0QI GXGP GP W GP WY K/CE \KLP XTKGPFGP XQQT JGV NGXGP
/CCM MGPPKU OGV FG K/CE YYY CRRNG EQO PN KOCE +PIGDQWYFG K5KIJV ECOGTC GP K%JCV 8KFGQEJCVVGP OGV WY XTKGPFGP YCCT VGT YGTGNF \G QQM \KLP /CE *GNR KUKIJV (KPFGT /GV %QXGT (NQY FQQT WY DGUVCPFGP DNCFGTGP \QCNU W QQM FQQT WY OW\KGMEQNNGEVKG DNCFGTV /CE *GNR °PFGT /CKN #N WY G OCKNCEEQWPVU QXGT\KEJVGNKLM QR ooP RNCCVU DGJGTGP K%CN GP #FTGUDQGM 7Y RNCPPKPI GP EQPVCEV IGIGXGPU U[PEJTQQP JQWFGP /CE *GNR /CE *GNR OCKN KU[PE
/CE 15 : .GQRCTF YYY CRRNG EQO PN OCEQUZ 6KOG /CEJKPG #WVQOCVKUEJ GGP TGUGTXGMQRKG XCP WY DGUVCPFGP OCMGP GP DGUVCPFGP VGTWI\GVVGP /CE *GNR VKOG OCEJKPG 5PGNNG YGGTICXG &KTGEV GGP XQQTXGTVQPKPI XCP WY DGUVCPFGP DGMKLMGP 5RQVNKIJV #NNGU QR WY /CE XKPFGP /CE *GNR URQVNKIJV /CE *GNR UPGNNG YGGTICXG 5CHCTK 5WTHGP QR JGV KPVGTPGV OGV FG UPGNUVG DTQYUGT VGT YGTGNF /CE *GNR UCHCTK K.
+PJQWFUQRICXG *QQHFUVWM 5PGN CCP FG UNCI +PJQWF XCP FG XGTRCMMKPI &G K/CE KPUVCNNGTGP &G K/CE KP FG UNWKOGTUVCPF \GVVGP QH WKVUEJCMGNGP #PVYQQTF QR WY XTCIGP *QQHFUVWM #NNGU QXGT WY K/CE $CUKUMGPOGTMGP XCP FG K/CE &G RQQTVGP XCP FG K/CE 1XGTKIG QPFGTFGNGP XCP FG K/CE *GV #RRNG 9KTGNGUU -G[DQCTF GP FG /CIKE /QWUG 9GTMGP OGV JGV #RRNG 9KTGNGUU -G[DQCTF 9GTMGP OGV FG #RRNG /CIKE /QWUG 9GTMGP OGV FG #RRNG 4GOQVG *QQHFUVWM *GV IGJGW
*QQHFUVWM 2TQDNGOGP QRNQUUGP 2TQDNGOGP FKG JGV IGDTWKM XCP FG K/CE XGTJKPFGTGP &G DCVVGTKLGP XGTXCPIGP #RRNG *CTFYCTG 6GUV IGDTWKMGP 2TQDNGOGP OGV FG KPVGTPGVXGTDKPFKPI 2TQDNGOGP OGV FG FTCCFNQ\G EQOOWPKECVKG XKC #KT2QTV &G UQHVYCTG XCP FG EQORWVGT WR VQ FCVG JQWFGP 'GP RTQITCOOC TGCIGGTV PKGV OGGT &G DKL FG K/CE IGNGXGTFG UQHVYCTG QRPKGWY KPUVCNNGTGP 1XGTKIG RTQDNGOGP /GGT KPHQTOCVKG QXGT UGTXKEG GP QPFGTUVGWPKPI &G NQECVKG XCP JGV UGT
5PGN CCP FG UNCI YYY CRRNG EQO PN KOCE /CE *GNR OKITCVKG CUUKUVGPV
&G K/CE KU \Q QPVYQTRGP FCV W GT QPOKFFGNNKLM OGG CCP FG UNCI MWPV #NU W PQI PQQKV OGV GGP K/CE QH GGP CPFGTG /CE EQORWVGT JGDV IGYGTMV TCCFRNGGIV W FKV JQQHFUVWM XQQT OGGT KPHQTOCVKG $GNCPITKLM .
+PJQWF XCP FG XGTRCMMKPI &G K/CE YQTFV IGNGXGTF OGV GGP #RRNG 9KTGNGUU -G[DQCTF GGP FTCCFNQ\G #RRNG /CIKE /QWUG GP GGP PGVUPQGT #NU W GGP #RRNG 4GOQVG JGDV DGUVGNF XKPFV W FG\G QQM KP FG XGTRCMMKPI #RRNG 9KTGNGUU -G[DQCTF #RRNG /CIKE /QWUG 0GVUPQGT *QQHFUVWM 5PGN CCP FG UNCI
&G K/CE KPUVCNNGTGP 8QGT FG QPFGTUVCCPFG UVCRRGP WKV QO FG K/CE VG KPUVCNNGTGP
5VCR 8GTDKPFKPI OGV JGV KPVGTPGV QH GGP PGVYGTM OCMGP UNWKV JGV GPG WKVGKPFG XCP GGP 'VJGTPGV MCDGN CCP QR FG 'VJGTPGV RQQTV XCP FG K/CE GP UNWKV JGV CPFGTG WKVGKPFG QR GGP MCDGNOQFGO #&5.
5VCR *GV FTCCFNQ\G VQGVUGPDQTF GP FG FTCCFNQ\G OWKU KPUEJCMGNGP 1O JGV #RRNG 9KTGNGUU -G[DQCTF KP VG UEJCMGNGP FTWMV W QR FG CCP WKV MPQR TGEJVU QR JGV VQGVUGPDQTF 1O FG #RRNG /CIKE /QWUG KP VG UEJCMGNGP XGTUEJWKHV W FG UEJCMGNCCT CCP FG QPFGT\KLFG XCP FG OWKU *GV FTCCFNQ\G VQGVUGPDQTF GP FG FTCCFNQ\G OWKU DGXCVVGP ## DCVVGTKLGP GP \KLP CN OGV WY K/CE IGMQRRGNF *KGTFQQT MWPPGP FG CRRCTCVGP FTCCFNQQU EQOOWPKEGTGP OGV WY K/CE #CP WKV MPQR +PFKECVKGNCORLG +PFKECVKGNCORLG #CP WKV UEJCMGNCCT &G G
5VCR &G K/CE CCP\GVVGP FTWM QR FG CCP WKV MPQR ® CCP FG CEJVGT\KLFG 9CPPGGT W FG K/CE CCP\GV JQQTV W GGP VQQP -NKM GGPOCCN OGV FG OWKU QO GGP XGTDKPFKPI OGV WY K/CE VQV UVCPF VG DTGPIGP ® ® ® $GNCPITKLM #NU JGV VQGVUGPDQTF GP FG OWKU PKGV \KLP IGMQRRGNF XQNIV W FG KPUVTWEVKGU QR JGV UEJGTO QO FG CRRCTCVGP OGV WY K/CE VG MQRRGNGP /QIGNKLM OQGV W GGPOCCN OGV FG OWKU MNKMMGP QO GGP XGTDKPFKPI VQV UVCPF VG DTGPIGP
5VCR &G K/CE EQP°IWTGTGP OGV DGJWNR XCP FG EQP°IWTCVKG CUUKUVGPV 9CPPGGT W FG K/CE XQQT FG GGTUVG MGGT QRUVCTV YQTFV FG EQP°IWTCVKG CUUKUVGPV IGQRGPF &G EQP°IWTCVKG CUUKUVGPV DGIGNGKFV W DKL JGV QRIGXGP XCP FG IGIGXGPU XQQT FG KPVGTPGVXGTDKPFKPI GP WY G OCKNRTQITCOOC GP DKL JGV KPUVGNNGP XCP GGP IGDTWKMGTUCEEQWPV QR FG K/CE #NU W CN GGP /CE JGDV MWPV W OGV DGJWNR XCP FG EQP°IWTCVKG CUUKUVGPV VGXGPU DGUVCPFGP RTQITCOOC U GP CPFGTG IGIGXGPU XCP WY QWFG /CE PCCT WY PKGWYG K/CE QXGTDTGPIGP #NU W F
5VCR *GV DWTGCWDNCF CCPRCUUGP GP XQQTMGWTGP KPUVGNNGP 7 MWPV JGV DWTGCWDNCF UPGN PCCT YGPU CCPRCUUGP OGV DGJWNR XCP 5[UVGGOXQQTMGWTGP +P 5[UVGGOXQQTMGWTGP MWPV W FG OGGUVG KPUVGNNKPIGP XQQT WY K/CE QRIGXGP *KGTXQQT MKGUV W #RRNG OGPW Ñ 5[UVGGOXQQTMGWTGP KP FG OGPWDCNM QH MNKMV W QR JGV U[ODQQN XCP 5[UVGGOXQQTMGWTGP KP JGV &QEM 8QQT OGGT KPHQTOCVKG QRGPV W /CE *GNR GP \QGMV W QR U[UVGGOXQQTMGWTGP QH QR FG URGEK°GMG XQQTMGWTUKPUVGNNKPI FKG W YKNV YKL\KIGP &G K/CE KP FG UNWKOGTUVCPF \GVVGP
/CPKGTGP QO FG UNWKOGTUVCPF XCP FG K/CE WKV VG UEJCMGNGP Â &TWM QR GGP YKNNGMGWTKIG VQGVU QR JGV VQGVUGPDQTF Â -NKM GGPOCCN OGV FG OWKU Â &TWM QR FG CCP WKV MPQR ® CCP FG CEJVGT\KLFG XCP FG K/CE Â &TWM QR GGP YKNNGMGWTKIG MPQR QR FG QRVKQPGNG #RRNG 4GOQVG #NU FG UNWKOGTUVCPF XCP FG K/CE YQTFV WKVIGUEJCMGNF \WNV W \KGP FCV WY RTQITCOOC U FQEWOGPVGP GP EQORWVGTKPUVGNNKPIGP QPIGYKL\KIF \KLP IGDNGXGP &G K/CE WKV\GVVGP #NU W FG K/CE IGFWTGPFG NCPIGTG VKLF PKGV IGDTWKMV KU JGV XGTUVCPFKI QO FG
#NNGU QXGT WY K/CE YYY CRRNG EQO PN OCEQUZ /CE *GNR K.
$CUKUMGPOGTMGP XCP FG K/CE +PIGDQWYFG OKETQHQQP +PFKECVKGNCORLG ECOGTC +PIGDQWYFG K5KIJV ECOGTC 5NQV NQCFKPI 5WRGT&TKXG 5NGWH XQQT 5& MCCTVLG +PIGDQWYFG UVGTGQNWKFURTGMGTU +PIGDQWYFG KPHTCTQQFQPVXCPIGT *QQHFUVWM #NNGU QXGT WY K/CE
+PIGDQWYFG OKETQHQQP *KGTOGG MWPV W IGNWKFUQRPCOGP OCMGP QH NKXG EJCVVGP XKC JGV KPVGTPGV OGV JGV OGGIGNGXGTFG RTQITCOOC K%JCV +PFKECVKGNCORLG XCP FG ECOGTC *GV KPFKECVKGNCORLG DTCPFV YCPPGGT FG K5KIJV ECOGTC KU KPIGUEJCMGNF +PIGDQWYFG K5KIJV ECOGTC *KGTOGG MWPV W XKC JGV KPVGTPGV XKFGQEQPHGTGPVKGU JQWFGP OGV K%JCV HQVQ U OCMGP OGV 2JQVQ $QQVJ QH GGP °NORLG OCMGP OGV K/QXKG 5NQV NQCFKPI 5WRGT&TKXG *KGTOGG MWPV W EF U GP FXF U OGV GGP UVCPFCCTFHQTOCCV NG\GP GP DTCPFGP 5NGWH XQQT 5& MCCTVLG /GV GGP 5
&G RQQTVGP XCP FG K/CE G 'VJGTPGV RQQTV $CUG 6 £ /KPK &KURNC[2QTV d 75$ RQQTVGP , )GNWKFUKPXQGT RQQTV KPXQGTRQQTV XQQT QRVKUEJ FKIKVCCN IGNWKF f -QRVGNGHQQP CCPUNWKVKPI QRVKUEJG FKIKVCNG IGNWKFUWKVXQGTRQQTV H (KTG9KTG RQQTV *QQHFUVWM #NNGU QXGT WY K/CE ®
G 'VJGTPGV RQQTV $CUG 6 8KC FG\G RQQTV MWPV W FG EQORWVGT CCPUNWKVGP QR GGP UPGN $CUG 6 'VJGTPGV PGVYGTM GGP #&5.
1XGTKIG QPFGTFGNGP XCP FG K/CE 2QQTV XQQT PGVUPQGT 1RGPKPI XQQT CPVKFKGHUVCN MCDGN ® #CP WKV MPQR ® 6QGICPI VQV IGJGWIGP QPFGT\KLFG *QQHFUVWM #NNGU QXGT WY K/CE
2QQTV XQQT PGVUPQGT *KGTQR UNWKV W JGV PGVUPQGT XCP WY K/CE CCP 1RGPKPI XQQT CPVKFKGHUVCNMCDGN +P FG\G QRGPKPI MWPV W GGP UNQV GP MCDGN CH\QPFGTNKLM XGTMTKLIDCCT DGXGUVKIGP VGT XQQTMQOKPI XCP FKGHUVCN ® #CP WKV MPQR *KGTOGG \GV W FG K/CE CCP QH CEVKXGGTV W FG UNWKOGTUVCPF *QWF FG\G VQGVU KPIGFTWMV QO FG K/CE QRPKGWY QR VG UVCTVGP CNU \KEJ RTQDNGOGP XQQTFQGP 6QGICPI VQV IGJGWIGP +P FG K/CE KU VGP OKPUVG )$ IGJGWIGP IGvPUVCNNGGTF KP FG XQTO XCP VYGG IGJGWIGPOQFWNGU XCP GNM )$ IGJGWIGP Z &TC
*GV #RRNG 9KTGNGUU -G[DQCTF GP FG /CIKE /QWUG - 8QNWOG VQGVUGP #RRNG 9KTGNGUU -G[DQCTF /GFKC VQGVUGP #RRNG /CIKE /QWUG *GNFGTJGKFU VQGVUGP 'ZRQUo *QQHFUVWM #NNGU QXGT WY K/CE &CUJDQCTF C %F FXF XGTYKLFGTVQGVU
#RRNG /CIKE /QWUG &G\G OWKU KU XQQT\KGP XCP GGP NCUGTVTCEMKPIOGEJCPKUOG FG FTCCFNQ\G $NWGVQQVJ VGEJPQNQIKG GP GGP INCFFG DQXGPMCPV FKG IGDTWKMOCCMV XCP FG /WNVK 6QWEJ VGEJPQNQIKG \QFCV W FG OWKU CNU OGGTMPQRUOWKU MWPV IGDTWKMGP KP CNNG TKEJVKPIGP ITCFGP MWPV UETQNNGP IGDTWKM MWPV OCMGP XCP UEJGTO\QQOGP GP WY K/CE MWPV DGFKGPGP FQQT OGV WY XKPIGTU VG XGIGP +P JGV RCPGGN /WKU KP 5[UVGGOXQQTMGWTGP MWPV W FG UPGNJGKF XCP FG CCPYKL\GT JGV FWDDGNMNKM KPVGTXCN GP FG UETQNUPGNJGKF CCPRCUUGP GP KP
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
*GV FTCCFNQ\G VQGVUGPDQTF OGV WY K/CE MQRRGNGP #NU JGV FTCCFNQ\G VQGVUGPDQTF PKGV KU IGMQRRGNF OGV WY K/CE DGIKPV JGV NCORLG VG MPKRRGTGP QO CCP VG IGXGP FCV JGV VQGVUGPDQTF MCP YQTFGP IGFGVGEVGGTF GP IGTGGF KU QO OGV FG K/CE VG YQTFGP IGMQRRGNF *GV FTCCFNQ\G VQGVUGPDQTF OGV WY EQORWVGT MQRRGNGP &TWM QR FG CCP WKV MPQR ® QO JGV FTCCFNQ\G VQGVUGPDQTF KP VG UEJCMGNGP -KGU #RRNG OGPW Ñ 5[UVGGOXQQTMGWTGP GP MNKM XGTXQNIGPU QR 6QGVUGPDQTF -NKM QR FG MPQR %QP°IWTGGT $NWGVQQVJ VQGVUGPDQT
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
&G #RRNG /CIKE /QWUG OGV WY K/CE MQRRGNGP #NU WY #RRNG /CIKE /QWUG PKGV KU IGMQRRGNF OGV WY K/CE DGIKPV JGV NCORLG VG MPKRRGTGP QO CCP VG IGXGP FCV FG OWKU MCP YQTFGP IGFGVGEVGGTF GP IGTGGF KU QO OGV FG K/CE VG YQTFGP IGMQRRGNF &G OWKU OGV WY EQORWVGT MQRRGNGP 8GTUEJWKH FG CCP WKV UEJCMGNCCT CCP FG QPFGT\KLFG XCP FG OWKU QO FG OWKU KP VG UEJCMGNGP -KGU #RRNG OGPW Ñ 5[UVGGOXQQTMGWTGP GP MNKM XGTXQNIGPU QR /WKU -NKM QR FG MPQR %QP°IWTGGT $NWGVQQVJ OWKU TGEJVUQPFGT KP JGV XGPUVGT
9GTMGP OGV FG #RRNG 4GOQVG #NU DKL WY K/CE GGP #RRNG 4GOQVG KU IGNGXGTF MWPV W JKGTOGG RTQFWEVGP XCP #RRNG DGFKGPGP FKG QXGT GGP KPIGDQWYFG KPHTCTQQFQPVXCPIGT DGUEJKMMGP /GV FG #RRNG 4GOQVG MWPV W DKLXQQTDGGNF GGP FXF QH PWOOGT KP WY K6WPGU DKDNKQVJGGM DGFKGPGP GP CHURGNGP GP HQVQFKCXQQTUVGNNKPIGP GP °NOVTCKNGTU DGMKLMGP 1OJQQI 5GNGEVGTGP .
&G #RRNG 4GOQVG MQRRGNGP 7 MWPV FG #RRNG 4GOQVG OGV WY K/CE QH GGP CPFGT #RRNG RTQFWEV MQRRGNGP
&G DCVVGTKL XGTXCPIGP &G DCVVGTKL XGTXCPIGP 8GTYKLFGT JGV MNGRLG XCP FG DCVVGTKLJQWFGT OGV DGJWNR XCP GGP OWPVUVWM 2NCCVU GGP %4 DCVVGTKL OGV FG RQUKVKGXG RQQN PCCT DQXGP 2NCCVU JGV MNGRLG VGTWI GP XGTITGPFGN JGV OGV DGJWNR XCP GGP OWPVUVWM $CVVGTKLJQWFGT #PVYQQTF QR WY XTCIGP /GGT KPHQTOCVKG QXGT JGV IGDTWKM XCP FG K/CE XKPFV W KP /CE *GNR GP QR JGV KPVGTPGV QR YYY CRRNG EQO PN UWRRQTV KOCE /CE *GNR IGDTWKMGP -NKM QR JGV (KPFGT U[ODQQN KP JGV &QEM FG DCNM OGV U[ODQNGP NCPIU FG
/GGT KPHQTOCVKG *KGTQPFGT NGGUV W YCCT W OGGT KPHQTOCVKG QXGT JGV IGDTWKM XCP FG K/CE XKPFV 8QQT KPHQTOCVKG QXGT
8QQT KPHQTOCVKG QXGT
*GV IGJGWIGP WKVDTGKFGP YYY CRRNG EQO PN UVQTG /CE *GNR 4#/
+P FG K/CE KU OKPKOCCN )$ IKICD[VG &&4 &QWDNG &CVC 4CVG &4#/ IGJGWIGP &[PCOKE 4CPFQO #EEGUU /GOQT[ IGvPUVCNNGGTF KP FG XQTO XCP VYGG IGJGWIGPOQFWNGU XCP GNM )$ IGJGWIGP 7 MWPV JGV IGvPUVCNNGGTFG IGJGWIGP XGTXCPIGP FQQT QH WKVDTGKFGP OGV IGJGWIGPOQFWNGU XCP GNM )$ QH )$ IGJGWIGP *GV OCZKOWOIGJGWIGP DGFTCCIV )$ )GJGWIGPOQFWNGU OQGVGP XQNFQGP CCP FG XQNIGPFG URGEK°ECVKGU Â 51 &+// 5OCNN 1WVNKPG &WCN +PNKPG /GOQT[ /QFWNG Â 2% /*\ 4#/ FCV XQNFQGV CCP FG &&4 PQTO QQM
)GJGWIGP KPUVCNNGTGP 7Y K/CE JGGHV XKGT IGJGWIGPUNGWXGP 6YGG XCP FG\G UNGWXGP DGXCVVGP TGGFU GGP IGJGWIGPOQFWNG XCP OKPKOCCN )$ 7 MWPV GZVTC IGJGWIGP KP FG XTKLG UNGWXGP KPUVCNNGTGP QH JGV TGGFU IGvPUVCNNGGTFG IGJGWIGP XGTXCPIGP FQQT OQFWNGU XCP )$ QH )$ &G EQORWVGT MCP OCZKOCCN )$ IGJGWIGP DGXCVVGP 'ZVTC IGJGWIGP KU XGTMTKLIDCCT DKL GGP GTMGPFG #RRNG TGUGNNGT QH DKL FG QPNKPG #RRNG 5VQTG QR YYY CRRNG EQO PN UVQTG 9##45%*79+0)
&WY FG UVCPFCCTF QOJQQI GP FTCCK FG FTKG UEJTQGHLGU KP JGV VQGICPIUMNGRLG XCP JGV IGJGWIGP NQU OGV GGP MTWKUMQRUEJTQGXGPFTCCKGT PT &TCCK FG UEJTQGHLGU VGIGP FG YKL\GTU XCP FG MNQM KP &WY FG UVCPFCCTF QOJQQI 6QGICPIUMNGRLG IGJGWIGP ® -TWKUMQRUEJTQGXGPFTCCKGT 8GTYKLFGT JGV VQGICPIUMNGRLG XCP JGV IGJGWIGP GP NGI JGV CRCTV *QQHFUVWM *GV IGJGWIGP WKVDTGKFGP
*CCN FG NKRLGU KP JGV IGJGWIGPEQORCTVKOGPV PCCT DGPGFGP 1O IGJGWIGPOQFWNGU VG XGTXCPIGP VTGMV W CCP JGV NKRLG QO FG IGvPUVCNNGGTFG IGJGWIGPOQFWNG NQU VG JCNGP 8GTYKLFGT FG IGJGWIGPOQFWNGU FKG W YKNV XGTXCPIGP 6TGM FG\G NKRLGU PCCT DWKVGP ® 6TGM CCP JGV NKRLG *QQHFUVWM *GV IGJGWIGP WKVDTGKFGP
2NCCVU FG PKGWYG IGJGWIGPOQFWNGU KP FG UNGWXGP OGV FG WKVURCTKPIGP CCP FG TGEJVGTMCPV \KG QPFGTUVCCPFG CHDGGNFKPI Â #NU W GZVTC IGJGWIGPOQFWNGU KPUVCNNGGTV RNCCVUV W FG\G KP FG XTKLG UNGWXGP Â #NU W FG IGvPUVCNNGGTFG IGJGWIGPOQFWNGU XGTXCPIV RNCCVUV W GGP PKGWYG IGJGWIGPOQFWNG KP GNM XCP FG UNGWXGP FKG \KEJ JGV XGTUV XCP JGV DGGNFUEJGTO DGXKPFGP &WY GNMG IGJGWIGPOQFWNG UVGXKI GP IGNKLMOCVKI KP FG UNGWH 9CPPGGT FG IGJGWIGPOQFWNG QR FG LWKUVG YKL\G YQTFV IGRNCCVUV JQQTV W GGP \CEJVG MN
2NCCVU JGV VQGICPIUMNGRLG XCP JGV IGJGWIGP VGTWI GP FTCCK OGV FG MTWKUMQRUEJTQGXGP FTCCKGT PT FG FTKG UEJTQGHLGU YGGT XCUV 9##45%*79+0) 8GTIGGV PKGV JGV VQGICPIUMNGRLG XCP JGV IGJGWIGP VGTWI VG RNCCVUGP PCFCV W IGJGWIGP JGDV IGvPUVCNNGGTF #NU W JGV VQGICPIUMNGRLG XCP JGV IGJGWIGP PKGV VGTWIRNCCVUV HWPEVKQPGGTV FG K/CE PKGV IQGF &WY FG UVCPFCCTF QOJQQI 6QGICPIUMNGRLG IGJGWIGP ® -TWKUMQRUEJTQGXGPFTCCKGT *QWF FG K/CE CCP DGKFG \KLFGP XCUV GP \GV FG EQORWVGT YGGT TGEJVQR 5NWKV XGTXQN
%QPVTQNGTGP QH FG K/CE JGV PKGWYG IGJGWIGP JGTMGPV 0CFCV W IGJGWIGP JGDV IGvPUVCNNGGTF EQPVTQNGGTV W QH WY K/CE JGV PKGWYG IGJGWIGP JGTMGPV %QPVTQNGTGP JQGXGGN IGJGWIGP KP FG K/CE KU IGvPUVCNNGGTF
2TQDNGOGP QRNQUUGP YYY CRRNG EQO PN UWRRQTV /CE *GNR JWNR
*GV MCP XQQTMQOGP FCV W RTQDNGOGP QPFGTXKPFV VKLFGPU JGV IGDTWKM XCP FG K/CE +P FKV JQQHFUVWM XKPFV W VKRU FKG W MWPV IGDTWKMGP CNU \KEJ RTQDNGOGP XQQTFQGP +P /CE *GNR GP QR FG K/CE QPFGTUVGWPKPIUYGDUKVG YYY CRRNG EQO PN UWRRQTV KOCE XKPFV W OGGT KPHQTOCVKG QXGT JGV QRNQUUGP XCP RTQDNGOGP +P FG OGGUVG IGXCNNGP \KLP RTQDNGOGP OGV FG K/CE UPGN GP GGPXQWFKI QR VG NQUUGP )C PC YCV \KEJ XQQTCHICCPF CCP JGV RTQDNGGO JGGHV XQQTIGFCCP 1R FG\G OCPKGT MWPV W FG OQIGNKLMG QQT\CMGP XCP JGV RTQDNGGO DGRGTMG
2TQDNGOGP FKG JGV IGDTWKM XCP FG K/CE XGTJKPFGTGP &G K/CE TGCIGGTV PKGV QH FG CCPYKL\GT MCP PKGV OGGT YQTFGP XGTRNCCVUV Â %QPVTQNGGT QH JGV #RRNG 9KTGNGUU -G[DQCTF QH FG #RRNG /CIKE /QWUG \KLP KPIGUEJCMGNF GP FCV FG DCVVGTKLGP XQNFQGPFG NCFKPI JGDDGP
&G K/CE NQQRV XCUV VKLFGPU JGV QRUVCTVGP QH GT XGTUEJKLPV GGP MPKRRGTGPF XTCCIVGMGP QR JGV UEJGTO Â 9CEJV GPMGNG UGEQPFGP #NU FG K/CE PC GGP MQTVG RCW\G PKGV YQTFV QRIGUVCTV \GV W FG K/CE WKV FQQT FG CCP WKV MPQR ® QPIGXGGT XKLH UGEQPFGP KPIGFTWMV VG JQWFGP VQVFCV FG EQORWVGT YQTFV WKVIGUEJCMGNF 8GTXQNIGPU JQWFV W FG 1RVKQP VQGVU z KPIGFTWMV GP FTWMV W FG CCP WKV MPQR ® QO FG K/CE QRPKGWY QR VG UVCTVGP *QWF FG 1RVKQP VQGVU z KPIGFTWMV VQVFCV FG K/CE KU QRIGUVCTV GP MNKM XGTXQNIGPU QR FG
 #NU JGV PQI UVGGFU PKGV NWMV QO FG K/CE QR VG UVCTVGP NGGUV W /GGT KPHQTOCVKG QXGT UGTXKEG GP QPFGTUVGWPKPI QR RCIKPC XQQT KPHQTOCVKG QXGT UGTXKEG GP QPFGTUVGWPKPI FQQT #RRNG &G DCVVGTKLGP XGTXCPIGP $KL JGV #RRNG 9KTGNGUU -G[DQCTF GP FG #RRNG /CIKE /QWUG YQTFGP VYGG ## DCVVGTKLGP IGNGXGTF 7 MWPV FG\G XGTXCPIGP FQQT CNMCNKPG NKVJKWO QH QRNCCFDCTG ## DCVVGTKLGP *QWF JGV MNGRLG XCP FG DCVVGTKLJQWFGT GP FG DCVVGTKLGP DWKVGP JGV DGTGKM XCP MNGKPG MKPFGTGP 9##45%*79+0) 8GTXCPI CNVKLF CNNG DC
2NCCVU FG VYGG ## DCVVGTKLGP KP FG DCVVGTKLJQWFGT \QCNU KP FG QPFGTUVCCPFG CHDGGNFKPI YQTFV YGGTIGIGXGP 2NCCVU DCVVGTKLGP 2NCCVU JGV CHFGMRNCCVLG XCP FG DCVVGTKLJQWFGT VGTWI #NU W FG UVCVWU XCP FG DCVVGTKL YKNV EQPVTQNGTGP FTWMV W QR FG CCP WKV MPQR ® #NU JGV NCORLG PKGV ICCV DTCPFGP OQGV W FG DCVVGTKLGP OQIGNKLM XGTXCPIGP 7 MWPV FG DCVVGTKLNCFKPI EQPVTQNGTGP KP JGV RCPGGN 6QGVUGPDQTF KP 5[UVGGOXQQTMGWTGP *KGTXQQT MKGUV W #RRNG OGPW Ñ 5[UVGGOXQQTMGWTGP GP MNKMV W XGTXQNIGPU QR
&G DCVVGTKLGP XCP FG #RRNG /CIKE /QWUG XGTXCPIGP 8GTUEJWKH FG CCP WKV UEJCMGNCCT CCP FG QPFGT\KLFG XCP FG OWKU QO FG OWKU WKV VG UEJCMGNGP 5EJWKH JGV UEJWKHLG QONCCI GP XGTYKLFGT JGV CHFGMRNCCVLG XCP FG DCVVGTKLJQWFGT 5EJWKHLG 2NCCVU FG DCVVGTKLGP OGV FG RQUKVKGXG DQXGPUVCCPFG CHDGGNFKPI $CVVGTKLGP RQQN PCCT DQXGP \QCNU YGGTIGIGXGP KP FG 2NCCVU JGV CHFGMRNCCVLG VGTWI GP UEJCMGN FG OWKU KP /QIGNKLM OQGV W GGPOCCN OGV FG #RRNG /CIKE /QWUG MNKMMGP QO QRPKGWY GGP XGTDKPFKPI OGV WY K/
#RRNG *CTFYCTG 6GUV IGDTWKMGP #NU W XGTOQGFV FCV GGP RTQDNGGO VG OCMGP JGGHV OGV FG JCTFYCTG XCP FG K/CE MWPV W JGV RTQITCOOC #RRNG *CTFYCTG 6GUV IGDTWKMGP QO VG DGRCNGP QH GT \KEJ GGP RTQDNGGO XQQTFQGV OGV GGP XCP FG QPFGTFGNGP XCP FG EQORWVGT \QCNU JGV IGJGWIGP QH FG RTQEGUUQT #RRNG *CTFYCTG 6GUV IGDTWKMGP -QRRGN CNNG GZVGTPG CRRCTCVGP XCP FG K/CE NQU DGJCNXG JGV 75$ VQGVUGPDQTF GP FG 75$ OWKU CNU W JKGTOGG YGTMV #NU GT GGP 'VJGTPGV MCDGN KU CCPIGUNQVGP MQRRGNV W FG\G QQM NQU 5VCTV
#NU #RRNG *CTFYCTG 6GUV GGP RTQDNGGO XKPFV YQTFV GGP HQWVEQFG YGGTIGIGXGP 0QVGGT FG\G HQWVEQFG XQQTFCV W XGTFGTG QPFGTUVGWPKPI \QGMV #NU #RRNG *CTFYCTG 6GUV IGGP JCTFYCTGRTQDNGGO XKPFV JGGHV JGV RTQDNGGO OQIGNKLM OGV FG UQHVYCTG VG OCMGP #NU FG DQXGPUVCCPFG RTQEGFWTG PKGV YGTMV RNCCVUV W FG RTQITCOOC KPUVCNNCVKG FXF FKG DKL WY K/CE KU IGNGXGTF GP IGDTWKMV W #RRNG *CTFYCTG 6GUV XCPCH FG FXF 4CCFRNGGI JGV DGUVCPF #RRNG *CTFYCTG 6GUV .
#NU W JGV RTQDNGGO PKGV OGV FKV JWNRRTQITCOOC MWPV QRNQUUGP KU GT OQIGNKLM GGP RTQDNGGO OGV FG KPVGTPGVCCPDKGFGT YCCTOGG W XGTDKPFKPI RTQDGGTV VG OCMGP OGV GGP GZVGTP CRRCTCCV FCV W IGDTWKMV XQQT XGTDKPFKPIGP OGV WY KPVGTPGVCCPDKGFGT QH OGV FG UGTXGT FKG W RTQDGGTV VG DGTGKMGP 7 MWPV KP FKV IGXCN FG UVCRRGP KP JGV XQNIGPFG IGFGGNVG RTQDGTGP +PVGTPGVXGTDKPFKPIGP XKC GGP #&5. OQFGO MCDGNOQFGO QH .
&G 222Q' KPUVGNNKPIGP EQPVTQNGTGP -KGU #RRNG OGPW Ñ 5[UVGGOXQQTMGWTGP -NKM QR 0GVYGTM -NKM QR FG MPQR OGV JGV RNWUVGMGP QPFGT FG NKLUV OGV PGVYGTMXGTDKPFKPIGP GP MKGU 222Q' WKV JGV XGPUVGTOGPW +PVGTHCEG -KGU GGP KPVGTHCEG XQQT FG 222Q' XQQT\KGPKPI WKV JGV XGPUVGTOGPW 'VJGTPGV -KGU 'VJGTPGV CNU W XGTDKPFKPI YKNV OCMGP OGV GGP XCUV PGVYGTM QH #KT2QTV CNU W XGTDKPFKPI YKNV OCMGP OGV GGP FTCCFNQQU PGVYGTM )GGH FG KPHQTOCVKG QR FKG W XCP WY KPVGTPGVCCPDKGFGT JGDV QPVXCPIG
#NU W UNGEJVU ooP +2 CFTGU JGDV OQGV W GGP TQWVGT JGDDGP FKG JGV FGNGP XCP ooP +2 CFTGU FQQT OGGTFGTG EQORWVGTU OQIGNKLM OCCMV &KV YQTFV YGN 0#6 0GVYQTM #FFTGUU 6TCPUNCVKQP QH +2 OCUSWGTCFKPI IGPQGOF 4CCFRNGGI XQQT KPHQTOCVKG QXGT FG EQP°IWTCVKG FG FQEWOGPVCVKG FKG DKL FG TQWVGT KU IGNGXGTF QH PGGO EQPVCEV QR OGV FGIGPG FKG JGV PGVYGTM JGGHV IGEQP°IWTGGTF /GV GGP #KT2QTV DCUKUUVCVKQP MWPV W ooP +2 CFTGU FGNGP OGV OGGTFGTG EQORWVGTU 4CCFRNGGI /CE *GNR QH IC PCCT FG #KT2QTV 'ZVTGOG YGDUKVG QR Y
 %QPVTQNGGT JGV #KT2QTV UVCVWUU[ODQQN Z KP FG OGPWDCNM &G UKIPCCNUVGTMVG YQTFV CCPIGIGXGP OGV OCZKOCCN XKGT DCNMLGU #NU JGV UKIPCCN \YCM KU \GV W FG EQORWVGT QR GGP CPFGTG RNCCVU  4CCFRNGGI #KT2QTV *GNR MKGU KP FG OGPWDCNM *GNR /CE *GNR GP MKGU XGTXQNIGPU $KDNKQVJGGM #KT2QTV *GNR QH NGGU FG JCPFNGKFKPI DKL JGV FTCCFNQ\G CRRCTCCV XQQT OGGT KPHQTOCVKG &G UQHVYCTG XCP FG EQORWVGT WR VQ FCVG JQWFGP #NU W XGTDKPFKPI OGV JGV KPVGTPGV OCCMV MWPV W FG OGGUV TGEGPVG ITCVKU UQHVYCTG WR
'GP RTQITCOOC TGCIGGTV PKGV OGGT *GV KU URQTCFKUEJ OQIGNKLM FCV GGP RTQITCOOC XCUVNQQRV /GV /CE 15 : KU JGV OQIGNKLM QO GGP RTQITCOOC FCV PKGV TGCIGGTV VG UVQRRGP \QPFGT FCV W FG K/CE QRPKGWY JQGHV QR VG UVCTVGP &QQT GGP XCUVIGNQRGP RTQITCOOC VG UVQRRGP MWPV W JGV YGTM KP CPFGTG IGQRGPFG RTQITCOOC U OQIGNKLM PQI DGYCTGP 'GP RTQITCOOC IGHQTEGGTF UVQRRGP &TWM QR %QOOCPF x 1RVKQP z 'UE QH MKGU #RRNG OGPW Ñ (QTEGGT UVQR +P JGV XGPUVGT 2TQITCOOC U IGHQTEGGTF UVQRRGP FCV XGTUEJKLPV K
8QNI FG KPUVTWEVKGU QR JGV UEJGTO 5GNGEVGGT KP JGV RCPGGN YCCT W GGP UEJKLH OQGV UGNGEVGTGP FG UEJKLH YCCTQR /CE 15 : KU IGvPUVCNNGGTF KP FG OGGUVG IGXCNNGP KU CNNGGP FG\G UEJKLHGGPJGKF DGUEJKMDCCT #NU W \GNH YKNV DGRCNGP YGNMG QPFGTFGNGP XCP /CE 15 : YQTFGP IGvPUVCNNGGTF MNKMV W QR 2CU CCP GP UGNGEVGGTV W XGTXQNIGPU FG IGYGPUVG QPFGTFGNGP -NKM QR JGV FTKGJQGMLG PCCUV 2TQITCOOC U QO FG CCPMTWKUXCMMGP PCCUV FG IGYGPUVG RTQITCOOC U KP VG UEJCMGNGP #NU FG KPUVCNNCVKG KU XQNVQQKF MNKMV W
K.KHG RTQITCOOC U KPUVCNNGTGP 7 MWPV FG OGGIGNGXGTFG K.KHG RTQITCOOC U QRPKGWY KPUVCNNGTGP CNU W FG\G RGT QPIGNWM JGDV XGTYKLFGTF QH CNU W FG UEJKLH JGDV IGYKUV GP /CE 15 : QRPKGWY JGDV IGvPUVCNNGGTF &G DKL FG K/CE IGNGXGTFG K.
7 MWPV GGP UEJKLH PKGV XGTYKLFGTGP Â 5VQR CNNG RTQITCOOC U FKG FG UEJKLH OQIGNKLM IGDTWKMGP GP FTWM QR FG EF FXF XGTYKLFGTVQGVU C QR JGV VQGVUGPDQTF Â 1RGP GGP (KPFGT XGPUVGT GP MNKM QR JGV XGTYKLFGTU[ODQQN PCCUV JGV UEJKLHU[ODQQN KP FG PCXKICVKGMQNQO 7 MWPV QQM JGV UEJKLHU[ODQQN QR JGV DWTGCWDNCF PCCT FG RTWNNGPOCPF UNGRGP Â .QI WKV FQQT #RRNG OGPW Ñ .
&G KPUVGNNKPIGP XQQT FG FCVWO GP VKLF ICCP TGIGNOCVKI XGTNQTGP Â /QIGNKLM OQGV FG KPVGTPG DCVVGTKL XCP FG EQORWVGT YQTFGP XGTXCPIGP
5[UVGGORTQ°GN 8KC 5[UVGGORTQ°GN MWPV W KPHQTOCVKG QXGT WY K/CE QRXTCIGP *KGT XKPFV W QPFGT CPFGTG KPHQTOCVKG QXGT FG JCTFYCTG GP UQHVYCTG JGV UGTKGPWOOGT FG XGTUKG XCP JGV DGUVWTKPIUU[UVGGO GP JQGXGGN IGJGWIGP KP FG EQORWVGT KU IGvPUVCNNGGTF 1O 5[UVGGORTQ°GN VG QRGPGP MKGUV W #RRNG OGPW Ñ 1XGT FG\G /CE KP FG OGPWDCNM GP MNKMV W QR /GGT KPHQ 5GTXKEG GP QPFGTUVGWPKPI XKC #RRNG%CTG $KL FG K/CE MTKLIV W PGIGPVKI FCIGP VGEJPKUEJG QPFGTUVGWPKPI GP ooP LCCT ICTCPVKG XQQT JCTFYCTGTGRCTCVKGU DKL
1ROGTMKPI &G PGIGPVKI FCIGP ITCVKU VGNGHQPKUEJG QPFGTUVGWPKPI ICCP KP QR FG FCI XCP CCPMQQR #CP FG\G QPFGTUVGWPKPI \KLP OQIGNKLM VGNGHQQPMQUVGP XGTDQPFGP .
&G NQECVKG XCP JGV UGTKGPWOOGT XCP FG EQORWVGT /CPKGTGP QO JGV UGTKGPWOOGTU XCP WY K/CE VG CEJVGTJCNGP Â -KGU #RRNG OGPW Ñ 1XGT FG\G /CE -NKM XGTXQNIGPU QR JGV XGTUKGPWOOGT QPFGT FG VGMUV /CE 15 : QO JGV /CE 15 : XGTUKGPWOOGT FG DWKNFXGTUKG GP JGV UGTKGPWOOGT YGGT VG IGXGP Â -NKM QR JGV (KPFGT U[ODQQN GP QRGP 5[UVGGORTQ°GN KP 2TQITCOOC U *WNRRTQITCOOC U -NKM KP JGV RCPGGN +PJQWF QR *CTFYCTG Â -KLM QR FG QPFGT\KLFG XCP FG K/CE UVCPFCCTF *QQHFUVWM 2TQDNGOGP QRNQUUGP
$GNCPITKLMG KPHQTOCVKG YYY CRRNG EQO PN GPXKTQPOGPV /CE *GNR GTIQPQOKG
8QNI XQQT WY GKIGP XGKNKIJGKF GP VGT DGUEJGTOKPI XCP FG CRRCTCVWWT FG\G CCPYKL\KPIGP XQQT JGV UEJQQPOCMGP XCP FG K/CE GP JGV QOICCP OGV FG EQORWVGT 7 XKPFV JKGT VGXGPU TKEJVNKLPGP QO RTGVVKIGT OGV FG EQORWVGT VG YGTMGP
*CCN FG UVGMMGT XCP JGV PGVUPQGT WKV JGV UVQREQPVCEV JQWF FG MCDGN JKGTDKL CNVKLF XCUV CCP FG UVGMMGT GP PKGV CCP JGV UPQGT GP MQRRGN FG 'VJGTPGV QH VGNGHQQPMCDGN NQU KP FG XQNIGPFG QOUVCPFKIJGFGP Â 7 YKNV IGJGWIGP VQGXQGIGP Â *GV PGVUPQGT KU IGTCHGNF QH CPFGTU\KPU DGUEJCFKIF Â 7 JGDV KGVU KP FG DGJWK\KPI IGOQTUV Â &G K/CE KU CCP TGIGP QH \GGT XQEJVKIG QOUVCPFKIJGFGP DNQQVIGUVGNF Â 7 JGDV FG K/CE NCVGP XCNNGP QH FG DGJWK\KPI KU DGUEJCFKIF Â 7 XGTOQGFV FCV FG K/CE QPFGTJQWF PQFKI JGGHV QH IGTGRC
8QGFKPIUURGEK°ECVKGU Â 8QNVCIG VQV 8 YKUUGNUVTQQO Â 'NGMVTKUEJG UVTQQO OCZKOCCN # Â (TGSWGPVKG VQV *\ )GJQQTUEJCFG #NU JGV XQNWOG XCP FG MQRVGNGHQQP QH QQTFQRLGU VG JQQI YQTFV KPIGUVGNF MCP WY IGJQQT RGTOCPGPV DGUEJCFKIF TCMGP 5VGN JGV XQNWOG FCCTQO PKGV VG JQQI KP #NU W NCPIGTG VKLF PCCT IGNWKF OGV GGP JQQI XQNWOG NWKUVGTV MWPV W JKGTCCP YGPPGP *KGTFQQT NKLMV JGV CNUQH JGV XQNWOG QR GGP PQTOCCN PKXGCW KU CHIGUVGNF OCCT MCP WY IGJQQT VQEJ YQTFGP DGUEJCFKIF #NU W GGP RKGRGP
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
$GNCPITKLMG KPHQTOCVKG QXGT JGV IGDTWKM #66'06+' *GV PGIGTGP XCP FG XQNIGPFG KPUVTWEVKGU MCP UEJCFG CCP FG K/CE QH CPFGTG GKIGPFQOOGP VQV IGXQNI JGDDGP 6GORGTCVWWT DKL IGDTWKM #NU W \KEJ DKL JGV IGDTWKM XCP FG K/CE PKGV CCP FG QPFGTUVCCPFG YCCTFGP JQWFV MWPPGP FG RTGUVCVKGU PCFGNKI YQTFGP DGvPXNQGF Â 6GORGTCVWWT DKL IGDTWKM VQV % Â 6GORGTCVWWT DKL QRUNCI VQV % Â 4GNCVKGXG XQEJVKIJGKF VQV PKGV EQPFGPUGTGPF Â *QQIVG DKL IGDTWKM OCZKOCCN OGVGT )GDTWKM FG K/CE PKGV QR
%QPPGEVQTU GP RQQTVGP IGDTWKMGP 2TQDGGT PQQKV GGP EQPPGEVQT KP GGP RQQTV VG FWYGP CNU FG\G PKGV NKLMV VG RCUUGP 9CPPGGT W GGP CRRCTCCV CCPUNWKV OQGV W EQPVTQNGTGP QH FG RQQTV UVQH GP XWKNXTKL KU FCV FG EQPPGEVQT KP FG RQQTV RCUV GP FCV W FG EQPPGEVQT QR FG LWKUVG OCPKGT VGP QR\KEJVG XCP FG RQQTV JGDV IGRNCCVUV &G QRVKUEJG UEJKLHGGPJGKF IGDTWKMGP &G 5WRGT&TKXG KP FG K/CE QPFGTUVGWPV UEJKLXGP XCP EO KPEJ 5EJKLXGP OGV GGP CHYKLMGPFG XQTO QH UEJKLXGP FKG MNGKPGT \KLP FCP EO YQTFGP PKGV
*GV DGGNFUEJGTO XCP FG K/CE UEJQQPOCMGP )GDTWKM JGV FQGMLG FCV W DKL FG K/CE JGDV QPVXCPIGP QO JGV DGGNFUEJGTO VG TGKPKIGP *GV DGGNFUEJGTO XCP FG K/CE UEJQQPOCMGP Â
'TIQPQOKUEJG VKRU *KGTQPFGT XKPFV W GPMGNG VKRU XQQT JGV ETGrTGP XCP GGP IG\QPFG YGTMQOIGXKPI 6QGVUGPDQTF *QWF WY UEJQWFGTU QPVURCPPGP YCPPGGT W JGV VQGVUGPDQTF XCP FG EQORWVGT IGDTWKMV
$GGNFUEJGTO
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
4GIWNCVQT[ %QORNKCPEG +PHQTOCVKQP (%% %QORNKCPEG 5VCVGOGPV 6JKU FGXKEG EQORNKGU YKVJ RCTV QH VJG (%% TWNGU 1RGTCVKQP KU UWDLGEV VQ VJG HQNNQYKPI VYQ EQPFKVKQPU 6JKU FGXKEG OC[ PQV ECWUG JCTOHWN KPVGTHGTGPEG CPF VJKU FGXKEG OWUV CEEGRV CP[ KPVGTHGTGPEG TGEGKXGF KPENWFKPI KPVGTHGTGPEG VJCV OC[ ECWUG WPFGUKTGF QRGTCVKQP 5GG KPUVTWEVKQPU KH KPVGTHGTGPEG VQ TCFKQ QT VGNGXKUKQP TGEGRVKQP KU UWURGEVGF .
4GURQPUKDNG RCTV[ EQPVCEV HQT (%% OCVVGTU QPN[ #RRNG +PE %QTRQTCVG %QORNKCPEG +P°PKVG .
6CKYCP 9KTGNGUU 5VCVGOGPVU 4WUUKC +PHQTOCVKG QXGT FG OWKU NCUGTRTQFWEV XCP MNCUUG &G #RRNG /CIKE /QWUG KU GGP NCUGTCRRCTCCV XCP MNCUUG EQPHQTO +'% # # GP %(4 GP OGV WKV\QPFGTKPI XCP CHYKLMKPIGP EQPHQTO NCUGTPQVK°ECVKG PT XCP LWNK 6CKYCP %NCUU $ 5VCVGOGPV 8%%+ %NCUU $ 5VCVGOGPV 9CCTUEJWYKPI *GV CCPDTGPIGP XCP YKL\KIKPIGP CCP JGV CRRCTCCV MCP NGKFGP VQV DNQQVUVGNNKPI CCP IGXCCTNKLMG UVTCNKPI 8QQT WY GKIGP XGKNKIJGKF OQGV W FG\G CRRCTCVWWT WKVUNWKVG
'0'4); 56#4 %QORNKCPEG #U CP '0'4); 56#4 RCTVPGT #RRNG JCU FGVGTOKPGF VJCV UVCPFCTF EQP°IWTCVKQPU QH VJKU RTQFWEV OGGV VJG '0'4); 56#4 IWKFGNKPGU HQT GPGTI[ GÓEKGPE[ 6JG '0'4); 56#4 RTQITCO KU C RCTVPGTUJKR YKVJ GNGEVTQPKE GSWKROGPV OCPWHCEVWTGTU VQ RTQOQVG GPGTI[ GÓEKGPV RTQFWEVU 4GFWEKPI GPGTI[ EQPUWORVKQP QH RTQFWEVU UCXGU OQPG[ CPF JGNRU EQPUGTXG XCNWCDNG TGUQWTEGU 6JKU EQORWVGT KU UJKRRGF YKVJ RQYGT OCPCIGOGPV GPCDNGF YKVJ VJG EQORWVGT UGV VQ UNGGR CHVGT OKPWVGU QH WUGT KPCEVKXKV[
)GDTWKMVG DCVVGTKLGP GP TGE[ENKPI 'WTQRGUG 7PKG¤)GUEJGKFGP KP\COGNKPI &KV U[ODQQN IGGHV CCP FCV W \KEJ XQNIGPU FG IGNFGPFG TGIGNIGXKPI XCP FKV RTQFWEV OQGV QPVFQGP 9CPPGGT FKV RTQFWEV PKGV OGGT DTWKMDCCT KU PGGOV W EQPVCEV QR OGV #RRNG QH FG NQMCNG KPUVCPVKGU XQQT OGGT KPHQTOCVKG QXGT TGE[ENKPI &KV U[ODQQN IGGHV CCP FCV FKV RTQFWEV XQNIGPU FG NQMCNG TGIGNIGXKPI PKGV UCOGP OGV JWKUJQWFGNKLM CHXCN OCI YQTFGP YGIIGIQQKF 9CPPGGT FKV RTQFWEV PKGV OGGT DTWKMDCCT KU DTGPIV W JGV PCCT GGP JKGTVQG
)GDTWKMVG DCVVGTKLGP 7 OQGV \KEJ XQNIGPU FG KP WY YQQPRNCCVU IGNFGPFG TKEJVNKLPGP QH TGIGNIGXKPI XCP DCVVGTKLGP QPVFQGP %CNKHQTPKC 6JG EQKP EGNN DCVVGT[ KP VJG QRVKQPCN #RRNG 4GOQVG EQPVCKPU RGTEJNQTCVGU 5RGEKCN JCPFNKPI CPF FKURQUCN OC[ CRRN[ 4GHGT VQ YYY FVUE EC IQX JC\CTFQWUYCUVG RGTEJNQTCVG &GWVUEJNCPF &KGUGU )GTkV GPVJkNV $CVVGTKGP $KVVG PKEJV KP FGP *CWUONN YGTHGP 'PVUQTIGP 5KG FKGUGU )GTkVGU CO 'PFG UGKPGU .
K #RRNG +PE #RRNG +PE #NNG TGEJVGP XQQTDGJQWFGP (KPFGT JGV (KTG9KTG NQIQ K2CF K9GD GP /WNVK 6QWEJ \KLP JCPFGNUOGTMGP XCP #RRNG +PE 8QNIGPU FG CWVGWTUTGEJVGNKLMG DGRCNKPIGP OCI FG\G JCPFNGKFKPI PKGV \QPFGT UEJTKHVGNKLMG VQGUVGOOKPI XCP #RRNG IGJGGN QH IGFGGNVGNKLM YQTFGP IGMQRKGGTF #RRNG%CTG #RRNG 5VQTG GP K6WPGU 5VQTG \KLP FKGPUV OGTMGP XCP #RRNG +PE FKG \KLP IGFGRQPGGTF KP FG 8GTGPKIFG 5VCVGP GP CPFGTG NCPFGP &G\G JCPFNGKFKPI KU OGV WKVGTUVG \QTI UCOGPIGUVGNF #RRNG CCPXCCT
