.KFGT MQPFGPUCELK
YYY FGFKGVTKEJ RNYY FGFKGVTKEJ RN
Y
/%4 2.75
&G &KGVTKEJ VQ LGFPC \ PCLUVCTU\[EJ OCTGM Y DTCPʑ[ IT\GYE\GL PC ɮYKGEKG 9 TQMW RQ
RQȤE\GPKW ITWR[ &G &KGVTKEJ 4GOGJC K $CZK )TQWR RQYUVCQ VT\GEKG EQ YKGNMQɮEK /%4 2.75 VQ PCɮEKGPP[ MQEKQ MQPFGPUCE[LP[ Y[RQUCʑQP[ K FQUVQUQYCP[ FQ
RTCE[ \ IC\COK \KGOP[OK \ OQʑNKYQɮEKȤ FQUVQUQYCPKC FQ RTQRCPW /C \YCTVȤ
RT\GFUKȶDKQTUVYQ Y 'WTQRKG Y F\KGF\KPKG KPPQYCE[LP[EJ TQ\YKȤ\Cɛ IT\GYE\[EJ MNKOCV[E\P[EJ MQPUVTWMELȶ K LGUV DCTF\Q NGMMK 2QUKCFC MQORCMVQY[ Y[OKGPPKM Q Y[UQMKGL
Y[VYCT\CPKC EKGRGL YQF[ K WUWI RQF PC\YȤ $&4 6*'4/'# URTCYPQɮEK QFNGYCP[ \G UVQRW CNWOKPKQYQ MT\GOQYGIQ QFRQTP[ PC
QUCF\CPKG UKȶ MCOKGPKC MQVQYGIQ 2TQFWEGPV \CRGYPKC NGVPKȤ IYCTCPELȶ PC
Y[OKGPPKM /%4 2.75 \QUVC Y[RQUCʑQP[ Y GNGMVTQPKE\PȤ RQORȶ
(KTOC LGUV YKQFȤE[O RTQFWEGPVGO K F[UVT[DWVQTGO PQYCVQTUMKEJ U[UVGOȕY K TQ\YKȤ\Cɛ OQFWNQYCPȤ MNCU[ # K \[UMC \CDG\RKGE\GPKG RT\GF \D[V PKUMKO UVCPGO YQF[
Y MQOQT\G MQVC 2QUKCFC URTCYPQɮȦ FQ K LGUV GMQNQIKE\P[ Ť GOKULC
YKGNQGPGTIGV[E\P[EJ KPUVCNCELG UQNCTPG RQOR[ EKGRC MQPFGPUCELC QNGL IC\ QFRQYKCFCLȤE PC Y
01Z OI M9J -QEKQ LGUV URT\GFCYCP[ Y YGTULK K HWPME[LPGL QTC\
YU\GNMKGIQ TQF\CLW RQVT\GD[ Y RCMKGEKG \ RQFIT\GYCE\GO E Y W
&GG &KGVTKEJ MQPEGPVTWLG UKȶ PC \CRGYPKGPKW UYQKO -NKGPVQO Y[UQMKGIQ MQOHQTVW QU\E\ȶFPQɮEK
&
GPGTIKK QTC\ QITCPKE\GPKW GOKULK UWDUVCPELK U\MQFNKY[EJ FQ ɮTQFQYKUMC
0KG\CNGʑPKG QF VGIQ E\[ OȕYKO[ Q DWF[PMW LGFPQTQF\KPP[O E\[ YKGNQTQF\KPP[O PQY[O NWD
TGOQPVQYCP[O ƒTOC &G &KGVTKEJ LGUV QDGEPC YTC\ \G UYQKOK TQ\YKȤ\CPKCOK RTQFWMVQY[OK
K VQYCT\[U\ȤE[OK WUWICOK
/%4 *QOG VQ IC\QY[ PCɮEKGPP[ HWPME[LP[ MQEKQ MQPFGPUCE[LP[ ,GUV
NGMMK Ť YCʑ[ MI Ť K OC MQORCMVQYȤ MQPUVTWMELȶ Z Z OO
-QEKQ LGUV FGF[MQYCP[ U\E\GIȕNPKG PKGFWʑ[O FQOQO K MNKGPVQO MVȕT\[ \G
Y\INȶFW PC EGPȶ K RTQUVQVȶ WT\ȤF\GPKC Y[DKGTCNK FQVȤF MNCU[E\PG MQV[
IC\QYG \ \COMPKȶVȤ MQOQTȤ URCNCPKC
/
/%4%4 *QOG RQUKCFC PQY[ VQTQKFCNP[ Y[OKGPPKM EKGRC \G UVCNK
PKGTF\GYPGL \ NGVPKȤ IYCTCPELȤ 0QYC MQPUVTWMELC RCNPKMC
E[NKPFT[E\PGIQ \CRGYPKC YKȶMU\Ȥ MWNVWTȶ RTCE[ K \OPKGLU\QP[ JCCU
5RTCYKC ʑG UVTCV[ UȤ OPKGLU\G \CTȕYPQ Y VT[DKG E\WYCPKC LCM K RQFE\CU
RTCE[ RQF RGP[O QDEKȤʑGPKGO
- -QEKQ LGUV GMQNQIKE\P[ K GMQPQOKE\P[ 5VCDKNP[ RQOKGɛ \CRGYPKC
\OPKGLU\GPKG GOKULK 01Z OI M9J K %1 FQ CVOQUHGT[ /%4 *QOG
RQUKCFC MNCUȶ GPGTIGV[E\PȤ # \CTȕYPQ FNC E Q LCM K E Y W 2T\[
QDEKȤʑGPKC QUKȤIC URTCYPQɮȦ FQ C RT\[ RGP[O QDEKȤʑGPKW FQ
7
7T\ȤFT\ȤF\GPKG RQUKCFC PCE\[PKG Y\DKQTE\G Q RQLGOPQɮEK NKVTȕY \ FQUVȶRP[O
\ \GYPȤVT\ \CYQTGO FQ W\WRGPKCPKC IC\W QTC\ RQORȶ Q Y[UQMKGL
URTCYPQɮEK
/%4 2.75
&G &KGVTKEJ VQ LGFPC \ PCLUVCTU\[EJ OCTGM Y DTCPʑ[ IT\GYE\GL PC ɮYKGEKG 9 TQMW RQ
RQȤE\GPKW ITWR[ &G &KGVTKEJ 4GOGJC K $CZK )TQWR RQYUVCQ VT\GEKG EQ YKGNMQɮEK /%4 2.75 VQ PCɮEKGPP[ MQEKQ MQPFGPUCE[LP[ Y[RQUCʑQP[ K FQUVQUQYCP[ FQ
RTCE[ \ IC\COK \KGOP[OK \ OQʑNKYQɮEKȤ FQUVQUQYCPKC FQ RTQRCPW /C \YCTVȤ
RT\GFUKȶDKQTUVYQ Y 'WTQRKG Y F\KGF\KPKG KPPQYCE[LP[EJ TQ\YKȤ\Cɛ IT\GYE\[EJ MNKOCV[E\P[EJ MQPUVTWMELȶ K LGUV DCTF\Q NGMMK 2QUKCFC MQORCMVQY[ Y[OKGPPKM Q Y[UQMKGL
Y[VYCT\CPKC EKGRGL YQF[ K WUWI RQF PC\YȤ $&4 6*'4/'# URTCYPQɮEK QFNGYCP[ \G UVQRW CNWOKPKQYQ MT\GOQYGIQ QFRQTP[ PC
QUCF\CPKG UKȶ MCOKGPKC MQVQYGIQ 2TQFWEGPV \CRGYPKC NGVPKȤ IYCTCPELȶ PC
Y[OKGPPKM /%4 2.75 \QUVC Y[RQUCʑQP[ Y GNGMVTQPKE\PȤ RQORȶ
(KTOC LGUV YKQFȤE[O RTQFWEGPVGO K F[UVT[DWVQTGO PQYCVQTUMKEJ U[UVGOȕY K TQ\YKȤ\Cɛ OQFWNQYCPȤ MNCU[ # K \[UMC \CDG\RKGE\GPKG RT\GF \D[V PKUMKO UVCPGO YQF[
Y MQOQT\G MQVC 2QUKCFC URTCYPQɮȦ FQ K LGUV GMQNQIKE\P[ Ť GOKULC
YKGNQGPGTIGV[E\P[EJ KPUVCNCELG UQNCTPG RQOR[ EKGRC MQPFGPUCELC QNGL IC\ QFRQYKCFCLȤE PC Y
01Z OI M9J -QEKQ LGUV URT\GFCYCP[ Y YGTULK K HWPME[LPGL QTC\
YU\GNMKGIQ TQF\CLW RQVT\GD[ Y RCMKGEKG \ RQFIT\GYCE\GO E Y W
&GG &KGVTKEJ MQPEGPVTWLG UKȶ PC \CRGYPKGPKW UYQKO -NKGPVQO Y[UQMKGIQ MQOHQTVW QU\E\ȶFPQɮEK
&
GPGTIKK QTC\ QITCPKE\GPKW GOKULK UWDUVCPELK U\MQFNKY[EJ FQ ɮTQFQYKUMC
0KG\CNGʑPKG QF VGIQ E\[ OȕYKO[ Q DWF[PMW LGFPQTQF\KPP[O E\[ YKGNQTQF\KPP[O PQY[O NWD
TGOQPVQYCP[O ƒTOC &G &KGVTKEJ LGUV QDGEPC YTC\ \G UYQKOK TQ\YKȤ\CPKCOK RTQFWMVQY[OK
K VQYCT\[U\ȤE[OK WUWICOK
/%4 *QOG VQ IC\QY[ PCɮEKGPP[ HWPME[LP[ MQEKQ MQPFGPUCE[LP[ ,GUV
NGMMK Ť YCʑ[ MI Ť K OC MQORCMVQYȤ MQPUVTWMELȶ Z Z OO
-QEKQ LGUV FGF[MQYCP[ U\E\GIȕNPKG PKGFWʑ[O FQOQO K MNKGPVQO MVȕT\[ \G
Y\INȶFW PC EGPȶ K RTQUVQVȶ WT\ȤF\GPKC Y[DKGTCNK FQVȤF MNCU[E\PG MQV[
IC\QYG \ \COMPKȶVȤ MQOQTȤ URCNCPKC
/
/%4%4 *QOG RQUKCFC PQY[ VQTQKFCNP[ Y[OKGPPKM EKGRC \G UVCNK
PKGTF\GYPGL \ NGVPKȤ IYCTCPELȤ 0QYC MQPUVTWMELC RCNPKMC
E[NKPFT[E\PGIQ \CRGYPKC YKȶMU\Ȥ MWNVWTȶ RTCE[ K \OPKGLU\QP[ JCCU
5RTCYKC ʑG UVTCV[ UȤ OPKGLU\G \CTȕYPQ Y VT[DKG E\WYCPKC LCM K RQFE\CU
RTCE[ RQF RGP[O QDEKȤʑGPKGO
- -QEKQ LGUV GMQNQIKE\P[ K GMQPQOKE\P[ 5VCDKNP[ RQOKGɛ \CRGYPKC
\OPKGLU\GPKG GOKULK 01Z OI M9J K %1 FQ CVOQUHGT[ /%4 *QOG
RQUKCFC MNCUȶ GPGTIGV[E\PȤ # \CTȕYPQ FNC E Q LCM K E Y W 2T\[
QDEKȤʑGPKC QUKȤIC URTCYPQɮȦ FQ C RT\[ RGP[O QDEKȤʑGPKW FQ
7
7T\ȤFT\ȤF\GPKG RQUKCFC PCE\[PKG Y\DKQTE\G Q RQLGOPQɮEK NKVTȕY \ FQUVȶRP[O
\ \GYPȤVT\ \CYQTGO FQ W\WRGPKCPKC IC\W QTC\ RQORȶ Q Y[UQMKGL
URTCYPQɮEK
9[OKGPPKM \G
UVCNK PKGTF\GYPGL 0CE\[PKG Y\DKQTE\G
\ FQUVȶRP[O \ \GYPȤVT\
\CYQTGO FQ
W\WRGPKCPKC IC\W
2QMT[YC RCNPKMC
V\Y ŭ\KOPG FT\YKŬ
2T\[ȤE\G URCNKP
FQUVCTE\CPG
Y UVCPFCTF\KG
2QFYȕLP[ U[HQP
MQPFGPUCVW \ CVYQ
FGOQPVQYCNPȤ <GURȕ RQYKGVT\PQ IC\QY[
E\ȶɮEKȤ TQDQE\Ȥ YTC\ \ R[VȤ IȕYPȤ
2QORC Q Y[UQMKGL
URTCYPQɮEK
-QORCMVQYG Y[OKCT[
Z Z OO
-NCUC GPGTIGV[E\PC
FNC E Q
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TGIWNCELK VGORGTCVWT[ FNC QIT\GYCPKC K EKGRGL YQF[ RT\[EKUM UGTYKUQY[
-NCUC GPGTIGV[E\PC RT\[EKUM TGUGVW K MQOKPKCTUMK C VCMʑG OCPQOGVT K Y[IQFP[ FQUVȶR FQ
FNC E Y W RQFȤE\Gɛ GNGMVT[E\P[EJ -QEKQ RQUKCFC MQPUQNȶ UVGTQYPKE\Ȥ \
RQFɮYKGVNCP[O Y[ɮYKGVNCE\GO .%& $ȶF\KG FQUVȶRP[ Y URT\GFCʑ[ VCMʑG \
9[IQFPG RQMTȶVQ OQFWNWLȤE[OK K PKGOQFWNWLȤE[OK VGTOQUVCVCOK RQMQLQY[OK \ OQʑNKYQɮEKȤ
9[IQFPG RQMTȶVQ TGIWNCELK VGORGTCVWT[ RTQITCOQYCPKC V[IQFPKQYGIQ C VCMʑG \ E\WLPKMKGO \GYPȶVT\P[O
TGIWNCELK VGORGTCVWT[ FNC E Y W
FNC E Q /CPQOGVT
0QYC MQPUVTWMELC RCNPKMC E[NKPFT[E\PGIQ \CRGYPKC YKȶMU\Ȥ MWNVWTȶ RTCE[ K
\OPKGLU\QP[ JCCU 5VCDKNP[ RQOKGɛ \CRGYPKC \OPKGLU\GPKG GOKULK 01Z K %1
CVY[ FQUVȶR FQ CVOQUHGT[ -QPEGRELC V\Y ŭ\KOP[EJ FT\YKŬ RQ\YQNKC \OKGLU\[Ȧ UVTCV[
FQ RQFȤE\Gɛ RTQOKGPKQYCPKC Cʑ Q /CMU[OCNPC VGORGTCVWTC RQMT[Y[ Y /%4 *QOG
GNGMVT[E\P[EJ PKG RT\GMTCE\C o% 2T\GMCFC UKȶ VQ PC OPKGLU\G UVTCV[ \CTȕYPQ Y VT[DKG
QF RT\QFW MQVC E\WYCPKC LCM K RQFE\CU RTCE[ RQF RGP[O QDEKȤʑGPKGO
2T\[EKUM UGTYKUQY[ 2T\[EKUM TGUGVW
%\[VGNP[
Y[ɮYKGVNCE\ .%&
9[OKGPPKM \G
UVCNK PKGTF\GYPGL 0CE\[PKG Y\DKQTE\G
\ FQUVȶRP[O \ \GYPȤVT\
\CYQTGO FQ
W\WRGPKCPKC IC\W
2QMT[YC RCNPKMC
V\Y ŭ\KOPG FT\YKŬ
2T\[ȤE\G URCNKP
FQUVCTE\CPG
Y UVCPFCTF\KG
2QFYȕLP[ U[HQP
MQPFGPUCVW \ CVYQ
FGOQPVQYCNPȤ <GURȕ RQYKGVT\PQ IC\QY[
E\ȶɮEKȤ TQDQE\Ȥ YTC\ \ R[VȤ IȕYPȤ
2QORC Q Y[UQMKGL
URTCYPQɮEK
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Z Z OO
-NCUC GPGTIGV[E\PC
FNC E Q
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TGIWNCELK VGORGTCVWT[ FNC QIT\GYCPKC K EKGRGL YQF[ RT\[EKUM UGTYKUQY[
-NCUC GPGTIGV[E\PC RT\[EKUM TGUGVW K MQOKPKCTUMK C VCMʑG OCPQOGVT K Y[IQFP[ FQUVȶR FQ
FNC E Y W RQFȤE\Gɛ GNGMVT[E\P[EJ -QEKQ RQUKCFC MQPUQNȶ UVGTQYPKE\Ȥ \
RQFɮYKGVNCP[O Y[ɮYKGVNCE\GO .%& $ȶF\KG FQUVȶRP[ Y URT\GFCʑ[ VCMʑG \
9[IQFPG RQMTȶVQ OQFWNWLȤE[OK K PKGOQFWNWLȤE[OK VGTOQUVCVCOK RQMQLQY[OK \ OQʑNKYQɮEKȤ
9[IQFPG RQMTȶVQ TGIWNCELK VGORGTCVWT[ RTQITCOQYCPKC V[IQFPKQYGIQ C VCMʑG \ E\WLPKMKGO \GYPȶVT\P[O
TGIWNCELK VGORGTCVWT[ FNC E Y W
FNC E Q /CPQOGVT
0QYC MQPUVTWMELC RCNPKMC E[NKPFT[E\PGIQ \CRGYPKC YKȶMU\Ȥ MWNVWTȶ RTCE[ K
\OPKGLU\QP[ JCCU 5VCDKNP[ RQOKGɛ \CRGYPKC \OPKGLU\GPKG GOKULK 01Z K %1
CVY[ FQUVȶR FQ CVOQUHGT[ -QPEGRELC V\Y ŭ\KOP[EJ FT\YKŬ RQ\YQNKC \OKGLU\[Ȧ UVTCV[
FQ RQFȤE\Gɛ RTQOKGPKQYCPKC Cʑ Q /CMU[OCNPC VGORGTCVWTC RQMT[Y[ Y /%4 *QOG
GNGMVT[E\P[EJ PKG RT\GMTCE\C o% 2T\GMCFC UKȶ VQ PC OPKGLU\G UVTCV[ \CTȕYPQ Y VT[DKG
QF RT\QFW MQVC E\WYCPKC LCM K RQFE\CU RTCE[ RQF RGP[O QDEKȤʑGPKGO
2T\[EKUM UGTYKUQY[ 2T\[EKUM TGUGVW
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2Q\PCL PCU\Ȥ RGPȤ QHGTVȶ
6GEJPKMC MQOGTE[LPC
0KG\CNGʑPKG QF OQFGNW QF PCLDCTF\KGL RTQUVGIQ FQ PCLDCTF\KGL UMQORNKMQYCPGIQ YU\[UVMKG
WT\ȤF\GPKC IT\GYE\G ƒTO[ &G &KGVTKEJ UȤ FQUMQPCGL LCMQɮEK &QDTC LCMQɮȦ RTQLGMVȕY OCVGTKCȕY
Wʑ[V[EJ FQ RTQFWMELK QTC\ LCMQɮȦ Y[MQɛE\GPKC Y[TQDȕY YU\[UVMQ VQ OC PC EGNW \CRGYPKGPKG KEJ
PKG\CYQFPQɮEK K VTYCQɮEK
-NKMPKL Y[DTCP[ F\KC CD[ FQYKGF\KGȦ UKȶ YKȶEGL Q FCPGL ITWRKG RTQFWMVȕY
6GEJPKMC FNC FQOW
9[RQUCʑGPKG
2Q\PCL PCU\Ȥ RGPȤ QHGTVȶ
6GEJPKMC MQOGTE[LPC
0KG\CNGʑPKG QF OQFGNW QF PCLDCTF\KGL RTQUVGIQ FQ PCLDCTF\KGL UMQORNKMQYCPGIQ YU\[UVMKG
WT\ȤF\GPKC IT\GYE\G ƒTO[ &G &KGVTKEJ UȤ FQUMQPCGL LCMQɮEK &QDTC LCMQɮȦ RTQLGMVȕY OCVGTKCȕY
Wʑ[V[EJ FQ RTQFWMELK QTC\ LCMQɮȦ Y[MQɛE\GPKC Y[TQDȕY YU\[UVMQ VQ OC PC EGNW \CRGYPKGPKG KEJ
PKG\CYQFPQɮEK K VTYCQɮEK
-NKMPKL Y[DTCP[ F\KC CD[ FQYKGF\KGȦ UKȶ YKȶEGL Q FCPGL ITWRKG RTQFWMVȕY
6GEJPKMC FNC FQOW
9[RQUCʑGPKG
YYY FGFKGVTKEJ RN
&G &KGVTKEJ 6GEJPKMC )T\GYE\C 5R \ Q Q
WN 2ȕPQEPC Ű 9TQECY
VGN Ű DKWTQ"FGFKGVTKEJ RN