7QEVX &YXXSR *IEXYVMRK 0S6E;%2o ;7 9WIV +YMHI 1MPIWMKLX -S8
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 QSHMJMIH MR ER] [E] (S RSX TPEGI XLI HIZMGI GPSWI XS SFNIGXW [MXL REOIH JPEQIW (S RSX TPEGI XLI HIZMGI [LIVI XLI XIQTIVEXYVI MW FIPS[ EFSZI XLI STIVEXMRK VERKI ;LIR MRWXEPPMRK XLI FEXXIV] TPIEWI MRWXEPP MX EGGYVEXIP] ERH HS RSX MRWXEPP XLI VIZIVWI SV [VSRK QSHIP 6IQSZI XLI FEXXIV] MJ XLI HIZMGI [MPP RSX FI
2SXI 'LERKIW SV QSHMJMGEXMSRW XS XLMW YRMX RSX I\TVIWWP] ETTVSZIH F] XLI TEVX] VIWTSRWMFPI JSV GSQTPMERGI GSYPH ZSMH XLI YWIVƅW EYXLSVMX] XS STIVEXI XLI IUYMTQIRX 8LI QMRMQYQ WITEVEXMSR KIRIVEPP] FI YWIH MW EX PIEWX GQ 'ST]VMKLX k 1MPIWMKLX %PP VMKLXW VIWIVZIH %PP MRJSVQEXMSR MR XLMW KYMHI MW TVSXIGXIH F] GST]VMKLX PE[ ;LIVIF] RS SVKERM^EXMSR SV MRHMZMHYEP WLEPP GST] SV VITVSHYGI XLI [LSPI SV TEVX SJ XLMW YWIV KYMHI F] ER] QIERW [MXLSYX [VMXXIR EYXLSVM^EXMSR JVSQ
'SRXIRXW 4VSHYGX -RXVSHYGXMSR ϱ 3ZIVZMI[ ϱ *IEXYVIW ϱ ,EVH[EVI -RXVSHYGXMSR
4VSHYGX -RXVSHYGXMSR 3ZIVZMI[ ;7 MW E 0S6E;%2o FEWIH WQEVX FYXXSR JSV [MVIPIWW GSRXVSPW XVMKKIVW ERH EPEVQW ;7 WYTTSVXW QYPXMTPI TVIWW EGXMSRW EPP SJ [LMGL GER FI HIJMRIH F] XLI YWIV XS GSRXVSP HIZMGIW SV XVMKKIV WGIRIW &IWMHIW 1MPIWMKLX EPWS TVSZMHIW E VIH FYXXSR ZIVWMSR XLEX MW TVMQEVMP] YWIH JSV IQIVKIRG] WMXYEXMSR 'SQTEGX ERH FEXXIV] TS[IVIH ;7 MW IEW] XS MRWXEPP ERH GEVV] IZIV][LIVI ;7 GER FI [MHIP] YWIH MR WQEVX LSQIW WQEVX SJJMGIW LSXIPW WGLSSPW IXG 7IRWSV HEXE EVI XVE
,EVH[EVI 3ZIVZMI[ (MQIRWMSRW QQ 0)( 4EXXIVRW ;7 IUYMTW [MXL E 0)( MRHMGEXSV XS MRHMGEXI XLI RIX[SVO WXEXYW ERH VIWIX FYXXSR JIEXYVIW &IWMHIW [LIR FYXXSR MW TVIWWIH XLI MRHMGEXSV [MPP PMKLX YT EX XLI WEQI XMQI 6IH MRHMGEXSV QIERW RIX[SVO MW YRVIKMWXIVIH [LMPI KVIIR MRHMGEXSV QIERW HIZMGI LEW VIKMWXIVIH SR RIX[SVO *YRGXMSR 2IX[SVO 7XEXYW %GXMSR 7IRH NSMR RIX[SVO VIUYIWXW .
3TIVEXMSR +YMHI &YXXSR 1SHI ;7 TVSZMHIW OMRHW SJ TVIWWMRK EGXMSRW EPPS[MRK YWIVW XS HIJMRI HMJJIVIRX EPEVQW 4PIEWI VIJIV XS GLETXIV JSV HIXEMPIH QIWWEKI SJ IZIV] EGXMSR 1SHI %GXMSR 1SHI 7LSVX TVIWW XLI FYXXSR Ƶ WIGSRHW 1SHI 0SRK TVIWW XLI FYXXSR " WIGSRHW 1SHI (SYFPI TVIWW XLI FYXXSR 2*' 'SRJMKYVEXMSR ;7 GER FI GSRJMKYVIH ZME 2*' IREFPIH WQEVXTLSRI 4YPP SYX XLI FEXXIV] MRWYPEXMRK WLIIX XS TS[IV SR XLI HIZMGI 8LI MRHMGEXSV [MPP PMKLX YT MR KVIIR JSV WIGSRH
-J XLI WQEVXTLSRI JEMPW XS VIEH [VMXI GSRJMKYVEXMSRW ZME 2*' QSZI XLI TLSRI E[E] ERH FEGO XS XV] EKEMR ;7 GER EPWS FI GSRJMKYVIH F] 8SSP&S\ WSJX[EVI ZME HIHMGEXIH 2*' VIEHIV TVSZMHIH F] 1MPIWMKLX -S8 ]SY GER EPWS GSRJMKYVI MX ZME 880 MRXIVJEGI MRWMHI XLI HIZMGI 0S6E;%2 7IXXMRKW 0S6E;%2 WIXXMRKW EVI YWIH JSV GSRJMKYVMRK XLI XVERWQMWWMSR TEVEQIXIVW MR 0S6E;%2o RIX[SVO &EWMG 0S6E;%2 7IXXMRKW +S XS (IZMGI " 7IXXMRK " 0S6E;%2 7IXXMRKW SJ 8SSP&S\ %TT XS GSRJMKYVI NSMR X]TI %TT )9- %TT /I] E
7TVIEH *EGXSV 'SRJMVQIH 1SHI -J %(6 MW HMWEFPIH XLI HIZMGI [MPP WIRH HEXE ZME XLMW WTVIEH JEGXSV -J XLI HIZMGI HSIW RSX VIGIMZI %'/ TEGOIX JVSQ RIX[SVO WIVZIV MX [MPP VIWIRH HEXE XMQIW EX QSWX 6ITSVXMRK MRXIVZEP Ƶ QMRW HIZMGI [MPP WIRH WTIGMJMG QSYRXW SJ 0S6E1%' TEGOIXW XS GLIGO GSRRIGXMSR WXEXYW IZIV] QMRW -J RS VITP] EJXIV WTIGMJMG 6INSMR 1SHI TEGOIXW EVI FIMRK WIRX XLI HIZMGI [MPP VI NSMR 6ITSVXMRK MRXIVZEP " QMRW HIZMGI [MPP WIRH WTIGMJMG QSYRXW SJ 0S6E1%' TEGOIXW XS GLIGO GSRRIGX
)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 +IRIVEP 7IXXMRKW +S XS (IZMGI "7IXXMRK "+IRIVEP 7IXXMRKW SJ 8SSP&S\ %TT XS GLERKI XLI VITSVXMRK MRXIVZEP IXG 4EVEQIXIVW 6ITSVXMRK -RXIVZEP 0)( -RHMGEXSV (IWGVMTXMSR 6ITSVXMRK MRXIVZEP SJ FEXXIV] PIZIP XS RIX[SVO WIVZIV (IJEYPX QMR )REFPI SV HMWEFPI XLI PMKLX MRHMGEXMR
&Y^^IV 0S[ 4S[IV %PEVQ -RXIVZEP 'LERKI 4EWW[SVH 8LI FY^^IV [MPP FI XVMKKIVMRK XSKIXLIV [MXL MRHMGEXSV MJ XLI HIZMGI MW VIKMWXIVIH XS RIX[SVO 8LI FYXXSR [MPP VITSVX PS[ TS[IV EPEVQW EGGSVHMRK XS XLMW MRXIVZEP [LIR XLI FEXXIV] MW PS[IV XLER 'LERKI XLI TEWW[SVH JSV 8SSP&S\ %TT XS [VMXI XLMW HIZMGI 1EMRXIRERGI 9TKVEHI (S[RPSEH JMVQ[EVI JVSQ 1MPIWMKLX [IFWMXI XS ]SYV WQEVXTLSRI 3TIR 8SSP&S\ %TT ERH GPMGO ƈ&VS[WIƉ XS MQTSVX JMVQ[EVI ERH YTKVEHI XLI HIZMGI 2SXI 3TIVEXMSR SR 8SSP&S\ MW
2SXI 7PMHI XLI XIQTPEXI MXIQ XS XLI PIJX XS IHMX SV HIPIXI XLI XIQTPEXI 'PMGO XLI XIQTPEXI XS IHMX XLI GSRJMKYVEXMSRW 6IWIX XS *EGXSV] (IJEYPX 4PIEWI WIPIGX SRI SJ XLI JSPPS[MRK QIXLSHW XS VIWIX HIZMGI :ME ,EVH[EVI ,SPH SR XLI VIWIX FYXXSR JSV QSVI XLER W %JXIV VIWIX GSQTPIXI XLI MRHMGEXSV [MPP FPMRO MR KVIIR X[MGI ERH HIZMGI [MPP VIFSSX :ME 8SSP&S\ %TT +S XS (IZMGI " 1EMRXIRERGI XS XET ƈ6IWIXƉ XLIR EXXEGL WQEVXTLSRI [MXL 2*' EVIE XS HIZMGI XS GSQTPIXI VIWIX
-RWXEPPEXMSR 1 8ETIW *M\ 4EWXI 1 XETI XS XLI FEGO SJ XLI FYXXSR XLIR XIEV XLI SXLIV WMHI ERH TPEGI MX SR E JPEX WYVJEGI 7GVI[ *M\ 6IQSZI XLI FEGO GSZIV SJ XLI FYXXSR WGVI[ XLI [EPP TPYKW MRXS XLI [EPP ERH JM\ XLI GSZIV [MXL WGVI[W SR MX XLIR MRWXEPP FEGO XLI HIZMGI 0ER]EVH 4EWW XLI PER]EVH XLVSYKL XLI ETIVXYVI RIEV XLI IHKI SJ XLI FYXXSR XLIR ]SY GER LERK XLI FYXXSR SRXS OI]GLEMRW ERH XLI PMOI (IZMGI 4E]PSEH %PP HEXE EVI FEWIH SR XLI JSPPS[MRK JSVQEX ,)< 'LERRIP 8]TI (EXE 'LERRI
'LERRIP JJ 8]TI (EXE )\EQTPI (IWGVMTXMSR 4VSXSGSP :IVWMSR : ͧ(IZMGI 72ͨ E (IZMGI 72 MW E ,EVH[EVI :IVWMSR : 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 % &YXXSR 1IWWEKI ;7 VITSVXW FEXXIV] PIZIP EGGSVHMRK XS VITSVX
(S[RPMRO 'SQQERHW ;7 WYTTSVXW 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(
