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8LMWGLETXIVGSZIVWVIQSZEPI\GEZEXMSRSVHIQSPMXMSRSJ
I\MWXMRK HIXIVMSVEXIH GSRGVIXI TVITEVEXMSR SJ XLI GSRGVIXI
WYVJEGI XS VIGIMZI RI[ QEXIVMEP TVITEVEXMSR ERH VITEMV SJ
VIMRJSVGIQIRXQIXLSHWJSVERGLSVMRKVITEMVQEXIVMEPWXSXLI
I\MWXMRKGSRGVIXIERHZEVMSYWQIXLSHWXLEXEVIEZEMPEFPIXS
TPEGIVITEMVQEXIVMEPW8LIGEVIXLEXMWI\IVGMWIHHYVMRKXLI
VIQSZEPERHTVITEVEXMSRTLEWIWSJEVITEMVTVSNIGXGERFIXLI
QSWX MQTSVXERX JEGXSV MR HIXIVQMRMRK XLI PSRKIZMX] SJ XLI
VITEMVVIKEVHPIWWSJXLIQEXIVMEPSVXIGLRMUYIYWIH
7TIGMJMG EXXIRXMSR WLSYPH FI KMZIR XS XLI VIQSZEP SJ
GSRGVIXI EVSYRH TVIWXVIWW WXVERHW FSXL FSRHIH ERH
YRFSRHIH8LILMKLIRIVK]MQTEGXXSSPWWYGLEWGLMTTMRK
LEQQIVWWLSYPHEZSMHGSRXEGX[MXLXLIWXVERHFIGEYWIXLMW
[MPP VIHYGI XLI WXVERHWv PSEHGEVV]MRK GETEGMX] ERH QE]
GEYWIXLI[MVI W XSVYTXYVI[LMGLQE]PIEHXSWXVERHJEMPYVI
{'SRGVIXIVIQSZEP
%VITEMVTVSNIGXYWYEPP]MRZSPZIWVIQSZEPSJHIXIVMSVEXIH
HEQEKIH SV HIJIGXMZI GSRGVIXI -R QSWX GSRGVIXI VITEMV
TVSNIGXWXLI^SRIWSJHEQEKIHGSRGVIXIEVIRSX[IPPHIJMRIH
1SWXVIJIVIRGIWWXEXIXLEXEPPHEQEKIHSVHIXIVMSVEXIHQEXIVMEP
WLSYPH FI VIQSZIH FYX MX MW RSX EP[E]WIEW]XSHIXIVQMRI
[LIREPPWYGLQEXIVMEPLEWFIIRVIQSZIHSV[LIRXSSQYGL
KSSHQEXIVMEP LEWFIIRVIQSZIH%GSQQSRVIGSQQIRHEXMSR
MWXSVIQSZIWSYRHGSRGVIXIJSVEHIJMRIHHMWXERGIFI]SRH
XLIHIPEQMREXIHEVIEXLIVIF]I\TSWMRKXLIVIMRJSVGMRKWXIIP
FI]SRHXLITSMRXSJGSVVSHIHWXIIP

'32'6)8)6)4%-6+9-()

6IQSZEPSJGSRGVIXIYWMRKI\TPSWMZIWSVSXLIVEKKVIWWMZI
QIXLSHWGERHEQEKIXLIGSRGVIXIXLEXMWMRXIRHIHXSVIQEMR
MRTPEGI*SVI\EQTPIFPEWXMRK [MXLI\TPSWMZIWSVXLIYWISJ
WSQIMQTEGXXSSPWLIEZMIVXLER OK PF GERVIWYPXMR
EHHMXMSREPHIPEQMREXMSRSVGVEGOMRK(IPEQMREXIHEVIEWGER
FIMHIRXMJMIHF]YWMRKELEQQIVXSXEOIWSYRHMRKW -RQSWX
GEWIWWYGLHIPEQMREXMSRWWLSYPHFIVIQSZIHFIJSVIVITEMV
QEXIVMEPWEVITPEGIH
6IQSZEP SJ GSRGVIXI YWMRK MQTEGX XSSPW QE] VIWYPX MR
WQEPPWGEPIQMGVSGVEGOMRKHEQEKI XIVQIHFVYMWMRK XSXLI
WYVJEGI SJ XLI GSRGVIXI PIJX MR TPEGI 9RPIWW XLMW HEQEKIH
PE]IVMWVIQSZIHE[IEOIRIH TPERIQE]SGGYVMRXLITEVIRX
GSRGVIXIFIPS[XLIVITEMVQEXIVMEPFSRHPMRI8LMWGSRHMXMSR
GERVIWYPXMREPS[XIRWMPIVYTXYVI FSRH WXVIRKXLFIX[IIR
XLI TEVIRX GSRGVIXI ERH VITEMV QEXIVMEP 8LYW E TIVJIGXP]
WSYRHERHEGGITXEFPIVITPEGIQIRXQEXIVMEPQE]JEMPHYIXS
MQTVSTIVWYVJEGITVITEVEXMSR%PPHEQEKIHSVHIPEQMREXIH
GSRGVIXIMRGPYHMRKFVYMWMRKEX XLIMRXIVJEGISJXLIVITEMVERH
XLI TEVIRX GSRGVIXI WLSYPH FI VIQSZIH FIJSVI TPEGMRK XLI
VITEMV QEXIVMEP 8LMW QE] VIUYMVI SRI X]TI SJ EKKVIWWMZI
VIQSZEP JSV KVSWW VIQSZEP JSPPS[IH F] ERSXLIV X]TI SJ
VIQSZEPJSVFVYMWMRK
-REPPGEWIWMR[LMGLGSRGVIXILEWFIIRVIQSZIHJVSQ E
WXVYGXYVI F]TVMQEV]QIERW WYGL EW FPEWXMRK SV EKKVIWWMZI
MQTEGXQIXLSHWXLIGSRGVIXIPIJXMRTPEGIWLSYPHFITVITEVIH
F] YWMRK E WIGSRHEV] QIXLSH WYGL EW GLMTTMRK EFVEWMZI
FPEWXMRK SV LMKLTVIWWYVI [EXIV NIXXMRK XS VIQSZI ER]
VIQEMRMRKHEQEKIHWYVJEGIQEXIVMEP'EVIJYPZMWYEPMRWTIGXMSRW
SJXLITVITEVIHWYVJEGIWWLSYPH FIGSRHYGXIHFIJSVITPEGMRK
VITEMVQEXIVMEPW;IXXMRKXLIWYVJEGIQE]LIPTXSMHIRXMJ]XLI
TVIWIRGISJGVEGOMRK(IXIVQMREXMSRSJXLIXIRWMPIWXVIRKXL
%'-6%TTIRHM\% F]TYPPSJJXIWXMRKMWEHZMWEFPISR
TVITEVIHWYVJEGIWXSHIXIVQMRIXLIWYMXEFMPMX]SJXLIWYVJEGI
XSVIGIMZIVITEMVQEXIVMEP
6IQSZEP SJ PMQMXIH EVIEW SJ GSRGVIXI MR EWPEF [EPP SV
GSPYQR WYVJEGI VIUYMVIW WE[GYXXMRK XLI TIVMQIXIV SJ XLI
VIQSZEPEVIETVSZMHMRKEREHIUYEXIQMRMQYQXLMGORIWWSJ
VITEMVQEXIVMEPEXXLIIHKISJXLIVITEMVIHEVIEERHQMXMKEXMRK
XLIEHZERGIQIRXSJYRHIXIGXIH MRGMTMIRXGVEGOMRK*IEXLIVMRK
SJVITEMVQEXIVMEPWKIRIVEPP]WLSYPHFIEZSMHIH8LITVIT
EVEXMSR JSV WLSXGVIXMRK MW ER I\GITXMSR %'- 6 VIGSQ
QIRHWXETIVIHIHKIWEVSYRHXLITIVMQIXIVSJWYGLTEXGLIW
7E[GYXXMRKGEREPWSMQTVSZIXLIETTIEVERGISJXLIVITEMVIH
EVIE8LIKIRIVEP WLETISJXLIVITEMVIHEVIEWWLSYPHFIEW
W]QQIXVMGEP EW TSWWMFPI -'6-   6IIRXVERX GSVRIVW
WLSYPHFIEZSMHIH0EVKIZEVMEXMSRWMRXLIHITXLSJVIQSZEP
MRWLSVXHMWXERGIWWLSYPHEPWSFIEZSMHIH8LIXI\XYVISJXLI
TVITEVIH WYVJEGI WLSYPH FI ETTVSTVMEXI JSV XLI MRXIRHIH
VITEMVQEXIVMEP -'6- 
)ZIV]TVIGEYXMSRWLSYPHFIQEHIXSEZSMHGYXXMRKYRHIV
P]MRKVIMRJSVGIQIRX6IZMI[MRKHIWMKRHVE[MRKWERHYWMRKE
GSZIVQIXIVSVWMQMPEVHIZMGITVSZMHIWHEXEEWXSXLIPSGEXMSR
ERHHITXLSJVIMRJSVGIQIRX-R EHHMXMSRXLIVIQSZEPSJWQEPP
EVIEWSJGSRGVIXIMWGSQQSRP]YWIHXSGSRJMVQXLIPSGEXMSR
ERHHITXLSJFEVWFIJSVIWE[GYXXMRK
7IGXMSRWXLVSYKL  TVIWIRXHIWGVMTXMSRWSJQER]
SJXLIGSQQSRP]YWIH GSRGVIXIVIQSZEPXIGLRMUYIWXSLIPT
MRXLIWIPIGXMSRTVSGIWW

6

 +IRIVEP GSRWMHIVEXMSRW{'SRGVIXI VIQSZEP


EHHVIWWIWHIXIVMSVEXIH ERH HEQEKIH QEXIVMEP 7SQIWSYRH
GSRGVIXI LS[IZIV QE] FI VIQSZIH XS TIVQMX WXVYGXYVEP
QSHMJMGEXMSRW ERH XS IRWYVI XLEX EPP YRWSYRH QEXIVMEP MW
VIQSZIH 8LI IJJIGXMZIRIWW SJ ZEVMSYWVIQSZEPXIGLRMUYIW
GERHMJJIVJSVHIXIVMSVEXIHERHWSYRHGSRGVIXI7SQIXIGLRMUYIW
QE]FIQSVIIJJIGXMZIMRWSYRHGSRGVIXI[LMPISXLIVWQE]
[SVOFIXXIVJSVHIXIVMSVEXIHGSRGVIXI
'SRGVIXIVIQSZEPXIGLRMUYIWWIPIGXIHWLSYPHFIIJJIGXMZI
WEJI IGSRSQMGEP IRZMVSRQIRXEPP] JVMIRHP] ERH QMRMQM^I
HEQEKIXSXLIGSRGVIXIPIJXMRTPEGI8LIVIQSZEPXIGLRMUYI
GLSWIRQE]LEZIEWMKRMJMGERXIJJIGXSRXLIPIRKXLSJXMQI
XLEX E WXVYGXYVI [MPP FI SYX SJ WIVZMGI 7SQI XIGLRMUYIW
TIVQMXEWMKRMJMGERXTSVXMSRSJXLI[SVOXSFIEGGSQTPMWLIH
[MXLSYX VIQSZMRK XLI WXVYGXYVI JVSQ WIVZMGI 8LI WEQI
VIQSZEP XIGLRMUYI LS[IZIV QE] RSX FI WYMXEFPI JSV EPP
TSVXMSRWSJEKMZIRWXVYGXYVI-RWSQIMRWXERGIWEGSQFMREXMSR
SJ VIQSZEP XIGLRMUYIW QE] FI QSVI ETTVSTVMEXI XS WTIIH
VIQSZEPERHPMQMXHEQEKIXSXLIVIQEMRMRKWSYRHGSRGVIXI
8VMEP JMIPH XIWXMRK ZEVMSYW VIQSZEP XIGLRMUYIW GER LIPT
GSRJMVQXLIFIWXTVSGIHYVIW
-RKIRIVEPXLIIRKMRIIVVIWTSRWMFPIJSVXLIHIWMKRSJXLI
VITEMV WLSYPH WTIGMJ] XLI SFNIGXMZIW XS FI EGLMIZIH F] XLI
GSRGVIXI VIQSZEP ERH XLI VITEMV GSRXVEGXSV WLSYPH FI
EPPS[IH XS WIPIGX XLI QSWX IGSRSQMGEP VIQSZEP QIXLSH
WYFNIGX XS XLI IRKMRIIVvW EGGITXERGI -R WTIGMEP GMVGYQ
WXERGIWXLIIRKMRIIVQE]EPWSRIIHXSWTIGMJ]XLIVIQSZEP
XIGLRMUYIWXSFIYWIHERHXLSWIXLEXEVITVSLMFMXIH
8LIQIGLERMGEPTVSTIVXMIWSJXLIGSRGVIXIERHXLIX]TIERH
WM^ISJEKKVIKEXIXSFIVIQSZIHTVSZMHIMQTSVXERXMRJSVQEXMSR
XSHIXIVQMRIXLIQIXLSHERHGSWXSJGSRGVIXIVIQSZEP8LI
QIGLERMGEP TVSTIVXMIW MRGPYHI GSQTVIWWMZI ERH XIRWMPI
WXVIRKXLW8LMWMRJSVQEXMSRMWEPWSRIGIWWEV]JSVXLIIRKMRIIV
XSWTIGMJ]XLITVITEVIHWYVJEGIGSRHMXMSRERHWIPIGXXLIVITEMV
QEXIVMEPERHMXWLSYPHFIQEHI EZEMPEFPIXSGSRXVEGXSVW JSV
FMHHMRKTYVTSWIW
 1SRMXSVMRK ERH WLSVMRK HYVMRK VIQSZEP STIVE
XMSRW{-XMWIWWIRXMEP XS IZEPYEXI XLI VIQSZEPSTIVEXMSRW XS
PMQMXXLII\XIRXSJHEQEKIXSXLIWXVYGXYVIERHXSXLIGSRGVIXI
XLEX VIQEMRW 7XVYGXYVEP IPIQIRXW QE] VIUYMVI WLSVMRK
VIQSZEPSJETTPMIHPSEHWSVFSXLFIJSVIGSRGVIXIVIQSZEPXS
TVIZIRXWXVYGXYVEPHIJSVQEXMSRWTSWWMFPIGSPPETWIFYGOPMRK
SV WPMTTEKI SJ VIMRJSVGIQIRX 'EVI WLSYPH FI YWIH HYVMRK
VIQSZEP SJ GSRGVIXI XS EZSMH GYXXMRK ERH HEQEKMRK VIMR
JSVGMRK WXIIP &IGEYWI VIMRJSVGIQIRX MW SJXIR QMWTPEGIH
YRERXMGMTEXIH HEQEKI QE] SGGYV [LIR WE[ GYXXMRK
MQTEGXMRKSVVIQSZMRKGSRGVIXI
 'EVIJYP QSRMXSVMRK MW VIUYMVIH XLVSYKLSYX XLI GSRGVIXI
VIQSZEP STIVEXMSR 8LMW GER FI EGGSQTPMWLIH F] ZMWYEP
MRWTIGXMSRWSYRHMRKYWISJEGSZIVQIXIVSVSXLIVQIERWXS
PSGEXIVIMRJSVGIQIRX8LITVSNIGXWTIGMJMGEXMSRWWLSYPHEWWMKR
VIWTSRWMFMPMXMIWJSVXLIMRWTIGXMSRSJXLITVITEVIHGSRGVIXI
7SYRHMRK MW ER I\GIPPIRX QIERW XS HIXIGX HIPEQMREXIH
GSRGVIXIEHNEGIRXXSXLISYXIVQSWXPE]IVWSJVIMRJSVGMRKWXIIP
7YFWYVJEGI GVEGOW XLI I\XIRX SJ HIXIVMSVEXMSR SV SXLIV
MRXIVREP HIJIGXW LS[IZIV QE] RSX FI MHIRXMJMIH F] XLMW
QIXLSHEPSRI3XLIVQIERWSJIZEPYEXMSRWLSYPHFIYWIHXS
TVSTIVP] MHIRXMJ] XLI I\XIRX SJ GSRGVIXI XS FI VIQSZIH -R

6

%'-'311-88))6)4368

EHHMXMSR WSYRHMRK YWYEPP] HSIW RSX MRHMGEXI RIEVWYVJEGI


QMGVSGVEGOMRKSVFVYMWMRK3RP]QMGVSWGSTMGI\EQMREXMSRSV
FSRHXIWXMRKQE]HMWGPSWIRIEVWYVJEGIHEQEKI
7YFWYVJEGIIZEPYEXMSR I\EQMREXMSRSJXLIWYFWXVEXI GER
TVSZMHI ZEPYEFPI MRJSVQEXMSR EFSYX XLI GSRHMXMSR SJ XLI
GSRGVIXI 8LMW MRJSVQEXMSR QE] FI SFXEMRIH F] XLI
JSPPS[MRKQIXLSHWFIJSVIHYVMRKSVEJXIVGSRGVIXIVIQSZEP
%'-6 
E  8EOMRK GSVIW JSV ZMWYEP I\EQMREXMSR QMGVSWGSTMG
I\EQMREXMSR GSQTVIWWMZI WXVIRKXL XIWXW ERH WTPMXXMRK
XIRWMPIWXVIRKXLXIWXW
F 4YPWIZIPSGMX]XIWXW
G -QTEGXIGLSXIWXW
H &SRHXIWXW TYPPSJJXIWXMRK%'-6%TTIRHM\% 
I  'SZIVQIXIV SV WMQMPEV IUYMTQIRX XS PSGEXI VIMRJSVGI
QIRXERHHIXIVQMRIMXWHITXLFIPS[XLIWYVJEGI
J -RJVEVIHXLIVQSKVETL]ERH
K +VSYRHTIRIXVEXMRKVEHEV +46 
1ER]SJXLIWIQIXLSHWEVIHMWGYWWIHMR%'-6
 5YERXMX]SJGSRGVIXIXSFIVIQSZIH{-RQSWXVITEMV
TVSNIGXW EPP HEQEKIH SV HIXIVMSVEXIH GSRGVIXI WLSYPH FI
VIQSZIHLS[IZIVXLIUYERXMX] SJGSRGVIXIXSFIVIQSZIHMW
HMVIGXP]VIPEXIHXSXLIIPETWIHXMQIFIX[IIRTVITEVEXMSRSJ
XLI IWXMQEXI ERH EGXYEP VIQSZEP 7YFWXERXMEP SZIVVYRW EVI
GSQQSR )WXMQEXMRK MREGGYVEGMIW GER FI QMRMQM^IH F] E
XLSVSYKLGSRHMXMSRWYVZI]EWGPSWIEWTSWWMFPIXSXLIXMQIXLI
VITEMV[SVOMWI\IGYXIH4SXIRXMEPUYERXMX]SZIVVYRWFEWIH
SRJMIPHQIEWYVIHUYERXMXMIWWLSYPHFIXEOIRMRXSEGGSYRX
;LIR F] RIGIWWMX] XLI GSRHMXMSR WYVZI] MW HSRI JEV MR
EHZERGISJXLIVITEMV[SVOXLIIWXMQEXIHUYERXMXMIWWLSYPH
FIMRGVIEWIHXSEGGSYRXJSVGSRXMRYIHHIXIVMSVEXMSR&IGEYWI
QSWXGSRGVIXIVITEMVTVSNIGXW EVIFEWIHSRYRMXTVMGIWVITEMV
EVIEW WLSYPH FI EGGYVEXIP] QIEWYVIH FIJSVI JSVQW EVI
MRWXEPPIH8LMWMWYWYEPP]HSRI NSMRXP]F]XLIIRKMRIIVERHXLI
GSRXVEGXSV -X MW RSX YRGSQQSR JSV IWXMQEXIH UYERXMXMIW XS
MRGVIEWIWMKRMJMGERXP]FIX[IIRXLIHIXIGXEFPIUYERXMXMIWERH
XLIEGXYEPUYERXMX]VIQSZIH-'6-TVSZMHIWKYMHIPMRIW
JSVQIXLSHWSJQIEWYVIQIRXJSVGSRGVIXIVITEMV[SVO
 'PEWWMJMGEXMSR SJ GSRGVIXI VIQSZEP QIXLSHW{
6IQSZEPERHI\GEZEXMSRQIXLSHW GERFIGEXIKSVM^IHF]XLI
[E]MR[LMGLXLITVSGIWWEGXWSR XLIGSRGVIXI8LIWIGEXIKSVMIW
EVI FPEWXMRK GYXXMRK MQTEGXMRK QMPPMRK L]HVSHIQSPMXMSR
TVIWTPMXXMRK ERH EFVEHMRK 8EFPI  TVSZMHIW E KIRIVEP
HIWGVMTXMSR SJ XLIWI GEXIKSVMIW PMWXW XLI WTIGMJMG VIQSZEP
XIGLRMUYIW[MXLMRIEGLGEXIKSV]ERHTVSZMHIWEWYQQEV]SJ
MRJSVQEXMSRSRIEGLXIGLRMUYI8LIXIGLRMUYIWEVIHMWGYWWIH
MRHIXEMPMRXLIJSPPS[MRKWIGXMSRW
 &PEWXMRK QIXLSHW{&PEWXMRK QIXLSHW KIRIVEPP]
IQTPS] VETMHP] I\TERHMRK KEW GSRJMRIH [MXLMR E WIVMIW SJ
FSVILSPIWXSTVSHYGIGSRXVSPPIHJVEGXYVIERHVIQSZEPSJXLI
GSRGVIXI8LISRP]FPEWXMRKQIXLSHEHHVIWWIHMRXLMWVITSVX
MWI\TPSWMZIFPEWXMRK
)\TPSWMZIFPEWXMRKMWXLIQSWXGSWXIJJIGXMZIERHI\TIHMIRX
QIERW JSV VIQSZMRK PEVKI UYERXMXMIW SJ GSRGVIXI{JSV
I\EQTPITSVXMSRWSJPEVKIQEWWGSRGVIXIJSYRHEXMSRWSV[EPPW
8LMWQIXLSHMRZSPZIWHVMPPMRKFSVILSPIWTPEGMRKERI\TPSWMZI
MR IEGL LSPI ERH HIXSREXMRK XLI I\TPSWMZI 'SRXVSPPIH
FPEWXMRK XIGLRMUYIW QMRMQM^I HEQEKI XS XLI QEXIVMEP XLEX

VIQEMRWEJXIVFPEWXMRK3RIWYGLXIGLRMUYIGYWLMSRFPEWXMRK
MRZSPZIWHVMPPMRKEPMRISJQQ MR HMEQIXIVSVWQEPPIV
FSVILSPIWTEVEPPIPXSXLIVIQSZEPJEGIPSEHMRKIEGLLSPI[MXL
PMKLXGLEVKIWSJI\TPSWMZI YWYEPP]HIXSREXMRKGSVH HMWXVMFYXIH
EPSRK MXW PIRKXL GYWLMSRMRK XLI GLEVKIW F] WXIQQMRK IEGL
LSPIGSQTPIXIP]SVMRXLIGSPPEV[MXL[IXWERHERHHIXSREXMRK
XLI I\TPSWMZI [MXL IPIGXVMG FPEWXMRK GETW 8LI YRMJSVQ
HMWXVMFYXMSR ERH GYWLMSRMRK SJ XLI PMKLX GLEVKIW TVSHYGI E
VIPEXMZIP]WSYRHWYVJEGI[MXLPMXXPISZIVFVIEO
&PEWXMRKQEGLMRIWERHIPIGXVMGEPFPEWXMRKGETHIPE]WIVMIW
EVIEPWSYWIHJSVGSRXVSPPIHHIQSPMXMSRERHIQTPS]TVSTIV
XMQMRK WIUYIRGIW XS TVSZMHI KVIEXIV GSRXVSP MR VIHYGMRK
KVSYRHZMFVEXMSR'SRXVSPPIHFPEWXMRKLEWFIIRYWIHWYGGIWW
JYPP] SR RYQIVSYW VITEMV TVSNIGXW 8LI WIPIGXMSR SJTVSTIV
GLEVKI[IMKLXFSVILSPIHMEQIXIVERHFSVILSPIWTEGMRKJSV
EVITEMVTVSNIGXHITIRHWSRXLI PSGEXMSRSJXLIWXVYGXYVIXLI
EGGITXEFPIHIKVIISJZMFVEXMSRERHHEQEKIERHXLIUYERXMX]
ERHUYEPMX]SJGSRGVIXIXSFIVIQSZIH-JEXEPPTSWWMFPIE
TMPSXXIWXTVSKVEQWLSYPHFIMQTPIQIRXIHXSHIXIVQMRIXLI
STXMQYQTEVEQIXIVW&IGEYWISJ XLIMRLIVIRXHERKIVWMRXLI
LERHPMRKERHYWEKISJI\TPSWMZIWEPPTLEWIWSJXLIFPEWXMRK
TVSNIGX WLSYPH FI TIVJSVQIH F] UYEPMJMIH ETTVSTVMEXIP]
PMGIRWIHTIVWSRRIP[MXLTVSZIRI\TIVMIRGIERHEFMPMX]
 'YXXMRK QIXLSHW{'YXXMRK QIXLSHW KIRIVEPP]
IQTPS] QIGLERMGEP WE[MRK MRXIRWI LIEX SV LMKLTVIWWYVI
[EXIVNIXWXSGYXEVSYRHXLITIVMQIXIVSJGSRGVIXIWIGXMSRWXS
TIVQMXXLIMVVIQSZEP8LIWM^ISJ XLIWIGXMSRWXLEXEVIGYXJVII
MW KSZIVRIH F] XLI EZEMPEFPI PMJXMRK ERH XVERWTSVXMRK
IUYMTQIRX 8LI GYXXMRK QIXLSHW MRGPYHI LMKLTVIWWYVI
[EXIV NIXW WE[ GYXXMRK HMEQSRH [MVI GYXXMRK QIGLERMGEP
WLIEVMRKWXMXGLHVMPPMRKERHXLIVQEPGYXXMRK
E ,MKLTVIWWYVI[EXIVNIX [MXLSYXEFVEWMZIW {%LMKL
TVIWWYVI [EXIVNIX YWIW E WQEPP NIX SJ [EXIV HVMZIR EXLMKL
ZIPSGMXMIWGSQQSRP]TVSHYGMRK TVIWWYVIWSJXS14E
XSTWM %RYQFIVSJHMJJIVIRXX]TIWSJ[EXIV
NIXW EVI GYVVIRXP] FIMRK YWIH 8LI QSWX TVSQMWMRK EVI XLI
YPXVELMKLTVIWWYVINIXERHXLIGEZMXEXMRKNIX7IGXMSR
HIWGVMFIW YWMRK E [EXIV NIX EW E TVMQEV] VIQSZEP QIXLSH
;EXIV NIXW YWIH [MXL EFVEWMZIW EVI HIWGVMFIH MR 7IGXMSR

F 7E[GYXXMRK{(MEQSRHSVGEVFMHIWE[WEVIEZEMPEFPIMR
WM^IW VERKMRK JVSQ WQEPP GETEFPI SJ FIMRK LERHLIPH  XS
PEVKI GETEFPISJGYXXMRKHITXLWSJYTXSQ?MRA 
G  (MEQSRH [MVI GYXXMRK{(MEQSRH [MVI GYXXMRK MW
EGGSQTPMWLIH [MXL E [MVI GSRXEMRMRK RSHYPIWMQTVIKREXIH
[MXL HMEQSRHW 8LI [MVI MW [VETTIH EVSYRH XLI GSRGVIXI
QEWWXSFIGYXERHVIGSRRIGXIH[MXLXLITS[IVTEGOXSJSVQ
EGSRXMRYSYWPSST8LIPSSTMWWTYRMRXLITPERISJXLIGYX
[LMPI FIMRK HVE[R XLVSYKL XLI GSRGVIXI QIQFIV 8LMW
W]WXIQGERFIYWIHXSGYXEWXVYGXYVISJER]WM^IEWPSRKEW
XLI[MVIGERFI[VETTIHEVSYRHXLIGSRGVIXI8LIPMQMXWSJ
XLITS[IVWSYVGIHIXIVQMRIWXLIWM^ISJXLIGSRGVIXIWXVYGXYVI
XLEXGERFIGYX8LMWW]WXIQTVSZMHIWERIJJMGMIRXQIXLSHJSV
GYXXMRKYTERHHMWQERXPMRKPEVKISVWQEPPGSRGVIXIWXVYGXYVIW
H 1IGLERMGEPWLIEVMRK{8LIQIGLERMGEPWLIEVMRKQIXLSH
IQTPS]W L]HVEYPMGEPP] TS[IVIH NE[W XS GYX GSRGVIXI ERH
VIMRJSVGMRK WXIIP 8LMW QIXLSH MW ETTPMGEFPI JSV QEOMRK
GYXSYXW XLVSYKL WPEFW HIGOW ERH SXLIV XLMR GSRGVIXI

'32'6)8)6)4%-6+9-()

6

8EFPI{7YQQEV]SJJIEXYVIWERHGSRWMHIVEXMSRWPMQMXEXMSRWJSVGSRGVIXIVIQSZEPQIXLSHW
'EXIKSV]
 &PEWXMRK
9WIW VETMHP] I\TERHMRK KEW GSRJMRIH [MXLMR E WIVMIW SJ
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VIQSZEP

 'YXXMRK
9WIWTIVMQIXIVGYXWXSVIQSZIPEVKITMIGIWSJGSRGVIXI

,MKLTVIWWYVI[EXIVNIX [MXLSYXEFVEWMZIW
%TTPMGEFPIJSVQEOMRKGYXSYXWXLVSYKLWPEFWHIGOWERH
SXLIVXLMRGSRGVIXIQIQFIVW
'YXWMVVIKYPEVERHGYVZIHWLETIW
1EOIWGYXSYXW[MXLSYXSZIVGYXXMRKGSVRIVW
'YXWJPYWL[MXLMRXIVWIGXMRKWYVJEGIW
2SLIEXZMFVEXMSRSVHYWXMWTVSHYGIH
,ERHPMRKSJHIFVMWMWIJJMGMIRXFIGEYWIFYPOSJGSRGVIXIMW
VIQSZIHMRPEVKITMIGIW
(MEQSRHWE[
%TTPMGEFPIJSVQEOMRKGYXSYXWXLVSYKLWPEFWHIGOWERH
SXLIVXLMRGSRGVIXIQIQFIVW
1EOIWTVIGMWMSRGYXW
2SHYWXSVZMFVEXMSRMWTVSHYGIH
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VIQSZIHMRPEVKITMIGIW

 'YXXMRK GSRXMRYIH

 'YXXMRK GSRXMRYIH

 'YXXMRK GSRXMRYIH

 'YXXMRK GSRXMRYIH

(MEQSRH[MVI GYXXMRK
%TTPMGEFPIJSVGYXXMRKPEVKIERHSVXLMGOTMIGIWSJGSRGVIXI
8LIHMEQSRH[MVIGLEMRGERFIMRJMRMXIP]PSRK
2SHYWXSVZMFVEXMSRMWTVSHYGIH
0EVKI FPSGOW SJ GSRGVIXI GER FI IEWMP] PMJXIH SYX F] E
GVERISVSXLIVQIGLERMGEPQIXLSHW
8LI GYXXMRK STIVEXMSR GER FI IUYEPP] IJJMGMIRX MR ER]
HMVIGXMSR

1IGLERMGEPWLIEVMRK
%TTPMGEFPIJSVQEOMRKGYXSYXWXLVSYKLWPEFWHIGOWERH
SXLIVXLMRGSRGVIXIQIQFIVW
7XIIPVIMRJSVGIQIRXGERFIGYX
0MQMXIHRSMWIERHZMFVEXMSREVITVSHYGIH
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VIQSZIHMRPEVKITMIGIW
7XMXGL HVMPPMRK
%TTPMGEFPIJSVQEOMRKGYXSYXWXLVSYKLGSRGVIXIQIQFIVW
[LIVIEGGIWWXSSRP]SRIJEGIMWJIEWMFPI
,ERHPMRK SJ HIFVMW MW QSVI IJJMGMIRX FIGEYWI FYPO SJ
GSRGVIXIMWVIQSZIHMRPEVKITMIGIW

QIQFIVW-XMWIWTIGMEPP]ETTPMGEFPI[LIVIXSXEPHIQSPMXMSR
SJXLIQIQFIVMWHIWMVIH8LIQENSVPMQMXEXMSRSJXLMWQIXLSH
MWXLEXGYXWWLSYPHFIWXEVXIHJVSQJVIIIHKIWSVJVSQLSPIW
QEHIF]LERHLIPHFVIEOIVWSVSXLIVQIERW
I 7XMXGLHVMPPMRK{8LIWXMXGLHVMPPMRKQIXLSHIQTPS]WXLI
YWISJSZIVPETTMRKFSVILSPIWEPSRKXLIVIQSZEPTIVMQIXIVXS
GYX SYX WIGXMSRW JSV VIQSZEP 8LMW QIXLSH MW ETTPMGEFPI JSV
QEOMRK GYXSYXW XLVSYKL GSRGVIXI QIQFIVW [LIVI EGGIWW XS
SRP]SRIJEGIMWTSWWMFPIERHXLIHITXLSJGYXMWKVIEXIVXLER
GERFIIGSRSQMGEPP]GYXF]XLIHMEQSRHFPEHIQIXLSH8LI
TVMQEV]HVE[FEGOSJWXMXGLHVMPPMRKMWXLITSXIRXMEPJSVGSWXP]
VIQSZEPGSQTPMGEXMSRWMJXLIGYXXMRKHITXLI\GIIHWXLIEGGYVEG]

'SRWMHIVEXMSRW0MQMXEXMSRW
6IUYMVIWLMKLP]WOMPPIHTIVWSRRIPJSVHIWMKRERHI\IGYXMSR
7XVMRKIRXWEJIX]VIKYPEXMSRWQYWXFIGSQTPMIH[MXLVIKEVHMRK
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XMSRMWFEWIHSREKKVIKEXILEVHRIWW 
8LILMKLIVXLITIVGIRXEKISJWXIIPVIMRJSVGIQIRXMRGYXW
XLIWPS[IVERHQSVIGSWXP]XLIGYXXMRK
8LILEVHIVXLIEKKVIKEXIXLIWPS[IVERHQSVIGSWXP]XLI
GYXXMRK
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8LILEVHIVXLIEKKVIKEXIERHSVGSRGVIXIXLIWPS[IVERH
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4IVJSVQERGIMWEJJIGXIHF]XLIUYEPMX]X]TIERHRYQFIV
SJHMEQSRHWEW[IPPEWXLIHMEQSRHXSQIXEPFSRHMRXLI
GLEMR
0MQMXIHXSXLMRWIGXMSRW[LIVIERIHKIMWEZEMPEFPISV
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)\TSWIHVIMRJSVGMRKWXIIPMWHEQEKIHFI]SRHVIYWI
6IQEMRMRKGSRGVIXIMWHEQEKIH
)\XVIQIP]VYKKIHTVSJMPIMWTVSHYGIHEXXLIGYXIHKI
6EKKIHJIEXLIVIHKIWVIQEMREJXIVVIQSZEP
6SXEV]TIVGYWWMSRHVMPPMRKMWWMKRMJMGERXP]QSVII\TIHMIRX
ERH IGSRSQMGEP XLER HMEQSRH GSVI HVMPPMRK LS[IZIV MX
VIWYPXW MR QSVI HEQEKI XS XLI GSRGVIXI XLEX VIQEMRW
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(ITXLSJGYXWMWHITIRHIRXSREGGYVEG]SJHVMPPMRKIUYMT
QIRX MR QEMRXEMRMRK SZIVPET FIX[IIR LSPIW [MXL HITXL
ERHHMEQIXIVSJXLIFSVILSPIWHVMPPIH8LIHIITIVXLIGYX
XLIKVIEXIVFSVILSPIHMEQIXIVVIUYMVIHXSQEMRXEMR SZIV
PETFIX[IIREHNEGIRXLSPIWERHXLIKVIEXIVXLIGSWX
9RGYX TSVXMSRW FIX[IIR EHNEGIRX FSVILSPIW [MPP LEQTIV
SVTVIZIRXXLIVIQSZEP
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MRGVIEWIW XLI GSWX %KKVIKEXI XSYKLRIWW JSV TIVGYWWMSR
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4IVWSRRIPQYWX[IEVLIEVMRKTVSXIGXMSRHYIXSLMKLRSMWI
PIZIPW

SJ XLI HVMPPMRK IUYMTQIRX WS XLEX YRGYX GSRGVIXI VIQEMRW


FIX[IIREHNEGIRXLSPIW
J  8LIVQEP GYXXMRK{8LMW QIXLSH VIUYMVIW TS[HIV XSVGL
XLIVQEPPERGIERHTS[HIVPERGI[LMGLHIZIPSTMRXIRWILIEX
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VEXIEX[LMGLXLIVIWYPXMRKWPEKGERJPS[JVSQXLIWPSX8LIWI
HIZMGIWYWIMRXIRWILIEXERHEVIIWTIGMEPP]IJJIGXMZIJSVGYXXMRK
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6

%'-'311-88))6)4368

8EFPI GSRX {7YQQEV]SJJIEXYVIWERHGSRWMHIVEXMSRWPMQMXEXMSRWJSVGSRGVIXIVIQSZEPQIXLSHW


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 'YXXMRK GSRXMRYIH

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8LIVQEPGYXXMRK
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QIQFIVW
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'YXWMVVIKYPEVWLETIW
4VSHYGIWQMRMQEPRSMWIZMFVEXMSRWERHHYWX

 -QTEGXMRK
,ERHLIPHFVIEOIVW
9WIWVITIEXIHWXVMOMRKSJXLIWYVJEGI[MXLEQEWWXSJVEGXYVI %TTPMGEFPIJSVPMQMXIHZSPYQIWSJGSRGVIXIVIQSZEP
ERHWTEPPXLIGSRGVIXI
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4VSHYGIWVIPEXMZIP]WQEPPERHIEWMP]LERHPIHHIFVMW

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%TTPMGEFPIJSVJYPPHITXLVIQSZEPJVSQWPEFWHIGOWERH
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4VSHYGIWIEWMP]LERHPIHHIFVMW

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 1MPPMRK
9WIWWGEVMJMIVWXSVIQSZIGSRGVIXIWYVJEGIW

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9WIWLMKLTVIWWYVI[EXIVXSVIQSZIGSRGVIXI

7GEFFPIVW
0S[MRMXMEPGSWX
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7GEVMJMIV
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WYVJEGIWSJFVMHKIWERHTEVOMRKHIGOWERHSXLIVHIXIVMSVEXIH
WYVJEGIW[LIVIVIQSZEPHITXLMWMR QQ SVPIWW
(SIWRSXHEQEKIXLIGSRGVIXIXLEXVIQEMRW
7XIIPVIMRJSVGMRKMWPIJXGPIERERHYRHEQEKIHJSVVIYWI
1IXLSHTVSHYGIWIEWMP]LERHPIHEKKVIKEXIWM^IHHIFVMW

 -QTEGXMRK QIXLSHW{-QTEGXMRK QIXLSHW EVI XLI


QSWX GSQQSRP] YWIH GSRGVIXI VIQSZEP W]WXIQW 8LI]
VITIEXIHP]WXVMOIEGSRGVIXIWYVJEGI[MXLELMKLIRIVK]XSSP
SVEPEVKIQEWWXSJVEGXYVIERHWTEPPXLIGSRGVIXI8LIYWISJ
XLIWIQIXLSHWMRTEVXMEPHITXLGSRGVIXIVIQSZEPGERVIWYPXMR
QMGVSGVEGOMRK SR XLI WYVJEGI SJ XLI GSRGVIXIPIJXMR TPEGI
)\XIRWMZIQMGVSGVEGOMRKVIWYPXWMRE[IEOIRIHTPERIFIPS[
XLIFSRHPMRI'YVVIRXP]XLIGSQQMXXIIMWYREFPIXSTVSZMHI
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MQTEGX QIXLSHW LS[IZIV JEGXSVW WYGL EW XLI [IMKLX ERH
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SJJXIWXMRKMWVIGSQQIRHIHXSHIXIVQMRIXLIWYMXEFMPMX]SJXLI
WYVJEGI XS VIGIMZI VITEMV QEXIVMEPW %HHMXMSREPP] EJXIV
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HEQEKISGGYVVMRKEVSYRHWXIIPVIMRJSVGIQIRX
4VSHYGIWWQSOIERHJYQIW
4IVWSRRIP QYWX FI TVSXIGXIH JVSQ LIEX ERH LSX WPEK
TVSHYGIHF]GYXXMRKSTIVEXMSR
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4IVJSVQERGI MW E JYRGXMSR SJ GSRGVIXI WSYRHRIWW ERH
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4VSHYGIWLMKLPIZIPSJRSMWIERHHYWX
0MQMXIHHITXLVIQSZEP

6IQSZEPMWPMQMXIHXSGSRGVIXI[MXLSYXWXIIPVIMRJSVGIQIRX
7SYRHGSRGVIXIWMKRMJMGERXP]VIHYGIWXLIVEXISJVIQSZEP
'ERHEQEKIGSRGVIXIXLEXVIQEMRW QMGVSGVEGOMRK 
2SMWIZMFVEXMSRERHHYWXEVITVSHYGIH
4VSHYGXMZMX]MWWMKRMJMGERXP]VIHYGIH[LIRWSYRHGSRGVIXIMW
FIMRKVIQSZIH
6IQSZEP TVSJMPI [MPP ZEV] [MXL GLERKIW MR HITXL SJ
HIXIVMSVEXMSR
1IXLSH VIUYMVIW PEVKI WSYVGI SJ TSXEFPI [EXIV XS QIIX
[EXIVHIQERH
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%R IRZMVSRQIRXEP MQTEGX WXEXIQIRX QE] FI VIUYMVIH MJ
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4IVWSRRIP QYWX [IEV LIEVMRK TVSXIGXMSR HYI XS XLI LMKL
PIZIPSJRSMWITVSHYGIH
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%HHMXMSREP WEJIX] VIUYMVIQIRXW EVI VIUYMVIH HYI XS XLI
LMKLTVIWWYVIWTVSHYGIHF]XLIWIW]WXIQW

WMZIFPEWXMRKERH[EXIVFPEWXMRKQE]FIVIUYMVIHXSVIQSZI
I\GIWWMZIQMGVSGVEGOMRK
E ,ERHLIPHFVIEOIVW{8LILERHLIPHFVIEOIVSVGLMTTMRK
LEQQIVMWTVSFEFP]XLIFIWXORS[RSJEPPGSRGVIXIVIQSZEP
HIZMGIW ,ERHLIPH FVIEOIVW EVI EZEMPEFPI MR ZEVMSYW WM^IW
[MXL HMJJIVIRX PIZIPW SJ IRIVK]ERHIJJMGMIRG] 8LIWI XSSPW
EVIKIRIVEPP]HIJMRIHF][IMKLXERHZEV]MRWM^IJVSQXS
OK XSPF  2SXIXLIPEVKIVXLILEQQIVWYGLEWOK
? PFA ERH PEVKIV XLI KVIEXIV XLI TSXIRXMEP JSV QMGVSG
VEGOMRK 8LIWQEPPIVLERHLIPHFVIEOIVWWYGLEWOK PF
ERHWQEPPIVEVIYWIHMRTEVXMEPVIQSZEPSJYRWSYRHGSRGVIXI
SV GSRGVIXI EVSYRH VIMRJSVGMRK WXIIP FIGEYWI XLI] HS PMXXPI
HEQEKI XS WYVVSYRHMRK GSRGVIXI0EVKIV FVIEOIVW EVI YWIH
JSVGSQTPIXIVIQSZEPSJPEVKIZSPYQIWSJGSRGVIXISVHIPEQ
MREXMSRW'EVIWLSYPHFII\IVGMWIH[LIRWIPIGXMRKXLIWM^ISJ

'32'6)8)6)4%-6+9-()

6

8EFPI GSRX {7YQQEV]SJJIEXYVIWERHGSRWMHIVEXMSRWPMQMXEXMSRWJSVGSRGVIXIVIQSZEPQIXLSHW


'EXIKSV]
 4VIWTPMXXMRK
9WIWL]HVEYPMGNEGOW[EXIVTYPWIWSVI\TERWMZIEKIRXWMR
ETEXXIVRSJFSVILSPIWXSTVIWTPMXERHJVEGXYVIXLIGSRGVIXI
XSJEGMPMXEXIVIQSZEP
0EVKIWIGXMSRWGERFITVIWTPMXJSVVIQSZEPXLIVIF]QEOMRK
LERHPMRKSJHIFVMWQSVIIJJMGMIRX
(IZIPSTQIRX SJ TVIWTPMXXMRK TPERI MR HMVIGXMSR SJ FSVI
LSPIWHITXLMWPMQMXIH
(IZIPSTQIRXSJTVIWTPMXXMRKTPERIMWWMKRMJMGERXP]HIGVIEWIH
F]TVIWIRGISJVIMRJSVGMRKWXIIPRSVQEPXSTVIWTPMXXMRKTPERI
4VIWTPMXSTIRMRKQYWXFI[MHIIRSYKLXSEPPS[GYXXMRKSJ
WXIIPVIMRJSVGIQIRX
7IGSRHEV]QIERWSJFVIEOEKIQE]FIVIUYMVIHXSGSQTPIXI
VIQSZEP
0SWW SJ GSRXVSP SJ TVIWTPMXXMRK TPERI GER VIWYPX MJ FSVI
LSPIWEVIXSSJEVETEVXSVMJLSPIWEVIPSGEXIHMR WIZIVIP]
HIXIVMSVEXIHGSRGVIXI
 4VIWTPMXXMRK GSRXMRYIH

 4VIWTPMXXMRK GSRXMRYIH

 %FVEWMZIFPEWXMRK
9WIWIUYMTQIRXXLEXTVSTIPWEREFVEWMZIQIHMYQEXLMKL
ZIPSGMX]EXXLIGSRGVIXIXSEFVEHIXLIWYVJEGI

 %FVEWMZIFPEWXMRK GSRXMRYIH

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,]HVEYPMGWTPMXXIV
%TTPMGEFPIJSVTVIWTPMXXMRKWPEFWHIGOW[EPPWERHSXLIV
XLMRXSQIHMYQGSRGVIXIQIQFIVW
9WYEPP]PIWWGSWXP]XLERGYXXMRKQIQFIVW
(MVIGXMSRSJTVIWTPMXXMRKGERFIGSRXVSPPIHF]SVMIRXEXMSR
SJ[IHKIWERHHVMPPLSPIPE]SYX
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0MQMXIHWOMPPWVIUYMVIHF]STIVEXSV
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HVMPPMRKSJFSVILSPIWERHWIGSRHEV]FVIEOEKIQIXLSH

;EXIVTYPWIWTPMXXIV
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(IZMGIWLEZIWIPJGSRXEMRIHTS[IVWSYVGIW
2IKPMKMFPIZMFVEXMSR
9REJJIGXIHF]I\XVIQIXIQTIVEXYVIW

)\TERWMZI EKIRXW
%TTPMGEFPI[LIVIMR QQ SVQSVISJ EGSRGVIXI
JEGIMWXSFIVIQSZIH
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HITXL
2SZMFVEXMSRRSMWISVJP]MRKHIFVMWMWTVSHYGIHSXLIVXLER
XLEX TVSHYGIH F] XLI HVMPPMRK SJ FSVILSPIW ERH WIGSRHEV]
FVIEOEKIQIXLSH
7ERHFPEWXMRK
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EKKVIKEXI
'PIERWVIMRJSVGMRKWXIIP
6IQSZIWWYVJEGIGSRXEQMREXMSR
7LSXFPEWXMRK
)JJMGMIRXQIXLSHJSVVSYKLIRMRKXLIWYVJEGIERHI\TSWMRK
EKKVIKEXI
0S[HYWXIQMWWMSRW
6IQSZIWWYVJEGIGSRXEQMRERXW
'SRXVSPPIHHITXLSJGSRGVIXIVIQSZEP
6IEHMP]EZEMPEFPIGSQQIVGMEPP]
,MKLTVIWWYVI [EXIVFPEWXMRK [MXLEFVEWMZIW
7IPIGXMZIP]VIQSZIWHIJIGXMZIGSRGVIXI
6IQSZIWPEVKIUYERXMXMIWSJGSRGVIXIIJJMGMIRXP]
4VIGMWIGSRXVSPSJVIQSZEPTVSGIWW
'PIERWVIMRJSVGMRKWXIIP[LMPIVIQSZMRKGSRGVIXI
4VSHYGIWQMRMQEPHEQEKIXSVIQEMRMRKGSRGVIXI
4VSHYGIWRSLIEXSVHYWX
%FVEWMZIWIREFPINIXXS GYX WXIIPVIMRJSVGIQIRX ERH LEVH
EKKVIKEXIW

FVIEOIVW MJ FVIEOEKI ERH WIGSRHEV] HEQEKI EVI XS FI


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6

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MRZSPZIW VIQSZEP SJ HIXIVMSVEXIH SV HIWMKREXIH WSYRH

6

GSRGVIXISVFSXL6IKEVHPIWWSJXLIREXYVIWSTLMWXMGEXMSRSV
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XLIWYVJEGITVITEVEXMSR8SIRWYVIXLIHIWMVIHFILEZMSVMRXLI
WXVYGXYVIVITEMVWXSVIMRJSVGIHGSRGVIXIWLSYPHEPWSMRGPYHI
TVSTIVTVITEVEXMSRSJXLIVIMRJSVGMRKWXIIPXSHIZIPSTEFSRH
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TVITEVEXMSR SJ GSRGVIXI ERH VIMRJSVGMRK WXIIP EW QE] FI
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VIGIMZIXLIVITEMVQEXIVMEPW 8LIETTVSTVMEXITVITEVEXMSRSJ
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PSRKFIIRYWIHXSVIQSZIPEMXERGI8LIEGMHVIQSZIWIRSYKL

6

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GIQIRXTEWXIXSTVSZMHIEVSYKLIRIHWYVJEGIXLEXMQTVSZIW
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TVITEVEXMSRGERFIYWIHERH %'-6HSIWRSXVIGSQQIRH
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KVMRHIVWERHWGEVMJMIVW(ITIRHMRKSRXLIIUYMTQIRXYWIHE
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6

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6

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LEWFIIRXIWXIHMREWMQMPEVIRZMVSRQIRX
)\TERWMSRERGLSVW]WXIQWWSQIXMQIWGEPPIHQIGLERMGEP
ERGLSVWMRGPYHIXSVUYIGSRXVSPPIHHIJSVQEXMSRGSRXVSPPIH
ERHYRHIVGYXERGLSVW8LIWIERGLSVWHIZIPSTXLIMVWXVIRKXL
JVSQJVMGXMSREKEMRWXXLIWMHISJXLIHVMPPIHLSPIJVSQOI]MRK
MRXSEPSGEPM^IHGVYWLIH^SRISJXLIGSRGVIXIVIWYPXMRKJVSQ
XLIWIXXMRKSTIVEXMSRSVJVSQEGSQFMREXMSRSJJVMGXMSRERH
OI]MRK8LIWIX]TIWSJERGLSVWHIZIPSTFYVWXMRKJSVGIWMRXLI
GSRGVIXI )HKIHMWXERGIW ERHXLI WTEGMRK FIX[IIRERGLSVW
WLSYPH FI WYJJMGMIRX XS TVIZIRX GVEGOMRK *SV XLI YRHIVGYX
ERGLSVWWXVIRKXLMWHIVMZIHJVSQOI]MRKMRXSERYRHIVGYXEX
XLIFSXXSQSJXLIHVMPPIHLSPI
 'EWXMRTPEGI ERGLSVW{'EWXMRTPEGI ERGLSV
W]WXIQWMRGPYHIIQFIHHIHRSREHNYWXEFPIERGLSVWSJZEVMSYW
X]TIWERHWLETIWFSPXIHGSRRIGXMSRWERHEHNYWXEFPIERGLSVW
XLEXEVIWIXMRTPEGIFIJSVITPEGMRKGSRGVIXI
 %RGLSV WXVIRKXL{%RGLSV WXVIRKXL ERH PSRKXIVQ
TIVJSVQERGIEVIHITIRHIRXSREZEVMIX]SJJEGXSVWXLEXWLSYPH
FI IZEPYEXIH JSV XLI ERGLSV XS FI YWIH 7SQI JEGXSVW XS FI
GSRWMHIVIHMRGPYHIQEXIVMEPWXVIRKXL ]MIPHERHYPXMQEXI LSPI
HMEQIXIV ERH HVMPPMRK W]WXIQ YWIH IQFIHQIRX PIRKXL
ERRYPEVKETFIX[IIRXLIERGLSVERHXLIHVMPPIHLSPIJSVTSWX
MRWXEPPIHERGLSVWGSRGVIXIWXVIRKXLERHGSRHMXMSRX]TIERH
HMVIGXMSRSJPSEHETTPMGEXMSR WXEXMGH]REQMGXIRWMSRWLIEV
FIRHMRKSVGSQFMRIHPSEHMRK WTEGMRKXSSXLIVERGLSVWERH
IHKIW XIQTIVEXYVI JSV GLIQMGEP ERGLSVW  LSPI GPIERMRK
QSHI SJ JEMPYVI SJ XLI ERGLSV W]WXIQ GSRGVIXI FVIEOEKI
WXIIP FVIEOEKI WPMT SV TYPPSYX  IRZMVSRQIRXEP GSRHMXMSRW
JSVQSMWXYVIERHGSVVSWMSRVIWMWXERGIERHGVIIT
7MXIXIWXMRKJSVZIVMJMGEXMSRSJTIVJSVQERGIMWVIGSQQIRHIH
JSVGVMXMGEPETTPMGEXMSRW*SVGLIQMGEPERGLSVWXIWXWWLSYPH
FITIVJSVQIHXSHIXIVQMRIXLIPSRKXIVQGVIITTIVJSVQERGI
EXXLILMKLIWXI\TIGXIHWIVZMGIPSEHERHXIQTIVEXYVI*SVEPP
ERGLSVW]WXIQWMRWXEPPEXMSRMRWXVYGXMSRWWLSYPHFIJSPPS[IH
XSIRWYVITVSTIVERGLSVTIVJSVQERGI
{1EXIVMEPWTPEGIQIRXJSVZEVMSYWVITEMV
XIGLRMUYIW
1ER]XIGLRMUYIWEVIEZEMPEFPIXSTPEGIXLIVITEMVQEXIVMEPW
ERH HITIRH SR XLI GSRWXVEMRXW ERH PMQMXEXMSRW SJ E TVSNIGX
)QQSRW   -R EHHMXMSR XLI TEWX I\TIVMIRGI SJ XLI
GSRXVEGXSVXSWYGGIWWJYPP]TIVJSVQXLITPEGIQIRXXIGLRMUYI
MW EPWS MQTSVXERX -'6-  TVSZMHIW KYMHERGI JSV
WIPIGXMRKETTPMGEXMSRXIGLRMUYIWJSVVITEMV
 'EWXMRTPEGI GSRGVIXI QSHMJMIH GSRGVIXI ERH
TVSTVMIXEV] GSRGVIXI SV QSVXEVW{6ITEMV F] GSRZIRXMSREP
GSRGVIXITPEGIQIRXMWXLIVITPEGIQIRXSJHIJIGXMZIGSRGVIXI
[MXL RI[ GSRGVIXI XLEX MW GSRZIRXMSREPP] TPEGIH 8LMW

'32'6)8)6)4%-6+9-()

QIXLSHMWXLIQSWXJVIUYIRXP]YWIHVITEMVXIGLRMUYIERHMXMW
YWYEPP]XLIQSWXIGSRSQMGEP
6ITEMVF]GSRZIRXMSREPGSRGVIXITPEGIQIRXMWETTPMGEFPIXS
E [MHI VERKI SJ WMXYEXMSRW MRGPYHMRK VITEMV SJ HIXIVMSVEXMSR
HYI XS HIJIGXW GEYWIH F] TSSV GSRWXVYGXMSR TVEGXMGIW

XLI
JEGXSVWXLEXXVMKKIVIHXLIHIXIVMSVEXMSR*SVI\EQTPIMJXLI
HIXIVMS

IQIRX GSRGVIXI 4''  QSHMJMIH [MXL


WMPMGE JYQI EGV]PMGW WX]VIRIFYXEHMIRI PEXI\ SV ITS\]
LS[IZIVLEZIFIIRWYGGIWWJYPMRI\XIRHMRKWIVZMGIPMJI
 7LSXGVIXI{7LSXGVIXI MW GSRGVIXI SV QSVXEV XLEX MW
TRIYQEXMGEPP]GSRZI]IHEXLMKLZIPSGMX]XLVSYKLELSWISRXS
E WYVJEGI 8LI LMKL ZIPSGMX] SJ XLI QEXIVMEP WXVMOMRK XLI
WYVJEGITVSZMHIWXLIGSQTEGXMZIIJJSVXRIGIWWEV]XSGSRWSPM
HEXIXLIQEXIVMEPERHHIZIPSTEFSRHXSXLIWYFWXVEXIWYVJEGI
8LIWLSXGVIXITVSGIWWMWGETEFPISJTPEGMRKVITEMVQEXIVMEPW
MR ZIVXMGEP ERH SZIVLIEH ETTPMGEXMSRW [MXLSYX XLI YWI SJ
JSVQW ERH MX GER VSYXMRIP] TPEGI QEXIVMEP WIZIVEP LYRHVIH
JIIXJVSQXLITSMRXSJHIPMZIV]
8LIVI EVI X[S FEWMG WLSXGVIXI TVSGIWWIW -R [IXQM\
WLSXGVIXI GIQIRX EKKVIKEXI ERH [EXIV EVI QM\IH ERH
TYQTIH XLVSYKL E LSWI XS E RS^^PI [LIVI EMV MW EHHIH XS
TVSTIP XLI QEXIVMEP SRXS XLI WYVJEGI (V]QM\ WLSXGVIXMRK
YWIW GIQIRX ERH EKKVIKEXI XLEXEVI TVIQM\IH ERHTRIY
QEXMGEPP]TYQTIHXLVSYKLELSWI XLIR[EXIVMWEHHIHEXXLI
RS^^PI EW XLI QEXIVMEP MW TVSNIGXIH EX LMKL ZIPSGMX] SRXS E
WYVJEGI
)MXLIVQIXLSHTPEGIWWYMXEFPIVITEMVQEXIVMEPWJSVRSVQEP
GSRWXVYGXMSR VIUYMVIQIRXW %'- 6 TVSZMHIW HIXEMPIH
MRJSVQEXMSRSRXLIX[SWLSXGVIXITVSGIWWIWERHXLIMVTVSTIV
ETTPMGEXMSR
-REHHMXMSRXSTPEGMRKGSRZIRXMSREP4''ERHQSVXEVXLI
WLSXGVIXI TVSGIWW MW EPWS YWIH JSV TPEGMRK TSP]QIVGIQIRX
GSRGVIXI JMFIVVIMRJSVGIH GSRGVIXI YWMRK FSXL WXIIP ERH
W]RXLIXMG JMFIVW ERH GSRGVIXI GSRXEMRMRK WMPMGE JYQI ERH
SXLIVTS^^SPERW
8LI ETTPMGEXMSR SJ VITEMV QEXIVMEPW F] XLI WLSXGVIXI
TVSGIWWWLSYPHFIGSRWMHIVIH[LIVIZIVEGGIWWXSXLIWMXIMW
HMJJMGYPX XLI IPMQMREXMSR SJ JSVQ[SVO TVSZMHIW IGSRSQ]
ERH WMKRMJMGERX EVIEW SJ SZIVLIEH SV ZIVXMGEP VITEMVW I\MWX
7LSXGVIXI MW JVIUYIRXP] YWIH JSV VITEMVMRK HIXIVMSVEXIH
GSRGVIXISVQEWSRV]SRFVMHKIWYFWXVYGXYVIWTMIVWWI[IVW
HEQWERHFYMPHMRKWXVYGXYVIW-XMWEPWSYWIHJSVVIMRJSVGMRK
WXVYGXYVIWF]IRGEWMRKEHHMXMSREPVIMRJSVGMRKWXIIPEHHIHXS
FIEQWTPEGMRKFSRHIHWXVYGXYVEPPMRMRKWSRQEWSRV][EPPW
ERHTPEGMRKEHHMXMSREP GSRGVIXIGSZIVSRI\MWXMRKGSRGVIXI
WXVYGXYVIW VIJIVXS'LETXIV 
8LI WLSXGVIXI RS^^PI STIVEXSVvW WOMPP HIXIVQMRIW XLI
MRTPEGIUYEPMX]SJXLIVITEMVQEXIVMEP%'-6TVSZMHIW
EFEWMWJSVHIXIVQMRMRKXLIUYEPMJMGEXMSRWSJERS^^PISTIVEXSV
8LIRS^^PISTIVEXSVWLSYPHFIGIVXMJMIHF]%'-%'-
TVSZMHIW E FEWMG WTIGMJMGEXMSR JSV XLI ETTPMGEXMSR ERH
MRWTIGXMSRSJWLSXGVIXI

6

 4VITPEGIHEKKVIKEXI GSRGVIXI{4VITPEGIHEKKVIKEXI


GSRGVIXIMWTVSHYGIHF]JMPPMRKXLIVITEMVEVIE[MXLKETKVEHIH
GSEVWIEKKVIKEXIXLIRJMPPMRKXLIZSMHWMRXLIEKKVIKEXIF]
TYQTMRKMREGIQIRXMXMSYWSVVIWMRSYWKVSYX%WXLIKVSYXMW
TYQTIH MRXS XLI JSVQW MX JMPPW XLI ZSMHW HMWTPEGMRK ER]
[EXIVXLEXMWTVIWIRX ERHJSVQWEGSRGVIXIQEWW8LI[SVOIV
WLSYPHEZSMHXLIIRXVETQIRXSJEMVXLEXVIWYPXMRZSMHW8LMW
QIXLSHMWYWIHJSVTEVXMEPHITXL VITEMVWSVJSVVITPEGIQIRXSJ
[LSPI QIQFIVW 8LMW QIXLSH VIHYGIW HV]MRK WLVMROEKI
FIGEYWIXLIEKKVIKEXITEVXMGPIWEVIMRTSMRXXSTSMRXGSRXEGX
FIJSVIERHEJXIVKVSYXMRK
+IRIVEPP] XLI WEQI VIUYMVIQIRXW JSV QEXIVMEPW ERH
TVSGIHYVIW XLEX ETTP] XS TVITPEGIHEKKVIKEXI GSRGVIXI MR
RI[GSRWXVYGXMSREPWSETTP]XSVITEMV4VITPEGIHEKKVIKEXI
GSRGVIXIMWGSZIVIHMRHIXEMPMR%'-6ERH%'-6
 *SVQIHERHTYQTIHGSRGVIXIERHQSVXEV{*SVQIH
ERH TYQTIH VITEMV MW E QIXLSH SJ VITPEGMRK HEQEKIH
HIXIVMSVEXIHGSRGVIXIF]JMPPMRKEJSVQIHGEZMX][MXLEVITEMV
QSVXEVSVGSRGVIXIYRHIVTYQTTVIWWYVI8LMWQIXLSHGERFI
YWIHJSVZIVXMGEPERHSZIVLIEHVITEMVW*SVQ[SVOWLSYPHFI
GSRWXVYGXIH XS E WXVIRKXL WYJJMGMIRX XS LERHPI XLI TVIWWYVI
MRHYGIH F] L]HVSWXEXMG TVIWWYVI ERH XLI EHHMXMSREP TYQT
TVIWWYVI VIUYMVIH XS GSRWSPMHEXI XLI VITEMV QEXIVMEP 8LI
GEZMX]ERHJSVQ[SVOHIWMKRWLSYPHTVSZMHIJSVZIRXMRKXLI
EMV:IRXMRKGERFIEGGSQTPMWLIHF]XLIVIQSZEPTVSJMPISJ
XLI TVITEVIH GSRGVIXI ZIRX XYFIW SV HVMPPIH LSPIW MR XLI
I\MWXMRKGSRGVIXI4YQTMRKXLIGEZMX]MWWXEVXIHEXXLIPS[IWX
TSMRX MR ZIVXMGEP VITEMVW SV EX ER I\XVIQMX] MR SZIVLIEH
VITEMVW4YQTMRKGSRXMRYIWYRXMPXLIQEXIVMEPJPS[WJVSQER
EHNEGIRXTSVXMRXLIJSVQ[SVO4YQTMRKGSRXMRYIWYRXMPXLI
GEZMX]MWGSQTPIXIP]JYPP )QQSRW (YVMRKXLIJMREP
TVIWWYVM^EXMSRXLIVITEMVQEXIVMEPMWGSRWSPMHEXIHEVSYRHXLI
VIMRJSVGMRKWXIIPERHHVMZIRMRXSXLIGVIZMGIWSJXLITVITEVIH
WYFWXVEXIXSMQTVSZIFSRH
 8VS[IPMRKERHHV]TEGOMRK{
E 8VS[IPMRK{6ITEMVWETTPMIHF]LERHXVS[IPMRKGERFI
YWIHJSVWLEPPS[SVPMQMXIHEVIEWSJVITEMV8LIWIVITEMVWGER
FIQEHIYWMRKTSVXPERHGIQIRXQSVXEVWTVSTVMIXEV]TVSHYGXW
WYGLEW GIQIRXMXMSYWTVITEGOEKIHQEXIVMEPWTSP]QIVGIQIRX
KVSYXW TSP]QIV KVSYXW ERH QSVXEVW 8VS[IPETTPMIH
W]WXIQW EVI RSX VIGSQQIRHIH [LIR VIMRJSVGMRK WXIIP MW
I\TSWIHERHYRHIVGYXHYIXSXLIHMJJMGYPX]SJGSRWSPMHEXMSR
SJVITEMVQEXIVMEPEVSYRHERHFILMRHXLIVIMRJSVGMRKWXIIP
8LI TEWXI SJ XLI VITEMV QEXIVMEP WLSYPH FI YWIH EW XLI
FSRHMRKQIHMYQ8LIVITEMVQEXIVMEPWLSYPHFIETTPMIHXS
XLI KVSYXIH WYVJEGI FIJSVI XLI KVSYX SV TEWXI WIXW ;LIVI
QYPXMTPIPE]IVWEVIRIIHIHXSFYMPHYTXLIXSXEPXLMGORIWWSJ
XLI VITEMV XLI WYVJEGIW WLSYPH FI VSYKLIRIH XS LIPT FSRH
WYFWIUYIRXPE]IVW*SVQSWXETTPMGEXMSRWXLIWYVJEGISJXLI
GEZMX] WLSYPH FI WEXYVEXIH ERH WYVJEGI HV] EX XLI XMQI SJ
ETTPMGEXMSRSJXLIQEXIVMEP
8LIVIEVIE[MHIZEVMIX]SJTVSTVMIXEV]VITEMVQSVXEVWERH
GSRGVIXIW XLEX LEZI FIIR QSHMJMIH [MXL GLIQMGEPW ERH
XLM\SXVSTMGEKIRXW8LITPEGIQIRXXIGLRMUYIWVIGSQQIRHIH
F] XLI QERYJEGXYVIVW HS RSX EP[E]W GSRJSVQ XS EGGITXIH
TPEGIQIRX XIGLRMUYIW JSV TSVXPERHGIQIRX QSVXEV ERH
GSRGVIXI8LMWMWTEVXMGYPEVP]XVYIJSVXLMRWIGXMSRWWYGLEW
QQ MR ERHZIVXMGEPERHSZIVLIEHETTPMGEXMSRW8LI

6

%'-'311-88))6)4368

EHHMXMSR SJ GLIQMGEPW ERH XLM\SXVSTMG EKIRXW XLEX TIVQMX


HIZMEXMSRWMRTPEGIQIRXXIGLRMUYIWQE]GSQTVSQMWIWSQI
SJ XLI TIVJSVQERGI TVSTIVXMIW )\EQTPIW SJ WSQI SJ XLI
TVSTIVXMIWXLEXQE]FIEJJIGXIH EVIWLVMROEKIFSRHWXVIRKXL
ERH GSIJJMGMIRX SJ XLIVQEP I\TERWMSR 8LI WTIGMJMIV ERH
GSRXVEGXSV WLSYPH GSRWYPX [MXL XLI QERYJEGXYVIV ERH QEOI
WYVIXLEXXLIQEXIVMEPWTIVJSVQERGIGETEFMPMX]ERHPMQMXEXMSRW
QIIXWXLITVSNIGXGVMXIVMEFIJSVIYWMRKXLIWIQEXIVMEPW6IJIVXS
'LETXIV
7YGGIWWJYPYWISJXVS[IPETTPMIHVITEMVWMWHITIRHIRXSRXLI
WYVJEGITVITEVEXMSRERHXLIWOMPPSJXLIQEWSR1EWSRWWLSYPH
FI I\TIVMIRGIH ERH GPSWI JMIPH SFWIVZEXMSR SJ XLI [SVO
WLSYPHFIQEHI4VSTIVXVS[IPMRKXIGLRMUYIWLSYPHFIYWIH
XSTVIZIRXXLIIRXVETQIRXSJEMVEXXLIFSRHMRKWYVJEGI[LMGL
GERGEYWIVIHYGIHFSRHWXVIRKXL4VSTIVGYVMRKSJTSVXPERH
GIQIRX QSVXEV WS XLEX TEXGL QEXIVMEP HSIW RSX HV] FIJSVI
L]HVEXMSRMWGSQTPIXIMWMQTSVXERX7TIGMEPGYVMRKTVSZMWMSRW
QE] FI EHZMWEFPI JSV WSQI TVSTVMIXEV] VITEMV QEXIVMEPW SV
[LIVIEGGIWWMFMPMX]MWHMJJMGYPX %'-6ERH 
F (V]TEGOMRK{(V]TEGOMRKMWXLILERHTPEGIQIRXSJE
PS[[EXIV TSVXPERHGIQIRX QSVXEV ERH XLI WYFWIUYIRX
XEQTMRKSVVEQQMRKSJXLIQSVXEVMRXSTPEGI&IGEYWISJXLI
PS[[EXIVGIQIRXMXMSYWQEXIVMEPVEXMS [GQ XLIWIVITEMVW
[LIR GSQTEGXIH TVSTIVP] LEZI KSSH WXVIRKXL HYVEFMPMX]
ERH[EXIVXMKLXRIWW
(V]TEGOMRKGERFIYWIHJSVVITEMVSJJSVQXMIWGSRIFSPXW
ERHSXLIVLSPIWERHWQEPPEVIEW[MXLVIPEXMZIP]LMKLHITXLXS
WYVJEGIEVIEWVEXMSW&IGEYWISJXLIPEFSVMRXIRWMZIREXYVISJ
XLMWXIGLRMUYIMXMWRSXSJXIRYWIHJSVPEVKIVITEMVW
 -RNIGXMSRKVSYXMRK{+VSYXMRKMWXLIGSQQSRQIXLSH
JSVJMPPMRKGVEGOWSTIRNSMRXWLSRI]GSQFERHMRXIVMSVZSMHW
[MXLEGIQIRXKVSYXSVSXLIVQEXIVMEPXLEXGYVIWMRTPEGIXS
TVSHYGIEHIWMVIHVIWYPX1EXIVMEPWSXLIVXLERGIQIRXKVSYX
MRGPYHITSP]QIVGIQIRXWPYVV]ITS\]YVIXLERIERHLMKL
QSPIGYPEV[IMKLX QIXLEGV]PEXI ,1;1  +VSYXMRK GER
WXVIRKXLIR E WXVYGXYVI EVVIWX [EXIV QSZIQIRX SV FSXL
&IJSVIHIWMKRMRKEKVSYXMRKVITEMVTVSKVEQXLISFNIGXMZIW
SJ KVSYXMRK WLSYPH FI HIJMRIH ERH XLI TVSTIV QEXIVMEP
WIPIGXIHXSQIIXXLSWISFNIGXMZIW;LIVIETTVSTVMEXIUYEPMX]
GSRXVSPQIEWYVIWWLSYPHMRGPYHIXEOMRKGSVIWXSZIVMJ]XLEX
TVSTIVTIRIXVEXMSRERHFSRHLEWFIIREGLMIZIH
 'IQIRXKVSYXMRK{'IQIRXKVSYXMWEQM\XYVISJ
GIQIRXMXMSYWQEXIVMEPRSVQEPP]TSVXPERHGIQIRXSVQMGVSJMRI
GIQIRX ERH [EXIV [MXL SV [MXLSYX JMRI EKKVIKEXI SV
EHQM\XYVIWTVSTSVXMSRIHXSTVSHYGIETYQTEFPIGSRWMWXIRG]
[MXLSYXI\GIWWMZIWIKVIKEXMSRSJGSRWXMXYIRXW+VSYXGERFI
MRNIGXIHMRXSERSTIRMRKJVSQXLIWYVJEGISJEWXVYGXYVISV
XLVSYKLLSPIWHVMPPIHXSMRXIVWIGXXLISTIRMRKMRXLIMRXIVMSV
E  +VSYXMRK JVSQ XLI WYVJEGI{;LIR KVSYX MW XS FI
MRNIGXIH JVSQ XLI WYVJEGI WLSVX IRXV] LSPIW TSVXW  E
QMRMQYQSJQQ MR MRHMEQIXIVERHEQMRMQYQSJ
QQ MR HIITEVIHVMPPIHMRXSXLISTIRMRK8LIWYVJEGI
SJ XLI STIRMRK MW WIEPIH FIX[IIR TSVXW [MXL E TSVXPERH
GIQIRXSVVIWMRSYWQSVXEV;LIXLIVSVRSXWLSVXTMTIRMTTPIW
EVI GIQIRXIH MRXS XLI LSPIW JSV KVSYX LSWI GSRRIGXMSRW
HITIRHW PEVKIP] SR ERXMGMTEXIH KVSYXMRK TVIWWYVIW -J XLI
TSVXW EVI HVMPPIH EJXIV WIEPMRK XLI STIRMRKW E LERHLIPH
GSRIWLETIHJMXXMRKSRXLIKVSYXLSWIQE]FIEHIUYEXIJSV

TVIWWYVIYRHIVO4E TWM ;LIVIGVEGOWSVSTIRMRKW


I\XIRH XLVSYKL E WXVYGXYVI WYGL EW E [EPP XLI STIRMRK MW
YWYEPP]WIEPIHERHTSVXIHSRXLIJEVWMHIEW[IPP
;LIVIETTIEVERGIMWRSXEJEGXSVSTIRMRKWQE]SJXIRFI
WIEPIHF]GEYPOMRK[MXLGPSXLSVJEFVMGXLEXTEWW[EXIVSVEMV
]IXVIXEMRWSPMHW4ETIVERHQEXIVMEPWXLEXVIQEMRTPEWXMGEVI
RSXWYMXEFPIJSVXLMWTYVTSWI
8LI WTEGMRK SJ XLI IRXV] TSVXW MW PEVKIP] E QEXXIV SJ
NYHKQIRX FEWIH SR XLI REXYVI SJ XLI [SVO %W E KIRIVEP
VYPILS[IZIVTSVXWWLSYPHFIJEVXLIVETEVXXLERXLIHIWMVIH
HITXLSJKVSYXTIRIXVEXMSR
&IJSVI KVSYXMRK XLI STIRMRKW WLSYPH FI JPYWLIH [MXL
GPIER[EXIVWYFNIGXXSXLITVSGIHYVIXLEXMWYWIHMRKVSYXMRK
*PYWLMRK MW HSRI JSV WIZIVEP VIEWSRW XS [IX XLI MRXIVMSV
WYVJEGIWJSVFIXXIVKVSYXJPS[ERHTIRIXVEXMSRXSGLIGOXLI
IJJIGXMZIRIWW SJ XLI WYVJEGI WIEPMRK ERH TSVX W]WXIQ XS
TVSZMHI MRJSVQEXMSR SR TVSFEFPI KVSYX JPS[ TEXXIVRW ERH
MRXIVREPMRXIVGSRRIGXMSRWWSQITSWWMFP]YRI\TIGXIHERHXS
JEQMPMEVM^IXLIKVSYXMRKGVI[[MXLXLIWMXYEXMSR
+VSYXMRKMWWXEVXIHEXSRIIRHSJELSVM^SRXEPSTIRMRKSVEX
XLI FSXXSQ SJ E ZIVXMGEP STIRMRKERH GSRXMRYIW YRXMP KVSYX
WLS[WEXXLIWIGSRHTSVXE[E]JVSQXLISRIFIMRKTYQTIH
;LIRXLMWSGGYVWXLIKVSYXMRKSTIVEXMSRQSZIWXSXLIRI\X
TSVX ERH GSRXMRYIW YRXMP KVSYX EKEMR WLS[W EX XLI WIGSRH
HMWXERX LSPI 8LI ZEPZI WLSYPH FI WLYX SV TPYKKIH EX IEGL
JPS[MRK TSVX FIJSVI QSZMRK XS XLI RI\X MRNIGXMSR PSGEXMSR
4VSKVIWWWLSYPHFIQSRMXSVIHSRXLIJEVWMHISJXLIWXVYGXYVI
MJEGGIWWMFPIERHGPSWITSVXWSVZEPZIWEWRIGIWWEV]
+VSYXMRK MW YWYEPP] WXEVXIH [MXL E VIPEXMZIP] XLMR KVSYX
XLMGOIRIHEWUYMGOP]EWTSWWMFPIXSXLILIEZMIWXGSRWMWXIRG]
XLEXGERFITYQTIH[MXLSYXFPSGOEKIEWHIXIVQMRIHEXXLI
KVSYXMRKSTIVEXMSR
F -RXIVMSVKVSYXMRK{+VSYXMRKSJGVEGOWNSMRXWERHZSMHW
JVSQ XLI MRXIVMSV MW HSRI XLVSYKL  QQ  MR  SV PEVKIV
HMEQIXIVLSPIWHVMPPIHEXERERKPIXSMRXIVWIGXXLISTIRMRKEX
HIWMVIHHITXLJVSQXLIWYVJEGISVEWRIEVEWTSWWMFPIXSXLI
FSXXSQSJXLIZSMH
(VMPPMRK MW HSRI [MXL HMEQSRH GSVI FMXW VSXEV] GEVFMHI
FMXW SV TIVGYWWMSR HVMPPW (MEQSRH SV VSXEV] FMX HVMPPMRK MW
TVIJIVVIH IWTIGMEPP] [LIR XLI STIRMRKW XS FI KVSYXIH EVI
VIPEXMZIP]REVVS[XSQMRMQM^IXLIHIFVMWXLEX[SYPHGLSOI
XLI GVEGO %TTP]MRK E ZEGYYQ XS XLI HVMPP WXIQ JYVXLIV
VIHYGIWXLITSWWMFMPMX]SJHVMPPGYXXMRKWKIXXMRKMRXSXLIGVEGO
*SV [MHIV STIRMRKW{JSV I\EQTPI  QQ  MR  SV
QSVI{HVMPPGYXXMRKWEVIPIWWSJETVSFPIQFYXMRER]IZIRX
EPPLSPIWWLSYPHFIXLSVSYKLP][EWLIHERH[EXIVGMVGYPEXIH
XLVSYKLXLIW]WXIQFIJSVIKVSYXMRK
 'LIQMGEPKVSYXMRK{'LIQMGEPKVSYXEWHIJMRIH
MRXLMWKYMHIMWER]JPYMHQEXIVMEPRSXHITIRHIRXSRWYWTIRHIH
WSPMHW JSV VIEGXMSR 8LI KVSYX WLSYPH LEVHIR [MXLSYX
EHZIVWIP]EJJIGXMRKER]QIXEPWSVXLIGSRGVIXIFSYRHEVMIWSJ
XLISTIRMRKSVZSMHMRXS[LMGLMXLEWFIIRMRNIGXIH*VSQXLI
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EHIUYEXIFYXXLITVIGMWITVSTSVXMSRWGERSRP]FIHIXIVQMRIH
F]XVMEP
F 0MQMXEXMSRW{(V]TEGOMWRSX[IPPWYMXIHJSVTEXGLMRK
WLEPPS[ HITVIWWMSRW SV JSV TEXGLMRK EVIEW VIUYMVMRK JMPPMRK
FILMRH I\TSWIH VIMRJSVGIQIRX SV JSV TEXGLMRK LSPIW
I\XIRHMRK IRXMVIP] XLVSYKL GSRGVIXI WIGXMSRW ;MXLSYX
EHIUYEXIGYVMRKHV]TEGOVITEMVWEVIWYFNIGXXSJEMPYVI
G %TTPMGEXMSRW{(V]TEGOGERFIYWIHJSVJMPPMRKPEVKISV
WQEPPGEZMXMIWJSVQXMILSPIWSVER]GEZMX]XLEXEPPS[WJSV
EHIUYEXIGSQTEGXMSR7YGLVITEMVWGERFIEGGSQTPMWLIHSR
ZIVXMGEPERHSZIVLIEHWYVJEGIW[MXLSYXJSVQW(V]TEGOGER
EPWS FI YWIH JSV JMPPMRK REVVS[ WPSXW GYX JSV XLI VITEMV SJ
HSVQERXGVEGOWLS[IZIVMXMWRSXVIGSQQIRHIHJSVJMPPMRK
SV VITEMVMRK EGXMZI GVEGOW (V] TEGO MW GSQQSRP] YWIH EX
PSEHXVERWJIVTSMRXWERHGSRXEGXEVIEW
H 7XERHEVHW{'YVVIRXP]XLIVIEVIRSWXERHEVHWJSVHV]
TEGOQSVXEV
 4VSTVMIXEV] VITEMV QSVXEVW{4VSTVMIXEV] VITEMV
QSVXEVWEVITVITEGOEKIHQSVXEVWXLEXEVIEFPIRHSJTSVXPERH
GIQIRXSVWTIGMEPX]GIQIRXEHQM\XYVIWTPEWXMGM^IVWI\TERWMZI

6

EKIRXWHIRWMJMIVWEGGIPIVEXSVWTSP]QIVWXLM\SXVSTMGEKIRXWSV
JMRIEKKVIKEXI
E  %HZERXEKIW{8LI EHZERXEKIW SJ TVSTVMIXEV] VITEMV
QEXIVMEPW EVI XLIMV GSRZIRMIRGI SJ YWI MR XLI JMIPH ERH XLI
FVSEHVERKISJTVSHYGXW[MXLHMJJIVIRXTL]WMGEPERHQIGLERMGEP
TVSTIVXMIW XS QIIX XLI HMJJIVIRX JMIPH GSRHMXMSRW WYGL EW
TEVXMEPHITXL VITEMVW SR ZIVXMGEP ERH SZIVLIEH WYVJEGIW
[MXLSYX XLI RIIH SJ JSVQW 8LI] GER LEZI JEWXIV XMQIW SJ
WIXXMRKERHWLSVXIVGYVIXMQIW
F 0MQMXEXMSRW{4VSTVMIXEV]VITEMVQSVXEVWLEZIHMJJIVIRX
QIGLERMGEP TVSTIVXMIW XLER XLI GSRGVIXI FIMRK VITEMVIH
&IGEYWIXLI]QE]FIGIQIRXVMGLERHI\XIRHIH[MXLER]SRI
SVQSVIQSHMJMIVWWYFWIUYIRXP]XLI]GERLEZIETVSTIRWMX]
JSV LMKL WLVMROEKI GSQTEVIH [MXL GSRZIRXMSREP GSRGVIXI
8LIVI EVI RS WXERHEVHW EHHVIWWMRK FSRH WXVIRKXL SJ XLIWI
QSVXEVW[LIRETTPMIHXSZIVXMGEPSVSZIVLIEHETTPMGEXMSRW
G  %TTPMGEXMSRW{7SQI TVSTVMIXEV] QSVXEVW EVI VIGSQ
QIRHIHJSVVITEMVWEWXLMREWQQ MR 8LIWIETTPMGE

H  7XERHEVHW{8LI I\MWXMRK WXERHEVH %781 ' 


EPPS[W XLI MRGPYWMSR SJ   GEPGMYQ GLPSVMHI F] [IMKLX SJ
GIQIRX[MXLSYXEHZMWMRKXLIWTIGMJMIVSVXLIGSRXVEGXSV8LI
EPPS[EFPIWLVMROEKIMWLMKLERHQE]GSQTVSQMWIXLIMRXIKVMX]
SJXLIVITEMV8LMWWXERHEVHMWRSXEPPMRGPYWMZIERHGSQTPMERGI
XS%781'MWRSEWWYVERGISJXLIHIWMVIHUYEPMX]
 *IVVSGIQIRX{*IVVSGIQIRXMWEJSVQSJVIMRJSVGIH
GSRGVIXI XLEX HMJJIVW JVSQ GSRZIRXMSREP VIMRJSVGIH SV
TVIWXVIWWIHGSRGVIXITVMQEVMP]F] XLI QERRIVMR[LMGLXLI
VIMRJSVGMRK IPIQIRXW EVI HMWTIVWIH ERH EVVERKIH %'6 *IVVSGIQIRXMWGSQQSRP]GSRWXVYGXIHSJL]HVEYPMG
GIQIRX QSVXEV VIMRJSVGIH [MXL GPSWIP] WTEGIH PE]IVW SJ
GSRXMRYSYW ERH VIPEXMZIP] WQEPPHMEQIXIV [MVI QIWL 8LI
[MVIQIWLQE]FIQEHISJWXIIPWXEMRPIWWWXIIPSVSXLIVWYMX
EFPIQEXIVMEPW
E %HZERXEKIW{*IVVSGIQIRXLEWELMKLXIRWMPIWXVIRKXLXS
[IMKLX VEXMS MRGVIEWIH HYVEFMPMX] ERH WYTIVMSV GVEGOMRK
FILEZMSVMRGSQTEVMWSRXSVIMRJSVGIHGSRGVIXI
F 0MQMXEXMSRW{8LIYWISJJIVVSGIQIRXMREVITEMVWMXYEXMSR
MWPMQMXIHF]XLIREXYVISJXLIVITEMVERHXLIGSWX
G %TTPMGEXMSRW{&IGEYWIRSJSVQ[SVOMWVIUYMVIHJIVVS
GIQIRX MW IWTIGMEPP] WYMXEFPI JSV VITEMV SJ WXVYGXYVIW [MXL
GYVZIHWYVJEGIWWYGLEWWLIPPWERHSXLIV JVIIJSVQWLETIW
H 7XERHEVHW{8LIVIEVIGYVVIRXP]RSWXERHEVHWJSVJIVVS
GIQIRX %HHMXMSREP MRJSVQEXMSR MW EZEMPEFPI MR %'- 6
ERH6
 *MFIVVIMRJSVGIHGSRGVIXI{*MFIVVIMRJSVGIHGSRGVIXI
MW GSRZIRXMSREP GSRGVIXI [MXL IMXLIV QIXEPPMG SV TSP]QIVMG
JMFIVWEHHIHXSEGLMIZIKVIEXIVVIWMWXERGIXSTPEWXMGWLVMROEKI
HV]MRK WLVMROEKI ERH WIVZMGIVIPEXIH GVEGOMRK -R QSWX
ETTPMGEXMSRWJMFIVVIMRJSVGIQIRXMWRSXMRXIRHIHEWTVMQEV]
VIMRJSVGIQIRX*MFIVWGERFIWXIIPKPEWWW]RXLIXMGSVREXYVEP
%'-6 *MFIVVIMRJSVGIHGSRGVIXILEWFIIRYWIHJSV
VITEMVWYWMRKGSRZIRXMSREPERHWLSXGVIXITPEGIQIRXQIXLSHW
-RJSVQEXMSR SR JMFIVVIMRJSVGIHGSRGVIXI SV WLSXGVIXI GER FI
SFXEMRIHJVSQ%'-6%'-6ERH%'-6

6

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E  %HZERXEKIW{8LI JMFIVW EVI EHHIH HYVMRK GSRGVIXI


TVSHYGXMSRERHEVIMRXLIGSRGVIXI[LIRMXMWTPEGIH8LIWI
JMFIVWGERFIYWIHXSTVSZMHIVIMRJSVGIQIRXMRXLMRSZIVPE]W
XLEX EVI RSX XLMGO IRSYKL XS MRGPYHI VIMRJSVGMRK FEVW 8LI
EHHMXMSRSJJMFIVWGERMRGVIEWIHYVEFMPMX]ERHVIHYGITPEWXMG
WLVMROEKI GVEGOMRK SJ VITEMV QEXIVMEPW %VIEW WYFNIGX XS
WLSGOSVZMFVEXMSRPSEHMRK[LIVITPEWXMGWLVMROEKIGVEGOMRK
MW E TVSFPIQ SV [LIVI FPEWX VIWMWXERGI MW VIUYMVIH GSYPH
FIRIJMXJVSQXLIEHHMXMSRSJJMFIVVIMRJSVGIQIRX
F 0MQMXEXMSRW{8LIEHHMXMSRSJJMFIVWVIHYGIWXLIWPYQT
ERH GER GEYWI [SVOEFMPMX] TVSFPIQW JSV MRI\TIVMIRGIH
[SVOIVW 6YWX WXEMRW QE] SGGYV EX XLI WYVJEGI SJ WXIIP
JMFIVVIMRJSVGIH GSRGVIXI HYI XS GSVVSWMSR SJ JMFIVW EX XLI
WYVJEGI
G %TTPMGEXMSRW{*MFIVVIMRJSVGIHGSRGVIXILEWFIIRYWIH
JSVWPEFWSRKVSYRHSZIVPE]WSJGSRGVIXITEZIQIRXWWPSTI
WXEFMPM^EXMSRERHVIMRJSVGIQIRXSJWXVYGXYVIWWYGLEWEVGLIW
SVHSQIW6IMRJSVGIHGSRGVIXIWXVYGXYVIWLEZIFIIRVITEMVIH
[MXLJMFIVVIMRJSVGIHWLSXGVIXI
H 7XERHEVHW{%781'GSZIVWXLIQEXIVMEPWTVSTSV
XMSRW FEXGLMRK HIPMZIV] ERH XIWXMRK SJ JMFIVVIMRJSVGIH
GSRGVIXIERHWLSXGVIXI
 +VSYXW{+VSYXWETTVSTVMEXIJSVGSRGVIXIVITEMVEVI
GEXIKSVM^IHEWIMXLIVL]HVEYPMGGIQIRXSVGLIQMGEP
 'IQIRXKVSYXW{'IQIRXKVSYXWEVIQM\XYVIWSJ
L]HVEYPMGGIQIRXJMRIEKKVIKEXIERHEHQM\XYVIWXLEX[LIR
QM\IH [MXL [EXIV TVSHYGI E TPEWXMG JPS[EFPI SV JPYMH
GSRWMWXIRG][MXLSYXWIKVIKEXMRKXLIGSRWXMXYIRXW%HQM\XYVIW
EVIJVIUYIRXP]MRGPYHIHMRXLIKVSYXXSEGGIPIVEXISVVIXEVHXMQI
SJ WIXXMRK QMRMQM^I WLVMROEKI MQTVSZI TYQTEFMPMX] SV
[SVOEFMPMX] SV MQTVSZI XLI HYVEFMPMX]SJ XLI KVSYX *P]EWL
QE] FI YWIH XS IRLERGI TIVJSVQERGI SV JSV VIEWSRW SJ
IGSRSQ] [LIR WYFWXERXMEP UYERXMXMIW SJ KVSYX EVI VIUYMVIH
7MPMGE JYQI QE] FI YWIH XS MRGVIEWI GLIQMGEP VIWMWXERGI
HIRWMX]HYVEFMPMX]ERHWXVIRKXLERHHIGVIEWITIVQIEFMPMX]
E  %HZERXEKIW{'IQIRX KVSYXW EVI IGSRSQMGEP VIEHMP]
EZEMPEFPI IEW] XS MRWXEPP ERH JEMVP] GSQTEXMFPI [MXL
GSRGVIXI %HQM\XYVIW GER QSHMJ] GIQIRX KVSYXW XS QIIX
WTIGMJMG NSF VIUYMVIQIRXW %HQM\XYVIW XS QMRMQM^I
WLVMROEKIEVIEZEMPEFPISRXLIQEVOIX
F 0MQMXEXMSRW{'IQIRXKVSYXWGERFIYWIHJSVVITEMVWF]
MRNIGXMSRSRP][LIVIXLI[MHXLSJXLISTIRMRKMWWYJJMGMIRXXS
EGGITXXLIWSPMHTEVXMGPIWWYWTIRHIHMRXLIKVSYX2SVQEPP]
XLIQMRMQYQGVEGO[MHXLEXXLITSMRXSJMRXVSHYGXMSRWLSYPH
FIETTVS\MQEXIP]QQ MR 
G  %TTPMGEXMSRW{8]TMGEP ETTPMGEXMSRW SJ L]HVEYPMGGIQIRX
KVSYXQE]ZEV]JVSQKVSYXWPYVVMIWJSVFSRHMRKSPHGSRGVIXI
XS RI[ GSRGVIXI XS JMPPMRK SJ PEVKI HSVQERX GVEGOW SV XS
JMPPMRKSJZSMHWEVSYRHSVYRHIVEGSRGVIXIWXVYGXYVI2SRWLVMRO
GIQIRXKVSYXWGERFIYWIHXSVITEMVWTEPPIHSVLSRI]GSQFIH
GSRGVIXISVXSMRWXEPPERGLSVFSPXWMRLEVHIRIHGSRGVIXI
H 7XERHEVHW{%781'GSZIVWXLVIIKVEHIWSJTEGO
EKIHHV]L]HVEYPMGGIQIRXKVSYXW RSRWLVMROEFPI MRXIRHIH
JSVYWIYRHIVETTPMIHPSEHWYGLEWXSWYTTSVXEWXVYGXYVISVE
QEGLMRI[LIVIGLERKIMRXLMGORIWWFIPS[MRMXMEPTPEGIQIRX
XLMGORIWWMWXSFIQMRMQM^IH
 'LIQMGEP KVSYXW{'LIQMGEP KVSYXW GSRWMWX SJ
WSPYXMSRWSJGLIQMGEPWXLEXVIEGXXSJSVQIMXLIVEKIP JSEQ

SVEWSPMHTVIGMTMXEXIEWSTTSWIHXSGIQIRXKVSYXWXLEXGSRWMWX
SJWYWTIRWMSRWSJWSPMHTEVXMGPIWMREJPYMH8LIVIEGXMSRMRXLI
WSPYXMSRQE]MRZSPZISRP]XLIGSRWXMXYIRXWSJXLIWSPYXMSRSV
MX QE] MRGPYHI XLI MRXIVEGXMSR SJ XLI GSRWXMXYIRXW SJ XLI
WSPYXMSR[MXLSXLIVWYFWXERGIWWYGLEW[EXIVIRGSYRXIVIHMR
XLI YWI SJ XLI KVSYX 8LI VIEGXMSR GEYWIW E HIGVIEWI MR
JPYMHMX] ERH E XIRHIRG] XS WSPMHMJ] ERH JMPP ZSMHW MR XLI
QEXIVMEPMRXS[LMGLXLIKVSYXLEWFIIRMRNIGXIH
E  %HZERXEKIW{8LI EHZERXEKIW SJ GLIQMGEP KVSYXW
MRGPYHIXLIMVETTPMGEFMPMX]MRQSMWXIRZMVSRQIRXWXLIMV[MHI
VERKIW SJ KIP SV WIXXMRK XMQI ERH XLIMV [MHI VERKI SJ
ZMWGSWMXMIW 'VEGOW MR GSRGVIXI EW REVVS[ EW  QQ
MR LEZIFIIRJMPPIH[MXLGLIQMGEPKVSYX
6MKMHGLIQMGEPKVSYXWWYGLEWITS\MIWI\LMFMXI\GIPPIRX
FSRHXSGPIERHV]WYFWXVEXIWERHWSQIFSRHXS[IXGSRGVIXI
8LIWI KVSYXW GER VIWXSVI XLI JYPP WXVIRKXL SJ E GVEGOIH
GSRGVIXIQIQFIV
+IPX]TISVJSEQGLIQMGEPKVSYXWWYGLEWWSHMYQWMPMGEXI
EGV]PEXIW EGV]PEQMHIW ERH TSP]YVIXLERIW EVI TEVXMGYPEVP]
WYMXIHJSV YWIMRGSRXVSP SJ[EXIVJPS[XLVSYKL GVEGOW ERH
NSMRXW7SQIKIPKVSYXWGERFIJSVQYPEXIHEXZMWGSWMXMIWRIEV
XLEXSJ[EXIVWSXLI]GERFIMRNIGXIHMRXSEPQSWXER]STIRMRK
XLEX[EXIVJPS[WXLVSYKL
F 0MQMXEXMSRW{'LIQMGEPKVSYXWLEZIHMJJIVIRXQIGLERMGEP
TVSTIVXMIWERHEVIQSVII\TIRWMZIXLERGIQIRXKVSYX%PWS
E LMKL HIKVII SJ WOMPP MW RIIHIH JSV WEXMWJEGXSV] YWI SJ
GLIQMGEPKVSYXW7SQIITS\]W]WXIQWHSRSXFSRHMRXLI
TVIWIRGISJQSMWXYVI

+IPSVJSEQKVSYXWWLSYPHRSXFIYWIHXSVIWXSVIWXVIRKXL
XSEWXVYGXYVEPQIQFIV1SWXKIPSVJSEQKVSYXWEVI[EXIV
WSPYXMSRWERHI\LMFMXWLVMROEKIMJEPPS[IHXSHV]MRWIVZMGI
G %TTPMGEXMSRW{6ITEMVSJ JMRI GVEGOW IMXLIV XSTVIZIRX
QSMWXYVIQMKVEXMSREPSRKXLIGVEGOSVXSVIWXSVIXLIMRXIKVMX]
SJEWXVYGXYVEPQIQFIVEVIX[SSJXLIQSWXJVIUYIRXETTPMGE
XMSRWSJGLIQMGEPKVSYX
H  7XERHEVHW{%781 '  GSZIVW X[SGSQTSRIRX

 0S[WPYQT HIRWI GSRGVIXI{0S[WPYQT HIRWI


GSRGVIXI 07(' MWEWTIGMEPJSVQSJGSRZIRXMSREPGSRGVIXI
-XLEWEQSHIVEXIXSLMKLGIQIRXJEGXSVE[GPIWWXLER
ERHI\LMFMXW[SVOMRKWPYQTWSJQQ MR SVPIWW07('
KEMRWWXVIRKXLVETMHP]ERHMWHMWXMRGXMZIFIGEYWISJMXWLMKL
HIRWMX]ERHVIHYGIHTIVQIEFMPMX]
E %HZERXEKIW{3ZIVPE]WSJ07('[MXLEQMRMQYQXLMGO
RIWWSJSRP]QQ MR LEZITVSZMHIHYTXS]IEVWSJ
WIVZMGI[LIRTVSTIVP]MRWXEPPIH07('GERFITPEGIHYWMRK
GSRZIRXMSREP IUYMTQIRX [MXL WPMKLX QSHMJMGEXMSRW
'SQTEVIH XS WXVYGXYVEP KVEHI GSRGVIXI 07(' TVSZMHIW
MRGVIEWIHVIWMWXERGIXSGLPSVMHIMSRTIRIXVEXMSR[LIRXIWXIH
EGGSVHMRKXS%781' 3^]MPHMVMQ 
F  0MQMXEXMSRW{07('W VIUYMVI QE\MQYQ GSRWSPMHEXMSR
IJJSVXXSEGLMIZISTXMQYQHIRWMX]SVXLIYWISJELMKLVERKI
[EXIVVIHYGMRK EHQM\XYVI ,6;6%  XS MQTVSZI [SVO
EFMPMX] SJ XLI GSRGVIXI ERH VIHYGI XLI GSQTEGXMSR IJJSVX

'32'6)8)6)4%-6+9-()

RIIHIHXSTVSZMHIFSRHXSXLIVIMRJSVGMRKWXIIPERHYRHIV
P]MRKGSRGVIXI
8LIWIPS[[GGSRGVIXIWVIUYMVIEXPIEWXHE]WSJGSRXMRYSYW
QSMWXGYVMRKXSSFXEMREHIUYEXIL]HVEXMSR

(V]MRKWLVMROEKI GVEGOWHITIRHMRK SR GVEGO [MHXL ERH


HITXL GER MRGVIEWI GLPSVMHIMSR MRXVYWMSR VIWYPXMRK MR
GSVVSWMSR SJ XLI VIMRJSVGMRK WXIIP MR FVMHKI HIGO SZIVPE]W
&EFIMERH,E[OMRW &IGEYWIXLIVIEVIRSWXERHEVHW
XLIWTIGMJ]MRKIRKMRIIVWLSYPHVIZMI[ETTVSTVMEXIETTPMGEXMSR
ERHGSQTEXMFMPMX]MWWYIW
G %TTPMGEXMSRW{07('MWJVIUYIRXP]YWIHEWERSZIVPE]SV
JMREP[IEVMRKGSYVWIMREGSQTSWMXIVITEMVXSSFXEMREUYEPMX]
EFVEWMSRVIWMWXERX TVSXIGXMZIPE]IV[MXLE HYVEFPI GSRGVIXI
WYVJEGI
H 7XERHEVHW{8LI WEQI WXERHEVHW ETTP] XS 07(' EW
ETTP]XSGSRZIRXMSREPGSRGVIXI
 1EKRIWMYQ TLSWTLEXI GSRGVIXI ERH QSVXEV{
1EKRIWMYQTLSWTLEXIGSRGVIXIERHQSVXEV 14' MWFEWIH
SREL]HVEYPMGGIQIRXW]WXIQXLEXMWHMJJIVIRXJVSQTSVXPERH
GIQIRX 9RPMOI TSVXPERH ERH WSQI TSP]QIVGIQIRX
GSRGVIXI[LMGLVIUYMVIQSMWXGYVMRKJSVSTXMQYQTVSTIVX]
HIZIPSTQIRX XLIWI W]WXIQW TVSHYGI XLIMV FIWX TVSTIVXMIW
YTSR EMV GYVMRK WMQMPEV XS ITS\] GSRGVIXI 6ETMH WXVIRKXL
HIZIPSTQIRX ERH LIEX EVI TVSHYGIH EPXLSYKL VIXEVHIH
ZIVWMSRWEVIEZEMPEFPIXLEXTVSHYGIPIWWLIEX8LIWIQEXIVMEPW
LEZIFIIRYWIHMRVITEMVWXSGSRGVIXIWMRGIXLIQMHW
E %HZERXEKIW{7IXXMRKXMQIWSJXSQMREVIX]TMGEPP]
IRGSYRXIVIHEXVSSQXIQTIVEXYVIWERHIEVP]WXVIRKXLHIZIP
STQIRX SJ  14E  TWM  [MXLMR  L MW VIKYPEVP]
SFXEMRIH6IXEVHIHZIVWMSRW[MXLI\XIRHIHWIXXMRKXMQIWSJ
XSQMREXVSSQXIQTIVEXYVIEVIEPWSEZEMPEFPI7GEPI
VIWMWXERGIMWWMQMPEVXSEMVIRXVEMRIHTSVXPERHGIQIRXFEWIH
GSRGVIXIQEXIVMEPW;LIRI\XIRHIH[MXLEKKVIKEXIWEFVEWMSR
VIWMWXERGI SJ 14' MW WMQMPEV XS GSRZIRXMSREP GSRGVIXI SJ
WMQMPEVWXVIRKXL[LIRXIWXIHMREGGSVHERGI[MXL%781'
2IEX QEKRIWMYQ TLSWTLEXI GIQIRX REXYVEPP] LEW PS[IV
EFVEWMSR VIWMWXERGI WMQMPEV XS TSVXPERHGIQIRX QSVXEV SJ
IUYEPWXVIRKXL
1EKRIWMYQTLSWTLEXIQSVXEVERHGSRGVIXIGERFITPEGIH
EXXIQTIVEXYVIWEWPS[EW' * SVPS[IVMJXLIQM\MRK
[EXIV ERH QEXIVMEP EVI LIEXIH 1EKRIWMYQ TLSWTLEXI
QSVXEVWX]TMGEPP]EGLMIZIW14E TWM GSQTVIWWMZI
WXVIRKXL[MXLMRLERHHSIWRSXMRGVIEWIZIV]QYGLFI]SRH
XLEXPIZIP8LIQEXIVMEPLEWKSSHFSRHWXVIRKXLXSTSVXPERH
GIQIRXERHPS[TIVQIEFMPMX]8LMRTEXGLIW[MXLQEKRIWMYQ
TLSWTLEXI QSVXEV TIVJSVQ FIXXIV XLER TSVXPERH GIQIRX
TEXGLIWFIGEYWIXLI]HSRSXVIUYMVIEQSMWXGYVI
F  0MQMXEXMSRW{14' WLSYPH FI I\XIRHIH SRP] [MXL
RSRGEPGEVISYWEKKVIKEXIWWYGLEWWMPMGEFEWEPXKVERMXIXVET
VSGOERHSXLIVLEVHVSGOW6IEGXMSRSJGEVFSREXIHWYVJEGIW
[MXL XLI IEVP]JSVQMRK TLSWTLSVMG EGMH TVSHYGIW GEVFSR
HMS\MHI '3  ERH [IEOIRW XLI TEWXI EKKVIKEXI FSRH
&IGEYWISJMXWEGMHFEWIVIEGXMSR14'WLSYPHFIYWIHSRP]
SR [IPPTVITEVIH GSRGVIXI WYFWXVEXIW XLEX LEZI LEH XLI
GEVFSREXMSR PE]IV VIQSZIH F] QIGLERMGEP SV GLIQMGEP
QIERW14'VIEGXWGLIQMGEPP][MXLXLIHYWXSJXLIJVEGXYVI

6

SV GEVFSREXIH ^SRI ERH GER GEYWI E VIHYGXMSR MR FSRH


WXVIRKXLEXXLIFSRHMRXIVJEGI
'EVIJYPEXXIRXMSRWLSYPHFITEMHXSWYVJEGITVITEVEXMSRERH
HV]MRKXMQIWSJ14'MJMQTIVQIEFPIQIQFVERIWEVIETTPMIH
SZIVMX8LI14'ERHQIQFVERIQERYJEGXYVIVWWLSYPHFI
GSRXEGXIHJSVHIXEMPIHVIGSQQIRHEXMSRW
&IGEYWI SJ XLI WQEPP MRXIVZEP FIX[IIR MRMXMEP ERH JMREP
WIXXMRKXMQIW14'KIRIVEPP]MWRSXLEVHXVS[IPIH
8LI JMIPH XIGLRMGMER HSIW RSX LEZI XLI JPI\MFMPMX] SJ
ZEV]MRK XLI [EXIV GSRXIRX ERH XLIVIJSVI 14' GERRSX FI
TPEGIHMREHV]TEGOGSRWMWXIRG]8LIQM\MRK[EXIVX]TMGEPP]
LEW E XSPIVERGI SJ SRP]   %R] ZEVMEXMSR SJ XLI [EXIV
GSRXIRXJVSQXLEXWTIGMJMIHF]XLIQERYJEGXYVIVVIHYGIWFSXL
XLIWXVIRKXLERHXLIHYVEFMPMX]SJXLI14'QSVXEV
8LI RIEX SV I\XIRHIH QEKRIWMYQ TLSWTLEXI QSVXEV
HIZIPSTWEZIV]VETMHI\SXLIVQMGVIEGXMSRXLEXGERTVSHYGI
VIPEXMZIP] LMKL XIQTIVEXYVIW 8LI QSVXEV WLSYPH RSX FI
TPEGIHEXXIQTIVEXYVIWEFSZI' * SVMRXLIWYRPMKLX
[MXLMRXLIXIQTIVEXYVIVERKIWSJXS' XS* 
,SX[IEXLIVJSVQYPEWEVIEZEMPEFPIJSVYWIMR[EVQEQFMIRX
GSRHMXMSRW 8LI QERYJEGXYVIV WLSYPH FI GSRWYPXIH [LIR
TPEGMRKXLIQEXIVMEPMRXLMGORIWWKVIEXIVXLERQQ MR
SV MR MRWYPEXIH GEZMXMIW [LIVI XLI LIEX KIRIVEXIH GERRSX
IWGETI)\XIRHMRKXLIQM\XYVI[MXLEKKVIKEXIWSVGSSP[EXIV
GERWPS[HS[RXLII\SXLIVQMGVIEGXMSR
-RELEVHIRIHWXEXI14'UYMGOP]TVSHYGIWLMKLWXVIRKXL
ERHLMKLQSHYPYWSJIPEWXMGMX]8LIVIJSVIMXMWRSXJPI\MFPI
ERHHSIWRSXLEZIXLIXSYKLRIWWXLEXMWX]TMGEPP]JSYRH[MXL
SVKERMGQSHMJMIH QSVXEVW ERH MW WYWGITXMFPI XS JVEGXYVMRK
JVSQMQTEGXPSEHW
;MXLXLIRSVQEPWIXXMRKJSVQYPEXMSRWSJ14'LMKLLIEX
TIEOWEVIIRGSYRXIVIH;MXLWYWXEMRIHI\TSWYVIXSXIQTIVEXYVIW
MRI\GIWWSJ' * MRWIVZMGIWXVIRKXLVIHYGXMSRW
GERHIZIPSTFYXMXWGSQTVIWWMZIWXVIRKXLGERFII\TIGXIHXS
I\GIIHXLEXSJRSVQEPGSRGVIXI
G  %TTPMGEXMSRW{4EXGLMRK ETTPMGEXMSRW EVI XLI QSWX
GSQQSRYWISJ14'ERHEVIGSWXIJJIGXMZIJSVVETMHVITEMVW
[LIVIEWLSVXHS[RXMQIMWMQTSVXERX'SQQSRYWIWEVIMR
LMKL[E]FVMHKIHIGOEMVTSVXXYRRIPERHMRHYWXVMEPVITEMVW
6ITEMVW MR E GSPH[IEXLIV IRZMVSRQIRX EVI MQTSVXERX
ETTPMGEXMSRW(YIXSXLII\SXLIVQMGREXYVISJXLIVIEGXMSR
LIEXMRK XLI QEXIVMEPW ERH XLI WYFWXVEXIW MW RSX YWYEPP]
RIGIWWEV]YRPIWWXLIXIQTIVEXYVIMWFIPS[JVII^MRK14'MW
YWIJYPJSVGSPH[IEXLIVIQFIHQIRXWERHERGLSVMRKFIGEYWI
SJMXWLMKLFSRHWXVIRKXLERHPS[WLVMROEKIVEXI
H 7XERHEVHW{'YVVIRXP]RSWXERHEVHWEVIEZEMPEFPIJSV14'

GVIXIMWTVSHYGIHF]TPEGMRKGSEVWIEKKVIKEXIMREJSVQ
ERH PEXIV MRNIGXMRK E TSVXPERH GIQIRXWERH KVSYX YWYEPP]
[MXL EHQM\XYVIW SV E VIWMRSYW QEXIVMEP XS JMPP XLI ZSMHW
4VITPEGIHEKKVIKEXI GSRGVIXI HMJJIVW JVSQ GSRZIRXMSREP
GSRGVIXI MR XLEX MX GSRXEMRW E LMKLIV TIVGIRXEKI SJ GSEVWI
EKKVIKEXI %'- 6 ERH %'- 6 KMZIW KYMHERGI SR
QM\MRKERHTPEGMRKTVITPEGIHEKKVIKEXIGSRGVIXI
E  %HZERXEKIW{
XLEXSJGSRZIRXMSREPGSRGVIXI
&IGEYWI XLI EKKVIKEXI MW TVITPEGIH ERH XLI KVSYX TYQTIH

6

%'-'311-88))6)4368

YRHIVTVIWWYVIWIKVIKEXMSRMWRSXETVSFPIQERHZMVXYEPP]EPP
WYFWXVEXIZSMHWEVIJMPPIH[MXLQSVXEV8LIEFMPMX]SJXLIKVSYX
XSHMWTPEGI[EXIVJVSQXLIZSMHWFIX[IIREKKVIKEXITEVXMGPIW
HYVMRKMRNIGXMSRQEOIWXLMWQEXIVMEPTEVXMGYPEVP]WYMXEFPIJSV
YRHIV[EXIVVITEMVW %'-6%'-6ERH%'-6 
-RYRHIV[EXIVGSRWXVYGXMSRLMKLIVTPEGMRKVEXIWEXPS[IV
GSWXLEZIFIIREGLMIZIH[MXLTVITPEGIHEKKVIKEXIGSRGVIXI
GSQTEVIHXSGSRZIRXMSREPTPEGMRKQIXLSHW %'-6ERH
%'-6 
ITS\]GSRGVIXIFEWIHSRJMIPHI\TIVMIRGITIVJSVQWMR
EQERRIVWMQMPEVXS4''YRHIVPSEH
F %TTPMGEXMSRW{4VITPEGIHEKKVIKEXIGSRGVIXIMWYWIHSR
PEVKIVITEMVTVSNIGXWTEVXMGYPEVP][LIVIYRHIV[EXIVGSRGVIXI
TPEGIQIRX MW VIUYMVIH SV [LIR GSRZIRXMSREP TPEGMRK SJ
GSRGVIXI[SYPHFIHMJJMGYPX8LIWIJEGXSVWQEOITVITPEGIH
EKKVIKEXIGSRGVIXIERMHIEPQEXIVMEPJSVETTPMGEXMSRW[LIVI
GSRWMHIVEFPIGSRKIWXMSRSJVIMRJSVGIQIRXSVSXLIVIQFIHQIRXW
I\MWXW SV [LIVI EGGIWW MW HMJJMGYPX 4VITPEGIHEKKVIKEXI
GSRGVIXITVSZMHIWEWSPYXMSRJSVWXVYGXYVEPVITEMVWVIUYMVMRK
MQQIHMEXI PSEH XVERWJIV GETEFMPMX] FIGEYWI SJ MXW PS[
WLVMROEKI 8]TMGEPETTPMGEXMSRWMRGPYHIYRHIV[EXIVVITEMVSJ
WXMPPMRK FEWMRW HEQW FVMHKIW EFYXQIRXW [EPPW FIEQW
GSPYQRW ERH JSSXMRKW 4VITPEGIHEKKVIKEXI GSRGVIXI LEW
EPWS FIIR YWIH XS VITEMV FIEQW ERH GSPYQRW MR MRHYWXVMEP
TPERXW [EXIV XEROW ERH SXLIV WMQMPEV JEGMPMXMIW EW [IPP EW
GEMWWSRWJSVYRHIVTMRRMRKI\MWXMRKWXVYGXYVIW
G 0MQMXEXMSRW{*SVQ[SVOGSWXWJSVTVITPEGIHEKKVIKEXI
GSRGVIXI EVI ETTVS\MQEXIP] XLI WEQI EW JSV GSRZIRXMSREP
GSRGVIXILS[IZIVEHHMXMSREP[SVOQE]FIVIUYMVIHMRXLI
MRWXEPPEXMSRSJJSVQMRKFIGEYWISJXLIRIIHXSTVITPEGIXLI
EKKVIKEXIERHTVIZIRXPIEOW&IGEYWISJXLIVIPEXMZIP]LMKL
[EXIVGSRXIRXGSQQSRP]YWIHXS]MIPHTYQTEFPIGIQIRXMXMSYW
QSVXEVWXLITIVQIEFMPMX]XSKEWSVZETSVSJXLIQSVXEVJVEGXMSR
SJ TVITPEGIHEKKVIKEXI GSRGVIXI GER FI WSQI[LEX KVIEXIV
XLERXLEXSJRSVQEPGSRGVIXI[LMGLMWERMQTSVXERXJEGXSVXS
GSRWMHIV [LIVI MX MW XS FI YWIH MR I\XVIQI IRZMVSRQIRXW
-RGPYWMSRSJWMPMGEJYQIMRXLIKVSYXQE]QMXMKEXIXLMWPMQMXEXMSR
;EXWSR 
&IGEYWI TVITPEGIHEKKVIKEXI GSRGVIXI GSRWXVYGXMSR MW
WTIGMEPM^IH VITEMVW YWMRK XLMW TVSGIHYVI WLSYPH FI
GSRHYGXIHF]UYEPMJMIHTIVWSRRIPI\TIVMIRGIHMRXLMWQIXLSH
SJGSRWXVYGXMSR
H 7XERHEVHW{%781 '  GSZIVW JPYMHMJMIV JSV KVSYX
YWIHJSVTVITPEGIHEKKVIKEXIGSRGVIXI
%781'HIWGVMFIWXLITVEGXMGIJSVWIPIGXMRKTVSTSVXMSRW
JSV KVSYX QM\XYVIW VIUYMVIH MR XLI TVSHYGXMSR SJ TVITPEGIH
EKKVIKEXIGSRGVIXI
 6ETMHWIXXMRKGIQIRXW{6ETMHWIXXMRKGIQIRXMXMSYW
QEXIVMEPWEVIGLEVEGXIVM^IHF]WLSVXWIXXMRKXMQIW7SQIQE]
I\LMFMX VETMH WXVIRKXL HIZIPSTQIRX [MXL GSQTVIWWMZI
WXVIRKXLWMRI\GIWWSJ14E TWM [MXLMRL8]TI--TSVXPERHGIQIRXLEWFIIRYWIHJSVXLITEXGLMRKSJGSRGVIXI
JSV EPSRKXMQI ERH LEWFIIRQSVI [MHIP]YWIHXLERQSWX
SXLIV QEXIVMEPW MR JYPPHITXL WIGXMSRW 8VERWTSVXEXMSR
6IWIEVGL&SEVH 
E %HZERXEKIW{6ETMHWIXXMRKGIQIRXWTVSZMHIEGGIPIVEXIH
WXVIRKXLHIZIPSTQIRXXLEXEPPS[WXLIVITEMVXSFITPEGIHMRXS

WIVZMGIQSVIUYMGOP]XLERGSRZIRXMSREPVITEMVQEXIVMEPW8LMW
EHZERXEKIMWMQTSVXERXMRVITEMVMRKLMKL[E]WFVMHKIWEMVTSVX
VYR[E]WERHMRHYWXVMEPTPERXWFIGEYWISJXLIVIHYGIHTVSXIG
XMSRXMQIWPS[IVXVEJJMGGSRXVSPGSWXWERHMQTVSZIHWEJIX]
F 0MQMXEXMSRW{%PXLSYKLQSWXVETMHWIXXMRKQEXIVMEPWEVI
EWHYVEFPIEWGSRGVIXIWSQIHYIXSXLIMVGSRWXMXYIRXWQE]
RSXTIVJSVQ[IPPMREWTIGMJMGWIVZMGIIRZMVSRQIRX
7SQI VETMHWIXXMRK QEXIVMEPW SFXEMR XLIMV WXVIRKXL
HIZIPSTQIRXERHI\TERWMSRJVSQXLIJSVQEXMSRSJIXXVMRKMXI
-JXLIPIZIPSJI\TERWMSRMWLMKLERHXLIXMQIXSEXXEMRXLI
QE\MQYQPIZIPWSJI\TERWMSRMWPSRKWXVIRKXLVIXVSKVIWWMSR
QE] SGGYV 8LI TSXIRXMEP JSV HIPE]IH I\TERWMSR VIWYPXMRK
JVSQMRWYJJMGMIRXMRMXMEPGYVMRKJSPPS[IHF]VI[IXXMRKWLSYPH
FIVIGSKRM^IH
&IGEYWIWSQISJXLIWIQEXIVMEPWQE]GSRXEMREFRSVQEPP]
LMKLPIZIPWSJEPOEPMSVEPYQMREXIXSTVSZMHII\TERWMSRXLIMV
I\TSWYVI XS WYPJEXIW ERH VIEGXMZI EKKVIKEXIW WLSYPH FI
PMQMXIH8LIWTIGMJ]MRKIRKMRIIVWLSYPHVIZMI[ETTVSTVMEXI
ETTPMGEXMSRERHGSQTEXMFMPMX]MWWYIW
G  %TTPMGEXMSRW{6ETMHWIXXMRK GIQIRXW EVI IWTIGMEPP]
YWIJYPMRVITEMVWMXYEXMSRW[LIVIERIEVP]VIXYVRXSXVEJJMGMW
VIUYMVIHWYGLEWVITEMVSJTEZIQIRXWFVMHKIHIGOWEMVTSVX
VYR[E]WERHMRHYWXVMEPTPERXW
H  7XERHEVHW{%781 '  GSZIVW TEGOEKIH HV]
GIQIRXMXMSYWQSVXEVSVGSRGVIXIQEXIVMEPWJSVVETMHVITEMVW
XS LEVHIRIH L]HVEYPMGGIQIRX GSRGVIXI TEZIQIRXW ERH
WXVYGXYVIW%781'HSIWRSXTVSZMHIFSRHWXVIRKXLSV
JVII^MRKERHXLE[MRKVIWMWXERGIVIUYMVIQIRXW8LIWTIGM
JMGEXMSRTIVQMXWYTXS GEPGMYQGLPSVMHI[MXLSYXEGORS[P
IHKIQIRXXS XLI WTIGMJMIVSV YWIV%PWSEGYVVIRX JSSXRSXI
GEYXMSRW XLI YWIV XSGLIGO SR I\TSWYVI GSRHMXMSRW WYPJEXI
I\TSWYVI ERH EPOEPM VIEGXMZMX]  XLEX EVI RSX GSZIVIH MR XLI
WTIGMJMGEXMSR 8LIVIJSVI EHHMXMSREP XIWXMRK WLSYPH FI
TIVJSVQIHEXERXMGMTEXIHETTPMGEXMSRXIQTIVEXYVIWXSZIVMJ]MJ
TVSTIVXMIWRSXGSZIVIHMRXLIWTIGMJMGEXMSREVIMQTSVXERXJSV
EKMZIRTVSNIGX7YFWXERXMEPEHZERGIWMRXLIGSQTSYRHMRKSJ
VETMHWIXXMRKGIQIRXWLEZIXEOIRTPEGIMRVIGIRX]IEVW
 7LSXGVIXI{7LSXGVIXI MW E QM\XYVI SJ TSVXPERH
GIQIRX WERH ERH [EXIV XLEX MW TVSNIGXIH MRXS TPEGI F]
GSQTVIWWIHEMV-REHHMXMSRXSXLIWIQEXIVMEPWWLSXGVIXIGER
EPWS GSRXEMR GSEVWI EKKVIKEXI JMFIVW ERH EHQM\XYVIW
4VSTIVP] ETTPMIH WLSXGVIXI MW E WXVYGXYVEPP] EHIUYEXI ERH
HYVEFPIVITEMVQEXIVMEPXLEXMWGETEFPISJI\GIPPIRXFSRH[MXL
I\MWXMRKGSRGVIXISVSXLIVGSRWXVYGXMSRQEXIVMEPW
E %HZERXEKIW{-RVITEMVTVSNIGXW[LIVIXLMRWIGXMSRWPIWW
XLERQQ MR MRHITXLERHPEVKISVWQEPPWYVJEGIEVIEW
[MXLMVVIKYPEVGSRXSYVWSVWLETIWEVIMRZSPZIHWLSXGVIXIQE]
FIQSVIIGSRSQMGEPXLERGSRZIRXMSREPGSRGVIXIFIGEYWISJ
XLIWEZMRKWMRJSVQMRKGSWXW
7LSXGVIXI GER FIETTPMIHSZIVLIEHMRRSVQEP ETTPMGEXMSRW
ERHQEXIVMEPWGERFIQM\IHERHXVERWTSVXIHWIZIVEPLYRHVIH
JIIXXSXLIRS^^PISTIVEXSVEXTVSNIGXWMXIW[MXLVIWXVMGXIHEGGIWW
1IGLERMGEPIUYMTQIRXMWEPWSEZEMPEFPIJSVVIQSXITPEGIQIRX
SJWLSXGVIXI*SVWLSXGVIXIHV]QM\VIJIVXS%'-6
F 0MQMXEXMSRW{8LIWYGGIWWJYPETTPMGEXMSRSJWLSXGVIXIMW
HITIRHIRXSRXLIXVEMRMRKWOMPPERHI\TIVMIRGISJXLIRS^^PI
STIVEXSV8LIRS^^PISTIVEXSVWLSYPHHIQSRWXVEXILMWSVLIV
WOMPPF]TPEGMRKEXIWXTERIPXLEXVIJPIGXWXLIWMXIGSRHMXMSRW

'32'6)8)6)4%-6+9-()

8LIRS^^PISTIVEXSVvWTIVJSVQERGIWLSYPHFIIZEPYEXIHERH
ETTVSZIHFIJSVILISVWLIMWEPPS[IHSRXLINSF8LIRS^^PI
STIVEXSVWLSYPHFI%'-GIVXMJMIHEWERS^^PISTIVEXSV
(YWX ERH VIFSYRH VIUYMVI WTIGMEP EXXIRXMSR MR MRHSSV
ETTPMGEXMSRW
G %TTPMGEXMSRW{7LSXGVIXILEWFIIRYWIHXSVITEMVHIXI
VMSVEXIHGSRGVIXIFVMHKIWFYMPHMRKWTEVOMRKWXVYGXYVIW PSGO
[EPPW HEQW ERH XYRRIPW 8LI TIVJSVQERGI SJ WLSXGVIXI
VITEMV LEW KIRIVEPP] FIIR KSSH LS[IZIV XLIVI EVI WSQI
MRWXERGIW SJ TSSV TIVJSVQERGI 1ENSV GEYWIW SJ TSSV
TIVJSVQERGIEVIMREHIUYEXITVITEVEXMSRSJXLISPHWYVJEGI
TSSV [SVOQERWLMT ERH RSX EGGSYRXMRK JSV XLI VIPEXMZIP]
MQTIVQIEFPI REXYVI SJ WLSXGVIXI 8LIVI LEZI FIIR WSQI
VITEMV JEMPYVIW [LIVI WLSXGVIXI [EW YWIH XS VIWYVJEGI SPH
L]HVEYPMG WXVYGXYVIW 8LI VIPEXMZIP] MQTIVQIEFPI WLSXGVIXI
XVETW QSMWXYVI QMKVEXMRK XLVSYKL XLI GSRGVIXI WYFWXVEXI
GEYWMRK XLI RSREMVIRXVEMRIH GSRGVIXI RIEV XLI VITEMV
MRXIVJEGIXSFIGSQIGVMXMGEPP]WEXYVEXIH7YFWIUYIRXG]GPIW
SJJVII^MRKERHXLE[MRKVIWYPXIHMRJEMPYVISJXLIVITEMV 97
%VQ]'SVTWSJ)RKMRIIVW 7EXMWJEGXSV]WLSXGVIXIVITEMVMW
GSRXMRKIRXYTSRTVSTIVWYVJEGIXVIEXQIRXSJSPHWYVJEGIWXS
[LMGL XLI WLSXGVIXI MW FIMRK ETTPMIH ERH XLI WOMPP SJ XLI
RS^^PISTIVEXSV
H 7XERHEVHW{%'-6ERH%'-TVSZMHIKYMHIW
ERH WTIGMJMGEXMSRW JSV WLSXGVIXI GSRWXVYGXMSR ERH GIVXMJMGE
XMSRVIUYMVIQIRXWJSVXLIRS^^PISTIVEXSV


I\TERWMZIGIQIRX GSRGVIXIXLEX
QMRMQM^IW GVEGOMRK GEYWIH F] HV]MRK WLVMROEKI 8LI FEWMG
QEXIVMEPWERHQIXLSHWEVIWMQMPEVXSXLSWIRIGIWWEV]XSTVSHYGI
LMKLUYEPMX] 4'' 'SRWIUYIRXP] XLI GLEVEGXIVMWXMGW SJ
WLVMROEKIGSQTIRWEXMRK GSRGVIXI EVI MR QSWX VIWTIGXW
WMQMPEV XS XLSWI SJ TSVXPERHGIQIRX GSRGVIXI 4VSTVMIXEV]
TVITEGOEKIHQSVXEVXLEXYWIWWSQIJSVQSJWLVMROEKIGSQTIR
WEXMRKGIQIRXXSGSYRXIVTSXIRXMEPWLVMROEKIMWEZEMPEFPIERH
LEW FIIR YWIH WYGGIWWJYPP] JSV ]IEVW *SV HIJMRMXMSRW SJ
I\TERWMZIGIQIRXGIQIRXX]TIW/1ERH7VIJIVXS%'-
E  %HZERXEKIW{;LIR TVSTIVP] VIWXVEMRIH F] VIMRJSVGI
QIRXSVI\XIVREPVIWXVEMRXWLVMROEKIGSQTIRWEXMRKGSRGVIXI
XVMIWXSI\TERHEREQSYRXIUYEPXSSVWPMKLXP]KVIEXIVXLERXLI
ERXMGMTEXIH HV]MRK WLVMROEKI FYX FIGEYWI I\TERWMSR MW
PMQMXIH F] VIWXVEMRX VIMRJSVGIQIRX SV FSXL XLI GSRGVIXI
MRMXMEPP] HIZIPSTW GSQTVIWWMZI WXVIWWIW 7YFWIUYIRX HV]MRK
WLVMROEKI VIHYGIW XLIWI I\TERWMZI WXVEMRW GSQTVIWWMZI
WXVIWWIWSVFSXLFYXMHIEPP]EVIWMHYEPI\TERWMSRVIQEMRWMR
XLI GSRGVIXI XLIVIF] VIHYGMRK WLVMROEKI GVEGOMRK 8LI
NSMRXWYWIHXSGSRXVSPWLVMROEKIGVEGOMRKGERFIVIHYGIHSV
IPMQMREXIHEPSRK[MXLXLIRSVQEPTVSZMWMSRWJSV[EXIVWXSTW
ERHPSEHXVERWJIVQIGLERMWQW;LIVIE[EXIVXMKLXGSRHMXMSR
MW IWWIRXMEP LS[IZIV XLI IPMQMREXMSR SJ [EXIVWXSTW MW RSX
VIGSQQIRHIH
F 0MQMXEXMSRW{%PXLSYKLMXWGLEVEGXIVMWXMGWEVIWMQMPEVXS
XLSWISJTSVXPERHGIQIRXGSRGVIXIXLIQEXIVMEPWWIPIGXMSRSJ
TVSTSVXMSRW TPEGIQIRX ERH GYVMRK WLSYPH FI WYGL XLEX
WYJJMGMIRX I\TERWMSR GSQTVIWWMZI WXVIWWIW SV FSXL EVI
SFXEMRIH XS GSQTIRWEXI JSV WYFWIUYIRX HV]MRK WLVMROEKI

6

8LIGVMXIVMEERHTVEGXMGIWRIGIWWEV]XSIRWYVIXLEXI\TERWMSR
SGGYVWEXXLIXMQIERHMRXLIEQSYRXVIUYMVIHEVIKMZIRMR
%'-  0S[ GYVMRK XIQTIVEXYVIW GER VIHYGI I\TERWMSR
7TIGMEPGPIERMRKSJXVERWMXQM\IVHVYQWQE]FIVIUYMVIHXS
TVIZIRXGSRXEQMREXMSR
4VSZMWMSRWWLSYPHFIQEHIXSEPPS[JSVMRMXMEPI\TERWMSRSJ
XLIQEXIVMEP XSTVSZMHITSWMXMZIWXVEMR SRXLI MRXIVREP WXIIP
VIWXVEMRX'SRWIUYIRXP]WLVMROEKIGSQTIRWEXMRKGSRGVIXIMW
RSX IJJIGXMZI MR FSRHIH SZIVPE]W SR TSVXPERHGIQIRX
GSRGVIXI FIGEYWI XLI WYFWXVEXI TVSZMHIW XSSQYGL I\XIVREP
VIWXVEMRX 8LI TSXIRXMEP JSV XLI JSVGIW GVIEXIH HYVMRK XLI
I\TERWMSR TVSGIWW GSYPH TYWL SYX [EPPW SV JEMP XLI JSVQW
EPSRKXLITIVMQIXIVSJXLITSYVW
G  %TTPMGEXMSRW{7LVMROEKIGSQTIRWEXMRK GSRGVIXI
QMRMQM^IW GVEGOMRK GEYWIH F] HV]MRK WLVMROEKI MR GSRGVIXI
WPEFW TEZIQIRXW FVMHKI HIGOW ERH WXVYGXYVIW %HHMXMSREPP]
WLVMROEKIGSQTIRWEXMRKGERVIHYGI[EVTMRKXIRHIRGMIW[LIVI
GSRGVIXI MW I\TSWIH XS WMRKPI JEGI HV]MRK ERH GEVFSREXMSR
WLVMROEKI
H  7XERHEVHW{%781 '  TVSZMHIW WXERHEVHW JSV
I\TERWMZI L]HVEYPMG GIQIRXERHPMQMXWMRGPYHMRK WXVIRKXL
WIXXMRK XMQI ERH I\TERWMSR SJ XLI GIQIRX 1SVXEV ERH
GSRGVIXI I\TERWMSRW EVI YWYEPP] HIXIVQMRIH MR EGGSVHERGI
[MXL %781 '  ERH '  VIWTIGXMZIP] %HIUYEG] SJ
GSRGVIXIWLSYPHFIGLIGOIHERHYWIHEWSYXPMRIHMR%'-
 7MPMGEJYQIGSRGVIXI{7MPMGEJYQIEF]TVSHYGXMR
XLI QERYJEGXYVI SJ WMPMGSR ERH JIVVSWMPMGSR EPPS]W MW ER
IJJMGMIRX TS^^SPERMG QEXIVMEP %HHMRK WMPMGE JYQI ERH E
,6;6% XS E GSRGVIXI QM\XYVI WMKRMJMGERXP] MRGVIEWIW
GSQTVIWWMZI WXVIRKXL HIGVIEWIW TIVQIEFMPMX] ERH XLYW
MQTVSZIW HYVEFMPMX] %'- 6  7MPMGE JYQI MW RSVQEPP]
EHHIH XS GSRGVIXI MR UYERXMXMIW SJ  XS   F] QEWW SJ
GIQIRX'SQTVIWWMZIWXVIRKXLWSJXS14E XS
TWM GERFIEXXEMRIH[MXLWMPMGEJYQIGSRGVIXI
E  %HZERXEKIW{8LI MRMXMEP GSQQIVGMEP MRXIVIWX MR WMPMGE
JYQI [EW JSV MRGVIEWIH GLIQMGEP VIWMWXERGI SJ GSRGVIXI
LS[IZIVMXMWFIMRKEHHIHXSGSRGVIXIXSHE]XSMRGVIEWIHIRWMX]
ERHWXVIRKXLERHMRWSQIGEWIWEWEGIQIRXVITPEGIQIRXSV
TVSTIVX]IRLERGMRKQEXIVMEPXSMQTVSZIUYEPMX]ERHTIVJSV
QERGIMRE[MHIVERKISJETTPMGEXMSRW

IVMRK SJ WMPMGE JYQI QSHMJMIH


GSRGVIXIWLSYPHFIHSRI[MXLE,6;6%VEXLIVXLER[MXL[EXIV
F 0MQMXEXMSRW{8]TMGEPP]EWWMPMGEJYQIHSWEKIMRGVIEWIW
XLIGSRGVIXIFIGSQIWQSVIGSLIWMZIMWQSVIWYWGITXMFPIXS
TPEWXMGWLVMROEKIGVEGOMRKERHEHHWWMKRMJMGERXGSWXXSXLI
VITEMVQEXIVMEP4PEGMRKERHJMRMWLMRKGVI[WLS[IZIVLEZI
FIIR EFPI XS SZIVGSQI XLIWI HMJJIVIRGIW [MXLSYX ER]
WMKRMJMGERXHMJJMGYPXMIW ,SPPERH 7MPMGEJYQIGSRGVIXI
LEW PMXXPI SV RS FPIIH [EXIV [LMGL QEOIW MX HMJJMGYPX XS
TVSZMHIEWXIIPXVS[IPJMRMWL
8LIQMRMQYQGYVMRKXIQTIVEXYVIWLSYPHFI' * 
%PWS[IXGYVMRKWLSYPHWXEVXMQQIHMEXIP]JSVEVIGSQQIRHIH
QMRMQYQSJHE]W
G %TTPMGEXMSRW{8LI JMVWX QENSV ETTPMGEXMSRW SJ
WMPMGEJYQIGSRGVIXIMRXLI9RMXIH7XEXIW[IVIJSVVITEMVSJ

6

%'-'311-88))6)4368

L]HVEYPMG WXVYGXYVIW WYFNIGXIH XS EFVEWMSRIVSWMSR HEQEKI


,SPPERH ERH +YXWGLS[   8LI LMKL WXVIRKXL SJ
WMPMGEJYQI GSRGVIXI ERH XLI VIWYPXMRK EFVEWMSRIVSWMSR
VIWMWXERGISJJIVERIGSRSQMGEPWSPYXMSRXSEFVEWMSRIVSWMSR
TVSFPIQW TEVXMGYPEVP] MR EVIEW [LIVI PSGEPP] EZEMPEFPI
EKKVIKEXIQE]SXLIV[MWIVIWYPXMRYREGGITXEFPIGSRGVIXIJSV
EFVEWMSRIVSWMSRVIWMWXERGI
7MPMGEJYQIGSRGVIXILEWFIIRYWIHI\XIRWMZIP]MRSZIVPE]W
SRTEVOMRKWXVYGXYVIWERHFVMHKIHIGOWXSVIHYGIXLIMRXVYWMSR
SJGLPSVMHIMSRWMRXSXLIGSRGVIXI
H 7XERHEVHW{%781'MWXLIWTIGMJMGEXMSRGSZIVMRK
WMPMGEJYQI
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6

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6

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6

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6

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6

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6

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6

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6

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6

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6

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6

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