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{1IXLSHWYWIHMRGSQFMREXMSR
9RHIV WSQI GSRHMXMSRW E GSQFMREXMSR SJ X[S SV QSVI
GSRWSPMHEXMSRQIXLSHWKMZIWXLIFIWXVIWYPXW
-RXIVREPERHI\XIVREPZMFVEXMSRGERSJXIRFIGSQFMRIHXS
EHZERXEKI MR TVIGEWX [SVO ERH SGGEWMSREPP] MR GEWXMRTPEGI
GSRGVIXI 3RI WGLIQI YWIW JSVQ ZMFVEXSVW JSV VSYXMRI
GSRWSPMHEXMSRERHMRXIVREPZMFVEXSVWJSVWTSXYWIEXGVMXMGEP
LIEZMP]VIMRJSVGIHWIGXMSRWTVSRIXSZSMHWSVTSSVFSRH[MXL
XLIVIMRJSVGIQIRX'SRZIVWIP]MRWIGXMSRW[LIVIXLITVMQEV]
GSRWSPMHEXMSR MW F] MRXIVREP ZMFVEXSVW JSVQ ZMFVEXMSR QE]
EPWSFIETTPMIHXSEGLMIZIXLIHIWMVIHWYVJEGIETTIEVERGI
:MFVEXMSRQE]FIWMQYPXERISYWP]ETTPMIHXSXLIJSVQERH
XLI XSTWYVJEGI8LMWTVSGIHYVIMWJVIUYIRXP]YWIHMRQEOMRK
TVIGEWXYRMXWSRZMFVEXMRKXEFPIW8LIQSPHMWZMFVEXIH[LMPI
EZMFVEXSV]TPEXISVWGVIIH[SVOMRKSRXLIXSTWYVJEGII\IVXW
EHHMXMSREPZMFVEXSV]MQTYPWIWERHTVIWWYVI
:MFVEXMSRSJXLIJSVQMWWSQIXMQIWGSQFMRIH[MXLWXEXMG
TVIWWYVIETTPMIHXSXLIXSTWYVJEGI:MFVEXMSRYRHIVTVIWWYVI
MWTEVXMGYPEVP]YWIJYPMRQEWSRV]YRMXWERHXLIGSRWSPMHEXMSR
SJGSRGVIXITVSHYGXMSR[LIVIXLIZIV]WXMJJQM\XYVIWHSRSX
VIEGXJEZSVEFP]XSZMFVEXMSREPSRI
'IRXVMJYKEXMSRZMFVEXMSRERHVSPPMRKQE]FIGSQFMRIHMR
XLITVSHYGXMSRSJGSRGVIXITMTIERHSXLIVLSPPS[WIGXMSRW
6
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&=:-&6%8-32
:MFVEXMSRGSRWMWXWSJWYFNIGXMRKJVIWLP]TPEGIHGSRGVIXIXS
VETMHZMFVEXSV]MQTYPWIW[LMGLPMUYIJ]XLIQSVXEV*MK
ERHWMKRMJMGERXP]VIHYGIXLIMRXIVREPJVMGXMSRFIX[IIREKKVI
KEXITEVXMGPIW;LMPIMRXLMWGSRHMXMSRGSRGVIXIWIXXPIWYRHIV
XLI EGXMSR SJ KVEZMX] WSQIXMQIW EMHIH F] SXLIV JSVGIW
;LIRZMFVEXMSRMWHMWGSRXMRYIHJVMGXMSRMWVIIWXEFPMWLIH
{:MFVEXSV]QSXMSR
%GSRGVIXIZMFVEXSVLEWEVETMHSWGMPPEXSV]QSXMSRXLEXMW
XVERWQMXXIH XS XLI JVIWLP] TPEGIH GSRGVIXI 3WGMPPEXMRK
QSXMSRMWFEWMGEPP]HIWGVMFIHMRXIVQWSJJVIUYIRG]RYQFIV
SJ SWGMPPEXMSRW SV G]GPIW TIV YRMX SJ XMQI ERH EQTPMXYHI
HIZMEXMSRJVSQTSMRXSJVIWX
6SXEV]ZMFVEXSVWJSPPS[ERSVFMXEPTEXLGEYWIHF]VSXEXMSR
SJERYRFEPERGIHIGGIRXVMGQEWWMRWMHIEZMFVEXSVGEWMRK8LI
SWGMPPEXMSR MW IWWIRXMEPP] WMQTPI LEVQSRMG QSXMSR EW
I\TPEMRIHMRXLI%TTIRHM\%GGIPIVEXMSREQIEWYVISJMRXIR
WMX]SJZMFVEXMSRGERFIGSQTYXIHJVSQXLIJVIUYIRG]ERH
EQTPMXYHI[LIRXLI]EVIORS[R-XMWYWYEPP]I\TVIWWIHEWK
[LMGLMWXLIVEXMSSJXLIZMFVEXMSREGGIPIVEXMSRXSXLIEGGIPIV
EXMSR SJ KVEZMX] %GGIPIVEXMSR MW E YWIJYP TEVEQIXIV JSV
I\XIVREP ZMFVEXMSR FYX RSX JSV MRXIVREP ZMFVEXMSR [LIVIXLI
EQTPMXYHIMRGSRGVIXIGERRSXFIQIEWYVIHVIEHMP]
*SV ZMFVEXSVW SXLIV XLER XLI VSXEV] X]TI JSV I\EQTPI
VIGMTVSGEXMRKZMFVEXSVW XLITVMRGMTPIWSJLEVQSRMGQSXMSR
HSRSXETTP]LS[IZIVXLIFEWMGGSRGITXWHIWGVMFIHLIVIMR
EVIWXMPPYWIJYP
{4VSGIWWSJGSRWSPMHEXMSR
;LIRPS[WPYQTGSRGVIXIMWHITSWMXIHMRXLIJSVQMXMWMR
E LSRI]GSQFIH GSRHMXMSR GSRWMWXMRK SJ QSVXEVGSEXIH
GSEVWIEKKVIKEXI TEVXMGPIW ERH MVVIKYPEVP] HMWXVMFYXIH
TSGOIXW SJ IRXVETTIH EMV 6IEHMRK WXEXIH XLEX XLI
ZSPYQI SJ IRXVETTIH EMV HITIRHW SR XLI [SVOEFMPMX] SJ XLI
QM\XYVI WMÎ ERH WLETI SJ XLI JSVQ EQSYRX SJ VIMRJSVGMRK
WXIIPERHSXLIVMXIQWSJGSRKIWXMSRERHQIXLSHSJHITSWMXMRK
XLIGSRGVIXI8LIZSPYQISJIRXVETTIHEMVMWMRXLIVERKISJ
XS 'SRWSPMHEXMSRWLSYPHVIQSZITVEGXMGEPP]EPPSJXLI
IRXVETTIH EMV [LMGL MW MQTSVXERX FIGEYWI SJ MXW EHZIVWI
IJJIGXSRGSRGVIXITVSTIVXMIW
'SRWSPMHEXMSRF]ZMFVEXMSRMWFIWXHIWGVMFIHEWGSRWMWXMRK
SJX[SWXEKIW{XLIJMVWXGSQTVMWMRKWYFWMHIRGISVWPYQTMRK
SJ XLI GSRGVIXI ERH XLI WIGSRH E HIEIVEXMSR VIQSZEP SJ
IRXVETTIHEMVFYFFPIW 8LIX[SWXEKIWQE]SGGYVWMQYPXE
RISYWP][MXLXLIWIGSRHWXEKIYRHIV[E]RIEVXLIZMFVEXSV
FIJSVIXLIJMVWXWXEKILEWFIIRGSQTPIXIHEXKVIEXIVHMWXERGIW
/SPIO
;LIRZMFVEXMSRMWWXEVXIHMQTYPWIWGEYWIVETMHHMWSVKERMÎH
QSZIQIRXSJQM\XYVITEVXMGPIW[MXLMRXLIZMFVEXSVvWVEHMYWSJ
MRJPYIRGI 6EHMYW SJ MRJPYIRGI MW XLI TPERZMI[EVIE XLEX E
ZMFVEXSVMWEFPIXSTVSHYGIWYJJMGMIRXMQTYPWIWXSGSRWSPMHEXI
GSRGVIXI8LIQSVXEVMWXIQTSVEVMP]PMUYIJMIH-RXIVREPJVMGXMSR
[LMGL IREFPIHXLI GSRGVIXI XS WYTTSVX MXWIPJMR MXW SVMKMREP
LSRI]GSQFIHGSRHMXMSRMWVIHYGIHHVEWXMGEPP]8LIQM\XYVI
FIGSQIWYRWXEFPIERHWIIOWEPS[IVPIZIPERHHIRWIVGSRHMXMSR
6
%'-'311-88))6)4368
*MK{-RXIVREPZMFVEXSV]wPMUYIJ]MRKxPS[WPYQTGSRGVIXI
-XJPS[WPEXIVEPP]XSXLIJSVQERHEVSYRHXLIVIMRJSVGMRKWXIIP
ERHIQFIHQIRXW
%XXLIGSQTPIXMSRSJXLMWJMVWXWXEKILSRI]GSQFLEWFIIR
IPMQMREXIH XLI PEVKI ZSMHW FIX[IIR XLI GSEVWIEKKVIKEXI
TEVXMGPIW EVI RS[ JMPPIH [MXL QSVXEV 8LI GSRGVIXI FILEZIW
WSQI[LEXPMOIEPMUYMHGSRXEMRMRKWYWTIRHIHGSEVWIEKKVIKEXI
TEVXMGPIW 8LI QSVXEV WXMPP GSRXEMRW QER] IRXVETTIH EMV
FYFFPIWLS[IZIVVERKMRKYTXSTIVLETWMRQQ EGVSWW
ERHEQSYRXMRKXSWIZIVEPTIVGIRXSJXLIGSRGVIXIZSPYQI
%JXIV GSRWSPMHEXMSR LEW TVSGIIHIH XS E TSMRX [LIVI XLI
GSEVWIEKKVIKEXIMWWYWTIRHIHMRXLIQSVXEVJYVXLIVEKMXEXMSR
SJXLIQM\XYVIF]ZMFVEXMSRGEYWIWIRXVETTIHEMVFYFFPIWXS
VMWI XS XLI WYVJEGI 0EVKI EMV FYFFPIW EVI QSVI IEWMP]
VIQSZIHXLERWQEPPSRIWFIGEYWISJXLIMVKVIEXIVFYS]ERG]
%PWSXLSWIEMVFYFFPIWRIEVXLIZMFVEXSVEVIVIPIEWIHFIJSVI
XLSWIRIEVXLISYXIVJVMRKIWSJXLIVEHMYWSJMRJPYIRGI
8LIZMFVEXMSRTVSGIWWWLSYPHGSRXMRYIYRXMPXLIIRXVETTIH
EMVMWVIHYGIHWYJJMGMIRXP]XSEXXEMREGSRGVIXIHIRWMX]GSRWMWXIRX
[MXL XLI MRXIRHIH WXVIRKXL ERH SXLIV VIUYMVIQIRXW SJ XLI
QM\XYVI 8S VIQSZI EPP SJ XLI IRXVETTIH EMV [MXL WXERHEVH
ZMFVEXMRKIUYMTQIRXMWYWYEPP]RSXTVEGXMGEP
%'- 6 HIWGVMFIW XLI QIGLERMWQ ERH TVMRGMTPIW
MRZSPZIHMRZMFVEXMSRSJJVIWLGSRGVIXI
',%48)6{)59-41)28*36:-&6%8-32
'SRGVIXIZMFVEXSVWGERFIHMZMHIHMRXSX[SQEMRGPEWWIW{
MRXIVREPERHI\XIVREP)\XIVREPZMFVEXSVWQE]FIJYVXLIVHMZMHIH
MRXSJSVQZMFVEXSVWWYVJEGIZMFVEXSVWERHZMFVEXMRKXEFPIW
{-RXIVREPZMFVEXSVW
-RXIVREPZMFVEXSVWSJXIRGEPPIHWTYHSVTSOIVZMFVEXSVWLEZI
EZMFVEXMRKGEWMRKSVLIEHERHQE]LEZIEJPI\MFPIWLEJX8LI
LIEHMWMQQIVWIHMRERHEGXWHMVIGXP]EKEMRWXXLIGSRGVIXI-R
QSWXGEWIWMRXIVREPZMFVEXSVWHITIRHSRXLIGSSPMRKIJJIGXSJ
XLIWYVVSYRHMRKGSRGVIXIXSTVIZIRXSZIVLIEXMRK
%PPMRXIVREPZMFVEXSVWTVIWIRXP]MRYWIEVIXLIVSXEV]X]TI
7IGXMSR 8LIZMFVEXSV]MQTYPWIWIQEREXIEXVMKLXERKPIW
XSXLILIEH
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EFP] XLI QSWX [MHIP] YWIH 8LI IGGIRXVMG QEWW MW YWYEPP]
HVMZIRF]ERIPIGXVMGSVTRIYQEXMGQSXSVSVF]ETSVXEFPI
MRXIVREPGSQFYWXMSRIRKMRI*MKE
*MKE {*PI\MFPIWLEJXZMFVEXSVWIPIGXVMGQSXSVHVMZIR
X]TIXST KEWSPMRIIRKMRIHVMZIRX]TIQMHHPI ERHGVSWW
WIGXMSRXLVSYKLLIEHFSXXSQ
*SVXLIIPIGXVMG QSXSVHVMZIR X]TIEJPI\MFPIHVMZI WLEJX
PIEHWJVSQXLIIPIGXVMGQSXSVMRXSXLIZMFVEXSVLIEH[LIVIMX
XYVRWXLIIGGIRXVMGQEWW8LIQSXSVKIRIVEPP]LEWYRMZIVWEP
:SGGEWMSREPP] WMRKPITLEWI,ÊPXIVREXMRK
+9-()*36'32730-(%8-323*'32'6)8)
GYVVIRXGLEVEGXIVMWXMGW*MJX],^%'GYVVIRXMWYWIHMRWSQI
GSYRXVMIW8LIJVIUYIRG]SJXLMWX]TISJZMFVEXSVMWUYMXILMKL
[LIRSTIVEXMRKMREMV{KIRIVEPP]MRXLIVERKISJXS
ZMFVEXMSRWTIVQMRXS,^ XLILMKLIVZEPYIW
FIMRK JSV XLI WQEPPIV LIEH WMÎW ;LIR STIVEXMRK MR
GSRGVIXI LS[IZIV XLI JVIUYIRG] MW YWYEPP] VIHYGIH F]
ETTVS\MQEXIP]-RXLMWVITSVXJVIUYIRG]MWI\TVIWWIHMR
ZMFVEXMSRWTIVQMRXSGSRJSVQXSGYVVIRXMRHYWXV]TVEGXMGIMR
XLI9RMXIH7XEXIWLS[IZIVJVIUYIRG]MWKMZIRMRLIVX^MRXLI
%TTIRHM\ XSEKVII[MXLXI\XFSSOJSVQYPEW
*MK F {&EGOTEGO X[SG]GPI KEWSPMRI IRKMRIHVMZIR

ZMFVEXSV
6
*SV XLI IRKMRIHVMZIR X]TIW FSXL KEWSPMRI ERH HMIWIP XLI

IRKMRIWTIIHMWYWYEPP]ETTVS\MQEXIP]VTQ,^ %:
FIPXHVMZISVKIEVXVERWQMWWMSRMWYWIHXSWXITYTXLMWWTIIHXS
ER EGGITXEFPI JVIUYIRG] PIZIP %RSXLIV X]TI SJ YRMX YWIW E
X[SG]GPI KEWSPMRI IRKMRI STIVEXMRK EX E RSPSEH WTIIH SJ
VTQ*MKF WSXLIRIIHJSVEWXITYTXVERW
QMWWMSR MW IPMQMREXIH8LMWYRMX MW TSVXEFPI ERH MWYWYEPP]
GEVVMIHSREFEGOTEGO%KEMREJPI\MFPIWLEJXPIEHWMRXSXLI
ZMFVEXSVLIEH;LMPIPEVKIVERHQSVIGYQFIVWSQIXLERIPIG
XVMG QSXSVHVMZIR ZMFVEXSVW IRKMRIHVMZIR ZMFVEXSVW EVI
EXXVEGXMZI[LIVIGSQQIVGMEPTS[IVMWRSXVIEHMP]EZEMPEFPI
*SV QSWX JPI\MFPIWLEJX ZMFVEXSVW XLI JVIUYIRG] MW XLI
WEQI EW XLI WTIIH SJ XLI WLEJX ,S[IZIV XLI VSPPKIEV
GSRMGEPTIRHYPYQ X]TI MW EFPI XS EGLMIZI LMKL ZMFVEXSV
JVIUYIRG][MXLEQSHIWXIPIGXVMGQSXSVERHJPI\MFPIWLEJX
WTIIHW8LIIRHSJXLITIRHYPYQWXVMOIWXLIMRRIVLSYWMRK
MR E WXEVWLETIH TEXXIVR KMZMRK XLI ZMFVEXSV LIEH E
JVIUYIRG]LMKLIVXLERXLIWLEJXHVMZMRKMX1SXSVWTIIHWEVI
YWYEPP] ETTVS\MQEXIP] VTQ [MXL E ,^ GYVVIRX
ETTVS\MQEXIP]VTQ[MXLE,^GYVVIRX %WMRKPI
MRHYGXMSR SV XLVIITLEWI WUYMVVIP GEKI QSXSV MW KIRIVEPP]
YWIH8LIPS[WTIIHSJXLIJPI\MFPIWLEJXMWJEZSVEFPIJVSQ
XLIWXERHTSMRXSJQEMRXIRERGI
)PIGXVMG QSXSVMRLIEH X]TI{)PIGXVMG QSXSVMR
LIEHZMFVEXSVWLEZIMRGVIEWIHMRTSTYPEVMX]MRVIGIRX]IEVW
*MK &IGEYWIXLIQSXSVMWMRXLIZMFVEXSVLIEHXLIVIMW
RSWITEVEXIQSXSVERHJPI\MFPIHVMZIXSLERHPI%WYFWXERXMEP
IPIGXVMGEPGEFPI[LMGLEPWSEGXWEWELERHPIPIEHWMRXSXLI
*MK{)PIGXVMGQSXSVMRLIEHZMFVEXSVI\XIVREPETTIEVERGIXST ERHMRXIVREPGSRWXVYGXMSRSJ

LIEHFSXXSQ
6
%'-'311-88))6)4368
*MK{%MVZMFVEXSVWJSVSVHMREV]GSRWXVYGXMSRXST ERH

JSVQEWWGSRGVIXIFSXXSQ
LIEH)PIGXVMGQSXSVMRLIEHZMFVEXSVWEVIKIRIVEPP]EXPIEWX
MRQQ MRHMEQIXIV
8LMWX]TISJZMFVEXSVMWEZEMPEFPIMRX[SHIWMKRW3RIYWIW
EYRMZIVWEPQSXSVERHXLISXLIVE,^LMKLG]GPI XLVII
TLEWIQSXSV-RXLIPEXXIVXLIIRIVK]MWYWYEPP]WYTTPMIHF]E
TSVXEFPI KEWSPMRI IRKMRIHVMZIR KIRIVEXSV LS[IZIV
GSQQIVGMEP TS[IV TEWWIH XLVSYKL E JVIUYIRG] GSRZIVXIV
QE]FIYWIH8LIHIWMKRYWIWERMRHYGXMSRX]TIQSXSVXLEX
LEWPMXXPIHVSTSJJMRWTIIH[LIRMQQIVWIHMRGSRGVIXI-XGER
VSXEXI E LIEZMIV IGGIRXVMG QEWW ERH HIZIPSTW E KVIEXIV
GIRXVMJYKEP JSVGI XLER GYVVIRX YRMZIVWEP QSXSVMRLIEH
QSHIPWSJXLIWEQIHMEQIXIV:MFVEXSVQSXSVWSTIVEXMRKSR
SV,^GYVVIRXEVIYWIHMRWSQIGSYRXVMIW
4RIYQEXMG ZMFVEXSVW{4RIYQEXMG ZMFVEXSVW *MK
EVISTIVEXIHF]GSQTVIWWIHEMV[MXLXLITRIYQEXMGQSXSV
KIRIVEPP]FIMRKMRWMHIXLIZMFVEXSVLIEH8LIZERIX]TILEW
FIIRXLIQSWXGSQQSR[MXLFSXLXLIQSXSVERHXLIIGGIR
XVMG IPIQIRXW WYTTSVXIH SR FIEVMRKW &IEVMRKPIWW QSHIPW
[LMGLKIRIVEPP]VIUYMVIPIWWQEMRXIRERGIEVIEPWSEZEMPEFPI
EW EVI E JI[ JPI\MFPIWLEJX TRIYQEXMG QSHIPW [MXL XLI EMV
QSXSVSYXWMHIXLILIEH
4RIYQEXMGZMFVEXSVWEVIYWIJYP[LIVIGSQTVIWWIHEMVMW
XLIQSWXVIEHMP]EZEMPEFPIWSYVGISJTS[IV8LIJVIUYIRG]
MWLMKLP]HITIRHIRXSRXLIEMVTVIWWYVI8LIVIJSVIXLIEMV
TVIWWYVIWLSYPHEP[E]WFIQEMRXEMRIHEXXLITVSTIVPIZIP
YWYEPP] XLEX VIGSQQIRHIH F] XLI QERYJEGXYVIV -R WSQI
GEWIW MX MW HIWMVEFPI XS ZEV] XLI EMV TVIWWYVI XS SFXEMR E
HMJJIVIRXJVIUYIRG]
,]HVEYPMG ZMFVEXSVW{,]HVEYPMG ZMFVEXSVW YWMRK E

L]HVEYPMG KIEV QSXSV EVI TSTYPEV SR TEZMRK QEGLMRIW 8LI
ZMFVEXSVMWGSRRIGXIHXSXLITEZIVvWL]HVEYPMGW]WXIQF]QIERW
SJLMKLTVIWWYVILSWIW8LIJVIUYIRG]SJZMFVEXMSRGERFI
VIKYPEXIHF]ZEV]MRKXLIVEXISJJPS[SJL]HVEYPMGJPYMHXLVSYKL
XLIZMFVEXSV8LIIJJMGMIRG]SJXLIZMFVEXSVMWHITIRHIRXSRXLI
TVIWWYVIERHJPS[VEXISJXLIL]HVEYPMGJPYMH8LIVIJSVIMXMW
MQTSVXERXXLEXXLIL]HVEYPMGW]WXIQFIGLIGOIHJVIUYIRXP]
7IPIGXMRKERMRXIVREPZMFVEXSVJSVXLINSF{)JJIG
XMZIRIWW MR GSRWSPMHEXMRK GSRGVIXI MW XLI TVMRGMTEP VIUYMVI
QIRX JSV ER MRXIVREP ZMFVEXSV -X WLSYPH LEZI ER EHIUYEXI
VEHMYWSJMRJPYIRGIERHMXWLSYPHFIGETEFPISJJPEXXIRMRKERH
HIEMVMRKXLIGSRGVIXIUYMGOP]8LIZMFVEXSVWLSYPHFIVIPMEFPI
MR STIVEXMSR IEW] XS LERHPI ERH QERMTYPEXI VIWMWXERX XS
[IEVERHFIWYGLXLEXMXHSIWRSXHEQEKIIQFIHHIHMXIQW
7SQI SJ XLIWI VIUYMVIQIRXW EVI QYXYEPP] STTSWIH WS
GSQTVSQMWIWEVIRIGIWWEV]LS[IZIVWSQISJXLITVSFPIQW
GERFIQMRMQMÎHSVIPMQMREXIHF]GEVIJYPZMFVEXSVHIWMKR
*SV I\EQTPI ZIV] LMKL JVIUYIRGMIW ERH LMKL GIRXVMJYKEP
JSVGIXIRHXSMRGVIEWIQEMRXIRERGIVIUYMVIQIRXWERHVIHYGI
XLIPMJISJZMFVEXSVW
%'-6MRHMGEXIWXLEXXLIIJJIGXMZIRIWWSJERMRXIVREP
ZMFVEXSVHITIRHWQEMRP]SRXLILIEHHMEQIXIVJVIUYIRG]ERH
EQTPMXYHI8LIEQTPMXYHIMWPEVKIP]EJYRGXMSRSJXLIIGGIRXVMG
QSQIRXERHLIEHQEWWEWI\TPEMRIHMRXLI%TTIRHM\
*VIUYIRG] QE] FI VIEHMP] HIXIVQMRIH 7IGXMSR
FYXRSWMQTPIQIXLSHI\MWXWJSVHIXIVQMRMRKXLIEQTPMXYHISJ
EZMFVEXSVSTIVEXMRKMRGSRGVIXI8LIVIJSVIMXMWRIGIWWEV]XS
YWIXLIEQTPMXYHIEWHIXIVQMRIH[LMPIXLIZMFVEXSVMWSTIVEXMRK
MR EMV [LMGL MW WSQI[LEX KVIEXIV XLER XLI EQTPMXYHI MR
GSRGVIXI 8LMW EQTPMXYHI QE] FI IMXLIV QIEWYVIH SV
GSQTYXIHEWHIWGVMFIHMR7IGXMSR;LMPIRSXWXVMGXP]
GSVVIGX JSV MRXIVREP ZMFVEXSVW XLI GIRXVMJYKEP JSVGI QE] FI
YWIHEWEVSYKLSZIVEPPQIEWYVISJXLISYXTYXSJEZMFVEXSV
*MKYVI%MRXLI%TTIRHM\I\TPEMRWLS[MXMWGSQTYXIH
8LI VEHMYW SJ MRJPYIRGI ERH LIRGI XLI MRWIVXMSR WTEGMRK
HITIRHWRSXSRP]SRXLIGLEVEGXIVMWXMGWSJXLIZMFVEXSVFYXEPWS
SRXLI[SVOEFMPMX]SJXLIQM\XYVIERHHIKVIISJGSRKIWXMSR
8EFPI KMZIW XLI SVHMREV] VERKI SJ GLEVEGXIVMWXMGW
TIVJSVQERGIERHETTPMGEXMSRW SJ MRXIVREPZMFVEXSVW 7SQI
WTIGMEPTYVTSWIZMFVEXSVWJEPPSYXWMHIXLIWIVERKIW 6IGSQ
QIRHIHJVIUYIRGMIWEVIKMZIREPSRK[MXLWYKKIWXIHZEPYIW
SJ IGGIRXVMG QSQIRX EZIVEKI EQTPMXYHI ERH GIRXVMJYKEP
JSVGI%TTVS\MQEXIVERKIWEVIEPWSKMZIRJSVXLIVEHMYWSJ
MRJPYIRGIERHVEXISJGSRGVIXITPEGIQIRX8LIWIEVIIQTMV
MGEPZEPYIWFEWIHQEMRP]SRTVIZMSYWI\TIVMIRGI
)UYEPP]KSSHVIWYPXWGERYWYEPP]FISFXEMRIHF]WIPIGXMRK
EZMFVEXSVJVSQXLIRI\XPEVKIVKVSYTTVSZMHIHMR8EFPI
-RWIPIGXMRKXLIZMFVEXSVERHZMFVEXMSRTVSGIHYVIWGSRWMHIV
EXMSRWLSYPHFIKMZIRXSXLIZMFVEXSVWMÎVIPEXMZIXSXLIJSVQ
WMÎ'VE^MRKSJJSVQIHGSRGVIXIWYVJEGIWMWI\EGIVFEXIHF]
HV]MRK WLVMROEKI XLEX SGGYVW MR XLI LMKL GSRGIRXVEXMSR SJ
GIQIRXTEWXIFVSYKLXXSXLIWYVJEGIF]EZMFVEXSVXSSPEVKIJSV
XLIETTPMGEXMSR
8LIZEPYIWMR8EFPIEVIRSXXSFIGSRWMHIVIHEWEKYEV
ERXIISJTIVJSVQERGIYRHIVEPPGSRHMXMSRW8LIFIWXQIEWYVI
SJZMFVEXSVTIVJSVQERGIMWMXWIJJIGXMZIRIWWMRGSRWSPMHEXMRK
NSFGSRGVIXI
+9-()*36'32730-(%8-323*'32'6)8)
6
8EFPI{6ERKISJGLEVEGXIVMWXMGWTIVJSVQERGIERHETTPMGEXMSRWSJMRXIVREPZMFVEXSVWJPI\MFPIWLEJX
ERHQSXSVMRLIEHZMFVEXSVW
7YKKIWXIHZEPYIW
%TTVS\MQEXIZEPYIW
6IGSQQIRHIH
6EXISJGSRGVIXI
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6EHMYWSJ
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(MEQIXIVSJ JVIUYIRG]
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STTSWMXI XS XLI HMVIGXMSR SJ QSZIQIRX -X ORSGOW HS[R
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EFPIJSVTPEWXMGQM\XYVIW
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EXXEGLIHXSWXERHEVHJMRMWLMRKXSSPWTVSZMHIJSVIEWMIVJMRMWLMRK
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8EFPI{7EQTPIWIVZMGIPSKJSVJPI\MFPIWLEJX
ZMFVEXSV
1SHIPCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC 7IVMEP2SCCCCCCCCC
(EXITYVGLEWIHCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
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4VIZIRXMZIQEMRXIRERGIMWEW]WXIQSJTPERRIHMRWTIGXMSRW
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SJ ZMFVEXSV] IUYMTQIRX MW RIGIWWEV] JSV MX XS STIVEXI EX JYPP
IJJIGXMZIRIWW ERH XS EZSMH TVSHYGXMSR WLYXHS[RW 'IVXEMR
MXIQWRIIHHEMP]EXXIRXMSR[LMPISXLIVWVIUYMVIPIWWJVIUYIRX
GEVIEWVIGSQQIRHIHF]XLIZMFVEXSVQERYJEGXYVIV
9WYEPP]XLIGSRXVEGXSVMWVIWTSRWMFPIJSVZMFVEXSVQEMR
XIRERGI7SQIXMQIWLS[IZIVIWTIGMEPP]MRXLIGEWISJGIVXEMR
QEWWGSRGVIXIZMFVEXSVW XLIGSRXVEGXSVTIVJSVQWSRP]XLIHEMP]
QEMRXIRERGIPIEZMRKSXLIVWIVZMGMRKXSXLIQERYJEGXYVIV
4VIZIRXMZIQEMRXIRERGITVSKVEQ{%JMPIWLSYPHFI
IWXEFPMWLIH[MXLHEXESRYWIERHWIVZMGMRKVIUYMVIQIRXWJSV
IEGL ZMFVEXSV 7IVZMGMRK VIUYMVIQIRXW EVI SFXEMRIH QEMRP]
JVSQXLIQERYJEGXYVIVvWWIVZMGIQERYEPERHWTEVITEVXWPMWX
8LIJMPIQMKLXGSRXEMRWSQISVEPPSJXLIJSPPS[MRK
E1EOIWIVMEPRYQFIVERHHEXISJTYVGLEWI
F0MRIZSPXEKIERHEQTIVEKIVIUYMVIQIRXWJSVIPIGXVMGEP
ZMFVEXSVWEMVZSPYQIGSRWYQIHF]EMVYRMXWQMRMQYQGEFPI
SVTMTIWMÎWERHSXLIVTIVXMRIRXMRJSVQEXMSR
G7TEVITEVXWXLEXEVIETXXS[IEVSYXUYMGOP]MJHMJJMGYPX
XSTVSGYVIXLI]WLSYPHFIGEVVMIHMRWXSGOERH
H0SKKMZMRKEFVIEOHS[RSJWIVZMGIVIUYMVIQIRXWJVSQ
XLITS[IVWSYVGIXSXLIZMFVEXSVXMT{MXIQWSJ[IEVMXIQWXS
PYFVMGEXI ERH MRWTIGX MR IEGL WXEKI ERH XLI VIGSQQIRHIH
PYFVMGERXWERHJVIUYIRG]SJPYFVMGEXMSREVIPMWXIH
8EFPIMWEWIVZMGIPSKXLEXQMKLXFIYWIHJSVEJPI\MFPI
WLEJX ZMFVEXSV 7XEVXMRK [MXL XLI HEXI XLEX XLI ZMFVEXSV MW
GLIGOIH SYX JVSQ XLI IUYMTQIRX TSSP ER EGXYEP GEPIRHEV
WGLIHYPIGERFIWIXYTJSVXLIMXIQWPMWXIH*SVFIWXVIWYPXW
XLMWTVSKVEQWLSYPHFILERHPIHF]EWITEVEXIQEMRXIRERGI
HMZMWMSRVEXLIVXLERXLISTIVEXMRKPMRI
6
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ZIVXMGEP XS LSVM^SRXEP SV WXIITIV GSRWSPMHEXMSR MW FIWX
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FI VIQSZIH F] LERH ;LIR XLI WPSTMRK JSVQ GERRSX FI
VIQSZIH FIJSVI XLI GSRGVIXI LEW WIX XLI JSVQ WLSYPH FI
VIQSZIHEWWSSREWTSWWMFPIXSTIVQMXJMPPMRKSJXLIFPIQMWLIW
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MQTSWWMFPIXSQEOIVITEMVWXLEXEVIMRGSRWTMGYSYW
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WLSYPHEPWSFIEFPIXSWXERHYTYRHIVXLIVITIEXIHVIZIVWMRK
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ZMFVEXMSR ;SSH TPEWXMG SV VIMRJSVGIH GSRGVIXI JSVQW EVI
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