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HIPPEJSPPEHMJYSVM IPEWYEZSGIGLIPYMWXIWWSGIVGEZEHM
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HIXXEQIRXIWMPIR^MSWE MVYQSVMWIQFVEZERSXYXXMSZEXXEXM
EPGSWTIXXSHMUYIPPETVIWIR^E
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2IPPIVIKSPIHIPP¬EVIRE MTEVXIGMTERXMRSRTSXIZERSEW
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XVIKMVSRMHMGSQFEXXMQIRXS IERGLIWIRSRGSRSWGIZERS
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GMTERXMWETIZERSHMRSRIWWIVWXEXMQIWWMRIPPSWXIWWSKM
VSRI
5YIWXSIVEGIVXEQIRXIYRFIRI TIVGLrRSREZVIFFIVS


HSZYXSWTVIGEVIIRIVKMIMRYXMPQIRXI QEWSTVEXXYXXSTIV
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PEVIPEWMXYE^MSRI
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TSWXIPIFERGLIVIPPIIPSWXIVVEXSHIPPE^SREHIMGSQFEXXM
QIRXM WMSWGYV|GSQTPIXEQIRXI (EPPIEVGEXIHMTMIXVE
WIQFVEZEIWWIVWGIWSYRQYVSHMXIRIFVI IRSRWSPSMQ
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JEGMPQIRXIHMUYIPGLIWMEWTIXXEWWIVS
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PIGVIEXYVIGLIHSZIZEMRGSRXVEVI
4SMTIV:S\EREVVMZ|PEZIVEWJMHE KVERTEVXIHIPPIGVIE
XYVIGLIEZIZEMRGSRXVEXS RSRIVERSEPXVSGLIIWWIVMET
TEVXIRIRXMEPVIKRSHIPPEQSVXI EFSQMRMGVIEXMTVSFEFMP
QIRXIHEQEKLMERRSMEXMTIVMPKYWXSHIPPEWGSQQIWWEI
HIPPEWJMHE IWMXVSZEZEEHMWEKMSETIRWEVIHMIWWIVIQE
KEVMGSRWMHIVEXSYRSHMPSVS
3VE TIV| EZIZEHMJVSRXIYRSHIPPEWYEWXIWWEWTIGMI
YRZEQTMVS %RGLIWIHMWXERXMRIWIRXMZEP¬IWWIR^E RIZI
HIZEPEQSVXIRIKPMSGGLM GM|GLIEZIZEHEZERXMRSRIVE
GIVXEQIRXIHIPWYSVERKS
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XYXXETVSFEFMPMXlHSZIZEIWWIVIYREFFVEGGMEXSSYRGSR
WSVXI -WIKRMGLIHIXYVTEZERSMPWYSZMWSIVERSTIV|YR
MRHM^MSGLIMRHMGEZEHMGIVXSYREFFVEGGMEXSITIVPETVIGM
WMSRIYRWYTTPMGERXI YRMRJMQSYQERSGLIXIVVSVM^^EXS


HEPPEQSVXI WIVZMZEYRRSFMPIMRSKRMQSHS HMZIRIRHSE
ZSPXITIVWMRSYRHMZIVXMQIRXSGSQIYREQEVMSRIXXEHE
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WYEJIHIPXl RSRPSEZVIFFIEFFVEGGMEXS
5YIP ZEQTMVS GSQMRGM| E QYSZIVI HIM TEWWM ZIVWS
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0EWYEZSGIZMFVEZERIPP¬EVME I:S\ERWIRXwYREQSVWE
EPPEXIWXE MPWYSEZZIVWEVMSWXEZEYWERHSPEZSGI
2IPPEQIRXIHM:S\ERWMWTVMKMSR|PETEYVE TIVGLrWE
TIZEUYERXSIVEJSVXIMPTSXIVIHIPPEZSGIHMYRZEQTMVS
ETTEVXIRIRXIEYRVERKSTMEPXS ZIVWSYRSHMKVEHSMRJI
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2IPHSPSVIEPVIWMWXIVIHMUYIPPEZSGI GSQTEVZIVSMQ
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HVSRI 6MGSVHMGLIRSRVEQQIRXEZEGSWGMIRXIQIRXI QE
GLIIVERSWXEXMQEVGLMEXMRIPWYSWYFGSRWGMS
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PEPYGIHIPPEWEFFMEHIPP¬EVIRE TSXIZEZIHIVIMPZSPXSHM
7EXIVWPER IRIPHSPSVIRIYHMZEPIWYIERXMGLITEVSPI
©3VE:S\EREWGSPXEQM8MWTMIKLIV|UYEPMWSRSMXYSMGSQ
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3PVS\ HEPPIZMWGIVIHIPP¬MRJIVRS GSRPEWYEZSGI HSREPE
ZMXEIXIVREEMQSVXEPMGLIRIWSRSHIKRM VYFERHSKPMP¬ERM
QEIPEVEKMSRI 7SPSPYMsMPTEHVIHMXYXXS -WYSMJMKPM GS
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:EQTMVMYQ
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KMSRMMRTEPYHMGSRYRWSPSKIWXS PEPSVSWIXIRSRLETEVE
KSRM 1ERIPPERSMEHIPP¬MQQSVXEPMXlERGLIPSVSHIWMHIVE
RSPEZMXE EZSPXIHSRERSPEPSVSRSRZMXEEMZMZIRXMTIV
JEVRIPSVSWGLMEZMIKMSGEXXSPM 5YIWXMWSRSKPMEFFVEGGMEXM
IHMSWSRSYRSHMPSVS
7TIWWSKPMEFFVEGGMEXMVMQERKSRSWIR^EZSPSRXlTIVP¬I


XIVRMXl WYGGYFMHIPP¬EQQMVE^MSRIZIVWSGLMPMLEGVIEXMS
XIVVSVM^^EXMHEPPEWYEJSV^E WEPZSGLIMPPSVSTEHVSRIRSR
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WTIWWSJMRMWGITIVYGGMHIVPSEGEYWEHIPPEWYEFVEQEHMTS
XIVI
3VE GSQITYSMMQQEKMREVI UYERHSQYSVIYR:EQ
TMVMYQ MRRYQIVIZSPMEFFVEGGMEXMZIRKSRSPMFIVEXMHEPPI
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JERRSUYIWXSTIVWIVZMVIYRTVMRGMTIITVIRHIVRIPIKVE
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KPMEXXEGGLMHMYRUYEPWMEWMZEQTMVS IRSRTIVGLrEFFVEG
GMEXM 5YIWXMWSRSGLMEQEXM7IVZMIRXM IXY :S\ER WIM
YRSHMPSVS 6MQEVVEMYRFYVEXXMRSGLIWMQYSZIVlEPQYS
ZIVWMHIPPIQMIHMXEJMRUYERHSMSZMZV| 3KRMSVHMRIHMYR
ZEQTMVSHMYREKIVEVGLMEWYTIVMSVI TSXVlHIGMHIVIHIPPE
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ZEQTMVSHMJJIVMWGIHEPP¬EPXVSWSPSTIVPEGSRSWGIR^EGLILE
HIMWYSMTSXIVM 0EXYEJSV^EVMWMIHIRIPPEXYEQIRXIª
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HIPWYSEZZIVWEVMS ©8YWIMYR7IVZMIRXI PSWIRXSHEPXYS
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UYEWMTMEGIZSPIª
2IPPEWYEQIRXI:S\ERGSQFEXXIZEWXVIRYEQIRXI QE


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PEZSGI QEEP^|PSWKYEVHS
3VEPEZSGIJPYMZEMRPYMWIR^EXYVFEVPS
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MRRYQIVIZSPMXSTMIMRWIXXM GLIEGIRXMREMEWMVMZIVWEZERS
WYPPSWXIVVEXSJMRSEVEKKMYRKIVIMPZEQTMVS
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4SMMPWSVVMWSMVSRMGSHIPZEQTMVSQYX|MRYRKLMKRSHM
HSPSVI ZSPX|PSWKYEVHSZIVWSPETVSTVMEGEZMKPMEEWWIVVE
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GSRGIRXVE^MSRIWYMXSTM IGSKPMIRHSP¬EXXMQSGSVWITMZI
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TIRIXVEVKPMRIPTIXXS MPWYSZSPXSWXYTMXSIVETVMZSHMTEY
VE I:S\ER GSRXYXXEPEWYEJSV^E EP^|PEPEQEZIVWSPEXI
WXE IHIWXVEWWIPEPEQEHEPTIXXS HIGETMXERHSMPZEQTMVS


GSRYRGSPTSRIXXS
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TSGLM MWXERXM TVMQE HIPPS WGVSWGMEVI HIKPM ETTPEYWM HIP
TYFFPMGS RIPWMPIR^MS YRTIRWMIVSZMEKKMEZEZIPSGI ©2SR
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WXEZEERGSVEKMVERHS UYERHSWIRXwGLMEQEVIMPWYSRSQI
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GERGIPPSH¬MRKVIWWS TIRWEZEWSPXERXSGLIKPMWEVIFFITME
GMYXSGSQTPMQIRXEVWMGSR:S\ER
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P¬IRXVEXEHM'LVSQMYQ WETIZEGLIPEVMGIVGEHIPPEHVSIVE
TMYREUYIWXMSRIHMJSVXYREGLIH¬MQTIKRS SVEGLIPYM
EZIZEJMRMXS P¬YPXMQSMRGSRXVS TSXIZETIVQIXXIVWMUYIP
TMGGSPSWJM^MS 1SPXITIVWSRIEHHIXXIEPPIKEVIGSRXMRYEZE
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QEPIMWMWIRXMZEMRXSVTMHMXEHEPPEXIRWMSRIHIPPEKEVE
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TEWW|PSWXIWWS IEVVMZ|MPQSQIRXSHMIRXVEVI
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UYERHSMPGMIPSGSQMRGM|ESWGYVEVWMHMJVSRXIEPIM RIPP¬MQ
QIRWMXlHMUYIPTME^^EPIRSRZIHIZERIWWYRS QEEPPIWYI
WIRWMFMPMREVMGMEVVMZEZEP¬SHSVIHMUYEPGSWE 7STVEHMPIMWM
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XEGIZEGSQIWIKMlGSRSWGIWWIUYIPPSGLIWEVIFFIWYGGIWWS
HEPwETSGS 4SMEPP¬MRXIVRSHIPP¬EVIREMRM^M|EZMFVEVIRIP
P¬EVMEYRGERXMGSHSPGI 'LVSQMYQ YWERHSP¬YHMXS GIVGEZE
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IGLMIHIRHSEMZEVMWGSQQIXXMXSVM WIQFVEZEEZIVXVSZEXS
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EJJMPEXS GSRMWIKRMHIPPEFEVFEETTIREEGGIRREXM UYIWXS


MRHMZMHYSKMVEZEGSRYRQERXIPPSHMGYSMSTIWERXIHMGSPS
VIGEWXERS
%YRSHIKPMWGSQQIXXMXSVM EZIZEPEWGMEXSYRETYRXEXE
WIR^ERIERGLIWETIVIGLMJSWWIP¬EZZIVWEVMS :S\ERSVE
EZIZEYREXVEGGME ERGLIWIUYEWMMRIWMWXIRXIG¬IVEYRE
TMGGSPETSWWMFMPMXlGLIWMXVEXXEWWIHIPPEHVS SPXVIXYXXSIVE
MRYXMPI VMQERIVI RIPPI KEPPIVMI TSMGLr UYIPPE HM 'LVS
QMYQIVEP¬YPXMQEKEVE
%PP¬MRXIVRSHIPP¬EVIRE'LVSQMYQWXEZEERGSVEEWTIX
XERHSGLIUYIPP¬EZZIVWEVMSGLIRSRTSXIZEZIHIVIJEGIWWI
PETVMQEQSWWE 'SRXMRYEZEEWGVYXEVIMPGMIPSMTSXM^^ERHS
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SWWIVZEZERS IVERSTMIRMHMTVIQYVE TVISGGYTE^MSRM HM
WXMQEI ERGLIHMEJJIXXS
%PPEJMRIHIPVMXYEPI YRWIQMGIVGLMSE^^YVVSGSQTEVZI
MRQI^^SEPPEWEPEHIMVMGIZMQIRXMQERSRXVEWTEVMZERYP
PEWYGM|GLITSXIZEEXXIRHIVPMSPXVI
'LVSQMYQ HSTSKPMYPXMQMTVITEVEXMZM WMPERGM|EXXVE
ZIVWSMPTSVXEPI XVEXYXXIPIGSWIGLITSXIZEXVSZEVI RYPPE
P¬EZVIFFITVITEVEXEEGM|GLIPEEWTIXXEZE
-PWYSWKYEVHSHSZIXXIEFMXYEVWMWYFMXSEPPEPYQMRSWMXl
HIPPEPYREGLIWMVMJPIXXIZEWYQMPPITI^^MHMWTIGGLMS IEP
JEXXSHMRSREZIVIYREWYTIVJMGMIWYGYMTSKKMEVIMTMIHM
-RYREXXMQSWMVMXVSZ|MQQIVWERIPP¬EGUYEKLMEGGMEXE I
MQSVWMHIPKIPS PIPEGIVEZERSPIGEVRMMRXSVTMHIRHSPI
-WXMRXMZEQIRXIWMXVEWJSVQ|MRHVEKSTIVYWGMVIHEPP¬EG
UYE GSRPIKVERHMEPM PEGYMETIVXYVESVEVEKKMYRKIZEEP
QIRSKPMSXXSQIXVM WMHMQIR|TIVWYTIVEVIPEVIWMWXIR^E
HMUYIPPEQSVXIJVIHHE
-JPYXXMWMHMWTIVHIZERSMRFVMREEGSRXEXXSGSRP¬EVMEQE


'LVSQMYQRSRIFFIMPXIQTSTIVVMTSWEVWM QIRXVIZIHI
ZE:S\ERTVIGMTMXEVIEWYEZSPXEHIRXVSP¬EGUYE
0STVIWIGSRYREVXMKPMS IPYMWXIWWSWMEKKVETT|EPP¬YRM
GSZIWXMXSGLIIVEVMQEWXSMRXEXXS
9RQERXIPPSHMTIPPIERGSVEPIKEXSEPGSPPS
'SR YR TMGGSPS WJSV^S :S\ER QSRX| MR KVSTTE E
'LVSQMYQ VMYWGIRHSEWXEFMPM^^EVPEMRZSPS QEPIEPMWM
WXEZERSKMlKLMEGGMERHS ©'SWEG¬sGLIRSRZE#ª
'LVSQMYQ VMWTSWI EJJERREXE ©-P QIHEKPMSRI  RSR
WIQFVEJYR^MSREVI WXSKIPERHSª
:S\ERRSRWIRXMZEMQSVWMHIPJVIHHS PYMIVEQSVXS IVE
KMl JVIHHS QE VMGSVHEZEMP HSPSVI GLI TVSZSGEZE XSPWI
UYMRHMMRXYXXEJVIXXEMPQERXIPPSFEKREXSGLIWXVMRKIZEPE
KSPE E 'LVSQMYQ TIV TSM TSVVI WYPPE WGLMIRE MP WYS I
WXVMRKIVPS TIV WGEPHEVI MP TM TSWWMFMPI MP WYS GSVTS
©'LVSQMYQKYEVHE %PP¬SVM^^SRXIWSTVEUYIPPEVYTI 
JSVWIsUYIPPEPETMVEQMHIª
'LVSQMYQKMlJEXMGEZEEQERXIRIVIP¬EXXIR^MSRI QE
GLIEPXVSJEVI#'SRXYXXIPIWYIJSV^IWMWTMRWIRIPPEHMVI
^MSRIGLIGVIHIZEMRHMGEXEHE:S\ER QIRXVIMWYSMTIRWMI
VMWMSJJYWGEZERS
2SRVMYWGMZEEWIRXMVIPIEPM RSRWETIZERITTYVIWIVMY
WGMZEERGSVEEFEXXIVPI RSRWIRXMZEPI^EQTI RrTIVGITM
ZETM:S\ERWSTVEPEWYEWGLMIRE QEWIRXMZEERGSVEMP
WYSGYSVIFEXXIVIRIPTIXXSWGEPHEXSHEPXITSVIHIPQERXIP
PSIWSTVEXXYXXSHEPZIVSGYSVIHIPPEWYEWXMVTI PEJMEQQE
HIPHVEKS
0IMMWTMV|HSPSVSWEQIRXIP¬EVMEKIPMHE EZIZETEYVEGLIM
TSPQSRMPIWGSTTMEWWIVS QEP¬EVMEWMWGEPH|ZIPSGIQIRXI I
PEVEFFMETIVUYIPPSGLITVSZEZE WGEXIR|PEVIE^MSRI
9REPYRKEPMRKYEHMJMEQQIEVHIRXMWMWTVMKMSR|HEPPI
WYIJEYGMVMWGEPHERHSP¬EVMEGLIWXEZETIVGSVVIRHS UYIWXS
HMIHIRYSZEWIRWMFMPMXlEPPIEPMKIPEXI I'LVSQMYQRIP
P¬YPXMQSFEVPYQIHMVEKMSRI PIVMXMV|EMJMERGLM
:S\ERGSRXMRYEZEETEVPEVIE'LVSQMYQ QEGETMZE
GLIKMlHEQSPXSRSRPSEWGSPXEZETM GSRPYGMHMXlKYMHEZE


'LVSQMYQEP^ERHSSTMIKERHSPIMPGSPPS
-PHVEKSWSJJM|YR¬EPXVEZEQTEXEHMJMEQQI P¬EVMEWMEV
VSZIRX| TSMPIMEPP¬MQTVSZZMWSVMGLMYWIPIEPMMRM^MERHSE
ZSVXMGEVIWYWIWXIWWE
%ZIZERSKMlVEKKMYRXSPEWGSKPMIVEHMKLMEGGMSQESVEZM
WXEZERSTVIGMTMXERHSWSTVE IHMPGSVTSHM'LVSQMYQMR
GEHYXEWMVMXVEWJSVQ|RIPPEWYEJSVQEIPJMGE
:S\EREZIZETIVWSPETIVGI^MSRIHIPPSWTE^MS IWIRXwWS
PSP¬YVXSGSRMPKLMEGGMSHYVSIEJJMPEXS TIVTSMZIHIVIUYIP
QSRHSKMVEVKPMMRXSVRSQMPPIZSPXI
(EPPERIZIEP^|PSWKYEVHS ZIHIZEEPP¬SVM^^SRXITMGGLM
HMKLMEGGMSIHYRIHMRIZI QIRXVIYREPIKKIVEFVI^^EPI
WTSPZIVEZE
:S\ERZIHIZEPETMVEQMHIGLIVMPYGIZEEPPEPYGIHIPPE
PYRE QERSR'LVSQMYQ
'IVGERHSHMVMEP^EVWMRSX|GLIUYEPGSWERSRERHEZE MP
WYSFVEGGMSHIWXVSIVEWTI^^EXSEPP¬EPXI^^EHIPKSQMXS TEV
XIHIPQSRGLIVMRSTIR^SPEZEMRIVXI IYRSWWSWTI^^EXS
WTYRXEZEEPKIPS
2IWWYRHSPSVI RIWWYRJSVQMGSPMSMRUYIPPEJIVMXEKPMVM
GSVHEZEGLIIVEQSVXS MPWYSGSVTSIVEKMlMRQSXSTIVVM
TEVEVIMPHERRS ERGLIWIMPJVIHHSEZIZETSXIVIERGLIWY
HMPYM TIVGLrP¬E^MSRIIVEVMXEVHEXE
:S\ERWMQMWIEGIVGEVI'LVSQMYQITVIWXSEZZMWX|YR
PIQFSHIPQERXIPPSGLIPIEZIZEETTSKKMEXSWYPPEWGLMIRE
QIRXVIWMGLMIHIZEWIJSWWIJIVMXESEHHMVMXXYVEQSVXE WM
QMWIEWTSWXEVIPERIZIKLMEGGMEXEXYXXEMRXSVRS JMRSE
GLIRSRPEXVSZ|
-P WYSGSVTS GMERSXMGS IVE TMIKEXS MR TSWM^MSRI JIXEPI
GSQTPIXEQIRXIRYHE :S\ERPEVEGGSPWIVEKKSQMXSPERHSPE
RIPQERXIPPS GIVGEZEHMXIRIVPEETTSKKMERHSPEWYPWYS
FVEGGMSJIVMXS
1IRXVIEJEXMGEQYSZIZEMTVMQMTEWWMZIVWSPETMVEQM
HI TVIKEZETIVGLr'LVSQMYQWSTVEZZMZIWWIEUYIPJVIH
HS
3KRMTEWWSWXVMWGMEZEWYPKLMEGGMSGSQIMTIRWMIVM PE


QSVXI UYIWX¬YPXMQEW¬MRWMRYEZERIMWYSMTIRWMIVMGSQIMP
ZIRXSKIPMHSXVEPIZIWXM IPEGSRWETIZSPI^^EGLI'LVS
QMYQTSXIZEIWWIVIKMlQSVXE IGLIERGLIMWYSMQSZM
QIRXMWMJEGIZERSWIQTVITMPIRXM
0E TMVEQMHI WZIXXEZE EPP¬SVM^^SRXI GSQTSWXE HE YR
KLMEGGMSSTEGS QIRXVIMPZIRXSVEGGSKPMIZEPERIZIJMRSEP
PETYRXETIVTSMJEVPEZSPEVIGSQIPERYFIHMYRZYPGERS 
MRUYMIXERXIITTYVIFIPPMWWMQE
8YXXEPEWYTIVJMGMIWIQFVEZEXVEWTEVIRXI ITTYVIRSRWM
TSXIZEZIHIVRIP¬MRXIVRS TIVWSRIPPERIFFMEHIPKLMEGGMS
EH SKRM TEWWS PS WKYEVH| TSXIZE TIRIXVEVI MR UYIPPE
WXVYXXYVE GSQI RIP HSVQMZIKPME HM YR WSKRS I UYERHS
:S\ERZMWMXVSZ|WSXXS JEXMG|EHEP^EVIPSWKYEVHSTIVM
XVIGIRXSQIXVMH¬EPXI^^EGSRGYMPETMVEQMHIWZIXXEZERIP
GMIPS
:S\ERETTSKKM|MPJEKSXXSGLITSVXEZE PEWYEQERSRSR
EZIZEJEXXSTVSKVIWWM PEVMKIRIVE^MSRIWMIVEGSQTPIXE
QIRXIFPSGGEXE QEPEGSWETIKKMSVI IVEGLIWIRXMZEJEQI
RIP ZIRXS KIPMHS EZZIVXMZE P¬SHSVI HIP WERKYI HM
'LVSQMYQ 0¬YRMGEGSWEGLITSXIZEWEPZEVPSHEPPEWYEJSP
PMEIVEVMTSWEVI (SZIZEIRXVEVI IWWIVITVSXIXXSHEPZIR
XS RSRWIRXMVITMUYIPKIPSIWSTVEXXYXXSUYIPP¬SHSVIGLI
PSWXEZEXVEWJSVQERHSMRYREJMIVE
%TTSKKM|YREQERSWYPPEWYTIVJMGMIPMWGMEHIPPETEVIXI
ITIVWYEJSVXYREUYIWXEWMETVw GSQIWIPSWXIWWIEWTIX
XERHS
0ETSVXEPIXXIVEPQIRXIWGSQTEVZIPEWGMERHSPSGEHIVIEP
WYSMRXIVRS VMRKVE^M|HMEZIVZMXVSZEXSEVMERSXIZSPQIRXI
TMGEPHE
:S\ERWMEJJVIXX|ETSVXEVHIRXVS'LVSQMYQǡ–”ƒ•…‹Ǧ
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%TTIRE TSVXEXE EPP¬MRXIVRS YR KIXXS H¬EGUYE IVYTTI
HEPP¬EVGSHIPPETSVXETIVWSPMHMJMGEVWMMRTSGLMMWXERXM IE
VMXSVREVIEPP¬EWTIXXSHMTEVIXIPMWGMEISTEGE
7MVMXVSZEVSRSWSPMMRYREWXER^ESZEPI GSRYR¬YRMGE
YWGMXEWXVIXXEITMGGSPEHEPPETEVXISTTSWXEMRGYMIVERSPS


VSSVE…‘Žƒ˜‹ƒGLMYWƒEPPIWTEPPI
7EVIFFIWXEXSMRUYMIXERXIMREPXVISGGEWMSRMXVSZEVWMMQ
TVMKMSREXM MR UYIP QSHS QE SVE UYIPP¬EVME XMITMHE TIV
:S\ERZSPIZEHMVITSXIVWMVMKIRIVEVIIVMYWGMVIEGYVEVI
'LVSQMYQ SVEPIMIVEWHVEMEXE EZZSPXERIPQERXIPPSMR
TIPSQEGSQTPIXEQIRXIMRIVXI
7IHYXSEPWYSJMERGS :S\ER WETIZEHMHSZIVWMRYXVMVI I
MRXYXXEJVIXXEVSZMWX|RIPPS^EMRS XSPWIMPJEKSXXSHMPMRS
HEPWYSMRXIVRS IVEJVIHHSIVMKMHS QEMPWYSJIKEXSHM
XVSPPRSRIVEQSVXS SVEHSZIZERYXVMVWMGSRGEPQETIVRSR
TVSWGMYKEVPSIJEVPSEZZM^^MVI
7MEZZMGMR|E'LVSQMYQ SVEIVETMPYGMHS TIVTSXIVPI
HEVIPITVMQIGYVI
-WYSMSGGLMPEWGERHEKPMEZERSTIVGETMVIGSWEJEVI ZI
HIZEMPQIHEKPMSRIFVMPPEVIWYPWYSWIRSIQIXXIRHSYRXMI
TMHSGEPSVI MPQIHEKPMSRIJYR^MSREZEQEWXVEREQIRXIMR
JSVQEVMHSXXE KPMSGGLMIPIPEFFVEGMERSXMGLIXVIQEZERS
PIKKIVQIRXI 'LVSQMYQWIRXMZEJVIHHS QETIVPSQIRS
IVEZMZE
0IQERMIMTMIHMIVERSMRYRSWXEXSHMWEWXVSWS PIYR
KLMI RIVI I PE GEVRI UYEWM VMKMHE WIQFVEZERS HSZIVWM
WTI^^EVIEPQMRMQSGSRXEXXS
:S\ERGIVGEZEHMJEVWGSVVIVIUYIPWERKYIKIPEXS HSZI
ZEVMWGEPHEVPE QEGSQI#
0YMIVEJVIHHSGSQIPEJVIHHEFVMREEPP¬IWXIVRS EZIZE
WSPSUYIPQERXIPPSMRYQMHMXS IUYIPP¬EVMEMRXSVRSEPYM
GLIIVEWwTMGEPHEHIPP¬IWXIVRS QEHMGIVXSHSZIZEIWWI
VIEPPEWSKPMEHIPPEGSRKIPE^MSRIHIPP¬EGUYE
-WYSMSGGLMGSQMRGMEVSRSEQYSZIVWMJVIRIXMGEQIRXI I
ERGLIWIHMQIRXMGEXE PEGSVSREZIRRIMRWYSEMYXSRIP
GIVGEVIYREWSPY^MSRI
5YIPPEGSVSREWIQFVEZEQIXXIVPSWYPPEWXVEHEKMYWXEWY
UYEPWMEWMTVSFPIQE IMRUYIPGEWSVMTSVX|EPPEQIRXIMVM
GSVHM XYXXMMVMGSVHMHMUYERHSWMIVERYXVMXSHMWERKYI IHM
GSQIMPWERKYIJPYMZEGSQIYRJMYQIHEMTMGGSPMJSVM
-PWYSQSVWSIVEYREWSPY^MSRI TIVQIXXIZEEPWERKYIHM


RSRMRHYVMVWM IUYIWXSP¬EZVIFFIGIVXEQIRXIEMYXEXE QE
GSQIWGEPHEVPE#0EWTEHEHM'LVSQMYQ)VEJMRMXEWYP
JSRHSHMUYIPQEVI#(SZIIVEJMRMXE#
:S\ER JVYK| XVE XYXXI PI WYI GSWI 2IP QERXIPPS HM
'LVSQMYQ>YTTSIFEKREXS EPWYSMRXIVRSIVEWXEXEEK
KERGMEXEPEWTEHE IGGSGSQIWGEPHEVPE
9RZIVSQMVEGSPS SJSVWI'LVSQMYQP¬EZIZETVIZMWXS
EZIZEEKKERGMEXSMPJSHIVSHMIXVSPEWGLMIREEXXEGGEXSEP
QERXIPPS RIPGEWS WMJSWWIHSZYXEXVEWJSVQEVI
0EWJSHIV|IPEPEQEVSZIRXIVMIQTwPEWXER^EHMYRPIK
KIVSXITSVI MRJMP|PEPEQERIPKLMEGGMSTIVTSMMRJMPEVIRIP
FYGSMPQERMGSHIPPEWXIWWE SVEEZIZEYREXSVGMETIVWGEP
HEVIPEWXER^E
4VIWIPEGEZMKPMEHM'LVSQMYQ WETIZEHMHSZIVWMXVEXXI
RIVI WIWMJSWWIRYXVMXSHM'LVSQMYQ P¬EZVIFFIUYEWMWM
GYVEQIRXIYGGMWE
(STSXERXSXIQTSWXEZETIVEWWEKKMEVIMPWERKYI IHSTS
XERXS VMIQTwMTSPQSRMH¬EVMEMRYRWSWTMVS TSMEJJSRH|M
GERMRMHSPGIQIRXIRIPPEGEVRI WETIZEHSZIQSVHIVI MPGS
PSVMXSGSQMRGM|EHEPPEVKEVWMRIPPEKEQFE PEGSVSREPS
EZIZEKYMHEXSTIVFIRI
*IGIPSWXIWWSGSRXYXXMKPMEVXM QEESKRMQSVWS YRE
KSGGMEHMWERKYIFEKREZEPEWYEFSGGEERRIFFMERHSPEWYE
GSWGMIR^E EPP¬YPXMQS EZIZEETTIREPEGSWGMIR^ETIVJEVPS
IMRJMRIFIZZI
0EZSPSRXlWGMEQEZEZIVWSVMGSVHMTIVWMRIPP¬SFPMS UYIP
PSRSRIVEWERKYIRSVQEPI IVEIWWIR^EHMHVEKS
-RRYQIVIZSPM MQQEKMRM WM EQQEWWEZERS RIPPE WYE
QIRXI IZSGM YREWSTVEHMXYXXI UYIPPEHIPWYSTEHVSRI
7EXIVWPER7PERMV ©5YIPPSEGYMYRZEQTMVSERIPETMHM
XYXXS JMKPMSQMS sFIVIERGLIYREWSPEKSGGMEHMWERKYIHM
(VEKS
3KRMZEQTMVSWXIVQMRIVIFFIIWIVGMXMTIVTSXIVWIRIMQ
TSWWIWWEVI TIVGLrERGLIYREWSPEKSGGME YREWSPEHMUYIP
WERKYI HlPEJSV^EHMYRIWIVGMXS %XXIRXS:S\ER4IVGLr
RIWWYRHVEKSWEVlHMWTSWXSEGSRGIHIVXIRIª


0EZSGI WMTIVWIRIPPEWYEXIWXEMRYREVMWEXE
)SVEUYEPIHVEKSKPMWXEZEGSRGIHIRHSMPWYSWERKYI#
'SQIEZIZETSXYXSWSXXSQIXXIVIYREXVEPITMKVERHMI
TSXIRXMGVIEXYVIIWMWXIRXM#
:S\ERWMVMXMV|MRSVVMHMXS
(EPIMTVIRHIZEMPWERKYI ISVEHSZIZEGSQFEXXIVIGSR
PEJSV^EHIPPEZSPSRXlTIVRSRJMRMVPE
0IMVMZIVWEZEKMlTEPPMHE I:S\ERPESWWIVZEZEMRSVVMHM
XSTIVGM|GLIWXEZEJEGIRHS MRTVIHEEMXVIQSVMHIPWYS
GSVTS GLIGSQFEXXIZETIVGSRXMRYEVIEWTVIQIVIPEZMXE
HEPHVEKS WMXVEWGMR|EPPEXSSTTSWXSHIPPEWXER^EIMRM^M|E
TVIKEVI
'LVSQMYQWIRXMZEPIQIQFVEMRXSVTMHMXIIMPZMWSYQM
HS WSTVEXXYXXSMPZMWSYQMHS
9REWXVEREIJEWXMHMSWEWIRWE^MSRIPITIVGSVVIZEMPZMWS
PEWGMERHSEPWYSTEWWEKKMS YQMHS IYRSHSVIRSRTVIGMWE
XS QEHMGIVXSRSRKVEHIZSPI
'SRWJSV^SETVwKPMSGGLM IHEZERXMEPWYSWKYEVHSHYI
KVSWWMIEJJIXXYSWMSGGLMPESWWIVZEZERS QIRXVIYREPMR
KYEVYZMHE PITIVGSVVIZEYREKYERGME
0EGSWGMIR^EVMTVIRHIZETSWWIWWSHMPIM QIRXVIWMVIR
HIZEGSRXSGLIIVEWSKKIXXEHIPPIEJJIXXYSWMXlHMUYIPPS
WXVERSGERIEPPEKMPHEHIMQEKLM QEGSQ¬IVETSWWMFMPI#0S
EZIZERSPEWGMEXSPw-RYR¬EPXVEVIEPXl ISVE IVEPwEGGERXS
EPIM
'IVXS0EWYEEFMPMXlHMWTSWXEVWM HMWGSQTEVMVITIVRSR
JEVWMXSGGEVI
5YIPQYWSHSPGIGSRXMRYEZEEQSWXVEVIMPWYSEJJIXXSI
'LVSQMYQ MRJEWXMHMXE EPPYRK|YREQERSEGGEVI^^ERHSMP
QERXSHMUYIPPSWXVERSGERI WIR^EGLIIWWSWGSQTEVMWWI
WIR^EGIVGEVIHMIZMXEVIMPGSRXEXXS IPEGEVI^^EFEWX|E
XVERUYMPPM^^EVPETIVQIXXIRHSE'LVSQMYQHMVMTVIRHIVI
JMEXSHEPPIWYIQSMRI
'SQMRGM|EKYEVHEVWMMRXSVRS GM|GLIVMGSVHEZEIVEWSPS
MPHSPSVIEPPIEPMTSGSHSTSEZIVWTYXEXSJMEQQI ISVEWMVM
XVSZEZEMRUYIWXEWXER^ESZEPIGSRMPWSJJMXXSEVGYEXS PE


WYERYSZEEVQEIVEMRJMWWERIPKLMEGGMSGSRPEPEQEVMZSP
XEZIVWSP¬EPXS MPGEPSVIEZIZEJSVQEXSYRETS^^EH¬EGUYE
YRGEXMRSGSPQSIPMQTMHS RIPTYRXSMRGYMIVEWXEXETMER
XEXE
'LVSQMYQEPPYRK|PEQERSIVEGGSPWIP¬EGUYETIVFIVPE
WXVEREQIRXIEZIZEWIXIIHIVETVMZEHMJSV^I HSTSPEWIXI
PEJEQIPEEXXEREKPMEZE IYREZSPXEWSTTIVMXSMPHIWMHIVMS
HIPPEWIXI RSX|YRJEKSXXSWGYVSEPP¬EPXVSPEXSHIPPEWXER^E
6EGGSPWIPIJSV^ITIVEP^EVWM GSQIYRGIVFMEXXSETTIRE
REXSGLITVSZEEQYSZIVIMTVMQMTEWWM IRIPP¬EZZMGMREVWM
EUYIPJEKSXXSWGYVS VMXSVR|GSRMPTIRWMIVSE:S\ER
7MEZZMGMR|PIRXEQIRXI MQTEYVMXETIVGSWETSXIWWIIW
WIVIWYGGIWWSQIRXVIEZIZETIVWSGSRSWGIR^E EPPYRK|PE
QERS ITVMQEHMXSGGEVPSWMZSPX|MRHMIXVSKYEVHERHSMP
GERI GLIPIVMWTSWIMRGPMRERHSPEXIWXEHMPEXS
%PGSRXEXXS PEXIWXEHM:S\ERWMKMV|HMWGEXXSQSWXVERHS
HYISGGLMHEPP¬MVMHIHMZIRYXEFMERGEGSQIMPKLMEGGMS PS
WKYEVHSWTMVMXEXS PEJMWWEZEQIRXVIMPGSVTSWMEPPSRXERE
ZEJVIRIXMGEQIRXIWTEZIRXEXS ©:S\ER4IVMPKVERGSRGM
PMS GSWEXMLSJEXXS#ª
:S\EREFFEWW|PSWKYEVHSREWGSRHIRHSPSXVEPIZIWXM I
YREZSGIGYTEIWSJJSGEXEVMWYSREZERIPPEWXER^E ©2SRXY
QEMS,SVMWGLMEXSHMYGGMHIVXM,SFIZYXSMPXYSWERKYI I
VYFEXSGLMWWlUYEPMVMGSVHMª
'LVSQMYQWMEZZMGMR|ITSVX|PEQERSWYUYIPPEGLI
TIRWEZEIWWIVIPEWTEPPEHM:S\ER PEWXVMRWIJSVXI WETIZE
GLIMPGSRXEXXSPSEZVIFFIXYVFEXS ©:S\ER QMLEMWEPZEXS
PEZMXE UYEPITVI^^SGVIHMGLIEZVIMSJJIVXSTIVEPGYRMQMIM
VMGSVHM SPXVIXYXXSRSRVMGSVHSRITTYVIHMEZIVPMHMQIRXM
GEXM
0MTSXV|WSWXMXYMVIMRJYXYVS GSRVMGSHMRYSZM GLIKVE^MI
EXIEZV|PETSWWMFMPMXlHMZMZIVIª
:S\ER RSR VMWTSWI WYFMXS VMQEWI GSR PE XIWXE XVE PI
KEQFI GSRMPQERXIPPSFEKREXSGLIKPMGSTVMZEQIXlHIPPE
JVSRXI )VEMQQSFMPIIWMPIR^MSWS 'LVSQMYQKPMWIHIXXI
EJMERGS TE^MIRXI HSTSEZIVIFVERHMXSPEWTEHE MPGERIPE


WIKYMZE JSVWITIVMPGEPHSHIPPEPEQE SJSVWITIVGLrTVS
ZEZEYREGIVXEWMQTEXME PIMPSKYEVHEZEMRXIVVSKERHSWM
WYPTIVGLrWMJSWWIPEWGMEXSXSGGEVITSGSTVMQE
2SRVMQERIZERITTYVIEHIFMXEHMWXER^EGSQIWIMRYR
UYEPGLIQSHSEZIWWIPEGSRWETIZSPI^^EHMUYIPGLIIVE
GETEGIHMJEVISPXVIXYXXS'LVSQMYQWMGLMIHIZETIVGLr
QEMPMEZIWWIWIKYMXMMRUYIPTSWXSHIWSPEXSIJVIHHSTSM
GLrIJJIXXMZEQIRXI‡QSWXVEZEMWIKRM XVIQERHSZMWMFMP
QIRXI
-RUYEPWMEWMQSQIRXS UYIPPSWXVERSGERI WEVIFFITSXY
XSERHEVIMRGLMWWlUYEPITSWXSTMGEPHS QEMQTIVXIVVMXS
VMQERIZEPwKYEVHERHS'LVSQMYQ GSRPEXIWXEMRGPMREXEI
GSRUYIKPMSGGLMSRMKVSWWMIHSPGM :S\EREP^|MPGETS MWYSM
SGGLMIVERSXSVREXMHMUYIPFIPGEWXERSGLIIVERS IEZIZE
RSTIVWSUYIPP¬EWTIXXSWTMVMXEXS
©7IMHMRYSZSMRXI:S\ER#ª
©7w1EQMLEPEWGMEXSYREWXVEREWIRWE^MSRI sGSQIWI
MSJSWWMERGSVERIPPEWSKPMEHIPHSVQMZIKPME RSRVMIWGSE
GSQTVIRHIVIWIWSRSWZIKPMS STTYVIRSª
'LVSQMYQ MR TEVXI IVE PYWMRKEXE HEP GSQQIRXS HM
:S\ER EZIZEYRRSRWSGLIHMWIRWYEPI GSQIPETSIWMEHM
YREQERXIEPPETVSTVMEEQEXE QEETEVXIMPJEXXSGLIRSR
PITEWWEZERITTYVITIVPEXIWXE WETIZEFIRMWWMQSGLI
GM|GLIIVEWXEXSHIXXSHE:S\ER IVETYVEQIRXIHIWGVMXXM
ZSHMGM|GLIEZIZETVSZEXS ©&ILEPGYRMYWERSMPRSWXVS
WERKYITIVKYEVMVIHEPPIQEPEXXMI SGYVEVIGIVXIJIVMXI
TY|HEVWMGLITIVYRGIVXSTIVMSHSEFFMEVMRJYWSMRXIYR
TS¬HMZMXEª
©2Sª 0EVMWTSWXEHM:S\ERJYPIKKIVQIRXIFVYWGE GSQI
TVIWEHETEWWMSRI GYMRSVQEPQIRXIWIQFVEZEPEWGMEVWM
ERHEVI WSPS UYERHS XVSZEZE UYEPGSWE H¬MRXIVIWWERXI
©6MGSVHSMRTEVXIKPMMRWIKREQIRXMHIPQMSQEIWXVS PYM
TEVPEZEHIPWERKYIHMHVEKS GSQIHIPTMWUYMWMXSHIMRIX
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TwERGSVHMTMTIVPIWYIGETEGMXl UYERHS+SQEHMWWIGLI
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ERGLIWIIVEJYSVMTIVWMRSHEPPEZMWXEEJJMREXEHMYRHVEKS
IHMYRZEQTMVS
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EPXVMRSRRSXERS MRUYIWXEPERHEHIWSPEXEMRGYMWMIVMKS
RSTSGLIWXVYXXYVI P¬EVMEJSVQEYRPIKKIVSZSVXMGIEWGIR
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EHEKKMVEVI -RUYIWXSWIRWSTSXVIMIWWIVGMIGSHEHYISG
GLM QEZIHVIMGSQYRUYIHMTMHEUYIPPSVMQERIRXI TIV
GLrRSRLEMQTSVXER^EZIHIVI QEGETMVIGM|GLIWMZIHIª
0EXSVVIGSQTEVZIHSTSYRTS¬HMWXVEHE ETTEVMZEGSQI
YREPEQERIVEGLIXEKPMEZEMPGMIPSVSWWEWXVS GSQIWIXYX
XSMPQEPIHIPPEXIVVEQSVXETVSZIRMWWIHEPw WTSKPME WIR
^EQIVPM WTSVKIR^ISEPXVS WIQFVEZEKMYWXSYR¬IPWEHM
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PS ©4IVGLrRS#ª 'SQMRGM|EGEQQMREVIWYPPITEVIXMPMWGI
HMUYIPPEXSVVI GSQIWIPEKVEZMXlTVSZIRMWWIHEPPEXSVVI
WXIWWEIRSRHEPWYSPS TSMWMJIVQ|ETTIREWSTVEEPPEJMRI
WXVE WIGSWwWMTSXIZEGLMEQEVPE TIVGLrWMIWXIRHIZETIV
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XEPIHIPPEXSVVI TSMEGGIRR|E+SQEI'LVSQMYQHMTVS
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ZEGSQTVIRHIVIFIRIGLMZMEFMXEWWI‹“—‡ŽŽƒ•–”—––—”ƒTIV
GLrRSRZMIVERIWWYRETSVXESETIVXYVEEPTMERXIVVIRS
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VSWSGEPGMS
(EPP¬MRXIVRSHIPPEXSVVI WMWIRXMVSRSJVYWGMMGSQIWIYR
KMKERXIWGSTERRSJSWWIXVEWGMREXS TSMYRETMSKKMEHMPM
UYMHS ZIVHEWXVS WGEXYVw HEPPE JMRIWXVE TVIGMTMXERHS WY
'LVSQMYQI+SQE JYWSPSTIVP¬EPXI^^EHEGYMTEVXwUYIP
PMUYMHS GLITSXIVSRSWGERWEVPSJEGMPQIRXI QEUYERHS
KMYRWIEXIVVEIFFIVSGSQYRUYIYREWKVEHMXEWSVTVIWE
TIVGLrHEPTYRXSH¬MQTEXXSWGEXYVwYRSWTIWWSJYQSYWXMS
RERXI
©¿EGMHS TY|IWWIVIWSPSYR ª 'LVSQMYQJMRwPEJVEWI
GSQITIVTVIWIRXEVIMPPSVSRIQMGS ©%PERIVEª
(EPP¬ETIVXYVEWTYRX|YRPYRKSGSPPSWMRYSWSGLIVIKKI
ZEYREXIWXEWIVTIRXMRESWWYXEIMRGEZEXE QIRXVIKVSWWM
EVXMKPM EKKVETTEVSRS MP FSVHS HIPP¬ETIVXYVE TVSRXM TIV
WTMRKIVIMRZSPSMPKVSWWSGSVTSREWGSWXSRIPPISQFVI
2SR TEVIZE YR WIQTPMGI%PERIVE PI WGEKPMI IVERS E
XVEXXMHMZIPXI QSWXVERHSKVERHMFVERMHMGEVRIWIKREXIHE
GMGEXVMGMTVSZSGEXIHEYWXMSRM MFEVFMKPMIPIGVIWXI GLITIV
QSPXMHVEKLMIVERSYRZERXSIYRWIKRSHMFIPPI^^EHIPPE
PSVSJSVQE IVERSWTI^^EXMSTMIKEXM


0EXIWXEWIQFV|P¬YRMGETVMZEHMJIVMXI WSPSJMRSEUYER
HSIWWERSRJYGSWXVIXXEEKMVEVIPSWKYEVHSTIVSWWIVZEVI
GLMJSWWIMPRIQMGSGLIPSEXXEGGEZE TIVGLrYRSHIKPMSGGLM
MRGEZEXMMRUYIPPEXIWXEHMHVEKSTMWMQMPIEYRXIWGLMS
IVEPEGIVEXSIVMGSTIVXSHEYRETEXMRERIVSKVMKME
:S\ERIVEMQQSFMPIGSRPSWKYEVHSJMWWSWYPPEGVIEXYVE
GLIEZIZEHMJVSRXI QE EWTIXXEZE
+SQEGIVG|HMYVPEVIE'LVSQMYQYRUYEPGLIXMTSHM
JVEWIMRGSQTVIRWMFMPIRIPPEGSRJYWMSRIMRM^MEPIHIPPEFEX
XEKPME JSVWIZSPIZEMRGMXEVPEEQYXEVWMMRHVEKSERGL¬IWWE
MRQSHSHETSXIVWGSRJMKKIVIUYIPWYSWMQMPI 'SRYRWSPS
WKYEVHSMPHVEKSHEPPIWGEKPMIH¬SRMGIQYX|MPZMWSHM+SQE
MRYREJSVQEGSRXSVXEIQYKSPERXI GSQIWIMWYSMPMRIE
QIRXMRSRJSWWIVSQEMIWMWXMXM 4IV+SQEMPHSPSVIHSZIZE
IWWIVIXVIQIRHSHEMTSGLMZIVWMGLIVMYWGMZEEIWTVMQIVI
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JSWWIYRMRGERXIWMQSHEPIMGSRSWGMYXS JSVWIYRSHMUYIPPM
HEXMHEUYEPGLIHMZMRMXl SJSVWIGLMWWl JVYXXSWSPSHIPP¬S
HMSHMUYIPPEGVIEXYVE HMJEXXSP¬IJJIXXSTVSZSGEXSE+SQE
WMVMZIP|EWWSPYXEQIRXIIJJMGEGI GSWXVMRKIRHSPSWXIWWSE
GSRZYPWMSRMTVSZSGEXIHEPHSPSVI
'LVSQMYQXIRXIRR| RSRGEQFM|PEWYEREXYVEMRUYIP
PEHMHVEKS GIVG|WSPSHMJSVQYPEVIYRUYEPGLIMRGERXIWM
QS QEMPWYSWKYEVHSSVEMQTEYVMXSEPZIHIVVMKSRJMEVWM
PEKSPEHIPP¬%PERIVE WMTSVX|WY:S\ERERGSVEMQQSFMPI
2SXERHSPSWKYEVHSHIPWYSEZZIVWEVMS MPPYRKSGSPPSHIP
PSVSRIQMGS WMJPIXXrTIVSWWIVZEVI:S\ER IZIHIVIWSPSGE
PEVIMPFYMSRIPPEWYEIWMWXIR^E
0I QERM ETIVXI HIP ZEQTMVS WIQFVEZERS MRGMXEVI MP
HVEKSEZIRMVIEPYMGSQIYRJMKPMS TSMTSGLITEVSPI IPE
XIWXEHIPHVEKSVMGEHHIEPP¬MRHMIXVSTIVPEJSV^EHMKVEZMXl
GSQTPIXEQIRXIWIR^EZMXE
'LVSQMYQIVEIWXIVVIJEXXE TIVYREXXMQSJSVWIGETMZE
GSWEZIHIZE+SQEGSPWYSXIV^SSGGLMS TIVGLrIFFIPERIX
XEMQTVIWWMSRIHMZIHIVIP¬ERMQEWXEGGEVWMHEPGSVTSHM
UYIPHVEKS ©0SLEMYGGMWS:S\ER%ZIZMHIXXSGLIRSRRI


EZIZMMPTSXIVIª
:S\ERKYEVH|TIVYREXXMQSMPHVEKS ©2S PYMIVEKMl
QSVXS P¬LSWSPSEMYXEXSEJMRMVIPIWYIWSJJIVIR^Iª
7ME+SQEGLI'LVSQMYQRSRGETMVSRSGM|GLIEZIZE
HIXXS:S\ER TIVPSVSUYIPP¬EPERIVEIVETMGLIZMZE WIMP
PSVSGSQTEVIZEQTMVSRSRPSEZIWWIYGGMWS SVETVSFEFMP
QIRXI WEVIFFIVSWXEXMPSVSWXIWWMMRUYIPPEGSRHM^MSRI
©-PQMSsWXEXSYRE^^EVHS QELSTIRWEXSGLIJSWWIMR
REXYVEPIGLIYR¬EPERIVEWMVMXVSZEWWIMRUYIWXSQSRHS LS
ZMWXSPEWYEERMQEGSQIPEFVEGIHIPPSWXSTTMRSHMYRE
GERHIPE LSYXMPM^^EXSPETVEXMGEGLIWMYWETIVEMYXEVIM
WSJJIVIRXMGLIRSRTSWWSRSIWWIVIWEPZEXMHEPPIPSVSJIVMXI
PETVEXMGEGLIPMEMYXERIPXVETEWWS PYMHIWMHIVEZEQSVM
VIª
'LVSQMYQ WM PEWGM| GEHIVI TIV XIVVE WIHYXE QIRXVI
GSRXMRYEZEEQERXIRIVIPSWKYEVHSWYUYIPHVEKSGSRQMP
PIHSQERHIIHYFFM 0IMEZIZEKMlYGGMWSTMZSPXIQE
SKRM ZSPXE RI EZIZE EZYXE WIQTVI YRE ZEPMHE VEKMSRI
XVERRISVE TIVGLrERGLIWIRSRIVEWXEXEPIMETSVVIJMRI
EUYIPPEZMXE PEWIRXMZEGSQIYREQSVXIMRYXMPI
7MVMEP^|MRTMIHMHMWGEXXS TSM ERGLIWITVIWEHEPPETEY
VEWMXVEWJSVQ|MRHVEKS *SVXYREXEQIRXIRSRQSWXVEZE
QYXMPE^MSRMSHIJSVQE^MSRMTIVPEJIVMXEVMTSVXEXE IUYEWM
MRTVIHEEPPEJSPPMEWMEVVEQTMG|WYTIVPEXSVVIJMRSEPP¬E
TIVXYVE EPP¬MRXIVRSYRSHSVIWEPQEWXVSIREYWIERXI WMEP
^EZEHEPPITVSJSRHMXl
'LVSQMYQWGMZSPERHSPYRKSPITEVIXMHMUYIPPSGLIWE
VIFFITSXYXSIWWIVWGEQFMEXSTIVYRWIQTPMGITS^^S VEK
KMYRWIPEFEWI PIWYI^EQTIEJJSRHEVSRSMRYREWTIGMIHM
QIPQE JSVWIMVIWXMHMGVIEXYVIQSVXIXVEPIJEYGMHIPP¬E
PERIVE QEGSRPETSGEPYGIWSPSYREGSWEWMRSXEZE YRE
TMGGSPEGSPSRREGLITEVIZEIVKIVWMHEPXIVVIRS
'LVSQMYQGSRPEZMWXEGLIRSRWMIVEERGSVEEFMXYEXEE
UYIPP¬SWGYVMXl WMEZZMGMR|SVEMRJSVQEYQERSMHI ETTSK
KMERHSPIQERMWYPPEWYTIVJMGMI 0ETMIXVEIVEPIZMKEXEGS
QIHEQMPPIGEVI^^I RIPPERYHMXlHIPPEWYEJSVQEIPJMGE


'LVSQMYQWMWIRXMZETIV| EZZSPXEGSQIYREFMQFEMRJE
WGI PETMIXVERIVEGSQIPERSXXI WIQFVEZEYRXYXX¬YRS
RIPP¬SWGYVMXlHMUYIPVMJYKMS TSM XSPXEPEQERSHEUYIPPE
TMIXVE WMVMXVEWJSVQ|YWGIRHSHEUYIPFYGS
©'LVSQMYQGLIXMTVIRHI#ª
+SQEVMWTSWIE:S\ERWMGYVSHMUYIPGLIZIHIZE ©¿XYV
FEXEª
©2YPPEH¬MQTSVXERXISVQEM ERHMEQS TVSWIKYMEQSTIV
MPTEPE^^SHM(NSVOIRª
:S\ERTIVMPVIWXSHIPZMEKKMSRSRTEVP|IRSRGLMIWI
WTMIKE^MSRM QIRXVIMXIRXEXMZMHM+SQEGEHIZERSRIPZYS
XS JSVWI ETTSWXETIVQERXIRIVIUYIPP¬EVMEXIWE JSVWI TIV
GLrMRUYIPQSQIRXSIVEMRYXMPIGIVGEVIHMETVMVIMWIKVIXM
HM'LVSQMYQ QERIPWIRXMVIHMRSRZSPIVPEWGMEVIWSPE
UYIPP¬EQMGE GLIGSQMRGMEZEEGSQTVIRHIVI

+SQEEZIZEGSQTVIWSGLIJSVWIXYXXEUYIPPEKYIVVEIVE
STIVEHMUYIPHVEKS QETIVUYEPIQSXMZS#
'LVSQMYQGIVXEQIRXIWETIZESJSVWIEZIZEMRXYMXSHE
UYEPGSWEGLIIVEHIRXVSUYIPPEWXVEREXƒƒQEP¬MWXMRXSHM
+SQERSRIVETIVZEWSHEGYVMSWMXlUYMRHMWMTVIQYV|HM
RSRJEVIRIWWYREHSQERHEHMVIXXEWYPGSRXIRYXSHIPPE
XSVVIQIRXVIMPWYSGSQTEKRSZEQTMVSXEGIZETMTIVGS
RSWGMIR^EHIPGEVEXXIVIHIPPEVEKE^^EGLITIVWEKKI^^E
&EWXEVSRSHYITEVSPIGSR(NSVOIRTIVGSRZMRGIVPS WIR
^ERIWWYREWTMIKE^MSRI 'LVSQMYQWMWIVZwHIPPSWKYEV
HSGEVMGSHMSHMS XVMWXI^^EIQEPMRGSRME GLIVEGGSRXEZE
HIPPEWXSVMEHIPHVEKSEPERIVE
*SVWI PEGSRSWGIR^EHMGLMLEZMWWYXSGIRXMREMEHMERRM
#(NSVOIRWMJMH|GMIGEQIRXI ERGLIWIEZVIFFIVSTSXYXS
IWWIVIXVEHMXSVMHIPPEWYEGEYWE QERIKPMSGGLMHM'LVS
QMYQRSRZMHIQIR^SKRI 'SWw'LVSQMYQVEGGSRX|XYXXS
P¬EGGEHYXS UYIWXEZSPXETIV| GSRYREZSGIUYMIXEGLIRSR
JEGIZEXVETIPEVIIQS^MSRM
0SWGSRXVSHEYRPEXSIVEXIVQMREXS SVEHSZIZEJMRMVI
HEPP¬EPXVS -PKVYTTS HSTSMPPYRKSZMEKKMSHMVMXSVRS MRGYM


'LVSQMYQJMRHEPPEXSVVIRSRIVEERGSVEXSVREXEEPWYS
EWTIXXSYQERSMHI IRXV|EPPEVIKKMEHM)JVIIXRIPPE'MXXl
HM3XXSRITIVMRGSRXVEVI7]VY\
:S\ERGIVG|MRSKRMQSHS TVMQEHMIRXVEVI HMGEPQEVI
P¬ERMQSHM'LVSQMYQ GLIHSTSQSPXISVI IVEERGSVEXYV
FEXS QEPIMTIVXYXXEVMWTSWXE IRXV|RIPPEWEPEHIPXVSRS
ETSWXVSJERHS7]VY\MRQSHSGSPSVMXSTIVMPPMRKYEKKMSHM
YRHVEKS

7]VY\RSRIVEGIVXSYRERMQSHSGMPISPXVIXYXXSPEWYE
VMGLMIWXEHMJEVTVIWIRXEVI(NSVOIRRSRIVEWXEXEIWEYHM
XEIUYMRHMVMWTSWIEP^ERHSWMHEPXVSRS'SRYREQERSEJ
JIVV|'LVSQMYQEPPEKSPEWGEVEZIRXERHSPEEXIVVE
0EWGIREWMTVIWIRX|WYVVIEPIMPFVEGGMSWITTYVQYWGS
PSWSHIPVIFEWX|EWGEVEZIRXEVIEXIVVEPEQEWWESVQEM
MQTSRIRXIHIPGSVTSHEHVEKSHM'LVSQMYQGSRJEGMPMXl
MQTVIWWMSRERXI
©,SVMWTEVQMEXSPEZMXEKMlRYQIVSWIZSPXIEXYXXMZSM I
SVESWEXIVMZSPKIVZMEQIGSRUYIWXSXSRS#ª
+SQEWKVER|KPMSGGLM XYXXMPIXXIVEPQIRXI TIVGLrMR
7]VY\ZIHIZEHYIZSPXM JSVWIP¬MRHSXXVMREQIRXSEPP¬IWWIVI
VIMRJPYIR^EZEQSPXIHIPPIWYIE^MSRM ©0EQMETE^MIR^E
GSQIWSZVERSsKVERHI7STVEXXYXXSTIVKIRXIGLITIRWE
HMHIXXEVIPIKKIWYHMQI UYMRHMSVEZMGSRKIHIVIXIGSQI
QMIMSWTMXM VMXIRIRHSZMJSVXYREXMHIPXVEXXEQIRXSª

4SXIVSRSIJJIXXMZEQIRXIEQQIXXIVIGLIMPXVEXXEQIRXS
JSWWIWMGYVEQIRXIQMKPMSVIHIPTVMQSVMGIZYXS SKRMIPI
QIRXSHIPKVYTTSJYWGSVXEXSEYREGEQIVE 7]VY\ZMJIGI
QIXXIVISKRMTEVXMGSPEVIGLITSXIWWIHEVIGSQSHMXl GSQI
WISKRYRSHMPSVSWMVMXVSZEWWIEGEWETVSTVME XERXSGLI
YREGIVXEWIRWE^MSRIHMJVIHHSPMTIVZEWITIVP¬IJJIXXSHIP
QIHEKPMSRI
+SQE TIVXEPIQSXMZS SVE IVEWMGYVSHIPWYSHSTTMS
ZSPXS UYEWMTVSZEZEGSQTEWWMSRITIVMPGSQTMXSGLIIVE
GETMXEXSMRWSVXIE7]VY\ ITIVUYERXSEZIWWIEZYXSYR¬MR


JER^MEHMJJMGMPI WMVMXIRRIJSVXYREXSHMRSRIWWIVIEPTSWXS
HMUYIPWSZVERS

0EWXER^EHM'LVSQMYQIVEPETMEVVIHEXE TIVWMRSGSR
QSFMPMSMRSXXSRIPIGYMRIVZEXYVIVMGSVHEZERSMPPIKRS RE
XYVEPQIRXIPEGSRGI^MSRIHMYRPIXXSYQERSIVEWXEXSEP
UYERXSQEPIMRXIVTVIXEXS 1EHIPVIWXS'LVSQMYQIVEYR
HVEKS IVEREXEMRYREKVSXXE HMGYMMPWYSKMEGMKPMSTVIJI
VMXSIVEPERYHEVSGGME UYMRHMRSRWMXVSZEZEGIVXEQIRXIE
HMWEKMSRIPZIHIVIYRPIXXSVMTVSHSXXSMRTMIXVE QEWMGLMI
HIZETIVUYEPIQSXMZS7]VY\RSREZIWWIEPPIWXMXSUYIWXE
WXER^ETIVYRHVEKS FIRWwTMGSQIWIPIMJSWWIWXEXEWIQ
TVIYRYQERSMHI
0SWKYEVHSHM'LVSQMYQWMTSW|WYYRHMWGSHMVEQI
TIVJIXXEQIRXIPIZMKEXS YRSWTIGGLMS 2SRIVEWXEXEYWEXE
PEQEKMETIVGVIEVPS GSQIRSRZMIVEMPWSPMXSWTIGGLMS
H¬EGUYE GVIEXSXVEQMXIYRMRGERXIWMQSGLIUYMIVEZMIXE
XS QEPEJSKKMEIVEIGGI^MSREPI
4IVGYVMSWMXlWMTIVWIEIWEQMREVPS MPWYSZMWSIPJMGSWM
VMJPIWWIEPP¬MRXIVRSHIPHMWGS
'LVSQMYQVMQEWIEFFEKPMEXEHEPWYSEWTIXXS RIPPEWY
TIVJMGMIWMVMWTIGGLMEZEMPZSPXSXVEWERHEXSHMYREHSRRE M
GETIPPM EVVYJJEXMIMRHMWSVHMRI PIGSTVMZERSFYSRETEVXI
HIPZMWS IHMPGMYJJSHSVEXS GLIRSVQEPQIRXIIVEGSRWMHI
VEXSHEPIMPETEVXITMFIPPEHIPPEWYETIXXMREXYVE SVEPI
HEZEP¬EWTIXXSHMYREZIGGLMEWXVIKE PETIPPITSM QYXEXE
HEPQIHEKPMSRITIVWSTTSVXEVIMPGEPSVI IVEMWTIWWMXEI
WUYEQSWE -PWYSEWTIXXSIVEWIKREXSWSTVEXXYXXSRIMPM
RIEQIRXM IVEQEXYVEXE MRZIGGLMEXE
4VIWIYREWTE^^SPEETTSKKMEXEEPJMERGSHMUYIPHMWGSHM
VEQI GSRGYVEGSQMRGM|EWTE^^SPEVWMMPKVSZMKPMSHMVSZM
GLIMQTIVZIVWEZERSWYPPEWYEXIWXE GM|PEJIGIVMHIVI WM
GLMIHIZEWIXYXXSJSWWIWXEXSTVITEVEXSTVSTVMSEGEYWEHIP
WYSEWTIXXSXVEWERHEXS
9WERHSHIPMGEXEQIRXIUYIPPEWTE^^SPE TSGSEPPEZSPXE
P¬EWTIXXSQMKPMSV| GSWwPEWYEQIRXIGSQMRGM|ETIVHIVWM


RIMVMGSVHMHMUYERHSWYEQEHVIWMTVIRHIZEGYVEHMPIM
7YEQEHVIWTIWWSTVIRHIZEPIWIQFMER^IYQERITIV
JEVPEWIRXMVIEWYSEKMS IGSRKPMWXIWWMKIWXMTSVX|PIQERM
EPPEFEWIHIMGETIPPM TIVWTE^^SPEVIGSRTMJIVQI^^E
4IVGLrHSZIZEWIRXMVWMTMEWYSEKMSMRUYIPPEJSVQE#
2SRIVEJSVWIYRHVEKS#'LVSQMYQIVEVSWEHEUYEPGLI
XIQTSSVQEM RIPHIWMHIVMSHMGSRSWGIVIGLMJSWWIWYSTE
HVI ERGLITIVGLrWTIWWSHYFMXEZETIVWMRSGLIWYSTEHVI
JSWWIYRHVEKS
+PMSGGLMVMJPIWWMIVERSWXERGLM RSRZSPIZEGSRXMRYEVIE
QERXIRIVIPEQIRXIWYUYIPTIRWMIVSJMWWS IEFFEWW|PS
WKYEVHS QEETTIREVMEP^EXSWMVMXVSZ|EVMSWWIVZEVIMPWYS
ZMWS
4IVYREXXMQSZMHIVMJPIWWSRIPPSWTIGGLMSHEZERXMEPWYS
ZMWS ERGLIUYIPPSHM:S\ERI'LVSQMYQ WMKMV|HMWGEXXS
TIVMWXMRXS QEPEWXER^EIVEZYSXE 'LVSQMYQGLMEQ|MP
RSQIHIPWYSEQMGSUYEWMGSQIWIUYIPP¬MPPYWMSRIPIJSWWI
TEVWEVIEPI QEPEWYEZSGIVMWYSR|RIPWMPIR^MS
-PWYSWKYEVHSXSVR|WYPPSWTIGGLMS MPZSPXSHM:S\ERIVE
ERGSVEPw IVEP¬MQQEKMRIHIMGSRWMKPMGLIWIQTVIP¬EZIZE
RSEGGSQTEKREXEHEUYERHSPSEZIZEGSRSWGMYXS MRUYIP
TVIGMWSQSQIRXSMPTIRWMIVSHMUYIPTEHVIWGSRSWGMYXS WM
TIVWIRIMVMGSVHMGLIEZIZEHM:S\ER
:S\ERP¬EZIZEWIQTVITVSXIXXE WMEEXXMZEQIRXIMRFEX
XEKPME GLIRIPP¬SQFVE RSREZIZEMQTSVXER^EUYEPMIVVSVM
JEGIWWI WETIZEGLIHSTSYREVEQER^MREWEVIFFIXSVREXS
EIWWIVIPEWYESQFVE WEVIFFIXSVREXSEIWWIVIUYIPTE
HVIGLIPIMRSREZIZEQEMGSRSWGMYXS
'LVSQMYQWMGLMIHIZEWIUYIMGSRWMKPMGLISHMEZE SVEPI
WEVIFFIVSWIVZMXMTIVEPPIKKIVMVIMPTIWSGLIEZIZE IPEWI
GSRHE HSQERHE GLI WM TSRIZE SVE IVE TVSTVMS TIVGLr
:S\ERRSRPMEZIWWITVSTMREXM IVETIVP¬EWTIXXSHEHSRRE
GLISVQEMEZIZE#
'LVSQMYQJIGIYRGIRRSHMHMRMIKSEPPEWYEMQQEKMRI
VMJPIWWE WIQEMEZIWWIEZYXSHIWMHIVMSHMIWWIVIEQEXS
:S\ERPSEZVIFFISXXIRYXSGSPVMWTIXXS GSPVMWTIXXSHIPP¬E


QMGSIHIPTEHVIGLISVEEZIZETMHMSKRMEPXVS
2IPPSWTIGGLMS SVEEPPETEVXIWMRMWXVESTTSWXEHMHSZI
IVEETTEVWSMPZSPXSHM:S\ER GSQTEVwUYIPPSHM+SQE
©)GGS RIERGLIQMGSRSWGI IERGLIPYMZYSPHEVQMGSRWM
KPMª
4IVUYIWXS:S\ERRSRPIEZIZEHIXXSRMIRXIGSWwGSQI
+SQEPEWXEZERSWIQTPMGIQIRXISWWIVZERHS ZSPXMMR
UYIPPSWTIGGLMSWMJMHEZERSHMPIMTIVWMRS+SQEGLIPE
GSRSWGIZEHEGSWwTSGSǤVEHSZIZEHMQSWXVEVIGLIEZIZE
RSVEKMSRI

:S\ER IRXV| RIPPE WXER^E WYPPI WYI WTEPPI WIRXw YRE


KVERHI WXERGLI^^E SWWIVZERHS PE WYE MQQEKMRI RIPPS
WTIGGLMS MPWYSZSPXSMQTIVXYVFEFMPIIHIXIVRSWMVMJPIWWI
RIPPIMRGVIWTEXYVIHIPPIMQTIVJI^MSRMHIPHMWGSQIXEPPMGS
MPWYSZMWSIVEMRSVHMRI GSQIWIQTVIHIPVIWXS QEPIWYI
ZIWXMIVERSPMWI UYEWMJVYWXI MPQIHEKPMSRITVSXIKKIZEMP
WYSGSVTSHEPPIJMEQQI QEVMYWGMZEWSPSMRTEVXIETVS
XIKKIVI P¬EXXVI^^EXYVE TSVXEXE QSPXI GVIEXYVI HM UYIP
QSRHSEZIZERSEZZIVXMXSJVIHHSMRPSVSZMGMRER^E QEER
GLIWIMPQIHEKPMSRIPMTVSXIKKIZE RSRPMVIRHIZEMRZYPRI
VEFMPM
+YEVHERHSXVEPITVSTVMIGSWIWMGLMIHIZEWIEZIWWI
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