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ACI 360R-10

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%'-6WYTIVWIHIW%'-6ERH[EWEHSTXIHERHTYFPMWLIH%TVMP
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6
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TSWXXIRWMSRMRKSVWLVMROEKIGSQTIRWEXMRKGSRGVIXI
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T6
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SVVIMRJSVGIH[MXLRSRTVIWXVIWWIHVIMRJSVGIQIRXJMFIVWSVTSWX
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GVEGO [MHXLW VIWYPXMRK JVSQ WLVMROEKI ERH XIQTIVEXYVI
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FI TVSZMHIH XS QMRMQM^I GVEGOMRK HYI XS WLVMROEKI ERH
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SRQEXIVMEPWERHTVSGIHYVIWJSVXLIGSRWXVYGXMSRSJGSRGVIXI
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SR QEXIVMEPW ERH WPEF GSRWXVYGXMSR %'- 6 TVSZMHIW
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TEZMRKWMXIWLEZIYRMUYIGSRWMHIVEXMSRWXLEXEVIGSZIVIHMR
%'-6
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SRJSSXMRKWQEXWERHHVMPPIHTMIVW8LIHIWMKRTVSGIHYVIW
JSVGSQFMRIHJSSXMRKWERHQEXJSYRHEXMSRWEVIKMZIRMR%'61EXJSYRHEXMSRWEVIX]TMGEPP]QSVIVMKMHERHQSVI
LIEZMP]VIMRJSVGIHXLERGSQQSRWPEFWSRKVSYRH
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%'-'SQQMXXIIHIZIPSTWERHVITSVXWMRJSVQEXMSR
SRGSRGVIXIVIMRJSVGIH[MXLWLSVXHMWGSRXMRYSYWVERHSQP]
HMWTIVWIHJMFIVW%'-6MWEKYMHIJSVWTIGMJ]MRKTVSTSV
XMSRMRKERHTVSHYGXMSRSJJMFIVVIMRJSVGIHGSRGVIXI *6' {;SVOSJRSR%'-SVKERM^EXMSRW
2YQIVSYW GSRXVMFYXMSRW SJ WPEFWSRKVSYRH HIWMKR ERH
GSRWXVYGXMSR MRJSVQEXMSR YWIH MR XLMW KYMHI GSQI JVSQ
SVKERM^EXMSRW ERH MRHMZMHYEPW SYXWMHI XLI %QIVMGER
'SRGVIXI -RWXMXYXI 8LI 97 %VQ] 'SVTW SJ )RKMRIIVW
97%') XLI 2EXMSREP %GEHIQ] SJ 7GMIRGI ERH XLI
(ITEVXQIRX SJ ,SYWMRK ERH 9VFER (IZIPSTQIRX ,9(
LEZI HIZIPSTIH KYMHIPMRIW JSV JPSSV WPEF HIWMKR ERH
GSRWXVYGXMSR8LI4SVXPERH'IQIRX%WWSGMEXMSR 4'% ;MVI
6IMRJSVGIQIRX-RWXMXYXI ;6- 'SRGVIXI6IMRJSVGMRK7XIIP
-RWXMXYXI '67- 4SWX8IRWMSRMRK-RWXMXYXI 48- EW[IPPEW
WIZIVEP YRMZIVWMXMIW ERH GSRWYPXMRK IRKMRIIVW LEZI WXYHMIH
WPEFWSRKVSYRH ERH HIZIPSTIH VIGSQQIRHEXMSRW JSV XLIMV
HIWMKRERHGSRWXVYGXMSR-REHHMXMSRTIVMSHMGEPWWYGLEW
'SRGVIXI -RXIVREXMSREP ERH 'SRGVIXI 'SRWXVYGXMSR LEZI
GSRXMRYSYWP]HMWWIQMREXIHMRJSVQEXMSREFSYXWPEFWSRKVSYRH
{(IWMKRXLISVMIWJSVWPEFWSRKVSYRH
-RXVSHYGXMSR{7XVIWWIW MR WPEFWSRKVSYRH VIWYPX
JVSQ ETTPMIH PSEHW ERH ZSPYQI GLERKIW SJ XLI WSMP ERH
GSRGVIXI8LIQEKRMXYHISJXLIWIWXVIWWIWHITIRHWSRJEGXSVW
WYGLEWXLIHIKVIISJWPEFGSRXMRYMX]WYFKVEHIWXVIRKXLERH
6
%'-'311-88))6)4368
YRMJSVQMX] GSRWXVYGXMSR QIXLSH GSRWXVYGXMSR UYEPMX] ERH
QEKRMXYHI ERH TSWMXMSR SJ XLI PSEHW -R QSWX GEWIW XLI
IJJIGXWSJXLIWIJEGXSVWEVIIZEPYEXIHF]QEOMRKWMQTPMJMIH
EREP]WMWEWWYQTXMSRW[MXLVIWTIGXXSQEXIVMEPTVSTIVXMIWERH
WSMPWXVYGXYVI MRXIVEGXMSR 8LI JSPPS[MRK WIGXMSRW FVMIJP]
VIZMI[ WSQI SJ XLI HIWMKR XLISVMIW SJ WSMPWYTTSVXIH
GSRGVIXIWPEFW
6IZMI[ SJ GPEWWMGEP HIWMKR XLISVMIW{(IWMKR
QIXLSHWJSVWPEFWSRKVSYRHEVIFEWIHSRXLISVMIWSVMKMREPP]
HIZIPSTIHJSVEMVTSVXERHLMKL[E]TEZIQIRXW;IWXIVKEEVH
HIZIPSTIH SRI SJ XLI JMVWX VMKSVSYW XLISVMIW SJ WXVYGXYVEP
FILEZMSVSJVMKMHTEZIQIRX ;IWXIVKEEVH 8LMWXLISV]GSRWMHIVWELSQSKIRISYWMWSXVSTMGERHIPEWXMG
WPEFVIWXMRKSRERMHIEPWYFKVEHIXLEXI\IVXWEXEPPTSMRXWE
ZIVXMGEP VIEGXMZI TVIWWYVI TVSTSVXMSREP XS WPEF HIJPIGXMSR
ORS[R EWE;MROPIV WYFKVEHI ;MROPIV 8LIWYFKVEHI
EGXW EW E PMRIEVWTVMRK [MXLE TVSTSVXMSREPMX] GSRWXERX O [MXL
YRMXWSJTVIWWYVI PFMR?O4EA TIVYRMXHIJSVQEXMSR MR?QA 8LIYRMXWEVIGSQQSRP]EFFVIZMEXIHEWPFMR O2Q 8LMW
GSRWXERXMWHIJMRIHEWXLIQSHYPYWSJWYFKVEHIVIEGXMSR
-RXLIWXLIWXVYGXYVEPFILEZMSVWSJGSRGVIXITEZIQIRX
WPEFW [IVI MRZIWXMKEXIH EX XLI %VPMRKXSR :MVKMRME )\TIVM
QIRXEP*EVQERHEXXLI-S[E7XEXI)RKMRIIVMRK)\TIVMQIRX
7XEXMSR +SSH EKVIIQIRX SGGYVVIH FIX[IIR I\TIVMIRXMEP
WXVIWWIWERHXLSWIGSQTYXIHF]XLI;IWXIVKEEVHvWXLISV]EW
PSRK EW XLI WPEF VIQEMRIH GSRXMRYSYWP] WYTTSVXIH F] XLI
WYFKVEHI'SVVIGXMSRW[IVIVIUYMVIHSRP]JSVXLI;IWXIVKEEVH
GSVRIVJSVQYPEXSEGGSYRXJSVXLIIJJIGXWSJWPEFGYVPMRKERH
PSWW SJ GSRXEGX [MXL XLI WYFKVEHI %PXLSYKL GLSSWMRK XLI
QSHYPYWSJWYFKVEHIVIEGXMSR[EWIWWIRXMEPJSVKSSHEKVIIQIRX
[MXL VIWTIGX XS WXVIWWIW XLIVI VIQEMRIH EQFMKYMX] MR XLI
QIXLSHWYWIHXSHIXIVQMRIXLIGSVVIGXMSRGSIJJMGMIRX
-R XLI W I\TIVMQIRXEP MRJSVQEXMSR WLS[IH XLEX XLI
FILEZMSVSJQER]WYFKVEHIWQE]FIGPSWIXSXLEXSJERIPEWXMG
ERH MWSXVSTMG WSPMH 8[S GLEVEGXIVMWXMG GSRWXERXW{XLI
QSHYPYWSJWSMPHIJSVQEXMSRERH4SMWWSRvWVEXMS{EVIX]TMGEPP]
YWIHXSIZEPYEXIXLIHIJSVQEXMSRVIWTSRWISJWYGLWSPMHW
&EWIH SR XLI GSRGITX SJ XLI WYFKVEHI EW ER IPEWXMG ERH
MWSXVSTMGWSPMHERHEWWYQMRKXLEXXLIWPEFMWSJMRJMRMXII\XIRX
FYXSJJMRMXIXLMGORIWW&YVQMWXIVTVSTSWIHXLIPE]IVIHWSPMH
XLISV]SJWXVYGXYVEPFILEZMSVJSVVMKMHTEZIQIRXW &YVQMWXIV
,I WYKKIWXIH FEWMRK XLI HIWMKR SR E GVMXIVMSR SJ
PMQMXIHHIJSVQEXMSRYRHIVPSEH(IWMKRTVSGIHYVIWJSVVMKMH
TEZIQIRXWFEWIHSRXLMWXLISV]EVIRSXWYJJMGMIRXP]HIZIPSTIH
JSVYWIMRIRKMRIIVMRKTVEGXMGI8LIPEGOSJEREPSKSYWWSPYXMSRW
JSVWPEFWSJJMRMXII\XIRXJSVI\EQTPIIHKIERHGSVRIVGEWIW
MW E TEVXMGYPEV HIJMGMIRG] 3XLIV ETTVSEGLIW FEWIH SR XLI
EWWYQTXMSRSJEXLMRIPEWXMGWPEFSJMRJMRMXII\XIRXVIWXMRKSR
ER IPEWXMG MWSXVSTMG WSPMH LEZI FIIR HIZIPSTIH 8LI
TVIGIHMRKXLISVMIWEVIPMQMXIHXSFILEZMSVMRXLIPMRIEVVERKI
[LIVIHIJPIGXMSRWEVITVSTSVXMSREPXSETTPMIHPSEHW0ÚWFIVK
0ÚWFIVK4MGLYQERM PEXIVTVSTSWIHEWXVIRKXL
XLISV]FEWIHSRXLI]MIPHPMRIGSRGITXJSVKVSYRHWYTTSVXIH
WPEFW FYX XLI YWI SJ YPXMQEXI WXVIRKXL JSV WPEFSRKVSYRH
HIWMKRMWRSXGSQQSR
%PP I\MWXMRK HIWMKR XLISVMIW EVI KVSYTIH EGGSVHMRK XS
QSHIPWXLEXWMQYPEXIWPEFERHXLIWYFKVEHIFILEZMSV8LVII
QSHIPWYWIHJSVWPEFEREP]WMWEVI
)PEWXMGMWSXVSTMGWSPMH
8LMRIPEWXMGWPEFERH
8LMRIPEWXMGTPEWXMGWPEF
8[SQSHIPWYWIHJSVWYFKVEHIEVI
)PEWXMGMWSXVSTMGWSPMHERH
;MROPIV 8LI;MROPIVWYFKVEHIQSHIPWXLIWSMPEWPMRIEVWTVMRKWWS
XLEX XLI VIEGXMSR MW TVSTSVXMSREP XS XLI WPEF HIJPIGXMSR
)\MWXMRKHIWMKRXLISVMIWEVIFEWIHSRZEVMSYWGSQFMREXMSRW
SJ XLIWI QSHIPW 8LI QIXLSHW MR XLMW KYMHI EVI KIRIVEPP]
KVETLMGEP TPSXXIH JVSQ GSQTYXIVKIRIVEXIH WSPYXMSRW SJ
WIPIGXIHQSHIPW(IWMKRXLISVMIWRIIHRSXFIPMQMXIHXSXLIWI
GSQFMREXMSRW 8LI IPEWXMGMWSXVSTMG QSHIP TVSZMHIW GPSWI
TVIHMGXMSR JSV XLI VIWTSRWI SJ VIEP WSMPW FYX XLI ;MROPIV
QSHIPMW[MHIP]YWIHJSVHIWMKRERHERYQFIVSJMRZIWXMKEXSVW
LEZIVITSVXIHKSSHEKVIIQIRXFIX[IIRSFWIVZIHVIWTSRWIW
XSXLI;MROPIVFEWIHTVIHMGXMSRW
*MRMXIIPIQIRX QIXLSH{8LI GPEWWMGEP HMJJIVIRXMEP
IUYEXMSRSJEXLMRIPEWXMGTPEXIVIWXMRKSRERIPEWXMGWYFKVEHI
MW SJXIR YWIH XS VITVIWIRX XLI WPEFSRKVSYRH 7SPZMRK XLI
KSZIVRMRKIUYEXMSRWF]GSRZIRXMSREPQIXLSHWMWJIEWMFPIJSV
WMQTPMJMIHQSHIPW[LIVIWPEFERHWYFKVEHIEVIEWWYQIHXS
FI GSRXMRYSYW ERH LSQSKIRISYW -R VIEPMX] E WPEFSR
KVSYRHYWYEPP] GSRXEMRW HMWGSRXMRYMXMIW WYGL EW NSMRXWERH
GVEGOWERHXLIWYFKVEHIWYTTSVXQE]RSXFIYRMJSVQ8LYW
XLIYWISJXLMWETTVSEGLMWPMQMXIH
8LIJMRMXIIPIQIRXQIXLSHGERFIYWIHXSEREP]^IWPEFW
SRKVSYRH TEVXMGYPEVP] XLSWI [MXL HMWGSRXMRYMXMIW :EVMSYW
QSHIPWLEZIFIIRTVSTSWIHXSVITVIWIRXXLIWPEF 7TIEVWERH
4EREVIWI 4MGLYQERM 8]TMGEPP] XLIWI QSHIPW
YWIGSQFMREXMSRWSJIPIQIRXWWYGLEWIPEWXMGFPSGOWVMKMH
FPSGOWERHXSVWMSRFEVWXSVITVIWIRXXLIWPEF8LIWYFKVEHI
MW X]TMGEPP] QSHIPIH F] PMRIEV WTVMRKW ;MROPIV WYFKVEHI
TPEGIH YRHIV XLI RSHEP NSMRXW ;LIVIEW XLI JMRMXIIPIQIRX
QIXLSHSJJIVWKSSHTSXIRXMEPJSVGSQTPI\TVSFPIQWKVETLMGEP
WSPYXMSRWERHWMQTPMJMIHHIWMKRIUYEXMSRWLEZIFIIRXVEHM
XMSREPP]YWIHJSVHIWMKR8LIIZSPYXMSRSJQSHIVRGSQTYXIV
WSJX[EVI LEW QEHI QSHIPMRK [MXL JMRMXI IPIQIRXW QSVI
JIEWMFPIMRXLIHIWMKRSJJMGIWIXXMRK
{'SRWXVYGXMSRHSGYQIRXMRJSVQEXMSR
0MWXIHFIPS[MWXLIQMRMQYQMRJSVQEXMSRXLEXWLSYPHFI
EHHVIWWIH MR XLI GSRWXVYGXMSR HSGYQIRXW TVITEVIH F] XLI
HIWMKRIV6IJIVXS%'-6JSVMRJSVQEXMSRVIPEXIHXSXLI
MRWXEPPEXMSRERHGSRWXVYGXMSRJSVWSQISJXLIWIMXIQW
e 7PEFSRKVSYRHHIWMKRGVMXIVME
e &EWIERHWYFFEWIQEXIVMEPWTVITEVEXMSRVIUYMVIQIRXW
ERHZETSVVIXEVHIVFEVVMIV[LIRVIUYMVIH
e 'SRGVIXIXLMGORIWW
e 'SRGVIXI GSQTVIWWMZI WXVIRKXL SV JPI\YVEP WXVIRKXL
SVFSXL
e 'SRGVIXI QM\XYVI TVSTSVXMSR VIUYMVIQIRXW YPXMQEXI
HV]WLVMROEKIWXVEMRSVFSXL
e .SMRXPSGEXMSRWERHHIXEMPW
e 6IMRJSVGIQIRX X]TIWM^IERHPSGEXMSR [LIRVIUYMVIH
e 7YVJEGIXVIEXQIRX[LIRVIUYMVIH
e 7YVJEGIJMRMWL
()7-+23*70%&732+6392(
e
8SPIVERGIW FEWI WYFFEWI WPEF XLMGORIWW ERHJPSSV
JPEXRIWWERHPIZIPRIWW e 'SRGVIXIGYVMRK
e .SMRXJMPPMRKQEXIVMEPERHMRWXEPPEXMSR
e 7TIGMEPIQFIHQIRXW
e 8IWXMRKVIUYMVIQIRXWERH
e 4VIGSRWXVYGXMSR QIIXMRK UYEPMX] EWWYVERGI ERH UYEPMX]
GSRXVSP
7PEFSRKVSYRH HIWMKR GVMXIVME{-X MW LIPTJYP XLEX
[LIRXLIWPEFSRKVSYRHHIWMKRGVMXIVMEEVI[IPPIWXEFPMWLIH
XLEXMXFIWLS[RSRXLIHVE[MRKW8LMWMRJSVQEXMSRMWIWTIGMEPP]
YWIJYP[LIRJYXYVIQSHMJMGEXMSRWEVIQEHIXSXLIWPEFSVMXW
YWI(IWMKRMWWYIWWYGLEWXLIWPEFGSRXVMFYXMRKXS[MRHSV
WIMWQMG VIWMWXERGI SV FYMPHMRK JSYRHEXMSR YTPMJX JSVGIW
[SYPHRSXFIVIEHMP]ETTEVIRXYRPIWWRSXIHSRXLIHVE[MRKW
&IGEYWIMXMWRSXVIEHMP]ETTEVIRX[LIREWPEFMWYWIHEWE
LSVM^SRXEP HMETLVEKQ MX WLSYPH FI RSXIH SR XLI HVE[MRKW
6IQSZMRKSVGYXXMRKEWPEFXLEXMWHIWMKRIHXSVIWMWXYTPMJXSV
LSVM^SRXEPJSVGIWGSYPHWIVMSYWP]MQTEMVXLIFYMPHMRKvWWXEFMPMX]
8LIHIWMKRGVMXIVMEWLSYPHMRGPYHIWSQISJXLIJSPPS[MRK
e +ISXIGLRMGEP WSMP TVSTIVXMIW YWIH JSV XLI HMJJIVIRX
PSEHMRKX]TIW
e 9RMJSVQWXSVEKIPSEHMRK
e 0MJXXVYGOERHZILMGPIPSEHMRKW
e 6EGOPSEHMRKW
e 0MRIPSEHW
e )UYMTQIRXPSEHW
e ;LIRXLIWPEFMWYWIHXSVIWMWX[MRHSVWIMWQMGJSYRHEXMSR
YTPMJXJSVGIWERH
e ;LIRXLIWPEFMWYWIHEWELSVM^SRXEPHMETLVEKQERHXS
VIWMWX LSVM^SRXEP JSVGIW SV FSXL HYI XS XMPX[EPPW
QEWSRV] [EPPW XSTW SJ VIXEMRMRK [EPPW ERH QIXEP
FYMPHMRKW]WXIQGSPYQRW
6IJIVXS%TTIRHM\JSVERI\EQTPISJHIWMKRGVMXIVME
*PSSVJPEXRIWWERHPIZIPRIWWXSPIVERGIW{8SPIVERGIW
JSV JPSSV YWIW WLSYPH GSRJSVQ XS %'- *SV EHHMXMSREP
MRJSVQEXMSR MRGPYHMRK LS[ XS WTIGMJ] JPSSV JPEXRIWW ERH
PIZIPRIWW VIUYMVIQIRXWVIJIV XS %'- GSQQIRXEV] ERH
%'-6
;LIR YWMRK WPEFW MR SJJMGIW EVIEW SJ TIHIWXVMER XVEJJMG
[MHI EMWPI [EVILSYWMRK ERH QERYJEGXYVMRK [LIVI XLI
QSZIQIRXMWMRXIRHIHXSFIVERHSQMRER]HMVIGXMSRXLIRE
VERHSQ XVEJJMG XSPIVERGI W]WXIQ WYGL EW ***0 WLSYPH FI
HIWMKREXIH 8LI WYFNIGX EVIEW WLSYPH FI WLS[R SR XLI
GSRWXVYGXMSRHSGYQIRXWERHXSPIVERGIWWTIGMJMIH
-RHIJMRIHXVEJJMGEVIEWWYGLEWREVVS[EMWPISVZIV]REVVS[
EMWPI[EVILSYWMRKERHQERYJEGXYVMRK[LIVIZILMGPI TEXLW
EVI VIWXVEMRIH F] VEMP [MVI PEWIV SV XIPIQIXV] KYMHERGI
W]WXIQWEXSPIVERGIW]WXIQWYGLEW*QMRWLSYPHFIMQTPI
QIRXIH *YHEPE [MXL WYFNIGX EVIEW WLS[R SR XLI
GSRWXVYGXMSRHSGYQIRXWERHXSPIVERGIWWTIGMJMIH8EFPI
TVSZMHIW X]TMGEP HIJMRIH XVEJJMG ZEPYIW JSV HMJJIVIRX VEGO
LIMKLXWXLEXLEZIFIIRYWIHWYGGIWWJYPP]2EVVS[EMWPIERH
ZIV]REVVS[EMWPIW]WXIQWLS[IZIVYWIWTIGMEPM^IHIUYMTQIRX
ERH XLI QERYJEGXYVIVW WLSYPH FI GSRWYPXIH JSV *QMR
VIGSQQIRHEXMSRW
6
8EFPI{(IJMRIHXVEJJMGZEPYIW
XS XS
0SRKMXYHMREP*QMR
8VERWZIVWIj*QMR
XS XS
XS XS
XS XS
XS XS
XS XS
XS XS
XS XS
6EGOLIMKLXJX Q
0SRKMXYHMREPZEPYIFIX[IIRXLIJVSRXERHVIEVE\PI
j
8VERWZIVWIZEPYIFIX[IIRPSEHIH[LIIPXVEGOW
{*YVXLIVVIWIEVGL
8LIVIEVIQER]EVIEWXLEXRIIHEHHMXMSREPVIWIEVGL7SQI
SJXLIWIEVIEWEVI
e (IZIPSTMRKGSRGVIXIQM\XYVITVSTSVXMSRWXLEXLEZIPS[
WLVMROEKI GLEVEGXIVMWXMGW ERH EVI[SVOEFPI JMRMWLEFPI
ERHTVSZMHIEWIVZMGIEFPIWYVJEGI
e *PI\YVEPWXVIWWMRWPEFW[MXLGYVPERHETTPMIHPSEHWERH
LS[GYVPMRKWXVIWWIWGLERKISZIVXMQIHYIXSGVIIT
e &EWI VIWXVEMRX HYI XS WLVMROEKI ERH SXLIV ZSPYQI
GLERKIWERHLS[XLMWVIWXVEMRXGLERKIWSZIVXMQI
e 'VEGO [MHXLW JSV HMJJIVIRX EQSYRXW SJ VIMRJSVGIQIRX
JSVWPEFWSRKVSYRH
e 4VSZMHIKYMHERGISREGGITXEFPINSMRXERHGVEGO[MHXLW
JSVHMJJIVIRXWPEFYWEKIW
e 4VSZMHIHS[IPVIGSQQIRHEXMSRWFEWIHSRPSEHMRKW PMJX
XVYGOVEGOTSWXERHYRMJSVQWXSVEKI VEXLIVXLERWPEF
XLMGORIWW
e 4VSZMHITPEXIHS[IPWTEGMRKVIGSQQIRHEXMSRWJSVTPEXI
HS[IPKISQIXVMIW
e 4VSZMHIHIWMKRKYMHERGIJSVWPEFW[MXLQEGVSW]RXLIXMG
JMFIVW
e 4VSZMHIHIWMKREMHWJSVWPEFW[MXLVEGOYTPMJXPSEHWHYI
XSWIMWQMGERHSXLIVYTPMJXPSEHMRKW
e 4VSZMHI HIWMKR EMHW JSV WPEFW [MXL RSRYRMJSVQ VEGO
TSWXPSEHW
e (IZIPSTEWXERHEVHM^IHQIXLSHJSVXIWXMRKERHWTIGMJ]MRK
WPEFWYVJEGIEFVEWMSRVIWMWXERGI
e 7SMP TVSTIVXMIW ERH LS[ XLI] QE] GLERKI SZIV XMQI
YRHIVPSEHVITIXMXMSRW[MHIEVIEPSRKXIVQPSEHMRKWSV
FSXLERH
e 6IGSQQIRHIHNSMRXWTEGMRKJSVJMFIVVIMRJSVGIHGSRGVIXI
',%48)6{()*-2-8-327
{(IJMRMXMSRW
%'-TVSZMHIWEGSQTVILIRWMZIPMWXSJHIJMRMXMSRWXLVSYKL
ER SRPMRI VIWSYVGI w%'- 'SRGVIXI 8IVQMRSPSK]x LXXT
XIVQMRSPSK]GSRGVIXISVK (IJMRMXMSRW TVSZMHIH LIVIMR
GSQTPIQIRXXLEXVIWSYVGI
GYVPMRK SV [EVTMRK{SYXSJTPERI HIJSVQEXMSR SJ XLI
GSVRIVWIHKIWERHWYVJEGISJETEZIQIRXWPEFSV[EPPTERIP
JVSQMXWSVMKMREPWLETI
WPEFSRKVSYRHzzWPEFWYTTSVXIHF]KVSYRH[LSWIQEMR
TYVTSWI MW XS WYTTSVX XLI ETTPMIH PSEHW F] FIEVMRK SR XLI
KVSYRH
6
%'-'311-88))6)4368
',%48)6{70%&8=4)7
{-RXVSHYGXMSR
'LETXIV MHIRXMJMIW ERH FVMIJP] HMWGYWWIW XLI GSQQSR
X]TIW SJ WPEFSRKVSYRH GSRWXVYGXMSR 8LI XIVQ wWPEFSR
KVSYRHxMWTVIJIVVIHFYXwWPEFSRKVEHIxMWSJXIRYWIH7PEF
SRKVSYRH MRGPYHIW MRXIVMSV WPEFW WYFNIGX XS PSEHMRKW EW
HIWGVMFIHMR'LETXIV8LIWIMRGPYHIMRHYWXVMEPGSQQIVGMEP
VIWMHIRXMEP ERH VIPEXIH ETTPMGEXMSRW %PXLSYKL XLI XIVQ
QMKLXMRGPYHITEVOMRKPSXERHVSEH[E]TEZIQIRXWXLMWKYMHI
HSIWRSXWTIGMJMGEPP]EHHVIWWXLIQ
%R MQTSVXERX VIWTSRWMFMPMX] SJ XLI WPEF HIWMKRIV MW XS
HMWGYWW XLI VIUYMVIQIRXW SJ XLI JPSSV WPEF [MXL XLIS[RIV
(MWGYWWMSRWWLSYPHMRGPYHIXLIEHZERXEKIWERHHMWEHZERXEKIW
SJXLIHMJJIVIRXWPEFX]TIWERHLS[XLI]VIPEXIXSXLIS[RIVvW
VIUYMVIQIRXW-XMWMQTSVXERXJSVXLMWHMWGYWWMSRXSSGGYVWS
XLI S[RIV LEW VIEWSREFPI I\TIGXEXMSRW SJ XLI WPEF TIVJSV
QERGI ERH VIUYMVIH JYXYVI QEMRXIRERGI JSV XLI WPEF X]TI
WIPIGXIH 7SQI SJ XLI QSVI MQTSVXERX I\TIGXEXMSRW XLEX
WLSYPHFIHMWGYWWIHJSVXLITVSWTIGXMZIWPEFX]TIEVI
e 'VEGOMRKTSXIRXMEP
e 'VEGO[MHXLWJSVWPEFWHIWMKRIH[MXLVIMRJSVGIQIRXXS
PMQMXGVEGO[MHXLW
e 9WISJHS[IPIHNSMRXWZIVWYWEKKVIKEXIMRXIVPSGO
e 4SWWMFPIJYXYVIVITEMVWMRGPYHMRKNSMRXHIXIVMSVEXMSR
e .SMRX QEMRXIRERGI VIUYMVIQIRXW ERH XLI S[RIV W
VIWTSRWMFMPMX]JSVXLMWQEMRXIRERGI
e *PSSV JPEXRIWW ERH PIZIPRIWW VIUYMVIQIRXW XS QIIX XLI
S[RIVvWRIIHW
e 'LERKIWXSXLIJPEXRIWWERHPIZIPRIWWSZIVXMQIIWTIGMEPP]
MRPS[LYQMHMX]IRZMVSRQIRXW
e %HZERXEKIW ERHHMWEHZERXEKIWSJWPEFTPEGIQIRX [MXL
XLI [EXIVXMKLX VSSJMRK W]WXIQ MR TPEGI ZIVWYW TPEGMRK
XLIWPEFMRXLISTIR
e 0IZIPSJQSMWXYVIZETSVVIWMWXERGIVIUYMVIHERH
e %HZERXEKIW ERH HMWEHZERXEKIW SJ YWMRK XLI FYMPHMRK
JPSSVWPEFJSVXMPX[EPPGSRWXVYGXMSRJSVQERHXIQTSVEV]
FVEGMRK
{7PEFX]TIW
8LIVI EVI JSYV FEWMG HIWMKR GLSMGIW JSV WPEFSRKVSYRH
GSRWXVYGXMSR
9RVIMRJSVGIHGSRGVIXIWPEF
7PEFWVIMRJSVGIHXSPMQMXGVEGO[MHXLWHYIXSWLVMROEKI
ERH XIQTIVEXYVI VIWXVEMRX ERH ETTPMIH PSEHW 8LIWI WPEFW
GSRWMWXSJ
E 2SRTVIWXVIWWIH WXIIP FEV [MVI VIMRJSVGIQIRX SV
JMFIVVIMRJSVGIQIRXEPP[MXLGPSWIP]WTEGIHNSMRXWERH
F'SRXMRYSYWP]VIMRJSVGIHJVIISJWE[GYXGSRXVEGXMSR
NSMRXW
7PEFWVIMRJSVGIHXSTVIZIRXGVEGOMRKHYIXSWLVMROEKI
ERH XIQTIVEXYVI VIWXVEMRX ERH ETTPMIH PSEHW 8LIWI WPEFW
GSRWMWXSJ
E7LVMROEKIGSQTIRWEXMRKGSRGVIXIERH
F4SWXXIRWMSRIH
7XVYGXYVEPWPEFWHIWMKRIHMREGGSVHERGI[MXL%'-
E4PEMRGSRGVIXIERH
F6IMRJSVGIHGSRGVIXI
9RVIMRJSVGIH GSRGVIXI WPEF{8LI XLMGORIWW MW
HIXIVQMRIH EW E GSRGVIXI WPEF [MXLSYX VIMRJSVGIQIRX
LS[IZIVMXQE]LEZINSMRXWWXVIRKXLIRIH[MXLWXIIPHS[IPW
-X MW HIWMKRIH XS VIQEMR YRGVEGOIH FIX[IIR NSMRXW [LIR
PSEHIH ERH VIWXVEMRX XS GSRGVIXI ZSPYQIXVMG GLERKIW
9RVIMRJSVGIHGSRGVIXIWPEFWHSRSXGSRXEMRQEGVSW]RXLIXMG
JMFIVW [MVI VIMRJSVGIQIRX WXIIP JMFIVW TPEMR SV HIJSVQIH
FEVWTSWXXIRWMSRMRKSVER]SXLIVX]TISJWXIIPVIMRJSVGIQIRX
8]TI - SV -- TSVXPERH GIQIRX %781 ''1 MW
RSVQEPP] YWIH (V]MRK WLVMROEKI IJJIGXW ERH YRMJSVQ
WYFKVEHIWYTTSVXSRWPEFGVEGOMRKEVIGVMXMGEPXSXLITIVJSV
QERGISJYRVIMRJSVGIHGSRGVIXIWPEFW6IJIVXS'LETXIVJSV
YRVIMRJSVGIHWPEFHIWMKRQIXLSHW
7PEFWVIMRJSVGIHJSVGVEGO[MHXLGSRXVSP{8LMGORIWW
HIWMKRGERFIXLIWEQIEWJSVYRVIMRJSVGIHGSRGVIXIWPEFW
ERHXLI]EVIHIWMKRIHXSVIQEMRYRGVEGOIH[LIRPSEHIH*SV
WPEFW GSRWXVYGXIH [MXL TSVXPERH GIQIRX WLVMROEKI GVEGO
[MHXLW [LIRGVEGOMRKSGGYVW FIX[IIRNSMRXWEVIGSRXVSPPIH
F] E RSQMREP UYERXMX] SJ HMWXVMFYXIH VIMRJSVGIQIRX 7PEFW
VIMRJSVGIQIRXGERGSRWMWXSJFEVW[IPHIH[MVIVIMRJSVGIQIRX
WLIIXW WXIIPJMFIVWSVQEGVSW]RXLIXMGJMFIVW&EVERH [MVI
VIMRJSVGIQIRXWLSYPHFIWXMJJIRSYKLXSFIEGGYVEXIP]PSGEXIH
MRXLIYTTIVSJXLIWPEF
&EVW SV [IPHIH [MVI VIMRJSVGIQIRX EVI YWIH XS TVSZMHI
JPI\YVEPWXVIRKXLEXEGVEGOIHWIGXMSR-RXLMWGEWIERHJSV
WPEFWSJMRWYJJMGMIRXXLMGORIWWXSGEVV]XLIETTPMIHPSEHWEWER
YRVIMRJSVGIH WPEF XLI VIMRJSVGIQIRX VIUYMVIH JSV JPI\YVEP
WXVIRKXL WLSYPH FI WM^IH F] VIMRJSVGIH GSRGVIXI XLISV] EW
HIWGVMFIHMR%'-9WMRKXLIQIXLSHWMR%'-[MXL
LMKL WXIIP VIMRJSVGIQIRX WXVIWWIW LS[IZIV QE] PIEH XS
YREGGITXEFPI GVEGO [MHXLW &YMPHMRK GSHIW HS RSX WYTTSVX
XLIYWISJJMFIVVIMRJSVGIQIRXXSTVSZMHIJPI\YVEPWXVIRKXLMR
GVEGOIH WIGXMSRW JSV ZIVXMGEP SV PEXIVEP JSVGIW JVSQ SXLIV
TSVXMSRWSJEWXVYGXYVI
3XLIV XLER TSWXXIRWMSRMRK SV XLI VIMRJSVGIQIRX MR E
WLVMROEKIGSQTIRWEXMRK WPEF VIMRJSVGIQIRX HSIW RSX
TVIZIRXGSRGVIXIGVEGOMRK8]TMGEPP]XLIQSWXIGSRSQMGEP
[E]XSMRGVIEWIJPI\YVEPWXVIRKXLMWXSMRGVIEWIXLIWPEFXLMGORIWW
'LETXIVW ERH GSRXEMR HIWMKR QIXLSHW JSV WPEFW
VIMRJSVGIHJSVGVEGO[MHXLGSRXVSP
7PEFW VIMRJSVGIH XS TVIZIRX GVEGOMRK{4SWX
XIRWMSRIHWPEFWERHWLVMROEKIGSQTIRWEXMRKWPEFWEVIX]TMGEPP]
HIWMKRIH RSXXS GVEGOFYXWSQIMRGMHIRXEPQMRSVGVEGOMRK
QE] SGGYV *SV WLVMROEKIGSQTIRWEXMRK WPEFW XLI WPEF MW
HIWMKRIHYRVIMRJSVGIHERHXLIVIMRJSVGIQIRXMWHIWMKRIHXS
TVIWXVIWWXLII\TERHMRKWPEFXSSJJWIXXLIWXVIWWIWGEYWIHF]
XLIWLVMROEKIERHXIQTIVEXYVIVIWXVEMRX*SVTSWXXIRWMSRIH
WPEFWXLIVIMRJSVGIQIRXMWX]TMGEPP]HIWMKRIHXSGSQTIRWEXI
JSVWLVMROEKIERHXIQTIVEXYVIVIWXVEMRXWXVIWWERHETTPMIHPSEHW
7LVMROEKIGSQTIRWEXMRK GSRGVIXI WPEFW EVI TVSHYGIH
IMXLIV[MXLEWITEVEXIGSQTSRIRXEHQM\XYVISV[MXL%781
'8]TI/I\TERWMZIGIQIRX8LMWGSRGVIXIHSIWWLVMRO
FYXJMVWXI\TERHWXSEREQSYRXMRXIRHIHXSFIWPMKLXP]KVIEXIV
XLERMXWHV]MRKWLVMROEKI8SPMQMXXLIMRMXMEPWPEFI\TERWMSR
ERHXSTVIWXVIWWXLIGSRGVIXIVIMRJSVGIQIRXMWHMWXVMFYXIHMR
XLIYTTIVSJXLIWPEF7YGLVIMRJSVGIQIRXWLSYPHFIVMKMH
ERHTSWMXMZIP]TSWMXMSRIH8LIWPEFWLSYPHFIMWSPEXIHJVSQ
JM\IHTSVXMSRWSJXLIWXVYGXYVIWYGLEWGSPYQRWERHTIVMQIXIV
()7-+23*70%&732+6392(
6
8EFPI{+IRIVEPGSQTEVMWSRSJWPEFX]TIW
7PEFX]TI
%HZERXEKIW
(MWEHZERXEKIW
e 6IUYMVIWVIPEXMZIP]GPSWIP]WTEGIHWE[GYXGSRXVEGXMSR
NSMRXW
e 7MQTPIXSGSRWXVYGX
9RVIMRJSVGIHGSRGVIXI
e +IRIVEPP]MWPIWWI\TIRWMZIXSMRWXEPPXLERWPEFWHIWMKRIH ee 1SVISTTSVXYRMX]JSVWPEFGYVPERHNSMRXHIXIVMSVEXMSR
0EVKIRYQFIVSJNSMRXWXSQEMRXEMR
F]SXLIVQIXLSHW
e 4SWMXMZIPSEHXVERWJIVQE]FIVIUYMVIHEXNSMRXW
e *PEXRIWWERHPIZIPRIWWQE]HIGVIEWISZIVXMQI
e 1E]FIQSVII\TIRWMZIXLERERYRVIMRJSVGIHWPEF
6IMRJSVGIH[MXLHIJSVQIHFEVWSV
e 6IMRJSVGIQIRXGEREGXYEPP]MRGVIEWIXLIRYQFIVSJ
[IPHIH[MVIVIMRJSVGIQIRXWLIIXW e 6IMRJSVGIQIRXMWYWIHXSPMQMXWGVEGO[MHXL
VERHSQGVEGOWTEVXMGYPEVP]EX[MHIVNSMRXWTEGMRKW
JSVGVEGO[MHXLGSRXVSP
e 1SVISTTSVXYRMX]JSVWPEFGYVPERHNSMRXHIXIVMSVEXMSR
e 4SWMXMZIPSEHXVERWJIVQE]FIVIUYMVIHEXNSMRXW
e 7E[GYXGSRXVEGXNSMRXWGERFIIPMQMREXIH[LIVIWYJJMGMIRX e 6IUYMVIWVIPEXMZIP]LMKLEQSYRXW EXPIEWX SJ
VIMRJSVGIQIRXMWYWIH
'SRXMRYSYWP]VIMRJSVGIH[MXL
GSRXMRYSYWVIMRJSVGIQIRXTPEGIHRIEVXLIXSTSJXLIWPEF
e )PMQMREXIWWE[GYXGSRXVEGXMSRNSMRXQEMRXIRERGI
HIJSVQIHFEVWSV[IPHIH[MVI
XSIPMQMREXINSMRXW
e
'YVPMRKMWVIHYGIH[LIRLMKLEQSYRXWSJVIMRJSVGIQIRX
VIMRJSVGIQIRXQEXW
e 8]TMGEPP]TVSHYGIWRYQIVSYWGPSWIP]WTEGIHJMRIGVEGOW
EVIYWIH
ETTVS\MQEXIP]XSJX?XSQA XLVSYKLSYXWPEF
e 0IWWGLERKIWMRJPEXRIWWERHPIZIPRIWW[MXLXMQI
e 6IUYMVIWVIMRJSVGIQIRXXSHIZIPSTWLVMROEKIGSQTIRWEXMSR
e ;MRHS[SJJMRMWLEFMPMX]MWVIHYGIH
e %PPS[ERGIWLSYPHFIQEHIJSVGSRGVIXIXSI\TERHFIJSVI
HV]MRKWLVMROEKIFIKMRW
e 'SRWXVYGXMSRWIUYIRGMRKSJEHNEGIRXWPEFTERIPWWLSYPH
FIGSRWMHIVIHSVNSMRXWWLSYPHFIHIXEMPIHJSVI\TERWMSR
e 'SRXVEGXSVWLSYPHLEZII\TIVMIRGI[MXLXLMWX]TISJ
GSRGVIXI
e 1SVIHIQERHMRKMRWXEPPEXMSR
e 'SRXVEGXSVWLSYPHLEZII\TIVMIRGI[MXLTSWXXIRWMSRMRK
SVIQTPS]EGSRWYPXERX[MXLTSWXXIRWMSRMRKI\TIVMIRGI
e -RWTIGXMSRIWWIRXMEPXSIRWYVITVSTIVTPEGIQIRXERH
WXVIWWMRKSJXIRHSRW
e 9RIGSRSQMGEPJSVWQEPPEVIEW
e 2IIHXSHIXEMPJPSSVTIRIXVEXMSRWERHTIVMQIXIVJSV
WPEFQSZIQIRX
e -QTEGXSJGYXXMRKXIRHSRWWLSYPHFIIZEPYEXIHJSV
TSWXGSRWXVYGXMSRWPEFTIRIXVEXMSRW
e 1E]VIUYMVIEHNYWXQIRXWXSWXERHEVHGSRGVIXIQM\MRK
TPEGIQIRXERHJMRMWLMRKTVSGIHYVIW
e -RGVIEWIHVIWMWXERGIXSMQTEGXERHJEXMKYIPSEHMRKW[LIR e *MFIVWQE]FII\TSWIHSRXLIWYVJEGISJWPEF
GSQTEVIHXSWPEFWVIMRJSVGIH[MXLFEVWSVQIWL
e *PSSVWWYFNIGXIHXS[IXGSRHMXMSRWQE]RSXFIWYMXEFPI
e 7MQTPIXSGSRWXVYGX
JSVWXIIPJMFIVFIGEYWIJMFIVWGPSWIXSXLIWYVJEGIERHMR
[EXIVTIVQIEFPIGVEGOW[MPPVYWX
e ,IPTWVIHYGITPEWXMGWLVMROEKIGVEGOMRK
e 1MGVSW]RXLIXMGJMFIVWHSRSXLIPTMRGSRXVSPPMRKHV]MRK
e 7MQTPIXSGSRWXVYGX
WLVMROEKIGVEGOW
e 1EGVSW]RXLIXMGJMFIVWTVSZMHIMRGVIEWIHVIWMWXERGIXS
e .SMRXWTEGMRKJSVQMGVSW]RXLIXMGJMFIVVIMRJSVGIHWPEFW
MQTEGXERHJEXMKYIPSEHMRKWWMQMPEVXSWXIIPJMFIVW
EVIXLIWEQIEWYRVIMRJSVGIHWPEFW
e 7]RXLIXMGJMFIVWHSRSXGSVVSHI
e 7PEFWGERGEVV]WXVYGXYVEPPSEHWWYGLEWQI^^ERMRIW
e 7PEFQE]LEZIRYQIVSYWJMRISVLEMVPMRIGVEGOWMJ
e 6IHYGIWSVIPMQMREXIWWE[GYXGSRXVEGXMSRNSMRXW[LIVI
VIMRJSVGIQIRXWXVIWWIWEVIWYJJMGMIRXP]PS[
WYJJMGMIRXVIMRJSVGIQIRXMWYWIH
e %PPS[WGSRWXVYGXMSRNSMRXWTEGMRKWSJXSJX XS
Q e 7E[GYXGSRXVEGXMSRNSMRXWEVIRSVQEPP]RSXVIUYMVIH
e 6IHYGIWNSMRXQEMRXIRERGIGSWXHYIXSMRGVIEWIHWTEGMRKSJ
7LVMROEKIGSQTIRWEXMRKGSRGVIXI
XLINSMRXWVIHYGMRKXLIXSXEPEQSYRXSJNSMRXW
e 2IKPMKMFPIGYVPEXXLINSMRXW
e -RGVIEWIWWYVJEGIHYVEFMPMX]ERHEFVEWMSRVIWMWXERGI
%'-7IGXMSR{(YVEFMPMX] e 'SRWXVYGXMSRWTEGMRKWXSJX XSQ e 1SWXWLVMROEKIERHJPI\YVEPGVEGOWGERFIEZSMHIH
e )PMQMREXIWWE[GYXGSRXVEGXMSRNSMRXWERHXLIMV
QEMRXIRERGI
e 2IKPMKMFPIWPEFGYVP[LIRXIRHSRWEVIHVETIHRIEVNSMRX
4SWXXIRWMSRIH
IRHW
e -QTVSZIHPSRKXIVQJPEXRIWWERHPIZIPRIWW
e (IGVIEWIHWPEFXLMGORIWWSVMRGVIEWIHJPI\YVEPWXVIRKXL
e 6IWMPMIRX[LIRSZIVPSEHIH
e %HZERXEKIWMRTSSVWSMPGSRHMXMSRW
7XIIPJMFIVVIMRJSVGIHGSRGVIXI
7]RXLIXMGJMFIVVIMRJSVGIH
GSRGVIXI
7XVYGXYVEPWPEFWVIMRJSVGIHJSV
FYMPHMRKGSHIVIUYMVIQIRXW
JSYRHEXMSRW [MXL E GSQTVIWWMFPI QEXIVMEP XLEX EPPS[W XLI
MRMXMEPWPEFI\TERWMSR
6IJIVXS'LETXIVWERH JSVHIWMKRQIXLSHWJSVWPEFW
VIMRJSVGIHXSTVIZIRXGVEGOMRK
7XVYGXYVEP WPEFW{7XVYGXYVEP TPEMR ERH VIMRJSVGIH
WPEFWXLEXXVERWQMXZIVXMGEPPSEHWSVPEXIVEPJSVGIWJVSQSXLIV
TSVXMSRW SJ XLI WXVYGXYVI XS XLI WSMP WLSYPH FI HIWMKRIH MR
EGGSVHERGI [MXL %'- 9WMRK XLIQIXLSHW MR %'- [MXLLMKLWXIIPVIMRJSVGIQIRXWXVIWWIWLS[IZIVQE]PIEHXS
YREGGITXEFPIGVEGO[MHXLW
{(IWMKRERHGSRWXVYGXMSRZEVMEFPIW
(IWMKRERHGSRWXVYGXMSRSJWPEFWSRKVSYRHMRZSPZIWFSXL
XIGLRMGEPERHLYQERJEGXSVW8IGLRMGEPJEGXSVWMRGPYHIPSEHMRKW
WSMPWYTTSVXW]WXIQWNSMRXX]TIWERHWTEGMRKWHIWMKRQIXLSH
WPEF X]TI GSRGVIXI QM\XYVI HIZIPSTQIRX SJ QEMRXIRERGI
TVSGIHYVIW ERH XLI GSRWXVYGXMSR TVSGIWW ,YQER JEGXSVW
MRGPYHI XLI [SVOIVWv EFMPMXMIW JIIHFEGO XS IZEPYEXI XLI
GSRWXVYGXMSRTVSGIWWERHGSRJSVQERGI[MXLTVSTIVQEMR
XIRERGI TVSGIHYVIW JSV GVEGOMRK GYVPMRK ERH WLVMROEKI
8LIWI ERH SXLIV JEGXSVW WLSYPH FI GSRWMHIVIH [LIR
HIWMKRMRKEWPEF ;IWXIVKEEVH {+IRIVEPGSQTEVMWSRSJWPEFX]TIW
8SEWWMWX[MXLWIPIGXMRKXLIQSWXETTVSTVMEXIWPEFX]TI
JSV XLI TEVXMGYPEV TVSNIGX 8EFPI TVSZMHIW KIRIVEP
EHZERXEKIWERHHMWEHZERXEKIWJSVXLIWPEFX]TIWHMWGYWWIH
MR 7IGXMSR
{'SRGPYWMSR
2S WMRKPI WPEF HIWMKR QIXLSH MW VIGSQQIRHIH JSV EPP
ETTPMGEXMSRW6EXLIVJVSQXLIRYQFIVSJMHIRXMJMEFPIGSRWXVYG
XMSR GSRGITXW ERH HIWMKR QIXLSHW E GSQFMREXMSR WLSYPH FI
WIPIGXIHFEWIHSRXLIVIUYMVIQIRXWSJXLIWTIGMJMGETTPMGEXMSR
6
%'-'311-88))6)4368
',%48)6{73-079443687=78)17*36
70%&732+6392(
{-RXVSHYGXMSR
8LI HIWMKR SJ WPEFWSRKVSYRH XS VIWMWX QSQIRXW ERH
WLIEVW GEYWIH F] ETTPMIH PSEHW HITIRHW SR XLI MRXIVEGXMSR
FIX[IIR XLI GSRGVIXI WPEF ERH XLI WYTTSVXMRK QEXIVMEPW
4VSTIVXMIW ERH HMQIRWMSRW SJ XLI WPEF ERH XLI WYTTSVXMRK
QEXIVMEPW EVI MQTSVXERX MR XLI HIWMKR SJ E WPEFSRKVSYRH
8LIWYTTSVXW]WXIQWLSYPHFISJEGGITXEFPIYRMJSVQWXVIRKXL
ERHRSXIEWMP]WYWGITXMFPIXSXLIIJJIGXWSJGPMQEXMGGLERKIW
7PEFSRKVSYRH JEMPYVIW GER SGGYV FIGEYWI SJ ER MQTVSTIV
WYTTSVXW]WXIQ-WWYIWVIPEXIHXSXLIWYTTSVXW]WXIQSJXLI
WPEFSRKVSYRHMRGPYHI
e +ISXIGLRMGEPIRKMRIIVMRKVITSVXWTVSZMHMRKWSMPTVSTIVXMIW
e 7YFKVEHIGPEWWMJMGEXMSR
e 1SHYPYWSJWYFKVEHIVIEGXMSR
e (IWMKRSJXLIWPEFWYTTSVXW]WXIQ
e 7MXITVITEVEXMSRERH
e -RWTIGXMSRERHXIWXMRKSJXLIWPEFWYTTSVXW]WXIQ
8LMW GLETXIV MW PMQMXIH XS EWTIGXW SJ XLI WYTTSVX W]WXIQ
RIGIWWEV]JSVTVSTIVWPEFSRKVSYRHTIVJSVQERGI
8LIWPEFWYTTSVXW]WXIQGSRWMWXWSJEWYFKVEHIYWYEPP]E
FEWI ERH WSQIXMQIW E WYFFEWI EW MPPYWXVEXIH MR *MK 'VYWLIHVSGOKVEZIPWSVGSEVWIWERHWLEZILMKLWXVIRKXL
PS[GSQTVIWWMFMPMX]ERHLMKLTIVQIEFMPMX]EVIGSQQSRP]
YWIH EW FEWI GSYVWIW 'VYWLIH VSGO KVEZIPW WERHW WIPIGX
WSMPW ERH WXEFMPM^IH WSMPW EVI GSQQSRP] YWIH EW WYFFEWIW
ERHQE]FIYWIHEWFEWIQEXIVMEPW7SMPWMRXLIWYFKVEHIEVI
KIRIVEPP] XLI YPXMQEXI WYTTSVXMRK QEXIVMEPW FYX FIHVSGO
GSQTIXIRXSV[IEXLIVIHQE]EPWSFIIRGSYRXIVIH;LIRXLI
I\MWXMRKWSMPLEWYRMJSVQWXVIRKXLERHSXLIVRIGIWWEV]TVST
IVXMIWXSWYTTSVXXLIWPEFXLIWPEFQE]FITPEGIHHMVIGXP]SR
XLI I\MWXMRK WYFKVEHI 8LI I\MWXMRK KVEHI LS[IZIV MW
JVIUYIRXP]RSXEXXLIHIWMVIHIPIZEXMSRSVWPSTIERHWSQIGYX
ERHJMPPMWVIUYMVIH8SMQTVSZIWYVJEGIHVEMREKISVXSIPIZEXI
XLIJPSSVPIZIPGSRXVSPPIHJMPPYWMRKSRWMXISVMQTSVXIHWSMPW
MWVIUYMVIHSRWSQIWMXIW
{+ISXIGLRMGEPIRKMRIIVMRKVITSVXW
-RXVSHYGXMSR{+ISXIGLRMGEPIRKMRIIVMRKMRZIWXMKEXMSRW
WYTTP]WYFWYVJEGIWMXIMRJSVQEXMSRTVMQEVMP]JSVHIWMKRERH
GSRWXVYGXMSRSJXLIFYMPHMRKJSYRHEXMSRIPIQIRXWERHXSQIIX
FYMPHMRK GSHI VIUYMVIQIRXW ;MXLMR XLI KISXIGLRMGEP
IRKMRIIVMRK VITSVX WPEFSRKVSYRH WYTTSVX MW JVIUYIRXP]
HMWGYWWIHERHWYFKVEHIHVEMREKIERHTVITEVEXMSRVIGSQQIR
HEXMSRWEVIKMZIR)ZIR[LIRWPEFWYTTSVXMWRSXHMWGYWWIHMR
HIXEMPMRJSVQEXMSRKMZIR[MXLMRXLIWIVITSVXWWYGLEWFSVMRK
SVXIWXTMXPSKWJMIPHERHPEFSVEXSV]XIWXVIWYPXWERHHMWGYWWMSRW
SJ WYFWYVJEGI GSRHMXMSRW EVI YWIJYP MR IZEPYEXMRK WYFKVEHI
GSRHMXMSRWVIPEXMZIXSWPEFSRKVSYRHHIWMKRERHGSRWXVYGXMSR
&SVMRKSVXIWXTMXPSKW{(IWGVMTXMSRWKMZIRSRFSVMRK
SVXIWXTMXPSKWTVSZMHIMRJSVQEXMSRSRXLIXI\XYVISJXLIWSMPW
ERH XLIMV QSMWXYVI GSRHMXMSR ERH VIPEXMZI HIRWMX] [LIR
RSRGSLIWMZI SV GSRWMWXIRG] [LIR GSLIWMZI 8LIWI PSKW
TVIWIRXJMIPHXIWXVIWYPXWWYGLEWXLIWXERHEVHTIRIXVEXMSRXIWX
%781( MRFPS[WTIVMR QQ MRXIVZEPZEPYIW
8LIPSKRSXIWXLIPSGEXMSRSJXLI[EXIVXEFPIEXXLIXMQISJ
FSVMRKERHHITXLWXSWLEPPS[FIHVSGO8LI%XXIVFIVKPMQMXW
*MK{7PEFWYTTSVXW]WXIQXIVQMRSPSK]
ERHPEFSVEXSV]XIWXVIWYPXWWYGLEWXLIQSMWXYVIGSRXIRXERH
HV] HIRWMX] SJ GSLIWMZI WSMPW EVI SJXIR MRGPYHIH SR XLI
FSVMRK PSKW SV MR XLI KISXIGLRMGEP VITSVX %PWS XLI WSMP MW
GPEWWMJMIHEWHMWGYWWIHMR7IGXMSR
6ITSVX IZEPYEXMSRW ERH VIGSQQIRHEXMSRW{)ZEPYE
XMSRWERHVIGSQQIRHEXMSRWVIPEXMZIXSXLII\MWXMRKWYFKVEHI
QEXIVMEP MXW GSQTEGXMSR ERH WYTTSVXMRK GETEFMPMX] GER FI
MRGPYHIH MR XLI VITSVX ERH WLSYPH FI IZEPYEXIHEKEMRWX XLI
HIWMKR VIUYMVIQIRXW 8LI KISXIGLRMGEP IRKMRIIV QE]
TVSZMHIWYKKIWXMSRWJSVWYFFEWIERHFEWIGSYVWIQEXIVMEPW
-RWSQIGEWIWPSGEPQEXIVMEPWXLEXEVITIGYPMEVXSXLEXEVIE
WYGL EW GVYWLIH WIE WLIPPW QMRI XEMPMRKW FSXXSQ EWL ERH
SXLIV[EWXITVSHYGXWGERFIIGSRSQMGEPP]YWIH8LIPSGEP
KISXIGLRMGEP IRKMRIIV MW KIRIVEPP] ORS[PIHKIEFPI EFSYX
YWMRK XLIWI QEXIVMEPW MR XLI TVSNIGX EVIE 8LI I\TIGXIH
TIVJSVQERGIGLEVEGXIVMWXMGWSJXLIWPEFSRKVSYRHWLSYPHFI
QEHIORS[RXSXLIKISXIGLRMGEPIRKMRIIVFIJSVIXLIWYFWYVJEGI
MRZIWXMKEXMSRXSSFXEMRXLIFIWXIZEPYEXMSRERHVIGSQQIRHEXMSRW
*SV I\EQTPI WSQI SJ XLI MRJSVQEXMSR XLEX WLSYPH FI
TVSZMHIHXSXLIKISXIGLRMGEPIRKMRIIVMRGPYHIW
e *EGMPMX]YWIERHTVSTSWIHJPSSVIPIZEXMSR
e 8]TIERHQEKRMXYHISJERXMGMTEXIHPSEHW
e )RZMVSRQIRXEPGSRHMXMSRWSJXLIFYMPHMRKWTEGI
e *PSSVPIZIPRIWWERHJPEXRIWWGVMXIVMEERH
e *PSSVGSZIVMRKVIUYMVIQIRXW
-XQE]FIFIRIJMGMEPJSVXLIKISXIGLRMGEPIRKMRIIVXSZMWMX
PSGEP FYMPHMRKW SV SXLIV JEGMPMXMIW SJ XLI GPMIRX XLEX LEZI
WMQMPEV YWI 'SSVHMREXMSR FIX[IIR XLI KISXIGLRMGEP IRKMRIIV
ERH XLI WPEFSRKVSYRH HIWMKRIV JVSQ XLI FIKMRRMRK SJ XLI
TVSNIGXGERPIEHXSEREHIUYEXIERHIGSRSQMGEPWPEFWSRKVSYRH
{7YFKVEHIGPEWWMJMGEXMSR
7SMPWYTTSVXMRKXLIWPEFSRKVSYRHQE]QIIXXLIGVMXIVME
JSVEWYFFEWISVIZIREFEWIQEXIVMEPFYXWLSYPHFIMHIRXMJMIH
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6
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e (YVEXMSRSJPSEH
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e %VIESJGSRXEGXFIX[IIRTSWXFEWITPEXIERHWPEF
1EXIVMEPLERHPMRKW]WXIQWEVIQENSVTEVXWSJXLIFYMPHMRK
PE]SYXERHWLSYPHFI[IPPHIJMRIHIEVP]MRXLITVSNIGX6EGO
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6
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e 0SEHHYVEXMSR
e ;MHXLERHPIRKXLSJPSEHIHEVIE
e %MWPI[MHXLERH
e 4VIWIRGISJENSMRXPSGEXIHMRERHTEVEPPIPXSEREMWPI
0SEHMRXIRWMX]ERHPE]SYXQE]RSXFIGSRWXERXHYVMRKXLI
WIVZMGIPMJISJEWPEF8LIVIJSVIXLIWPEFWLSYPHFIHIWMKRIH
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8LIZEVMEFPIWJSVPMRIERHWXVMTPSEHWEVIWMQMPEVXSXLSWI
JSVHMWXVMFYXIHPSEHMRKWERHMRGPYHI
e 1E\MQYQPSEHMRXIRWMX]
e 0SEHHYVEXMSR
e ;MHXLPIRKXLSJPSEHIHEVIEERH[LIRXLIPMRISVWXVMT
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e 'SRJMKYVEXMSRSJPSEHIHEVIE
e 0SEHHMWXVMFYXIHXSQSVIXLERSRIE\PIERH
e 1SVIXLERX[SSVJSYV[LIIPWTIVE\PI
8LIPSEHZEVMEFPIWEVIWMQMPEVXSXLSWIJSVXLIPSEHX]TIW
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e 4MGOYTXVYGOW
e 7GMWWSVPMJXW
e 'SRGVIXIXVYGOW
e (YQTXVYGOW
e ,SMWXMRKIUYMTQIRXERHGVERIWYWIHJSVWXIIPIVIGXMSR
e 8MPX[EPPIVIGXMSRERHFVEGMRKPSEHWERH
e 7IXXMRKIUYMTQIRX
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PIKEPPMQMXW*SVHIWMKRVIJIVIRGIXLIZEPYIWWLS[RMR*MK
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6
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WTEGMRKVIGSQQIRHEXMSRWKMZIRMR*MKEVIJSPPS[IHXLIR
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EW JSYRHEXMSR IPIQIRXW IHKI [EPPW ERH TMXW WLSYPH FI
EZSMHIH6IMRJSVGIQIRXWLSYPHFITVSZMHIHEXWYGLVIWXVEMRXW
XSPMQMXWPEFGVEGO[MHXLW'LETXIVHMWGYWWIWXLIVQEPERH
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KVSYRH JVSQ SXLIV WXVYGXYVEP IPIQIRXW 7SQI SJ XLIWI
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e 1MRMQM^IGVEGOMRKERHGYVPMRK
e -RGVIEWIWYVJEGIHYVEFMPMX]
e 3TXMQM^INSMRXPSGEXMSRWERHNSMRXX]TIWJSVNSMRXWXEFMPMX]
[LMGL MW XLI HMJJIVIRXMEP HIJPIGXMSR SJ XLI EHNEGIRX WPEF
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MRHIXIVQMRMRKXLIJMREPIJJIGXMZITSWXXIRWMSRMRKJSVGI
%REP]^I XLI PSEHMRK IJJIGXW YWMRK XLI ;IWXIVKEEVH
IUYEXMSRWSVWMQMPEVEREP]WMW]MIPHMRKXLIWXVIWWIWYRHIVXLI
GSRGIRXVEXIHYRMJSVQPMJXXVYGOSVPMRIPSEHW(MJJIVIRXJSVQYPEW
EVIEZEMPEFPIJSVPSEHWMRXLIQMHHPISJEWPEFERHEXXLIIHKI
:IVMJ]XLEXXLIXSXEPWYTIVMQTSWIHWXVIWWIWERHHIJPIGXMSRW
HS RSX I\GIIH XLI EPPS[EFPI ZEPYIW (ITIRHMRK SR XLI
VIWYPXW E QSHMJMGEXMSR SJ XLI WPEF XLMGORIWW SV WPEF TPEGI
QIRXPE]SYXQE]FIRIGIWWEV]
4SWX8IRWMSRMRK-RWXMXYXIQIXLSH{-RXLI48TYFPMWLIHEXLMVHIHMXMSRSJ(IWMKRERH'SRWXVYGXMSRSJ4SWX
8IRWMSRIH 7PEFWSR+VSYRH 48- [LMGL GSRXEMRW
VIGSQQIRHEXMSRW JSV IWXEFPMWLMRK WXVIRKXL ERH WIVZMGI
EFMPMX]VIUYMVIQIRXWJSVVIWMHIRXMEPTSWXXIRWMSRIHGSRGVIXI
WPEFW SR IMXLIV WXEFPI I\TERWMZI SV GSQTVIWWMFPI WSMPW
8LIWIWXVIRKXLERHHIJPIGXMSRVIUYMVIQIRXWEVIFEWIHSRXLI
EWWYQTXMSRSJERYRGVEGOIHWIGXMSR
8LI 48- HIWMKR TVSGIHYVI YWIW TSWXXIRWMSRMRK EW XLI
TVMQEV] VIMRJSVGIQIRX JSV E VMFFIH ERH YRMJSVQ XLMGORIWW
WPEF % VMFFIH WPEF MW VIMRJSVGIH XS TVSZMHI WYJJMGMIRX
WXVIRKXLERHHIJPIGXMSRGSRXVSPMRW[IPPMRKERHGSQTVIWWMFPI
WSMP GSRHMXMSRW % TSWXXIRWMSRIH WPEF MW EFPI XS VIQEMR
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YRGVEGOIHJSVLMKLIVPSEHWERHXLIVIJSVIGSRXVSPWPEFQSZI
QIRXWHYIXSMXWKVIEXIVWXMJJRIWW
(IWMKR ERH 'SRWXVYGXMSR SJ 4SWX8IRWMSRIH 7PEFWSR
+VSYRH TVIWIRXW IUYEXMSRW JSV XLI HIXIVQMREXMSR SJ XLI
QSQIRXHIJPIGXMSRERHWLIEVJSVWPEFWGEWXSRI\TERWMZISV
GSQTVIWWMFPI WSMPW 8LIWI IUYEXMSRW [IVI HIZIPSTIH F] E
PSKPMRIEV VIKVIWWMSR EREP]WMW FEWIH SR XLI VIWYPXW SJ WITEVEXIEREP]WIWXLEXVITVIWIRXIHJYPPGSRWMHIVEXMSRSJFSXL
GIRXIV PMJX ERH IHKI PMJX GSRHMXMSRW YWMRK E JMRMXI IPIQIRX
TPEXISRIPEWXMGLEPJWTEGI JSYRHEXMSR ;VE] 8LI
VIWYPXW SJ IEGL EREP]WMW [IVI WGVIIRIH JSV XLI QE\MQYQ
ZEPYIWSJQSQIRXWLIEVERHHMJJIVIRXMEPHIJPIGXMSRMRFSXL
XLIPSRKERHWLSVXHMVIGXMSR8LIWIZEPYIW[IVIYWIHMRXLI
VIKVIWWMSREREP]WMWXLEXHIZIPSTIHXLIHIWMKRIUYEXMSRW8LI
IRKMRIIVWLSYPHGSRWMHIVWMXIWTIGMJMGGMVGYQWXERGIWWYGLEW
GPMQEXI XVIIW WPSTIW [MXL GYX ERH JMPP ERH WYVJEGI [EXIV
HVEMREKI GSRHMXMSRW EW XLIWI GER GLERKI XLI VIWYPXW
GSRWMHIVEFP] 1SMWXYVIWIRWMXMZI WSMPW WLSYPH FI WXEFMPM^IH
F] QMRMQM^MRK I\GLERKIW MR QSMWXYVI GSRXIRX 8LI 48 HSGYQIRXEPWSTVSZMHIWWPEFHIWMKRVIGSQQIRHEXMSRW
ERHHIWMKRI\EQTPIW
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(IWMKRQIXLSHW{*SVPMKLXP]PSEHIHWPEFWX]TMGEPP]
[MXLRSVEGOTSWXPSEHWXLIGVEGOGSRXVSPHIWMKRMWYWIH8LI
TVEGXMGEPQMRMQYQWPEFXLMGORIWWMWETTVS\MQEXIP]MR
QQ XS TVSZMHI RIGIWWEV] GSRGVIXI GSZIV XS XLI
TVIWXVIWWIH VIMRJSVGIQIRX 8LMW QMRMQYQ WPEF XLMGORIWW
[MXL VIWMHYEP GSQTVIWWMSR JVSQ TSWXXIRWMSRMRK [MPP
GSRWMHIVEFP]MRGVIEWIXLIPSEHWXVIRKXLSJXLIWPEF
4SWXXIRWMSRMRKJSVGIVIUYMVIH{'EPGYPEXIXLITSWX
XIRWMSRMRK JSVGI 4V PFJX ?2QA VIUYMVIH XS SZIVGSQI XLI
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MWXLIWPEFPIRKXLMRXLIHMVIGXMSRFIMRKGSRWMHIVIHJX Q ERH
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8LIJSPPS[MRKGSIJJMGMIRXWSJJVMGXMSR™EVIVIGSQQIRHIH
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JSV HMWGYWWMSR SJ GSIJJMGMIRX SJ JVMGXMSR ZEPYI *SVTSWXXIRWMSRIHWPEFWSZIVJX?QA
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e 7PEFW SR SRI PE]IV SJ TSP]IXL]PIRI WLIIXMRK XS
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PSWWIW FEWIH SR XLI WPEF KISQIXV] PSEHMRK ERH YWEKI
6IGSQQIRHIHVIWMHYEPTVIWXVIWWPIZIPWEVI
6
6IWMHIRXMEPJSYRHEXMSRW
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XSTWM
XSTWM
XSTWM
XSTWM
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XS14E
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XS14E
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PSRKXIVQPSWWIWMRXLIXIRHSRWEGGSVHMRKXS>MEIXEP 8LIXIRHSRWTEGMRK7XIR JX?QA VIUYMVIHXSSZIVGSQIWPEF
WYFKVEHIJVMGXMSRERHQEMRXEMREVIWMHYEPGSQTVIWWMSREXXLI
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4I
7 XIR ! JT ;, 4 V
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MW XLI QMRMQYQ EZIVEKI VIWMHYEP TVIWXVIWW VIUYMVIH
GSQTVIWWMZIWXVIWW TWM 14E ;MWXLIWPEFYRMXWXVMT[MHXL
MRJX?QQQA , MWWPEFXLMGORIWWMR QQ ERH
4VMWJVSQ)U PFJX 2Q *PSEXMRKWPEF{%JPSEXMRKWPEFMWEWPEFSRKVSYRH
MWSPEXIH JVSQ EPP VIWXVEMRMRK IPIQIRXW XLEX [SYPH VIWMWX
GSRXVEGXMSRWERHI\TERWMSRWHYIXSHV]MRKWLVMROEKIIPEWXMG
WLSVXIRMRK HYI XS TSWXXIRWMSRMRK SV XIQTIVEXYVI IJJIGXW
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MWEPPS[IHXSWLSVXIRHYIXSHV]MRKWLVMROEKIERHXLIIPEWXMG
WLSVXIRMRK HYI XS XLI TSWXXIRWMSRMRK JSVGI %R] WPEF
VIWXVEMRXW WYGL EW GSPYQRW [EPPW JSSXMRKW ERH PSEHMRK
HSGOWWLSYPHFIMWSPEXIHWSEWRSXXSTVIZIRXWPEFQSZIQIRX
8LIGSRGVIXITPEGIQIRXPE]SYXWLSYPHFIHIWMKRIHMRWYGLE
[E]WSXLEXXLIEHNEGIRXTPEGIQIRXWHSRSXVIWXVEMRXLIVIPE
XMZI WPEF QSZIQIRXW (S[IPW SV SXLIV NSMRX VIMRJSVGIQIRX
KSMRKXLVSYKLENSMRXWLSYPHLEZIEGSQTVIWWMFPIQEXIVMEPSR
XLIWMHISJVIPEXMZIQSZIQIRX
8IRHSR WXVIWWMRK{8LI WXVIWWMRKWIUYIRGIWLSYPH
FIEHNYWXIHXSXLITVSNIGXVIUYMVIQIRXW3RIXMQIWXVIWWMRK
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VIEGLIW WYJJMGMIRX WXVIRKXL XS XVERWJIV XLI JSVGI JVSQ XLI
ERGLSVEKIW-RHYWXVMEPJPSSVWQE]RIIHX[SWXVIWWMRKWXEKIW
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XLI MRMXMEP WXEKI TEVXMEP WXVIWWMRK WLSYPH FI GSQTPIXIH
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WXVIWW WLSYPH FI FEWIH SR GSQTVIWWMSR WXVIRKXL G]PMRHIVW
WXSVIHMRXLIWEQIIRZMVSRQIRXEPGSRHMXMSRWEWXLIWPEF8LI
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WXVIWWMRKXLIXIRHSRW
8IRHSRPE]SYX{(ITIRHMRKSRXLIWPEFYWEKI JPI\MFPI
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ERHXLITPEGIQIRXPE]SYXERHWIUYIRGI PSRKREVVS[WXVMTW
VIGXERKYPEVWIGXMSRW TSWXXIRWMSRMRKGERFITVSZMHIHMRSRI
SVFSXLHMVIGXMSRW3RI[E]TSWXXIRWMSRMRKMWGSQQSRJSV
REVVS[WXVMT TPEGIQIRXW 8[S[E] TSWXXIRWMSRMRK MW YWIH
JSV VERHSQ XVEJJMG EVIEW ERH VIGXERKYPEV TPEGIQIRX EVIEW
8]TMGEPP]TSWXXIRWMSRMRKXIRHSRWEVITPEGIHMRXLIHMVIGXMSRSJ
ZILMGPIXVEJJMG7SQIXMQIWXLITSWXXIRWMSRMRKXIRHSRWGVSWW
XLIXVEJJMGNSMRXXSQEMRXEMRGSQTVIWWMSREGVSWWXLINSMRXERH
OIITMRKMXJVSQSTIRMRK8LMWIRLERGIWXLIHYVEFMPMX]SJXLI
XVEJJMGNSMRXERHIPMQMREXIWERIIHJSVQSVIWIZIVIQIEWYVIW
6
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ERH HVMPPMRK ERGLSVW TPEGIH EJXIV GSRWXVYGXMSR [MXL XIRHSR
PSGEXMSRWXSEZSMHWIZIVMRKXIRHSRW9WIQIXEPHIXIGXSVWSV
WMQMPEVHIZMGIWXSPSGEXIXIRHSRW
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VIMRJSVGIQIRXJSVWXVYGXYVEPWYTTSVX
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PMWXIHMR7IGXMSRGERFIYWIH8LIWIMRHYWXVMEPJPSSV
HIWMKRQIXLSHWEPPS[JSVEREGGYVEXIEREP]WMWSJXLIIJJIGXW
JVSQXLIGSQQSRPSEHGEWIWJSV[EVILSYWIWPEFW'SRZIR
XMSREP WXVYGXYVEP GSRGVIXI HIWMKR QIXLSHW WLSYPH FI YWIH
[LIR XLI EWWYQTXMSR SJERYRGVEGOIHWIGXMSRMWRSXZEPMH
%TTP]XLITVSZMWMSRWSJ7IGXMSRXSGSRXVSPGVEGOMRKERH
XSLIPTHIXIVQMRIXLITPEGIQIRXERHXIRHSRPE]SYXW
*EGXSVWSJWEJIX]{%ZSMHXLIYWISJQYPXMTPIJEGXSVW
SJ WEJIX] 4SWXXIRWMSRMRK TVSZMHIW VIWIVZI GETEGMXMIW ERH
JEGXSVWSJWEJIX]KVIEXIVXLERXLSWIJSVRSRTVIWXVIWWIHWPEFW
WLSYPHRSXFIYWIH'VEGOMRKYRHIVXLIGSRGIRXVEXIHPSEHMW
TIVQMWWMFPIJSVTSWXXIRWMSRIHWPEFWERHMXGERFIXEOIRMRXS
EGGSYRXF]YWMRKWXVYGXYVEPHIWMKRVIUYMVIQIRXWSJ%'-
7YFKVEHIJVMGXMSRVIHYGXMSR{6IJIVXS7IGXMSR
JSVXLIVIGSQQIRHIHVERKISJJVMGXMSRGSIJJMGMIRXW8SYWI
XLIEHZERXEKIWSJTSWXXIRWMSRIHWPEFWXLIWXVMTPIRKXLWSV
TPEGIQIRX WM^IW WLSYPH FI EW PEVKI EW TVEGXMGEP *SV XLMW
VIEWSR WYFKVEHI JVMGXMSR VIHYGXMSR MW HIWMVEFPI *SV WPEFW
SRISVX[SPE]IVWSJTSP]IXL]PIRIWLIIXMRKHMVIGXP]FIRIEXLXLI
WPEFEVIX]TMGEPP]YWIH'YVPMRKGERFIVIHYGIHF]TIVJSVEXIH
WLIIXMRK ,S[IZIV XLI WLIIXMRK WLSYPH RSX FI TIVJSVEXIH
[LIRXLIWIWLIIXWEVIEPWSYWIHJSVEZETSVVIXEVHIVFEVVMIV%
XLMRPE]IVSJGSQTEGXMFPIIEW]XSXVMQKVERYPEVQEXIVMEPGER
FIYWIHYRHIVXLIWPEFXSLIPTVIHYGIWYFKVEHIJVMGXMSRERH
TVSZMHISXLIVFIRIJMXWRSXIHMR7IGXMSR
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XIRWMSRIHWPEFWFIWMHIWXLIGSRWXVYGXMSRNSMRXWWYVVSYRHMRK
XLI WIGXMSR FIMRK TPEGIH 8LIVI MW RS RIIH JSV WE[GYX
GSRXVEGXMSR NSMRXW &IGEYWI PIRKXLW FIX[IIR XLI NSMRXW EVI
PSRKERHXLIWLSVXIRMRKSJXLIWPEFWWLSYPHRSXFIVIWXVMGXIH
RSXIXLIJSPPS[MRKGSRWMHIVEXMSRW
7XVMTTPEGIQIRXW{2SVQEPP]IZIV]SXLIVWXVMT
MWTPEGIHXLIRXLIEHNEGIRXWPEFWEVITPEGIHMREWIGSRHTLEWI
8LMW EPPS[W XLI MRMXMEP WPEFW XS WLSVXIR MR XLIMV PSRK ERH
WLSVX HMVIGXMSRFIJSVITPEGMRKXLIEHNEGIRXWPEF8]TMGEPP]
RSHS[IPWSVSXLIVVIMRJSVGIQIRXEVIRIGIWWEV]EGVSWWXLMW
NSMRXYRPIWWEPSEHXVERWJIVMWVIUYMVIHEWMREVIEWSJNSMRX
GVSWWMRK XVEJJMG 8S WMKRMJMGERXP] MQTVSZI XLI HYVEFMPMX] SJ
WYGLENSMRXTSWXXIRWMSRMRKTIVTIRHMGYPEVXSXLINSMRXGERFI
TVSZMHIHMRXLMWEVIE8LIWLSVXHMVIGXMSRNSMRXSRXLIIRHSJ
EPSRKWXVMTQE]STIRQSVIXLERMWHIWMVEFPI8SSJJWIXXLMW
IJJIGXETPEGIQIRXWXVMTGERVIQEMRSTIREWPSRKEWTVEGXMGEP
XSEPPS[QSWXSJXLIWLSVXIRMRKXSSGGYVFIJSVIXLITPEGIQIRX
WXVMTMWGPSWIH%PWSWXEKIWXVIWWMRKVIHYGIWPSRKHMVIGXMSR
WLSVXIRMRK EW XLI ]SYRK GSRGVIXI MW SRP] TEVXMEPP]
TVIWXVIWWIH8LIIPEWXMGWLSVXIRMRKHIGVIEWIW[MXLXLIEKISJ
GSRGVIXIEXPSEHXVERWJIV
4PEGIQIRXSJVIGXERKYPEVWIGXMSRW{%PPSJXLI
GVMXIVMEJVSQXLIWIGXMSRJSVWXVMTTPEGIQIRXWETTP]8]TMGEPP]
TSWXXIRWMSRMRK MW TVSZMHIH MR FSXL HMVIGXMSRW 4VSZMWMSRW
WLSYPHFIQEHIJSVXLIXIRHSRWGVSWWMRKXLINSMRXWWSEWRSX
XS VIWXVEMR XLI WLSVXIRMRK SJ XLI EHNEGIRX WPEFW F] YWMRK
GSQTVIWWMFPIWPIIZIWEVSYRHXLIXIRHSRW
7TIGMEP GSRWMHIVEXMSRW{8LI TSWXXIRWMSRMRK
XIRHSRW WLSYPH FI PSGEXIH RIEV XLI GIRXIV SJ XLI WPEF
3GGEWMSREPP]XLIIRKMRIIVQE]HIXIVQMRIXLEXXLIXIRHSRW
RIIHXSFIMRERSXLIVTSWMXMSRFEWIHSRSXLIVGSRWMHIVEXMSRW
%LMKLIVTSWMXMSRSJXLIXIRHSRWMRXLIWPEFVIHYGIWXLIVMWO
SJWYVJEGIGVEGOMRK%PS[IVTSWMXMSRVIHYGIWXLITSXIRXMEPSJ
GVEGOMRKYRHIVGSRGIRXVEXIHPSEHW
8LI XIRHSRW GER FI WYTTSVXIH SR WYTTSVX FEVW IWTIGMEPP]
[LIR YWMRK SRI[E] TSWXXIRWMSRMRK 7YTTSVX FEVW GER EPWS
WIVZIEWGVEGO[MHXLGSRXVSPVIMRJSVGIQIRX9WIWTIGMEPWPEFSR
KVSYRHGLEMVWSJXLIVIUYMVIHLIMKLXXSIRWYVIXLEXXLIPSGEXMSRSJ
XLIXIRHSRWVIQEMRWYRGLERKIHHYVMRKGSRGVIXITPEGIQIRX
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TPEWXMG IEVP]EKI ERHLEVHIRIHTVSTIVXMIW7]RXLIXMGJMFIVW
SJ R]PSR ERH TSP]TVST]PIRI LEZI FIIR YWIH XS TVSZMHI
GSRXVSP SJ VERHSQ TPEWXMGWLVMROEKI GVEGOMRK 7XIIP JMFIVW
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VERHSQGVEGOGSRXVSPMRGSRGVIXIEJXIVMXVIEGLIWELEVHIRIH
WXEXI'SQFMRMRKXLIWITVSHYGXWMRGSRGVIXITVSZMHIWTPEWXMG
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ERHWXIIPJMFIVVIMRJSVGIHGSRGVIXI *6' QEXIVMEPTVSTIVXMIW
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TVSTSVXMSRWERHEPPQM\XYVIGSRWXMXYIRXWMRGPYHMRKJMFIVX]TI
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HIWMKR[MXL*6'
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7]RXLIXMG JMFIVW EVI YWIH XS VIMRJSVGI GSRGVIXI EKEMRWX
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EHHMXMSR 0:% VEXIWSJ SVPIWWSJGSRGVIXIZSPYQIJSV
TPEWXMG WLVMROEKI GVEGO GSRXVSP 1EGVSW]RXLIXMG JMFIVW
HMEQIXIVW IUYEP SV KVIEXIV XLER MR ? QQA EVI
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8LIPIRKXLSJJMFIVWYWIHJSVWPEFSRKVSYRHETTPMGEXMSRW
GERVERKIFIX[IIRXSMR XSQQ 4VSTIVXMIWSJW]RXLIXMGJMFIVW{%HHMRKQMGVSW]RXLIXMG
JMFIVW XS GSRGVIXI JSV TPEWXMG WLVMROEKI GVEGO GSRXVSP
TVSZMHIW E QIGLERMWQ XLEX MRGVIEWIW GSRGVIXIvW XIRWMPI
WXVIRKXLMRXLITPEWXMGWXEXI &ERXLMEERH=ER 8LMWMW
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[LMPIXLIGSRGVIXIMWMRMXWTPEWXMGWXEXI1MGVSW]RXLIXMGJMFIVW
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MRGVIEWIW[MXLLEVHIRMRKQMGVSJMFIVWTVSZMHIMRWYJJMGMIRX
VIWXVEMRX XS MRLMFMX GVEGOMRK 1MGVSW]RXLIXMG JMFIVW EVI
RSVQEPP]YWIHMRXLIVERKISJZSPYQITIVGIRXXS
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GER MRGVIEWI XLI JVEGXYVI XSYKLRIWW SJ GSRGVIXI WPEFWSR
KVSYRHMRXLILEVHIRIHWXEXI9WIQEGVSW]RXLIXMGJMFIVWMR
XLIVERKISJXS F]ZSPYQI[LMGLIUYEXIWXSXS
PF]H XS OKQ 1EGVSW]RXLIXMGJMFIVW TVSZMHI
MRGVIEWIHTSWXGVEGOMRKVIWMHYEPWXVIRKXLXSWPEFWSRKVSYRH
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ZSPYQI SV PIWW HSIW RSX WMKRMJMGERXP] EPXIV XLI YPXMQEXI
GSQTVIWWMZI JPI\YVEP ERH XIRWMPI WXVIRKXL SJ GSRGVIXI
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RIWWSJGSRGVIXI%781''ERH'1
TVSZMHIUYERXMXEXMZIQIEWYVIWXLEXEVIYWIJYPMRIZEPYEXMRK
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VIWYPXW SJ XLIWI XIWX QIXLSHW GER FI YWIH XS STXMQM^I XLI
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