYFWSMPW 8LIVI [MPP FI ER ERRYPEV WTEGI FIX[IIR XLI TMPI
ERH WSMP EW RSXIH TVIZMSYWP] 8LI TMPI WLEJX MW GSQTPIXIH
EWE'-4TMPIERHVIMRJSVGIQIRXMWEHHIHEWHMGXEXIHF]XLI
HIWMKR4VIGEWXIRPEVKIHXMTFEWIWLEZIEPWSFIIRYWIH[MXL
WSPMHWLEJXWWYGLEWXMQFIVTMPIW4VIGEWXIRPEVKIHXMTFEWIW
GERFIGSRWXVYGXIHMRE[MHIVERKISJWM^IW
(VMPPIHMRGEMWWSRW{%HVMPPIHMRGEMWWSRMWEWTIGMEP
X]TISJ'-4GSRGVIXITMPIXLEXMWMRWXEPPIHEWELMKLGETEGMX]
YRMXGEVVMIHHS[RXSERHWSGOIXIHMRXSFIHVSGO8LIWIJSYR
HEXMSR YRMXW EVI JSVQIH F] HVMZMRK ER STIRIRHIH LIEZ]
[EPPIHTMTIXSFIHVSGOGPIERMRKSYXXLITMTIERHHVMPPMRK
EWSGOIXMRXSXLIFIHVSGO%WXVYGXYVEPWXIIPWIGXMSR GEMWWSR
GSVI MW MRWIVXIH I\XIRHMRK JVSQ XLI FSXXSQ SJ XLI VSGO
WSGOIXXSIMXLIVXLIXSTSVTEVX[E]YTXLITMTI8LIIRXMVI
SJXLIWSGOIXHITIRHWSRXLIHIWMKRGETEGMX]XLITMTIHMEQIXIV
ERHXLIREXYVISJXLIVSGO
1ERHVIPHVMZIR XMT{% QERHVIPHVMZIR XMT TMPI
GSRWMWXWSJ ERSZIVWM^IHWXIIPXMTTPEXIHVMZIRF]EWPSXXIH
WXIIPTMTI QERHVIP 8LMW TMPI MW HVMZIR XLVSYKL E LSTTIV
GSRXEMRMRKIRSYKLKVSYXXSJSVQETMPIXLIWM^ISJXLIXMTTPEXI
8LIKVSYXIRXIVWXLIMRWMHISJXLIQERHVIPXLVSYKLXLIWPSXW
EWXLITMPIMWHVMZIRERHMWGEVVMIHHS[RXLIERRYPYWGEYWIH
F]XLIXMTTPEXI;LIRXLIVIUYMVIHFIEVMRKMWVIEGLIHXLI
QERHVIPMW[MXLHVE[RVIWYPXMRKMRE'-7WLEJX6IMRJSVGI
QIRXGERFIPS[IVIHMRXSXLIKVSYXWLEJXFIJSVIMRMXMEPWIXSJ
XLIKVSYX8LMWTMPIHMJJIVWJVSQQSWX'-7TMPIWMRXLEXXLI
QERHVIPMWHVMZIRRSXHVMPPIHERHXLIHVMZMRKVIWMWXERGIGER
FIYWIHEWERMRHI\SJXLIFIEVMRKGETEGMX]
'SQTSWMXI GSRGVIXI TMPIW{'SQTSWMXI GSRGVIXI
TMPIW GSRWMWX SJ X[S HMJJIVIRX TMPI WIGXMSRW EX PIEWX SRI SJ
XLIQ FIMRK GSRGVIXI 8LIWI TMPIW LEZI WSQI[LEX PMQMXIH
ETTPMGEXMSRWERHEVIYWYEPP]YWIHYRHIVWTIGMEPGSRHMXMSRW
8LIWXVYGXYVEPGETEGMX]SJXLITMPIMWKSZIVRIHF]XLI[IEOIV
SJXLITMPIWIGXMSRW
%GSQQSRGSQTSWMXITMPIMWEQERHVIPHVMZIRGSVVYKEXIH
WLIPPSRXSTSJERYRXVIEXIHXMQFIVTMPI7TIGMEPGSRHMXMSRWXLEX
GERQEOIWYGLETMPIIGSRSQMGEPP]EXXVEGXMZIEVIEVIUYMVIH
PSRK PIRKXL ER EZEMPEFPI MRI\TIRWMZI WSYVGI SJ XMQFIV E
XMQFIVWIGXMSRXLEXMWTSWMXMSRIHFIPS[XLITIVQERIRX[EXIV
XEFPIERHEVIPEXMZIP]PS[VIUYMVIHGETEGMX]
%RSXLIVGSQQSRGSQTSWMXITMPIMWETVIGEWXWIGXMSRSRXST
SJEWXIIP,SVTMTIWIGXMSR[MXLEVIMRJSVGIHTSMRX[LIVI
RIGIWWEV] % '-4 GSRGVIXI TMPI GSRWXVYGXIH [MXL E WXIIP
TMTI PS[IV WIGXMSR ERH E QERHVIPHVMZIR XLMR GSVVYKEXIH
WXIIPWLIPPYTTIVWIGXMSRMWERSXLIV[MHIP]YWIHGSQTSWMXI
GSRGVIXIERHVIMRJSVGMRKWXIIPGERFIEHHIHEWHMGXEXIHF]
XLIHIWMKR
(VMPPIH TMPIW{(VMPPIH TMPIW EVI MRWXEPPIH WSPIP] F]
8LITMPIMWXLIRGSQTPIXIHEWE'-4GSRGVIXITMPI-RIMXLIV
XSXLIWLEJXEWHMGXEXIHF]XLIHIWMKR
%RSXLIVIRPEVKIHXMTTMPIGSRWMWXWSJETVIGEWXVIMRJSVGIH
GSRGVIXI FEWI MR XLI WLETI SJ E JVYWXYQ SJ E GSRI XLEX MW
EXXEGLIHXSETMPIWLEJX1SWXJVIUYIRXP]XLIWLEJXMWEGSVVY
KEXIHWLIPPSVXLMR[EPPIHTMTI[MXLXLIWLEJXERHIRPEVKIH
STIVEXMSRSJXLIMVMRWXEPPEXMSRMWHVMZMRK
'EWXMRHVMPPIHLSPI TMPIW{8LIWI TMPIW EPWS
ORS[REWHVMPPIHTMIVWEVIMRWXEPPIHF]QIGLERMGEPP]HVMPPMRK
SV TPEMR GSRGVIXI 7SQIXMQIW ER IRPEVKIH FEWI GER FI
JSVQIH QIGLERMGEPP] XS MRGVIEWI XLI FIEVMRK EVIE % WXIIP
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
+9-()83()7-+21%29*%'896)%2(-278%00%8-323*'32'6)8)4-0)7 %'-6
PMRIVMWMRWIVXIHMRXLILSPI[LIVIXLIWMHIWSJXLILSPIEVI
YRWXEFPI8LIPMRIVQE]FIPIJXMRTPEGISV[MXLHVE[REWXLI
GSRGVIXIMWTPEGIH-RXLIPEXXIVGEWITVIGEYXMSRWEVIVIUYMVIH
XSFIWYVIXLEXXLIGSRGVIXIWLEJXHSIWRSXGSRXEMRWITEVEXMSRW
GEYWIHF]XLIJVMGXMSREPIJJIGXWSJ[MXLHVE[MRKXLIPMRIV*SV
GEWXMRHVMPPIHLSPITMPIWMR QQ ERHPEVKIVMRHMEQIXIV
VIJIVXS%'-
*SYRHEXMSRHVMPPIHTMIVWSVGEMWWSRW{8LIWI EVI
HIIT JSYRHEXMSR YRMXW XLEX SJXIR JYRGXMSR PMOI TMPIW 8LI]
EVIIWWIRXMEPP]IRHFIEVMRK YRMXW ERHEVIHIWMKRIH EW HIIT
JSSXMRKWGSQFMRIH[MXLGSRGVIXIWLEJXWXSGEVV]XLIWXVYGXYVI
PSEHWXSXLIFIEVMRKWXVEXYQ8LMWX]TISJHIITJSYRHEXMSRMW
RSXGSZIVIHMRXLMWVITSVXJSVQSVIMRJSVQEXMSRVIJIVXS%'-
ERH%'-6
%YKIVKVSYX SV GSRGVIXIMRNIGXIH TMPIW{%YKIV
KVSYX TMPIW EVI YWYEPP] MRWXEPPIH F] XYVRMRK E GSRXMRYSYW
HITXL %W XLI EYKIV MW [MXLHVE[R KVSYX SV GSRGVIXI MW
FSXXSQ YT 8LMW'-7 TMPIGERFIVIMRJSVGIHF]EGIRXIVIH
JYPPPIRKXLFEVTPEGIHXLVSYKLXLILSPPS[WXIQSJXLIEYKIV
F] VIMRJSVGMRK WXIIP XS XLI I\XIRX MX GER FI TPEGIH MRXS XLI
KVSYXWLEJXEJXIVGSQTPIXMSRSVFSXL
(VMPPIHHMWTPEGIQIRXTMPIW{(VMPPIHHMWTPEGIQIRX
TMPIWEVIWMQMPEVXSEYKIVKVSYXTMPIWI\GITXXLEXXLIEYKIVW
EVIHIWMKRIHXSHMWTPEGITSVXMSRWSJXLITIRIXVEXIHWSMPW
PEXIVEPP] ERH XS IPMQMREXI SV QMRMQM^I WSMP VIQSZIH F]
HVMPPIHHMWTPEGIQIRX TMPI EYKIVW X]TMGEPP] LEZI E PEVKIV
HMWTPEGIQIRX IPIQIRX SV FYPKI XS MRHYGI PEXIVEPWSMP
ERHXLIWIGXMSRFIPS[XLIHMWTPEGIQIRXFYPKIXLITMPIWQE]
FIVIJIVVIHXSEWIMXLIVJYPPSVTEVXMEPHMWTPEGIQIRXTMPIW%W
XLIEYKIVMW[MXLHVE[RIMXLIVKVSYXSVGSRGVIXIMWTPEGIHF]
KVEZMX]SVTVIWWYVIMRNIGXMSRXLVSYKLXLIEYKIVWXIQ
(VMPPIH ERH KVSYXIH TMPIW{8LIWI TMPIW EVI
MRWXEPPIHF]VSXEXMRKEGEWMRKLEZMRKEGYXXMRKIHKIMRXSXLI
MRWIVXMRK VIMRJSVGMRK WXIIP TYQTMRK E WERHGIQIRX KVSYX
[MXLHVE[MRKXLIGEWMRK7YGL'-7TMPIWEVIYWIHTVMRGMTEPP]
JSV YRHIVTMRRMRK [SVO SV [LIVI PS[LIEHVSSQ GSRHMXMSRW
I\MWXWYGLEWMRFEWIQIRXWSVYRHIVFVMHKIW8LIWITMPIWEVI
SJXIRMRWXEPPIHXLVSYKLERI\MWXMRKJSYRHEXMSR
4SWXKVSYXIHTMPIW{'SRGVIXITMPIWGERLEZIKVSYX
XYFIWIQFIHHIH[MXLMRXLIQWSXLEXEJXIVMRWXEPPEXMSRKVSYX
GERFIMRNIGXIHYRHIVTVIWWYVIXSIRLERGIXLIGSRXEGX[MXL
XLIWSMPXSGSRWSPMHEXIXLIWSMPYRHIVXLIXMTSVFSXL
{(IWMKRGSRWMHIVEXMSRW
8LI WYGGIWWJYP HIWMKR SJ E GSRGVIXI TMPI JSYRHEXMSR
MRZSPZIW MRXMQEXI ORS[PIHKI SJ XLI VIPIZERX KISXIGLRMGEP
ERH WXVYGXYVEP HIWMKR VIUYMVIQIRXW TMPI QERYJEGXYVI ERH
XVERWTSVXEXMSR HIXEMPW ERH TMPI MRWXEPPEXMSR TVSGIHYVIW
7YMXEFPITMPIWGERFIHEQEKIHF]MQTVSTIVMRWXEPPEXMSRWS
MRWTIGXMSRERHGSRXVSPSJXLITMPIMRWXEPPEXMSREVIIWWIRXMEPXS
TVSHYGMRKEWEXMWJEGXSV]JSYRHEXMSR
-QTVSTIVP] HIWMKRIH TMPI JSYRHEXMSRW GER TIVJSVQ
YRWEXMWJEGXSVMP] HYI XS FIEVMRK GETEGMX] JEMPYVI SJ XLI
TMPIWSMP W]WXIQ I\GIWWMZI WIXXPIQIRX HYI XS GSQTVIWWMSR
ERH GSRWSPMHEXMSR SJ XLI YRHIVP]MRKWSMP SV SV WXVYGXYVEP
JEMPYVI SJ XLI TMPI WLEJX SV MXW GSRRIGXMSR XS XLI TMPI GET
-R EHHMXMSR MQTVSTIVP] HIWMKRIH TMPI JSYRHEXMSRW GSYPH
TIVJSVQ YRWEXMWJEGXSVMP] HYI XS I\GIWWMZI WIXXPIQIRX SV
FIEVMRKGETEGMX] JEMPYVI GEYWIH F] MQTVSTIV MRWXEPPEXMSR
QIXLSHW WXVYGXYVEP JEMPYVI VIWYPXMRK JVSQ HIXVMQIRXEP
TMPIMRWXEPPEXMSRTVSGIHYVIWSV WXVYGXYVEPJEMPYVIVIPEXIHXS
IRZMVSRQIRXEPGSRHMXMSRW
*EGXSVWXLVSYKLEVIGPIEVP]HIWMKRVIPEXIH*EGXSVW
ERHEVIEPWSHIWMKRVIPEXIHMRXLEXXLIHIWMKRIVGERPIWWIR
XMSRWERHSYXPMRMRKTVSTIVMRWTIGXMSRTVSGIHYVIWXSFIYWIH
HYVMRK XLI MRWXEPPEXMSR TVSGIWW *EGXSV VIJIVW XS IRZMVSR
QIRXEPJEGXSVWXLEXGERVIHYGIXLIWXVIRKXLSJXLITMPIWLEJX
HYVMRKMRWXEPPEXMSRSVHYVMRKWIVZMGIPMJI8LIHIWMKRIVGER
GSRWMHIV IRZMVSRQIRXEP IJJIGXW F] GEVIJYP WIPIGXMSR SJ
GSRGVIXI QEXIVMEPWF]WIPIGXMRKETMPIWIGXMSRXSGSQTIR
WEXIJSVJYXYVIHIXIVMSVEXMSRYWMRKGSEXMRKWSVSXLIVQIXLSHW
XSMQTIHISVIPMQMREXIXLIIRZMVSRQIRXEPIJJIGXWERHMQTPI
QIRXMRKETIVMSHMGMRWTIGXMSRERHVITEMVTVSKVEQXSHIXIGX
ERH GSVVIGX WXVYGXYVEP HIXIVMSVEXMSR ,MHHIR TMPI HIJIGXW
TVSHYGIH HYVMRK MRWXEPPEXMSR GER SGGYV IZIR MJ XLI TMPI
HIWMKR QERYJEGXYVI MRWXEPPEXMSR ERHMRWTIGXMSRETTIEV XS
QERYJEGXYVIERHMRWXEPPEXMSRLS[IZIVGERVIHYGIXLIMRGM
HIRGI SJYRJSVIWIIRHIJIGXW8LIHIWMKRSJ XLI JSYRHEXMSR
TMPIMRWXEPPEXMSRWLSYPHFIEGSSTIVEXMZIIJJSVXFIX[IIRXLI
WXVYGXYVEPERHKISXIGLRMGEPIRKMRIIVW
% HIXEMPIH HMWGYWWMSR SJ XLI TVSGIHYVIW JSV QSRMXSVMRK
TMPIMRWXEPPEXMSRMWFI]SRHXLIWGSTISJXLMWVITSVXEPXLSYKL
WSQI MXIQW XLEX XLI IRKMRIIV QMKLX [ERX XS GSRWMHIV MR
HIXIVQMRMRKXLIMRWXEPPEXMSRMRWTIGXMSRTVSGIHYVIWEVIRSXIH
XLVSYKLSYXXLIXI\X*SVQSVIHIXEMPIHMRJSVQEXMSRSRQSRM
XSVMRKTMPIMRWXEPPEXMSRXLIVIEHIVMWVIJIVVIHXSKIRIVEPVIJIV
IRGIWSRTMPIMRWTIGXMSR (EZMWWSRF*YPPIV -R XLI HIWMKR SJ ER] TMPI JSYRHEXMSR XLI REXYVI SJ XLI
WYFWSMP ERH XLI MRXIVEGXMSR SJ XLI TMPIWSMP W]WXIQ YRHIV
WIVZMGIPSEHW *EGXSVWXLVSYKL YWYEPP]GSRXVSPXLIHIWMKR
ERHEVIHMWGYWWIHMR'LETXIVWERH'SRWMHIVEXMSRWVIPEXMRK
XS*EGXSVWERHEVIGSZIVIHMR'LETXIVEPXLSYKLWSQI
KYMHERGISRXLIWIJEGXSVWEW[IPPEW*EGXSVMWSJJIVIHMR
'LETXIVW ERHMRGSRRIGXMSR[MXLXLITVITEVEXMSRSJ
'LETXIVSRTVSZMHMRK
ETMPIJSYRHEXMSRSJEHIUYEXIWXVYGXYVEPGETEGMX]8LIHIWMKR
TVSGIHYVIWVIGSQQIRHIHEVIFEWIHSRGSRWIVZEXMZIZEPYIW
SFXEMRIHJVSQXLISVIXMGEPGSRWMHIVEXMSRWVIWIEVGLHEXEERH
I\TIVMIRGI[MXLMRWIVZMGITIVJSVQERGI'LETXIVTVIWIRXW
E KIRIVEP HMWGYWWMSR SJ WSQI KISXIGLRMGEP ERH WXVYGXYVEP
HIWMKRGSRWMHIVEXMSRWXLEXGERFIMQTSVXERX[LIRTMPIWEVI
YWIHMRVIKMSRWSJLMKLWIMWQMGMX]
% TMPI GER FI WXVYGXYVEPP] HIWMKRIH ERH GSRWXVYGXIH XS
WEJIP]GEVV]XLIHIWMKRPSEHWFYXXLITMPIGERRSXFIGSRWMH
IVIHXSLEZIEGLMIZIHMXWVIUYMVIHFIEVMRKGETEGMX]YRXMPMXMW
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
+9-()83()7-+21%29*%'896)%2(-278%00%8-323*'32'6)8)4-0)7 %'-6
TVSTIVP]MRWXEPPIHERHJYRGXMSRMRKEWETEVXSJEREHIUYEXI
TMPIWSMP W]WXIQ 8LYW MR EHHMXMSR XS MXW VIUYMVIH HIWMKR
PSEHWXVYGXYVEPGETEGMX]HVMZIRTMPIWLEZIXSFIWXVYGXYVEPP]
GETEFPISJFIMRKMRWXEPPIHXSXLIMVVIUYMVIHFIEVMRKGETEGMX]
8LMWRIGIWWMXEXIWLEZMRKSRIWIXSJWXVYGXYVEPGSRWMHIVEXMSRW
JSVHVMZMRKERHERSXLIVJSVRSVQEPWIVZMGI9WYEPP]YRHIV
XLIQSWXWIZIVI WXVIWWGSRHMXMSRW ETMPI[MPPIRHYVI SGGYV
HYVMRKHVMZMRK
8LVIIPMQMXWXSXLIPSEHFIEVMRKGETEGMX]SJETMPIGERFI
XLMVH HITIRHW SR XLI EFMPMX] SJ XLI WYFWSMP XS WYTTSVX XLI
TMPI*MVWXXLITMPIHVMZMRKWXVIWWIWGERRSXI\GIIHXLSWIXLEX
[MPPHEQEKIXLITMPI8LMWMRXYVRPMQMXWXLIHVMZMRKJSVGI
SJXLITMPIEKEMRWXXLIWSMPERHXLIVIJSVIXLIHIZIPSTQIRX
SJXLIWSMPvWGETEGMX]XSWYTTSVXXLITMPI7IGSRHTMPIWEVI
HIWMKRIH XS QIIX WXVYGXYVEP VIUYMVIQIRXW YRHIV ETTPMGEFPI
PSEHMRK GSRHMXMSRW ERH GSHIW [MXL GSRWMHIVEXMSR KMZIR XS
XLIPEXIVEPWYTTSVXGSRHMXMSRWTVSZMHIHF]XLIWSMP8LMVHXLI
WSMPWLSYPHFIEFPIXSWYTTSVXXLITMPIPSEHW[MXLEREHIUYEXI
JEGXSV SJ WEJIX] EKEMRWX E WSMPFIEVMRK GETEGMX] JEMPYVI ERH
[MXLXSPIVEFPIHMWTPEGIQIRXW-RWXEXMGTMPIPSEHXIWXWGEVVMIH
XSJEMPYVIMXMWYWYEPP]XLIWSMPXLEXKMZIW[E]ERHEPPS[WXLI
TMPIXSTIRIXVEXIMRXSXLIKVSYRHTMPIWLEJXJEMPYVIWLS[IZIV
ETVSTIVTMPIHIWMKR
',%48)6{238%8-32%2(()*-2-8-327
{2SXEXMSR
%
! TMPIGVSWWWIGXMSREPEVIEMR QQ
%G
! EVIESJGSRGVIXI MRGPYHMRKTVIWXVIWWMRKWXIIP MR
QQ
! %Kz%WXJSVVIMRJSVGIHGSRGVIXITMPIWMR QQ
%GSVI ! EVIESJGSVISJWIGXMSRXSSYXWMHIHMEQIXIVSJXLI
WTMVEPWXIIPMR QQ
%K
! KVSWWEVIESJTMPIMR QQ
%GL ! EVIESJGSVI[MXLMRXVERWZIVWIVIMRJSVGIQIRXQIEWYVIH
SYXXSSYXSJXLIVIMRJSVGIQIRXMR QQ
%T
! EVIESJWXIIPTMTISVXYFIMR QQ
%TW ! EVIESJTVIWXVIWWMRKWXIIPMR QQ
%WL ! XSXEPEVIE SJ XVERWZIVWIVIMRJSVGIQIRXMR HMVIGXMSR
GSRWMHIVIHMR QQ
%WT ! EVIESJWTMVEPSVXMIFEVMR QQ
%WX
! XSXEPEVIESJPSRKMXYHMREPVIMRJSVGIQIRXMR QQ FG
! [MHXLSJWIGXMSRMRHMVIGXMSRGSRWMHIVIHMR QQ
(
! WXIIPWLIPPHMEQIXIVMR QQ
HGSVI ! HMEQIXIVSJGSVIWIGXMSRXSSYXWMHISJWTMVEPMR QQ
)
! QSHYPYWSJIPEWXMGMX]JSVTMPIQEXIVMEPTWM 14E!
2QQ
)!
2QQ
JG
!
JTG
! IJJIGXMZITVIWXVIWWMRGSRGVIXIEJXIVPSWWIWTWM 14E
JTW
! WXVIWW MR TVIWXVIWWIH VIMRJSVGIQIRX EX RSQMREP
WXVIRKXLSJQIQFIVTWM 14E
J]
! ]MIPH WXVIWW SJ RSRTVIWXVIWWIH VIMRJSVGIQIRX TWM
14E
J]L
! ]MIPH WXVIWW SJ XVERWZIVWI WTMVEP SV XMI VIMRJSVGI
QIRXTWM 14E
J]T
! ]MIPHWXVIWWSJWXIIPTMTISVXYFITWM 14E
J]W
J]X
K
LG
-K
/
/
0
0W
0Y
I
Y
1
2
!
!
!
!
]MIPHWXVIWWSJWXIIPWLIPPTWM 14E
]MIPHWXVIWWSJXVERWZIVWIVIMRJSVGIQIRXTWM 14E
EGGIPIVEXMSRSJKVEZMX]MRW QW
GVSWWWIGXMSREP HMQIRWMSR SJ TMPI GSVI GIRXIVXS
GIRXIVSJLSSTVIMRJSVGIQIRXMR QQ
! QSQIRXSJMRIVXMESJXLITMPIWIGXMSRMR QQ
! QSQIRXSJMRIVXMESJXLIKVSWWTMPIWIGXMSRMR QQ
! LSVM^SRXEPWYFKVEHIQSHYPYWJSVGSLIWMZIWSMPWTWM
2QQ
!
! TMPIPIRKXLMR QQ
!
! PIRKXLSJTMPIEFSZIKVSYRHWYVJEGIMR QQ
! IJJIGXMZITMPIPIRKXL!/ YMR QQ
! YRWYTTSVXIHWXVYGXYVEPTMPIPIRKXLMR QQ
! TMPIQSQIRXMRPF 2QQ
! WXERHEVHTIRIXVEXMSRXIWX2ZEPYIWGEPIHXSEWXERHEVH
IJJIGXMZISZIVFYVHIRTVIWWYVISJXSRJX O4E
RL
!
4
4E
4EX
4Y
6
6
W
WY
WWT
8
XWLIPP
W
G
X
2QQ
! E\MEPXIWXPSEHSRTMPIPF 2
! EPPS[EFPI E\MEP GSQTVIWWMSR WIVZMGI GETEGMX] PF
2
! EPPS[EFPIE\MEPXIRWMSRWIVZMGIGETEGMX]PF 2
! JEGXSVIHE\MEPPSEHSRTMPIPF 2
! VEHMYWSJK]VEXMSRSJKVSWWEVIESJTMPIMR QQ
! VIPEXMZIWXMJJRIWWJEGXSVJSVTVIPSEHIHGPE]MR QQ
! WTEGMRKSJXMIWIXWEPSRKPIRKXLSJQIQFIVMR QQ
! YRHVEMRIHWLIEVWXVIRKXLSJWSMPPFJX O4E!O2Q
! WTEGMRKSJLSSTWSVTMXGLSJWTMVEPEPSRKPIRKXLSJ
QIQFIVMR QQ
! VIPEXMZI WXMJJRIWW JEGXSV JSV RSVQEPP] PSEHIH GPE]
KVERYPEVWSMPWWMPXERHTIEXMR QQ
! [EPPXLMGORIWWSJWXIIPWLIPPMR QQ
! VEXMS SJ ZSPYQI SJ WTMVEP VIMRJSVGIQIRX XS XSXEP
ZSPYQISJGSVI SYXXSSYXSJWTMVEP
! WXVIRKXLVIHYGXMSRJEGXSV
! WXVIRKXLVIHYGXMSRJEGXSVMRGSQTVIWWMSR
!
GSQFMRIH[MXLXIRWMSRSVTYVIXIRWMSR
2.2—Definitions
ER SRPMRI VIWSYVGI w%'- 'SRGVIXI 8IVQMRSPSK]x LXXT
XIVQMRSPSK]GSRGVIXISVK ',%48)6{+)38)',2-'%0()7-+2
'327-()6%8-327
{+IRIVEP
-R XLI HIWMKR SJ ER] TMPI JSYRHEXMSR XLI REXYVI SJ XLI
WYFWSMPXLIMRWXEPPEXMSRQIERWERHQIXLSHWERHXLIMRXIV
EGXMSR SJ XLI TMPIWSMP W]WXIQ YRHIV WIVZMGI PSEHW YWYEPP]
GSRXVSPXLIEPPS[EFPITMPIPSEHGETEGMX]8LMWVITSVXHSIWRSX
GSZIVMRHIXEMPXLITVMRGMTPIWSJWSMPQIGLERMGWERHFILEZMSV
EWXLI]GEREJJIGXTMPIJSYRHEXMSRTIVJSVQERGI8LMWGLETXIV
HSIW MRGPYHI LS[IZIV E KIRIVEP HMWGYWWMSR SJ XLI QSVI
MQTSVXERXKISXIGLRMGEPGSRWMHIVEXMSRWVIPEXIHXSXLITVSTIV
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
+9-()83()7-+21%29*%'896)%2(-278%00%8-323*'32'6)8)4-0)7 %'-6
HIWMKRSJTMPIJSYRHEXMSRW*SVQSVIHIXEMPIHMRJSVQEXMSRSR
KISXIGLRMGEP GSRWMHIVEXMSRW VIJIV XS KIRIVEP VIJIVIRGIW SR
WSMPQIGLERMGWERHTMPIHIWMKR %7')7)-2%:*%'
4IGOIXEP4VEOEWLERH7LEVQE8IV^EKLM
IXEP {7YFWYVJEGIGSRHMXMSRW
/RS[PIHKI SJ WYFWYVJEGI GSRHMXMSRW ERH XLIMV IJJIGX SR
XLITMPIJSYRHEXMSRHIWMKRERHMRWXEPPEXMSRMWIWWIRXMEP8LMW
ORS[PIHKIGERFISFXEMRIHJVSQZEVMSYWWSYVGIWMRGPYHMRK
TVMSV I\TIVMIRGI MR XLI KISKVETLMGEP EVIE TIVJSVQERGI SJ
I\MWXMRK JSYRHEXMSRW YRHIV WMQMPEV GSRHMXMSRW ORS[PIHKI
I\TSWIH MR STIR GYXW ERH I\TPSVEXSV] FSVMRKW [MXL SV
[MXLSYX HIXEMPIH WSMP XIWXW *VSQ WYGL MRJSVQEXMSR EPSRK
[MXL ORS[PIHKI SJ XLI WXVYGXYVI XS FI WYTTSVXIH ERH XLI
GLEVEGXIV ERH QEKRMXYHI SJ PSEHMRK JSV I\EQTPI GSPYQR
PSEHERHWTEGMRK MXMWSJXIRTSWWMFPIXSQEOIETVIPMQMREV]
GLSMGISJTMPIX]TI W PIRKXL W ERHTMPIHIWMKRPSEH W 3R WSQI TVSNIGXW I\MWXMRK WYFWYVJEGI HEXE ERH TVMSV
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XIGLRMUYIWERHI\TIVMIRGI8LI[EZIIUYEXMSREREP]WMWMWE
YWIJYPHIWMKRXSSPXLEXLIPTWTVSZMHIMRJSVQEXMSRPIEHMRKXS
XLIRIGIWWEV]HIWMKRHIGMWMSRW (]REQMGQIEWYVI
QIRXX]TITMPIWERHXLIIJJIGXWSJXLIMRWXEPPEXMSRQIXLSHW
PSEHGEVV]MRKGETEGMX]SJETMPI 2SVHPYRH 4VSKVIWWLEWFIIRQEHIMRYRHIVWXERHMRKLS[WSMPTVST
IVXMIW EJJIGX TMPI GETEGMX] ERH RYQIVSYW WXEXMG TMPI HIWMKR
TVSGIHYVIWLEZI FIIRTVSTSWIH7XEXMWXMGEPGSQTEVMWSRWSJ
TVIHMGXIH ERH QIEWYVIH TMPI GETEGMXMIW 3PWSR ERH (IRRMW
3PWSR3PWSRERH0SRK WYKKIWXXLEXXLI
JEGXSVW SJ WEJIX] VIUYMVIH [MXL WYGL QIXLSHW XS TVSZMHI E
VIEWSREFPIQEVKMRSJWEJIX]EKEMRWXTMPIFIEVMRKJEMPYVIEVI
YWIH[MXLWXEXMGPSEHXIWXW8LIQEVKMRSJYRGIVXEMRX][MXL
TVSHYGXMSR TMPI HVMZMRK GSQQIRGIW 8LI EFMPMX] XS QEOI
H]REQMGQIEWYVIQIRXWMWEYWIJYPEHHMXMSRXSXLIKISXIGL
RMGEP IRKMRIIVvW VIWSYVGIW [LIR TVSTIVP] YWIH 8LIVI EVI
LS[IZIVPMQMXEXMSRWXSXLIYWISJXLMWQIXLSHMRHIXIVQMRMRK
WXEXMGTMPIPSEHGETEGMX]ERHXLIWIQIXLSHWEVIRSXEVIPMEFPI
WYFWXMXYXIJSVTMPIPSEHXIWXW 7IPF]IXEP8IV^EKLMIX
EP 7TIGMEPM^IH IUYMTQIRX ERH XIWX TVSGIHYVIW LEZI FIIR
HIZIPSTIH XLEX GER WYFNIGX HIITJSYRHEXMSR QIQFIVW XS E
XIWXMRK VIQEMR ER MRXIKVEP TEVX SJ XLI HIWMKR TVSGIWW JSV
HVMZIR TMPIW ERH HVMPPIH WLEJXW 3v2IMPP ;LIR TMPI
PIRKXLMWWIPIGXIHSRXLIFEWMWSJI\TIVMIRGISVWXEXMGVIWMW
XERGIEREP]WMWWXEXMGPSEHXIWXWWLSYPHFITIVJSVQIHXSZIVMJ]
WYGLTVIHMGXMSRW
6SGOWSGOIXWJSVHVMPPIHMRGEMWWSRW{8LIHIWMKRSJ
HVMPPIHMR GEMWWSRW VIUYMVIW XLIHIXIVQMREXMSR SJER
EHIUYEXI VSGO WSGOIX JSV XLI [SVOMRK PSEHW MRZSPZIH 8LI
HIWMKR SJ XLI VSGO WSGOIX MW YWYEPP] FEWIH SR XLI TIVMTL
XLIWLSVXMQTEGXJSVGIHYVEXMSRWETMPII\TIVMIRGIWHYVMRKTMPI
HVMZMRK 4MPILIEH JSVGIW ERH HMWTPEGIQIRXW EVI QIEWYVIH
ERHVIGSVHIHHYVMRKXLIXIWX4MPILIEHEGGIPIVEXMSRWEVIEPWS
KIRIVEPP]VIGSVHIHEWEFEGOYTJSVXLIHMWTPEGIQIRXQIEWYVI
QIRX8LIWTIGMEPM^IHIUYMTQIRXJSVXLIJSVGITYPWIXIWXQE]
GSRWMWX SJ E HVST LEQQIV [MXL E WTIGMEP GYWLMSR IPIQIRX
FIX[IIRXLIVEQERHXLITMPILIEHXLEXQSHIVEXIWXLIFPS[
ERHPIRKXLIRWXLIHYVEXMSRSJXLIMQTEGXIZIRXSVXLITYPWI
QE]FIMRHYGIHF]ERI\TPSWMZIJSVGIYWIHXSEGGIPIVEXIE
VIEGXMSRQEWW8LILEQQIVQEWWHVSTERHGYWLMSRMRKSV
XLII\TPSWMZIWERHVIEGXMSRQEWWEVIWTIGMEPP]HIWMKRIHXS
EGLMIZIXLIHIWMVIHTIEOJSVGIPIZIPERHTYPWIHYVEXMSR-R
EHHMXMSREPXSXLITVSGIHYVIWJSVTIVJSVQMRKXLIXIWXTVSZMHIH
MR%781(MRJSVQEXMSRSRXLIQIXLSHERHWSQI
SJXLITVSGIHYVIWTVSTSWIHJSVIZEPYEXMRKXLIXIWXVIWYPXWEVI
TVSZMHIHF]1MHHIRHSVTIXEP 1YPPMRWIXEP ERH/YWEOEFIIXEP %PXLSYKLXLIJSVGITYPWIHYVE
XMSR SJ XLMW XIWX QIXLSH X]TMGEPP] XS WIGSRHW MW
GSRWMHIVEFP] PSRKIV XLER XLI X]TMGEP JSVGITYPWI HYVEXMSR
ETTVS\MQEXIP]WIGSRHW HYVMRKTMPIMQTEGXHVMZMRKMX
MWWXMPPEH]REQMGXIWXERHQSFMPM^IWFSXLHEQTMRKJSVGIWERH
WSMPVIWMWXERGIJSVGIW,IRGIYWISJXLIXIWXXSIWXMQEXIWXEXMG
WSGOIX GER FI XLSVSYKLP] GPIERIH SYX ERH MRWTIGXIH ERH
XLIGSRGVIXIGERFITPEGIHMRXLIHV]MXQE]FITSWWMFPIXS
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XLI VIUYMVIH PSEH 8LI GSQFMRIH YWI SJ FSXL IRH FIEVMRK
ERHFSRHLS[IZIVQE]RSXFITIVQMXXIHF]XLIETTPMGEFPI
FYMPHMRKGSHI
6IPE\EXMSR ERH WSMP JVII^I{-R WSQI WSMPW TMPI
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HMWGYWWIHTVIZMSYWP]JSVQIXLSHWYWMRKH]REQMGWXVEMRERH
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EVIPMEFPIWYFWXMXYXIJSVWXEXMGTMPIPSEHXIWXW VIJIVXS 7XEXMGVIWMWXERGIEREP]WMW{8LIETTPMGEXMSRSJWXEXMG
EREP]WMWYWIWZEVMSYWWSMPTVSTIVXMIWHIXIVQMRIHJVSQPEFS
8LITSWWMFMPMX]SJXLIWITLIRSQIREWLSYPHFIVIGSKRM^IH
F]XLIHIWMKRIV[LIRIWXEFPMWLMRKWYGLVIUYMVIQIRXWEWX]TI
SJTMPITMPIPIRKXLERHHVMZMRKVIWMWXERGI6IPE\EXMSRGERFI
GLIGOIHF]VIHVMZMRKWSQITMPIWWIZIVEPLSYVWEJXIVMRMXMEP
MRWXEPPEXMSR XS HIXIVQMRI MJ XLI HVMZMRK VIWMWXERGILEW FIIR
QEMRXEMRIH7SMPJVII^IGEREPWSFIGLIGOIHF]VIHVMZMRK
8LITMPIGETEGMX]MWIWXMQEXIHF]ETTP]MRKXLIWLIEVMRKVIWMW
XERGI JVMGXMSRSVEHLIWMSR EPSRKXLIIQFIHHIHTSVXMSRSJ
XLITMPIERHEHHMRKXLIFIEVMRKGETEGMX]SJXLIWSMPEXXLITMPI
GVSWWWIGXMSREPWLETI WUYEVISVVSYRH ERHWYVJEGIXI\XYVI
XLIGSQTEGXMSRSJPSSWIKVERYPEVWSMPWF]HVMZMRKHMWTPEGI
MRGVIEWIW EJXIV MRMXMEP MRWXEPPEXMSR 8LMW TLIRSQIRSR MW
GSQQSRP]VIJIVVIHXSEWJVII^IERHMWEWWSGMEXIH[MXLVIKEMR
SJWXVIRKXLSJWSMPWEJXIVFIMRKHMWXYVFIHHYVMRKXLIHVMZMRK
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EWWSGMEXIH [MXL HVMZIR TMPIW XLIWI TLIRSQIRE GER EPWS
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SJ XLITMPI MW KIRIVEPP]RSXER MRHMGEXMSRSJXLI EGXYEPTMPI
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TVIHMGXMSR [MPP RSX TVSHYGI ZEPMH VIWYPXW [MXLSYX
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VIKEMRIH8LMWVIUYMVIHXMQIGSYPHVERKIJVSQEJI[LSYVWXS
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MRJSVQEXMSRMJXLILEQQIVGYWLMSRTMPIW]WXIQMWXLIWEQI
EWJSVMRMXMEPHVMZMRK
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[LIR HMWTPEGIQIRXX]TI TMPIW EVI MRWXEPPIH [MXLSYX TVI
I\GEZEXMSR WYGL EW NIXXMRKSV TVIHVMPPMRK 8LI WSMP WXVIRKXL
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GSRXVSPPIHXSTVIZIRXI\XVIQIZEVMEXMSRWMRTMPIPIRKXLWHYI
XSKVSYRHGSQTEGXMSR ERH 0MUYIJEGXMSR{0MUYIJEGXMSR MW YWYEPP] EWWSGMEXIH
[MXL IEVXLUYEOI SV PEVKI ZMFVEXSV] JSVGIW GSQFMRIH [MXL
GETEGMX]PEXIVEPWYTTSVXSVFSXL%PXLSYKLMXMWRSXKIRIVEPP]
RIGIWWEV]XSGSRWMHIVXLMWMRRSVQEPTMPIJSYRHEXMSRHIWMKR
MXMWRIGIWWEV]XSGSRWMHIVPMUYIJEGXMSRMRWIMWQMGEPP]EGXMZI
VIKMSRW 0MUYIJEGXMSR HYVMRK WIMWQMG IZIRXW MW HMWGYWWIH
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7SQI WSMPW I\LMFMX XIQTSVEV] PMUYIJEGXMSR HYVMRK TMPI
HVMZMRK [MXL GSVVIWTSRHMRK VIHYGXMSR MR TIRIXVEXMSR VIWMW
XERGI 8LI VIIWXEFPMWLQIRX SJ XLI WSMP VIWMWXERGI GER FI
HIXIGXIH F] VIHVMZMRK XLI TMPI FYX YRHIV WIZIVI GSRHM
XMSRW[LIVIVIHVMZMRKMQQIHMEXIP]GVIEXIWPMUYIJEGXMSRXLI
GETEGMX]SJXLITMPIQE]LEZIXSFIHIXIVQMRIHF]WXEXMGPSEH
XIWXMRK
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SJ EHNEGIRX TMPIW 8LI HIWMKRIV WLSYPH FI EPIVX XS TSWWMFPI
JSV XLMW TLIRSQIRSR ERH XEOI TVIGEYXMSREV] QIEWYVIW
,IEZI SJ JVMGXMSR TMPIW QE] LEZI RS HIXVMQIRXEP IJJIGX SR
TMPIWSMPGETEGMX]FYXGEREJJIGXXLIWXVYGXYVEPGETEGMX]SJXLI
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,IEZI GER XEOI TPEGI [LIR HVMZMRK TMPIW XLVSYKL YTTIV
GSLIWMZI WSMPW XLEX HS RSX VIEHMP] GSQTVIWW SVGSRWSPMHEXI
HYVMRK HVMZMRK 9RHIV WIZIVI GSRHMXMSRW LIEZI MW UYMXI
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XEOIR SR XLI XSTW SJ XLI HVMZIR TMPIW 7YGL PIZIP VIEHMRKW
GER FI XEOIR SR XLI XSTW SJ TMPI GEWMRKW XLEX GERRSX IPSR
WLIPPW [MXL GSVVYKEXMSRW EPMKRIH WMQMPEVP] XS E WTMVEP VIMR
JSVGMRKLSST GLIGOPIZIPWWLSYPHFIQEHISRTMTIXIPPXEPIW
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,IEZI GER SJXIR FI PMQMXIH SV IZIR IPMQMREXIH F] TMPI
TVII\GEZEXMSR SV MRGVIEWMRK XLI TMPI WTEGMRK ;IX VSXEV]
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VIGMVGYPEXMSRTVIWWYVIWI\GIIHXLISZIVFYVHIRTVIWWYVI 6E]
IX EP 8LI WLIPPW JSV '-4 GSRGVIXI TMPIW WLSYPH FI
FI]SRH XLI LIEZI VERKI '-7 GSRGVIXI TMPIW ERH WIGXMSREP
GSRGVIXITMPIWLEZMRKNSMRXWXLEXGERRSXXEOIXIRWMSRWLSYPH
RSXFIYWIHYRHIVLIEZIGSRHMXMSRWYRPIWWTSWMXMZIQIEWYVIW
EVIXEOIRXSTVIZIRXLIEZI
GSRGVIXITMPIWERHQSWXTVIGEWXGSRGVIXITMPIWGERFIVIHVMZIR
XSGSQTIRWEXIJSVLIEZI'-7GSRGVIXITMPIWGSRXEMRMRKJYPP
PIRKXLVIMRJSVGIQIRXGERFIWYFNIGXIHXSEPMQMXIHEQSYRX
SJ VIHVMZMRK XSVIWIEXXLI TMPI '-7GSRGVIXI TMPIW [MXLSYX
MRXIVREP VIMRJSVGIQIRX WLSYPH FI EFERHSRIH MJ LIEZIH
7IGXMSREPTVIGEWXGSRGVIXITMPIWLEZMRKWPMTX]TINSMRXWGER
FIVIHVMZIRXSZIVMJ]XLEXXLI]EVIWSYRHERHXLEXXLINSMRXW
EVIGPSWIH-RXLIGEWISJWIGXMSREPTMPIWLS[IZIVEPPSJXLI
LIEZIWLSYPHFIGSRWMHIVIHXSLEZISGGYVVIHEXEWMRKPINSMRX
ERHXLINSMRXWLSYPHRSXLEZIFIIRSTIRIHGSQTPIXIP]EWE
VIWYPXSJTMPILIEZI-JRIGIWWEV]'-4TMPIWGERFIVIHVMZIRXS
MJTVSTIVXIGLRMUYIWEVIYWIH%[EZIIUYEXMSREREP]WMWGER
FIYWIHXSEMHMRXLIHIWMKRSJXLILEQQIVGYWLMSRGSQFMRE
XMSRVIUYMVIHJSVWYGLVIHVMZMRK
*PSXEXMSRGERSGGYV[LIRTMPIWLIPPWSVGEWMRKWEVIHVMZIR
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VIHVMZIRMJVIUYMVIH-XQE]FIRIGIWWEV]XSGVIEXIRIKEXMZI
FYS]ERG]SVYWIWSQIQIERWXSLSPHXLITMPIWHS[RYRXMPXLI
{7IXXPIQIRX
8LI MRZIWXMKEXMSR SJ XLI SZIVEPP TMPI JSYRHEXMSR HIWMKR
JSV SFNIGXMSREFPI WIXXPIQIRX MRZSPZIW XLI WSMP TVSTIVXMIW
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MX [MXLSYX I\GIWWMZI GSRWSPMHEXMSR SV HMWTPEGIQIRX [LMGL
MR XMQI GSYPH GEYWI WIXXPIQIRXWFI]SRH XLEXJSV[LMGL XLI
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FIEJJIGXIHF]PSEHMRKERHWYGLIJJIGXWZEV][MXLXLIQEKRM
XYHISJPSEHETTPMIHERHXLIHYVEXMSRSJPSEHMRK1ER]SJXLI
HIWMKRGSRWMHIVEXMSRWHMWGYWWIHMRXLMWGLETXIVVIPEXIXSXLI
IZEPYEXMSR SJ WIXXPIQIRX 8LI WSMP QIGLERMGW MRZSPZIH EVI
FI]SRHXLIWGSTISJXLMWKYMHI8LIPSRKXIVQWIXXPIQIRXSJ
E TMPIJSYRHEXMSR YRHIVWIVZMGI PSEHMRKMWRSX XLI WEQI EW
XLIWIXXPIQIRXSFWIVZIHMREWLSVXXIVQWXEXMGPSEHXIWXSRER
MRHMZMHYEPTMPI {+VSYTEGXMSRMRGSQTVIWWMSR
8LI FIEVMRK GETEGMX] SJ E TMPI KVSYT GSRWMWXMRK SJ IRH
FIEVMRK TMPIW SV TMPIWHVMZIR MRXS KVERYPEV WXVEXEEX RSVQEP
WTEGMRK GER FI GSRWMHIVIH XS FI IUYEP XS XLI WYQ SJ
XLI FIEVMRK GETEGMXMIW SJ XLI MRHMZMHYEP TMPIW 8LI FIEVMRK
GETEGMX] SJ E JVMGXMSR TMPI KVSYT MR GSLIWMZI WSMP WLSYPH
FI GLIGOIH F] IZEPYEXMRK XLI WLIEV WXVIRKXL ERH FIEVMRK
GETEGMX]SJXLIWSMPEWWYQMRKXLEXXLITMPIKVSYTMWWYTTSVXIH
F] WLIEV VIWMWXERGI SR XLI TIVMTLIV] SJ XLI KVSYT ERH F]
IRHFIEVMRKSRXLIFEWIEVIESJXLIKVSYT8LIYWISJKVSYT
VIHYGXMSRJSVQYPEWFEWIHSRWTEGMRKERHRYQFIVSJTMPIWMW
RSXVIGSQQIRHIH
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4MPI WTEGMRK MW QIEWYVIH JVSQ GIRXIV XS GIRXIV 8LI
QMRMQYQVIGSQQIRHIHWTEGMRKMWXLVIIXMQIWXLITMPIHMEQ
IXIVSV[MHXLEXXLIGYXSJJIPIZEXMSR7IZIVEPJEGXSVWWLSYPH
FIGSRWMHIVIHMRIWXEFPMWLMRKTMPIWTEGMRK*SVI\EQTPIXLI
JSPPS[MRKGSRWMHIVEXMSRWQMKLXRIGIWWMXEXIERMRGVIEWIMRXLI
RSVQEPTMPIWTEGMRK
E *SVTMPIWHIVMZMRKXLIMVTVMRGMTEPWYTTSVXJVSQJVMGXMSR
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+9-()83()7-+21%29*%'896)%2(-278%00%8-323*'32'6)8)4-0)7 %'-6
XSVIHYGIMRXIVJIVIRGI[MXLEHNEGIRXTMPIW
G *SV '-7 GSRGVIXI TMPIW [LIVI TMPI MRWXEPPEXMSR GSYPH
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H *SVTMPIWGEVV]MRKZIV]LMKLPSEHW
I *SVTMPIWXLEXEVIHVMZIRMRSFWXVYGXIHKVSYRH
J ;LIVIKVSYTGETEGMX]KSZIVRW
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L ;LIVII\GIWWMZIKVSYRHLIEZIQE]SGGYV
M ;LIVIXLIVIMWEQM\XYVISJZIVXMGEPERHFEXXIVTMPIW
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F I ERH L SV E WXEKKIVIH MRWXEPPEXMSR WIUYIRGI MR 'EWI G
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FIEVMRK TMPIW MRWXEPPIH MR TVIHVMPPIH LSPIW 9RHIV WTIGMEP
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YRHIV WYGL PSEHMRK ;LIR YWIH FEXXIV TMPIW XIRH XS VIWMWX
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WIMWQMG JSVGIW VIUYMVIW I\XVIQI GEVI FIGEYWI XLIWI TMPIW
VIWXVEMR PEXIVEP HMWTPEGIQIRX ERH QE] VIUYMVI YREXXEMREFPI
E\MEP HIJSVQEXMSR HYGXMPMX] ;LIR FEXXIV TMPIW EVI YWIH E
GSQTPIXIWXVYGXYVEPEREP]WMWXLEXMRGPYHIWXLITMPIWTMPIGETW
WXVYGXYVI ERH XLI WSMP MW RIGIWWEV] MJ XLI JSVGIW EVI XS FI
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HIZIPSTMRK MRWSQI TMPIW,VIRRMOSJJ 7EYP ERH6IIWIIXEP LEZIVITSVXIHWYMXEFPIEREP]WIW
;LIR FEXXIV TMPIW EVI YWIH XSKIXLIV [MXL ZIVXMGEP TMPIW
XLIHIWMKRSJXLIJSYRHEXMSRWXVYGXYVIWLSYPHGSRWMHIVXLEX
XLI FEXXIV TMPIW [MPP EGGITX E TSVXMSR SJ XLI ZIVXMGEP PSEH
8LIMRGPMREXMSR ERH TSWMXMSRSJ XLIFEXXIV TMPMRK WLSYPH FI
WIPIGXIHWSXLEX[LIREPEXIVEPPSEHMWETTPMIHXLIVIWYPXERX
SJXLIPEXIVEPERHZIVXMGEPPSEHMRKWMWE\MEPERHXLIIJJIGXWSJ
FIRHMRKQSQIRXWEVIOITXXSEQMRMQYQ&IRHMRKWXVIWWIW
HYIXSXLI[IMKLXSJXLITMPIMXWIPJWYGLEWXLSWIXLEXSGGYVJSV
EPSRKJVIIWXERHMRKTSVXMSRSJEFEXXIVTMPIMRQEVMRIWXVYG
XYVIW WLSYPH FI XEOIR MRXS GSRWMHIVEXMSR ;LIVI RIKEXMZI
WOMRJVMGXMSRGERHIZIPST XLI[IMKLXSJXLIWIXXPMRK
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JVMGXMSR ERH IRH FIEVMRK WSMPVIWMWXERGI HMWXVMFYXMSR 8LI
HMWXVMFYXMSR SJ PSEH GER FI ETTVS\MQEXIH F] XLISVIXMGEP
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WXVYGXYVEP TMPI GETEGMX] XLI KISXIGLRMGEP TMPI GETEGMX] SV
FSXL8LITSWWMFMPMX]SJXLIWITLIRSQIREWLSYPHFIVIGSK
RM^IHF]XLIHIWMKRIV[LIRIWXEFPMWLMRKWYGLVIUYMVIQIRXW
EW X]TISJ TMPI TMPIPIRKXL VIMRJSVGMRKHIXEMPW MRWXEPPEXMSR
TVSGIHYVIWERHMRWTIGXMSRTVSGIHYVIW7SQISJXLIWIGSRHM
XMSRWEVI
7SMPVIPE\EXMSRERHJVII^I TVSKVIWWIWXLEXPIEHWXSZEVMEXMSRWMRTMPIPIRKXLW ERH 8IQTSVEV]PMUYIJEGXMSRSJWSMPWHYVMRKTMPIMRWXEPPEXMSR
SVHYVMRKWIMWQMGIZIRXW )JJIGX SJ ZMFVEXMSR SR GSRGVIXI{8LMW MW YWYEPP] E
GSRWMHIVEXMSR MR MRWXEPPMRK'-4 GSRGVIXI TMPIWYWMRK EWXIIP
GEWMRK SV WLIPP 4MPI MRWXEPPEXMSR MW HSRI MR X[S WITEVEXI
9WYEPP] XLI GSRGVIXMRK STIVEXMSR JSPPS[W GPSWIP] FILMRH
XLIHVMZMRKTVSZMHIHXLEXXLIZMFVEXMSRWGEYWIHF]HVMZMRK
HS RSX HEQEKI XLI JVIWL GSRGVIXI 8IWXW LEZI MRHMGEXIH
XLEX TMPIHVMZMRK ZMFVEXMSR HYVMRK XLI MRMXMEP WIXXMRK TIVMSH
SJGSRGVIXILEWRSHIXVMQIRXEPIJJIGXSRXLIWXVIRKXLSJXLI
TMPI &EWXMER 8LIQMRMQYQHMWXERGIFIX[IIRHVMZMRK
XSJX XSQ (EZMWWSRF*YPPIV ;LIRE
XSV]MJSRISTIRTMPIVIQEMRWFIX[IIRXLIHVMZMRKSTIVEXMSR
ERHEGSRGVIXIHTMPISVMJXLIQMRMQYQHMWXERGIMWJX Q [LMGLIZIVMWPIWW;LIRKVSYRHLIEZISVVIPE\EXMSRMW
SGGYVVMRK LS[IZIV XLI GSRGVIXMRK STIVEXMSR WLSYPH RSX
FIGPSWIVXSTMPIHVMZMRKXLERXLILIEZIVERKISVXLIVERKI
[MXLMR[LMGLVIHVMZMRKMWVIUYMVIH
8LIWIUYIRGISJMRWXEPPEXMSRSJ'-7GSRGVIXITMPIWWLSYPH
FIGSRXVSPPIHXSTVIZIRXHEQEKIXSJVIWLP]TPEGIHGSRGVIXI
F]XLIHVMZMRKSVHVMPPMRKSJEHNEGIRXTMPIW8LMWJVIUYIRXP]
TVIGPYHIWXLIMRWXEPPEXMSRSJEHNEGIRXTMPMRKSRXLIWEQIHE]
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
+9-()83()7-+21%29*%'896)%2(-278%00%8-323*'32'6)8)4-0)7 %'-6
EW E QIERWSJTVIZIRXMRKKVSYRH HMWTPEGIQIRXW XLEXGSYPH
LEVQXLIMQQEXYVIGSRGVIXI
&YVWXMRKSJLSPPS[GSVITVIWXVIWWIHTMPIW{-RXIVREP
VEHMEPTVIWWYVIWMRFSXLSTIRIRHIHERHGPSWIIRHIHLSPPS[
TVIGEWXTMPIWPIEHXSXIRWMSRMRXLITMPI[EPPWERHGERGEYWI
FYVWXMRKSJWYGLTMPIW8LIWIVEHMEPTVIWWYVIWGERVIWYPXJVSQ
HVMZMRKSVMRWXEPPEXMSRGSRHMXMSRWWYGLEWYWISJMRXIVREPNIXW
[EXIVLEQQIVIJJIGXWPEXIVEPWSMPTPYKTVIWWYVIWSVGSRGVIXI
YRHIVWIVZMGIGSRHMXMSRWWYGLEWKEWTVIWWYVIFYMPHYTJVSQ
HIGSQTSWMXMSRSJGSVIJSVQQEXIVMEPWSVMGITVIWWYVIJVSQ
JVII^MRK SJ JVII[EXIV MR XLI GSVI 8LI TSXIRXMEPIJJIGXW SJ
WYGL MRXIVREP TVIWWYVIW WLSYPH FI IZEPYEXIH HYVMRK XLI
HIWMKRSJWYGLTMPIW ERH 4.5—Other design and specification
GSRWMHIVEXMSRW
8LITMPIJSYRHEXMSRHIWMKRWLSYPHMRGPYHISXLIVGSRWMHIV
TMPIW EVI MRWXEPPIH MR EGGSVHERGI [MXL XLI SZIVEPP HIWMKR
7SQI SJ XLIWI GSRWMHIVEXMSRW EVI GPSWIP] VIPEXIH XS MXIQW
HMWGYWWIHMR'LETXIVWERH
4MPIHMQIRWMSRW{9WYEPP]XLIQMRMQYQEGGITXEFPI
HMEQIXIV SV WMHI HMQIRWMSR JSV HVMZIR TMPIW MW MR QQ )\GITXJSVEYKIVMRNIGXIHTMPIWERHHVMPPIHERHKVSYXIH
TMPIWHVMPPIHTMPIWEVIYWYEPP]EQMRMQYQSJMR QQ HMEQIXIV FYX MR QQ HMEQIXIV GEWIW LEZI FIIR
VITSVXIH-JGSRWXVYGXMSRSVMRWTIGXMSRTIVWSRRIPEVIVIUYMVIH
XSIRXIVXLIWLEJXLS[IZIVXLIHMEQIXIVWLSYPHFIEXPIEWX
MR QQ 4MPI WLIPPW{4MPI WLIPPW SV GEWMRKW HVMZIR [MXLSYX
E QERHVIP WLSYPH FI SJ EHIUYEXI WXVIRKXL ERH XLMGORIWW
XS [MXLWXERH XLI HVMZMRK WXVIWWIW ERH XVERWQMX XLI HVMZMRK
IRIVK][MXLSYX JEMPYVI 4VSTIV WIPIGXMSR GER FIQEHI[MXL
E[EZIIUYEXMSREREP]WMW4MPIWLIPPWHVMZIR[MXLEQERHVIP
WLSYPH FI SJ EHIUYEXI WXVIRKXL ERH XLMGORIWW XS QEMRXEMR
XLIGVSWWWIGXMSREPWLETIERHEPMKRQIRXSJXLITMPIEJXIVXLI
QERHVIPMW[MXLHVE[R
'SVVYKEXIH WLIPPW EVI RSX GSRWMHIVIH XS GEVV] ER] E\MEP
GEWMRKWWLSYPHFIEQMRMQYQSJMR QQ XLMGOERH
LEZIEGVSWWWIGXMSREPEVIEIUYEPXSEXPIEWXTIVGIRXSJXLI
KVSWWTMPIWIGXMSR
6IMRJSVGIQIRX{6IMRJSVGIQIRX [MPP FI VIUYMVIH MR
GSRGVIXITMPIWTVMQEVMP]XSVIWMWXFIRHMRKERHXIRWMSRWXVIWWIW
FYXGERFIYWIHXSGEVV]ETSVXMSRSJXLIGSQTVIWWMZIPSEH
*SV FIRHMRK VIMRJSVGIQIRX GSRWMWXW SJ PSRKMXYHMREP FEVW
[MXLPEXIVEPXMIWSJLSSTWSVWTMVEPW;LIRVIUYMVIHJSVPSEH
XVERWJIVXLIQEMRPSRKMXYHMREPFEVWEVII\XIRHIHMRXSXLITMPI
GETSVHS[IPWEVIYWIHJSVXLITMPIXSGETGSRRIGXMSR
8LI I\XIRX SJ VIMRJSVGIQIRX VIUYMVIH EX ER] WIGXMSR SJ
XLI TMPI [MPP HITIRH SR XLI PSEHW ERH WXVIWWIW ETTPMIH XS
XLEXWIGXMSR ERH 0SRKMXYHMREPFEVWYWIHXSGEVV]E
TSVXMSRSJXLIE\MEPPSEHGERFIHMWGSRXMRYIHEPSRKXLITMPI
WLEJX[LIRRSPSRKIVVIUYMVIHFIGEYWISJPSEHXVERWJIVMRXS
XLIWSMPFYXRSXQSVIXLERX[SFEVWWLSYPHFIWXSTTIHEXER]
SRITSMRXEPSRKXLITMPI
6IMRJSVGIQIRX JSV TVIGEWX GSRGVIXI TMPIW{4MPI
FIEQGSPYQRFILEZMSVMWHIXIVQMRIHXSEKVIEXI\XIRXF]
XLI VIMRJSVGIQIRX VEXMS % PMKLXP] VIMRJSVGIH WIGXMSR [MXL
ETTVS\MQEXIP]TIVGIRXWXIIP[MPPLEZIETTVS\MQEXIP]XLI
WEQI GVEGOMRK ERH ]MIPH QSQIRXW MQTP]MRK ER I\XVIQIP]
PEVKIVIHYGXMSRMRWXMJJRIWWEJXIVGVEGOMRKPIEHMRKXSMQQM
RIRXGSPPETWI%XTIVGIRXWXIIPXLI]MIPHQSQIRX[SYPH
FIQSVIXLERX[MGIXLIGVEGOMRKQSQIRXFYXXLIHIGVIEWI
MRWXMJJRIWWEJXIVGVEGOMRKMWWXMPPMQTSVXERX%XTIVGIRX
PSRKMXYHMREPWXIIPGSRXIRXXLI]MIPHQSQIRX[MPPFIXS
XMQIW XLI GVEGOMRK QSQIRX ERH XLI PSWW SJ WXMJJRIWW EX
GVEGOMRKMWPIWWMQTSVXERX4MPIW[MXLPIWW XLERTIVGIRX
WXIIP LEZI FIIR YWIH WYGGIWWJYPP] MR WSQI WSMP GSRHMXMSRW
FYX KVIEX GEVI MW VIUYMVIH MR LERHPMRK XVERWTSVXEXMSR ERH
HVMZMRKXSEZSMHHEQEKIHYIXSI\GIWWMZIFIRHMRKWXVIWWIW
8LI PSWW SJ WXMJJRIWW EX GVEGOMRK GER FI I\XVIQIP] MQTSV
XERX JSV E TMPI MR [LMGL GSPYQR PIRKXL IJJIGXW FIGSQI
MQTSVXERXWYGLEWMRTMPIWI\XIRHMRKXLVSYKLEMVSV[EXIV
&IGEYWISJXLMWFILEZMSVXLIGSQQMXXIIVIGSQQIRHWVIMR
JSVGIHGSRGVIXITMPIWXLEXEVIHVMZIRXSXLIMVVIUYMVIHFIEVMRK
ZEPYIWLEZIEPSRKMXYHMREPWXIIPGVSWWWIGXMSREPEVIERSXPIWW
XLERTIVGIRXRSVQSVIXLERTIVGIRXSJXLIKVSWWGVSWW
WIGXMSREPEVIESJXLITMPI-JEJXIVEXLSVSYKLEREP]WMWSJXLI
LERHPMRKHVMZMRKERHWIVZMGIPSEHGSRHMXMSRWXLIHIWMKRIV
IPIGXW XS YWI PIWW XLER TIVGIRX SJ KVSWW EVIE PSRKMXY
HMREPWXIIPWYGLYWIWLSYPHFIPMQMXIHXSRSRWIMWQMGEVIEW
%X PIEWX WM\ PSRKMXYHMREP FEVW WLSYPH FI YWIH JSV VSYRH SV
SGXEKSREPTMPIWERHEXPIEWXJSYVFEVWJSVWUYEVITMPIW
0SRKMXYHMREP WXIIP WLSYPH FI IRGPSWIH [MXL WTMVEP VIMR
JSVGIQIRXSVIUYMZEPIRXLSSTW0EXIVEPWXIIPWLSYPHRSXFI
WQEPPIV XLER ; SV ( [MVI %781 %%1 ERHWTEGIHRSXQSVI XLER MR QQ SRGIRXIVW8LI
WTEGMRKWLSYPHFIGPSWIVEXIEGLIRHSJXLITMPI
6IMRJSVGIQIRX JSV TVIGEWX TVIWXVIWWIH TMPIW{
;MXLMRXLI GSRXI\X SJ XLMWVITSVX PSRKMXYHMREP TVIWXVIWWMRK
TVIWXVIWWMRKWXIIPMRXLIJSVQSJLMKLXIRWMPI[MVIWXVERHSV
FEVWLSYPHFIYWIHWSXLEXXLIIJJIGXMZITVIWXVIWWEJXIVPSWWIW
GMIRX QMPH WXIIP VIMRJSVGIQIRX XS VIWMWX LERHPMRK WXVIWWIW
FIJSVIWXVIWWMRK
*SVTVIXIRWMSRIHTMPIWXLIPSRKMXYHMREPTVIWXVIWWMRKWXIIP
WLSYPHFIIRGPSWIHMREWXIIPWTMVEP[MXLXLIQMRMQYQ[MVI
WM^IVERKMRKJVSQ;XS; (XS( %781%
%1 HITIRHMRK SR XLI TMPI WM^I 8LI [MVI WTMVEP
WLSYPH LEZIEQE\MQYQ MR QQ TMXGL[MXL GPSWIV
WTEGMRKEXIEGLIRHSJXLITMPIERHWIZIVEPGPSWIXYVRWEXXLI
XMTERHTMPILIEH8LIGPSWIWTEGMRKWLSYPHI\XIRHSZIVEX
PIEWXX[MGIXLIHMEQIXIVSVXLMGORIWWSJXLITMPIERHXLIJI[
XYVRWRIEVXLIIRHWEVISJXIREXMR QQ WTEGMRK
3GGEWMSREPP] TVIWXVIWWIH TMPIW EVI HIWMKRIH ERH
GSRWXVYGXIH[MXLGSRZIRXMSREPVIMRJSVGIQIRXMREHHMXMSRXS
XLITVIWXVIWWMRKWXIIPXSMRGVIEWIXLIWXVYGXYVEPGETEGMX]ERH
HYGXMPMX]SJXLITMPI8LMWVIMRJSVGIQIRXVIHYGIWXLIWXVIWWIW
MRXLIGSRGVIXIERHWLSYPHFIXEOIRMRXSEGGSYRX
)JJIGXMZI TVIWXVIWW{*SV TVIWXVIWWIH GSRGVIXI
TMPIW XLI IJJIGXMZI TVIWXVIWW EJXIV EPP PSWWIW WLSYPH RSX FI
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
+9-()83()7-+21%29*%'896)%2(-278%00%8-323*'32'6)8)4-0)7 %'-6
TVIWXVIWW ZEPYIW XS TWM ? XS 14EA EVI
GSQQSRP] YWIH ERH QE] FI RIGIWWEV] XS GSRXVSP HVMZMRK
WXVIWWIWMRWSQIWMXYEXMSRW6IJIVXS-XIQNJSVEHHM
XMSREP GSQQIRXW SR XLI YWI SJ LMKLIV IJJIGXMZI TVIWXVIWW
ZEPYIW
6IMRJSVGIQIRXJSV'-4ERH'-7GSRGVIXITMPIW{
)\GITX JSV TMTI ERH XYFI TMPIW SJ EHIUYEXI [EPP XLMGORIWW
XLEXEVIRSXWYFNIGXXSHIXVMQIRXEPGSVVSWMSRVIMRJSVGIQIRX
MWVIUYMVIHMR'-4ERH'-7GSRGVIXITMPIWJSVER]YRWYTTSVXIH
WIGXMSR SJ XLI TMPI ERH [LIR YTPMJX PSEHW EVI TVIWIRX
6IMRJSVGIQIRX[MPPEPWSFIVIUYMVIHJSVPEXIVEPPSEHMRKI\GITX
JSV ZIV] WQEPP PEXIVEP PSEHW [LIVI XLI GSRGYVVIRX QMRMQYQ
8EFPI{6IGSQQIRHIHGPIEVGSZIVJSV
VIMRJSVGIQIRX
8]TIERHI\TSWYVI
1MRMQYQGSZIVMR QQ
'-7TMPIW
'-4TMPIW
4VIGEWXVIMRJSVGIHTMPIW{RSVQEP
I\TSWYVI
4VIGEWXVIMRJSVGIHTMPIW{RSVQEPI\TSWYVI
FEVW2S 2S ERHWQEPPIV
4VIGEWXVIMRJSVGIHTMPIW{QEVMRII\TSWYVIj
4VIGEWXTVIWXVIWWIHTMPIW{RSVQEPI\TSWYVI
4VIGEWXTVIWXVIWWIHTMPIW{QEVMRI
I\TSWYVIjk
9RWYTTSVXIH WIGXMSRW WLSYPH FI HIWMKRIH MR EGGSVHERGI
[MXL YWIHJSVXLIPSEHWERHWXVIWWIWXSFIVIWMWXIH
9TPMJX PSEHW GER FI TVSZMHIH JSV F] SRI SV QSVI PSRKM
XYHMREP FEVW I\XIRHMRK XLVSYKL XLEX TSVXMSR SJ XLI TMPI
WYFNIGXIHXSXIRWMPIWXVIWWIW*SVTMTISVXYFITMPIWHS[IPW
[IPHIH XS XLI WLIPP SV IQFIHHIH MR XLI GSRGVIXI XSKIXLIV
[MXLEHIUYEXIWLIEVGSRRIGXSVWGERFIYWIHXSXVERWJIVXLI
YTPMJXPSEHWJVSQXLIWXVYGXYVIXSXLITMPI
*SVPEXIVEPPSEHWXLITMPIWLSYPHFIHIWMKRIHERHVIMRJSVGIH
XS XEOI XLI PSEHW ERH WXVIWWIW MRZSPZIH [MXL GSRWMHIVEXMSR
KMZIRXSXLIVIWMWXERGISJJIVIHF]XLIWSMPEKEMRWXXLITMPI
XLITMPIGETERHXLIJSYRHEXMSR[EPPWEW[IPPEWXLIIJJIGXSJ
GSQTVIWWMZIE\MEPPSEHW
-RKIRIVEPXLIEQSYRXSJVIMRJSVGIQIRXVIUYMVIH[MPPFI
KSZIVRIH F] XLI PSEHW MRZSPZIH ERH XLI HIWMKR EREP]WMW
)\GITXJSVYTPMJXPSEHWRSXPIWWXLERJSYVPSRKMXYHMREPFEVW
WLSYPH FI YWIH 8LI I\XIRX SJ VIMRJSVGIQIRX FIPS[ XLI
EREP]WIW
*SVEYKIVKVSYXTMPIWXLIEHHMXMSRSJEGIRXVEPVIMRJSVGMRK
FEVI\XIRHMRKEXPIEWXJX Q MRXSXLITMPIMWVIGSQQIRHIH
8LMWEHHWXSYKLRIWWXSVIWMWXEGGMHIRXEPFIRHMRKERHXIRWMSR
JSVGIWVIWYPXMRKJVSQSXLIVGSRWXVYGXMSREGXMZMXMIW
7XYFWMR TVIWXVIWWIH TMPIW{7XVYGXYVEP WXIIP WXYFW
SVWXMRKIVW EVIWSQIXMQIWYWIHEWI\XIRWMSRWJVSQXLIXMTW
SJ TVIWXVIWWIH TMPIW 7XVYGXYVEP WXIIP WXYFW QSWX JVIUYIRXP]
GSRWMWXSJLIEZ],TMPIWIGXMSRWFYXSXLIVWXVYGXYVEPWLETIW
JEFVMGEXIHGVSWWIWWXIIPVEMPWERHPEVKIHMEQIXIVHS[IPWEVI
EPWSYWIH
7XYFW GER FI [IPHIH XS WXIIP TPEXIW [LMGL EVI MR XYVR
ERGLSVIH XS XLI TMPI 8LI] EVI LS[IZIV QSWX JVIUYIRXP]
ERGLSVIH F] HMVIGX IQFIHQIRX SJ XLI WXYF MRXS XLI FSH]
SJ XLITVIGEWX TMPI(IWMKRSJ XLIWXYF EXXEGLQIRXVIUYMVIW
WTIGMEPEXXIRXMSRXSTVSZMHIJSVTVSTIVXVERWJIVSJXLIJSVGIW
FIX[IIRXLITVIWXVIWWIHTMPIERHXLIWXYF,IEZ]XVERWZIVWI
XMIWSVWTMVEPVIMRJSVGIQIRXEVIRIIHIHEVSYRHXLIIQFIHHIH
EVIWSQIXMQIWYWIHXSEMHMRFSRHHIZIPSTQIRX:IRXLSPIW
TIVQMXXLIIWGETISJEMVERH[EXIVERHXLIVIF]TIVQMXTVSTIV
GSRGVIXITPEGIQIRX VIJIVXS ERH %GSZIVSRXLIWTMVEPSJMR QQ JSVMR QQ HMEQIXIVTMPIWERH
MR QQ JSVMR QQ TMPIWLEZIFIIRWYGGIWWJYPP]YWIHJSVTVIGEWXTMPIWXLEX
EVIGEWXZIVXMGEPP]ERHMRXIVREPP]ZMFVEXIHJVSQXLIFSXXSQYTEWXLIGSRGVIXIMWTPEGIH
SVYWMRKWIPJGSRWSPMHEXMRKGSRGVIXI
j
*SVQEVMRII\TSWYVIWVIJIVXS%'-7IGXMSR6 [LIRWIPIGXMRKGSRGVIXI
QEXIVMEPWERHGSZIVZEPYIW
k
*SVTVIWXVIWWIHTMPIWYRHIVQEVMRII\TSWYVIXLIVIUYMVIHGSZIVGERVERKIJVSQXS
MR XSQQ *SVGIVXEMRX]TIWSJGIRXVMJYKEPP]GEWXTVIWXVIWWIHTSWXXIRWMSRIH
TMPIWEGSZIVSJMR QQ LEWKMZIRWEXMWJEGXSV]WIVZMGIYRHIV]IEVWSJQEVMRI
I\TSWYVIMRXLI+YPJSJ1I\MGS 7RS[ %MR QQ GSZIVMWVIGSQQIRHIH
SRP]MJWYGLTMPIWEVIQERYJEGXYVIHF]ETVSGIWWYWMRKRSWPYQTGSRGVIXIGSRXEMRMRKE
QMRMQYQSJPFSJGIQIRXTIV]H OKQ SJGSRGVIXI
'SZIV JSV VIMRJSVGIQIRX{8LI QMRMQYQ VIGSQ
QIRHIH GPIEV GSZIV JSV ER] TMPI VIMRJSVGIQIRX MW WYQQE
VM^IH MR 8EFPI JSV ZEVMSYW TMPI X]TIW ERH I\TSWYVI
GSRHMXMSRW
'SRGVIXI JSV '-4 ERH '-7 GSRGVIXI TMPIW{8LI
HIWMKRIVWLSYPHGSRWMHIVXLIJEGXSVWEJJIGXMRKGSRGVIXITPEGI
XLMWOMRHSJ[SVO8LMWMRGPYHIWXLMRKWWYGLEWTVSTSVXMSRMRK
SJXLIGSRGVIXIXSKMZIEWPYQTMRXLIXSMR XS
ERHTPEGIQIRXQIXLSHW VIJIVXS ERH 4MPIXSTMPIGETGSRRIGXMSRW{4MPIGETWEVIHIWMKRIH
XSVIWMWXXLIJEGXSVIHJSVGIW ERHHIZIPSTQIRXSJVIMRJSVGIQIRX'LETXIVSJ%'-
VIJIVWXSSXLIVTEVXWSJ%'-JSVHIXEMPW*SVRSRWIMWQMG
GEWIW [LIR XLI TMPI JSVGIW EVI TVMQEVMP] GSQTVIWWMZI XLI
TMPIWEVIGSQQSRP]IQFIHHIHXSMR XSQQ MRXS
XLIFSXXSQSJXLIGETERHXLIVIMRJSVGMRKWXIIPQEXMWTPEGIH
MR QQ EFSZIXLIXSTWSJXLITMPIW8LITMPIGETMWQEHI
TIVLETW MR QQ QMRMQYQ [MXL GSRWMHIVEXMSR SJ
XLITVSFEFPIXSPIVERGIWSRTMPIPSGEXMSRW8IWXHEXEGMXIHF]
7SY^EIXEP WYKKIWXXLEXXLIQMRMQYQPEXIVEPGSZIV
WLSYPHFIEXPIEWXXLITMPIHMEQIXIVSV[MHXL;LIRXLIGET
[LEXHIITIVTMPIIQFIHQIRXMRXLIGETQE]FIVIUYMVIHXS
EGGSQQSHEXIXLIXVERWJIVSJTMPILIEHQSQIRXWERHWLIEVW
4PEGIQIRXSJXLIPS[IVQEXVIMRJSVGIQIRXFIPS[XLITMPIXST
8LI '67- ,ERHFSSO LEW FSXL HIWMKR XEFPIW ERH
MPPYWXVEXMSRW SJ X]TMGEP HIXEMPW 8LI %'- (IWMKR ,ERHFSSO
74?7EEXGMSKPYA EPWSGSRWMHIVWTMPIGETW
)EVPMIV %'- 'SHIW SJXIR PIH XLI HIWMKRIV XS GSRWMHIV
HIITFIEQ FILEZMSV JSV XLI WLIEV HIWMKR FYX %'- %QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
+9-()83()7-+21%29*%'896)%2(-278%00%8-323*'32'6)8)4-0)7 %'-6
PIEHWSRIXSWXVYXERHXMIQIXLSHWSJEREP]WMWERHHIWMKREW
HIWGVMFIHMR%'-%TTIRHM\%%HIFEVIXEP GETWYWMRKWXVYXERHXMIGSRGITXW
7IGXMSRTVIWIRXWQSVIHMWGYWWMSRSJXLIHIWMKRERH
XIRWMSR JSVGIW SV FSXL XLEX WLSYPH FIXVERWQMXXIH FIX[IIR
XLI TMPIW ERH TMPI GETW 8LEX WIGXMSR MW GSRGIVRIH [MXL
WIMWQMGIJJIGXWFYXXLIWEQIKIRIVEPQIXLSHWETTP]XSGEWIW
[LIVI XLI QSQIRXW SV XIRWMSRW EVI KIRIVEXIH F] [MRH SV
SXLIVPEXIVEPJSVGIWSVF]PEVKIETTPMIHQSQIRXWJVSQHIEH
ERHPMZIPSEHIJJIGXW
4MPI MRXIKVMX] MRZIWXMKEXMSRW{%FRSVQEPMXMIW
HIJIGXW ERH HEQEKI XS GSRGVIXITMPI GVSWW WIGXMSRW GER
HIZIPST HYVMRKTMPI GSRWXVYGXMSR HYI XS MRWXEPPEXMSR TVSGI
HYVIWKVSYRHGSRHMXMSRWSVFSXL4VIZMSYWP]MRWXEPPIHTMPIW
GERFIHEQEKIHF]PEXIVEPSVYTPMJXJSVGIWMRHYGIHF]WYFWI
UYIRXRIEVF]GSRWXVYGXMSREGXMZMXMIW )RZMVSRQIRXEPGSRHM
XMSRW GER EPWS PIEH XS GLERKIW MR TMPI WXVYGXYVEP TVSTIVXMIW
HYVMRKXLIMVWIVZMGIPMJIWYGLEW[LIRXLITMPIWEVII\TSWIH
XSWEPX[EXIVSVEKKVIWWMZIKVSYRH[EXIVGSRHMXMSRW8LITVIW
IRGISJHIJIGXWERHHEQEKIMRGSRGVIXITMPIWGERMQTEGXFSXL
XLIWXVYGXYVEPERHKISXIGLRMGEPEFMPMX]SJXLITMPIXSWYTTSVX
PSEH ;LIR HIJIGXW SV HEQEKI EVI WYWTIGXIH MX MW SJXIR
RIGIWWEV]XSMRZIWXMKEXIXLIREXYVISJXLIHIJIGXWSVHEQEKI
ERH EWWIWW XLIMV MQTEGX SR XLI WXVYGXYVEP ERH KISXIGLRMGEP
TIVJSVQERGISJXLIEJJIGXIHTMPIWWSXLEXETTVSTVMEXIVIQI
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EPPS[EHIUYEXIXVERWQMWWMSRSJLEQQIVIRIVK]XSXLITMPI
8LI[EZIIUYEXMSREREP]WMW GERFIYWIHXSEWWIWW
XLIIJJIGXSJXLIJSPPS[IVSRXLITMPIHVMZMRKGLEVEGXIVMWXMGW
ERHEPWSXLITMPIERHJSPPS[IVWXVIWWIW
{4VIZIRXMSRSJHEQEKIXSTMPMRKHYVMRK
MRWXEPPEXMSR
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HVMZMRK{'VEGOMRKSVWTEPPMRKHYVMRKHVMZMRKSJVIMRJSVGIH
7TEPPMRK SJ GSRGVIXI EX XLI TMPI LIEH HYI XS LMKL
GSQTVIWWMZIWXVIWW
7TEPPMRKSJGSRGVIXIEXXLITMPIXMTHYIXSLEVHHVMZMRK
VIWMWXERGIEXXLIXMT
8VERWZIVWI GVEGOMRK SV FVIEOMRK SJ XLI TMPI HYI XS
7TMVEPSVXVERWZIVWIGVEGOMRKHYIXSEGSQFMREXMSRSJ
WSQIXMQIWEGGSQTERMIHF]WTEPPMRKEXXLIGVEGO
7TEPPMRKERHGVEGOMRKHYIXSEGSQFMREXMSRSJGSQTVIW
TMPIGYVZEXYVI
0SRKMXYHMREPWTPMXWSJLSPPS[TMPIWHYIXSMRXIVREPVEHMEP
TVIWWYVIW
4MPILIEH WTEPPMRK{7TEPPMRK SJ GSRGVIXI EX XLI
TMPILIEHMWGEYWIHF]LMKLSVMVVIKYPEVGSQTVIWWMZIWXVIWW
GSRGIRXVEXMSRW8LMWX]TISJHEQEKIGERFIGEYWIHF]XLI
JSPPS[MRK
LIEHERHXLIGSRGVIXITMPIVIWYPXMRKMREZIV]LMKLGSQTVIW
WMZIWXVIWWSRMQTEGXSJXLILEQQIVVEQ
8LI XST SJ XLI TMPI MW RSX WUYEVI SV TIVTIRHMGYPEV XS
XLI PSRKMXYHMREP E\MW SJ XLI TMPI VIWYPXMRK MR ER IGGIRXVMG
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+9-()83()7-+21%29*%'896)%2(-278%00%8-323*'32'6)8)4-0)7 %'-6
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MR ER IGGIRXVMG LEQQIV FPS[ XLEX GEYWIW LMKL WXVIWW
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EFSZIXLITMPILIEHVIWYPXMRKMRLMKLWXVIWWGSRGIRXVEXMSRW
MRXLIGSRGVIXIEHNEGIRXXSXLIVIMRJSVGIQIRX
0EGO SJ EHIUYEXI XVERWZIVWI VIMRJSVGIQIRX WTMVEP
8LIXSTIHKIWERHGSVRIVWSJXLIGSRGVIXITMPIEVIRSX
GLEQJIVIHGEYWMRKXLIIHKIWSVGSVRIVWXSWTEPP
*EXMKYIJEMPYVISJXLIGSRGVIXIYRHIVEPEVKIRYQFIVSJ
LEQQIVFPS[WEXELMKLWXVIWWPIZIP
4MPIXMTWTEPPMRK{7TEPPMRKSJGSRGVIXIEXXLITSMRX
SJ XLI TMPI GER FI GEYWIH F] LMKL HVMZMRK VIWMWXERGI 8LMW
X]TISJVIWMWXERGIGERFIIRGSYRXIVIH[LIRJSYRHMRKXLITMPI
TSMRXSRFIHVSGOSVSXLIVLMKLP]VIWMWXERXWXVEXE%PWSTMPIW
WIPHSQ MRXIVJEGI IZIRP] [MXL XLI VSGO VIWYPXMRK MR IGGIR
XVMGPSEHMRKERHLMKLIVXLEREZIVEKIWXVIWWIW'SQTVIWWMZI
WXVIWW EX XLI TMPI XMT [LIR HVMZMRK SR FEVI VSGO GER XLIS
VIXMGEPP]FI X[MGI XLI QEKRMXYHI SJXLI GSQTVIWWMZIWXVIWW
TVSHYGIHEXXLITMPILIEHF]XLILEQQIVMQTEGX9RHIVWYGL
GSRHMXMSRW SZIVHVMZMRK SJ XLI TMPI ERH TEVXMGYPEVP] LMKL
VEQZIPSGMXMIWWLSYPHFIEZSMHIH-RXLIQSVIRSVQEPGEWIW
[LIVIXLIVIMWWSMPSZIVP]MRKXLIVSGOXMTWXVIWWIW[MPPKIRIV
EPP]FISJXLIWEQISVHIVSJQEKRMXYHIEWXLILIEHWXVIWWIW
4VSPSRKIH HVMZMRK EX LMKL FPS[ GSYRXW ERH LMKL XMTWXVIWW
PIZIPWGEREPWSPIEHXSGSRGVIXIJEXMKYIJEMPYVIEXXLIXMT0MOI
XLITMPILIEHXLITMPIXMTWLSYPHFITVSZMHIH[MXLEHIUYEXI
8VERWZIVWI GVEGOW{8VERWZIVWIXIRWMSR GVEGOMRK
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HVMZMRKWYGLEWHVMZMRKMRZIV]WSJXWSMPWSV[LIRNIXXMRKSV
TVIHVMPPMRKLEWVIHYGIHXLIWSMPVIWMWXERGIEXXLITMPIXMT-X
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% GSQTVIWWMZI WXVIWW MW TVSHYGIH [LIR E LEQQIV VEQ
WXVMOIWXLITMPILIEHSVGYWLMSR8LMWGSQTVIWWMZIWXVIWWMR
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ETTVS\MQEXIP]XSJXW XSQW 8LI
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TMPI QEXIVMEP QSHYPYW SJ IPEWXMGMX] [EZI ZIPSGMX] ERH
WSMPVIWMWXERGI&IGEYWIXLIWXVIWW[EZIXVEZIPWEXEGSRWXERX
ZIPSGMX]MREKMZIRTMPIXLIPIRKXLSJXLIWXVIWW[EZIHITIRHW
SRXLIHYVEXMSRXLEXXLILEQQIVVEQMWMRGSRXEGX[MXLXLI
GYWLMSRSVTMPILIEH%LIEZ]VEQ[MPPWXE]MRGSRXEGX[MXL
XLIGYWLMSRSVTMPILIEHJSVEPSRKIVXMQIXLEREPMKLXVEQ
XLYWTVSHYGMRKEPSRKIVWXVIWW[EZI-JEVEQWXVMOIWEXLMGO
SVWSJXGYWLMSRMX[MPPEPWSWXE]MRGSRXEGXJSVEPSRKIVTIVMSH
SJXMQIVIWYPXMRKMREPSRKIVWXVIWW[EZI
8LIGSQTVIWWMZIWXVIWW[EZIXVEZIPMRKHS[RXLITMPIGER
GSQTVIWWMZIWXVIWW[EZIHITIRHMRKSRXLIWSMPVIWMWXERGIEX
XLITSMRXSVGERTEWWMRXSXLIWSMP-JPMXXPISVRSWSMPVIWMWXERGI
MWTVIWIRXEXXLITMPITSMRXXLIGSQTVIWWMZIWXVIWW[EZI[MPP
KMZIRXMQIXLIRIXWXVIWWEXETSMRXMRXLITMPIMWXLIEPKIFVEMG
WYQSJXLIGSQTVIWWMZIWXVIWW[EZIXVEZIPMRKHS[RXLITMPI
HITIRHWSRXLIQEKRMXYHISJXLIMRMXMEPGSQTVIWWMZIWXVIWW
XLIPIRKXLSJXLIWXVIWW[EZIVIPEXMZIXSXLITMPIPIRKXLERH
PSRKWXVIWW[EZIMWHIWMVEFPIXSQMRMQM^IXLITSWWMFMPMX]SJ
HEQEKMRKXLITMPI
GSQTVIWWMZI WXVIWW [EZI XVEZIPMRK HS[R XLI TMPI [MPP FI
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XIRWMPIWXVIWW[EZI-XMWTSWWMFPIJSVGVMXMGEPXIRWMPIWXVIWWIW
XSSGGYVRIEVXLITMPILIEHMRXLMWGEWIWYGLEW[LIRHVMZMRK
SRXSVSGO[MXLEZIV]PMKLXLEQQIVVEQ[IMKLX
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GEYWIHF]XLIJSPPS[MRK
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LMKL QEKRMXYHI ERH WLSVX PIRKXL 8LI YWI SJ ER EHIUYEXI
WSJX[SSH GYWLMSR MW JVIUYIRXP] XLI QSWX IJJIGXMZI [E] SJ
VIHYGMRKHVMZMRKWXVIWWIW7XVIWWVIHYGXMSRWSRXLISVHIVSJ
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SJ XLI WXVIWW [EZI MRGVIEWIW 8LIVIJSVI XLI YWI SJ E RI[
GYWLMSRJSVIEGLTMPIMWVIGSQQIRHIH
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TMPIWJX Q SVQSVIMRPIRKXL8LMWMWTSWWMFPI[LIR
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WSJXIVPE]IVSV[LIRXLIWSMPEXXLIXMTLEWFIIR[IEOIRIH
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JVSQ EX[MWXMRK QSQIRXETTPMIHXSXLITMPI GERGEYWITMPI
JEMPYVIKIRIVEPP]ETTIEVMRKEWWTMVEPSVXVERWZIVWIGVEGOMRK
[MXLHMEKSREPXIRWMPIWXVIWWHYIXSXSVUYIXLIWMXYEXMSRGER
FIGSQIIZIRQSVIGVMXMGEP8SVWMSRSRXLITMPIGERFIGEYWIH
MXJVSQVSXEXMRKWPMKLXP]HYIXSWSMPEGXMSRSRXLIIQFIHHIH
TSVXMSRSJXLITMPIERHI\GIWWMZIVIWXVEMRXSJXLITMPIMRXLI
PIEHWERHVSXEXMSRSJXLIPIEHW
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MRFSXLSTIRERHGPSWIIRHIHLSPPS[TVIGEWXTMPIWPIEHXS
XIRWMSR MR XLI TMPI [EPPW ERH GER GEYWI FYVWXMRK 0SRKMXY
HMREP WTPMXW HYI XS MRXIVREP FYVWXMRK TVIWWYVIW GER SGGYV
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
+9-()83()7-+21%29*%'896)%2(-278%00%8-323*'32'6)8)4-0)7 %'-6
[MXL STIRIRHIH LSPPS[ TVIGEWX TMPIW ;LIR HVMZMRK MR
ERH E L]HVEYPMGVEQ IJJIGX SGGYVW 8LMW GER FI TVIZIRXIH
F] TVSZMHMRK ZIRXW MR XLI [EPPW SJ XLI G]PMRHIV TMPI SV F]
GPIERMRKSVTYQTMRKTIVMSHMGEPP]8LMWGEREPWSSGGYV[LIR
XLITMPILIEHMWHVMZIRFIPS[[EXIVMR[LMGLGEWIWYFWXERXMEP
ZIRXMRKWLSYPHFITVSZMHIHMRXLIHVMZMRKLIEH
7SMP TPYKW GER JSVQ MRWMHI XLI TMPI ERH I\IVX E WTPMXXMRK
EGXMSR[LIRHVMZMRKSTIRIRHIHTVIGEWXTMPIW8LITPYKGER
FIFVSOIRYTHYVMRKHVMZMRKF]GEVIJYPYWISJEPS[TVIWWYVI
NIXMRWMHIFYXXLIQSWXTVEGXMGEFPIVIQIH]ETTIEVWXSFIXLI
TVSZMWMSRSJEHIUYEXIXVERWZIVWIVIMRJSVGIQIRXMRXLIJSVQ
SJ WTMVEPW SV XMIW MR XLI TPYKJSVQMRK ^SRI 7SPMH XMTW [MPP
FYX QE] RSXFI GSQTEXMFPI [MXL SXLIV MRWXEPPEXMSRVIUYMVI
QIRXWWYGLEWVIUYMVMRKTMPIWXSFISTIRIRHIHXSJEGMPMXEXI
EGGIWWFIPS[XLIXMT
-RXIVREPNIXWGERWSQIXMQIWGEYWIFYVWXMRKTEVXMGYPEVP]MR
LSPPS[GSVITMPIW[MXLEGPSWIHXMTERHLIEH-JXLINIXFVIEOW
HYVMRKHVMZMRK[EXIVTVIWWYVIMRXLIGSVIGLEQFIVGERVIWYPX
MRXERKIRXMEPWXVIWWIWMRXLITMPI[EPPXLEXI\GIIHXLIGSRGVIXI
XIRWMPIWXVIRKXL:IRXW[MPPTVIZIRXXLMWMJXLI]EVIPSGEXIHWS
EWRSXXSTPYKHYVMRKHVMZMRK*YVXLIVQSVIZIRXMRKEXXLIXST
SJ ELSPPS[TVIGEWXTMPI [MPP TVIZIRX ETSXIRXMEPPSRKXIVQ
FYMPHYTSJMRXIVREPKEWTVIWWYVI
*VII^MRKSJJVII[EXIVMRWMHIXLITMPIGEZMX]GEREPWSGEYWI
TMPIFVIEOEKI(VEMRLSPIWXLVSYKLXLITMPI[EPPWLSYPHFI
JVIIHVEMRMRK QEXIVMEP *SV TMPIW WXERHMRK MR STIR [EXIV E
GSRGVIXITPYKWLSYPHFITPEGIHJVSQXLIPS[IWXJVII^IHITXL
XSEFSZIXLILMKL[EXIVPIZIP(VEMRLSPIWWLSYPHFIPSGEXIH
NYWXEFSZIXLIWYVJEGISJXLITPYK%PXIVREXMZIP]XLIIRXMVI
8LIPEXIVEPTVIWWYVIWHYVMRKTPEGIQIRXSJGSRGVIXIMRWMHI
SJLSPPS[G]PMRHIVTMPIWGEREPWSPIEHXSPSRKMXYHMREPWTPMX
XMRK JSVGIW JSV HIIT TPYKW 8LIVIJSVI [LIR GEWXMRK TPYKW
MRWMHIWYGLTMPIWXLIGMVGYQJIVIRXMEPWXVIWWMRXLITMPI[EPPW
VIWYPXMRK JVSQ XLI PEXIVEP TVIWWYVIW SJ XLI JVIWL GSRGVIXI
WLSYPH FI GSRWMHIVIH -R WSQI MRWXERGIW TVIGEWX TPYKW
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TVSFPIQ
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TMPIW [MXL QMRSV GVEGOW QE] FI EGGITXEFPI MR WSQI GEWIW
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XS MQTPIQIRX WYMXEFPI TMPI VITEMVW 8LI REXYVI ERH I\XIRX
SJ XLIWI GVEGOW RYQFIV PSGEXMSR ERH EPMKRQIRX XLI
TMPI IRZMVSRQIRX WEPX[EXIV ERH GSVVSWMZI WSMPW ERH XLI
QSHIWSJPSEHMRKXSFIVIWMWXIHF]XLITMPIWLSYPHFIIZEPY
EXIH XSKIXLIV XS HIXIVQMRI [LIXLIV E VITPEGIQIRX TMPI MW
RIGIWWEV]
+SSH HVMZMRK TVEGXMGI JSV TVIWXVIWWIH SV TVIGEWX
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E 9WI EHIUYEXI GYWLMSRMRK QEXIVMEP FIX[IIR XLI
LEQQIV HVMZI LIEH ERH XLI GSRGVIXI TMPI 8LVII SV MR
SV QQ SJ WSJX[SSH GYWLMSRMRK QEXIVMEP QE]
FIEHIUYEXI JSV TMPIW JX Q SV WLSVXIV [MXL VIEWSR
EFP] LMKL XMT VIWMWXERGI 7SJX[SSH GYWLMSR XLMGORIWWIW SJ
XS MR XS QQ SV IZIR XLMGOIV EVI PMOIP] XS
FI VIUYMVIH [LIR HVMZMRK PSRK TMPIW EKEMRWX PS[ XMT VIWMW
XERGI%RI[GYWLMSRWLSYPHFITVSZMHIHJSVIEGLTMPI8LI
[SSHGYWLMSRMRKWLSYPHFIVITPEGIH[LIRMXFIGSQIWLMKLP]
GSQTVIWWIHGLEVVIHSVFYVRIHHYVMRKHVMZMRKSJETMPI-J
MX MW RIGIWWEV]XS GLERKI [SSH GYWLMSRMRKXS[EVH XLIIRH
SJHVMZMRKXLIRHVMZMRKWLSYPHGSRXMRYIYRXMPXLIRI[GYWL
MSRMRKLEWFIIREHIUYEXIP]GSQTVIWWIHFIJSVISFWIVZMRKXLI
IGSRSQMGEPQIERWSJGSRXVSPPMRKHVMZMRKWXVIWWIW
F 6IHYGI HVMZMRK WXVIWWIW [LIR TSWWMFPI F] YWMRK E
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VIHYGIH F] YWMRK TVSTIV LEQQIV GYWLMSRMRK GETFPSGO QEXIVMEPW
G 6IHYGIXLIVEQZIPSGMX] WXVSOI HYVMRKIEVP]HVMZMRK
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MGEPXIRWMPIWXVIWWIW8LMWMWZIV]IJJIGXMZI[LIRHVMZMRKPSRK
TMPIWXLVSYKLZIV]WSJXWSMP
H -JTVIHVMPPMRKSVNIXXMRKMWTIVQMXXIHMRTPEGMRKXLITMPIW
XLI TMPI TSMRX WLSYPH FI [IPP WIEXIH [MXL VIEWSREFPI WSMP
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GVSSOIHTMPI
L 8LIXSTSJXLITMPIWLSYPHFITIVTIRHMGYPEVXSXLIPSRKM
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N 9WI E PIZIP SJ TVIWXVIWW EHIUYEXI XS TVIZIRX GVEGOMRK
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PS[IVTVIWXVIWWPIZIPW0SRKTMPIWFEXXIVTMPIWERHTMPIWXLEX
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XS EGGSQQSHEXI HVMZMRK WXVIWW GSRHMXMSRW WLSYPH FI
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HE]W TVIZMSYWP] %PXLSYKL EHIUYEXI GSQTVIWWMZI WXVIRKXL
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8LILEQQIVWLSYPHFIKYMHIHMRXLIPIEHWWSXLEXXLITMPIMW
WXVYGOWUYEVIP]ERHGSRGIRXVMGEPP]4VSTIVEPMKRQIRXSJXLI
TMPIHVMZIVPIEHWERHWXEFPIWYTTSVXJSVXLITMPIHVMZMRKVMK
EVIIWWIRXMEP
4VIHVMPPMRK SV WTYHHMRK E WXEVXMRK LSPI GER FI LIPTJYP MJ
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QEXIVMEP FIJSVI WXEVXMRK TMPI MRWXEPPEXMSR -R FSYPHIVPEHIR
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[LMGLGEWIMXQE]FIFIXXIVXSHVMZIXLITMPIHMVIGXP]
P 9WI ETTVSTVMEXI XIGLRMUYIW XS TVIZIRX XLI HIZIPST
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8LMWGERFIQMRMQM^IHF]LEZMRKXLILIEHSJXLITMTIXVYI
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[IPP EW SXLIV KVSYTW WXVYGXYVEPP] GSRRIGXIH XS XLI KVSYT
LEZMRKXLIQMWEPMKRIHTMPIW
(MWXSVXMSRSJTMPIW{4MPIHMWXSVXMSRGERFITVSHYGIH
HYVMRKMRWXEPPEXMSR[LIRHVMZMRKTEWXSVXLVSYKLSFWXVYGXMSRW
SVFSYPHIVW*SVGEWMRKWHVMZIR[MXLSYXEQERHVIPXLIYWI
SJELIEZMIV[EPPERHEVIMRJSVGIHWLSI[MPPLIPT*SVWLIPPW
HVMZIR[MXLEQERHVIPXLIYWISJELIEZMIVWLIPPXLMGORIWW
GER LIPT 8LI X]TI SJ QERHVIP MW MQTSVXERX [LMPI HMWXSV
XMSR[MPPFIQMRMQM^IHHYVMRKHVMZMRKMJXLIQERHVIPKVMTW
MRTVIZIRXMRKFYPKMRK
(SKPIK ERH FIRX TMPIW{%\MEP EPMKRQIRX SJ E TMPI
SJPSRKFIRHWWLEVTFIRHWSVIZIRFVIEOW8LIYWISJETMPI
SV TMPIQERHVIP GSQFMREXMSR SJ ETTVSTVMEXI WXMJJRIWW [MPP
ERHNSMRXWWLSYPHFIWXVSRKIRSYKLXSVIWMWXFIRHMRKHYVMRK
HVMZMRK ERH EHNSMRMRK TMPI WIGXMSRW WLSYPH FI EGGYVEXIP]
EPMKRIH
MR '-4 TMPI WLIPPW ERH TMTIW EJXIV XLI] EVI HVMZIR 8LMW MW
EPWSXVYISJWSQILSPPS[GSVIGSRGVIXITMPIWERHWSPMHTMPIW
IUYMTTIH [MXL ER MRWTIGXMSR HYGX 8LMW MRWTIGXMSR WLSYPH
EPWS ZIVMJ] XLI TMPIvW MRXIVREP GVSWWWIGXMSREP EVIE ERH XLEX
XLIJYPPPIRKXLSJXLITMPIGERFITVSTIVP]GSRGVIXIH%TMTI
TMPI [MXL E PSRK FIRH SV HSKPIK MW KIRIVEPP] EGGITXEFPI MJ
ER]TEVXSJXLITMPIXMTMWZMWMFPIJVSQXLIXST-JXLMWMWRSX
XLI GEWI IPIGXVSRMG MRGPMRSQIXIV QIEWYVIQIRXW SV SXLIV
QIXLSHWGERFIYWIHXSHIXIVQMRIXLIKISQIXV]SJXLITMPI
-JXLIVIEVIQER]WYGLTMPIWMXQE]FIHIWMVEFPIXSWIPIGXXLI
[SVWXGEWIJSVPSEHXIWXMRKXSIWXEFPMWLXLIQE\MQYQW[IIT
XLEXGERFIXSPIVEXIHJSVXLIVIUYMVIHGETEGMX]0SEHXIWXWSR
TMPIW[MXLPSRKW[IITMRKFIRHWERHHSKPIKWLEZIMRHMGEXIH
WYFWXERXMEPGETEGMX]VIWYPXMRKJVSQ XLIWXMJJRIWW SJXLI TMPI
ERHPEXIVEPVIWXVEMRXJVSQTEWWMZIWSMPTVIWWYVIW
1MWEPMKRQIRX SJ TMPIW{7TIGMJ]MRK ER E\MEPEPMKR
QIRXXSPIVERGIEWETIVGIRXEKISJEGXYEPPIRKXLMWGSQQSR
FI QIX MR VIPEXMZIP] YRMJSVQ WSMPW [MXL KSSH IUYMTQIRX
ERHKSSHGSRWXVYGXMSRTVEGXMGI-RRSRYRMJSVQSVFSYPHIV
VMHHIRWSMPWLS[IZIVMXMWSJXIRMQTSWWMFPIXSTVIZIRXWSQI
TMPIW JVSQ I\GIIHMRK XLMW XSPIVERGI ERH PEVKIV XSPIVERGIW
QE] FI ETTVSTVMEXI )\GIWWMZI VIWXVMGXMSR SR E\MEP
EPMKRQIRXSJXIRPIEHWXSEREXXIQTXXSVIWXVEMRXLITMPIWXSS
QYGL XLYW MRXVSHYGMRK FIRHMRK WXVIWWIW XLEX GER FI QSVI
HIXVMQIRXEP4VSTIVMRMXMEPEPMKRQIRXSJXLITMPIMWMQTSVXERX
TIVQMXMXW[MXLHVE[EP
7LIPPERHXLMR[EPPIHTMTITMPIWEVIWYFNIGXXSPSGEPFYGOPMRK
ERHGSPPETWI HYVMRKHVMZMRK ERH EJXIV XLIQERHVIP MW[MXL
HVE[REWEVIWYPXSJWSMPSVL]HVSWXEXMGTVIWWYVIWSVFSXLSV
EWXLIWITVIWWYVIWMRGVIEWI[LMPIHVMZMRKEHNEGIRXTMPIW8LI
YWISJXLMGOIVQEXIVMEPW[MPPTVIZIRXHEQEKIHYVMRKHVMZMRK
'SPPETWI [LMPI HVMZMRK EHNEGIRX TMPIW GER FI TVIZIRXIH F]
YWMRK XLMGOIV TMTI SV WLIPP MRGVIEWMRK XLI GMVGYQJIVIRXMEP
WXVIRKXL[MXLGSVVYKEXMSRWXIQTSVEVMP]TPEGMRKTMTIWLEZMRK
EQEVKMREPP]WQEPPIVHMEQIXIVMRXSXLIHVMZIRTMPIWSVXIQTS
WIUYIRGISJHVMZMRKGERFIEHNYWXIHF]TPEGMRKERHGYVMRKXLI
GSRGVIXIMRXLI WYWGITXMFPITMPIWFIJSVIHVMZMRKXLIEHNEGIRX
TMPIW
%WMQMPEVTLIRSQIRSRGERXEOITPEGI[MXL'-7TMPIW8LI
MRWXEPPEXMSRSJEREHNEGIRXTMPIGERHMWTPEGIQEXIVMEPMRXSXLI
HERKIVMWQSVIJVIUYIRXP]EWWSGMEXIH[MXLVIPEXMZIP]MRGSQ
TVIWWMFPI GSLIWMZI WSMPW 8LI WTEGMRK SJ XLI TMPIW MW SJ
GSYVWI MQTSVXERX9WMRKEREGGIPIVEXMRKEHQM\XYVI WLSYPH
LIPTXSVIHYGIXLIXMQISJI\TSWYVIXLMWGERXLIRFIGSYTPIH
[MXL E GSRXVSPPIH WIUYIRGI SJ HVMZMRK 9RGEWIH TMPIW EVI
QYGLQSVIZYPRIVEFPIXSHMWXSVXMSRXLERGEWIHTMPIW
(MWXSVXMSR SJ TMPI XMTW{(MWXSVXMSR SJ TMPI XMTW GER
SGGYVEWXLIXMTIRGSYRXIVWLEVHSVMVVIKYPEVQEXIVMEPWYGLEW
FSYPHIVW6IMRJSVGIQIRXSJXLIXMTF]EXLMGOIVFSXXSQTPEXI
SJXLIXMTWIGXMSR[MXLGSRGVIXIGERQMRMQM^IHMWXSVXMSR-J
XLIHMWXSVXMSRMWGEYWIHF]WYVJEGIVYFFPITVII\GEZEXMSRSJ
XLISFWXVYGXMSRWQE]FIQSVIETTVSTVMEXI
)RPEVKIHXMT TMPIW{;LIR IRPEVKIHXMT TMPIW EVI
HVMZIR XLVSYKL GIVXEMR WSMPW MX QE] FI RIGIWWEV] XS XEOI
WTIGMEPQIEWYVIWXSVIIWXEFPMWLXLIPEXIVEPWYTTSVXSJXLIWSMP
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
+9-()83()7-+21%29*%'896)%2(-278%00%8-323*'32'6)8)4-0)7 %'-6
EVSYRHXLITMPIWLEJXSVXSVIMRJSVGIXLITMPIWLEJXJSVGSPYQR
EGXMSR8LIERRYPEVWTEGIGVIEXIHF]XLIIRPEVKIHXMTQMKLX
WYGLTMPIWEVIYWIH[MXLVIPEXMZIP]LMKLGETEGMXMIWVIWYPXMRKMR
XLI YWI SJ WMRKPI TMPIW SV X[STMPI KVSYTW JSV IEGL GSPYQR
NIXXMRKSVTVIHVMPPMRKMWRIGIWWEV]XSEGLMIZITIRIXVEXMSRSJ
XLIIRPEVKIHXMTXLITSWWMFPIPSWWSJPEXIVEPWYTTSVXHIWIVZIW
WTIGMEPEXXIRXMSR
{6IJIVXSJSVEHMWGYW
MRWXEPPEXMSRQIXLSHW
{,ERHPMRKERHTSWMXMSRMRKHYVMRKMRWXEPPEXMSR
4MPIWWLSYPHFILERHPIHERHTSWMXMSRIHXSSFXEMRXLITVSTIV
TMPI PSGEXMSR ERH EPMKRQIRX ZIVXMGEP SV FEXXIV [MXLSYX
MQTEMVMRKXLITMPIvWWXVYGXYVEPMRXIKVMX]
,ERHPMRK{4MPIW WLSYPH FI TMGOIH YT WS EW XS RSX
GEYWI PSGEP FYPKMRK SV HIJSVQEXMSR SV MRHYGI I\GIWWMZI
FIRHMRK4VIGEWXTMPIWWLSYPHFITMGOIHYTERHLERHPIHWS
EW XSEZSMH XIRWMPI GVEGOWERH ER] MQTEGXHEQEKI ERH 4SWMXMSRMRK{'SVVIGX TSWMXMSRMRK VIUYMVIWEGGYVEXI
MRMXMEPWIXXMRKSJXLITMPI6IQSZEPSJRIEVWYVJEGISFWXVYG
XMSRW [MPP JEGMPMXEXI EGGYVEXI TSWMXMSRMRK ;LIVI EGGYVEG]
SJ TSWMXMSR MW GVMXMGEP E XIQTPEXI E TVIHVMPPIH WXEVXIV LSPI
SV FSXL GER FI YWIJYP -J XIGLRMUYIW WYGL EW TVINIXXMRK SV
TVIHVMPPMRKEVIYWIHTVSTIVTSWMXMSRGSRXVSPWLSYPHEPWSFI
I\IVGMWIHMRQEOMRKWYGLTVII\GEZEXMSRW
4MPI TSWMXMSR MW PEVKIP] IWXEFPMWLIH [LIR XLI TMPI MW
MRMXMEPP] WIX %XXIQTXW XS GSVVIGX TSWMXMSR EJXIV HVMZMRK LEW
GSQQIRGIHSJXIRVIWYPXMRI\GIWWMZIFIRHMRKERHHEQEKIXS
XLITMPI'SVVIGXMSRSJTSWMXMSRSJTMPIWHYVMRKSVEJXIVMRWXEP
PEXMSR[MXLSYXVMWOMRKHEQEKIYWYEPP]VIUYMVIWI\XIRWMZINIXXMRK
EPSRKXLITMPIPIRKXL8LMWGERGEYWIYRHIWMVEFPI[IEOIRMRK
SJXLIWSMPSVSXLIVTVSFPIQW
6IJIVIRGIWXEOIWSJJWIXJVSQXLITVSTIVTMPIPSGEXMSRFIJSVI
QSZIQIRXMWSFWIVZIHFIJSVIXLITMPILEWTIRIXVEXIHXSSJEV
8LIWIWXEOIWGEREPWSFIYWIHXSHIXIVQMRITMPIHVMJXJVSQ
HIWMKR PSGEXMSR EJXIV XLI GSQTPIXMSR SJ HVMZMRK XLIVIF]
QEOMRKMXTSWWMFPIXSSJJWIXXLITPEGIQIRXSJSXLIVTMPIWMR
XLIKVSYTERHPMQMXKVSYTIGGIRXVMGMX]MRXLITMPIGET8LI
YWISJ WYGL VIJIVIRGI WXEOIWXS GIVXMJ] EWHVMZIR TMPIPSGE
XMSRWMWRSXVIGSQQIRHIHXLMWWLSYPHFIHSRIF]EWITEVEXI
ERHMRHITIRHIRXWYVZI]EJXIVEPPTMPIWMREKVSYTEVIHVMZIR
'SRXVSP SJ EPMKRQIRX{%W [MXL TSWMXMSRMRK TVSTIVP]
ETTPMIH GSRXVSP SJ EPMKRQIRX WLSYPH FI I\IVGMWIH FIJSVI
HVMZMRKFIKMRW8LIHVMZMRKVMKWLSYPHLEZIWXEFPIWYTTSVXWS
XLEXEPMKRQIRXSJXLIPIEHIVWERHTMPIHSIWRSXWLMJXHYVMRK
MRWXEPPEXMSR -J XIGLRMUYIW WYGL EW TVINIXXMRK SV TVIHVMPPMRK
EVIYWIHTVSTIVEPMKRQIRXGSRXVSPWLSYPHEPWSFII\IVGMWIH
MRQEOMRKWYGLTVII\GEZEXMSRW
&SXL XLI HVMZIV PIEHIVW ERH XLI TMPI WLSYPH FI
TVSTIVP] EPMKRIH XS XLI VIUYMVIH TMPI SVMIRXEXMSR ZIVXMGEP
SV FEXXIV FIJSVI HVMZMRK WXEVXW :IVXMGEP TMPI EPMKRQIRX
WLSYPH FIGLIGOIH F] QIERW SJEGEVTIRXIVvW PIZIP &EXXIV
TMPIWWLSYPHFIWIX[MXLERETTVSTVMEXIXIQTPEXIERHPIZIP
3RGIXLIHVMZMRKWXEVXWXLILEQQIVFPS[WLSYPHFIHIPMZ
IVIH IWWIRXMEPP] E\MEPP] ERH I\GIWWMZI W[E] SJ XLI PIEHIVW
TVIZIRXIH
4MPI WYTTSVX MR XLI PIEHIVW WLSYPH FI TVSZMHIH
[LIVI RIGIWWEV] JSV PSRK TMPIW &EXXIV TMPIW WLSYPH FI
WYTTSVXIH XS VIHYGI KVEZMX] FIRHMRK XS EGGITXEFPI PMQMXW
XLIYWISJVSPPIVWMRXLIPIEHIVWMWSRIWYGLQIXLSH7PIRHIV
ZIVXMGEP TMPIW QE] VIUYMVI KYMHIW EX MRXIVZEPW XS TVIZIRX
FYGOPMRKYRHIVXLILEQQIVFPS[
9WISJEXIPIWGSTMRKI\XIRWMSRMRXLIPIEHIVWQE]
FIVIUYMVIHXSTVIZIRXI\GIWWMZIFIRHMRKERHFYGOPMRKSJXLI
TMPI PIRKXL FIPS[ XLI PIEHIVW [LIR HVMZMRK E PSRK YRWYT
TSVXIHPIRKXLSJTMPIFIPS[XLIFSXXSQSJXLIPIEHIVWIWTI
GMEPP][MXLFEXXIVTMPIW
4VSXIGXMSR EKEMRWX FIRHMRK{%JXIV MRWXEPPEXMSR MR
[EXIVXLITMPIWLSYPHFITVSXIGXIHEKEMRWXI\GIWWMZIFIRHMRK
JVSQ[EZIWGYVVIRXHIEH[IMKLX MRGEWISJFEXXIVTMPI ERH
EGGMHIRXEPMQTEGX7XE]MRKERHKMVXMRKWLSYPHFIYWIHYRXMP
WXE]IHXSIPMQMREXIFIRHMRKXLMWMWTEVXMGYPEVP]VIPIZERXXS
FEXXIVTMPIW[LIVIXLILIEHWLSYPHFIWYTTSVXIHXSSZIVGSQI
XLI HIEH [IMKLX *VIUYIRXP] [LIR HVMZMRK MR HIIT [EXIV
EFEXXIVTMPIWLSYPHFIWXE]IHFIJSVIMXMWVIPIEWIHJVSQXLI
LEQQIV
4YPPMRK MRXS TSWMXMSR{8LI LIEHW SJ TMPIW IZIR
MR [EXIV GERRSX FI TYPPIH MRXS TSWMXMSR [MXLSYX MRHYGMRK
FIRHMRK1ER]TMPIWLEZIFIIRWIZIVIP]HEQEKIHWXVYGXYV
EPP]IZIR[MXLVIPEXMZIP]PS[TYPPMRKJSVGIWFIGEYWISJXLI
PSRKPIZIV EVQ EZEMPEFPIMR QER] YRHIV[EXIVMRWXEPPEXMSRW
8LI HIWMKRIV WLSYPH GSRXVSP XLI TYPPMRK JSVGI F] WTIGM
J]MRKXLIQE\MQYQTYPPEPPS[IHEXXLIXSTSJXLITMPISVXLI
{6IMRJSVGMRKWXIIPERHWXIIPGSVITPEGIQIRX
+IRIVEP{6IUYMVIH VIMRJSVGMRK WXIIP WLSYPH FI
TPEGIH MR EGGSVHERGI [MXL HIWMKR HVE[MRKW ERH FI JVII SJ
JSVIMKRQEXIVMEPXLEX[MPPMQTEMVMXWFSRH4VIEWWIQFP]MRXS
GEKIW [MXL EHIUYEXI WTEGIV FEVW [MPP JEGMPMXEXI EGGYVEXI
FI TVSZMHIH XS KMZI E JVEQI SV XVYWW EGXMSR MJ XLI GEKI MW
XSFILERHPIH0EXIVEPXMIWGERMQTIHIGSRGVIXITPEGIQIRX
XLIVIJSVIXLI]WLSYPHFISJEWM^IERHWTEGMRKXLEX
QMRMQM^IWTPEGIQIRXTVSFPIQW
-R'-4SV'-7TMPIWWXSTTMRKEPPVIMRJSVGMRKFEVWEXSRI
IPIZEXMSR GER GVIEXI E TPERI SJ [IEORIWW 7SQI
HIWMKRIVWTVIJIVXSI\XIRHSRISVQSVIFEVWXS[EVHXLIXMT
MRXLI'-7SV'-4TMPIW[MXLZIV]XLMRWLIPPWXSTVSZMHITMPI
GSRXMRYMX]
(S[IPW{(S[IPW GER FI YWIH XS GSRRIGX XLI TMPI
LIEHXSXLITMPIGETSVWXVYGXYVIEFSZIERHXSVIWMWXJSVGIWSV
QSZIQIRXWEXXLILIEHSJXLITMPI*SV'-4TMPIWHS[IPWGER
FI LIPH MR TSWMXMSR EW RSVQEP VIMRJSVGIQIRX HYVMRK TPEGI
QIRXSJXLIGSRGVIXISVTPEGIHF]MRWIVXMRK ZMFVEXMRK MRXS
XLIJVIWLP]TPEGIHGSRGVIXI
(S[IPWMRTVIGEWXTMPIWGERFITEVXMEPP]IQFIHHIHMRXLI
TMPILIEHERHPIJXTVSXVYHMRK-RXLMWGEWIXLIHVMZMRKLIEH
[MPPFIGSRWXVYGXIHXSLEZIGSVVIWTSRHMRKLSPIW[MXLIRSYKL
TPE]XSTVIZIRXXSVWMSRSVFIRHMRKMRXLITMPI(S[IPWGER
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
+9-()83()7-+21%29*%'896)%2(-278%00%8-323*'32'6)8)4-0)7 %'-6
EPWSFIJYPP]IQFIHHIH[MXLXLIXSTTSVXMSRFIMRKI\TSWIH
EJXIV XLI TMPI MW HVMZIR (S[IPW GER EPWS FI MRWIVXIH MRXS
TVIJSVQIHLSPIWGEWXMRXLITMPISVMRLSPIWHVMPPIHEJXIVXLI
SJXIRYWIHERHGERFIPIJXMRTPEGI-JVIQSZEFPIGSVIWEVI
YWIHXSJSVQXLILSPIWXLITEVXMRKGSQTSYRHYWIHWLSYPH
XLIFSRH(S[IPWMRWIVXIHMRTVIJSVQIHSVHVMPPIHLSPIWEVI
KVSYXIH[MXLIMXLIVGIQIRXSVITS\]KVSYX(V]TEGOMRKMW
RSX VIGSQQIRHIH %HQM\XYVIW XLEX VIHYGI XLI WLVMROEKI
TVIWXVIWWIH TMPIW GER TVSZMHI EHIUYEXI HS[IPMRK MR QER]
7XIIP GSVIW
GSRWMWX SJ VIMRJSVGMRK WXIIP FYRHPIW ,TMPI GSVIW SV WXIIP
VEMP WIGXMSRW 7TEGIVWSV KYMHIW WLSYPHFI YWIHWS XLEX XLI
GSVIMWGIRXIVIHJSVXLIJYPPPIRKXLSJIQFIHQIRX
{'SRGVIXITPEGIQIRXJSV'-4ERH'-7TMPIW
%'-4SV'-7TMPIMWRSXGSQTPIXIYRXMPXLIGSRGVIXILEW
FIIR TVSTIVP] TPEGIH 'SRGVIXI TPEGIQIRX STIVEXMSRW JSV
WYGLTMPIWEVINYWXEWMQTSVXERXXSXLIWYGGIWWJYPGSQTPIXMSR
SJ XLI TMPI EW XLI HVMZMRK SV HVMPPMRK SJ XLI TMPI 'SRGVIXI
GSRHMXMSRW ERH WLSYPH FI WIPIGXIH XS TVIZIRX XLI HIZIPST
QIRX SJ ZSMHW ERH WIKVIKEXMSR SJ XLI GSEVWI EKKVIKEXIW
HYVMRK GSRGVIXI TPEGIQIRX 'SRGVIXI TPEGIQIRX QIXLSHW
WLSYPH VIWYPX MR E YRMJSVQ UYEPMX] SJ GSRGVIXI JSV XLI JYPP
HIWMKR GVSWW WIGXMSR XLVSYKLSYX XLI PIRKXL SJ XLI TMPI %W
TPEGIHXLIGSRGVIXIWLSYPHHIZIPSTXLIVIUYMVIHWXVIRKXL
-J XLI GSRGVIXI MW RSX TVSTIVP] TPEGIH TMPI HIJIGXW GER
HIZIPST XLEX GSYPH GEYWI XLI TVSTSWIH WXVYGXYVI XS WIXXPI
I\GIWWMZIP]7SQIGSRGVIXIHIJIGXWXLEXGERHIZIPSTMR'-4
ERH'-7TMPIWEVI
:SMHWVIWYPXMRKJVSQIRXVETTIH[EXIV[EXIVQMKVEXMSR
SVMRGSQTPIXIGSRGVIXMRKGEYWIHF]EVGLMRKFPSGOEKIW
SVWLIPPGSPPETWI
;IEO ^SRIW VIWYPXMRK JVSQ WSMP MRGPYWMSRW JSVIMKR
SFNIGXMRGPYWMSRWSVEVIHYGIHTMPIGVSWWWIGXMSR
%KKVIKEXI TSGOIXW VIWYPXMRK JVSQ GSEVWI EKKVIKEXI
WIKVIKEXMSR HYVMRK TPEGIQIRX SV IVSWMSR SJ GIQIRX
;IEOGSRGVIXI^SRIWVIWYPXMRKJVSQFPIIHMRKQM\XYVIW
I\GIWWMZI[EXIVTVIWIRXHYVMRKGSRGVIXITPEGIQIRXERH
WIKVIKEXMSR
7ITEVEXMSRW FVIEOW SV HMWTPEGIQIRXW GEYWIH F]
WYVVSYRHMRKGSRWXVYGXMSREGXMZMXMIWWYGLEWTMPILIEZISV
PEXIVEPHMWTPEGIQIRXGEYWIHF]EHNEGIRXHVMZMRKPEXIVEP
TVIWWYVIWERHHMWTPEGIQIRXWJVSQEHNEGIRXGSRWXVYGXMSR
7SQIXMQIWXLITVIWIRGISJTSXIRXMEPHIJIGXWMWMRHMGEXIH
HYVMRKGSRWXVYGXMSRF]
% HVST MR XLI GSRGVIXI PIZIP EX XLI TMPI LIEH EJXIV
GSRGVIXITPEGIQIRX
;EXIVWIITEKIXSXLITMPILIEHJVSQWSQI[LIVIFIPS[
)\GIWWMZIEGGYQYPEXMSRWSJPEMXERGIEXXLITMPILIEH
)\GIWWMZI ZEVMEXMSRFIX[IIRXLIXLISVIXMGEPTPEGIQIRX
ZSPYQIWERHHIPMZIVIHGSRGVIXIZSPYQIW
4MPIPSEHXIWXJEMPYVIWSVI\GIWWMZIWIXXPIQIRX
3FWIVZEXMSRW SJ SFZMSYW MQTVSTIV GSRGVIXMRK TVSGI
HYVIWJSVXLITEVXMGYPEVGSRHMXMSRW
SJGSRHMXMSRWGSRHYGMZIXSXLIMVHIZIPSTQIRXMR'-4ERH'-7
TMPIW VIUYMVI TVSTIV TMPI MRWTIGXMSR FIJSVI GSRGVIXI TPEGI
QIRX TVSTIV GSRGVIXI QEXIVMEPW TVSTIV TPEGIQIRX TVSGI
HYVIW ERH I\TIVMIRGIH TMPI GSRGVIXMRK TIVWSRRIP 'PSWI
GSSVHMREXMSR ERH GSSTIVEXMSR FIX[IIR TMPI MRWTIGXMSR ERH
GSRGVIXITPEGIQIRXTIVWSRRIPMWVIUYMVIH
*EGXSVW EJJIGXMRK TPEGIQIRX{8LI TPEGIQIRX SJ
GSRGVIXIMR'-4ERH'-7TMPIWMWEJJIGXIHF]WIZIVEPJEGXSVW
WYGLEW
7SMP ERH TMPIMRWXEPPEXMSR GSRHMXMSRW{4MPI WTEGMRK
MRWXEPPEXMSR WIUYIRGI TVII\GEZEXMSR QIXLSHW ERH
WSMPGSRHMXMSRWGEREJJIGXXLIGSRGVIXITPEGIQIRXXIGL
WYVIW PIEHMRK XS GEWMRK GSPPETWI [MXL '-4 TMPIW ERH
WSMP MRXVYWMSR [MXL '-7 TMPIW8LI WSMP GSRHMXMSRWEPWS
W[IITWSVHSKPIKWXLEXEJJIGXTPEGIQIRX
{8LI TSXIRXMEP JSV GSRGVIXI WIKVI
EVIEJJIGXIHF]XLIKISQIXVMGEPTVSTIVXMIWSJXLIGEWMRK
HMEQIXIV [EPP XLMGORIWW TMPI WLETI WXVEMKLXWMHIH
XETIVIH WXITTIH MRXIVMSV VSYKLRIWW WQSSXL GSVVY
PIRKXLWTMPIMRGPMREXMSR ZIVXMGEPZIVWYWFEXXIVIH ERH
TMPIWXVEMKLXRIWW WXVEMKLXKIRXPIW[IITWWLEVTW[IITW
ERH HSKPIKW 8LIVIJSVI XLIWI KISQIXVMGEP TVSTIVXMIW
QEXIVMEPW
6IMRJSVGIQIRX
IRGIWXLITPEGIQIRXXIGLRMUYIWFIGEYWIXLIPIRKXLPSGE
XMSRGPIEVERGIERHWTEGMRKSJPSRKMXYHMREPWXIIPPEXIVEP
WTMVEPSVXMIWERHWTEGIVWLSPHMRKXLIVIMRJSVGIQIRXMR
WIKVIKEXMSR ERH EVGLMRK HYVMRK GSRGVIXI TPEGIQIRX
8LIFEVWTEGMRKERHGPIEVERGIWLSYPHFIGSRWMHIVIHMR
HIXIVQMRMRKXLIQE\MQYQEKKVIKEXIWM^IERHXLIZMFVE
XLVSYKLERHEVSYRHXLIVIMRJSVGIQIRX
'SRHMXMSRSJTMPI{8LIGSRHMXMSRWSJXLITMPIWYGLEW
TVIWIRGISJ[EXIVWSMPSVSXLIVHIFVMWERHVYTXYVIWERH
PIEOW EJJIGX XLI XIGLRMUYIW XLEX EVI VIUYMVIH XS GPIER
KVSYRH[EXIVMRXSXLITMPIGERRSXFIGSRXVSPPIHMXQE]
HMGXEXI XLI YWI SJ WTIGMEP YRHIV[EXIV TPEGIQIRX XIGL
RMUYIWWYGLEWXVIQMISVTYQTTPEGIQIRX
'SRGVIXI QM\XYVI TVSTSVXMSRMRK{8LI HIWMKR QM\XYVI
KEXI QE\MQYQ GSEVWI EKKVIKEXI WM^I [GQ GIQIRX
JEGXSVERHEHQM\XYVIWEJJIGXXLI[SVOEFMPMX]ERHGSLI
WMZIRIWW SJ XLI QM\XYVI ERH XLI UYEPMX] SJ XLI TPEGIH
QEXIVMEP ;LIR WIPIGXMRK SV IWXEFPMWLMRK XLI HIWMKR
QM\XYVI XLI TPEGIQIRX XIGLRMUYIW ERH HIWMVEFPI
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
+9-()83()7-+21%29*%'896)%2(-278%00%8-323*'32'6)8)4-0)7 %'-6
QM\XYVITVSTIVXMIWXSGSQFEXXLISFWXEGPIWPMWXIHMRXLI
TVIGIHMRKJSYVMXIQWWLSYPHFIGSRWMHIVIH
-RWTIGXMSR FIJSVI GSRGVIXMRK{%JXIV E '-4 TMPI MW
HVMZIR MX WLSYPH FI MRWTIGXIH XS FI GIVXEMR XLEX MX LEW RSX
FIIR GPSWIH MR SV TEVXMEPP] JMPPIH F] WSMP QSZIQIRXW SV
TVIWWYVI 7YGL MRWTIGXMSRW [SYPH EPWS VIZIEP XLI TVIWIRGI
SJ ER] JSVIMKR QEXIVMEP SV I\GIWWMZI EQSYRXW SJ [EXIV EW
[IPP EW ER] HIXVMQIRXEP HEQEKI XS ER] GEWMRK YWIH 7YGL
MRWTIGXMSRW WLSYPH MRGPYHI RSX SRP] ZMWYEP SFWIVZEXMSRW
[MXL E QMVVSV SV LMKLMRXIRWMX] PMKLX FYX EPWS UYERXMXEXMZI
SJER][EXIVWSMPHIFVMWSVSXLIVSFWXVYGXMSRWXSGSRGVIXI
TPEGIQIRX XLEX EVI TVIWIRX 0IEO] HEQEKIH SV SXLIV[MWI
SFWXVYGXIH TMPIW XLEX GERRSX FI HI[EXIVIH ERH GPIERIH
EHIUYEXIP] XS TIVQMX TVSTIV GSRGVIXI TPEGIQIRX WLSYPHFI
HVMZIR[LMPIXLIHVMZMRKVMKMWWXMPPRIEVF]
-JXLIVI[MPPFIEHIPE]FIJSVIXLITMPIMWGSRGVIXIHEWMW
JVIUYIRXP]XLIGEWIXLITMPIWWLSYPHFIGSZIVIHJSVTVSXIG
ERH SXLIV HIFVMW YRXMP XLIGSRGVIXMRK XEOIW TPEGI 8LI TMPI
WLSYPH XLIR FI VIMRWTIGXIH MQQIHMEXIP] FIJSVI GSRGVIXI
TPEGIQIRX ;LIR GSRGVIXI TPEGIQIRX MW SGGYVVMRK EX XLI
WEQIXMQIEWTMPIMRWXEPPEXMSRMXMWKIRIVEPP]MQTSWWMFPIJSV
EWMRKPIMRWTIGXSVXSTVSTIVP]MRWTIGXFSXLSTIVEXMSRW-XMW
IWWIRXMEPMRWYGLGEWIWXLEXXLIMRWTIGXMSRERHGSRWXVYGXMSR
TIVWSRRIP
0IEOMRK SJ TMPIW{0IEOMRK SJ TMTI SV WLIPPW MW ER
MRHMGEXMSR SJ E VYTXYVI SV YRWIEPIH NSMRX W 0IEO] TMPIW
WLSYPH EP[E]WFI GLIGOIH JSV HMWXSVXMSR GSPPETWI SV WITE
VEXMSRERHXLITVIWIRGISJWSMPSVHIFVMW-J[EXIVWSMPSV
HIFVMW MW TVIWIRX MR XLI TMPI XLI WSMP ERH HIFVMW WLSYPH FI
XLSVSYKLP]GPIERIHSYXXLI[EXIVWLSYPHFIHVE[RHS[RXS
EREGGITXEFPIPIZIPRSVQEPP]MR QQ QE\MQYQHITXL
ERHXLITMPIWLSYPHFIVIMRWTIGXIHFIJSVIMXGERFIEGGITXIH
JSV GSRGVIXMRK :EVMSYW QIXLSHW EVI EZEMPEFPI XS VIQSZI
XLMWQEXIVMEPWYGLEWF]MRXIVREPNIXEMVPMJXGSQTVIWWIHEMV
XLITMPIF]XVIQMIQIXLSHW8LIWIVIUYMVIGEVIWOMPPGSRXVSP
ERHI\TIVMIRGIERHWLSYPHFITIVQMXXIHSRP]YRHIVUYEPM
'SRGVIXI QM\XYVI TVSTSVXMSRW{'SRGVIXI QM\XYVI
TVSTSVXMSRW JSV '-4 TMPIW WLSYPH FI HIWMKRIH XS LEZI
GSRGVIXIGERFITPEGIHYRHIVXLITEVXMGYPEVGSRHMXMSRWERH
HIZIPST XLI VIUYMVIH WXVIRKXL *SVGSRZIRXMSREPWXVYGXYVEP
KVEHIGSRGVIXITPEGIHMRXLIHV]WPYQTWSJXSMR XS
QQ EVIYWYEPP]HIWMVEFPI8LIGSRGVIXIQM\XYVIWLSYPH
GSRXEMREGIQIRXGSRXIRXSJEXPIEWXPF]H OKQ
ERHXLIQE\MQYQEKKVIKEXIWM^IWLSYPHYWYEPP]FIPMQMXIH
XS MR QQ 8LI QM\XYVI WLSYPH RSX FPIIH I\GIW
WMZIP] &PIIHMRK MW EJJIGXIH TVMQEVMP] F] XLI TVSTIVXMIW SJ
'IQIRXVMGL QM\XYVIW EVI PIWWTVSRI XS FPIIHMRK XLER PIER
XLI HIWMVIH [SVOEFMPMX] ERH RSRFPIIHMRK GLEVEGXIVMWXMGW
'LETXIV 'SRGVIXIQM\XYVIWGSRXEMRMRKETTVS\MQEXIP]PF]H OKQ SJ GSEVWI EKKVIKEXI PIWW XLER LEPJ XLEX SJ GSRZIR
XMSREPWXVYGXYVEPGSRGVIXI ERH[MXLEGSVVIWTSRHMRKMRGVIEWI
MR WERH ERHGIQIRX GSRXIRX LEZI FIIR JSYRH XS TVSHYGI E
ZIV] [SVOEFPI ERH LMKLP] GSLIWMZI QM\XYVI [MXL E WPYQT
SJ ETTVS\MQEXIP] MR QQ 6E]QSRH -RXIVREXMSREP
7RS[ *YPPIV 8LIWI QM\XYVIW EVI IWTI
WYGLEWVIMRJSVGIHTMPIW[LIVIXLIGSRGVIXILEWXSFITPEGIH
XLVSYKLXLIVIMRJSVGIQIRXGEKIFEXXIVTMPIWERHZIV]PSRK
TMPIW[MXLI\XIRWMZIGSVVYKEXMSRWSVWXITW7YGLQM\XYVIWGER
FI TYQTIH XVIQMIH SV TPEGIH F] GSRZIRXMSREP QIXLSHW
;LMPI XLIWI QM\XYVIW VIUYMVI XS PF XS OK QSVI GIQIRX TIV ]H Q JSVGSQTEVEFPI WXVIRKXLW
XLITVIGLEVKISJKVSYXVIUYMVIH[MXLGSRZIRXMSREPQM\XYVIW
MW RSX KIRIVEPP] VIUYMVIH [MXL VIHYGIHGSEVWIEKKVIKEXI
QM\XYVIW 1SWXTVSTIVP]HIWMKRIHTYQTQM\XYVIW
YWIH[MXLTMPIWLEZIEVIHYGIHGSEVWIEKKVIKEXIGSRXIRXERH
QE\MQYQEKKVIKEXIWM^IVIWYPXMRKMRLMKLWERHERHGIQIRX
GSRXIRXW ERH FILEZMSV WMQMPEV XS XLEX SJ XLI QM\XYVIW [MXL
VIHYGIHGSEVWIEKKVIKEXIHIWGVMFIHTVIZMSYWP]
'SRGVIXI TPEGIQIRX QIXLSHW ERH XIGLRMUYIW{
'SRGVIXIWLSYPHRSXFIHYQTIHHMVIGXP]SRXSXLIXSTSJXLI
TMPI-JTPEGIHJVSQXLIXSTMXWLSYPHFIHITSWMXIHXLVSYKL
EWXIITWMHIHJYRRIPLSTTIV'SRGVIXIJSV'-4TMPIWGERFI
WEXMWJEGXSVMP] TPEGIH F] XVIQMI FSXXSQHYQT FYGOIX SV
TYQTMRK MR EHHMXMSR XS GSRZIRXMSREP TPEGIQIRX XLVSYKL E
JYRRIPEXXLIXSTSJXLITMPI8LIWIPIGXMSRSJTVSTIVTPEGMRK
EZEMPEFPIIUYMTQIRX
(V]TPEGIQIRX{'SRZIRXMSREPGSRGVIXITPEGIQIRX
JSVHV]TMPIWGSRWMWXWSJHITSWMXMRKXLIGSRGVIXIJVSQXLIXST
XLVSYKLEWXIITWMHIH JYRRIP[MXLE HMWGLEVKIWTSYX HMEQ
IXIVEXPIEWXMR QQ WQEPPIVXLERXLITMPIXSTHMEQ
IXIVERHRSXPEVKIVXLERXLIWQEPPIWXHMEQIXIVSJXLITMPI%
WTSYXHMEQIXIVSJETTVS\MQEXIP]XSMR XSQQ KIRIVEPP][SVOW[IPPEPXLSYKLEHMEQIXIVEWWQEPPEWMR
QQ QE]FIVIUYMVIH[LIRTPEGMRKGSRGVIXIXLVSYKL
EVIMRJSVGIQIRXGEKI8LIJYRRIPWLSYPHFIGIRXIVIHSRXLI
TMPIERHWLSYPHFIWYTTSVXIHYTSJJSJXLITMPIXSTWSXLEXXLI
HMWTPEGIHEMVJVSQXLITMPI GER JVIIP]IWGETI-QQIHMEXIP]
FIJSVI GSRGVIXI TPEGIQIRX XLI TMPI WLSYPH FI MRWTIGXIH
SV VIMRWTIGXIH XS FI WYVI XLEX MX MW JVII SJ JSVIMKR QEXXIV
MRGPYHMRKETTVIGMEFPI[EXIV MR?QQAQE\MQYQHITXL ;LIR YWMRK GSRZIRXMSREP WXVYGXYVEP GSRGVIXI MX MW
EPP]SRITEVXGIQIRXERHX[STEVXWGSRGVIXIWERHERH[EXIV FITPEGIHMRXLITMPIMQQIHMEXIP]FIJSVIXLIGSRGVIXITPEGI
QIRX 8LI TYVTSWI SJ XLI KVSYX MW XS TEVXMEPP] TVIGSEX XLI
TMPI WMHIW ERH VIMRJSVGIQIRX [MXL E QSVXEV QM\XYVI ERH
WYTTP]EGLEVKISJVMGLGIQIRXKVSYXXSXLIXMTSJXLITMPIXS
GSYRXIVEGXXLIWIKVIKEXMSRSJGSEVWIEKKVIKEXIEXXLITMPIXMT
HYVMRKXLIMRMXMEPGLEVKISJGSRGVIXI8LIHIGMWMSRXSVIUYMVI
XLIYWISJETVIGLEVKISJKVSYXMWHITIRHIRXSRRSXSRP]XLI
WYGLEWXLIQE\MQYQGSEVWIEKKVIKEXIWM^ITIVGIRXEKISJ
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
+9-()83()7-+21%29*%'896)%2(-278%00%8-323*'32'6)8)4-0)7 %'-6
GSEVWIEKKVIKEXIMRXLIQM\XYVIERHXLIGSLIWMZIRIWWSJXLI
GSRGVIXIQM\XYVI;LIRYWMRKQM\XYVIW[MXLVIHYGIHGSEVWI
EKKVIKEXISVSXLIVGSLIWMZIQM\XYVIWXLEXLEZILMKLGIQIRX
ERHWERHGSRXIRXWETVIGLEVKISJVMGLKVSYXMWRSXX]TMGEPP]
VIUYMVIH
4VSZMHIHXLIGSRGVIXIMWTPEGIHMRHV]GSRHMXMSRWYWMRKE
WXIITWMHIHJYRRIPGIRXIVIHSRXLITMPIEWHIWGVMFIHLIVIMR
E KVSYX TVIGLEVKI FIJSVI GSRGVIXI TPEGIQIRX MW KIRIVEPP]
RSXVIUYMVIHJSVTMPIW[MXLPIRKXLWWLSVXIVXLERJX Q ZIVXMGEPWMHIW HMEQIXIVW KVIEXIV XLER ETTVS\MQEXIP] MR
QQ ERH [MXLSYX VIMRJSVGMRK GEKIW SV [MXL GEKIW
WIXEJXIVXLIGSRGVIXILEWFIIRTPEGIHXSXLIFSXXSQSJXLI
XLIGSRGVIXIQM\XYVIHYIXSGSRXEGXSJXLIGSRGVIXI[MXLXLI
WMHIWSJXLITMPIWXITWSVVIMRJSVGIQIRXHYVMRKMXWJEPP7YGL
GSRHMXMSRW EVI JSYRH MR FEXXIVIH TMPIW XETIVIH SV WXITTIH
TMPIWLIEZMP]VIMRJSVGIHTMPIWERHPSRKTMPIW[MXLI\XIRWMZI
W[IITW SV HSKPIKW JSV XLIWI E TVIGLEVKI SJ KVSYX FIJSVI
GSRGVIXMRKMWVIGSQQIRHIH
8LI EQSYRX SJ KVSYX VIUYMVIH ZEVMIW [MXL XLI TPEGMRK
GSRHMXMSRW *SVTMPIW YT XS JX Q PSRK[MXLPMXXPISV
RSVIMRJSVGIQIRXETTVS\MQEXIP]JX Q SJKVSYX
MWX]TMGEPP]YWIH*SVTMPIWXLEXEVIPSRKIVFEXXIVIHXETIVIH
SVWXITTIHLIEZMP]VIMRJSVGIHSV[MXLI\XIRWMZIW[IITWSV
HSKPIKWETTVS\MQEXIP]XSJX XSQ SJKVSYX
WLSYPHFIYWIH
'SRGVIXIWLSYPHFIHMWGLEVKIHMRXSXLIJYRRIPEWVETMHP]
EWTSWWMFPI[MXLSYXWTMPPMRKJVSQXLIXVYGOGLYXISVJYRRIP
QIRX [LIR XLI MRMXMEP WIZIVEP JIIX SJ XLI TMPI MW TPEGIH %
VETMHHMWGLEVKITVSZMHIWEPEVKIVGSRGVIXIZSPYQIXLVSYKL
[LMGLER][EXIVTVIWIRXEXXLIXMT[MPPFIHMWXVMFYXIHXLYW
;LIR TPEGMRK GSRZIRXMSREP WXVYGXYVEP GSRGVIXI QM\XYVIW
RSX VIHYGIHGSEVWIEKKVIKEXI SV TYQTEFPI QM\XYVIW XLI
YWI SJ FSXXSQHYQT XYFIW MW VIGSQQIRHIH JSV GSRGVIXI
TPEGIQIRX MR XLI PS[IV TSVXMSRW SJ PSRK GSVVYKEXIHWLIPP
TMPIW 8LIWI HYQT XYFIW EVI KIRIVEPP] XS MR XS QQ MR HMEQIXIV XS JX XS Q PSRK LEZI
EWXIITWMHIHJYRRIPSRXLIXSTSJXLIXYFI;MXLXLMWXIGL
HSSV MW XVMTTIH WIRHMRK XLI XS JX XS Q
GLEVKIXSXLITMPIFSXXSQ8LIFSXXSQHSSVMWVIPEXGLIHERH
QEXIP] JX Q SJ GYXSJJ IPIZEXMSR [LIVI TPEGIQIRX
SV XLVSYKL XLI WXERHEVH WXIITWMHIH JYRRIP ;LIR YWMRK
XLMWXIGLRMUYIXLIXSJX XSQ FEXGLSJ
VMGL KVSYX RSVQEPP] TPEGIH MR XLI TMPI MQQIHMEXIP] FIJSVI
GSRZIRXMSREP GSRGVIXI TPEGIQIRX WLSYPH FI TPEGIH MR XLI
FSXXSQSJXLIHYQTXYFISRXLIMRMXMEPGLEVKI
9RHIV[EXIVTPEGIQIRX
MWTVIWIRXMRXLITMPIEWMRSTIRIRHIHTMTITMPIWSV[LIVI
PIEOEKIMWI\GIWWMZIEWGERSGGYVMRWLIPPWYRHIV[EXIVTPEGI
QIRXMWYWIH9RHIV[EXIVTPEGIQIRXGERYWIIMXLIVXVIQMISV
TYQTQIXLSHW*SVIMXLIVSJXLIWIQIXLSHWXLITMPIGEWMRK
SXLIVQIERWEWHIWGVMFIHMR*MRIKVEMRIHQEXIVMEPXLEX
VIQEMRWMRWYWTIRWMSRMWHMWTPEGIHF]XLIXVIQMIGSRGVIXI
*SV XVIQMI TPEGIQIRX E WQEPPIVHMEQIXIV TMTI [MXL E
TPYKKIHIRHMWPS[IVIHXSXLIFSXXSQSJXLITMPI8LITMTIMW
SR XLI FSXXSQ 8LI TMTI MW XLIR KVEHYEPP] VEMWIH OIITMRK
XLIXMT[IPPIQFIHHIHMRXLIGSRGVIXIERHEZSMHMRKWYHHIR
WLSGOSVHMWXYVFERGI;LIRXVIQMITPEGIQIRXMWYWIHMXMW
TVIJIVEFPIXSGEWXXLIIRXMVITMPIMRSRITPEGIQIRXJSVXLIJYPP
LIMKLXEZSMHMRKEGSPHNSMRX
*SV TYQT TPEGIQIRX E WQEPPIVHMEQIXIV TMTI [MXL E
TPYKKIH IRH MW PS[IVIH XS XLI FSXXSQ SJ XLI TMPI ;LIR
TYQTIH GSRGVIXI %W XLI TYQTIH GSRGVIXI IRXIVW XLI TMPI
WLEJX XLI TMTI WLSYPH FI VEMWIH KVEHYEPP] OIITMRK XLI
HMWGLEVKIRS^^PI[IPPIQFIHHIHMRXLIGSRGVIXI
;LIRTYQTTPEGIQIRXMWYWIHMXMWTVIJIVEFPIXSGEWXXLI
IRXMVITMPIMRSRITPEGIQIRXJSVXLIJYPPLIMKLXEZSMHMRKE
XLIGSRGVIXIIQIVKMRKJVSQXLIXSTSJXLITMPILEWXLIWEQI
UYEPMX] EW EX XLI QM\IV [MXL RS I\GIWW [EXIV -J PEMXERGI
HIZIPSTW EJXIV XLI GSQTPIXMSR SJ GSRGVIXI TPEGIQIRX MX
WLSYPHFIXLSVSYKLP]GPIERIHERHVITPEGIH
-JXLIXVIQMISVTYQTMRKQIXLSHWEVIYWIHSRP]XSTPEGI
E WIEP MR XLI PS[IV TSVXMSR SJ XLI TMPI XLIR XLI WYVJEGI
WLSYPHFIGEVIJYPP]GPIERIHERHPEMXERGIVIQSZIHFIJSVIXLI
VIQEMRMRKGSRGVIXIMWTPEGIH6IQSZEPSJPEMXERGIMWQSVI
MWTVIWIRXEXXLINSMRX
'SRGVIXIGSRWSPMHEXMSRERHZMFVEXMSR{1IGLERMGEP
ZMFVEXMSRMWKIRIVEPP]RSXVIUYMVIHMRSVHMREV]'-4TMPIWXLEX
HSRSXGSRXEMRVIMRJSVGIQIRXTVSZMHIHXLEXTVSTIVGSRGVIXI
QM\XYVIW[MXLLMKLWPYQTWERHKSSH[SVOEFMPMX]EVIYWIH
XIVMWXMGWSJXLILMKLWPYQTMR QQ QMRYWEKKVIKEXI
QM\XYVI GSRWMWXIRX [MXL RSVQEP TMPI GSRGVIXMRK TVEGXMGI
[MPPPIEHXSEHIUYEXIGSRWSPMHEXMSRI\GITXMRETTVS\MQEXIP]
XLIYTTIVJX Q SJXLITMPI[LIVIXLIGSRGVIXIWLSYPH
FIVSHHIH8LIYTTIVXSJX XSQ SJTMPIW[MXL
VIMRJSVGIQIRXQE]VIUYMVIQIGLERMGEPZMFVEXMSRHITIRHMRK
SRXLIVIMRJSVGIQIRXWTEGMRKQE\MQYQEKKVIKEXIWM^IERH
MJ RIGIWWEV] GER FI EGGSQTPMWLIH F] VSHHMRK SV [MXL ER
MRXIVREPZMFVEXSV3ZIVZMFVEXMSRWLSYPHFIEZSMHIHFIGEYWI
MXGERMRHYGII\GIWWMZIFPIIHMRK
3FWXVYGXMSRXSGSRGVIXITPEGIQIRX{7XITWMRWLIPPW
ERHVIMRJSVGMRKXMIWGERGEYWIWIKVIKEXMSRERHZSMHWYRPIWW
EVGLMRK:MFVEXMSRMREGGSVHERGI[MXL QE]FIHIWMVEFPI
YRHIVXLIWIGMVGYQWXERGIW
'SQTEGXMSR SJ YRGEWIH TMPI{7SQI '-7 TMPIW YWI
VEQQMRKHYVMRKGSRGVIXITPEGIQIRXXSGSQTEGXERHGSRWSPM
HEXIXLIGSRGVIXI -RXLSWITMPIX]TIW[LIVIXLIGEWMRK
MW WMQYPXERISYWP] [MXLHVE[R GEVI WLSYPH FI I\IVGMWIH XS
SZIVGSQI TYPPYT IJJIGX SR GSRGVIXI EVGLMRK [MXLMR XLI
GEWMRK HYVMRK[MXLHVE[EP SJ GEWMRK ERH TVSZMHI EHIUYEXI
GSRGVIXI WS XLEX MJ E [IEO WXVEXYQ MW IRGSYRXIVIH ERH XLI
%QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK
+9-()83()7-+21%29*%'896)%2(-278%00%8-323*'32'6)8)4-0)7 %'-6
XYVEPGSPYQRMWRSXMQTEMVIH
)RSYKL GSRGVIXI WLSYPH FI TVSZMHIH XS QEOI YT JSV
GSRGVIXIJSVGIHPEXIVEPP]MRXSXLIWSMP8LIXIGLRMUYIWYWIH
JSV GSQTEGXMSR ERH GEWMRK [MXLHVE[EP WLSYPH TVIZIRX
WITEVEXMSRSJXLIGSPYQR
'EWXMRHVMPPIHLSPI TMPIW{'EWXMRHVMPPIHLSPI
TMPIWMR QQ ERHPEVKIVEVIGSZIVIHMR%'-
ERH%'-68LIHMWGYWWMSRSJGSRWXVYGXMSRQIXLSHW
ERHTVIGEYXMSRWMRXLIWITYFPMGEXMSRWEVIMRKIRIVEPIUYEPP]
ETTPMGEFPI XS XLI GEWXMRHVMPPIHLSPI TMPIW GSZIVIH LIVIMR
8LI TPEGMRK SJ GSRGVIXI MR GEWXMRHVMPPIHLSPI TMPIW EW
GSZIVIHF]XLMWVITSVXWLSYPHJSPPS[XLIWEQIFEWMGTVSGI
HYVIW EW XLEX JSV '-7 GSRGVIXI TMPIW *SV YRWXEFPI WSMPW E
XIQTSVEV]PMRIVWLSYPHFIMRWXEPPIHXSTVIZIRXGSPPETWISJXLI
LSPISVWPSYKLMRKSJJSJXLIWSMPHYVMRKGSRGVIXITPEGIQIRX
8IQTSVEV]PMRIVWWLSYPHEPWSFIYWIHJSVHIITHVMPPIHLSPIW
[LIRXLIIJJIGXWSJGSRGVIXITPEGIQIRXSRXLIWMHIWSJXLI
LSPIGERRSXFISFWIVZIH;LIRTPEGMRKGSRGVIXIMRXIQTS
VEVMP]PMRIHLSPIWXLIXSTSJXLIGSRGVIXIWLSYPHFIOITX[IPP
EFSZIXLIFSXXSQSJXLIWXIIPPMRIVEWMXMW[MXLHVE[R0S[
WPYQTGSRGVIXIWLSYPHRSXFIYWIHXSEZSMHXLITSWWMFMPMX]SJ
EVGLMRKSJXLIGSRGVIXIMRXLIPMRIVERHTSWWMFPIHMWGSRXMRYMXMIW
MRXLITMPIWLEJXEWXLIPMRIVMW[MXLHVE[R
%YKIVKVSYX SV GSRGVIXIMRNIGXIH TMPIW{%YKIV
KVSYX TMPIW ERH EVI MRWXEPPIH F] HVMPPMRK E
LSPPS[WXIQ EYKIV TPYKKIH EX XLI XMT 8LI EYKIV MW XLIR
TVIWWYVI XS INIGX XLI TPYK ERH FIKMR JSVGMRK KVSYX YT[EVH
[LMPIGSRXMRYSYWP]TYQTMRKKVSYXYRHIVTVIWWYVIXSTVIZIRX
GSPPETWISJXLILSPI8LIGSQTPIXIHKVSYXGSPYQRJSVQWE
'-7TMPI
%YKIVKVSYX TMPIW EVI JVIUYIRXP] YWIH MRWXIEH SJ HVMZIR
TMPIWXSPMQMXHEQEKIXSEHNEGIRXWXVYGXYVIWSVEZSMHZMFVE
XMSRWERHRSMWI;LIRYWIHMQTVSTIVP]LS[IZIVXLI]GER
GEYWIHEQEKIXSEHNEGIRXWXVYGXYVIW 0EG]ERH1SWOS[MX^
%HHMXMSREPMRJSVQEXMSRSRXLIMRWXEPPEXMSRSJEYKIV
KVSYXTMPIWMWTVSZMHIHF]2IIP] 1SWOS[MX^ *VM^^M ERH&VS[RIXEP +VSYXWLSYPHGSRJSVQXSXLIVIGSQQIRHEXMSRWSJ-J
WM^IHEKKVIKEXIWERHVIUYMVIHEHQM\XYVIWXSTVSHYGIEVMGL
TYQTEFPI QM\XYVI 3MP ERH SXLIV VYWX MRLMFMXSVW WLSYPH FI
VIQSZIHJVSQQM\MRKHVYQWERHKVSYXSVGSRGVIXITYQTW
GEVIJYPGSRXVSPMWIWWIRXMEPXSTVIZIRXWITEVEXMSRSVRIGOMRK
SJXLIKVSYXSVGSRGVIXIWLEJXERHXSTVSZMHIEWLEJXSJJYPP
GVSWWWIGXMSREP EVIE )EGL TMPI WLSYPH FI MRWXEPPIH MR SRI
GSRXMRYSYWSTIVEXMSR'SRGVIXISVKVSYXWLSYPHFITYQTIH
GSRXMRYSYWP]ERHXLIVEXISJ[MXLHVE[EPSJXLIEYKIVWLSYPH
MW [MXLHVE[R -J XLIVI MW IZMHIRGI XLEX XLI EYKIV LEW FIIR
[MXLHVE[RXSSVETMHP]MXWLSYPHFIVIHVMPPIHXSXLISVMKMREP
XMTIPIZEXMSRERHXLITMPIVIGEWXJVSQXLIXMTYT[EVH
8LI ZSPYQI SJ KVSYX SV GSRGVIXI TPEGIH WLSYPH FI
QIEWYVIHERHFIKVIEXIVXLERXLIXLISVIXMGEPZSPYQISJXLI
LSPIGVIEXIHF]XLIEYKIV8LIXSTSJIEGLTMPIWLSYPHFIGEWX
LMKLIV XLER XLI VIUYMVIH TMPI GYXSJJ IPIZEXMSR XS TIVQMX
XVMQQMRKXLITMPIFEGOXSWSYRHKVSYXSVGSRGVIXI9RPIWW
KVSYX SV GSRGVIXI WLEJX [MXLSYX PEXIVEP QSZIQIRX [LMPI
EHNEGIRXTMPIWEVIMRWXEPPIHXLIEHNEGIRXTMPIWWLSYPHRSXFI
MRWXEPPIHYRXMPXLIKVSYXSVGSRGVIXILEWWIX
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VSGO SV WYVJEGI VYFFPI [MXL E QMRMQYQ SJ QMWEPMKRQIRX
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