HSWWMIV VRODU IRWRYROWDLFR
EW XIGRSPSKMEW JSXSZSPXEMGEW
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)WXI HIWIRZSPZMQIRXS XIGRSPzKMGS XIQ WMHS EGSQTERLEHS TSV YQE HMQMRYMpnS RSW GYW XSW HI TVSHYpnS HI XEP JSVQE UYI IGSRS QMEW GSQS EW HSW )WXEHSW 9RMHSW HE %QqVM GE HS .ETnS HE )YVSTE I EW IQIVKIRXIW HE 'LMRE I HE ÈRHME GSRWMHIVEQ S *SXSZSPXEMGS GSQS YQ HSW TVMRGMTEMW GSRXVMFYMRXIW TEVE S WIY JYXYVS )RIVKqXMGS % RuZIP QYRHMEP I IQ JSVEQ IJIGXMZEQIRXI MRWXEPEHSW +; HI WMWXIQEW *SXSZSPXEMGSW TIVJE^IRHS YQ XSXEP EGYQYPEHS HI +; 2IWXI HSQuRMS 4SVXYKEP XIQ XEQFqQ YQ SFNIGXMZS HI GIVGE HI +; TEVE S *SXSZSPXEMGS IQ RS lQFMXS HE RSZE (MVIGXMZE HEW )RIVKMEW 6IRS ZjZIMW (MVIGXMZE ') 8IQ WIRXMHS TSV MWWS UYI RIWXI R QIVS HE 6IRSZjZIMW 1EKE^MRI HIHMGEHS I\TVIWWE 40
QIRXI ES *SXSZSPXEMGS WI SGYTIQ EPKYQEW TjKMREW GSQ S HIWIRZSPZMQIRXS HEW XIGRS PSKMEW HE GSRZIVWnS *SXSZSPXEMGE WEFIRHS WI HI ERXIQnS UYI HEHE E EQTPMXYHI I VETMHI^ GSQ UYI IWXIW HIWIRZSPZMQIRXSW WI JE^IQ UYEPUYIV PMRLE UYI WSFVI IPIW WI IWGVIZE LSNI IWXj HIWHI PSKS HIWEGXYEPM^EHE
-RXVSHYpnS 1YMXS WI XIQ IWGVMXS I HMXS WSFVI E GSR ZIVWnS HMVIGXE WIQ TEWWEV TIPS GEPSV HE )RIVKME 7SPEV IQ )PIGXVMGMHEHI RSQIEHE QIRXI WSFVI E GSRZIVWnS *SXSZSPXEMGE FEWI EHE RS )JIMXS *SXSZSPXEMGS HIWGSFIVXS TIPS JuWMGS JVERGsW )HQSRH &IGUYIVIP IQ 8VEXE WI FEWMGEQIRXI HI YQ TVSGIWWS UYlR XMGS IQ UYI JSX~IW EWWSGMEHSW k VEHMEpnS
MRGMHIRXI 7SPEV SY SYXVE WnS EFWSVZMHSW RYQ QEXIVMEP WIQMGSRHYXSV I TSWWMFMPMXEQ E I\GMXEpnS HI IPIGXV~IW HIWHI E &ERHE HI :EPsRGME TEVE E &ERHE HI 'SRHYpnS GVMERHS TEVIW )PIGXVnS &YVEGS UYI WI JSVIQ QER XMHSW WITEVEHSW TSV YQ GEQTS IPqGXVMGS UYI WI KIVE RYQE NYRpnS HI HSMW QEXIVMEMW WIQMGSRHYXSVIW NYRpnS SQ TSHIVnS IWXEV HMWTSRuZIMW TEVE TVSHY^MV YQE GSVVIRXI IPqG XVMGE UYI WI IWXEFIPIpE RYQ GMVGYMXS IRXVI SW HSMW I\XVIQSW HE NYRpnS I HIWXE JSVQE ±EPM QIRXEV² IUYMTEQIRXSW IPqGXVMGSW EW GEVKEW UYI WI MRWMVEQ REUYIPI GMVGYMXS 2E *MKYVE VITVIWIRXE WI HI YQE JSVQE IWUYIQjXMGE IWXI TVSGIWWS (IWXI TVSGIWWS REWGIQ EW TVMQIMVEW GqPY PEW *SXSZSPXEMGEW IQ I GSRXMRYE E WIV
HSWWMIV VRODU IRWRYROWDLFR
%7 8)'2303+-%7 *383:308%-'%7
&pOXODV GH &=76 9QE SYXVE TSWWMFMPMHEHI IQ HIWIRZSPZM QIRXS WnS EW GqPYPEW JSXSZSPXEMGEW GSRWXMXYu HEW TSV QEXIVMEMW EFYRHERXIW RnS Xz\MGSW I WIQ KVERHIW MQTEGXSW EQFMIRXEMW IRXVI EW UYEMW EW GqPYPEW HE GLEQEHE ±JEQuPME² '>87 k FEWI HI 'SFVI >MRGS )WXERLS I )R\S JVI I UYI TSHIVnS WIV JEFVMGEHEW GSQ FEM\S GYWXS TSV HMJIVIRXIW TVSGIWWSW EPKYRW HSW UYEMW RnS VIGSVVIQ E XIGRSPSKMEW HI ZjGYS UYI WnS EPXEQIRXI GSRWYQMHSVEW HI IRIV KME &EWMGEQIRXI TSHIQ WIV GSRWMHIVEHEW GSQS YQE XIGRSPSKME HI TIPuGYPE ½RE QYMXS WIQIPLERXI ES '-7 QEW IQ UYI S ÈRHMS I S 7IPqRMS JSVEQ VIWTIGXMZEQIRXI WYFWXMXYu HSW TSV >MRGS I )R\SJVI %W I½GMsRGMEW WnS EMRHE MRJIVMSVIW E XIRHS E -&1 VIGIR XIQIRXI *IZIVIMVS HI VIKMWXEHS S VIGSVH HI I½GMsRGME HI GqPYPEW '>87 HI RYQ TVSGIWWS HI JEFVMGS k FEWI HI XMRXE % -&1 IQ 3YXYFVS HI EWWSGMSY WI k IQTVIWE NETSRIWE 7SPEV *VSRXMIV TEVE S JEFVM GS HIWXI XMTS HI GqPYPEW 4SWWMFMPMHEHI HI HIWIRZSPZIV IWXI XMTS HI GqPYPEW IQ XIGRSPSKMEW HS XMTS Tz GVMWXEPMRS
ZZZ FU\VWDOVRO FRP IWXnS XEQFqQ E WIV IWXYHEHEW I TSHIVnS WIV EPXEQIRXI TVSQMW WSVEW IQ XIVQSW HI GYWXS HI JEFVMGS TVS GIWWS 6SPP XS 6SPP
% WYWXIRXEFMPMHEHI %W UYIWX~IW PMKEHEW k WYWXIRXEFMPMHEHI XsQ WMHS YQE GSRWXERXI RE EZEPMEpnS HEW TSXIR GMEPMHEHIW HEW HMJIVIRXIW XIGRSPSKMEW HI GSR ZIVWnS JSXSZSPXEMGE HIWHI E TVSGYVE HI QE XIVMEMW HI FEWI UYI WINEQ EFYRHERXIW I RnS Xz\MGSW TEWWERHS TIPE YXMPM^EpnS HI GEHE ZI^ QIRSW IRIVKME RS WIY TVSGIWWEQIRXS PIZER HS E XIQTSW HI VIXSVRS IRIVKqXMGSW FEM\SW EXq k VIGMGPEKIQ HSW QEXIVMEMW GSRWXMXYMRXIW HSW QzHYPSW YQE ZI^ XIVQMREHS S WIY XIQ TS HI ZMHE IRUYERXS TVSHYXSVIW HI IRIVKME IPqGXVMGE E TEVXMV HE IRIVKME WSPEV
*MKYVE )ZSPYpnS HEW I½GMsRGMEW IQ 0EFSVEXzVMS HEW TVMRGMTEMW XIGRSPSKMEW HI GSRZIVWnS *SXSZSPXEMGE JSRXI 2EXMSREP 6IRI[EFPI )RIVK] 0EFSVEXSVMIW 97%
'SRGPYWnS % jVIE HE XIGRSPSKME HI GSRZIVWnS JSXSZSPXEMGE q HI JEGXS YQE jVIE QYMXS HMRlQMGE GSQ YQE IPIZEHuWWMQE EGXMZMHEHI HI -RZIWXMKEpnS I (IWIRZSPZMQIRXS % XuXYPS HI I\IQTPS TSHI ZIV WI RE *MKYVE E IZSPYpnS ES PSRKS HSW PXMQSW ERSW HEW QIPLSVIW I½GMsRGMEW HEW TVMRGMTEMW XIGRSPSKMEW HI GSRZIVWnS 2IWXI KVj½GS UYI q TIVMzHMGEQIRXI EGXYEPM^EHS TIPS 2EXMSREP 6IRI[EFPI )RIVKMIW 0EFSVEXSV] HSW )WXEHSW 9RMHSW HE %QqVMGE TSHI ETVIGMEV WI E HMZIV WMHEHI HI XIGRSPSKMEW IQ HIWIRZSPZMQIRXS I S KVEY HI QEXYVMHEHI HE QEMSV TEVXI HIWXEW XIGRSPSKMEW S UYI TIVQMXI TSWMGMSREV S *SXSZSPXEMGS GSQS YQE HEW QEMW TVSQMWWSVEW jVIEW RS HSQuRMS HE GSRZIVWnS HI *SRXIW 6IRSZjZIMW HI )RIVKME IQ )PIGXVMGMHEHI
6IJIVsRGMEW ° °
% -RHYWXVME *SXSZSPXEMGE GSRWGMIRXI HE MQ TSVXlRGME HIWXI XzTMGS GVMSY YQE EWWSGMEpnS HIRSQMREHE 4: '='0) ZZZ SYF\FOH RUJ UYI E RuZIP )YVSTIY TVSQSZI E VIGMGPEKIQ HSW QzHYPSW JSXSZSPXEMGSW UYI WI ZIRHIQ E RuZIP )YVSTIY
44
±,ERHFSSO SJ 4LSXSZSPXEMG 7GMIRGI ERH )RKMRIIVMRK² )HMXEHS TSV %RXzRMS 0YUYI I 7XIZIR ,IKIHYW TEVE E ;MPI] ±7SPEV +IRIVEXMSR :- ¯ 7SPEV 4LSXSZSPXEMG )PIGXVMGMX] IQTS[IVMRK XLI [SVPH² ¯ 6IPEXzVMS HE )4-% ¯
*IZIVIMVS HI
'SRWYPXE HI ZjVMSW [IFMXIW WSFVI WMWXIQEW *SXSZSPXEMGSW IRXVI SW UYEMW ° ZZZ LHD SYSV RUJ ¼ 4LSXSZSPXEMG 4S[IV 7]WXIQW HE %KsRGME -RXIVREGMSREP HI )RIVKME -)% ° ZZZ HSLD RUJ ¼ )YVSTIER 4LSXSZSPXEMG -RHYWXV] %WWSGMEXMSR ° ZZZ HXSYSODWIRUP RUJ ¼ )YVSTIER 9RMSR 4: 4PEXJSVQ ° ZZZ DSHVI SW ¼ %4)7* %WWSGMEpnS 4SVXYKYIWE HI )QTVIWEW HS 7IGXSV *SXSZSPXEMGS ° ZZZ DSLVRODU SW ¼ %4-730%6 ¯ %WWSGMEpnS 4SVXYKYIWE HE -RH WXVME 7SPEV ° ZZZ DSUHQ SW ¼ %46)2 %WWSGMEpnS HI )RIVKMEW 6IRSZjZIMW