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121. AUKTION THE DE WIT COLLECTION OF MEDIEVAL COINS 12. - 13.

Mrz 2007
Steigenberger Hotel Remarque Osnabrck Natruper-Tor-Wall 1 Hotel-Telefon (05 41) 60 96 633 Hotel-Fax (05 41) 60 96 634 (nur whrend der Auktion/only during the auction/ uniquement pendant la vente/solamente durante l'asta)

ZEITPLAN AUKTIONEN 121 - 124


AUKTION 121 THE DE WIT COLLECTION OF MEDIEVAL COINS Montag, den 12. Mrz 2007 14.00 Uhr - 18.00 Uhr Nr. 1 bis Nr. 521 Dienstag, den 13. Mrz 2007 10.00 Uhr - 13.00 Uhr Nr. 522 bis Nr. 970 14.00 Uhr - 18.00 Uhr Nr. 971 bis Nr. 1514 AUKTION 122 MNZEN UND MEDAILLEN AUS MITTELALTER UND NEUZEIT Mittwoch, den 14. Mrz 2007 10.00 Uhr - 13.00 Uhr Nr. 2001 bis Nr. 2494 14.00 Uhr - 18.00 Uhr Nr. 2495 bis Nr. 3364 Donnerstag, den 15. Mrz 2007 10.00 Uhr - 13.00 Uhr Nr. 3365 bis Nr. 3974 14.00 Uhr - 19.00 Uhr Nr. 3975 bis Nr. 5000 AUKTION 123 DEUTSCHE MNZEN SEIT 1871 DIE SAMMLUNG PAULS U. A. Freitag, den 16. Mrz 2007 10.00 Uhr - 13.00 Uhr Nr. 6001 bis Nr. 6703 14.00 Uhr - 16.30 Uhr Nr. 6704 bis Nr. 7237 16.30 Uhr - 19.00 Uhr Nr. 7501 bis Nr. 8108 Samstag, den 17. Mrz 2007 10.00 Uhr - 13.00 Uhr Nr. 8109 bis Nr. 8699 14.00 Uhr - 18.00 Uhr Nr. 8700 bis Nr. 9509 Detaillierter Zeitplan siehe Seite 5 Besichtigungen siehe Seite 12 Horaire dtaill voir page 5 Exposition des monnaies voir page 12 Detailed timetable view page 5 Viewing of auction good view page 12 Calendario dettagliato veda pagina 5 Esposizione veda pagina 12

AUKTION 124 MNZEN AUS DER ANTIKEN WELT DIE SAMMLUNG DR. ADOLF WILD U. A.

UNSERE ADRESSE OUR ADDRESS

Fritz Rudolf Knker e. K. Mnzenhandlung Gutenbergstr. 23 49076 Osnabrck Telefon: 05 41-96 20 20 Telefax: 05 41-96 20 222 Gebhrenfreie Rufnummer: 08 00-58 36 537 International calls: International fax: +49 (0)5 41-96 20 20 +49 (0)5 41-96 20 222

Whrend der Auktion/During the auction Steigenberger Hotel Remarque: Telefon: Fax: +49 (0)5 41-60 96 633 +49 (0)5 41-60 96 634

Ust.-Id.-Nr.: DE 117 620 142 UNSERE GESCHFTSZEITEN OPENING HOURS Montag-Donnerstag Freitag Sonnabend Saturday 9.00 - 17.00 Uhr 9.00 - 15.30 Uhr nach Vereinbarung by prior appointment

Auerhalb unserer Geschftszeit steht unseren Kunden ein automatischer Anrufbeantworter zur Verfgung. Answering machine available after opening hours.

WWW.KUENKER.DE E-MAIL: INFO@KUENKER.DE

Auf unserer Internetseite haben Sie die Mglichkeit: die Abbildungen zu vergrern Ihre Gebote direkt per Email abzugeben die Ergebnisse der Auktionen abzurufen On our website you have the possibility: to zoom all images to place your bids to view all auction results

IHRE ANSPRECHPARTNER CONTACT

Abwicklung der Auftrge und Einlieferungen

Gisela Thomas, Prokuristin Telefon: (05 41) 96 20 221


Annahme von Einlieferungen Staff members accepting consignments

Dr. Andreas Kaiser Telefon: (05 41) 96 20 254 Arne Kirsch, Prokurist Telefon: (05 41) 96 20 234 Oliver Kpp, Prokurist Telefon: (05 41) 96 20 229 Jens-Ulrich Thormann MA (Antike Mnzen) Telefon: (05 41) 96 20 242
Mitglied Verband der Deutschen Mnzenhndler e. V. Associaton Internationale des Numismates Professionnels (AINP) 2

HINWEISE FR UNSERE BIETENDEN AUKTIONSKUNDEN


1. 2. Die Auktionsbedingungen finden Sie am Ende dieses Katalogs. Bitte senden Sie uns Ihre Auftrge mglichst frhzeitig zu. Wenn uns Ihr Auftrag erst kurz vor der Auktion erreicht, knnen sich bei der Bearbeitung Fehler einschleichen. 3. Das beiliegende Formular macht es Ihnen leicht, ein schriftliches Gebot abzugeben. Falls Sie Ihre Gebote faxen mchten: unser Telefax 0541 96 20 222 steht Ihnen Tag und Nacht zur Verfgung. 4. Die von Ihnen ersteigerten Objekte werden Ihnen innerhalb von acht Tagen nach Beendigung der Auktion zugeschickt. Die Auftrge werden in der Reihenfolge des Eingangs bearbeitet, d. h. die zuerst eingegangenen Auftrge werden auch zuerst bearbeitet. Auch alle Bieter, die keinen Zuschlag erhalten haben, werden von uns nach der Auktion benachrichtigt. 5. Wenn Sie telefonisch bieten mchten, rufen Sie bitte vor der Auktion unseren Kundenservice an. Frau Thomas freut sich auf Ihren Anruf entweder direkt unter 0541 96 20 221 oder gebhrenfrei unter 0800 5 83 65 37. 6. Wenn Sie als neuer Kunde noch nicht bei uns gekauft haben, ist es empfehlenswert, wenn Sie uns Referenzen angeben. Nennen Sie uns eine Mnzhandlung, mit der Sie bereits in Geschftsverbindung stehen. Oder rufen Sie unseren Kundenservice an. Telefon 0541 96 20 221 oder gebhrenfrei unter 0800 5 83 65 37. 7. Unsere Broschre DIE KNKER-AUKTIONEN: WIE BIETE ICH ERFOLGREICH? liegt in jedem Katalog und ist fr Sie eine ntzliche Hilfe. 8. Die Echtheit aller verkauften Objekte wird auch ber die gesetzliche Frist hinaus gewhrleistet. 9. Alle Kunden, die als Bieter an einer unserer Auktionen teilnehmen, erhalten innerhalb von zwei Wochen nach der Auktion unsere Ergebnisliste gratis. 10. Sie haben Fragen zu einer bestimmten Mnze? Sie mchten persnlich an unserer Auktion teilnehmen? Sie haben andere Fragen? Unser Kundenservice freut sich auf Ihren Anruf, entweder direkt unter 0541 96 20 221 oder gebhrenfrei unter 0800 5 83 65 37.

IMPORTANT INFORMATION FOR PLACING BIDS


1. The terms and conditions of the auction can be found at the end of this catalogue. 2. Please send us your instructions as early as possible. The likelihood of errors occurring increases if we do not receive your instructions until shortly before the auction. 3. The enclosed form makes it simple for you to submit a written bid. Our fax machine +49 (0)541 96 20 222 is on standby day and night in case you wish to fax your bids. 4. The objects which you purchase will be delivered to you within eight days of the close of auction. Instructions are processed in the same order as they were received in other words, the first instructions to be received are the first to be processed. All unsuccessful bidders will be also informed after the auction. 5. If you would like to bid by telephone, please ring our customer service beforehand. Mrs. Thomas will be pleased to speak to you on +49 (0)541 96 20 221. 6. If you are a new customer who has not yet bought anything through us, we recommend that you give us references. Name a coin dealer with whom you have already done business. Or call our customer service on +49 (0)541 96 20 221. 7. Our brochure DIE KNKER-AUKTIONEN: WIE BIETE ICH ERFOLGREICH? ("The Knker auctions: How to bid successfully?) is enclosed in every catalogue and will prove useful to you. 8. The genuineness of all sold objects is also warranted beyond the statutory length of time. 9. All customers who participate as bidders in our auction receive our list of results free of charge within two weeks of the close of auction. 10. Do you have questions about a particular coin? Would you like to participate personally in our auction? Do you have any other questions? Our customer service team will be pleased to help you call on +49 (0)541 96 20 221.

RENSEIGNEMENTS L'ATTENTION DE NOS CLIENTS DES VENTES AUX ENCHRES


1. Vous trouverez les conditions gnrales de vente aux enchres la fin de ce catalogue. 2. Veuillez nous faire parvenir vos ordres le plus tt possible. Si vos ordres nous parviennent juste avant la vente aux enchres, des erreurs risquent dtre commises lors de leur traitement. 3. Le formulaire ci-joint vous aidera rdiger facilement votre offre. Si vous souhaitez faxer votre offre, vous pourrez le faire 24 heures sur 24 au +49 (0)541 96 20 222. 4. Les objets dont vous serez adjudicataire vous seront envoys dans les huit jours suivant la fin de la vente aux enchres. Les commandes seront prises en compte dans lordre de leur arrive, cest--dire que les commandes nous parvenant les premires seront dabord traites. Aprs la vente aux enchres, nous prviendrons tous les enchrisseurs nayant pas obtenu ladjudication. 5. Si vous souhaitez faire des enchres par tlphone, veuillez appeler aupravant notre service clientle. Madame Thomas sera heureuse de vous rpondre directement au +49 (0)541 96 20 221. 6. Si vous tes un nouveau client et navez encore fait aucune acquisition chez nous, il serait conseill de nous fournir quelques rfrences. Indiquez nous si vous traitez dj avec un professionnel du commerce des monnaies. Ou contactez notre service clientle au +49 (0)541 96 20 221. 7. Notre brochure intitule : DIE KNKER-AUKTIONEN : WIE BIETE ICH ERFOLGREICH? (Les ventes aux enchres de Knker : comment faire une enchre russie ? ) jointe dans chaque catalogue vous sera trs utile. 8. Lauthenticit des pices vendues sera garantie mme au-del des dlais lgaux. 9. Tous les clients participant lune de nos ventes aux enchres en tant quenchrisseurs recevront gratuitement une liste de rsultats dans les deux semaines suivant la vente aux enchres. 10. Vous avez des questions concernant une pice particulire ? Vous dsirez prendre part personnellement notre vente aux enchres ? Vous avez dautres questions ? Notre service clientle se fera un plaisir de vous rpondre au +49 (0)541 96 20 221.

INFORMAZIONI PER GLI OFFERENTI DELLE NOSTRE ASTE


1. 2. Le condizioni dasta si trovano alla fine di questo catalogo. Siete pregati di inviarci i vostri ordini il pi presto possibile. Se il vostro ordine ci perviene poco tempo prima dellapertura dellasta, si possono verificare errori nellelaborazione dello stesso. 3. Per le vostre offerte scritte potete utilizzare il modulo allegato al catalogo. Nel caso voleste trasmettere le vostre offerte per fax, siete pregati di inviarle al seguente numero: +49 (0)541-96 20 222. 4. Gli oggetti che avete acquistato allasta vi saranno spediti entro otto giorni dal termine della stessa. Gli ordini vengono evasi in base alla data di ricevimento, quindi hanno precedenza quelli pervenuti prima. Anche gli offerenti che non hanno avuta alcuna aggiudicazione riceveranno una nostra comunicazione al termine dellasta. 5. Se desiderate la partecipazione telefonica in diretta durante lasta, siete pregati di chiamare prima la consulenza ai clienti. La sig.ra Thomas, raggiungibile al numero diretto +49 (0)541- 96 20 221, sar a vostra disposizione. 6. Se siete clienti nuovi e non avete mai acquistato da noi, vi proponiamo di inviarci delle referenze. Dateci il nome di un negozio di monete presso il quale avete gi fatto degli acquisti, oppure chiamate la nostra consulenza ai clienti al numero +49 (0)541 96 20 221. 7. Nel nostro opuscolo DIE KNKER-AUKTIONEN : WIE BIETE ICH ERFOLGREICH? (Aste Knker: come avere successo nelle offerte?), allegato ad ogni catalogo, troverete consigli utili. 8. Il certificato dautenticit di tutti gli oggetti venduti viene rilasciato anche oltre i termini privisti per legge. 9. Tutti i clienti che hanno partecipato ad una nostra asta riceveranno gratuitamente lelenco delle aggiudicazioni entro quindici giorni dal termine della stessa. 10. Avete delle domande su una moneta in particolare ? Desiderate partecipare personalmente ad una nostra asta? Avete altre domande? Rivolgetevi al nostro Servizio Clienti al numero +49 (0)541 96 20 221.

WICHTIGE HINWEISE FR UNSERE EINLIEFERER


1. Unser Expertenteam garantiert Ihnen eine fachgerechte Bearbeitung der von Ihnen eingelieferten Stcke. 2. Die Schtzpreise werden von uns aufgrund unserer hervorragenden Marktkenntnisse sorgfltig festgelegt. Die Stcke werden zu 80% der im Katalog angegebenen Schtzpreise ausgerufen. Durch diese Regelung werden Sie als Einlieferer geschtzt. Fr nicht verkaufte Objekte werden keine Gebhren erhoben. 3. Der Standard unserer Kataloge ist von hoher Qualitt und findet internationale Anerkennung. Wir haben eine der besten Kundendateien, die es weltweit gibt. 4, Von der individuellen Betreuung unserer Kunden profitieren auch Sie als Einlieferer. 5. Als Einlieferer erhalten Sie Ihren Auktionserls innerhalb von 45 Tagen nach der Auktion. Sonderregelungen sind nach Absprache mglich. 6. Auf Wunsch kann Ihre Einlieferung bei Ihnen zuhause abgeholt werden. Ab 2.500,-- Einlieferungssumme bernehmen wir die Kosten, ab 25.000,-knnen wir unter Umstnden an einem vereinbarten Ort Ihre Einlieferung nach Absprache gerne auch persnlich entgegennehmen. Selbstverstndlich ist Ihr Versteigerungsgut durch uns versichert. 7. Nicht alle Mnzen eignen sich, als Einzelstcke aufgenommen zu werden. Vertrauen Sie auf die Erfahrung unserer Experten, die niedrigpreisige Mnzen liebevoll zu interessanten Lots zusammenstellen. 8. Der Schtzwert Ihrer Einlieferung sollte mindestens 1.000,-- betragen. 9. Ihre Einlieferung wird Ihnen sofort bei bernahme durch ein Protokoll quittiert. Sptestens fnf Wochen vor der Auktion erhalten Sie eine genaue Auflistung Ihrer Objekte mit den dazugehrenden Katalognummern. 10. Innerhalb einer Woche nach der Auktion erhalten Sie bereits die Ergebnisliste und knnen alle erzielten Preise feststellen. 11. Profitieren Sie von der Anziehungskraft eines fhrenden Unternehmens. Bitte wenden Sie sich bei Fragen an unseren Kundenservice unter Leitung von Frau Gisela Thomas direkt unter 0541 96 20 221 oder gebhrenfrei unter 0800 5 83 65 37. 12. Unsere Vertrge fr Einlieferungen knnen Sie unverbindlich anfordern. Haben Sie noch Fragen? Frau Thomas freut sich auf Ihren Anruf. Telefon: 0541 96 20 221 oder gebhrenfrei unter 0800 5 83 65 37.

IMPORTANT INFORMATION FOR OUR CONSIGNERS


1. Our team of specialists guarantees an expert treatment of the consigned items. 2. The estimates are carefully established by us due to our excellent knowledge of the market. Bidding for the items is then started at 80 % of the estimate price stated in the catalogue. This arrangement protects you as a consigner. Unsold items incur no fees. 3. The standard offered in our catalogue is of the highest quality, and is recognised internationally. We have one of the best clientele lists worldwide. 4. You as a consigner also profit from the individual consultation offered to our customers. 5. As a consigner, you receive the auction proceeds within 45 days of the close of auction. Special arrangements can be made following discussion. 6. For consignments with a value over 2.500,-- we may bear the transportation costs. For deliveries over 25.000,-- we may personally collect the items at an arranged place after prior consultation. Upon consultation, the shipping of your goods could be covered by our insurance. 7. Not all coins are suited to be registered as individual items. Trust in our experts experience as they carefully combine less-valuable coins into interesting lots. 8. The valuation price of your delivery should be at least 1.000,--. 9. Your delivery is confirmed in writing immediately on receipt. At least five weeks before the auction, you receive an exact list of your objects with the relevant catalogue numbers. 10. Within a week of the close of auction, you receive a list with the results in order to see what prices were reached for each individual lot. 11. Profit from our position as a leading coin dealer. If you have any questions, please contact our customer service team which is headed by Mrs. Gisela Thomas directly on +49 (0)541 96 20 221. 12. Would you like to receive copies of our contracts for consigner, without making any commitment? Do you have any other questions? Mrs. Thomas will be pleased to help you please call on +49 (0)541 96 20 221.

RENSEIGNEMENTS IMPORTANTS A L'ATTENTION DES VENDEURS


1. Notre quipe dexperts garantit une prise en charge comptente des pices que vous nous confiez. 2. Notre excellente connaissance du march nous permet de fixer soigneusement les prix estims. Les pices seront mises aux enchres un prix reprsentant 80% du prix estim indiqu dans le catalogue. Cette rglementation vous protge en tant que vendeur. Aucuns frais ne seront prlevs sur les pices invendues. 3. Nos catalogues ont un niveau qualitatif lev, reconnu au plan international. Nous disposons dun des meilleurs fichiers clients du monde. 4. En tant que vendeur, vous profiterez vous aussi du suivi personnalis que nous offrons nos clients. 5. Le vendeur recevra le produit de la vente dans les 45 jours qui suivront les enchres. Des dispositions spciales pourront tre prises sur accord pralable. 6. Nous prendrons en charge les frais dexpdition des pices dont le montant sera suprieur 2.500,--: Si leur montant est suprieur 25.000,--, lun de nos employs se poudra charger de prendre la livraison un lieu concorde. En concertation, notre assurance couvrira tous les risques. 7. Les pices de monnaie ne se prtent pas toutes une vente individuelle. Faites confiance lexprience de nos spcialistes qui se chargeront avec plaisir de rassembler les pices bon march de manire constituer des lots intressants. 8. La valeur estime des pices fournies devrait slever un minimum de 1.000,--. 9. Au moment de la prise en charge, vous recevrez un dtail des pices fournies. Au plus tard cinq semaines avant la vente aux enchres, vous recevrez une liste exacte de vos pices avec les numros de catalogue correspondants. 10. Dans la semaine qui suivra la vente aux enchres, vous recevrez dj la liste de ses rsultats et pourrez prendre connaissance des prix obtenus. 11. Profitez de lattrait du leader du march. Pour tout renseignement, veuillez-vous adresser notre service clientle sous la direction de madame Gisela Thomas : +49 (0)541 96 20 221. 12. Vous pouvez demander sans engagement de votre part nos contrats de dpt de pices? Vous avez dautres questions? Madame Thomas sera heureuse de vous rpondre au +49 (0)541 96 20 221.

INFORMAZIONI PER I NOSTRI DEPOSITANTI


1. Il nostro team di esperti assicura un trattamento accurato dei pezzi che ci avete inviato. 2. Eseguiamo valutazioni finalizzate alla vendita. I prezzi di stima sono frutto della nostra eccezionale conoscenza del mercato e della nostra attenta valutazione. La base dasta ammonta all80% del prezzo di stima indicato sul catalogo. Non si addebitano spese per gli oggetti invenduti. 3. I nostri cataloghi sono di alta qualit e sono riconosciuti a livello internazionale. I nostri clienti sono fra i migliori al mondo. 4. Come depositanti potete beneficiare dellassistenza riservata a ciascuno dei nostri clienti. 5. Come depositanti riceverete gli importi realizzati allasta entro 45 giorni dal termine della stessa. Si possono concordare condizioni particolari. 6. A partire da un controvalore degli oggetti di 2.500,--i costi del trasporto sono a nostro carico, mentre a partire da un controvalore di 25.000 gli oggetti possono essere ritirati personalmente da un nostro incaricato ad un posto concordato. Naturalmente il trasporto dei vostri oggetti pu essere assicurato tramite la nostra assicurazione. 7. Non tutte le monete possono essere negoziate singolarmente. Fidatevi dellesperienza dei nostri esperti, che raggruppano le monete non molto preziose in lotti di sicuro interesse. 8. Il valore stimato degli oggetti depositati deve ammontare ad almeno 1.000,--. 9. Nel momento in cui gli oggetti sono presi in consegna, viene rilasciata una ricevuta numerata. Riceverete un elenco preciso degli oggetti che avete depositato con i relativi numeri di catalogo al massimo cinque settimane prima dellasta. 10. Riceverete lelenco degli oggetti aggiudicati entro una settimana dalla chiusura dellasta. Potrete cosi verificare i prezzi realizzati. 11. Approfittate della capacit di un leader di mercato per aumentare il valore dei vostri oggetti. Se avete delle domande, rimaniamo a vostra disposizione per qualsiasi necessit. Rivolgetevi alla nostra consulenza ai clienti diretta dalla sig.ra Gisela Thomas al numero +49 (0)541-91 20 221. 12. Volete ricevere i nostri contratti senza impegno? Avete altre domande? Potete contattare la sig.ra Gisela Thomas al numero +49 (0)541-96 20 221.

DETAILLIERTER ZEITPLAN AUKTIONEN 121-124


AUKTION 121 THE DE WIT COLLECTION OF MEDIEVAL COINS Montag, den 12. Mrz 2007 14.00 Uhr - 18.00 Uhr Nr. 1 bis Nr. 521 Vlkerwanderung - Frankreich Dienstag, den 13. Mrz 2007 10.00 Uhr - 13.00 Uhr Nr. 522 bis Nr. 970 Elsa-Lothringen, Skandinavien, Niederlande: Friesland - Zutphen 14.00 Uhr - 18.00 Uhr Nr. 971 bis Nr. 1514 Niederlande: Geldern - Burgundische Niederlande Mittwoch, den 14. Mrz 2007 10.00 Uhr - 13.00 Uhr Nr. 2001 bis Nr. 2494 Goldprgungen: Ausland, Habsburgische Erblande 14.00 Uhr - 18.00 Uhr Nr. 2495 bis Nr. 3364 Goldprgungen: Deutschland, Silberprgungen: Ausland Donnerstag, den 15. Mrz 2007 10.00 Uhr - 13.00 Uhr Nr. 3365 bis Nr. 3974 Silberprgungen: Habsburgische Erblande, Deutschland: Aachen - Brandenburg-Preuen 14.00 Uhr - 19.00 Uhr Nr. 3975 bis Nr. 5000 Silberprgungen: Braunau - Wuppertal, Sammlung Hans Lummer Teil I und II, Medaillen, Notmnzen, Papiergeld, Mnzgefe, Numismatische Literatur, Lots Freitag, den 16. Mrz 2007 10.00 Uhr - 13.00 Uhr Nr. 6001 bis Nr. 6703 Reichskleinmnzen, Reichssilbermnzen, Reichsgoldmnzen: Anhalt - Mecklenburg-Strelitz 14.00 Uhr - 16.30 Uhr Nr. 6704 bis Nr. 7237 Reichsgoldmnzen: Preuen - BRD, Weltkrieg und Inflation, Weimarer Republik, Drittes Reich, BRD, DDR, Gent, Zweiter Weltkrieg, Deutsche Kolonien, Notmnzen, Proben, Lots 16.30 Uhr - 19.00 Uhr Nr. 7501 bis Nr. 8108 Goldprgungen der Antike, Griechische Mnzen, Sammlung Hans Lummer Teil III Samstag, den 17. Mrz 2007 10.00 Uhr - 13.00 Uhr Nr. 8109 bis Nr. 8699 Rmische Mnzen Teil I 14.00 Uhr - 18.00 Uhr Nr. 8700 bis Nr. 9509 Rmische Mnzen Teil II, Vlkerwanderung, Byzanz, Kreuzfahrer BESICHTIGUNGEN Besichtigung des Auktionsgutes in unseren Geschftsrumen, Gutenbergstr. 23, 49076 Osnabrck, ab dem 12.02.2007, nach vorheriger telefonischer Vereinbarung unter Nr. 05 41 - 96 20 221.
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AUKTION 122 MNZEN UND MEDAILLEN AUS MITTELALTER UND NEUZEIT

AUKTION 123 DEUTSCHE MNZEN SEIT 1871 DIE SAMMLUNG PAULS U. A.

AUKTION 124 MNZEN AUS DER ANTIKEN WELT DIE SAMMLUNG DR. ADOLF WILD U. A.

LIST OF CONTENTS AUCTION 121


No. THE DE WIT COLLECTION OF MEDIEVAL COINS Migration of the Germans Huns and Vandals Municipal Coinage in Italy and Africa Carthago Rome Ravenna Early Imperial Ostrogoths Gepiden Visigoths Lombards Principality Beneventum Franks - Frisia Merovingians Provence Carolingians - Robertines Aquitaine Francia Occidentalis France Midi Francia Orientalis France Duch de France France Royale France Fodale Normandy, County and Duchy Dreux, County Nogent, Seigniory Brittany, Duchy Penthivre, County Anjou, County Maine, County Touraine Chartres, County Chteaudun Blois, County Celles-sur-Cher, Seigniory St. Aignan, Seigniory Donzy, County Vierzon, Seigniory Sancerre, County
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Page 1514 79 93 105 96 102 104 105 127 128 13 14 36 40 40 41 470 35 39 43 41 42 43 43 50 50 51 54 58 53 58 59 59 60 67 69 75 76 85 87 89 89 91 116 116 69 69 88 76 85 86 88 199 91 116 199 117 118 118 122 122 123 124 125 127 127 128 128 129 130 130 130

1 1 80 94 94 97 103 106

44

129 139 147

138 146 150 151

152 173 178 196 198 236 240 246 246 253 334 334 339 341 343

177 177 245 197 235 239 245 521 252 333 521 338 340 342 355 356 357 359 362 364 367 368 369 373 375 376 377

119

358 360 363 365

123 124

370 374

128 129

No. France (Continuation) Vendme, County Deols (Chteauroux), Seigniory Issoudun, Seigniory Souvigny, Abbey Bourbon, Seigniory Puy, Diocese Clermont, Diocese Poitou, County Aquitaine Limoges, Viscounty St. Martial de Limoges, Abbey Angoulme, County Prigord, County Bergerac Barn, Seigniory Roussillon, County Carcassonne Toulouse, County Albi, Viscounty Cahors, Diocese Cahors, City Rouergue, County Anduse and Sauve, Seigniory Melgueil, County Burgundia Arelate, Kingdom Provence, Margraviate Provence, County Arles, Archdiocese Saint-Gilles, County Avignon, Commune Burgundia Cisiurana, Kingdom Burgundy, Duchy Scodingue, County Besanon, Archdiocese Vienne, Archdiocese Lyon, County Lyon, Archdiocese Viennois, Dauphins Orange, Principality Valence and Die, Diocese Tournus, Abbey Nevers, County Auxerre, County Sens, County Provins, County Meaux, Diocese Meaux and Troyes

Page

379 382 384 387 390 392 395

430 432 434 437 439 444 447

452

457 468

471 479

489 493 497 499 502 507

512 514

378 381 383 386 388 389 391 394 425 426 427 428 429 431 433 436 438 443 446 449 450 451 453 454 455 456 467 469 469 470 478 486 487 488 491 492 496 498 501 505 506 509 510 511 513 515 516

131 132

136

147

151 152

156

160 161

167 168

172

131 132 132 133 133 134 134 135 145 145 146 146 147 148 148 149 150 152 153 153 154 154 154 155 155 156 158 159 159 159 161 163 164 164 165 165 166 167 168 169 169 170 171 171 172 173 173
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No. France (Continuation) Reims, Archdiocese Saint-Mdard Soissons, Abbey Corbie, Abbey Amiens, City Alsace-Lorraine Metz, Diocese Epinal Saarburg Metz, City Toul, Diocese Verdun, Diocese Gorze, Abbey Remiremont, Abbey Bar, Duchy Lorraine, Duchy Lorraine and Bar, Duchy Porcan, County Alsace Strasbourg Strasbourg, City Haguenau Altdorf, Abbey Selz, Abbey Scandinavia Denmark Sweden Norway Drontheim, Archbishopric Scandinavian Imitations Netherlands Holland, County Middenfriesland East Frisia Utrecht, Diocese Utrecht, City Tiel Zaltbommel Groningen, City Kuinre Koevorden Northern or Western Netherlands Hamaland Zutphen

Page

520 522 522

545 550 556

567 575 579 582 604 608

517 518 519 521 613 542 543 544 549 555 563 564 565 566 574 578 580 581 603 607 611 612 613 710 669 695 702 702 710 1514 792 836 845 927 932 939 943 958 963 966 967 969 970

176 176

181 182 184

187 189 190 192

173 174 174 175 199 180 180 180 182 183 185 186 186 186 189 190 191 191 197 197 198 199 199 226 216 222 224 224 226 470 256 269 273 295 296 299 300 304 306 307 307 309 310

614 614 670 696 703 711 715 793 837 846 928 933 940 944 959 964 968

200 201 216 223 225 227 229 257 270 274 295 297 299 300 304 306 308

Gelre (Guelders) Arnhem s'Heerenberg


8

971 1025 1029

1024 1028 1031

310 327

325 326 328

No. Netherlands (Continuation) Nijmegen Ijsselsteden Deventer Drie Steden Zwolle Kampen Maassteden Oyen Megen Arkel, Seigniory Gorinchem Lotharingia / Lorraine Lower Lorraine Upper Lorraine Margraviate of Antwerpen Leuven, Counts Bruxelles, Chapter Brabant, Duchy Nivelles, Abbey Limburg, Duchy Looz, County Rummen Gerdingen Unknown Mailles Bicht Reckheim Maastricht Lige, Prince-Bishopric Flanders, County Tournai, Diocese Hainaut, County Beaumont, Seignory St. Aldegonde, Abbaye Cambrai, Diocese Cambrai, Chapter Serain, Seigniory Elincourt and Ligny, County Crvecur, Seigniory Namur, County Luxembourg, County-Duchy Burgundian Netherlands

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WICHTIGE HINWEISE FR UNSERE TELEFONBIETER


Wenn Sie telefonisch bieten mchten, mu das vor der Auktion durch uns genehmigt werden. Voraussetzung fr ein telefonisches Mitbieten ist, da Sie mindestens den Schtzpreis schriftlich bieten. Telefonisches Bieten ist erst ab einem Schtzpreis von ca. 500 Euro pro Los mglich. Bitte rufen Sie Frau Thomas vor der Auktion an unter +49 (0)541 96 20 221 oder gebhrenfrei unter 0800 58 36 537. Wir bernehmen keinerlei Haftung, falls die telefonische Verbindung whrend der Auktion nicht zustande kommt.

IMPORTANT INFORMATION ON TELEPHONE BIDDING


If you wish to participate in the auction as a telephone bidder, please let us know several days in advance as we have to approve and schedule all calls. To register for telephone bidding, we require that you submit at least the estimate as a written bid in addition to being called. Telephone bidding is accepted on lot numbers with estimates above 500 Euro. Please call us at +49 (0)541 96 20 233 for more information or to register for telephone bidding. We do not assume liability for telephone bids, should the telephone line be interrupted.

INFORMATIONS POUR NOS CLIENTS PARTICIPANT A NOS VENTES AUX ENCHERES PAR TELEPHONE
Si vous dsirez participer par tlphone nos ventes aux enchres, veuillez vous mettre en relation avec notre service clientle quelques jours avant la vente en appelant le numro +49 (0)541 96 20 233. Une participation tlphonique la vente sera possible la condition que vous nous fassiez parvenir aussi votre ordre par crit. Cet ordre devra tre au moins gal au minimum au prix destimation et concerner un lot estim au moins 500 Euros. Nous dclinons toute responsabilit dans le cas o la communication tlphonique serait interrompue, ou bien ne pourrait tre tablie.

INFORMAZIONI PER LA PARTECIPAZIONE TELEFONICA


Se desiderate la partecipazione telefonica in diretta durante lasta, siete pregati di chiamare la Signorina Sonia Russo al numero diretto +49 (0)541 96 20 245 qualche giorno prima dellasta e di inviarci la vostra offerta, la quale deve ammontare come minimo al prezzo di stima anche per iscritto. Accettiamo una partecipazione telefonica in diretta durante lasta per oggetti il cui prezzo di stima ammonta come minimo ai 500 Euro. Non assumeremo nessuna responsabilit se la linea telefonica occupata o se non siete raggiungibili.

__________________________________________

BESICHTIGUNG
Besichtigung des Auktionsgutes in unseren Geschftsrumen, Gutenbergstr. 23, 49076 Osnabrck, ab dem 12.02.2007, nach vorheriger telefonischer Vereinbarung unter +49 (0) 5 41 96 20 221.

ON VIEW
The auction good can be viewed at our office from February, 12th 2007, Gutenbergstr. 23, 49076 Osnabrck, by prior appointment. Please call +49 (0)541 96 20 221.

EXPOSITION
Les monnaies seront visibles partir du 12 Fvrier 2007, Gutenbergstr. 23, 49076 Osnabrck, sur rendez-vous tlphonique +49 (0)541 96 20 221.

ESPOSIZIONE
Tutti i lotti sono visionabili a partire dal 12 Febbraio 2007 presso la nostra sede, Gutenbergstr. 23, 49076 Osnabrck previo appuntamento telefonico +49 (0)541 96 20 221.

12

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CHVGTYCTFU CNUQ FWMGU CPF EQWPVU YQWNF HWNHKN VJKU TQNG  # MKPI V[RKECNN[ YQWNF JCXG VYQ RWTRQUGU VQ GZRCPF JKU VGTTKVQT[ CPF VQ FGHGPF KV CICKPUV CU UCWNVGTU CPF JKU RQUUKDKNKVKGU QH FQKPI UQ YQWNF DG VYQHQNF  'SWKRRKPI CTOGF HQTEGU KPKVKCNN[ VJGUG YQWNF DG TGETWKVGF HTQO QYP TCPMU VJGP EJKGHN[ HTQO HQTGKIP RGQRNGU
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
HNQTGPWU TJGPK TGOCKPGF WPVQWEJGF HQT EGPVWTKGU  'UVCDNKUJKPI UQWPF HCOKNKCN VKGU YKVJ QVJGT TQ[CN JQWUGU VJTQWIJ
YGNNECNEWNCVGF OCTTKCIG YCU CNUQ VJQWIJV VQ RTGUGTXG UGEWTKV[ /CTTKCIG YCU NCVGT GORNQ[GF HQT TGCUQPU QH VGTTKVQTKCN GZRCPUKQP KP YJKEJ GURGEKCNN[ YQOGP OQTG VJCP QPEG RNC[GF FGEKUKXG RCTVU CEEQORNKUJKPI NQPINCUVKPI EJCPIGU 6JGUG HCOKNKCN DQPFU VQQ UWDUVCPVKCNN[ CFFGF VQ VJG EQORNGZKV[ QH OG FKGXCN RQNKVKEU WUGF QP VJG QPG JCPF VQ RTQXKFG UGEWTKV[ CPF QP VJG QVJGT CU C UJQTVEWV VQ VGT TKVQTKCN GZRCPUKQP GPUWKPI JGTGFKV[ UQOGVKOGU ECWUGF TGCNOU VQ FKUKPVGITCVG CU GCUKN[ CU VJG[ YGTG HQTOGF 6JKU OCKP HQTEG CV YQTM KP VJG RQNKVKECN NCPFUECRG QH VJG /KFFNG #IGU GXGPVW CNN[ VJQTQWIJN[ FKUTWRVGF VJG RQNKVKECN DCNCPEG CPF VJG PCVKQPCN DQTFGTU GURGEKCNN[ UQ CU JG TGFKVCT[ EWUVQO VQQM QP OCP[ HQTOU FKXKUKQP COQPIUV VJG OCNG JGKTU
UGG WPFGT /GTQX KPIKCPU  FKTGEV KPJGTKVCPEG D[ VJG HKTUV KP NKPG YJQ WRQP FGEGCUG YQWNF DGSWGCVJ VJG PGZV KP NKPG
UGG 4WUUKC CPF UQNG KPJGTKVCPEG D[ VJG HKTUV JGKT KP NKPG (KPCNN[ VJG RTQDNGOU KP OGFKGXCN UQEKGV[ YGTG GZCEGTDCVGF D[ QPIQKPI TGNKIKQWU OCEJKPCVKPI +PKVKCNN[ VJG ENCUJ DGVYGGP RCICPKUO CTKCPKUO CPF ECVJQNKEKUO WPJKPIGF VJG DCNCPEGU QH RQYGT NCVGT VJG +PXGUVKVWTG %QPVTQXGTU[ YQWNF MGGR OCVVGTU KP FKUCTTC[ 6JG GHHGEVU ECP DG HQWPF VJTQWIJQWV OGFKGXCN PWOKUOCVKEU NGCXKPI TGUGCTEJGTU UQOGVKOGU HCEKPI CP KPVTKECVG RGTKQF YKVJ NKVVNG VQ IQ QP
13

/+)4#6+10 QH VJG )'4/#05


#V VJG DGIKPPKPI QH VJG %QOOQP 'TC %GPVTCN 'WTQRG YCU RQRWNCVGF D[ PWOGTQWU VTKDGU QH YJKEJ 6CEKVWU KP JKU )GTOCPKC RTGUGPVU C UWOOCT[ /CP[ FKUCRRGCTGF QT OGTIGF KPVQ NCTIGT RGQRNGU (QT PWOKUOCVKE RWTRQUGU QPN[ VJTGG VTKDGU RTQXG JKUVQTKECNN[ UKIPKHKECPV VJG 8CP FCNU VJG )QVJU CPF VJG (TCPMU 6JKU VGZV YKNN HQEWU QP VJGUG VJTGG VTKDGU (QT VJG )GTOCPKE VTKDGU VJCV TGOCKPGF KP )GTOCP[
5CZQPU #NGOCPPK CQ UGG WPFGT )GTOCP[ +V KU RQUUKDNG VJCV C PWODGT QH UOCNN VTKDGU GURGEKCNN[ KP VJG &CPWDGFGNVC CNUQ RNC[GF C TQNG KP PWOKUOCVKE JKUVQT[ 2GEWNKCT KU VJCV VJG 8CPFCN CPF )QVJKE
8KUKIQVJKE CPF 1UVTQIQVJKE TGCNOU XCPKUJGF CHVGT C RGTKQF QH VKOG YJGTGCU VJG (TCPMU NCKF VJG HQWPFCVKQPU QH C YQTNF GORKTG VJCV WPFGT %JCTNGOCIPG YQWNF GPEQORCUU VJG YJQNG QH 'WTQRG 8CPFCNU #V VJG UVCTV QH VJG %QOOQP 'TC VJG NCTIG VGTTKVQT[ CTQWPF VJG EGPVTG QH 5KNGUKC YCU QEEWRKGF D[ VYQ VTKDGU VJG 5KNKPIK CPF VJG *CUFKPIK 6JG PCOG 8CPFCNU YCU KPVTQFWEGF D[ 2NKP[ CU 8KPFKNK C DKV NCVGT 6CEKVWU KP JKU )GTOCPKC YQWNF OGPVKQP VJG 8CPFKNKK 9JGP KP VJG PF EGPVWT[ VJG )QVJU NKXKPI KP C TGNCVKXGN[ UOCNN VGTTKVQT[ DGVYGGP VJG 8CPFCNU CPF VJG $CNVKE 5GC OKITCVGF UQWVJYCTFU VJG *CUFKPIK YGTG UQQP VQ HQNNQY 7PFGT VJG MKPIU 4JCWU CPF 4CRVWU VJG[ ECP DG VTCEGF VQ &CEKC 6JG 5KNKPIK UVC[GF DGJKPF CPF DGECOG VJG PCOGIKXGTU VQ VJG TGIKQP QH 5KNGUKC 6JG )QVJU HKPCNN[ UGVVNGF FQYP KP $GUUCTCDKC +P  'ORGTQT #WTGNKCPWU FGHGCVGF VJG 8CPFCNU KP VJG 2CPPQPKCP RNCKP CPF CITGGF VQ C HGF GTCVKXG VTGCV[ +P  YCT KIPKVGF DGVYGGP 8CPFCN -KPI 8KUKOCT CPF -KPI QH VJG )QVJU )GDGTKE #NVJQWIJ VJG 8CPFCN -KPI FKFPV TGVWTP CNKXG HTQO VJG DCVVNGHKGNF VJG 8CPFCNU CRRGCT VQ JCXG GOGTIGF XKEVQTKQWU VJG[ UGVVNGF CTQWPF .CMG $CNCVQP KP VJG 2CPPQPKCP RNCKP 6JG[ YQWNF TGOCKP VJGTG WPVKN VJG VWTP QH VJG VJ EGPVWT[ +P  QT  8CPFCN -KPI )QFKIKUGN DGIQV C UQP )GKUGTKE YKVJ C PQP)GTOCPKE EQPEWDKPG #V VJG GPF QH VJG VJ EGPVWT[ VJG )QVJU QH -KPI 'TOCPTKE YGTG EQPSWGTGF D[ VJG *WPU VJKU FKTGEVN[ TGUWNVGF KP C OCUUKXG TKUKPI CPF YGUVYCTF OQXGOGPV QH CNN VTKDGU 6JG 8CPFCNU OK ITCVGF CNQPI VJG &CPWDG QPN[ VQ GPEQWPVGT CP CTO[ QH 4QOCPU CPF (TCPMU QP VJG DCPMU QH VJG 4JKPG
  +P VJG HKTUV DCVVNG -KPI )QFKIKUGN YCU MKNNGF DWV VJG UGEQPF DCVVNG QRGPGF C RCU UCIG CETQUU VJG 4JKPG VQ 8CPFCN -KPI )WPFGTKE #HVGT VJCV VJG YC[ VQ 5QWVJGTP )CWN CPF VQ 6QWNQWUG NC[ RCXGF
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
RCTVKCNN[ VJTQWIJ KPVGTHGTGPEG D[ VJG )GRKFU VJG )QVJKE VTKDG DTQMG KP VYQ KP VJG TGIKQP YGUV QH VJG NQYGT EQWTUGU QH VJG &PLGUVT CPF VJG 2TWVJ VJG XKUKIQVJKE 6GTXKPIK UGVVNGF VJG VGTTKVQT[ GCUV QH VJGUG TKXGTU YCU QEEWRKGF D[ VJG QUVTQIQVJKE )TGWVJWPIK 6JGTG C IKICPVKE TGCNO ITGY
 WPFGT 'TOCPCTKE UVTGVEJKPI HTQO VJG $NCEM 5GC VQ VJG $CNVKE CPF VJG 7TCN KVU EQTG OCFG WR D[ VJG 7MTCKPG 7PFGT %QPUVCPVKPG + VJG 6GTXKPIK DGECOG HQGFGTCVK 6JGUG YGTG VJG FC[U QH 7NHKNC
UVCTVKPI  CU DKUJQR CPF QH MKPI #VJCPCTKE
  9JGP VJG 6GTXKPIK YGTG EQPHTQPVGF D[ VJG *WPU VJG[ ETQUUGF VJG &CPWDG WPFGT #NCXKX 1P VJ #WIWUV  VJG DCVVNG CV #FTKCPQRNG YCU HQWIJV 'ORGTQT 8CNGPU OGGVKPI JKU GPF QP VJG DCVVNGHKGNF +P  C HQGFGTCVK VTGCV[ YCU TGCEJGF YKVJ 'ORGTQT 6JGQFQUKWU CPF VJG 6GTXKPIK UGVVNGF KP VJG PQTVJ QH 6JTCEKC +P VJG NCUV FGEGPPKWO QH VJG VJ EGPVWT[ VJG[ QPEG CICKP NGHV VJGKT FQOKEKNG VQ HKPCNN[ TGCEJ )CWN KP 
6QWNQWUG
UGG HWTVJGT WPFGT 8KUKIQVJU 7PVKN  VJG PCOG 1UVTQIQVJU
 5WPTKUG )QVJU YCU WUGF CHVGT VJCV VJG VGTO )TGWVJWPIK CRRGCTGF 9JGP KP  VJG[ YGTG HCEGF D[ VJG *WPU CPF VJGKT MKPI 'TOCPCTKE RGTKUJGF VJG OCLQTKV[ QH VJG )TGWVJWPIK [KGNFGF VQ VJG JQTUGDCEM YCTTKQTU 2TGUWOCDN[ VJG[ VJGP OQXGF VQ VJG NGHV DCPM QH VJG NQYGTEQWTUG &CPWDG #HVGT VJG EQNNCRUG QH VJG *WP 4GCNO
  VJG 'CUV )QVJU YGTG KPEQTRQTCVGF KPVQ VJG 4QOCP 'ORKTG CU HQGFGTCVK CPF UGVVNGF KP 2CPPQPKC +P  VJG[ OQXGF VQ VJG TGIKQP CTQWPF %QPUVCPVKPQRNG VQ GUVCDNKUJ C HQGFGTCVK TGCNO /GCPYJKNG 6JGQFGTKEJ JCF DGGP DQTP KP  CPF WRQP JKU HCVJGTU FGOKUG DGECOG MKPI VQ VJKU HQGFGTCVK TGCNO KP 
UGG HWTVJGT WPFGT 'CUV )QVJU 
14

(TCPMU 6JG VGTO (TCPMU HKTUV GOGTIGF KP VJG FC[U QH )CWNGPWU


  VJG[ YGTG WUWCNN[ TGHGTTGF VQ CU )GTOCPU QT $CTDCTK 6JG (TCPMU C )GTOCPKE VTKDG NKXGF QP VJG TKIJV DCPM QH VJG 4JKPG FKTGEVN[ CETQUU HTQO :CPVGP 6JGKT FQOKPKQP UVTGVEJGF CNQPI VJG 4JKPG CU HCT CU /CKP\ UQWVJ QH YJKEJ VJG #NCOCPPK NKXGF (TCPM EQNNCDQTCVKQP YKVJ VJG 4QOCPU YCU EQPUKF GTCDN[ NCTIGT C NQV QH VJGO UGTXGF KP VJG 4QOCP CTO[ 6JWU C ITCXGUVQPG YCU FKUEQXGTGF (TCPMG DKP KEJ CNU $TIGT TOKUEJGT 5QNFCV KP 9CHHGP
(TCPM CO + C EKVK\GP KP CTOU C 4QOCP UQNFKGT  6JG FGHGPUG QH VJGKT DQTFGTU YCU QHVGP FGETGCUGF D[ VJG 4QOCPU CPF QHVGP TGRNCEGF YKVJ VJG GORGTQTU QYP OQDKNG CTO[ PCOGF EQOKVCVGPUKU
KVU OGODGTU YGTG ECNNGF EQOKVCVWU CPF DQTG VJG VKVNG EQOGU  6JGTG YGTG HTGSWGPV VTCPUITGUUKQPU QH VJG NKOGU CV YJKEJ QEECUKQPU (TCPMU KPXCFGF )CWN VGTTKVQT[
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
VJCV YCU KOOGFKCVGN[ TGECRVWTGF D[ ,WNKCP CPF RCTVU QH $GNIKEC 5GEWPFWU 6Q CFGSWCVGN[ FGHGPF VJG NQPI DQTFGTU RTQXGF KPHGCUKDNG 6JG 4QOCPU EJQUG VQ UKORN[ CFOKV VJG (TCPMU 'URGEKCNN[ CHVGT  PWOGTQWU OKITCPVU GPVGTGF 6JWU YJGP KP  )CWN YGTG HCEGF YKVJ #VVKNCU JQTFGU CP KORQTVCPV RCTV QH #VKWU 4QOCP CTO[ EQPUKUVGF QH (TCPMU 6JKU YCU VJG CTO[ VJCV QP VJG -CVCNCWPKCP HKGNFU
UKVWCVGF PGCT %JNQPUWT/CTPG FGHGCVGF #VVKNC CPF KVU XKEVQT[ KOOGPUGN[ TGKPHQTEGF VJG (TCPMKUJ RQUKVKQP KP VJG GORKTG #U UQQP CU  %JNQFKQ VJG ITGCVITCPFHCVJGT QH %NQXKU JCF VCMGP %CODTCK 0QVJKPI KU MPQYP CDQWV JKU UQP /GTQXGEJ GZEGRV HQT JCXKPI IKXGP VJG /GTQXKPIKCPU VJGKT PCOG *KU UQP %JKNFGTKE OCFG JKOUGNH KORQUUKDNG CPF YCU GZRGNNGF D[ JKU RGQRNG JG HNGF VQ 6JWTKPIKC CPF YGFFGF $CUKPC
TGNCVGF VQ MKPI $CUKPWU  %JKNFGTKE TGVWTPGF CPF C UQP YCU DQTP YJQ YCU PCOGF %NQXKU %JKNFGTKE YCU DWTKGF KP &QQTPKM /KPVKPI (KPFU RTQXG VJCV 4QOCP EQKPU YGTG WUGF D[ XCTKQWU )GTOCPKE VTKDGU HTQO GCTNKGUV )GTOCPKE FC[U QP RTQDCDN[ CU RCTV QH VJG RC[ HQT OKNKVCT[ UGTXKEGU TGPFGTGF VQ VJG 4QOCPU 6CEKVWU VQQ JQNFU HQTVJ CDQWV VJG WUG QH OQPG[ +P h  QH JKU )GTOCPKC YG TGCF 1WT KO OGFKCVG DQTFGTKPI PGKIJDQWTU FWG VQ VTCFG TGNCVKQPU FQ CRRTGEKCVG IQNF CPF UKNXGT CPF VJG[ CEMPQYNGFIG UQOG QH QWT HCDTKEU CPF GXGP HCXQWT VJGO COQPI VJG KPJCDKVCPVU QH VJG KPPGT NCPFU VJG CPEKGPV RTCEVKEG QH DCTVGTKPI RGTUKUVU 6JG[ YKNN TGCFKN[ CEEGRV VJG CIGKPI EQKP YKVJ VJG OKNNGF GFIG CPF VJG ECTTKCIG CPF RCKT 6JG[ YKNN TCVJGT ENCOR VQ IQNF CPF UKNXGT PQV QWV QH HCPE[ DWV UQNGN[ DGECWUG C
NCTIGT PWODGT QH UKNXGT EQKPU KU OQTG JCDKNG YJGP DCTICKPKPI HQT VTKPMGVU  #V VJG DGIKPPKPI QH VJG VJ EGPVWT[ KOKVCVKQPU QH 4QOCP OQPG[ UWFFGPN[ GOGTIGF $CUVKGP
+OKVCVKQPU QH 4QOCP DTQP\G EQKPU #&  #05/0 
 CUUWOGU VJCV VJKU HKTUV VQQM RNCEG CHVGT VJG OQPGVCT[ TGHQTO QH %QPUVCPVKPG + KP  *G FKUVKPIWKUJGU UKZ RJCUGU KP YJKEJ VJGUG KOKVCVKQPU YGTG KUUWGF 9G YKNN CFJGTG VQ VJKU ENCUUKHKECVKQP
KV UJQWNF DG PQVGF VJCV YG JCXG KPVGTEJCPIGF JKU ITQWRU  CPF   $CUVKGP KORNKEKVN[ CUUWOGU VJCV VJG KOKVCVKQPU YGTG UVTWEM CV VJG UCOG VKOG CU VJG QTKIKPCNU +P O[ QRKPKQP VJKU KU PQV PGEGUUCTKN[ VTWG 6JG OQTG HTGSWGPV UGTKGU RCTVKEWNCTN[ CU HQT KPUVCPEG VYQ 8KEVQTKGU YKVJ UJKGNF CPF CNVCT VQ O[ MPQYNGFIG FKFPV GOGTIG WPVKN VJG VJKTVKGU CU QRRQUGF VQ KP   9KVJ VJG KPXCUKQP QH VJG *WPU VJGUG KOKVCVKQPU VQQM CP GPF $CUVKGP KPHGTU VJCV VJGUG KOKVCVKQPU GOGTIGF QPN[ KP VKOGU QH VTCPSWKNKV[ 6JGKT KUUWCPEG EQWNF VJGTGHQTG YGNN EQJGTG YKVJ VJG HQWPFKPI QH VJG HQGFGTCVK UVCVGU +P  %QPUVCPVKPG + JCF C VTGCV[ FTCYP WR HQT VJG HQGFGTCVK CPF UJQTVN[ CHVGT VJCV UKIPGF UWEJ C VTGCV[ YKVJ VJG 8CPFCNU CPF VJG 8KUKIQVJU #RCTV HTQO VJGKT EJTQPQNQIKECN QTFGT VJGUG KOKVCVKQPU OC[ DG ENCUUKHKGF D[ VJGKT OCPWHCEVWTG  6GZV CPF OKPV CTG FKUVKPEVN[
WR VQ QPG HNCY NGIKDNG  6GZV KU UVKNN NGIKDNG DWV UJQYU OQTG HNCYU VJG OKPVPCOG KU DNWPFGTGF  6GZV KU UVKNN NGIKDNG VQ CP GZVGPV VJG OKPV XCPKUJGU  6GZV DGEQOGU C UGTKGU QH NGVVGTU
WUWUCNN[ 0 VJCV KU KPVGTTWRVGF QPN[ QPEG QT VYKEG D[ CP QVJGT NGVVGT
QHVGP CP 5   6GZV OGTGN[ EQPUKUVU QH C TQY QH FCUJGU CICKP QPEG QT VYKEG KPVGTTWRVGF D[ C NGVVGT

15

9JQ OCPWHCEVWTGF VJGUG EQKPU TGOCKPU WPCPUYGTGF 6JG VYQ 8KEVQTKGU YKVJ UJKGNF CPF CN VCT  V[RG CPF &GEGPVKWU EQKPU KP RCTVKEWNCT CTG QH C TGOCTMCDN[ JCPFUQOG FGUKIP 6JKU TCKUGU VJG CUUWORVKQP VJCV FKGEWVVGTU HTQO VJG QHHKEKCN OKPVU YGTG CV YQTM $CUVKGP UWIIGUVU VJCV VJGUG EQWNF JCXG DGGP VJG TGUWNVU QH GZVTCEWTTKEWNCT OCPWHCEVWTGU D[ VJGUG FKGEWVVGTU *QY GXGT RTQDCDNG VJCV OC[ DG VJG V[RG VYQ 8KEVQTKGU YKVJ UJKGNF CPF CNVCT KU GURGEKCNN[ UGGP KP 5KUEKC CPF UQ ,CTXKE
KP JKU # +8VJ CPF 8VJ EGPVWTKGU JQCTF QH TQOCP EQKPU CPF KOKVCVKQPU KP VJG EQNNGEVKQP QH VJG 0CVKQPCN /WUGWO KP $GNITCFG KP 5KTOKWO 8+++ 'EQNG (TCPECKUG FG 4QOG  UWIIGUVU VJCV VJGUG EQKPU YGTG UVTWEM CV UGRCTCVG OKPVU NKMG 0KU CPF 2KPEWO 9JGP VJG VGZVU DGEQOG OQTG CPF OQTG DNWPFGTGF KV UGGOU KORQUUKDNG VQ OG VJCV VJGUG EQKPU EQWNF JCXG DGGP UVTWEM CV VJG QHHKEKCN OKPVU
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
  LWUV CU CDTWRVN[ EWV QHH YKVJ 8CNGPVKPKCP ++
  VJKU CORN[ RTQXGU VJG )GTOCPKE RGQRNGU VJCV VJKU EWNVWTCN UWDITQWR DGNQPIGF VQ UGVVNGF JGTG KP VJG HKTUV JCNH QH VJG VJ EGPVWT[ CPF NGHV CU UQQP CU VJG DGIKPPKPI QH VJG VJ  *QYGXGT VJG SWGUVKQP TGOCKPU YJQ VJGUG KOKVCVKQPU YGTG KPVGPFGF HQT 6JG CUUWORVKQP VJCV VJG[ YGTG UVTWEM KP VKOGU YJGP EQKPU YGTG UECTEG FQGUPV UGGO CEEWTCVG HQT KPUVCPEG YJ[ YQWNF VJG
IQQF FKGEWVVGTU UWFFGPN[ UVCTV OCPWHCEVWTKPI EQTTWRVGF TGRNKECU +P O[ QRKPKQP VJG[ OQUV FGHKPKVGN[ UGTXGF CU OQPG[ HQT VJG )GTOCPKE RGQRNGU VJCV JGNF HQGFGTCVK UVCVWU YKVJKP VJG 4QOCP 'ORKTG 9KVJ TGICTF VQ QVJGT HKPFU
LGYGNT[ GVE  VJGUG RGQRNGU UJQYGF FGXGNQRGF ETCHVUOCPUJKR YJKEJ YQWNF JCXG CNUQ CNNQYGF VJGO VQ EWV VJGKT QYP EQKP /C[DG VJG HQNNQYKPI FGXGNQROGPV ECP DG QDUGTXGF YKVJ VJG )GTOCPKE RGQRNGU  6JG[ WUGF QTKIKPCN 4QOCP EQKPU  (QT VJGKT RTKXCVG WUG  EQKPU CRRGCTGF VJCV FGTKXGF HTQO 4QOCP EQKPU DWV YGTG EQTTWRVGF  (TQO CDQWV VJG OKFFNG QH VJG VJ EGPVWT[ VJG[ KUUWGF QYP EQKPU DWV CXQKFGF KPENWFKPI VJGKT QYP
MKPIU PCOG
QPN[ 6JGQFGTKE JCF EQKPU UJQY JKU OQPQITCO  %QKPU YGTG UVTWEM YKVJ VJG PCOG QH C 4QOCP GORGTQT
PQV PGEGUUCTKN[ VJG QPG TGKIPKPI VJG 1UVTQIQVJKE -KPI $CFWKNC
 UVTWEM EQKP DGCTKPI VJG PCOG QH 'ORGTQT #PCUVCUKWU
  5QNG RWT RQUG YCU TCVJGT VQ JCXG CP[ KORGTKCN PCOG
VQ KORN[ KORGTKCN CWVJQTKV[ GXGP KH VJGTG TGCNN[ YCU PQPG UWEJ VJCV CRRNKGF VJCP VQ JCXG VJG PCOG QH VJG TWNKPI 'ORGTQT  %QKPU UJQY VJG QYP
MKPIU PCOG 5GGP YKVJ VJG 8CPFCNU UVCTVKPI 
)WPVJCOWPF  YKVJ VJG 1UVTQIQVJU UVCTVKPI 
#VJCNCTKE  YKVJ VJG 8KUKIQVJU UVCTVKPI 
.KWXKIKNF  6JKU ECVCNQIWG CFJGTGU VQ $CUVKGPU ENCUUKHKECVKQP HQT ITQWR  KV KU RTGEGFGF D[ HQWT EQKPU VJCV FQPV HKV VJKU ENCUUKHKECVKQP CPF EQPENWFGU YKVJ C PWODGT QH EQKPU VJCV CTG ENGCTN[ KOKVCVKQPU UVTWEM CHVGT VJG EQPHTQPVCVKQP YKVJ VJG *WPU 2QUUKDNG CVVTKDWVKQP KU KPFKECVGF HQT GCEJ KPFKXKF WCN ITQWR $CUVKGP OCKPN[ EQPEGPVTCVGU QP VJG 9GUV CPF VJG HKPFU VJGTG
JGPEG VJG V[RG VYQ 8KEVQTKGU YKVJ UJKGNF CPF CNVCT KU TCTGN[ OGPVKQPGF  6JGTG CTG JQYGXGT PWOGTQWU JQCTFU HTQO VJG 'CUV HQT YJKEJ VJG SWGUVKQP HQT YJQ YGTG VJGUG KOKVCVKQPU KPVGPFGF CRRNKGU

16

)TQWR  0QP ENCUUKHKCDNG WPFGT $CUVKGP

,WRKVGT  GCING

1 2:1


# .CWTGCVGF DWUV T +/2%8#..+0+8%+0+852(#8) 4 ,WRKVGT UVCPFKPI YKVJ GCING 8KEVQT[ KP TKIJV JCPF CPF 5 KP VJG HKGNF +18+%%05'48#214+#8) KP GZGTIWG 5/-.  IT. #VVTCEVKXG URGEKOGP XGT[ HKPG
/NNGT  5QNKPIGP #WEVKQP 
  PQ  /KPV %[\KEXU +P VJG PCOG QH .KEKPKWU +
  $GECWUG CU YGNN VJG HCVJGT CU VJG UQP .KEKPKWU CTG OGPVKQPGF KP VJG VGZV VJKU EQKP JCU VQ DG UVTWEM KP VJG RGTKQF  +V UGGOU RGEWNKCT VJCV VJG VGZV QP VJG TGXGTUG UJQWNF GPF #8)
PQTOCN VGZV +18+ %105'48#614+ 



*GNGPC  (CWUVC

2 2:1


2:1

# &KCFGOGF DWUV T
*GNGPC (.0'.'0# *8)856* 4 'ORTGUU UVCPFKPI YKVJ VYQ EJKNFTGPU
CU (CWUVC 5#685 4'+ 27$#+% KP GZGTIWG 564 ETGUEGPV.  IT. $TQYP RCVKPC IQQF XGT[ HKPG
5RKPM  .QPFQP  /KPV 6TKGT 4+%  QP R  VJG HQQVPQVG OGPVKQPU 6JGTG KU C MPQYP DCTDCTKENQQMKPI *GNGPCEQKP YKVJ 52'5 QP VJG TGXGTUG
56=4?7  +V UJQYU C EQWTUG UETKRV 6.*'.'0#  *8)856++ 



5VCT

3 2:1


2:1

# $WUV T (80u 6+#0# 4 5VCT KP YTGCVJ.  IT. 4 )TGGP RCVKPC OKPQT VTCEGU QH EQTTQUKQP CNOQUV GZVTGOGN[ HKPG
*KTUEJ  /PEJGP #WEVKQP 
  PQ  %QR[ QH VJG (CWUVC EQKP HTQO 6JGUUCNQPKEC
EH .4$% 



17

*CPPKDCNNKCPWU YCU C DTQVJGT QH &GNOCVKWU CPF C ITCPFUQP QH %QPUVCPVKPG + CPF 6JGQFQTC *G JCF VJG VKVNG 4': 4')7/ '6 2106+%#47/ )'06+7/ 4GKIP 

*CPPKDCNNKCPWU

4 2:1


2:1


# $WUV T (. *#00+$#..+#0Q 4')+ 4 5KVVKPI 'WRJTCVGU 5'%84+6#5 28$.+%# KP DQVVQO HKGNF %105.  IT. 44 )TGGPDTQYP RCVKPC XGT[ HKPG
/P\\GPVTWO  -NP #WEVKQP 
  PQ  /KPV %QPUVCPVKPQRGN 6JG UKVVKPI GWRJTCVGU KU FKHHKEWNV VQ FKUEGTP

)TQWR  %QORTKUGU VJG RGTKQF  VQ  FWTKPI VJG TGKIP QH %QPUVCPVKPG + 'URGEKCNN[ KP VJG V[RGU VYQ ECRVKXGU CTQWPF NCDCTWO CPF VYQ 8KEVQTKGU YKVJ UJKGNF CPF CNVCT  5KUEKC KU V[RKECNN[ PCOGF CU VJG OKPV +V VJGTGHQTG UGGOU RTQDCDNG VJCV VJKU HKTUV ITQWR YCU KPVGPFGF HQT VJG RGQRNG NKXKPI KP 2CPPQPKC
5KUEKC NKGU QP VJG QWVUMKTVU QH 2CPPQPKC  +V KU EGTVCKP VJCV 8CPFCNU UGVVNGF KP 2CPPQPKC UVCTVKPI 
VJKU FCVG YCU CHVGT %QPUVCPVKPGU HQGFGTCVKNCY 

%CORICVG

4GKIP 

5
 # &KCFGOGF DWUV T %10+u0+ +05001 4 %CORICVG YKVJ UVCT DGVYGGP VYQ VQYGTU 6*000&&  +*00u 3*00.  IT. 6TCEGU QH EQTTQUKQP CNOQUV XGT[ HKPG
$GTPCTFK  6TKGUV  6JG VGZV TWPU CNN VJG YC[ CTQWPF CNNQYKPI PQ OKPV KPFKECVKQP



# &KCFGOGF DWUV N YKVJ NCPEG  :::::::::::: 5+1 :::::: 5 4 %CORICVG YKVJ VJTGG VQYGTU :::::::: :::::::: KP GZGTIWG /5/.  IT. )TGGP RCVKPC XGT[ HKPG
*KTUEJ  /PEJGP #WEVKQP 
  PQ 

2:1

2:1


6YQ ECRVKXGU CTQWPF NCDCTWO

6JG QDXGTUG UJQYU C DWUV HCEKPI NGHV VJG TGXGTUG VYQ ECRVKXGU UKVVKPI CV VJG HQQV QH C NCDCTWO +P VJG NCDCTWO 66  :: 6JG PQTOCN VGZV QP VJG TGXGTUG YQWNF DG 8+4685 ':'4%+6 2GTKQF  6JG QTKIKPCN V[RG YCU CP GZCORNG HQT VJG QNFGUV UEGCVVC
4KIQNF 5' 6JG VYQ RTKOCT[ UGTKGU QH UEGCVVCU KP $0, 
  UGTKGU # GV UGSS EH GURGEKCNN[ 2D PT  

# $WUV N YKVJ JGNOGV &0+5'++e *  2+(++


TGVTQITCFG  4 6YQ ECRVKXGU CTQWPF NCDCTWO KP HKGNF 5 KP NCDCTWO 66  :: ('6'5 +6+++ KP GZGTIWG 5+5.  IT. $TQYP RCVKPC OKPQT VTCEGU QH EQTTQUKQP XGT[ HKPG URGEKOGP YKVJ PKEG RQTVTCKV
*KTUEJ  /PEJGP #WEVKQP 
  PQ  /KPV 5KUEKC



18

8
 # &KCFGOGF DWUV N YKVJ UJKGNF CPF URGCT 05:Q 4 6YQ ECRVKXGU CTQWPF NCDCTWO KP HKGNF 5 ( KP NCDCTWO 66  : .*.6#5 %86' KP GZGTIWG 5+5.  IT. 6TCEGU QH EQTTQUKQP XGT[ HKPG
$GTPCTFK  6TKGUV  /KPV 5KUEKC



8QVC

6JG HKTUV EQKP UVKNN UJQYU VJG PQTOCN RQTVTCKV QH %QPUVCPVKPG + DQVJ VJG QVJGTU C DCTDCTKE XGTUKQP 6JG PQTOCN VGZVU QP VJG TGXGTUG CTG FGRGPFGPV QP 816  ::
&0 %1056#06+0+ /#: #8) CPF TGURGEVKXGN[ 816 :
%#'5#48/ 01564148/  2GTKQF 

9 2:1


2:1

# .CWTGCVGF DWUV T %10u0 60u00% 486 :: KP YTGCVJ +01+010+  000100 KP DQVVQO HKGNF 6u6.  IT. $TQYP RCVKPC CNOQUV GZVTGOGN[ HKPG
$GTPCTFK  6TKGUV 



10 2:1


2:1

# .CWTGCVGF DWUV T %1:56#06 ++++5+++% 4 ++ Q 6    :: KP YTGCVJ %++++:56++++:56++++++65 ++++++% KP GZGTIWG 5+5.  IT. /KPQT VTCEGU QH EQTTQUKQP GZRTGUUKXG UV[NG XGT[ HKPG
5-#  <TKEJ  /KPV 5KUEKC



11 2:1


2:1

# .CWTGCVGF DWUV T *++++6++++ -+++++5++ 4 + + 1 6    : KP YTGCVJ ++++++5+++++++6++++++6++++++ KP DQVVQO HKGNF 56.  IT. )TGGP RCVKPC KP RNCEGU YGCMN[ UVTWEM QVJGTYKUG CVVTCEVKXG URGEKOGP XGT[ HKPG
*KTUEJ  /PEJGP  'Z *KTUEJ #WEVKQP 
  PQ  6JG RQTVTCKV EQORCTGU KP UQOG FGVCKNU VQ VJCV QH PQ 



19

6YQ 8KEVQTKGU YKVJ UJKGNF CPF CNVCT

1P VJG QDXGTUG C JGNOGVGF OKNKVCT[ JGCF WUWCNN[ HCEKPI TKIJV 6JKU KU QPN[ UGGP WPFGT %QPUVCPVKPG + 1P VJG TGXGTUG VYQ 8KEVQTKGU DGVYGGP VJGO CP CNVCT DGCTKPI C UJKGNF 6JG KPUETKRVKQPU QP VJG UJKGNF CTG WUWCNN[ WPENGCT QT KNNGIKDNG CNVQIGVJGT 6JTGG ITQWRU OC[ DG FKUVKPIWKUJGF C VJG PCOG QH VJG OKPV 5+5 KU ENGCTN[ NGIKDNG
PQU  CPF  D VJG CNVCT QP VJG TGXGTUG DGCTU C UJKGNF KPUETKDGF YKVJ OCKPN[ WPENGCT UETKRV E VJG UJKGNF QP VJG CNVCT KU OKUUKPI 2TGUGPV CTG VJG NGVVGTU CV VJG UCOG RQUKVKQP 6JG QTKIKPCNU UJQY VJG VGZV 8+%6 .#'6#' 24+0% 2'42
RGTKQF   +H VJG OKNKVCT[ DWUVU KP VJG QTKIKPCN GFKVKQPU FKURNC[ NKOKVGF XCTKCVKQP C OWNVKVWFG QH FKHHGTGPV FGUKIPU ECP DG HQWPF JGTG KP VJG KOKVCVKQPU

12

13

2:1


2:1

# $WUV N YKVJ JGNOGV URGCT CPF UJKGNF QP VJG JGNOGV  %15++6+++++0++ 4 6YQ 8KEVQTKGU YKVJ CNVCT PQ UJKGNF NGVVGTU  QQ  RR DGVYGGP VJGO +10+++%21++'%+++ KP GZGTIWG  5+u.  IT. )TGGP RCVKPC XGT[ HKPG
$GTPCTFK  6TKGUV  +P XKGY QH VJG NGPIVJ VJG VGZV QP VJG QDXGTUG OKIJV DG %QPUVCPVKPG + 





# $WUV T YKVJ JGNOGV +/2%1++56#06+0+5 2(#8% 4 6YQ 8KEVQTKGU YKVJ UJKGNF CPF CNVCT NGIGPF QP UJKGNF PQV XKUKDNG +++1+++(+++'6#++0+008 KP GZGTIWG u+u.  IT. .KIJV ITGGP RCVKPC XGT[ HKPG
/NNGT  5QNKPIGP #WEVKQP 
  PQ 



14

15

2:1
 

2:1


# .CWTGCVGF DWUV T YKVJ JGNOGV +++151 ++50%0++%1 4 6YQ 8KEVQTKGU YKVJ UJKGNF CPF CNVCT +1+  ++ QP UJKGNF 8+%610+0.  IT. $TQCF XGT[ HKPG URGEKOGP
*KTUEJ  /PEJGP #WEVKQP 
  PQ 

# .CWTGCVGF DWUV T YKVJ JGNOGV 00000+ +0000 4 6YQ 8KEVQTKGU YKVJ UJKGNF CPF CNVCT ##88 QP UJKGNF 00 0 000 KP GZGTIWG 00.  IT. )TGGP RCVKPC UOCNN HNCP FGHGEV QP VJG TGXGTUG XGT[ HKPG VQ GZVTGOGN[ HKPG
*KTUEJ  /PEJGP #WEVKQP 
  PQ 



16
 # $WUV N YKVJ JGNOGV URGCT CPF UJKGNF 01&u0%0&&/*0 6* 4 6YQ 8KEVQTKGU YKVJ UJKGNF CPF CNVCT +++  %#% QP UJKGNF 0+6+++++ ++++1++++ KP GZGTIWG  u0+.  IT. 0KEG FCTM ITGGP RCVKPC XGT[ HKPG
*KTUEJ  /PEJGP #WEVKQP 
  PQ 



20

17

18

2:1


2:1

# .CWTGCVGF DWUV T YKVJ JGNOGV &++*0&+++0000++00+ 4 6YQ 8KEVQTKGU YKVJ UJKGNF CPF CNVCT 81 CPF VYQ EWDGU QP UJKGNF &&000  00#  #00%%.  IT. )TGGP RCVKPC XGT[ HKPG
*KTUEJ  /PEJGP #WEVKQP 
  PQ 





# &KCFGOGF DWUV T YKVJ JGNOGV ++++u10++6++++++++6++++ 4 6YQ 8KEVQTKGU YKVJ UJKGNF CPF CNVCT  ++ QP UJKGNF +++++++++6++++++++).  IT. )TGGP RCVKPC XGT[ HKPG
5EJWNOCP  #OUVGTFCO #WEVKQP 
  PQ  (QWPF KP %QNQIPG



19

20

2:1


2:1

# .CWTGCVGF DWUV T &++:1#8*:5#5%+#508#% 4 6YQ 8KEVQTKGU Z Z QXGT CNVCT 15 1#00++1 KP GZGTIWG #.  IT. )TGGP RCVKPC GZRTGUUKXG UV[NG OCIPKHKEGPV EGPVTGF XGT[ HKPG URGEKOGP
4CWEJ  9KGP #WEVKQP 
 





# $WUV T YKVJ JGNOGV * * * + * * * * 4 6YQ 8KEVQTKGU YKVJ UJKGNF CPF CNVCT +  +1  1+ QXGT CN VCT ++*1+ KP GZGTIWG ++.  IT. 5JKPKPI ITGGP RCVKPC CNOQUV GZVTGOGN[ HKPG
,CESWKGT  -GJN  (TQO NKUV  PQ 



21

22

2:1


2:1

# $WUV T YKVJ JGNOGV +++ ++ ++ ++ ++ ++++++++ 4 6YQ 8KEVQTKGU YKVJ CNVCT ++ ++ ++ ++ ++ . . &CTM ITGGP RCVKPC VTCEGU QH EQTTQUKQP QP VJG QDXGTUG CVVTCEVKXG CPF XGT[ HKPG URGEKOGP
.CP\  /PEJGP #WEVKQP 
  PQ  5VTWEM CTQWPF 





*KTUEJ  /PEJGP #WEVKQP 


  PQ 

# $WUV T YKVJ JGNOGV ++ ++ ++ ++ ++ 4 6YQ 8KEVQTKGU YKVJ CNVCT ++ ++ ++ 8 .  IT. 5JKPKPI ITGGP RCVKPC XGT[ HKPG

 21

23 2:1


2:1

# $WUV T YKVJ JGNOGV ++ + + ++ + + +++1 4 6YQ 8KEVQTKGU YKVJ CNVCT TGEVCPING +++1 CDQXG CNVCT
XGTVKECN  ++ Q.  IT. 5JKPKPI ITGGP RCVKPC GFIG YGCMN[ UVTWEM QVJGTYKUG GZVTGOGN[ HKPG
.CP\  /PEJGP #WEVKQP 
  PQ 



)TQWR  6JG NCUV [GCTU QH VJG IQXGTPOGPV QH %QPUVCPVKPG + VJTQWIJ VQ  9G PQY OQTG CPF OQTG QDUGTXG VJG OKPV .WIFWPWO UQ VJCV VJG TGIKQP CNQPI VJG 4JKPG UJQWNF DG EQPUKFGTGF CU VJG CTGC QH EKTEWNCVKQP
GI VJG (TCPMU  6JKU IQGU KP RCTVKEWNCT HQT VJG PWODGTU  CPF  VJCV RQUUKDN[ EKTEWNCVGF KP 'PINCPF
VJG NCVVGT
PQ  KU C FKTGEV RTQVQV[RG HQT C UEGCV 

%QPUVCPVKPQRQNKU

6JG QDXGTUG UJQYU VJG KOCIG QH %QPUVCPVKPQRNG YKVJ C JGNOGV CPF ETQUU DGJKPF KV 1P VJG TG XGTUG C 8KEVQT[ UJKGNF KP JCPF KPENKPGF VQ VJG NGHV 6JG RTQY KU WUWCNN[ WPTGEQIPKUCDNG #NN EQKPU CTG QH C UOCNN HQTOCV 2GTKQF !

24

25

2:1
 # $WUV N YKVJ JGNOGV
2 .).  IT.

2:1

2:1

2:1

%1056#0 6+0121.+5 4 8KEVQT[ YKVJ UJKGNF CPF URGCT KP GZGTIWG )TGGP RCVKPC XGT[ HKPG



/P\GP WPF /GFCKNNGP  $CUGN  /KPV .WIFWPWO



# $WUV N YKVJ JGNOGV NGIGPF PQV XKUKDNG 4 8KEVQT[ YKVJ UJKGNF CPF URGCT KP GZGTIWG 2.
) .  IT. )TGGP RCVKPC XGT[ HKPG
/P\GP WPF /GFCKNNGP  $CUGN  /KPV .WIFWPWO



26

27

2:1
 

2:1

2:1

2:1

# $WUV N YKVJ JGNOGV %1056#0 4 8KEVQT[ YKVJ UJKGNF CPF URGCT DQVVQO HKGNF PQV XKUKDNG.  IT. )TGGP RCVKPC GFIG UNKIJVGN[ EJKRRGF QP VJG QDXGTUG QVJGTYKUG XGT[ HKPG URGEKOGP
/P\GP WPF /GFCKNNGP  $CUGN 

 

# $WUV N YKVJ JGNOGV CPF ETQUU DCTDCTK\GF NGIGPF 4 8KEVQT[ YKVJ UJKGNF CPF URGCT DQVVQO HKGNF PQV XKUKDNG.  IT. $TQYP RCVKPC XGT[ HKPG
/P\\GPVTWO  -NP #WEVKQP 
  PQ 

22

7TDU 4QOC

1P VJG QDXGTUG VJG RGTUQPKHKECVKQP QH VJG 7TDU 4QOC 1P VJG TGXGTUG VJG WUWCN KOCIG QH VJG UJGYQNH CPF VJG VYKPU 4QOWNWU CPF 4GOWU 6JG YGKIJV CPF HQTOCV UWDUVCPVKCNN[ FGETGCUKPI 6JG UJGYQNH CPF VYKPUOQVKH KU CNUQ UGGP QP VJG UEGCVVCU

28 2:1
 # 7TDU 4QOC N  IT.

2:1

5+++55 +5+6+ 4 6YQ UVCTU QXGT UJGYQNH CPF VYKPU KP GZGTIWG  65+5 . 9QTPQWV QDXGTUG FKG XGT[ HKPG



*KTUEJ  /PEJGP #WEVKQP 


  PQ 

29

30

2:1
 # 7TDU 4QOC N

2:1

2:1

2:1

+42+. 4 6YQ UVCTU QXGT UJGYQNH CPF VYKPU KP GZGTIWG %0++5.  IT. )TGGP RCVKPC XGT[ HKPG VQ GZVTGOGN[ HKPG



.CP\  /PEJGP #WEVKQP 


  PQ  4 )DN #PVKMG 0WOKUOCVKM
  RN  
QH VJG UCOG FKG!  )DN TGHGTU VQ %CV %CJP 
  PQ 



# 7TDU 4QOC N 74$u  4 6YQ UVCTU QXGT UJGYQNH KP GZGTIWG 2.%.  IT.
5EJWNVGP  -NP #WEVKQP 
  PQ  /KPV .WIFWPWO

8GT[ HKPG



31 2:1 2:1

32 2:1

2:1

'ORGTQT ETQYPGF D[ 8KEVQT[


 # $CTDCTK\GF JGCF T 85 4 'ORGTQT YKVJ URGCT ETQYPGF D[ 8KEVQTKC *++5.  IT. &CTM ITGGP RCVKPC XGT[ HKPG
&QODTQYUMK  /PUVGT 



%QPUVCPVKPQRQNKU
! GPVJTQPGF
 # *GCF N ++ 4 %QPUVCPVKPQRQNKU
! GPVJTQPGF YKVJ URGCT QT UEGRVTG CPF XKEVQT[ QP INQDG
! ++.  IT. 'ZVTGOGN[ HKPG
-TKEJGNFQTH  (TGKDWTI #WEVKQP 
  PQ  'Z /P\\GPVTWO -NP #WEVKQP  PQ 



23

6YQ OGP YKVJ UVCPFCTF


U

33

34

2:1


2:1

2:1

2:1

# &KCFGOGF DWUV T %1056#06+075 +80 0% 4 6YQ OGP YKVJ VYQ UVCPFCTFU %.14 +#':'4.  IT. 8GT[ HKPG
5EJWNVGP  -NP #WEVKQP 
  PQ  0QTOCN VGZV TGXGTUG ).14+# ':'4%+685





# &KCFGOGF DWUV N %1 4 6YQ OGP YKVJ QPG UVCPFCTF KP GZGTIWG 264.  IT. 5JCTR CPF ENGCT UVTWEM URGEKOGP CNOQUV GZVTGOGN[ HKPG
'NUGP  $TWUUGN #WEVKQP 
  PQ  /KPV 6TKGT 5OCNN HQTOCV 6[RKECN 4QOCP TGXGTUG



35 2:1
 

36 2:1

2:1
8GT[ HKPG

2:1


# .CWTGCVGF DWUV N 0+'* 6# +++ 4 6YQ OGP YKVJ QPG UVCPFCTF.  IT.
5EJWNVGP  -NP #WEVKQP 
  PQ 

'NUGP  $TWUUGN #WEVKQP 


  PQ  6JG TGXGTUG KU PQV C V[RKECN 4QOCP TGXGTUG 2TQVQV[RG HQT C UEGCV V[RG
EH VJG UOCNN RKEVWTG  6JG OKPV KP .QPFQP YCU KPQRGTCVKXG KP  JGPEG EQPVKPGPVCN EQKPU YGTG EKTEWNCVKPI KP $TKVCKP KPENWFKPI KOKVCVKQPU

# $WUV N YKVJ JGNOGV %15 4 6YQ OGP YKVJ QPG UVCPFCTF YTGCVJ QP VQR.  IT. )TGGP RCVKPC CVVTCEVKXG CPF XGT[ HKPG URGEKOGP



5KNKSWC

37

2:1


2:1

# &KCFGOGF DWUV T 8++ %10u60060u+(#8+ 4 9TGCVJ #16+u  :::  /8.6+u  :::: KP HQWT NKPGU )** KP GZGTIWG.  IT. $TQCF HNCP EGPVTGF XGT[ HKPG URGEKOGP
8KPEJQP  2CTKU  6JG VGZV IKXGU TGCUQP VQ EQPUKFGT %QPUVCPVKPG DWV VJG RQTVTCKV OQTG TGUGODNGU %QPUVCPVKWU 2GTJCRU %QPUVCPVKPG ++
 



24

2JQGPKZ

38 2:1


2:1

# &KCFGOGF DWUV T &0%1056# 052(#8% 4 2JQGPKZ QP HWPGTCN RKNG ('. 6++2 4+2#4# 6+1 KP DQVVQO HKGNF 5+5
! .  IT. )TGGP RCVKPC IQQF XGT[ HKPG
/P\\GPVTWO  -NP #WEVKQP 
  PQ  /KPV 5KUEKC
!  %QPUVCPU
 



)TQWR  6JG RGTKQF CHVGT VJG OQPGVCT[ TGHQTO QH 


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
PQU   CPF  CNN OCKQTKCPCHQTOCV D %QPSWGTGF JQNFKPI JQTUG CV PGEM HCEKPI
PQU   CPF  CNN OCKQTKCPCHQTOCV  E %QPSWGTGF HCNNKPI QHH JQTUG NQQMKPI WR
PQU     CPF  #HVGT VJG VYQ 8KEVQTKGU YKVJ UJKGNF CPF CNVCT  V[RG VJKU KU VJG OQUVQEEWTTKPI ITQWR

'ORGTQT YKVJ HCNNKPI JQTUGOCP

39



# &KCFGOGF DWUV T 10 11%


0 56#0 +85 2( 4 'ORGTQT YKVJ HCNNKPI JQTUGOCP +++111 006.  IT. )TGGP RCVKPC XGT[ HKPG
)QTP[  /PEJGP #WEVKQP 
  PQ  6JG EQPSWGTGF KU NQQMKPI XGT[ UWTRTKUGF CPF VJG JCKT KU UVCPFKPI QP GPF



40



# &KCFGOGF DWUV T &0 %1056#0 4 'ORGTQT YKVJ HCNNKPI JQTUGOCP ('. 6'/2 4'2#4#6.  IT. )TGGP RCVKPC XGT[ HKPG
-NPGT /P\MCD #WEVKQP 
  PQ  6JG EQPSWGTGF KU YGCTKPI C RJT[IKCP ECR



25

41
 # &KCFGOGF DWUV T # KP HKGNF &0%1056#0 6+852(#8% 4 'ORGTQT YKVJ HCNNKPI JQTUGOCP 2*$*6+1 KP GZGTIWG 6'.  IT. )TGGP RCVKPC GZRTGUUKXG UV[NG XGT[ HKPG
/P\CWMVKQP  'UUGP  6JG EQPSWGTGF KU YGCTKPI C RJT[IKCP ECR



42
 # &KCFGOGF DWUV T &0 %10260 6+85 +8 #8) 4 'ORGTQT YKVJ HCNNKPI JQTUGOCP UVCT KP HKGNF +(6%/2 8061 KP GZGTIWG 5/0#.  IT. )TGGPDTQYP RCVKPC YGCMN[ UVTWEM XGT[ HKPG VQ GZVTGOGN[ HKPG
(TCPEGUEJK  $TWUUGN 



43
 # &KCFGOGF DWUV T &0%0 6+852(#8) 4 'ORGTQT YKVJ HCNNKPI JQTUGOCP ('.6'02(+ 2+#6+1 KP GZGTIWG 500.  IT. &CTM RCVKPC IQQF XGT[ HKPG
*KTUEJ  /PEJGP #WEVKQP 
  PQ 



44
 # &KCFGOGF DWUV T &0 &u 6 1+'& 4 'ORGTQT YKVJ HCNNKPI JQTUGOCP 3'8 T WRYCTFU 1+.+'&  3'*+1.  IT. /CIPKHKEGPV ITGGP RCVKPC XGT[ HKPG
.CP\  /PEJGP #WEVKQP 
  PQ 



26

(TQO JGTG VJG HQTOCV CPF YGKIJV KU UOCNN YKVJ GZEGRVKQP QH VJG PQU  CPF  VJCV GZJKDKV VJG WUWCN YGKIJV QH VJG NCTIGT HQTOCVU 6JKU ITQWR EQPEWTU YKVJ V[RG E

45



# &KCFGOGF DWUV T %+++++%+5++ #6u #+++++ 4 'ORGTQT YKVJ HCNNKPI JQTUGOCP * KP HKGNF ('. 6*%+ *&#6+1 KP GZGTIWG %+5+ .  IT. 5JKPKPI ITGGP RCVKPC XGT[ HKPG
-PMGT  1UPCDTEM #WEVKQP 
  PQ  6JKU RKGEG QTKIKPCVGU HTQO VJG 0QTVJGTP $CNMCP



46

47

2:1

2:1

 

# $WUV T * KP HKGNF 0++0++0+01+0 0+100 4 'ORGTQT YKVJ HCNNKPI JQTUGOCP +000+0+0+ KP GZGTIWG +0.  IT. &CTM RCVKPC OKPQT VTCEGU QH EQTTQUKQP XGT[ HKPG
4CWEJ  9KGP #WEVKQP +
  PQ 

 

# &KCFGOGF DWUV T &0 -1056 6+81  ; 4 'ORGTQT YKVJ HCNNKPI JQTUGOCP +1+#u +01 6+1 KP GZGTIWG #06  $.  IT. 8GT[ HKPG
&QODTQYUMK  /PUVGT  %QKP CRRGCTGF KP C JQCTF KP 5[TKC 6JG - QP VJG QDXGTUG UWIIGUVU VJG GCUVGTP RCTV QH VJG /GFKVGTTCPGCP 6JG OKPV OKIJV DG #PVKQEJKC

48 49 49

2:1


2:1

# &KCFGOGF DWUV T 8+ ++ 4 'ORGTQT YKVJ HCNNKPI JQTUGOCP ++++++.  IT. 5JCTR CPF ENGCT URGEKOGP CNOQUV GZVTGOGN[ HKPG
,CESWKGT  -GJN  (TQO NKUV  PQ  6JG UQNFKGT KU YGCTKPI C RJT[IKCP ECR 6JG RQTVTCKV KU PQV %QPUVCPVKWU RGTJCRU KV KU VJCV QH /CIPGPVKWU





'NUGP  $TWUUGN #WEVKQP 


  PQ  6JG RQTVTCKV EQWNF DG /CIPGPVKWU

# $WUV T # KP HKGNF 06+85 4 'ORGTQT YKVJ HCNNKPI JQTUGOCP ('.6 #4.  IT. )TGGP RCVKPC XGT[ HKPG



27

'ORGTQT DGVYGGP VYQ NCDCTC

50



# &KCFGOGF DWUV T YKVJ # CPF UVCT KP HKGNF &++%1+'%+1 &+8++01) 4 (KIWTG UVCPFKPI N DGVYGGP VYQ NCDCTC UVCT CDQXG # N ++1++188  +6++  &8   KP GZGTIWG #  # .  IT. &CTM ITGGP RCVKPC DTQCF CPF EGPVTGF URGEKOGP XGT[ HKPG
5EJWNVGP  -NP #WEVKQP 1EVQDGT  PQ  # XGT[ EJCTCEVGTKUVKE RQTVTCKV # UKOKNCT URGEKOGP KU HQWPF KP )DN RN  PQ 
VJGTG KU C TGHGTGPEG VQ %CV -TGUU 
  PQ  



51



# $WUV T YKVJ ++ KP HKGNF &0 %1060805*6*1++ 4 'ORGTQT UVCPFKPI N YKVJ VYQ NCDCTC KP VJG NCDCTC ETQUU YKVJ QPG RGNNGV KP GCEJ CPING &*** *1** KP GZGTIWG 5*5+.  IT. )TGGP RCVKPC XGT[ HKPG
*GP\GP  #OGTQPIGP  (TQO NKUV ,CPWCT[  PQ  2GTJCRU VJKU EQKP YCU KUUWGF WPFGT VJG PCOG QH %QPUVCPVKPG ++



1P VJG QDXGTUG KPXCTKCDN[ VJG PQTOCN RQTVTCKV QH VJG 4QOCP GORGTQT QP VJG TGXGTUG C UVCPFKPI GORGTQT OCPVNGF QP C ICNNG[ WUWCNN[ JQNFKPI C DKTF KP VJG TKIJV JCPF CPF C NC DCTWO KP VJG NGHV
WUKPI C UKORNG ETQUU PQ EJTKUVQITCO  KP VJG RQUVGTKQT QH VJG ICNNG[ C TQY KPI RGTUQP
VJG QCT KP C XCTKGV[ QH UJCRGU  6GZV TGXGTUG ('. 6'/2 4'2#4#6+1 #HVGT VJG V[RGU VYQ 8KEVQTKGU YKVJ UJKGNF QP CNVCT CPF 'ORGTQT YKVJ HCNNKPI JQTUGOCP VJKU KU VJG OQUVQEEWTKPI V[RG 9KVJQWV GZEGRVKQP VJG KOCIG KU QH %QPUVCPVKWU ++ CRCTV HTQO VJG PWODGTU  CPF  VJCV CTG WPFGT VJG PCOG QH %QPUVCPU

'ORGTQT KP ICNNG[

52



# &KCFGOGF DWUV T &0 %106#* 0u ++#8% 4 'ORGTQT KP ICNNG[ +++6'/2 21*#86+1.  IT. &CTM ITGGP RCVKPC XGT[ HKPG
'NUGP  $TWUUGN #WEVKQP 
  PQ 



28

53



# &KCFGOGF DWUV T &0 %1056 05#8% 4 'ORGTQT KP ICNNG[ YKVJ 8KEVQT[ QP JCPF '/& 4'&#.  IT. )TGGP RCVKPC UOCNN HNCP XGT[ HKPG URGEKOGP
-NPGT /P\MCD #WEVKQP 
  PQ 



54



# &KCFGOGF DWUV T &0 %1056#0 6++852(#8) 4 'ORGTQT KP ICNNG[ ('. 6'/2 4'2#4#6+1 KP GZGTIWG 6.).  IT. $TQYP RCVKPC UOCNN OKUVCMG KP VJG FKG CVVTCEVKXG CPF XGT[ HKPG URGEKOGP
4CWEJ 9KGP #WEVKQP 
  PQ  *GTG VJG QCT KU C UKORNG UVKEM



55



# &KCFGOGF DWUV T &0%10u6#0 6+852(#8% 4 'ORGTQT KP ICNNG[ 6'/24 ++++4++#6+1 KP DQVVQO HKGNF 2.%.  IT. )TGGP RCVKPC XGT[ HKPG
*KTUEJ  /PEJGP #WEVKQP 
  PQ  *GTG VJG QCT KU C UVKEM YKVJ C DNCFG



56



# &KCFGOGF DWUV T %.  IT.

&06+852(#8) 4 'ORGTQT KP ICNNG[ 5+5&*4++6+1 KP GZGTIWG $TQYP RCVKPC XGT[ HKPG



-NPGT /P\MCD #WEVKQP 


  PQ  *GTG VJG QCT KU C UVKEM YKVJ C DNCFG

29

57
 # &KCFGOGF DWUV T &0 %1056#0 6+85 2( #8 4 'ORGTQT KP ICNNG[ ('. 6'/2 4'2#4#6+1 KP GZGTIWG 5.%.  IT. /KPQT VTCEGU QH EQTTQUKQP XGT[ HKPG
'NUGP  $TWUUGN #WEVKQP 
  PQ 



)TQWR  6JG CIG QH /CIPGPVKWU CPF &GEGPVKWU


  6JG (TCPM VGTTKVQTKGU JCXG VQ DG EQPUKFGTGF HQT VJG CTGC QH EKTEWNCVKQP CU VJG (TCPMU CNTGCF[ JGNF VJG VGTTKVQT[ VQ VJG PQTVJ QH#OKGPU CV VJCV VKOG

6YQ 8KEVQTKGU YKVJ UJKGNF QP RKNNCT

4GXGTUG VYQ 8KEVQTKGU JQNFKPI QPG UJKGNF VJCV TGUVU QP C RKNNCT

58
 # $WUV T YKVJ # KP HKGNF &0 /#)0'0 6+85 2( #8) 4 6YQ 8KEVQTKGU YKVJ UJKGNF QP RKNNCT QP VJG UJKGNF +1  8  08+6   KP GZGTIWG #.  IT. 8GT[ HKPG



59
 # $WUV T 85%*'5 4 6YQ 8KEVQTKGU YKVJ UJKGNF QP RKNNCT 5  8 DGPGCVJ VJG RKNNCT QP UJKGNF 816  X +++.6  Z KP GZGTIWG 65+
! .  IT. 8GT[ HKPG
+P XKGY QH VJG QDXGTUG VGZV VJCV GPFU YKVJ %#'5 VJKU EQKP JCU VQ DG CVVTKDWVGF VQ &GEGPVKWU CNVJQWIJ VJG JGCF OQTG TGUGODNGU /CIPGPVKWU



60



# $WUV T &0 &'%'06+85 01$ %*'% 4 6YQ 8KEVQTKGU YKVJ UJKGNF QP RKNNCT 5  8 DGPGCVJ VJG RKNNCT QP UJKGNF 816  8  /8.6  Z 8+%614+++' &&00 *8%'6%*' KP GZGTIWG */$.  IT. )TGGPDTQYP RCVKPC XGT[ HKPG URGEKOGP
/P\\GPVTWO  -NP #WEVKQP 
  PQ  /KPV #OKGPU 6JG OKPV QH #OKGPU YCU C ETGCVKQP QH /CIPGPVKWU 6JG DGIKPPKPI ECP DG FCVGF KP VJG UGEQPF JCNH QH  KP VJG UWOOGT QH  VJG OKPV YCU ENQUGF



30

61



/P\GP WPF /GFCKNNGP  $CUGN  /KPV .WIFWPWO 0QTOCNN[ VJKU UJQWNF TGCF 42.) CUUWOKPI .WIFWPWO KU OGCPV JGTG VQQ 6JG KPUETKRVKQP QP VJG UJKGNF KU XGT[ WP ENGCT

# $WUV T &0&'%'06+85 01$ %*'5 4 6YQ 8KEVQTKGU YKVJ UJKGNF QP RKNNCT 5  8 DGPGCVJ VJG RKN NCT QP UJKGNF 816  X  /8.6  Z 8+%610+#' &&00 88%'6++' KP GZGTIWG ++5.).  IT. $TQYP RCVKPC YGCMN[ UVTWEM QVJGTYKUG CNOQUV GZVTGOGN[ HKPG



6YQ 8KEVQTKGU YKVJ UJKGNF

+P RTKPEKRNG VJKU V[RG OCVEJGU VJG NCUV QPG YKVJ VJG QPN[ FKHHGTGPEG VJCV VJG UJKGNF FQGU PQV TGUV QP C RKNNCT JGTG 6JG PQTOCN VGZV QP VJG TGXGTUG KU 8+%614+#' && 00 #8) '6 %#'

62

63



# $WUV T YKVJ # KP HKGNF 06+85 2( 4 6YQ 8KEVQTKGU YKVJ UJKGNF 816  8.6  Z QP UJKGNF #8) '6 %#'.  IT. )TGGP RCVKPC UOCNN HNCP XGT[ HKPG
5EJWNVGP  -NP #WEVKQP 
  PQ 
/#)0' 06+85!





# $WUV T YKVJ * KP HKGNF /*)0 4 6YQ 8KEVQTKGU YKVJ UJKGNF 816  X  /8.  Z QP UJKGNF &0+008%6+%*+.  IT. 5JKPKPI ITGGP RCVKPC CNOQUV GZVTGOGN[ HKPG
,CESWKGT  -GJN  (TQO NKUV  PQ  /*)0
'06+85 !



%JTKUVQITCO

0QTOCN VGZV TGXGTUG 5#.85 && 00 #8) '6 %#'5

64
 # $WUV T &0/# +852(#8% 4 %JTKUVQITCO N QOGIC CPF T CNRJC 50.012800/ KP DQV VQO HKGNF ++2.%.  IT. $TQYP RCVKPC XGT[ HKPG
/P\GP WPF /GFCKNNGP  $CUGN 



31

)TQWR  6JG CIG QH ,WNKCPWU YKVJ VJG $WNNV[RG 6JG OKPVU VJCV CRRGCT CTG UKVWCVGF KP VJG 'CUV RGTJCRU KP VJG &CPWDGTGIKQP

$WNN

65



# &KCFGOGF DWUV T &0 8.%. +8.+ #085 2( #8) 4 $WNN CDQXG VYQ UVCTU CPF GCING YKVJ YTGCVJ DGHQTG 5'%84+%6#5 4'+28$ KP GZGTIWG  # 38+.2.  IT. (KPG
5EJWNOCP  #OUVGTFCO  6JG DWUV KU PQV VJG WUWCN ,WNKCPWU DWV OQTG VJCV QH %QPUVCPVKWU /KPV #SWKNGKC 6JG GCING DGHQTG VJG DWNN PQTOCNN[ QPN[ QEEWTU KP #TNGU EQKPCIG



66



# &KCFGOGF DWUV T &0(.%.+8 852(#88% 4 $WNN VYQ UVCTU CDQXG 84+6#5 28 KP DQV VQO HKGNF 6%10.  IT. )TGGP RCVKPC CNOQUV XGT[ HKPG
*KTUEJ  /PEJGP #WEVKQP 
  PQ  /KPV %QPUVCPVKPQRGN



67



# $GCTFGF CPF FKCFGOGF DWUV T


&0 (. %.+8.+ #085 2( #8) 4 $WNN VYQ UVCTU CDQXG 5'%84+6#5 4'+284 KP GZGTIWG #06 DTCPEJ.  IT. &CTM ITGGP RCVKPC XGT[ HKPG
*QNNGOCP  'PUEJGFG  /KPV #PVKQEJ



32

)TQWR  (TQO VJG RGTKQF CHVGT  VJQWIJ YKVJ VJG PQTOCN YGKIJV

'ORGTQT YKVJ UVCPFCTF

68



/P\CWMVKQP 'UUGP   (TQO NKUV  PQ  8CNGPVKPKCPWU ++


 

# &KCFGOGF DWUV T &0 8#.'06+0+8% 4 'ORGTQT UVCPFKPI T YKVJ UVCPFCTF CPF 8KEVQT[ 4'56+68614 4'+2 KP GZGTIWG 5/*%5.  IT. )TGGP RCVKPC VTCEGU QH EQTTQUKQP XGT[ HKPG



)QFFGUU 0QTOCN VGZV TGXGTUG 4'2#4#6+1 4'+28$

69



# &KCFGOGF DWUV T 0# 08522++++ 4 'ORGTQT UVCPFKPI N YKVJ MPGGNKPI IQFFGUU 4'2*4#6+1.  IT. )TGGP RCVKPC XGT[ HKPG
/P\\GPVTWO  -NP  8CNGPVKPKCPWU ++
 



)TQWR C #TQWPF VJKU VKOG VJG V[RGU YGTG TGFWEGF VQ C UOCNNGT HQTOCV CPF YGKIJV

8KEVQTKGU YKVJ ECRVKXG

2GTKQF 
8CNGPVKPKCP ++  6JGQFQUKWU +  #TECFKWU 

70

71

2:1
 

2:1

2:1

2:1

# &KCFGOGF DWUV T 5+++++++++++++#+++5+++6 4 8KEVQT[ YKVJ ECRVKXG CPF RJT[IKCP ECR KP HKGNF 5+++u +++ ++$++%.+ KP GZGTIWG ++++.  IT. $TQYP RCVKPC XGT[ HKPG # &KCFGOGF DWUV T +++5+++6+ 4 8KEVQT[ YKVJ ECRVKXG CPF RJT[IKCP ECR KP HKGNF +++5&66++ KP GZGTIWG 55.  IT. $TQYP RCVKPC GZRTGUUKXG UV[NG CVVTCEVKXG CPF XGT[ HKPG URGEKOGP
0/$  #OUVGTFCO 

  33

6JG HQNNQYKPI EQKPU CTG HTQO C NCVGT RGTKQF CPF JCTF VQ ENCUUKH[ 2GTJCRU UQOG OC[ DG CVVTK DWVGF VQ VJG 8KUKIQVJU

+OKVCVKQP  9GUVGTP 4QOCP 'ORKTG *QPQTKWU


 5KNKSWC

72
 # &KCFGOGF DWUV T &0 *Q0Q4+ 8522#8) 4 4QOC QP VJTQPG YKVJ TGXGTUGF URGCT 8KEVQT[ YKVJ YTGCVJ KP T JCPF 8+46854Q /#0Q48/ KP GZGTIWG 6425.  IT. 8GT[ HKPG
$CVCXKC  FGP *CCI  /KPV 6TKGT



+OKVCVKQPU 'CUVGTP 4QOCP 'ORKTG $TQP\G #PCUVCUKWU




73


74

# &KCFGOGF DWUV T &0#0#u 6#5 +8u 268% 4 )TGCV / DGVYGGP VYQ UVCTU ETQUU CDQXG YKVJKP KP GZGTIWG %10.  IT. $TQYP RCVKPC HKPG VQ XGT[ HKPG
$QPXCNNGV  2CTKU  /KPV %QPUVCPVKPQRGN





# $WUV T YKVJ TGVCPINGF FTCYP DQF[ 086u 56+8u # 4 )TGCV / DGVYGGP UVCTU ETQUU CDQXG YKVJKP KP GZGTIWG 01% .  IT. )TGGP RCVKPC XGT[ HKPG
*KTUEJ  /PEJGP #WEVKQP 
  PQ  /KPV %QPUVCPVKPQRGN



75

76

6JGQFQUKWU ++

 # &KCFGOGF DWUV T 6*'1&1 4 'ORGTQT UVCPFKPI YKVJ 8KEVQT[ KP N JCPF 4'+2 .  IT. )TGGP RCVKPC HKPG VQ XGT[ HKPG
/KPV %QPUVCPVKPQRGN



+OKVCVKQPU QH IQNF EQKPU 6JGQFQUKWU ++



 6TGOKUUKU. # &KCFGOGF DWUV T  IT. &8+*'1  1 01+  4 %TQUU KP YTGCVJ KP GZGTIWG %101$. (KPG VQ XGT[ HKPG 
$4'&  2CTKU  6JG TGXGTUG HQTO DTKPIU VJG 5WGDK VQ OKPF DWV VJCV UJQYU CP QTPCOGPVGF QWVGT EKTENG +P 8KUKIQVJ EQKPCIG VJKU GFIG KU UOQQVJ 6JKU EQKP OKIJV UVGO HTQO 8KUKIQVJ VGTTKVQT[ KV UJQYU UQOG TGUGODNCPEG VQ C EQKP WPFGT #PVJGOKWU
UGG 5WDLCEM EQNNGEVKQP
8GEEJK  .QPFQP #WEVKQP 
  PQ 

34

77

2:1


2:1

6TGOKUUKU. # &KCFGOGF DWUV T &0 6*'1&1 5+85 2( #8) 4 8KEVQT[ YKVJ YTGCVJ CPF QTD UVCT KP HKGNF 8+%614+# #8%56148/ KP GZGTIWG %101$.  IT. )QQF XGT[ HKPG
)QTP[  /PEJGP  )TKGTUQP UWIIGUVU C OKPV QP VJG $CNMCP RGPKPUWNC *CJP JCU PQ TGEQTF QH VJKU V[RG



*QPQTKWU
 !

78

2:1

2:1



5QNKFWU. # $WUV HCEKPI YKVJ JGNOGV UJKGNF CPF URGCT QXGT UJQWNFGT %%101 1+#1%+8 4 8KEVQT[ UVCPFKPI T YKVJ ETQUUJGCFGF UVCHH UVCT T %%%101*81 18*1 KP GZGTIWG 1.  IT. #NOQUV XGT[ HKPG
4CWEJ  9KGP #WEVKQP 
  PQ  6JG YGKIJV KU VJCV QH C VTGOKUUKU %QWNF VJKU DG C NKIJV UQNKFWU! +V KU FQWDVHWN VJCV VJKU EQKP UJQWNF DG CVVTKDWVGF VQ ,WUVKP 6JG VGZV QP VJG TGXGTUG VQ VJG NGHV CPF TKIJV QH VJG 8KEVQTKC EQPUKUVU QH VJG UCOG NGVVGTU 1#*1 QP VJG NGHV FGHKPKVGN[ HQNNQYGF D[ CP 0 6JKU ECP CNUQ
RCTVN[ DG HQWPF QP VJG QDXGTUG 6JKU RQUUKDN[ TGHGTU VQ C OKPV WPFGT *QPQTKWU 6JG EQKP HKVU VJG 8KUKIQVJ UGTKGU DGUV # UKOKNCT TGRGVKVKQP QH VGZV HTCIOGPVU KU HQWPF QP VJG .QODCTF EQKP PQ 



,WUVKPKCPWU +


79

2:1


2:1

6TGOKUUKU. # &KCFGOGF DWUV T &0 +856+0+ #08522#8) 4 8KEVQT[ N YKVJ YTGCVJ QP QTD UVCT KP HKGNF 8+%+14+##8%856148/ KP GZGTIWG %101.  IT. 9GCMN[ UVTWEM OKUVCMG KP VJG FKG UOCNN ITCHHKVK QP VJG TGXGTUG QVJGTYKUG GZVTGOGN[ HKPG
4KGVFKLM  FGP *CCI #WEVKQP 
  PQ  /KPV %QPUVCPVKPQRGN +P XKGY QH VJG TGXGTUG RTQDCDN[ .QODCTF



35

*705
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
CU JG WUGF VQ DG TGICTFGF  +ORQTVCPV GPXQ[U TGUKFGF CV #VVKNCU EQWTV *G MGRV WR IQQF TGNCVKQPU VQ #VKWU
YJQ KP  EGFGF RCTV QH 2CPPQPKC VQ VJG *WPU  6JG ECPEGNNKPI QH /CTEKCPWU VTKDWVCT[ UVCVWU KP  CPF C UGETGV OCTTKCIG RTQRQUCN HTQO VJG CWIWUVC ,WUVC )TCVC *QPQTKC
UKUVGT QH 8CNGPVKPKCP +++  YJKEJ #VVKNC CEEGRVGF VQ UGEWTG RCTV QH VJG 9GUVGTP 4QOCP 'ORKTG CTG GXKFGPEG QH JKU KPHNWGPEG #VVKNC VTKGF WPKVKPI VJG 8KUKIQVJU CPF VJG 8CPFCNU WPFGT JKU TWNG DWV YKVJQWV UWEEGUU +P  #VVKNC EQPSWGTGF #URCTU 'CUV 4QOCP CTO[ # [GCTN[ VTKDWVG YCU CITGGF WRQP CPF VJG *WPU COCUU NCTIG COQWPVU QH IQNF CNNQYKPI VJGO VQ SWKGVN[ RTGRCTG HQT VJG )CNNKE 9CT +P  /GV\ YCU FGUVTQ[GF CPF 1TNGCPU DGUKGIGF #VKWU VJGP UWEEGGFGF VQ FGHGCV #VVKNC QP VJG %CVCNCWPKE HKGNFU
UKVWCVGF PGCT %JNQPUUWT/CTPG  YKVJ VJG CKF QH C 4QOCP8KUKIQVJKE $WTIWPFKCP(TCPEQPKCP EQCNKVKQP #VKWU HKTUV OCKPVCKPGF HTKGPFN[ TGNCVKQPUJKRU YKVJ VJG *WPU JQYGXGT KP  VWTPGF CICKPUV VJGO 6JKU QTKIKPCNN[ ICXG JKO C RQYGTHWN RQUKVKQP VJCV PGXGTVJGNGUU RTQXGF HCVCN YJGP JG YCU CUUCUUKPCVGF FWTKPI CP CWFKGPEG YKVJ 'ORGTQT 8CNGPVKPKCP +OOGFKCVGN[ CHVGT YJKEJ
/CTEJ  8CNGPVKPKCP YCU OWTFGTGF
UGG 8CPFCNU D[ #VKWU JGPEJOGP UKIPCNNKPI VJG HKPCN FGENKPG QH VJG 9GUVGTP 4QOCP 'ORKTG 6JG GPUWKPI ECORCKIP KPVQ 0QTVJGTP +VCN[
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

8#0&#.5
6JG 8CPFCNU JCF HCNNGP CRCTV KPVQ VYQ VTKDGU VJG *CTFKPIK
HTQO &CEKC CPF VJG 5KNKPIK
HTQO 5KNGUKC CPF VJG[ TGWPKVGF FWTKPI VJG UGEQPF /KITCVKQP 2GTKQF +P  VJG 4QOCP 'ORKTG YCU KPXCFGF CPF KP  )CWN YCU TGCEJGF
6QWNQWUG  7PFGT VJG NGCFGTUJKR QH )QFKIKUGNU UQPU )WPFGTKE CPF )GKUGTKE
)WPFGTKEJ DGECOG MKPI  5RCKP YCU TGCEJGF KP  VQIGVJGT YKVJ VJG #NCPK CPF VJG 5WGDK 6JG 5KNKPIK UGVVNGF KP $CGVKEC
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
36

+P   OGP COQPI YJQ VJG #NCPU NGF D[ )GKUGTKE ETQUUGF VJG UVTCKIJV VQ #HTKEC QP TGSWGUV QH %QOGU $QPKHCEG 6JG[ UGVVNGF KP *KRRQ 4GIKWU
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
   GXGPVWCNN[ UCEMKPI 4QOG +P  RGCEG YCU TGCEJGF YKVJ 4QOG CPF $[\CPVKWO $[ VJCV VKOG VJG 8CPFCNU ENGCTN[ EQPUVKVWVGF VJG VJKTF HQTEG KP VJG /GFKVGTTCPGCP +P /C[,WPG  VJG 8CPFCNU RKNNCIGF 4QOG DWV FKF PQV QEEWR[ KV /+$ JCU EQKPCIG UVCTV KP  WR VQ VJCV VKOG OKPVKPI YCU FQPG D[ $QPKHCEG *WPGTKE CPF *KNFGTKE EQKPU CHVGT VJG JGCX[ UVCPFCTF
JCNH UKNKSWC  IO  )WPVJCOWPF CPF 6TCUCOWPF CHVGT VJG NKIJV UVCPFCTF
JCNH UKNKSWC  IO 

)'+5'4+%*


6JG VGTTKVQTKGU )GKUGTKE JCF EQPSWGTGF YGTG JCTF VQ EQPVTQN CPF KP  VJG 8CPFCNU JCF VQ RC[ VTKDWVG VQ 1FQCEGT HQT 5KEKN[ YJKEJ HGNN GPVKTGN[ VQ 6JGQFGTKE KP 

80 2:1


2:1


5KNKSWC  %CTVJCIQ. # &KCFGOGF DWUV T &0 1014+ 85 2( #8) 4 4QOC UKVVKPI YKVJ UEGRVTG CPF 8KEVQTKC 84$5 41/# KP GZGTIWG 4825. /'%   IT. $TQCF URGEKOGP XGT[ HKPG
5VGTPDGTI  <TKEJ #WEVKQP 
  PQ  +OKVCVKQP QH C UKNKSWC HTQO *QPQTKWU  4CXGPPC 6JKU RKGEG FGHKPKVGN[ KU HTQO %CTVJCIG
OCP[ CTG EQRKGU HTQO 4CXGPPC  +V KU PQV NKUVGF KP VJG /+$ 2UGWFQKORGTKCN UKNKSWCG CPFJCNHUKNKSWCG EQRKGF HTQO 4CXGPPCVG EQKPU QH *QPQTKWU VJG JCNXGU JCXG QPN[ TGEGPVN[ DGGP KFGPVKHKGF CPF CP GZEGNNGPVUVWF[ KU PQY CXCKNCDNG QH DQVJ UGTKGU
/QTTKUQP CPF 5EJYCTV\   6JG[ CTG FKUVKPIWKUJCDNG HTQO QTKIKPCN RTQFWEVUQH VJG 4CXGPPC OKPV D[ VJGKT VJKEM HNCPU CPF VJG RTGXCNGPEG QH Q FKGCZKU CNTGCF[ CNNWFGF VQ
EQOOGPVCT[ /'% +R   4825 UVCPFU HQT 4#8'00# 2858.#68/

2:1


81

2:1


 5KNKSWC  %CTVJCIQ. # &KCFGOGF DWUV T 852(#8 4 8KEVQTKC NYKVJ YTGCVJ ##8%. /'%   IT. 5OCNN HNCP XGT[ HKPG
#WHJWUGT  /PEJGP  EH PQ 

*WPGTKE UQP QH )GKUGTKE DGECOG GPICIGF VQ 'WFQZKC FCWIJVGT QH 8CNGPVKPKCP +++ *KU UCEM KPI 4QOG OKIJV JCXG DGGP CP CEV QH NQ[CNV[ VQYCTF VJG CUUCUUKPCVGF 8CNGPVKPKCP #NTGCF[ WPFGT )GKUGTKE PQDKNKV[ NGF CP WRTKUKPI VJCV YCU UVTWEM FQYP KP  *WPGTKE VQQ JCF VQ FGCN YKVJ TGDGNNKQWU PQDKNKV[ *G EQPVKPWGF VJG CTKCPKUKPI RQNKVKEU DWV JKU UWEEGUUQT JKU EQWUKP )WPVJCOWPF
 RWV CP GPF VQ VJKU )WPVJCOWPFU TGKIP YCU OCTMGF D[ VJG YCTU CICKPUV VJG /QQTU CPF CICKPUV 0QOCFKE VTKDGU

*70'4+%*


2:1


82

2:1


  0WOOK. # &KCFGOGF DWUV T 881 / #&5#6 4 %TQUU 1528 8+1+61 KP GZGTIWG VJTGG RGNNGVU. /'%  /+$   IT. #VVTCEVKXG CPF XGT[ HKPG URGEKOGP
5EJWNVGP  -NP #WEVKQP 
  PQ  0QV RWDNKUJGF

37

)706*#/70&


)WPVJCOWPF KU VJG HKTUV YJQ OGPVKQPU JKU PCOG QP VJG EQKPU

2:1


83

2:1


 5KNKSWC. # &KCFGOGF DWUV T &0 4: )806*# 4 &0 KP YTGCVJ WPFGT UVTKRG. /'%  /+$   IT. 4 8GT[ HKPG
8KPEJQP  2CTKU  &0   FGPCTKK

84 2:1


85 2:1 2:1 2:1

 5KNKSWC. # &KCFGOGF DWUV T 806*# 4 +P YTGCVJ &0  ::8 UVTKRG CDQXG. /'%  /+$   IT. 4 #NOQUV XGT[ HKPG
#WHJWUGT  /PEJGP  ::8   FGPCTKK





  0WOOK. # &KCFGOGF DWUV T  4 %JTKUVQITCO KP YTGCVJ. /'%  /+$  XCT  IT. 4 )QQF XGT[ HKPG
6QFGTK  (NQTGPEG  /+$  UJQYU C RGNNGV KP VJG EJTKUVQITCO )WPVJCOWPF KU VJG QPN[ QPG YKVJ C  PWOOK CPF C EJTKUVQITCO



86 2:1


87 2:1 2:1 2:1




  0WOOK. # &KCFGOGF DWUV T &0&8&+u 4 5VCT YKVJ QPG UVTKRG KP GCEJ CPING. /'%  /+$  /QUVGEM[ EH 2N :+ HH  IT. 8GT[ HKPG
*QNNGOCP  'PUEJGFG  %QWNF VJG UKZRQKPVGF UVCT DG C EJTKUVQITCO!



  0WOOK. # &KCFGOGF DWUV T 4 5VCT KP YTGCVJ YKVJ VJG NKODU GPFKPI KP RGNNGVU. /'%  /+$   /QUVGEM[ EH 2N :+ HH  IT. 8GT[ HKPG
*QNNGOCP  'PUEJGFG  6JGUG EQKPU WUGF VQ DG CVVTKDWVGF VQ VJG /QQTU KP #HTKEC
UGG $/%  



6*4#5#/70&


6JTCUCOWPF
  DTQVJGT QH )WPVJCOWPF TWNGF C RTGFQOKPCPVN[ TQOCPKUGF RGQRNG *G OCTTKGF #OCNHTKFC UKUVGT QH 6JGQFGTKE GUVCDNKUJKPI C DQPF YKVJ VJG 'CUV )QVJU KP  6JTCUCOWPF UVTQXG VQYCTF UQWPF VKGU YKVJ $[\CPVKWO CPF PWTVWTGF C FKCNQIWG YKVJ VJG %JTKU VKCP EJWTEJ

2:1


88 2:1


 5KNKSWC. # &KCFGOGF DWUV T &0 4) 64 #0+#++8 4 &0 KP YTGCVJ DGVYGGP UVTKRG CPF .
JQTK\QPVCN . /'%  /+$ C  IT. 4 8GT[ HKPG URGEKOGP
'NUGP  $TWUUGN  +P /'% VJKU KU %NCUU  9KVJ C OQTG UV[NK\GF DWUV CPF YTGCVJ VJG  FGPCTKWU RKGEGU YKVJ VJG OCTM QH XCNWG . QP VJG TGXGTUG

38

89 2:1


2:1

 5KNKSWC. # &KCFGOGF DWUV T &0 4 5#/8&5 4 &0 WPFGT UVTKRG KP YTGCVJ EKTENG YKVJ RGNNGV CDQXG. /'%  /+$ C  IT. 4 5NKIJVGN[ KTTGIWNCT HNCP OKPQT UETCVEJGU QP UWTHCEG QVJGTYKUG GZVTGOGN[ HKPG URGEKOGP
#WHJWUGT  /PEJGP 



2:1


90

2:1


6QFGTK  (NQTGPEG 

  0WOOK. # &KCFGOGF DWUV T 5# 4 8KEVQT[ YKVJ YTGCVJ. /'%  /+$   IT. 4 )QQF XGT[ HKPG

*KNFGTKE
 YCU C UQP HTQO VJG OCTTKCIG QH *WPGTKE CPF 'WFQZKC *G MKNNGF #OCN HTKFC WUGF EQKPU DGCTKPI VJG KOCIG QH ,WUVKPKCP CPF VWTPGF CYC[ HTQO $[\CPVKWO HQT YJKEJ VJG %CTVJCIG 5[PQF QH  YCU QPG QH VJG TGCUQPU #HVGT DGKPI FGHGCVGF D[ VJG /QQTU JG YCU ECRVWTGF CPF GZGEWVGF
 

*+.&'4+%


2:1


91

2:1


 5KNKSWC. # &KCFGOGF DWUV T &0 *+.&+ 4+: 4': 4 %CTVJCIQ HCEKPI YKVJ GCTU QH EQTP ('.+: -#46). /'%  /+$   IT. 5OCNN HNCP ETCEM XGT[ HKPG URGEKOGP
8KPEJQP  2CTKU 

2:1


92

2:1


 0WOOK. # $WUV N YKVJ RCNO NGCH 4 +P VYQ NKPGU 0  ++++ UVTKRG 0. /'%  /+$   IT. )TGGP RCVKPC CVVTCEVKXG CPF XGT[ HKPG URGEKOGP
/NNGT  5QNKPIGP #WEVKQP 
  PQ  ++++   PWOOK

)'.+/'4


6JG NCUV MKPI )GNKOGT


 UWHHGTGF C NQUU CICKPUV $GNKUCT CPF YCU DCPKUJGF VQ #UKC /KPQT

2:1


93

2:1
#NOQUV XGT[ HKPG 

5EJWNVGP  -NP #WEVKQP 1EVQDGT 


  PQ  6JKU KU C DCTDCTKE KOKVCVKQP QH C PWOOWU QH )WPVJCOWPF
*CJP /+$  HTQO VJG NCUV [GCTU QH 8CPFCN FQOKPCPEG #VVTKDWVGF VQ )GNKOGT
 

  0WOOK. # $CTDCTK\GF DWUV T 4 'CTU QH EQTP.  IT.

39

9JGP 4QOWNWU #WIWUVWU YCU FGRQUGF KP  VJG 'CUV 4QOCP 'ORKTG EQPUKFGTGF +VCN[ RCTV QH KVU VGTTKVQT[ +P VJG UQWVJ VJG 8CPFCNU UVKNN RTGXCKNGF CPF KP VJG PQTVJ VJG )GTOCPKE EJKGHVCKP 1FQCEGT KP XCFGF +VCN[ +P  VJG [GCT QH VJG EQNNCRUG QH VJG 9GUV 4QOCP 'ORKTG 1FQCEGT JCF JKU VTQQRU RTQENCKO JKO MKPI 1FQCEGTU
DQTP CRRTQZ  CPEGUVT[ KU WPENGCT *G OKIJV JCXG DGGP C UQP QH 'FGMQ C OCIKUVTCVG CV #VVKNCU EQWTV #HVGT VJG GPF QH VJG *WP 'ORKTG JG YCU C OGTEGPCT[ KP )CWN CPF VJGP YGPV VQ +VCN[ KP 4KEKOGTU UGTXKEG $[\CPVKWO CRRQKPVGF JKO RCVTKEKCP *KU TGNCVKQPUJKR VQ VJG UGPCVG KU IQQF CPF JG GPLQ[GF VJG RTKXKNGIG QH CRRQKPVKPI EQPUWNU #HVGT JG FGUVTQ[GF VJG 4WIKCP 4GCNO JG ICKPGF 5KEKN[ HTQO VJG 8CPFCNU VJTQWIJ C FGOKUG EJCTVGT 6JKU KPHNWGPEG UVTCKPGF JKU TGNCVKQPUJKR YKVJ $[\CPVKWO
  +P  'ORGTQT <GPQ CUUKIPGF 6JGQFGTKE YJQ D[ VJGP YCU KP 'RKTQU VQ FTKXG 1FQCEGT HTQO +VCN[ 6Q DG CNNQYGF GUVCDNKUJKPI JKOUGNH KP 4CXGPPC JG UKIPGF C VTGCV[ YKVJ 1FQCEGT
  DWV KP VJG UCOG [GCT UNGY JKO
VJG UWRRQUGF TGCUQP YCU VJG CXGPIKPI HQT VJG FGHGCV QH VJG 4WIKCP *QWUG  +VCN[ DGECOG VJG NCPF QH VJG 'CUV )QVJU YJQ UVC[GF RCTV QH VJG 'CUV 4QOCP 'ORKTG

+6#.; KP VJG PF JCNH QH VJG VJ EGPVWT[

/70+%+2#. %1+0#)' +0 +6#.; #0& #(4+%#


#U UQQP CU 4QOCP VKOGU EQKPU YGTG UVTWEM HQT VJG EKV[ QH 4QOG CPF %QPUVCPVKPQRNG
PQ RCTV QH VJKU EQNNGEVKQP DWV TGRTGUGPVGF KP VJG KOKVCVKQPU  #NUQ KP VJG VJ EGPVWT[ OWPKEKRCN EQKPU YGTG UVTWEM KP %CTVJCIG 4QOG CPF 4CXGPPC 6JG[ DGCT VJG EJCTCEVGTKUVKEU QH VJGUG EKVKGU VTCEKPI DCEM VQ QNF NGIGPFU

6JGTG CTG XCTKQWU OQVKXGU (GOCNG HKIWTG QH %CTVJCIQ UVCPFKPI KP VJG IWKUG QH %GTGU JQNFKPI GCTU QH EQTP CPF VYQ HKIWTGU HTQO VJG HQWPFCVKQP NGIGPFU QH VJG EKV[ QPG C UVCPFKPI UQNFKGT CPF VJG QVJGT C JQTUG +P 4QOG
UJGYQNH CPF VYKPU CU YGNN CU KP %CTVJCIG
JQTUG VJGTG KU TGHGTGPEG VQ VJG NGIGPFU UWTTQWPFKPI VJG HQWPFKPI QH VJGUG EKVKGU 6JG JQTUG JCU VJG HQNNQYKPI NGIGPF CVVCEJGF VQ KV 6JG MKPI QH 6[TG JCF C UQP CPF C FCWIJVGT 'NKUUCT 6JG RGQRNG YCPVGF QPN[ VJG UQP YJQ JCF 'NKU UCTU JWUDCPF MKNNGF 'NKUUCT HNGF VQ #HTKEC 5JG YCU YGNN TGEGKXGF CPF ITCPVGF C RKGEG QH NCPF VJG UK\G QH CP QZGU UMKP 5JG PCOGF VJKU PGY UGVVNGOGPV $[TUC VJG ITGGM YQTF HQT QZUMKP +P VJG EQPUVTWEVKQP QH VJG EKV[ VJG HKTUV URCFG UVTWEM C EQYU JGCF RTQXKFKPI C DCF QOGP 6JG UGEQPF URCFG UVTWEM C JQTUGU JGCF JQNFKPI C RTQOKUG QH RQYGT 6JGTG CTG  ENCUUGU  %CTVJCIQ UVCPFKPI  5QNFKGT UVCPFKPI $QVJ ENCUUGU QEEWT KP VJG FGPQOKPCVKQPU   CPF 
VJGUG PWODGTU CTG EJCTCEVGTKUVKE HQT VJG 8CPFCN
UGG VJGTG PWOGTKECN U[UVGO     
TGUR     CPF  QH  PWOOK  C  UKNKSWC 

%#46*#)1


94



 0WOOK. # %CTVJCIQ UVCPFKPI ETQYPGF YKVJ EQTP YTGCVJ CPF JQNFKPI GCTU QH EQTP YKVJKP NCWTGN YTGCVJ 4 0:++ KP NCWTGNYTGCVJ WPFGT UVTKRG. /'%  /+$   IT. 4 $TQYP RCVKPC XGT[ HKPG
'NUGP $TWUUGN #WEVKQP 
  PQ  'Z 'NUGP  $TWUUGN #WEVKQP 
  PQ  /+$ ENCUUKHKGU VJKU WPFGT *KNFGTKEJ *GCX[ UGTKGU KP /'% %NCUU 



40

95


95

96

96

 0WOOK. # 5QNFKGT UVCPFKPI -#46 *#)1 4 *QTUGJGCF KP GZGTIWG ::+. /'%  /+$   IT. $TQYP RCVKPC XGT[ HKPG
0/$  #OUVGTFCO  /+$ ENCUUKHKGU VJKU WPFGT )GNKOGT
  9KVJ /'% ENCUU 
.KIJV EQKPCIG 





 0WOOK. # 5QNFKGT UVCPFKPI -#46 *#)1 4 *QTUGJGCF KP GZGTIWG ::+. /'%  /+$   IT. )TGGP RCVKPC XGT[ HKPG
$GEMGPDCWGT  /PEJGP  /+$ ENCUUKHKGU VJKU WPFGT )GNKOGT
  9KVJ /'% ENCUU 
.KIJV EQKPCIG 



6JG U[ODQN VJG JGNOGVGF DWUV QH 4QOC


HTQO GCTN[ FGPCTKK QH VJG 4QOCP 4GRWDNKE  +08+%6# 41/# 6JG TGXGTUG V[RGU YJGP VJG[ CTG PQV C 4QOCP GCING TGHGT VQ VJG VTCFK VKQPCN QTKIKPU QH 4QOG YKVJ 4QOWNWU CPF 4GOWU UWEMNGF D[ C UJGYQNH QT C HKIVTGG TGRTG UGPVKPI VJG HKEWU TWOKPCNKU  4WOKPC YCU VJG IQFFGUU QH PWTUKPI OQVJGTU DGPGCVJ YKVJ CE EQTFKPI VQ .KXKWU VJKU UEGPG YCU GPCEVGF 6JGTG CTG VYQ ENCUUGU %NCUU 
JGCX[ UGTKGU  C (QNNKU UJGYQNH CPF VYKPU YKVJ :. D  (QNNKU UJGYQNH CPF VYKPU YKVJ :: %NCUU 
NKIJV UGTKGU  C (QNNKU GCING YKVJ :. D  (QNNKU HKIVTGG QT VYQ GCINGU YKVJ ::
UGG /'% + R 

41/#


97



(QNNKU  %NC. # $WUV T YKVJ JGNOGV +08+%6 # 41/# 4 5JGYQNH YKVJ VYKPU :. CDQXG  ++++  DGNQY. /'%  /+$  IT. 1NKXGITGGP RCVKPC DTQCF URGEKOGP IQQF XGT[ HKPG
4 5EJWNOCP #WEVKQP 
  PQ 



98
  (QNNKU  %ND. # $WUV T YKVJ JGNOGV +08+% 6#41/# 4 5JGYQNH YKVJ VYKPU :  :  DGNQY. /'%  /+$ D  IT. )TGGP RCVKPC XGT[ HKPG
2GWU  (TCPMHWTV #WEVKQP 
  PQ  5VTWEM DGVYGGP   



41

99


99

 (QNNKU  %ND. # $WUV T YKVJ JGNOGV +08+% 6#41/# 4 5JGYQNH YKVJ VYKPU + CDQXG :: DGNQY. /'%  /+$ D  IT. )TGGP RCVKPC UOCNN HNCP FGHGEV QP VJG QDXGTUG CNOQUV XGT[ HKPG
*QNNGOCP  'PUEJGFG 



100



(QNNKU  %NC. # $WUV T YKVJ JGNOGV +08+%6 # 41/# 4 'CING N NQQMKPI DCEM :. N KP DQVVQO HKGNF ITGGM FGNVC DGVYGGP VYQ RGNNGVU. /'%  /+$ C IT. )TGGP RCVKPC TGXGTUG C NKVVNG QHH EGPVTG CVVTCEVKXG CPF XGT[ HKPG URGEKOGP
4 5EJWNOCP #WEVKQP 
  PQ 



101



(QNNKU  %NC. # $WUV T YKVJ JGNOGV +08+%6 # 41/# 4 'CING N NQQMKPI DCEM :. N KP DQVVQO HKGNF ITGGM ICOOC DGVYGGP VYQ RGNNGVU. /'%  /+$ C IT. )TGGP RCVKPC XGT[ HKPG
$GEMGPDCWGT  /PEJGP 



102



(QNNKU  %NC. # $WUV T YKVJ JGNOGV


+08+%6 # 41/# 4 'CING N NQQMKPI DCEM :. N DQVVQO HKGNF WPXKUKDNG. /'% 
EH  HH  /+$ C  IT. $TQYP RCVKPC XGT[ HKPG
*GP\GP  #OGTQPIGP 



42

5[ODQN ETQYPGF DWUV ('.+: 4#8'00# 1HVGP ENCUUKHKGF WPFGT 6JGQFQTKE QT #VJCNCTKE

4#8'00#


2:1
  0WOOK. # %TQYPGF DWUV T /'%  /+$  IT.
*QNNGOCP  'PUEJGFG 

103 2:1
('.+:4 #8'00# 4 'CING DGVYGGP VYQ UVCTU KP GZGTIWG :. #VVTCEVKXG XGT[ HKPG URGEKOGP 

2:1


104 2:1

 0WOOK. # %TQYPGF DWUV T ('.+:4 #8'00# 4 'CING DGVYGGP VYQ UVCTU KP GZGTIWG :. /'%  /+$   IT. 6TCEGU QH EQTTQUKQP QP VJG TGXGTUG QVJGTYKUG CVVTCEVKXG XGT[ HKPG URGEKOGP
5VGTPDGTI  <TKEJ #WEVKQP 
  PQ 



1NF 4QOCP EQKPU OQUVN[ HTQO VJG (NCXKCP RGTKQF YKVJ C XCNWG GVEJGF KPVQ VJGO EKTEWNCVGF CNQPIUKFG VJGUG OWPKEKRCN EQKPU /'% UKIPCNKUGU CDQWV  URGEKOGPU 6JG[ JCXG QPN[ VYQ PQOKPCN XCNWGU  CPF  PWOOK
VJG  YCU KPVGPFGF HQT VJG UGUVGTVKK VJG  HQT VJG CUUGU  6JG RNCEG QH QTKIKP TGOCKPU CODKIWQWU 6JG FGPQOKPCVKQPU  CPF  KPFKECVG #HTKEC
/QTTKUQP 6JG TGWUG QH QDUGNGVG EQKPU VJG ECUG QH 4QOCP KORGTKCN DTQP\GU TGXKXGF KP VJG NCVG HKHVJ EGPVWT[ KP 5VWFKGU KP 0WOKUOCVKE /GVJQFU RTGUGPVGF VQ 2JKNKR )TKGTUQP %CO DTKFIG  R  (TKGFNPFGT CPF 9TQVJ  DWV PGCTN[ CNN JQCTFU YGTG NQECVGF KP +VCN[
GURGEKCNN[ KP VJG 4QOG TGIKQP  /'% ENCUUKHKGU VJGO WPFGT +VCN[ *CJP CPF /QUVGEM[ WPFGT 8CPFCNU *GTG PGKVJGT KU CFJGTGF VQ VJGUG EQKPU CTG EQPUKFGTGF VQIGVJGT YKVJ VJG OWPKEKRCN EQKPU VJCV URTGCF QXGT #HTKEC CPF +VCN[ CU YGNN

'#4.; +/2'4+#.
WPVKN 

105



(QNNKU :.++. :.++ GPITCXGF KP QPG #U HTQO )CNDC. # $WUV T YKVJ NCWTGNYTGCVJ )#.$# +/2 %#' 5#4 #8) 2/642 KP GZGTIWG T :.++ 4 8KEVQTKC N YKVJ YTGCVJ DGVYGGP 5  %. /'%   IT. $TQYP RCVKPC CNOQUV XGT[ HKPG
'NUGP $TWUUGN #WEVKQP 
  PQ  'Z 'NUGP  $TWUUGN #WEVKQP 
  PQ  /'%  JCU C .KDGTVCU QP VJG QDXGTUG



43

15641)16*5
#HVGT VJG FKXKUKQP KP  VYQ ITQWRU GOGTIGF VQ VJG YGUV VJG 6GTXKPIK8GUK CPF VQ VJG GCUV )TGWVWPIK1UVTQIQVJK
1UVTQIQVJGP  5QPPGPCWHICPIUIQVGP
UWPTKUG )QVJU QT FWTEJ FGP #WHICPI FGT 5QPPG INP\GPFGP )QVGP
)QVJU UJKPKPI DGECWUG QH VJG UWPTKUGU KNNWOKPCVKQP  $CUKECNN[ VJG 8KUKIQVJU EQPUKUVGF QH 1UVTQIQVJU CU YGNN CPF KV KU VJGTGHQTG RTGHGTCDNG VQ FKU VKPIWKUJ DGVYGGP VJG 1UVTQIQVJU WR VQ VJG VWTP QH VJG VJ EGPVWT[ CPF VJG 'CUV )QVJU CHVGT VJCV VKOG 6JG 9GUV CPF 'CUV )QVJU JCXG CNYC[U EQPUKFGTGF VJGOUGNXGU FGUEGPFCPVU QH VJG UCOG VTKDG FGURKVG VJGKT FKCURQTC
UGG WPFGT 8KUKIQVJU  #HVGT VJG *WP 'ORKTG JCF HCNNGP
  VJG 'CUV )QVJU GPVGTGF VJG 4QOCPG 'ORKTG CU HQGFGTCVK CPF UJQTVN[ UGVVNGF QP VJG DCPMU QH VJG 5CXG CPF VJG &TCW /QUV 'CUV )QVJU YGTG QH #TKCP HCKVJ 6JGQFQTKE YCU RTGUWOCDN[ DQTP FWTKPI VJG *WP 'ORKTG
  #HVGT VJG DCVVNG CV VJG $QNKC .GQ + TGNGCUGF 6JGQFGTKE YJQ JCF DGGP JGNF JQUVCIG KP %QP UVCPVKPQRNG HTQO  VQ  6JGQFGTKE VQQM QXGT 2CPPQPKC HTQO 8CNKOKT CPF EQPSWGTGF VJG 6JGKUU5CTOCVU
5KPIKFWPWO$GNITCFG  +P  VJG #OCN &[PCUV[ NQUV 2CPPQPKC 8KFKOKT YGPV VQ VJG 9GUV 4QOCP 'ORKTG
YKVJ JKU UQP  6JKWFKOKT VQQM JKU UQP 6JGQFQTKE VQ /CEGFQPKC YJGTG 6JKWFKOKT FKGF KP  6JGQF GTKE VJGP DGECOG MKPI 6JG RGTKQF HTQO  VQ  KU C EQPHWUGF VKOG 6QYCTF VJG GPF YG HKPF 6JGQFGTKE KP 'RKTQU *KU OCKP CFXGTUCT[ YCU VJG )QVJKE -KPI 6JGQFGTKE 5VTCDQ #HVGT VJG NCVVGTU FGOKUG
  6JGQFGTKEU UVCT DGICP VQ TKUG +P  JG UKIPGF C VTGCV[ YKVJ <GPQ KP YJKEJ JG RNGFIGF VQ FTKXG 1FQCEGT HTQO +VCN[ 6JKU VTGCV[ HQTOGF VJG HQWPFCVKQP WPFGT VJG 'CUVIQVJKE 'ORKTG KP +VCN[ 1P VJG VJ QH (GDTWCT[  VJG DKUJQR QH 4CXGPPC OGFKCVGF DGVYGGP 1FQCEGT CPF 6JGQFGTKE GPCDNKPI C LQKPV IQX GTPOGPV 6JKU YCU KPEQPUKUVGPV YKVJ VJG VTGCV[ YKVJ <GPQ DWV CNNQYGF 6JGQFGTKE VQ UGV WR KP 4CXGPPC
VJ /CTEJ   +P VJG UCOG [GCT JG FKURQUGF QH 1FQCEGT 5WDUGSWGPVN[ VJG 8CPFCNU YGTG FTKXGP HTQO 5KEKN[ CPF RKNNCIKPI $WTIWPFKCPU YGTG FKURGNNGF HTQO VJG PQTVJ 6JGQFGTKE WUGF OCTTKCIG VQ GUVCDNKUJ VKGU YKVJ QVJGT RGQRNGU *G JKOUGNH YGFFGF #WFQHNGFC %NQXKU UKUVGT CPF KP  6JGQFGTKEU FCWIJVGT YCU GPICIGF VQ VJG $WTIWPFKCP %TQYP 2TKPEG 5KIKUOWPF
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
 KP 5QWVJ )CWN CPF 5RCKP CPF VJG HKPCN TGUWNV YCU VJCV 6JGQFGTKE DGECOG MKPI QH VJG 8KUKIQVJU 6JG JGKTGUU QH 6JGQFGTKE #OCNCUWPVJC YCU YGFFGF VQ 8KUKIQVJ -KPI 'WVJCTKE *G YCU FGGOGF JGKT CPF YCU VQ UWEEGGF 6JGQFGTKE CU MKPI QH CNN )QVJU 6JG PGY 'ORGTQT ,WUVKP CE MPQYNGFIGF VJKU UWEEGUUKQP
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
CP KORQTVCPV 4QOCP IGPGTCN WPFGT ,WUVKPKCP JG FGHGCVGF VJG 8CPFCNU
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

44

6*'1&14+%


2:1

2:1

2:1

106

107

108

2:1


2:1

2:1

 5KNKSWC  /GFKQNCPWO. # &KCFGOGF DWUV T & #0#5 6#5+8 22 #% 4 6JGQFGTKE OQPQITCO CDQXG ETQUU UVCT DGNQY +08+% 6# 41/#. /'%  /+$ D  IT. 8GT[ HKPG
'NUGP  $TWUUGN  'Z )QQFCETG EQNNGEVKQP
  +P VJG PCOG QH #PCUVCUKWU
 





 5KNKSWC  4QOG. # &KCFGOGF DWUV T &0 +856+085 #8) 4 6JGQFGTKE OQPQITCO KP YTGCVJ CDQXG ETQUU. /'%  XCT /+$   IT. 8GT[ HKPG
5EJWNOCP  #OUVGTFCO #WEVKQP 
  PQ  +P VJG PCOG QH ,WUVKPWU +
 



#6*#.#4+%

  5KNKSWC  4QOG. # &KCFGOGF DWUV T &0 +856+0+# 4 +P YTGCVJ &0  #6*#.  #4+%85  4':. /'%  /+$   IT. 8GT[ HKPG
8KPEJQP  2CTKU  +P VJG PCOG QH ,WUVKPKCPWU +
 



109
  0WOOK  4QOG. # $WUV T YKVJ JGNOGV
+08+% 6# 41/# 4 (KIWTG UVCPFKPI YKVJ URGCT CPF UJKGNF &0 #6*#. #4+%85 KP HKGNF 5 % CPF :. /'%  /+$   IT. 0KEG ITGGP RCVKPC XGT[ CVVTCEVKXG CPF XGT[ HKPG URGEKOGP
8KPEJQP  2CTKU  5%:  5GPCVWU %QPUWNVQ  PWOOK



110
  0WOOK  4QOG. # $WUV T YKVJ JGNOGV +08+%6 # 41/# 4 +P FQWDNGF YTGCVJ
VJG KPPGT EKTENG YKVJ : &0  #6*#.  #4+%85  4':. /'%  /+$   IT. 8GT[ HKPG
-NPGT /P\MCD  -NP #WEVKQP 
  PQ 

 45

2:1
  0WOOK  4QOG. # $WUV T YKVJ JGNOGV #6*#.#4+%85. /'%  /+$ C  IT.
*QNNGOCP  'PUEJGFG 

111

2:1

+08+% 6# 41/# 4 8 KP VJG HKGNF &0 )TGGP RCVKPC XGT[ HKPG



112 2:1

113 2:1


2:1


2:1

  0WOOK  4QOG. # &KCFGOGF DWUV T 0+ #8) 4 #VJCNCTKE OQPQITCO KP YTGCVJ. /'%  /+$   IT. 8GT[ HKPG
5CPVCOCTKC  4QOG  +P VJG PCOG QH ,WUVKPKCPWU +
 



  0WOOK  4QOG. # &KCFGOGF DWUV T +856 +0+#0 4 #VJCNCTKE OQPQITCO KP YTGCVJ. /'%  /+$   IT. 8GT[ HKPG
*QNNGOCP  'PUEJGFG  +P VJG PCOG QH ,WUVKPKCPWU +
 



#6*#.#4+% QT 6*'1&1*#&


0GKVJGT QH VJG EQKPU WPFGTPGCVJ UVTWEM KP VJG PCOG QH ,WUVKPKCP +


  CTG CVVTKDWVCDNG VQ #VJCNCTKE QT 6JGQFQJCF YKVJ CDUQNWVG EGTVCKPV[ #VJCNCTKE UVCTVGF UVTKMKPI VJGO CPF 6JGQFQJCF OCFG PQ EJCPIGU VQ VJG FGXKEG
/+$ + R   6JGUG CTG VJG QPN[ VYQ V[RGU

114



5QNKFWU  4QOG. #  $WUV T YKVJ JGNOGV UJKGNF CPF URGCT QXGT UJQWNFGT &0+856+0+ #0852 #8% 4 8KEVQT[ YKVJ ETQUU N UVCT WPFGT ETQUU 8+%614 + ##8%%%# DQVVQO HKGNF %1/1$. /'%  XCT /+$   IT. 5OCNN ITCHHKVQ QP VJG QDXGTUG XGT[ HKPG VQ GZVTGOGN[ HKPG
5RKPM  .QPFQP  (TQO 0WOKUOCVKE %KTEWNCT  PQ $;



2:1


115 2:1

6TGOKUUKU  4QOG. # &KCFGOGF DWUV T &0+856+0+ #0852#8% 4 8KEVQT[ YKVJ ETQUU CPF YTGCVJ UVCT T 8+%614+# #7%856148/ DQVVQO HKGNF %1/1$. /'%  XCT /+$ C  IT. 5OCNN ITCHHKVQ QP VJG QDXGTUG UNKIJVGN[ DGPV IQQF XGT[ HKPG
5RKPM  .QPFQP  (TQO 0WOKUOCVKE %KTEWNCT  PQ $;



46

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
,WUVKPKCP +  +P  6JGQFQJCF YCU FGHGCVGF D[ $GNKUCTKWU CPF CVVGORVGF VQ HNGG DWV JG YCU ECRVWTGF CPF GZGEWVGF QP QTFGTU QH JKU UWEEGUUQT 9KVKIGU

6*'1&1*#&


2:1


116

2:1


 5KNKSWC  4QOG. # &KCFGOGF DWUV T &0 +856+ 0+#0 #8) 4 +P YTGCVJ &0  6*'1&#  *#6*85  4+:. /'%  /+$   IT. 8GT[ HKPG
*QNNGOCP  'PUEJGFG 

117


118

(QNNKU  4QOG. # %TQYPGF DWUV T ETQUU QP ENQCM &0 6*'1&# *#685 4': 48KEVQTKC T YKVJ YTGCVJ CPF RCNO DGVYGGP 5  % 8+%614+# 24+0%+28/. /'%  /+$   IT. 4 &CTM ITGGP RCVKPC CNOQUV GZVTGOGN[ HKPG
/P\GP WPF /GFCKNNGP  $CUGN  (TQO NKUV  PQ 





(QNNKU  4QOG. # %TQYPGF DWUV T ETQUU QP ENQCM &0 6*'1 &#*#&85 4': 4 8KEVQTKC T YKVJ YTGCVJ CPF RCNO DGVYGGP 5  % 8+%614+# #8)856. /'%  /GVNKEJ C
VJKU EQKP  /+$   IT. 44 )TGGP RCVKPC JKIJ TGNKGH VJG QPN[ MPQYP URGEKOGP KP EQOOGTEG XGT[ HKPG
/P\GP WPF /GFCKNNGP  $CUGN  (TKGFNPFGT
(TKGFNPFGT , &KG /P\GP FGT 1UVIQVJGP $GTNKP  KP C HQQVPQVG YKVJ VJG FGUETKRVKQP QH VJG PQT OCN V[RG OGPVKQPU &KG #WHUEJTKHVGP 8+%614+# #8)856 WPF 8+%614+# 28$.+%# 4'56 DGK /G\\CDCTDC WPF FCPCEJ DGK $CPFWTK UKPF YQJN XGTHNUEJV LGFGPHCNNU DGFTHGP UKG FGT $GUVVKIWPI FWTEJ CPFGTG 'ZGORNCTG  -TCWU
-TCWU (( &KG /P\GP 1FQXCECTU WPF FGU 1UVIQVGPTGKEJGU KP +VCNKGP *CNNG  FGUETKDGU C DCFN[ EQPUGTXGF RKGEG WPFGT PQ 
KNNWUVTCVGF YKVJ &06*'1 =&#?*#&854': CPF 8+%614+# #8)856
!
YGKIJV  IO CPF PQVGU &KG 7OUEJTKHV 8+%614+# #8)856 DGK 0T  KUV PKEJV UKEJGT DG\GWIV
(TKGFNPFGT / F 1UVI R   &CU INGKEJG IKNV HWT FKG TEMUGKVKIGP .GIGPFGP XQP 0T  WPF 
(TKGFNPFGT GDGPFC  $GK CNNGP FKGUGP DGFCTH GU PQEJ \WXGTNUUKIGT $GUVVKIWPI 6JKU URGEKOGP KU MGRV KP $GTNKP 6QNUVQK
6QNUVQK , /QPPCKGU $[\CPVKPGU WPFGT 
KNNWUVTCVKQP IKXGU C URGEKOGP HTQO VJG *GTOKVCIG EQNNGEVKQP KP 5V 2GVGTUDWTI VJCV YCU ECUV HTQO VJG UCOG FKG CU VJG URGEKOGP CV JCPF
%QTT *CJP  



/KFFNG #IG GHHKIKGU YGTG PGXGT TGCNKUVKE


GZEGRV VQYCTF VJG GPF HQT KPUVCPEG KP /KNCP CPF 5EQVNCPF  6JG RQTVTCKV QH 6JGQFQJCF QP PQ  OC[ TCKUG UQOG FQWDV VJCV VJKU KU C TGCN RQTVTCKV DWV UWEJ FQWDV KU QWV QH VJG SWGUVKQP KP VJG ECUG QH PQ  KP O[ QRKPKQP 2QUUKDN[ 6JGQFQJCFU RQTVTCKV QP VJG HCOQWU EQKPU EQPUVKVWVGU C TGCN RQTVTCKV CU YGNN

47

119 2:1


2:1

 0WOOK  4QOG. # $WUV T YKVJ JGNOGV +08+%6 # 41/# 4 &0  6*'1&#  *#6*85  4': KP YTGCVJ. /'%  /+$   IT. )TGGP RCVKPC XGT[ HKPG
5VGTPDGTI  <TKEJ #WEVKQP 
  PQ 



120

2:1


2:1


 0WOOK  4QOG. # &KCFGOGF DWUV T &0 +8+++8  085 22 #8) 4 8 KP YTGCVJ. /'%  /+$   IT. 4 /KPQT VTCEGU QH EQTTQUKQP XGT[ HKPG VQ GZVTGOGN[ HKPG
6QFGTK  (NQTGPEG /+$  EH &1%  CPF $0  +P VJG PCOG QH ,WUVKPKCPWU +
  $0 CVVTKDWVGU C EQPUKFGTCDN[ NCTIGT OQFGN VQ 4QOG 6JG UCOG NCTIGT OQFGN OCVEJGU &1%  &1% CVVTKDWVGU VJG UOCNNGT V[RGU VQ WPEGTVCKP OKPVU  4CVVQ CVVTKDWVGU KV VQ 6JGQFQJCVWU 6JG OKUUKPI RGPVC YKVJ 6JGQFQJCVWU KP VJG 2TIGVCDGNNG :++
/+$ KU TGOCTMCDNG 7PFGT #VJCNCTKE VJGTG KU C  PWOOK RKGEG YKVJ C 8

9+6+)'5


121

2:1


2:1


 5KNKSWC  4CXGPPC. # &KCFGOGF DWUV T &0+856+ 0+#085 #8% 4 +P YTGCVJ &0  88+6  +%'5  4':. /'%  /+$   IT. 8GT[ HKPG
'NUGP  $TWUUGN  'Z )QQFCETG EQNNGEVKQP

PQ 1)   +P VJG PCOG QH ,WUVKPKCPWU +
 

2:1
  5KNKSWC  4CXGPPC. # &KCFGOGF DWUV T YTGCVJ. /'%  /+$   IT.

122

2:1


&0+856+ 0+#0#85 4 6JGQFGTKEWU OQPQITCO KP 4 8GT[ HKPG VQ GZVTGOGN[ HKPG

'NUGP  $TWUUGN  'Z )QQFCETG EQNNGEVKQP



PQ 1)   'Z 5QVJGD[  (QT VJKU OQPQITCO VJCV QH 6JGQFQTKE YCU TGXGTVGF VQ
6JGQFQTKEU OQPQITCO QP JKU QYP EQKPU KU FKHHGTGPV 

48