ASME Below The Hook Lifting Devices BTH-1-2008 PDF

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[MXL %71) & &IPS[XLI,SSO 0MJXMRK (IZMGIW
%71) & MRGPYHIW TVSZMWMSRW XLEX ETTP] XS XLI
QEVOMRK GSRWXVYGXMSR MRWXEPPEXMSR MRWTIGXMSR XIWXMRK
QEMRXIRERGI ERH STIVEXMSR SJ FIPS[XLILSSO PMJXMRK
HIZMGIW
9RMXW SJ 1IEWYVI

% HYEP YRMX JSVQEX MW YWIH :EPYIW EVI KMZIR MR 97
'YWXSQEV] YRMXW EW XLI TVMQEV] YRMXW JSPPS[IH F] XLI
-RXIVREXMSREP 7]WXIQ SJ 9RMXW 7- MR TEVIRXLIWIW EW XLI
WIGSRHEV] YRMXW 8LI ZEPYIW WXEXIH MR 97 'YWXSQEV]
YRMXW EVI XS FI VIKEVHIH EW XLI WXERHEVH 8LI 7- YRMXW
MR XLI XI\X LEZI FIIR HMVIGXP] WSJXP] GSRZIVXIH JVSQ
97 'YWXSQEV] YRMXW
'SQQIRXEV] %71) &8, EHHVIWWIW SRP] HIWMKR

VIUYMVIQIRXW %W WYGL XLMW 7XERHEVH WLSYPH FI YWIH MR
GSRNYRGXMSR [MXL %71) & [LMGL EHHVIWWIW WEJIX]
VIUYMVIQIRXW %71) &8, HSIW RSX VITPEGI
%71) & 8LI HIWMKR GVMXIVME WIX JSVXL EVI QMRMQYQ
VIUYMVIQIRXW XLEX QE] FI MRGVIEWIH EX XLI HMWGVIXMSR SJ
XLI PMJXMRK HIZMGI QERYJEGXYVIV SV E UYEPMIH TIVWSR
'SQQIRXEV] 8LI VIUYMVIQIRXW SJ XLMW 7XERHEVH

EVI TVIWIRXIH [LIVIZIV TSWWMFPI MR E QERRIV XLEX MW
HMQIRWMSREPP] MRHITIRHIRX XLYW EPPS[MRK ETTPMGEXMSR SJ
XLIWI VIUYMVIQIRXW YWMRK IMXLIV 97 'YWXSQEV] YRMXW

%71) &8,i
WXEXMG WXVIRKXL ;LMPI XLI YWI SJ WYGL QIXLSHW MW RSX

TVSLMFMXIH QSHIPMRK SJ XLI HIZMGI ERH MRXIVTVIXEXMSR SJ
XLI VIWYPXW HIQERHW WYMXEFPI I\TIVXMWI XS EWWYVI XLI
VIUYMVIQIRXW SJ XLMW 7XERHEVH EVI QIX [MXLSYX GVIEXMRK
YRRIGIWWEVMP] GSRWIVZEXMZI PMQMXW JSV WXEXMG WXVIRKXL ERH
JEXMKYI PMJI
97'9 SV -RXIVREXMSREP 7]WXIQ SJ 9RMXW 7- 97

'YWXSQEV] YRMXW EVI XLI TVMQEV] YRMXW YWIH MR XLMW
7XERHEVH
(IWMKR 'VMXIVME

%PP FIPS[XLILSSO PMJXMRK HIZMGIW WLEPP FI HIWMKRIH
JSV WTIGMJMIH VEXIH PSEHW PSEH KISQIXV] (IWMKR
'EXIKSV] WII WIGXMSR ERH 7IVZMGI 'PEWW WII
WIGXMSR 6IWSPYXMSR SJ PSEHW MRXS JSVGIW ERH WXVIWW
ZEPYIW EJJIGXMRK WXVYGXYVEP QIQFIVW QIGLERMGEP GSQTS
RIRXW ERH GSRRIGXMSRW WLEPP FI TIVJSVQIH F] ER
EGGITXIH EREP]WMW QIXLSH
1EXIVMEP
8LI HIWMKR TVSZMWMSRW SJ XLMW 7XERHEVH EVI FEWIH SR
XLI YWI SJ GEVFSR LMKL WXVIRKXL PS[EPPS] SV LIEX XVIEXIH
GSRWXVYGXMSREP EPPS] WXIIP JSV WXVYGXYVEP QIQFIVW ERH
QER] QIGLERMGEP GSQTSRIRXW 3XLIV QEXIVMEPW QE] FI
YWIH TVSZMHIH XLI QEVKMRW SJ WEJIX] ERH JEXMKYI PMJI EVI
IUYEP XS SV KVIEXIV XLER XLSWI VIUYMVIH F] XLMW 7XERHEVH
%PP JIVVSYW ERH RSRJIVVSYW QIXEP YWIH MR XLI JEFVMGE
XMSR SJ PMJXMRK HIZMGI WXVYGXYVEP QIQFIVW ERH QIGLERMGEP
GSQTSRIRXW WLEPP FI MHIRXMJMIH F] ER MRHYWXV][MHI SV
[VMXXIR TVSTVMIXEV] WTIGMJMGEXMSR
'SQQIRXEV] 8LI SVMKMREP %71) & WXVYGXYVEP

HIWMKR VIUYMVIQIRXW HIRIH E PMJXMRK HIZMGI SRP] MR
XIVQW SJ MXW VEXIH PSEH 0EXIV IHMXMSRW IWXEFPMWLIH JEXMKYI
PMJI VIUYMVIQIRXW F] VIJIVIRGI XS %27-%;7 (
%71) &8, RS[ HIRIW XLI HIWMKR VIUYMVIQIRXW SJ E
PMJXIV MR XIVQW SJ XLI VEXIH PSEH XLI (IWMKR 'EXIKSV]
ERH XLI 7IVZMGI 'PEWW XS FIXXIV QEXGL XLI HIWMKR SJ XLI
PMJXIV XS MXW MRXIRHIH WIVZMGI %R I\XIRHIH HMWGYWWMSR SJ
XLI FEWMW SJ XLI (IWMKR 'EXIKSVMIW ERH 7IVZMGI
'PEWWIW GER FI JSYRH MR 'LETXIVW ERH
'SQQIRXEVMIW
'SQQIRXEV] 8LI HIWMKR TVSZMWMSRW MR 'LETXIVW

ERH EVI FEWIH SR TVEGXMGIW ERH VIWIEVGL JSV HIWMKR
YWMRK GEVFSR LMKLWXVIRKXL PS[EPPS] ERH LIEXXVIEXIH
GSRWXVYGXMSREP EPPS] WXIIPW 7SQI SJ XLI IUYEXMSRW TVI
WIRXIH EVI IQTMVMGEP ERH QE] RSX FI HMVIGXP] ETTPMGEFPI
XS YWI [MXL SXLIV QEXIVMEPW &SXL JIVVSYW ERH RSRJIVVSYW
QEXIVMEPW MRGPYHMRK XLI GSRWXVYGXMSREP WXIIPW QE] FI
YWIH MR XLI QIGLERMGEP GSQTSRIRXW HIWGVMFIH MR
'LETXIV
-RHYWXV][MHI WTIGMGEXMSRW EVI XLSWI JVSQ SVKERMÊ
XMSRW WYGL EW %781 -RXIVREXMSREP %781 XLI %QIVMGER
-VSR ERH 7XIIP -RWXMXYXI %-7- ERH XLI 7SGMIX] SJ
%YXSQSXMZI )RKMRIIVW 7%) % TVSTVMIXEV] WTIGMGEXMSR
MW SRI HIZIPSTIH F] ER MRHMZMHYEP QERYJEGXYVIV
%REP]WMW 1IXLSHW

8LI EPPS[EFPI WXVIWWIW ERH WXVIWW VERKIW HIJMRIH MR
XLMW 7XERHEVH EVI FEWIH SR XLI EWWYQTXMSR SJ EREP]WMW
F] GPEWWMGEP WXVIRKXL SJ QEXIVMEP QIXLSHW QSHIPW
EPXLSYKL SXLIV EREP]WMW QIXLSHW QE] FI YWIH 8LI EREP
]WMW XIGLRMUYIW ERH QSHIPW YWIH F] XLI UYEPMJMIH TIVWSR
WLEPP EGGYVEXIP] VITVIWIRX XLI PSEHW QEXIVMEP TVSTIVXMIW
ERH HIZMGI KISQIXV] WXVIWW ZEPYIW VIWYPXMRK JVSQ XLI
EREP]WMW WLEPP FI SJ WYMXEFPI JSVQ XS TIVQMX GSVVIPEXMSR
[MXL XLI EPPS[EFPI WXVIWWIW HIJMRIH MR XLMW 7XERHEVH
;IPHMRK
%PP [IPHMRK HIWMKRW ERH TVSGIHYVIW I\GITX JSV XLI
HIWMKR WXVIRKXL SJ [IPHW WLEPP FI MR EGGSVHERGI [MXL
XLI VIUYMVIQIRXW SJ %27-%;7 ( 8LI HIWMKR
WXVIRKXL SJ [IPHW WLEPP FI EW HIJMRIH MR TEVE ;LIR
GSRJPMGXW I\MWX FIX[IIR %27-%;7 ( ERH XLMW
7XERHEVH XLI VIUYMVIQIRXW SJ XLMW 7XERHEVH WLEPP
KSZIVR
'SQQIRXEV] 8LI EPPS[EFPI WXVIWWIW HIRIH MR

'LETXIVW ERH LEZI FIIR HIZIPSTIH FEWIH SR XLI
TVIWYQTXMSR XLEX XLI EGXYEP WXVIWWIW HYI XS XLI HIWMKR
PSEHW [MPP FI GSQTYXIH YWMRK GPEWWMGEP QIXLSHW 7YGL
QIXLSHW IJJIGXMZIP] GSQTYXI EZIVEKI WXVIWWIW EGXMRK SR
E WXVYGXYVEP SV QIGLERMGEP IPIQIRX
'SRWMHIVEXMSR SJ XLI IJJIGXW SJ WXVIWW GSRGIRXVEXMSRW MW
RSX RSVQEPP] VIUYMVIH [LIR HIXIVQMRMRK XLI WXEXMG
WXVIRKXL SJ E PMJXIV GSQTSRIRX WII 'SQQIRXEV] JSV
TEVE ,S[IZIV XLI IJJIGXW SJ WXVIWW GSRGIRXVE
XMSRW EVI QSWX MQTSVXERX [LIR HIXIVQMRMRK JEXMKYI PMJI
0MJXMRK HIZMGIW SJXIR EVI GSRWXVYGXIH [MXL HMWGSRXMRYMXMIW
SV KISQIXVMG WXVIWW GSRGIRXVEXMSRW WYGL EW TMR ERH FSPX
LSPIW RSXGLIW MRWMHI GSVRIVW ERH WLEJX OI][E]W XLEX
EGX EW MRMXMEXMSR WMXIW JSV JEXMKYI GVEGOW
%REP]WMW SJ E PMJXMRK HIZMGI [MXL HMWGSRXMRYMXMIW YWMRK
PMRIEV RMXI IPIQIRX EREP]WMW [MPP X]TMGEPP] WLS[ TIEO
WXVIWWIW XLEX MRHMGEXI JEMPYVI [LIVI JEMPYVI MW HIRIH EW
XLI TSMRX EX [LMGL XLI ETTPMIH PSEH VIEGLIW XLI PSWW SJ
JYRGXMSR PSEH SV PMQMX WXEXI SJ XLI TEVX SV HIZMGI YRHIV
GSRWMHIVEXMSR 8LMW MW TEVXMGYPEVP] XVYI [LIR IZEPYEXMRK
'SQQIRXEV] %27-%;7 ( MW GMXIH EW XLI

FEWMW JSV [IPH HIWMKR ERH [IPHMRK TVSGIHYVIW 8LMW
VIUYMVIQIRX MW MR EKVIIQIRX [MXL '1%% ERH XLSWI
IWXEFPMWLIH F] %71) & 8LI EPPS[EFPI WXVIWWIW JSV
[IPHW EVI QSHMIH MR XLMW 7XERHEVH XS TVSZMHI XLI
LMKLIV HIWMKR JEGXSVW HIIQIH RIGIWWEV] JSV PMJXMRK
HIZMGIW
8IQTIVEXYVI
8LI HIWMKR TVSZMWMSRW SJ XLMW 7XERHEVH EVI GSRWMHIVIH
ETTPMGEFPI [LIR XLI XIQTIVEXYVI SJ XLI PMJXIV WXVYGXYVEP
SV QIGLERMGEP GSQTSRIRX YRHIV GSRWMHIVEXMSR MW [MXLMR
%71) &8,i
()*-2-8-327
XIQTIVEXYVI SJ XLI GSQTSRIRX MW FI]SRH XLIWI PMQMXW

WTIGMEP EHHMXMSREP HIWMKR GSRWMHIVEXMSRW QE] FI
VIUYMVIH 8LIWI GSRWMHIVEXMSRW QE] MRGPYHI GLSSWMRK E
QEXIVMEP XLEX LEW FIXXIV GSPHXIQTIVEXYVI SV LMKL
XIQTIVEXYVI TVSTIVXMIW PMQMXMRK XLI HIWMKR WXVIWWIW XS
E PS[IV TIVGIRXEKI SJ XLI EPPS[EFPI WXVIWWIW SV
VIWXVMGXMRK YWI SJ XLI PMJXIV YRXMP XLI GSQTSRIRX XIQTIVE
XYVI JEPPW [MXLMR XLI WXEXIH PMQMXW
8LI HIWMKR TVSZMWMSRW JSV IPIGXVMGEP GSQTSRIRXW EVI
GSRWMHIVIH ETTPMGEFPI [LIR EQFMIRX XIQTIVEXYVIW HS
RSX I\GIIH * ' 0MJXIVW I\TIGXIH XS STIVEXI MR
EQFMIRX XIQTIVEXYVIW FI]SRH XLMW PMQMX WLEPP LEZI IPIG
XVMGEP GSQTSRIRXW HIWMKRIH JSV XLI LMKLIV EQFMIRX
XIQTIVEXYVI
8LI TEVEKVETL KMZIR EJXIV XLI HIJMRMXMSR SJ E XIVQ

VIJIVW XS XLI TEVEKVETL [LIVI XLI XIVQ MW JMVWX YWIH
'SQQIRXEV] 8LMW WIGXMSR TVIWIRXW E PMWX SJ HIRM
XMSRW ETTPMGEFPI XS XLI HIWMKR SJ FIPS[XLILSSO PMJXMRK
HIZMGIW (IRMXMSRW JVSQ XLI %71) 7EJIX] 'SHIW ERH
7XERHEVHW 0I\MGSR ERH SXLIV IRKMRIIVMRK VIJIVIRGIW EVI
YWIH [LIVIZIV TSWWMFPI 8LI HIRIH XIVQW EVI HMZMHIH
MRXS KIRIVEP XIVQW TEVE XLEX EVI GSRWMHIVIH
FVSEHP] ETTPMGEFPI XS XLI WYFNIGX QEXXIV ERH MRXS KVSYTW
SJ XIVQW XLEX EVI WTIGMG XS IEGL GLETXIV SJ XLI
7XERHEVH
'SQQIRXEV] 8LI XIQTIVEXYVI PMQMXW WXEXIH EVI

FEWIH SR XLI JSPPS[MRK ,MWXSVMGEPP] XIRWMSR FVMXXPI JEMP
YVIW LEZI SGGYVVIH HYVMRK L]HVSXIWX MR TVIWWYVI ZIWWIPW
JEFVMGEXIH JVSQ PS[ GEVFSR WXIIP EX XIQTIVEXYVIW EW
LMKL EW * ' *PE[W MR WXIIP TPEXI QEXIVMEP [IVI
XLI TVMQEV] GEYWI SJ XLIWI JEMPYVIW ;MXL XMKLXIV TVSHYG
XMSR TVSGIWWIW GPSWIV QIXEPPYVKMGEP GSRXVSP ERH FIXXIV
UYEPMX] GLIGOW MR GYVVIRX TVEGXMGI XLI VMWO SJ WYGL JEMPYVI
MW VIHYGIH 8LYW XLI 'SQQMXXII WIPIGXIH XLI *
c' XIQTIVEXYVI EW E VIEWSREFPI PS[IV PMQMX 8LMW
PS[IV XIQTIVEXYVI PMQMX MW EPWS GSRWMWXIRX [MXL VIGSQ
QIRHEXMSRW QEHI F] %-7'
8LI 'SQQMXXII WIPIGXIH XLI YTTIV XIQTIVEXYVI PMQMX
EW E VIEWSREFPI QE\MQYQ XIQTIVEXYVI SJ STIVEXMSR MR
E WYQQIV HIWIVX IRZMVSRQIRX (EXE JVSQ XLI %71)
&SMPIV
4VIWWYVI :IWWIP 'SHI QEXIVMEP HIWMKR XEFPIW
MRHMGEXI XLEX WSQI GEVFSR WXIIPW LEZI EPVIEH] FIKYR XS
HIGPMRI MR FSXL ]MIPH WXVIWW ERH EPPS[EFPI XIRWMSR WXVIWW
EX * ' 7SQI QEXIVMEPW HIGPMRI F] EW QYGL EW
FYX QSWX EVI PIWW XLER XLEX EQSYRX % WXVEMKLXPMRI
MRXIVTSPEXMSR FIX[IIR XLI XEFYPEXIH ZEPYIW JSV QEXIVMEPW
EX * ' ERH * ' MR XLMW VIJIVIRGI KMZIW
EGGITXEFPI WXVIWW ZEPYIW XLEX LEZI QMRMQEP HIKVEHEXMSR
EX * '
-R WSQI MRHYWXVMEP YWIW PMJXMRK HIZMGIW GER FI WYF
NIGXIH XS XIQTIVEXYVIW MR I\GIWW SJ * ' %X
XLIWI XIQTIVEXYVIW XLI QIGLERMGEP TVSTIVXMIW SJ QSWX
QEXIVMEPW EVI KVIEXP] VIHYGIH SZIV XLSWI EX EQFMIRX -J
XLI I\TSWYVI MW TVSPSRKIH ERH G]GPMG MR REXYVI XLI
GVIIT VYTXYVI WXVIRKXL SJ XLI QEXIVMEP [LMGL MW PS[IV
XLER XLI WMQTPI IPIZEXIH XIQTIVEXYVI ZEPYI QYWX FI
YWIH MR HIXIVQMRMRK XLI HIWMKR VEXIH PSEH ERH PMJI SJ XLI
HIZMGI
3J MQTSVXERGI [LIR IZEPYEXMRK XLI IJJIGXW SJ XIQTIV
EXYVI MW XLI XIQTIVEXYVI SJ XLI PMJXIV GSQTSRIRX VEXLIV
XLER XLI EQFMIRX XIQTIVEXYVI % PMJXIV QE] QSZI FVMI]
XLVSYKL ER EVIE SJ JVMKMH EMV [MXLSYX XLI XIQTIVEXYVI SJ
XLI WXIIP HVSTTMRK XS XLI TSMRX SJ GSRGIVR 0MOI[MWI E
PMJXIV XLEX LERHPIW ZIV] LSX MXIQW QE] LEZI WSQI GSQ
TSRIRXW XLEX FIGSQI LIEXIH HYI XS GSRXEGX
(IJMRMXMSRW h +IRIVEP

EQFMIRX XIQTIVEXYVI XLI XIQTIVEXYVI SJ XLI EXQSWTLIVI
WYVVSYRHMRK XLI PMJXMRK HIZMGI TEVE
FIPS[XLILSSO PMJXMRK HIZMGI PMJXMRK HIZMGI PMJXIV E HIZMGI
SXLIV XLER WPMRKW LSSOW VMKKMRK LEVH[EVI ERH PMJXMRK
EXXEGLQIRXW YWIH JSV EXXEGLMRK PSEHW XS E LSMWX
WIGXMSR
G]GPI PSEH SRI WIUYIRGI SJ X[S PSEH VIZIVWEPW XLEX HIJMRI
E VERKI FIX[IIR QE\MQYQ ERH QMRMQYQ PSEH
TEVE
HIWMKR XLI EGXMZMX] MR [LMGL E UYEPMJMIH TIVWSR GVIEXIW
HIZMGIW QEGLMRIW WXVYGXYVIW SV TVSGIWWIW XS WEXMWJ] E
LYQER RIIH WIGXMSR
HIWMKR JEGXSV XLI VEXMS SJ XLI PMQMX WXEXI WXVIWWIW SJ ER
IPIQIRX XS XLI TIVQMWWMFPI MRXIVREP WXVIWWIW GVIEXIH F]
XLI I\XIVREP JSVGIW XLEX EGX YTSR XLI IPIQIRX
TEVE
JEXMKYI XLI TVSGIWW SJ TVSKVIWWMZI PSGEPMÎH TIVQERIRX
QEXIVMEP HEQEKI XLEX QE] VIWYPX MR GVEGOW SV GSQTPIXI
JVEGXYVI EJXIV E WYJJMGMIRX RYQFIV SJ PSEH G]GPIW
TEVE
JEXMKYI PMJI XLI RYQFIV SJ PSEH G]GPIW SJ E WTIGMJMG X]TI
ERH QEKRMXYHI XLEX E QIQFIV WYWXEMRW FIJSVI JEMPYVI
TEVE
LSMWX E QEGLMRIV] YRMX XLEX MW YWIH JSV PMJXMRK ERH PS[
IVMRK TEVE
PMJXMRK EXXEGLQIRX E PSEH WYTTSVXMRK HIZMGI EXXEGLIH XS
XLI SFNIGX FIMRK PMJXIH WYGL EW PMJXMRK PYKW TEHI]IW
XVYRRMSRW ERH WMQMPEV ETTYVXIRERGIW TEVE
PSEHW ETTPMIH I\XIVREP JSVGIW EGXMRK SR E WXVYGXYVEP
QIQFIV SV QEGLMRI IPIQIRX HYI XS XLI VEXIH PSEH HIEH
PSEH ERH SXLIV JSVGIW GVIEXIH F] XLI STIVEXMSR ERH
KISQIXV] SJ XLI PMJXMRK HIZMGI TEVE
PSEH HIEH XLI [IMKLXW SJ XLI TEVXW SJ XLI PMJXMRK HIZMGI
TEVE
4VIWWYVMÎH *PYMH 7]WXIQW

4VIWWYVMÎH JPYMH W]WXIQW EVI RSX GSZIVIH F] XLMW
7XERHEVH
PSEH VEXIH XLI QE\MQYQ PSEH JSV [LMGL XLI PMJXMRK HIZMGI
MW HIWMKREXIH F] XLI QERYJEGXYVIV TEVE

%71) &8,i
(IJMRMXMSRW JSV 'LETXIV
QERYJEGXYVIV XLI TIVWSR GSQTER] SV EKIRG] VIWTSRWM

FPI JSV XLI HIWMKR JEFVMGEXMSR SV TIVJSVQERGI SJ E
FIPS[XLILSSO PMJXMRK HIZMGI SV PMJXMRK HIZMGI GSQTS
RIRX WIGXMSR
FPSGO WLIEV E QSHI SJ JEMPYVI MR E FSPXIH SV [IPHIH

GSRRIGXMSR XLEX MW HYI XS E GSQFMREXMSR SJ WLIEV ERH
XIRWMSR EGXMRK SR SVXLSKSREP TPERIW EVSYRH XLI QMRM
QYQ RIX JEMPYVI TEXL SJ XLI GSRRIGXMRK IPIQIRXW
TEVE
QIGLERMGEP GSQTSRIRX E GSQFMREXMSR SJ SRI SV QSVI

QEGLMRI IPIQIRXW EPSRK [MXL XLIMV JVEQI[SVO JEWXIR
MRKW IXG HIWMKRIH EWWIQFPIH ERH EVVERKIH XS WYTTSVX
QSHMJ] SV XVERWQMX QSXMSR MRGPYHMRK FYX RSX PMQMXIH
XS XLI TMPPS[ FPSGO WGVI[ NEGO GSYTPMRK GPYXGL FVEOI
KIEV VIHYGIV ERH EHNYWXEFPI WTIIH XVERWQMWWMSR
TEVE
FVMXXPI JVEGXYVI EFVYTX GPIEZEKI [MXL PMXXPI SV RS TVMSV

HYGXMPI HIJSVQEXMSR TEVE
GSQTEGX WIGXMSR E WXVYGXYVEP QIQFIV GVSWWWIGXMSR XLEX
GER HIZIPST E JYPP] TPEWXMG WXVIWW HMWXVMFYXMSR FIJSVI XLI
SRWIX SJ PSGEP FYGOPMRK TEVE
QSHMJMGEXMSR ER] GLERKI EHHMXMSR XS SV VIGSRWXVYGXMSR

SJ E PMJXIV GSQTSRIRX WIGXMSR
IJJIGXMZI PIRKXL XLI IUYMZEPIRX PIRKXL /P YWIH MR GSQTVIW

WMSR JSVQYPEW TEVE
UYEPMJMIH TIVWSR E TIVWSR [LS F] TSWWIWWMSR SJ E VIGSK

RMÎH HIKVII MR ER ETTPMGEFPI JMIPH SV GIVXMJMGEXI SJ TVS
JIWWMSREP WXERHMRK SV [LS F] I\XIRWMZI ORS[PIHKI
XVEMRMRK ERH I\TIVMIRGI LEW WYGGIWWJYPP] HIQSRWXVEXIH
XLI EFMPMX] XS WSPZI SV VIWSPZI TVSFPIQW VIPEXMRK XS XLI
WYFNIGX QEXXIV ERH [SVO WIGXMSR
IJJIGXMZI PIRKXL JEGXSV XLI VEXMS FIX[IIR XLI IJJIGXMZI

PIRKXL ERH XLI YRFVEGIH PIRKXL SJ XLI QIQFIV QIEWYVIH
FIX[IIR XLI GIRXIVW SJ KVEZMX] SJ XLI FVEGMRK QIQFIVW
TEVE
IJJIGXMZI RIX XIRWMPI EVIE TSVXMSR SJ XLI KVSWW XIRWMPI EVIE
XLEX MW EWWYQIH XS GEVV] XLI HIWMKR XIRWMSR PSEH EX XLI
QIQFIVvW GSRRIGXMSRW SV EX PSGEXMSR SJ LSPIW GYXSYXW
SV SXLIV VIHYGXMSRW SJ GVSWWWIGXMSREP EVIE TEVE
VMKKMRK LEVH[EVI E HIXEGLEFPI PSEH WYTTSVXMRK HIZMGI

WYGL EW E WLEGOPI PMRO I]IFSPX VMRK W[MZIP SV GPIZMW
TEVE
IJJIGXMZI [MHXL XLI VIHYGIH [MHXL SJ E TPEXI [LMGL [MXL

ER EWWYQIH YRMJSVQ WXVIWW HMWXVMFYXMSR TVSHYGIW XLI
WEQI IJJIGX SR XLI FILEZMSV SJ E WXVYGXYVEP QIQFIV EW
XLI EGXYEP TPEXI [MHXL [MXL MXW RSRYRMJSVQ WXVIWW HMWXVM
FYXMSR TEVE
WIVZMGIEFMPMX] PMQMX WXEXI PMQMXMRK GSRHMXMSR EJJIGXMRK XLI

EFMPMX] SJ E WXVYGXYVI XS TVIWIVZI MXW QEMRXEMREFMPMX] HYVE
FMPMX] SV JYRGXMSR SJ QEGLMRIV] YRHIV RSVQEP YWEKI
TEVE
JE]MRK WYVJEGI XLI TPERI SJ GSRXEGX FIX[IIR X[S TPMIW SJ

E FSPXIH GSRRIGXMSR TEVE
WLEPP MRHMGEXIW XLEX XLI VYPI MW QERHEXSV] ERH QYWX FI

JSPPS[IH WIGXMSR
KVSWW EVIE JYPP GVSWWWIGXMSREP EVIE SJ XLI QIQFIV

TEVE
WLSYPH MRHMGEXIW XLEX XLI VYPI MW E VIGSQQIRHEXMSR XLI

EHZMWEFMPMX] SJ [LMGL HITIRHW SR XLI JEGXW MR IEGL WMXYE
XMSR TEVE
WPMRK ER EWWIQFP] XS FI YWIH JSV PMJXMRK [LIR GSRRIGXIH
XS E LSMWX SV PMJXMRK HIZMGI EX XLI WPMRKvW YTTIV IRH ERH
[LIR WYTTSVXMRK E PSEH EX XLI WPMRKvW PS[IV IRH
TEVE
PMQMX WXEXI E GSRHMXMSR MR [LMGL E WXVYGXYVI SV GSQTSRIRX

FIGSQIW YRJMX JSV WIVZMGI WYGL EW FVMXXPI JVEGXYVI TPEWXMG
GSPPETWI I\GIWWMZI HIJSVQEXMSR HYVEFMPMX] JEXMKYI
MRWXEFMPMX] ERH MW NYHKIH IMXLIV XS FI RS PSRKIV YWIJYP
JSV MXW MRXIRHIH JYRGXMSR WIVZMGIEFMPMX] PMQMX WXEXI SV XS
FI YRWEJI WXVIRKXL PMQMX WXEXI TEVE
WXVIWW GSRGIRXVEXMSR PSGEPMÎH WXVIWW GSRWMHIVEFP] LMKLIV

XLER EZIVEKI IZIR MR YRMJSVQP] PSEHIH GVSWW WIGXMSRW
SJ YRMJSVQ XLMGORIWW HYI XS EFVYTX GLERKIW MR KISQIXV]
SV PSGEPMÎH PSEHMRK TEVE
PSGEP FYGOPMRK XLI FYGOPMRK SJ E GSQTVIWWMSR IPIQIRX

XLEX QE] TVIGMTMXEXI XLI JEMPYVI SJ XLI [LSPI QIQFIV
EX E WXVIWW PIZIP FIPS[ XLI ]MIPH WXVIWW SJ XLI QEXIVMEP
TEVE
WXVIWW QE\MQYQ LMKLIWX EPKIFVEMG WXVIWW TIV G]GPI

TEVE
RSRGSQTEGX WIGXMSR E WXVYGXYVEP QIQFIV GVSWWWIGXMSR

XLEX GER HIZIPST XLI ]MIPH WXVIWW MR GSQTVIWWMSR IPIQIRXW
FIJSVI PSGEP FYGOPMRK SGGYVW FYX [MPP RSX VIWMWX MRIPEWXMG
PSGEP FYGOPMRK EX WXVEMR PIZIPW VIUYMVIH JSV E JYPP] TPEWXMG
WXVIWW HMWXVMFYXMSR TEVE
WXVIWW QMRMQYQ PS[IWX EPKIFVEMG WXVIWW TIV G]GPI

TEVE
WXVIWW VERKI EPKIFVEMG HMJJIVIRGI FIX[IIR QE\MQYQ ERH
QMRMQYQ WXVIWW 8IRWMSR WXVIWW MW GSRWMHIVIH XS LEZI
XLI STTSWMXI EPKIFVEMG WMKR JVSQ GSQTVIWWMSR WXVIWW
TEVE
TVMWQEXMG QIQFIV E QIQFIV [MXL E KVSWW GVSWW WIGXMSR

XLEX HSIW RSX ZEV] EPSRK MXW PIRKXL TEVE
TV]MRK JSVGI E JSVGI HYI XS XLI PIZIV EGXMSR XLEX I\MWXW MR
GSRRIGXMSRW MR [LMGL XLI PMRI SJ ETTPMGEXMSR SJ XLI
ETTPMIH PSEH MW IGGIRXVMG XS XLI E\MW SJ XLI FSPX GEYWMRK
HIJSVQEXMSR SJ XLI JMXXMRK ERH ER EQTPMJMGEXMSR SJ XLI
E\MEP JSVGI MR XLI FSPX TEVE
WXVYGXYVEP QIQFIV E GSQTSRIRX SV VMKMH EWWIQFP] SJ GSQ

TSRIRXW JEFVMGEXIH JVSQ WXVYGXYVEP WLETIW FEVW
TPEXIW JSVKMRKW SV GEWXMRKW TEVE

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WPMTGVMXMGEP E X]TI SJ FSPXIH GSRRIGXMSR MR [LMGL WLIEV

MW XVERWQMXXIH F] QIERW SJ XLI JVMGXMSR TVSHYGIH
FIX[IIR XLI JE]MRK WYVJEGIW F] XLI GPEQTMRK EGXMSR SJ
XLI FSPXW TEVE
ZEGYYQ VIWIVZSMV XLI IZEGYEXIH TSVXMSR SJ E ZEGYYQ

W]WXIQ XLEX MW XS GSQTIRWEXI JSV PIEOEKI MR XLI ZEGYYQ
W]WXIQ SV XS TVSZMHI E ZEGYYQ VIWIVZI MR XLI IZIRX SJ
ZEGYYQ KIRIVEXSV JEMPYVI TEVE
WXVIRKXL PMQMX WXEXI PMQMXMRK GSRHMXMSR EJJIGXMRK XLI WEJIX]

SJ XLI WXVYGXYVI MR [LMGL XLI YPXMQEXI PSEH GEVV]MRK
GETEGMX] MW VIEGLIH TEVE

FVEOI E HIZMGI SXLIV XLER E QSXSV YWIH JSV VIXEVHMRK
SV WXSTTMRK QSXMSR SJ ER ETTEVEXYW F] JVMGXMSR SV TS[IV
QIERW WIGXMSR
YRFVEGIH PIRKXL XLI HMWXERGI FIX[IIR FVEGIH TSMRXW SJ

E QIQFIV QIEWYVIH FIX[IIR XLI GIRXIVW SJ KVEZMX] SJ
XLI FVEGMRK QIQFIVW TEVE

GSRXVSPW E HIZMGI YWIH XS KSZIVR SV VIKYPEXI XLI JYRG

XMSRW SJ ER ETTEVEXYW TEVE

FEGOHVMZMRK E GSRHMXMSR [LIVI XLI PSEH MQTEVXW QSXMSR
XS XLI HVMZI W]WXIQ TEVE
GSRXVSPPIV E HIZMGI SV KVSYT SJ HIZMGIW XLEX KSZIVR MR

E TVIHIXIVQMRIH QERRIV XLI TS[IV HIPMZIVIH XS XLI
QSXSV XS [LMGL MX MW GSRRIGXIH WIGXMSR
GSIJJMGMIRX SJ WXEXMG JVMGXMSR XLI RSRHMQIRWMSREP RYQFIV

SFXEMRIH F] HMZMHMRK XLI JVMGXMSR JSVGI VIWMWXMRK MRMXMEP
QSXMSR FIX[IIR X[S FSHMIW F] XLI RSVQEP JSVGI TVIWWMRK
XLI FSHMIW XSKIXLIV TEVE
GSRXVSP TERIP ER EWWIQFP] SJ GSQTSRIRXW XLEX KSZIVRW

XLI JPS[ SJ TS[IV XS SV JVSQ E QSXSV SV SXLIV IUYMTQIRX
MR VIWTSRWI XS E WMKREPW JVSQ E GSRXVSP HIZMGIW
TEVE
HVMZI W]WXIQ ER EWWIQFP] SJ GSQTSRIRXW XLEX KSZIVRW

XLI WXEVXMRK WXSTTMRK JSVGI WTIIH ERH HMVIGXMSR
MQTEVXIH XS E QSZMRK ETTEVEXYW TEVE
GSRXVSP W]WXIQ ER EWWIQFP] SV KVSYT SJ HIZMGIW XLEX KSZ

IVR SV VIKYPEXI XLI STIVEXMSR SJ ER ETTEVEXYW
TEVE
KVMT VEXMS XLI VEXMS SJ XLI WYQ SJ XLI LSVM^SRXEP JSVGIW

SR SRI WMHI SJ XLI PSEH XS XLI PMZI [IMKLX SJ XLI PSEH
*SV I\EQTPI MJ XLI XSXEP LSVM^SRXEP JSVGI SR SRI WMHI SJ
XLI PSEH MW PF ERH XLI PMZI PSEH MW PF XLI
KVMT VEXMS MW *SV TYVTSWIW SJ XLMW GEPGYPEXMSR XLI
[IMKLX SJ XLI PSEH HSIW RSX MRGPYHI XLI [IMKLX SJ XLI
PMJXIV WIGXMSR
HYX] G]GPI
HYX] G]GPI
XMQI SR
XMQI SR XMQI SJJ

ERH MW I\TVIWWIH EW E TIVGIRXEKI TEVE

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QMR SR QMR SJJ

KVMTTMRK JSVGI XLI JSVGI XLEX XLI PMJXMRK HIZMGI I\IVXW SR

XLI PSEH TEVE
KVSYRH KVSYRHIH IPIGXVMGEPP] GSRRIGXIH XS IEVXL SV XS

WSQI GSRHYGXMRK FSH] XLEX WIVZIW MR TPEGI SJ XLI IEVXL
WIGXMSR
0 FIEVMRK PMJI XLI FEWMG VEXMRK SV WTIGMJMGEXMSR PMJI SJ E

FIEVMRK TEVE
QSXSV IPIGXVMG E VSXEXMRK QEGLMRI XLEX XVERWJSVQW IPIGXVM

GEP IRIVK] MRXS QIGLERMGEP IRIVK] WIGXMSR
PSGOYT E GSRHMXMSR [LIVIF] JVMGXMSR MR XLI HVMZI W]WXIQ

TVIZIRXW FEGOHVMZMRK TEVE
TS[IV WYTTP] IPIGXVMGEP XLI WTIGMJMGEXMSRW SJ XLI VIUYMVIH

SV WYTTPMIH IPIGXVMGMX] WYGL EW X]TI %' SV (' ZSPXW
EQTW G]GPIW ERH TLEWI TEVE
TMXGL HMEQIXIV XLI HMEQIXIV SJ E WLIEZI QIEWYVIH EX XLI

GIRXIVPMRI SJ XLI VSTI TEVE
VIGXMJMIV E HIZMGI JSV GSRZIVXMRK EPXIVREXMRK GYVVIRX MRXS

HMVIGX GYVVIRX WIGXMSR
WLIEZI E KVSSZIH [LIIP YWIH [MXL E VSTI XS GLERKI

HMVIGXMSR ERH TSMRX SJ ETTPMGEXMSR SJ E TYPPMRK JSVGI
TEVE
WIRWSVW E HIZMGI XLEX VIWTSRHW XS E TL]WMGEP WXMQYPYW

ERH XVERWQMXW XLI VIWYPXMRK WMKREP WIGXMSR
WLIEZI IUYEPM^MRK E WLIEZI YWIH XS IUYEPMÎ XIRWMSR MR

STTSWMXI TEVXW SJ E VSTI &IGEYWI SJ MXW WPMKLX QSZIQIRX
MX MW RSX XIVQIH E VYRRMRK WLIEZI TEVE
W[MXGL E HIZMGI JSV QEOMRK FVIEOMRK SV GLERKMRK XLI

GSRRIGXMSRW MR ER IPIGXVMG GMVGYMX TEVE
WLIEZI VYRRMRK E WLIEZI XLEX VSXEXIW EW XLI PSEH MW PMJXIH

SV PS[IVIH TEVE
W[MXGL QEWXIV E QERYEP W[MXGL XLEX HSQMREXIW XLI STIVE

XMSR SJ GSRXEGXSVW VIPE]W SV SXLIV VIQSXIP] STIVEXIH
HIZMGIW TEVE
ZEGYYQ TVIWWYVI PIWW XLER EQFMIRX EXQSWTLIVMG TVIW

WYVI TEVE
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ZEGYYQ PMJXMRK HIZMGI E FIPS[XLILSSO PMJXMRK HIZMGI JSV

PMJXMRK ERH XVERWTSVXMRK PSEHW YWMRK E LSPHMRK JSVGI F]
QIERW SJ ZEGYYQ WIGXMSR
8LI TEVEKVETL KMZIR EJXIV XLI HIJMRMXMSR SJ E W]QFSP

VIJIVW XS XLI TEVEKVETL [LIVI XLI W]QFSP MW JMVWX YWIH
)EGL W]QFSP MW HIJMRIH [LIVI MX MW JMVWX YWIH
ZEGYYQ TEH E HIZMGI XLEX ETTPMIW E LSPHMRK JSVGI SR XLI

PSEH F] QIERW SJ ZEGYYQ TEVE
238) 7SQI W]QFSPW QE] LEZI HMJJIVIRX HIJMRMXMSRW [MXLMR XLMW

7XERHEVH
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SXLIV HIWMKR WXERHEVHW XLEX EVI MR [MHI YWI MR XLI
9RMXIH 7XEXIW WYGL EW XLI %-7' WTIGMGEXMSR
%-7' ERH XLI GVERI HIWMKR WTIGMGEXMSRW TYF
PMWLIH F] %-78 ERH '1%% %-78 8IGLRMGEP 6ITSVX 2S
'1%% VIWTIGXMZIP] ;LIVI RSXEXMSR HMH RSX I\MWX
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HMVIGXMSR SJ XLI XLMGORIWW SJ XLI XIRWMSR
PSEHIH TPEXI MR QQ TEVE
GVSWWWIGXMSREP EVIE MR QQ TEVE

HMWXERGI JVSQ XLI IHKI SJ XLI TMRLSPI XS
XLI IHKI SJ XLI TPEXI MR XLI HMVIGXMSR SJ
XLI ETTPMIH PSEH TEVE
EVIE SJ XLI GSQTVIWWMSR JPERKI MR QQ
TEVE
XIRWMPI WXVIWW EVIE MR QQ TEVE
XSXEP EVIE SJ XLI X[S WLIEV TPERIW FI]SRH
XLI TMRLSPI MR QQ TEVE
JEGXSV JSV FIRHMRK WXVIWW MR XIIW ERH HSY
FPI ERKPIW TEVE
[MHXL SJ E GSQTVIWWMSR IPIQIRX MR QQ
8EFPI
EGXYEP RIX [MHXL SJ E TMRGSRRIGXIH TPEXI
FIX[IIR XLI IHKI SJ XLI LSPI ERH XLI IHKI
SJ XLI TPEXI SR E PMRI TIVTIRHMGYPEV XS
XLI PMRI SJ EGXMSR SJ XLI ETTPMIH PSEH MR
QQ TEVE
IJJIGXMZI [MHXL XS IEGL WMHI SJ XLI TMR
LSPI MR QQ TEVE
FIRHMRK GSIJJMGMIRX HITIRHIRX YTSR
QSQIRX KVEHMIRX TEVE
GSPYQR WPIRHIVRIWW VEXMS WITEVEXMRK IPEW
XMG ERH MRIPEWXMG FYGOPMRK TEVE
WXVIWW GEXIKSV] GSRWXERX JSV JEXMKYI EREP]
WMW TEVE
GSIJJMGMIRX ETTPMIH XS FIRHMRK XIVQ MR
MRXIVEGXMSR IUYEXMSR JSV TVMWQEXMG QIQ
FIV ERH HITIRHIRX YTSR GSPYQR GYVZE
XYVI GEYWIH F] ETTPMIH QSQIRXW
TEVE
GSIJJMGMIRX ETTPMIH XS FIRHMRK XIVQ MR
MRXIVEGXMSR IUYEXMSR EFSYX XLI \ SV ] E\MW
EW MRHMGEXIH TEVE
WXVIRKXL VIHYGXMSR JEGXSV JSV TMR
GSRRIGXIH TPEXIW TEVE
SYXWMHI HMEQIXIV SJ GMVGYPEV LSPPS[ WIG
XMSR MR QQ 8EFPI
HITXL SJ XLI WIGXMSR MR QQ
TEVE HMEQIXIV SJ VSPPIV MR QQ
TEVE
*F\ *F]
JF\ JF]
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JGV
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LSPI HMEQIXIV MR QQ TEVE

TMR HMEQIXIV TEVE
QSHYPYW SJ IPEWXMGMX]
OWM 14E JSV WXIIP
TEVE
RSQMREP XIRWMPI WXVIRKXL SJ XLI [IPH
QIXEP OWM 14E TEVE
EPPS[EFPI E\MEP GSQTVIWWMSR WXVIWW OWM
14E TEVE
GSQTYXIH E\MEP GSQTVIWWMZI WXVIWW OWM
14E TEVE
EPPS[EFPI FIRHMRK WXVIWW OWM 14E
TEVE
EPPS[EFPI FIRHMRK WXVIWW EFSYX XLI \ SV
] E\MW EW MRHMGEXIH OWM 14E
TEVE
GSQTYXIH FIRHMRK WXVIWW EFSYX XLI \ SV
] E\MW EW MRHMGEXIH OWM 14E
TEVE
EPPS[EFPI GVMXMGEP WXVIWW HYI XS GSQFMRIH
WLIEV ERH RSVQEP WXVIWWIW OWM 14E
TEVE
GVMXMGEP WXVIWW OWM 14E TEVE
)YPIV WXVIWW JSV E TVMWQEXMG QIQFIV
HMZMHIH F] XLI HIWMKR JEGXSV OWM 14E
TEVE
)YPIV WXVIWW EFSYX XLI \ SV ] E\MW EW MRHM
GEXIH HMZMHIH F] XLI HIWMKR JEGXSV OWM
14E TEVE
EPPS[EFPI FIEVMRK WXVIWW OWM 14E
TEVE
GSQTVIWWMZI VIWMHYEP WXVIWW MR JPERKI OWM
14E 8EFPI
EPPS[EFPI WXVIWW VERKI JSV XLI HIXEMP
YRHIV GSRWMHIVEXMSR OWM 14E
TEVE
EPPS[EFPI XIRWMPI WXVIWW OWM 14E
TEVE
EPPS[EFPI XIRWMPI WXVIWW JSV E FSPX WYF
NIGXIH XS GSQFMRIH XIRWMSR ERH WLIEV
WXVIWWIW OWM 14E TEVE
GSQTYXIH E\MEP XIRWMPI WXVIWW OWM 14E
TEVE
XLVIWLSPH ZEPYI JSV * WV OWM 14E
TEVE
WTIGMJMIH QMRMQYQ YPXMQEXI XIRWMPI
WXVIRKXL OWM 14E TEVE
EPPS[EFPI WLIEV WXVIWW OWM 14E
TEVE
GSQTYXIH WLIEV WXVIWW OWM 14E
TEVE
GSQTYXIH RSVQEP WXVIWW MR XLI \ SV ]
HMVIGXMSR EW MRHMGEXIH OWM 14E
TEVE
WTIGMJMIH QMRMQYQ ]MIPH WXVIWW OWM
14E TEVE
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WTIGMJMIH QMRMQYQ ]MIPH WXVIWW SJ XLI
[IF OWM 14E 8EFPI
WLIEV QSHYPYW SJ IPEWXMGMX]
OWM 14E JSV WXIIP
TEVE
GPIEV HITXL SJ XLI TPEXI TEVEPPIP XS XLI
ETTPMIH WLIEV JSVGI EX XLI WIGXMSR YRHIV
MRZIWXMKEXMSR *SV VSPPIH WLETIW XLMW
ZEPYI QE] FI XEOIR EW XLI GPIEV HMWXERGI
FIX[IIR JPERKIW PIWW XLI JMPPIX SV GSVRIV
VEHMYW MR QQ TEVE
QMRSV E\MW QSQIRX SJ MRIVXME MR QQ
TEVE
XSVWMSREP GSRWXERX MR QQ TEVE

IJJIGXMZI PIRKXL JEGXSV FEWIH SR XLI
HIKVII SJ JM\MX] EX IEGL IRH SJ XLI QIQFIV
TEVE
XLI EGXYEP YRFVEGIH PIRKXL SJ XLI QIQ
FIV MR QQ TEVE
HMWXERGI FIX[IIR GVSWW WIGXMSRW FVEGIH
EKEMRWX X[MWX SV PEXIVEP HMWTPEGIQIRX SJ
XLI GSQTVIWWMSR JPERKI MR QQ
TEVE
QE\MQYQ PEXIVEPP] YRFVEGIH PIRKXL SJ E
FIRHMRK QIQFIV JSV [LMGL XLI JYPP TPEW
XMG FIRHMRK GETEGMX] GER FI VIEPMÎH YRM
JSVQ QSQIRX GEWI 'F
MR QQ
TEVE
PEXIVEPP] YRFVEGIH PIRKXL SJ E FIRHMRK
QIQFIV EFSZI [LMGL XLI PMQMX WXEXI [MPP
FI PEXIVEPXSVWMSREP FYGOPMRK MR QQ
TEVE
EPPS[EFPI QENSV E\MW QSQIRX JSV XIIW ERH
HSYFPIERKPI QIQFIVW PSEHIH MR XLI
TPERI SJ W]QQIXV] OMTMR 2QQ
TEVE
RYQFIV SJ WPMT TPERIW MR XLI GSRRIGXMSR
TEVE
TPEWXMG QSQIRX OMTMR 2QQ
TEVE
WQEPPIV FIRHMRK QSQIRX EX XLI IRH SJ
XLI YRFVEGIH PIRKXL SJ E FIEQ XEOIR
EFSYX XLI WXVSRK E\MW SJ XLI QIQFIV
OMTMR 2QQ TEVE
PEVKIV FIRHMRK QSQIRX EX XLI IRH SJ XLI
YRFVEGIH PIRKXL SJ E FIEQ XEOIR EFSYX
XLI WXVSRK E\MW SJ XLI QIQFIV OMTMR
2QQ TEVE
HIWMVIH HIWMKR JEXMKYI PMJI MR G]GPIW SJ XLI
HIXEMP FIMRK IZEPYEXIH TEVE
HIWMKR JEGXSV TEVE
IUYMZEPIRX RYQFIV SJ GSRWXERX EQTPMXYHI
G]GPIW EX WXVIWW VERKI 76VIJ TEVE
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E ZEVMEFPI EQTPMXYHI PSEHMRK WTIGXVYQ
TEVE
EPPS[EFPI WMRKPI TPERI JVEGXYVI WXVIRKXL
FI]SRH XLI TMRLSPI OMTW 2
TEVE
EPPS[EFPI WLIEV GETEGMX] SJ E FSPX MR E
WPMTGVMXMGEP GSRRIGXMSR OMTW 2
TEVE
EPPS[EFPI XIRWMPI WXVIRKXL XLVSYKL XLI
TMRLSPI OMTW 2 TEVE
EPPS[EFPI HSYFPI TPERI WLIEV WXVIRKXL
FI]SRH XLI TMRLSPI OMTW 2
TEVE
HMWXERGI JVSQ XLI GIRXIV SJ XLI LSPI XS
XLI IHKI SJ XLI TPEXI MR XLI HMVIGXMSR SJ
XLI ETTPMIH PSEH MR QQ TEVE
VEHMYW SJ K]VEXMSR EFSYX XLI E\MW YRHIV
GSRWMHIVEXMSR MR QQ TEVE
VEHMYW SJ GYVZEXYVI SJ XLI IHKI SJ XLI
TPEXI MR QQ 'SQQIRXEV] JSV
TEVE
EPPS[EFPI FIEVMRK PSEH SR VSPPIVW
OMTWMR 2QQ TEVE
VEHMYW SJ K]VEXMSR SJ E WIGXMSR GSQTVMWMRK
XLI GSQTVIWWMSR JPERKI TPYW SRIXLMVH SJ
XLI GSQTVIWWMSR [IF EVIE XEOIR EFSYX
ER E\MW MR XLI TPERI SJ XLI [IF MR QQ
TEVE
QMRSV E\MW VEHMYW SJ K]VEXMSR MR QQ
TEVE
WXVIWW VERKI JSV XLI MXL TSVXMSR SJ ZEVMEFPI
EQTPMXYHI PSEHMRK WTIGXVYQ OWM 14E
TEVE
VIJIVIRGI WXVIWW VERKI XS [LMGL 2 IU
VIPEXIW OWM 14E TEVE
QENSV E\MW WIGXMSR QSHYPYW MR QQ
TEVE
XLMGORIWW SJ XLI TPEXI MR QQ
TEVE XLMGORIWW SJ E GSQTVIWWMSR
IPIQIRX MR QQ 8EFPI
XLMGORIWW SJ XLI XIRWMSRPSEHIH TPEXI MR
QQ TEVE
XLMGORIWW SJ XLI [IF MR QQ 8EFPI
PIK WMÎ SJ XLI VIMRJSVGMRK SV GSRXSYVMRK
JMPPIX MJ ER] MR XLI HMVIGXMSR SJ XLI XLMGO
RIWW SJ XLI XIRWMSRPSEHIH TPEXI MR QQ
TEVE
PSWW SJ PIRKXL SJ XLI WLIEV TPERI MR E TMR
GSRRIGXIH TPEXI MR QQ 'SQQIRXEV]
JSV TEVE
QENSV E\MW TPEWXMG QSHYPYW MR QQ
TEVE
WLIEV TPERI PSGEXMRK ERKPI JSV TMR
GSRRIGXIH TPEXIW TEVE
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VMEP WYVJEGI XS FI PMJXIH TEVE
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HMEQIXIV MR QQ TEVE
HMEQIXVEP TMXGL MR QQ TEVE
JEGI [MHXL SJ WQEPPIV KIEV MR QQ
TEVE
E\MEP GSQTSRIRX SJ XLI EGXYEP FIEVMRK PSEH
PF 2 TEVE
QMRMQYQ KVMTTMRK JSVGI SR IEGL WMHI SJ
XLI PSEH PF 2 TEVE
VEHMEP GSQTSRIRX SJ XLI EGXYEP FIEVMRK
PSEH PF 2 TEVE
QMRMQYQ KVMT VEXMS TEVE
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JEXMKYI WXVIWW EQTPMJMGEXMSR JEGXSV TEVE

WXVIWW EQTPMJMGEXMSR JEGXSV JSV XSVWMSREP
WLIEV ?TEVE F A
WXVIWW EQTPMJMGEXMSR JEGXSV JSV FIRHMRK
?TEVE E A
WXVIWW EQTPMJMGEXMSR JEGXSV JSV HMVIGX XIRWMSR
?TEVE E A
FIEVMRK PIRKXL MR QQ TEVE
FEWMG VEXMRK PMJI I\GIIHIH F] SJ FIEV
MRKW XIWXIH LV TEVE
EPPS[EFPI XSSXL PSEH MR FIRHMRK PF 2
TEVE
VSXEXMSREP WTIIH VIZQMR TEVE
ZEGYYQ TEH HIWMKR JEGXSV FEWIH SR SVMIRXE
XMSR SJ PSEH TEVE
EZIVEKI TVIWWYVI TWM 14E TEVE
H]REQMG IUYMZEPIRX VEHMEP PSEH PF 2
TEVE
GSQTYXIH GSQFMRIH E\MEPFIRHMRK WXVIWW
OWM 14E ?TEVE E A
GSQTYXIH E\MEP WXVIWW OWM 14E ?TEVE
E A
TSVXMSR SJ XLI GSQTYXIH XIRWMPI WXVIWW RSX
HYI XS JPYGXYEXMRK PSEHW OWM 14E
?TEVE H A
GSQTYXIH FIRHMRK WXVIWW OWM 14E ?TEVE
E A
GSQTYXIH GSQFMRIH WXVIWW OWM 14E ?TEVE
G A
JEXMKYI IRHYVERGI PMQMX SJ TSPMWLIH
YRRSXGLIH WTIGMQIR MR VIZIVWIH FIRHMRK
OWM 14E TEVE
7J
76
7X
7Y
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94'
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:46
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EZ
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6
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GSVVIGXIH JEXMKYI IRHYVERGI PMQMX SJ WLEJX

MR VIZIVWIH FIRHMRK OWM 14E
TEVE
GSQTYXIH JEXMKYI WXVIWW OWM 14E
?TEVE E A
TSVXMSR SJ XLI GSQTYXIH XIRWMPI WXVIWW HYI
XS JPYGXYEXMRK PSEHW OWM 14E
?TEVE H A
?TEVE E A
WTIGMJMIH QMRMQYQ YPXMQEXI XIRWMPI
WXVIRKXL OWM 14E ?TEVE E A
WTIGMJMIH QMRMQYQ ]MIPH WXVIRKXL OWM
14E ?TEVE H A
GEPGYPEXIH YPXMQEXI ZEGYYQ TEH GETEGMX]
TEVE
WYVJEGI ZIPSGMX] SJ WLEJX JXQMR QWIG
TEVE
QMRMQYQ ZEGYYQ PIZIP WTIGMJMIH EX XLI TEH
TEVE
QE\MQYQ GEPGYPEXIH TEH VEXMRK
TEVE
FIEVMRK PSEH PF 2 TEVE
H]REQMG VEHMEP PSEH JEGXSV TIV FIEVMRK
QERYJEGXYVIV TEVE
0I[MW JSVQ JEGXSV 8EFPI H]REQMG E\MEP
PSEH JEGXSV TIV FIEVMRK QERYJEGXYVIV
TEVE
GSIJJMGMIRX SJ WXEXMG JVMGXMSR TEVE
WTIGMJMIH QMRMQYQ ]MIPH WXVIWW TWM 14E
TEVE
GSQTYXIH GSQFMRIH WLIEV WXVIWW OWM 14E
?TEVE F A
TSVXMSR SJ XLI GSQTYXIH WLIEV WXVIWW RSX
HYI XS XLI JPYGXYEXMRK PSEHW OWM 14E
?TEVE H A
GSQTYXIH GSQFMRIH JEXMKYI WLIEV WXVIWW
OWM 14E ?TEVE F A
TSVXMSR SJ XLI GSQTYXIH WLIEV WXVIWW HYI
?TEVE H A
GSQTYXIH XSVWMSREP WLIEV WXVIWW OWM 14E
?TEVE F A
GSQTYXIH XVERWZIVWI WLIEV WXVIWW OWM 14E
?TEVE F A
ERKPI SJ ZEGYYQ TEH MRXIVJEGI WYVJEGI QIE
WYVIH JVSQ LSVM^SRXEP TEVE
6)*)6)2')7
8LI JSPPS[MRK MW E PMWX SJ TYFPMGEXMSRW VIJIVIRGIH MR
XLMW 7XERHEVH
%27-%+1% ' *YRHEQIRXEP 6EXMRK *EGXSVW
ERH 'EPGYPEXMSR 1IXLSHW JSV -RZSPYXI 7TYV ERH
,IPMGEP +IEV 8IIXL

1E] EPWS FI SFXEMRIH JVSQ XLI %QIVMGER 2EXMSREP 7XERHEVHW
-RWXMXYXI %27- ;IWX VH 7XVIIX 2I[ =SVO 2=
%71) &8,i
4YFPMWLIV %QIVMGER +IEV 1ERYJEGXYVIVW %WWSGMEXMSR

%+1% 1SRXKSQIV] 7XVIIX %PI\ERHVME :%

SJ XLI TVSZMWMSRW SJ XLEX GLETXIV %PP TYFPMGEXMSRW GMXIH

MR XLIWI GSQQIRXEVMIW EVI PMWXIH FIPS[ 8LIWI VIJIV
IRGIW EVI GMXIH JSV MRJSVQEXMSR SRP]
%27-%;7 ( 7TIGMJMGEXMSR JSV ;IPHMRK

SJ -RHYWXVMEP ERH 1MPP 'VERIW ERH 3XLIV 1EXIVMEP
,ERHPMRK )UYMTQIRX
4YFPMWLIV %QIVMGER ;IPHMRK 7SGMIX] %;7 2;
0I.IYRI 6SEH 1MEQM *0
'SVRIPP '% % 4VSFEFMPMX]&EWIH 7XVYGXYVEP

'SHI %'- .SYVREP :SP 2S
4YFPMWLIV %QIVMGER 'SRGVIXI -RWXMXYXI
43 &S\ *EVQMRKXSR ,MPPW 1-
)PPMJVMXX (7 ;MRI + 7TYXS 8 ERH 7EQYIP 7
*PI\YVEP 7XVIRKXL SJ ;8 7IGXMSRW )RKMRIIVMRK
.SYVREP :SP 2S
)RKMRIIVMRK *%5W 7IGXMSR [[[ EMWGSVK
+YMHI JSV XLI %REP]WMW SJ +Y] ERH 7XMJIK (IVVMGOW
0SEH ERH 6IWMWXERGI *EGXSV (IWMKR 7TIGMGEXMSR JSV
7XVYGXYVEP 7XIIP &YMPHMRKW ERH
7TIGMGEXMSR JSV 7XVYGXYVEP 7XIIP &YMPHMRKW
7TIGMGEXMSR JSV 7XVYGXYVEP 7XIIP &YMPHMRKW %PPS[EFPI
7XVIWW (IWMKR ERH 4PEWXMG (IWMKR
=YVE .% ERH *VERO /, 8IWXMRK 1IXLSH XS
(IXIVQMRI XLI 7PMT 'SIJGMIRX JSV 'SEXMRKW 9WIH MR
&SPXIH 'SRRIGXMSRW )RKMRIIVMRK .SYVREP :SP
2S
%27-2*4% 2EXMSREP )PIGXVMGEP 'SHI

4YFPMWLIV 2EXMSREP *MVI 4VSXIGXMSR %WWSGMEXMSR 2*4%
&EXXIV]QEVGL 4EVO 5YMRG] 1%
%71) & 6IEJJMVQIH /I]W ERH /I]WIEXW
%71) & &IPS[XLI,SSO 0MJXMRK (IZMGIW
4YFPMWLIV 8LI %QIVMGER 7SGMIX] SJ 1IGLERMGEP
)RKMRIIVW %71) 8LVII 4EVO %ZIRYI 2I[ =SVO
2= 3VHIV (ITEVXQIRX 0E[ (VMZI
&S\ *EMVJMIPH 2.
%781 % 7XERHEVH 7TIGMJMGEXMSR JSV 7XVYGXYVEP &SPXW
7XIIP ,IEX 8VIEXIH OWM 1MRMQYQ 8IRWMPI
7XVIRKXL
%781 % 7XERHEVH 7TIGMJMGEXMSR JSV 7XVYGXYVEP &SPXW
%PPS] 7XIIP ,IEX 8VIEXIH OWM 1MRMQYQ 8IRWMPI
7XVIRKXL
4YFPMWLIV %QIVMGER 7SGMIX] JSV 8IWXMRK ERH 1EXIVMEPW
%781 &EVV ,EVFSV (VMZI ;IWX 'SRWLSLSGOIR
4%
4YFPMWLIV %QIVMGER -RWXMXYXI SJ 7XIIP 'SRWXVYGXMSR

%-7' 3RI )EWX ;EGOIV (VMZI 'LMGEKS -0

1EHWIR . 6ITSVX SJ 'VERI +MVHIV 8IWXW -VSR
ERH 7XIIP )RKMRIIV 2SZIQFIV
8IGLRMGEP 6ITSVX 2S 7TIGMGEXMSR JSV )PIGXVMG
3ZIVLIEH 8VEZIPMRK 'VERIW JSV 7XIIP 1MPP 7IVZMGI

(-2 (VMZI 8]TI *EWXIRMRKW ;MXLSYX 8ETIV

%GXMSR 4EVEPPIP /I]W /I][E]W (IIT 4EXXIVR
4YFPMWLIV (IYXWGLIW -RWXMXYX JYV 2SVQYRK I: (-2
&IVPMR +IVQER]
4YFPMWLIV %WWSGMEXMSR JSV -VSR ERH 7XIIP 8IGLRSPSK]

%-78 8LSVR ,MPP 6SEH ;EVVIRHEPI 4%
%27- & 6IEJVQEXMSR SJ %71) &
7EJIX] 7XERHEVHW JSV 1IGLERMGEP 4S[IV 8VERWQMWWMSR
%TTEVEXYW
-'7 -RHYWXVMEP 'SRXVSP ERH 7]WXIQW 'SRXVSPPIVW

'SRXEGXSVW ERH 3ZIVPSEH 6IPE]W 6EXIH :SPXW
-'7 6 -RHYWXVMEP 'SRXVSP ERH 7]WXIQW
)RGPSWYVIW
1+ 6IZMWMSR 1SXSVW ERH +IRIVEXSVW
4YFPMWLIV 2EXMSREP )PIGXVMGEP 1ERYJEGXYVIVW
%WWSGMEXMSR 2)1% 2SVXL XL 7XVIIX 7YMXI
6SWWP]R :%
4YFPMWLIV %WWSGMEXMSR SJ 1ERYJEGXYVMRK 8IGLRSPSK]

;IWXTEVO (VMZI 1G0IER :%
%27-%&1% 6 0SEH 6EXMRK ERH *EXMKYI
0MJI JSV &EPP &IEVMRKW
%27-%&1% 6 0SEH 6EXMRK ERH *EXMKYI
0MJI JSV 6SPPIV &IEVMRKW
4MPOI] ;( 4IXIVWSRvW 7XVIWW 'SRGIRXVEXMSR

*EGXSVW RH IHMXMSR
4YFPMWLIV .SLR ;MPI]
7SRW -RG 6MZIV 7XVIIX
,SFSOIR 2.

%'-
4YFPMWLIV %QIVMGER &IEVMRK 1ERYJEGXYVIVW %WWSGMEXMSR

%&1% 1 7XVIIX 2; ;EWLMRKXSR ('
%27-%+1% ' *YRHEQIRXEP 6EXMRK *EGXSVW ERH
'EPGYPEXMSR 1IXLSHW JSV -RZSPYXI 7TYV ERH ,IPMGEP
+IEV 8IIXL
'SQQIRXEV] %71) &8, MW WXVYGXYVIH XS FI E

WXERHEPSRI WXERHEVH XS XLI KVIEXIWX I\XIRX TVEGXMGEP
,S[IZIV WSQI EVIEW EVI FIWX WYMXIH XS FI GSZIVIH F]
VIJIVIRGI XS IWXEFPMWLIH MRHYWXV] WXERHEVHW 7IGXMSR
PMWXW GSHIW WXERHEVHW ERH SXLIV HSGYQIRXW XLEX EVI
GMXIH [MXLMR XLI QEMR FSH] SJ XLMW 7XERHEVH ERH TVS
ZMHIW XLI REQIW ERH EHHVIWWIW SJ XLI TYFPMWLIVW SJ
XLSWI HSGYQIRXW
)EGL GLETXIV SJ XLMW 7XERHEVH MW EGGSQTERMIH F] E
GSQQIRXEV] XLEX I\TPEMRW [LIVI RIGIWWEV] XLI FEWMW
4YFPMWLIV %QIVMGER +IEV 1ERYJEGXYVIVW %WWSGMEXMSR

%+1% 1SRXKSQIV] 7XVIIX %PI\ERHVME :%

%27-%;7 ( 7TIGMGEXMSR JSV ;IPHMRK SJ
-RHYWXVMEP ERH 1MPP 'VERIW ERH 3XLIV 1EXIVMEP
,ERHPMRK )UYMTQIRX
4YFPMWLIV %QIVMGER ;IPHMRK 7SGMIX] %;7
0I .IYRI 6SEH 1MEQM *0

%71) &8,i
%27-2*4% 2EXMSREP )PIGXVMGEP 'SHI

%27-2*4% )PIGXVMGEP 7XERHEVH JSV -RHYWXVMEP
1EGLMRIV]
4YFPMWLIV 2EXMSREP *MVI 4VSXIGXMSR %WWSGMEXMSR 2*4%
&EXXIV]QEVGL 4EVO 5YMRG] 1%
4YFPMWLIV %QIVMGER 7SGMIX] JSV 8IWXMRK ERH 1EXIVMEPW

%781 -RXIVREXMSREP &EVV ,EVFSV (VMZI ;IWX
'SRWLSLSGOIR 4%
7TIGMGEXMSR 2S 7TIGMGEXMSRW JSV 8ST
6YRRMRK &VMHKI
+ERXV] 8]TI 1YPXMTPI +MVHIV
)PIGXVMG 3ZIVLIEH 8VEZIPMRK 'VERIW
7TIGMGEXMSR 2S 7TIGMGEXMSRW JSV 8ST
6YRRMRK
9RHIV 6YRRMRK 7MRKPI +MVHIV )PIGXVMG
8VEZIPMRK 'VERIW 9XMPM^MRK 9RHIV 6YRRMRK 8VSPPI]
,SMWX
%4- 64 %;7( 4PERRMRK (IWMKRMRK ERH

'SRWXVYGXMRK *M\IH 3JJWLSVI 4PEXJSVQW ;SVOMRK
7XVIWW (IWMKR
4YFPMWLIV %QIVMGER 4IXVSPIYQ -RWXMXYXI %4- 0
7XVIIX 2; ;EWLMRKXSR ('
4YFPMWLIV 'VERI 1ERYJEGXYVIVW %WWSGMEXMSR SJ %QIVMGE

-RG '1%% 6IH 3EO &SYPIZEVH 'LEVPSXXI 2'

%71) & 6 /I]W ERH /I]WIEXW

%71) & 3ZIVLIEH ERH +ERXV] 'VERIW
8ST 6YRRMRK &VMHKI 7MRKPI SV 1YPXMTPI +MVHIV 8ST
6YRRMRK 8VSPPI] ,SMWX
%71) & &IPS[XLI,SSO 0MJXMRK (IZMGIW
%71) &SMPIV
4VIWWYVI :IWWIP 'SHI 7IGXMSR -- 4EVX (

%71) ,78 4IVJSVQERGI 7XERHEVH JSV 3ZIVLIEH
)PIGXVMG ;MVI 6STI ,SMWXW
&MFFIV 0' ,SHKI .1 %PXQER 6' ERH (SX] ;(
% 2I[ ,MKL=MIPH7XVIRKXL %PPS] 7XIIP JSV
;IPHIH 7XVYGXYVIW 8VERWEGXMSRW :SP 4EVX
4YFPMWLIV 8LI %QIVMGER 7SGMIX] SJ 1IGLERMGEP )RKM
RIIVW %71) 8LVII 4EVO %ZIRYI 2I[ =SVO 2=
3VHIV (ITEVXQIRX 0E[ (VMZI &S\
*EMVIPH 2.
(-2 (VMZI 8]TI *EWXIRMRKW ;MXLSYX 8ETIV

%GXMSR 4EVEPPIP /I]W /I][E]W (IIT 4EXXIVR
4YFPMWLIV (IYXWGLIW -RWXMXYX JY V 2SVQYRK (-2 I:
&IVPMR +IVQER]
7%) . % 6IGSQQIRHIH 1IXLSH SJ
%REP]XMGEPP] (IXIVQMRMRK XLI 'SQTIXIRGI SJ ,]HVEYPMG
8IPIWGSTMG 'ERXMPIZIVIH 'VERI &SSQW
4YFPMWLIV 7SGMIX] SJ %YXSQSXMZI )RKMRIIVW 7%) -RXIV
REXMSREP 'SQQSR[IEPXL (VMZI ;EVVIRHEPI 4%

97 (ITEVXQIRX SJ (IJIRWI (3( ,ERHFSSO
1-0,(&/ ;IMKLX ,ERHPMRK )UYMTQIRX
'*6 3ZIVLIEH ERH +ERXV] 'VERIW
&NSVLSZHI 6 +EPEQFSW 8: ERH 6EZMRHVE 1/

06*( 'VMXIVME JSV 7XIIP &IEQ'SPYQRW
.SYVREP SJ XLI 7XVYGXYVEP (MZMWMSR :SP 2S 78
(YIVV ( 4MR 'SRRIGXMSR 7XVIRKXL ERH &ILEZMSV
.SYVREP SJ 7XVYGXYVEP )RKMRIIVMRK :SP 2S
*MWLIV .; +EPEQFSW 8: /YPEO +0 ERH 6EZMRHVE
1/ 0SEH ERH 6IWMWXERGI (IWMKR 'VMXIVME JSV
'SRRIGXSVW .SYVREP SJ XLI 7XVYGXYVEP (MZMWMSR
:SP 2S 78
+EPEQFSW 8: ERH 6EZMRHVE 1/ 4VSTIVXMIW SJ
7XIIP JSV 9WI MR 06*( .SYVREP SJ XLI 7XVYGXYVEP
(MZMWMSR :SP 2S 78
/MXMTSVRGLEM 7 ERH 8VELEMV 27 &YGOPMRK
4VSTIVXMIW SJ 1SRSW]QQIXVMG -&IEQW .SYVREP SJ
XLI 7XVYGXYVEP (MZMWMSR :SP 2S 78
1G;LSVXIV .' ;IXIRGEQT ,6 ERH 7MHIFSXXSQ
31 *MRMXI (IIGXMSRW SJ 'YVZIH &IEQW
.SYVREP SJ XLI )RKMRIIVMRK 1IGLERMGW (MZMWMSR
:SP 2S )1 %TVMP
6EZMRHVE 1/ ERH +EPEQFSW 8: 0SEH ERH
6IWMWXERGI *EGXSV (IWMKR JSV 7XIIP .SYVREP SJ XLI
7XVYGXYVEP (MZMWMSR :SP 2S 78
=YVE .% +EPEQFSW 8: ERH 6EZMRHVE 1/
8LI &IRHMRK 6IWMWXERGI SJ 7XIIP &IEQW .SYVREP SJ
XLI 7XVYGXYVEP (MZMWMSR :SP 2S 78
4YFPMWLIV %QIVMGER 7SGMIX] SJ 'MZMP )RKMRIIVW %7')
%PI\ERHIV &IPP (VMZI %PI\ERHVME :%
4YFPMWLIV 7YTIVMRXIRHIRX SJ (SGYQIRXW 97

+SZIVRQIRX 4VMRXMRK 3JGI ;EWLMRKXSR ('

;MVI 6STI 9WIVW 1ERYEP VH IHMXMSR
4YFPMWLIV ;MVI 6STI 8IGLRMGEP &SEVH 2 *EMVJE\
7XVIIX %PI\ERHVME :%
%ZEPPSRI )% ERH &EYQIMWXIV 8 IHW 1EVOWv
7XERHEVH ,ERHFSSO JSV 1IGLERMGEP )RKMRIIVW
XL IHMXMSR 1G+VE[ ,MPP -RG 2I[ =SVO 2=
&PSHKIXX 3; (IWMKR SJ ;IPHIH 7XVYGXYVIW
8LI .EQIW * 0MRGSPR %VG ;IPHMRK *SYRHEXMSR
'PIZIPERH 3,
&SVIWM %4 ERH 7MHIFSXXSQ 31 %HZERGIH
1IGLERMGW SJ 1EXIVMEPW XL IHMXMSR .SLR ;MPI]
7SRW -RG 2I[ =SVO 2=

+EPEQFSW 8: IH +YMHI XS 7XEFMPMX] (IWMKR
'VMXIVME JSV 1IXEP 7XVYGXYVIW XL IHMXMSR .SLR
;MPI]
/YPEO +0 *MWLIV .; ERH 7XVYMO .,% +YMHI
XS (IWMKR 'VMXIVME JSV &SPXIH ERH 6MZIXIH .SMRXW RH
IHMXMSR .SLR ;MPI]
1IPGSR 1% ERH ,SFPMX *1 (IZIPSTQIRXW MR
XLI %REP]WMW SJ 0YKW ERH 7LIEV 4MRW 4VSHYGX
)RKMRIIVMRK :SP 2S TT 1G+VE[,MPP
-RG 2I[ =SVO 2=
0]WI - ERH +SHJVI] ,. 7LIEVMRK 4VSTIVXMIW

ERH 4SMWWSRW 6EXMS SJ 7XVYGXYVEP ERH %PPS] 7XIIPW
4VSGIIHMRKW

%71) &8,i
4MPOI] ;( 4IXIVWSRvW 7XVIWW 'SRGIRXVEXMSR

*EGXSVW RH IHMXMSR .SLR ;MPI]
7SRW -RG 2I[
=SVO 2=
;MPWSR ;1 8LI &IEVMRK :EPYI SJ 6SPPIVW

&YPPIXMR 2S 9RMZIVWMX] SJ -PPMRSMW )RKMRIIVMRK
)\TIVMQIRX 7XEXMSR 9VFERE -0
7LMKPI] .) ERH 1MWGLOI '6 1IGLERMGEP

)RKMRIIVMRK (IWMKR XL IHMXMSR 1G+VE[,MPP -RG
2I[ =SVO 2=
=SYRK ;' ERH &YH]REW 6+ 6SEVOvW

*SVQYPEW JSV 7XVIWW ERH 7XVEMR XL IHMXMSR 1G+VE[
,MPP -RG 2I[ =SVO 2=
8SPFIVX 62 % 4LSXSIPEWXMG -RZIWXMKEXMSR SJ 0YK

7XVIWWIW ERH *EMPYVIW 1EWXIVW 8LIWMW :ERHIVFMPX
9RMZIVWMX] 2EWLZMPPI 82

%71) &8,i
'LETXIV
+)2)6%0
'SQQIRXEV] %QFMIRX STIVEXMRK XIQTIVEXYVI PMQ

MXW EVI MRXIRHIH SRP] XS FI E KYMHIPMRI 8LI GSQTSRIRX
XIQTIVEXYVI SJ IEGL TEVX SJ XLI PMJXIV QYWX FI GSRWMH
IVIH [LIR XLI HIZMGI MW STIVEXMRK MR ER IRZMVSRQIRX
SYXWMHI XLI PMQMXW HIRIH MR TEVE 8LI IJJIGXW SJ
HYWX QSMWXYVI ERH GSVVSWMZI EXQSWTLIVMG WYFWXERGIW
SR XLI MRXIKVMX] ERH TIVJSVQERGI SJ E PMJXIV GERRSX FI
WTIGMGEPP] HIRIH 8LIWI HIWMKR GSRWMHIVEXMSRW QYWX
FI IZEPYEXIH ERH EGGSYRXIH JSV F] XLI PMJXMRK HIZMGI
QERYJEGXYVIV SV UYEPMIH TIVWSR
% (IWMKR 'EXIKSV] ERH 7IVZMGI 'PEWW WLEPP FI HIWMK

REXIH JSV IEGL PMJXIV
7IPIGXMSR
8LI WIPIGXMSR SJ E (IWMKR 'EXIKSV] WXEXMG WXVIRKXL
GVMXIVME ERH 7IVZMGI 'PEWW JEXMKYI PMJI GVMXIVME HIWGVMFIH
MR WIGXMSRW ERH WLEPP FI FEWIH SR XLI STIVEXMRK
GSRHMXMSRW YWI ERH I\TIGXIH PMJI SJ XLI PMJXIV
'SQQIRXEV] 8LI WIPIGXMSRW SJ (IWMKR 'EXIKSVMIW
ERH 7IVZMGI 'PEWWIW EPPS[ XLI WXVIRKXL ERH YWIJYP PMJI SJ
XLI PMJXIV XS FI QEXGLIH XS XLI RIIHW SJ XLI YWIV % UYEPM
IH TIVWSR SV QERYJEGXYVIV QYWX EWWYVI XLEX XLI
(IWMKR 'EXIKSV] ERH 7IVZMGI 'PEWW WTIGMIH JSV E TEVXMG
YPEV PMJXIV EVI ETTVSTVMEXI JSV XLI MRXIRHIH YWI WS EW XS
TVSZMHI E HIWMKR [MXL EHIUYEXI WXVYGXYVEP VIPMEFMPMX] ERH
I\TIGXIH WIVZMGI PMJI
()7-+2 '%8)+36=

8LI HIWMKR GEXIKSVMIW HIJMRIH MR TEVEW ERH
TVSZMHI JSV HMJJIVIRX HIWMKR JEGXSVW XLEX IWXEFPMWL XLI
WXVIWW PMQMXW XS FI YWIH MR XLI HIWMKR 8LI HIWMKR JEGXSVW
EVI KMZIR MR TEVE
0MJXIVW WLEPP FI HIWMKRIH XS (IWMKR 'EXIKSV] & YRPIWW
E UYEPMJMIH TIVWSR HIXIVQMRIW XLEX (IWMKR 'EXIKSV] %
MW ETTVSTVMEXI
6IWTSRWMFMPMX]
8LI WIPIGXMSR SJ (IWMKR 'EXIKSV] ERH 7IVZMGI 'PEWW
WLEPP FI XLI VIWTSRWMFMPMX] SJ E UYEPMJMIH TIVWSR VITVI
WIRXMRK XLI S[RIV TYVGLEWIV SV YWIV SJ XLI PMJXMRK HIZMGI
-J RSX WTIGMJMIH F] XLI S[RIV TYVGLEWIV SV YWIV XLI
(IWMKR 'EXIKSV] ERH 7IVZMGI 'PEWW WLEPP FI HIWMKREXIH
F] XLI UYEPMJMIH TIVWSR VIWTSRWMFPI JSV XLI HIWMKR
'SQQIRXEV]
;LIR WIPIGXMRK E (IWMKR 'EXIKSV]
GSRWMHIVEXMSR WLEPP FI KMZIR XS EPP STIVEXMSRW XLEX [MPP
EJJIGX XLI PMJXMRK HIZMGI HIWMKR 8LI HMWGYWWMSRW SJ XLI
(IWMKR 'EXIKSVMIW FIPS[ ERH MR 'SQQIRXEV] JSV
TEVE VIJIV XS GSRWMHIVEXMSRW KMZIR XS YRMRXIRHIH
SZIVPSEHW MR HIZIPSTQIRX SJ XLI HIWMKR JEGXSVW 8LIWI
GSQQIRXW EVI MR RS [E] XS FI MRXIVTVIXIH EW TIVQMXXMRK
E PMJXMRK HIZMGI XS FI YWIH EFSZI MXW VEXIH PSEH YRHIV
ER] GMVGYQWXERGIW SXLIV XLER JSV PSEH XIWXMRK MR EGGSV
HERGI [MXL %71) & SV SXLIV ETTPMGEFPI WEJIX]
WXERHEVHW SV VIKYPEXMSRW
-HIRXMJMGEXMSR
8LI (IWMKR 'EXIKSV] ERH 7IVZMGI 'PEWW WLEPP FI
QEVOIH SR XLI PMJXIV ERH ETTIEV SR UYSXEXMSRW HVE[
MRKW ERH HSGYQIRXEXMSR EWWSGMEXIH [MXL XLI PMJXIV
'SQQIRXEV]
8LI TYVTSWI SJ XLMW VIUYMVIQIRX MW
XS IRWYVI XLEX XLI HIWMKRIV QERYJEGXYVIV ERH IRH YWIV
EVI E[EVI SJ XLI EWWMKRIH (IWMKR 'EXIKSV] ERH 7IVZMGI
'PEWW 8]TMGEPP] HSGYQIRXW XLEX VIUYMVI XLI MRHMGEXIH
QEVOMRKW QE] MRGPYHI XST PIZIP HVE[MRKW UYSXEXMSRW
GEPGYPEXMSRW ERH QERYEPW
(IWMKR 'EXIKSV] %

E (IWMKR 'EXIKSV] % WLSYPH FI HIWMKREXIH [LIR
XLI QEKRMXYHI ERH ZEVMEXMSR SJ PSEHW ETTPMIH XS XLI PMJXIV
EVI TVIHMGXEFPI [LIVI XLI PSEHMRK ERH IRZMVSRQIRXEP
GSRHMXMSRW EVI EGGYVEXIP] HIJMRIH SV RSX WIZIVI
F (IWMKR 'EXIKSV] % PMJXMRK HIZMGIW WLEPP FI PMQMXIH
XS 7IVZMGI 'PEWW
G 8LI RSQMREP HIWMKR JEGXSV JSV (IWMKR 'EXIKSV] %
WLEPP FI MR EGGSVHERGI [MXL TEVE
)RZMVSRQIRX
%PP PMJXIV GSQTSRIRXW EVI EWWYQIH XS STIVEXI [MXLMR
XLI XIQTIVEXYVI VERKI HIJMRIH MR TEVE ERH RSVQEP
EXQSWTLIVMG GSRHMXMSRW JVII JVSQ I\GIWWMZI HYWX QSMW
XYVI ERH GSVVSWMZI IRZMVSRQIRXW 0MJXIV GSQTSRIRXW
STIVEXMRK EX XIQTIVEXYVIW SYXWMHI XLI VERKI WTIGMJMIH
MR TEVE QE] VIUYMVI EHHMXMSREP GSRWMHIVEXMSR
'SQQIRXEV]
8LI HIWMKR JEGXSV WTIGMIH MR
'LETXIV JSV (IWMKR 'EXIKSV] % PMJXIVW MW FEWIH SR TVI
WYQTXMSRW SJ VEVI ERH SRP] QMRSV YRMRXIRHIH SZIVPSEH
MRK QMPH MQTEGX PSEHW HYVMRK VSYXMRI YWI ERH E

%71) &8,i
QE\MQYQ MQTEGX QYPXMTPMIV SJ 8LIWI PSEH GSRHM

XMSRW EVI GLEVEGXIVMWXMG SJ YWI SJ XLI PMJXIV MR [SVO IRZM
VSRQIRXW [LIVI XLI [IMKLXW SJ XLI PSEHW FIMRK LERHPIH
EVI VIEWSREFP] [IPP ORS[R ERH XLI PMJXMRK STIVEXMSRW EVI
GSRHYGXIH MR E GSRXVSPPIH QERRIV 8]TMGEP GLEVEGXIVMW
XMGW SJ XLI ETTPMGEXMSR JSV XLMW (IWMKR 'EXIKSV] MRGPYHI
PMJXW EX WPS[ WTIIHW YXMPM^MRK E [IPP QEMRXEMRIH PMJXMRK
HIZMGI YRHIV XLI GSRXVSP SJ E PMJX WYTIVZMWSV ERH I\TIVM
IRGIH GVERI STIVEXSV 8LMW (IWMKR 'EXIKSV] WLSYPH RSX
FI YWIH MR ER] IRZMVSRQIRX [LIVI WIZIVI GSRHMXMSRW SV
YWI EVI TVIWIRX
(IWMKR 'EXIKSV] % MW MRXIRHIH XS ETTP] XS PMJXMRK
HIZMGIW YWIH MR GSRXVSPPIH GSRHMXMSRW EW HMWGYWWIH
EFSZI 4VEGXMGEP GSRWMHIVEXMSRW SJ ZEVMSYW [SVO IRZMVSR
QIRXW MRHMGEXI XLEX XLI LMKL RYQFIVW SJ PSEH G]GPIW XLEX
GSVVIWTSRH XS 7IVZMGI 'PEWW ERH LMKLIV GSQQSRP]
IUYEXI XS YWEKI GSRHMXMSRW YRHIV [LMGL XLI HIWMKR
JEGXSV SJ (IWMKR 'EXIKSV] % MW MRETTVSTVMEXI 8LYW XLI
YWI SJ (IWMKR 'EXIKSV] % MW VIWXVMGXIH XS PMJXMRK HIZMGI
ETTPMGEXMSRW [MXL PS[ RYQFIVW SJ PSEH G]GPIW 7IVZMGI
'PEWW
HSIW RSX RIGIWWEVMP] EGGSYRX JSV EPP EHZIVWI IRZMVSR

QIRXEP IJJIGXW
(IWMKR 'EXIKSV] &
'SQQIRXEV] (IWMKR JSV JEXMKYI MRZSPZIW ER IGS

RSQMG HIGMWMSR FIX[IIR HIWMVIH PMJI ERH GSWX 8LI MRXIRX
MW XS TVSZMHI XLI S[RIV [MXL XLI STTSVXYRMX] JSV QSVI
IGSRSQMGEP HIWMKRW JSV XLI GEWIW [LIVI HYX] WIVZMGI MW
PIWW WIZIVI % GLSMGI SJ ZI 7IVZMGI 'PEWWIW MW TVSZMHIH
8LI PSEH G]GPI VERKIW WLS[R MR 8EFPI EVI GSRWMWXIRX
[MXL XLI VIUYMVIQIRXW SJ %27-%;7 (
8EFPI ' LEW FIIR MRGPYHIH XS EWWMWX MR HIXIVQMRMRK
XLI VIUYMVIH 7IVZMGI 'PEWW FEWIH SR PSEH G]GPIW TIV HE]
ERH WIVZMGI PMJI HIWMVIH
7)6:-') '0%77

8LI 7IVZMGI 'PEWW SJ XLI PMJXIV WLEPP FI HIXIVQMRIH
JVSQ 8EFPI FEWIH SR XLI WTIGMJMIH JEXMKYI PMJI PSEH
G]GPIW 8LI WIPIGXIH 7IVZMGI 'PEWW IWXEFPMWLIW EPPS[EFPI
WXVIWW VERKI ZEPYIW JSV WXVYGXYVEP QIQFIVW WIGXMSR
ERH HIWMKR TEVEQIXIVW JSV QIGLERMGEP GSQTSRIRXW
WIGXMSRW ERH
8EFPI
E (IWMKR 'EXIKSV] & WLSYPH FI HIWMKREXIH [LIR

XLI QEKRMXYHI ERH ZEVMEXMSR SJ PSEHW ETTPMIH XS XLI
PMJXIV EVI RSX TVIHMGXEFPI [LIVI XLI PSEHMRK ERH IRZMVSR
QIRXEP GSRHMXMSRW EVI WIZIVI SV RSX EGGYVEXIP] HIJMRIH
F 8LI RSQMREP HIWMKR JEGXSV JSV (IWMKR 'EXIKSV] &
WLEPP FI MR EGGSVHERGI [MXL TEVE
'SQQIRXEV]
8LI HIWMKR JEGXSV WTIGMIH MR
'LETXIV JSV (IWMKR 'EXIKSV] & PMJXIVW MW FEWIH SR TVI
WYQTXMSRW GSQTEVIH XS (IWMKR 'EXIKSV] % SJ E
KVIEXIV YRGIVXEMRX] MR XLI [IMKLX SJ XLI PSEH FIMRK LER
HPIH XLI TSWWMFMPMX] SJ WSQI[LEX KVIEXIV YRMRXIRHIH
SZIVPSEHW VSYKLIV LERHPMRK SJ XLI PSEH [LMGL [MPP
VIWYPX MR LMKLIV MQTEGX PSEHW ERH E QE\MQYQ MQTEGX
QYPXMTPMIV SJ 8LIWI PSEH GSRHMXMSRW EVI GLEVEGXIV
MWXMG SJ YWI SJ XLI PMJXIV MR [SVO IRZMVSRQIRXW [LIVI XLI
[IMKLXW SJ XLI PSEHW FIMRK LERHPIH QE] RSX FI [IPP
ORS[R ERH XLI PMJXMRK STIVEXMSRW EVI GSRHYGXIH MR E
QSVI VETMH TVSHYGXMSRSVMIRXIH QERRIV 8]TMGEP GLEV
EGXIVMWXMGW SJ XLI ETTPMGEXMSR JSV XLMW (IWMKR 'EXIKSV]
MRGPYHI VSYKL YWEKI ERH PMJXW MR EHZIVWI PIWW GSRXVSPPIH
GSRHMXMSRW (IWMKR 'EXIKSV] & [MPP KIRIVEPP] FI ETTVS
TVMEXI JSV PMJXIVW XLEX EVI XS FI YWIH MR WIZIVI IRZMVSR
QIRXW ,S[IZIV XLI (IWMKR 'EXIKSV] & HIWMKR JEGXSV
7IVZMGI 'PEWW
7IVZMGI 'PEWW
0SEH ']GPIW

i
i
i
i
3ZIV
8EFPI '
7IVZMGI 'PEWW 0MJI

(IWMVIH 0MJI ]IEVW
']GPIW TIV (E]

%71) &8,i
'LETXIV
7XVYGXYVEP (IWMKR
+)2)6%0
%PPS[EFPI WXVIWWIW JSV HIWMKR GSRHMXMSRW RSX

EHHVIWWIH LIVIMR WLEPP FI FEWIH SR XLI JSPPS[MRK HIWMKR
JEGXSVW
E (IWMKR JEGXSVW JSV (IWMKR 'EXIKSV] % PMJXMRK
HIZMGIW WLEPP FI RSX PIWW XLER JSV PMQMX WXEXIW SJ
]MIPHMRK SV FYGOPMRK ERH JSV PMQMX WXEXIW SJ JVEGXYVI
ERH JSV GSRRIGXMSR HIWMKR
F (IWMKR JEGXSVW JSV (IWMKR 'EXIKSV] & PMJXMRK
HIZMGIW WLEPP FI RSX PIWW XLER JSV PMQMX WXEXIW SJ
]MIPHMRK SV FYGOPMRK ERH JSV PMQMX WXEXIW SJ JVEGXYVI
ERH JSV GSRRIGXMSR HIWMKR
4YVTSWI
8LMW GLETXIV WIXW JSVXL HIWMKR GVMXIVME JSV TVMWQEXMG
WXVYGXYVEP QIQFIVW ERH GSRRIGXMSRW SJ E FIPS[XLI
LSSO PMJXMRK HIZMGI
'SQQIRXEV] 8LI QIQFIV EPPS[EFPI WXVIWWIW
HIRIH MR 'LETXIV LEZI KIRIVEPP] FIIR HIVMZIH FEWIH
SR XLI EWWYQTXMSR SJ XLI QIQFIVW FIMRK TVMWQEXMG
(IWMKR SJ XETIVIH QIQFIVW QE] VIUYMVI EHHMXMSREP
GSRWMHIVEXMSRW 6IJIVIRGIW WYGL EW %-7'
%TTIRHM\ * ERH &PSHKIXX 7IGXMSR QE] FI
YWIJYP JSV XLI HIWMKR SJ XETIVIH QIQFIVW
'SQQIRXEV] 8LI WXEXMG WXVIRKXL HIWMKR TVSZMWMSRW

HIRIH MR 'LETXIV LEZI FIIR HIVMZIH YWMRK E TVSFEFM
PMWXMG EREP]WMW SJ XLI WXEXMG ERH H]REQMG PSEHW XS [LMGL
PMJXIVW QE] FI WYFNIGXIH ERH XLI YRGIVXEMRXMIW [MXL
[LMGL XLI WXVIRKXL SJ XLI PMJXIV QIQFIVW ERH GSRRIG
XMSRW QE] FI GEPGYPEXIH 8LI PSEH ERH WXVIRKXL YRGIV
XEMRXMIW EVI VIPEXIH XS E HIWMKR JEGXSV 2H YWMRK IU '
'SVRIPP 7LMKPI] ERH 1MWGLOI
0SEHW
&IPS[XLILSSO PMJXMRK HIZMGIW WLEPP FI HIWMKRIH XS
VIWMWX XLI EGXYEP ETTPMIH PSEHW 8LIWI PSEHW WLEPP MRGPYHI
XLI VEXIH PSEH XLI [IMKLXW SJ XLI MRHMZMHYEP GSQTSRIRXW
SJ XLI PMJXIV ERH SXLIV JSVGIW GVIEXIH F] XLI STIVEXMSR
SJ XLI PMJXIV WYGL EW KVMTTMRK JSVGI SV PEXIVEP PSEHW 6IWS
PYXMSR SJ XLIWI PSEHW MRXS QIQFIV ERH GSRRIGXMSR JSVGIW
WLEPP FI TIVJSVQIH F] ER EGGITXIH WXVYGXYVEP EREP]WMW
QIXLSH
2H

: 6 : 7 c
c
: 6: 7
: 6
'
8LI XIVQ :6 MW XLI GSIJGMIRX SJ ZEVMEXMSR SJ XLI IPI

QIRX WXVIRKXL :EPYIW SJ XLI GSIJGMIRX SJ ZEVMEXMSR JSV
HMJJIVIRX X]TIW SJ WXVYGXYVEP QIQFIVW ERH GSRRIGXMSRW
LEZI FIIR HIXIVQMRIH MR ER I\XIRWMZI VIWIEVGL TVS
KVEQ WTSRWSVIH F] XLI %QIVMGER -VSR ERH 7XIIP
-RWXMXYXI %-7- ERH TYFPMWLIH MR E WIVMIW SJ TETIVW MR XLI
7ITXIQFIV MWWYI :SP 2S 78 SJ XLI .SYVREP
SJ XLI 7XVYGXYVEP (MZMWMSR SJ XLI %QIVMGER 7SGMIX] SJ
'MZMP )RKMRIIVW 1E\MQYQ ZEPYIW SJ :6 IUYEP XS
JSV WXVIRKXL PMQMXW SJ ]MIPHMRK SV FYGOPMRK ERH JSV
WXVIRKXL PMQMXW SJ JVEGXYVI ERH JSV GSRRIGXMSR HIWMKR
[IVI XEOIR JVSQ XLMW VIWIEVGL ERH YWIH JSV HIZIPST
QIRX SJ XLI &8, HIWMKR JEGXSVW
8LI XIVQ :7 MW XLI GSIJGMIRX SJ ZEVMEXMSR SJ XLI WTIG
XVYQ SJ PSEHW XS [LMGL XLI PMJXIV QE] FI WYFNIGXIH 8LI
&8, 'SQQMXXII HIZIPSTIH E WIX SJ WXEXMG ERH H]REQMG
PSEH WTIGXVE FEWIH SR PMQMXIH GVERI PSEHW VIWIEVGL ERH
XLI I\TIVMIRGI SJ XLI 'SQQMXXII QIQFIVW
(IWMKR 'EXIKSV] % PMJXIVW EVI GSRWMHIVIH XS FI YWIH EX
VIPEXMZIP] LMKL TIVGIRXEKIW SJ XLIMV VEXIH PSEHW (YI XS
XLI PIZIP SJ TPERRMRK KIRIVEPP] EWWSGMEXIH [MXL XLI YWI
SJ XLIWI PMJXIVW XLI PMOIPMLSSH SJ PMJXMRK E PSEH KVIEXIV
XLER XLI VEXIH PSEH MW GSRWMHIVIH WQEPP ERH WYGL SZIV
PSEHMRK MW RSX PMOIP] XS I\GIIH 8LI HMWXVMFYXMSR SJ
PMJXIH PSEHW VIPEXMZI XS VEXIH PSEH MW GSRWMHIVIH XS FI EW
WLS[R MR 8EFPI '
'SQQIRXEV]
8LI WXVYGXYVEP QIQFIVW ERH
QIGLERMGEP GSQTSRIRXW SJ E FIPS[XLILSSO PMJXMRK
HIZMGI EVI XS FI HIWMKRIH JSV XLI JSVGIW MQTSWIH F] XLI
PMJXIH PSEH E ZEPYI RSVQEPP] IUYEP XS XLI VEXIH PSEH XLI
[IMKLXW SJ XLI HIZMGIW TEVXW ERH ER] JSVGIW WYGL EW
KVMTTMRK SV PEXIVEP JSVGIW XLEX VIWYPX JVSQ XLI JYRGXMSR
SJ XLI HIZMGI 8LI MRGPYWMSR SJ PEXIVEP JSVGIW MR XLMW TEVE
KVETL MW MRXIRHIH XS VIJIV XS GEPGYPEXIH PEXIVEP JSVGIW XLEX
SGGYV EW E VIWYPX SJ XLI MRXIRHIH SV I\TIGXIH YWI SJ XLI
PMJXIV 8LMW TVSZMWMSR MW RSX MRXIRHIH XS VIUYMVI XLI YWI SJ
ER EVFMXVEV] PEXIVEP PSEH MR PMJXIV HIWMKR *SV QSWX
HIWMKRW ER EHHIH MQTEGX EPPS[ERGI MW RSX VIUYMVIH
8LMW MWWYI MW HMWGYWWIH JYVXLIV MR 'SQQIRXEVMIW JSV
TEVEW ERH
7XEXMG (IWMKR &EWMW

8LI WXEXMG WXVIRKXL HIWMKR SJ E FIPS[XLILSSO PMJXMRK
HIZMGI WLEPP FI FEWIH SR XLI EPPS[EFPI WXVIWWIW HIJMRIH
MR WIGXMSRW ERH 8LI QMRMQYQ ZEPYIW SJ XLI
RSQMREP HIWMKR JEGXSV 2H MR XLI EPPS[EFPI WXVIWW IUYE
XMSRW WLEPP FI EW JSPPS[W
2H
JSV (IWMKR 'EXIKSV] % PMJXIVW
JSV (IWMKR 'EXIKSV] & PMJXIVW

%71) &8,i
8EFPI '
(IWMKR 'EXIKSV] % 7XEXMG 0SEH

7TIGXVYQ
4IVGIRX SJ
6EXIH 0SEH
4IVGIRX
SJ 0MJXW

4VMSV XS XLI VWX MWWYERGI SJ %71) & MR

IRKMRIIVW MR GSRWXVYGXMSR GSQQSRP] HIWMKRIH PMJXMRK
HIZMGIW YWMRK %-7' EPPS[EFPI WXVIWWIW ERH TIVLETW ER
MQTEGX JEGXSV X]TMGEPP] RSX KVIEXIV XLER SJ XLI PMJXIH
PSEH 8LI %-7' WTIGMGEXMSR TVSZMHIW RSQMREP HIWMKR
JEGXSVW SJ JSV ]MIPHMRK ERH FYGOPMRK ERH JSV
JVEGXYVI ERH GSRRIGXMSRW 8LYW XLI TVMSV HIWMKR
QIXLSH [LMGL MW KIRIVEPP] VIGSKRMÎH EW EGGITXEFPI JSV
PMJXIVW RS[ GPEWWMIH EW (IWMKR 'EXIKSV] % TVSZMHIH
HIWMKR JEGXSVW [MXL VIWTIGX XS XLI VEXIH PSEH SJ XS
JSV QIQFIV HIWMKR ERH XS JSV GSRRIGXMSR
HIWMKR 8LI EKVIIQIRX SJ XLI GSQTYXIH &8, HIWMKR
JEGXSVW [MXL XLI TVMSV TVEGXMGI [EW JIPX XS ZEPMHEXI XLI
VIWYPXW
% WMQMPEV TVSGIWW [EW GSRHYGXIH JSV (IWMKR
'EXIKSV] & -R XLMW ETTPMGEXMSR PMJXIVW EVI I\TIGXIH XS
WIVZI VIPMEFP] YRHIV QSVI WIZIVI GSRHMXMSRW MRGPYHMRK
EFYWI ERH QE] FI YWIH XS PMJX E FVSEHIV VERKI SJ PSEHW
8LYW XLI VERKI SJ FSXL WXEXMG ERH H]REQMG PSEHW MW
KVIEXIV JSV (IWMKR 'EXIKSV] & XLER JSV (IWMKR 'EXIKSV]
% 8LI &8, 'SQQMXXII HIZIPSTIH E WIX SJ WXEXMG ERH
H]REQMG PSEH WTIGXVE FEWIH SR XLI NYHKQIRX ERH I\TI
VMIRGI SJ XLI 'SQQMXXII QIQFIVW 8EFPI ' MW XLI
WXEXMG PSEH WTIGXVYQ 8EFPI ' MW XLI H]REQMG
WTIGXVYQ
% WMQMPEV HMWXVMFYXMSR [EW HIZIPSTIH JSV H]REQMG

PSEHMRK %-7' VITSVXW XLI VIWYPXW SJ PSEH XIWXW TIV
JSVQIH SR WXMJIK HIVVMGOW MR [LMGL H]REQMG PSEHMRK XS
XLI HIVVMGO [EW QIEWYVIH 8]TMGEP H]REQMG PSEHW [IVI
SR XLI SVHIV SJ SJ XLI PMJXIH PSEH ERH XLI YTTIV
FSYRH H]REQMG PSEH [EW EFSYX SJ XLI PMJXIH PSEH
8IWXW SR SZIVLIEH GVERIW 1EHWIR WLS[IH
WSQI[LEX PIWW WIZIVI H]REQMG PSEHMRK +MZIR XLIWI
TYFPMWLIH HEXE ERH I\TIVMIRGIFEWIH NYHKQIRXW E PSEH
WTIGXVYQ [EW IWXEFPMWLIH JSV H]REQMG PSEHMRK
8EFPI '
8EFPI '
(IWMKR 'EXIKSV] % (]REQMG 0SEH

7TIGXVYQ
(]REQMG 0SEH
EW 4IVGIRX SJ
0MJXIH 0SEH
4IVGIRX
SJ 0MJXW
7XERHEVH
4IVGIRX
SJ 0MJXW
7TIGMEP 'EWI

8EFPI '
% WIGSRH H]REQMG PSEH WTIGXVYQ [EW HIZIPSTIH JSV

E WTIGMEP GEWI SJ (IWMKR 'EXIKSV] % 7SQI QERYJEGXYV
IVW SJ LIEZ] IUYMTQIRX WYGL EW TS[IV KIRIVEXMSR
QEGLMRIV] FYMPH PMJXIVW XS FI YWIH JSV XLI LERHPMRK SJ
XLIMV IUYMTQIRX %W WYGL XLI PMJXIVW EVI YWIH EX SV RIEV
SJ VEXIH PSEH JSV IZIV] PMJX FYX HYI XS XLI REXYVI
SJ XLSWI PMJXW XLI H]REQMG PSEHMRK GER VIEWSREFP] FI
I\TIGXIH XS FI WSQI[LEX PIWW XLER XLI RSVQEP (IWMKR
'EXIKSV] % PMJXIVW 8LI HMWXVMFYXMSR HIZIPSTIH JSV XLMW
WTIGMEP GEWI MW WLS[R MR 8EFPI '
8LI VERKI SJ XSXEP PSEHW [EW HIZIPSTIH F] GSQTYXMRK
XLI XSXEP PSEH WXEXMG TPYW H]REQMG JSV XLI GSQFMREXMSR
SJ XLI WTIGXVE WLS[R MR 8EFPIW ' ERH ' 8LI
ETTVSTVMEXI WXEXMWXMGEP EREP]WMW ]MIPHIH PSEHMRK GSIJ
GMIRXW SJ ZEVMEXMSR SJ JSV XLI WXERHEVH HIWMKR WTIG
XVYQ ERH JSV XLI WTIGMEP GEWI
8LI PEWX XIVQ MR IU ' XS FI IWXEFPMWLIH MW XLI VIPM
EFMPMX] MRHI\ 8LI 'SQQMXXII RSXIH XLEX XLI GYVVIRX
WXVYGXYVEP WXIIP WTIGMGEXMSR %-7' MW FEWIH SR E
8LMW ZEPYI [EW EHSTXIH JSV (IWMKR
ZEPYI SJ
'EXIKSV] % 9WMRK XLI ZEPYIW XLYW IWXEFPMWLIH HIWMKR
JEGXSVW VSYRHIH SJJ SJ JSV PMQMXW SJ ]MIPHMRK SV
FYGOPMRK ERH JSV PMQMXW SJ JVEGXYVI ERH JSV GSRRIG
XMSR HIWMKR EVI GEPGYPEXIH YWMRK IU '
(IWMKR 'EXIKSV] & 7XEXMG 0SEH

7TIGXVYQ
4IVGIRX SJ
6EXIH 0SEH
4IVGIRX
SJ 0MJXW

8EFPI '
(IWMKR 'EXIKSV] & (]REQMG 0SEH

7TIGXVYQ
(]REQMG 0SEH
EW 4IVGIRX SJ
0MJXIH 0SEH
4IVGIRX
SJ 0MJXW

%KEMR XLI XSXEP PSEH WTIGXVYQ [EW HIZIPSTIH ERH XLI

WXEXMWXMGEP EREP]WMW TIVJSVQIH 8LI GSIJGMIRX SJ ZEVME
XMSR JSV XLI PSEHMRK [EW JSYRH XS FI
(YI XS XLI KVIEXIV YRGIVXEMRX] SJ XLI PSEHMRK GSRHM
XMSRW EWWSGMEXIH [MXL (IWMKR 'EXIKSV] & XLI 'SQQMXXII

%71) &8,i
FIEQ FIRHMRK XLISV] XLI HIVMZEXMSR SJ XLI IUYEXMSRW F]

[LMGL XLI FIRHMRK WXVIWWIW SJ E GYVZIH FIEQ QE] FI
GSQTYXIH EVI FEWIH SR XLI JYRHEQIRXEP EWWYQTXMSR
XLEX TPERI WIGXMSRW VIQEMR TPERI =SYRK ERH &YH]REW

8LMW WXVIWW HMWXVMFYXMSR I\MWXW MR XLI IPEWXMG VERKI SRP]
1IQFIVW XLEX EVI SJ WYGL TVSTSVXMSRW ERH QEXIVMEP
TVSTIVXMIW XLEX EPPS[ HIZIPSTQIRX SJ E TPEWXMG QSQIRX
[MPP LEZI XLI WEQI QE\MQYQ FIRHMRK WXVIRKXL MI
TPEWXMG QSQIRX EW E WXVEMKLX QIQFIV 1G;LSVXIV IX
EP &SVIWM ERH 7MHIFSXXSQ 8LYW XLI TIEO
FIRHMRK WXVIWWIW HYI XS XLI GYVZEXYVI QYWX FI IZEPY
EXIH JSV QIQFIVW WYFNIGX XS G]GPMG PSEHMRK ERH JSV
[LMGL XLI JEXMKYI PMJI QYWX FI EWWIWWIH FYX RIIH RSX
FI GSRWMHIVIH JSV WXEXMG WXVIRKXL HIWMKR JSV QIQFIVW MR
[LMGL XLI TPEWXMG QSQIRX GER FI EXXEMRIH
'PEWWMGEP HIWMKR EMHW WYGL EW 8EFPI MR 6SEVOvW
*SVQYPEW JSV 7XVIWW ERH 7XVEMR =SYRK ERH &YH]REW
QE] FI YWIH XS WEXMWJ] XLI VIUYMVIQIRX HIRIH MR
XLMW WIGXMSR
IPIGXIH XS YWI E LMKLIV ZEPYI SJ XLI VIPMEFMPMX] MRHI\ 8LI

ZEPYI SJ YWIH JSV (IWMKR 'EXIKSV] % [EW MRGVIEWIH F]
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9WI XLI VIUYMVIQIRXW JSV 7XVIWW 'EXIKSV] ' MJ 6
'SQQIRXEV] 8LI TVSZMWMSRW SJ TEVE EVI

XEOIR JVSQ %TTIRHM\ / SJ %-7' 8LI ZEPYIW JSV
YWI MR IU EVI EPWS WLS[R MR 8EFPI
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8LI XLVIWLSPH WXVIWW VERKI *8, MW XLI PIZIP EX [LMGL E

JEXMKYI JEMPYVI [MPP RSX SGGYV 8LEX MW MJ XLI WIVZMGI PSEH
WXVIWW VERKI HSIW RSX I\GIIH *8, XLIR XLI HIXEMP [MPP
TIVJSVQ XLVSYKL ER YRPMQMXIH RYQFIV SJ PSEH G]GPIW
)UYEXMSR ERH XLI GSIJGMIRXW KMZIR MR TEVE
EHHVIWW XLI TVMQEV] JEXMKYI PMJI GSRWMHIVEXMSRW SJ
MRXIVIWX MR PMJXMRK HIZMGI HIWMKR %-7'
%TTIRHM\ / TVSZMHIW IUYEXMSRW JSV IZEPYEXMRK SXLIV
WTIGMG HIXEMPW XLEX QE] FI SJ YWI MR GIVXEMR ETTPMGE
XMSRW % UYEPMIH TIVWSR WLEPP IZEPYEXI XLI RIIH JSV
JEXMKYI EREP]WMW FI]SRH XLEX TVSZMHIH F] WIGXMSR ERH
ETTP] WYGL EREP]WIW EW RIIHIH
G]GPMG PSEHMRK YRPIWW WXEXIH SXLIV[MWI MR XLMW GLETXIV

8LI RIIH XS YWI TIEO WXVIWWIW VEXLIV XLER EZIVEKI
WXVIWWIW [LIR GEPGYPEXMRK WXEXMG WXVIRKXL WLEPP FI HIXIV
QMRIH F] E UYEPMJMIH TIVWSR FEWIH SR XLI REXYVI SJ XLI
HIXEMP ERH XLI TVSTIVXMIW SJ XLI QEXIVMEP FIMRK YWIH
'SQQIRXEV] 4IEO WXVIWWIW HYI XS HMWGSRXMRYMXMIW
HS RSX EJJIGX XLI YPXMQEXI WXVIRKXL SJ E WXVYGXYVEP IPI
QIRX YRPIWW XLI QEXIVMEP MW FVMXXPI ?1EXIVMEPW EVI KIRIV
EPP] GSRWMHIVIH FVMXXPI VEXLIV XLER HYGXMPI MJ XLI YPXMQEXI
IPSRKEXMSR MW SV PIWW =SYRK ERH &YH]REW A
8LI X]TIW SJ WXIIP SR [LMGL XLMW 7XERHEVH MW FEWIH EVI
EPP HYGXMPI QEXIVMEPW 8LYW WXEXMG WXVIRKXL QE] VIEWSR
EFP] FI GSQTYXIH FEWIH SR EZIVEKI WXVIWWIW
,S[IZIV JEXMKYI HIWMKR QYWX VIGSKRMÎ WXVIWW
VERKIW 7MRGI JEXMKYIVIPEXIH GVEGOW MRMXMEXI EX TSMRXW SJ
WXVIWW GSRGIRXVEXMSR HYI XS IMXLIV KISQIXVMG SV QIXEP
PYVKMGEP HMWGSRXMRYMXMIW TIEO WXVIWWIW GVIEXIH F] XLIWI
HMWGSRXMRYMXMIW QE] RIIH XS FI GSRWMHIVIH MR XLI HIWMKR
SJ E PMJXIV
7XVIWW GSRGIRXVEXMSR JEGXSVW YWIJYP JSV HIWMKR QE] FI
JSYRH MR 4IXIVWSRvW 7XVIWW 'SRGIRXVEXMSR *EGXSVW 4MPOI]
ERH SXLIV WMQMPEV WSYVGIW
38,)6 ()7-+2 '327-()6%8-327

-QTEGX *EGXSVW
8LI HIWMKR SJ FIPS[XLILSSO PMJXMRK HIZMGIW HSIW RSX
RSVQEPP] VIUYMVI XLI YWI SJ ER MQTEGX JEGXSV 8LI HIWMKR
JEGXSVW IWXEFPMWLIH MR XLMW GLETXIV EVI FEWIH SR PSEH
WTIGXVE MR [LMGL TIEO MQTEGX PSEHW EVI IUYEP XS SJ
XLI QE\MQYQ PMJXIH PSEH JSV (IWMKR 'EXIKSV] % PMJXIVW
ERH SJ XLI QE\MQYQ PMJXIH PSEH JSV (IWMKR
'EXIKSV] & PMJXIVW -R XLI IZIRX XLEX E PMJXIV MW I\TIGXIH
XS FI WYFNIGXIH XS MQTEGX PSEHMRK KVIEXIV XLER XLIWI
ZEPYIW E UYEPMJMIH TIVWSR WLEPP MRGPYHI ER EHHMXMSREP
MQTEGX JEGXSV XS EGGSYRX JSV WYGL PSEHW
(IJPIGXMSR
-X MW XLI VIWTSRWMFMPMX] SJ E UYEPMJMIH TIVWSR XS HIXIV
QMRI [LIR HIJPIGXMSR PMQMXW WLSYPH FI ETTPMIH ERH XS
IWXEFPMWL XLI QEKRMXYHIW SJ XLSWI PMQMXW JSV XLI HIWMKR
SJ XLI QIGLERMWQW ERH WXVYGXYVEP IPIQIRXW SJ PMJXMRK
HIZMGIW
'SQQIRXEV] 8LI HIWMKR VIUYMVIQIRXW HIRIH MR

XLMW GLETXIV EVI FEWIH MR TEVX SR YTTIV FSYRH ZIVXMGEP
MQTEGX JEGXSVW SJ SJ XLI PMJXIH PSEH JSV (IWMKR
'EXIKSV] % ERH JSV (IWMKR 'EXIKSV] & 8LI PSEHW
YWIH JSV XLI HIZIPSTQIRX SJ XLMW 7XERHEVH EVI HMW
GYWWIH MR HITXL MR 'SQQIRXEV] JSV TEVE 8LIVI
JSVI XLI HIWMKR SJ PMJXMRK HIZMGIW QEHI MR EGGSVHERGI
[MXL XLMW 7XERHEVH [MPP RSX RSVQEPP] VIUYMVI XLI YWI SJ
ER MQTEGX JEGXSV 8LI [SVHMRK SJ XLMW WIGXMSR TIVQMXW
XLI YWI SJ ER EHHMXMSREP MQTEGX JEGXSV EX XLI HMWGVIXMSR
SJ E UYEPMIH TIVWSR MJ MX MW ERXMGMTEXIH XLEX XLI HIZMGI
[MPP FI YWIH YRHIV GSRHMXMSRW XLEX QE] VIWYPX MR YRYWYEP
H]REQMG PSEHMRK
'SQQIRXEV] 8LI EFMPMX] SJ E PMJXMRK HIZMGI XS JYPPP

MXW MRXIRHIH JYRGXMSR QE] VIUYMVI XLEX MX TSWWIWW E GIV
XEMR QMRMQYQ WXMJJRIWW MR EHHMXMSR XS WXVIRKXL *SV
I\EQTPI E GPEQTMRK HIZMGI [MPP RSX FI EFPI XS QEMRXEMR
MXW KVMT MJ XLI QIQFIVW SJ XLI HIZMGI I\ I\GIWWMZIP]
YRHIV PSEH
(YI XS XLI ZIV] FVSEH VERKI SJ PMJXMRK HIZMGIW XLEX
QE] JEPP YRHIV XLI WGSTI SJ XLMW 7XERHEVH HIRMRK
EGXYEP HIIGXMSR PMQMXW JSV HMJJIVIRX X]TIW SJ HIZMGIW MW
RSX TVEGXMGEP 8LI MRXIRX SJ XLMW WIGXMSR MW WMQTP] XS GEPP
EXXIRXMSR XS XLI RIIH JSV GSRWMHIVEXMSR SJ HIIGXMSR MR
XLI HIWMKR SJ PMJXMRK HIZMGIW
7XVIWW 'SRGIRXVEXMSRW

7XVIWW GSRGIRXVEXMSRW HYI XS LSPIW GLERKIW MR WIGXMSR
SV WMQMPEV HIXEMPW WLEPP FI EGGSYRXIH JSV [LIR HIXIVQMR
MRK TIEO WXVIWWIW MR PSEHGEVV]MRK IPIQIRXW WYFNIGX XS

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'LETXIV
1IGLERMGEP (IWMKR

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7,)%:)7
4YVTSWI
7LIEZI 1EXIVMEP
8LMW GLETXIV WIXW JSVXL HIWMKR GVMXIVME JSV QEGLMRI

IPIQIRXW SJ E FIPS[XLILSSO PMJXMRK HIZMGI
7LIEZIW WLEPP FI JEFVMGEXIH SJ QEXIVMEP WTIGMJMIH F]

XLI PMJXMRK HIZMGI QERYJEGXYVIV SV UYEPMJMIH TIVWSR
'SQQIRXEV] 'LETXIV MW JSGYWIH SR XLI HIWMKR

SJ QEGLMRI IPIQIRXW ERH XLSWI TEVXW SJ E PMJXMRK HIZMGI
RSX GSZIVIH F] 'LETXIV 'LETXIV MW JVIUYIRXP] YWIH
MR XLI HIWMKR SJ QIGLERMGEP GSQTSRIRXW XS EHHVIWW XLI
WXVIRKXL VIUYMVIQIRXW SJ XLI JVEQI[SVO XLEX NSMRW XLI
QEGLMRI IPIQIRXW XSKIXLIV 1IGLERMGEP HVMZI W]WXIQW
QEGLMRI IPIQIRXW ERH GSQTSRIRXW ERH SXLIV EY\MPMEV]
IUYMTQIRX EVI GSZIVIH MR XLMW GLETXIV
1ER] PMJXMRK HIZMGIW STIVEXI [LMPI WYWTIRHIH JVSQ
FYMPHMRK GVERIW ERH LSMWXW ERH LIRGI RIIH XS LEZI E
WIEQPIWW MRXIVJEGI [MXL XLMW IUYMTQIRX 8LIVIJSVI
ZEVMSYW HIWMKR GVMXIVME WIX JSVXL F] '1%%
%-78 8IGLRMGEP 6ITSVX 2S ERH %71) ,78 EVI XLI
FEWMW JSV QER] TEVXW SJ XLI HIWMKR GVMXIVME IWXEFPMWLIH MR
XLMW GLETXIV
'SQQIRXEV] 8LMW WIGXMSR ETTPMIW XS WLIEZIW XLEX

EVI GSRXEMRIH MR XLI IRZIPSTI SJ XLI FIPS[XLILSSO PMJX
MRK HIZMGI 7LIEZIW XLEX EVI TEVX SJ E WITEVEXI FSXXSQ
FPSGO SV GVERI W]WXIQ EVI RSX GSZIVIH F] XLMW 7XERHEVH
6YRRMRK 7LIEZIW

4MXGL HMEQIXIV JSV VYRRMRK WLIEZIW WLSYPH RSX FI PIWW
XLER XMQIW XLI RSQMREP HMEQIXIV SJ XLI [MVI VSTI
YWIH ;LIR XLI PMJXMRK HIZMGIvW WLIEZIW EVI VIIZIH MRXS
XLI WLIEZIW SR XLI LSMWX XLI TMXGL HMEQIXIV ERH GSRJMKY
VEXMSR SJ XLI LSMWX WLEPP FI GSRWMHIVIH MR XLI HIWMKR
'SQQIRXEV] 8LI TMXGL HMEQIXIV SJ E WLIEZI LEW E
HMVIGX VIPEXMSRWLMT [MXL [MVI VSTI [IEV ERH JEXMKYI XLEX
HIXIVQMRIW XLI RYQFIV SJ G]GPIW XLEX XLI EWWIQFP] GER
[MXLWXERH 8LI 'SQQMXXII VIGSKRMÎW XLEX MR WSQI WTI
GMEP PS[LIEH VSSQ ETTPMGEXMSRW XLI WLIEZI WMÎ QE]
RIIH XS FI WQEPPIV XS EGGSQQSHEXI XLI PMQMXIH WTEGI
EZEMPEFPI )\XVE TVIGEYXMSR [SYPH RIIH XS FI IWXEFPMWLIH
MR XLIWI GEWIW XS EPPS[ JSV MRGVIEWIH [MVI VSTI [IEV
*SV GEWIW [LIVI XLI PMJXIVW WLIEZIW EVI VIIZIH MRXS
XLI SZIVLIEH GVERIW WLIEZI TEGOEKI WTEGMRK ERH IIX
ERKPI FIX[IIR XLI X[S TEVEPPIP W]WXIQW RIIH XS FI
EPMKRIH XS IRWYVI TVSTIV STIVEXMSR
6IPEXMSR XS 'LETXIV

1IGLERMGEP GSQTSRIRXW SJ XLI PMJXMRK HIZMGI XLEX EVI
WXVIWWIH F] XLI JSVGIW GVIEXIH HYVMRK XLI PMJX SV QSZI
QIRX SJ XLI PSEH WLEPP FI WMÎH MR EGGSVHERGI [MXL XLMW
GLETXIV ERH 'LETXIV SJ XLMW 7XERHEVH 8LI QSWX GSRWIV
ZEXMZI HIWMKR WLEPP FI WIPIGXIH JSV YWI %PP SXLIV QIGLER
MGEP GSQTSRIRXW WLEPP FI HIWMKRIH XS XLI VIUYMVIQIRXW
SJ XLMW GLETXIV
'SQQIRXEV] ;LIR JEMPYVI SJ E QIGLERMGEP GSQ
TSRIRX GSYPH HMVIGXP] VIWYPX MR XLI YRMRXIRHIH HVSTTMRK
SV LEÊVHSYW QSZIQIRX SJ E PSEH XLI VIUYMVIQIRXW SJ
'LETXIV WLEPP FI YWIH XS WMÎ XLI GSQTSRIRX GSYTPIH
[MXL XLI QIGLERMGEP VIUYMVIQIRXW SJ XLMW GLETXIV
)\EQTPIW MRGPYHI FYX EVI RSX PMQMXIH XS HVMZI W]WXIQW
SR WPEF XSRKW XLEX LSPH XLI PSEH JEWXIRIVW XLEX LSPH
LSSOW SRXS FIEQW ERH WLIEZI WLEJXW 8LIVI QE] FI
VIUYMVIQIRXW MR FSXL 'LETXIVW ERH XLEX RIIH XS FI
JSPPS[IH [LIR HIWMKRMRK E GSQTSRIRX
%PSRK [MXL XLI JSVGIW TVSHYGIH F] RSVQEP STIVEXMSR
QIGLERMGEP GSQTSRIRXW SJ PMJXMRK HIZMGIW WLSYPH FI
HIWMKRIH XS VIWMWX XLI JSVGIW VIWYPXMRK JVSQ STIVEXMRK
MVVIKYPEVMXMIW XLEX EVI GSQQSR MR QIGLERMGEP W]WXIQW
MRGPYHMRK NEQW PSGOIH VSXSV XSVUYI ERH SZIVPSEHW
-J XLI HIWMKR JEGXSV SJ E GSQQIVGMEP GSQTSRIRX MW
YRORS[R XLI QE\MQYQ GETEGMX] SJ XLEX GSQTSRIRX
WLSYPH FI HMZMHIH F] XLI ETTPMGEFPI ZEPYI SJ 2H
)UYEPM^MRK 7LIEZIW

8LI TMXGL HMEQIXIV SJ IUYEPM^MRK WLIEZIW WLEPP RSX FI
PIWW XLER SRILEPJ SJ XLI HMEQIXIV SJ XLI VYRRMRK WLIEZIW
RSV PIWW XLER XMQIW XLI [MVI VSTI HMEQIXIV [LIR
YWMRK GPEWW [MVI VSTI SV XMQIW XLI [MVI VSTI
HMEQIXIV [LIR YWMRK GPEWW [MVI VSTI
7LEJX 6IUYMVIQIRX

7LIEZI EWWIQFPMIW WLSYPH FI HIWMKRIH FEWIH SR E
VIQSZEFPI WLEJX
'SQQIRXEV] -RWTIGXMSR ERH QEMRXIRERGI SJ
WLIEZIW ERH FIEVMRKW VIUYMVI XLEX XLIWI GSQTSRIRXW FI
EGGIWWMFPI % HIWMKR XLEX VIUYMVIW QSHMGEXMSR SV EPXIV
EXMSR SJ XLI PMJXIVW WXVYGXYVI XS TIVJSVQ XLI MRWTIGXMSR
SV QEMRXIRERGI SJ WLIEZIW ERH FIEVMRKW TYXW ER YRHYI

%71) &8,i
*MK 7LIEZI +ET
LEVHWLMT SR XLI YWIV ERH GER HIXIV TVSTIV GEVI SJ XLI

IUYMTQIRX
+YEVHXSTVIZIRX
VSTIJVSQGSQMRK
SYXSJWLIEZI
0YFVMGEXMSR
1IERW JSV PYFVMGEXMRK WLIEZI FIEVMRKW WLEPP FI
TVSZMHIH
2SXI
'SQQIRXEV] 0YFVMGEXMSR W]WXIQW KVIEWI PMRIW

WIPJPYFVMGEXMRK FIEVMRKW SV SMPMQTVIKREXIH FIEVMRKW
EVI EPP QIXLSHW XLEX [MPP IRWYVI XLI PYFVMGEXMSR SJ XLI
FIEVMRKW 4EVXMGYPEV GEVI WLSYPH FI XEOIR [LIR IZEPYEX
MRK XLI PYFVMGEXMSR QIXLSH WMRGI WSQI X]TIW SJ WIPJ
PYFVMGEXMRK FIEVMRKW GERRSX [MXLWXERH WIZIVI PSEHMRK
IRZMVSRQIRXW
238)
k MR QQ SV E HMWXERGI SJ k XMQIW XLI VSTI HMEQIXIV
[LMGLIZIV MW WQEPPIV
7LIEZI (IWMKR
WLEPP FI TPEGIH [MXLMR MR QQ SV E HMWXERGI SJ

XMQIW XLI [MVI VSTI HMEQIXIV [LMGLIZIV MW WQEPPIV
XS XLI WLIEZI EW WLS[R MR *MK
7LIEZI KVSSZIW WLEPP FI WQSSXL ERH JVII JVSQ WYVJEGI

MVVIKYPEVMXMIW XLEX GSYPH GEYWI [MVI VSTI HEQEKI 8LI
KVSSZI VEHMYW SJ E RI[ WLIEZI WLEPP FI E QMRMQYQ SJ
PEVKIV XLER XLI VEHMYW SJ XLI [MVI VSTI EW WLS[R MR
*MK 8LI GVSWWWIGXMSREP VEHMYW SJ XLI KVSSZI WLSYPH
JSVQ E GPSWIJMXXMRK WEHHPI JSV XLI WMÎ SJ XLI [MVI VSTI
YWIH ERH XLI WMHIW SJ XLI KVSSZIW WLSYPH FI XETIVIH
SYX[EVHP] XS EWWMWX IRXVERGI SJ XLI [MVI VSTI MRXS XLI
KVSSZI *PERKI GSVRIVW WLSYPH FI VSYRHIH ERH VMQW
WLSYPH VYR XVYI EVSYRH XLI E\MW SJ VSXEXMSR
'SQQIRXEV] +YEVHW XLEX [VET EVSYRH E PEVKI

TSVXMSR SJ XLI WLIEZI RIIH XS FI TPEGIH GPSWI XS XLI
ERKI SJ XLI WLIEZI 8LI KYEVHW TYVTSWI MW XS TVIZIRX
XLI [MVI VSTI JVSQ NYQTMRK JVSQ XLI WLIEZI 8LI KYEVH
RIIHW XS FI TPEGIH GPSWI XS XLI VYRRMRK WLIEZI XS
IRWYVI XLEX XLI [MVI VSTI GERRSX KIX NEQQIH SV PSHKIH
FIX[IIR XLI WLIEZI ERH XLI KYEVH
*MK 7LIEZI (MQIRWMSRW
;-6) 634)
3YXWMHIHMEQIXIV
4MXGLHMEQIXIV
'SQQIRXEV] %71) ,78 ERH %71) & TVS

ZMHI XLI FEWMW SJ XLMW WIGXMSR [LMGL GSZIVW XLI [MVI VSTI
ETTPMGEXMSRW XLEX EVI E [LSPP] EXXEGLIH SV MRXIKVEP GSQ
TSRIRX SJ E FIPS[XLILSSO PMJXMRK HIZMGI
8VIEHHMEQIXIV
;MHXL
6IPEXMSR XS 3XLIV 7XERHEVHW
2SXI
;MVI VSTI VIIZIH XLVSYKL XLI PMJXMRK HIZMGI ERH XLI

LSMWX WLEPP GSRJSVQ XS XLI VIUYMVIQIRXW SJ XLI LSMWX
6STIVEHMYW
238)
+VSSZI VEHMYW
VSTI VEHMYW
'SQQIRXEV] 8LMW WIGXMSR EHHVIWWIW [MVI VSTI

VIUYMVIQIRXW JSV XLI VEVI ETTPMGEXMSR [LIR XLI LSMWX
VSTI SJ XLI GVERI LSMWX MW VIIZIH XLVSYKL XLI PMJXMRK
HIZMGI

'SQQIRXEV] 8LI MRXIVJEGI FIX[IIR XLI [MVI VSTI

ERH XLI WLIEZI LEW E HMVIGX VIPEXMSRWLMT SR XLI PSRKIZMX]
SJ XLI [MVI VSTI 8S TVIZIRX TVIQEXYVI [IEVMRK SJ XLI
[MVI VSTI XLI WLIEZI WYVJEGIW RIIH XS FI WQSSXL ERH
XETIVIH XS EPPS[ XLI [MVI VSTI XS IEWMP] WPMT MRXS ERH
WIEX MR XLI WLIEZI VSTI KVSSZI 8LI ;MVI 6STI 9WIVW
1ERYEP VH IHMXMSR 8EFPI TVSZMHIW MRJSVQEXMSR SR
WM^MRK XLI [MVI VSTI KVSSZI [MXL VIWTIGX XS XLI [MVI
VSTI XS EPPS[ JSV E TVSTIV WIEXMRK WYVJEGI
6STI 7IPIGXMSR

;MVI VSTI WLEPP FI SJ E VIGSQQIRHIH GSRWXVYGXMSR JSV
PMJXMRK WIVZMGI 8LI UYEPMJMIH TIVWSR WLEPP GSRWMHIV SXLIV
JEGXSVW MI X]TI SJ IRH GSRRIGXMSR (H VEXMS WLIEZI
FIEVMRK JVMGXMSR IXG XLEX EJJIGX XLI [MVI VSTI WXVIRKXL
XS IRWYVI XLI WEJIX] JEGXSV MW QEMRXEMRIH
7LIEZI +YEVH

7LIEZIW WLEPP FI KYEVHIH XS TVIZIRX MREHZIVXIRX [MVI
VSTI NEQQMRK SV GSQMRK SYX SJ XLI WLIEZI 8LI KYEVH
'SQQIRXEV] 9WIVW SJ XLMW 7XERHEVH QE] IPIGX XS

VIJIVIRGI XLI ;MVI 6STI 9WIVW 1ERYEP EW E KYMHIPMRI
JSV TVSTIVP] WIPIGXMRK [MVI VSTI

%71) &8,i
)RZMVSRQIRX
'SQQIVGMEP 'SQTSRIRXW
;MVI VSTI QEXIVMEP WIPIGXMSR WLEPP FI ETTVSTVMEXI JSV

XLI IRZMVSRQIRX MR [LMGL MX MW XS FI YWIH
'SQQIVGMEP GSQTSRIRXW YWIH MR XLI HVMZI W]WXIQ SJ

E PMJXMRK HIZMGI WLEPP FI WMÎH WS XLI QE\MQYQ PSEH
VEXMRK WTIGMJMIH F] XLI QERYJEGXYVIV MW RSX I\GIIHIH
YRHIV [SVWX GEWI PSEHMRKW
'SQQIRXEV] 8LI 'SQQMXXII PIJX STIR XLI YWI SJ

W]RXLIXMG SV SXLIV RSRQIXEPPMG VSTI JSV WTIGMEP ETTPMGE
XMSRW XLEX SGGYV MR LEÊVHSYW SV EFRSVQEP MRHYWXVMEP
IRZMVSRQIRXW
'SQQIRXEV] 8LI YWI SJ GSQQIVGMEP SJJXLIWLIPJ

GSQTSRIRXW MW IRGSYVEKIH MR SVHIV XS TVSZMHI QSVI
I\MFMPMX] XS XLI YWIV % UYEPMIH TIVWSR RIIHW XS GSR
WMHIV XLI WEQI STIVEXMRK ERH EFRSVQEP WGIREVMSW YWIH
MR XLI HIWMKR SJ XLI WXVYGXYVEP GSQTSRIRXW MRGPYHMRK
IRZMVSRQIRX WLSGO ERH STIVEXMRK G]GPIW [LIR MRGSV
TSVEXMRK GSQQIVGMEP GSQTSRIRXW MRXS XLI PMJXMRK HIZMGI
%HHMXMSREP HIWMKR GSRWMHIVEXMSRW MRGPYHI FYX EVI RSX
PMQMXIH XS NEQW ERH I\GIWWMZI XSVUYIW
1IGLERMGEP GSQTSRIRXW SJ XLI PMJXMRK HIZMGI XLEX EVI
WXVIWWIH F] XLI JSVGIW GVIEXIH HYVMRK XLI PMJX SV QSZI
QIRX SJ XLI PSEH WLEPP FI WMÎH MR EGGSVHERGI [MXL
TEVE
*PIIX %RKPI

8LI [MVI VSTI JPIIX ERKPI JSV WLIEZIW WLSYPH FI PMQMXIH
XS E MR WPSTI HIK QMR
6STI )RHW

;MVI VSTI IRHW WLEPP FI EXXEGLIH XS XLI PMJXMRK HIZMGI
MR E QERRIV XS TVIZIRX HMWIRKEKIQIRX HYVMRK STIVEXMSR
SJ XLI PMJXMRK HIZMGI
6STI 'PMTW

;MVI VSTI GPMTW WLEPP FI HVSTJSVKIH WXIIP SJ XLI
WMRKPIWEHHPI 9FSPX SV HSYFPIWEHHPI X]TI 1EPPIEFPI
GEWX MVSR GPMTW WLEPP RSX FI YWIH *SV WTEGMRK RYQFIV SJ
GPMTW ERH XSVUYI ZEPYIW VIJIV XS XLI GPMT QERYJEGXYVIVvW
VIGSQQIRHEXMSRW ;MVI VSTI GPMTW EXXEGLIH [MXL 9FSPXW
WLEPP LEZI XLI 9FSPX SZIV XLI HIEH IRH SJ XLI [MVI VSTI
ERH PMZI VSTI VIWXMRK MR XLI GPMT WEHHPI 'PMTW WLEPP FI
XMKLXIRIH IZIRP] XS XLI VIGSQQIRHIH XSVUYI %JXIV XLI
MRMXMEP PSEH MW ETTPMIH XS XLI [MVI VSTI XLI GPMT RYXW WLEPP
FI VIXMKLXIRIH XS XLI VIGSQQIRHIH XSVUYI XS GSQTIR
WEXI JSV ER] HIGVIEWI MR [MVI VSTI HMEQIXIV GEYWIH F]
XLI PSEH
0YFVMGEXMSR
1IERW JSV PYFVMGEXMRK ERH MRWTIGXMRK HVMZI W]WXIQW
WLEPP FI TVSZMHIH
3TIVEXSV 4VSXIGXMSR

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7TIGMEP HIWMKR GSRWMHIVEXMSRW WLEPP FI XEOIR JSV PMJXIVW
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XIVW ERH KVSYRHMRK QE] RIIH XS FI GSRWMHIVIH XS
EGGSYRX JSV XLI IJJIGXW SJ IPIGXVSQEKRIXMG MRXIVJIVIRGI
)1- VEHMS JVIUYIRG] MRXIVJIVIRGI 6*- ERH SXLIV
JSVQW SJ IQMWWMSRW
'SRXVSP W]WXIQW YXMPM^MRK WXEXMG SV MRZIVXIV EWWIQFPMIW

WLEPP FI WMÎH [MXL HYI GSRWMHIVEXMSR SJ QSXSV VEXMRK
HVMZI VIUYMVIQIRXW WIVZMGI GPEWW HYX] G]GPI ERH ETTPM
GEXMSR MR XLI GSRXVSP -J QEKRIXMG GSRXEGXSVW EVI MRGPYHIH
[MXLMR XLI WXEXMG EWWIQFP] XLI] WLEPP FI VEXIH MR EGGSV
HERGI [MXL TEVE
'SQQIRXEV] 8LMW TVSZMWMSR VIGSKRMÎW XLEX E LMKL

UYEPMX] KVSYRH QE] FI VIUYMVIH EX XLI PMJXIV [LIR IPIG
XVSRMG GSRXVSPW EVI IQTPS]IH
0MJXMRK 1EKRIX 'SRXVSPPIVW
43;)6 (-7'322)'87

(MWGSRRIGX JSV 4S[IVIH 0MJXIV
'SRXVSPPIVW JSV PMJXMRK QEKRIXW WLEPP FI MR EGGSVHERGI

[MXL %71) &
'SRXVSP W]WXIQW JSV QSXSV TS[IVIH PMJXIVW WLEPP

MRGPYHI E TS[IV HMWGSRRIGX W[MXGL EW WTIGMJMIH MR

%71) &8,i
+IRIVEXSV 7YTTPMIH 1EKRIXW
%27-2*4% 8LMW HIZMGI QE] FI TEVX SJ XLI LSMWXMRK

IUYMTQIRX JVSQ [LMGL XLI PMJXIV MW WYWTIRHIH SV QE]
FI MRGSVTSVEXIH EW TEVX SJ XLI PMJXMRK HIZMGI
4S[IV WYTTPMIH XS QEKRIXW JVSQ (' KIRIVEXSVW GER FI

HMWGSRRIGXIH F] HMWEFPMRK XLI I\XIVREP TS[IVIH WSYVGI
GSRRIGXIH XS XLI KIRIVEXSV SV F] TVSZMHMRK E GMVGYMX
W[MXGL XLEX HMWGSRRIGXW I\GMXEXMSR TS[IV XS XLI KIRIVE
XSV ERH VIQSZIW EPP TS[IV XS XLI QEKRIX
(MWGSRRIGX JSV :EGYYQ 0MJXIV

,SMWXMRK IUYMTQIRX YWMRK ER I\XIVREPP] TS[IVIH ZEG
YYQ PMJXIV WLEPP LEZI E WITEVEXI ZEGYYQ PMJXIV GMVGYMX
W[MXGL SJ XLI IRGPSWIH X]TI [MXL TVSZMWMSR JSV PSGOMRK
JPEKKMRK SV XEKKMRK MR XLI STIR SJJ TSWMXMSR 8LI ZEG
YYQ PMJXIV HMWGSRRIGX W[MXGL WLEPP FI GSRRIGXIH SR XLI
PMRI WMHI TS[IV WYTTP] WMHI SJ XLI LSMWXMRK IUYMTQIRX
HMWGSRRIGX W[MXGL
&%88)6-)7
&EXXIV] 'SRHMXMSR -RHMGEXSV
&EXXIV] STIVEXIH PMJXIVW SV PMJXMRK QEKRIXW WLEPP GSR
XEMR E HIZMGI MRHMGEXMRK I\MWXMRK FEXXIV] GSRHMXMSRW
(MWGSRRIGX JSV 1EKRIX
)RGPSWYVIW
,SMWXMRK IUYMTQIRX [MXL ER I\XIVREPP] TS[IVIH IPIG

XVSQEKRIX WLEPP LEZI E WITEVEXI QEKRIX GMVGYMX W[MXGL
SJ XLI IRGPSWIH X]TI [MXL TVSZMWMSR JSV PSGOMRK JPEKKMRK
SV XEKKMRK MR XLI STIR SJJ TSWMXMSR 1IERW JSV HMWGLEVK
MRK XLI MRHYGXMZI IRIVK] SJ XLI QEKRIX WLEPP FI TVSZMHIH
8LI QEKRIX HMWGSRRIGX W[MXGL WLEPP FI GSRRIGXIH SR XLI
PMRI WMHI TS[IV WYTTP] WMHI SJ XLI LSMWXMRK IUYMTQIRX
HMWGSRRIGX W[MXGL
&EXXIV] IRGPSWYVIW SV LSYWMRKW JSV [IX GIPP FEXXIVMIW

WLEPP FI ZIRXIH XS TVIZIRX EGGYQYPEXMSR SJ KEWIW
&EXXIV] %PEVQ

&EXXIV] FEGOYT W]WXIQW JSV PMJXIVW SV PMJXMRK QEKRIXW
WLEPP LEZI ER EYHMFPI ERH ZMWMFPI WMKREP XS [EVR XLI
STIVEXSV [LIR XLI TVMQEV] TS[IV XS XLI PMJXIV SV QEKRIX
MW FIMRK WYTTPMIH F] XLI FEXXIV]MIW


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