LG Electronics USA L04B PCS GSM Phone User Manual
LG Electronics USA PCS GSM Phone
Users Manual
| Download: |  |
| Mirror Download [FCC.gov] | |
| Document ID | 1257770 |
| Application ID | 5Q7oBcZ0dG8kdP+xq+QMZQ== |
| Document Description | Users Manual |
| Short Term Confidential | No |
| Permanent Confidential | No |
| Supercede | No |
| Document Type | User Manual |
| Display Format | Adobe Acrobat PDF - pdf |
| Filesize | 79.93kB (999115 bits) |
| Date Submitted | 2010-03-26 00:00:00 |
| Date Available | 2010-06-29 00:00:00 |
| Creation Date | 2017-11-10 03:58:35 |
| Producing Software | GPL Ghostscript 9.18 |
| Document Lastmod | 2017-11-10 03:58:35 |
| Document Title | untitled |
8LMW 1SHIP MW RSX MRXIRHIH JSV WEPI MR XLI 97% Part 15.21 statement " Change or Modifications that are not expressly approved by the manufacturer could void the user's authority to operate the equipment. “ Part 15.105 statement This equipment has been tested and found to comply with the limits for a class B digital device, pursuant to Part 15 of the FCC Rules. These limits are designed to provide reasonable protection against harmful interference in a residential installation. This equipment generates uses and can radiate radio frequency energy and, if not installed and used in accordance with the instructions, may cause harmful interference to radio communications. However, there is no guarantee that interference will not occur in a particular installation. if this equipment does cause harmful interference or television reception, which can be determined by turning the equipment off and on, the user is encouraged to try to correct the interference by one or more of the following measures: - Reorient or relocate the receiving antenna. - Increase the separation between the equipment and receiver. - Connect the equipment into an outlet on a circuit different from that to which the receiver is connected. - Consult the dealer or an experienced radio/TV technician for help. Part 15 Class B Compliance This device and its accessories comply with part15 of FCC rules. Operation is subject to the following two conditions: (1) This device & its accessories may not cause harmful interference. (2) This device & its accessories must accept any interference received, including interference that may cause undesired operation. Body-worn Operation This USB modem has been tested for typical body-worn operations with the distance of 0.79inches (2.0cm) from the user’s body. To comply with FCC RF exposure requirements, a minimum separation distance of 0.79inches(2.05cm) must be maintained from the user's body. General Inquiries Repairs < Information Center> Service available in: English, Portuguese, Chinese, Spanish, Korean. Available from mobile phones and PHSs. From mobile phones (In Japanese only) Unavailable from land-line phones, etc. From land-line phones (In Japanese only) From mobile phones (In Japanese only) Unavailable from land-line phones, etc. From land-line phones (In Japanese only) Available from mobile phones and PHSs. Available from mobile phones and PHSs. For Applications or Repairs and After-Sales Service, please contact the above-mentioned information center or the Shop etc. near you on the website or the i-mode site. i-mode site iMenu Loss or theft of terminal or payment of cumulative cost overseas < Information Center> (available 24 hours a day) From mobile phones From mobile phones You are charged a call fee to Japan when calling from a land-line phone, etc. International call access code for the country you stay You are charged a call fee to Japan when calling from a land-line phone, etc. If you use L-04B, you should dial the number +81-3-5366-3114 (to enter '+', press and hold the '0' key for at least one second). -27869'8-321%29%0 From land-line phonesYou might be charged a domestic call fee according to the call rate for the country you stay. the universal number, visit the International Services website. the universal number You might be charged a domestic call fee according to the call rate for the country you stay. the universal number, visit the International Services website. When using your mobile phone in a public place, don't forget to show common courtesy and consideration to others around you. To prevent damage to the environment, bring used battery packs to a service counter, a agent or a recycle center. 0& t< ;'(1%ERH+71+4677]WXIQW 8LERO]SYJSVWIPIGXMRKXLI78=0)WIVMIW0& 6IEHXLMWQERYEPFIJSVIYWIXSGSVVIGXP]STIVEXI]SYV0& 3TIVEXMSR(IWGVMTXMSRSJ0& 3TIVEXMSRWSJ0&EVIHIWGVMFIHMRXLMWQERYEPEW[IPPEW+YMHI MRWXEPPIHMRXLMWXIVQMREP.ETERIWI SRP] ERH-RWXVYGXMSR1ERYEP (IXEMPIHZIVWMSR.ETERIWISRP] MR4(*JSVQEX b -RWXVYGXMSR1ERYEP 8LMW1ERYEP (IWGVMFIWWGVIIRHMWTPE]WERHSTIVEXMRKTVSGIHYVIWSJFEWMGJYRGXMSRW b +YMHI MRWXEPPIHMRXLMWXIVQMREP.ETERIWISRP] (IWGVMFIWXLISZIVZMI[SVSTIVEXMRKTVSGIHYVIWSJ JVIUYIRXP]YWIHJYRGXMSRW *VSQ0&TVIWWY JSVSZIVWIGSRH b -RWXVYGXMSR1ERYEP (IXEMPIHZIVWMSR.ETERIWISRP] MR4(*JSVQEX (IWGVMFIWHIXEMPIHMRJSVQEXMSRERH STIVEXMRKTVSGIHYVIWSJEPPJYRGXMSRW *VSQE4'HS[RPSEHMXJVSQXLIJSPPS[MRK[IFWMXI 8LI960ERHGSRXIRXWSJXLIQERYEPWEVIWYFNIGXXSGLERKI[MXLSYXTVMSVRSXMGI %GGIWWSVMIW 0&XIVQMREP ;MXL;EVVERX]ERH&EGO'SZIV0 &EXXIV]4EGO0 -RWXVYGXMSR1ERYEP .ETERIWIZIVWMSR '(631JSV0& 4 3TXMSRWGSQTEXMFPI[MXLXLMWXIVQMREP 2SXIXLEX0&MWVIJIVVIHXSEWXIVQMREPMRXLMWQERYEP -XMWTVSLMFMXIHXSGST]EPPSVTEVXSJXLMWQERYEP[MXLSYXTIVQMWWMSR 8LIWGVIIRWSVMPPYWXVEXMSRWYWIHMRXLMWQERYEPEVII\EQTPIW8LIEGXYEPWGVIIRWERHMPPYWXVEXMSRWQE]HMJJIV 8LMWQERYEPHIWGVMFIWSTIVEXMSRWQEMRP]YWMRKXLIHIJEYPXWIXXMRKW 0&CVIHMR/MWIOEI8SSP -JWIXXMRKWEVI GLERKIHWGVIIRHMWTPE]WSVSTIVEXMSRWQE]HMJJIVJVSQXLSWIHIWGVMFIHMRXLMWQERYEP 'SRXIRXW -RXVSHYGXMSR 4 &EWMG3TIVEXMSR 4 'SRRIGX 4 7IEVGL 4 )RNS] 4 1SVI'SRZIRMIRX 4 3XLIVW 4 *31%8IVQMREP;LEX=SY'ER(S[MXL0&4EVX2EQIWERH*YRGXMSRW4VIGEYXMSRW ,ERHPMRK4VIGEYXMSRW &IJSVI9WMRK7GVIIR)\TPEREXMSR'LEVEGXIV)RXV]7SYRH7GVIIR7IXXMRK 0SGO7IGYVMX] 'EPP8IPITLSRI1EMP4LSRIFSSO MQSHI*YPP&VS[WIVM'LERRIP 'EQIVE7IK1YWMGM TTPMMQSXMSR 3WEMJY/IMXEM'SRZIRMIRX8SSPW(EXE1EREKIQIRX 7YTTSVX%TTIRHM\-RHI\ *31%8IVQMREP &IGEYWIXLIXIVQMREPYWIWVEHMS[EZIWMXQE] RSXJYRGXMSRMRPSGEXMSRW[LIVIVEHMS[EZIWGERRSX VIEGLWYGLEWMRXYRRIPWYRHIVKVSYRHSVMRFYMPHMRKW SYXWMHIXLIFYMPHMRK[LIVIVEHMS[EZIWEVI[IEOSVSYX SJWIVZMGIEVIE)ZIR[LIR]SYEVIMRERYTTIV xSSVSJEXEPPFYMPHMRKERHRSXLMRKFPSGOW]SYVZMI[ SYXWMHI]SYVXIVQMREPQE]RSXFIEFPIXSVIGIMZI SVXVERWQMXWMKREPW%PWSIZIR[LIRVEHMS[EZIWEVI WXVSRK[MXLXLVIIERXIRREFEVWHMWTPE]IHERH]SYEVI RSXQSZMRKGSQQYRMGEXMSRQE]WXMPPFIMRXIVVYTXIH &IGSRWMHIVEXISJSXLIVTISTPIEVSYRH]SYMRTYFPMGSV [LIVIMXMWIWTIGMEPP]GVS[HIHSVUYMIX &IGEYWI]SYVXIVQMREPYWIWVEHMS[EZIWXS GSQQYRMGEXIXLIVIMWETSWWMFMPMX]XLEXGEPPWQE]FI MRXIVGITXIHF]XLMVHTEVXMIW8LI;'(1%ERH+71 +467W]WXIQWEYXSQEXMGEPP]IRGSHIWMKREPWJSVEPP GEPPWWSIZIRMJXLMVHTEVXMIWWLSYPHMRXIVGITXGEPPW[MXL XLIVIGIMZIVXLI][MPPLIEVSRP]RSMWI 8LIXIVQMREPWIRHWERHVIGIMZIWZSMGI GSQQYRMGEXMSREWIRGSHIHHMKMXEPHEXE;LIR]SYEVI STIVEXMRKXLIXIVQMREP[LMPIQSZMRKWSQIXMQIW ]SYQE]IRGSYRXIV[IEOIVVEHMS[EZIWERHXLI XVERWQMXXIHHMKMXEPHEXEQE]RSXFIGSVVIGXP]HIGSHIH VIWYPXMRKMRWSYRHHMWXSVXMSRW -XMWVIGSQQIRHIHXLEX]SYWEZIMQTSVXERXHEXESRE QMGVS7(GEVH-J]SYYWIE4'YWIOIMXEM HEXEPMROXSWIRHERHWEZIHEXEWYGLEW4LSRIFSSO IRXVMIWQEMPQIWWEKIW7GLIHYPIIZIRXWIXGXSXLI 4' ;LIR]SYYWI770JSVEWIGYVIGSRRIGXMSR]SY EKVIIXLEX]SYEVIVIWTSRWMFPIJSVER]EGXMSRW]SY XEOIERHXLIGIVXMwIVWPMWXIHFIPS[HS RSXKYEVERXIIXLIWEJIX]SJ770JSVER]EGXMZMXMIWSJ GYWXSQIVW[LMPIYWMRK770ERHEVIRSXPMEFPIJSVER] HEQEKIWMRGYVVIHXLVSYKLYWMRK770 'IVXMwIVW :IVM7MKR.ETER// ']FIVXVYWX.ETER'S0XH +PSFEP7MKR// 67%7IGYVMX].ETER0XH 7)'318VYWX7]WXIQW'S0XH 8LIXIVQMREPWYTTSVXW4PYW%VIEERH ,-+,74))(%VIE 8LIXIVQMREPGERFIYWIHSRP]ZMEXLI RIX[SVOTVSZMHIHF] VSEQMRKEVIE -XMWVIGSQQIRHIHXLEX]SYQEOIEFEGOYTSJYWIV HIw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a -RJVEVIHTSVX )EVTMIGI7TIEOIV (MWTPE] M 1IRYOI] (MWTPE]XLIQEMRQIRY g 1EMPOI] (MWTPE]XLIQEMPQIRY 7XEVXOI] 1EOIVIGIMZIEGEPP (MEPOI]W )RXIVETLSRIRYQFIVSVGLEVEGXIV 4YFPMGQSHI (VMZIQSHI OI] 1YWMG+YMHIOI] (MWTPE]XLIQYWMGWGVIIR N 1YPXMXEWOOI] (MWTPE]XLIXEWOPMWX 'LEVKMRKXIVQMREPW -RRIVGEQIVE -PPYQMREXMSRWIRWSV 1YPXM7IPIGXSV I MQSHIM TTPMOI] (MWTPE]XLIMQSHIQIRY p G 'EQIVEOI] (MWTPE]XLIWXMPPMQEKIWLSSXMRK WGVIIR q Q 'PIEVM'LERRIPOI] 6IXYVRXSXLITVIZMSYWWXEXISV XSXLI7XERHF]HMWTPE] r P 4S[IV)\MXOI] )RHEGEPPSVI\MXEJYRGXMSR s # 1ERRIVQSHIOI] t T 8:OI] (MWTPE]XLI7IK[EXGLMRKWGVIIR u 1SYXLTMIGI v -PPYQMREXMSR w )\XIVREPGSRRIGXSVXIVQMREP x 3YXIVGEQIVE y &EGOGSZIV (SRSXVIQSZIXLIWXMGOIVSRXLI FEGOWMHISJXLI&EGOGSZIV-J VIQSZMRKMXXLI-'GEVHGSRXIRXW QE]RSXFIVIEHSV[VMXXIR z ERXIRRE 8LIERXIRREMW MRWMHIXLIXIVQMREP 8SGSQQYRMGEXIMRFIXXIV GSRHMXMSREZSMHGSZIVMRKXLI ERXIRRETEVX[MXL]SYVLERHW QEVO B 7XVETLSPI C F E :SPYQIOI] %HNYWXXLIZSPYQI D QMGVS7(GEVHWPSX 9WMRKIEVTLSRIW 'SRRIGXSTXMSREPIEVTLSRIWGSQTEXMFPI[MXL XLII\XIVREPGSRRIGXSVXIVQMREP -J]SYYWIXLIMRGSQTEXMFPIIEVTLSRIW GSRRIGXXLISTXMSREPGSRZIVWMSRTPYK EHETXIVXSXLIIEVTLSRIW )EVTLSRIXIVQMREP *PEXX]TI *PEXTPYKJSVXLIxEXTPYK )EVTLSRI1MGVSTLSRI [MXL7[MXGL 4PYK )\ 'SRRIGXMRKXLI*PEXTPYK)EVTLSRI 1MGVSTLSRI[MXL7[MXGL STXMSREP 4VIGEYXMSRW %0;%=7*3003;8,)7)46)'%98-327 b &IJSVIYWMRK]SYVXIVQMREPVIEHXLIWI4VIGEYXMSRW GEVIJYPP]WSXLEX]SYGERYWIMXGSVVIGXP]%JXIVVIEHMRKXLIWI TVIGEYXMSRWOIITXLMWQERYEPJSVPEXIVVIJIVIRGI b &IWYVIXSSFWIVZIXLIWITVIGEYXMSRWFIGEYWIXLI]EVI MRXIRHIHXSTVSXIGX]SYSVSXLIVWEVSYRH]SYJVSQGEYWMRK MRNYV]ERHXSEZSMHHEQEKIXSXLITVSTIVX] b 8LIW]QFSPWFIPS[MRHMGEXIXLIPIZIPWSJHERKIVSVHEQEKI XLEXQE]SGGYVMJXLITEVXMGYPEVTVIGEYXMSRMWRSXSFWIVZIHERH XLI*31%XIVQMREPMWYWIHMQTVSTIVP] (%2+)6 8LMWW]QFSPMRHMGEXIW XLEXMRGSVVIGXLERHPMRK QE]HMVIGXP]SV MQQIHMEXIP]GEYWIHIEXL SVWIVMSYWMRNYV] ;%62-2+ 8LMWW]QFSPMRHMGEXIW XLEXMRGSVVIGXLERHPMRK TSWIWEVMWOSJGEYWMRK HIEXLSVWIVMSYWMRNYV] '%98-32 8LMWW]QFSPMRHMGEXIW XLEXMRGSVVIGXLERHPMRK TSWIWEVMWOSJGEYWMRK MRNYV]SVHEQEKIXSXLI TVSHYGXSVTVSTIVX] b 8LIJSPPS[MRKW]QFSPWMRHMGEXIWTIGMwGHMVIGXMSRW (IRSXIWXLMRKWRSXXSHS 4VSLMFMXMSRW (SRtX 2S HMWEWWIQFP] 2S [IXLERHW 2S PMUYMHW (S (IRSXIWRSXXSHMWEWWIQFPI (IRSXIWRSXXSXSYGL[MXL[IXLERHW (IRSXIWRSXXSYWI[LIVIMXGSYPHKIX [IXSVRSXXS[IXMX (IRSXIWQERHEXSV]MRWXVYGXMSRW QEXXIVWXLEXQYWXFIGSQTPMIH[MXL (IRSXIWXSYRTPYKJVSQXLISYXPIX 9RTPYK b 4VIGEYXMSRWEVII\TPEMRIHMRXLIJSPPS[MRKWIGXMSRW +IRIVEP4VIGEYXMSRWJSV8IVQMREP&EXXIV]4EGO %HETXIVERH9-1 4 4VIGEYXMSRWJSV8IVQMREP 4 4VIGEYXMSRWJSV&EXXIV]4EGO 4 4VIGEYXMSRWJSV%HETXIV 4 4VIGEYXMSRWJSV9-1 4 4VIGEYXMSRWSR9WMRKRIEV)PIGXVSRMG1IHMGEP)UYMTQIRX 4 +IRIVEP4VIGEYXMSRWJSV *31%8IVQMREP&EXXIV] 4EGO%HETXIVERH9-1 (SRSXKIXXLIXIVQMREP ERHMXWEGGIWWSVMIW[IX -JPMUYMHWWYGLEW[EXIVSVTIX 2S PMUYMHW YVMRIKIXSRXSXLIQSZIVLIEXMRK (SRtX 8LIHIZMGIWGSYPHFIHIJSVQIH SVQEPJYRGXMSRSVXLIFEXXIV]TEGO QE]PIEOSZIVLIEXI\TPSHISV MKRMXIVIWYPXMRKMRXLIHIXIVMSVEXMSR SJTIVJSVQERGIERHWLSVXIRMRKSJ XLIPMJISJHIZMGIW%PWSTEVXSJXLI GEWIGSYPHKIXLIEXIHGEYWMRK FEVIWOMRFYVRW (SRSXHMWEWWIQFPISV VIQSHIPXLIXIVQMREP ERHMXWEGGIWWSVMIW(SRSX 2S HMWEWWIQFP] WSPHIVXLIQ *MVIMRNYV]IPIGXVMGWLSGOSV QEPJYRGXMSRQE]VIWYPX8LI FEXXIV]TEGOQE]PIEOSZIVLIEX I\TPSHISVGEXGLwVI 8LIFEXXIV]TEGOQE]PIEO SZIVLIEXI\TPSHISVMKRMXI%PWS XLIHIZMGIWQE]QEPJYRGXMSRSV GEXGLwVI IPIGXVMGWLSGOwVIQEPJYRGXMSR SVMRNYV]IXGQE]VIWYPX4E] EXXIRXMSRXSXLITPEGISJYWIERH XLI[E]SJLERHPMRK (%2+)6 (SRSXYWIWXSVISVPIEZIXLI XIVQMREPERHMXW EGGIWWSVMIWMRPSGEXMSRW WYFNIGXXSLMKLXIQTIVEXYVIW WYGLEWRIEVwVIMRHMVIGX WYRPMKLXSVMRWMHIEGEVYRHIV XLILSXWYR (SRtX 9WISRP]XLIFEXXIV]TEGOW ERHEHETXIVWWTIGMwIHF] (S 9WMRKXLIEGGIWWSVMIWSXLIVXLER WTIGMwIHSRIQE]GEYWIXLI XIVQMREPFEXXIV]TEGOERH SXLIVHIZMGIWXSPIEOSZIVLIEX I\TPSHIMKRMXISVQEPJYRGXMSR (SRtX (SRt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xEQQEFPIKEW WYGLEWEKEWWXEXMSR(SRSX GLEVKIXLIXIVQMREP 'EXGLMRKwVIQE]VIWYPX &IWYVIXSXYVRXLITS[IVSJJ FIJSVI]SYYWI3WEMJY/IMXEMMRE TPEGIWYGLEWEKEWWXEXMSR -J XLI-'GEVHPSGOMWWIXYRPSGOXLI -'GEVHPSGOFIJSVIXYVRMRKXLI TS[IVSJJ (S -J]SYRSXMGIER]WXVERKI WQIPPWSZIVLIEXMRK HMWGSPSVEXMSRSVHIJSVQEXMSR [LMPIYWMRKGLEVKMRKSV WXSVMRKXLI*31%XIVQMREP MQQIHMEXIP]XEOIXLI JSPPS[MRKEGXMSRW 6IQSZIXLITS[IVTPYKJVSQXLI SYXPIXSVGMKEVIXXIPMKLXIVWSGOIX 8YVRXLI*31%XIVQMREPTS[IVSJJ 6IQSZIXLIFEXXIV]TEGOJVSQXLI *31%XIVQMREP -J]SYGSRXMRYIXSYWIXLI *31%XIVQMREPERHMXW EGGIWWSVMIWSZIVLIEXMRK I\TPSWMSRMKRMXMSRSVPIEOEKI SJXLIFEXXIV]TEGOQE]VIWYPX '%98-32 (SRtX (SRSXTPEGIXLI*31% XIVQMREPERHMXWEGGIWWSVMIW MRYRWXEFPITPEGIWWYGLEW [SFFP]XEFPIWSVWPSTMRK WLIPZIW 8LI*31%XIVQMREPSVMXW EGGIWWSVMIWQE]JEPPVIWYPXMRKMR MRNYV]SVQEPJYRGXMSR (SRtX (SRSXWXSVIXLI*31% XIVQMREPERHMXWEGGIWWSVMIW MRLYQMHSVHYWX]TPEGIWSV MRLMKLXIQTIVEXYVIW 1EPJYRGXMSRQE]VIWYPX (S -JGLMPHVIRYWIXLI*31% XIVQMREPEKYEVHMERWLSYPH I\TPEMRXLIWEJIX]MRWXVYGXMSRW ERHGSVVIGXSTIVEXMSRW8LI KYEVHMERWLSYPHEPWSQEOI WYVIXLEXXLIMRWXVYGXMSRWEVI JSPPS[IHHYVMRKYWI -RNYV]QE]VIWYPX /IITSYXSJXLIVIEGLSJ FEFMIWERHMRJERXW (S (S 4VIGEYXMSRWJSV*31% 8IVQMREP ;%62-2+ (SRtX %GGMHIRXEPW[EPPS[MRKSVMRNYV] QE]VIWYPX 4E]I\XVEEXXIRXMSR[LIR]SY YWIXLI*31%XIVQMREPJSVER I\XIRHIHTIVMSHSJXMQI[LMPI MXMWGSRRIGXIHXSXLIEHETXIV -J]SYYWIM TTPMQEOIEPSRK ZMHISTLSRIGEPPSV[EXGL 7IKJSVEPSRKXMQI[LMPI GLEVKMRKXLI*31%XIVQMREP FEXXIV]TEGOSVEHETXIVQE] FIGSQILSX 7SQIYWIVW[LSGSRXMRYSYWP] SVVITIEXIHP]XSYGLELSX *31%XIVQMREPQE]HIZIPST VEWLIWMXGLMRKSVIG^IQE HITIRHMRKSRXLIMVTL]WMGEP LIEPXLSVI\MWXMRKQIHMGEP GSRHMXMSRWSVEPS[ XIQTIVEXYVIFEVIWOMRFYVR QE]VIWYPX (SRtX (SRSXHMVIGXP]TSMRXXLI -RJVEVIHTSVXEXWSQISRI W I]IWHYVMRKXVERWQMWWMSR 8LIMVI]IWQE]FIEHZIVWIP] EJJIGXIH%PWSTSMRXMRKMXXSSXLIV MRJVEVIHHIZMGIWXSXVERWQMXHEXE QE]MRXIVJIVI[MXLXLISTIVEXMSR SJXLSWIHIZMGIW (SRSXTYXXLI*31%XIVQMREP MRETPEGI[LIVIMXGSYPHFI MQTEGXIHF]ERI\TERHMRK EMVFEKIKSRXLIHEWLFSEVH SJEGEV -JXLIEMVFEKI\TERHWXLI*31% XIVQMREPQE]LMX]SYSVSXLIVW VIWYPXMRKMREREGGMHIRXSVMRNYV] ERHXLI*31%XIVQMREPQE] QEPJYRGXMSRSVFIHEQEKIH (SRtX -J]SY[IEVER]MQFIHHIH IPIGXVSRMGQIHMGEPHIZMGIWHS RSXTPEGIXLI*31%XIVQMREP MREGLIWXTSGOIXSVMRRIV TSGOIX (S )PIGXVSRMGHIZMGIWSVIPIGXVSRMG QIHMGEPHIZMGIWQE]FI EHZIVWIP]EJJIGXIH-JXLI*31% XIVQMREPMWWIXXSFIXYVRIH SREYXSQEXMGEPP]GERGIPXLI WIXXMRKFIJSVIXYVRMRKMXSJJ*SV YWIMRQIHMGEPJEGMPMXMIWJSPPS[ MRWXVYGXMSRWSJIEGLQIHMGEP JEGMPMX]=SYQE]FITYRMWLIHMJ ]SYXEOIEGXMZMX]TVSLMFMXIHF]PE[ WYGLEWYWISJXLI*31%XIVQMREP MREMVTPERIW -J]SYYWIXLI*31%XIVQMREPRIEV IPIGXVSRMGQIHMGEPHIZMGIWJEMPYVI SJXLIIPIGXVSRMGQIHMGEPHIZMGIW QE]VIWYPX (SRtX (SRSXKIXPMUYMHWWYGLEW [EXIVSVJSVIMKRSFNIGXWWYGL EWQIXEPTMIGIWSVxEQQEFPI QEXIVMEPWMRXSXLI9-1SV QMGVS7(GEVHWPSXSJXLI *31%XIVQMREP *MVIIPIGXVMGWLSGOSVQEPJYRGXMSR QE]VIWYPX (SRSXxEWLEPMKLXHMVIGXIHXS EHVMZIVSJXLIZILMGPI (SRt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wFVMPPEXSVWSXLIV QIHMGEPIPIGXVSRMGHIZMGIWwVI EPEVQWEYXSQEXMGHSSVWERH SXLIVEYXSQEXMGEPP]GSRXVSPPIH HIZMGIW -J]SYEVIYWMRKERMQTPERXIH GEVHMEGTEGIQEOIVERH MQTPERXIHHIwFVMPPEXSV SVER]SXLIVIPIGXVSRMG QIHMGEPHIZMGIWGSRWYPXXLI QERYJEGXYVIVSVVIXEMPIVSJXLI HIZMGIJSVEHZMGIVIKEVHMRK TSWWMFPIIJJIGXWJVSQVEHMS [EZIW (S -JXLIHMWTPE]KPEWWSVGEQIVE PIRWMWFVSOIREZSMHXSYGLMRK XLIFVSOIRKPEWWSVI\TSWIH TEVXWMRWMHIXLI*31% XIVQMREP 8LIWYVJEGISJXLIHMWTPE]MW GSZIVIH[MXLETVSXIGXMZIwPQERH XLIGEQIVEPIRWMWGSZIVIH[MXL ETPEWXMGTERIPWSXLEXWLEXXIVIH KPEWWTMIGIWHSRSXWGEXXIVIEWMP] LS[IZIVMJ]SYXSYGLXLIFVSOIR KPEWWSVI\TSWIHTEVXWMRNYV] QE]VIWYPX '%98-32 (SRSXW[MRKXLI*31% XIVQMREPF]WXVETIXG (SRtX (SRtX -XQE]LMX]SYSVSXLIVWVIWYPXMRK MREREGGMHIRXWYGLEWMRNYV] QEPJYRGXMSRSVHEQEKI -J]SYYWI18S]QEOI WYVIXLIWEJIX]SJ]SYV WYVVSYRHMRKWLSPHXLI*31% XIVQMREPwVQP]ERHHSRSX WLEOIMXQSVIXLERRIGIWWEV] 18S]MWEKEQIXSTPE]F]XMPXMRK SVWLEOMRKXLI*31%XIVQMREP 7LEOMRKXLI*31%XIVQMREPXSS QYGLQE]LMXSXLIVWSVSFNIGX VIWYPXMRKMREWIVMSYWEGGMHIRXSV QEPJYRGXMSR (SRtX -J]SYEXXEGLEWXVETQEHISJ QIXEPSVWMQMPEVQEXIVMEPFI GEVIJYPRSXXSLMXSXLIVWSV SFNIGXF]XLIWXVET[LIR]SY TPE]18S] (SRtX ,IEVMRKPSWWQE]VIWYPX -RNYV]QEPJYRGXMSRSVHEQEKI QE]VIWYPX (SRtX -JXLIHMWTPE]MWFVSOIRERH XLI0'(PMUYMHPIEOWHSRSX TYXXLIPMUYMHMRXS]SYVQSYXL W[EPPS[XLIPMUYMHSVETTP] XLIPMUYMHXS]SYVWOMR -JXLI0'(PMUYMHKIXW MRXS]SYVI]IWSVQSYXL MQQIHMEXIP]xYWL[MXLGPIER [EXIVERHGSRWYPXEHSGXSV %PWSMJXLIPMUYMHKIXWSR]SYV WOMRSVGPSXLIWMQQIHMEXIP] [MTIMXSJJ[MXLEPGSLSPERH [EWL[MXLWSETERH[EXIV &PMRHRIWWSVMRNYV]XS]SYVWOMR QE]VIWYPX /IIT]SYVIEVE[E]JVSQXLI WTIEOIV[LIRXLIVMRKXSRIMW WSYRHMRKSVQIPSH]MWFIMRK TPE]IHSRXLI*31%XIVQMREP (SRtX 8LIWYVJEGISJXLIHMWTPE] MWGSZIVIH[MXLETVSXIGXMZI wPQXLEXTVIZIRXWWLEXXIVIH TPEWXMGTMIGIWJVSQWGEXXIVMRK MRGEWIXLIHMWTPE]FVIEOWF] FIMRKHVSTTIHSVERI\XIVREP MQTEGX(SRSXJSVGMFP] VIQSZISVHEQEKIXLIwPQ -JXLIw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wRKIVWSVWXVETGEYKLX[LIR ]SYGPSWIXLI*31%XIVQMREP (S ;EXGL7IKMRE[IPPPMXTPEGI OIITMRKEGIVXEMRHMWXERGI JVSQXLIWGVIIR -RNYV]SVJEMPYVIQE]VIWYPX )]IWMKLXQE]FIJEMPMRK 4VIGEYXMSRWJSV &EXXIV]4EGO (SRtX b 'LIGOXLIFEXXIV]X]TIF]XLIPEFIP EXXEGLIHXSXLIFEXXIV]TEGO (IWGVMTXMSR 8]TI 0MMSR 0MXLMYQMSRFEXXIV] 8LIPIEOEKISZIVLIEXMRK I\TPSWMSRSVMKRMXMSRSJXLI FEXXIV]TEGOQE]VIWYPX (%2+)6 (SRtX (SRSXKIXER]QIXEPSFNIGXW WYGLEW[MVIGSQIMRXS GSRXEGX[MXLXLIFEXXIV] XIVQMREP(SRSXGEVV]SVWXSVI XLI*31%XIVQMREPXSKIXLIV [MXLER]QIXEPSFNIGXWWYGL EWERIGOPEGI (SRSXTYXI\GIWWMZIJSVGI [LIRMRWIVXMRKXLIFEXXIV] TEGOMRXSXLI*31%XIVQMREP IZIRMJ]SYLEZIHMJwGYPX]MR MRWIVXMRKMX %PWSGLIGOXLIHMVIGXMSR SJXLIFEXXIV]TEGOFIJSVI MRWIVXMRK (SRSXXLVS[XLIFEXXIV]TEGO MRXSwVI (SRtX (SRtX 8LIPIEOEKISZIVLIEXMRK I\TPSWMSRSVMKRMXMSRSJXLI FEXXIV]TEGOQE]VIWYPX (S 8LIPIEOEKISZIVLIEXMRK I\TPSWMSRSVMKRMXMSRSJXLI FEXXIV]TEGOQE]VIWYPX (SRSXTMIVGIXLIFEXXIV] TEGO[MXLEREMPLMXMX[MXLE LEQQIVSVWXITSRMX 8LIPIEOEKISZIVLIEXMRK I\TPSWMSRSVMKRMXMSRSJXLI FEXXIV]TEGOQE]VIWYPX -JXLIFEXXIV]xYMHKIXWMRXS ]SYVI]IWHSRSXVYFXLIQ -QQIHMEXIP]xYWL[MXLGPIER [EXIVERHGSRWYPXEHSGXSV &PMRHRIWWQE]VIWYPX ;%62-2+ (SRtX -JEREFRSVQEPMX]SGGYVWXS XLIFEXXIV]TEGO[LIRMXMW HEQEKIHSVHIJSVQIHF] XLI*31%XIVQMREPFIMRK HVSTTIHWXSTYWMRKXLI *31%XIVQMREPMQQIHMEXIP] '%98-32 (SRtX 8LIPIEOEKISZIVLIEXMRK I\TPSWMSRSVMKRMXMSRSJXLI FEXXIV]TEGOSVQEPJYRGXMSRSJXLI HIZMGIWSVwVIQE]VIWYPX (S (S -JGLEVKMRKMWRSXGSQTPIXIH [LIRXLIWTIGMwIHGLEVKMRK XMQIIPETWIHWXSTGLEVKMRK 8LIPIEOEKISZIVLIEXMRK I\TPSWMSRSVMKRMXMSRSJXLI FEXXIV]TEGOQE]VIWYPX -JXLIFEXXIV]PIEOWSVIQMXW WXVERKIWQIPPMQQIHMEXIP] WXSTYWMRKXLI*31%XIVQMREP ERHOIITMXE[E]JVSQwVI (SRSXHMWTSWISJI\LEYWXIH FEXXIVMIW[MXLSVHMREV] LSYWILSPH[EWXI -KRMXMSRSVIRZMVSRQIRXEPHEQEKI QE]VIWYPX'SZIVXLIFEXXIV] XIVQMREPW[MXLERSRGSRHYGXMZI XETIERHXEOIXLIQXSXLI HSGSQS7LSTIXGSVHMWTSWI SJXLIQMREGGSVHERGI[MXLPSGEP [EWXIHMWTSWEPVIKYPEXMSRW (SRSXGLEVKIE[IXFEXXIV] TEGO (SRtX (S 8LIFEXXIV]TEGOQE]SZIVLIEX I\TPSHISVMKRMXI -JFEXXIV]xYMHKIXWSR]SYV WOMRSVGPSXLIWMQQIHMEXIP] WXSTYWMRKERHxYWL[MXL GPIER[EXIV 4VIGEYXMSRWJSV %HETXIV ;%62-2+ (SRSXYWIEHEQEKIH EHETXIVGSVHSVTS[IVGSVH (SRtX (SRtX (S 8LIPIEOEKISZIVLIEXMRK I\TPSWMSRSVMKRMXMSRSJXLI FEXXIV]TEGOSVQEPJYRGXMSRSJXLI HIZMGIWSVwVIQE]VIWYPX (SRSXYWIXLI%'EHETXIV ERHHIWOXSTLSPHIVMRETPEGI [MXLLMKLLYQMHMX]WYGLEWE FEXLVSSQ )PIGXVMGWLSGOQE]VIWYPX (SRtX -RNYV]XS]SYVWOMRQE]VIWYPX 8LI('EHETXIVMWJSV YWISRP]MRERIKEXMZI KVSYRHIHZILMGPI(SRSXYWI MXMRETSWMXMZI KVSYRHIH ZILMGPI *MVIQE]VIWYPX 8LIPIEOIHFEXXIV]xYMHQE] MKRMXIVIWYPXMRKMRwVISVFYVWX 1EOIWYVIXLEX]SYVTIXWHS RSXFMXIXLIFEXXIV]TEGO )PIGXVMGWLSGOSZIVLIEXMRKSVwVI QE]VIWYPX (SRtX -JMXWXEVXWXSXLYRHIVHSRSX XSYGLXLI*31%XIVQMREPSV EHETXIV 0MKLXRMRKSVIPIGXVMGWLSGOQE] VIWYPX (SRtX (SRSXWLSVXGMVGYMXXLI GLEVKMRKXIVQMREPW[LIR XLIEHETXIVMWTPYKKIHMRXS ERSYXPIXSVGMKEVIXXIPMKLXIV WSGOIX%PWSRIZIVXSYGL XLIGLEVKMRKXIVQMREPW[MXL wRKIVWSVSXLIVFEVIWOMR (S *MVIQEPJYRGXMSRIPIGXVMGWLSGO SVMRNYV]QE]VIWYPX (SRtX 4PEGIXLIGLEVKIVSVHIWOXST LSPHIVMREWXEFPIPSGEXMSR [LMPIGLEVKMRK%PWSHSRSX GSZIVSV[VETXLIGLEVKIVSV HIWOXSTLSPHIV[MXLGPSXLSV FIHHMRK 8LI*31%XIVQMREPQE]HVSTSJJ SVGLEVKIVERHHIWOXSTLSPHIV QE]SZIVLIEXVIWYPXMRKMRwVISV QEPJYRGXMSR (SRtX (S (SRSXTPEGILIEZ]SFNIGXW SRXLIEHETXIVGSVHSVTS[IV GSVH *EMPMRKXSHSWSQE]VIWYPXMRwVI SVQEPJYRGXMSR;LIR]SYYWI XLI*31%XIVQMREPSZIVWIEW YWIER%'EHETXIVETTVSTVMEXI JSVXLIPSGEXMSR %'EHETXIV :%' ('EHETXIV :(' JSV RIKEXMZIKVSYRHIHZILMGPIW SRP] %'EHETXIVEZEMPEFPISZIVWIEW XS:%' 'SRRIGXSRP] [MXLLSYWILSPH%'SYXPIX -JXLIJYWISJXLI('EHETXIV FPS[WVITPEGIMX[MXLXLI WTIGMwIHJYWI 8LIYWISJERMRGSVVIGXJYWIQE] GEYWIwVISVQEPJYRGXMSR7II IEGLMRWXVYGXMSRQERYEPJSVXLI WTIGMwIHJYWI /IITXLITS[IVTPYKHYWX JVII )PIGXVMGWLSGOSVwVIQE]VIWYPX (SRSXXSYGLXLIEHETXIVGSVH SVSYXPIX[MXL[IXLERHW 9WIXLIEHETXIVEXXLI WTIGMwIHTS[IVWSYVGIERH ZSPXEKI (S *MVIQE]VIWYPX (S ;LIRTPYKKMRKXLI%' EHETXIVMRXSERSYXPIXTPYKMX MRwVQP]FIMRKGEVIJYPRSXXS PIXMXGSRXEGX[MXLER]QIXEP SFNIGXWWYGLEWQIXEPWXVET )PIGXVMGWLSGOQE]VIWYPX 2S [IXLERHW )PIGXVMGWLSGOEWLSVXGMVGYMXSV wVIQE]VIWYPX (S ;LIRVIQSZMRKXLIEHETXIV JVSQXLISYXPIXSVGMKEVIXXI PMKLXIVWSGOIXHSRSXJSVGMFP] TYPPXLIEHETXIVGSVHSVTS[IV GSVHMRWXIEHLSPHXLITS[IV TPYKERHTYPPMXSYX -J]SYTYPPXLITPYKF]XLIGSVH XLIGSVHQE]FIHEQEKIH VIWYPXMRKMRIPIGXVMGWLSGOSVwVI -J]SYHSRSXYWIXLIEHETXIV JSVEPSRKTIVMSHSJXMQI 9RTPYK YRTPYKXLITS[IVTPYKJVSQ XLISYXPIX )PIGXVMGWLSGOwVISVQEPJYRGXMSR QE]VIWYPX -JPMUYMHWWYGLEW[EXIVKIX MRXSXLIEHETXIVYRTPYKXLI 9RTPYK TS[IVGSVHJVSQXLISYXPIX SVGMKEVIXXIPMKLXIVWSGOIX MQQIHMEXIP] )PIGXVMGWLSGOWQSOISVwVI QE]VIWYPX &IJSVIGPIERMRKTYPPXLITPYK SYXSJXLISYXPIXSVGMKEVIXXI 9RTPYK PMKLXIVWSGOIX )PIGXVMGWLSGOQE]VIWYPX ;%62-2+ 4VIGEYXMSRWJSV9-1 '%98-32 (S &IGEVIJYPRSXXSXSYGLXLI IHKISJ9-1 -'TSVXMSR [LIR VIQSZMRKMX (S =SYVLERHWSVwRKIVWQE]FI MRNYVIH 4VIGEYXMSRWSR9WMRKRIEV )PIGXVSRMG1IHMGEP)UYMTQIRX b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wG^SRIW[LIVIYWI SVTSWWIWWMSRSJQSFMPI TLSRIWMWTVSLMFMXIHJSPPS[ XLSWIVIKYPEXMSRW -JXLI*31%XIVQMREPMWWIX XSFIXYVRIHSR EYXSQEXMGEPP]GERGIPXLI WIXXMRKFIJSVIXYVRMRKMXSJJ 8YVRXLI*31%XIVQMREPSJJMR GVS[HIHTPEGIWWYGLEWSRE XVEMR[LIVIMQTPERXIHGEVHMEG TEGIQEOIVSVHIwFVMPPEXSV [IEVIVWGSYPHFIRIEVF] 3TIVEXMSRSJERMQTPERXIH GEVHMEGTEGIQEOIVSVMQTPERXIH HIwFVMPPEXSVQE]FIEJJIGXIHF] VEHMS[EZIW (S -J]SYYWIERMQTPERXIH GEVHMEGTEGIQEOIVSV MQTPERXIHHIwFVMPPEXSVYWI SVGEVV]XLI*31%XIVQMREP GQSVQSVIE[E]JVSQXLI MQTPERXIHGEVHMEGTEGIQEOIV SVMQTPERXIHHIwFVMPPEXSV 3TIVEXMSRWSJERMQTPERXIH GEVHMEGTEGIQEOIVSVMQTPERXIH HIwFVMPPEXSVQE]FIEJJIGXIHF] VEHMS[EZIW (S 4EXMIRXWYWMRKIPIGXVSRMG QIHMGEPIUYMTQIRXSXLIV XLERMQTPERXIHGEVHMEG TEGIQEOIVWSVMQTPERXIH HIwFVMPPEXSVW SYXWMHIQIHMGEP JEGMPMXMIWJSVXVIEXQIRXEX LSQIIXG WLSYPHGLIGOXLI MRxYIRGISJVEHMS[EZIWYTSR XLIIUYMTQIRXF]GSRWYPXMRK XLIQERYJEGXYVIV 3TIVEXMSRWSJIPIGXVSRMG QIHMGEPIUYMTQIRXQE]FI EJJIGXIHF]VEHMS[EZIW ,ERHPMRK4VIGEYXMSRW +IRIVEPRSXIW b 'EVIJYPP]VIEHIEGLQERYEP b (SRSX[IXXLIIUYMTQIRX EXXEGLIHXSXLI*31%XIVQMREP EHETXIVERHHIWOXSTLSPHIV b (SRSXVYFSVWGVEXGLXLIHMWTPE] [MXLEQIXEPSFNIGX (SMRKWSQE]GEYWIHEQEKISV QEPJYRGXMSR (SRSXYWIEPGSLSPXLMRRIV FIR^IRIHIXIVKIRXSVSXLIV WSPZIRXWJSVGPIERMRKSXLIV[MWI 8LI*31%XIVQMREPFEXXIV]TEGO XLITVMRXIHMQEKIWSVXI\XQE] EHETXIVERH9-1EVIRSX[EXIVTVSSJ HMWETTIEVSVHMWGSPSVEXMSRQE] (SRSXYWIXLIQMRTPEGIW[MXLLMKL VIWYPX LYQMHMX]WYGLEWEFEXLVSSQSV [LIVIVEMRQE]KIXXLIQ[IX-J]SY b 3GGEWMSREPP]GPIERXLIXIVQMREPW [MXLEHV]GSXXSRW[EF EVIGEVV]MRKXLIQEKEMRWX]SYVFSH] -JXLIXIVQMREPWFIGSQIHMVX]XLI QSMWXYVIJVSQW[IEXQE]GSVVSHIXLI GSRXEGXQE]FIGSQIPSSWIERHXLI MRXIVREPTEVXWGEYWMRKQEPJYRGXMSR *31%XIVQMREPTS[IVQE]FIXYVRIH 2SXIXLEXQEPJYRGXMSRHIIQIHXSFI SJJSVXLIXIVQMREPQE]RSXFIJYPP] GEYWIHHYIXSI\TSWYVIXSPMUYMHW GLEVKIH MWRSXGSZIVIHF]XLI[EVVERX]ERH &IGEVIJYPRSXXSHEQEKIXLI VITEMVQE]FIMQTSWWMFPI8LMWQE] XIVQMREPW[LIR]SYGPIERXLIQ FIVITEMVIHEX]SYVI\TIRWIIZIRMJ VITEMVWEVITSWWMFPI b (SRSXTPEGIXLIIUYMTQIRXRIEV EMVGSRHMXMSRIVSYXPIXW b 9WIEHV]WSJXGPSXL PIRWGPIERMRK 'SRHIRWEXMSRQE]JSVQHYIXS GPSXL XSGPIERXLIIUYMTQIRX VETMHGLERKIWMRXIQTIVEXYVIERH -RWSQIQSHIPWXLIHMWTPE]SJ XLMWQE]GSVVSHIMRXIVREPTEVXWERH XLI*31%XIVQMREPLEWEWTIGMEP GEYWIQEPJYRGXMSR GSEXMRKMRSVHIVXSQEOIXLIGSPSV HMWTPE]GPIEV-J]SYVYFXLIHMWTPE] b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b %ZSMHYWMRKMRI\XVIQIP]LMKLSV PS[XIQTIVEXYVIW 9WIXLI*31%XIVQMREP[MXLMRE XIQTIVEXYVIVERKISJ XS ERHELYQMHMX]VERKISJ XS b 8LI*31%XIVQMREPQE]EJJIGX KIRIVEPTLSRIWXIPIZMWMSRWSV VEHMSWIXGMRYWIRIEVF]9WIXLI *31%XIVQMREPEWJEVE[E]JVSQ WYGLIUYMTQIRXEWTSWWMFPI b /IITEWITEVEXIVIGSVHSJER] MRJSVQEXMSRWXSVIHSRXLI*31% XIVQMREPERHWXSVIXLIGSTMIWMRE WEJIPSGEXMSR EWWYQIWRSVIWTSRWMFMPMX] JSVXLIPSWWSJER]SJ]SYVHEXE b (SRSXHVSTXLI*31%XIVQMREPSV WYFNIGXMXXSWLSGOW (EQEKISVQEPJYRGXMSRQE]VIWYPX b (SRSXMRWIVXERI\XIVREPHIZMGI XSXLII\XIVREPGSRRIGXSVXIVQMREP IEVTLSRIQMGVSTLSRIXIVQMREP GVSSOIHP]SVHSRSXTYPPMX[LIRMXMW MRWIVXIH (EQEKISVQEPJYRGXMSRQE]VIWYPX (SRSXGPSWIXLI*31%XIVQMREP[MXL EWXVETGEYKLXMRWMHI (EQEKISVQEPJYRGXMSRQE]VIWYPX -XMWRSVQEPJSVXLI*31%XIVQMREPXS FIGSQI[EVQHYVMRKYWISVFIMRK GLEVKIH=SYGERGSRXMRYIXSYWIMX (SRSXPIEZIXLIGEQIVEMRETPEGI I\TSWIHXSHMVIGXWYRPMKLX 4M\IPWQE]FIHMWGSPSVIHSVFYVRWQE] VIWYPX 9WYEPP]GPSWIXLIGSZIVWSJXLI I\XIVREPGSRRIGXSVXIVQMREPWERH QMGVS7(GEVHWPSX (YWXSVQSMWXYVIQE]WIITMRERH GEYWIQEPJYRGXMSR (SRSXYWIXLI*31%XIVQMREP[MXL XLIFEGOGSZIVVIQSZIH 8LIFEXXIV]TEGOQE]JEPPSYXSV QEPJYRGXMSRSVHEQEKIQE]VIWYPX (SRSXEXXEGLI\XVIQIP]XLMGO WXMGOIVWSRXLIHMWTPE]SVOI]TEH 1EPJYRGXMSRQE]VIWYPX ;LMPIYWMRKEQMGVS7(GEVHHSRSX VIQSZIMXSVXYVRXLI*31%XIVQMREP TS[IVSJJ (EXEPSWWSVQEPJYRGXMSRQE]VIWYPX b (SRSXTPEGIQEKRIXMGQIHMERIEV b 8LIFEXXIV]TEGOQE]W[IPPEWXLI XLI*31%XIVQMREP FEXXIV]PMJIMWRIEVMXWIRHHITIRHMRK (EXESRQEKRIXMGQIHMEWYGLEWGEWL SRXLIFEXXIV]TEGOGSRHMXMSRFYXMX GEVHWGVIHMXGEVHWXIPITLSRIGEVHWSV MWRSXEQEPJYRGXMSR xSTT]HMWOWQE]FIPSWX b ;LIR]SYWXSVIXLIFEXXIV]TEGO b (SRSXTPEGIEQEKRIXM^IHMXIQRIEV JSVEPSRKXMQIEZSMHXLIJSPPS[MRK XLI*31%XIVQMREP GSRHMXMSRW %WXVSRKQEKRIXMGwIPHQE]GEYWI *YPP]GLEVKIH MQQIHMEXIP]EJXIV QEPJYRGXMSRSJXLI*31%XIVQMREP GLEVKIMWGSQTPIXIH 2SFEXXIV] XLIWXEXI[LIVIXLI 2SXIWSRXLIFEXXIV]TEGO TS[IVGERRSXFIXYVRIHSRHYIXS b 8LIFEXXIV]TEGOMWEGSRWYQEFPI FEXXIV]HVEMR (ITIRHMRKSRXLIYWEKIEFEXXIV] 8LITIVJSVQERGISVPMJISJXLIFEXXIV] TEGOQE]VYRSYXSJMXWGLEVKI TEGOQE]FIVIHYGIH I\XVIQIP]UYMGOP]IZIRMJMXMWJYPP] -XMWVIGSQQIRHIHXLEX]SYWXSVIXLI GLEVKIH4YVGLEWIERI[FEXXIV]TEGO FEXXIV]TEGO[LIRXLIFEXXIV]PIZIP WTIGMwIHMRXLMWQERYEP MGSRWLS[WX[SFEVW b 'LEVKIXLIFEXXIV]TEGOMRETPEGI [MXLEREQFMIRXXIQTIVEXYVISJ 2SXIWSRXLIEHETXIV XS b 'LEVKIXLIFEXXIV]TEGOMRETPEGI b ;LIR]SYYWIXLI*31%XIVQMREP [MXLEREQFMIRXXIQTIVEXYVISJ JSVXLIwVWXXMQISV[LIR]SYLEZI XS RSXYWIHJSVEPSRKXMQIFIWYVIXS b 'LEVKIXLIFEXXIV]TEGO[LIVI GLEVKIXLIFEXXIV]TEGOFIJSVIYWI 8LIVIMWZIV]PMXXPILYQMHMX]ZMFVEXMSR b 8LIEGXYEPYWEKIXMQISJXLI ERHHYWX FEXXIV]TEGOHITIRHWSRXLIYWEKI 8LIVIEVIRSPERHPMRITLSRIW IRZMVSRQIRXSVXLIHIXIVMSVEXMSR XIPIZMWMSRWIXWSVVEHMSWRIEVF] PIZIPSJXLIFEXXIV]TEGO b -XMWRSVQEPJSVXLIEHETXIVWXS FIGSQI[EVQ[LMPIYWMRKSV GLEVKMRKXLI*31%XIVQMREP=SYGER GSRXMRYIXSYWIMX b 9WIXLI('EHETXIVSRP][LIRXLI b 8STVSXIGXXLIIRZMVSRQIRXTPIEWI GEVIRKMRIMWVYRRMRK FVMRKYRRIGIWWEV]9-1XSEWIVZMGI 8LIGEVFEXXIV]QE]FII\LEYWXIH GSYRXIVWYGLEWXLI7LST b ;LIRYWMRKERSYXPIX[MXLEPEXGL b %ZSMHYWMRKMRI\XVIQIP]LMKLSVPS[ QIGLERMWQJSPPS[XLIMRWXVYGXMSR XIQTIVEXYVIW QERYEPSJXLISYXPIX b (SRSXWGVEXGLGEVIPIWWP]XSYGLSV b (SRSXTPEGIWXVSRKMQTEGXW%PWSHS WLSVXGMVGYMXXLI-'TSVXMSR RSXHIJSVQXLIGLEVKMRKXIVQMREPW (EXEPSWWSVQEPJYRGXMSRQE]VIWYPX 1EPJYRGXMSRQE]VIWYPX b (SRSXHVSTXLI9-1SVWYFNIGXMXXS WLSGOW 2SXIWSRXLI9-1 1EPJYRGXMSRQE]VIWYPX b (SRSXYWII\GIWWMZIJSVGIXSMRWIVX b (SRSXFIRHXLI9-1SVTYXLIEZ] VIQSZIXLI9-1 SFNIGXWSRMX b -XMWRSVQEPJSVXLI9-1XSFIGSQI 1EPJYRGXMSRQE]VIWYPX [EVQ[LMPIYWMRKXLI*31% b (SRSXMRWIVXXLI9-1[MXLPEFIPW XIVQMREP=SYGERGSRXMRYIXSYWIMX SVWXMGOIVWEXXEGLIHMRXSXLI*31% b 2SXIXLEX]SYEVIVIWTSRWMFPIJSV XIVQMREP QEPJYRGXMSRGEYWIHF]MRWIVXMRKXLI 1EPJYRGXMSRQE]VIWYPX 9-1MRXSEHMJJIVIRX-'GEVHVIEHIV [VMXIV b %P[E]WOIITXLI-'TSVXMSRSJXLI 9-1GPIER b 'PIERXLI9-1[MXLEWSJXHV]GPSXL PIRWGPIERMRKGPSXL b /IITEWITEVEXIVIGSVHSJER] MRJSVQEXMSRWXSVIHSRXLI9-1ERH WXSVIXLIGSTMIWMREWEJIPSGEXMSR EWWYQIWRSVIWTSRWMFMPMX] JSVXLIPSWWSJER]SJ]SYVHEXE 'EYXMSRW b 2IZIVYWIEQSHMwIH*31%XIVQMREP 9WMRKEQSHMwIHHIZMGIZMSPEXIWXLI 6EHMS0E[ 8LI*31%XIVQMREPEGUYMVIWXLI GIVXMwGEXMSRSJGSRJSVQMX][MXLXIGLRMGEP WXERHEVHWSJWTIGMwIHVEHMSIUYMTQIRX FEWIHSRXLI6EHMS0E[%WETVSSJ 8IGLRMGEPGSRJSVQMX]QEVO MW TVMRXIHSRXLIREQITPEXISJXLI*31% XIVQMREP -J]SYVIQSZIWGVI[WXSQSHMJ]XLI MRXIVREPGSQTSRIRXWSJXLI*31% XIVQMREPXLIGIVXMwGEXMSRSJGSRJSVQMX] [MXLXIGLRMGEPWXERHEVHWFIGSQIW MRZEPMH (SRSXYWIXLI*31%XIVQMREP[MXLXLI MRZEPMHGIVXMwGEXMSRSJGSRJSVQMX][MXL XIGLRMGEPWXERHEVHW(SMRKWSZMSPEXIW XLI6EHMS0E[ b &IGEVIJYP[LIRYWMRKXLI*31% XIVQMREP[LMPIHVMZMRK 9WMRKEQSFMPITLSRIMRLERH[LMPI HVMZMRKMWWYFNIGXXSTYRMWLQIRXF]PE[ -J]SYVIGIMZIEGEPPYREZSMHEFP]YWI ,ERHWJVIIXSXIPPXLIGEPPIVXSGEPPFEGO ERHTEVOXLIGEVEXEWEJITPEGIERH XLIRQEOIEGEPP &IJSVI9WMRK %XXEGLMRK9-1 *31%'EVH &EXXIV]4EGO 8LI9-1MWER-'GEVHXLEXGSRXEMRWWYFWGVMTXMSR MRJSVQEXMSRWYGLEW]SYVTLSRIRYQFIV ;LIRMRWIVXMRKGPSWIXLI*31%XIVQMREPERHLSPHMX [MXLFSXLLERHW ;LMPITVIWWMRK XLIFEGOGSZIVMR XLIHMVIGXMSRSJ a WPMHIMXMRXLI HMVIGXMSRSJb ERHLSPHMXYTMR XLIHMVIGXMSRSJ c ERHVIQSZIMX ;MXLXLIKSPH-' WMHIHS[RTYWL XLI9-1WYVJEGI XSMRWIVXMXWPS[P] XSXLIIRH 2SXGL 8EFW ;MXLXLI % WMHIYTEPMKRXLI QIXEPGSRXEGXWSJ XLIFEXXIV]TEGO ERHXLI*31% XIVQMREPEXXEGL XLIFEXXIV]TEGO MRXLIHMVIGXMSRSJa ERHXLIRTYWLMX HS[RMRXLIHMVIGXMSRSJb %PMKRXLIFEGO &EGOGSZIV GSZIVXSXLI HMXGLSJXLI *31%XIVQMREP [MXLETTVS\ QQKETOITX %TTVS\QQ FIX[IIRXLI FEGOGSZIVERH*31%XIVQMREP ;LMPITVIWWMRKXLIFEGOGSZIVMRXLI HMVIGXMSRSJa WPMHIMXMRXLIHMVIGXMSR SJ b ERHMRWIVXMXYRXMPMXGPMGOW 'LEVKMRKSRP][MXL%'EHETXIV 'LEVKMRK 'LEVKMRK[MXL%'EHETXIVERHHIWOXST LSPHIV ;LMPILSPHMRKXLIHIWOXSTLSPHIV STXMSREP MRWIVX XLI%'EHETXIVGSRRIGXIV[MXLXLIMRWGVMFIH EVVS[WMHIYTWXVEMKLXMRXSXLII\XIVREPGSRRIGXSV XIVQMREPSJXLIHIWOXSTLSPHIV 'SRRIGXXLI%'EHETXIVTPYKXSERIPIGXVMGSYXPIX -RWIVXXLI*31%XIVQMREPMRXLIHMVIGXMSRSJa EPSRKXLIHIWOXSTLSPHIV LIMPPYQMREXMSRPMKLXWYTERHGLEVKMRKWXEVXW;LIR GLEVKMRKGSQTPIXIWXLIMPPYQMREXMSRXYVRWSJJ 3TIRXLII\XIVREPGSRRIGXSVXIVQMREPGSZIVSJ XLI*31%XIVQMREP a ERHxMTMXSZIV b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wKYVMRK(IJEYPX7IXXMRK 8YVRMRKTS[IV32 ;MXLXLITS[IVXYVRIH3**P WIGSRHW JSVSZIV %JXIVXLI;EOIYTWGVIIRMWHMWTPE]IHXLI7XERHF] HMWTPE]ETTIEVW %JXIVXYVRMRKXLITS[IV32JSVXLIw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a b c d e f i j k l mn o p q r s 7MKREPWXVIRKXL IWXMQEXI 3YXSJWIVZMGIEVIESVRSWMKREPVIGITXMSR :SMGIGEPPMRTVSKVIWW MQSHIGSRRIGXMSRMRTVSKVIWW[LMPIFPMROMRK MQSHIQEMPWXSVIHEXXLIMQSHI'IRXIV 9RVIEHMQSHIQEMP 9RVIEH1IWWEKI6 9RVIEH1IWWEKI* &EXXIV]PIZIP IWXMQEXI 0SGOEPPWIX 1ERRIVQSHIWIX %VMRKXSRIJSVZSMGIZMHISTLSRIGEPPMREGXMZI ERHZMFVEXMSREGXMZI %VMRKXSRIJSVQEMP1IWWEKI6*MREGXMZIERH ZMFVEXMSREGXMZI 4YFPMGQSHI (VMZIQSHI WIX m 6IGSVHQIWWEKIWIX o %PEVQWIX 8SHE] WWGLIHYPISV8SHSWIX QMGVS7(GEVHMRWIVXIH 3YXKSMRKZSMGIZMHISTLSRIGEPPWVIWXVMGXIH 3YXKSMRKQEMPWVIWXVMGXIH (EXEEGGIWWPSGOWIX -'GEVHPSGOWIX -PPYQMREXMSR 2SXMwGEXMSRMGSR ;LIRXLI*31%XIVQMREPMWGPSWIHSVIMXLIVSJF SVE MWTVIWWIHX[MGI[MXLXLI*31%XIVQMREPGPSWIHXLI GPSGOMWHMWTPE]IHJSVETTVS\MQEXIP]XLVIIWIGSRHW -RGSQMRKGEPPWSVQEMPWXLIWXEXYWSJXLI*31% XIVQMREPIXGEVIRSXMwIHF]MPPYQMREXMSRTEXXIVRW 8LIJSPPS[MRKMQEKIWEVII\EQTPIWSJMPPYQMREXMSR 'PSGOHMWTPE] -RGSQMRKZSMGIGEPP ZMHISTLSRIGEPP 9RVIEHQEMP 1IWWEKI6* %PEVQWSYRHMRK 1MWWIHGEPP 'LEVKMRK %RYQFIVHMWTPE]IHSRIEGLMGSRMRHMGEXIWXLI RYQFIVSJIRXVMIW 1MWWIHGEPP 9RVIEHQEMP :SMGIQEMPQIWWEKI 6IGSVHQIWWEKI -RJSVQEXMSR 'PSGOMWRSXHMWTPE]IH[LIRSXLIVMPPYQMREXMSRWWYGLEW 1MWWIHGEPPSV9RVIEHQEMP1IWWEKIPMKLXYTSVFPMRO -PPYQMREXMSRJSVQMWWIHGEPPSVYRVIEHQEMPQIWWEKI PMKLXWYTSVFPMROWJSVYTXSETTVS\MQEXIP]ERLSYVEX ETTVS\MQEXIP]XIRWIGSRHWMRXIVZEP :MI[MRK1EMR1IRY /I]3TIVEXMSR )\IGYXIJYRGXMSRWJVSQXLIQEMRQIRYSRXLI *31%XIVQMREP %ZEMPEFPISTIVEXMSRWSRXLIGYVVIRXP]STIRIH WGVIIREVIHMWTPE]IHEW7SJXOI]WEXXLIFSXXSQSJ EWGVIIR a 3TIVEXMSRXSFITIVJSVQIH[MXLM ETTIEVW b 3TIVEXMSRXSFITIVJSVQIH[MXLC ETTIEVW 8LIQEVO EPWSETTIEVWXS MRHMGEXIXLITSWWMFPIHMVIGXMSRJSV WGVSPPMRKSVWIPIGXMRKERMXIQ c 3TIVEXMSRXSFITIVJSVQIH[MXLI ETTIEVW d 3TIVEXMSRXSFITIVJSVQIH[MXLg ETTIEVW e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g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wZIXMQIW wZIXMQIW wZIXMQIW 7IPIGX 8EVS )RXIVMRKTMGXSKVEQWW]QFSPWIQSXMGSRW 'LEVEGXIVIRXV]WGVIIR 9WI I 'LEVEGXIV MRTYXwIPH 'SRZIVWMSR 4VIHMGXMSR STXMSRWTVIHMGXIHF]XLI 4VIHMGXMSRMRTYXJYRGXMSRETTIEV 9WI H XSQSZIXLIGYVWSVXSXLI 4VIHMGXMSRSTXMSRwIPH ...... 9WI H XSQSZIXLIGYVWSVXSXLI 4VIHMGXMSRSTXMSRwIPH G ?4MGX7]QA SRGI 4VIHMGXMSR STXMSRwIPH 7IPIGX 8EVS SRGI wZIXMQIW XLVIIXMQIW ?'LERKIAXSWIPIGXERMRTYXQSHI 9WI M XSW[MXGLX]TIW 7IPIGXETMGXSKVEQW]QFSPIQSXMGSRXS IRXIV 7SYRH7GVIIR7IXXMRK 'LERKMRK6MRK8SRI 7XERHF]HMWTPE] M 7IXXMRKW 7SYRHW :MFVEXMSR 7IPIGXVMRKXSRI 7IPIGXERMXIQERHWIPIGXEwPI ?(SRIA %HNYWXMRK:SPYQI 7XERHF]HMWTPE] M 7IXXMRKW 7SYRHW :MFVEXMSR :SPYQI 7IPIGXERMXIQERHEHNYWXZSPYQI ?(SRIA 7IXXMRK:MFVEXSV 9WMRK1ERRIV1SHI 7XERHF]HMWTPE] 1SZIXLIGYVWSVXSXLIMXIQXSWIX C ?323**A JSVSZIVWIGSRH ;LIRXLI1ERRIVQSHIMWWIX ETTIEVWEXXLIXST SJXLIWGVIIR )ZIR[LMPIXLIQERRIVQSHIMWWIXXLIGEQIVEWLYXXIV XSRIWSYRHW b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g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wGEXMSRHSGYQIRX HVMZIV WPMGIRWIIXG XLI*31% XIVQMREPERH9-1XSXLIHSGSQS7LST*SVHIXEMPW GSRXEGXE+IRIVEP-RUYMVMIWEXXLIFEGOSJXLMWQERYEP 8IVQMREPWIGYVMX]GSHI (IJEYPX =SYGERGLERKIXLI8IVQMREPWIGYVMX]GSHIF]]SYVWIPJ 7IXXMRKW 0SGO7IGYVMX] 7XERHF]HMWTPE] M 'LERKIWIGYVMX]GSHI 2IX[SVOWIGYVMX]GSHI %XXLIXMQISJGSRXVEGX ER]RYQFIV 8LI2IX[SVOWIGYVMX]GSHIMWEJSYVHMKMXRYQFIVXSFI YWIHJSV]SYVMHIRXMw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b 8SGERGIP0SGOEPP -R7XERHF]TVIWWM ?9RPSGOA SVTVIWWER]HMEPOI] IRXIVXLI 8IVQMREPWIGYVMX]GSHI -JJEMPIHXSIRXIVXLIGSVVIGX 8IVQMREPWIGYVMX]GSHIw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w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b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g ?:4LSRIA 1EOMRKEZSMGIGEPPYWMRKVIHMEPPSKW SVVIGIMZIHGEPPPSKW 7XERHF]HMWTPE] L 6IGZ'EPPW SVC ?'EPPA 8SQEOIEZMHISTLSRIGEPP 4VIWWg ?:TLSRIA -RJSVQEXMSR -JI\GIIHIHIRXVMIWXLIIRXV]MWHIPIXIHJVSQXLI SPHIWX %VMRKMRKXSRIWSYRHWJVSQXLIIEVTMIGIERHXLI (MEPMRKWGVIIRMWHMWTPE]IHYRXMPXLISXLIVTEVX] ERW[IVWXLIGEPP b 8SQEOIEZMHISTLSRIGEPP 4VIWWg ?:TLSRIA 7XERHF]HMWTPE] 1SZIXLIGYVWSVXSXLIIRXV]XSGEPP C ?(IXEMPA R 6IHMEP SV 2SXMJ]MRKSXLIVTEVX]SJ]SYVTLSRIRYQFIV 7IX[LIXLIVXSRSXMJ]RSXXSRSXMJ]SXLIVTEVX]SJ ]SYVGEPPIV-(SRXLIRIX[SVOFIJSVILERH 7XERHF]HMWTPE] M 7IXXMRKW 2;7IVZMGIW 'EPPIV-(RSXMwGEXMSR %GXMZEXI(IEGXMZEXI 2SXMJ]2SXRSXMJ] -RJSVQEXMSR =SYGEREPWSWIXRSXXSRSXMJ]XSRSXMJ]SJ]SYVGEPPIV -(JSVIEGLGEPPF]TVIw\MRK XSXLISXLIV TEVX] WTLSRIRYQFIV 9WMRKMRXIVREXMSREPGEPPW ;360('%00MWERMRXIVREXMSREPGEPPWIVZMGI EZEMPEFPIJVSQQSFMPITLSRIW ;LIRLEZMRKWYFWGVMFIHXSXLI*31%WIVZMGI]SY LEZIEPWSWYFWGVMFIHXS;360('%00 I\GITX XLSWI[LSLEZIETTPMIHRSXXSYWIXLIWIVZMGI =SYGERQEOIGEPPWXSETTVS\MQEXIP]GSYRXVMIW ERHVIKMSRW 'LEVKIWJSV;360('%00EVIEHHIHXSXLIQSRXLP] FMPPJSVXLI*31%WIVZMGI 8LIETTPMGEXMSRQSRXLP]JIIMWJVIISJGLEVKI 7SQIFMPPMRKTPERWEVIRSXEZEMPEFPIJSVXLMWWIVZMGI )ZIRMJXLIGEPPIV-(RSXMwGEXMSRMWWIXMXQE]RSX FIRSXMwIHSVTLSRIRYQFIVQE]RSXFIHMWTPE]IH GSVVIGXP]HITIRHMRKSRXLIXIPIGSQQYRMGEXMSRGEVVMIV -RXLMWGEWI]SYGERRSXQEOIEGEPPJVSQXLI6IGIMZIH GEPPWWGVIIR *SVHIXEMPWSR;360('%00GSRXEGX+IRIVEP -RUYMVMIWEXXLIFEGOSJXLMWQERYEP -J]SYYWIMRXIVREXMSREPGEVVMIVWSXLIVXLER GSRXEGXXLIQHMVIGXP] )RXIVMRKETLSRIRYQFIVXSQEOIER MRXIVREXMSREPGEPP )RXIV'SYRXV]GSHI%VIEGSHI 'MX] GSHI 3XLIVTEVX] WTLSRIRYQFIV -JEREVIEGSHI GMX]GSHI WXEVXW[MXLVIQSZI ;LIRGEPPMRKWSQIGSYRXVMIWWYGLEW-XEP]QE]FI VIUYMVIH 8SQEOIERMRXIVREXMSREPZMHISTLSRIGEPP 4VIWWg ?:TLSRIA 6IGIMZMRKE'EPP:MHISTLSRI'EPP %GEPPEVVMZIW ;LIREZMHISTLSRIGEPPEVVMZIW C ?-QEKIA %RW[IVEGEPP[MXLXLIWYFWXMXYXIMQEKI (YVMRKEZMHISTLSRIGEPP I ?-QEKI'EQIVEA 7[MXGLXLIMQEKIXSWIRH FIX[IIRXLIWYFWXMXYXIMQEKIERHXLIGEQIVEMQEKI 8SIRHXLIGEPPP %HNYWXMRK)EVTMIGI:SPYQI (YVMRKEGEPPF E ;LIR=SYGERRSX%RW[IVE'EPP 4YFPMGQSHIMWEREYXSQEXMGVIWTSRWIWIVZMGIXS EWWMWXMRSFWIVZMRKQERRIVWMRTYFPMGPSGEXMSRW 4YFPMGQSHIMRGPYHIWJSPPS[MRKX[SX]TIW (VMZIQSHI 4S[IV3** 9WMRK4YFPMGQSHI (VMZIQSHI 7IXXMRK6IGSVHQIWWEKI 8LIKYMHERGIMWTPE]IHERRSYRGMRKXLEX]SYGERRSX ERW[IVXLIGEPPFIGEYWI]SYEVIGYVVIRXP]HVMZMRKSVMR ETPEGI[LIVI]SYWLSYPHVIJVEMRJVSQXEPOMRKSRXLI TLSRI XVEMRFYWSVQSZMIXLIEXIV ERHXLIRXLIGEPPMW HMWGSRRIGXIH -JXLI6IGSVHQIWWEKIMWEGXMZEXIHXLIZSMGIKYMHERGI MWTPE]IH[LIR]SYGERRSXERW[IVEZSMGIGEPPERHXLI SXLIVTEVX] WQIWWEKIMWVIGSVHIH 7XERHF]HMWTPE] JSVSZIVWIGSRH ;LIRXLI4YFPMGQSHI (VMZIQSHI MWWIX ETTIEVWEXXLIXSTSJXLIWGVIIR b 8SGERGIPXLI4YFPMGQSHI (VMZIQSHI 4VIWW* JSVSZIVWIGSRH [LMPIXLI7XERHF] HMWTPE]ETTIEVW 8LI6IGSVHQIWWEKIHSIWRSXEGXMZEXI[LIRE ZMHISTLSRIGEPPEVVMZIW%GEPPEVVMZIWMRERSVQEP[E] 7XERHF]HMWTPE] M 1IHME 6IGSVHQIWWEKI 6IGSVHQWKWIXXMRK 1SZIXLIGYVWSVXS%GXMZEXIVIGSVHQWK C ?323**A 7IXXS32XSWIPIGXWIXIEGLMXIQ 9WMRK4YFPMGQSHI 4S[IV3** ;LIREGEPPEVVMZIW[LMPIXLITS[IVMWXYVRIH3**XLI KYMHERGIMWTPE]IHERRSYRGMRKXLEX]SYGERRSXERW[IV XLIGEPPFIGEYWI]SYEVIMRETPEGI[LIVI]SYWLSYPH XYVRXLITS[IV3** LSWTMXEPEMVTPERIRIEVTVMSVMX] WIEXWSREXVEMR ERHXLIRXLIGEPPMWHMWGSRRIGXIH ;LIRXLI6IGSVHQIWWEKIMWWIX XSTSJXLIWGVIIR )RXIV: 8SGERGIPXLI4YFPMGQSHI 4S[IV3** )RXIV: ERHTVIWWA ?(SRIA ETTIEVWEXXLI 4PE]MRK6IGSVHQIWWEKI 7XERHF]HMWTPE] M 1IHME 6IGSVHQIWWEKI 6IGSVHQWKPMWX 1SZIXLIGYVWSVXSEVIGSVHIHQIWWEKI C ?4PE]A -RJSVQEXMSR 9WMRK:EVMSYW2IX[SVO7IVZMGIW %ZEMPEFPIRIX[SVOWIVZMGIW 8LIJSPPS[MRKRIX[SVOWIVZMGIWEVIEZEMPEFPI JSVXLI*31%XIVQMREP 7IVZMGIREQI 7YFWGVMTXMSR 1SRXLP]JII :SMGI1EMP7IVZMGI 6IUYMVIH 'LEVKIH 'EPP;EMXMRK 6IUYMVIH 'LEVKIH 'EPP*SV[EVHMRK7IVZMGI 6IUYMVIH *VII 2YMWERGI'EPP&PSGOMRK 2SXVIUYMVIH 7IVZMGI *VII 'EPPIV-(2SXMw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w\ 8IPIKVEQW 'LEVKIETTPMIW XIPIKVEQJII 2STVIw\ 8MQIGLIGO 'LEVKIWETTP] 2STVIw\ ;IEXLIVJSVIGEWX 'LEVKIWETTP] 'MX]GSHISJXLI HIWMVIHEVIE )QIVKIRG]GEPPWXSTSPMGI 2STVIw\ )QIVKIRG]GEPPWXSwVIWXEXMSRERH EQFYPERGI 2STVIw\ )QIVKIRG]GEPPWJSVEGGMHIRXWEXWIE 2STVIw\ (MWEWXIVIQIVKIRG]QIWWEKIHMEP 'LEVKIWETTP] 2STVIw\ 'SPPIGXGEPPW 'LEVKIWETTP] KYMHERGIJIIGEPPJII 2STVIw\ -RJSVQEXMSR ;LIR]SYYWI'EPPJSV[EVHMRKSJEPERHPMRITLSRI ERHLEZIWTIGMwIHEQSFMPITLSRIEWXLIJSV[EVHMRK HIWXMREXMSRXLIGEPPIVQE]LIEVEVMRKXSRIIZIRMJXLI QSFMPITLSRIMWFYW]SYXSJWIVZMGIEVIESVXYVRIHSJJ HITIRHMRKSRXLIWIXXMRKWSJXLIPERHPMRITLSRIERH QSFMPITLSRI )ZIR[LIRXLI9-1MWRSXMRWIVXIHIQIVKIRG]TLSRI RYQFIVW ERH GERFIHMEPIHXS QEOIERIQIVKIRG]GEPPSZIVWIEW,S[IZIV[LIR7IPJ QSHIMWWIXIQIVKIRG]GEPPWGERRSXFIQEHI 8LMW*31%XIVQMREPWYTTSVXW )QIVKIRG]0SGEXMSR6ITSVX ;LIRQEOMRKIQIVKIRG] GEPPWXS SV ]SYVGYVVIRXPSGEXMSR PSGEXMSR MRJSVQEXMSR [MPPEYXSQEXMGEPP]FIRSXMwIHXSIQIVKIRG] VITSVXVIGITXMSREKIRGMIWWYGLEWXLI4SPMGI8LIEKIRG] QE]RSXVIGIMZIEGGYVEXIPSGEXMSRMRJSVQEXMSRHITIRHMRK SR]SYVGYVVIRXPSGEXMSRSVWMKREPGSRHMXMSRW;LIR]SY HSRSXRSXMJ]]SYVGEPPIV-(F]HMEPMRKWYGLEW[MXL EHHIH]SYVPSGEXMSRMRJSVQEXMSRERHGEPPIV-(EVIRSX RSXMw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wVIWXEXMSR-RWYGL EGEWIYWIETYFPMGTLSRISVPERHPMRITLSRIRIEVF] 3ZIVWIEWRIX[SVOW 9WMRK3ZIVWIEW -RXIVREXMSREPVSEQMRK ;360(;-2+ MWEWIVZMGI XLEXEPPS[W]SYXSXEPOSVQEOIGSQQYRMGEXMSRW ZMEMRXIVREXMSREPGEVVMIV WRIX[SVOYWMRKXLIWEQI TLSRIRYQFIVEWYWIHHSQIWXMGEPP] &IJSVIYWMRKGLIGOXLIWYFWGVMTXMSRWXEXYWJSV ;360(;-2+ 7IIXLIJSPPS[MRKMXIQWFIJSVIYWMRKXLI*31% XIVQMREPSZIVWIEW 1SFMPI4LSRI9WIV W+YMHI?-RXIVREXMSREP7IVZMGIWA 1SFMPI4LSRI9WIV W+YMHI?2IX[SVO7IVZMGIWA -RXIVREXMSREP7IVZMGIW[IFWMXI -RX P7IVZMGI+YMHITVIMRWXEPPIHSRXLI*31%XIVQMREP 'SRZIRMIRXJYRGXMSRWERHWIVZMGIWEZEMPEFPISZIVWIEW *YRGXMSRWIVZMGI (IWGVMTXMSR 6SEQMRK KYMHI -RX 2SXMJ]XLISXLIVTEVX][MXLEZSMGI KYMHERGIXLEXXLIXIVQMREPMWMR MRXIVREXMSREPVSEQMRK 'EPPFEVVMRK 6INIGXMRGSQMRKGSQQYRMGEXMSRW HYVMRKMRXIVREXMSREPVSEQMRK (YEPGPSGO HMWTPE] (MWTPE]X[SGPSGOWSJX[SHMJJIVIRXGMXMIW WMQYPXERISYWP]SRXLI7XERHF]HMWTPE] 9RMXGSRZIVXIV 'SRZIVXGYVVIRG]F]WIXXMRKER I\GLERKIVEXI 2IX[SVO (IWGVMTXMSR ;'(1% + 8LMVHKIRIVEXMSRQSFMPIGSQQYRMGEXMSR RIX[SVOGSQTPMERX[MXLXLIMRXIVREXMSREP WXERHEVH+44 +71 (MKMXEPFEWIHWIGSRHKIRIVEXMSRQSFMPI GSQQYRMGEXMSRRIX[SVOQSWXYWIH[SVPH[MHI +467 KIRIVEXMSRQSFMPIGSQQYRMGEXMSR RIX[SVOXLEXWYTTSVXWLMKLWTIIHTEGOIX GSQQYRMGEXMSRYWMRK+71GSQQYRMGEXMSR 8LIEFFVIZMEXMSRSJVH+IRIVEXMSR4EVXRIVWLMT4VSNIGX %VIKMSREPWXERHEVHM^EXMSRSVKERM^EXMSRXSIWXEFPMWL GSQQSRXIGLRMGEPWTIGMwGEXMSRWJSVXLMVHKIRIVEXMSR QSFMPIGSQQYRMGEXMSRW]WXIQW -18 8LIEFFVIZMEXMSRSJ+PSFEP7]WXIQJSV1SFMPI 'SQQYRMGEXMSRW7IGSRHKIRIVEXMSRQSFMPIGSQQYRMGEXMSR W]WXIQMRHMKMXEPQIXLSHQSWXYWIH[SVPH[MHI 8LIEFFVIZMEXMSRSJ+IRIVEP4EGOIX6EHMS7IVZMGI (EXEGSQQYRMGEXMSRWYGLEWTEGOIXGSQQYRMGEXMSRMW JEGMPMXEXIHF]WTIIHMRKYT+71 7YFWGVMFMRKXS;360(;-2+ -J]SYWYFWGVMFIHXSXLI*31%WIVZMGIEJXIV7ITXIQFIV EWYFWGVMTXMSRJSV;360(;-2+MWRSXVIUYMVIH ,S[IZIVMJ]SYGERGIPIHXLIWYFWGVMTXMSRJSV;360( ;-2+EXSVEJXIVEWYFWGVMTXMSRJSVXLI*31%WIVZMGIE WYFWGVMTXMSRJSV;360(;-2+MWVIUYMVIHEKEMR -J]SYWYFWGVMFIHXSXLI*31%WIVZMGIFIJSVI%YKYWX ERHLEZIRSXWYFWGVMFIHXS;360(;-2+E WYFWGVMTXMSRMWVIUYMVIH 7IVZMGIWEZEMPEFPISZIVWIEW 'SQQYRMGEXMSRWIVZMGI + +71 +467 :SMGIGEPP :MHISTLSRI 717 MQSHI MQSHIQEMP M'LERRIP 4EGOIX GSQQYRMGEXMSRF] GSRRIGXMRKXSE4' %ZEMPEFPI 2SXEZEMPEFPI =SYRIIHXSQEOISZIVWIEWYWEKIWIXXMRKWJSVMQSHI =SYRIIHXSQEOIM'LERRIPWIXXMRKW4EGOIX GSQQYRMGEXMSRGLEVKIWETTP]XSVIGIMZIIEGL M'LERRIP MRGPYHMRK&EWMGGLERRIP %YXSYTHEXIMWWYWTIRHIHEYXSQEXMGEPP]MJXLI*31% XIVQMREPMWGSRRIGXIHXSERMRXIVREXMSREPGEVVMIV8S VIWYQI%YXSYTHEXISJM'LERRIPSZIVWIEW]SYRIIH XSQEOIM'LERRIPWIXXMRKWEKEMR,S[IZIVTEGOIX GSQQYRMGEXMSRGLEVKIWETTP]MREHHMXMSRXSXLI QSRXLP]JII -RJSVQEXMSR 9WEKIJIIWSZIVWIEW GEPPGLEVKIWTEGOIX GSQQYRMGEXMSRGLEVKIW HMJJIVJVSQHSQIWXMGJIIW 1EOMRKEGEPPXSSYXWMHIXLIGSYRXV]]SY WXE] MRGPYHMRK.ETER 1EOIEGEPP[MXLERHEGSYRXV]GSHITVIw\IHXS XLISXLIVTEVX] WTLSRIRYQFIV 8SQEOIEGEPPXSERSZIVWIEW;360(;-2+YWIV IRXIV EWEGSYRXV]GSHIXSQEOIERMRXIVREXMSREP GEPPXS.ETER 7XERHF]HMWTPE] 0 JSVSZIVWIGSRH )RXIV'SYRXV]GSHI%VIEGSHI 'MX] GSHI 4LSRIRYQFIV -JEREVIEGSHI GMX]GSHI WXEVXW[MXLVIQSZI ;LIRGEPPMRKWSQIGSYRXVMIWWYGLEW-XEP] QE]FIVIUYMVIH 8SQEOIEZMHISTLSRIGEPP 4VIWWg ?:TLSRIA 1EOMRKEGEPPXSETIVWSRMRXLIGSYRXV] ]SYWXE] 1EOIEGEPPF]HMEPMRKXLISXLIVTEVX] WTLSRI RYQFIVJVSQXLIEVIEGSHI GMX]GSHI 8SQEOIEGEPPXSERSZIVWIEW;360(;-2+YWIVQEOI ERMRXIVREXMSREPGEPPYWMRKXLIWEQITVSGIHYVIWMR1EOMRK EGEPPXSSYXWMHIXLIGSYRXV]]SYWXE] MRGPYHMRK.ETER IZIRMRXLIWEQIGSYRXV]SVVIKMSR 1EMP %XXEGLMRKERHWIRHMRKEwPI 7IRHMRKMQSHI1EMP %XXEGLERMQEKISVQIPSH]XSMQSHIQEMPXSWIRH 9TSRWYFWGVMTXMSRXSMQSHI]SYGERI\GLERKI IQEMPZMEXLI-RXIVRIXEW[IPPEWFIX[IIRMQSHI XIVQMREPW *SVHIXEMPWSRMQSHIQEMPWII1SFMPI4LSRI9WIV W +YMHI?MQSHIA*31%ZIVWMSR 7XERHF]HMWTPE] QIWWEKI 9TXSwPIWEXSXEPSJ1&GERFIEXXEGLIH 7XERHF]HMWTPE] QIWWEKI 7IPIGX 7IPIGX wIPH (MVIGXMRTYX )RXIVER EHHVIWW wIPH )RXIVEWYFNIGX 7IPIGX?1IWWEKIAwIPH )RXIVEQIWWEKI ?7IRHA wIPH 7IPIGXEwPI 7IPIGX wIPH (MVIGXMRTYX )RXIVER EHHVIWW 7IPIGX wIPH )RXIVEWYFNIGX 7IPIGX?1IWWEKIAwIPH )RXIVEQIWWEKI 'SQTSWI 'SQTSWI %HHVIWW 7YFNIGX %XXEGLQIRX 1IWWEKI 7IPIGX ?7IRHA 'VIEXMRKERH7IRHMRK(IGSQEMP 'VIEXI]SYVHIWMKRIHQEMPF]EHHMRKHIGSVEXMSRW WYGLEWGLERKMRKJSRXWM^IJSRXGSPSVSV FEGOKVSYRHGSPSVSVMRWIVXMRKMQEKIW[LIR IHMXMRKMQSHIQEMP C ?7IXA ?7IRHA :MI[MRK6IGIMZIHMQSHI1EMP ;LIRXLI*31%XIVQMREPMWMRXLIWIVZMGIEVIE MQSHIQEMPMWEYXSQEXMGEPP]WIRXJVSQXLIMQSHI GIRXIV ;LIRMQSHIQEMPEVVMZIW XLIXSTSJXLIWGVIIR ETTIEVWEX ;LIRXLIVIGITXMSRGSQTPIXIWXLI6IGIMZIVIWYPXW WGVIIRETTIEVW 1EMP 7XERHF]HMWTPE] QIWWEKI 'SQTSWI )RXIVEREHHVIWWERHWYFNIGX 7IPIGX?1IWWEKIAwIPH g ?(IGSA 7IXXLIGLEVEGXIVMRTYXQSHIXSSXLIVXLERXLI %PTLEFIXMGEPMRTYXQSHIXSWIPIGXg ?(IGSA 9WIXLITEPIXXIXSHIGSVEXIEQIWWEKI M ?'PSWIA 8STVIZMI[XLI(IGSQEMPQIWWEKI 4VIWWM ?1IRYA 4VIZMI[ 7IPIGXEJSPHIV 7IPIGXEQEMPXSHMWTPE] 'LIGOMRKJSVRI[MQSHIQEMP ;LIRXLI*31%XIVQMREPMWSYXSJWIVZMGIEVIE IXGERHXLIVIJSVIMQSHIQEMPWEVIJEMPIHXSFI VIGIMZIHXLI]EVIWXSVIHMRXLIMQSHIGIRXIV 'LIGO[MXLXLIMQSHIGIRXIVJSVRI[QIWWEKIW XSVIGIMZIWXSVIHMQSHIQEMPW 7XERHF]HMWTPE] QIWWEKIW 'LIGORI[ 6ITP]MRKXSMQSHIQEMP 6ITP]XSXLIWIRHIVSJMQSHIQEMP6ITP]MRKGER FIQEHIF]IRXIVMRKRI[XI\XSVUYSXMRKXLIXI\X SJXLIVIGIMZIHMQSHIQEMP 6IGIMZIHQEMPHIXEMPWGVIIR M ?1IRYA 6ITP]*SV[EVH 6ITP]6ITP][MXL UYSXI )RXIVEWYFNIGXERHQIWWEKI ?7IRHA 7SVXMRKQEMPWEYXSQEXMGEPP]XSJSPHIVW 7IXWSVXMRKGVMXIVMEXSEYXSQEXMGEPP]WEZIQEMPWXS WTIGMwIHJSPHIVW 'VIEXIWSVXMRKJSPHIVWMR-RFS\ERH3YXFS\FIJSVILERH 7XERHF]HMWTPE] %YXSWSVX 1EMPWIXXMRK 7SVXMRFS\7SVXSYXFS\ 7IPIGXXLI*SPHIVXSWSVXMRXSwIPH 7IPIGX XLIJSPHIVJSVWSVXMRKQEMPW I ?(SRIA 9WMRK717 'VIEXMRKERHWIRHMRK717 7IRHEQIWWEKIEHHVIWWIHXSEQSFMPITLSRI RYQFIV 7XERHF]HMWTPE] g 717 'SQTSWI717 7IPIGX wIPH (MVIGXMRTYX )RXIVE TLSRIRYQFIV 7IPIGX wIPH )RXIVEQIWWEKI ?7IRHA :MI[MRKVIGIMZIH717 717QIWWEKIWEVIWIRXEYXSQEXMGEPP][LIRXLI *31%XIVQMREPMWMRXLIWIVZMGIEVIE ;LIR717EVVMZIW ETTIEVWEXXLIXSTSJXLIWGVIIR 7IPIGXXLIWSVXMRKVYPIWIXXMRKwIPH ;LIRXLIVIGITXMSRGSQTPIXIWXLI6IGIMZIVIWYPXW WGVIIRETTIEVW 7IPIGXXLI7SVXMRKGVMXIVMEw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wIPH 4LSRI9-1 7IXIEGLMXIQ ?(SRIA %HHMRK4LSRIFSSOIRXVMIWJVSQ6IHMEP SV6IGIMZIHGEPPW 7XERHF]HMWTPE] 6IGZ'EPPW R 6IHMEP SVL 1SZIXLIGYVWSVXSXLITLSRIRYQFIVXS EHH C ?(IXEMPA M ?1IRYA %HHXS TLSRIFSSO 2I[VIKMWXVEXMSR %HHXLIIRXV]XS4LSRIFSSO ?(SRIA 1EOMRKE'EPPJVSQ4LSRIFSSO 7XERHF]HMWTPE] 1SZIXLIGYVWSVXSXLIIRXV]XSGEPP (IPIXMRK4LSRIFSSO)RXVMIW 8SQEOIEZMHISTLSRIGEPP 4VIWWg ?:4LSRIA )HMXMRK4LSRIFSSO)RXVMIW 7XERHF]HMWTPE] D 7IPIGXXLIIRXV] XSIHMX M ?1IRYA )HMX )HMXIEGL MXIQ %JXIVIHMXMRKI ?(SRIA =IW 7XERHF]HMWTPE] D 7IPIGXXLIIRXV] XSHIPIXI M ?1IRYA (IPIXI =IW 'LIGOMRK4LSRIFSSO7XSVEKI7XEXYW 'LIGOXLI4LSRIFSSOWXSVEKIWXEXYWSJXLI*31% XIVQMREPERH9-1 7XERHF]HMWTPE] M 2SSJTLSRIFSSO 4LSRIFSSO :MI[MRK'EPP1EMP,MWXSV] 7XERHF]HMWTPE] M 4LSRIFSSO 'EPP1EMPLMWXSV] 7IPIGXXLIPSKXSZMI[ MQSHI*YPP&VS[WIV MQSHI MQSHIMWEWIVZMGIXLEXQEOIWYWISJXLIHMWTPE] SJXLI*31%XIVQMREPWYTTSVXMRKMQSHI MQSHI XIVQMREP XSIREFPI]SYXSYWISRPMRIWIVZMGIW WYGLEWWMXIEGGIWW-RXIVRIXEGGIWWERHMQSHI QEMP MQSHIMWEJIIFEWIHWIVZMGIVIUYMVMRKEWYFWGVMTXMSR *SVHIXEMPWSRMQSHIWII1SFMPI4LSRI9WIV W+YMHI ?MQSHIA*31%ZIVWMSR 'SRRIGXMRKMQSHI7MXI 7XERHF]HMWTPE] M1IRY )RKPMWL :MI[MRKERH3TIVEXMRK7MXIW 7IPIGXMRKEWMXIXSHMWTPE] ;LMPIZMI[MRKEWMXI 7IPIGXERMXIQ PMRO ERH C ?7IPIGXA &IJSVIYWMRKMQSHI 'SRXIRXWSJWMXIWSV-RXIVRIX[IFWMXIW [IFTEKIW EVI KIRIVEPP]TVSXIGXIHF]GST]VMKLXPE[(EXEWYGLEWXI\XSV MQEKIW]SYHS[RPSEHXSXLIMQSHIXIVQMREPJVSQWMXIWSV [IFTEKIWGERFIYWIHSRP]JSVTIVWSREPIRXIVXEMRQIRX FYXGERRSXFIYWIHMR[LSPISVMRTEVXEWMXMWSVEJXIV QSHMwGEXMSRJSVWEPISVVIHMWXVMFYXMSR[MXLSYXXLIGSRWIRXSJ XLIGST]VMKLXLSPHIVW -J]SYVITPEGIXLI9-1[MXLERSXLIVSRISVXYVRXLITS[IV 32[MXLXLI9-1RSXMRWIVXIH]SYGERRSXHMWTPE]TPE]wPIW HITIRHMRKSRXLIQSHIPWYGLEWWXMPPMQEKIWQSZMRK TMGXYVIWQIPSHMIWSFXEMRIHJVSQWMXIWEXXEGLIHwPIW WXMPP MQEKIWQSZMRKTMGXYVIWQIPSHMIWIXG WIRXVIGIMZIHF] QEMPWGVIIRQIQSWSV1IWWEKI6* ;LIREwPI[MXLXLI9-1VIWXVMGXMSRMWWIXEWXLI7XERHF] HMWTPE]SVVMRKXSRIXLIWIXXMRK[MPPVIZIVXXSHIJEYPXMJE HMJJIVIRX9-1MWMRWIVXIHSVXLITS[IVMWXYVRIH32[MXLXLI 9-1RSXMRWIVXIH /I]STIVEXMSRW[LMPIZMI[MRKEWMXI 3TIVEXMSR (IWGVMTXMSR g ? A 7GVSPPXLIWGVIIRYTQSZISRIPMRI G ? A 7GVSPPXLIWGVIIRHS[RQSZISRIPMRI )\MXMQSHI U D 7IPIGXERMXIQ PMRO L R 1SZIXSTVIZMSYWTEKIRI\XTEKI 7EZMRKJVIUYIRXP]EGGIWWIHWMXIWEW FSSOQEVOW 7EZIWMXIWEWFSSOQEVOWXSHMWTPE]]SYVJEZSVMXI TEKIWUYMGOP] ;LMPIZMI[MRKEWMXI M ?1IRYA &SSOQEVO 7EZI )HMXEXMXPISV960 HIWXMREXMSRJSPHIV ?%HHA 7IPIGXE (MWTPE]MRKLSQITEKIWSVWMXIWJVSQ FSSOQEVOW 7XERHF]HMWTPE] &SSOQEVO 7IPIGXEJSPHIV 7IPIGXEFSSOQEVO 7EZMRK7GVIIRQIQSW 7EZIXLIGYVVIRXP]HMWTPE]IHTEKIEWE7GVIIR QIQS7EZIH7GVIIRQIQSTEKIWGERFI HMWTPE]IH[MXLSYXGSRRIGXMRKXSMQSHI ;LMPIZMI[MRKEWMXI M ?1IRYA 7GVIIRQIQS 7EZI =IW (MWTPE]MRK7GVIIRQIQSW 7XERHF]HMWTPE] 7GVIIR1IQS 7IPIGXE7GVIIRQIQS *YPP&VS[WIV 9WMRK*YPPFVS[WIV]SYGERFVS[WI[IFTEKIW HIWMKRIHJSV4'WSRXLI*31%XIVQMREP 7SQITEKIWQE]RSXFIHMWTPE]IHGSVVIGXP] 2SXIXLEX]SYEVIGLEVKIHELMKLGSQQYRMGEXMSRJII JSVQEWWMZIHEXEGSQQYRMGEXMSRWYGLEWFVS[WMRK [IFTEKIWGSRXEMRMRKQER]MQEKIWSVHS[RPSEHMRK HEXEwPIW*SVHIXEMPWSRTEGOIXGSQQYRMGEXMSRJII ERHFMPPMRKTPERWII1SFMPI4LSRI9WIV W+YMHI ?MQSHIA*31%ZIVWMSR (MWTPE]MRK;IF4EKIW(IWMKRIHJSV4' 7XERHF]HMWTPE] ,SQI *YPPFVS[WIV -RJSVQEXMSR 770807GSQTEXMFPI[IFTEKIWGERFIHMWTPE]IH [MXL*YPPFVS[WIV 770807EVIXLIQIXLSHWXSGSQQYRMGEXIWEJIP] [MXLEYXLIRXMGEXMSRIRGV]TXMSRXIGLRSPSKMIW770 807TEKIWTVIZIRXSXLIVWJVSQIEZIWHVSTTMRK WTSSw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b c d f g h b c d 1EVOW MGSRW HMWTPE]IHSRWLSSXMRKWGVIIRW a 1SHI 4LSXSQSHI mn 7XMPPMQEKIWLSSXMRKWGVIIR 1SZMRKTMGXYVIWLSSXMRKWGVIIR /I]STIVEXMSRWSRWLSSXMRKWGVIIRW 3TIVEXMSR (IWGVMTXMSR C ?8EOIA?6IGA 7LYXXIV7XEVXVIGSVHMRK J F E >SSQ %HNYWXFVMKLXRIWW ?1SHIA 'LERKI'EQIVEQSHI M ?1IRYA (MWTPE]WIXXMRKQIRY )\MX4LSXSQSHI1SZMIQSHI *YRR]JEGIWLSX 7YTIVwRI *MRI 2SVQEP ;LMXIFEPERGI %YXS -RGERHIWGIRX 7YRR] *PYSVIWGIRX 'PSYH] e 7LEOIVIHYGXMSR f 1EGVS 32 g %YXSXMQIV WIG WIG WIG h 'SRXMRYSYWQSHI %YXS 1ERYEP i 1IQSV]MRYWI ,ERHWIXQIQSV] )\XIVREPQIQSV] QMGVS7(GEVH j 2YQFIVSJEZEMPEFPIWLSX k *SGYWJVEQI 8LIJVEQIGSPSVGLERKIWXSMRHMGEXIWXEXYW[LIR EYXSJSGYWMWMRSTIVEXMSR l +YMHIJSVOI]STIVEXMSRW m 7M^IVIWXVMGXMSR 2SVIWXVMGXMSR *SVQEMPPSRK *SVQEMPWLSVX n 8]TI 7SYRH:MHIS 1SZMISRP] 7SYRHSRP] o 8SXEPVIGSVHEFPIXMQI 1SZMIQSHI b -QEKIWM^I c -QEKIUYEPMX] 7LSSXMRK7XMPP-QEKIW1SZMRK4MGXYVIW 7LSSXMRKWXMPPMQEKIW 7XERHF]HMWTPE] :MI[MRKWXMPPMQEKIW 4SMRXXLIGEQIVEXSEWYFNIGX C ?8EOIA C ?7EZIA 7XERHF]HMWTPE] M (EXEFS\ 1]TMGXYVI 'EQIVE 1SZIXLIGYVWSVXSEwPI 7LSSXMRKQSZMRKTMGXYVIW 7XERHF]HMWTPE] 1SZMIQSHI :MI[MRK7XMPP-QEKIW1SZMRK 4MGXYVIWEJXIV7LSSXMRK ?1SHIA 4SMRXXLIGEQIVEXSEWYFNIGX C ?6IGA 8LIXSRIWSYRHWERHVIGSVHMRKEQSZMRKTMGXYVI WXEVXW C ?:MI[A -RJSVQEXMSR 8SWIXXLIWXMPPMQEKI]SYWLSXXSXLI7XERHF] HMWTPE]HMWTPE]XLIWXMPPMQEKIXSWIXERHTVIWW M ?1IRYA 7IXEW 7XERHF]HMWTPE] :MI[QSZMRKTMGXYVIW C ?7XSTA 7XERHF]HMWTPE] M (EXEFS\ MQSXMSR 'EQIVE 8LIXSRIWSYRHWERHVIGSVHMRKEQSZMRKTMGXYVI IRHW 1SZIXLIGYVWSVXSEw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wVQEXMSRWGVIIRETTIEVWEWOMRK[LIXLIV XSEGXMZEXI7IK%PWS[LIRXLIFEXXIV]PIZIP FIGSQIWPS[[LMPI[EXGLMRKSVVIGSVHMRKE7IK TVSKVEQXLIFEXXIV]EPIVXXSRIWSYRHW -JRSSTIVEXMSRMWTIVJSVQIHJSVETTVS\MQEXIP]SRI QMRYXISREGSRwVQEXMSRWGVIIR7IKEYXSQEXMGEPP] IRHW 1IWWEKIWSRXLIWGVIIR[LIR]SYYWI 7IKJSVXLIwVWXXMQI :MI[MRKERH3TIVEXMRK7IK;EXGLMRK7GVIIR ;LIR]SYYWI7IKJSVXLIwVWXXMQIEJXIVTYVGLEWI EGSRwVQEXMSRWGVIIRSJIWGETIGPEYWIETTIEVW 6IEHIEGLGPEYWIERHTVIWWC ?3/A%JXIVXLMWE GSRw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xEXVEXIWIVZMGI -REHHMXMSRXSXLIYWEKIJIIJSVXLI1YWMG :MHIS 'LERRIPWSQITVSKVEQWQE]VIUYMVIEHHMXMSREP MRJSVQEXMSRJIIW %JXIVWYFWGVMFMRKXS1YWMG :MHIS'LERRIPMJ]SYMRWIVX XLI9-1MRXSE1YWMG :MHIS'LERRIPMRGSQTEXMFPI *31%XIVQMREPXLIWIVZMGIFIGSQIWYREZEMPEFPI ,S[IZIVWIVZMGIJIIW[MPPWXMPPETTP]YRPIWW]SYGERGIP XLI1YWMG :MHIS'LERRIPWYFWGVMTXMSR =SYGERRSXWIXSVSFXEMRTVSKVEQWHYVMRK MRXIVREXMSREPVSEQMRK;LIR]SYKSSZIVWIEWLEPX XLIHMWXVMFYXMSRSJTVSKVEQWFIJSVILERH;LIR]SY GSQIFEGOXS.ETERVIWYQIWXEVXMRKHMWXVMFYXMSR 4EGOIXGSQQYRMGEXMSRGLEVKIWETTP]MJXV]MRKXSWIX SVSFXEMRTVSKVEQWHYVMRKMRXIVREXMSREPVSEQMRK *SVHIXEMPWSR1YWMG :MHIS'LERRIPWII1SFMPI 4LSRI9WIV W+YMHI?MQSHIA*31%ZIVWMSR 7IXXMRK4PE]MRK4VSKVEQW 7IXXMRKTVSKVEQW 7XERHF]HMWTPE] M 1YWMG :MHIS'L 197-' 7IXTVSKVEQ *SPPS[SRWGVIIRMRWXVYGXMSRWXSWIX TVSKVEQW 4PE]MRKTVSKVEQW 7XERHF]HMWTPE] M 197-' 1YWMG :MHIS'L 7IPIGXETVSKVEQ :MI[MRKERH3TIVEXMRK1YWMG 4PE]IV7GVIIR 7SRKXMXPI EVXMWXREQI .EGOIXMQEKI P]VMGW %PFYQREQI 4PE]FEGO TVSKVIWWFEV )PETWIHXMQI XSXEPXMQI :SPYQI /I]STIVEXMSRWSR1YWMGTPE]IVWGVIIR 3TIVEXMSR (IWGVMTXMSR (S[RPSEHMRK1YWMG(EXEJVSQ7MXIW (MWTPE]EWMXIXLEXGSRXEMRW'LEOY9XE *YPP’WSRKW 7IPIGXE'LEOY9XE*YPP’ WSRKXSHS[RPSEH 7EZI 7IPIGXWEZIPSGEXMSR -RJSVQEXMSR &IJSVIHS[RPSEHMRKQYWMGHEXEJVSQ[IFWMXIWVIEHXLI PMGIRWIEKVIIQIRX PMGIRWIERHTVSLMFMXIHEGXMZMXMIW IXG GEVIJYPP] 1YWMGHEXEWEZIHSRXLI*31%XIVQMREPSVSRE QMGVS7(GEVHGERFIYWIHJSVTIVWSREPYWISRP];LIR YWMRKHSRSXZMSPEXIEXLMVHTEVX] WMRXIPPIGXYEPTVSTIVX] VMKLXWYGLEWGST]VMKLXERHSXLIVVMKLXW(SRSXGST] SVQSZIQYWMGHEXEWEZIHSRXLI*31%XIVQMREPSVSR EQMGVS7(GEVHXSSXLIVQIHMEWYGLEWE4' 'LEOY9XE*YPPMWEVIKMWXIVIHXVEHIQEVOSJ7SR]1YWMG )RXIVXEMRQIRX-RG C ?4EYWI4PE]A 4EYWITPE] H F E %HNYWXZSPYQI *MRHFIKMRRMRKSJXLIWSRKSV TPE]TVIZMSYWWSRKRI\XWSRK J ,SPHHS[R 6I[MRHJEWXJSV[EVH[LMPI LSPHMRKHS[R %PPWSRKW 7LS[LMHINEGOIXMQEKIP]VMGW 1SZIXLIGYVWSVXSQYWMGHEXE )\MX197-'TPE]IV 4PE]MRK1YWMG(EXE )\EQTPI 8STPE]QYWMGMR%PPWSRKW C ?4PE]A M TTPM M TTPMMWWSJX[EVIJSVMQSHIGSQTEXMFPIQSFMPI TLSRIW(S[RPSEHZEVMSYWWSJX[EVIJVSQMQSHI WMXIWXSYWIXLI*31%XIVQMREPQSVIGSRZIRMIRXP] F]YTHEXMRKWXSGOTVMGISV[IEXLIVMRJSVQEXMSR EYXSQEXMGEPP]SVIRNS]MRKKEQIW[MXLSYX GSRRIGXMRKXSRIX[SVOIXG 4EGOIXGSQQYRMGEXMSRGLEVKIWETTP] *SVSZIVWIEWYWITEGOIXGSQQYRMGEXMSRGLEVKIW HMJJIVJVSQHSQIWXMGGLEVKIW *SVHIXEMPWSRM TTPMWII1SFMPI4LSRI9WIV W+YMHI ?MQSHIA*31%ZIVWMSR (S[RPSEHMRKM TTPMJVSQWMXIW (S[RPSEHWSJX[EVIJVSQEWMXIERHWEZIMXXSXLI *31%XIVQMREP ;LMPIZMI[MRKEWMXI 7IPIGXWSJX[EVI =IW (S[RPSEHGSQTPIXIW =IW 8LIHS[RPSEHIHWSJX[EVIWXEVXW 7XEVXMRKM TTPM 7XERHF]HMWTPE] JSVSZIVWIGSRH 7IPIGXWSJX[EVI 8SI\MXM TTPM =IW 4VIWWP (IPIXMRKM TTPM 7XERHF]HMWTPE] I JSVSZIVWIGSRH 1SZIXLIGYVWSVXSWSJX[EVI M ?1IRYA (IPIXI 8LMWMXIQ =IW -RJSVQEXMSR -JHIPIXIHTVIMRWXEPPIHM TTPM]SYGERHS[RPSEH JVSQ;3;0+WMXI .ETERIWISRP] *VSQXLMWWMXI ]SYGERHS[RPSEHTVIMRWXEPPIH(IGSQEMPTMGXYVI (IGSQEMPTMGXSKVEQ[EPPTETIVQIPSH]MQSXMSR IXGEW[IPPEWM TTPM M1IRY 7XERHF]HMWTPE] I 1IRY0MWX 1SFMPI4LSRI 1ERYJEGXYVIVW ;3;0+ 4EGOIXGSQQYRMGEXMSRGLEVKIETTPMIWJSV HS[RPSEHMRK MQSXMSR MQSXMSRMWEQSZMRKTMGXYVIHEXE[MXLZMHISERH WSYRHMQSXMSRGERFIHS[RPSEHIHJVSQMQSXMSR WMXIWERHGERFITPE]IHWEZIHERHWIXEWXLI 7XERHF]HMWTPE]SVVMRKXSRIIXG 1SZIXLIGYVWSVXSEwPI C ?4PE]A *MPIHMWTPE] REQI (S[RPSEHMRKMQSXMSRJVSQWMXIW ;LMPIZMI[MRKEWMXI 7IPIGXMQSXMSR %JXIVTPE]FEGOSVHS[RPSEHMRK7EZI 4PE]FEGO TVSKVIWWFEV :SPYQI 4PE]MRKMQSXMSR MQSXMSRTPE]FEGO WGVIIR 4PE]QSZMRKTMGXYVIW]SYVIGSVHIHSVMQSXMSR HS[RPSEHIHJVSQWMXIWSVMQSHIQEMPW 7XERHF]HMWTPE] MQSXMSR /I]STIVEXMSRWSRMQSXMSRTPE]FEGOWGVIIR (EXEFS\ 1SZIXLIGYVWSVXSEJSPHIV C ?3TIRA )PETWIHXMQI XSXEPXMQI 3TIVEXMSR (IWGVMTXMSR C ?4EYWI4PE]A 4EYWITPE] 7XST ?7XSTA 4PE]TVIZMSYWwPIRI\XwPI ,SPHHS[R 6I[MRHZMHISWSYRH [LMPILSPHMRKHS[R R ,SPHHS[R *EWXJSV[EVHZMHISWSYRH [LMPILSPHMRKHS[R F E H %HNYWXZSPYQI 3WEMJY/IMXEM 3WEMJY/IMXEMMWIUYMTTIH[MXLXLI-'GEVHERH IREFPIW]SYXSTE]F]LSPHMRKXLI*31%XIVQMREPSR XLIWGERRMRKHIZMGIEXWLSTWIXG -REHHMXMSR]SYGERHITSWMXIPIGXVSRMGQSRI]ERH GLIGO]SYVFEPERGISVZMI[YWEKILMWXSV]YWMRK GSQQYRMGEXMSR-RSVHIVXSYWIWEJIP]WIGYVMX]MW JYPP]WIGYVI *SVHIXEMPWSR3WEMJY/IMXEMWII1SFMPI4LSRI 9WIV W+YMHI?MQSHIA*31%ZIVWMSR 8SYWI3WEMJY/IMXEMGSQTEXMFPIWIVZMGIW]SYRIIH XSHS[RPSEH3WEMJY/IMXEMGSQTEXMFPIM TTPMJVSQ 3WEMJY/IMXEMGSQTEXMFPIWMXIWERHQEOIWIXXMRKW (EXE MRGPYHMRKIPIGXVSRMGQSRI]TSMRXWIXG WEZIH MRXLI-'GEVHQE]FIPSWXSVEPXIVIHHYIXSXLI *31%XIVQMREPQEPJYRGXMSR 2SXIXLEX]SYEVIEWOIH XSHIPIXIHEXEMJ]SYPIEZIXLI*31%XIVQMREPJSV VITEMVWIXG *SVWIVZMGIWWYGLEWVIMWWYIVIWXSVEXMSR XIQTSVEV]WXSVEKISVXVERWJIVSJHEXEI\GITXJSVXLI XVERWJIVF]M'XVERWJIVWIVZMGIGSRXEGXXLITVSZMHIVSJ 3WEMJY/IMXEMGSQTEXMFPIWIVZMGI1EOIWYVIXSYWIE WIVZMGIXLEXTVSZMHIWEFEGOYTWIVZMGIJSVMQTSVXERX HEXE WLEPPRSXFIPMEFPIJSVER]PSWWSVEPXIVEXMSR SJHEXEWEZIHMRXLI-'GEVHSVHEQEKIVIPEXIHXS 3WEMJY/IMXEMWIVZMGIGEYWIHF]ER]VIEWSRWYGLEW QEPJYRGXMSRSVQSHIPGLERKI -JXLI*31%XIVQMREPMWWXSPIRSVPSWXMQQIHMEXIP] GSRXEGX]SYVTVSZMHIVSJ3WEMJY/IMXEMGSQTEXMFPI WIVZMGIEFSYXLERHPMRKXLIXVSYFPI )ZIR[LIR]SYEVIGEPPMRKGSRRIGXMRKXLI*31% XIVQMREPXSMQSHIXLITS[IVMWXYVRIHSJJSVFEXXIV] PIZIPFIGSQIWPS[IV]SYGERYWIXLI3WEMJY/IMXEM QEVOSRXLIWGERRMRKHIZMGI JYRGXMSRF]LSPHMRK 3WEMJY/IMXEMGSQTEXMFPIM TTPMGERRSXFIEGXMZEXIH 9WMRK3WEMJY/IMXEM ,SPH QEVOSJXLI*31%XIVQMREPSRXLIWGERRMRK HIZMGIXSYWIEWIPIGXVSRMGQSRI]JSVTE]QIRXSVXVEJwG XMGOIX8LMWJYRGXMSRGERFIYWIH[MXLSYXWXEVXMRKWSJX[EVI 8LIWXMGOIVMWEXXEGLIHEXXLIFEGOWMHISJXLIFEGO GSZIVXSOIITXLITIVJSVQERGISJXLMWJYRGXMSR(SRSX VIQSZIXLIWXMGOIV ,SPH QEVOSRXLIGIRXIVSJXLIWGERRMRKTEVX QEVO 7GERRMRKTEVXSJXLI WGERRMRKHIZMGI 'SRZIRMIRX8SSPW 9WMRK7GLIHYPI 9WMRK&EV'SHI6IEHIV 7XERHF]HMWTPE] U 1SZIXLIGYVWSV XSHEXIXSWEZIXS7GLIHYPI I ?2I[A +IRIVEP -J7IKGLERRIPWIXXMRKMWRSXQEHIXLISTIVEXMSR XSWIPIGX+IRIVEPMWRSXVIUYMVIH 7GERMRJSVQEXMSRIQFIHHIHMR.%2GSHISV56GSHI YWMRKXLI3YXIVGEQIVE ;LIRWGERRMRKEFEVGSHIOIITXLI3YXIVGEQIVE GQE[E]JVSQEFEVGSHI 7IXIEGLMXIQ 7XERHF]HMWTPE] M &EVGSHIVIEHIV (MWTPE]XLIGSHIXSWGERSRXLIWGVIIR C ?7GERA ?(SRIA 9WMRK%PEVQ 7XERHF]HMWTPE] %PEVQ 0MJI/MX 1SZIXLIGYVWSVXSEREPEVQXSIHMX C ?)HMXA 7IXIEGLMXIQ ?(SRIA 0MJI/MX %JXIVJSGYWMWEHNYWXIHEYXSQEXMGEPP]XLIGSHIMW WGERRIH%JXIVWGERRMRKGSQTPIXIWXLIXSRIWSYRHW ERHXLIWGERRIHHEXEMWHMWTPE]IH ;LMPIXLI1ERRIVQSHIMWWIXXLIXSRIHSIWRSX WSYRH 9WIWGERRIHHEXE 8LIHMWTPE]SVSTIVEXMSRHMJJIVWHITIRHMRKSRXLI X]TIWSJWGERRIHHEXE (EXE1EREKIQIRX 9WMRKQMGVS7('EVH 7PS[P]MRWIVXEQMGVS7(GEVH[MXLXLI QIXEPGSRXEGXWWMHIYTYRXMPMXGPMGO 'ST]wPIWWEZIHMR(EXEFS\SRXLI*31%XIVQMREP WYGLEWMQEKIWQSZMRKTMGXYVIWMQSXMSRXSE QMGVS7(GEVH%PWSHMWTPE]wPIWWEZIHJVSQE4'XS EQMGVS7(GEVHSRXLI*31%XIVQMREP 0&WYTTSVXWEQMGVS7(GEVHSJYTXS+&ERH EQMGVS7(,'GEVHSJYTXS +& GSQQIVGMEPP] EZEMPEFPI EWSJ2SZIQFIV -RWIVXMRKEQMGVS7(GEVH &IJSVIMRWIVXMRKEQMGVS7(GEVHQEOIWYVIXSXYVR XLITS[IVSJJ 3TIRXLIQMGVS7(GEVHWPSXGSZIV a ERHVSXEXIMXMRXLIHMVIGXMSRSJb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wPIWFIX[IIRXLI*31% XIVQMREPERHEQMGVS7(GEVH 'ST]QSZIwPIWFIX[IIRXLI*31%XIVQMREPERH EQMGVS7(GEVHF]GST]MRKQSZMRKwPIWFIX[IIR XLIQMGVS7(JSPHIVERHSXLIVJSPHIVWMR(EXE FS\ )\EQTPI 8SQSZIEGEQIVEMQEKIWEZIHSRXLI *31%XIVQMREPXSEQMGVS7(GEVH 7XERHF]HMWTPE] 1]TMGXYVI (EXEFS\ 1SZIXLIGYVWSVXSEJSPHIV C ?3TIRA 7IPIGXEJSPHIVSXLIVXLERQMGVS7( :MI[MRKTPE]MRKwPIWSREQMGVS7(GEVH :MI[TPE]wPIWSREQMGVS7(GEVHMRXLIWEQI[E] EWSRXLI*31%XIVQMREPYWMRK(EXEFS\ 7XERHF]HMWTPE] M (EXEFS\ 1]TMGXYVI1YWMGMQSXMSR1IPSH] 1SZIXLIGYVWSVXSQMGVS7( C ?3TIRA -J]SYWIPIGX1YWMGMR7XIT1SZEFPIGSRXIRXW MWHMWTPE]IHMRWXIEHSJQMGVS7( 1SZIXLIGYVWSVXSEw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w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w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wIHF]XXX6ITEMVWEVIEGGITXIH HYVMRKFYWMRIWWLSYVWSJEVITEMVGSYRXIV2SXI XLEXMXQE]XEOIWSQIHE]WXSVITEMVXLIXIVQMREP HITIRHMRKSRXLIQEPJYRGXMSRWXEXI b (YVMRKXLI[EVVERX]TIVMSH 8LI*31%XIVQMREPMWVITEMVIHEXRSGLEVKIYRHIVXLI GSRHMXMSRWSJXLI[EVVERX] 1EOIWYVIXSFVMRKXLI[EVVERX]JSVVITEMV=SY[MPP FIGLEVKIHIZIRHYVMRKXLI[EVVERX]TIVMSHMJXLI [EVVERX]MWRSXTVIWIRXIHSVXLIXVSYFPISVHEQEKI MWGEYWIHF]]SYVMRETTVSTVMEXILERHPMRK WYGLEW HEQEKIXS0'(SVGSRRIGXSVIXG =SY[MPPFIGLEVKIHIZIRHYVMRKXLI[EVVERX]TIVMSH MJQEPJYRGXMSRMWGEYWIHF]XLIYWISJHIZMGIWERH GSRWYQEFPIWSXLIVXLERXLSWIWTIGMwIHF] b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b 6ITPEGIQIRXTEVXW 6ITPEGIQIRXTEVXW TEVXWVIUYMVIHXSQEMRXEMR TVSHYGXMSRJYRGXMSR [MPPFIOITXMRWXSGOJSVJSYV ]IEVWMRTVMRGMTPIEJXIVXIVQMREXMSRSJTVSHYGXMSR ,S[IZIVVITEMVQE]RSXFITSWWMFPIHYIXSEPEGOSJ VITPEGIQIRXTEVXWHITIRHMRKSRXLIJEMPYVITEVX 2SXIW (SRSXQSHMJ]XLI*31%XIVQMREPSVMXWEGGIWWSVMIW (ITIRHMRKSRXLIHIXEMPWSJQSHMwGEXMSRVITEMVQE] FIVIJYWIH1SHMwGEXMSRWQE]MRGPYHIXLIJSPPS[MRK GEWIW 4YXEWXMGOIVSR0'(SVOI]W %HHEHIGSVEXMSRXSXLI*31%XIVQMREP[MXLEHLIWMZI 6ITPEGII\XIVMSV[MXLSRISXLIVXLER KIRYMRITVSHYGXW 6ITEMVSJQEPJYRGXMSRSVHEQEKIGEYWIHF] QSHMwGEXMSRMWGLEVKIHIZIRHYVMRKXLI[EVVERX] TIVMSH (SRSXVIQSZIXLIREQITPEXITPEGIHSRXLI*31% XIVQMREP-JXLIHIXEMPWHIWGVMFIHSRXLIREQITPEXI GERRSXFIGLIGOIHVITEMVQE]FIVIJYWIHEW[IGERRSX ZIVMJ]XLIGSRJSVQMX]SJXLITVSHYGXXSXLIXIGLRMGEP WXERHEVH 8LIWIXXMRKWSJZEVMSYWJYRGXMSRWERHMRJSVQEXMSRWYGL EWXSXEPGEPPXMQIQE]FIGPIEVIH VIWIX F]QEPJYRGXMSR VITEMVSVSXLIVLERHPMRKSJ*31%XIVQMREP-RWYGLE GEWIQEOIWIXXMRKWEKEMR 8LITEVXWKIRIVEXMRKQEKRIXMWQEVIYWIHMRXLI JSPPS[MRKTSVXMSRWSJXLI*31%XIVQMREP2SXIXLEXXLI GEVHQE]FIGSQIYRYWEFPIMJTPEGMRKEQEKRIXMWQ WIRWMXMZISFNIGXWYGLEWGEWLGEVHRIEVXLI*31% XIVQMREP 4SVXMSRW 7TIEOIVERHIEVTMIGI -JXLI*31%XIVQMREPKIXW[IXSVQSMWXMQQIHMEXIP] XYVRXLITS[IVSJJERHVIQSZIXLIFEXXIV]TEGO ERHXLIRZMWMXEVITEMVGSYRXIV(ITIRHMRKSRXLI GSRHMXMSRWSJXLI*31%XIVQMREPVITEMVQE]RSXFI TSWWMFPI MQSHI*EYPX(MEKRSWMWWMXI 'LIGO[LIXLIV]SYV*31%XIVQMREPMWTVSTIVP] WIRHMRKVIGIMZMRKQEMPWHS[RPSEHMRKMQEKIW QIPSHMIW%WEVIWYPXSJ]SYVGLIGOMJ]SYXLMRO XLEXXLI*31%XIVQMREPMWQEPJYRGXMSRMRKGSRXEGX 6ITEMVWEXXLIFEGOSJXLMWQERYEP 8SEGGIWW MQSHIJEYPXHMEKRSWMWWMXI .ETERIWISRP] MQSHIWMXI M1IRY -RJSVQEXMSR 56GSHIJSV 7IVZMGI*YRGXMSR EGGIWWMRK MQSHI XLIWMXI MQSHIJEYPXHMEKRSWMW 2STEGOIXGSQQYRMGEXMSRGLEVKIWETTP]JSVMQSHI JEYPXHMEKRSWMW 'LEVKIWETTP][LIREGGIWWMRKJVSQSZIVWIEW 9THEXMRK7SJX[EVI 9THEXIXLI*31%XIVQMREPWSJX[EVIF]TEGOIX GSQQYRMGEXMSR[LIRMXMWRIGIWWEV] 4EGOIXGSQQYRMGEXMSRGLEVKIWHSRSXETTP] *SVMRJSVQEXMSRSRYTHEXMRKWSJX[EVIGLIGO XLI[IFWMXIERH YWIV WYTTSVX MRM1IRY .ETERIWISRP] EYXSYTHEXI 2S[YTHEXIERH6IWIVZIEVIEZEMPEFPIJSV YTHEXMRKWSJX[EVI 7SJX[EVIGERFIYTHEXIH[MXLHEXEWYGLEW 4LSRIFSSOIRXVMIWGEQIVEMQEKIWHS[RPSEHIH HEXEVIXEMRIHMRXLI*31%XIVQMREP2SXIXLEX LS[IZIVWYGLHEXEQE]RSXFITVSXIGXIHHITIRHMRK SRXLIGSRHMXMSRWSJXLI*31%XIVQMREP QEPJYRGXMSR HEQEKII\TSWYVIXS[EXIVIXG -XMWVIGSQQIRHIH XLEX]SYQEOIEFEGOYTSJMQTSVXERXHEXE2SXIXLEX WSQIHEXEWYGLEWHS[RPSEHIHHEXEGERRSXFI FEGOIHYT &IJSVIYTHEXMRKWSJX[EVI (SRSXVIQSZIXLIFEXXIV]TEGO[LMPIYTHEXMRK WSJX[EVI*EMPYVISJYTHEXMRKWSJX[EVIQE]VIWYPX *YPP]GLEVKIXLIFEXXIV]TEGOFIJSVIYTHEXMRK WSJX[EVI 7SJX[EVIYTHEXI HS[RPSEHMRKSVVI[VMXMRK QE]XEOI XMQI =SYGERRSXQEOISVVIGIMZIGEPPWYWIGSQQYRMGEXMSR JYRGXMSRWSVSXLIVJYRGXMSRW[LMPIYTHEXMRKWSJX[EVI =SYGERVIGIMZIZSMGIGEPPW[LMPIHS[RPSEHMRK -XMWVIGSQQIRHIHXSYTHEXIWSJX[EVIMREPSGEXMSR [MXLWXVSRKWMKREPVIGITXMSR[MXLXLVIIERXIRREFEVW HMWTPE]IH[LMPI]SYEVIRSXQSZMRK(YVMRKWSJX[EVI HS[RPSEHMJWMKREPWFIGSQI[IEOSVHS[RPSEHMW WYWTIRHIHVIXV]WSJX[EVIYTHEXIMREPSGEXMSR[MXL WXVSRKWMKREPVIGITXMSR ;LIRYTHEXMRKWSJX[EVIXLIMRJSVQEXMSRSJ]SYV *31%XIVQMREP WYGLEWQSHIPREQISVWIVMEP RYQFIV MWEYXSQEXMGEPP]WIRXXSXLIWIVZIV WSJX[EVI YTHEXIWIVZIVQEREKIHF] HSIWRSXYWIXLIWIRXMRJSVQEXMSRJSVSXLIVTYVTSWIW XLERJSVWSJX[EVIYTHEXI -JWSJX[EVIYTHEXIJEMPWXLIQIWWEKI6I[VMXIJEMPIH ETTIEVWERHEPPSTIVEXMSRWFIGSQIYREZEMPEFPI-R XLMWGEWI]SYRIIHXSFVMRKXLI*31%XIVQMREPXSE VITEMVGSYRXIVWTIGMwIHF] 7SJX[EVIYTHEXIMWYREZEMPEFPISZIVWIEW ,S[XSYTHEXIWSJX[EVI 8SWXEVXWSJX[EVIYTHEXIWIPIGX YTHEXIRSXMGI MGSR HMWTPE]IHSRXLI7XERHF]HMWTPE]SV TIVJSVQJVSQXLIQIRYWGVIIR 8SWIPIGX YTHEXIRSXMGIMGSR 7XERHF]HMWTPE] C 9WIK XSQSZI XLIGYVWSVXS YTHEXIRSXMGIMGSR =IW )RXIVXLI8IVQMREPWIGYVMX] GSHI 8STIVJSVQJVSQXLIQIRYWGVIIR 7XERHF]HMWTPE] M 7IXXMRKW 3XLIV 7SJX[EVI9THEXI )RXIVXLI 8IVQMREPWIGYVMX]GSHI 9THEXI 'SQQYRMGEXMSRWXEVXWERHGLIGOJSVWSJX[EVI YTHEXI -JYTHEXIMWRIGIWWEV]XLIWSJX[EVIYTHEXI GSRwVQEXMSRWGVIIRETTIEVW -JYTHEXIMWRSXVIUYMVIH2SYTHEXIMWRIIHIH 'SRXMRYIXSYWIEWFIJSVIETTIEVW 'LIGOMRK,EVQJYP(EXE -RHEXESVTVSKVEQWHS[RPSEHIHXSXLI*31% XIVQMREPHIXIGXERHHIPIXIHEXEXLEXGSYPH GEYWISTIVEXMSREPQEPJYRGXMSRSVWXSTEGXMZEXMRK ETTPMGEXMSRW 8LIWGERRMRKJYRGXMSRLIPTWXSTVSXIGXXLI*31% XIVQMREPJVSQMRZEWMSRSJHEXEXLEXGEYWIJEMPYVI[LIR FVS[WMRK[IFTEKIWSVVIGIMZMRKQEMPIXG-JXLI TEXXIVRHIwRMXMSRGSVVIWTSRHMRKXSIEGLJEMPYVIMWRSX HS[RPSEHIHSVJSYRHXLIWGERRMRKJYRGXMSRGERRSX TVSXIGXXLI*31%XIVQMREP 4EXXIVRHIwRMXMSRWZEV]HITIRHMRKSRXLI*31% XIVQMREPQSHIP8LIVIJSVIQE]HMWGSRXMRYI HMWXVMFYXMSRSJTEXXIVRHIwRMXMSRWJSVQSHIPWXLVII ]IEVWEJXIVXLIVIPIEWIHEXI 9THEXMRKTEXXIVRHIwRMXMSRW *MVWXYTHEXIXLITEXXIVRHIwRMXMSRXSXLIPEXIWXSRI 7XERHF]HMWTPE] M 7IXXMRKW 0SGO7IGYVMX] 7GERRMRKJYRGXMSR 9THEXI =IW =IW 9THEXMRKWXEVXW%JXIVYTHEXIGSQTPIXIWXLI RSXMwGEXMSRWGVIIRETTIEVW -JXLITEXXIVRHIwRMXMSRMWXLIPEXIWXSRIXLI WGVIIRRSXMJ]MRKXLEXMXMWXLIPEXIWXETTIEVW C ?3/A (MWTPE]MRKWGERRIHVIWYPX (MWTPE]MRKWGERRIHTVSFPIQJEGXSVW 7IPIGX(IXEMPSRXLIEPIVXPIZIPWGVIIRXSHMWTPE]XLITVSFPIQJEGXSVPMWXWGVIIRWLS[RSRXLIVMKLX 8LIWGVIIRMQEKIMWERI\EQTPI3RXLIEGXYEPWGVIIRXLIHIXIGXIHHEXEREQIMWHMWTPE]IHMRXLI TPEGISJ<<<<<<<< (ITIRHMRKSRXLIX]TISJXLIHIXIGXIHHEXE(IXEMPQE]RSXFIHMWTPE]IH ;LIRWM\SVQSVITVSFPIQJEGXSVWEVIHIXIGXIHWYFWIUYIRXJEGXSVWEJXIVWM\XLSRIEVISQMXXIHERH SRP]XLIXSXEPRYQFIVSJJEGXSVWMWHMWTPE]IH (MWTPE]MRKWGERRIHVIWYPX %PIVXPIZIP 3/ 'SRXMRYIXLI STIVEXMSR %PIVXPIZIP =IW 7XSTXLI STIVEXMSRERHI\MX 2S 'SRXMRYIXLI STIVEXMSR %PIVXPIZIP 3/ 7XSTXLI STIVEXMSRERHI\MX %PIVXPIZIP =IW (IPIXIHEXE ERHI\MX 2S 7XSTXLI STIVEXMSRERHI\MX 8LIWGVIIRQE]FIHMJJIVIRXJVSQXLIEFSZIHITIRHMRKSRXLIWGERRIHVIWYPX %PIVXPIZIP 3/ (IPIXIHEXE ERHI\MX
Source Exif Data:
File Type : PDF File Type Extension : pdf MIME Type : application/pdf PDF Version : 1.6 Linearized : Yes Encryption : Standard V4.4 (128-bit) User Access : Print, Print high-res Create Date : 2010:03:16 18:00:34+09:00 Modify Date : 2010:03:22 11:48:33-04:00 XMP Toolkit : Adobe XMP Core 4.2.1-c043 52.372728, 2009/01/18-15:08:04 Format : application/pdf Title : untitled Metadata Date : 2010:03:22 11:48:33-04:00 Producer : Acrobat Distiller 9.3.0 (Windows) Document ID : uuid:2f6c616c-faaa-4f1c-9edc-675c78c85124 Instance ID : uuid:13579f13-ed90-45ae-8dfd-5b54d36919dd Page Count : 77EXIF Metadata provided by EXIF.tools