8irwmsr 8iwxmrk SJ 1ixeppmg 1exivmepw: 7xerhevh 8iwx 1ixlshw JSV

(IWMKREXMSR ))1 E %QIVMGER %WWSGMEXMSR 7XEXI
,MKL[E] ERH 8VERWTSVXEXMSR 3JJMGMEPW 7XERHEVH

%%7,83 2S 8
%R %QIVMGER 2EXMSREP 7XERHEVH
7XERHEVH 8IWX 1IXLSHW JSV

8IRWMSR 8IWXMRK SJ 1IXEPPMG 1EXIVMEPW
8LMW WXERHEVH MW MWWYIH YRHIV XLI Â\IH HIWMKREXMSR ))1 XLI RYQFIV MQQIHMEXIP] JSPPS[MRK XLI HIWMKREXMSR MRHMGEXIW XLI ]IEV SJ
SVMKMREP EHSTXMSR SV MR XLI GEWI SJ VIZMWMSR XLI ]IEV SJ PEWX VIZMWMSR % RYQFIV MR TEVIRXLIWIW MRHMGEXIW XLI ]IEV SJ PEWX VIETTVSZEP %
WYTIVWGVMTX ITWMPSR MRHMGEXIW ER IHMXSVMEP GLERKI WMRGI XLI PEWX VIZMWMSR SV VIETTVSZEP
8LMW WXERHEVH LEW FIIR ETTVSZIH JSV YWI F] EKIRGMIW SJ XLI 97 (ITEVXQIRX SJ (IJIRWI
7GSTI 6IJIVIRGIH (SGYQIRXW

8LIWI XIWX QIXLSHW GSZIV XLI XIRWMSR XIWXMRK SJ QIXEPPMG %781 7XERHEVHW
QEXIVMEPW MR ER] JSVQ EX VSSQ XIQTIVEXYVI WTIGMÂGEPP] XLI %%1 7TIGMÂGEXMSR JSV 7XIIP 'EWXMRKW 'EVFSR 0S[
QIXLSHW SJ HIXIVQMREXMSR SJ ]MIPH WXVIRKXL ]MIPH TSMRX %PPS] ERH 7XEMRPIWW 7XIIP ,IEZ];EPPIH JSV 7XIEQ 8YV
IPSRKEXMSR XIRWMPI WXVIRKXL IPSRKEXMSR ERH VIHYGXMSR SJ EVIE FMRIW
8LI KEYKI PIRKXLW JSV QSWX VSYRH WTIGMQIRW EVI VI % 8IWX 1IXLSHW ERH (IÂRMXMSRW JSV 1IGLERMGEP 8IWXMRK
UYMVIH XS FI ( JSV ) ERH ( JSV )1 8LI KEYKI PIRKXL MW SJ 7XIIP 4VSHYGXW
XLI QSWX WMKRMÂGERX HMJJIVIRGI FIX[IIR ) ERH )1 XIWX & 8IWX 1IXLSHW JSV 8IRWMSR 8IWXMRK ;VSYKLX ERH 'EWX
WTIGMQIRW 8IWX WTIGMQIRW QEHI JVSQ TS[HIV QIXEPPYVK] %PYQMRYQ ERH 1EKRIWMYQ%PPS] 4VSHYGXW
41 QEXIVMEPW EVI I\IQTX JVSQ XLMW VIUYMVIQIRX F] MRHYWXV] &1 8IWX 1IXLSHW JSV 8IRWMSR 8IWXMRK ;VSYKLX ERH 'EWX
[MHI EKVIIQIRX XS OIIT XLI TVIWWMRK SJ XLI QEXIVMEP XS E %PYQMRYQ ERH 1EKRIWMYQ%PPS] 4VSHYGXW 1IXVMG
WTIGMÂG TVSNIGXIH EVIE ERH HIRWMX] ) 4VEGXMGIW JSV *SVGI :IVMÂGEXMSR SJ 8IWXMRK 1EGLMRIW
) 8IVQMRSPSK] 6IPEXMRK XS 1IXLSHW SJ 1IGLERMGEP 8IWXMRK
)\GITXMSRW XS XLI TVSZMWMSRW SJ XLIWI XIWX QIXLSHW QE] ) 4VEGXMGI JSV 9WMRK 7MKRMÂGERX (MKMXW MR 8IWX (EXE XS
RIIH XS FI QEHI MR MRHMZMHYEP WTIGMÂGEXMSRW SV XIWX QIXLSHW JSV (IXIVQMRI 'SRJSVQERGI [MXL 7TIGMÂGEXMSRW
E TEVXMGYPEV QEXIVMEP *SV I\EQTPIW WII 8IWX 1IXLSHW ERH ) 4VEGXMGI JSV :IVMÂGEXMSR ERH 'PEWWMÂGEXMSR SJ )\XIR
(IÂRMXMSRW % ERH 8IWX 1IXLSHW & ERH &1 WSQIXIV 7]WXIQW
6SSQ XIQTIVEXYVI WLEPP FI GSRWMHIVIH XS FI XS ' ) 8IWX 1IXLSHW SJ 8IRWMSR 8IWXMRK SJ 1IXEPPMG *SMP
? XS *A YRPIWW SXLIV[MWI WTIGMÂIH ) 4VEGXMGI JSV 'SRHYGXMRK ER -RXIVPEFSVEXSV] 7XYH] XS
8LI ZEPYIW WXEXIH MR 7- YRMXW EVI XS FI VIKEVHIH EW (IXIVQMRI XLI 4VIGMWMSR SJ E 8IWX 1IXLSH
WITEVEXI JVSQ MRGLTSYRH YRMXW 8LI ZEPYIW WXEXIH MR IEGL ) 4VEGXMGI JSV :IVMÂGEXMSR SJ 8IWXMRK *VEQI ERH 7TIGM
W]WXIQ EVI RSX I\EGX IUYMZEPIRXW XLIVIJSVI IEGL W]WXIQ QYWX QIR %PMKRQIRX 9RHIV 8IRWMPI ERH 'SQTVIWWMZI %\MEP
FI YWIH MRHITIRHIRXP] SJ XLI SXLIV 'SQFMRMRK ZEPYIW JVSQ XLI *SVGI %TTPMGEXMSR
X[S W]WXIQW QE] VIWYPX MR RSRGSRJSVQERGI [MXL XLI WXERHEVH ( 8IVQMRSPSK] 6IPEXMRK XS 6YFFIV
) +YMHI JSV )ZEPYEXMRK 'SQTYXIVMÎH (EXE %GUYMWMXMSR
8LMW WXERHEVH HSIW RSX TYVTSVX XS EHHVIWW EPP SJ XLI 7]WXIQW 9WIH XS %GUYMVI (EXE JVSQ 9RMZIVWEP 8IWXMRK
WEJIX] GSRGIVRW MJ ER] EWWSGMEXIH [MXL MXW YWI -X MW XLI 1EGLMRIW
VIWTSRWMFMPMX] SJ XLI YWIV SJ XLMW WXERHEVH XS IWXEFPMWL ETTVS
TVMEXI WEJIX] ERH LIEPXL TVEGXMGIW ERH HIXIVQMRI XLI ETTPMGE 8IVQMRSPSK]
FMPMX] SJ VIKYPEXSV] PMQMXEXMSRW TVMSV XS YWI (I´RMXMSRW SJ 8IVQW 'SQQSR XS 1IGLERMGEP 8IWXMRK¨
8LI HIÂRMXMSRW SJ QIGLERMGEP XIWXMRK XIVQW XLEX ET
TIEV MR XLI 8IVQMRSPSK] ) ETTP] XS XLMW XIWX QIXLSH
8LIWI XIWX QIXLSHW EVI YRHIV XLI NYVMWHMGXMSR SJ %781 'SQQMXXII ) SR
1IGLERMGEP 8IWXMRK ERH EVI XLI HMVIGX VIWTSRWMFMPMX] SJ 7YFGSQQMXXII ) SR
9RME\MEP 8IWXMRK *SV VIJIVIRGIH %781 WXERHEVHW ZMWMX XLI %781 [IFWMXI [[[EWXQSVK SV
'YVVIRX IHMXMSR ETTVSZIH 1E] 4YFPMWLIH .YRI 3VMKMREPP] GSRXEGX %781 'YWXSQIV 7IVZMGI EX WIVZMGI$EWXQSVK *SV %RRYEP &SSO SJ %781
ETTVSZIH MR 0EWX TVIZMSYW IHMXMSR ETTVSZIH EW ))1 ´ (3- 7XERHEVHW ZSPYQI MRJSVQEXMSR VIJIV XS XLI WXERHEVH¹W (SGYQIRX 7YQQEV] TEKI SR
)C)1% XLI %781 [IFWMXI
% 7YQQEV] SJ 'LERKIW WIGXMSR ETTIEVW EX XLI IRH SJ XLMW WXERHEVH

'ST]VMKLX %781 -RXIVREXMSREP &EVV ,EVFSV (VMZI 43 &S\ ' ;IWX 'SRWLSLSGOIR 4% 9RMXIH 7XEXIW
'ST]VMKLX%781-RXIVREXMSREP
4VSZMHIHF]-,7YRHIVPMGIRWI[MXL%781
0MGIRWII!4IXVSJEG-RXIVREXMSREP0XH9WIV!6ENY1ERM
2SVITVSHYGXMSRSVRIX[SVOMRKTIVQMXXIH[MXLSYXPMGIRWIJVSQ-,7 2SXJSV6IWEPI1(8
8LIWI XIVQW MRGPYHI FIRHMRK WXVEMR GSRWXVEMRX TSMRX EX SV RIEV XLI SRWIX SJ ]MIPHMRK EX [LMGL XLI WPSTI VIEGLIW
IPSRKEXMSR I\XIRWSQIXIV JSVGI KEYKI PIRKXL RIGOMRK VI ÎVS XLI QEXIVMEP LEW =4)
HYGIH WIGXMSR WXVIWWWXVEMR HMEKVEQ XIWXMRK QEGLMRI ERH ]MIPH WXVIRKXL =7 SV 7 ?*0 A R¨XLI IRKMRIIVMRK
QSHYPYW SJ IPEWXMGMX] WXVIWW EX [LMGL F] GSRZIRXMSR MX MW GSRWMHIVIH XLEX TPEWXMG
-R EHHMXMSR XLI JSPPS[MRK GSQQSR XIVQW JVSQ 8IVQM IPSRKEXMSR SJ XLI QEXIVMEP LEW GSQQIRGIH
RSPSK] ) EVI HIÂRIH (MWGYWWMSR¨8LMW WXVIWW QE] FI WTIGMÂIH MR XIVQW
HMWGSRXMRYSYW ]MIPHMRK R¨MR E YRME\MEP XIWX E LIWMXE SJ E E WTIGMÂIH HIZMEXMSR JVSQ E PMRIEV WXVIWWWXVEMR
XMSR SV ÃYGXYEXMSR SJ JSVGI SFWIVZIH EX XLI SRWIX SJ TPEWXMG VIPEXMSRWLMT F E WTIGMÂIH XSXEP I\XIRWMSR EXXEMRIH SV G
HIJSVQEXMSR HYI XS PSGEPMÎH ]MIPHMRK QE\MQYQ SV QMRMQYQ IRKMRIIVMRK WXVIWWIW QIEWYVIH HYVMRK
(MWGYWWMSR¨8LI WXVIWWWXVEMR GYVZI RIIH RSX ETTIEV HMWGSRXMRYSYW ]MIPHMRK
XS FI HMWGSRXMRYSYW
(I´RMXMSRW SJ 8IVQW 7TIGM´G XS 8LMW 7XERHEVH
IPSRKEXMSR EJXIV JVEGXYVI R¨XLI IPSRKEXMSR QIEWYVIH VIJIVII XIWX R¨XIWX QEHI XS WIXXPI E HMWEKVIIQIRX EW XS
F] ÂXXMRK XLI X[S LEPZIW SJ XLI FVSOIR WTIGMQIR XSKIXLIV XLI GSRJSVQERGI XS WTIGMÂIH VIUYMVIQIRXW SV GSRHYGXIH F] E
IPSRKEXMSR EX JVEGXYVI R¨XLI IPSRKEXMSR QIEWYVIH XLMVH TEVX] XS EVFMXVEXI FIX[IIR GSRÃMGXMRK VIWYPXW (
NYWX TVMSV XS XLI WYHHIR HIGVIEWI MR JSVGI EWWSGMEXIH [MXL (
JVEGXYVI
PS[IV ]MIPH WXVIRKXL 0=7 ?*0 A¨MR E YRME\MEP XIWX
XLI QMRMQYQ WXVIWW VIGSVHIH HYVMRK HMWGSRXMRYSYW ]MIPHMRK 8IRWMSR XIWXW TVSZMHI MRJSVQEXMSR SR XLI WXVIRKXL ERH
MKRSVMRK XVERWMIRX IJJIGXW HYGXMPMX] SJ QEXIVMEPW YRHIV YRME\MEP XIRWMPI WXVIWWIW 8LMW
VIHYGXMSR SJ EVIE R¨XLI HMJJIVIRGI FIX[IIR XLI MRJSVQEXMSR QE] FI YWIJYP MR GSQTEVMWSRW SJ QEXIVMEPW EPPS]
SVMKMREP GVSWWWIGXMSREP EVIE SJ E XIRWMSR XIWX WTIGMQIR ERH XLI HIZIPSTQIRX UYEPMX] GSRXVSP ERH HIWMKR YRHIV GIVXEMR GMVGYQ
EVIE SJ MXW WQEPPIWX GVSWW WIGXMSR WXERGIW
(MWGYWWMSR¨8LI VIHYGXMSR SJ EVIE MW YWYEPP] I\ 8LI VIWYPXW SJ XIRWMSR XIWXW SJ WTIGMQIRW QEGLMRIH XS
TVIWWIH EW E TIVGIRXEKI SJ XLI SVMKMREP GVSWWWIGXMSREP EVIE SJ WXERHEVHMÎH HMQIRWMSRW JVSQ WIPIGXIH TSVXMSRW SJ E TEVX SV
XLI WTIGMQIR QEXIVMEP QE] RSX XSXEPP] VITVIWIRX XLI WXVIRKXL ERH HYGXMPMX]
(MWGYWWMSR¨8LI WQEPPIWX GVSWW WIGXMSR QE] FI QIE TVSTIVXMIW SJ XLI IRXMVI IRH TVSHYGX SV MXW MRWIVZMGI FILEZMSV MR
WYVIH EX SV EJXIV JVEGXYVI EW WTIGMÂIH JSV XLI QEXIVMEP YRHIV XIWX HMJJIVIRX IRZMVSRQIRXW
(MWGYWWMSR¨8LI XIVQ VIHYGXMSR SJ EVIE [LIR ET 8LIWI XIWX QIXLSHW EVI GSRWMHIVIH WEXMWJEGXSV] JSV EG
TPMIH XS QIXEPW KIRIVEPP] QIERW QIEWYVIQIRX EJXIV JVEGXYVI GITXERGI XIWXMRK SJ GSQQIVGMEP WLMTQIRXW 8LI XIWX QIXLSHW
[LIR ETTPMIH XS TPEWXMGW ERH IPEWXSQIVW QIEWYVIQIRX EX LEZI FIIR YWIH I\XIRWMZIP] MR XLI XVEHI JSV XLMW TYVTSWI
JVEGXYVI 7YGL MRXIVTVIXEXMSR MW YWYEPP] ETTPMGEFPI XS ZEPYIW JSV
VIHYGXMSR SJ EVIE VITSVXIH MR XLI PMXIVEXYVI [LIR RS JYVXLIV %TTEVEXYW
UYEPMÂGEXMSR MW KMZIR )
8IWXMRK 1EGLMRIW¨1EGLMRIW YWIH JSV XIRWMSR XIWXMRK
XIRWMPI WXVIRKXL 7 ?*0 A R¨XLI QE\MQYQ XIRWMPI WLEPP GSRJSVQ XS XLI VIUYMVIQIRXW SJ 4VEGXMGIW ) 8LI JSVGIW
WXVIWW XLEX E QEXIVMEP MW GETEFPI SJ WYWXEMRMRK YWIH MR HIXIVQMRMRK XIRWMPI WXVIRKXL ERH ]MIPH WXVIRKXL WLEPP FI
(MWGYWWMSR¨8IRWMPI WXVIRKXL MW GEPGYPEXIH JVSQ XLI [MXLMR XLI ZIVMÂIH JSVGI ETTPMGEXMSR VERKI SJ XLI XIWXMRK
QE\MQYQ JSVGI HYVMRK E XIRWMSR XIWX GEVVMIH XS VYTXYVI ERH XLI QEGLMRI EW HIÂRIH MR 4VEGXMGIW )
SVMKMREP GVSWWWIGXMSREP EVIE SJ XLI WTIGMQIR
+VMTTMRK (IZMGIW
YRMJSVQ IPSRKEXMSR )P ? A¨XLI IPSRKEXMSR HIXIV +IRIVEP¨:EVMSYW X]TIW SJ KVMTTMRK HIZMGIW QE] FI
QMRIH EX XLI QE\MQYQ JSVGI WYWXEMRIH F] XLI XIWX TMIGI NYWX YWIH XS XVERWQMX XLI QIEWYVIH JSVGI ETTPMIH F] XLI XIWXMRK
TVMSV XS RIGOMRK SV JVEGXYVI SV FSXL QEGLMRI XS XLI XIWX WTIGMQIRW 8S IRWYVI E\MEP XIRWMPI WXVIWW
(MWGYWWMSR¨9RMJSVQ IPSRKEXMSR MRGPYHIW FSXL IPEW [MXLMR XLI KEYKI PIRKXL XLI E\MW SJ XLI XIWX WTIGMQIR WLSYPH
XMG ERH TPEWXMG IPSRKEXMSR GSMRGMHI [MXL XLI GIRXIV PMRI SJ XLI LIEHW SJ XLI XIWXMRK
YTTIV ]MIPH WXVIRKXL 9=7 ?*0 A¨MR E YRME\MEP XIWX QEGLMRI %R] HITEVXYVI JVSQ XLMW VIUYMVIQIRX QE] MRXVSHYGI
XLI ÂVWX WXVIWW QE\MQYQ WXVIWW EX ÂVWX ÎVS WPSTI EWWSGMEXIH FIRHMRK WXVIWWIW XLEX EVI RSX MRGPYHIH MR XLI YWYEP WXVIWW
[MXL HMWGSRXMRYSYW ]MIPHMRK EX SV RIEV XLI SRWIX SJ TPEWXMG GSQTYXEXMSR JSVGI HMZMHIH F] GVSWWWIGXMSREP EVIE
HIJSVQEXMSR 238) µ8LI IJJIGX SJ XLMW IGGIRXVMG JSVGI ETTPMGEXMSR QE] FI MPPYW
]MIPH TSMRX IPSRKEXMSR =4) R¨MR E YRME\MEP XIWX XLI XVEXIH F] GEPGYPEXMRK XLI FIRHMRK QSQIRX ERH WXVIWW XLYW EHHIH *SV E
WXVEMR I\TVIWWIH MR TIVGIRX WITEVEXMRK XLI WXVIWWWXVEMR GYVZI¹W WXERHEVH QQ ?MRA HMEQIXIV WTIGMQIR XLI WXVIWW MRGVIEWI MW
TIVGIRXEKI TSMRXW JSV IEGL QQ ? MRA SJ IGGIRXVMGMX] 8LMW IVVSV
ÂVWX TSMRX SJ ÎVS WPSTI JVSQ XLI TSMRX SJ XVERWMXMSR JVSQ MRGVIEWIW XS TIVGIRXEKI TSMRXW QQ ? MRA JSV E QQ
HMWGSRXMRYSYW ]MIPHMRK XS YRMJSVQ WXVEMR LEVHIRMRK ?MRA HMEQIXIV WTIGMQIR ERH XS TIVGIRXEKI TSMRXW QQ
(MWGYWWMSR¨ -J XLI XVERWMXMSR SGGYVW SZIV E VERKI ? MRA JSV E QQ ?MRA HMEQIXIV WTIGMQIR
SJ WXVEMR XLI =4) IRH TSMRX MW XLI MRXIVWIGXMSR FIX[IIR E E 238) µ%PMKRQIRX QIXLSHW EVI KMZIR MR 4VEGXMGI )
LSVM^SRXEP PMRI HVE[R XERKIRX XS XLI GYVZI EX XLI PEWX ÎVS WPSTI ;IHKI +VMTW¨8IWXMRK QEGLMRIW YWYEPP] EVI IUYMTTIH
ERH F E PMRI HVE[R XERKIRX XS XLI WXVEMR LEVHIRMRK TSVXMSR SJ [MXL [IHKI KVMTW 8LIWI [IHKI KVMTW KIRIVEPP] JYVRMWL E
XLI WXVIWWWXVEMR GYVZI EX XLI TSMRX SJ MRÃIGXMSR -J XLIVI MW RS WEXMWJEGXSV] QIERW SJ KVMTTMRK PSRK WTIGMQIRW SJ HYGXMPI QIXEP
DDDDDDDDDDDDDDDDDDD
ERH ÃEX TPEXI XIWX WTIGMQIRW WYGL EW XLSWI WLS[R MR *MK -J 7TIGMQIR 7MÎ¨8IWX WTIGMQIRW WLEPP FI IMXLIV WYF
LS[IZIV JSV ER] VIEWSR SRI KVMT SJ E TEMV EHZERGIW JEVXLIV WXERXMEPP] JYPP WMÎ SV QEGLMRIH EW TVIWGVMFIH MR XLI TVSHYGX
XLER XLI SXLIV EW XLI KVMTW XMKLXIR ER YRHIWMVEFPI FIRHMRK WTIGMÂGEXMSRW JSV XLI QEXIVMEP FIMRK XIWXIH
WXVIWW QE] FI MRXVSHYGIH ;LIR PMRIVW EVI YWIH FILMRH XLI 0SGEXMSR¨9RPIWW SXLIV[MWI WTIGMÂIH XLI E\MW SJ XLI
[IHKIW XLI] QYWX FI SJ XLI WEQI XLMGORIWW ERH XLIMV JEGIW XIWX WTIGMQIR WLEPP FI PSGEXIH [MXLMR XLI TEVIRX QEXIVMEP EW
QYWX FI ÃEX ERH TEVEPPIP *SV FIWX VIWYPXW XLI [IHKIW WLSYPH FI JSPPS[W
WYTTSVXIH SZIV XLIMV IRXMVI PIRKXLW F] XLI LIEHW SJ XLI XIWXMRK %X XLI GIRXIV JSV TVSHYGXW QQ ? MRA SV PIWW
QEGLMRI 8LMW VIUYMVIW XLEX PMRIVW SJ WIZIVEP XLMGORIWWIW FI MR XLMGORIWW HMEQIXIV SV HMWXERGI FIX[IIR ÃEXW
EZEMPEFPI XS GSZIV XLI VERKI SJ WTIGMQIR XLMGORIWW *SV TVSTIV 1MH[E] JVSQ XLI GIRXIV XS XLI WYVJEGI JSV TVSHYGXW
KVMTTMRK MX MW HIWMVEFPI XLEX XLI IRXMVI PIRKXL SJ XLI WIVVEXIH SZIV QQ ? MRA MR XLMGORIWW HMEQIXIV SV HMWXERGI
JEGI SJ IEGL [IHKI FI MR GSRXEGX [MXL XLI WTIGMQIR 4VSTIV FIX[IIR ÃEXW
EPMKRQIRX SJ [IHKI KVMTW ERH PMRIVW MW MPPYWXVEXIH MR *MK *SV 7TIGMQIR 1EGLMRMRK¨-QTVSTIVP] TVITEVIH XIWX WTIGM
WLSVX WTIGMQIRW ERH JSV WTIGMQIRW SJ QER] QEXIVMEPW MX MW QIRW SJXIR EVI XLI VIEWSR JSV YRWEXMWJEGXSV] ERH MRGSVVIGX XIWX
KIRIVEPP] RIGIWWEV] XS YWI QEGLMRIH XIWX WTIGMQIRW ERH XS YWI VIWYPXW -X MW MQTSVXERX XLIVIJSVI XLEX GEVI FI I\IVGMWIH MR XLI
E WTIGMEP QIERW SJ KVMTTMRK XS IRWYVI XLEX XLI WTIGMQIRW [LIR TVITEVEXMSR SJ WTIGMQIRW TEVXMGYPEVP] MR XLI QEGLMRMRK XS
YRHIV PSEH WLEPP FI EW RIEVP] EW TSWWMFPI MR YRMJSVQP] QE\MQMÎ TVIGMWMSR ERH QMRMQMÎ FMEW MR XIWX VIWYPXW
HMWXVMFYXIH TYVI E\MEP XIRWMSR WII ERH 8LI VIHYGIH WIGXMSRW SJ TVITEVIH WTIGMQIRW WLSYPH
+VMTW JSV 8LVIEHIH ERH 7LSYPHIVIH 7TIGMQIRW ERH FI JVII SJ GSPH [SVO RSXGLIW GLEXXIV QEVOW KVSSZIW KSYKIW
&VMXXPI 1EXIVMEPW¨% WGLIQEXMG HMEKVEQ SJ E KVMTTMRK HIZMGI FYVVW VSYKL WYVJEGIW SV IHKIW SZIVLIEXMRK SV ER] SXLIV
JSV XLVIEHIHIRH WTIGMQIRW MW WLS[R MR *MK [LMPI *MK GSRHMXMSR [LMGL GER HIPIXIVMSYWP] EJJIGX XLI TVSTIVXMIW XS FI
WLS[W E HIZMGI JSV KVMTTMRK WTIGMQIRW [MXL WLSYPHIVIH IRHW QIEWYVIH
&SXL SJ XLIWI KVMTTMRK HIZMGIW WLSYPH FI EXXEGLIH XS XLI LIEHW 238) µ4YRGLMRK SV FPEROMRK SJ XLI VIHYGIH WIGXMSR QE] TVSHYGI
SJ XLI XIWXMRK QEGLMRI XLVSYKL TVSTIVP] PYFVMGEXIH WTLIVMGEP WMKRMÂGERX GSPH [SVO SV WLIEV FYVVW SV FSXL EPSRK XLI IHKIW [LMGL WLSYPH
WIEXIH FIEVMRKW 8LI HMWXERGI FIX[IIR WTLIVMGEP FIEVMRKW FI VIQSZIH F] QEGLMRMRK
WLSYPH FI EW KVIEX EW JIEWMFPI ;MXLMR XLI VIHYGIH WIGXMSR SJ VIGXERKYPEV
+VMTW JSV 7LIIX 1EXIVMEPW¨8LI WIPJEHNYWXMRK KVMTW WTIGMQIRW IHKIW SV GSVRIVW WLSYPH RSX FI KVSYRH SV EFVEHIH MR
WLS[R MR *MK LEZI TVSZIR WEXMWJEGXSV] JSV XIWXMRK WLIIX E QERRIV [LMGL GSYPH GEYWI XLI EGXYEP GVSWWWIGXMSREP EVIE SJ
QEXIVMEPW XLEX GERRSX FI XIWXIH WEXMWJEGXSVMP] MR XLI YWYEP X]TI SJ XLI WTIGMQIR XS FI WMKRMÂGERXP] HMJJIVIRX JVSQ XLI GEPGYPEXIH
[IHKI KVMTW EVIE
*SV FVMXXPI QEXIVMEPW PEVKI VEHMYW ÂPPIXW EX XLI IRHW SJ
+VMTW JSV ;MVI¨+VMTW SJ IMXLIV XLI [IHKI SV WRYFFMRK
XLI KEYKI PIRKXL WLSYPH FI YWIH
X]TIW EW WLS[R MR *MK ERH *MK SV ÃEX [IHKI KVMTW QE] FI
8LI GVSWWWIGXMSREP EVIE SJ XLI WTIGMQIR WLSYPH FI
YWIH
WQEPPIWX EX XLI GIRXIV SJ XLI VIHYGIH WIGXMSR XS IRWYVI JVEGXYVI
(MQIRWMSR1IEWYVMRK (IZMGIW¨1MGVSQIXIVW ERH SXLIV [MXLMR XLI KEYKI PIRKXL *SV XLMW VIEWSR E WQEPP XETIV MW
HIZMGIW YWIH JSV QIEWYVMRK PMRIEV HMQIRWMSRW WLEPP FI EGGYVEXI TIVQMXXIH MR XLI VIHYGIH WIGXMSR SJ IEGL SJ XLI WTIGMQIRW
ERH TVIGMWI XS EX PIEWX SRI LEPJ XLI WQEPPIWX YRMX XS [LMGL XLI HIWGVMFIH MR XLI JSPPS[MRK WIGXMSRW
MRHMZMHYEP HMQIRWMSR MW VIUYMVIH XS FI QIEWYVIH 7TIGMQIR 7YVJEGI *MRMWL¨;LIR QEXIVMEPW EVI XIWXIH
[MXL WYVJEGI GSRHMXMSRW SXLIV XLER EW QERYJEGXYVIH XLI WYVJEGI
)\XIRWSQIXIVW¨)\XIRWSQIXIVW YWIH MR XIRWMSR XIWXMRK ÂRMWL SJ XLI XIWX WTIGMQIRW WLSYPH FI EW TVSZMHIH MR XLI
WLEPP GSRJSVQ XS XLI VIUYMVIQIRXW SJ 4VEGXMGI ) JSV XLI ETTPMGEFPI TVSHYGX WTIGMÂGEXMSRW
GPEWWMÂGEXMSRW WTIGMÂIH F] XLI TVSGIHYVI WIGXMSR SJ XLMW XIWX
QIXLSH )\XIRWSQIXIVW WLEPP FI YWIH ERH ZIVMÂIH XS MRGPYHI 238) µ4EVXMGYPEV EXXIRXMSR WLSYPH FI KMZIR XS XLI YRMJSVQMX] ERH
XLI WXVEMRW GSVVIWTSRHMRK XS XLI ]MIPH WXVIRKXL ERH IPSRKEXMSR EX UYEPMX] SJ WYVJEGI ÂRMWL SJ WTIGMQIRW JSV LMKL WXVIRKXL ERH ZIV] PS[
HYGXMPMX] QEXIVMEPW WMRGI XLMW LEW FIIR WLS[R XS FI E JEGXSV MR XLI
JVEGXYVI MJ HIXIVQMRIH ZEVMEFMPMX] SJ XIWX VIWYPXW
)\XIRWSQIXIVW [MXL KEYKI PIRKXLW IUYEP XS SV WLSVXIV 4PEXI8]TI 7TIGMQIRW¨8LI WXERHEVH TPEXIX]TI XIWX
XLER XLI RSQMREP KEYKI PIRKXL SJ XLI WTIGMQIR HMQIRWMSR WTIGMQIR MW WLS[R MR *MK 8LMW WTIGMQIR MW YWIH JSV XIWXMRK
WLS[R EW ¶++EYKI 0IRKXL· MR XLI EGGSQTER]MRK ÂKYVIW QE] QIXEPPMG QEXIVMEPW MR XLI JSVQ SJ TPEXI WLETIW ERH ÃEX QEXIVMEP
FI YWIH XS HIXIVQMRI XLI ]MIPH FILEZMSV *SV WTIGMQIRW [MXLSYX LEZMRK E RSQMREP XLMGORIWW SJ QQ ? MRA SV SZIV ;LIR
E VIHYGIH WIGXMSR JSV I\EQTPI JYPP GVSWW WIGXMSREP EVIE TVSHYGX WTIGMÂGEXMSRW WS TIVQMX SXLIV X]TIW SJ WTIGMQIRW QE]
WTIGMQIRW SJ [MVI VSH SV FEV XLI I\XIRWSQIXIV KEYKI PIRKXL FI YWIH EW TVSZMHIH MR ERH
JSV XLI HIXIVQMREXMSR SJ ]MIPH FILEZMSV WLEPP RSX I\GIIH
SJ XLI HMWXERGI FIX[IIR KVMTW *SV QIEWYVMRK IPSRKEXMSR EX 7LIIX8]TI 7TIGMQIRW
JVEGXYVI [MXL ER ETTVSTVMEXI I\XIRWSQIXIV XLI KEYKI PIRKXL SJ 8LI WXERHEVH WLIIXX]TI XIWX WTIGMQIR MW WLS[R MR *MK
XLI I\XIRWSQIXIV WLEPP FI IUYEP XS XLI RSQMREP KEYKI PIRKXL 8LMW WTIGMQIR MW YWIH JSV XIWXMRK QIXEPPMG QEXIVMEPW MR XLI
VIUYMVIH JSV XLI WTIGMQIR FIMRK XIWXIH JSVQ SJ WLIIX TPEXI ÃEX [MVI WXVMT FERH LSST VIGXERKPIW ERH
WLETIW VERKMRK MR RSQMREP XLMGORIWW JVSQ XS QQ
? XS MRA ;LIR TVSHYGX WTIGMÂGEXMSRW WS TIVQMX
8IWX 7TIGMQIRW
SXLIV X]TIW SJ WTIGMQIRW QE] FI YWIH EW TVSZMHIH MR
+IRIVEP ERH
(MQIRWMSRW
7XERHEVH 7TIGMQIRW 7YFWMÎ 7TIGMQIR
4PEXI8]TI QQ 7LIIX8]TI QQ QQ
? MRA ;MHI ? MRA ;MHI ? MRA ;MHI
QQ ?MRA QQ ?MRA QQ ?MRA
+{+EYKI PIRKXL 2SXI ERH 2SXI
? A ? A ? A
;{;MHXL 2SXI ERH 2SXI
? A ? A ? A
8{8LMGORIWW 2SXI XLMGORIWW SJ QEXIVMEP
6 2SXI ?A ?A ?A
0{3ZIVEPP PIRKXL QMR 2SXI 2SXI ERH 2SXI ?A ?A ?A
%{0IRKXL SJ VIHYGIH WIGXMSR QMR ?A ?A ?A
&{0IRKXL SJ KVMT WIGXMSR QMR 2SXI ?A ?A ?A
'{;MHXL SJ KVMT WIGXMSR ETTVS\MQEXI 2SXI ERH 2SXI ?A ?A ?A
238) µ*SV XLI QQ ? MRA [MHI WTIGMQIR TYRGL QEVOW JSV QIEWYVMRK IPSRKEXMSR EJXIV JVEGXYVI WLEPP FI QEHI SR XLI ÃEX SV SR XLI IHKI SJ
XLI WTIGMQIR ERH [MXLMR XLI VIHYGIH WIGXMSR )MXLIV E WIX SJ RMRI SV QSVI TYRGL QEVOW QQ ? MRA ETEVX SV SRI SV QSVI TEMVW SJ TYRGL QEVOW
QQ ? MRA ETEVX QE] FI YWIH
238) µ;LIR IPSRKEXMSR QIEWYVIQIRXW SJ QQ ? MRA [MHI WTIGMQIRW EVI RSX VIUYMVIH E QMRMQYQ PIRKXL SJ VIHYGIH WIGXMSR % SJ QQ
? MRA QE] FI YWIH [MXL EPP SXLIV HMQIRWMSRW WMQMPEV XS XLSWI SJ XLI TPEXIX]TI WTIGMQIR
238) µ*SV XLI XLVII WMÎW SJ WTIGMQIRW XLI IRHW SJ XLI VIHYGIH WIGXMSR WLEPP RSX HMJJIV MR [MHXL F] QSVI XLER SV QQ ?
SV MRA VIWTIGXMZIP] %PWS XLIVI QE] FI E KVEHYEP HIGVIEWI MR [MHXL JVSQ XLI IRHW XS XLI GIRXIV FYX XLI [MHXL EX IEGL IRH WLEPP RSX FI QSVI XLER
PEVKIV XLER XLI [MHXL EX XLI GIRXIV
238) µ*SV IEGL SJ XLI XLVII WMÎW SJ WTIGMQIRW REVVS[IV [MHXLW ; ERH ' QE] FI YWIH [LIR RIGIWWEV] -R WYGL GEWIW XLI [MHXL SJ XLI VIHYGIH
WIGXMSR WLSYPH FI EW PEVKI EW XLI [MHXL SJ XLI QEXIVMEP FIMRK XIWXIH TIVQMXW LS[IZIV YRPIWW WXEXIH WTIGMÂGEPP] XLI VIUYMVIQIRXW JSV IPSRKEXMSR MR E TVSHYGX
WTIGMÂGEXMSR WLEPP RSX ETTP] [LIR XLIWI REVVS[IV WTIGMQIRW EVI YWIH
238) µ8LI HMQIRWMSR 8 MW XLI XLMGORIWW SJ XLI XIWX WTIGMQIR EW TVSZMHIH JSV MR XLI ETTPMGEFPI QEXIVMEP WTIGMÂGEXMSRW 1MRMQYQ XLMGORIWW SJ QQ
? MRA [MHI WTIGMQIRW WLEPP FI QQ ? MRA 1E\MQYQ XLMGORIWW SJ ERH QQ ? ERH MRA [MHI WTIGMQIRW WLEPP FI ERH
QQ ? ERH MRA VIWTIGXMZIP]
238) µ*SV XLI QQ ? MRA [MHI WTIGMQIR E QQ ? MRA QMRMQYQ VEHMYW EX XLI IRHW SJ XLI VIHYGIH WIGXMSR MW TIVQMXXIH JSV WXIIP
WTIGMQIRW YRHIV 14E ? TWMA MR XIRWMPI WXVIRKXL [LIR E TVSÂPI GYXXIV MW YWIH XS QEGLMRI XLI VIHYGIH WIGXMSR
238) µ8LI HMQIRWMSR WLS[R MW WYKKIWXIH EW E QMRMQYQ -R HIXIVQMRMRK XLI QMRMQYQ PIRKXL XLI KVMTW QYWX RSX I\XIRH MR XS XLI XVERWMXMSR WIGXMSR
FIX[IIR (MQIRWMSRW % ERH & WII 2SXI
238) µ8S EMH MR SFXEMRMRK E\MEP JSVGI ETTPMGEXMSR HYVMRK XIWXMRK SJ QQ ?MRA [MHI WTIGMQIRW XLI SZIVEPP PIRKXL WLSYPH FI EW PEVKI EW XLI
QEXIVMEP [MPP TIVQMX YT XS QQ ? MRA
238) µ-X MW HIWMVEFPI MJ TSWWMFPI XS QEOI XLI PIRKXL SJ XLI KVMT WIGXMSR PEVKI IRSYKL XS EPPS[ XLI WTIGMQIR XS I\XIRH MRXS XLI KVMTW E HMWXERGI IUYEP
XS X[S XLMVHW SV QSVI SJ XLI PIRKXL SJ XLI KVMTW -J XLI XLMGORIWW SJ QQ ?MRA [MHI WTIGMQIRW MW SZIV QQ ? MRA PSRKIV KVMTW ERH
GSVVIWTSRHMRKP] PSRKIV KVMT WIGXMSRW SJ XLI WTIGMQIR QE] FI RIGIWWEV] XS TVIZIRX JEMPYVI MR XLI KVMT WIGXMSR
238) µ*SV XLI XLVII WMÎW SJ WTIGMQIRW XLI IRHW SJ XLI WTIGMQIR WLEPP FI W]QQIXVMGEP MR [MHXL [MXL XLI GIRXIV PMRI SJ XLI VIHYGIH WIGXMSR [MXLMR
ERH QQ ? ERH MRA VIWTIGXMZIP] ,S[IZIV JSV VIJIVII XIWXMRK ERH [LIR VIUYMVIH F] TVSHYGX WTIGMÂGEXMSRW XLI IRHW SJ XLI
QQ ? MRA [MHI WTIGMQIR WLEPP FI W]QQIXVMGEP [MXLMR QQ ? MRA
238) µ*SV IEGL WTIGMQIR X]TI XLI VEHMM SJ EPP ÂPPIXW WLEPP FI IUYEP XS IEGL SXLIV [MXLMR E XSPIVERGI SJ QQ ? MRA ERH XLI GIRXIVW SJ
GYVZEXYVI SJ XLI X[S ÂPPIXW EX E TEVXMGYPEV IRH WLEPP FI PSGEXIH EGVSWW JVSQ IEGL SXLIV SR E PMRI TIVTIRHMGYPEV XS XLI GIRXIVPMRI [MXLMR E XSPIVERGI SJ
QQ ? MRA
238) µ7TIGMQIRW [MXL WMHIW TEVEPPIP XLVSYKLSYX XLIMV PIRKXL EVI TIVQMXXIH I\GITX JSV VIJIVII XIWXMRK TVSZMHIH E XLI EFSZI XSPIVERGIW EVI YWIH
F ER EHIUYEXI RYQFIV SJ QEVOW EVI TVSZMHIH JSV HIXIVQMREXMSR SJ IPSRKEXMSR ERH G [LIR ]MIPH WXVIRKXL MW HIXIVQMRIH E WYMXEFPI I\XIRWSQIXIV MW YWIH
-J XLI JVEGXYVI SGGYVW EX E HMWXERGI SJ PIWW XLER ; JVSQ XLI IHKI SJ XLI KVMTTMRK HIZMGI XLI XIRWMPI TVSTIVXMIW HIXIVQMRIH QE] RSX FI VITVIWIRXEXMZI SJ
XLI QEXIVMEP -R EGGITXERGI XIWXMRK MJ XLI TVSTIVXMIW QIIX XLI QMRMQYQ VIUYMVIQIRXW WTIGMÂIH RS JYVXLIV XIWXMRK MW VIUYMVIH FYX MJ XLI] EVI PIWW XLER XLI
QMRMQYQ VIUYMVIQIRXW HMWGEVH XLI XIWX ERH VIXIWX
*-+ 6IGXERKYPEV 8IRWMSR 8IWX 7TIGMQIRW
*-+ ;IHKI +VMTW [MXL 0MRIVW JSV *PEX 7TIGMQIRW
*-+ +VMTTMRK (IZMGI JSV 7LSYPHIVIH)RH 7TIGMQIRW
*-+ +VMTTMRK (IZMGI JSV 8LVIEHIH)RH 7TIGMQIRW
238) µ8IWX 1IXLSHW ) QE] FI YWIH JSV XIRWMSR XIWXMRK SJ

QEXIVMEPW MR XLMGORIWWIW YT XS QQ ? MRA
4MR IRHW EW WLS[R MR *MK QE] FI YWIH -R SVHIV XS
EZSMH FYGOPMRK MR XIWXW SJ XLMR ERH LMKLWXVIRKXL QEXIVMEPW MX
QE] FI RIGIWWEV] XS YWI WXMJJIRMRK TPEXIW EX XLI KVMT IRHW
6SYRH 7TIGMQIRW
8LI WXERHEVH QQ ?MRA HMEQIXIV VSYRH XIWX
WTIGMQIR WLS[R MR *MK MW YWIH UYMXI KIRIVEPP] JSV XIWXMRK
QIXEPPMG QEXIVMEPW FSXL GEWX ERH [VSYKLX *-+ +VMTTMRK (IZMGIW JSV 7LIIX ERH ;MVI 7TIGMQIRW
*MK EPWS WLS[W WQEPPWMÎ WTIGMQIRW TVSTSVXMSREP XS
XLI WXERHEVH WTIGMQIR 8LIWI QE] FI YWIH [LIR MX MW RIGIWWEV]
XS XIWX QEXIVMEP JVSQ [LMGL XLI WXERHEVH WTIGMQIR SV WTIGMQIRW WTIGMQIRW QE] FI YWIH -R ER] WYGL WQEPPWMÎ WTIGMQIR MX MW
WLS[R MR *MK GERRSX FI TVITEVIH 3XLIV WMÎW SJ WQEPP VSYRH MQTSVXERX XLEX XLI KEYKI PIRKXL JSV QIEWYVIQIRX SJ IPSRKEXMSR
DDDDDDDDDDDDDDDDDDD
HMEQIXIV WLEPP FI YWIH [LIR JSPPS[MRK )1 YRPIWW SXLIV[MWI
WTIGMÂIH 8LI XSXEP PIRKXL SJ XLI WTIGMQIRW WLEPP FI EX PIEWX
IUYEP XS XLI KEYKI PIRKXL TPYW XLI PIRKXL SJ QEXIVMEP VIUYMVIH
JSV XLI JYPP YWI SJ XLI KVMTW IQTPS]IH
*SV [MVI SJ SGXEKSREP LI\EKSREP SV WUYEVI GVSWW
WIGXMSR JSV VSH SV FEV SJ VSYRH GVSWW WIGXMSR [LIVI XLI
WTIGMQIR VIUYMVIH MR MW RSX TVEGXMGEFPI ERH JSV VSH SV FEV
SJ SGXEKSREP LI\EKSREP SV WUYEVI GVSWW WIGXMSR SRI SJ XLI
JSPPS[MRK X]TIW SJ WTIGMQIRW WLEPP FI YWIH
*YPP 'VSWW 7IGXMSR 2SXI µ-X MW TIVQMWWMFPI XS
VIHYGI XLI XIWX WIGXMSR WPMKLXP] [MXL EFVEWMZI GPSXL SV TETIV SV
QEGLMRI MX WYJJMGMIRXP] XS IRWYVI JVEGXYVI [MXLMR XLI KEYKI
QEVOW *SV QEXIVMEP RSX I\GIIHMRK QQ ? MRA MR HMEQIXIV
*-+ 7RYFFMRK (IZMGI JSV 8IWXMRK ;MVI SV HMWXERGI FIX[IIR ÃEXW XLI GVSWWWIGXMSREP EVIE QE] FI
VIHYGIH XS RSX PIWW XLER SJ XLI SVMKMREP EVIE [MXLSYX
GLERKMRK XLI WLETI SJ XLI GVSWW WIGXMSR *SV QEXIVMEP SZIV
FI JSYV XMQIW XLI HMEQIXIV SJ XLI WTIGMQIR [LIR JSPPS[MRK ) QQ ? MRA MR HMEQIXIV SV HMWXERGI FIX[IIR ÃEXW XLI
ERH ÂZI XMQIW XLI HMEQIXIV SJ XLI WTIGMQIR [LIR JSPPS[MRK HMEQIXIV SV HMWXERGI FIX[IIR ÃEXW QE] FI VIHYGIH F] RSX QSVI
)1 XLER QQ ? MRA [MXLSYX GLERKMRK XLI WLETI SJ XLI
8LI WLETI SJ XLI IRHW SJ XLI WTIGMQIR SYXWMHI SJ XLI GVSWW WIGXMSR 7UYEVI LI\EKSREP SV SGXEKSREP [MVI SV VSH RSX
KEYKI PIRKXL WLEPP FI WYMXEFPI XS XLI QEXIVMEP ERH SJ E WLETI XS I\GIIHMRK QQ ? MRA FIX[IIR ÃEXW QE] FI XYVRIH XS E
ÂX XLI LSPHIVW SV KVMTW SJ XLI XIWXMRK QEGLMRI WS XLEX XLI JSVGIW VSYRH LEZMRK E GVSWWWIGXMSREP EVIE RSX WQEPPIV XLER SJ
QE] FI ETTPMIH E\MEPP] *MK WLS[W WTIGMQIRW [MXL ZEVMSYW XLI EVIE SJ XLI QE\MQYQ MRWGVMFIH GMVGPI *MPPIXW TVIJIVEFP]
X]TIW SJ IRHW XLEX LEZI KMZIR WEXMWJEGXSV] VIWYPXW [MXL E VEHMYW SJ QQ ? MRA FYX RSX PIWW XLER QQ
7TIGMQIRW JSV 7LIIX 7XVMT *PEX ;MVI ERH 4PEXI¨-R ? MRA WLEPP FI YWIH EX XLI IRHW SJ XLI VIHYGIH WIGXMSRW
XIWXMRK WLIIX WXVMT ÃEX [MVI ERH TPEXI YWI E WTIGMQIR X]TI 7UYEVI LI\EKSREP SV SGXEKSREP VSH SZIV QQ ? MRA
ETTVSTVMEXI JSV XLI RSQMREP XLMGORIWW SJ XLI QEXIVMEP EW FIX[IIR ÃEXW QE] FI XYVRIH XS E VSYRH LEZMRK E HMEQIXIV RS
HIWGVMFIH MR XLI JSPPS[MRK WQEPPIV XLER QQ ? MRA PIWW XLER XLI SVMKMREP HMWXERGI
*SV QEXIVMEP [MXL E RSQMREP XLMGORIWW SJ XS QQ FIX[IIR ÃEXW
? XS MRA YWI XLI WLIIXX]TI WTIGMQIR HIWGVMFIH MR 238) µ8LI IRHW SJ GSTTIV SV GSTTIV EPPS] WTIGMQIRW QE] FI
ÃEXXIRIH XS JVSQ XLI SVMKMREP HMQIRWMSR MR E NMK WMQMPEV XS XLEX
*SV QEXIVMEP [MXL E RSQMREP XLMGORIWW SJ XS QQ WLS[R MR *MK XS JEGMPMXEXI JVEGXYVI [MXLMR XLI KEYKI QEVOW -R
? XS MRA YWI IMXLIV XLI WLIIXX]TI WTIGMQIR SJ ÃEXXIRMRK XLI STTSWMXI IRHW SJ XLI XIWX WTIGMQIR GEVI WLEPP FI XEOIR XS
IRWYVI XLEX XLI JSYV ÃEXXIRIH WYVJEGIW EVI TEVEPPIP ERH XLEX XLI X[S TEVEPPIP
SV XLI TPEXIX]TI WTIGMQIR SJ WYVJEGIW SR XLI WEQI WMHI SJ XLI E\MW SJ XLI XIWX WTIGMQIR PMI MR XLI WEQI
*SV QEXIVMEP [MXL E RSQMREP XLMGORIWW SJ XS TPERI
QQ ? XS MRA YWI IMXLIV XLI WLIIXX]TI WTIGMQIR SJ
XLI TPEXIX]TI WTIGMQIR SJ SV XLI PEVKIWX TVEGXMGEP WMÎ *SV VSH ERH FEV XLI PEVKIWX TVEGXMGEP WMÎ SJ VSYRH
WTIGMQIR EW HIWGVMFIH MR QE] FI YWIH MR TPEGI SJ E XIWX
SJ VSYRH WTIGMQIR HIWGVMFIH MR
WTIGMQIR SJ JYPP GVSWW WIGXMSR 9RPIWW SXLIV[MWI WTIGMÂIH MR
*SV QEXIVMEP [MXL E RSQMREP XLMGORIWW SJ QQ
? MRA SV KVIEXIV YWI XLI TPEXIX]TI WTIGMQIR SJ SV XLI XLI TVSHYGX WTIGMÂGEXMSR WTIGMQIRW WLEPP FI TEVEPPIP XS XLI
PEVKIWX TVEGXMGEP WMÎ SJ VSYRH WTIGMQIR HIWGVMFIH MR HMVIGXMSR SJ VSPPMRK SV I\XVYWMSR
-J XLI TVSHYGX WTIGMÂGEXMSRW TIVQMX QEXIVMEP SJ E 7TIGMQIRW JSV 6IGXERKYPEV &EV¨-R XIWXMRK VIGXERKYPEV
XLMGORIWW SJ QQ ? MRA SV KVIEXIV QE] FI XIWXIH YWMRK FEV SRI SJ XLI JSPPS[MRK X]TIW SJ WTIGMQIRW WLEPP FI YWIH
E QSHMÂIH WLIIXX]TI WTIGMQIR GSRJSVQMRK XS XLI GSRÂKYVE *YPP 'VSWW 7IGXMSR¨-X MW TIVQMWWMFPI XS VIHYGI XLI
XMSR WLS[R F] *MK 8LI XLMGORIWW SJ XLMW QSHMÂIH WTIGMQIR [MHXL SJ XLI WTIGMQIR XLVSYKLSYX XLI XIWX WIGXMSR [MXL EFVEWMZI
QYWX FI QEGLMRIH XS QQ ? MRA ERH GPSXL SV TETIV SV F] QEGLMRMRK WYJJMGMIRXP] XS JEGMPMXEXI JVEGXYVI
QYWX FI YRMJSVQ [MXLMR QQ ? MRA XLVSYKLSYX XLI [MXLMR XLI KEYKI QEVOW FYX MR RS GEWI WLEPP XLI VIHYGIH [MHXL
VIHYGIH WIGXMSR -R XLI IZIRX SJ HMWEKVIIQIRX E VSYRH WTIGM FI PIWW XLER SJ XLI SVMKMREP 8LI IHKIW SJ XLI QMHPIRKXL
QIR WLEPP FI YWIH EW XLI VIJIVII XIWX GSQTEVMWSR WTIGMQIR SJ XLI VIHYGIH WIGXMSR RSX PIWW XLER QQ ? ¾ MRA MR PIRKXL
7TIGMQIRW JSV ;MVI 6SH ERH &EV WLEPP FI TEVEPPIP XS IEGL SXLIV ERH XS XLI PSRKMXYHMREP E\MW SJ XLI
*SV VSYRH [MVI VSH ERH FEV XIWX WTIGMQIRW LEZMRK XLI WTIGMQIR [MXLMR QQ ? MRA *MPPIXW TVIJIVEFP] [MXL E
JYPP GVSWWWIGXMSREP EVIE SJ XLI [MVI VSH SV FEV WLEPP FI YWIH VEHMYW SJ QQ ? ¾ MRA FYX RSX PIWW XLER QQ ? ¾ MRA WLEPP
[LIVIZIV TVEGXMGEFPI 8LI KEYKI PIRKXL JSV XLI QIEWYVIQIRX SJ FI YWIH EX XLI IRHW SJ XLI VIHYGIH WIGXMSRW
IPSRKEXMSR SJ [MVI PIWW XLER QQ ? MRA MR HMEQIXIV WLEPP 6IGXERKYPEV FEV SJ XLMGORIWW WQEPP IRSYKL XS ÂX XLI
FI EW TVIWGVMFIH MR TVSHYGX WTIGMÂGEXMSRW ;LIR XIWXMRK [MVI KVMTW SJ XLI XIWXMRK QEGLMRI FYX SJ XSS KVIEX [MHXL QE] FI
VSH SV FEV LEZMRK E HMEQIXIV SJ QQ ? MRA SV PEVKIV E VIHYGIH MR [MHXL F] GYXXMRK XS ÂX XLI KVMTW EJXIV [LMGL XLI GYX
KEYKI PIRKXL IUYEP XS JSYV XMQIW XLI HMEQIXIV WLEPP FI YWIH WYVJEGIW WLEPP FI QEGLMRIH SV GYX ERH WQSSXLIH XS IRWYVI
[LIR JSPPS[MRK ) ERH E KEYKI PIRKXL IUYEP XS ÂZI XMQIW XLI JEMPYVI [MXLMR XLI HIWMVIH WIGXMSR 8LI VIHYGIH [MHXL WLEPP RSX
(MQIRWMSRW QQ ?MRA
+{+EYKI PIRKXL ? A
;{;MHXL 2SXI ? A
8{8LMGORIWW QE\ 2SXI ?A
6 2SXI ?A
0{3ZIVEPP PIRKXL QMR ?A
%{0IRKXL SJ VIHYGIH WIGXMSR QMR ?A
&{0IRKXL SJ KVMT WIGXMSR QMR ?A
'{;MHXL SJ KVMT WIGXMSR ETTVS\MQEXI ?A
({(MEQIXIV SJ LSPI JSV TMR QMR 2SXI ?A
){)HKI HMWXERGI JVSQ TMR ETTVS\MQEXI ?A
* ?A
238) µ8LI IRHW SJ XLI VIHYGIH WIGXMSR WLEPP HMJJIV MR [MHXL F] RSX QSVI XLER QQ ? MRA 8LIVI QE] FI E KVEHYEP XETIV MR [MHXL JVSQ XLI
IRHW XS XLI GIRXIV FYX XLI [MHXL EX IEGL IRH WLEPP FI RSX QSVI XLER KVIEXIV XLER XLI [MHXL EX XLI GIRXIV
238) µ8LI HMQIRWMSR 8 MW XLI XLMGORIWW SJ XLI XIWX WTIGMQIR EW WXEXIH MR XLI ETTPMGEFPI TVSHYGX WTIGMÂGEXMSRW
238) µ*SV WSQI QEXIVMEPW E ÂPPIX VEHMYW 6 PEVKIV XLER QQ ? MRA QE] FI RIIHIH
238) µ,SPIW QYWX FI SR GIRXIV PMRI SJ VIHYGIH WIGXMSR [MXLMR QQ ? MRA
238) µ:EVMEXMSRW SJ HMQIRWMSRW ' ( ) * ERH 0 QE] FI YWIH XLEX [MPP TIVQMX JEMPYVI [MXLMR XLI KEYKI PIRKXL
*-+ 4MR0SEHIH 8IRWMSR 8IWX 7TIGMQIR [MXL QQ ?MRA +EYKI 0IRKXL
FI PIWW XLER XLI SVMKMREP FEV XLMGORIWW %PWS SRI SJ XLI X]TIW SJ WTIGMQIRW TVSTSVXMSREP XS XLI WXERHEVH QQ ?MRA
WTIGMQIRW HIWGVMFIH MR ERH QE] FI YWIH WTIGMQIR EW QIRXMSRIH MR ERH WLS[R MR *MK WLEPP FI
7LETIW 7XVYGXYVEP ERH 3XLIV¨-R XIWXMRK WLETIW SXLIV YWIH 7TIGMQIRW SJ XLI X]TI WLS[R MR *MK QE] FI XIWXIH
XLER XLSWI GSZIVIH F] XLI TVIGIHMRK WIGXMSRW SRI SJ XLI X]TIW [MXL KVMTW LEZMRK E WYVJEGI GSRXSYV GSVVIWTSRHMRK XS XLI
SJ WTIGMQIRW HIWGVMFIH MR ERH WLEPP FI YWIH GYVZEXYVI SJ XLI XYFI ;LIR KVMTW [MXL GYVZIH JEGIW EVI RSX
EZEMPEFPI XLI IRHW SJ XLI WTIGMQIRW QE] FI ÃEXXIRIH [MXLSYX
7TIGMQIRW JSV 4MTI ERH 8YFI 2SXI LIEXMRK -J XLI XYFI[EPP XLMGORIWW MW QQ ? MRA SV SZIV
*SV EPP WQEPP XYFI 2SXI TEVXMGYPEVP] WMÎW QQ XLI WXERHEVH WTIGMQIR WLS[R MR *MK WLEPP FI YWIH
? MRA ERH YRHIV MR RSQMREP SYXWMHI HMEQIXIV ERH JVIUYIRXP]
JSV PEVKIV WMÎW I\GITX EW PMQMXIH F] XLI XIWXMRK IUYMTQIRX MX MW 238) µ-R GPEQTMRK SJ WTIGMQIRW JVSQ TMTI ERH XYFI EW QE] FI HSRI
HYVMRK QEGLMRMRK SV MR ÃEXXIRMRK WTIGMQIR IRHW JSV KVMTTMRK GEVI QYWX
WXERHEVH TVEGXMGI XS YWI XIRWMSR XIWX WTIGMQIRW SJ JYPPWMÎ FI XEOIR WS EW RSX XS WYFNIGX XLI VIHYGIH WIGXMSR XS ER] HIJSVQEXMSR SV
XYFYPEV WIGXMSRW 7RYKÂXXMRK QIXEP TPYKW WLEPP FI MRWIVXIH JEV GSPH [SVO EW XLMW [SYPH EPXIV XLI QIGLERMGEP TVSTIVXMIW
IRSYKL MRXS XLI IRHW SJ WYGL XYFYPEV WTIGMQIRW XS TIVQMX XLI
8VERWZIVWI XIRWMSR XIWX WTIGMQIRW JSV XYFI QE] FI
XIWXMRK QEGLMRI NE[W XS KVMT XLI WTIGMQIRW TVSTIVP] 8LI TPYKW
XEOIR JVSQ VMRKW GYX JVSQ XLI IRHW SJ XLI XYFI EW WLS[R MR *MK
WLEPP RSX I\XIRH MRXS XLEX TEVX SJ XLI WTIGMQIR SR [LMGL XLI
*PEXXIRMRK SJ XLI WTIGMQIR QE] FI IMXLIV EJXIV WITEVEXMRK EW
IPSRKEXMSR MW QIEWYVIH )PSRKEXMSR MW QIEWYVIH SZIV E PIRKXL
MR % SV FIJSVI WITEVEXMRK EW MR & 8VERWZIVWI XIRWMSR XIWX
SJ JSYV XMQIW XLI HMEQIXIV [LIR JSPPS[MRK ) SV ÂZI XMQIW XLI
WTIGMQIRW JSV PEVKI XYFI YRHIV QQ ? MRA MR [EPP
HMEQIXIV [LIR JSPPS[MRK )1 YRPIWW SXLIV[MWI WXEXIH MR XLI
XLMGORIWW WLEPP FI IMXLIV SJ XLI WQEPPWMÎ WTIGMQIRW WLS[R MR
TVSHYGX WTIGMÂGEXMSR *MK WLS[W E WYMXEFPI JSVQ SJ TPYK XLI
*MK SV SJ XLI JSVQ ERH HMQIRWMSRW WLS[R JSV 7TIGMQIR MR
PSGEXMSR SJ XLI TPYKW MR XLI WTIGMQIR ERH XLI PSGEXMSR SJ XLI
*MK ;LIR YWMRK XLI PEXXIV WTIGMQIR IMXLIV SV FSXL WYVJEGIW
WTIGMQIR MR XLI KVMTW SJ XLI XIWXMRK QEGLMRI
SJ XLI WTIGMQIR QE] FI QEGLMRIH XS WIGYVI E YRMJSVQ
238) µ8LI XIVQ ¶XYFI· MW YWIH XS MRHMGEXI XYFYPEV TVSHYGXW MR XLMGORIWW TVSZMHIH RSX QSVI XLER SJ XLI RSVQEP [EPP
KIRIVEP ERH MRGPYHIW TMTI XYFI ERH XYFMRK XLMGORIWW MW VIQSZIH JVSQ IEGL WYVJEGI *SV PEVKI XYFI QQ
*SV PEVKIHMEQIXIV XYFI XLEX GERRSX FI XIWXIH MR JYPP ? MRA ERH SZIV MR [EPP XLMGORIWW XLI WXERHEVH WTIGMQIR
WIGXMSR PSRKMXYHMREP XIRWMSR XIWX WTIGMQIRW WLEPP FI GYX EW WLS[R MR *MK WLEPP FI YWIH JSV XVERWZIVWI XIRWMSR XIWXW
MRHMGEXIH MR *MK 7TIGMQIRW JVSQ [IPHIH XYFI WLEPP FI 7TIGMQIRW JSV XVERWZIVWI XIRWMSR XIWXW SR PEVKI [IPHIH XYFI XS
PSGEXIH ETTVS\MQEXIP] JVSQ XLI [IPH -J XLI XYFI[EPP HIXIVQMRI XLI WXVIRKXL SJ [IPHW WLEPP FI PSGEXIH TIVTIRHMGYPEV
XLMGORIWW MW YRHIV QQ ? MRA IMXLIV E WTIGMQIR SJ XLI XS XLI [IPHIH WIEQW [MXL XLI [IPHW EX EFSYX XLI QMHHPI SJ XLIMV
JSVQ ERH HMQIRWMSRW WLS[R MR *MK SV SRI SJ XLI WQEPPWMÎ PIRKXLW
(MQIRWMSRW QQ ?MRA
*SV 8IWX 7TIGMQIRW [MXL +EYKI 0IRKXL *SYV XMQIW XLI (MEQIXIV ?)A
7XERHEVH 7QEPP7MÎ 7TIGMQIRW 4VSTSVXMSREP XS 7XERHEVH
7TIGMQIR
7TIGMQIR 7TIGMQIR 7TIGMQIR 7TIGMQIR 7TIGMQIR
+{+EYKI PIRKXL
? A ? A ? A ? A ? A
({(MEQIXIV 2SXI
? A ? A ? A ? A ? A
6
%{0IRKXL SJ VIHYGIH WIGXMSR QMR 2SXI ?A ?A ?A ?A ?A
(MQIRWMSRW QQ ?MRA
*SV 8IWX 7TIGMQIRW [MXL +EYKI 0IRKXL *MZI XMQIW XLI (MEQIXIV ?)1A
7XERHEVH 7TIGMQIR 7QEPP7MÎ 7TIGMQIRW 4VSTSVXMSREP XS 7XERHEVH
+{+EYKI PIRKXL
? A ? A ? A ? A ? A
({(MEQIXIV 2SXI
? A ? A ? A ? A ? A
6
%{0IRKXL SJ VIHYGIH WIGXMSR QMR 2SXI ?A ?A ?A ?A ?A
238) µ8LI VIHYGIH WIGXMSR QE] LEZI E KVEHYEP XETIV JVSQ XLI IRHW XS[EVH XLI GIRXIV [MXL XLI IRHW RSX QSVI XLER PEVKIV MR HMEQIXIV XLER XLI
GIRXIV GSRXVSPPMRK HMQIRWMSR
238) µ-J HIWMVIH XLI PIRKXL SJ XLI VIHYGIH WIGXMSR QE] FI MRGVIEWIH XS EGGSQQSHEXI ER I\XIRWSQIXIV SJ ER] GSRZIRMIRX KEYKI PIRKXL 6IJIVIRGI
QEVOW JSV XLI QIEWYVIQIRX SJ IPSRKEXMSR WLSYPH RIZIVXLIPIWW FI WTEGIH EX XLI MRHMGEXIH KEYKI PIRKXL
238) µ8LI KEYKI PIRKXL ERH ÂPPIXW QE] FI EW WLS[R FYX XLI IRHW QE] FI SJ ER] JSVQ XS ÂX XLI LSPHIVW SJ XLI XIWXMRK QEGLMRI MR WYGL E [E] XLEX
XLI JSVGI WLEPP FI E\MEP WII *MK -J XLI IRHW EVI XS FI LIPH MR [IHKI KVMTW MX MW HIWMVEFPI MJ TSWWMFPI XS QEOI XLI PIRKXL SJ XLI KVMT WIGXMSR KVIEX IRSYKL
XS EPPS[ XLI WTIGMQIR XS I\XIRH MRXS XLI KVMTW E HMWXERGI IUYEP XS X[S XLMVHW SV QSVI SJ XLI PIRKXL SJ XLI KVMTW
238) µ3R XLI VSYRH WTIGMQIRW MR *MKW ERH XLI KEYKI PIRKXLW EVI IUYEP XS JSYV ?)A SV ÂZI XMQIW ?)1A XLI RSQMREP HMEQIXIV -R WSQI TVSHYGX
WTIGMÂGEXMSRW SXLIV WTIGMQIRW QE] FI TVSZMHIH JSV FYX YRPIWW XLI XS ?)A SV XS ?)1A VEXMS MW QEMRXEMRIH [MXLMR HMQIRWMSREP XSPIVERGIW XLI
IPSRKEXMSR ZEPYIW QE] RSX FI GSQTEVEFPI [MXL XLSWI SFXEMRIH JVSQ XLI WXERHEVH XIWX WTIGMQIR
238) µ8LI YWI SJ WTIGMQIRW WQEPPIV XLER QQ ?MRA HMEQIXIV WLEPP FI VIWXVMGXIH XS GEWIW [LIR XLI QEXIVMEP XS FI XIWXIH MW SJ MRWYJJMGMIRX WMÎ
XS SFXEMR PEVKIV WTIGMQIRW SV [LIR EPP TEVXMIW EKVII XS XLIMV YWI JSV EGGITXERGI XIWXMRK 7QEPPIV WTIGMQIRW VIUYMVI WYMXEFPI IUYMTQIRX ERH KVIEXIV WOMPP
MR FSXL QEGLMRMRK ERH XIWXMRK
238) µ*SV MRGLTSYRH YRMXW SRP] *MZI WMÎW SJ WTIGMQIRW SJXIR YWIH LEZI HMEQIXIVW SJ ETTVS\MQEXIP] ERH MR
XLI VIEWSR FIMRK XS TIVQMX IEW] GEPGYPEXMSRW SJ WXVIWW JVSQ PSEHW WMRGI XLI GSVVIWTSRHMRK GVSWWWIGXMSREP EVIEW EVI IUYEP SV GPSWI XS
ERH MR VIWTIGXMZIP] 8LYW [LIR XLI EGXYEP HMEQIXIVW EKVII [MXL XLIWI ZEPYIW XLI WXVIWWIW SV WXVIRKXLW QE] FI GSQTYXIH YWMRK XLI
WMQTPI QYPXMTP]MRK JEGXSVW ERH VIWTIGXMZIP] 8LI QIXVMG IUYMZEPIRXW SJ XLIWI ÂZI HMEQIXIVW HS RSX VIWYPX MR GSVVIWTSRHMRKP] GSRZIRMIRX
GVSWWWIGXMSREP EVIEW ERH QYPXMTP]MRK JEGXSVW
*-+ 7XERHEVH QQ ?MRA 6SYRH 8IRWMSR 8IWX 7TIGMQIR ERH )\EQTPIW SJ 7QEPP7MÎ 7TIGMQIRW
4VSTSVXMSREP XS XLI 7XERHEVH 7TIGMQIR
DDDDDDDDDDDDDDDDDDD
(MQIRWMSRW QQ ?MRA
*SV 8IWX 7TIGMQIRW [MXL +EYKI 0IRKXL *SYV XMQIW XLI (MEQIXIV ?)A
+{+EYKI PIRKXL
? A ? A ? A ? A ? A
({(MEQIXIV 2SXI
? A ? A ? A ? A ? A
6
%{0IRKXL SJ VIHYGIH WIGXMSR ?A ?A ?A ?A ?A
QMR QMR ETTVS\MQEXI QMR QMR
0{3ZIVEPP PIRKXL ETTVS\MQEXI ?A ?A ?A ?A ?A
&{0IRKXL SJ IRH WIGXMSR 2SXI ?A ?A ?A ?A ?A
ETTVS\MQEXI ETTVS\MQEXI ETTVS\MQEXI ETTVS\MQEXI QMR
'{(MEQIXIV SJ IRH WIGXMSR ?A ?A ?A ?A ?A
)
*{(MEQIXIV SJ WLSYPHIV ?A ?A ?A
(MQIRWMSRW QQ ?MRA
*SV 8IWX 7TIGMQIRW [MXL +EYKI 0IRKXL *MZI XMQIW XLI (MEQIXIV ?)1A
+{+EYKI PIRKXL
? A ? A ? A ? A ? A
({(MEQIXIV 2SXI
? A ? A ? A ? A ? A
6
%{0IRKXL SJ VIHYGIH WIGXMSR ?A ?A ?A ?A ?A
QMR QMR ETTVS\MQEXI QMR QMR
0{3ZIVEPP PIRKXL ETTVS\MQEXI ?A ?A ?A ?A ?A
&{0IRKXL SJ IRH WIGXMSR 2SXI ?A ?A ?A ?A ?A
ETTVS\MQEXI ETTVS\MQEXI ETTVS\MQEXI ETTVS\MQEXI QMR
'{(MEQIXIV SJ IRH WIGXMSR ?A ?A ?A ?A ?A
)
*{(MEQIXIV SJ WLSYPHIV ?A ?A ?A
238) µ8LI VIHYGIH WIGXMSR QE] LEZI E KVEHYEP XETIV JVSQ XLI IRHW XS[EVH XLI GIRXIV [MXL XLI IRHW RSX QSVI XLER PEVKIV MR HMEQIXIV XLER XLI
GIRXIV
238) µ3R 7TIGMQIRW ERH ER] WXERHEVH XLVIEH MW TIVQMWWMFPI XLEX TVSZMHIW JSV TVSTIV EPMKRQIRX ERH EMHW MR EWWYVMRK XLEX XLI WTIGMQIR [MPP FVIEO
[MXLMR XLI VIHYGIH WIGXMSR
238) µ3R 7TIGMQIR MX MW HIWMVEFPI MJ TSWWMFPI XS QEOI XLI PIRKXL SJ XLI KVMT WIGXMSR KVIEX IRSYKL XS EPPS[ XLI WTIGMQIR XS I\XIRH MRXS XLI KVMTW
E HMWXERGI IUYEP XS X[S XLMVHW SV QSVI SJ XLI PIRKXL SJ XLI KVMTW
238) µ8LI ZEPYIW WXEXIH MR 7- YRMXW MR XLI XEFPI JSV *MK EVI XS FI VIKEVHIH EW WITEVEXI JVSQ XLI MRGLTSYRH YRMXW 8LI ZEPYIW WXEXIH MR IEGL W]WXIQ
EVI RSX I\EGX IUYMZEPIRXW XLIVIJSVI IEGL W]WXIQ QYWX FI YWIH MRHITIRHIRXP] SJ XLI SXLIV
*-+ :EVMSYW 8]TIW SJ )RHW JSV 7XERHEVH 6SYRH 8IRWMSR 8IWX 7TIGMQIRW
DDDDDDDDDDDDDDDDDDD
RERX SV XLMGOIWX TEVX SJ XLI JSVKMRK JVSQ [LMGL E GSYTSR GER FI
SFXEMRIH SV JVSQ E TVSPSRKEXMSR SJ XLI JSVKMRK SV JVSQ
WITEVEXIP] JSVKIH GSYTSRW VITVIWIRXEXMZI SJ XLI JSVKMRK ;LIR
RSX SXLIV[MWI WTIGMÂIH XLI E\MW SJ XLI WTIGMQIR WLEPP FI
TEVEPPIP XS XLI HMVIGXMSR SJ KVEMR ÃS[
7TIGMQIRW JSV 'EWXMRKW¨-R XIWXMRK GEWXMRKW IMXLIV XLI
WXERHEVH WTIGMQIR WLS[R MR *MK SV XLI WTIGMQIR WLS[R MR
*MK WLEPP FI YWIH YRPIWW SXLIV[MWI TVSZMHIH MR XLI TVSHYGX
WTIGMÂGEXMSRW
8IWX GSYTSRW JSV GEWXMRKW WLEPP FI QEHI EW WLS[R MR
*MK ERH 8EFPI
7TIGMQIR JSV 1EPPIEFPI -VSR¨*SV XIWXMRK QEPPIEFPI
MVSR XLI XIWX WTIGMQIR WLS[R MR *MK WLEPP FI YWIH YRPIWW
*-+ 7UYII^MRK .MK JSV *PEXXIRMRK )RHW SJ *YPP7MÎ 8IRWMSR
SXLIV[MWI TVSZMHIH MR XLI TVSHYGX WTIGMÂGEXMSRW
8IWX 7TIGMQIRW 7TIGMQIR JSV (MI 'EWXMRKW¨*SV XIWXMRK HMI GEWXMRKW
XLI XIWX WTIGMQIR WLS[R MR *MK WLEPP FI YWIH YRPIWW
SXLIV[MWI TVSZMHIH MR XLI TVSHYGX WTIGMÂGEXMSRW
7TIGMQIRW JSV 4S[HIV 1IXEPPYVK] 41 1EXIVMEPW¨
*SV XIWXMRK TS[HIV QIXEPPYVK] 41 QEXIVMEPW XLI XIWX WTIGM
QIRW WLS[R MR *MKW ERH WLEPP FI YWIH YRPIWW SXLIV[MWI
TVSZMHIH MR XLI TVSHYGX WTIGMÂGEXMSRW ;LIR QEOMRK XIWX
WTIGMQIRW MR EGGSVHERGI [MXL *MK WLEPPS[ XVERWZIVWI
KVSSZIW SV VMHKIW QE] FI TVIWWIH MR XLI IRHW XS EPPS[
KVMTTMRK F] NE[W QEGLMRIH XS ÂX XLI KVSSZIW SV VMHKIW &IGEYWI
SJ WLETI ERH SXLIV JEGXSVW XLI ÃEX YRQEGLMRIH XIRWMPI XIWX
WTIGMQIR *MK MR XLI LIEX XVIEXIH GSRHMXMSR [MPP LEZI ER
YPXMQEXI XIRWMPI WXVIRKXL SJ XS SJ XLEX HIXIVQMRIH MR
E QEGLMRIH VSYRH XIRWMPI XIWX WTIGMQIR *MK SJ PMOI
GSQTSWMXMSR ERH TVSGIWWMRK
238) µ8LI HMEQIXIV SJ XLI TPYK WLEPP LEZI E WPMKLX XETIV JVSQ XLI PMRI 4VSGIHYVIW
PMQMXMRK XLI XIWX QEGLMRI NE[W XS XLI GYVZIH WIGXMSR 4VITEVEXMSR SJ XLI 8IWX 1EGLMRI¨9TSR WXEVXYT SV
*-+ 1IXEP 4PYKW JSV 8IWXMRK 8YFYPEV 7TIGMQIRW 4VSTIV 0SGE JSPPS[MRK E TVSPSRKIH TIVMSH SJ QEGLMRI MREGXMZMX] XLI XIWX
XMSR SJ 4PYKW MR 7TIGMQIR ERH SJ 7TIGMQIR MR ,IEHW SJ 8IWXMRK
1EGLMRI QEGLMRI WLSYPH FI I\IVGMWIH SV [EVQIH YT XS RSVQEP STIVEXMRK
XIQTIVEXYVIW XS QMRMQMÎ IVVSVW XLEX QE] VIWYPX JVSQ XVERWMIRX
GSRHMXMSRW
1IEWYVIQIRX SJ (MQIRWMSRW SJ 8IWX 7TIGMQIRW
8S HIXIVQMRI XLI GVSWWWIGXMSREP EVIE SJ E XIWX
WTIGMQIR QIEWYVI XLI HMQIRWMSRW SJ XLI GVSWW WIGXMSR EX XLI
GIRXIV SJ XLI VIHYGIH WIGXMSR *SV VIJIVII XIWXMRK SJ WTIGMQIRW
PIWW XLER QQ ? MRA MR XLIMV PIEWX HMQIRWMSR QIEWYVI XLI
HMQIRWMSRW [LIVI XLI PIEWX GVSWWWIGXMSREP EVIE MW JSYRH
1IEWYVI ERH VIGSVH XLI GVSWWWIGXMSREP HMQIRWMSRW SJ XIRWMSR
XIWX WTIGMQIRW EW JSPPS[W
7TIGMQIR HMQIRWMSR QQ ? MRA XS XLI RIEVIWX
QQ ? MRA
238) µ8LI IHKIW SJ XLI FPERO JSV XLI WTIGMQIR WLEPP FI GYX TEVEPPIP QQ ? MRA 7TIGMQIR HMQIRWMSR QQ
XS IEGL SXLIV
? MRA XS XLI RIEVIWX QQ ? MRA
*-+ 0SGEXMSR JVSQ ;LMGL 0SRKMXYHMREP 8IRWMSR 8IWX 7TIGM
QIRW %VI XS FI 'YX JVSQ 0EVKI(MEQIXIV 8YFI QQ ? MRA WTIGMQIR HMQIRWMSR QQ
? MRA XS XLI RIEVIWX QQ ? MRA
7TIGMQIR HMQIRWMSRW QQ ? MRA XS EX PIEWX
7TIGMQIRW JSV *SVKMRKW¨*SV XIWXMRK JSVKMRKW XLI XLI RIEVIWX [LIR TVEGXMGEP FYX MR EPP GEWIW XS EX PIEWX XLI
PEVKIWX VSYRH WTIGMQIR HIWGVMFIH MR WLEPP FI YWIH -J VSYRH RIEVIWX QQ ? MRA
WTIGMQIRW EVI RSX JIEWMFPI XLIR XLI PEVKIWX WTIGMQIR HIWGVMFIH
238) µ%GGYVEXI ERH TVIGMWI QIEWYVIQIRX SJ WTIGMQIR HMQIRWMSRW
MR WLEPP FI YWIH GER FI SRI SJ XLI QSWX GVMXMGEP EWTIGXW SJ XIRWMSR XIWXMRK HITIRHMRK SR
*SV JSVKMRKW WTIGMQIRW WLEPP FI XEOIR EW TVSZMHIH MR WTIGMQIR KISQIXV] 7II %TTIRHM\ < JSV EHHMXMSREP MRJSVQEXMSR
XLI ETTPMGEFPI TVSHYGX WTIGMÂGEXMSRW IMXLIV JVSQ XLI TVIHSQM 238) µ6SYKL WYVJEGIW HYI XS XLI QERYJEGXYVMRK TVSGIWW WYGL EW LSX
(MQIRWMSRW
7TIGMQIR 7TIGMQIR 7TIGMQIR 7TIGMQIR 7TIGMQIR 7TIGMQIR 7TIGMQIR
QQ ?MRA QQ ?MRA QQ ?MRA QQ ?MRA QQ ?MRA QQ ?MRA QQ ?MRA
+{+EYKI PIRKXL
? A ? A ? A ? A ? A ? A ? A
;{;MHXL 2SXI
? A ? A ? A ? A ? A ? A ? A
8{8LMGORIWW QIEWYVIH XLMGORIWW SJ WTIGMQIR
6
%{0IRKXL SJ VIHYGIH ?A ?A ?A ?A ?A ?A ?A
WIGXMSR
QMR
&{0IRKXL SJ KVMT WIGXMSR ?A ?A ?A ?A ?A ?A ?A
QMR 2SXI
'{;MHXL SJ KVMT WIGXMSR ?A ?A ?A ?A ?A ?A ?A
ETTVS\MQEXI 2SXI
238) µ8LI IRHW SJ XLI VIHYGIH WIGXMSR WLEPP HMJJIV JVSQ IEGL SXLIV MR [MHXL F] RSX QSVI XLER 8LIVI QE] FI E KVEHYEP XETIV MR [MHXL JVSQ
XLI IRHW XS XLI GIRXIV FYX XLI [MHXL EX IEGL IRH WLEPP FI RSX QSVI XLER KVIEXIV XLER XLI [MHXL EX XLI GIRXIV
238) µ-X MW HIWMVEFPI MJ TSWWMFPI XS QEOI XLI PIRKXL SJ XLI KVMT WIGXMSR KVIEX IRSYKL XS EPPS[ XLI WTIGMQIR XS I\XIRH MRXS XLI KVMTW E HMWXERGI IUYEP
XS X[S XLMVHW SV QSVI SJ XLI PIRKXL SJ XLI KVMTW
238) µ8LI IRHW SJ XLI WTIGMQIR WLEPP FI W]QQIXVMGEP [MXL XLI GIRXIV PMRI SJ XLI VIHYGIH WIGXMSR [MXLMR QQ ? MRA JSV WTIGMQIRW ERH
ERH QQ ? MRA JSV WTIGMQIRW ERH
238) µ*SV IEGL WTIGMQIR X]TI XLI VEHMM SJ EPP ÂPPIXW WLEPP FI IUYEP XS IEGL SXLIV [MXLMR E XSPIVERGI SJ QQ ? MRA ERH XLI GIRXIVW SJ GYVZEXYVI
SJ XLI X[S ÂPPIXW EX E TEVXMGYPEV IRH WLEPP FI PSGEXIH EGVSWW JVSQ IEGL SXLIV SR E PMRI TIVTIRHMGYPEV XS XLI GIRXIVPMRI [MXLMR E XSPIVERGI SJ QQ ?
MRA
238) µ*SV GMVGYPEV WIKQIRXW XLI GVSWWWIGXMSREP EVIE QE] FI GEPGYPEXIH F] QYPXMTP]MRK ; ERH 8 -J XLI VEXMS SJ XLI HMQIRWMSR ; XS XLI HMEQIXIV
SJ XLI XYFYPEV WIGXMSR MW PEVKIV XLER EFSYX ¾ XLI IVVSV MR YWMRK XLMW QIXLSH XS GEPGYPEXI XLI GVSWWWIGXMSREP EVIE QE] FI ETTVIGMEFPI -R XLMW GEWI XLI I\EGX
IUYEXMSR WII QYWX FI YWIH XS HIXIVQMRI XLI EVIE
238) µ7TIGMQIRW [MXL +; PIWW XLER WLSYPH RSX FI YWIH JSV HIXIVQMREXMSR SJ IPSRKEXMSR
238) µ7TIGMQIRW [MXL WMHIW TEVEPPIP XLVSYKLSYX XLIMV PIRKXL EVI TIVQMXXIH I\GITX JSV VIJIVII XIWXMRK TVSZMHIH E XLI EFSZI XSPIVERGIW EVI YWIH
F ER EHIUYEXI RYQFIV SJ QEVOW EVI TVSZMHIH JSV HIXIVQMREXMSR SJ IPSRKEXMSR ERH G [LIR ]MIPH WXVIRKXL MW HIXIVQMRIH E WYMXEFPI I\XIRWSQIXIV MW YWIH
-J XLI JVEGXYVI SGGYVW EX E HMWXERGI SJ PIWW XLER ; JVSQ XLI IHKI SJ XLI KVMTTMRK HIZMGI XLI XIRWMPI TVSTIVXMIW HIXIVQMRIH QE] RSX FI VITVIWIRXEXMZI SJ
XLI QEXIVMEP -J XLI TVSTIVXMIW QIIX XLI QMRMQYQ VIUYMVIQIRXW WTIGMÂIH RS JYVXLIV XIWXMRK MW VIUYMVIH FYX MJ XLI] EVI PIWW XLER XLI QMRMQYQ VIUYMVIQIRXW
HMWGEVH XLI XIWX ERH VIXIWX
*-+ 8IRWMSR 8IWX 7TIGMQIRW JSV 0EVKI(MEQIXIV 8YFYPEV 4VSHYGXW
*-+ 0SGEXMSR SJ 8VERWZIVWI 8IRWMSR 8IWX 7TIGMQIR MR 6MRK

'YX JVSQ 8YFYPEV 4VSHYGXW
VSPPMRK QIXEPPMG GSEXMRK IXG QE] PIEH XS MREGGYVEG] SJ XLI GSQTYXIH HIXIVQMRMRK XLI QEWW SJ E PIRKXL RSX PIWW XLER XMQIW PSRKIV
EVIEW KVIEXIV XLER XLI QIEWYVIH HMQIRWMSRW [SYPH MRHMGEXI 8LIVIJSVI XLER XLI PEVKIWX GVSWWWIGXMSREP HMQIRWMSR
GVSWWWIGXMSREP HMQIRWMSRW SJ XIWX WTIGMQIRW [MXL VSYKL WYVJEGIW HYI XS
TVSGIWWMRK QE] FI QIEWYVIH ERH VIGSVHIH XS XLI RIEVIWX QQ ? (IXIVQMRI XLI [IMKLX XS XLI RIEVIWX SV PIWW
MRA 8LI GVSWWWIGXMSREP EVIE MW IUYEP XS XLI QEWW SJ XLI
238) µ7II < JSV GEYXMSREV] MRJSVQEXMSR SR QIEWYVIQIRXW XEOIR
JVSQ GSEXIH QIXEP TVSHYGXW WTIGMQIR HMZMHIH F] XLI PIRKXL ERH HMZMHIH F] XLI HIRWMX] SJ
XLI QEXIVMEP
(IXIVQMRI XLI GVSWWWIGXMSREP EVIE SJ E JYPPWMÎ XIWX
WTIGMQIR SJ YRMJSVQ FYX RSRW]QQIXVMGEP GVSWW WIGXMSR F]
GEPGYPEXMSRW JSV WTIGMQIRW XEOIR JVSQ PEVKIHMEQIXIV XYFMRK
+EYKI 0IRKXL 1EVOMRK SJ 8IWX 7TIGMQIRW
8LI KEYKI PIRKXL JSV XLI HIXIVQMREXMSR SJ IPSRKEXMSR
WLEPP FI MR EGGSVHERGI [MXL XLI TVSHYGX WTIGMÂGEXMSRW JSV XLI
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4S[HIV 1IXEPPYVK] 41 4VSHYGXW &{0IRKXL SJ IRH WIGXMSR ? A
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XIWXMRK QEXIVMEPW XLEX I\LMFMX PS[ WXVEMR VEXI WIRWMXMZMX] WYGL EW WSQI WXIIPW WLS[R 8LI IRHW EW WLS[R EVI HIWMKRIH XS TVSZMHI E TVEGXMGEP QMRMQYQ
ERH EPYQMRYQ TVIWWMRK EVIE 3XLIV IRH HIWMKRW EVI EGGITXEFPI ERH MR WSQI GEWIW EVI
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MR VIKMSRW SJ HMWGSRXMRYSYW ]MIPHMRK FIX[IIR ERH QQQQQMR ?SV MRMRQMRA
238) µ9WMRK HMJJIVIRX 'SRXVSP 1IXLSHW QE] TVSHYGI HMJJIVIRX ]MIPH
VIWYPXW IWTIGMEPP] MJ XLI QEXIVMEP FIMRK XIWXIH MW WXVEMRVEXI WIRWMXMZI 8S 238) µ*SV QEXIVMEPW [MXL I\TIGXIH IPSRKEXMSRW PIWW XLER SV IUYEP XS
EGLMIZI XLI FIWX VITVSHYGMFMPMX] MR GEWIW [LIVI XLI QEXIVMEP QE] FI XLI WTIIH SJ XLI XIWXMRK QEGLMRI QE] FI QEMRXEMRIH XLVSYKLSYX XLI
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HIWGVMFIH MR SV [MPP XIRH XS KMZI WMQMPEV VIWYPXW MR XLI GEWI 238) µ8IRWMPI WXVIRKXL ERH IPSRKEXMSR EVI WIRWMXMZI XS XIWX WTIIH JSV
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WIPIGXIH WS EW XS FI XLI QMRMQYQ ÂKYVI XLEX MW PEVKI IRSYKL XS 8LI TVSGIHYVI KMZIR MR QE] FI YWIH MRWXIEH
IJJIGXMZIP] HIÂRI XLI JSVGI TPEXIEY 8LMW QE] VIUYMVI XLEX XLI [LIR XLI QIEWYVIH IPSRKEXMSR MW KVIEXIV XLER
TIVGIRXEKI FI EFSYX ÂZI XMQIW XLI EQTPMXYHI SJ XLI JSVGI
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7XVIRKXL ¨'EPGYPEXI XLI XIRWMPI WXVIRKXL F] HMZMHMRK XLI QE\M
QE] HMJJIV JVSQ XLI IPSRKEXMSR EX JVEGXYVI HIXIVQMRIH [MXL
QYQ JSVGI GEVVMIH F] XLI WTIGMQIR HYVMRK XLI XIRWMSR XIWX F] I\XIRWSQIXIVW ERH HIWGVMFIH MR
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ERH MJ XLI WXVIWWWXVEMR GYVZI VIWIQFPIW XLEX SJ *MK MX MW VIGSQQIRHIH TPEWXMG IPSRKEXMSR
XLEX XLI QE\MQYQ WXVIWW EJXIV HMWGSRXMRYSYW ]MIPHMRK FI VITSVXIH EW XLI
XIRWMPI WXVIRKXL ;LIVI XLMW QE] SGGYV HIXIVQMREXMSR SJ XLI XIRWMPI 238) µ9RPIWW XLI WTIGMQIR LEW RSX RIGOIH EX XLI TSMRX SJ JVEGXYVI
WXVIRKXL WLSYPH FI MR EGGSVHERGI [MXL XLI EKVIIQIRX FIX[IIR XLI TEVXMIW GSVVIGXMSR JSV IPEWXMG WXVEMRW VIUYMVIW ORS[PIHKI SJ XLI ZEVMEFPI WXVEMR
MRZSPZIH HMWXVMFYXMSR EPSRK XLI WTIGMQIR PIRKXL FIX[IIR XLI I\XIRWSQIXIV EXXEGL
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)PSRKEXMSR QE] FI GEPGYPEXIH JVSQ IPSRKEXMSREJXIV )PSRKEXMSR EX JVEGXYVI QE] FI HIXIVQMRIH [MXL
JVEGXYVI QIEWYVIQIRXW SV HMVIGXP] JVSQ IPSRKEXMSREXJVEGXYVI EYXSKVETLMG SV EYXSQEXIH QIXLSHW YWMRK I\XIRWSQIXIVW ZIVM
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YWI XS SFXEMR XLI VIWYPXW LEZMRK IPSRKEXMSR KVIEXIV XLER SV IUYEP XS FYX PIWW XLER
ERH E GPEWW ( SV FIXXIV I\XIRWSQIXIV JSV QEXIVMEPW LEZMRK
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QIEWYVIH NYWX TVMSV XS [LIR XLI JSVGI JEPPW FIPS[ SJ XLI VIUYMVIQIRXW HMWGEVH XLI XIWX VIWYPXW ERH VIXIWX
QE\MQYQ JSVGI IRGSYRXIVIH HYVMRK XLI XIWX 6IWYPXW SJ QIEWYVIQIRXW SJ VIHYGXMSR SJ EVIE WLEPP FI
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PSGEXMSR SJ XLI JVEGXYVI VIPEXMZI XS XLI QEVOIH SV I\XIRWSQIXIV WTIGMÂIH TVSGIHYVI MX MW VIGSQQIRHIH XLEX VIHYGXMSR SJ EVIE
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RSVQEPP] PS[ ERH YRVITVIWIRXEXMZI SJ XLI QEXIVMEP -J WYGL ER 8IRWMPI 7XVIRKXL¨8IWX HEXE WLSYPH FI VSYRHIH YWMRK XLI
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SRP] E QMRMQYQ VIUYMVIQIRX ERH XLI ZEPYI QIIXW XLI TVSHYGX WTIGMÂGEXMSRW -R XLI EFWIRGI SJ E WTIGMÂIH TVSGIHYVI
VIUYMVIQIRX RS JYVXLIV XIWXMRK RIIH FI HSRI 3XLIV[MWI JSV VSYRHMRK XLI XIWX HEXE SRI SJ XLI TVSGIHYVIW HIWGVMFIH MR
HMWGEVH XLI XIWX ERH XIWX E VITPEGIQIRX WTIGMQIR XLI JSPPS[MRK TEVEKVETLW MW VIGSQQIRHIH
6ITSVXMRK *SV XIWX ZEPYIW YT XS 14E ? TWMA VSYRH XS
6ITSVX FSXL XLI SVMKMREP KEYKI PIRKXL + ERH XLI XLI RIEVIWX 14E ? TWMA JSV XIWX ZEPYIW SJ 14E
TIVGIRXEKI MRGVIEWI ? TWMA ERH YT XS 14E ? TWMA VSYRH XS XLI
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TWMA ERH KVIEXIV VSYRH XS XLI RIEVIWX 14E ? TWMA
238) µ*SV WXIIP TVSHYGXW WII 8IWX 1IXLSHW ERH (IÂRMXMSRW %
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XLI PSGEXMSR SJ JVEGXYVI ? TWMA
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8LIVI [EW E QEPJYRGXMSR SJ XLI XIWXMRK IUYMTQIRX
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? MRA SV FIXXIV ERH QYWX LEZI I\GIPPIRX VITIEXEFMPMX] ERH IPIGXVSRMG HMWTPE] MW YWIH SV FSXL *MREPP] TIVWSRRIP WLSYPH FI
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8irwmsr 8iwxmrk SJ 1ixeppmg 1exivmepw: 7xerhevh 8iwx 1ixlshw JSV

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(IWMKREXMSR ))1 E %QIVMGER %WWSGMEXMSR 7XEXI

7GSTI 6IJIVIRGIH (SGYQIRXW

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