4LSXS0YOEW4VYHO] 6MHIV'LVMWXSTLI8EGO
;)0'31) 83
4LSXS:MRGIRX&IVKIVSR 6MHIV7IRWM+VEZIW
/MXI'SRWXVYGXMSR/I]*IEXYVIW
8LI 0MUYMH *SVGI 1E\*PS[ MRJPEXMSR W]WXIQ EPPS[W JSV JEWXIV MRJPEXMSR ERH IEWMIV LEWWPI JVII HIJPEXMSR
7MRKPI TSMRX MRJPEXMSR W]WXIQ [MPP MRJPEXI ERH HIJPEXI ]SYV WXVYXW EYXSQEXMGP]
7XVSRKIWX EZEMPEFPI FPEHHIV QEXIVMEP EZEMPEFPI XSHE]
0*´W ):% WGYJJ KYEVHW TVSXIGX XLI 0) EKEMRWX EFVEWMSR ERH MQTEGX
8LI 0* 7]RIVK] 7XVYX GSRWXVYGXMSR EHHW I\XVE VMKMHMX] XS XLI GERST] TVSJMPI EHHMRK WXVIRKXL ERH ER YPXVE VIWTSRWMZI HMVIGX JIIP
0* PE]IVIH *VEQI GSRWXVYGXMSR KMZIW EHHIH TVSXIGXMSR MR OI] EVIEW XLEX EVI TVSRI XS GERST] WXVIWW VIHYGMRK GERST] XIEVMRK HYVMRK LEVWL MQTEGXW
(SYFPI PEQMREXIH LMKL WXVIRKXL XS [IMKLX VEXMS VMT WXST GERST] QEXIVMEP
,MKLIV W[IIT QIERW MRGVIEWIH XYVRMRK WTIIH FEV JIIHFEGO ERH IJJSVXPIWW VI PEYRGL IZIR MR XLI PMKLXIWX [MRH ZIPSGMX]
8LI 0* 7]RIVK] 7XVYX GSRWXVYGXMSR EHHW I\XVE VMKMHMX] XS XLI GERST] TVSJMPI EHHMRK WXVIRKXL ERH ER YPXVE VIWTSRWMZI HMVIGX JIIP
8LMW PE]IVIH 4SP]XETI GSRWXVYGXMSR EWWIQFP] EMHW MR XLI TVIZIRXMSR SJ GERST] XIEVW MR GVMXMGEP PSEH FIEVMRK TSMRXW
8LMW 0) [MRKXMT HIWMKR GSQFMRIH [MXL XLI 0* XETI FEXXIR TVIZIRXW EGGMHIRXEP FVMHPI [VETW
8YVRMRK WTIIH FEV TVIWWYVI ERH FEV MRTYX VIWTSRWI GER EPP FI EHNYWXIH EX XLI [MRK XMT ERH SR XLI TMKXEMPW
/MXI7SPS % 4)6*)'80= &%0%2')( 9086% 0-+,8 7-140) ,-+, 4)6*361%2') /-8)
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
*)%896)7 1E\JPS[ -RJPEXMSR 7]WXIQ 3RI 4YQT 7]WXIQ QQ 849 &PEHHIVW ):% 7OYJJ +YEVHW
7]RIVK] 7XVYX 0E]IVIH *VEQI (YVE < GERST] ,MKL 7[IIT ;MRKXMTW
0) )RKPMWL 7IEQW 7ERH[MGL %WWIQFP] 8ETIVIH 0) 8MTW 6MHIV %HNYWXEFMPMX]
'30367
%:%-0%&0) 7->)7
0MQI &PYI
6IH 8ER
&PYI 3VERKI
/MXI)RZ] 7-< =)%67 78632+ 8,) %00 8)66%-2 78698 )2:= 6)7)87 8,) 78%2(%6(7 3* 4)6*361%2')
% ()08% ,=&6-() 463*-0) & 78698 ()7-+2 ' *%78 8962-2+ 7836= &YMPHMRK SR JMZI ]IEVW SJ VIJMRIQIRX XLI LMKL TIVJSVQERGI )2:= VIXEMRW MXW YWIV JVMIRHP] JIIP ERH HS MX EPP VIWTSRWI [LMPI HIPMZIVMRK E ZEVMIX] SJ WYFWXERXMEP IRLERGIQIRXW *IEXYVMRK WQEPPIV HMEQIXIV WXVYXW E WQEPPIV PIEHMRK IHKI ERH RI[ PMKLX[IMKLX QEXIVMEPW XLMW ]IEV´W OMXI [IMKLW E [LSTTMRK õ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
*)%896)7 1E\JPS[ -RJPEXMSR 7]WXIQ 3RI 4YQT 7]WXIQ QQ 849 &PEHHIVW ):% 7OYJJ +YEVHW
7]RIVK] 7XVYX 0E]IVIH *VEQI 8IMNMR GERST] ,MKL 7[IIT ;MRKXMTW
0) )RKPMWL 7IEQW 7ERH[MGL %WWIQFP] 8ETIVIH 0) 8MTW 6MHIV %HNYWXEFMPMX]
'30367 %:%-0%&0) 7->)7 6IH 8ER
&PYI 3VERKI
0MQI &PYI
4YVTPI 6IH
%:%-0%&0) 7->)7 0& 0&
/MXI,MJM < 4%'/)( ;-8, 4)6*361%2') )2,%2'-2+ *)%896)7 %2( 78%8) 3* 8,) %68 8)',2303+= 8,) ,-*- < -7 8,) ',3-') 3* ',%14-327
% 496) ' /-8) 4)6*361%2') & 78698 ()7-+2 ' *6))78=0) 36-)28)( 7836= (IWMKRIH [MXL MRTYX JVSQ JYXYVI ;SVPH 'LEQTMSR 'LVMWXSTLI 8EGO XLI ,M*M < MW XLI OMXI SJ GLSMGI JSV XLI TPERIX´W QSWX HIQERHMRK JVIIWX]PI ERH GSQTIXMXMZI VMHIVW ;LIXLIV ]SY´VI MRXS RI[ WGLSSP XIGLRMGEP XVMGOW QEWWMZI OMXIPSSTW SV SPH WGLSSP JVIIWX]PI XLMW JMZI PMRI XVYI ' OMXI MW IRKMRIIVIH XS LIPT ]SY IZSPZI ERH TIVJSVQ PMOI RIZIV FIJSVI 0EWX ]IEV´W ,M*M [EW WS KSSH XLEX 8EGO HMHR´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
*)%896)7 1E\JPS[ -RJPEXMSR 7]WXIQ 3RI 4YQT 7]WXIQ QQ 849 &PEHHIVW ):% 7OYJJ +YEVHW
XL PMRI 0E]IVIH *VEQI 8IMNMR GERST] ,MKL 7[IIT ;MRKXMTW
'30367 %:%-0%&0) 7->)7
&PYI 3VERKI
0) )RKPMWL 7IEQW 7ERH[MGL %WWIQFP] 8ETIVIH 0) 8MTW 6MHIV %HNYWXEFMPMX]
6IWTSRWI'SRXVSP&EV 6)()7-+2)( %2( )2+-2))6)( *631 8,) 0334 94 8,) 2); 0-59-( *36') 6)74327) '328630 &%6 -7 8,) 2); 92-:)67%0 78%2(%6(
)VKSRMQMG)ZE&EV+VMT 1ERYEP&SXXSQ7[MZIP %HNYWXEFPI4S[IV8VMQ
OK(]RIQE*P]MRK0MRIW
3R8LI*P]7XSTTIV4MIGI
4YWL%[E]5YMGO6IPIEWI
%YXSQEXMG8ST7[MZIP 6IQSZEFPI(SROI](MGO (ITS[IV*PEK0MRI7]WXIQ
8493ZIV1SYPHIH&EV)RHW %HNYWXEFPI&EV)RHW;MHXL
%(.978%&0) &%6 )2(7 %HNYWX FEV IRHW SR XLI JP] JSV GQ XS GQ FEV [MHXL
%(.978%&0) 1%-20-2) '0)%8 )EWMP] QSZI XLI XVMQ GPIEX YT ERH HS[R JSV TIVWSREP TVIJIVIRGI ERH VIEGL
%9831%8-' 834 7;-:)0 'IVEQMG WIPJ JPYWLMRK EYXS WTMR W[MZIP XLEX QEMRXEMRW X[MWX JVII JP]MRK PMRIW JSV QE\MQYQ TIVJSVQERGI
1%29%0 ',-'/)2 0334 7;-:)0 &IPS[ XLI FEV W[MZIP JSV E QERYEP STXMSR XS IRWYVI X[MWX JVII JP]MRK PMRIW
)6+3231-' ):% &%6 +6-4 7SJX GSQJSVXEFPI KVMT [MXL IVKSRSQMG GSRXSYVW JSV JEXMKYIPIWW VMHMRK ERH XEGXMPI FEV SVMIRXEXMSR
1390()( ',-'/)2 0334 ;-8, ()43;)6 6IPMEFPI WEJI ERH WMQTPI XS YWI
2); 6)'3-0 0)%7, 4IVJIGX PIEWL JSV FSXL HITS[IV ERH JVIIWX]PI WIXYT
'46'SRXVSP&EV 7%*)8= 7-140-'-8= %2( 6)0-%&-0-8= 8,%8´7 ;,%8 =39 '%2 )<4)'8 *631 8,) '46 '328630 7=78)1 ;,-', -7 ()7-+2)( *36 %00 0-59-( *36') /-8)7 7EJIX] WMQTPMGMX] ERH VIPMEFMPMX] 8LEX´W [LEX ]SY GER I\TIGX JVSQ XLI '46 'SRXVSP 7]WXIQ [LMGL MW HIWMKRIH JSV EPP 0MUYMH *SVGI OMXIW *IEXYVMRK ER I\GPYWMZI RSR QIGLERMGEP TYWL E[E] WEJIX] VIPIEWI XLI 0* GSRXVSP FEV MW XLI QSWX XVYWX[SVXL] WIXYT SR XLI QEVOIX ;MXL E WQSSXL TYWL E[E] EGXMSR FIPS[ XLI FEV EPP SJ SYV OMXIW [MPP HITS[IV TIVGIRX [LIR PIEWLIH XS XLI XVMQ WXVET ERH E JYPP TIVGIRX [LIR GSRRIGXIH XS XLI WEJIX] HITS[IV VMRK -RGSVTSVEXMRK ER IEW] XS VIEGL FIPS[ XLI FEV XVMQ W]WXIQ XLI '46 'SRXVSP 7]WXIQ QMRMQM^IW GPYXXIV ERH SJJIVW IVKSRSQMG TS[IV EHNYWXQIRX ERH PSGO SJJ 3XLIV OI] JIEXYVIW MRGPYHI E WIPJ MRHI\MRK GLMGOIR PSST VIQSZEFPI WTVIEHIV FEV TMR IVKSRSQMG ):% KVMTW EYXS WTMR JP]MRK PMRI W[MZIP OSSO TVSSJ EXXEGLQIRXW ERH WXVSRK ERH WXVIXGL VIWMWXERX +IVQER IRKMRIIVIH QIXIV PMRIW [MXL QIXIV I\XIRWMSRW %ZEMPEFPI MR ERH PMRI STXMSRW
)VKSRMQMG)ZE&EV+VMT 4YWL%[E]5YMGO6IPIEWI 4S[IV8VMQ 3R8LI*P]7XSTTIV4MIGI
OK(]RIQE*P]MRK0MRIW
%YXSQEXMG8ST7[MZIP 6IQSZEFPI(SROI](MGO
(ITS[IV*PEK0MRI7]WXIQ
):%1SYPHIH&EV)RHW
):% ;-2()67 %2( *03%87 4VIZIRXMRK FSEVH HMRKW ERH MRNYVMIW
%(.978%&0) 1%-20-2) '0)%8 )EWMP] QSZI XLI XVMQ GPIEX YT ERH HS[R JSV TIVWSREP TVIJIVIRGI ERH VIEGL
%9831%8-' 834 7;-:)0 'IVEQMG WIPJ JPYWLMRK EYXS WTMR W[MZIP XLEX QEMRXEMRW X[MWX JVII JP]MRK PMRIW JSV QE\MQYQ TIVJSVQERGI
)6+3231-' ):% &%6 +6-4 7SJX GSQJSVXEFPI KVMT [MXL IVKSRSQMG GSRXSYVW JSV JEXMKYIPIWW VMHMRK ERH XEGXMPI FEV SVMIRXEXMSR
6)'3-0 0)%7, 4IVJIGX PIEWL JSV FSXL HITS[IV ERH JVIIWX]PI WIXYT
/MXIFSEVH'SRWXVYGXMSR '%6&32 '2' ;33( '31437-8) '327869'8-32 8LI TIVJIGX FEPERGI SJ I\XVIQI PMKLX[IMKLX ERH TIVJSVQERGI 0%=398 4VMRXIH QEXXI WYF WXVEMKLX JSV ZMFVERX GSPSV ERH VIHYGIH [IMKLX ,I\EKSREP FME\ GEVFSR PE]IV &ME\ GEVFSR QMH GSVI VIMRJSVGIQIRX JSV JPI\ GSRXVSP ERH MRWIVX WXVIRKXL '2' [SSH GSVI JSV E PMZIP] ERH IRIVKIXMG JIIP 1 MRPMRI MRWIVX TEGOW JSV WXVIRKXL ERH QYPXMTPI WXERGI STXMSRW 0MUYMH *SVGI´W I\GPYWMZI 0MUYMH 6EMP JSV MQTEGX HYVEFMPMX] 4VMRXIH QEXXI WYF WXVEMKLX JSV FEWI GSPSV
'2' ;33( '31437-8) '36) '327869'8-32 4IVJSVQERGI HIPMZIVIH MR E WXVSRK PMZIP] PMKLX[IMKLX GSRWXVYGXMSR 0%=398 4VMRXIH QEXXI SV KPSWW WYF WXVEMKLX JSV ZMFVERX PMKLX[IMKLX KVETLMGW JSV TVIGMWI [MHXL ERH &ME\ PSRKMXYHMREP VIMRJSVGIQIRX WXVMTW JSV YPXVE HYVEFMPMX] ERH JPI\ MRXIKVMX] &ME\ XVME\ KPEWW JYPP PE]IVW SR FSXL WMHIW SJ XLI GSVI JSV XSVWMSREP VMKMHMX] ERH IZIR JPI\ '2'´H [SSH 4:' GSQTSWMXI GSVI JSV STXMQM^IH TVSTVMIXEV] JPI\ ERH XLI FIWX WXVIRKXL XS [IMKLX VEXMS 1 MRPMRI MRWIVX TEGOW JSV WXVIRKXL ERH QYPXMTPI WXERGI STXMSRW 0MUYMH *SVGI´W I\GPYWMZI 0MUYMH 6EMP JSV MQTEGX HYVEFMPMX] 4VMRXIH QEXXI SV KPSWW WYF WXVEMKLX JSV ZMFVERX FEWI GSPSV
463*-0)( ;33( '36) '327869'8-32 4EGOIH JYPP SJ TIVJSVQERGI [MXL EJJSVHEFMPMX] MR QMRH 0%=398 4VMRXIH QEXXI SV KPSWW WYF WXVEMKLX JSV ZMFVERX PMKLX[IMKLX KVETLMGW JSV TVIGMWI [MHXL ERH &ME\ PSRKMXYHMREP VIMRJSVGIQIRX WXVMTW JSV YPXVE HYVEFMPMX] ERH JPI\ MRXIKVMX] &ME\ XVME\ KPEWW JYPP PE]IVW SR FSXL WMHIW SJ XLI GSVI JSV XSVWMSREP VMKMHMX] ERH IZIR JPI\ 4VSJMPIH ERH WLETIH [SSH GSVI 1 MRPMRI MRWIVX TEGOW JSV WXVIRKXL ERH QYPXMTPI WXERGI STXMSRW 0MUYMH *SVGI´W I\GPYWMZI 0MUYMH 6EMP JSV MQTEGX HYVEFMPMX] 4VMRXIH QEXXI SV KPSWW WYF WXVEMKLX JSV ZMFVERX FEWI GSPSV
'3146)77-32 130()( '327869'8-32 (IPMZIVMRK FSQFTVSSJ GSRWXVYGXMSR ERH HMVIGX VMHIV JIIP XLEX´W TIVJIGX JSV TVSKVIWWMSR 0%=398 7YFPMQEXIH XST WLIIX JSV ZMFVERX HYVEFPI KVETLMGW ERH 1 XLVII TEGO MRWIVXW JSV TVIGMWI [MHXL ERH WXERGI ERKPIW &ME\ PSRKMXYHMREP VIMRJSVGIQIRX WXVMTW JSV YPXVE HYVEFMPMX] ERH JPI\ MRXIKVMX] 8[S JYPP PE]IVW SJ FME\ KPEWW EFSZI ERH FIPS[ GSVI JSV XSVWMSREP WXVIRKXL ERH VMKMHMX] 1 XLVII TEGO MRWIVXW JSV TVIGMWI [MHXL ERH WXERGI ERKPIW 49 MRNIGXIH GSVI JSV E VIHYGIH [IMKLX HYVEFPI FSEVH
&SEVH'EVFSR)PIQIRX
&SEVH)PIQIRX
8,) 9086% 0-+,8;)-+,8 '%6&32 )0)1)28 98-0->)7 % 92-59) ,32)='31& 834 %2( &38831 &- %<-7 '%6&32 ;)%:) 6)(9'-2+ 8,) ;)-+,8 &)=32( 78%2(%6( '%6&32 *-&)6 &3%6( 0%1-2%8-327
8,) 0-+,8;)-+,8 )0)1)28 *)%896)7 %2 9086% 7,%003; '32'%:) ')28)6 ;-8, 59%( ',%22)0)( 8-47 ()0-:)6-2+ )<4037-:) 434 *%78 0%2(-2+7 94;-2( 463.)'8-32 0-+,82-2+ 59-'/ 6)74327) %2( *900 &36) *6))78=0) *6))6-() 4)6*361%2')
% ,32)='31& &- %<-7 '%6&32 & ,-+, 4)6*361%2') *0)< ' *900 ;33( '36)
% 1-( 63'/)6 & 892)( *0)< ' *900 ;33( '36)
7836= 8LI YPXVE PMKLX[IMKLX 'EVFSR )PIQIRX YXMPM^IW E YRMUYI LSRI]GSQF XST ERH FSXXSQ FM E\MW GEVFSR [IEZI VIHYGMRK XLI [IMKLX FI]SRH WXERHEVH GEVFSR JMFIV FSEVH PEQMREXMSRW 8LMW GSRWXVYGXMSR GSQFMRIH [MXL E WLEPPS[ GSRGEZIH GIRXIV LYPP XS E HIIT GLERRIPIH XMT WLETI HIPMZIVW XLI YPXMQEXI JVIIWX]PI I\TIVMIRGI
7836= (IWMKRIH F] PIKIRHEV] [EOIFSEVH ERH OMXIFSEVH WLETIV .MQQ] 6IHQSR [MXL MRTYX JVSQ 4/6% VMHIV 'LVMWXSTLI 8EGO XLI PMKLX[IMKLX )PIQIRX JIEXYVIW ER YPXVE WLEPPS[ GSRGEZI GIRXIV [MXL UYEH GLERRIPIH XMTW HIPMZIVMRK I\TPSWMZI TST JEWX PERHMRKW YT[MRH TVSNIGXMSR PMKLXRMRK UYMGO VIWTSRWI ERH JYPP FSVI JVIIWX]PI JVIIVMHI TIVJSVQERGI
-2'09()( 786%4 %2( 4%(7 *IEXYVMRK EPP XLI EHZERGIH XIGLRSPSK] GSQJSVX ERH TIVJSVQERGI SJ XLI *YWMSR XLI *YWMSR < HIPMZIVW XLI JMRIWX MR JMX JIEXYVMRK E LMKL ZMWMFMPMX] ]IPPS[ [LMXI GSPSV ERH >SREP %HNYWXQIRX [MXL MX W HYEP :IPGVS WXVETW
-2'09()( 786%4 %2( 4%(7 *IEXYVMRK EPP XLI EHZERGIH XIGLRSPSK] GSQJSVX ERH TIVJSVQERGI SJ XLI *YWMSR XLI *YWMSR < HIPMZIVW XLI JMRIWX MR JMX JIEXYVMRK E LMKL ZMWMFMPMX] ]IPPS[ [LMXI GSPSV ERH >SREP %HNYWXQIRX [MXL MX W HYEP :IPGVS WXVETW
%:%-0%&0) 7->)7 \ \ '1
%:%-0%&0) 7->)7 < < < '1
*)%896)7 ,MKL TIVJSVQERGI JVIIWX]PI 'EVFSR PEQMREXMSR GSRWXVYGXMSR /+ HIGO SRP] '2' XST ERH FSXXSQ GSRXSYVW 7PMKLX WMRKPI GSRGEZI 'LERRIPIH XMTW 7SPMH [SSH GSVI GSRWXVYGXMSR 8YRIH JPI\ WXMJJ YRHIV JSSX QIHMYQ MR XMTW 1MH VSGOIV TIVJSVQERGI 0MUYMH 6EMP HYVEFMPMX] ,MKL TIVJSVQERGI JMRW
*)%896)7 ,MKL TIVJSVQERGI JVIIWX]PI '2' XST ERH FSXXSQ GSRXSYVW 7PMKLX WMRKPI GSRGEZI 'LERRIPIH XMTW 7SPMH [SSH GSVI GSRWXVYGXMSR 8YRIH JPI\ WXMJJ YRHIV JSSX QIHMYQ MR XMTW 1MH VSGOIV TIVJSVQERGI 0MUYMH 6EMP HYVEFMPMX] 1SPHIH TIVJSVQERGI JMRW
'30367
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71338, %2( :)67%8-0) 8,) &0-77 &6-2+7 8,) 908-1%8) (3 -8 %00 &3%6( 83 ;31)2
-2863(9'-2+ 8,) 0)+%'= 8,) ):3098-32 3* 8,) ;360( 6)23;2)( -2*09)2')
% 1)(-91 63'/)6 & 73*8 *0)< ' ;33( '31437-8) '36)
% 1)(-91 63'/)6 & 892)( *0)< ' *900 ;33( '36)
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´W FSEVH '2' XST ERH FSXXSQ GSRXSYVW ;SSH JSEQ GSVI GSRWXVYGXMSR 1MH VSGOIV TIVJSVQERGI 0MUYMH 6EMP HYVEFMPMX] 7SJX JPI\ 1SPHIH TIVJSVQERGI JMRW
7836= &EWIH SJJ XLI PIKEG] SJ 0MUYMH *SVGI´W QSWX TSTYPEV OMXIFSEVH SJ EPP XMQI XLI -RJPYIRGI XLI 0IKEG] HIPMZIVW E GYXXMRK IHKI SZIVLEYP 4VSZMHMRK E WMQMPEV JIIP XLI 0IKEG] LEW E XLMRRIV ERH PMKLXIV HIWMKR JSV YRVMZEPIH TIVJSVQERGI 8LI 0IKEG]´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
'30367
&SEVH*SGYW &6%2( 2); 83 396 0-2)94 8,) *3'97 -7 4%'/)( ;-8, 4)6*361%2') )2,%2'-2+ *)%896)7 ()0-:)6-2+ % &%2+)6 :)67%8-0) *))0 *36 %00 %6392( 6-()67
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
;%/)78=0) ()*-2)( 8,) )',3
% ,-+, 63'/)6 & 78-** *0)< ' *900 ;33( '36) 7836= )GLSMRK XLI XST WLIPJ TIVJSVQERGI SJ XLI (0< XLI EPP RI[ )GLS MW FYMPX XS QIIX XLI HIQERHMRK RIIHW SJ [EOIWX]PI QEWXIV &VERHSR 7GLIMH (IWMKRIH F] 7GLIMH ERH PIKIRHEV] [EOIFSEVH ERH OMXIFSEVH WLETIV .MQQ] 6IHQSR XLI )GLS JIEXYVIW XLI QSWX EHZERGIH WLETI ERH HIWMKR SJ XLI 0* TVSJMPIH [SSH GSVI PMRIYT 8LI VIWYPX# %R EKKVIWWMZI VMHIV´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
'30367
'30367
&SEVH)GLS
&SEVH(VMZI
&SEVH3ZIV(VMZI
3**)6-2+ 8,) 908-1%8) :%09) 83 4)6*361%2') 6%8-3 8,) (6-:) *)%896)7 1%2= 3* 396 1378 %(:%2')( 8)',2303+-)7 %2( -7 348-1->)( 74)'-*-'%00= *36 463+6)77-32 78%=-2+ 94;-2( .914-2+ %2( (3-2+ %-6 86%27-8-327
0-+,8;-2( *92 8,) 3:)6 (6-:) &6-2+7 ,-+, )2( *6))78=0) 4)6*361%2') 83 8,) 0-+,8 ;-2( %6)2%
% 03; 63'/)6 & 1-( *0)< ' *900 ;33( '36)
% 1-2-1%0 63'/)6 & 1-( *0)< ' *900 ;33( '36)
7836= )RKMRIIVIH XS XVERWJSVQ E OMXIV´W VMHMRK MR E WLSVX TIVMSH SJ XMQI XLI (VMZI TEGOW E TSXIRX IQTS[IVMRK TYRGL 3JJIVMRK XLI YPXMQEXI ZEPYI XS TIVJSVQERGI VEXMS XLI (VMZI JIEXYVIW QER] SJ SYV QSWX EHZERGIH XIGLRSPSKMIW ERH MW STXMQM^IH WTIGMJMGEPP] JSV TVSKVIWWMSR WXE]MRK YT[MRH NYQTMRK ERH HSMRK EMV XVERWMXMSRW %PP JYR EPP XLI XMQI
7836= 2I[ XS SYV FSEVH PMRIYT XLI 3ZIV (VMZI FVMRKW LMKL IRH JVIIWX]PI TIVJSVQERGI XS XLI PMKLX [MRH EVIRE *IEXYVMRK E RSR SJJWIX WXERGI QMRMQEP VSGOIV E LIEVX] [MHXL QMH JPI\ ERH E TVSJMPIH [SSH GSVI [MXL JPEX FSXXSQ XLI 3ZIV (VMZI SJJIVW IEVP] ERH IJJMGMIRX TPERMRK I\GITXMSREP YT[MRH GETEFMPMX] TS[IVJYP TST ERH E WQSSXL TVIHMGXEFPI JIIP
-2'09()( 786%4 %2( 4%(7 8LI *YWMSR JSSXTEH ERH WXVET WIXYT HIPMZIVW [SVPH GPEWW GSQJSVX YPXMQEXI TIVJSVQERGI ERH IJJSVXPIWW IEWI SJ YWI
-2'09()( 786%4 %2( 4%(7 8LI *YWMSR JSSXTEH ERH WXVET WIXYT HIPMZIVW [SVPH GPEWW GSQJSVX YPXMQEXI TIVJSVQERGI ERH IJJSVXPIWW IEWI SJ YWI
%:%-0%&0) 7->)7 < < < < '1 *)%896-2+ %PP PIZIP TVSKVIWWMSR FSEVH )JJMGMIRX YT[MRH TIVJSVQERGI 7SPMH [SSH GSVI GSRWXVYGXMSR (YVEFPI 0MUYMH 6EMP 0S[ VSGOIV TVSJMPI 1IHMYQ WSJX JPI\ &IEYXMJYP XIGL IRLERGMRK KVETLMGW 1SPHIH TIVJSVQERGI JMRW
*)%896-2+ *IEXYVMRK 0MKLX [MRH IJJMGMIRG] WLETI 7SPMH [SSH GSVI GSRWXVYGXMSR (YVEFPI 0MUYMH 6EMP 0S[ VSGOIV TVSJMPI 1IHMYQ JPI\ &IEYXMJYP XIGL IRLERGMRK KVETLMGW 1SPHIH TIVJSVQERGI JMRW
'30367
'30367
%:%-0%&0) 7->)7 < < '1
&SEVH)HKI &9-08 *36 6%4-( 463+6)77-32 8,) )(+) -7 32) 3* 396 1378 92-59) )%7= 83 6-() &3%6(7
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
&SEVH7OMQ 0-+,8 %2( '314%'8 8,-7 &3%6( ,%7 :-689%00= 23 63'/)6 1%/-2+ -8 8,) 908-1%8) 0-+,8 ;-2( 4)6*361)6
% 1-2-1%0 63'/)6 & 78-** *0)< ' '3146)77-32 130()( '36) 7836= 8LI /MXI 7OMQ [MPP QEOI ER] UYMZIV E [LSPI PSX FIXXIV 0MKLX ERH GSQTEGX XLMW FSEVH LEW ZMVXYEPP] RS VSGOIV QEOMRK MX XLI YPXMQEXI PMKLX [MRH TIVJSVQIV *SV EHHIH KVMT XLI /MXI 7OMQ JIEXYVIW E VIQSZEFPI MRGL JMR ERH E WMRKPI FEVVIP GLERRIP VYRW SYX XLI RSWI ERH XEMP [LMGL TVSZMHIW WSPMH KVMT ERH WQSSXL [EXIV VIPIEWI 'SQTPIXI [MXL E JYPP ):% HIGO
%:%-0%&0) 7->)7 '1 *)%896-2+ *IEXYVMRK 0MKLX [MRH WTIGMEPX] UYMZIV FSEVH (YVEFPI GSQTVIWWMSR QSPHIH GSRWXVYGXMSR &SXXSQ GLERRIP GSRXSYV 1SPHIH GIRXIV JMR STXMSR
4LSXS0YOEW4VYHO] 6MHIV.EWSR7PI^EO
/MXIWYVJW5YMGORIWW
/MXIWYVJW'.
8,) 59-'/2)77 % 869) 796*&3%6( *)%896-2+ % *900 237) %2( 03; 63'/)6 *36 )**-'-)28 94;-2( 6-(-2+ 8,) 59-'/2)77 ´ ² ,%7 % 70-+,8 8%-0 63'/)6 4900)( *631 8,) 1-((0) 83;%6(7 8,) &%'/ ;,-', ()0-:)67 4-:38%0 72%44= 4)6*361%2')
8,) '. -7 32) ;)00 6392()( &%(%77 &3%6( ° -2 &-+ 71338, 7-() 3** '32(-8-327 83 70344= &)%', &6)%/ 4)%/7
% 03; )286= 63'/)6 & *-2 7)894 ' 43;)6*90 *%78
% ,-+, 63'/)6 & 59%( *-2 7)894 ' (6-:)= 0337)
7836= % XVYI WYVJFSEVH JIEXYVMRK E JYPP RSWI ERH PS[ VSGOIV JSV IJJMGMIRX YT[MRH VMHMRK XLI 5YMGORIWW ´ ² LEW E WPMKLX XEMP VSGOIV TYPPIH JVSQ XLI QMHHPI XS[EVHW XLI FEGO [LMGL HIPMZIVW TMZSXEP WRETT] TIVJSVQERGI 'SQTPIXI [MXL E JMR WIXYT XLVYWXIV SV UYEH %RH [LIR XLIVI´W PMXXPI XS RS TS[IV MR XLI OMXI XLMW FSEVH [SR´X FSK HS[R )UYMTTIH [MXL ):% HIGOTEHW ERH WXVETW XLI 5YMGORIWW I\GIPW MR EPP GSRHMXMSRW SJ WYVJ
7836= 8LI '. MW SRI [IPP VSYRHIH FEHEWW FSEVH ° MR FMK WQSSXL WMHI SJJ GSRHMXMSRW XS WPSTT] FIEGL FVIEO TIEOW (IWMKRIH XS FI VMHHIR [MXL SV [MXLSYX TS[IV JVSQ XLI OMXI XLMW UYEH JMR WIXYT JIEXYVIW E REVVS[ SYXPMRI ERH QIHMYQ VSGOIV PMRI [MXL WLEPPS[ WMRKPI GSRGEZI JSV JEWX TS[IVJYP TIVJSVQERGI ERH E PSSWI HVMZI] JIIP 'SQTPIXI [MXL TVI MRWXEPPIH ):% XEMPTEH ERH WXVETW
7->) ´ ² < ² < ² ° 0
7->) ´ ² < ² < ² ° 0
-2'09()( 786%47 7XE]MRK GSRRIGXIH [MXL XLI MRGPYHIH 7YVJ 7XVETW
-2'09()( 786%47 7XE]MRK GSRRIGXIH [MXL XLI MRGPYHIH 7YVJ 7XVETW
/MXIWYVJW1IWWIRKIV
/MXIWYVJW1IWWIRKIV
8,) ´ ² 1)77)2+)6 *)%896)7 136) :3091) %2( %(()( +0-() 1%/-2+ -8 8,) 4)6*)'8 7)894 *36 ()43;)6)( 6-44-2+ %2( *36 ,)%:-)6 6-()67
8,) 1)77)2+)6 *)%896)7 % 6):3098-32%6= 7,%4) *36 6)(9')( 7;-2+ ;)-+,8 1%/-2+ 786%40)77 %-67 %2( 8%-0 *-678 0%2(-2+7 6):)68-2+ 398 % ;,30) 038 )%7-)6
% 1)(-91 63'/)6 & 59%( *-2 7)894 ' %(()( &93=%2'=
% 1)(-91 63'/)6 & 59%( *-2 7)894 ' *%78 3980-2)
7836= 8LI ´ ² 1IWWIRKIV JIEXYVIW QSVI ZSPYQI ERH EHHIH KPMHI QEOMRK MX XLI TIVJIGX WIXYT JSV HITS[IVIH VMTTMRK ERH JSV LIEZMIV VMHIVW ;MXL MXW IRLERGIH [MHXL ERH PSRK VEMP PMRIW XLI ´ ² JIIPW EFSYX WM\ MRGLIW FMKKIV ]IX HIPMZIVW XLI I\XVIQIP] UYMGO VIWTSRWI ]SY´H I\TIGX JVSQ E WQEPP FSEVH 'SQTPIXI [MXL LSRI]GSQF KPEWW JMRW
7836= 8LI 1IWWIRKIV JIEXYVIW E VIZSPYXMSREV] WLETI JSV VIHYGIH W[MRK [IMKLX QEOMRK WXVETPIWW EMVW ERH XEMP JMVWX PERHMRKW VIZIVXMRK SYX E [LSPI PSX IEWMIV ;LIR MX GSQIW XS XVEHMXMSREP HS[R XLI PMRI XST XS FSXXSQ OMXIWYVJMRK XLMW JEWX VIWTSRHMRK FSEVH TEGOW E [LSPI PSX SJ LMKL TIVJSVQERGI MRXS E WQEPP IJJMGMIRX ERH TSXIRX WLETI 'SQTPIXI [MXL LSRI]GSQF KPEWW JMRW
7->) ´ ² < ² < ² ° 0 -2'09()( 786%47 7XE]MRK GSRRIGXIH [MXL XLI MRGPYHIH 7YVJ 7XVETW
7->) ´ ² < ² < ² ° 0 -2'09()( 786%47 7XE]MRK GSRRIGXIH [MXL XLI MRGPYHIH 7YVJ 7XVETW
4LSXS0YOEW4VYHO] 6MHIV.YPMIR*MPPMSR
/MXI*SMP %6) =39 6)%(= 83 *0=#
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´ ² *SMP FEK MRGPYHIH
*)%896)7 0MKLX [IMKLX EPYQMRYQ QEWX ERH JYWIPEKI 'EVFSR QSPHIH [MRKW (YEP TYVTSWI GSQTVIWWMSR QSPHIH /MXI *SMP *MWL FSEVH 'IRXIV PMRI MRWIVXW JSV WXVETW WXVETW MRGPYHIH 1SHYPEV GSQTSRIRXW XLEX EVI IEW] XS VITPEGI *SMP FEK MRGPYHIH
7XVETW 4EHW*YWMSR 8,) *97-32 *3384%( %2( 786%4 7)894 ()0-:)67 ;360( '0%77 '31*368 908-1%8) 4)6*36 1%2') %2( )**3680)77 )%7) 3* 97)
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
7XVETW 4EHW7SPS
7XVETW 4EHW*YWMSR *)%896-2+ %00 8,) %(:%2')( 8)',2303+= '31*368 %2( 4)6*361%2') 3* 8,) *97-32 8,) *97-32 < ()0-:)67 8,) *-2)78 -2 *-8 *)%896-2+ % ,-+, :-7-&-0-8= =)003; ;,-8) '3036 %2( >32%0 %(.9781)28 ;-8, -8´7 (9%0 :)0'63 786%47
% '3140)8) %(.978%&-0-8= & ,-+, 4)6*361%2') '31*368 ' *-87 %2= &3%6( 7836= *IEXYVMRK EPP XLI EHZERGIH XIGLRSPSK] GSQJSVX ERH TIVJSVQERGI SJ XLI *YWMSR XLI *YWMSR < HIPMZIVW XLI JMRIWX MR JMX JIEXYVMRK E LMKL ZMWMFMPMX] ]IPPS[ [LMXI GSPSV ERH >SREP %HNYWXQIRX [MXL MX´W HYEP :IPGVS WXVETW %:%-0%&0) 7->)7 71%00 1)(-91 97 7->) 0%6+) < 0%6+) 97 7->) << 0%6+) 97 7->)
7XVETW7YVJ
71338, %2( :)67%8-0) 8,) &0-77 &6-2+7 8,) 908-1%8) (3 -8 %00 &3%6( 83 ;31)2
78%=-2+ '322)'8)( -7 8,%8 )%7=
% 7-2+0) 0%') %(.9781)28 & 0-+,8;)-+,8 ' *-87 ):)6=32)
% '31*368%&0) *900 2)346)2) & 1908-40) %(.9781)28 ' 0-+,8;)-+,8
7836= 7QSSXL ERH ZIVWEXMPI XLI &PMWW FVMRKW XLI YPXMQEXI HS MX EPP FSEVH XS [SQIR 1SHIPIH EJXIV XLI XVMIH ERH XVYI -RJPYIRGI XLI &PMWW JIEXYVIW E QIHMYQ VSGOIV TVSJMPI ERH E VI IRKMRIIVIH WSJX JPI\ TEXXIVR HIPMZIVMRK TS[IVJYP TST E WYTIV TVIGMWI JIIP GYWL] PERHMRKW WXIPPEV KVMT IJJMGMIRX YT[MRH TVSNIGXMSR ERH FSYRGI JVII KPMHI XLVSYKL GLST
7836= 7XE] GSRRIGXIH
%:%-0%&0) 7->)7 3RI 7M^I *MXW %PP
%:%-0%&0) 7->)7 3RI 7M^I *MXW %PP
4LSXS:MRGIRX&IVKIVSR 6MHIV&VERHSR7GLIMH
&MRHMRKW0*/ 8LI 0*/ FMRHMRK JYWIW GSQJSVX ERH TIVJSVQERGI MRXS E PMKLX[IMKLX TEGOEKI
% 0-+,8;)-+,8 &9-08 -2 0-2)6 & -4< ',%77-7 ' 1)(-91 *0)< 7836= )ZIV]SRI [ERXW E PMKLX[IMKLX FMRHMRK &YX XLI GLEPPIRKI LEW FIIR XS JYWI PMKLX[IMKLX ERH PSRK XIVQ HYVEFMPMX] 8LI 0*/ FMRHMRK YWIW E FYMPX MR PMRIV W]WXIQ XLEX VIHYGIW [IMKLX [MXL SYX WEGVMJMGMRK XLI PIKIRHEV] 0MUYMH *SVGI HYVEFMPMX] 4EGOIH [MXL TIVJSVQERGI VEMWMRK JIEXYVIW PMOI ^SREP PEGI ERH :IPGVS EHNYWXQIRX GERXIH JSSX FIH ERH XLI -4< GLEWWMW XLI 0*/ [MPP WIX XLI FMRHMRK WXERHEVH MR OMXIFSEHMRK %:%-0%&0) 7->)7
'30367
&MRHMRKW:ERXEKI/MXI 3**)6-2+ 463 0):)0 4)6*361%2') 8,) :%28%+) /-8) &-2(-2+7 *)%896) % 78-** *0)< &9-08 9432 8,) 0-59-( *36') -4< ',%77-7 *36 8,) 908-1%8) *338 83 &3%6( *))0
% 78-** *0)< & '328630 0-2)6 ' >32%0 :)0'63 7836= 3JJIVMRK TVS PIZIP TIVJSVQERGI XLI :ERXEKI /MXI FMRHMRKW JIEXYVI E WXMJJ JPI\ FYMPX YTSR XLI 0MUYMH *SVGI -4< 'LEWWMW JSV XLI YPXMQEXI JSSX XS FSEVH JIIP %HHMXMSREPP] XLIWI FMRHMRKW YXMPM^I E KIP FEWIH WLSGO EFWSVTXMSR W]WXIQ JSV TMPPS[ WSJX PERHMRKW ( QSPHIH IVKSRSQMG JSSXFIHW JSV YPXMQEXI GSQJSVX ER EVXMGYPEXIH GYJJ JSV WYTTSVXMZI JPYMH QSZIQIRX ERH E JYPP [VET PMRIV JSV XLI TIVJIGX JMX 8LVII :IPGVS TS[IV WXVETW TVSZMHI QE\MQYQ IJJSVXPIWW EHNYWXEFMPMX] WS ]SY GER GVERO HS[R XLI JMX JSV ER EKKVIWWMZI XLVS[HS[R SV WSJXIR XLI JPI\ XS WX]PI XLMRKW SYX %:%-0%&0) 7->)7
&MRHMRKW9PXVE
&MRHMRKW7]RIVK] ; 8,) ;31%2´7 7=2)6+= ()0-:)67 %(.978%&0) 4)6*361%2') 3**)6-2+ % 1)(-91 *0)< ;-8, 348-1%0 7944368 8,) 7=2)6+= -7 &9-08 9432 % *0)< *6)) -4< ',%77-7 *36 >)63 ,))0 0-*8 %2( 8,) 908-1%8) &338 83 &3%6( 7=2)6+-78-' *))0
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
&MRHMRKW'VEHPI
78)11-2+ *631 2)%60= 8;3 ()'%()7 3* -223:%8-32 463 6-()6 -2498 %2( 6)0)280)77 6)*-2)1)28 8,) )2( 6)7908 -7 8,) 9086% /-8) ° %:%-0%&0) -2 34)2 %2( '037)( 83) :)67-327
-()%0 *36 )286= 83 1-( 0):)0 6-()67 033/-2+ 730-( 7944368 1)(-91 *0)< %2( 1%<-191 %(.978%&-0-8= 8,) 34)2 83) '6%(0) -7 4)6*)'8 *36 2); /-8)67 36 032+8-1) 6-()67 033/ -2+ 83 +-:) &-2(-2+7 % 86=
% 73*8 *0)< & '328630 0-2)6 ' '037)( 36 34)2 83)
% 1)(-91 *0)< & '31*368 0-2)6 ' >32%0 :)0'63
7836= 7XIQQMRK JVSQ RIEVP] X[S HIGEHIW SJ MRRSZEXMSR TVS VMHIV MRTYX ERH VIPIRXPIWW VIJMRIQIRX XLI IRH VIWYPX MW XLI 9PXVE /MXI ° EZEMPEFPI MR STIR ERH GPSWIH XSI ZIVWMSRW ;LMPI XLI L]FVMH GSRWXVYGXMSR SJJIVW WYTIVMSV GSRXVSP MX EPWS JIEXYVIW WSJX JPI\ JSV JYPP VERKI SJ QSXMSR 8LI 9PXVE /MXI MW FEWIH YTSR XLI -4< WYTIV PS[ GLEWWMW ERH JIEXYVIW ER MQTEGX HEQTIRMRK WSPI ( QSPHIH IVKSRSQMG ):% JSSXFIH SYV 'SRXVSP 0MRIV ERH E 849 MRNIGXMSR YTTIV 2S SXLIV FMRHMRK MR SYV PMRIYT TVSZMHIW WYGL E TVSJSYRH PMKLX[IMKLX GSQFMREXMSR SJ WYTTSVX JMX ERH JPI\
7836= (IWMKRIH F] PIKIRHEV] [EOIFSEVH ERH OMXIFSEVH W-HIEP JSV IRXV] XS QMH PIZIP VMHIVW PSSOMRK WSPMH WYTTSVX QIHMYQ JPI\ ERH QE\MQYQ EHNYWXEFMPMX] XLI STIR XSI 'VEHPI MW TIVJIGX JSV RI[ OMXIVW SV PSRKXMQI VMHIVW PSSOMRK XS KMZI FMRHMRKW E XV] 0MOI EPP 0* FSSXW XLI 'VEHPI YXMPM^IW E JPI\ JVII WYTIV PS[ -4< GLEWWMW XS IRWYVI YPXMQEXI LIIP LSPH ERH XLI JMRIWX JSSX XS FSEVH JIIP ;MXL ER MQTEGX HEQTIRMRK WSPI ( QSPHIH IVKSRSQMG ):% JSSXFIH ERH 0MUYMH *SVGI´W 'SQJSVX 0MRIV XLMW FMRHMRK EPWS JIEXYVIW XLVII IEW] XS EHNYWX :IPGVS WXVETW JSV GYWXSQM^IH JMX
%:%-0%&0) 7->)7
%:%-0%&0) 7->)7
,EVRIWWIW7SPS
,EVRIWWIW7YTVIQI
,-+, 4)6*361%2') -2 % 0-+,8;)-+,8 ()7-+2
794)6-36 '31*368 7%*)8= %2( '32:)2-)2') 8,) 7946)1)
% 0-+,8;)-+,8 ):% ()7-+2 & 46) '96:)( &%'/ 7944368 ' 03'/-2+ '%1 746)%()6 &%6
% ,-+, &%'/ & 03'/-2+ '%1 786%4 ' 46) '96:)( 746)%()6 &%6
7836= )ZIV]SRI PSZIW PMKLX[IMKLX ERH IEW] XS YWI 8LI 7SPS LEVRIWW MW NYWX XLEX 3YV MHIE [EW XS IPMQMREXI YRRIGIWWEV] QEXIVMEP ERH SZIV FYMPX MHIEW XS EGLMIZI E LMKL TIVJSVQERGI LEVRIWW [MXL E [IMKLX WEZMRK EHZERXEKI 8LI 7SPS TEGOW MR YRMUYI GSRWXVYGXMSR QIXLSHW XLEX IRLERGI GSQJSVX JSV EPP HE] VMHMRK IPMQMREXMRK GLEJI ERH PMQMXMRK WTVIEHIV FEV PMJX
7836= 8LI 7YTVIQI LEVRIWW HIPMZIVW WYTVIQI JMX GSQJSVX ERH WYTTSVX 3JJIVMRK E JYPP SYXPMRI ERH LMKLIV FEGO XLMW LEVRIWW HIPMZIVW MRGVIEWIH WYTTSVX EW [IPP EW HYEP WEJIX] PIEWL VIPIEWIW XLI I\GPYWMZI 0MUYMH *SVGI 0SGOMRK 'EQ 7XVET ERH EPP SJ XLI TVIQMYQ JIEXYVIW JSYRH MR XLI RI[ 0MUYMH *SVGI LEVRIWWIW
%:%-0%&0) 7->)7 < 71%00 71%00 1)(-91 0%6+) < 0%6+)
%:%-0%&0) 7->)7 < 71%00 71%00 1)(-91 0%6+) < 0%6+)
'30367
'30367
,EVRIWWIW4VMQI
,EVRIWWIW'VY^IV
8,) 03; '98 46-1) ,%62)77 -7 73 '31*368%&0) 8,%8 =39 1-+,8 *))0 % &-8 2%/)( ;)%6 -2+ -8
-()%0 *36 %2= 6-()6 033/-2+ *36 8,) 908-1%8) 7944368 3* % 7)%8 ,%62)77 8,) '69>)6 *)%896)7 % 92-59) ,-+, &%'/ ()7-+2
% 03; '98 & 8,)613*361)( ):% &%'/ ' 79440) *-8
% ,-+, &%'/ ()7-+2 & '31*= 0)+ 03347 ' )%7= %(.9781)28
7836= 8LI PS[ GYX 4VMQI LEVRIWW MW WS GSQJSVXEFPI XLEX ]SY QMKLX JIIP E FMX REOIH [IEVMRK MX 3JJIVMRK WYTTPI XMKLX JMXXMRK JPI\MFPI ERH WYTTSVXMZI TIVJSVQERGI XLI 4VMQI HIPMZIVW WYTIVMSV JMX ERH JYRGXMSR EW [IPP EW HYEP WEJIX] PIEWL VIPIEWIW XLI I\GPYWMZI 0MUYMH *SVGI 0SGOMRK 'EQ 7XVET ERH EPP SJ XLI TVIQMYQ JIEXYVIW JSYRH MR XLI RI[ 0MUYMH *SVGI LEVRIWWIW %:%-0%&0) 7->)7 71%00 1)(-91 0%6+) < 0%6+)
'30367
7836= -HIEP JSV ER] VMHIV PSSOMRK JSV XLI YPXMQEXI WYTTSVX SJ E WIEX LEVRIWW XLI 'VY^IV JIEXYVIW E YRMUYI LMKL FEGO HIWMKR 8LMW FSQFIV LEVRIWW HIPMZIVW E PS[ TYPP ZMXEP PIZIVEKI ERH ER IJJMGMIRX JIIP QEOMRK MX E XST GLSMGI JSV WGLSSPW ERH JVIIVMHIVW %:%-0%&0) 7->)7 71%00 1)(-91 0%6+) < 0%6+)
:IWXW7YTVIQI
:IWXW4VSJMPI
*900= 6):)67-&0) 8,) 7946)1) -14%'8 :)78 *)%896)7 % 13()6%8) *3%1 *-00-2+ *36 -14%'8 4638)'8-32 %2( '32*-()2') &9-0(-2+ *038%8-32
3**)6-2+ 8,) 908-1%8) -2 -14%'8 4638)'8-32 %2( *038%8-32 8,) 0-59-( *36') 463*-0) :)78 ()0-:)67 136) &93=%2'= 8,%2 %2= 38,)6 /-8) -14%'8 :)78 32 8,) 1%6/)8
% )6+3231-' *03%8 & )%7= )286= ' 6):)67-&0)
% 7%*)8= 4%'/)( & ,-+, *038%8-32 ' )<86)1) :-7-&-0-8=
7836= *YPP] VIZIVWMFPI XLI 7YTVIQI -QTEGX :IWX JIEXYVIW E QSHIVEXI JSEQ JMPPMRK JSV MQTEGX TVSXIGXMSR ERH GSRJMHIRGI FYMPHMRK JPSXEXMSR )\XVIQIP] JYRGXMSREP XLMW ZIWX MRXIKVEXIW WIEQPIWWP] [MXL E [EWXI SV WIEX LEVRIWW ERH MXW PS[ TVSJMPI JMX SJJIVW GSQJSVXEFPI YRVIWXVMGXIH QSFMPMX] %R IVKSRSQMGEPP] GYVZIH ^MT TIV EPPS[W JSV IEW] SRI LERHIH IRXV] ERH I\MX [LMPI XLI KVMT WXVMTW IRWYVI E RS WPMT LEVRIWW JMX
7836= 3JJIVMRK XLI YPXMQEXI MR MQTEGX TVSXIGXMSR ERH JPSXEXMSR XLI 0MUYMH *SVGI 4VSJMPI :IWX HIPMZIVW QSVI FYS]ERG] XLER ER] SXLIV OMXI MQTEGX ZIWX SR XLI QEVOIX -RWTMVMRK SJJ WLSVI WIGYVMX] XLI 4VSJMPI MRXIKVEXIW WIEQPIWWP] [MXL E [EWXI SV WIEX LEVRIWW *IEXYVMRK E HSYFPI XVEGO ^MTTIV WLSYPHIV EHNYWXQIRX ERH TS[IV FERH GPSWYVI JSV QYPXMTPI WM^I STXMSRW XLMW JYRGXMSREP ZIWX EPWS GSQIW [MXL E LSSO ORMJI ERH IQIVKIRG] [LMWXPI JSV VMHIV WEJIX] SV OMXI WGLSSP YWI
%:%-0%&0) 7->)7 71%00 1)(-91 0%6+) < 0%6+)
%:%-0%&0) 7->)7 7QEPP 1IHMYQ 0EVKI <0EVKI
'30367
4LSXS:MRGIRX&IVKIVSR 6MHIV7IRWM+VEZIW
0*/&EKW ;,)6):)6 =39 ;%28 83 +3 0* ,%7 =39 '3:)6)(
;360( 796* 86%:)0)6 0MUYMH *SVGI´W FMKKIWX XVEZIP FEK XLI ;SVPH 7YVJ 8VEZIPIV GER XEOI X[S OMXI WYVJ FSEVHW XLVII OMXIW ERH QSVI ,IEZ] HYX] LERHPIW ERH [LIIPW EW [IPP EW WITEVEXI FSEVH TEHW XS TVSXIGX IEGL WXMGO ]SY´VI XLVS[MRK MR XLI WEGO 7->) 0IRKXL GQ ;MHXL GQ ,IMKLX GQ
*)%896)7
'3**-2 &%+ 0MUYMH *SVGI´W FMKKIWX XVEZIP FEK XLI ;SVPH 7YVJ 8VEZIPIV GER XEOI X[S OMXI WYVJ FSEVHW XLVII OMXIW ERH QSVI ,IEZ] HYX] LERHPIW ERH [LIIPW EW [IPP EW WITEVEXI FSEVH TEHW XS TVSXIGX IEGL WXMGO ]SY´VI XLVS[MRK MR XLI WEGO
+30* &%+ ±7II# -X´W E KSPJ FEK 8LEX´W [L] MX WE]W ±KSPJ² SR MX ² 3/ TVEGXMGI [MXL YW 7E] XLEX PMRI XIR XMQIW MR E VS[ 2S WE] MX PMOI ]SY VIEPP] FIPMIZI MX ;LMPI [I GER´X EFWSPYXIP] KYEVERXII XLI 0* +SPJ &EK [MPP QEOI EMVTSVX JIIW KS E[E] MX [SR´X QEOI XLIQ LMKLIV ,IEZ] HYX] LERHPIW ERH [LIIPW
(9**)0 &%+ &IGEYWI WSQIXMQIW ]SY´ZI KSX XS XEOI IZIV]XLMRK ]SY´ZI KSX ERH NYWX GLYGO MX MR 8LI 0MUYMH *SVGI (YJJIP FEK PIXW ]SY HS NYWX XLEX 4EGO JSV E [IIOIRH KIXE[E] [MXL IEWI YWMRK XLI 0MUYMH *SVGI HYJJIP
3:)6,)%( (9**)0 &YMPX XS JMX TIVJIGXP] MRXS SZIVLIEH TPERI GSQTEVX QIRXW JSV XLSWI WLSVX XVMTW XS I\SXMG OMXI HIWXMREXMSRW *IEXYVIW XLI 4:' REQIXEK LSPHIV ERH VSPP EPSRK [LIIPW (SR´X JSVKIX XS TEGO ]SYV XSSXLFVYWL ¯ SV ]SYV TEWWTSVX
&%'/4%'/ /IIT GSRRIGXIH [MXL XLI PETXST VIEH] 0MUYMH *SVGI FEGOTEGO %RH JSV [LIR XLI WIWL MW SZIV ERH XLIVI´W RS [SVO XS HS XLI 0* FEGOTEGO LEW ER MRWYPEXIH GSSPIV =SY ORS[ ¯ JSV ]SYV WSHEW ERH NYMGI FS\IW 3V [LEXIZIV SXLIV FIZIVEKIW VIUYMVIH JSV ]SYV TSWX WIWWMSR IRNS]QIRX
',%2+-2+ 4%( /IIT ]SYVWIPJ ]SYV [IXWYMX ERH ]SYV ZILMGPI EW GPIER EW E [LMWXPI [MXL XLI 0* 'LERKMRK TEH 1EOIW ER] FIEGL SV TEVOMRK PSX E [E] FIXXIV TPEGI XS VMK E OMXI +YEVER XIIH 4EGOW MRXS E GSRZIRMIRX IEW] XS WXEWL FEK
7->) 0IRKXL GQ ;MHXL GQ ,IMKLX GQ
7->) 0IRKXL GQ ;MHXL GQ ,IMKLX GQ
7->) 0IRKXL GQ ;MHXL GQ ,IMKLX GQ
7->)
GQ ;MHXL GQ ,IMKLX GQ
7->) 0IRKXL GQ ;MHXL GQ ,IMKLX GQ :SPYQI PMXVIW
7->) ;MHXL GQ
(V]&EKW(S[R[MRHIV
&IEGLIV
(YJJPI
8%/) ;,%8 =39 2))(
&6-2+ -8 %00 %2( (32´8 ;366=
0-+,8;)-+,8 ;%8)64633* (9**0) 83 ,%90 %00 =396 )77)28-%07
% 7QEPP GSQTEGX ERH PMKLX[IMKLX & ,]HVEXMSR FPEHHIV MRGPYHIH ' ;%8)64633*
% )6+3231-' 7,390()6 786%47 & 1)(-91 7->) ' ;%8)64633*
% )%7= -27-() %'')77 & 0%6+) 7->) ' ;%8)64633*
7836= ,EZI ]SY IZIV XLSYKLX SR E PSRK HS[R [MRHIV EFSYX LEZMRK E WREGO SV WSQI [EXIV# ;LEX EFSYX MJ ]SY IRH YT LEPJ [E] WXVERHIH ;MWL ]SY LEH ]SYV TLSRI# 1E]FI E GSYTPI SJ FYGOW JSV E GEF SV E GSPH FIIV EX XLI IRH SJ ]SYV HS[R [MRH WIWWMSR =SYV VIUYIWX LEW FIIR ERW[IVIH [MXL XLI (S[R ;MRHIV &EGOTEGO *YPP] [EXIVTVSSJ ERH IUYMTTIH [MXL L]HVEXMSR
7836= (IWMKRIH JSV ER]XLMRK ]SY GER XLVS[ EX MX 8LI &IEGLIV FEGOTEGOW [EXIVTVSSJ QEXIVMEP ERH GPSWYVI [MPP KMZI ]SY XLI WIGYVMX] XLEX ]SY RIIH JSV ]SYV RSR [EXIVTVSSJ MXIQW
7836= % HYJJPI [MXL E TYVTSWI 8LI (YJJPI MW E XVEZIPIVW HVIEQ 0MKLX[IMKLX JSV XLSWI TIWO] WGEPIW EX XLI EMVTSVX GLIGO MR 0EVKI IRSYKL XS GEVV] EPP ]SYV IWWIRXMEPW ERH [EXIVTVSSJ [LIR XLI FEKKEKI LERHPIVW PIEZI MX SR XLI XEVQEG MR XLI VEMR
7->) (ITXL GQ ;MHXL GQ ,IMKLX GQGQ
7->) (ITXL GQ ;MHXL GQ ,IMKLX GQ
7->) 0IRKXL GQ ;MHXL GQ ,IMKLX GQ
0*/434 4VSQS 0-59-( *36') -7 ,)6) 83 ,)04 =39 1%/) =396 7,34 7',330 36 &)%', 033/ %1%>-2+
SULQW
FP
8,)6131)8)6
&-2(-2+ 7,)0* &0%'/
0* *0336 1%87
32) 1)8)6 430) *0%+
,)01)8 *-<896)
;,-4 *0%+
0* ;-2(73'/
² (-)'98 ;,-8) ² (-)'98 &0%'/
² (-)'98 ;,-8) ² (-)'98 &0%'/
0* '%2 '33>=
78%6 8)28
4LSXS0YOEW4VYHO] 6MHIV'LVMWXSTLI8EGO
4LSXS:MRGIRX&IVKIVSR