)RZMVSRQIRX 1SRMXSVMRK 7IRWSV )1 7IVMIW 9WIV +YMHI 1MPIWMKLX -S8
%TTPMGEFMPMX] 8LMW KYMHI MW ETTPMGEFPI XS )1 WIVMIW WIRWSVW WLS[R EW JSPPS[W I\GITX [LIVI SXLIV[MWI MRHMGEXIH 1SHIP (IWGVMTXMSR )1 8, 8IQTIVEXYVI ERH ,YQMHMX] 7IRWSV )1 1'7 1EKRIX 7[MXGL 7IRWSV )1 70( 7TSX 0IEO (IXIGXMSR 7IRWSV )1 >0( >SRI 0IEO (IXIGXMSR 7IRWSV 7EJIX] 4VIGEYXMSRW 1MPIWMKLX [MPP RSX WLSYPHIV VIWTSRWMFMPMX] JSV ER] PSWW SV HEQEKI VIWYPXMRK JVSQ RSX JSPPS[MRK XLI MRWXVYGXMSRW SJ XLMW STIVEXMRK KYMHI 8LI HIZMGI QYWX RSX FI HMWEWWIQFPIH SV VIQSHIPIH MR ER] [E]
2SXI 8LMW IUYMTQIRX LEW FIIR XIWXIH ERH JSYRH XS GSQTP] [MXL XLI PMQMXW JSV E 'PEWW & HMKMXEP HIZMGI TYVWYERX XS TEVX SJ XLI *'' 6YPIW 8LIWI PMQMXW EVI HIWMKRIH XS TVSZMHI VIEWSREFPI TVSXIGXMSR EKEMRWX LEVQJYP MRXIVJIVIRGI MR E VIWMHIRXMEP MRWXEPPEXMSR 8LMW IUYMTQIRX KIRIVEXIW YWIW ERH GER VEHMEXI VEHMS JVIUYIRG] IRIVK] ERH MJ RSX MRWXEPPIH ERH YWIH MR EGGSVHERGI [MXL XLI MRWXVYGXMSRW QE] GEYWI LEVQJYP MRXIVJIVIRGI XS VEHMS GSQQYRMGEXMSRW ,S[IZIV XLIVI MW RS KYEVERXII XLEX MRXIVJIVIRGI [MPP RS
'SRXIRXW 4VSHYGX -RXVSHYGXMSR ϱ 3ZIVZMI[ ϱ *IEXYVIW ϱ ,EVH[EVI -RXVSHYGXMSR
4VSHYGX -RXVSHYGXMSR 3ZIVZMI[ )1 WIVMIW MW E WIRWSV QEMRP] YWIH JSV SYXHSSV IRZMVSRQIRX XLVSYKL [MVIPIWW 0S6E RIX[SVO )1 HIZMGI MW FEXXIV] TS[IVIH ERH HIWMKRIH JSV QYPXMTPI QSYRXMRK [E]W -X MW IUYMTTIH [MXL 2*' 2IEV *MIPH 'SQQYRMGEXMSR ERH GER IEWMP] FI GSRJMKYVIH F] E WQEVXTLSRI 7IRWSV HEXE EVI XVERWQMXXIH MR VIEP XMQI YWMRK WXERHEVH 0S6E;%2o TVSXSGSP 0S6E;%2o IREFPIW IRGV]TXIH VEHMS XVERWQMWWMSRW SZIV PSRK HMWXERGI [LMPI GSRWYQMRK ZIV] PMXXPI TS[IV 8LI YWIV GER SFXEMR WIRWSV HEXE ERH ZMI
,EVH[EVI 3ZIVZMI[ *VSRX :MI[ ķ2*' %VIE &SXXSQ :MI[ ĸ :IRX Ĺ ;EXIVTVSSJ 'SRRIGXSVW *SV [EXIV PIEOEKI ERH QEKRIX W[MXGL WIRWSV (MQIRWMSRW QQ 4S[IV &YXXSR 2SXI 8LI 0)( MRHMGEXSV ERH TS[IV FYXXSR EVI MRWMHI XLI HIZMGI 7[MXGL SR SJJ ERH VIWIX GER EPWS FI GSRJMKYVIH ZME 2*' *YRGXMSR %GXMSR 0)( -RHMGEXMSR 8YVR 3R 4VIWW ERH LSPH XLI FYXXSR JSV QSVI XLER WIGSRHW 3JJ ė 3R 8YVR 3JJ 4VIWW ERH LSPH XLI FYXXSR JSV QSVI XLER WIGSRHW 3R " 3JJ 6IWIX 4VIWW ERH LSPH XLI FYXXSR JSV QSVI XLE
'LIGO 3R 3JJ 7XEXYW 5YMGOP] TVIWW XLI TS[IV FYXXSR 0MKLX 3R (IZMGI MW SR 0MKLX 3JJ (IZMGI MW SJJ 3TIVEXMSR +YMHI 2*' 'SRJMKYVEXMSR )1 WIVMIW GER FI GSRJMKYVIH ZME 2*' (S[RPSEH ERH MRWXEPP ƈ1MPIWMKLX 8SSP&S\Ɖ %TT JVSQ +SSKPI 4PE] SV %TTPI 7XSVI )REFPI 2*' SR XLI WQEVXTLSRI ERH STIRƈ1MPIWMKLX 8SSP&S\Ɖ %TT %XXEGL XLI WQEVXTLSRI [MXL 2*' EVIE XS XLI HIZMGI XS VIEH FEWMG MRJSVQEXMSR &EWMG MRJSVQEXMSR ERH WIXXMRKW SJ HIZMGIW [MPP FI WLS[R SR 8SSP&S\ MJ MXƅW VIGSKRM^IH WYGGIWWJYP
2SXI )RWYVI XLI PSGEXMSR SJ WQEVXTLSRI 2*' EVIE ERH MXƅW VIGSQQIRHIH XS XEOI SJJ TLSRI GEWI -J XLI WQEVXTLSRI JEMPW XS VIEH [VMXI GSRJMKYVEXMSRW ZME 2*' OIIT XLI TLSRI E[E] ERH FEGO XS XV] EKEMR )1 WIVMIW GER EPWS FI GSRJMKYVIH F] HIHMGEXIH 2*' VIEHIV TVSZMHIH F] 1MPIWMKLX -S8 SV ]SY GER GSRJMKYVI MX ZME 880 MRXIVJEGI MRWMHI XLI HIZMGI 0S6E;%2 7IXXMRKW 0S6E;%2 WIXXMRKW MW YWIH JSV GSRJMKYVMRK XLI XVERWQMWWMSR TEVEQIXIVW MR 0S6E;%2o RIX[SVO &EWMG 0S6E;%2 7IXXMRKW +S XS (IZMGI "7IXXMRK "
4EVEQIXIVW (IZMGI )9%TT )9%TTPMGEXMSR 4SVX .
-J JVIUYIRG] MW SRI SJ '2 %9 97 ]SY GER IRXIV XLI MRHI\ SJ XLI GLERRIP XLEX ]SY [ERX XS IREFPI MR XLI MRTYX FS\ QEOMRK XLIQ WITEVEXIH F] GSQQEW )\EQTPIW )REFPMRK 'LERRIP ERH 'LERRIP )REFPMRK 'LERRIP XS 'LERRIP )REFPMRK 'LERRIP XS 'LERRIP ERH 'LERRIP %PP )REFPMRK EPP GLERRIPW 2YPP -RHMGEXIW XLEX EPP GLERRIPW EVI HMWEFPIH 2SXI *SV 1 QSHIP HIJEYPX JVIUYIRG] MW )9 *SV 1 QSHIP HIJEYPX JVIUYIRG] MW %9
&EWMG 7IXXMRKW +S XS ƈ(IZMGI "7IXXMRK "+IRIVEP 7IXXMRKW SJ 8SSP&S\ %TT XS GLERKI XLI VITSVXMRK MRXIVZEP IXG 4EVEQIXIVW 6ITSVXMRK -RXIVZEP (IWGVMTXMSR 6ITSVXMRK MRXIVZEP SJ XVERWQMXXMRK HEXE XS RIX[SVO WIVZIV (IJEYPX W 'LERKI XLI XIQTIVEXYVI YRMX HMWTPE]IH SR XLI 8SSP&S\ 8IQTIVEXYVI 9RMX 2SXI 8LI XIQTIVEXYVI YRMX MR XLI VITSVXMRK TEGOEKI MW JM\IH EW q' 4PIEWI QSHMJ] XLI XLVIWLSPH WIXXMRKW MJ XLI YRMX MW GLERKIH 'LERKI 4EWW[SVH 'LERKI XLI TEWW[SVH JSV 8SSP&S\ %TT SV WSJX[EVI XS VIEH [V
1EMRXIRERGI 9TKVEHI (S[RPSEH JMVQ[EVI JVSQ 1MPIWMKLX [IFWMXI XS ]SYV WQEVXTLSRI 3TIR 8SSPFS\ %TT ERH GPMGO ƈ&VS[WIƉ XS MQTSVX JMVQ[EVI ERH YTKVEHI XLI HIZMGI 2SXI 3TIVEXMSR SR 8SSP&S\ MW RSX WYTTSVXIH HYVMRK ER YTKVEHI 3RP] %RHVSMH ZIVWMSR 8SSP&S\ WYTTSVXW XLI YTKVEHI JIEXYVI &EGOYT )1 HIZMGIW WYTTSVX GSRJMKYVEXMSR FEGOYT JSV IEW] ERH UYMGO HIZMGI GSRJMKYVEXMSR MR FYPO &EGOYT MW EPPS[IH SRP] JSV HIZMGIW [MXL XLI WEQI QSHIP ERH 0S6E JVIUYIRG] FERH +S XS ƈ8IQTPEXIƉ TEKI
2SXI 7PMHI XLI XIQTPEXI MXIQ PIJX XS IHMX SV HIPIXI XLI XIQTPEXI 'PMGO XLI XIQTPEXI XS IHMX XLI GSRJMKYVEXMSRW 6IWIX XS *EGXSV] (IJEYPX 4PIEWI WIPIGX SRI SJ JSPPS[MRK QIXLSHW XS VIWIX HIZMGI :ME ,EVH[EVI ,SPH SR TS[IV FYXXSR MRXIVREP JSV QSVI XLER W :ME 8SSP&S\ %TT +S XS ƈ(IZMGI "1EMRXIRERGIƉ XS GPMGO ƈ6IWIXƉ XLIR EXXEGL WQEVX TLSRI [MXL 2*' EVIE XS HIZMGI XS GSQTPIXI VIWIX
-RWXEPPEXMSR %XXEGL )1 XS XLI [EPP ERH QEVO XLI X[S LSPIW SR XLI [EPP 8LI GSRRIGXMRK PMRI SJ X[S LSPIW QYWX FI E LSVM^SRXEP PMRI (VMPP XLI LSPIW EGGSVHMRK XS XLI QEVOW ERH WGVI[ XLI [EPP TPYKW MRXS XLI [EPP 1SYRX XLI )1 XS XLI [EPP ZME QSYRXMRK WGVI[W 'SZIV XLI QSYRXMRK WGVI[W [MXL WGVI[ GETW *SV PIEO HIXIGXMSR WIRSV MRWXEPP XLI TVSFI GEFPI XS XLI TPEGI [LIVI PMUYMH QE] PIEO *SV QEKR IX W[MXGL WIRWSV MRWXEPP XLI QEKRIX FIWMHI XLI HSSV [MRHS[ 2SXI *SV 70( WIRWSV TPIEWI IRW
1MPIWMKLX -S8 'PSYH 1EREKIQIRX )1 WIVMIW GER FI QEREKIH F] 1MPIWMKLX -S8 'PSYH TPEXJSVQ 1MPIWMKLX -S8 GPSYH MW E GSQTVILIRWMZI TPEXJSVQ XLEX TVSZMHIW QYPXMTPI WIVZMGIW MRGPYHMRK HIZMGI VIQSXI QEREKIQIRX ERH HEXE ZMWYEPM^EXMSR [MXL XLI IEWMIWX STIVEXMSR TVSGIHYVIW 4PIEWI VIKMWXIV E 1MPIWMKLX -S8 'PSYH EGGSYRX FIJSVI STIVEXMRK JSPPS[MRK WXITW %HH E 1MPIWMKLX +EXI[E] 7XIT )REFPI KEXI[E] IQFIHHIH RIX[SVO WIVZIV ERH ƈ1MPIWMKLX -S8 'PSYHƉ QSHI MR KEXI[E] [IF +9- 2SXI )RWYVI KEXI[E] LEW EGGIWWIH
7XIT +S XS ƈ1] (IZMGIWƉ TEKI ERH GPMGO ƈ 2I[ (IZMGIWƉ XS EHH KEXI[E] XS 1MPIWMKLX -S8 'PSYH ZME 72 +EXI[E] [MPP FI EHHIH YRHIV ƈ+EXI[E]WƉ QIRY 7XIT 'LIGO MJ KEXI[E] MW SRPMRI MR 1MPIWMKLX -S8 'PSYH %HH )1 XS 1MPIWMKLX -S8 'PSYH 7XIT +S XS ƈ1] (IZMGIWƉ TEKI ERH GPMGO ƈ 2I[ (IZMGIWƉ *MPP MR XLI 72 SJ HIZMGI ERH WIPIGX EWWSGMEXIH KEXI[E]
7XIT %JXIV XLI HIZMGI MW SRPMRI MR 1MPIWMKLX -S8 'PSYH ]SY GER GLIGO XLI HEXE ZME [IFTEKI SV QSFMPI %TT ERH GVIEXI HEWLFSEVH JSV MX (IZMGI 4E]PSEH %PP HEXE EVI FEWIH SR JSPPS[MRK JSVQEX ,)< 'LERRIP 8]TI (EXE 'LERRIP 8]TI (EXE 'LERRIP &]XI &]XI 2 &]XIW &]XI &]XI 1 &]XIW &]XI *SV HIGSHIV I\EQTPIW TPIEWI JMRH JMPIW SR LXXTW KMXLYF GSQ 1MPIWMKLX -S8 7IRWSV(IGSHIVW &EWMG -RJSVQEXMSR )1 WIVMIW WIRWSVW VITSVX FEWMG MRJSVQEXMSR SJ WIRWSV IZIV]XMQI NSMR
E 7SJX[EVI :IVWMSR : J (IZMGI 8]TI 'PEWW % )\EQTPI JJ JJ E JJ J 'LERRIP 8]TI :EPYI 'LERRIP 8]TI :EPYI JJ ,EVH[EVI ZIVWMSR : JJ E 7SJX[EVI ZIVWMSR : 'LERRIP 8]TI :EPYI JJ J (IZMGI 8]TI 'PEWW % 7IRWSV (EXE )1 WIVMIW WIRWSVW VITSVX WIRWSV HEXE EGGSVHMRK XS VITSVXMRK MRXIVZEP QMR F] HIJEYPX &EXXIV] PIZIP MW VITSVXIH IZIV] LSYVW 'LERRIP 8]TI (IWGVMTXMSR &EXXIV] 0IZIP 9-28 9RMX 8IQTIVEXYVI -28
(S[RPMRO 'SQQERHW )1 WIVMIW WIRWSVW WYTTSVX HS[RPMRO GSQQERHW XS GSRJMKYVI XLI HIZMGI %TTPMGEXMSR TSVX MW F] HIJEYPX 'LERRIP 8]TI (EXE )\EQTPI (IWGVMTXMSR JJ 7IX 6ITSVXMRK -RXIVZEP F F !" F ! W )2(
