4IVWSREP -RJSVQEXMSR %PEVQ 'PSGO 9WI XLI %PEVQ 'PSGO XS WIX ER EPIVX JSV E WTIGMJMG XMQI 8LI EPIVX [SVOW SRP] [LIR XLI TLSRI MW SR → 8SSPW → %PEVQ 'PSGO → 7IX 7IPIGX 1IRY 4VIWW YT SV HS[R XS WIPIGX ER LSYV ERH QMRYXIW r 4VIWW PIJX SV VMKLX XS W[MXGL FIX[IIR LSYVW QMRYXIW ERH 4IVWSREP -RJSVQEXMSR r E Q T Q r )RXIV RYQFIVW YWMRK XLI TLSRI OI]TEH 4VIWW ;LIR XLI EPEVQ VMRKW WIPIGX 7RSS^I XS WMPIRGI XLI EPEVQ JSV QMRYXIW XS WEZI SV WIPIGX 3JJ XS XYV
! < ' 16 1 1' ¥ 4IVJSVQW XLI lIUYEPWz JYRGXMSR -RWIVXW XLI HMZMWMSR GLEVEGXIV EJXIV XLI PEWX RYQFIV IRXIVIH -RWIVXW XLI WYFXVEGXMSR GLEVEGXIV EJXIV XLI PEWX RYQFIV IRXIVIH -RWIVXW XLI EHHMXMSR GLEVEGXIV EJXIV XLI PEWX RYQFIV IRXIVIH -RWIVXW XLI QYPXMTPMGEXMSR GLEVEGXIV EJXIV XLI PEWX RYQFIV IRXIVIH -RWIVXW XLI HIGMQEP TSMRX EJXIV XLI PEWX RYQFIV IRXIVIH 'PIEVW EPP RYQFIVW IRXIVIH ERH HMWTPE]W E ^IVS (MWTPE]W XLI ZEPYI GYVVIRXP] WXSVIH MR QIQSV] %HHW XLI HMWTPE]IH HMKMX
7XST[EXGL → 8SSPW → 7XST[EXGL → 7XEVX 7IPIGX 1IRY 8LI WXST[EXGL FIKMRW GSYRXMRK 7IPIGX 7XST XS WXST GSYRXMRK 7IPIGX 6IWIX XS WIX XLI GSYRXIV FEGO XS ^IVS ERH LEZI XLI WXST[EXGL FIKMR GSYRXMRK EKEMR 4VIWW [LIR JMRMWLIH +EQIW JSVXYRI LEW E RYQFIV E REQI ERH E Q]WXMGEP HIWGVMTXMSR 8LMW KEQIW KMZIW ]SY ]SYV JSVXYRI FEWIH SR XLI STXMSR ]SY WIPIGX → 8SSPW → 1]WXMG -GLMRK 7IPIGX 1IRY ,MKLPMKLX ER STXMSR ERH TVIWW XS WIPIGX MX XS WIPIGX XLMW STXMSR %X XL
'EZIVR 'VE[P¬ 8LMW EHZIRXYVI KEQI WIRHW XLI TPE]IV XLVSYKL E QYPXM PE]IV QE^I MRWMHI E PEVKI GEZIVR[LMPI JMKLXMRK QSRWXIVW KEXLIVMRK KSPH JMRHMRK XVIEWYVI 8LI KSEP SJ XLI KEQI MW JSV XLI TPE]IV XS EQEWW EW QER] TSMRXW EW TSWWMFPI FIJSVI FIMRK OMPPIH 8S GSPPIGX MXIQW SV EXXEGO QSRWXIVW WMQTP] QSZI SZIV XLIQ 1SRWXIVW EXXEGO ]SY F] EXXIQTXMRK XS QSZI SZIV ]SYV WTSX → 8SSPW → 'EZIVR 'VE[P 7IPIGX 1IRY ,MKLPMKLX ER STXMSR ERH TVIWW XS WIPIGX MX r2I[ +EQI r6IWYQI +EQI r,IPT r7IXXMR
→ 8SSPW → &VMGO %XXEGO 7IPIGX 1IRY 4VIWW XS WIPIGX 2I[ XS FIKMR XLI KEQI r4VIWW XS TEYWI XLI KEQI r4VIWW XS 6IWYQI 8S HS XLMW ]SY WIRH E QSZMRK FEPP YT[EVH YWMRK E TEHHPI EX XLI FSXXSQ SJ XLI WGVIIR 8S QSZI XLI TEHHPI TVIWW PIJX SV VMKLX -J ER MRGSQMRK GEPP EPIVX MW VIGIMZIH XLI KEQI MW TEYWIH ERH I\MXIH =SY GER VIXYVR XS TPE] SRGI XLI MRGSQMRK GEPP EPIVX MW IRHIH 8LI KEQI GERRSX FI TEYWIH [LMPI XLI TLSRI MW SJJ GER VIXYVR XS TPE] SRGI XLI MRGSQMRK GEPP EPIVX
4IVWSREP -RJSVQEXMSR
:SMGI 7IVZMGIW 8LI ZSMGI JIEXYVIW SJ ]SYV /]SGIVE TLSRI EPPS[ ]SY XS SVMKMREXI GEPPW ERW[IV GEPPW YWI ZSMGI WLSVXGYXW ERH VIGSVH ZSMGI QIQSW 8LI :SMGI 1IQS XSSP EPPS[W ]SY XS VIGSVH ERH REQI QYPXMTPI QIQSW 8LI JSPPS[MRK STXMSRW EVI EZEMPEFPI XS GVIEXI ERH IHMX ]SYV QIQSW 4PE] E VIGSVHIH QIQS 4EYWI E QIQS 7XST VIGSVHMRK ERH VIXYVR XS XLI FIKMRRMRK SJ XLI QIQS 6I[MRH XLI QIQS *EWX JSV[EVH XLI QIQS 2%1) 2EQI E QIQS )6%7) )VEWI E QIQS 6IGSVHMRK E QIQS → 7IXXMRKW → :SMGI 7IVZMG
=SY QE] IRXIV YT XS GLEVEGXIVW JSV ]SYV QIQS 7II l)RXIVMRK PIXXIVW RYQFIVW ERH W]QFSPWz SR TEKI 4VIWW 7EZI XS WIPIGX 2SXI=SY HS RSX RIIH XS IRXIV E REQI JSV ]SYV QIQSW l1IQS z l1IQS z IXG EVI XLI HIJEYPX XMXPIW )HMXMRK SV IVEWMRK E QIQS 3RGI ]SY LEZI GVIEXIH QIQSW ]SY GER IHMX SV IVEWI XLIQ EW HIWMVIH → 7IXXMRKW → :SMGI 7IVZMGIW → :SMGI 1IQS 7IPIGX 1IRY ,MKLPMKLX XLI QIQS ]SY [ERX XS IHMX SV IVEWI XLIR TVIWW 4VIWW XS WIPIGX MX VMKLX XS WIPIGX
r-J ]SY LEZI EPVIEH] XVEMRIH E WLSVXGYX [LIR WIPIGXMRK MX JVSQ XLI :SMGI :SMGI 7IVZMGIW 7LSVXGYXW QIRY ]SY [MPP VIGIMZI XLI TVSQTX l7LSVXGYX EPVIEH] VIGSVHIH 6IGSVH EKEMR#z 6ITIEX JSV IEGL STXMSR ]SY [ERX XS XVEMR 7IXXMRK YT ZSMGI WLSVXGYXW 9WI XLI WLSVXGYX OI] XS GYWXSQM^I UYMGO EGGIWW XS E WMRKPI JIEXYVI 7IPIGX 1IRY ,MKLPMKLX XLI JIEXYVI ]SY [ERX WIX EW E WLSVXGYX ERH TVIWW XS WIPIGX MX r 2SRI HMWEFPIW XLI WLSVXGYX r (S[RPSEHW ;IF &VS[WIV -RFS\ 6MRKIV :SPYQI 6IGIRX 'EPPW
8LI :6 WE]W l7E] E REQI z 7E] XLI REQI XLIR VITIEX EW MRWXVYGXIH 8LI :6 [MPP GSRXMRYI XS TVSQTX ]SY [MXL lEKEMRz YRXMP E QEXGL MW QEHI ;LIR E [SVH QEXGL MW GSQTPIXIH ]SY [MPP LIEV l?2EQIA EHHIHz ERH XLI WGVIIR WLS[W l:SMGI HMEPMRK MW RS[ EZEMPEFPI JSV XLMW RYQFIV z SV → 7IXXMRKW → :SMGI 7IVZMGIW → %HH :SMGI (MEP 7IPIGX 1IRY 7E] XLI REQI SJ XLI GSRXEGX MRXS XLI WTIEOIV EX XLI TVSQTX 6ITIEX YRXMP ]SY LIEV l?2EQIA EHHIH z 7EZMRK E ZSMGI XEK [MXL E RI[ GSRXEGX *VSQ XLI LSQI WGVI
:SMGI 8VEMRMRK VIGSKRMXMSR :6 JIEXYVI lPIEVRWz ]SYV ZSMGI 4IVJSVQ :SMGI 8VEMRMRK MR E UYMIX IRZMVSRQIRX ERH WTIEO REXYVEPP] MRXS XLI QMGVSTLSRI -J XLI ZSMGI GSQQERHW ]SY VITIEX HYVMRK XVEMRMRK HS RSX QEXGL :6 [MPP EWO ]SY XS VITIEX XLI GSQQERH (S RSX WTIEO E GSQQERH YRXMP XLI TVSQTX MW :SMGI 7IVZMGIW (YVMRK :SMGI 8VEMRMRK ]SY WTIEO E WIVMIW SJ GSQQERHW ERH XLI ZSMGI GSQTPIXI -J ]SY WTIEO XSS WSSR ]SY [MPP LIEV XLVII XSRIW → 7IXXMRKW → :SMGI 7IVZMGIW → :SMGI 8VEMRMRK 7IPIGX 1IRY
1EOMRK E GEPP [MXL :6 *VSQ XLI LSQI WGVIIR TVIWW 8LI :6 VIWTSRHW l7E] E REQI z 7E] XLI REQI SJ XLI TIVWSR ]SY [MWL XS GEPP 8LI :6 VIWTSRHW l'EPPMRK ?2EQIA z 6IQEMR WMPIRX XS QEOI XLI GEPP SV WE] l2Sz XS GERGIP XLI GEPP -J XLIVI EVI QYPXMTPI QEXGLIW XS XLI REQI XLEX ]SY VIUYIWXIH XLI :6 [MPP EWO ]SY XS ZIVMJ] [LMGL REQI ]SY [ERX XS GEPP 6ITP] l=IWz SV l2Sz YRXMP ]SY LIEV XLI HIWMVIH REQI 8S IRH E GEPP [MXL :6 8S IRH E GEPP TVIWW =SY GERRSX YWI ZSMGI VIGSKRMXMSR XS IRH
l-RGSQMRK GEPP ERW[IV#z SV l-RGSQMRK VSEQ GEPP ERW[IV#z 7E] l=IWz SV 4VIWW ER] OI] I\GITX :SMGI 7IVZMGIW Ü Ü -KRSVMRK E GEPP =SY QE] MKRSVI ER MRGSQMRK GEPP MR WIZIVEP [E]W Ü 8LI ZSMGI EPIVX MW WMPIRGIH SV 6IQEMR WMPIRX 8LI ZSMGI EPIVX VITIEXW X[MGI ERH XLI TLSRI VMRKW SRGI XLIR VIXYVRW XS XLI LSQI WGVIIR :SMGI 7IVZMGIW Ü 7E] l2Sz SV TVIWW
:SMGI 7IVZMGIW
)\TIVMIRGMRK 7TVMRX 4'7 ;MVIPIWW ;IF =SY GER YWI ]SYV TLSRI XS FVS[WI XLI -RXIVRIX MJ ]SY LEZI SFXEMRIH TLSRI -RXIVRIX WIVZMGIW JVSQ ]SYV WIVZMGI TVSZMHIV ERH MJ SZIV XLI EMV -RXIVRIX EGGIWW MW EZEMPEFPI MR ]SYV EVIE 9WMRK XLI ;MVIPIWW ;IF 8S PIEVR LS[ XS IRXIV XI\X MR XLI ;MVIPIWW ;IF WII l0ERKYEKIW ERH WTIGMEP GLEVEGXIVWz SR TEKI 2SXI =SY GERRSX VIGIMZI MRGSQMRK GEPPW [LMPI ]SY EVI MR XLI ;MVIPIWW ;IF ERH E HEXE GEPP MW MR TVSKVIWW 7XEVXMRK XLI ;MVIPIWW ;IF Ü 1IRY 6 *VSQ XLI LSQI
r )RGV]TXMSR WLSYPH RSX FI YWIH YRPIWW ]SY EVI MRWXVYGXIH XS HS WS F] ]SYV WIVZMGI TVSZMHIV r 94 0MRO WIPIGXW E HMJJIVIRX FVS[WIV WIVZIV =SY GER YWI XLMW STXMSR MJ ]SY LEZI QSVI XLER SRI ;IF &VS[WIV EGGSYRX WYGL EW SRI JSV FYWMRIWW ERH SRI JSV TIVWSREP YWI r 6IWXEVX VIWXEVXW XLI ;IF &VS[WIV -RHMGEXSVW ERH EPIVXW ;IF &VS[WIV WGVIIR Ü Ü 8LI ETTIEVW MR E WIGYVI ;MVIPIWW ;IF WIWWMSR -J ]SY LEZI WIZIVEP 960W FSSOQEVOIH E PMWX ETTIEVW 4VIWW HS[R XS WGVSPP XLVSYKL XLI PMWX 4VIWW Ü YT SV
(S[RPSEHW 960 ;LIR YWMRK +IX 2I[ 6MRKIVW SV 7GVIIR 7EZIVW HS[RPSEH STXMSRW XLI FVS[WIV MW PEYRGLIH [MXL E WTIGMJMG 960 8LMW 960 MW XLI WEQI JSV EPP XLVII MXIQW 8S GLERKI XLMW 960 → ;MVIPIWW ;IF → 1] (S[RPSEHW → (S[RPSEHW 960 7IPIGX 1IRY )RXIV ]SYV HMKMX PSGO GSHI 7IPIGX 'SRXMRYI EX XLI TVSQTX l;EVRMRK &I WYVI XLI 960 WYTTSVXW )RXIV XLI 960 ERH TVIWW HS[RPSEHW z XS WEZI +IX 2I[ 8S HS[RPSEH RI[ VMRKIVW SV WGVIIR WEZIVW → ;MVIPIWW ;IF → (S[RPSEHW→ +IX 2I[ 8
2SXI (S[RPSEHIH VMRKIVW EVI EYXSQEXMGEPP] TPEGIH MR XLI 6MRKIV 8]TI QIRY 8S EWWMKR E VMRKIV WII l'LERKMRK XLI VMRKIVz SR TEKI 7GVIIR 7EZIVW Ü Ü → ;MVIPIWW ;IF → 1] (S[RPSEHW → 7GVIIR 7EZIVW 7IPIGX 1IRY -J XLMW MW XLI JMVWX XMQI ]SY VI HS[RPSEHMRK XLI TVSQTX l;SYPH ]SY PMOI XS HS[RPSEH E WGVIIR WEZIV#z ETTIEVW 4VIWW XS WIPIGX =IW 8LI FVS[WIV PEYRGLIW [MXL XLI WGVIIR WEZIV 960 7IPIGXMRK 2SX 2S[ VIXYVRW Ü ]SY XS XLI TVIZMSYW WGVIIR -J WGVIIR WEZIVW LEZI TVIZMSYWP] FIIR HS[RPSEH
GEPPW [LMPI XLI QSHIQ MW MR (EXE *E\ QSHI -RGSQMRK GEPPW [MPP KS HMVIGXP] XS ZSMGIQEMP (EXE *E\ 1SHI 8LI 7TVMRX 4'7 ;MVIPIWW ;IF 'SRRIGXMSR /MX TYVGLEWIH WITEVEXIP] PIXW ]SY PMRO ]SYV PETXST 4' XS ]SYV 7TVMRX 4'7 4LSRI WS ]SY GER WIRH ERH VIGIMZI HEXE ERH JE\IW 2SXI XLEX XLI TLSRI QYWX FI SR E HMKMXEP RIX[SVO XS WIRH ERH VIGIMZI JE\IW ERH [LIR XLI TLSRI MW MR (EXE *E\ QSHI ]SY GERRSX QEOI SV VIGIMZI ZSMGI GEPPW 8LIWI WIXXMRKW XIPP XLI TLSRI LS[ XS LERHPI ZSMGI ERH HEXE GEPPW → ;MVIPIW
6IGIMZMRK (EXE 8S VIGIMZI HEXE [MXL ]SYV TLSRI 4PYK ]SYV TLSRI MRXS E GSQTYXIV SV PETXST YWMRK XLI HEXE GEFPI ]SY VIGIMZIH [MXL ]SYV 7TVMRX 4'7 ;MVIPIWW ;IF 'SRRIGXMSR /MX TYVGLEWIH WITEVEXIP] (EXE RI\X GEPP SV (EXE YRXMP SJJ YWMRK XLI 7IX XLI TLSRI XS MRWXVYGXMSRW HIWGVMFIH EFSZI MR (EXE *E\ 1SHI 7XEVX YT XLI 'SRRIGXMSR /MX ERH GSRJMKYVI MX XS GSRRIGX XS ]SYV TLSRI =SYV TLSRI MW RS[ VIEH] XS VIGIMZI HEXE 6IXYVRMRK XS :SMGI 1SHI 8S VIXYVR XS 7XERHF] QSHI EX XLI IRH SJ E H
/RS[MRK 4IVJSVQERGI ERH 7EJIX] +YMHIPMRIW +IXXMRK XLI 1SWX 3YX SJ =SYV 6IGITXMSR /IITMRK 8EFW SR 7MKREP 7XVIRKXL 8LI UYEPMX] SJ IEGL GEPP ]SY QEOI SV VIGIMZI HITIRHW SR XLI WMKREP WXVIRKXL MR ]SYV EVIE =SYV TLSRI MRJSVQW ]SY SJ XLI GYVVIRX WXVIRKXL F] HMWTPE]MRK E RYQFIV SJ FEVW RI\X XS XLI WMKREP WXVIRKXL MGSR 8LI QSVI FEVW HMWTPE]IH XLI WXVSRKIV XLI WMKREP -J ]SY VI MRWMHI E FYMPHMRK FIMRK RIEV E [MRHS[ QE] KMZI ]SY FIXXIV VIGITXMSR 9RHIVWXERHMRK 4S[IV 7EZI *IEXYVI -J ]SYV TLSRI MW YREFPI X
KSZIVRQIRX LIEPXL EKIRGMIW ERH MRHYWXVMIW HIZIPSTIH XLMW YTHEXIH WXERHEVH EJXIV VIZMI[MRK XLI EZEMPEFPI FSH] SJ VIWIEVGL -R XLI *IHIVEP 'SQQYRMGEXMSRW 'SQQMWWMSR *'' EHSTXIH XLMW YTHEXIH WXERHEVH MR E VIKYPEXMSR -R %YKYWX XLI *'' EHSTXIH L]FVMH WXERHEVH GSRWMWXMRK SJ XLI I\MWXMRK %27- -))) WXERHEVH ERH XLI KYMHIPMRIW TYFPMWLIH F] XLI 2EXMSREP 'SYRGMP SJ 6EHMEXMSR 4VSXIGXMSR ERH 1IEWYVIQIRXW 2'64 1EMRXEMRMRK =SYV 4LSRI W 4IEO 4IVJSVQERGI 8LIVI EVI WIZIVEP WMQTPI KYMHIPMRIW XS STIVEXM
Ü Ü Ü Ü Ü Ü (S RSX XEOI RSXIW SV PSSO YT TLSRI RYQFIVW [LMPI HVMZMRK (MEP WIRWMFP] ERH EWWIWW XLI XVEJJMG MJ TSWWMFPI TPEGI GEPPW [LIR ]SY EVI RSX QSZMRK SV FIJSVI TYPPMRK MRXS XVEJJMG (S RSX IRKEKI MR WXVIWWJYP SV IQSXMSREP GSRZIVWEXMSRW XLEX QE] HMZIVX ]SYV EXXIRXMSR JVSQ XLI VSEH (MEP XS VITSVX WIVMSYW IQIVKIRGMIW -X W JVII JVSQ ]SYV [MVIPIWW TLSRI 9WI ]SYV TLSRI XS LIPT SXLIVW MR IQIVKIRGMIW 'EPP VSEHWMHI EWWMWXERGI SV E WTIGMEP RSR IQIVKIRG] [MVIPIWW RYQFIV [LIR RIGIWWEV] *SPP
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
Ü Ü Ü Ü /IIT XLI QIXEP GSRXEGXW SR XST SJ XLI FEXXIV] GPIER (SR X EXXIQTX XS HMWEWWIQFPI SV WLSVX GMVGYMX XLI FEXXIV] 8LI FEXXIV] QE] RIIH VIGLEVKMRK MJ MX LEW RSX FIIR YWIH JSV E PSRK TIVMSH SJ XMQI -X W FIWX XS VITPEGI XLI FEXXIV] [LIR MX RS PSRKIV TVSZMHIW EGGITXEFPI TIVJSVQERGI -X GER FI VIGLEVKIH LYRHVIHW SJ XMQIW FIJSVI MX RIIHW Ü VITPEGMRK (SR X WXSVI XLI FEXXIV] MR LMKL XIQTIVEXYVI EVIEW JSV PSRK TIVMSHW SJ XMQI -X W FIWX XS JSPPS[ XLIWI WXSVEKI VYPIW 0IWW XLER SRI QSRXL * XS
:ILMGPIW YWMRK PMUYIJMIH TIXVSPIYQ KEW WYGL EW TVSTERI SV FYXERI QYWX GSQTP] [MXL XLI 2EXMSREP *MVI 4VSXIGXMSR 7XERHEVH 2*4% *SV E GST] SJ XLMW WXERHEVH GSRXEGX XLI 2EXMSREP *MVI 4VSXIGXMSR %WWSGMEXMSR 3RI &EXXIV]QEVGL 4EVO 5YMRG] 1% %XXR 4YFPMGEXMSR 7EPIW (MZMWMSR 'EYXMSRW %R] GLERKIW SV QSHMJMGEXMSRW XS ]SYV TLSRI RSX I\TVIWWP] ETTVSZIH MR XLMW HSGYQIRX GSYPH ZSMH ]SYV [EVVERX] JSV XLMW IUYMTQIRX ERH ZSMH ]SYV EYXLSVMX] XS STIVEXI XLMW IUYMTQIRX 3RP] YWI ETTVSZIH FEXXIVMIW ER
8LI WXERHEVHW MRGPYHI E WYFWXERXMEP WEJIX] QEVKMR HIWMKRIH XS EWWYVI XLI WEJIX] SJ EPP TIVWSRW VIKEVHPIWW SJ EKI ERH LIEPXL 8LI I\TSWYVI WXERHEVH JSV [MVIPIWW QSFMPI TLSRIW IQTPS]W E YRMX SJ QIEWYVIQIRX ORS[R EW XLI 7TIGMJMG %FWSVTXMSR 6EXI SV 7%6 8LI 7%6 PMQMX WIX F] XLI *'' MW ; OK 8IWXW JSV 7%6 EVI GSRHYGXIH YWMRK WXERHEVH STIVEXMRK TSWMXMSRW WTIGMJMIH F] XLI *'' [MXL XLI TLSRI XVERWQMXXMRK EX MXW LMKLIWX GIVXMJMIH TS[IV PIZIP MR EPP XIWXIH JVIUYIRG] FERHW %PXLSYKL XLI 7%6 MW HIXIVQMR
'SRWYQIV YTHEXI SR QSFMPI TLSRIW *(% LEW FIIR VIGIMZMRK MRUYMVMIW EFSYX XLI WEJIX] SJ QSFMPI TLSRIW MRGPYHMRK GIPPYPEV TLSRIW ERH 4'7 TLSRIW 8LI JSPPS[MRK WYQQEVM^IW [LEX MW ORS[R ERH [LEX VIQEMRW YRORS[REFSYX [LIXLIV XLIWI TVSHYGXW GER TSWI E LE^EVH XS LIEPXL ERH [LEX GER FI HSRI XS QMRMQM^I ER] TSXIRXMEP VMWO 8LMW MRJSVQEXMSR QE] FI YWIH XS VIWTSRH XS UYIWXMSRW ;L] XLI GSRGIVR# 1SFMPI TLSRIW IQMX PS[ PIZIPW SJ VEHMSJVIUYIRG] IRIVK] M I VEHMSJVIUYIRG] VEHMEXMSR MR XLI QMGVS[EZI VERKI [LMPI F
,S[ QYGL IZMHIRGI MW XLIVI XLEX LERH LIPH QSFMPI TLSRIW QMKLX FI LEVQJYP# &VMIJP] XLIVI MW RSX IRSYKL IZMHIRGI XS ORS[ JSV WYVI IMXLIV [E] LS[IZIV VIWIEVGL IJJSVXW EVI SR KSMRK 8LI I\MWXMRK WGMIRXMJMG IZMHIRGI MW GSRJPMGXMRK ERH QER] SJ XLI WXYHMIW XLEX LEZI FIIR HSRI XS HEXI LEZI WYJJIVIH JVSQ JPE[W MR XLIMV VIWIEVGL QIXLSHW %RMQEP I\TIVMQIRXW MRZIWXMKEXMRK XLI IJJIGXW SJ 6* I\TSWYVIW GLEVEGXIVMWXMG SJ QSFMPI TLSRIW LEZI ]MIPHIH GSRJPMGXMRK VIWYPXW % JI[ ERMQEP WXYHMIW LS[IZIV LEZI WYKKIWXIH
TLSRI YWI 1SWX GERGIV GEYWMRK EKIRXW MRGVIEWI VMWO [MXL MRGVIEWIH I\TSWYVI %R SRKSMRK WXYH] SJ FVEMR GERGIVW F] XLI 2EXMSREP 'ERGIV -RWXMXYXI MW I\TIGXIH XS FIEV SR XLI EGGYVEG] ERH VITIEXEFMPMX] SJ XLIWI VIWYPXW 6IWIEVGLIVW GSRHYGXIH E PEVKI FEXXIV] SJ PEFSVEXSV] XIWXW XS EWWIWW XLI IJJIGXW SJ I\TSWYVI XS QSFMPI TLSRI 6* SR KIRIXMG QEXIVMEP 8LIWI MRGPYHIH XIWXW JSV WIZIVEP OMRHW SJ EFRSVQEPMXMIW MRGPYHMRK QYXEXMSRW GLVSQSWSQEP EFIVVEXMSRW (2% WXVERH FVIEOW ERH WXVYGXYVEP GLERKIW MR XLI KIR
-R WYQQEV] [I HS RSX LEZI IRSYKL MRJSVQEXMSR EX XLMW TSMRX XS EWWYVI XLI TYFPMG XLEX XLIVI EVI SV EVI RSX ER] PS[ MRGMHIRX LIEPXL TVSFPIQW EWWSGMEXIH [MXL YWI SJ QSFMPI TLSRIW *(% GSRXMRYIW XS [SVO [MXL EPP TEVXMIW MRGPYHMRK SXLIV JIHIVEP EKIRGMIW ERH MRHYWXV] XS EWWYVI XLEX VIWIEVGL MW YRHIVXEOIR XS TVSZMHI XLI RIGIWWEV] ERW[IVW XS XLI SYXWXERHMRK UYIWXMSRW EFSYX XLI WEJIX] SJ QSFMPI TLSRIW ;LEX MW ORS[R EFSYX GEWIW SJ LYQER GERGIV XLEX LEZI FIIR VITSVXIH MR YWIVW SJ LERH LIPH QSFMPI TLSRIW#
%PXLSYKL XLI I\MWXMRK WGMIRXMJMG HEXE HS RSX NYWXMJ] *(% VIKYPEXSV] EGXMSRW EX XLMW XMQI *(% LEW YVKIH XLI QSFMPI TLSRI MRHYWXV] XS XEOI E RYQFIV SJ WXITW XS EWWYVI TYFPMG WEJIX] 8LI EKIRG] LEW VIGSQQIRHIH XLEX XLI MRHYWXV] Ü Ü Ü WYTTSVX RIIHIH VIWIEVGL MRXS TSWWMFPI FMSPSKMGEP IJJIGXW SJ 6* SJ XLI X]TI IQMXXIH F] QSFMPI TLSRIW HIWMKR QSFMPI TLSRIW MR E [E] XLEX QMRMQM^IW ER] 6* I\TSWYVI XS XLI YWIV XLEX MW RSX RIGIWWEV] JSV HIZMGI JYRGXMSR ERH ERH GSSTIVEXI MR TVSZMHMRK QSFMPI TLSRI YWIVW [MXL
Ü Ü E LERH LIPH TLSRI [MXL E FYMPX MR ERXIRRE GSRRIGXIH XS E HMJJIVIRX ERXIRRE QSYRXIH SR XLI SYXWMHI SJ XLI GEV SV FYMPX MRXS E WITEVEXI TEGOEKI E LIEHWIX [MXL E VIQSXI ERXIRRE XS E QSFMPI TLSRI GEVVMIH EX XLI [EMWX %KEMR XLI WGMIRXMJMG HEXE HS RSX HIQSRWXVEXI XLEX QSFMPI TLSRIW EVI LEVQJYP &YX MJ TISTPI EVI GSRGIVRIH EFSYX XLI VEHMS JVIUYIRG] IRIVK] JVSQ XLIWI TVSHYGXW XEOMRK XLI WMQTPI TVIGEYXMSRW SYXPMRIH EFSZI GER VIHYGI TSWWMFPI VMWO ;LIVI GER - JMRH EHHMXMSREP MRJSVQEXMSR# *SV EHHMXMSREP M
9WIV KYMHI TVSTVMIXEV] RSXMGI '(1% 8IGLRSPSK] MW PMGIRWIH F] 59%0'311 -RGSVTSVEXIH YRHIV SRI SV QSVI SJ XLI JSPPS[MRK TEXIRXW /RS[MRK 4IVJSVQERGI ERH 7EJIX] +YMHI
% EGXMZEXI TLSRI %PEVQ 'PSGO EPIVXW EREPSK QSHI %27- -))) & FEGOPMKLXMRK TS[IV FEXXIV] GEVI GEVI ERH WEJIX] MRWXEPPMRK ERH GLEVKMRK WXERHF] XMQI XEPO XMQI FMPPMRK &VMGO %XXEGO ' 'EPGYPEXSV GEPP JSV[EVHMRK GEPP KYEVH GEPP [EMXMRK GEPPIV -( FPSGOMRK 'EZIVR 'VE[P '(1% 'IPPYPEV 8IPIGSQQYRMGEXMSRW -RHI\ -RHYWXV] %WWSGMEXMSR '8-% GLEVEGXIVW *VIRGL 7TERMWL GSRXEGX WII EPWS TLSRI FSSO FYWMRIWW GEPPMRK GPEWWMJ]MRK IVEWMRK T
960 ) IRZIPSTI MGSR GPIEVMRK I\XVEGX 960 * *EWX *MRH + +EQIW &VMGO %XXEGO 'EZIVR 'VE[P 1]WXMG -GLMRK 7TEGI (YHIW , LEVH TEYWI LIPT WII GYWXSQIV GEVI - MGSR GPIEVMRK QIWWEKI -R&S\ 8I\X -RXIVRIX FVS[WIV / /I]KYEVH WLSVXGYX XS OI]TEH PSGOMRK WLSVXGYX XS YRPSGOMRK 0 PERKYEKIW PIXXIVW IRXIVMRK WTIGMEP GLEVEGXIVW PSGOMRK OI]TEH TLSRI 1 QIWWEKI MGSR GPIEVMRK QIWWEKIW IVEWMRK VIGIMZMRK RI[ WIRHMRK RI[ QIWW
4 TEKMRK TEYWIW LEVH XMQIH TLSRI PSGOMRK YRPSGOMRK TLSRI FSSO GEPPMRK JVSQ WEZMRK E TLSRI RYQFIV XS TLSRI RYQFIV EHHMRK RI[ JMRHMRK *EWX *MRH TVMQEV] X]TI SJ TS[IV WEZI QSHI 6 6IGIRX 'EPPW PMWX HMEPMRK JVSQ VIGITXMSR VIHMEP PEWX RYQFIV GEPPIH VIXYVR XS ZSMGI QSHI 6* VSEQMRK GEPP KYEVH -RHI\ 7 WEJIX] KYMHIPMRIW WIRH VIGIMZI HEXE JE\ WIVZMGI TPERW WIXXMRKW QIRYW VSEQMRK 7LMJX OI] 7LSVXGYX /I] WMPIRGI EPP WSYRHW VMRKIV
7TVMRX 4'7 ;IF 1IWWEKIW 7TVMRX 4'7 ;MVIPIWW ;IF %PIVXW 7XERHF] QSHI WXERHF] XMQI 7XST[EXGL 8 XIGLRMGEP WYTTSVX XI\X IRXIVMRK IRXV] QSHIW 8I\X -R&S\ XLVII [E] GEPPMRK XMQIH TEYWI 8MT 'EPGYPEXSV EHNYWXMRK QERYEPP] ; [IF EPIVXW ;IF +YEVH [IF WMXI ;MVIPIWW ;IF 'SRRIGXMSR MRHMGEXSVW ERH EPIVXW STXMSRW ;IF +YEVH 9 YRPSGOMRK OI]TEH TLSRI : :SMGI 'SQQERH ZSMGI QIQS ZSMGI WLSVXGYXW WLSVXGYX OI] ZSMGIQEMP GEPPMRK GPI
