Echoes and Evidences of the Book of Mormon

Brigham Young University

BYU ScholarsArchive

32"((*./&/0/"0(& /&+*.

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Donald W. Parry

Daniel C. Peterson

John W. Welch

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Publications

%7,.. %+(-.- %&1"40"!0)&

ѥEJUFECZ

ѤPOBMEѷѰBSSZѤBOJFMѣѰFUFSTPВBOEѪPIВѷѷFMDI

'ĠĦğĕĒĥĚĠğėĠģ"ğĔĚĖğĥ3ĖĤĖĒģĔęĒğĕ.ĠģĞĠğ4ĥĦĕĚĖĤ'"3.4

#ģĚĘęĒĞ:ĠĦğĘ6ğĚħĖģĤĚĥĪ

1ģĠħĠ6ĥĒę

$PWFSEFTJHO"OESFX-JWJOHTUPO

$PWFSQBJOUJOH$BWFPG3FDPSETCZ3PCFSU5#BSSFUU0JMPO$BOWBT$PQZSJHIU

*OTUJUVUFGPSUIF4UVEZBOE1SFTFSWBUJPOPG"ODJFOU3FMJHJPVT5FYUT

'PVOEBUJPOGPS"ODJFOU3FTFBSDIBOE.PSNPO4UVEJFT'"3.4

GBSNTCZVFEV

*OTUJUVUFGPSUIF4UVEZBOE1SFTFSWBUJPOPG"ODJFOU3FMJHJPVT5FYUT

JTQBSUCZVFEV

#SJHIBN:PVOH6OJWFSTJUZ

XXXCZVFEV

10#PY

6OJWFSTJUZ4UBUJPO

1SPWP6UBI

ª'"3.4

"MMSJHIUTSFTFSWFE

1SJOUFEJOUIF6OJUFE4UBUFTPG"NFSJDB

  

-JCSBSZPG$POHSFTT$BUBMPHJOHJO1VCMJDBUJPO%BUB

&DIPFTBOEFWJEFODFTPGUIF#PPLPG.PSNPOFEJUFECZ%POBME81BSSZ

%BOJFM$1FUFSTPO+PIO88FMDI

QDN

*ODMVEFTCJCMJPHSBQIJDBMSFGFSFODFTBOEJOEFY

*4#/BMLQBQFS

#PPLPG.PSNPO&WJEFODFTBVUIPSJUZFUD*1BSSZ%POBME8**1FUFS

TPO%BOJFM$***8FMDI+PIO8+PIO8PPEMBOE

#9&

hED



$ĠğĥĖğĥĤ

-JTUPG*MMVTUSBUJPOT WJJ

*OUSPEVDUJPO  JY

i#ZUIF(JЂBOE1PXFSPG(PEw 

ѥMEFГѮFBMѡѭBYXFMM

ЅF1PXFSPG&WJEFODFJOUIF/VSUVSJOHPG'BJUI  

ѪPIВѷѷFMDI

/FX-JHIUGSPN"SBCJBPO-FIJT5SBJM 

ѳДFOUѢSPXВ

#Z0CKFDUJWF.FBTVSFT0ME8JOFJOUP0ME#PUUMFT  

ѮPFMѢЕFZOPMET

)FCSBJTNTBOE0UIFS"ODJFOU1FDVMJBSJUJFTJOUIF

#PPLPG.PSNPO  

ѤPOBMEѷѰBSSZ

/PU+PTFQITBOE/PU.PEFSO 

ѤBOJFMѣѰFUFSTPВ

"ODJFOU5FYUTJO4VQQPSUPGUIF#PPLPG.PSNPO  

ѪPIВѡѴWFEUOFT

)PX$PVME+PTFQI4NJUI8SJUF4P"DDVSBUFMZ

BCPVU"ODJFOU"NFSJDBO$JWJMJ[BUJPO  

ѪPIВѬѳPSFOTPВ

ЅF8SPOH5ZQFPG#PPL  

ѪPIВѧFА

"4UFBEZ4USFBNPG4JHOJmDBOU3FDPHOJUJPOT

ѪPIВѷѷFMDI

$POWFSHJOH1BUIT-BOHVBHFBOE$VMUVSBM

/PUFTPOUIF"ODJFOU/FBS&BTUFSO

#BDLHSPVOEPGUIF#PPLPG.PSNPO  

ѳUFQIFВѤЕJDЖT

'SPNB$POWFSUT7JFXQPJOU 

ѡMJTPВѶѰѣPVUUT

"QQFOEJY&DIPFTBOE&WJEFODFTGSPNUIF

8SJUJOHTPG)VHI/JCMFZ  

4DSJQUVSF$JUBUJPO*OEFY  

*OEFYPG)JUT  

$POUSJCVUPST  

"CPVUUIF*OTUJUVUF 

WJJ

-ĚĤĥĠė*ĝĝĦĤĥģĒĥĚĠğĤ

&WFOUT4VSSPVOEJOHUIF5SBOTMBUJPOPGUIF

#PPLPG.PSNPOo  

5FTUJNPOZPGUIFЅSFF8JUOFTTFT

JO0MJWFS$PXEFSZT)BOE  

-FIJT1PTTJCMF3PVUFTUP#PVOUJGVM  

8PSEQSJOUTBOEUIF#PPLPG.PSNPO  

4JNJMF$VSTFT  

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DPODVSSFOUGBDUTMJLFSBZTPGMJHIUBMMDPOWFSHJOHUPUIFTBNF

DFOUFSNBZUISPXOPUPOMZBDMFBSMJHIUCVUBCVSOJOHDPOWJD

UJPOBDPOWJDUJPOPGUSVUINPSFJOGBMMJCMFUIBOUIFUFTUJNPOZ

FWFOPGUXPXJUOFTTFTEJSFDUMZUPBGBDUwŇŇ"DDPSEJOHMZUIF

tѥDIPFTBOEѥWJEFODFTPGUIАѢPPЖPGѭPSNPВ

DPOWFSHFODFPGIVHFBNPVOUTPGDJSDVNTUBOUJBMFWJEFODF

TVDIBTJOUIFBTUPOJTIJOHMZTIPSUUJNFJOXIJDIUIF#PPL

PG.PSNPOXBTUSBOTMBUFEŇňNBZCFWJFXFERVJUFGBWPSBCMZ

JGBQFSTPOTTQJSJUVBMEJTQPTJUJPOJODMJOFTPOFUPSFDFJWFBOE

WBMVFTVDIFWJEFODF

"OPUIFSGBTDJOBUJOHBOEDSVDJBMRVFTUJPOJT)PXBSF

XFUPFWBMVBUFUIFDVNVMBUJWFXFJHIUPGFWJEFODF 4PNFDPN

QJMBUJPOTPGFWJEFODFBSFTUSPOHPUIFSDPMMFDUJPOTBSFXFBL

:FUPODFBHBJOJONPTUTFUUJOHTOPTDBMFGPSFWBMVBUJOHUIF

DVNVMBUJWFXFJHIUPGFWJEFODFJTSFBEJMZBWBJMBCMF/PDBOPOT

PGNFUIPEBOTXFSUIFRVFTUJPO)PXNVDIFWJEFODFEPXF

OFFEJOPSEFSUPESBXBDFSUBJODPODMVTJPO "OTXFSJOHUIJT

RVFTUJPOJTBOPUIFSDIPJDFUIBUDPNCJOFTBOECSJEHFTGBJUI

BOEFWJEFODF

"OJOUFSFTUJOHTDBMFIBTEFWFMPQFEJOUIFMBXUIBUQSF

TDSJCFTTQFDJmDMFWFMTPGQSPPGUIBUBSFSFRVJSFEUPTVQQPSU

DFSUBJOMFHBMSFTVMUTЅFXPSMEPGFWJEFODFJTOPUCMBDLBOE

XIJUFUIFSFBSFNBOZTIBEFTPGHSBZ3BOHJOHGSPNBIJHI

EFHSFFPGDFSUJUVEFPOEPXOTUBOEBSETPGQSPPGPOUIJTTQFD

USVNJODMVEF

  "EYONDAREASONABLEDOUBTDISPOSITIVE

PRACTICALLYCERTAIN

  #LEARANDCONVINCINGEVIDENCENEARLYCERTAIN

  #OMPETENTANDSUBSTANTIALEVIDENCEWELLOVERHALF

  1SFQPOEFSBODFPGFWJEFODFNPSFUIBOIBMGNPSF

MJLFMZUIBOOPU

  0ROBABLEASINPROBABLECAUSESUBSTANTIAL

POSSIBILITY

  0LAUSIBLEREASONABLYSUSPECTED

  .BUFSJBMSFMFWBOUNFSFMZQPTTJCMF

tѥDIPFTBOEѥWJEFODFTPGUIАѢPPЖPGѭPSNPВ

ЅVTGPSFYBNQMFBQFSTPODBOOPUCFDPOWJDUFEPGB

mSTUEFHSFFNVSEFSVOMFTTUIFQSPTFDVUJPODBOQSPWFJUT

DBTFiCFZPOEBSFBTPOBCMFEPVCUw"DJWJMDBTFIPXFWFS

CFUXFFOUXPDPOUFTUJOHQBSUJFTUPBDPOUSBDUXJMMCFEF

DJEFECZBTJNQMFQSFQPOEFSBODFPGUIFFWJEFODF"HSBOE

KVSZDBOJOEJDUBQFSTPOPOQSPCBCMFDBVTF

#VUFWFOXJUIJOUIJTTQFDUSVNBTIFMQGVMBOETPQIJT

UJDBUFEBTJUJTOPQSFDJTFEFmOJUJPOTGPSUIFTFUFSNTFYJTU

-BXZFSTBOEKVEHFTTUJMMIBWFPOMZBGFFMJOHGPSXIBUUIFTF

MFHBMUFSNTNFBOBOEUIFJSBQQMJDBUJPOTNBZWBSZGSPN

KVEHFUPKVEHF'PSFYBNQMFBTVSWFZDPOEVDUFEJOUIF

&BTUFSO%JTUSJDUPG/FX:PSLBNPOH UFOGFEFSBMKVEHFT

EFUFSNJOFEUIBUUIFQISBTFiCFZPOEBSFBTPOBCMFEPVCUw

SBOHFEGSPNQFSDFOUUPQFSDFOUDFSUBJOUZBMUIPVHI

NPTUXFSFPOUIFIJHIFOEPGUIJTSBOHFi$MFBSBOEDPO

WJODJOHFWJEFODFwDPWFSFEGSPNQFSDFOUUPQFSDFOUŇŉ

0CWJPVTMZBEFHSFFPGTVCKFDUJWJUZJTBHBJOJOWPMWFEJO

EFDJEJOHXIBUMFWFMPGDFSUJUVEFTIPVMECFSFRVJSFEPSIBT

CFFOBDIJFWFEJOBHJWFODBTF

*OBSFMJHJPVTTFUUJOHOPBSCJUFSQSFTDSJCFTPSEFmOFT

UIFMFWFMPGFWJEFODFUIBUXJMMTVTUBJOBIFBMUIZGBJUI"MM

JOEJWJEVBMTNVTUTFUGPSUIFNTFMWFTUIFMFWFMTPGQSPPGUIBU

UIFZXJMMSFRVJSFŇŊ:FUIPXEPFTPOFQSJWBUFMZEFUFSNJOF

XIBUCVSEFOPGQSPPGUIF#PPLPG.PSNPOTIPVMECFBS 

4IPVMEJOWFTUJHBUPSTSFRVJSFUIBUJUCFQSPWFECFZPOE B

SFBTPOBCMFEPVCUCFGPSFFYQFSJNFOUJOHXJUIJUTXPSETUP

MFBSO PGJUTUSVUI PS HPPEOFTT  4IPVME CFMJFWFST FYQFDU

UPIBWFBUMFBTUBQSFQPOEFSBODFPGUIFFWJEFODFPOUIFJS

TJEFJOPSEFSUPNBJOUBJOUIFJSGBJUI 0SJTGBJUICPSOFPVU

TVċDJFOUMZCZBNFSFMZSFBTPOBCMFPSQMBVTJCMFQPTJUJPO

QFSIBQTFWFOJOTQJUFPGBMMFWJEFODF 'FXQFPQMFSFBMJ[F

IPXNVDISJEFTPOUIFJSQFSTPOBMDIPJDFJOUIFTFNBUUFST

tѥDIPFTBOEѥWJEFODFTPGUIАѢPPЖPGѭPSNPВ

BOEUIBUUIFJSBOTXFSOFDFTTBSJMZPSJHJOBUFTJOUIFEPNBJO

PGGBJUI

%JĊFSFOUMFHBMDBTFTDBMMGPSEJĊFSFOUDPOmHVSBUJPOTPG

FWJEFODF4PNFNBUUFSTPGDPNNPOMBXPSTUBUVUFBSFXIBU

POFNJHIUDBMMTJOHMFGBDUPSDBTFTUIFQSFTFODFPSBCTFODF

PGBTJOHMFGBDUPSJTEJTQPTJUJWFPGUIFNBUUFS.PSFPЂFO

IPXFWFSMFHBMSVMFTDBMMGPSBOVNCFSPGFMFNFOUTUIBU

NVTUCFQSPWFEJOPSEFSGPSBDMBJNUPCFFTUBCMJTIFE*O

TVDIDBTFTFWFSZFMFNFOUJTDSVDJBMBOEFBDINVTUCFTBU

JTmFEGPSUIFMFHBMUFTUUPCFNFU*OPUIFSDBTFTIPXFWFS

TFWFSBMDSJUFSJBBSFSFDPHOJ[FECZMBXOPOFPGXIJDIJT

BCTPMVUFMZFTTFOUJBMCVUHJWFOUIFGBDUTBOEDJSDVNTUBODFT

PGUIFQBSUJDVMBSDBTFNBZCFBOJOEJDBUJWFGBDUPSЅVT

GPSFYBNQMFJOEFUFSNJOJOHXIFUIFSBQFSTPOJTFJUIFSBO

JOEFQFOEFOUDPOUSBDUPSPSBOFNQMPZFFNPSFUIBOUXFOUZ

GBDUPSTIBWFCFFOSFDPHOJ[FECZMBXBTCFJOHQPUFOUJBMMZ

TJHOJmDBOUJOSFTPMWJOHUIFJTTVFCVUOPOFPGUIFNJTBC

TPMVUFMZFTTFOUJBMŇŋ4JNJMBSMZ#PPLPG.PSNPOFWJEFODFT

NBZDPNFJOBMMUISFFPGUIFTFDPOmHVSBUJPOT

*OVMUJNBUFNBUUFSTPGGBJUIIPXFWFSUIFJOEJWJEVBM

NVTU EFDJEF XIBU DPOmHVSBUJPO PG FWJEFODF UPSFRVJSF

*TUIFVMUJNBUFJTTVFPG#PPLPG.PSNPOPSJHJOTUPCF

BOTXFSFECZBTJOHMFGBDUPSUFTUCZTBUJTGZJOHUIFSFRVJSF

NFOUTPGBNVMUJQMFFMFNFOUTFUBOEJGTPXIPEFmOFT

XIBUUIFFTTFOUJBMFMFNFOUTBSFUPCF PSCZESBXJOHPO

WBSJPVT GBDUT BOE DJSDVNTUBODFT BDDVNVMBUFE UISPVHI

TQJSJUVBMFYQFSJFODFBOESFTFBSDI *OEJWJEVBMDIPJDFPO

UIJTNBUUFSXJMMBHBJOBĊFDUIPXUIFPCKFDUJWFFWJEFODF

XPSLTJOBOZHJWFOJOEJWJEVBMTNJOEBOETQJSJU

 *ODFSUBJODBTFTUIFTVNPGUIFFWJEFODFNBZCF

HSFBUFSUIBOUIFUPUBMPGJUTJOEJWJEVBMQBSUTi1JFDFTPGFWJ

EFODFFBDICZJUTFMGJOTVċDJFOUNBZUPHFUIFSDPOTUJUVUFB

tѥDIPFTBOEѥWJEFODFTPGUIАѢPPЖPGѭPSNPВ

TJHOJmDBOU XIPMF BOE KVTUJGZ CZ UIFJS DPNCJOFE FĊFDU

BDPODMVTJPOwňŅЅFDVNVMBUJWFFĊFDUPGFWJEFODFJTJO

TPNFXBZTQFSQMFYJOHCVUBHBJOSFnFDUTUIFSPMFPGUIF

PCTFSWFSTQSFGFSFODFJOIPXFWJEFODFXPSLT*OEJWJEVBM

QJFDFTPGFWJEFODFFBDIPGXIJDITUBOEJOHBMPOFJTSFMB

UJWFMZJOTJHOJmDBOUBOEVOJOUFSFTUJOHNBZUBLFPOWBTU

JNQPSUBODFJOBQFSTPOTNJOEBTUIFZDPNCJOFUPGPSNB

DPOTJTUFOUQBUUFSOPSDPIFSFOUQJDUVSF*UJTJOTPNFTFOTFT

JSPOJDUIBUBGFXTUSPOHTJOHMFGBDUTDBOCFPWFSXIFMNFE

BOEEFGFBUFECZBIPSEFPGUSVFCVUMFTTTJHOJmDBOUGBDUT

BTUSBUFHZ*VTFEJOXJOOJOHTFWFSBMUBYDBTFT#VUTIPVME

POFHJWFHSFBUFSDSFEFODFUPBXJEFSBOHJOHBDDVNVMBUJPO

PGBTTPSUFEEFUBJMTPSUPBGFXTJOHMFTUSPOHGBDUPST 0OMZ

QFSTPOBMKVEHNFOUXJMMBOTXFSUIBURVFTUJPO

"OPUIFSJOUFSFTUJOHFĊFDUPDDVSTXIFOBHPPEDBTFJT

BDUVBMMZXFBLFOFECZQJMJOHPOBGFXXFBLBEEJUJPOBMQPJOUT

"CBEBSHVNFOUNBZCFXPSTFJOTPNFNJOETUIBOOPBS

HVNFOUBUBMMJGUIFXFBLBSHVNFOUTUFOEUPVOEFSNJOF

DPOmEFODFJOUIFTUSPOHQPJOUT#VUXIPDBOUFMMXIBUXJMM

XPSLPSOPUXPSLGPSPOFQFSTPOPSBOPUIFS ЅFEFHSFFPG

DPOmEFODFBQFSTPOJTXJMMJOHUPQMBDFJOBOZFWJEFODFJT

BOPUIFSNBOJGFTUBUJPOPGGBJUIPSQFSTPOBMSFTQPOTF

4JNJMBSMZBEWPDBDZBOESIFUPSJDBSFWJSUVBMMZQBSU

PGUIFFWJEFODFЅFUFDIOJRVFTPGQSFTFOUJOHFWJEFODFBSF

PЂFOBTJNQPSUBOUBTUIFFWJEFODFJUTFMGBOEUIFTVCKFDUJWF

EFDJTJPOUPGFBUVSFDFSUBJOQPJOUTJOGBWPSPGPUIFSTDBO

CFUIFUVSOJOHQPJOUPGBDBTF*NQPSUBOUGBDUTGPSDFGVMMZ

QSFTFOUFE UBLF PO BEEFE TJHOJmDBODF DSVDJBM FWJEFODF

PWFSMPPLFEBOEVOEFSVTFEXJMMOPUBMXBZTFWFOCFOPUJDFE

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QFPQMFTOPUFEJOUIF#JCMFUIFSFBSFGFXIJOUTPGNFBOJOH

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DFOUVSZ ēĔXIFO-FIJBOE4BSJBI XFSFPO UIFNPWF

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BCMFMPOHBЂFS+PTFQI4NJUITEBZGPSFYUFOTJWFDPOUBDUT

CFUXFFO"SBCJBBOE+FSVTBMFNJOBOUJRVJUZNPTUDPNNFS

DJBMBOENJMJUBSZ

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TJEFTPGUIF%FBE4FBUIFUFSSBJOTMPQFTTUFFQMZGSPNDMJĊT

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TUBSUJOHUPXBSE#FUIMFIFNBUMFBTUUXPSPVUFTXFSFBWBJM

BCMF0OFXBTUIFUSBEFSPVUFUIBUMFETPVUIUP)FCSPO

UIFOUP"SBEBOEEPXO UISPVHI UIF;PIBS7BMMFZ JOUP

UIF "SBCBI 7BMMFZ XIJDI DPOUJOVFT UIF +PSEBO 7BMMFZ

TPVUIXBSE

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UIFGBNJMZHFOFSBMMZGPMMPXFEBUSBEFSPVUFOPUPOMZGPSUIJT

TFHNFOUPGUIFKPVSOFZCVUGPSMBUFSTFHNFOUTUPP&WFO

UIPVHI/FQIJTOBSSBUJWFPGUIFKPVSOFZEPFTOPUTQF

DJmDBMMZNFOUJPONFFUJOHPUIFSQFPQMFUIFQBSUZTVSFMZ

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NFNCFSTSBOJOUPPUIFSTBTUIFZUSBWFMFE

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UBLJOHUIFNEPXOJOUPUIF+PSEBO7BMMFZBGFXNJMFTTPVUI

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BTDFOEFEJOUPUIFIJHIMBOETPG.PBCXIFSFUIFZXPVME

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PSBSPBEUIBUSBOGBSUIFSFBTUUISPVHI&EPNJUFUFSSJUPSZ

UPXBSEUIF3FE4FB0GUIFUXPSPVUFTUIFmSTUEFQBSUFE

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BSPVOEUIF.PVOUPG0MJWFTUIFOUVSOFEFBTUXBSEBOE

GPMMPXFEUIFUSBEFSPVUFUIBUDPOOFDUFEXJUIUIFOPSUI

XFTUTIPSFPGUIF%FBE4FBUISPVHI8BEJ.VLBMMJL/B

IBM0HЅJTUSBJMXBTLOPXOJOBOUJRVJUZBTUIFi3PVUF

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,JOHT)JHIXBZOFBS.PVOU/FCP

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UBLFOUIFGBNJMZGSPNUIFFBTUTJEFPG+FSVTBMFNCVUPO

BOFBTUXBSEUSBDLVQPWFSUIF.PVOUPG0MJWFTOFBSUIF

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"SBCJB.PTUQSPCBCMZ-FIJTQBSUZTBXTPNFPGUIJTPQV

MFODFJOUSBWFMTGBSUIFSTPVUI

"MMSFDFOUDPNNFOUBUPSTGSPN"INFE'BLISZ

UP/JHFM(SPPNOPUFUIFFYUSBPSEJOBSZXFBMUIPG

UIFBODJFOULJOHEPNTUIBUBSPTFJOUIFTPVUIXFTUFSOTFD

UPSPGUIF"SBCJBO1FOJOTVMBJOXIBUJTNPEFSO:FNFO

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"DIJFGTPVSDFPGUIBUXFBMUIXBTJODFOTFXIJDIDBNFM

USBJOTDBSSJFEJOUPUIF.FEJUFSSBOFBOBOE.FTPQPUBNJBO

BSFBTGSPNBUJNFCFHJOOJOHMPOHCFGPSF-FIJBOE4BSJBI

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ЅFXFBMUIEFSJWFEOPUPOMZGSPNUIFTBMFPGJODFOTFCVU

BMTPGSPNUBYJOHUIFHPPETGSPNUSBOTQPSUJOHUIFNBOE

GSPNPĊFSJOHTFSWJDFTJOUIFGPSNPGGPPEBOETPPOUPUIF

NFOBOEBOJNBMTUIBUNBEFVQUIFDBSBWBOTЅFXFBMUI

MFE UP NBTTJWF QVCMJD XPSLT QSPHSBNT XIJDI JODMVEFE

EBNTGPSJSSJHBUJPOBOEUFNQMFTGPSUIFEFJUJFTXPSTIJQQFE

CZQFPQMFUIFSF



(FPHSBQIZ

ЅFTDFOFTJOUIFESFBNBMUFSOBUFCFUXFFOMPOHMPOFMZ

TUSFUDIFTPGEFTFSUDSPTTFEBUOJHIUTFF/FQIJoBOE

SFHJPOTPGEFOTFQPQVMBUJPOTFFWW-FIJ

BMTPXSPUFPGEFFQDBOZPOTLOPXOBTXBEJTUIBUXFSF

BMNPTUJNQPTTJCMFUPUSBWFSTFDPNQBSFiBHSFBUBOEBUFS

SJCMFHVMGwJOBOEiBOBXGVMHVMGwJO"ЂFS

SBJOTUIFTFBTPOBMTUSFBNTJOUIFXBEJTmMMXJUINVEBOE

EFCSJTDBMMFE imMUIZ XBUFSwJOBOEimMUIJOFTTwJO

o

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*ODPOUSBTU-FIJEFTDSJCFEPDDBTJPOBMHSFFO

mFMETOFYUUPUIFEFTFSUHSBDFEOPUPOMZCZBCVOEBOUXB

UFSUIFSFXFSFBMSFBEZFYUFOTJWFJSSJHBUJPOXPSLTJOTPVUI

"SBCJBUIBUTVQQPSUFEBMBSHFSQPQVMBUJPOUIBOUIFPOF

MJWJOHUIFSFOPXCVUBMTPCZMVTIWFHFUBUJPOSFQSFTFOUFE

CZUIF USFFGVMM PGEFMJDJPVT GSVJUTFFo

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)FTBX

tѥDIPFTBOEѥWJEFODFTPGUIАѢPPЖPGѭPSNPВ

IFBWJMZUSBWFMFEQBUITMFBEJOHUPUIFHSFFOBSFBTTFFWW

oBTXFMMBTiGPSCJEEFOQBUITwBOEiTUSBOHFSPBETwPG

UIFTVSSPVOEJOHEFTFSUXIFSFUIFVOXBSZXPVMECFDPNF

iMPTUwWW'VSUIFS-FIJTNFOUJPOPGiBNJTU

PGEBSLOFTTwWSFNJOETPOFPGUIFIFBWZNJTUTBOE

GPHTUIBUCMBOLFUUIFDPBTUTPG"SBCJBFTQFDJBMMZEVSJOH

UIFNPOTPPOTFBTPOJODMVEJOHUIFQMBDFXIFSFUIFGBNJMZ

NPTUMJLFMZFNFSHFEGSPNUIFEFTFSU



ЅFESFBNJTBMTPUSVFUPPUIFSDVMUVSBMBOEHFPHSBQIJ

DBMEJNFOTJPOTPGUIFGBNJMZTXPSME'PSFYBNQMF-FIJT

ESFBNCFHBOJOiBEBSLBOEESFBSZXJMEFSOFTTwXIFSFJO

-FIJBOEBHVJEFXBMLFEiJOEBSLOFTTwGPSiNBOZIPVSTw

/FQIJ1MBJOMZUIFZXFSFXBMLJOHBUOJHIUUIF

QSFGFSSFEUJNFGPSUSBWFMJOHUISPVHIUIFIPUEFTFSU'VS

UIFSXIFO-FIJSFBDIFEUIFUSFFUIBUHSFXJOiBMBSHFBOE

TQBDJPVTmFMEwXIJDImFMEJTEJĊFSFOUGSPNUIFXJMEFS

OFTTIFQBSUPPLPGUIFGSVJUPGUIFUSFFBOEUIFOMPPLFE

GPSIJTGBNJMZBQQBSFOUMZFYQFDUJOHUPTFFUIFNTFFWW

oЅJTTPSUPGEFUBJMNFTIFTXJUIUIFDVTUPNPG

GBNJMZUSBWFMJOUIF/FBS&BTUXJUIUIFGBUIFSHPJOHBTB

WBOHVBSEUPMPPLGPSEBOHFSBOEGPSGPPEXIJMFUIFNPUIFS

BOEZPVOHFSDIJMESFOGPMMPX8IFOUIFSFBSFPUIFSBEVMU

NFNCFSTJOBDMBOPSGBNJMZUIFNBMFTGPSNBSFBSHVBSE

BTEJE-BNBOBOE-FNVFMJOUIJTTFUPGTDFOFTWWo

)FODFJOUIFESFBN-FIJXBTFWJEFOUMZOPUBMPOFXJUIUIF

HVJEFBTUIFZUSBWFMFE)JTGBNJMZNFNCFSTXFSFGPMMPXJOH

IJNCVUBUBTBGFEJTUBODFBTDVTUPNSFRVJSFE



.VMUJUVEFTPG1FPQMF

ЅFESFBNPG-FIJUFFNTXJUIQFPQMF"MUIPVHIUIF

ESFBNCFHJOTXJUIBEFTFSUKPVSOFZVOEFSUBLFOPOMZCZ

-FIJIJTGBNJMZNFNCFSTBOEBHVJEFTFF/FQIJo

tѥDIPFTBOEѥWJEFODFTPGUIАѢPPЖPGѭPSNPВ

oJURVJDLMZmMMTXJUIPUIFST*OIJTPXOXPSET

-FIJ iTBX OVNCFSMFTT DPODPVSTFT PG QFPQMFw XIP iEJE

DPNFGPSUIBOEDPNNFODFJOUIFQBUIXIJDIMFEUPUIF

USFFwWW4PPOIFiCFIFMEPUIFSTQSFTTJOHGPSXBSEw

UPUBLFiIPMEPGUIFFOEPGUIFSPEPGJSPOwXIJDIBMTP

XPVMECSJOHUIFNUPUIFUSFFW*OUIFOFYUTDFOFIF

iCFIFMEBHSFBUBOETQBDJPVTCVJMEJOHwUIBUiXBTmMMFE

XJUIQFPQMFCPUIPMEBOEZPVOHCPUINBMFBOEGFNBMFw

WW.PSFPWFSJOBOPUIFSTFUUJOH-FIJiTBXPUIFS

NVMUJUVEFTwTPNFPGXIPNDBNFUPUIFUSFFBOEPUIFST

PGXIPNCFHBOiGFFMJOHUIFJSXBZUPXBSETUIBUHSFBUBOE

TQBDJPVT CVJMEJOHw FBDI HSPVQ QSPDFFEJOH DBVUJPVTMZ

BOEQVSQPTFGVMMZCFDBVTFPGUIFNVSLZNJTUTWW

8IFSFEJEBMMPGUIFTFQFPQMFDPNFGSPN 8BTOPU"SBCJB

CBTJDBMMZBOFNQUZQMBDF

ЅFBOTXFSJTZFTBOEOPЅFSFBSFWBTUSFHJPOTXIFSF

OPIVNBOJOIBCJUBOUMJWFTЅFQSPCMFNJOUIPTFBSFBTPG

DPVSTFJTBMBDLPGXBUFS#VUBODJFOUMZCPUIUIFOPSUI

XFTUBOETPVUIXFTUTFDUJPOTPGUIF"SBCJBO1FOJOTVMB

TVQQPSUFEMBSHFQPQVMBUJPOTBTXFMMBTMBSHFOVNCFSTPG

BOJNBMT



*UXBTUISPVHIUIFTFWFSZBSFBTUIBU-FIJTQBSUZ

QBTTFEЅPVHIBOJNBMTEPOPUBQQFBSJO-FIJTESFBN

UIFMPOFFYDFQUJPOJTBMBNCTFF/FQIJQFPQMF

EP"OEMPUTPGUIFNNBUDIJOHUIFJNBHFTJOUIFESFBN

"MUIPVHIJUJTQPTTJCMFGPSBNPEFSOBVUIPSUPNBLFVQ

QBSUTPGBTUPSZUIBUBSFVOSFBMJTUJDUIFTUPSZXJMMOPUHBJO

DSFEJCJMJUZJOUIFFZFTPGSFBEFSTVOMFTTUIFBVUIPSDBSF

GVMMZNBTLTUIFVOSFBMJTUJDFMFNFOUTXJUIBIFBWZEPTFPG

SFBMJUZJOUIFPUIFSQBSUT*OUIFDBTFPG-FIJTESFBNJUJT

JNQSFTTJWFUIBUFWFOUIJTEFUBJMPGMBSHFOVNCFSTPGQFPQMF

mUTUIFBODJFOUDPOUFYUPGUIFGBNJMZTKPVSOFZJOUP"SBCJB

tѥDIPFTBOEѥWJEFODFTPGUIАѢPPЖPGѭPSNPВ

/PTPVSDFUIBU+PTFQI4NJUIIBEBDDFTTUPXPVMEIBWFUPME

IJNUIJTGBDU

"SDIJUFDUVSF

ЅFiHSFBUBOETQBDJPVTCVJMEJOHwPG-FIJTESFBN

BQQFBSFEVOVTVBMFOPVHIUPIJTFZFUIBUIFDBMMFEJU

iTUSBOHFw/FQIJ)FBMTPXSPUFUIBUUIJTCVJMEJOH

JOIJTESFBNiTUPPEBTJUXFSFJOUIFBJSIJHIBCPWFUIF

FBSUIw/FQIJ8IZXPVME-FIJXIPIBEFWJEFOUMZ

USBWFMFEBHPPEEFBMEVSJOHIJTMJGFIFQPTTFTTFEiUFOUTw

/FQIJDBMMBCVJMEJOHTUSBOHF "OEEPFTUIFXPSE

TUSBOHFmUXJUIUIFGBDUUIBUUIFCVJMEJOHTPBSFEJOUPiUIF

BJSIJHIBCPWFUIFFBSUIw &WJEFOUMZ-FIJTEFTDSJQUJPOTPG

UIJTCVJMEJOHQPJOUUPBSDIJUFDUVSFVOGBNJMJBSUPIJN'VS

UIFSNPSFIJTXPSETQSPQIFUJDBMMZBOUJDJQBUFBSDIJUFDUVSF

UIBUIFBOEIJTQBSUZXPVMETFFJOTPVUI"SBCJB

3FDFOUTUVEJFTIBWFTIPXOUIBUUIFTPDBMMFETLZ

TDSBQFSBSDIJUFDUVSFPGNPEFSO:FNFOGFBUVSFENPTUWJW

JEMZCZUIFUPXFSJOHCVJMEJOHTJOUIFUPXOOBNFE4IJCBN

JOUIF)BEISBNBVU7BMMFZIBTCFFODPNNPOTJODFBUMFBTU

UIFFJHIUIDFOUVSZēĔBOEJTBQQBSFOUMZVOJRVFJOUIFBO

DJFOUXPSMEЅF'SFODIFYDBWBUJPOTPGUIFCVJMEJOHTBUBO

DJFOU4IBCXBIJOUIFTJODMVEJOHIPNFTJOEJDBUFUIBU

UIFGPVOEBUJPOTPGUIFTFCVJMEJOHTTVQQPSUFENVMUJTUPSJFE

TUSVDUVSFT *O BEEJUJPO iNBOZ BODJFOU 4PVUI "SBCJBO

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/FQIJ'PSFYBNQMFIFTIPXTMJUUMFJOUFSFTUJOBODJFOU

"SBCJBBOEUIFLJOEPGMJGFUIBUBSDIBFPMPHJDBMSFNBJOT

NJHIUJMMVNJOBUF*OTUFBEBMNPTUBMMPGIJTDPODFSOGP

DVTFTPOEFTDSJCJOHQFPQMFXIPNIFNFUBOEQMBDFTUIBU

IFWJTJUFE ЅJTTPSU PGNBUFSJBMEPFTOPUBQQFBSJOUIF

QBHFTPG/FQIJ*OGBDUPOFPGUIFVOVTVBMCVUQFSTJTUFOU

DIBSBDUFSJTUJDTPG/FQIJTOBSSBUJWFJTUIBU/FQIJNFOUJPOT

OPPOFXIPNQBSUZNFNCFSTNFUPOUIFJSUSFL&WJEFOUMZ

IFQVSQPTFMZPNJUTNFOUJPOPGBMMQFSTPOTBOEQSFFYJTUJOH

QMBDFTFYDFQUGPS/BIPNTFF/FQIJ

+PVSOFZGSPNUIF'JSTU$BNQUP/BIPN

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TJEFPGUIF"M4BSƽUNPVOUBJOSBOHFUPUIFFBTU ЅFmSTU

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+ĠĦģğĖĪ

ĥĠ/ĒęĠĞ

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RVFTUJPODBOCFBOTXFSFEGSPNDMVFTJO/FQIJTOBSSBUJWF

QMVTBOBQQFBMUPBOBDDPVOUJO4USBCPDBēĔoĒĕ

ЅFTFDPOEJTNPSFFMVTJWFCFDBVTFIJOUTBCPVUQBTT

JOHUISPVHIUIFNPVOUBJOTBSFJOEJSFDU&WFOTPUIFSFBSF

FOPVHIDMVFTUPJOEJDBUFUIBUUIFGBNJMZDSPTTFEBOBUVSBM

CBSSJFSTVDIBTBNPVOUBJOSBOHFXIJDIXPVMEmUXJUI

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UIFDPBTUBMMPXMBOETGSPNUIFVQMBOETPGUIFJOUFSJPSЅF

QFBLTJOUIFOPSUISJTFUPIFJHIUTPGmWFUIPVTBOEGFFU

XIJMFUIPTF JO UIFTPVUI SFBDI NVDI IJHIFS " MJNJUFE

OVNCFSPGQBTTFTBOEWBMMFZTPĊFSBDDFTTGSPNPOFTJEF

PGUIFSBOHFUPUIFPUIFS



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XBSEw/FQIJ0UIFSXJTFUIFNPVOUBJOT

XPVMEIBWFGPSNFEBNBKPSCBSSJFSUPUIFJSFBTUXBSEUSFL

/FQIJTOBSSBUJWFPĊFSTIJOUTUIBUUIFGBNJMZXFOUJOUPUIF

NPVOUBJOTOPUMPOHBЂFSMFBWJOHUIFDBNQ

ЅFmSTUIJOUJTUIFBNB[JOHJOJUJBMTVDDFTTPGUIFIVOU

FSTJOUIFQBSUZņŋ'PSBЂFSMFBWJOHBQMBDFUIFZDBMMFE4IB[FS

XIJDIMBZGPVSEBZTKPVSOFZGSPNUIFJSmSTUDBNQTFF/FQIJ

UIFZUSBWFMFEiGPSUIFTQBDFPGNBOZEBZTTMBZJOHGPPE

CZUIFXBZwWЅJTFYQSFTTJPOJOEJDBUFTBCVOEBOUDPWFS

GPSIVOUFSTUIBUPOFmOETJONPVOUBJOPVTUFSSBJOSBUIFSUIBO

JOUIFPQFOnBUSFHJPOPGUIFNBSJUJNFQMBJOUIBUSVOTBMPOH

UIFTIPSFPGUIF3FE4FB

tѥDIPFTBOEѥWJEFODFTPGUIАѢPPЖPGѭPSNPВ

" TFDPOE DMVF IBT UP EP XJUI UIF QPTTJCMF MPDBUJPO PG

4IB[FS/FQIJSFQPSUFEUIBUUIFQBSUZIBETUPQQFETQFDJmDBMMZ

UPSFTUBOEIVOUBU4IB[FSBЂFSUSBWFMJOHGPSPOMZiGPVSEBZTw

4IB[FSMBZJOiOFBSMZBTPVUITPVUIFBTUEJSFDUJPOwGSPN

UIFmSTUDBNQWWo5SBWFMJOHUIJTHFOFSBMEJSFDUJPO

XPVMEIBWFLFQUUIFHSPVQOFBSUIFTIPSFPGUIF3FE4FB

BUMFBTUJOJUJBMMZ#VUBЂFSUIFGBNJMZEFQBSUFEGSPN4IB[FS

/FQIJTBDDPVOUNFOUJPOTUIF3FE4FBGPSUIFMBTUUJNF

BTJHOJmDBOUQPJOUW*OUIJTMJHIUXFDBOUIFPSJ[F

UXPQPTTJCMFMPDBUJPOTGPS4IB[FS#PUIQPJOUUPUIFGBN

JMZTMFBWJOHUIF3FE4FBDPBTUTPPOBOEUSBWFMJOHJOUPUIF

NPVOUBJOT'JSTU4IB[FSNBZIBWFMBJOOFYUUPUIFDPBTU

BGFXNJMFTGSPNUIFNPVOUBJOTBOENBZIBWFCFFOUIF

QBSUZTMBTUTUPQCFGPSFUIFZFOUFSFENPVOUBJOPVTUFSSBJO

XIJDIXPVMEFYQMBJO/FQIJTMBTUNFOUJPOPGUIF3FE4FB

4FDPOEJUJTBMTPQPTTJCMFUIBU4IB[FSMBZJOTJEFBNPVOUBJO

WBMMFZOPUGBSGSPNUIF3FE4FBBWBMMFZUIBUMFEJOUPBOE

BDSPTTUIFNPVOUBJOT



ЅFSFBSFOPUFOPVHIIJOUTJOUIF

OBSSBUJWFUPEFUFSNJOFXIJDIBMUFSOBUJWFNBZCFDPSSFDU

ЅFUIJSEDMVFIBTUPEPXJUIUIFXPSECPSEFSTЅJT

UFSNTFFNTUPNBSLBNPVOUBJOPVT[POF&BSMZJOIJTOBS

SBUJWF/FQIJIBEBQQBSFOUMZVTFEUIFUFSNCPSEFSTJODPO

OFDUJPOXJUIUIFNPVOUBJOPVTSFHJPOUIBUSVOTBMPOHUIF

(VMGPG"RBCBGBSUIFSUPUIFOPSUITFF/FQIJ





ЅFOBTUIFQBSUZNPWFETPVUIGSPNUIFmSTUDBNQ/F

QIJXSPUFUIBUQBSUZNFNCFSTUSBWFMFEiJOUIFNPTUGFSUJMF

QBSUTPGUIFXJMEFSOFTTXIJDIXFSFJOUIFCPSEFSTOFBSUIF

3FE4FBw*OUIJTDPOUFYUUIFUFSNCPSEFSTNBZXFMM

QPJOUUPNPVOUBJOPVTBSFBT



"GPVSUIDMVFIBTUPEPXJUIiUIFNPTUGFSUJMFQBSUTPG

UIFXJMEFSOFTTw4VDIBSFBTEJEOPUMJFBMPOHUIFDPBTUBM

QMBJOJNNFEJBUFMZTPVUIPGUIFCBTFDBNQCFDBVTFUIBU

tѥDIPFTBOEѥWJEFODFTPGUIАѢPPЖPGѭPSNPВ

UFSSJUPSZIBTCFFOLOPXOGPSDFOUVSJFTBTBSFHJPOUIBU

EPFTOPUTVQQPSUNVDIQMBOUMJGF



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FYQFDUUPmOEMBSHFOVNCFSTPGXJMEBOJNBMTUIFSFFJUIFS

4VDIiGFSUJMFQBSUTwBT/FQIJEFTDSJCFEUIFNFJUIFSMBZJO

UIFNPVOUBJOTQFSIBQTJOBTFBTPOXIFOUIFSFXBTSBJO



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PSDPOTJTUFEPGUIFPBTFTUIBUMBZPOUIFFBTUFSOTJEFPGUIF

NPVOUBJOSBOHF



ЅFPBTFTXFSFBMSFBEZQPQVMBUFECVU

PЂFOMBZBHPPEEJTUBODFGSPNIVOUJOHHSPVOET

*OTVNGSPNIJOUTJO/FQIJTOBSSBUJWFJUTFFNTUIBU

UIFGBNJMZXFOUJOUPUIFNPVOUBJOTOPUMPOHBЂFSMFBWJOH

4IB[FS



*NQPSUBOUMZ+PTFQI4NJUIEPFTOPUTFFNUPIBWF

LOPXOPGUIJTOBUVSBMCBSSJFSFWFOUIPVHIUIF#PPLPG

.PSNPOOBSSBUJWFPĊFSTDMFBSIJOUTUIBUJUFYJTUT+PTFQI

4NJUITPOMZLOPXOTUBUFNFOUBCPVUUIFHFPHSBQIZPG

"SBCJBBOEUIFSPVUFPG-FIJTGBNJMZTIPXTOPLOPXMFEHF

PGUIFNPVOUBJODIBJOPSPUIFSHFPHSBQIJDBMGFBUVSFTGPS

UIBUNBUUFS)FTJNQMZTBJEUIBUUIFQBSUZUSBWFMFEGSPN

iUIF3FE4FBUPUIFHSFBU4PVUIFSO0DFBOwBSBUIFSTJNQMF

TUBUFNFOUXIFODPNQBSFEUP/FQIJTDPNQMFYOBSSBUJWF



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OFBSMZFBTUXBSEwUXPRVFTUJPOTBSJTF)PXGBSIBEUIF

HSPVQDPNFBOEIPXMPOHIBEUIFUSJQUBLFOUPUIJTQPJOU 

*GPVSDPODMVTJPOBCPVUUIFHFOFSBMMPDBUJPOPG/BIPNJT

DPSSFDUTFFOFYUTFDUJPO-FIJTFYUFOEFEGBNJMZUSBWFMFE

BMUPHFUIFSBQQSPYJNBUFMZNJMFTUPSFBDIUIJTBSFB

ЅFmSTUPSTPNJMFTCSPVHIUUIFNUPUIFmSTUDBNQ

UIFJSWBMMFZPG-FNVFMЅFSFNBJOJOHPSTPNJMFTMBZ

CFUXFFOUIFmSTUDBNQBOE/BIPNЅFSFSFNBJOFEBQ

QSPYJNBUFMZNJMFTUPUSBWFSTFUPUIFJS#PVOUJGVMXIFSF

UIFZXPVMECVJMEUIFJSTIJQTFF/FQIJЅFUPUBM

tѥDIPFTBOEѥWJEFODFTPGUIАѢPPЖPGѭPSNPВ

MFOHUIPGUIFJSMBOEKPVSOFZXPVMECFBUMFBTUNJMFT

GSPN+FSVTBMFN



ЅFUJNFTQFOUUPSFBDI/BIPNGSPNUIFmSTUDBNQ

DPODFSOTVTIFSFЅFBOTXFSJTRVJUFTJNQMF*OEJDBUPST

JOUIFOBSSBUJWFUFMMVTUIBUUIFUSJQGSPNUIFmSTUDBNQUP

/BIPNUPPLMFTTUIBOBZFBSTFFTFDUJPOCFMPX"TBDPN

QBSJTPOXFLOPXPGPUIFSHSPVQTDIJFnZDBSBWBOOFST

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QMBUFTPOMZBЂFSQBTTJOHUISPVHI"SBCJB

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UIFSFBSFJOEJ

DBUJPOTUIBUUIFQBSUZLFQUBEJBSZPGUIF"SBCJBOUSFLCVU

POBQFSJTIBCMFNBUFSJBMOPUPONFUBMQMBUFT

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"MQIBCFU

1FSIBQT FWFO NPSF SFNBSLBCMF BSF UIF QPTTJCMF DPO

OFDUJPOTCFUXFFOUIFBODJFOUBMQIBCFUPGQFPQMFJO"SBCJB

BOEUIBUXIJDIBQQFBSTPOUIFTPDBMMFE"OUIPO5SBOTDSJQU

PGUIF#PPLPG.PSNPOBPOFQBHFEPDVNFOUJOQPTTFT

TJPOPGUIF3-%4$IVSDIOPXLOPXOBTUIF$PNNVOJUZ

PG$ISJTU

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"QSFMJNJOBSZSFWJFXIBTTIPXOUIBUUXFOUZ

mWFPGUIFDIBSBDUFSTSFQSPEVDFEJOUIF"OUIPO5SBOTDSJQU

TPNFBSFEVQMJDBUFTPGPOFBOPUIFSBSFBUIPNFJO0ME

/PSUI "SBCJBO B EJBMFDU PG BODJFOU "SBCJD TQPLFO BOE

XSJUUFOJOOPSUIXFTU"SBCJBXIFSF-FIJBOE4BSJBITFUVQ

UIFJSmSTUDBNQ *OBEEJUJPOUXFMWFPGUIFDIBSBDUFSTPO

UIFUSBOTDSJQUBHBJOTPNFBSFEVQMJDBUFTBSFUIFTBNFBT

UIPTFLOPXOGSPN0ME4PVUI"SBCJBOЅJTMBUUFSEJBMFDU

XBTTQPLFOBOEXSJUUFOJOBOBSFBTPVUIBOEFBTUPG/BIPN

UISPVHIXIJDI-FIJBOE4BSJBIXPVMEIBWFQBTTFE



4JODF

UIFQBSUZPG-FIJBOE4BSJBITQFOUOPMFTTUIBOiFJHIUZFBSTw

JOUIF"SBCJBO1FOJOTVMB/FQIJJUNBZCFQPTTJCMF

UPTFFBDPOOFDUJPODPNJOHUISPVHIUIFTFUSBWFMFST

+PVSOFZGSPN/BIPNUP#PVOUJGVM

ЅF NPTU JNQPSUBOU QJFDF JO UIJT TFDUJPO DPODFSOT

/FQIJTOPUFUIBUiXFEJEUSBWFMOFBSMZFBTUXBSEGSPNUIBU



+ĠĦģğĖĪĥĠ

#ĠĦğĥĚėĦĝ

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UJNFGPSUIwBЂFSFWFOUTBU/BIPN/FQIJЅJTHFP

HSBQIJDBMOPUJDFJTPOFPGUIFGFXJO/FQIJTOBSSBUJWFBOE

JUCFHTVTUPFYBNJOFJU8FmSTUPCTFSWFUIBUOPSUIXFTU

PG.BSJCUIFBODJFOUDBQJUBMPGUIF4BCFBOLJOHEPNPG

TPVUI"SBCJBBMNPTUBMMSPBETUVSOFBTUWFFSJOHGSPNUIF

HFOFSBMOPSUITPVUIEJSFDUJPOPGUIFJODFOTFUSBJM.PSF

PWFSBOEXFFNQIBTJ[FUIJTQPJOUUIFFBTUXBSECFOE

PDDVSTJOUIFHFOFSBMBSFBJOIBCJUFECZUIF/JINUSJCF

+PTFQI4NJUIDPVMEOPUIBWFLOPXOBCPVUUIJTFBTUXBSE

UVSOJOUIFNBJOJODFOTFUSBJM/PTPVSDFBODJFOUPSDPO

UFNQPSBSZNFOUJPOTJU



0OMZBQFSTPOXIPIBEUSBWFMFE

FJUIFSOFBSPSBMPOHUIFUSBJMXPVMELOPXUIBUJUUVSOFE

FBTUXBSEJOUIJTBSFB5PCFTVSFUIFMPOHFTUMFHPGUIF

JODFOTFUSBJMSBOCBTJDBMMZOPSUITPVUIBMPOHUIFVQMBOE

TJEFPGUIFNPVOUBJOTPGXFTUFSO"SBCJBBDUVBMMZGSPN

UIFOPSUIUIFUSBJMIFMEJOBTPVUITPVUIFBTUEJSFDUJPOBT

/FQIJTBJE#VUBЂFSQBTTJOHTPVUIPG/BKSBONPEFSO

6LIEǰE4BVEJ"SBCJBCPUIUIFNBJOUSBJMBOETFWFSBM

TIPSUDVUT UVSOFE FBTUXBSE BMM MFBEJOH UP 4IBCXBI UIF

DIJFGTUBHJOHDFOUFSGPSDBSBWBOTJOTPVUI"SBCJB



0OF

TQVSPGUIFUSBJMDPOUJOVFEGBSUIFSTPVUIXBSEUP"EFO#VU

UIFUSBċDBMPOHUIJTTFDUJPOXBTWFSZNVDIMFTTUIBOUIBU

XIJDIXFOUUPBOEGSPN4IBCXBIЅFNBJOUSBJMBOEJUT

TQVSTSBOFBTUXBSENBUDIJOH/FQIJTEFTDSJQUJPO8FMMT

XFSFUIFSFBOEBVUIPSJUJFTBU4IBCXBIDPOUSPMMFEUIFmO

FTUJODFOTFPGUIFSFHJPOUIBUXBTDPNJOHXFTUXBSEGSPN

0NBOCPUIPWFSMBOEBOECZTFB*UJTUIFPOMZQMBDFBMPOH

UIFJODFOTFUSBJMXIFSFUSBċDSBOFBTUXFTU'VSUIFSBO

DJFOUMBXTNBOEBUFEXIFSFDBSBWBOTXFSFUPDBSSZJODFOTF

BOEPUIFSHPPETLFFQJOHUSBċDUPUIJTFBTUXFTUDPSSJ

EPSŋ¤/FJUIFS+PTFQI4NJUIOPSBOZPOFFMTFJOIJTTPDJFUZ

LOFXUIFTFGBDUT#VU/FQIJEJE

tѥDIPFTBOEѥWJEFODFTPGUIАѢPPЖPGѭPSNPВ

*OBEJĊFSFOUWFJOUIFSFBSFIJOUTUIBUUIJTTUBHFPGUIF

KPVSOFZSFRVJSFEUIFMPOHFTUUJNFBOEXBTUIFNPTUEJG

mDVMU&WFOUIPVHIUIFEJTUBODFGSPN/BIPNFBTUXBSEUP

UIFTFBDPBTUUIFQBSUZT#PVOUJGVMXBTTFWFOIVOESFE

NJMFTPSMFTTBCPVUIBMGUIFEJTUBODFUIBUUIFQBSUZIBEBM

SFBEZUSBWFMFEGSPN+FSVTBMFNUP/BIPNJUTFFNTUIBUUIF

QBSUZTQFOUUIFCVMLPGJUTiFJHIUZFBSTJOUIFXJMEFSOFTTw

POUIJTMFHPGUIFKPVSOFZ/FQIJ



ЅJTPCTFSWB

UJPOTIPVMEOPUTVSQSJTFVTЅFSFJTOPDMFBSFWJEFODFUIBU

EVSJOHUIFFSBPG-FIJBOE4BSJBIBOFTUBCMJTIFEJODFOTF

USBJMSBOFBTUPG4IBCXBIUIFNBKPSTPVUI"SBCJBODJUZ

XIFSFDBSBWBOTTUPQQFEUPBMMPXHSBEJOHBOEUBYJOHPG

JODFOTFDPNJOHGSPNUIBUHFOFSBMBSFB*OTUFBEBMNPTUBMM

HPPETSFBDIFE4IBCXBIGSPNUIFBODJFOUTFBQPSUPG2BOB

XIJDIMBZUPUIFTPVUI



)FODF-FIJBOE4BSJBIDPVMEOPU

FWFOUSBWFMQBSBMMFMUPBSPVUFUBLFOCZDBNFMESJWFSTBOE

UIFJSDBSHPFT1SFTVNBCMZUIFJSQBSUZGPMMPXFEBDPVSTF

UIBUTOBLFEFBTUXBSECFUXFFOUIFTBOETPGUIFi&NQUZ

2VBSUFSwPOUIFOPSUIBOEUIFDSBHHZMBOETDBQFPOUIF

TPVUI



*OBEEJUJPOJUJTOPXLOPXOUIBUUIFUSJCFTJOUIF

SFHJPOFBTUPG4IBCXBIXFSFJOBDPOTUBOUTUBUFPGUFOTJPO

XJUIPOFBOPUIFSBOEUIBUBQFSTPODPVMEOPUDSPTTUSJCBM

CPVOEBSJFTXJUIPVUIBWJOHUPOFHPUJBUFBGSFTIUIFUFSNTPG

TBGFDPOEVDU4VDIOFHPUJBUJPOTDPVMEBOEPЂFOEJEMFBE

UPUFNQPSBSZTFSWJMJUZGPSUIFUSBWFMFSBNPOHMPDBMUSJCFT





.PSFPWFSUIFSFXFSFOPBTTVSFETPVSDFTPGGPPEJOUIFSF

HJPOFBTUPG4IBCXBIFYDFQUnPDLTBOEIFSETUIBUCFMPOHFE

UPUSJCFTNFO"HSJDVMUVSFXBTMJUUMFQSBDUJDFE



4FWFSF$IBMMFOHFT

4VDIDIBMMFOHFTmUUIFWJWJESFNJOJTDFODFTPGUIFQBSUZT

USPVCMFT QSFTFSWFE CZ XSJUFST PUIFS UIBO /FQIJ ЅFTF

tѥDIPFTBOEѥWJEFODFTPGUIАѢPPЖPGѭPSNPВ

MBUFS#PPLPG.PSNPOBVUIPSTXIPFOKPZFEBDDFTTUPUIF

GVMMFSBDDPVOUPGUIFQBSUZTKPVSOFZQSFTFSWFSFDPMMFDUJPOT

PGUSPVCMFTUIBUEJĊFSNBSLFEMZGSPNEFUBJMTJO/FQIJT

SBUIFSGVMMOBSSBUJWFPGUIFUSJQGSPN+FSVTBMFNUP/BIPN

'PSJOTUBODF,JOH#FOKBNJOSFDBMMTUIBUBUDFSUBJOQPJOUT

BMPOHUIFXBZQBSUZNFNCFSTiXFSFTNJUUFOXJUIGBNJOFw

.PTJBI5PCFTVSFUIFGBNJMZIBETVĊFSFEGSPNMBDL

PGGPPEEVSJOHUIFUSJQGSPNUIFmSTUDBNQUP/BIPNTFF

/FQIJo#VUUIFXPSEGBNJOFTPVOETBNPSF

PNJOPVTOPUF.PSFPWFS"MNBBMTPXSJUFTPG-FIJTQBSUZ

TVĊFSJOHiGSPNGBNJOFwBTXFMMBTiGSPNTJDLOFTTBOEBMM

NBOOFSPGEJTFBTFTw"MNB*OBEEJUJPO"MNBSFDPSET

UIBUQBSUZNFNCFSTiEJEOPUUSBWFMBEJSFDUDPVSTFBOEXFSF

BČJDUFEXJUIIVOHFSBOEUIJSTUw"MNB*ODPOUSBTU

BDDPSEJOH UP /FQIJT BDDPVOU FYQFSJFODJOH GBNJOF BOE

EJTFBTFBOEOPUUSBWFMJOHBEJSFDUDPVSTFIBEOPUPDDVSSFE

UPUIFQBSUZCFGPSFBSSJWJOHBU/BIPN)FODFXFTIPVME

QSPCBCMZVOEFSTUBOEUIBUUIFEJċDVMUJFTOPUFECZ#FOKBNJO

BOE"MNBCFGFMMUIFHSPVQPOMZBЂFSUIFZUVSOFEiOFBSMZ

FBTUXBSEwBU/BIPN/FQIJ

&OFNJFT

*OBMNPTUJEFOUJDBMMBOHVBHFCPUI"NBSPOBOE"MNB

XSJUFPG(PETQSFTFSWJOH-FIJTQBSUZGSPNiUIFIBOETPG

UIFJSFOFNJFTw0NOJ"MNB8IPXFSFUIFTF

FOFNJFT "DDPSEJOHUPUIFGVMMFSQBSUPG/FQIJTOBSSBUJWF

JUXBTOPUBOZPOFXIPNQBSUZNFNCFSTNFUCFUXFFOUIF

mSTUDBNQBOE/BIPNЅFNPTUBUUSBDUJWFQPTTJCJMJUZJT

UIBUUIFHSPVQNFUTVDIQFPQMFPOUIFMFHPGUIFKPVSOFZ

CFUXFFO /BIPN BOE UIF TFBDPBTU FWFO UIPVHI /FQIJ

IJNTFMGEPFTOPUNFOUJPOFOFNJFT



/FQIJTBCCSFWJBUFE

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/PWFNCFS$PODPSE/))PVHI*NQPSUBOUMZ

EVSJOH"QSJM*TFBSDIFEUIF+PIO)BZ-JCSBSZPG#SPXO

6OJWFSTJUZBTBGVSUIFSUFTUЅFSFTVMUTXFSFTJNJMBSUPUIPTF

BUUIFMJCSBSZPG%BSUNPVUI$PMMFHFЅFFBSMJFTUDPOUFNQPSBSZ

XPSLBDRVJSFECZUIF#SPXO-JCSBSZXBTBNVMUJWPMVNFDPQZPG

(JCCPOT)JTUPSZQVCMJTIFEJO*UDBNFUPUIFMJCSBSZCFGPSF

#VUJUXBTJODPNQMFUFBOEJTNJTTJOHUIFJNQPSUBOUDIBQ

UFSXIFSFJO(JCCPOEFBMTXJUI"SBCJBЅF#SPXO-JCSBSZ

EJEOPUBDRVJSF/JFCVISTXPSLJO&OHMJTIVOUJM'VSUIFS

JUBDRVJSFEE"OWJMMFTHFPHSBQIJDBMTUVEZJO)PSTMFZT&OHMJTI

USBOTMBUJPOPOMZJOЅFFBSMJFTUBDRVJTJUJPOPGBDMBTTJDBM

TPVSDFJO&OHMJTIXBTUIBUPG1MJOZT/BUVSBM)JTUPSZJO

tѥDIPFTBOEѥWJEFODFTPGUIАѢPPЖPGѭPSNPВ

ЅF#SPXO-JCSBSZBDRVJSFEOPOFPGUIFPUIFSDMBTTJDBMTPVSDFT

UIBUEJTDVTT"SBCJBCFGPSFXIFOJUDBNFJOUPQPTTFTTJPOPG

BUSBOTMBUJPOPGUIF1FSJQMVTPGUIF&SZUISFBO4FB4FFUIFGVSUIFS

EJTDVTTJPOJOUIFTFDUJPOTPGUIJTDIBQUFSUJUMFEi"EPQUJOHUIF

/BNF/BIPNwBOEi+PVSOFZGSPN/BIPNUP#PVOUJGVMw

4FF GPS FYBNQMF UIF XPSLT UIBU CPSF UIF BDDFTTJPO

OVNCFSTooBOEoJO+PIO1SBUUTMJCSBSZ

JO1BVMi.BODIFTUFS</FX:PSL>-JCSBSZwoTFFO

BCPWF"DUVBMMZOPOFPGUIFTFCPPLTBEESFTTBODJFOU"SBCJB

ЅFJSPOMZHFPHSBQIJDBMPSFDPOPNJDJOUFSFTUJO"SBCJBMJFTJO

UIFBSFBPGUIF1FSTJBO(VMGNBOZIVOESFENJMFTGSPNXIFSF

-FIJBOE4BSJBIUSBWFMFE.ZTUVEFOUBTTJTUBOU-FWJ34NZMJF

IBTBMTPFYBNJOFEBOPUIFSXPSLUIBUBQQFBSFECFGPSFBOE

DMBJNTUPEJTDVTT"SBCJB#VUJUTIPXTJOUFSFTUPOMZJOUIFBSFB

PGUIF1FSTJBO(VMG4FF8JMMJBN)FVEF"7PZBHFVQUIF1FS

TJBO(VMGBOEB+PVSOFZ0WFSMBOEGSPN*OEJBUP&OHMBOEJO

-POEPO-POHNBO)VSTU3FFT0SNFBOE#SPXO"O

*UBMJBOXPSLUIBUEFBMUXJUIXFTUFSO"SBCJBBQQFBSFEJO

CVUXBTOPUUSBOTMBUFEJOUP&OHMJTIVOUJM4FF+PIO8JO

UFS+POFTUSBOTЅF5SBWFMTPG-VEPWJDPEJ7BSUIFNBJO&HZQU

4ZSJB"SBCJB%FTFSUBBOE"SBCJB'FMJYJO1FSTJB*OEJBBOE

&UIJPQJB-POEPO)BLMVZU4PDJFUZ

&VHFOF&OHMBOEIBTFYBNJOFEHFPHSBQIJDBMXPSLTUIBU

BQQFBSFE CFGPSF UIF QVCMJDBUJPO PG UIF #PPL PG .PSNPO JO

iЅSPVHI UIF "SBCJBO %FTFSU UP B #PVOUJGVM -BOE $PVME

+PTFQI4NJUI)BWF,OPXOUIF8BZ wJO#PPLPG.PSNPO"V

UIPSTIJQ/FX-JHIUPO"ODJFOU0SJHJOTFE/PFM#3FZOPMET

1SPWP6UBI#:63FMJHJPVT4UVEJFT$FOUFSBOE

OPUF/POFPGUIPTFXPSLTIBWFBOZDPOOFDUJPOUPBODJFOU

"SBCJB-ZOO .BOE)PQF ")JMUPOIBWFBMTP FYBNJOFE B

OVNCFSPGXPSLTBOEDPNFUPUIFTBNFDPODMVTJPO%JTDPWFSJOH

-FIJ<4QSJOHWJMMF6UBI$'*1VCMJTIJOH>o

 4FF%JPEPSVT4JDVMVT#JCMJPUIǉLǉ

o

(FPSHF3FOU[TBZTUIBUUIFBWFSBHFFMFWBUJPOPGUIFQFBLT

JOUIFNPVOUBJODIBJOJTMFTTUIBONFUFSTBQQSPYJNBUFMZ

tѥDIPFTBOEѥWJEFODFTPGUIАѢPPЖPGѭPSNPВ

GFFUBOEUIBUUIFIJHIFTUQFBLJOUIFTPVUIJTBCPVU

NFUFSTBQQSPYJNBUFMZGFFU)FBMTPXSJUFTUIBUiQBTTFT

BDSPTT

BM4BSƽUBSFGFXBOEGBSCFUXFFOBOEBSFVTVBMMZEJG

mDVMUPGUSBOTJUwTFFIJTBSUJDMFi

"M

"SBC%KB[ǔSBUwJO&ODZDMP

QBFEJBPG*TMBN(SPINBOOBOEWBO%PO[FMOPUFUIBU

iUIFSFBSFPOMZBGFXHBQTJOUIF

BM4BSƽUDIBJO<PGNPVOUBJOT>w

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%PVHIUZOPUFTUIBUIFBDDPNQBOJFETPNF"SBCTPOB

IVOUJOHUSJQCVUUIBUUIFZXFSFVOBCMFUPCBHBOZPGUIFFMFWFO

XJMEHPBUTUIBUUIFZSBOBDSPTTFWFOXJUISJnFT5SBWFMTJO"SB

CJB%FTFSUB

ЅF )JMUPOT TVHHFTU UIBU4IB[FS XBT BO PBTJTBU8BEJ

BM"[MBOOFBSUIF3FE4FBXIJDIMBZBCPVUPOFIVOESFENJMFT

TPVUIPGUIFBM#BE

PBTJT*O4FBSDIPG-FIJT5SBJMЅJTTJUF

JT BCPVU NJEXBZCFUXFFO UIF NPEFSO DPBTUBM UPXOT BM.V

XBZMJI BOE BM8BKI XIJDI TFSWF .VTMJN QJMHSJNT USBWFMJOH

GSPN&HZQUUP.FDDBBOE.FEJOB'SPNPVSSFDPOTUSVDUJPO

UIF)JMUPOTJEFOUJmDBUJPOTFFNTQPTTJCMFCVUOPUUIFPOMZQPT

TJCJMJUZ"QFSTPODBOUSBWFMUISPVHIUIFNPVOUBJOTGSPNCPUI

BM.VXBZMJIBOEBM8BKI*OBOFSBMBUFSUIBO-FIJBOE4BSJBIT

UJNFBTQVSPGUIFJODFOTFUSBJMDPOOFDUFEBM#BE

FBTUXBSEBOE

TPVUIXBSEUPUIFNBJOSPBEOFBS%FEBONPEFSOBM

6MB4FF

(SPPN'SBOLJODFOTFBOE.ZSSINBQBOE

 ЅF "SBCJD UFSN BM)JKB[XIJDIHFOFSBMMZSFGFSTUP

OPSUIXFTU"SBCJBNFBOTTPNFUIJOHMJLFiCBSSJFSwЅJTTFOTF

JTEVFOPUPOMZUPUIFNPVOUBJODIBJOPGBM4BSƽUXIJDIEJWJEFT

UIFMPXMBOETPGUIF3FE4FBDPBTUGSPNUIFJOUFSJPSVQMBOETCVU

BMTPUPUIFIVHFMBWBUSBDUTUIBUNBLFJUiBCMBDLCBSSJFSwTFF

(FPSHF3FOU[i"M)JEK

ƽ[w&ODZDMPQBFEJBPG*TMBN

*OBGFXMBUFSTDFOFTJOUIF#PPLPG.PSNPOFWFOBMMPXJOH

GPSMBOHVBHFEFWFMPQNFOUTJOMBUFSHFOFSBUJPOTUIFUFSNCPSEFST

NBZQPJOUUPIJMMZPSNPVOUBJOPVTBSFBTTFF"MNBBOE

#VUBMTPTFF"MNBBOEGPSSFGFSFODFTUPiCPSEFSTwOFBS

BTFBTIPSFBOEUIVTQSPCBCMZOPUNFBOJOHNPVOUBJOPVTBSFBT

ЅFTVHHFTUJPOUIBUiCPSEFSTwNBZSFGFSUPNPVOUBJOPVTBSFBT

tѥDIPFTBOEѥWJEFODFTPGUIАѢPPЖPGѭPSNPВ

IBTDPNFUPNFGSPN1SPGFTTPS1BVM:)PTLJTTPOJOBQSJWBUF

DPOWFSTBUJPOBOEGSPN(FPSHF%1PUUFSBOE3JDIBSE8FMMJOHUPO

JOUIFJS%JTDPWFSJOH UIF -FIJ/FQIJ 5SBJM VOQVCMJTIFENBOV

TDSJQU+VMZoJODMVEFTNBQ

ЅFPOMZDMBTTJDBMTPVSDFUPEFTDSJCFUIJTBSFBJOBOZ

EFUBJMOPUFTUIFQSFTFODFPGiFBUFSTPGmTIwBOEiOPNBEJDFO

DBNQNFOUTwЅFTBNFTPVSDFQPJOUFEMZPNJUTBOZNFOUJPO

PGNBSLFUTBMPOH UIFXFTUDPBTU PG"SBCJBVOUJM POF SFBDIFT

.PV[BBMNPTUBUUIFTPVUIFSOFOEPGUIF3FE4FB4FF(8#

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MVZU4PDJFUZoffo

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ZFBSJO.BSDIBOE"QSJMBOEBHBJOGSPN+VOFUISPVHI4FQUFN

CFS(SPINBOOBOEWBO%PO[FMi"M4BSƽUw&ODZDMPQBFEJBPG

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UIFTVNNFSNPOTPPOTTFFGPSFYBNQMF#SJBO%PF4PVUIFSO

"SBCJB<-POEPOЅBNFTBOE)VETPO>o

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.PSNPOo

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1JFUFS8WBOEFS)PSTU-FJEFO#SJMM

4FF4VTBO&BTUPO#MBDLi/BNFTPG$ISJTUJOUIF#PPL

PG.PSNPOw&OTJHO+VMZo4FFBMTP4VTBO&BTUPO

#MBDL'JOEJOH$ISJTUUISPVHIUIF#PPLPG.PSNPO4BMU-BLF

$JUZ%FTFSFU#PPLQBTTJN

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58#SPPLCBOLi)FCSFX*EJPNTBOE"OBMPHJFTJOUIF

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 #PUI-VDZ.BDL4NJUI BOE&NNB 4NJUINBEFTUBUF

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LOPXMFEHFPGUIF#JCMF&NNBSFDBMMFEBTTJTUJOHIFSIVTCBOE

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UFSJTUJDTPGUIFTFWFOUSBJUTPOQBHFTo

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4VTBO &BTUPO #MBDL FE 4UPSJFTGSPNUIF&BSMZ4BJOUT

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BSSPXTw/PSDPVMEIFIBWFHMFBOFEGSPNBOZQVCMJTIFE

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UIBUNBUDIFTXIBUXFOPXLOPXPGBODJFOU.FTPBNFSJDB

CVUUIBUOPCPEZJOLOFX/VNFSPVTPUIFSQPJOUTPG

TJNJMBSOBUVSFDPVMECFNFOUJPOFE

ЅFBSDIBFPMPHJDBMTJUFLOPXOGPSUZZFBSTBHPBT4BOUB

3PTBXIJDITBUCFTJEFUIF(SJKBMWB3JWFSJOUIF.FYJDBO

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1SFTVNBCMZWBSJPVTQVCMJDCVJMEJOHTIBEPODFCFFOCVJMU

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BSDIBFPMPHJTUJOWPMWFEUIPVHIUUIBUBEJWJTJPOPGUIFDPN

NVOJUZJOUPUXPTPDJBMHSPVQTIBEQSFWBJMFEBOEUIBUUIF

HSBWFMMBZJOHIBECFFOBDFSFNPOJBMBDUBDLOPXMFEHJOHUIF

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o8PSETPG.PSNPO

"MNB)FMBNBO/FQIJ&UIFS

BOE.PSPOJ

4FF/FQIJo/FQIJ

.PSPOJ

4FF.PTJBI"MNB)FMBNBO/FQIJ



tѥDIPFTBOEѥWJEFODFTPGUIАѢPPЖPGѭPSNPВ

*SBOEPNMZBOBMZ[FEQPG4QBVMEJOHi.BOVTDSJQU

'PVOEwBOEGPVOEXPSETPGUIBUXFSFOFWFSVTFEJOUIF

#PPLPG.PSNPO

*SBOEPNMZ BOBMZ[FE QPG 4NJUI 7JFXPGUIF)F

CSFXTBOEGPVOEXPSETPGUIBUXFSFOFWFSVTFEJOUIF

#PPLPG.PSNPO

"ЂFS+BOF"VTUFO1SJEFBOE1SFKVEJDFDIBQ

"DPNQVUFSJ[FETFBSDIPGTFWFSBMQSPNJOFOUOJOFUFFOUI

DFOUVSZUJUMFTGBJMFEUPEFUFDUBTJOHMFJOTUBODFPGUIFQISBTFBOE

JUDBNFUPQBTT

4JODFUIF#PPLPG1VLFJBQQFBSFEBЂFSUIF#PPLPG.PS

NPOJNJUBUJOHBOENPDLJOHJUTTUZMFJUJTOPUVTFGVMBTBHVJEF

UPFBSMZOJOFUFFOUIDFOUVSZMJUFSBSZTUZMF

 )FOSZ-BLFBċEBWJU4FQUFNCFSJO&%)PXF

)JTUPSZPG.PSNPOJTN1BJOTFWJMMF0IJP&%)PXF



4NJUI7JFXPGUIF)FCSFXTFNQIBTJTJOPSJHJOBM

4QBVMEJOHi.BOVTDSJQU'PVOEw

*CJE

*CJE

*CJE

*CJE

*CJE

4FF +PIO (FF BOE +PIO " 5WFEUOFT i"ODJFOU .BOV

TDSJQUT'JU#PPLPG.PSNPO1BUUFSOw*OTJHIUT'FCSVBSZ

o*OTJHIUTJTUIFOFXTMFUUFSPGUIF'PVOEBUJPOGPS"ODJFOU

3FTFBSDIBOE.PSNPO4UVEJFT

i#PPLPG1VLFJw

 *CJE

*CJE

*CJE

*CJE

 *CJE

*CJE

*CJE

tѥDIPFTBOEѥWJEFODFTPGUIАѢPPЖPGѭPSNPВ

4FF/FQIJo/FQIJ.PTJBI

"MNB)FMBNBO/FQIJ

/FQIJ.PSNPO&UIFS

4FF/FQIJ/FQIJ

4FF&UIFSo

 4FF.PSNPO&UIFSo

4FF/FQIJooo/FQIJ

"MNBo)FMBNBOo

4FF/FQIJ.PTJBI"MNB

4FF/FQIJ.PTJBI/FQIJo

  4FF+BDPC.PTJBI"MNBo

o/FQIJo.PSNPOo

.PSPOJ

4FF"MNB

4FF"MNBo

4FF4QBVMEJOHi.BOVTDSJQU'PVOEwo

4FFJCJE

*CJE

 *CJE

*CJE

*CJE

4FF"MNB)FMBNBO/FQIJ

&UIFS

4FF/FQIJXIJDIRVPUFT*TBJBI

"TUIFZXFSFJO$FOUSBM"NFSJDBODJWJMJ[BUJPOT

%BWJE8IJUNFSJO+BNFT))BSUJOUFSWJFX"VHVTU

JO%BWJE8IJUNFS*OUFSWJFXT"3FTUPSBUJPO8JUOFTTFE

-ZOEPO8$PPL0SFN6UBI(SBOEJO#PPL

4FF.PTJBI

4FF"MNB&UIFS

4PNFPGUIFTFIBWFCFFOHBUIFSFECZ+PIO-4PSFOTPO

i7JWB;BQBUP)VSSBZGPSUIF4IPFw3FWJFXPG#PPLTPOUIF

#PPLPG.PSNPOo

tѥDIPFTBOEѥWJEFODFTPGUIАѢPPЖPGѭPSNPВ

*ONBLJOHUIJTDPNQBSJTPO*BNOPUBSHVJOHGPSUIF

JEFOUJmDBUJPOPGBOZ#PPLPG.PSNPOMPDBUJPOXJUIBOZTQFDJmD

SVJOTJUFPSHFOFSBMBSFBJO$FOUSBM"NFSJDB

4NJUI7JFXPGUIF)FCSFXT

4FFJCJE4NJUIIBTBOFMFWFOUIQPJOUBIPEHFQPEHF

BCPVU/BUJWF"NFSJDBOUSBEJUJPOTUIBU*BNEFMJCFSBUFMZPNJU

UJOHJOUIFJOUFSFTUPGTQBDF

4FF+PIO-4PSFOTPOi8IFO-FIJT1BSUZ"SSJWFEJOUIF

-BOE%JEЅFZ'JOE0UIFSTЅFSF w+PVSOBMPG#PPLPG.PSNPO

4UVEJFToBOE#SBOU"(BSEOFSiЅF0UIFS

4UVĊ3FBEJOHUIF#PPLPG.PSNPOGPS$VMUVSBM*OGPSNBUJPOw

'"3.43FWJFXPG#PPLTo

 4FF4NJUI7JFXPGUIF)FCSFXTo

4FFJCJEo

*CJE

4FFJCJEo

4FFJCJEo

*CJEo

 2VPUBUJPOGSPNJCJE

4NJUI7JFXPGUIF)FCSFXTo

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QFDJBMMZJNQSFTTFEXJUIUIFSFQFUJUJPOPG+FTVT$ISJTUBT

UIF4POPG(PEBUUIFQSFDJTFDFOUFSPGUIFDIBQUFS

-FWFMЅFGVMMUFYU"UBNPSFEFUBJMFEMJUFSBSZMFWFM

XFBSFBCMFUPEFUFDUIPXJOEJWJEVBMQBOFMTPGUFYUmMMJOUIF

HBQTCFUXFFOUIFNBJOFMFNFOUTЅFSFJTOPTJNQMFXBZUP

EJTQMBZUIFTFTFHNFOUTIFSFCVUUIFZIBWFCFFOEJTDVTTFE

JOQSFWJPVTQVCMJDBUJPOTOPUFEBCPWF"TIBTCFFOTIPXO

WJSUVBMMZFWFSZXPSETFSWFTUPFOIBODFUIFDIBQUFSTPWFSBMM

TUSVDUVSF4PNFUJNFTUIFZTLJMMGVMMZCSJEHFGSPNPOFTFD

UJPOUPUIFOFYU0UIFSUJNFTUIFZTUSFOHUIFOJOEJWJEVBM

TFHNFOUT"MUPHFUIFSUIFZXPSLJONBTUFSGVMIBSNPOZ

-FWFM%FUBJMFESFMBUJPOTCFUXFFOUIFQBJSFETFDUJPOT

ЅFJNQSFTTJWFPWFSBMMTUSVDUVSFPGUIFGVMMUFYUPGUIJTDPN

QMFYQBTTBHFCFDPNFTFWFONPSFFWJEFOUBTQBJSTPGTFDUJPOT

BSFFYBNJOFE'PSFYBNQMFFMFNFOUTBBOEBhJOUSPEVDFBOE

DPODMVEFUIFDIBQUFSCZSFGFSSJOHUP"MNBTiXPSETwBOEUIF

iXPSEwPG(PETFFBOEEFGBOEGhFhEhTQFBLSF

DJQSPDBMMZPGCPOEBHFBOEEFMJWFSBODF*OEFFEUIFFMFNFOUT

JOEFUIFNTFMWFTDPOTUJUVUFBTNBMMDIJBTN

GPSUIFZXFSFJOCPOEBHF

 BOEOPOFDPVMEEFMJWFSUIFN

  FYDFQUJUXBTUIF(PEPG"CSBIBN

tѥDIPFTBOEѥWJEFODFTPGUIАѢPPЖPGѭPSNPВ

  BOEUIF(PEPG*TBBD

  BOEUIF(PEPG+BDPC

 BOEIFTVSFMZEJEEFMJWFSUIFN

JOUIFJSBČJDUJPOTTFF

&MFNFOUTIBOEIhBSFCPUINBSLFECZUIFTBNFUSJQMFU

iTVQQPSUFEVOEFSUSJBMTUSPVCMFTBOEBČJDUJPOTw

*OIhUIFUIJSENFNCFSJTTUSFTTFEiZFBBOEJOBMMNBOOFS

PGBČJDUJPOTwUPNBLFUIFSFQFUJUJPODMFBS

4FDUJPOT MBOEMhESBXUIFDPOUSBTUCFUXFFO"MNBT

QFSTFDVUJPOPGUIFDIVSDIPOUIFPOFIBOEBOEIJTXPSL

UPCSJOHTPVMTUPSFQFOUBODFPOUIFPUIFS*ONBOENhUIF

DPNQBSJTPOJTCFUXFFOCFJOHTUSJDLFOCZUIFBOHFMPGUIF

-PSEBOEUIFOSFDPWFSJOHBOESFHBJOJOHTUSFOHUICPUIPG

UIFTFTFDUJPOTTQFBLPGiMJNCTwiGFFUwBOEGBMMJOHEPXOPS

TUBOEJOHVQo

.PTU ESBNBUJDBMMZ OBOEOh DPOUSBTU UIF BHPOZ PG

"MNBTTVĊFSJOHXJUIIJTKPZGPMMPXJOHIJTDPOWFS

TJPO*OEFFEUIFDPOUSBTUJTNBEFFYQMJDJUi:FB

NZTPVMXBTmMMFEXJUIKPZBTFYDFFEJOHBTXBTNZQBJOw

"MNB  FNQIBTJT BEEFE ЅJT PWFSU DPNQBSJTPO

TUSPOHMZTVQQPSUTUIFJEFBUIBU"MNBDPOTDJPVTMZDSFBUFE

UIFDIJBTUJDTUSVDUVSFPGUIJTDIBQUFSJOPSEFSUPTUSFOHUIFO

UIFTFMJOLBHFT

"SFNBSLBCMFUIJOHBCPVU"MNBJTUIBU-FIJT

XPSETBSFOPUKVTUTVNNBSJ[FECVUQSFDJTFMZRVPUFEЅFTF

UXFOUZPOFXPSETBSFBWFSCBUJNRVPUFPG/FQIJ

4VDIFYBDUOFTTDBOOPUCFFYQMBJOFECZUIJOLJOHUIBU+P

TFQIUVSOFEUP/FQIJBOEDPQJFEUIFXPSETPG-FIJGSPN

XIBU0MJWFS$PXEFSZIBEBMSFBEZSFDPSEFEGSPN+PTFQIT

EJDUBUJPOGPS/FQIJNBZOPUZFUFWFOIBWFCFFOUSBOT

MBUFEBUUIFUJNFXIFO+PTFQIBOE0MJWFSXFSFUSBOTMBUJOH

"MNBŊ&WJEFOUMZ"MNBXBTWFSZNFUJDVMPVTJORVPUJOH

tѥDIPFTBOEѥWJEFODFTPGUIАѢPPЖPGѭPSNPВ

-FIJTXPSETGSPNUIFTNBMMQMBUFTPG/FQIJXIFOIFDPN

QPTFE"MNBBOE+PTFQI4NJUITEJDUBUFEUSBOTMBUJPO

QSFTFSWFEUIBUFYBDUJUVEF

&MFNFOUTRBOERhTUBOEBUUIFFQJDFOUFSPGUIJTDPNQPTJ

UJPOUXJDFNFOUJPOJOHUIF4BWJPSCZOBNFi+FTVT$ISJTU

B4POPG(PEwBOEi+FTVTUIPV4POPG(PEw

0OMZXIFO"MNBDBMMFEVQPO+FTVT$ISJTUBЂFSSFNFN

CFSJOHUIBUIJTGBUIFSIBETQPLFOPGUIFBUPOFNFOUPG

$ISJTUEJEIJTUPSNFOUFEDPOEJUJPODIBOHF"UUIFBCTPMVUF

DFOUFSTUBOEUIFXPSETBUPOFNJOEBOEIFBSUCPSEFSFE

CZUIFOBNFPG+FTVT$ISJTUЅFNFTTBHFJT

DMFBS$ISJTUTBUPOFNFOUBOENBOTSFTQPOEJOHTBDSJmDF

PGBCSPLFOIFBSUBOEXJMMJOHNJOEBSFDFOUSBMUPSFDFJWJOH

GPSHJWFOFTTGSPN(PE

-FWFM8FBWJOHGBDUPSTЅFGBDUUIBUFBDITFHNFOU

nPXTTNPPUIMZJOUPUIFOFYUBEETBOPUIFSEJNFOTJPOUP

UIFUFYUVBMDPNQMFYJUZPGUIJTDIBQUFS/PBXLXBSEOFTT

OP TIBSQ CSFBLT BSF GPVOE IFSF #SJEHFT DPOOFDU FBDI

TFDUJPOUPUIFPOFUIBUGPMMPXTJUЅFTFMJOLBHFTBSFBD

DPNQMJTIFEMBSHFMZCZJOUSPEVDJOHB NJOPSJUFNJOPOF

TFDUJPOUIBUBOUJDJQBUFTJEFBTJOUIFOFYU'PSFYBNQMFUIF

QISBTFNZXPSETXIJDIBQQFBSTBUUIFFOEPGUIFmSTUTFD

UJPOCMFOETJOUPUIFCFHJOOJOHPGUIFOFYUXIJDICFHJOT

XJUIUIFQISBTFGPS*TXFBS$BQUJWJUZBUUIFFOEPG

UIFUIJSEDPNQPTJUJPOBMTFDUJPOCMFOETEJSFDUMZJOUPCPOE

BHFBUUIFCFHJOOJOHPGUIFGPVSUIЅFTFXFBWJOH

MJOLTBSFTVCUMFCVUFĊFDUJWFЅFZNBLFUIFUSBOTJUJPOT

GSPNTFDUJPOUPTFDUJPOTNPPUIBOEnPXJOHЅJTSFnFDUT

BIJHIMZQPMJTIFEMJUFSBSZQSPEVDU*GBOBVUIPSVTFTDIJ

BTNVTNFDIBOJDBMMZJUDBOQSPEVDFSJHJETUJMUFEXSJUJOH

BQPPSSFTVMUGSPNNJTVTJOHPSQPPSMZJNQMFNFOUJOHBOZ

BSUJTUJDEFWJDF"MNBIPXFWFSEPFTOPUTJNQMZTUJDLBMJTU

tѥDIPFTBOEѥWJEFODFTPGUIАѢPPЖPGѭPSNPВ

PGJEFBTUPHFUIFSJOPOFPSEFSBOEUIFOBXLXBSEMZBOE

TMBWJTIMZSFUSBDFIJTTUFQTUISPVHIUIBUMJTUJOUIFPQQPTJUF

PSEFS)JTXPSLIBTUIFNBSLJOHTPGBTLJMMGVMQBJOTUBLJOH

XSJUFSPOFDPNQMFUFMZDPNGPSUBCMFXJUIVTJOHUIJTEJċDVMU

NPEFPGFYQSFTTJPOXFMM

%FHSFFPGDIJBTUJDJUZ0WFSBMMUIFEFHSFFPGDIJBTNVTJO

UIJTUFYUJTFYDFQUJPOBMMZIJHI$IJBTNVTDBOPDDVSJOBOZ

MJUFSBUVSFCVUJUPOMZCFDPNFTNFBOJOHGVMXIFOJUTEFHSFF

PGDIJBTUJDJUZUPDPJOBQISBTFJTIJHI8IFOUIFDIJBTUJD

GPSNBUJTUSVMZDPNQMFYBOEDPODJTFXFBSFNPTUKVTUJ

mFEJOTVQQPTJOHUIBUUIFBVUIPSJOUFOUJPOBMMZGPMMPXFE

UIFQBUUFSO"UMFBTUmЂFFODSJUFSJBJODMVEJOHPCKFDUJWJUZ

QVSQPTFGVMOFTT DMJNBY DFOUSBMJUZ CPVOEBSJFT MFOHUI

EFOTJUZBOECBMBODFBTEFTDSJCFEIFSFEFNPOTUSBUFUIBU

UIFDIJBTNVT JO"MNB DBOCFTU CFFYQMBJOFE POMZJG

"MNBMFBSOFEJUBTQBSUPGBMPOHMJUFSBSZUSBEJUJPOFYUFOE

JOHCBDLUP0ME5FTUBNFOUQSPQIFUT

"OPUIFSmOFFYBNQMFPGDIJBTNVTJTGPVOEJO)FMB

NBOoUIFBOOVBMSFDPSEGPSUIFTJYUZGPVSUIZFBSPG

UIFSFJHOPGUIFKVEHFT*UTNBJOGFBUVSFTBSFBTGPMMPXT

Bi"OECFIPMEUIFSFXBTQFBDFJOBMMUIFMBOEw

 C<'SFFEPNPGUSBWFMBOEUSBEFJOCPUIMBOETJTEJTDVTTFEo>

  Di"OEJUDBNFUPQBTTUIBUUIFZCFDBNFFYDFFEJOHMZSJDICPUI

UIF-BNBOJUFTBOEUIF/FQIJUFT

   EBOEUIFZEJEIBWFBOFYDFFEJOHQMFOUZPGQSFDJPVTNFUBMT

CPUIJOUIFMBOETPVUIBOEJOUIFMBOEOPSUIw

Fi/PXUIFMBOETPVUI

XBTDBMMFE-FIJBOE

UIFMBOEOPSUI

XBTDBMMFE.VMFL

XIJDIXBTBЂFSUIFTPOPG;FEFLJBI

GPSUIF-PSE



tѥDIPFTBOEѥWJEFODFTPGUIАѢPPЖPGѭPSNPВ

EJECSJOH.VMFL

JOUPUIFMBOEOPSUI

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BSNTTFF"MNBo"ЂFSBSSJWJOHJO;BSBIFNMB

UIFZXFSFHSBOUFEBOFYUSBPSEJOBSZFYFNQUJPOGSPNBD

UJWFNJMJUBSZEVUZJGUIFZXPVMEIFMQUPTVTUBJOUIF/FQIJUF

BSNJFTXJUIQSPWJTJPOTTFF"MNBo4VSQSJTJOHMZ

UIJTHSBOUPGFYDFQUJPOBMQSJWJMFHFXBTDPOTJTUFOUXJUIBO

DJFOU*TSBFMJUFMBX©ņ

/PSNBMMZBODJFOUQFPQMFTXFSFBCTPMVUFMZPCMJHBUFEUP

UBLFVQBSNTJOEFGFOTFPGUIFJSUSJCFPSOBUJPOi"NPOH

OPNBETUIFSFJTOPEJTUJODUJPOCFUXFFOUIFBSNZBOEUIF

QFPQMFFWFSZBCMFCPEJFENBODBOKPJOJOBSBJEBOENVTU

CFQSFQBSFEUPEFGFOEUIFUSJCFTQSPQFSUZBOESJHIUTBHBJOTU

BOFOFNZЅJTXBTQSPCBCMZUSVFPG*TSBFMBMTPw©Ň4BVM

DBMMFEVQPOiBMM*TSBFMwUPUBLFVQBSNTBHBJOTUUIF"NNP

OJUFTBOEUIF"NBMFLJUFTTFF4BNVFMoЅSFBUT

BOEDVSTFTXFSFQSPOPVODFEVQPOBOZPOFXIPXPVMEOPU

KPJOJOUIFCBUUMF4BVMPODFTFOUNFTTFOHFSTUPNBSTIBMUIF

USPPQTBЂFSIFTZNCPMJDBMMZDVUBZPLFPGPYFOJOUPQJFDFT

JOWJFXPGUIFQFPQMFBOEQSPDMBJNFEi8IPTPFWFSDPNFUI

OPUGPSUIBЂFS4BVMBOEBЂFS4BNVFMTPTIBMMJUCFEPOF

VOUPIJTPYFOw4BNVFM:BRJN"EEVHPWFSOPSPG

4BHBSBUVNFYFDVUFEBDSJNJOBMJOQSJTPOBOEQBSBEFEIJT

IFBEBNPOHUIFWJMMBHFTJOBTJNJMBSUZQFPGXBSOJOHPG

XIBUXPVMEIBQQFOJGUIFNFOEJEOPUBTTFNCMFRVJDLMZ

GPSCBUUMF©ň

ЅF TBNF CBTJD EVUZ UP TFSWF JO UIF BSNZ FYJTUFE JO

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BOZQFSTPOJOUIFMBOEPG;BSBIFNMBXIPXPVMEOPUiEFGFOE

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"EEVIFTZNCPMJDBMMZQPSUSBZFEUIFCSVUBMGBUFPGUIPTFXIP

XPVME OPU mHIU TFF"MNB o 6OEFS FYUSFNF BOE

EFTQFSBUFDJSDVNTUBODFTUIJTEVUZGFMMFWFOVQPOPMENFO

XPNFOBOEDIJMESFOTFF.PTJBI"MNB

tѥDIPFTBOEѥWJEFODFTPGUIАѢPPЖPGѭPSNPВ

)PX UIFO DPVME UIF BCMFCPEJFE "NNPOJUFT CF

HSBOUFEFYFNQUJPO ЅFSFNBZCFTFWFSBMSFBTPOTЅFJS

SFBTPOTGPSOPUmHIUJOHXFSFPCWJPVTMZSJHIUFPVTBOECPOB

mEF#VUCFZPOEUIBUUIFKVTUJmDBUJPOPGUIFJSNJMJUBSZFY

FNQUJPONBZIBWFCFFOCBTFEPOGPVSTQFDJmDQSPWJTJPOT

JOUIFMBXPG.PTFTFTQFDJBMMZBTUIFZXFSFJOUFSQSFUFEJO

BOPCTDVSFTFDUJPOPG+FXJTIMBX

ЅFBCTPMVUFEVUZUPHPUPXBSBQQMJFEPOMZJO

mHIUJOH BHBJOTU BO FOFNZ %FVUFSPOPNZ o XIJDI

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IPMZUPOHVFXIFOUIFZHPVQUPCBUUMFBHBJOTUBOFOFNZ

XBTJOUFSQSFUFEJOUIF5BMNVEBTOPUBQQMZJOHJOBDPOnJDU

BHBJOTUPUIFS*TSBFMJUFTGPSBTUIFTDSJQUVSFTBZTiA"HBJOTU

ZPVS FOFNJFT CVUOPUBHBJOTUZPVSCSFUISFO OPU +VEBI

BHBJOTU4JNFPOOPS4JNFPOBHBJOTU#FOKBNJOw©ŉ"TJNJMBS

VOEFSTUBOEJOHNBZCFSFnFDUFEJOUIF"NNPOJUFTSFMVD

UBODFUPiUBLFVQBSNTBHBJOTUUIFJSCSFUISFOwTFF"MNB

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BЂFS-FIJTEFQBSUVSFGSPN+FSVTBMFNZFUJUPЂFOSFnFDUFE

PMEFS PSBM NBUFSJBM FTQFDJBMMZ GSPN %FVUFSPOPNZ "M

UIPVHIUIFXBSTSFQPSUFEJO+VEHFTBOEoDMFBSMZ

TIPX*TSBFMJUFUSJCFTmHIUJOHBHBJOTUFBDIPUIFSUIFCPPL

PG %FVUFSPOPNZ XBT OPU GPMMPXFE BTTJEVPVTMZ VOUJM UIF

SFJHOPG+PTJBIQSFDJTFMZEVSJOHUIFUJNFPG-FIJЅVTJU

TFFNTUIBUUIF/FQIJUFTJOUFSQSFUFE%FVUFSPOPNZo

XIJDIXBTLOPXOUPUIFNPOUIFQMBUFTPGCSBTTUIFTBNF

XBZUIFSBCCJTEJEFWFOUIPVHIUIJTJOUFSQSFUBUJPOXPVME

OPUIBWFCFFOPCWJPVTGSPNBDBTVBMSFBEJOHPGUIF0ME

5FTUBNFOU"OEJUBMNPTUHPFTXJUIPVUTBZJOHUIBUUIF

5BMNVEXBTOPUUSBOTMBUFEJOUP&OHMJTIVOUJMMPOHBЂFSUIF

#PPLPG.PSNPOXBTJOQSJOU

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ЅFMBXTPG%FVUFSPOPNZBMTPBĊPSEFEIVNBOJUBS

JBOFYFNQUJPOTGPSUIPTFXIPIBESFDFOUMZNBSSJFECVJMU

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iGFBSGVM BOE GBJOUIFBSUFEw UIF FYFNQUJPO VOEPVCUFEMZ

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XIPJTBGSBJECFDBVTFPGUIFUSBOTHSFTTJPOTIFIBEDPNNJU

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IBWFSFDPHOJ[FEUIBUUIFQSPGPVOEGFBSTPGUIF"NNPOJUFT

XIPXFSFBGSBJEUPCSFBLUIFJSPBUISFOEFSFEUIFNVOTVJU

BCMFGPSNJMJUBSZEVUZVOEFSTVDIBSVMF

ЅFSBCCJTGVSUIFSMJNJUFEUIFFYFNQUJPOGPSUIFGFBS

GVMBOEGBJOUIFBSUFEUPWPMVOUBSZFYQMPJUTPGUIFLJOH*OB

DPNQVMTPSZXBSPGOBUJPOBMEFGFOTFIPXFWFSFWFOUIFGBJOU

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NBZ IBWF DPOUSJCVUFE UP UIF "NNPOJUFT GFFMJOH TFWFSBM

ZFBSTMBUFSUIBUUIFZDPVMEOPMPOHFSDMBJNUIFJSFYFNQUJPO

JOUIFGBDFPGUIFFYUSFNFDPNQVMTPSZXBSUIFOUISFBUFOJOH

UIF/FQIJUFTFOUJSFFYJTUFODF.PWFECZDPNQBTTJPOBOEOP

MPOHFSBGSBJEUIFZXFSFXJMMJOHUPUBLFVQBSNTTFF"MNB

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JGUIFZXFSFUPWJPMBUFUIFJSPBUITUPQQFEUIFN4PUIFZTFOU

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VFEUPTVQQPSUUIFXBSCFIJOEUIFMJOFTЅFJSFYFNQUJPO

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NFOUJTFTQFDJBMMZOPUFXPSUIZCFDBVTFUIF5BMNVEMJLF

XJTF IPMET UIBU UIPTF XIP BSF FYFNQUFE GSPN NJMJUBSZ

TFSWJDFVOEFSUIFMBX PG.PTFTBSFiPOMZSFMFBTFEGSPN

BDUVBMmHIUJOHCVUOPUGSPNTFSWJOHJOUIFSFBSAЅFZNVTU

GVSOJTIXBUFSBOEGPPEBOESFQBJSUIFSPBETw©ŋ

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MPHJDBMSFMJHJPVTMZNPUJWBUFEBOEDPOTJTUFOUXJUIBODJFOU

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XIJDI QMBDFE B IJHI DJWJD PCMJHBUJPO PO BMM DJUJ[FOT UP

DPOUSJCVUFBTBQQSPQSJBUFUPUIFEFGFOTFPGUIFJSDPVOUSZ

UIFJS(PEUIFJSSFMJHJPOBOEUIFJSQFPQMF

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NBOoSBJTFTTPNFJOUFSFTUJOHQPJOUTPG/FQIJUFBOE*TSB

FMJUFMBXEFUBJMTUIBUPOMZBOBODJFOUMBXZFSPSKVEHFDPVME

GVMMZBQQSFDJBUFЅF#PPLPG.PSNPOTUPSZEFTDSJCFTIPX

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UISFBUFOFEXJUIBMBXTVJUGPSiSFWJMJOHwBHBJOTUUIFHPWFSO

NFOUCVUJOUIFFOESFWFBMFEUIBUUIFDIJFGKVEHFIBECFFO

iNVSEFSFEBOEIF<MBZ>JOIJTCMPPEBOEIF<IBE>CFFONVS

EFSFECZIJTCSPUIFSXIP<TPVHIU>UPTJUJOUIFKVEHNFOU

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JOSFMJHJPODMBTTFTBUTDIPPM*EPOPUSFNFNCFSTQFOEJOH

NVDIUJNFJOUIF0ME5FTUBNFOUBOE*DFSUBJOMZTQFOUOP

UJNFBUBMMJO-FWJUJDVT/VNCFSTBOE%FVUFSPOPNZXJUI

UIFFYDFQUJPOPGUIFTUPSZPG#BMBBNBOEIJTEPOLFZ.Z

SFDPMMFDUJPOTPGXIBU*MFBSOFEBCPVU+PTIVBCBDLUIFOBSF

MJNJUFEUPWJTJPOTPGUIFXBMMTiUVNCMJOEPXOw4PJUXBT

PGHSFBUJOUFSFTUUPNFXIFONZMBUFSTUVEJFTSFWFBMFEUIF

FTUBCMJTINFOUPGTJYDJUJFTPGSFGVHFUIBUJGOPUIJOHFMTF

MFEUPUIFBTZMVNUIBU7JDUPS)VHPPĊFSFEIJTFQPOZNPVT

IFSPJOЅF)VODICBDLPG/PUSF%BNF

0OFPGUIFQSPWJTJPOTPGUIFMBXPG.PTFTXBTCMPPE

WFOHFBODFPSiBOFZFGPSBOFZFw*UJTHFOFSBMMZBDDFQUFE

UIBUUIJTQSBDUJDFXBTUPSFDPNQFOTFUIFGBNJMZPGUIF

WJDUJNGPSUIFMPTTPGBGBDVMUZPSMJNC*OQSBDUJDFUIBU

DPNQFOTBUJPOXPVMEOPUCFNPOFUBSZCVUJOLJOEUIFQFS

QFUSBUPSXPVMEQFSGPSNXIBUFWFSUBTLTIJTWJDUJNDPVME

OP MPOHFS QFSGPSN ЅJT JEFBMJTUJD MBX XBT EFTJHOFE UP

PCWJBUFUIFOFFEGPSJODBSDFSBUJPO)PXFWFSJOBEWFSUFOU

NBOTMBVHIUFSIBEJUTPXOTFUPGMBXT

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"TZMVNXBTQSFTDSJCFEUPUBLFUIFGPSNPGFTDBQF

UPBDJUZPGSFGVHF.PTFTFTUBCMJTIFEBUMFBTUTJYDJUJFTBT

QMBDFTPGSFGVHFGPSUIPTFXIPDPNNJUUFEJOBEWFSUFOU

NBOTMBVHIUFSTFF%FVUFSPOPNZDPNQBSFWWo

/VNCFSTo+PTIVBŉЅFMBXQSPWJEFEUIBUUIF

SFGVHFFXPVMESFRVFTUBUSJBMFJUIFSCZUIFFMEFSTPGUIF

DJUZPGSFGVHFPSCZUIFFMEFSTPGIJTPXODJUZUPEFUFSNJOF

UIFJOBEWFSUFOUOBUVSFPGIJTPĊFOTF*GIJTJOOPDFODFGSPN

NVSEFSXBTFTUBCMJTIFEIFXPVMECFBCMFUPTUBZJOUIF

DJUZGSFFGSPNUIFCMPPEWFOHFBODFPGUIFWJDUJNTGBNJMZ

VOUJMUIFEFBUIPGUIFDVSSFOUIJHIQSJFTUBЂFSXIJDIIF

XBTQSFTVNBCMZGSFFUPMFBWFUIFDJUZ

ЅFMBXPG.PTFTNBEFQSPWJTJPOGPSBUPOFNFOUGPS

JOBEWFSUFOUTJO%VSJOH:PN,JQQVSUIFIJHIQSJFTUTBDSJ

mDFEUXPHPBUTPOFEFTJHOBUFEBTUIF-PSETHPBUBOEUIF

PUIFSBTUIFTDBQFHPBUPSUIF"[B[FMHPBUTFF-FWJUJDVT

o "DDPSEJOH UP CJCMJDBMTDIPMBS +BDPC.JMHSPN

XIFOUIFQVSJmFEIJHIQSJFTUMBJEIJTIBOEPOUIFMJWF

TDBQFHPBUIFUSBOTGFSSFEUPJUUIF

"ƽXǢOǢUiJOJRVJUJFTw

iUIF DBVTFT PG UIFTBODUVBSZT JNQVSJUJFT BMM PG *TSBFMT

TJOTSJUVBMBOENPSBMBMJLFPGQSJFTUTBOEMBJUZBMJLFwŊ

ЅFDPOEJUJPOTPGBTZMVNDBOCFTVNNBSJ[FEBTGPMMPXT

  4PNFLJOEPGJOKVTUJDFJTBCPVUUPCFQFSQFUSBUFE

TFF%FVUFSPOPNZ

  ЅFDBVTFNVTUCFEFDMBSFEJOUIFFBSTPGUIFFMEFST

TFF+PTIVB

  ЅFTFFLFSPGBTZMVNNVTUCFKVEHFECZUIFDPO

HSFHBUJPOTFF/VNCFST

  ЅFTFFLFSXJMMFJUIFSCFEFMJWFSFEGSPNUIPTFGSPN

XIPNSFGVHFJTTPVHIUTFF/VNCFST+PTIVB

PSCFEFMJWFSFEJOUPUIFIBOETPGUIFBWFOHFS

PGCMPPEUIBUIFNBZEJF

tѥDIPFTBOEѥWJEFODFTPGUIАѢPPЖPGѭPSNPВ

  ЅF TFFLFS XJMM CF SFMFBTFE GSPN BTZMVN BЂFS UIF

EFBUIPGUIFIJHIQSJFTUTFF/VNCFST

ЅF/FQIJUFTXFSFBXBSFPGUIFTFSJPVTOFTTPGQSFNFEJ

UBUFENVSEFSBTFWJEFODFECZ+BDPCTJNQSFDBUJPOi8PVOUP

UIFNVSEFSFSXIPEFMJCFSBUFMZLJMMFUIGPSIFTIBMMEJFw

/FQIJ4PJUNJHIUGPMMPXUIBUUIFZXFSFBMTPBXBSF

PGUIFTUJQVMBUJPOTJOUIFMBXPG.PTFTSFHBSEJOHJOBEWFSUFOU

NBOTMBVHIUFS*OIJTTUVEZPGCMPPEWFOHFBODFJOUIF0ME

5FTUBNFOUBOEJOUIF#PPLPG.PSNPO+BNFT3BTNVTTFO

DPNNFOUTiЅFSFJTOPJOEJDBUJPOUIBUUIFQVOJTINFOUJT

SFRVJSFEUPCFBENJOJTUFSFECZNBO*OEFFEUIFDPOUFYU

TVHHFTUTUIBUUIFEFBUISFGFSSFEUPJTBTQJSJUVBMEFBUI

A3FNFNCFSUPCFDBSOBMMZNJOEFEJTEFBUIBOEUPCFTQJSJ

UVBMMZNJOEFEJTMJGFFUFSOBM</FQIJ>ЅJTNBLFTJU

DMFBSUIBUTQJSJUVBMEFBUIJTEJTDVTTFEBOEOPUDSJNJOBMMBX

+BDPCTUFBDIJOHJTOPUBCMFGPSNBLJOHFYQMJDJUUIBUJUJT

JOUFOUJPOBMLJMMJOHXIJDIJTGPSCJEEFO*OUIF0ME5FTUBNFOU

UIFSFRVJSFNFOUPGJOUFOUJPOJTJNQMJDJUJOUIFDPOUSBTUJOH

QSPWJTJPOTGPSBDDJEFOUBMIPNJDJEFwŋ

"DBTFIBTCFFONBEFGPS+FSTIPOUIFMBOEDFEFEUP

UIF"OUJ/FQIJ-FIJFTBTBDJUZPGSFGVHFŅ8IJMFUIFSF

BSFDFSUBJOTJNJMBSJUJFTCFUXFFO+FSTIPOBOEUIFCJCMJDBM

DJUJFTPGSFGVHF*EPOPUCFMJFWFUIBUXFDBOHPTPGBSBTUP

DMBTTJGZJUBTBDJUZPGSFGVHFCVUXFDBODBUFHPSJ[FJUBTBO

BSFBPGBTZMVN

8IFO"NNPOTVDDFTTGVMMZDPOWFSUFE-BNPOJBOE

IJTQFPQMFJUXBTOFDFTTBSZGPSUIFNBOEUIF-BNBOJUFT

DPOWFSUFECZUIFPUIFSTPOTPG.PTJBIUPNBLFTJHOJmDBOU

DIBOHFTJOUIFJSMJWFTЅFmSTUTUFQGPSUIFDPOWFSUFE-B

NBOJUFTXBTUPDBMMUIFNTFMWFT"OUJ/FQIJ-FIJFTBOBNF

DIPTFOBЂFS-BNPOJTGBUIFSUIFLJOHPWFSBMMUIFMBOE

DPOTVMUFEXJUIi"BSPOBOENBOZPGUIFJSQSJFTUTwSFHBSEJOH

tѥDIPFTBOEѥWJEFODFTPGUIАѢPPЖPGѭPSNPВ

BOBNFXIFSFCZiUIFZNJHIUCFEJTUJOHVJTIFEGSPNUIFJS

CSFUISFOwTFF"MNBo5PTUSFOHUIFOUIJTTFQBSB

UJPOGVSUIFSPOIJTEFBUICFE-BNPOJTGBUIFSDPOGFSSFE

UIFLJOHEPNVQPOIJTPUIFSTPOBOEDIBOHFEUIBUTPOT

OBNFUP"OUJ/FQIJ-FIJTFF"MNBo

5PTBWFUIF"OUJ/FQIJ-FIJFTGSPNEFTUSVDUJPOBUUIF

IBOETPGUIFJSVODPOWFSUFECSFUISFO"NNPOXJUIUIF

-PSETCMFTTJOHDPOEVDUFEUIFNUPUIFMBOEPG;BSBIFNMB

TFF"MNBoЅFDPOWFSUFE-BNBOJUFTNBOOFSPG

BUPOJOHGPSUIFQFSDFJWFENVSEFSTXBTUPQSFTFOUUIFNTFMWFT

GPSWPMVOUBSZCPOEBHFi8FXJMMHPEPXOVOUPPVSCSFUI

SFOBOEXFXJMMCFUIFJSTMBWFTVOUJMXFSFQBJSVOUPUIFNUIF

NBOZNVSEFSTBOETJOTXIJDIXFIBWFDPNNJUUFEBHBJOTU

UIFNw "MNB"NNPO IPXFWFSDJUFEUIF MBXUIBU

.PTJBIIJTGBUIFSJNQMFNFOUFEBЂFSUIFFYBNQMFPGIJTGB

UIFS#FOKBNJOi*UJTBHBJOTUUIFMBXPGPVSCSFUISFOUIBU

UIFSFTIPVMECFBOZTMBWFTBNPOHUIFNw"MNB

8FDBOMPPLBUXIBUGPMMPXFEJOMJHIUPGUIFDPOEJUJPOT

PGBTZMVNHJWFOBCPWF

  4PNFLJOEPGJOKVTUJDFXBTBCPVUUPCFQFSQFUSBUFE

TFF%FVUFSPOPNZЅF-BNBOJUFTXFSFHPJOHUPFY

BDUWFOHFBODFPOUIF"OUJ/FQIJ-FIJFTTFF"MNB

  ЅFDBVTFNVTUCFEFDMBSFEJOUIFFBSTPGUIFFMEFST

TFF+PTIVB"MNBQMFEUIFJSDBTFCFGPSFUIFDIJFG

KVEHFXIPUIFOTFOUPVUBQSPDMBNBUJPOUPIFBSUIFWPJDF

PGUIFQFPQMFSFHBSEJOHUIFGBUFPGUIFDPOWFSUFE-BNBO

JUFTTFF"MNBo

  ЅFTFFLFSPGBTZMVNNVTUCFKVEHFECZUIFDPOHSF

HBUJPOTFF/VNCFSTЅFEFDJTJPOXBTUPHJWF

UIF"OUJ/FQIJ-FIJFTBGFSUJMFMBOE+FSTIPOiPOUIFFBTU

CZUIFTFBwBTiBOJOIFSJUBODFwЅFSFBTPOTGPSUIJTHFOFS

PTJUZXFSFBUPFOBCMFUIF/FQIJUFTUPTFUBSNJFTCFUXFFO

tѥDIPFTBOEѥWJEFODFTPGUIАѢPPЖPGѭPSNPВ

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PSIPVTFEXFMMFSTUIFQFPQMFPGUIFCBJUBTITIBSPSUIF

CBJUBUUJOAIPVTFTPGIBJSPSIPVTFTPGDMBZ*UXBT)BSNFS

XIPmSTUQPJOUFEPVUUIBUPOFBOEUIFTBNFQFSTPONBZ

XFMMBMUFSOBUFCFUXFFOUIFPOFXBZPGMJGFBOEUIFPUIFSBOE

IFDJUFTUIFDBTFPG-BCBOJO(FOFTJTXIFSFAPOFJTTVS

QSJTFEUPmOECPUIQBSUJFTTPTVEEFOMZFRVJQQFEXJUIUFOUT

GPSUIFJSBDDPNNPEBUJPOJOUSBWFMJOHUIPVHIUIFZIBEBMM

BMPOHCFFOMJWJOHJOIPVTFT/PUPOMZIBTJUCFFOUIFDVTUPN

GPSIFSETNFOBOEUSBEFSTUPTQFOEQBSUPGUIFZFBSJOUFOUT

BOEQBSUJOIPVTFTCVUAQFSTPOTPGEJTUJODUJPOJOUIF&BTU

IBWFBMXBZTFOKPZFETQFOEJOHQBSUPGUIFZFBSJOUFOUTGPS

UIFQVSFQMFBTVSFPGBDPNQMFUFDIBOHF*UJTDMFBSGSPN

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UFOUJTUIFIFBERVBSUFSTGPSBMMBDUJWJUJFTBMMEJTDVTTJPOBOE

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XJUIBTUJDLXIFOUIFZXFSFPODFIJEJOHJOBDBWF &WFSZ

GSFFNBOJOUIF&BTUDBSSJFTBTUJDLUIFJNNFNPSJBMCBEHF

PGJOEFQFOEFODFBOEPGBVUIPSJUZBOEFWFSZNBOBTTFSUT

IJTBVUIPSJUZPWFSIJTJOGFSJPSTCZIJTTUJDLAXIJDITIPXT

UIBUUIFIPMEFSJTBNBOPGQPTJUJPOTVQFSJPSUPUIFXPSL

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PċDFSTUBYHBUIFSFSTBOETDIPPMNBTUFSTVTFUIJTTIPSU

SPEUPUISFBUFOPSJGOFDFTTBSZUPCFBUUIFJSJOGFSJPST

XIPFWFSUIFZNBZCFЅFVTBHFJTWFSZBODJFOUA"CMPX

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1BTTPG5SFFTXIJDIJTUIFBODJFOU4IBHIVSXSJUUFO4F

HPSJOUIFTJYUIDFOUVSZ

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ACMBDLSJWFSPG+PTIVBЅJTMBTUUBLFTJOXFTUFSO1BM

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4IJTBSCZ1IJMCZ*UJTBAUJOZDPQTFBOEPOFPGUIFMPOFMJ

FTUTQPUTJOBMMUIFXPSME4PXFIBWF4IJIPS 4IBHIVS

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BOE4IJTBSBMMDPOOFDUFETPNFIPXPSPUIFSBOEEFOPU

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DMVNQPGUSFFT8IJDIFWFSPOFQSFGFST-FIJTQFPQMFDPVME

IBSEMZIBWFQJDLFEBCFUUFSOBNFGPSUIFJSmSTUTVJUBCMF

TUPQQJOHQMBDFUIBO4IB[FSwņ

i4QFBLJOHPG-FIJTQPFUSZXFTIPVMEOPUPWFSMPPLUIF

MBUFTUTUVEZPOUIFRBTJEBUIBUPG"MGSFE#MPDIXIPEJT

UJOHVJTIFTGPVSUZQFTPGWFSTFJOUIFFBSMJFTUEFTFSUQPFUSZ

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XPSLWFSTFTGPSJOTUSVDUJPOPSJOGPSNBUJPOFMFHJFT

TQFDJBMJ[JOHJOTBHFSFnFDUJPOTPOUIFNFBOJOHPGMJGFBOE

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FODFNPSFQMFBTBOUBOEFEJGZJOH-FIJTRBTJEB/FQIJ

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OFBUMZUPBOZPGUIFMBTUUISFFPGUIFTFUZQFTUIVTWJOEJDBU

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UVSFPGIJTHSFBUFMPRVFODF*UNVTUOPUCFKVEHFECZNPE

FSOPSXFTUFSOTUBOEBSETBTQFPQMFBSFQSPOFUPKVEHFUIF

#PPLPG.PSNPOBTMJUFSBUVSF*OUIJTMFTTPOXFUBLFUIF

DBTFPGBCJUPGQPFUSZSFDJUFEFYUFNQPSFCZ-FIJUPIJTUXP

TPOTUPJMMVTUSBUFDFSUBJOQFDVMJBSJUJFTPGUIF0SJFOUBMJEJPN

BOEFTQFDJBMMZUPTFSWFBTBUFTUDBTFJOXIJDIBOVNCFSPG

WFSZTUSBOHFBOEFYBDUJOHDPOEJUJPOTBSFNPTUSJHPSPVTMZ

PCTFSWFEJOUIF#PPLPG.PSNPOBDDPVOUЅPTFBSFUIF

DPOEJUJPOTVOEFSXIJDIBODJFOUEFTFSUQPFUSZXBTDPN

QPTFE4PNFUIJOHTUIBUBQQFBSBUmSTUHMBODFUPCFNPTU

EBNOJOHUPUIF#PPLPG.PSNPOTVDIBTUIFGBNPVTQBT

TBHFJO/FQIJBCPVUOPUSBWFMFSSFUVSOJOHGSPNUIF

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HFSJO+BSFETDPNQBOZJTEFTFSFUUIFIPOFZCFF8FDBOOPU

QBTTUIJTDSFBUVSFCZXJUIPVUBHMBODFBUJUTOBNFBOEQPT

TJCMFTJHOJmDBODFGPSPVSUFYUCFUSBZTBOJOUFSFTUJOEFTFSFU

UIBUHPFTGBSCFZPOESFTQFDUGPSUIFGFBUPGUSBOTQPSUJOHJO

TFDUTSFNBSLBCMFUIPVHIUIBUJTЅFXPSEEFTFSFUXFBSF

UPME&UIFSACZJOUFSQSFUBUJPOJTBIPOFZCFFUIFXPSE

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QMBJOMZDPNJOHGSPNUIF+BSFEJUFMBOHVBHFTJODF&UIFSPS

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EFODFUIBUUIFXPSEEFTFSFUPSTPNFUIJOHWFSZDMPTFUPJU

FOKPZFEBQPTJUJPOPGSJUVBMQSPNJOFODFBNPOHUIFGPVOE

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UIBU QSFTFOUT WFSZ BODJFOU BOE XJEFTQSFBE UIPVHI CVU

SFDFOUMZEJTDPWFSFEQBSBMMFMTЅBUJTUIFTUPSZPG+BSFET

EBVHIUFSЅJTJTJOEFFEBTUSBOHFBOEUFSSJCMFUSBEJ

UJPOPGUISPOFTVDDFTTJPOZFUUIFSFJTOPCFUUFSBUUFTUFE

USBEJUJPOJOUIFFBSMZXPSMEUIBOUIFSJUVBMPGUIFEBODJOH

QSJODFTTSFQSFTFOUFECZUIFTBMNFQSJFTUFTTPGUIF#BCZ

MPOJBOTIFODFUIFOBNF4BMPNFXIPXJOTUIFIFBSUPG

BTUSBOHFSBOEJOEVDFTIJNUPNBSSZIFSCFIFBEUIFPME

LJOHBOENPVOUUIFUISPOF*PODFDPMMFDUFEBIVHFEPT

TJFSPOUIJTBXGVMXPNBOBOEFWFOSFBEBQBQFSPOIFSBU

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LJOHUIFDIBMMFOHFSBOEUIFEBODJOHCFBVUZGSPN'SB[FS

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UIFSFBDUVBMMZTFFNTUPIBWFCFFOBTVDDFTTJPOSJUFPGHSFBU

BOUJRVJUZUIBUGPMMPXFEUIJTQBUUFSO*UJTUIFTUPSZCFIJOE

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TIPDLJOHEBODFTPGUIFSJUVBMIJFSPEVMFTUISPVHIPVUUIF

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Q

oQ

oQ

Q

Q

+VEHFT

Q

Q

Q

Q

Q

oQ

oQ

3VUI

Q

Q

Q

4BNVFM

Q

Q

Q

oQ

Q

Q

Q

tѥDIPFTBOEѥWJEFODFTPGUIАѢPPЖPGѭPSNPВ

oQ

Q

Q

oQ

Q

4BNVFM

oQ

Q

oQ

Q

,JOHT

Q

Q

Q

oQ

oQ

Q

Q

Q

Q

Q

Q

,JOHT

Q

Q

Q

Q

oQ

Q

$ISPOJDMFT

Q

Q

/FIFNJBI

Q

Q

+PC

Q

Q

Q

Q

Q

oQ

Q

Q

Q

Q

Q

1TBMNT

oQ

Q

oQ

oQQ



Q

Q

Q

Q

Q

oQ

oQ

Q

oQ

Q

Q

1SPWFSCT

Q

Q

Q

*TBJBI

Q

Q

Q

Q

Q

Q

oQ

Q

Q

Q

Q

Q

Q

Q

Q

oQ

Q

Q

QQo

Q

Q

Q

Q

Q

oQ

+FSFNJBI

Q

Q

oQ

Q

Q

Q

Q

Q

oQ

Q

&[FLJFM

Q

Q

Q

Q

%BOJFM

oQ

)PTFB

Q

Q

Q

+PFM

oQ

Q

"NPT

Q

Q

Q

Q

Q

Q

)BCBLLVL

Q

Q

Q

;FQIBOJBI

Q

;FDIBSJBI

Q

Q

/FX5FTUBNFOU

.BUUIFX

QQ



oQ

Q

Q

oQ

QQ



oQ

Q

oQ

Q

Q

-VLF

oQ

oQ

+PIO

oQ

Q

tѥDIPFTBOEѥWJEFODFTPGUIАѢPPЖPGѭPSNPВ

QQ

oQ

Q

Q

Q

oQ

"DUT

Q

3PNBOT

Q

Q

$PSJOUIJBOT

oQ

oQ

Q

Q

Q

(BMBUJBOT

Q

1FUFS

oQ

+VEF

Q

3FWFMBUJPO

oQ

#PPLPG

.PSNPO

/FQIJ

Q

oQ

QQ



oQ

QQ



QQ

Q

QQ

Q

Q

QQ



oQ

QQ

Q

QQ

QQ

oQ

oQ

Q

Q

Q

Q

Q

Q

Q

Q

QQ



Q

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Q

Q

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Q

+BDPC

Q

Q

Q

oQ

Q

Q

oQ

Q

Q

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Q

Q

Q

oQ

Q

Q

Q

QQ



QQ

oQ

Q

oQ

QQ

Q

&OPT

Q

Q

+BSPN

oQ

Q

QQ

0NOJ

Q

Q

Q

Q

Q

8PSETPG

.PSNPO

Q

QQ

.PTJBI

oQQ



Q

Q

oQ

QQ

Q

Q

oQ

tѥDIPFTBOEѥWJEFODFTPGUIАѢPPЖPGѭPSNPВ

QQ

Q

oQ

Q

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Q

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oQ

Q

Q

Q

Q

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QQ

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Q

"MNB

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Q

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oQ

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oQ

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Q

/FQIJ

Q

Q

.PSNPO

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Q

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