aci-350-06

'3()6)59-6)1)287*36 )2:-6321)28%0)2+-2))6-2+ '32'6)8)7869'896)7%2( '311)28%6= %'- 6)4368)(&=%'-'311-88)) %'-'SQQMXXII )RZMVSRQIRXEP)RKMRIIVMRK'SRGVIXI7XVYGXYVIW 7EXMWL/7EGLHIZ 'LEMV .SR&%VHELP :MGI'LEMV ;EPXIV2&IRRIXX 0YGMER-&SKHER 7XIZIR6'PSWI 4EXVMGO.'VIIKER 6SFIVX)(S]PI %RXLSR]0*IPHIV .SLR;&EOIV 7IGVIXEV] 'EVP%+IRXV] +EYXEQ+LSWL 'LEVPIW7,ERWOEX /IMXL;.EGSFWSR 16IÊ/MERSYWL 2MGLSPEW%0IKEXSW 6EQSR)0YGIVS %RHVI[61MRSKYI 0E[VIRGI+1VEÎO .EZIIH%1YRWLM :SXMRK7YFGSQQMXXII1IQFIVW -]EH )H 1%PWEQWEQ 4EYP,IHPM 0E[VIRGI)/EMWIV 7EPZEXSVI1EVUYIW (ERMIP.1G'EVXL] 'EVP,1SSR 6SPJ44E[WOM 4EYP.7X.SLR 'SRWYPXMRK1IQFIVW ;MPPMEQ-V[MR (SZ/EQMRIXÔ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ÎGSRXEQMREXMSRSJ KVSYRH[EXIVSVXLIIRZMVSRQIRXXSQMRMQMÎPSWWSJTVSHYGXSVMRJMPXVEXMSRERHXSTVSQSXIHYVEFMPMX] 8LMWGSHITVIWIRXWRI[QEXIVMEPEW[IPPEWQSHMJMIHTSVXMSRWSJXLI%'-&YMPHMRK'SHIXLEXEVI ETTPMGEFPIXSIRZMVSRQIRXEPIRKMRIIVMRKGSRGVIXIWXVYGXYVIW &IGEYWI%'-MW[VMXXIREWEPIKEPHSGYQIRXMXQE]FIEHSTXIHF]VIJIVIRGIMREKIRIVEPFYMPHMRK GSHISVMRVIKYPEXMSRWKSZIVRMRKXLIHIWMKRERHGSRWXVYGXMSRSJIRZMVSRQIRXEPIRKMRIIVMRKGSRGVIXIWXVYG XYVIW8LYWMXGERRSXTVIWIRXFEGOKVSYRHHIXEMPWSVWYKKIWXMSRWJSVGEVV]MRKSYXMXWVIUYMVIQIRXWSVMRXIRX -XMWXLIJYRGXMSRSJXLIGSQQIRXEV]XSJMPPXLMWRIIH %'-[EWEHSTXIHEWEWXERHEVHSJXLI%QIVMGER'SRGVIXI-RWXMXYXI SR.YP]XSWYTIVWIHI%'-6MREGGSVHERGI[MXLXLI-RWXM XYXIvWWXERHEVHMÊXMSRTVSGIHYVI %'- 'SQQMXXII 6ITSVXW +YMHIW ERH 'SQQIRXEVMIW EVI MRXIRHIH JSV KYMHERGI MR TPERRMRK HIWMKRMRK I\IGYXMRK ERH MRWTIGXMRK GSRWXVYGXMSR 8LMW'SQQIRXEV]MWMRXIRHIHJSVXLIYWISJMRHMZMHYEPW[LSEVIGSQTIXIRX XSIZEPYEXIXLIWMKRMJMGERGIERHPMQMXEXMSRWSJMXWGSRXIRXERHVIGSQQIRHE XMSRWERH[LS[MPPEGGITXVIWTSRWMFMPMX]JSVXLIETTPMGEXMSRSJXLIQEXIVMEPMX GSRXEMRW8LI%QIVMGER'SRGVIXI-RWXMXYXIHMWGPEMQWER]ERHEPPVIWTSRWMFMPMX] JSV XLI WXEXIH TVMRGMTPIW 8LI -RWXMXYXI WLEPP RSX FI PMEFPI JSV ER] PSWW SV HEQEKIEVMWMRKXLIVIJVSQ6IJIVIRGIXSXLMWGSQQIRXEV]WLEPPRSXFIQEHIMR GSRXVEGX HSGYQIRXW -JMXIQWJSYRHMR XLMW'SQQIRXEV]EVIHIWMVIHF]XLI %VGLMXIGX)RKMRIIV XS FI E TEVX SJ XLI GSRXVEGX HSGYQIRXW XLI] WLEPP FI VIWXEXIHMRQERHEXSV]PERKYEKIJSVMRGSVTSVEXMSRF]XLI%VGLMXIGX)RKMRIIV 'ST]VMKLX%QIVMGER'SRGVIXI-RWXMXYXI %PPVMKLXWVIWIVZIHMRGPYHMRKVMKLXWSJVITVSHYGXMSRERHYWIMRER]JSVQSV F]ER]QIERWMRGPYHMRKXLIQEOMRKSJGSTMIWF]ER]TLSXSTVSGIWWSVF]ER] IPIGXVSRMG SV QIGLERMGEP HIZMGITVMRXIH SV [VMXXIR SVSVEPSVVIGSVHMRK JSV WSYRHSVZMWYEPVITVSHYGXMSRSVJSVYWIMRER]ORS[PIHKISVVIXVMIZEPW]WXIQSV HIZMGIYRPIWWTIVQMWWMSRMR[VMXMRKMWSFXEMRIHJVSQXLIGST]VMKLXTVSTVMIXSVW 1%29%03*'32'6)8)46%'8-') 8LI w'SHI 6IUYMVIQIRXW JSV )RZMVSRQIRXEP )RKMRIIVMRK 'SRGVIXI 7XVYGXYVIW ERH 'SQQIRXEV]x EVI TVIWIRXIH MR E WMHIF]WMHI GSPYQR JSVQEX [MXL GSHI XI\X TPEGIH MR XLI PIJX GSPYQR ERH XLI GSVVIWTSRHMRK GSQQIRXEV]XI\XEPMKRIHMRXLIVMKLXGSPYQR8SJYVXLIVHMWXMRKYMWLXLI'SHIJVSQXLI'SQQIRXEV]XLI'SHILEW FIIRTVMRXIHMR,IPZIXMGEXLIWEQIX]TIJEGIMR[LMGLXLMWTEVEKVETLMWWIX 8LMWTEVEKVETLMWWIXMR8MQIW6SQERERHEPPTSVXMSRWSJXLIXI\XI\GPYWMZIXSXLI'SQQIRXEV]EVITVMRXIHMRXLMWX]TIJEGI 'SQQIRXEV]WIGXMSRRYQFIVWEVITVIGIHIHF]ERw6x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w'SHI6IUYMVIQIRXWJSV)RZMVSRQIRXEP)RKMRIIVMRK'SRGVIXI 7XVYGXYVIW %'- x LIVIMREJXIV GEPPIH XLI GSHI )QTLEWMWMWKMZIRXSXLII\TPEREXMSRSJTVSZMWMSRWXLEXQE]FI YRJEQMPMEV XS YWIVW SJ XLI WXERHEVH 'SQQIRXW SR WTIGMJMG TVSZMWMSRW EVI QEHI YRHIV XLI GSVVIWTSRHMRK GLETXIV ERH WIGXMSRRYQFIVWSJXLIGSHIERHGSQQIRXEV] 8LMWGSQQIRXEV]MWRSXMRXIRHIHXSTVSZMHIEGSQTPIXILMWXSV MGEPFEGOKVSYRHGSRGIVRMRKXLIHIZIPSTQIRXSJXLIGSHIRSV MWMXMRXIRHIHXSTVSZMHIEHIXEMPIHWYQQEV]SJXLIWXYHMIWERH VIWIEVGLHEXE VIZMI[IH F] XLI GSQQMXXII MR JSVQYPEXMRK XLI TVSZMWMSRW SJ XLI GSHI ,S[IZIV VIJIVIRGIW XS WSQI SJ XLI VIWIEVGL HEXE EVI TVSZMHIH JSV XLSWI [LS [MWL XS WXYH] XLI FEGOKVSYRHQEXIVMEPMRHITXL %W XLI REQI MQTPMIW w'SHI 6IUYMVIQIRXW JSV )RZMVSR QIRXEP )RKMRIIVMRK 'SRGVIXI 7XVYGXYVIWx QE] FI YWIH EW TEVXSJEPIKEPP]EHSTXIHGSHIERH EWWYGLQYWX HMJJIVMR JSVQ ERH WYFWXERGI JVSQ HSGYQIRXW XLEX TVSZMHI HIXEMPIH WTIGMJMGEXMSRW VIGSQQIRHIH TVEGXMGI GSQTPIXI HIWMKR TVSGIHYVIWSVHIWMKREMHW 8LI GSHI MW MRXIRHIH XS GSZIV IRZMVSRQIRXEP IRKMRIIVMRK GSRGVIXIWXVYGXYVIWFYXMWRSXMRXIRHIHXSWYTIVWIHI%781 WXERHEVHWJSVTVIGEWXWXVYGXYVIW 6IUYMVIQIRXWQSVIWXVMRKIRXXLERXLIGSHITVSZMWMSRWQE]FI HIWMVEFPIJSVYRYWYEPWXVYGXYVIW8LMWGSHIERHXLMWGSQQIR XEV]GERRSXVITPEGIWSYRHIRKMRIIVMRKORS[PIHKII\TIVMIRGI ERHNYHKQIRX % GSHI JSV HIWMKR ERH GSRWXVYGXMSR WXEXIW XLI QMRMQYQ VIUYMVIQIRXW RIGIWWEV] XS TVSZMHI JSV TYFPMG LIEPXL ERH WEJIX]%'-MWFEWIHSRXLMWTVMRGMTPI*SVER]WXVYGXYVI XLIS[RIVSVXLIWXVYGXYVEPHIWMKRIVQE]VIUYMVIXLIUYEPMX] SJQEXIVMEPWERHGSRWXVYGXMSRXSFILMKLIVXLERXLIQMRMQYQ VIUYMVIQIRXW RIGIWWEV] XS TVSZMHI WIVZMGIEFMPMX] ERH XS TVSXIGX XLI TYFPMG EW WXEXIH MR XLI GSHI 0S[IV WXERHEVHW LS[IZIVEVIRSXTIVQMXXIH %'-LEWRSPIKEPWXEXYWYRPIWWMXMWEHSTXIHF]KSZIVRQIRX FSHMIW LEZMRK XLI TS[IV XS VIKYPEXI FYMPHMRK HIWMKR ERH GSRWXVYGXMSR ;LIVI XLI GSHI LEW RSX FIIR EHSTXIH MX QE] WIVZIEWEVIJIVIRGIXSKSSHTVEGXMGI 8LIGSHITVSZMHIWEQIERWSJIWXEFPMWLMRKQMRMQYQWXERHEVHW JSV EGGITXERGI SJ HIWMKR ERH GSRWXVYGXMSR F] E PIKEPP] ETTSMRXIH FYMPHMRK SJJMGMEPSV LMW HIWMKREXIH VITVIWIRXEXMZIW 8LIGSHIERHGSQQIRXEV]EVIRSXMRXIRHIHJSVYWIMRWIXXPMRK HMWTYXIWFIX[IIRXLIS[RIVIRKMRIIVEVGLMXIGXGSRXVEGXSVSV XLIMVEKIRXWWYFGSRXVEGXSVWQEXIVMEPWYTTPMIVWSVXIWXMRK EKIRGMIW 8LIVIJSVI XLI GSHI GERRSX HIJMRI XLI GSRXVEGX VIWTSRWMFMPMX] SJ IEGL SJ XLI TEVXMIW MR YWYEP GSRWXVYGXMSR +IRIVEPVIJIVIRGIWVIUYMVMRKGSQTPMERGI[MXL%'-MRXLI NSF WTIGMJMGEXMSRW WLSYPH FI EZSMHIH WMRGI XLI GSRXVEGXSV MW VEVIP] MR E TSWMXMSR XS EGGITX VIWTSRWMFMPMX] JSV HIWMKR )2:-6321)28%07869'896)7'3()'311)28%6= HIXEMPWSVGSRWXVYGXMSRVIUYMVIQIRXWXLEXHITIRHSREHIXEMPIH ORS[PIHKISJXLIHIWMKR+IRIVEPP]XLIHVE[MRKWWTIGM JMGEXMSRWERHGSRXVEGXHSGYQIRXWWLSYPHGSRXEMREPPSJXLI RIGIWWEV]VIUYMVIQIRXWXSIRWYVIGSQTPMERGI[MXLXLIGSHI -R TEVX XLMW GER FI EGGSQTPMWLIH F] VIJIVIRGI XS WTIGMJMG GSHIWIGXMSRWMRXLINSFWTIGMJMGEXMSRW3XLIV%'-TYFPM GEXMSRW WYGL EW %'- w7TIGMJMGEXMSRW JSV 7XVYGXYVEP 'SRGVIXIx EVI [VMXXIR WTIGMJMGEPP] JSV YWI EW GSRXVEGX HSGYQIRXWJSVGSRWXVYGXMSR E 8LIGSRGVIXIQM\XYVIMW[IPPTVSTSVXMSRIH[IPPGSRWSP MHEXIH[MXLSYXWIKVIKEXMSRERHTVSTIVP]GYVIH F 'VEGO[MHXLWERHHITXLWEVIQMRMQMÎH G .SMRXW EVI TVSTIVP] WTEGIH WMÎH HIWMKRIH [EXIV WXSTTIHERHGSRWXVYGXIH H %HIUYEXI VIMRJSVGMRK WXIIP MW TVSZMHIH TVSTIVP] HIXEMPIHJEFVMGEXIHERHTPEGIH I -QTIVZMSYW TVSXIGXMZI GSEXMRKW SV FEVVMIVW EVI YWIH [LIVIVIUYMVIH 'SQQMXXII VIGSKRMÎW XLI HIWMVEFMPMX] SJ WXERHEVHW SJ TIVJSVQERGI JSV MRHMZMHYEP TEVXMIW MRZSPZIH MR XLI GSRXVEGX HSGYQIRXW %ZEMPEFPI JSV XLMW TYVTSWI EVI XLI GIVXMJMGEXMSR TVSKVEQWSJXLI%QIVMGER'SRGVIXI-RWXMXYXIXLITPERXGIVXMJM GEXMSRTVSKVEQWSJXLI4VIGEWX4VIWXVIWWIH'SRGVIXI-RWXMXYXI XLI2EXMSREP6IEH]1M\IH'SRGVIXI%WWSGMEXMSRERHXLIUYEP MJMGEXMSR WXERHEVHW SJ XLI %QIVMGER 7SGMIX] SJ 'SRGVIXI 'SRWXVYGXSVW %PWS EZEMPEFPI EVI w7XERHEVH 7TIGMJMGEXMSR JSV %KIRGMIW)RKEKIHMR'SRWXVYGXMSR-RWTIGXMSRERHSV8IWXMRKx %781 ) ERH w7XERHEVH 4VEGXMGI JSV 0EFSVEXSVMIW 8IWXMRK 'SRGVIXI ERH 'SRGVIXI %KKVIKEXIW JSV 9WI MR 'SRWXVYGXMSRERH'VMXIVMEJSV0EFSVEXSV])ZEPYEXMSRx %781 ' 9WYEPP]MXMWQSVIIGSRSQMGEPERHHITIRHEFPIXSVIWMWXPMUYMH TIVQIEXMSR XLVSYKL XLI YWI SJ UYEPMX] GSRGVIXI TVSTIV HIWMKR SJ NSMRX HIXEMPW ERH EHIUYEXI VIMRJSVGIQIRX VEXLIV XLERF]QIERWSJERMQTIVZMSYWTVSXIGXMZIFEVVMIVSVGSEXMRK 0MUYMHXMKLXRIWWGEREPWSFISFXEMRIHF]ETTVSTVMEXIYWISJ WLVMROEKIGSQTIRWEXMRK GSRGVIXI ,S[IZIV XS EGLMIZI WYGGIWWXLIIRKMRIIVQYWXVIGSKRMÎERHEGGSYRXJSVXLIPMQMXE XMSRWGLEVEGXIVMWXMGWERHTVSTIVXMIWSJWLVMROEKIGSQTIRWEXMRK GSRGVIXIEWHIWGVMFIHMR%'-ERH%'-6 (IWMKR EMHW KIRIVEP GSRGVIXI HIWMKR EMHW EVI PMWXIH MR %'- w6IGXERKYPEV'SRGVIXI8EROWx4SVXPERH'IQIRX%WWSGME XMSR7OSOMI-0TT 4VIWIRXWHEXEJSVHIWMKRSJVIGX ERKYPEVXEROW w'MVGYPEV'SRGVIXI8EROW;MXLSYX4VIWXVIWWMRKx4SVXPERH 'IQIRX%WWSGMEXMSR7OSOMI-0TT 4VIWIRXWHIWMKR HEXEJSVGMVGYPEVGSRGVIXI XEROW FYMPXMR SVSRKVSYRH;EPPW QE]FIJVIISVVIWXVEMRIHEXXLIXST;EPPFEWIWQE]FIJM\IH LMRKIH SV LEZI MRXIVQIHMEXI HIKVIIW SJ VIWXVEMRX :EVMSYW PE]SYXWJSVGMVGYPEVVSSJWEVITVIWIRXIH w'SRGVIXI1ERYEPx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Î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ÎSJIPIQIRXWERHEQSYRXSJVIMRJSVGIQIRXWLSYPHFI WIPIGXIHSRXLI FEWMWSJXLIWIVZMGIEFMPMX] GVEGO[MHXL PMQMXW ERHWXVIWWPMQMXWXSTVSQSXIPSRKWIVZMGIPMJI 1%29%03*'32'6)8)46%'8-') '328)287 4%68{+)2)6%0 ',%48)6{+)2)6%06)59-6)1)287 {7GSTI {(VE[MRKWERHWTIGMJMGEXMSRW {-RWTIGXMSR {%TTVSZEP SJWTIGMEPW]WXIQWSJHIWMKRSVGSRWXVYGXMSR ',%48)6{()*-2-8-327 4%68{78%2(%6(7*368)787%2(1%8)6-%07 ',%48)6{1%8)6-%07 {2SXEXMSR {8IWXWSJQEXIVMEPW {'IQIRXW {%KKVIKEXIW {;EXIV {7XIIPVIMRJSVGIQIRX {%HQM\XYVIW {7XSVEKISJQEXIVMEPW {6IJIVIRGIWXERHEVHW 4%68{'327869'8-326)59-6)1)287 ',%48)6{(96%&-0-8=6)59-6)1)287 {2SXEXMSR {;EXIVGIQIRXMXMSYWQEXIVMEPWVEXMSERH GIQIRXMXMSYWQEXIVMEPGSRXIRX {*VII^MRKERHXLE[MRKI\TSWYVIW {7YPJEXII\TSWYVIW {'SVVSWMSRTVSXIGXMSRSJQIXEPW {'LIQMGEPIJJIGXW {4VSXIGXMSREKEMRWXIVSWMSR {'SEXMRKWERHPMRIVW {.SMRXW ',%48)6{'32'6)8)59%0-8=1-<-2+%2(40%'-2+ {2SXEXMSR {+IRIVEP {7IPIGXMSRSJGSRGVIXITVSTSVXMSRW {4VSTSVXMSRMRKSRXLIFEWMWSJJMIPHI\TIVMIRGI XVMEPQM\XYVIWSVFSXL {%ZIVEKIWXVIRKXLVIHYGXMSR {)ZEPYEXMSRERHEGGITXERGISJGSRGVIXI {4VITEVEXMSRSJIUYMTQIRXERHTPEGISJHITSWMX {1M\MRK {'SRZI]MRK {(ITSWMXMRK {'YVMRK {'SPH[IEXLIVVIUYMVIQIRXW {,SX[IEXLIVVIUYMVIQIRXW ',%48)6{*361;36/)1&)(()(4-4)7%2('327869'8-32 %2(13:)1)28.3-287 {(IWMKRSJJSVQ[SVO {6IQSZEPSJJSVQWWLSVIWERHVIWLSVMRK {'SRHYMXWERHTMTIWIQFIHHIHMRGSRGVIXI {'SRWXVYGXMSRNSMRXW {1SZIQIRXNSMRXW ',%48)6{()8%-073*6)-2*36')1)28 {2SXEXMSR {7XERHEVHLSSOW {1MRMQYQFIRHHMEQIXIVW {&IRHMRK {7YVJEGIGSRHMXMSRWSJVIMRJSVGIQIRX {4PEGMRKVIMRJSVGIQIRX {7TEGMRKPMQMXWJSVVIMRJSVGIQIRX {'SRGVIXITVSXIGXMSRJSVVIMRJSVGIQIRX {7TIGMEPVIMRJSVGIQIRXHIXEMPWJSVGSPYQRW {'SRRIGXMSRW {0EXIVEPVIMRJSVGIQIRXJSVGSQTVIWWMSRQIQFIVW {0EXIVEPVIMRJSVGIQIRXJSVJPI\YVEPQIQFIVW {7LVMROEKIERHXIQTIVEXYVIVIMRJSVGIQIRX {6IUYMVIQIRXWJSVWXVYGXYVEPMRXIKVMX] )2:-6321)28%07869'896)7'3()'311)28%6= 4%68{+)2)6%06)59-6)1)287 ',%48)6{%2%0=7-7%2(()7-+2{+)2)6%0 '327-()6%8-327 {2SXEXMSR {(IWMKRQIXLSHW {0SEHMRK {1IXLSHWSJEREP]WMW {6IHMWXVMFYXMSRSJRIKEXMZIQSQIRXWMRGSRXMRYSYW JPI\YVEPQIQFIVW {1SHYPYWSJIPEWXMGMX] {7XMJJRIWW {7TERPIRKXL {'SPYQRW {%VVERKIQIRXSJPMZIPSEH {8FIEQGSRWXVYGXMSR {.SMWXGSRWXVYGXMSR {7ITEVEXIJPSSVJMRMWL ',%48)6{786)2+8,%2(7)6:-')%&-0-8= 6)59-6)1)287 {2SXEXMSR {+IRIVEP {6IUYMVIHWXVIRKXL {(IWMKRWXVIRKXL {(IWMKRWXVIRKXLJSVVIMRJSVGIQIRX {'SRXVSPSJHIJPIGXMSRW ',%48)6{*0)<96)%2(%<-%003%(7 {2SXEXMSR {7GSTI {(IWMKREWWYQTXMSRW {+IRIVEPTVMRGMTPIWERHVIUYMVIQIRXW {(MWXERGIFIX[IIRPEXIVEPWYTTSVXWSJ JPI\YVEPQIQFIVW {1MRMQYQVIMRJSVGIQIRXSJJPI\YVEPQIQFIVW {(MWXVMFYXMSRSJJPI\YVEPVIMRJSVGIQIRX {(IITFIEQW {(IWMKRHMQIRWMSRWJSVGSQTVIWWMSRQIQFIVW {0MQMXWJSVVIMRJSVGIQIRXSJGSQTVIWWMSRQIQFIVW {7PIRHIVRIWWIJJIGXWMRGSQTVIWWMSRQIQFIVW {1EKRMJMIHQSQIRXW{+IRIVEP {1EKRMJMIHQSQIRXW{2SRW[E]JVEQIW {1EKRMJMIHQSQIRXW{7[E]JVEQIW {%\MEPP]PSEHIHQIQFIVWWYTTSVXMRKWPEFW]WXIQ {8VERWQMWWMSRSJGSPYQRPSEHWXLVSYKLJPSSVW]WXIQ {'SQTSWMXIGSQTVIWWMSRQIQFIVW {&IEVMRKWXVIRKXL ',%48)6{7,)%6%2(8367-32 {2SXEXMSR {7LIEVWXVIRKXL {0MKLX[IMKLXGSRGVIXI {7LIEVWXVIRKXLTVSZMHIHF]GSRGVIXIJSV RSRTVIWXVIWWIHQIQFIVW {7LIEVWXVIRKXLTVSZMHIHF]GSRGVIXIJSV TVIWXVIWWIHQIQFIVW {7LIEVWXVIRKXLTVSZMHIHF]WLIEVVIMRJSVGIQIRX {(IWMKRJSVXSVWMSR {7LIEVJVMGXMSR {(IITFIEQW {7TIGMEPTVSZMWMSRWJSVFVEGOIXWERHGSVFIPW {7TIGMEPTVSZMWMSRWJSV[EPPW {8VERWJIVSJQSQIRXWXSGSPYQRW {7TIGMEPTVSZMWMSRWJSVWPEFWERHJSSXMRKW ',%48)6{():)0341)28%2(740-')73* 6)-2*36')1)28 {2SXEXMSR {(IZIPSTQIRXSJVIMRJSVGIQIRX{+IRIVEP {(IZIPSTQIRXSJHIJSVQIHFEVWERHHIJSVQIH [MVIMRXIRWMSR {(IZIPSTQIRXSJHIJSVQIHFEVWERHHIJSVQIH[MVI MRGSQTVIWWMSR {(IZIPSTQIRXSJFYRHPIHFEVW {(IZIPSTQIRXSJWXERHEVHLSSOWMRXIRWMSR {1IGLERMGEPERGLSVEKI {(IZIPSTQIRXSJ[IPHIHHIJSVQIH[MVIJEFVMGMR XIRWMSR {(IZIPSTQIRXSJ[IPHIHTPEMR[MVIJEFVMGMRXIRWMSR {(IZIPSTQIRXSJTVIWXVIWWMRKWXVERH {(IZIPSTQIRXSJJPI\YVEPVIMRJSVGIQIRX{+IRIVEP {(IZIPSTQIRXSJTSWMXMZIQSQIRXVIMRJSVGIQIRX {(IZIPSTQIRXSJRIKEXMZIQSQIRXVIMRJSVGIQIRX {(IZIPSTQIRXSJ[IFVIMRJSVGIQIRX {7TPMGIWSJVIMRJSVGIQIRX{+IRIVEP {7TPMGIWSJHIJSVQIHFEVWERHHIJSVQIH[MVIMR XIRWMSR {7TPMGIWSJHIJSVQIHFEVWMRGSQTVIWWMSR {7TIGMEPWTPMGIVIUYMVIQIRXWJSVGSPYQRW {7TPMGIWSJ[IPHIHHIJSVQIH[MVIJEFVMGMRXIRWMSR {7TPMGIWSJ[IPHIHTPEMR[MVIJEFVMGMRXIRWMSR 1%29%03*'32'6)8)46%'8-') 4%68{7869'896%07=78)1736)0)1)287 ',%48)6{8;3;%=70%&7=78)17 {2SXEXMSR {7GSTI {(IJMRMXMSRW {7PEFVIMRJSVGIQIRX {3TIRMRKWMRWPEFW]WXIQW {(IWMKRTVSGIHYVIW {(MVIGXHIWMKRQIXLSH {)UYMZEPIRXJVEQIQIXLSH ',%48)6{;%007 {2SXEXMSR {7GSTI {+IRIVEP {1MRMQYQVIMRJSVGIQIRX {;EPPWHIWMKRIHEWGSQTVIWWMSRQIQFIVW {)QTMVMGEPHIWMKRQIXLSH {1MRMQYQ[EPPXLMGORIWW {;EPPWEWKVEHIFIEQW {%PXIVREXMZIHIWMKRSJWPIRHIV[EPPW ',%48)6{*338-2+7 {2SXEXMSR {7GSTI {0SEHWERHVIEGXMSRW {*SSXMRKWWYTTSVXMRKGMVGYPEVSVVIKYPEVTSP]KSR WLETIHGSPYQRWSVTIHIWXEPW {1SQIRXMRJSSXMRKW {7LIEVMRJSSXMRKW {(IZIPSTQIRXSJVIMRJSVGIQIRXMRJSSXMRKW {1MRMQYQJSSXMRKHITXL {8VERWJIV SJJSVGIEXFEWISJGSPYQR[EPP SVVIMRJSVGIHTIHIWXEP {7PSTIHSVWXITTIHJSSXMRKW {'SQFMRIHJSSXMRKWERHQEXW ',%48)6{46)'%78'32'6)8) {2SXEXMSR {7GSTI {+IRIVEP {(MWXVMFYXMSRSJJSVGIWEQSRKQIQFIVW {1IQFIVHIWMKR {7XVYGXYVEPMRXIKVMX] {'SRRIGXMSRERHFIEVMRKHIWMKR {-XIQWIQFIHHIHEJXIVGSRGVIXITPEGIQIRX {1EVOMRKERHMHIRXMJMGEXMSR {,ERHPMRK {7XVIRKXL IZEPYEXMSRSJTVIGEWXGSRWXVYGXMSR ',%48)6{'31437-8)'32'6)8)*0)<96%0 1)1&)67 {2SXEXMSR {7GSTI {+IRIVEP {7LSVMRK {:IVXMGEPWLIEVWXVIRKXL {,SVM^SRXEPWLIEVWXVIRKXL {8MIWJSVLSVM^SRXEPWLIEV ',%48)6{46)786)77)('32'6)8) {2SXEXMSR {7GSTI {+IRIVEP {(IWMKREWWYQTXMSRW {7IVZMGIEFMPMX]VIUYMVIQIRXW{*PI\YVEPQIQFIVW {4IVQMWWMFPIWXVIWWIWMRTVIWXVIWWMRKWXIIP {0SWWSJTVIWXVIWW {*PI\YVEPWXVIRKXL {0MQMXWJSVVIMRJSVGIQIRXSJJPI\YVEPQIQFIVW {1MRMQYQFSRHIHVIMRJSVGIQIRX {7XEXMGEPP]MRHIXIVQMREXIWXVYGXYVIW {'SQTVIWWMSRQIQFIVW{'SQFMRIHJPI\YVIERH E\MEPPSEHW {7PEFW]WXIQW {4SWXXIRWMSRIHXIRHSRERGLSVEKI^SRIW {(IWMKRSJERGLSVEKI^SRIWJSVQSRSWXVERHSV WMRKPIMRHMEQIXIVFEVXIRHSRW {(IWMKRSJERGLSVEKI^SRIJSVQYPXMWXVERHXIRHSRW {'SVVSWMSRTVSXIGXMSRJSVYRFSRHIHWMRKPIWXVERH TVIWXVIWWMRKXIRHSRW {4SWXXIRWMSRMRKHYGXW {+VSYXJSVFSRHIHXIRHSRW {4VSXIGXMSRJSVTVIWXVIWWMRKWXIIP {%TTPMGEXMSRERHQIEWYVIQIRXSJTVIWXVIWWMRKJSVGI {4SWXXIRWMSRMRKERGLSVEKIWERHGSYTPIVW {)\XIVREPTSWXXIRWMSRMRK )2:-6321)28%07869'896)7'3()'311)28%6= ',%48)6{7,)007%2(*30()(40%8)1)1&)67 {2SXEXMSR {7GSTIERHHIJMRMXMSRW {%REP]WMWERHHIWMKR {(IWMKRWXVIRKXLSJQEXIVMEPW {7LIPPVIMRJSVGIQIRX {'SRWXVYGXMSR 4%68{74)'-%0'327-()6%8-327 ',%48)6{786)2+8,):%09%8-323*)<-78-2+ 7869'896)7 {2SXEXMSR {7XVIRKXLIZEPYEXMSR{+IRIVEP {(IXIVQMREXMSRSJVIUYMVIHHMQIRWMSRWERHQEXIVMEP TVSTIVXMIW {0SEHXIWXTVSGIHYVI {0SEHMRKGVMXIVME {%GGITXERGIGVMXIVME {4VSZMWMSRJSVPS[IVPSEHVEXMRK {7EJIX] ',%48)6{74)'-%0463:-7-327*367)-71-'()7-+2 {2SXEXMSR {(IJMRMXMSRW {+IRIVEPVIUYMVIQIRXW {*PI\YVEPQIQFIVWSJWTIGMEPQSQIRXJVEQIW {7TIGMEPQSQIRXJVEQIQIQFIVWWYFNIGXIH XSFIRHMRKERHE\MEPPSEH {.SMRXWSJWTIGMEPQSQIRXJVEQIW {7TIGMEPQSQIRXJVEQIWGSRWXVYGXIHYWMRK TVIGEWXGSRGVIXI {7TIGMEPVIMRJSVGIHGSRGVIXIWXVYGXYVEP[EPPWERH GSYTPMRKFIEQW {7TIGMEPWXVYGXYVEP[EPPWGSRWXVYGXIHYWMRKTVIGEWX GSRGVIXI {7XVYGXYVEPHMETLVEKQWERHXVYWWIW {*SYRHEXMSRW {*VEQIQIQFIVWRSXTVSTSVXMSRIHXSVIWMWXJSVGIW MRHYGIHF]IEVXLUYEOIQSXMSRW {6IUYMVIQIRXWJSVMRXIVQIHMEXIQSQIRXJVEQIW {-RXIVQIHMEXITVIGEWXWXVYGXYVEP[EPPW 4%68{7869'896%040%-2'32'6)8) ',%48)6{7869'896%040%-2'32'6)8) '311)28%6=6)*)6)2')7 %44)2(-<)7 %44)2(-<%{23897)( %44)2(-<&{%08)62%8)463:-7-327*366)-2*36')(%2( 46)786)77)('32'6)8)*0)<96%0%2('3146)77-321)1&)67 &{2SXEXMSR &{7GSTI %44)2(-<'{%08)62%8)03%(*%'8367786)2+8,6)(9'8-32 *%'8367%2((-786-&98-323**0)<96%06)-2*36')1)28 '{+IRIVEP %44)2(-<({%2',36-2+83'32'6)8) ({2SXEXMSR ({(IJMRMXMSRW ({7GSTI ({+IRIVEPVIUYMVIQIRXW ({+IRIVEPVIUYMVIQIRXWJSVWXVIRKXLSJERGLSVW ({(IWMKRVIUYMVIQIRXWJSVXIRWMPIPSEHMRK ({(IWMKRVIUYMVIQIRXWJSVWLIEVPSEHMRK ({-RXIVEGXMSRSJXIRWMPIERHWLIEVJSVGIW ({6IUYMVIHIHKIHMWXERGIWWTEGMRKW ERHXLMGORIWWIWXSTVIGPYHIWTPMXXMRKJEMPYVI ({-RWXEPPEXMSRSJERGLSVW 1%29%03*'32'6)8)46%'8-') %44)2(-<){238%8-32 %44)2(-<*{1)8%06)-2*36')1)28-2*361%8-32 %44)2(-<+{'-6'90%6;-6)%2(786%2(;6%44)( 46)786)77)('32'6)8))2:-6321)28%0 7869'896)7 +{2SXEXMSR +{7GSTI +{(IWMKR +{1EXIVMEPW +{'SRWXVYGXMSRTVSGIHYVIW %44)2(-<,{70%&73273-0 ,{7GSTI ,{7YFKVEHI ,{7PEFXLMGORIWW ,{6IMRJSVGIQIRX ,{.SMRXW ,{,]HVSWXEXMGYTPMJX ,{'YVMRK %44)2(-<-{%08)62%8)()7-+21)8,3( -{2SXEXMSR -{7GSTI -{+IRIVEP -{4IVQMWWMFPIWIVZMGIPSEHWXVIWWIW -{(IZIPSTQIRXERHWTPMGIWSJVIMRJSVGIQIRX -{*PI\YVI -{'SQTVIWWMSRQIQFIVW[MXLSV[MXLSYXJPI\YVI -{7LIEVERHXSVWMSR -2()< 7911%6=3*',%2+)7*36'3() )2:-6321)28%07869'896)7'3()'311)28%6= 4%68{+)2)6%0 ',%48)6{+)2)6%06)59-6)1)287 '3() {7GSTI '311)28%6= 6{7GSTI 8LI %QIVMGER 'SRGVIXI -RWXMXYXI w'SHI 6IUYMVIQIRXW JSV )RZMVSRQIRXEP )RKMRIIVMRK 'SRGVIXI 7XVYGXYVIW %' x LIVIMREJXIV VIJIVVIH XS EW XLI GSHI TVSZMHI QMRMQYQ VIUYMVIQIRXW JSV IRZMVSRQIRXEP IRKMRIIVMRK GSRGVIXIWXVYGXYVEPHIWMKRERHGSRWXVYGXMSRTVEGXMGIW 8LI IHMXMSR SJ XLI GSHI VIZMWIH XLI TVIZMSYW GSHI w'SHI 6IUYMVIQIRXW SJ )RZMVSRQIRXEP )RKMRIIVMRK 'SRGVIXI7XVYGXYVIW %'- x8LMWGSHIMRGPYHIWMR SRIHSGYQIRXXLIVYPIWJSVEPPVIMRJSVGIHGSRGVIXIYWIHJSV IRZMVSRQIRXEPIRKMRIIVMRKWXVYGXYVEPTYVTSWIW8LMWGSZIVW XLI WTIGXVYQ SJ WXVYGXYVEP ETTPMGEXMSRW SJ GSRGVIXI GSRXEMRMRKRSRTVIWXVIWWIHVIMRJSVGIQIRXTVIWXVIWWMRKWXIIP SVGSQTSWMXIWXIIPWLETIWTMTISVXYFMRK 4VIWXVIWWIHGSRGVIXIMWMRGPYHIHYRHIVXLIHIJMRMXMSRSJVIMR JSVGIH GSRGVIXI 4VSZMWMSRW SJ %'- ETTP] XS TVIWXVIWWIHGSRGVIXII\GITXMRGEWIWMR[LMGLXLITVSZMWMSRW SJXLIGSHIEVIWXEXIHXSETTP]WTIGMJMGEPP]XSRSRTVIWXVIWWIH GSRGVIXI 'LETXIVSJXLIGSHIGSRXEMRWWTIGMEPTVSZMWMSRWJSVHIWMKR ERHHIXEMPMRKSJIEVXLUYEOIVIWMWXERXWXVYGXYVIW7II %TTIRHM\-SJXLIGSHIJSVQIVP]%TTIRHM\%SJXLI GSHI GSRXEMRW TVSZMWMSRW JSV ER EPXIVREXI QIXLSH SJ HIWMKR JSV RSRTVIWXVIWWIH VIMRJSVGIH GSRGVIXI QIQFIVW YWMRK WIVZMGI PSEHW [MXLSYX PSEH JEGXSVW ERH TIVQMWWMFPI WIVZMGI PSEH WXVIWWIW 8LI WXVIRKXL HIWMKR QIXLSH SJ XLMW GSHIMWMRXIRHIHXSKMZIHIWMKRVIWYPXWWMQMPEVXSXLI%PXIV REXI(IWMKR1IXLSH %TTIRHM\ % SJ XLI %'- GSHI LEW RSX ]IX FIIR EHSTXIHJSVIRZMVSRQIRXEPIRKMRIIVMRKGSRGVIXIWXVYGXYVIW %TTPMGEFMPMX] SJ WXVYXERHXMI QSHIPW XS IRZMVSRQIRXEP WXVYGXYVIWQE]FIEHHVIWWIHMRJYXYVIVIZMWMSRWXS%'- %TTIRHM\&SJXLIGSHIGSRXEMRWTVSZMWMSRWJSVVIMR JSVGIQIRX PMQMXW FEWIH SR F HIXIVQMREXMSR SJ XLI WXVIRKXLVIHYGXMSRJEGXSV ERHQSQIRXVIHMWXVMFYXMSRXLEX LEZI FIIR MR XLI GSHIW JSV QER] ]IEVW MRGPYHMRK XLI GSHI8LITVSZMWMSRWEVIETTPMGEFPIXSVIMRJSVGIH ERHTVIWXVIWWIHGSRGVIXIQIQFIVW(IWMKRWQEHIYWMRKXLI TVSZMWMSRWSJ%TTIRHM\&EVIYWIHMRXLIMVIRXMVIX] %TTIRHM\'SJXLIGSHIEPPS[WXLIYWISJPSEHIRZM VSRQIRXEPHYVEFMPMX]WXVIRKXLVIHYGXMSRJEGXSVWERHJPI\YVEP VIMRJSVGIQIRX HMWXVMFYXMSR TVSZMWMSRW WMQMPEV XS XLSWI -R 'LETXIVWERHSJ%'-(IWMKRWQEHIYWMRKXLI TVSZMWMSRW SJ %TTIRHM\ ' EVI IUYEPP] EGGITXEFPI EW XLSWI 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= FEWIHSRXLI FSH]SJ XLI GSHI TVSZMHIHXLITVSZMWMSRW SJ %TTIRHM\'EVIYWIHMRXLIMVIRXMVIX] %TTIRHM\(GSRXEMRWTVSZMWMSRWJSVERGLSVMRKXSGSRGVIXI {)\GITXJSVTVMQEV]GSRXEMRQIRXSJLEÊ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{ )RZMVSRQIRXEP IRKMRIIVMRK GSRGVIXI WXVYGXYVIWEVIHIJMRIHEWGSRGVIXIWXVYGXYVIWMRXIRHIH JSVGSRZI]MRKWXSVMRKSVXVIEXMRK[EXIV[EWXI[EXIVSV SXLIV PMUYMHW ERH RSRLEÊVHSYW QEXIVMEPW WYGL EW WSPMH [EWXI ERH JSV WIGSRHEV] GSRXEMRQIRX SJ LEÊVHSYW PMUYMHW SV WSPMH [EWXI %RGMPPEV] WXVYGXYVIW JSV[LMGL PMUYMHXMKLXRIWW KEWXMKLXRIWW SV IRLERGIH HYVEFMPMX] EVI IWWIRXMEP HIWMKR GSRWMHIVEXMSRW WLEPP EPWS GSRJSVQ XS VIUYMVIQIRXW SJ IRZMVSRQIRXEP IRKM RIIVMRK GSRGVIXI WXVYGXYVIW 4VIGEWX GSRGVIXI IRZMVSR QIRXEP WXVYGXYVIW HIWMKRIH ERH GSRWXVYGXIH MR EGGSVHERGI [MXL %781 SV %;;% WXERHEVHW [MXL XLI I\GITXMSRSJGMVGYPEVXEROWEVIRSXGSZIVIHMRXLMWGSHI { 8LMW GSHI WYTTPIQIRXW XLI KIRIVEP FYMPHMRK GSHI ERH WLEPP KSZIVR MR EPP QEXXIVW TIVXEMRMRK XS HIWMKR ERH GSRWXVYGXMSR SJ VIMRJSVGIH GSRGVIXI WXVYG XYVEP IPIQIRXW SJ ER] IRZMVSRQIRXEP IRKMRIIVMRK GSRGVIXI WXVYGXYVI I\GITX [LIVIZIV XLMW GSHI MW MR GSRJPMGX[MXLVIUYMVIQIRXWMRPIKEPP]EHSTXIHETTPMGEFPI GSHIWEHHVIWWMRKIRZMVSRQIRXEPIRKMRIIVMRKGSRGVIXI WXVYGXYVIW 6{%LEÊVHSYWQEXIVMEPMWHIJMRIHEWLEZMRKSRISV QSVI SJ XLI JSPPS[MRK GLEVEGXIVMWXMGWMKRMXEFPI 2*4% GSVVSWMZI VIEGXMZI SV XS\MG 8LI )RZMVSRQIRXEP 4VSXIGXMSR %KIRG] )4% PMWXIH[EWXIWEVISVKERMÎ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{ 8LI %QIVMGER 'SRGVIXI -RWXMXYXI VIGSQQIRHW XLEXXLIGSHIFIEHSTXIHMRMXWIRXMVIX]LS[IZIVMXMWVIGSK RMÎHXLEX[LIRXLIGSHIMWQEHIETEVXSJEPIKEPP]EHSTXIH KIRIVEP FYMPHMRK GSHI XLEX KIRIVEP FYMPHMRK GSHI QE] QSHMJ]WSQITVSZMWMSRWSJXLMWGSHI {8LMWGSHIWLEPPETTP]MREPPQEXXIVWTIVXEMRMRK XSHIWMKRGSRWXVYGXMSRERHQEXIVMEPTVSTIVXMIW[LIV IZIV XLMW GSHI MW MR GSRJPMGX [MXL VIUYMVIQIRXW GSRXEMRIHMRSXLIVWXERHEVHWVIJIVIRGIHMRXLMWGSHI { 8LI TVSZMWMSRW SJ XLMW GSHI WLEPP KSZIVR JSV XEROW VIWIVZSMVW ERH SXLIV VIMRJSVGIH GSRGVIXI IPIQIRXW SJ ER] IRZMVSRQIRXEP IRKMRIIVMRK GSRGVIXI WXVYGXYVI7TIGMEPWXVYGXYVIWWYGLEWEVGLIWFMRWERH WMPSWFPEWXVIWMWXERXWXVYGXYVIWERHGLMQRI]WEVI RSXGSZIVIHMRXLMWGSHI 6 { )RZMVSRQIRXEP IRKMRIIVMRKTVSNIGXWGER GSRXEMR WIZIVEP X]TIW SJ WXVYGXYVIW *SV I\EQTPI E XVIEXQIRXTPERX GER GSRXEMR IRZMVSRQIRXEP IRKMRIIVMRK GSRGVIXI WXVYGXYVIW WYGLEWXEROWERHVIWIVZSMVWEW[IPPERHFYMPHMRKWXVYGXYVIW 8LI%'-GSHI[SYPHETTP]XSXLIIRZMVSRQIRXEPWXVYGXYVIW [LMPIXLI%'-GSHISVXLIJSPPS[MRK%'-TYFPMGEXMSRW GSYPHETTP]XSXLISXLIVWXVYGXYVIW w(IWMKR ERH 'SRWXVYGXMSR SJ 6IMRJSVGIH 'SRGVIXI 'LMQRI]Wx VITSVXIH F] %'- 'SQQMXXII +MZIW )2:-6321)28%07869'896)7'3()'311)28%6= '3() '311)28%6= QEXIVMEPGSRWXVYGXMSRERHHIWMKRVIUYMVIQIRXWJSVGMVGYPEV GEWXMRTPEGI VIMRJSVGIH GLMQRI]W -X WIXW JSVXL QMRMQYQ PSEHMRKWJSVXLIHIWMKRSJVIMRJSVGIHGSRGVIXIGLMQRI]WERH GSRXEMRW QIXLSHW JSV HIXIVQMRMRK XLI WXVIWWIW MR XLI GSRGVIXI ERH VIMRJSVGIQIRX VIUYMVIH EW E VIWYPX SJ XLIWI PSEHMRKW w7XERHEVH 4VEGXMGI JSV (IWMKR ERH 'SRWXVYGXMSR SJ 'SRGVIXI7MPSWERH7XEGOMRK8YFIWJSV7XSVMRK+VERYPEV 1EXIVMEPWx VITSVXIH F] %'- 'SQQMXXII +MZIW QEXIVMEP HIWMKR ERH GSRWXVYGXMSR VIUYMVIQIRXW JSV VIMR JSVGIH GSRGVIXI FMRW WMPSW ERH FYROIVW ERH WXEZI WMPSW JSV WXSVMRK KVERYPEV QEXIVMEPW -X MRGPYHIW VIGSQQIRHIH HIWMKR ERHGSRWXVYGXMSRGVMXIVMEFEWIHSRI\TIVMQIRXEPERHEREP]XMGEP WXYHMIW TPYW [SVPH[MHI I\TIVMIRGI MR WMPS HIWMKR ERH GSRWXVYGXMSR &MRW WMPSW ERH FYROIVW EVI WTIGMEP WXVYGXYVIW TSWMRK WTIGMEP TVSFPIQW RSX IRGSYRXIVIH MR RSVQEP FYMPHMRK HIWMKR ;LMPI XLMW WXERHEVH TVEGXMGI VIJIVW XS w&YMPHMRK 'SHI6IUYMVIQIRXWJSV7XVYGXYVEP'SRGVIXIx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w'SHI6IUYMVIQIRXWJSV2YGPIEV7EJIX]6IPEXIH'SRGVIXI 7XVYGXYVIWx VITSVXIH F] %'- 'SQQMXXII 4VSZMHIW QMRMQYQ VIUYMVIQIRXW JSV HIWMKR ERH GSRWXVYGXMSR SJ GSRGVIXI WXVYGXYVIW XLEX JSVQ TEVX SJ E RYGPIEV TS[IV TPERX ERH[LMGLLEZIRYGPIEVWEJIX]VIPEXIHJYRGXMSRW8LIGSHI HSIW RSX GSZIV GSRGVIXI VIEGXSV ZIWWIPW ERH GSRGVIXI GSRXEMRQIRXWXVYGXYVIWXLEXEVIGSZIVIHF]%'- w'SHIJSV'SRGVIXI6IEGXSV:IWWIPWERH'SRXEMRQIRXWx VITSVXIHF].SMRX%'-%71)'SQQMXXII 4VSZMHIW VIUYMVIQIRXW JSV XLI HIWMKR GSRWXVYGXMSR ERH YWI SJ GSRGVIXIVIEGXSVZIWWIPWERHGSRGVIXIGSRXEMRQIRXWXVYGXYVIW JSVRYGPIEVTS[IVTPERXW {8LMWGSHIHSIWRSXKSZIVRHIWMKRERHMRWXEP PEXMSR SJ TSVXMSRW SJ GSRGVIXI TMPIW ERH HVMPPIH TMIVW IQFIHHIHMRKVSYRHI\GITXJSVWXVYGXYVIWMRVIKMSRWSJ LMKL WIMWQMG VMWO SV EWWMKRIH XS LMKL WIMWQMG TIVJSV QERGI SVHIWMKRGEXIKSVMIW 7II JSVVIUYMVI QIRXWJSVGSRGVIXITMPIWHVMPPIHTMIVWERHGEMWWSRWMR WXVYGXYVIW MR VIKMSRW SJ LMKL WIMWQMG VMWO SVEWWMKRIH XSLMKLWIMWQMGTIVJSVQERGISVHIWMKRGEXIKSVMIW 6 { 8LI HIWMKR ERH MRWXEPPEXMSR SJ TMPMRK JYPP] IQFIHHIHMRXLIKVSYRHMWVIKYPEXIHF]XLIKIRIVEPFYMPHMRK GSHI *SV TSVXMSRW SJ TMPMRK MR EMV SV [EXIV SV MR WSMP RSX GETEFPI SJ TVSZMHMRK EHIUYEXI PEXIVEP VIWXVEMRX XLVSYKLSYX XLITMPMRKPIRKXLXSTVIZIRXFYGOPMRKXLIHIWMKRTVSZMWMSRW SJXLMWGSHIKSZIVR[LIVIETTPMGEFPI 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= 6IGSQQIRHEXMSRW JSV GSRGVIXI TMPIW EVI KMZIR MR HIXEMP MR w(IWMKR 1ERYJEGXYVI ERH -RWXEPPEXMSR SJ 'SRGVIXI 4MPIWxVITSVXIHF]%'-'SQQMXXII 4VSZMHIWVIGSQ QIRHEXMSRWJSVXLIHIWMKRERHYWISJQSWXX]TIWSJGSRGVIXI TMPIWJSVQER]OMRHWSJGSRWXVYGXMSR 6IGSQQIRHEXMSRW JSV HVMPPIH TMIVW EVI KMZIR MR HIXEMP MR w(IWMKR ERH 'SRWXVYGXMSR SJ(VMPPIH 4MIVWx VITSVXIH F] %'- 'SQQMXXII 4VSZMHIW VIGSQQIRHEXMSRW JSV HIWMKRERHGSRWXVYGXMSRSJJSYRHEXMSRTMIVWJXMRHMEQ IXIVSVPEVKIVQEHIF]I\GEZEXMRKELSPIMRXLIWSMPERHXLIR JMPPMRKMX[MXLGSRGVIXI (IXEMPIHVIGSQQIRHEXMSRWJSVTVIGEWXTVIWXVIWWIHGSRGVIXI TMPIW EVI KMZIR MR w6IGSQQIRHIH 4VEGXMGI JSV (IWMKR 1ERYJEGXYVI ERH -RWXEPPEXMSR SJ 4VIWXVIWWIH 'SRGVIXI 4MPMRKx TVITEVIH F] XLI 4'- 'SQQMXXII SR 4VIWXVIWWIH 'SRGVIXI4MPMRK {8LMWGSHIKSZIVRWXLIHIWMKRERHGSRWXVYGXMSR SJ WSMPWYTTSVXIH WPEFW EW VIUYMVIH F] %TTIRHM\ , 7PEFWXLEXXVERWQMXZIVXMGEPPSEHWJVSQSXLIVTSVXMSRWSJ XLIWXVYGXYVIXSXLIWSMPWLEPPQIIXXLIVIUYMVIQIRXWSJ SXLIVGLETXIVWSJXLMWGSHIEWETTPMGEFPI 6 { 7MRGI XEROJPSSV WPEFW JVIUYIRXP] HMVIGXP] XVERWJIV XLIPSEHWJVSQPMUYMHGSRXIRXWXSXLIWSMPFIPS[%TTIRHM\,LEW FIIREHHIHXSXLMWGSHIXSTVSZMHIETTVSTVMEXIVIUYMVIQIRXW {'SRGVIXISRWXIIPJSVQHIGO 6{'SRGVIXISRWXIIPJSVQHIGO -R WXIIPJVEQIH WXVYGXYVIW MX MW GSQQSR TVEGXMGI XS GEWX GSRGVIXIJPSSVWPEFWSRWXE]MRTPEGIWXIIPJSVQHIGO-REPP GEWIWXLIHIGOWIVZIWEWXLIJSVQERHQE]MRWSQIGEWIW WIVZIEREHHMXMSREPWXVYGXYVEPJYRGXMSR { (IWMKR ERH GSRWXVYGXMSR SJ WXVYGXYVEP GSRGVIXI WPEFW GEWX SR WXE]MRTPEGI RSRGSQTSWMXI WXIIPJSVQHIGOEVIKSZIVRIHF]XLMWGSHI 6{-RMXWQSWXFEWMGETTPMGEXMSRXLIWXIIPJSVQ HIGOWIVZIWEWEJSVQERHXLIGSRGVIXIWIVZIWEWXVYGXYVEP JYRGXMSRERHXLIVIJSVIQYWXFIHIWMKRIHXSGEVV]EPPWYTIV MQTSWIHPSEHW {8LMWGSHIHSIWRSXKSZIVRXLIHIWMKRSJ WXVYGXYVEP GSRGVIXI WPEFW GEWX SR WXE]MRTPEGI GSQTSWMXI WXIIP JSVQ HIGO 'SRGVIXI YWIH MR XLI GSRWXVYGXMSRSJWYGLWPEFWWLEPPFIKSZIVRIHF]4EVXW ERH SJXLMWGSHI[LIVIETTPMGEFPI 6{%RSXLIVX]TISJWXIIPJSVQHIGOGSQQSRP] YWIH HIZIPSTW GSQTSWMXI EGXMSR FIX[IIR XLI GSRGVIXI ERH WXIIPHIGO-RXLMWX]TISJGSRWXVYGXMSRXLIWXIIPHIGOWIVZIW EWXLITSWMXMZIQSQIRXVIMRJSVGIQIRX8LIHIWMKRSJGSQTSWMXI WPEFW SR WXIIP HIGO MW VIKYPEXIH F] w7XERHEVH JSV XLI 7XVYGXYVEP(IWMKRSJ'SQTSWMXI7PEFWx %27-%7') ,S[IZIV%27-%7')VIJIVIRGIWXLIETTVSTVMEXITSVXMSRW SJ%'-JSVXLIHIWMKRERHGSRWXVYGXMSRSJXLIGSRGVIXI TSVXMSR SJ XLI GSQTSWMXI EWWIQFP] +YMHIPMRIW JSV XLI GSRWXVYGXMSR SJ GSQTSWMXI WXIIP HIGO WPEFW EVI KMZIR MR w7XERHEVH4VEGXMGIJSVXLI'SRWXVYGXMSRERH-RWTIGXMSR SJ'SQTSWMXI7PEFWx %27-%7') {7TIGMEPTVSZMWMSRWJSVIEVXLUYEOIVIWMWXERGI 6{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{ -R EPP VIKMSRW SJ WIMWQMG VMWO ERH EPP WIMWQMG TIVJSVQERGISVHIWMKRGEXIKSVMIWTVSZMWMSRW SJ 'LETXIVWLEPPFIWEXMWJMIHEWHIWGVMFIHMR 6{ 7SQIWXVYGXYVIWERHIPIQIRXWSJWXVYGXYVIW [MPP LEZI XLIMV HIWMKR KSZIVRIH F] L]HVSH]REQMG JSVGIW IZIR[LIRPSGEXIHMREVIEWSJPS[WIMWQMGVMWOHYIXSXLIMV GSRJMKYVEXMSR ERH TSWMXMSR 4SVXMSRW SJ 'LETXIV ERH ETTP] XS PMUYMHGSRXEMRMRK WXVYGXYVIW JSVEPPPIZIPWSJWIMWQMGVMWO %WMHI JVSQTVSZMWMSRWKMZIR MR ERH JSVWXVYGXYVIWPSGEXIHMRVIKMSRWSJPS[WIMWQMGVMWOSVJSV WXVYGXYVIW EWWMKRIH XS PS[ WIMWQMG TIVJSVQERGI SV HIWMKR GEXIKSVMIW RS WTIGMEP HIWMKR SV HIXEMPMRK MW VIUYMVIH XLI KIRIVEPVIUYMVIQIRXWSJXLIQEMRFSH]SJXLIGSHIETTP]JSV TVSTSVXMSRMRK ERH HIXEMPMRK IRZMVSRQIRXEP IRKMRIIVMRK GSRGVIXIWXVYGXYVIW-XMWXLIMRXIRXSJXLMWGSHIXLEXGSRGVIXI WXVYGXYVIWTVSTSVXMSRIHF]'LETXIVWXS SJXLMWGSHIERH XLITVSZMWMSRWKMZIRMRERH[MPPTVSZMHI EPIZIPSJXSYKLRIWWEHIUYEXIJSVPS[IEVXLUYEOIMRXIRWMX] *SV WXVYGXYVIW MR VIKMSRW SJ QSHIVEXI WIMWQMG VMWO SV JSV WXVYGXYVIWEWWMKRIHXSMRXIVQIHMEXIWIMWQMGTIVJSVQERGISV HIWMKR GEXIKSVMIW VIMRJSVGIH GSRGVIXI QSQIRX JVEQIW TVSTSVXMSRIH XS VIWMWX IEVXLUYEOI IJJIGXW VIUYMVI WSQI WTIGMEP VIMRJSVGIQIRX HIXEMPW EW WTIGMJMIH MR 8LI WTIGMEP HIXEMPWETTP] SRP]XSFIEQW GSPYQRWERH WPEFWXS [LMGLXLIIEVXLUYEOIMRHYGIHJSVGIWLEZIFIIREWWMKRIHMR HIWMKR 8LI WTIGMEP VIMRJSVGIQIRX HIXEMPW [MPP WIVZI XS TVSZMHIEWYMXEFPIPIZIPSJMRIPEWXMGFILEZMSVMJXLIJVEQIMW WYFNIGXIHXSERIEVXLUYEOISJWYGLMRXIRWMX]EWXSVIUYMVIMX XS TIVJSVQ MRIPEWXMGEPP] 8LIVI EVI RS 'LETXIV VIUYMVI QIRXW JSV GEWXMRTPEGI WXVYGXYVEP [EPPW TVSZMHIH XS VIWMWX WIMWQMGIJJIGXWSVJSVSXLIVWXVYGXYVEPGSQTSRIRXWXLEXEVI RSXTEVXSJXLIPEXIVEPJSVGIVIWMWXMRKW]WXIQSJWXVYGXYVIWMR VIKMSRW SJ QSHIVEXI WIMWQMG VMWO SV EWWMKRIH XS MRXIVQI HMEXIWIMWQMGTIVJSVQERGISVHIWMKRGEXIKSVMIW*SVTVIGEWX [EPPTERIPWHIWMKRIHXSVIWMWXJSVGIWMRHYGIHF]IEVXLUYEOI QSXMSRW WTIGMEP VIUYMVIQIRXW EVI WTIGMJMIH MR JSV GSRRIGXMSRW FIX[IIR TERIPW SV FIX[IIR TERIPW ERH XLI JSYRHEXMSR 'EWXMRTPEGI WXVYGXYVEP [EPPW TVSTSVXMSRIH XS QIIX TVSZMWMSRW SJ 'LETXIVW XLVSYKL ERH 'LETXIV EVI GSRWMHIVIH XS LEZI WYJJMGMIRX XSYKLRIWW EX ERXMGMTEXIH HVMJXPIZIPWJSVXLIWIWXVYGXYVIW *SV WXVYGXYVIW PSGEXIH MR VIKMSRW SJ LMKL WIMWQMG VMWO EPP WXVYGXYVI GSQTSRIRXW WXVYGXYVEP ERH RSRWXVYGXYVEP WLSYPH WEXMWJ] VIUYMVIQIRXW SJ XLVSYKL -R EHHMXMSR JVEQIQIQFIVWXLEXEVIRSXEWWYQIHMRXLIHIWMKRXSFITEVX SJ XLI PEXIVEPJSVGIVIWMWXMRK W]WXIQ WLSYPH GSQTP] [MXL 8LIWTIGMEPTVSTSVXMSRMRKERHHIXEMPMRKTVSZMWMSRWSJ 'LETXIVEVIMRXIRHIHXSTVSZMHIEQSRSPMXLMGVIMRJSVGIH GSRGVIXI WXVYGXYVI [MXL EHIUYEXI XSYKLRIWW XS VIWTSRH MRIPEWXMGEPP] YRHIV WIZIVI IEVXLUYEOI QSXMSRW 7II EPWS 6 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= {7IMWQMGVMWOPIZIPSJEVIKMSRSVWIMWQMG TIVJSVQERGI SV HIWMKR GEXIKSV] SJ E WXVYGXYVI WLEPP FI VIKYPEXIH F] XLI PIKEPP] EHSTXIH KIRIVEP FYMPHMRK GSHISJ[LMGLXLMWGSHIJSVQWETEVXSVHIXIVQMRIHF] PSGEPEYXLSVMX] 6 { 7IMWQMG VMWO PIZIPW WIMWQMG ^SRI QETW EVI YRHIVXLINYVMWHMGXMSRSJEKIRIVEPFYMPHMRKGSHI VEXLIVXLER %'-8LMWIHMXMSRSJ%'-EHSTXWXLIGLERKIWMRXIVQM RSPSK]QEHIXSXLIERHIHMXMSRWSJXLIGSHIXS QEOIMXGSQTEXMFPI[MXLXLIPEXIWXIHMXMSRWSJQSHIPFYMPHMRK GSHIW MR YWI MR XLI 9RMXIH 7XEXIW *SV I\EQTPI XLI TLVEWI wWIMWQMG TIVJSVQERGISV HIWMKR GEXIKSVMIWx [EW MRXVSHYGIH 3ZIVXLITEWXHIGEHIXLIQERRIVMR[LMGLWIMWQMGVMWOPIZIPW LEZI FIIR I\TVIWWIH MR 9RMXIH 7XEXIW FYMPHMRK GSHIW LEW GLERKIH4VIZMSYWP]XLI]LEZIFIIRVITVIWIRXIHMRXIVQWSJ WIMWQMG ^SRIW 6IGIRX IHMXMSRW SJ XLI w&3'% 2EXMSREP &YMPHMRK 'SHIx 2&' ERH w7XERHEVH &YMPHMRK 'SHIx 7&' [LMGL EVI FEWIH SR XLI 2),64 LEZI I\TVIWWIHVMWORSXSRP]EWEJYRGXMSRSJI\TIGXIHMRXIRWMX]SJ KVSYRH WLEOMRK SR WSPMH VSGO FYX EPWS SR XLI REXYVI SJ XLI SGGYTERG] ERH YWI SJ XLI WXVYGXYVI 8LIWI X[S MXIQW EVI GSRWMHIVIHMREWWMKRMRKXLIWXVYGXYVIXSEWIMWQMGTIVJSVQERGI GEXIKSV] 74' [LMGL MR XYVR MW YWIH XS XVMKKIV HMJJIVIRX PIZIPW SJ HIXEMPMRK VIUYMVIQIRXW JSV XLI WXVYGXYVI 8LI w-RXIVREXMSREP &YMPHMRK 'SHIx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{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{ *SV TVIWXVIWWIH GSRGVIXI IRZMVSRQIRXEP WXVYGXYVIW 'LETXIVW XLVSYKL GSZIV TVIWXVIWWMRK MR KIRIVEP 'LETXIVW XLVSYKL TPYW %TTIRHM\ + GSZIV XLI YWI SJ GMVGYPEV [MVI ERH WXVERH [VETTIH TVIWXVIWWIHGSRGVIXIIRZMVSRQIRXEPWXVYGXYVIW 6 { %TTIRHM\+MWMRGSVTSVEXIHXSEHHVIWWXLSWIEWTIGXW SJGMVGYPEV[VETTIHTVIWXVIWWIHGSRGVIXIIRZMVSRQIRXEPWXVYG XYVIWXLEXEVIRSXHMVIGXP]GSZIVIH[MXLMRXLIQEMRFSH]SJXLI GSHI 8LYW %TTIRHM\ +HIEPW [MXL MXIQW XLEX EVI YRMUYI XS GMVGYPEV [VETTIH TVIWXVIWWIH WXVYGXYVIW WYGL EW WXIIP HMETLVEKQ[VETTIHTVIWXVIWWMRKERHWLSXGVIXI {(VE[MRKWERHWTIGMJMGEXMSRW 6{(VE[MRKWERHWTIGMJMGEXMSRW {'STMIWSJHIWMKRHVE[MRKWX]TMGEPHIXEMPWERH WTIGMJMGEXMSRW JSV EPP WXVYGXYVEP GSRGVIXI GSRWXVYGXMSR WLEPPFIEVXLIWIEPSJEPMGIRWIHIRKMRIIVSVEVGLMXIGX 8LIWIHVE[MRKWHIXEMPWERHWTIGMJMGEXMSRWWLEPPWLS[ 6{8LITVSZMWMSRWJSVTVITEVEXMSRSJHIWMKRHVE[MRKW ERH WTIGMJMGEXMSRW EVI MR KIRIVEP GSRWMWXIRX [MXL XLSWI SJ QSWXKIRIVEPFYMPHMRKGSHIWERHEVIMRXIRHIHEWWYTTPIQIRXW E 2EQIERHHEXISJMWWYISJXLIETTPMGEFPIFYMPHMRK GSHIERHWYTTPIQIRXXS[LMGLHIWMKRGSRJSVQW F 0MZIPSEHERHSXLIVPSEHWYWIHMRHIWMKR G 7TIGMJMIH GSQTVIWWMZI WXVIRKXL SJ GSRGVIXI EX WXEXIHEKIWSVWXEKIWSJGSRWXVYGXMSRJSV[LMGLIEGL TEVXSJWXVYGXYVIMWHIWMKRIH H 7TIGMJMIHWXVIRKXLSVKVEHISJVIMRJSVGIQIRX I 7MÎ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Î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{'EPGYPEXMSRWTIVXMRIRXXSHIWMKRWLEPPFIJMPIH [MXLXLIHVE[MRKW[LIRVIUYMVIHF]XLIFYMPHMRKSJJMGMEP %REP]WIWERHHIWMKRWYWMRKGSQTYXIVTVSKVEQWWLEPP FITIVQMXXIHTVSZMHIHHIWMKREWWYQTXMSRWYWIVMRTYX ERHGSQTYXIVKIRIVEXIHSYXTYXEVIWYFQMXXIH1SHIP EREP]WMWWLEPPFITIVQMXXIHXSWYTTPIQIRXGEPGYPEXMSRW 6 {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{ &YMPHMRK SJJMGMEP QIERW XLI SJJMGIV SV SXLIV HIWMKREXIH EYXLSVMX] GLEVKIH [MXL XLI EHQMRMWXVEXMSR ERH IRJSVGIQIRX SJ XLMW GSHI SV LMW HYP] EYXLSVMÎH VITVIWIRXEXMZI 6 { w&YMPHMRK SJJMGMEPx MW XLI XIVQ YWIH F] QER] KIRIVEPFYMPHMRKGSHIWXSMHIRXMJ]XLITIVWSRGLEVKIH[MXL EHQMRMWXVEXMSR ERH IRJSVGIQIRX SJ XLI TVSZMWMSRW SJ XLI FYMPHMRK GSHI 7YGL XIVQW EW wFYMPHMRK GSQQMWWMSRIVx SV wFYMPHMRKMRWTIGXSVxLS[IZIVEVIZEVMEXMSRWSJXLIXMXPIERH XLIXIVQwFYMPHMRKSJJMGMEPxEWYWIHMRXLMWGSHIMWMRXIRHIH XSMRGPYHIXLSWIZEVMEXMSRWEW[IPPEWSXLIVWXLEXEVIYWIHMR XLIWEQIWIRWI {-RWTIGXMSR 6{-RWTIGXMSR 8LIUYEPMX]SJGSRGVIXIWXVYGXYVIWHITIRHWPEVKIP]SR[SVO QERWLMT MRGSRWXVYGXMSR 8LI FIWXSJ QEXIVMEPW ERH HIWMKR TVEGXMGI [MPP RSX FI IJJIGXMZI YRPIWW XLI GSRWXVYGXMSR MW TIVJSVQIH[IPP-RWTIGXMSRMWTVSZMHIHXSEWWYVIWEXMWJEGXSV] [SVOMREGGSVHERGI[MXLXLIHIWMKRHVE[MRKWERHWTIGMJMGE XMSRW 4VSTIV TIVJSVQERGI SJ XLI WXVYGXYVI HITIRHW SR GSRWXVYGXMSRXLEXEGGYVEXIP]VITVIWIRXWXLIHIWMKRERHQIIXW GSHI VIUYMVIQIRXW [MXLMR XLI XSPIVERGIW EPPS[IH -R XLI TYFPMGMRXIVIWXPSGEPFYMPHMRKSVHMRERGIWWLSYPHVIUYMVIXLI S[RIVXSTVSZMHIMRWTIGXMSRW { 'SRGVIXI GSRWXVYGXMSR WLEPP FI MRWTIGXIH EW VIUYMVIHF]XLIPIKEPP]EHSTXIHKIRIVEPFYMPHMRKGSHI -R XLI EFWIRGI SJ WYGL VIUYMVIQIRXW GSRGVIXI GSRWXVYGXMSRWLEPPFIMRWTIGXIHXLVSYKLSYXXLIZEVMSYW [SVOWXEKIWF]SVYRHIVXLIWYTIVZMWMSRSJEPMGIRWIH HIWMKRTVSJIWWMSREPSVF]EUYEPMJMIHMRWTIGXSV 6{-RWTIGXMSRSJGSRWXVYGXMSRF]SVYRHIVXLIWYTIVZM WMSRSJXLIPMGIRWIHHIWMKRTVSJIWWMSREPVIWTSRWMFPIJSVXLI HIWMKR WLSYPH FI VIGSQQIRHIH FIGEYWI XLI TIVWSR MR GLEVKI SJ XLI HIWMKR MW XLI FIWX UYEPMJMIH XS MRWTIGX JSV GSRJSVQERGI[MXLXLIHIWMKR;LIRWYGLEREVVERKIQIRXMW RSX JIEWMFPI MRWTIGXMSR SJ GSRWXVYGXMSR XLVSYKL SXLIV PMGIRWIHHIWMKRTVSJIWWMSREPWSVXLVSYKLWITEVEXIEGGVIHMXIH MRWTIGXMSR SVKERMÊ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{ 8LI MRWTIGXSV WLEPP VIUYMVI GSQTPMERGI [MXL HIWMKR HVE[MRKW ERH WTIGMJMGEXMSRW 9RPIWW WTIGMJMIH SXLIV[MWIMRXLIPIKEPP]EHSTXIHKIRIVEPFYMPHMRKGSHI MRWTIGXMSRVIGSVHWWLEPPMRGPYHI E 5YEPMX] ERH TVSTSVXMSRW SJ GSRGVIXI QEXIVMEPW ERHWXVIRKXLSJGSRGVIXI F 'SRWXVYGXMSR ERH VIQSZEP SJ JSVQW ERH VIWLSVMRK G 4PEGMRKSJVIMRJSVGIQIRXERHERGLSVW H 1M\MRKTPEGMRKERHGYVMRKSJGSRGVIXI I 7IUYIRGISJIVIGXMSRERHGSRRIGXMSRSJTVIGEWX QIQFIVW J 8IRWMSRMRKSJXIRHSRW K %R] WMKRMJMGERX GSRWXVYGXMSR PSEHMRKW SR GSQTPIXIHJPSSVWQIQFIVWSV[EPPW L (IWGVMTXMSR ERH VIWYPXW SJ XMKLXRIWW XIWXMRK SJ PMUYMHERHSVKEWGSRXEMRMRKWXVYGXYVIW M +IRIVEPTVSKVIWWSJ[SVO 6 {&]wMRWTIGXMSRxXLIGSHIHSIWRSXQIERXLEXXLI MRWTIGXSV WLSYPH WYTIVZMWI XLI GSRWXVYGXMSR 6EXLIV MX QIERWXLEXXLISRIIQTPS]IHJSVMRWTIGXMSRWLSYPHZMWMXXLI TVSNIGX[MXLXLIJVIUYIRG]RIGIWWEV]XSSFWIVZIXLIZEVMSYW WXEKIWSJ[SVOERHEWGIVXEMRXLEXMXMWFIMRKHSRIMRGSQTPM ERGI[MXL GSRXVEGX HSGYQIRXW ERHGSHI VIUYMVIQIRXW8LI JVIUYIRG] WLSYPH FI EX PIEWX IRSYKL XS TVSZMHI KIRIVEP ORS[PIHKISJIEGLSTIVEXMSR[LIXLIVXLMWMWWIZIVEPXMQIWE HE]SVSRGIMRWIZIVEPHE]W -RWTIGXMSRMRRS[E]VIPMIZIWXLIGSRXVEGXSVJVSQLMWSFPMKE XMSRXSJSPPS[XLITPERWERHWTIGMJMGEXMSRWMQTPMGMXP]ERHXS TVSZMHIXLIHIWMKREXIHUYEPMX]ERHUYERXMX]SJQEXIVMEPWERH [SVOQERWLMT JSV EPP NSF WXEKIW 8LI MRWTIGXSV WLSYPH FI TVIWIRX EW JVIUYIRXP] EW LIWLI HIIQW RIGIWWEV] XS NYHKI [LIXLIVXLIUYEPMX]ERHUYERXMX]SJXLI[SVOGSQTPMIW[MXL XLI GSRXVEGX HSGYQIRXW XS GSYRWIP SR TSWWMFPI [E]W SJ SFXEMRMRKXLIHIWMVIHVIWYPXWXSWIIXLEXXLIKIRIVEPW]WXIQ TVSTSWIH JSV JSVQ[SVO ETTIEVW TVSTIV XLSYKL MX VIQEMRW XLIGSRXVEGXSVvWVIWTSRWMFMPMX]XSHIWMKRERHFYMPHEHIUYEXI JSVQWERHXSPIEZIXLIQ MRTPEGIYRXMPMXMWWEJIXSVIQSZI XLIQ XSWIIXLEXVIMRJSVGIQIRXMWTVSTIVP]MRWXEPPIHXSWII XLEXGSRGVIXIMWSJXLIGSVVIGXUYEPMX]TVSTIVP]TPEGIHERH GYVIH ERH XS WII XLEX XIWXW JSV UYEPMX] GSRXVSP EVI FIMRK QEHIEWWTIGMJMIH 8LIGSHI TVIWGVMFIWQMRMQYQ VIUYMVIQIRXWJSVMRWTIGXMSR SJ EPP WXVYGXYVIW [MXLMR MXW WGSTI -X MW RSX E GSRWXVYGXMSR WTIGMJMGEXMSR ERH ER] YWIV SJ XLI GSHI QE] VIUYMVI LMKLIV WXERHEVHW SJ MRWTIGXMSR XLER GMXIH MR XLI PIKEP GSHI MJ EHHMXMSREPVIUYMVIQIRXWEVIRIGIWWEV] 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= 6IGSQQIRHIHTVSGIHYVIWJSVSVKERMÊXMSRERHGSRHYGXSJ GSRGVIXI MRWTIGXMSR EVI KMZIR MR HIXEMP MR w+YMHI JSV 'SRGVIXI-RWTIGXMSRx 7IXWJSVXLTVSGIHYVIWVIPEXMRKXS GSRGVIXIGSRWXVYGXMSRXSWIVZIEWEKYMHIXSS[RIVWEVGLM XIGXWERHIRKMRIIVWMRTPERRMRKERMRWTIGXMSRTVSKVEQ (IXEMPIH QIXLSHW SJ MRWTIGXMRK GSRGVIXI GSRWXVYGXMSR EVI KMZIR MR w%'- 1ERYEP SJ 'SRGVIXI -RWTIGXMSRx 74 VITSVXIHF]%'-'SQQMXXII (IWGVMFIWQIXLSHWSJ MRWTIGXMRKGSRGVIXIGSRWXVYGXMSRXLEXEVIKIRIVEPP]EGGITXIH EWKSSHTVEGXMGI-RXIRHIHEWEWYTTPIQIRXXSWTIGMJMGEXMSRW ERHEWEKYMHIMRQEXXIVWRSXGSZIVIHF]WTIGMJMGEXMSRW %'-TVSZMHIWXLIw+YMHIJSV'SRGVIXI4PERX-RWTIG XMSRERH8IWXMRKSJ6IEH]1M\IH'SRGVIXIx {;LIRXLIEQFMIRXXIQTIVEXYVIJEPPWFIPS[* SVVMWIWEFSZI*EVIGSVHWLEPPFIOITXSJGSRGVIXI XIQTIVEXYVIW ERH SJ TVSXIGXMSR KMZIR XS GSRGVIXI HYVMRKTPEGIQIRXERHGYVMRK 6 { 8LI XIVQ wEQFMIRX XIQTIVEXYVIx QIERW XLI XIQTIVEXYVI SJ XLI IRZMVSRQIRX XS [LMGL XLI GSRGVIXI MW HMVIGXP] I\TSWIH 'SRGVIXI XIQTIVEXYVI EW YWIH MR XLMW WIGXMSRQE]FIXEOIREWXLIEMVXIQTIVEXYVIRIEVXLIWYVJEGI SJ XLI GSRGVIXI LS[IZIV HYVMRK QM\MRK ERH TPEGMRK MX MW TVEGXMGEPXSQIEWYVIXLIXIQTIVEXYVISJXLIQM\XYVI { 6IGSVHW SJ MRWTIGXMSR VIUYMVIH MR ERH WLEPPFITVIWIVZIHF]XLIMRWTIGXMRKIRKMRIIVSV EVGLMXIGXJSV]IEVWEJXIVGSQTPIXMSRSJXLITVSNIGX 6 {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{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{8LITYVTSWISJXLMWWIGXMSRMWXSIRWYVIXLEXXLI WTIGMEPHIXEMPMRKVIUYMVIHMRGSRGVIXIHYGXMPIJVEQIWMWTVST IVP]I\IGYXIHXLVSYKLMRWTIGXMSRF]TIVWSRRIP[LSEVIUYEP MJMIHXSHSXLMW[SVO5YEPMJMGEXMSRWSJMRWTIGXSVWWLSYPHFI HIXIVQMRIH F] XLI NYVMWHMGXMSR IRJSVGMRK XLI KIRIVEP FYMPHMRKGSHI {%TTVSZEPSJWTIGMEPW]WXIQWSJ HIWMKRSVGSRWXVYGXMSR 6{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{()*-2-8-327 '3() '311)28%6= {8LIJSPPS[MRKXIVQWEVIHIJMRIHJSVKIRIVEPYWI MRXLMWGSHI7TIGMEPMÎHHIJMRMXMSRWETTIEVMRMRHMZMHYEP GLETXIVW 6 {*SVGSRWMWXIRXETTPMGEXMSRSJXLIGSHIMXMWRIGIW WEV]XLEXXIVQWFIHIJMRIH[LIVIXLI]LEZITEVXMGYPEVQIER MRKW MR XLI GSHI 8LI HIJMRMXMSRW KMZIR EVI JSV YWI MR ETTPMGEXMSRSJXLMWGSHISRP]ERHHSRSXEP[E]WGSVVIWTSRH XSSVHMREV]YWEKI%KPSWWEV]SJQSWXYWIHXIVQWVIPEXMRKXS GIQIRX QERYJEGXYVMRK GSRGVIXI HIWMKR ERH GSRWXVYGXMSR ERH VIWIEVGL MR GSRGVIXI MW GSRXEMRIH MR w'IQIRX ERH 'SRGVIXI8IVQMRSPSK]xVITSVXIHF]%'-'SQQMXXII &]GSHIHIJMRMXMSRwWERHPMKLX[IMKLXGSRGVIXIx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wTPEMR VIMRJSVGIQIRXx JSV GSHI TYVTSWIW ERH QE] FI YWIHSRP]JSVWTMVEPW % RYQFIV SJ HIJMRMXMSRW JSV PSEHW EVI KMZIR EW XLI GSHI GSRXEMRW VIUYMVIQIRXW XLEX QYWX FI QIX EX ZEVMSYW PSEH PIZIPW 8LI XIVQW wHIEH PSEHx ERH wPMZI PSEHx VIJIV XS XLI YRJEGXSVIHPSEHW WIVZMGIPSEHW WTIGMJMIHSVHIJMRIHF]XLI KIRIVEP FYMPHMRK GSHI 7IVZMGI PSEHW PSEHW [MXLSYX PSEH JEGXSVW EVIXSFIYWIH[LIVIWTIGMJMIHMRXLIGSHIXSTVSTSV XMSRSVMRZIWXMKEXIQIQFIVWJSVEHIUYEXIWIVZMGIEFMPMX]EWMR 'SRXVSP SJ (IJPIGXMSRW 0SEHW YWIH XS TVSTSVXMSR E QIQFIV JSV EHIUYEXI WXVIRKXL EVI HIJMRIH EW wJEGXSVIH PSEHWx *EGXSVIH PSEHW EVI WIVZMGI PSEHW QYPXMTPMIH F] XLI ETTVSTVMEXI PSEH JEGXSVW WTIGMJMIH MR JSV VIUYMVIH WXVIRKXL8LIXIVQwHIWMKRPSEHWxEWYWIHMRXLI%'- GSHIXSVIJIVXSPSEHWQYPXMTPMIHF]ETTVSTVMEXIPSEHJEGXSVW [EWHMWGSRXMRYIHMRXLI%'-GSHIXSEZSMHGSRJYWMSR [MXL XLI HIWMKR PSEH XIVQMRSPSK] YWIHMR KIRIVEP FYMPHMRK GSHIWXSHIRSXIWIVZMGIPSEHWSVTSWXIHPSEHWMRFYMPHMRKW 8LIJEGXSVIHPSEHXIVQMRSPSK]JMVWXEHSTXIHMRXLI%'- GSHIGPEVMJMIW[LIRXLIPSEHJEGXSVWEVIETTPMIHXSETEVXMGYPEV PSEHQSQIRXSVWLIEVZEPYIEWYWIHMRXLIGSHITVSZMWMSRW 6IMRJSVGIH GSRGVIXI MW HIJMRIH XS MRGPYHI TVIWXVIWWIH GSRGVIXI %PXLSYKL XLI FILEZMSV SJ E TVIWXVIWWIH QIQFIV [MXL YRFSRHIH XIRHSRW QE] ZEV] JVSQ XLEX SJ QIQFIVW [MXL GSRXMRYSYWP] FSRHIH XIRHSRW FSRHIH ERH YRFSRHIH TVIWXVIWWIH GSRGVIXI EVI GSQFMRIH [MXL GSRZIRXMSREPP] VIMRJSVGIH GSRGVIXI YRHIV XLI KIRIVMG XIVQ wVIMRJSVGIH 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= GSRGVIXIx 4VSZMWMSRW GSQQSR XS FSXL TVIWXVIWWIH ERH GSRZIRXMSREPP] VIMRJSVGIH GSRGVIXI EVI MRXIKVEXIH XS EZSMH SZIVPETTMRKERHGSRJPMGXMRKTVSZMWMSRW 7XVIRKXLSJEQIQFIVSVGVSWWWIGXMSRGEPGYPEXIHYWMRKWXER HEVH EWWYQTXMSRW ERH WXVIRKXL IUYEXMSRW ERH RSQMREP WTIGMJMIH ZEPYIW SJ QEXIVMEP WXVIRKXLW ERH HMQIRWMSRW MW VIJIVVIHXSEWwRSQMREPWXVIRKXLx8LIWYFWGVMTXR MWYWIHXS HIRSXI XLI RSQMREP WXVIRKXLW RSQMREP E\MEP PSEH WXVIRKXL 4R RSQMREP QSQIRX WXVIRKXL 1R ERH RSQMREP WLIEV WXVIRKXL :R w(IWMKR WXVIRKXLx SV YWEFPI WXVIRKXL SJ E QIQFIVSVGVSWWWIGXMSRMWXLIRSQMREPWXVIRKXLVIHYGIHF] XLIWXVIRKXLVIHYGXMSRJEGXSV 8LIVIUYMVIHE\MEPPSEHQSQIRXERHWLIEVWXVIRKXLWYWIH XS TVSTSVXMSR QIQFIVW EVI VIJIVVIH XS IMXLIV EW JEGXSVIH E\MEP PSEHW JEGXSVIH QSQIRXW ERH JEGXSVIH WLIEVW SV VIUYMVIH E\MEP PSEHW QSQIRXW ERH WLIEVW 8LI JEGXSVIH PSEH IJJIGXW EVI GEPGYPEXIH JVSQ XLI ETTPMIH JEGXSVIHPSEHW ERHJSVGIWMRWYGLPSEHGSQFMREXMSRWEWEVIWXMTYPEXIHMRXLI GSHI WII 8LI WYFWGVMTX Y MW YWIH SRP] XS HIRSXI XLI VIUYMVIH WXVIRKXLWVIUYMVIHE\MEPPSEHWXVIRKXL4YVIUYMVIHQSQIRX WXVIRKXL 1Y ERH VIUYMVIH WLIEV WXVIRKXL :Y GEPGYPEXIH JVSQXLIETTPMIHJEGXSVIHPSEHWERHJSVGIW 8LIFEWMGVIUYMVIQIRXJSVWXVIRKXLHIWMKRQE]FII\TVIWWIH EWJSPPS[W (IWMKRWXVIRKXL 6IUYMVIHWXVIRKXL 4R 4Y 1R 1Y :R :Y *SVEHHMXMSREPHMWGYWWMSRSRXLIGSRGITXWERHRSQIRGPEXYVI JSVWXVIRKXLHIWMKRWII'SQQIRXEV]'LETXIV 8LIXIVQwGSQTVIWWMSRQIQFIVx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{1EXIVMEPSXLIVXLER[EXIVEKKVIKEXISV L]HVEYPMG GIQIRX YWIH EW ER MRKVIHMIRX SJ GSRGVIXI ERH EHHIH XS GSRGVIXI FIJSVI SV HYVMRK MXW QM\MRK XS QSHMJ]MXWTVSTIVXMIW %KKVIKEXI {+VERYPEVQEXIVMEPWYGLEWWERHKVEZIP GVYWLIHWXSRIERHMVSRFPEWXJYVREGIWPEKYWIH[MXL E GIQIRXMRK QIHMYQ XS JSVQ E L]HVEYPMG GIQIRX GSRGVIXISVQSVXEV %KKVIKEXI PMKLX[IMKLX { %KKVIKEXI [MXL E HV] PSSWI[IMKLXSJPFJXSVPIWW %RGLSVEKI HIZMGI { -R TSWXXIRWMSRMRK XLI LEVH [EVIYWIHJSVXVERWJIVVMRKETSWXXIRWMSRMRKJSVGIJVSQ XLITVIWXVIWWMRKWXIIPXSXLIGSRGVIXI %RGLSVEKI HIZMGI { 1SWX ERGLSVEKI HIZMGIW JSV TSWX XIRWMSRMRK EVI WXERHEVH QERYJEGXYVIH HIZMGIW EZEMPEFPI JVSQ GSQQIVGMEP WSYVGIW -R WSQI GEWIW HIWMKRIVW SV GSRWXVYGXSVW HIZIPST wWTIGMEPx HIXEMPW SV EWWIQFPEKIW XLEX GSQFMRI ZEVMSYW [IHKIW ERH [IHKI TPEXIW JSV ERGLSVMRK TVIWXVIWWMRKWXIIP [MXL WTIGMEPX]IRH TPEXIW SVHMETLVEKQW 8LIWIMRJSVQEPHIWMKREXMSRWEWWXERHEVHERGLSVEKIHIZMGIW SVWTIGMEPERGLSVEKIHIZMGIWLEZIRSHMVIGXVIPEXMSRXSXLI %'-'SHIGPEWWMJMGEXMSRSJERGLSVEKIHIZMGIWEWFEWMG ERGLSVEKIHIZMGIWSVWTIGMEPERGLSVEKIHIZMGIW %RGLSVEKI ^SRI { -R TSWXXIRWMSRIH QIQFIVW XLI TSVXMSRSJXLIQIQFIVXLVSYKL[LMGLXLIGSRGIRXVEXIH TVIWXVIWWMRK JSVGI MW XVERWJIVVIH XS XLI GSRGVIXI ERH HMWXVMFYXIH QSVI YRMJSVQP] EGVSWW XLI WIGXMSR -XW I\XIRX MW IUYEP XS XLI PEVKIWX HMQIRWMSR SJ XLI GVSWW WIGXMSR*SVERGLSVEKIHIZMGIWPSGEXIHE[E]JVSQXLI IRH SJ E QIQFIV XLI ERGLSVEKI ^SRI MRGPYHIW XLI HMWXYVFIHVIKMSRWELIEHSJERHFILMRHXLIERGLSVEKI HIZMGIW %RGLSVEKI^SRI{8LIXIVQMRSPSK]wELIEHSJxERHwFILMRHx XLIERGLSVEKIHIZMGIMWMPPYWXVEXIHMR*MK6 F &EWMGQSRSWXVERHERGLSVEKIHIZMGI{%RGLSVEKI HIZMGIYWIH[MXLER]WMRKPIWXVERHSVEWMRKPIMRSV WQEPPIV HMEQIXIV FEV XLEX WEXMWJMIW ERH XLI ERGLSVEKIHIZMGIVIUYMVIQIRXWSJ%'-w7TIGMJM GEXMSRJSV9RFSRHIH7MRKPI7XVERH8IRHSRWx &EWMG ERGLSVEKI HIZMGIW EVI XLSWI HIZMGIW XLEX EVI WS TVSTSVXMSRIH XLEX XLI] GER FI GLIGOIH EREP]XMGEPP] JSV GSQTPMERGI [MXL FIEVMRK WXVIWW ERH WXMJJRIWW VIUYMVIQIRXW [MXLSYX LEZMRK XS YRHIVKS XLI EGGITXERGIXIWXMRK TVSKVEQ VIUYMVIHSJWTIGMEPERGLSVEKIHIZMGIW &EWMG QYPXMWXVERH ERGLSVEKIHIZMGI { %RGLSVEKI HIZMGI YWIH [MXL QYPXMTPI WXVERHW FEVW SV [MVIW SV [MXLWMRKPIFEVWPEVKIVXLERMRHMEQIXIVXLEXWEXMW JMIW ERHXLIFIEVMRKWXVIWWERHQMRMQYQTPEXI WXMJJRIWW VIUYMVIQIRXW SJ %%7,83 &VMHKI 7TIGMJMGE XMSRW(MZMWMSR-%VXMGPIWXLVSYKL &SRHIHXIRHSR {8IRHSRMR[LMGLTVIWXVIWWMRKWXIIP MW FSRHIH XS GSRGVIXI IMXLIV HMVIGXP] SV XLVSYKL KVSYXMRK &YMPHMRKSJJMGMEP {7II 'IQIRXMXMSYW QEXIVMEPW { 1EXIVMEPW EW WTIGMJMIH MR 'LETXIV[LMGLLEZIGIQIRXMRKZEPYI[LIRYWIHMR GSRGVIXI IMXLIV F] XLIQWIPZIW WYGL EW TSVXPERH GIQIRX FPIRHIH L]HVEYPMG GIQIRXW ERH I\TERWMZI GIQIRXSVWYGLQEXIVMEPWMRGSQFMREXMSR[MXLJP]EWL SXLIV VE[ SV GEPGMRIH REXYVEP TS^^SPERW WMPMGE JYQI ERHSVKVSYRHKVERYPEXIHFPEWXJYVREGIWPEK 1%29%03*'32'6)8)46%'8-') '3() 'SPYQR { 1IQFIV [MXL E VEXMS SJ LIMKLXXSPIEWX PEXIVEP HMQIRWMSR I\GIIHMRK YWIH TVMQEVMP] XS WYTTSVXE\MEPGSQTVIWWMZIPSEH 'SQTSWMXIGSRGVIXIJPI\YVEPQIQFIVW {'SRGVIXI JPI\YVEP QIQFIVW SJ TVIGEWX ERHSV GEWXMRTPEGI GSRGVIXI IPIQIRXW GSRWXVYGXIH MR WITEVEXI TPEGI QIRXWFYXWSMRXIVGSRRIGXIHXLEXEPPIPIQIRXWVIWTSRH XSPSEHWEWEYRMX 'SRGVIXI {1M\XYVISJTSVXPERHGIQIRXSVER]SXLIV L]HVEYPMG GIQIRX JMRI EKKVIKEXI GSEVWI EKKVIKEXI ERH[EXIV[MXLSV[MXLSYXEHQM\XYVIW 'SRGVIXIWTIGMJMIHGSQTVIWWMZIWXVIRKXLSJ J G { 'SQTVIWWMZIWXVIRKXLSJGSRGVIXIYWIHMRHIWMKRERH IZEPYEXIHMREGGSVHERGI[MXLTVSZMWMSRWSJ'LETXIV I\TVIWWIHMRTSYRHWTIVWUYEVIMRGL TWM ;LIRIZIV XLIUYERXMX] JG MWYRHIVEVEHMGEPWMKRWUYEVIVSSXSJ RYQIVMGEPZEPYISRP]MWMRXIRHIHERHVIWYPXLEWYRMXW SJTSYRHWTIVWUYEVIMRGL TWM 'SRGVIXI WXVYGXYVEP PMKLX[IMKLX { 'SRGVIXI GSRXEMRMRK PMKLX[IMKLX EKKVIKEXIXLEXGSRJSVQWXS ERHLEWEREMVHV]YRMX[IMKLXEWHIXIVQMRIHF]w8IWX 1IXLSH JSV 9RMX ;IMKLX SJ 7XVYGXYVEP 0MKLX[IMKLX 'SRGVIXIx %781' RSXI\GIIHMRKPFJX-R XLMWGSHIEPMKLX[IMKLXGSRGVIXI[MXLSYXREXYVEPWERH MW XIVQIH wEPPPMKLX[IMKLX GSRGVIXIx ERH PMKLX[IMKLX GSRGVIXIMR[LMGLEPPSJXLIJMRIEKKVIKEXIGSRWMWXWSJ RSVQEP[IMKLX WERH MW XIVQIH wWERHPMKLX[IMKLX GSRGVIXIx 'SRXVEGXMSRNSMRX {*SVQIHWE[IHSVXSSPIHKVSSZI MR E GSRGVIXI WXVYGXYVI XS GVIEXI E [IEOIRIH TPERI ERHVIKYPEXIXLIPSGEXMSRSJGVEGOMRKVIWYPXMRKJVSQXLI HMQIRWMSREPGLERKISJHMJJIVIRXTEVXWSJXLIWXVYGXYVI 'YVZEXYVIJVMGXMSR {*VMGXMSRVIWYPXMRKJVSQFIRHWSV GYVZIWMRXLIWTIGMJMIHTVIWXVIWWMRKXIRHSRTVSJMPI (IJSVQIH VIMRJSVGIQIRX { (IJSVQIH VIMRJSVGMRK FEVW FEV QEXW HIJSVQIH [MVI [IPHIH TPEMR [MVI JEFVMGERH[IPHIHHIJSVQIH[MVIJEFVMGGSRJSVQMRKXS (IZIPSTQIRXPIRKXL {0IRKXLSJIQFIHHIHVIMRJSVGI QIRX VIUYMVIH XS HIZIPST XLI HIWMKR WXVIRKXL SJ VIMRJSVGIQIRXEXEGVMXMGEPWIGXMSR7II (YGX {% GSRHYMX TPEMRSVGSVVYKEXIH XSEGGSQQS HEXITVIWXVIWWMRKWXIIPJSVTSWXXIRWMSRIHMRWXEPPEXMSR 6IUYMVIQIRXW JSV TSWXXIRWMSRMRK HYGXW EVI KMZIR MR 7IGXMSR )JJIGXMZIHITXLSJWIGXMSR H {(MWXERGIQIEWYVIH JVSQI\XVIQIGSQTVIWWMSRJMFIVXSGIRXVSMHSJXIRWMSR VIMRJSVGIQIRX )JJIGXMZITVIWXVIWW {7XVIWWVIQEMRMRKMRTVIWXVIWWMRK WXIIPEJXIVEPPPSWWIWLEZISGGYVVIH '311)28%6= )2:-6321)28%07869'896)7'3()'311)28%6= '3() )QFIHQIRX PIRKXL { 0IRKXL SJ IQFIHHIH VIMR JSVGIQIRXTVSZMHIHFI]SRHEGVMXMGEPWIGXMSR )\XVIQI XIRWMSR WXIIP { 8LI VIMRJSVGIQIRX TVIWXVIWWIH SV RSRTVIWXVIWWIH XLEX MW XLI JEVXLIWX JVSQXLII\XVIQIGSQTVIWWMSRJMFIV -WSPEXMSR NSMRX { % WITEVEXMSR FIX[IIR EHNSMRMRK TEVXWSJEGSRGVIXIWXVYGXYVIYWYEPP]EZIVXMGEPTPERI EX E HIWMKRIH PSGEXMSR WYGL EW XS MRXIVJIVI PIEWX [MXL TIVJSVQERGISJXLIWXVYGXYVI]IXWYGLEWXSEPPS[VIPE XMZIQSZIQIRXMRXLVIIHMVIGXMSRWERHEZSMHJSVQEXMSR SJGVEGOWIPWI[LIVIMRXLIGSRGVIXIERHXLVSYKL[LMGL EPPSVTEVXSJXLIFSRHIHVIMRJSVGIQIRXMWMRXIVVYTXIH .EGOMRKJSVGI{-R TVIWXVIWWIHGSRGVIXIXIQTSVEV] JSVGI I\IVXIH F] HIZMGI XLEX MRXVSHYGIW XIRWMSR MRXS TVIWXVIWWMRKWXIIP 0SEHHIEH{(IEH[IMKLXWYTTSVXIHF]EQIQFIV EWHIJMRIHF]KIRIVEPFYMPHMRKGSHISJ[LMGLXLMWGSHI JSVQWETEVX [MXLSYXPSEHJEGXSVW 0SEHJEGXSVIH{0SEHQYPXMTPMIHF]ETTVSTVMEXIPSEH JEGXSVW YWIH XS TVSTSVXMSR QIQFIVW F] XLI WXVIRKXL HIWMKRQIXLSHSJXLMWGSHI7IIERH 0SEH PMZI { 0MZI PSEH WTIGMJMIH F] KIRIVEP FYMPHMRK GSHI SJ [LMGL XLMW GSHI JSVQW E TEVX [MXLSYX PSEH JEGXSV 0SEH WIVZMGI { 0SEH WTIGMJMIH F] KIRIVEP FYMPHMRK GSHI SJ [LMGL XLMW GSHI JSVQW E TEVX [MXLSYX PSEH JEGXSVW 1SHYPYW SJ IPEWXMGMX] { 6EXMS SJ RSVQEP WXVIWW XS GSVVIWTSRHMRK WXVEMR JSV XIRWMPI SV GSQTVIWWMZI WXVIWWIWFIPS[TVSTSVXMSREPPMQMXSJQEXIVMEP7II 1SQIRXJVEQI{*VEQIMR[LMGLQIQFIVWERHNSMRXW VIWMWX JSVGIW XLVSYKL JPI\YVI WLIEV ERH E\MEP JSVGI 1SQIRXJVEQIWWLEPPFIGEXIKSVMÎHEWJSPPS[W -RXIVQIHMEXI QSQIRX JVEQI { % GEWXMR TPEGI JVEQI GSQTP]MRK [MXL XLI VIUYMVIQIRXW SJ ERH MR EHHMXMSR XS XLI VIUYMVIQIRXWJSVSVHMREV]QSQIRXJVEQIW 3VHMREV] QSQIRX JVEQI { % GEWXMRTPEGI SVTVIGEWXGSRGVIXIJVEQIGSQTP]MRK[MXLXLI VIUYMVIQIRXWSJ'LETXIVWXLVSYKL 7TIGMEP QSQIRX JVEQI { % GEWXMRTPEGI JVEQIGSQTP]MRK[MXLXLIVIUYMVIQIRXWSJ XLVSYKL SV E TVIGEWX JVEQI GSQTP]MRK [MXLXLIVIUYMVIQIRXWSJXLVSYKL-R EHHMXMSR XLI VIUYMVIQIRXW JSV SVHMREV] QSQIRXJVEQIWWLEPPFIWEXMWJMIH 2IX XIRWMPI WXVEMR { 8LI XIRWMPI WXVEMR EX RSQMREP WXVIRKXLI\GPYWMZISJWXVEMRWHYIXSIJJIGXMZITVIWXVIWW GVIITWLVMROEKIERHXIQTIVEXYVI '311)28%6= 1%29%03*'32'6)8)46%'8-') '3() 2SVQEP IRZMVSRQIRXEP I\TSWYVI { )\TSWYVI XS PMUYMHW[MXLET,KVIEXIVXLERSVI\TSWYVIXSWYPJEXI WSPYXMSRWTTQSVPIWW 4IHIWXEP {9TVMKLXGSQTVIWWMSRQIQFIV[MXLEVEXMS SJYRWYTTSVXIHLIMKLXXSEZIVEKI PIEWXPEXIVEPHMQIR WMSRSJPIWWXLER 4PEMRGSRGVIXI{7XVYGXYVEPGSRGVIXI[MXLRSVIMRJSVGI QIRX SV [MXL PIWW VIMRJSVGIQIRX XLER XLI QMRMQYQ EQSYRXWTIGMJMIHJSVVIMRJSVGIHGSRGVIXI 4PEMRVIMRJSVGIQIRX { 6IMRJSVGIQIRX XLEX HSIW RSX GSRJSVQ XS HIJMRMXMSR SJ HIJSVQIH VIMRJSVGIQIRX 7II 4SWXXIRWMSRMRK { 1IXLSH SJ TVIWXVIWWMRK MR [LMGL TVIWXVIWWMRK WXIIP MW XIRWMSRIH EJXIV GSRGVIXI LEW LEVHIRIH 4VIGEWXGSRGVIXI{7XVYGXYVEPGSRGVIXIIPIQIRXGEWX IPWI[LIVIXLERMXWJMREPTSWMXMSRMRXLIWXVYGXYVI 4VIWXVIWWIHGSRGVIXI{7XVYGXYVEPGSRGVIXIMR[LMGL MRXIVREP WXVIWWIW LEZI FIIR MRXVSHYGIH XS VIHYGI TSXIRXMEP XIRWMPI WXVIWWIW MR GSRGVIXI VIWYPXMRK JVSQ PSEHW 4VIWXVIWWMRK WXIIP { ,MKLWXVIRKXL WXIIP IPIQIRX WYGL EW [MVI FEV SV WXVERH SV E FYRHPI SJ WYGL IPIQIRXWYWIHXSMQTEVXTVIWXVIWWJSVGIWXSGSRGVIXI 4VIXIRWMSRMRK { 1IXLSH SJ TVIWXVIWWMRK MR [LMGL TVIWXVIWWMRK WXIIP MW XIRWMSRIH FIJSVI GSRGVIXI MW TPEGIH 6IMRJSVGIH GSRGVIXI { 7XVYGXYVEP GSRGVIXI VIMR JSVGIH [MXL RS PIWW XLER XLI QMRMQYQ EQSYRXW SJ TVIWXVIWWMRK WXIIP SV RSRTVIWXVIWWIH VIMRJSVGIQIRX WTIGMJMIHMR'LETXIVWXLVSYKL ERH %TTIRHMGIW% XLVSYKL ' 6IMRJSVGIQIRX { 1EXIVMEP XLEX GSRJSVQW XS I\GPYHMRK TVIWXVIWWMRK WXIIP YRPIWW WTIGMJMGEPP] MRGPYHIH 6IWLSVIW {7LSVIWTPEGIHWRYKP]YRHIVEGSRGVIXI WPEFSVSXLIVWXVYGXYVEPQIQFIVEJXIVXLISVMKMREPJSVQ ERH WLSVIW LEZI FIIR VIQSZIH JVSQ E PEVKIV EVIE XLYW VIUYMVMRK XLI RI[ WPEF SV WXVYGXYVEP QIQFIV XS HIJPIGX ERH WYTTSVX MXW S[R [IMKLX ERH I\MWXMRK GSRWXVYGXMSR PSEHW ETTPMIH TVMSV XS XLI MRWXEPPEXMSR SJ XLIVIWLSVIW 7IZIVIIRZMVSRQIRXEPI\TSWYVI {)\TSWYVIGSRHM XMSRWMR[LMGLXLIPMQMXWHIJMRMRKRSVQEPIRZMVSRQIRXEP I\TSWYVIEVII\GIIHIH '311)28%6= )2:-6321)28%07869'896)7'3()'311)28%6= '3() '311)28%6= 7LIEXLMRK { % QEXIVMEP IRGEWMRK TVIWXVIWWMRK WXIIP XS TVIZIRX FSRHMRK SJ XLI TVIWXVIWWMRK WXIIP [MXL XLI WYVVSYRHMRKGSRGVIXIXSTVSZMHIGSVVSWMSRTVSXIGXMSR ERHXSGSRXEMRXLIGSVVSWMSRMRLMFMXMRKGSEXMRK 7LIEXLMRK{8]TMGEPP]WLIEXLMRKMWEGSRXMRYSYWWIEQPIWW LMKLHIRWMX]TSP]IXL]PIRIQEXIVMEPI\XVYHIHHMVIGXP]SRXLI GSEXIH TVIWXVIWWMRK WXIIP -R IRZMVSRQIRXEP GSRGVIXI WXVYG XYVIW SRP] WIEQPIWW I\XVYHIH WLIEXLMRK MW EGGITXEFPI JSV YWIMRYRFSRHIHQSRSWXVERHTVIWXVIWWMRKWXIIP 7LSVIW { :IVXMGEP SV MRGPMRIH WYTTSVX QIQFIVW HIWMKRIH XS GEVV] XLI [IMKLX SJ XLI JSVQ[SVO GSRGVIXIERHGSRWXVYGXMSRPSEHWEFSZI 7TERPIRKXL {7II 7TIGMEPERGLSVEKIHIZMGI {%RGLSVEKIHIZMGIXLEX WEXMWJMIW ERH XLI WXERHEVHMÎH EGGITXERGI XIWXWSJ%%7,83w7XERHEVH7TIGMJMGEXMSRWJSV,MKL[E] &VMHKIWx(MZMWMSRPP%VXMGPI 7TMVEPVIMRJSVGIQIRX {'SRXMRYSYWP][SYRHVIMRJSVGI QIRXMRXLIJSVQSJEG]PMRHVMGEPLIPM\ 7TPMXXMRKXIRWMPIWXVIRKXL JGX {8IRWMPIWXVIRKXLSJ GSRGVIXIHIXIVQMRIHMREGGSVHERGI[MXL%781' EW HIWGVMFIH MR w7TIGMJMGEXMSR JSV 0MKLX[IMKLX %KKVI KEXIWJSV7XVYGXYVEP'SRGVIXIx %781' 7XMVVYT { 6IMRJSVGIQIRX YWIH XS VIWMWX WLIEV ERH XSVWMSRWXVIWWIWMREWXVYGXYVEPQIQFIVX]TMGEPP]FEVW [MVIWSV[IPHIH[MVIJEFVMG TPEMRSVHIJSVQIH IMXLIV WMRKPIPIKSVFIRXMRXS09SVVIGXERKYPEVWLETIWERH PSGEXIHTIVTIRHMGYPEVXSSVEXERERKPIXSPSRKMXYHMREP VIMRJSVGIQIRX8LIXIVQwWXMVVYTWxMWYWYEPP]ETTPMIHXS PEXIVEPVIMRJSVGIQIRXMRJPI\YVEPQIQFIVWERHXLIXIVQ wXMIWxXSXLSWIMRGSQTVIWWMSRQIQFIVW 7IIEPWS8MI 7XVIRKXLHIWMKR{2SQMREPWXVIRKXLQYPXMTPMIHF]E WXVIRKXLVIHYGXMSRJEGXSV 7II 7XVIRKXLRSQMREP {7XVIRKXLSJEQIQFIVSVGVSWW WIGXMSR GEPGYPEXIH MR EGGSVHERGI [MXL TVSZMWMSRW ERH EWWYQTXMSRW SJ XLI WXVIRKXL HIWMKR QIXLSH SJ XLMW GSHI FIJSVI ETTPMGEXMSR SJ ER] WXVIRKXL VIHYGXMSR JEGXSVW7II 7XVIRKXLVIUYMVIH {7XVIRKXLSJEQIQFIVSVGVSWW WIGXMSR VIUYMVIH XS VIWMWX JEGXSVIH PSEHW SV VIPEXIH MRXIVREPQSQIRXWERHJSVGIWMRWYGLGSQFMREXMSRWEW EVIWXMTYPEXIHMRXLMWGSHI7II 7XVIWW {-RXIRWMX]SJJSVGITIVYRMXEVIE 7XVYGXYVEPGSRGVIXI {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{ ;EPPW TVSTSVXMSRIH XS VIWMWX GSQFMREXMSRW SJ WLIEVW QSQIRXW ERH E\MEP JSVGIW MRHYGIHF]IEVXLUYEOIQSXMSRW%WLIEV[EPPMWEWXVYG XYVEP [EPP 7XVYGXYVEP [EPPW WLEPP FI GEXIKSVMÎH EW JSPPS[W -RXIVQIHMEXI TVIGEWX WXVYGXYVEP [EPP { %[EPP GSQTP]MRK [MXL EPP ETTPMGEFPI VIUYMVIQIRXW SJ 'LETXIVWXLVSYKLMREHHMXMSRXS 3VHMREV]VIMRJSVGIHGSRGVIXIWXVYGXYVEP[EPP { % [EPP GSQTP]MRK [MXL XLI VIUYMVIQIRXW SJ 'LETXIVWXLVSYKL 7TIGMEP TVIGEWX WXVYGXYVEP [EPP { % TVIGEWX [EPPGSQTP]MRK[MXLXLIVIUYMVIQIRXWSJ-R EHHMXMSRXLIVIUYMVIQIRXWSJSVHMREV]VIMRJSVGIH GSRGVIXIWXVYGXYVEP[EPPWERHXLIVIUYMVIQIRXWSJ WLEPPFIWEXMWJMIH 7TIGMEPVIMRJSVGIHGSRGVIXIWXVYGXYVEP[EPP{% GEWXMRTPEGI[EPPGSQTP]MRK[MXLXLIVIUYMVIQIRXW SJ ERHMREHHMXMSRXSXLIVIUYMVIQIRXW JSVSVHMREV]VIMRJSVGIHGSRGVIXIWXVYGXYVEP[EPPW 8IRHSR{-RTVIXIRWMSRIHETTPMGEXMSRWXLIXIRHSRMW XLITVIWXVIWWMRKWXIIP-RTSWXXIRWMSRIHETTPMGEXMSRW XLI XIRHSR MW E GSQTPIXI EWWIQFP] GSRWMWXMRK SJ ERGLSVEKIW TVIWXVIWWMRK WXIIP ERH WLIEXLMRK [MXL GSEXMRKJSVYRFSRHIHETTPMGEXMSRW SVHYGXW [MXL KVSYX JSVFSRHIHETTPMGEXMSRW 8MI {0SSTSJVIMRJSVGMRKFEVSV[MVIIRGPSWMRKPSRKM XYHMREP VIMRJSVGIQIRX % GSRXMRYSYWP] [SYRH FEV SV [MVIMRXLIJSVQSJEGMVGPIVIGXERKPISVSXLIVTSP]KSR WLETI [MXLSYX VIIRXVERX GSVRIVW MW EGGITXEFPI 7II EPWS 7XMVVYT 8VERWJIV { %GX SJ XVERWJIVVMRK WXVIWW MR TVIWXVIWWMRK WXIIP JVSQ NEGOW SV TVIXIRWMSRMRK FIH XS GSRGVIXI QIQFIV 9RFSRHIH XIRHSR { 8IRHSR MR [LMGL XLI TVIWXVIWWMRK WXIIP MW TVIZIRXIH JVSQ FSRHMRK XS XLI GSRGVIXIERH MWJVIIXSQSZIVIPEXMZI XS XLIGSRGVIXI 8LITVIWXVIWWMRKJSVGIMWTIVQERIRXP]XVERWJIVVIHXSXLI GSRGVIXIEXXLIXIRHSRIRHWF]XLIERGLSVEKIWSRP] ;EPP { 1IQFIV YWYEPP] ZIVXMGEP YWIH XS IRGPSWI SV WITEVEXIWTEGIW ;SFFPI JVMGXMSR { -R TVIWXVIWWIH GSRGVIXI JVMGXMSR GEYWIHF]YRMRXIRHIHHIZMEXMSRSJTVIWXVIWWMRKWLIEXL SVHYGXJVSQMXWWTIGMJMIHTVSJMPI =MIPHWXVIRKXL {7TIGMJMIHQMRMQYQ]MIPHWXVIRKXLSV ]MIPHTSMRXSJVIMRJSVGIQIRXMRTSYRHWTIVWUYEVIMRGL =MIPH WXVIRKXL SV ]MIPH TSMRX WLEPP FI HIXIVQMRIH MR XIRWMSR EGGSVHMRK XS ETTPMGEFPI %781 WXERHEVHW EW QSHMJMIHF]SJXLMWGSHI '311)28%6= )2:-6321)28%07869'896)7'3()'311)28%6= '3() '311)28%6= {8LIJSPPS[MRKEHHMXMSREPXIVQWEVI HIJMRIHJSVKIRIVEPYWIMRXLMWGSHI 6 &EGOIV VSH { % GSQTVIWWMFPI VSH TPEGIH FIX[IIR NSMRXJMPPIVERHWIEPERXERHYWIHXSTVSZMHIWYTTSVXJSV ERHXSGSRXVSPXLIHITXLSJWIEPERX %RMHIEPFEGOIVVSH[MPPTIVQMXGSQTVIWWMSRXSSRILEPJMXW SVMKMREP[MHXLERH[MPPVII\TERHXSJMPPXLINSMRX[LIRXLI EHNEGIRX QIQFIVW GSRXVEGX 2ISTVIRI ERH STIR SV GPSWIH GIPPTPEWXMGJSEQWEVIWEXMWJEGXSV]QEXIVMEPWJSVFEGOIVVSHW 8LIFEGOIVVSHWLSYPHFIGSQTEXMFPI[MXLXLIEHNEGIRXNSMRX WIEPERX )RZMVSRQIRXEP HYVEFMPMX] JEGXSV { *EGXSV YWIH XS GSRXVSP VIMRJSVGIQIRX WXVIWWIW ERH GVEGO [MHXLW MR QIQFIVWHIWMKRIHYWMRKXLIWXVIRKXLHIWMKRETTVSEGL 6IJIVXS'LETXIVSJXLMW'SHIJSVVYPIWSRXLIETTPMGEXMSR SJXLMWJEGXSV;LIRXLIIRZMVSRQIRXEPHYVEFMPMX]JEGXSVMW YWIH QIQFIVW TVSTSVXMSRIH YWMRK XLI WXVIRKXL HIWMKR ETTVSEGLEVIWMQMPEVXSXLSWITVSTSVXMSRIHYWMRKXLIEPXIV REXIHIWMKRQIXLSH %TTIRHM\- .SMRX JMPPIV { % GSQTVIWWMFPI TVIJSVQIH QEXIVMEP YWIHXSJMPPERI\TERWMSRNSMRXXSTVIZIRXXLIMRJMPXVEXMSR SJ HIFVMW ERH XS TVSZMHI WYTTSVX JSV FEGOIV VSH ERH WIEPERXW 'SVO RISTVIRI VYFFIV JSEQ ERH SXLIV QEXIVMEPW GSRJSVQMRKXS%781(ERH(EVIWEXMWJEGXSV] NSMRXJMPPIVW8LITVIJSVQIHJMPPIVWLSYPHFIGSQTEXMFPI[MXL EHNEGIRXNSMRXWIEPERX .SMRXWIEPERX {%W]RXLIXMGIPEWXSQIVMGQEXIVMEPYWIH XSJMRMWLENSMRXERHXSI\GPYHIWSPMHJSVIMKRQEXIVMEPW 7IEPERXW YWIH MR [EXIV XVIEXQIRX TPERXW VIWIVZSMVW ERH SXLIVWXVYGXYVEPJEGMPMXMIWXLEX[MPPFIMRGSRXEGX[MXLTSXEFPI [EXIVWLSYPHFIGIVXMJMIHEWGSQTPMERX[MXL%27-27* -R EHHMXMSR XLI WIEPERX WLSYPH FI VIWMWXERX XS GLPSVMREXIH [EXIVERHWYMXEFPIJSVMQQIVWMSRWIVZMGI ;EXIVWXST { %GSRXMRYSYW TVIJSVQIH WXVMT SJ QIXEP VYFFIVTPEWXMGSVSXLIVQEXIVMEPMRWIVXIHEGVSWWENSMRX XSTVIZIRXXLITEWWEKISJPMUYMHXLVSYKLXLINSMRX ;EXIVWXSTWEVIEZEMPEFPIMRZEVMSYWWMÎ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{78%2(%6(7*368)787%2( 1%8)6-%07 ',%48)6{1%8)6-%07 '3() '311)28%6= {2SXEXMSR 6{2SXEXMSR J] ! WTIGMJMIH ]MIPH WXVIRKXL SJ RSRTVIWXVIWWIH VIMRJSVGIQIRXTWM 9RMXWSJQIEWYVIQIRXEVIKMZIRMRXLI2SXEXMSRXSEWWMWXXLI YWIV ERH EVI RSX MRXIRHIH XS TVIGPYHI XLI YWI SJ SXLIV GSVVIGXP]ETTPMIHYRMXWJSVXLIWEQIW]QFSPWYGLEWJXSVOMT {8IWXWSJQEXIVMEPW 6{8IWXWSJQEXIVMEPW { &YMPHMRK SJJMGMEP WLEPP LEZI XLI VMKLX XS SVHIV XIWXMRKSJER]QEXIVMEPWYWIHMRGSRGVIXIGSRWXVYGXMSR XSHIXIVQMRIMJQEXIVMEPWEVISJUYEPMX]WTIGMJMIH { 8IWXW SJ QEXIVMEPW ERH SJ GSRGVIXI WLEPP FI QEHIMREGGSVHERGI[MXLWXERHEVHWPMWXIHMR {%GSQTPIXIVIGSVHSJXIWXWSJQEXIVMEPWERHSJ GSRGVIXIWLEPPFIVIXEMRIHF]XLIMRWTIGXSVJSV]IEVW EJXIVGSQTPIXMSRSJXLITVSNIGXERHQEHIEZEMPEFPIJSV MRWTIGXMSRHYVMRKXLITVSKVIWWSJXLI[SVO 6 {8LIVIGSVHSJXIWXWSJQEXIVMEPWERHSJGSRGVIXI QYWXFITVIWIVZIHJSVEXPIEWX]IEVWEJXIVGSQTPIXMSRSJXLI TVSNIGX'SQTPIXMSRSJXLITVSNIGXMWXLIHEXIEX[LMGLXLI S[RIV EGGITXW XLI TVSNIGX SV [LIR XLI GIVXMJMGEXI SJ SGGY TERG]MWMWWYIH[LMGLIZIVHEXIMWPEXIV0SGEPPIKEPVIUYMVI QIRXWQE]VIUYMVIPSRKIVTVIWIVZEXMSRSJWYGLVIGSVHW {'IQIRXW 6{'IQIRXW {'IQIRXWLEPPGSRJSVQXSSRISJXLIJSPPS[MRK WTIGMJMGEXMSRW 6 { (MJJIVIRX GIQIRXW SV GIQIRXW JVSQ HMJJIVIRX TVSHYGIVW WLSYPH RSX FI YWIH MRXIVGLERKIEFP]MRXLIWEQI IPIQIRX SV TSVXMSR SJ XLI [SVO %HHMXMSREP KYMHERGI SR GIQIRXQE]FIJSYRHMR%'-6 E w7TIGMJMGEXMSRJSV4SVXPERH'IQIRXx %781' F w7TIGMJMGEXMSR JSV &PIRHIH ,]HVEYPMG 'IQIRXWx %781 ' I\GPYHMRK 8]TIW 7 ERH 7% [LMGL EVI RSX MRXIRHIH EW TVMRGMTEP GIQIRXMRK GSRWXMXY IRXWSJWXVYGXYVEPGSRGVIXI G w7TIGMJMGEXMSR JSV )\TERWMZI,]HVEYPMG 'IQIRXx %781' {'IQIRXYWIHMRXLI[SVOWLEPPGSVVIWTSRHXS XLEX SR [LMGL WIPIGXMSR SJ GSRGVIXI TVSTSVXMSRW [EW FEWIH7II 'SRGVIXI QEHI [MXL I\TERWMZI GIQIRX GER FI YWIH XS VIHYGI HV]MRKWLVMROEKI GVEGOMRK MR IRZMVSRQIRXEP IRKM RIIVMRK GSRGVIXI WXVYGXYVIW FYX XLI %'- GSQQMXXII MW RSX ]IX MR E TSWMXMSR XS VIGSQQIRH HIXEMPIH VIUYMVIQIRXW JSV MXW YWI *SV XLI HIWMKR XS FI WYGGIWWJYP XLI IRKMRIIV QYWX VIGSKRMÎ XLI GLEVEGXIVMWXMGW ERH TVSTIVXMIW SJ WLVMROEKI GSQTIRWEXMRK GSRGVIXI ERH GIQIRX EW HIWGVMFIH MR %'- ERH %781 ' 8]TI )/ VIWTIGXMZIP] 8]TI / GIQIRX LEW LMWXSVMGEPP] WLS[R ZIV] WEXMWJEGXSV] VIWMWXERGI XS WYPJEXI EXXEGO MR FSXL XLI PEFSVEXSV] ERH XLI JMIPH %HHMXMSREP GEVI ERH GSRXVSP WLSYPH FI I\IVGMWIH HYVMRK HIWMKR ERH GSRWXVYGXMSR (IXEMPIH MRJSVQEXMSR SR WLVMROEKIGSQTIRWEXMRKGSRGVIXIMWGSRXEMRIHMR%'- 6 {(ITIRHMRKSRXLIGMVGYQWXERGIWXLITVSZMWMSRSJ QE] VIUYMVI SRP] XLI WEQI X]TI SJ GIQIRX SV QE] VIUYMVIGIQIRXJVSQXLIMHIRXMGEPWSYVGI8LIPEXXIV[SYPH FIXLIGEWIMJXLIWXERHEVHHIZMEXMSRSJWXVIRKXLXIWXWYWIH MRIWXEFPMWLMRKXLIVIUYMVIHWXVIRKXLQEVKMR[EWFEWIHSRE GIQIRX JVSQ E TEVXMGYPEV WSYVGI -J XLI WXERHEVH HIZMEXMSR [EWFEWIHSRXIWXWMRZSPZMRKEKMZIRX]TISJGIQIRXSFXEMRIH JVSQWIZIVEPWSYVGIWXLIJSVQIVMRXIVTVIXEXMSR[SYPHETTP] 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= {%KKVIKEXIW 6{%KKVIKEXIW {'SRGVIXIEKKVIKEXIWWLEPPGSRJSVQXSSRISJ XLIJSPPS[MRKWTIGMJMGEXMSRW 6 {-XMWVIGSKRMÎ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w7TIGMJMGEXMSR JSV 'SRGVIXI %KKVIKEXIWx %781' F w7TIGMJMGEXMSR JSV 0MKLX[IMKLX %KKVIKEXIW JSV 7XVYGXYVEP'SRGVIXIx %781' )\GITXMSR %KKVIKEXIW XLEX LEZI FIIR WLS[R F] WTIGMEP XIWX SV EGXYEP WIVZMGI XS TVSHYGI GSRGVIXI SJ EHIUYEXIWXVIRKXLERHHYVEFMPMX]ERHETTVSZIHF]XLI FYMPHMRKSJJMGMEP { 2SQMREP QE\MQYQ WMÎ SJ GSEVWI EKKVIKEXI WLEPPFIRSXPEVKIVXLER E XLI REVVS[IWX HMQIRWMSR FIX[IIR WMHIW SJ JSVQRSV F XLIHITXLSJWPEFWRSV G XLI QMRMQYQ GPIEV WTEGMRK FIX[IIR MRHM ZMHYEP VIMRJSVGMRK FEVW SV [MVIW FYRHPIW SJ FEVW MRHMZMHYEPXIRHSRWFYRHPIHXIRHSRWSVHYGXW 6 {8LIWMÎPMQMXEXMSRWSREKKVIKEXIWEVITVSZMHIHXS IRWYVITVSTIVIRGEWIQIRXSJVIMRJSVGIQIRXERHXSQMRMQMÎ LSRI]GSQF2SXIXLEXXLIPMQMXEXMSRWSRQE\MQYQWMÎSJ XLIEKKVIKEXIQE]FI[EMZIHMJMRXLINYHKQIRXSJXLIIRKM RIIV XLI [SVOEFMPMX] ERH QIXLSHW SJ GSRWSPMHEXMSR SJ XLI GSRGVIXI EVI WYGL XLEX XLI GSRGVIXI GER FI TPEGIH [MXLSYX LSRI]GSQF SV ZSMHW -R XLMW MRWXERGI XLI IRKMRIIV QYWX HIGMHI[LIXLIVSVRSXXLIPMQMXEXMSRWSRQE\MQYQWMÎSJ EKKVIKEXIQE]FI[EMZIH 8LIWIPMQMXEXMSRWWLEPPRSXETTP]MJMRXLINYHKQIRXSJ XLIIRKMRIIV[SVOEFMPMX]ERHQIXLSHWSJGSRWSPMHEXMSR EVIWYGLXLEXGSRGVIXIGERFITPEGIH[MXLSYXLSRI]GSQF SVZSMHW {;LIVIEKKVIKEXIWEVIEPOEPMVIEGXMZIMQTSWI VIWXVMGXMSRWSRQEXIVMEPWXSQMRMQMÎHIXIVMSVEXMSR 6 { %POEPMEKKVIKEXI VIEGXMSRW GER GEYWI ER I\TER WMZI EGXMSR[LIR VIEGXMZI EKKVIKEXIW GSQI MRGSRXEGX [MXL EPOEPML]HVS\MHIWMRXLILEVHIRIHGSRGVIXI8LIWIVIEGXMSRW GERVIWYPXMRPSRKXIVQHIXIVMSVEXMSRSJGSRGVIXIYWYEPP]XLI MRXIVMSVSJXLIGSRGVIXI-XMWVIGSQQIRHIHXSWTIGMJ]XIWXMRK ERHUYEPMX]EKKVIKEXIWGSRJSVQMRKXS%781' 6IEGXMZMX] XIWXMRK SJ EKKVIKEXIW WLSYPH FI VIUYMVIH [LIR PSGEPEKKVIKEXIWEVIWYWTIGXIHSJFIMRKEPOEPMVIEGXMZI9RPIWW EPPPSGEPEKKVIKEXIWEVIORS[RXSFIRSRVIEGXMZIEPS[EPOEPM GIQIRX WLSYPH FI YWIH 4S^^SPERW ERH PMXLMYQ L]HVS\MHI EHQM\XYVIW QE] EPWS FI GSRWMHIVIH 8LI YWI SJ PMXLMYQ L]HVS\MHIEHQM\XYVIWXSGSRXVSPVIEGXMZIEKKVIKEXIWLS[IZIV MWXIGLRSPSK]XLEXMWRSX[MHIP]EGGITXIHEXXLMWXMQI %POEPMEKKVIKEXI VIEGXMZMX] TSXIRXMEP WLSYPH FI HIXIVQMRIH JSVPSGEPEKKVIKEXIW[LIRPSGEPEKKVIKEXIWEVIWYWTIGXIHSJ FIMRKEPOEPMVIEGXMZI3RTVSNIGXW[LIVIEPOEPMVIEGXMZMX]MWE ORS[R TVSFPIQ TVIWGVIIRMRK SJ EKKVIKEXI WSYVGIW FIJSVI GSQTPIXMRKHIWMKRSJXLITVSNIGXQE]FIEHZMWEFPI %KKVIKEXIW XLEX HS RSX MRHMGEXI E TSXIRXMEP JSV EPOEPM VIEGXMZMX] SV VIEGXMZI GSRWXMXYIRXW QE] FI YWIH [MXLSYX JYVXLIVXIWXMRK%KKVIKEXIWXLEXMRHMGEXIETSXIRXMEPJSVEPOEPM VIEGXMZMX]WLSYPHFIXIWXIHJSVTSXIRXMEPVIEGXMZMX]YWMRKXLI QSVXEVFEV XIWX %781 ' ERH ' 2SRVIEGXMZI EKKVIKEXIW QE] RIIH XS FI MQTSVXIH MJ PSGEP EKKVIKEXIW I\LMFMXYREGGITXEFPITSXIRXMEPVIEGXMZMX] )2:-6321)28%07869'896)7'3()'311)28%6= '3() '311)28%6= {;EXIV 6{;EXIV {;EXIVYWIHMRQM\MRKGSRGVIXIWLEPPFIGPIER ERHJVIIJVSQMRNYVMSYWEQSYRXWSJSMPWEGMHWEPOEPMW WEPXW SVKERMG QEXIVMEPW SV SXLIV WYFWXERGIW HIPIXI VMSYWXSGSRGVIXISVVIMRJSVGIQIRX 6 {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{ 1M\MRK [EXIV JSV TVIWXVIWWIH GSRGVIXI MRGPYHMRKXLEXTSVXMSRSJQM\MRK[EXIVGSRXVMFYXIHMRXLI JSVQSJJVIIQSMWXYVISREKKVIKEXIWWLEPPRSXGSRXEMR HIPIXIVMSYWEQSYRXWSJGLPSVMHIMSR7II { 2SRTSXEFPI [EXIV WLEPP RSX FI YWIH MR GSRGVIXIYRPIWWXLIJSPPS[MRKEVIWEXMWJMIH {7IPIGXMSRSJGSRGVIXITVSTSVXMSRWWLEPPFI FEWIH SR GSRGVIXI QM\IW YWMRK [EXIV JVSQ XLI WEQI WSYVGI { 1SVXEVXIWX GYFIW QEHI [MXLRSRTSXEFPI QM\MRK [EXIV WLEPP LEZI HE] ERH HE] WXVIRKXLW IUYEP XS EX PIEWX TIVGIRX SJ WXVIRKXLW SJ WMQMPEV WTIGMQIRW QEHI [MXL TSXEFPI [EXIV 7XVIRKXL XIWX GSQTEVMWSRWLEPPFIQEHISRQSVXEVWMHIRXMGEPI\GITX JSV XLI QM\MRK [EXIV TVITEVIH ERH XIWXIH MR EGGSV HERGI[MXLw8IWX1IXLSHJSV'SQTVIWWMZI7XVIRKXLSJ ,]HVEYPMG'IQIRX1SVXEVW 9WMRKMRSVQQ'YFI 7TIGMQIRW x %781' {7XIIPVIMRJSVGIQIRX 6{7XIIPVIMRJSVGIQIRX {6IMRJSVGIQIRXWLEPPFIHIJSVQIHVIMRJSVGIQIRX I\GITX XLEX TPEMR VIMRJSVGIQIRX WLEPP FI TIVQMXXIH JSV WTMVEPW SV TVIWXVIWWMRK WXIIP ERH VIMRJSVGIQIRX GSRWMWXMRKSJWXVYGXYVEPWXIIPWXIIPTMTISVWXIIPXYFMRK WLEPPFITIVQMXXIHEWWTIGMJMIHMRXLMWGSHI 6 {1EXIVMEPWTIVQMXXIHJSVYWIEWVIMRJSVGIQIRXEVI WTIGMJMIH 3XLIV QIXEP IPIQIRXW WYGL EW MRWIVXW ERGLSV FSPXW SV TPEMR FEVW JSV HS[IPW EX MWSPEXMSR SV GSRXVEGXMSR NSMRXW EVI RSX RSVQEPP] GSRWMHIVIH XS FI VIMRJSVGIQIRX YRHIVXLITVSZMWMSRWSJXLMWGSHI { ;IPHMRK SJ VIMRJSVGMRK FEVW WLEPP GSRJSVQ XS w7XVYGXYVEP ;IPHMRK 'SHI{6IMRJSVGMRK 7XIIPx %27- %;7(SJXLI%QIVMGER;IPHMRK7SGMIX]8]TIERH PSGEXMSRSJ[IPHIHWTPMGIWERHSXLIV VIUYMVIH[IPHMRK SJ VIMRJSVGMRK FEVW WLEPP FI MRHMGEXIH SR XLI HIWMKR HVE[MRKW SV MR XLI TVSNIGX WTIGMJMGEXMSRW %781 VIMR JSVGMRK FEV WTIGMJMGEXMSRW I\GITX JSV %781 % WLEPPFI WYTTPIQIRXIH XSVIUYMVI E VITSVX SJQEXIVMEP TVSTIVXMIW RIGIWWEV] XS GSRJSVQ XS XLI VIUYMVIQIRXW MR%27-%;7( 6 {;LIR[IPHMRKSJVIMRJSVGMRKFEVWMWVIUYMVIHXLI [IPHEFMPMX]SJXLIWXIIPERHGSQTEXMFPI[IPHMRKTVSGIHYVIW RIIHXSFIGSRWMHIVIH8LITVSZMWMSRWMR%27-%;7( ;IPHMRK 'SHI GSZIV EWTIGXW SJ [IPHMRK VIMRJSVGMRK FEVW MRGPYHMRK GVMXIVME XS UYEPMJ] [IPHMRK TVSGIHYVIW 8LI [IPHIV RIIHWXSFIGIVXMJMIHXSXLIVIUYMVIQIRXWSJ%27-%;7( ;IPHEFMPMX]SJXLIWXIIPMWFEWIHSRMXWGLIQMGEPGSQTSWMXMSR SV GEVFSR IUYMZEPIRX ') 8LI ;IPHMRK 'SHI IWXEFPMWLIW TVILIEX ERH MRXIVTEWW XIQTIVEXYVIW JSV E VERKI SJ GEVFSR IUYMZEPIRXWERHVIMRJSVGMRKFEVWMÎW')MWGEPGYPEXIHJVSQ 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= XLI GLIQMGEP GSQTSWMXMSR SJ XLI VIMRJSVGMRK FEVW 8LI ;IPHMRK 'SHI LEW X[S I\TVIWWMSRW JSV GEPGYPEXMRK ') % VIPEXMZIP] WLSVX I\TVIWWMSR GSRWMHIVMRK SRP] XLI IPIQIRXW GEVFSR ERH QERKERIWI MW XS FI YWIH JSV FEVW SXLIV XLER %781%QEXIVMEP%QSVIGSQTVILIRWMZII\TVIWWMSR MW KMZIR JSV %781 % FEVW 8LI ') JSVQYPE MR XLI ;IPHMRK'SHIJSV%FEVWMWMHIRXMGEPXSXLI')JSVQYPE MRXLI%781%WTIGMJMGEXMSR 8LI IRKMRIIV WLSYPH VIEPMÎ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ÎWSJ %MWXSFIXLIXIQTIVEXYVIKMZIRMRXLI;IPHMRK'SHIvW XEFPI JSV QMRMQYQ TVILIEX GSVVIWTSRHMRK XS XLI VERKI SJ ')wSZIVTIVGIRXXSTIVGIRXx;IPHMRKSJXLITEVXMG YPEVFEVWQYWXXLIRFITIVJSVQIHMREGGSVHERGI[MXL%27- %;7 ( -X WLSYPH EPWS FI HIXIVQMRIH MJ EHHMXMSREP TVIGEYXMSRWEVIMRSVHIVFEWIHSRSXLIVGSRWMHIVEXMSRWWYGL EWWXVIWWPIZIPMRXLIFEVWGSRWIUYIRGIWSJJEMPYVIERHLIEX HEQEKIXSI\MWXMRKGSRGVIXIHYIXS[IPHMRKSTIVEXMSRW ;IPHMRKSJ[MVIXS[MVIERHSJ[MVISV[IPHIH[MVIJEFVMG XS VIMRJSVGMRK FEVW SV WXVYGXYVEP WXIIP IPIQIRXW MW RSX GSZIVIH F] %27-%;7 ( -J [IPHMRK SJ XLMW X]TI MW VIUYMVIHSR ETVSNIGX XLIIRKMRIIVWLSYPHWTIGMJ] VIUYMVI QIRXW SV TIVJSVQERGI GVMXIVME JSV XLMW [IPHMRK -J GSPH HVE[R [MVIW EVI XS FI [IPHIH XLI [IPHMRK TVSGIHYVIW WLSYPH EHHVIWW XLI TSXIRXMEP PSWW SJ ]MIPH WXVIRKXL ERH HYGXMPMX] EGLMIZIH F] XLI GSPH [SVOMRK TVSGIWW HYVMRK QERYJEGXYVI [LIR WYGL [MVIW EVI LIEXIH F] [IPHMRK )2:-6321)28%07869'896)7'3()'311)28%6= '3() '311)28%6= 1EGLMRIERHVIWMWXERGI[IPHMRKEWYWIHMRXLIQERYJEGXYVI SJ[IPHIH[MVIJEFVMGWMWGSZIVIHF]%781%ERH% ERHMWRSXTEVXSJXLMWGSRGIVR {(IJSVQIHVIMRJSVGIQIRX 6{(IJSVQIHVIMRJSVGIQIRX { (IJSVQIH VIMRJSVGMRK FEVW WLEPP GSRJSVQ XSSRISJXLIJSPPS[MRKWTIGMJMGEXMSRW 6 { %781 % GSZIVW HIJSVQIH FMPPIXWXIIP VIMRJSVGMRKFEVWXLEXEVIGYVVIRXP]XLIQSWX[MHIP]YWIHX]TI SJWXIIPFEVMRVIMRJSVGIHGSRGVIXIGSRWXVYGXMSRMRXLI9RMXIH 7XEXIW 8LI WTIGMJMGEXMSR VIUYMVIW XLEX XLI FEVW FI QEVOIH [MXLXLIPIXXIV7 JSVX]TISJWXIIP E w7TIGMJMGEXMSRJSV (IJSVQIHERH 4PEMR &MPPIX7XIIP &EVWJSV'SRGVIXI6IMRJSVGIQIRXx %781% F w7TIGMJMGEXMSRJSV0S[%PPS]7XIIP(IJSVQIHERH 4PEMR&EVWJSV'SRGVIXI6IMRJSVGIQIRXx %781% G w7TIGMJMGEXMSR JSV 6EMP7XIIP ERH %\PI7XIIP (IJSVQIH &EVW JSV 'SRGVIXI 6IMRJSVGIQIRXx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{(IJSVQIHVIMRJSVGMRKFEVW[MXLEWTIGMJMIH ]MIPH WXVIRKXL J] I\GIIHMRK TWM WLEPP FI TIVQMXXIH TVSZMHIH J] WLEPP FI XLI WXVIWW GSVVI WTSRHMRK XS E WXVEMR SJ TIVGIRX ERH XLI FEVW SXLIV[MWI GSRJSVQ XSSRI SJXLI%781 WTIGMJMGEXMSRW PMWXIHMR7II 6 {%781%MRGPYHIWTVSZMWMSRWJSV+VEHI FEVWMRWMÎ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{&EVQEXWJSVGSRGVIXIVIMRJSVGIQIRXWLEPP GSRJSVQXSw7TIGMJMGEXMSRJSV*EFVMGEXIH(IJSVQIH7XIIP &EV1EXWJSV'SRGVIXI6IMRJSVGIQIRXx %781% 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= 6IMRJSVGMRKFEVWYWIHMRFEVQEXWWLEPPGSRJSVQXSSRI SJXLIWTIGMJMGEXMSRWPMWXIHMR {(IJSVQIH[MVIJSVGSRGVIXIVIMRJSVGIQIRX WLEPP GSRJSVQ XS w7TIGMJMGEXMSR JSV 7XIIP ;MVI (IJSVQIH JSV 'SRGVIXI 6IMRJSVGIQIRXx %781 % I\GITXXLEX[MVIWLEPPRSXFIWQEPPIVXLERWMÎ( ERH JSV [MVI [MXL E WTIGMJMIH ]MIPH WXVIRKXL J] I\GIIHMRK TWM J] WLEPP FI XLI WXVIWW GSVVI WTSRHMRK XS E WXVEMR SJ TIVGIRX MJ XLI ]MIPH WXVIRKXLWTIGMJMIHMRXLIHIWMKRI\GIIHWTWM {;IPHIHTPEMR[MVIJEFVMGJSVGSRGVIXIVIMR JSVGIQIRX WLEPP GSRJSVQ XS w7TIGMJMGEXMSR JSV 7XIIP ;IPHIH ;MVI *EFVMG 4PEMR JSV 'SRGVIXI 6IMRJSVGI QIRXx %781% I\GITXXLEXJSV[MVI[MXLEWTIGM JMIH]MIPHWXVIRKXLJ] I\GIIHMRKTWMJ] WLEPPFI XLIWXVIWWGSVVIWTSRHMRKXSEWXVEMRSJTIVGIRXMJ XLI ]MIPH WXVIRKXL WTIGMJMIH MR XLI HIWMKR I\GIIHW TWM;IPHIH MRXIVWIGXMSRWWLEPPRSX FI WTEGIH JEVXLIV ETEVX XLER MR MR HMVIGXMSR SJ GEPGYPEXIH WXVIWWI\GITXJSV[MVIJEFVMGYWIHEWWXMVVYTWMREGGSV HERGI[MXL 6 { ;IPHIH TPEMR [MVI JEFVMG QYWX FI QEHI SJ [MVIGSRJSVQMRKXSw7TIGMJMGEXMSRJSV7XIIP;MVI4PEMRJSV 'SRGVIXI6IMRJSVGIQIRXx %781% %781%LEWE QMRMQYQ ]MIPH WXVIRKXL SJ TWM 8LI GSHI LEW EWWMKRIH E ]MIPH WXVIRKXL ZEPYI SJ TWM FYX QEOIW TVSZMWMSRJSVXLIYWISJLMKLIV]MIPHWXVIRKXLWTVSZMHIHXLI WXVIWWGSVVIWTSRHWXSEWXVEMRSJTIVGIRX {;IPHIHHIJSVQIH[MVIJEFVMGJSVGSRGVIXI VIMRJSVGIQIRXWLEPPGSRJSVQXSw7TIGMJMGEXMSRJSV7XIIP ;IPHIH ;MVI *EFVMG (IJSVQIH JSV 'SRGVIXI 6IMR JSVGIQIRXx %781% I\GITXXLEXJSV[MVI[MXLE WTIGMJMIH ]MIPH WXVIRKXL J] I\GIIHMRK TWM J] WLEPP FI XLI WXVIWW GSVVIWTSRHMRK XS E WXVEMR SJ TIVGIRX MJ XLI ]MIPH WXVIRKXL WTIGMJMIH MR XLI HIWMKR I\GIIHWTWM;IPHIHMRXIVWIGXMSRWWLEPPRSXFI WTEGIH JEVXLIVETEVX XLERMR MR HMVIGXMSRSJGEPGY PEXIHWXVIWW I\GITXJSV [MVIJEFVMGYWIHEWWXMVVYTWMR EGGSVHERGI[MXL 6 {;IPHIHHIJSVQIH[MVIJEFVMGQYWXFIQEHI SJ [MVI GSRJSVQMRK XS w7TIGMJMGEXMSR JSV 7XIIP ;MVI (IJSVQIH JSV 'SRGVIXI 6IMRJSVGIQIRXx %781 % %781%LEWEQMRMQYQ]MIPHWXVIRKXLSJTWM 8LIGSHILEWEWWMKRIHE]MIPHWXVIRKXLZEPYISJTWM FYX QEOIW TVSZMWMSR JSV XLI YWI SJ LMKLIV ]MIPH WXVIRKXLW TVSZMHIHXLIWXVIWWGSVVIWTSRHWXSEWXVEMRSJTIVGIRX { +EPZERMÎH VIMRJSVGMRK FEVWWLEPP GSQTP] [MXLw7TIGMJMGEXMSRJSV>MRG'SEXIH +EPZERMÎH 7XIIP &EVW JSV 'SRGVIXI 6IMRJSVGIQIRXx %781 % )TS\]GSEXIH VIMRJSVGMRK FEVW WLEPP GSQTP] [MXL w7TIGMJMGEXMSR JSV )TS\]'SEXIH 6IMRJSVGMRK 7XIIP &EVWx %781 % SV [MXL w7TIGMJMGEXMSR JSV )TS\] 'SEXIH 4VIJEFVMGEXIH 7XIIP 6IMRJSVGMRK &EVWx %781 % &EVW XS FI KEPZERMÎH SV ITS\]GSEXIH WLEPP GSRJSVQXSSRISJXLIWTIGMJMGEXMSRWPMWXIHMR 6 { +EPZERMÎH VIMRJSVGMRK FEVW % ERH ITS\]GSEXIH VIMRJSVGMRK FEVW % [IVI EHHIH XS XLI %'- 'SHI ERH ITS\]GSEXIH TVIJEFVMGEXIH VIMR JSVGMRK FEVW % [IVI EHHIH XS XLI %'- 'SHI VIGSKRM^MRK XLIMV YWEKI IWTIGMEPP] JSV GSRHMXMSRW [LIVI GSVVSWMSR VIWMWXERGI SJ VIMRJSVGIQIRX MW SJ TEVXMGYPEV GSRGIVR 8LI] LEZI X]TMGEPP] FIIR YWIH MR TEVOMRK HIGOW FVMHKIHIGOWERHSXLIVLMKLP]GSVVSWMZIIRZMVSRQIRXW { )TS\]GSEXIH [MVIW ERH [IPHIH [MVI JEFVMG WLEPP GSQTP] [MXL w7TIGMJMGEXMSR JSV )TS\] 'SEXIH 7XIIP ;MVI ERH ;IPHIH;MVI*EFVMG JSV6IMR JSVGIQIRXx %781 % ;MVIW XS FIITS\]GSEXIH WLEPPGSRJSVQXS ERH [IPHIH[MVI JEFVMG XS FI ITS\]GSEXIHWLEPPGSRJSVQXSSV {4PEMRVIMRJSVGIQIRX 6{4PEMRVIMRJSVGIQIRX 4PEMRFEVWERHTPEMR[MVIEVITIVQMXXIHSRP]JSVWTMVEPVIMR JSVGIQIRX IMXLIV EW PEXIVEP VIMRJSVGIQIRX JSVGSQTVIWWMSR QIQFIVWJSVXSVWMSRQIQFIVWSVJSVGSRJMRMRKVIMRJSVGIQIRX JSVWTPMGIW )2:-6321)28%07869'896)7'3()'311)28%6= '3() '311)28%6= { 4PEMR FEVW JSV WTMVEP VIMRJSVGIQIRX WLEPP GSRJSVQXSXLIWTIGMJMGEXMSRPMWXIHMR E SV F { 4PEMR [MVI JSV WTMVEP VIMRJSVGIQIRX WLEPP GSRJSVQ XS w7TIGMJMGEXMSR JSV 7XIIP ;MVI 4PEMR JSV 'SRGVIXI6IMRJSVGIQIRXx %781% I\GITXXLEXJSV [MVI [MXL E WTIGMJMIH ]MIPH WXVIRKXL J] I\GIIHMRK TWM J] WLEPP FI XLI WXVIWW GSVVIWTSRHMRK XS E WXVEMRSJTIVGIRXMJXLI]MIPHWXVIRKXLWTIGMJMIHMR XLIHIWMKRI\GIIHWTWM {4VIWXVIWWMRKWXIIP 6{4VIWXVIWWMRKWXIIP {7XIIPJSVTVIWXVIWWMRKWLEPPGSRJSVQXSSRI SJXLIJSPPS[MRKWTIGMJMGEXMSRW 6 {&IGEYWIPS[VIPE\EXMSRTVIWXVIWWMRKWXIIPMW EHHVIWWIHMREWYTTPIQIRXXS%781%[LMGLETTPMIW SRP] [LIR PS[VIPE\EXMSR QEXIVMEP MW WTIGMJMIH XLI ETTVS TVMEXI%781VIJIVIRGIMWPMWXIHEWEWITEVEXIIRXMX] E ;MVI GSRJSVQMRKXSw7TIGMJMGEXMSR JSV9RGSEXIH 7XVIWW6IPMIZIH 7XIIP ;MVI JSV 4VIWXVIWWIH 'SRGVIXIx %781% F 0S[VIPE\EXMSR[MVIGSRJSVQMRKXSw7TIGMJMGEXMSR JSV 9RGSEXIH 7XVIWW6IPMIZIH 7XIIP ;MVI JSV 4VIWXVIWWIH'SRGVIXIxMRGPYHMRK7YTTPIQIRXw0S[ 6IPE\EXMSR;MVIx %781% G 7XVERH GSRJSVQMRK XS w7TIGMJMGEXMSR JSV 7XIIP 7XVERH 9RGSEXIH 7IZIR;MVI JSV 4VIWXVIWWIH 'SRGVIXIx %781% H &EV GSRJSVQMRK XS w7TIGMJMGEXMSR JSV 9RGSEXIH ,MKL7XVIRKXL 7XIIP &EVW JSV 4VIWXVIWWMRK 'SRGVIXIx %781% { ;MVI WXVERHW ERH FEVW RSX WTIGMJMGEPP] PMWXIH MR %781 % % SV % EVI EPPS[IH TVSZMHIH XLI] GSRJSVQ XS QMRMQYQ VIUYMVIQIRXW SJ XLIWI WTIGMJMGEXMSRW ERH HS RSX LEZI TVSTIVXMIW XLEX QEOIXLIQPIWWWEXMWJEGXSV]XLERXLSWIPMWXIHMR%781 %%SV% {7XVYGXYVEPWXIIPWXIIPTMTISVXYFMRK {7XVYGXYVEPWXIIPYWIH[MXLVIMRJSVGMRKFEVW MR GSQTSWMXIGSQTVIWWMSR QIQFIVWQIIXMRKVIUYMVI QIRXWSJSVWLEPPGSRJSVQXSSRISJXLI JSPPS[MRKWTIGMJMGEXMSRW E w7XERHEVH 7TIGMJMGEXMSR JSV 7XVYGXYVEP 7XIIP 7LETIWx %781% F w7TIGMJMGEXMSRJSV,MKL7XVIRKXL0S[%PPS]7XVYG XYVEP7XIIPx %781% G w7TIGMJMGEXMSR JSV ,MKL7XVIRKXL 0S[%PPS] 'SPYQFMYQ:EREHMYQ 7XIIPW SJ 7XVYGXYVEP 5YEPMX]x %781% H w7TIGMJMGEXMSRJSV,MKL7XVIRKXL0S[%PPS]7XVYG XYVEP 7XIIP [MXL OWM 14E 1MRMQYQ =MIPH 4SMRXXSMR QQ 8LMGOx %781% 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= { 7XIIP TMTI SV XYFMRK JSV GSQTSWMXI GSQTVIWWMSR QIQFIVW GSQTSWIH SJ E WXIIPIRGEWIH GSRGVIXI GSVI QIIXMRK VIUYMVIQIRXW SJ WLEPP GSRJSVQXSSRISJXLIJSPPS[MRKWTIGMJMGEXMSRW E +VEHI&SJw7TIGMJMGEXMSRJSV4MTI 7XIIP&PEGO ERH ,SX(MTTIH >MRG'SEXIH ;IPHIH ERH 7IEQ PIWWx %781% F w7TIGMJMGEXMSR JSV 'SPH*SVQIH ;IPHIH ERH 7IEQPIWW 'EVFSR 7XIIP 7XVYGXYVEP 8YFMRK MR 6SYRHWERH7LETIWx %781% G w7TIGMJMGEXMSRJSV,SX*SVQIH;IPHIHERH7IEQ PIWW'EVFSR7XIIP7XVYGXYVEP8YFMRKx %781% {%HQM\XYVIW 6{%HQM\XYVIW { %HQM\XYVIW XS FI YWIH MR GSRGVIXI WLEPP FI WYFNIGXXSTVMSVETTVSZEPF]XLIIRKMRIIV {%REHQM\XYVIWLEPPFIWLS[RGETEFPISJQEMR XEMRMRK IWWIRXMEPP] XLI WEQI GSQTSWMXMSR ERH TIVJSV QERGI XLVSYKLSYX XLI [SVO EW XLI TVSHYGX YWIH MR IWXEFPMWLMRKGSRGVIXITVSTSVXMSRWMREGGSVHERGI[MXL { 'EPGMYQ GLPSVMHI SV EHQM\XYVIW GSRXEMRMRK GLPSVMHI MSR SXLIV XLER JVSQ MQTYVMXMIW MR EHQM\XYVI MRKVIHMIRXWWLEPPRSXFIYWIH 6 { %HQM\XYVIW GSRXEMRMRK ER] GLPSVMHI SXLIV XLER JVSQ MQTYVMXMIW MR EHQM\XYVI MRKVIHMIRXW WLSYPH RSX FI YWIH MR GSRGVIXI 'EPGMYQ GLPSVMHI MR GSRGVIXI MW TEVXMGY PEVP]HIXVMQIRXEPMRXLI[IXGSRHMXMSRWIRGSYRXIVIHMRIRZM VSRQIRXEPIRKMRIIVMRKGSRGVIXIWXVYGXYVIW { %MVIRXVEMRMRK EHQM\XYVIW WLEPP GSRJSVQ XS w7TIGMJMGEXMSR JSV %MV)RXVEMRMRK %HQM\XYVIW JSV 'SRGVIXIx %781' %PPEMVIRXVEMRMRKEHQM\XYVIW XLEXEVIRSXZMRWSPVIWMRSVZMRWSPVSWMRFEWIHWLEPPFI XIWXIHMREGGSVHERGI[MXL%781'EXXLILMKLIWX TIVGIRXEMVEPPS[IHMRXLIWTIGMJMGEXMSRW 6 {:MRWSPVIWMRFEWIHEMVIRXVEMRMRKEHQM\XYVIWLEZI FIIRYWIHMRXLIGSRGVIXIMRHYWXV]WMRGIXLIWSVIEVPMIV 8LI] LEZI TIVJSVQIH XLI JYRGXMSR SJ IRXVEMRMRK EMV MR GSRGVIXI[MXLJI[TVSFPIQW8LIYWISJRSRZMRWSPVIWMRSV RSRZMRWSPVSWMRFEWIHEMVIRXVEMRMRKEHQM\XYVIWMRGSRGVIXI LEZI SR SGGEWMSR IWTIGMEPP] EX WTIGMJMIH EMV GSRXIRXW SJ TIVGIRXSVLMKLIVVIWYPXIHMRTVSFPIQWWYGLEWYREGGITXEFPI VIHYGXMSR MR GSQTVIWWMZI WXVIRKXL MRGVIEWI MR WLVMROEKI ERHWYVJEGI[IEORIWW WMQMPEVXSWGEPMRK { ;EXIVVIHYGMRK EHQM\XYVIW VIXEVHMRK EHQM\ XYVIW EGGIPIVEXMRK EHQM\XYVIW [EXIVVIHYGMRK ERH VIXEVHMRKEHQM\XYVIWERH[EXIVVIHYGMRKERHEGGIPIV EXMRK EHQM\XYVIW WLEPP GSRJSVQ XS w7TIGMJMGEXMSR JSV 'LIQMGEP%HQM\XYVIWJSV'SRGVIXIx %781' SV w7TIGMJMGEXMSR JSV 'LIQMGEP %HQM\XYVIW JSV 9WI MR 4VSHYGMRK*PS[MRK'SRGVIXIx %781' { *P] EWL SV SXLIV TS^^SPERW YWIH EW EHQM\ XYVIW WLEPP GSRJSVQ XS w7TIGMJMGEXMSR JSV *P] %WL ERH 6E[ SV 'EPGMRIH 2EXYVEP 4S^^SPER JSV 9WI EW E 1MRIVEP %HQM\XYVI MR 4SVXPERH 'IQIRX 'SRGVIXIx %781' )2:-6321)28%07869'896)7'3()'311)28%6= '3() '311)28%6= {+VSYRHKVERYPEXIHFPEWXJYVREGIWPEKYWIHEW ER EHQM\XYVI WLEPP GSRJSVQ XS w7TIGMJMGEXMSR JSV +VSYRH +VERYPEXIH &PEWX*YVREGI 7PEK JSV 9WI MR 'SRGVIXIERH1SVXEVWx %781' 6 {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{ %HQM\XYVIW YWIH MR GSRGVIXI GSRXEMRMRK %781' I\TERWMZI GIQIRXWWLEPPFI GSQTEXMFPI [MXLXLIGIQIRXERHTVSHYGIRSHIPIXIVMSYWIJJIGXW 6 { 8LI YWI SJ EHQM\XYVIW MR GSRGVIXI GSRXEMRMRK %781 ' I\TERWMZI GIQIRXW LEW VIHYGIH PIZIPW SJ I\TERWMSRSVMRGVIEWIHWLVMROEKIZEPYIW7II%'- { 7MPMGE JYQI YWIH EW ER EHQM\XYVI WLEPP GSRJSVQ XS w7TIGMJMGEXMSR JSV 7MPMGE *YQI JSV 9WI MR ,]HVEYPMG'IQIRX 'SRGVIXI ERH 1SVXEVx %781 ' {7XSVEKISJQEXIVMEPW {'IQIRXMXMSYWQEXIVMEPWERHEKKVIKEXIWWLEPP FIWXSVIH MRWYGL QERRIV EW XS TVIZIRX HIXIVMSVEXMSR SVMRXVYWMSRSJJSVIMKRQEXXIV { %R] QEXIVMEP XLEX LEW HIXIVMSVEXIH SV LEW FIIRGSRXEQMREXIHWLEPPRSXFIYWIHJSVGSRGVIXI {6IJIVIRGIWXERHEVHW 6{6IJIVIRGIHWXERHEVHW 8LI %781 WXERHEVH WTIGMJMGEXMSRW PMWXIH EVI XLI PEXIWX IHMXMSRW EX XLI XMQI XLIWI GSHI TVSZMWMSRW [IVI EHSTXIH &IGEYWIXLIWI WTIGMJMGEXMSRW EVI VIZMWIH JVIUYIRXP] KIRIV EPP]MRQMRSVHIXEMPWSRP]XLIYWIVSJXLIGSHIWLSYPHGLIGO HMVIGXP][MXLXLIWTSRWSVMRKSVKERMÊ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{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ÎH SV >MRG-VSR %PPS]'SEXIH +EPZERRIEPIH F]XLI,SX (MT4VSGIWW % %1 7XERHEVH 7TIGMJMGEXMSR JSV 0S[%PPS] 7XIIP (IJSVQIH ERH 4PEMR &EVW JSV 'SRGVIXI6IMRJSVGIQIRX % %1 7XERHEVH 7TIGMJMGEXMSR JSV 9RGSEXIH ,MKL7XVIRKXL7XIIP&EVJSV4VIWXVIWWMRK 'SRGVIXI % 7XERHEVH 7TIGMJMGEXMSR JSV >MRG'SEXIH %1F +EPZERMÎ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{7TSRKISV)\TERHIH6YFFIV ( 7XERHEVH8IWX1IXLSHJSV6YFFIV(IXIVM SVEXMSR7YVJEGI 3^SRI 'VEGOMRK MR E 'LEQFIV ( 7TIGMJMGEXMSR JSV 4VIJSVQIH 7TSRKI 6YFFIV ERH 'SVO )\TERWMSR .SMRX 6IETTVSZIH *MPPIVWJSV'SRGVIXI 4EZMRKERH7XVYGXYVEP'SRWXVYGXMSR ( 'PEWWMJMGEXMSR 7]WXIQ JSV 6YFFIV 4VSH YGXWMR%YXSQSXMZI%TTPMGEXMSRW ( 8IWX 1IXLSH JSV 6YFFIV 4VSTIVX]{ (YVSQIXIV,EVHRIWW '311)28%6= 1%29%03*'32'6)8)46%'8-') '3() ) 8IWX1IXLSHWJSV;EXIV:ETSV8VERWQMWWMSR SJ1EXIVMEPW ) 7XERHEVH 7TIGMJMGEXMSR JSV %KIRGMIW )RKEKIHMRXLI8IWXMRKERHSV-RWTIGXMSR SJ1EXIVMEPW9WIHMR'SRWXVYGXMSR '311)28%6= {w7XVYGXYVEP;IPHMRK'SHI{6IMRJSVGMRK7XIIPx %27-%;7( SJXLI%QIVMGER;IPHMRK7SGMIX] MW HIGPEVIHXSFITEVXSJXLMWGSHI EWMJ JYPP] WIXJSVXL LIVIMR {7IGXMSR'SQFMRMRK*EGXSVIH0SEHW9WMRK 7XVIRKXL(IWMKRSJw1MRMQYQ(IWMKR0SEHWJSV&YMPH MRKWERH3XLIV7XVYGXYVIWx %7') MWHIGPEVIHXS FITEVXSJXLMWWXERHEVHEWMJJYPP]WIXJSVXLLIVIMRJSV XLITYVTSWIGMXIHMR 6 { %7') MW EZEMPEFPI JVSQ %7') &SSO 3VHIVW &S\&EPXMQSVI1H { w7TIGMJMGEXMSR JSV 9RFSRHIH 7MRKPI 7XVERH 8IRHSRW %'- ERH'SQQIRXEV] 6 x MW HIGPEVIHXSFITEVXSJXLMWGSHI EWMJ JYPP] WIXJSVXL LIVIMR { w5YEPMJMGEXMSR SJ 4SWX-RWXEPPIH 1IGLERMGEP %RGLSVWMR'SRGVIXI %'- xMWHIGPEVIHXSFI TEVX SJ XLMW GSHI EW MJ JYPP] WIX JSVXL LIVIMR JSV XLI TYVTSWIGMXIHMR%TTIRHM\( {w7XVYGXYVEP;IPHMRK'SHI{7XIIP %;7( ( 1 x SJ XLI %QIVMGER ;IPHMRK 7SGMIX] MW HIGPEVIH XS FI TEVX SJ XLMW GSHI EW MJ JYPP] WIX JSVXL LIVIMR { w%GGITXERGI 'VMXIVME JSV 1SQIRX *VEQIW &EWIHSR7XVYGXYVEP8IWXMRK %'-8 xMWHIGPEVIH XSFITEVXSJXLMWGSHIEWMJJYPP]WIXJSVXLLIVIMR { 7XERHEVHW SJ XLI JSPPS[MRK SVKERMÊXMSRW EVI VIJIVVIHXSMRXLMWGSHIERHEVIPMWXIHFIPS[[MXLXLIMV WIVMEPHIWMKREXMSRWMRGPYHMRK]IEVSJEHSTXMSRSVVIZM WMSRERHEVIHIGPEVIHXSFITEVXSJXLMWGSHIEWMJJYPP] WIXJSVXLLIVIMR {%QIVMGER;EXIV;SVOW%WWSGMEXMSR ' (MWMRJIGXMSRSJ;EXIV7XSVEKI*EGMPMXMIW {97%VQ]'SVTWSJ)RKMRIIVW 7TIGMJMGEXMSRW '6(' 97%VQ]'SVTWSJ)RKMRIIVW7TIGMJMGEXMSR JSV4SP]ZMR]P'LPSVMHI;EXIVWXSTW {*IHIVEP7TIGMJMGEXMSRW 887I 7IEPMRK 'SQTSYRH )PEWXSQIVMG8]TI 1YPXM'SQTSRIRX JSV 'EPOMRK 7IEPMRK ERH +PE^MRK MR &YMPHMRKW ERH 3XLIV 7XVYGXYVIW 6 {4EVEPPIPXSHIZIPSTQIRXSJXLI%'-TVSZM WMSRW JSV ERGLSVMRK XS GSRGVIXI %'- HIZIPSTIH E XIWX QIXLSHXSHIJMRIXLIPIZIPSJTIVJSVQERGIVIUYMVIHJSVTSWX MRWXEPPIH ERGLSVW 8LMW XIWX QIXLSH %'- GSRXEMRW VIUYMVIQIRXWJSVXLIXIWXMRKERHIZEPYEXMSRSJTSWXMRWXEPPIH ERGLSVWJSVFSXLGVEGOIHERHYRGVEGOIHGSRGVIXIETTPMGEXMSRW )2:-6321)28%07869'896)7'3()'311)28%6= '3() 887G 7IEPMRK'SQTSYRH )PEWXSQIVMG8]TI 7MRKPI'SQTSRIRX JSV'EPOMRK7IEPMRK ERH +PE^MRK MR &YMPHMRKW ERH 3XLIV 7XVYGXYVIW {%QIVMGER'SRGVIXI-RWXMXYXI %'- 6 w7IMWQMG (IWMKR SJ 0MUYMH'SRXEMRMRK 'SRGVIXI7XVYGXYVIWx {%QIVMGER%WWSGMEXMSRSJ7XEXI,MKL[E] ERH8VERWTSVXEXMSR3JJMGMEPW 8 7EQTPMRKERH8IWXMRKJSV8SXEP'LPSVMHI-SR MR'SRGVIXIERH'SRGVIXI6E[1EXIVMEPW '311)28%6= 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= 2SXIW )2:-6321)28%07869'896)7'3()'311)28%6= 4%68{'327869'8-326)59-6)1)287 ',%48)6{(96%&-0-8=6)59-6)1)287 '3() {2SXEXMSR JG ! WTIGMJMIHGSQTVIWWMZIWXVIRKXLSJGSRGVIXITWM '311)28%6= 'LETXIVSJ%'-LEWFIIRI\TERHIHLIVIMRJSVIRZMVSR QIRXEPGSRGVIXIWXVYGXYVIW'LETXIVSJIEVPMIVIHMXMSRWSJ %'-[EWVIJSVQEXXIHMRXSIQTLEWMÎXLIMQTSV XERGI SJ GSRWMHIVMRK HYVEFMPMX] VIUYMVIQIRXW FIJSVI XLI HIWMKRIVWIPIGXIHJG ERHGSZIVSZIVXLIVIMRJSVGMRKWXIIP 7TIGMJMIH GSQTVIWWMZI GSRGVIXI WXVIRKXL JG WLSYPH GSVVI WTSRH XS QE\MQYQ [EXIVGIQIRXMXMSYW QEXIVMEPW VEXMSW SJ XSJSVGSRGVIXIWI\TSWIHXSJVII^MRKERHXLE[MRK [EXIV[EWXI[EXIVERHXSGSVVSWMZIKEWIWSVJSVTVIZIRXMRK GSVVSWMSR SJ VIMRJSVGIQIRX EW WLS[R MR 8EFPI ERH 8EFPI +IRIVEPP]JGV HIJMRIHEWXLIVIUYMVIHEZIVEKIGSQTVIWWMZI WXVIRKXL SJ GSRGVIXI YWIH EW XLI FEWMW JSV WIPIGXMSR SJ GSRGVIXITVSTSVXMSRW[MPPFIXSTWMLMKLIVXLERXLI WTIGMJMIHGSQTVIWWMZIWXVIRKXLJG &IGEYWIMXMWHMJJMGYPXXS EGGYVEXIP]HIXIVQMRIXLI[EXIVGIQIRXMXMSYWQEXIVMEPWVEXMS SJGSRGVIXIHYVMRKTVSHYGXMSRXLIJG WLSYPHFIVIEWSREFP] GSRWMWXIRX [MXL XLI WTIGMJMIH [EXIVGIQIRXMXMSYW QEXIVMEPW VEXMS VIUYMVIH JSV HYVEFMPMX] 7IPIGXMSR SJ ER JG XLEX MW GSRWMWXIRX [MXL XLI [EXIVGIQIRXMXMSYW QEXIVMEPW VEXMS WIPIGXIH JSV HYVEFMPMX] [MPP LIPT IRWYVI XLEX XLI VIUYMVIH [EXIVGIQIRXMXMSYWQEXIVMEPWVEXMSMWEGXYEPP]SFXEMRIHMRXLI JMIPH &IGEYWI XLI YWYEP IQTLEWMW SR MRWTIGXMSR MW JSV WXVIRKXLXIWXVIWYPXWWYFWXERXMEPP]LMKLIVXLERXLIWTIGMJMIH WXVIRKXL QE] PIEH XS E PEGO SJ GSRGIVR JSV UYEPMX] ERH TVSHYGXMSR SJ GSRGVIXI XLEX I\GIIHW XLI QE\MQYQ [EXIV GIQIRXMXMSYW QEXIVMEPW VEXMS 8LYW E QMRMQYQ J G SJ TWMERHEQE\MQYQ[EXIVGIQIRXMXMSYWQEXIVMEPWVEXMS SJ WLSYPH FI WTIGMJMIH JSV ER IRZMVSRQIRXEP WXVYGXYVI I\TSWIHXSJVII^MRKERHXLE[MRKMREQSMWXGSRHMXMSR 8LIGSHIMRGPYHIWTVSZMWMSRWJSVIWTIGMEPP]WIZIVII\TSWYVI [LIVILMKLVIWMWXERGIXSGLIQMGEPEXXEGOEPXIVREXI[IXXMRK ERH HV]MRK JVII^MRKERHXLE[MRK G]GPIW ERH I\TSWYVI XS XLI IPIQIRXW EVI VIUYMVIH -X EPWS MRGPYHIW WTIGMEP VIUYMVI QIRXW JSV GSRGVIXI GSZIV ERH WTEGMRK SJ VIMRJSVGMRK FEVW 'LETXIV JSVGSRGVIXIMRWYGLIRZMVSRQIRXW 8LI GSHI VIUYMVIW XLI EHHMXMSR SJ TVSXIGXMZI GSEXMRKW SV PMRIVWMRXLIGEWISJWIZIVII\TSWYVIWWYGLEWEGMHWSVSXLIV GLIQMGEPWERHI\TSWYVIWXSIVSWMSRF]EFVEWMSRERHGEZMXEXMSR 'SRGVIXI MRKVIHMIRXW ERH TVSTSVXMSRW QYWX FI WIPIGXIH XS QIIXXLIQMRMQYQVIUYMVIQIRXWWXEXIHMRXLIGSHIERHXLI EHHMXMSREPVIUYMVIQIRXWSJXLIGSRXVEGXHSGYQIRXW 0MKLX[IMKLXGSRGVIXIQE]FIYWIHJSVIRZMVSRQIRXEPWXVYG XYVIWTVSZMHIHEXXIRXMSRMWKMZIRXSHYVEFMPMX]VIUYMVIQIRXW MR KIRIVEP ERH TVSXIGXMSR EKEMRWX JVII^MRK ERH XLE[MRK EFVEWMSRERHWYPJEXIERHGLIQMGEPEXXEGOMRTEVXMGYPEV 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= 8LI GSHI VIUYMVIW XLI YWI SJ ER IRZMVSRQIRXEP HYVEFMPMX] JEGXSV7H[LIRYWMRKWXVIRKXLHIWMKR7II6 {;EXIVGIQIRXMXMSYWQEXIVMEPWVEXMS ERHGIQIRXMXMSYWQEXIVMEPGSRXIRX 6{;EXIVGIQIRXMXMSYWQEXIVMEPWVEXMS ERHGIQIRXMXMSYWQEXIVMEPGSRXIRX {8LI[EXIVGIQIRXMXMSYWQEXIVMEPWVEXMSWWTIG MJMIHMR8EFPIWERHWLEPPFIGEPGYPEXIHYWMRK XLI[IMKLXSJGIQIRXQIIXMRK%781'' SV'TPYWXLI[IMKLXSJJP]EWLERHSXLIVTS^^SPERW QIIXMRK%781'WPEKQIIXMRK%781'ERH WMPMGEJYQIQIIXMRK%781'MJER]I\GITXXLEX [LIRGSRGVIXIMWI\TSWIHXSHIMGMRKGLIQMGEPW JYVXLIV PMQMXW XLI EQSYRX SJ JP] EWL TS^^SPERW WMPMGE JYQIWPEKSVXLIGSQFMREXMSRSJXLIWIQEXIVMEPW 6 { *SV GSRGVIXI I\TSWIH XS HIMGMRK GLIQMGEPW XLI UYERXMX] SJ JP] EWL SXLIV TS^^SPERW WMPMGE JYQI WPEK SV FPIRHIH GIQIRXW YWIH MR XLI GSRGVIXI MW WYFNIGX XS XLI TIVGIRXEKIPMQMXWMR *YVXLIVMRJSVWYPJEXII\TS WYVIWXLITS^^SPERWLSYPHFI'PEWW*F]%781'SV LEZI FIIR XIWXIH F] %781 ' SV HIXIVQMRIH F] WIVZMGIVIGSVHXSMQTVSZIWYPJEXIVIWMWXERGI {1MRMQYQGIQIRXMXMSYWQEXIVMEPWGSRXIRXWLEPP FIEWMRHMGEXIHMR8EFPI 6{8LI'SHIMRGPYHIWXLIVIUYMVIQIRXWJSVIRZM VSRQIRXEPWXVYGXYVIWGSRWXVYGXIHSJGSRGVIXI[MXLTVSTIVXMIW ERHGLEVEGXIVMWXMGWXLEXEVIWYMXEFPIJSVPSRKXIVQHYVEFMPMX] 'SRGVIXI QM\XYVIW YWMRK HMJJIVIRX X]TIW SJ GIQIRX TS^^SPERWERHEHQM\XYVIWWLSYPHHIQSRWXVEXIPS[TIVQI EFMPMX] EGGITXEFPI HYVEFMPMX] [SVOEFMPMX] GSQTEGXEFMPMX] ERH JMRMWLEFMPMX] GLEVEGXIVMWXMGW FEWIH SR XLI VIUYMVIQIRXW MR XLI GSHI 9TTIV ERH PS[IV PMQMXW SR XLI TIVGIRXEKI SJ TS^^SPERWXLEX[SYPHFIEHZMWEFPIJSVXLIHYVEFMPMX]SJIRZM VSRQIRXEPWXVYGXYVIWRIIHXSFIGSRWMHIVIH 8%&0){1-2-191')1)28-8-397 1%8)6-%0'328)28 2SQMREPQE\MQYQ 'SEVWIEKKVIKEXI 1MRMQYQGIQIRXMXMSYW EKKVIKEXIWMÎMR %781' WMÎRS QEXIVMEPW PF]H *SVRSQMREPQE\MQYQGSEVWIEKKVIKEXIWMÎRSXMRHMGEXIHMRXIVTSPEXIXLI QMRMQYQGIQIRXMXMSYWQEXIVMEPGSRXIRXFIX[IIRRSQMREPWMÎWWLS[R {*VII^MRKERHXLE[MRKI\TSWYVIW 6{*VII^MRKERHXLE[MRKI\TSWYVIW {'SRGVIXII\TSWIHXSJVII^MRKERHXLE[MRKSV HIMGMRK GLIQMGEPW WLEPP FI EMVIRXVEMRIH [MXL EMV GSRXIRX MRHMGEXIH MR 8EFPI 8SPIVERGI SR EMV GSRXIRXEWHIPMZIVIHWLEPPFITIVGIRX*SVWTIGM JMIH GSQTVIWWMZI WXVIRKXL JG KVIEXIV XLER TWM VIHYGXMSR SJ EMV GSRXIRX MRHMGEXIH MR 8EFPI F] TIVGIRXWLEPPFITIVQMXXIH 6 {%XEFPISJVIUYMVIHEMVGSRXIRXWJSVJVII^MRKERH XLE[MRKVIWMWXERXGSRGVIXIMWMRGPYHIHMRXLIGSHIFEWIHSR w7XERHEVH 4VEGXMGI JSV 7IPIGXMRK 4VSTSVXMSRW JSV 2SVQEP ,IEZ][IMKLX ERH 1EWW 'SRGVIXIx %' :EPYIWEVITVSZMHIHJSVFSXLWIZIVIERHQSHIVEXI I\TSWYVIHITIRHMRKSRXLII\TSWYVIXSQSMWXYVISVHIMGMRK WEPXW )RXVEMRIH EMV [MPP RSX TVSXIGX GSRGVIXI GSRXEMRMRK GSEVWI EKKVIKEXIW XLEX YRHIVKS HMWVYTXMZI ZSPYQI GLERKIW [LIR JVSÎ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{838%0%-6'328)28*36 *63786)7-78%28'32'6)8) 2SQMREPQE\MQYQ EKKVIKEXIWMÎMR j j %MVGSRXIRXTIVGIRX 7IZIVII\TSWYVI 1SHIVEXII\TSWYVI GSRGVIXIW [MPP LEZI PS[IV [EXIVGIQIRXMXMSYW QEXIVMEPW VEXMSW ERH TSVSWMX] ERH XLIVIJSVI MQTVSZIH JVII^MRKERH XLE[MRKVIWMWXERGI -R WSQI WIZIVI JVII^MRKERHXLE[MRK IRZMVSRQIRXW EMV IRXVEMRQIRXQE]RSXFIEHIUYEXIERHMXQE]FIHIWMVEFPIXS TVSXIGXXLIGSRGVIXIJVSQERI\GIWWMZIRYQFIVSJJVII^MRK ERHXLE[MRKG]GPIWSVJVSQVIEGLMRKRIEVWEXYVEXIHGSRHMXMSRW %HHMXMSREPTVIGEYXMSRWQE]FIVIUYMVIH WII6IJIVIRGI 7II %781 ' JSV XSPIVERGI SR SZIVWMÎ JSV ZEVMSYW RSQMREP QE\MQYQ WMÎHIWMKREXMSRW j8LIWIEMVGSRXIRXWETTP]XSXSXEPQM\XYVIEWJSVXLITVIGIHMRKRSQMREPQE\ MQYQ EKKVIKEXI WMÎW ;LIR XIWXMRK XLIWI GSRGVIXIW LS[IZIV EKKVIKEXI PEVKIVXLERMRMWVIQSZIHF]LERHTMGOMRKSVWMIZMRKERHEMVGSRXIRXMW HIXIVQMRIHSRXLIQMRYWMRJVEGXMSRSJQM\XYVI XSPIVERGISREMVGSRXIRX EW HIPMZIVIH ETTPMIW XS XLMW ZEPYI %MV GSRXIRX SJ XSXEP QM\XYVI MW GSQTYXIH JVSQXLIZEPYIHIXIVQMRIHSRXLIQMRYWMRJVEGXMSR {'SRGVIXIXLEX[MPPFIWYFNIGXXSXLII\TSWYVIW KMZIRMR8EFPIWLEPPGSRJSVQXSXLIGSVVIWTSRHMRK QE\MQYQ [EXIVGIQIRXMXMSYW QEXIVMEPW VEXMSW ERH QMRMQYQ WTIGMJMIH GSRGVIXI GSQTVIWWMZI WXVIRKXL VIUYMVIQIRXW SJ XLEX XEFPI -R EHHMXMSR GSRGVIXI XLEX [MPPFII\TSWIHXSHIMGMRKGLIQMGEPWWLEPPGSRJSVQXS XLIPMQMXEXMSRWSJ 8%&0){6)59-6)1)287*3674)'-%0 )<43796)'32(-8-327 6 {1E\MQYQ[EXIVGIQIRXMXMSYWQEXIVMEPWVEXMSWEVI RSX WTIGMJMIH JSV PMKLX[IMKLX EKKVIKEXI GSRGVIXI FIGEYWI HIXIVQMREXMSRSJXLIEFWSVTXMSRSJXLIWIEKKVIKEXIWMWYRGIV XEMR QEOMRK GEPGYPEXMSR SJ [EXIVGIQIRXMXMSYW QEXIVMEPW VEXMS YRGIVXEMR 8LI YWI SJ E QMRMQYQ WTIGMJMIH WXVIRKXL [MPP IRWYVI XLI YWI SJ E LMKLUYEPMX] GIQIRX TEWXI *SV RSVQEP[IMKLX EKKVIKEXI GSRGVIXI YWI SJ FSXL QMRMQYQ WXVIRKXL ERH QE\MQYQ [EXIVGIQIRXMXMSYW QEXIVMEPW VEXMS TVSZMHIEHHMXMSREPEWWYVERGIXLEXXLMWSFNIGXMZIMWQIX 1E\MQYQ[EXIV GIQIRXMXMSYWQEXIVMEPW VEXMSF][IMKLX 1MRMQYQJG TWM )\TSWYVIGSRHMXMSR 'SRGVIXIMRXIRHIHXS LEZIPS[TIVQI EFMPMX][LIRI\TSWIH XS[EXIV[EWXI[EXIV ERHGSVVSWMZIKEWWIW 'SRGVIXII\TSWIHXS JVII^MRKERHXLE[MRK MREWEXYVEXIH GSRHMXMSRSVXSHIMGMRK GLIQMGEPW 'SRGVIXII\TSWIHXS GSVVSWMZIGLIQMGEPW SXLIVXLERHIMGMRK GLIQMGEPW *SVGSVVSWMSRTVSXIG XMSRSJVIMRJSVGIQIRXMR GSRGVIXII\TSWIHXS GLPSVMHIWMRXEROW GSRXEMRMRKFVEGOMWL [EXIVERHGSRGVIXI I\TSWIHXSHIMGMRK GLIQMGEPWWIE[EXIV SVWTVE]JVSQWIE[EXIV %PS[IV[EXIVGIQIRXMXMSYWQEXIVMEPVEXMSSVLMKLIVWXVIRKXLQE]FIVIUYMVIHJSV HYVEFMPMX]SJGSRGVIXII\TSWIHXSWYPJEXIW 8EFPI { *SV GSRGVIXI I\TSWIH XS HIMGMRK GLIQMGEPW XLIQE\MQYQ[IMKLXSJJP]EWLSXLIVTS^^SPERWWMPMGE JYQISVWPEKXLEXMWMRGPYHIHMRXLIGSRGVIXIWLEPPRSX I\GIIHXLITIVGIRXEKIWSJXLIXSXEP[IMKLXSJGIQIRXM XMSYWQEXIVMEPWKMZIRMR8EFPI 6 {7IGXMSRERH8EFPIIWXEFPMWLPMQMXEXMSRW SRXLIEQSYRXSJJP]EWLSXLIVTS^^SPERWWMPMGEJYQIERH WPEK XLEX GER FI MRGPYHIH MR GSRGVIXI I\TSWIH XS HIMGMRK GLIQMGEPW 6IGIRXVIWIEVGLLEWHIQSRWXVEXIHXLEXXLI YWISJJP]EWLWPEKERHWMPMGEJYQITVSHYGIGSRGVIXI[MXLE JMRIVTSVIWXVYGXYVIERHXLIVIJSVIPS[IVTIVQIEFMPMX] 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= 8%&0){6)59-6)1)287*36'32'6)8) )<437)(83()-'-2+',)1-'%07 'IQIRXMXMSYWQEXIVMEPW *P]EWLSVSXLIVTS^^SPERWGSRJSVQMRKXS %781' 7PEKGSRJSVQMRKXS%781' 7MPMGEJYQIGSRJSVQMRKXS%781' 8SXEPSJJP]EWLSVSXLIVTS^^SPERWWPEK ERHWMPMGEJYQI 8SXEPSJJP]EWLSVSXLIVTS^^SPERWERH WMPMGEJYQI 1E\MQYQTIVGIRXSJXSXEP GIQIRXMXMSYWQEXIVMEPW F][IMKLX j j 8LIXSXEPGIQIRXMXMSYW QEXIVMEP EPWSMRGPYHIW%781'' ERH 'GIQIRX 8LIQE\MQYQTIVGIRXEKIWEFSZIWLEPPMRGPYHI E *P]EWLSVSXLIVTS^^SPERWTVIWIRXMR8]TI-4SV- 41 FPIRHIHGIQIRX %781' F 7PEKYWIHMRXLIQERYJEGXYVISJE-7SV- 71 FPIRHIHGIQIRX%781' G 7MPMGEJYQI%781'TVIWIRXMREFPIRHIHGIQIRX j *P]EWLSVSXLIVTS^^SPERWERHWMPMGEJYQIWLEPPGSRWXMXYXIRSQSVIXLER ERHTIVGIRXVIWTIGXMZIP]SJXLIXSXEP[IMKLXSJXLIGIQIRXMXMSYWQEXIVMEPW {7YPJEXII\TSWYVIW 6{7YPJEXII\TSWYVIW { 'SRGVIXI I\TSWIH XS [EXIV SV [EWXI[EXIV WSPYXMSRWSV WSMPW GSRXEMRMRK WYPJEXIWWLEPP GSRJSVQ XS VIUYMVIQIRXWSJ8EFPISVWLEPPFIGSRGVIXIQEHI [MXLEGIQIRXXLEXTVSZMHIWWYPJEXIVIWMWXERGIERHXLEX LEW E QE\MQYQ [EXIVGIQIRXMXMSYW QEXIVMEPW VEXMS ERHQMRMQYQGSQTVIWWMZIWXVIRKXLJVSQ8EFPI 6 {'SRGVIXII\TSWIHXSMRNYVMSYWGSRGIRXVEXMSRWSJ WYPJEXIW JVSQ WSMP [EXIV ERH [EWXI[EXIV WLSYPH FI QEHI [MXL E WYPJEXIVIWMWXMRK GIQIRX ERH E PS[ [EXIVGIQIRXM XMSYWQEXIVMEPWVEXMS%WXYH] WII6IJIVIRGI WLS[IH XLEXVIHYGMRKXLIVEXMSSJ[EXIVXSXSXEPGIQIRXMXMSYWQEXIVMEPW XLIVIF] VIHYGMRK TIVQIEFMPMX] MW E QENSV JEGXSV MR MRGVIEWMRKGSRGVIXIv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{6)59-6)1)287*36'32'6)8))<437)(83790*%8)'328%-2-2+73098-327 7YPJEXI I\TSWYVI 2IKPMKMFPI ;EXIVWSPYFPI WYPJEXI 73 MR WSMPTIVGIRXF] 7YPJEXI 73 MR [IMKLX [EXIVTTQ 1SHIVEXIj 7IZIVI 'IQIRXX]TI { ---4 17 -7 17 - 41 17 - 71 17 : :IV]WIZIVIk 3ZIV 3ZIV :TPYWTS^^SPER 1E\MQYQ [EXIVGIQIRXMXMSYW VEXMSF][IMKLX 1MRMQYQWTIGMJMIH GSQTVIWWMZI WXVIRKXL JG TWM { %PS[IV[EXIVGIQIRXMXMSYWQEXIVMEPWVEXMSSVLMKLIVWXVIRKXLQE]FIVIUYMVIHJSVGSVVSWMSRTVSXIGXMSRJSVGSRGVIXII\TSWIHXSGLPSVMHIW 8EFPI j7IE[EXIV k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wQSHIVEXII\TSWYVIx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{'EPGMYQGLPSVMHIEWEREHQM\XYVIWLEPPRSXFI YWIHMRGSRGVIXI {'SVVSWMSRTVSXIGXMSRSJQIXEPW 6{'SVVSWMSRTVSXIGXMSRSJQIXEPW { *SV GSVVSWMSR TVSXIGXMSR SJ VIMRJSVGIQIRX MR GSRGVIXIQE\MQYQ[EXIVWSPYFPIGLPSVMHIMSRGSRGIRXVE XMSRWMRLEVHIRIHGSRGVIXIEXEKIW JVSQ XS HE]W GSRXVMFYXIH JVSQ XLIMRKVIHMIRXWMRGPYHMRK [EXIVEKKVI KEXIWGIQIRXMXMSYW QEXIVMEPW ERHEHQM\XYVIW WLEPPRSX I\GIIH XLI PMQMXW SJ 8EFPI ;LIR XIWXMRK MW TIVJSVQIH XS HIXIVQMRI [EXIV WSPYFPI GLPSVMHI MSR GSRXIRXXIWXTVSGIHYVIWWLEPPGSRJSVQXS%781' 6 {%HHMXMSREPMRJSVQEXMSRSRXLIIJJIGXWSJGLPSVMHIW SRXLIGSVVSWMSRSJVIMRJSVGMRKWXIIPMWKMZIRMR w+YMHIXS (YVEFPI 'SRGVIXIx VITSVXIH F] %'- 'SQQMXXII ERH w'SVVSWMSR SJ 1IXEPW MR'SRGVIXIxVITSVXIHF] %''SQQMXXII8IWXTVSGIHYVIWQYWXGSRJSVQXSXLSWI KMZIR MR %781 ' %R MRMXMEP IZEPYEXMSR QE] FI SFXEMRIHF]XIWXMRKMRHMZMHYEPGSRGVIXIMRKVIHMIRXWJSVXSXEP GLPSVMHIMSRGSRXIRX-JXSXEPGLPSVMHIMSRGSRXIRXGEPGYPEXIH SR XLI FEWMW SJ GSRGVIXI TVSTSVXMSRW I\GIIHW XLSWI 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= 8%&0){1%<-191',036-()-32 '328)28*36'36637-32 4638)'8-323*6)-2*36')1)28 8]TISJQIQFIV 4VIWXVIWWIHGSRGVIXI 6IMRJSVGIHGSRGVIXI 1E\MQYQ[EXIVWSPYFPI GLPSVMHIMSR 'Pz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{-JGSRGVIXI[MXLVIMRJSVGIQIRX[MPPFII\TSWIH XS GLPSVMHIW JVSQ HIMGMRK GLIQMGEPW WEPX WEPX [EXIV FVEGOMWL[EXIVWIE[EXIVSVWTVE]JVSQXLIWIWSYVGIW VIUYMVIQIRXW SJ 8EFPI JSV [EXIVGIQIRXMXMSYW QEXIVMEPW VEXMS ERH GSRGVIXI WXVIRKXL ERH XLI QMRMQYQGSRGVIXIGSZIVVIUYMVIQIRXWSJ WLEPPFI WEXMWJMIH7II JSVYRFSRHIHTVIWXVIWWMRKXIRHSRW 6 {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{;LIVIGSRHMXMSRWI\MWXXLEXVIHYGIXLIGSVVS WMSR TEWWMZI PE]IV EVSYRH XLI VIMRJSVGMRK WXIIP SV HMVIGXP]GSVVSHIXLIVIMRJSVGIQIRXXLIVIMRJSVGMRKWXIIP WLEPPFITVSXIGXIH 6 { 8LIGSVVSWMZI GSRHMXMSRW XLEXVIUYMVITVSXIGXMSR HITIRHSRXLIGLIQMGEPWYWIHERHXLIHSQIWXMGERHMRHYW XVMEP[EWXIWIRGSYRXIVIH6IJIVXS 8LIX]TISJTVSXIG XMSR IQTPS]IH EKEMRWX GLIQMGEP EXXEGO [MPP EPWS ZEV] EGGSVHMRK XS XLI OMRH ERH GSRGIRXVEXMSR SJ XLI GLIQMGEP JVIUYIRG] SJ GSRXEGX ERH TL]WMGEP GSRHMXMSRW WYGL EW XIQTIVEXYVI TVIWWYVI GEVFSREXMSR QIGLERMGEP [IEV SV EFVEWMSRERHJVII^MRKERHXLE[MRKG]GPIW { ;LIR YRFSRHIH TVIWXVIWWMRK XIRHSRW EVI YWIHMRIRZMVSRQIRXEPWXVYGXYVIWXLI]WLEPPFISJXLI X]TI XLEX GSQTPIXIP] IRGETWYPEXIW XLI TVIWXVIWWMRK WXIIP ERH MXW ERGLSVEKIW *YVXLIVQSVI EPP ZSMHW MR WPIIZIW SV GETW WLEPP FI GSQTPIXIP] JMPPIH [MXL E GSVVSWMSRTVSXIGXMZIQEXIVMEP 6 { *SV EHHMXMSREP TVIGEYXMSRW EKEMRWX GSVVSWMSR SJ YRFSRHIHXIRHSRWWII6IJIVXS6JSVSTXMSREP EHHMXMSREPTVSXIGXMSRSJYRFSRHIHXIRHSRERGLSVEKIW )2:-6321)28%07869'896)7'3()'311)28%6= '3() '311)28%6= { 'SRXEGX FIX[IIR HMWWMQMPEV QIXEPW WLEPP FI EZSMHIH -WSPEXSVW WLEPP FI TPEGIH FIX[IIR HMJJIVIRX QIXEPW { ;LIR ITS\]GSEXIH VIMRJSVGIQIRX MW YWIH TVIGEYXMSRWWLEPPFIXEOIRXSQEMRXEMRXLIMRXIKVMX]SJXLI GSEXMRK 6 { +YMHERGI MW KMZIR MR XLI '67- 1EMRXIRERGI +YMHI w*MIPH ,ERHPMRK 8IGLRMUYIW JSV )TS\]GSEXIH 6IFEVEXXLI.SF7MXIx {'LIQMGEPIJJIGXW 6{'LIQMGEPIJJIGXW {'SRGVIXITVSXIGXMSREKEMRWXGLIQMGEPW { 'SRGVIXI WYFNIGX XS EXXEGO F] GLIQMGEP WSPYXMSRW SV GSVVSWMZI KEWIW WLEPP FI TVSXIGXIH MR EGGSVHERGI[MXLERH 6 { *EGMPMXMIW ERH WXVYGXYVIW WYGL EW FYX RSX PMQMXIHXSXLIJSPPS[MRKEVIXSFITVSXIGXIH[LIRI\TSWIH XSGLIQMGEPEXXEGO E ;EXIVXVIEXQIRXTPERXW F (SQIWXMGERHMRHYWXVMEP[EWXI[EXIVXVIEXQIRXTPERXW G 7XSVEKIXEROWERHVIWIVZSMVW H ;EXIVERH[EWXI[EXIVTYQTWXEXMSRW I 'SRHYMXWWI[IVWQERLSPIWERHNYRGXMSRGLEQFIVW J ,EÊVHSYWQEXIVMEPWGSRXEMRQIRXWXVYGXYVIW { 4VSTSVXMSR GSRGVIXI [MXL XLI ETTVSTVMEXI X]TISJ GIQIRXFEXGLQM\TPEGIGSRWSPMHEXIJMRMWL ERHGYVIXLIGSRGVIXIXSTVSZMHIEPMUYMHXMKLXERHKEW XMKLXWXVYGXYVI 6 { 4S^^SPERW WYGL EW JP] EWL ERH WMPMGE JYQI [LIR EHHIH XS XLI GSRGVIXI QM\XYVI LEZI FIIR JSYRH XS HIGVIEWIXLIGSRGVIXIvWTIVQIEFMPMX]ERHMRGVIEWIMXWVIWMW XERGIXSGLIQMGEPEXXEGO 6IJIVXS%'-JSVPMUYMHXMKLXRIWWVIUYMVIQIRXW { 'SRGVIXI I\TSWIH XS WYPJEXIGSRXEMRMRK WSPYXMSRWSVWSMPWWLEPPQIIXXLIVIUYMVIQIRXWSJ { 'SRGVIXI I\TSWIH XS GLIQMGEP EXXEGO F] WYPJEXI SV GSVVSWMZIGLIQMGEP WSPYXMSRWSV KEWIW WLEPP FITVSXIGXIHEWJSPPS[W E 'SRGVIXII\TSWIHXSGSTTIVWYPJEXIERHSVJIVVMG WYPJEXI WLEPP FI QEHI [MXL WYPJEXIVIWMWXERX GIQIRX SVWLEPPFIKMZIRETVSXIGXMZIGSEXMRKSVPMRIVMREGGSV HERGI[MXL F 'SRGVIXI WLEPP FI TVSXIGXIH EKEMRWX GSVVSWMZI GLIQMGEPW [MXL E TVSXIGXMZI GSEXMRK MR EGGSVHERGI [MXL 6 {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{7PS[GSVVSWMSRSJGSRGVIXI %GIXMGEGMH %QQSRMEWMPMGSJPYSVMHI 'EPGMYQL]TSGLPSVMXI 'EVFSRHMS\MHI WSPYXMSR!GEVFSRMGEGMH 'LPSVMRI WSPYXMSR EXTIVGIRX 'LPSVMRIHMS\MHI WSPYXMSR ']ERMHI (MWSHMYQTLSWTLEXI *IVVSYWGLPSVMHIEXYTXSTIVGIRX ,]HVSKIRWYPJMHI -SHMRI 4LSWTLSVMGEGMHEXTIVGIRX 4SXEWWMYQL]HVS\MHI[LIRQSVIXLERTIVGIRX 7SHMYQJPYSVMHI 7SHMYQLI\EQIXETLSWTLEXI 7SHMYQXLMSWYPJEXI 7YPJYVHMS\MHIEXTIVGIRX WSPYXMSR +VSYT&{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{6ETMHGSVVSWMSRSJGSRGVIXI %PYQMRYQGLPSVMHI WSPYXMSR ,]HVSGLPSVMGEGMHEXYTXSTIVGIRXERH* ,]HVSJPYSWMPMGMGEGMHEXYTXSTIVGIRX 4SP]EPYQMRYQGLPSVMHI 7YPJYVMGEGMHYTXSTIVGIRXERH* 8EFPI SJ %'- 6 TVSZMHIW EHHMXMSREP MRJSVQEXMSRSRXLIIJJIGXSJGLIQMGEPWSRGSRGVIXI4SVXPERH 'IQIRX %WWSGMEXMSR 'SRGVIXI -RJSVQEXMSR &YPPIXMR SR w)JJIGXWSJ7YFWXERGIWSR'SRGVIXIERH+YMHIXS4VSXIG XMZI8VIEXQIRXWxMWEPWSEVIJIVIRGI 7TIGMEP EXXIRXMSR WLSYPH FI KMZIR XS GLIQMGEPW MR WSPYXMSR YRHIVLMKLXIQTIVEXYVITVIWWYVISVFSXL[LMGLQE]EGGIP IVEXI XLI GSVVSWMSR TVSGIWW -R WYGL GEWIW E PMUYMH SV KEW YRHIVTVIWWYVI[MPPFIJSVGIHXLVSYKLTIVQIEFPISVWPMKLXP] GVEGOIHGSRGVIXIERH[MPPGSQIMRGSRXEGX[MXLVIMRJSVGMRK WXIIPSVIQFIHHIHQIXEPW8LIWIGLIQMGEPWQE]EPWSEXXEGO XLIGSRGVIXIERHEXMRGVIEWIHXIQTIVEXYVIWXLIEXXEGOQE] SGGYVQSVIVETMHP] ,]HVSKIRWYPJMHIKEWIWEVIS\MHMÎHEIVSFMGEPP]XSWYPJEXIW [LMGLMRXLITVIWIRGISJQSMWXYVIERHS\]KIRJSVQWYPJYVMG EGMH8LIWYPJYVMGEGMHXLIREXXEGOWXLIGEPGMYQL]HVS\MHIMR XLI GSRGVIXI XS JSVQ GEPGMYQ WYPJEXI K]TWYQ [LMGL YWYEPP] LEW XLI IJJIGX SJ VIHYGMRK XLI T, SJ XLI WYVJEGI )2:-6321)28%07869'896)7'3()'311)28%6= '3() '311)28%6= GSRGVIXI XLIVIF] VIHYGMRK XLI TVSXIGXMZI EPOEPMRI IRZMVSR QIRXEVSYRH XLI VIMRJSVGMRKWXIIPSV QIXEPW XLYW EPPS[MRK XLI GSVVSWMSR TVSGIWW XS TVSGIIH 6IJIV XS w7YPJMHIW MR ;EWXI[EXIV 'SPPIGXMSR ERH 8VIEXQIRX 7]WXIQWx %7') 1ERYEPSJ4VEGXMGI2S 7TIGMEP GIQIRX QSVXEVW LEZI FIIR YWIH MR EGMHVIWMWXERX PMRMRKW JSV XEROW ERH FEWMRW 7TIGMJMG HIWMKR MRJSVQEXMSR WLSYPH FI SFXEMRIH VIKEVHMRK XLI QSVXEVv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{ .SMRXMRK QEXIVMEPW MRGPYHMRK [EXIVWXSTW I\TERWMSR NSMRXW ERH WIEPERXW WLEPP FI VIWMWXERX XS GLIQMGEPEXXEGOJSVXLIHIWMKRPMJISJXLIJEGMPMX]1EXI VMEPWWLEPP FI XIWXIH MR EGGSVHERGI [MXL %781 ' ERH *IHIVEP 7TIGMJMGEXMSR 887) JSV WIEPERXW ERH %781( %781( %781 ( ERH '6('JSV4:'[EXIVWXSTW 7II {8IWXMRKJSVGLIQMGEPIJJIGXW 6{8IWXMRKJSVGLIQMGEPIJJIGXW 7IZIVEPVIGSQQIRHIHXIWXWWLSYPHFIGSRWMHIVIHFIJSVIERH HYVMRKXLIGSRWXVYGXMSRSJIRZMVSRQIRXEPGSRGVIXIWXVYGXYVIW { 8LI GSQTSWMXMSR ERH XIQTIVEXYVI SJ XLI PMUYMH SV KEW ERH MXW T, WLEPP FI XIWXIH JSV EKKVIWWMZI RIWWXSXLIGSRGVIXIERHXSXLITVSXIGXMZIFEVVMIVW]WXIQ 6 'LIQMGEP GSQTSWMXMSR ERH XIQTIVEXYVI SJ XLI PMUYMHSVKEWMRGPYHMRKT,HIXIVQMREXMSR { 8LI EHIUYEG] SJ XLI TVSXIGXMSR EKEMRWX GLIQMGEP IJJIGXW WLEPP FI GSRJMVQIH F] XIWXW 8LI XIWXW WLEPP HIXIVQMRI XLI RIIH JSV ERH XLI IJJIGXMZIRIWW SJ WTIGMEP GIQIRXW PMRIVW GSEXMRKW ERH SXLIV TVSXIGXMZI QIEWYVIW 6 'SRGIRXVEXMSR SJ HMWWSPZIH GEVFSR HMS\MHI MR XLIPMUYMHWXVIEQ 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= {%KKVIKEXIWWLEPPFIXIWXIHJSVVIEGXMSRWXS GLIQMGEPEXXEGOMREGGSVHERGI[MXL%781' 6 ;LIVI GSRGVIXI MW I\TSWIH XS E QSVI WIZIVI GLIQMGEPEXXEGOWYGLEWEGMHWEGMHVIWMWXERXEKKVIKEXIW SVEGSEXMRKSVPMRIVSVFSXLWLSYPHFIYWIH6IJIVXS%'6 4IXVSKVETLMG I\EQMREXMSR SJGSRGVIXI WEQTPIW %781' {4VSXIGXMSREKEMRWXIVSWMSR 6{4VSXIGXMSREKEMRWXIVSWMSR )VSWMSR MW HIJMRIH EW XLI TVSKVIWWMZI HMWMRXIKVEXMSR SJ E WSPMHF]EFVEWMSRSVGEZMXEXMSR { 'SRGVIXI WLEPP FI TVSXIGXIH EKEMRWX IVSWMSR HEQEKI[LIRWYFNIGXIHXSGEZMXEXMSRSVEFVEWMSR 6 {'EZMXEXMSRIVSWMSRHEQEKIXSGSRGVIXIWYVJEGIW EW IZMHIRGIH F] WQEPP WYVJEGI LSPIW ERH TMXWVIWYPXW JVSQ XLIGSPPETWISJFYFFPIWSVGEZMXMIWMREPMUYMH %FVEWMSRIVSWMSR MW HIJMRIH EW IVSWMSR GEYWIH F] EFVEWMSR EGXMSR %FVEWMSR IVSWMSR HEQEKI XS GSRGVIXI WYVJEGIW VIWYPXWJVSQXLI[IEVMRKKVMRHMRKSVVYFFMRKE[E]F]WMPX WERH KVEZIP VSGOW ERH SXLIV HIFVMW TEWWMRK SZIV XLI GSRGVIXIWYVJEGISJEWXVYGXYVI { *SV TVSXIGXMSR EKEMRWX GEZMXEXMSR IVSWMSR EX PIEWXSRISJXLIJSPPS[MRKWLEPPFIYWIH E 6IHYGI JPS[ ZIPSGMX] ERH MRGVIEWI TVIWWYVI F] MRGSVTSVEXMRKFEJJPIWSVWMQMPEVHIZMGIWMRXLIWXVYGXYVI F 9WI WXVYGXYVEP WLETIW WYVJEGI JMRMWLIW ERH XSPIVERGIW GLEVEGXIVMÎH F] ZEPYIW SJ XLI GEZMXEXMSR MRHI\EXXLIGSRHMXMSRSJMRGMTMIRXGEZMXEXMSR G 7YTTP] EMV XS XLI JPS[ WYGL XLEX XLI EMVXS[EXIV VEXMSRIEVXLIWSPMHFSYRHEV]MWETTVS\MQEXIP]TIVGIRX F]ZSPYQI 6 {8LIGEZMXEXMSRMRHI\MWEHMQIRWMSRPIWWQIEWYVI YWIHMREWWIWWMRKXLIPMOIPMLSSHSJGEZMXEXMSRHEQEKI8LMW MRHI\ MW E JYRGXMSR SJ TVIWWYVI ERH ZIPSGMX] % HIXEMPIH I\TPEREXMSR SJ XLI GEZMXEXMSR MRHI\ ERH XLI QIEWYVIW XLEX GERFI YWIHXSQMRMQMÎ SV IPMQMREXI GEZMXEXMSRIVSWMSR MW TVSZMHIHMR%'-6 8SHIXIVQMRIXLIVIUYMVIHEQSYRXSJEMVXLEXMWXSFIEHHIH XSXLIJPS[IMXLIVJMRMXIIPIQIRXEREP]WIWSVQSHIPXIWXWQE] RIIHXSFITIVJSVQIH7II7IGXMSRSJ%'-6 H 9WI IVSWMSRVIWMWXERX QEXIVMEPW GSRJSVQMRK XS XLIVIUYMVIQIRXWSJ {;LIVI EWXVYGXYVI [MPP FI WYFNIGXIHXS EFVE WMSR IVSWMSR EKKVIKEXIW WLEPP QIIX VIUYMVIQIRXW SJ %781 ' GSRGVIXI WLEPP FI XIWXIH MR EGGSVHERGI [MXL%781'ERHXLIGSRGVIXIWLEPPGSQTP][MXL XLIJSPPS[MRKEHHMXMSREPVIUYMVIQIRXW 6 { *SV I\EQTPI XLI EFVEWMSR IVSWMSR VIWMWXERGI SJ GSRGVIXIMWEJJIGXIHTVMQEVMP]F] E %KKVIKEXITVSTIVXMIW F 'SQTVIWWMZIWXVIRKXL E 1MRMQYQJG !TWMEXHE]W G 7YVJEGIJMRMWLERHXVIEXQIRXW F 1E\MQYQ[EXIVGIQIRXMXMSYWVEXMS! H 'YVMRK G 1E\MQYQEMVGSRXIRX!TIVGIRXMJRSXWYFNIGXXS JVII^MRK ERHXLE[MRK XLI QE\MQYQEMV GSRXIRX ! TIVGIRX H 1MRMQYQ PF SJ GIQIRXMXMSYW QEXIVMEP TIV GYFMG]EVHSJGSRGVIXI I ,EVHHIRWIGPIEREKKVIKEXIW ;LIVI EHHMXMSREP TVSXIGXMSR MW RIIHIH YWI GSEXMRKW ERHPMRIVWMREGGSVHERGI[MXL %FVEWMSRVIWMWXERX GSRGVIXI WLSYPH MRGPYHI XLI PEVKIWX QE\MQYQWMÎEKKVIKEXITVEGXMGEPXLIQE\MQYQEQSYRXSJ XLILEVHIWXEZEMPEFPIGSEVWIEKKVIKEXIERHXLIPS[IWXTVEG XMGEP [EXIVGIQIRXMXMSYW QEXIVMEPW VEXMS 8LI EFVEWMSR IVSWMSR VIWMWXERGI SJ GSRGVIXI GSRXEMRMRK GLIVX EKKVIKEXIW LEWFIIRWLS[RXSFIETTVS\MQEXIP]X[MGIXLEXSJGSRGVIXI GSRXEMRMRKPMQIWXSRIEKKVIKEXIW WII*MKMR%'-6 +MZIREUYEPMX]LEVHEKKVIKEXIER]TVEGXMGIXLEXTVSHYGIWE WXVSRKIV TEWXI WXVYGXYVI [MPP MRGVIEWI EFVEWMSRIVSWMSR VIWMWXERGI-RWSQIGEWIW[LIVILEVHEKKVIKEXIW[IVIRSX EZEMPEFPI QM\XYVIW YWMRK LMKLVERKI [EXIV VIHYGIV ERH )2:-6321)28%07869'896)7'3()'311)28%6= '3() '311)28%6= WMPMGEJYQILEZIFIIRYWIHXSHIZIPSTZIV]WXVSRKGSRGVIXI XLEX MW GSRGVIXI [MXL E GSQTVIWWMZI WXVIRKXL SJ ETTVS\M QEXIP] TWM 8LMW ETTVSEGL LEW EPWS FIIR YWIH XS SZIVGSQI TVSFPIQW [MXL YRWEXMWJEGXSV] EKKVIKEXIW %TTEVIRXP] EX XLIWI LMKL GSQTVIWWMZI WXVIRKXLW XLI LEVHIRIH GIQIRX TEWXI EWWYQIW E KVIEXIV VSPI MR VIWMWXMRK EFVEWMSRIVSWMSR HEQEKI ERH XLI EKKVIKEXI UYEPMX] FIGSQIWGSVVIWTSRHMRKP]PIWWMQTSVXERX {7XVYGXYVIWI\TSWIHXSGEZMXEXMSRIVSWMSRWLEPP FIGSRWXVYGXIH[MXLLMKLWXVIRKXLPS[[EXIVGIQIRXM XMSYWQEXIVMEPVEXMSGSRGVIXIERHWLEPPVIGIMZIWYVJEGI JMRMWLIWXLEXEVIWQSSXL[MXLWPMKLXGLERKIWSJWPSTIMR XLIHMVIGXMSRSJJPS[ 6 { 7YVJEGI MQTIVJIGXMSRW LEZI FIIR HIXIVQMRIH XS LEZIGEYWIHGEZMXEXMSRHEQEKIEXPS[JPS[ZIPSGMXMIW8SPIV ERGIW QIIXMRK %'- QE] FI WEXMWJEGXSV] 9RHIV GIVXEMRGSRHMXMSRWLS[IZIVMXQE]FIRIGIWWEV]XSVIUYMVI QSVI HIQERHMRK XSPIVERGIW %'- 6 TVSZMHIW KYMHERGI SRHIWMKRJSVL]HVEYPMGWXVYGXYVIWWYFNIGXIHXSIVSWMSR 4VSTIV WIPIGXMSR SJ QEXIVMEPW ERH SJ GSRGVIXI TVSTSVXMSRW GER MRGVIEWI VIWMWXERGI XS GEZMXEXMSR IVSWMSR FYX GERRSX IPMQMREXIMX8LISRP][E]XSIPMQMREXIGEZMXEXMSRIVSWMSRMW XS IPMQMREXI XLI JEGXSVW XLEX GEYWI GEZMXEXMSR % TVSTIVP] HIWMKRIHLMKLWXVIRKXLGSRGVIXI[MXLEPS[[EXIVGIQIRXM XMSYW QEXIVMEPW VEXMS LEW E KVIEXIV VIWMWXERGI XS GEZMXEXMSR IVSWMSR8LIYWISJWMPMGEJYQIMRGSRGVIXILEWFIIRJSYRH XSMQTVSZIMXWVIWMWXERGIXSIVSWMSR0MQMXMRKXLIQE\MQYQ WMÎEKKVIKEXIXSMRERHYWMRK[EXIVVIHYGMRKEHQM\ XYVIWLEZITVSZIRIJJIGXMZIMRMRGVIEWMRKIVSWMSRVIWMWXERGI { ;LIR I\TSWIH XS GEZMXEXMSR XLI VIMRJSVGMRK FEVW GPSWIWX XS XLI GSRGVIXI WYVJEGI WLEPP FI TPEGIH TEVEPPIPXSXLIHMVIGXMSRSJJPS[ 6 { ;LIVI TSXIRXMEP JSV IVSWMSR MW LMKL VIMRJSVGMRK FEVWWLSYPHFITSWMXMSRIHXSTVSZMHIXLIPIEWXVIWMWXERGIXS JPS[WLSYPHIVSWMSRVIEGLXLIHITXLSJXLIVIMRJSVGIQIRX {;LIRI\TSWIHXSGEZMXEXMSRXLIEHIUYEG]SJ XLITVSXIGXMSREKEMRWXGSRGVIXIIVSWMSRF]GEZMXEXMSRSV EFVEWMSR WLEPP FI GSRJMVQIH F] XIWXW MR EGGSVHERGI [MXL%781' 6 {;LIRXIWXMRKGSRGVIXIMREGGSVHERGI[MXL%781 'EGSRGVIXIQM\XYVIWLSYPHFIGSRWMHIVIHEGGITX EFPIMJEPSWWSJQEWWSJTIVGIRXSVPIWWMRLSYVWMWRSX I\GIIHIH % GSQTVILIRWMZI XVIEXQIRX SJ XLMW WYFNIGX MW MRGPYHIHMR%'-6 {'SEXMRKWERHPMRIVW 6{'SEXMRKWERHPMRIVW {;LIRGSRGVIXIMWMRGSRXEGX[MXLGLIQMGEPWSV GSVVSWMZI KEWIW XLEXEXXEGOXLI GIQIRX QSVXEVQEXVM\ SVIQFIHHIHVIMRJSVGMRKWXIIPGSEXMRKWSVPMRIVWWLEPP FI YWIH ;LIVI TVSXIGXMZI GSEXMRKW ERH PMRIVW EVI YWIHXSTVIZIRXGSRXEGXSJGLIQMGEPWSPYXMSRWSVKEWIW [MXL GSRGVIXI WYVJEGIW XLI] WLEPP FI MQTIVZMSYW ERH WLEPPI\LMFMXKSSHFSRH 6 { 8[S KYMHIW JSV HIXIVQMRMRK [LIR E TEVXMGYPEV WYFWXERGI EXXEGOW GSRGVIXI ERH [LEX EGGITXEFPI TVSXIGXMSR XVIEXQIRXW EVI EZEMPEFPI EVI %'- 6 ERH w)JJIGXW SJ 7YFWXERGIWSR'SRGVIXIERH+YMHIXS4VSXIGXMZI8VIEX QIRXWx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w7IPIGXMRKERH7TIGMJ]MRK'SRGVIXI7YVJEGI4VITEVEXMSR JSV7IEPIVW'SEXMRKWERH4SP]QIV3ZIVPE]Wx { 7YVJEGI GSEXMRKW SV PMRIVW WLEPP RSX FI YWIH [LIR MR GSRXEGX [MXL S^SRI KEW [MXLSYX XIWXMRK JSV GSQTEXMFMPMX][MXLS^SRI 6 {7TIGMEPEXXIRXMSRMWGEPPIHXS4:'ZYPRIVEFMPMX]MR GSRXEGX[MXLS^SRIKEW { 'SEXMRKW WLEPP FI TVSZMHIH JSV XLI I\TIGXIH I\TSWYVI 8LI IJJIGXMZIRIWW SJ XLI GSEXMRKW WLEPP FI GSRJMVQIH F] XIWXW 'SEXMRK XLMGORIWW WLEPP FI QIEWYVIHYWMRKJMPQXLMGORIWWKEKIW 7TEVOXIWXWJSV PMRIVNSMRXWWLEPPFITIVJSVQIH 6 { *SV EHHMXMSREP MRJSVQEXMSR SR GSEXMRKW VIJIV XS w'SRGVIXI7XVYGXYVIW'SRXEMRMRK,EÊVHSYW1EXIVMEPWx %'-6 ;LIRGEZMXEXMSRSVKVMXMRXLI JPYMHWSJXLITVSGIWWWXVIEQ LEZI FIIR WLS[R XS GEYWI HEQEKI XS GSEXMRKW SV PMRMRKW XIWXMRK MR EGGSVHERGI [MXL XLI JSPPS[MRK %781 7XERHEVHW WLSYPHFIEGGSQTPMWLIH%781((( ERH(%PSWWMRXLMGORIWWSJXLIGSEXMRK SVPMRMRKPIWWXLER SZIVXLIIWXMQEXIHWIVZMGIPMJISJXLI WXVYGXYVILEWFIIRWLS[RXSFIEREGGITXEFPIPMQMXJSVGSEX MRKWSVPMRMRKW%'-67IGXMSRVIJIVWXSLMKLLIEH IVSWMSRXIWXWGSRHYGXIHSRTSP]YVIXLERIERHRISTVIRIGSEX MRKW 8IWXMRK LEW MRHMGEXIH TVSFPIQW [MXL WMQMPEV JPI\MFPI GSEXMRKW[LIRETSVXMSRSJXLIGSEXMRKMWXSVRJVSQXLIIHKI SJXLIGSRGVIXIWYVJEGIERHQYGLSJXLIVIQEMRMRKGSEXMRK TIIPIHE[E]HYIXSXLIL]HVEYPMGJSVGI*SVEHIWGVMTXMSRSJ XLMWXIWXMRKVIJIVXSw'EZMXEXMSR6IWMWXERGISJ7SQI7TIGMEP 'SRGVIXIWxF],SYKLXSR&SVKIERH4E\XSR {:ETSVXVERWQMWWMSRSJPMRIVWERHGSEXMRKW 6{:ETSVXVERWQMWWMSRSJGSEXMRKWERHPMRIVW ;LIVI [EXIV ZETSV XVERWQMWWMSR ;:8 MW HERKIVSYW GSEXMRKW ERH PMRIVW WLEPP LEZI E ;:8 PIWW XLER » z GQW KLQ [LIR XIWXIH MR EGGSVHERGI[MXL%781) ;LMPI MX MW ER EHZERXEKI XS LEZI wFVIEXLEFPIx GSEXMRKW SV PMRIVW MR GIVXEMR WXVYGXYVIW WYGL FEVVMIVW [MPP TIVQMX XLI IWGETI SJ KEWIW XLEX QE] FI HERKIVSYW IWTIGMEPP] [LIR QM\IH[MXLXLIEMV8VERWQMWWMSRSJKEWIWSXLIVXLER[EXIV ZETSVWLSYPHFIXIWXIHHITIRHMRKSRXLIYWIMRXIRHIH {7IPIGXMSRSJGSEXMRKWERHPMRIVW 6{7IPIGXMSRSJGSEXMRKWERHPMRIVW { 'SEXMRKW ERH PMRIVW WLEPP FI VIWMWXERX XS GLIQMGEPW XLEX EVI I\TIGXIH XS FI JSYRH MR IRZMVSR QIRXEPIRKMRIIVMRKGSRGVIXIWXVYGXYVIWERHMRGSRXEGX [MXLXLIQ {'SEXMRKWERHPMRIVWWLEPPFIEFPIXSFVMHKI I\MWXMRKSTIRGVEGOWSVNSMRXWMRXLIWYFWXVEXI 6 { 'VEGOW SV NSMRXW QE] VIUYMVI WTIGMEP XVIEX QIRXFIJSVIXLIETTPMGEXMSRSJEGSEXMRKSVPMRIV {'SEXMRKERHPMRIVQEXIVMEPWWLEPPQIIXEPP JIHIVEP WXEXI ERH PSGEP WXERHEVHW [LIR YWIH MR TSXEFPI[EXIVETTPMGEXMSRW 6 {6IJIVXS%27-27*JSVTSXEFPI[EXIV ETTPMGEXMSRW )2:-6321)28%07869'896)7'3()'311)28%6= '3() '311)28%6= {.SMRXW 6{.SMRXW {+IRIVEP 6{+IRIVEP 1SZIQIRX NSMRXW I\TERWMSR ERH GSRXVEGXMSR ERH GSRWXVYGXMSR NSMRXW WLEPP FI HIWMKRIH XS TVIZIRX GVEGOMRK WTEPPMRK ERH VIMRJSVGIQIRX GSVVSWMSR 8LI RYQFIV WTEGMRKW ERH HIXEMPW SJ NSMRXW WLEPP FI HIWMKRIHXEOMRKJYPPEGGSYRXSJXLITL]WMGEPTVSTIVXMIW ERH XLI EFMPMX] SJ XLI JMPPIV WIEPERX ERH [EXIVWXST QEXIVMEPWXSWYWXEMRG]GPIWSJHIJSVQEXMSRW 6IJIV XS 'LETXIV ERH %'- 6 JSV XLI HIWMKR ERH HIXEMPW SJ QSZIQIRX ERH GSRWXVYGXMSR NSMRXW &YPFX]TI [EXIVWXSTWEVIVIGSQQIRHIHJSVQSZIQIRXNSMRXW8LIFYPF WMÎ ERH GSRWXVYGXMSR SJ XLI [EXIVWXST MRJPYIRGI XLI GETE FMPMX]SJXLINSMRXXSWYWXEMRFSXLSYXSJTPERIERHMRTPERI QSZIQIRXW[LMPIQEMRXEMRMRKPMUYMHXMKLXRIWW {;EXIVWXSTW 6{;EXIVWXSTW 1EXIVMEPWYWIHJSV[EXIVWXSTWXSWXSTXLIJPS[SJPMUYMHW SVKEWIWWLEPPFIEFPIXSWYWXEMRQSZIQIRXHIJSVQE XMSRW IPSRKEXMSR ERH GSRXVEGXMSR [MXLSYX TIVQERIRX HIJSVQEXMSR SV JEMPYVI ERH WLEPP FI VIWMWXERX XS JVII^MRKERHXLE[MRK G]GPIW ERH XIQTIVEXYVI ERH GLIQMGEPIJJIGXW -RS^SRIIRZMVSRQIRXWMXQE]FIVIUYMVIHXSWTIGMJ]WXEMRPIWW WXIIP[EXIVWXSTW8SEPPS[JSVXLII\TIGXIHQSZIQIRXQIXEP [EXIVWXSTWEXI\TERWMSRNSMRXWRIIHXSFIGVMQTIHSVFIRX {7IEPERXW 6{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{3^SRII\TSWYVI 7IEPERXWNSMRXJMPPIVWERH[EXIVWXSTWXSFIYWIHWLEPP FI XIWXIH JSV GSQTEXMFMPMX] [MXL S^SRI 'SRXVEGXMSR GSRXVSP NSMRXWXLEXEVIJSVQIHF][IHKIWSVWE[GYXW WLEPP FIJMPPIH [MXL WIEPERXXS TVSXIGX XLI VIMRJSVGMRK WXIIP {7LIEVOI]W ;LIVI WLIEV OI]W EVI YWIH MR QSZIQIRX NSMRXW XLI NSMRXWLEPPFIHIWMKRIHXSEZSMHWTEPPMRKERHWTPMXXMRKSJ XLIGSRGVIXIERHVIWYPXMRKPIEOEKI 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= 2SXIW )2:-6321)28%07869'896)7'3()'311)28%6= ',%48)6{'32'6)8)59%0-8=1-<-2+%2(40%'-2+ '3() {2SXEXMSR JG ! J GV ! W ! WTIGMJMIHGSQTVIWWMZIWXVIRKXLSJGSRGVIXITWM VIUYMVIH EZIVEKI GSQTVIWWMZI WXVIRKXL SJ GSRGVIXI YWIH EW XLI FEWMW JSV WIPIGXMSR SJ GSRGVIXITVSTSVXMSRWTWM WXERHEVHHIZMEXMSRTWM '311)28%6= 8LIVIUYMVIQIRXWJSVTVSTSVXMSRMRKSJGSRGVIXIQM\XYVIWEVI FEWIHSRXLITLMPSWSTL]XLEXGSRGVIXIWLSYPHTVSZMHIFSXL EHIUYEXI HYVEFMPMX] 'LETXIV ERH WXVIRKXL 8LI GVMXIVME JSVEGGITXERGISJGSRGVIXIEVIFEWIHSRXLITLMPSWSTL]XLEX XLI GSHI MW MRXIRHIH TVMQEVMP] XS TVSXIGX XLI WEJIX] SJ XLI TYFPMG'LETXIVHIWGVMFIWTVSGIHYVIWF][LMGLGSRGVIXISJ EHIUYEXIWXVIRKXLGERFISFXEMRIHERHTVSZMHIWTVSGIHYVIW JSVGLIGOMRKXLIUYEPMX]SJXLIGSRGVIXIHYVMRKERHEJXIVMXW TPEGIQIRXMRXLI[SVO 'LETXIVEPWSTVIWGVMFIWQMRMQYQGVMXIVMEJSVQM\MRKERH TPEGMRKGSRGVIXI 8LITYVTSWISJXSKIXLIV[MXL'LETXIVMWXSIWXEFPMWLXLI VIUYMVIHQM\XYVITVSTSVXMSRWERHRSXXSGSRWXMXYXIEFEWMWJSV GSRJMVQMRK XLI EHIUYEG] SJ GSRGVIXI WXVIRKXL [LMGL MW GSZIVIHMR IZEPYEXMSRERHEGGITXERGISJGSRGVIXI {+IRIVEP 6{+IRIVEP {'SRGVIXIWLEPPFITVSTSVXMSRIHXSTVSZMHIER EZIVEKI GSQTVIWWMZI WXVIRKXL EW TVIWGVMFIH MR ERH WLEPP WEXMWJ] XLI HYVEFMPMX] GVMXIVME SJ 'LETXIV 'SRGVIXIWLEPPFITVSHYGIH XS QMRMQMÎ JVIUYIRG] SJ WXVIRKXLW FIPS[ JG EW TVIWGVMFIH MR *SV GSRGVIXIHIWMKRIH ERH GSRWXVYGXIH[MXLXLIGSHI JG WLEPPRSXFIPIWWXLERTWM 6 {8LIFEWMGTVIQMWIWKSZIVRMRKXLIHIWMKREXMSRERH IZEPYEXMSR SJGSRGVIXI WXVIRKXL EVI TVIWIRXIH -X MW IQTLE WMÎH XLEX XLI EZIVEKI WXVIRKXL SJ GSRGVIXI TVSHYGIH QYWX EP[E]W I\GIIH XLI WTIGMJMIH ZEPYI SJ JG YWIH MR XLI WXVYG XYVEP HIWMKR GEPGYPEXMSRW 8LMW MW FEWIH SR TVSFEFMPMWXMG GSRGITXW ERH MW MRXIRHIH XS IRWYVI XLEX EHIUYEXI GSRGVIXI WXVIRKXL [MPP FI HIZIPSTIH MR XLI WXVYGXYVI 8LI HYVEFMPMX] VIUYMVIQIRXW TVIWGVMFIH MR 'LETXIV QYWX FI WEXMWJMIH MR EHHMXMSRXSEXXEMRMRKXLIEZIVEKIGSRGVIXIWXVIRKXLMREGGSV HERGI[MXL {6IUYMVIQIRXWJSVJG WLEPPFIFEWIHSRXIWXW SJG]PMRHIVWQEHIERHXIWXIHEWTVIWGVMFIHMR {9RPIWWSXLIV[MWIWTIGMJMIHJG WLEPPFIFEWIHSR HE]XIWXW-JSXLIVXLERHE]WXIWXEKIJSVJG WLEPP FIEWMRHMGEXIHMRHIWMKRHVE[MRKWSVWTIGMJMGEXMSRW {7IPIGXMSRSJGSRGVIXITVSTSVXMSRW 6{7IPIGXMSRSJGSRGVIXITVSTSVXMSRW 6IGSQQIRHEXMSRWJSVWIPIGXMRKTVSTSVXMSRWJSVGSRGVIXIEVI KMZIR MR HIXEMP MR w7XERHEVH 4VEGXMGI JSV 7IPIGXMRK 4VSTSVXMSRW JSV 2SVQEP ,IEZ][IMKLX ERH 1EWW 'SRGVIXIx %'- 4VSZMHIW X[S QIXLSHW JSV WIPIGXMRK ERH EHNYWXMRK TVSTSVXMSRW JSV RSVQEP[IMKLX GSRGVIXI XLI IWXMQEXIH [IMKLX ERH EFWSPYXI ZSPYQI QIXLSHW)\EQTPIGEPGYPEXMSRWEVIWLS[RJSVFSXLQIXLSHW 4VSTSVXMSRMRK SJ LIEZ][IMKLX GSRGVIXI F] XLI EFWSPYXI ZSPYQIQIXLSHMWTVIWIRXIHMRERETTIRHM\ 6IGSQQIRHEXMSRW JSV PMKLX[IMKLX GSRGVIXI EVI KMZIR MR w7XERHEVH4VEGXMGIJSV7IPIGXMRK4VSTSVXMSRWJSV7XVYG XYVEP 0MKLX[IMKLX 'SRGVIXIx %'- 4VSZMHIW E 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= QIXLSH SJ TVSTSVXMSRMRK ERH EHNYWXMRK WXVYGXYVEP KVEHI GSRGVIXIGSRXEMRMRKPMKLX[IMKLXEKKVIKEXIW {4VSTSVXMSRWSJQEXIVMEPWJSVGSRGVIXIWLEPPFI IWXEFPMWLIHXSTVSZMHI E ;SVOEFMPMX]ERHGSRWMWXIRG]XSTIVQMXGSRGVIXIXS FI[SVOIH VIEHMP] MRXS JSVQW ERH EVSYRH VIMRJSVGI QIRXYRHIVGSRHMXMSRWSJTPEGIQIRXXSFIIQTPS]IH [MXLSYXWIKVIKEXMSRSVI\GIWWMZIFPIIHMRK F 6IWMWXERGI XS WTIGMEP I\TSWYVIWEWVIUYMVIH F] 'LETXIV G 'SRJSVQERGI[MXLWXVIRKXLXIWXVIUYMVIQIRXWSJ 6 {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{ ;LIVI HMJJIVIRX QEXIVMEPW EVI XS FI YWIH JSV HMJJIVIRXTSVXMSRWSJTVSTSWIH[SVOIEGLGSQFMREXMSR WLEPPFIIZEPYEXIH { 'SRGVIXITVSTSVXMSRWMRGPYHMRK[EXIVGIQIR XMXMSYWQEXIVMEPWVEXMSWLEPPFIIWXEFPMWLIHSRXLIFEWMW SJ JMIPH I\TIVMIRGI XVMEP QM\XYVIW SV FSXL [MXL QEXI VMEPWXSFIIQTPS]IHI\GITXEWVIUYMVIHF]'LETXIV SJXLMWGSHI 6 { %'- VIWXVMGXW XLI QIXLSHW JSV WIPIGXMRK GSRGVIXIQM\XYVITVSTSVXMSRWXSJMIPHI\TIVMIRGISVPEFSVE XSV]XVMEPQM\XYVIW4VSTSVXMSRMRKSJGSRGVIXISRXLIFEWMWSJ XLI[EXIVGIQIRXMXMSYWQEXIVMEPWVEXMSEWHIWGVMFIHMRSJ %'-MWRSXTIVQMXXIHF]%'- {4VSTSVXMSRMRKSRXLIFEWMWSJJMIPH I\TIVMIRGIXVMEPQM\XYVIWSVFSXL 6{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{7XERHEVHHIZMEXMSR 6{7XERHEVHHIZMEXMSR ;LIREGSRGVIXITVSHYGXMSRJEGMPMX]LEWEWYMXEFPIVIGSVHSJ GSRWIGYXMZI XIWXW SJ WMQMPEV QEXIVMEPW ERH GSRHMXMSRW I\TIGXIH XLI WXERHEVH HIZMEXMSR MW GEPGYPEXIH JVSQ XLSWI VIWYPXWMREGGSVHERGI[MXLXLIJSPPS[MRKJSVQYPE <M z < W ! Rz )2:-6321)28%07869'896)7'3()'311)28%6= '3() *MK6{*PS[GLEVXJSVWIPIGXMSRERHHSGYQIRXEXMSRSJGSRGVIXITVSTSVXMSRW '311)28%6= 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= [LIVI W <M < R ! ! ! ! WXERHEVHHIZMEXMSRTWM MRHMZMHYEPWXVIRKXLXIWXWEWHIJMRIHMR EZIVEKISJRWXVIRKXLXIWXVIWYPXWERH RYQFIVSJGSRWIGYXMZIWXVIRKXLXIWXW 8LI WXERHEVH HIZMEXMSR MW YWIH XS HIXIVQMRI XLI EZIVEKI WXVIRKXLVIUYMVIHMR -J X[S XIWX VIGSVHW EVI YWIH XS SFXEMR EXPIEWX XIWXW XLI WXERHEVHHIZMEXMSRYWIHWLEPPFIXLIWXEXMWXMGEPEZIVEKISJXLI ZEPYIWGEPGYPEXIHJVSQIEGLXIWXVIGSVHMREGGSVHERGI[MXL XLIJSPPS[MRKJSVQYPE R z W R z W R R z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wWMQMPEV XS XLSWI I\TIGXIHx ?WII E A 8LMW VIUYMVI QIRXMWMQTSVXERXXSIRWYVIEGGITXEFPIGSRGVIXI 'SRGVIXIJSVFEGOKVSYRHXIWXWXSHIXIVQMRIWXERHEVHHIZME XMSR MW GSRWMHIVIH XS FI wWMQMPEVx XS XLEXVIUYMVIH MJQEHI [MXL XLI WEQI KIRIVEPX]TIW SJ MRKVIHMIRXW YRHIV RS QSVI VIWXVMGXMZI GSRHMXMSRW SJ GSRXVSP SZIV QEXIVMEP UYEPMX] ERH TVSHYGXMSR QIXLSHW XLER SR XLI TVSTSWIH [SVO ERH MJ MXW WTIGMJMIHWXVIRKXLHSIWRSXHIZMEXIQSVIXLERTWMJVSQ XLI JG VIUYMVIH ?WII F A % GLERKI MR XLI X]TI SJ GSRGVIXI SV E QENSV MRGVIEWI MR XLI WXVIRKXL PIZIP QE] MRGVIEWI XLI WXERHEVH HIZMEXMSR 7YGL E WMXYEXMSR QMKLX SGGYV [MXL E GLERKI MR X]TI SJ EKKVIKEXI XLEX MW JVSQ REXYVEPEKKVIKEXIXSPMKLX[IMKLXEKKVIKEXISVZMGIZIVWE SV E GLERKI JVSQ RSREMVIRXVEMRIH GSRGVIXI XS EMVIRXVEMRIH GSRGVIXI%PWSXLIVIQE]FIERMRGVIEWIMRWXERHEVHHIZME XMSR[LIRXLIEZIVEKIWXVIRKXLPIZIPMWVEMWIHF] EWMKRMJM GERXEQSYRXEPXLSYKLXLIMRGVIQIRXSJMRGVIEWIMRWXERHEVH HIZMEXMSR WLSYPH FI WSQI[LEX PIWW XLER HMVIGXP] TVSTSV XMSREP XS XLI WXVIRKXL MRGVIEWI ;LIR XLIVI MW VIEWSREFPI )2:-6321)28%07869'896)7'3()'311)28%6= '3() '311)28%6= HSYFX ER] IWXMQEXIH WXERHEVH HIZMEXMSR YWIH XS GEPGYPEXI XLI VIUYMVIH EZIVEKI WXVIRKXL WLSYPH EP[E]W FI SR XLI GSRWIVZEXMZI LMKL WMHI 2SXIXLEXXLIGSHIYWIWXLIWXERHEVHHIZMEXMSRMRTSYRHWTIV WUYEVIMRGLMRWXIEHSJXLIGSIJJMGMIRXSJZEVMEXMSRMRTIVGIRX 8LIPEXXIVMWIUYEPXSXLIJSVQIVI\TVIWWIH EWE TIVGIRXSJ XLIEZIVEKIWXVIRKXL ;LIR EWYMXEFPI VIGSVH SJ XIWX VIWYPXW MW RSX EZEMPEFPI XLI EZIVEKI WXVIRKXL QYWX I\GIIH XLI HIWMKR WXVIRKXL F] ER EQSYRXXLEXVERKIWJVSQXSTWMHITIRHMRKSRXLI HIWMKRWXVIRKXL7II8EFPI )ZIR[LIRXLIEZIVEKIWXVIRKXLERHWXERHEVHHIZMEXMSREVI SJXLIPIZIPWEWWYQIHXLIVI[MPPFISGGEWMSREPXIWXWXLEXJEMP XS QIIX XLI EGGITXERGI GVMXIVME TVIWGVMFIH MR TIVLETWXIWXMR {;LIVIEGSRGVIXITVSHYGXMSRJEGMPMX]LEWXIWX VIGSVHW E WXERHEVHHIZMEXMSRWLEPP FI IWXEFPMWLIH 8IWX VIGSVHWJVSQ[LMGLEWXERHEVHHIZMEXMSRMWGEPGYPEXIH E 7LEPP VITVIWIRX QEXIVMEPW UYEPMX] GSRXVSP TVSGI HYVIWERHGSRHMXMSRWWMQMPEVXSXLSWII\TIGXIHERH GLERKIWMRQEXIVMEPWERHTVSTSVXMSRW[MXLMRXLIXIWX VIGSVHW WLEPP RSX LEZI FIIR QSVI VIWXVMGXIH XLER XLSWIJSVTVSTSWIH[SVO F 7LEPP VITVIWIRX GSRGVIXI TVSHYGIH XS QIIX E WTIGMJMIHWXVIRKXLSVWXVIRKXLWJG [MXLMRTWMSJ XLEXWTIGMJMIHJSVTVSTSWIH[SVO G 7LEPP GSRWMWX SJ EX PIEWX GSRWIGYXMZI XIWXWSV X[SKVSYTWSJ GSRWIGYXMZIXIWXWXSXEPMRKEXPIEWX XIWXW EW HIJMRIH MR I\GITX EW TVSZMHIH MR H 7LEPPGSRWMWXSJHEXEXLEXMWRSXQSVIXLERQSRXLW SPH {;LIVIEGSRGVIXITVSHYGXMSRJEGMPMX]HSIW RSXLEZIXIWXVIGSVHWQIIXMRKVIUYMVIQIRXWSJ FYXHSIWLEZIEVIGSVHFEWIHSRXSGSRWIGYXMZI XIWXWEWXERHEVHHIZMEXMSRWLEPPFIIWXEFPMWLIHEWXLI TVSHYGXSJXLIGEPGYPEXIHWXERHEVHHIZMEXMSRERHQSHM JMGEXMSRJEGXSVSJ 8EFPI8S FI EGGITXEFPI XIWX VIGSVHWLEPPQIIXVIUYMVIQIRXW E ERH F SJ 8%&0) { 13(-*-'%8-32*%'836*36 78%2(%6(():-%8-32 2SSJXIWXW 0IWWXLER 1SHMJMGEXMSRJEGXSVJSV WXERHEVHHIZMEXMSRj 9WIXEFPI SVQSVI -RXIVTSPEXIJSVMRXIVQIHMEXIRYQFIVWSJXIWXW j 1SHMJMIH WXERHEVH HIZMEXMSR XS FI YWIH XS HIXIVQMRI VIUYMVIH EZIVEKI WXVIRKXL JGV JVSQ 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= ERHVITVIWIRXSRP]EWMRKPIVIGSVHSJGSRWIGYXMZIXIWXW XLEXWTERETIVMSHSJRSXPIWWXLERGEPIRHEVHE]W {6IUYMVIHEZIVEKIWXVIRKXL 6{6IUYMVIHEZIVEKIWXVIRKXL { 6IUYMVIH EZIVEKI GSQTVIWWMZI WXVIRKXL JGV YWIHEWXLIFEWMWJSVWIPIGXMSRSJGSRGVIXITVSTSV XMSRW WLEPP FI HIXIVQMRIH JVSQ 8EFPI YWMRK E WXERHEVH HIZMEXMSR GEPGYPEXIH MR EGGSVHERGI [MXL SV 6 { 3RGI XLI WXERHEVH HIZMEXMSR LEW FIIR HIXIV QMRIHXLIVIUYMVIHEZIVEKIGSQTVIWWMZIWXVIRKXLMWSFXEMRIH JVSQXLIPEVKIVZEPYIGSQTYXIHJVSQ)U ERH JSV JG SJTWMSVPIWWSVXLIPEVKIVZEPYIGSQTYXIHJVSQ )U ERH JSV JG SZIV TWM )UYEXMSR MW FEWIH SR E TVSFEFMPMX] SJ MR XLEX XLI EZIVEKI SJ XLVII GSRWIGYXMZI XIWXW QE] FI FIPS[ XLI WTIGMJMIH GSQTVIWWMZI WXVIRKXL J G )UYEXMSR MWFEWIH SR E WMQMPEV TVSFEFMPMX] XLEX ER MRHMZMHYEP XIWX QE] FI QSVI XLER TWM FIPS[ XLI WTIGMJMIHGSQTVIWWMZIWXVIRKXLJG )UYEXMSR MWFEWIHSR XLIWEQIMRTVSFEFMPMX]XLEXERMRHMZMHYEPXIWXQE]FI PIWW XLER JG 8LIWI IUYEXMSRW EWWYQI XLEX XLI WXERHEVH HIZMEXMSRYWIHMWIUYEPXSXLITSTYPEXMSRZEPYIETTVSTVMEXIJSV ERMRJMRMXISVZIV]PEVKIRYQFIVSJXIWXW*SVXLMWVIEWSRYWISJ WXERHEVH HIZMEXMSRW IWXMQEXIH JVSQ VIGSVHW SJ SV QSVI XIWXWMWHIWMVEFPI;LIRXIWXWEVIEZEMPEFPIXLITVSFEFMPMX] SJJEMPYVI[MPPPMOIP]FIWSQI[LEXKVIEXIVXLERMR8LI EHHMXMSREPVIJMRIQIRXWVIUYMVIHXSEGLMIZIXLIMRTVSFE FMPMX]EVIRSXGSRWMHIVIHRIGIWWEV]FIGEYWISJXLIYRGIVXEMRX] MRLIVIRXMREWWYQMRKXLEXGSRHMXMSRWSTIVEXMRK[LIRXLIXIWX VIGSVH[EWEGGYQYPEXIH[MPPFIWMQMPEVXSGSRHMXMSRW[LIRXLI GSRGVIXI[MPPFITVSHYGIH 8%&0){6)59-6)(%:)6%+) '3146)77-:)786)2+8,;,)2(%8% %6)%:%-0%&0)83)78%&0-7,% 78%2(%6(():-%8-32 7TIGMJMIHGSQTVIWWMZI WXVIRKXL JG TWM 6IUYMVIHEZIVEKIGSQTVIWWMZI WXVIRKXL JGV TWM 9WI XLI PEVKIV ZEPYI GSQTYXIH JVSQ)U ERH JGV !JG W JGV !JG Wz 3ZIV 9WI XLI PEVKIV ZEPYI GSQTYXIH JVSQ)U ERH JGV !JG W JGV !JG W JG %HHMXMSREPP]XLIGLERKIEHSTXIHMR%'- VIUYMVMRK EGXMSR XS MRGVIEWI XLI EZIVEKI WXVIRKXL [LIRIZIV IMXLIV SJ XLIEGGITXERGIGVMXIVMESJ MWRSXQIX MWGSRWMHIVIHXS TVSZMHIWMKRMJMGERXEHHMXMSREPTVSXIGXMSREKEMRWXWYFWIUYIRX PS[XIWXW {;LIREGSRGVIXITVSHYGXMSRJEGMPMX]HSIW RSXLEZIJMIPHWXVIRKXLXIWXVIGSVHWGYVVIRX[MXLMR]IEV JSV GEPGYPEXMSR SJ WXERHEVH HIZMEXMSR QIIXMRK VIUYMVI QIRXWSJSVVIUYMVIHEZIVEKIWXVIRKXL JGV WLEPPFIHIXIVQMRIHJVSQ8EFPIERHHSGY QIRXEXMSRSJEZIVEKIWXVIRKXLWLEPPFIMREGGSVHERGI [MXLVIUYMVIQIRXWSJ 8%&0){6)59-6)(%:)6%+) '3146)77-:)786)2+8,;,)2(%8%%6)238 %:%-0%&0)83)78%&0-7,%78%2(%6(():-%8-32 7TIGMJMIHGSQTVIWWMZIWXVIRKXL JG TWM XS 3ZIV 6IUYMVIHEZIVEKIGSQTVIWWMZI WXVIRKXL J GV TWM JG JG {(SGYQIRXEXMSRSJEZIVEKIWXVIRKXL 6{(SGYQIRXEXMSRSJEZIVEKIWXVIRKXL (SGYQIRXEXMSR XLEX TVSTSWIH GSRGVIXI TVSTSVXMSRW [MPPTVSHYGIEREZIVEKIGSQTVIWWMZIWXVIRKXLIUYEPXS SVKVIEXIVXLERVIUYMVIHEZIVEKIGSQTVIWWMZIWXVIRKXL 7II WLEPPGSRWMWXSJEJMIPHWXVIRKXLXIWXVIGSVH WIZIVEPWXVIRKXLXIWXVIGSVHWSVXVMEPQM\XYVIW 3RGIXLI VIUYMVIH EZIVEKI WXVIRKXL JGV MW ORS[R XLI RI\X WXIT MW XS WIPIGX QM\XYVI TVSTSVXMSRW XLEX [MPP TVSHYGI ER EZIVEKI WXVIRKXL EX PIEWX EW KVIEX EW XLI VIUYMVIH EZIVEKI WXVIRKXL ERH EPWS QIIX WTIGMEP I\TSWYVI VIUYMVIQIRXW SJ 'LETXIV8LIHSGYQIRXEXMSRQE]GSRWMWXSJEWXVIRKXLXIWX )2:-6321)28%07869'896)7'3()'311)28%6= '3() '311)28%6= {;LIRXIWXVIGSVHWEVIYWIHXSHIQSRWXVEXI XLEX TVSTSWIH GSRGVIXI TVSTSVXMSRW [MPP TVSHYGI XLI VIUYMVIH EZIVEKI WXVIRKXL JGV 7II WYGL VIGSVHW WLEPP VITVIWIRX QEXIVMEPW ERH GSRHMXMSRW WMQMPEV XS XLSWI I\TIGXIH 'LERKIW MR QEXIVMEPW GSRHMXMSRW ERH TVSTSVXMSRW [MXLMR XLI XIWX VIGSVHW WLEPP RSX LEZI FIIR QSVI VIWXVMGXIH XLER XLSWI JSV TVSTSWIH [SVO *SV XLI TYVTSWI SJ HSGYQIRXMRK EZIVEKI WXVIRKXL TSXIRXMEP XIWX VIGSVHW GSRWMWXMRK SJ PIWWXLERFYXRSXPIWWXLERGSRWIGYXMZIXIWXWEVI EGGITXEFPITVSZMHIHXIWXVIGSVHWIRGSQTEWWETIVMSH SJ XMQI RSX PIWW XLER HE]W 6IUYMVIH GSRGVIXI TVSTSVXMSRW WLEPP FI TIVQMXXIH XS FI IWXEFPMWLIH F] MRXIVTSPEXMSRFIX[IIRXLIWXVIRKXLWERHTVSTSVXMSRWSJ X[S SV QSVI XIWX VIGSVHW IEGL SJ [LMGL QIIXW SXLIV VIUYMVIQIRXWSJXLMWWIGXMSR VIGSVH WIZIVEP WXVIRKXL XIWX VIGSVHW SV WYMXEFPIPEFSVEXSV] XVMEPQM\XYVIW+IRIVEPP]MJEXIWXVIGSVHMWYWIHMX [MPPFI XLIWEQISRIXLEX[EWYWIHJSVGSQTYXEXMSRSJXLIWXERHEVH HIZMEXMSR -J XLMW XIWX VIGSVH WLS[W IMXLIV PS[IV SV LMKLIV EZIVEKI WXVIRKXL XLER XLI VIUYMVIH EZIVEKI WXVIRKXL LS[IZIV HMJJIVIRX TVSTSVXMSRW QE] FI RIGIWWEV] SV HIWMV EFPI-RWYGLMRWXERGIWXLIEZIVEKIJVSQEVIGSVHSJEWJI[ EW XIWXWQE] FI YWIH SV XLI TVSTSVXMSRW QE] FIIWXEF PMWLIH F] MRXIVTSPEXMSR FIX[IIR XLI WXVIRKXLW ERH TVSTSV XMSRW SJ X[S WYGL VIGSVHW SJ GSRWIGYXMZI XIWXW %PP XIWX VIGSVHW JSV IWXEFPMWLMRK TVSTSVXMSRW RIGIWWEV] XS TVSHYGI XLIEZIVEKIWXVIRKXLQYWXQIIXXLIVIUYMVIQIRXWSJ JSVwWMQMPEVQEXIVMEPWERHGSRHMXMSRWx {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w1IXLSH SJ 1EOMRK ERH 'YVMRK 'SRGVIXI8IWX7TIGMQIRWMRXLI0EFSVEXSV]x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{%ZIVEKIWXVIRKXLVIHYGXMSR %WHEXEFIGSQIEZEMPEFPIHYVMRKGSRWXVYGXMSRMXWLEPP FITIVQMXXIHXSVIHYGIXLIEQSYRXF][LMGLJGV QYWX I\GIIHXLIWTIGMJMIHZEPYISJJG TVSZMHIH E SVQSVIXIWXVIWYPXWEVIEZEMPEFPIERHEZIVEKI SJ XIWX VIWYPXW I\GIIHW XLEX VIUYMVIH F] YWMRKEWXERHEVHHIZMEXMSRGEPGYPEXIHMREGGSVHERGI [MXL SV F XSXIWXVIWYPXWEVIEZEMPEFPIERHEZIVEKISJ XIWXVIWYPXWI\GIIHWXLEXVIUYMVIHF] YWMRKE WXERHEVH HIZMEXMSR GEPGYPEXIH MR EGGSVHERGI [MXL ERH G 7TIGMEPI\TSWYVIVIUYMVIQIRXWSJ'LETXIVEVIQIX {)ZEPYEXMSRERHEGGITXERGISJGSRGVIXI 6{)ZEPYEXMSRERHEGGITXERGISJGSRGVIXI 3RGIXLIQM\XYVITVSTSVXMSRWLEZIFIIRWIPIGXIHERHXLINSF WXEVXIH XLI GVMXIVME JSV IZEPYEXMSR ERH EGGITXERGI SJ XLI GSRGVIXIGERFISFXEMRIHJVSQ %RIJJSVXLEWFIIRQEHIMRXLIGSHIXSTVSZMHIEGPIEVGYX FEWMWJSVNYHKMRKXLIEGGITXEFMPMX]SJXLIGSRGVIXIEW[IPPEW XSMRHMGEXIEGSYVWISJEGXMSRXSFIJSPPS[IH[LIRXLIVIWYPXW SJWXVIRKXLXIWXWEVIRSXWEXMWJEGXSV] {*VIUYIRG]SJXIWXMRK 6{*VIUYIRG]SJXIWXMRK { 7EQTPIWJSVWXVIRKXLXIWXWSJ IEGL GPEWW SJ GSRGVIXI TPEGIH IEGL HE] WLEPP FI XEOIR RSX PIWW XLERSRGIEHE]RSVPIWWXLERSRGIJSVIEGL]H SJ GSRGVIXI RSV PIWW XLER SRGI JSV IEGL JX SJ WYVJEGIEVIEJSVWPEFWSV[EPPW 6 {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{ 3R E KMZIR TVSNIGX MJ XSXEP ZSPYQI SJ GSRGVIXIMWWYGLXLEXJVIUYIRG]SJXIWXMRKVIUYMVIHF] [SYPHTVSZMHIPIWWXLERJMZIWXVIRKXLXIWXWJSVE KMZIR GPEWW SJ GSRGVIXI XIWXW WLEPP FI QEHI JVSQ EX PIEWX JMZI VERHSQP] WIPIGXIH FEXGLIW SV JVSQ IEGL FEXGLMJJI[IVXLERJMZIFEXGLIWEVIYWIH 6 {7EQTPIW JSVWXVIRKXLXIWXWQYWXFIXEOIRSRE WXVMGXP] VERHSQ FEWMW MJ XLI] EVI XS TVSTIVP] QIEWYVI XLI EGGITXEFMPMX] SJ XLI GSRGVIXI 8S FI VITVIWIRXEXMZI XLI GLSMGISJXMQIWSJWEQTPMRKSVXLIFEXGLIWSJGSRGVIXIXSFI WEQTPIHQYWXFIQEHISRXLIFEWMWSJGLERGIEPSRI[MXLMR XLITIVMSHSJTPEGIQIRX&EXGLIWWLSYPHRSXFIWEQTPIHSR XLI FEWMW SJ ETTIEVERGI GSRZIRMIRGI SV SXLIV TSWWMFP] FMEWIHGVMXIVMEFIGEYWIXLIWXEXMWXMGEPEREP]WIW[MPPPSWIXLIMV ZEPMHMX] 2SX QSVI XLER SRI XIWX EZIVEKI SJ X[S G]PMRHIVW QEHIJVSQEWEQTPI WLSYPHFIXEOIRJVSQEWMRKPI FEXGLERH[EXIVQE]RSXFIEHHIHXSXLIGSRGVIXIEJXIVXLI WEQTPIMWXEOIR %781(HIWGVMFIWTVSGIHYVIWJSVVERHSQWIPIGXMSR SJXLIFEXGLIWXSFIXIWXIH { ;LIR XSXEP UYERXMX] SJ E KMZIR GPEWW SJ GSRGVIXI MWPIWW XLER ]H WXVIRKXLXIWXWEVI RSX VIUYMVIH [LIR IZMHIRGI SJ WEXMWJEGXSV] WXVIRKXL MW WYFQMXXIHXSERHETTVSZIHF]XLIFYMPHMRKSJJMGMEP {%WXVIRKXLXIWXWLEPPFIXLIEZIVEKISJXLI WXVIRKXLWSJX[SG]PMRHIVWQEHIJVSQXLIWEQIWEQTPI SJGSRGVIXIERHXIWXIHEXHE]WSVEXXIWXEKIHIWMK REXIHJSVHIXIVQMREXMSRSJJG {0EFSVEXSV]GYVIHWTIGMQIRW 6{0EFSVEXSV]GYVIHWTIGMQIRW {7EQTPIWJSVWXVIRKXLXIWXWWLEPPFIXEOIR MR EGGSVHERGI [MXL w7XERHEVH 4VEGXMGI JSV 7EQTPMRK *VIWLP]1M\IH'SRGVIXIx %781' {']PMRHIVWJSVWXVIRKXLXIWXWWLEPPFIQSPHIH ERH PEFSVEXSV]GYVIH MR EGGSVHERGI [MXL 7XERHEVH 4VEGXMGI JSV 1EOMRK ERH 'YVMRK 'SRGVIXI 8IWX 7TIGMQIRW MR XLI *MIPH %781 ' ERH XIWXIH MR EGGSVHERGI[MXL7XERHEVH8IWX1IXLSHJSV'SQTVIWWMZI 7XVIRKXLSJ']PMRHVMGEP'SRGVIXI7TIGMQIRWx %781' { 7XVIRKXL PIZIP SJ ER MRHMZMHYEP GPEWW SJ GSRGVIXIWLEPPFIGSRWMHIVIHWEXMWJEGXSV]MJFSXLSJXLI JSPPS[MRKVIUYMVIQIRXWEVIQIX E )ZIV] EVMXLQIXMG EZIVEKISJER]XLVII GSRWIGY XMZIWXVIRKXLXIWXWIUYEPWSVI\GIIHW JG F 2SMRHMZMHYEPWXVIRKXLXIWX EZIVEKISJX[SG]PMR HIVW JEPPWFIPS[JG F]QSVIXLERTWM[LIRJG MW TWMSVPIWWSVF]QSVIXLERJG [LIR JG MW QSVIXLERTWM 6 { %WMRKPIWIXSJGVMXIVME MW KMZIRJSV EGGITX EFMPMX]SJWXVIRKXLERHMWETTPMGEFPIXSEPPGSRGVIXIYWIHMR WXVYGXYVIWHIWMKRIHMREGGSVHERGI[MXLXLIGSHIVIKEVHPIWW SJHIWMKRQIXLSHYWIH8LIGSRGVIXIWXVIRKXLMWGSRWMHIVIH XSFIWEXMWJEGXSV]EWPSRKEWEZIVEKIWSJER]XLVIIGSRWIGY XMZIWXVIRKXLXIWXWVIQEMREFSZIXLIWTIGMJMIH JG ERHRSMRHM ZMHYEPWXVIRKXLXIWXJEPPWFIPS[XLIWTIGMJMIHJG F]QSVIXLER TWMMJ JG MWTWMSVPIWWSVJEPPWFIPS[ JG F]QSVI XLERTIVGIRXMJ JG MWSZIVTWM)ZEPYEXMSRERHEGGIT XERGI SJ XLI GSRGVIXI GER FI NYHKIH MQQIHMEXIP] EW XIWX VIWYPXWEVIVIGIMZIHHYVMRKXLIGSYVWISJXLI[SVO7XVIRKXL XIWXW JEMPMRK XS QIIX XLIWI GVMXIVME [MPP SGGYV SGGEWMSREPP] TVSFEFP] EFSYX SRGI MR XIWXW IZIR XLSYKL GSRGVIXI WXVIRKXLERHYRMJSVQMX]EVI WEXMWJEGXSV]%PPS[ERGIWLSYPH FI QEHI JSV WYGL WXEXMWXMGEPP] I\TIGXIH ZEVMEXMSRW MR HIGMHMRK [LIXLIV XLI WXVIRKXL PIZIP FIMRK TVSHYGIH MW EHIUYEXI-RXIVQWSJXLITVSFEFMPMX]SJJEMPYVIXLIGVMXIVMSR SJ QMRMQYQ MRHMZMHYEP WXVIRKXL XIWX VIWYPX SJ TWM PIWW XLER JG EHETXWMXWIPJVIEHMP]XSWQEPPRYQFIVWSJXIWXW*SV 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= I\EQTPIMJSRP]JMZIWXVIRKXLXIWXWEVIQEHISREWQEPPNSF MXMWETTEVIRXXLEXMJER]SJXLIWXVIRKXLXIWXVIWYPXW EZIVEKI SJX[SG]PMRHIVW MWQSVIXLERTWMFIPS[ JG XLIGVMXI VMSRMWRSXQIX {-JIMXLIVSJXLIVIUYMVIQIRXWSJEVI RSXQIXWXITWWLEPPFIXEOIRXSMRGVIEWIXLIEZIVEKI SJ WYFWIUYIRX WXVIRKXL XIWX VIWYPXW 6IUYMVIQIRXW SJ WLEPPFISFWIVZIHMJVIUYMVIQIRXSJ F MW RSXQIX 6 { ;LIR GSRGVIXI JEMPW XS QIIX IMXLIV SJ XLI WXVIRKXL VIUYMVIQIRXW SJ WXITW QYWX FI XEOIR XS MRGVIEWIXLIEZIVEKISJXLIGSRGVIXIXIWXVIWYPXW-JWYJJMGMIRX GSRGVIXILEWFIIRTVSHYGIHXSEGGYQYPEXIEXPIEWXXIWXW XLIWI WLSYPH FI YWIH XS IWXEFPMWL E RI[ XEVKIX EZIVEKI WXVIRKXLEWHIWGVMFIHMR -JJI[IVXLERXIWXWLEZIFIIRQEHISRXLIGPEWWSJGSRGVIXI MRUYIWXMSRXLIRI[XEVKIXPIZIPWLSYPHFIEXPIEWXEWKVIEXEW XLIEZIVEKIPIZIPYWIHMRXLIMRMXMEPWIPIGXMSRSJTVSTSVXMSRW-J XLIEZIVEKISJXLIEZEMPEFPIXIWXWQEHISRXLITVSNIGXIUYEPWSV I\GIIHWXLIPIZIPYWIHMRXLIMRMXMEPWIPIGXMSRSJTVSTSVXMSRWE JYVXLIVMRGVIEWIMREZIVEKIPIZIPMWVIUYMVIH 8LIWXITWXEOIRXSMRGVIEWIXLIEZIVEKIPIZIPSJXIWXVIWYPXW [MPP HITIRH SR XLI TEVXMGYPEV GMVGYQWXERGIW FYX GSYPH MRGPYHISRISVQSVISJXLIJSPPS[MRK E %RMRGVIEWIMRGIQIRXMXMSYWQEXIVMEPWGSRXIRX F 'LERKIWMRQM\XYVITVSTSVXMSRW G 6IHYGXMSRW MR SV FIXXIV GSRXVSP SJ PIZIPW SJ WPYQT WYTTPMIH H %VIHYGXMSRMRHIPMZIV]XMQI I 'PSWIVGSRXVSPSJEMVGSRXIRXSV J %RMQTVSZIQIRXMRXLIUYEPMX]SJXLIXIWXMRKMRGPYHMRK WXVMGXGSQTPMERGI[MXLWXERHEVHXIWXTVSGIHYVIW 7YGL GLERKIW MR STIVEXMRK ERH XIWXMRK TVSGIHYVIW SV GLERKIWMRGIQIRXMXMSYWQEXIVMEPWGSRXIRXSVWPYQTWLSYPH RSX VIUYMVIEJSVQEPVIWYFQMWWMSRYRHIVXLI TVSGIHYVIWSJ LS[IZIV MQTSVXERX GLERKIW MR WSYVGIW SJ GIQIRX EKKVIKEXIW SV EHQM\XYVIW WLSYPH FI EGGSQTERMIH F] IZMHIRGIXLEXXLIEZIVEKIWXVIRKXLPIZIP[MPPFIMQTVSZIH 0EFSVEXSVMIWXIWXMRKG]PMRHIVWSVGSVIWXSHIXIVQMRIGSQTPM ERGI [MXL XLIWI VIUYMVIQIRXW WLSYPH FI EGGVIHMXIH JSV GSRJSVQERGI XS XLI VIUYMVIQIRX SJ %781 ' F] E VIGSKRMÎH EKIRG] WYGL EW XLI %QIVMGER %WWSGMEXMSR JSV 0EFSVEXSV] %GGVIHMXEXMSR %0% %%7,83 1EXIVMEPW 6IJIVIRGI0EFSVEXSV] %160 2EXMSREP:SPYRXEV]0EFSVE XSV]%GGVIHMXEXMSR4VSKVEQ 2:0%4 'IQIRXERH'SRGVIXI 6IJIVIRGI0EFSVEXSV] ''60 SVXLIMVIUYMZEPIRX {*MIPHGYVIHWTIGMQIRW 6{*MIPHGYVIHWTIGMQIRW {-JVIUYMVIHF]XLIFYMPHMRK SJJMGMEPVIWYPXW SJWXVIRKXLXIWXWSJG]PMRHIVWGYVIHYRHIVJMIPHGSRHMXMSRW WLEPPFITVSZMHIH 6 {7XVIRKXLXIWXWSJG]PMRHIVWGYVIHYRHIVJMIPH GSRHMXMSRWQE]FIVIUYMVIHXSGLIGOXLIEHIUYEG]SJGYVMRK ERHTVSXIGXMSRSJGSRGVIXIMRXLIWXVYGXYVI )2:-6321)28%07869'896)7'3()'311)28%6= '3() '311)28%6= {*MIPHGYVIHG]PMRHIVWWLEPPFIGYVIHYRHIV JMIPH GSRHMXMSRW MR EGGSVHERGI [MXL w4VEGXMGI JSV 1EOMRK ERH 'YVMRK 'SRGVIXI 8IWX 7TIGMQIRW MR XLI *MIPHx %781' {*MIPHGYVIHXIWXG]PMRHIVWWLEPPFIQSPHIH EXXLIWEQIXMQIERHJVSQXLIWEQIWEQTPIWEWPEFS VEXSV]GYVIHXIWXG]PMRHIVW { 4VSGIHYVIW JSV TVSXIGXMRK ERH GYVMRK GSRGVIXI WLEPP FI MQTVSZIH [LIR WXVIRKXL SJ JMIPH GYVIH G]PMRHIVWEXXIWX EKIHIWMKREXIHJSV HIXIVQMRE XMSRSJJG MWPIWWXLERTIVGIRXSJXLEXSJGSQTERMSR PEFSVEXSV]GYVIH G]PMRHIVW 8LI TIVGIRX PMQMXEXMSR WLEPP RSX ETTP] MJ JMIPHGYVIH WXVIRKXL I\GIIHW JG F] QSVIXLERTWM 6 {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{-RZIWXMKEXMSRSJPS[WXVIRKXLXIWXVIWYPXW 6{-RZIWXMKEXMSRSJPS[WXVIRKXLXIWXVIWYPXW {-J ER]WXVIRKXL XIWX WII SJ PEFSVE XSV]GYVIHG]PMRHIVWJEPPWFIPS[WTIGMJMIHZEPYISJJG F] QSVIXLERXLIZEPYIWKMZIRMR F SVMJXIWXWSJJMIPH GYVIH G]PMRHIVW MRHMGEXI HIJMGMIRGMIW MR TVSXIGXMSR ERH GYVMRK WII WXITWWLEPPFIXEOIRXSEWWYVIXLEX PSEHGEVV]MRKGETEGMX]SJXLIWXVYGXYVIMWRSXNISTEVHMÎH -RWXVYGXMSRW EVI TVSZMHIH GSRGIVRMRK XLI TVSGIHYVI XS FI JSPPS[IH[LIRWXVIRKXLXIWXWLEZIJEMPIHXSQIIXXLIWTIGM JMIH EGGITXERGI GVMXIVME *SV SFZMSYW VIEWSRW XLIWI MRWXVYGXMSRW GERRSX FI HSKQEXMG 8LI FYMPHMRK SJJMGMEP QYWXETTP]NYHKQIRXEWXSXLIXVYIWMKRMJMGERGISJPS[XIWX VIWYPXW ERH [LIXLIV XLI] MRHMGEXI RIIH JSV GSRGIVR -J JYVXLIV MRZIWXMKEXMSRMWHIIQIH RIGIWWEV]WYGLMRZIWXMKE XMSRQE]MRGPYHIRSRHIWXVYGXMZIXIWXWSVMRI\XVIQIGEWIW WXVIRKXLXIWXWSJGSVIWXEOIRJVSQXLIWXVYGXYVI {-JXLIPMOIPMLSSHSJPS[WXVIRKXLGSRGVIXIMW GSRJMVQIHERHGEPGYPEXMSRWMRHMGEXIXLEXPSEHGEVV]MRK GETEGMX]MWWMKRMJMGERXP]VIHYGIHXIWXWSJGSVIWHVMPPIH JVSQXLIEVIEMRUYIWXMSRMREGGSVHERGI[MXLw1IXLSH SJ 3FXEMRMRK ERH 8IWXMRK (VMPPIH 'SVIW ERH 7E[IH &IEQWSJ'SRGVIXIx %781' WLEPPFITIVQMXXIH -R WYGL GEWIW XLVII GSVIW WLEPP FI XEOIR JSV IEGL WXVIRKXL XIWX XLEX JEPPW FIPS[ XLI ZEPYIW KMZIR MR F {'SVIWWLEPPFITVITEVIHJSVXVERWTSVXERH WXSVEKIF][MTMRKHVMPPMRK[EXIVJVSQXLIMVWYVJEGIWERH TPEGMRK XLI GSVIW MR [EXIVXMKLX FEKW SV GSRXEMRIVW MQQIHMEXIP] EJXIV HVMPPMRK 'SVIW WLEPP FI XIWXIH RS IEVPMIV XLER LSYVW ERH RSX PEXIV XLER HE]W EJXIV GSVMRK YRPIWW ETTVSZIH F] XLI VIKMWXIVIH HIWMKR TVSJIWWMSREP {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{-JGVMXIVMESJEVIRSXQIXERHMJXLI WXVYGXYVEPEHIUYEG]VIQEMRWMRHSYFXXLIVIWTSRWMFPI EYXLSVMX]WLEPPFITIVQMXXIHXSSVHIVEWXVIRKXLIZEPYEXMSR MR EGGSVHERGI [MXL 'LETXIV JSV XLI UYIWXMSREFPI TSVXMSRSJXLIWXVYGXYVISVXEOISXLIVETTVSTVMEXIEGXMSR FIMRKGVIEXIHHYVMRKHVMPPMRK8LMWEHZIVWIP]EJJIGXWXLIGSVIvW GSQTVIWWMZIWXVIRKXL8LIVIWXVMGXMSRSRXLIGSQQIRGIQIRX SJ GSVI XIWXMRK TVSZMHIW E QMRMQYQ XMQI JSV XLI QSMWXYVI KVEHMIRXXSHMWWMTEXI 'SVIXIWXWLEZMRKEREZIVEKISJTIVGIRXSJXLIWTIGMJMIH WXVIRKXL EVI IRXMVIP] VIEPMWXMG 8S I\TIGX GSVI XIWXW XS FI IUYEPXS JG MWRSXVIEPMWXMGFIGEYWIHMJJIVIRGIWMRXLIWMÎSJ WTIGMQIRWGSRHMXMSRWSJSFXEMRMRKWEQTPIWERHTVSGIHYVIW JSVGYVMRKHSRSXTIVQMXIUYEPZEPYIWXSFISFXEMRIH 8LIGSHIEWWXEXIHGSRGIVRWMXWIPJ[MXLEWWYVMRKWXVYGXYVEP WEJIX]ERHXLIMRWXVYGXMSRWMREVIEMQIHEXXLEXSFNIGXMZI -XMWRSXXLIJYRGXMSRSJXLIGSHIXSEWWMKRVIWTSRWMFMPMX]JSV WXVIRKXL HIJMGMIRGMIW [LIXLIV SV RSX XLI] EVI WYGL EW XS VIUYMVIGSVVIGXMZIQIEWYVIW 9RHIV XLI VIUYMVIQIRXW SJ XLMW WIGXMSR GSVIW XEOIR XS GSRJMVQ WXVYGXYVEP EHIUYEG] [MPP YWYEPP] FI XEOIR EX EKIW PEXIVXLERXLSWIWTIGMJMIHJSVHIXIVQMREXMSRSJ JG {4VITEVEXMSRSJIUYMTQIRXERHTPEGI SJHITSWMX 6{4VITEVEXMSRSJIUYMTQIRXERHTPEGI SJHITSWMX { 4VITEVEXMSR FIJSVIGSRGVIXI TPEGIQIRX WLEPP MRGPYHIXLIJSPPS[MRK 6IGSQQIRHEXMSRW JSV QM\MRK LERHPMRK ERH XVERWTSVXMRK ERH TPEGMRK GSRGVIXI EVI KMZIR MR HIXEMP MR w+YMHI JSV 1IEWYVMRK 1M\MRK 8VERWTSVXMRK ERH 4PEGMRK 'SRGVIXIx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{1M\MRK 6{1M\MRK {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Î WXMJJRIWW SJ XLI FEXGL { 6IEH]QM\IH GSRGVIXI WLEPP FI QM\IH ERH HIPMZIVIHMREGGSVHERGI[MXLVIUYMVIQIRXWSJw7TIGMJM GEXMSR JSV 6IEH]1M\IH 'SRGVIXIx %781 ' SV w7TIGMJMGEXMSR JSV 'SRGVIXI 1EHI F] :SPYQIXVMG &EXGLMRKERH'SRXMRYSYW1M\MRKx %781' )2:-6321)28%07869'896)7'3()'311)28%6= '3() '311)28%6= { .SFQM\IH GSRGVIXI WLEPPFI QM\IH MR EGGSV HERGI[MXLXLIJSPPS[MRK WMÎERHKVEHMRKSJXLIEKKVIKEXIERHXLIIJJMGMIRG]SJXLI QM\IV)\GIWWMZIP]PSRKQM\MRKXMQIWWLSYPHFIEZSMHIHXS KYEVHEKEMRWXKVMRHMRKSJXLIEKKVIKEXIW E 1M\MRK WLEPP FI HSRI MR E FEXGL QM\IV SJ ETTVSZIHX]TI F 1M\IVWLEPPFIVSXEXIHEXEWTIIHVIGSQQIRHIH F]XLIQERYJEGXYVIV G 1M\MRK WLEPP FI GSRXMRYIH JSV EX PIEWX QMRYXIWEJXIVEPPQEXIVMEPWEVIMRXLIHVYQYRPIWWE WLSVXIV XMQI MW WLS[R XS FI WEXMWJEGXSV] F] XLI QM\MRK YRMJSVQMX] XIWXW SJ w7TIGMJMGEXMSR JSV 6IEH] 1M\IH'SRGVIXIx %781' H 1EXIVMEPW LERHPMRK FEXGLMRK ERH QM\MRK WLEPP GSRJSVQXSETTPMGEFPITVSZMWMSRWSJw7TIGMJMGEXMSRJSV 6IEH]1M\IH'SRGVIXIx %781' I %HIXEMPIHVIGSVHWLEPPFIOITXXSMHIRXMJ] RYQFIVSJFEXGLIWTVSHYGIH TVSTSVXMSRWSJQEXIVMEPWYWIH ETTVS\MQEXIPSGEXMSRSJJMREPHITSWMXMRWXVYGXYVI XMQIERHHEXISJQM\MRKERHTPEGMRK {'SRZI]MRK 6{'SRZI]MRK { 'SRGVIXI WLEPP FI GSRZI]IH JVSQ QM\IV XS TPEGI SJ JMREP HITSWMX F] QIXLSHW XLEX [MPP TVIZIRX WITEVEXMSRSVPSWWSJQEXIVMEPW )EGLWXITMRXLILERHPMRKERHXVERWTSVXMRKSJGSRGVIXIRIIHW XS FI GEVIJYPP] GSRXVSPPIH XS QEMRXEMR YRMJSVQMX] [MXLMR E FEXGLERHJVSQFEXGLXSFEXGL-XMWIWWIRXMEPXSEZSMHWIKVI KEXMSRSJXLIGSEVWIEKKVIKEXIJVSQXLIQSVXEVSVSJ[EXIV JVSQXLISXLIVMRKVIHMIRXW {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{(ITSWMXMRK 6{(ITSWMXMRK { 'SRGVIXI WLEPP FI HITSWMXIH EW RIEVP] EW TVEGXMGEPMRMXWJMREPTSWMXMSRXSEZSMHWIKVIKEXMSRHYIXS VILERHPMRKSVJPS[MRK 6ILERHPMRKGSRGVIXIGERGEYWIWIKVIKEXMSRSJXLIQEXIVMEPW ,IRGIXLIGSHIGEYXMSRWEKEMRWXXLMWTVEGXMGI6IXIQTIVMRK SJ TEVXMEPP] WIX GSRGVIXI [MXL XLI EHHMXMSR SJ [EXIV WLSYPH RSXFITIVQMXXIHYRPIWWEYXLSVMÎH8LMWHSIWRSXTVIGPYHI 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= {'SRGVIXMRKWLEPPFIGEVVMIHSREXWYGLEVEXI XLEX GSRGVIXI MW EX EPP XMQIW TPEWXMG ERH JPS[W VIEHMP] MRXSWTEGIWFIX[IIRVIMRJSVGIQIRX XLITVEGXMGI VIGSKRMÎHMR%781' SJEHHMRK[EXIVXS QM\IHGSRGVIXIXSFVMRKMXYTXSXLIWTIGMJMIHWPYQTVERKIWS PSRKEWTVIWGVMFIHPMQMXWSRXLIQE\MQYQQM\MRKXMQIERH [EXIVGIQIRXMXMSYWQEXIVMEPWVEXMSEVIRSXZMSPEXIH {'SRGVIXIXLEXLEWTEVXMEPP]LEVHIRIHSVFIIR GSRXEQMREXIHF]JSVIMKRQEXIVMEPWWLEPPRSXFIHITSW MXIHMRXLIWXVYGXYVI { 6IXIQTIVIH GSRGVIXI SV GSRGVIXI XLEX LEW FIIRVIQM\IHEJXIVMRMXMEPWIXWLEPPRSXFIYWIHYRPIWW ETTVSZIHF]XLIIRKMRIIV {%JXIVGSRGVIXMRKMWWXEVXIHMXWLEPPFIGEVVMIH SREWEGSRXMRYSYWSTIVEXMSRYRXMPTPEGMRKSJETERIPSV WIGXMSREWHIJMRIHF]MXWFSYRHEVMIWSVTVIHIXIVQMRIH NSMRXW MW GSQTPIXIHI\GITXEW TIVQMXXIH SVTVSLMFMXIH F] {8STWYVJEGIWSJZIVXMGEPP]JSVQIHPMJXWWLEPPFI KIRIVEPP]PIZIP { ;LIR GSRWXVYGXMSR NSMRXW EVI VIUYMVIH NSMRXW WLEPPFIQEHIMREGGSVHERGI[MXL {%PPGSRGVIXIWLEPPFIXLSVSYKLP]GSRWSPMHEXIH F]WYMXEFPIQIERWHYVMRKTPEGIQIRXERHWLEPPFIXLSV SYKLP] [SVOIH EVSYRH VIMRJSVGIQIRX ERH IQFIHHIH JM\XYVIWERHMRXSGSVRIVWSJJSVQ 7IGXMSRSJXLI%'-GSHIGSRXEMRIHEVIUYMVI QIRXXLEXw[LIVIGSRHMXMSRWQEOIGSRWSPMHEXMSRHMJJMGYPXSV [LIVI VIMRJSVGIQIRX MW GSRKIWXIH FEXGLIW SJ QSVXEV GSRXEMRMRKXLIWEQITVSTSVXMSRWSJGIQIRXWERHERH[EXIV EWYWIHMRXLIGSRGVIXIWLEPPJMVWXFIHITSWMXIHMRXLIJSVQW XS E HITXL SJ EX PIEWX MRx 8LEX VIUYMVIQIRX [EW HIPIXIH JVSQXLI%'-GSHIFIGEYWIXLIGSRHMXMSRWJSV[LMGL MX[EWETTPMGEFPIGSYPHRSXFIHIJMRIHTVIGMWIP]IRSYKLXS NYWXMJ] MXW MRGPYWMSR EW E GSHI VIUYMVIQIRX 8LI TVEGXMGI LS[IZIVLEWQIVMXERHWLSYPHFIMRGSVTSVEXIHMRNSFWTIGM JMGEXMSRW [LIVI ETTVSTVMEXI [MXL XLI WTIGMJMG IRJSVGIQIRX XLI VIWTSRWMFMPMX] SJ XLI NSF MRWTIGXSV VEXLIV XLER XLI FYMPHMRK SJJMGMEP 8LI YWI SJ QSVXEV FEXGLIW EMHW MR TVIZIRXMRK LSRI]GSQF ERH TSSV FSRHMRK SJ XLI GSRGVIXI [MXL XLI VIMRJSVGIQIRX 8LI QSVXEV WLSYPH FI TPEGIH MQQIHMEXIP] FIJSVI HITSWMXMRK XLI GSRGVIXI ERH QYWX FI TPEWXMG RIMXLIVWXMJJRSVJPYMH [LIRXLIGSRGVIXIMWTPEGIH 6IGSQQIRHEXMSRWJSVGSRWSPMHEXMSRSJGSRGVIXIEVIKMZIRMR HIXEMPMRw+YMHIJSV'SRWSPMHEXMSRSJ'SRGVIXIxVITSVXIH F] %'- 'SQQMXXII 4VIWIRXW GYVVIRX MRJSVQEXMSR SRXLIQIGLERMWQSJGSRWSPMHEXMSRERHKMZIWVIGSQQIRHE XMSRW SR IUYMTQIRX GLEVEGXIVMWXMGW ERH TVSGIHYVIW JSV ZEVMSYWGPEWWIWSJGSRGVIXI {'YVMRK 6{'YVMRK { 'SRGVIXI SXLIV XLER LMKLIEVP]WXVIRKXL WLEPPFIQEMRXEMRIHEFSZI*ERHMREQSMWXGSRHM XMSRJSVEXPIEWXXLIJMVWXHE]WEJXIVTPEGIQIRXI\GITX [LIRGYVIHMREGGSVHERGI[MXL 6IGSQQIRHEXMSRWJSVGYVMRKGSRGVIXIEVIKMZIRMRHIXEMPMR w7XERHEVH 4VEGXMGI JSV 'YVMRK 'SRGVIXIx VITSVXIH F] %'-'SQQMXXII 4VIWIRXWFEWMGTVMRGMTPIWSJTVSTIV GYVMRKERHHIWGVMFIWXLIZEVMSYWQIXLSHWTVSGIHYVIWERH QEXIVMEPWJSVGYVMRKSJGSRGVIXI {,MKLIEVP]WXVIRKXLGSRGVIXIWLEPPFIQEMR XEMRIH EFSZI * ERH MR E QSMWX GSRHMXMSR JSV EX PIEWX XLI JMVWX HE]W I\GITX [LIR GYVIH MR EGGSV HERGI[MXL {%GGIPIVEXIHGYVMRK 6{%GGIPIVEXIHGYVMRK {'YVMRKF]LMKLTVIWWYVIWXIEQWXIEQEX EXQSWTLIVMG TVIWWYVI LIEX ERH QSMWXYVI SV SXLIV EGGITXIH TVSGIWWIW WLEPP FI TIVQMXXIH XS EGGIPIVEXI WXVIRKXLKEMRERHVIHYGIXMQISJGYVMRK 8LI TVSZMWMSRW SJ XLMW WIGXMSR ETTP] [LIRIZIV ER EGGIPIV EXIHGYVMRKQIXLSHMWYWIH[LIXLIVJSVTVIGEWXSVGEWXMR TPEGI IPIQIRXW 8LI GSQTVIWWMZI WXVIRKXL SJ WXIEQGYVIH GSRGVIXIMWRSXEWLMKLEWXLEXSJWMQMPEVGSRGVIXIGSRXMRY SYWP] GYVIH YRHIV QSMWX GSRHMXMSRW EX QSHIVEXI XIQTIVE XYVIW %PWS XLI IPEWXMG QSHYPYW )G SJ WXIEQGYVIH WTIGM QIRW QE] ZEV] JVSQ XLEX SJ WTIGMQIRW QSMWXGYVIH EX RSVQEPXIQTIVEXYVIW;LIRWXIEQGYVMRKMWXSFIYWIHMXMW EHZMWEFPI XS FEWI XLI GSRGVIXI QM\XYVI TVSTSVXMSRW SR WXIEQGYVIHXIWXG]PMRHIVW { %GGIPIVEXIH GYVMRK WLEPP TVSZMHI E GSQTVIWWMZIWXVIRKXLSJXLIGSRGVIXIEXXLIPSEHWXEKI GSRWMHIVIH EXPIEWX IUYEP XS VIUYMVIHHIWMKRWXVIRKXL EXXLEXPSEHWXEKI { 'YVMRK TVSGIWW WLEPP FI WYGL EW XS TVSHYGI GSRGVIXI [MXL E HYVEFMPMX] EX PIEWX IUYMZEPIRX XSXLIGYVMRKQIXLSHSJSV %GGIPIVEXIH GYVMRK TVSGIHYVIW VIUYMVI GEVIJYP EXXIRXMSR XS SFXEMR YRMJSVQ ERH WEXMWJEGXSV] VIWYPXW -X MW IWWIRXMEP XLEX QSMWXYVIPSWWHYVMRKXLIGYVMRKTVSGIWWFITVIZIRXIH )2:-6321)28%07869'896)7'3()'311)28%6= '3() '311)28%6= {;LIRVIUYMVIHF]XLIIRKMRIIVSVEVGLMXIGX WYTTPIQIRXEV]WXVIRKXLXIWXWMREGGSVHERGI[MXL WLEPPFITIVJSVQIHXSEWWYVIXLEXGYVMRKMWWEXMWJEGXSV] 6 {-REHHMXMSRXSVIUYMVMRKEQMRMQYQGYVMRKXIQTIV EXYVI ERH XMQI JSV RSVQEP ERH LMKLIEVP]WXVIRKXL GSRGVIXI XLIGSHITVSZMHIWEWTIGMJMGGVMXIVMSRMRJSVNYHKMRKXLI EHIUYEG]SJJMIPHGYVMRK%XXLIXIWXEKIJSV[LMGLXLIWXVIRKXL MW WTIGMJMIH YWYEPP] HE]W JMIPHGYVIH G]PMRHIVW WLSYPH TVSHYGIWXVIRKXLRSXPIWWXLERTIVGIRXSJXLEXSJXLIWXER HEVH PEFSVEXSV]GYVIH G]PMRHIVW *SV E VIEWSREFP] ZEPMH GSQTEVMWSRXSFIQEHIJMIPHGYVIHG]PMRHIVWERHGSQTERMSR PEFSVEXSV]GYVIHG]PMRHIVWQYWXGSQIJVSQXLIWEQIWEQTPI *MIPHGYVIHG]PMRHIVWQYWXFIGYVIHYRHIVGSRHMXMSRWMHIRXMGEP XSXLSWISJXLIWXVYGXYVI-JXLIWXVYGXYVIMWTVSXIGXIHJVSQXLI IPIQIRXWXLIG]PMRHIVWLSYPHFITVSXIGXIHWMQMPEVP] 8LEXMWG]PMRHIVWVIPEXIHXSQIQFIVWRSXHMVIGXP]I\TSWIHXS [IEXLIV WLSYPH FI GYVIH EHNEGIRX XS XLSWI QIQFIVW ERH TVSZMHIH [MXL XLI WEQI HIKVII SJ TVSXIGXMSR ERH QIXLSH SJ GYVMRK 3FZMSYWP] XLI JMIPH G]PMRHIVW WLSYPH RSX FI XVIEXIH QSVI JEZSVEFP] XLER XLI IPIQIRXW XLI] VITVIWIRX 7II GSHI ERH GSQQIRXEV]JSVEHHMXMSREPMRJSVQEXMSR -JXLIJMIPHGYVIHG]PMRHIVWHSRSXTVSZMHIWEXMWJEGXSV]WXVIRKXL F]XLMWGSQTEVMWSRQIEWYVIWWLSYPHFIXEOIRXSMQTVSZIXLI GYVMRKSJXLIWXVYGXYVI-JXLIXIWXWMRHMGEXIETSWWMFPIWIVMSYW HIJMGMIRG]MR WXVIRKXL SJ GSRGVIXI MR XLIWXVYGXYVI GSVIXIWXW QE]FIVIUYMVIH[MXLSV[MXLSYXWYTTPIQIRXEP[IXGYVMRKXS GLIGOXLIWXVYGXYVEPEHIUYEG]EWTVSZMHIHMR {'SPH[IEXLIVVIUYMVIQIRXW 6{'SPH[IEXLIVVIUYMVIQIRXW { %HIUYEXI IUYMTQIRX WLEPP FI TVSZMHIH JSV LIEXMRK GSRGVIXI QEXIVMEPW ERH TVSXIGXMRK GSRGVIXI HYVMRKJVII^MRKSVRIEVJVII^MRK[IEXLIV 6IGSQQIRHEXMSRWJSVGSPH[IEXLIVGSRGVIXMRKEVIKMZIRMR HIXEMP MR w'SPH ;IEXLIV 'SRGVIXMRKx VITSVXIH F] %''SQQMXXII 4VIWIRXWVIUYMVIQIRXWERHQIXLSHWJSV TVSHYGMRKWEXMWJEGXSV]GSRGVIXIHYVMRKGSPH[IEXLIV {%PPGSRGVIXIQEXIVMEPWERHEPPVIMRJSVGIQIRX JSVQW JMPPIVW ERH KVSYRH [MXL [LMGL GSRGVIXI MW XS GSQIMRGSRXEGXWLEPPFIJVIIJVSQJVSWX {*VSÎRQEXIVMEPWSVQEXIVMEPWGSRXEMRMRKMGI WLEPPRSXFIYWIH {,SX[IEXLIVVIUYMVIQIRXW 6{,SX[IEXLIVVIUYMVIQIRXW (YVMRKLSX[IEXLIVTVSTIVEXXIRXMSRWLEPPFIKMZIRXS MRKVIHMIRXW TVSHYGXMSR QIXLSHW LERHPMRK TPEGMRK TVSXIGXMSR ERH GYVMRK XS TVIZIRX I\GIWWMZI GSRGVIXI XIQTIVEXYVIW SV [EXIV IZETSVEXMSR XLEX GSYPH MQTEMV VIUYMVIH WXVIRKXL SV WIVZMGIEFMPMX] SJ XLI QIQFIV SV WXVYGXYVI 6IGSQQIRHEXMSRW JSV LSX [IEXLIV GSRGVIXMRK EVI KMZIR MR HIXEMP MR w,SX ;IEXLIV 'SRGVIXMRKx VITSVXIH F] %''SQQMXXII (IJMRIW XLI LSX [IEXLIV JEGXSVW XLEX EJJIGX GSRGVIXI TVSTIVXMIW ERH GSRWXVYGXMSR TVEGXMGIW ERH VIGSQQIRHW QIEWYVIW XS IPMQMREXI SV QMRMQMÎ XLI YRHI WMVEFPI IJJIGXW %'- MW E WTIGMJMGEXMSR JSV GSPH [IEXLIVGSRGVIXMRK 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= 2SXIW '3()6)59-6)1)287*36)2:-6321)28%0)2+-2))6-2+'32'6)8)7869'896)7 %'- %2('311)28%6= ',%48)6{*361;36/)1&)(()(4-4)7%2( '327869'8-32%2(13:)1)28.3-287 '3() '311)28%6= {(IWMKRSJJSVQ[SVO 6{(IWMKRSJJSVQ[SVO {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w+YMHI XS *SVQ[SVO JSV 'SRGVIXIx VITSVXIH F] 'SQQMXXII 4VSZMHIW VIGSQQIRHEXMSRWJSVHIWMKRGSRWXVYGXMSRERHQEXIVMEPWJSV JSVQ[SVO JSVQW JSV WTIGMEP WXVYGXYVIW ERH JSVQ[SVO JSV WTIGMEP QIXLSHW SJ GSRWXVYGXMSR (MVIGXIH TVMQEVMP] XS GSRXVEGXSVW XLI WYKKIWXIH GVMXIVME [MPP EMH IRKMRIIVW ERH EVGLMXIGXWMRTVITEVMRKNSFWTIGMJMGEXMSRWJSVXLIGSRXVEGXSVW { *SVQW WLEPP FI WYFWXERXMEP ERH WYJJMGMIRXP] XMKLXXSTVIZIRXPIEOEKISJQSVXEV { *SVQW WLEPP FI TVSTIVP] FVEGIH SV XMIH XSKIXLIVXSQEMRXEMRTSWMXMSRERHWLETI { *SVQW ERH XLIMV WYTTSVXW WLEPP FI HIWMKRIH WSEWRSXXSHEQEKITVIZMSYWP]TPEGIHWXVYGXYVI { (IWMKR SJ JSVQ[SVO WLEPP MRGPYHI GSRWMHIV EXMSRSJXLIJSPPS[MRKJEGXSVW E 6EXIERHQIXLSHSJTPEGMRKGSRGVIXI F 'SRWXVYGXMSR PSEHW MRGPYHMRK ZIVXMGEP LSVM^SRXEP ERHMQTEGXPSEHW G 7TIGMEP JSVQ VIUYMVIQIRXW JSV GSRWXVYGXMSR SJ WLIPPWJSPHIHTPEXIWHSQIWEVGLMXIGXYVEPGSRGVIXISV WMQMPEVX]TIWSJIPIQIRXW *SVQ[SVOJSV'SRGVIXITVITEVIHYRHIVXLIHMVIGXMSRSJ %'- 'SQQMXXII % LS[XSHSMX LERHFSSO JSV GSRXVEG XSVW IRKMRIIVW ERH EVGLMXIGXW JSPPS[MRK XLI KYMHIPMRIW IWXEFPMWLIH MR %'- 6 4PERRMRK FYMPHMRK ERH YWMRK JSVQ[SVO EVI HMWGYWWIH MRGPYHMRK XEFPIW HMEKVEQW ERH JSVQYPEWJSVJSVQHIWMKRPSEHW { *SVQW JSV TVIWXVIWWIH GSRGVIXI QIQFIVW WLEPPFIHIWMKRIHERHGSRWXVYGXIHXSTIVQMXQSZIQIRX SJ XLI QIQFIV [MXLSYX HEQEKI HYVMRK ETTPMGEXMSR SJ TVIWXVIWWMRKJSVGI { *SVQ XMI EWWIQFPMIW ERH W]WXIQW MR PMUYMH GSRXEMRQIRXWXVYGXYVIWWLEPPFIWYMXEFPIJSVTVSZMHMRKE PMUYMHXMKLXWXVYGXYVI 6{;LIRTSVXMSRWSJWMRKPIVSHXMIWEVIXSVIQEMRMR EPMUYMHGSRXEMRMRKWXVYGXYVIXLITSVXMSRWXLEXEVIXSVIQEMR WLSYPHFITVSZMHIH[MXLERMRXIKVEP[EXIVWXSTEXQMHTSMRX { *SVQ XMI EWWIQFPMIW JSV PMUYMHGSRXEMR QIRXWXVYGXYVIWWLEPPPIEZIRSQIXEPSVSXLIVQEXIVMEP I\GITXGSRGVIXI[MXLMRMRSJXLIJSVQIHWYVJEGI 8LI EWWIQFP] WLSYPH TVSZMHI GSRIWLETIH HITVIWWMSRW MR XLIJSVQWEXXLIWYVJEGIEXPIEWXMRMRHMEQIXIVERHMR HIITXSEPPS[JMPPMRKERHTEXGLMRK 8LVSYKLXMIWXLEXEVIXSFIIRXMVIP]VIQSZIHJVSQXLIWXVYG XYVIWLSYPHFIXETIVIHSZIVXLITSVXMSRXLEXTEWWIWXLVSYKL XLIGSRGVIXI8LIPEVKIIRHSJXETIVIHXMIWWLSYPHFISRXLI PMUYMHWMHISJXLI[EPP8LIGSRXVEGXSVWLSYPHFIVIUYMVIHXS HIQSRWXVEXIXLIQIXLSHWERHQEXIVMEPWXSFIYWIHXSJMPPXLI ZSMHXLYWJSVQIH { *SVQ WYVJEGIW XLEX [MPP FI MR GSRXEGX [MXL GSRGVIXI WLEPP FI GSEXIH [MXL ER IJJIGXMZI FSRH FVIEOMRKJSVQGSEXMRK 6 { &SRHFVIEOMRK JSVQ GSEXMRKW WLSYPH FI YWIH MR EGGSVHERGI [MXL SJ %'- 6IJIV XS 6 SJ XLMW GSQQIRXEV] JSV GSQTEXMFMPMX] SJ JSVQVIPIEWI EKIRXW ERH GSEXMRKW %QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= {6IQSZEPSJJSVQWWLSVIWERH VIWLSVMRK 6{6IQSZEPSJJSVQWWLSVIWERH VIWLSVMRK {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{ 6IQSZEPSJWLSVIWERHVIWLSVMRK 8LITVSZMWMSRWSJXLVSYKLWLEPPETTP]XS WPEFWERHFIEQWI\GITX[LIVIGEWXSRXLIKVSYRH )ZEPYEXMSRSJGSRGVIXIWXVIRKXLHYVMRKGSRWXVYGXMSRQE]FI HIQSRWXVEXIH F] JMIPHGYVIH XIWX G]PMRHIVW SV SXLIV TVSGI HYVIWETTVSZIHF]XLIFYMPHMRKSJJMGMEPWYGLEW { &IJSVI WXEVXMRK GSRWXVYGXMSR XLI GSRXVEGXSVWLEPPHIZIPSTETVSGIHYVIERHWGLIHYPIJSV VIQSZEPSJWLSVIWERHMRWXEPPEXMSRSJVIWLSVIWERHJSV GEPGYPEXMRKXLIPSEHWXVERWJIVVIHXSXLIWXVYGXYVIHYVMRK XLITVSGIWW E 8IWXW SJ GEWXMRTPEGI G]PMRHIVW MR EGGSVHERGI [MXL w7XERHEVH 8IWX 1IXLSH JSV 'SQTVIWWMZI 7XVIRKXL SJ 'SRGVIXI ']PMRHIVW 'EWXMR4PEGIMR ']PMRHVMGEP1SPHWx %781' 8LMWQIXLSHMWPMQMXIHXSYWIMRWPEFW [LIVIXLIHITXLSJGSRGVIXIMWJVSQXSMR E 8LI WXVYGXYVEP EREP]WMW ERH GSRGVIXI WXVIRKXL HEXE YWIH MR TPERRMRK ERH MQTPIQIRXMRK JSVQ VIQSZEPERHWLSVMRKWLEPPFIJYVRMWLIH F] XLIGSR XVEGXSVXSXLIFYMPHMRKSJJMGMEP[LIRWSVIUYIWXIH F 4IRIXVEXMSR VIWMWXERGI MR EGGSVHERGI [MXL w7XERHEVH 8IWX1IXLSHJSV4IRIXVEXMSR6IWMWXERGISJ,EVHIRIH'SR GVIXIx %781' F 2SGSRWXVYGXMSRPSEHWWLEPPFIWYTTSVXIHSRRSV ER]WLSVMRKVIQSZIHJVSQER]TEVXSJXLIWXVYGXYVI YRHIV GSRWXVYGXMSR I\GITX [LIR XLEX TSVXMSR SJ XLI WXVYGXYVIMRGSQFMREXMSR[MXLVIQEMRMRKJSVQMRKERH WLSVMRK W]WXIQ LEW WYJJMGMIRX WXVIRKXL XS WYTTSVX WEJIP]MXW[IMKLXERHPSEHWTPEGIHXLIVISR G 4YPPSYX WXVIRKXL MR EGGSVHERGI [MXL w7XERHEVH 8IWX 1IXLSH JSV 4YPPSYX 7XVIRKXL SJ ,EVHIRIH 'SRGVIXIx %781' G 7YJJMGMIRX WXVIRKXL WLEPP FI HIQSRWXVEXIH F] WXVYGXYVEP EREP]WMW GSRWMHIVMRK TVSTSWIH PSEHW WXVIRKXL SJ JSVQMRK ERH WLSVMRK W]WXIQ ERH GSR GVIXIWXVIRKXLHEXE'SRGVIXIWXVIRKXLHEXEWLEPPFI FEWIH SR XIWXW SJ JMIPHGYVIH G]PMRHIVW SV [LIR ETTVSZIH F] XLI FYMPHMRK SJJMGMEP SR SXLIV TVSGI HYVIWXSIZEPYEXIGSRGVIXIWXVIRKXL 4VSGIHYVIW F G ERH H VIUYMVIWYJJMGMIRXHEXEYWMRKNSF QEXIVMEPW XS HIQSRWXVEXI GSVVIPEXMSR SJ QIEWYVIQIRXW SR XLIWXVYGXYVI[MXLGSQTVIWWMZIWXVIRKXLSJQSPHIHG]PMRHIVW SVHVMPPIHGSVIW {2SGSRWXVYGXMSRPSEHWI\GIIHMRKXLIGSQFM REXMSR SJ WYTIVMQTSWIH HIEH PSEH TPYW WTIGMJMIH PMZI PSEHWLEPPFIWYTTSVXIHSRER]YRWLSVIHTSVXMSRSJXLI WXVYGXYVI YRHIV GSRWXVYGXMSR YRPIWW EREP]WMW MRHMGEXIW EHIUYEXIWXVIRKXLXSWYTTSVXWYGLEHHMXMSREPPSEHW { *SVQ WYTTSVXW JSV TVIWXVIWWIH GSRGVIXI QIQFIVW WLEPP RSX FI VIQSZIH YRXMP WYJJMGMIRX TVIWXVIWWMRK LEW FIIR ETTPMIH XS IREFPI TVIWXVIWWIH QIQFIVW XS GEVV] XLIMV HIEH PSEH ERH ERXMGMTEXIH GSRWXVYGXMSRPSEHW H 1EXYVMX] JEGXSV QIEWYVIQIRXW ERH GSVVIPEXMSR MR EGGSVHERGI[MXL%781' ;LIVIXLIWXVYGXYVIMWEHIUYEXIP]WYTTSVXIHSRWLSVIWXLI WMHI JSVQW SJ FIEQW KMVHIVW GSPYQRW [EPPW ERH WMQMPEV ZIVXMGEPJSVQWQE]KIRIVEPP]FIVIQSZIHEJXIVLSYVWSJ GYQYPEXMZIGYVMRKXMQITVSZMHIHXLIWMHIJSVQWWYTTSVXRS PSEHWSXLIVXLERXLIPEXIVEPTVIWWYVISJXLITPEWXMGGSRGVIXI w'YQYPEXMZIGYVMRKXMQIx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{'SRHYMXWERHTMTIWIQFIHHIHMR GSRGVIXI 6{'SRHYMXWERHTMTIWIQFIHHIHMR GSRGVIXI {'SRHYMXWTMTIWERHWPIIZIWSJ ER]QEXIVMEP RSX LEVQJYP XS GSRGVIXI ERH [MXLMR PMQMXEXMSRW SJ WLEPP FI TIVQMXXIH XS FI IQFIHHIH MR GSRGVIXI [MXL ETTVSZEPSJXLIIRKMRIIVTVSZMHIHXLI]EVIRSXGSRWMH IVIH XS VITPEGI WXVYGXYVEPP] XLI HMWTPEGIH GSRGVIXI I\GITXEWTVSZMHIHMR 6 { 'SRHYMXW TMTIW ERH WPIIZIW RSX LEVQJYP XS GSRGVIXIGERFIIQFIHHIH[MXLMRXLIGSRGVIXIFYXXLI[SVO WLSYPHFIHSRIMRWYGLEQERRIVXLEXXLIWXVYGXYVI[MPPRSX FI IRHERKIVIH )QTMVMGEP VYPIW EVI KMZIR MR JSV WEJI MRWXEPPEXMSRW YRHIV GSQQSR GSRHMXMSRW JSV SXLIV XLER GSQQSRGSRHMXMSRWWTIGMEPHIWMKRWWLSYPHFIQEHI1ER] KIRIVEP FYMPHMRK GSHIW LEZI EHSTXIH %27-%71) TMTMRK GSHIW&JSVTS[IVTMTMRKERH&JSVGLIQMGEPERH TIXVSPIYQ TMTMRK 8LI WTIGMJMIV WLSYPH FI WYVI XLEX XLI ETTVSTVMEXITMTMRKGSHIWEVIYWIHMRXLIHIWMKRERHXIWXMRKSJ XLI W]WXIQ 8LI GSRXVEGXSVWLSYPH RSX FI TIVQMXXIH XSMRWXEPP GSRHYMXW TMTIW HYGXW SV WPIIZIW XLEX EVI RSX WLS[R SR XLI TPERWSVRSXETTVSZIHF]XLIIRKMRIIVSVEVGLMXIGX *SVXLIMRXIKVMX]SJXLIWXVYGXYVIMXMWMQTSVXERXXLEXEPPGSRHYMX ERHTMTIJMXXMRKW[MXLMRXLIGSRGVIXIFIGEVIJYPP]EWWIQFPIHEW WLS[RSRXLITPERWSVGEPPIHJSVMRXLINSFWTIGMJMGEXMSRW {'SRHYMXWERHTMTIWSJEPYQMRYQWLEPPRSXFI IQFIHHIHMRWXVYGXYVEPGSRGVIXI {'SRHYMXWTMTIWERHWPIIZIWTEWWMRKXLVSYKL EWPEF[EPPSVFIEQWLEPPRSX MQTEMVWMKRMJMGERXP]XLI WXVIRKXLSJXLIGSRWXVYGXMSR 6 {8LIGSHITVSLMFMXWXLIYWISJEPYQMRYQMRWXVYG XYVEP GSRGVIXI %PYQMRYQ VIEGXW [MXL GSRGVIXI ERH MR XLI TVIWIRGISJGLPSVMHIMSRWGEREPWSVIEGXIPIGXVSP]XMGEPP][MXL WXIIP GEYWMRK GVEGOMRK ERHSV WTEPPMRK SJ XLI GSRGVIXI %PYQMRYQ IPIGXVMGEP GSRHYMXW TVIWIRX E WTIGMEP TVSFPIQ FIGEYWIWXVE]IPIGXVMGEPGYVVIRXEGGIPIVEXIWXLIEHZIVWIVIEGXMSR 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= { 'SRHYMXW ERH TMTIW [MXL XLIMV JMXXMRKW IQFIHHIH [MXLMR E GSPYQR WLEPP RSX HMWTPEGI QSVI XLER TIVGIRX SJ XLI EVIE SJ GVSWW WIGXMSRSR [LMGL WXVIRKXL MW GEPGYPEXIH SV [LMGL MW VIUYMVIH JSV JMVI TVSXIGXMSR { )\GITX [LIRHVE[MRKWJSV GSRHYMXW ERH TMTIW EVI ETTVSZIH F] XLI WXVYGXYVEP IRKMRIIV GSRHYMXW ERH TMTIWIQFIHHIH[MXLMREWPEF[EPPSVFIEQ SXLIVXLER XLSWIQIVIP]TEWWMRKXLVSYKL WLEPPWEXMWJ]XLIJSPPS[MRK {8LI]WLEPPRSXFIPEVKIVMRSYXWMHIHMQIR WMSR XLER XLI SZIVEPP XLMGORIWW SJ WPEF [EPP SV FIEQMR[LMGLXLI]EVIIQFIHHIH { 8LI] WLEPP RSX FI WTEGIH GPSWIV XLER XLVIIHMEQIXIVWSV[MHXLWSRGIRXIV { 8LI] WLEPP RSX MQTEMV WMKRMJMGERXP] XLI WXVIRKXLSJXLIGSRWXVYGXMSR { 'SRHYMXW TMTIW ERH WPIIZIW WLEPP FI TIVQMXXIHXSFIGSRWMHIVIHEWVITPEGMRKWXVYGXYVEPP]MR GSQTVIWWMSR XLI HMWTPEGIH GSRGVIXI TVSZMHIH MR XLVSYKL {8LI]EVIRSXI\TSWIHXSVYWXMRKSVSXLIV HIXIVMSVEXMSR {8LI]EVISJYRGSEXIHSVKEPZERMÎHMVSRSV WXIIPRSXXLMRRIVXLERWXERHEVH7GLIHYPIWXIIPTMTI {8LI]LEZIERSQMREPMRWMHIHMEQIXIVRSX SZIVMRERHEVIWTEGIHRSXPIWWXLERXLVIIHMEQIXIVW SRGIRXIVW {4MTIWERHJMXXMRKWWLEPPFI HIWMKRIHXSVIWMWX IJJIGXW SJ XLI QEXIVMEP TVIWWYVI ERH XIQTIVEXYVI XS [LMGLXLI][MPPFIWYFNIGXIH { 2S PMUYMH KEW SV ZETSV I\GITX [EXIV RSX I\GIIHMRK*RSVTWMTVIWWYVIWLEPPFITPEGIH MRXLITMTIWYRXMPXLIGSRGVIXILEWEXXEMRIHMXWHIWMKR WXVIRKXL { -R WSPMH WPEFW TMTMRK YRPIWW MX MW JSV VEHMERX LIEXMRKSVWRS[QIPXMRKWLEPPFITPEGIHFIX[IIRXST ERHFSXXSQVIMRJSVGIQIRX { 'SRGVIXI GSZIV JSV TMTIW GSRHYMXW ERH JMXXMRKWWLEPPRSXFIPIWWXLERMRJSVGSRGVIXII\TSWIH XS IEVXL GSRXEMRIH PMUYMHW SV [IEXLIVRSV MR JSV GSRGVIXIRSXI\TSWIHXSGSRXEMRIHPMUYMHW[IEXLIVSV MRGSRXEGX[MXLKVSYRH { 6IMRJSVGIQIRX [MXL ER EVIE RSX PIWW XLER XMQIWEVIESJGSRGVIXIWIGXMSRRSVPIWWXLERXLI EVIE VIUYMVIH F] SJ XLMW GSHI WLEPP FI TVSZMHIH RSVQEPXSTMTMRK 6{8LIVILEZIFIIRWSQIVITSVXIHGEWIWSJI\XIRWMZI HIXIVMSVEXMSRSJGSRGVIXIWYVVSYRHMRKIQFIHHIHKEPZERMÎH GSRHYMXW ERH TMTIW I\TSWIH XS GSVVSWMZI PMUYMHW SV KEWIW 8LIPSWWSJXLIWIPJWEGVMJMGMRKKEPZERMÎHGSEXMRKVIWYPXWMR XLIVIPIEWI SJKEWIWGVIEXMRK EZSMH EVSYRHXLIGSRHYMX SV TMTIXLYWEPPS[MRKXLIQMKVEXMSRSJQSMWXYVISVKEWIWXSXLI FEVIWXIIPERHMRMXMEXMRKXLIGSVVSWMSRTVSGIWW-RXLIGSVVS WMSR TVSGIWW SJ ^MRG XLIVI MW XLI VIPIEWI SJ L]HVSKIR KEW [LMGLQE]EPWSGEYWIw,]HVSKIR)QFVMXXPIQIRXxSJGIVXEMR WXIIPW 6 {8LI%'-GSHIPMQMXIHXLIQE\MQYQTVIW WYVIMRIQFIHHIHTMTIXSTWM[LMGL[EWGSRWMHIVIHXSS VIWXVMGXMZI 2IZIVXLIPIWW XLI IJJIGXW SJ WYGL TVIWWYVIW ERH XLII\TERWMSRSJIQFIHHIHTMTIWLSYPHFIGSRWMHIVIHMRXLI HIWMKRSJXLIGSRGVIXIQIQFIV )2:-6321)28%07869'896)7'3()'311)28%6= '3() '311)28%6= {4MTMRKERHGSRHYMXWLEPPFIWSJEFVMGEXIHERH MRWXEPPIHXLEXGYXXMRKFIRHMRKSVHMWTPEGIQIRXSJVIMR JSVGIQIRXJVSQMXWTVSTIVPSGEXMSR[MPPRSXFIVIUYMVIH { 4MTIW TEWWMRK XLVSYKL [EPPW SJ E PMUYMH GSRXEMRMRK WXVYGXYVI WLEPP MRGPYHI ER MRXIKVEP [EXIV WXST {'SRWXVYGXMSRNSMRXW 6{'SRWXVYGXMSRNSMRXW *SV XLI MRXIKVMX] SJ XLI WXVYGXYVI MX MW MQTSVXERX XLEX EPP GSRWXVYGXMSR NSMRXW FI GEVIJYPP] HIJMRIH MR GSRWXVYGXMSR HSGYQIRXW ERH GSRWXVYGXIH EW VIUYMVIH %R] HIZMEXMSRW XLIVIJVSQWLSYPHFIETTVSZIHF]XLIIRKMRIIVSVEVGLMXIGX { 7YVJEGI SJ GSRGVIXI GSRWXVYGXMSR NSMRXW WLEPP FIGPIERIHERHPEMXERGIVIQSZIH 6 {8LIWYVJEGIWSJGSRGVIXIEXEPPGSRWXVYGXMSRNSMRXW WLSYPHFITVITEVIHEWGEPPIHJSVMR%'- { -QQIHMEXIP] FIJSVI RI[ GSRGVIXI MW TPEGIH EPP GSRWXVYGXMSR NSMRXW WLEPP FI [IXXIH ERH WXERHMRK [EXIVVIQSZIH 6{8LIVIUYMVIQIRXWSJXLI%'-GSHIJSVXLI YWI SJ RIEX GIQIRX SR ZIVXMGEP NSMRXW LEZI FIIR VIQSZIH FIGEYWIMXMWVEVIP]TVEGXMGEPERHGERFIHIXVMQIRXEP[LIVI HIIT JSVQW ERH WXIIP GSRKIWXMSR TVIZIRX TVSTIV EGGIWW 3JXIR [IX FPEWXMRK ERH SXLIV TVSGIHYVIW EVI QSVI ETTVS TVMEXI&IGEYWIXLIGSHIWIXWSRP]QMRMQYQWXERHEVHWXLI IRKMRIIV QE] LEZI XS WTIGMJ] WTIGMEP TVSGIHYVIW MJ GSRHM XMSRW [EVVERX 8LI HIKVII XS [LMGL QSVXEV FEXGLIW EVI RIIHIH EX XLI WXEVX SJ GSRGVIXI TPEGIQIRX HITIRH SR GSRGVIXI TVSTSVXMSRW GSRKIWXMSR SJ WXIIP ZMFVEXSV EGGIWW ERHSXLIVJEGXSVW { 'SRWXVYGXMSR NSMRXW WLEPP FI WS QEHI ERH PSGEXIHEWRSX XSMQTEMVXLI WXVIRKXLSJXLIWXVYGXYVI 4VSZMWMSRWLEPPFIQEHIJSVXVERWJIVSJWLIEVERHSXLIV JSVGIWXLVSYKLGSRWXVYGXMSRNSMRXW7II 6 {'SRWXVYGXMSRNSMRXWWLSYPHFIPSGEXIH[LIVIXLI] [MPPGEYWIXLIPIEWX[IEORIWWMRXLIWXVYGXYVI;LIRWLIEV HYIXSKVEZMX]PSEHMWRSXWMKRMJMGERXEWMWYWYEPP]XLIGEWIMR XLI QMHHPI SJ XLI WTER SJ JPI\YVEP QIQFIVW E WMQTPI ZIVXMGEP NSMRX QE] FI EHIUYEXI 0EXIVEP JSVGI HIWMKR QE] VIUYMVI WTIGMEP HIWMKR XVIEXQIRX SJ GSRWXVYGXMSR NSMRXW 7LIEVOI]WMRXIVQMXXIRXWLIEVOI]WHMEKSREPHS[IPWSVXLI WLIEVXVERWJIVQIXLSHSJQE]FIYWIH[LIRIZIVEJSVGI XVERWJIVMWVIUYMVIH { 'SRWXVYGXMSR NSMRXW MR JPSSVW WLEPP FI PSGEXIH [MXLMRXLIQMHHPIXLMVHSJWTERW SJWPEFWFIEQWERH KMVHIVW .SMRXW MR KMVHIVW WLEPP FI SJJWIX E QMRMQYQ HMWXERGISJX[SXMQIWXLI[MHXLSJMRXIVWIGXMRKFIEQW {&IEQWKMVHIVWSVWPEFWWYTTSVXIHF]GSPYQRW SV[EPPWWLEPPRSXFIGEWXSVIVIGXIHYRXMPGSRGVIXIMRXLI ZIVXMGEPWYTTSVXQIQFIVWMWRSPSRKIVTPEWXMG 6 {(IPE]MRTPEGMRKGSRGVIXIMRQIQFIVWWYTTSVXIHF] GSPYQRWERH[EPPWMWRIGIWWEV]XSTVIZIRXGVEGOMRKEXXLIMRXIV JEGI SJ XLIWPEFERH WYTTSVXMRK QIQFIV GEYWIHF]FPIIHMRK ERHWIXXPIQIRXSJTPEWXMGGSRGVIXIMRXLIWYTTSVXMRKQIQFIV {&IEQWKMVHIVWLEYRGLIW HVST TERIPW ERH GETMXEPWWLEPPFITPEGIHQSRSPMXLMGEPP]EWTEVXSJEWPEF W]WXIQYRPIWWSXLIV[MWIWLS[RMRGSRXVEGXHSGYQIRXW 6 { 7ITEVEXI TPEGIQIRX SJ WPEFW ERH FIEQW LEYRGLIWERHWMQMPEVIPIQIRXWMWTIVQMXXIH[LIRWLS[RSR XLIHVE[MRKWERH[LIVITVSZMWMSRLEWFIIRQEHIXSXVERWJIV JSVGIWEWVIUYMVIHMR {;LIVIMRXIRHIHXSFI[EXIVXMKLXGSRWXVYGXMSR NSMRXW MR GSRZIRXMSREPP] VIMRJSVGIH PMUYMHGSRXEMRMRK WXVYGXYVIWWLEPPLEZIERMRXIKVEP[EXIVWXST 6 { ;EXIVWXSTW QE] FI VYFFIV TPEWXMG SV QIXEP -RJSVQEXMSR SR XLI HIWMKR ERH HIXEMPMRK SJ GSRWXVYGXMSR NSMRXWMWMRGPYHIHMR%'-6 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= { *SV IRZMVSRQIRXEP IRKMRIIVMRK GSRGVIXI WXVYGXYVIWXLIIPETWIHXMQIFIX[IIRGEWXMRKEHNSMRMRK YRMXWWLEPPFIEXPIEWXLSYVW 6 { -JXLIIPETWIHXMQIFIX[IIREHNSMRMRKTPEGIQIRXW MW ZIV] WLSVX XLIVI [MPP RSX FI EHIUYEXI HMWWMTEXMSR SJ WLVMROEKIERHLIEXSJL]HVEXMSRIJJIGXWMRXLIJMVWXTPEGIQIRX {1SZIQIRXNSMRXW 6{1SZIQIRXNSMRXW 8LMW GLETXIV EHHVIWWIW VIUYMVIQIRXW JSV QSZIQIRX NSMRXW I\TERWMSR ERH GSRXVEGXMSR NSMRXW MR EHHMXMSR XS VIUYMVI QIRXWJSVGSRWXVYGXMSRNSMRXW { 8LI HIWMKR WLEPP GSRWMHIV ERH TVSZMHI JSV ZSPYQI GLERKIW MR E QERRIV XLEX [MPP QMRMQMÎ HEQEKIXSXLIWXVYGXYVI 6{:SPYQIGLERKIWMRGSRGVIXIEVIKIRIVEPP]GEYWIH F] I\TERWMSR SV GSRXVEGXMSR MR VIWTSRWI XS GLERKI MR XIQTIVEXYVI QSMWXYVI GSRXIRX SV FSXL 1SZIQIRX NSMRXW I\TERWMSR NSMRXW ERH GSRXVEGXMSR NSMRXW QE] FI YWIH XS EGGSQQSHEXIXLIVIWYPXERXWXVIWWIWERHWXVEMRWTEVXMGYPEVP] EX GLERKIW MR QEWW SV GSRJMKYVEXMSR -RJSVQEXMSR SR XLI HIWMKRERHHIXEMPMRKSJQSZIQIRXNSMRXWMWMRGPYHIHMR%'6ERH6 {)\TERWMSRNSMRXW [LIRYWIHWLEPPMRGPYHIE GSQTVIWWMFPITVIJSVQIHNSMRXJMPPIVENSMRXWIEPERXERH [LIVIMRXIRHIHXSFI[EXIVXMKLXE[EXIVWXST { 'SRXVEGXMSR NSMRXW [LIR YWIH WLEPP FI TIVQMXXIH XS FI TEVXMEP SV JYPP HITIRHMRKSRXLI VIMR JSVGMRKHIXEMPERHWLEPPMRGPYHIEKVSSZISVVIGIWWEX XLIWYVJEGIJSVXLITPEGIQIRXSJNSMRXWIEPERX 6 { *YPP GSRXVEGXMSR NSMRXW LEZI EPP VIMRJSVGIQIRX WXSTTIHEXXLINSMRX4EVXMEPGSRXVEGXMSRNSMRXWLEZIETSVXMSR SJXLIRSVQEPVIMRJSVGIQIRXTEWWMRKXLVSYKLXLINSMRXYTXS EQE\MQYQSJTIVGIRX )2:-6321)28%07869'896)7'3()'311)28%6= ',%48)6{()8%-073*6)-2*36')1)28 '3() {2SXEXMSR H ! HMWXERGI JVSQ I\XVIQI GSQTVIWWMSR JMFIV XS GIRXVSMHSJXIRWMSRVIMRJSVGIQIRXMR HF ! RSQMREP HMEQIXIV SJ FEV [MVI SV TVIWXVIWWMRK WXVERHMR J GM ! GSQTVIWWMZIWXVIRKXLSJGSRGVIXIEXXMQISJMRMXMEP TVIWXVIWWTWM J] ! WTIGMJMIH ]MIPH WXVIRKXL SJ RSRTVIWXVIWWIH VIMR JSVGIQIRXTWM PH ! HIZIPSTQIRXPIRKXLMR7II'LETXIV {7XERHEVHLSSOW '311)28%6= 6IGSQQIRHIHQIXLSHWERHWXERHEVHWJSVTVITEVMRKHIWMKR HVE[MRKW X]TMGEP HIXEMPW ERH HVE[MRKW JSV XLI JEFVMGEXMSR ERHTPEGMRKSJVIMRJSVGMRKWXIIPMRVIMRJSVGIHGSRGVIXIWXVYG XYVIWEVIKMZIRMR%'-(IXEMPMRK1ERYEPVITSVXIHF]%''SQQMXXII %PP TVSZMWMSRW MR XLI GSHI VIPEXMRK XS FEV [MVI SV WXVERH HMEQIXIV ERHEVIE EVIFEWIHSRXLIRSQMREPHMQIRWMSRWSJ XLIVIMRJSVGIQIRXEWKMZIRMRXLIETTVSTVMEXI%781WTIGMJM GEXMSR 2SQMREP HMQIRWMSRW EVI IUYMZEPIRX XS XLSWI SJ E GMVGYPEVEVIELEZMRKXLIWEQI[IMKLXTIVJSSXEWXLI%781 HIWMKREXIHFEV[MVISVWXVERHWMÎW'VSWWWIGXMSREPEVIESJ VIMRJSVGIQIRXMWFEWIHSRRSQMREPHMQIRWMSRW 6{7XERHEVHLSSOW 8LI XIVQ WXERHEVH LSSO EW YWIH MR XLMW GSHI WLEPP QIERSRISJXLIJSPPS[MRK {HIKFIRHTPYWHFI\XIRWMSRFYXRSXPIWW XLERMREXJVIIIRHSJFEV {HIKFIRHTPYWHFI\XIRWMSREXJVIIIRH SJFEV {*SVWXMVVYTERHXMILSSOW E 2S FEV ERH WQEPPIV HIK FIRH TPYW HF I\XIRWMSREXJVIIIRHSJFEVSV F 2S 2S ERH 2S FEV HIK FIRH TPYW HFI\XIRWMSREXJVIIIRHSJFEVSV 6{7XERHEVHWXMVVYTERHXMILSSOWEVIPMQMXIHXS2S FEVWERHWQEPPIVERHXLIHIKLSSO[MXLHFI\XIRWMSRMW JYVXLIVPMQMXIHXS2SFEVWERHWQEPPIVMRFSXLGEWIWEWXLI VIWYPXSJVIWIEVGLWLS[MRKXLEXPEVKIVFEVWMÎW[MXLHIK LSSOWERHHFI\XIRWMSRWXIRHXSwTSTSYXxYRHIVLMKLPSEH G 2S FEV ERH WQEPPIV HIK FIRH TPYW HF I\XIRWMSREXJVIIIRHSJFEV {7IMWQMGLSSOWEWHIJMRIHMR {1MRMQYQFIRHHMEQIXIVW 6{1MRMQYQFIRHHMEQIXIVW {(MEQIXIVSJFIRHQIEWYVIHSRXLIMRWMHISJ XLIFEVSXLIVXLERJSVWXMVVYTWERHXMIWMRWMÎW2S XLVSYKL 2S WLEPP RSX FI PIWW XLER XLI ZEPYIW MR 8EFPI 7XERHEVHFIRHWMRVIMRJSVGMRKFEVWEVIHIWGVMFIHMRXIVQW SJ XLI MRWMHI HMEQIXIV SJ FIRH FIGEYWI XLMW MW IEWMIV XS QIEWYVI XLER XLI VEHMYW SJ FIRH 8LI TVMQEV] JEGXSVW EJJIGXMRK XLI QMRMQYQ FIRH HMEQIXIV EVI JIEWMFMPMX] SJ FIRHMRK [MXLSYX FVIEOEKI ERH EZSMHERGI SJ GVYWLMRK XLI GSRGVIXIMRWMHIXLIFIRH { -RWMHI HMEQIXIV SJ FIRH JSV WXMVVYTW ERHXMIW WLEPP RSX FI PIWW XLER HF JSV 2S FEV ERH WQEPPIV *SVFEVWPEVKIVXLER2SHMEQIXIVSJFIRHWLEPPFIMR EGGSVHERGI[MXL8EFPI 6 { 8LI QMRMQYQ HF FIRH JSV XLI FEV WMÎW GSQQSRP] YWIH JSV WXMVVYTW ERH XMIW MW FEWIH SR EGGITXIH MRHYWXV]TVEGXMGIMRXLI9RMXIH7XEXIW9WISJEWXMVVYTFEV WMÎRSXKVIEXIVXLER2SJSVIMXLIVXLIHIKSVHIK WXERHEVHWXMVVYTLSSO[MPPTIVQMXQYPXMTPIFIRHMRKSRWXER HEVHWXMVVYTFIRHMRKIUYMTQIRX *SV GPSWIH XMIW ERH GSRXMRYSYWP] [SYRH XMIW HIJMRIH EW LSSTW MR 'LETXIVEHIKFIRHTPYWERI\XIRWMSRSJEXPIEWXHF FYX RSXPIWWXLERMR 7IIHIJMRMXMSRSJwLSSTxMR 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= 8%&0){1-2-191(-%1)8)673*&)2( &EVWMÎ 2SXLVSYKL2S 1MRMQYQHMEQIXIV HF 2S2SERH2S HF 2SERH2S HF {-RWMHIHMEQIXIVSJFIRHMR[IPHIH[MVIJEFVMG TPEMR SV HIJSVQIH JSV WXMVVYTW ERH XMIW WLEPP RSX FI PIWW XLER HF JSV HIJSVQIH [MVI PEVKIV XLER ( ERH HF JSVEPPSXLIV[MVIW &IRHW [MXL MRWMHI HMEQIXIV SJ PIWWXLERHFWLEPPRSXFIPIWWXLERHFJVSQRIEVIWX [IPHIHMRXIVWIGXMSR 6 { ;IPHIH [MVI JEFVMG SJ TPEMR SV HIJSVQIH [MVI GERFIYWIHJSVWXMVVYTWERHXMIW8LI[MVIEX[IPHIHMRXIV WIGXMSRWHSIWRSXLEZIXLIWEQIYRMJSVQHYGXMPMX]ERHFIRH EFMPMX]EWMREVIEWXLEX[IVIRSXLIEXIH8LIWIIJJIGXWSJXLI [IPHMRKXIQTIVEXYVIEVIYWYEPP]HMWWMTEXIHMREHMWXERGISJ ETTVS\MQEXIP]JSYV[MVIHMEQIXIVW1MRMQYQFIRHHMEQI XIVWTIVQMXXIHEVIMRQSWXGEWIWXLIWEQIEWXLSWIVIUYMVIH MRXLI%781FIRHXIWXWJSV[MVIQEXIVMEP %781%ERH % {&IRHMRK 6{&IRHMRK { %PP VIMRJSVGIQIRX WLEPP FI FIRX GSPH YRPIWW SXLIV[MWITIVQMXXIHF]XLIIRKMRIIV 6 { 8LI IRKMRIIV QE] FI XLI HIWMKR IRKMRIIV SV EVGLMXIGXSVXLIIRKMRIIVSVEVGLMXIGXIQTPS]IHF]XLIS[RIV XSTIVJSVQMRWTIGXMSR*SVYRYWYEPFIRHW[MXLMRWMHIHMEQI XIVWPIWWXLER%781FIRHXIWXVIUYMVIQIRXWWTIGMEPJEFVMGE XMSRQE]FIVIUYMVIH {6IMRJSVGIQIRXTEVXMEPP]IQFIHHIHMRGSRGVIXI WLEPPRSXFIJMIPHFIRXI\GITXEWWLS[RSRXLIHIWMKR HVE[MRKWSVTIVQMXXIHF]XLIIRKMRIIV 6 {'SRWXVYGXMSRGSRHMXMSRWQE]QEOIMXRIGIWWEV]XS FIRHFEVWXLEXLEZIFIIRIQFIHHIHMRGSRGVIXI7YGLJMIPH FIRHMRK WLSYPH RSX FI HSRI [MXLSYX EYXLSVMÊ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{7YVJEGIGSRHMXMSRWSJVIMRJSVGIQIRX 6{7YVJEGIGSRHMXMSRWSJVIMRJSVGIQIRX {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{)\GITXJSVTVIWXVIWWMRKWXIIPWXIIPVIMRJSVGI QIRX [MXL VYWX QMPP WGEPI SV E GSQFMREXMSR SJ FSXL WLEPP FI GSRWMHIVIH WEXMWJEGXSV] TVSZMHIH XLI QMRMQYQ HMQIRWMSRW MRGPYHMRK LIMKLX SJ HIJSVQE XMSRW ERH [IMKLX SJ E LERH[MVIFVYWLIH XIWX WTIG MQIR GSQTP] [MXL ETTPMGEFPI %781 WTIGMJMGEXMSRW VIJIVIRGIHMR {4VIWXVIWWMRKWXIIPWLEPPFIGPIERERH JVIISJ SMP HMVX WGEPI TMXXMRK ERH I\GIWWMZI VYWX % PMKLX GSEXMRKSJVYWXWLEPPFITIVQMXXIH 6{+YMHERGIJSVIZEPYEXMRKXLIHIKVIISJVYWXMRKSR WXVERHMWKMZIRMR6IJIVIRGI {4PEGMRKVIMRJSVGIQIRX 6{4PEGMRKVIMRJSVGIQIRX { 6IMRJSVGIQIRX MRGPYHMRK XIRHSRW ERH TSWX XIRWMSRMRK HYGXW WLEPP FI EGGYVEXIP] TPEGIH ERH EHIUYEXIP] WYTTSVXIH FIJSVI GSRGVIXI MW TPEGIH ERH WLEPPFIWIGYVIHEKEMRWXHMWTPEGIQIRX[MXLMRXSPIVERGIW TIVQMXXIHMR 6 { 6IMRJSVGIQIRX MRGPYHMRK XIRHSRW ERH TSWX XIRWMSRMRK HYGXW WLSYPH FI EHIUYEXIP] WYTTSVXIH MR XLI JSVQW XS TVIZIRX HMWTPEGIQIRX F] GSRGVIXI TPEGIQIRX SV [SVOIVW&IEQWXMVVYTWWLSYPHFIWYTTSVXIHSRXLIFSXXSQ JSVQ SJ XLI FIEQ F] TSWMXMZI WYTTSVXWWYGL EW GSRXMRYSYW PSRKMXYHMREP FIEQ FSPWXIVW -J SRP] XLI PSRKMXYHMREP FIEQ FSXXSQVIMRJSVGIQIRXMWWYTTSVXIHGSRWXVYGXMSRXVEJJMGGER HMWPSHKIXLIWXMVVYTWEW[IPPEWER]TVIWXVIWWMRKXIRHSRWXMIH XSXLIWXMVVYTW { 9RPIWW SXLIV[MWI WTIGMJMIH F] XLI PMGIRWIH HIWMKRTVSJIWWMSREPVIMRJSVGIQIRXMRGPYHMRKXIRHSRW ERH TSWXXIRWMSRMRK HYGXW WLEPP FI TPEGIH [MXLMR XLI XSPIVERGIWMRERH 6 { +IRIVEPP] EGGITXIH TVEGXMGI EW VIJPIGXIH MR w7XERHEVH 7TIGMJMGEXMSRW JSV 8SPIVERGIW JSV 'SRGVIXI 'SRWXVYGXMSRERH1EXIVMEPWxVITSVXIHF]%'-'SQQMXXII LEWIWXEFPMWLIHXSPIVERGIWSRXSXEPHITXL JSVQ[SVO SVJMRMWL ERHJEFVMGEXMSRSJXVYWWFIRXVIMRJSVGMRKFEVWERH GPSWIH XMIW WXMVVYTW ERH WTMVEPW 8LI IRKMRIIV WLSYPH WTIGMJ]QSVIVIWXVMGXMZIXSPIVERGIWXLERXLSWITIVQMXXIHF] XLI GSHI[LIR RIGIWWEV] XS QMRMQMÎ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{ 8SPIVERGI JSV HITXL H ERH QMRMQYQ GSRGVIXI GSZIV MR JPI\YVEP QIQFIVW [EPPW ERH GSQTVIWWMSRQIQFIVWWLEPPFIEWJSPPS[W H MR H"MR 8SPIVERGISRH MR MR 8SPIVERGISRQMRMQYQ GSRGVIXIGSZIV zMR zMR I\GITXXLEXXSPIVERGI JSVXLI GPIEVHMWXERGIXSJSVQIH WSJJMXW WLEPP FI QMRYW MR ERH XSPIVERGI JSV GSZIV 6 {8LIGSHIWTIGMJMIWEXSPIVERGISRHITXL HER IWWIRXMEPGSQTSRIRXSJWXVIRKXLSJXLIQIQFIV&IGEYWIVIMR JSVGMRKWXIIPMWTPEGIH[MXLVIWTIGXXSIHKIWSJQIQFIVWERH JSVQ[SVO WYVJEGIW XLI HITXL H MW RSX EP[E]W GSRZIRMIRXP] QIEWYVIHMRXLIJMIPH)RKMRIIVWWLSYPHWTIGMJ]XSPIVERGIWJSV FEVTPEGIQIRXGSZIVERHQIQFIVWMÎ7II%'- 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= WLEPP RSX I\GIIH QMRYW XLI QMRMQYQ GSRGVIXI GSZIVVIUYMVIHMRXLIGSRXVEGXHSGYQIRXW { 8SPIVERGI JSV PSRKMXYHMREP PSGEXMSR SJ FIRHW ERH IRHW SJ VIMRJSVGIQIRX WLEPP FI MR I\GITXXLIXSPIVERGIWLEPPFIEXMREXXLIHMWGSR XMRYSYWIRHWSJFVEGOIXWERHGSVFIPWERHMREXXLI HMWGSRXMRYSYW IRHW SJ SXLIV QIQFIVW 8LI XSPIVERGI JSVQMRMQYQGSRGVIXIGSZIVSJWLEPPEPWSETTP] EXHMWGSRXMRYSYWIRHWSJQIQFIVW {;IPHIH [MVI JEFVMG [MXL[MVIWMÎRSXKVIEXIV XLER ; SV ( YWIH MR WPEFW RSX I\GIIHMRK JX MR WTERWLEPPFITIVQMXXIHXSFIGYVZIHJVSQETSMRXRIEV XLI XST SJ WPEF SZIV XLI WYTTSVX XS E TSMRX RIEV XLI FSXXSQSJWPEFEXQMHWTERTVSZMHIHWYGLVIMRJSVGIQIRX MW IMXLIV GSRXMRYSYW SZIV SV WIGYVIP] ERGLSVIH EX WYTTSVX { ;IPHMRK SJ GVSWWMRK FEVW WLEPP RSX FI TIVQMXXIHJSVEWWIQFP]SJVIMRJSVGIQIRXYRPIWWEYXLS VMÎHF]XLIIRKMRIIV 6 {w8EGOx[IPHMRK [IPHMRKGVSWWMRKFEVW GERWIVM SYWP][IEOIREFEVEXXLITSMRX[IPHIHF]GVIEXMRKEQIXEP PYVKMGEPRSXGLIJJIGX8LMWSTIVEXMSRGERFITIVJSVQIHWEJIP] SRP][LIRXLIQEXIVMEP[IPHIHERH[IPHMRKSTIVEXMSRWEVI YRHIVGSRXMRYSYWGSQTIXIRXGSRXVSPEWMRXLIQERYJEGXYVI SJ[IPHIH[MVIJEFVMG {7TEGMRKPMQMXWJSVVIMRJSVGIQIRX 6{7TEGMRKPMQMXWJSVVIMRJSVGIQIRX {8LIQMRMQYQGPIEVWTEGMRKFIX[IIRTEVEPPIP FEVWMREPE]IVWLEPPFIHFFYXRSXPIWWXLERMR7II EPWS %PXLSYKLXLIQMRMQYQFEVWTEGMRKWEVIYRGLERKIHMRXLMW GSHIXLIHIZIPSTQIRXPIRKXLWKMZIRMR'LETXIVFIGEQI EJYRGXMSR SJXLI FEVWTEGMRKWWMRGIXLI%'-GSHI %WEVIWYPXMXQE]FIHIWMVEFPIXSYWIPEVKIVXLERQMRMQYQ FEVWTEGMRKWMRWSQIGEWIW8LIQMRMQYQPMQMXW[IVISVMKM REPP] IWXEFPMWLIH XS TIVQMX GSRGVIXI XS JPS[ VIEHMP] MRXS WTEGIW FIX[IIR FEVW ERH FIX[IIR FEVW ERH JSVQW [MXLSYX LSRI]GSQFERHXSIRWYVIEKEMRWXGSRGIRXVEXMSRSJFEVWSRE PMRI XLEX QE] GEYWI WLIEV SV WLVMROEKI GVEGOMRK 9WI SJ wRSQMREPxFEVHMEQIXIVXSHIJMRIQMRMQYQWTEGMRKTIVQMXW EYRMJSVQGVMXIVMSRJSVEPPFEVWMÎW {;LIVITEVEPPIPVIMRJSVGIQIRXMWTPEGIHMRX[S SVQSVIPE]IVWFEVWMRXLIYTTIVPE]IVWWLEPPFITPEGIH HMVIGXP] EFSZI FEVW MR XLI FSXXSQ PE]IV [MXL GPIEV HMWXERGIFIX[IIRPE]IVWRSXPIWWXLERMR {-RWTMVEPP]VIMRJSVGIHSVXMIHVIMRJSVGIHGSQTVIW WMSRQIQFIVWGPIEVHMWXERGIFIX[IIRPSRKMXYHMREPFEVW WLEPPFIRSXPIWWXLERHFRSVPIWWXLERMR7II EPWS { 'PIEV HMWXERGI PMQMXEXMSR FIX[IIR FEVW WLEPP ETTP]EPWSXSXLIGPIEVHMWXERGIFIX[IIREGSRXEGXPET WTPMGIERHEHNEGIRXWTPMGIWSVFEVW { -R [EPPW ERH WPEFW SXLIV XLER GSRGVIXI NSMWX GSRWXVYGXMSR TVMQEV] JPI\YVEP VIMRJSVGIQIRX WLEPP RSX FIWTEGIHJEVXLIVETEVXXLERX[SXMQIWXLI[EPPSVWPEF XLMGORIWWRSVJEVXLIVETEVXXLERMR 6 { % PMQMXEXMSR LEW FIIR TPEGIH SR XLI QE\MQYQ WTEGMRK SJ VIMRJSVGIQIRX JSV GVEGO GSRXVSP MR PMUYMH VIXEMRMRKWXVYGXYVIW {&YRHPIHFEVW 6{&YRHPIHFEVW { +VSYTW SJ TEVEPPIP VIMRJSVGMRK FEVW FYRHPIHMR GSRXEGX XSEGXEW E YRMX WLEPPFIPMQMXIH XS JSYVMRER]SRIFYRHPI &SRH VIWIEVGL WLS[IH XLEX FEV GYXSJJW [MXLMR FYRHPIW WLSYPHFIWXEKKIVIH&YRHPIHFEVWWLSYPHFIXMIH[MVIHSV SXLIV[MWIJEWXIRIHXSKIXLIVXSIRWYVIVIQEMRMRKMRTSWMXMSR [LIXLIVZIVXMGEPSVLSVM^SRXEP { &YRHPIH FEVW WLEPP FI IRGPSWIH [MXLMR WXMVVYTWSVXMIW %PMQMXEXMSRXLEXFEVWPEVKIVXLER2SRSXFIFYRHPIHMR FIEQW SV KMVHIVW MW E TVEGXMGEP PMQMX JSV ETTPMGEXMSR XS )2:-6321)28%07869'896)7'3()'311)28%6= '3() '311)28%6= { &EVW PEVKIV XLER 2S WLEPP RSX FI FYRHPIHMRFIEQW FYMPHMRKWMÎQIQFIVW 8LIw7XERHEVH7TIGMJMGEXMSRWJSV ,MKL[E] &VMHKIWx TIVQMXW X[SFEV FYRHPIW JSV 2S ERH 2S FEVW MR FVMHKI KMVHIVW 'SRJSVQERGI XS XLI GVEGOGSRXVSPVIUYMVIQIRXWSJ [MPPIJJIGXMZIP]TVIGPYHI FYRHPMRKSJFEVWPEVKIVXLER2SEWXIRWMPIVIMRJSVGIQIRX {-RHMZMHYEPFEVW[MXLMREFYRHPIXIVQMREXIH [MXLMRXLIWTERSJJPI\YVEPQIQFIVWWLEPPXIVQMREXIEX HMJJIVIRXTSMRXW[MXLEXPIEWXHF WXEKKIV { ;LIVI WTEGMRK PMQMXEXMSRW ERH QMRMQYQ GSRGVIXIGSZIVEVIFEWIHSRFEVHMEQIXIVHFEYRMXSJ FYRHPIH FEVW WLEPP FI XVIEXIH EW E WMRKPI FEV SJ E HMEQIXIVHIVMZIHJVSQXLIIUYMZEPIRXXSXEPEVIE 8LIGSHITLVEWMRKwFYRHPIHMRGSRXEGXXSEGXEWEYRMXxMW MRXIRHIH XS TVIGPYHI FYRHPMRK QSVI XLER X[S FEVW MR XLI WEQITPERI8]TMGEPFYRHPIWLETIWEVIXVMERKYPEVWUYEVISV 0WLETIHTEXXIVRWJSVXLVIISVJSYVFEVFYRHPIW%WETVEG XMGEPGEYXMSRFYRHPIWQSVIXLERSRIFEVHIITMRXLITPERISJ FIRHMRKWLSYPHRSXFILSSOIHSVFIRXEWEYRMX;LIVIIRH LSSOWEVIVIUYMVIHMXMWTVIJIVEFPIXSWXEKKIVXLIMRHMZMHYEP FEVLSSOW[MXLMREFYRHPI {8IRHSRWERHHYGXW 6{8IRHSRWERHHYGXW {'IRXIVXSGIRXIVWTEGMRKSJTVIXIRWMSRMRK XIRHSRW EX IEGL IRH SJ E QIQFIV WLEPP FI RSX PIWW XLER HF JSV WXVERHW SV HF JSV [MVI I\GITX XLEX MJ GSRGVIXIWXVIRKXLEXXVERWJIVSJTVIWXVIWWJ GM MWTWM SVQSVIQMRMQYQGIRXIVXSGIRXIVWTEGMRKSJWXVERHW WLEPPFIMRJSVWXVERHWSJMRRSQMREPHMEQIXIV SV WQEPPIV ERH MR JSV WXVERHW SJ MR RSQMREP HMEQIXIV7IIEPWS'PSWIVZIVXMGEPWTEGMRKERH FYRHPMRK SJ XIRHSRW WLEPP FI TIVQMXXIH MR XLI QMHHPI TSVXMSRSJEWTER 6 { 8LI EPPS[IH HIGVIEWIH WTEGMRK MR XLMW WIGXMSRJSVXVERWJIVWXVIRKXLWSJTWMSVKVIEXIVMWFEWIH SR 6IJIVIRGIERH {&YRHPMRKSJTSWXXIRWMSRMRKHYGXWWLEPPFI TIVQMXXIH MJ WLS[R XLEX GSRGVIXI GER FI WEXMWJEGXSVMP] TPEGIH ERH MJ TVSZMWMSR MW QEHI XS TVIZIRX XLI TVIWXVIWWMRK WXIIP [LIR XIRWMSRIH JVSQ FVIEOMRK XLVSYKLXLIHYGX 6 {;LIRHYGXWJSVTVIWXVIWWMRKWXIIPMREFIEQ EVIEVVERKIHGPSWIP]XSKIXLIVZIVXMGEPP]TVSZMWMSRWLSYPHFI QEHI XS TVIZIRX XLI TVIWXVIWWMRK WXIIP JVSQ FVIEOMRK XLVSYKLXLIHYGX[LIRXIRWMSRIH,SVM^SRXEPHMWTSWMXMSRSJ HYGXW WLSYPH EPPS[ TVSTIV TPEGIQIRX SJ GSRGVIXI % GPIEV WTEGMRKSJXMQIWXLIWMÎSJXLIGSEVWIEKKVIKEXIFYX RSXPIWWXLERMRLEWTVSZIRWEXMWJEGXSV];LIVIGSRGIR XVEXMSRSJXIRHSRWSVHYGXWXIRHWXSGVIEXIE[IEOIRIHTPERI MRXLIGSRGVIXIGSZIVVIMRJSVGIQIRXWLSYPHFITVSZMHIHXS GSRXVSPGVEGOMRK {'SRGVIXITVSXIGXMSRJSVVIMRJSVGIQIRX 6{'SRGVIXITVSXIGXMSRJSVVIMRJSVGIQIRX {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wGSRGVIXI WYVJEGIW I\TSWIH XS IEVXL SV [IEXLIVxVIJIVWXSHMVIGXI\TSWYVIXSQSMWXYVIGLERKIWERH RSXNYWXXSXIQTIVEXYVIGLERKIW7PEFSVXLMRWLIPPWSJJMXWEVI RSXYWYEPP]GSRWMHIVIHHMVIGXP]wI\TSWIHxYRPIWWWYFNIGXXS EPXIVREXI[IXXMRKERHHV]MRKMRGPYHMRKXLEXHYIXSGSRHIR WEXMSR GSRHMXMSRW SV HMVIGX PIEOEKI JVSQ I\TSWIH XST WYVJEGI VYRSJJ SV WMQMPEV IJJIGXW 7SJJMXW SJ WPEFW EFSZI 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= 4VMQEV]VIMRJSVGIQIRX ;EPPW *SSXMRKWERHFEWIWPEFW *SVQIHWYVJEGIW 8STSJJSSXMRKWERHFEWIWPEFW PMUYMH GSRXIRXW MR GPSWIH WXVYGXYVIW STIRMRKW MR WPEF PIWW XLERTIVGIRXSJXSXEPEVIE EVIGSRWMHIVIHXSFIHMVIGXP] wI\TSWIHx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{ 4VIGEWX GSRGVIXI QERYJEGXYVIH YRHIV TPERXGSRXVSPGSRHMXMSRW 6 { 4VIGEWX GSRGVIXI QERYJEGXYVIH YRHIV TPERX GSRXVSPGSRHMXMSRW 8LI JSPPS[MRK QMRMQYQ GSRGVIXI GSZIV WLEPP FI TVSZMHIH JSV TVIWXVIWWIH ERH RSRTVIWXVIWWIH VIMR JSVGIQIRXHYGXWERHIRHJMXXMRKWFYXWLEPPRSXFIPIWW XLERVIUYMVIHF] 8LI PIWWIV GSZIV XLMGORIWWIW JSV TVIGEWX GSRWXVYGXMSR VIJPIGX XLIKVIEXIVGSRZIRMIRGISJGSRXVSPJSVTVSTSVXMSRMRKTPEGMRK ERH GYVMRK MRLIVIRX MR TVIGEWXMRK 8LI XIVQ wQERYJEGXYVIH YRHIV TPERX GSRXVSP GSRHMXMSRWx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{'EWXMRTPEGIGSRGVIXI TVIWXVIWWIH 6{'EWXMRTPEGIGSRGVIXI TVIWXVIWWIH {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{*SVTVIWXVIWWIHGSRGVIXIQIQFIVWI\TSWIH XS IEVXL [IEXLIV SV GSVVSWMZI IRZMVSRQIRXW ERH MR [LMGL TIVQMWWMFPI XIRWMPI WXVIWW SJ G MW I\GIIHIHQMRMQYQGSZIVWLEPPFIMRGVIEWIHTIVGIRX {*SVTVIWXVIWWIHGSRGVIXIQIQFIVWQERY JEGXYVIH YRHIV TPERX GSRXVSP GSRHMXMSRW QMRMQYQ GSRGVIXIGSZIVJSVRSRTVIWXVIWWIHVIMRJSVGIQIRXWLEPP FIEWVIUYMVIHMR 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= {&YRHPIHFEVW *SV FYRHPIH FEVW QMRMQYQ GSRGVIXI GSZIV WLEPP FI IUYEP XS XLI IUYMZEPIRX HMEQIXIV SJ XLI FYRHPI FYX RIIHRSXFIKVIEXIVXLERMRI\GITXJSVGSRGVIXIGEWX EKEMRWX ERH TIVQERIRXP] I\TSWIH XS IEVXL [LIVI QMRMQYQGSZIVWLEPPFIMR {*YXYVII\XIRWMSRW )\TSWIH VIMRJSVGIQIRX MRWIVXW ERH TPEXIW MRXIRHIH JSV FSRHMRK [MXL JYXYVI I\XIRWMSRW WLEPP FI TVSXIGXIH JVSQGSVVSWMSR {*MVITVSXIGXMSR ;LIR XLI KIRIVEP FYMPHMRK GSHI SJ [LMGL XLMW GSHI JSVQW E TEVX VIUYMVIW E XLMGORIWW SJ GSZIV JSV JMVI TVSXIGXMSR KVIEXIV XLER XLI QMRMQYQ GSRGVIXI GSZIV WTIGMJMIH MR WYGL KVIEXIV XLMGORIWWIW WLEPP FI YWIH {7TIGMEPVIMRJSVGIQIRXHIXEMPWJSV GSPYQRW 6{7TIGMEPVIMRJSVGIQIRXHIXEMPWJSV GSPYQRW {3JJWIXFEVW 3JJWIX FIRX PSRKMXYHMREP FEVW WLEPP GSRJSVQ XS XLI JSPPS[MRK {7PSTISJMRGPMRIHTSVXMSR SJ ERSJJWIXFEV [MXLE\MWSJGSPYQRWLEPPRSXI\GIIHMR {4SVXMSRWSJFEVEFSZIERHFIPS[ERSJJWIX WLEPPFITEVEPPIPXSE\MWSJGSPYQR {,SVM^SRXEPWYTTSVXEXSJJWIXFIRHWWLEPPFI TVSZMHIH F] PEXIVEP XMIW WTMVEPW SV TEVXW SJ XLI JPSSV GSRWXVYGXMSR ,SVM^SRXEP WYTTSVX TVSZMHIH WLEPP FI HIWMKRIH XS VIWMWX XMQIW XLI LSVM^SRXEP GSQTS RIRXSJXLIGSQTYXIHJSVGIMRXLIMRGPMRIHTSVXMSRSJER SJJWIX FEV 0EXIVEP XMIW SV WTMVEPW MJ YWIH WLEPP FI TPEGIHRSXQSVIXLERMRJVSQTSMRXWSJFIRH { 3JJWIX FEVW WLEPP FI FIRX FIJSVI TPEGI QIRXMRXLIJSVQW7II { ;LIVI E GSPYQR JEGI MW SJJWIX MR SV KVIEXIV PSRKMXYHMREP FEVW WLEPP RSX FI SJJWIX FIRX 7ITEVEXIHS[IPWPETWTPMGIH[MXLXLIPSRKMXYHMREPFEVW EHNEGIRXXSXLISJJWIXGSPYQRJEGIWWLEPPFITVSZMHIH 0ETWTPMGIWWLEPPGSRJSVQXS {7XIIPGSVIW 6{7XIIPGSVIW 0SEH XVERWJIV MR WXVYGXYVEP WXIIP GSVIW SJ GSQTSWMXI GSQTVIWWMSR QIQFIVW WLEPP FI TVSZMHIH F] XLI JSPPS[MRK 8LITIVGIRXPMQMXSRXVERWJIVSJGSQTVIWWMZIPSEHF]IRH FIEVMRKSRIRHWSJWXVYGXYVEPWXIIPGSVIWMWMRXIRHIHXSTVSZMHI WSQI XIRWMPI GETEGMX] EX WYGL WTPMGIW YT XS TIVGIRX FIGEYWIXLIVIQEMRHIVSJXLIXSXEPGSQTVIWWMZIWXVIWWMRXLI WXIIP GSVI MW XS FI XVERWQMXXIH F] HS[IPW WTPMGI TPEXIW [IPHW IXG 8LMW TVSZMWMSR WLSYPH IRWYVI XLEX WTPMGIW MR GSQTSWMXIGSQTVIWWMSRQIQFIVWQIIXIWWIRXMEPP]XLIWEQI { )RHW SJ WXVYGXYVEP WXIIP GSVIW WLEPP FI EGGYVEXIP]JMRMWLIHXSFIEVEXIRHFIEVMRKWTPMGIW[MXL TSWMXMZITVSZMWMSRJSVEPMKRQIRXSJSRIGSVIEFSZIXLI SXLIVMRGSRGIRXVMGGSRXEGX )2:-6321)28%07869'896)7'3()'311)28%6= '3() '311)28%6= { %X IRH FIEVMRK WTPMGIW FIEVMRK WLEPP FI GSRWMHIVIH IJJIGXMZI XS XVERWJIV RSX QSVI XLER TIVGIRX SJ XLI XSXEP GSQTVIWWMZI WXVIWW MR XLI WXIIP GSVI XIRWMPI GETEGMX] EW VIUYMVIH JSV GSRZIRXMSREPP] VIMRJSVGIH GSRGVIXIGSQTVIWWMSRQIQFIVW { 8VERWJIV SJ WXVIWW FIX[IIR GSPYQR FEWI ERHJSSXMRKWLEPPFIHIWMKRIHMREGGSVHERGI[MXL { &EWI SJ WXVYGXYVEP WXIIP WIGXMSR WLEPP FI HIWMKRIH XS XVERWJIV XLI XSXEP PSEH JVSQ XLI IRXMVI GSQTSWMXIQIQFIVXSXLIJSSXMRKSVXLIFEWIWLEPPFI HIWMKRIHXSXVERWJIVXLIPSEHJVSQXLIWXIIPGSVISRP] TVSZMHIH EQTPI GSRGVIXI WIGXMSR MW EZEMPEFPI JSV XVERWJIV SJ XLI TSVXMSR SJ XLIXSXEP PSEH GEVVMIH F] XLI VIMRJSVGIHGSRGVIXIWIGXMSRXSXLIJSSXMRKF]GSQTVIW WMSRMRXLIGSRGVIXIERHF]VIMRJSVGIQIRX {'SRRIGXMSRW 6{'SRRIGXMSRW {%X GSRRIGXMSRWSJTVMRGMTEPJVEQMRKIPIQIRXW WYGL EW FIEQW ERH GSPYQRW IRGPSWYVI WLEPP FI TVSZMHIH JSV WTPMGIW SJ GSRXMRYMRK VIMRJSVGIQIRX ERH JSV ERGLSVEKI SJ VIMRJSVGIQIRX XIVQMREXMRK MR WYGL GSRRIGXMSRW 'SRJMRIQIRX MW IWWIRXMEP EX GSRRIGXMSRW XS IRWYVI XLEX XLI JPI\YVEPGETEGMX]SJXLIQIQFIVWGERFIHIZIPSTIH[MXLSYX HIXIVMSVEXMSRSJXLINSMRXYRHIVVITIEXIHPSEHMRKW {)RGPSWYVIEXGSRRIGXMSRWWLEPPGSRWMWXSJI\XIVREP GSRGVIXISVMRXIVREPGPSWIHXMIWWTMVEPWSVWXMVVYTW {0EXIVEPVIMRJSVGIQIRXJSV GSQTVIWWMSRQIQFIVW 6{0EXIVEPVIMRJSVGIQIRXJSV GSQTVIWWMSRQIQFIVW { 0EXIVEP VIMRJSVGIQIRX JSV GSQTVIWWMSR QIQFIVWWLEPPGSRJSVQXSXLITVSZMWMSRWSJERH ERH [LIVI WLIEV SV XSVWMSR VIMRJSVGIQIRX MW VIUYMVIHWLEPPEPWSGSRJSVQXSTVSZMWMSRWSJ'LETXIV { 0EXIVEP VIMRJSVGIQIRX VIUYMVIQIRXW JSV GSQTSWMXI GSQTVIWWMSR QIQFIVW WLEPP GSRJSVQ XS 0EXIVEPVIMRJSVGIQIRXVIUYMVIQIRXWJSVXIRHSRW WLEPPGSRJSVQXS {-XWLEPPFITIVQMXXIHXS[EMZIXLIPEXIVEPVIMR JSVGIQIRX VIUYMVIQIRXW SJ ERH [LIVI XIWXW ERH WXVYGXYVEP EREP]WMW WLS[ EHIUYEXI WXVIRKXLERHJIEWMFMPMX]SJGSRWXVYGXMSR 6{4VIGEWXGSPYQRW[MXLGSZIVPIWWXLERMR TVIWXVIWWIH GSPYQRW [MXLSYX PSRKMXYHMREP FEVW GSPYQRW WQEPPIV XLER QMRMQYQ HMQIRWMSRW TVIWGVMFIH MR XLI %'IHMXMSRGSPYQRWSJGSRGVIXI[MXLWQEPPWMÎGSEVWI EKKVIKEXI [EPPPMOI GSPYQRW ERH SXLIV WTIGMEP GEWIW QE] VIUYMVI WTIGMEP HIWMKRW JSV PEXIVEP VIMRJSVGIQIRX 4PEMR SV HIJSVQIH[MVI;(SVPEVKIVQE]FIYWIHJSVXMIWSV WTMVEPW -J WYGL WTIGMEP GSPYQRW EVI GSRWMHIVIH EW WTMVEP GSPYQRWJSVPSEHWXVIRKXLMRHIWMKRXLIVEXMSSJWTMVEPVIMR JSVGIQIRX WMWXSGSRJSVQXS {7TMVEPW 6{7TMVEPW 7TMVEP VIMRJSVGIQIRX JSV GSQTVIWWMSR QIQFIVW WLEPP GSRJSVQXSERHXSXLIJSPPS[MRK *SVTVEGXMGEPGSRWMHIVEXMSRWMRGEWXMRTPEGIGSRWXVYGXMSRXLI QMRMQYQHMEQIXIVSJWTMVEPVIMRJSVGIQIRXMWMR MR 2SFEVSV;SV([MVI 8LMWMWXLIWQEPPIWXWMÎXLEX GER FI YWIH MR E GSPYQR [MXL MR SV QSVI GSZIV ERH LEZMRKGSRGVIXIWXVIRKXLWSJTWMSVQSVIMJXLIQMRMQYQ GPIEVWTEGMRKJSVTPEGMRKGSRGVIXIMWXSFIQEMRXEMRIH { 7TMVEPW WLEPP GSRWMWX SJ IZIRP] WTEGIH GSRXMRYSYWFEVSV[MVISJWYGLWMÎERHWSEWWIQFPIH 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= XSTIVQMXLERHPMRKERHTPEGMRK[MXLSYXHMWXSVXMSRJVSQ HIWMKRIHHMQIRWMSRW 7XERHEVH WTMVEP WMÎW EVI ERH MR HMEQIXIVJSV LSXVSPPIHSVGSPHHVE[RQEXIVMEPTPEMRSVHIJSVQIH { *SV GEWXMRTPEGI GSRWXVYGXMSR WMÎ SJ WTMVEPWWLEPPRSXFIPIWWXLERMRHMEQIXIV 8LI GSHI EPPS[W WTMVEPW XS FI XIVQMREXIH EX XLI PIZIP SJ PS[IWXLSVM^SRXEPVIMRJSVGIQIRXJVEQMRKMRXSXLIGSPYQR-J SRISVQSVIWMHIWSJXLIGSPYQREVIRSXIRGPSWIHF]FIEQW SVFVEGOIXWLS[IZIVXMIWEVIVIUYMVIHJVSQXLIXIVQMREXMSR SJXLIWTMVEPXSXLIFSXXSQSJXLIWPEFSVHVSTTERIP-JFIEQW SV FVEGOIXW IRGPSWI EPP WMHIW SJ XLI GSPYQR FYX EVI SJ HMJJIVIRXHITXLWXLIXMIWWLSYPHI\XIRHJVSQXLIWTMVEPXSXLI PIZIPSJXLILSVM^SRXEPVIMRJSVGIQIRXSJXLIWLEPPS[IWXFIEQ SVFVEGOIXJVEQMRKMRXSXLIGSPYQR8LIWIEHHMXMSREPXMIWEVI XS IRGPSWI XLI PSRKMXYHMREP GSPYQR VIMRJSVGIQIRX ERH XLI TSVXMSR SJ FEVW JVSQ FIEQW FIRX MRXS XLI GSPYQR JSV ERGLSVEKI7IIEPWS {'PIEVWTEGMRKFIX[IIR WTMVEPWWLEPPRSX I\GIIHMRRSVFIPIWWXLERMR7IIEPWS { %RGLSVEKI SJ WTMVEP VIMRJSVGIQIRX WLEPP FITVSZMHIHF]I\XVEXYVRWSJWTMVEPFEVSV[MVIEX IEGLIRHSJEWTMVEPYRMX { 7TMVEP VIMRJSVGIQIRX WLEPP FI WTPMGIH MJ RIIHIHF]ER]SJXLIJSPPS[MRKQIXLSHW E 0ETWTPMGIWRSXPIWWXLERXLIPEVKIVSJMRERH XLIPIRKXLMRHMGEXIHMRSRISJ XLVSYKL SJXLI JSPPS[MRK (IJSVQIHYRGSEXIHFEVSV[MVI HF 4PEMRYRGSEXIHFEVSV[MVI HF )TS\]GSEXIHHIJSVQIHFEVSV[MVI HF 4PEMRYRGSEXIHFEVSV[MVI[MXLEWXERHEVH WXMVVYTSVXMILSSOMREGGSVHERGI[MXL EXIRHWSJPETTIHWTMVEPVIMRJSVGIQIRX8LI LSSOW WLEPP FI IQFIHHIH [MXLMR XLI GSVI GSRJMRIHF]XLIWTMVEPVIMRJSVGIQIRX HF )TS\]GSEXIHHIJSVQIH FEV SV [MVI [MXL E WXERHEVHWXMVVYTSVXMILSSOMR EGGSVHERGI [MXL EX IRHW SJ PETTIH WTMVEP VIMR JSVGIQIRX 8LI LSSOW WLEPP FI IQFIHHIH [MXLMR XLI GSVI GSRJMRIH F] XLI WTMVEP VIMRJSVGIQIRX HF 7TMVEPWWLSYPHFILIPHJMVQP]MRTPEGIEXTVSTIVTMXGLERH EPMKRQIRX XS TVIZIRX HMWTPEGIQIRX HYVMRK GSRGVIXI TPEGI QIRX8LI%'-GSHILEWXVEHMXMSREPP]VIUYMVIHWTEGIVW XSLSPHXLIJEFVMGEXIHWTMVEPGEKIMRTPEGIFYX[EWGLERKIH MR XS EPPS[ EPXIVREXI QIXLSHW SJ MRWXEPPEXMSR ;LIR WTEGIVWEVIYWIHXLIJSPPS[MRKQE]FIYWIHJSVKYMHERGI JSV WTMVEP FEV SV [MVI WQEPPIV XLER MR HMEQIXIV E QMRMQYQSJX[SWTEGIVWWLSYPHFIYWIHJSVWTMVEPWPIWWXLER MRMRHMEQIXIVXLVIIWTEGIVWJSVWTMVEPWXSMRMR HMEQIXIVERHJSYVWTEGIVWJSVWTMVEPWKVIEXIVXLERMRMR HMEQIXIV*SVWTMVEPFEVSV[MVIMRHMEQIXIVSVPEVKIVE QMRMQYQSJXLVIIWTEGIVWWLSYPHFIYWIHJSVWTMVEPWMR SVPIWWMRHMEQIXIVERHJSYVWTEGIVWJSVWTMVEPWKVIEXIVXLER MRMRHMEQIXIV8LITVSNIGXWTIGMJMGEXMSRWSVWYFGSRXVEGX EKVIIQIRXWWLSYPHFIGPIEVP][VMXXIRXSGSZIVXLIWYTTP]SJ WTEGIVW SV JMIPH X]MRK SJ XLI WTMVEP VIMRJSVGIQIRX -R XLI GYVVIRXGSHIWTPMGIVIUYMVIQIRXW[IVIQSHMJMIHJSVITS\] GSEXIHERHTPEMRWTMVEPWERHXSEPPS[QIGLERMGEPWTPMGIW F *YPPQIGLERMGEPSV[IPHIHWTPMGIWMREGGSVHERGI [MXL {7TMVEPWWLEPPI\XIRHJVSQXSTSJJSSXMRKSV WPEFMRER]WXSV]XSPIZIPSJPS[IWXLSVM^SRXEPVIMRJSVGI QIRXMRQIQFIVWWYTTSVXIHEFSZI {;LIVIFIEQWSVFVEGOIXWHSRSXJVEQI MRXS EPP WMHIW SJ E GSPYQR XMIW WLEPP I\XIRH EFSZI XIVQMREXMSRSJWTMVEPXSFSXXSQSJWPEFSVHVSTTERIP { -R GSPYQRW [MXL GETMXEPW WTMVEPW WLEPP I\XIRH XS E PIZIP EX [LMGL XLI HMEQIXIV SV [MHXL SJ GETMXEPMWX[SXMQIWXLEXSJXLIGSPYQR {7TMVEPWWLEPPFILIPHJMVQP]MRTPEGIERH XVYIXSPMRI {8MIW 6{8MIW 8MI VIMRJSVGIQIRX JSV GSQTVIWWMSR QIQFIVW WLEPP GSRJSVQXSXLIJSPPS[MRK %PP PSRKMXYHMREP FEVW MR GSQTVIWWMSR WLSYPH FI IRGPSWIH [MXLMRPEXIVEPXMIW;LIVIPSRKMXYHMREPFEVWEVIEVVERKIHMRE )2:-6321)28%07869'896)7'3()'311)28%6= '3() '311)28%6= *MK 6{7OIXGL XS GPEVMJ] QIEWYVIQIRXW FIX[IIR PEXIVEPP]WYTTSVXIHGSPYQRFEVW GMVGYPEVTEXXIVRSRP]SRIGMVGYPEVXMITIVWTIGMJMIHWTEGMRKMW VIUYMVIH8LMWVIUYMVIQIRXGERFIWEXMWJMIHF]EGSRXMRYSYW GMVGYPEV XMI LIPM\ EX PEVKIV TMXGL XLER VIUYMVIH JSV WTMVEPW YRHIV XLI QE\MQYQ TMXGL FIMRK IUYEP XS XLI VIUYMVIHXMIWTEGMRK 8LI%'-GSHIVIUYMVIHwPEXIVEPWYTTSVXIUYMZEPIRX XS XLEX TVSZMHIH F] E HIK GSVRIV SJ E XMIx JSV IZIV] ZIVXMGEPFEV8MIVIUYMVIQIRXW[IVIPMFIVEPMÎHMRF] MRGVIEWMRKXLITIVQMWWMFPIMRGPYHIHERKPIJVSQXSHIK ERHI\IQTXMRKFEVWXLEXEVI PSGEXIH [MXLMR MRGPIEVSR IEGLWMHIEPSRKXLIXMIJVSQEHIUYEXIP]XMIHFEVW WII*MK 6 0MQMXIH XIWXW SR JYPPWMÎ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{ %PP RSRTVIWXVIWWIH FEVW WLEPP FI IRGPSWIHF]PEXIVEPXMIWEXPIEWX2SMRWMÎJSVPSRKM XYHMREP FEVW 2S SV WQEPPIV ERH EX PIEWX 2S MR WMÎ JSV 2S 2S 2S ERH FYRHPIH PSRKMXY HMREP FEVW (IJSVQIH [MVI SV [IPHIH [MVI JEFVMG SJ IUYMZEPIRXEVIEWLEPPFITIVQMXXIH 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= {:IVXMGEPWTEGMRKSJXMIWWLEPPRSXI\GIIH PSRKMXYHMREPFEVHMEQIXIVWXMIFEVSV[MVIHMEQI XIVWSVPIEWXHMQIRWMSRSJXLIGSQTVIWWMSRQIQFIV { 8MIW WLEPP FI EVVERKIH WYGL XLEX IZIV] GSVRIVERHEPXIVREXIPSRKMXYHMREPFEVWLEPPLEZIPEXIVEP WYTTSVX TVSZMHIH F] XLI GSVRIV SJ E XMI [MXL ER MRGPYHIH ERKPI SJ RSX QSVI XLER HIKERH RS FEV WLEPPFIJEVXLIVXLERMRGPIEVSRIEGLWMHIEPSRKXLI XMIJVSQWYGLEPEXIVEPP]WYTTSVXIHFEV;LIVIPSRKMXY HMREPFEVWEVIPSGEXIHEVSYRHXLITIVMQIXIVSJEGMVGPI EGSQTPIXIGMVGYPEVXMIWLEPPFITIVQMXXIH {8MIWWLEPPFIPSGEXIHZIVXMGEPP]RSXQSVI XLERSRILEPJEXMIWTEGMRKEFSZIXLIXSTSJJSSXMRKSV WPEF MR ER] WXSV] ERH WLEPP FI WTEGIH EW TVSZMHIH LIVIMR XS RSX QSVI XLER SRILEPJ E XMI WTEGMRKFIPS[ XLI PS[IWX LSVM^SRXEP VIMRJSVGIQIRX MR WPEF SV HVST TERIPEFSZI { ;LIVI FIEQW SV FVEGOIXW JVEQI JVSQ JSYV HMVIGXMSRW MRXS E GSPYQR XIVQMREXMSR SJ XMIW RSX QSVI XLER MR FIPS[ PS[IWX VIMRJSVGIQIRX MR WLEP PS[IWXSJWYGLFIEQWSVFVEGOIXWWLEPPFITIVQMXXIH 6{;MXLXLI%'-GSHIXLI[SVHMRKSJ XLMWWIGXMSR[EWQSHMJMIHXSGPEVMJ]XLEXXMIWQE]FIXIVQM REXIHSRP][LIRIPIQIRXWJVEQIMRXSEPPJSYVWMHIWSJWUYEVI ERHVIGXERKYPEVGSPYQRWJSVVSYRHSVTSP]KSREPGSPYQRW WYGLIPIQIRXWJVEQIMRXSXLIGSPYQRJVSQJSYVHMVIGXMSRW {;LIVIERGLSVFSPXWEVITPEGIHMRXLIXST SJGSPYQRWSVTIHIWXEPWXLIFSPXWWLEPPFIIRGPSWIHF] PEXIVEPVIMRJSVGIQIRXXLEX EPWS WYVVSYRHW EXPIEWXJSYV ZIVXMGEP FEVW SJ XLI GSPYQR SV TIHIWXEP 8LI PEXIVEP VIMRJSVGIQIRXWLEPPFIHMWXVMFYXIH[MXLMRMRSJXLIXST SJXLIGSPYQRSVTIHIWXEPERHWLEPPGSRWMWXSJEXPIEWX X[S2SSVXLVII2SFEVW 6 {'SRJMRIQIRXSJERGLSVFSPXWXLEXEVITPEGIH MR XLI XST SJ GSPYQRW SV TIHIWXEPW MQTVSZIW PSEH XVERWJIV JVSQ XLI ERGLSV FSPXW XS XLI GSPYQR SV TMIV JSV WMXYEXMSRW [LIVIXLIGSRGVIXIGVEGOWMRXLIZMGMRMX]SJXLIFSPXW7YGL GVEGOMRK GER SGGYV HYI XS YRERXMGMTEXIH JSVGIW GEYWIH F] XIQTIVEXYVIVIWXVEMRIHWLVMROEKIERHWMQMPEVIJJIGXW {0EXIVEPVIMRJSVGIQIRXJSVJPI\YVEP QIQFIVW 6{0EXIVEPVIMRJSVGIQIRXJSVJPI\YVEP QIQFIVW { 'SQTVIWWMSR VIMRJSVGIQIRX MR FIEQW WLEPP FIIRGPSWIHF]XMIWSVWXMVVYTWWEXMWJ]MRKXLIWMÎERH WTEGMRKPMQMXEXMSRWMRSVF][IPHIH[MVIJEFVMGSJ IUYMZEPIRXEVIE7YGLXMIWSVWXMVVYTWWLEPPFITVSZMHIH XLVSYKLSYXXLIHMWXERGI[LIVIGSQTVIWWMSRVIMRJSVGI QIRXMWVIUYMVIH 6 { 'SQTVIWWMSR VIMRJSVGIQIRX MR FIEQW ERH KMVHIVW WLSYPH FI IRGPSWIH XS TVIZIRX FYGOPMRK WMQMPEV VIUYMVIQIRXW JSV WYGL IRGPSWYVI LEZI VIQEMRIH IWWIRXMEPP] YRGLERKIHXLVSYKLWIZIVEPIHMXMSRWSJXLIGSHII\GITXJSV QMRSVGPEVMJMGEXMSR { 0EXIVEP VIMRJSVGIQIRX JSV JPI\YVEP JVEQMRK QIQFIVW WYFNIGX XS WXVIWW VIZIVWEPW SV XS XSVWMSR EX WYTTSVXWWLEPPGSRWMWXSJGPSWIHXMIWGPSWIHWXMVVYTWSV WTMVEPWI\XIRHMRKEVSYRHXLIJPI\YVEPVIMRJSVGIQIRX {'PSWIHXMIWSVWXMVVYTWWLEPPFIJSVQIHMRSRI TMIGIF]SZIVPETTMRKWXERHEVHWXMVVYTSVXMIIRHLSSOW EVSYRH E PSRKMXYHMREP FEV SV JSVQIH MR SRI SV X[S TMIGIWPETWTPMGIH[MXLE'PEWW&WTPMGI PETSJ PH SVERGLSVIHMREGGSVHERGI[MXL {7LVMROEKIERHXIQTIVEXYVI VIMRJSVGIQIRX 6{7LVMROEKIERHXIQTIVEXYVI VIMRJSVGIQIRX {6IMRJSVGIQIRXJSVWLVMROEKIERHXIQTIVEXYVI WXVIWWIWRSVQEPXSJPI\YVEPVIMRJSVGIQIRXWLEPPFITVSZMHIH 6 { 7LVMROEKI ERH XIQTIVEXYVI VIMRJSVGIQIRX MW VIUYMVIH RSVQEP XS XLI JPI\YVEP VIMRJSVGIQIRX XS QMRMQMÎ )2:-6321)28%07869'896)7'3()'311)28%6= '3() '311)28%6= MRWXVYGXYVEPWPEFWERH[EPPW[LIVIXLIJPI\YVEPVIMRJSVGI QIRXI\XIRHWMRSRIHMVIGXMSRSRP] GVEGOMRK ERH XS XMI XLI WXVYGXYVI XSKIXLIV XS IRWYVI MX MW EGXMRKEWEWWYQIHMRXLIHIWMKR;LIVIVIWXVEMRXMWTVIWIRXXS HIZIPSTWLVMROEKIERHXIQTIVEXYVIWXVIWWIWMRXLIWEQIHMVIG XMSREWJPI\YVEPWXVIWWIWXLIWIGXMSRQE]RIIHXSFIGLIGOIH JSVWYJJMGMIRXVIMRJSVGIQIRXJSVIEGLOMRHSJWXVIWW { 7LVMROEKI ERH XIQTIVEXYVI VIMRJSVGI QIRX WLEPP FI TVSZMHIH MR EGGSVHERGI [MXL IMXLIV SV { ;LIVI WLVMROEKI ERH XIQTIVEXYVI QSZIQIRXW EVI WMKRMJMGERXP] VIWXVEMRIH XLI VIUYMVI QIRXWSJERH WLEPPFIGSRWMHIVIH 6 { 8LI EVIE SJ WLVMROEKI ERH XIQTIVEXYVI VIMRJSVGIQIRXVIUYMVIHF]LEWFIIRWEXMWJEGXSV][LIVI WLVMROEKI ERH XIQTIVEXYVI QSZIQIRXW EVI TIVQMXXIH XS SGGYV *SV GEWIW [LIVI WXVYGXYVEP [EPPW SV PEVKI GSPYQRW TVSZMHI WMKRMJMGERX VIWXVEMRXW XS WLVMROEKI ERH XIQTIVEXYVI QSZIQIRXWMXQE]FIRIGIWWEV]XSMRGVIEWIXLIEQSYRXSJ VIMRJSVGIQIRX RSVQEP XS XLI JPI\YVEP VIMRJSVGIQIRX MR WII 6IJIVIRGI 8ST ERH FSXXSQ VIMRJSVGI QIRXEVIFSXLIJJIGXMZIMRGSRXVSPPMRKGVEGOW'SRXVSPWXVMTW HYVMRK XLI GSRWXVYGXMSR TIVMSH [LMGL TIVQMX MRMXMEP WLVMROEKIXSSGGYV[MXLSYXGEYWMRKERMRGVIEWIMRWXVIWWIW EVIEPWSIJJIGXMZIMRVIHYGMRKGVEGOWGEYWIHF]VIWXVEMRXW { (IJSVQIHVIMRJSVGIQIRXGSRJSVQMRK XS YWIHJSVWLVMROEKIERHXIQTIVEXYVIVIMRJSVGIQIRXWLEPP FITVSZMHIHMREGGSVHERGI[MXLXLIJSPPS[MRK 6 { 8LI EQSYRXW KMZIR JSV HIJSVQIH FEVW ERH [IPHIH[MVIJEFVMGEVIIQTMVMGEPFYXLEZIFIIRYWIHWEXMW JEGXSVMP] JSV QER] ]IEVW 7TPMGIW ERH IRH ERGLSVEKIW SJ WLVMROEKIERHXIQTIVEXYVIVIMRJSVGIQIRXQYWXFIHIWMKRIH JSVXLIJYPPWTIGMJMIH]MIPHWXVIRKXLMREGGSVHERGI[MXL ERH { *SV QIQFIVW WYFNIGXIH XS IRZMVSR QIRXEP I\TSWYVI GSRHMXMSRW SV VIUYMVIH XS FI PMUYMH XMKLXXLIEVIESJWLVMROEKIERHXIQTIVEXYVIVIMRJSVGI QIRXWLEPPTVSZMHIEXPIEWXXLIVEXMSWSJVIMRJSVGIQIRX EVIEXSKVSWWGSRGVIXIEVIEWLS[RMR8EFPI 6 { 8LI VIUYMVIH EQSYRX SJ WLVMROEKI ERH XIQTIVEXYVI VIMRJSVGIQIRX MW E JYRGXMSR SJ XLI HMWXERGI FIX[IIR XLI QSZIQIRX NSMRXW XLEX [MPP QMRMQMÎ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{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v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{ 7LVMROEKI ERH XIQTIVEXYVI VIMRJSVGI QIRXWLEPPRSXFIWTEGIHJEVXLIVETEVXXLERMRERH XLIQMRMQYQFEVWMÎWLEPPFI2S2SPIWWXLER SJ XLI VIUYMVIH EVIE SJ WLVMROEKI ERH XIQTIVEXYVI WXIIPWLEPPFIHMWXVMFYXIHEXER]SRIJEGI 6{8LIWLVMROEKIERHXIQTIVEXYVIVIMRJSVGIQIRX MW RSVQEPP] HMZMHIH IUYEPP] FIX[IIR FSXL GSRGVIXI JEGIW ;LIVI WTIGMEP GSRHMXMSRW I\MWX XLEX WMKRMJMGERXP] GLERKI XLI VEXISJHV]MRKSVGSSPMRKSRSRIJEGISJXLIQIQFIVWLVMROEKI ERHXIQTIVEXYVIVIMRJSVGIQIRXQE]FIEHNYWXIHEGGSVHMRKP] {%XEPPWIGXMSRW[LIVIVIUYMVIHVIMRJSVGI QIRX JSV WLVMROEKI ERH XIQTIVEXYVI WXVIWWIW WLEPP HIZIPST XLI WTIGMJMIH ]MIPH WXVIRKXL J] MR XIRWMSR MR EGGSVHERGI[MXL'LETXIV {4VIWXVIWWMRKWXIIPGSRJSVQMRKXS YWIH JSVWLVMROEKIERHXIQTIVEXYVIVIMRJSVGIQIRX WLEPPFI TVSZMHIHMREGGSVHERGI[MXLXLIJSPPS[MRK {8IRHSRWWLEPPFITVSTSVXMSRIHXSTVSZMHI EQMRMQYQEZIVEKIGSQTVIWWMZIWXVIWWMREGGSVHERGI [MXL {7TEGMRKSJXIRHSRWWLEPPRSXI\GIIHJX {;LIRWTEGMRKSJXIRHSRWI\GIIHWMR EHHMXMSREPFSRHIHWLVMROEKIERHXIQTIVEXYVIVIMRJSVGI QIRX GSRJSVQMRK XS WLEPP FI TVSZMHIH FIX[IIR XLI XIRHSRW EX WPEF IHKIW I\XIRHMRK JVSQ XLI WPEF IHKIJSVEHMWXERGIIUYEPXSXLIXIRHSRWTEGMRK {6IUYMVIQIRXWJSVWXVYGXYVEPMRXIKVMX] 6 { 4VIWXVIWWIH VIMRJSVGIQIRX VIUYMVIQIRXW LEZI FIIR WIPIGXIH XS TVSZMHI ER IJJIGXMZI JSVGI SR XLI WPEF ETTVS\MQEXIP]IUYEPXSXLI]MIPHWXVIRKXLJSVGIJSVRSRTVI WXVIWWIH WLVMROEKI ERH XIQTIVEXYVI VIMRJSVGIQIRX 8LI EQSYRXSJTVIWXVIWWMRKMRHMGEXIHSRXLIKVSWWGSRGVIXIEVIE LEW FIIR WYGGIWWJYPP] YWIH SR E PEVKI RYQFIV SJ IRZMVSR QIRXEPIRKMRIIVMRKGSRGVIXIWXVYGXYVIW;LIRXLIWTEGMRKSJ XIRHSRW YWIH JSV WLVMROEKI ERH XIQTIVEXYVI VIMRJSVGIQIRX I\GIIHWMREHHMXMSREPFSRHIHVIMRJSVGIQIRXWLSYPHFI TVSZMHIH EX WPEF IHKIW [LIVI XLI TVIWXVIWWMRK JSVGIW EVI ETTPMIH %HIUYEXIP] VIMRJSVGI XLI EVIE FIX[IIR XLI WPEF IHKIERHXLITSMRX[LIVIGSQTVIWWMZIWXVIWWIWFILMRHMRHM ZMHYEP ERGLSVEKIW LEZI WTVIEH WYJJMGMIRXP] XLEX XLI WPEF MW YRMJSVQP]MRGSQTVIWWMSR%TTPMGEXMSRSJXLITVSZMWMSRWSJ XSQSRSPMXLMGGEWXMRTPEGITSWXXIRWMSRIHFIEQERH WPEFGSRWXVYGXMSRMWMPPYWXVEXIHMR*MK6 6{6IUYMVIQIRXWJSVWXVYGXYVEPMRXIKVMX] )\TIVMIRGILEW WLS[R XLEX XLI SZIVEPP MRXIKVMX]SJEWXVYG XYVI GER FI WYFWXERXMEPP] IRLERGIH F] QMRSV GLERKIW MR HIXEMPMRKSJVIMRJSVGIQIRX-XMWXLIMRXIRXSJXLMWWIGXMSRSJ XLIGSHIXSMQTVSZIXLIVIHYRHERG]ERHHYGXMPMX]MRWXVYG XYVIWWSXLEXMRXLIIZIRXSJHEQEKIXSEQENSVWYTTSVXMRK IPIQIRXSVEREFRSVQEPPSEHMRKIZIRXXLIVIWYPXMRKHEQEKI QE]FIGSRJMRIHXSEVIPEXMZIP]WQEPPEVIEERHXLIWXVYGXYVI [MPPLEZIEFIXXIVGLERGIXSQEMRXEMRSZIVEPPWXEFMPMX] {-RXLIHIXEMPMRKSJVIMRJSVGIQIRXERHGSRRIG XMSRWQIQFIVWSJE WXVYGXYVIWLEPP FIIJJIGXMZIP]XMIH XSKIXLIVXSMQTVSZIMRXIKVMX]SJXLISZIVEPPWXVYGXYVI 6{-XMWMQTSVXERXXSGSRWMHIVXLIIJJIGXSJHMWGSRXM RYMXMIW GEYWIH F] I\TERWMSR NSMRXW MR FEWI WPEFW SV [EPPW [LMGLGSYPHVIWYPXMRERYRWXEFPIWXVYGXYVI *MK6{4VIWXVIWWMRKYWIHJSVWLVMROEKIERHXIQTIVEXYVI )2:-6321)28%07869'896)7'3()'311)28%6= '3() '311)28%6= {*SVGEWXMRTPEGIGSRWXVYGXMSRXLIJSPPS[MRK WLEPPGSRWXMXYXIQMRMQYQVIUYMVIQIRXW 6 { ;MXL HEQEKI XS E WYTTSVX XST VIMRJSVGIQIRX XLEX MW GSRXMRYSYW SZIV XLI WYTTSVXFYX RSX GSRJMRIH F] WXMVVYTW [MPP XIRH XS XIEV SYX SJ XLI GSRGVIXI ERH [MPP RSX TVSZMHI XLIGEXIREV] EGXMSR RIIHIH XS FVMHKI XLI HEQEKIH WYTTSVX&]QEOMRKETSVXMSRSJXLIFSXXSQVIMRJSVGIQIRX GSRXMRYSYWGEXIREV]EGXMSRGERFITVSZMHIH {-RNSMWXGSRWXVYGXMSREXPIEWXSRIFSXXSQ FEVWLEPPFIGSRXMRYSYWSVWLEPPFIWTPMGIH[MXLE'PEWW% XIRWMSRWTPMGISVEQIGLERMGEPSV[IPHIHWTPMGIWEXMW J]MRK ERHEXRSRGSRXMRYSYWWYTTSVXWWLEPPFI XIVQMREXIH[MXLEWXERHEVHLSSO {&IEQWEPSRKXLITIVMQIXIVSJXLIWXVYG XYVIWLEPPLEZIGSRXMRYSWVIMRJSVGIQIRXGSRWMWXMRKSJ E %X PIEWX SRIWM\XL SJ XLI XIRWMSR VIMRJSVGIQIRX VIUYMVIHJSVRIKEXMZIQSQIRXEXXLIWYTTSVXFYXRSX PIWWXLERX[SFEVWERH F %XPIEWXSRIUYEVXIVSJXLIXIRWMSRVIMRJSVGIQIRX VIUYMVIH JSV TSWMXMZI QSQIRX EX QMHWTER FYX RSX PIWWXLERX[SFEVW {;LIVIWTPMGIWEVIRIIHIHXSTVSZMHIXLI VIUYMVIH GSRXMRYMX] XLI XST VIMRJSVGIQIRX WLEPP FI WTPMGIHEXSVRIEVQMHWTER ERHFSXXSQVIMRJSVGIQIRX WLEPPFIWTPMGIHEXSVRIEVXLIWYTTSVX7TPMGIWWLEPPFI 'PEWW % XIRWMSR WTPMGIW SV QIGLERMGEP SV [IPHIH WTPMGIW WEXMWJ]MRK 8LI GSRXMRYSYW VIMRJSVGI QIRX VIUYMVIH MR E ERH F WLEPP FI IRGPSWIHF] XLIGSVRIVWSJ9WXMVVYTWLEZMRKRSXPIWW XLER HIK LSSOW EVSYRH XLI GSRXMRYSYW XST FEVW SVF]SRITMIGIGPSWIHWXMVVYTW[MXLRSXPIWWXLERHIK LSSOWEVSYRHSRISJXLIGSRXMRYSYWXSTFEVW7XMVVYTW RIIHRSXFII\XIRHIHXLVSYKLER]NSMRXW {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ÎEVSYRHXLI IRXMVITIVMQIXIVSJEWXVYGXYVIFYXWMQTP]XSVIUYMVIXLEXSRI LEPJSJXLIXSTJPI\YVEPVIMRJSVGIQIRXVIUYMVIHXSI\XIRHTEWX XLI TSMRX SJ MRJPIGXMSR F] FI JYVXLIV I\XIRHIH ERH WTPMGIHEXSVRIEVQMHWTER7MQMPEVP]XLIFSXXSQVIMRJSVGI QIRXVIUYMVIHXSI\XIRHMRXSXLIWYTTSVXF]WLSYPH FI QEHI GSRXMRYSYW SV WTPMGIH [MXL FSXXSQ VIMRJSVGIQIRX JVSQXLIEHNEGIRX WTER-JXLIHITXLSJEGSRXMRYSYW FIEQ GLERKIWEXEWYTTSVXXLIFSXXSQVIMRJSVGIQIRXMRXLIHIITIV QIQFIV WLSYPH FI XIVQMREXIH [MXL E WXERHEVH LSSO ERH FSXXSQ VIMRJSVGIQIRX MR XLI WLEPPS[IV QIQFIV WLSYPH FI I\XIRHIHMRXSERHJYPP]HIZIPSTIHMRXLIHIITIVQIQFIV -RXLIGYVVIRXGSHITVSZMWMSRW[IVIEHHIHXSTIVQMXXLIYWI SJQIGLERMGEPSV[IPHIHWTPMGIWJSVWTPMGMRKVIMRJSVGIQIRX ERH XLI HIXEMPMRK VIUYMVIQIRXW JSV XLI PSRKMXYHMREP VIMR JSVGIQIRX ERH WXMVVYTW MR FIEQW [IVI VIZMWIH 7IGXMSR [EWVIZMWIHXSVIUYMVI9WXMVVYTW[MXLRSXPIWWXLER HIK LSSOW EVSYRH XLI GSRXMRYSYW FEVW SV SRITMIGI GPSWIWXMVVYTWFIGEYWIEGVSWWXMIJSVQMRKXLIXSTSJEX[S TMIGI GPSWIH WXMVVYT MW MRIJJIGXMZI MR TVIZIRXMRK XLI XST GSRXMRYSYWFEVWJVSQXIEVMRKSYXSJXLIXSTSJXLIFIEQ {*SVX[S[E]WPEFGSRWXVYGXMSRWII { *SV TVIGEWX GSRGVIXI GSRWXVYGXMSR XIRWMSR XMIW WLEPP FI TVSZMHIH MR XLI XVERWZIVWI PSRKMXYHMREP ERHZIVXMGEPHMVIGXMSRWERHEVSYRHXLITIVMQIXIVSJXLI WXVYGXYVI XS IJJIGXMZIP] XMI IPIQIRXW XSKIXLIV 8LI TVSZMWMSRWSJWLEPPETTP] 6 { 8LI GSHI VIUYMVIW XIRWMSR XMIW JSV TVIGEWX GSRGVIXI FYMPHMRKW SJ EPP LIMKLXW (IXEMPW WLSYPH TVSZMHI GSRRIGXMSRWXSVIWMWXETTPMIHPSEHW'SRRIGXMSRHIXEMPWXLEX VIP] WSPIP] SR JVMGXMSR GEYWIH F] KVEZMX] JSVGIW EVI RSX TIVQMXXIH 'SRRIGXMSRHIXEMPWWLSYPHFIEVVERKIHWSEWXSQMRMQMÎXLI TSXIRXMEPJSVGVEGOMRKHYIXSVIWXVEMRIHGVIITWLVMROEKIERH XIQTIVEXYVIQSZIQIRXW*SVMRJSVQEXMSRSRGSRRIGXMSRWERH HIXEMPMRKVIUYMVIQIRXWWII6IJIVIRGI 6IJIVIRGIVIGSQQIRHWQMRMQYQXMIVIUYMVIQIRXWJSV TVIGEWXGSRGVIXIFIEVMRK[EPPFYMPHMRKW { *SV PMJXWPEF GSRWXVYGXMSR WII ERH 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= 2SXIW )2:-6321)28%07869'896)7'3()'311)28%6= 4%68{+)2)6%06)59-6)1)287 ',%48)6{%2%0=7-7%2(()7-+2{+)2)6%0 '327-()6%8-327 '3() '311)28%6= {2SXEXMSR 6{2SXEXMSR %W ! EVIESJRSRTVIWXVIWWIHXIRWMSRVIMRJSVGIQIRXMR 9RMXWSJQIEWYVIQIRXEVIKMZIRMRXLI2SXEXMSRXSEWWMWXXLI YWIV ERH EVI RSX MRXIRHIH XS TVIGPYHI XLI YWI SJ SXLIV GSVVIGXP]ETTPMIHYRMXWJSVXLIWEQIW]QFSPWYGLEWJXSVOMT EVIESJGSQTVIWWMSRVIMRJSVGIQIRXMR %W ! F ! [MHXLSJGSQTVIWWMSRJEGISJQIQFIVMR H ! HMWXERGI JVSQ I\XVIQI GSQTVIWWMSR JMFIV XS GIRXVSMHSJXIRWMSRVIMRJSVGIQIRXMR )G ! QSHYPYWSJIPEWXMGMX]SJGSRGVIXITWM7II )W ! QSHYPYW SJ IPEWXMGMX] SJ VIMRJSVGIQIRX TWM 7II ERH JG ! WTIGMJMIHGSQTVIWWMZIWXVIRKXLSJGSRGVIXITWM J] ! WTIGMJMIH ]MIPH WXVIRKXL SJ RSRTVIWXVIWWIH VIMR JSVGIQIRXTWM PR ! GPIEV WTER JSV TSWMXMZI QSQIRX SV WLIEV ERH EZIVEKI SJ EHNEGIRX GPIEV WTERW JSV RIKEXMZI QSQIRX MR :G ! RSQMREPWLIEVWXVIRKXLTVSZMHIHF]GSRGVIXI PF [G ! YRMX[IMKLXSJGSRGVIXIPFJX [Y ! JEGXSVIHPSEHTIVYRMXPIRKXLSJFIEQSVTIVYRMX EVIESJWPEF ! JEGXSVHIJMRIHMR X ! RIXXIRWMPIWXVEMRMRI\XVIQIXIRWMSRWXIIPEXRSQ MREPWXVIRKXL ! VEXMSSJRSRTVIWXVIWWIHXIRWMSRVIMRJSVGIQIRX ! %W FH ! VEXMSSJRSRTVIWXVIWWIHGSQTVIWWMSRVIMRJSVGIQIRX ! %W FH F ! VIMRJSVGIQIRX VEXMS TVSHYGMRK FEPERGIH WXVEMR GSRHMXMSRW7II ! WXVIRKXLVIHYGXMSRJEGXSV7II 8LI HIJMRMXMSR SJ RIX XIRWMPI WXVEMR MR I\GPYHIW WXVEMRW HYIXSIJJIGXMZITVIWXVIWWGVIITWLVMROEKIERHXIQTIVEXYVI {(IWMKRQIXLSHW 6{(IWMKRQIXLSHW { -R HIWMKR SJ IRZMVSRQIRXEP IRKMRIIVMRK GSRGVIXIWXVYGXYVIWQIQFIVWWLEPPFITVSTSVXMSRIHJSV EHIUYEXIWXVIRKXLERHWIVZMGIEFMPMX]MREGGSVHERGI[MXL TVSZMWMSRWSJXLMWGSHIYWMRKPSEHJEGXSVWERHWXVIRKXL VIHYGXMSRJEGXSVW WTIGMJMIHMR'LETXIV 6 {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{ (IWMKR SJ RSRTVIWXVIWWIH VIMRJSVGIH GSRGVIXI QIQFIVW YWMRK %TTIRHM\ - %PXIVREXI (IWMKR 1IXLSH WLEPPFITIVQMXXIH 6 { 8LI EPXIVREXI QIXLSH SJ HIWMKR SYXPMRIH MR %TTIRHM\-MWWMQMPEVXSXLI[SVOMRKWXVIWWHIWMKRQIXLSH SJXLI%'-&YMPHMRK'SHI8LIKIRIVEPWIVZMGIEFMPMX] VIUYMVIQIRXW SJ XLI GSHI WYGL EW XLI VIUYMVIQIRXW JSV HIJPIGXMSR ERH GVEGO GSRXVSP QYWX FI QIX [LIXLIV XLI WXVIRKXLHIWMKRQIXLSHSJXLIGSHISVXLIEPXIVREXIHIWMKR QIXLSHSJ%TTIRHM\-MWYWIH %PXLSYKLTVIWXVIWWIHQIQFIVWQE]RSXFIHIWMKRIHYRHIVXLI TVSZMWMSRWSJXLIEPXIVREXIHIWMKRQIXLSH'LETXIVVIUYMVIW PMRIEV WXVIWWWXVEMR EWWYQTXMSRW JSV GSQTYXMRK WIVZMGI PSEH WXVIWWIW ERH TVIWXVIWW XVERWJIV WXVIWWIW JSV MRZIWXMKEXMSR SJ FILEZMSVEXWIVZMGIGSRHMXMSRW[LMPIYWMRKXLIWXVIRKXLHIWMKR QIXLSHJSVGSQTYXMRKJPI\YVEPWXVIRKXL WII -R IRZMVSRQIRXEP IRKMRIIVMRK GSRGVIXI WXVYGXYVIW WIVZMGI PSEHTIVJSVQERGIMWSJTEVEQSYRXMQTSVXERGI *SVIRZMVSRQIRXEPIRKMRIIVMRKGSRGVIXIWXVYGXYVIWQMRMQEP GVEGOMRKMWKIRIVEPP]ETEVEQSYRXVIUYMWMXI*SVWSQIX]TIW SJWXVYGXYVIWPIEOEKIMRXSTSXEFPI[EXIVSVSYXSJGSRXEQM REXIH [EXIV JEGMPMXMIW SV LEÊVHSYW QEXIVMEP GSRXEMRQIRX QYWXFIEZSMHIHXSTVSXIGXXLITYFPMGLIEPXL*SVSXLIVX]TIW SJ WXVYGXYVIW GVEGOMRK ERH PIEOEKI WLSYPH FI EZSMHIH XS TVIZIRX HIXIVMSVEXMSR ERH IRWYVI EHIUYEXI WIVZMGI PMJI (IWMKR TVSGIHYVIW EVI IWXEFPMWLIH MR XLI GSHI JSV XLI GSRXVSPSJGVEGOMRKERHVIWYPXERXPIEOEKI { %RGLSVW [MXLMR XLI WGSTI SJ %TTIRHM\ ( %RGLSVMRK XS'SRGVIXI MRWXEPPIHMRGSRGVIXIXSXVERWJIV PSEHW FIX[IIR GSRRIGXIH IPIQIRXW WLEPP FI HIWMKRIH YWMRK %TTIRHM\( { 8LI GSHI LEW MRGPYHIH WTIGMJMG TVSZMWMSRW JSV ERGLSVMRKXSGSRGVIXIJSVXLIJMVWXXMQIMRXLIGYVVIRXIHMXMSR 8LIRI[QEXIVMEPLEWFIIRTVIWIRXIHEWERETTIRHM\ {0SEHMRK 6{0SEHMRK {(IWMKRTVSZMWMSRWSJ XLMWGSHI EVIFEWIHSR XLI EWWYQTXMSR XLEX WXVYGXYVIW WLEPP FI HIWMKRIH XS VIWMWXEPPETTPMGEFPIPSEHW 8LITVSZMWMSRWMRXLIGSHIEVIJSVPMZI[MRHERHIEVXLUYEOI PSEHW WYGL EW XLSWI VIGSQQIRHIH MR w1MRMQYQ (IWMKR 0SEHWJSV&YMPHMRKWERH3XLIV7XVYGXYVIWx %7') SJ XLI %QIVMGER 7SGMIX] SJ 'MZMP )RKMRIIVW %7') JSVQIVP] %27- % -J XLI WIVZMGI PSEHW WTIGMJMIH F] XLI KIRIVEP FYMPHMRKGSHI SJ[LMGL%'-QE]JSVQETEVX HMJJIVJVSQ XLSWISJ%7')XLIKIRIVEPFYMPHMRKGSHIKSZIVRW,S[IZIV MJXLIREXYVISJXLIPSEHWGSRXEMRIHMREKIRIVEPFYMPHMRKGSHI HMJJIV GSRWMHIVEFP] JVSQ %7') PSEHW WSQI TVSZMWMSRW SJ XLMWGSHIQE]RIIHQSHMJMGEXMSRXSVIJPIGXXLIHMJJIVIRGI {7IVZMGIPSEHWWLEPPFIMREGGSVHERGI[MXLXLI KIRIVEPFYMPHMRKGSHISJ[LMGLXLMWGSHIJSVQWETEVX [MXLWYGLPMZIPSEHVIHYGXMSRW EWEVITIVQMXXIHMR XLI KIRIVEPFYMPHMRKGSHI %RETTIRHM\QE]FINYHKIHRSXXSFIERSJJMGMEPTEVXSJE PIKEP HSGYQIRX YRPIWW WTIGMJMGEPP] EHSTXIH 8LIVIJSVI WTIGMJMGVIJIVIRGIMWQEHIXS%TTIRHM\(MRXLIQEMRTEVXSJ XLIGSHIXSQEOIMXEPIKEPTEVXSJXLIGSHI 6SSJWWLSYPHFIHIWMKRIH[MXLWYJJMGMIRXWPSTISVGEQFIVXS IRWYVIEHIUYEXIHVEMREKIEGGSYRXMRKJSVER]PSRKXIVQHIJPIG XMSRSJXLIVSSJHYIXSXLIHIEHPSEHWSVXLIPSEHWWLSYPHFI MRGVIEWIHXSEGGSYRXJSVEPPPMOIP]EGGYQYPEXMSRWSJ[EXIV-J )2:-6321)28%07869'896)7'3()'311)28%6= '3() '311)28%6= HIJPIGXMSR SJ VSSJ QIQFIVW QE] VIWYPX MR TSRHMRK SJ [EXIV EGGSQTERMIHF]MRGVIEWIHHIJPIGXMSRERHEHHMXMSREPTSRHMRK XLIHIWMKRQYWXIRWYVIXLEXXLMWTVSGIWWMWWIPJPMQMXMRK ;EPPWSJWSQIX]TIWSJIRZMVSRQIRXEPIRKMRIIVMRKGSRGVIXI WXVYGXYVIW QE] FI WYFNIGX XS WMKRMJMGERX HIJPIGXMSRW SV HMWTPEGIQIRXW HYI XS PEXIVEP IEVXLTVIWWYVIWERHWLSYPH FI HIWMKRIHJSVXLIIJJIGXWSJXLMWWSMPWXVYGXYVIMRXIVEGXMSR %'-6GSRXEMRWJYVXLIVHMWGYWWMSRSJPSEHMRKEW[IPP EWEGSQTPIXIXEFPISJGLIQMGEP[IMKLXW { -R HIWMKR JSV IEVXL L]HVSWXEXMG L]HVSH] REQMG[MRHERHIEVXLUYEOIPSEHWMRXIKVEPWXVYGXYVEP TEVXWWLEPPFIHIWMKRIHXSVIWMWXXLIXSXEPPEXIVEPPSEHW 6 { %R]VIMRJSVGIH GSRGVIXI[EPP XLEX MW QSRSPMXLMG [MXLSXLIVWXVYGXYVEPIPIQIRXWMWGSRWMHIVIHXSFIERwMRXI KVEPTEVXx4EVXMXMSR[EPPWQE]SVQE]RSXFIMRXIKVEPWXVYG XYVEPTEVXW-JTEVXMXMSR[EPPWQE]FIVIQSZIHXLITVMQEV] PEXIVEP PSEH VIWMWXMRK W]WXIQ WLSYPH TVSZMHI EPP SJ XLI VIUYMVIH VIWMWXERGI [MXLSYX GSRXVMFYXMSR SJ XLI VIQSZEFPI TEVXMXMSR 8LI IJJIGXW SJ EPP TEVXMXMSR [EPPW EXXEGLIH XS XLI WXVYGXYVILS[IZIVQYWXFIGSRWMHIVIHMRXLIEREP]WMWSJXLI WXVYGXYVIFIGEYWIXLI]QE]PIEHXSMRGVIEWIHHIWMKRJSVGIW MR WSQI SV EPP IPIQIRXW 7TIGMEP TVSZMWMSRW JSV WIMWQMG HIWMKREVIKMZIRMR'LETXIV { 'SRWMHIVEXMSR WLEPP FI KMZIR XS IJJIGXW SJ JSVGIW HYI XS TVIWXVIWWMRK GVERI PSEHW ZMFVEXMSR MQTEGX WLVMROEKI XIQTIVEXYVI GLERKIW GVIIT ERH YRIUYEP WIXXPIQIRX SJ WYTTSVXW 'SRWMHIVEXMSR WLEPP EPWSFIKMZIRXSXLIIJJIGXWGEYWIHF]XLIMRXIVMSVTVIW WYVI SJ XLI WXVYGXYVI QSZIQIRX SJ NSMRXW ERH NSMRX WTEGMRKJMPPMRKERHIQTX]MRKSJXEROW ERHMGI JSVQE XMSRMRGSPHGPMQEXIW 6 { 'SRGVIXI WYTIVWXVYGXYVI FYMPX SZIV XLI XEROW WLSYPH FI HIWMKRIH XS WMQMPEV GVEGO GSRXVSP GVMXIVME EW XLI XEROW HYI XS XLI TSWWMFMPMX] SJ JVII^MRK ERH XLE[MRK SJ QSMWXYVIMRXLIWXVYGXYVI {1IXLSHWSJEREP]WMW 6{1IXLSHWSJEREP]WMW { %PP QIQFIVW SJ JVEQIW SV GSRXMRYSYW GSRWXVYGXMSR WLEPP FI HIWMKRIH JSV XLI QE\MQYQ IJJIGXWSJJEGXSVIHPSEHWEWHIXIVQMRIH F]XLIXLISV] SJ IPEWXMG EREP]WMW I\GITX EW QSHMJMIH EGGSVHMRK XS -X WLEPP FI TIVQMXXIH XS WMQTPMJ] HIWMKR F] YWMRK XLIEWWYQTXMSRWWTIGMJMIHMRXLVSYKL 6 { *EGXSVIH PSEHW EVI WIVZMGI PSEHW QYPXMTPMIH F] ETTVSTVMEXI PSEH JEGXSVW -J XLI EPXIVREXI HIWMKR QIXLSH SJ %TTIRHM\ - MW YWIH XLI PSEHW YWIH MR HIWMKR EVI WIVZMGI PSEHW PSEH JEGXSVW SJ YRMX] *SV FSXL XLI WXVIRKXL HIWMKR QIXLSHERHXLIEPXIVREXIHIWMKRQIXLSHIPEWXMGEREP]WMWMW YWIHXSSFXEMRQSQIRXWWLIEVWVIEGXMSRWIXG 1SQIRX ERH WLIEV GSIJJMGMIRXW KIRIVEPP] YWIH JSVEREP]WMW SJ TPEXIW ERH WLIPPW YWIH MR IRZMVSRQIRXEP WXVYGXYVIW EVI GSRXEMRIHMR6IJIVIRGIW ERH {)\GITXJSVTVIWXVIWWIHGSRGVIXIETTVS\MQEXI QIXLSHW SJ JVEQI EREP]WMW EVI TIVQMXXIH JSV IRZMVSR QIRXEP WXVYGXYVIW SJ YWYEP X]TIW SJ GSRWXVYGXMSR WTERWERHWXSV]LIMKLXW { %W ER EPXIVREXI XS JVEQI EREP]WMW XLI JSPPS[MRK ETTVS\MQEXI QSQIRXW ERH WLIEVW WLEPP FI TIVQMXXIH JSV HIWMKR SJ GSRXMRYSYW FIEQW ERH SRI [E] WPEFW WPEFW VIMRJSVGIH XS VIWMWX JPI\YVEP WXVIWWIW MRSRP]SRIHMVIGXMSR TVSZMHIH E 8LIVIEVIX[SSVQSVIWTERW 6 {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{6IHMWXVMFYXMSRSJRIKEXMZIQSQIRXW MRGSRXMRYSYWJPI\YVEPQIQFIVW 6{6IHMWXVMFYXMSRSJRIKEXMZIQSQIRXW MRGSRXMRYSYWJPI\YVEPQIQFIVW { )\GITX [LIVI ETTVS\MQEXI ZEPYIW JSV QSQIRXWEVIYWIHMXWLEPPFITIVQMXXIHXSMRGVIEWISV HIGVIEWI RIKEXMZI QSQIRXW GEPGYPEXIH F] IPEWXMG 1SQIRX VIHMWXVMFYXMSR MW HITIRHIRX SR EHIUYEXI HYGXMPMX] MR TPEWXMGLMRKIVIKMSRW8LIWITPEWXMG LMRKI VIKMSRWHIZIPSTEX TSMRXW SJ QE\MQYQ QSQIRX ERH GEYWI E WLMJX MR XLI IPEWXMG )2:-6321)28%07869'896)7'3()'311)28%6= '3() '311)28%6= *MK 6{4IVQMWWMFPIQSQIRXVIHMWXVMFYXMSR JSVQMRMQYQ VSXEXMSRGETEGMX] XLISV]EXWYTTSVXWSJGSRXMRYSYWJPI\YVEPQIQFIVWJSV ER] EWWYQIH PSEHMRK EVVERKIQIRX F] RSX QSVI XLER XTIVGIRX[MXLEQE\MQYQSJTIVGIRX {8LIQSHMJMIHRIKEXMZIQSQIRXWWLEPPFIYWIH JSVGEPGYPEXMRKQSQIRXWEXWIGXMSRW[MXLMRXLIWTERW { 6IHMWXVMFYXMSR SJ RIKEXMZI QSQIRXW WLEPP FI QEHISRP][LIR X MWIUYEPXSSVKVIEXIVXLER EXXLIWIGXMSREX[LMGLQSQIRXMWVIHYGIH QSQIRXHMEKVEQ8LIYWYEPVIWYPXMWEVIHYGXMSRMRXLIZEPYIW SJ RIKEXMZI QSQIRXW MR XLI TPEWXMG LMRKI VIKMSR ERH ER MRGVIEWI MR XLI ZEPYIW SJ TSWMXMZI QSQIRXW JVSQ XLSWI GSQTYXIHF]IPEWXMGEREP]WMW&IGEYWIRIKEXMZIQSQIRXWEVI HIXIVQMRIH JSV SRI PSEHMRK EVVERKIQIRX ERH TSWMXMZI QSQIRXWJSVERSXLIVIEGLWIGXMSRLEWEVIWIVZIGETEGMX]XLEX MWRSXJYPP]YXMPMÎHJSVER]SRIPSEHMRKGSRHMXMSR8LITPEWXMG LMRKIWTIVQMXXLIYXMPMÊXMSRSJXLIJYPPGETEGMX]SJQSVIGVSWW WIGXMSRWSJEJPI\YVEPQIQFIVEXYPXMQEXIPSEHW9WMRKGSRWIV ZEXMZI ZEPYIW SJ PMQMXMRK GSRGVIXI WXVEMRW ERH PIRKXLW SJ TPEWXMGLMRKIWHIVMZIHJVSQI\XIRWMZIXIWXWJPI\YVEPQIQFIVW [MXLWQEPPVSXEXMSRGETEGMX][IVIEREP]ÎHJSVQSQIRXVIHMW XVMFYXMSR YT XS TIVGIRX HITIRHMRK SR XLI VIMRJSVGIQIRX VEXMS8LIVIWYPXW[IVIJSYRHXSFIGSRWIVZEXMZI WII*MK6 7XYHMIW F] 'SLR ERH 1EXXSGO WYTTSVX XLMW GSRGPYWMSR ERHMRHMGEXI XLEXGVEGOMRK ERH HIJPIGXMSR SJFIEQWHIWMKRIH JSV QSQIRX VIHMWXVMFYXMSR EVI RSX WMKRMJMGERXP] KVIEXIV EX WIVZMGI PSEHW XLER JSV FIEQW HIWMKRIH F] XLI IPEWXMG XLISV] HMWXVMFYXMSR SJ QSQIRXW %PWS XLIWI WXYHMIW MRHMGEXIH XLEX EHIUYEXI VSXEXMSR GETEGMX] JSV XLI QSQIRX VIHMWXVMFYXMSR EPPS[IH F] XLI GSHI MW EZEMPEFPI MJ XLI QIQFIVW WEXMWJ] XLI GSHIVIUYMVIQIRXW 1SQIRXVIHMWXVMFYXMSRHSIWRSXETTP]XSQIQFIVWHIWMKRIH F]XLIEPXIVREXIHIWMKRQIXLSHSJ%TTIRHM\-RSVQE]MXFI YWIHJSVWPEFW]WXIQWHIWMKRIHF]XLIHMVIGXHIWMKRQIXLSH WII -RXLITVIZMSYWGSHI7IGXMSR WTIGMJMIHXLITIVQMWWMFPI VIHMWXVMFYXMSRTIVGIRXEKIMRXIVQWSJVIMRJSVGIQIRXMRHMGIW 8LI GSHI WTIGMJMIW XLI TIVQMWWMFPI VIHMWXVMFYXMSR TIVGIRXEKIMRXIVQWSJXLIRIXXIRWMPIWXVEMR7II6IJIVIRGI JSVEGSQTEVMWSRSJXLIWIQSQIRXVIHMWXVMFYXMSRTVSZMWMSRW 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= {1SHYPYWSJIPEWXMGMX] 6{1SHYPYWSJIPEWXMGMX] {1SHYPYWSJIPEWXMGMX])GJSVGSRGVIXIWLEPPFI TIVQMXXIHXSFIXEOIREW [G JG MRTWM JSVZEPYIW SJ [G FIX[IIR ERH PFJX *SV RSVQEP[IMKLX GSRGVIXI )G WLEPP FI TIVQMXXIH XS FI XEOIR EW JG 6 {7XYHMIWPIEHMRKXSXLII\TVIWWMSRJSVQSHYPYWSJ IPEWXMGMX]SJGSRGVIXIMREVIWYQQEVMÎHMR6IJIVIRGI [LIVI )G [EW HIJMRIH EW XLI WPSTI SJ XLI PMRI HVE[R JVSQEWXVIWWSJÎVSXSEGSQTVIWWMZIWXVIWWSJ JG 8LI QSHYPYW JSV GSRGVIXI MW WIRWMXMZI XS XLI QSHYPYW SJ XLI EKKVIKEXI ERH QE] HMJJIV JVSQ XLI WTIGMJMIH ZEPYI 1IEWYVIHZEPYIWVERKIX]TMGEPP]JVSQXSTIVGIRXSJ XLI WTIGMJMIH ZEPYI 1IXLSHW JSV HIXIVQMRMRK =SYRKvW QSHYPYWJSVGSRGVIXIEVIHIWGVMFIHMR6IJIVIRGI { 1SHYPYW SJ IPEWXMGMX] )W JSV RSRTVIWXVIWWIH VIMRJSVGIQIRX WLEPP FI TIVQMXXIH XS FI XEOIR EW TWM {1SHYPYWSJIPEWXMGMX])WJSVTVIWXVIWWMRKWLEPP FIHIXIVQMRIHF]XIWXWSVWYTTPMIHF]XLIQERYJEGXYVIV {7XMJJRIWW 6{7XMJJRIWW { 9WI SJ ER] WIX SJ VIEWSREFPI EWWYQTXMSRW WLEPP FI TIVQMXXIH JSV GSQTYXMRK VIPEXMZI JPI\YVEP ERH XSVWMSREPWXMJJRIWWIWSJGSPYQRW[EPPWJPSSVWERHVSSJ W]WXIQW 8LI EWWYQTXMSRW EHSTXIH WLEPP FI GSRWMW XIRXXLVSYKLSYXEREP]WMW 6 {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{)JJIGXSJLEYRGLIWWLEPPFIGSRWMHIVIHFSXLMR HIXIVQMRMRKQSQIRXWERHMRHIWMKRSJQIQFIVW 6 { 7XMJJRIWW ERH JM\IHIRH QSQIRXGSIJJMGMIRXW JSV LEYRGLIHQIQFIVWQE]FISFXEMRIHJVSQ6IJIVIRGI {7TERPIRKXL 6{7TERPIRKXL { 7TER PIRKXL SJ QIQFIVW RSX FYMPX MRXIKVEPP] [MXLWYTTSVXWWLEPPFIGSRWMHIVIHXLIGPIEVWTERTPYW HITXL SJ QIQFIV FYX RIIH RSX I\GIIH HMWXERGI FIX[IIRGIRXIVWSJWYTTSVXW &IEQQSQIRXWGEPGYPEXIHEXWYTTSVXGIRXIVWQE]FIVIHYGIH XS XLI QSQIRXW EX WYTTSVX JEGIW JSV HIWMKR SJ FIEQW 6IJIVIRGI TVSZMHIWER EGGITXEFPI QIXLSH SJ VIHYGMRK QSQIRXWEXWYTTSVXGIRXIVWXSXLSWIEXWYTTSVXJEGIW )2:-6321)28%07869'896)7'3()'311)28%6= '3() '311)28%6= {-REREP]WMWSJJVEQIWSVGSRXMRYSYWGSRWXVYG XMSR JSV HIXIVQMREXMSR SJ QSQIRXW WTER PIRKXL WLEPP FIXEOIREWXLIHMWXERGIGIRXIVXSGIRXIVSJWYTTSVXW { *SV FIEQW FYMPX MRXIKVEPP] [MXL WYTTSVXW HIWMKR SR XLI FEWMW SJ QSQIRXW EX JEGIW SJ WYTTSVX WLEPPFITIVQMXXIH {-XWLEPPFITIVQMXXIHXSEREP]ÎWSPMHSVVMFFIH WPEFW FYMPX MRXIKVEPP] [MXL WYTTSVXW [MXL GPIEV WTERW RSXQSVIXLERJXEWGSRXMRYSYWWPEFWSRORMJIIHKI WYTTSVXW [MXL WTERW IUYEP XS XLI GPIEV WTERW SJ XLI WPEFERH[MHXLSJFIEQWSXLIV[MWIRIKPIGXIH {'SPYQRW 6{'SPYQRW {'SPYQRWWLEPPFIHIWMKRIHXSVIWMWXXLIE\MEP JSVGIWJVSQJEGXSVIHPSEHWSREPPJPSSVWSVVSSJERHXLI QE\MQYQ QSQIRX JVSQ JEGXSVIH PSEHW SR E WMRKPI EHNEGIRXWTERSJXLIJPSSVSVVSSJYRHIVGSRWMHIVEXMSR 0SEHMRK GSRHMXMSR KMZMRK XLI QE\MQYQ VEXMS SJ QSQIRXXSE\MEPPSEHWLEPPEPWSFIGSRWMHIVIH 7IGXMSR LEW FIIR HIZIPSTIH [MXL XLI MRXIRX SJ QEOMRK GIVXEMRXLEXXLIQSWXHIQERHMRKGSQFMREXMSRWSJE\MEPPSEH ERHQSQIRXWFIMHIRXMJMIHJSVHIWMKR {-RJVEQIWSVGSRXMRYSYWGSRWXVYGXMSRGSRWMH IVEXMSRWLEPPFIKMZIRXSXLIIJJIGXSJYRFEPERGIHJPSSV SVVSSJPSEHWSRFSXLI\XIVMSVERHMRXIVMSVGSPYQRWERH SJIGGIRXVMGPSEHMRKHYIXSSXLIVGEYWIW 7IGXMSR LEW FIIR MRGPYHIH XS QEOI GIVXEMR XLEX QSQIRXWMRGSPYQRWEVIVIGSKRMÎHMRHIWMKRMJXLIKMVHIVW LEZIFIIRTVSTSVXMSRIHYWMRK8LIwQSQIRXxMR VIJIVW XS XLI HMJJIVIRGI FIX[IIR XLI QSQIRXW MR E KMZIR ZIVXMGEP TPERI I\IVXIH EX GSPYQR GIRXIVPMRI F] QIQFIVW JVEQMRKMRXSXLEXGSPYQR { -R GSQTYXMRK KVEZMX] PSEH QSQIRXW MR GSPYQRW MX WLEPP FI TIVQMXXIH XS EWWYQI JEV IRHW SJ GSPYQRWFYMPXMRXIKVEPP][MXLXLIWXVYGXYVIXSFIJM\IH { 6IWMWXERGI XS QSQIRXW EX ER] JPSSV SV VSSJ PIZIP WLEPP FI TVSZMHIH F] HMWXVMFYXMRK XLI QSQIRX FIX[IIR GSPYQRW MQQIHMEXIP] EFSZI ERH FIPS[ XLI KMZIR JPSSV MR TVSTSVXMSR XS XLI VIPEXMZI GSPYQR WXMJJ RIWWIWERHGSRHMXMSRWSJVIWXVEMRX {%VVERKIQIRXSJPMZIPSEH 6{%VVERKIQIRXSJPMZIPSEH {-XWLEPPFITIVQMXXIHXSEWWYQIXLEX *SV HIXIVQMRMRK GSPYQR [EPP ERH FIEQ QSQIRXW ERH WLIEVWGEYWIHF]KVEZMX]PSEHWXLIGSHITIVQMXWXLIYWISJE QSHIPPMQMXIHXSXLIFIEQWMRXLIPIZIPGSRWMHIVIHERHXLI GSPYQRW EFSZI ERH FIPS[ XLEX PIZIP *EV IRHW SJ GSPYQRW EVI XS FI GSRWMHIVIH EW JM\IH JSV XLI TYVTSWI SJ EREP]WMW YRHIV KVEZMX] PSEHW 8LMW EWWYQTXMSR HSIW RSX ETTP] XS PEXIVEPPSEHEREP]WMW-REREP]WMWJSVPEXIVEPPSEHWLS[IZIV WMQTPMJMIHQIXLSHW WYGLEWXLITSVXEPQIXLSH QE]FIYWIH XSSFXEMRXLIQSQIRXWWLIEVWERHVIEGXMSRWJSVWXVYGXYVIW XLEX EVI W]QQIXVMGEP ERH WEXMWJ] XLI EWWYQTXMSRW YWIH JSV WYGLWMQTPMJMIH QIXLSHW*SV YRW]QQIXVMGEP ERHLMKLVMWI WXVYGXYVIW VMKSVSYW QIXLSHW VIGSKRM^MRK EPP WXVYGXYVEP HMWTPEGIQIRXWWLSYPHFIYWIH E 8LI PMZI PSEH MW ETTPMIH SRP]XS XLI JPSSV SV VSSJ YRHIVGSRWMHIVEXMSR F 8LI JEVIRHWSJGSPYQRWFYMPX MRXIKVEPP] [MXL XLI WXVYGXYVIEVIGSRWMHIVIHXSFIJM\IH {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{8FIEQGSRWXVYGXMSR 6{8FIEQGSRWXVYGXMSR {-R8FIEQGSRWXVYGXMSRXLIJPERKIERH[IF WLEPPFIFYMPXMRXIKVEPP]SVSXLIV[MWIIJJIGXMZIP]FSRHIH XSKIXLIV 8LMW WIGXMSR GSRXEMRW TVSZMWMSRW MHIRXMGEP XS XLSWI SJ TVIZMSYW %'- &YMPHMRK 'SHIW JSV PMQMXMRK HMQIRWMSRW VIPEXIHXSWXMJJRIWWERHJPI\YVEPGEPGYPEXMSRW7TIGMEPTVSZM WMSRW VIPEXIH XS 8FIEQW ERH SXLIV JPERKIH QIQFIVW EVI WXEXIHMR[MXLVIKEVHXSXSVWMSR { ;MHXL SJ WPEF IJJIGXMZI EW E 8FIEQ JPERKI WLEPPRSXI\GIIHSRIUYEVXIVSJXLIWTERPIRKXLSJXLI FIEQ ERH XLI IJJIGXMZI SZIVLERKMRK JPERKI [MHXL SR IEGLWMHISJXLI[IFWLEPPRSXI\GIIH E )MKLXXMQIWXLIWPEFXLMGORIWW F 3RILEPJXLIGPIEVHMWXERGIXSXLIRI\X[IF {*SVFIEQW[MXLEWPEFSRSRIWMHISRP]XLI IJJIGXMZISZIVLERKMRKJPERKI[MHXLWLEPPRSXI\GIIH E 3RIX[IPJXLXLIWTERPIRKXLSJXLIFIEQ F 7M\XMQIWXLIWPEFXLMGORIWW G 3RILEPJXLIGPIEVHMWXERGIXSXLIRI\X[IF {-WSPEXIHFIEQWMR[LMGLXLI8WLETIMWYWIH XS TVSZMHI E JPERKI JSV EHHMXMSREP GSQTVIWWMSR EVIE WLEPPLEZIEJPERKIXLMGORIWWRSXPIWWXLERSRILEPJXLI [MHXL SJ [IF ERH ER IJJIGXMZI JPERKI [MHXL RSX QSVI XLERJSYVXMQIWXLI[MHXLSJ[IF { ;LIVI TVMQEV] JPI\YVEP VIMRJSVGIQIRX MR E WPEFXLEXMWGSRWMHIVIHEWE8FIEQJPERKI I\GPYHMRK NSMWX GSRWXVYGXMSR MW TEVEPPIP XS XLI FIEQ VIMRJSVGI QIRX TIVTIRHMGYPEV XS XLI FIEQ WLEPP FI TVSZMHIH MR XLIXSTSJXLIWPEFMREGGSVHERGI[MXLXLIJSPPS[MRK { 8VERWZIVWI VIMRJSVGIQIRX WLEPP FI HI WMKRIH XS GEVV] XLI JEGXSVIH PSEH SR XLI SZIVLERKMRK WPEF[MHXLEWWYQIHXSEGXEWEGERXMPIZIV*SVMWSPEXIH FIEQW XLI JYPP [MHXL SJ SZIVLERKMRK JPERKI WLEPP FI GSRWMHIVIH*SVSXLIV8FIEQWSRP]XLIIJJIGXMZISZIV LERKMRKWPEF[MHXLRIIHFIGSRWMHIVIH { 8VERWZIVWI VIMRJSVGIQIRX WLEPP FI WTEGIHRSXJEVXLIVETEVXXLERMR {.SMWXGSRWXVYGXMSR 6{.SMWXGSRWXVYGXMSR { .SMWX GSRWXVYGXMSR GSRWMWXW SJ E QSRSPMXLMG GSQFMREXMSR SJ VIKYPEVP] WTEGIH VMFW ERH E XST WPEF EVVERKIH XS WTER MR SRI HMVIGXMSR SV X[S SVXLSKSREP HMVIGXMSRW 8LIWMÎERHWTEGMRKPMQMXEXMSRWJSVGSRGVIXINSMWXGSRWXVYG XMSR QIIXMRK XLI PMQMXEXMSRW SJ XLVSYKL EVI FEWIHSRWYGGIWWJYPTIVJSVQERGIMRXLITEWX {6MFWWLEPPFIRSXPIWWXLERMRMR[MHXLERH WLEPP LEZI E HITXL SJ RSX QSVI XLER XMQIW XLI QMRMQYQ[MHXLSJVMF )2:-6321)28%07869'896)7'3()'311)28%6= '3() '311)28%6= {'PIEVWTEGMRKFIX[IIRVMFWWLEPPRSXI\GIIH MR 6 { % PMQMX SR XLI QE\MQYQ WTEGMRK SJ VMFW MW VIUYMVIHFIGEYWISJXLIWTIGMEPTVSZMWMSRWTIVQMXXMRKLMKLIV WLIEVWXVIRKXLWERHPIWWGSRGVIXITVSXIGXMSRJSVXLIVIMRJSVGI QIRXJSVXLIWIVIPEXMZIP]WQEPPVITIXMXMZIQIQFIVW {.SMWXGSRWXVYGXMSRRSXQIIXMRKXLIPMQMXEXMSRW SJ XLVSYKL WLEPP FI HIWMKRIH EW WPEFW ERHFIEQW { ;LIR TIVQERIRX FYVRIH GPE] SV GSRGVIXI XMPI JMPPIVW SJ QEXIVMEP LEZMRK E YRMX GSQTVIWWMZI WXVIRKXLEXPIEWXIUYEPXSXLEXSJXLIWTIGMJMIHWXVIRKXL SJGSRGVIXIMRXLINSMWXWEVIYWIH {*SVWLIEVERHRIKEXMZIQSQIRXWXVIRKXL GSQTYXEXMSRW MX WLEPP FI TIVQMXXIH XS MRGPYHI XLI ZIVXMGEP WLIPPW SJ JMPPIVW MR GSRXEGX [MXLXLI VMFW 3XLIV TSVXMSRW SJ JMPPIVW WLEPP RSX FI MRGPYHIH MR WXVIRKXL GSQTYXEXMSRW { 7PEF XLMGORIWW SZIV TIVQERIRX JMPPIVW WLEPP FI RSX PIWW XLER SRIX[IPJXL XLI GPIEV HMWXERGI FIX[IIRVMFWRSVPIWWXLERMR {-RSRI[E]NSMWXWVIMRJSVGIQIRXRSVQEPXS XLIVMFWWLEPPFITVSZMHIHMRXLIWPEFEWVIUYMVIHF] { ;LIR VIQSZEFPI JSVQW SV JMPPIVW RSX GSQTP]MRK[MXLEVIYWIH { 7PEF XLMGORIWW WLEPP FI RSX PIWW XLER SRIX[IPJXL XLI GPIEV HMWXERGI FIX[IIR VMFW RSV PIWW XLERMR { 6IMRJSVGIQIRX RSVQEP XS XLI VMFW WLEPP FITVSZMHIHMRXLIWPEFEWVIUYMVIHJSVJPI\YVIGSRWMH IVMRK PSEH GSRGIRXVEXMSRW MJ ER] FYX RSX PIWW XLER VIUYMVIHF] {;LIVIGSRHYMXWSVTMTIWEWTIVQMXXIHF] EVIIQFIHHIH[MXLMRXLIWPEFWPEFXLMGORIWWWLEPPFI EXPIEWXMRKVIEXIVXLERXLIXSXEPSZIVEPPHITXLSJXLI GSRHYMXWSVTMTIWEXER]TSMRX'SRHYMXWSVTMTIWWLEPP RSXMQTEMVWMKRMJMGERXP]XLIWXVIRKXLSJXLIGSRWXVYGXMSR { *SV NSMWX GSRWXVYGXMSR GSRXVMFYXMSR SJ GSRGVIXIXSWLIEVWXVIRKXL:GWLEPPFITIVQMXXIHXSFI TIVGIRX QSVI XLER XLEXWTIGMJMIHMR 'LETXIV -X WLEPP FI TIVQMXXIH XS MRGVIEWI WLIEV WXVIRKXL YWMRK WLIEVVIMRJSVGIQIRXSVF][MHIRMRKXLIIRHWSJVMFW 6 { 8LI MRGVIEWI MR WLIEV WXVIRKXL TIVQMXXIH F] MW NYWXMJMIH SR XLI FEWMW SJ WEXMWJEGXSV] TIVJSV QERGI SJ NSMWX GSRWXVYGXMSR [MXL LMKLIV WLIEV WXVIRKXLW HIWMKRIH YRHIV TVIZMSYW %'- &YMPHMRK 'SHIW [LMGL EPPS[IHGSQTEVEFPIWLIEVWXVIWWIWERH VIHMWXVMFYXMSRSJ PSGEPSZIVPSEHWXSEHNEGIRXNSMWXW {7ITEVEXIJPSSVJMRMWL 6{7ITEVEXIJPSSVJMRMWL {%JPSSVJMRMWLWLEPPRSXFIMRGPYHIHEWTEVXSJ EWXVYGXYVEPQIQFIVYRPIWWTPEGIHQSRSPMXLMGEPP][MXL XLIJPSSVWPEFSVHIWMKRIHMREGGSVHERGI[MXLVIUYMVI QIRXWSJ'LETXIV 8LI GSHI HSIW RSX WTIGMJ] ER EHHMXMSREP XLMGORIWW JSV [IEVMRK WYVJEGIW WYFNIGXIH XS YRYWYEP GSRHMXMSRW SJ [IEV 8LIRIIHJSVEHHIHXLMGORIWWJSVYRYWYEP[IEVMWPIJXXSXLI HMWGVIXMSRSJXLIHIWMKRIV 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= {-XWLEPPFITIVQMXXIHXSGSRWMHIVEPPGSRGVIXI JPSSV JMRMWLIW EW TEVX SJ VIUYMVIH GSZIV SV XSXEP XLMGO RIWWJSVRSRWXVYGXYVEPGSRWMHIVEXMSRW %WMRTVIZMSYWIHMXMSRWSJXLI%'-GSHIEJPSSVJMRMWL QE] FI GSRWMHIVIH JSV WXVIRKXL TYVTSWIW SRP] MJ MX MW GEWX QSRSPMXLMGEPP][MXLXLIWPEF4IVQMWWMSRMWKMZIRXSMRGPYHI E WITEVEXI JMRMWL MR XLI WXVYGXYVEP XLMGORIWW MJ GSQTSWMXI EGXMSRMWTVSZMHIHJSVMREGGSVHERGI[MXL'LETXIV %PP JPSSV JMRMWLIW QE] FI GSRWMHIVIH JSV RSRWXVYGXYVEP TYVTSWIW WYGL EW GSZIV JSV VIMRJSVGIQIRX JMVI TVSXIGXMSR IXG4VSZMWMSRWWLSYPHFIQEHILS[IZIVXSIRWYVIXLEXXLI JMRMWL [MPP RSX WTEPP SJJ XLYW GEYWMRK HIGVIEWIH GSZIV *YVXLIVQSVI HIZIPSTQIRX SJVIMRJSVGIQIRX GSRWMHIVEXMSRW VIUYMVIQMRMQYQQSRSPMXLMGGSRGVIXIGSZIVEGGSVHMRKXS )2:-6321)28%07869'896)7'3()'311)28%6= ',%48)6{786)2+8,%2(7)6:-')%&-0-8= 6)59-6)1)287 '3() {2SXEXMSR %K ! KVSWWEVIESJWIGXMSRMR %W ! EVIESJRSRTVIWXVIWWIHXIRWMSRVIMRJSVGIQIRX MR % W ! EVIESJGSQTVIWWMSRVIMRJSVGIQIRXMR F ! [MHXLSJGSQTVIWWMSRJEGISJQIQFIVMR G ! HMWXERGI JVSQ I\XVIQI GSQTVIWWMSR JMFIV XS RIYXVEPE\MWMR H ! HMWXERGI JVSQ I\XVIQI GSQTVIWWMSR JMFIV XS GIRXVSMHSJXIRWMSRVIMRJSVGIQIRXMR H ! HMWXERGI JVSQ I\XVIQI GSQTVIWWMSR JMFIV XS GIRXVSMHSJGSQTVIWWMSRVIMRJSVGIQIRXMR HW ! HMWXERGIJVSQI\XVIQIXIRWMSRJMFIVXSGIRXVSMH SJXIRWMSRVIMRJSVGIQIRXMR HX ! HMWXERGI JVSQ I\XVIQI GSQTVIWWMSR JMFIV XS I\XVIQIXIRWMSRWXIIPMR ( ! HIEH PSEHW SV VIPEXIH MRXIVREP QSQIRXW ERH JSVGIW ) ! PSEH IJJIGXWSJIEVXLUYEOISVVIPEXIH MRXIVREP QSQIRXWERHJSVGIW )G ! QSHYPYWSJIPEWXMGMX]SJGSRGVIXITWM7II JG ! WTIGMJMIHGSQTVIWWMZIWXVIRKXLSJGSRGVIXITWM J G ! WUYEVIVSSXSJWTIGMJMIHGSQTVIWWMZIWXVIRKXL SJGSRGVIXITWM JGX ! EZIVEKIWTPMXXMRKXIRWMPIWXVIRKXLSJPMKLX[IMKLX EKKVIKEXIGSRGVIXITWM JV ! QSHYPYWSJVYTXYVISJGSRGVIXITWM JW ! TIVQMWWMFPIXIRWMPIWXVIWWMRVIMRJSVGIQIRXTWM J] ! WTIGMJMIH ]MIPH WXVIRKXL SJ RSRTVIWXVIWWIH VIMRJSVGIQIRXTWM * ! PSEHW HYI XS [IMKLX ERH TVIWWYVIW SJ JPYMHW [MXL [IPPHIJMRIH HIRWMXMIW ERH GSRXVSPPEFPI QE\MQYQ LIMKLXW SV VIPEXIH MRXIVREP QSQIRXWERHJSVGIW L ! SZIVEPPXLMGORIWWSJQIQFIVMR , ! PSEHWHYIXS[IMKLXERHTVIWWYVISJWSMP[EXIV MR WSMP SV SXLIV QEXIVMEPW SV VIPEXIH MRXIVREP QSQIRXWERHJSVGIW -GV ! QSQIRX SJ MRIVXME SJ GVEGOIH WIGXMSR XVERW JSVQIHXSGSRGVIXIMR '311)28%6= 6{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{+IRIVEP 6{+IRIVEP { 7XVYGXYVIW ERH WXVYGXYVEP QIQFIVW WLEPP FI HIWMKRIH XS LEZI HIWMKR WXVIRKXLW EX EPP WIGXMSRW EX PIEWXIUYEPXSXLIVIUYMVIHWXVIRKXLWGEPGYPEXIHJSVXLI JEGXSVIHPSEHWERHJSVGIWMRWYGLGSQFMREXMSRWEWEVI WXMTYPEXIHMRXLMWGSHI -RXLIGSHIXLIPSEHJEGXSVGSQFMREXMSRWERHWXVIRKXL VIHYGXMSRJEGXSVWSJXLIGSHI[IVIVIZMWIHERHQSZIH XS %TTIRHM\'8LIGSQFMREXMSRWLEZIFIIRVITPEGIH [MXLXLSWISJ%7')8LIWXVIRKXLVIHYGXMSRJEGXSVW [IVI VITPEGIH [MXL XLSWI SJ %'- %TTIRHM\ ' I\GITXXLEXXLIJEGXSVJSVJPI\YVI[EWMRGVIEWIH { 1IQFIVW EPWS WLEPP QIIX EPP SXLIV VIUYMVI QIRXWSJXLMWGSHIXSIRWYVIEHIUYEXITIVJSVQERGIEX WIVZMGIPSEHPIZIPW {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{6IUYMVIHWXVIRKXL 6{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{6IUYMVIHWXVIRKXL9WLEPPFIEXPIEWXIUYEPXS XLIIJJIGXWSJJEGXSVIHPSEHWMR)U XLVSYKL 8LI IJJIGX SJ SRI SV QSVI PSEHW RSX EGXMRK WMQYPXE RISYWP]WLEPPFIMRZIWXMKEXIH 6 {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ÎVSZEPYISJ0ERH* WLEPP FI YWIH MR XLI EFSZI PSEH GSQFMREXMSRW XS HIXIVQMRIXLIQSWXWIZIVIGSRHMXMSR { -J VIWMWXERGI XS MQTEGX IJJIGXW MW XEOIR MRXS EGGSYRXMRHIWMKRWYGLIJJIGXWWLEPPFIMRGPYHIH[MXL PMZIPSEH0 6 { -JXLIPMZIPSEHMWETTPMIHVETMHP]EWQE]FIXLI GEWIJSVZILMGPIPSEHWGVERIWIXGMQTEGXIJJIGXWWLSYPHFI GSRWMHIVIH -R EPP IUYEXMSRW WYFWXMXYXI 0 MQTEGX JSV 0 [LIRMQTEGXWLSYPHFIGSRWMHIVIH { )WXMQEXMSRW SJ HMJJIVIRXMEP WIXXPIQIRX GVIIT WLVMROEKI I\TERWMSR SJ WLVMROEKIGSQTIRWEXMRK GSRGVIXISVXIQTIVEXYVIGLERKIWLEPPFIFEWIHSRE VIEPMWXMGEWWIWWQIRXSJWYGLIJJIGXWSGGYVVMRKMRWIVZMGI 6 {8LIHIWMKRIVWLSYPHGSRWMHIVXLIIJJIGXWSJHMJJIVIRXMEP WIXXPIQIRX GVIIT WLVMROEKI XIQTIVEXYVI ERH WLVMROEKI GSQTIRWEXMRK GSRGVIXI 8LI XIVQ VIEPMWXMG EWWIWWQIRX MW YWIHXSMRHMGEXIXLEXXLIQSWXTVSFEFPIZEPYIWVEXLIVXLERXLI YTTIVFSYRHZEPYIWSJXLIZEVMEFPIWWLSYPHFIYWIH {*SVEWXVYGXYVIMREJPSSH^SRIXLIJPSSHPSEH ERHPSEHGSQFMREXMSRWSJ%7')WLEPPFIYWIH 6 { %VIEW WYFNIGX XS JPSSHMRK EVI HIJMRIH F] JPSSH LEÊVH QETW YWYEPP] QEMRXEMRIH F] PSGEP KSZIVRQIRXEP NYVMWHMGXMSRW {*SVTSWXXIRWMSRIHERGLSVEKI^SRIHIWMKRE PSEH JEGXSV SJ WLEPP FI ETTPMIH XS XLI QE\MQYQ TVIWXVIWWMRKWXIIPNEGOMRKJSVGI 6 { 8LI PSEH JEGXSV SJ ETTPMIH XS XLI QE\MQYQ XIRHSR NEGOMRK JSVGIVIWYPXW MRE HIWMKRPSEH SJ EFSYX TIVGIRXSJXLIWTIGMJMIHTVIWXVIWWMRKWXIIP]MIPHWXVIRKXLFYX 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= RSXQSVIXLERTIVGIRXSJXLIRSQMREPYPXMQEXIWXVIRKXLSJ XLI TVIWXVIWWMRK WXIIP 8LMW GSQTEVIW [IPP [MXL XLI QE\MQYQEXXEMREFPINEGOMRKJSVGI[LMGLMWPMQMXIHF]XLI ERGLSVIJJMGMIRG]JEGXSV {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{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{*PI\YVEPWXVIWW7II { (MVIGX ERH LSST XIRWMPI WXVIWW MR RSVQEP IRZMVSRQIRXEPI\TSWYVIW JW!TWM { (MVIGX ERH LSST XIRWMPI WXVIWW MR WIZIVI IRZMVSRQIRXEPI\TSWYVIW 6 {6IUYMVIHJPI\YVEPWXVIRKXL 7H9 6ERH6{6IUYMVIHWXVIRKXLMRHMVIGXERH LSSTXIRWMSR 7H9 7SQIHIWMKRIVWTVIJIVXSYWIEQE\MQYQWXIIPWXVIWWIUYEP XSTWMJSVLSSTXIRWMSR8LMWTVEGXMGIMWFEWIHSRER IEVPMIVZIVWMSRSJXLI4'%TYFPMGEXMSR w'MVGYPEV'SRGVIXI 8EROW[MXLSYX4VIWXVIWWMRKx JW!TWM { 7LIEV WXVIWW GEVVMIH F] WLIEV VIMRJSVGI QIRXMRRSVQEPIRZMVSRQIRXEPI\TSWYVIW JW!TWM { 7LIEV WXVIWW GEVVMIH F] WLIEV VIMRJSVGI QIRXMRWIZIVIIRZMVSRQIRXEPI\TSWYVIW JW!TWM 6 ERH 6 { 7LIEV WXVIWW GEVVMIH F] XLI WLIEV VIMRJSVGMRK MW HIJMRIH EW XLI I\GIWW WLIEV WXVIRKXL VIUYMVIHMREHHMXMSRXSXLIHIWMKRWLIEVWXVIRKXLTVSZMHIHF] XLIGSRGVIXI :G :W 7H :Yz :G )2:-6321)28%07869'896)7'3()'311)28%6= '3() '311)28%6= { 7HWLEPPFIXEOIREWJSVXLIJPI\YVEPHIWMKR SJ GSQTVIWWMSRGSRXVSPPIH WIGXMSRW EPP TVIWXVIWWIH VIMRJSVGIQIRX ERH TSWXXIRWMSRIH ERGLSVEKI ^SRI VIMRJSVGIQIRXVIKEVHPIWWSJI\TSWYVI 6 { 8LI IRZMVSRQIRXEP HYVEFMPMX] JEGXSV MW XEOIR IUYEPXSJSVGSQTVIWWMSRGSRXVSPPIHWIGXMSRWFIGEYWIF] HIJMRMXMSRXLIMVWXIIPWXVEMRWEVIPIWWXLERSVIUYEPXSTIV ERHXLIVIJSVILEZIPS[XIRWMPIWXIIPWXVIWWPIZIPWERH QMRMQEPGSRGIVRJSVGVEGOMRK 6{(IWMKRWXVIRKXL {(IWMKRWXVIRKXL { (IWMKR WXVIRKXL TVSZMHIH F] E QIQFIV MXW GSRRIGXMSRWXSSXLIVQIQFIVWERHMXWGVSWWWIGXMSRW MRXIVQWSJJPI\YVIE\MEPPSEHWLIEVERHXSVWMSRWLEPP FIXEOIREWXLIRSQMREPWXVIRKXLGEPGYPEXIHMREGGSV HERGI [MXL VIUYMVIQIRXW ERH EWWYQTXMSRW SJ XLMW GSHIQYPXMTPMIHF]XLIWXVIRKXLVIHYGXMSRJEGXSVW MR ERH 6 { 8LI HIWMKR WXVIRKXL SJ E QIQFIV VIJIVW XS XLI RSQMREPWXVIRKXLGEPGYPEXIHMREGGSVHERGI[MXLXLIVIUYMVI QIRXWWXMTYPEXIHMRXLMWGSHIQYPXMTPMIHF]EWXVIRKXLVIHYG XMSRJEGXSV [LMGLMWEP[E]WPIWWXLERSRI 8LITYVTSWIW SJXLI WXVIRKXL VIHYGXMSRJEGXSV EVI XS EPPS[JSVXLITVSFEFMPMX]SJ YRHIVWXVIRKXL QIQFIVWHYIXS ZEVMEXMSRWMRQEXIVMEPWXVIRKXLWERHHMQIRWMSRW XSEPPS[ JSV MREGGYVEGMIW MR XLI HIWMKR IUYEXMSRW XS VIJPIGX XLI HIKVII SJ HYGXMPMX] ERH VIUYMVIH VIPMEFMPMX] SJ XLI QIQFIV YRHIV XLI PSEH IJJIGXW FIMRK GSRWMHIVIH ERH XS VIJPIGX XLIMQTSVXERGISJXLIQIQFIVMRXLIWXVYGXYVI -RXLI%'-GSHIXLIWXVIRKXLVIHYGXMSRJEGXSVW[IVI EHNYWXIH XS FI GSQTEXMFPI [MXL XLI %7') PSEH GSQFMREXMSRW [LMGL [IVI XLI FEWMW JSV XLI VIUYMVIH JEGXSVIHPSEHGSQFMREXMSRWMRQSHIPFYMPHMRKGSHIWEXXLEX XMQI 8LIWI JEGXSVW EVI IWWIRXMEPP] XLI WEQI EW XLSWI TYFPMWLIH MR %TTIRHM\ ' SJ XLI %'- I\GITX XLI JEGXSVJSVJPI\YVIXIRWMSRGSRXVSPPIHPMQMXWMWMRGVIEWIHJVSQ XS 8LMW GLERKI MW FEWIH SR TEWX ERH GYVVIRX VIPMEFMPMX]EREP]WIWWXEXMWXMGEPWXYH]SJQEXIVMEPTVSTIV XMIWEW[IPPEWXLISTMRMSRSJXLIGSQQMXXIIXLEXXLILMWXSV MGEPTIVJSVQERGISJGSRGVIXIWXVYGXYVIWWYTTSVXW ! {7XVIRKXLVIHYGXMSRJEGXSV WLEPPFIEWJSPPS[W { 8IRWMSRGSRXVSPPIH WIGXMSRW EW HIJMRIH MR { 'SQTVIWWMSRGSRXVSPPIH WIGXMSRW EW HIJMRIHMR E 1IQFIVW[MXLWTMVEPVIMRJSVGIQIRX GSRJSVQMRKXS F 3XLIVVIMRJSVGIHQIQFIVWi *SV WIGXMSRW MR [LMGL XLI RIX XIRWMPI WXVEMR MR XLI I\XVIQI XIRWMSRWXIIP EXRSQMREP WXVIRKXL MW FIX[IIR XLI PMQMXW JSV GSQTVIWWMSRGSRXVSPPIH ERH XIRWMSR GSRXVSPPIHWIGXMSRW WLEPPFITIVQMXXIHXSFIPMRIEVP] MRGVIEWIH JVSQ XLEX JSV GSQTVIWWMSRGSRXVSPPIH WIGXMSRWXSEWXLIRIXXIRWMPIWXVEMRMRXLII\XVIQI XIRWMSR WXIIP EX RSQMREP WXVIRKXL MRGVIEWIW JVSQ XLI GSQTVIWWMSRGSRXVSPPIHWXVEMRPMQMXXS %PXIVREXMZIP] [LIR %TTIRHM\ & MW YWIH JSV QIQFIVW MR [LMGL J ] HSIW RSX I\GIIH TWM [MXL W]QQIXVMGVIMRJSVGIQIRXERH[MXL LzH zHW L RSX 6 { -R ETTP]MRK ERH XLI E\MEP XIRWMSRW ERH GSQTVIWWMSRW XS FI GSRWMHIVIH EVI XLSWI GEYWIHF]I\XIVREPJSVGIW)JJIGXWSJTVIWXVIWWMRKJSVGIWEVI RSXMRGPYHIH 6{&IJSVIXLIIHMXMSRXLIGSHIWTIGMJMIH XLI QEKRMXYHI SJ XLI JEGXSV JSV GEWIW SJ E\MEP PSEH SV JPI\YVISVFSXLMRXIVQWSJXLIX]TISJPSEHMRK*SVXLIWI GEWIW XLI JEGXSV MW RS[ HIXIVQMRIH F] XLI WXVEMR GSRHM XMSRWEXEGVSWWWIGXMSREXRSQMREPWXVIRKXL % PS[IV JEGXSV MW YWIH JSV GSQTVIWWMSRGSRXVSPPIH WIGXMSRWXLERMWYWIHJSVXIRWMSRGSRXVSPPIHWIGXMSRWFIGEYWI GSQTVIWWMSRGSRXVSPPIH WIGXMSRW LEZI PIWW HYGXMPMX] EVI QSVIWIRWMXMZIXSZEVMEXMSRWMRGSRGVIXIWXVIRKXLERHKIRIV EPP]SGGYVMRQIQFIVWXLEXWYTTSVXPEVKIVPSEHIHEVIEWXLER QIQFIVW [MXL XIRWMSRGSRXVSPPIH WIGXMSRW 1IQFIVW [MXL WTMVEP VIMRJSVGIQIRX EVI EWWMKRIH E LMKLIV XLER XMIH GSPYQRWFIGEYWIXLI]LEZIKVIEXIVHYGXMPMX]SVXSYKLRIWW *SV WIGXMSRW WYFNIGXIH XS E\MEP PSEH [MXL JPI\YVI HIWMKR WXVIRKXLWEVIHIXIVQMRIHF]QYPXMTP]MRKFSXL4RERH1RF] XLI ETTVSTVMEXI WMRKPI ZEPYI SJ 'SQTVIWWMSRGSRXVSPPIH ERH XIRWMSRGSRXVSPPIH WIGXMSRW EVI HIJMRIH MR ERH 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= PIWW XLER WLEPP FI TIVQMXXIH XS FI MRGVIEWIH PMRIEVP] XS EW 4R HIGVIEWIW JVSQ J G %K XS ÎVS *SV SXLIV VIMRJSVGIH QIQFIVW WLEPP FI TIVQMXXIH XS FI MRGVIEWIH PMRIEVP] XS EW 4R HIGVIEWIWJVSQJ G %KSV [LMGLIZIVMWWQEPPIV XSÎVS EW XLSWI XLEX LEZI RIX XIRWMPI WXVEMR MR XLI I\XVIQI XIRWMSR WXIIP EX RSQMREP WXVIRKXL PIWW XLER SV IUYEP XS XLI GSQTVIWWMSRGSRXVSPPIHWXVEMRPMQMXERHIUYEPXSSVKVIEXIV XLERVIWTIGXMZIP]*SVWIGXMSRW[MXLRIXXIRWMPIWXVEMR X MRXLII\XVIQIXIRWMSRWXIIPEXRSQMREPWXVIRKXLFIX[IIR XLIEFSZIPMQMXWXLIZEPYISJ QE]FIHIXIVQMRIHF]PMRIEV MRXIVTSPEXMSR EW WLS[R MR *MK 6 8LI GSRGITX SJ RIX XIRWMPIWXVEMR X MWHMWGYWWIHMR6 {7LIEVERHXSVWMSR { &IEVMRK SR GSRGVIXI I\GITX JSV TSWX XIRWMSRIHERGLSVEKI^SRIW &IGEYWIXLI GSQTVIWWMZI WXVEMR MR XLIGSRGVIXI EXRSQMREP WXVIRKXL MW EWWYQIH MR XS FI XLI RIX XIRWMPI WXVEMRPMQMXWJSVGSQTVIWWMSRGSRXVSPPIHQIQFIVWQE]EPWS FIWXEXIHMRXIVQWSJXLIVEXMSGHX[LIVIGMWXLIHITXLSJ XLI RIYXVEP E\MW EX RSQMREP WXVIRKXL ERH HX MWXLI HMWXERGI JVSQXLII\XVIQIGSQTVIWWMSRJMFIVXSXLII\XVIQIXIRWMSR WXIIP 8LI GHX PMQMXW JSV GSQTVIWWMSRGSRXVSPPIH ERH XIRWMSRGSRXVSPPIH WIGXMSRW EVI ERH VIWTIGXMZIP] 8LI PMQMXETTPMIWXSWIGXMSRW VIMRJSVGIH[MXL +VEHI WXIIP ERH XS TVIWXVIWWIH WIGXMSRW *MKYVI 6 EPWS KMZIW IUYEXMSRWJSV EWEJYRGXMSRSJGHX 8LI RIX XIRWMPI WXVEMR PMQMX JSV XIRWMSRGSRXVSPPIH WIGXMSRW QE] EPWS FI WXEXIH MR XIVQW SJ XLI F EW HIJMRIH MR XLI IHMXMSRSJXLIGSHI8LIRIXXIRWMPIWXVEMRPMQMXSJ GSVVIWTSRHW XS E F VEXMS SJ JSV VIGXERKYPEV WIGXMSRW[MXL+VEHIVIMRJSVGIQIRX*SVEGSQTEVMWSRSJ XLIWITVSZMWMSRW[MXLXLI%'-GSHI7IGXMSRWII 6IJIVIRGI *MK6{:EVMEXMSRSJ [MXLRIXXIRWMPI XERHGHXJSV +VEHIVIMRJSVGIQIRXERHJSVTVIWXVIWWMRKWXIIP {4SWXXIRWMSRIHERGLSVEKI^SRIW 6 {8LI JEGXSVSJVIJPIGXWXLI[MHIWGEXXIV SJVIWYPXWSJI\TIVMQIRXEPERGLSVEKI^SRIWXYHMIW&IGEYWI PMQMXWXLIRSQMREPGSQTVIWWMZIWXVIRKXLSJYRGSRJMRIH GSRGVIXIMRXLIKIRIVEP^SRIXS J GM XLIIJJIGXMZIHIWMKR WXVIRKXLJSVYRGSRJMRIHGSRGVIXIMW» J GM J GM )2:-6321)28%07869'896)7'3()'311)28%6= '3() '311)28%6= { *PI\YVI WIGXMSRW [MXLSYX E\MEP PSEH MR TVIXIRWMSRIH QIQFIVW [LIVI WXVERH IQFIHQIRX MW PIWW XLER XLI HIZIPSTQIRX PIRKXL EW TVSZMHIH MR 6 {-JEGVMXMGEPWIGXMSRSGGYVWMREVIKMSR[LIVI WXVERHMWRSXJYPP]HIZIPSTIH JEMPYVIQE]FIF]FSRHWPMT 7YGL E JEMPYVI VIWIQFPIW E FVMXXPI WLIEV JEMPYVI LIRGI XLI VIUYMVIQIRXWJSVEVIHYGIH {(IZIPSTQIRXPIRKXLWWTIGMJMIHMR'LETXIV HSRSXVIUYMVIE JEGXSV { -R WXVYGXYVIW XLEX VIP] SR WTIGMEP QSQIRX VIWMWXMRK JVEQIW SV WTIGMEP VIMRJSVGIH GSRGVIXI WXVYG XYVEP [EPPW XS VIWMWX IEVXLUYEOI IJJIGXW XLI WXVIRKXL VIHYGXMSR JEGXSVW WLEPP FI QSHMJMIH EW KMZIR MR E XLVSYKL G E 8LI WXVIRKXL VIHYGXMSR JEGXSV JSV WLIEV WLEPP FI JSV ER] WXVYGXYVEP QIQFIV XLEX MW HIWMKRIH XS VIWMWX IEVXLUYEOI IJJIGXW MJ MXW RSQMREP WLIEV WXVIRKXLMWPIWWXLERXLIWLIEVGSVVIWTSRHMRKXSXLI HIZIPSTQIRX SJ XLI RSQMREP JPI\YVEPWXVIRKXL SJ XLI QIQFIV 8LI RSQMREP JPI\YVEP WXVIRKXL WLEPP FI HIXIVQMRIH GSRWMHIVMRK XLI QSWX GVMXMGEP JEGXSVIH E\MEPPSEHWERHMRGPYHMRKIEVXLUYEOIIJJIGXW F 8LI WXVIRKXL VIHYGXMSR JEGXSV JSV WLIEV MR HME TLVEKQW WLEPP RSX I\GIIH XLI QMRMQYQ WXVIRKXL VIHYGXMSRJEGXSVJSVWLIEVYWIHJSVXLIZIVXMGEPGSQ TSRIRXWSJXLITVMQEV]PEXIVEPJSVGIVIWMWXMRKW]WXIQ G 8LI WXVIRKXL VIHYGXMSR JEGXSV JSV WLIEV MR NSMRXW ERHHMEKSREPP]VIMRJSVGIHGSYTPMRKFIEQWWLEPPFI 6 {7XVIRKXLVIHYGXMSRJEGXSVWMREVIMRXIRHIHXS GSQTIRWEXI JSV YRGIVXEMRXMIW MR IWXMQEXMSR SJ WXVIRKXL SJ WXVYGXYVEPQIQFIVW8LI]EVIFEWIHTVMQEVMP]SRI\TIVMIRGI [MXL GSRWXERX SV WXIEHMP] MRGVIEWMRK ETTPMIH PSEH *SV GSRWXVYGXMSR MR VIKMSRW SJ LMKL WIMWQMG VMWO WSQI SJ XLI WXVIRKXL VIHYGXMSR JEGXSVW LEZI FIIR QSHMJMIH MR XS EGGSYRXJSVXLIIJJIGXWSRWXVIRKXLSJHMWTPEGIQIRXWMRXSXLI RSRPMRIEVVERKISJVIWTSRWI 7IGXMSR E VIJIVW XSFVMXXPI QIQFIVW WYGL EW PS[VMWI [EPPW TSVXMSRW SJ [EPPW FIX[IIR STIRMRKW SV HMETLVEKQW XLEXEVIMQTVEGXMGEPXSVIMRJSVGIXSVEMWIXLIMVRSQMREPWLIEV WXVIRKXL EFSZI RSQMREP JPI\YVEP WXVIRKXL JSV XLI TIVXMRIRX PSEHMRKGSRHMXMSRW 7LSVXWXVYGXYVEP[EPPW[IVIXLITVMQEV]ZIVXMGEPIPIQIRXWSJ XLI PEXIVEPJSVGIVIWMWXMRK W]WXIQ MR QER] SJ XLI TEVOMRK WXVYGXYVIW XLEX WYWXEMRIH HEQEKI HYVMRK XLI 2SVXLVMHKI IEVXLUYEOI 7IGXMSR F VIUYMVIW XLI WLIEV WXVIRKXL VIHYGXMSR JEGXSV JSV HMETLVEKQW XS FI MJ XLI WLIEVWXVIRKXLVIHYGXMSRJEGXSVJSVXLI[EPPWMW {(IWMKRWXVIRKXLJSVVIMRJSVGIQIRX 6{(IWMKRWXVIRKXLJSVVIMRJSVGIQIRX (IWMKRWWLEPPRSXFIFEWIHSRE]MIPHWXVIRKXLSJVIMR JSVGIQIRX J] MR I\GIWW SJ TWM I\GITX JSV TVIWXVIWWMRKWXIIP 6IMRJSVGMRKFEVW[MXLE]MIPHWXVIRKXLSJTWMMRWMÎ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{'SRXVSPSJHIJPIGXMSRW 6{'SRXVSPSJHIJPIGXMSRW { 6IMRJSVGIH GSRGVIXI QIQFIVW WYFNIGXIH XS JPI\YVIWLEPPFIHIWMKRIHXSLEZIEHIUYEXIWXMJJRIWWXS PMQMX HIJPIGXMSRW SV ER] HIJSVQEXMSRW XLEX EHZIVWIP] EJJIGXWXVIRKXLSVWIVZMGIEFMPMX]SJEWXVYGXYVI 6 {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{3RI[E]GSRWXVYGXMSR RSRTVIWXVIWWIH 6{3RI[E]GSRWXVYGXMSR RSRTVIWXVIWWIH {1MRMQYQXLMGORIWWWXMTYPEXIHMR8EFPI E WLEPPETTP]JSVSRI[E]GSRWXVYGXMSRRSXWYTTSVXMRKSV EXXEGLIHXSTEVXMXMSRWSVSXLIVGSRWXVYGXMSRPMOIP]XSFI HEQEKIH F] PEVKI HIJPIGXMSRW YRPIWW GSQTYXEXMSR SJ HIJPIGXMSR MRHMGEXIW E PIWWIV XLMGORIWW GER FI YWIH [MXLSYXEHZIVWIIJJIGXW 6 { 8LI QMRMQYQ XLMGORIWWIW SJ 8EFPI E ETTP] JSV RSRTVIWXVIWWIH FIEQW ERH SRI[E] WPEFW WII ERHJSVGSQTSWMXIQIQFIVW WII 8%&0) E {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z[G FYXRSXPIWW XLER[LIVI[GMWXLIYRMX[IMKLXMRPFJX F *SVJ]SXLIVXLERTWMXLIZEPYIWWLEPPFIQYPXMTPMIHF] J] { ;LIVI HIJPIGXMSRW EVI XS FI GSQTYXIH HIJPIGXMSRW XLEX SGGYV MQQIHMEXIP] SR ETTPMGEXMSR SJ PSEHWLEPPFIGSQTYXIHF]YWYEPQIXLSHWSVJSVQYPEW JSV IPEWXMG HIJPIGXMSRW GSRWMHIVMRK IJJIGXW SJ GVEGOMRK ERHVIMRJSVGIQIRXSRQIQFIVWXMJJRIWW -X WLSYPH FI IQTLEWMÎH XLEX XLIWI QMRMQYQ XLMGORIWWIW ETTP]SRP]XSQIQFIVWRSXWYTTSVXMRKSVEXXEGLIHXSTEVXM XMSRWERHSXLIVGSRWXVYGXMSRPMOIP]XSFIHEQEKIHF]HIJPIGXMSR 8LIQSHMJMGEXMSRJSVPMKLX[IMKLXGSRGVIXIMRJSSXRSXI E MW FEWIHSRWXYHMIWSJXLIVIWYPXWERHHMWGYWWMSRWMR6IJIVIRGI 2S GSVVIGXMSR MW WTIGMJMIH JSV GSRGVIXIW [IMKLMRK FIX[IIR ERH PFJX FIGEYWI XLI GSVVIGXMSR XIVQ [SYPHFIGPSWIXSYRMX]MRXLMWVERKI 8LI QSHMJMGEXMSR JSV ]MIPH WXVIRKXL MR JSSXRSXI F MW ETTVS\MQEXI FYX WLSYPH ]MIPH GSRWIVZEXMZI VIWYPXW JSV XLI X]TI SJ QIQFIVW GSRWMHIVIH MR XLI XEFPI JSV X]TMGEP VIMR JSVGIQIRX VEXMSW ERH JSV ZEPYIW SJ J] FIX[IIR ERH TWM 6 {*SVGEPGYPEXMSRSJMQQIHMEXIHIJPIGXMSRWSJ YRGVEGOIH TVMWQEXMG QIQFIVW XLI YWYEP QIXLSHW SV JSVQYPEWJSVIPEWXMGHIJPIGXMSRWQE]FIYWIH[MXLEGSRWXERX ZEPYISJ)G -K EPSRKXLIPIRKXLSJXLIQIQFIV,S[IZIVMJ XLI QIQFIV MW GVEGOIH EX SRI SV QSVI WIGXMSRW SV MJ MXW HITXL ZEVMIW EPSRK XLI WTER E QSVI I\EGX GEPGYPEXMSR FIGSQIWRIGIWWEV] )2:-6321)28%07869'896)7'3()'311)28%6= '3() '311)28%6= {9RPIWWWXMJJRIWWZEPYIWEVISFXEMRIHF]E QSVI GSQTVILIRWMZI EREP]WMW MQQIHMEXI HIJPIGXMSR WLEPPFIGSQTYXIH[MXLXLIQSHYPYWSJIPEWXMGMX])G JSV GSRGVIXI EW WTIGMJMIH MR RSVQEP[IMKLX SV PMKLX [IMKLX GSRGVIXI ERH [MXL XLI IJJIGXMZI QSQIRX SJ MRIVXMEEWJSPPS[WFYXRSXKVIEXIVXLER-K 6 { 8LI IJJIGXMZI QSQIRX SJ MRIVXME TVSGIHYVI HIWGVMFIHMRXLIGSHIERHHIZIPSTIHMR6IJIVIRGI[EW WIPIGXIH EW FIMRK WYJJMGMIRXP] EGGYVEXI JSV YWI XS GSRXVSP HIJPIGXMSRW8LIIJJIGXMZI-I [EWHIZIPSTIHXSTVSZMHIE XVERWMXMSRFIX[IIRXLIYTTIVERHPS[IVFSYRHWSJ-K ERH -GV EWEJYRGXMSRSJXLIVEXMS1GV1E*SVQSWXTVEGXMGEPGEWIW -I [MPPFIPIWWXLER-K 1GV 1 GV P I ! P z 1E K 1E P GV [LIVI JV PK 1 GV ! ]X ERHJSVRSVQEP[IMKLXGSRGVIXI JV! J G ;LIR PMKLX[IMKLX EKKVIKEXI GSRGVIXI MW YWIH SRI SJ XLIJSPPS[MRKQSHMJMGEXMSRWWLEPPETTP] E ;LIR JGX MW WTIGMJMIH ERH GSRGVIXI MW TVSTSV XMSRIHMREGGSVHERGI[MXL JV WLEPPFIQSHMJMIHF] WYFWXMXYXMRK JGX JSV J G FYX XLI ZEPYI SJJGX WLEPPRSXI\GIIH J G F ;LIRJGX MWRSXWTIGMJMIHJV WLEPPFIQYPXMTPMIHF] JSVwEPPPMKLX[IMKLXxGSRGVIXIERHJSVwWERH PMKLX[IMKLXx GSRGVIXI 0MRIEV MRXIVTSPEXMSR WLEPP FI TIVQMXXIHMJTEVXMEPWERHVITPEGIQIRXMWYWIH { *SV GSRXMRYSYW QIQFIVW IJJIGXMZI QSQIRXSJMRIVXMEWLEPPFITIVQMXXIHXSFIXEOIREWXLI EZIVEKISJZEPYIWSFXEMRIHJVSQ)U JSVXLIGVMXMGEP TSWMXMZI ERH RIKEXMZI QSQIRX WIGXMSRW *SV TVMW QEXMG QIQFIVW IJJIGXMZI QSQIRX SJ MRIVXME WLEPP FI TIVQMXXIHXSFIXEOIREWXLIZEPYISFXEMRIHJVSQ)U EX QMHWTER JSV WMQTPI ERH GSRXMRYSYW WTERW ERH EX WYTTSVXJSVGERXMPIZIVW 6 {*SVGSRXMRYSYW QIQFIVWXLIGSHITVSGIHYVI WYKKIWXWEWMQTPIEZIVEKMRKSJ-I ZEPYIWJSVXLITSWMXMZIERH RIKEXMZIQSQIRXWIGXMSRW8LIYWISJXLIQMHWTERWIGXMSR TVSTIVXMIWJSVGSRXMRYSYWTVMWQEXMGQIQFIVWMWGSRWMHIVIH WEXMWJEGXSV] MR ETTVS\MQEXI GEPGYPEXMSRW TVMQEVMP] FIGEYWI XLI QMHWTER VMKMHMX] MRGPYHMRK XLI IJJIGX SJ GVEGOMRK LEW XLI HSQMRERX IJJIGX SR HIJPIGXMSRW EW WLS[R F] %''SQQMXXIIERH74 { 9RPIWW ZEPYIW EVI SFXEMRIH F] E QSVI GSQTVILIRWMZI EREP]WMW EHHMXMSREP PSRKXIVQ HIJPIG XMSR VIWYPXMRK JVSQ GVIIT ERH WLVMROEKI SJ JPI\YVEP QIQFIVW RSVQEP[IMKLXSVPMKLX[IMKLXGSRGVIXI WLEPP FIHIXIVQMRIHF]QYPXMTP]MRKXLIMQQIHMEXIHIJPIGXMSR GEYWIHF]XLIWYWXEMRIHPSEHGSRWMHIVIHF]XLIJEGXSV 6 {7LVMROEKIERHGVIITHYIXSWYWXEMRIHPSEHW GEYWI EHHMXMSREP wPSRKXIVQ HIJPIGXMSRWx SZIV ERH EFSZI XLSWIXLEXSGGYV[LIRPSEHWEVIJMVWXTPEGIHSRXLIWXVYGXYVI 7YGL HIJPIGXMSRW EVI MRJPYIRGIH F] XIQTIVEXYVI LYQMHMX] GYVMRK GSRHMXMSRW EKI EX XMQI SJ PSEHMRK UYERXMX] SJ GSQTVIWWMSR VIMRJSVGIQIRX QEKRMXYHI SJ XLI WYWXEMRIH PSEHERHSXLIVJEGXSVW8LII\TVIWWMSRKMZIRMRXLMWWIGXMSR MWGSRWMHIVIHWEXMWJEGXSV]JSVYWI[MXLXLIGSHITVSGIHYVIW JSV XLI GEPGYPEXMSR SJ MQQIHMEXI HIJPIGXMSRW ERH [MXL XLI PMQMXWKMZIRMR8EFPI F -XWLSYPHEPWSFIRSXIHXLEXXLI HIJPIGXMSR GSQTYXIH MREGGSVHERGI [MXLXLMWWIGXMSR MWXLI EHHMXMSREPPSRKXIVQHIJPIGXMSRHYIXSXLIHIEHPSEHERHXLEX TSVXMSRSJXLIPMZIPSEHXLEX[MPPFIWYWXEMRIHJSVEWYJJMGMIRX TIVMSHXSGEYWIWMKRMJMGERXXMQIHITIRHIRXHIJPIGXMSRW ! [LIVI WLEPPFIXLIZEPYIEXQMHWTERJSVWMQTPIERH GSRXMRYSYW WTERW ERH EX WYTTSVX JSV GERXMPIZIVW -X WLEPP FI TIVQMXXIH XS EWWYQI XLI XMQIHITIRHIRX JEGXSV JSVWYWXEMRIHPSEHWXSFIIUYEPXS ]IEVWSVQSVI QSRXLW )UYEXMSR [EWHIZIPSTIHMR6IJIVIRGI-R)U XLI QYPXMTPMIV SR EGGSYRXW JSV XLI IJJIGX SJ GSQTVIWWMSR VIMRJSVGIQIRXMRVIHYGMRKPSRKXIVQHIJPIGXMSRWERH ! 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= 8%&0) F {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j FIHEQEKIHF]PEVKIHIJPIGXMSRW P k P 0MQMXRSX MRXIRHIHXS WEJIKYEVHEKEMRWXTSRHMRK4SRHMRKWLSYPHFIGLIGOIHF]WYMXEFPIGEPGYPEXMSRWSJHIJPIGXMSRMRGPYHMRKEHHIHHIJPIGXMSRWHYIXSTSRHIH [EXIVERHGSRWMHIVMRKPSRKXIVQIJJIGXWSJEPPWYWXEMRIHPSEHWGEQFIVGSRWXVYGXMSRXSPIVERGIWERHVIPMEFMPMX]SJTVSZMWMSRWJSVHVEMREKI j 0SRKXIVQHIJPIGXMSRWLEPPFIHIXIVQMRIHMREGGSVHERGI[MXLSVFYXQE]FIVIHYGIHF]EQSYRXSJHIJPIGXMSRGEPGYPEXIHXSSGGYVFIJSVIEXXEGLQIRX SJRSRWXVYGXYVEPIPIQIRXW8LMWEQSYRXWLEPPFIHIXIVQMRIHSRFEWMWSJEGGITXIHIRKMRIIVMRKHEXEVIPEXMRKXSXMQIHIJPIGXMSRGLEVEGXIVMWXMGWSJQIQFIVWWMQMPEVXS XLSWIFIMRKGSRWMHIVIH k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{ (IJPIGXMSR GSQTYXIH MR EGGSVHERGI [MXL XLVSYKL WLEPP RSX I\GIIH PMQMXW WXMTY PEXIHMR8EFPI F 6 {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ÎWERHWLETIW *MK6{1YPXMTPMIVWJSVPSRKXIVQHIJPIGXMSRW )2:-6321)28%07869'896)7'3()'311)28%6= '3() '311)28%6= {8[S[E]GSRWXVYGXMSR RSRTVIWXVIWWIH 6{8[S[E]GSRWXVYGXMSR RSRTVIWXVIWWIH {7IGXMSR WLEPP KSZIVR XLI QMRMQYQ XLMGORIWW SJ WPEFW SV SXLIV X[S[E] GSRWXVYGXMSR HIWMKRIHMREGGSVHERGI[MXLXLITVSZMWMSRWSJ'LETXIV ERH GSRJSVQMRK[MXLXLIVIUYMVIQIRXWSJ 8LI XLMGORIWW SJ WPEFW [MXLSYX MRXIVMSV FIEQW WTER RMRKFIX[IIRXLIWYTTSVXWSREPPWMHIWWLEPPWEXMWJ]XLI VIUYMVIQIRXW SJ SV 8LI XLMGORIWW SJ WPEFW[MXLFIEQWWTERRMRKFIX[IIRXLIWYTTSVXWSREPP WMHIWWLEPPWEXMWJ]VIUYMVIQIRXWSJSV {*SVWPEFW[MXLSYXMRXIVMSVFIEQWWTERRMRK FIX[IIR XLI WYTTSVXW ERH LEZMRK E VEXMS SJ PSRK XS WLSVXWTERRSXKVIEXIVXLERXLIQMRMQYQXLMGORIWW WLEPPFIMREGGSVHERGI[MXLXLITVSZMWMSRWSJ8EFPI G ERHWLEPPRSXFIPIWWXLERXLIJSPPS[MRKZEPYIW E 7PEFW[MXLSYXHVSTTERIPWEWHIJMRIHMR ERH MR 6 { 8LI QMRMQYQ XLMGORIWWIW MR 8EFPI G EVI XLSWI XLEX LEZI IZSPZIH XLVSYKL XLI ]IEVW MR FYMPHMRK GSHIW -X MW EWWYQIH XLEX WPEFW GSRJSVQMRK XS XLSWI PMQMXW LEZIRSXVIWYPXIHMRW]WXIQEXMGTVSFPIQWVIPEXIHXSWXMJJRIWW JSV WLSVX ERH PSRKXIVQ PSEHW 2EXYVEPP] XLMW GSRGPYWMSR ETTPMIWMRSRP]XLIHSQEMRSJTVIZMSYWI\TIVMIRGIMRPSEHW IRZMVSRQIRXQEXIVMEPWFSYRHEV]GSRHMXMSRWERHWTERW F 7PEFW[MXLHVSTTERIPWEWHIJMRIHMRERH MR 8%&0) G {1-2-1918,-'/2)773*70%&7 ;-8,398-28)6-36&)%17 ;MXLHVSTTERIPWj ;MXLSYXHVSTTERIPWj -RXIVMSV -RXIVMSV )\XIVMSVTERIPW TERIPW )\XIVMSVTERIPW TERIPW ;MXL =MIPH ;MXLSYX ;MXLSYX ;MXL IHKI IHKI WXVIRKXL IHKI IHKI J] TWM FIEQW FIEQWk FIEQW FIEQWk PR PR PR PR PR PR PR PR PR PR PR PR PR PR PR PR PR PR *SVZEPYIWSJVIMRJSVGIQIRX]MIPHWXVIRKXLFIX[IIRXLIZEPYIWKMZIRMRXLI XEFPIQMRMQYQXLMGORIWWWLEPPFIHIXIVQMRIHF]PMRIEVMRXIVTSPEXMSR j(VSTTERIPMWHIJMRIHMR ERH k 7PEFW[MXLFIEQWFIX[IIRGSPYQRWEPSRKI\XIVMSVIHKIW8LIZEPYISJ JSVXLIIHKIFIEQWLEPPRSXFIPIWWXLER { *SV WPEFW[MXL FIEQW WTERRMRK FIX[IIR XLIWYTTSVXWSREPPWMHIWXLIQMRMQYQXLMGORIWWWLEPP FIEWJSPPS[W E *SV Q IUYEPXSSVPIWWXLERXLITVSZMWMSRWSJ WLEPPETTP] F *SV Q KVIEXIVXLERFYXRSXKVIEXIVXLER XLIXLMGORIWWWLEPPRSXFIPIWWXLER J] P R L ! Q z ERHRSXPIWWXLERMR G *SV Q KVIEXIVXLER XLIXLMGORIWW WLEPPRSX FIPIWWXLER 6 {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{ 7PEF XLMGORIWW PIWW XLER XLI QMRMQYQ XLMGORIWW VIUYMVIH F] ERH WLEPPFITIVQMXXIHXSFIYWIHMJWLS[RF]GSQTYXEXMSR XLEXXLIHIJPIGXMSR[MPPRSXI\GIIHXLIPMQMXWWXMTYPEXIH MR 8EFPI F (IJPIGXMSRW WLEPP FI GSQTYXIH XEOMRK MRXSEGGSYRXWMÎERHWLETISJXLITERIPGSRHMXMSRWSJ WYTTSVX ERH REXYVI SJ VIWXVEMRXW EX XLI TERIP IHKIW 8LI QSHYPYW SJ IPEWXMGMX] SJ GSRGVIXI )G WLEPP FI EW WTIGMJMIHMR8LIIJJIGXMZIQSQIRXSJMRIVXMEWLEPP FI XLEX KMZIR F] )U SXLIV ZEPYIW WLEPP FI TIVQMXXIHXSFIYWIHMJXLI]VIWYPXMRGSQTYXIHHIJPIG XMSRWMRVIEWSREFPIEKVIIQIRX[MXLVIWYPXWSJGSQTVI LIRWMZIXIWXW%HHMXMSREPPSRKXIVQHIJPIGXMSRWLEPPFI GSQTYXIHMREGGSVHERGI[MXL {4VIWXVIWWIHGSRGVIXIGSRWXVYGXMSR 6 { 8LI GEPGYPEXMSR SJ HIJPIGXMSRW JSV WPEFW MW GSQTPMGEXIHIZIRMJPMRIEVIPEWXMGFILEZMSVGERFIEWWYQIH *SVMQQIHMEXIHIJPIGXMSRWXLIZEPYIWSJ)G ERH -I WTIGMJMIH MR QE] FI YWIH 3XLIV TVSGIHYVIW ERH SXLIV ZEPYIW SJ XLI WXMJJRIWW )- QE] FI YWIH LS[IZIV MJ XLI] VIWYPX MR TVIHMGXMSRW SJ HIJPIGXMSR MRVIEWSREFPI EKVIIQIRX [MXLXLIVIWYPXWSJGSQTVILIRWMZIXIWXW &IGEYWIEZEMPEFPIHEXESRPSRKXIVQHIJPIGXMSRWSJWPEFWEVI XSS PMQMXIH XS NYWXMJ] QSVI IPEFSVEXI TVSGIHYVIWXLI EHHM XMSREPPSRKXIVQHIJPIGXMSRJSVX[S[E]GSRWXVYGXMSRMWVIUYMVIH XSFIGSQTYXIHYWMRKXLIQYPXMTPMIVWKMZIRMR 6{4VIWXVIWWIHGSRGVIXIGSRWXVYGXMSR 8LI GSHI VIUYMVIW HIJPIGXMSRW JSV EPP TVIWXVIWWIH GSRGVIXI JPI\YVEP QIQFIVW XS FI GSQTYXIH ERH GSQTEVIH [MXL XLI EPPS[EFPIZEPYIWMR8EFPI F {*SVJPI\YVEPQIQFIVWHIWMKRIHMREGGSVHERGI [MXL TVSZMWMSRW SJ 'LETXIV MQQIHMEXI HIJPIGXMSR WLEPP FI GSQTYXIH F] YWYEP QIXLSHW SV JSVQYPEW JSV IPEWXMG HIJPIGXMSRW ERH XLI QSQIRX SJ MRIVXME SJ XLI KVSWWGSRGVIXI WIGXMSR WLEPP FI TIVQMXXIH XS FI YWIH JSV'PEWW9JPI\YVEPQIQFIVWEWHIJMRIHMR 6 { -QQIHMEXI HIJPIGXMSRW SJ 'PEWW 9 TVIWXVIWWIH GSRGVIXI QIQFIVW QE] FI GEPGYPEXIH F] XLI YWYEPQIXLSHWSVJSVQYPEWJSVIPEWXMGHIJPIGXMSRWYWMRKXLI QSQIRXSJMRIVXMESJXLIKVSWW YRGVEGOIH GSRGVIXIWIGXMSR ERHXLIQSHYPYWSJIPEWXMGMX]JSVGSRGVIXIWTIGMJMIHMR {*SV'PEWW8JPI\YVEPQIQFIVWEWHIJMRIH MR HIJPIGXMSR GEPGYPEXMSRW WLEPPFI FEWIH SR E GVEGOIH XVERWJSVQIH WIGXMSR EREP]WMW -X WLEPP FI TIVQMXXIHXSFEWIGSQTYXEXMSRWSREFMPMRIEVQSQIRX HIJPIGXMSR VIPEXMSRWLMT SV ER IJJIGXMZI QSQIRX SJ MRIVXMEEWHIJMRIHF])U 6 {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{ %HHMXMSREP PSRKXIVQ HIJPIGXMSR SJ TVIWXVIWWIH GSRGVIXI QIQFIVW WLEPP FI GSQTYXIH XEOMRK MRXS EGGSYRX WXVIWWIW MR GSRGVIXI ERH WXIIP YRHIV WYWXEMRIH PSEH ERH MRGPYHMRK IJJIGXW SJ GVIIT ERHWLVMROEKISJGSRGVIXIERHVIPE\EXMSRSJWXIIP 6 {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{ (IJPIGXMSR GSQTYXIH MR EGGSVHERGI [MXL SV ERH WLEPP RSX I\GIIH PMQMXW WXMTYPEXIHMR8EFPI F {'SQTSWMXIGSRWXVYGXMSR {7LSVIHGSRWXVYGXMSR -J GSQTSWMXI JPI\YVEP QIQFIVW EVI WYTTSVXIH HYVMRK GSRWXVYGXMSR WS XLEX EJXIV VIQSZEP SJ XIQTSVEV] WYTTSVXW HIEH PSEH MW VIWMWXIH F] XLI JYPP GSQTSWMXI WIGXMSRMXWLEPPFITIVQMXXIHXSGSRWMHIVXLIGSQTSWMXI QIQFIVIUYMZEPIRXXSEQSRSPMXLMGEPP]GEWXQIQFIVJSV GSQTYXEXMSR SJ HIJPIGXMSR *SV RSRTVIWXVIWWIH QIQFIVW XLI TSVXMSR SJ XLI QIQFIV MR GSQTVIWWMSR WLEPP HIXIVQMRI [LIXLIV ZEPYIW MR 8EFPI E JSV RSVQEP[IMKLX SV PMKLX[IMKLX GSRGVIXI WLEPP ETTP] -J HIJPIGXMSR MW GSQTYXIH EGGSYRX WLEPP FI XEOIR SJ GYVZEXYVIW VIWYPXMRK JVSQ HMJJIVIRXMEP WLVMROEKI SJ TVIGEWX ERH GEWXMRTPEGI GSQTSRIRXW ERH SJ E\MEP GVIITIJJIGXWMRETVIWXVIWWIHGSRGVIXIQIQFIV {9RWLSVIHGSRWXVYGXMSR -J XLI XLMGORIWW SJ E RSRTVIWXVIWWIH TVIGEWX JPI\YVEP QIQFIV QIIXW XLI VIUYMVIQIRXW SJ 8EFPI E 6{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{ (IJPIGXMSR GSQTYXIH MR EGGSVHERGI [MXL SV WLEPPRSX I\GIIH PMQMXW WXMTYPEXIHMR 8EFPI F '311)28%6= )2:-6321)28%07869'896)7'3()'311)28%6= ',%48)6{*0)<96)%2(%<-%003%(7 '3() '311)28%6= {2SXEXMSR 6{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Î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{7GSTI 4VSZMWMSRW SJ 'LETXIV WLEPP ETTP] JSV HIWMKR SJ QIQFIVW WYFNIGX XS JPI\YVI SV E\MEP PSEHW SV XS GSQFMRIHJPI\YVIERHE\MEPPSEHW {(IWMKREWWYQTXMSRW 6{(IWMKREWWYQTXMSRW {7XVIRKXLHIWMKRSJQIQFIVWJSVJPI\YVIERH E\MEP PSEHW WLEPP FI FEWIH SR EWWYQTXMSRW KMZIR MR XLVSYKLERHSRWEXMWJEGXMSRSJETTPMGEFPI GSRHMXMSRWSJIUYMPMFVMYQERHGSQTEXMFMPMX]SJWXVEMRW 6 { 8LI WXVIRKXL SJ E QIQFIV GSQTYXIH F] XLI WXVIRKXLHIWMKRQIXLSHSJXLIGSHIVIUYMVIWXLEXX[SFEWMG GSRHMXMSRW FI WEXMWJMIH WXEXMG IUYMPMFVMYQ ERH GSQTEXMFMPMX]SJWXVEMRW)UYMPMFVMYQFIX[IIRXLIGSQTVIW WMZIERHXIRWMPIJSVGIWEGXMRKSRXLIGVSWWWIGXMSREXRSQMREP WXVIRKXLQYWXFIWEXMWJMIH'SQTEXMFMPMX]FIX[IIRXLIWXVIWW ERHWXVEMRJSVXLIGSRGVIXIERHXLIVIMRJSVGIQIRXEXRSQMREP WXVIRKXL GSRHMXMSRW WLSYPH EPWS FI IWXEFPMWLIH [MXLMR XLI HIWMKREWWYQTXMSRWEPPS[IHF] {7XVEMRMRVIMRJSVGIQIRXERHGSRGVIXIWLEPPFI EWWYQIHHMVIGXP]TVSTSVXMSREPXSXLIHMWXERGIJVSQXLI RIYXVEPE\MWI\GITXJSVHIITFIEQW[MXLSZIVEPPHITXL XS GPIEV WTER VEXMSW KVIEXIV XLER JSV GSRXMRYSYW WTERW ERH JSV WMQTPI WTERW ERSRPMRIEV HMWXVMFY XMSRSJWXVEMRWLEPPFIGSRWMHIVIH7II 6 {1ER]XIWXWLEZIGSRJMVQIHXLEXXLIHMWXVMFYXMSR SJ WXVEMR MW IWWIRXMEPP] PMRIEV EGVSWW E VIMRJSVGIH GSRGVIXI GVSWWWIGXMSRIZIRRIEVYPXMQEXIWXVIRKXL 8LIWXVEMRMRFSXLVIMRJSVGIQIRXERHMRGSRGVIXIMWEWWYQIH XSFIHMVIGXP]TVSTSVXMSREPXSXLIHMWXERGIJVSQXLIRIYXVEPE\MW 8LMWEWWYQTXMSRMWSJTVMQEV]MQTSVXERGIMRHIWMKRJSVHIXIV QMRMRKXLIWXVEMRERHGSVVIWTSRHMRKWXVIWWMRXLIVIMRJSVGIQIRX )2:-6321)28%07869'896)7'3()'311)28%6= '3() '311)28%6= {1E\MQYQYWEFPIWXVEMREXI\XVIQIGSRGVIXI GSQTVIWWMSRJMFIVWLEPPFIEWWYQIHIUYEPXS 6 { 8LI QE\MQYQ GSRGVIXI GSQTVIWWMZI WXVEMR EX GVYWLMRK SJ XLI GSRGVIXI LEW FIIR SFWIVZIH MR XIWXW SJ ZEVMSYWOMRHWXSZEV]JVSQXSLMKLIVXLERYRHIV WTIGMEP GSRHMXMSRW 8LI WXVEMR EX [LMGL YPXMQEXI QSQIRXW EVIHIZIPSTIHLS[IZIVMWYWYEPP]EFSYXXSJSV QIQFIVWSJRSVQEPTVSTSVXMSRWERHQEXIVMEPW {7XVIWWMRVIMRJSVGIQIRXFIPS[WTIGMJMIH]MIPH WXVIRKXL J] JSV KVEHI SJ VIMRJSVGIQIRX YWIH WLEPP FI XEOIREW)W XMQIWWXIIPWXVEMR*SVWXVEMRWKVIEXIVXLER XLEX GSVVIWTSRHMRK XS J] WXVIWW MR VIMRJSVGIQIRXWLEPP FIGSRWMHIVIHMRHITIRHIRXSJWXVEMRERHIUYEPXSJ] 6 { *SV HIJSVQIH VIMRJSVGIQIRX MX MW VIEWSREFP] EGGYVEXI XS EWWYQI XLEX XLI WXVIWW MR VIMRJSVGIQIRX MW TVSTSVXMSREP XS WXVEMR FIPS[ XLI ]MIPH WXVIRKXL J] 8LI MRGVIEWIMRWXVIRKXLHYIXSXLIIJJIGXSJWXVEMRLEVHIRMRKSJ XLIVIMRJSVGIQIRXMWRIKPIGXIHJSVWXVIRKXLGSQTYXEXMSRW-R WXVIRKXL GSQTYXEXMSRW XLI JSVGI HIZIPSTIH MR XIRWMPI SV GSQTVIWWMZIVIMRJSVGIQIRXMWGSQTYXIHEW [LIR W ] ]MIPHWXVEMR %W JW ! %W)W W [LIR W ] %W JW ! %WJ] [LIVI W MWXLIZEPYIJVSQXLIWXVEMRHMEKVEQEXXLIPSGEXMSR SJXLIVIMRJSVGIQIRX*SVHIWMKRXLIQSHYPYWSJIPEWXMGMX] SJ WXIIP VIMRJSVGIQIRX )W QE] FI XEOIR EW TWM WII { 8IRWMPI WXVIRKXL SJ GSRGVIXI WLEPP FI RIKPIGXIHMRE\MEPERHJPI\YVEPGEPGYPEXMSRWSJ VIMRJSVGIH GSRGVIXII\GITX[LIRQIIXMRKVIUYMVIQIRXWSJ 6 { 8LI XIRWMPI WXVIRKXL SJ GSRGVIXI MR JPI\YVI QSHYPYW SJ VYTXYVI MW E QSVI ZEVMEFPI TVSTIVX] XLER XLI GSQTVIWWMZI WXVIRKXL ERH MW EFSYX XS TIVGIRX SJ XLI GSQTVIWWMZIWXVIRKXL8IRWMPIWXVIRKXLSJGSRGVIXIMRJPI\YVI MW RIKPIGXIH MR WXVIRKXL HIWMKR *SV QIQFIVW [MXL RSVQEP TIVGIRXEKIW SJ VIMRJSVGIQIRX XLMW EWWYQTXMSR MW MR KSSH EKVIIQIRX [MXL XIWXW *SV ZIV] WQEPP TIVGIRXEKIW SJ VIMR JSVGIQIRX RIKPIGX SJ XLI XIRWMPI WXVIRKXL EX YPXMQEXI MW YWYEPP]GSVVIGX 8LIWXVIRKXLSJGSRGVIXIMRXIRWMSRLS[IZIVMWMQTSVXERXMR GVEGOMRKERHHIJPIGXMSRGSRWMHIVEXMSRWEXWIVZMGIPSEHW {8LIVIPEXMSRWLMTFIX[IIRGSRGVIXIGSQTVIWWMZI WXVIWWHMWXVMFYXMSRERHGSRGVIXIWXVEMRWLEPPFIEWWYQIH XSFI VIGXERKYPEVXVETI^SMHEPTEVEFSPMGSVER]SXLIV WLETIXLEXVIWYPXWMRTVIHMGXMSRSJWXVIRKXLMRWYFWXERXMEP EKVIIQIRX[MXLVIWYPXWSJGSQTVILIRWMZIXIWXW 6 {8LMWEWWYQTXMSRVIGSKRMÎWXLIMRIPEWXMGWXVIWW HMWXVMFYXMSRSJGSRGVIXIEXLMKLWXVIWW%WQE\MQYQWXVIWWMW ETTVSEGLIHXLIWXVIWWWXVEMRVIPEXMSRWLMTJSVGSRGVIXIMWRSX EWXVEMKLXPMRIFYXWSQIJSVQSJEGYVZI WXVIWWMWRSXTVSTSV XMSREPXSWXVEMR 8LIKIRIVEPWLETISJEWXVIWWWXVEMRGYVZIMW TVMQEVMP] EJYRGXMSRSJGSRGVIXI WXVIRKXLERH GSRWMWXW SJE VMWMRK GYVZI JVSQ Î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{ 6IUYMVIQIRXW SJ EVI WEXMWJMIH F] ER IUYMZEPIRX VIGXERKYPEV GSRGVIXI WXVIWW HMWXVMFYXMSR HIJMRIHF]XLIJSPPS[MRK { 'SRGVIXI WXVIWW SJ JG WLEPP FI EWWYQIH YRMJSVQP] HMWXVMFYXIH SZIV ER IUYMZEPIRX GSQTVIWWMSR ^SRI FSYRHIH F] IHKIW SJ XLI GVSWW WIGXMSR ERH E WXVEMKLX PMRI PSGEXIH TEVEPPIP XS XLI RIYXVEP E\MW EX E HMWXERGI E ! G JVSQ XLI JMFIV SJ QE\MQYQGSQTVIWWMZIWXVEMR {(MWXERGI G JVSQ JMFIV SJ QE\MQYQ WXVEMR XS XLI RIYXVEP E\MW WLEPP FI QIEWYVIH MR E HMVIGXMSR TIVTIRHMGYPEVXSXLEXE\MW {*EGXSV WLEPP FI XEOIR EW JSV GSRGVIXI WXVIRKXLW JG YT XS ERH MRGPYHMRK TWM *SV WXVIRKXLW EFSZI TWM WLEPP FI VIHYGIH GSRXMRYSYWP] EX E VEXI SJ JSV IEGL TWM SJ WXVIRKXL MR I\GIWW SJ TWM FYX WLEPP RSX FI XEOIRPIWWXLER 6 {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{+IRIVEPTVMRGMTPIWERHVIUYMVIQIRXW 6{+IRIVEPTVMRGMTPIWERHVIUYMVIQIRXW {(IWMKRSJGVSWWWIGXMSRWWYFNIGXXSJPI\YVISV E\MEPPSEHWSVXSGSQFMRIHJPI\YVIERHE\MEPPSEHWWLEPP FI FEWIH SR WXVIWW ERH WXVEMR GSQTEXMFMPMX] YWMRK EWWYQTXMSRWMR 6 {(IWMKRWXVIRKXLIUYEXMSRWJSVQIQFIVWWYFNIGX XSJPI\YVISVGSQFMRIHJPI\YVIERHE\MEPPSEHEVIHIVMZIHMR XLITETIVw6IGXERKYPEV'SRGVIXI7XVIWW(MWXVMFYXMSRMR9PXM QEXI 7XVIRKXL (IWMKRx ERH TVIZMSYW IHMXMSRW SJ XLMW GSQQIRXEV]EPWSKMZIXLIHIVMZEXMSRWSJWXVIRKXLIUYEXMSRW JSVGVSWWWIGXMSRWSXLIVXLERVIGXERKYPEV { &EPERGIH WXVEMR GSRHMXMSRW I\MWX EX E GVSWW WIGXMSR[LIRXIRWMSRVIMRJSVGIQIRXVIEGLIWXLIWXVEMR GSVVIWTSRHMRKXSMXWWTIGMJMIH]MIPHWXVIRKXLJ] NYWXEW GSRGVIXIMRGSQTVIWWMSRVIEGLIWMXWEWWYQIHYPXMQEXI WXVEMRSJ 6 { % FEPERGIH WXVEMR GSRHMXMSR I\MWXW EX E GVSWW WIGXMSR[LIRXLIQE\MQYQWXVEMREXXLII\XVIQIGSQTVIWWMSR JMFIVNYWXVIEGLIWWMQYPXERISYWP][MXL XLIJMVWX]MIPH WXVEMR J] )W MRXLIXIRWMSRVIMRJSVGIQIRX8LIVIMRJSVGIQIRX VEXMS F[LMGLTVSHYGIWFEPERGIHGSRHMXMSRWYRHIVJPI\YVI HITIRHWSRXLIWLETISJXLIGVSWWWIGXMSRERHXLIPSGEXMSRSJ XLIVIMRJSVGIQIRX { 7IGXMSRW EVI GSQTVIWWMSRGSRXVSPPIH [LIR XLI RIX XIRWMPI WXVEMR MR XLI I\XVIQI XIRWMSR WXIIP MW IUYEPXSSVPIWWXLERXLIGSQTVIWWMSRGSRXVSPPIHWXVEMR PMQMXEXXLIXMQIXLIGSRGVIXIMRGSQTVIWWMSRVIEGLIW MXW EWWYQIH WXVEMR PMQMX SJ 8LI GSQTVIWWMSR GSRXVSPPIH WXVEMR PMQMX MW XLI RIX XIRWMPI WXVEMR MR XLI VIMRJSVGIQIRXEXFEPERGIHWXVEMRGSRHMXMSRW*SV+VEHI VIMRJSVGIQIRX ERH JSV EPP TVIWXVIWWIH VIMRJSVGI QIRX MX WLEPP FI TIVQMXXIH XS WIX XLI GSQTVIWWMSR GSRXVSPPIHWXVEMRPMQMXIUYEPXS 6 { 8LI RSQMREP JPI\YVEP WXVIRKXL SJ E QIQFIV MW VIEGLIH [LIR XLI WXVEMR MR XLI I\XVIQI GSQTVIWWMSR JMFIV VIEGLIWXLIEWWYQIHWXVEMRPMQMX8LIRIXXIRWMPIWXVEMR XMWXLIXIRWMPIWXVEMRMRXLII\XVIQIXIRWMSRWXIIPEXRSQMREP WXVIRKXL I\GPYWMZI SJ WXVEMRW HYI XS TVIWXVIWW GVIIT WLVMROEKI ERH XIQTIVEXYVI 8LI RIX XIRWMPI WXVEMR MR XLI I\XVIQI XIRWMSR WXIIP MW HIXIVQMRIH JVSQ E PMRIEV WXVEMR HMWXVMFYXMSR EX RSQMREP WXVIRKXL WLS[R MR *MK 6 YWMRKWMQMPEVXVMERKPIW ;LIR XLI RIX XIRWMPI WXVEMR MR XLI I\XVIQI XIRWMSR WXIIP MW WYJJMGMIRXP]PEVKI IUYEPXSSVKVIEXIVXLER XLIWIGXMSR MW HIJMRIH EW XIRWMSRGSRXVSPPIH [LIVI EQTPI [EVRMRK SJ JEMPYVI [MXL I\GIWWMZI HIJPIGXMSR ERH GVEGOMRK QE] FI )2:-6321)28%07869'896)7'3()'311)28%6= '3() '311)28%6= I\TIGXIH;LIRXLIRIXXIRWMPIWXVEMRMRXLII\XVIQIXIRWMSR WXIIP MW WQEPP PIWW XLER SV IUYEP XS XLI GSQTVIWWMSR GSRXVSPPIH WXVEMR PMQMX E FVMXXPI JEMPYVI GSRHMXMSR QE] FI I\TIGXIH[MXLPMXXPI[EVRMRKSJMQTIRHMRKJEMPYVI*PI\YVEP QIQFIVWEVIYWYEPP]XIRWMSRGSRXVSPPIH[LIVIEWGSQTVIW WMSR QIQFIVW EVI YWYEPP] GSQTVIWWMSRGSRXVSPPIH 7SQI WIGXMSRW WYGL EW XLSWI [MXL WQEPP E\MEP PSEH ERH PEVKI FIRHMRKQSQIRX[MPPLEZIRIXXIRWMPIWXVEMRMRXLII\XVIQI XIRWMSRWXIIPFIX[IIRXLIEFSZIPMQMXW8LIWIWIGXMSRWEVIMR E XVERWMXMSR VIKMSR FIX[IIR GSQTVIWWMSR ERH XIRWMSR GSRXVSPPIH WIGXMSRW 7IGXMSR WTIGMJMIW XLI ETTVSTVMEXI WXVIRKXL VIHYGXMSR JEGXSVW JSV XIRWMSRGSRXVSPPIH ERH GSQTVIWWMSRGSRXVSPPIHWIGXMSRWERHJSVMRXIVQIHMEXIGEWIW MRXLIXVERWMXMSRVIKMSR &IJSVI XLI HIZIPSTQIRX SJ XLIWI TVSZMWMSRW XLI PMQMXMRK XIRWMPIWXVEMRJSVJPI\YVEPQIQFIVW[EWRSXWXEXIHFYX[EW MQTPMGMX MR XLI QE\MQYQ XIRWMSR VIMRJSVGIQIRX VEXMS XLEX [EWKMZIREWEJVEGXMSRSJ F[LMGL[EWHITIRHIRXSRXLI ]MIPH WXVIRKXL SJ XLI VIMRJSVGIQIRX 8LI RIX XIRWMPI WXVEMR PMQMXSJJSVXIRWMSRGSRXVSPPIHWIGXMSRW[EWGLSWIRXS FI E WMRKPI ZEPYI XLEX ETTPMIW XS EPP X]TIW SJ WXIIP TVIWXVIWWIHERHRSRTVIWXVIWWIH TIVQMXXIHF]XLMWGSHI 9RPIWWYRYWYEPEQSYRXWSJHYGXMPMX]EVIVIUYMVIHXLI PMQMX [MPP TVSZMHI HYGXMPI FILEZMSV JSV QSWX HIWMKRW 3RI GSRHMXMSR [LIVI KVIEXIV HYGXMPI FILEZMSV MW VIUYMVIH MW MR HIWMKR JSV VIHMWXVMFYXMSR SJ QSQIRXW MR GSRXMRYSYW QIQFIVW ERH JVEQIW 7IGXMSR TIVQMXW VIHMWXVMFYXMSR SJ RIKEXMZIQSQIRXW&IGEYWIQSQIRXVIHMWXVMFYXMSRMWHITIR HIRXSREHIUYEXIHYGXMPMX]MRLMRKIVIKMSRWQSQIRXVIHMW XVMFYXMSRMWPMQMXIHXSWIGXMSRWXLEXLEZIERIXXIRWMPIWXVEMR SJEXPIEWX *SVFIEQW[MXLGSQTVIWWMSRVIMRJSVGIQIRXSV8FIEQWXLI IJJIGXWSJGSQTVIWWMSRVIMRJSVGIQIRXERHJPERKIWEVIEYXS QEXMGEPP] EGGSYRXIH JSV MR XLI GSQTYXEXMSR SJ RIX XIRWMPI WXVEMR X *MK6{7XVEMRHMWXVMFYXMSRERHRIXXIRWMPIWXVEMR 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= {7IGXMSRWEVIXIRWMSRGSRXVSPPIH[LIRXLIRIX XIRWMPIWXVEMRMRXLII\XVIQIXIRWMSRWXIIPMWIUYEPXSSV KVIEXIVXLERNYWXEWXLIGSRGVIXIMRGSQTVIWWMSR VIEGLIW MXW EWWYQIH WXVEMR PMQMX SJ 7IGXMSRW [MXL RIX XIRWMPI WXVEMR MR XLI I\XVIQI XIRWMSR WXIIP FIX[IIR XLI GSQTVIWWMSRGSRXVSPPIH WXVEMR PMQMX ERH GSRWXMXYXIEXVERWMXMSRVIKMSRFIX[IIRGSQTVIW WMSRGSRXVSPPIHERHXIRWMSRGSRXVSPPIHWIGXMSRW { *SV RSRTVIWXVIWWIH JPI\YVEP QIQFIVW ERH RSRTVIWXVIWWIH QIQFIVW [MXL E\MEP PSEH PIWW XLER JG %KXLIRIXXIRWMPIWXVEMR XEXRSQMREPWXVIRKXL WLEPPRSXFIPIWWXLER 6 {8LIIJJIGXSJXLMWPMQMXEXMSRMWXSVIWXVMGXXLIVIMR JSVGIQIRXVEXMSMRRSRTVIWXVIWWIHFIEQWXSEFSYXXLIWEQI VEXMSEWMR IHMXMSRWSJXLI %'- GSHIFIJSVI 8LI VIMRJSVGIQIRXPMQMXSJ FVIWYPXWMRERIXXIRWMPIWXVEMREX RSQMREPWXVIRKXLSJ8LITVSTSWIHPMQMXSJMW WPMKLXP]QSVIGSRWIVZEXMZI8LMWPMQMXEXMSRHSIWRSXETTP]XS TVIWXVIWWIHQIQFIVW { 9WI SJ GSQTVIWWMSR VIMRJSVGIQIRX WLEPP FI TIVQMXXIH MR GSRNYRGXMSR [MXL EHHMXMSREP XIRWMSR VIMR JSVGIQIRX XS MRGVIEWI XLI WXVIRKXL SJ JPI\YVEP QIQFIVW {(IWMKRE\MEPPSEHWXVIRKXL 4R SJGSQTVIW WMSR QIQFIVW WLEPP RSX FI XEOIR KVIEXIV XLER XLI JSPPS[MRK {*SVRSRTVIWXVIWWIHQIQFIVW[MXLWTMVEP VIMRJSVGIQIRX GSRJSVQMRK XS SV GSQTSWMXI QIQFIVWGSRJSVQMRKXS 4R QE\ ! ?JG %Kz%WX J]%WXA { *SV RSRTVIWXVIWWIH QIQFIVW [MXL XMI VIMRJSVGIQIRXGSRJSVQMRKXS 4R QE\ ! ?JG %Kz%WX J]%WXA { *SVTVIWXVIWWIH QIQFIVW HIWMKR E\MEP PSEHWXVIRKXL 4R WLEPPRSXFIXEOIRKVIEXIVXLER JSV QIQFIVW [MXL WTMVEP VIMRJSVGIQIRX SV JSV QIQFIVW [MXL XMI VIMRJSVGIQIRX SJ XLI HIWMKR E\MEP PSEHWXVIRKXLEXÎVSIGGIRXVMGMX] 4S {1IQFIVWWYFNIGXXSGSQTVIWWMZIE\MEPPSEH WLEPPFIHIWMKRIHJSV XLIQE\MQYQQSQIRX XLEX GER EGGSQTER]XLIE\MEPPSEH8LIJEGXSVIH E\MEPPSEH 4Y EX KMZIR IGGIRXVMGMX] WLEPP RSX I\GIIH XLEX KMZIR MR 8LI QE\MQYQ JEGXSVIH QSQIRX 1Y WLEPP FI QEKRMJMIH JSV WPIRHIVRIWW IJJIGXW MR EGGSVHERGI [MXL 6ERH6{8LIQMRMQYQHIWMKRIGGIRXVMGMXMIW MRGPYHIHMRXLIERH%'-GSHIW[IVIHIPIXIH JVSQXLI%'-GSHII\GITXJSVGSRWMHIVEXMSRSJWPIR HIVRIWWIJJIGXWMRGSQTVIWWMSRQIQFIVW[MXLWQEPPSVÎVS GSQTYXIH IRH QSQIRXW WII 8LI WTIGMJMIH QMRMQYQIGGIRXVMGMXMIW[IVISVMKMREPP]MRXIRHIHXSWIVZIEW E QIERW SJ VIHYGMRK XLI E\MEP PSEH HIWMKR WXVIRKXL SJ E WIGXMSRMRTYVIGSQTVIWWMSRXSEGGSYRXJSVEGGMHIRXEPIGGIR XVMGMXMIW RSX GSRWMHIVIH MR XLI EREP]WMW XLEX QE] I\MWX MR E GSQTVIWWMSR QIQFIV ERH XS VIGSKRMÎ XLEX GSRGVIXI WXVIRKXLQE]FIPIWWXLERJG YRHIVWYWXEMRIHLMKLPSEHW8LI TVMQEV] TYVTSWI SJ XLI QMRMQYQ IGGIRXVMGMX] VIUYMVIQIRX [EW XS PMQMX XLI QE\MQYQ HIWMKR E\MEP PSEH WXVIRKXL SJ E GSQTVIWWMSRQIQFIV8LMWMWRS[EGGSQTPMWLIHHMVIGXP]MR F]PMQMXMRKXLIHIWMKRE\MEPPSEHWXVIRKXLSJEWIGXMSR MR TYVI GSQTVIWWMSR XS SV TIVGIRX SJ XLI RSQMREP WXVIRKXL 8LIWI TIVGIRXEKI ZEPYIW ETTVS\MQEXI XLI E\MEP PSEHWXVIRKXLWEXIL VEXMSWSJERHWTIGMJMIHMRXLI IEVPMIVGSHIWJSV XLIWTMVEPP] VIMRJSVGIHERHXMIHQIQFIVW VIWTIGXMZIP]8LIWEQIE\MEPPSEHPMQMXEXMSRETTPMIWXSFSXL GEWXMRTPEGI ERH TVIGEWX GSQTVIWWMSR QIQFIVW (IWMKR EMHWERHGSQTYXIVTVSKVEQWFEWIHSRXLIQMRMQYQIGGIR XVMGMX] VIUYMVIQIRX SJ XLI ERH GSHIW EVI IUYEPP]ETTPMGEFPI *SVTVIWXVIWWIHQIQFIVWXLIHIWMKRE\MEPPSEHWXVIRKXLMR TYVI GSQTVIWWMSR MW GSQTYXIH F] XLI WXVIRKXL HIWMKR QIXLSHW SJ 'LETXIV MRGPYHMRK XLI IJJIGX SJ XLI TVIWXVIWWMRKJSVGI 'SQTVIWWMSRQIQFIVIRHQSQIRXWWLSYPHFIGSRWMHIVIHMR XLI HIWMKR SJ EHNEGIRX JPI\YVEP QIQFIVW -R RSRW[E] JVEQIWXLIIJJIGXWSJQEKRMJ]MRKXLIIRHQSQIRXWRIIHRSX FIGSRWMHIVIHMRXLIHIWMKRSJXLIEHNEGIRXFIEQW-RW[E] JVEQIWXLIQEKRMJMIHIRHQSQIRXWQYWXFIGSRWMHIVIHMR HIWMKRMRKXLIJPI\YVEPQIQFIVWEWVIUYMVIHMR )2:-6321)28%07869'896)7'3()'311)28%6= '3() '311)28%6= 'SVRIV ERH SXLIV GSPYQRW I\TSWIH XS ORS[R QSQIRXW EFSYX IEGL E\MW WMQYPXERISYWP] WLSYPH FI HIWMKRIH JSV FME\MEP FIRHMRK ERH E\MEP PSEH 7EXMWJEGXSV] QIXLSHW EVI EZEMPEFPI MR XLI %'- (IWMKR ,ERHFSSO ERH XLI '67,ERHFSSO8LIVIGMTVSGEPPSEHQIXLSHERHXLIPSEH GSRXSYVQIXLSHEVIXLIQIXLSHWYWIHMRXLSWIX[SLERH FSSOW6IWIEVGLMRHMGEXIWXLEXYWMRKXLIVIGXERKYPEV WXVIWW FPSGO TVSZMWMSRW SJ TVSHYGIW WEXMWJEGXSV] WXVIRKXLIWXMQEXIWJSVHSYFP]W]QQIXVMGWIGXMSRW%WMQTPI ERHWSQI[LEXGSRWIVZEXMZIIWXMQEXISJRSQMREPWXVIRKXL4RM GERFISFXEMRIHJVSQXLIVIGMTVSGEPPSEHVIPEXMSRWLMT ! z 4 R\ 4 R] 4S 4 RM [LIVI 4RM ! RSQMREPE\MEPPSEHWXVIRKXLEXKMZIRIGGIRXVMGMX] EPSRKFSXLE\IW 4S ! RSQMREPE\MEPPSEHWXVIRKXLEXÎVSIGGIRXVMGMX] 4R\ ! RSQMREPE\MEPPSEHWXVIRKXLEXKMZIRIGGIRXVMGMX] EPSRK \E\MW 4R] ! RSQMREPE\MEPPSEHWXVIRKXLEXKMZIRIGGIRXVMGMX] EPSRK ]E\MW 8LMWVIPEXMSRWLMTMWQSWXWYMXEFPI[LIRZEPYIW4R\ ERH 4R] EVIKVIEXIVXLERXLIFEPERGIHE\MEPJSVGI4F JSVXLITEVXMGYPEV E\MW {(MWXERGIFIX[IIRPEXIVEPWYTTSVXW SJJPI\YVEPQIQFIVW 6{(MWXERGIFIX[IIRPEXIVEPWYTTSVXWSJ JPI\YVEPQIQFIVW {7TEGMRKSJPEXIVEPWYTTSVXWJSVEFIEQWLEPP RSXI\GIIHXMQIWXLIPIEWX[MHXLF SJGSQTVIWWMSR JPERKISVJEGI 8IWXW LEZI WLS[R XLEX PEXIVEPP] YRFVEGIH VIMR JSVGIHGSRGVIXIFIEQWSJER]VIEWSREFPIHMQIRWMSRWIZIR [LIR ZIV] HIIT ERH REVVS[ [MPP RSX JEMP TVIQEXYVIP] F] PEXIVEP FYGOPMRK TVSZMHIH XLI FIEQW EVI PSEHIH [MXLSYX PEXIVEPIGGIRXVMGMX]XLEXGSYPHGEYWIXSVWMSR {)JJIGXWSJPEXIVEPIGGIRXVMGMX]SJPSEHWLEPPFI XEOIR MRXS EGGSYRX MR HIXIVQMRMRK WTEGMRK SJ PEXIVEP WYTTSVXW 0EXIVEPP] YRFVEGIH FIEQW EVI JVIUYIRXP] PSEHIH SJJ GIRXIV PEXIVEPIGGIRXVMGMX] SV[MXLWPMKLXMRGPMREXMSR7XVIWWIWERH HIJSVQEXMSRWWIXYTF]WYGLPSEHMRKFIGSQIHIXVMQIRXEPJSV REVVS[HIITFIEQWXLIQSVIWSEWXLIYRWYTTSVXIHPIRKXL MRGVIEWIW 0EXIVEP WYTTSVXW WTEGIH GPSWIV XLER F QE] FI VIUYMVIHF]EGXYEPPSEHMRKGSRHMXMSRW {1MRMQYQVIMRJSVGIQIRXSJJPI\YVEP QIQFIVW 6{1MRMQYQVIMRJSVGIQIRXSJJPI\YVEP QIQFIVW {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{ *SV WXEXMGEPP] HIXIVQMREXI QIQFIVW [MXL E JPERKIMRXIRWMSRXLIEVIE%WQMR WLEPPFIIUYEPXSSV KVIEXIV XLER XLI ZEPYI KMZIR F] )U [MXL F[ VITPEGIH F] IMXLIV F[ SV XLI [MHXL SJ XLI JPERKI [LMGLIZIVMWWQEPPIV {8LIVIUYMVIQIRXWSJ ERHRIIH RSX FI ETTPMIH MJ EX IZIV] WIGXMSR XLI EVIE SJ XIRWMPI VIMRJSVGIQIRX TVSZMHIH MW EX PIEWX SRIXLMVH KVIEXIV XLERXLEXVIUYMVIHF]EREP]WMWJSVVIUYMVIHWXVIRKXL9 RSXMRGPYHMRKXLIIRZMVSRQIRXEPHYVEFMPMX]JEGXSV7H 6 {8LIQMRMQYQVIMRJSVGIQIRXVIUYMVIHF])U QYWXFITVSZMHIH[LIVIZIVVIMRJSVGIQIRXMWRIIHIHI\GITX [LIVIWYGLVIMRJSVGIQIRXMWEXPIEWXSRIXLMVHKVIEXIVXLER XLEXVIUYMVIHF]EREP]WMW8LMWI\GITXMSRTVSZMHIWWYJJMGMIRX EHHMXMSREP VIMRJSVGIQIRX MR PEVKI QIQFIVW [LIVI XLI EQSYRXVIUYMVIHF]SV[SYPHFII\GIWWMZI { *SV WXVYGXYVEP WPEFW QEXW ERH JSSXMRKW SJ YRMJSVQ XLMGORIWW XLI QMRMQYQ EVIE SJ XIRWMPI VIMR JSVGIQIRX MR XLI HMVIGXMSR SJ XLI WTER WLEPP FI XLI WEQIEWXLEXVIUYMVIHF]*SV[EPPWXLIQMRMQYQ EVIEW SJ VIMRJSVGIQIRX WXIIP WLEPP FI EW VIUYMVIH F] ERH 6 {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{(MWXVMFYXMSRSJJPI\YVEPVIMRJSVGIQIRX 6{(MWXVMFYXMSRSJJPI\YVEPVIMRJSVGIQIRX {8LMWWIGXMSRTVIWGVMFIWVYPIWJSVHMWXVMFYXMSR SJ JPI\YVEP VIMRJSVGIQIRX ERH XLI EPPS[EFPI WXVIWWIW YWIH XS GSRXVSP JPI\YVEP GVEGOMRK MR EPP QIQFIVW XLEX EVIRSXGSQTVIWWMSRGSRXVSPPIHWIGXMSRW8LIVIUYMVI QIRXW SJ XLMW WIGXMSR HS RSX ETTP] XS PSEH GSQFMRE XMSRWXLEXMRGPYHIIEVXLUYEOIPSEHW 6 {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{(MWXVMFYXMSRSJJPI\YVEPVIMRJSVGIQIRXMRX[S [E] WPEFW WLEPP EPWS QIIX XLI VIUYMVIQIRXW SJ *SVXLIETTPMGEXMSRSJWPEFW[MXLEREWTIGXVEXMS PSRKWTERXSWLSVXWTER RSXKVIEXIVXLERWLEPPFI GSRWMHIVIH EW X[S[E] QIQFIVW ERH WPEFW [MXL ER EWTIGX VEXMS KVIEXIV XLER WLEPP FI GSRWMHIVIH EW SRI[E]QIQFIVW 6 {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{*PI\YVEPXIRWMSRVIMRJSVGIQIRXWLEPPFI[IPP HMWXVMFYXIH[MXLMRQE\MQYQJPI\YVEPXIRWMSR^SRIWSJE QIQFIVGVSWWWIGXMSREWVIUYMVIHF] 6 {7IZIVEPFEVWEXQSHIVEXIWTEGMRKEVIQYGLQSVI IJJIGXMZIMRGSRXVSPPMRKGVEGOMRKXLERSRISVX[SPEVKIVFEVW SJIUYMZEPIRXEVIE { 8LI GEPGYPEXIH WXVIWW JW MR VIMRJSVGIQIRX GPSWIWX XS E WYVJEGI MR XIRWMSR EX WIVZMGI PSEHW WLEPP RSX I\GIIH XLEX KMZIR F] )U ERH ERH WLEPPRSXI\GIIHEQE\MQYQSJTWM 6 {8LMWWIGXMSRVITPEGIWXLI ^JEGXSVVIUYMVIQIRXW SJXLIGSHIIHMXMSR8LIQE\MQYQEPPS[EFPIWXVIWWIW EVIRS[WTIGMJMIHHMVIGXP]EWEJYRGXMSRSJFEVWTEGMRK 8LI JMKYVIW 6 E XLVSYKL 6 H EVI TPSXW SJ )U ERH MRGPYHMRK XLI WMQTPMJMGEXMSRW SJ 7IGXMSRWERHERHPMQMXEXMSRWJSVSRIERH X[S[E]QIQFIVW MWHIJMRIHEWXLIVEXMSSJHMWXERGIWXS XLIRIYXVEPE\MWJVSQXLII\XVIQIXIRWMSRJMFIVERHJVSQXLI GIRXVSMH SJ XLI QEMR VIMRJSVGIQIRX 8LIWI JMKYVIW QE] FI YWIHXSWIPIGXEREPPS[EFPIWXVIWWFEWIHSREQE\MQYQFEV WTEGMRKXSFIYWIHMRFEVWIPIGXMSR {-RRSVQEPIRZMVSRQIRXEPI\TSWYVIEVIEW EWHIJMRIHMR J W QE\ ! W HF FYXRIIHRSXFIPIWWXLERTWMJSVSRI[E]ERH TWMJSVX[S[E]QIQFIVW 'VEGO[MHXLWMRIRZMVSRQIRXEPWXVYGXYVIWEVILMKLP]ZEVMEFPI -RTVIZMSYWGSHIWTVSZMWMSRW[IVIKMZIRJSVHMWXVMFYXMSRSJ VIMRJSVGIQIRXXLEX[IVIFEWIHSRIQTMVMGEPIUYEXMSRWYWMRK 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= {-RWIZIVIIRZMVSRQIRXEPI\TSWYVIEVIEW EWHIJMRIHMR EGEPGYPEXIHQE\MQYQGVEGO[MHXLSJMRJSVRSVQEP IRZMVSRQIRXEPI\TSWYVI8LIGYVVIRXTVSZMWMSRWJSVWTEGMRK EVIMRXIRHIHXSPMQMXWYVJEGIGVEGOWXSE[MHXLXLEXMWKIRIVEPP] EGGITXEFPIMRTVEGXMGIFYXQE]ZEV][MHIP]MREKMZIRWXVYGXYVI JW QE\ ! W HF FYXRIIHRSXFIPIWWXLERTWMJSVSRI[E]ERH TWMJSVX[S[E]QIQFIVW { -R )U ERH MX WLEPP FI TIVQMXXIHXSYWIXLIZEPYIJSVXLIXIVQ HF EWEWMQTPMJMGEXMSR { 8LI WXVEMR KVEHMIRX EQTPMJMGEXMSR JEGXSV WLEPPFIKMZIRF] LzG ! HzG 8LI VSPI SJ GVEGOW MR XLI GSVVSWMSR SJ VIMRJSVGIQIRX MW GSRXVSZIVWMEP6IWIEVGLWLS[WXLEXGSVVSWMSRMWRSX GPIEVP] GSVVIPEXIH [MXL WYVJEGI GVEGO [MHXLW MR XLI VERKI RSVQEPP]JSYRH[MXLVIMRJSVGIQIRXWXVIWWIWEXWIVZMGIPSEH PIZIPW%PXLSYKLERYQFIVSJWXYHMIWLEZIFIIRGSRHYGXIH GPIEV I\TIVMQIRXEP IZMHIRGI MW RSX EZEMPEFPI VIKEVHMRK XLI GVEGO[MHXLFI]SRH[LMGLEGSVVSWMSRHERKIVI\MWXW)RZM VSRQIRXEPIRKMRIIVMRKGSRGVIXIWXVYGXYVIWLEZIXVEHMXMSREPP] TIVJSVQIH [IPP YWMRK UYEPMX] GSRGVIXI EW HIJMRIH F] XLMW GSHI YWMRK EHIUYEXI GSQTEGXMSR PMQMXMRK QE\MQYQ FEV WXVIWWIW ERH IUYEPP] HMWXVMFYXMRK QSVI WQEPPIV FEVW VEXLIV XLERJI[PEVKIVFEVWSRXIRWMSRJEGIW [LIVI G MW GEPGYPEXIH EX WIVZMGI PSEHW -R PMIY SJ XLMW QSVITVIGMWIGEPGYPEXMSRMXWLEPPFITIVQMXXIHXSYWI IUYEPXSJSVL MRERHJSVL MRMR )U ERH { *SV PMUYMH VIXIRXMSR RSVQEP IRZMVSR QIRXEPI\TSWYVIMWHIJMRIHEWI\TSWYVIXSPMUYMHW[MXL ET,KVIEXIVXLERSVI\TSWYVIXSWYPJEXIWSPYXMSRWSJ TTQ SV PIWW 7IZIVI IRZMVSRQIRXEP I\TSWYVIW EVIGSRHMXMSRWMR[LMGLXLIPMQMXWHIJMRMRKRSVQEPIRZM VSRQIRXEPI\TSWYVIEVII\GIIHIH { 'EPGYPEXIH JPI\YVEP WXVIWW MR VIMRJSVGI QIRX EX WIVZMGI PSEH JW MR OWM WLEPP FI GSQTYXIH EW XLIYRJEGXSVIHQSQIRXHMZMHIHF]XLITVSHYGXSJWXIIP EVIEERHMRXIVREPQSQIRXEVQ *MK 6 E {1E\MQYQ EPPS[EFPI WXIIP WXVIWW RSVQEP I\TSWYVI{SRI[E]IPIQIRXW *MK 6 F {1E\MQYQ EPPS[EFPI WXIIP WXVIWW RSVQEP I\TSWYVI{X[S[E]IPIQIRXW )2:-6321)28%07869'896)7'3()'311)28%6= '3() '311)28%6= *MK 6 G {1E\MQYQ EPPS[EFPI WXIIP WXVIWW WIZIVI I\TSWYVI{SRI[E]IPIQIRXW *MK 6 H {1E\MQYQ EPPS[EFPI WXIIP WXVIWW WIZIVI I\TSWYVI{X[S[E]IPIQIRXW { ;LIVI ETTIEVERGI SJ XLI GSRGVIXI WYVJEGI MW SJ GSRGIVR ERH GSRGVIXI GSZIV I\GIIHW MR XLI WIVZMGI PSEH JPI\YVEP XIRWMSR WXVIWW QYWX RSX I\GIIH XLIZEPYIW KMZIRMR ERHXLIWTEGMRKWSJ VIMR JSVGIQIRX GPSWIWX XS XLI WYVJEGI MR XIRWMSR WLEPP RSX I\GIIHXLEXKMZIRF] W ! z G G JW 6 { *SV QSWX GSRHMXMSRW GVEGO GSRXVSP GVMXIVME JSV IRZMVSRQIRXEP IRKMRIIVMRK GSRGVIXI WXVYGXYVIW [MPP WEXMWJ] ETTIEVERGIGSRWMHIVEXMSRW8LII\GITXMSRMW[LIVIEGSZIV KVIEXIVXLERMRMWYWIHFIGEYWIXLIGSZIVMRI\GIWWSJMR MW RIKPIGXIH MR )U ERH )UYEXMSR MW XEOIR JVSQ %'- ERH MW MRXIRHIH XS PMQMX WYVJEGI GVEGOW XS E [MHXL XLEX MW KIRIVEPP] EGGITXEFPI MR TVEGXMGI FYXRSXKVIEXIVXLERMR {;LIVIJPERKIWSJ8FIEQGSRWXVYGXMSREVIMR XIRWMSRTEVXSJXLIJPI\YVEPXIRWMSRVIMRJSVGIQIRXWLEPP FIHMWXVMFYXIHSZIVERIJJIGXMZIJPERKI[MHXLEWHIJMRIH MRSVE[MHXLIUYEPXSSRIXIRXLXLIWTER[LMGL IZIV MW WQEPPIV -J XLI IJJIGXMZI JPERKI [MHXL I\GIIHW SRIXIRXL XLI WTER WSQI PSRKMXYHMREP VIMRJSVGIQIRX WLEPPFITVSZMHIHMRXLISYXIVTSVXMSRWSJXLIJPERKI 6 { -R QENSV 8FIEQW HMWXVMFYXMSR SJ XLI RIKEXMZI VIMRJSVGIQIRXJSVGSRXVSPSJGVEGOMRKQYWXXEOIMRXSEGGSYRX X[S GSRWMHIVEXMSRW [MHI WTEGMRK SJ XLI VIMRJSVGIQIRX EGVSWW XLI JYPP IJJIGXMZI [MHXL SJ JPERKI QE] GEYWI WSQI [MHIGVEGOWXSJSVQMRXLIWPEFRIEVXLI[IFERH GPSWI WTEGMRKRIEVXLI[IFPIEZIWXLISYXIVVIKMSRWSJXLIJPERKI YRTVSXIGXIH8LIPMQMXEXMSRMWXSKYEVHEKEMRWXXSS[MHI 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= *MK6{7OMRVIMRJSVGIQIRXJSVFIEQWERHNSMWXW[MXLH"MR E WTEGMRK [MXL WSQI EHHMXMSREP VIMRJSVGIQIRX VIUYMVIH XS TVSXIGXXLISYXIVTSVXMSRWSJXLIJPERKI { -J XLI IJJIGXMZI HITXL H SJ E FIEQ SV NSMWX I\GIIHWMRPSRKMXYHMREPWOMRVIMRJSVGIQIRXWLEPPFI YRMJSVQP] HMWXVMFYXIH EPSRK FSXL WMHI JEGIW SJ XLI QIQFIVJSVEHMWXERGIH RIEVIWXXLIJPI\YVEPXIRWMSR VIMRJSVGIQIRX 8LI WTEGMRK WWO FIX[IIR PSRKMXYHMREP FEVW SV [MVIW SJ XLI WOMR VIMRJSVGIQIRX WLEPP RSX I\GIIHXLIPIEWXSJHMRERH%F Hz -X WLEPP FI TIVQMXXIH XS MRGPYHI WYGL VIMRJSVGIQIRX MR WXVIRKXLGSQTYXEXMSRWMJEWXVEMRGSQTEXMFMPMX]EREP]WMW MW QEHI XS HIXIVQMRI WXVIWW MR XLI MRHMZMHYEP FEVW SV [MVIW8LIXSXEPEVIESJPSRKMXYHMREPWOMRVIMRJSVGIQIRX MRFSXLJEGIWRIIHRSXI\GIIHSRILEPJSJXLIVIUYMVIH JPI\YVEPXIRWMPIVIMRJSVGIQIRX 6 { *SV VIPEXMZIP] HIIT JPI\YVEP QIQFIVW WSQI VIMRJSVGIQIRXWLSYPHFITPEGIHRIEVXLIZIVXMGEPJEGIWSJXLI XIRWMSR ^SRI XS GSRXVSP GVEGOMRK MR XLI [IF 7II *MK6 ;MXLSYXWYGLEY\MPMEV]WXIIPXLI[MHXLSJXLI GVEGOWMRXLI[IFQE]I\GIIHXLIGVEGO[MHXLWEXXLIPIZIP SJXLIJPI\YVEPXIRWMSRVIMRJSVGIQIRX {(IITFIEQW 6{(IITFIEQW {&IEQW[MXLSZIVEPPHITXLXSGPIEVWTERVEXMSW KVIEXIVXLERJSVGSRXMRYSYWWTERWSVJSVWMQTPI WTERW WLEPP FI HIWMKRIH EW HIIT FIEQW XEOMRK MRXS EGGSYRX RSRPMRIEV HMWXVMFYXMSR SJ WXVEMR ERH PEXIVEP FYGOPMRK 7IIEPWS 8LI GSHI HSIW RSX GSRXEMR HIXEMPIH VIUYMVIQIRXW JSV HIWMKRMRKHIITFIEQWJSVJPI\YVII\GITXXLEXRSRPMRIEVMX]SJ WXVEMRHMWXVMFYXMSRERHPEXIVEPFYGOPMRKQYWXFIGSRWMHIVIH 7YKKIWXMSRW JSV XLI HIWMKR SJ HIIT FIEQW JSV JPI\YVI EVI KMZIRMR6IJIVIRGIW ERH { 7LIEV WXVIRKXL SJ HIIT FIEQW WLEPP FI MR EGGSVHERGI[MXL {1MRMQYQJPI\YVEPXIRWMSRVIMRJSVGIQIRXWLEPP GSRJSVQXS { 1MRMQYQ LSVM^SRXEP ERH ZIVXMGEP VIMRJSVGI QIRX MR XLI WMHI JEGIW SJ HIIT FIEQW WLEPP FI XLI KVIEXIV SJ XLI VIUYMVIQIRXW SJ ERH SVERH ;LIVI XLI TVSZMWMSRW JSV HIIT FIEQW [EPPW SV TVIGEWX TERIPWVIUYMVIQSVIWXIIPXLSWITVSZMWMSRW EPSRK[MXLXLIMV WTEGMRKVIUYMVIQIRXW [MPPKSZIVR )2:-6321)28%07869'896)7'3()'311)28%6= '3() {(IWMKRHMQIRWMSRWJSVGSQTVIWWMSR QIQFIVW '311)28%6= 6{(IWMKRHMQIRWMSRWJSVGSQTVIWWMSR QIQFIVW ;MXL XLI IHMXMSR SJ XLI %'- &YMPHMRK 'SHI QMRMQYQWMÎWJSVGSQTVIWWMSRQIQFIVW[IVIIPMQMREXIH XS EPPS[ [MHIV YXMPMÊXMSR SJ VIMRJSVGIH GSRGVIXI GSQTVIW WMSRQIQFIVWMRWQEPPIVWMÎERHPMKLXP]PSEHIHWXVYGXYVIW WYGLEWPS[VMWIVIWMHIRXMEPERHPMKLXSJJMGIFYMPHMRKW8LI IRKMRIIV WLSYPH VIGSKRMÎ XLI RIIH JSV GEVIJYP [SVOQER WLMT EW [IPP EW XLI MRGVIEWIH WMKRMJMGERGI SJ WLVMROEKI WXVIWWIW[MXLWQEPPWIGXMSRW { -WSPEXIH GSQTVIWWMSR QIQFIV [MXL QYPXMTPIWTMVEPW 3YXIV PMQMXW SJ XLI IJJIGXMZI GVSWW WIGXMSR SJ E GSQTVIWWMSR QIQFIV [MXL X[S SV QSVI MRXIVPSGOMRK WTMVEPW WLEPP FI XEOIR EX E HMWXERGI SYXWMHI XLI I\XVIQI PMQMXW SJ XLI WTMVEPW IUYEP XS XLI QMRMQYQ GSRGVIXIGSZIVVIUYMVIHF] { 'SQTVIWWMSR QIQFIV FYMPX QSRSPMXLMGEPP] [MXL[EPP 3YXIVPMQMXWSJXLIIJJIGXMZIGVSWW WIGXMSRSJEWTMVEPP] VIMRJSVGIHSVXMIHVIMRJSVGIHGSQTVIWWMSRQIQFIVFYMPX QSRSPMXLMGEPP] [MXL E GSRGVIXI [EPP SV TMIV WLEPP FI XEOIRRSXKVIEXIVXLERMRSYXWMHIXLIWTMVEPSVXMI VIMRJSVGIQIRX {)UYMZEPIRXGMVGYPEVGSQTVIWWMSRQIQFIV %WEREPXIVREXMZIXSYWMRKXLIJYPPKVSWWEVIEJSVHIWMKR SJEGSQTVIWWMSRQIQFIV[MXLEWUYEVISGXEKSREPSV SXLIVWLETIHGVSWWWIGXMSRMXWLEPPFITIVQMXXIHXSYWI E GMVGYPEV WIGXMSR [MXL E HMEQIXIV IUYEP XS XLI PIEWX PEXIVEP HMQIRWMSR SJ XLI EGXYEP WLETI +VSWW EVIE GSRWMHIVIHVIUYMVIHTIVGIRXEKISJVIMRJSVGIQIRXERH HIWMKRWXVIRKXLWLEPPFIFEWIHSRXLEXGMVGYPEVWIGXMSR 66ERH6{*SVGSPYQRHIWMKR XLI GSHI TVSZMWMSRW JSV UYERXMX] SJ VIMRJSVGIQIRX FSXL ZIVXMGEPERHWTMVEPEVIFEWIHSRXLIKVSWWGSPYQREVIEERH GSVIEVIEERHXLIHIWMKRWXVIRKXLSJXLIGSPYQRMWFEWIHSR XLI KVSWW EVIE SJ XLI GSPYQR WIGXMSR -R WSQI GEWIW LS[IZIVXLIKVSWWEVIEMWPEVKIVXLERRIGIWWEV]XSGEVV]XLI JEGXSVIHPSEH8LIFEWMWSJERHMWXLEX MX MW WEXMWJEGXSV] XS HIWMKR E GSPYQR SJ WYJJMGMIRX WMÎ XS GEVV]XLIJEGXSVIHPSEHERHXLIRWMQTP]EHHGSRGVIXIEVSYRH XLIHIWMKRIHWIGXMSR[MXLSYXMRGVIEWMRKXLIVIMRJSVGIQIRXXS QIIX XLI QMRMQYQ TIVGIRXEKIW VIUYMVIH F] 8LI EHHMXMSREPGSRGVIXIQYWXRSXFIGSRWMHIVIHEWGEVV]MRKPSEH LS[IZIV XLI IJJIGXW SJXLIEHHMXMSREP GSRGVIXI SR QIQFIV WXMJJRIWW QYWX FI MRGPYHIH MR XLI WXVYGXYVEP EREP]WMW 8LI IJJIGXWSJXLIEHHMXMSREPGSRGVIXIEPWSQYWXFIGSRWMHIVIHMR HIWMKR SJXLISXLIVTEVXWSJXLIWXVYGXYVI XLEXMRXIVEGX[MXL XLISZIVWMÎQIQFIV {0MQMXWSJWIGXMSR *SVEGSQTVIWWMSRQIQFIV[MXLEGVSWWWIGXMSRPEVKIV XLER VIUYMVIHF]GSRWMHIVEXMSRWSJ PSEHMRKMXWLEPPFI TIVQMXXIH XS FEWI XLI QMRMQYQ VIMRJSVGIQIRX ERH WXVIRKXLSREVIHYGIHIJJIGXMZIEVIE%K RSXPIWWXLER SRILEPJXLIXSXEPEVIE8LMWTVSZMWMSRWLEPPRSXETTP]MR VIKMSRWSJLMKLWIMWQMGVMWO {0MQMXWJSVVIMRJSVGIQIRXSJ GSQTVIWWMSRQIQFIVW 6{0MQMXWJSVVIMRJSVGIQIRXSJ GSQTVIWWMSRQIQFIVW { %VIE SJ PSRKMXYHMREP VIMRJSVGIQIRX JSV RSRGSQTSWMXIGSQTVIWWMSRQIQFIVWWLEPPFIRSXPIWW XLERRSVQSVIXLERXMQIWKVSWW EVIE %K SJ WIGXMSR 6 {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ÎH MR XLI VITSVX SJ %'- 'SQQMXXII ERH QMRMQYQ VIMRJSVGIQIRX VEXMSW SJ ERH [IVI VIGSQQIRHIH JSV WTMVEP ERH XMIH GSPYQRW VIWTIGXMZIP] -R EPPIHMXMSRWSJXLI%'-&YMPHMRK'SHIWMRGILS[IZIV XLIQMRMQYQVEXMSLEWFIIRJSVFSXLX]TIWSJPEXIVEPP] VIMRJSVGIHGSPYQRW 1E\MQYQ VIMRJSVGIQIRX )\XIRWMZI XIWXW SJ XLI %'GSPYQR MRZIWXMKEXMSR MRGPYHIH VIMRJSVGIQIRX VEXMSW RS KVIEXIVXLER%PXLSYKLSXLIVXIWXW[MXLEWQYGLEW TIVGIRXVIMRJSVGIQIRXMRXLIJSVQSJFEVWTVSHYGIHVIWYPXW WMQMPEVXSXLSWISFXEMRIHTVIZMSYWP]MXMWRIGIWWEV]XSRSXI XLEX XLI PSEHW MR XLIWI XIWXW [IVI ETTPMIH XLVSYKL FIEVMRK TPEXIWSRXLIIRHWSJXLIGSPYQRWERHXLITVSFPIQSJXVERW JIVVMRK E TVSTSVXMSREP EQSYRX SJ XLI PSEH XS XLI FEVW [EW XLYW QMRMQMÎH SV EZSMHIH 1E\MQYQ VEXMSW SJ ERH [IVI VIGSQQIRHIH F] %'- 'SQQMXXII JSV WTMVEP ERH XMIH GSPYQRW VIWTIGXMZIP] -R XLI %'&YMPHMRK 'SHI XLIWI PMQMXW [IVI QEHI ERH VIWTIGXMZIP] -R XLI GSHI XLI PMQMX JSV XMIH GSPYQRW [MXL FIRHMRK [EW VEMWIH XS 7MRGI XLI %'- GSHIMXLEWFIIRVIUYMVIHXLEXFIRHMRKFIGSRWMHIVIHMRXLI HIWMKRSJEPPGSPYQRWERHXLIQE\MQYQVEXMSSJLEW FIIR ETTPMIH XS FSXL X]TIW SJ GSPYQRW 8LMW PMQMX GER FI GSRWMHIVIHETVEGXMGEPQE\MQYQJSVVIMRJSVGIQIRXMRXIVQW SJIGSRSQ]ERHVIUYMVIQIRXWJSVTPEGMRK { 1MRMQYQ RYQFIV SJ PSRKMXYHMREP FEVW MR GSQTVIWWMSR QIQFIVW WLEPP FI JSYV JSV FEVW [MXLMR VIGXERKYPEVSVGMVGYPEVXMIWXLVIIJSVFEVW[MXLMRXVMER KYPEV XMIW ERH WM\ JSV FEVW IRGPSWIH F] WTMVEPW GSRJSVQMRKXS 6 {*SVGSQTVIWWMSRQIQFIVWEQMRMQYQSJJSYV PSRKMXYHMREPFEVWMWVIUYMVIH[LIRFEVWEVIIRGPSWIHF]VIGX ERKYPEVSVGMVGYPEVXMIW*SVSXLIVWLETIWSRIFEVWLSYPHFI TVSZMHIHEXIEGLETI\SVGSVRIVERHTVSTIVPEXIVEPVIMRJSVGI QIRXTVSZMHIH*SVI\EQTPIXMIHXVMERKYPEVGSPYQRWVIUYMVI XLVII PSRKMXYHMREP FEVW SRI EX IEGL ETI\ SJ XLI XVMERKYPEV XMIW*SVFEVWIRGPSWIHF]WTMVEPWWM\FEVWEVIVIUYMVIH ;LIRXLIRYQFIVSJFEVWMREGMVGYPEVEVVERKIQIRXMWPIWW XLERIMKLXXLISVMIRXEXMSRSJXLIFEVW[MPPEJJIGXXLIQSQIRX WXVIRKXL SJ IGGIRXVMGEPP] PSEHIH GSPYQRW ERH QYWX FI GSRWMHIVIHMRHIWMKR )2:-6321)28%07869'896)7'3()'311)28%6= '3() '311)28%6= {6EXMSSJWTMVEPVIMRJSVGIQIRX W WLEPPFIRSX PIWWXLERXLIZEPYIKMZIRF] 6 {8LIIJJIGXSJWTMVEPVIMRJSVGIQIRXMRMRGVIEWMRK XLIPSEHGEVV]MRKWXVIRKXLSJXLIGSRGVIXI[MXLMRXLIGSVIMW RSX VIEPMÎH YRXMP XLI GSPYQRLEW FIIR WYFNIGXIHXS EPSEH ERH HIJSVQEXMSR WYJJMGMIRX XS GEYWI XLI GSRGVIXI WLIPP SYXWMHIXLIGSVIXSWTEPPSJJ8LIEQSYRXSJWTMVEPVIMRJSVGI QIRX VIUYMVIH F] )U MW MRXIRHIH XS TVSZMHI EHHM XMSREP PSEHGEVV]MRK WXVIRKXL JSV GSRGIRXVMGEPP] PSEHIH GSPYQRW IUYEP XS SV WPMKLXP] KVIEXIV XLER XLI WXVIRKXL PSWX [LIRXLIWLIPPWTEPPWSJJ8LMWTVMRGMTPI[EWVIGSQQIRHIH F]%'-'SQQMXXIIERHLEWFIIRETEVXSJXLI%'- GSHIWMRGI8LIHIVMZEXMSRSJ)U MWKMZIRMRXLI %'-'SQQMXXIIVITSVX8IWXWERHI\TIVMIRGIWLS[XLEX GSPYQRW GSRXEMRMRK XLI EQSYRX SJ WTMVEP VIMRJSVGIQIRX VIUYMVIHF]XLMWWIGXMSRI\LMFMXGSRWMHIVEFPIXSYKLRIWWERH HYGXMPMX] W JG % ! K z %G J] [LIVI J] MW XLI WTIGMJMIH ]MIPH WXVIRKXL SJ WTMVEP VIMR JSVGIQIRXFYXRSXQSVIXLERTWM {7PIRHIVRIWWIJJIGXWMRGSQTVIWWMSR QIQFIVW 6{7PIRHIVRIWWIJJIGXWMRGSQTVIWWMSR QIQFIVW 4VSZMWMSRWJSVWPIRHIVRIWWIJJIGXWMRGSQTVIWWMSRQIQFIVW ERHJVEQIW [IVI VIZMWIHMR XLI %'-GSHI XS FIXXIV VIGSKRMÎXLIYWISJWIGSRHSVHIVEREP]WIWERHXSMQTVSZI XLI EVVERKIQIRX SJ XLI TVSZMWMSRW HIEPMRK [MXL W[E] YRFVEGIH ERHRSRW[E] FVEGIH JVEQIW8LIYWISJE VIJMRIH RSRPMRIEV WIGSRHSVHIV EREP]WMW MW TIVQMXXIH MR 7IGXMSRW ERH TVIWIRX ER ETTVS\MQEXI HIWMKR QIXLSH FEWIH SR XLI XVEHMXMSREP QSQIRXQEKRMJMIVQIXLSH*SVW[E]JVEQIWXLIQEKRMJMIH W[E]QSQIRX W1W QE]FIGEPGYPEXIHYWMRKEWIGSRHSVHIV IPEWXMGEREP]WMWF]ERETTVS\MQEXMSRXSWYGLEREREP]WMWSV F]XLIXVEHMXMSREPW[E]QSQIRXQEKRMJMIV {)\GITXEWEPPS[IHMRXLIHIWMKRSJ GSQTVIWWMSR QIQFIVW VIWXVEMRMRK FIEQW ERH SXLIV WYTTSVXMRK QIQFIVW WLEPP FI FEWIH SR XLI JEGXSVIH JSVGIW ERH QSQIRXW JVSQ E WIGSRHSVHIV EREP]WMW GSRWMHIVMRKQEXIVMEPRSRPMRIEVMX]ERHGVEGOMRKEW[IPP EW XLI IJJIGXW SJ QIQFIV GYVZEXYVI ERH PEXIVEP HVMJX HYVEXMSRSJXLIPSEHWWLVMROEKIERHGVIITERHMRXIV EGXMSR[MXLXLIWYTTSVXMRKJSYRHEXMSR8LIHMQIRWMSRW SJ IEGL QIQFIV GVSWW WIGXMSR YWIH MR XLI EREP]WMW WLEPP FI [MXLMR TIVGIRX SJ XLI HMQIRWMSRW SJ XLI QIQFIVWWLS[RSRXLIHIWMKRHVE[MRKWSVXLIEREP]WMW WLEPPFI VITIEXIH8LIEREP]WMW TVSGIHYVIWLEPP LEZI FIIR WLS[R XS VIWYPX MR TVIHMGXMSR SJ WXVIRKXL MR WYFWXERXMEPEKVIIQIRX[MXLXLIVIWYPXWSJGSQTVILIRWMZI XIWXWSJ GSPYQRWMRWXEXMGEPP]MRHIXIVQMREXIVIMRJSVGIH GSRGVIXIWXVYGXYVIW 6 {8[SPMQMXWEVITPEGIHSRXLIYWISJXLIVIJMRIH WIGSRHSVHIV EREP]WMW *MVWX XLI WXVYGXYVI XLEX MW EREP]Î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{%WEREPXIVREXIXSXLITVSGIHYVITVIWGVMFIH MRMXWLEPPFITIVQMXXIHXSFEWIXLIHIWMKRSJ GSQTVIWWMSR QIQFIVW VIWXVEMRMRK FIEQW ERH SXLIV WYTTSVXMRK QIQFIVW SR E\MEP JSVGIW ERH QSQIRXW JVSQXLIEREP]WIWHIWGVMFIHMR 6 { %W ER EPXIVREXI XS XLI VIJMRIH WIGSRHSVHIV EREP]WMWSJHIWMKRQE]FIFEWIHSRIPEWXMGEREP]WIW ERH XLI QSQIRX QEKRMJMIV ETTVSEGL *SV W[E] JVEQIW XLI QEKRMJMIH W[E] QSQIRXW QE] FI GEPGYPEXIH YWMRKEWIGSRHSVHIVIPEWXMGEREP]WMWFEWIHSRVIEPMWXMGWXMJJ RIWWZEPYIW7II6 1%29%03*'32'6)8)46%'8-') '3() {1EKRMJMIHQSQIRXW{+IRIVEP '311)28%6= 6{1EKRMJMIHQSQIRXW{+IRIVEP 8LMWWIGXMSRHIWGVMFIWERETTVS\MQEXIHIWMKRTVSGIHYVIXLEX YWIWXLIQSQIRXQEKRMJMIVGSRGITXXSEGGSYRXJSVWPIRHIVRIWW IJJIGXW 1SQIRXW GSQTYXIH YWMRK ER SVHMREV] JMVWXSVHIV JVEQIEREP]WMWEVIQYPXMTPMIHF]EwQSQIRXQEKRMJMIVxXLEX MW E JYRGXMSR SJ XLI JEGXSVIH E\MEP PSEH 4Y ERH XLI GVMXMGEP FYGOPMRKPSEH4G JSVXLIGSPYQR2SRW[E]ERHW[E]JVEQIW EVIXVIEXIHWITEVEXIP]MRERH4VSZMWMSRWETTPMGEFPI XS FSXL RSRW[E] ERH W[E] GSPYQRW EVI KMZIR MR % JMVWXSVHIVJVEQIEREP]WMWMWERIPEWXMGEREP]WMWXLEXHSIWRSX MRGPYHIXLIMRXIVREPJSVGIIJJIGXWVIWYPXMRKJVSQHIJPIGXMSRW {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{9RGVEGOIH -K {'VEGOIH -K *PEXTPEXIWERHJPEXWPEFW -K G %VIE %K 8LIQSQIRXWSJMRIVXMEWLEPPFIHMZMHIHF] H H ;LIRWYWXEMRIHPEXIVEPPSEHWEGXSV I *SV WXEFMPMX] GLIGOW QEHI MR EGGSVHERGI [MXL 6 {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{ -X WLEPP FI TIVQMXXIH XS XEOI XLI VEHMYW SJ K]VEXMSRV IUYEPXSXMQIWXLISZIVEPPHMQIRWMSRMR XLI HMVIGXMSR WXEFMPMX] MW FIMRK GSRWMHIVIH JSV VIGXER KYPEVGSQTVIWWMSRQIQFIVWERHXMQIWXLIHMEQ IXIV JSV GMVGYPEV GSQTVIWWMSR QIQFIVW *SV SXLIV WLETIWMXWLEPPFITIVQMXXIHXSGSQTYXIXLIVEHMYWSJ K]VEXMSRJSVXLIKVSWWGSRGVIXIWIGXMSR { 9RWYTTSVXIH PIRKXL SJ GSQTVIWWMSR QIQFIVW { 8LI YRWYTTSVXIH PIRKXL PY SJ E GSQTVIWWMSR QIQFIV WLEPP FI XEOIR EW XLI GPIEV HMWXERGI FIX[IIR JPSSV WPEFW FIEQW SV SXLIV QIQFIVW GETEFPI SJ TVSZMHMRK PEXIVEP WYTTSVX MR XLI HMVIGXMSRFIMRKGSRWMHIVIH { ;LIVI GSPYQR GETMXEPW SV LEYRGLIW EVI TVIWIRX XLI YRWYTTSVXIH PIRKXL WLEPP FI QIEWYVIH XS XLI PS[IV I\XVIQMX] SJ XLI GETMXEP SV LEYRGLMRXLITPERIGSRWMHIVIH {'SPYQRWERHWXSVMIWMRWXVYGXYVIWWLEPPFI HIWMKREXIH EW RSRW[E] SV W[E] GSPYQRW SV WXSVMIW 8LI HIWMKR SJ GSPYQRW MR RSRW[E] JVEQIW SV WXSVMIW WLEPP FI FEWIH SR 8LI HIWMKR SJ GSPYQRW MR W[E]JVEQIWSVWXSVMIWWLEPPFIFEWIHSR { -X WLEPP FI TIVQMXXIH XS EWWYQI E GSPYQR MR E WXVYGXYVI MW RSRW[E] MJ XLI MRGVIEWI MR GSPYQR IRH QSQIRXW HYI XS WIGSRHSVHIV IJJIGXW HSIW RSX I\GIIH TIVGIRX SJ XLI JMVWXSVHIV IRH QSQIRXW {-XEPWSWLEPPFITIVQMXXIHXSEWWYQI E WXSV][MXLMREWXVYGXYVIMWRSRW[E]MJ 6 {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ÎVS -J XLI PEXIVEP PSEH HIJPIGXMSRW SJ XLI JVEQI LEZI FIIR GSQTYXIHYWMRKWIVZMGIPSEHWERHXLIWIVZMGIPSEHQSQIRXW SJMRIVXMEKMZIRMRMXMWTIVQMWWMFPIXSGSQTYXI5 MR )U YWMRK XMQIW XLI WYQ SJ XLI WIVZMGI KVEZMX] PSEHWXLIWIVZMGIPSEHWXSV]WLIEVERHXMQIWXLIJMVWX SVHIVWIVZMGIPSEHWXSV]HIJPIGXMSRW {;LIVIERMRHMZMHYEPGSQTVIWWMSRQIQFIV MRXLIJVEQILEWEWPIRHIVRIWWOPY V SJQSVIXLER WLEPP FI YWIH XS GSQTYXI XLI JSVGIW ERH QSQIRXWMRXLIJVEQI 6 {%RYTTIVPMQMXMWMQTSWIHSRXLIWPIRHIVRIWW VEXMSSJGSPYQRWHIWMKRIHF]XLIQSQIRXQEKRMJMIVQIXLSH SJ XS2SWMQMPEVPMQMXMWMQTSWIHMJHIWMKRMW GEVVMIH SYX EGGSVHMRK XS 8LI PMQMX SJ OPY V ! VITVIWIRXW XLI YTTIV VERKI SJ EGXYEP XIWXW SJ WPIRHIV GSQTVIWWMSRQIQFIVWMRJVEQIW { *SV GSQTVIWWMSR QIQFIVW WYFNIGX XS FIRHMRKEFSYXFSXLTVMRGMTEPE\IWXLIQSQIRXEFSYX IEGLE\MWWLEPPFIQEKRMJMIHWITEVEXIP]FEWIHSRXLI GSRHMXMSRWSJVIWXVEMRXGSVVIWTSRHMRKXSXLEXE\MW 6 {;LIRFME\MEPFIRHMRKSGGYVWMREGSQTVIWWMSR QIQFIVXLIGSQTYXIHQSQIRXWEFSYXIEGLSJXLITVMRGMTEP E\IW QYWX FI QEKRMJMIH 8LI QEKRMJMGEXMSR JEGXSVW EVI GSQTYXIHGSRWMHIVMRKXLIFYGOPMRKPSEH4G EFSYXIEGLE\MW WITEVEXIP]FEWIHSRXLIETTVSTVMEXIIJJIGXMZIPIRKXLOPY ERH XLIWXMJJRIWW)--JXLIFYGOPMRKGETEGMXMIWEVIHMJJIVIRXEFSYX XLIX[SE\IWHMJJIVIRXQEKRMJMGEXMSRJEGXSVW[MPPVIWYPX *MK6{)JJIGXMZIPIRKXLJEGXSVW O )2:-6321)28%07869'896)7'3()'311)28%6= '3() '311)28%6= {1EKRMJMIHQSQIRXW{2SRW[E] JVEQIW 6{1EKRMJMIHQSQIRXW{2SRW[E] JVEQIW { *SV GSQTVIWWMSR QIQFIVW MR RSRW[E] JVEQIWXLIIJJIGXMZIPIRKXLJEGXSVO WLEPPFIXEOIREW YRPIWWEREP]WMWWLS[WXLEXEPS[IVZEPYIMWNYWXM JMIH8LIGEPGYPEXMSRSJO WLEPPFIFEWIHSRXLI) ERH ZEPYIWYWIHMR 6 {8LIQSQIRXQEKRMJMIVIUYEXMSRW[IVIHIVMZIH JSVLMRKIHIRHGSPYQRWERHWLSYPHFIQSHMJMIHXSEGGSYRX JSV XLI IJJIGX SJ IRH VIWXVEMRXW 8LMW MW HSRI F] YWMRK ER wIJJIGXMZIPIRKXLx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z O ! Q *SV Q Q ' O ! Q ( [LIVI Q MWXLIEZIVEKISJXLI ZEPYIWEXXLIX[SIRHWSJ XLIGSQTVIWWMSRQIQFIV *SV GSQTVIWWMSR QIQFIVW MR E W[E] JVEQI LMRKIH EX SRI IRHXLIIJJIGXMZIPIRKXLJEGXSVQE]FIXEOIREW O ! ) 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= [LIVI MWXLIZEPYIEXXLIVIWXVEMRIHIRH 8LIYWISJXLIGLEVXWMR *MK6SVXLIIUYEXMSRWMR XLMW WIGXMSR QE] FI GSRWMHIVIH EW WEXMWJ]MRK XLI VIUYMVI QIRXWSJXLIGSHIXSNYWXMJ]O PIWWXLER {-RRSRW[E]JVEQIWMXWLEPPFITIVQMXXIHXS MKRSVIWPIRHIVRIWW IJJIGXW JSV GSQTVIWWMSRQIQFIVW XLEXWEXMWJ] OPY V z 1 1 6 { )UYEXMSR MW HIVMZIH JVSQ )U EWWYQMRKXLEXETIVGIRXMRGVIEWIMRQSQIRXWHYIXSWPIR HIVRIWWMWEGGITXEFPI8LIHIVMZEXMSRHMHRSXMRGPYHI MR XLI GEPGYPEXMSR SJ XLI QSQIRX QEKRMJMIV %W E JMVWX ETTVS\MQEXMSR O QE]FIXEOIRIUYEPXSMR)U [LIVI XLI XIVQ ? z 11A WLEPP RSX FI XEOIR KVIEXIV XLER 8LI XIVQ 11 MW TSWMXMZI MJ XLI QIQFIVMWFIRXMRWMRKPIGYVZEXYVIERHRIKEXMZIMJXLI QIQFIVMWFIRXMRHSYFPIGYVZEXYVI { 'SQTVIWWMSR QIQFIVW WLEPP FI HIWMKRIH JSV XLI JEGXSVIH E\MEP PSEH 4Y ERH XLI QSQIRXEQTPM JMIHJSVXLIIJJIGXWSJQIQFIVGYVZEXYVI1G EWJSPPS[W 1G ! RW1 [LIVI RW 'Q ! 4Y z 4 G )4 G ! OP Y ) G - K ) W - WI )- ! H )- WLEPPFIXEOIREW SV ) G - K )- ! H 6 {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{*SVQIQFIVW[MXLSYXXVERWZIVWIPSEHW FIX[IIRWYTTSVXW'Q WLEPPFIXEOIREW 1 ' Q ! 1 [LIVI 11 MWTSWMXMZIMJXLIGSPYQRMWFIRXMRWMRKPI GYVZEXYVI *SV QIQFIVW [MXL XVERWZIVWI PSEHW FIX[IIRWYTTSVXW'Q WLEPPFIXEOIREW {8LIJEGXSVIHQSQIRX1 MR )U WLEPPRSXFIXEOIRPIWWXLER 1QMR ! 4Y L EFSYX IEGL E\MW WITEVEXIP] [LIVI ERH L EVI MR MRGLIW *SV QIQFIVW JSV [LMGL 1QMR I\GIIHW 1 XLI ZEPYI SJ 'Q MR )U WLEPP IMXLIV FI XEOIR IUYEP XS SV WLEPP FI FEWIH SR XLI VEXMS SJ XLI GSQTYXIHIRHQSQIRXW1 ERH 1 {1EKRMJMIHQSQIRXW{7[E]JVEQIW 6 { 8LI JEGXSV 'Q MW ER IUYMZEPIRX QSQIRX GSVVIGXMSR JEGXSV 8LI HIVMZEXMSR SJ XLI QSQIRX QEKRMJMIV EWWYQIWXLEXXLIQE\MQYQQSQIRXMWEXSVRIEVQMHLIMKLX SJXLIGSPYQR-JXLIQE\MQYQQSQIRXSGGYVWEXSRIIRH SJ XLI GSPYQR HIWMKR QYWX FI FEWIH SR ER wIUYMZEPIRX YRMJSVQ QSQIRXx 'Q1 [LMGL [SYPH PIEH XS XLI WEQI QE\MQYQQSQIRX[LIRQEKRMJMIH -R XLI GEWI SJ GSQTVIWWMSR QIQFIVW XLEX EVI WYFNIGXIH XS XVERWZIVWIPSEHMRKFIX[IIRWYTTSVXWMXMWTSWWMFPIXLEXXLI QE\MQYQ QSQIRX [MPP SGGYV EX E WIGXMSR E[E] JVSQ XLI IRH SJ XLI QIQFIV -J XLMW SGGYVWXLI ZEPYI SJXLI PEVKIWX GEPGYPEXIH QSQIRX SGGYVVMRK ER][LIVI EPSRK XLI QIQFIV WLSYPHFIYWIHJSVXLIZEPYISJ1 MR )U -REGGSV HERGI[MXLXLIPEWXWIRXIRGISJ'Q MWXSFIXEOIR EWJSVXLMWGEWI 6 {-RXLIGSHIWPIRHIVRIWWMWEGGSYRXIHJSVF] QEKRMJ]MRK XLI GSPYQR IRH QSQIRXW -J XLI JEGXSVIH GSPYQR QSQIRXW EVI ZIV] WQEPP SV Î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{1EKRMJMIHQSQIRXW{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{ *SV GSQTVIWWMSR QIQFIVW RSX FVEGIH EKEMRWXWMHIW[E]XLIIJJIGXMZIPIRKXLJEGXSVO WLEPPFI HIXIVQMRIH YWMRK ) ERH - ZEPYIW MR EGGSVHERGI [MXL ERHWLEPPRSXFIPIWWXLER 6 {7II6 { *SV GSQTVIWWMSR QIQFIVW RSX FVEGIH EKEMRWX WMHIW[E] MX WLEPP FI TIVQMXXIH XS RIKPIGX XLI IJJIGXWSJWPIRHIVRIWW[LIROPY V MWPIWWXLER {8LIQSQIRXW1 ERH 1 EXXLIIRHWSJER MRHMZMHYEPGSQTVIWWMSRQIQFIVWLEPPFIXEOIREW ! RW W W ! RW W W 6 { 8LI EREP]WMW HIWGVMFIH MR XLMW WIGXMSR HIEPW SRP] [MXL TPERI JVEQIW WYFNIGXIH XS PSEHW GEYWMRK HIJPIG XMSRWMRXLEXTPERI-JXSVWMSREPHMWTPEGIQIRXWEVIWMKRMJMGERX EXLVIIHMQIRWMSREPWIGSRHSVHIVEREP]WMWWLSYPHFIYWIH [LIVI W W ERH W W WLEPPFIGSQTYXIHEGGSVHMRK XS {'EPGYPEXMSRSJ W W 6{'EPGYPEXMSRSJ W1W {8LIQEKRMJMIH[E]QSQIRXW W1W WLEPP FIXEOIREWXLIGSPYQRIRHQSQIRXWGEPGYPEXIHYWMRK EWIGSRHSVHIVIPEWXMGEREP]WMWFEWIHSRXLIQIQFIV WXMJJRIWWIWKMZIRMR 6 {%WIGSRHSVHIVEREP]WMWMWEJVEQIEREP ]WMW XLEX MRGPYHIW XLI MRXIVREP JSVGI IJJIGXW VIWYPXMRK JVSQ HIJPIGXMSRW;LIREWIGSRHSVHIVIPEWXMGEREP]WMWMWYWIHXS GSQTYXI W1W XLIHIJPIGXMSRWQYWXFIVITVIWIRXEXMZISJXLI WXEKIMQQIHMEXIP]TVMSVXSXLIYPXMQEXIPSEH*SVXLMWVIEWSR XLIVIHYGIH)- ZEPYIWKMZIRMRQYWXFIYWIHMRXLI WIGSRHSVHIVEREP]WMW 8LI XIVQ H MW HIJMRIH HMJJIVIRXP] JSV RSRW[E] ERH W[E] JVEQIW7II7[E]HIJPIGXMSRWHYIXSWLSVXXIVQPSEHW WYGLEW[MRHSVIEVXLUYEOIEVIEJYRGXMSRSJXLIWLSVXXIVQ WXMJJRIWW SJ XLI GSPYQRW JSPPS[MRK E TIVMSH SJ WYWXEMRIH KVEZMX]PSEH*SVXLMWGEWIXLIHIJMRMXMSRSJ H MR KMZIW H !-RXLIYRYWYEPGEWISJEW[E]JVEQI[LIVIXLIPEXIVEP PSEHWEVIWYWXEMRIH H [MPPRSXFIÎ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{ %PXIVREXMZIP] MX WLEPP FI TIVQMXXIH XS GEPGYPEXI W1W EW 6 {8LIMXIVEXMZI4 EREP]WMWJSVWIGSRHSVHIV QSQIRXWGERFIVITVIWIRXIHF]ERMRJMRMXIWIVMIW8LIWSPY XMSR SJ XLMW WIVMIW MW KMZIR F] )U 6IJIVIRGI WLS[W XLEX )U GPSWIP] TVIHMGXW XLI WIGSRH SVHIVQSQIRXWMREW[E]JVEQIYRXMP W I\GIIHW W1W 1W ! z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z5 VEXLIVXLER z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{ %PXIVREXMZIP] MX WLEPP FI TIVQMXXIH XS GEPGYPEXIXLIQEKRMJMIHW[E]QSQIRX W1W EW W1W 1W ! 4Y z 4 G 1W [LIVI 4Y MWXLIWYQQEXMSRJSVEPPXLIZIVXMGEPPSEHWMR EWXSV]ERH 4G MWXLIWYQQEXMSRJSVEPPW[E]VIWMWXMRK GSPYQRWMREWXSV]4G MWGEPGYPEXIHYWMRK)U YWMRK O JVSQ ERH )- JVSQ )U SV )U 6 {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ÎVSJSVEW[E] JVEQIFIGEYWIXLIPEXIVEPPSEHWEVIKIRIVEPP]SJWLSVXHYVEXMSR 7II6 {-JERMRHMZMHYEPGSQTVIWWMSRQIQFIVLEW PY " V 4Y J G %K MXWLEPPFIHIWMKRIHJSVXLIJEGXSVIHE\MEPPSEH4Y ERH XLIQSQIRX1G GEPGYPEXIHYWMRKMR[LMGL1 ERH 1 EVIGSQTYXIHMREGGSVHERGI[MXL H EW HIJMRIH JSV XLI PSEH GSQFMREXMSR YRHIV GSRWMHIV EXMSRERHO EWHIJMRIHMR {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{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{ 8LI TSWWMFMPMX] SJ WMHIW[E] MRWXEFMPMX] YRHIV KVEZMX] PSEHW EPSRI WLSYPH FI MRZIWXMKEXIH ;LIR YWMRK WIGSRHSVHIV EREP]WIW XS GSQTMPI W1W XLI JVEQI WLSYPH FI EREP]ÎH X[MGI JSV XLI GEWI SJ JEGXSVIH KVEZMX]PSEHWTPYWEPEXIVEPPSEHETTPMIHXSXLIJVEQI8LMW PSEHQE]FIXLIPEXIVEPPSEHYWIHMRHIWMKRSVMXQE]FIE WMRKPIPEXIVEPPSEHETTPMIHXSXLIXSTSJXLIJVEQI8LIJMVWX EREP]WMWWLSYPHFIEJMVWXSVHIVEREP]WMWXLIWIGSRHEREP]WMW WLSYPHFIEWIGSRHSVHIVEREP]WMW8LIHIJPIGXMSRJVSQXLI WIGSRHSVHIV EREP]WMW WLSYPH RSX I\GIIH XMQIW XLI HIJPIGXMSRJVSQXLIJMVWXSVHIVEREP]WMW-JSRIWXSV]MWQYGL QSVIJPI\MFPIXLERXLISXLIVWXLIHIJPIGXMSRVEXMSWLSYPHFI GSQTYXIH MR XLEX WXSV] 8LI PEXIVEP PSEH WLSYPH FI PEVKI IRSYKL XS KMZI HIJPIGXMSRW SJ E QEKRMXYHI XLEX GER FI GSQTEVIHEGGYVEXIP]-RYRW]QQIXVMGEPJVEQIWXLEXHIJPIGX PEXIVEPP] YRHIV KVEZMX] PSEHW EPSRI XLI PEXIVEP PSEH WLSYPH EGX MR XLI HMVIGXMSR JSV [LMGL MX [MPP MRGVIEWI XLI PEXIVEP HIJPIGXMSRW ;LIRYWMRKXSGSQTYXI W1WXLIZEPYISJ5 IZEP YEXIHYWMRKJEGXSVIHKVEZMX]PSEHWWLSYPHRSXI\GIIH 8LMWMWIUYMZEPIRXXS W !8LIZEPYIWSJ:Y ERH S YWIH XSGSQTYXI5 GERVIWYPXJVSQEWWYQMRKER]VIEPSVEVFMXVEV] WIXSJPEXIVEPPSEHWTVSZMHIHXLEX:Y ERH S EVIFSXLJVSQXLI WEQIPSEHMRK-J5 EWGSQTYXIHMRMWSVPIWW XLIWXEFMPMX]GLIGOMRMWWEXMWJMIH ;LIR W1W MWGSQTYXIHYWMRK)U ERYTTIVPMQMXSJ MWTPEGIHSR W*SVLMKLIV W ZEPYIWXLIJVEQI[MPPFI ZIV] WYWGITXMFPI XS ZEVMEXMSRW MR )- JSYRHEXMSR VSXEXMSRW ERHXLIPMOI-J W I\GIIHWXLIJVEQIQYWXFIWXMJJIRIHXS VIHYGI W 4Y MWXSMRGPYHIXLIE\MEPPSEHMREPPGSPYQRWERH [EPPWMRGPYHMRKGSPYQRWXLEXEVIRSXTEVXSJXLIPEXIVEPPSEH VIWMWXMRKW]WXIQ8LIZEPYI W !MWEZIV]LMKLQEKRMJMIV -XLEWFIIRGLSWIRXSSJJWIXXLIGSRWIVZEXMWQMRLIVIRXMRXLI QSQIRXQEKRMJMIVTVSGIHYVI )2:-6321)28%07869'896)7'3()'311)28%6= '3() '311)28%6= *SV RSRW[E] JVEQIW H MW XLI VEXMS SJ XLI QE\MQYQ JEGXSVIH E\MEP WYWXEMRIH PSEH XS XLI QE\MQYQ JEGXSVIH E\MEPPSEH {-RW[E]JVEQIWJPI\YVEPQIQFIVWWLEPPFI HIWMKRIH JSV XLI XSXEP QEKRMJMIH IRH QSQIRXW SJ XLI GSQTVIWWMSRQIQFIVWEXXLINSMRX 6 { 8LIWXVIRKXLSJEW[E]JVEQIMWKSZIVRIHF] XLI WXEFMPMX] SJ XLI GSPYQRW ERH F] XLI HIKVII SJ IRH VIWXVEMRX TVSZMHIH F] XLI FIEQW MR XLI JVEQI -J TPEWXMG LMRKIW JSVQ MR XLI VIWXVEMRMRK FIEQ XLI WXVYGXYVI ETTVSEGLIWEJEMPYVIQIGLERMWQERHMXWE\MEPPSEHGETEGMX] MW HVEWXMGEPP] VIHYGIH 7IGXMSR TVSZMHIW XLEX XLI HIWMKRIVQEOIGIVXEMRXLEXXLIVIWXVEMRMRKJPI\YVEPQIQFIVW LEZIXLIGETEGMX]XSVIWMWXXLIQEKRMJMIHGSPYQRQSQIRXW {%\MEPP]PSEHIHQIQFIVW WYTTSVXMRKWPEFW]WXIQ %\MEPP] PSEHIH QIQFIVW WYTTSVXMRK E WPEF W]WXIQ MRGPYHIH[MXLMRXLIWGSTISJ WLEPPFIHIWMKRIHEW TVSZMHIH MR 'LETXIV ERH MR EGGSVHERGI [MXL XLI EHHMXMSREPVIUYMVIQIRXWSJ'LETXIV {8VERWQMWWMSRSJGSPYQRPSEHW XLVSYKLJPSSVW]WXIQ 6{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{ 'SRGVIXI SJ WXVIRKXL WTIGMJMIH JSV XLI GSPYQR WLEPP FI TPEGIH MR XLI JPSSV EX XLI GSPYQR PSGEXMSR 8ST WYVJEGI SJ XLI GSPYQR GSRGVIXI WLEPP I\XIRH JX MRXS XLI WPEF JVSQ JEGI SJ GSPYQR 'SPYQR GSRGVIXIWLEPPFI[IPPMRXIKVEXIH[MXLJPSSVGSRGVIXIERH WLEPPFITPEGIHMREGGSVHERGI[MXLERH 6 {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v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{ 7XVIRKXL SJ E GSPYQR XLVSYKL E JPSSV W]WXIQWLEPPFIFEWIHSRXLIPS[IVZEPYISJGSRGVIXI WXVIRKXL[MXLZIVXMGEPHS[IPWERHWTMVEPWEWVIUYMVIH { *SV GSPYQRW PEXIVEPP] WYTTSVXIH SR JSYV WMHIW F] FIEQW SJ ETTVS\MQEXIP] IUYEP HITXL SV F] WPEFW MX WLEPP FI TIVQMXXIH XS FEWI WXVIRKXL SJ XLI GSPYQR SR ER EWWYQIH GSRGVIXI WXVIRKXL MR XLI GSPYQR NSMRX IUYEP XS TIVGIRX SJ GSPYQR GSRGVIXI WXVIRKXLTPYWTIVGIRXSJJPSSVGSRGVIXIWXVIRKXL-R XLIETTPMGEXMSRSJXLIVEXMSSJGSPYQRGSRGVIXI WXVIRKXLWLEPPRSXFIXEOIRKVIEXIVXLERJSVHIWMKR 6 { 6IWIEVGL LEW WLS[R XLEX LIEZMP] PSEHIH WPEFWHSRSXTVSZMHIEWQYGLGSRJMRIQIRXEWPMKLXP]PSEHIH WPEFW [LIR VEXMSW SJ GSPYQR GSRGVIXI WXVIRKXL XS WPEF GSRGVIXIWXVIRKXLI\GIIHEFSYX'SRWIUYIRXP]EPMQMXMW TPEGIHSRXLIGSRGVIXIWXVIRKXLVEXMSEWWYQIHMRHIWMKR {'SQTSWMXIGSQTVIWWMSRQIQFIVW 6{'SQTSWMXIGSQTVIWWMSRQIQFIVW { 'SQTSWMXI GSQTVIWWMSR QIQFIVW WLEPP MRGPYHIEPPWYGLQIQFIVWVIMRJSVGIHPSRKMXYHMREPP][MXL WXVYGXYVEPWXIIPWLETIWTMTISVXYFMRK[MXLSV[MXLSYX PSRKMXYHMREPFEVW 6 {'SQTSWMXIGSPYQRWEVIHIJMRIH[MXLSYXVIJIV IRGI XS GPEWWMJMGEXMSRW SJ GSQFMREXMSR GSQTSWMXI SV GSRGVIXIJMPPIHTMTIGSPYQR6IJIVIRGIXSSXLIVQIXEPWYWIH JSVVIMRJSVGIQIRXLEWFIIRSQMXXIHFIGEYWIXLI]EVIWIPHSQ YWIH[MXLGSRGVIXIMRGSRWXVYGXMSR { 7XVIRKXL SJ E GSQTSWMXI QIQFIV WLEPPFI GSQTYXIH JSV XLI WEQI PMQMXMRK GSRHMXMSRW ETTPMGEFPI XSSVHMREV]VIMRJSVGIHGSRGVIXIQIQFIVW 6 { 8LI WEQIVYPIW YWIHJSV GSQTYXMRK XLI PSEH QSQIRXMRXIVEGXMSRWXVIRKXLJSVVIMRJSVGIHGSRGVIXIWIGXMSRW GERFIETTPMIHXSGSQTSWMXIWIGXMSRW-RXIVEGXMSRGLEVXWJSV GSRGVIXIJMPPIHXYFMRK[SYPHLEZIEJSVQMHIRXMGEPXSXLSWI SJ%'-74ERHXLI(IWMKR,ERHFSSO:'SPYQRW FYX[MXL WPMKLXP]KVIEXIVXLER { %R] E\MEP PSEH WXVIRKXL EWWMKRIH XS GSRGVIXISJEGSQTSWMXIQIQFIVWLEPP FIXVERWJIVVIH XS XLI GSRGVIXI F] QIQFIVW SV FVEGOIXW MR HMVIGX FIEVMRKSRXLIGSQTSWMXIQIQFIVGSRGVIXI 6ERH6{(MVIGXFIEVMRKSVHMVIGXGSRRIG XMSRJSVXVERWJIVSJJSVGIWFIX[IIRWXIIPERHGSRGVIXIGERFI HIZIPSTIH XLVSYKL PYKWTPEXIWSV VIMRJSVGMRK FEVW [IPHIH XSXLIWXVYGXYVEPWLETISVXYFMRKFIJSVIXLIGSRGVIXIMWGEWX *PI\YVEPGSQTVIWWMZIWXVIWWRIIHRSXFIGSRWMHIVIHETEVXSJ HMVIGX GSQTVIWWMSR PSEH XS FI HIZIPSTIH F] FIEVMRK % GSRGVIXIIRGEWIQIRXEVSYRHEWXVYGXYVEPWXIIPWLETIQE]WXMJJIR XLIWLETIFYXMX[SYPHRSXRIGIWWEVMP]MRGVIEWIMXWWXVIRKXL { %PP E\MEP PSEH WXVIRKXL RSX EWWMKRIH XS GSRGVIXI SJ E GSQTSWMXI QIQFIV WLEPP FI HIZIPSTIH F]HMVIGXGSRRIGXMSRXSXLIWXVYGXYVEPWXIIPWLETITMTI SVXYFI { *SV IZEPYEXMSR SJ WPIRHIVRIWW IJJIGXW VEHMYWSJK]VEXMSRSJEGSQTSWMXIWIGXMSRWLEPPFIRSX KVIEXIVXLERXLIZEPYIKMZIRF] V ! ) G -K ) W - X ) G % K ) W %X ERHEWEREPXIVREXMZIXSEQSVIEGGYVEXIGEPGYPEXMSR )- MR )U WLEPPFIXEOIRIMXLIVEW)U SV ) G -K )- ! )W-X H 6 { )UYEXMSR MWKMZIRFIGEYWIXLIVYPIWSJ JSV IWXMQEXMRK XLI VEHMYW SJ K]VEXMSR EVI SZIVP] GSRWIVZEXMZI JSV GSRGVIXIJMPPIH XYFMRK ERH EVI RSX ETTPM GEFPIJSVQIQFIVW[MXLIRGPSWIHWXVYGXYVEPWLETIW -R VIMRJSVGIH GSRGVIXI GSPYQRW WYFNIGX XS WYWXEMRIH PSEHW GVIIT XVERWJIVW WSQI SJ XLI PSEH JVSQ XLI GSRGVIXI XS XLI WXIIPXLYWMRGVIEWMRKXLIWXIIPWXVIWWIW-RXLIGEWISJPMKLXP] VIMRJSVGIH GSPYQRW XLMW PSEH XVERWJIV QE] GEYWI XLI GSQTVIWWMSRWXIIPXS]MIPHTVIQEXYVIP]VIWYPXMRKMREPSWWMR XLI IJJIGXMZI )- %GGSVHMRKP] FSXL XLI GSRGVIXI ERH WXIIP XIVQWMR)U EVIVIHYGIHXSEGGSYRX JSVGVIIT*SV LIEZMP] VIMRJSVGIH GSPYQRW SV JSV GSQTSWMXI GSPYQRW MR [LMGL XLI TMTI SV WXVYGXYVEP WLETI QEOIW YT E PEVKI TIVGIRXEKI SJ XLI GVSWW WIGXMSR XLI PSEH XVERWJIV HYI XS GVIIT MW RSX WMKRMJMGERX %GGSVHMRKP] )U [EW VIZMWIHMRXLI%'-GSHIWYTTPIQIRXWSXLEXSRP] XLI )- SJXLIGSRGVIXIMWVIHYGIHJSVWYWXEMRIHPSEHIJJIGXW )2:-6321)28%07869'896)7'3()'311)28%6= '3() '311)28%6= {7XVYGXYVEPWXIIPIRGEWIHGSRGVIXIGSVI 6{7XVYGXYVEPWXIIPIRGEWIHGSRGVIXIGSVI {*SVEGSQTSWMXIQIQFIV[MXLGSRGVIXI GSVIIRGEWIHF]WXVYGXYVEPWXIIPXLMGORIWWSJXLIWXIIP IRGEWIQIRXWLEPPFIRSXPIWWXLER F J] ) W JSVIEGL JEGISJ[MHXL F RSV L J] ) W JSVGMVGYPEVWIGXMSRWSJ HMEQIXIV L 7XIIPIRGEWIH GSRGVIXI WIGXMSRW WLSYPH LEZI E QIXEP [EPP XLMGORIWW PEVKI IRSYKL XS EXXEMR PSRKMXYHMREP ]MIPH WXVIWW FIJSVIFYGOPMRKSYX[EVH { 0SRKMXYHMREP FEVW PSGEXIH [MXLMR XLI IRGEWIHGSRGVIXIGSVIWLEPPFI TIVQMXXIHXSFIYWIH MRGSQTYXMRK%X ERH -X { 7TMVEP VIMRJSVGIQIRX EVSYRH WXVYGXYVEP WXIIPGSVI 6 { 7TMVEP VIMRJSVGIQIRX EVSYRH WXVYGXYVEP WXIIPGSVI %GSQTSWMXIQIQFIV[MXLWTMVEPP]VIMRJSVGIHGSRGVIXI EVSYRH E WXVYGXYVEP WXIIP GSVI WLEPP GSRJSVQ XS XLVSYKL 'SRGVIXIXLEXMWPEXIVEPP]GSRXEMRIHF]EWTMVEPLEWMRGVIEWIH PSEHGEVV]MRKWXVIRKXLERHXLIWMÎSJWTMVEPVIUYMVIHGERFI VIKYPEXIHSRXLIFEWMWSJXLIWXVIRKXLSJXLIGSRGVIXISYXWMHI XLIWTMVEP F]QIERW SJXLI WEQIVIEWSRMRK XLEXETTPMIW JSV GSPYQRWVIMRJSVGIHSRP][MXLPSRKMXYHMREPFEVW8LIVEHMEP TVIWWYVITVSZMHIHF]XLIWTMVEPIRWYVIWMRXIVEGXMSRFIX[IIR GSRGVIXIVIMRJSVGMRKFEVWERHWXIIPGSVIWYGLXLEXPSRKMXY HMREPFEVW[MPPFSXLWXMJJIRERHWXVIRKXLIRXLIGVSWWWIGXMSR { 7TIGMJMIH GSQTVIWWMZI WXVIRKXL SJ GSRGVIXI J G WLEPPFIRSXPIWWXLERXLEXKMZIRMR {(IWMKR]MIPHWXVIRKXLSJWXVYGXYVEPWXIIP GSVIWLEPPFIXLIWTIGMJMIHQMRMQYQ]MIPHWXVIRKXLJSV KVEHISJWXVYGXYVEPWXIIPYWIHFYXRSXXSI\GIIHTWM { 7TMVEP VIMRJSVGIQIRX WLEPP GSRJSVQ XS { 0SRKMXYHMREP FEVW PSGEXIH [MXLMR XLI WTMVEPWLEPPFI RSXPIWWXLERRSV QSVI XLER XMQIWRIXEVIESJGSRGVIXIWIGXMSR { 0SRKMXYHMREP FEVW PSGEXIH [MXLMR XLI WTMVEP WLEPP FI TIVQMXXIH XS FI YWIH MR GSQTYXMRK %X ERH -X {8MIVIMRJSVGIQIRXEVSYRHWXVYGXYVEPWXIIP GSVI 6 { 8MI VIMRJSVGIQIRX EVSYRH WXVYGXYVEP WXIIP GSVI % GSQTSWMXI QIQFIV [MXL PEXIVEPP] XMIH GSRGVIXI EVSYRH E WXVYGXYVEP WXIIP GSVI WLEPP GSRJSVQ XS XLVSYKL 'SRGVIXIXLEXMWPEXIVEPP]GSRXEMRIHF]XMIFEVWMWPMOIP]XSFI VEXLIV XLMR EPSRK EX PIEWX SRI JEGI SJ E WXIIP GSVI WIGXMSR 8LIVIJSVI GSQTPIXI MRXIVEGXMSR FIX[IIR XLI GSVI XLI GSRGVIXIERHER]PSRKMXYHMREPVIMRJSVGIQIRXWLSYPHRSXFI EWWYQIH 'SRGVIXI [MPP TVSFEFP] WITEVEXI JVSQ WQSSXL JEGIWSJXLIWXIIPGSVI8SQEMRXEMRXLIGSRGVIXIEVSYRHXLI WXVYGXYVEPWXIIPGSVIMXMWVIEWSREFPIXSVIUYMVIQSVIPEXIVEP XMIWXLERRIIHIHJSVSVHMREV]VIMRJSVGIHGSRGVIXIGSPYQRW &IGEYWISJTVSFEFPIWITEVEXMSREXLMKLWXVEMRWFIX[IIRXLI WXIIPGSVIERHXLIGSRGVIXIPSRKMXYHMREPFEVW[MPPFIMRIJJIG XMZIMRWXMJJIRMRKGVSWWWIGXMSRWIZIRXLSYKLXLI][SYPHFI YWIJYPMRWYWXEMRMRKGSQTVIWWMSRJSVGIW8LI]MIPHWXVIRKXL SJ XLI WXIIP GSVI WLSYPH FI PMQMXIH XS XLEX [LMGL I\MWXW EX WXVEMRWFIPS[XLSWIXLEXGERFIWYWXEMRIH[MXLSYXWTEPPMRKSJ XLI GSRGVIXI -X LEW FIIR EWWYQIH XLEX E\MEPP] GSQTVIWWIH GSRGVIXI[MPPRSXWTEPPEXWXVEMRWPIWWXLER8LI]MIPH WXVIRKXLSJ » SV TWMVITVIWIRXW ERYTTIVPMQMXSJXLIYWIJYPQE\MQYQWXIIPWXVIWW { 7TIGMJMIH GSQTVIWWMZI WXVIRKXL SJ GSRGVIXI J G WLEPPFIRSXPIWWXLERXLEXKMZIRMR {(IWMKR]MIPHWXVIRKXLSJWXVYGXYVEPWXIIP GSVIWLEPPFIXLIWTIGMJMIHQMRMQYQ]MIPHWXVIRKXLJSV KVEHISJWXVYGXYVEPWXIIPYWIHFYXRSXXSI\GIIHTWM { 0EXIVEP XMIW WLEPP I\XIRH GSQTPIXIP] EVSYRHXLIWXVYGXYVEPWXIIPGSVI { 0EXIVEP XMIW WLEPP LEZI E HMEQIXIV RSX PIWW XLER XMQIW XLI KVIEXIWX WMHI HMQIRWMSR SJ GSQTSWMXI QIQFIV I\GITX XLEX XMIW WLEPP RSX FI WQEPPIV XLER 2S ERH EVI RSX VIUYMVIH XS FI PEVKIV XLER2S;IPHIH[MVIJEFVMGSJIUYMZEPIRXEVIEWLEPP FITIVQMXXIH {:IVXMGEPWTEGMRKSJPEXIVEPXMIWWLEPPRSX I\GIIH PSRKMXYHMREP FEV HMEQIXIVW XMI FEV 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= HMEQIXIVWSVXMQIWXLIPIEWXWMHIHMQIRWMSRSJXLI GSQTSWMXIQIQFIV {0SRKMXYHMREPFEVWPSGEXIH[MXLMRXLIXMIW WLEPPFI RSXPIWW XLER RSVQSVI XLER XMQIW RIXEVIESJGSRGVIXIWIGXMSR { % PSRKMXYHMREP FEV WLEPP FI PSGEXIH EX IZIV]GSVRIVSJEVIGXERKYPEVGVSWWWIGXMSR[MXLSXLIV PSRKMXYHMREP FEVW WTEGIH RSX JEVXLIV ETEVX XLER SRI LEPJ XLI PIEWX WMHI HMQIRWMSR SJ XLI GSQTSWMXI QIQFIV {0SRKMXYHMREPFEVWPSGEXIH[MXLMRXLIXMIW WLEPP FI TIVQMXXIH XS FI YWIH MR GSQTYXMRK %X JSV WXVIRKXLFYXRSXMRGSQTYXMRK-X JSVIZEPYEXMSRSJWPIR HIVRIWWIJJIGXW {&IEVMRKWXVIRKXL 6{&IEVMRKWXVIRKXL {(IWMKRFIEVMRKWXVIRKXLSRGSRGVIXI WLEPP RSX I\GIIH JG % I\GITX [LIR XLI WYTTSVXMRK WYVJEGIMW[MHIVSREPPWMHIWXLERXLIPSEHIHEVIEXLIR XLIHIWMKRFIEVMRKWXVIRKXLSJXLIPSEHIHEVIEWLEPPFI TIVQMXXIH XS FI QYPXMTPMIH F] % % FYX RSX QSVI XLER 6 { 8LMW WIGXMSR HIEPW [MXL FIEVMRK WXVIRKXL SR GSRGVIXIWYTTSVXW8LITIVQMWWMFPIFIEVMRKWXVIWWSJJG MWFEWIHSRXIWXWVITSVXIHMR6IJIVIRGI 7IIEPWS ;LIRXLIWYTTSVXMRKEVIEMW[MHIVXLERXLIPSEHIHEVIESR EPPWMHIWXLIWYVVSYRHMRKGSRGVIXIGSRJMRIWXLIFIEVMRKEVIE VIWYPXMRK MR ER MRGVIEWI MR FIEVMRK WXVIRKXL 2S QMRMQYQ HITXL MW KMZIR JSV E WYTTSVXMRK QIQFIV 8LI QMRMQYQ HITXL SJ WYTTSVX [MPP FI GSRXVSPPIH F] XLI WLIEV VIUYMVI QIRXWSJ *MK6{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{ 7IGXMSR HSIW RSX ETTP] XS TSWX XIRWMSRMRKERGLSVEKIW 6 {4SWXXIRWMSRMRKERGLSVEKIWEVIRSVQEPP]PEXIVEPP] VIMRJSVGIHMREGGSVHERGI[MXL 1%29%03*'32'6)8)46%'8-') '3() 2SXIW '311)28%6= )2:-6321)28%07869'896)7'3()'311)28%6= ',%48)6{7,)%6%2(8367-32 '3() '311)28%6= 8LMWGLETXIVMRGPYHIWWLIEVERHXSVWMSRTVSZMWMSRWJSVFSXL RSRTVIWXVIWWIH ERH TVIWXVIWWIH GSRGVIXI QIQFIVW 8LI WLIEVJVMGXMSR GSRGITX MW TEVXMGYPEVP] ETTPMGEFPI XS HIWMKRSJVIMRJSVGIQIRXHIXEMPWMRTVIGEWXWXVYGXYVIW7TIGMEP TVSZMWMSRW EVI MRGPYHIH JSV HIIT JPI\YVEP QIQFIVW FVEGOIXW ERH GSVFIPW ERH WLIEV[EPPW 7LIEV TVSZMWMSRWJSVWPEFWERHJSSXMRKWEVIKMZIRMR {2SXEXMSR 6{2SXEXMSR E ! %G ! 9RMXWSJQIEWYVIQIRXEVIKMZIRMRXLI2SXEXMSRXSEWWMWXXLI YWIV ERH EVI RSX MRXIRHIH XS TVIGPYHI XLI YWI SJ SXLIV GSVVIGXP]ETTPMIHYRMXWJSVXLIWEQIW]QFSPWYGLEWJXSVOMT %GT ! %J ! %K ! %L ! % P ! %R ! %S ! %SL ! %TW ! %W ! %X ! %Z ! %ZJ ! %ZL ! F FS ! ! FX ! F[ ! WLIEVWTERHMWXERGIFIX[IIRGSRGIRXVEXIH PSEHERHJEGISJWYTTSVXMR EVIE SJ GSRGVIXI WIGXMSR VIWMWXMRK WLIEV XVERWJIVMR EVIE IRGPSWIH F] SYXWMHI TIVMQIXIV SJ GSRGVIXIGVSWWWIGXMSRMR7II EVIE SJ VIMRJSVGIQIRX MR FVEGOIX SV GSVFIP VIWMWXMRKJEGXSVIHQSQIRX?:Y E2YG L z H A MR KVSWW EVIE SJ WIGXMSR MR *SV E LSPPS[ WIGXMSR%KMWXLI EVIESJXLIGSRGVIXISRP] ERHHSIWRSXMRGPYHIXLIEVIESJXLIZSMH W EVIESJWLIEVVIMRJSVGIQIRXTEVEPPIPXSJPI\YVEP XIRWMSRVIMRJSVGIQIRXMR XSXEP EVIE SJ PSRKMXYHMREP VIMRJSVGIQIRX XS VIWMWXXSVWMSRMR EVIE SJ VIMRJSVGIQIRX MR FVEGOIX SV GSVFIP VIWMWXMRKXIRWMPIJSVGI2YGMR KVSWWEVIEIRGPSWIHF]WLIEVJPS[TEXLMR EVIEIRGPSWIHF]GIRXIVPMRISJXLISYXIVQSWX GPSWIHXVERWZIVWIXSVWMSREPVIMRJSVGIQIRXMR EVIESJTVIWXVIWWIHVIMRJSVGIQIRXMRXIRWMSR ^SRIMR EVIESJRSRTVIWXVIWWIHXIRWMSRVIMRJSVGIQIRX MR EVIESJSRIPIKSJEGPSWIHWXMVVYTVIWMWXMRK XSVWMSR[MXLMREHMWXERGIWMR EVIESJWLIEVVIMRJSVGIQIRX[MXLMREHMWXERGI WSVEVIESJWLIEVVIMRJSVGIQIRXTIVTIRHMG YPEVXSJPI\YVEPXIRWMSRVIMRJSVGIQIRX[MXLMRE HMWXERGI WJSVHIITJPI\YVEPQIQFIVWMR EVIESJWLIEVJVMGXMSRVIMRJSVGIQIRXMR EVIESJWLIEVVIMRJSVGIQIRXTEVEPPIPXSJPI\YVEP XIRWMSRVIMRJSVGIQIRX[MXLMREHMWXERGIWMR [MHXLSJGSQTVIWWMSRJEGISJQIQFIVMR TIVMQIXIV SJ GVMXMGEP WIGXMSR JSV WPEFW ERH JSSXMRKWMR [MHXLSJXLEXTEVXSJGVSWWWIGXMSRGSRXEMRMRK XLIGPSWIHWXMVVYTWVIWMWXMRKXSVWMSRMR [IF[MHXLSVHMEQIXIVSJGMVGYPEVWIGXMSRMR 8IWXWLEZIMRHMGEXIHXLEXXLIEZIVEKIWLIEVSZIVXLIJYPP IJJIGXMZI WIGXMSREPWS QE] FI ETTPMIH JSVGMVGYPEVWIGXMSRW 2SXIXLIWTIGMEPHIJMRMXMSRSJHJSVWYGLWIGXMSRW %PXLSYKL XLI ZEPYI SJ H QE] ZEV] EPSRK XLI WTER SJ E TVIWXVIWWIH FIEQ WXYHMIW WLS[IH XLEX JSV TVIWXVIWWIH GSRGVIXIQIQFIVWHRIIHRSXFIXEOIRPIWWXLERL8LI FIEQWGSRWMHIVIHLEHWSQIWXVEMKLXXIRHSRWSVVIMRJSVGMRK FEVW EX XLI FSXXSQ SJ XLI WIGXMSR ERH LEH WXMVVYTW XLEX IRGPSWIHXLEXWXIIP 1%29%03*'32'6)8)46%'8-') '3() F ! F ! G ! G ! H ! JG JG ! ! JGX ! JH ! JTG ! JTI ! JTY ! J] ! J]L ! J]Z ! [MHXL SJ XLI GVMXMGEP WIGXMSR HIJMRIH MR QIEWYVIH MR XLI HMVIGXMSR SJ XLI WTERJSV[LMGLQSQIRXWEVIHIXIVQMRIHMR [MHXL SJ XLI GVMXMGEP WIGXMSR HIJMRIH MR QIEWYVIHMRXLIHMVIGXMSRTIVTIR HMGYPEVXSFMR WMÎSJVIGXERKYPEVSVIUYMZEPIRXVIGXERKYPEV GSPYQRGETMXEPSVFVEGOIX QIEWYVIHMRXLI HMVIGXMSRSJXLIWTERJSV[LMGLQSQIRXWEVI FIMRKHIXIVQMRIHMR WMÎ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{SV WTEGMRK SJ LSVM^SRXEPVIMRJSVGIQIRXMR[EPPMR XLMGORIWWSJE[EPPSJELSPPS[WIGXMSRMR RSQMREPXSVWMSREPQSQIRXWXVIRKXLMRPF JEGXSVIHXSVWMSREPQSQIRXEXWIGXMSRMRPF RSQMREPWLIEVWXVIRKXLTVSZMHIHF]GSRGVIXIPF RSQMREPWLIEVWXVIRKXLTVSZMHIHF]GSRGVIXI [LIRHMEKSREPGVEGOMRKVIWYPXWJVSQGSQFMRIH WLIEVERHQSQIRXPF RSQMREPWLIEVWXVIRKXLTVSZMHIHF]GSRGVIXI [LIRHMEKSREPGVEGOMRKVIWYPXWJVSQI\GIWWMZI TVMRGMTEPXIRWMPIWXVIWWMR[IFPF WLIEV JSVGI EX WIGXMSR HYI XS YRJEGXSVIH HIEHPSEHPF JEGXSVIHWLIEVJSVGIEXWIGXMSRHYIXSI\XIV REPP]ETTPMIHPSEHWSGGYVVMRKWMQYPXERISYWP] [MXL 1QE\PF RSQMREPWLIEVWXVIRKXLPF '311)28%6= 1%29%03*'32'6)8)46%'8-') '3() :T ! :W ! :Y ZR ]X ! ! ! ! J ! W ! Z ! G ! T ! J ! Z ! ! ! ! ! L ! ! ! ! R ! ! [ ! '311)28%6= ZIVXMGEP GSQTSRIRX SJ IJJIGXMZI TVIWXVIWW JSVGIEXWIGXMSRPF RSQMREP WLIEV WXVIRKXL TVSZMHIH F] WLIEV VIMRJSVGIQIRXPF JEGXSVIHWLIEVJSVGIEXWIGXMSRPF RSQMREPWLIEVWXVIWWTWM7II HMWXERGIJVSQGIRXVSMHEPE\MWSJKVSWWWIGXMSR RIKPIGXMRKVIMRJSVGIQIRXXSI\XVIQIJMFIVMR XIRWMSRMR ERKPIFIX[IIRMRGPMRIHWXMVVYTWERHPSRKMXY HMREPE\MWSJQIQFIV ERKPI FIX[IIR WLIEVJVMGXMSR VIMRJSVGIQIRX ERHWLIEVTPERI GSRWXERX YWIH XS GSQTYXI :G MR WPEFW ERH JSSXMRKW VEXMSSJJPI\YVEPWXMJJRIWWSJWLIEVLIEHEVQXS XLEX SJ WYVVSYRHMRK GSQTSWMXI WPEF WIGXMSR 7II VEXMS SJ PSRK WMHI XS WLSVX WMHI SJ GSRGIR XVEXIHPSEHSVVIEGXMSREVIE GSRWXERXYWIHXSGSQTYXI:GMRTVIWXVIWWIH WPEFW JVEGXMSR SJ YRFEPERGIH QSQIRX XVERWJIVVIH F] JPI\YVI EX WPEFGSPYQR GSRRIGXMSRW7II JVEGXMSR SJ YRFEPERGIH QSQIRX XVERWJIVVIH F] IGGIRXVMGMX] SJ WLIEV EX WPEFGSPYQR GSRRIGXMSRW7II z J RYQFIVSJMHIRXMGEPEVQWSJWLIEVLIEH ERKPI SJ GSQTVIWWMSR HMEKSREPW MR XVYWW EREPSK]JSVXSVWMSR GSVVIGXMSR JEGXSV VIPEXIH XS YRMX [IMKLX SJ GSRGVIXI GSIJJMGMIRXSJJVMGXMSR7II VEXMSSJRSRTVIWXVIWWIHXIRWMSRVIMRJSVGIQIRX %W FH VEXMS SJ LSVM^SRXEP WLIEV VIMRJSVGIQIRX EVIE XSKVSWWGSRGVIXIEVIESJZIVXMGEPWIGXMSR VEXMS SJ ZIVXMGEPWLIEVVIMRJSVGIQIRXEVIEXS KVSWWGSRGVIXIEVIESJLSVM^SRXEPWIGXMSR %W F[H WXVIRKXLVIHYGXMSRJEGXSV7II {7LIEVWXVIRKXL 6{7LIEVWXVIRKXL {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{-RHIXIVQMRMRKWLIEVWXVIRKXL:R IJJIGX SJER]STIRMRKWMRQIQFIVWWLEPPFIGSRWMHIVIH 6{3TIRMRKWMRXLI[IFSJEQIQFIVGERVIHYGI MXWWLIEVWXVIRKXL8LIIJJIGXWSJSTIRMRKWEVIHMWGYWWIHMR 7IGXMSRSJ6IJIVIRGIERHMR6IJIVIRGIWERH { -RHIXIVQMRMRK WLIEV WXVIRKXL :G [LIR IZIVETTPMGEFPIIJJIGXWSJE\MEPXIRWMSRHYIXSGVIITERH WLVMROEKI MR VIWXVEMRIH QIQFIVW WLEPP FI GSRWMHIVIH ERH IJJIGXW SJ MRGPMRIH JPI\YVEP GSQTVIWWMSR MR ZEVMEFPI HITXLQIQFIVWWLEPPFITIVQMXXIHXSFIMRGPYHIH 6{-REQIQFIVSJZEVMEFPIHITXLXLIMRXIVREP WLIEVEXER]WIGXMSRMWMRGVIEWIHSVHIGVIEWIHF]XLIZIVXMGEP GSQTSRIRX SJ XLI MRGPMRIH JPI\YVEP WXVIWWIW 'SQTYXEXMSR QIXLSHWEVISYXPMRIHMRZEVMSYWXI\XFSSOWERHMRXLI .SMRX'SQQMXXII6ITSVX {8LIZEPYIWSJ J G YWIHMRXLMWGLETXIVWLEPP RSXI\GIIHTWMI\GITXEWEPPS[IHMR 6{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{:EPYIWSJ J G KVIEXIVXLERTWMWLEPP FITIVQMXXIHMRGSQTYXMRK:G :GMERH:G[JSVVIMRJSVGIH SV TVIWXVIWWIH GSRGVIXI FIEQW ERH GSRGVIXI NSMWX GSRWXVYGXMSR LEZMRK QMRMQYQ [IF VIMRJSVGIQIRX MR EGGSVHERGI[MXLSV 6{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{ 'SQTYXEXMSR SJ QE\MQYQ JEGXSVIH WLIEV JSVGI :Y EX WYTTSVXW MR EGGSVHERGI [MXL SV WLEPPFITIVQMXXIHMJEPPGSRHMXMSRW E F ERH G EVIWEXMWJMIH E 7YTTSVX VIEGXMSR MR HMVIGXMSR SJ ETTPMIH WLIEV MRXVSHYGIW GSQTVIWWMSR MRXS XLI IRH VIKMSRW SJ QIQFIV F 0SEHWEVIETTPMIHEXSVRIEVXLIXSTSJXLIQIQFIV G 2S GSRGIRXVEXIH PSEH SGGYVW FIX[IIR JEGI SJ WYTTSVX ERH PSGEXMSR SJ GVMXMGEP WIGXMSR HIJMRIH MR SV 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= *MK6 E {*VIIFSH]HMEKVEQWSJXLIIRHSJEFIEQ *MK6 F {0SGEXMSRSJGVMXMGEPWIGXMSRJSVWLIEVMRE QIQFIVPSEHIHRIEVFSXXSQ *MK 6 G H I J {8]TMGEP WYTTSVX GSRHMXMSRW JSVPSGEXMRKJEGXSVIHWLIEVJSVGI:Y { *SV RSRTVIWXVIWWIH QIQFIVW WIGXMSRW PSGEXIH PIWW XLER E HMWXERGI H JVSQ JEGI SJ WYTTSVX WLEPPFITIVQMXXIHXSFIHIWMKRIHJSVXLIWEQIWLIEV :YEWXLEXGSQTYXIHEXEHMWXERGIH 6{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ÎHJMVWXWXMVVYTWEVIVIUYMVIH EGVSWWXLITSXIRXMEPGVEGOHIWMKRIHJSVXLIWLIEVEX HJVSQ XLIWYTTSVXERHWIGSRHEXIRWMSRJSVGII\MWXWMRXLIPSRKMXY HMREPVIMRJSVGIQIRXEXXLIJEGISJXLIWYTTSVX -R *MK F PSEHWEVIWLS[REGXMRKRIEVXLIFSXXSQ SJ E FIEQ -R XLMW GEWI XLI GVMXMGEP WIGXMSR MW XEOIR EX XLI JEGISJXLIWYTTSVX0SEHWEGXMRKRIEVXLIWYTTSVXWLSYPHFI XVERWJIVVIHEGVSWWXLIMRGPMRIHGVEGOI\XIRHMRKYT[EVHJVSQ XLIWYTTSVXJEGI8LIWLIEVJSVGIEGXMRKSRXLIGVMXMGEPWIGXMSR MRGPYHIEPPPSEHWETTPMIHFIPS[XLITSXIRXMEPMRGPMRIHGVEGO 8]TMGEP WYTTSVX GSRHMXMSRW [LIVI XLI WLIEV JSVGI EX E HMWXERGI H JVSQ XLI WYTTSVX QE] FI YWIH MRGPYHI QIQFIVWWYTTSVXIHF]FIEVMRKEXXLIFSXXSQSJXLIQIQFIV WYGL EW WLS[R MR *MK 6 G ERH QIQFIVW JVEQMRKQSRSPMXLMGEPP]MRXS ERSXLIV QIQFIV EW MPPYWXVEXIH MR *MK6 H 7YTTSVX GSRHMXMSRW [LIVI XLMW TVSZMWMSR WLSYPH RSX FI ETTPMIHMRGPYHI 1IQFIVW JVEQMRK MRXS E WYTTSVXMRK QIQFIV MR XIRWMSRWYGLEWWLS[RMR*MK6 I *SVXLMWGEWI XLIGVMXMGEPWIGXMSRJSVWLIEVWLSYPHFIXEOIREXXLIJEGISJ XLI WYTTSVX WLIEV [MXLMR XLI GSRRIGXMSR WLSYPH EPWS FI MRZIWXMKEXIH ERH WTIGMEP GSVRIV VIMRJSVGIQIRX WLSYPH FI TVSZMHIH 1IQFIVWJSV[LMGLPSEHWEVIRSXETTPMIHEXSVRIEVXLI XSTSJXLIQIQFIV8LMWMWXLIGSRHMXMSRVIJIVVIHXSMR*MK F *SVWYGLGEWIWXLIGVMXMGEPWIGXMSRMWXEOIREX XLI JEGI SJ XLI WYTTSVX 0SEHW EGXMRK RIEV XLI WYTTSVX WLSYPHFIXVERWJIVVIHEGVSWWXLIMRGPMRIHGVEGOI\XIRHMRK YT[EVHJVSQXLIWYTTSVXJEGI8LIWLIEVJSVGIEGXMRKSR XLI GVMXMGEP WIGXMSR WLSYPH MRGPYHI EPP PSEHW FIPS[ XLI TSXIRXMEPMRGPMRIHGVEGO 1IQFIVW PSEHIH WYGL XLEX XLI WLIEV EX WIGXMSRW FIX[IIR XLI WYTTSVX ERH E HMWXERGI H HMJJIVW VEHMGEPP] JVSQ XLI WLIEV EX HMWXERGI H 8LMW GSQQSRP] SGGYVW MR FVEGOIXW ERH MR FIEQW [LIVI E GSRGIRXVEXIH PSEH MW PSGEXIHGPSWIXSXLIWYTTSVXEWWLS[RMR*MK6 J SVMRJSSXMRKWWYTTSVXIHSRTMPIW-RXLMWGEWIXLIWLIEVEX XLIJEGISJXLIWYTTSVXWLSYPHFIYWIH { *SV TVIWXVIWWIH QIQFIVW WIGXMSRW PSGEXIHPIWWXLEREHMWXERGILJVSQJEGISJWYTTSVX WLEPPFITIVQMXXIHXSFIHIWMKRIHJSVXLIWEQIWLIEV :Y EWXLEXGSQTYXIHEXEHMWXERGIL { *SV HIIT FIEQW FVEGOIXW ERH GSVFIPW [EPPWERHWPEFWERHJSSXMRKWXLIWTIGMEPTVSZMWMSRWSJ XLVSYKLWLEPPETTP] 6 { &IGEYWI H JVIUYIRXP] ZEVMIW MR TVIWXVIWWIH QIQFIVW XLI PSGEXMSR SJXLI GVMXMGEP WIGXMSR LEW EVFMXVEVMP] FIIRXEOIREWLJVSQXLIJEGISJXLIWYTTSVX 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= {0MKLX[IMKLXGSRGVIXI 6{0MKLX[IMKLXGSRGVIXI 8[SEPXIVREXITVSGIHYVIWEVITVSZMHIHXSQSHMJ]XLITVSZM WMSRWJSVWLIEV[LIRPMKLX[IMKLXEKKVIKEXIGSRGVIXIMWYWIH 8LI PMKLX[IMKLX GSRGVIXI QSHMJMGEXMSR ETTPMIW SRP] XS XLI XIVQWGSRXEMRMRK J G MRXLIIUYEXMSRWSJ'LETXIV { 4VSZMWMSRW JSV WLIEV ERH XSVWMSR WXVIRKXL ETTP] XS RSVQEP[IMKLX GSRGVIXI ;LIR PMKLX[IMKLX EKKVIKEXIGSRGVIXIMWYWIHSRISJXLIJSPPS[MRKQSHM JMGEXMSRW WLEPP ETTP] XS J G XLVSYKLSYX 'LETXIV I\GITX ERH { ;LIR JGX MW WTIGMJMIH ERH GSRGVIXI MW TVSTSVXMSRIH MR EGGSVHERGI [MXL JGX WLEPP FI WYFWXMXYXIH JSV J G FYX XLI ZEPYI SJ JGX WLEPP RSX I\GIIH J G 6 {8LIJMVWXEPXIVREXIFEWIWXLIQSHMJMGEXMSRSR PEFSVEXSV]XIWXWXSHIXIVQMRIXLIVIPEXMSRWLMTFIX[IIRWTPMX XMRKXIRWMPIWXVIRKXLJGXERHXLIGSQTVIWWMZIWXVIRKXLJG JSV XLI PMKLX[IMKLX GSRGVIXI FIMRK YWIH *SV RSVQEP [IMKLX GSRGVIXI XLI WTPMXXMRK XIRWMPI WXVIRKXL JGX MW ETTVS\MQEXIP] IUYEPXS JG GSRGVIXI ERH JSV wWERHPMKLX[IMKLXx GSRGVIXI 0MRIEV MRXIVTSPEXMSR WLEPP FI TIVQMXXIH [LIR TEVXMEP WERHVITPEGIQIRXMWYWIH 6 {8LIQSHMJMGEXMSRQE]EPWSFIFEWIHSRXLI EWWYQTXMSRXLEXXLIXIRWMPIWXVIRKXLSJPMKLX[IMKLXGSRGVIXI MW E JM\IH JVEGXMSR SJ XLI XIRWMPI WXVIRKXL SJ RSVQEP[IMKLX GSRGVIXI8LIQYPXMTPMIVWEVIFEWIHSRHEXEJVSQXIWXW SRQER]X]TIWSJWXVYGXYVEPPMKLX[IMKLXEKKVIKEXIGSRGVIXI {7LIEVWXVIRKXLTVSZMHIHF]GSRGVIXI JSVRSRTVIWXVIWWIHQIQFIVW 6{7LIEVWXVIRKXLTVSZMHIHF]GSRGVIXI JSVRSRTVIWXVIWWIHQIQFIVW { ;LIR JGX MW RSX WTIGMJMIH EPP ZEPYIW SJ J G WLEPP FI QYPXMTPMIH F] JSV wEPPPMKLX[IMKLXx { 7LIEV WXVIRKXL :G WLEPP FI GSQTYXIH F] TVSZMWMSRWSJXLVSYKLYRPIWWEQSVI HIXEMPIHGEPGYPEXMSRMWQEHIMREGGSVHERGI[MXL { *SV QIQFIVW WYFNIGX XS WLIEV ERH JPI\YVISRP] :G! JG F[H {*SVQIQFIVWWYFNIGXXSE\MEPGSQTVIWWMSR 2Y :G ! %K JG F [ H 6 {7II6 5YERXMX] 2Y %KWLEPPFII\TVIWWIHMRTWM {*SVQIQFIVWWYFNIGXXSWMKRMJMGERXE\MEP XIRWMSR WLIEV VIMRJSVGIQIRX WLEPP FI HIWMKRIH XS GEVV] XSXEP WLIEV YRPIWW E QSVI HIXEMPIH EREP]WMW MW QEHIYWMRK { 7LIEV WXVIRKXL :G WLEPP FI TIVQMXXIH XS FI GSQTYXIHF]XLIQSVIHIXEMPIHGEPGYPEXMSRSJ XLVSYKL 6ERH6{7II6 )2:-6321)28%07869'896)7'3()'311)28%6= '3() '311)28%6= { *SV QIQFIVW WYFNIGX XS WLIEV ERH JPI\YVISRP] 6 {)UYEXMSR MWXLIFEWMGI\TVIWWMSRJSV WLIEVWXVIRKXLSJQIQFIVW[MXLSYXWLIEVVIMRJSVGIQIRX (IWMKRIVW WLSYPH VIGSKRMÎ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{*SVQIQFIVWWYFNIGXXSE\MEPGSQTVIWWMSR MX WLEPP FI TIVQMXXIH XS GSQTYXI :G YWMRK )U [MXL 1Q WYFWXMXYXIHJSV1YERH:YH 1YRSXXLIRPMQMXIH XS[LIVI L z H 1Q ! 1 Y z 2Y ,S[IZIV:GWLEPPRSXFIXEOIRKVIEXIVXLER 2Y : G ! JG F[ H % K 5YERXMX] 2Y %KWLEPPFII\TVIWWIHMRTWM;LIR1QEW GSQTYXIH F] )U MW RIKEXMZI :G WLEPP FI GSQTYXIHF])U {*SVQIQFIVWWYFNIGXXSWMKRMJMGERXE\MEP XIRWMSR 2Y : G ! % K JG F [ H FYX RSX PIWW XLER ÎVS [LIVI 2Y MW RIKEXMZI JSV XIRWMSR5YERXMX]2Y %KWLEPPFII\TVIWWIHMRTWM 6 { )UYEXMSR ERH JSV QIQFIVW WYFNIGXXSE\MEPGSQTVIWWMSRMREHHMXMSRXSWLIEVERHJPI\YVI EVIHIVMZIHMRXLI%'-%7')'SQQMXXIIVITSVX%W 2YMWMRGVIEWIHXLIZEPYISJ:GGSQTYXIHJVSQ)U ERH [MPPI\GIIHXLIYTTIVPMQMXKMZIRF])U FIJSVIXLIZEPYISJ1QKMZIRF])U FIGSQIWRIKE XMZI8LIZEPYISJ:GSFXEMRIHJVSQ)U LEWRSTL]W MGEPWMKRMJMGERGIMJERIKEXMZIZEPYISJ1QMWWYFWXMXYXIH*SV XLMW GSRHMXMSR )UYEXMSR SV WLSYPH FI YWIH XS GEPGYPEXI :G :EPYIWSJ:GJSVQIQFIVWWYFNIGXXSWLIEVERH E\MEPPSEH EVI MPPYWXVEXIHMR*MK6 8LI FEGOKVSYRH JSVXLIWIIUYEXMSRWMWHMWGYWWIHERHGSQTEVMWSRWEVIQEHI [MXLXIWXHEXEMR6IJIVIRGI &IGEYWI SJ XLI GSQTPI\MX] SJ )U ERH ER EPXIVREXMZIHIWMKRTVSZMWMSR)U MWTIVQMXXIH 6 {)UYEXMSR QE]FIYWIHXSGSQTYXI:G JSV QIQFIVW WYFNIGX XS WMKRMJMGERX E\MEP XIRWMSR 7LIEV VIMRJSVGIQIRX QE] XLIR FI HIWMKRIH JSV :R z :G 8LI XIVQ wWMKRMJMGERXx MW YWIH XS VIGSKRMÎ XLEX E HIWMKRIV QYWX YWI NYHKQIRX MR HIGMHMRK [LIXLIV E\MEP XIRWMSR RIIHW XS FI GSRWMHIVIH 0S[ PIZIPW SJ E\MEP XIRWMSR SJXIR SGGYV HYI XS ZSPYQI GLERKIW FYX EVI RSX MQTSVXERX MR WXVYGXYVIW [MXL *MK6{'SQTEVMWSRSJWLIEVWXVIRKXLIUYEXMSRWJSV QIQFIVWWYFNIGXIHXSE\MEPPSEH 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= EHIUYEXII\TERWMSRNSMRXWERHQMRMQYQVIMRJSVGIQIRX-XQE] FIHIWMVEFPIXSHIWMKRWLIEVVIMRJSVGIQIRXXSGEVV]XSXEPWLIEVMJ XLIVIMWYRGIVXEMRX]EFSYXXLIQEKRMXYHISJE\MEPXIRWMSR { *SV GMVGYPEV QIQFIVW XLI EVIE YWIH XS GSQTYXI :GWLEPPFIXEOIREWXLITVSHYGXSJXLIHMEQIXIV ERHIJJIGXMZIHITXLSJXLIGSRGVIXIWIGXMSR-XWLEPPFI TIVQMXXIHXS XEOIXLIIJJIGXMZIHITXL EWXMQIWXLI HMEQIXIVSJXLIGSRGVIXIWIGXMSR 6 { 7LIEV XIWXW SJ QIQFIVW [MXL GMVGYPEV WIGXMSRW MRHMGEXIXLEXXLIIJJIGXMZIEVIEGERFIXEOIREWXLIKVSWWEVIE SJXLIWIGXMSRSVEWERIUYMZEPIRXVIGXERKYPEVEVIE {7LIEVWXVIRKXLTVSZMHIHF] GSRGVIXIJSVTVIWXVIWWIHQIQFIVW 6{7LIEVWXVIRKXLTVSZMHIHF] GSRGVIXIJSVTVIWXVIWWIHQIQFIVW { *SV QIQFIVW [MXL IJJIGXMZI TVIWXVIWW JSVGI RSXPIWWXLERTIVGIRXSJXLIXIRWMPIWXVIRKXLSJJPI\ YVEPVIMRJSVGIQIRXYRPIWWEQSVIHIXEMPIHGEPGYPEXMSR MWQEHIMREGGSVHERGI[MXL 6 { )UYEXMSR SJJIVW E WMQTPI QIERW SJ GSQTYXMRK :GJSVTVIWXVIWWIHGSRGVIXIFIEQW-XQE]FI ETTPMIHXSFIEQWLEZMRKTVIWXVIWWIHVIMRJSVGIQIRXSRP]SV XS QIQFIVW VIMRJSVGIH [MXL E GSQFMREXMSR SJ TVIWXVIWWIH VIMRJSVGIQIRXERHRSRTVIWXVIWWIHHIJSVQIHFEVW)UYEXMSR MW QSWX ETTPMGEFPI XS QIQFIVW WYFNIGX XS YRMJSVQ PSEHMRKERHQE]KMZIGSRWIVZEXMZIVIWYPXW[LIRETTPMIHXS GSQTSWMXIKMVHIVWJSVFVMHKIW :YH : G ! J G F[H 1Y FYX:GRIIHRSXFIXEOIRPIWWXLER JG F[H RSVWLEPP :GFIXEOIRKVIEXIVXLER JG F[HRSVXLIZEPYIKMZIR MR SV8LIUYERXMX] :Y H 1YWLEPPRSXFI XEOIRKVIEXIVXLER[LIVI1YMWJEGXSVIHQSQIRX SGGYVVMRK WMQYPXERISYWP] [MXL :Y EX WIGXMSR GSRWMH IVIH;LIRETTP]MRK)U HMRXLIXIVQ:Y H 1Y WLEPPFIXLIHMWXERGIJVSQI\XVIQIGSQTVIWWMSRJMFIV XSGIRXVSMHSJTVIWXVIWWIHVIMRJSVGIQIRX -RETTP]MRK)U XSWMQTP]WYTTSVXIHQIQFIVWWYFNIGX XSYRMJSVQPSEHW:YH1YGERFII\TVIWWIHEW :YH H P z \ ! 1Y \ Pz\ [LIVI P MW XLI WTER PIRKXL ERH \ MW XLI HMWXERGI JVSQ XLI WIGXMSRFIMRKMRZIWXMKEXIHXSXLIWYTTSVX*SVGSRGVIXI[MXL JG IUYEPXSTWM:GJVSQZEVMIWEWWLS[RMR *MK6(IWMKREMHWFEWIHSRXLMWIUYEXMSREVIKMZIR MR 6IJIVIRGI { 7LIEV WXVIRKXL :G WLEPP FI TIVQMXXIH XS FI GSQTYXIH MR EGGSVHERGI [MXL ERH [LIVI :GWLEPPFIXLIPIWWIVSJ:GMSV:G[ 6 {8[SX]TIWSJMRGPMRIHGVEGOMRKSGGYVMRGSRGVIXI FIEQW[IFWLIEVGVEGOMRKERHJPI\YVIWLIEVGVEGOMRK8LIWI X[SX]TIWSJMRGPMRIHGVEGOMRKEVIMPPYWXVEXIHMR*MK6 {7LIEVWXVIRKXL:GMWLEPPFIGSQTYXIHF] ;IFWLIEVGVEGOMRKFIKMRWJVSQERMRXIVMSVTSMRXMREQIQFIV [LIRXLITVMRGMTEPXIRWMPIWXVIWWIWI\GIIHXLIXIRWMPIWXVIRKXL SJXLIGSRGVIXI*PI\YVIWLIEVGVEGOMRKMWMRMXMEXIHF]JPI\YVEP GVEGOMRK;LIRJPI\YVEPGVEGOMRKSGGYVWXLIWLIEVWXVIWWIWMR XLIGSRGVIXIEFSZIXLIGVEGOEVIMRGVIEWIH8LIJPI\YVIWLIEV GVEGO HIZIPSTW [LIR XLI GSQFMRIH WLIEV ERH XIRWMPI WXVIWW I\GIIHWXLIXIRWMPIWXVIRKXLSJXLIGSRGVIXI : M 1GV : GM ! J G F [ H : H 1 QE\ FYX:GM RIIHRSXFIXEOIRPIWWXLER JG F[H[LIVI 1 GV ! P k ] X J G J TI z JH ERHZEPYIWSJ1QE\ERH:MWLEPPFIGSQTYXIHJVSQXLI PSEHGSQFMREXMSRGEYWMRKQE\MQYQQSQIRXXSSGGYV EXXLIWIGXMSR {7LIEVWXVIRKXL:G[WLEPPFIGSQTYXIHF] :G[! JG JTG F[H :T %PXIVREXMZIP]:G[WLEPPFIGSQTYXIHEWXLIWLIEVJSVGI GSVVIWTSRHMRKXSHIEH PSEH TPYWPMZIPSEHXLEXVIWYPXW )UYEXMSR ERH QE]FIYWIHXSHIXIVQMRIXLI WLIEV JSVGIW GEYWMRK JPI\YVIWLIEV ERH [IFWLIEV GVEGOMRK VIWTIGXMZIP]8LIWLIEVWXVIRKXLTVSZMHIHF]XLIGSRGVIXI:GMW EWWYQIHIUYEPXSXLIPIWWIVSJ:GM ERH :G[8LIHIVMZEXMSRWSJ )U ERH EVIWYQQEVMÎ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{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{%TTPMGEXMSRSJ)U XSYRMJSVQP]PSEHIH TVIWXVIWWIHQIQFIVW *MK6{8]TIWSJGVEGOMRKMRGSRGVIXIFIEQW 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= *SV RSRGSQTSWMXI YRMJSVQP] PSEHIH FIEQW XLI XSXEP GVSWW WIGXMSRVIWMWXWEPPXLIWLIEVERHXLIPMZIERHHIEHPSEHWLIEV JSVGIHMEKVEQWEVIWMQMPEV-RXLMWGEWI)U VIHYGIWXS :Y 1 GM : GM ! JG F [ H 1Y [LIVI 1 GX ! - k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{ -R E TVIXIRWMSRIH QIQFIV MR [LMGL XLI WIGXMSREXEHMWXERGILJVSQJEGISJWYTTSVXMWGPSWIV XS XLI IRH SJ QIQFIV XLER XLI XVERWJIV PIRKXL SJ XLI TVIWXVIWWMRK WXIIP XLI VIHYGIH TVIWXVIWW WLEPP FI GSRWMHIVIH [LIR GSQTYXMRK :G[ 8LMW ZEPYI SJ :G[ WLEPPEPWSFIXEOIREWXLIQE\MQYQPMQMXJSV)U 8LITVIWXVIWWJSVGIWLEPPFIEWWYQIHXSZEV]PMRIEVP] JVSQ ÎVS EX IRH SJ XLI TVIWXVIWWMRK WXIIP XS E QE\MQYQ EX E HMWXERGI JVSQ IRH SJ XLI TVIWXVIWWMRK WXIIP IUYEP XS XLI XVERWJIV PIRKXL EWWYQIH XS FI HMEQIXIVWJSVWXVERHERHHMEQIXIVWJSVWMRKPI[MVI {-RETVIXIRWMSRIHQIQFIV[LIVIFSRHMRKSJ WSQIXIRHSRWHSIWRSXI\XIRHXSXLIIRHSJQIQFIV E VIHYGIH TVIWXVIWW WLEPP FI GSRWMHIVIH [LIR GSQTYXMRK :GMREGGSVHERGI[MXLSV8LI ZEPYI SJ :G[ GEPGYPEXIH YWMRK XLI VIHYGIH TVIWXVIWW WLEPPEPWSFIXEOIREWXLIQE\MQYQPMQMXJSV)U 8LITVIWXVIWWJSVGIHYIXSXIRHSRWJSV[LMGLFSRHMRK HSIW RSX I\XIRH XS XLI IRH SJ QIQFIV WLEPP FI EWWYQIHXSZEV]PMRIEVP]JVSQÎVSEXXLITSMRXEX[LMGL FSRHMRKGSQQIRGIWXS EQE\MQYQ EXEHMWXERGI JVSQ XLMWTSMRXIUYEPXSXLIXVERWJIVPIRKXLEWWYQIHXSFI HMEQIXIVWJSVWXVERHERHHMEQIXIVWJSVWMRKPI[MVI 6ERH6{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{7LIEVWXVIRKXLTVSZMHIHF]WLIEV VIMRJSVGIQIRX '311)28%6= 6{7LIEVWXVIRKXLTVSZMHIHF]WLIEV VIMRJSVGIQIRX {8]TIWSJWLIEVVIMRJSVGIQIRX { 7LIEV VIMRJSVGIQIRX GSRWMWXMRK SJ XLI JSPPS[MRKWLEPPFITIVQMXXIH E 7XMVVYTWTIVTIRHMGYPEVXSE\MWSJQIQFIV F ;IPHIH[MVIJEFVMG[MXL[MVIWPSGEXIHTIVTIRHMG YPEVXSE\MWSJQIQFIV G 7TMVEPWGMVGYPEVXMIWSVLSSTW { *SV RSRTVIWXVIWWIH QIQFIVW WLIEV VIMRJSVGIQIRXWLEPPFITIVQMXXIHXSEPWSGSRWMWXSJ E 7XMVVYTWQEOMRKERERKPISJHIKSVQSVI[MXL PSRKMXYHMREPXIRWMSRVIMRJSVGIQIRX F 0SRKMXYHMREP VIMRJSVGIQIRX [MXL FIRX TSVXMSR QEOMRKERERKPISJHIKSVQSVI[MXLXLIPSRKMXY HMREPXIRWMSRVIMRJSVGIQIRX G 'SQFMREXMSRW SJ WXMVVYTW ERH FIRX PSRKMXYHMREP VIMRJSVGIQIRX H 7TMVEPW {(IWMKR]MIPHWXVIRKXLSJWLIEVVIMRJSVGIQIRX WLEPP RSX I\GIIH TWM I\GITX XLEX XLI HIWMKR ]MIPHWXVIRKXLSJ[IPHIHHIJSVQIH[MVIJEFVMGWLEPPRSX I\GIIHTWM 6{0MQMXMRKXLIHIWMKR]MIPHWXVIRKXLSJWLIEVVIMR JSVGIQIRX XS TWM TVSZMHIW E GSRXVSP SR HMEKSREP GVEGO[MHXL-RXLI%'-GSHILS[IZIVXLIPMQMXEXMSR SRHIWMKR]MIPHWXVIRKXLSJTWMJSVWLIEVVIMRJSVGIQIRX [EW VEMWIH XS TWM JSV [IPHIH HIJSVQIH [MVI JEFVMG 6IGIRX VIWIEVGLLEW MRHMGEXIH XLEX XLITIVJSV QERGI SJ LMKLIVWXVIRKXL WXIIPW EW WLIEV VIMRJSVGIQIRX LEW FIIRWEXMWJEGXSV]-RTEVXMGYPEVJYPPWGEPIFIEQXIWXWHIWGVMFIH MR 6IJIVIRGIMRHMGEXIHXLEXXLI[MHXLWSJMRGPMRIHWLIEV GVEGOWEXWIVZMGIPSEHPIZIPW[IVIPIWWJSVFIEQWVIMRJSVGIH [MXL WQEPPIVHMEQIXIV HIJSVQIH [IPHIH [MVI JEFVMG GEKIW HIWMKRIHSRXLIFEWMWSJE]MIPHWXVIRKXLSJOWMXLERFIEQW VIMRJSVGIH[MXLHIJSVQIH+VEHIWXMVVYTW { 7XMVVYTW ERH SXLIV FEVW SV [MVIW YWIH EW WLIEVVIMRJSVGIQIRXWLEPPI\XIRHXSEHMWXERGIHJVSQ I\XVIQI GSQTVIWWMSR JMFIV ERH WLEPP FI ERGLSVIH EX FSXL IRHW EGGSVHMRK XS XS HIZIPST XLI HIWMKR ]MIPHWXVIRKXLSJVIMRJSVGIQIRX 6 {-XMWIWWIRXMEPXLEXWLIEV ERHXSVWMSR VIMRJSVGIQIRX FIEHIUYEXIP]ERGLSVIHEXFSXLIRHWXSFIJYPP]IJJIGXMZISR IMXLIV WMHI SJ ER] TSXIRXMEP MRGPMRIH GVEGO 8LMW KIRIVEPP] VIUYMVIWELSSOSVFIRHEXXLIIRHSJXLIVIMRJSVGIQIRXEW TVSZMHIHF] {7TEGMRKPMQMXWJSVWLIEVVIMRJSVGIQIRX { 7TEGMRK SJ WLIEV VIMRJSVGIQIRX TPEGIH TIVTIRHMGYPEVXSE\MWSJQIQFIVWLEPPRSXI\GIIHH MRRSRTVIWXVIWWIHQIQFIVWERH LMRTVIWXVIWWIH QIQFIVW { -RGPMRIH WXMVVYTW ERH FIRX PSRKMXYHMREP VIMRJSVGIQIRX WLEPP FI WS WTEGIH XLEX IZIV] HIK PMRI I\XIRHMRK XS[EVHXLI VIEGXMSR JVSQQMHHITXL SJ QIQFIV H XSPSRKMXYHMREP XIRWMSR VIMRJSVGIQIRX WLEPP FIGVSWWIHF]EXPIEWXSRIPMRISJWLIEVVIMRJSVGIQIRX 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= { ;LIR:WI\GIIHW JG F[H QE\MQYQ WTEGMRKW KMZIR MR ERH WLEPP FI VIHYGIHF]SRILEPJ {7TEGMRKSJWLIEVVIMRJSVGIQIRXWLEPPRSX I\GIIHMR 6{%QE\MQYQWTEGMRKSJMRJSVVIMRJSVGI QIRXMWJSVGVEGOGSRXVSP {1MRMQYQWLIEVVIMRJSVGIQIRX 6{1MRMQYQWLIEVVIMRJSVGIQIRX {%QMRMQYQEVIESJWLIEVVIMRJSVGIQIRX WLEPP FI TVSZMHIH MR EPP VIMRJSVGIH GSRGVIXI JPI\YVEP QIQFIVW TVIWXVIWWIH ERH RSRTVIWXVIWWIH [LIVI JEGXSVIH WLIEV JSVGI :Y I\GIIHW SRILEPJ XLI WLIEV WXVIRKXLTVSZMHIHF]GSRGVIXI :GI\GITX 6{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Î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{ 1MRMQYQ WLIEV VIMRJSVGIQIRX VIUYMVI QIRXW SJ WLEPP FI TIVQMXXIH XS FI [EMZIH MJ WLS[RF]XIWXXLEXVIUYMVIHRSQMREPJPI\YVEPERHWLIEV WXVIRKXLWGERFIHIZIPSTIH[LIRWLIEVVIMRJSVGIQIRX MWSQMXXIH7YGLXIWXWWLEPPWMQYPEXIIJJIGXWSJHMJJIVIR XMEP WIXXPIQIRX GVIIT WLVMROEKI ERH XIQTIVEXYVI GLERKI FEWIH SR E VIEPMWXMG EWWIWWQIRX SJ WYGL IJJIGXWSGGYVVMRKMRWIVZMGI 6 { ;LIR E QIQFIV MW XIWXIH XS HIQSRWXVEXI XLEXMXWWLIEVERHJPI\YVEPWXVIRKXLWEVIEHIUYEXIXLIEGXYEP QIQFIVHMQIRWMSRWERHQEXIVMEPWXVIRKXLWEVIORS[R8LI WXVIRKXLYWIHEWEFEWMWJSVGSQTEVMWSRWLSYPHXLIVIJSVIFI XLEXGSVVIWTSRHMRKXSEWXVIRKXLVIHYGXMSRJEGXSVSJYRMX] ! XLEXMWXLIVIUYMVIHRSQMREPWXVIRKXL:RERH1R 8LMWIRWYVIWXLEXMJXLIEGXYEPQEXIVMEPWXVIRKXLWMRXLIJMIPH [IVIPIWWXLERWTIGMJMIHSVXLIQIQFIVHMQIRWMSRW[IVIMR IVVSVWYGLEWXSVIWYPXMRVIHYGIHQIQFIVWXVIRKXLEWEXMW JEGXSV]QEVKMRSJWEJIX][MPPFIVIXEMRIH {;LIVIWLIEVVIMRJSVGIQIRXMWVIUYMVIH F] SV JSV WXVIRKXL ERH [LIVI EPPS[W XSVWMSR XS FI RIKPIGXIH XLI QMRMQYQ EVIE SJ WLIEV VIMRJSVGIQIRXJSVTVIWXVIWWIH I\GITXEWTVSZMHIHMR ERH RSRTVIWXVIWWIH QIQFIVW WLEPP FI GSQTYXIHF] 6{4VIZMSYWIHMXMSRWSJXLIGSHILEZIVIUYMVIH EQMRMQYQEVIESJXVERWZIVWIVIMRJSVGIQIRXXLEXMWMRHITIR HIRXSJGSRGVIXIWXVIRKXL8IWXWLEZIMRHMGEXIHXLIRIIH XS MRGVIEWI XLI QMRMQYQ EVIE SJ WLIEV VIMRJSVGIQIRX EW GSRGVIXIWXVIRKXLMRGVIEWIWXSTVIZIRXWYHHIRWLIEVJEMPYVIW [LIRMRGPMRIHGVEGOMRKSGGYVW)UYEXMSR TVSZMHIWJSV EKVEHYEPMRGVIEWIMRXLIQMRMQYQEVIESJXVERWZIVWIVIMR JSVGIQIRX[LMPIQEMRXEMRMRKXLITVIZMSYWQMRMQYQZEPYI F[W % Z ! J G J] FYXWLEPPRSXFIPIWWXLER F[W J][LIVI F[ERHW EVIMRMRGLIW {*SVTVIWXVIWWIHQIQFIVW[MXLERIJJIG XMZI TVIWXVIWW JSVGI RSX PIWW XLER TIVGIRX SJ XLI XIRWMPIWXVIRKXLSJXLIJPI\YVEPVIMRJSVGIQIRXXLIEVIE SJ WLIEV VIMRJSVGIQIRX WLEPP RSX FI PIWW XLER XLI WQEPPIV %ZJVSQ)U ERH % TW J TY W H %Z ! J ] H F [ {(IWMKRSJWLIEVVIMRJSVGIQIRX 6 { 8IWXW SJ TVIWXVIWWIH FIEQW [MXL QMRMQYQ [IFVIMRJSVGIQIRXFEWIHSR)U ERH MRHMGEXIH XLEXXLIWQEPPIV%ZJVSQXLIWIX[SIUYEXMSRW[EWWYJJMGMIRX XSHIZIPSTHYGXMPIFILEZMSV )UYEXMSR QE]FIYWIHSRP]JSVTVIWXVIWWIHQIQFIVW QIIXMRKXLIQMRMQYQTVIWXVIWWJSVGIVIUYMVIQIRXWKMZIRMR 8LMWIUYEXMSRMWHMWGYWWIHMR6IJIVIRGI 6{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z : G Z ! W J]H 6IWIEVGL LEW WLS[R XLEX WLIEV FILEZMSV SJ [MHI FIEQW[MXLWYFWXERXMEPJPI\YVEPVIMRJSVGIQIRXMWMQTVSZIHMJXLI XVERWZIVWIWTEGMRKSJWXMVVYTPIKWEGVSWWXLIWIGXMSRMWVIHYGIH 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= {;LIVIJEGXSVIHWLIEVJSVGI:YI\GIIHW WLIEV WXVIRKXL :G WLIEV VIMRJSVGIQIRX WLEPP FI TVSZMHIHXSWEXMWJ])U ERH [LIVIWLIEV WXVIRKXL :W WLEPP FI GSQTYXIH MR EGGSVHERGI [MXL XLVSYKL { ;LIR WLIEV VIMRJSVGIQIRX TIVTIRHMG YPEVXSE\MWSJQIQFIVMWYWIH % J H W Z ] : W ! [LIVI %Z MW XLI EVIE SJ WLIEV VIMRJSVGIQIRX [MXLMR E HMWXERGI W {;LIRGMVGYPEVXMIWLSSTWSVWTMVEPWEVI YWIH EW WLIEV VIMRJSVGIQIRX :W WLEPP FI GSQTYXIH YWMRK)U [LIVIHWLEPPFIXEOIREWXLIIJJIG XMZIHITXLHIJMRIHMR %ZWLEPPFIXEOIREWX[S XMQIW XLI EVIE SJ XLI FEV MR E GMVGYPEV XMI LSST SV WTMVEP EX E WTEGMRK W ERH J]L MW XLI WTIGMJMIH ]MIPH WXVIRKXLSVGMVGYPEVXMILSSTSVWTMVEPVIMRJSVGIQIRX 6{%PXLSYKLXLIXVERWZIVWIVIMRJSVGIQIRXMRE GMVGYPEVWIGXMSRQE]RSXGSRWMWXSJWXVEMKLXPIKWXIWXWMRHM GEXIXLEX)U MWGSRWIVZEXMZIMJHMWXEOIREWHIJMRIH MR {;LIRMRGPMRIHWXMVVYTWEVIYWIHEWWLIEV VIMRJSVGIQIRX % J WMR GSW W H Z ] :W ! {;LIRWLIEVVIMRJSVGIQIRXGSRWMWXWSJE WMRKPIFEVSVEWMRKPIKVSYTSJTEVEPPIPFEVWEPPFIRXYT EXXLIWEQIHMWXERGIJVSQXLIWYTTSVX :W!%ZJ]WMR FYXRSXKVIEXIVXLER J G F[H {;LIRWLIEVVIMRJSVGIQIRXGSRWMWXWSJE WIVMIW SJ TEVEPPIP FIRXYT FEVW SV KVSYTW SJ TEVEPPIP FIRXYT FEVW EX HMJJIVIRX HMWXERGIW JVSQ XLI WYTTSVX WLIEVWXVIRKXL:WWLEPPFIGSQTYXIHF])U { 3RP] XLI GIRXIV XLVIIJSYVXLW SJ XLI MRGPMRIH TSVXMSR SJ ER] PSRKMXYHMREP FIRX FEV WLEPP FI GSRWMHIVIHIJJIGXMZIJSVWLIEVVIMRJSVGIQIRX {;LIVIQSVIXLERSRIX]TISJWLIEVVIMR JSVGIQIRX MW YWIH XS VIMRJSVGI XLI WEQI TSVXMSR SJ E QIQFIVWLIEVWXVIRKXL :WWLEPPFIGSQTYXIHEWXLI WYQSJXLI:WZEPYIWGSQTYXIHJSVXLIZEVMSYWX]TIW { 7LIEV WXVIRKXL :W WLEPP RSX FI XEOIR KVIEXIVXLER JG F[H {(IWMKRJSVXSVWMSR 6{(IWMKRJSVXSVWMSR -R %'- XLI HIWMKR JSV XSVWMSR MW FEWIH SR E XLMR [EPPIH XYFI WTEGI XVYWW EREPSK] % FIEQ WYFNIGXIH XS XSVWMSR MW MHIEPMÎH EW E XLMR[EPPIH XYFI [MXL XLI GSVI GSRGVIXIGVSWWWIGXMSRMREWSPMHFIEQRIKPIGXIHEWWLS[RMR )2:-6321)28%07869'896)7'3()'311)28%6= '3() '311)28%6= *MK6 E 3RGIEVIMRJSVGIHGSRGVIXIFIEQLEWGVEGOIH MR XSVWMSR MXW XSVWMSREP VIWMWXERGIMWTVSZMHIHTVMQEVMP] F] GPSWIHWXMVVYTWERHPSRKMXYHMREPFEVWPSGEXIHRIEVXLIWYVJEGI SJ XLI QIQFIV -R XLI XLMR[EPPIH XYFI EREPSK] XLI VIWMW XERGI MW EWWYQIH XS FI TVSZMHIH F] XLI SYXIV WOMR SJ XLI GVSWWWIGXMSRVSYKLP]GIRXIVIHSRXLIGPSWIHWXMVVYTW&SXL LSPPS[ERHWSPMHWIGXMSRWEVIMHIEPMÎ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ÎVS 8LI HIWMKR TVSGIHYVI MW HIVMZIH ERH GSQTEVIH [MXL XIWX VIWYPXWMR6IJIVIRGIWERH *MK6{ E 8LMR[EPPIHXYFIERH F EVIEIRGPSWIHF] WLIEVJPS[TEXL 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= {8LVIWLSPHXSVWMSR 6{8LVIWLSPHXSVWMSR -XWLEPPFITIVQMXXIHXSRIKPIGXXSVWMSRIJJIGXW[LIRXLI JEGXSVIHXSVWMSREPQSQIRX8YMWPIWWXLER 8SVUYIWXLEXHSRSXI\GIIHETTVS\MQEXIP]SRIUYEVXIVSJXLI GVEGOMRKXSVUYI8GV[MPPRSXGEYWIEWXVYGXYVEPP]WMKRMJMGERX VIHYGXMSRMRIMXLIVXLIJPI\YVEPSVWLIEVWXVIRKXLERHLIRGI GERFIMKRSVIH8LIGVEGOMRKXSVWMSRYRHIVTYVIXSVWMSR8GV MWHIVMZIHF]VITPEGMRKXLIEGXYEPWIGXMSR[MXLERIUYMZEPIRX XLMR[EPPIHXYFI[MXLE[EPPXLMGORIWWXFIJSVIGVEGOMRKSJ %GT TGTERHEREVIEIRGPSWIHF]XLI[EPPGIRXIVPMRI%S IUYEP XS %GT 'VEGOMRK MW EWWYQIH XS SGGYV [LIR XLI TVMRGMTEP XIRWMPI WXVIWW VIEGLIW J G -R E RSRTVIWXVIWWIH FIEQPSEHIH[MXLXSVWMSREPSRIXLITVMRGMTEPXIRWMPIWXVIWW MW IUYEP XS XLI XSVWMSREP WLIEV WXVIWW ! 8 %SX 8LYW GVEGOMRKSGGYVW[LIR VIEGLIW J G KMZMRKXLIGVEGOMRK XSVUYI 8GVEW E *SVRSRTVIWXVIWWIHQIQFIVW %GT J G T GT F *SVTVIWXVIWWIHQIQFIVW % GT JG T GT JTG JG G *SV RSRTVIWXVIWWIH QIQFIVW WYFNIGXIH XS ER E\MEPXIRWMPISVGSQTVIWWMZIJSVGI % GT JG T GT 2Y % K J G *SVQIQFIVWGEWXQSRSPMXLMGEPP][MXLEWPEFXLISZIV LERKMRK JPERKI[MHXLYWIHMRGSQTYXMRK %GTERHTGT WLEPPGSRJSVQXS*SVELSPPS[WIGXMSR%KWLEPP FIYWIHMRTPEGISJ%GTMRERHXLISYXIVFSYRH EVMIWSJXLIWIGXMSRWLEPPGSRJSVQXS % GT 8 GV ! J G T GT *SVWSPMHQIQFIVWXLIMRXIVEGXMSRFIX[IIRXLIGVEGOMRKXSVWMSR ERH XLI MRGPMRIH GVEGOMRK WLIEV MW ETTVS\MQEXIP] GMVGYPEV SV IPPMTXMGEP*SVWYGLEVIPEXMSRWLMTEXSVUYISJ8GV YWIHMR GSVVIWTSRHW XS E VIHYGXMSR SJ MR XLI MRGPMRIH GVEGOMRK WLIEV 8LMW VIHYGXMSR MR XLI MRGPMRIH GVEGOMRK WLIEV [EW GSRWMHIVIH RIKPMKMFPI 8LI WXVIWW EX GVEGOMRK J G LEW TYVTSWIP]FIIRXEOIREWEPS[IVFSYRHZEPYI *SV TVIWXVIWWIH QIQFIVW XLI XSVWMSREP GVEGOMRK PSEH MW MRGVIEWIHF] XLITVIWXVIWW % 1SLVvW GMVGPI EREP]WMW FEWIH SREZIVEKIWXVIWWIWMRHMGEXIWXLIXSVUYIVIUYMVIHXSGEYWIE TVMRGMTEPXIRWMPIWXVIWWIUYEPXS J G MW JTG k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{ *SV MWSPEXIH QIQFIVW [MXL JPERKIWERH JSVQIQFIVWGEWXQSRSPMXLMGEPP][MXLEWPEFXLISZIV LERKMRK JPERKI [MHXL YWIHMR GSQTYXMRK %GT ERH TGT WLEPP GSRJSVQ XS I\GITX XLEX XLI SZIVLERKMRK JPERKIWWLEPPFIRIKPIGXIHMRGEWIW[LIVIXLITEVEQ IXIV % GT TGT GEPGYPEXIH JSV E FIEQ [MXL JPERKIW MW PIWW XLER XLEX GSQTYXIH JSV XLI WEQI FIEQ MKRSVMRK XLIJPERKIW {'EPGYPEXMSRSJJEGXSVIHXSVWMSREPQSQIRX8Y 6{'EPGYPEXMSRSJJEGXSVIHXSVWMSREPQSQIRX8Y {-JXLIJEGXSVIHXSVWMSREPQSQIRX 8YMRE QIQFIV MW VIUYMVIH XS QEMRXEMR IUYMPMFVMYQ ERH I\GIIHW XLI QMRMQYQ ZEPYI KMZIR MR XLI QIQFIV WLEPP FI HIWMKRIH XS GEVV] XLEX XSVWMSREP QSQIRXMREGGSVHERGI[MXLXLVSYKL 6 ERH 6 { -R HIWMKRMRK JSV XSVWMSR MR VIMRJSVGIH GSRGVIXI WXVYGXYVIW X[S GSRHMXMSRW QE] FI MHIRXMJMIH { -R E WXEXMGEPP] MRHIXIVQMREXI WXVYGXYVI [LIVIVIHYGXMSRSJXLIXSVWMSREPQSQIRXMREQIQFIV GERSGGYVHYIXSVIHMWXVMFYXMSRSJMRXIVREPJSVGIWYTSR GVEGOMRK XLI QE\MQYQ JEGXSVIH XSVWMSREP QSQIRX 8Y WLEPPFITIVQMXXIHXSFIVIHYGIHXSXLIZEPYIWKMZIRMR E F SV G EWETTPMGEFPI E *SV RSRTVIWXVIWWIH QIQFIVW EX XLI WIGXMSRW HIWGVMFIHMR % GT J G TGT F *SV TVIWXVIWWIH QIQFIVW EX XLI WIGXMSRW HIWGVMFIHMR %GT J G T GT J TG JG G *SV RSRTVIWXVIWWIH QIQFIVW WYFNIGXIH XS ER E\MEPXIRWMPISVGSQTVIWWMZIJSVGI % GT JG T GT E 8LIXSVWMSREPQSQIRXGERRSXFIVIHYGIHF]VIHMWXVM FYXMSRSJMRXIVREPJSVGIW 8LMWMWVIJIVVIHXSEW wIUYMPMFVMYQ XSVWMSRx FIGEYWI XLI XSVWMSREP QSQIRX MW VIUYMVIHJSVXLIWXVYGXYVIXSFIMRIUYMPMFVMYQ *SVXLMWGSRHMXMSRMPPYWXVEXIHMR*MK6XSVWMSRVIMR JSVGIQIRXHIWMKRIHEGGSVHMRKXS XLVSYKL QYWX FITVSZMHIHXSVIWMWXXLIXSXEPHIWMKRXSVWMSREPQSQIRXW F 8LIXSVWMSREPQSQIRXGERFIVIHYGIHF]VIHMWXVMFYXMSRSJ MRXIVREP JSVGIW EJXIV GVEGOMRK MJ XLI XSVWMSR EVMWIW JVSQXLI QIQFIV X[MWXMRK XS QEMRXEMR GSQTEXMFMPMX] SJ HIJSVQEXMSRW 8LMW X]TI SJ XSVWMSR MW VIJIVVIH XS EW wGSQTEXMFMPMX]XSVWMSRx *SVXLMWGSRHMXMSRMPPYWXVEXIHMR *MK6XLIXSVWMSREP WXMJJRIWWFIJSVIGVEGOMRKGSVVIWTSRHWXSXLEXSJXLIYRGVEGOIH WIGXMSREGGSVHMRKXS7X:IRERXvWXLISV]%XXSVWMSREPGVEGO MRKLS[IZIVEPEVKIX[MWXSGGYVWYRHIVERIWWIRXMEPP]GSR WXERXXSVUYIVIWYPXMRKMREPEVKIVIHMWXVMFYXMSRSJJSVGIWMRXLI WXVYGXYVI 8LI GVEGOMRK XSVUYI YRHIV GSQFMRIH WLIEVJPI\YVIERHXSVWMSRGSVVIWTSRHWXSETVMRGMTPIXIRWMPI WXVIWWWSQI[LEXPIWWXLERXLI J G UYSXIHMR6 2Y % K JG -R E F SV G XLI GSVVIWTSRHMRKP] VIHMWXVMFYXIH FIRHMRKQSQIRXWERHWLIEVWMRXLIEHNSMRMRKQIQFIVW WLEPPFIYWIHMRXLIHIWMKRSJXLIWIQIQFIVW*SVLSPPS[ WIGXMSRW%GTWLEPPRSXFIVITPEGIH[MXL%K MR *MK6{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{ 9RPIWW HIXIVQMRIH F] E QSVI I\EGX EREP]WMWMXWLEPPFITIVQMXXIHXSXEOIXLIXSVWMSREPPSEHMRK JVSQEWPEFEWYRMJSVQP]HMWXVMFYXIHEPSRKXLIQIQFIV { -R RSRTVIWXVIWWIH QIQFIVW WIGXMSRW PSGEXIH PIWW XLER E HMWXERGI H JVSQ XLI JEGI SJ E WYTTSVXWLEPPFIHIWMKRIHJSVRSXPIWWXLERXLIXSVWMSR 8YGSQTYXIHEXEHMWXERGIH-JEGSRGIRXVEXIHXSVUYI SGGYVW [MXLMR XLMW HMWXERGI XLI GVMXMGEP WIGXMSR JSV HIWMKRWLEPPFIEXXLIJEGISJXLIWYTTSVX 6 ERH 6 { -X MW RSX YRGSQQSR JSV E FIEQXSJVEQIMRXSSRIWMHISJEKMVHIVRIEVXLIWYTTSVXSJ XLIKMVHIV-RWYGLEGEWIEGSRGIRXVEXIHWLIEVERHXSVUYI EVIETTPMIHXSXLIKMVHIV { -R TVIWXVIWWIH QIQFIVW WIGXMSRW PSGEXIH PIWW XLER E HMWXERGI L JVSQ XLI JEGI SJ E WYTTSVXWLEPPFIHIWMKRIHJSVRSXPIWWXLERXLIXSVWMSR 8Y GSQTYXIH EX E HMWXERGI L -J E GSRGIRXVEXIH XSVUYI SGGYVW [MXLMR XLMW HMWXERGI XLI GVMXMGEP WIGXMSR JSVHIWMKRWLEPPFIEXXLIJEGISJXLIWYTTSVX *MK6{(IWMKRXSVUYIQE]FIVIHYGIH )2:-6321)28%07869'896)7'3()'311)28%6= '3() '311)28%6= {8SVWMSREPQSQIRXWXVIRKXL 6{8SVWMSREPQSQIRXWXVIRKXL {8LIGVSWWWIGXMSREPHMQIRWMSRWWLEPPFI WYGLXLEX 6 {8LIWMÎ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wXYFYPEVxSYXWMHIWIGXMSR[LMPIXLI WLIEVWXVIWWIWHYIXS :YEVIWTVIEHEGVSWWXLI[MHXLSJXLI WIGXMSR EW WLS[R MR *MK 6 F *SV XLMW VIEWSR WXVIWWIWEVIGSQFMRIHMR)U YWMRKXLIWUYEVIVSSX SJXLIWYQSJXLIWUYEVIWVEXLIVXLERF]HMVIGXEHHMXMSR { -J XLI [EPP XLMGORIWW ZEVMIW EVSYRH XLI TIVMQIXIV SJ E LSPPS[ WIGXMSR )U WLEPP FI IZEPYEXIH EX XLI PSGEXMSR [LIVI XLI PIJXLERH WMHI SJ )U MWEQE\MQYQ 6 { -J XLI [EPP XLMGORIWW ZEVMIW EVSYRH XLI TIVMQIXIVSJELSPPS[WIGXMSRVIUYMVIWXLEX)U FIIZEPYEXIHEXXLITSMRXMRXLIGVSWWWIGXMSR[LIVIXLIPIJX WMHISJ)U MWEQE\MQYQ+IRIVEPP]XLMW[MPPFISR XLI[EPP[LIVIXLIXSVWMSREPERHWLIEVMRKWXVIWWIWEVIEHHMXMZI 4SMRX%MR*MK6 E -JXLIXSTSVFSXXSQJPERKIW EVI XLMRRIV XLER XLI ZIVXMGEP [IFW MX QE] FI RIGIWWEV] XS IZEPYEXI)U EX4SMRXW&ERH'MR*MK6 E %X XLIWI TSMRXW XLI WXVIWWIW HYI XS XLI WLIEV JSVGI EVI YWYEPP]RIKPMKMFPI {-JXLI[EPP XLMGORIWWMWPIWW XLER%SL TL XLIWIGSRHXIVQMR)U WLEPPFIXEOIREW 8Y % SL X [LIVI X MW XLI XLMGORIWW SJ XLI [EPP SJ XLI LSPPS[ WIGXMSR EX XLI PSGEXMSR [LIVI XLI WXVIWWIW EVI FIMRK GLIGOIH *MK6{%HHMXMSRSJXSVWMSREPERHWLIEVWXVIWWIW 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= {(IWMKR]MIPHWXVIRKXLSJRSRTVIWXVIWWIH XSVWMSRVIMRJSVGIQIRXWLEPPRSXI\GIIHTWM 6 {0MQMXMRKXLIHIWMKR]MIPHWXVIRKXLSJXSVWMSR VIMRJSVGIQIRXXSTWMTVSZMHIWEGSRXVSPSRHMEKSREP GVEGO[MHXL { 8LI VIMRJSVGIQIRX VIUYMVIH JSV XSVWMSR WLEPPFIHIXIVQMRIHJVSQ 6 {8LIJEGXSVIHXSVWMSREPVIWMWXERGI 8RQYWX IUYEPSVI\GIIHXLIXSVWMSR8YHYIXSXLIJEGXSVIHPSEHW-R XLIGEPGYPEXMSRSJ8REPPXLIXSVUYIMWEWWYQIHXSFIVIWMWXIH F]WXMVVYTWERHPSRKMXYHMREPWXIIP[MXL8G!%XXLIWEQI XMQI XLI WLIEV VIWMWXIH F] GSRGVIXI :G MW EWWYQIH XS FI YRGLERKIH F] XLI TVIWIRGI SJ XSVWMSR *SV FIEQW [MXL :Y KVIEXIVXLEREFSYX :GXLIVIWYPXMRKEQSYRXSJGSQFMRIH WLIEVERHXSVWMSREPVIMRJSVGIQIRXMWIWWIRXMEPP]XLIWEQIEW VIUYMVIHF]XLI%'-GSHI*SVWQEPPIVZEPYIWSJ:Y QSVIWLIEVERHXSVWMSRVIMRJSVGIQIRX[MPPFIVIUYMVIH 8R 8Y {8LIXVERWZIVWIVIMRJSVGIQIRXJSVXSVWMSR WLEPPFIHIWMKRIHYWMRK % S %X J ]Z 8 R ! GSX W [LIVI %SWLEPPFIHIXIVQMRIHF]EREP]WMWI\GITXXLEX MX WLEPP FI TIVQMXXIH XS XEOI %S IUYEP XS %SL WLEPPRSXFIXEOIRWQEPPIVXLERHIKRSVPEVKIVXLER HIK-XWLEPPFITIVQMXXIHXSXEOI IUYEPXS E HIKJSVRSRTVIWXVIWWIHQIQFIVWSVQIQFIVW [MXLPIWWTVIWXVIWWXLERMR F F HIKJSVTVIWXVIWWIHQIQFIVW[MXLERIJJIG XMZITVIWXVIWW JSVGI RSX PIWW XLER TIVGIRX SJ XLI XIRWMPIWXVIRKXLSJXLIPSRKMXYHMREPVIMRJSVGIQIRX 6 {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{7TEGIXVYWWEREPSK] *MK6 F {(IJMRMXMSRSJ%SL )2:-6321)28%07869'896)7'3()'311)28%6= '3() '311)28%6= 8LI WLIEV JPS[ U MR XLI [EPPW SJ XLI XYFI HMWGYWWIH MR 6GERFIVIWSPZIHMRXSXLIWLIEVJSVGIW:XS:EGXMRK MRXLIMRHMZMHYEPWMHIWSJXLIXYFISVWTEGIXVYWWEWWLS[RMR *MK6 E 8LIERKPI GERFISFXEMRIHF]EREP]WMWSVQE]FIXEOIR XSFIIUYEPXSXLIZEPYIWKMZIRMRWYFWIGXMSRW E ERH F 8LI WEQIZEPYISJ WLSYPHFIYWIHMRFSXL)U ERH %W KIXWWQEPPIVXLIEQSYRXSJWXMVVYTWVIUYMVIHF] )U HIGVIEWIW%XXLIWEQIXMQIXLIEQSYRXSJPSRKM XYHMREPWXIIPVIUYMVIHF])U MRGVIEWIW {8LIEHHMXMSREPPSRKMXYHMREPVIMRJSVGIQIRX VIUYMVIHJSVXSVWMSRWLEPPRSXFIPIWWXLER % J ]Z % P ! X T L GSX W J ]P [LIVI WLEPPFIXLIWEQIZEPYIYWIH MR )U ERH %X WWLEPPFIXEOIREWXLIEQSYRXGSQTYXIHJVSQ )U RSX QSHMJMIH MR EGGSVHERGI [MXL SV 6 { *MKYVI6 E WLS[WXLIWLIEVJSVGIW :XS:VIWYPXMRKJVSQXLIWLIEVJPS[EVSYRHXLI[EPPWSJ XLIXYFI3REKMZIR[EPPSJXLIXYFIXLIWLIEVJPS[:MW VIWMWXIHF]EHMEKSREPGSQTVIWWMSRGSQTSRIRX(M!:M WMR MRXLIGSRGVIXI%RE\MEPXIRWMSRJSVGI2M!:M GSX MWRIIHIH MRXLIPSRKMXYHMREPWXIIPXSGSQTPIXIXLIVIWSPYXMSRSJ:M *MKYVI 6 WLS[W XLI HMEKSREP GSQTVIWWMZI WXVIWWIW ERH XLI E\MEP XIRWMSR JSVGI 2M EGXMRK SR E WLSVX WIKQIRX EPSRK SRI [EPP SJXLIXYFI&IGEYWI XLIWLIEVJPS[ HYI XS XSVWMSRMWGSRWXERXEXEPPTSMRXWEVSYRHXLITIVMQIXIVSJXLI XYFIXLIVIWYPXERXWSJ(M ERH 2MEGXXLVSYKLXLIQMHLIMKLXSJ WMHI M%WEVIWYPXLEPJSJ2M GERFIEWWYQIHXSFIVIWMWXIH F] IEGL SJ XLI XST ERH FSXXSQ GLSVHW EW WLS[R 0SRKMXY HMREP VIMRJSVGIQIRX [MXL E GETEGMX] SJ %P J]P WLSYPH FI TVSZMHIHXSVIWMWXXLIWYQSJXLI2MJSVGIW 2MEGXMRKMREPP SJXLI[EPPWSJXLIXYFI -R XLI HIVMZEXMSR SJ )U E\MEP XIRWMSR JSVGIW EVI WYQQIHEPSRKXLIWMHIWSJXLIEVIE%S8LIWIWMHIWJSVQE TIVMQIXIVPIRKXLTSETTVS\MQEXIP]IUYEPXSXLIPIRKXLSJXLI PMRINSMRMRKXLIGIRXIVWSJXLIFEVWMRXLIGSVRIVWSJXLIXYFI *SV IEWI MR GSQTYXEXMSR XLMW LEW FIIR VITPEGIH [MXL XLI TIVMQIXIV SJ XLI GPSWIH WXMVVYTW TL *VIUYIRXP] XLI QE\MQYQEPPS[EFPIWXMVVYTWTEGMRKKSZIVRWXLIEQSYRXSJ WXMVVYTW TVSZMHIH *YVXLIVQSVI [LIR GSQFMRIH WLIEV ERH XSVWMSREGXXLIXSXEPWXMVVYTEVIEMWXLIWYQSJXLIEQSYRXW TVSZMHIHJSVWLIEVERHXSVWMSR8SEZSMHXLIRIIHXSTVSZMHI I\GIWWMZI EQSYRXW SJ PSRKMXYHMREP VIMRJSVGIQIRX WXEXIW XLEX XLI %X W YWIH MR GEPGYPEXMRK %X EX ER] KMZIR WIGXMSRWWLSYPHFIXEOIREWXLIGEPGYPEXIH%X WEXXLEXWIGXMSR YWMRK )U *MK6{6IWSPYXMSRSJWLIEVJSVGI:MMRXSHMEKSREP GSQTVIWWMSRJSV(MERHE\MEPXIRWMSRJSVGI2MMRSRI[EPPSJ XYFI 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= {6IMRJSVGIQIRXVIUYMVIHJSVXSVWMSRWLEPP FIEHHIHXSXLEXVIUYMVIHJSVXLIWLIEVQSQIRXERH E\MEPJSVGIXLEXEGXMRGSQFMREXMSR[MXLXLIXSVWMSR8LI QSWX VIWXVMGXMZI VIUYMVIQIRXW JSV VIMRJSVGIQIRX WTEGMRKERHTPEGIQIRXQYWXFIQIX 6 {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{-XWLEPP FITIVQMXXIHXS VIHYGIXLIEVIE SJ PSRKMXYHMREP XSVWMSR VIMRJSVGIQIRX MR XLI JPI\YVEP GSQTVIWWMSR^SRIF]EREQSYRXIUYEPXS1Y HJ]P [LIVI 1YMWXLIJEGXSVIHQSQIRXEGXMRKEXXLIWIGXMSR MR GSQFMREXMSR [MXL 8Y I\GITX XLEX XLI VIMRJSVGIQIRX TVSZMHIH WLEPP RSX FI PIWW XLER XLEX VIUYMVIH F] SV {-RTVIWXVIWWIHFIEQW E 8LI XSXEP PSRKMXYHMREP VIMRJSVGIQIRX MRGPYHMRK TVIWXVIWWMRK WXIIP EX IEGL WIGXMSR WLEPP VIWMWX XLI JEGXSVIH FIRHMRK QSQIRX EX XLEX WIGXMSR TPYW ER EHHMXMSREPGSRGIRXVMGPSRKMXYHMREPXIRWMPIJSVGIIUYEP XS %PJ] P FEWIH SR XLI JEGXSVIH XSVWMSREX XLEX WIG XMSRERH F 8LI WTEGMRK SJ XLI PSRKMXYHMREP VIMRJSVGIQIRX MRGPYHMRK XIRHSRW WLEPP WEXMWJ] XLI VIUYMVIQIRXW MR 6 { 8LI PSRKMXYHMREP XIRWMSR HYI XS XSVWMSR MW SJJWIX MR TEVX F] XLI GSQTVIWWMSR MR XLI JPI\YVEP GSQTVIW WMSR^SRI EPPS[MRK E VIHYGXMSR MR XLI PSRKMXYHMREP XSVWMSR WXIIPVIUYMVIHMRXLIGSQTVIWWMSR^SRI 6 {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{ -R TVIWXVIWWIH FIEQW MX WLEPP FI TIVQMXXIH XS VIHYGI XLI EVIE SJ PSRKMXYHMREP XSVWMSREP VIMRJSVGIQIRXSRXLIWMHISJXLIQIQFIVMRGSQTVIW WMSRHYIXSJPI\YVIFIPS[XLEXVIUYMVIHF]MR EGGSVHERGI[MXL {(IXEMPWSJXSVWMSREPVIMRJSVGIQIRX 6{(IXEMPWSJXSVWMSREPVIMRJSVGIQIRX { 8SVWMSR VIMRJSVGIQIRX WLEPP GSRWMWX SJ PSRKMXYHMREPFEVWSV XIRHSRW ERHSRISV QSVI SJXLI JSPPS[MRK 6 { &SXL PSRKMXYHMREP ERH GPSWIH XVERWZIVWI VIMRJSVGIQIRX EVI VIUYMVIH XS VIWMWX XLI HMEKSREP XIRWMSR WXVIWWIWHYIXSXSVWMSR8LIWXMVVYTWQYWXFIGPSWIHFIGEYWI MRGPMRIHGVEGOMRKHYIXSXSVWMSRQE]SGGYVSREPPJEGIWSJE QIQFIV E 'PSWIH WXMVVYTW SV GPSWIH XMIW TIVTIRHMGYPEV XS XLIE\MWSJXLIQIQFIVSV F %GPSWIHGEKISJ[IPHIH[MVIJEFVMG[MXLXVERWZIVWI [MVIWTIVTIRHMGYPEVXSXLIE\MWSJXLIQIQFIVSV G -RRSRTVIWXVIWWIHFIEQWWTMVEPVIMRJSVGIQIRX {8VERWZIVWIXSVWMSREPVIMRJSVGIQIRXWLEPP FIERGLSVIHF]SRISJXLIJSPPS[MRK E % HIK WXERHEVH LSSO EVSYRH E PSRKMXYHMREP FEVSV F %GGSVHMRKXS SVMR VIKMSRW[LIVIXLIGSRGVIXIWYVVSYRHMRKXLIERGLSV EKIMWVIWXVEMRIHEKEMRWXWTEPPMRKF]EJPERKISVWPEF SVWMQMPEVQIQFIV -R XLI GEWI SJ WIGXMSRW WYFNIGXIH TVMQEVMP] XS XSVWMSR XLI GSRGVIXI WMHI GSZIV SZIV XLI WXMVVYTW WTEPPW SJJ EX LMKL XSVUYIW 8LMW VIRHIVW PETTIHWTPMGIH WXMVVYTW MRIJJIGXMZI PIEHMRKXSETVIQEXYVIXSVWMSREPJEMPYVI-RWYGLGEWIW GPSWIHWXMVVYTWWLSYPHRSXFIQEHIYTSJTEMVWSJ9WXMVVYTW PETTMRKSRIERSXLIV 6 { ;LIR E VIGXERKYPEV FIEQ JEMPW MR XSVWMSR XLIGSVRIVWSJXLIFIEQXIRHXSWTEPPSJJHYIXSXLIMRGPMRIH GSQTVIWWMZIWXVIWWIWMRXLIGSRGVIXIHMEKSREPWSJXLIWTEGIXVYWW GLERKMRKHMVIGXMSREXXLIGSVRIVEWWLS[RMR*MK E -R XIWXW GPSWIH WXMVVYTW ERGLSVIH F] HIK LSSOW JEMPIH [LIR XLMW SGGYVVIH *SV XLMW VIEWSR HIK LSSOW EVI TVIJIVEFPI JSV XSVWMSREP WXMVVYTW MR EPP GEWIW -R VIKMSRW [LIVI XLMW WTEPPMRK MW TVIZIRXIH F] ER EHNEGIRX WPEF SV JPERKI F VIPE\IWXLMWERHEPPS[WHIKLSSOW { 0SRKMXYHMREP XSVWMSR VIMRJSVGIQIRX WLEPP FIHIZIPSTIHEXFSXLIRHW 6 {-JLMKLXSVWMSREGXWRIEVXLIIRHSJEFIEQ XLI PSRKMXYHMREP XSVWMSR VIMRJSVGIQIRX QYWX FI EHIUYEXIP] ERGLSVIH 7YJJMGMIRX HIZIPSTQIRXPIRKXLQYWX FITVSZMHIH SYXWMHIXLIMRRIVJEGISJXLIWYTTSVXXSHIZIPSTXLIRIIHIH XIRWMSRJSVGIMRXLIFEVWSVXIRHSRW-RXLIGEWISJFEVWXLMW QE]VIUYMVILSSOWSVLSVM^SRXEP9WLETIHFEVWPETTIH[MXL XLIPSRKMXYHMREPXSVWMSRVIMRJSVGIQIRX { *SV LSPPS[ WIGXMSRW MR XSVWMSR XLI HMWXERGIJVSQXLIGIRXIVPMRISJXLIXVERWZIVWIXSVWMSREP VIMRJSVGIQIRX XS XLI MRWMHI JEGI SJ XLI [EPP SJ XLI LSPPS[WIGXMSRWLEPPRSXFIPIWWXLER%SL TL 6 {8LIGPSWIHWXMVVYTWTVSZMHIHJSVXSVWMSRMRE LSPPS[WIGXMSRWLSYPHFIPSGEXIHMRXLISYXIVLEPJSJXLI[EPP XLMGORIWWIJJIGXMZIJSVXSVWMSR[LIVIXLI[EPPXLMGORIWWGER FIXEOIREW%SL TL 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= {1MRMQYQXSVWMSRVIMRJSVGIQIRX 6{1MRMQYQXSVWMSRVIMRJSVGIQIRX {%QMRMQYQEVIESJXSVWMSRVIMRJSVGIQIRX WLEPP FI TVSZMHIH MR EPP VIKMSRW [LIVI XLI JEGXSVIH XSVWMSREP QSQIRX 8Y I\GIIHW XLI ZEPYIW WTIGMJMIH MR 6ERH6 {-JEQIQFIVMWWYFNIGXXSE JEGXSVIHXSVWMSREPQSQIRX8YKVIEXIVXLERXLIZEPYIWWTIGM JMIHMRXLIQMRMQYQEQSYRXSJXVERWZIVWI[IFVIMR JSVGIQIRXJSVGSQFMRIHWLIEVERHXSVWMSRMW F[ WJ]Z8LI HMJJIVIRGIWMRXLIHIJMRMXMSRSJ%ZERHXLIW]QFSP%XWLSYPH FIRSXIH%ZMWXLIEVIESJX[SPIKWSJEGPSWIHWXMVVYT[LMPI %XMWXLIEVIESJSRP]SRIPIKSJEGPSWIHWXMVVYT { ;LIVI XSVWMSREP VIMRJSVGIQIRX MW VIUYMVIHF]XLIQMRMQYQEVIESJXVERWZIVWI GPSWIHWXMVVYTWWLEPPFIGSQTYXIHF] F[ W %Z % X ! z J G J]Z FYXWLEPPRSXFIPIWWXLER F[W J]Z { ;LIVI XSVWMSREP VIMRJSVGIQIRX MW VIUYMVIHF]XLIQMRMQYQXSXEPEVIESJPSRKM XYHMREPXSVWMSREPVIMRJSVGIQIRXWLEPPFIGSQTYXIHF] J G % GT % X J ]Z %P QMR ! z T L J ]P J ]P W [LIVI %X WWLEPPRSXFIXEOIRPIWWXLERF[ J]Z 8IWXW SJ LMKLWXVIRKXL VIMRJSVGIH GSRGVIXI FIEQW LEZI MRHMGEXIH XLI RIIH XS MRGVIEWI XLI QMRMQYQ EVIE SJ WLIEV VIMRJSVGIQIRX XS TVIZIRX WLIEV JEMPYVIW [LIR MRGPMRIH GVEGOMRK SGGYVW %PXLSYKL XLIVI EVI E PMQMXIH RYQFIV SJ XIWXW SJ LMKLWXVIRKXLGSRGVIXI FIEQW MRXSVWMSR XLI IUYE XMSRJSVXLIQMRMQYQEVIESJXVERWZIVWIGPSWIHWXMVVYTWLEW FIIRGLERKIHJSVGSRWMWXIRG][MXLGEPGYPEXMSRWVIUYMVIHJSV QMRMQYQWLIEVVIMRJSVGIQIRX 6 { 6IMRJSVGIH GSRGVIXI FIEQ WTIGMQIRW [MXL PIWWXLERTIVGIRXXSVWMSREPVIMRJSVGIQIRXF]ZSPYQILEZI JEMPIHMRTYVIXSVWMSREXXSVWMSREPGVEGOMRK-RXLI ERH TVMSV GSHIW E VIPEXMSRWLMT [EW TVIWIRXIH XLEX VIUYMVIH EFSYX TIVGIRX XSVWMSREPVIMRJSVGIQIRX MR FIEQW PSEHIH MR TYVI XSVWMSR ERH PIWW MR FIEQW [MXL GSQFMRIH WLIEVERHXSVWMSREWEJYRGXMSRSJXLIVEXMSSJWLIEVWXVIWWIW HYIXSXSVWMSRERHWLIEV)UYEXMSR [EWWMQTPMJMIHF] EWWYQMRKEWMRKPIZEPYISJXLMWVIHYGXMSRJEGXSVERHVIWYPXW MREZSPYQIXVMGVEXMSSJEFSYXTIVGIRX *MK6{7TEPPMRKSJGSVRIVWSJFIEQWPSEHIHMRXSVWMSR )2:-6321)28%07869'896)7'3()'311)28%6= '3() '311)28%6= {7TEGMRKSJXSVWMSRVIMRJSVGIQIRX 6{7TEGMRKSJXSVWMSRVIMRJSVGIQIRX { 8LI WTEGMRK SJ XVERWZIVWI XSVWMSR VIMR JSVGIQIRXWLEPPRSXI\GIIHXLIWQEPPIVSJTL SVMR 6 { 8LI WTEGMRK SJ XLI WXMVVYTW MW PMQMXIH XS IRWYVIXLIHIZIPSTQIRXSJXLIYPXMQEXIXSVWMSREPWXVIRKXLSJ XLI FIEQ XS TVIZIRX I\GIWWMZI PSWW SJ XSVWMSREP WXMJJRIWW EJXIV GVEGOMRK ERH XS GSRXVSP GVEGO [MHXLW *SV E WUYEVI GVSWW WIGXMSR XLI TL PMQMXEXMSR VIUYMVIW WXMVVYTW EX H [LMGLGSVVIWTSRHWXS { 8LI PSRKMXYHMREP VIMRJSVGIQIRX VIUYMVIH JSVXSVWMSRWLEPPFIHMWXVMFYXIHEVSYRHXLITIVMQIXIVSJ XLI GPSWIHWXMVVYTW[MXLEQE\MQYQWTEGMRKSJ MR 8LI PSRKMXYHMREP FEVW SV XIRHSRW WLEPP FI MRWMHI XLI WXMVVYTW8LIVIWLEPPFIEXPIEWXSRIPSRKMXYHMREPFEVSV XIRHSRMRIEGLGSVRIVSJXLIWXMVVYTW&EVWWLEPPLEZIE HMEQIXIV EX PIEWX SJ XLI WXMVVYT WTEGMRK FYX RSX PIWWXLERE2SFEV 6{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{8SVWMSRVIMRJSVGIQIRXWLEPPFITVSZMHIHJSV EHMWXERGISJEXPIEWX FX H FI]SRHXLITSMRXXLISVIXM GEPP]VIUYMVIH 6 {8LIHMWXERGI FXH FI]SRHXLITSMRXXLIS VIXMGEPP]VIUYMVIHJSVXSVWMSREPVIMRJSVGIQIRXMWPEVKIVXLER XLEX YWIH JSV WLIEV ERH JPI\YVEP VIMRJSVGIQIRX FIGEYWI XSVWMSREPHMEKSREPXIRWMSRGVEGOWHIZIPSTMRELIPMGEPJSVQ {7LIEVJVMGXMSR 6{7LIEVJVMGXMSR {4VSZMWMSRWSJEVIXSFIETTPMIH[LIVIMX MW ETTVSTVMEXI XS GSRWMHIV WLIEV XVERWJIV EGVSWW E KMZIRTPERIWYGLEWERI\MWXMRKSVTSXIRXMEPGVEGOER MRXIVJEGIFIX[IIRHMWWMQMPEVQEXIVMEPWSVERMRXIVJEGI FIX[IIRX[SGSRGVIXIWGEWXEXHMJJIVIRXXMQIW 6{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{ (IWMKR SJ GVSWW WIGXMSRW WYFNIGX XS WLIEV XVERWJIV EW HIWGVMFIH MR WLEPP FI FEWIH SR )U [LIVI:RMWGEPGYPEXIHMREGGSVHERGI[MXL TVSZMWMSRWSJSV {%GVEGOWLEPPFIEWWYQIHXSSGGYVEPSRKXLI WLIEV TPERI GSRWMHIVIH 8LI VIUYMVIH EVIE SJ WLIEV JVMGXMSRVIMRJSVGIQIRX%ZJEGVSWWXLIWLIEVTPERIWLEPP FI HIWMKRIH YWMRK IMXLIV SV ER] SXLIV WLIEV XVERWJIV HIWMKR QIXLSHW XLEX VIWYPX MR TVIHMGXMSR SJ WXVIRKXL MR WYFWXERXMEP EKVIIQIRX [MXL VIWYPXW SJ GSQTVILIRWMZIXIWXW { 4VSZMWMSRW SJ XLVSYKL WLEPPETTP]JSVEPPGEPGYPEXMSRWSJWLIEVXVERWJIVWXVIRKXL 6 {%PXLSYKLYRGVEGOIHGSRGVIXIMWVIPEXMZIP]WXVSRK MR HMVIGX WLIEV XLIVI MW EP[E]W XLI TSWWMFMPMX] XLEX E GVEGO [MPP JSVQ MR ER YRJEZSVEFPI PSGEXMSR 8LI WLIEVJVMGXMSR GSRGITXEWWYQIWXLEXWYGLEGVEGO[MPPJSVQERHXLEXVIMR JSVGIQIRXQYWXFITVSZMHIHEGVSWWXLIGVEGOXSVIWMWXVIPE XMZIHMWTPEGIQIRXEPSRKMX;LIRWLIEVEGXWEPSRKEGVEGO SRIGVEGOJEGIWPMTWVIPEXMZIXSXLISXLIV-JXLIGVEGOJEGIW EVIVSYKLERHMVVIKYPEVXLMWWPMTMWEGGSQTERMIHF]WITEVE XMSRSJXLIGVEGOJEGIW%XYPXMQEXIXLIWITEVEXMSRMWWYJJM GMIRX XS WXVIWW XLI VIMRJSVGIQIRX GVSWWMRK XLI GVEGO XS MXW ]MIPH TSMRX 8LI VIMRJSVGIQIRX TVSZMHIW E GPEQTMRK JSVGI 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= %ZJ J] EGVSWW XLI GVEGO JEGIW 8LI ETTPMIH WLIEV MW XLIR VIWMWXIHF]JVMGXMSRFIX[IIRXLIGVEGOJEGIWF]VIWMWXERGIXS XLI WLIEVMRK SJJ SJ TVSXVYWMSRW SR XLI GVEGO JEGIW ERH F] HS[IP EGXMSR SJ XLI VIMRJSVGIQIRX GVSWWMRK XLI GVEGO 7YGGIWWJYPETTPMGEXMSRSJ HITIRHWSRTVSTIVWIPIGXMSR SJXLIPSGEXMSRSJEREWWYQIHGVEGO 8LI VIPEXMSRWLMT FIX[IIR WLIEVXVERWJIV WXVIRKXL ERH XLI VIMRJSVGIQIRXGVSWWMRKXLIWLIEVTPERIGERFII\TVIWWIHMR ZEVMSYW [E]W )UYEXMSR ERH SJ EVI FEWIHSRXLIWLIEVJVMGXMSRQSHIP8LMWKMZIWEGSRWIVZEXMZI TVIHMGXMSRSJWLIEVXVERWJIVWXVIRKXL3XLIVVIPEXMSRWLMTWXLEX KMZI E GPSWIV IWXMQEXI SJ WLIEVXVERWJIV WXVIRKXL GER FI YWIH YRHIV XLI TVSZMWMSRW SJ *SV I\EQTPI [LIR XLI WLIEVJVMGXMSR VIMRJSVGIQIRX MW TIVTIRHMGYPEV XS XLIWLIEVTPERIXLIWLIEVWXVIRKXL:RMWKMZIRF] :R!%ZJ J]%G/ [LIVI %G MW XLI EVIE SJ GSRGVIXI WIGXMSR VIWMWXMRK WLIEV XVERWJIV WUYEVIMRGLIW ERH/!TWMJSVRSVQEP[IMKLX GSRGVIXITWMJSVwEPPPMKLX[IMKLXxGSRGVIXIERHTWM JSVwWERHPMKLX[IMKLXx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{7LIEVJVMGXMSRHIWMKRQIXLSH 6{7LIEVJVMGXMSRHIWMKRQIXLSH { ;LIR WLIEVJVMGXMSR VIMRJSVGIQIRX MW TIVTIRHMGYPEVXSWLIEVTPERIWLIEVWXVIRKXL :RWLEPP FIGSQTYXIHF] 6 { 8LI VIUYMVIH EVIE SJ WLIEVXVERWJIV VIMR JSVGIQIRX %ZJMWGSQTYXIHYWMRK :R!%ZJ J] [LIVI MW GSIJJMGMIRX SJ JVMGXMSR MR EGGSVHERGI [MXL :Y % ZJ ! J] 8LIWTIGMJMIHYTTIVPMQMXSRWLIEVWXVIRKXLWLSYPHEPWSFI SFWIVZIH )2:-6321)28%07869'896)7'3()'311)28%6= '3() '311)28%6= { ;LIR WLIEVJVMGXMSR VIMRJSVGIQIRX MW MRGPMRIH XS WLIEV TPERI WYGL XLEX XLI WLIEV JSVGI TVSHYGIW XIRWMSR MR WLIEVJVMGXMSR VIMRJSVGIQIRX WLIEVWXVIRKXL:RWLEPPFIGSQTYXIHF] 6 { ;LIR XLI WLIEVJVMGXMSR VIMRJSVGIQIRX MW MRGPMRIHXSXLIWLIEVTPERIWYGLXLEXXLIGSQTSRIRXSJXLI WLIEV JSVGI TEVEPPIP XS XLI VIMRJSVGIQIRX XIRHW XS TVSHYGI XIRWMSRMRXLIVIMRJSVGIQIRXEWWLS[RMR*MK6TEVX SJ XLI WLIEV MW VIWMWXIH F] XLI GSQTSRIRX TEVEPPIP XS XLI WLIEV TPERI SJ XLI XIRWMSR JSVGI MR XLI VIMRJSVGIQIRX )UYEXMSR QYWX FI YWIH SRP] [LIR XLI WLIEV JSVGI GSQTSRIRXTEVEPPIPXSXLIVIMRJSVGIQIRXTVSHYGIWXIRWMSRMR XLI VIMRJSVGIQIRX EW WLS[R MR *MK 6 ;LIR J MW KVIEXIVXLERHIKXLIVIPEXMZIQSZIQIRXSJXLIWYVJEGIW XIRHWXSGSQTVIWWXLIFEVERH)U MWRSXZEPMH :R!%ZJ J] WMR JGSW J [LIVI JMWERKPIFIX[IIRWLIEVJVMGXMSRVIMRJSVGIQIRX ERHWLIEVTPERI {8LIGSIJJMGMIRXSJJVMGXMSRMR)U ERH)U WLEPPFI 'SRGVIXITPEGIHQSRSPMXLMGEPP] 'SRGVIXITPEGIHEKEMRWXLEVHIRIHGSRGVIXI [MXLWYVJEGIMRXIRXMSREPP]VSYKLIRIHEW WTIGMJMIHMR 'SRGVIXITPEGIHEKEMRWXLEVHIRIH GSRGVIXIRSXMRXIRXMSREPP]VSYKLIRIH 'SRGVIXIERGLSVIHXSEWVSPPIHWXVYGXYVEP WXIIPF]LIEHIHWXYHWSVF]VIMRJSVGMRK FEVW WII [LIVI ! JSV RSVQEP[IMKLX GSRGVIXI JSV wWERHPMKLX[IMKLXx GSRGVIXI ERH JSV wEPP PMKLX [IMKLXx GSRGVIXI 0MRIEV MRXIVTSPEXMSR WLEPP FI TIVQMXXIH[LIRTEVXMEPWERHVITPEGIQIRXMWYWIH 6{-RXLIWLIEVJVMGXMSRQIXLSHSJGEPGYPEXMSR MXMWEWWYQIHXLEXEPPXLIWLIEVVIWMWXERGIMWHYIXSXLIJVMG XMSR FIX[IIR XLI GVEGO JEGIW -X MW XLIVIJSVI RIGIWWEV] XS YWI EVXMJMGMEPP] LMKL ZEPYIW SJ XLI GSIJJMGMIRX SJ JVMGXMSR MR XLI WLIEVJVMGXMSR IUYEXMSRW WS XLEX XLI GEPGYPEXIH WLIEV WXVIRKXL [MPP FI MR VIEWSREFPI EKVIIQIRX [MXL XIWX VIWYPXW *SVXLIGEWISJGSRGVIXIGEWXEKEMRWXLEVHIRIHGSRGVIXIRSX VSYKLIRIH MR EGGSVHERGI [MXL WLIEV VIWMWXERGI MW TVMQEVMP] HYI XS HS[IP EGXMSR SJ XLI VIMRJSVGIQIRX ERH XIWXW MRHMGEXI XLEX VIHYGIH ZEPYI SJ ! WTIGMJMIH JSVXLMWGEWIMWETTVSTVMEXI 8LI ZEPYI SJ WTIGMJMIH JSV GSRGVIXI TPEGIH EKEMRWX EW VSPPIH WXVYGXYVEP WXIIP VIPEXIW XS XLI HIWMKR SJ GSRRIGXMSRW FIX[IIR TVIGEWX GSRGVIXI QIQFIVW SV FIX[IIR WXVYGXYVEP WXIIPQIQFIVWERHWXVYGXYVEPGSRGVIXIQIQFIVW8LIWLIEV XVERWJIV VIMRJSVGIQIRX QE] FI IMXLIV VIMRJSVGMRK FEVW SV LIEHIH WXYH WLIEV GSRRIGXSVW EPWS JMIPH [IPHMRK XS WXIIP TPEXIW EJXIV GEWXMRK SJ GSRGVIXI MW GSQQSR 8LI HIWMKR SJ WLIEVGSRRIGXSVWJSVGSQTSWMXIEGXMSRSJGSRGVIXIWPEFWERH WXIIPFIEQWMWRSXGSZIVIH F]XLIWITVSZMWMSRWFYXWLSYPH FIMREGGSVHERGI[MXL6IJIVIRGI *MK 6{7LIEVJVMGXMSR VIMRJSVGIQIRX EX ERKPI XS EWWYQIHGVEGO 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= {7LIEVWXVIRKXL:RWLEPPRSXFIXEOIRKVIEXIV XLER JG %G RSV %G MR PF [LIVI %G MW EVIE SJ GSRGVIXIWIGXMSRVIWMWXMRKWLIEVXVERWJIV 6 { 8LMW YTTIV PMQMX SR WLIEVWXVIRKXL MW WTIGMJMIH FIGEYWI )U ERH FIGSQIYRGSRWIVZEXMZIMJ :RLEWEKVIEXIVZEPYI { (IWMKR ]MIPH WXVIRKXL SJ WLIEVJVMGXMSR VIMR JSVGIQIRXWLEPPRSXI\GIIHTWM { 2IX XIRWMSR EGVSWW WLIEV TPERI WLEPP FI VIWMWXIH F] EHHMXMSREP VIMRJSVGIQIRX 4IVQERIRX RIX GSQTVIWWMSREGVSWWWLIEVTPERIWLEPPFITIVQMXXIHXS FI XEOIR EW EHHMXMZI XS XLI JSVGI MR XLI WLIEVJVMGXMSR VIMRJSVGIQIRX%ZJ J][LIRGEPGYPEXMRKVIUYMVIH%ZJ 6 { -J E VIWYPXERX XIRWMPI JSVGI EGXW EGVSWW E WLIEV TPERIVIMRJSVGIQIRXXSGEVV]XLEXXIRWMSRQYWXFITVSZMHIH MREHHMXMSRXSXLEXTVSZMHIHJSVWLIEVXVERWJIV8IRWMSRQE] FI GEYWIH F] VIWXVEMRX SJ HIJSVQEXMSRW HYI XS XIQTIVEXYVI GLERKI GVIIT ERH WLVMROEKI 7YGL XIRWMPI JSVGIW LEZI GEYWIHJEMPYVIWTEVXMGYPEVP]MRFIEQFIEVMRKW ;LIR QSQIRX EGXW SR E WLIEV TPERI XLI JPI\YVEP XIRWMSR WXVIWWIWERHJPI\YVEPGSQTVIWWMSRWXVIWWIWEVIMRIUYMPMFVMYQ 8LIVIMWRSGLERKIMRXLIVIWYPXERXGSQTVIWWMSR%ZJ J] EGXMRK EGVSWWXLIWLIEVTPERIERHXLIWLIEVXVERWJIVWXVIRKXLMWRSX GLERKIH -X MW XLIVIJSVI RSX RIGIWWEV] XS TVSZMHI EHHMXMSREP VIMRJSVGIQIRXXSVIWMWXXLIJPI\YVEPXIRWMSRWXVIWWIWYRPIWWXLI VIUYMVIH JPI\YVEP XIRWMSR VIMRJSVGIQIRX I\GIIHW XLI EQSYRX SJ WLIEVXVERWJIV VIMRJSVGIQIRX TVSZMHIH MR XLI JPI\YVEP XIRWMSR^SRI8LMWLEWFIIRHIQSRWXVEXIHI\TIVMQIRXEPP] -X LEW EPWS FIIR HIQSRWXVEXIH I\TIVMQIRXEPP] XLEX MJ E VIWYPXERX GSQTVIWWMZI JSVGI EGXW EGVSWW E WLIEV TPERI XLI WLIEVXVERWJIV WXVIRKXL MW E JYRGXMSR SJ XLI WYQ SJ XLI VIWYPXERXGSQTVIWWMZIJSVGIERHXLIJSVGI%ZJJ]MRXLIWLIEV JVMGXMSRVIMRJSVGIQIRX-RHIWMKREHZERXEKIWLSYPHFIXEOIR SJ XLI I\MWXIRGI SJ E GSQTVIWWMZI JSVGI EGVSWW XLI WLIEV TPERIXSVIHYGIXLIEQSYRXSJWLIEVJVMGXMSRVIMRJSVGIQIRX VIUYMVIHSRP]MJMXMWEFWSPYXIP]GIVXEMRXLEXXLIGSQTVIWWMZI JSVGIMWTIVQERIRX {7LIEVJVMGXMSRVIMRJSVGIQIRXWLEPPFIETTVS TVMEXIP] TPEGIH EPSRK XLI WLIEV TPERI ERH WLEPP FI ERGLSVIH XS HIZIPST XLI WTIGMJMIH ]MIPH WXVIRKXL SR FSXL WMHIW F] IQFIHQIRX LSSOW SV [IPHMRK XS WTIGMEPHIZMGIW 6 {-JRSQSQIRXEGXWEGVSWWXLIWLIEVTPERIVIMR JSVGIQIRX WLSYPH FI YRMJSVQP] HMWXVMFYXIH EPSRKXLI WLIEV TPERIXSQMRMQMÎGVEGO[MHXLW-JEQSQIRXEGXWEGVSWWXLI WLIEV TPERI MX MW HIWMVEFPI XS HMWXVMFYXI XLI WLIEVXVERWJIV VIMRJSVGIQIRXTVMQEVMP]MRXLIJPI\YVEPXIRWMSR^SRI &IGEYWIXLIWLIEVJVMGXMSRVIMRJSVGIQIRX EGXWMRXIRWMSRMX QYWX LEZI JYPP XIRWMPI ERGLSVEKI SR FSXL WMHIW SJ XLI WLIEV TPERI *YVXLIV XLI WLIEVJVMGXMSR VIMRJSVGIQIRX ERGLSVEKI QYWXIRKEKIXLITVMQEV]VIMRJSVGIQIRXSXLIV[MWIETSXIRXMEP GVEGOQE]TEWWFIX[IIRXLIWLIEVJVMGXMSRVIMRJSVGIQIRXERH XLI FSH] SJ XLI GSRGVIXI 8LMW VIUYMVIQIRX ETTPMIW TEVXMGY PEVP] XS [IPHIH LIEHIH WXYHW YWIH [MXL WXIIP MRWIVXW JSV GSRRIGXMSRWMRTVIGEWXERHGEWXMRTPEGIGSRGVIXI%RGLSVEKI QE] FI HIZIPSTIH F] FSRH F] E [IPHIH QIGLERMGEP ERGLSVEKI SV F] XLVIEHIH HS[IPW ERH WGVI[ MRWIVXW 7TEGI PMQMXEXMSRWSJXIRVIUYMVIE[IPHIHQIGLERMGEPERGLSVEKI*SV ERGLSVEKISJLIEHIHWXYHWMRGSRGVIXIWII6IJIVIRGI { *SV XLI TYVTSWI SJ [LIR GSRGVIXI MW TPEGIHEKEMRWXTVIZMSYWP]LEVHIRIHGSRGVIXIXLIMRXIV JEGI JSV WLIEV XVERWJIV WLEPP FI GPIER ERH JVII SJ PEMXERGI-JMWEWWYQIHIUYEPXS MRXIVJEGIWLEPPFI VSYKLIRIHXSEJYPPEQTPMXYHISJETTVS\MQEXIP]MR )2:-6321)28%07869'896)7'3()'311)28%6= '3() '311)28%6= {;LIRWLIEVMWXVERWJIVVIHFIX[IIREWVSPPIH WXIIPERHGSRGVIXIYWMRKLIEHIHWXYHWSV[IPHIHVIMR JSVGMRKFEVWWXIIPWLEPPFIGPIERERHJVIISJTEMRX {(IITFIEQW 6{(IITFIEQW { 8LI TVSZMWMSRW SJ WLEPP ETTP] XS QIQFIVW[MXLPR HPIWWXLERXLEXEVIPSEHIHSRSRI JEGI ERH WYTTSVXIH SR XLI STTSWMXI JEGI WS XLEX GSQTVIWWMSR WXVYXW GER HIZIPST FIX[IIR XLI PSEHW ERHXLIWYTTSVXW7IIEPWS 6 { 8LI FILEZMSV SJ E HIIT FIEQ MW HMWGYWWIH MR 6IJIVIRGIW ERH *SV E HIIT FIEQ WYTTSVXMRK KVEZMX]PSEHWXLMWWIGXMSRETTPMIWMJXLIPSEHWEVIETTPMIHSR XLIXSTSJXLIFIEQERHXLIFIEQMWWYTTSVXIHSRMXWFSXXSQ JEGI-JXLIPSEHWEVIETTPMIHXLVSYKLXLIWMHIWSVFSXXSQSJ WYGLEQIQFIVXLIHIWMKRJSVWLIEVWLSYPHFIXLIWEQIEW JSVSVHMREV]FIEQW 8LI PSRKMXYHMREP XIRWMSR VIMRJSVGIQIRX MR HIIT FIEQW WLSYPHFII\XIRHIHXSXLIWYTTSVXWERHEHIUYEXIP]ERGLSVIH F]IQFIHQIRXLSSOWSV[IPHMRKXSWTIGMEPHIZMGIW&IRXYT FEVWEVIRSXVIGSQQIRHIH {8LIHIWMKRSJWMQTP]WYTTSVXIHHIITFIEQW JSV WLIEV WLEPP FI FEWIH SR )U ERH [LIVI XLI WLIEV WXVIRKXL :G WLEPP FI MR EGGSVHERGI [MXL SV ERH XLI WLIEV WXVIRKXL :W WLEPP FIMREGGSVHERGI[MXL { 8LI HIWMKR SJ GSRXMRYSYW HIIT FIEQW JSV WLIEVWLEPPFIFEWIHSRXLVSYKL[MXL WYFWXMXYXIHJSVSVSRQIXLSHWWEXMWJ]MRKIUYMPMF VMYQ ERH WXVIRKXL VIUYMVIQIRXW -R IMXLIV GEWI XLI HIWMKRWLEPPEPWSWEXMWJ] ERH 6 { -R E GSRXMRYSYW FIEQ XLI GVMXMGEP WIGXMSR JSV WLIEV HIJMRIH MR SGGYVW EX E TSMRX [LIVI 1Y ETTVSEGLIWÎVS%WEVIWYPXXLIWIGSRHXIVQMR)U FIGSQIW PEVKI *SVXLMW VIEWSR VIUYMVIWGSRXMRYSYW HIITFIEQWXSFIHIWMKRIHJSVWLIEVEGGSVHMRKXSXLIVIKYPEV FIEQHIWMKRTVSGIHYVIWI\GITXXLEX MWYWIHXSHIJMRI XLI GVMXMGEP WIGXMSR JSV WLIEV VEXLIV XLER *SV E YRMJSVQP]PSEHIHFIEQ EPPS[WSRIXSHIWMKRJSVXLI WLIEV EX H E[E] JVSQ XLI WYTTSVX 8LMW [MPP JVIUYIRXP] ETTVSEGLÎVSMREHIITFIEQ %W ER EPXIVREXMZI XS XLI VIKYPEV FIEQ HIWMKR TVSGIHYVIW HIWMKR QIXLSHW WEXMWJ]MRK IUYMPMFVMYQ ERH WXVIRKXL VIUYMVIQIRXW EVI EPPS[IH 7YGL QIXLSHW EVI TVIWIRXIH MR 6IJIVIRGIWERH {7LIEVWXVIRKXL :RJSVHIITFIEQWWLEPPRSX FIXEOIRKVIEXIVXLER J G F[H [LIR PR HMWPIWWXLER ;LIRPR HMWFIX[IIRERH P : R ! R H JG F [ H { 'VMXMGEP WIGXMSR JSV WLIEV QIEWYVIH JVSQ JEGISJWYTTSVXWLEPPFIXEOIREXEHMWXERGIPRJSV YRMJSVQP] PSEHIH FIEQW ERH E JSV FIEQW [MXL GSRGIRXVEXIHPSEHWFYXRSXKVIEXIVXLERH {9RPIWWEQSVIHIXEMPIHGEPGYPEXMSRMWQEHI MREGGSVHERGI[MXL :G! J G F[H 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= { 7LIEV WXVIRKXL :G WLEPP FI TIVQMXXIH XS FI GSQTYXIHF] 6 {%WXLIWTERHITXLVEXMSSJEQIQFIV[MXLSYX[IF VIMRJSVGIQIRXHIGVIEWIWMXWWLIEVWXVIRKXLMRGVIEWIWEFSZIXLI WLIEV GEYWMRK HMEKSREP XIRWMSR GVEGOMRK -R )U MX MW EWWYQIH XLEX HMEKSREP GVEGOMRK SGGYVW EX XLI WEQI WLIEV WXVIRKXL EW JSV SVHMREV] FIEQW FYX XLEX XLI WLIEV WXVIRKXL GEVVMIH F] XLI GSRGVIXI [MPP FI KVIEXIV XLER XLI WLIEV WXVIRKXLGEYWMRKHMEKSREPGVEGOMRK 1Y JG : G ! z :YH :Y H [ 1Y F [ H I\GITXXLEXXLIXIVQ (IWMKRIVW WLSYPH RSXI XLEX WLIEV MR I\GIWW SJ XLI WLIEV GEYWMRKHMEKSREPGVEGOMRKQE]VIWYPXMRYRWMKLXP]GVEGOMRK YRPIWWWLIEVVIMRJSVGIQIRXMWTVSZMHIH 1Y z :Y H WLEPPRSXI\GIIH ERH:GWLEPPRSX FIXEOIRKVIEXIV XLER J G F[H 1YMWJEGXSVIHQSQIRXSGGYVVMRKWMQYP XERISYWP][MXL:YEXXLIGVMXMGEPWIGXMSRHIJMRIHMR { ;LIVI JEGXSVIH WLIEV JSVGI :Y I\GIIHW WLIEV WXVIRKXL :G WLIEV VIMRJSVGIQIRX WLEPP FI TVSZMHIHXSWEXMWJ])U ERH [LIVIWLIEV WXVIRKXL :W WLEPPFIGSQTYXIHF] PR P z R % Z % H H ZL : W ! J] H W W [LIVI %ZMWEVIESJWLIEVVIMRJSVGIQIRXTIVTIRHMGYPEV XS JPI\YVEP XIRWMSR VIMRJSVGIQIRX [MXLMR E HMWXERGI W ERH %ZLMWEVIESJWLIEVVIMRJSVGIQIRXTEVEPPIPXSJPI\ YVEPVIMRJSVGIQIRX[MXLMREHMWXERGIW {8LIEVIESJWLIEVVIMRJSVGIQIRXTIVTIRHMG YPEVXSXLIWTER%ZWLEPPRSXFIPIWWXLERF[W ERH WWLEPPRSXI\GIIHH RSVMR {8LIEVIESJWLIEVVIMRJSVGIQIRXTEVEPPIPXS XLIWTER%ZLWLEPPRSXFIPIWWXLERF[WERH WWLEPPRSXI\GIIHHRSVMR 6 { 8LI MRGPMREXMSR SJ HMEKSREP GVEGOMRK QE] FI KVIEXIVXLERHIKXLIVIJSVIFSXLLSVM^SRXEPERHZIVXMGEP WLIEV VIMRJSVGIQIRX MW VIUYMVIH MR HIIT JPI\YVEP QIQFIVW 8LI VIPEXMZI EQSYRXW SJ LSVM^SRXEP ERH ZIVXMGEPWLIEVVIMRJSVGIQIRXXLEXEVIWIPIGXIHJVSQ)U QE] ZEV] EW PSRK EW PMQMXW SR XLI QMRMQYQ EQSYRX ERH WTEGMRKEVISFWIVZIH 7TIGMEPEXXIRXMSRMWHMVIGXIHXSXLIMQTSVXERGISJEHIUYEXI ERGLSVEKIJSVXLIWLIEVVIMRJSVGIQIRX,SVM^SRXEP[IFVIMR JSVGIQIRXWLSYPHFII\XIRHIHXSXLIWYTTSVXWERHERGLSVIH MRXLIWEQIQERRIVEWXLIXIRWMSRVIMRJSVGIQIRX 6 ERH 6 { 8LI VIPEXMZI EQSYRXW SJ LSVM ^SRXEP ERH ZIVXMGEP WLIEV VIMRJSVGIQIRX LEZI FIIR MRXIV GLERKIH JVSQ XLSWI VIUYMVIH MR XLI GSHI FIGEYWI XIWXWLEZIWLS[RXLEXZIVXMGEPWLIEVVIMRJSVGI QIRXMWQSVIIJJIGXMZIXLERLSVM^SRXEPWLIEVVIMRJSVGIQIRX 8LIQE\MQYQWTEGMRKSJFEVWMWMRFIGEYWIXLMWWXIIPMW TVSZMHIHXSVIWXVEMRXLI[MHXLSJXLIGVEGOW {7LIEVVIMRJSVGIQIRXVIUYMVIHEXXLIGVMXMGEP WIGXMSRHIJMRIHMRWLEPPFIYWIHXLVSYKLSYXXLI WTER 6 {&EWIHSRXLIEREP]WMWGEVVMIHSYXEXXLIGVMXMGEP WIGXMSRW WTIGMJMIH MR MX QE] FI HIXIVQMRIHXLEXXLI QIQFIV IMXLIV HSIW RSX RIIH WLIEV VIMRJSVGIQIRX SV XLEX WLIEV VIMRJSVGIQIRX MW VIUYMVIH MR [LMGL GEWI MX QYWX FI YWIHXLVSYKLSYXXLIWTER {7TIGMEPTVSZMWMSRWJSVFVEGOIXW ERHGSVFIPW 6{7TIGMEPTVSZMWMSRWJSVFVEGOIXW ERHGSVFIPW &VEGOIXW ERH GSVFIPW EVI GERXMPIZIVW LEZMRK WLIEV WTERXS HITXL VEXMSW RSX KVIEXIV XLER YRMX] [LMGL XIRH XS EGX EW WMQTPIXVYWWIWSVHIITFIEQWVEXLIVXLERJPI\YVEPQIQFIVW HIWMKRIHJSVWLIEVEGGSVHMRKXS 8LI GSVFIP WLS[R MR *MK 6 QE] JEMP F] WLIEVMRK EPSRKXLIMRXIVJEGIFIX[IIRXLIGSPYQRERHXLIGSVFIPF] ]MIPHMRK SJ XLI XIRWMSR XMI F] GVYWLMRK SV WTPMXXMRK SJ XLI GSQTVIWWMSR WXVYX SV F] PSGEPMÎH FIEVMRK SV WLIEVMRK JEMPYVI YRHIV XLI PSEHMRK TPEXI 8LIWI JEMPYVI QSHIW EVI MPPYWXVEXIHERHEVIHMWGYWWIHQSVIJYPP]MR 6IJIVIRGI 8LIRSXEXMSRYWIHMRMWMPPYWXVEXIHMR*MK6 )2:-6321)28%07869'896)7'3()'311)28%6= '3() '311)28%6= { 4VSZMWMSRW SJ WLEPP ETTP] XS FVEGOIXW ERH GSVFIPW [MXL E WLIEV WTERXSHITXL VEXMS EH RSX KVIEXIV XLER YRMX] ERH WYFNIGX XS E LSVM^SRXEP XIRWMPI JSVGI 2YG RSX PEVKIV XLER :Y (MWXERGI H WLEPP FI QIEWYVIHEXJEGISJWYTTSVX 6 {%RYTTIVPMQMXSJYRMX]JSVEHMWWTIGMJMIHJSV X[SVIEWSRW*MVWXJSVWLIEVWTERXSHITXLVEXMSWI\GIIHMRK YRMX]XLIHMEKSREPXIRWMSRGVEGOWEVIPIWWWXIITP]MRGPMRIH ERHXLIYWISJLSVM^SRXEPWXMVVYTWEPSRIEWWTIGMJMIHMR MWRSX ETTVSTVMEXI7IGSRHXLI WTIGMJMIHQIXLSHSJHIWMKR LEWSRP]FIIR ZEPMHEXIH I\TIVMQIRXEPP] JSV EH SJ YRMX] SV PIWW%RYTTIVPMQMXMWWTIGMJMIHJSV2YGFIGEYWIXLMWQIXLSH SJ HIWMKR LEW SRP] FIIR ZEPMHEXIH I\TIVMQIRXEPP] JSV 2YG PIWWXLERSVIUYEPXS:YMRGPYHMRK2YGIUYEPXSÎVS {(ITXLEXSYXWMHIIHKISJFIEVMRKEVIEWLEPP RSXFIPIWWXLERH 6 {%QMRMQYQHITXLMWWTIGMJMIHEXXLISYXWMHIIHKI SJXLIFIEVMRKEVIEWSXLEXETVIQEXYVIJEMPYVI[MPPRSXSGGYV HYI XS E QENSV HMEKSREP XIRWMSR GVEGO TVSTEKEXMRK JVSQ FIPS[XLIFIEVMRKEVIEXSXLISYXIVWPSTMRKJEGISJXLIGSVFIP SV FVEGOIX *EMPYVIW SJ XLMW X]TI LEZI FIIR SFWIVZIH MR GSVFIPWLEZMRKHITXLWEXXLISYXWMHIIHKISJXLIFIEVMRKEVIE PIWWXLERWTIGMJMIHMRXLMWWIGXMSRSJXLIGSHI *MK6{7XVYGXYVEPEGXMSRSJGSVFIP *MK6{2SXEXMSRYWIHMR7IGXMSR 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= {7IGXMSREXJEGISJWYTTSVXWLEPPFIHIWMKRIH XSVIWMWXWMQYPXERISYWP]EWLIEV:YEQSQIRX?:Y E 2YG L zH AERHELSVM^SRXEPXIRWMPIJSVGI2YG {-REPPHIWMKRGEPGYPEXMSRWMREGGSVHERGI [MXL WXVIRKXL VIHYGXMSR JEGXSV WLEPP FI XEOIR IUYEPXS 6{'SVFIPERHFVEGOIXFILEZMSVMWTVIHSQMRERXP] GSRXVSPPIHF]WLIEVXLIVIJSVIEWMRKPIZEPYISJ !MW WTIGMJMIHJSVEPPHIWMKRGSRHMXMSRW { (IWMKR SJ WLIEVJVMGXMSR VIMRJSVGIQIRX %ZJ XSVIWMWXWLIEV:YWLEPPFIMREGGSVHERGI[MXL { *SV RSVQEP[IMKLX GSRGVIXI WLIEV WXVIRKXL :R WLEPPRSX FI XEOIR KVIEXIVXLER JG F[H RSV F[H MRPF {*SVwEPPPMKLX[IMKLXxSVwWERHPMKLX[IMKLXx GSRGVIXI WLIEV WXVIRKXL :R WLEPP RSX FI XEOIR KVIEXIV XLER zE H JG F[HRSV zEH F[HMRPF 6{8IWXWLEZIWLS[RXLEXXLIQE\MQYQ WLIEVWXVIRKXLSJPMKLX[IMKLXGSRGVIXIGSVFIPWSVFVEGOIXWMW E JYRGXMSR SJ FSXL JG ERH EH 2S HEXE EVI EZEMPEFPI JSV GSVFIPWSVFVEGOIXWQEHISJWERHPMKLX[IMKLXGSRGVIXI%WE VIWYPX XLI WEQI PMQMXEXMSRW LEZI FIIR TPEGIH SR FSXL EPP PMKLX[IMKLXERHWERHPMKLX[IMKLXFVEGOIXWERHGSVFIPW {6IMRJSVGIQIRX%JXSVIWMWXQSQIRX ?:YE 2YG L z H A WLEPP FI GSQTYXIH MR EGGSVHERGI [MXL ERH 6 { 6IMRJSVGIQIRX VIUYMVIH XS VIWMWX QSQIRX GER FI GEPGYPEXIH YWMRK SVHMREV] JPI\YVEP XLISV] 8LI JEGXSVIHQSQIRXMWGEPGYPEXIHF]WYQQMRKQSQIRXWEFSYX XLIJPI\YVEPVIMRJSVGIQIRXEXXLIJEGISJWYTTSVX { 6IMRJSVGIQIRX %R XS VIWMWX XIRWMPI JSVGI 2YGWLEPPFIHIXIVQMRIHJVSQ2YG %RJ] 8IRWMPIJSVGI 2YG WLEPP RSX FI XEOIR PIWW XLER :Y YRPIWW WTIGMEP TVSZMWMSRWEVIQEHIXSEZSMHXIRWMPIJSVGIW8IRWMPIJSVGI 2YGWLEPPFIVIKEVHIHEWEPMZIPSEHIZIR[LIRXIRWMSR VIWYPXWJVSQGVIITWLVMROEKISVXIQTIVEXYVIGLERKI 6 {&IGEYWIXLIQEKRMXYHISJLSVM^SRXEPJSVGIW EGXMRKSRGSVFIPWSVFVEGOIXWGERRSXYWYEPP]FIHIXIVQMRIH [MXLKVIEXEGGYVEG]MXMWWTIGMJMIHXLEX2YGFIVIKEVHIHEWE PMZIPSEH { %VIE SJ TVMQEV] XIRWMSR VIMRJSVGIQIRX %WWLEPPFIQEHIIUYEPXSXLIKVIEXIVSJ %J %R SV %ZJ %R 6 { 8IWXW WYKKIWX XLEX XLI XSXEP EQSYRX SJ VIMRJSVGIQIRX %W%L VIUYMVIHXSGVSWWXLIJEGISJWYTTSVX WLSYPHFIXLIKVIEXIVSJ E 8LI WYQ SJ %ZJ GEPGYPEXIH EGGSVHMRKXS ERH %R GEPGYPEXIHEGGSVHMRKXSSV F 8LI WYQ SJ XMQIW %J GEPGYPEXIH EGGSVHMRK XS ERH%RGEPGYPEXIHEGGSVHMRKXS -J E GSRXVSPW %W ! %ZJ %R MW VIUYMVIH EW TVMQEV] XIRWMPI VIMRJSVGIQIRX ERH XLI VIQEMRMRK %ZJ WLSYPH FI TVSZMHIH EW GPSWIH WXMVVYTW TEVEPPIP XS %W ERH HMWXVMFYXIH [MXLMR HEHNEGIRXXS%W7IGXMSRWEXMWJMIWXLMWF] VIUYMVMRK %L! %ZJ -J F GSRXVSPW%W! %J%R MWVIUYMVIHEWTVMQEV]XIRWMSR VIMRJSVGIQIRXERHXLIVIQEMRMRK%J WLSYPHFITVSZMHIH EWGPSWIHWXMVVYTWTEVEPPIPXS%WERHHMWXVMFYXIH[MXLMR H EHNEGIRXXS%W%KEMRWEXMWJMIWXLMWVIUYMVIQIRX {'PSWIHWXMVVYTWSVXMIWTEVEPPIPXS %W[MXLE XSXEP EVIE %L RSX PIWW XLER %W z %R WLEPP FI YRMJSVQP] HMWXVMFYXIH [MXLMR X[SXLMVHW SJ XLI IJJIGXMZI HITXLEHNEGIRXXS%W 6 { 'PSWIH WXMVVYTW TEVEPPIP XS XLI TVMQEV] XIRWMSR VIMRJSVGIQIRXEVIRIGIWWEV]XSTVIZIRXETVIQEXYVIHMEKSREP XIRWMSRJEMPYVISJXLIGSVFIPSVFVEGOIX8LIVIUYMVIHEVIESJ GPSWIH WXMVVYTW %L ! %W z %R EYXSQEXMGEPP] ]MIPHW XLI ETTVSTVMEXIEQSYRXWEWHMWGYWWIHMR6EFSZI )2:-6321)28%07869'896)7'3()'311)28%6= '3() '311)28%6= { 6EXMS ! %W FH WLEPP RSX FI PIWW XLER JG J] 6 {%QMRMQYQEQSYRXSJVIMRJSVGIQIRXMWWTIGM JMIHXS TVIZIRX XLITSWWMFMPMX]SJ WYHHIR JEMPYVI WLSYPHXLI FVEGOIXSVGSVFIPGSRGVIXIGVEGOYRHIVXLIEGXMSRSJJPI\YVEP QSQIRXERHSYX[EVHXIRWMPIJSVGI2YG { %X JVSRX JEGI SJ FVEGOIX SV GSVFIP TVMQEV] XIRWMSRVIMRJSVGIQIRX%WWLEPPFIERGLSVIHF]SRISJ XLIJSPPS[MRK 6 { &IGEYWI XLI LSVM^SRXEP GSQTSRIRX SJ XLI MRGPMRIH GSRGVIXI GSQTVIWWMSR WXVYX WII *MK 6 MW XVERWJIVVIHXSXLITVMQEV]XIRWMSRVIMRJSVGIQIRXEXXLIPSGE XMSRSJXLIZIVXMGEPPSEHXLIVIMRJSVGIQIRX%WMWIWWIRXMEPP] YRMJSVQP]WXVIWWIHJVSQXLIJEGISJXLIWYTTSVXXSXLITSMRX [LIVI XLI ZIVXMGEP PSEH MW ETTPMIH -X WLSYPH XLIVIJSVI FI ERGLSVIHEXMXWSYXIVIRHERHMRXLIWYTTSVXMRKGSPYQRWSEW XS FI EFPI XS HIZIPST MXW ]MIPH WXVIRKXL JVSQ XLI JEGI SJ WYTTSVXXSXLIZIVXMGEPPSEH7EXMWJEGXSV]ERGLSVEKIEXXLISYXIV IRH GER FI SFXEMRIH F] FIRHMRK XLI %W FEVW MR E LSVM^SRXEP PSSTEWWTIGMJMIHMR F SVF][IPHMRKEFEVSJIUYEPHMEQIXIV SVEWYMXEFP]WMÎHERKPIEGVSWWXLIIRHWSJXLI%WFEVW8LI [IPHWWLSYPHFIHIWMKRIHXSHIZIPSTXLI]MIPHWXVIRKXLSJXLI VIMRJSVGIQIRX %W 8LI [IPH HIXEMP YWIH WYGGIWWJYPP] MR XLI GSVFIPXIWXWVITSVXIHMR6IJIVIRGIMWWLS[RMR*MK6 8LI VIMRJSVGIQIRX %W WLSYPH FI ERGLSVIH [MXLMR XLI WYTTSVXMRK GSPYQR MR EGGSVHERGI [MXL XLI VIUYMVIQIRXW SJ 'LETXIV 7II EHHMXMSREP HMWGYWWMSR SR IRH ERGLSVEKI MR 6 E &]EWXVYGXYVEP[IPHXSEXVERWZIVWIFEVSJEXPIEWX IUYEPWMÎ[IPHXSFIHIWMKRIHXSHIZIPSTWTIGMJMIH ]MIPHWXVIRKXLJ]SJ%WFEVW F &]FIRHMRKTVMQEV]XIRWMSRFEVW%WFEGOXSJSVQ ELSVM^SRXEPPSSTSV G &] WSQI SXLIV QIERW SJ TSWMXMZI ERGLSVEKI { &IEVMRK EVIE SJ PSEH SR FVEGOIX SV GSVFIP WLEPP RSX TVSNIGX FI]SRH WXVEMKLX TSVXMSR SJ TVMQEV] XIRWMSR FEVW %W RSV TVSNIGX FI]SRH MRXIVMSV JEGI SJ XVERWZIVWIERGLSVFEV MJSRIMWTVSZMHIH 6 { 8LI VIWXVMGXMSR SR XLI PSGEXMSR SJ XLI FIEVMRK EVIE MW RIGIWWEV] XS IRWYVI HIZIPSTQIRX SJ XLI ]MIPH WXVIRKXL SJ XLI VIMRJSVGIQIRX %W RIEV XLI PSEH ;LIR GSVFIPWEVIHIWMKRIHXSVIWMWXLSVM^SRXEPJSVGIWXLIFIEVMRK TPEXIWLSYPHFI[IPHIHXSXLIXIRWMSRVIMRJSVGIQIRX%W {7TIGMEPTVSZMWMSRWJSV[EPPW 6{7TIGMEPTVSZMWMSRWJSV[EPPW { (IWMKR JSV WLIEV JSVGIW TIVTIRHMGYPEV XS JEGISJ[EPPWLEPPFIMREGGSVHERGI[MXLTVSZMWMSRWJSV WPEFW MR (IWMKR JSV LSVM^SRXEP MRTPERI WLIEV JSVGIW MR E [EPP WLEPP FI MR EGGSVHERGI [MXL XLVSYKL 6 {7LIEVMRXLI TPERISJXLI[EPPMWTVMQEVMP]SJ MQTSVXERGI JSV WLIEV[EPPW [MXL E WQEPP LIMKLXXSPIRKXL VEXMS 8LI HIWMKR SJ LMKLIV [EPPW TEVXMGYPEVP] [EPPW [MXL YRMJSVQP] HMWXVMFYXIH VIMRJSVGIQIRX [MPP TVSFEFP] FI GSRXVSPPIHF]JPI\YVEPGSRWMHIVEXMSRW { (IWMKR SJ LSVM^SRXEP WIGXMSR JSV WLIEV MR TPERISJ[EPPWLEPPFIFEWIHSR)U ERH [LIVI WLIEV WXVIRKXL :G WLEPP FI MR EGGSVHERGI [MXL SV ERH WLIEV WXVIRKXL :W WLEPP FI MR EGGSVHERGI[MXL *MK6{;IPHHIXEMPWYWIHMRXIWXWSJ6IJIVIRGI 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= {7LIEVWXVIRKXL:REXER]LSVM^SRXEPWIGXMSR JSV WLIEV MR TPERI SJ [EPP WLEPP RSX FI XEOIR KVIEXIV XLER JG LH 6 { %PXLSYKL XLI [MHXLXSHITXL VEXMS SJ WLIEV [EPPWMWPIWWXLERXLEXJSVSVHMREV]FIEQWXIWXWSRWLIEV [EPPW [MXL E XLMGORIWW IUYEP XS P [ LEZI MRHMGEXIH XLEX YPXMQEXIWLIEVWXVIWWIWMRI\GIWWSJ J G GERFISFXEMRIH { *SV HIWMKR JSV LSVM^SRXEP WLIEV JSVGIW MR TPERISJ[EPPHWLEPPFIXEOIRIUYEPXSP [%PEVKIV ZEPYI SJ H IUYEP XS XLI HMWXERGI JVSQ I\XVIQI GSQTVIWWMSR JMFIV XS GIRXIV SJ JSVGI SJ EPP VIMRJSVGI QIRX MR XIRWMSR WLEPP FI TIVQMXXIH XS FI YWIH [LIR HIXIVQMRIHF]EWXVEMRGSQTEXMFMPMX]EREP]WMW {9RPIWWEQSVIHIXEMPIHGEPGYPEXMSRMWQEHI MREGGSVHERGI[MXLWLIEVWXVIRKXL:GWLEPPRSX FIXEOIRKVIEXIVXLER J G LHJSV[EPPWWYFNIGXXS2Y MRGSQTVIWWMSRSV:GWLEPPRSXFIXEOIRKVIEXIVXLER XLI ZEPYI KMZIR MR JSV [EPPW WYFNIGX XS 2Y MR XIRWMSR {7LIEVWXVIRKXL :GWLEPPFITIVQMXXIHXSFI GSQTYXIHF])U ERH [LIVI :GWLEPP FIXLIPIWWIVSJ)U SV 2Y H : G ! J G LH P[ 6 ERH 6 { )UYEXMSR ERH QE]FIYWIHXSHIXIVQMRIXLIMRGPMRIHGVEGOMRKWXVIRKXLEX ER] WIGXMSR XLVSYKL E WLIEV[EPP )UYEXMSR GSVVI WTSRHW XS XLI SGGYVVIRGI SJ E TVMRGMTEP XIRWMPI WXVIWW SJ ETTVS\MQEXIP] JG EXXLIGIRXVSMHSJXLIWLIEV[EPPGVSWW WIGXMSR)UYEXMSR GSVVIWTSRHWETTVS\MQEXIP]XSXLI SGGYVVIRGISJEJPI\YVEPXIRWMPIWXVIWWSJ J G EXEWIGXMSRP [ EFSZIXLIWIGXMSRFIMRKMRZIWXMKEXIH%WXLIXIVQ 1Y P [ z :Y HIGVIEWIW)U [MPPGSRXVSPFIJSVIXLMWXIVQFIGSQIW RIKEXMZI ;LIR XLMW XIVQ FIGSQIW RIKEXMZI )U WLSYPHFIYWIH SV 2 Y P [ JG P[L : G ! J G LH 1Y P [ z :Y [LIVI 2YMWRIKEXMZIJSVXIRWMSR;LIR 1Y :Y z P [ MWRIKEXMZI)U WLEPPRSXETTP] {7IGXMSRWPSGEXIHGPSWIVXS[EPPFEWIXLER EHMWXERGIP[ SVSRILEPJXLI[EPPLIMKLX[LMGLIZIV MW PIWW WLEPP FI TIVQMXXIH XS FI HIWMKRIH JSV XLI WEQI :GEWXLEXGSQTYXIHEXEHMWXERGIP [ SVSRI LEPJXLILIMKLX 6 {8LIZEPYIWSJ:GGSQTYXIHJVSQ)U ERH EXEWIGXMSRPSGEXIHEHMWXERGIP[ SV L[ [LMGL IZIV MW PIWW EFSZI XLI FEWI ETTP] XS XLEX ERH EPP WIGXMSRW FIX[IIR XLMW WIGXMSR ERH XLI FEWI ,S[IZIV XLI QE\MQYQ JEGXSVIHWLIEVJSVGI :YEXER]WIGXMSRMRGPYHMRKXLIFEWISJ XLI[EPPMWPMQMXIHXS :R MREGGSVHERGI[MXL {;LIRJEGXSVIHWLIEVJSVGI :YMWPIWWXLER :G VIMRJSVGIQIRXWLEPPFITVSZMHIHMREGGSVHERGI [MXLSVMREGGSVHERGI[MXL'LETXIV;LIR :Y I\GIIHW :G [EPP VIMRJSVGIQIRX JSV VIWMWXMRK WLIEVWLEPPFITVSZMHIHMREGGSVHERGI[MXL {(IWMKRSJWLIEVVIMRJSVGIQIRXJSV[EPPW 6{(IWMKRSJWLIEVVIMRJSVGIQIRXJSV[EPPW &SXL LSVM^SRXEP ERH ZIVXMGEP WLIEV VIMRJSVGIQIRX EVI VIUYMVIHJSVEPP[EPPW*SVPS[[EPPWXIWXHEXEMRHMGEXI XLEX LSVM^SRXEP WLIEV VIMRJSVGIQIRX FIGSQIW PIWW IJJIGXMZI [MXL ZIVXMGEP VIMRJSVGIQIRX FIGSQMRK QSVI IJJIGXMZI 8LMW GLERKI MR IJJIGXMZIRIWW SJ XLI LSVM^SRXEP ZIVWYW ZIVXMGEP VIMRJSVGIQIRX MW VIGSKRMÎHMR )U [LIR L[ P[ MW PIWWXLERXLIEQSYRXSJZIVXMGEPVIMRJSVGIQIRXMWIUYEP )2:-6321)28%07869'896)7'3()'311)28%6= '3() '311)28%6= XS XLI EQSYRX SJ LSVM^SRXEP VIMRJSVGIQIRX ;LIR L[ P[ MW KVIEXIV XLER SRP]E QMRMQYQEQSYRXSJZIVXMGEP VIMR JSVGIQIRXMWVIUYMVIH WL )UYEXMSR MWTVIWIRXIHMRXIVQWSJWLIEVWXVIRKXL:W TVSZMHIH F] XLI LSVM^SRXEP WLIEV VIMRJSVGIQIRX JSV HMVIGX ETTPMGEXMSRMR)U ERH :IVXMGEP WLIEV VIMRJSVGIQIRX EPWS QYWX FI TVSZMHIH MR EGGSV HERGI[MXL[MXLMRXLIWTEGMRKPMQMXEXMSRSJ {;LIVIJEGXSVIHWLIEVJSVGI:YI\GIIHW WLIEV WXVIRKXL :G LSVM^SRXEP WLIEV VIMRJSVGIQIRX WLEPP FI TVSZMHIH XS WEXMWJ] )U ERH [LIVIWLIEVWXVIRKXL:WWLEPPFIGSQTYXIHF] %Z J ] H : W ! W [LIVI %Z MW EVIE SJ LSVM^SRXEP WLIEV VIMRJSVGIQIRX [MXLMR E HMWXERGI W ERH HMWXERGI H MW MR EGGSVHERGI [MXL :IVXMGEP WLIEV VIMRJSVGIQIRX WLEPP FI TVSZMHIHMREGGSVHERGI[MXL { 6EXMS L SJ LSVM^SRXEP WLIEV VIMRJSVGI QIRX EVIE XS KVSWW GSRGVIXI EVIE SJ ZIVXMGEP WIGXMSR WLEPPRSXFIPIWWXLER { 7TEGMRK SJ LSVM^SRXEP WLIEV VIMRJSVGI QIRX WWLEPPRSXI\GIIHP[ RSVMR 6{1E\MQYQWTEGMRKSJMRJSVVIMRJSVGI QIRXMWJSVGVEGOGSRXVSP {6EXMS RSJZIVXMGEPWLIEVVIMRJSVGIQIRX EVIEXSKVSWWGSRGVIXIEVIESJLSVM^SRXEPWIGXMSRWLEPP RSXFIPIWWXLER R! L z [ P[ L z RSVFYXRIIHRSXFIKVIEXIVXLERXLIVIUYMVIH LSVM^SRXEPWLIEVVIMRJSVGIQIRX {7TEGMRKSJZIVXMGEPWLIEVVIMRJSVGIQIRX WWLEPPRSXI\GIIHP[ RSVMR 6{1E\MQYQWTEGMRKSJMRJSVVIMRJSVGI QIRXMWJSVGVEGOGSRXVSP {8VERWJIVSJQSQIRXWXSGSPYQRW 6{8VERWJIVSJQSQIRXWXSGSPYQRW { ;LIR KVEZMX] PSEH [MRH IEVXLUYEOI SV SXLIV PEXIVEP JSVGIW GEYWI XVERWJIV SJ QSQIRX EX GSRRIGXMSRWSJJVEQMRKIPIQIRXWXSGSPYQRWXLIWLIEV VIWYPXMRK JVSQ QSQIRX XVERWJIV WLEPP FI GSRWMHIVIH MR XLIHIWMKRSJPEXIVEPVIMRJSVGIQIRXMRXLIGSPYQRW 6{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{ )\GITX JSV GSRRIGXMSRW RSX TEVX SJ E TVMQEV] WIMWQMG PSEHVIWMWXMRK W]WXIQ XLEX EVI VIWXVEMRIH SR JSYV WMHIW F] FIEQW SV WPEFW SJ ETTVS\MQEXIP] IUYEP HITXL GSRRIGXMSRW WLEPP LEZI PEXIVEP VIMRJSVGIQIRX RSX PIWW XLER XLEX VIUYMVIH F] )U [MXLMRXLIGSPYQRJSVEHITXLRSXPIWWXLER XLEXSJXLIHIITIWXGSRRIGXMSRSJJVEQMRKIPIQIRXWXS XLIGSPYQRW7IIEPWS {7TIGMEPTVSZMWMSRWJSVWPEFWERH JSSXMRKW 6{7TIGMEPTVSZMWMSRWJSVWPEFWERH JSSXMRKW {8LIWLIEVWXVIRKXLSJWPEFWERHJSSXMRKWMR XLIZMGMRMX]SJGSPYQRWGSRGIRXVEXIHPSEHWSVVIEGXMSRW MWKSZIVRIHF]XLIQSVIWIZIVISJX[SGSRHMXMSRW 6 {(MJJIVIRXMEXMSRQYWXFIQEHIFIX[IIREPSRK ERHREVVS[WPEFSVJSSXMRKEGXMRKEWEFIEQERHEWPEFSV JSSXMRKWYFNIGXXSX[S[E]EGXMSR[LIVIJEMPYVIQE]SGGYV F]wTYRGLMRKxEPSRKEXVYRGEXIHGSRISVT]VEQMHEVSYRHE GSRGIRXVEXIHPSEHSVVIEGXMSREVIE {&IEQEGXMSR[LIVIIEGLGVMXMGEPWIGXMSR XSFIMRZIWXMKEXIHI\XIRHWMRETPERIEGVSWWXLIIRXMVI [MHXL *SV FIEQ EGXMSR XLI WPEF SV JSSXMRK WLEPP FI HIWMKRIHMREGGSVHERGI[MXLXLVSYKL {8[S[E]EGXMSR[LIVIIEGLSJXLIGVMX MGEPWIGXMSRWXSFIMRZIWXMKEXIHWLEPPFIPSGEXIHWSXLEX MXWTIVMQIXIVFS MWEQMRMQYQFYXRIIHRSXETTVSEGL GPSWIVXLERH XS E )HKIW SV GSVRIVW SJ GSPYQRW GSRGIRXVEXIH PSEHWSVVIEGXMSREVIEWSV F 'LERKIWMRWPEFXLMGORIWWWYGLEWIHKIWSJGET MXEPWSVHVSTTERIPW *SV X[S[E] EGXMSR XLI WPEF SV JSSXMRK WLEPP FI HIWMKRIHMREGGSVHERGI[MXLXLVSYKL 6 {8LIGVMXMGEP WIGXMSRJSVWLIEVMRWPEFWWYF NIGXIHXSFIRHMRK MRX[SHMVIGXMSRWJSPPS[WXLITIVMQIXIVEX XLIIHKISJXLIPSEHIHEVIE8LIWLIEVWXVIWWEGXMRKSRXLMW WIGXMSREXJEGXSVIHPSEHWMWEJYRGXMSRSJ JG ERHXLIVEXMSSJ XLIWMHIHMQIRWMSRSJXLIGSPYQRXSXLIIJJIGXMZIWPEFHITXL %QYGLWMQTPIVHIWMKRIUYEXMSRVIWYPXWF]EWWYQMRKETWIYH SGVMXMGEPWIGXMSRPSGEXIHEXEHMWXERGIHJVSQXLITIVMTLIV] SJ XLI GSRGIRXVEXIH PSEH ;LIR XLMW MW HSRI XLI WLIEV WXVIRKXLMWEPQSWXMRHITIRHIRXSJXLIVEXMSSJGSPYQRWMÎXS WPEFHITXL*SVVIGXERKYPEVGSPYQRWXLMWGVMXMGEPWIGXMSR[EW SVMKMREPP]HIJMRIHF]WXVEMKLXPMRIWHVE[RTEVEPPIPXSERHEXE HMWXERGI H JVSQ XLI IHKIW SJ XLI PSEHIH EVIE 7IGXMSR EPPS[WXLIYWISJEVIGXERKYPEVGVMXMGEPWIGXMSR *SVWPEFWSJYRMJSVQXLMGORIWWMXMWWYJJMGMIRXXSGLIGOWLIEV SRSRIWIGXMSR*SVWPEFW[MXLGLERKIWMRXLMGORIWWEWLETTIRW JSV I\EQTPI EX XLI IHKI SJ HVST TERIPW MX MW RIGIWWEV] XS GLIGOWLIEVEXWIZIVEPWIGXMSRW *SV IHKI GSPYQRW EX TSMRXW [LIVI XLI WPEF GERXMPIZIVW FI]SRH XLI GSPYQR XLI GVMXMGEP TIVMQIXIV [MPP IMXLIV FI XLVIIWMHIHSVJSYVWMHIH { *SV WUYEVI SV VIGXERKYPEV GSPYQRW GSRGIRXVEXIH PSEHW SV VIEGXMSR EVIEW XLI GVMXMGEP WIGXMSRW[MXLJSYVWXVEMKLXWMHIWWLEPPFITIVQMXXIH {8LIHIWMKRSJEWPEFSVJSSXMRKJSVX[S[E] EGXMSR MWFEWIH SR )U ERH :G WLEPPFI GSQTYXIHMREGGSVHERGI[MXL SV :W WLEPP FI GSQTYXIH MR EGGSVHERGI [MXL *SV WPEFW [MXL WLIEVLIEHW :R WLEPP FI MR EGGSVHERGI[MXL;LIRQSQIRXMWXVERWJIVVIH FIX[IIREWPEFERHEGSPYQRWLEPPETTP] )2:-6321)28%07869'896)7'3()'311)28%6= '3() '311)28%6= {*SVRSRTVIWXVIWWIHWPEFWERHJSSXMRKW :G WLEPPFIXLIWQEPPIWXSJ E F ERH G 6 {*SVWUYEVIGSPYQRWXLIWLIEVWXVIWWHYI XSYPXMQEXIPSEHWMRWPEFWWYFNIGXIHXSFIRHMRKMRX[SHMVIG XMSRWMWPMQMXIHXS JG 8IWXWLS[IZIVLEZIMRHMGEXIH XLEXXLIZEPYISJ JG MWYRGSRWIVZEXMZI[LIRXLIVEXMS G SJ XLIPIRKXLW SJXLI PSRK ERH WLSVX WMHIW SJE VIGXERKYPEV GSPYQRSVPSEHIHEVIEMWPEVKIVXLER-RWYGLGEWIWXLI EGXYEPWLIEVWXVIWWSRXLIGVMXMGEPWIGXMSREXTYRGLMRKWLIEV JEMPYVIZEVMIW JVSQE QE\MQYQSJ EFSYX J G EVSYRH XLI GSVRIVWSJXLIGSPYQRSVPSEHIHEVIEHS[RXS JG SVPIWW EPSRK XLI PSRK WMHIW FIX[IIR XLI X[S IRH WIGXMSRW 3XLIV XIWXWMRHMGEXIXLEXZGHIGVIEWIWEWXLIVEXMS FS HMRGVIEWIW )UYEXMSR ERH [IVIHIZIPSTIHXSEGGSYRXJSV XLIWIX[SIJJIGXW8LI[SVHWwMRXIVMSVIHKIERHGSVRIVGSP YQRWx MR F VIJIV XS GVMXMGEP WIGXMSRW [MXL JSYV XLVIISVX[SWMHIWVIWTIGXMZIP] E : G ! G J G FS H [LIVI G MW XLIVEXMSSJ PSRK WMHI XS WLSVX WMHI SJ XLI GSPYQRGSRGIRXVEXIHPSEHSVVIEGXMSREVIE F WH : G ! FS JG F S H [LIVI W MW JSV MRXIVMSV GSPYQRW JSV IHKI GSPYQRWJSVGSVRIVGSPYQRWERH G :G! J G FSH { %X GSPYQRW SJ X[S[E] TVIWXVIWWIH WPEFW ERH JSSXMRKW XLEX QIIX XLI VIUYMVIQIRXW SJ :G! T JG JTG FSH:T [LIVI TMWXLIWQEPPIVSJSV WH FS WMW JSVMRXIVMSV GSPYQRW JSV IHKIGSPYQRWERH JSV GSVRIV GSPYQRW FS MW TIVMQIXIV SJ GVMXMGEP WIGXMSR HIJMRIHMR JTGMWXLIEZIVEKIZEPYISJJTGJSV XLIX[SHMVIGXMSRWERH:TMWXLIZIVXMGEPGSQTSRIRXSJ EPPIJJIGXMZITVIWXVIWWJSVGIWGVSWWMRKXLIGVMXMGEPWIGXMSR :GWLEPPFITIVQMXXIHXSFIGSQTYXIHF])U MJXLI JSPPS[MRKEVIWEXMWJMIHSXLIV[MWIWLEPPETTP] E RS TSVXMSR SJ XLI GSPYQR GVSWW WIGXMSR WLEPP FI GPSWIVXSEHMWGSRXMRYSYWIHKIXLERXMQIWXLIWPEF XLMGORIWWERH F JG MR)U WLEPPRSXFIXEOIRKVIEXIVXLER TWMERH G JTGMRIEGLHMVIGXMSRWLEPPRSXFIPIWWXLERTWM RSVFIXEOIRKVIEXIVXLERTWM {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{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ÎVS-J :T MW XS FI MRGPYHIH XLI XIRHSR TVSJMPI EWWYQIH MR XLI GEPGYPEXMSRWQYWXFIWTIGMJMIH *SVERI\XIVMSVGSPYQRWYTTSVX[LIVIXLIHMWXERGIJVSQXLI SYXWMHISJXLIGSPYQRXSXLIIHKISJXLIWPEFMWPIWWXLERJSYV XMQIWXLIWPEFXLMGORIWWXLITVIWXVIWWMWRSXJYPP]IJJIGXMZI EVSYRH XLI XSXEP TIVMQIXIV FS SJ XLI GVMXMGEP WIGXMSR 7LIEV WXVIRKXL MR XLMW GEWI MW XLIVIJSVI GSRWIVZEXMZIP] XEOIR XLI WEQIEWJSVERSRTVIWXVIWWIHWPEF 6 { 6IWIEVGL LEW WLS[R XLEX WLIEV VIMR JSVGIQIRXGSRWMWXMRKSJTVSTIVP]ERGLSVIHFEVWSV[MVIWERH WMRKPI SV QYPXMTPIPIK WXMVVYTW SV GPSWIH WXMVVYTW GER MRGVIEWIXLITYRGLMRKWLIEVVIWMWXERGISJWPEFW8LIWTEGMRK 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= XLI WLIEV VIMRJSVGIQIRX HMEQIXIV 7LIEV VIMRJSVGI QIRX WLEPP FI MR EGGSVHERGI [MXL XLVSYKL { :R WLEPP FI GSQTYXIH F] )U [LIVI :G WLEPP RSX FI XEOIR KVIEXIV XLER J G FSH ERH XLI WXVIRKXL SJ WLIEV VIMRJSVGIQIRX :W WLEPP FI GEPGYPEXIH MR EGGSVHERGI [MXL 8LI EVIE SJ WLIEV VIMRJSVGIQIRX %Z YWIH MR )U MW XLI GVSWWWIGXMSREP EVIE SJ EPP PIKW SJ VIMRJSVGIQIRX SV SRITIVMTLIVEPPMRIXLEXMWKISQIXVMGEPP]WMQMPEVXSXLI TIVMQIXIVSJXLIGSPYQRWIGXMSR { :R WLEPP RSX FI XEOIR KVIEXIV XLER J G FSH {8LIHMWXERGIFIX[IIRXLIGSPYQRJEGI ERH XLI JMVWX PMRI SJ WXMVVYT PIKW XLEX WYVVSYRH XLI GSPYQR WLEPP RSX I\GIIH H RSV MR 8LI WTEGMRK FIX[IIREHNEGIRXWXMVVYTPIKWMRXLIJMVWXPMRISJWLIEV VIMRJSVGIQIRXWLEPPRSXI\GIIHHRSVMRQIEWYVIH MREHMVIGXMSRTEVEPPIPXSXLIGSPYQRJEGI8LIWTEGMRK FIX[IIRWYGGIWWMZI PMRIWSJWLIEVVIMRJSVGIQIRXXLEX WYVVSYRH XLI GSPYQR WLEPP RSX I\GIIH H RSV MR QIEWYVIHMREHMVIGXMSRTIVTIRHMGYPEVXSXLIGSPYQRJEGI { 7PEF WLIEV VIMRJSVGIQIRX WLEPP WEXMWJ] XLI ERGLSVEKI VIUYMVIQIRXW SJ ERH WLEPP IRKEKI XLI PSRKMXYHMREP JPI\YVEP VIMRJSVGIQIRX MR XLI HMVIGXMSRFIMRKGSRWMHIVIH *MK6{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{7LIEVVIMRJSVGIQIRXGSRWMWXMRKSJWXVYGXYVEP WXIIP-SVGLERRIPWLETIHWIGXMSRW WLIEVLIEHW WLEPP FI TIVQMXXIH MR WPEFW 8LI TVSZMWMSRW SJ XLVSYKL WLEPP ETTP] [LIVI WLIEV HYI XS KVEZMX]PSEHMWXVERWJIVVIHEXMRXIVMSVGSPYQRWYTTSVXW ;LIVI QSQIRX MW XVERWJIVVIH XS GSPYQRW WLEPPETTP] { )EGL WLIEVLIEH WLEPP GSRWMWX SJ WXIIP WLETIWJEFVMGEXIHF][IPHMRK[MXLEJYPPTIRIXVEXMSR[IPH MRXSMHIRXMGEPEVQWEXVMKLXERKPIW7LIEVLIEHEVQWWLEPP RSXFIMRXIVVYTXIH[MXLMRXLIGSPYQRWIGXMSR {%WLIEVLIEH WLEPPRSXFIHIITIVXLER XMQIWXLI[IFXLMGORIWWSJXLIWXIIPWLETI 6 {&EWIHSRVITSVXIHXIWXHEXE HIWMKRTVSGI HYVIWEVITVIWIRXIHJSVWLIEVLIEHVIMRJSVGIQIRXGSRWMWXMRK SJWXVYGXYVEPWXIIPWLETIW*SVEGSPYQRGSRRIGXMSRXVERWJIV VMRKQSQIRXXLIHIWMKRSJWLIEVLIEHWMWKMZIRMR 8LVII FEWMG GVMXIVME QYWX FI GSRWMHIVIH MR XLI HIWMKR SJ WLIEVLIEHVIMRJSVGIQIRXJSVGSRRIGXMSRWXVERWJIVVMRKWLIEV HYIXSKVEZMX]PSEH*MVWXEQMRMQYQJPI\YVEPWXVIRKXLQYWX FITVSZMHIHXSEWWYVIXLEXXLIVIUYMVIHWLIEVWXVIRKXLSJXLI WPEFMWVIEGLIHFIJSVIXLIJPI\YVEPWXVIRKXLSJXLIWLIEVLIEH MWI\GIIHIH7IGSRHXLIWLIEVWXVIWWMRXLIWPEFEXXLIIRHSJ XLI WLIEVLIEH VIMRJSVGIQIRX QYWX FI PMQMXIH 8LMVH EJXIV XLIWIX[SVIUYMVIQIRXWEVIWEXMWJMIHXLIHIWMKRIVGERVIHYGI XLIRIKEXMZIWPEFVIMRJSVGIQIRXMRTVSTSVXMSRXSXLIQSQIRX GSRXVMFYXMSRSJXLIWLIEVLIEHEXXLIHIWMKRWIGXMSR )2:-6321)28%07869'896)7'3()'311)28%6= '3() {8LIIRHWSJIEGLWLIEVLIEHEVQWLEPP FITIVQMXXIHXSFIGYXEXERKPIWRSXPIWWXLERHIK [MXL XLI LSVM^SRXEP TVSZMHIH XLI TPEWXMG QSQIRX WXVIRKXLSJXLIVIQEMRMRKXETIVIHWIGXMSRMWEHIUYEXI XS VIWMWX XLI WLIEV JSVGI EXXVMFYXIH XS XLEX EVQ SJ XLI WLIEVLIEH '311)28%6= E WMRKPIPIKWXMVVYTSVFEV {%PPGSQTVIWWMSRJPERKIWSJWXIIPWLETIW WLEPPFIPSGEXIH[MXLMRHSJGSQTVIWWMSRWYVJEGISJ WPEF F QYPXMTPIPIKWXMVVYTSVFEV G GPSWIHWXMVVYTW *MK 6 E G {7MRKPI SV QYPXMTPIPIK WXMVVYTX]TI WPEFWLIEVVIMRJSVGIQIRX *MK6 H {%VVERKIQIRXSJWXMVVYTWLIEVVIMRJSVGIQIRX MRXIVMSVGSPYQR 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= *MK 6 I {%VVERKIQIRX SJ WXMVVYT WLIEV VIMRJSVGI QIRXIHKIGSPYQR {8LIVEXMS ZFIX[IIRXLIJPI\YVEPWXMJJRIWW SJ IEGL WLIEVLIEH EVQ ERH XLEX SJ XLI WYVVSYRHMRK GSQTSWMXIGVEGOIHWPEFWIGXMSRSJ[MHXL GH WLEPP RSXFIPIWWXLER {8LITPEWXMGQSQIRXWXVIRKXL1TVIUYMVIH JSVIEGLEVQSJXLIWLIEVLIEHWLEPPFIGSQTYXIHF] :Y G 1T! L Z Z P Z z [LIVI MWXLIWXVIRKXLVIHYGXMSRJEGXSVJSVJPI\YVI MW XLIRYQFIVSJEVQW ERH PZMWXLIQMRMQYQ PIRKXL SJ IEGLWLIEVLIEHEVQVIUYMVIHXSGSQTP][MXLVIUYMVI QIRXWSJERH {8LIGVMXMGEPWPEFWIGXMSRJSVWLIEVWLEPP FITIVTIRHMGYPEVXSXLITPERISJXLIWPEFERHWLEPPGVSWW IEGLWLIEVLIEHEVQEXXLVIIUYEVXIVWXLIHMWXERGI?P Zz G A JVSQ XLI GSPYQR JEGI XS XLI IRH SJ XLI WLIEV LIEH EVQ 8LIGVMXMGEPWIGXMSRWLEPP FIPSGEXIHWS XLEX MXWTIVMQIXIV FS MWE QMRMQYQ FYX RIIH RSXFI GPSWIV XLERXLITIVMQIXIVHIJMRIHMR E 6 ERH 6 { 8LI EWWYQIH MHIEPMÎH WLIEVHMWXVMFYXMSREPSRKEREVQSJEWLIEVLIEHEXERMRXIVMSV GSPYQRMWWLS[RMR*MK68LIWLIEVEPSRKIEGLSJ XLIEVQWMWXEOIREW Z:G [LIVI ZERH EVIHIJMRIHMR ERHERH:GMWHIJMRIHMR,S[ IZIVXLITIEOWLIEVEXXLIJEGISJXLIGSPYQRMWXEOIREWXLI XSXEPWLIEVGSRWMHIVIHTIVEVQ:Y QMRYWXLIWLIEVGSRWMH IVIHGEVVMIHXSXLIGSPYQRF]XLIGSRGVIXIGSQTVIWWMSR^SRI SJXLIWPEF8LIPEXXIVXIVQMWI\TVIWWIHEW :G z Z WS XLEXMXETTVSEGLIWÎ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{ 8LI XIWX VIWYPXW MRHMGEXIH XLEX WPEFW GSR XEMRMRK wYRHIVVIMRJSVGMRKx WLIEVLIEHW JEMPIH EX E WLIEV WXVIWWSREGVMXMGEPWIGXMSREXXLIIRHSJXLIWLIEVLIEHVIMR JSVGIQIRX PIWW XLER J G %PXLSYKLXLI YWI SJwSZIVVIMR JSVGMRKx WLIEVLIEHW FVSYKLX XLI WLIEV WXVIRKXL FEGO XS EFSYXXLIIUYMZEPIRXSJ JG XLIPMQMXIHXIWXHEXEWYKKIWX XLEXEGSRWIVZEXMZIHIWMKRMWHIWMVEFPI8LIVIJSVIXLIWLIEV )2:-6321)28%07869'896)7'3()'311)28%6= '3() '311)28%6= *MK6{-HIEPMÎHWLIEVEGXMRKSRWLIEVLIEH *MK 6{0SGEXMSR SJ GVMXMGEP WIGXMSR HIJMRIH MR WXVIRKXLMWGEPGYPEXIHEW J G SREREWWYQIHGVMXMGEPWIG XMSRPSGEXIHMRWMHIXLIIRHSJXLIWLIEVLIEHVIMRJSVGIQIRX 8LI GVMXMGEP WIGXMSR MW XEOIR XLVSYKL XLI WLIEVLIEH EVQW XLVIIJSYVXLWSJXLIHMWXERGI?P Zz G A JVSQ XLIJEGISJ XLI GSPYQR XS XLI IRH SJ XLI WLIEVLIEH ,S[IZIV XLMW EWWYQIH GVMXMGEPWIGXMSRRIIHRSXFIXEOIRGPSWIVXLERHXS XLIGSPYQR7II*MK6 { :R WLEPP RSX FI XEOIR KVIEXIV XLER J G FSH SR XLI GVMXMGEP WIGXMSR HIJMRIH MR ;LIR WLIEVLIEH VIMRJSVGIQIRX MW TVSZMHIH :R WLEPP RSX FI XEOIR KVIEXIV XLER J G FSH SR XLI GVMXMGEP WIGXMSRHIJMRIHMR E 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= {8LIQSQIRXVIWMWXERGI1ZGSRXVMFYXIH XSIEGLWPEFGSPYQRWXVMTF]EWLIEVLIEHWLEPPRSXFI XEOIRKVIEXIVXLER 6 {-JXLITIEOWLIEVEXXLIJEGISJXLIGSPYQR MWRIKPIGXIHERHXLIGVEGOMRKPSEH:GMWEKEMREWWYQIHXS FI EFSYX SRILEPJ SJ :Y XLI QSQIRX GSRXVMFYXMSR SJ XLI WLIEVLIEH 1Z GERFIGSRWIVZEXMZIP]GSQTYXIHJVSQ)U MR[LMGL MWXLIJEGXSVJSVJPI\YVI G Z:Y 1 Z ! PZ z [LIVI MWXLIWXVIRKXLVIHYGXMSRJEGXSVJSVJPI\YVI MW XLIRYQFIVSJEVQWERHPZMWXLIPIRKXLSJIEGLWLIEV LIEHEVQEGXYEPP]TVSZMHIH,S[IZIV1ZWLEPPRSXFI XEOIRPEVKIVXLERXLIWQEPPIVSJ E TIVGIRXSJXLIXSXEPJEGXSVIHQSQIRXVIUYMVIH JSVIEGLWPEFGSPYQRWXVMT F 8LI GLERKI MR GSPYQR WXVMT QSQIRX SZIV XLI PIRKXL PZ G 8LIZEPYISJ1TGSQTYXIHF])U { ;LIR YRFEPERGIH QSQIRXW EVI GSRWMHIVIH XLI WLIEVLIEH QYWX LEZI EHIUYEXI ERGLSVEKIXSXVERWQMX1TXSGSPYQR 6{7II6 {3TIRMRKWMRWPEFW 6{3TIRMRKWMRWPEFW ;LIRSTIRMRKWMRWPEFWEVIPSGEXIHEXEHMWXERGIPIWW XLERXMQIWXLIWPEFXLMGORIWWJVSQEGSRGIRXVEXIH PSEH SV VIEGXMSR EVIE SV [LIR STIRMRKW MR JPEX WPEFW EVIPSGEXIH[MXLMRGSPYQRWXVMTWEWHIJMRIHMR'LETXIV XLIGVMXMGEPWPEFWIGXMSRWJSVWLIEVHIJMRIHMR ERH WLEPPFIQSHMJMIHEWJSPPS[W 4VSZMWMSRW JSV HIWMKR SJ STIRMRKW MR WPEFW ERH JSSXMRKW [IVI HIZIPSTIH MR 6IJIVIRGI 8LI PSGEXMSRW SJ XLI IJJIGXMZITSVXMSRWSJXLIGVMXMGEPWIGXMSRRIEVX]TMGEPSTIRMRKW ERHJVIIIHKIWEVIWLS[RF]XLIHEWLIHPMRIWMR*MK6 %HHMXMSREPVIWIEVGLLEWGSRJMVQIHXLEXXLIWITVSZMWMSRW EVIGSRWIVZEXMZI {*SVWPEFW[MXLSYXWLIEVLIEHWXLEXTEVX SJXLITIVMQIXIVSJXLIGVMXMGEPWIGXMSRXLEXMWIRGPSWIH F] WXVEMKLX PMRIW TVSNIGXMRK JVSQ XLI GIRXVSMH SJ XLI GSPYQR GSRGIRXVEXIH PSEH SV VIEGXMSR EVIE ERH XERKIRX XS XLI FSYRHEVMIW SJ XLI STIRMRKW WLEPP FI GSRWMHIVIHMRIJJIGXMZI {*SVWPEFW[MXLWLIEVLIEHWXLIMRIJJIG XMZI TSVXMSR SJ XLI TIVMQIXIV WLEPP FI SRILEPJ SJ XLEX HIJMRIHMR *MK6{)JJIGXSJSTIRMRKWERHJVIIIHKIW IJJIGXMZI TIVMQIXIVWLS[R[MXLHEWLIHPMRIW )2:-6321)28%07869'896)7'3()'311)28%6= '3() '311)28%6= {8VERWJIVSJQSQIRXMRWPEFGSPYQR GSRRIGXMSRW 6{8VERWJIVSJQSQIRXMRWPEFGSPYQR GSRRIGXMSRW {;LIRKVEZMX]PSEH[MRHIEVXLUYEOISV SXLIV PEXIVEP JSVGIW GEYWI XVERWJIV SJ YRFEPERGIH QSQIRX 1Y FIX[IIR E WPEF ERH E GSPYQR E JVEGXMSR J 1Y SJXLIYRFEPERGIHQSQIRXWLEPPFIXVERWJIVVIHF] JPI\YVIMREGGSVHERGI[MXL8LIVIQEMRHIVSJXLI YRFEPERGIHQSQIRXKMZIRF] Z 1Y WLEPPFIGSRWMHIVIH XS FI XVERWJIVVIH F] IGGIRXVMGMX] SJ WLIEV EFSYX XLI GIRXVSMH SJ XLI GVMXMGEP WIGXMSR HIJMRIH MR [LIVI 6 { -R 6IJIVIRGI MX [EW JSYRH XLEX [LIVIQSQIRXMWXVERWJIVVIHFIX[IIREGSPYQRERHEWPEF TIVGIRXSJXLIQSQIRXWLSYPHFIGSRWMHIVIHXVERWJIVVIH F] JPI\YVI EGVSWW XLI TIVMQIXIV SJ XLI GVMXMGEP WIGXMSR HIJMRIH MR ERH TIVGIRX F]IGGIRXVMGMX]SJ XLI WLIEVEFSYXXLIGIRXVSMHSJXLIGVMXMGEPWIGXMSR*SVVIGXERKY PEV GSPYQRW MX LEW FIIR EWWYQIH XLEX XLI TSVXMSR SJ XLI QSQIRXXVERWJIVVIHF]JPI\YVIMRGVIEWIWEWXLI[MHXLSJXLI JEGISJXLIGVMXMGEPWIGXMSRVIWMWXMRKXLIQSQIRXMRGVIEWIWEW KMZIRF])U Z! z J 1SWX SJ XLI HEXE MR 6IJIVIRGI [IVI SFXEMRIH JVSQ XIWXW SJ WUYEVI GSPYQRW ERH PMXXPI MRJSVQEXMSR MW EZEMPEFPI JSV VSYRH GSPYQRW 8LIWI GER FI ETTVS\MQEXIH EW WUYEVI GSPYQRW *MKYVI 6 WLS[W WUYEVI WYTTSVXW LEZMRK XLIWEQIEVIEEWWSQIRSRVIGXERKYPEVQIQFIVW {8LIWLIEVWXVIWWVIWYPXMRKJVSQQSQIRX XVERWJIV F] IGGIRXVMGMX] SJ WLIEV WLEPP FI EWWYQIH XS ZEV]PMRIEVP]EFSYXXLIGIRXVSMHSJXLIGVMXMGEPWIGXMSRW HIJMRIH MR 8LI QE\MQYQWLIEVWXVIWWHYI XS XLI JEGXSVIH WLIEV JSVGI ERH QSQIRX WLEPP RSX I\GIIH ZR E *SVQIQFIVW[MXLSYXWLIEVVIMRJSVGIQIRX ZR! :G FSH [LIVI :G MWEWHIJMRIHMRSV F *SV QIQFIVW [MXL WLIEV VIMRJSVGIQIRX SXLIV XLERWLIEVLIEHW ZR ! :G:W FSH 6 {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{%WWYQIHHMWXVMFYXMSRSJWLIEVWXVIWW 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= [LIVI ZMWKMZIRF])U *SVERMRXIVMSVGSPYQR%G ERH .G QE]FIGEPGYPEXIHF] %G ! EVIESJGSRGVIXISJEWWYQIHGVMXMGEPWIGXMSR ! H GGH .G ! TVSTIVX] SJ EWWYQIH GVMXMGEP WIGXMSR EREPSKSYW XS TSPEVQSQIRXSJMRIVXME G H H H G H G H H G H ! 7MQMPEVIUYEXMSRWQE]FIHIZIPSTIHJSV%GERH .GJSVGSP YQRWPSGEXIHEXXLIIHKISVGSVRIVSJEWPEF 8LI JVEGXMSR SJ XLI YRFEPERGIH QSQIRX FIX[IIR WPEF ERH GSPYQRRSXXVERWJIVVIHF]IGGIRXVMGMX]SJXLIWLIEVQYWXFI XVERWJIVVIHF]JPI\YVIMREGGSVHERGI[MXL%GSRWIV ZEXMZI QIXLSH EWWMKRW XLI JVEGXMSR XVERWJIVVIH F] JPI\YVI SZIV ER IJJIGXMZI WPEF [MHXL HIJMRIH MR 3JXIR HIWMKRIVW GSRGIRXVEXI GSPYQR WXVMT VIMRJSVGIQIRX RIEV XLI GSPYQRXSEGGSQQSHEXIXLMWYRFEPERGIHQSQIRX%ZEMPEFPI XIWXHEXEWIIQXSMRHMGEXIXLEXXLMWTVEGXMGIHSIWRSXMRGVIEWI WLIEVWXVIRKXLFYXQE]FIHIWMVEFPIXSMRGVIEWIXLIWXMJJRIWW SJXLIWPEFGSPYQRNYRGXMSR 8IWXHEXEMRHMGEXIXLEXXLIQSQIRXXVERWJIVGETEGMX]SJE TVIWXVIWWIH WPEF XS GSPYQR GSRRIGXMSR GER FI GEPGYPEXIH YWMRKXLITVSGIHYVIWSJ ERH ;LIVIWLIEVVIMRJSVGIQIRXLEWFIIRYWIHXLIGVMXMGEPWIGXMSR FI]SRH XLI WLIEV VIMRJSVGIQIRX KIRIVEPP] LEW E TSP]KSREP WLETI *MK6 H ERH I )UYEXMSRWJSVGEPGYPEXMRK WLIEVWXVIWWIWSRWYGLWIGXMSRWEVIKMZIRMR6IJIVIRGI {;LIRWLIEVVIMRJSVGIQIRXGSRWMWXMRKSJ WXVYGXYVEP WXIIP - SV GLERRIPWLETIH WIGXMSRW WLIEV LIEHW MWTVSZMHIHXLIWYQSJXLIWLIEVWXVIWWIWHYIXS ZIVXMGEP PSEH EGXMRK SR XLI GVMXMGEP WIGXMSR HIJMRIH F] ERHXLIWLIEVWXVIWWIWVIWYPXMRKJVSQQSQIRX XVERWJIVVIHF]IGGIRXVMGMX]SJWLIEVEFSYXXLIGIRXVSMHSJ XLIGVMXMGEPWIGXMSRHIJMRIHMR E ERH WLEPPRSXI\GIIH J G 6 {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{():)0341)28%2(740-')73* 6)-2*36')1)28 '3() {2SXEXMSR E ! HITXLSJIUYMZEPIRXVIGXERKYPEVWXVIWWFPSGOEW HIJMRIHMRMR %F ! EVIESJERMRHMZMHYEPFEVMR %W ! EVIESJRSRTVIWXVIWWIHXIRWMSRVIMRJSVGIQIRX MR %XV ! XSXEP GVSWWWIGXMSREP EVIE SJ EPP XVERWZIVWI VIMRJSVGIQIRXXLEXMW[MXLMRXLIWTEGMRKW ERH XLEX GVSWWIW XLI TSXIRXMEP TPERI SJ WTPMXXMRK XLVSYKLXLIVIMRJSVGIQIRXFIMRKHIZIPSTIHMR %Z ! EVIESJWLIEVVIMRJSVGIQIRX[MXLMREHMWXERGI WMR %[ ! EVIE SJ ER MRHMZMHYEP [MVI XS FI HIZIPSTIHSV WTPMGIHMR F[ ! [IF[MHXLSVHMEQIXIVSJGMVGYPEVWIGXMSRMR G ! WTEGMRKSVGSZIVHMQIRWMSRMR7II H ! HMWXERGI JVSQ I\XVIQI GSQTVIWWMSR JMFIV XS GIRXVSMHSJXIRWMSRVIMRJSVGIQIRXMR HF ! RSQMREPHMEQIXIVSJFEV[MVISVTVIWXVIWWMRK WXVERHMR JG ! WTIGMJMIHGSQTVIWWMZIWXVIRKXLSJGSRGVIXITWM JG ! WUYEVIVSSXSJWTIGMJMIHGSQTVIWWMZIWXVIRKXL SJGSRGVIXITWM JGX ! EZIVEKIWTPMXXMRKXIRWMPIWXVIRKXLSJPMKLX[IMKLX EKKVIKEXIGSRGVIXITWM JTW ! WXVIWWMRTVIWXVIWWIHVIMRJSVGIQIRXEXRSQMREP WXVIRKXLOWM JWI ! IJJIGXMZI WXVIWW MR TVIWXVIWWIH VIMRJSVGIQIRX EJXIVEPPS[ERGIJSVEPPTVIWXVIWWPSWWIW OWM J] ! WTIGMJMIH ]MIPH WXVIRKXL SJ RSRTVIWXVIWWIH VIMRJSVGIQIRXTWM J]X ! WTIGMJMIH ]MIPH WXVIRKXL SJ XVERWZIVWI VIMR JSVGIQIRXTWM L ! SZIVEPPXLMGORIWWSJQIQFIVMR /XV ! XVERWZIVWIVIMRJSVGIQIRXMRHI\ % J WR XV ]X GSRWXERXGEVVMIWXLIYRMXPFMR ! PE ! EHHMXMSREPIQFIHQIRXPIRKXLEX WYTTSVXSVEX TSMRXSJMRJPIGXMSRMR '311)28%6= 8LIHIZIPSTQIRXPIRKXLGSRGITXJSVERGLSVEKISJVIMRJSVGI QIRX[EWJMVWXMRXVSHYGIHMRXLI%'-&YMPHMRK'SHIXS VITPEGI XLI HYEP VIUYMVIQIRXW JSV JPI\YVEP FSRH ERH ERGLSVEKI FSRH GSRXEMRIH MR IEVPMIV IHMXMSRW SJ XLI %'&YMPHMRK 'SHI -X MW RS PSRKIV RIGIWWEV] XS GSRWMHIV XLI JPI\YVEPFSRHGSRGITXXLEXTPEGIHIQTLEWMWSRXLIGSQTYXE XMSR SJ RSQMREP TIEO FSRH WXVIWWIW 'SRWMHIVEXMSR SJ ER EZIVEKI FSRH VIWMWXERGI SZIV E JYPP HIZIPSTQIRX PIRKXL SJ XLIVIMRJSVGIQIRXMWQSVIQIERMRKJYPTEVXMEPP]FIGEYWIEPP FSRHXIWXWGSRWMHIVEREZIVEKIFSRHVIWMWXERGISZIVEPIRKXL SJ IQFIHQIRX SJ XLI VIMRJSVGIQIRX ERH TEVXMEPP] FIGEYWI YRGEPGYPEXIHI\XVIQIZEVMEXMSRWMRPSGEPFSRHWXVIWWIWI\MWX RIEVJPI\YVEPGVEGOW 8LIHIZIPSTQIRXPIRKXLGSRGITXMWFEWIHSRXLIEXXEMREFPI EZIVEKI FSRH WXVIWW SZIV XLI PIRKXL SJ IQFIHQIRX SJ XLI VIMRJSVGIQIRX(IZIPSTQIRXPIRKXLWEVIVIUYMVIHFIGEYWISJ XLIXIRHIRG]SJLMKLP]WXVIWWIHFEVW XSWTPMX VIPEXMZIP] XLMR WIGXMSRWSJVIWXVEMRMRKGSRGVIXI%WMRKPIFEVIQFIHHIHMRE QEWWSJGSRGVIXIWLSYPHRSXVIUYMVIEWKVIEXEHIZIPSTQIRX PIRKXLEPXLSYKLEVS[SJFEVWIZIRMRQEWWGSRGVIXIGER GVIEXI E [IEOIRIH TPERI [MXL PSRKMXYHMREP WTPMXXMRK EPSRK XLITPERISJXLIFEVW -R ETTPMGEXMSR XLI HIZIPSTQIRX PIRKXL GSRGITX VIUYMVIW QMRMQYQPIRKXLWSVI\XIRWMSRWSJVIMRJSVGIQIRXFI]SRHEPP TSMRXW SJ TIEO WXVIWW MR XLI VIMRJSVGIQIRX 7YGL TIEO WXVIWWIWKIRIVEPP]SGGYVEXXLITSMRXWWTIGMJMIHMR 8LIWXVIRKXLVIHYGXMSRJEGXSV MWRSXYWIHMRXLIHIZIPST QIRX PIRKXL ERH PET WTPMGI IUYEXMSRW %R EPPS[ERGI JSV WXVIRKXLVIHYGXMSRMWEPVIEH]MRGPYHIHMRXLII\TVIWWMSRWJSV HIXIVQMRMRKHIZIPSTQIRXERHWTPMGIPIRKXLW 9RMXWSJQIEWYVIQIRXEVIKMZIRMRXLI2SXEXMSRXSEWWMWXXLI YWIV ERH EVI RSX MRXIRHIH XS TVIGPYHI XLI YWI SJ SXLIV GSVVIGXP]ETTPMIHYRMXWJSVXLIWEQIW]QFSPWYGLEWJXSVOMT 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= PH ! HIZIPSTQIRX PIRKXL SJ HIJSVQIH FEVW ERH HIJSVQIH[MVIMRXIRWMSRMR PHG ! HIZIPSTQIRX PIRKXL SJ HIJSVQIH FEVW ERH HIJSVQIH[MVIMRGSQTVIWWMSRMR PHL ! HIZIPSTQIRXPIRKXLSJWXERHEVHLSSOMRXIRWMSR QIEWYVIH JVSQ GVMXMGEP WIGXMSR XS SYXWMHI IRHSJ LSSO WXVEMKLX IQFIHQIRX PIRKXL FIX[IIR GVMXMGEP WIGXMSRERHWXEVXSJLSSO?TSMRXSJXERKIRG]ATPYW VEHMYWSJFIRHERHSRIFEVHMEQIXIV MR PLF ! FEWMG HIZIPSTQIRX PIRKXL SJ WXERHEVH LSSO MR XIRWMSRMR 1R ! RSQMREPQSQIRXWXVIRKXLEXWIGXMSRMRPF ! %WJ] H z E R ! RYQFIVSJFEVWSV[MVIWFIMRKWTPMGIHSVHIZIP STIHEPSRKXLITPERISJWTPMXXMRK W ! QE\MQYQ GIRXIVXSGIRXIV WTEGMRK SJ XVERWZIVWI VIMRJSVGIQIRX[MXLMRPHMR W[ ! WTEGMRKSJ[MVIXSFIHIZIPSTIHSVWTPMGIHMR :R ! RSQMREPWLIEVWXVIRKXLPF :Y ! JEGXSVIHWLIEVJSVGIEXWIGXMSRPF ! VIMRJSVGIQIRXPSGEXMSRJEGXSV7II ! GSEXMRKJEGXSV7II ! VEXMSSJEVIESJVIMRJSVGIQIRXGYXSJJXSXSXEPEVIE SJXIRWMSRVIMRJSVGIQIRXEXWIGXMSR ! VIMRJSVGIQIRXWMÎJEGXSV7II ! PMKLX[IMKLXEKKVIKEXIGSRGVIXIJEGXSV7II ! WXVIRKXLVIHYGXMSRJEGXSV7II {(IZIPSTQIRXSJVIMRJSVGIQIRX{ +IRIVEP 6{(IZIPSTQIRXSJVIMRJSVGIQIRX{ +IRIVEP {'EPGYPEXIHXIRWMSRSVGSQTVIWWMSRMRVIMRJSVGI QIRX EX IEGLWIGXMSRSJ WXVYGXYVEPGSRGVIXI QIQFIVW WLEPP FI HIZIPSTIH SR IEGL WMHI SJ XLEX WIGXMSR F] IQFIHQIRX PIRKXL LSSO SV QIGLERMGEP HIZMGI SV E GSQFMREXMSR XLIVISJ ,SSOW WLEPP RSX FI YWIH XS HIZIPSTFEVWMRGSQTVIWWMSR *VSQETSMRXSJTIEOWXVIWWMRVIMRJSVGIQIRXWSQIPIRKXLSJ VIMRJSVGIQIRX SV ERGLSVEKI MW RIGIWWEV] XS HIZIPST XLI WXVIWW 8LMW HIZIPSTQIRX PIRKXL SV ERGLSVEKI MW RIGIWWEV] SRFSXLWMHIWSJWYGLTIEOWXVIWWTSMRXW3JXIRXLIVIMRJSVGI QIRXGSRXMRYIWJSVEGSRWMHIVEFPIHMWXERGISRSRIWMHISJE GVMXMGEPWXVIWWTSMRXWSXLEXGEPGYPEXMSRWRIIHMRZSPZISRP]XLI SXLIV WMHI JSV I\EQTPI XLI RIKEXMZI QSQIRX VIMRJSVGIQIRX GSRXMRYMRKXLVSYKLEWYTTSVXXSXLIQMHHPISJXLIRI\XWTER {8LIZEPYIWSJ J G YWIHMRXLMWGLETXIVWLEPP RSXI\GIIHTWM {(IZIPSTQIRXSJHIJSVQIHFEVWERH HIJSVQIH[MVIMRXIRWMSR 6{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ÎJEGXSVXLEXVIJPIGXW XLI QSVI JEZSVEFPI TIVJSVQERGI SJ WQEPPIV HMEQIXIV VIMR JSVGIQIRX MWEJEGXSVVIJPIGXMRKXLIPS[IVXIRWMPIWXVIRKXL SJ PMKLX[IMKLX GSRGVIXI ERH XLI VIWYPXMRK VIHYGXMSR SJ XLI WTPMXXMRKVIWMWXERGI[LMGLMRGVIEWIWXLIHIZIPSTQIRXPIRKXL MRPMKLX[IMKLXGSRGVIXI%PMQMXSJMWTPEGIHSRXLIXIVQ G/XV HF;LIR G/XV HF MWPIWWXLERWTPMXXMRKJEMPYVIW EVIPMOIP]XSSGGYV*SVZEPYIWEFSZIETYPPSYXJEMPYVIMW I\TIGXIHERHERMRGVIEWIMRGSZIVSVXVERWZIVWIVIMRJSVGI QIRXMWYRPMOIP]XSMRGVIEWIXLIERGLSVEKIGETEGMX] )UYEXMSR EPPS[WXLIHIWMKRIVXSWIIXLIIJJIGXSJEPP ZEVMEFPIWGSRXVSPPMRKXLIHIZIPSTQIRXPIRKXL8LIHIWMKRIV MWTIVQMXXIHXSHMWVIKEVHXIVQW[LIRWYGLSQMWWMSRVIWYPXW MRPSRKIVERHLIRGIQSVIGSRWIVZEXMZIHIZIPSTQIRXPIRKXLW 8LI TVSZMWMSRW SJ ERH KMZI E X[SXMIV ETTVSEGL 8LI YWIV GER IMXLIV GEPGYPEXI PH FEWIH SR XLI EGXYEP G /XV HF SV GEPGYPEXI PH YWMRK [LMGLMWFEWIHSRX[STVIWIPIGXIHZEPYIWSJ G /XV HF 7IGXMSR VIGSKRMÎW XLEX QER] GYVVIRX TVEGXMGEP GSRWXVYGXMSR GEWIW YXMPMÎ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wSXLIVGEWIWx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{(IZIPSTQIRXPIRKXLPHMRMRGLIW JSVHIJSVQIH FEVWERHHIJSVQIH[MVIMRXIRWMSRWLEPPFIHIXIVQMRIH JVSQ IMXLIV SV FYX PH WLEPP RSX FI PIWW XLERMR {*SVHIJSVQIHFEVWSVHIJSVQIH[MVIPHWLEPP FIEWJSPPS[W 2SERHWQEPPIV FEVWERHHIJSVQIH [MVIW 2SERHPEVKIV FEVW 'PIEVWTEGMRKSJ FEVWFIMRKHIZIP STIHSVWTPMGIHRSX PIWWXLERHFGPIEV GSZIVRSXPIWWXLER HFERHWXMVVYTWSV XMIWXLVSYKLSYX H RSXPIWWXLERXLI GSHIQMRMQYQ SV 'PIEVWTEGMRKSV FEVWFIMRKHIZIP STIHSVWTPMGIHRSX PIWWXLERHFERH GPIEVGSZIVRSXPIWW XLER HF J] HF J G J] HF J G 3XLIVGEWIW J] H F J G J ] H F J G )2:-6321)28%07869'896)7'3()'311)28%6= '3() '311)28%6= {*SVHIJSVQIHFEVWSVHIJSVQIH[MVIPHWLEPPFI J] HF P H ! J G / G XV HF MR [LMGL XLI XIVQ G /XV HF WLEPP RSX FI XEOIR KVIEXIVXLER { 8LI JEGXSVW JSV YWI MR XLI I\TVIWWMSRW JSV HIZIPSTQIRXSJHIJSVQIHFEVWERHHIJSVQIH[MVIWMR XIRWMSRMR'LETXIVEVIEWJSPPS[W !VIMRJSVGIQIRXPSGEXMSRJEGXSV ,SVM^SRXEP VIMRJSVGIQIRX WS TPEGIH XLEX QSVI XLER MRSJJVIWLGSRGVIXIMWGEWXMRXLIQIQFIVFIPS[ XLIHIZIPSTQIRXPIRKXLSVWTPMGI 3XLIVVIMRJSVGIQIRX !GSEXMRKJEGXSV )TS\]GSEXIHFEVWSV[MVIW[MXLGSZIVPIWWXLERHF SVGPIEVWTEGMRKPIWWXLERHF %PPSXLIVITS\]GSEXIHFEVWSV[MVIW 9RGSEXIHVIMRJSVGIQIRX ,S[IZIVXLITVSHYGXSJ XLER RIIHRSXFIXEOIRKVIEXIV !VIMRJSVGIQIRXWMÎ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{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{)\GIWWVIMRJSVGIQIRX 6{)\GIWWVIMRJSVGIQIRX 6IHYGXMSR MR HIZIPSTQIRX PIRKXL WLEPP FI TIVQMXXIH [LIVIVIMRJSVGIQIRXMREJPI\YVEPQIQFIVMWMRI\GIWW SJ XLEX VIUYMVIH F] EREP]WMW I\GITX [LIVI ERGLSVEKI 8LIVIHYGXMSRJEGXSVFEWIHSREVIEMWRSXXSFIYWIHMRXLSWI GEWIW[LIVIERGLSVEKIHIZIPSTQIRXJSVJYPP J] MWVIUYMVIH *SVI\EQTPIXLII\GIWWVIMRJSVGIQIRXJEGXSVHSIWRSXETTP] 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= SV HIZIPSTQIRX JSV J] MW WTIGMJMGEPP] VIUYMVIH SV XLI VIMRJSVGIQIRX MW HIWMKRIH YRHIV TVSZMWMSRW SJ SV JSV HIZIPSTQIRX SJ TSWMXMZI QSQIRX VIMRJSVGIQIRX EX WYTTSVXWEGGSVHMRKXSJSVHIZIPSTQIRXSJWLVMROEKI ERHXIQTIVEXYVIVIMRJSVGIQIRXEGGSVHMRKXSSVJSV HIZIPSTQIRX SJ VIMRJSVGIQIRX TVSZMHIH EGGSVHMRK XS ERH %W VIUYMVIH %W TVSZMHIH {(IZIPSTQIRXSJHIJSVQIHFEVWERH HIJSVQIH[MVIMRGSQTVIWWMSR 6{(IZIPSTQIRXSJHIJSVQIHFEVWERH HIJSVQIH[MVIMRGSQTVIWWMSR { (IZIPSTQIRX PIRKXL PHG MR MRGLIW JSV HIJSVQIH FEVW ERH HIJSVQIH [MVI MR GSQTVIWWMSR WLEPPFIHIXIVQMRIHJVSQERHETTPMGEFPIQSHMJM GEXMSRJEGXSVWSJFYXPHG WLEPPRSXFIPIWWXLERMR 8LI [IEOIRMRK IJJIGX SJ JPI\YVEP XIRWMSR GVEGOW MW RSX TVIWIRX JSV FEVW ERH [MVI MR GSQTVIWWMSR ERH YWYEPP] IRH FIEVMRKSJXLIFEVWSRXLIGSRGVIXIMWFIRIJMGMEP8LIVIJSVI WLSVXIV HIZIPSTQIRX PIRKXLW EVI WTIGMJMIH JSV GSQTVIWWMSR XLER JSV XIRWMSR 8LI HIZIPSTQIRX PIRKXL QE] FI VIHYGIH TIVGIRX [LIR XLI VIMRJSVGIQIRX MW IRGPSWIH [MXLMR WTMVEPW SV XMIW % VIHYGXMSR MR HIZIPSTQIRX PIRKXL MW EPWS TIVQMXXIHMJI\GIWWVIMRJSVGIQIRXMWTVSZMHIH { *SV HIJSVQIH FEVW ERH HIJSVQIH [MVI PHG WLEPP FI XEOIR EW XLI PEVKIV SJ J] J G HF ERH J] HF [LIVI XLI GSRWXERX GEVVMIW XLI YRMXSJMRPF {8LIPIRKXL HG MRWLEPPFITIVQMXXIHXS FIQYPXMTPMIHF]XLIETTPMGEFPIJEGXSVWJSV E 6IMRJSVGIQIRX MR I\GIWW SJ XLEX VIUYMVIH F] EREP]WMW %W VIUYMVIH %W TVSZMHIH F 6IMRJSVGIQIRX IRGPSWIH [MXLMR WTMVEP VIMRJSVGI QIRX RSX PIWW XLER MR HMEQIXIV ERH RSX QSVI XLER MR TMXGL SV [MXLMR 2S XMIW MR GSRJSVQERGI [MXL ERH WTEGIH EX RSX QSVI XLER MR SR GIRXIV {(IZIPSTQIRXSJFYRHPIHFEVW 6{(IZIPSTQIRXSJFYRHPIHFEVW {(IZIPSTQIRXPIRKXLSJMRHMZMHYEPFEVW[MXLMR EFYRHPI MRXIRWMSRSV GSQTVIWWMSRWLEPP FIXLEX JSV XLI MRHMZMHYEP FEV MRGVIEWIH TIVGIRX JSV XLVIIFEV FYRHPIERHTIVGIRXJSVJSYVFEVFYRHPI 6 {%RMRGVIEWIHHIZIPSTQIRXPIRKXLJSVMRHMZMHYEP FEVW MW VIUYMVIH [LIR XLVII SV JSYV FEVW EVI FYRHPIH XSKIXLIV 8LI I\XVE I\XIRWMSR MW RIIHIH FIGEYWI XLI KVSYTMRKQEOIWMXQSVIHMJJMGYPXXSQSFMPMÎFSRHVIWMWXERGI JVSQXLIGSVIFIX[IIRXLIFEVW 8LIHIWMKRIVWLSYPHEPWSRSXI VIPEXMRKXSXLIGYXSJJ TSMRXW SJ MRHMZMHYEP FEVW [MXLMR E FYRHPI ERH VIPEXMRKXSWTPMGIWSJFYRHPIHFEVW8LIMRGVIEWIWMRHIZIPST QIRXPIRKXLSJHSETTP][LIRGSQTYXMRKWTPMGIPIRKXLW SJFYRHPIHFEVWMREGGSVHERGI[MXL8LIHIZIPST QIRXSJFYRHPIHFEVWF]EWXERHEVHLSSOSJXLIFYRHPIMWRSX GSZIVIHF]XLITVSZMWMSRWSJ { *SV HIXIVQMRMRK XLI ETTVSTVMEXI JEGXSVW MR EYRMXSJFYRHPIHFEVWWLEPPFIXVIEXIHEWEWMRKPI FEVSJEHMEQIXIVHIVMZIHJVSQXLIIUYMZEPIRXXSXEPEVIE 6 { %PXLSYKL WTPMGI ERH HIZIPSTQIRX PIRKXLW SJ FYRHPIH FEVW EVI FEWIH SR XLI HMEQIXIV SJ MRHMZMHYEP FEVW MRGVIEWIHF]SVTIVGIRXEWETTVSTVMEXIMXMWRIGIWWEV] XS YWI ER IUYMZEPIRX HMEQIXIV SJ XLI IRXMVI FYRHPI HIVMZIH JVSQ XLI IUYMZEPIRX XSXEP EVIE SJ FEVW [LIR HIXIVQMRMRK JEGXSVWMR[LMGLGSRWMHIVWGSZIVERHGPIEVWTEGMRKERH VITVIWIRXWXLIXIRHIRG]SJGSRGVIXIXSWTPMX )2:-6321)28%07869'896)7'3()'311)28%6= '3() '311)28%6= {(IZIPSTQIRXSJWXERHEVHLSSOWMR XIRWMSR 6{(IZIPSTQIRXSJWXERHEVHLSSOWMR XIRWMSR { (IZIPSTQIRX PIRKXL PHL MR MRGLIW JSV HIJSVQIH FEVW MR XIRWMSR XIVQMREXMRK MR E WXERHEVH LSSO WII WLEPP FI HIXIVQMRIH JVSQ ERH XLI ETTPMGEFPI QSHMJMGEXMSR JEGXSVW SJ FYX PHL WLEPPRSXFIPIWWXLERHF RSVPIWWXLERMR 8LITVSZMWMSRWJSVLSSOIHFEVERGLSVEKI[IVII\XIRWMZIP] VIZMWIHMRXLI%'-GSHI7XYH]SJJEMPYVIWSJLSSOIH FEVWMRHMGEXIXLEXWTPMXXMRKSJXLIGSRGVIXIGSZIVMRXLITPERI SJXLILSSOMWXLITVMQEV]GEYWISJJEMPYVIERHXLEXWTPMXXMRK SVMKMREXIW EX XLI MRWMHI SJ XLI LSSO [LIVI XLI PSGEP WXVIWW GSRGIRXVEXMSRWEVIZIV]LMKL8LYWLSSOHIZIPSTQIRXMWE HMVIGXJYRGXMSR SJ FEVHMEQIXIV HF XLEX KSZIVRW XLI QEKRM XYHISJGSQTVIWWMZIWXVIWWIWSRXLIMRWMHISJXLILSSO3RP] WXERHEVHLSSOW WII EVIGSRWMHIVIHERHXLIMRJPYIRGISJ PEVKIVVEHMYWSJFIRHGERRSXFIIZEPYEXIHF] { *SV HIJSVQIH FEVW PHL WLEPP FI J G HF [MXL XEOIR EW JSV ITS\]GSEXIH VIMR JSVGIQIRX ERH XEOIR EW JSV PMKLX[IMKLX EKKVI KEXIGSRGVIXI*SVSXLIVGEWIW ERH WLEPPFIXEOIR EW {8LIPIRKXL PHLMRWLEPPFITIVQMXXIHXS FIQYPXMTPMIHF]XLIJSPPS[MRKETTPMGEFPIJEGXSVW E *SV2SFEVERHWQEPPIVLSSOW[MXLWMHIGSZIV RSVQEPXSTPERISJLSSO RSXPIWWXLERMRERH JSVHIKLSSO[MXLGSZIVSRFEVI\XIRWMSRFI]SRH LSSORSXPIWWXLERMR F *SVHIKLSSOWSJ2SERHWQEPPIVFEVWXLEX EVIIMXLIVIRGPSWIH[MXLMRXMIWSVWXMVVYTWTIVTIRHMG YPEVXSXLIFEVFIMRKHIZIPSTIHWTEGIHRSXKVIEXIV XLER HF EPSRK XLI HIZIPSTQIRX PIRKXL PHL SJ XLI LSSO SV IRGPSWIH [MXLMR XMIW SV WXMVVYTW TEVEPPIP XS XLI FEV FIMRK HIZIPSTIH WTEGIH RSX KVIEXIV XLER HF EPSRKXLIPIRKXLSJXLIXEMPI\XIRWMSRSJXLILSSO TPYWFIRH G *SV HIK LSSOW SJ 2S ERH WQEPPIV FEVW XLEXEVIIRGPSWIH[MXLMRXMIWSVWXMVVYTWTIVTIRHMGY PEV XS XLI FEV FIMRK HIZIPSTIH WTEGIH RSX KVIEXIV XLER HF EPSRK XLI HIZIPSTQIRX PIRKXL PHL SJ XLI LSSO H ;LIVI ERGLSVEKI SV HIZIPSTQIRX JSV J] MW RSX WTIGMJMGEPP]VIUYMVIHVIMRJSVGIQIRXMRI\GIWWSJXLEX VIUYMVIHF]EREP]WMW %W VIUYMVIH %W TVSZMHIH 8LILSSOIHFEVERGLSVEKITVSZMWMSRWKMZIXLIXSXEPLSSOIH FEVIQFIHQIRXPIRKXLEWWLS[RMR*MK68LIHIZIPST QIRXPIRKXLPHL MWQIEWYVIHJVSQXLIGVMXMGEPWIGXMSRXSXLI SYXWMHIIRH SVIHKI SJXLILSSO 8LI HIZIPSTQIRX PIRKXL JSV WXERHEVH LSSOW PLF SJ GER FI VIHYGIH F] EPP ETTPMGEFPI QSHMJMGEXMSR JEGXSVW SJ %W ER I\EQTPI MJ XLI GSRHMXMSRW SJ FSXL E ERH G EVIQIXFSXLJEGXSVWQE]FIETTPMIH 8LI IJJIGXW SJ FEV ]MIPH WXVIRKXL I\GIWW VIMRJSVGIQIRX PMKLX[IMKLXGSRGVIXIERHJEGXSVWXSVIJPIGXXLIVIWMWXERGIXS WTPMXXMRKTVSZMHIHJVSQGSRJMRIQIRXF]GSRGVIXIERHXVERW ZIVWI XMIW SV WXMVVYTW EVI FEWIH SR VIGSQQIRHEXMSRW JVSQ 6IJIVIRGIWERH 8IWXW MRHMGEXI XLEX GPSWIP] WTEGIH XMIW EX SV RIEV XLI FIRHTSVXMSRSJELSSOIHFEVEVIQSWXIJJIGXMZIMRGSRJMRMRK XLILSSOIHFEV*SVGSRWXVYGXMSRTYVTSWIWXLMWMWRSXEP[E]W TVEGXMGEFPI 8LI GEWIW [LIVI XLI QSHMJMGEXMSR JEGXSV SJ F QE]FIYWIHEVIMPPYWXVEXIHMR*MK6 E ERH F *MKYVI 6 E WLS[W TPEGIQIRX SJ XMIW SV WXMVVYTW TIVTIRHMGYPEVXSXLIFEVFIMRKHIZIPSTIHWTEGIHEPSRKXLI HIZIPSTQIRX PIRKXL PHL SJ XLI LSSO *MKYVI 6 F WLS[WTPEGIQIRXSJXMIWSVWXMVVYTWTEVEPPIPXSXLIFEVFIMRK -R F ERH G HF MW XLI HMEQIXIV SJ XLI LSSOIHFEVERHXLIJMVWXXMISVWXMVVYTWLEPPIRGPSWIXLI FIRX TSVXMSR SJ XLI LSSO [MXLMR HF SJXLI SYXWMHI SJ XLIFIRH *MK6{,SSOIHFEVHIXEMPWJSVHIZIPSTQIRXSJWXERHEVH LSSOW 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= *MK6 E {8MIWSVWXMVVYTWTPEGIHTIVTIRHMGYPEVXSXLI FEVFIMRKHIZIPSTIHWTEGIHEPSRKXLIHIZIPSTQIRXPIRKXL HL *MK6 F {8MIWSVWXMVVYTWTPEGIHTEVEPPIPXSXLIFEV FIMRKHIZIPSTIHWTEGIHEPSRKXLIPIRKXLSJXLIXEMPI\XIRWMSRSJ XLILSSOTPYWFIRH HIZIPSTIHEPSRKXLIPIRKXLSJXLIXEMPI\XIRWMSRSJXLILSSO TPYW FIRH 8LI PEXXIV GSRJMKYVEXMSR [SYPH FI X]TMGEP MR E FIEQGSPYQRNSMRX 8LI JEGXSV JSV I\GIWW VIMRJSVGIQIRX MR H ETTPMIW SRP] [LIVI ERGLSVEKI SV HIZIPSTQIRX JSV JYPP J] MW RSX WTIGMJMGEPP]VIUYMVIH8LI JEGXSVJSVPMKLX[IMKLXGSRGVIXI MW E WMQTPMJMGEXMSR SZIV XLI TVSGIHYVI MR SJ %'MR[LMGLXLIMRGVIEWIZEVMIWJVSQXSTIVGIRX HITIRHMRK SR XLI EQSYRX SJ PMKLX[IMKLX EKKVIKEXI YWIH 9RPMOI WXVEMKLX FEV HIZIPSTQIRX RS HMWXMRGXMSR MW QEHI FIX[IIRXSTFEVWERHSXLIVFEVWWYGLEHMWXMRGXMSRMWHMJJM GYPXJSVLSSOIHFEVWMRER]GEWI%QMRMQYQZEPYISJPHL MW WTIGMJMIHXSTVIZIRXJEMPYVIF]HMVIGXTYPPSYXMRGEWIW[LIVI ELSSOQE]FIPSGEXIHZIV]RIEVXLIGVMXMGEPWIGXMSR,SSOW GERRSXFIGSRWMHIVIHIJJIGXMZIMRGSQTVIWWMSR 8IWXWMRHMGEXI XLEX XLI HIZIPSTQIRX PIRKXL JSV LSSOIH FEVW WLSYPH FI MRGVIEWIH F] TIVGIRX XS EGGSYRX JSV VIHYGIHFSRH[LIRVIMRJSVGIQIRXMWITS\]GSEXIH { *SV FEVW FIMRK HIZIPSTIH F] E WXERHEVH LSSOEXHMWGSRXMRYSYWIRHWSJQIQFIVW[MXLFSXLWMHI GSZIVERHXST SVFSXXSQ GSZIVSZIVLSSOPIWWXLER MRXLILSSOIHFEVWLEPPFIIRGPSWIH[MXLMRXMIW SV WXMVVYTW TIVTIRHMGYPEV XS XLI FEV FIMRK HIZIPSTIH WTEGIH RSX KVIEXIV XLER HF EPSRK XLI HIZIPSTQIRX PIRKXL PHL SJ XLI LSSO 8LI JMVWX XMI SV WXMVVYT WLEPP IRGPSWIXLIFIRXTSVXMSRSJXLILSSO[MXLMRHFSJXLI 6 {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{'SRGVIXIGSZIVTIV QIRXEVIEXIRHWSJWMQTP]WYTTSVXIHFIEQWEXJVIIIRHSJ GERXMPIZIVW ERH EX IRHW SJ QIQFIVW JVEQMRK MRXS E NSMRX [LIVIQIQFIVWHSRSXI\XIRHFI]SRHXLINSMRX-RGSRXVEWX MJGEPGYPEXIHFEVWXVIWWMWWSPS[XLEXXLILSSOMWRSXRIIHIH JSV FEV ERGLSVEKI XLI XMIW SV WXMVVYTW EVI RSX RIGIWWEV] %PWSTVSZMWMSRWSJ HSRSXETTP]JSVLSSOIHFEVWEX HMWGSRXMRYSYWIRHWSJWPEFW[MXLGSRJMRIQIRXTVSZMHIHF]XLI WPEFGSRXMRYSYWSRFSXLWMHIWRSVQEPXSXLITPERISJXLILSSO { ,SSOW WLEPP RSX FI GSRWMHIVIH IJJIGXMZI MR HIZIPSTMRKFEVWMRGSQTVIWWMSR 6 {-RGSQTVIWWMSRLSSOWEVIMRIJJIGXMZIERHQE] RSXFIYWIHEWERGLSVEKI {1IGLERMGEPERGLSVEKI 6{1IGLERMGEPERGLSVEKI { %R] QIGLERMGEP HIZMGI GETEFPI SJ HIZIP STMRKXLIWXVIRKXLSJVIMRJSVGIQIRX[MXLSYXHEQEKIXS GSRGVIXIMWEPPS[IHEWERGLSVEKI 6 { 1IGLERMGEP ERGLSVEKI GER FI QEHI EHIUYEXI JSVWXVIRKXLFSXLJSVXIRHSRWERHJSVFEVVIMRJSVGIQIRX { 8IWX VIWYPXW WLS[MRK EHIUYEG] SJ WYGL QIGLERMGEPHIZMGIWWLEPPFITVIWIRXIHXSXLIFYMPHMRK SJJMGMEP { (IZIPSTQIRX SJ VIMRJSVGIQIRX WLEPP FI TIVQMXXIH XS GSRWMWX SJ E GSQFMREXMSR SJ QIGLERMGEP ERGLSVEKITPYW EHHMXMSREP IQFIHQIRX PIRKXL SJ VIMR JSVGIQIRX FIX[IIR XLI TSMRX SJ QE\MQYQ FEV WXVIWW ERHXLIQIGLERMGEPERGLSVEKI 6 {8SXEPHIZIPSTQIRXSJEFEVGSRWMWXWSJXLIWYQ SJ EPP XLI TEVXW XLEX GSRXVMFYXI XS ERGLSVEKI ;LIR E QIGLERMGEP ERGLSVEKI MW RSX GETEFPI SJ HIZIPSTMRK XLI VIUYMVIH HIWMKR WXVIRKXL SJ XLI VIMRJSVGIQIRX EHHMXMSREP IQFIHQIRX PIRKXL SJ VIMRJSVGIQIRX WLSYPH FI TVSZMHIH FIX[IIRXLIQIGLERMGEPERGLSVEKIERHXLIGVMXMGEPWIGXMSR {(IZIPSTQIRXSJ[IPHIHHIJSVQIH [MVIJEFVMGMRXIRWMSR 6{(IZIPSTQIRXSJ[IPHIHHIJSVQIH [MVIJEFVMGMRXIRWMSR {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{*SV[IPHIHHIJSVQIH[MVIJEFVMG[MXLEXPIEWX SRIGVSWW[MVI[MXLMRXLIHIZIPSTQIRXPIRKXLERHRSX PIWWXLERMRJVSQXLITSMRXSJXLIGVMXMGEPWIGXMSRXLI [MVIJEFVMGJEGXSVWLEPPFIXLIKVIEXIVSJ J ] z J] SV *MK6{(IZIPSTQIRXSJ[IPHIHHIJSVQIH[MVIJEFVMG H F W[ FYXRIIHRSXFIKVIEXIVXLER { *SV [IPHIH HIJSVQIH [MVI JEFVMG [MXL RS GVSWW [MVIW [MXLMR XLI HIZIPSTQIRX PIRKXL SV [MXL E WMRKPIGVSWW [MVIPIWWXLERMR JVSQ XLI TSMRXSJXLI GVMXMGEPWIGXMSRXLI[MVIJEFVMGJEGXSVWLEPPFIXEOIREW ERHXLIHIZIPSTQIRXPIRKXLWLEPPFIHIXIVQMRIHEW JSVHIJSVQIH[MVI {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{(IZIPSTQIRXSJ[IPHIHTPEMR[MVI JEFVMGMRXIRWMSR 6{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{(IZIPSTQIRXSJ[IPHIHTPEMR[MVIJEFVMG )2:-6321)28%07869'896)7'3()'311)28%6= '3() '311)28%6= {(IZIPSTQIRXSJTVIWXVIWWMRKWXVERH 6{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{ )\GITX EW TVSZMHIH MR WIZIR[MVI WXVERHWLEPPFIFSRHIHFI]SRHXLIGVMXMGEPWIGXMSRJSVE HIZIPSTQIRXPIRKXLPHMRMRGLIWRSXPIWWXLER JWI PH ! H F J TW z JWI H F [LIVI HF MWWXVERHHMEQIXIVMRMRGLIWERHJTW ERH JWI EVI I\TVIWWIH MR OMTWMR 8LI I\TVIWWMSRW MR TEVIR XLIWMWEVIYWIHEWEGSRWXERX[MXLSYXYRMXW { )QFIHQIRX PIWW XLER XLI HIZIPSTQIRX PIRKXL WLEPP FI TIVQMXXIH EX E WIGXMSR SJ E QIQFIV TVSZMHIHXLIHIWMKRWXVERHWXVIWWEXXLEXWIGXMSRHSIW RSXI\GIIHZEPYIWSFXEMRIHJVSQXLIFMPMRIEVVIPEXMSR WLMTHIJMRIHF])U 6 { *MKYVI 6 WLS[W XLI VIPEXMSRWLMT FIX[IIRWXIIPWXVIWWERHXLIHMWXERGISZIV[LMGLXLIWXVERH MW FSRHIH XS XLI GSRGVIXI VITVIWIRXIH F] )U 8LMW MHIEPMÎH ZEVMEXMSR SJ WXVERH WXVIWW QE] FI YWIH JSV EREP]^MRKWIGXMSRW[MXLMRXLIHIZIPSTQIRXVIKMSR 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= *MK 6{-HIEPMÎH FMPMRIEV VIPEXMSRWLMT FIX[IIR WXIIP WXVIWWERHHMWXERGIJVSQXLIJVIIIRHSJXLIWXVERH 8LI I\TVIWWMSRW JSV XVERWJIV PIRKXL ERH JSV XLI EHHMXMSREP FSRHIHPIRKXLRIGIWWEV]XSHIZIPSTERMRGVIEWIMRWXVIWWSJ JTW z JWI EVI FEWIHSRXIWXW SJQIQFIVW TVIWXVIWWIH [MXL GPIER ERH MR HMEQIXIV WXVERHW JSV [LMGL XLI QE\MQYQ ZEPYI SJ JTW [EW OMTWMR 7II 6IJIVIRGIW ERH { 0MQMXMRK XLI MRZIWXMKEXMSR XS GVSWW WIGXMSRW RIEVIWX IEGL IRHSJXLIQIQFIVXLEXEVIVIUYMVIH XS HIZIPST JYPP HIWMKR WXVIRKXL YRHIV WTIGMJMIH JEGXSVIH PSEHWWLEPPFITIVQMXXIHI\GITX[LIVIFSRHMRKSJSRI SV QSVI WXVERHW HSIW RSX I\XIRH XS XLI IRH SJ XLI QIQFIV SV [LIVI GSRGIRXVEXIH PSEHW EVI ETTPMIH MR XLIWXVERHHIZIPSTQIRXPIRKXL 6 {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{;LIVIFSRHMRKSJEWXVERHHSIWRSXI\XIRH XS IRH SJ QIQFIV ERH HIWMKR MRGPYHIW XIRWMSR EX WIVZMGI PSEH MR TVIGSQTVIWWIH XIRWMPI ^SRI EW TIVQMXXIH F] HIZIPSTQIRX PIRKXL WTIGMJMIH MR WLEPPFIHSYFPIH 6 { )\TPSVEXSV] XIWXW GSRHYGXIH MR XLEX WXYHMIHXLIIJJIGXSJHIFSRHIHWXVERH FSRHRSXTIVQMXXIHXS I\XIRHXSXLIIRHWSJQIQFIVW SRTIVJSVQERGISJTVIXIR WMSRIH KMVHIVW MRHMGEXIH XLEX XLI TIVJSVQERGI SJ XLIWI KMVHIVW [MXL IQFIHQIRX PIRKXLW X[MGI XLSWI VIUYMVIH F] GPSWIP]QEXGLIHXLIJPI\YVEPTIVJSVQERGISJWMQMPEV TVIXIRWMSRIH KMVHIVW [MXL WXVERH JYPP] FSRHIH XS IRHW SJ KMVHIVW %GGSVHMRKP] HSYFPIH HIZIPSTQIRX PIRKXL MW VIUYMVIH JSV WXVERH RSX FSRHIH XLVSYKL XS XLI IRH SJ E QIQFIV 7YFWIUYIRX XIWXW MRHMGEXIH XLEX MR TVIXIR WMSRIH QIQFIVW HIWMKRIH JSV ÎVS XIRWMSR MR XLI GSRGVIXI YRHIVWIVZMGIPSEHGSRHMXMSRW WII XLIHIZIPSTQIRX PIRKXLJSVHIFSRHIHWXVERHWRIIHRSXFIHSYFPIH*SVEREP ]WMW SJ WIGXMSRW [MXL HIFSRHIH WXVERHW EX PSGEXMSRW [LIVI WXVERHMWRSXJYPP]HIZIPSTIHMXMWYWYEPP]EWWYQIHXLEXFSXL XLIXVERWJIVPIRKXLERHHIZIPSTQIRXPIRKXLEVIHSYFPIH )2:-6321)28%07869'896)7'3()'311)28%6= '3() {(IZIPSTQIRXSJJPI\YVEP VIMRJSVGIQIRX{+IRIVEP '311)28%6= 6{(IZIPSTQIRXSJJPI\YVEP VIMRJSVGIQIRX{+IRIVEP { (IZIPSTQIRX SJ XIRWMSR VIMRJSVGIQIRX F] FIRHMRK EGVSWW XLI [IF XS FI ERGLSVIH SV QEHI GSRXMRYSYW[MXLVIMRJSVGIQIRXSRXLISTTSWMXIJEGISJ QIQFIVWLEPPFITIVQMXXIH { 'VMXMGEP WIGXMSRW JSV HIZIPSTQIRX SJ VIMR JSVGIQIRX MR JPI\YVEP QIQFIVW EVI EX TSMRXW SJ QE\MQYQWXVIWWERH EX TSMRXW[MXLMRXLIWTER [LIVI EHNEGIRX VIMRJSVGIQIRX XIVQMREXIW SV MW FIRX 4VSZM WMSRWSJQYWXFIWEXMWJMIH 6 {'VMXMGEPWIGXMSRWJSVEX]TMGEPGSRXMRYSYWFIEQ EVI MRHMGEXIH [MXL E wGx SV ER w\x MR *MK 6 *SV YRMJSVQ PSEHMRKXLITSWMXMZIVIMRJSVGIQIRX I\XIRHMRKMRXS XLIWYTTSVXMWQSVIETXXSFIKSZIVRIHF]XLIVIUYMVIQIRXW SJ VEXLIV XLER F] HIZIPSTQIRX PIRKXL QIEWYVIH JVSQETSMRXSJQE\MQYQQSQIRXSVFEVGYXSJJ { 6IMRJSVGIQIRX WLEPP I\XIRH FI]SRH XLI TSMRXEX[LMGLMXMWRSPSRKIVVIUYMVIHXSVIWMWXJPI\YVI JSVEHMWXERGIIUYEPXSXLIIJJIGXMZIHITXLSJQIQFIV SV HF [LMGLIZIV MW KVIEXIV I\GITX EX WYTTSVXW SJ WMQTPIWTERWERHEXJVIIIRHSJGERXMPIZIVW 6 { 8LI QSQIRX HMEKVEQW GYWXSQEVMP] YWIH MR HIWMKR EVI ETTVS\MQEXI WSQI WLMJXMRK SJ XLI PSGEXMSR SJ QE\MQYQ QSQIRXW QE] SGGYV HYIXS GLERKIW MR PSEHMRK WIXXPIQIRXSJWYTTSVXWPEXIVEPPSEHWSVSXLIVGEYWIW%HMEK SREP XIRWMSR GVEGO MR E JPI\YVEP QIQFIV [MXLSYX WXMVVYTW QE] WLMJX XLI PSGEXMSR SJ XLI GEPGYPEXIH XIRWMPI WXVIWW ETTVS\MQEXIP]EHMWXERGIH XS[EVHWETSMRXSJÎVSQSQIRX ;LIR WXMVVYTW EVI TVSZMHIH XLMW IJJIGX MW PIWW WIZIVI EPXLSYKLWXMPPTVIWIRXXSWSQII\XIRX 8STVSZMHIJSVWLMJXWMRXLIPSGEXMSRSJQE\MQYQQSQIRXW XLIGSHIVIUYMVIWXLII\XIRWMSRSJVIMRJSVGIQIRXEHMWXERGI *MK6{(IZIPSTQIRXSJJPI\YVEPVIMRJSVGIQIRXMRE X]TMGEPGSRXMRYSYWFIEQ 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= H SV HF FI]SRH XLI TSMRX EX [LMGL MX MW XLISVIXMGEPP] RS PSRKIV VIUYMVIH XS VIWMWX JPI\YVI I\GITX EW RSXIH 'YXSJJ TSMRXWSJFEVWXSQIIXXLMWVIUYMVIQIRXEVIMPPYWXVEXIHMR *MK6 ;LIRFEVWSJHMJJIVIRXWMÎWEVIYWIHXLII\XIRWMSRWLSYPH FIMREGGSVHERGI[MXLXLIHMEQIXIVSJFEVFIMRKXIVQMREXIH %FEVFIRXXSXLIJEVJEGISJEFIEQERHGSRXMRYIHXLIVIQE] PSKMGEPP]FIGSRWMHIVIHIJJIGXMZIMRWEXMWJ]MRKXLMWWIGXMSR XS XLI TSMRX [LIVI XLI FEV GVSWWIW XLI QMHHITXL SJ XLI QIQFIV { 'SRXMRYMRK VIMRJSVGIQIRX WLEPP LEZI ER IQFIHQIRXPIRKXLRSXPIWWXLERXLIHIZIPSTQIRXPIRKXL H FI]SRH XLI TSMRX [LIVI FIRX SVXIVQMREXIH XIRWMSR VIMRJSVGIQIRXMWRSPSRKIVVIUYMVIHXSVIWMWXJPI\YVI 6 {4IEOWXVIWWIWI\MWXMRXLIVIQEMRMRKFEVW[LIV IZIVEHNEGIRXFEVWEVIGYXSJJSVFIRXMRXIRWMSRVIKMSRW-R *MK 6 ER w\x MW YWIH XS MRHMGEXI XLI TIEO WXVIWW TSMRXW VIQEMRMRK MR GSRXMRYMRK FEVW EJXIV TEVX SJ XLI FEVW LEZIFIIRGYXSJJ-JFEVWEVIGYXSJJEWWLSVXEWXLIQSQIRX HMEKVEQW EPPS[ XLIWI TIEO WXVIWWIW FIGSQI XLI JYPP J] [LMGLVIUYMVIWEJYPPPH I\XIRWMSREWMRHMGEXIH8LMWI\XIR WMSRQE]I\GIIHXLIPIRKXLVIUYMVIHJSVJPI\YVI { *PI\YVEP VIMRJSVGIQIRX WLEPP RSX FI XIVQM REXIHMREXIRWMSR^SRIYRPIWWSV MWWEXMWJMIH 6 { 6IHYGIH WLIEV WXVIRKXL ERH PSWW SJ HYGXMPMX] [LIRFEVWEVIGYXSJJMREXIRWMSR^SRIEWMR*MK6 LEZIFIIRVITSVXIH8LIGSHIHSIWRSXTIVQMXJPI\YVEPVIMR JSVGIQIRXXSFIXIVQMREXIHMREXIRWMSR^SRIYRPIWWWTIGMEP GSRHMXMSRW EVI WEXMWJMIH *PI\YVI GVEGOW XIRH XS STIR IEVP] [LIVIZIVER]VIMRJSVGIQIRXMWXIVQMREXIHMREXIRWMSR^SRI -J XLI WXIIP WXVIWW MR XLI GSRXMRYMRK VIMRJSVGIQIRX ERH XLI WLIEVWXVIRKXLEVIIEGLRIEVXLIMVPMQMXMRKZEPYIWHMEKSREP XIRWMSR GVEGOMRK XIRHW XS HIZIPST TVIQEXYVIP] JVSQ XLIWI JPI\YVI GVEGOW (MEKSREP GVEGOW EVI PIWW PMOIP] XS JSVQ [LIVI WLIEV WXVIWW MW PS[ WII (MEKSREP GVEGOW GERFIVIWXVEMRIHF]GPSWIP]WTEGIHWXMVVYTW WII %PS[IVWXIIPWXVIWWVIHYGIWXLITVSFEFMPMX]SJWYGLHMEKSREP GVEGOMRK WII 8LIWI VIUYMVIQIRXW EVI RSX MRXIRHIHXSETTP]XSXIRWMSRWTPMGIWXLEXEVIGSZIVIHF] ERHXLIVIPEXIH { *EGXSVIH WLIEV EX XLI GYXSJJ TSMRX HSIW RSXI\GIIHX[SXLMVHWSJXLIHIWMKRWLIEVWXVIRKXL :R {7XMVVYTEVIEMRI\GIWWSJXLEXVIUYMVIH JSV WLIEV ERH XSVWMSR MW TVSZMHIH EPSRK IEGL XIVQM REXIHFEVSV[MVISZIVEHMWXERGIJVSQXLIXIVQMREXMSR TSMRX IUYEP XS XLVIIJSYVXLW XLI IJJIGXMZI HITXL SJ QIQFIV)\GIWWWXMVVYTEVIE%Z WLEPPFIRSXPIWWXLER F[WJ] 7TEGMRK W WLEPPRSXI\GIIHH F {*SV2SFEVWERHWQEPPIVGSRXMRYMRK VIMRJSVGIQIRX TVSZMHIW HSYFPI XLI EVIE VIUYMVIH JSV JPI\YVIEXXLIGYXSJJTSMRXERHJEGXSVIHWLIEVHSIWRSX I\GIIHXLVIIJSYVXLWXLIHIWMKRWLIEVWXVIRKXL :R *MK6{7TIGMEPQIQFIVPEVKIP]HITIRHIRXSRIRH ERGLSVEKI )2:-6321)28%07869'896)7'3()'311)28%6= '3() '311)28%6= {%HIUYEXIERGLSVEKIWLEPPFITVSZMHIHJSV XIRWMSRVIMRJSVGIQIRXMRJPI\YVEPQIQFIVW[LIVIVIMR JSVGIQIRX WXVIWW MW RSX HMVIGXP] TVSTSVXMSREP XS QSQIRX WYGL EW WPSTIH WXITTIH SV XETIVIH JSSX MRKWFVEGOIXWHIITJPI\YVEPQIQFIVWSVQIQFIVWMR [LMGLXIRWMSRVIMRJSVGIQIRXMWRSXTEVEPPIPXSGSQTVIWWMSR JEGI7IIERH JSVHIITJPI\YVEPQIQFIVW 6 {&VEGOIXWQIQFIVWSJZEVMEFPIHITXLERHSXLIV QIQFIVW[LIVIWXIIPWXVIWWJW HSIWRSXHIGVIEWIPMRIEVP]MR TVSTSVXMSRXSEHIGVIEWMRKQSQIRXVIUYMVIWTIGMEPGSRWMHIV EXMSRJSVTVSTIVHIZIPSTQIRXSJXLIJPI\YVEPVIMRJSVGIQIRX *SV XLI FVEGOIX WLS[R MR *MK 6 XLI WXVIWW EX YPXM QEXI MR XLI VIMRJSVGIQIRX MW EPQSWX GSRWXERX EX ETTVS\M QEXIP] J] JVSQXLIJEGISJWYTTSVXXSXLIPSEHTSMRX-RWYGL EGEWIHIZIPSTQIRXSJXLIJPI\YVEPVIMRJSVGIQIRXHITIRHW PEVKIP] SR XLI IRH ERGLSVEKI TVSZMHIH EX XLI PSEHIH IRH 6IJIVIRGIWYKKIWXWE[IPHIHGVSWWFEVSJIUYEPHMEQ IXIV EW E QIERW SJ TVSZMHMRK IJJIGXMZI IRH ERGLSVEKI %R IRHLSSOMRXLIZIVXMGEPTPERI[MXLXLIQMRMQYQHMEQIXIV FIRH MW RSX XSXEPP] IJJIGXMZI FIGEYWI ER IWWIRXMEPP] TPEMR GSRGVIXI GSVRIV [MPP I\MWX RIEV PSEHW ETTPMIH GPSWI XS XLI GSVRIV*SV[MHIFVEGOIXW TIVTIRHMGYPEVXSXLITPERISJXLI JMKYVI ERHPSEHWRSXETTPMIHGPSWIXSXLIGSVRIVW9WLETIH FEVWMRELSVM^SRXEPTPERITVSZMHIIJJIGXMZIIRHLSSOW {(IZIPSTQIRXSJTSWMXMZIQSQIRX VIMRJSVGIQIRX 6{(IZIPSTQIRXSJTSWMXMZIQSQIRX VIMRJSVGIQIRX {%XPIEWXSRIXLMVHXLITSWMXMZIQSQIRXVIMR JSVGIQIRX MR WMQTPI QIQFIVW ERH SRIJSYVXL XLI TSWMXMZIQSQIRXVIMRJSVGIQIRXMRGSRXMRYSYWQIQFIVW WLEPPI\XIRHEPSRKXLIWEQIJEGISJ QIQFIVMRXS XLI WYTTSVX -R FIEQW WYGL VIMRJSVGIQIRX WLEPP I\XIRH MRXSXLIWYTTSVXEXPIEWXMR 6 {4SWMXMZIQSQIRXVIMRJSVGIQIRXMWGEVVMIHMRXS XLIWYTTSVXXSTVSZMHIJSVWSQIWLMJXMRKSJXLIQSQIRXWHYI XSGLERKIWMRPSEHMRKWIXXPIQIRXSJWYTTSVXWERHPEXIVEPPSEHW { ;LIR E JPI\YVEP QIQFIV MW TEVX SJ E TVMQEV]PEXIVEPPSEHVIWMWXMRKW]WXIQTSWMXMZIQSQIRX VIMRJSVGIQIRXVIUYMVIHXSFII\XIRHIHMRXSXLIWYTTSVX F]WLEPPFIERGLSVIHXSHIZIPSTXLIWTIGMJMIH ]MIPHWXVIRKXLJ] MRXIRWMSREXXLIJEGISJWYTTSVX 6 {;LIREJPI\YVEPQIQFIVMWTEVXSJETVMQEV] PEXIVEPPSEHVIWMWXMRKW]WXIQPSEHWKVIEXIVXLERXLSWIERXMGM TEXIHMRHIWMKRQE]GEYWIVIZIVWEPSJQSQIRXEXWYTTSVXW WSQI TSWMXMZI VIMRJSVGIQIRX WLSYPH FI [IPP ERGLSVIH MRXS XLIWYTTSVX8LMWERGLSVEKIMWVIUYMVIHXSEWWYVIHYGXMPMX]SJ VIWTSRWI MR XLI IZIRX SJ WIVMSYW SZIVWXVIWW WYGL EW JVSQ FPEWXSVIEVXLUYEOI-XMWRSXWYJJMGMIRXXSYWIQSVIVIMRJSVGI QIRXEXPS[IVWXVIWWIW {%XWMQTPIWYTTSVXWERHEXTSMRXWSJMRJPIGXMSR TSWMXMZIQSQIRXXIRWMSRVIMRJSVGIQIRXWLEPPFIPMQMXIH XSEHMEQIXIVWYGLXLEXPH GSQTYXIHJSVJ] F]WEXMW JMIW)U I\GITX)U RIIHRSXFIWEXMWJMIH JSV VIMRJSVGIQIRX XIVQMREXMRK FI]SRH GIRXIVPMRI SJ WMQTPI WYTTSVXW F] E WXERHEVH LSSO SV E QIGLERMGEP ERGLSVEKIEXPIEWXIUYMZEPIRXXSEWXERHEVHLSSO 6 {%XWMQTPIWYTTSVXWERHTSMRXWSJMRJPIGXMSRWYGL EWw4-x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ÎVS QSQIRX 8LI 1R:Y TSVXMSR SJ XLI EZEMPEFPI PIRKXL MW E XLISVIXMGEP UYERXMX] RSX KIRIVEPP] EWWSGMEXIH [MXL ER SFZMSYWQE\MQYQWXVIWWTSMRX1R MWXLIRSQMREPWXVIRKXL SJ XLI GVSWW WIGXMSR [MXLSYX XLI JEGXSV ERH MW RSX XLI ETTPMIHJEGXSVIHQSQIRX 8LI PIRKXL 1R:Y GSVVIWTSRHW XS XLI HIZIPSTQIRX PIRKXL JSVXLIQE\MQYQWMÎFEVSFXEMRIHJVSQXLITVIZMSYWP]YWIH JPI\YVEPFSRHIUYEXMSR S ! :YNH[LIVIY MWFSRHWXVIWW ERH NH MWXLIQSQIRXEVQ-RXLI%'-&YMPHMRK'SHI XLMW ERGLSVEKI VIUYMVIQIRX [EW VIPE\IH JVSQ TVIZMSYW 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= %RMRGVIEWISJTIVGIRXMRXLIZEPYISJ1R :Y WLEPP FI TIVQMXXIH [LIR XLI IRHW SJ VIMRJSVGIQIRX EVI GSRJMRIHF]EGSQTVIWWMZIVIEGXMSR *MK6{'SRGITXJSVHIXIVQMRMRKQE\MQYQFEVWMÎ TIV GSHIWF]GVIHMXMRKXLIEZEMPEFPIIRHERGLSVEKIPIRKXLPE ERH F]MRGPYHMRKETIVGIRXMRGVIEWIJSV1R :Y [LIRXLIIRHW SJXLIVIMRJSVGIQIRXEVIGSRJMRIHF]EGSQTVIWWMZIVIEGXMSR *SVI\EQTPIEFEVWMÎMWTVSZMHIHEXEWMQTPIWYTTSVXWYGL XLEX PH MW GSQTYXIH MR EGGSVHERGI [MXL 8LI FEV WMÎ TVSZMHIHMWWEXMWJEGXSV]SRP]MJGSQTYXIHPHHSIWRSXI\GIIH 1R :Y PE 8LI PE XS FI YWIH EX TSMRXW SJ MRJPIGXMSR MW PMQMXIH XS XLI IJJIGXMZIHITXLSJXLIQIQFIVH SVFEVHMEQIXIVW HF [LMGLIZIV MW KVIEXIV *MKYVI 6 F MPPYWXVEXIW XLMW TVSZMWMSREXTSMRXWSJMRJPIGXMSR8LIPE PMQMXEXMSRMWEHHIH FIGEYWIXIWXHEXEEVIRSXEZEMPEFPIXSWLS[XLEXEPSRKIRH ERGLSVEKIPIRKXL[MPPFIJYPP]IJJIGXMZIMRHIZIPSTMRKEFEV XLEXLEWSRP]EWLSVXPIRKXLFIX[IIRETSMRXSJMRJPIGXMSRERH ETSMRXSJQE\MQYQWXVIWW {%XWMQTPIWYTTSVXWSJHIITFIEQWTSWMXMZI QSQIRX XIRWMSR VIMRJSVGIQIRX WLEPP FI ERGLSVIH XS HIZIPSTMXWWTIGMJMIH]MIPHWXVIRKXLJ] MRXIRWMSREXXLI JEGI SJ WYTTSVX %X MRXIVMSV WYTTSVXW SJ HIIT FIEQW TSWMXMZIQSQIRXXIRWMSRVIMRJSVGIQIRXWLEPPFIGSRXMR YSYWSVFIWTPMGIH[MXLXLEXSJXLIEHNEGIRXWTERW 6 { 8LI YWI SJ XLI WXVYXERHXMI QSHIP JSV XLI HIWMKRSJVIMRJSVGIHGSRGVIXIHIITJPI\YVEPQIQFIVWGPEVMJMIW XLEX XLIVI MW WMKRMJMGERXXIRWMSR MRXLI VIMRJSVGIQIRX EX XLI JEGISJXLIWYTTSVX8LMWVIUYMVIWXLIXIRWMSRVIMRJSVGIQIRX XS FI GSRXMRYSYW SV FI HIZIPSTIH XLVSYKL ERH FI]SRH XLI WYTTSVX )2:-6321)28%07869'896)7'3()'311)28%6= '3() '311)28%6= {(IZIPSTQIRXSJRIKEXMZIQSQIRX VIMRJSVGIQIRX 6{(IZIPSTQIRXSJRIKEXMZIQSQIRX VIMRJSVGIQIRX { 2IKEXMZI QSQIRX VIMRJSVGIQIRX MR E GSRXMRYSYWVIWXVEMRIHSVGERXMPIZIVQIQFIVSVMRER] QIQFIV SJ E VMKMH JVEQI WLEPP FI ERGLSVIH MR SV XLVSYKLXLIWYTTSVXMRKQIQFIVF]IQFIHQIRXPIRKXL LSSOWSVQIGLERMGEPERGLSVEKI *MKYVI6MPPYWXVEXIWX[SQIXLSHWSJWEXMWJ]MRKVIUYMVI QIRXW JSV ERGLSVEKI SJ XIRWMSR VIMRJSVGIQIRX FI]SRH XLI JEGISJWYTTSVX*SVERGLSVEKISJVIMRJSVGIQIRX[MXLLSSOW WII6 {2IKEXMZIQSQIRXVIMRJSVGIQIRXWLEPPLEZI ER IQFIHQIRX PIRKXL MRXS XLI WTER EW VIUYMVIH F] ERH 7IGXMSR TVSZMHIW JSV TSWWMFPI WLMJXMRK SJ XLI QSQIRXHMEKVEQEXETSMRXSJMRJPIGXMSREWHMWGYWWIHYRHIV 68LMWVIUYMVIQIRXQE]I\GIIHXLEXSJERH XLIQSVIVIWXVMGXMZISJXLIX[STVSZMWMSRWKSZIVRW { %X PIEWX SRIXLMVH XLI XSXEP XIRWMSR VIMR JSVGIQIRXTVSZMHIHJSVRIKEXMZIQSQIRXEXEWYTTSVX WLEPP LEZI ER IQFIHQIRX PIRKXL FI]SRH XLI TSMRX SJ MRJPIGXMSRRSXPIWWXLERIJJIGXMZIHITXLSJQIQFIVHF SVSRIWM\XIIRXLXLIGPIEVWTER[LMGLIZIVMWKVIEXIV { %X MRXIVMSV WYTTSVXW SJ HIIT JPI\YVEP QIQFIVW RIKEXMZI QSQIRX XIRWMSR VIMRJSVGIQIRX WLEPPFIGSRXMRYSYW[MXLXLEXSJXLIEHNEGIRXWTERW *MK6{(IZIPSTQIRXSJRIKEXMZIQSQIRXVIMRJSVGIQIRX 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= {(IZIPSTQIRXSJ[IFVIMRJSVGIQIRX 6{(IZIPSTQIRXSJ[IFVIMRJSVGIQIRX {;IFVIMRJSVGIQIRXWLEPPFIEWGPSWIXSXLI GSQTVIWWMSR ERH XIRWMSR WYVJEGIW SJ XLI QIQFIV EW GSZIV VIUYMVIQIRXW ERH TVS\MQMX] SJ SXLIV VIMRJSVGI QIRXTIVQMXW 6 { 7XMVVYTW WLSYPH FI GEVVMIH EW GPSWI XS XLI GSQTVIWWMSR JEGI SJ XLI QIQFIV EW TSWWMFPI FIGEYWI RIEV YPXMQEXIPSEHXLIJPI\YVEPXIRWMSRGVEGOWTIRIXVEXIHIITP] {)RHWSJWMRKPIPIKWMQTPI9SVQYPXMTPI9 WXMVVYTW WLEPP FI ERGLSVIH EW VIUYMVIH F] XLVSYKL 6 { 8LI ERGLSVEKI SV HIZIPSTQIRX VIUYMVIQIRXW JSV WXMVVYTW GSQTSWIH SJ FEVW SV HIJSVQIH [MVI [IVI GLERKIHMRXLIGSHIXSWMQTPMJ]XLIVIUYMVIQIRXW8LI WXVEMKLXERGLSVEKI[EWHIPIXIHEWXLMWWXMVVYTMWHMJJMGYPXXS LSPHMR TPEGI HYVMRK GSRGVIXI TPEGIQIRX ERH XLI PEGO SJ E LSSO QE] QEOI XLI WXMVVYT MRIJJIGXMZI EW MX GVSWWIW WLIEV GVEGOWRIEVXLIIRHSJXLIWXMVVYT { *SV 2S FEV ERH ( [MVI ERH WQEPPIVERHJSV2S2SERH2SFEVW[MXLJ] SJ TWM SV PIWW E WXERHEVH LSSO EVSYRH PSRKMXY HMREPVIMRJSVGIQIRX 6 {*SVE2SFEVSVWQEPPIV ERGLSVEKIMW TVSZMHIH F] E WXERHEVH WXMVVYT LSSO EW HIJMRIH MR LSSOIHEVSYRHEPSRKMXYHMREPFEV8LIGSHIIPMQMREXIH XLIRIIHJSVEGEPGYPEXIHWXVEMKLXIQFIHQIRXPIRKXLMREHHM XMSRXSXLILSSOJSVXLIWIWQEPPFEVWFYXVIUYMVIWE JYPPHITXLWXMVVYT0MOI[MWIPEVKIVWXMVVYTW[MXLJ] IUYEPXS SVPIWWXLEREVIWYJJMGMIRXP]ERGLSVIH[MXLEWXERHEVH WXMVVYTLSSOEVSYRHXLIPSRKMXYHMREPVIMRJSVGIQIRX {*SV2S2SERH2SWXMVVYTW[MXL J] KVIEXIV XLER TWM E WXERHEVH WXMVVYT LSSO EVSYRHEPSRKMXYHMREPFEVTPYWERIQFIHQIRXFIX[IIR QMHLIMKLX SJ XLI QIQFIV ERH XLI SYXWMHI IRH SJ XLI LSSOIUYEPXSSVKVIEXIVXLERHFJ] J G 6 {&IGEYWIMXMWRSXTSWWMFPIXSFIRHE2S 2SSV2SWXMVVYTXMKLXP]EVSYRHEPSRKMXYHMREPFEVERH HYI XS XLI JSVGI MR E FEV [MXL E HIWMKR WXVIWW KVIEXIV XLER TWMWXMVVYTERGLSVEKIHITIRHWSRFSXLXLIZEPYISJ XLI LSSOERH [LEXIZIV HIZIPSTQIRX PIRKXL MW TVSZMHIH % PSRKMXYHMREPFEV[MXLMREWXMVVYTLSSOPMQMXWXLI[MHXLSJER] JPI\YVEP GVEGOW IZIR MR E XIRWMPI ^SRI &IGEYWI WYGL E WXMVVYTLSSOGERRSXJEMPF]WTPMXXMRKTEVEPPIPXSXLITPERISJ XLILSSOIHFEVXLILSSOWXVIRKXLEWYXMPMÎHMRLEW FIIR EHNYWXIHXS VIJPIGX GSZIVERHGSRJMRIQIRX EVSYRH XLI WXMVVYTLSSO *SV WXMVVYTW [MXL J] SJ SRP] TWM E WXERHEVH WXMVVYT LSSO TVSZMHIW WYJJMGMIRX ERGLSVEKI ERH XLIWI FEVW EVI GSZIVIH MR *SV FEVW [MXL LMKLIV WXVIRKXL XLI IQFIHQIRXWLSYPHFIGLIGOIH%SVHIKLSSOMW TVIJIVVIHFYXEHIKLSSOQE]FIYWIHTVSZMHIHXLIJVII IRHSJXLIHIKLSSOMWI\XIRHIHXLIJYPPFEVHMEQIXIVW EWVIUYMVIHMR {*SVIEGLPIKSJ[IPHIHTPEMR[MVIJEFVMG JSVQMRKWMQTPI9WXMVVYTWIMXLIV E 8[SPSRKMXYHMREP[MVIWWTEGIHEXEMRWTEGMRK EPSRKXLIQIQFIVEXXLIXSTSJXLI9SV F 3RIPSRKMXYHMREP[MVIPSGEXIHRSXQSVIXLERH JVSQXLIGSQTVIWWMSRJEGIERHEWIGSRH[MVIGPSWIV XSXLIGSQTVIWWMSRJEGIERHWTEGIHRSXPIWWXLER MR JVSQ XLI JMVWX [MVI 8LI WIGSRH [MVI WLEPP FI TIVQMXXIHXS FIPSGEXIHSRXLIWXMVVYTPIKFI]SRHE FIRHSVSREFIRH[MXLERMRWMHIHMEQIXIVSJFIRH RSXPIWWXLERHF 6 {8LIVIUYMVIQIRXWJSVERGLSVEKISJ[IPHIH TPEMR[MVIJEFVMGWXMVVYTWEVIMPPYWXVEXIHMR*MK6 )2:-6321)28%07869'896)7'3()'311)28%6= '3() '311)28%6= *MK6{%RGLSVEKIMRGSQTVIWWMSR^SRISJ[IPHIH TPEMR[MVIJEFVMG9WXMVVYTW *MK6{%RGLSVEKISJWMRKPIPIK[IPHIH[MVIJEFVMG WLIEVVIMRJSVGIQIRX {*SVIEGLIRHSJEWMRKPI PIKWXMVVYTSJ [IPHIHTPEMRSVHIJSVQIH[MVIJEFVMGX[SPSRKMXYHMREP [MVIWEXEQMRMQYQWTEGMRKSJMRERH[MXLXLIMRRIV [MVIEXPIEWXXLIKVIEXIVSJH SVMRJVSQH3YXIV PSRKMXYHMREP [MVI EX XIRWMSR JEGI WLEPP RSX FI JEVXLIV JVSQXLIJEGIXLERXLITSVXMSRSJTVMQEV]JPI\YVEPVIMR JSVGIQIRXGPSWIWXXSXLIJEGI 6 {9WISJ[IPHIH[MVIJEFVMGJSVWLIEVVIMR JSVGIQIRX LEW FIGSQI GSQQSRTPEGI MR XLI TVIGEWX TVIWXVIWWIHGSRGVIXIMRHYWXV]8LIVEXMSREPIJSV EGGITXERGI SJ WXVEMKLX WLIIXW SJ [MVI JEFVMG EW WLIEV VIMRJSVGIQIRX MW TVIWIRXIHMREVITSVXF]ENSMRX4'-;6-%H,SG'SQQMXXII SR;IPHIH;MVI*EFVMGJSV7LIEV6IMRJSVGIQIRX 8LI TVSZMWMSRW JSV ERGLSVEKI SJ WMRKPI PIK [IPHIH [MVI JEFVMG MR XLI XIRWMSR JEGI IQTLEWMÎ XLI PSGEXMSR SJ XLI PSRKMXYHMREP[MVIEXXLIWEQIHITXLEWXLITVMQEV]JPI\YVEP VIMRJSVGIQIRX XS EZSMH E WTPMXXMRK TVSFPIQ EX XLI XIRWMSR WXIIP PIZIP *MKYVI 6 MPPYWXVEXIW XLI ERGLSVEKI VIUYMVIQIRXW JSV WMRKPI PIK [IPHIH [MVI JEFVMG *SV ERGLSVEKI SJ WMRKPI PIK [IPHIH [MVI JEFVMG XLI GSHI LEW TIVQMXXIHLSSOWERHIQFIHQIRXPIRKXLMRXLIGSQTVIWWMSR ERHXIRWMSRJEGIWSJQIQFIVW WIIERH ERHIQFIHQIRXSRP]MRXLIGSQTVIWWMSRJEGI WII 7IGXMSRTVSZMHIWJSVERGLSVEKISJWXVEMKLXWMRKPI PIK [IPHIH [MVI JEFVMG YWMRK PSRKMXYHMREP [MVI ERGLSVEKI [MXL EHIUYEXI IQFIHQIRX PIRKXL MR GSQTVIWWMSR ERH XIRWMSRJEGIWSJQIQFIVW 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= {-RNSMWXGSRWXVYGXMSREWHIJMRIHMRJSV 2SFEVERH([MVIERHWQEPPIVEWXERHEVHLSSO 6 { -R NSMWXW E WQEPP FEV SV [MVI GER FI ERGLSVIHF]EWXERHEVHLSSORSXIRKEKMRKPSRKMXYHMREPVIMR JSVGIQIRXEPPS[MRKEGSRXMRYSYWP]FIRXFEVXSJSVQEWIVMIW SJWMRKPIPIKWXMVVYTWMRXLINSMWX {&IX[IIRERGLSVIHIRHWIEGLFIRHMRXLI GSRXMRYSYWTSVXMSRSJEWMQTPI9WXMVVYTSVQYPXMTPI9 WXMVVYTWLEPPIRGPSWIEPSRKMXYHMREPFEV {0SRKMXYHMREPFEVWFIRXXSEGXEWWLIEVVIMR JSVGIQIRXMJI\XIRHIHMRXSEVIKMSRSJXIRWMSRWLEPPFI GSRXMRYSYW [MXL PSRKMXYHMREP VIMRJSVGIQIRX ERH MJ I\XIRHIH MRXS E VIKMSR SJ GSQTVIWWMSR WLEPP FI ERGLSVIHFI]SRHQMHHITXLH EWWTIGMJMIHJSVHIZIP STQIRX PIRKXL MR JSV XLEX TEVX SJ J] VIUYMVIH XS WEXMWJ] )U { 4EMVW SJ 9WXMVVYTW SV XMIW WS TPEGIH EW XS JSVQEGPSWIHYRMXWLEPPFIGSRWMHIVIHTVSTIVP]WTPMGIH [LIR PIRKXL SJ PETW EVI PH -R QIQFIVW EX PIEWX MR HIIT WYGL WTPMGIW [MXL %FJ] RSX QSVI XLER PFTIVPIKWLEPPFIGSRWMHIVIHEHIUYEXIMJWXMVVYT PIKWI\XIRHXLIJYPPEZEMPEFPIHITXLSJQIQFIV 6 { 8LIWI VIUYMVIQIRXW JSV PETTMRK SJ HSYFPI 9 WXMVVYTWXSJSVQGPSWIHWXMVVYTWGSRXVSPSZIVXLITVSZMWMSRW SJ {7TPMGIWSJVIMRJSVGIQIRX{+IRIVEP 6{7TPMGIWSJVIMRJSVGIQIRX{+IRIVEP 7TPMGIWWLSYPHMJTSWWMFPIFIPSGEXIHE[E]JVSQTSMRXWSJ QE\MQYQ XIRWMPI WXVIWW 8LI PET WTPMGI VIUYMVIQIRXW SJ IRGSYVEKIXLMWTVEGXMGI {7TPMGIWSJVIMRJSVGIQIRXWLEPPFIQEHISRP] EW VIUYMVIH SV TIVQMXXIH SR HIWMKR HVE[MRKW SV MR WTIGMJMGEXMSRWSVEWEYXLSVMÎHF]XLIIRKMRIIV {0ETWTPMGIW 6{0ETWTPMGIW { 0ETWTPMGIW WLEPPRSX FI YWIHJSV FEVW PEVKIVXLER2SI\GITXEWTVSZMHIH MR ERH 6 {&IGEYWISJPEGOSJEHIUYEXII\TIVMQIRXEP HEXESRPETWTPMGIWSJ2SERH2SFEVWMRGSQTVIW WMSRERHMRXIRWMSRPETWTPMGMRKSJXLIWIFEVWMÎWMWTVSLMF MXIH I\GITX EW TIVQMXXIH MR ERH JSV GSQTVIWWMSR PET WTPMGIW SJ 2S ERH 2S FEVW [MXL WQEPPIVFEVW {0ETWTPMGIWSJFEVWMREFYRHPIWLEPPFI FEWIH SR XLI PET WTPMGI PIRKXL VIUYMVIH JSV MRHMZMHYEP FEVW [MXLMR XLI FYRHPI MRGVIEWIH MR EGGSVHERGI [MXL -RHMZMHYEP FEV WTPMGIW [MXLMR E FYRHPI WLEPP RSX SZIVPET)RXMVIFYRHPIWWLEPPRSXFIPETWTPMGIH 6 { 8LI MRGVIEWIH PIRKXL SJPET VIUYMVIH JSV FEVW MR FYRHPIW MW FEWIH SR XLI VIHYGXMSR MR XLI I\TSWIH TIVMQIXIV SJ XLI FEVW 3RP] MRHMZMHYEPFEVW EVI PET WTPMGIH EPSRKXLIFYRHPI {&EVWWTPMGIHF]RSRGSRXEGXPETWTPMGIW MR JPI\YVEP QIQFIVW WLEPP RSX FI WTEGIH XVERWZIVWIP] JEVXLIV ETEVX XLER SRIJMJXL XLI VIUYMVIH PET WTPMGI PIRKXLRSVMR 6 {-JMRHMZMHYEPFEVWMRRSRGSRXEGXPETWTPMGIW EVI XSS [MHIP] WTEGIH ER YRVIMRJSVGIH WIGXMSR MW GVIEXIH *SVGMRK E TSXIRXMEP GVEGO XS JSPPS[ E ^MKÊK PMRI XS WPSTI MW GSRWMHIVIH E QMRMQYQ TVIGEYXMSR 8LI MR QE\MQYQWTEGMRKMWEHHIHFIGEYWIQSWXVIWIEVGLEZEMPEFPI SR XLI PET WTPMGMRK SJ HIJSVQIH FEVW [EW GSRHYGXIH [MXL VIMRJSVGIQIRX[MXLMRXLMWWTEGMRK )2:-6321)28%07869'896)7'3()'311)28%6= '3() {1IGLERMGEPERH[IPHIHWTPMGIW '311)28%6= 6{1IGLERMGEPERH[IPHIHWTPMGIW {1IGLERMGEPERH[IPHIHWTPMGIWWLEPPFI TIVQMXXIH {%JYPPQIGLERMGEPWTPMGIWLEPPHIZIPSTMR XIRWMSRSVGSQTVIWWMSREWVIUYMVIHEXPIEWXTIVGIRX SJWTIGMJMIH]MIPHWXVIRKXLJ] SJXLIFEV 6 {8LIQE\MQYQVIMRJSVGIQIRXWXVIWWYWIH MRHIWMKRYRHIVXLIGSHIMWXLIWTIGMJMIH]MIPHWXVIRKXL8S IRWYVIWYJJMGMIRXWXVIRKXLMRWTPMGIWWSXLEX]MIPHMRKGERFI EGLMIZIHMREQIQFIVERHXLYWFVMXXPIJEMPYVIEZSMHIHXLI TIVGIRX MRGVIEWI EFSZI XLI WTIGMJMIH ]MIPH WXVIRKXL [EW WIPIGXIHEWFSXLEREHIUYEXIQMRMQYQJSVWEJIX]ERHETVEG XMGEFPIQE\MQYQJSVIGSRSQ] { )\GITX EW TVSZMHIH MR XLMW GSHI EPP [IPHMRK WLEPP GSRJSVQ XS w7XVYGXYVEP ;IPHMRK 'SHI{ 6IMRJSVGMRK7XIIPx %27-%;7( 6 {7II6 JSVHMWGYWWMSRSR[IPHMRK { % JYPP TIRIXVEXMSR [IPHIH WTPMGI WLEPP HIZIPST EX PIEWX TIVGIRX SJ XLI WTIGMJMIH ]MIPH WXVIRKXL J] SJXLIFEV 6 {%JYPP[IPHIHWTPMGIMWTVMQEVMP]MRXIRHIH JSV PEVKI FEVW 2S ERH PEVKIV MR QEMR QIQFIVW 8LI XIRWMPI WXVIRKXL VIUYMVIQIRX SJ TIVGIRX SJ WTIGMJMIH ]MIPHWXVIRKXLMWMRXIRHIHXSTVSZMHIWSYRH[IPHMRKXLEXMW EPWS EHIUYEXI JSV GSQTVIWWMSR 7II XLI HMWGYWWMSR SR WXVIRKXL MR 6 8LI GSHI IPMQMREXIH E VIUYMVIQIRX XLEX XLI FEVW FI FYXXIH FIGEYWI MRHMVIGX FYXX [IPHW EVITIVQMXXIH F] %27-%;7( EPXLSYKL %27- %;7(HSIWMRHMGEXIXLEX[LIVIZIVTVEGXMGEPHMVIGXFYXX WTPMGIWEVITVIJIVEFPIJSV2SFEVWERHPEVKIV { 1IGLERMGEP SV [IPHIH WTPMGIW RSX QIIXMRK VIUYMVIQIRXW SJ SV WLEPP FI TIVQMXXIH SRP] JSV 2S FEVW ERH WQEPPIV ERH MR EGGSVHERGI[MXL 6 {8LIYWISJQIGLERMGEPSV[IPHIHWTPMGIW SJPIWWWXVIRKXLXLERTIVGIRXSJWTIGMJMIH]MIPHWXVIRKXL MWTIVQMXXIH MJ XLI QMRMQYQ HIWMKR GVMXIVME SJ EVI QIX8LIVIJSVIPET[IPHWSJVIMRJSVGMRKFEVWIMXLIV[MXLSV [MXLSYX FEGOYT QEXIVMEP [IPHW XS TPEXI GSRRIGXMSRW ERH IRHFIEVMRK WTPMGIW EVI EPPS[IH YRHIV GIVXEMR GSRHMXMSRW 8LI GSHI PMQMXIH XLIWI PS[IV WXVIRKXL [IPHW ERH GSRRIGXMSRWXS2SFEVWERHWQEPPIVHYIXSXLITSXIRXMEPP] FVMXXPIREXYVISJJEMPYVIEXXLIWI[IPHW {7TPMGIWSJHIJSVQIHFEVWERH HIJSVQIH[MVIMRXIRWMSR 6{7TPMGIWSJHIJSVQIHFEVWERH HIJSVQIH[MVIMRXIRWMSR { 1MRMQYQ PIRKXL SJ PET JSV XIRWMSR PET WTPMGIWWLEPPFIEWVIUYMVIHJSV'PEWW%SV&WTPMGIFYX RSXPIWWXLERMR[LIVI 6 {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{'PIEVWTEGMRKSJWTPMGIHFEVW 8%&0)6{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{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{8LIXIRWMSRPETWTPMGIVIUYMVIQIRXWSJ IRGSYVEKIXLIPSGEXMSRSJWTPMGIWE[E]JVSQVIKMSRWSJLMKL XIRWMPIWXVIWWXSPSGEXMSRW[LIVIXLIEVIESJWXIIPTVSZMHIHMW EX PIEWX X[MGI XLEX VIUYMVIH F] EREP]WMW 8EFPI 6 TVIWIRXWXLIWTPMGIVIUYMVIQIRXWMRXEFYPEVJSVQEWTVIWIRXIH MRIEVPMIV%'-GSHIIHMXMSRW ;LMPIXLI[EPPWSJRSRTVIWXVIWWIHGMVGYPEVXEROWEVITPEGIH MRHMVIGXXIRWMSRF]XLIPMUYMHGSRXIRXWXLI]WLSYPHRSXFI GSRWMHIVIHEWwXIRWMSRXMIQIQFIVWxJSV[LMGLJYPP[IPHIH SV QIGLERMGEP WTPMGIW EVI VIUYMVIH F] 8LI PEVKI RYQFIVSJWTPMGIWQEOIWER]SRIWTPMGIPIWWGVMXMGEP7XEK KIVMRKSJWTPMGIWMRXLILSSTVIMRJSVGIQIRXQEOIWTVSKVIW WMZIJEMPYVI SJ EHNEGIRX WTPMGIWYRPMOIP]8LYW'PEWW& PET WTPMGIWGERFIYWIHERHJYPP[IPHIHSVQIGLERMGEPWTPMGIW EVIRSXRIIHIH )2:-6321)28%07869'896)7'3()'311)28%6= '3() '311)28%6= {1IGLERMGEPSV [IPHIHWTPMGIWYWIH[LIVI EVIESJVIMRJSVGIQIRXTVSZMHIHMWPIWWXLERX[MGIXLEX VIUYMVIH F] EREP]WMW WLEPP QIIX VIUYMVIQIRXW SJ SV 6 {%QIGLERMGEPSV[IPHIHWTPMGIWLSYPHHIZIPST EX PIEWX TIVGIRX SJ XLI WTIGMJMIH ]MIPH WXVIRKXL [LIR PSGEXIHMRVIKMSRWSJLMKLXIRWMPIWXVIWWMRXLIVIMRJSVGIQIRX 7YGL WTPMGIW RIIH RSX FI WXEKKIVIH EPXLSYKL WYGL WXEK KIVMRK MW IRGSYVEKIH [LIVI XLI EVIE SJ VIMRJSVGIQIRX TVSZMHIHMWPIWWXLERX[MGIXLEXVIUYMVIHF]XLIEREP]WMW {1IGLERMGEPSV[IPHIHWTPMGIWRSX QIIXMRK XLI VIUYMVIQIRXW SJ SV WLEPP FI TIVQMXXIH JSV 2S FEVW ERH WQEPPIV MJ XLI VIUYMVI QIRXWSJXLVSYKLEVIQIX 6 {7II 67IGXMSRGSRGIVRWXLI WMXYEXMSR [LIVI QIGLERMGEP SV [IPHIH WTPMGIW SJ WXVIRKXL PIWWXLERTIVGIRXSJXLIWTIGMJMIH]MIPHWXVIRKXLSJXLI VIMRJSVGIQIRX QE]FIYWIH-X TVSZMHIWEVIPE\EXMSR MRXLI WTPMGI VIUYMVIQIRXW [LIVI XLI WTPMGIW EVI WXEKKIVIH ERH I\GIWW VIMRJSVGIQIRX EVIE MW EZEMPEFPI 8LI GVMXIVMSR SJ X[MGI XLI GSQTYXIH XIRWMPI JSVGI MW YWIH XS GSZIV WIGXMSRW GSRXEMRMRKTEVXMEPXIRWMPIWTPMGIW[MXLZEVMSYWTIVGIRXEKIWSJ XSXEPGSRXMRYSYWWXIIP8LIYWYEPTEVXMEPXIRWMPIWTPMGIMWEJPEVI KVSSZI[IPHFIX[IIRFEVWSVFEVERHWXVYGXYVEPWXIIPTMIGI {7TPMGIWWLEPPFIWXEKKIVIHEXPIEWXMR {-RGSQTYXMRKXLIXIRWMPIJSVGIWXLEXGER FIHIZIPSTIHEXIEGLWIGXMSRXLIWTPMGIHVIMRJSVGIQIRX WXVIWW WLEPPFIXEOIREWXLIWTIGMJMIHWTPMGIWXVIRKXL FYX RSX KVIEXIV XLER J] 8LI WXVIWW MR XLI YRWTPMGIH VIMRJSVGIQIRXWLEPPFIXEOIREWJ] XMQIWXLIVEXMSSJXLI WLSVXIWX PIRKXL IQFIHHIH FI]SRH XLI WIGXMSR XS PH FYXRSXKVIEXIVXLERJ] { 8LI XSXEP XIRWMPI JSVGI XLEX GER FI HIZIPSTIHEXIEGLWIGXMSRQYWXFIEXPIEWXX[MGIXLEX VIUYMVIHF]EREP]WMWERHEXPIEWXTWMXMQIWXLI XSXEPEVIESJVIMRJSVGIQIRXTVSZMHIH { 7TPMGIW MR XIRWMSR XMI QIQFIVW WLEPP FI QEHI [MXL E JYPP QIGLERMGEP SV JYPP [IPHIH WTPMGI MR EGGSVHERGI[MXLSV ERHWTPMGIWMR EHNEGIRXFEVWWLEPPFIWXEKKIVIHEXPIEWXMR 8SHIXEMPWYGL[IPHMRKXLIPIRKXLSJ[IPHWLSYPHFIWTIGM JMIH7YGL[IPHWEVIVEXIHEXXLITVSHYGXSJXSXEP[IPHPIRKXL XMQIWIJJIGXMZIWMÎSJKVSSZI[IPH IWXEFPMWLIHF]FEVWMÎ XMQIW EPPS[EFPI WXVIWW TIVQMXXIH F] w7XVYGXYVEP ;IPHMRK 'SHI{6IMRJSVGMRK7XIIPx %27-%;7( %JYPPQIGLERMGEPSV[IPHIHWTPMGIGSRJSVQMRKXS SV GERFIYWIH[MXLSYXXLIWXEKKIVVIUYMVIQIRXMR PMIYSJXLIPS[IVWXVIRKXLQIGLERMGEPSV[IPHIHWTPMGI 6 {%XIRWMSRXMIQIQFIVLEWXLIJSPPS[MRKGLEVEG XIVMWXMGWQIQFIVLEZMRKERE\MEPXIRWMPIJSVGIWYJJMGMIRXXS GVIEXIXIRWMSRSZIVXLIGVSWWWIGXMSREPIZIPSJWXVIWWMRXLI VIMRJSVGIQIRX WYGL XLEX IZIV] FEV QYWX FI JYPP] IJJIGXMZI ERH PMQMXIH GSRGVIXI GSZIV SR EPP WMHIW )\EQTPIW SJ QIQFIVWXLEXQE]FIGPEWWMJMIHEWXIRWMSRXMIWEVIEVGLXMIW LERKIVWGEVV]MRKPSEHXSER SZIVLIEHWYTTSVXMRKWXVYGXYVI ERHQEMRXIRWMSRIPIQIRXWMREXVYWW -RHIXIVQMRMRKMJEQIQFIVWLSYPHFIGPEWWMJMIHEWEXIRWMSR XMIGSRWMHIVEXMSRWLSYPHFIKMZIRXSXLIMQTSVXERGIJYRG XMSR TVSTSVXMSRW ERH WXVIWW GSRHMXMSRW SJ XLI QIQFIV VIPEXIH XS XLI EFSZI GLEVEGXIVMWXMGW *SV I\EQTPI E YWYEP PEVKI GMVGYPEV XERO [MXL QER] FEVW ERH [MXL WTPMGIW [IPP WXEKKIVIHERH[MHIP]WTEGIHWLSYPHRSXFIGPEWWMJMIHEWE XIRWMSRXMIQIQFIVERH'PEWW&WTPMGIWQE]FIYWIH {7TPMGIWSJHIJSVQIHFEVWMR GSQTVIWWMSR 6{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{ 'SQTVIWWMSR PET WTPMGI PIRKXL WLEPP FI J]HF JSVJ] SJTWMSVPIWWSV J] z HF JSVJ] KVIEXIVXLERTWMFYXRSXPIWWXLER MR*SV JG PIWWXLERTWMPIRKXLSJPETWLEPPFI MRGVIEWIHF]SRIXLMVH 6 {)WWIRXMEPP]PETVIUYMVIQIRXWJSVGSQTVIWWMSR WTPMGIW LEZI VIQEMRIH XLI WEQI WMRGI XLI %'&YMPHMRK'SHI {;LIRFEVWSJHMJJIVIRXWMÎEVIPETWTPMGIH MR GSQTVIWWMSR WTPMGI PIRKXL WLEPP FI XLI PEVKIV SJ IMXLIV HIZIPSTQIRX PIRKXL SJ PEVKIV FEV SV WTPMGI PIRKXLSJWQEPPIVFEV0ETWTPMGIWSJ2SERH2S FEVWXS2SERHWQEPPIVFEVWWLEPPFITIVQMXXIH 6 {8LIPETWTPMGIPIRKXLMWXSFIGSQTYXIHFEWIH SRXLIPEVKIVSJXLIGSQTVIWWMSRWTPMGIPIRKXLSJXLIWQEPPIV FEVSVXLIGSQTVIWWMSRHIZIPSTQIRXPIRKXLSJXLIPEVKIVFEV 0ET WTPMGIW EVI KIRIVEPP] TVSLMFMXIH JSV 2S SV 2S FEVW LS[IZIV JSV GSQTVIWWMSR SRP] PET WTPMGIW EVI TIVQMXXIHJSV2SSV2SFEVWXS2SSVWQEPPIVFEVW 8LI%'-&YMPHMRK'SHIZEPYIW[IVIQSHMJMIHMRXLI GSHIXSVIGSKRMÎZEVMSYWHIKVIIWSJGSRJMRIQIRXERH XSTIVQMXHIWMKR[MXLVIMRJSVGIQIRXYTXSTWM]MIPH WXVIRKXL8IWXWLEZIWLS[RXLEXWTPMGIWXVIRKXLWMR GSQTVIWWMSR HITIRH GSRWMHIVEFP] SR IRH FIEVMRK ERH HS RSX MRGVIEWI TVSTSVXMSREPP] MR WXVIRKXL [LIR XLI WTPMGI PIRKXL MW HSYFPIH %GGSVHMRKP] JSV ]MIPH WXVIRKXLW EFSZI TWM GSQTVIWWMSR PET PIRKXLW EVI WMKRMJMGERXP] MRGVIEWIH I\GITX [LIVI WTMVEP IRGPSWYVIW EVI YWIH EW MR WTMVEPGSPYQRW XLIMRGVIEWIMWEFSYXTIVGIRXEXTWM { 1IGLERMGEP SV [IPHIH WTPMGIW YWIH MR GSQTVIWWMSR WLEPP QIIX VIUYMVIQIRXW SJ SV {)RHFIEVMRKWTPMGIW 6{)RHFIEVMRKWTPMGIW { -R FEVWVIUYMVIH JSV GSQTVIWWMSRSRP] XVERWQMWWMSR SJ GSQTVIWWMZI WXVIWW F] FIEVMRK SJ WUYEVI GYX IRHW LIPH MR GSRGIRXVMG GSRXEGX F]E WYMX EFPIHIZMGIWLEPPFITIVQMXXIH 6 { )\TIVMIRGI [MXL IRHFIEVMRK WTPMGIW LEW FIIR EPQSWX I\GPYWMZIP] [MXL ZIVXMGEP FEVW MR GSPYQRW -J FEVW EVI WMKRMJMGERXP] MRGPMRIH JVSQ XLI ZIVXMGEP WTIGMEP EXXIRXMSR MW VIUYMVIH XS IRWYVI XLEX EHIUYEXI IRHFIEVMRK GSRXEGXGERFIEGLMIZIHERHQEMRXEMRIH {&EVIRHWWLEPPXIVQMREXIMRJPEXWYVJEGIW [MXLMRHIKSJE VMKLXERKPIXSXLIE\MW SJXLIFEVW ERH WLEPP FI JMXXIH [MXLMR HIK SJ JYPP FIEVMRK EJXIV EWWIQFP] 6 {8LIWIXSPIVERGIW[IVIEHHIHMRXLI GSHI VITVIWIRXMRK TVEGXMGI FEWIH SR XIWXW SJ JYPPWMÎ QIQFIVWGSRXEMRMRK2SFEVW {)RHFIEVMRKWTPMGIWWLEPPFIYWIHSRP] MRQIQFIVWGSRXEMRMRKGPSWIHXMIWGPSWIHWXMVVYTWSV WTMVEPW 6 { 8LMW PMQMXEXMSR [EW EHHIH MR XLI GSHI XS IRWYVI E QMRMQYQ WLIEV VIWMWXERGI MR WIGXMSRW GSRXEMRMRKIRHFIEVMRKWTPMGIW {7TIGMEPWTPMGIVIUYMVIQIRXWJSV GSPYQRW 6{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{7TIGMEPWTPMGIVIUYMVIQIRXWJSVGSPYQRW 2SXIXLEXXLIGSPYQRWTPMGIWLSYPHWEXMWJ]VIUYMVIQIRXWJSV EPPPSEHGSQFMREXMSRWJSVXLIGSPYQR*VIUYIRXP]XLIFEWMG KVEZMX] PSEH GSQFMREXMSR [MPP KSZIVR XLI HIWMKR SJ XLI GSPYQR MXWIPJ FYX E PSEH GSQFMREXMSR MRGPYHMRK [MRH SV WIMWQMGPSEHWQE]MRHYGIKVIEXIVXIRWMSRMRWSQIGSPYQRFEVW ERHXLIGSPYQRWTPMGIWLSYPHFIHIWMKRIHJSVXLMWXIRWMSR { 0ET WTPMGIW QIGLERMGEP WTPMGIW FYXX [IPHIHWTPMGIWERHIRHFIEVMRKWTPMGIWWLEPPFIYWIH [MXLXLIPMQMXEXMSRWSJXLVSYKL%WTPMGI WLEPPWEXMWJ]VIUYMVIQIRXWJSVEPPPSEHGSQFMREXMSRWJSV XLIGSPYQR {0ETWTPMGIWMRGSPYQRW 6{0ETWTPMGIWMRGSPYQRW { ;LIVI XLI FEV WXVIWW HYI XS JEGXSVIH PSEHWMWGSQTVIWWMZIPETWTPMGIWWLEPPGSRJSVQXS ERH[LIVIETTPMGEFPIXSSV 6 {8LIGSHI[EWWMQTPMJMIHJSVGSPYQR FEVWEP[E]WMRGSQTVIWWMSRSRXLIFEWMWXLEXEGSQTVIWWMZI PET WTPMGI MW EHIUYEXI JSV WYJJMGMIRX XIRWMSR XS TVIGPYHI WTIGMEPVIUYMVIQIRXW { ;LIVI XLI FEV WXVIWW HYI XS JEGXSVIH PSEHWMWXIRWMPIERHHSIWRSXI\GIIHJ] MRXIRWMSR PETWTPMGIWWLEPPFI'PEWW&XIRWMSRPETWTPMGIWMJQSVI XLERSRILEPJSJXLIFEVWEVIWTPMGIHEXER]WIGXMSRSV 'PEWW%XIRWMSRPETWTPMGIWMJLEPJSVJI[IVSJXLIFEVW EVIWTPMGIHEXER]WIGXMSRERHEPXIVREXIPETWTPMGIWEVI WXEKKIVIHF]PH { ;LIVI XLI FEV WXVIWW HYI XS JEGXSVIH PSEHWMWKVIEXIVXLERJ] MRXIRWMSRPETWTPMGIWWLEPP FI'PEWW&XIRWMSRPETWTPMGIW {-RXMIHVIMRJSVGIHGSQTVIWWMSRQIQFIVW [LIVI XMIW XLVSYKLSYX XLI PET WTPMGI PIRKXL LEZI ER IJJIGXMZIEVIERSXPIWWXLERLWPETWTPMGIPIRKXL WLEPP FI TIVQMXXIH XS FI QYPXMTPMIH F] FYX PET PIRKXLWLEPPRSXFIPIWWXLERMR8MIPIKWTIVTIRHMG YPEVXSHMQIRWMSRL WLEPPFIYWIHMRHIXIVQMRMRKIJJIG XMZIEVIE 6 {6IHYGIHPETPIRKXLWEVIEPPS[IH[LIRXLI WTPMGIMWIRGPSWIHXLVSYKLSYXMXWPIRKXLF]QMRMQYQXMIW 8LI XMI PIKW TIVTIRHMGYPEV XS IEGL HMVIGXMSR EVI GSQTYXIH WITEVEXIP] ERH XLI VIUYMVIQIRX QYWX FI WEXMWJMIH MR IEGL HMVIGXMSR 8LMW MW MPPYWXVEXIH MR *MK 6 [LIVI JSYV PIKWEVIIJJIGXMZIMRSRIHMVIGXMSRERHX[SPIKWMRXLISXLIV HMVIGXMSR 8LMW GEPGYPEXMSR MW GVMXMGEP MR SRI HMVIGXMSR XLEX RSVQEPP]GERFIHIXIVQMRIHF]MRWTIGXMSR 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= *MK6{8LIPIKWXLEXGVSWWXLIE\MWSJFIRHMRKEVI YWIHXSGSQTYXIIJJIGXMZIEVIE-RXLIGEWIWLS[RJSYVPIKW EVIIJJIGXMZI { -R WTMVEPP] VIMRJSVGIH GSQTVIWWMSR QIQFIVWPETWTPMGIPIRKXLSJFEVW[MXLMREWTMVEPWLEPP FI TIVQMXXIH XS FI QYPXMTPMIH F] FYX PET PIRKXL WLEPPRSXFIPIWWXLERMR 6 {'SQTVIWWMSRPETPIRKXLWQE]FIVIHYGIH [LIR XLI PET WTPMGI MW IRGPSWIH XLVSYKLSYX MXW PIRKXL F] WTMVEPW FIGEYWI SJ MRGVIEWIH WTPMXXMRK VIWMWXERGI 7TMVEPW WLSYPHQIIXVIUYMVIQIRXWSJERH {1IGLERMGEPSV[IPHIHWTPMGIWMRGSPYQRW 6{1IGLERMGEPSV[IPHIHWTPMGIWMRGSPYQRW 1IGLERMGEP SV [IPHIH WTPMGIW MR GSPYQRW WLEPP QIIX XLIVIUYMVIQIRXWSJSV 1IGLERMGEP SV [IPHIH WTPMGIW EVI EPPS[IH JSV WTPMGIW MR GSPYQRWFYXWLSYPHFIHIWMKRIHEWEJYPPQIGLERMGEPWTPMGI SVEJYPP[IPHIHWTPMGIHIZIPSTMRKTIVGIRXJ] EWVIUYMVIH F] SV 7TPMGI GETEGMX] MW XVEHMXMSREPP] XIWXIHMRXIRWMSRERHJYPPWXVIRKXLMWVIUYMVIHXSVIJPIGXXLI LMKL GSQTVIWWMSR PSEHW TSWWMFPI MR GSPYQR VIMRJSVGIQIRX HYIXSGVIITIJJIGXW-JEQIGLERMGEPWTPMGIHIZIPSTMRKPIWW XLER E JYPP QIGLERMGEP WTPMGI MW YWIH XLIR XLI WTPMGI MW VIUYMVIH XS GSRJSVQ XS EPP VIUYMVIQIRXW SJ IRHFIEVMRK WTPMGIWSJERH {)RHFIEVMRKWTPMGIWMRGSPYQRW 6{)RHFIEVMRKWTPMGIWMRGSPYQRW )RHFIEVMRK WTPMGIW GSQTP]MRK [MXL WLEPP FI TIVQMXXIH XS FI YWIH JSV GSPYQR FEVW WXVIWWIH MR GSQTVIWWMSR TVSZMHIH XLI WTPMGIW EVI WXEKKIVIH SV EHHMXMSREP FEVW EVI TVSZMHIH EX WTPMGI PSGEXMSRW 8LI GSRXMRYMRKFEVWMRIEGLJEGISJXLIGSPYQRWLEPPLEZIE XIRWMPIWXVIRKXLFEWIHSRXLIWTIGMJMIH]MIPHWXVIRKXL J] RSX PIWW XLER J] XMQIW XLI EVIE SJ XLI ZIVXMGEP VIMRJSVGIQIRXMRXLEXJEGI )RHFIEVMRK WTPMGIW YWIH XS WTPMGI GSPYQR FEVW EP[E]W MR GSQTVIWWMSRWLSYPHLEZIEXIRWMSRGETEGMX]SJTIVGIRXSJ XLI ]MIPH WXVIRKXL SJ XLI WXIIP EVIE SR IEGL JEGI SJ XLI GSPYQRIMXLIVF]WXEKKIVMRKXLIIRHFIEVMRKWTPMGIWSV F] EHHMRKEHHMXMSREPWXIIPXLVSYKLXLIWTPMGIPSGEXMSR8LIIRH FIEVMRKWTPMGIWLSYPHGSRJSVQXS {7TPMGIWSJ[IPHIHHIJSVQIH[MVI JEFVMGMRXIRWMSR 6{7TPMGIWSJ[IPHIHHIJSVQIH[MVI JEFVMGMRXIRWMSR { 1MRMQYQ PIRKXL SJ PET JSV PET WTPMGIW SJ [IPHIH HIJSVQIH [MVI JEFVMG QIEWYVIH FIX[IIR XLI IRHWSJIEGLJEFVMGWLIIXWLEPPFIRSXPIWWXLERPH RSV MR ERH XLI SZIVPET QIEWYVIH FIX[IIR SYXIV QSWXGVSWW[MVIWSJIEGLJEFVMGWLIIXWLEPPFIRSXPIWW XLER MR PH WLEPP FI XLI HIZIPSTQIRX PIRKXL JSV XLI WTIGMJMIH]MIPHWXVIRKXLJ] MREGGSVHERGI[MXL 7TPMGITVSZMWMSRWJSVHIJSVQIHJEFVMGEVIFEWIHSREZEMPEFPI XIWXW 8LI VIUYMVIQIRXW [IVI WMQTPMJMIH GSHI WYTTPIQIRX JVSQTVSZMWMSRWSJXLIGSHIF]EWWYQMRK XLEXSRP]SRIGVSWW[MVISJIEGLJEFVMGWLIIXMWSZIVPETTIH ERHF]GSQTYXMRKXLIWTPMGIPIRKXL EW PH8LIHIZIPST QIRX PIRKXL PH MW XLEX GSQTYXIH MR EGGSVHERGI [MXL XLI TVSZMWMSRWSJ[MXLSYXVIKEVHXSXLIMRQMRMQYQ8LI MRETTPMIWXSXLISZIVEPPWTPMGIPIRKXL7II*MK6-J RSGVSWW[MVIWEVI[MXLMRXLIPETPIRKXLXLITVSZMWMSRWJSV HIJSVQIH[MVIETTP] {0ETWTPMGIWSJ[IPHIHHIJSVQIH[MVIJEFVMG [MXL RS GVSWW [MVIW [MXLMR XLI PET WTPMGI PIRKXL WLEPP FIHIXIVQMRIHEWJSVHIJSVQIH[MVI )2:-6321)28%07869'896)7'3()'311)28%6= '3() '311)28%6= { ;LIR ER] TPEMR [MVIW EVI TVIWIRX MR XLI HIJSVQIH[MVIJEFVMGMRXLIHMVIGXMSRSJXLIPETWTPMGISV [LIRHIJSVQIH[MVIJEFVMGMWPETWTPMGIHXSTPEMR[MVI JEFVMG XLI JEFVMG WLEPP FI PET WTPMGIH MR EGGSVHERGI [MXL *MK6{0ETWTPMGIWSJHIJSVQIHJEFVMG *MK6{0ETWTPMGIWSJTPEMRJEFVMG {7TPMGIWSJ[IPHIHTPEMR[MVI JEFVMGMRXIRWMSR 6{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{ ;LIR EVIE SJ VIMRJSVGIQIRX TVSZMHIH MW PIWWXLERX[MGIXLEXVIUYMVIHF]EREP]WMWEXWTPMGIPSGE XMSR PIRKXL SJ SZIVPET QIEWYVIH FIX[IIR SYXIVQSWX GVSWW[MVIWSJIEGLJEFVMGWLIIXWLEPPFIRSXPIWWXLER SRI WTEGMRK SJ GVSWW [MVIW TPYW MR RSV PIWW XLER PHRSVMR8LIHIZIPSTQIRXPIRKXLPHJSVXLIWTIG MJMIH]MIPHWXVIRKXLJ] WLEPPFIMREGGSVHERGI[MXL {;LIREVIESJVIMRJSVGIQIRXTVSZMHIHMWEX PIEWXX[MGIXLEXVIUYMVIHF]EREP]WMWEXWTPMGIPSGEXMSR PIRKXLSJSZIVPETQIEWYVIHFIX[IIRSYXIVQSWXGVSWW [MVIWSJIEGLJEFVMGWLIIXWLEPPRSXFIPIWWXLER H RSV MR H WLEPP FI XLI HIZIPSTQIRX PIRKXL JSV XLI WTIGMJMIH]MIPHWXVIRKXLJ] MREGGSVHERGI[MXL 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= 2SXIW )2:-6321)28%07869'896)7'3()'311)28%6= 4%68{7869'896%07=78)1736)0)1)287 ',%48)6{8;3;%=70%&7=78)17 '3() {2SXEXMSR F F G G ' ! [MHXL SJ XLI GVMXMGEP WIGXMSR HIJMRIH MR QIEWYVIH MR XLI HMVIGXMSR SJ XLI WTERJSV[LMGLQSQIRXWEVIHIXIVQMRIHMR ! [MHXL SJ XLI GVMXMGEP WIGXMSR HIJMRIH MR QIEWYVIH MR XLI HMVIGXMSR TIVTIR HMGYPEVXSFMR ! WMÎ SJ VIGXERKYPEV SV IUYMZEPIRX VIGXERKYPEV GSPYQR GETMXEP SV FVEGOIX QIEWYVIH MR XLI HMVIGXMSR SJ XLI WTER JSV [LMGL QSQIRXW EVI FIMRKHIXIVQMRIHMR ! WMÎ SJ VIGXERKYPEV SV IUYMZEPIRX VIGXERKYPEV GSPYQR GETMXEP SV FVEGOIX QIEWYVIH XVERW ZIVWI XS XLI HMVIGXMSR SJ XLI WTER JSV [LMGL QSQIRXWEVIFIMRKHIXIVQMRIHMR ! GVSWWWIGXMSREP GSRWXERX XS HIJMRI XSVWMSREP TVSTIVXMIW ! \ \ ] z ] 8LI GSRWXERX ' JSV 8 SV 0WIGXMSRW WLEPP FI TIVQMXXIHXSFIIZEPYEXIHF]HMZMHMRKXLIWIG XMSRMRXSWITEVEXIVIGXERKYPEVTEVXWERHWYQ QMRKXLIZEPYIWSJ'JSVIEGLTEVX QSHYPYWSJIPEWXMGMX]SJFIEQGSRGVIXITWM QSHYPYWSJIPEWXMGMX]SJWPEFGSRGVIXITWM SZIVEPPXLMGORIWWSJQIQFIVMR QSQIRX SJ MRIVXME EFSYX GIRXVSMHEP E\MW SJ )GF )GW L -F ! ! ! ! -W KVSWWWIGXMSRSJFIEQEWHIJMRIHMRMR ! QSQIRX SJ MRIVXME EFSYX GIRXVSMHEP E\MW SJ ! /X ! PR ! P ! P ! KVSWWWIGXMSRSJWPEFMR LXMQIW[MHXLSJWPEFHIJMRIHMRRSXEXMSRW ERH X XSVWMSREP WXMJJRIWW SJ XSVWMSREP QIQFIV QSQIRXTIVYRMXVSXEXMSR7II6 PIRKXLSJGPIEVWTERMRHMVIGXMSRXLEXQSQIRXW EVI FIMRKHIXIVQMRIHQIEWYVIHJEGIXSJEGI SJWYTTSVXWMR PIRKXL SJ WTER MR HMVIGXMSR XLEX QSQIRXW EVI FIMRKHIXIVQMRIHQIEWYVIHGIRXIVXSGIRXIV SJWYTTSVXWMR PIRKXL SJ WTER XVERWZIVWI XS P QIEWYVIH GIRXIVXSGIRXIV SJ WYTTSVXW MR 7II EPWS ERH '311)28%6= 8LIHIWMKRQIXLSHWKMZIRMR'LETXIVEVIFEWIHSREREP]WMW SJ XLIVIWYPXWSJ ERI\XIRWMZIWIVMIW SJ XIWXWERHXLI [IPP IWXEFPMWLIH TIVJSVQERGI VIGSVH SJ ZEVMSYW WPEF W]WXIQW1YGL SJ'LETXIVMWGSRGIVRIH[MXLXLIWIPIG XMSRERHHMWXVMFYXMSRSJJPI\YVEPVIMRJSVGIQIRX8LIHIWMKRIV MW GEYXMSRIH XLEX XLI TVSFPIQ VIPEXIH XS WEJIX] SJ E WPEF W]WXIQ MW XLI XVERWQMWWMSR SJ PSEH JVSQ XLI WPEF XS XLI GSPYQRW F] JPI\YVI XSVWMSR ERH WLIEV (IWMKR GVMXIVME JSV WLIEVERHXSVWMSRMRWPEFWEVIKMZIRMR'LETXIV (IWMKREMHWJSVYWIMRXLIIRKMRIIVMRKEREP]WMWERHHIWMKR SJX[S[E]WPEFW]WXIQWEVIKMZIRMRXLI%'-(IWMKR,ERH FSSO(IWMKREMHWEVITVSZMHIHXSWMQTPMJ]ETTPMGEXMSRSJ XLIHMVIGXHIWMKRERHIUYMZEPIRXJVEQIQIXLSHWSJ'LETXIV 9RMXWSJQIEWYVIQIRXEVIKMZIRMRXLI2SXEXMSRXSEWWMWXXLI YWIV ERH EVI RSX MRXIRHIH XS TVIGPYHI XLI YWI SJ SXLIV GSVVIGXP] ETTPMIH YRMXW JSV XLI WEQI W]QFSP WYGL EW JX SV OMT,S[IZIVXLIZEPYIWSJGSRWXERXWYWIHMRIUYEXMSRWEVI HITIRHIRXSRXLIYRMXWSJXLITEVEQIXIVW-JXLIYWIVGLSSWIWXS YWIEPXIVREXIYRMXWXLIGSRWXERXWQYWXFIEHNYWXIHEGGSVHMRKP] 8LI VIUYMVIQIRXW SJ %'- 'LETXIV EVI KIRIVEPP] ETTPMGEFPI XS XLI HIWMKR SJ IRZMVSRQIRXEP IRKMRIIVMRK GSRGVIXI WXVYGXYVIW (IZMEXMSRW JVSQ %'- TVMQEVMP] VIPEXI XS QSHMJ]MRK VIUYMVIQIRXW XLEX EVI I\TPMGMXP] SV MQTPMGMXP] HYI XS TEXXIVR PSEHMRK IJJIGXW JVSQ PMZI PSEHW HIVMZIHJVSQJPYMHTVIWWYVIW 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= 1S ! XSXEPJEGXSVIHWXEXMGQSQIRXMRPF 1Y ! JEGXSVIHQSQIRXEXWIGXMSRMRPF :G ! RSQMREPWLIEVWXVIRKXLTVSZMHIHF]GSRGVIXI PF7II :Y ! JEGXSVIHWLIEVJSVGIEXWIGXMSRPF [H ! JEGXSVIHHIEHPSEHTIVYRMXEVIE [P ! JEGXSVIHPMZIPSEHTIVYRMXEVIE [Y ! JEGXSVIHPSEHTIVYRMXEVIE \ ! WLSVXIV SZIVEPP HMQIRWMSR SJ VIGXERKYPEV TEVX SJGVSWWWIGXMSRMR ] ! PSRKIVSZIVEPPHMQIRWMSRSJVIGXERKYPEVTEVXSJ GVSWWWIGXMSRMR ! VEXMS SJ JPI\YVEP WXMJJRIWW SJ FIEQ WIGXMSR XS JPI\YVEP WXMJJRIWW SJ E [MHXL SJ WPEF FSYRHIH PEXIVEPP] F] GIRXIVPMRIW SJ EHNEGIRX TERIPW MJ ER] SRIEGLWMHISJXLIFIEQ ! X ! MRHMVIGXMSRSJP ! MRHMVIGXMSRSJP ! VEXMS SJ XSVWMSREPWXMJJRIWWSJIHKI FIEQ WIG XMSR XS JPI\YVEP WXMJJRIWW SJ E [MHXL SJ WPEF IUYEPXSWTERPIRKXLSJFIEQGIRXIVXSGIRXIV SJWYTTSVXW ! J Z F )GF - F )GW - W )GF ' )GW - W ! JVEGXMSRSJYRFEPERGIHQSQIRXXVERWJIVVIHF] JPI\YVI EX WPEFGSPYQR GSRRIGXMSRW 7II ! JVEGXMSRSJYRFEPERGIHQSQIRXXVERWJIVVIHF] IGGIRXVMGMX] SJ WLIEV EX WPEFGSPYQR GSRRIG XMSRW ! z J ! VEXMSSJRSRTVIWXVIWWIHXIRWMSRVIMRJSVGIQIRX ! VIMRJSVGIQIRXVEXMSTVSHYGMRKFEPERGIHWXVEMR GSRHMXMSRW ! WXVIRKXLVIHYGXMSRJEGXSV {7GSTI 6{7GSTI {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wJPEXWPEFWx wJPEXTPEXIWxwX[S[E]WPEFWx ERHw[EJJPIWPEFWx 7PEFW [MXL TERIPIHGIMPMRKWEVIX[S[E][MHIFERHFIEQW]WXIQW {*SVEWPEFW]WXIQWYTTSVXIHF]GSPYQRWSV [EPPWXLIHMQIRWMSRWGERHG ERHXLIGPIEVWTERPR WLEPPFIFEWIHSRERIJJIGXMZIWYTTSVXEVIEHIJMRIHF] XLIMRXIVWIGXMSRSJXLIFSXXSQWYVJEGISJXLIWPEFSVSJ XLI HVST TERIP MJ XLIVI MW SRI [MXL XLI PEVKIWX VMKLX GMVGYPEVGSRIVMKLXT]VEQMHSVXETIVIH[IHKI[LSWI WYVJEGIWEVIPSGEXIH[MXLMRXLIGSPYQRERHXLIGETMXEP SVFVEGOIXERHEVISVMIRXIHRSKVIEXIVXLERHIKXS XLIE\MWSJXLIGSPYQR 8VYIwSRI[E]WPEFWxWPEFWVIMRJSVGIHXSVIWMWXJPI\YVEPWXVIWWIW MR SRP] SRI HMVIGXMSR EVI I\GPYHIH %PWS I\GPYHIH EVI WSMP WYTTSVXIHWPEFWWYGLEWwWPEFWSRKVEHIxXLEXHSRSXXVERWQMX ZIVXMGEPPSEHWJVSQSXLIVTEVXWSJXLIWXVYGXYVIXSXLIWSMP )2:-6321)28%07869'896)7'3()'311)28%6= '3() '311)28%6= {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{ 1MRMQYQ XLMGORIWW SJ WPEFW HIWMKRIH MR EGGSVHERGI[MXL'LETXIVWLEPPFIEWVIUYMVIHF] *SVWPEFWWYTTSVXIHSR[EPPWXLII\TPMGMXHIWMKRTVSGIHYVIW MRXLMWGLETXIVXVIEXXLI[EPPEWEFIEQSJMRJMRMXIWXMJJRIWW XLIVIJSVI IEGL [EPPWLSYPHWYTTSVXXLIIRXMVIPIRKXLSJER IHKISJXLITERIP 7II ;EPPPMOIGSPYQRWPIWWXLER EJYPPTERIPPIRKXLGERFIXVIEXIHEWGSPYQRW {(IJMRMXMSRW 6{(IJMRMXMSRW {'SPYQRWXVMTMWEHIWMKRWXVMT[MXLE[MHXLSR IEGL WMHI SJ E GSPYQR GIRXIVPMRI IUYEP XS P SV P [LMGLIZIV MW PIWW 'SPYQR WXVMT MRGPYHIW FIEQWMJER] {1MHHPIWXVMTMWEHIWMKRWXVMTFSYRHIHF]X[S GSPYQRWXVMTW {%TERIPMWFSYRHIHF]GSPYQRFIEQSV[EPP GIRXIVPMRIWSREPPWMHIW 6{%TERIPMRGPYHIWEPPJPI\YVEPIPIQIRXWFIX[IIR GSPYQR GIRXIVPMRIW 8LYW XLI GSPYQR WXVMT MRGPYHIW XLI FIEQMJER] {*SVQSRSPMXLMGSVJYPP]GSQTSWMXIGSRWXVYGXMSR EFIEQMRGPYHIWXLEXTSVXMSRSJWPEFSRIEGLWMHISJXLI FIEQ I\XIRHMRK E HMWXERGI IUYEP XS XLI TVSNIGXMSR SJ XLIFIEQEFSZISVFIPS[XLIWPEF[LMGLIZIVMWKVIEXIV FYXRSXKVIEXIVXLERJSYVXMQIWXLIWPEFXLMGORIWW 6 { *SVQSRSPMXLMG SV JYPP] GSQTSWMXIGSRWXVYGXMSR XLIFIEQWMRGPYHITSVXMSRWSJXLIWPEFEWJPERKIW8[SI\EQ TPIWSJXLIVYPIMRXLMWWIGXMSREVITVSZMHIHMR*MK6 {7PEFVIMRJSVGIQIRX 6{7PEFVIMRJSVGIQIRX { %VIESJVIMRJSVGIQIRXMR IEGL HMVIGXMSR JSV X[S[E] WPEF W]WXIQW WLEPP FI HIXIVQMRIH JVSQ QSQIRXWEXGVMXMGEPWIGXMSRWFYXWLEPPRSXFIPIWWXLER VIUYMVIHF] *MK 6{)\EQTPIW SJ TSVXMSR SJ WPEF XS FI MRGPYHIH [MXLFIEQYRHIV 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= {7TEGMRKSJVIMRJSVGIQIRXWLEPPRSXI\GIIHX[S XMQIWXLIWPEFXLMGORIWWRSVMRI\GITXJSVTSVXMSRW SJWPEFEVIESJGIPPYPEVSVVMFFIHGSRWXVYGXMSR-RXLIWPEF SZIV GIPPYPEV WTEGIW VIMRJSVGIQIRX WLEPP FI TVSZMHIH EWVIUYMVIHF] 6 { 8LI VIUYMVIQIRX XLEX XLI GIRXIVXSGIRXIV WTEGMRKSJXLIVIMRJSVGIQIRXFIRSXQSVIXLERX[SXMQIWXLI WPEF XLMGORIWW ETTPMIW SRP] XS XLI VIMRJSVGIQIRX MR WSPMH WPEFWERHRSXXSVIMRJSVGIQIRXNSMWXWSV[EJJPIWPEFW8LMW PMQMXEXMSRMWXSIRWYVIWPEFEGXMSRGVEGOMRKERHTVSZMHIJSV XLI TSWWMFMPMX] SJ PSEHW GSRGIRXVEXIH SR WQEPP EVIEW SJ XLI WPEF7IIEPWS6 %MRQE\MQYQWTEGMRKSJVIMRJSVGIQIRXMWVIUYMVIHMR PMUYMHVIXEMRMRKWXVYGXYVIWXSIRWYVIEHIUYEXIGVEGOGSRXVSP { 4SWMXMZI QSQIRX VIMRJSVGIQIRX TIVTIRHMG YPEVXSEHMWGSRXMRYSYWIHKIWLEPPI\XIRHXSXLIIHKI SJ WPEF ERH LEZI IQFIHQIRX WXVEMKLX SV LSSOIH EX PIEWXMRMRWTERHVIPFIEQWGSPYQRWSV[EPPW {2IKEXMZIQSQIRXVIMRJSVGIQIRX TIVTIRHMG YPEVXSEHMWGSRXMRYSYWIHKIWLEPPFIFIRXLSSOIHSV SXLIV[MWI ERGLSVIH MR WTERHVIP FIEQW GSPYQRW SV [EPPWXSFIHIZIPSTIHEXJEGISJWYTTSVXEGGSVHMRKXS TVSZMWMSRWSJ'LETXIV {;LIVIEWPEFMWRSXWYTTSVXIHF]EWTERHVIP FIEQSV[EPPEXEHMWGSRXMRYSYWIHKISV[LIVIEWPEF GERXMPIZIVW FI]SRH XLI WYTTSVX ERGLSVEKI SJ VIMR JSVGIQIRXWLEPPFITIVQMXXIH[MXLMRXLIWPEF {-RWPEFW[MXLFIEQWFIX[IIRWYTTSVXW[MXLE ZEPYI SJ KVIEXIV XLER WTIGMEP XST ERH FSXXSQ WPEF VIMRJSVGIQIRX WLEPP FI TVSZMHIH EX I\XIVMSV GSVRIVWMREGGSVHERGI[MXLXLVSYKL { 8LI WTIGMEP VIMRJSVGIQIRX MR FSXL XST ERH FSXXSQ SJ WPEF WLEPP FI WYJJMGMIRX XS VIWMWX E QSQIRXTIVJSSXSJ[MHXLIUYEPXSXLIQE\MQYQTSWM XMZIQSQIRXMRXLIWPEF { 8LI QSQIRX WLEPP FI EWWYQIH XS FI EFSYX ER E\MW TIVTIRHMGYPEV XS XLI HMEKSREP JVSQ XLI GSVRIVMRXLIXSTSJXLIWPEFERHEFSYXERE\MWTEVEPPIPXS XLIHMEKSREPJVSQXLIGSVRIVMRXLIFSXXSQSJXLIWPEF { 8LI WTIGMEP VIMRJSVGIQIRX WLEPP FI TVSZMHIH JSV E HMWXERGI MR IEGL HMVIGXMSR JVSQ XLI GSVRIVIUYEPXSSRIJMJXLXLIPSRKIVWTER { 8LI WTIGMEP VIMRJSVGIQIRX WLEPP FI TPEGIHMREFERHTEVEPPIPXSXLIHMEKSREPMRXLIXSTSJ XLI WPEF ERH E FERH TIVTIRHMGYPEV XS XLI HMEKSREP MR XLI FSXXSQ SJ XLI WPEF %PXIVREXMZIP] XLI WTIGMEP VIMR JSVGIQIRXWLEPPFITPEGIHMRX[SPE]IVWTEVEPPIPXSXLI WMHIWSJXLIWPEFMRFSXLXLIXSTERHFSXXSQSJXLIWPEF { ;LIVI E HVST TERIP MW YWIH XS VIHYGI EQSYRX SJ RIKEXMZI QSQIRX VIMRJSVGIQIRX SZIV XLI GSPYQR SJ E JPEX WPEF WMÎ SJ HVST TERIP WLEPP FI MR EGGSVHERGI[MXLERH {(VSTTERIPWLEPPI\XIRHMRIEGLHMVIGXMSR JVSQ GIRXIVPMRI SJ WYTTSVX E HMWXERGI RSX PIWW XLER 6XS6{&IRHMRKQSQIRXWMRWPEFWEXWTERHVIP FIEQWGERFIWYFNIGXXSKVIEXZEVMEXMSR-JWTERHVIPFIEQWEVI FYMPXWSPMHP]MRXS[EPPWXLIWPEFETTVSEGLIWGSQTPIXIJM\MX] ;MXLSYX ER MRXIKVEP [EPP XLI WPEF GSYPH ETTVSEGL WMQTP] WYTTSVXIHHITIRHMRKSRXLIXSVWMSREPVMKMHMX]SJXLIWTERHVIP FIEQSVWPEFIHKI8LIWIVIUYMVIQIRXWTVSZMHIJSVYRORS[R GSRHMXMSRWXLEXQMKLXRSVQEPP]SGGYVMREWXVYGXYVI )2:-6321)28%07869'896)7'3()'311)28%6= '3() '311)28%6= SRIWM\XL XLI WTER PIRKXL QIEWYVIH JVSQ GIRXIVXS GIRXIVSJWYTTSVXWMRXLEXHMVIGXMSR {4VSNIGXMSRSJHVST TERIPFIPS[XLIWPEF WLEPPFIEXPIEWXSRIUYEVXIVXLIWPEFXLMGORIWWFI]SRH XLIHVST {-RGSQTYXMRKVIUYMVIHWPEFVIMRJSVGIQIRX XLIXLMGORIWWSJXLIHVSTTERIPFIPS[XLIWPEFWLEPPRSX FIEWWYQIHKVIEXIVXLERSRIUYEVXIVXLIHMWXERGIJVSQ IHKISJHVSTTERIPXSIHKISJGSPYQRSVGSPYQRGETMXEP {(IXEMPWSJVIMRJSVGIQIRXMRWPEFW[MXLSYX FIEQW 6 { (IXEMPW SJ VIMRJSVGIQIRX MR WPEFW [MXLSYX FIEQW -R XLI %'- GSHI FIRX FEVW [IVI VIQSZIH JVSQ *MK 8LMW [EW HSRI FIGEYWI FIRX FEVW EVI WIPHSQ YWIH ERH EVI HMJJMGYPX XS TPEGI TVSTIVP] &IRX FEVW EVI TIVQMXXIHLS[IZIVMJXLI]GSQTP][MXL6IJIVXS SJXLIGSHI {-R EHHMXMSR XSXLISXLIVVIUYMVIQIRXW SJ VIMRJSVGIQIRXMRWPEFW[MXLSYXFIEQWWLEPPLEZI QMRMQYQI\XIRWMSRWEWTVIWGVMFIHMR*MK { ;LIVI EHNEGIRX WTERW EVI YRIUYEP I\XIRWMSRWSJRIKEXMZIQSQIRXVIMRJSVGIQIRXFI]SRH XLI JEGI SJ WYTTSVX EW TVIWGVMFIH MR *MK WLEPP FIFEWIHSRVIUYMVIQIRXWSJXLIPSRKIVWTER {&IRXFEVWWLEPPFITIVQMXXIHSRP][LIR HITXLWTERVEXMSTIVQMXWYWISJFIRHWHIKSVPIWW { -R JVEQIW [LIVI X[S[E] WPEFW EGX EW TVMQEV] QIQFIVW VIWMWXMRK PEXIVEP PSEHW PIRKXLW SJ VIMRJSVGIQIRX WLEPP FI HIXIVQMRIH F] EREP]WMW FYX WLEPPRSXFIPIWWXLERXLSWITVIWGVMFIHMR*MK 6 { *SV QSQIRXW VIWYPXMRK JVSQ GSQFMRIH PEXIVEP ERH KVEZMX] PSEHMRKW XLI QMRMQYQ PIRKXLW ERH I\XIRWMSRWSJFEVWMR*MKQE]RSXFIWYJJMGMIRX { %PP FSXXSQ FEVW SV [MVIW [MXLMR XLI GSPYQRWXVMTMRIEGLHMVIGXMSRWLEPPFIGSRXMRYSYWSV WTPMGIH [MXL 'PEWW % XIRWMSR WTPMGIW SV [MXL QIGLER MGEPSV[IPHIHWTPMGIWWEXMWJ]MRK7TPMGIWWLEPP FIPSGEXIHEWWLS[RMR*MK%XPIEWXX[SSJXLI GSPYQR WXVMT FSXXSQ FEVW SV [MVIW MR IEGL HMVIGXMSR WLEPP TEWW [MXLMR XLI GSPYQR GSVI ERH WLEPP FI ERGLSVIHEXI\XIVMSVWYTTSVXW 6{8LIGSRXMRYSYWGSPYQRWXVMTFSXXSQVIMR JSVGIQIRXTVSZMHIWXLIWPEFWSQIVIWMHYEPEFMPMX]XSWTERXS XLIEHNEGIRXWYTTSVXWWLSYPHEWMRKPIWYTTSVXFIHEQEKIH 8LI X[S GSRXMRYSYW GSPYQR WXVMT FSXXSQ FEVW SV [MVIW XLVSYKLXLIGSPYQRQE]FIXIVQIHwMRXIKVMX]WXIIPxERHEVI TVSZMHIHXSKMZIXLIWPEFWSQIVIWMHYEPGETEGMX]JSPPS[MRKE WMRKPITYRGLMRKWLIEVJEMPYVIEXEWMRKPIWYTTSVX -RXLI %'- GSHI QIGLERMGEP ERH [IPHIH WTPMGIW [IVI I\TPMGMXP] VIGSKRMÎH EW EPXIVREXMZI QIXLSHW SJ WTPMGMRK VIMRJSVGIQIRX {-RWPEFW[MXLWLIEVLIEHWERHMRPMJXWPEF GSRWXVYGXMSR [LIVI MX MW RSX TVEGXMGEP XS TEWW XLI FSXXSQFEVWVIUYMVIHF]XLVSYKLXLIGSPYQR EXPIEWXX[SFSRHIHFSXXSQFEVWSV[MVIWMRIEGLHMVIG XMSR WLEPP TEWW XLVSYKL XLIWLIEVLIEH SV PMJXMRK GSPPEV EW GPSWI XS XLI GSPYQR EW TVEGXMGEFPI ERH FI GSRXMR YSYW SV WTPMGIH [MXL E 'PEWW % WTPMGI %X I\XIVMSV GSPYQRW XLI VIMRJSVGIQIRX WLEPP FI ERGLSVIH EX XLI WLIEVLIEHSVPMJXMRKGSPPEV 6 {-RXLI%'-GSHIXLMWTVSZMWMSR[EW EHHIHXSVIUYMVIXLIWEQIwMRXIKVMX]WXIIPxEWJSVSXLIVX[S [E]WPEFW[MXLSYXFIEQWMRGEWISJETYRGLMRKWLIEVJEMPYVI EXEWYTTSVX -R WSQI MRWXERGIW XLIVI MW WYJJMGMIRX GPIEVERGI WS XLEX XLI FSRHIHFSXXSQFEVWGERTEWWYRHIVWLIEVLIEHWERHXLVSYKL XLIGSPYQR;LIVIGPIEVERGIYRHIVXLIWLIEVLIEHMWMREHI UYEXIXLIFSXXSQFEVWQYWXTEWWXLVSYKLLSPIWMRXLIWLIEV LIEH EVQW SV [MXLMR XLI TIVMQIXIV SJ XLI PMJXMRK GSPPEV 7LIEVLIEHWWLSYPHFIOITXEWPS[EWTSWWMFPIMRXLIWPEFXS MRGVIEWIXLIMVIJJIGXMZIRIWW 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= *MK{1MRMQYQI\XIRWMSRWJSVVIMRJSVGIQIRXMRWPEFW[MXLSYXFIEQW WIIJSVVIMRJSVGIQIRX I\XIRWMSRMRXSWYTTSVXW )2:-6321)28%07869'896)7'3()'311)28%6= '3() '311)28%6= {3TIRMRKWMRWPEFW]WXIQW 6{3TIRMRKWMRWPEFW]WXIQW {3TIRMRKWSJER]WMÎWLEPPFITIVQMXXIHMRWPEF W]WXIQWMJWLS[RF]EREP]WMWXLEXXLIHIWMKRWXVIRKXLMW EX PIEWX IUYEP XS XLI VIUYMVIH WXVIRKXL GSRWMHIVMRK ERH ERH XLEXEPP WIVZMGIEFMPMX]GSRHMXMSRW MRGPYHMRK XLIWTIGMJMIHPMQMXWSRHIJPIGXMSRWEVIQIX 7II 6 { %W ER EPXIVREXI XS WTIGMEP EREP]WMW EW VIUYMVIHF]STIRMRKWWLEPPFITIVQMXXIHMRWPEF W]WXIQW [MXLSYX FIEQW SRP] MR EGGSVHERGI [MXL XLVSYKL {3TIRMRKWSJER]WMÎWLEPPFITIVQMXXIH MR XLI EVIE GSQQSR XS MRXIVWIGXMRK QMHHPI WXVMTW TVSZMHIHXSXEPEQSYRXSJVIMRJSVGIQIRXVIUYMVIHJSVXLI TERIP[MXLSYXXLISTIRMRKMWQEMRXEMRIH { -R XLI EVIE GSQQSR XS MRXIVWIGXMRK GSPYQR WXVMTW RSX QSVI XLER SRIIMKLXL XLI [MHXL SJ GSPYQR WXVMT MR IMXLIV WTER WLEPP FI MRXIVVYTXIH F] STIRMRKW %R EQSYRX SJ VIMRJSVGIQIRX IUYMZEPIRX XS XLEX MRXIVVYTXIHF]ERSTIRMRKWLEPP FI EHHIH SR XLI WMHIWSJXLISTIRMRK {-RXLIEVIEGSQQSRXSSRIGSPYQRWXVMT ERHSRIQMHHPIWXVMTRSXQSVIXLERSRIUYEVXIVSJXLI VIMRJSVGIQIRX MR IMXLIV WXVMT WLEPP FI MRXIVVYTXIH F] STIRMRKW %R EQSYRX SJ VIMRJSVGIQIRX IUYMZEPIRX XS XLEX MRXIVVYTXIHF]ERSTIRMRKWLEPP FI EHHIH SR XLI WMHIWSJXLISTIRMRK { 7LIEV VIUYMVIQIRXW SJ WLEPPFI WEXMWJMIH {(IWMKRTVSGIHYVIW 6{(IWMKRTVSGIHYVIW { % WPEF W]WXIQ WLEPP FI HIWMKRIH F] ER] TVSGIHYVI WEXMWJ]MRK GSRHMXMSRW SJ IUYMPMFVMYQ ERH KISQIXVMG GSQTEXMFMPMX] MJ WLS[R XLEX XLI HIWMKR WXVIRKXL EX IZIV] WIGXMSR MW EX PIEWX IUYEP XS XLI VIUYMVIHWXVIRKXLWIXJSVXLMRERHERHXLEXEPP WIVZMGIEFMPMX] GSRHMXMSRW MRGPYHMRK WTIGMJMIH PMQMXW SR HIJPIGXMSRWEVIQIX 6{8LMWWIGXMSRTIVQMXWEHIWMKRIVXSFEWIEHIWMKR HMVIGXP]SRJYRHEQIRXEPTVMRGMTPIWSJWXVYGXYVEPQIGLERMGW TVSZMHIHMXGERFIHIQSRWXVEXIHI\TPMGMXP]XLEXEPPWEJIX]ERH WIVZMGIEFMPMX] GVMXIVME EVI WEXMWJMIH 8LI HIWMKR SJ XLI WPEF QE]FIEGLMIZIHXLVSYKLXLIGSQFMRIHYWISJGPEWWMGWSPY XMSRWFEWIHSREPMRIEVP]IPEWXMGGSRXMRYYQRYQIVMGEPWSPY XMSRW FEWIH SR HMWGVIXI IPIQIRXW SV ]MIPHPMRI EREP]WIW MRGPYHMRK MR EPP GEWIW IZEPYEXMSR SJ XLI WXVIWW GSRHMXMSRW EVSYRHXLIWYTTSVXWMRVIPEXMSRXSWLIEVERHXSVWMSREW[IPP EWJPI\YVI8LIHIWMKRIVWLSYPHGSRWMHIVXLEXXLIHIWMKRSJE WPEFW]WXIQMRZSPZIWQSVIXLERMXWEREP]WMWERHNYWXMJ]ER] HIZMEXMSRWMRTL]WMGEPHMQIRWMSRWSJXLIWPEFJVSQGSQQSR TVEGXMGISRXLIFEWMWSJORS[PIHKISJXLII\TIGXIHPSEHWERH XLIVIPMEFMPMX]SJXLIGEPGYPEXIHWXVIWWIWERHHIJSVQEXMSRWSJ XLIWXVYGXYVI -RXLIGEWISJXERO[EPPWWYFNIGXIHXSPEXIVEPPSEHWXLEXZEV] [MXLHITXLXLIVIEVITYFPMGEXMSRW[MXLXEFYPEXIHWLIEVERH QSQIRX GSIJJMGMIRXW FEWIH SR PMRIEV IPEWXMG EREP]WMW *SV I\EQTPIXEFPIWI\MWXJSVVIGXERKYPEV[EPPTERIPWWYTTSVXIH EXXLVIISVJSYVWMHIW[MXLEZEVMIX]SJFSYRHEV]GSRHMXMSRW 6IJIVIRGI HMWGYWWIW XLI EREP]WMW ERH HIWMKR SJ 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= VIGXERKYPEV XEROW MRGPYHMRK QYPXMGIPP XEROW 6IJIVIRGI TVSZMHIW EHHMXMSREP XEFPIW JSV E KVIEXIV ZEVMIX] SJ PSEHMRKGEWIWERHFSYRHEV]GSRHMXMSRW {(IWMKRSJEWPEFW]WXIQJSVKVEZMX]PSEHW ERHYRMJSVQJPYMHTVIWWYVIWMRGPYHMRKWPEFERHFIEQW MJER] FIX[IIRWYTTSVXW ERH WYTTSVXMRK GSPYQRWSV [EPPW JSVQMRK SVXLSKSREP JVEQIW F] IMXLIV XLI HMVIGX HIWMKRQIXLSHSJSVXLIIUYMZEPIRXJVEQIQIXLSH SJ WLEPPFITIVQMXXIH 6 {*SVKVEZMX]PSEHEREP]WMWSJX[S[E]WPEF W]WXIQW X[S EREP]WMW QIXLSHW EVI WTIGMJMIH MR ERH 8LI WTIGMJMG TVSZMWMSRW SJ FSXL HIWMKR QIXLSHW EVI PMQMXIH MR ETTPMGEXMSR XS SVXLSKSREP JVEQIW WYFNIGX XS KVEZMX] PSEHW SRP] &SXL QIXLSHW ETTP] XS X[S[E] WPEFW [MXLFIEQWEW[IPPEWXSJPEXWPEFW ERHJPEX TPEXIW-R FSXL QIXLSHWXLIHMWXVMFYXMSRSJQSQIRXWXSXLIGVMXMGEPWIGXMSRW SJ XLI WPEF VIJPIGXW XLI IJJIGXW SJ VIHYGIH WXMJJRIWW SJ IPIQIRXWHYIXSGVEGOMRKERHWYTTSVXKISQIXV] 8LITVSZMWMSRWSJXLIHMVIGXHIWMKRQIXLSHERHXLIIUYMZEPIRX JVEQIQIXLSHEVIETTPMGEFPIXSYRMJSVQPMZIPSEHTVIWWYVIW TVSHYGIH F] JPYMHW -R QER] IRZMVSRQIRXEP IRKMRIIVMRK GSRGVIXI WXVYGXYVIW XLIVI GER FI PSEHMRK GEWIW [MXL JPYMH TVIWWYVIW XLEX EGX YT[EVH SR XLI YRHIVWMHI SJ XLI WPEF -R XLIWI GEWIW XLI QIXLSHW GSYPH EPWS FI ETTPMIH XS XLI RIX ZIVXMGEPPSEHMRK {*SVPEXIVEPPSEHWEREP]WMWSJJVEQIWWLEPP XEOIMRXSEGGSYRXIJJIGXWSJGVEGOMRKERHVIMRJSVGIQIRX SRWXMJJRIWWSJJVEQIQIQFIVW 6 {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ÎIJJIGXWSJGVEGOMRKEW[IPPEWTEVEQIXIVWWYGLEW PP GPERHGG7SQISJXLIEZEMPEFPIETTVSEGLIWEVI WYQQEVMÎHMR6IJIVIRGI[LMGLMRGPYHIWHMWGYWWMSR SR XLI IJJIGXW SJ GVEGOMRK %GGITXEFPI ETTVSEGLIW MRGPYHI TPEXIFIRHMRK JMRMXIIPIQIRX QSHIPW XLI IJJIGXMZI FIEQ [MHXLQSHIPERHXLIIUYMZEPIRXJVEQIQSHIP-REPPGEWIW JVEQMRK QIQFIV WXMJJRIWWIW WLSYPH FI VIHYGIH XS EGGSYRX JSVGVEGOMRK *SV RSRTVIWXVIWWIH WPEFW MX MW RSVQEPP] ETTVSTVMEXI XS VIHYGIWPEFFIRHMRKWXMJJRIWWXSFIX[IIRSRILEPJERHSRI UYEVXIVSJXLIYRGVEGOIHWXMJJRIWW*SVTVIWXVIWWIHGSRWXVYG XMSRWXMJJRIWWKVIEXIVXLERXLSWISJGVEGOIHRSRTVIWXVIWWIH WPEFW QE] FI ETTVSTVMEXI ;LIR XLI EREP]WMW MW YWIH XS HIXIVQMRI HIWMKR HVMJXW SV QSQIRX QEKRMJMGEXMSR PS[IV FSYRHWPEFWXMJJRIWWIWWLSYPHFIEWWYQIH;LIRXLIEREP]WMWMW YWIH XS WXYH] MRXIVEGXMSRW SJ XLI WPEF [MXL SXLIV JVEQMRK IPIQIRXWWYGLEWWXVYGXYVEP[EPPWMXQE]FIETTVSTVMEXIXS GSRWMHIV E VERKI SJ WPEF WXMJJRIWWIW WS XLEX XLI VIPEXMZI MQTSVXERGISJXLIWPEFSRXLSWIMRXIVEGXMSRWGERFIEWWIWWIH {'SQFMRMRKXLIVIWYPXWSJXLIKVEZMX]PSEH EREP]WMW [MXL XLI VIWYPXW SJ XLI PEXIVEP PSEH EREP]WMW WLEPPFITIVQMXXIH )2:-6321)28%07869'896)7'3()'311)28%6= '3() '311)28%6= { 8LI WPEF ERH FIEQW MJ ER] FIX[IIR WYTTSVXW WLEPP FI TVSTSVXMSRIH JSV JEGXSVIH QSQIRXW TVIZEMPMRKEXIZIV]WIGXMSR { ;LIR KVEZMX] PSEH [MRH IEVXLUYEOI SV SXLIVPEXIVEPJSVGIWGEYWIXVERWJIVSJQSQIRXFIX[IIR WPEFERHGSPYQREJVEGXMSRSJXLIYRFEPERGIHQSQIRX WLEPP FI XVERWJIVVIH F] JPI\YVI MR EGGSVHERGI [MXL ERH {8LIJVEGXMSRSJYRFEPERGIHQSQIRXRSX XVERWJIVVIH F] JPI\YVI WLEPP FI XVERWJIVVIH F] IGGIR XVMGMX]SJWLIEVMREGGSVHERGI[MXL { % JVEGXMSR SJ XLI YRFEPERGIH QSQIRX KMZIRF] J 1YWLEPPFIGSRWMHIVIHXSFIXVERWJIVVIHF] JPI\YVI[MXLMRERIJJIGXMZIWPEF[MHXLFIX[IIRPMRIWXLEX EVI SRI ERH SRILEPJ WPEF SV HVST TERIP XLMGORIWWIW L SYXWMHISTTSWMXIJEGIWSJXLIGSPYQRSVGETMXEP [LIVI 1Y MWXLIQSQIRXXSFIXVERWJIVVIHERH J ! F F 6 { 8LMW WIGXMSR MW GSRGIVRIH TVMQEVMP] [MXL WPEF W]WXIQW [MXLSYX FIEQW 8IWXW ERH I\TIVMIRGI LEZI WLS[R XLEXYRPIWWWTIGMEPQIEWYVIWEVIXEOIRXSVIWMWXXLIXSVWMSREP ERHWLIEVWXVIWWIWEPPVIMRJSVGIQIRXVIWMWXMRKXLEXTEVXSJXLI QSQIRXXSFIXVERWJIVVIHXSXLIGSPYQRF]JPI\YVIWLSYPHFI TPEGIH FIX[IIR PMRIW XLEXEVI SRI ERH SRILEPJ XLIWPEF SV HVSTTERIPXLMGORIWWLSRIEGLWMHISJXLIGSPYQR8LI GEPGYPEXIHWLIEVWXVIWWIWMRXLIWPEFEVSYRHXLIGSPYQREVI VIUYMVIH XS GSRJSVQ XS XLI VIUYMVIQIRXW SJ 7II 6 ERH 6JSV QSVIHIXEMPWSRETTPMGEXMSR SJXLMWWIGXMSR {*SVYRFEPERGIHQSQIRXWEFSYXERE\MW TEVEPPIPXSXLIIHKIEXI\XIVMSVWYTTSVXWXLIZEPYISJ J F])U WLEPPFITIVQMXXIHXSFIMRGVIEWIHYTXS TVSZMHIH XLEX :Y EX ER IHKI WYTTSVX HSIW RSX I\GIIH :G SV EX E GSVRIV WYTTSVX HSIW RSX I\GIIH :G *SV YRFEPERGIH QSQIRXW EX MRXIVMSV WYTTSVXWERHJSVYRFEPERGIHQSQIRXWEFSYXERE\MW XVERWZIVWIXSXLIIHKIEXI\XIVMSVWYTTSVXWXLIZEPYI SJ JMR)U WLEPPFITIVQMXXIHXSFIMRGVIEWIHF] YTXSTIVGIRXTVSZMHIHXLEX:YEXXLIWYTTSVXHSIW RSX I\GIIH :G 8LI VIMRJSVGIQIRX VEXMS [MXLMR XLI IJJIGXMZI WPEF [MHXL HIJMRIH MR WLEPP RSX I\GIIH F 2S EHNYWXQIRXW XS J WLEPP FI TIVQMXXIHJSVTVIWXVIWWIHWPEFW]WXIQW 6 { 8LI %'- GSHI TVSGIHYVIW VIQEMR YRGLERKIHI\GITXXLEXYRHIVGIVXEMRGSRHMXMSRWXLIHIWMKRIV MWTIVQMXXIHXSEHNYWXXLIPIZIPSJQSQIRXXVERWJIVVIHF]WLIEV [MXLSYXVIZMWMRKQIQFIVWMÎW8IWXWMRHMGEXIXLEXWSQIJPI\M FMPMX] MR HMWXVMFYXMSR SJ YRFEPERGIH QSQIRXW XVERWJIVVIH F] WLIEV ERH JPI\YVI EX FSXL I\XIVMSV ERH MRXIVMSV WYTTSVXW MW TSWWMFPI-RXIVMSVI\XIVMSVERHGSVRIVWYTTSVXWVIJIVXSWPEF GSPYQRGSRRIGXMSRWJSV[LMGLXLIGVMXMGEPTIVMQIXIVJSVVIGX ERKYPEV GSPYQRW LEW JSYV XLVII SV X[S WMHIW VIWTIGXMZIP] 'LERKIWMRXLI%'-GSHIVIGSKRMÎ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{'SRGIRXVEXMSRSJVIMRJSVGIQIRXSZIVXLI GSPYQR F] GPSWIV WTEGMRK SV EHHMXMSREP VIMRJSVGIQIRX WLEPP FI YWIH XS VIWMWX QSQIRX SR XLI IJJIGXMZI WPEF [MHXLHIJMRIHMR { (IWMKR JSV XVERWJIV SJ PSEH JVSQ WPEFW XS WYTTSVXMRKGSPYQRWSV[EPPWXLVSYKLWLIEVERHXSVWMSR WLEPPFIMREGGSVHERGI[MXL'LETXIV {(MVIGXHIWMKRQIXLSH 6{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{0MQMXEXMSRW 6{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{ 8LIVI WLEPP FI E QMRMQYQ SJ XLVII GSRXMRYSYWWTERWMRIEGLHMVIGXMSR 6 {8LITVMQEV]VIEWSRJSVXLIPMQMXEXMSRMRXLMW WIGXMSRMWXLIQEKRMXYHISJXLIRIKEXMZIQSQIRXWEXXLIMRXI VMSV WYTTSVX MR E WXVYGXYVI [MXL SRP] X[S GSRXMRYSYW WTERW 8LIVYPIWKMZIRJSVXLIHMVIGXHIWMKRQIXLSHEWWYQIXLEXXLI WPEF W]WXIQ EX XLI JMVWX MRXIVMSV RIKEXMZI QSQIRX WIGXMSR MW RIMXLIVJM\IHEKEMRWXVSXEXMSRRSVHMWGSRXMRYSYW {4ERIPWWLEPPFIVIGXERKYPEV[MXLEVEXMS SJPSRKIVXSWLSVXIVWTERGIRXIVXSGIRXIVSJWYTTSVXW [MXLMRETERIPRSXKVIEXIVXLER 6 { -J XLI VEXMS SJ XLI X[S WTERW PSRK WTER WLSVXWTER SJETERIPI\GIIHWXLIWPEFVIWMWXWXLIQSQIRX MRXLIWLSVXIVWTERIWWIRXMEPP]EWESRI[E]WPEF { 7YGGIWWMZI WTER PIRKXLW GIRXIVXS GIRXIVSJWYTTSVXWMRIEGLHMVIGXMSRWLEPPRSXHMJJIVF] QSVIXLERSRIXLMVHXLIPSRKIVWTER 6 { 8LIPMQMXEXMSR MRXLMW WIGXMSRMWVIPEXIHXS XLITSWWMFMPMX]SJHIZIPSTMRKRIKEXMZIQSQIRXWFI]SRHXLI TSMRX [LIVIRIKEXMZIQSQIRXVIMRJSVGIQIRX MW XIVQMREXIH EWTVIWGVMFIHMR*MK { 3JJWIX SJ GSPYQRW F] EQE\MQYQSJ TIVGIRXSJXLIWTER MRHMVIGXMSRSJSJJWIX JVSQIMXLIV E\MWFIX[IIRGIRXIVPMRIWSJWYGGIWWMZIGSPYQRWWLEPP FITIVQMXXIH 6 { 'SPYQRW GER FI SJJWIX [MXLMR WTIGMJMIH PMQMXW JVSQ E VIKYPEV VIGXERKYPEV EVVE] % GYQYPEXMZI XSXEP SJJWIX SJ TIVGIRX SJ XLI WTER MW IWXEFPMWLIH EW XLI YTTIV PMQMX {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{ 8LI HMVIGX HIWMKR QIXLSH MW FEWIH SR XIWXWJSVYRMJSVQKVEZMX]PSEHWERHVIWYPXMRKGSPYQRVIEG XMSRW HIXIVQMRIH F] WXEXMGW 0EXIVEP PSEHW WYGL EW [MRH SV WIMWQMG VIUYMVI E JVEQI EREP]WMW -RZIVXIH JSYRHEXMSR QEXW HIWMKRIHEWX[S[E]WPEFW WII MRZSPZIETTPMGEXMSRSJ ORS[RGSPYQRPSEHW8LIVIJSVIIZIR[LIVIXLIWSMPVIEGXMSR MWEWWYQIHXSFIYRMJSVQEJVEQIEREP]WMWMWVIUYMVIH 8[S[E]WPEFW]WXIQWEVIWSQIXMQIWYWIHJSVXEROFSXXSQW [LIVI XLI] EVI WYFNIGXIH XS YRMJSVQ JPYMH TVIWWYVIW QER] XMQIWPEVKIVXLERXLI HIEHPSEH%WPSRK EW XLIJPYMHTVIW WYVIW EVI YRMJSVQ ERH EGX SR EPP TERIPW XLI] RIIH RSX FI MRGPYHIH MR XLI PMQMXMRK PMZIXSHIEHPSEH VEXMS EW XLI] GERRSXTVSHYGITEXXIVRPSEHMRKIJJIGXW;LIRXLIJPYMHTVIW WYVIW ZEV] WMKRMJMGERXP] WYGL EW [LIR WPEFW LEZI TVSRSYRGIH WPSTI SV GSRXEMR GIPPW [LIVI SRI QE] FI JYPP [LMPI XLI EHNEGIRX SRI MW IQTX] XLI IUYMZEPIRX JVEQI SV SXLIVQIXLSHSJEREP]WMWWLSYPHFIYWIH 7IHMQIRXW[LMGLGEREGGYQYPEXIMRWSQIXEROWWLSYPHFI XVIEXIH EW PMZI PSEHW FIGEYWI XLIVI GER FI TVSRSYRGIH TEXXIVRPSEHMRKIJJIGXW[LIRXEROWEVIHVEMRIHERHGPIERIH { *SV E TERIP [MXL FIEQW FIX[IIR WYTTSVXWSREPPWMHIWXLIVIPEXMZIWXMJJRIWWSJFIEQWMR X[STIVTIRHMGYPEVHMVIGXMSRW P P WLEPPRSXFIPIWWXLERRSVKVIEXIVXLER 6 { 8LI IPEWXMG HMWXVMFYXMSR SJ QSQIRXW [MPP HIZMEXI WMKRMJMGERXP] JVSQXLSWI EWWYQIHMR XLIHMVIGX HIWMKR QIXLSHYRPIWWXLIVIUYMVIQIRXWJSVWXMJJRIWWEVIWEXMWJMIH 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= { 1SQIRX VIHMWXVMFYXMSR EW TIVQMXXIH F] WLEPPRSXFIETTPMIHJSVWPEFW]WXIQWHIWMKRIHF] XLIHMVIGXHIWMKRQIXLSH7II 6 {1SQIRXVIHMWXVMFYXMSREWTIVQMXXIHF] MW RSX MRXIRHIH [LIVI ETTVS\MQEXI ZEPYIW JSV FIRHMRK QSQIRXWEVIYWIH*SVXLIHMVIGXHIWMKRQIXLSHTIVGIRX QSHMJMGEXMSRMWEPPS[IHF] { :EVMEXMSRWJVSQ XLIPMQMXEXMSRW SJ WLEPP FI TIVQMXXIH MJ HIQSRWXVEXIH F] EREP]WMW XLEX VIUYMVIQIRXWSJEVIWEXMWJMIH 6 {8LIHIWMKRIVMWTIVQMXXIHXSYWIXLIHMVIGX HIWMKRQIXLSHIZIRMJXLIWXVYGXYVIHSIWRSXJMXXLIPMQMXE XMSRW MR XLMW WIGXMSRTVSZMHIHMX GER FI WLS[R F]EREP]WMW XLEXXLITEVXMGYPEVPMQMXEXMSRHSIWRSXETTP]XSXLEXWXVYGXYVI *SV E WPEFW]WXIQ GEVV]MRK E RSRQSZEFPI PSEH WYGL EW E [EXIVVIWIVZSMVMR[LMGLXLIPSEHSREPPTERIPWMWI\TIGXIHXS FI XLI WEQI XLI HIWMKRIV RIIH RSX WEXMWJ] XLI PMZI PSEH PMQMXEXMSRSJ {8SXEPJEGXSVIHWXEXMGQSQIRXJSVEWTER 6{8SXEPJEGXSVIHWXEXMGQSQIRXJSVEWTER { 8SXEP JEGXSVIHWXEXMGQSQIRXJSVE WTER WLEPP FI HIXIVQMRIH MR E WXVMT FSYRHIH PEXIVEPP] F] GIRXIVPMRI SJ TERIP SR IEGL WMHI SJ GIRXIVPMRI SJ WYTTSVXW { %FWSPYXI WYQ SJ TSWMXMZI ERH EZIVEKI RIKEXMZIJEGXSVIHQSQIRXWMRIEGLHMVIGXMSRWLEPPRSX FIPIWWXLER [Y P P R 1S ! 6 { )UYEXMSR JSPPS[W HMVIGXP] JVSQ 2MGLSPvW HIVMZEXMSR [MXL XLI WMQTPMJ]MRK EWWYQTXMSR XLEX XLI VIEGXMSRW EVI GSRGIRXVEXIH EPSRK XLI JEGIW SJ XLI WYTTSVXTIVTIRHMGYPEVXSXLIWTERGSRWMHIVIH-RKIRIVEPXLI HIWMKRIV [MPP JMRH MX I\TIHMIRX XS GEPGYPEXI WXEXMG QSQIRXW JSVX[SEHNEGIRXLEPJTERIPWXLEXMRGPYHIEGSPYQRWXVMT[MXL ELEPJQMHHPIWXVMTEPSRKIEGLWMHI {;LIVIXLIXVERWZIVWIWTERSJTERIPWSR IMXLIV WMHI SJ XLI GIRXIVPMRI SJ WYTTSVXW ZEVMIW P MR )U WLEPP FI XEOIR EW XLI EZIVEKI SJ EHNEGIRX XVERWZIVWIWTERW { ;LIR XLI WTER EHNEGIRX ERH TEVEPPIP XS ERIHKIMWFIMRKGSRWMHIVIHXLIHMWXERGIJVSQIHKIXS TERIPGIRXIVPMRIWLEPPFIWYFWXMXYXIHJSVPMR)U { 'PIEVWTER PR WLEPPI\XIRH JVSQ JEGI XS JEGI SJ GSPYQRWGETMXEPWFVEGOIXWSV[EPPW :EPYI SJ PR YWIH MR )U WLEPP RSX FI PIWW XLER P 'MVGYPEV SV VIKYPEV TSP]KSRWLETIH WYTTSVXW WLEPP FI XVIEXIHEWWUYEVIWYTTSVXW[MXLXLIWEQIEVIE 6 { -J E WYTTSVXMRK QIQFIV HSIW RSX LEZI E VIGXERKYPEVGVSWWWIGXMSRSVMJXLIWMHIWSJXLIVIGXERKPIEVI RSXTEVEPPIPXSXLIWTERWMXMWXSFIXVIEXIHEWEWUYEVIWYTTSVX LEZMRKXLIWEQIEVIEEWMPPYWXVEXIHMR*MK6 *MK 6{)\EQTPIW SJ IUYMZEPIRXWUYEVI WIGXMSR JSV WYTTSVXMRKQIQFIVW )2:-6321)28%07869'896)7'3()'311)28%6= '3() '311)28%6= {2IKEXMZIERHTSWMXMZIJEGXSVIHQSQIRXW 6{2IKEXMZIERHTSWMXMZIJEGXSVIHQSQIRXW { 2IKEXMZI JEGXSVIH QSQIRXW WLEPP FI PSGEXIH EX JEGI SJ VIGXERKYPEV WYTTSVXW 'MVGYPEV SV VIKYPEV TSP]KSR WLETIH WYTTSVXW WLEPP FI XVIEXIH EW WUYEVIWYTTSVXW[MXLXLIWEQIEVIE { -R ER MRXIVMSV WTER XSXEP WXEXMG QSQIRX 1S WLEPPFIHMWXVMFYXIHEWJSPPS[W 2IKEXMZIJEGXSVIHQSQIRX 4SWMXMZIJEGXSVIHQSQIRX { -R ER IRH WTER XSXEP JEGXSVIH WXEXMG QSQIRX 1SWLEPPFIHMWXVMFYXIHEWJSPPS[W 7PEF[MXLSYXFIEQW FIX[IIRMRXIVMSV WYTTSVXW 7PEF[MXL )\XIVMSV FIEQW IHKI FIX[IIREPP ;MXLSYX ;MXLIHKI YRVIWXVEMRIH WYTTSVXW IHKIFIEQ FIEQ )\XIVMSV IHKIJYPP] VIWXVEMRIH -RXIVMSV RIKEXMZI JEGXSVIH QSQIRX 4SWMXMZI JEGXSVIH QSQIRX )\XIVMSV RIKEXMZI JEGXSVIH QSQIRX 6 { 8LI QSQIRX GSIJJMGMIRXW JSV ER IRH WTER EVI FEWIH SR XLI IUYMZEPIRX GSPYQR WXMJJRIWW I\TVIWWMSRW JVSQ 6IJIVIRGIW ERH 8LI GSIJJMGMIRXW JSVERYRVIWXVEMRIHIHKI[SYPHFIYWIHJSVI\EQTPIMJXLI WPEF[IVIWMQTP]WYTTSVXIHSREQEWSRV]SVGSRGVIXI[EPP 8LSWI JSV E JYPP] VIWXVEMRIH IHKI [SYPH ETTP] MJ XLI WPEF [IVI GSRWXVYGXIH MRXIKVEPP] [MXL E GSRGVIXI [EPP LEZMRK E JPI\YVEPWXMJJRIWWWSPEVKIGSQTEVIH[MXLXLEXSJXLIWPEFXLEX PMXXPIVSXEXMSRSGGYVWEXXLIWPEFXS[EPPGSRRIGXMSR *SVSXLIVXLERYRVIWXVEMRIHSVJYPP]VIWXVEMRIHIHKIWGSIJJM GMIRXWMRXLIXEFPI[IVIWIPIGXIHXSFIRIEVXLIYTTIVFSYRH SJ XLI VERKI JSV TSWMXMZI QSQIRXW ERH MRXIVMSV RIKEXMZI QSQIRXW %W E VIWYPX I\XIVMSV RIKEXMZI QSQIRXW [IVI YWYEPP] GPSWIV XS E PS[IV FSYRH 8LI I\XIVMSV RIKEXMZI QSQIRX GETEGMX] JSV QSWX WPEF W]WXIQW MW KSZIVRIH F] QMRMQYQVIMRJSVGIQIRXXSGSRXVSPGVEGOMRK8LIJMREPGSIJ JMGMIRXWMRXLIXEFPILEZIFIIREHNYWXIHWSXLEXXLIEFWSPYXI WYQSJXLITSWMXMZIERHEZIVEKIQSQIRXWIUYEP1S *SVX[S[E]WPEFW]WXIQW[MXLFIEQWFIX[IIRWYTTSVXWSR EPP WMHIW X[S[E] WPEFW QSQIRX GSIJJMGMIRXW SJ 'SPYQR ETTP]*SVWPEFW]WXIQW[MXLSYXFIEQWFIX[IIRMRXIVMSV WYTTSVXW JPEXTPEXIWERHJPEXWPEFW XLIQSQIRXGSIJJMGMIRXW SJ'SPYQR SV ETTP][MXLSYXSV[MXLERIHKI WTER HVIP FIEQVIWTIGXMZIP] -RXLI%'-&YMPHMRK'SHIHMWXVMFYXMSRJEGXSVWHIJMRIH EWEJYRGXMSRSJXLIWXMJJRIWWVEXMSSJXLIIUYMZEPIRXI\XIVMSV WYTTSVX[IVIYWIHJSVTVSTSVXMSRMRKXLIXSXEPWXEXMGQSQIRX 1SMRERIRHWTER8LIETTVSEGLQE]FIYWIHMRTPEGISJ ZEPYIWMR { 2IKEXMZI QSQIRX WIGXMSRW WLEPP FI HIWMKRIHXS VIWMWX XLI PEVKIV SJ XLIX[S MRXIVMSV RIKE XMZI JEGXSVIH QSQIRXW HIXIVQMRIH JSV WTERW JVEQMRK MRXSEGSQQSRWYTTSVXYRPIWWEREREP]WMWMWQEHIXS HMWXVMFYXIXLIYRFEPERGIHQSQIRXMREGGSVHERGI[MXL WXMJJRIWWIWSJEHNSMRMRKIPIQIRXW 6 { 8LI HMJJIVIRGIW MR WPEFQSQIRX SR IMXLIV WMHI SJ E GSPYQR SV SXLIV X]TI SJ WYTTSVX WLSYPH FI EGGSYRXIHJSVMRXLIHIWMKRSJXLIWYTTSVX-JEREREP]WMWMW QEHI XS HMWXVMFYXI YRFEPERGIH QSQIRXW JPI\YVEP WXMJJRIWW QE]FISFXEMRIHSRXLIFEWMWSJXLIKVSWWGSRGVIXIWIGXMSR SJXLIQIQFIVWMRZSPZIH { )HKI FIEQW SV IHKIW SJ WPEF WLEPP FI TVSTSVXMSRIHXSVIWMWXMRXSVWMSRXLIMVWLEVISJI\XIVMSV RIKEXMZIJEGXSVIHQSQIRXW 6 {1SQIRXWTIVTIRHMGYPEVXSERHEXXLIIHKI SJXLIWPEFWXVYGXYVIWLSYPHFIXVERWQMXXIHXSXLIWYTTSVXMRK GSPYQRWSV[EPPW8SVWMSREPWXVIWWIWGEYWIHF]XLIQSQIRX EWWMKRIHXSXLIWPEFWLSYPHFIMRZIWXMKEXIH 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= { 8LI KVEZMX] PSEH QSQIRX XS FI XVERW JIVVIH FIX[IIR WPEF ERH IHKI GSPYQR MR EGGSVHERGI [MXL WLEPPFI1S {*EGXSVIHQSQIRXWMRGSPYQRWXVMTW 6 6 ERH 6 { *EGXSVIH QSQIRXW MR GSPYQRWXVMTWFIEQWERHQMHHPIWXVMTW { 'SPYQR WXVMTW WLEPP FI TVSTSVXMSRIH XS VIWMWXXLIJSPPS[MRKTSVXMSRWMRTIVGIRXSJMRXIVMSVRIKE XMZIJEGXSVIHQSQIRXW 8LIVYPIWKMZIRJSVEWWMKRMRKQSQIRXWXSXLIGSPYQRWXVMTW FIEQWERHQMHHPIWXVMTWEVIFEWIHSRWXYHMIWSJQSQIRXWMR PMRIEVP] IPEWXMG WPEFW [MXL HMJJIVIRX FIEQ WXMJJRIWW XIQTIVIH F] XLI QSQIRX GSIJJMGMIRXW XLEX LEZI FIIR YWIH WYGGIWWJYPP] PP PP PP ! 0MRIEV MRXIVTSPEXMSRW WLEPP FI QEHI FIX[IIR ZEPYIW WLS[R { 'SPYQR WXVMTW WLEPP FI TVSTSVXMSRIH XS VIWMWX XLI JSPPS[MRK TSVXMSRW MR TIVGIRX SJ I\XIVMSV RIKEXMZIJEGXSVIHQSQIRXW PP PP PP X ! X ! X! X 0MRIEV MRXIVTSPEXMSRW WLEPP FI QEHI FIX[IIR ZEPYIW WLS[R { ;LIVI WYTTSVXW GSRWMWX SJ GSPYQRW SV [EPPWI\XIRHMRKJSVEHMWXERGIIUYEPXSSVKVIEXIVXLER XLVIIUYEVXIVWXLIWTERPIRKXLPYWIHXSGSQTYXI1S RIKEXMZIQSQIRXWWLEPPFIGSRWMHIVIHXSFIYRMJSVQP] HMWXVMFYXIHEGVSWW P { 'SPYQR WXVMTW WLEPP FI TVSTSVXMSRIH XS VIWMWX XLI JSPPS[MRK TSVXMSRW MR TIVGIRX SJ TSWMXMZI JEGXSVIHQSQIRXW PP PP PP ! 0MRIEV MRXIVTSPEXMSRW WLEPP FI QEHI FIX[IIR ZEPYIW WLS[R {*SVWPEFW[MXLFIEQWFIX[IIRWYTTSVXW XLIWPEFTSVXMSRSJGSPYQRWXVMTWWLEPPFITVSTSVXMSRIH XS VIWMWX XLEX TSVXMSR SJ GSPYQR WXVMT QSQIRXW RSX VIWMWXIHF]FIEQW *SVXLITYVTSWISJIWXEFPMWLMRKQSQIRXWMRXLILEPJGSPYQR WXVMTEHNEGIRXXSERIHKIWYTTSVXIHF]E[EPPPRMR)U QE]FIEWWYQIHIUYEPXSPRSJXLITEVEPPIPEHNEGIRXGSPYQR XSGSPYQRWTERERHXLI[EPPQE]FIGSRWMHIVIHEWEFIEQ LEZMRKEQSQIRXSJMRIVXME-FIUYEPXSMRJMRMX] 6 {8LIIJJIGXSJXLIXSVWMSREPWXMJJRIWWTEVEQ IXIV X MW XS EWWMKR EPP SJ XLI I\XIVMSV RIKEXMZI JEGXSVIH QSQIRXXSXLIGSPYQR WXVMTERHRSRIXSXLIQMHHPI WXVMT YRPIWW XLI FIEQ XSVWMSREP WXMJJRIWW MW LMKL VIPEXMZI XS XLI JPI\YVEPWXMJJRIWWSJXLIWYTTSVXIHWPEF-RXLIHIJMRMXMSRSJ X XLIWLIEVQSHYPYWLEWFIIRXEOIREW)GF ;LIVI[EPPWEVIYWIHEWWYTTSVXWEPSRKGSPYQRPMRIWXLI] GER FI VIKEVHIH EW ZIV] WXMJJ FIEQW [MXL ER ZEPYI KVIEXIV XLER SRI ;LIVI XLI I\XIVMSV WYTTSVX GSRWMWXW SJ E [EPP TIVTIRHMGYPEV XS XLI HMVIGXMSR MR [LMGL QSQIRXW EVI FIMRKHIXIVQMRIH XQE]FIXEOIREWÎVSMJXLI[EPPMWSJ QEWSRV][MXLSYXXSVWMSREPVIWMWXERGIERH XQE]FIXEOIR EW JSV E GSRGVIXI [EPP [MXL KVIEX XSVWMSREP VIWMWXERGI [LMGLMWQSRSPMXLMG[MXLXLIWPEF )2:-6321)28%07869'896)7'3()'311)28%6= '3() '311)28%6= {*EGXSVIHQSQIRXWMRFIEQW 6{*EGXSVIHQSQIRXWMRFIEQW {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{ *SV ZEPYIW SJ PP FIX[IIR ERH ÎVS TVSTSVXMSR SJ GSPYQR WXVMT QSQIRXWVIWMWXIH F] FIEQW WLEPP FI SFXEMRIH F] PMRIEV MRXIVTSPEXMSR FIX[IIRERHÎVSTIVGIRX { -R EHHMXMSR XS QSQIRXW GEPGYPEXIH JSV YRMJSVQ PSEHW EGGSVHMRK XS ERH FIEQW WLEPP FI TVSTSVXMSRIH XS VIWMWX EPP QSQIRXW GEYWIH F] GSRGIRXVEXIH SV PMRIEV PSEHW ETTPMIH HMVIGXP] XS FIEQW MRGPYHMRK [IMKLX SJ TVSNIGXMRKFIEQWXIQEFSZISVFIPS[XLIWPEF {*EGXSVIHQSQIRXWMRQMHHPIWXVMTW { 8LEX TSVXMSR SJ RIKEXMZI ERH TSWMXMZI JEGXSVIH QSQIRXW RSX VIWMWXIH F]GSPYQR WXVMTW WLEPP FI TVSTSVXMSREXIP] EWWMKRIH XS GSVVIWTSRHMRK LEPJ QMHHPIWXVMTW {)EGL QMHHPIWXVMTWLEPPFITVSTSVXMSRIH XSVIWMWX XLIWYQSJXLI QSQIRXWEWWMKRIH XS MXW X[S LEPJQMHHPIWXVMTW { % QMHHPI WXVMT EHNEGIRX XS ERH TEVEPPIP [MXL E [EPPWYTTSVXIH IHKI WLEPP FI TVSTSVXMSRIH XS VIWMWX X[MGI XLI QSQIRX EWWMKRIH XS XLI LEPJ QMHHPI WXVMTGSVVIWTSRHMRKXSXLIJMVWXVS[SJMRXIVMSVWYTTSVXW {1SHMJMGEXMSRSJJEGXSVIHQSQIRXW 1SHMJMGEXMSR SJ RIKEXMZI ERH TSWMXMZI JEGXSVIH QSQIRXW F] TIVGIRX WLEPP FI TIVQMXXIH TVSZMHIH XLI XSXEP WXEXMG QSQIRX JSV E TERIP MR XLI HMVIGXMSR GSRWMHIVIHMWRSXPIWWXLERXLEXVIUYMVIHF])U {*EGXSVIHWLIEVMRWPEFW]WXIQW[MXLFIEQW 6{*EGXSVIHWLIEVMRWPEFW]WXIQW[MXLFIEQW { &IEQW [MXL PP IUYEP XS SV KVIEXIV XLERWLEPPFITVSTSVXMSRIHXSVIWMWXWLIEVGEYWIH F]JEGXSVIHPSEHWSRXVMFYXEV]EVIEWXLEXEVIFSYRHIH F]HIKPMRIWHVE[RJVSQXLIGSVRIVWSJXLITERIPW ERH XLI GIRXIVPMRIW SJ XLI EHNEGIRX TERIPW TEVEPPIP XS XLIPSRKWMHIW 8LIXVMFYXEV]EVIEJSVGSQTYXMRKWLIEVSRERMRXIVMSVFIEQ MW WLS[R WLEHIH MR *MK 6 -J XLI WXMJJRIWW JSV XLI FIEQ PPMWPIWWXLERXLIWLIEVSRXLIFIEQQE]FI SFXEMRIH F] PMRIEV MRXIVTSPEXMSR -R WYGL GEWIW XLI FIEQW JVEQMRK MRXS XLI GSPYQR [MPP RSX EGGSYRX JSV EPP XLI WLIEV JSVGIETTPMIHSRXLIGSPYQR8LIVIQEMRMRKWLIEVJSVGI[MPP TVSHYGI WLIEV WXVIWWIW MR XLI WPEF EVSYRH XLI GSPYQR XLEX WLSYPHFIGLIGOIHMRXLIWEQIQERRIVEWJSVJPEXWPEFWEW VIUYMVIHF]7IGXMSRWXLVSYKLHS RSX ETTP] XS XLI GEPGYPEXMSR SJ XSVWMSREP QSQIRXW SR XLI FIEQW 8LIWI QSQIRXW WLSYPH FI FEWIH SR XLI GEPGYPEXIH JPI\YVEPQSQIRXWEGXMRKSRXLIWMHIWSJXLIFIEQ {-RTVSTSVXMSRMRKSJFIEQW[MXL PPPIWW XLER XS VIWMWX WLIEV PMRIEV MRXIVTSPEXMSR EWWYQMRK FIEQWGEVV]RSPSEHEX !WLEPPFITIVQMXXIH { -R EHHMXMSR XS WLIEVW GEPGYPEXIH EGGSVHMRK XS ERH FIEQW WLEPP FI TVSTSVXMSRIHXSVIWMWXWLIEVWGEYWIHF]JEGXSVIHPSEHW ETTPMIHHMVIGXP]SRFIEQW 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= { 'SQTYXEXMSR SJ WPEF WLIEV WXVIRKXL SR XLI EWWYQTXMSR XLEX PSEH MW HMWXVMFYXIH XS WYTTSVXMRK FIEQWMREGGSVHERGI[MXLSV WLEPPFI TIVQMXXIH 6IWMWXERGI XS XSXEP WLIEV SGGYVVMRK SR E TERIPWLEPPFITVSZMHIH { 7LIEV WXVIRKXL WLEPP WEXMWJ] VIUYMVI QIRXWSJ'LETXIV *MK6{8VMFYXEV]EVIEJSVWLIEVSRMRXIVMSVFIEQ {*EGXSVIHQSQIRXWMRGSPYQRWERH[EPPW 6{*EGXSVIHQSQIRXWMRGSPYQRWERH[EPPW {'SPYQRWERH[EPPWFYMPXMRXIKVEPP][MXLE WPEFW]WXIQWLEPPVIWMWX QSQIRXWGEYWIH F] JEGXSVIH PSEHWSRXLIWPEFW]WXIQ )UYEXMSR VIJIVWXSX[SEHNSMRMRKWTERW[MXLSRIWTER PSRKIVXLERXLISXLIV[MXLJYPPHIEHPSEHTPYWSRILEPJPMZI PSEHETTPMIHSRXLIPSRKIVWTERERHSRP]HIEHPSEHETTPMIH SRXLIWLSVXIVWTER { %X ER MRXIVMSV WYTTSVX WYTTSVXMRK IPIQIRXW EFSZI ERH FIPS[ XLI WPEF WLEPP VIWMWX XLI QSQIRXWTIGMJMIHF])U MRHMVIGXTVSTSVXMSRXS XLIMVWXMJJRIWWIWYRPIWWEKIRIVEPEREP]WMWMWQEHI 1!? [H[P P P R C [H P PR A [LIVI [H P ERHPR VIJIVXSWLSVXIVWTER 8LI XIVQ [P MR )U RIIH RSX MRGPYHI YRMJSVQ JPYMH TVIWWYVIW XLEX EGX WMQYPXERISYWP] SR FSXL WTERW ;LIVI XLIVIMWEZEVMEXMSRMRJPYMHTVIWWYVIHYIXSEQSHIVEXIWPSTI SVHYIXSEHNEGIRXGIPPWFIMRKJYPPSVIQTX]XLIJYPPZEPYISJ XLI HMJJIVIRGI MR EZIVEKI TVIWWYVI FIX[IIR EHNEGIRX WTERW WLSYPHFIYWIHMRTPEGISJ[P MR)U (IWMKR ERH HIXEMPMRK SJ XLI VIMRJSVGIQIRX XVERWJIVVMRK XLI QSQIRXJVSQXLIWPEFXSXLIIHKIGSPYQRMWGVMXMGEPXSFSXL XLI TIVJSVQERGI ERH XLI WEJIX] SJ JPEX WPEFW SV JPEX TPEXIW [MXLSYXIHKIFIEQWSVGERXMPIZIVWPEFW-XMWMQTSVXERXXLEX GSQTPIXIHIWMKRHIXEMPWFIWLS[RSRHIWMKRHVE[MRKWWYGL EWGSRGIRXVEXMSRSJVIMRJSVGIQIRXSZIVXLIGSPYQRF]GPSWIV WTEGMRKSVEHHMXMSREPVIMRJSVGIQIRX {)UYMZEPIRXJVEQIQIXLSH 6{)UYMZEPIRXJVEQIQIXLSH { (IWMKR SJ WPEF W]WXIQW F] XLI IUYMZEPIRX JVEQIQIXLSHWLEPPFIFEWIHSREWWYQTXMSRWKMZIRMR XLVSYKL ERH EPP WIGXMSRW SJ WPEFW ERH WYTTSVXMRKQIQFIVWWLEPPFITVSTSVXMSRIHJSVQSQIRXW ERHWLIEVWXLYWSFXEMRIH 8LIIUYMZEPIRXJVEQIQIXLSHMRZSPZIWXLIVITVIWIRXEXMSRSJ XLIXLVIIHMQIRWMSREPWPEFW]WXIQF]EWIVMIWSJX[SHMQIR WMSREPJVEQIWXLEXEVIXLIREREP]ÎHJSVPSEHWEGXMRKMRXLI TPERISJXLIJVEQIW8LIRIKEXMZIERHTSWMXMZIQSQIRXWWS HIXIVQMRIH EX XLI GVMXMGEP HIWMKR WIGXMSRW SJ XLI JVEQI EVI HMWXVMFYXIH XS XLI WPEF WIGXMSRW MR EGGSVHERGI [MXL GSPYQRWXVMTW FIEQW ERH QMHHPIWXVMTW 8LIIUYMZEPIRXJVEQIQIXLSHMWFEWIHSRWXYHMIWVITSVXIHMR 6IJIVIRGIW ERH1ER]SJXLIHIXEMPWSJ XLI IUYMZEPIRX JVEQI QIXLSH KMZIR MR XLI 'SQQIRXEV] MR XLI%'-GSHI[IVIVIQSZIHMRXLI%'-GSHI {;LIVIQIXEPGSPYQRGETMXEPWEVIYWIHMX WLEPPFITIVQMXXIHXSXEOIEGGSYRXSJXLIMVGSRXVMFYXMSRW XSWXMJJRIWWERHVIWMWXERGIXSQSQIRXERHXSWLIEV 6{1IXEPGSPYQRGETMXEPW XLEXMWWLIEVLIEHW EVIWIPHSQYWIHMRPMUYMHGSRXEMRMRKWXVYGXYVIW )2:-6321)28%07869'896)7'3()'311)28%6= '3() '311)28%6= { -X WLEPP FI TIVQMXXIH XS RIKPIGX XLI GLERKI MR PIRKXL SJ GSPYQRW ERH WPEFW HYI XS HMVIGX WXVIWWERHHIJPIGXMSRWHYIXSWLIEV {)UYMZEPIRXJVEQI 6{)UYMZEPIRXJVEQI {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{ )EGL JVEQI WLEPP GSRWMWX SJ E VS[ SJ GSPYQRW SV WYTTSVXW ERH WPEFFIEQ WXVMTW FSYRHIH PEXIVEPP]F]XLIGIRXIVPMRISJTERIPSRIEGLWMHISJXLI GIRXIVPMRISJGSPYQRWSVWYTTSVXW {'SPYQRWSVWYTTSVXWWLEPPFIEWWYQIH XS FI EXXEGLIH XS WPEFFIEQ WXVMTW F] XSVWMSREP QIQFIVW WII XVERWZIVWI XS XLI HMVIGXMSR SJ XLIWTERJSV[LMGLQSQIRXWEVIFIMRKHIXIVQMRIHERH I\XIRHMRK XS FSYRHMRK PEXIVEP TERIP GIRXIVPMRIW SR IEGLWMHISJEGSPYQR {*VEQIWEHNEGIRXERHTEVEPPIPXSERIHKI WLEPP FI FSYRHIH F] XLEX IHKI ERH XLI GIRXIVPMRI SJ EHNEGIRXTERIP 8LI IUYMZEPIRX JVEQI GSQTVMWIW XLVII TEVXW XLI LSVM ^SRXEPWPEFWXVMTMRGPYHMRKER]FIEQWWTERRMRKMRXLIHMVIG XMSR SJ XLI JVEQI XLI GSPYQRW SV SXLIV ZIVXMGEP WYTTSVXMRK QIQFIVW I\XIRHMRK EFSZI ERHFIPS[ XLI WPEF ERH XLI IPIQIRXW SJ XLI WXVYGXYVI XLEX TVSZMHI QSQIRX XVERWJIVFIX[IIRXLILSVM^SRXEPERHZIVXMGEPQIQFIVW { %REP]WMW SJ IEGL IUYMZEPIRX JVEQI MR MXW IRXMVIX] WLEPP FI TIVQMXXIH %PXIVREXMZIP] JSV KVEZMX] PSEHMRKEWITEVEXIEREP]WMWSJIEGLJPSSVSVVSSJ[MXLJEV IRHWSJGSPYQRWGSRWMHIVIHJM\IHWLEPPFITIVQMXXIH { ;LIVI WPEFFIEQW EVI EREP]ÎH WITE VEXIP] HIXIVQMREXMSR SJ QSQIRX EX E KMZIR WYTTSVX EWWYQMRK XLEX XLI WPEFFIEQ MW JM\IH EX ER] WYTTSVX X[S TERIPW HMWXERX XLIVIJVSQ WLEPP FI TIVQMXXIH TVSZMHIHXLIWPEFGSRXMRYIWFI]SRHXLEXTSMRX *MK6{(IJMRMXMSRWSJIUYMZEPIRXJVEQI 1%29%03*'32'6)8)46%'8-') '3() {7PEFFIEQW '311)28%6= 6{7PEFFIEQW { (IXIVQMREXMSR SJ XLI QSQIRX SJ MRIVXME SJWPEFFIEQWEXER]GVSWWWIGXMSRSYXWMHISJNSMRXWSV GSPYQRGETMXEPWYWMRKXLIKVSWWEVIESJGSRGVIXIWLEPP FITIVQMXXIH {:EVMEXMSRMRQSQIRXSJMRIVXMEEPSRKE\MW SJWPEFFIEQWWLEPPFIXEOIRMRXSEGGSYRX { 1SQIRX SJ MRIVXME SJ WPEFFIEQW JVSQ GIRXIVSJGSPYQRXSJEGISJGSPYQRFVEGOIXSVGETMXEP WLEPPFIEWWYQIHIUYEPXSXLIQSQIRXSJMRIVXMESJXLI WPEFFIEQ EX JEGI SJ GSPYQR FVEGOIX SV GETMXEP HMZMHIHF]XLIUYERXMX] zGP [LIVIGERHPEVI QIEWYVIH XVERWZIVWI XS XLI HMVIGXMSR SJ XLI WTER JSV [LMGLQSQIRXWEVIFIMRKHIXIVQMRIH 6 {%WYTTSVXMWHIJMRIHEWEGSPYQRGETMXEP FVEGOIXSV[EPP2SXIXLEXEFIEQMWRSXGSRWMHIVIHXSFIE WYTTSVXQIQFIVJSVXLIIUYMZEPIRXJVEQI {'SPYQRW 6{'SPYQRW { (IXIVQMREXMSR SJ XLI QSQIRX SJ MRIVXME SJ GSPYQRW EX ER] GVSWW WIGXMSR SYXWMHI SJ NSMRXW SV GSPYQRGETMXEPWYWMRKXLIKVSWWEVIESJGSRGVIXIWLEPP FITIVQMXXIH 'SPYQRWXMJJRIWWMWFEWIHSRXLIPIRKXLSJXLIGSPYQRJVSQ QMHHITXL SJ WPEF EFSZI XS QMHHITXL SJ WPEF FIPS[ 'SPYQR QSQIRXSJ MRIVXMEMW GSQTYXIHSRXLIFEWMWSJMXW GVSWW WIGXMSR XEOMRK MRXS EGGSYRX XLI MRGVIEWI MR WXMJJRIWW TVSZMHIHF]XLIGETMXEPMJER] {:EVMEXMSRMRQSQIRXSJMRIVXMEEPSRKE\MW SJGSPYQRWWLEPPFIXEOIRMRXSEGGSYRX {1SQIRXSJMRIVXMESJGSPYQRWJVSQXSTXS FSXXSQ SJ XLI WPEFFIEQ EX E NSMRX WLEPP FI EWWYQIH MRJMRMXI ;LIRWPEFFIEQWEVIEREP]ÎHWITEVEXIP]JSVKVEZMX]PSEHW XLI GSRGITX SJ ER IUYMZEPIRX GSPYQR GSQFMRMRK XLI WXMJJ RIWW SJ XLI WPEFFIEQ ERH XSVWMSREP QIQFIV MRXS E GSQTSWMXIIPIQIRXMWYWIH8LIGSPYQRJPI\MFMPMX]MWQSHM JMIH XS EGGSYRX JSV XLI XSVWMSREP JPI\MFMPMX] SJ XLI WPEFXS GSPYQRGSRRIGXMSRXLEXVIHYGIWMXWIJJMGMIRG]JSVXVERWQMW WMSR SJ QSQIRXW 8LI IUYMZEPIRX GSPYQR GSRWMWXW SJ XLI EGXYEP GSPYQRW EFSZI ERH FIPS[ XLI WPEFFIEQ TPYW wEXXEGLIHxXSVWMSREPQIQFIVWSRIEGLWMHISJXLIGSPYQRW I\XIRHMRKXSXLIGIRXIVPMRISJXLIEHNEGIRXTERIPWEWWLS[R MR*MK6 *MK 6{)UYMZEPIRX GSPYQR GSPYQR TPYW XSVWMSREP QIQFIVW )2:-6321)28%07869'896)7'3()'311)28%6= '3() '311)28%6= {8SVWMSREPQIQFIVW 6{8SVWMSREPQIQFIVW {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{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ÎVSEXXLIQMHHPISJ XLITERIP8LIEWWYQIHHMWXVMFYXMSRSJYRMXX[MWXMRKQSQIRX EPSRKXLIGSPYQRGIRXIVPMRIMWWLS[RMR*MK6 %RETTVS\MQEXII\TVIWWMSRJSVXLIWXMJJRIWWSJXLIXSVWMSREP QIQFIVFEWIHSRXLIVIWYPXWSJXLVIIHMQIRWMSREPEREP]WIW SJZEVMSYWWPEFGSRJMKYVEXMSRW 6IJIVIRGIW ERH MWKMZIRFIPS[EW /X ! )GW ' G P z P [LIVIERI\TVIWWMSRJSV'MWKMZIRMR {%VVERKIQIRXSJPMZIPSEH 6{%VVERKIQIRXSJPMZIPSEH { ;LIR PSEHMRK TEXXIVR MW ORS[R XLI IUYMZEPIRXJVEQIWLEPPFIEREP]ÎHJSVXLEXPSEH 8LIYWISJSRP]XLVIIUYEVXIVWSJXLIJYPPJEGXSVIHPMZIPSEHJSV QE\MQYQ QSQIRX PSEHMRK TEXXIVRW MW FEWIH SR XLI JEGX XLEX QE\MQYQRIKEXMZIERHQE\MQYQTSWMXMZIPMZIPSEHQSQIRXW GERRSX SGGYV WMQYPXERISYWP] ERH XLEX VIHMWXVMFYXMSR SJ QE\MQYQQSQIRXWMWXLYWTSWWMFPIFIJSVIJEMPYVISGGYVW8LMW TVSGIHYVI MR IJJIGX TIVQMXW WSQI PSGEP SZIVWXVIWW YRHIV XLI JYPPJEGXSVIH PMZI PSEH MJ MX MW HMWXVMFYXIH MR XLI TVIWGVMFIH QERRIVFYXWXMPPIRWYVIWXLEXXLIYPXMQEXIGETEGMX]SJXLIWPEF { ;LIR PMZIPSEHMW ZEVMEFPI FYX HSIW RSX I\GIIHXLVIIUYEVXIVWSJXLIHIEHPSEHSVXLIREXYVI SJPMZIPSEHMWWYGLXLEXEPPTERIPW[MPPFIPSEHIHWMQYP XERISYWP] MX WLEPP FI TIVQMXXIH XS EWWYQI XLEX QE\MQYQJEGXSVIHQSQIRXWSGGYVEXEPPWIGXMSRW[MXL JYPPJEGXSVIHPMZIPSEHSRIRXMVIWPEFW]WXIQ {*SVPSEHMRKGSRHMXMSRWSXLIVXLER XLSWI HIJMRIH MR MX WLEPP FI TIVQMXXIH XS EWWYQI XLEXQE\MQYQTSWMXMZIJEGXSVIHQSQIRXRIEVQMHWTER SJ E TERIP SGGYVW [MXL XLVIIUYEVXIVW SJ XLI JYPP JEGXSVIH PMZI PSEH SR XLI TERIP ERH SR EPXIVREXI TERIPW ERH MX WLEPP FI TIVQMXXIH XS EWWYQI XLEX *MK 6{(MWXVMFYXMSR SJ YRMX X[MWXMRK QSQIRX EPSRK GSPYQRGIRXIVPMRI%%WLS[RMR*MK6 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= QE\MQYQ RIKEXMZI JEGXSVIH QSQIRX MR XLI WPEF EX E WYTTSVXSGGYVW[MXLXLVIIUYEVXIVWSJXLIJYPPPMZIPSEH SREHNEGIRXTERIPWSRP] W]WXIQ EJXIV VIHMWXVMFYXMSR SJ QSQIRX MW RSX PIWW XLER XLEX VIUYMVIHXSGEVV]XLIJYPPJEGXSVIHHIEHERHPMZIPSEHWSR EPPTERIPW { *EGXSVIH QSQIRXW WLEPP FI XEOIR RSX PIWWXLERXLSWISGGYVVMRK[MXLJYPPJEGXSVIHPMZIPSEHSR EPPTERIPW {*EGXSVIHQSQIRXW 6{*EGXSVIHQSQIRXW { %X MRXIVMSV WYTTSVXW XLI GVMXMGEP WIGXMSR JSV RIKEXMZI JEGXSVIH QSQIRX MR FSXL GSPYQR ERH QMHHPI WXVMTW WLEPP FI XEOIR EX JEGI SJ VIGXMPMRIEV WYTTSVXW FYX RSX JEVXLIV E[E] XLER P JVSQ GIRXIVSJEGSPYQR 6XS6{8LIWIGSHIWIGXMSRWEHNYWXXLI RIKEXMZIJEGXSVIHQSQIRXWXSXLIJEGISJXLIWYTTSVXW8LI EHNYWXQIRXMWQSHMJMIHEXERI\XIVMSVWYTTSVXXSPMQMXVIHYGXMSRW MRXLII\XIVMSVRIKEXMZIQSQIRX*MKYVI6MPPYWXVEXIW WIZIVEPIUYMZEPIRXVIGXERKYPEVWYTTSVXWJSVYWIMRIWXEFPMWLMRK JEGIWSJWYTTSVXWJSVHIWMKR[MXLRSRVIGXERKYPEVWYTTSVXW { %X I\XIVMSV WYTTSVXW TVSZMHIH [MXL FVEGOIXW SV GETMXEPW XLI GVMXMGEP WIGXMSR JSV RIKEXMZI JEGXSVIHQSQIRXMRXLIWTERTIVTIRHMGYPEVXSERIHKI WLEPP FI XEOIR EX E HMWXERGI JVSQ JEGI SJ WYTTSVXMRK IPIQIRX RSX KVIEXIV XLER SRILEPJ XLI TVSNIGXMSR SJ FVEGOIXSVGETMXEPFI]SRHJEGISJWYTTSVXMRKIPIQIRX { 'MVGYPEV SV VIKYPEV TSP]KSR WLETIH WYTTSVXWWLEPPFIXVIEXIHEWWUYEVIWYTTSVXW[MXLXLI WEQI EVIE JSV PSGEXMSR SJ GVMXMGEP WIGXMSR JSV RIKEXMZI HIWMKRQSQIRX {;LIRWPEFW]WXIQW[MXLMRPMQMXEXMSRWSJ EVIEREP]ÎHF]XLIIUYMZEPIRXJVEQIQIXLSHMX WLEPP FI TIVQMXXIH XS VIHYGI XLI VIWYPXMRK GSQTYXIH QSQIRXWMRWYGLTVSTSVXMSRXLEXXLIEFWSPYXIWYQSJXLI TSWMXMZI ERHEZIVEKIRIKEXMZIQSQIRXWYWIHMRHIWMKR RIIHRSXI\GIIHXLIZEPYISFXEMRIHJVSQ)U { (MWXVMFYXMSR SJ QSQIRXW EX GVMXMGEP WIGXMSRWEGVSWW XLI WPEFFIEQWXVMTSJ IEGL JVEQIXS GSPYQRWXVMTWFIEQWERHQMHHPIWXVMTWEWTVSZMHIHMR ERH WLEPP FI TIVQMXXIH MJ XLI VIUYMVIQIRXSJ MWWEXMWJMIH 6 { 4VIZMSYW GSHIW LEZI GSRXEMRIH XLMW WIGXMSR -X MW FEWIH SR XLI TVMRGMTPI XLEX MJ X[S HMJJIVIRX QIXLSHWEVITVIWGVMFIHXSSFXEMRETEVXMGYPEVERW[IVXLIGSHI WLSYPH RSX VIUYMVI E ZEPYI KVIEXIV XLER XLI PIEWX EGGITXEFPI ZEPYI (YI XS XLI PSRK WEXMWJEGXSV] I\TIVMIRGI [MXL HIWMKRW LEZMRK XSXEP JEGXSVIH WXEXMG QSQIRXW RSX I\GIIHMRK XLSWI KMZIR F] )U MX MW GSRWMHIVIH XLEX XLIWI ZEPYIW EVI WEXMWJEGXSV]JSVHIWMKR[LIRETTPMGEFPIPMQMXEXMSRWEVIQIX )2:-6321)28%07869'896)7'3()'311)28%6= ',%48)6{;%007 '3() '311)28%6= {2SXEXMSR 6{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{7GSTI 6{7GSTI { 4VSZMWMSRW SJ 'LETXIV WLEPP ETTP] JSV HIWMKR SJ TPEREV [EPPW WYFNIGX XS E\MEP PSEH [MXL SV [MXLSYX JPI\YVI ERH GMVGYPEV [EPPW [MXL E\MEP PSEH ERH LSSTXIRWMSR[MXLSV[MXLSYXJPI\YVI 'LETXIV ETTPMIW KIRIVEPP] XS [EPPW EW ZIVXMGEP PSEH GEVV]MRK QIQFIVW 'ERXMPIZIV VIXEMRMRK [EPPW EVI HIWMKRIH EGGSVHMRK XS XLI JPI\YVEP HIWMKR TVSZMWMSRW SJ 'LETXIV ;EPPW HIWMKRIH XS VIWMWX WLIEV JSVGIW WYGL EW WLIEV[EPPW WLSYPH FI HIWMKRIH MR EGGSVHERGI [MXL 'LETXIV ERH EWETTPMGEFPI { 'ERXMPIZIV VIXEMRMRK [EPPW EVI HIWMKRIH EGGSVHMRKXSJPI\YVEPHIWMKRTVSZMWMSRWSJ'LETXIV[MXL QMRMQYQLSVM^SRXEPVIMRJSVGIQIRXEGGSVHMRKXS -RXLI%'-GSHI[EPPWGSYPHFIHIWMKRIHEGGSVHMRK XS 'LETXIVSV -RXLI%'-GSHIXLIWIX[S [IVIGSQFMRIHMR'LETXIV {+IRIVEP 6{+IRIVEP { ;EPPWWLEPPFI HIWMKRIH JSVIGGIRXVMG PSEHW ERH ER] PEXIVEP SV SXLIV PSEHW XS [LMGL XLI] EVI WYFNIGXIH ;EPPW WLSYPH FI HIWMKRIH XS VIWMWX EPP PSEHW XS [LMGL XLI] EVI WYFNIGXIH MRGPYHMRK IGGIRXVMG E\MEP PSEHW ERH PEXIVEP JSVGIW(IWMKRMWXSFIGEVVMIHSYXMREGGSVHERGI[MXL YRPIWWXLI[EPPQIIXWXLIVIUYMVIQIRXWSJ { ;EPPW WYFNIGX XS E\MEP PSEHW WLEPP FI HIWMKRIH MR EGGSVHERGI [MXL ERH IMXLIV SV {(IWMKRJSVWLIEVWLEPPFIMREGGSVHERGI[MXL -R IMXLIV GEWI [EPPW QE] FI HIWMKRIH YWMRK IMXLIV XLI WXVIRKXLHIWMKRQIXLSHSJXLIGSHISVXLIEPXIVREXIHIWMKR QIXLSHSJ%TTIRHM\-MREGGSVHERGI[MXL- {9RPIWWSXLIV[MWIHIQSRWXVEXIHF]EREREP]WMW XLILSVM^SRXEPPIRKXLSJ[EPPGSRWMHIVIHEWIJJIGXMZIJSV IEGL GSRGIRXVEXIH PSEH WLEPP RSX I\GIIH GIRXIVXS GIRXIV HMWXERGIFIX[IIRPSEHW RSVXLIFIEVMRK[MHXL TPYWJSYVXMQIWXLI[EPPXLMGORIWW { 'SQTVIWWMSR QIQFIVW FYMPX MRXIKVEPP] [MXL [EPPWWLEPPGSRJSVQXS { ;EPPW WLEPP FI ERGLSVIH XS MRXIVWIGXMRK IPIQIRXWWYGLEWJPSSVWERHVSSJWSVXSGSPYQRWTMPEW XIVWFYXXVIWWIWSJMRXIVWIGXMRK[EPPWERHXSJSSXMRKW { 8VERWJIV SJ JSVGI XS JSSXMRK EX FEWI SJ [EPP WLEPPFIMREGGSVHERGI[MXL {1MRMQYQVIMRJSVGIQIRX 6{1MRMQYQVIMRJSVGIQIRX 8LI VIUYMVIQIRXW SJ EVI WMQMPEV XS XLSWI MR TVIZMSYW %'- &YMPHMRK 'SHIW 8LIWI ETTP] XS [EPPW HIWMKRIH EGGSVHMRK XS SV *SV [EPPW VIWMWXMRK LSVM ^SRXEP WLIEV JSVGIW MRXLI TPERISJ XLI[EPP VIMRJSVGIQIRX HIWMKRIHEGGSVHMRKXSERH QE]I\GIIH XLIQMRMQYQVIMRJSVGIQIRXWTIGMJMIHMR )2:-6321)28%07869'896)7'3()'311)28%6= '3() '311)28%6= {-RGSRGVIXIWQEHI[MXL%781'SV' GIQIRXW XLI QMRMQYQ ZIVXMGEP ERH LSVM^SRXEP VIMR JSVGIQIRX JSV XIQTIVEXYVI ERH WLVMROEKI WLEPP FI MR EGGSVHERGI[MXLERH {1MRMQYQVEXMSSJZIVXMGEPVIMRJSVGIQIRXEVIE XSKVSWWGSRGVIXIEVIEWLEPPFI {1MRMQYQVEXMSSJLSVM^SRXEPVIMRJSVGIQIRXEVIE XS KVSWW GSRGVIXI EVIE WLEPP FI FEWIH SR XLI PIRKXL FIX[IIRQSZIQIRXNSMRXWERHWLEPPGSRJSVQXS {;EPPWQSVIXLERMRXLMGOWLEPPLEZIVIMR JSVGIQIRX JSV IEGL HMVIGXMSR TPEGIH MR X[S PE]IVW TEVEPPIPXSJEGIWSJ[EPPMREGGSVHERGI[MXLXLIJSPPS[MRK E 3RI PE]IV GSRWMWXMRK SJ RSX PIWW XLER SRILEPJ RSV QSVI XLER X[SXLMVHW SJ XSXEP VIMRJSVGIQIRX VIUYMVIHJSVIEGLHMVIGXMSRWLEPPFITPEGIH[MXLRSX PIWW XLER XLI GSRGVIXI GSZIVPMQMXWKMZIR MR RSV QSVI XLER SRIXLMVH XLI XLMGORIWW SJ [EPP JVSQ XLI I\XIVMSVWYVJEGI F 8LI SXLIV PE]IV GSRWMWXMRK SJ XLI FEPERGI SJ VIUYMVIH VIMRJSVGIQIRX MR XLEX HMVIGXMSR WLEPP FI TPEGIHRSXPIWWXLERXLIGSRGVIXIGSZIVPMQMXWKMZIR MR RSV QSVI XLER SRIXLMVH SJ XLI XLMGORIWW SJ [EPPJVSQXLIMRXIVMSVWYVJEGI { :IVXMGEP ERH LSVM^SRXEP VIMRJSVGIQIRX WLEPP RSXFITPEGIHJEVXLIVETEVXXLERMR {:IVXMGEPVIMRJSVGIQIRXRIIHRSXFIIRGPSWIH F] PEXIVEP XMIW MJ ZIVXMGEP VIMRJSVGIQIRX EVIE MW RSX KVIEXIVXLERXMQIWKVSWWGSRGVIXIEVIESV[LIVI ZIVXMGEP VIMRJSVGIQIRXMW RSX VIUYMVIH EWGSQTVIWWMSR VIMRJSVGIQIRX { -R EHHMXMSR XS XLI QMRMQYQ VIMRJSVGIQIRX TVIZMSYWP] WTIGMJMIH ER EQSYRX SJ VIMRJSVGIQIRX IUYMZEPIRX XS XLEX MRXIVVYTXIH F] ER STIRMRK WLEPP FI EHHIHSRXLIWMHIWSJXLISTIRMRK7YGLFEVWWLEPPFI I\XIRHIHXSHIZIPSTXLIFEVFI]SRHXLIGSVRIVWSJXLI ERKYPEVSTIRMRKSVFI]SRHXLIMRXIVWIGXMSR[MXLSXLIV XVMQFEVWSJGMVGYPEVSTIRMRKWFYXRSXPIWWXLERMR {;EPPWHIWMKRIHEWGSQTVIWWMSR QIQFIVW )\GITX EW TVSZMHIH MR [EPPW WYFNIGXIH XS E\MEP PSEHSVGSQFMRIHJPI\YVIERHE\MEPPSEHSV[EPPWXLEX VIGIMZI XLIMV ZIVXMGEP WXEFMPMX] JVSQ GYVZEXYVI WLEPP FI HIWMKRIH EW GSQTVIWWMSR QIQFIVW MR EGGSVHERGI [MXL TVSZMWMSRW SJ ERH 6 {;LIVIXLIVIEVISTIRMRKWMR[EPPW[MXLPEXIVEP PSEHW XLI VIMRJSVGIQIRX HIWGVMFIH MR MW GSRWMHIVIH QMRMQYQ VIMRJSVGIQIRX 8LI [EPP WLSYPH FI HIWMKRIH XS VITPEGIXLIWXVIRKXLPSWXEXXLISTIRMRKERHXVERWJIVXLIPSEH EVSYRHXLISTIRMRK 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= {)QTMVMGEPHIWMKRQIXLSH 6{)QTMVMGEPHIWMKRQIXLSH {;EPPWSJWSPMHVIGXERKYPEVGVSWWWIGXMSRWLEPP FI TIVQMXXIH XS FI HIWMKRIH F] XLI IQTMVMGEP TVSZM WMSRW SJ MJ XLI VIWYPXERX SJ EPP JEGXSVIH PSEHW MW PSGEXIH[MXLMRXLIQMHHPIXLMVHSJXLISZIVEPPXLMGORIWWSJ XLI[EPPERHEPPPMQMXWSJ ERHEVIWEXMWJMIH 8LI IQTMVMGEP HIWMKR QIXLSH ETTPMIW SRP] XS WSPMH VIGXER KYPEV GVSWW WIGXMSRW %PP SXLIV WLETIW QYWX FI HIWMKRIH EGGSVHMRKXS { (IWMKR E\MEP PSEH WXVIRKXL 4R[ SJ E [EPP WEXMWJ]MRK PMQMXEXMSRW SJ WLEPP FI GSQTYXIH F] )U YRPIWWHIWMKRIHMREGGSVHERGI[MXL OP 4 R[ ! J G % K z G L [LIVI !ERHIJJIGXMZIPIRKXLJEGXSVO WLEPPFI *SV [EPPW FVEGIH XST ERH FSXXSQ EKEMRWX PEXIVEP XVERWPEXMSRERH E VIWXVEMRIH EKEMRWX VSXEXMSR EX SRI SV FSXL IRHW XSTERHSVFSXXSQ F YRVIWXVEMRIHEKEMRWXVSXEXMSREXFSXLIRHW *SV[EPPWRSXFVEGIHEKEMRWXPEXIVEPXVERWPEXMSR )GGIRXVMGPSEHWERHPEXIVEPJSVGIWEVIYWIHXSHIXIVQMRIXLI XSXEP IGGIRXVMGMX] SJ XLI JEGXSVIH E\MEP PSEH 4Y ;LIR XLI VIWYPXERX PSEH JSV EPP ETTPMGEFPI PSEH GSQFMREXMSRW JEPPW [MXLMR XLI QMHHPI XLMVH SJ XLI [EPP XLMGORIWW IGGIRXVMGMX] RSXKVIEXIVXLERL EXEPPWIGXMSRWEPSRKXLIPIRKXLSJXLI YRHIJSVQIH[EPPXLIIQTMVMGEPHIWMKRQIXLSHQE]FIYWIH 8LIHIWMKRMWXLIRGEVVMIHSYXGSRWMHIVMRK4Y EWXLIGSRGIR XVMGPSEH8LIJEGXSVIHE\MEPPSEH4Y WLSYPHFIPIWWXLERSV IUYEP XS XLI HIWMKR E\MEP PSEH WXVIRKXL 4R[ GSQTYXIH F] )U 4Y 4R[ ;MXLXLI%'-WYTTPIQIRX)U [EWVIZMWIH XSVIJPIGXXLIKIRIVEPVERKISJIRHGSRHMXMSRWIRGSYRXIVIHMR [EPPHIWMKRW8LI[EPPWXVIRKXLIUYEXMSRMRXLI%'- GSHI [EW FEWIH SR XLI EWWYQTXMSR SJ E [EPP [MXL XSTERH FSXXSQ JM\IH EKEMRWX PEXIVEP QSZIQIRX ERH [MXL QSQIRX VIWXVEMRX EX SRI IRH GSVVIWTSRHMRK XS ER IJJIGXMZI PIRKXL JEGXSVFIX[IIRERH%\MEPPSEHWXVIRKXLZEPYIWHIXIV QMRIHJVSQXLISVMKMREPIUYEXMSR[IVIYRGSRWIVZEXMZI[LIR GSQTEVIH[MXLXIWXVIWYPXWJSV[EPPW[MXLTMRRIHGSRHM XMSRWEXFSXLIRHWEWGERSGGYVMRWSQITVIGEWXERHXMPXYT ETTPMGEXMSRW SV[LIRXLIXSTSJXLI[EPPMWRSX IJJIGXMZIP] FVEGIH EKEMRWX XVERWPEXMSR EW SGGYVW [MXL QER] JVII WXERHMRK[EPPWSVMRPEVKIWXVYGXYVIW[LIVIWMKRMJMGERXVSSJ HMETLVEKQHIJPIGXMSRWSGGYVHYIXS[MRHERHWIMWQMGPSEHW )UYEXMSR KMZIW XLI WEQI VIWYPXW EW XLI %'- GSHI JSV [EPPW FVEGIH EKEMRWX XVERWPEXMSR ERH [MXL VIEWSR EFPI FEWI VIWXVEMRX EKEMRWX VSXEXMSR :EPYIW SJ IJJIGXMZI ZIVXMGEPPIRKXLJEGXSVWO EVIKMZIRJSVGSQQSRP]SGGYVVMRK [EPPIRHGSRHMXMSRW8LIIRHGSRHMXMSRwVIWXVEMRIH EKEMRWX VSXEXMSRxVIUYMVIHJSVEOJEGXSVSJMQTPMIWEXXEGLQIRXXS EQIQFIVLEZMRKJPI\YVEPWXMJJRIWW)-P EXPIEWXEWPEVKIEW XLEXSJXLI[EPP 8LI WPIRHIVRIWW TSVXMSR SJ )U VIWYPXW MR VIPEXMZIP] GSQTEVEFPI WXVIRKXLW F] IMXLIV SV JSV QIQFIVW PSEHIH EX XLI QMHHPI XLMVH SJ XLI XLMGORIWW [MXL HMJJIVIRX FVEGIHERHVIWXVEMRIHIRHGSRHMXMSRW7II*MK6 {1MRMQYQXLMGORIWWSJ[EPPWHIWMKRIHF] IQTMVMGEPHIWMKRQIXLSH 6 { 1MRMQYQ XLMGORIWW SJ [EPPW HIWMKRIH F] IQTMVMGEPHIWMKRQIXLSH { 8LMGORIWW SJ FIEVMRK [EPPW XLEX HS RSX VIGIMZI XLIMV ZIVXMGEP WXEFMPMX] JVSQ GYVZEXYVI WLEPPRSX FI PIWW XLER XLI WYTTSVXIH LIMKLX SV PIRKXL [LMGLIZIVMWPIWWRSVPIWWXLERMR 8LI QMRMQYQ XLMGORIWW VIUYMVIQIRXW RIIH RSX FI ETTPMIH XS[EPPWHIWMKRIHEGGSVHMRKXS )2:-6321)28%07869'896)7'3()'311)28%6= '3() '311)28%6= {1MRMQYQ[EPPXLMGORIWW { 8LMGORIWW SJ RSRFIEVMRK [EPPW XLEX HS RSX VIGIMZI XLIMV ZIVXMGEP WXEFMPMX] JVSQ GYVZEXYVI WLEPPRSX FIPIWWXLERMRRSVPIWWXLERXLIPIEWXHMWXERGI FIX[IIRQIQFIVWXLEXWYTTP]PEXIVEPWYTTSVX { 8LI QMRMQYQ XLMGORIWW SJ GSRZIRXMSREPP] VIMRJSVGIHGEWXMRTPEGIGSRGVIXI[EPPWXLEXEVIMRGSRXEGX [MXLPMUYMHWERHEVIEXPIEWXJXLMKLWLEPPFIMR {;EPPWEWKVEHIFIEQW {;EPPWHIWMKRIHEW KVEHIFIEQW WLEPPLEZI XSTERHFSXXSQVIMRJSVGIQIRXEWVIUYMVIHJSVQSQIRX MR EGGSVHERGI [MXL TVSZMWMSRW SJ XLVSYKL (IWMKR JSV WLIEV WLEPP FI MR EGGSVHERGI [MXL TVSZM WMSRWSJ'LETXIV {4SVXMSRWSJKVEHIFIEQ[EPPWI\TSWIHEFSZI KVEHIWLEPPEPWSQIIXVIUYMVIQIRXWSJ *MK6{)QTMVMGEPHIWMKRSJ[EPPW)U ZIVWYW {%PXIVREXMZIHIWMKRSJWPIRHIV[EPPW 6{%PXIVREXMZIHIWMKRSJWPIRHIV[EPPW {;LIRJPI\YVEPXIRWMSRGSRXVSPWXLIHIWMKRSJ E [EPP XLI VIUYMVIQIRXW SJ EVI GSRWMHIVIH XS WEXMWJ] 7IGXMSRMWFEWIHSRXLIGSVVIWTSRHMRKVIUYMVIQIRXWMR XLI 9RMJSVQ &YMPHMRK 'SHI 9&' ERH I\TIVMQIRXEP VIWIEVGL { ;EPPW HIWMKRIH F] XLI TVSZMWMSRW SJ WLEPPWEXMWJ]XLVSYKL 8LITVSGIHYVIMWTVIWIRXIHEWEREPXIVREXMZIXSXLIVIUYMVI QIRXW SJ JSV XLI SYXSJTPERI HIWMKR SJTVIGEWX [EPP TERIPW[LIVIXLITERIPWEVIVIWXVEMRIHEKEMRWXSZIVXYVRMRK EXXLIXST { 8LI [EPP TERIP WLEPP FI HIWMKRIH EW E WMQTP]WYTTSVXIHE\MEPP]PSEHIHQIQFIVWYFNIGXIHXS ER SYXSJTPERI YRMJSVQ PEXIVEP PSEH [MXL QE\MQYQ QSQIRXWERHHIJPIGXMSRWSGGYVVMRKEXQMHWTER { 8LI GVSWW WIGXMSR MW GSRWXERX SZIV XLI LIMKLXSJXLITERIP { 8LI VIMRJSVGIQIRX VEXMS I\GIIH F WLEPP RSX { 6IMRJSVGIQIRX WLEPP TVSZMHI E HIWMKR WXVIRKXL 1R 1GV [LIVI 1GV WLEPP FI SFXEMRIH YWMRK XLI QSHYPYW SJ VYTXYVIKMZIRF])U {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{ :IVXMGEP WXVIWW 4Y %K EX XLI QMHLIMKLX WIGXMSRWLEPPRSXI\GIIHJG { 8LI HIWMKR QSQIRX WXVIRKXL 1R JSV GSQFMRIH JPI\YVI ERH E\MEP PSEHW EX XLI QMHLIMKLX GVSWWWIGXMSRWLEPPFI 1R 1Y [LIVI 1Y!1YE4Y Y 1YEMWXLIQSQIRXEXXLIQMHLIMKLXWIGXMSRSJXLI[EPP HYIXSJEGXSVIHPSEHWERH YMW Y 1 Y P G ! ) G - GV 1YWLEPPFISFXEMRIHF]MXIVEXMSR SJ HIJPIGXMSRWSVF] HMVIGXGEPGYPEXMSRYWMRK)U 1 YE 1 Y ! 4 Y P G z ) G - GV [LIVI - GV ! R% WI H z G P[ G ERH 4Y % W J] % WI ! J] { 8LI QE\MQYQ HIJPIGXMSR W HYI XS WIVZMGI PSEHW MRGPYHMRK 4 IJJIGXW WLEPP RSX I\GIIH PG 8LIQMHLIMKLXHIJPIGXMSR WWLEPPFIHIXIVQMRIHF] W 1 P ! G ) G -I 1 WE 1 ! 4 W P G z ) G - I -I WLEPP FI GEPGYPEXIH YWMRK XLI TVSGIHYVI SJ WYFWXMXYXMRK 1 JSV 1E -GV WLEPP FI IZEPYEXIH YWMRK )U )2:-6321)28%07869'896)7'3()'311)28%6= ',%48)6{*338-2+7 '3() '311)28%6= {2SXEXMSR 6{2SXEXMSR %K ! KVSWWEVIESJWIGXMSRMR HT ! HMEQIXIVSJTMPIEXJSSXMRKFEWI ! VEXMSSJPSRKWMHIXSWLSVXWMHISJJSSXMRK 9RMXWSJQIEWYVIQIRXEVIKMZIRMRXLI2SXEXMSRXSEWWMWXXLI YWIV ERH EVI RSX MRXIRHIH XS TVIGPYHI XLI YWI SJ SXLIV GSVVIGXP] ETTPMIH YRMXW JSV XLI WEQI W]QFSP WYGL EW JX SV OMT,S[IZIVXLIZEPYIWSJGSRWXERXWYWIHMRIUYEXMSRWEVI HITIRHIRXSRXLIYRMXWSJXLITEVEQIXIVW-JXLIYWIVGLSSWIWXS YWIEPXIVREXIYRMXWXLIGSRWXERXWQYWXFIEHNYWXIHEGGSVHMRKP] {7GSTI 6{7GSTI { 4VSZMWMSRW SJ 'LETXIV WLEPP ETTP] JSV HIWMKR SJ MWSPEXIH JSSXMRKW ERH [LIVI ETTPMGEFPI XS GSQFMRIHJSSXMRKWERHQEXW ;LMPIXLITVSZMWMSRWSJ'LETXIVETTP]XSMWSPEXIHJSSXMRKW WYTTSVXMRKEWMRKPIGSPYQRSV[EPPQSWXSJXLITVSZMWMSRW EVI KIRIVEPP] ETTPMGEFPI XS GSQFMRIH JSSXMRKW ERH QEXW WYTTSVXMRK WIZIVEP GSPYQRW SV [EPPW SV E GSQFMREXMSR XLIVISJ { %HHMXMSREP VIUYMVIQIRXW JSV HIWMKR SJ GSQFMRIHJSSXMRKWERHQEXWEVIKMZIRMR {0SEHWERHVIEGXMSRW 6{0SEHWERHVIEGXMSRW {*SSXMRKW WLEPPFITVSTSVXMSRIHXS VIWMWXXLI JEGXSVIH PSEHW ERH MRHYGIH VIEGXMSRW MR EGGSVHERGI [MXLXLIETTVSTVMEXIHIWMKRVIUYMVIQIRXWSJXLMWGSHI ERHEWTVSZMHIHMR'LETXIV *SSXMRKW EVI VIUYMVIH XS FI TVSTSVXMSRIH XS WYWXEMR XLI ETTPMIH JEGXSVIH PSEHW ERH MRHYGIH VIEGXMSRW XLEX MRGPYHI E\MEPPSEHWQSQIRXWERHWLIEVWXLEXLEZIXSFIVIWMWXIHEX XLIFEWISJXLIJSSXMRKSVTMPIGET {&EWIEVIESJJSSXMRKSVRYQFIVERHEVVERKI QIRX SJ TMPIW WLEPP FI HIXIVQMRIH JVSQ YRJEGXSVIH JSVGIW ERH QSQIRXW XVERWQMXXIH F] JSSXMRK XS WSMP SV TMPIWERHTIVQMWWMFPIWSMPTVIWWYVISVTIVQMWWMFPITMPI GETEGMX]HIXIVQMRIHXLVSYKLTVMRGMTPIWSJWSMPQIGLERMGW %JXIV XLI TIVQMWWMFPI WSMP TVIWWYVI SV XLI TIVQMWWMFPI TMPI GETEGMX] LEW FIIR HIXIVQMRIH F] TVMRGMTPIW SJ WSMP QIGLERMGWERHMREGGSVH[MXLXLIKIRIVEPFYMPHMRKGSHIXLI WMÎSJXLIFEWIEVIESJEJSSXMRKSRWSMPSVXLIRYQFIVERH EVVERKIQIRXSJXLITMPIWWLSYPHFIIWXEFPMWLIHSRXLIFEWMW SJ YRJEGXSVIH WIVZMGI PSEHW ( 0 ; ERH ) MR [LEXIZIV GSQFMREXMSRXLEXKSZIVRWXLIHIWMKR { *SV JSSXMRKW SR TMPIW GSQTYXEXMSRW JSV QSQIRXW ERH WLIEVW WLEPP FI TIVQMXXIH XS FI FEWIH SR XLI EWWYQTXMSR XLEX XLI VIEGXMSR JVSQ ER] TMPI MW GSRGIRXVEXIHEXTMPIGIRXIV 3RP]XLIGSQTYXIHIRHQSQIRXWXLEXI\MWXEXXLIFEWISJE GSPYQR SVTIHIWXEP RIIHFIXVERWJIVVIHXSXLIJSSXMRKXLI QMRMQYQ QSQIRX VIUYMVIQIRX JSV WPIRHIVRIWW GSRWMHIV EXMSRWKMZIRMRRIIHRSXFIGSRWMHIVIHJSVXVERWJIV SJJSVGIWERHQSQIRXWXSJSSXMRKW -R GEWIW MR [LMGL IGGIRXVMG PSEHW SV QSQIRXW EVI XS FI GSRWMHIVIH XLI I\XVIQI WSMP TVIWWYVI SV TMPI VIEGXMSR SFXEMRIHJVSQXLMWPSEHMRKWLSYPHFI[MXLMRXLITIVQMWWMFPI ZEPYIW7MQMPEVP]XLIVIWYPXERXVIEGXMSRWHYIXSWIVZMGIPSEHW GSQFMRIH[MXLQSQIRXWWLIEVWSVFSXLGEYWIHF][MRHSV IEVXLUYEOI PSEHW WLSYPH RSX I\GIIH XLI MRGVIEWIH ZEPYIW XLEXQE]FITIVQMXXIHF]XLIKIRIVEPFYMPHMRKGSHI 8STVSTSVXMSREJSSXMRKSVTMPIGETJSVWXVIRKXLXLIGSRXEGX WSMP TVIWWYVI SV TMPI VIEGXMSR HYI XS XLI ETTPMIH JEGXSVIH PSEHMRK WII WLSYPH FI HIXIVQMRIH *SV E WMRKPI GSRGIRXVMGEPP]PSEHIHWTVIEHJSSXMRKXLIWSMPVIEGXMSRUWHYI XSXLIJEGXSVIHPSEHMRKMWUW!9%J[LIVI9MWXLIJEGXSVIH 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= GSRGIRXVMGPSEHXSFIVIWMWXIHF]XLIJSSXMRKERH %J MWXLI FEWI EVIE SJ XLI JSSXMRK EW HIXIVQMRIH F] XLI TVMRGMTPIW WXEXIHMRYWMRKXLIYRJEGXSVIHPSEHWERHXLITIVQMW WMFPIWSMPTVIWWYVI UW MW E GEPGYPEXIH VIEGXMSR XS XLI JEGXSVIH PSEHMRK YWIH XS TVSHYGI XLI WEQI VIUYMVIH WXVIRKXL GSRHMXMSRW VIKEVHMRK JPI\YVI WLIEV ERH HIZIPSTQIRX SJ VIMRJSVGIQIRX MR XLI JSSXMRKSVTMPIGETEWMRER]SXLIVQIQFIV -R XLI GEWI SJ IGGIRXVMG PSEHMRK PSEH JEGXSVW QE] GEYWI IGGIRXVMGMXMIW ERH VIEGXMSRW XLEX EVI HMJJIVIRX JVSQ XLSWI SFXEMRIHF]YRJEGXSVIHPSEHW ;LIRXLIEPXIVREXIHIWMKRQIXLSHSJ%TTIRHM\-MWYWIHJSV HIWMKRSJ JSSXMRKW XLI WSMP FIEVMRK TVIWWYVIW SV TMPI VIEG XMSRW EVI XLSWI GEYWIH F] XLI WIVZMGI PSEHW [MXLSYX PSEH JEGXSVW 8LITIVQMWWMFPIWSMPTVIWWYVIWSVTIVQMWWMFPITMPI VIEGXMSRWEVIIUYEXIHHMVIGXP][MXLXLIETTPMIHWIVZMGIPSEH TVIWWYVIWSVVIEGXMSRWXSHIXIVQMRIFEWIEVIESJJSSXMRKSV RYQFIVERHEVVERKIQIRXSJTMPIW;LIRPEXIVEPPSEHWHYIXS [MRH SV IEVXLUYEOI EVI MRGPYHIH MR XLI KSZIVRMRK PSEH GSQFMREXMSRJSVJSSXMRKWEHZERXEKIQE]FIXEOIRSJXLI TIVGIRXVIHYGXMSRMRVIUYMVIHWXVIRKXLMREGGSVHERGI[MXL 7IGXMSR- {*SSXMRKWWYTTSVXMRKGMVGYPEVSV VIKYPEVTSP]KSRWLETIHGSPYQRW SVTIHIWXEPW *SVPSGEXMSRSJGVMXMGEPWIGXMSRWJSVQSQIRXWLIEVERH HIZIPSTQIRX SJ VIMRJSVGIQIRX MR JSSXMRKW MX WLEPP FI TIVQMXXIH XS XVIEX GMVGYPEV SV VIKYPEV TSP]KSR WLETIH GSRGVIXI GSPYQRW SV TIHIWXEPW EW WUYEVI QIQFIVW [MXLXLIWEQIEVIE {1SQIRXMRJSSXMRKW {)\XIVREPQSQIRXSRER]WIGXMSRSJEJSSXMRK WLEPP FI HIXIVQMRIH F] TEWWMRK E ZIVXMGEP TPERI XLVSYKLXLIJSSXMRKERHGSQTYXMRKXLIQSQIRXSJXLI JSVGIWEGXMRKSZIVIRXMVIEVIESJJSSXMRKSRSRIWMHISJ XLEXZIVXMGEPTPERI { 1E\MQYQ JEGXSVIH QSQIRX JSV ER MWSPEXIH JSSXMRK WLEPP FI GSQTYXIH EW TVIWGVMFIH MR EX GVMXMGEPWIGXMSRWPSGEXIHEWJSPPS[W E %XJEGISJGSPYQRTIHIWXEPSV[EPPJSVJSSXMRKW WYTTSVXMRKEGSRGVIXIGSPYQRTIHIWXEPSV[EPP F ,EPJ[E] FIX[IIR QMHHPI ERH IHKI SJ [EPP JSV JSSXMRKWWYTTSVXMRKEQEWSRV][EPP G ,EPJ[E] FIX[IIR JEGI SJ GSPYQR ERH IHKI SJ WXIIP FEWI TPEXI JSV JSSXMRKW WYTTSVXMRK E GSPYQR [MXLWXIIPFEWITPEXI 6{1SQIRXMRJSSXMRKW )2:-6321)28%07869'896)7'3()'311)28%6= '3() '311)28%6= { -R SRI[E] JSSXMRKW ERH X[S[E] WUYEVI JSSXMRKW VIMRJSVGIQIRX WLEPP FI HMWXVMFYXIH YRMJSVQP] EGVSWWIRXMVI[MHXLSJJSSXMRK { -R X[S[E] VIGXERKYPEV JSSXMRKW VIMRJSVGI QIRX WLEPPFI HMWXVMFYXIHMR EGGSVHERGI [MXL ERH {6IMRJSVGIQIRXMRPSRKHMVIGXMSRWLEPPFI HMWXVMFYXIHYRMJSVQP]EGVSWWIRXMVI[MHXLSJJSSXMRK { *SV VIMRJSVGIQIRX MR WLSVX HMVIGXMSR E TSVXMSR SJ XLI XSXEP VIMRJSVGIQIRX KMZIR F] )U WLEPP FI HMWXVMFYXIH YRMJSVQP] SZIV E FERH [MHXL GIRXIVIHSRGIRXIVPMRISJGSPYQRSVTIHIWXEP IUYEPXS XLI PIRKXL SJ WLSVX WMHI SJ JSSXMRK 6IQEMRHIV SJ VIMR JSVGIQIRXVIUYMVIHMRWLSVXHMVIGXMSRWLEPPFIHMWXVMFYXIH YRMJSVQP]SYXWMHIGIRXIVFERH[MHXLSJJSSXMRK 6IMRJSVGIQIRXMR FERH[MHXL ! 8SXEPVIMRJSVGIQIRX MRWLSVXHMVIGXMSR 6 {-RTVIZMSYW%'-&YMPHMRK'SHIWXLIVIMRJSVGIQIRX MR XLI WLSVX HMVIGXMSR SJ VIGXERKYPEV JSSXMRKW WLSYPH FI HMWXVMFYXIH WS XLEX ER EVIE SJ WXIIP KMZIR F] )U MW TVSZMHIH MR E FERH [MHXL IUYEP XS XLI PIRKXL SJ XLI WLSVX WMHI SJ XLI JSSXMRK 8LI FERH [MHXL MW GIRXIVIH EFSYX XLI GSPYQRGIRXIVPMRI 8LIVIQEMRMRKVIMRJSVGIQIRXVIUYMVIHMRXLIWLSVXHMVIGXMSR MW XS FI HMWXVMFYXIH IUYEPP] SZIV XLI X[S WIKQIRXW SYXWMHI XLIFERH[MHXLSRILEPJXSIEGLWIKQIRX {7LIEVMRJSSXMRKW 6{7LIEVMRJSSXMRKW {7LIEVWXVIRKXLSJJSSXMRKWWLEPPFIMREGGSV HERGI[MXL 6ERH6{8LIWLIEVWXVIRKXLSJJSSXMRKWEVI HIXIVQMRIH JSV XLI QSVI WIZIVI GSRHMXMSR SJ SV 8LI GVMXMGEP WIGXMSR JSV WLIEV MW QIEWYVIH JVSQ XLIJEGI SJWYTTSVXIHQIQFIV GSPYQRTIHIWXEP SV [EPP I\GITXJSVWYTTSVXIHQIQFIVWSRWXIIPFEWITPEXIW {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{1SHMJMIHGVMXMGEPTIVMQIXIVJSVWLIEV[MXLSZIV PETTMRKGVMXMGEPTIVMQIXIVW 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= {;LIVIXLIHMWXERGIFIX[IIRXLIE\MWSJER] TMPI XS XLIE\MWSJXLIGSPYQR MW QSVI XLERX[S XMQIW XLIHMWXERGI FIX[IIR XLI XSTSJ XLI TMPI GET ERH XLI XST SJ XLI TMPI XLI TMPI GET WLEPP WEXMWJ] ERH 3XLIVTMPIGETWWLEPPWEXMWJ]SV 6 { ;LIR TMPIW EVI PSGEXIH MRWMHI XLI GVMXMGEP WIGXMSRW H SV HJVSQJEGISJGSPYQRJSVSRI[E]SVX[S [E]WLIEVVIWTIGXMZIP]ERYTTIVPMQMXSRXLIWLIEVWXVIRKXL EX E WIGXMSR EHNEGIRX XS XLI JEGI SJ XLI GSPYQR WLSYPH FI GSRWMHIVIH 8LI '67- ,ERHFSSO SJJIVW KYMHERGI JSV XLMWWMXYEXMSR { 'SQTYXEXMSR SJ WLIEV SR ER] WIGXMSR XLVSYKLEJSSXMRKWYTTSVXIHSRTMPIWWLEPPFIMREGGSV HERGI[MXLERH { )RXMVI VIEGXMSR JVSQ ER] TMPI [LSWI GIRXIVMWPSGEXIHHT SVQSVISYXWMHIXLIWIGXMSRWLEPP FIGSRWMHIVIHEWTVSHYGMRKWLIEVSRXLEXWIGXMSR { 6IEGXMSR JVSQ ER]TMPI[LSWI GIRXIV MW PSGEXIH HT SV QSVI MRWMHI XLI WIGXMSR WLEPP FI GSRWMHIVIHEWTVSHYGMRKRSWLIEVSRXLEXWIGXMSR {*SVMRXIVQIHMEXITSWMXMSRWSJTMPIGIRXIV XLI TSVXMSR SJ XLI TMPI VIEGXMSR XS FI GSRWMHIVIH EW TVSHYGMRK WLIEV SR XLI WIGXMSR WLEPP FI FEWIH SR WXVEMKLXPMRI MRXIVTSPEXMSR FIX[IIR JYPP ZEPYI EX HT SYXWMHIXLI WIGXMSR ERHÎVS ZEPYI EX HT MRWMHI XLI WIGXMSR {(IZIPSTQIRXSJVIMRJSVGIQIRXMR JSSXMRKW { (IZIPSTQIRX SJ VIMRJSVGIQIRX MR JSSXMRKW WLEPPFIMREGGSVHERGI[MXL'LETXIV { 'EPGYPEXIH XIRWMSR SV GSQTVIWWMSR MR VIMR JSVGIQIRXEXIEGLWIGXMSRWLEPPFIHIZIPSTIHSRIEGL WMHISJXLEXWIGXMSRF]IQFIHQIRXPIRKXLLSSO XIRWMSR SRP] SVQIGLERMGEPHIZMGISVEGSQFMREXMSRXLIVISJ { 'VMXMGEP WIGXMSRW JSV HIZIPSTQIRX SJ VIMR JSVGIQIRXWLEPPFIEWWYQIHEXXLIWEQIPSGEXMSRWEW HIJMRIHMR JSVQE\MQYQJEGXSVIHQSQIRXERH EXEPPSXLIVZIVXMGEPTPERIW[LIVIGLERKIWSJWIGXMSRSV VIMRJSVGIQIRXSGGYV7IIEPWS {1MRMQYQJSSXMRKHITXL (ITXLSJJSSXMRKEFSZIFSXXSQVIMRJSVGIQIRXWLEPPRSX FIPIWWXLERMRJSVJSSXMRKWSRWSMPRSVPIWWXLERMR JSVJSSXMRKWSRTMPIW {8VERWJIVSJJSVGIEXFEWISJGSPYQR [EPPSVVIMRJSVGIHTIHIWXEP 6{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{*SVGIWERHQSQIRXWEXFEWISJGSPYQR[EPP SVTIHIWXEPWLEPPFIXVERWJIVVIHXSWYTTSVXMRKTIHIWXEPSV JSSXMRK F] FIEVMRK SR GSRGVIXI ERH F] VIMRJSVGIQIRX HS[IPWERHQIGLERMGEPGSRRIGXSVW { &IEVMRK SR GSRGVIXI EX GSRXEGX WYVJEGI FIX[IIR WYTTSVXIH ERH WYTTSVXMRKQIQFIVWLEPPRSX I\GIIHGSRGVIXIFIEVMRKWXVIRKXLJSVIMXLIVWYVJEGIEW KMZIRF] 6{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{ 6IMRJSVGIQIRX HS[IPW SV QIGLERMGEP GSRRIGXSVW FIX[IIR WYTTSVXIH ERH WYTTSVXMRK QIQFIVWWLEPPFIEHIUYEXIXSXVERWJIV E %PP GSQTVIWWMZI JSVGI XLEX I\GIIHW GSRGVIXI FIEVMRKWXVIRKXLSJIMXLIVQIQFIV 6 { %PP XIRWMPI JSVGIW [LIXLIV GVIEXIH F] YTPMJX QSQIRX SV SXLIV QIERW WLSYPH FI XVERWJIVVIH XS WYTTSVXMRKTIHIWXEPSVJSSXMRKIRXMVIP]F]VIMRJSVGIQIRXSV WYMXEFPI QIGLERMGEP GSRRIGXSVW +IRIVEPP] QIGLERMGEP GSRRIGXSVW[SYPHFIYWIHSRP]MRTVIGEWXGSRWXVYGXMSR F %R]GSQTYXIHXIRWMPIJSVGIEGVSWWMRXIVJEGI -R EHHMXMSR VIMRJSVGIQIRX HS[IPW SV QIGLERMGEP GSRRIGXSVWWLEPPWEXMWJ] SV {-JGEPGYPEXIHQSQIRXWEVIXVERWJIVVIHXS WYTTSVXMRK TIHIWXEP SV JSSXMRK XLIR VIMRJSVGIQIRX HS[IPW SV QIGLERMGEP GSRRIGXSVW WLEPP FI EHIUYEXI XSWEXMWJ] 6 { -J GSQTYXIH QSQIRXW EVI XVERWJIVVIH JVSQ XLI GSPYQR XS XLI JSSXMRK XLI GSRGVIXI MR XLI GSQTVIWWMSR ^SRISJXLIGSPYQR[MPPKIRIVEPP]FIWXVIWWIHXSJG YRHIV JEGXSVIHPSEHGSRHMXMSRWERHEWEVIWYPXEPPXLIVIMRJSVGIQIRX [MPPKIRIVEPP]LEZIXSFIHS[IPIHMRXSXLIJSSXMRK 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= { 0EXIVEP JSVGIW WLEPP FI XVERWJIVVIH XS WYTTSVXMRKTIHIWXEPSVJSSXMRKMREGGSVHERGI[MXLWLIEV JVMGXMSRTVSZMWMSRWSJSVF]SXLIVETTVSTVMEXIQIERW 6 {8LIWLIEVJVMGXMSRQIXLSHKMZIRMRQE] FI YWIH XS GLIGO JSV XVERWJIV SJ PEXIVEP JSVGIW XS WYTTSVXMRK TIHIWXEPSVJSSXMRK7LIEVOI]WQE]FIYWIHTVSZMHIHXLEXXLI VIMRJSVGIQIRX GVSWWMRK XLI NSMRX WEXMWJMIW ERH XLI WLIEVJVMGXMSR VIUYMVIQIRXW SJ -R TVIGEWX GSRWXVYGXMSRVIWMWXERGIXSPEXIVEPJSVGIWQE]FITVSZMHIHF] WLIEVJVMGXMSRWLIEVOI]WSVQIGLERMGEPHIZMGIW { -R GEWXMRTPEGI GSRWXVYGXMSR VIMRJSVGIQIRX VIUYMVIH XS WEXMWJ] WLEPP FI TVSZMHIH IMXLIV F] I\XIRHMRKPSRKMXYHMREPFEVWMRXSWYTTSVXMRKTIHIWXEPSV JSSXMRKSVF]HS[IPW {*SVGEWXMRTPEGIGSPYQRWERHTIHIWXEPW EVIESJVIMRJSVGIQIRXEGVSWWMRXIVJEGIWLEPPFIRSXPIWW XLERXMQIWKVSWWEVIESJWYTTSVXIHQIQFIV {*SVGEWXMRTPEGI[EPPWEVIESJVIMRJSVGI QIRXEGVSWWMRXIVJEGIWLEPPFIRSXPIWWXLERQMRMQYQ ZIVXMGEPVIMRJSVGIQIRXKMZIRMR { %X JSSXMRKW MX WLEPP FI TIVQMXXIH XS PET WTPMGI2SERH2SPSRKMXYHMREPFEVWMRGSQTVIW WMSR SRP] [MXL HS[IPW XS TVSZMHI VIMRJSVGIQIRX VIUYMVIH XS WEXMWJ] (S[IPW WLEPP RSX FI PEVKIV XLER 2S FEV ERH WLEPP I\XIRH MRXS WYTTSVXIH QIQFIV E HMWXERGI RSX PIWW XLER XLI HIZIPSTQIRX PIRKXLSJ2SSV2SFEVWSVXLIWTPMGIPIRKXLSJ XLIHS[IPW[LMGLIZIVMWKVIEXIVERHMRXSXLIJSSXMRKE HMWXERGI RSX PIWW XLER XLI HIZIPSTQIRX PIRKXL SJ XLI HS[IPW 6ERH6{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{0ETWTPMGIWSJ2SERH2SPSRKMXY HMREPFEVWMRGSQTVIWWMSRSRP]XSHS[IPWJVSQEJSSXMRKEVI WTIGMJMGEPP]TIVQMXXIHMR8LIHS[IPFEVWWLSYPHFI 2SSVWQEPPIVMRWMÎ8LIHS[IPPETWTPMGIPIRKXLWLSYPH QIIXXLIPEVKIVSJXLIX[SGVMXIVME E FIEFPIXSXVERWJIVXLI WXVIWWMRXLI2SERH2SFEVWERH F JYPP]HIZIPST XLIWXVIWWMRXLIHS[IPWEWEWTPMGI 8LMWTVSZMWMSRMWERI\GITXMSRXS[LMGLTVSLMFMXW PET WTPMGMRK SJ 2S ERH 2S FEVW 8LMW I\GITXMSR VIWYPXW JVSQ QER] ]IEVW SJWYGGIWWJYPI\TIVMIRGI [MXL XLI PETWTPMGMRKSJXLIWIPEVKIGSPYQRFEVW[MXLJSSXMRKHS[IPW SJXLIWQEPPIVWMÎ8LIVIEWSRJSVXLIVIWXVMGXMSRSRHS[IP FEVWMÎMWVIGSKRMXMSRSJXLIERGLSVEKIPIRKXLTVSFPIQSJ XLIPEVKIFEVWERHXSEPPS[YWISJXLIWQEPPIVWMÎHS[IPW% WMQMPEV I\GITXMSR MW EPPS[IH JSV GSQTVIWWMSR WTPMGIW FIX[IIRHMJJIVIRXWMÎFEVWMR { -J E TMRRIH SV VSGOIV GSRRIGXMSR MW TVSZMHIH MR GEWXMRTPEGI GSRWXVYGXMSR GSRRIGXMSR WLEPPGSRJSVQXSERH {-RTVIGEWXGSRWXVYGXMSRERGLSVFSPXWSVWYMX EFPI QIGLERMGEP GSRRIGXSVW WLEPP FI TIVQMXXIH JSV WEXMWJ]MRK %RGLSV FSPXW WLEPP FI HIWMKRIH MR EGGSVHERGI[MXL%TTIRHM\( {'SRRIGXMSRFIX[IIRTVIGEWXGSPYQRWSV TIHIWXEPW ERH WYTTSVXMRK QIQFIVW WLEPP QIIX XLI VIUYMVIQIRXWSJ E { 'SRRIGXMSR FIX[IIR TVIGEWX [EPPW ERH WYTTSVXMRK QIQFIVW WLEPP QIIX XLI VIUYMVIQIRXW SJ F ERH G 6 ERH 6 { *SV GEWXMRTPEGI GSPYQRW VIUYMVIW E QMRMQYQ EVIE SJ VIMRJSVGIQIRX IUYEP XS %K EGVSWWXLIGSPYQRJSSXMRKMRXIVJEGIXSTVSZMHIWSQI HIKVIISJWXVYGXYVEPMRXIKVMX]*SVTVIGEWXGSPYQRWXLMWVIUYMVI QIRXMWI\TVIWWIHMRXIVQWSJERIUYMZEPIRXXIRWMPIJSVGIXLEX WLSYPHFIXVERWJIVVIH8LYWEGVSWWXLINSMRX%WJ] !%K WII )2:-6321)28%07869'896)7'3()'311)28%6= '3() {%RGLSVFSPXWERHQIGLERMGEPGSRRIGXSVW WLEPPFIHIWMKRIHXSVIEGLXLIMVHIWMKRWXVIRKXLFIJSVI ERGLSVEKI JEMPYVI SV JEMPYVI SJ WYVVSYRHMRK GSRGVIXI %RGLSV FSPXW WLEPP FI HIWMKRIH MR EGGSVHERGI [MXL %TTIRHM\( '311)28%6= E 8LI QMRMQYQ XIRWMPI WXVIRKXL VIUYMVIH JSV TVIGEWX [EPPXSJSSXMRK GSRRIGXMSR WII F MW WSQI [LEXPIWWXLERXLEXVIUYMVIHJSVGSPYQRWFIGEYWIERSZIVPSEH [SYPH FI HMWXVMFYXIHPEXIVEPP] ERH E WYHHIRJEMPYVI[SYPHFI PIWWPMOIP]&IGEYWIXLIXIRWMPIWXVIRKXLZEPYIWSJLEZI FIIREVFMXVEVMP]GLSWIRMXMWRSXRIGIWWEV]XSMRGPYHIEWXVIRKXL VIHYGXMSRJEGXSV JSVXLIWIGEPGYPEXMSRW {7PSTIHSVWXITTIHJSSXMRKW {-RWPSTIHSVWXITTIHJSSXMRKWERKPISJWPSTI SV HITXL ERH PSGEXMSR SJ WXITW WLEPP FI WYGL XLEX HIWMKR VIUYMVIQIRXW EVI WEXMWJMIH EX IZIV] WIGXMSR 7IIEPWS { 7PSTIH SV WXITTIH JSSXMRKW HIWMKRIH EW E YRMXWLEPPFIGSRWXVYGXIHXSEWWYVIEGXMSREWEYRMX {'SQFMRIHJSSXMRKWERHQEXW 6{'SQFMRIHJSSXMRKWERHQEXW {*SSXMRKWWYTTSVXMRKQSVIXLERSRIGSPYQR TIHIWXEPSV[EPP GSQFMRIHJSSXMRKWSVQEXW WLEPPFI TVSTSVXMSRIHXSVIWMWXXLIJEGXSVIHPSEHWERHMRHYGIH VIEGXMSRW MR EGGSVHERGI [MXL ETTVSTVMEXI HIWMKR VIUYMVIQIRXWSJXLMWGSHI 6{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{ 8LI HMVIGX HIWMKR QIXLSH SJ 'LETXIV WLEPPRSXFIYWIHJSVHIWMKRSJGSQFMRIHJSSXMRKWERH QEXW { (MWXVMFYXMSR SJ WSMP TVIWWYVI YRHIV GSQFMRIH JSSXMRKW ERH QEXW WLEPP FI GSRWMWXIRX [MXL TVSTIVXMIWSJXLIWSMPERHXLIWXVYGXYVIERH[MXLIWXEF PMWLIHTVMRGMTPIWSJWSMPQIGLERMGW 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= 2SXIW )2:-6321)28%07869'896)7'3()'311)28%6= ',%48)6{46)'%78'32'6)8) '3() '311)28%6= {2SXEXMSR 6{2SXEXMSR %K ! KVSWWEVIESJGSPYQRMR P ! GPIEVWTERMR 9RMXWSJQIEWYVIQIRXEVIKMZIRMRXLI2SXEXMSRXSEWWMWXXLI YWIV ERH EVI RSX MRXIRHIH XS TVIGPYHI XLI YWI SJ SXLIV GSVVIGXP]ETTPMIHYRMXWJSVXLIWEQIW]QFSPWYGLEWJXSVOMT {7GSTI 6{7GSTI { %PP TVSZMWMSRW SJ XLMW GSHI RSX WTIGMJMGEPP] I\GPYHIH ERH RSX MR GSRJPMGX [MXL XLI TVSZMWMSRW SJ 'LETXIV WLEPP ETTP] XS WXVYGXYVIW MRGSVTSVEXMRK TVIGEWXGSRGVIXIWXVYGXYVEPQIQFIVW 6 {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w4'1ERYEPJSV4PERX5YEPMX]'SRXVSPx {+IRIVEP 6{+IRIVEP {(IWMKRSJTVIGEWXQIQFIVWERHGSRRIGXMSRW WLEPP MRGPYHI PSEHMRK ERH VIWXVEMRX GSRHMXMSRW JVSQ MRMXMEPJEFVMGEXMSRXSIRHYWIMRXLIWXVYGXYVIMRGPYHMRK JSVQVIQSZEPWXSVEKIXVERWTSVXEXMSRERHIVIGXMSR 6 { 7XVIWWIW HIZIPSTIH MR TVIGEWX QIQFIVW HYVMRK XLITIVMSHJVSQGEWXMRKXSJMREPGSRRIGXMSRQE]FIKVIEXIV XLER XLI WIVZMGI PSEH WXVIWWIW ,ERHPMRK TVSGIHYVIW QE] GEYWIYRHIWMVEFPIHIJSVQEXMSRW,IRGIGEVIQYWXFIKMZIR XSXLIQIXLSHWSJWXSVMRKXVERWTSVXMRKERHIVIGXMRKTVIGEWX QIQFIVWWSXLEXTIVJSVQERGIEXWIVZMGIPSEHWERHWXVIRKXL YRHIVJEGXSVIHPSEHWQIIXXLIGSHIvWVIUYMVIQIRXW { ;LIR TVIGEWX QIQFIVW EVI MRGSVTSVEXIH MRXS E WXVYGXYVEP W]WXIQ XLI JSVGIW ERH HIJSVQEXMSRW SGGYVVMRK MR ERH EHNEGIRX XS GSRRIGXMSRW WLEPP FI MRGPYHIHMRXLIHIWMKR 6 {8LIWXVYGXYVEPFILEZMSVSJTVIGEWXQIQFIVWQE] HMJJIV WYFWXERXMEPP] JVSQ XLEX SJ WMQMPEV QIQFIVW XLEX EVI GEWXMRTPEGI (IWMKR SJ GSRRIGXMSRW XS QMRMQMÎ SV XVERWQMXJSVGIWHYIXSWLVMROEKIGVIITXIQTIVEXYVIGLERKI IPEWXMGHIJSVQEXMSRHMJJIVIRXMEPWIXXPIQIRX[MRHERHIEVXL UYEOIVIUYMVIWTIGMEPGSRWMHIVEXMSRMRTVIGEWXGSRWXVYGXMSR { 8SPIVERGIW JSV FSXL TVIGEWX QIQFIVW ERH MRXIVJEGMRK QIQFIVW WLEPP FI WTIGMJMIH (IWMKR SJ TVIGEWX QIQFIVW ERH GSRRIGXMSRW WLEPP MRGPYHI XLI IJJIGXWSJXLIWIXSPIVERGIW 6 {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{-REHHMXMSRXSXLIVIUYMVIQIRXWJSVHVE[MRKW ERHWTIGMJMGEXMSRWMR E ERH F WLEPPFIMRGPYHIH MR IMXLIV XLI GSRXVEGX HSGYQIRXW SV WLST HVE[MRKW 6 {8LIEHHMXMSREPVIUYMVIQIRXWQE]FIMRGPYHIHMR IMXLIV GSRXVEGX HSGYQIRXW SV WLST HVE[MRKW HITIRHMRK SR XLIEWWMKRQIRXSJVIWTSRWMFMPMX]JSVHIWMKR E (IXEMPW SJ VIMRJSVGIQIRX MRWIVXW ERH PMJXMRK HIZMGIWVIUYMVIHXSVIWMWXXIQTSVEV]PSEHWJVSQLER HPMRKWXSVEKIXVERWTSVXEXMSRERHIVIGXMSR F 6IUYMVIH GSRGVIXI WXVIRKXL EX WXEXIH EKIW SV WXEKIWSJGSRWXVYGXMSR {(MWXVMFYXMSRSJJSVGIWEQSRK QIQFIVW 6{(MWXVMFYXMSRSJJSVGIWEQSRK QIQFIVW {(MWXVMFYXMSRSJJSVGIWXLEXEVITIVTIRHMGYPEV XSXLITPERISJQIQFIVWWLEPPFIIWXEFPMWLIHF]EREP]WMW SVF]XIWX 6 {'SRGIRXVEXIHTSMRXERHPMRIPSEHWGERFIHMWXVMF YXIH EQSRK QIQFIVW TVSZMHIH XLI] LEZI WYJJMGMIRX XSVWMSREP WXMJJRIWW ERH XLEX WLIEV GER FI XVERWJIVVIH EGVSWW NSMRXW 8SVWMSREPP] WXMJJ QIQFIVW WYGL EW LSPPS[GSVI SV WSPMHWPEFWLEZIQSVIJEZSVEFPIPSEHHMWXVMFYXMSRTVSTIVXMIW XLER HS XSVWMSREPP] JPI\MFPI QIQFIVW WYGL EW HSYFPI XIIW [MXL XLMR JPERKIW 8LI EGXYEP HMWXVMFYXMSR SJ XLI PSEH HITIRHWSRQER]JEGXSVWHMWGYWWIHMRHIXEMPMR 6IJIVIRGIW XLVSYKL0EVKISTIRMRKWGERGEYWIWMKRMJMGERX GLERKIWMRHMWXVMFYXMSRSJJSVGIW { ;LIVI XLI W]WXIQ FILEZMSV VIUYMVIW MR TPERI JSVGIW XS FI XVERWJIVVIH FIX[IIR XLI QIQFIVW SJETVIGEWXJPSSVSV[EPPW]WXIQERH WLEPPETTP] 6 {-RTPERIJSVGIWVIWYPXTVMQEVMP]JVSQHMETLVEKQ EGXMSRMRJPSSVWERHVSSJWGEYWMRKXIRWMSRSVGSQTVIWWMSRMR XLI GLSVHW ERH WLIEV MR XLI FSH] SJ XLI HMETLVEKQ % GSRXMRYSYWTEXLSJWXIIPWXIIPVIMRJSVGIQIRXSVFSXLYWMRK PET WTPMGIW QIGLERMGEP SV [IPHIH WTPMGIW SV QIGLERMGEP GSRRIGXSVWWLSYPHFITVSZMHIHXSGEVV]XLIXIRWMSR[LIVIEW XLI WLIEV ERH GSQTVIWWMSR QE] FI GEVVMIH F] XLI RIX GSRGVIXI WIGXMSR % GSRXMRYSYW TEXL SJ WXIIP XLVSYKL E GSRRIGXMSRQE]MRGPYHIFSPXW[IPHTPEXIWLIEHIHWXYHWSV SXLIVWXIIPHIZMGIW8IRWMSRJSVGIWMRXLIGSRRIGXMSRWEVIXS FIXVERWJIVVIHXSXLITVMQEV]VIMRJSVGIQIRXMRXLIQIQFIVW { -RTPERIJSVGITEXLWWLEPPFIGSRXMRYSYW XLVSYKLFSXLGSRRIGXMSRWERHQIQFIVW {;LIVIXIRWMSRJSVGIWSGGYVEGSRXMRYSYW TEXLSJWXIIPSVWXIIPVIMRJSVGIQIRXWLEPPFITVSZMHIH -RTPERIJSVGIWMRTVIGEWX[EPPW]WXIQWVIWYPXTVMQEVMP]JVSQ HMETLVEKQVIEGXMSRWERHI\XIVREPPEXIVEPPSEHW 'SRRIGXMSRHIXEMPWWLSYPHTVSZMHIJSVXLIJSVGIWERHHIJSV QEXMSRW HYI XS WLVMROEKI GVIIT ERH XLIVQEP IJJIGXW 'SRRIGXMSRHIXEMPWQE]FIWIPIGXIHXSEGGSQQSHEXIZSPYQI GLERKIWERHVSXEXMSRWGEYWIHF]XIQTIVEXYVIKVEHMIRXWERH PSRKXIVQ HIJPIGXMSRW ;LIR XLIWI IJJIGXW EVI VIWXVEMRIH GSRRIGXMSRW ERH QIQFIVW WLSYPH FI HIWMKRIH XS TVSZMHI EHIUYEXIWXVIRKXLERHHYGXMPMX] )2:-6321)28%07869'896)7'3()'311)28%6= '3() '311)28%6= {1IQFIVHIWMKR 6{1IQFIVHIWMKR {-RSRI[E]TVIGEWXJPSSVERHVSSJWPEFWERHMR SRI[E]TVIGEWXTVIWXVIWWIH[EPPTERIPWEPPRSX[MHIV XLER JX ERH [LIVI QIQFIVW EVI RSX QIGLERMGEPP] GSRRIGXIH XS GEYWI VIWXVEMRX MR XLI XVERWZIVWI HMVIG XMSR XLI WLVMROEKI ERH XIQTIVEXYVI VIMRJSVGIQIRX VIUYMVIQIRXW SJ MR XLI HMVIGXMSR RSVQEP XS XLI JPI\YVEPVIMRJSVGIQIRXWLEPPFITIVQMXXIHXSFI[EMZIH 8LMW [EMZIV WLEPP RSX ETTP] XS QIQFIVW XLEX VIUYMVI VIMRJSVGIQIRXXSVIWMWXXVERWZIVWIJPI\YVEPWXVIWWIW 6 {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{ *SV TVIGEWX RSRTVIWXVIWWIH [EPPW XLI VIMRJSVGIQIRX WLEPP FI HIWMKRIH MR EGGSVHERGI [MXL XLITVSZMWMSRWSJ'LETXIVSV I\GITXXLEXXLIEVIE SJLSVM^SRXEPERHZIVXMGEPVIMRJSVGIQIRXWLEPPIEGLFI RSX PIWW XLER XMQIW XLI KVSWW GVSWWWIGXMSREP EVIESJXLI[EPPTERIP7TEGMRKSJVIMRJSVGIQIRXWLEPP RSXI\GIIHMR 6 { 8LMW QMRMQYQ EVIE SJ [EPP VIMRJSVGIQIRX MRWXIEHSJXLIQMRMQYQZEPYIWMRLEWKIRIVEPP]FIIR YWIHJSVQER]]IEVWERHMWVIGSQQIRHIHF]4'- ERHXLI 'EREHMER FYMPHMRK GSHI 8LI TVSZMWMSRW JSV VIHYGIH QMRMQYQVIMRJSVGIQIRXERHKVIEXIVWTEGMRKVIGSKRMÎXLEX TVIGEWX [EPP TERIPW LEZI ZIV] PMXXPI VIWXVEMRX EX XLIMV IHKIW HYVMRK IEVP] WXEKIW SJ GYVMRK ERH XLIVIJSVI HIZIPST PIWW WLVMROEKIWXVIWWXLERGSQTEVEFPIGEWXMRTPEGI[EPPW {7XVYGXYVEPMRXIKVMX] 6{7XVYGXYVEPMRXIKVMX] { )\GITX [LIVI XLI TVSZMWMSRW SJ KSZIVR XLI QMRMQYQ TVSZMWMSRW SJ XLVSYKL JSVWXVYGXYVEPMRXIKVMX]WLEPPETTP]XSEPPTVIGEWX GSRGVIXIWXVYGXYVIW 6 { 8LI KIRIVEP TVSZMWMSRW SJ ETTP] XS EPP TVIGEWX GSRGVIXI WXVYGXYVIW 7IGXMSRW ERH KMZI QMRMQYQVIUYMVIQIRXWXSWEXMWJ]-XMWRSXMRXIRHIHXLEX XLIWIQMRMQYQVIUYMVIQIRXWSZIVVMHISXLIVETTPMGEFPITVSZM WMSRWSJXLIGSHIJSVHIWMKRSJTVIGEWXGSRGVIXIWXVYGXYVIW 8LI SZIVEPP MRXIKVMX] SJ E WXVYGXYVI GER FI WYFWXERXMEPP] IRLERGIH F] QMRSV GLERKIW MR XLI EQSYRX PSGEXMSR ERH HIXEMPMRK SJ QIQFIV VIMRJSVGIQIRX ERH MR XLI HIXEMPMRK SJ GSRRIGXMSRLEVH[EVI {0SRKMXYHMREPERHXVERWZIVWIXMIWVIUYMVIH F] WLEPP GSRRIGX QIQFIVW XS E PEXIVEP PSEH VIWMWXMRKW]WXIQ 6 {-RHMZMHYEPQIQFIVWQE]FIGSRRIGXIHMRXS XLMWPEXIVEPPSEHVIWMWXMRKW]WXIQF]EPXIVREXMZIQIXLSHW*SV I\EQTPI E PSEHFIEVMRK WTERHVIP GSYPH FI GSRRIGXIH XS E HMETLVEKQ TEVXSJXLIPEXIVEPPSEHVIWMWXMRKW]WXIQ 7XVYG XYVEPMRXIKVMX]GSYPHFIEGLMIZIHF]GSRRIGXMRKXLIWTERHVIP MRXS EPP SV E TSVXMSR SJ XLI HIGO QIQFIVW JSVQMRK XLI HMETLVEKQ %PXIVREXMZIP] XLI WTERHVIP GSYPH FI GSRRIGXIH SRP] XS MXW WYTTSVXMRK GSPYQRW [LMGL MR XYVR QYWX FI GSRRIGXIHXSXLIHMETLVEKQ 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= { ;LIVI TVIGEWX IPIQIRXW JSVQ JPSSV SV VSSJHMETLVEKQWXLIGSRRIGXMSRWFIX[IIRHMETLVEKQ ERH XLSWI QIQFIVW FIMRK PEXIVEPP] WYTTSVXIH WLEPP LEZI E RSQMREP XIRWMPI WXVIRKXL GETEFPI SJ VIWMWXMRK RSXPIWWXLERPFTIVPMRIEVJX 6 {(METLVEKQWEVIX]TMGEPP]TVSZMHIHEWTEVXSJ XLIPEXIVEPPSEHVIWMWXMRKW]WXIQ8LIXMIWTVIWGVMFIHMR EVI XLI QMRMQYQVIUYMVIH XS EXXEGL QIQFIVW XS XLI JPSSV SV VSSJHMETLVEKQW8LIXMIJSVGIMWIUYMZEPIRXXSXLIWIVZMGIPSEH ZEPYISJPFJXKMZIRMRXLI9RMJSVQ&YMPHMRK'SHI {:IVXMGEPXIRWMSRXMIVIUYMVIQIRXWSJ WLEPPETTP]XSEPPZIVXMGEPWXVYGXYVEPQIQFIVWI\GITXGPEH HMRKERHWLEPPFIEGLMIZIHF]TVSZMHMRKGSRRIGXMSRWEX LSVM^SRXEPNSMRXWMREGGSVHERGI[MXL E XLVSYKL G 6 {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{ 'SRRIGXMSR HIXEMPW XLEX VIP] WSPIP] SR JVMGXMSRGEYWIHF]KVEZMX]PSEHWWLEPPRSXFIYWIH 6 { -R XLI IZIRX SJ HEQEKI XS E FIEQ MX MW MQTSVXERX XLEX HMWTPEGIQIRX SJ MXW WYTTSVXMRK QIQFIVW FI QMRMQMÎHWSXLEXSXLIVQIQFIVW[MPPRSXPSWIXLIMVPSEH GEVV]MRK GETEGMX] 8LMW MW E WMXYEXMSR XLEX WLS[W [L] GSRRIGXMSR HIXEMPW XLEX VIP] WSPIP] SR JVMGXMSR GEYWIH F] KVEZMX] PSEHW EVI RSX YWIH %R I\GITXMSR GSYPH FI LIEZ] QSHYPEVYRMXWXVYGXYVIW SRISVQSVIGIPPWMRGIPPX]TIWXVYG XYVIW [LIVI VIWMWXERGI XS SZIVXYVRMRK SV WPMHMRK MR ER] HMVIGXMSR LEW E PEVKI JEGXSV SJ WEJIX] %GGITXERGI SJ WYGL W]WXIQWWLSYPHFIFEWIHSRXLITVSZMWMSRWSJ {*SVTVIGEWXGSRGVIXIFIEVMRK[EPPWXVYGXYVIW XLVII SV QSVI WXSVMIW MR LIMKLX XLI QMRMQYQ TVSZM WMSRWSJXLVSYKLWLEPPETTP] 6 {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vWVIGSQQIRHEXMSRWJSV HIWMKRSJ TVIGEWX GSRGVIXI FIEVMRK [EPP FYMPHMRKW 8MI GETEGMX]MWFEWIHSR]MIPHWXVIRKXL { 0SRKMXYHMREP ERH XVERWZIVWI XMIW WLEPP FI TVSZMHIHMRJPSSVERHVSSJW]WXIQWXSTVSZMHIERSQMREP WXVIRKXLSJPFTIVJSSXSJ[MHXLSVPIRKXL8MIWWLEPP FI TVSZMHIH SZIV MRXIVMSV [EPP WYTTSVXW ERH FIX[IIR QIQFIVWERHI\XIVMSV[EPPW8MIWWLEPPFITSWMXMSRIHMR SV[MXLMRJXSJXLITPERISJXLIJPSSVSVVSSJW]WXIQ 6 { 0SRKMXYHMREP XMIW QE] TVSNIGX JVSQ WPEFW ERHFI PET WTPMGIH [IPHIH SV QIGLERMGEPP] GSRRIGXIH SV XLI]QE]FIIQFIHHIHMRKVSYXNSMRXW[MXLWYJJMGMIRXPIRKXL ERH GSZIV XS HIZIPST XLI VIUYMVIH JSVGI &SRH PIRKXL JSV YRWXVIWWIHTVIWXVIWWMRKWXIIPWLSYPHFIWYJJMGMIRXXSHIZIPST )2:-6321)28%07869'896)7'3()'311)28%6= '3() '311)28%6= *MK 6{8]TMGEP EVVERKIQIRX SJ XIRWMPI XMIW MR PEVKI TERIPWXVYGXYVIW XLI]MIPHWXVIRKXL-XMWRSXYRGSQQSRXSLEZIXMIWTSWM XMSRIHMRXLI[EPPWVIEWSREFP]GPSWIXSXLITPERISJXLIJPSSV SVVSSJW]WXIQ {0SRKMXYHMREPXMIWTEVEPPIPXSJPSSV SV VSSJ WPEF WTERW WLEPP FI WTEGIH RSX QSVI XLER JX SR GIRXIVW 4VSZMWMSRW WLEPP FI QEHI XS XVERWJIV JSVGIW EVSYRHSTIRMRKW {8VERWZIVWIXMIWTIVTIRHMGYPEVXSJPSSVSV VSSJ WPEF WTERW WLEPP FI WTEGIH RSX KVIEXIV XLER XLI FIEVMRK[EPPWTEGMRK 6 { 8VERWZIVWI XMIW QE] FI YRMJSVQP] WTEGIH IMXLIVIRGEWIHMRXLITERIPWSVMREXSTTMRKSVXLI]QE]FI GSRGIRXVEXIHEXXLIXVERWZIVWIFIEVMRK[EPPW {8MIWEVSYRHXLITIVMQIXIVSJIEGLJPSSV ERH VSSJ [MXLMR JX SJ XLI IHKI WLEPP TVSZMHI E RSQMREPWXVIRKXLMRXIRWMSRRSXPIWWXLERPF 6 {8LI TIVMQIXIV XMI VIUYMVIQIRXW RIIH RSX FI EHHMXMZI[MXLXLIPSRKMXYHMREPERHXVERWZIVWIXMIVIUYMVIQIRXW { :IVXMGEPXIRWMSR XMIW WLEPP FI TVSZMHIH MR EPP[EPPWERHWLEPPFIGSRXMRYSYWSZIVXLILIMKLXSJXLI FYMPHMRK8LI] WLEPP TVSZMHI E RSQMREP XIRWMPIWXVIRKXL RSXPIWWXLERPFTIVLSVM^SRXEPJSSXSJ[EPP2SXPIWW XLERX[SXMIWWLEPPFITVSZMHIHJSVIEGLTVIGEWXTERIP {'SRRIGXMSRERHFIEVMRKHIWMKR 6{'SRRIGXMSRERHFIEVMRKHIWMKR { *SVGIW WLEPP FI TIVQMXXIH XS FI XVERWJIVVIH FIX[IIR QIQFIVW F] KVSYXIH NSMRXW WLIEV OI]W QIGLERMGEPGSRRIGXSVWVIMRJSVGMRKWXIIPGSRRIGXMSRW VIMRJSVGIHXSTTMRKSVEGSQFMREXMSRSJXLIWIQIERW 6 { 8LI GSHI TIVQMXW E ZEVMIX] SJ QIXLSHW JSV GSRRIGXMRKQIQFIVW8LIWIEVIMRXIRHIHJSVXVERWJIVSJJSVGIW FSXLMRTPERIERHTIVTIRHMGYPEVXSXLITPERISJXLIQIQFIVW {8LIEHIUYEG]SJGSRRIGXMSRWXSXVERWJIV JSVGIWFIX[IIRQIQFIVWWLEPPFIHIXIVQMRIHF]EREP ]WMW SV F] XIWX ;LIVI WLIEV MW XLI TVMQEV] MQTSWIH PSEHMRK MX WLEPP FI TIVQMXXIH XS YWI XLI TVSZMWMSRW SJ EWETTPMGEFPI {;LIRHIWMKRMRKEGSRRIGXMSRYWMRKQEXI VMEPW[MXLHMJJIVIRXWXVYGXYVEPTVSTIVXMIWXLIMVVIPEXMZIWXMJJ RIWWIWWXVIRKXLWERHHYGXMPMXMIWWLEPPFIGSRWMHIVIH {&IEVMRKJSVTVIGEWXJPSSVERHVSSJQIQFIVW SRWMQTPIWYTTSVXWWLEPPWEXMWJ]XLIJSPPS[MRK 6 { :EVMSYW GSQTSRIRXW MR E GSRRIGXMSR JSV I\EQTPI FSPXW [IPHW TPEXIW MRWIVXW IXG LEZI HMJJIVIRX TVSTIVXMIWXLEXGEREJJIGXXLISZIVEPPFILEZMSVSJXLIGSRRIGXMSR 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= {8LI EPPS[EFPI FIEVMRK WXVIWW EX XLI GSRXEGX WYVJEGI FIX[IIR WYTTSVXIH ERH WYTTSVXMRK QIQFIVW ERH FIX[IIR ER] MRXIVQIHMEXI FIEVMRK IPIQIRXW WLEPP RSX I\GIIH XLI FIEVMRK WXVIRKXL JSV IMXLIV WYVJEGI ERH XLI FIEVMRK IPIQIRX 'SRGVIXI FIEVMRKWXVIRKXLWLEPPFIEWKMZIRMR 6 { ;LIR XIRWMPIJSVGIW SGGYVMR XLITPERI SJ XLI FIEVMRK MX QE] FI HIWMVEFPI XS VIHYGI XLI EPPS[EFPI FIEVMRKWXVIWWTVSZMHIGSRJMRIQIRXVIMRJSVGIQIRXSVFSXL +YMHIPMRIWEVITVSZMHIHMR6IJIVIRGI { 9RPIWW WLS[R F] XIWX SV EREP]WMW XLEX TIVJSVQERGI[MPPRSXFIMQTEMVIH E ERH F WLEPPFIQIX 6 {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{ 8LI VIUYMVIQIRXW SJ WLEPP RSX ETTP] XS XLI TSWMXMZI FIRHMRK QSQIRX VIMRJSVGIQIRX JSV WXEXMGEPP] HIXIVQMREXI TVIGEWX QIQFIVW FYX EX PIEWX SRIXLMVH SJ WYGL VIMRJSVGIQIRX WLEPP I\XIRH XS XLI GIRXIV SJ XLI FIEVMRK PIRKXL XEOMRK MRXS EGGSYRX TIVQMXXIHXSPIVERGIWMRERH 6 { -X MW YRRIGIWWEV] XS HIZIPST TSWMXMZI FIRHMRK QSQIRX VIMRJSVGIQIRX FI]SRH XLI IRHW SJ XLI TVIGEWX IPIQIRX MJ XLI W]WXIQ MW WXEXMGEPP] HIXIVQMREXI 8SPIVERGIWRIIHXSFIGSRWMHIVIHXSEZSMHFIEVMRKSRTPEMR GSRGVIXI[LIVIVIMRJSVGIQIRXLEWFIIRHMWGSRXMRYIH {-XIQWIQFIHHIHEJXIVGSRGVIXI TPEGIQIRX 6{-XIQWIQFIHHIHEJXIVGSRGVIXI TPEGIQIRX { ;LIR ETTVSZIH F] XLI PMGIRWIH HIWMKR TVSJIWWMSREP IQFIHHIH MXIQW WYGL EW HS[IPW SV MRWIVXW XLEX IMXLIV TVSXVYHI JVSQ XLI GSRGVIXI SV VIQEMRI\TSWIHJSVMRWTIGXMSRWLEPPFITIVQMXXIHXSFI IQFIHHIH [LMPI XLI GSRGVIXI MW MR E TPEWXMG WXEXI TVSZMHIHERHEVIQIX 6 {7IGXMSRMWERI\GITXMSRXSXLITVSZMWMSRW SJ 1ER]TVIGEWXTVSHYGXWEVIQERYJEGXYVIHMRWYGLE [E] XLEX MX MW HMJJMGYPX MJ RSX MQTSWWMFPI XS TSWMXMSR VIMR JSVGIQIRX XLEX TVSXVYHIW JVSQ XLI GSRGVIXI FIJSVI XLI GSRGVIXIMWTPEGIH)\TIVMIRGILEWWLS[RXLEXWYGLMXIQWEW XMIWJSVLSVM^SRXEPWLIEVERHMRWIVXWGERFITPEGIH[LMPIXLI GSRGVIXI MW TPEWXMG MJ TVSTIV TVIGEYXMSRW EVI XEOIR 8LMW I\GITXMSR MW RSX ETTPMGEFPI XS VIMRJSVGIQIRX XLEX MW GSQTPIXIP] IQFIHHIH SV XS IQFIHHIH MXIQW XLEXQYWX FI LSSOIHSVXMIHXSIQFIHHIHVIMRJSVGIQIRX {)QFIHHIHMXIQWEVIRSXVIUYMVIHXSFI LSSOIHSVXMIHXSVIMRJSVGIQIRX[MXLMRXLIGSRGVIXI { )QFIHHIH MXIQW EVI QEMRXEMRIH MR XLI GSVVIGXTSWMXMSR[LMPIXLIGSRGVIXIVIQEMRWTPEWXMG { 8LI GSRGVIXI MW TVSTIVP] GSRWSPMHEXIH EVSYRHXLIIQFIHHIHMXIQ *MK 6{&IEVMRK PIRKXL ZIVWYW PIRKXL SJ QIQFIV SR WYTTSVX )2:-6321)28%07869'896)7'3()'311)28%6= '3() '311)28%6= {1EVOMRKERHMHIRXMJMGEXMSR { )EGL TVIGEWX QIQFIV WLEPP FI QEVOIH XS MRHMGEXIMXWPSGEXMSRERHSVMIRXEXMSRMRXLIWXVYGXYVIERH HEXISJQERYJEGXYVI { -HIRXMJMGEXMSR QEVOW WLEPP GSVVIWTSRH XS TPEGMRKHVE[MRKW {,ERHPMRK 6{,ERHPMRK { 1IQFIV HIWMKR WLEPP GSRWMHIV JSVGIW ERH HMWXSVXMSRW HYVMRK GYVMRK WXVMTTMRK WXSVEKI XVERWTSV XEXMSR ERH IVIGXMSR WS XLEX TVIGEWXQIQFIVWEVI RSX SZIVWXVIWWIHSVSXLIV[MWIHEQEKIH 6 { 8LI GSHI VIUYMVIW EGGITXEFPI TIVJSVQERGI EX WIVZMGI PSEHW ERH EHIUYEXI WXVIRKXL YRHIV JEGXSVIH PSEHW ,ERHPMRK PSEHW LS[IZIV WLSYPH RSX TVSHYGI TIVQERIRX WXVIWWIW WXVEMRW GVEGOMRK SV HIJPIGXMSRW MRGSRWMWXIRX [MXL XLITVSZMWMSRWSJXLIGSHI%TVIGEWXQIQFIVWLSYPHRSXFI VINIGXIHJSVQMRSVGVEGOMRKSVWTEPPMRK[LIVIWXVIRKXLERH HYVEFMPMX]EVIRSXEJJIGXIH+YMHERGISREWWIWWMRKGVEGOWMR TVIGEWXQIQFIVWMWKMZIRMRX[S4VIGEWX4VIWXVIWWIH'SRGVIXI -RWXMXYXIVITSVXWSRJEFVMGEXMSRERHWLMTQIRXGVEGOW { 4VIGEWX QIQFIVW ERH WXVYGXYVIW WLEPP FI EHIUYEXIP] WYTTSVXIH ERH FVEGIH HYVMRK IVIGXMSR XS IRWYVI TVSTIV EPMKRQIRX ERH WXVYGXYVEP MRXIKVMX] YRXMP TIVQERIRXGSRRIGXMSRWEVIGSQTPIXIH 6 {%PPXIQTSVEV]IVIGXMSRGSRRIGXMSRWFVEGMRKERH WLSVMRKEVIWLS[RSRGSRXVEGXSVIVIGXMSRHVE[MRKW {7XVIRKXLIZEPYEXMSRSJTVIGEWX GSRWXVYGXMSR 6{7XVIRKXLIZEPYEXMSRSJTVIGEWX GSRWXVYGXMSR { % TVIGEWX IPIQIRX XS FI QEHI GSQTSWMXI [MXL GEWXMRTPEGI GSRGVIXI WLEPP FI TIVQMXXIH XS FI XIWXIHMRJPI\YVIEWETVIGEWXIPIQIRXEPSRIMREGGSV HERGI[MXLERH 8LIWXVIRKXLIZEPYEXMSRTVSGIHYVIWSJ'LETXIVEVIETTPM GEFPIXSTVIGEWXQIQFIVW { 8IWX PSEHW WLEPPFI ETTPMIH SRP] [LIR GEPGYPEXMSRW MRHMGEXI XLIMWSPEXIHTVIGEWXIPIQIRX[MPP RSXFIGVMXMGEPMRGSQTVIWWMSRSVFYGOPMRK {8LIXIWXPSEHWLEPPFIXLEXPSEH[LMGL [LIR ETTPMIH XS XLI TVIGEWX QIQFIV EPSRI MRHYGIW XLI WEQI XSXEP JSVGI MR XLI XIRWMSR VIMRJSVGIQIRX EW [SYPH FI MRHYGIH F] PSEHMRK XLI GSQTSWMXI QIQFIV [MXLXLIXIWXPSEHVIUYMVIHF] {8LITVSZMWMSRWSJWLEPPFIXLIFEWMWJSV EGGITXERGISVVINIGXMSRSJXLITVIGEWXIPIQIRX 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= 2SXIW )2:-6321)28%07869'896)7'3()'311)28%6= ',%48)6{'31437-8)'32'6)8)*0)<96%01)1&)67 '3() {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{2SXEXMSR 9RMXWSJQIEWYVIQIRXEVIKMZIRMRXLI2SXEXMSRXSEWWMWXXLI YWIV ERH EVI RSX MRXIRHIH XS TVIGPYHI XLI YWI SJ SXLIV GSVVIGXP] ETTPMIH YRMXW JSV XLI WEQI W]QFSP WYGL EW JX SV OMT,S[IZIVXLIZEPYIWSJGSRWXERXWYWIHMRIUYEXMSRWEVI HITIRHIRXSRXLIYRMXWSJXLITEVEQIXIVW-JXLIYWIVGLSSWIWXS YWIEPXIVREXIYRMXWXLIGSRWXERXWQYWXFIEHNYWXIHEGGSVHMRKP] {7GSTI 6{7GSTI { 4VSZMWMSRW SJ 'LETXIV WLEPP ETTP] JSV HIWMKRSJGSQTSWMXIGSRGVIXIJPI\YVEPQIQFIVWHIJMRIH EW TVIGEWX GSRGVIXI GEWXMRTPEGI GSRGVIXI IPIQIRXW SV FSXL GSRWXVYGXIH MR WITEVEXI TPEGIQIRXW FYX WS MRXIVGSRRIGXIHXLEXEPPIPIQIRXWVIWTSRHXSPSEHWEWE YRMX 6 {8LIWGSTISJ'LETXIVMWMRXIRHIHXSMRGPYHI EPPX]TIWSJGSQTSWMXIGSRGVIXIJPI\YVEPQIQFIVW-RWSQI GEWIW[MXLJYPP]GEWXMRTPEGIGSRGVIXIMXQE]FIRIGIWWEV] XS HIWMKR XLI MRXIVJEGI SJ GSRWIGYXMZI TPEGIQIRXW SJ GSRGVIXI EW VIUYMVIH JSV GSQTSWMXI QIQFIVW 'SQTSWMXI WXVYGXYVEP WXIIPGSRGVIXI QIQFIVW EVI RSX GSZIVIH MR XLMW GLETXIV FIGEYWI HIWMKR TVSZMWMSRW JSV WYGL GSQTSWMXI QIQFIVWEVIGSZIVIHMR6IJIVIRGI { %PP TVSZMWMSRW SJ XLMW GSHI WLEPP ETTP] XS GSQTSWMXI GSRGVIXI JPI\YVEP QIQFIVW I\GITX EW WTIGMJMGEPP]QSHMJMIHMR'LETXIV {+IRIVEP {8LIYWISJER IRXMVIGSQTSWMXIQIQFIVSV TSVXMSRWXLIVISJJSVVIWMWXMRK WLIEV ERHQSQIRX WLEPP FITIVQMXXIH {-RHMZMHYEPIPIQIRXWWLEPPFIMRZIWXMKEXIHJSV EPPGVMXMGEPWXEKIWSJPSEHMRK {-JXLIWTIGMJMIHWXVIRKXLYRMX[IMKLXSVSXLIV TVSTIVXMIWSJXLIZEVMSYWIPIQIRXWEVIHMJJIVIRXTVST IVXMIW SJ XLI MRHMZMHYEP IPIQIRXW SV XLI QSWX GVMXMGEP ZEPYIWWLEPPFIYWIHMRHIWMKR 6{+IRIVEP 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= { -R WXVIRKXL GSQTYXEXMSRW SJ GSQTSWMXI QIQFIVW RS HMWXMRGXMSR WLEPP FI QEHI FIX[IIR WLSVIHERHYRWLSVIHQIQFIVW 6 { 8IWXW LEZI MRHMGEXIH XLEX XLI WXVIRKXL SJ E GSQTSWMXI QIQFIV MW XLI WEQI [LIXLIV SV RSX XLI JMVWX IPIQIRX GEWX MW WLSVIH HYVMRK GEWXMRK ERH GYVMRK SJ XLI WIGSRHIPIQIRX {%PPIPIQIRXWWLEPPFIHIWMKRIHXSWYTTSVXEPP PSEHW MRXVSHYGIH TVMSV XS JYPP HIZIPSTQIRX SJ HIWMKR WXVIRKXLSJGSQTSWMXIQIQFIVW {6IMRJSVGIQIRXWLEPPFITVSZMHIHEWVIUYMVIHXS QMRMQMÎGVEGOMRKERHXSTVIZIRXWITEVEXMSRSJMRHMZMHYEP IPIQIRXWSJGSQTSWMXIQIQFIVW 6 { 8LI I\XIRX SJ GVEGOMRK MW HITIRHIRX SR WYGL JEGXSVWEWIRZMVSRQIRXEIWXLIXMGWERHSGGYTERG]-REHHM XMSRGSQTSWMXIEGXMSRWLSYPHRSXFIMQTEMVIH ;LIVIQIQFIVWEVII\TSWIHXSRSVQEPIRZMVSRQIRXEPI\TS WYVIW XLI VIMRJSVGIQIRX WXVIWW PIZIPW ERH WTEGMRK VIUYMVI QIRXWSJ WLSYPHFI WEXMWJMIH;LIVIQIQFIVWEVI I\TSWIH XS WIZIVI IRZMVSRQIRXEP I\TSWYVIW XLI VIMRJSVGI QIRXWXVIWWPIZIPWERHWTEGMRKWWLSYPHGSQTP][MXLVIUYMVI QIRXW SJ 8LI ^ UYERXMX]JSV QIQFIVW I\TSWIHXS SXLIVEXQSWTLIVIWWLSYPHQIIXXLIVIUYMVIQIRXWSJ {'SQTSWMXIQIQFIVWWLEPPQIIXVIUYMVIQIRXW JSVGSRXVSPSJHIJPIGXMSRWMREGGSVHERGI[MXL 6 {8LITVIQEXYVIPSEHMRKSJTVIGEWXIPIQIRXWGER GEYWI I\GIWWMZI GVIIT ERH WLVMROEKI HIJPIGXMSRW 8LMW MW IWTIGMEPP]WSEXIEVP]EKIW[LIRXLIQSMWXYVIGSRXIRXMWLMKL ERHXLIWXVIRKXLPS[ 8LIXVERWJIVSJWLIEVF]HMVIGXFSRHMWMQTSVXERXMJI\GIWWMZI HIJPIGXMSRJVSQWPMTTEKIMWXSFITVIZIRXIH%WLIEVOI]MW EREHHIHQIGLERMGEP JEGXSVSJWEJIX]FYXMXGERRSXSTIVEXI YRXMPWPMTTEKISGGYVW {7LSVMRK 6{7LSVMRK ;LIR YWIH WLSVMRK WLEPP RSX FI VIQSZIH YRXMP WYTTSVXIHIPIQIRXWLEZIHIZIPSTIHHIWMKRTVSTIVXMIW VIUYMVIHXSWYTTSVXEPPPSEHWERHPMQMXHIJPIGXMSRWERH GVEGOMRKEXXMQISJWLSVMRKVIQSZEP 8LITVSZMWMSRWSJ GSZIVXLIVIUYMVIQIRXWTIVXEMRMRKXS HIJPIGXMSRWSJWLSVIHERHYRWLSVIHQIQFIVW {:IVXMGEPWLIEVWXVIRKXL { ;LIR ER IRXMVI GSQTSWMXI QIQFIV MW EWWYQIH XS VIWMWX ZIVXMGEP WLIEV HIWMKR WLEPP FI MR EGGSVHERGI [MXLVIUYMVIQIRXW SJ'LETXIV EWJSVE QSRSPMXLMGEPP] GEWX QIQFIV SJ XLI WEQI GVSWW WIGXMSREPWLETI {7LIEVVIMRJSVGIQIRXWLEPPFIJYPP]ERGLSVIH MRXS MRXIVGSRRIGXIH IPIQIRXW MR EGGSVHERGI [MXL {)\XIRHIHERHERGLSVIHWLIEVVIMRJSVGIQIRX WLEPPFITIVQMXXIHXSFIMRGPYHIHEWXMIWJSVLSVM^SRXEP WLIEV )2:-6321)28%07869'896)7'3()'311)28%6= '3() '311)28%6= {,SVM^SRXEPWLIEVWXVIRKXL 6{,SVM^SRXEPWLIEVWXVIRKXL {-REGSQTSWMXIQIQFIVJYPPXVERWJIVSJLSVM ^SRXEP WLIEV JSVGIW WLEPP FI IRWYVIH EX GSRXEGX WYVJEGIWSJMRXIVGSRRIGXIHIPIQIRXW 6 { *YPP XVERWJIV SJ LSVM^SRXEP WLIEV FIX[IIR WIKQIRXWSJGSQTSWMXIQIQFIVWWLSYPHFIIRWYVIHF]LSVM ^SRXEP WLIEV WXVIRKXL EX GSRXEGX WYVJEGIW SV TVSTIVP] ERGLSVIHXMIWSVFSXL {9RPIWWGEPGYPEXIHMREGGSVHERGI[MXL HIWMKR SJ GVSWW WIGXMSRW WYFNIGX XS LSVM^SRXEP WLIEV WLEPPFIFEWIHSR 6 {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{;LIRGSRXEGXWYVJEGIWEVIGPIERJVII SJ PEMXERGI ERH MRXIRXMSREPP] VSYKLIRIH WLIEV WXVIRKXL : RLWLEPP RSXFIXEOIRKVIEXIVXLERFZH MRPF { ;LIR QMRMQYQ XMIW EVI TVSZMHIH MR EGGSVHERGI[MXLERHGSRXEGXWYVJEGIWEVIGPIER ERH JVII SJ PEMXERGI FYX RSX MRXIRXMSREPP] VSYKLIRIH WLIEV WXVIRKXL :RL WLEPP RSX FI XEOIR KVIEXIV XLER FZH MRPF { ;LIR XMIW EVI TVSZMHIH MR EGGSVHERGI [MXL ERH GSRXEGX WYVJEGIW EVI GPIER JVII SJ PEMXERGIERHMRXIRXMSREPP]VSYKLIRIHXSE JYPP EQTPMXYHI SJ ETTVS\MQEXIP] MR WLIEV WXVIRKXL :RL WLEPP FI XEOIRIUYEPXS Z J] FZHMRPFFYXRSXKVIEXIV XLER FZHMRPF:EPYIWJSV MRWLEPPETTP] {;LIRJEGXSVIHWLIEVJSVGI:YEXWIGXMSR GSRWMHIVIH I\GIIHW FZH HIWMKR JSV LSVM^SRXEP WLIEVWLEPPFIMREGGSVHERGI[MXL 6 { 8LI TIVQMXXIH LSVM^SRXEP WLIEV WXVIRKXLW ERH XLI VIUYMVIQIRX SJ MR EQTPMXYHI JSV MRXIRXMSREP VSYKLRIWW EVI FEWIH SR XIWXW HMWGYWWIH MR 6IJIVIRGIW XLVSYKL 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= { ;LIR HIXIVQMRMRK RSQMREP LSVM^SRXEP WLIEVWXVIRKXLSZIVTVIWXVIWWIHGSRGVIXIIPIQIRXWH WLEPPFIEWHIJMRIHSVL[LMGLIZIVMWKVIEXIV {%WEREPXIVREXMZIXSLSVM^SRXEPWLIEV WLEPPFITIVQMXXIHXSFIHIXIVQMRIHF]GSQTYXMRKXLI EGXYEP GLERKI MR GSQTVIWWMZI SV XIRWMPI JSVGI MR ER] WIKQIRXERHTVSZMWMSRWWLEPPFIQEHIXSXVERWJIVXLEX JSVGI EW LSVM^SRXEP WLIEV XS XLI WYTTSVXMRK IPIQIRX 8LI JEGXSVIH LSVM^SRXEP WLIEV JSVGI WLEPP RSX I\GIIH LSVM^SRXEP WLIEV WXVIRKXL :RL EW KMZIR MR XLVSYKL [LIVI EVIE SJ GSRXEGX WYVJEGI %G WLEPPFIWYFWXMXYXIHJSVFZH { ;LIR XMIW TVSZMHIH XS VIWMWX LSVM^SRXEP WLIEVEVIHIWMKRIHXSWEXMWJ]XLIXMIEVIEXSXMI WTEGMRK VEXMS EPSRK XLI QIQFIV WLEPP ETTVS\MQEXIP] VIJPIGXXLIHMWXVMFYXMSRSJWLIEVJSVGIWMRXLIQIQFIV 6 {8LIHMWXVMFYXMSRSJLSVM^SRXEPWLIEVWXVIWWIW EPSRKXLIGSRXEGXWYVJEGIMREGSQTSWMXIQIQFIV[MPPVIJPIGX XLIHMWXVMFYXMSRSJWLIEVEPSRKXLIQIQFIV,SVM^SRXEPWLIEV JEMPYVI [MPP MRMXMEXI [LIVI XLI LSVM^SRXEP WLIEV WXVIWW MW E QE\MQYQ ERH [MPP WTVIEH XS VIKMSRW SJ PS[IV WXVIWW &IGEYWIXLIWPMTEXTIEOLSVM^SRXEPWLIEVVIWMWXERGIMWWQEPP JSV E GSRGVIXI XS GSRGVIXI GSRXEGX WYVJEGI PSRKMXYHMREP VIHMWXVMFYXMSRSJLSVM^SRXEPWLIEVVIWMWXERGIMWZIV]PMQMXIH 8LI WTEGMRK SJ XLI XMIW EPSRK XLI GSRXEGX WYVJEGI WLSYPH XLIVIJSVIFIWYGLEWXSTVSZMHILSVM^SRXEPWLIEVVIWMWXERGI HMWXVMFYXIHETTVS\MQEXIP]EWXLIWLIEVEGXMRKSRXLIQIQFIV MWHMWXVMFYXIH { ;LIR XIRWMSR I\MWXW EGVSWW ER] GSRXEGX WYVJEGI FIX[IIR MRXIVGSRRIGXIH IPIQIRXW WLIEV XVERWJIV F] GSRXEGX WLEPP FI TIVQMXXIH SRP] [LIR QMRMQYQXMIWEVITVSZMHIHMREGGSVHERGI[MXL 6 {4VSTIVERGLSVEKISJXMIWI\XIRHMRKEGVSWWMRXIV JEGIWMWVIUYMVIHXSQEMRXEMRGSRXEGXSJXLIMRXIVJEGIW {8MIWJSVLSVM^SRXEPWLIEV 6{8MIWJSVLSVM^SRXEPWLIEV {;LIRXMIWEVITVSZMHIHXSXVERWJIVLSVM^SRXEP WLIEVXMIEVIEWLEPPRSXFIPIWWXLERXLEXVIUYMVIHF] ERH XMI WTEGMRK WLEPP RSX I\GIIH JSYV XMQIW XLIPIEWXHMQIRWMSRSJWYTTSVXIHIPIQIRXRSVI\GIIH MR 8LI QMRMQYQ EVIEW ERH QE\MQYQ WTEGMRKW EVI FEWIH SR XIWXHEXEKMZIRMR6IJIVIRGIWXLVSYKL { 8MIW JSV LSVM^SRXEP WLIEV WLEPP GSRWMWX SJ WMRKPI FEVW SV [MVI QYPXMTPI PIK WXMVVYTW SV ZIVXMGEP PIKWSJ[IPHIH[MVIJEFVMG TPEMRSVHIJSVQIH {%PPXMIWWLEPPFIJYPP]ERGLSVIHMRXSMRXIVGSR RIGXIHIPIQIRXWMREGGSVHERGI[MXL )2:-6321)28%07869'896)7'3()'311)28%6= ',%48)6{46)786)77)('32'6)8) '3() '311)28%6= {2SXEXMSR 6{2SXEXMSR % 9RMXWSJQIEWYVIQIRXEVIKMZIRMRXLI2SXEXMSRXSEWWMWXXLI YWIV ERH EVI RSX MRXIRHIH XS TVIGPYHI XLI YWI SJ SXLIV GSVVIGXP] ETTPMIH YRMXW JSV XLI WEQI W]QFSP WYGL EW JX SV OMT2IZIVXLIPIWWGEVIWLSYPHFIXEOIRXSTVSTIVP]EGGSYRX JSVXLIIJJIGXSJHMJJIVMRKYRMXWSRGSRWXERXWKMZIRMRIUYE XMSRW XLEX QE] MRGPYHI JEGXSVW XS EGGSYRX JSV XLI YRMXW SJ HIJMRIHZEVMEFPIW ! EVIESJXLEXTEVXSJGVSWWWIGXMSRFIX[IIRJPI\ YVEPXIRWMSRJEGIERHGIRXIVSJKVEZMX]SJKVSWW WIGXMSRMR %GJ ! PEVKIV KVSWW GVSWWWIGXMSREP EVIE SJ XLI WPEF FIEQ WXVMTW SJ XLI X[S SVXLSKSREP IUYMZEPIRX JVEQIWMRXIVWIGXMRK EXE GSPYQR SJE X[S[E] WPEFMR %TW ! EVIE SJ TVIWXVIWWIH VIMRJSVGIQIRX MR XIRWMSR ^SRIMR %W ! EVIESJRSRTVIWXVIWWIHXIRWMSRVIMRJSVGIQIRX MR % W ! EVIESJGSQTVIWWMSRVIMRJSVGIQIRXMR F ! [MHXLSJGSQTVIWWMSRJEGISJQIQFIVMR GG ! GPIEVGSZIVJVSQXLIRIEVIWXWYVJEGIMRXIRWMSR XSXLIWYVJEGISJXLIJPI\YVEPXIRWMSRWXIIPMR H ! HMWXERGI JVSQ I\XVIQI GSQTVIWWMSR JMFIV XS GIRXVSMH SJ RSRTVIWXVIWWIH XIRWMSR VIMRJSVGI QIRXMR H ! HMWXERGI JVSQ I\XVIQI GSQTVIWWMSR JMFIV XS GIRXVSMHSJGSQTVIWWMSRVIMRJSVGIQIRXMR HT ! HMWXERGI JVSQ I\XVIQI GSQTVIWWMSR JMFIV XS GIRXVSMHSJTVIWXVIWWIHVIMRJSVGIQIRXMR ( ! HIEH PSEHW SV VIPEXIH MRXIVREP QSQIRXW ERH JSVGIW I ! FEWISJ2ETMIVMERPSKEVMXLQW JG ! WTIGMJMIHGSQTVIWWMZIWXVIRKXLSJGSRGVIXITWM J G ! WUYEVIVSSXSJWTIGMJMIHGSQTVIWWMZIWXVIRKXL SJGSRGVIXITWM J GM ! GSQTVIWWMZI WXVIRKXL SJ GSRGVIXI EX XMQI SJ MRMXMEPTVIWXVIWWTWM J GM ! WUYEVI VSSX SJ GSQTVIWWMZI WXVIRKXL SJ GSRGVIXIEXXMQISJMRMXMEPTVIWXVIWWTWM JHG ! HIGSQTVIWWMSR WXVIWW 7XVIWW MR XLI TVIWXVIWWMRK WXIIP [LIR WXVIWW MW Î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{7GSTI 6{7GSTI { 4VSZMWMSRW SJ 'LETXIV WLEPP ETTP] XS QIQFIVW TVIWXVIWWIH [MXL [MVI WXVERHW SV FEVW GSRJSVQMRKXSTVSZMWMSRWJSVTVIWXVIWWMRKWXIIPMR 'MVGYPEV ERH SXLIV TVIWXVIWWIH GSRGVIXI MRXIVREP XIRHSR XEROW EVI GSZIVIH MR XLMW GLETXIV 'MVGYPEV TVIWXVIWWIH GSRGVIXI XEROW GMVGYQJIVIRXMEPP] [VETTIH [MXL[MVISVWXVERHEVIGSZIVIHMR%TTIRHM\+ 6 {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{ %PP TVSZMWMSRW SJ XLMW GSHI RSX WTIGMJMGEPP] I\GPYHIHERHRSXMRGSRJPMGX[MXLTVSZMWMSRWSJ'LETXIV WLEPPETTP]XSTVIWXVIWWIHGSRGVIXI { 8LI JSPPS[MRK TVSZMWMSRW SJ XLMW GSHI WLEPP RSX ETTP] XS TVIWXVIWWIH GSRGVIXI I\GITX EW WTIGMJM GEPP]RSXIH7IGXMSRW ERH 'LETXIVERH7IGXMSRW ERH 6 {7SQIWIGXMSRWSJXLIGSHIEVII\GPYHIHJVSQYWI MR XLI HIWMKR SJ TVIWXVIWWIH GSRGVIXI JSV WTIGMJMG VIEWSRW 8LI JSPPS[MRK HMWGYWWMSR TVSZMHIW I\TPEREXMSR JSV WYGL I\GPYWMSRW 7IGXMSR{7IGXMSRSJXLIGSHIMWI\GPYHIHJVSQ ETTPMGEXMSRXSTVIWXVIWWIHGSRGVIXIFIGEYWIXLIVIUYMVIQIRXW 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= JSVFSRHIHVIMRJSVGIQIRXERHYRFSRHIHXIRHSRWJSVGEWXMR TPEGIQIQFIVWEVITVSZMHIHMR ERH VIWTIGXMZIP] 7IGXMSR {7IGXMSRSJXLIGSHIMWI\GPYHIHFIGEYWI QSQIRX VIHMWXVMFYXMSR JSV TVIWXVIWWIH GSRGVIXIMWTVSZMHIH MR 7IGXMSRW ERH {8LIIQTMVMGEPTVSZM WMSRWSJERHJSV8FIEQW[IVIHIZIP STIHJSVRSRTVIWXVIWWIHVIMRJSVGIHGSRGVIXIERHMJETTPMIH XS TVIWXVIWWIH GSRGVIXI [SYPH I\GPYHI QER] WXERHEVH TVIWXVIWWIHTVSHYGXWMRWEXMWJEGXSV]YWIXSHE],IRGITVSSJ F]I\TIVMIRGITIVQMXWZEVMEXMSRW &]I\GPYHMRK ERHRSWTIGMEPVIUYMVI QIRXWJSVTVIWXVIWWIHGSRGVIXI8FIEQWETTIEVMRXLIGSHI -RWXIEHXLIHIXIVQMREXMSRSJERIJJIGXMZI[MHXLSJJPERKIMW PIJXXSXLII\TIVMIRGIERHNYHKQIRXSJXLIIRKMRIIV;LIVI TSWWMFPI XLI JPERKI [MHXLW MR ERH WLSYPHFIYWIHYRPIWWI\TIVMIRGILEWTVSZIRXLEXZEVMEXMSRW EVIWEJIERHWEXMWJEGXSV]-XMWRSXRIGIWWEVMP]GSRWIVZEXMZIMR IPEWXMG EREP]WMW ERH HIWMKR GSRWMHIVEXMSRW XS YWI XLI QE\MQYQJPERKI[MHXLEWTIVQMXXIHMR 7IGXMSRWERH TVSZMHIKIRIVEPVIUYMVIQIRXWJSV 8FIEQW XLEX EVI EPWS ETTPMGEFPI XS TVIWXVIWWIH GSRGVIXI QIQFIVW8LIWTEGMRKPMQMXEXMSRWJSVWPEFVIMRJSVGIQIRXEVI FEWIHSRJPERKIXLMGORIWW[LMGLJSVXETIVIHJPERKIWGERFI XEOIREWXLIEZIVEKIXLMGORIWW 7IGXMSR { 8LI IQTMVMGEP PMQMXW IWXEFPMWLIH JSV GSRZIRXMSREPP]VIMRJSVGIHGSRGVIXINSMWXJPSSVWEVIFEWIHSR WYGGIWWJYPTEWXTIVJSVQERGISJNSMWXGSRWXVYGXMSRYWMRKWXER HEVHNSMWXJSVQMRKW]WXIQW7II6*SVTVIWXVIWWIHNSMWX GSRWXVYGXMSRI\TIVMIRGIERHNYHKQIRXWLSYPHFIYWIH8LI TVSZMWMSRWSJQE]FIYWIHEWEKYMHI 7IGXMSRW ERH { *SV TVIWXVIWWIHGSRGVIXIXLIPMQMXEXMSRWSRVIMRJSVGIQIRXKMZIR MR ERH EVI VITPEGIH F] XLSWIMR ERH 7IGXMSR{;LIRSVMKMREPP]TVITEVIHXLITVSZMWMSRWSJ JSV HMWXVMFYXMSR SJ JPI\YVEP VIMRJSVGIQIRX [IVI RSX MRXIRHIHJSVTVIWXVIWWIHGSRGVIXIQIQFIVW8LIFILEZMSVSJ ETVIWXVIWWIHQIQFIVMWGSRWMHIVEFP]HMJJIVIRXJVSQXLEXSJ ERSRTVIWXVIWWIHQIQFIV)\TIVMIRGIERHNYHKQIRXWLSYPH FI YWIH JSV TVSTIV HMWXVMFYXMSR SJ VIMRJSVGIQIRX MR E TVIWXVIWWIHQIQFIV 'LETXIV { 8LI HIWMKR SJ TVIWXVIWWIH GSRGVIXI WPEFW VIUYMVIW VIGSKRMXMSRSJMRHYGIHWIGSRHEV] QSQIRXW %PWS ZSPYQI GLERKIW HYI XS XLI TVIWXVIWWMRK JSVGI GER GVIEXI EHHMXMSREP PSEHW SR XLI WXVYGXYVI XLEX EVI RSX EHIUYEXIP] GSZIVIHMR'LETXIV&IGEYWISJXLIWIYRMUYITVSTIVXMIW EWWSGMEXIH[MXLTVIWXVIWWMRKQER]SJXLIHIWMKRTVSGIHYVIW SJ 'LETXIV EVI RSX ETTVSTVMEXI JSV TVIWXVIWWIH GSRGVIXI WXVYGXYVIWERHEVIVITPEGIHF]XLITVSZMWMSRWSJ ',%48)6 '3() '311)28%6= 7IGXMSRWERH {8LIVIUYMVIQIRXWJSV[EPPHIWMKR MR ERH EVI PEVKIP] IQTMVMGEP YXMPM^MRK GSRWMHIV EXMSRWRSXMRXIRHIHXSETTP]XSTVIWXVIWWIHGSRGVIXI { 8LI IRZMVSRQIRXEP HYVEFMPMX] JEGXSV TVSZM WMSRW SJ 7IGXMSR SJ XLMW GSHI WLEPP RSX ETTP] XS TVIWXVIWWIH GSRGVIXI I\GITX JSV XLI TVSZMWMSRW SJ ERHJSVWLIEVHIWMKRPSEHW 6 { 8LI IRZMVSRQIRXEP HYVEFMPMX] JEGXSV [EW HIZIP STIHJSVRSRTVIWXVIWWIHVIMRJSVGIHGSRGVIXIXSFIGSQTEVEFPI XS XLI WYGGIWWJYP HYVEFMPMX] ERH PSRKXIVQ TIVJSVQERGI SJ [SVOMRKWXVIWWHIWMKRYWMRKPS[IVEPPS[EFPIWXVIWWIWMRXLI VIMRJSVGIQIRX 8LI VIUYMVIQIRXW SJ 7IGXMSRW ERH SJ XLMW GSHI TVSZMHI XLI HIWMVIH HYVEFMPMX] ERH WIVZMGIEFMPMX] GLEVEGXIVMWXMGW JSV TVIWXVIWWIH GSRGVIXI -R TVIWXVIWWIHGSRGVIXIXLIIRZMVSRQIRXEP HYVEFMPMX]JEGXSVMW ETTPMIHXSXLIHIXIVQMREXMSRSJWLIEVPSEHWSRP]FIGEYWIXLI WLIEVMWRSXGEVVMIHF]XLITVIWXVIWWIHVIMRJSVGIQIRX {+IRIVEP 6{+IRIVEP { 4VIWXVIWWIH QIQFIVW WLEPP QIIX XLI WXVIRKXLVIUYMVIQIRXWWTIGMJMIHMRXLMWGSHI 6 ERH 6 { 8LI HIWMKR MRZIWXMKEXMSR WLSYPH MRGPYHIEPPWXEKIWXLEXQE]FIWMKRMJMGERX8LIXLVIIQENSV WXEKIW EVI NEGOMRK WXEKI SV TVIWXVIWW XVERWJIV WXEKI{ [LIRXLIXIRWMPIJSVGIMRXLITVIWXVIWWMRKXIRHSRWMWXVERW JIVVIHXSXLIGSRGVIXIERHWXVIWWPIZIPWQE]FILMKLVIPEXMZI XSGSRGVIXIWXVIRKXL WIVZMGIPSEHWXEKI{EJXIVPSRKXIVQ ZSPYQI GLERKIW LEZI SGGYVVIH ERH XLI JEGXSVIH PSEH WXEKI{[LIRXLIWXVIRKXLSJXLIQIQFIVMWGLIGOIH8LIVI QE] FI SXLIV PSEH WXEKIW XLEX VIUYMVI MRZIWXMKEXMSR *SV I\EQTPIMJXLIGVEGOMRKPSEHMWWMKRMJMGERXXLMWPSEHWXEKI QE] VIUYMVI WXYH] SV XLI LERHPMRK ERH XVERWTSVXMRK WXEKI QE]FIGVMXMGEP {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{ 7XVIWW GSRGIRXVEXMSRW HYI XS TVIWXVIWWMRK WLEPPFIGSRWMHIVIHMRHIWMKR { 4VSZMWMSRW WLEPP FI QEHI JSV IJJIGXW SR EHNSMRMRK GSRWXVYGXMSR SJ IPEWXMG ERH TPEWXMG HIJSVQE XMSRWHIJPIGXMSRWGLERKIWMRPIRKXLERHVSXEXMSRWHYI XSTVIWXVIWWMRK)JJIGXWSJXIQTIVEXYVIERHWLVMROEKI WLEPPEPWSFIMRGPYHIH { 8LI TSWWMFMPMX] SJ FYGOPMRK MR E QIQFIV FIX[IIR TSMRXW [LIVI XLIVI MW MRXIVQMXXIRX GSRXEGX FIX[IIR XLI TVIWXVIWWMRK WXIIP ERH ER SZIVWMÎH HYGXERHFYGOPMRKMRXLMR[IFWERHJPERKIWWLEPPFI GSRWMHIVIH 6 { 7IGXMSR VIJIVW XS XLI X]TI SJ TSWX XIRWMSRMRK [LIVI XLI TVIWXVIWWMRK WXIIP QEOIW MRXIVQMXXIRX GSRXEGX[MXLERSZIVWMÎHHYGX4VIGEYXMSRWWLSYPHFIXEOIR XSTVIZIRXFYGOPMRKSJWYGLQIQFIVW -J XLI TVIWXVIWWMRK WXIIP MW MR GSQTPIXI GSRXEGX [MXL XLI QIQFIV FIMRK TVIWXVIWWIH SV MW YRFSRHIH [MXL XLI WLIEXLMRKRSXI\GIWWMZIP]PEVKIVXLERXLITVIWXVIWWMRKWXIIP %'-)RZMVSRQIRXEP7XVYGXYVIW'SHIERH'SQQIRXEV] 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= MX MW RSX TSWWMFPI XS FYGOPI XLI QIQFIV YRHIV XLI TVIWXVIWWMRKJSVGIFIMRKMRXVSHYGIH { -R GSQTYXMRK WIGXMSR TVSTIVXMIW FIJSVI FSRHMRKSJTVIWXVIWWMRKWXIIPIJJIGXSJPSWWSJEVIEHYI XSSTIRHYGXWWLEPPFIGSRWMHIVIH 6 { -R GSRWMHIVMRK XLI EVIE SJ XLI STIR HYGXW XLI GVMXMGEP WIGXMSRW WLSYPH MRGPYHI XLSWI XLEX LEZI GSYTPIV WLIEXLWXLEXQE]FISJEPEVKIVWMÎXLERXLIHYGXGSRXEMRMRK XLITVIWXVIWWMRKWXIIP%PWSMRWSQIMRWXERGIWXLIXVYQTIX SVXVERWMXMSRTMIGIJVSQXLIGSRHYMXXSXLIERGLSVEKIQE]FI SJWYGLEWMÎEWXSGVIEXIEGVMXMGEPWIGXMSR-JXLIIJJIGXSJ XLISTIRHYGXEVIESRHIWMKRMWHIIQIHRIKPMKMFPIWIGXMSR TVSTIVXMIWQE]FIFEWIHSRXSXEPEVIE -R TSWXXIRWMSRIH QIQFIVW EJXIV KVSYXMRK ERH MR TVIXIR WMSRIHQIQFIVWWIGXMSRTVSTIVXMIWQE]FIFEWIHSRIJJIG XMZIWIGXMSRWYWMRKXVERWJSVQIHEVIEWSJFSRHIHTVIWXVIWWMRK WXIIP ERH RSRTVIWXVIWWIH VIMRJSVGIQIRX KVSWW WIGXMSRW SV RIXWIGXMSRW {;LIRGMVGYQJIVIRXMEPTVIWXVIWWMRKXIRHSRWEVI YWIHMRGMVGYPEVXEROWXLI]WLEPPFIFSRHIHXIRHSRW 6 {;LIRYRFSRHIHXIRHSRWEVIYWIHMRSXLIV[EPP ETTPMGEXMSRWGSRWMHIVEXMSRWLSYPHFIKMZIRXSMRGVIEWMRKXLI VIMRJSVGIQIRXVIUYMVIQIRXSJ8LMW EHHMXMSREPVIMRJSVGI QIRXMWVIGSQQIRHIHXSGSRXVSPGVEGOMRKEXWIVZMGIPIZIPW {(IWMKREWWYQTXMSRW 6{(IWMKREWWYQTXMSRW {7XVIRKXLHIWMKRSJTVIWXVIWWIHQIQFIVWJSV JPI\YVIERHE\MEPPSEHWWLEPPFIFEWIHSREWWYQTXMSRW KMZIR MR I\GITX XLEX WLEPP ETTP] SRP] XS VIMRJSVGIQIRX GSRJSVQMRK XS (IWMKR SJ TVIWXVIWWIHGSRGVIXIPMUYMHGSRXEMRQIRX ZIWWIPWWLEPP FI FEWIH SR IPEWXMG EREP]WMW QIXLSHW JSV I\XIVREP PSEHWERHTVIWXVIWWMRK 6 {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{ *SV MRZIWXMKEXMSR SJ WXVIWWIW EX XVERWJIV SJ TVIWXVIWW EX WIVZMGI PSEHW ERH EX GVEGOMRK PSEHW IPEWXMG XLISV] WLEPP FI YWIH [MXL XLI EWWYQTXMSRW SJ ERH {7XVEMRWZEV] PMRIEVP] [MXLHITXLXLVSYKL IRXMVIPSEHVERKI )2:-6321)28%07869'896)7'3()'311)28%6= '3() '311)28%6= {%XGVEGOIHWIGXMSRWGSRGVIXIVIWMWXWRS XIRWMSR {4VIWXVIWWIHJPI\YVEPQIQFIVWWLEPPFIGPEW WMJMIHEW 'PEWW9SV 'PEWW8FEWIH SRXLIGSQTYXIH I\XVIQIJMFIVWXVIWW JX EXWIVZMGIPSEHWMRXLITVIGSQ TVIWWIHXIRWMPI^SRIEWJSPPS[W E 'PEWW9JX J G F 'PEWW8 J G JX J G 4VIWXVIWWIHX[S[E]WPEFW]WXIQWLEPPFIHIWMKRIHEW 'PEWW9 6 {8LMWWIGXMSRHIJMRIWX[SGPEWWIWSJFILEZMSVSJ TVIWXVIWWIH JPI\YVEP QIQFIVW 'PEWW 9 QIQFIVW EVI EWWYQIHXSFILEZIEWYRGVEGOIHQIQFIVW8LIFILEZMSVSJ 'PEWW 8 QIQFIVW MW EWWYQIH XS FI MR XVERWMXMSR FIX[IIR YRGVEGOIHERHGVEGOIH8LIWIVZMGIEFMPMX]VIUYMVIQIRXWJSV IEGL GPEWW EVI WYQQEVMÎ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{7)6:-')%&-0-8= ()7-+26)59-6)1)287 4VIWXVIWWIH {*SVTVIWXVIWWIHJPI\YVEPQIQFIVW WXVIWWIW EX WIVZMGI PSEHW WLEPP FI TIVQMXXIH XS FI GEPGYPEXIH YWMRKXLIYRGVEGOIHWIGXMSR 'PEWW9 'PEWW8 %WWYQIHFILEZMSV 9RGVEGOIH 8VERWMXMSRFIX[IIR YRGVEGOIHERHGVEGOIH 7IGXMSRTVSTIVXMIWJSV WXVIWWGEPGYPEXMSREX WIVZMGIPSEHW +VSWW 7IGXMSR +VSWW 7IGXMSR %PPS[EFPIWXVIWWEX XVERWJIV %PPS[EFPIGSQTVIWWMZI WXVIWWFEWIHSR YRGVEGOIHWIGXMSR TVSTIVXMIW 8IRWMPIWXVIWWEXWIVZMGI PSEHW J G (IJPIGXMSR GEPGYPEXMSRFEWMW +VSWWWIGXMSR 'VEGOIHWIGXMSR FMPMRIEV 'VEGOGSRXVSP 2S VIUYMVIQIRX 2S VIUYMVIQIRX 'SQTYXEXMSRSJ JTWSV JW JSVGVEGOGSRXVSP { { 7MHIWOMR VIMRJSVGIQIRX 2S VIUYMVIQIRX 2S VIUYMVIQIRX J G JX J G 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= {(IJPIGXMSRWSJTVIWXVIWWIHJPI\YVEPQIQFIVW WLEPPFIGEPGYPEXIHMREGGSVHERGI[MXL { 8LI QMRMQYQ GSQTVIWWMZI WXVIWW EX XLI GIRXVSMH SJ ER IPIQIRX MR XLI HMVIGXMSR SJ XLI TVIWXVIWWMRK YRHIV QE\MQYQ WIVZMGI PSEHW EJXIV EPP PSWWIWWLEPPFITWMJSVPMUYMHGSRXEMRMRKIPIQIRXW 6 { ;LIR XLI PMUYMHXMKLXRIWW SJ TVIWXVIWWIH GSRGVIXIQYWXFIEWWYVIHEQMRMQYQTVIGSQTVIWWMSREXXLI GIRXVSMHSJXLIGVSWWWIGXMSRSJTWMLEWFIIRJSYRHXSFI RIGIWWEV]-RXLMRRIV[EPPWIGXMSRWKIRIVEPP]MRSVPIWW ER MRGVIEWIH PIZIP SJ TVIWXVIWWMRK SJ TWM MW GSQQSRP] YWIH)\TIVMIRGI[MXLXLMWPMQMXGSQIWJVSQ XLIHIWMKRSJ [EPPWJSVGMVGYPEVERHVIGXERKYPEVXEROW 8LIHIWMKRIVvWEXXIRXMSRMWHVE[RXSXLIRIIHJSVHIXEMPWXLEX TIVQMX IPEWXMG WLSVXIRMRK SJ XLI GSRGVIXI HYI XS TVIWXVIWW ;LIRVIWXVEMRXGERRSXFIEZSMHIHEHHMXMSREPRSRTVIWXVIWWIH FSRHIH VIMRJSVGIQIRX WLSYPH FI TVSZMHIH XS GSRXVSP GVEGOMRK*SVI\EQTPI EX XLI FEWISJTSWXXIRWMSRIH [EPPW VIWXVEMRIHF]JSSXMRKWEXXLIXMQISJTVIWXVIWWMRKXLIEHHM XMSR SJ TIVGIRX LSVM^SRXEP RSRTVIWXVIWWIH FSRHIH VIMR JSVGIQIRX MR XLI FSXXSQ JX SJ XLI [EPP MW IJJIGXMZI MR GSRXVSPPMRKZIVXMGEPGVEGOWXLEXQE]SXLIV[MWISGGYV EXXLI FEWISJXLI[EPP { *SV IQTX] STIRXST GMVGYPEV XEROW XLI QMRMQYQ GMVGYQJIVIRXMEP GSQTVIWWMZI WXVIWW EX XLI GIRXVSMHSJERIPIQIRXEJXIVEPPPSWWIWWLEPPFITWM 6 {)\TIVMIRGILEWWLS[RXLEXZIVXMGEPGVEGOWSJXIR HIZIPST EX XLI XST SJ STIRXST GMVGYPEV XEROW HYI XS XLI HMWGSRXMRYMX] SJ XLI WLIPP ERH EW E VIWYPX SJ WMKRMJMGERX XIQTIVEXYVI HMJJIVIRXMEPW ERH WLVMROEKI SR XLI I\TSWIH [EPPEVIEWKIRIVEPP]EFSZIXLIQE\MQYQSTIVEXMRKPMUYMH PIZIP8LIEHHMXMSREPVIWMHYEPGSQTVIWWMSREXXLIXSTSJXLI [EPPMWIJJIGXMZIMRIPMQMREXMRKXLIZIVXMGEPGVEGOWXLEXEVI JSVQIHEWEVIWYPXSJXLIWIYRYWYEPFSYRHEV]ERHIRZMVSR QIRXEPGSRHMXMSRW {7IVZMGIEFMPMX]VIUYMVIQIRXW{ *PI\YVEPQIQFIVW 6{7IVZMGIEFMPMX]VIUYMVIQIRXW{ *PI\YVEPQIQFIVW 4IVQMWWMFPIWXVIWWIWMRGSRGVIXIEVIKMZIRXSGSRXVSPWIVZMGI EFMPMX] 8LI] HS RSX IRWYVI EHIUYEXI WXVYGXYVEP WXVIRKXL [LMGL WLSYPH FI GLIGOIH MR GSRJSVQERGI [MXL SXLIV GSHI VIUYMVIQIRXW { 7XVIWWIW MR GSRGVIXI MQQIHMEXIP] EJXIV TVIWXVIWW XVERWJIV FIJSVI XMQIHITIRHIRX TVIWXVIWW PSWWIW WLEPPRSXI\GIIHXLIJSPPS[MRK E )\XVIQIJMFIVWXVIWWMRGSQTVIWWMSRJ G F )\XVIQIJMFIVWXVIWWMRXIRWMSRI\GITXEWTIVQMXXIH MR G J GM G )\XVIQIJMFIVWXVIWWMRXIRWMSREXIRHWSJWMQTP] WYTTSVXIHQIQFIVW J GM ;LIVI GSQTYXIH XIRWMPI WXVIWWIW I\GIIH XLIWI ZEPYIW FSRHIH EHHMXMSREP VIMRJSVGIQIRX RSRTVI WXVIWWIH SV TVIWXVIWWIH WLEPP FI TVSZMHIH MR XLI XIRWMPI^SRIXSVIWMWXXLIXSXEPXIRWMPIJSVGIMRGSRGVIXI GSQTYXIH [MXL XLI EWWYQTXMSR SJ ER YRGVEGOIH WIGXMSR 6 {8LIGSRGVIXIWXVIWWIWEXXLMWWXEKIEVIGEYWIHF] XLIJSVGIMRXLITVIWXVIWWMRKWXIIPEXXVERWJIVVIHYGIHF]XLI PSWWIWHYIXSIPEWXMGWLSVXIRMRKSJXLIGSRGVIXIVIPE\EXMSRSJ XLI TVIWXVIWWMRK WXIIP WIEXMRK EX XVERWJIV ERH XLI WXVIWWIW HYIXSXLI[IMKLXSJXLIQIQFIV+IRIVEPP]WLVMROEKIERH GVIITEVIRSXMRGPYHIHEXXLMWWXEKI8LIWIWXVIWWIWETTP]XS FSXLTVIXIRWMSRIHERHTSWXXIRWMSRIHGSRGVIXI[MXLTVSTIV QSHMJMGEXMSRWSJXLIPSWWIWEXXVERWJIV 6 F ERH G { 8LI XIRWMSR WXVIWW PMQMXW SJ J GM ERH J GM VIJIVXSXIRWMPIWXVIWWEXPSGEXMSRWSXLIVXLERXLI TVIGSQTVIWWIH XIRWMPI ^SRI ;LIVI XLI XIRWMPI WXVIWWIW I\GIIHXLITIVQMWWMFPIZEPYIWXLIXSXEPJSVGIMRXLIXIRWMPI WXVIWW ^SRI QE] FI GEPGYPEXIH ERH VIMRJSVGIQIRX TVSTSV XMSRIHSRXLIFEWMWSJXLMWJSVGIEXEWXVIWWSJJ]FYXRSX QSVI XLER TWM 8LI IJJIGXW SJ GVIIT ERH WLVMROEKI FIKMR XS VIHYGI XLI XIRWMPI WXVIWW EPQSWX MQQIHMEXIP] LS[IZIVWSQIXIRWMSRVIQEMRWMRXLIWIEVIEWEJXIVEPPS[ERGI MWQEHIJSVEPPTVIWXVIWWPSWWIW )2:-6321)28%07869'896)7'3()'311)28%6= '3() '311)28%6= {2IXXIRWMSRYRHIVWIVZMGIPSEHWWLEPPRSXFI TIVQMXXIH MR YRVIMRJSVGIH WIGXMSRW MR TVIWXVIWWIH GSRGVIXI IRZMVSRQIRXEP IRKMRIIVMRK WXVYGXYVIW 2SRTVIWXVIWWIH VIMRJSVGIQIRX EX XLI WXVIWW PIZIPW TIVQMXXIHMR%TTIRHM\-WLEPPFITVSZMHIHXSGEVV]ER] RIX GSRGVIXI XIRWMSR MR E TVIWXVIWWIH GSRGVIXI QIQFIV *SV TVIWXVIWWIH JPI\YVEP QIQFIVW WXVIWWIW MR GSRGVIXI EX WIVZMGI PSEHW FEWIH SR YRGVEGOIH WIGXMSRTVSTIVXMIWERHEJXIVEPPS[ERGIJSVEPPTVIWXVIWW PSWWIW WLEPPRSXI\GIIHXLIJSPPS[MRK 6 E ERH F { 8LI GSQTVIWWMSR WXVIWW PMQMX SJ JG [EWGSRWIVZEXMZIP]IWXEFPMWLIHXSHIGVIEWIXLITVSFE FMPMX] SJ JEMPYVI SJ TVIWXVIWWIH GSRGVIXI QIQFIVW HYI XS VITIEXIH PSEHW 8LMW PMQMX WIIQIH VIEWSREFPI XS TVIGPYHI I\GIWWMZIGVIITHIJSVQEXMSR%XLMKLIVZEPYIWSJWXVIWWGVIIT WXVEMRWXIRHXSMRGVIEWIQSVIVETMHP]EWETTPMIHWXVIWWMRGVIEWIW E )\XVIQI JMFIV WXVIWW MR GSQTVIWWMSR HYI XS TVIWXVIWWTPYWWYWXEMRIHPSEHW JG F )\XVIQI JMFIV WXVIWW MR GSQTVIWWMSR HYI XS TVIWXVIWWTPYWXSXEPPSEH JG G )\XVIQIJMFIVWXVIWWMRXIRWMSRMRTVIGSQTVIWWIH XIRWMPI^SRI J G H )\XVIQIJMFIVWXVIWWMRXIRWMSRMRTVIGSQTVIWWIH XIRWMPI^SRISJQIQFIVW I\GITXX[S[E]WPEFW]W XIQW [LIVI EREP]WMW FEWIH SR XVERWJSVQIH GVEGOIH WIGXMSRWERHSRFMPMRIEVQSQIRXHIJPIGXMSRVIPEXMSR WLMTWWLS[WXLEXMQQIHMEXIERHPSRKXIVQHIJPIGXMSRW GSQTP][MXLVIUYMVIQIRXWSJERH[LIVIGSZIV VIUYMVIQIRXWGSQTP][MXL J G 8LI GLERKI MR EPPS[EFPI WXVIWW MR XLI %'- GSHI VIGSKRMÎH XLEX JEXMKYI XIWXW SJ TVIWXVIWWIH GSRGVIXI LEZI WLS[RXLEXGSRGVIXIJEMPYVIWEVIRSXXLIGSRXVSPPMRKGVMXIVMSR (IWMKRW [MXL XVERWMIRX PMZI PSEHW XLEX EVI PEVKI GSQTEVIH [MXL WYWXEMRIH HIEH PSEHW LEZI FIIR TIREPMÎH F] XLI TVIZMSYWWMRKPIGSQTVIWWMSRWXVIWWPMQMX8LIVIJSVIXLIRI[ WXVIWWPMQMXSJJG TIVQMXWESRIXLMVHMRGVIEWIMREPPS[ EFPI GSQTVIWWMSR WXVIWW JSV QIQFIVW WYFNIGX XS XVERWMIRX PSEHW 7YWXEMRIH PMZI PSEH MW ER] TSVXMSR SJ XLI WIVZMGI PMZI PSEH XLEX[MPPFIWYWXEMRIHJSVEWYJJMGMIRXTIVMSHXSGEYWIWMKRMJM GERXXMQIHITIRHIRXHIJPIGXMSRW8LYW[LIRWYWXEMRIHPMZI ERHHIEHPSEHWEVIEPEVKITIVGIRXEKISJXSXEPWIVZMGIPSEH XLI JG PMQMXSJ E QE]GSRXVSP3RXLISXLIVLERH [LIREPEVKITSVXMSRSJXLIXSXEPWIVZMGIPSEHGSRWMWXWSJE XVERWMIRXSVXIQTSVEV]WIVZMGIPMZIPSEHXLIMRGVIEWIHWXVIWW PMQMXSJ F QE]ETTP] 8LI GSQTVIWWMSR WXVIWW PMQMX SJ JG JSV TVIWXVIWW TPYW WYWXEMRIH PSEHW [MPP GSRXMRYI XS GSRXVSP XLI PSRKXIVQ FILEZMSVSJTVIWXVIWWIHQIQFIVW 6 G { 8LI TVIGSQTVIWWIH XIRWMPI ^SRI MW XLEX TSVXMSR SJ XLI QIQFIV GVSWW WIGXMSR MR [LMGL JPI\YVEP XIRWMSR SGGYVW YRHIV HIEH ERH PMZI PSEHW 4VIWXVIWWIH GSRGVIXIMWYWYEPP]HIWMKRIHWSXLEXXLITVIWXVIWWJSVGIMRXVS HYGIWGSQTVIWWMSRMRXSXLMW^SRIXLYWIJJIGXMZIP]VIHYGMRK XLIQEKRMXYHISJXLIXIRWMPIWXVIWW 8LI TIVQMWWMFPI XIRWMPI WXVIWW SJ J G MW GSQTEXMFPI [MXL XLI GSRGVIXI GSZIVW VIUYMVIH F] *SV GSRHMXMSRW SJ GSVVSWMZIIRZMVSRQIRXWHIJMRIHEWERIRZMVSRQIRXMR[LMGL GLIQMGEPEXXEGOWYGLEWWIE[EXIVGSVVSWMZIMRHYWXVMEPEXQS WTLIVI WI[IV KEW SV SXLIV LMKLP] GSVVSWMZI IRZMVSRQIRXW EVIIRGSYRXIVIHKVIEXIVGSZIVXLERXLEXVIUYMVIHF] WLSYPH FI YWIH MR EGGSVHERGI [MXL ERH XIRWMSR WXVIWWIW VIHYGIH XS IPMQMREXI TSWWMFPI GVEGOMRK EX WIVZMGI PSEHW8LIIRKMRIIVRIIHWXSYWINYHKQIRXXSHIXIVQMRIXLI EQSYRX SJ MRGVIEWIH GSZIV ERH [LIXLIV VIHYGIH XIRWMSR WXVIWWIWEVIVIUYMVIH 6 G ERH H {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{ 8LI TIVQMWWMFPI XIRWMPI WXVIWW SJ J G TVSZMHIW MQTVSZIH WIVZMGI PSEH TIVJSVQERGI IWTIGMEPP] [LIRPMZIPSEHWEVISJEXVERWMIRXREXYVI8SXEOIEHZERXEKI SJXLIMRGVIEWIHTIVQMWWMFPIWXVIWWXLIIRKMRIIVMWVIUYMVIH XSMRGVIEWIXLIGSRGVIXITVSXIGXMSRSRXLIVIMRJSVGIQIRXEW WXMTYPEXIHMRERHXSMRZIWXMKEXIXLIHIJPIGXMSRGLEV EGXIVMWXMGWSJXLIQIQFIVTEVXMGYPEVP]EXXLIPSEH[LIVIXLI QIQFIVGLERKIWJVSQYRGVEGOIHFILEZMSVXSGVEGOIHFILEZMSV 8LI I\GPYWMSR SJ X[S[E] WPEF W]WXIQW MW FEWIH SR 6IJIVIRGI [LMGL VIGSQQIRHW XLEX XLI TIVQMWWMFPI XIRWMSR WXVIWW FI RSX KVIEXIV XLER J G JSV HIWMKR SJ TVIWXVIWWIH GSRGVIXI JPEX TPEXIW EREP]ÎH F] XLI IUYMZEPIRX JVEQIQIXLSHSVSXLIVETTVS\MQEXIQIXLSHW*SVJPEXTPEXI HIWMKRWFEWIHSRQSVII\EGXEREP]WIWSVJSVSXLIVX[S[E] WPEFW]WXIQWVMKSVSYWP]EREP]ÎHERHHIWMKRIHJSVWXVIRKXL ERH WIVZMGIEFMPMX] XLI PMQMXMRK WXVIWW QE] FI I\GIIHIH MR EGGSVHERGI[MXL 6IJIVIRGITVSZMHIWMRJSVQEXMSRSRXLIYWISJFMPMRIEV QSQIRXHIJPIGXMSRVIPEXMSRWLMTW { 4IVQMWWMFPI WXVIWWIW MR GSRGVIXI SJ ERH WLEPPFITIVQMXXIHXSFII\GIIHIHMJWLS[RF] XIWXSVEREP]WMWXLEXTIVJSVQERGI[MPPRSXFIMQTEMVIH 6 { 8LMW WIGXMSR TVSZMHIW E QIGLERMWQ [LIVIF] HIZIPSTQIRXSJRI[TVSHYGXWQEXIVMEPWERHXIGLRMUYIWMR TVIWXVIWWIH GSRGVIXI GSRWXVYGXMSR RIIH RSX FI MRLMFMXIH F] GSHIPMQMXWSRWXVIWW%TTVSZEPWJSVXLIHIWMKRWLSYPHFIMR EGGSVHERGI[MXL SJXLIGSHI {4IVQMWWMFPIWXVIWWIWMRTVIWXVIWWMRK WXIIP 6{4IVQMWWMFPIWXVIWWIWMRTVIWXVIWWMRK WXIIP 8LIGSHIHSIWRSXHMWXMRKYMWLFIX[IIRXIQTSVEV]ERHIJJIG XMZI TVIWXVIWWMRK WXIIP WXVIWWIW 3RP] SRI PMQMX SR TVIWXVIWWMRK WXIIP WXVIWW MW TVSZMHIH FIGEYWI XLI MRMXMEP TVIWXVIWWMRK WXIIP WXVIWW MQQIHMEXIP] EJXIV XVERWJIV GER TVIZEMPJSVEGSRWMHIVEFPIXMQIIZIREJXIVXLIWXVYGXYVILEW FIIRTYXMRXSWIVZMGI8LMWWXVIWWXLIVIJSVIWLSYPHLEZIER EHIUYEXIWEJIX]JEGXSVYRHIVWIVZMGIGSRHMXMSRWERHGERRSX FI GSRWMHIVIH EW E XIQTSVEV] WXVIWW %R] WYFWIUYIRX HIGVIEWIMRTVIWXVIWWMRK WXIIPWXVIWW HYIXS PSWWIWGERSRP] MQTVSZI GSRHMXMSRW ERH LIRGI RS PMQMX SR WYGL WXVIWW HIGVIEWIMWTVSZMHIHMRXLIGSHI {8IRWMPIWXVIWWMRTVIWXVIWWMRKWXIIPWLEPPRSX I\GIIHXLIJSPPS[MRK E (YIXSTVIWXVIWWMRKWXIIPNEGOMRKJSVGI JT] FYX RSX KVIEXIV XLER XLI PIWWIV SJ JTY ERH XLI QE\MQYQZEPYIVIGSQQIRHIHF]XLIQERYJEGXYVIV SJTVIWXVIWWMRKWXIIPSVERGLSVEKIW 6 {;MXLXLI%'-GSHITIVQMWWMFPIWXVIWWIW MRTVIWXVIWWMRKWXIIPEVIVIZMWIHXSVIGSKRMÎ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{0SWWSJTVIWXVIWW 6{0SWWSJTVIWXVIWW {8SHIXIVQMRIIJJIGXMZITVIWXVIWWJWI EPPS[ERGI JSVXLI JSPPS[MRK WSYVGIW SJPSWW SJ TVIWXVIWW WLEPP FI GSRWMHIVIH 6 { 0SRKXIVQ PSWWIW GEPGYPEXIH JSV TVIWXVIWWIH GSRGVIXIXEROWMRXIRHIHXSFIJMPPIH[MXLPMUYMHWSQISVQSWX SJXLIXMQIGERZEV]WMKRMJMGERXP]HITIRHMRKYTSR[LIXLIV XLIXEROMWEWWYQIHXSFIJYPPSVIQTX]8LIHIWMKRIVRIIHW XSYWINYHKQIRXXSHIXIVQMRILS[XSIWXMQEXIXLIPSRKXIVQ PSWWIW FIX[IIR XLIWI X[S FSYRHEV]GSRHMXMSRW XEOMRK MRXS EGGSYRX XLI ERXMGMTEXIH RSVQEP STIVEXMRK GSRHMXMSRW ERH JPYGXYEXMSRWMRPMUYMHPIZIP[MXLXMQI E 4VIWXVIWWWMRKWXIIPWIEXMRKEXXVERWJIV F )PEWXMGWLSVXIRMRKSJGSRGVIXI G 'VIITSJGSRGVIXI H 7LVMROEKISJGSRGVIXI I 6IPE\EXMSRSJTVIWXVIWWMRKWXIIPWXVIWW J *VMGXMSRPSWWHYIXSMRXIRHIHSVYRMRXIRHIHGYVZEXYVI MRTSWXXIRWMSRMRKXIRHSRW *SVERI\TPEREXMSRSJLS[XSGSQTYXITVIWXVIWWPSWWIWWII 6IJIVIRGIW XLVSYKL 0YQTWYQ ZEPYIW SJ TVIWXVIWW PSWWIW JSV FSXL TVIXIRWMSRIH ERH TSWXXIRWMSRIH QIQFIVWXLEX[IVIMRHMGEXIHMRTVIIHMXMSRWSJXLI GSQQIRXEV] EVI GSRWMHIVIH SFWSPIXI 6IEWSREFP] EGGYVEXI IWXMQEXIW SJ TVIWXVIWW PSWWIW GER FI IEWMP] GEPGYPEXIH MR EGGSVHERGI [MXL XLI VIGSQQIRHEXMSRW MR 6IJIVIRGI XLEX MRGPYHI GSRWMHIVEXMSR SJ MRMXMEP WXVIWW PIZIP JTY SV LMKLIV X]TI SJ WXIIP WXVIWWVIPMIZIH SV PS[VIPE\EXMSR [MVI WXVERH SV FEV I\TSWYVI GSRHMXMSRW ERH X]TI SJ GSRWXVYGXMSR TVIXIRWMSRIH FSRHIH TSWXXIRWMSRIH SV YRFSRHIHTSWXXIRWMSRIH %GXYEPPSWWIWKVIEXIVSVWQEPPIVXLERXLIGSQTYXIHZEPYIW LEZIPMXXPIIJJIGXSRXLIHIWMKRWXVIRKXLSJXLIQIQFIVFYX EJJIGXWIVZMGI PSEH FILEZMSV HIJPIGXMSRW GEQFIV GVEGOMRK PSEH ERH GSRRIGXMSRW %X WIVZMGI PSEHW SZIVIWXMQEXMSR SJ TVIWXVIWW PSWWIW GER FI EPQSWX EW HIXVMQIRXEP EW YRHIVIWXM QEXMSRFIGEYWIXLIJSVQIVGERVIWYPXMRI\GIWWMZIGEQFIV ERHLSVM^SRXEPQSZIQIRX 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= {*VMGXMSRPSWWMRTSWXXIRWMSRMRKXIRHSRW 6{*VMGXMSRPSWWMRTSWXXIRWMSRMRKXIRHSRW 8LIGSIJJMGMIRXWXEFYPEXIHMR8EFPI6KMZIEVERKIXLEX KIRIVEPP] GER FI I\TIGXIH (YI XS XLI QER] X]TIW SJ TVIWXVIWWMRKWXIIPHYGXWERHWLIEXLMRKEZEMPEFPIXLIWIZEPYIW GERSRP]WIVZIEWEKYMHI;LIVIVMKMHGSRHYMXMWYWIHXLI [SFFPIGSIJJMGMIRX/ GERFIGSRWMHIVIHEWÎVS*SVPEVKI HMEQIXIV TVIWXVIWWMRK WXIIP MR WIQMVMKMH X]TI GSRHYMX XLI [SFFPI JEGXSV GER EPWS FI GSRWMHIVIH Î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{ )JJIGX SJ JVMGXMSR PSWW MR TSWXXIRWMSRMRK XIRHSRWWLEPPFIGSQTYXIHF] 4W!4\I /P\ 8%&0)6{*6-'8-32'3)**-'-)287 *3643788)27-32)(8)2(327*3697) -2)5 36 ;SFFPI GSIJJMGMIRX/ MWRSXKVIEXIVXLERIJJIGXSJJVMG ;LIR /P\ XMSRPSWWWLEPPFITIVQMXXIHXSFIGSQTYXIHF] 4W!4\ /P\ { *VMGXMSR PSWW WLEPP FI FEWIH SR I\TIVM QIRXEPP]HIXIVQMRIH[SFFPI/ ERHGYVZEXYVI JVMGXMSR GSIJJMGMIRXW ERH WLEPP FI ZIVMJMIH HYVMRK XIRHSR WXVIWWMRKSTIVEXMSRW 1EWXMG GSEXIH 9RFSRHIH XIRHSRW 'YVZEXYVI GSIJJMGMIRX ;MVIXIRHSRW ,MKLWXVIRKXL FEVW [MVIWXVERH ;MVIXIRHSRW [MVIWXVERH ;MVIXIRHSRW [MVIWXVERH 4VIKVIEWIH { :EPYIW SJ [SFFPI ERH GYVZEXYVI JVMGXMSR GSIJJMGMIRXWYWIHMR HIWMKR WLEPP FI WLS[RSRHIWMKR HVE[MRKW {;LIVIPSWWSJTVIWXVIWWMREQIQFIVSGGYVW HYIXSGSRRIGXMSR SJ QIQFIVXSEHNSMRMRKGSRWXVYGXMSR WYGLPSWWSJTVIWXVIWWWLEPPFIEPPS[IHJSVMRHIWMKR 6 { ;LIR XLI WEJIX] SV WIVZMGIEFMPMX] SJ XLI WXVYGXYVI QE] FI MRZSPZIH XLI EGGITXEFPI VERKI SJ TVIWXVIWWMRKWXIIPNEGOMRKJSVGIWSVSXLIVPMQMXMRKVIUYMVIQIRXW WLSYPHIMXLIVFIKMZIRSVETTVSZIHF]XLIWXVYGXYVEPIRKMRIIVMR GSRJSVQERGI[MXLXLITIVQMWWMFPIWXVIWWIWSJERH )2:-6321)28%07869'896)7'3()'311)28%6= '3() '311)28%6= {*PI\YVEPWXVIRKXL 6{*PI\YVEPWXVIRKXL {(IWMKRQSQIRX WXVIRKXL SJ JPI\YVEPQIQFIVW WLEPPFIGSQTYXIHF]XLIWXVIRKXLHIWMKRQIXLSHWSJ XLIGSHI*SVTVIWXVIWWMRKWXIIPJTW WLEPPFIWYFWXMXYXIH JSVJ] MRWXVIRKXLGSQTYXEXMSRW 6 {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{%WEREPXIVREXMZIXSEQSVIEGGYVEXIHIXIV QMREXMSR SJ JTW FEWIH SR WXVEMR GSQTEXMFMPMX] XLI JSPPS[MRKETTVS\MQEXIZEPYIWSJJTW WLEPPFITIVQMXXIH XSFIYWIHMJJWI MWRSXPIWWXLERJTY E *SVQIQFIVW[MXLFSRHIHXIRHSRW JTW ! J TY z T JTY T JG H HT z -J ER] GSQTVIWWMSR VIMRJSVGIQIRX MW XEOIR MRXS EGGSYRX[LIRGEPGYPEXMRKJTW F])U XLIXIVQ JTY T JG H HT z WLEPPFIXEOIRRSXPIWWXLERERHH WLEPPFIRS KVIEXIVXLERHT F *SVQIQFIVW[MXLYRFSRHIHXIRHSRWERH[MXLE WTERXSHITXLVEXMSSJSVPIWW JG JTW ! JWI T FYXJTW MR)U WLEPPRSXFIXEOIRKVIEXIVXLER JT]RSV JWI G *SVQIQFIVW[MXLYRFSRHIHXIRHSRWERH[MXLE WTERXSHITXLVEXMSKVIEXIVXLER JG JTW ! JWI T FYXJTW MR)U WLEPPRSXFIXEOIRKVIEXIVXLER JT] RSV JWI 6 {)UYEXMSR QE]YRHIVIWXMQEXIXLIWXVIRKXL SJ FIEQW [MXL LMKL TIVGIRXEKIW SJ VIMRJSVGIQIRX ERH JSV QSVI EGGYVEXI IZEPYEXMSRW SJ XLIMV WXVIRKXL XLI WXVEMR GSQTEXMFMPMX]ERHIUYMPMFVMYQQIXLSHWLSYPHFIYWIH9WI SJ)U MWETTVSTVMEXI[LIREPPSJXLITVIWXVIWWIHVIMR JSVGIQIRX MW MR XLI XIRWMSR ^SRI ;LIR TEVX SJ XLI TVIWXVIWWIH VIMRJSVGIQIRX MW MR XLI GSQTVIWWMSR ^SRI E WXVEMRGSQTEXMFMPMX]ERHIUYMPMFVMYQQIXLSHWLSYPHFIYWIH &]MRGPYWMSRSJXLI XIVQ)U VIJPIGXWXLIMRGVIEWIH ZEPYI SJ JTW SFXEMRIH [LIR GSQTVIWWMSR VIMRJSVGIQIRX MW TVSZMHIHMREFIEQ[MXLEPEVKIVIMRJSVGIQIRXMRHI\;LIR XLIXIVQ? TJTY J G HHT z A MR)U MWWQEPP XLIRIYXVEPE\MWHITXLMWWQEPPLIRGIXLIGSQTVIWWMZIVIMR JSVGIQIRXHSIWRSXHIZIPSTMXW]MIPHWXVIRKXLERH)U FIGSQIW YRGSRWIVZEXMZI 8LMW MW XLI VIEWSR [L] XLI XIVQ ? TJTY J G HHT A MR)U QE]RSXFIXEOIR PIWW XLER MJ GSQTVIWWMSR VIMRJSVGIQIRX MW XEOIR MRXS EGGSYRX[LIRGSQTYXMRKJTW 2SXIXLEXMJXLIGSQTVIWWMSR VIMRJSVGIQIRXMWRIKPIGXIH[LIRYWMRK)U XLEXMW MWXEOIREWÎVSXLIRXLIXIVQ? TJTYJ G HHT A QE]FI PIWWXLERERHLIRGIERMRGVIEWIHERHGSVVIGXZEPYISJ JTW MWSFXEMRIH ;LIR H MW PEVKI XLI WXVEMR MR GSQTVIWWMSR VIMRJSVGIQIRX GERFIGSRWMHIVEFP]PIWWXLERMXW]MIPHWXVEMR-RWYGLEGEWI XLI GSQTVIWWMSR VIMRJSVGIQIRX HSIW RSX MRJPYIRGI JTW EW JEZSVEFP]EWMQTPMIHF])U -XMWJSVXLMWVIEWSRXLEX XLIETTPMGEFMPMX]SJ)U MWPMQMXIHXSFIEQWMR[LMGL H MWPIWWXLERSVIUYEPXSHT z A MR)U QE]EPWS 8LIXIVQ? TJTYJ G HHT FI[VMXXIR? TJTYJ G %WJ] FHTJ G z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{2SRTVIWXVIWWIHVIMRJSVGIQIRXGSRJSVQMRKXS MJYWIH[MXLTVIWXVIWWMRKWXIIPWLEPPFITIVQMXXIH XSFIGSRWMHIVIHXSGSRXVMFYXIXSXLIXIRWMPIJSVGIERH XSFI MRGPYHIHMRQSQIRX WXVIRKXLGSQTYXEXMSRW EX E WXVIWW IUYEP XS XLI WTIGMJMIH ]MIPH WXVIRKXL J] 3XLIV RSRTVIWXVIWWIHVIMRJSVGIQIRXWLEPPFITIVQMXXIHXSFI MRGPYHIH MR WXVIRKXL GSQTYXEXMSRW SRP] MJ E WXVEMR GSQTEXMFMPMX]EREP]WMWMWTIVJSVQIHXSHIXIVQMRIWXVIWWIW MRWYGLVIMRJSVGIQIRX {0MQMXWJSVVIMRJSVGIQIRXSJJPI\YVEP QIQFIVW 6{0MQMXWJSVVIMRJSVGIQIRXSJJPI\YVEP QIQFIVW { 6EXMS SJ TVIWXVIWWIH ERH RSRTVIWXVIWWIH VIMRJSVGIQIRX YWIH JSV GSQTYXEXMSR SJ QSQIRX WXVIRKXL SJ E QIQFIV I\GITX EW TVSZMHIH MR WLEPPFIWYGLXLEX T? T HHT z ASV? T[ HHT [ z [ A MWRSXKVIEXIVXLER 6 {-XGERFIWLS[RXLEXXLIXIVQW T? T HHT z AERH? T[ HHT [ z [ A EVIIEGLIUYEPXSEHT [LIVI E MW XLI HITXL SJ XLI IUYMZEPIRX VIGXERKYPEV WXVIWW HMWXVMFYXMSRJSV XLI WIGXMSRYRHIVGSRWMHIVEXMSREWHIJMRIH MR 9WISJXLMWVIPEXMSRWLMTGERWMQTPMJ]XLIGEPGYPE XMSRWRIGIWWEV]XSGLIGOGSQTPMERGI[MXL {;LIREVIMRJSVGIQIRXVEXMSMRI\GIWWSJXLEX WTIGMJMIHMRMWTVSZMHIHHIWMKRQSQIRXWXVIRKXL WLEPP RSX I\GIIH XLI QSQIRX WXVIRKXL FEWIH SR XLI GSQTVIWWMSRTSVXMSRSJXLIQSQIRXGSYTPI 6 { (IWMKR QSQIRX WXVIRKXL SJ SZIVVIMRJSVGIH QIQFIVWQE]FIGSQTYXIHYWMRKWXVIRKXLIUYEXMSRWWMQMPEV XS XLSWI JSV GSRZIRXMSREPP] VIMRJSVGIH GSRGVIXI QIQFIVW 8I\XFSSOWERH%'-6TVSZMHIWXVIRKXLIUYEXMSRW JSVVIGXERKYPEVERHJPERKIHWIGXMSRW { 8SXEP EQSYRX SJ TVIWXVIWWIH ERH RSRTVI WXVIWWIHVIMRJSVGIQIRXWLEPPFIEHIUYEXIXSHIZIPSTE JEGXSVIH PSEH EX PIEWX XMQIW XLI GVEGOMRK PSEH GSQTYXIH SR XLI FEWMW SJ XLI QSHYPYW SJ VYTXYVI JV WTIGMJMIH MR I\GITX JSV JPI\YVEP QIQFIVW [MXL WLIEVERHJPI\YVEPWXVIRKXLEXPIEWXX[MGIXLEXVIUYMVIH F] 6 { 8LMW TVSZMWMSR MW E TVIGEYXMSR EKEMRWX EFVYTX JPI\YVEP JEMPYVI HIZIPSTMRK MQQIHMEXIP] EJXIV GVEGOMRK % JPI\YVEP QIQFIV HIWMKRIH EGGSVHMRK XS GSHI TVSZMWMSRW VIUYMVIW GSRWMHIVEFPI EHHMXMSREP PSEH FI]SRH GVEGOMRK XS VIEGL MXW JPI\YVEP WXVIRKXL 8LYW GSRWMHIVEFPI HIJPIGXMSR [SYPH[EVRXLEXXLIQIQFIVWXVIRKXLMWETTVSEGLMRK-JXLI JPI\YVEP WXVIRKXL WLSYPH FI VIEGLIH WLSVXP] EJXIV GVEGOMRK XLI[EVRMRKHIJPIGXMSR[SYPHRSXSGGYV {1MRMQYQFSRHIHVIMRJSVGIQIRX 6{1MRMQYQFSRHIHVIMRJSVGIQIRX { % QMRMQYQ EVIE SJ FSRHIH VIMRJSVGIQIRX WLEPPFITVSZMHIHMREPPJPI\YVEPQIQFIVW[MXLYRFSRHIH XIRHSRWEWVIUYMVIHF]ERH 6 {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{)\GITXEWTVSZMHIHMRQMRMQYQEVIE SJFSRHIHVIMRJSVGIQIRXWLEPPFIGSQTYXIHF] %W !% { &SRHIH VIMRJSVGIQIRX VIUYMVIH F] )U WLEPP FI YRMJSVQP] HMWXVMFYXIH SZIV TVIGSQ TVIWWIHXIRWMPI^SRIEWGPSWIEWTVEGXMGEFPIXSI\XVIQI XIRWMSRJMFIV 6 {8LIQMRMQYQEQSYRXSJFSRHIHVIMRJSVGIQIRX JSVQIQFIVWSXLIVXLERX[S[E]JPEXWPEFW]WXIQWMWFEWIH SR VIWIEVGL GSQTEVMRK XLI FILEZMSV SJ FSRHIH ERH YRFSRHIHTSWXXIRWMSRIHFIEQW&EWIHSRXLMWVIWIEVGL MXMWEHZMWEFPIXSETTP]XLITVSZMWMSRWSJEPWSXSSRI [E]WPEFW]WXIQW {&SRHIHVIMRJSVGIQIRXWLEPPFIVIUYMVIH VIKEVHPIWWSJWIVZMGIPSEHWXVIWWGSRHMXMSRW { *SV X[S[E] JPEX TPEXIW HIJMRIH EW WSPMH WPEFWSJYRMJSVQXLMGORIWWQMRMQYQEVIEERHHMWXVMFY XMSR SJ FSRHIH VIMRJSVGIQIRX WLEPP FI EW VIUYMVIH MR ERH 6 {8LIQMRMQYQEQSYRXSJFSRHIHVIMRJSVGIQIRX MR X[S[E] JPEX WPEF W]WXIQW MW FEWIH SR VITSVXW F] %'- %7') 'SQQMXXII 0MQMXIH VIWIEVGL EZEMPEFPI JSV X[S[E] JPEX WPEFW [MXL HVST TERIPW MRHMGEXIW XLEX FILEZMSV SJ XLIWI TEVXMGYPEV W]WXIQW MW WMQMPEV XS XLI FILEZMSV SJ JPEX TPEXIW 6IJIVIRGI [EW VIZMWIH F] 'SQQMXXIIMRXSGPEVMJ]XLEX7IGXMSRETTPMIW XSX[S[E]JPEXWPEFW]WXIQW { &SRHIH VIMRJSVGIQIRX WLEPP RSX FI VIUYMVIH MR TSWMXMZI QSQIRX EVIEW [LIVI GSQTYXIH XIRWMPIWXVIWWMRGSRGVIXIEXWIVZMGIPSEH EJXIVEPPS[ERGI JSVEPPTVIWXVIWWPSWWIW HSIWRSXI\GIIH J G 6 {*SVYWYEPPSEHWERHWTERPIRKXLWJPEXTPEXI XIWXWWYQQEVMÎHMRXLI'SQQMXXIIVITSVXERHI\TI VMIRGI WMRGI XLI %'- GSHI [EW EHSTXIH MRHMGEXI WEXMWJEGXSV]TIVJSVQERGI[MXLSYXFSRHIHVIMRJSVGIQIRXMRXLI EVIEWHIWGVMFIHMR {-RTSWMXMZIQSQIRXEVIEW[LIVIGSQTYXIH XIRWMPI WXVIWW MR GSRGVIXI EX WIVZMGI PSEH I\GIIHW J G QMRMQYQEVIESJFSRHIHVIMRJSVGIQIRX WLEPPFI GSQTYXIHF] 6 { -R TSWMXMZI QSQIRX EVIEW [LIVI XIRWMPI 2G %W ! J] WXVIWWIW EVI FIX[IIR J G ERH J G E QMRMQYQ FSRHIH VIMRJSVGIQIRXEVIETVSTSVXMSRIHEGGSVHMRKXS)U MW VIUYMVIH8LIXIRWMPIJSVGI2G MWGSQTYXIHEXWIVZMGIPSEHSR XLIFEWMWSJERYRGVEGOIHLSQSKIRISYWWIGXMSR [LIVI HIWMKR ]MIPH WXVIRKXL J ] WLEPP RSX I\GIIH TWM &SRHIH VIMRJSVGIQIRX WLEPP FI YRMJSVQP] HMWXVMFYXIHSZIVTVIGSQTVIWWIHXIRWMPI^SRIEWGPSWI EWTVEGXMGEFPIXSI\XVIQIXIRWMSRJMFIV { -R RIKEXMZI QSQIRX EVIEW EX GSPYQR WYTTSVXWXLIQMRMQYQEVIESJ FSRHIHVIMRJSVGIQIRX %W MR XLI XST SJ XLI WPEF MR IEGL HMVIGXMSR WLEPP FI GSQTYXIHF] %W!%GJ 6 {6IWIEVGLSRYRFSRHIHTSWXXIRWMSRIHX[S [E]JPEX WPEFW]WXIQW IZEPYEXIHF]%'-%7')'SQQMXXII WLS[WXLEXFSRHIHVIMRJSVGIQIRXMRRIKE XMZIQSQIRXVIKMSRWSJX[S[E]JPEXTPEXIWTVSTSVXMSRIHSR XLIFEWMWSJTIVGIRXSJXLIGVSWWWIGXMSREPEVIESJXLI WPEFFIEQ WXVMT TVSZMHIW WYJJMGMIRX HYGXMPMX] ERH VIHYGIW GVEGO[MHXLERHWTEGMRK8SEGGSYRXJSVHMJJIVIRXEHNEGIRX 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= &SRHIHVIMRJSVGIQIRXVIUYMVIHF])U WLEPPFI HMWXVMFYXIH FIX[IIR PMRIW XLEX EVI L SYXWMHISTTS WMXIJEGIWSJXLIGSPYQRWYTTSVX%XPIEWXJSYVFEVWSV [MVIW WLEPP FI TVSZMHIH MR IEGL HMVIGXMSR 7TEGMRK SJ FSRHIHVIMRJSVGIQIRXWLEPPRSXI\GIIHMR XVMFYXEV]WTERW)U MWKMZIRSRXLIFEWMWSJXLIIUYMZ EPIRX JVEQI EW HIJMRIH MR ERH TMGXYVIH MR *MK 6*SVVIGXERKYPEVWPEFTERIPW)U MWGSRWIVZE XMZIP]FEWIHYTSRXLIPEVKIVSJXLIGVSWWWIGXMSREPEVIEWSJ XLIX[SMRXIVWIGXMRKIUYMZEPIRXJVEQIWPEFFIEQWXVMTWEXXLI GSPYQR8LMWIRWYVIWXLEXXLIQMRMQYQTIVGIRXEKISJWXIIP VIGSQQIRHIH F] VIWIEVGL MW TVSZMHIH MR FSXL HMVIGXMSRW 'SRGIRXVEXMSR SJ XLMW VIMRJSVGIQIRX MR XLI XST SJ XLI WPEF HMVIGXP] SZIV ERH MQQIHMEXIP] EHNEGIRX XS XLI GSPYQR MW MQTSVXERX 6IWIEVGL EPWS WLS[W XLEX [LIVI PS[ XIRWMPI WXVIWWIWSGGYVEXWIVZMGIPSEHWEXMWJEGXSV]FILEZMSVLEWFIIR EGLMIZIH EX JEGXSVIH PSEH [MXLSYX FSRHIH VIMRJSVGIQIRX 8LI GSHI LS[IZIV VIUYMVIW QMRMQYQ FSRHIH VIMRJSVGI QIRXVIKEVHPIWWSJWIVZMGIPSEHWXVIWWPIZIPWXSLIPTIRWYVI JPI\YVEPGSRXMRYMX]ERHHYGXMPMX]ERHXSGSRXVSPGVEGOMRKHYI XS SZIVPSEH XIQTIVEXYVI SV WLVMROEKI 6IWIEVGL SR TSWX XIRWMSRIH JPEX TPEXIXSGSPYQR GSRRIGXMSRW MW VITSVXIH MR 6IJIVIRGIWXLVSYKL { 1MRMQYQ PIRKXL SJ FSRHIH VIMRJSVGIQIRX VIUYMVIHF] ERH WLEPPFI EWVIUYMVIHMR ERH 6 { &SRHIH VIMRJSVGIQIRX WLSYPH FI EHIUYEXIP] ERGLSVIHXSHIZIPSTJEGXSVIHPSEHJSVGIW8LIVIUYMVIQIRXW SJ 'LETXIV [MPP IRWYVI XLEX FSRHIH VIMRJSVGIQIRX VIUYMVIHJSVJPI\YVEPWXVIRKXLYRHIVJEGXSVIHPSEHWMREGGSV HERGI[MXLSVJSVXIRWMPIWXVIWWGSRHMXMSRWEXWIVZMGI PSEH MR EGGSVHERGI [MXL [MPP FI EHIUYEXIP] ERGLSVIH XS HIZIPST XIRWMSR SV GSQTVIWWMSR JSVGIW *SV FSRHIH VIMRJSVGIQIRX VIUYMVIH F] SV FYX RSXVIUYMVIHJSVJPI\YVEPWXVIRKXLMREGGSVHERGI[MXL XLI QMRMQYQ PIRKXLW ETTP] 6IWIEVGL SR GSRXMRYSYW WTERWWLS[WXLEXXLIWIQMRMQYQ PIRKXLWTVSZMHIEHIUYEXI FILEZMSVYRHIVWIVZMGIPSEHERHJEGXSVIHPSEHGSRHMXMSRW { -R TSWMXMZI QSQIRX EVIEW QMRMQYQ PIRKXL SJ FSRHIH VIMRJSVGIQIRX WLEPP FI SRIXLMVH XLI GPIEVWTERPIRKXLERHGIRXIVIHMRTSWMXMZIQSQIRXEVIE {-RRIKEXMZIQSQIRXEVIEWFSRHIHVIMR JSVGIQIRX WLEPP I\XIRH SRIWM\XL XLI GPIEV WTER SR IEGLWMHISJWYTTSVX {;LIVIFSRHIHVIMRJSVGIQIRXMWTVSZMHIH JSVHIWMKRQSQIRXWXVIRKXLMREGGSVHERGI[MXL SV JSV XIRWMPI WXVIWW GSRHMXMSRW MR EGGSVHERGI [MXL QMRMQYQPIRKXLEPWSWLEPPGSRJSVQXS TVSZM WMSRWSJ'LETXIV {7XEXMGEPP]MRHIXIVQMREXIWXVYGXYVIW 6{7XEXMGEPP]MRHIXIVQMREXIWXVYGXYVIW { *VEQIW ERH GSRXMRYSYW GSRWXVYGXMSR SJ TVIWXVIWWIHGSRGVIXIWLEPPFIHIWMKRIHJSVWEXMWJEGXSV] TIVJSVQERGI EX WIVZMGI PSEH GSRHMXMSRW ERH JSV EHIUYEXIWXVIRKXL { 4IVJSVQERGI EX WIVZMGI PSEH GSRHMXMSRW WLEPP FI HIXIVQMRIH F] IPEWXMG EREP]WMW GSRWMHIVMRK VIEGXMSRW QSQIRXW WLIEVW ERH E\MEP JSVGIW TVSHYGIHF]TVIWXVIWWMRKGVIITWLVMROEKIXIQTIVE XYVI GLERKI E\MEP HIJSVQEXMSR VIWXVEMRX SJ EXXEGLIH WXVYGXYVEPIPIQIRXWERHJSYRHEXMSRWIXXPIQIRX { 1SQIRXW XS FI YWIH XS GSQTYXI VIUYMVIH WXVIRKXLWLEPPFIXLIWYQSJXLIQSQIRXWHYIXSVIEG XMSRWMRHYGIHF]TVIWXVIWWMRK [MXLEPSEHJEGXSVSJ ERHXLIQSQIRXWHYIXSJEGXSVIHPSEHW%HNYWXQIRXSJ XLI WYQ SJ XLIWI QSQIRXW WLEPP FI TIVQMXXIH EW EPPS[IHMR 6 {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{6IHMWXVMFYXMSRSJRIKEXMZIQSQIRXWMR GSRXMRYSYWTVIWXVIWWIHJPI\YVEPQIQFIVW 6{6IHMWXVMFYXMSRSJRIKEXMZIQSQIRXWMR GSRXMRYSYWTVIWXVIWWIHJPI\YVEPQIQFIVW {;LIVIFSRHIHVIMRJSVGIQIRXMWTVSZMHIH EX WYTTSVXW MR EGGSVHERGI [MXL RIKEXMZI QSQIRXWGEPGYPEXIHF]IPEWXMGXLISV]JSVER]EWWYQIH PSEHMRK EVVERKIQIRX WLEPP FI TIVQMXXIH XS FI MRGVIEWIHSVHIGVIEWIHF]RSXQSVIXLER %W QIQFIV WXVIRKXL MW ETTVSEGLIH MRIPEWXMG FILEZMSV EX WSQIWIGXMSRW GER VIWYPX MR E VIHMWXVMFYXMSR SJ QSQIRXW MR TVIWXVIWWIH GSRGVIXI FIEQW 6IGSKRMXMSR SJ XLMW FILEZMSV GERFIEHZERXEKISYWMRHIWMKRYRHIVGIVXEMRGMVGYQWXERGIW %VMKSVSYWHIWMKRQIXLSHJSVQSQIRXVIHMWXVMFYXMSRMWUYMXI GSQTPI\ 6IGSKRMXMSR SJ QSQIRX VIHMWXVMFYXMSR LS[IZIV GERFIEGGSQTPMWLIH[MXLXLIWMQTPIQIXLSHSJTIVQMXXMRKE VIEWSREFPI EHNYWXQIRX SJ XLI WYQ SJ XLI IPEWXMGEPP] GEPGY PEXIH JEGXSVIH KVEZMX] PSEH QSQIRXW ERH XLI YRJEGXSVIH WIGSRHEV]QSQIRXWHYIXSTVIWXVIWW8LIEQSYRXSJEHNYWX QIRXWLSYPHFIOITX[MXLMRTVIHIXIVQMRIHWEJIPMQMXW H z HT z TIVGIRX T { 8LI QSHMJMIH RIKEXMZI QSQIRXW WLEPP FI YWIH JSV GEPGYPEXMRK QSQIRXW EX WIGXMSRW [MXLMR WTERWJSVXLIWEQIPSEHMRKEVVERKIQIRX { 6IHMWXVMFYXMSR SJ RIKEXMZI QSQIRXW WLEPPFIQEHISRP][LIRXLIWIGXMSREX[LMGLQSQIRX MWVIHYGIHMWWSHIWMKRIHXLEX T ? T H HT z A SV ? T[ H HT [ z [ A[LMGLIZIVMWETTPMGEFPIMW RSXKVIEXIVXLER 8LIEQSYRXSJVIHMWXVMFYXMSREPPS[IHHITIRHWSRXLIEFMPMX] SJXLIGVMXMGEPWIGXMSRWXSHIJSVQMRIPEWXMGEPP]F]EWYJJMGMIRX EQSYRX7IVZMGIEFMPMX]YRHIVWIVZMGIPSEHWMWXEOIRGEVISJ F]XLIPMQMXMRKWXVIWWIWSJ8LIGLSMGISJ EWXLI PEVKIWX XIRWMSR VIMRJSVGIQIRX MRHI\ T ? T HHT z ASV? T[ HHT [ z [ AJSV[LMGLVIHMWXVMFYXMSRSJ QSQIRXWMWEPPS[IHMWMREKVIIQIRX[MXLXLIVIUYMVIQIRXWJSV GSRZIRXMSREPP]VIMRJSVGIHGSRGVIXISJ F WXEXIHMR z AERH -XGERFIWLS[RXLEXXLIXIVQW T? T HHT ? T[ HHT [ z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{'SQTVIWWMSRQIQFIVW{ 'SQFMRIHJPI\YVIERHE\MEPPSEHW '311)28%6= 6{'SQTVIWWMSRQIQFIVW{ 'SQFMRIHJPI\YVIERHE\MEPPSEHW { 4VIWXVIWWIH GSRGVIXI QIQFIVW WYFNIGX XS GSQFMRIH JPI\YVI ERH E\MEP PSEH [MXL SV [MXLSYX RSRTVIWXVIWWIH VIMRJSVGIQIRX WLEPP FI TVSTSVXMSRIH F]XLIWXVIRKXLHIWMKRQIXLSHWSJXLMWGSHIJSVQIQFIVW [MXLSYX TVIWXVIWWMRK )JJIGXW SJ TVIWXVIWW GVIIT WLVMROEKIERHXIQTIVEXYVIGLERKIWLEPPFIMRGPYHIH {0MQMXWJSVVIMRJSVGIQIRXSJTVIWXVIWWIH GSQTVIWWMSRQIQFIVW 6 { 0MQMXW JSV VIMRJSVGIQIRX SJ TVIWXVIWWIH GSQTVIWWMSRQIQFIVW { 1IQFIVW [MXL EZIVEKI TVIWXVIWW JTG PIWWXLERTWMWLEPPLEZIQMRMQYQVIMRJSVGIQIRXMR EGGSVHERGI[MXL ERHJSVGSPYQRW SV JSV[EPPW {)\GITXJSV[EPPWQIQFIVW[MXLEZIVEKI TVIWXVIWW JTG IUYEP XS SV KVIEXIV XLER TWM WLEPP LEZI EPP XIRHSRW IRGPSWIH F] WTMVEPW SV PEXIVEP XMIW MR EGGSVHERGI[MXLXLIJSPPS[MRK E 7TMVEPWWLEPPGSRJSVQXS F 0EXIVEP XMIW WLEPP FI EX PIEWX 2S MR WMÎ SV [IPHIH [MVI JEFVMG SJ IUYMZEPIRX EVIE ERH WTEGIH ZIVXMGEPP]RSXXSI\GIIHXMIFEVSV[MVIHMEQIXIVW SVPIEWXHMQIRWMSRSJGSQTVIWWMSRQIQFIV G 8MIWWLEPPFIPSGEXIHZIVXMGEPP]RSXQSVIXLERLEPJ E XMI WTEGMRK EFSZI XST SJ JSSXMRK SV WPEF MR ER] WXSV] ERH RSX QSVI XLER LEPJ E XMI WTEGMRK FIPS[ PS[IWX LSVM^SRXEP VIMRJSVGIQIRX MR QIQFIVW WYT TSVXIHEFSZI H ;LIVIFIEQWSVFVEGOIXWJVEQIMRXSEPPWMHIWSJ EGSPYQRXMIWWLEPPFIXIVQMREXIHRSXQSVIXLERMR FIPS[PS[IWXVIMRJSVGIQIRXMRWYGLFIEQWSVFVEGOIXW { *SV [EPPW [MXL EZIVEKI TVIWXVIWW JTG IUYEPXSSVKVIEXIVXLERTWMQMRMQYQVIMRJSVGIQIRX VIUYMVIHF] WLEPPRSXETTP][LIVIWXVYGXYVEPEREP]WMW WLS[WEHIUYEXIWXVIRKXLERHWXEFMPMX] 6 {8LIQMRMQYQEQSYRXWSJVIMRJSVGIQIRX WTIGMJMIH MR JSV[EPPW RIIH RSX ETTP] XS TVIWXVIWWIH GSRGVIXI[EPPWTVSZMHIHXLIEZIVEKITVIWXVIWWMWTWMSV KVIEXIVERHEGSQTPIXIWXVYGXYVEPEREP]WMWMWQEHIXSWLS[ EHIUYEXI WXVIRKXL ERH WXEFMPMX] [MXL PS[IV EQSYRXW SJ VIMRJSVGIQIRX )2:-6321)28%07869'896)7'3()'311)28%6= '3() '311)28%6= {7PEFW]WXIQW 6{7PEFW]WXIQW { *EGXSVIH QSQIRXW ERH WLIEVW MR TVIWXVIWWIH WPEF W]WXIQW VIMRJSVGIH JSV JPI\YVI MR QSVIXLERSRIHMVIGXMSRWLEPPFIHIXIVQMRIHMREGGSV HERGI[MXLTVSZMWMSRWSJ I\GPYHMRK ERH SVF]QSVIHIXEMPIHHIWMKRTVSGIHYVIW 6 {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{(IWMKRQSQIRXWXVIRKXLSJTVIWXVIWWIHWPEFW VIUYMVIH F] EX IZIV] WIGXMSR WLEPP FI IUYEP XS SV I\GIIH XLI VIUYMVIH WXVIRKXL GSRWMHIVMRK ERH 7LIEV WXVIRKXL SJ TVIWXVIWWIH WPEFW EX GSPYQRWWLEPPFIEXPIEWXIUYEPXSXLIVIUYMVIHWXVIRKXL GSRWMHIVMRK ERH 6 { 8IWXW MRHMGEXI XLEX XLI QSQIRX ERH WLIEV WXVIRKXL SJ TVIWXVIWWIH WPEFW MW GSRXVSPPIH F] XSXEP TVIWXVIWWMRKWXIIPWXVIRKXLERHF]XLIEQSYRXERHPSGEXMSRSJ RSRTVIWXVIWWIHVIMRJSVGIQIRXVEXLIVXLERF]XIRHSRHMWXVM FYXMSR 7II 6IJIVIRGIW XLVSYKL ERH XLVSYKL {%XWIVZMGIPSEHGSRHMXMSRWEPPWIVZMGIEFMPMX] PMQMXEXMSRW MRGPYHMRK WTIGMJMIH PMQMXW SR HIJPIGXMSRW WLEPP FI QIX [MXL ETTVSTVMEXI GSRWMHIVEXMSR SJ XLI JEGXSVWPMWXIHMR 6 {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ÎXLIIJJIGXW SJWPEFWLSVXIRMRKERHXSEZSMHI\GIWWMZIPSWWSJTVIWXVIWW HYIXSJVMGXMSR {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{ 8LMW WIGXMSR TVSZMHIW WTIGMJMG KYMHERGI GSRGIVRMRK XIRHSR HMWXVMFYXMSR XLEX [MPP TIVQMX XLI YWI SJ FERHIHXIRHSRHMWXVMFYXMSRWMRSRIHMVIGXMSR8LMWQIXLSHSJ XIRHSR HMWXVMFYXMSR LEW FIIR WLS[R XS TVSZMHI WEXMWJEGXSV] TIVJSVQERGIF]WXVYGXYVEPVIWIEVGL 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= { -R WPEFW [MXL YRFSRHIH XIRHSRW FSRHIH VIMRJSVGIQIRX WLEPP FI TVSZMHIH MR EGGSVHERGI [MXL ERH { -R PMJX WPEFW FSRHIH FSXXSQ VIMRJSVGIQIRX WLEPPFIHIXEMPIHMREGGSVHERGI[MXL {4SWXXIRWMSRIHXIRHSRERGLSVEKI ^SRIW 6{4SWXXIRWMSRIHXIRHSRERGLSVEKI ^SRIW 7IGXMSR [EW I\XIRWMZIP] VIZMWIH MR XLI GSHI ERH[EW QEHIGSQTEXMFPI[MXL XLI %%7,83w7XER HEVH 7TIGMJMGEXMSRW JSV ,MKL[E] &VMHKIWx ERH XLI VIGSQQIRHEXMSRWSJ2',646ITSVX *SPPS[MRK XLI EHSTXMSR F] %%7,83 SJ GSQTVILIR WMZI TVSZMWMSRW JSV TSWXXIRWMSRIH ERGLSVEKI ^SRIW %''SQQMXXIIVIZMWIHXLIGSHIXSFIKIRIVEPP]GSRWMWXIRX [MXLXLI%%7,83VIUYMVIQIRXW8LYWXLILMKLP]HIXEMPIH %%7,83 TVSZMWMSRW JSV EREP]WMW ERH VIMRJSVGIQIRX HIXEMPMRK EVI HIIQIH XS WEXMWJ] XLI QSVI KIRIVEP %'- VIUYMVIQIRXW-RXLIWTIGMJMGEVIEWSJERGLSVEKIHIZMGIIZEP YEXMSR ERH EGGITXERGI XIWXMRK %'- MRGSVTSVEXIW XLI HIXEMPIH%%7,83TVSZMWMSRWF]VIJIVIRGI {%RGLSVEKI^SRI 6{%RGLSVEKI^SRI 8LIERGLSVEKI^SRIWLEPPFIGSRWMHIVIHEWGSQTSWIH SJX[S^SRIW &EWIH SR XLI TVMRGMTPI SJ 7EMRX:IRERX XLI I\XIRX SJ XLI ERGLSVEKI^SRIQE]FIIWXMQEXIHEWETTVS\MQEXIP]IUYEPXS XLIPEVKIWXHMQIRWMSR SJXLI GVSWWWIGXMSR0SGEP^SRIERH KIRIVEP ^SRI EVI WLS[R MR *MK 6 E ;LIR ERGLSVEKI HIZMGIW PSGEXIH E[E] JVSQ XLI IRH SJ XLI QIQFIV EVI XIRWMSRIH PEVKI XIRWMPI WXVIWWIW I\MWX PSGEPP] FILMRH ERH ELIEH SJ XLI HIZMGI 8LIWI XIRWMPI WXVIWWIW EVI MRHYGIH F] MRGSQTEXMFMPMX] SJ HIJSVQEXMSRW ELIEH SJ EW WLS[R MR *MK 6 F ERH FILMRH XLI ERGLSVEKI HIZMGI 8LI IRXMVI WLEHIH VIKMSR WLSYPH FI GSRWMHIVIH EW WLS[RMR*MK6 F E 8LIPSGEP^SRIMWXLIVIGXERKYPEVTVMWQ SVIUYMZ EPIRX VIGXERKYPEV TVMWQ JSV GMVGYPEV SV SZEP ERGLSV EKIW SJ GSRGVIXI MQQIHMEXIP] WYVVSYRHMRK XLI ERGLSVEKIHIZMGIERHER]GSRJMRMRKVIMRJSVGIQIRX F 8LI KIRIVEP ^SRI MW XLI ERGLSVEKI ^SRI EW HIJMRIHMRERHMRGPYHIWXLIPSGEP^SRI *MK6{%RGLSVEKI^SRIW )2:-6321)28%07869'896)7'3()'311)28%6= '3() '311)28%6= {0SGEP^SRI 6{0SGEP^SRI { (IWMKR SJ PSGEP ^SRIW WLEPP FI FEWIH YTSR XLI JEGXSVIH TVIWXVIWWMRK JSVGI 4WY ERH XLI VIUYMVIQIRXWSJERH 8LIPSGEP^SRIVIWMWXWXLIZIV]LMKLPSGEPWXVIWWIWMRXVSHYGIH F]XLIERGLSVEKIHIZMGIERHXVERWJIVWXLIQXSXLIVIQEMRHIV SJ XLI ERGLSVEKI ^SRI 8LI FILEZMSV SJ XLI PSGEP ^SRI MW WXVSRKP] MRJPYIRGIH F] XLI WTIGMJMG GLEVEGXIVMWXMGW SJ XLI ERGLSVEKIHIZMGIERHMXWGSRJMRMRKVIMRJSVGIQIRXERHPIWW MRJPYIRGIHF]XLIKISQIXV]ERHPSEHMRKSJXLISZIVEPPWXVYG XYVI 0SGEP^SRI HIWMKR WSQIXMQIW GERRSX FI GSQTPIXIH YRXMPWTIGMJMGERGLSVEKIHIZMGIWEVIHIXIVQMRIHEXXLIWLST HVE[MRK WXEKI ;LIR WTIGMEP ERGLSVEKI HIZMGIW EVI YWIH XLIERGLSVEKIHIZMGIWYTTPMIVWLSYPHJYVRMWLXLIXIWXMRJSV QEXMSR XS WLS[ XLI HIZMGI MW WEXMWJEGXSV] YRHIV %%7,83 w7XERHEVH7TIGMJMGEXMSRWJSV,MKL[E]&VMHKIWx(MZMWMSR-- %VXMGPI ERH TVSZMHI MRJSVQEXMSR VIKEVHMRK RIGIW WEV] GSRHMXMSRW JSV YWI SJ XLI HIZMGI 8LI QEMR GSRWMHIV EXMSRW MR PSGEP^SRI HIWMKR EVI XLI IJJIGXW SJ XLI LMKL FIEVMRK TVIWWYVI ERH XLI EHIUYEG] SJ ER] GSRJMRMRK VIMR JSVGIQIRXTVSZMHIHXSMRGVIEWIXLIGETEGMX]SJXLIGSRGVIXI VIWMWXMRKFIEVMRKWXVIWWIW { 0SGEP^SRI VIMRJSVGIQIRX WLEPP FI TVSZMHIH [LIVI VIUYMVIH JSV TVSTIV JYRGXMSRMRK SJ XLI ERGLSVEKIHIZMGI { 0SGEP^SRI VIUYMVIQIRXW SJ EVIWEXMWJMIHF]SVERH {+IRIVEP^SRI 6{+IRIVEP^SRI {(IWMKRSJKIRIVEP^SRIWWLEPPFIFEWIH YTSR XLI JEGXSVIH TVIWXVIWWMRK JSVGI 4WY ERH XLI VIUYMVIQIRXWSJERH ;MXLMR XLI KIRIVEP ^SRI XLI YWYEP EWWYQTXMSR SJ FIEQ XLISV]XLEXTPERIWIGXMSRWVIQEMRTPERIMWRSXZEPMH { +IRIVEP^SRI VIMRJSVGIQIRX WLEPP FI TVSZMHIH [LIVI VIUYMVIH XS VIWMWX FYVWXMRK WTEPPMRK ERH PSRKMXYHMREP IHKI XIRWMSR JSVGIW MRHYGIH F] ERGLSVEKI HIZMGIW )JJIGXW SJ EFVYTX GLERKI MR WIGXMSRWLEPPFIGSRWMHIVIH { 8LI KIRIVEP^SRI VIUYMVIQIRXW SJ EVI WEXMWJMIH F] ERH[LMGLIZIVSRISJ SV SVMW ETTPMGEFPI (IWMKR WLSYPH GSRWMHIV EPP VIKMSRW SJ XIRWMPI WXVIWWIW XLEX GER FI GEYWIH F] XLI XIRHSR ERGLSVEKI HIZMGI MRGPYHMRK FYVWXMRK WTEPPMRK ERH IHKI XIRWMSR EW WLS[R MR *MK 6 G %PWS XLI GSQTVIWWMZI WXVIWWIW MQQIHMEXIP] ELIEH EW WLS[R MR *MK 6 F SJ XLI PSGEP ^SRI WLSYPHFIGLIGOIH7SQIXMQIWVIMRJSVGIQIRXVIUYMVIQIRXW GERRSX FI HIXIVQMRIH YRXMP WTIGMJMG XIRHSR ERH ERGLSVEKI HIZMGI PE]SYXW EVI HIXIVQMRIH EX XLI WLSTHVE[MRK WXEKI (IWMKR ERH ETTVSZEP VIWTSRWMFMPMXMIW WLSYPH FI GPIEVP] EWWMKRIHMRXLIGSRXVEGXHSGYQIRXW %FVYTXGLERKIWMRWIGXMSRGERGEYWIWYFWXERXMEPHIZMEXMSRMR JSVGI TEXLW 8LIWI HIZMEXMSRW GER KVIEXP] MRGVIEWI XIRWMSR JSVGIWEWWLS[RMR*MK6 *MK6{)JJIGXSJGVSWWWIGXMSRGLERKI 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= {2SQMREPQEXIVMEPWXVIRKXLW 6{2SQMREPQEXIVMEPWXVIRKXLW {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{ )\GITX JSV GSRGVIXI GSRJMRIH [MXLMR WTMVEPW SV LSSTW TVSZMHMRK GSRJMRIQIRX IUYMZEPIRX XS XLEXGSVVIWTSRHMRKXS)U RSQMREPGSQTVIWWMZI WXVIRKXL SJ GSRGVIXI MR XLI KIRIVEP ^SRI WLEPP FI PMQMXIHXS JGM { 'SQTVIWWMZI WXVIRKXL SJ GSRGVIXI EX XMQI SJ TSWXXIRWMSRMRK WLEPP FI WTIGMJMIH SR XLI HIWMKR HVE[MRKW 9RPIWW SZIVWMÎ ERGLSVEKI HIZMGIW WMÎH XS GSQTIRWEXI JSV XLI PS[IV GSQTVIWWMZI WXVIRKXLEVIYWIHSVXLITVIWXVIWWMRKWXIIPMWWXVIWWIH XS RS QSVI XLER TIVGIRX SJ XLI JMREP TVIWXVIWWMRK JSVGITVIWXVIWWMRKWXIIPWLEPPRSXFIWXVIWWIHYRXMPJGM EWMRHMGEXIHF]XIWXWGSRWMWXIRX[MXLXLIGYVMRKSJXLI QIQFIVMWEXPIEWXTWMJSVQYPXMWXVERHXIRHSRWSV EXPIEWXTWMJSVWMRKPIWXVERHSVFEVXIRHSRW {(IWMKRQIXLSHW 8LIHIWMKRIVMWVIUYMVIHXSWTIGMJ]GSRGVIXIWXVIRKXLEXXLI XMQISJWXVIWWMRKMRXLITVSNIGXHVE[MRKWERHWTIGMJMGEXMSRW 8SPMQMXIEVP] WLVMROEKIGVEGOMRKQSRSWXVERHXIRHSRW EVI WSQIXMQIWWXVIWWIHEXGSRGVIXIWXVIRKXLWPIWWXLERTWM -R WYGL GEWIW IMXLIVSZIVWMÎHQSRSWXVERHERGLSVEKIWEVI YWIHSVXLIWXVERHWEVIWXVIWWIHMRWXEKIWSJXIRXSPIZIPW XSXLIJMREPTVIWXVIWWMRKJSVGI 6{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z L 6 H FYVWX ! L z I 6 )2:-6321)28%07869'896)7'3()'311)28%6= '3() '311)28%6= [LIVI 4WY !XLIWYQSJXLIXSXEPJEGXSVIHTVIWXVIWWMRKJSVGIJSVXLI WXVIWWMRKEVVERKIQIRXGSRWMHIVIHPF E !XLI HITXL SJ ERGLSVEKI HIZMGI SV WMRKPI KVSYT SJ GPSWIP]WTEGIHHIZMGIWMRXLIHMVIGXMSRGSRWMHIVIHMR I !XLI IGGIRXVMGMX] EP[E]W XEOIR EW TSWMXMZI SJ XLI ERGLSVEKIHIZMGISVKVSYTSJGPSWIP]WTEGIHHIZMGIW [MXLVIWTIGXXSXLIGIRXVSMHSJXLIGVSWWWIGXMSRMR L !XLI HITXL SJ XLI GVSWW WIGXMSR MR XLI HMVIGXMSR GSRWMHIVIHMR %RGLSVEKI HIZMGIW WLSYPH FI XVIEXIH EW GPSWIP] WTEGIH MJ XLIMVGIRXIVXSGIRXIVWTEGMRKHSIWRSXI\GIIHXMQIWXLI [MHXLSJXLIERGLSVEKIHIZMGIMRXLIHMVIGXMSRGSRWMHIVIH 8LI WTEPPMRK JSVGI JSV XIRHSRW JSV [LMGL XLI GIRXVSMH PMIW [MXLMRXLIOIVRSJXLIWIGXMSRQE]FIIWXMQEXIHEWTIVGIRX SJXLIXSXEPJEGXSVIHTVIWXVIWWMRKJSVGII\GITXJSVQYPXMTPI ERGLSVEKI HIZMGIW [MXL GIRXIVXSGIRXIV WTEGMRK KVIEXIV XLER XMQIWXLIHITXLSJXLIWIGXMSR*SVPEVKIWTEGMRKW ERH JSV GEWIW [LIVI XLI GIRXVSMH SJ XLI XIRHSRW MW PSGEXIH SYXWMHIXLIOIVREHIXEMPIHEREP]WMWMWVIUYMVIH-REHHMXMSR MRXLITSWXXIRWMSRMRKSJXLMRWIGXMSRWSVJPERKIHWIGXMSRW SVMVVIKYPEVWIGXMSRWSV[LIRXLIXIRHSRWLEZIETTVIGMEFPI GYVZEXYVI[MXLMRXLIKIRIVEP^SRIQSVIKIRIVEPTVSGIHYVIW WYGLEWXLSWISJ%%7,83%VXMGPIWERH[MPPFI VIUYMVIH (IXEMPIH VIGSQQIRHEXMSRW JSV HIWMKR TVMRGMTPIW XLEXETTP]XSEPPHIWMKRQIXLSHWEVIKMZIRMR%VXMGPI SJ 6IJIVIRGI { 8LI JSPPS[MRK QIXLSHW WLEPP FI TIVQMXXIHJSVXLIHIWMKRSJKIRIVEP^SRIWTVSZMHIHXLEX XLI WTIGMJMG TVSGIHYVIW YWIH VIWYPX MR TVIHMGXMSR SJ WXVIRKXL MR WYFWXERXMEP EKVIIQIRX [MXL VIWYPXW SJ GSQTVILIRWMZIXIWXW E )UYMPMFVMYQFEWIHTPEWXMGMX]QSHIPW WXVYXERHXMI QSHIPW F 0MRIEV WXVIWW EREP]WMW MRGPYHMRK JMRMXI IPIQIRX EREP]WMWSVIUYMZEPIRX SV G 7MQTPMJMIHIUYEXMSRW[LIVIETTPMGEFPI {7MQTPMJMIHIUYEXMSRWWLEPPRSXFIYWIH [LIVI QIQFIV GVSWW WIGXMSRW EVI RSRVIGXERKYPEV [LIVI HMWGSRXMRYMXMIW MR SV RIEV XLI KIRIVEP ^SRI GEYWI HIZMEXMSRW MR XLI JSVGI JPS[ TEXL [LIVI QMRMQYQ IHKI HMWXERGI MW PIWW XLER XMQIW XLI ERGLSVEKIHIZMGIPEXIVEPHMQIRWMSRMRXLEXHMVIGXMSRSV [LIVI QYPXMTPI ERGLSVEKI HIZMGIW EVI YWIH MR SXLIV XLERSRIGPSWIP]WTEGIHKVSYT *MK6{7XVYXERHXMIQSHIPI\EQTPI 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= {8LIWXVIWWMRKWIUYIRGIWLEPPFIWTIGMJMIH SRXLIHIWMKRHVE[MRKWERHGSRWMHIVIHMRXLIHIWMKR 6 { 8LI WIUYIRGI SJ ERGLSVEKI HIZMGI WXVIWWMRKGER LEZI E WMKRMJMGERX IJJIGX SR XLI KIRIVEP ^SRI WXVIWWIW8LIVIJSVIMXMWMQTSVXERXXSGSRWMHIVRSXSRP]XLI JMREPWXEKISJEWXVIWWMRKWIUYIRGI[MXLEPPXIRHSRWWXVIWWIH FYXEPWSMRXIVQIHMEXIWXEKIWHYVMRKGSRWXVYGXMSR8LIQSWX GVMXMGEP FYVWXMRK JSVGIW GEYWIH F] IEGL SJ XLI WIUYIRXMEPP] TSWXXIRWMSRIH XIRHSR GSQFMREXMSRWEW [IPP EWXLEX SJ XLI IRXMVIKVSYTSJXIRHSRWWLSYPHFIXEOIRMRXSEGGSYRX { 8LVIIHMQIRWMSREP IJJIGXW WLEPP FI GSRWMHIVIHMRHIWMKRERHEREP]ÎHYWMRKXLVIIHMQIR WMSREPTVSGIHYVIWSVETTVS\MQEXIHF]GSRWMHIVMRKXLI WYQQEXMSRSJIJJIGXWJSVX[SSVXLSKSREPTPERIW 6 { 8LI TVSZMWMSR JSV XLVIIHMQIRWMSREP IJJIGXW[EWMRGPYHIHXSEPIVXXLIHIWMKRIVXSIJJIGXWTIVTIR HMGYPEVXS XLIQEMR TPERI SJ XLI QIQFIVWYGL EWFYVWXMRK JSVGIWMRXLIXLMRHMVIGXMSRSJ[IFWSVWPEFW-RQER]GEWIW XLIWI IJJIGXW GER FI HIXIVQMRIH MRHITIRHIRXP] JSV IEGL HMVIGXMSRFYXWSQIETTPMGEXMSRWVIUYMVIEJYPP]XLVIIHMQIR WMSREPEREP]WMW JSVI\EQTPIHMETLVEKQWJSVXLIERGLSVEKI SJI\XIVREPXIRHSRW { *SV ERGLSVEKI HIZMGIW PSGEXIH E[E] JVSQ XLI IRH SJ XLI QIQFIV FSRHIH VIMRJSVGIQIRX WLEPPFI TVSZMHIH XS XVERWJIVEXPIEWX 4WYMRXSXLI GSRGVIXI WIGXMSR FILMRH XLI ERGLSV 7YGL VIMRJSVGI QIRX WLEPP FI TPEGIH W]QQIXVMGEPP] EVSYRH XLI ERGLSVEKI HIZMGIW ERH WLEPP FI JYPP] HIZIPSTIH FSXL FILMRHERHELIEHSJXLIERGLSVEKIHIZMGIW 6 {;LIVIERGLSVEKIWEVIPSGEXIHE[E]JVSQ XLI IRH SJ E QIQFIV PSGEP XIRWMPI WXVIWWIW EVI KIRIVEXIH FILMRH XLIWI ERGLSVEKIW WII *MK 6 F HYI XS GSQTEXMFMPMX] VIUYMVIQIRXW JSV HIJSVQEXMSRW ELIEH SJ ERH FILMRH XLI ERGLSVEKIW &SRHIH XMIFEGO VIMRJSVGIQIRX MW VIUYMVIHMRXLIMQQIHMEXIZMGMRMX]SJXLIERGLSVEKIXSPMQMX XLII\XIRXSJGVEGOMRKFILMRHXLIERGLSVEKI8LIVIUYMVIQIRX 4WY [EWHIZIPSTIH YWMRK TIVGIRX SJ XLIYRJEGXSVIH TVIWXVIWWMRKJSVGIFIMRKVIWMWXIHF]VIMRJSVGIQIRXEX J] { ;LIVI XIRHSRW EVI GYVZIH MR XLI KIRIVEP^SRII\GITXJSVQSRSWXVERHXIRHSRWMRWPEFW SV[LIVIEREP]WMWWLS[WVIMRJSVGIQIRXMWRSXVIUYMVIH FSRHIHVIMRJSVGIQIRXWLEPPFITVSZMHIHXSVIWMWXVEHMEP ERHWTPMXXMRKJSVGIW {)\GITXJSVQSRSWXVERHXIRHSRWMRWPEFW SV[LIVIEREP]WMWWLS[WVIMRJSVGIQIRXMWRSXVIUYMVIH QMRMQYQVIMRJSVGIQIRX[MXLERSQMREPXIRWMPIWXVIRKXL IUYEP XS TIVGIRX SJ IEGL TVIWXVIWWMRK XIRHSR JSVGI WLEPP FI TVSZMHIH MR SVXLSKSREP HMVIGXMSRW TEVEPPIP XS XLIFEGOJEGISJEPPERGLSVEKI^SRIWXSPMQMXWTEPPMRK { 8IRWMPI WXVIRKXL SJ GSRGVIXI WLEPP FI RIKPIGXIHMRGEPGYPEXMSRWSJVIMRJSVGIQIRXVIUYMVIQIRXW {(IXEMPMRKVIUYMVIQIRXW 7IPIGXMSRSJVIMRJSVGIQIRXWMÎWWTEGMRKWGSZIVERH SXLIVHIXEMPWJSVERGLSVEKI^SRIWWLEPPQEOIEPPS[ERGIW JSVXSPIVERGIWSRXLIFIRHMRKJEFVMGEXMSRERHTPEGIQIRX SJ VIMRJSVGIQIRX JSV XLI WMÎ SJ EKKVIKEXI ERH JSV EHIUYEXITPEGIQIRXERHGSRWSPMHEXMSRSJXLIGSRGVIXI {(IWMKRSJERGLSVEKI^SRIWJSV QSRSWXVERHSVWMRKPIMR HMEQIXIVFEVXIRHSRW {0SGEP^SRIHIWMKR 1SRSWXVERH SV WMRKPI MR SV WQEPPIV HMEQIXIV FEV ERGLSVEKIHIZMGIWERHPSGEP^SRIVIMRJSVGIQIRXWLEPP 6{(IWMKRSJERGLSVEKI^SRIWJSV QSRSWXVERHSVWMRKPIMR HMEQIXIVFEVXIRHSRW )2:-6321)28%07869'896)7'3()'311)28%6= '3() '311)28%6= QIIX XLI VIUYMVIQIRXW SJ %'- SV XLI WTIGMEP ERGLSVEKIHIZMGIVIUYMVIQIRXWSJ {+IRIVEP^SRIHIWMKRJSVWPEFXIRHSRW 6{+IRIVEP^SRIHIWMKRJSVWPEFXIRHSRW { *SV ERGLSVEKI HIZMGIW JSV MR SV WQEPPIV HMEQIXIV WXVERHW MR RSVQEP[IMKLX GSRGVIXI WPEFW QMRMQYQ VIMRJSVGIQIRX QIIXMRK XLI VIUYMVI QIRXW SJ ERH WLEPP FI TVSZMHIH YRPIWW E HIXEMPIH EREP]WMW WEXMWJ]MRK WLS[W WYGLVIMRJSVGIQIRXMWRSXVIUYMVIH *SV QSRSWXVERH WPEF XIRHSRW XLI KIRIVEP^SRI QMRMQYQ VIMRJSVGIQIRXVIUYMVIQIRXWEVIFEWIHSRXLIVIGSQQIRHEXMSRW SJ %'-%7') 'SQQMXXII [LMGL WLS[W X]TMGEP HIXEMPW8LILSVM^SRXEPFEVWTEVEPPIPXSXLIIHKIVIUYMVIHF] WLSYPHFIGSRXMRYSYW[LIVITSWWMFPI { 8[S LSVM^SRXEP FEVW EX PIEWX 2S MR WMÎWLEPPFITVSZMHIHTEVEPPIPXSXLIWPEF IHKI8LI] WLEPPFITIVQMXXIHXSFIMRGSRXEGX[MXLXLIJVSRXJEGISJ XLIERGLSVEKIHIZMGIERHWLEPPFI[MXLMREHMWXERGISJ LELIEHSJIEGLHIZMGI8LSWIFEVWWLEPPI\XIRHEX PIEWX MR IMXLIV WMHI SJ XLI SYXIV IHKIW SJ IEGL HIZMGI { -J XLI GIRXIVXSGIRXIV WTEGMRK SJ ERGLSVEKI HIZMGIW MW MR SV PIWW XLI ERGLSVEKI HIZMGIW WLEPP FI GSRWMHIVIH EW E KVSYT *SV IEGL KVSYTSJWM\SVQSVIERGLSVEKIHIZMGIWRLEMVTMR FEVWSV GPSWIH WXMVVYTW EX PIEWX 2S MR WMÎ WLEPP FI TVSZMHIH [LIVI R MW XLI RYQFIV SJ ERGLSVEKI HIZMGIW 3RI LEMVTMR FEV SV WXMVVYT WLEPP FI TPEGIH FIX[IIRIEGLERGLSVEKIHIZMGIERHSRISRIEGLWMHI SJ XLI KVSYT 8LI LEMVTMR FEVW SV WXMVVYTW WLEPP FI TPEGIH[MXLXLIPIKWI\XIRHMRKMRXSXLIWPEFTIVTIRHMG YPEVXSXLIIHKI8LIGIRXIVTSVXMSRSJXLILEMVTMRFEVW SVWXMVVYTWWLEPPFITPEGIHTIVTIRHMGYPEVXS XLITPERI SJ XLI WPEF JVSQ L XS L ELIEH SJ XLI ERGLSVEKI HIZMGIW 8LIXIWXWSR[LMGLXLIVIGSQQIRHEXMSRWSJ6IJIVIRGI [IVIFEWIH[IVIPMQMXIHXSERGLSVEKIHIZMGIWJSVMRHMEQ IXIV OWM WXVERH YRFSRHIH XIRHSRW MR RSVQEP[IMKLX GSRGVIXI8LYWJSVPEVKIVWXVERHERGLSVEKIHIZMGIWERHJSV EPPYWIMRPMKLX[IMKLXGSRGVIXIWPEFW%'-%7')'SQQMXXII VIGSQQIRHIHXLEXXLIEQSYRXERHWTEGMRKSJVIMRJSVGI QIRX WLSYPH FI GSRWIVZEXMZIP] EHNYWXIH XS TVSZMHI JSV XLI PEVKIVERGLSVEKIJSVGIERHWQEPPIVWTPMXXMRKXIRWMPIWXVIRKXL SJPMKLX[IMKLXGSRGVIXI &SXL 6IJIVIRGIW ERH VIGSQQIRH XLEX LEMVTMR FEVWEPWSFIJYVRMWLIHJSVERGLSVEKIWPSGEXIH[MXLMRMR SJWPEFGSVRIVWXSVIWMWXIHKIXIRWMSRJSVGIW8LI[SVHWwELIEH SJxMRLEZIXLIQIERMRKWLS[RMR*MK6 -RXLSWIGEWIW[LIVIQYPXMWXVERHERGLSVEKIHIZMGIWEVIYWIH JSVWPEFXIRHSRWMWETTPMGEFPI 8LIFYVWXMRKVIMRJSVGIQIRXTIVTIRHMGYPEVXSXLITPERISJXLI WPEF VIUYMVIH F] JSV KVSYTW SJ VIPEXMZIP] GPSWIP] WTEGIH XIRHSRW WLSYPH EPWS FI TVSZMHIH MR XLI GEWI SJ [MHIP]WTEGIHXIRHSRWMJERERGLSVEKIHIZMGIJEMPYVIGSYPH GEYWIQSVIXLERPSGEPHEQEKI {*SV ERGLSVEKI HIZMGIW RSX GSRJSVQMRK XS QMRMQYQ VIMRJSVGIQIRX WLEPP FI FEWIH YTSREHIXEMPIHEREP]WMWWEXMWJ]MRK {+IRIVEP^SRIHIWMKRJSVKVSYTWSJQSRS WXVERHXIRHSRWMRFIEQWERHKMVHIVW 6 {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{(IWMKRSJERGLSVEKI^SRIWJSV QYPXMWXVERHXIRHSRW 6{(IWMKRSJERGLSVEKI^SRIWJSVQYPXM WXVERHXIRHSRW {0SGEP^SRIHIWMKR 6{0SGEP^SRIHIWMKR &EWMG QYPXMWXVERH ERGLSVEKI HIZMGIW ERH PSGEP ^SRI VIMRJSVGIQIRXWLEPPQIIXXLIVIUYMVIQIRXWSJ%%7,83 w7XERHEVH7TIGMJMGEXMSRJSV,MKL[E]&VMHKIWx(MZMWMSR- %VXMGPIWXLVSYKL 7II 6 7TIGMEP ERGLSVEKI HIZMGIW WLEPP WEXMWJ] XLI XIWXW VIUYMVIH MR %%7,83 w7XERHEVH 7TIGMJMGEXMSR JSV ,MKL[E] &VMHKIWx (MZMWMSR - %VXMGPI ERH HIWGVMFIH MR %%7,83 w7XERHEVH 7TIGMJMGEXMSR JSV ,MKL[E]&VMHKIWx(MZMWMSR--%VXMGPI {9WISJWTIGMEPERGLSVEKIHIZMGIW 6{9WISJWTIGMEPERGLSVEKIHIZMGIW ;LIVI WTIGMEP ERGLSVEKI HIZMGIW EVI XS FI YWIH WYTTPIQIRXEPWOMRVIMRJSVGIQIRXWLEPPFIJYVRMWLIHMR XLI GSVVIWTSRHMRK VIKMSRW SJ XLI ERGLSVEKI ^SRI MR EHHMXMSRXSXLIGSRJMRMRKVIMRJSVGIQIRXWTIGMJMIHJSVXLI ERGLSVEKIHIZMGI8LMWWYTTPIQIRXEPVIMRJSVGIQIRXWLEPP FI WMQMPEV MR GSRJMKYVEXMSR ERH EX PIEWX IUYMZEPIRX MR ZSPYQIXVMG VEXMS XS ER] WYTTPIQIRXEV] WOMR VIMRJSVGI QIRX YWIH MR XLI UYEPMJ]MRK EGGITXERGI XIWXW SJ XLI ERGLSVEKIHIZMGI 7OMR VIMRJSVGIQIRX MW VIMRJSVGIQIRX TPEGIH RIEV XLI SYXIV JEGIWMRXLIERGLSVEKI^SRIXSPMQMXPSGEPGVEGO[MHXLERH WTEGMRK6IMRJSVGIQIRXMRXLIKIRIVEP^SRIJSVSXLIVEGXMSRW JPI\YVIWLIEVWLVMROEKIXIQTIVEXYVIERHWMQMPEV QE]FI YWIH MR WEXMWJ]MRK XLI WYTTPIQIRXEV] WOMR VIMRJSVGIQIRX VIUYMVIQIRX(IXIVQMREXMSRSJXLIWYTTPIQIRXEV]WOMRVIMR JSVGIQIRXHITIRHWSRXLIERGLSVEKIHIZMGILEVH[EVIYWIH ERH JVIUYIRXP] GERRSX FI HIXIVQMRIH YRXMP XLI WLST HVE[MRKWXEKI {+IRIVEP^SRIHIWMKR (IWMKRJSVKIRIVEP^SRIWJSVQYPXMWXVERHXIRHSRWWLEPP QIIXXLIVIUYMVIQIRXWSJXLVSYKL {'SVVSWMSRTVSXIGXMSRJSVYRFSRHIH WMRKPIWXVERHTVIWXVIWWMRKXIRHSRW 6{'SVVSWMSRTVSXIGXMSRJSVYRFSRHIH WMRKPIWXVERHTVIWXVIWWMRKXIRHSRW { 9RFSRHIH TVIWXVIWWMRK WXIIP WLEPP FI GSQTPIXIP]IRGEWIH[MXL WLIEXLMRK 8LI TVIWXVIWWMRK WXIIPWLEPP FIGSQTPIXIP] GSEXIH ERH WLIEXLMRK EVSYRH XLI TVIWXVIWWMRK WXIIP JMPPIH [MXL WYMXEFPI QEXIVMEP XS MRLMFMXGSVVSWMSR 6 { *SV [EPPW SJ RSRGMVGYPEV PMUYMH GSRXEMRQIRX WXVYGXYVIWYWMRKYRFSRHIHXIRHSRWGSRWMHIVEXMSRWLSYPHFI KMZIRXSMRGVIEWMRKXLIQMRMQYQVIMRJSVGIQIRXVIUYMVIQIRX SJ ERH 8LI EHHMXMSREP VIMRJSVGIQIRX MW VIGSQ QIRHIHXSGSRXVSPGVEGOMRKEXWIVZMGIPIZIPWERHVIHYGIXLI TSXIRXMEP JSV E WYHHIR RSRHYGXMPI JEMPYVI HYI XS PSWW SJ TVIWXVIWW 7YMXEFPI QEXIVMEP JSV GSVVSWMSR TVSXIGXMSR SJ YRFSRHIHTVIWXVIWWMRKWXIIPWLSYPHLEZIXLITVSTIVXMIWMHIR XMJMIHMR7IGXMSRSJ6IJIVIRGI {7LIEXLMRKWLEPPFIPMUYMHXMKLXERHGSRXMRYSYW SZIV IRXMVI PIRKXL XS FI YRFSRHIH ERH WLEPP TVIZIRX MRXVYWMSRSJGIQIRXTEWXISVPSWWSJGSEXMRKQEXIVMEPW HYVMRKGSRGVIXITPEGIQIRX 6 {8]TMGEPP]WLIEXLMRKMWEGSRXMRYSYWWIEQPIWW LMKLHIRWMX] TSP]XL]PIRI QEXIVMEP XLEX MW I\XVYHIH HMVIGXP] SRXSXLIGSEXIHTVIWXVIWWMRKWXIIP { 8LI WLIEXLMRK WLEPP FI GSRRIGXIH XS EPP WXVIWWMRK MRXIVQIHMEXI ERH JM\IH ERGLSVEKIW MR E 6 { % PMUYMHXMKLX GSRRIGXMSR QE] FI EGLMIZIH IMXLIV F] YWMRK WTIGMEP GSRRIGXSV TMIGIW [LMGL TVSZMHI E %W ER EHHMXMSREP EMH JSV MRTPEGI JMIPH MRWTIGXMSR SJ YRFSRHIHXIRHSRWMXMWVIGSQQIRHIHXLEXXLIGSPSVSJXLI I\XVYHIHWLIEXLMRKFIWMKRMJMGERXP]HMJJIVIRXJVSQXLIGSPSV SJ XLI GSVVSWMSR TVSXIGXMZI KVIEWI 8LMW [MPP QEOI ZMWYEP MRWTIGXMSR SJ XLI WLIEXLMRK JSV HEQEKIH EVIEW IEWMIV FIGEYWIXLIKVIEWII\XVYHIHJVSQEXIEVMRXLIWLIEXLMRK[MPP FITPEMRP]IZMHIRXSRXLIGSRXVEWXMRKGSPSVSJXLIWLIEXL )2:-6321)28%07869'896)7'3()'311)28%6= '3() '311)28%6= PMUYMHXMKLX JEWLMSR XLYW TVSZMHMRK E GSQTPIXI IRGET WYPEXMSRSJXLITVIWXVIWWMRKWXIIPJVSQIRHXSIRH%PP ZSMHWMRWPIIZIWERHGETWWLEPPFIJMPPIH[MXLEGSVVSWMSR TVSXIGXMZI QEXIVMEP 9RFSRHIH WMRKPIWXERH XIRHSR W]WXIQW WLEPP QIIX XLI L]HVSWXEXMG TVIWWYVI XIWXMRK VIUYMVIQIRXW SJ %'- I\GITX [MXL E L]HVSWXEXMG TVIWWYVISJTWMMRWXIEHSJXLIWTIGMJMIHTWM PMUYMHXMKLX GSRRIGXMSR XS XLI ERGLSV EX SRI IRH ERH XLI WLIEXLMRK EX XLI SXLIV IRH SV F] SXLIV QIERW QIIXMRKXLI PMUYMHXMKLXRIWW XIWX TIVJSVQERGI GVMXIVME ERH TVSZIR XS QEMRXEMRPMUYMHXMKLXRIWWYRHIVJMIPHGSRHMXMSRW8LITWM TVIWWYVIGSVVIWTSRHWXSETTVS\MQEXIP]EJXLIEHSJ[EXIV 1SVI VIWXVMGXMZI VIUYMVIQIRXW JSV PMUYMHXMKLXRIWW QE] FI WTIGMJMIH JSV WTIGMEP ETTPMGEXMSRW [LIVI E LMKL L]HVSWXEXMG TVIWWYVIMWERXMGMTEXIH { 9RFSRHIH WMRKPIWXVERH XIRHSRW WLEPP FI TVSXIGXIH EKEMRWX GSVVSWMSR MR EGGSVHERGI [MXL XLI wEKKVIWWMZI IRZMVSRQIRXx TVSZMWMSRW SJ %'- w7TIGMJMGEXMSR JSV 9RFSRHIH 7MRKPI 7XVERH 8IRHSRW ERH'SQQIRXEV]xI\GITXEWRSXIHEFSZI 6 {-RXLIGSHIGSVVSWMSRTVSXIGXMSRVIUYMVI QIRXW JSV YRFSRHIH WMRKPI WXVERH XIRHSRW [IVI EHHIH MR EGGSVHERGI[MXLXLI4SWX8IRWMSRMRK-RWXMXYXIvWw7TIGMJMGE XMSR JSV 9RFSRHIH 7MRKPI 7XVERH 8IRHSRWx -R XLI GSHI XLI VIJIVIRGI GLERKIH XS %'- 8LEX WTIGMJMGE XMSR MRGPYHIH EHHMXMSREP GSVVSWMSRTVSXIGXMZI QIEWYVIW JSV WMRKPIWXVERHXIRHSRWYWIHMREKKVIWWMZIIRZMVSRQIRXW8LI EHHMXMSREPTVSZMWMSRSRJMPPMRKSJZSMHWMRXLIIRHERGLSVEKI EVIEMWXSTVIZIRXXLITSWWMFPIEGGYQYPEXMSRSJ[EXIVERHXLI EWWSGMEXIHGSVVSWMSRMRXLIERGLSVEKIEVIE {4SWXXIRWMSRMRKHYGXW 6{4SWXXIRWMSRMRKHYGXW {(YGXWJSVKVSYXIHXIRHSRWWLEPPFIQSVXEV XMKLXERHRSRVIEGXMZI[MXLGSRGVIXITVIWXVIWWMRKWXIIP KVSYXERHGSVVSWMSRMRLMFMXSV {(YGXWJSVKVSYXIHWMRKPI[MVIWMRKPIWXVERH SVWMRKPIFEVXIRHSRWWLEPPLEZIERMRWMHIHMEQIXIVEX PIEWXMRPEVKIVXLERXLITVIWXVIWWMRKWXIIPHMEQIXIV { (YGXW JSV KVSYXIH QYPXMTPI [MVI QYPXMTPI WXVERH SV QYPXMTPI FEV XIRHSRW WLEPP LEZI ER MRWMHI GVSWWWIGXMSREP EVIE EX PIEWX X[S XMQIW EVIE SJ XLI TVIWXVIWWMRKWXIIP { (YGXW WLEPP FI QEMRXEMRIH JVII SJ PMUYMH MJ QIQFIVWXS FIKVSYXIHEVII\TSWIH XS XIQTIVEXYVIW FIPS[JVII^MRKTVMSVXSKVSYXMRK 6 { 0MUYMH MR HYGXW QE] GEYWI HMWXVIWW XS XLI WYVVSYRHMRK GSRGVIXI YTSR JVII^MRK ;LIR WXVERHW EVI TVIWIRXPMUYMHMRHYGXWWLSYPHEPWSFIEZSMHIH%GSVVSWMSR MRLMFMXSV WLSYPH FI YWIH XS TVSZMHI XIQTSVEV] GSVVSWMSR TVSXIGXMSR MJ TVIWXVIWWMRK WXIIP MW I\TSWIH XS TVSPSRKIH TIVMSHWSJQSMWXYVIMRXLIHYGXWFIJSVIKVSYXMRK {+VSYXJSVFSRHIHXIRHSRW 6{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wTSVXPERH GIQIRXx MR ERH w[EXIVGIQIRX VEXMSx MR EVIVIXEMRIHMRXLIGSHI 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= {+VSYXWLEPPGSRWMWXSJTSVXPERHGIQIRXERH [EXIVSVTSVXPERHGIQIRXWERHERH[EXIVSVE TIVGIRXWSPMHWX[SGSQTSRIRXITS\]VIWMRW]WXIQ 6 {)TS\]KVSYXLEWFIIRYWIHMRPMQMXIHETTPMGE XMSRW 'EYXMSR MW VIGSQQIRHIH MR MXW WIPIGXMSR ERH YWI 4VSTIVXMIW SJ XLI QEXIVMEP WLSYPH FI VIZMI[IH MRGPYHMRK HMJJIVIRGIWMRXLIGSIJJMGMIRXSJXLIVQEPI\TERWMSRERHLIEX KIRIVEXMSR { 1EXIVMEPW JSV KVSYX WLEPP GSRJSVQ XS XLVSYKL 6 {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{4SVXPERHGIQIRXWLEPPGSRJSVQXS {;EXIVWLEPPGSRJSVQXS { 7ERH MJ YWIH WLEPP GSRJSVQ XS w7XER HEVH 7TIGMJMGEXMSR JSV %KKVIKEXIJSV 1EWSRV] 1SVXEVx %781' I\GITXXLEXKVEHEXMSRWLEPPFITIVQMXXIH XS FI QSHMJMIH EW RIGIWWEV] XS SFXEMR WEXMWJEGXSV] [SVOEFMPMX] { %HQM\XYVIW GSRJSVQMRK XS ERH ORS[R XS LEZI RS MRNYVMSYWIJJIGXWSRKVSYX WXIIP SV GSRGVIXIWLEPPFITIVQMXXIH'EPGMYQGLPSVMHIWLEPPRSX FIYWIH {)TS\]KVSYXWLEPPFIQSMWXYVIMRWIRWMXMZI [MXLE QMRMQYQGSQTVIWWMZIWXVIRKXL SJTIVGIRX SJXLIHIWMKRGSRGVIXIGSQTVIWWMZIWXVIRKXL {7IPIGXMSRSJKVSYXTVSTSVXMSRW 6{7IPIGXMSRSJKVSYXTVSTSVXMSRW {4VSTSVXMSRWSJQEXIVMEPWJSVKVSYXWLEPP FIFEWIHSRIMXLIV E SV F +VSYXTVSTSVXMSRIHMREGGSVHERGI[MXLXLIWITVSZMWMSRW[MPP KIRIVEPP]PIEHXSHE]GSQTVIWWMZIWXVIRKXLSRWXERHEVH MR GYFIW MR I\GIWW SJ TWM ERH HE] WXVIRKXLW SJ EFSYX TWM 8LI LERHPMRK ERH TPEGMRK TVSTIVXMIW SJ KVSYX EVI YWYEPP] KMZIR QSVI GSRWMHIVEXMSR XLER WXVIRKXL [LIRHIWMKRMRKKVSYXQM\XYVIW E 6IWYPXW SJ XIWXW SR JVIWL ERH LEVHIRIH KVSYX TVMSVXSFIKMRRMRKKVSYXMRKSTIVEXMSRWSV F 4VMSVHSGYQIRXIHI\TIVMIRGI[MXLWMQMPEVQEXIVMEPW ERHIUYMTQIRXERHYRHIVGSQTEVEFPIJMIPHGSRHMXMSRW { 'IQIRX YWIH MR XLI [SVO WLEPP GSVVI WTSRH XS XLEX SR[LMGL WIPIGXMSRSJ KVSYX TVSTSVXMSRW [EWFEWIH { ;EXIV GSRXIRX WLEPP FI QMRMQYQ RIGIWWEV] JSV TVSTIV TYQTMRK SJ KVSYX LS[IZIV [EXIVGIQIRXVEXMSWLEPPRSXI\GIIHF][IMKLX { ;EXIV WLEPP RSX FI EHHIH XS MRGVIEWI KVSYX JPS[EFMPMX] XLEX LEW FIIR HIGVIEWIH F] HIPE]IH YWISJKVSYX { )TS\] KVSYX WLEPP LEZI HIQSRWXVEXIH F]XIWXWSVI\TIVMIRGIXSI\LMFMXEGGITXEFPITYQTEFMPMX] ERHPS[I\SXLIVQMGTVSTIVXMIWGSRWMHIVMRKXLIKISQIXVMG GSRJMKYVEXMSRSJXLITVIWXVIWWMRKWXIIPERHHYGX {1M\MRKERHTYQTMRKKVSYX 6{1M\MRKERHTYQTMRKKVSYX {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{ 8IQTIVEXYVI SJ QIQFIVW EX XMQI SJ KVSYXMRKWLEPPFIEFSZI*ERHWLEPPFIQEMRXEMRIH EFSZI*YRXMPJMIPHGYVIHMRGYFIWSJKVSYXVIEGL EQMRMQYQGSQTVIWWMZIWXVIRKXLSJTWM XIQTIVEXYVISJ*5YMGOWIXKVSYXW[LIRETTVSZIHQE] VIUYMVIWLSVXIVTIVMSHWSJTVSXIGXMSRERHXLIVIGSQQIRHE XMSRWSJXLIWYTTPMIVWWLSYPHFIJSPPS[IH8IWXGYFIWWLSYPH FI GYVIH YRHIV XIQTIVEXYVI ERH QSMWXYVI GSRHMXMSRW EW GPSWIEWTSWWMFPIXSXLSWISJXLIKVSYXMRXLIQIQFIV+VSYX XIQTIVEXYVIWMR I\GIWW SJ * [MPP PIEHXS HMJJMGYPXMIWMR TYQTMRK {+VSYXXIQTIVEXYVIWWLEPPRSXFIEFSZI *HYVMRKQM\MRKERHTYQTMRK {4VSXIGXMSRJSVTVIWXVIWWMRKWXIIP &YVRMRK SV [IPHMRK STIVEXMSRW MR ZMGMRMX] SJ TVIWXVIWWMRKWXIIPWLEPPFIGEVIJYPP]TIVJSVQIHWSXLEX XIRHSRW EVI RSX WYFNIGX XS I\GIWWMZI XIQTIVEXYVIW [IPHMRKWTEVOWSVKVSYRHGYVVIRXW {%TTPMGEXMSRERHQIEWYVIQIRXSJ TVIWXVIWWMRKJSVGI 6{%TTPMGEXMSRERHQIEWYVIQIRXSJ TVIWXVIWWMRKJSVGI { 4VIWXVIWWMRK JSVGI WLEPPFI HIXIVQMRIH F] FSXLSJ E ERH F 6 { )PSRKEXMSR QIEWYVIQIRXW JSV TVIWXVIWWIH IPIQIRXW WLSYPH FI MR EGGSVHERGI [MXL XLI TVSGIHYVIW SYXPMRIHMRXLIw1ERYEPJSV5YEPMX]'SRXVSPJSV4PERXWERH 4VSHYGXMSR SJ 4VIGEWX ERH 4VIWXVIWWIH 'SRGVIXI 4VSHYGXWx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{;LIVIXVERWJIV SJJSVGIJVSQFYPOLIEHW SJ TVIXIRWMSRMRK FIH XS GSRGVIXI MW EGGSQTPMWLIH F] JPEQI GYXXMRK TVIWXVIWWMRK WXIIP GYXXMRK TSMRXW ERH GYXXMRK WIUYIRGI WLEPP FI TVIHIXIVQMRIH XS EZSMH YRHIWMVIHXIQTSVEV]WXVIWWIW { 0SRK PIRKXLW SJ I\TSWIH TVIXIRWMSRIH WXVERHWLEPPFIGYXRIEVXLIQIQFIVXSQMRMQMÎWLSGO XSGSRGVIXI { 8SXEP PSWW SJ TVIWXVIWW HYI XS YRVITPEGIH FVSOIRTVIWXVIWWMRKWXIIPWLEPPRSXI\GIIHTIVGIRXSJ XSXEPTVIWXVIWW 6 { 8LMW TVSZMWMSR ETTPMIW XS EPP TVIWXVIWWIH GSRGVIXI QIQFIVW *SV GEWXMRTPEGI TSWXXIRWMSRIH WPEF W]WXIQWE wQIQFIVxWLSYPH FIXLEX TSVXMSRGSRWMHIVIHEW ERIPIQIRXMRXLIHIWMKRWYGLEWXLINSMWXERHIJJIGXMZIWPEF [MHXL MR SRI[E] NSMWX W]WXIQW SV XLI GSPYQR WXVMT SV QMHHPIWXVMTMRX[S[E]JPEXTPEXIW]WXIQW 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= {4SWXXIRWMSRMRKERGLSVEKIWERH GSYTPIVW 6{4SWXXIRWMSRMRKERGLSVEKIWERH GSYTPIVW { %RGLSVEKIW ERH GSYTPIVW JSV FSRHIH ERH YRFSRHIHXIRHSRWWLEPPHIZIPSTEXPIEWXTIVGIRXSJ XLI WTIGMJMIH FVIEOMRK WXVIRKXL SJ XLI TVIWXVIWWMRK WXIIP [LIR XIWXIH MR ER YRFSRHIH GSRHMXMSR [MXLSYX I\GIIHMRK ERXMGMTEXIH WIX *SV FSRHIH XIRHSRW ERGLSVEKIW ERH GSYTPIVW WLEPP FI PSGEXIH WS XLEX TIVGIRX SJ XLI WTIGMJMIH FVIEOMRK WXVIRKXL SJ XLI TVIWXVIWWMRKWXIIPWLEPPFIHIZIPSTIHEXGVMXMGEPWIGXMSRW EJXIVXLITVIWXVIWWMRKWXIIPMWFSRHIHMRXLIQIQFIV 6 {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ÎW XLI WXVIWWVMWIV IJJIGXW EWWSGMEXIH [MXL QSWX EZEMPEFPI TSWXXIRWMSRMRK ERGLSVEKIW ERH GSYTPIVW %RGLSVEKI ERH GSYTPIV WXVIRKXL WLSYPH FI EXXEMRIH [MXL E QMRMQYQEQSYRXSJTIVQERIRXHIJSVQEXMSRERHWYGGIWWMZI WIXVIGSKRM^MRKXLEXWSQIHIJSVQEXMSRERHWIX[MPPSGGYVMR XIWXMRKXSJEMPYVI8IRHSREWWIQFPMIWWLSYPHGSRJSVQXSXLI TIVGIRX IPSRKEXMSR VIUYMVIQIRXW MR %'- ERH MRHYWXV] VIGSQQIRHEXMSRW %RGLSVEKIW ERH GSYTPIVW JSVFSRHIHXIRHSRWXLEXHIZIPSTPIWWXLERTIVGIRXSJXLI WTIGMJMIH FVIEOMRK WXVIRKXL SJ XLI XIRHSR WLSYPH FI YWIH SRP][LIVIXLIFSRHXVERWJIVPIRKXLFIX[IIRXLIERGLSVEKI SV GSYTPIV ERH GVMXMGEP WIGXMSRW IUYEPW SV I\GIIHW XLEX VIUYMVIH XS HIZIPST XLI XIRHSR WXVIRKXL 8LMW FSRH PIRKXL QE]FIGEPGYPEXIHF]XLIVIWYPXWSJXIWXWSJFSRHGLEVEGXIVMW XMGWSJYRXIRWMSRIHTVIWXVIWWMRKWXVERHSVF]FSRHXIWXW SRSXLIVXIRHSRQEXIVMEPWEWETTVSTVMEXI {'SYTPIVWWLEPPFITPEGIHMREVIEWETTVSZIH F]XLIIRKMRIIVERHIRGPSWIHMRLSYWMRKPSRKIRSYKL XSTIVQMXRIGIWWEV]QSZIQIRXW {-RYRFSRHIHGSRWXVYGXMSRWYFNIGXXSVITIXM XMZIPSEHWWTIGMEPEXXIRXMSRWLEPPFIKMZIRXSXLITSWWM FMPMX]SJJEXMKYIMRERGLSVEKIWERHGSYTPIVW 6 { *SV HMWGYWWMSR SR JEXMKYI PSEHMRK WII 6IJIV IRGI *SVHIXEMPIHVIGSQQIRHEXMSRWSRXIWXWJSVWXEXMGERHG]GPMG PSEHMRK GSRHMXMSRW JSV XIRHSRW ERH ERGLSVEKI JMXXMRKW SJ YRFSRHIH XIRHSRW WII 7IGXMSR SJ 6IJIVIRGI ERH7IGXMSRSJ6IJIVIRGI {%RGLSVEKIWGSYTPIVWERHIRHJMXXMRKWWLEPP FITIVQERIRXP]TVSXIGXIHEKEMRWXGSVVSWMSR 6 {*SVVIGSQQIRHEXMSRWVIKEVHMRKTVSXIGXMSRWII 7IGXMSRWERHSJ6IJIVIRGIERH7IGXMSRW ERHSJ6IJIVIRGI ;LIRYRFSRHIHXIRHSRWEVIYWIH ERHEHHMXMSREPGSVVSWMSRTVSXIGXMSRSJXLIERGLSVEKIMWHIWMVIH XLIERGLSVEKIWQE]FIJYPP]IRGETWYPEXIHF]TPEWXMGGSEXMRKW {)\XIVREPTSWXXIRWMSRMRK 6{)\XIVREPTSWXXIRWMSRMRK {4SWXXIRWMSRMRKXIRHSRWWLEPPFITIVQMXXIH XS FI I\XIVREP XS ER] GSRGVIXI WIGXMSR SJ E QIQFIV TVSZMHIHXLI]EVIEHIUYEXIP]TVSXIGXIHEKEMRWXGSVVSWMSR )\XIVREP EXXEGLQIRX SJ XIRHSRW MW E ZIVWEXMPI QIXLSH SJ TVSZMHMRK EHHMXMSREP WXVIRKXL SV MQTVSZMRK WIVZMGIEFMPMX] SVFSXLMRI\MWXMRKWXVYGXYVIW-XMW[IPPWYMXIHXSVITEMVSV )2:-6321)28%07869'896)7'3()'311)28%6= '3() '311)28%6= { )\XIVREP XIRHSRW WLEPP FI GSRWMHIVIH EW YRFSRHIH XIRHSRW [LIR GSQTYXMRK JPI\YVEP WXVIRKXL YRPIWW TVSZMWMSRW EVI QEHI XS IJJIGXMZIP] FSRH XLI I\XIVREP XIRHSRW XS XLI GSRGVIXI WIGXMSR EPSRK MXW IRXMVIPIRKXL YTKVEHI I\MWXMRK WXVYGXYVIW ERH TIVQMXW E [MHI ZEVMIX] SJ XIRHSREVVERKIQIRXW { )\XIVREP XIRHSRW WLEPP FI EXXEGLIH XS XLI GSRGVIXI QIQFIV MR E QERRIV XLEX QEMRXEMRW XLI HIWMVIH IGGIRXVMGMX] FIX[IIR XLI XIRHSRW ERH XLI GSRGVIXI GIRXVSMH XLVSYKLSYX XLI JYPP VERKI SJ ERXMGM TEXIHQIQFIVHIJPIGXMSR 6 { )\XIVREP XIRHSRW EVI SJXIR EXXEGLIH XS XLI GSRGVIXI QIQFIV EX ZEVMSYW PSGEXMSRW FIX[IIR ERGLSVEKIW WYGLEWQMHWTERUYEVXIVTSMRXWSVXLMVHTSMRXW JSVHIWMVIH PSEHFEPERGMRKIJJIGXWJSVXIRHSREPMKRQIRXSVXSEHHVIWW XIRHSRZMFVEXMSRGSRGIVRW'SRWMHIVEXMSRWLSYPHFIKMZIRXS XLIIJJIGXWGEYWIHF]XLIXIRHSRTVSJMPIWLMJXMRKMRVIPEXMSR WLMTXSXLIGSRGVIXIGIRXVSMHEWXLIQIQFIVHIJSVQWYRHIV IJJIGXWSJTSWXXIRWMSRMRKERHETTPMIHPSEH { 8LI HIXEMPW SJ XLI GSVVSWMSR TVSXIGXMSR QIXLSHWLEPPFIMRHMGEXIHMRXLIGSRXVEGXHSGYQIRXW 6 {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{7,)007%2(*30()(40%8)1)1&)67 '3() '311)28%6= {2SXEXMSR 6{2SXEXMSR )G JG 9RMXWSJQIEWYVIQIRXEVIKMZIRMRXLI2SXEXMSRXSEWWMWXXLI YWIV ERH EVI RSX MRXIRHIH XS TVIGPYHI XLI YWI SJ SXLIV GSVVIGXP]ETTPMIHYRMXWJSVXLIWEQIW]QFSPWYGLEWJXSVOMT JG ! ! ! J] ! L PH ! ! ! QSHYPYWSJIPEWXMGMX]SJGSRGVIXITWM7II WTIGMJMIHGSQTVIWWMZIWXVIRKXLSJGSRGVIXITWM WUYEVIVSSXSJWTIGMJMIHGSQTVIWWMZIWXVIRKXL SJGSRGVIXITWM WTIGMJMIH ]MIPH WXVIRKXL SJ RSRTVIWXVIWWIH VIMRJSVGIQIRXTWM XLMGORIWWSJWLIPPSVJSPHIHTPEXIMR HIZIPSTQIRXPIRKXLMR WXVIRKXLVIHYGXMSRJEGXSV7II {7GSTIERHHIJMRMXMSRW 6{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w6IGSQQIRHEXMSRWJSV6IMRJSVGIH'SRGVIXI7LIPPWERH *SPHIH 4PEXIWx SJ XLI -RXIVREXMSREP %WWSGMEXMSR JSV 7LIPP ERH7TEXMEP7XVYGXYVIW -%77 MR &IGEYWI'LETXIVETTPMIWXSGSRGVIXIXLMRWLIPPWERHJSPHIH TPEXIWSJEPPWLETIWI\XIRWMZIHMWGYWWMSRSJXLIMVHIWMKREREP ]WMWERHGSRWXVYGXMSRMRXLIGSQQIRXEV]MWRSXTSWWMFPI%HHM XMSREPMRJSVQEXMSRGERFISFXEMRIHJVSQXLIVIJIVIRGIWPMWXIHJSV XLMW GLETXIV [LMGL EVI TVSZMHIH JSV XLI EWWMWXERGI SJ XLI HIWMKRIV8LI]EVIRSXERSJJMGMEPTEVXSJXLIGSHI8LIHIWMKRIV MW VIWTSRWMFPI JSV XLIMVMRXIVTVIXEXMSRERH YWI 4IVJSVQERGI SJ WLIPPWERHJSPHIHTPEXIWVIUYMVIWWTIGMEPEXXIRXMSRXSHIXEMP {4VSZMWMSRWSJ'LETXIVWLEPPETTP]XSXLMR WLIPP ERH JSPHIH TPEXI GSRGVIXI WXVYGXYVIW MRGPYHMRK VMFW ERH IHKI QIQFIVW FYX HS RSX ETTP] XS WTIGMEP WXVYGXYVIW WYGL EW GSSPMRK XS[IVW ERH GMVGYPEV TVIWXVIWWIHGSRGVIXIXEROGSRWXVYGXMSR 6 {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{ %PP TVSZMWMSRW SJ XLMW GSHI RSX WTIGMJMGEPP] I\GPYHIHERHRSXMRGSRJPMGX[MXLTVSZMWMSRWSJ'LETXIV WLEPPETTP]XSXLMRWLIPPWXVYGXYVIW { 8LMR WLIPPW { XLVIIHMQIRWMSREP WTEXMEP WXVYGXYVIW QEHI YT SJ SRI SV QSVI GYVZIH WPEFW SV JSPHIH TPEXIW [LSWI XLMGORIWWIW EVI WQEPP GSQTEVIH XS XLIMV SXLIV HMQIRWMSRW 8LMR WLIPPW EVI GLEVEGXIV MÎHF]XLIMVXLVIIHMQIRWMSREPPSEHGEVV]MRKFILEZMSV XLEX MW HIXIVQMRIHF] XLIKISQIXV]SJXLIMV JSVQWF] XLI QERRIV MR [LMGL XLI] EVI WYTTSVXIH ERH F] XLI REXYVISJXLIETTPMIHPSEH 6{'SQQSRX]TIWSJXLMRWLIPPWEVIHSQIW WYVJEGIW SJ VIZSPYXMSR G]PMRHVMGEP WLIPPW FEVVIP ZEYPXW GSRSMHW IPPMTXMGEP TEVEFSPSMHW L]TIVFSPMG TEVEFS PSMHW ERH KVSMRIH ZEYPXW 'SRWMHIVEFPI MRJSVQEXMSR SRXLII\TIVMIRGIKEMRIHMRXLIHIWMKREREP]WMWERHGSRWXVYG XMSRSJXLIWIWLIPPWQE]FIJSYRHMRXLIGMXIHVIJIVIRGIW0IWW I\TIVMIRGI MW EZEMPEFPI VIKEVHMRK SXLIV WLIPP X]TIW SVWLETIW MRGPYHMRKJVIIJSVQWLIPPW { *SPHIH TPEXIW { E WTIGMEP GPEWW SJ WLIPP WXVYGXYVIWJSVQIHF]NSMRMRKJPEXXLMRWPEFWEPSRKXLIMV IHKIWXSGVIEXIEXLVIIHMQIRWMSREPWTEXMEPWXVYGXYVI 6{*SPHIHTPEXIWQE]FITVMWQEXMG RSRTVMW QEXMGSVJEGIXIH8LIJMVWXX[SX]TIWGSRWMWXKIRIVEPP] SJTPEREVXLMRWPEFWNSMRIHEPSRKXLIMVPSRKMXYHMREPIHKIWXS JSVQ E FIEQPMOI WXVYGXYVI WTERRMRK FIX[IIR WYTTSVXW *EGIXIH JSPHIH TPEXIW EVI QEHI YT SJ XVMERKYPEV ERHSV TSP]KSREPTPEREVXLMRWPEFWNSMRIHEPSRKXLIMVIHKIWXSJSVQ XLVIIHMQIRWMSREPWTEXMEPWXVYGXYVIW { 6MFFIH WLIPPW { WTEXMEP WXVYGXYVIW [MXL QEXIVMEP TPEGIH TVMQEVMP] EPSRK GIVXEMR TVIJIVVIH VMF PMRIW [MXL XLI EVIE FIX[IIR XLI VMFW JMPPIH [MXL XLMR WPEFWSVPIJXSTIR 6{6MFFIHWLIPPWKIRIVEPP]LEZIFIIRYWIH JSVPEVKIVWTERW[LIVIXLIMRGVIEWIHXLMGORIWWSJXLIGYVZIH WPEF EPSRI FIGSQIW I\GIWWMZI SV YRIGSRSQMGEP 6MFFIH WLIPPWEPWSLEZIFIIRYWIHFIGEYWISJXLIGSRWXVYGXMSRXIGL RMUYIWIQTPS]IHERHXSIRLERGIXLIEIWXLIXMGMQTEGXSJXLI GSQTPIXIHWXVYGXYVI { %Y\MPMEV] QIQFIVW { VMFW SV IHKI FIEQW XLEX WIVZI XS WXVIRKXLIR WXMJJIR SV WYTTSVX XLI WLIPP YWYEPP]EY\MPMEV]QIQFIVWEGXNSMRXP][MXLXLIWLIPP 6 { 1SWX XLMRWLIPP WXVYGXYVIW VIUYMVI VMFW SV IHKI FIEQWEXXLIMVFSYRHEVMIWXSGEVV]XLIWLIPPFSYRHEV]JSVGIW XS EWWMWX MR XVERWQMXXMRK XLIQ XS XLI WYTTSVXMRK WXVYGXYVI ERHXSEGGSQQSHEXIXLIMRGVIEWIHEQSYRXSJVIMRJSVGIQIRX MRXLIWIEVIEW {)PEWXMGEREP]WMW{EREREP]WMWSJHIJSVQE XMSRW ERH MRXIVREP JSVGIW FEWIH SR IUYMPMFVMYQ GSQTEXMFMPMX]SJWXVEMRWERHEWWYQIHIPEWXMGFILEZMSV ERH VITVIWIRXMRK XS E WYMXEFPI ETTVS\MQEXMSR XLI XLVIIHMQIRWMSREP EGXMSR SJ XLI WLIPP XSKIXLIV [MXLMXW EY\MPMEV]QIQFIVW 6 { )PEWXMG EREP]WMW SJ XLMR WLIPPW ERH JSPHIH TPEXIW QIERW ER] QIXLSH SJ WXVYGXYVEP EREP]WMW XLEX MW FEWIH SR EWWYQTXMSRW XLEX TVSZMHI WYMXEFPI ETTVS\MQEXMSRW XS XLI XLVIIHMQIRWMSREP FILEZMSV SJ XLI WXVYGXYVI 8LI QIXLSH WLSYPH HIXIVQMRI XLI MRXIVREP JSVGIW ERH HMWTPEGIQIRXW RIIHIH MR XLI HIWMKR SJ XLI WLIPP TVSTIV XLI VMF SV IHKI QIQFIVW ERH XLI WYTTSVXMRK WXVYGXYVI )UYMPMFVMYQ SJ MRXIVREPJSVGIWERHI\XIVREPPSEHWERHGSQTEXMFMPMX]SJHIJSV QEXMSRWWLSYPHFIWEXMWJMIH 1IXLSHWSJIPEWXMGEREP]WMWFEWIHSRGPEWWMGEPWLIPPXLISV] WMQTPMJMIHQEXLIQEXMGEPSVEREP]XMGEPQSHIPWSVRYQIVMGEP WSPYXMSRW YWMRK JMRMXI IPIQIRX JMRMXI HMJJIVIRGIW SV RYQIVMGEP MRXIKVEXMSR XIGLRMUYIW EVI HIWGVMFIH MR XLI GMXIHVIJIVIRGIW 8LI GLSMGI SJ XLI QIXLSH SJ EREP]WMW ERH XLI HIKVII SJ EGGYVEG]VIUYMVIHHITIRHWSRGIVXEMRGVMXMGEPJEGXSVW8LIWI MRGPYHI XLI WMÎ SJ XLI WXVYGXYVI XLI KISQIXV]SJ XLI XLMR WLIPP SV JSPHIH TPEXI XLI QERRIV MR [LMGL XLI WXVYGXYVI MW WYTTSVXIH XLI REXYVI SJ XLI ETTPMIH PSEH ERH JMREPP] XLI I\XIRXSJTIVWSREPSVHSGYQIRXIHI\TIVMIRGIVIKEVHMRKXLI VIPMEFMPMX]SJXLIKMZIRQIXLSHSJEREP]WMWMRTVIHMGXMRKXLI FILEZMSVSJXLIWTIGMJMGX]TISJWLIPPSVJSPHIHTPEXI )2:-6321)28%07869'896)7'3()'311)28%6= '3() '311)28%6= { -RIPEWXMG EREP]WMW { ER EREP]WMW SJ HIJSV QEXMSRW ERH MRXIVREP JSVGIW FEWIH SR IUYMPMFVMYQ RSRPMRIEVWXVIWWWXVEMRVIPEXMSRWJSVGSRGVIXIERHVIMR JSVGIQIRXGSRWMHIVEXMSR SJGVEGOMRKERHXMQIHITIR HIRXIJJIGXWERHGSQTEXMFMPMX]SJWXVEMRW8LIEREP]WMW WLEPP VITVIWIRX XS E WYMXEFPI ETTVS\MQEXMSR XLVII HMQIRWMSREPEGXMSRSJXLIWLIPPXSKIXLIV[MXLMXWEY\MP MEV]QIQFIVW 6{-RIPEWXMGEREP]WMWSJXLMRWLIPPWERHJSPHIHTPEXIW GERFITIVJSVQIHYWMRKEVIJMRIHQIXLSHSJEREP]WMWFEWIH SR XLI WTIGMJMG RSRPMRIEV QEXIVMEP TVSTIVXMIW RSRPMRIEV FILEZMSV HYI XS XLI GVEGOMRK SJ GSRGVIXI ERH XMQIHITIR HIRXIJJIGXWWYGLEWGVIITWLVMROEKIXIQTIVEXYVIERHPSEH LMWXSV]8LIWIIJJIGXWEVIMRGSVTSVEXIHXSXVEGIXLIVIWTSRWI ERHGVEGOTVSTEKEXMSRSJEVIMRJSVGIHGSRGVIXIWLIPPXLVSYKL XLI IPEWXMG MRIPEWXMG ERH YPXMQEXI VERKIW 7YGL EREP]WIW YWYEPP]VIUYMVIMRGVIQIRXEPPSEHMRKERHMXIVEXMZITVSGIHYVIW XS GSRZIVKI SR WSPYXMSRW XLEX WEXMWJ] FSXL IUYMPMFVMYQ ERH WXVEMRGSQTEXMFMPMX] { )\TIVMQIRXEP EREP]WMW { ER EREP]WMW TVSGIHYVIFEWIHSRXLIQIEWYVIQIRXSJHIJSVQEXMSRW SVWXVEMRWSVFSXLSJXLIWXVYGXYVISVMXWQSHIPI\TIVM QIRXEPEREP]WMWMW FEWIHSRIMXLIV IPEWXMGSVMRIPEWXMG FILEZMSV {%REP]WMWERHHIWMKR 6{%REP]WMWERHHIWMKR {)PEWXMGFILEZMSVWLEPPFIEREGGITXIHFEWMW JSV HIXIVQMRMRK MRXIVREP JSVGIW ERH HMWTPEGIQIRXW SJ XLMR WLIPPW 8LMW FILEZMSV WLEPP FI TIVQMXXIH XS FI IWXEFPMWLIHF]GSQTYXEXMSRWFEWIHSREREREP]WMWSJ XLIYRGVEGOIHGSRGVIXIWXVYGXYVIMR[LMGLXLIQEXIVMEP MW EWWYQIH PMRIEVP] IPEWXMG LSQSKIRISYW ERH MWSXVSTMG4SMWWSRvWVEXMSSJGSRGVIXIWLEPPFITIVQMXXIH XSFIXEOIRIUYEPXSÎVS 6{*SVX]TIWSJWLIPPWXVYGXYVIW[LIVII\TIVMIRGI XIWXWERHEREP]WIWLEZIWLS[RXLEXXLIWXVYGXYVIGERWYWXEMR VIEWSREFPI SZIVPSEHW [MXLSYX YRHIVKSMRK FVMXXPI JEMPYVI IPEWXMG EREP]WMW MW E KIRIVEPP] EGGITXEFPI TVSGIHYVI 8LI HIWMKRIV QE] EWWYQI XLEX VIMRJSVGIH GSRGVIXI MW MHIEPP] IPEWXMGLSQSKIRISYWERHMWSXVSTMGLEZMRKMHIRXMGEPTVST IVXMIWMREPPHMVIGXMSRW%REREP]WMWWLSYPHFITIVJSVQIHJSV XLI WLIPP GSRWMHIVMRKWIVZMGIPSEH GSRHMXMSRW 8LI EREP]WMW SJ WLIPPW SJ YRYWYEP WMÎ WLETI SV GSQTPI\MX] WLSYPH GSRWMHIVFILEZMSVXLVSYKLXLIIPEWXMGGVEGOMRKVERKIWERH MRIPEWXMGVERKIW {-RIPEWXMG EREP]WIWWLEPPRSXFI TIVQMXXIH XS FI YWIH YRPIWW MX GER FI WLS[R XLEX WYGL EREP]WMW QIXLSHW TVSZMHI E WEJI FEWMW JSV HIWMKR ERH TVSZMHI JSVXLIRIGIWWEV]GVEGOGSRXVSPJSVIRZMVSRQIRXEPIRKM RIIVMRKGSRGVIXIWXVYGXYVIWEXWIVZMGIPSEHW 6 { &IGEYWI MRIPEWXMG HIWMKR EWWYQIW GVEGOIH WIGXMSRW ERH XLI EHHMXMSR SJ XLI IRZMVSRQIRXEP HYVEFMPMX] JEGXSVQE]RSXEWWYVIGVEGOGSRXVSPJSVGEPGYPEXMSRWSJXLMW GSQTPI\MX] MRIPEWXMG HIWMKR WLSYPH FI YWIH SRP] [LIVI MX GERFIGPIEVP]HIQSRWXVEXIHXLEXGVEGOMRKGERFIGSRXVSPPIH -RIPEWXMGEREP]WMWTVSGIHYVIW[MPPKIRIVEPP]VIUYMVII\XIR WMZI YWI SJ GSQTYXIV TVSGIHYVIW 6IJIVIRGIW ERH MRHMGEXITSWWMFPIWSPYXMSRQIXLSHW { )UYMPMFVMYQ GLIGOW SJ MRXIVREP VIWMWXERGIW ERH I\XIVREP PSEHW WLEPP FI QEHI XS IRWYVI GSRWMW XIRG]SJVIWYPXW { )\TIVMQIRXEP SV RYQIVMGEP EREP]WMW TVSGI HYVIW WLEPP FI TIVQMXXIH [LIVI MX GER FI WLS[R XLEX WYGL TVSGIHYVIW TVSZMHI E WEJI FEWMW JSV HIWMKR ERH TVSZMHI JSV XLI RIGIWWEV] GVEGO GSRXVSP JSV IRZMVSR QIRXEPIRKMRIIVMRKGSRGVIXIWXVYGXYVIWEXWIVZMGIPSEHW 6 {)\TIVMQIRXEPEREP]WMWSJIPEWXMGQSHIPWLEW FIIR YWIH EW E WYFWXMXYXI JSV ER EREP]XMGEP WSPYXMSR SJ E GSQTPI\WLIPPWXVYGXYVI)\TIVMQIRXEPEREP]WMWSJVIMRJSVGIH QMGVSGSRGVIXI QSHIPW XLVSYKL XLI IPEWXMG GVEGOMRK MRIPEWXMG ERH YPXMQEXI VERKIW WLSYPH FI GSRWMHIVIH JSV MQTSVXERXWLIPPWSJYRYWYEPWMÎWLETIERHSVGSQTPI\MX] *SVQSHIPEREP]WMWSRP]XLSWITSVXMSRWSJXLIWXVYGXYVIXLEX EJJIGXWMKRMJMGERXP]XLIMXIQWYRHIVWXYH]RIIHFIWMQYPEXIH )ZIV]EXXIQTXWLSYPHFIQEHIXSIRWYVIXLEXXLII\TIVMQIRXW VIZIEPXLIUYERXMXEXMZIFILEZMSVSJXLITVSXSX]TIWXVYGXYVI 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= ;MRHXYRRIPXIWXWSJEWGEPIHHS[RQSHIPHSRSXRIGIWWEVMP] TVSZMHIYWEFPIVIWYPXWERHWLSYPHFIGSRHYGXIHF]EVIGSK RMÎHI\TIVXMR[MRHXYRRIPXIWXMRKSJWXVYGXYVEPQSHIPW {%TTVS\MQEXIQIXLSHWSJEREP]WMWRSXWEXMW J]MRK GSQTEXMFMPMX] SJ WXVEMRW IMXLIV [MXLMR XLI WLIPP SV FIX[IIR XLI WLIPP ERH EY\MPMEV] QIQFIVW SV FSXL WLEPP FI TIVQMXXIH [LIVI MX GER FI WLS[R XLEX WYGL QIXLSHW TVSZMHI E WEJI FEWMW JSV HIWMKR ERH TVSZMHI JSVXLIRIGIWWEV]GVEGOGSRXVSPJSVIRZMVSRQIRXEPIRKM RIIVMRKGSRGVIXIWXVYGXYVIWEXWIVZMGIPSEHW 6 { 7SPYXMSRW XLEX MRGPYHI FSXL QIQFVERI ERH FIRHMRKIJJIGXWERHWEXMWJ]GSQTEXMFMPMX]SJWXVEMRWERHIUYM PMFVMYQ EVI TVIJIVVIH %TTVS\MQEXI WSPYXMSRW XLEX WEXMWJ] WXEXMGWFYXRSXXLIGSQTEXMFMPMX]SJWXVEMRWQE]FIYWIHSRP] [LIRI\XIRWMZII\TIVMIRGILEWTVSZIRXLEXWEJIHIWMKRW[MXL GVEGOGSRXVSPRIGIWWEV]XSQMRMQMÎXLITSXIRXMEPJSVGSVVS WMSR LEZI VIWYPXIH JVSQ XLIMV YWI 7YGL QIXLSHW MRGPYHI FIEQX]TIEREP]WMWJSVFEVVIPWLIPPWERHJSPHIHTPEXIWLEZMRK PEVKI VEXMSW SJ WTER XS IMXLIV [MHXL SV VEHMYW SJ GYVZEXYVI WMQTPI QIQFVERI EREP]WMW JSV WLIPPW SJ VIZSPYXMSR ERH SXLIVW MR [LMGL XLI IUYEXMSRW SJ IUYMPMFVMYQ EVI WEXMWJMIH [LMPIXLIWXVEMRGSQTEXMFMPMX]IUYEXMSRWEVIRSX-RGSQTPI\ WXVYGXYVIW[LIVIWIZIVEPWLIPPWNSMRXSKIXLIVSV[LIVIWLIPPW NSMREY\MPMEV]QIQFIVWLS[IZIVEQSVIEGGYVEXIEREP]WMW WLSYPH FI YWIH %PWS E QSVI EGGYVEXIEREP]WMW MW VIUYMVIH [LIVI ETTVS\MQEXI WSPYXMSRW GERRSX EWWYVI GVEGO GSRXVSP RIGIWWEV]JSVIRZMVSRQIRXEPIRKMRIIVMRKGSRGVIXIWXVYGXYVIW EXWIVZMGIPSEHW {-RTVIWXVIWWIHWLIPPWXLIEREP]WMWWLEPPEPWS GSRWMHIV FILEZMSV YRHIV PSEHW MRHYGIH HYVMRK TVIWXVIWWMRK EX GVEGOMRK PSEH ERH EX JEGXSVIH PSEH ;LIVIXIRHSRWEVIHVETIH[MXLMREWLIPPHIWMKRWLEPP XEOI MRXS EGGSYRX JSVGI GSQTSRIRXW SR XLI WLIPP VIWYPXMRKJVSQXLIXIRHSRTVSJMPIRSXP]MRKMRSRITPERI 6 { -J XLI WLIPP MW TVIWXVIWWIH XLI EREP]WMW QYWX MRGPYHIMXWWXVIRKXLEXJEGXSVIHPSEHWEW[IPPEWMXWEHIUYEG] YRHIVWIVZMGIPSEHWYRHIVXLIPSEHXLEXGEYWIWGVEGOMRKERH YRHIVPSEHWMRHYGIHHYVMRKTVIWXVIWWMRK%\MEPJSVGIWHYIXS HVETIHXIRHSRWQE]RSXPMIMRSRITPERIERHHYIGSRWMHIV EXMSRQYWXFIKMZIRXSXLIVIWYPXMRKJSVGIGSQTSRIRXW8LI IJJIGXW SJ TSWXXIRWMSRMRK SJ WYTTSVXMRK QIQFIVW SR XLI WLIPPQYWXFIXEOIRMRXSEGGSYRX {8LIXLMGORIWWSJEXLMRWLIPPSVJSPHIHTPEXI ERH MXW VIMRJSVGIQIRX WLEPP FI TVSTSVXMSRIH JSV XLI VIUYMVIH WXVIRKXL GSRGVIXIGSZIV SZIV VIMRJSVGIQIRX HYVEFMPMX] ERH WIVZMGIEFMPMX] %PP IPIQIRXW WLEPP FI TVSTSVXMSRIH F] XLI WEQI QIXLSH YWMRK IMXLIV XLI WXVIRKXL HIWMKR QIXLSH SJ SV XLI EPXIVREXI HIWMKRQIXLSHSJ 6{8LIXLMRWLIPPvWXLMGORIWWERHVIMRJSVGIQIRXEVI VIUYMVIHXSFITVSTSVXMSRIHXSWEXMWJ]XLIWXVIRKXLTVSZMWMSRW SJXLMWGSHIERHXSVIWMWXMRXIVREPJSVGIWSFXEMRIHJVSQER EREP]WMW ER I\TIVMQIRXEP WXYH] SV E GSQFMREXMSR XLIVISJ 8LIXLMGORIWWSJXLIWLIPPMWSJXIRHMGXEXIHF]XLIPMQMXEXMSR SJ HIJPIGXMSR SJ IHKI QIQFIVW F] XLI VIUYMVIQIRXW SJ F]VIUYMVIHVIMRJSVGIQIRXGSZIVF]FIMRKWYFNIGXIH XSERIRZMVSRQIRXEPI\TSWYVIERHF]GSRWXVEMRXWSJGSRWXVYGXMSR 8LIQMRMQYQWLIPPSVTPEXIXLMGORIWWWLEPPFIMRERH QMRMQYQVIMRJSVGMRKFEVWMÎWLEPPFI2S 8LI TVSZMWMSRW SJ 'LETXIV WLEPP ETTP] MJ IPIQIRXW EVITVIGEWX-JGSQTSWMXIEGXMSRMWMRZSPZIHXLITVSZM WMSRWSJ'LETXIVWLEPPFIWEXMWJMIH 8LI RIGIWWEV] XLMGORIWW ERH VIMRJSVGIQIRX QE] EPWS FI TVSZMHIHF]YWMRKXLIEPXIVREXIHIWMKRQIXLSHTVIWGVMFIHMR 8LI HIWMKR QIXLSH GLSWIR WLSYPH FI YWIH GSRWMW XIRXP]XLVSYKLSYXXLIWXVYGXYVI ;LIRWLIPPSVJSPHIHTPEXIIPIQIRXWEVITVIGEWXERHGSRRIGXIH F]GEWXMRTPEGIWIKQIRXWGSQTSWMXIEGXMSRMWMRZSPZIH { 7LIPP MRWXEFMPMX] WLEPP FI MRZIWXMKEXIH ERH WLS[RF]HIWMKRXSFITVIGPYHIH 6{8LMRWLIPPWPMOISXLIVWXVYGXYVIWXLEXI\TIVMIRGI MRTPERIQIQFVERIGSQTVIWWMZIJSVGIWEVIWYFNIGXXSFYGO PMRK[LIRXLIETTPMIHPSEHVIEGLIWEGVMXMGEPZEPYI&IGEYWI SJXLIWYVJEGIPMOIKISQIXV]SJWLIPPWXLITVSFPIQSJGEPGY PEXMRK FYGOPMRK PSEH MW GSQTPI\ -J SRI SJ XLI TVMRGMTEP QIQFVERIJSVGIWMWXIRWMPIXLIWLIPPMWPIWWPMOIP]XSFYGOPI XLER MJ FSXL TVMRGMTEP QIQFVERI JSVGIW EVI GSQTVIWWMZI 8LI OMRHW SJ QIQFVERI JSVGIW XLEX HIZIPST MR E WLIPP HITIRHSRMXWMRMXMEPWLETIERHXLIQERRIVMR[LMGLXLIWLIPP MWWYTTSVXIHERHPSEHIH-RWSQIX]TIWSJWLIPPWTSWXFYGOPMRK )2:-6321)28%07869'896)7'3()'311)28%6= '3() '311)28%6= FILEZMSVQYWX FIGSRWMHIVIH MRHIXIVQMRMRKWEJIX] EKEMRWX MRWXEFMPMX] -RZIWXMKEXMSR SJ XLMR WLIPPW JSV WXEFMPMX] WLSYPH GSRWMHIV XLI IJJIGXSJXLIJSPPS[MRKJEGXSVW ERXMGMTEXIHHIZMEXMSRSJXLI KISQIXV] SJ XLI WLIPP WYVJEGI EW FYMPX JVSQ XLI MHIEPMÎH KISQIXV] PEVKI HIJPIGXMSRW GVIIT ERH WLVMROEKI SJ GSRGVIXI MRIPEWXMGTVSTIVXMIWSJQEXIVMEPW GVEGOMRKSJ GSRGVIXI PSGEXMSR EQSYRX ERH SVMIRXEXMSR SJ VIMRJSVGI QIRXERH TSWWMFPIHIJSVQEXMSRSJWYTTSVXMRKIPIQIRXW 1IEWYVIWXSMQTVSZIVIWMWXERGIXSFYGOPMRKWYGGIWWJYPP]YWIH MR XLI TEWX MRGPYHI XLI TVSZMWMSR SJ X[S QEXW SJ VIMRJSVGI QIRX{SRI RIEV IEGL SYXIV WYVJEGI SJ XLI WLIPP E PSGEP MRGVIEWISJWLIPPGYVZEXYVIWXLIYWISJVMFFIHWLIPPWERHXLI YWISJGSRGVIXI[MXLLMKLXIRWMPIWXVIRKXLERHPS[GVIIT %TVSGIHYVIJSVHIXIVQMRMRKGVMXMGEPFYGOPMRKPSEHWSJWLIPPW MWKMZIRMRXLI-%77VIGSQQIRHEXMSRW7SQIVIGSQQIR HEXMSRWJSVFYGOPMRKHIWMKRSJHSQIWYWIHMRMRHYWXVMEPETTPM GEXMSRWEVIKMZIRMR6IJIVIRGIWERH { %Y\MPMEV] QIQFIVW WLEPP FI HIWMKRIH EGGSVHMRK XS XLI ETTPMGEFPI TVSZMWMSRW SJ XLMW GSHI -X WLEPPFITIVQMXXIHXSEWWYQIXLEXETSVXMSRSJXLIWLIPP IUYEP XS XLI JPERKI [MHXL EW WTIGMJMIH MR EGXW [MXL XLI EY\MPMEV] QIQFIV -R WYGL TSVXMSRW SJ XLI WLIPPXLIVIMRJSVGIQIRXTIVTIRHMGYPEVXSXLIEY\MPMEV] QIQFIVWLEPPFIEXPIEWXIUYEPXSXLEXVIUYMVIHJSVXLI JPERKISJE8FIEQF] 6 { 7XVIRKXL HIWMKR GER FI YWIH JSV XLI EY\MPMEV] QIQFIVWIZIRXLSYKLXLIEPXIVREXIHIWMKRQIXLSH[EWYWIH JSVXLIWLIPPWYVJEGIEW PSRKEWWIVZMGIEFMPMX]VIUYMVIQIRXW EVIEPWSQIX4SVXMSRWSJXLIWLIPPQE]FIYXMPMÎHEWJPERKIW JSVXVERWZIVWISVPSRKMXYHMREPJVEQIWSVEVGLJVEQIWERHFIEQW { 7XVIRKXL HIWMKR SJ WLIPP WPEFW JSV QIQFVERIERHFIRHMRKJSVGIWWLEPPFIFEWIHSRXLI HMWXVMFYXMSRSJWXVIWWIWERHWXVEMRWEWHIXIVQMRIHJVSQ IMXLIVERIPEWXMGSVERMRIPEWXMGEREP]WMW 6{8LIWXVIWWIWERHWXVEMRWMRXLIWLIPPWPEFYWIH JSV HIWMKR EVI XLSWI HIXIVQMRIH F] EREP]WMW IPEWXMG SV MRIPEWXMG QYPXMTPMIHF]ETTVSTVMEXIPSEHJEGXSVW&IGEYWISJ HIXVMQIRXEP IJJIGXW SJ QIQFVERI GVEGOMRK XLI GSQTYXIH XIRWMPI WXVEMR MR XLI VIMRJSVGIQIRX YRHIV JEGXSVIH PSEHW WLSYPHFIPMQMXIH { -R E VIKMSR [LIVI QIQFVERI GVEGOMRK MW TVIHMGXIH XLI RSQMREP GSQTVIWWMZI WXVIRKXL TEVEPPIP XSXLIGVEGOWWLEPPFIXEOIREWJG 6 { ;LIR TVMRGMTEP XIRWMPI WXVIWW TVSHYGIW QIQFVERI GVEGOMRK MR XLI WLIPP I\TIVMQIRXW MRHMGEXI XLI EXXEMREFPIGSQTVIWWMZIWXVIRKXLMRXLIHMVIGXMSRTEVEPPIPXSXLI GVEGOWMWVIHYGIH*SVXLIEPXIVREXIHIWMKRQIXLSH XLIGSQTVIWWMZIWXVIRKXL JG TEVEPPIPXSXLIGVEGOWWLSYPHFI VITPEGIHF]JG MRGEPGYPEXMSRWMRZSPZMRK- E SV- {(IWMKRWXVIRKXLSJQEXIVMEPW 6{(IWMKRWXVIRKXLSJQEXIVMEPW {7TIGMJMIH GSQTVIWWMZIWXVIRKXL SJ GSRGVIXI JG EXHE]WWLEPPRSXFIPIWWXLERTWM 6{7II'LETXIVJSVQMRMQYQHE]GSQTVIWWMZI WXVIRKXL JG VIUYMVIQIRXWJSVGSRGVIXIXLEXMWMRGSRXEGX[MXL ZEVMSYWI\TSWYVIGSRHMXMSRW { 7TIGMJMIH ]MIPH WXVIRKXL SJ RSRTVIWXVIWWIH VIMRJSVGIQIRXJ]WLEPPRSXI\GIIHTWM {7LIPPVIMRJSVGIQIRX 6{7LIPPVIMRJSVGIQIRX { 7LIPP VIMRJSVGIQIRX WLEPP FI TVSZMHIH XS VIWMWXXIRWMPIWXVIWWIWJVSQMRXIVREPQIQFVERIJSVGIW 6 {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{ 8IRWMPI VIMRJSVGIQIRX WLEPP FI TVSZMHIH MR X[SSVQSVIHMVIGXMSRWERHWLEPPFITVSTSVXMSRIHWYGL XLEX MXWVIWMWXERGI MR ER] HMVIGXMSR IUYEPW SV I\GIIHW XLIGSQTSRIRXSJMRXIVREPJSVGIWMRXLEXHMVIGXMSR 6 { 8LI VIUYMVIQIRX SJ IRWYVMRK WXVIRKXL MR EPP HMVIGXMSRW MW FEWIH SR WEJIX] GSRWMHIVEXMSRW %R] QIXLSH XLEX EWWYVIW WYJJMGMIRX WXVIRKXL GSRWMWXIRX [MXL IUYMPMFVMYQ MW GSRWMHIVIH EGGITXEFPI 8LI HMVIGXMSR SJ XLI TVMRGMTEP QIQFVERIXIRWMPIJSVGIEXER]TSMRXQE]ZEV]HITIRHMRKSR XLIHMVIGXMSRQEKRMXYHIWERHGSQFMREXMSRWSJXLIZEVMSYW ETTPMIHPSEHW %PXIVREXMZIP]VIMRJSVGIQIRXJSVXLIQIQFVERIJSVGIWMR XLI WPEF WLEPP FI GEPGYPEXIH EW XLI VIMRJSVGIQIRX VIUYMVIH XS VIWMWX E\MEP XIRWMPI JSVGIW TPYW XLI XIRWMPI JSVGI HYI XS WLIEVJVMGXMSR VIUYMVIH XS XVERWJIV WLIEV EGVSWW ER] GVSWW WIGXMSR SJ XLI QIQFVERI 8LI EWWYQIH GSIJJMGMIRX SJ JVMGXMSR WLEPP RSX I\GIIH [LIVI ! JSV RSVQEP[IMKLX GSRGVIXI JSV wWERHPMKLX[IMKLXx GSRGVIXI ERH JSV wEPPPMKLX [IMKLXxGSRGVIXI0MRIEVMRXIVTSPEXMSRWLEPPFITIVQMXXIH [LIRTEVXMEPWERHVITPEGIQIRXMWYWIH 8LIQEKRMXYHISJXLIMRXIVREPQIQFVERIJSVGIWEGXMRKEXER] TSMRX HYI XS E WTIGMJMG PSEH MW KIRIVEPP] GEPGYPEXIH SR XLI FEWMW SJ ER IPEWXMG XLISV] MR [LMGL XLI WLIPP MW EWWYQIH EW YRGVEGOIH8LIGSQTYXEXMSRSJXLIVIUYMVIHEQSYRXSJVIMR JSVGIQIRX XS VIWMWX XLI MRXIVREP QIQFVERI JSVGIW LEW FIIR XVEHMXMSREPP] FEWIH SR XLI EWWYQTXMSR XLEX GSRGVIXI GERRSX VIWMWXXIRWMSR8LIEWWSGMEXIHHIJPIGXMSRWERHXLITSWWMFMPMX] SJGVEGOMRKWLSYPHFIMRZIWXMKEXIHMRXLIWIVZMGIEFMPMX]TLEWI SJ XLI HIWMKR %GLMIZMRK XLMW QE] VIUYMVI E [SVOMRK WXVIWW HIWMKRJSVWXIIPWIPIGXMSR ;LIVIVIMRJSVGIQIRXMWRSXTPEGIHMRXLIHMVIGXMSRSJXLI TVMRGMTEP XIRWMPI JSVGIW ERH [LIVI GVEGOW EX XLI WIVZMGI PSEH PIZIP [SYPH FI SFNIGXMSREFPI XLI GSQTYXEXMSR SJ VIMRJSVGIQIRX QE] LEZI XS FI FEWIH SR E QSVI VIJMRIH ETTVSEGLXLEXGSRWMHIVW XLI I\MWXIRGI SJ GVEGOW -RXLIGVEGOIHWXEXIXLIGSRGVIXIMWEWWYQIHXSFIYREFPI XS VIWMWX IMXLIV XIRWMSR SV WLIEV 8LYW IUYMPMFVMYQ MW EXXEMRIHF] QIERW SJXIRWMPIVIWMWXMRKJSVGIWMRVIMRJSVGI QIRXERHGSQTVIWWMZIVIWMWXMRKJSVGIWMRGSRGVIXI 8LI EPXIVREXMZI QIXLSH XS GEPGYPEXI SVXLSKSREP VIMRJSVGI QIRXMWXLIWLIEVJVMGXMSRQIXLSH-XMWFEWIHSRXLIEWWYQT XMSRXLEXWLIEVMRXIKVMX]SJEWLIPP WLSYPHFIQEMRXEMRIHEX JEGXSVIH PSEHW -X MW RSX RIGIWWEV] XS GEPGYPEXI TVMRGMTEP WXVIWWIWMJXLIEPXIVREXMZIETTVSEGLMWYWIH { 8LI EVIE SJ WLIPP VIMRJSVGIQIRX EX ER] WIGXMSREWQIEWYVIHMRX[SSVXLSKSREPHMVIGXMSRWWLEPP RSX FI PIWW XLER XLI WPEF VIMRJSVGIQIRX VIUYMVIH F] I\GITX XLI QMRMQYQ EVIE SJ VIMRJSVGIQIRX WLEPP FIRSXPIWWXLERXMQIWXLIGVSWWWIGXMSREPEVIE 6 { 1MRMQYQ QIQFVERI VIMRJSVGIQIRX GSVVI WTSRHMRK XS WPEF WLVMROEKI ERH XIQTIVEXYVI VIMRJSVGIQIRX EVIXSFITVSZMHIHMREXPIEWXX[SETTVS\MQEXIP]SVXLSKSREP HMVIGXMSRW IZIR MJ XLI GEPGYPEXIH QIQFVERI JSVGIW EVI GSQTVIWWMZIMRSRISVQSVIHMVIGXMSRW {6IMRJSVGIQIRXJSVWLIEVERHFIRHMRKQSQIRXW EFSYXE\IWMRXLITPERISJXLIWLIPPWPEFWLEPPFIGEPGY PEXIHMREGGSVHERGI[MXL'LETXIVW ERH {8LIEVIESJWLIPPXIRWMSRVIMRJSVGIQIRXWLEPP FI PMQMXIH WS XLEX XLI VIMRJSVGIQIRX [MPP ]MIPH FIJSVI IMXLIV GVYWLMRK SJ GSRGVIXI MR GSQTVIWWMSR SV WLIPP FYGOPMRKGERXEOITPEGI 6{8LI VIUYMVIQIRX XLEXXLIXIRWMPIVIMRJSVGIQIRX ]MIPHW FIJSVI XLI GSRGVIXI GVYWLIW ER][LIVI MW GSRWMWXIRX [MXL 7YGL GVYWLMRK GER EPWS SGGYV MR VIKMSRW RIEV WYTTSVXWERHJSVWSQIWLIPPW[LIVIXLITVMRGMTEPQIQFVERI JSVGIWEVIETTVS\MQEXIP]IUYEPERHSTTSWMXIMRWMKR )2:-6321)28%07869'896)7'3()'311)28%6= '3() '311)28%6= {-RVIKMSRWSJLMKLXIRWMSRQIQFVERIVIMRJSVGI QIRXWLEPPMJTVEGXMGEPFITPEGIHMRXLIKIRIVEPHMVIGXMSRW SJ XLI TVMRGMTEP XIRWMPI QIQFVERI JSVGIW ;LIVI XLMW MW RSX TVEGXMGEP MX WLEPP FI TIVQMXXIH XS TPEGI QIQFVERI VIMRJSVGIQIRXMRX[SSVQSVIGSQTSRIRXHMVIGXMSRW 6 { +IRIVEPP] JSV EPP WLIPPW ERH TEVXMGYPEVP] MR VIKMSRW SJ WYFWXERXMEP XIRWMSR XLI SVMIRXEXMSRSJVIMRJSVGI QIRX ETTVS\MQEXIW XLI HMVIGXMSRW SJ XLI TVMRGMTEP XIRWMPI QIQFVERI JSVGIW -R WSQI WXVYGXYVIW LS[IZIV MX MW RSX EP[E]WTSWWMFPISVTVEGXMGEPJSVXLIVIMRJSVGIQIRXXSJSPPS[ XLI WXVIWW XVENIGXSVMIW *SV WYGL GEWIW SVXLSKSREP GSQTS RIRXVIMRJSVGIQIRXMWEPPS[IH {-JXLIHMVIGXMSRSJVIMRJSVGIQIRXZEVMIWQSVI XLER HIK JVSQ XLI HMVIGXMSR SJ TVMRGMTEP XIRWMPI QIQFVERIJSVGIXLIEQSYRXSJVIMRJSVGIQIRXWLEPPFI VIZMI[IHMRVIPEXMSRXSGVEGOMRKEXWIVZMGIPSEHW 6 {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{;LIVIXLIQEKRMXYHISJXLITVMRGMTEPXIRWMPI QIQFVERI WXVIWW [MXLMR XLI WLIPP ZEVMIW KVIEXP] SZIV XLI EVIE SJ XLI WLIPP WYVJEGI VIMRJSVGIQIRX VIWMWXMRK XLIXSXEPXIRWMSRWLEPPFITIVQMXXIHXSFIGSRGIRXVEXIH MRXLIVIKMSRWSJPEVKIWXXIRWMPIWXVIWW[LIVIMXGERFI WLS[R XLEX XLMW TVSZMHIW E WEJI FEWMW JSV HIWMKR ,S[IZIVXLIVEXMSSJWLIPPVIMRJSVGIQIRXMRER]TSVXMSR SJXLIXIRWMPI^SRIWLEPPFIRSXPIWWXLERFEWIH SRXLISZIVEPPXLMGORIWWSJXLIWLIPP 6{8LITVEGXMGISJGSRGIRXVEXMRKXIRWMPIVIMRJSVGI QIRXMRXLIVIKMSRWSJQE\MQYQXIRWMPIWXVIWWLEWPIHXSE RYQFIVSJWYGGIWWJYPERHIGSRSQMGEPHIWMKRWTVMQEVMP]JSV PSRKJSPHIHTPEXIW FEVVIP ZEYPX WLIPPW ERHJSVHSQIW 8LI VIUYMVIQIRXSJTVSZMHMRKXLIQMRMQYQVIMRJSVGIQIRXMRXLI VIQEMRMRKXIRWMPI^SRIMWMRXIRHIHXSGSRXVSPGVEGOMRK { 6IMRJSVGIQIRX VIUYMVIH XS VIWMWX WLIPP FIRHMRK QSQIRXW WLEPP FI TVSTSVXMSRIH [MXL HYI VIKEVH XS XLI WMQYPXERISYW EGXMSR SJ QIQFVERI E\MEP JSVGIWEXXLIWEQIPSGEXMSR;LIVIWLIPPVIMRJSVGIQIRX MWVIUYMVIHMRSRP]SRIJEGIXSVIWMWXFIRHMRKQSQIRXW IUYEP EQSYRXW WLEPP FI TPEGIH RIEV FSXL WYVJEGIW SJ XLIWLIPPIZIRXLSYKLEVIZIVWEPSJFIRHMRKQSQIRXW MWRSXMRHMGEXIHF]XLIEREP]WMW 6 { 8LI HIWMKR QIXLSH WLSYPH EWWYVI XLEX XLI GSRGVIXI WIGXMSRW MRGPYHMRK GSRWMHIVEXMSR SJ XLI VIMRJSVGI QIRXEVIGETEFPISJHIZIPSTMRKXLIMRXIVREPJSVGIWVIUYMVIHXS EWWYVI XLI IUYEXMSRW SJ IUYMPMFVMYQ EVI WEXMWJMIH 8LI WMKRSJFIRHMRKQSQIRXWQE]GLERKIVETMHP]JVSQTSMRXXS TSMRX SJ E WLIPP *SV XLMW VIEWSR FIRHMRK VIMRJSVGIQIRX [LIVIVIUYMVIHMWXSFITPEGIHRIEVFSXLSYXIVWYVJEGIWSJXLI WLIPP-RQER]GEWIWXLIXLMGORIWWVIUYMVIHXSTVSZMHITVSTIV GSZIV ERH WTEGMRK JSV XLI QYPXMTPI PE]IVW SJ VIMRJSVGIQIRX QE]KSZIVRXLIHIWMKRSJXLIWLIPPXLMGORIWW { 7LIPP VIMRJSVGIQIRX MR ER] HMVIGXMSR WLEPP RSX FI WTEGIH JEVXLIV ETEVX XLER MR RSV JEVXLIV ETEVXXLERXLVIIXMQIWXLIWLIPPXLMGORIWW 6{8LIZEPYISJ XSFIYWIHMWXLEXTVIWGVMFIHMR JSVE\MEPXIRWMSR { 7LIPP VIMRJSVGIQIRX EX XLI NYRGXMSR SJ XLI WLIPPERHWYTTSVXMRKQIQFIVWSVIHKIQIQFIVWWLEPP FIERGLSVIHMRSVI\XIRHIHXLVSYKLWYGLQIQFIVWMR EGGSVHERGI [MXL XLI VIUYMVIQIRXW SJ 'LETXIV I\GITXXLEXXLIQMRMQYQHIZIPSTQIRXPIRKXLWLEPPFI PHFYXRSXPIWWXLERMR 6 ERH 6 { 3R GYVZIH WLIPP WYVJEGIW MX MW HMJJMGYPX XS GSRXVSP XLI EPMKRQIRX SJ TVIGYX VIMRJSVGIQIRX 8LMW QYWX FI GSRWMHIVIH XS EZSMH MRWYJJMGMIRX WTPMGI ERH HIZIPSTQIRXPIRKXLW7IGXMSRWERHWTIGMJ] I\XVEVIMRJSVGIQIRXPIRKXLXSQEMRXEMRXLIQMRMQYQPIRKXLW SRGYVZIHWYVJEGIW { 7TPMGI PIRKXLW SJ WLIPPVIMRJSVGIQIRX WLEPP FIKSZIVRIH F] XLI TVSZMWMSRW SJ 'LETXIV I\GITX XLEXXLIQMRMQYQWTPMGIPIRKXLSJXIRWMSRFEVWWLEPPFI 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= XMQIWXLIZEPYIVIUYMVIHF]'LETXIVFYXRSXPIWW XLER MR 8LI RYQFIV SJ WTPMGIW MR TVMRGMTEP XIRWMPI VIMRJSVGIQIRX WLEPP FI OITX XS E TVEGXMGEP QMRMQYQ ;LIVIWTPMGIWEVIRIGIWWEV]XLI]WLEPPFIWXEKKIVIH EXPIEWXPH[MXLRSXQSVIXLERSRIXLMVHSJXLIVIMRJSVGI QIRXWTPMGIHEXER]WIGXMSR {'SRWXVYGXMSR 6{'SRWXVYGXMSR { ;LIR VIQSZEP SJ JSVQ[SVO MW FEWIH SR E WTIGMJMG QSHYPYW SJ IPEWXMGMX] SJ GSRGVIXI FIGEYWI SJ WXEFMPMX] SV HIJPIGXMSR GSRWMHIVEXMSRW XLI ZEPYI SJ XLI QSHYPYW SJ IPEWXMGMX] )G WLEPP FI HIXIVQMRIH JVSQ JPI\ YVEPXIWXWSJJMIPHGYVIHFIEQWTIGMQIRW8LIRYQFIVSJ XIWXWTIGMQIRWXLIHMQIRWMSRWSJXIWXFIEQWTIGMQIRW ERHXIWXTVSGIHYVIWWLEPPFIWTIGMJMIHF]XLIIRKMRIIV 6 { ;LIR IEVP] VIQSZEP SJ JSVQW MW RIGIWWEV] XLI QEKRMXYHISJXLIQSHYPYWSJIPEWXMGMX]EXXLIXMQISJTVSTSWIH JSVQVIQSZEPQYWXFIMRZIWXMKEXIHMRSVHIVXSIRWYVIWEJIX]SJ XLI WLIPP [MXL VIWTIGX XS FYGOPMRK ERH XS VIWXVMGX HIJPIG XMSRW8LIZEPYISJXLIQSHYPYWSJIPEWXMGMX])GWLSYPH FISFXEMRIHJVSQEJPI\YVEPXIWXSJJMIPHGYVIHWTIGMQIRW-XMW RSXWYJJMGMIRX XS HIXIVQMRIXLI QSHYPYW JVSQXLI JSVQYPE MR IZIRMJ JG MWHIXIVQMRIHJSVXLIJMIPHGYVIHWTIGMQIR {8LIIRKMRIIVWLEPPWTIGMJ]XLIXSPIVERGIWJSV XLIWLETISJXLIWLIPP-JGSRWXVYGXMSRVIWYPXWMRHIZME XMSRW JVSQXLI WLETI KVIEXIVXLERXLI WTIGMJMIH XSPIV ERGIWEREREP]WMWSJXLIIJJIGXSJXLIHIZMEXMSRWWLEPP FI QEHI ERH ER] VIUYMVIH VIQIHMEP EGXMSRW WLEPP FI XEOIRXSIRWYVIWEJIFILEZMSV 6{-R WSQIX]TIWSJWLIPPWWQEPPPSGEPHIZMEXMSRW JVSQ XLI XLISVIXMGEP KISQIXV] SJ XLI WLIPP GER GEYWI VIPE XMZIP] PEVKI GLERKIW MR PSGEP WXVIWWIW ERH MR SZIVEPP WEJIX] EKEMRWX MRWXEFMPMX] 8LIWI GLERKIW GER VIWYPX MR PSGEP GVEGOMRK ERH ]MIPHMRK XLEX QE] QEOI XLI WXVYGXYVI YRWEJI GEYWI GSVVSWMSR SJ VIMRJSVGMRK WXIIP HIXIVMSVEXMSR SJ GSRGVIXI SV GER KVIEXP] EJJIGX XLI GVMXMGEP PSEH TVSHYGMRK MRWXEFMPMX] 8LI IJJIGX SJ WYGL HIZMEXMSRW WLSYPH FI IZEPY EXIHERHER]RIGIWWEV]VIQIHMEPEGXMSRWWLSYPHFIXEOIR )2:-6321)28%07869'896)7'3()'311)28%6= 4%68{74)'-%0'327-()6%8-327 ',%48)6{786)2+8,):%09%8-323*)<-78-2+ 7869'896)7 '3() '311)28%6= {2SXEXMSR 6{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{7XVIRKXLIZEPYEXMSR{+IRIVEP 6{7XVIRKXLIZEPYEXMSR{+IRIVEP {-JXLIVIMWHSYFXXLEXETEVXSVEPPSJEWXVYG XYVI QIIXW XLI WEJIX] VIUYMVIQIRXW SJ XLMW GSHI E WXVIRKXLIZEPYEXMSRWLEPPFIGEVVMIHSYXEWVIUYMVIHF] XLIIRKMRIIVSVFYMPHMRKSJJMGMEP 'LETXIVHSIWRSXGSZIVPSEHXIWXMRKJSVXLIETTVSZEPSJ RI[HIWMKRSVGSRWXVYGXMSRQIXLSHW 7IIJSVVIGSQ QIRHEXMSRW SR WXVIRKXL IZEPYEXMSR SJ TVIGEWX GSRGVIXI QIQFIVW 4VSZMWMSRW SJ 'LETXIV QE] FIYWIH XS IZEP YEXI[LIXLIVEWXVYGXYVISVETSVXMSRSJEWXVYGXYVIWEXMWJMIW XLIWEJIX]VIUYMVIQIRXWSJXLMWGSHI%WXVIRKXLIZEPYEXMSR QE]FIVIUYMVIHMJXLIQEXIVMEPWEVIGSRWMHIVIHXSFIHIJM GMIRX MR UYEPMX] MJ XLIVI MW IZMHIRGI MRHMGEXMRK JEYPX] GSRWXVYGXMSR MJ E WXVYGXYVI LEW HIXIVMSVEXIH MJ E WXVYGXYVI [MPPFIYWIHJSVERI[JYRGXMSRSVMJJSVER]VIEWSREWXVYG XYVISVETSVXMSRSJMXHSIWRSXETTIEVXSWEXMWJ]XLIVIUYMVI QIRXW SJ XLI GSHI -R WYGL GEWIW 'LETXIV TVSZMHIW KYMHERGIJSVMRZIWXMKEXMRKXLIWEJIX]SJXLIWXVYGXYVI 8LI HIQSRWXVEXMSR SJ EHIUYEXI WXVIRKXL MR MXWIPJ HSIW RSX MRHMGEXI XLEX ER IRZMVSRQIRXEP WXVYGXYVI MW EHIUYEXI [MXL VIKEVHXSWIVZMGIEFMPMX]ERHHYVEFMPMX]8LMWGLETXIVHSIWRSX EHHVIWWEGGITXERGIGVMXIVMEJSVWIVZMGIEFMPMX]ERHHYVEFMPMX] 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= -JXLIWEJIX]GSRGIVRWEVIVIPEXIHXSEREWWIQFP]SJIPIQIRXW SV ER IRXMVI WXVYGXYVI MX MW RSX JIEWMFPI XS PSEH XIWX IZIV] IPIQIRX ERH WIGXMSR XS XLI QE\MQYQ -R WYGL GEWIW MX MW ETTVSTVMEXI XLEX ER MRZIWXMKEXMSR TPER FI HIZIPSTIH XS EHHVIWW XLI WTIGMJMG WEJIX] GSRGIVRW -J E PSEH XIWX MW HIWGVMFIH EW TEVX SJ XLI WXVIRKXL IZEPYEXMSR TVSGIWW MX MW HIWMVEFPI JSV EPP TEVXMIW MRZSPZIH XS GSQI XS ER EKVIIQIRX EFSYXXLIVIKMSRXSFIPSEHIHXLIQEKRMXYHISJXLIPSEHXLI PSEHXIWXTVSGIHYVIERHEGGITXERGIGVMXIVMEFIJSVIER]PSEH XIWXWEVIGSRHYGXIH {-JXLIIJJIGXSJXLIWXVIRKXLHIJMGMIRG]MW[IPP YRHIVWXSSHERHMJMXMWJIEWMFPIXSQIEWYVIXLIHMQIR WMSRW ERH QEXIVMEP TVSTIVXMIW VIUYMVIH JSV EREP]WMW EREP]XMGEP IZEPYEXMSRW SJ WXVIRKXL FEWIH SR XLSWI QIEWYVIQIRXW WLEPP WYJJMGI 6IUYMVIH HEXE WLEPP FI HIXIVQMRIHMREGGSVHERGI[MXL 6 { 7XVIRKXL GSRWMHIVEXMSRW VIPEXIH XS E\MEP PSEH JPI\YVIERHGSQFMRIHE\MEPPSEHERHJPI\YVIEVI[IPPYRHIV WXSSH8LIVIEVIVIPMEFPIXLISVMIWVIPEXMRKWXVIRKXLERHWLSVX XIVQ HMWTPEGIQIRX XS PSEH MR XIVQW SJ HMQIRWMSREP ERH QEXIVMEPHEXEJSVXLIWXVYGXYVI {-JXLIIJJIGXSJXLIWXVIRKXLHIJMGMIRG]MWRSX [IPP YRHIVWXSSHSVMJMXMWRSX JIEWMFPIXS IWXEFPMWL XLI VIUYMVIH HMQIRWMSRW ERH QEXIVMEP TVSTIVXMIW F] QIEWYVIQIRXEPSEHXIWXWLEPPFIVIUYMVIHMJXLIWXVYG XYVIMWXSVIQEMRMRWIVZMGI 6 { -J XLI WLIEV SV FSRH WXVIRKXL SJ ER IPIQIRX MW GVMXMGEP MR VIPEXMSR XS XLI HSYFX I\TVIWWIH EFSYX WEJIX] E TL]WMGEPXIWXQE]FIXLIQSWXIJJMGMIRXWSPYXMSRXSIPMQMREXI SV GSRJMVQ XLI HSYFX % TL]WMGEP XIWX QE] EPWS FI ETTVS TVMEXIMJMXMWRSXTSWWMFPISVJIEWMFPIXSHIXIVQMRIXLIQEXI VMEPERHHMQIRWMSREPTVSTIVXMIWVIUYMVIHJSVEREP]WMWIZIRMJ XLIGEYWISJXLIGSRGIVRVIPEXIWXSJPI\YVISVE\MEPPSEH 8SHIXIVQMRIXLIWXVIRKXLSJXLIWXVYGXYVIF]EREP]WMWGEPGY PEXMSRW WLSYPH FI FEWIH SR HEXE KEXLIVIH SR XLI EGXYEP HMQIRWMSRW SJ XLI WXVYGXYVI TVSTIVXMIW SJ XLI QEXIVMEPW MR TPEGI ERH EPP TIVXMRIRX HIXEMPW 6IUYMVIQIRXW JSV HEXE GSPPIGXMSREVIMR ;LIVIZIVTSWWMFPIERHETTVSTVMEXIMXMWHIWMVEFPIXSWYTTSVX XLIVIWYPXWSJXLIPSEHXIWXF]EREP]WMW {-JXLIHSYFXEFSYXWEJIX]SJETEVXSVEPPSJE WXVYGXYVI MRZSPZIW HIXIVMSVEXMSR ERH MJ XLI SFWIVZIH VIWTSRWIHYVMRKXLIPSEHXIWXWEXMWJMIWXLIEGGITXERGI GVMXIVME XLI WXVYGXYVI SV TEVX SJ XLI WXVYGXYVI WLEPPFI TIVQMXXIH XS VIQEMR MR WIVZMGI JSV E WTIGMJMIH XMQI TIVMSH-JHIIQIHRIGIWWEV]F]XLIIRKMRIIVTIVMSHMG VIIZEPYEXMSRWWLEPPFIGSRHYGXIH 6 { *SV E HIXIVMSVEXMRK WXVYGXYVI XLI EGGITXERGI TVSZMHIHF]XLIPSEHXIWXQE]RSXFIEWWYQIHXSFI[MXLSYX PMQMXWMRXIVQWSJXMQI-RWYGLGEWIWETIVMSHMGMRWTIGXMSR TVSKVEQ MW YWIJYP % TVSKVEQ XLEX MRZSPZIW TL]WMGEP XIWXW ERH TIVMSHMG MRWTIGXMSR GER NYWXMJ] E PSRKIV TIVMSH MR WIVZMGI %RSXLIV STXMSR JSV QEMRXEMRMRK XLI WXVYGXYVI MR WIVZMGI[LMPIXLITIVMSHMGMRWTIGXMSRTVSKVEQGSRXMRYIWMW XSPMQMXXLIPMZIPSEHXSEPIZIPHIXIVQMRIHXSFIETTVSTVMEXI 8LIPIRKXLSJXLIWTIGMJMIHXMQITIVMSHWLSYPHFIFEWIHSR GSRWMHIVEXMSRSJ E XLIREXYVISJXLITVSFPIQ F IRZMVSR QIRXEPERHPSEHIJJIGXW G WIVZMGILMWXSV]SJXLIWXVYGXYVI ERH H WGSTISJXLITIVMSHMGMRWTIGXMSRTVSKVEQ%XXLIIRH SJ E WTIGMJMIH XMQI TIVMSH JYVXLIV WXVIRKXL IZEPYEXMSR MW VIUYMVIHMJXLIWXVYGXYVIMWXSVIQEMRMRWIVZMGI ;MXLXLIEKVIIQIRXSJEPPGSRGIVRIHTEVXMIWWTIGMEPTVSGI HYVIWQE]FIHIZMWIHJSVTIVMSHMGXIWXMRKXLEXHSRSXRIGIW WEVMP] GSRJSVQ XS XLI PSEHMRK ERH EGGITXERGI GVMXIVME WTIGMJMIHMR'LETXIV )2:-6321)28%07869'896)7'3()'311)28%6= '3() {(IXIVQMREXMSRSJVIUYMVIH HMQIRWMSRWERHQEXIVMEPTVSTIVXMIW '311)28%6= 6{(IXIVQMREXMSRSJVIUYMVIH HMQIRWMSRWERHQEXIVMEPTVSTIVXMIW 8LMW WIGXMSR ETTPMIW MJ MX MW HIGMHIH XS QEOI ER EREP]XMGEP IZEPYEXMSR WII {(MQIRWMSRWSJXLIWXVYGXYVEPIPIQIRXW WLEPP FIIWXEFPMWLIHEXGVMXMGEPWIGXMSRW 6{'VMXMGEPWIGXMSRWEVIXLSWIEX[LMGLIEGLX]TISJ WXVIWW GEPGYPEXIH JSV XLI PSEH MR UYIWXMSR VIEGLIW MXW QE\MQYQZEPYI {0SGEXMSRWERHWMÎWSJXLIVIMRJSVGMRK FEVW [IPHIH[MVIJEFVMGSVXIRHSRWWLEPPFIHIXIVQMRIHF] QIEWYVIQIRX-XWLEPPFITIVQMXXIHXSFEWIVIMRJSVGI QIRX PSGEXMSRW SR EZEMPEFPI HVE[MRKW MJ WTSX GLIGOW EVIQEHIGSRJMVQMRKXLIMRJSVQEXMSRSRXLIHVE[MRKW 6{*SVMRHMZMHYEPIPIQIRXWEQSYRXWMÎEVVERKI QIRX ERH PSGEXMSR QYWX FI HIXIVQMRIH EX XLI GVMXMGEP WIGXMSRWJSVVIMRJSVGIQIRXERHSVXIRHSRWHIWMKRIHXSVIWMWX ETTPMIH PSEH 2SRHIWXVYGXMZI MRZIWXMKEXMSR QIXLSHW EVI EGGITXEFPI -R PEVKIWXVYGXYVIW HIXIVQMREXMSR SJXLIWI HEXE JSVETTVS\MQEXIP]TIVGIRXSJXLIVIMRJSVGIQIRXSVXIRHSRW MR GVMXMGEP VIKMSRW QE] WYJJMGI MJ XLIWI QIEWYVIQIRXW GSRJMVQXLIHEXETVSZMHIHMRXLIGSRWXVYGXMSRHVE[MRKW {-JVIUYMVIHGSRGVIXIWXVIRKXLWLEPPFIFEWIH SRVIWYPXW SJ G]PMRHIV XIWXWSVXIWXW SJ GSVIW VIQSZIH JVSQXLITEVXSJXLIWXVYGXYVI[LIVIXLIWXVIRKXLMWMR HSYFX 'SRGVIXI WXVIRKXLW WLEPP FI HIXIVQMRIH EW WTIGMJMIHMR 6{8LIRYQFIVSJXIWXWQE]HITIRHSRXLIWMÎSJ XLI WXVYGXYVI ERH XLI WIRWMXMZMX] SJ WXVYGXYVEP WEJIX] XS GSRGVIXI WXVIRKXL -R GEWIW [LIVI XLI TSXIRXMEP TVSFPIQ MRZSPZIWJPI\YVISRP]MRZIWXMKEXMSRSJGSRGVIXIWXVIRKXLGER FIQMRMQEP JSVE PMKLXP]VIMRJSVGIH WIGXMSR J] JG JSVVIGXERKYPEVWIGXMSR { -J VIUYMVIH VIMRJSVGIQIRX SV TVIWXVIWWMRK WXIIPWXVIRKXLWLEPPFIFEWIHSRXIRWMPIXIWXWSJVITVI WIRXEXMZI WEQTPIW SJ XLI QEXIVMEP MR XLI WXVYGXYVI MR UYIWXMSR 6 { 8LI RYQFIV SJ XIWXW VIUYMVIH HITIRHW SR XLI YRMJSVQMX] SJ XLI QEXIVMEP ERH MW FIWX HIXIVQMRIH F] XLI IRKMRIIVJSVXLIWTIGMJMGETTPMGEXMSR { -J XLI VIUYMVIH HMQIRWMSRW ERH QEXIVMEP TVSTIVXMIWEVIHIXIVQMRIHXLVSYKLQIEWYVIQIRXWERH XIWXMRKERHMJGEPGYPEXMSRWGERFIQEHIMREGGSVHERGI [MXL MX WLEPP FI TIVQMXXIH XS MRGVIEWI XLI WXVIRKXLVIHYGXMSRJEGXSVMRFYXXLIWXVIRKXLVIHYG XMSRJEGXSVWLEPPRSXFIQSVIXLER 6 {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{0SEHXIWXTVSGIHYVI 6{0SEHXIWXTVSGIHYVI {0SEHEVVERKIQIRX 6{0SEHEVVERKIQIRX 8LI RYQFIV ERH EVVERKIQIRX SJ WTERW SV TERIPW PSEHIH WLEPP FI WIPIGXIH XS QE\MQMÎ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{0SEHMRXIRWMX] 6{0SEHMRXIRWMX] 8LI XSXEP XIWX PSEH MRGPYHMRK HIEH PSEH EPVIEH] MR TPEGI WLEPPRSXFIPIWWXLER (0 -XWLEPP FI TIVQMXXIH XS VIHYGI 0 MR EGGSVHERGI [MXL XLI VIUYMVIQIRXWSJXLIETTPMGEFPIKIRIVEPFYMPHMRKGSHI 8LIVIUYMVIHPSEHMRXIRWMX]JSPPS[WTVIZMSYWPSEHXIWXTVEG XMGI 8LI PMZI PSEH 0 QE] FI VIHYGIH EW TIVQMXXIH F] XLI KIRIVEP FYMPHMRK GSHI KSZIVRMRK WEJIX] GSRWMHIVEXMSRW JSV XLIWXVYGXYVI8LIPMZIPSEHWLSYPHFIMRGVIEWIHXSGSQTIR WEXI JSV VIWMWXERGI TVSZMHIH F] YRPSEHIH TSVXMSRW SJ XLI WXVYGXYVI MR UYIWXMSRW 8LI MRGVIEWI MR PMZI PSEH MW HIXIV QMRIHJVSQEREP]WMWSJXLIPSEHMRKGSRHMXMSRWMRVIPEXMSRXS XLIWIPIGXIHTEWWJEMPGVMXIVMSRJSVXLIXIWX %PXLSYKL XLI PSEH GSQFMREXMSRW ERH WXVIRKXL VIHYGXMSR JEGXSVWSJ'LETXIV [IVIVIZMWIHJSVXLIIHMXMSRXLI XIWX PSEH MRXIRWMX] VIQEMRIH XLI WEQI -X MW GSRWMHIVIH ETTVSTVMEXI JSV HIWMKRW YWMRK XLI PSEH GSQFMREXMSRW ERH WXVIRKXLVIHYGXMSRJEGXSVWSJ'LETXIVSV%TTIRHM\' { % PSEH XIWX WLEPP RSX FI QEHI YRXMP XLEX TSVXMSRSJXLIWXVYGXYVIXSFIWYFNIGXXSPSEHMWEXPIEWX HE]W SPH -J XLI S[RIV SJ XLI WXVYGXYVI XLI GSRXVEGXSV ERH EPP MRZSPZIH TEVXMIW EKVII MX WLEPP FI TIVQMXXIHXSQEOIXLIXIWXEXERIEVPMIVEKI {0SEHMRKGVMXIVME 6{0SEHMRKGVMXIVME { 8LI MRMXMEP ZEPYI JSV EPP ETTPMGEFPI VIWTSRWI QIEWYVIQIRXW WYGL EW HIJPIGXMSR VSXEXMSR WXVEMR WPMTGVEGO[MHXLW WLEPPFISFXEMRIHRSXQSVIXLERLSYV FIJSVIETTPMGEXMSRSJXLIJMVWXPSEHMRGVIQIRX1IEWYVI QIRXW WLEPP FI QEHI EX PSGEXMSRW [LIVI QE\MQYQ VIWTSRWIMWI\TIGXIH%HHMXMSREPQIEWYVIQIRXWWLEPP FIQEHIMJVIUYMVIH { 8IWX PSEH WLEPP FI ETTPMIH MR RSX PIWW XLER JSYVETTVS\MQEXIP]IUYEPMRGVIQIRXW 6{-XMWEHZMWEFPIXSMRWTIGXXLIWXVYGXYVIEJXIVIEGL PSEHMRGVIQIRX {9RMJSVQXIWXPSEHWLEPPFIETTPMIHMREQERRIV XSIRWYVIYRMJSVQHMWXVMFYXMSRSJXLIPSEHXVERWQMXXIHXS XLI WXVYGXYVI SV TSVXMSR SJ XLI WXVYGXYVI FIMRK XIWXIH %VGLMRKSJXLIETTPMIHPSEHWLEPPFIEZSMHIH 6{w%VGLMRKxVIJIVWXSXLIXIRHIRG]JSVXLIPSEHXS FI XVERWQMXXIH RSRYRMJSVQP] XS XLI JPI\YVEP IPIQIRX FIMRK XIWXIH *SV I\EQTPI MJ E WPEF MW PSEHIH F] E YRMJSVQ EVVERKIQIRX SJ FVMGOW [MXL XLI FVMGOW MR GSRXEGX EVGLMRK [SYPH VIWYPX MR VIHYGXMSR SJ XLI PSEH SR XLI WPEF RIEV XLI QMHWTERSJXLIWPEF { % WIX SJ VIWTSRWI QIEWYVIQIRXW WLEPP FI QEHI EJXIV IEGL PSEH MRGVIQIRX MW ETTPMIH ERH EJXIV XLIXSXEPPSEHLEWFIIRETTPMIHSRXLIWXVYGXYVIJSVEX PIEWXLSYVW {8SXEPXIWXPSEHWLEPPFIVIQSZIHMQQIHMEXIP] EJXIVEPPVIWTSRWIQIEWYVIQIRXWHIJMRIHMREVI QEHI {%WIXSJJMREPVIWTSRWIQIEWYVIQIRXWWLEPP FIQEHILSYVWEJXIVXLIXIWXPSEHMWVIQSZIH )2:-6321)28%07869'896)7'3()'311)28%6= '3() '311)28%6= {%GGITXERGIGVMXIVME 6{%GGITXERGIGVMXIVME { 8LI TSVXMSR SJ XLI WXVYGXYVI XIWXIH WLEPP WLS[RS IZMHIRGISJJEMPYVI7TEPPMRKERH GVYWLMRKSJ GSQTVIWWIH GSRGVIXI WLEPP FI GSRWMHIVIH ER MRHMGE XMSRSJJEMPYVI 6{%KIRIVEPEGGITXERGIGVMXIVMSRJSVXLIFILEZMSV SJ E WXVYGXYVI YRHIV XLI XIWX PSEH MW XLEX MX WLEPP RSX WLS[ wIZMHIRGISJJEMPYVIx)ZMHIRGISJJEMPYVIMRGPYHIWGVEGOMRK WTEPPMRKSVHIJPIGXMSRSJWYGLQEKRMXYHIERHI\XIRXXLEXXLI SFWIVZIH VIWYPX MW SFZMSYWP] I\GIWWMZI ERH MRGSQTEXMFPI [MXL XLI WEJIX] VIUYMVIQIRXW SJ XLI WXVYGXYVI 2S WMQTPI VYPIWGERFIHIZIPSTIHJSVETTPMGEXMSRXSEPPX]TIWSJWXVYG XYVIW ERH GSRHMXMSRW -J WYJJMGMIRX HEQEKI LEW SGGYVVIH WS XLEX XLI WXVYGXYVI MW GSRWMHIVIH XS LEZI JEMPIH XLEX XIWX VIXIWXMRK MW RSX TIVQMXXIH FIGEYWI MX MW GSRWMHIVIH XLEX HEQEKIHQIQFIVWWLSYPHRSXFITYXMRXSWIVZMGIIZIREXE PS[IVVEXMRK 0SGEPWTEPPMRKSVJPEOMRKSJXLIGSQTVIWWIHGSRGVIXIMRJPI\ YVEPIPIQIRXWVIPEXIHXSGEWXMRKMQTIVJIGXMSRWRIIHRSXMRHM GEXI SZIVEPP WXVYGXYVEP HMWXVIWW 'VEGO [MHXLW EVI KSSH MRHMGEXSVW SJ XLI WXEXI SJ XLI WXVYGXYVI ERH WLSYPH FI SFWIVZIHXSLIPTHIXIVQMRI[LIXLIVXLIWXVYGXYVIMWWEXMWJEG XSV] )\EGX TVIHMGXMSR SV QIEWYVIQIRX SJ GVEGO [MHXLW MR VIMRJSVGIH GSRGVIXI IPIQIRXW LS[IZIV MW RSX PMOIP] XS FI EGLMIZIHYRHIVJMIPHGSRHMXMSRW)WXEFPMWLGVMXIVMEFIJSVIXLI XIWX VIPEXMZI XS XLI X]TIW SJ GVEGOW ERXMGMTEXIH [LIVI XLI GVEGOW[MPPFIQIEWYVIHLS[XLI][MPPFIQIEWYVIHERHXS IWXEFPMWL ETTVS\MQEXI PMQMXW SV GVMXIVME XS IZEPYEXI RI[ GVEGOWSVPMQMXWJSVXLIGLERKIWMRGVEGO[MHXL {1IEWYVIHQE\MQYQHIJPIGXMSRWWLEPPWEXMWJ] SRISJXLIJSPPS[MRKGSRHMXMSRW QE\ VQE\ PX L QE\ -JXLIQIEWYVIHQE\MQYQERHVIWMHYEPHIJPIGXMSRWHS RSXWEXMWJ])U SV MXWLEPPFITIVQMXXIHXS VITIEXXLIPSEHXIWX 6 {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{ 7XVYGXYVEP QIQFIVW XIWXIH WLEPP RSX LEZI GVEGOWMRHMGEXMRKXLIMQQMRIRGISJWLIEVJEMPYVI 6{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{ -R VIKMSRW SJ WXVYGXYVEP QIQFIVW [MXLSYX XVERWZIVWI VIMRJSVGIQIRX ETTIEVERGI SJ WXVYGXYVEP GVEGOW MRGPMRIH XS XLI PSRKMXYHMREP E\MW ERH LEZMRK E LSVM^SRXEP TVSNIGXMSR PSRKIV XLER XLI HITXL SJ XLI QIQFIVEXQMHTSMRXSJXLIGVEGOWLEPPFIIZEPYEXIH 6{8LIMRXIRXSJMWXSQEOIXLITVSJIWWMSREPW MRGLEVKISJXLIXIWXTE]EXXIRXMSRXSXLIWXVYGXYVEPMQTPMGE XMSR SJ SFWIVZIH MRGPMRIH GVEGOW XLEX QE] PIEH XS FVMXXPI GSPPETWIMRQIQFIVW[MXLSYXXVERWZIVWIVIMRJSVGIQIRX {-RVIKMSRWSJERGLSVEKIERHPETWTPMGIWXLI ETTIEVERGIEPSRKXLIPMRISJVIMRJSVGIQIRXSJEWIVMIW SJ WLSVX MRGPMRIH GVEGOW SV LSVM^SRXEP GVEGOW WLEPP FI IZEPYEXIH 6 {'VEGOMRKEPSRKXLIE\MWSJXLIVIMRJSVGIQIRXMR ERGLSVEKI^SRIWQE]FIVIPEXIHXSLMKLWXVIWWIWEWWSGMEXIH [MXL XLI XVERWJIV SJ JSVGIW FIX[IIR XLI VIMRJSVGIQIRX ERH XLI GSRGVIXI 8LIWI GVEGOW QE] FI MRHMGEXSVW SJ TIRHMRK FVMXXPIJEMPYVISJXLIIPIQIRXMJXLI]EVIEWWSGMEXIH[MXLXLI QEMR VIMRJSVGIQIRX -X MW MQTSVXERX XLEX XLIMV GEYWIW ERH GSRWIUYIRGIWFIIZEPYEXIH {4VSZMWMSRJSVPS[IVPSEHVEXMRK 6{4VSZMWMSRJSVPS[IVPSEHVEXMRK -J XLI WXVYGXYVI YRHIV MRZIWXMKEXMSR HSIW RSX WEXMWJ] GSRHMXMSRW SV GVMXIVME SJ SV XLI WXVYGXYVI WLEPP FI TIVQMXXIH JSV YWI EX E PS[IV PSEH VEXMRKFEWIHSRXLIVIWYPXWSJXLIPSEHXIWXSVEREP]WMW MJETTVSZIHF]XLIFYMPHMRKSJJMGMEP )\GITXJSVPSEHXIWXIHQIQFIVWXLEXLEZIJEMPIHYRHIVEXIWX WII XLI FYMPHMRK SJJMGMEP QE] TIVQMX XLI YWI SJ E WXVYGXYVISVQIQFIVEXEPS[IVPSEHVEXMRKXLEXMWNYHKIHXS FIWEJIERHETTVSTVMEXISRXLIFEWMWSJXLIXIWXVIWYPXW {7EJIX] { 0SEH XIWXW WLEPP FI GSRHYGXIH MR WYGL E QERRIV EW XS TVSZMHI JSV WEJIX] SJ PMJI ERH WXVYGXYVI HYVMRKXLIXIWX {2SWEJIX]QIEWYVIWWLEPPMRXIVJIVI[MXLPSEH XIWXTVSGIHYVIWSVEJJIGXVIWYPXW )2:-6321)28%07869'896)7'3()'311)28%6= ',%48)6{74)'-%0463:-7-327*367)-71-'()7-+2 '3() '311)28%6= {2SXEXMSR 6{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Î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ÎVSIGGIRXVMGMX]PF 6 ! RYQIVMGEPGSIJJMGMIRXVITVIWIRXMRKXLIGSQFMRIH IJJIGX SJ XLI WXVYGXYVIvW HYGXMPMX] IRIVK] HMWWMTEXMRKGETEGMX]ERHWXVYGXYVEPVIHYRHERG] W ! WTEGMRK SJ XVERWZIVWI VIMRJSVGIQIRX QIEWYVIH EPSRK XLI PSRKMXYHMREP E\MW SJ XLI WXVYGXYVEP QIQFIVMR WS ! QE\MQYQWTEGMRKSJXVERWZIVWIVIMRJSVGIQIRXMR W\ ! PSRKMXYHMREPWTEGMRKSJXVERWZIVWIVIMRJSVGIQIRX [MXLMRXLIPIRKXL PSMR 7 ! WRS[PSEHSVVIPEXIHMRXIVREPQSQIRXWERHJSVGIW 7H ! IRZMVSRQIRXEPHYVEFMPMX]JEGXSV7II 7I ! QSQIRX WLIEV SV E\MEP JSVGI EX GSRRIGXMSR GSVVIWTSRHMRK [MXL HIZIPSTQIRX SJ TVSFEFPI WXVIRKXLEXMRXIRHIH]MIPHPSGEXMSRWFEWIHSR XLI KSZIVRMRK QIGLERMWQ SJ MRIPEWXMG PEXIVEP HIJSVQEXMSR GSRWMHIVMRK FSXL KVEZMX] ERH IEVXLUYEOIPSEHIJJIGXW 7R ! RSQMREPJPI\YVEPWLIEVSVE\MEPWXVIRKXLSJXLI GSRRIGXMSR 7] ! ]MIPH WXVIRKXL SJ GSRRIGXMSR FEWIH SR J] JSV QSQIRXWLIEVSVE\MEPJSVGI 9 ! VIUYMVIH WXVIRKXL XS VIWMWX JEGXSVIH PSEHW SV VIPEXIHMRXIVREPQSQIRXWERHJSVGIW ZR ! RSQMREPWLIEVWXVIWWTWM7II :G ! RSQMREPWLIEVWXVIRKXLTVSZMHIHF]GSRGVIXIPF :I ! HIWMKR WLIEV JSVGI HIXIVQMRIH JVSQ SV PF :R ! RSQMREPWLIEVWXVIRKXLPF :Y ! JEGXSVIHWLIEVJSVGIEXWIGXMSRPF ! ERKPIFIX[IIRXLIHMEKSREPVIMRJSVGIQIRXERH XLIPSRKMXYHMREPE\MWSJEHMEKSREPP]VIMRJSVGIH GSYTPMRKFIEQ G ! GSIJJMGMIRXHIJMRMRKXLIVIPEXMZIGSRXVMFYXMSRSJ GSRGVIXIWXVIRKXLXS[EPPWXVIRKXL7II)U Y ! HIWMKRHMWTPEGIQIRXMR ! VEXMSSJRSRTVIWXVIWWIHXIRWMSRVIMRJSVGIQIRX ! %W FH '311)28%6= 1%29%03*'32'6)8)46%'8-') '3() K '311)28%6= ! VEXMS SJ XSXEP VIMRJSVGIQIRX EVIE XS GVSWW WIGXMSREPEVIESJGSPYQR R ! VEXMSSJEVIESJHMWXVMFYXIHVIMRJSVGIQIRXTEVEPPIP XS XLI TPERI SJ %GZ XS KVSWW GSRGVIXI EVIE TIVTIRHMGYPEVXSXLEXVIMRJSVGIQIRX W ! VEXMS SJ ZSPYQI SJ WTMVEP VIMRJSVGIQIRX XS XLI GSVIZSPYQIGSRJMRIHF]XLIWTMVEPVIMRJSVGIQIRX QIEWYVIHSYXXSSYX Z ! VEXMSSJEVIESJHMWXVMFYXIHVIMRJSVGIQIRXTIVTIR HMGYPEV XS XLI TPERI SJ %GZ XS KVSWW GSRGVIXI EVIE %GZ ! WXVIRKXLVIHYGXMSRJEGXSV {(IJMRMXMSRW 6{(IJMRMXMSRW &EWI SJ WXVYGXYVI { 0IZIP EX [LMGL IEVXLUYEOI QSXMSRWEVIEWWYQIHXSFIMQTEVXIHXSEFYMPHMRK 8LMW PIZIP HSIW RSX RIGIWWEVMP] GSMRGMHI [MXL XLI KVSYRHPIZIP &SYRHEV]IPIQIRXW{4SVXMSRWEPSRKWXVYGXYVEP[EPP ERH WXVYGXYVEP HMETLVEKQ IHKIW WXVIRKXLIRIH F] PSRKMXYHMREP ERH XVERWZIVWI VIMRJSVGIQIRX &SYRHEV] IPIQIRXWHSRSXRIGIWWEVMP]VIUYMVIERMRGVIEWIMRXLI XLMGORIWWSJXLI[EPPSVHMETLVEKQ)HKIWSJSTIRMRKW [MXLMR [EPPW ERH HMETLVEKQW WLEPP FI TVSZMHIH [MXL FSYRHEV]IPIQIRXWEWVIUYMVIHF]SV 'SPPIGXSV IPIQIRXW { )PIQIRXW XLEX WIVZI XS XVERWQMXXLIMRIVXMEPJSVGIW[MXLMRWXVYGXYVEPHMETLVEKQW XS QIQFIVW SJ XLI PEXIVEPJSVGIVIWMWXMRK W]WXIQW 'SRZIGXMZI TVIWWYVIW { 8LI L]HVSH]REQMG TVIWWYVI SREPMUYMHGSRXEMRMRKWXVYGXYVIHYVMRKERIEVXLUYEOI HYIXSXLIYTTIV WPSWLMRK TSVXMSRSJMXWGSRXIRXW 'SRRIGXMSR { % VIKMSR XLEX NSMRW X[S SV QSVI QIQFIVWSJ[LMGLSRISVQSVIMWTVIGEWX (YGXMPIGSRRIGXMSR{'SRRIGXMSRXLEXI\TIVMIRGIW ]MIPHMRKEWEVIWYPXSJXLIHIWMKRHMWTPEGIQIRXW 7XVSRK GSRRIGXMSR { 'SRRIGXMSR XLEX VIQEMRW IPEWXMG [LMPI EHNSMRMRK QIQFIVW I\TIVMIRGI ]MIPHMRK EWEVIWYPXSJXLIHIWMKRHMWTPEGIQIRXW 'VSWWXMI { % GSRXMRYSYW VIMRJSVGMRK FEV LEZMRK E WIMWQMGLSSOEXSRIIRHERHELSSORSXPIWWXLERHIK [MXLEXPIEWXEWM\HMEQIXIVI\XIRWMSREXXLISXLIVIRH 8LI LSSOW WLEPP IRKEKI TIVMTLIVEP PSRKMXYHMREP FEVW 8LI HIK LSSOW SJ X[S WYGGIWWMZI GVSWWXMIW IRKEKMRK XLI WEQI PSRKMXYHMREP FEVW WLEPP FI EPXIV REXIHIRHJSVIRH 'SRZIGXMZITVIWWYVIW { ;LIREPMUYMHGSRXEMRMRKWXVYGXYVI MWEGGIPIVEXIHLSVM^SRXEPP]XLEXEGGIPIVEXMSRMRHYGIWSWGMPPE XMSRWMR[LMGLXLIYTTIVWPSWLMRKTSVXMSRSJXLIGSRXEMRIH PMUYMHVIWTSRHWEWERSWGMPPEXMRKQEWWJPI\MFP]GSRRIGXIHXS XLI[EPPW8LIL]HVSH]REQMGTVIWWYVIWSRXLIWXVYGXYVIHYI XSXLEXSWGMPPEXMRKQEWWEVIORS[REWXLIGSRZIGXMZITVIWWYVIW )2:-6321)28%07869'896)7'3()'311)28%6= '3() '311)28%6= (IWMKR HMWTPEGIQIRX { 8SXEP PEXIVEP HMWTPEGIQIRX I\TIGXIHJSVXLIHIWMKRFEWMWIEVXLUYEOIEWVIUYMVIH F]XLIKSZIVRMRKGSHIJSVIEVXLUYEOIVIWMWXERXHIWMKR (IWMKR HMWTPEGIQIRX { 8LI HIWMKR HMWTPEGIQIRX MW ER MRHI\ SJ XLI QE\MQYQ PEXIVEP HMWTPEGIQIRX I\TIGXIH MR HIWMKR JSVXLIHIWMKRFEWMW IEVXLUYEOI -RHSGYQIRXWWYGL EW XLI 2EXMSREP )EVXLUYEOI ,EÊ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{ 'SQFMREXMSRW SJ JEGXSVIHPSEHWERHJSVGIWMR (IZIPSTQIRX PIRKXL JSV E FEV [MXL E WXERHEVH LSSO { 8LI WLSVXIWX HMWXERGI FIX[IIR XLI GVMXMGEP WIGXMSR [LIVIXLIWXVIRKXLSJXLIFEVMWXSFIHIZIPSTIH ERHEXERKIRXXSXLISYXIVIHKISJXLIHIKLSSO *EGXSVIH PSEHW ERH JSVGIW { 0SEHW ERH JSVGIW QYPXMTPMIHF]ETTVSTVMEXIPSEHJEGXSVWMR ,SST { % GPSWIH XMI SV GSRXMRYSYWP] [SYRH XMI % GPSWIH XMI GER FI QEHI YT SJ WIZIVEP VIMRJSVGIQIRX IPIQIRXW IEGLLEZMRK WIMWQMGLSSOW EXFSXLIRHW% GSRXMRYSYWP] [SYRH XMI WLEPP LEZI E WIMWQMG LSSO EX FSXLIRHW -QTYPWMZITVIWWYVIW {8LIL]HVSH]REQMGTVIWWYVI SREPMUYMHGSRXEMRMRKWXVYGXYVIHYVMRKERIEVXLUYEOI HYIXSXLIPS[IVTSVXMSRSJMXWGSRXIRXW -QTYPWMZITVIWWYVIW { ;LIREPMUYMHGSRXEMRMRKWXVYGXYVI MWEGGIPIVEXIHLSVM^SRXEPP]XLIPS[IVTSVXMSRSJXLIGSRXEMRIH PMUYMH XLEX HSIWRSXWPSWLVIWTSRHW EWE WSPMH QEWW VMKMHP] EXXEGLIHXSXLIGSRXEMRIV[EPPW8LIL]HVSH]REQMGTVIWWYVIW HYIXSXLMWQEWWEVIORS[REWXLIMQTYPWMZITVIWWYVIW *SV WGLIQEXMG VITVIWIRXEXMSR SJ GSRZIGXMZI ERH MQTYPWMZI TVIWWYVIWWII6IJIVIRGIWXLVSYKL 8LI TVSZMWMSRW SJ EVI MRXIRHIH XS VIWYPX MR E WTIGMEP QSQIRX JVEQI GSRWXVYGXIH YWMRK TVIGEWX GSRGVIXI LEZMRK QMRMQYQ WXVIRKXL ERH XSYKLRIWW IUYMZEPIRX XS XLEX JSV E WTIGMEPQSQIRXJVEQISJGEWXMRTPEGIGSRGVIXI 8LITVSZMWMSRWSJEVIMRXIRHIHXSVIWYPXMRERMRXIVQI HMEXITVIGEWXWXVYGXYVEP [EPP LEZMRKQMRMQYQWXVIRKXLERH 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= XSYKLRIWW IUYMZEPIRX XS XLEX JSV ER SVHMREV] VIMRJSVGIH GSRGVIXIWXVYGXYVEP[EPPSJGEWXMRTPEGIGSRGVIXI%TVIGEWX GSRGVIXI[EPPWEXMWJ]MRKSRP]XLIVIUYMVIQIRXWSJ'LETXIVW XLVSYKL ERHRSXXLIEHHMXMSREPVIUYMVIQIRXWSJSV MWGSRWMHIVIHXSLEZIHYGXMPMX]ERHWXVYGXYVEPMRXIKVMX] PIWW XLER XLEX JSV ER MRXIVQIHMEXI TVIGEWX WXVYGXYVEP [EPP 8LI TVSZMWMSRW SJ EVI MRXIRHIH XS VIWYPX MR E WTIGMEP TVIGEWXWXVYGXYVEP[EPPLEZMRKQMRMQYQWXVIRKXLERHXSYKL RIWW IUYMZEPIRX XS XLEX JSV E WTIGMEP VIMRJSVGIH GSRGVIXI WXVYGXYVEP[EPPSJGEWXMRTPEGIGSRGVIXI .SMRX { 4SVXMSR SJ WXVYGXYVI GSQQSR XS MRXIVWIGXMRK QIQFIVW 8LI IJJIGXMZI EVIE SJ XLI NSMRX JSV WLIEV WXVIRKXL GSQTYXEXMSRW MW HIJMRIH MR 7II %N 0EXIVEPJSVGIVIWMWXMRKW]WXIQ{8LEXTSVXMSRSJXLI WXVYGXYVIGSQTSWIHSJQIQFIVWTVSTSVXMSRIHXSVIWMWX JSVGIWVIPEXIHXSIEVXLUYEOIIJJIGXW 0MKLX[IMKLXEKKVIKEXIGSRGVIXI{%PPPMKLX[IMKLXSV WERHPMKLX[IMKLX EKKVIKEXI GSRGVIXI QEHI [MXL PMKLX [IMKLXEKKVIKEXIWGSRJSVQMRKXS 0MUYMHGSRXEMRMRK WXVYGXYVI { % TVMQEV] SV WIGSRHEV] GSRXEMRQIRX WXVYGXYVI XLEX MW HIWMKRIH XS GSRXEMR PMUYMHW SJ JPYMHMÎH QEXIVMEPW ERH KEWIW 8LI WXVYGXYVIQE]LEZIER]WLETIMRTPERERHQE]MRGSV TSVEXIZEVMSYWJPSSVSVVSSJHIWMKRW 1SQIRXJVEQI{*VEQIMR[LMGLQIQFIVWERHNSMRXW VIWMWX JSVGIW XLVSYKL JPI\YVI WLIEV ERH E\MEP JSVGI 1SQIRXJVEQIWWLEPPFIGEXIKSVMÎHEWJSPPS[W -RXIVQIHMEXI QSQIRX JVEQI { % GEWXMRTPEGI JVEQI GSQTP]MRK [MXL XLI VIUYMVIQIRXW SJ ERH MR EHHMXMSR XS XLI VIUYMVIQIRXW JSV SVHMREV] QSQIRXJVEQIW 3VHMREV] QSQIRX JVEQI { % GEWXMRTPEGI SV TVIGEWX GSRGVIXI JVEQI GSQTP]MRK [MXL XLI VIUYMVI QIRXWSJ'LETXIVWXLVSYKL 7TIGMEP QSQIRX JVEQI { % GEWXMRTPEGI JVEQI GSQTP]MRK[MXLXLIVIUYMVIQIRXWSJXLVSYKL SVETVIGEWXJVEQIGSQTP]MRK[MXLXLIVIUYMVIQIRXWSJ XLVSYKL 4PEWXMGLMRKIVIKMSR{0IRKXLSJJVEQIIPIQIRXSZIV [LMGL JPI\YVEP ]MIPHMRK MW MRXIRHIH XS SGGYV HYI XS HIWMKR HMWTPEGIQIRXW I\XIRHMRK RSX PIWW XLER E HMWXERGI L JVSQ XLI GVMXMGEP WIGXMSR [LIVI JPI\YVEP ]MIPHMRKMRMXMEXIW 7IMWQMGLSSO{%LSSOSREWXMVVYTLSSTSVGVSWWXMI LEZMRK E FIRH RSX PIWW XLER HIK I\GITX XLEX GMVGYPEVLSSTWWLEPPLEZIEFIRHRSXPIWWXLERHIK ,SSOWWLEPPLEZIEWM\HMEQIXIV FYXRSXPIWWXLERMR I\XIRWMSRXLEXIRKEKIWXLIPSRKMXYHMREPVIMRJSVGIQIRX ERHTVSNIGXWMRXSXLIMRXIVMSVSJXLIWXMVVYTSVLSST )2:-6321)28%07869'896)7'3()'311)28%6= '3() '311)28%6= 7TIGMEP FSYRHEV] IPIQIRXW { &SYRHEV] IPIQIRXW VIUYMVIHF]SV 7TIGMJMIH PEXIVEP JSVGIW { 0EXIVEP JSVGIW GSVVI WTSRHMRK XS XLI ETTVSTVMEXI HMWXVMFYXMSR SJ XLIHIWMKR FEWIWLIEVJSVGITVIWGVMFIHF]XLIKSZIVRMRKGSHIJSV IEVXLUYEOIVIWMWXERXHIWMKR 7XVYGXYVEPHMETLVEKQW{7XVYGXYVEPQIQFIVWWYGL EWJPSSVERHVSSJWPEFWXLEXXVERWQMXMRIVXMEPJSVGIWXS PEXIVEPJSVGIVIWMWXMRKQIQFIVW 7XVYGXYVEP XVYWWIW { %WWIQFPEKIW SJ VIMRJSVGIH GSRGVIXIQIQFIVWWYFNIGXIHTVMQEVMP]XSE\MEPJSVGIW 7XVYGXYVEP [EPPW { ;EPPW TVSTSVXMSRIH XS VIWMWX GSQFMREXMSRW SJ WLIEVW QSQIRXW ERH E\MEP JSVGIW MRHYGIHF]IEVXLUYEOIQSXMSRW%WLIEV[EPPMWEWXVYG XYVEP[EPP7XVYGXYVEP[EPPWWLEPPFIGEXIKSVMÎHEWJSPPS[W -RXIVQIHMEXI TVIGEWX WXVYGXYVEP [EPP { % [EPP GSQTP]MRK[MXLEPPETTPMGEFPIVIUYMVIQIRXWSJERH 3VHMREV] VIMRJSVGIH GSRGVIXI WXVYGXYVEP [EPP { %[EPPGSQTP]MRK[MXLXLIVIUYMVIQIRXWSJ'LETXIVW XLVSYKL 7TIGMEPTVIGEWX WXVYGXYVEP [EPP { % TVIGEWX [EPP GSQTP]MRK[MXLXLIVIUYMVIQIRXWSJERH 7TIGMEPVIMRJSVGIHGSRGVIXIWXVYGXYVEP[EPP{% GEWXMRTPEGI [EPP GSQTP]MRK[MXLXLI VIUYMVIQIRXWSJ ERH 7XVYX {%RIPIQIRXSJEWXVYGXYVEPHMETLVEKQYWIHXS TVSZMHIGSRXMRYMX]EVSYRHERSTIRMRKMRXLIHMETLVEKQ 8MI IPIQIRXW { )PIQIRXW XLEX WIVZI XS XVERWQMX MRIVXME JSVGIW ERH TVIZIRX WITEVEXMSR SJ FYMPHMRK GSQTSRIRXWWYGLEWJSSXMRKWERH[EPPW {+IRIVEPVIUYMVIQIRXW 6{+IRIVEPVIUYMVIQIRXW {7GSTI 6{7GSTI *SV RSRPMUYMHGSRXEMRMRK QIQFIVW 'LETXIV GSRXEMRW TVSZMWMSRWGSRWMHIVIHXSFIXLIQMRMQYQVIUYMVIQIRXWJSVE GEWXMRTPEGI SV TVIGEWX GSRGVIXI WXVYGXYVI GETEFPI SJ WYWXEMRMRKEWIVMIWSJSWGMPPEXMSRWMRXSXLIMRIPEWXMGVERKISJ VIWTSRWI [MXLSYX GVMXMGEP HIXIVMSVEXMSR MR WXVIRKXL 8LI MRXIKVMX]SJ XLIWXVYGXYVIMRXLIMRIPEWXMG VERKI SJ VIWTSRWI WLSYPHFIQEMRXEMRIHFIGEYWIXLIHIWMKRJSVGIWHIJMRIHMR HSGYQIRXW WYGL EW XLI -&' XLI 9&' ERH XLI 2),64TVSZMWMSRWEVIGSRWMHIVIHPIWWXLERXLSWIGSVVI WTSRHMRK XS PMRIEV VIWTSRWI EX XLI ERXMGMTEXIH IEVXLUYEOI MRXIRWMX] *SV PMUYMHGSRXEMRMRK WXVYGXYVIW PEXIVEP HIWMKR JSVGIW EVI RSVQEPP]GEPGYPEXIHSRXLIFEWMWSJEPMRIEVP]IPEWXMGQSHIP SJ XLI YRGVEGOIH WIGXMSR -R VIEPMX] XLIWI QSHIPW EVI RSX EP[E]W GSQTPIXIP] EGGYVEXI EW QSWX VIMRJSVGIH GSRGVIXI 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= WXVYGXYVIW TEVXMGYPEVP] RSRTVIWXVIWWIH WXVYGXYVIW YRHIVKS WSQIEQSYRXSJGVEGOMRKSVEXPIEWXQMGVSGVEGOMRK;LMPI XLI VIWYPXERX HIGVIEWI MR IJJIGXMZI WXMJJRIWW ERH EGGSQTE R]MRKMRGVIEWIMRIRIVK]HMWWMTEXMSRQE]VIHYGIXLIPEXIVEP MRIVXME JSVGIW XLIWI IJJIGXW EVI RIKPIGXIH MR XLI EREP]WMW %GGSVHMRKP]6 JEGXSVWQYWXFIWIPIGXIHXLEXMRGSQFMREXMSR [MXL XLI PSEH ERHWXVIRKXL VIHYGXMSR JEGXSVW[MPP OIITXLI WXVYGXYVIGPSWIXSXLIIPEWXMGVERKIERHQEMRXEMRMXWWIVZMGI EFMPMX] YRHIV EGXYEP WIMWQMG PSEHW -R XLI GEWI SJ WIGSRHEV] GSQTSRIRXW XLEX QE] FI EPPS[IH XS IRXIV XLI MRIPEWXMG VERKI [MXLSYX EHZIVWIP] EJJIGXMRK XLI WXVIRKXL SV XLI WIVZMGIEFMPMX] SJ XLI QEMR GSQTSRIRX PEVKIV 6 JEGXSVW QE]FIYWIHMREGGSVHERGI[MXLXLITVSZMWMSRWSJ6IJIVIRGI 7IGXMSR)E %W E TVSTIVP] HIXEMPIH VIMRJSVGIH GEWXMRTPEGI SV TVIGEWX GSRGVIXI WXVYGXYVI VIWTSRHW XS WXVSRK KVSYRH QSXMSR MXW IJJIGXMZI WXMJJRIWW HIGVIEWIW ERH MXW IRIVK] HMWWMTEXMSR MRGVIEWIW8LIWIHIZIPSTQIRXWXIRHXSVIHYGIXLIVIWTSRWI EGGIPIVEXMSRWERHPEXIVEPMRIVXMEJSVGIWVIPEXMZIXSZEPYIWXLEX [SYPHSGGYV[IVIXLIWXVYGXYVIXSVIQEMREPMRIEVP]IPEWXMG ERH PMKLXP] HEQTIH 8LYW XLI YWI SJ HIWMKR JSVGIW VITVIWIRXMRKIEVXLUYEOI IJJIGXWWYGLEWXLSWIMR 6IJIVIRGI VIUYMVIWXLEXXLIPEXIVEPJSVGIVIWMWXMRKW]WXIQVIXEMRE WYFWXERXMEP TSVXMSR SJ MXW WXVIRKXL MRXS XLI MRIPEWXMG VERKI YRHIVHMWTPEGIQIRXVIZIVWEPW8SYKLRIWWSJXLIWXVYGXYVIMW ERIWWIRXMEPTVSTIVX]JSVIEVXLUYEOIVIWMWXERGI 8LITVSZMWMSRWSJ'LETXIVVIPEXIHIXEMPMRKVIUYMVIQIRXW XS X]TI SJ WXVYGXYVEP JVEQMRK IEVXLUYEOI VMWO PIZIP EX XLI WMXI PIZIP SJ MRIPEWXMG HIJSVQEXMSR MRXIRHIH MR WXVYGXYVEP HIWMKRERHYWIERHSGGYTERG]SJXLIWXVYGXYVI)EVXLUYEOI VMWO PIZIPW XVEHMXMSREPP] LEZI FIIR GPEWWMJMIH EW PS[ QSHIVEXIERHLMKL8LIWIMWQMGVMWOPIZIPSJEVIKMSRSVXLI WIMWQMG TIVJSVQERGI SV HIWMKR GEXIKSV] SJ E WXVYGXYVI MW VIKYPEXIH F] XLI PIKEPP] EHSTXIH KIRIVEP FYMPHMRK GSHI SV HIXIVQMRIH F] PSGEP EYXLSVMX] WII 6 ERH 8EFPI6 8LI-&'ERHXLI2),64 TVSZMWMSRWYWIXLIWEQIXIVQMRSPSK]EWXLI2),64 TVSZMWMSRW 8LIHIWMKRERHHIXEMPMRKVIUYMVIQIRXWWLSYPHFIGSQTEXMFPI [MXLXLIPIZIPSJIRIVK]HMWWMTEXMSR SVXSYKLRIWW EWWYQIH MR XLI GSQTYXEXMSRSJXLI HIWMKR WIMWQMG PSEHW 8LIXIVQW SVHMREV] MRXIVQIHMEXI ERH WTIGMEP EVI WTIGMJMGEPP] YWIH XS JEGMPMXEXI XLMW GSQTEXMFMPMX] 8LIHIKVII SJ VIUYMVIH XSYKL RIWWERHXLIVIJSVIXLIPIZIPSJVIUYMVIHHIXEMPMRKMRGVIEWIW JSV WXVYGXYVIW TVSKVIWWMRK JVSQ SVHMREV] XLVSYKL MRXIVQI HMEXI XS WTIGMEP GEXIKSVMIW -X MW IWWIRXMEP XLEX WXVYGXYVIW MR LMKLIVWIMWQMG^SRIWSVEWWMKRIHXSLMKLIVWIMWQMGTIVJSV QERGI SV HIWMKR GEXIKSVMIW TSWWIWW E LMKLIV HIKVII SJ XSYKLRIWW -X MW TIVQMXXIH LS[IZIV XS HIWMKR JSV LMKLIV XSYKLRIWW MR XLI PS[IV WIMWQMG ^SRIW SV HIWMKR GEXIKSVMIW ERHXEOIEHZERXEKISJXLIPS[IVHIWMKRJSVGIPIZIPW 8LI TVSZMWMSRW SJ 'LETXIVW XLVSYKL EVI MRXIRHIH XS TVSZMHIEHIUYEXIXSYKLRIWWJSVWXVYGXYVIWMRVIKMSRWSJPS[ WIMWQMGVMWOSVEWWMKRIHXSSVHMREV]GEXIKSVMIW8LIVIJSVI MX MW RSX VIUYMVIH XS ETTP]XLI TVSZMWMSRW SJ 'LETXIV XS )2:-6321)28%07869'896)7'3()'311)28%6= '3() '311)28%6= PEXIVEPJSVGIVIWMWXMRKW]WXIQWGSRWMWXMRKSJSVHMREV]WXVYG XYVEP[EPPW 'LETXIV VIUYMVIW WTIGMEP HIXEMPW JSV VIMRJSVGIH GSRGVIXI WXVYGXYVIWMRVIKMSRWSJQSHIVEXIWIMWQMGVMWOSVEWWMKRIHXS MRXIVQIHMEXI WIMWQMG TIVJSVQERGI SV HIWMKR GEXIKSVMIW 8LIWI VIUYMVIQIRXW EVI GSRXEMRIH MR ERH %PXLSYKL RI[ TVSZMWMSRW EVI TVSZMHIH MR JSV HIWMKRSJMRXIVQIHMEXITVIGEWXWXVYGXYVEP[EPPWKIRIVEPFYMPHMRK GSHIW XLEX EHHVIWW WIMWQMG TIVJSVQERGI SV HIWMKR GEXIKSVMIW GYVVIRXP]HSRSXMRGPYHIMRXIVQIHMEXIWXVYGXYVEP[EPPW 7XVYGXYVIW MR VIKMSRW SJ LMKL WIMWQMG VMWO SV EWWMKRIH XS LMKL WIMWQMG TIVJSVQERGI SV HIWMKR GEXIKSVMIW QE] FI WYFNIGXIH XS WXVSRK KVSYRH WLEOMRK 7XVYGXYVIW HIWMKRIH YWMRK WIMWQMG JSVGIW FEWIH YTSR VIWTSRWI QSHMJMGEXMSR JEGXSVW JSV WTIGMEP QSQIRX JVEQIW SV WTIGMEP VIMRJSVGIH GSRGVIXI WXVYGXYVEP [EPPW EVI PMOIP] XS I\TIVMIRGI QYPXMTPI G]GPIWSJPEXIVEPHMWTPEGIQIRXW[IPPFI]SRHXLITSMRX[LIVI VIMRJSVGIQIRX ]MIPHW WLSYPH XLI HIWMKR IEVXLUYEOI KVSYRH WLEOMRK SGGYV 8LI TVSZMWMSRW SJ XLVSYKL LEZI FIIR HIZIPSTIH XS TVSZMHI XLI WXVYGXYVI [MXL EHIUYEXI XSYKLRIWWJSVXLMWWTIGMEPVIWTSRWI 8LI VIUYMVIQIRXW SJ 'LETXIV EW XLI] ETTP] XS ZEVMSYW GSQTSRIRXW SJ WXVYGXYVIW MR VIKMSRW SJ ZEVMSYW PIZIPW SJ WIMWQMGVMWOEVIWYQQEVMÎHMR8EFPI6 8LI WTIGMEP TVSTSVXMSRMRK ERH HIXEMPMRK VIUYMVIQIRXW MR 'LETXIVEVIFEWIHTVIHSQMRERXP]SRJMIPHERHPEFSVEXSV] I\TIVMIRGI [MXL QSRSPMXLMG VIMRJSVGIH GSRGVIXI FYMPHMRK WXVYGXYVIWERHTVIGEWXGSRGVIXIFYMPHMRKWXVYGXYVIWHIWMKRIH ERH HIXEMPIH XS FILEZI PMOI QSRSPMXLMG FYMPHMRK WXVYGXYVIW )\XVETSPEXMSRSJXLIWIVIUYMVIQIRXW XSSXLIVX]TIWSJGEWX MRTPEGI SV TVIGEWX GSRGVIXI WXVYGXYVIW WLSYPH FI FEWIH SR IZMHIRGI TVSZMHIH F] JMIPH I\TIVMIRGI XIWXW SV EREP]WMW %'- 8 w%GGITXERGI 'VMXIVME JSV 1SQIRX *VEQIW &EWIH SR 7XVYGXYVEP 8IWXMRKx GER FI YWIH MR GSRNYRGXMSR [MXL'LETXIVXSHIQSRWXVEXIXLEXXLIWXVIRKXLERHXSYKL RIWW SJ E TVSTSWIH JVEQI W]WXIQ IUYEPW SV I\GIIHW XLEX TVSZMHIHF]EGSQTEVEFPIQSRSPMXLMGGSRGVIXIW]WXIQ 8%&0)6{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{ 'LETXIVGSRXEMRWWTIGMEPVIUYMVIQIRXW JSV HIWMKR ERH GSRWXVYGXMSR SJ VIMRJSVGIH GSRGVIXI QIQFIVW SJ E WXVYGXYVI JSV [LMGL XLI HIWMKR JSVGIW VIPEXIHXSIEVXLUYEOIQSXMSRWLEZIFIIRHIXIVQMRIH SR XLI FEWMW SJ IRIVK] HMWWMTEXMSR MR XLI RSRPMRIEV VERKI SJ VIWTSRWI *SV PMUYMHGSRXEMRMRK WXVYGXYVIW WIVZMGIEFMPMX] GSRWMHIVEXMSRW TVIGPYHI WMKRMJMGERX I\GYV WMSRWMRXSXLIRSRPMRIEVVERKIYRHIVYRJEGXSVIHPSEHW 6 {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{8LITVSZMWMSRWSJ'LETXIVWXLVSYKL WLEPPETTP]I\GITXEWQSHMJMIHF]XLITVSZMWMSRWSJXLMW GLETXIV 8LI TVSZMWMSRW SJ XLVSYKL RIIH SRP] FI ETTPMIH [LIVI WTIGMJMGEPP] VIUYMVIH F] XLI GSHI 8LIVIUYMVIQIRXW SJ ETTP] XSEPP IPIQIRXW HIWMKRIHMREGGSVHERGI[MXLXLMW'LETXIV;LIVIXLI HIWMKR WIMWQMG PSEHW EVI GSQTYXIH YWMRK TVSZMWMSRW JSV MRXIVQIHMEXI SV WTIGMEP GSRGVIXI W]WXIQW XLI VIUYMVIQIRXWSJ'LETXIVJSVMRXIVQIHMEXISVWTIGMEP W]WXIQW EW ETTPMGEFPI WLEPP FI WEXMWJMIH ,SVM^SRXEP JVEQIWERHXVYWWIWTVSZMHMRKPEXIVEPWYTTSVXJSVPMUYMH GSRXEMRMRK[EPPWEVIRSXVIUYMVIHXSQIIXXLITVSZMWMSRW JSVWTIGMEPQSQIRXVIWMWXMRKJVEQIW0MUYMHGSRXEMRMRK [EPPW [MXL MRTPERI JEGXSVIH WLIEV JSVGI PIWW XLER %GZ J G EVI RSX VIUYMVIH XS QIIX XLI TVSZMWMSRW JSV WTIGMEPWXVYGXYVEP[EPPW 6 { ,SVM^SRXEP JVEQIW ERH XVYWWIW TVSZMHMRK PEXIVEP WYTTSVX JSV PMUYMHGSRXEMRMRK [EPPW EVI RSX VIUYMVIH XSQIIXXLITVSZMWMSRWJSVWTIGMEPQSQIRXVIWMWXMRKJVEQIW JSVXLIJSPPS[MRKVIEWSRW E &IGEYWI SJ XLI VIPEXMZIP] PS[ 6 YWIH JSV PMUYMH GSR XEMRMRKWXVYGXYVIWXLIVIMWPS[HYGXMPMX]HIQERH F 8LIWITVSZMWMSRW[IVIMRXIRHIHXSTVIZIRXTVSKVIWWMZI GSPPETWISJFYMPHMRKX]TIWXVYGXYVIW[LMGLEVIRSXETTPM GEFPIXSPMUYMHGSRXEMRMRK[EPPW G &IGEYWIXLILSVM^SRXEPJVEQISVXVYWWMWHIWMKRIHJSV XLIJYPPPEXIVEPPSEHXSXLIGSRXEMRIHPMUYMHXLIMRGVIEWIMR WXVIWWHYIXSWIMWQMGPSEHMRKMWVIPEXMZIP]PS[GSQTEVIHXS FYMPHMRKX]TIWXVYGXYVIW H -RQER]GEWIWXLIPEXIVEPHIJPIGXMSRSJXLILSVM^SRXEP JVEQISVXVYWWGSRXVSPWXLIHIWMKRVEXLIVXLERWXVIWW 0MUYMHGSRXEMRMRK [EPPW [MXL MRTPERI JEGXSVIHWLIEV JSVGI PIWWXLER %GZ J G EVIRSXVIUYMVIHXSQIIX XLITVSZMWMSRW JSVWTIGMEPWXVYGXYVEP[EPPWJSVXLIJSPPS[MRKVIEWSRW E &IGEYWI SJ XLI VIPEXMZIP] PS[ 6 YWIH JSV PMUYMH GSR XEMRMRKWXVYGXYVIWXLIVIMWPS[HYGXMPMX]HIQERH F 8LIWITVSZMWMSRW[IVIMRXIRHIHXSTVIZIRXTVSKVIWWMZI GSPPETWISJFYMPHMRKX]TIWXVYGXYVIW[LMGLEVIRSXETTPM GEFPI XS PMUYMHGSRXEMRMRK [EPPW *SV MRTPERI JEGXSVIH WLIEVJSVGIWFIPS[XLMWPIZIPWLIEVMWVIWMWXIHF]GSRGVIXI EPSRI8LIVIJSVIEHHMXMSREPVIMRJSVGIQIRXEFSZI7IGXMSR VIUYMVIQIRXW ERH WTIGMEP HIZIPSTQIRX ERH WTPMGIW EVIRSXVIUYMVIH {-RVIKMSRWSJPS[WIMWQMGVMWOSVJSVWXVYG XYVIW EWWMKRIHXS PS[ WIMWQMG TIVJSVQERGI SVHIWMKR GEXIKSVMIW PMUYMHGSRXEMRMRK WXVYGXYVIW WLEPP FI HIWMKRIHF]XLIPEXIVEPJSVGITVSGIHYVIWTVIWGVMFIHMR 6 {0EXIVEPJSVGITVSGIHYVIWMRPSGEPKSZIVRMRK GSHIWRSVQEPP]HSRSXEGGSYRXJSVXLIH]REQMGFILEZMSVSJ XEROWEXKVEHI[MXLER08 ,0 SV (8 ,0 VEXMSPIWWXLERSV SJTIHIWXEPQSYRXIHXEROW )2:-6321)28%07869'896)7'3()'311)28%6= '3() XLI KSZIVRMRK GSHIW SV %'- I\GITX XEROW EX KVEHI[MXLER08 ,0SV(8 ,0VEXMSPIWWXLERERH TIHIWXEPQSYRXIH XEROW WLEPP FI HIWMKRIH F] XLI TVSGIHYVIWTVIWGVMFIHMR%'- {-RVIKMSRWSJQSHIVEXIWIMWQMGVMWOSVJSV WXVYGXYVIW EWWMKRIH XS MRXIVQIHMEXI WIMWQMG TIVJSV QERGISVHIWMKRGEXIKSVMIWXLIHIWMKRWIMWQMGPSEHW EGXMRK SR PMUYMHGSRXEMRMRK WXVYGXYVIW WLEPP FI GSQTYXIH YWMRK XLI TVSGIHYVIW TVIWGVMFIH MR %'*SVWXVYGXYVIWMRWYGLVIKMSRWSVWIMWQMGTIVJSV QERGISVHIWMKRGEXIKSVMIWJSVGIWMRHYGIHF]IEVXL UYEOIQSXMSRWWLEPPFIVIWMWXIHF]QIQFIVWGSRJSVQMRK XSXLIJSPPS[MRK E SVHMREV]WXVYGXYVEP[EPPW F WTIGMEP QSQIRX JVEQIW GSRJSVQMRK XS ERH EW ETTPMGEFPI G WTIGMEP WXVYGXYVEP [EPPW GSRJSVQMRK XS ERH EW ETTPMGEFPI H MRXIV QIHMEXIQSQIRXJVEQIWGSRJSVQMRKXSERH I MRXIVQIHMEXI TVIGEWX WXVYGXYVEP [EPPW GSRJSVQMRK XS ;LIVI XLI HIWMKR WIMWQMG PSEHW EVI GSQTYXIH YWMRK TVSZMWMSRW JSV WTIGMEP GSRGVIXI W]WXIQW XLI VIUYMVIQIRXW SJ 'LETXIV JSV WTIGMEP W]WXIQW EW ETTPMGEFPIWLEPPFIWEXMWJMIH { -R VIKMSRW SJ LMKL WIMWQMG VMWO SV JSV WXVYGXYVIW EWWMKRIH XS LMKL WIMWQMG TIVJSVQERGI SV HIWMKRGEXIKSVMIWXLIHIWMKRWIMWQMGPSEHWEGXMRKSR PMUYMHGSRXEMRMRK WXVYGXYVIW WLEPP FI GSQTYXIH YWMRK XLITVSGIHYVIWTVIWGVMFIHMR%'-*SVWXVYGXYVIW MR WYGL VIKMSRW SV WIMWQMG TIVJSVQERGI SV HIWMKR GEXIKSVMIW JSVGIW MRHYGIH F] IEVXLUYEOI QSXMSRW WLEPP FI VIWMWXIH F] QIQFIVW GSRJSVQMRK XS XLI JSPPS[MRK E WTIGMEP QSQIRX JVEQIW GSRJSVQMRK XS ERH EW ETTPMGEFPI F WTIGMEP WXVYGXYVEP [EPPW GSRJSVQMRK XS ERH EW ETTPMGEFPI G WXVYGXYVEP HMETLVEKQW ERH XVYWWIW GSRJSVQMRKXSERH H JSYRHEXMSRWGSRJSVQMRKXS *VEQI QIQFIVW RSX TVSTSVXMSRIH XS VIWMWX IEVXLUYEOIJSVGIWWLEPPGSQTP][MXL { % VIMRJSVGIH GSRGVIXI WXVYGXYVEPW]WXIQ RSXWEXMWJ]MRKXLIVIUYMVIQIRXWSJXLMWGLETXIVWLEPPFI TIVQMXXIH MJ MX MW HIQSRWXVEXIH F] I\TIVMQIRXEP IZMHIRGI ERH EREP]WMW XLEX XLI TVSTSWIH W]WXIQ [MPP LEZI WXVIRKXL ERH XSYKLRIWW IUYEP XS SV I\GIIHMRK XLSWITVSZMHIHF]EGSQTEVEFPIQSRSPMXLMGVIMRJSVGIH GSRGVIXIWXVYGXYVIWEXMWJ]MRKXLMWGLETXIV {*SVPMUYMHGSRXEMRMRKWXVYGXYVIWEPXIVRE XMZIQIXLSHWSJEREP]WMWFEWIHSRKIRIVEPP]EGGITXIH XLISV] XLEX MW QSVI VMKSVSYW XLER %'- WLEPP FI TIVQMXXIHXSFIYWIHTVSZMHIHXLEX E 0MUYMHXMKLXRIWW MW RSX GSQTVSQMWIH HYI XS MRIPEWXMGEGXMSRERH F 8LI VIWYPXMRK ZEPYIW JVSQ XLI XSXEP PEXIVEP JSVGI ERHXSXEPFEWISZIVXYVRMRKQSQIRXEVIRSXPIWWXLER TIVGIRX SJ XLI ZEPYIW XLEX [SYPH FI SFXEMRIH YWMRK%'- '311)28%6= 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= {0MUYMHGSRXEMRMRKWXVYGXYVIWWYFNIGXIHXS IEVXLUYEOIMRHYGIHJSVGIWWLEPPFIHIWMKRIHMREGGSV HERGI[MXLXLIWXVIRKXLHIWMKRQIXLSHSVXLIEPXIVREXI HIWMKRQIXLSH %TTIRHM\- WYFNIGXXSXLIJSPPS[MRK 6 { *SV E GPEWWMJMGEXMSR SJ PMUYMHGSRXEMRMRK WXVYGXYVIWWII%'- E ;LIREPMUYMHGSRXEMRMRKWXVYGXYVIMWHIWMKRIHMR EGGSVHERGI[MXLXLIWXVIRKXLHIWMKRQIXLSHMXWLEPP FI TVSTSVXMSRIH JSV XLI VIUYMVIH WXVIRKXL 9 EW HIJMRIHMR8LIIRZMVSRQIRXEPHYVEFMPMX]JEGXSV 7H HIJMRIHMRERHMR' RIIHRSXFIETTPMIH XSPSEHGSQFMREXMSRWXLEXMRGPYHIIEVXLUYEOIPSEHW F ;LIREPMUYMHGSRXEMRMRKWXVYGXYVIMWHIWMKRIHMR EGGSVHERGI[MXLXLIEPXIVREXIHIWMKRQIXLSHEPPS[ EFPIWXVIWWIWMR%TTIRHM\-WLEPPFITIVQMXXIHXSFI MRGVIEWIH F] SRIXLMVH [LIR TIVQMXXIH F] XLI KSZIVRMRKFYMPHMRKGSHI 0MUYMHGSRXEMRMRKWXVYGXYVIWJSYRHIHEXSVFIPS[KVEHIEVI RSRFYMPHMRK WXVYGXYVIW EW HIJMRIH MR 6IJIVIRGI 7IGXMSRWERH8LIQSWX[MHIP]EGGITXIHFEWMWJSV HIWMKRMRK WYGLWXVYGXYVIW GSRWMHIVW MQTYPWMZI ERH GSRZIG XMZIQSHIWSJJPYMHVIWTSRWIXSIEVXLUYEOIW%'-LEW FIIREHETXIHJVSQVIJIVIRGIWXLEXYWIXLMWHIWMKRFEWMW 8LI IRZMVSRQIRXEP HYVEFMPMX] JEGXSV WTIGMJMIH MR MR GSRRIGXMSR[MXLWXEXMGPSEHMRKWHYVMRKRSVQEPSTIVEXMSRWMW RSX EYXSQEXMGEPP] ETTPMGEFPI XS WIMWQMG PSEHW [LMGL EVI RSVQEPP] MRJVIUYIRX ERH SJ WLSVX HYVEXMSR 8]TMGEPP] MX MW EWWYQIH XLEX WXVYGXYVIW HIWMKRIH JSV XLI WTIGMJMIH QE\MQYQPIZIP WIMWQMG JSVGIW [MPP WYWXEMR WSQI PIZIP SJ HEQEKI FYX [MPP RSX GSPPETWI *SV WXVYGXYVIW XLEXVIUYMVIE LMKLIV PIZIP SJ PMUYMHXMKLXRIWW HYVMRK ERH EJXIV ER IEVXL UYEOISVWXVYGXYVIWXLEXQYWXVIQEMRMRGSRXMRYIHSTIVEXMSR [MXLSRP]QMRSVVITEMVEFPIHEQEKIEJXIVWYGLERIZIRXXLI PIZIP SJ HEQEKI QE] FI PMQMXIH F] XLI YWI SJ WIPIGXIH MQTSVXERGI JEGXSV - WTIGMJMIH MR XLI ETTPMGEFPI GSHIW SV WXERHEVHW WYGL EW %'- 8LI MQTSVXERGI JEGXSV MW ETTPMIHXSGEPGYPEXIHWIMWQMGPSEHW[LIVIEHHIHVIWMWXERGI XSWXVYGXYVEPHEQEKIMWHIWMVIH %PXIVREXIP] MJ XLI TSXIRXMEP JSV IZIR QMRSV HEQEKI XS XLI WXVYGXYVI MW XS FI QMRMQMÎH XLI IRKMRIIV QE] WIPIGX XLI ETTPMGEFPI IRZMVSRQIRXEP HYVEFMPMX] JEGXSV 7H FEWIHSRXLI HIJMRMXMSRWMR {%REP]WMWERHTVSTSVXMSRMRK SJWXVYGXYVEP QIQFIVW 6 { %REP]WMW ERH TVSTSVXMSRMRK SJ WXVYGXYVEP QIQFIVW {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{6MKMHQIQFIVWEWWYQIHRSXXSFIETEVX SJXLIPEXIVEPJSVGIVIWMWXMRKW]WXIQWLEPPFITIVQMXXIH TVSZMHIHXLIMVIJJIGXSRXLIVIWTSRWISJXLIW]WXIQMW GSRWMHIVIH ERH EGGSQQSHEXIH MR XLI WXVYGXYVEP HIWMKR 'SRWIUYIRGIW SJ JEMPYVI SJ WXVYGXYVEP ERH RSRWXVYGXYVEP QIQFIVW [LMGL EVI RSX E TEVX SJ XLI PEXIVEPJSVGIVIWMWXMRKW]WXIQWLEPPEPWSFIGSRWMHIVIH { 7XVYGXYVEP QIQFIVW FIPS[ FEWI SJ WXVYGXYVI XLEX EVI VIUYMVIH XS XVERWQMX XS XLI JSYRHE XMSRJSVGIWVIWYPXMRKJVSQIEVXLUYEOIIJJIGXWWLEPPEPWS GSQTP][MXLXLIVIUYMVIQIRXWSJ'LETXIV {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ÊVHWJVSQJEPPMRKSFNIGXW 7IGXMSREPIVXWXLIHIWMKRIVXSXLIJEGXXLEXXLIFEWI SJ XLI WXVYGXYVI EW HIJMRIH MR EREP]WMWQE]RSXRIGIWWEVMP] GSVVIWTSRHXSXLIJSYRHEXMSRSVKVSYRHPIZIP -R WIPIGXMRK QIQFIV WMÎW JSV IEVXLUYEOIVIWMWXERX WXVYG XYVIWMXMWMQTSVXERXXSGSRWMHIVTVSFPIQWVIPEXIHXSGSRKIW XMSR SJ VIMRJSVGIQIRX 8LI HIWMKRIV WLSYPH IRWYVI XLEX EPP VIMRJSVGIQIRX GER FI EWWIQFPIH ERH TPEGIH ERH XLEX GSRGVIXI GER FI GEWX ERH GSRWSPMHEXIH TVSTIVP] 9WI SJ YTTIV PMQMXW SJ VIMRJSVGIQIRX VEXMSW TIVQMXXIH MW PMOIP] XS PIEHXSMRWYVQSYRXEFPIGSRWXVYGXMSRTVSFPIQWIWTIGMEPP]EX JVEQINSMRXW {7XVIRKXLVIHYGXMSRJEGXSVW 7XVIRKXLVIHYGXMSRJEGXSVWWLEPPFIEWKMZIRMR {'SRGVIXIMRQIQFIVWVIWMWXMRKIEVXLUYEOI MRHYGIHJSVGIW 6 { 'SRGVIXI MR QIQFIVW VIWMWXMRK IEVXLUYEOI MRHYGIHJSVGIW {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{ 'SQTVIWWMZI WXVIRKXL SJ PMKLX[IMKLX EKKVIKEXI GSRGVIXI YWIH MR HIWMKR WLEPP RSX I\GIIH TWM 0MKLX[IMKLX EKKVIKEXIGSRGVIXI [MXL LMKLIV HIWMKR GSQTVIWWMZI WXVIRKXL WLEPP FI TIVQMXXIH MJ HIQSRWXVEXIHF]I\TIVMQIRXEPIZMHIRGIXLEXWXVYGXYVEP QIQFIVW QEHI [MXL XLEX PMKLX[IMKLX EKKVIKEXI GSRGVIXI TVSZMHI WXVIRKXL ERH XSYKLRIWW IUYEP XS SV I\GIIHMRK XLSWI SJ GSQTEVEFPI QIQFIVW QEHI [MXL RSVQEP[IMKLXEKKVIKEXIGSRGVIXISJXLIWEQIWXVIRKXL {6IMRJSVGIQIRXMRQIQFIVWVIWMWXMRKIEVXL UYEOIMRHYGIHJSVGIW 6 {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{1IGLERMGEPWTPMGIW 6{1IGLERMGEPWTPMGIW {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{ -R VIKMSRW SJ LMKL WIMWQMG VMWO SV JSV WXVYGXYVIW EWWMKRIH XS LMKL WIMWQMG TIVJSVQERGI HIWMKRGEXIKSVMIW8]TIQIGLERMGEPWTPMGIWWLEPPRSX FIYWIH[MXLMREHMWXERGIIUYEPXSX[MGIXLIQIQFIV HITXLJVSQXLIGSPYQRSVFIEQJEGIJVSQXLIFEWISJ [EPP SVJVSQWIGXMSRW[LIVI]MIPHMRKSJXLIVIMRJSVGI QIRX MW PMOIP] XS SGGYV EW E VIWYPX SJ MRIPEWXMG PEXIVEP HMWTPEGIQIRXW 8]TI QIGLERMGEP WTPMGIW WLEPP FI TIVQMXXIHXSFIYWIHEXER]PSGEXMSR 6IGSQQIRHIHHIXEMPMRKTVEGXMGI[SYPHTVIGPYHIXLIYWISJ WTPMGIW MR VIKMSRW SJ TSXIRXMEP ]MIPH MR QIQFIVW VIWMWXMRK IEVXLUYEOIIJJIGXW-JYWISJQIGLERMGEPWTPMGIWMRVIKMSRWSJ TSXIRXMEP ]MIPHMRK GERRSX FI EZSMHIH XLI HIWMKRIV WLSYPH LEZIHSGYQIRXEXMSRSRXLIEGXYEPWXVIRKXLGLEVEGXIVMWXMGWSJ XLIFEVWXSFIWTPMGIHSRXLIJSVGIHIJSVQEXMSRGLEVEGXIVMW XMGWSJXLIWTPMGIHFEVERHSRXLIEFMPMX]SJXLI8]TIWTPMGI XSFIYWIHXSQIIXXLIWTIGMJMIHTIVJSVQERGIVIUYMVIQIRXW {;IPHIHWTPMGIW 6{;IPHIHWTPMGIW { -R VIKMSRW SJ LMKL WIMWQMG VMWO SV JSV WXVYGXYVIW EWWMKRIH XS LMKL WIMWQMG TIVJSVQERGI HIWMKR GEXIKSVMIW [IPHIH WTPMGIW MR VIMRJSVGIQIRX VIWMWXMRK IEVXLUYEOIMRHYGIH JSVGIW WLEPP GSRJSVQ XS ERH WLEPP RSX FI YWIH [MXLMR E HMWXERGI IUYEPXSX[MGIXLI QIQFIVHITXL JVSQXLI GSPYQR SV FIEQ JEGI JVSQ XLI FEWI SJ [EPP SV JVSQ WIGXMSRW [LIVI]MIPHMRKSJXLIVIMRJSVGIQIRXMWPMOIP]XSSGGYVEW EVIWYPXSJMRIPEWXMGPEXIVEPHMWTPEGIQIRXW 6 { ;IPHMRK SJ VIMRJSVGIQIRX WLSYPH FI EGGSVHMRKXS%27-%;7(EWVIUYMVIHMR'LETXIV8LI PSGEXMSRWSJ[IPHIHWTPMGIWEVIVIWXVMGXIHFIGEYWIVIMRJSVGI QIRX XIRWMSR WXVIWWIW MR ]MIPHMRK VIKMSRW GER I\GIIH XLI WXVIRKXLVIUYMVIQIRXWSJ {;IPHMRKSJWXMVVYTWXMIWMRWIVXWSVSXLIV WMQMPEV IPIQIRXW XS PSRKMXYHMREP VIMRJSVGIQIRX XLEX MW VIUYMVIHF]HIWMKRWLEPPRSXFITIVQMXXIH 6 { ;IPHMRK SJ GVSWWMRK VIMRJSVGMRK FEVW GER PIEH XS PSGEP IQFVMXXPIQIRX SJ XLI WXIIP -J [IPHMRK SJ GVSWWMRKFEVWMWYWIHXSJEGMPMXEXIJEFVMGEXMSRSVTPEGIQIRXSJ VIMRJSVGIQIRX MX WLSYPH FI HSRI SRP] SR FEVW EHHIH JSV WYGL TYVTSWIW 8LI TVSLMFMXMSR SJ [IPHMRK GVSWWMRK VIMR JSVGMRK FEVW HSIW RSX ETTP] XS FEVW XLEX EVI [IPHIH [MXL [IPHMRKSTIVEXMSRWYRHIVGSRXMRYSYWGSQTIXIRXGSRXVSPEW MRXLIQERYJEGXYVISJ[IPHIH[MVIVIMRJSVGIQIRX {%RGLSVMRKXSGSRGVIXI { %RGLSVW VIWMWXMRK IEVXLUYEOIMRHYGIH JSVGIW MR WXVYGXYVIW MR VIKMSRW SJ QSHIVEXI SV LMKL WIMWQMGVMWOSVEWWMKRIHXSMRXIVQIHMEXISVLMKLWIMWQMG TIVJSVQERGI SV HIWMKR GEXIKSVMIW WLEPP GSRJSVQ XS XLI EHHMXMSREPVIUYMVIQIRXWSJ(SJ%TTIRHM\( )2:-6321)28%07869'896)7'3()'311)28%6= '3() '311)28%6= {*PI\YVEPQIQFIVWSJWTIGMEP QSQIRXJVEQIW 6{*PI\YVEPQIQFIVWSJWTIGMEPQSQIRX JVEQIW {7GSTI 6{7GSTI 6IUYMVIQIRXWSJETTP]XSWTIGMEPQSQIRXJVEQI QIQFIVW E VIWMWXMRK IEVXLUYEOIMRHYGIH JSVGIW ERH F TVSTSVXMSRIHTVMQEVMP]XSVIWMWXJPI\YVI8LIWI JVEQI QIQFIVW WLEPP EPWS WEXMWJ] XLI GSRHMXMSRW SJ XLVSYKL 8LMW WIGXMSR VIJIVW XS FIEQW SJ WTIGMEP QSQIRX JVEQIW VIWMWXMRKPEXIVEPPSEHWMRHYGIHF]IEVXLUYEOIQSXMSRW-JER] JVEQI QIQFIV WYFNIGXIH XS E JEGXSVIH E\MEP GSQTVIWWMZI JSVGII\GIIHMRK %K JG MWXSFITVSTSVXMSRIHERHHIXEMPIH EWHIWGVMFIHMR {*EGXSVIHE\MEPGSQTVIWWMZIJSVGISRXLI QIQFIVWLEPPRSXI\GIIH %KJ G )\TIVMQIRXEPIZMHIRGIMRHMGEXIWXLEXYRHIVVIZIVWEPWSJ HMWTPEGIQIRX MRXS XLI RSRPMRIEV VERKI FILEZMSV SJ GSRXMR YSYW QIQFIVW LEZMRK PIRKXLXSHITXL VEXMSW SJ PIWW XLER JSYVMWWMKRMJMGERXP]HMJJIVIRXJVSQXLIFILEZMSVSJVIPEXMZIP] WPIRHIV QIQFIVW (IWMKR VYPIW HIVMZIH JVSQ I\TIVMIRGI [MXL VIPEXMZIP] WPIRHIV QIQFIVW HS RSX ETTP] HMVIGXP] XS QIQFIVW [MXL PIRKXLXSHITXL VEXMSW PIWW XLER JSYV IWTI GMEPP][MXLVIWTIGXXSWLIEVWXVIRKXL {'PIEVWTERJSVXLIQIQFIVWLEPPRSXFI PIWWXLERJSYVXMQIWMXWIJJIGXMZIHITXL {8LI[MHXLXSHITXLVEXMSWLEPPRSXFIPIWW XLER {8LI[MHXLWLEPPRSXFI E 0IWWXLERMRERH F 1SVI XLER XLI [MHXL SJ XLI WYTTSVXMRK QIQFIV QIEWYVIHSRETPERITIVTIRHMGYPEVXSXLIPSRKMXYHM REP E\MW SJ XLI JPI\YVEP QIQFIV TPYW HMWXERGIW SR IEGLWMHISJXLIWYTTSVXMRKQIQFIVRSXI\GIIHMRK XLVIIJSYVXLWSJXLIHITXLSJXLIJPI\YVEPQIQFIV {0SRKMXYHMREPVIMRJSVGIQIRX +ISQIXVMG GSRWXVEMRXW MRHMGEXIH MR ERH [IVIHIVMZIHJVSQTVEGXMGI[MXLVIMRJSVGIHGSRGVIXIJVEQIW VIWMWXMRKIEVXLUYEOIMRHYGIHJSVGIW 6{0SRKMXYHMREPVIMRJSVGIQIRX 7IGXMSRPMQMXWRIXXIRWMPIWXVEMR XXLIVIF]MRHMVIGXP] PMQMXMRKXLIXIRWMPIVIMRJSVGIQIRXVEXMSMREJPI\YVEPQIQFIV XS E JVEGXMSR SJ XLI EQSYRX XLEX [SYPH TVSHYGI FEPERGIH GSRHMXMSRW *SV E WIGXMSR WYFNIGXIH XS FIRHMRK SRP] ERH PSEHIHQSRSXSRMGEPP]XS]MIPHMRKXLMWETTVSEGLMWJIEWMFPI FIGEYWI XLI PMOIPMLSSH SJ GSQTVIWWMZI JEMPYVI GER FI IWXM QEXIHVIPMEFP][MXLXLIFILEZMSVEPQSHIPEWWYQIHJSVHIXIV QMRMRK XLI VIMRJSVGIQIRX VEXMS GSVVIWTSRHMRK XS FEPERGIH JEMPYVI 8LI WEQI FILEZMSVEP QSHIP FIGEYWI SJ MRGSVVIGX EWWYQTXMSRWWYGLEWPMRIEVWXVEMRHMWXVMFYXMSR[IPPHIJMRIH ]MIPHTSMRXJSVXLIWXIIPPMQMXMRKGSQTVIWWMZIWXVEMRMRXLI GSRGVIXI SJ ERH GSQTVIWWMZI WXVIWWIW MR XLI WLIPP GSRGVIXI JEMPW XS HIWGVMFI XLI GSRHMXMSRW MR E JPI\YVEP QIQFIV WYFNIGXIH XS VIZIVWEPW SJ HMWTPEGIQIRXW [IPP MRXS XLI MRIPEWXMG VERKI 8LYW XLIVI MW PMXXPI VEXMSREPI JSV GSRXMRYMRK XS VIJIV XS FEPERGIH GSRHMXMSRW MR IEVXLUYEOI VIWMWXERXHIWMKRSJVIMRJSVGIHGSRGVIXIWXVYGXYVIW { %X ER] WIGXMSR SJ E JPI\YVEP QIQFIV I\GITX EW TVSZMHIH MR JSV XST EW [IPP EW JSV FSXXSQ VIMRJSVGIQIRX XLI EQSYRX SJ VIMRJSVGIQIRX WLEPPRSXFIPIWWXLERXLEXKMZIRF])U FYXRSX PIWW XLER F[H J] ERH XLI VIMRJSVGIQIRX VEXMS WLEPP RSX I\GIIH %X PIEWX X[S FEVW WLEPP FI TVSZMHIHGSRXMRYSYWP]FSXLXSTERHFSXXSQ { 4SWMXMZI QSQIRX WXVIRKXL EX NSMRX JEGI WLEPPFIRSXPIWWXLERSRILEPJSJXLIRIKEXMZIQSQIRX WXVIRKXLTVSZMHIHEXXLEXJEGISJ XLI NSMRX2IMXLIVXLI 6{8LIPMQMXMRKVIMRJSVGIQIRXVEXMSSJMW FEWIHTVMQEVMP] SR GSRWMHIVEXMSRW SJ WXIIP GSRKIWXMSRERH MRHMVIGXP] SR PMQMXMRK WLIEV WXVIWWIW MR KMVHIVW SJ X]TMGEP TVSTSVXMSRW 8LI VIUYMVIQIRX SJ EXPIEWX X[S FEVWXST ERH FSXXSQVIJIVWEKEMR XS GSRWXVYGXMSR VEXLIV XLER FILEZMSVEP VIUYMVIQIRXW 1%29%03*'32'6)8)46%'8-') '3() '311)28%6= RIKEXMZI RSV XLI TSWMXMZI QSQIRX WXVIRKXL EX ER] WIGXMSR EPSRK QIQF

aci-350-06

Products

Support

aci-350-06

Add this document to collection(s)

Add this document to saved

Suggest us how to improve StudyLib