DeviaRivera_AndresE._TD_2015 - RUC

UNIVERSIDADE DA CORUÑA
TESIS DOCTORAL
Contribuciones al análisis estadístico
del riesgo de crédito
Autor:
ANDRÉS E. DEVIA RIVERA
Directores:
RICARDO CAO ABAD
JUAN M. VILAR FERNÁNDEZ
Departamento de Matemáticas
Facultade de Informática
Universidade da Coruña
España
2015
UNIVERSIDADE DA CORUÑA
Los abajo firmantes hacen constar que son los directores de la Tesis Doctoral titulada
Contribuciones al análisis estadístico del riesgo de crédito, realizada por Andrés E.
Devia Rivera en el marco del programa de doctorado en Estadística e Investigación
Operativa impartido por el Departamento de Matemáticas de la Universidade da
Coruña, dando su consentimiento para que su autor, cuya firma también se incluye,
proceda a su presentación y posterior defensa.
Os abaixo asinantes fan constar que son os directores da Tese Doutoral titulada
Contribucións á análise estatística do risco de crédito, desenvolta por Andrés E.
Devia Rivera no marco do programa de doutoramento de Estatística e Investigación de
Operacións ofertado polo Departamento de Matemáticas da Universidade da Coruña,
dando o seu consentimento para que o seu autor, estando a súa sinatura tamén incluida,
proceda a súa presentación e posterior defensa.
24 de septiembre, 2015
Directores:
Ricardo Cao Abad
Juan M. Vilar Fernández
Doctorando:
Andrés E. Devia Rivera
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+56@5 +5G5 89 ACFCG=858 DCF ;FIDC 89 F=9G;C D5F5 @5 J5F=56@9 1K8/<9
FIDC 89 F=9G;C
9A9B=BC
$5G7I@=BC
+CH5@
*=HI57=_B 89 ACFCG=858
$CFCGC
%C ACFCGC
+CH5@
2 + B @5 +56@5 G9 J9 EI9 @5 H5G5 89 ACF5 89 @CG 7@=9BH9G 89 ;[B9FC A5G
7I@=BC 9G A5MCF EI9 @5 7CFF9GDCB8=9BH9 5 @CG 89 ;[B9FC :9A9B=BC DCF @C EI9
@5 75H9;CF\5 89 F9:9F9B7=5 D5F5 @5 J5F=56@9 %#, # 9G @5 75H9;CF\5 7+=-?6389
CAC F9GI@H58C 9@ D9GC 89 @5 J5F=56@9 %#, # 9B 9@ AC89@C 9G 79FC G= 9@
7@=9BH9 D9FH9B979 5@ G9LC A5G7I@=BC M 8=GH=BHC 89 79FC G= BC
% !" $ G 7CBC7=8C DCF 9LD9F=9B7=5 9AD\F=75 EI9 9@ /=>+.9 -3@36
#12 4!4 * 89 @CG 57F98=H58CG 9G IB :57HCF GC7=C89AC;FYO7C 5@H5A9BH9
DF98=7H=JC 89@ 7CADCFH5A=9BHC 7F98=H=7=C 89 @CG A=GACG 'CF 9GH9 ACH=JC @5
J5F=56@9 /=>+.9 -3@36 :I9 =B7@I=85 7CAC :57HCF 9LD@=75H=JC 9B HC8CG @CG AC89@CG
9GHI8=58CG 9B 9GH9 75D\HI@C #CG ;FIDCG 89 F=9G;C 89 @5 J5F=56@9 #12 4!4 *
GCB @CG G=;I=9BH9G
5G58C M D5F9>5 89 <97<C
-=I8C
*C@H9FC
=JCF7=58C G9D5F58C >I8=7=5@ M G9D5F58C 89 <97<C
+56@5 +5G5 89 ACFCG=858 DCF ;FIDC 89 F=9G;C D5F5 @5 J5F=56@9 /=>+.9 -3@36
FIDC 89 F=9G;C
FIDC FIDC FIDC FIDC +CH5@
*=HI57=_B 89 ACFCG=858
$CFCGC
%C ACFCGC
+CH5@
2 + 8.<K= .?+<.9 /@3+ $3@/<+
B @5 +56@5 G9 C6G9FJ5 EI9 @5 A5MCF H5G5 89 ACF5 89 @5 75FH9F5 89
7F[8=HCG IB G9 7CB79BHF5 9BHF9 @CG 7@=9BH9G 8=JCF7=58CG G9D5F58CG
>I8=7=5@A9BH9 M G9D5F58CG 89 <97<C 'CF 9GH9 ACH=JC G9 O>_ 9GH9 ;FIDC 7CAC
75H9;CF\5 89 F9:9F9B7=5 89 @5 J5F=56@9 #12 4!4 * 9B 9@ AC89@C 5>IGH58C
B 7CBHF5GH9 @CG 7@=9BH9G EI9 9GHYB 75G58CG C EI9 H=9B9B D5F9>5G 89 <97<C
F9DF9G9BH5B 9@ A9BCF F=9G;C 89 ACFCG=858 D5F5 @5 9BH=858 5@75BN5B8C IB5
H5G5 89 ACF5 89@ =;IF5 =GHF=6I7=_B 89 @5 ACFCG=858 G9;bB 9@ ;[B9FC M 9@ 9GH58C 7=J=@ 89 @CG 7@=9BH9G
#5 =;IF5 AI9GHF5 @5 8=GHF=6I7=_B 89 @5 ACFCG=858 DCF ;[B9FC 9B 7585
;FIDC 89 F=9G;C 7CBGHFI=8C 5 D5FH=F 89@ 9GH58C 7=J=@ 89 @CG 57F98=H58CG *9
C6G9FJ5 EI9 @5 ACFCG=858 9BHF9 @CG 7@=9BH9G 89@ ;[B9FC A5G7I@=BC 9G A5MCF 9B
9@ ;FIDC 89 @CG 8=JCF7=58CG M G9D5F58CG A=9BHF5G EI9 9BHF9 @5G AI>9F9G @5
ACFCG=858 9G A5MCF 9B 9@ ;FIDC 89 @5G GC@H9F5G
& !- #5 DFC:9G=_B . 0-$ 89 @CG 7@=9BH9G 9G IBC 89 @CG :57HCF9G
GC7=C89AC;FYO7CG 7CB A5MCF 75D57=858 8=G7F=A=B5BH9 9B 9@ 9GHI8=C 89 @5
98><3,?-398/= +6 +8I63=3= /=>+.L=>3-9 ./6 <3/=19 ./ -<K.3>9
ACFCG=858 9B H5F>9H5G 89 7F[8=HC #CG ;FIDCG 89 F=9G;C :CFA58CG 5 D5FH=F 89
@5 :<90/=3N8 89 @CG 57F98=H58CG GCB @CG G=;I=9BH9G
+[7B=7C GID9F=CF A5B8C =BH9FA98=C 58A=B=GHF5H=JC 9B75F;58C 89 H=9B
85 DFC:9GCF BCH5F=C DFC7IF58CF A=@=H5F DC@=7\5 5FEI=H97HC =B;9B=9FC
M F9BH=GH5
9F9BH9 R 5@HC 75F;C 9>97IH=JC A[8=7C 89BH=GH5 J9H9F=B5F=C :5FA57[I
H=7C M >I6=@58C R D9BG=CB=GH5
&6F9FC 9GD97=5@=N58C M 56C;58C
-9B898CF 7CA=G=CB=GH5 C6F9FC D9F=C8=GH5 9G7F=HCF HF58I7HCF 5FH=GH5
89DCFH=GH5 F9@=;=CGC 5A5 89 75G5 9GHI8=5BH9 D5F58C CHF5 DFC:9G=_B
@=69F5@ M CHF5 DFC:9G=_B BC @=69F5@
+56@5 +5G5 89 ACFCG=858 DCF ;FIDC 89 F=9G;C D5F5 @5 J5F=56@9 :<90/=3N8
FIDC 89 F=9G;C
FIDC FIDC FIDC FIDC +CH5@
*=HI57=_B 89 ACFCG=858
$CFCGC
%C ACFCGC
+CH5@
2 + B @5 +56@5 G9 C6G9FJ5 EI9 @5 H5G5 89 ACF5 AYG 5@H5 G9 7CB79BHF5
9BHF9 @CG 7@=9BH9G 7CB DFC:9G=CB9G A9BCG HF58=7=CB5@9G C @=69F5@9G 7CAC DCF
9>9AD@C @CG 5FH=GH5G @CG AbG=7CG 5@;IBCG 89DCFH=GH5G 9GHI8=5BH9G 5A5G 89
75G5 M D5F58CG 9BHF9 CHFCG #5 ACFCG=858 9B 9GH9 ;FIDC 5@75BN5 9@ M
DCF H5BHC 9@ D9FO@ 89 F9:9F9B7=5 D5F5 @5 J5F=56@9 DFC:9G=_B 9GHY :CFA58C DCF
57F98=H58CG 7CB DFC:9G=CB9G D9FH9B97=9BH9G 5@ ;FIDC 89 F=9G;C 8.<K= .?+<.9 /@3+ $3@/<+
=;IF5 =GHF=6I7=_B 89 @5 ACFCG=858 DCF ;[B9FC M DFC:9G=_B 89 @CG 7@=9BH9G
#5 =;IF5 AI9GHF5 @5 8=GHF=6I7=_B 89 @5 ACFCG=858 DCF ;[B9FC 9B 7585
;FIDC 89 F=9G;C 7CBGHFI=8C 5 D5FH=F 89 @5G DFC:9G=CB9G 89 @CG 57F98=H58CG
*9 C6G9FJ5 589AYG EI9 @5 ACFCG=858 9G AYG 5@H5 9B @CG 7@=9BH9G 89@ ;[B9FC
A5G7I@=BC EI9 9B @CG 89@ ;[B9FC :9A9B=BC G95 7I5@ G95 9@ D9FO@ DFC:9G=CB5@
89 [GHCG
' # ! B 9GH5 A9ACF=5 @5 J5F=56@9 6?1+< ./ </=3./8-3+
*0#1'" 7CFF9GDCB89 5 @5 DFCJ=B7=5 9B @5 EI9 F9G=89 9@ H=HI@5F 89 @5 H5F>9H5
*9 7CBC79 DCF 9LD9F=9B7=5 9AD\F=75 EI9 @5 ACFCG=858 89 @CG 7F[8=HCG D9FGC
B5@9G 9GHY F9@57=CB585 7CB 9@ @I;5F ;9C;FYO7C 8CB89 F9G=89B @CG 7@=9BH9G 'CF
9GH9 ACH=JC 9@ 6?1+< ./ </=3./8-3+ G9 <5 =B7@I=8C 7CAC :57HCF 9LD@=75H=JC 9B
@CG AC89@CG 9GHI8=58CG 9B 9GH9 75D\HI@C #CG ;FIDCG 89 DFCJ=B7=5G :I9FCB 7CB
:CFA58CG G=;I=9B8C @5G F97CA9B857=CB9G <97<5G DCF @5 9BH=858 7C@56CF58CF5
EI985B8C 89B=O8CG 89 @5 G=;I=9BH9 A5B9F5
98><3,?-398/= +6 +8I63=3= /=>+.L=>3-9 ./6 <3/=19 ./ -<K.3>9
V@5J5 VJ=@5 5@95F9G IF;CG Y8=N I9B75 I585@5>5F5 I9@
J5 $Y@5;5 $IF7=5 %5J5FF5 'CBH9J98F5 5BH56F=5 *5BH5 FIN 89
+9B9F=:9 *CF=5 +9FI9@ +C@98C -5@9B7=5 -5@@58C@=8 -=N75M5 15ACF5
M 15F5;CN5
585>CN 5GH9@@_B _F8C65 F5B585 I=DbN7C5 #9_B CFI^5
*9;CJ=5 *9J=@@5 M +5FF5;CB5
@=75BH9 =FCB5 &IF9BG9 I9G75 !5[B #@9=85 #I;C $58F=8 M G
HIF=5G
@6579H9 @A9F\5 5F79@CB5 Y79F9G =I858 )95@ #5 )=C>5 '5
@9B7=5 #5G '5@A5G 89 F5B 5B5F=5 *5@5A5B75 9IH5 M $9@=@@5 M
LHF5B>9FC
=;IF5 =GHF=6I7=_B 89 @5 ACFCG=858 DCF ;[B9FC M @I;5F 89 F9G=89B7=5
8.<K= .?+<.9 /@3+ $3@/<+
B @5 =;IF5 G9 =@IGHF5 @5 8=GHF=6I7=_B 89 @5 ACFCG=858 DCF ;[B9FC
9B 7585 ;FIDC 89 F=9G;C 7CBGHFI=8C 5 D5FH=F 89 @5G DFCJ=B7=5G 9GD5^C@5G M
9LHF5B>9FC 8CB89 F9G=89B @CG 57F98=H58CG #5 O;IF5 AI9GHF5 EI9 G9;bB 9GH5
7CB:CFA57=_B 89 ;FIDCG 89 F=9G;C DCF DFCJ=B7=5G @5 DFCDCF7=_B 89 7F[8=HCG
ACFCGCG 9G AYG 5@H5 9B @CG <CA6F9G EI9 9B @5G AI>9F9G 89AYG @5 9JC@I7=_B
89 @5 H5G5 89 ACFCG=858 9G 8=GH=BH5 9BHF9 <CA6F9G M AI>9F9G 7CAC G9 5DF97=5
9B @CG 7@=9BH9G D9FH9B97=9BH9G 5@ ;FIDC +56@5 +5G5 89 ACFCG=858 DCF ;FIDC 89 F=9G;C D5F5 @5 J5F=56@9 6?1+< ./ </=3./8-3+
FIDC 89 F=9G;C
FIDC FIDC FIDC FIDC +CH5@
*=HI57=_B 89 ACFCG=858
$CFCGC
%C ACFCGC
+CH5@
2 + #5 +56@5 AI9GHF5 EI9 @5 H5G5 89 ACFCG=858 BC D5F979 G9F AIM 8=GH=BH5
9BHF9 @CG ;FIDCG M #CG ;FIDCG M 9B 75A6=C AI9GHF5B 8=:9F9B7=5G
89 AYG 89 IB 7CB F9GD97HC 5 @5G 89AYG #5G H5G5 89 ACF5 AYG 5@H5
IB G9 7CB79BHF5 9BHF9 @CG 7@=9BH9G EI9 F9G=89B 9B @5G DFCJ=B7=5G EI9
7CB:CFA5B 9@ ;FIDC F5N_B DCF @5 EI9 9GH9 ;FIDC G9 <5 O>58C 7CAC @5
75H9;CF\5 89 F9:9F9B7=5 89 @5 J5F=56@9 *0#1'" 9B @CG AC89@CG 9GHI8=58CG
( $$ *9 7CBC79 DCF 9LD9F=9B7=5 9AD\F=75 EI9 IBC 89
@CG :57HCF9G 89H9FA=B5BH9G 89@ B=J9@ 89 GC@J9B7=5 89 @CG 7@=9BH9G 65B75F=CG
7CFF9GDCB89 5@ >3:9 ./ @3@3/8.+ 9B @5 EI9 <56=H5B 'CF 9GH9 ACH=JC @5 J5F=56@9
>3:9 ./ @3@3/8.+ 4 4 , " <5 G=8C =B7@I=85 9B @CG AC89@CG EI9 G9 9GHI8=5B
9B 9GH9 75D\HI@C #CG ;FIDCG 89 F=9G;C 89 @5 J5F=56@9 4 4 , " GCB
'FCD=9858 @=6F9 89 75F;5G
'FCD=9858 <=DCH97585
CA=7=@=C 7CB :5A=@=5F9G M CHFCG
@EI=@9F
98><3,?-398/= +6 +8I63=3= /=>+.L=>3-9 ./6 <3/=19 ./ -<K.3>9
=;IF5 =GHF=6I7=_B 89 @5 ACFCG=858 DCF ;[B9FC M H=DC 89 J=J=9B85 89 @CG 7@=9BH9G
B @5 =;IF5 G9 AI9GHF5 @5 8=GHF=6I7=_B 89 @5 ACFCG=858 G9;bB 9@
;[B9FC M 9@ H=DC 89 J=J=9B85 89 @CG 57F98=H58CG *9 C6G9FJ5 EI9 @5 H5G5 89
ACFCG=858 9G AYG 5@H5 9B @CG <CA6F9G EI9 9B @5G AI>9F9G 9B HC8CG @CG H=DCG
89 J=J=9B85 7CB 9L79D7=_B 89 @CG 7@=9BH9G EI9 J=J9B 89 5@EI=@9F 8CB89 @5
ACFCG=858 9G A5MCF 9B @5G AI>9F9G EI9 9B @CG <CA6F9G +56@5 +5G5 89 ACFCG=858 DCF ;FIDC 89 F=9G;C D5F5 @5 J5F=56@9 >3:9 ./ @3@3/8.+
FIDC 89 F=9G;C
FIDC FIDC FIDC FIDC +CH5@
*=HI57=_B 89 ACFCG=858
$CFCGC
%C ACFCGC
+CH5@
2 + 8.<K= .?+<.9 /@3+ $3@/<+
#5 +56@5 AI9GHF5 @5 8=GHF=6I7=_B 89 @5 H5G5 89 ACFCG=858 G9;bB 9@
>3:9 ./ @3@3/8.+ 89 @CG 7@=9BH9G @@\ G9 C6G9FJ5 EI9 @5 H5G5 89 ACFCG=858 9G
AYG 5@H5 9B @CG 7@=9BH9G EI9 5@EI=@5B GI J=J=9B85 F5N_B DCF @5 EI9 9@ ;FIDC
89 F9:9F9B7=5 89 @5 J5F=56@9 4 4 , " 9G @5 DFCD=9858 9B 5@EI=@9F
) *9 7CBC79 89 @5 9LD9F=9B7=5 9AD\F=75 EI9 @5 J5F=56@9 /.+. 9G
IB 6I9B DF98=7HCF 89 @5 GC@J9B7=5 89 @CG 7@=9BH9G 65B75F=CG F5N_B DCF @5 EI9
:I9 =B7@I=85 9B HC8CG @CG AC89@CG 5>IGH58CG #5 J5F=56@9 /.+. #"" :I9
G9;A9BH585 9B 7I5HFC ;FIDCG 89 F=9G;C
9 <5GH5 A9BCG 89 5^CG
9 <5GH5 A9BCG 89 5^CG
9 <5GH5 A9BCG 89 5^CG
9 5^CG C AYG
=;IF5 =GHF=6I7=_B 89 @5 ACFCG=858 DCF 9858 M ;[B9FC 89 @CG 7@=9BH9G
98><3,?-398/= +6 +8I63=3= /=>+.L=>3-9 ./6 <3/=19 ./ -<K.3>9
B @5 =;IF5 G9 C6G9FJ5 EI9 @5 H5G5 89 ACFCG=858 89 @CG <CA6F9G
GID9F5 5 @5 89 @5G AI>9F9G 9B @CG 7I5HFC G9;A9BHCG 89 9858 89OB=8CG #@5A5
@5 5H9B7=_B @5 ;F5B 8=:9F9B7=5 89 DFCDCF7=_B 89 ACFCGCG 9BHF9 <CA6F9G M
AI>9F9G 9B 9@ F5B;C 89 9858 7CADF9B8=8C 9BHF9 @CG <5GH5 A9BCG 89 5^CG
8CB89 @CG <CA6F9G 9L<=69B IB5 H5G5 89 ACF5 89@ :F9BH9 5@ 89
@5 AI>9F9G B @5G 75H9;CF\5G F9GH5BH9G @5G 8=:9F9B7=5G 89 H5G5 89 ACFCG=858
9BHF9 <CA6F9G M AI>9F9G 897F979B <5GH5 <579FG9 AIM D5F97=85G 7CAC C7IFF9
9BHF9 @CG 7@=9BH9G 89 C AYG 5^CG 8=:9F9B7=5 89 G_@C IB =;IF5 FYO7C 89 75>5G 89 @5 8=GHF=6I7=_B 89 @5 9858 G9;bB @5 G=HI57=_B 89
ACFCG=858
B @5 =;IF5 G9 DF9G9BH5 IB ;FYO7C 89 75>5G D5F5 7CAD5F5F 9@ ;F5
8C 89 8=GD9FG=_B 89 @5 8=GHF=6I7=_B 89 @5 /.+. 89 @CG 57F98=H58CG G9;bB GI
G=HI57=_B 89 ACFCG=858 B @5 O;IF5 G9 C6G9FJ5 EI9 9B 9@ 75GC 89 @CG 7@=9BH9G
BC ACFCGCG 9L=GH9 IB5 5@H5 7CB79BHF57=_B 89 J5@CF9G 5H\D=7CG 9B @CG 7@=9BH9G
7CB AYG 89 5^CG 9 9GH9 <97<C G9 898I79 EI9 @5 8=GHF=6I7=_B 89 @5 9858
89 @CG 7@=9BH9G BC ACFCGCG DCG99 IB5 5@H5 5G=A9HF\5 DCG=H=J5 85B8C 9J=89B7=5
89 BC BCFA5@=858
8.<K= .?+<.9 /@3+ $3@/<+
+56@5 +5G5 89 ACFCG=858 DCF ;FIDC 89 F=9G;C D5F5 @5 J5F=56@9 /.+.
FIDC 89 F=9G;C
FIDC FIDC FIDC FIDC +CH5@
*=HI57=_B 89 ACFCG=858
$CFCGC
%C ACFCGC
+CH5@
2 + #5 +56@5 AI9GHF5 EI9 @5 8=GHF=6I7=_B 89 @5 ACFCG=858 89 @CG 57F98=
H58CG 897F979 7CB @5 9858 #CG 85HCG AI9GHF5B EI9 9@ ;FIDC 89 A5MCF F=9G;C
D5F5 @5 9BH=858 @C 7CB:CFA5B @CG 7@=9BH9G 7CB 98589G 7CADF9B8=85G 9BHF9 @CG
<5GH5 A9BCG 89 5^CG 5@75BN5B8C IB 89 ACFCG=858
* ". #5 J5F=56@9 5BH=;c9858 @56CF5@ , 2 4* G9
89OB9 7CAC 9@ H=9ADC EI9 9@ 57F98=H58C <5 D9FA5B97=8C HF565>5B8C 9B 9@ 9A
D@9C 57HI5@ <5GH5 9@ ACA9BHC 89 GC@=7=H5F 9@ 7F[8=HC '5F5 5EI9@@CG 57F98=H58CG
EI9 GCB >I6=@58CG C D9BG=CB=GH5G @5 5H=;c9858 @56CF5@ G9 F9O9F9 5@ H=9ADC EI9
8IF_ 9@ 57F98=H58C 9B GI b@H=AC 9AD@9C 5BH9G 89 >I6=@5FG9
#CG ;FIDCG 89 F=9G;C D5F5 @5 J5F=56@9 8>31P/.+. 6+,9<+6 GCB
9 <5GH5 A9BCG 89 5^CG
9 <5GH5 A9BCG 89 5^CG
9 <5GH5 A9BCG 89 5^CG
9 5^CG C AYG
98><3,?-398/= +6 +8I63=3= /=>+.L=>3-9 ./6 <3/=19 ./ -<K.3>9
+56@5 +5G5 89 ACFCG=858 DCF ;FIDC 89 F=9G;C D5F5 @5 J5F=56@9 +8>31P/.+. 6+,9<+6
FIDC 89 F=9G;C
FIDC FIDC FIDC FIDC +CH5@
*=HI57=_B 89 ACFCG=858
$CFCGC
%C ACFCGC
+CH5@
2 + #5 +56@5 AI9GHF5 EI9 @5 8=GHF=6I7=_B 89 @5 ACFCG=858 89 @CG 57F98=
H58CG 897F979 5 A98=85 EI9 5IA9BH5 @5 5BH=;c9858 9B 9@ 9AD@9C @ ;FIDC 89
A5MCF F=9G;C D5F5 @5 9BH=858 @C 7CB:CFA5B 5EI9@@CG 7@=9BH9G 7IM5 5BH=;c9858
@56CF5@ 9G =B:9F=CF 5 5^CG 5@75BN5B8C IB5 H5G5 89 ACF5 89@ =;IF5 =GHF=6I7=_B 89 @5 ACFCG=858 DCF ;[B9FC M 5BH=;c9858 @56CF5@
8.<K= .?+<.9 /@3+ $3@/<+
#5 =;IF5 AI9GHF5 EI9 9B 9@ ;FIDC 89 57F98=H58CG 7CB @5 A9BCF
5BH=;c9858 @56CF5@ A9BCG 89 5^CG G9 7CB79BHF5 @5 A5MCF H5G5 89 AC
FCG=858 H5BHC 9B <CA6F9G 7CAC 9B AI>9F9G %C C6GH5BH9 9G @@5A5H=J5 @5
8=:9F9B7=5 EI9 9L=GH9 9BHF9 @CG <CA6F9G M @5G AI>9F9G 89 9GH9 ;FIDC 5DFCL=
A585A9BH9 89 IB 89 ACFCG=858 ,B5 DCG=6@9 9LD@=757=_B 89 @5 5@H5
ACFCG=858 9B 9GH9 ;FIDC 89 7@=9BH9G 9G EI9 IB DCF79BH5>9 7CBG=89F56@9 89
9@@CG AYG 89@ F9GI@H_ H9B9F 5BH=;c9858 @56CF5@ =;I5@ 5 8CB89 D5FH9
89 9GHCG 7@=9BH9G 7CB7I9F85B 7CB 9@ D9FO@ DFC:9G=CB5@ 7CB:CFA58C DCF 9@ ;FIDC
89 @5 J5F=56@9 . 0-$ =;IF5 FYO7C 89 75>5G 89 @5 8=GHF=6I7=_B 89 @5 5BH=;c9858 @56CF5@ G9;bB @5
G=HI57=_B 89 ACFCG=858
B @5 =;IF5 G9 DF9G9BH5 IB ;FYO7C 89 75>5G D5F5 7CAD5F5F 9@ ;F58C 89
8=GD9FG=_B 89 @5 8=GHF=6I7=_B 89 @5 +8>31P/.+. 6+,9<+6 89 @CG 57F98=H58CG G9;bB
GI G=HI57=_B 89 ACFCG=858 B 5A6CG H=DCG 89 57F98=H58CG G9 5DF97=5 IB5
5@H5 7CB79BHF57=_B 89 J5@CF9G 5H\D=7CG 9B @5 7C@5 GID9F=CF 89 @5 8=GHF=6I7=_B
5 D5FH=F 89 IB5 5BH=;c9858 89 AYG 89 5^CG 9B 9@ 75GC 89 @CG 7@=9BH9G
98><3,?-398/= +6 +8I63=3= /=>+.L=>3-9 ./6 <3/=19 ./ -<K.3>9
ACFCGCG M 5 D5FH=F 89 AYG 89 5^CG 9B @CG 7@=9BH9G BC ACFCGCG GH9 <97<C
=B8=75 EI9 @5 8=GHF=6I7=_B 89 @5 5BH=;c9858 @56CF5@ DCG99 IB5 5@H5 5G=A9HF\5
DCG=H=J5 85B8C 9J=89B7=5 89 BC BCFA5@=858
+ $!" #5 J5F=56@9 G5@8C 5 @5 J=GH5 1*"- G9 89OB9 7CAC
@5 75BH=858 89 8=B9FC 8=GDCB=6@9 EI9 9GHY 5 @5 J=GH5 9B @5 7I9BH5 89 5<CFFCG
89@ H=HI@5F 9B @5 :97<5 9B @5 EI9 9@ 65B7C <579 9:97H=JC 9@ 7C6FC 89 @5 H5F>9H5
#CG ;FIDCG 89 F=9G;C F9GI@H5BH9G D5F5 @5 J5F=56@9 =+6.9 + 6+ @3=>+ GCB @CG
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9 <5GH5 A9BCG 89 9 <5GH5 A9BCG 89 9 <5GH5 A9BCG 89 9 <5GH5 =;IF5 =GHF=6I7=_B 89 @5 ACFCG=858 DCF ;[B9FC M G5@8C 5 @5 J=GH5 89 @CG 7@=9BH9G
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M 9@ G5@8C 5 @5 J=GH5 89 @CG 7@=9BH9G *9 C6G9FJ5 EI9 @5 ACFCG=858 9G AYG 5@H5
9B @CG <CA6F9G EI9 9B @5 AI>9F9G 7CB 9L79D7=_B 89 @CG 7@=9BH9G D9FH9B97=9BH9G
5@ ;FIDC G5@8C 5 @5 J=GH5 9BHF9 M 89AYG G9 5DF97=5
EI9 @5 8=:9F9B7=5 9B @5 H5G5 89 ACF5 9BHF9 <CA6F9G M AI>9F9G 9G AYG 5@H5 9B
9@ ;FIDC 9B @CG <CA6F9G J9FGIG 89 @5G AI>9F9G
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89 8=GD9FG=_B 89 @5 J5F=56@9 =+6.9 + 6+ @3=>+ G9;bB @5 G=HI57=_B 89 ACFCG=
858 89 @CG 7@=9BH9G '5F5 :57=@=H5F GI =BGD977=_B J=GI5@ 9GH5 J5F=56@9 <5 G=8C
7CBJ9B=9BH9A9BH9 F99G75@585 HCA5B8C GI @C;5F\HAC B5HIF5@ B @5 O;IF5 G9
DI989 J9F EI9 9B @CG 7F[8=HCG ACFCGCG 9L=GH9 IB5 5@H5 7CB79BHF57=_B 89 J5@CF9G
5H\D=7CG 9B 5A6CG 9LHF9ACG 89 @5 8=GHF=6I7=_B B 7CBHF5GH9 @CG 7F[8=HCG BC
ACFCGCG DF9G9BH5B IB5 8=GHF=6I7=_B 7CB AYG 5G=A9HF\5 B9;5H=J5 B 5A6CG
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89 AC89@CG 9GH58\GH=7CG 89 DIBHI57=_B 7F98=H=7=5 @ C6>9H=JC EI9 G9 D9FG=;I9
9G ACGHF5F @5 :IB7=CB5@=858 89 @CG 79./69= ./ </1</=3N8 691L=>3-+ 7CAC <9FF5
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B 9@ 5>IGH9 89 @CG AC89@CG 89 F9;F9G=_B G9 IH=@=N_ 7CAC J5F=56@9 89D9B8=9BH9
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@5G 75F57H9F\GH=75G GC7=C89AC;FYO75G 89G7F=H5G 9B @5 *977=_B J5F=56@9G
5 R < EI9 :I9FCB HF5H585G DF9J=5A9BH9 7CB @5G H[7B=75G 89G7F=H5G 9B @5
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EI9 A9>CF G9 5>IGH5FCB 5 @CG 85HCG #5G 9GH=A57=CB9G C6H9B=85G 7CB 9GHCG AC
89@CG :I9FCB 7CAD5F585G 7CB @5G DIBHI57=CB9G 89@ AC89@C DFCDCF7=CB58C DCF
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89 IB 5>IGH9 @C;\GH=7C D5F5 9@ AC89@C #, 2 '"" GHC C7IFF9 896=8C 5
EI9 9L=GH9B 8=:9F9B7=5G G=;B=O75H=J5G 9BHF9 @5G H5G5G 89 ACF5 9GH=A585G 7CB 9@
AC89@C #, 2 '"" M @5G DFCDCF7=CB9G 89 ACFCGCG F95@9G C6G9FJ58CG 9B 7585
IB5 89 @5G 7@5G9G 89 F=9G;C 7CBGHFI=85G D5F5 9GH9 7CBHF5GH9 8=:9F9B7=5 89
9GHC @5 <=D_H9G=G BI@5 89 EI9 9@ AC89@C 5>IGH58C 9G 5897I58C BC G9 F97<5N5
, =B8=75B
, M 0
D5F5 @CG AC89@CG + . -* M + 1#% 5IBEI9 @5G A98=85G 0
!
+
EI9 9@ ;F58C 89 =B:CFA57=_B EI9 DFCDCF7=CB5B 9GHCG AC89@CG 9G 65>C
D5FH=F 89 @CG F9GI@H58CG C6H9B=8CG 7CB @5G 8=GH=BH5G A98=85G 89 6CB858
89@ 5>IGH9 5D@=7585G 9B 5A65G AI9GHF5G G9 7CB7@IM9 EI9 BC 9L=GH9B 8=:9F9B7=5G
G=;B=O75H=J5G 9B @5 75@=858 89@ 5>IGH9 89 @CG AC89@CG + . -* M + 1#%
8.<K= .?+<.9 /@3+ $3@/<+
(57.6$'1 '(. $0>.,5,5 '( &748$5 0-!
7CBH=BI57=_B 9B @5 =;IF5 G9 F9DF9G9BH5B @5G 7IFJ5G 0-! 5GC7=585G
5 @CG AC89@CG 89 DIBHI57=_B 5>IGH58CG M G9 7CAD5F5B 7CB @5 7IFJ5 0-!
C6H9B=85 7CB @5G DIBHI57=CB9G 89@ AC89@C DFCDI9GHC DCF @5 9BH=858
=;IF5 IFJ5G $! F9GI@H5BH9G D5F5 @CG HF9G AC89@CG 89 DIBHI57=_B 7F98=H=7=5
B @5 =;IF5 G9 C6G9FJ5 EI9 @5G 7IFJ5G 0-! C6H9B=85G 7CB @CG AC
89@CG + . -* M + 1#% GCB AIM G=A=@5F9G 9BHF9 G\ 9GH5B8C DFY7H=75A9BH9
@5 DF=A9F5 7CB HF5NC 89 7C@CF 5NI@ GID9FDI9GH5 GC6F9 @5 G9;IB85 7CB @\B95
89 7C@CF FC>C +5A6=[B G9 C6G9FJ5 EI9 9@ YF95 65>C @5 7IFJ5 0-! 3 !
89@ AC89@C + . -* 9G @=;9F5A9BH9 A5MCF EI9 9@ J5@CF 3 ! C6H9B=8C 7CB
9@ AC89@C + 1#% CAC @5G 7IFJ5G 0-! 89 @CG AC89@CG 5>IGH58CG 9GHYB
7CAD@9H5A9BH9 DCF 9B7=A5 89 @5 7IFJ5 0-! C6H9B=85 5 D5FH=F 89@ AC89@C
#, 2 '"" G9 7CB7@IM9 EI9 @CG AC89@CG 5>IGH58CG C:F979B A9>CF 75D57=858
89 8=G7F=A=B57=_B 89 @CG 7F[8=HCG
98><3,?-398/= +6 +8I63=3= /=>+.L=>3-9 ./6 <3/=19 ./ -<K.3>9
(57.6$'1 '(. $0>.,5,5 '( &748$5 !.
B @5 =;IF5 G9 F9DF9G9BH5B @5G 7IFJ5G !. C6H9B=85G 7CB @CG AC89
@CG 5>IGH58CG M G9 7CAD5F5B 7CB @5 7IFJ5 !. 5GC7=585 5@ AC89@C DFCDI9GHC
DCF @5 9BH=858
=;IF5 IFJ5G " F9GI@H5BH9G D5F5 @CG HF9G AC89@CG 89 DIBHI57=_B 7F98=H=7=5
CAC G9 DI989 5DF97=5F 9B @5 =;IF5 9@ 5BY@=G=G 89 7IFJ5G !.
C:F979 F9GI@H58CG 5BY@C;CG 5 @CG C6H9B=8CG 7CB @5G 7IFJ5G 0-! 9G 897=F @5
75D57=858 89 8=G7F=A=B57=_B 9BHF9 7F[8=HCG ACFCGCG M BC ACFCGCG C:F97=85 DCF
@CG AC89@CG 5>IGH58CG + . -* M + 1#% 9G 9EI=J5@9BH9 9BHF9 G\ M GID9F=CF 5
@5 75D57=858 89 8=G7F=A=B57=_B EI9 9L<=69B @5G DIBHI57=CB9G C6H9B=85G 7CB
9@ AC89@C #, 2 '""
8.<K= .?+<.9 /@3+ $3@/<+
.(&&,A0 '(. 27061 '( &146( : (4414(5 '( &.$5,<&$&,A0 $51&,$'15
B 9GH9 5D5FH58C G9 5B5@=N5B @CG F9GI@H58CG 89@ DFC798=A=9BHC 89 J5@=
857=_B 9GH58\GH=75 89 @CG AC89@CG '5F5 9GHC G9 <5 75@7I@58C 9@ 9FFCF 89
7@5G=O757=_B 89 @CG 7F[8=HCG 9B :IB7=_B 89@ DIBHC 89 7CFH9 C6H9B=8C D5F5 7585
AC89@C 589AYG 89 CHF5G H[7B=75G 89 J5@=857=_B 89G7F=H5G 9B @5G *977=CB9G
M +56@5 )9GI@H58CG 579F75 89@ DC89F 8=G7F=A=B5BH9 89 @CG AC89@CG
$C89@C
89 DIBHI57=_B
#, 2 '""
+ . -*
+ 1#%
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3 !
0
2 . B @5 +56@5 G9 AI9GHF5 9@ DIBHC 89 7CFH9 _DH=AC S!
C6H9B=8C 7CB 9@
A[HC8C 89 @5 8=GH5B7=5 89 967919<9@%73<89@ )1 S M 9@ F9GI@H58C 89 @5
89AYG G9 C:F979B @5G A98=85G 89 J5@=857=_B
H5G5 2 . 5GC7=585 5@ DIBHC S!
G=BC EI9 GCB A98=85G ;@C65@9G C6H9B=85G
3 ! M 0 EI9 BC 89D9B89B 89 S!
89 @5G 7IFJ5G 0-! M !. F9GD97H=J5A9BH9 #CG F9GI@H58CG C6H9B=8CG 7CB
@CG \B8=79G 3 ! M 0 D9FA=H9B 7CB7@I=F EI9 @5 75D57=858 89 8=G7F=A=B57=_B
89 @CG AC89@CG + . -* M + 1#% GCB 9EI=J5@9BH9G 89AYG 5A6CG AC89@CG
GID9F5B 9B 75D57=858 DF98=7H=J5 5@ AC89@C #, 2 '"" GH9 F9GI@H58C :I9
DFC658C DCF A98=C 89@ 7CBHF5GH9 89 <=D_H9G=G 89OB=8C 9B CAC F9GI@
H58C G9 579DH_ @5 <=D_H9G=G BI@5 GC6F9 @5 =;I5@858 89 YF95G 65>C @5G 7IFJ5G
0-! C6H9B=85G 7CB @CG AC89@CG + . -* M + 1#% IJ5@CF @ F9
5@=N5F 9@ A=GAC 7CBHF5GH9 D5F5 7CAD5F5F @CG AC89@CG + 1#% M #, 2 '""
G9 F97<5N_ @5 <=D_H9G=G BI@5 7CB IB IJ5@CF GHCG F9GI@H58CG 9GHYB
9B 7CB7CF85B7=5 7CB @C C6H9B=8C 9B @5 +56@5 B 7585 IB5 89 @5G G=;I=9BH9G H56@5G G9 <5 75@7I@58C 9@ F=9G;C 89 7F[8=HC
A98=8C 7CAC 9@ 9FFCF 89 7@5G=O757=_B 89 H=DC M 9@ 7CGH9 89 CDCFHIB=858
A98=8C 7CAC 9@ 9FFCF 89 7@5G=O757=_B 89 H=DC 89AYG 7585 H56@5 9GHY
57CAD5^585 89 IB ;FYO7C 7CB @5G 8=GHF=6I7=CB9G 9AD\F=75G 7CB8=7=CB585G 89
@5G DIBHI57=CB9G 8585 @5 G=HI57=_B 89 ACFCG=858 J9FGIG @5 7IFJ5 89@ 9GH58\G
H=7C )1 S
98><3,?-398/= +6 +8I63=3= /=>+.L=>3-9 ./6 <3/=19 ./ -<K.3>9
+56@5 $5HF=N 89 7@5G=O757=_B 7CFF9GDCB8=9BH9 5@ AC89@C #, 2 '""
*=HI57=_B
$CFCGC
%C ACFCGC
@5G=O757=_B G9;bB 9@ AC89@C
8 8 +CH5@
FFCF +=DC +=DC #5 +56@5 AI9GHF5 EI9 IH=@=N5B8C 9@ AC89@C 89 @5 9BH=858 9@ F=9G;C 89
7F[8=HC 896=8C 5 @5 7CB79G=_B 89 @5 H5F>9H5 5 IB 7@=9BH9 ACFCGC 7IM5 75@=O757=_B
7F98=H=7=5 F9GI@H_ G9F 6I9B5 DIBHI57=_B =B:9F=CF 5@ DIBHC 89 7CFH9 9G 89 IB
A=9BHF5G EI9 9@ 7CGH9 89 CDCFHIB=858 896=8C 5 @5 89B9;57=_B 89 @5
A=GA5 5 IB 7@=9BH9 BC ACFCGC 7IM5 75@=O757=_B 7F98=H=7=5 F9GI@H_ G9F A5@5
DIBHI57=_B GID9F=CF 5@ DIBHC 89 7CFH9 9G 89 IB =;IF5 IB7=CB9G 89 8=GHF=6I7=_B 9AD\F=75G 89 @5G DIBHI57=CB9G 89 @CG 7F[8=HCG BC
ACFCGCG 89 @CG 7F[8=HCG ACFCGCG M 9GH58\GH=7C % D5F5 9@ AC89@C &
#5 =;IF5 AI9GHF5 9@ ;FYO7C 89@ 9GH58\GH=7C )1 S M 9@ J5@CF 89
75@7I@58C 5 D5FH=F 89 @5G DIBHI57=CB9G C6H9B=85G 7CB
7CFH9 S!
9@ AC89@C #, 2 '""
8.<K= .?+<.9 /@3+ $3@/<+
+56@5 $5HF=N 89 7@5G=O757=_B 7CFF9GDCB8=9BH9 5@ AC89@C + . -*
*=HI57=_B
$CFCGC
%C ACFCGC
@5G=O757=_B G9;bB 9@ AC89@C
8 8 +CH5@
FFCF +=DC +=DC #5 +56@5 AI9GHF5 EI9 IH=@=N5B8C 9@ AC89@C + . -* 9@ F=9G;C 89
7F[8=HC 896=8C 5 @5 7CB79G=_B 89 @5 H5F>9H5 5 IB 7@=9BH9 7IM5 75@=O757=_B 7F9
8=H=7=5 9G 6I9B5 M EI9 F9GI@H_ G9F ACFCGC 9G 89 IB A=9BHF5G EI9 9@
7CGH9 89 CDCFHIB=858 896=8C 5 @5 89B9;57=_B 89 @5 A=GA5 5 IB 7@=9BH9 7CB
A5@5 75@=O757=_B 7F98=H=7=5 EI9 F9GI@H_ G9F BC ACFCGC 9G 89 IB =;IF5 IB7=CB9G 89 8=GHF=6I7=_B 9AD\F=75G 89 @5G DIBHI57=CB9G 89 @CG 7F[8=HCG BC
ACFCGCG 89 @CG 7F[8=HCG ACFCGCG M 9GH58\GH=7C % D5F5 9@ AC89@C "!
#5 =;IF5 AI9GHF5 9@ ;FYO7C 89@ 9GH58\GH=7C )1 S M 9@ J5@CF 89
75@7I@58C 5 D5FH=F 89 @5G DIBHI57=CB9G 9GH=A585G 7CB
7CFH9 S!
9@ AC89@C + . -*
98><3,?-398/= +6 +8I63=3= /=>+.L=>3-9 ./6 <3/=19 ./ -<K.3>9
+56@5 $5HF=N 89 7@5G=O757=_B 7CFF9GDCB8=9BH9 5@ AC89@C + 1#%
*=HI57=_B
$CFCGC
%C ACFCGC
@5G=O757=_B G9;bB 9@ AC89@C
8 8 +CH5@
FFCF +=DC +=DC #5 +56@5 AI9GHF5 EI9 9@ AC89@C + 1#% 9G 9EI=J5@9BH9 5@ AC89@C
+ . -* 9B H[FA=BCG 89 F=9G;C 89 7F[8=HC C6H9B=[B8CG9 9B 5A6CG 75GCG IB
9FFCF 89 7@5G=O757=_B 89 H=DC 89 IB B 75A6=C 9@ AC89@C + 1#%
DFCJC75 IB @9J9 5IA9BHC 89@ 7CGH9 89 CDCFHIB=858 896=8C 5 IB5 8=GA=BI7=_B
89@ DC89F DF98=7H=JC 7CB F9GD97HC 5 @C C6H9B=8C 7CB AC89@C + . -* CAC
7CBG97I9B7=5 9@ 9FFCF 89 H=DC 5GC7=58C 5@ AC89@C + 1#% 9G 89 IB =;IF5 IB7=CB9G 89 8=GHF=6I7=_B 9AD\F=75G 89 @5G DIBHI57=CB9G 89 @CG 7F[8=HCG BC
ACFCGCG 89 @CG 7F[8=HCG ACFCGCG M 9GH58\GH=7C % D5F5 9@ AC89@C %
#5 =;IF5 AI9GHF5 9@ ;FYO7C 89@ 9GH58\GH=7C )1 S M 9@ J5@CF 89
75@7I@58C 5 D5FH=F 89 @5G DIBHI57=CB9G 9GH=A585G 7CB
7CFH9 S!
9@ AC89@C + 1#%
8.<K= .?+<.9 /@3+ $3@/<+
D5FH=F 89 @CG F9GI@H58CG 7CBH9B=8CG 9B @5G +56@5G 5 @5 M 89@
F9GI@H58C 89@ 5BY@=G=G 89 7IFJ5G 0-! M 7IFJ5G !. G9 C6H=9B9 EI9 9@ AC89@C
+ . -* 9G DF9:9F=8C 5 @CG CHFCG 8CG AC89@CG 896=8C 5 EI9 GI IH=@=N57=_B 9B
@5 7@5G=O757=_B 89 @CG 7F[8=HCG D9FA=H9 A=B=A=N5F 9@ F=9G;C 89 7F[8=HC /<<9<
./ >3:9 M C6H9B9F A9>CF9G F9GI@H58CG 7CB A98=85G 89 J5@=857=_B 7CAC
@CG \B8=79G 3 ! M 0 *=B 9A65F;C 9B H[FA=BCG 89@ F=9G;C DCF 7CGH9 89
CDCFHIB=858 /<<9< ./ >3:9 M 89 @5 H5G5 89 DF97=G=_B 2 . 9@ AC89@C EI9
ACGHF_ A9>CF F9B8=A=9BHC :I9 9@ AC89@C 89 @5 9BH=858
(57.6$'15 1%6(0,'15 &10 .$ /7(564$ '( 8$.,
'$&,A0
7CBH=BI57=_B G9 9LDCB9B @CG F9GI@H58CG C6H9B=8CG 7CB @5 AI9GHF5 89
J5@=857=_B GH5 AI9GHF5 G9 7CADCB9 89 F9;=GHFCG 89 H5F>9H5G 89 7F[8=HC
89 @5G 7I5@9G GCB ACFCG5G @C EI9 9EI=J5@9 5 IB5 H5G5 89 ACF5 C6G9FJ585
89 IB *9 <5 5B5@=N58C 9@ DC89F DF98=7H=JC 89 @CG AC89@CG 5 D5FH=F 89
@CG \B8=79G 3 ! 0 M 2 . +5A6=[B G9 75@7I@5FCB @CG 9FFCF9G 89 7@5G=O757=_B
89 >3:9 M 89 >3:9 F9GD97H=J5A9BH9 @ 5BY@=G=G 7CB7@IM9 7CB @5 =@IGHF57=_B
89 @5G 8=:9F9B7=5G 9B @5 75D57=858 8=G7F=A=B5BH9 89 @CG AC89@CG 5 D5FH=F 89
GIG ;FYO7CG 0-! M !. +56@5 $98=85G 89 J5@=857=_B 89 @CG AC89@CG 89 DIBHI57=_B 7F98=H=7=5
$C89@C
89 DIBHI57=_B
#, 2 '""
+ . -*
+ 1#%
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0
2 . B @5 +56@5 G9 C:F979B @CG F9GI@H58CG 89 @5G A98=85G 89 J5@=857=_B
C6H9B=85G 7CB @CG HF9G AC89@CG 89 DIBHI57=_B BY@C;5A9BH9 5 @C C6H9B=8C
7CB @5 AI9GHF5 89 9BHF9B5A=9BHC 89 @5 +56@5 G9 89GDF9B89 EI9 9@ AC89@C
7CB A5MCF DC89F 89 8=G7F=A=B57=_B 9BHF9 7F[8=HCG 6I9BCG M A5@CG 9G 9@ AC89@C
+ . -* GH9 AC89@C DFC8I79 @CG J5@CF9G AYG 5@HCG 89 YF95 65>C @5 7IFJ5
0-! 3 ! 9 \B8=79 89 DF97=G=_B 0 *=B 9A65F;C 9@
J5@CF AYG 5@HC 89 H5G5 89 DF97=G=_B 2 . G9 C6H=9B9 7CB 9@ AC89@C
#, 2 '""
98><3,?-398/= +6 +8I63=3= /=>+.L=>3-9 ./6 <3/=19 ./ -<K.3>9
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89 DIBHI57=_B
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+ . -*
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89 7@5G=O757=_B 89 H=DC M 89 H=DC C6H9B=8CG 7CB @5 AI9GHF5 89 J5@=857=_B
#CG F9GI@H58CG AI9GHF5B EI9 9@ AC89@C + . -* GID9F5 5@ AC89@C + 1#% 9B
@5 F98I77=_B 89 5A6CG H=DCG 89 9FFCF9G D9FC D=9F89 75D57=858 89 F98I7=F 9@
/<<9< ./ >3:9 :F9BH9 5@ AC89@C #, 2 '"" 89AYG 9@ AC89@C + . -*
5FFC>5 9@ A9BCF J5@CF 89 /<<9< ./ >3:9 DCF @C EI9 F9DF9G9BH5 @5 <9FF5A=9BH5
89 7@5G=O757=_B 89 @CG 7F[8=HCG EI9 A=B=A=N5 9@ <3/=19 ./ -<K.3>9
(57.6$'1 '(. $0>.,5,5 '( &748$5 0-!
=;IF5 )9GI@H58C 89 @5G 7IFJ5G $! C6H9B=85G 7CB @5 AI9GHF5 89 J5@=857=_B
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#5 =;IF5 AI9GHF5 @5G 7IFJ5G 0-! C6H9B=85G 7CB @5G DIBHI57=CB9G
89 @CG HF9G AC89@CG 7CBG=89F58CG -=GI5@A9BH9 G9 7CBOFA5B @CG F9GI@H58CG
C:F97=8CG 9B @5G +56@5G M 9B @CG EI9 D5F979 9L=GH=F 9J=89B7=5 89 IB5
@=;9F5 ;5B5B7=5 9B 75D57=858 8=G7F=A=B5BH9 C:F97=85 DCF 9@ AC89@C + . -*
9B F9@57=_B 5@ AC89@C + 1#% 'CF CHF5 D5FH9 5A6CG AC89@CG DF9G9BH5B IB
7CADCFH5A=9BHC GIGH5B7=5@A9BH9 A9>CF EI9 9@ 89@ AC89@C #, 2 '""
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=;IF5 )9GI@H58C 89 @5G 7IFJ5G " C6H9B=85G 7CB @5 AI9GHF5 89 J5@=857=_B
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89 DIBHI57=_B C6H9B=85G 7CB @5 AI9GHF5 89 J5@=857=_B BY@C;5A9BH9 5 @C
C6H9B=8C 7CB @5G 7IFJ5G 0-! =;IF5 @5G 7IFJ5G !. F9GI@H5BH9G GCB
7C<9F9BH9G 7CB @CG F9GI@H58CG 89 @5G A98=85G 89 J5@=857=_B 9LDI9GH5G 9B @5G
+56@5G M 98><3,?-398/= +6 +8I63=3= /=>+.L=>3-9 ./6 <3/=19 ./ -<K.3>9
CAC 7CBG97I9B7=5 89 @CG F9GI@H58CG C6H9B=8CG 7CB @5G H[7B=75G 89 J5@=
857=_B 5D@=7585G 5 @CG 85HCG F95@9G G9 7CB7@IM9 EI9 9@ AC89@C 89 DIBHI57=_B
+ . -* GID9F5 @9J9A9BH9 5@ AC89@C + 1#% 9B 75D57=858 8=G7F=A=B5BH9 M
EI9 5A6CG AC89@CG GID9F5FCB G=;B=O75H=J5A9BH9 @5 75D57=858 89 F98I77=_B
89@ F=9G;C 89 7F[8=HC 89@ AC89@C #, 2 '"" CAC 7CBHF5D5FH=85 9@ AC89
@C 89 @5 9BH=858 C:F97=_ @CG A9>CF9G F9GI@H58CG 9B H[FA=BCG 89 F98I77=_B 89@
F=9G;C DCF 7CGH9 89 CDCFHIB=858 5G\ 7CAC @CG J5@CF9G AYG 5@HCG 89 @5 H5G5 89
DF97=G=_B 89 @5 7@5G=O757=_B 89 @CG 7F[8=HCG 2 . (6(4/,0$&,A0 '( .$ )4106(4$ '( &10&(5,A0 '( .$
6$4-(6$
#5 9GHF5H9;=5 89 7CB79G=_B 89 IB5 H5F>9H5 89 7F[8=HC DI989 75F57H9F=N5FG9
DCF 9@ J5@CF 9GD9F58C 89 GI :IB7=_B 89 7CGH9G M 69B9O7=CG GH5 :IB7=_B
89BCH585 DCF 4 S #3 8 S 89D9B89 89 @5 DIBHI57=_B 89@ GC@=7=H5BH9
8 M 89@ J5@CF 89 7CFH9 9@9;=8C S '5F5 C6H9B9F @5 9GHF5H9;=5 89 7CB79G=_B
_DH=A5 89 @5 H5F>9H5 G9 F9EI=9F9 89H9FA=B5F @CG DIBHCG 89 7CFH9 EI9 9GH56@979B
@5G :FCBH9F5G 89 897=G=_B 5 D5FH=F 89 @5G 7I5@9G 9@ 8=7H5A9B 89 7CB79G=_B "!
9G IBC 89 @CG G=;I=9BH9G -98-/./< -98=?6>+< C ./8/1+<
#CG DIBHCG 89 7CFH9 89 @5 9GHF5H9;=5 89 7CB79G=_B G9 C6H=9B9B 5 D5FH=F 89 @5
DIBHI57=_B 9GH=A585 DCF 9@ AC89@C 9GH58\GH=7C #5 9GHF5H9;=5 89 7CB79G=_B G9
89G7F=69 F9DF9G9BH5B8C @CG 7CGH9G M @CG 69B9O7=CG 89@ 8=7H5A9B 89 7CB79G=_B
9B IB5 A5HF=N 7CAC G9 J9FY AYG 589@5BH9 @ DFC798=A=9BHC D5F5 9@56CF5F
@5 9GHF5H9;=5 89 7CB79G=_B G9 F9GIA9 5 7CBH=BI57=_B
*9 89BCH5FY DCF $) 9@ DIBHC 89 7CFH9 C :FCBH9F5 89@ F5B;C 89 DIBHI5
7=CB9G C 9EI=J5@9BH9A9BH9 89 @5 . " 5 D5FH=F 89@ 7I5@ 9@ 8=7H5A9B 9G -98=?6
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@5G 7IFJ5G 89 . " 89 @CG HF9G AC89@CG 89 DIBHI57=CB9G *_@C 9G F97CA9B856@9
IH=@=N5F 9@ 9GH=A58CF 89 , 5 7I5B8C G9 HF5H5 89 DIBHI57=CB9G DFCJ9B=9BH9G
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7=CB9G C6H9B=85G 7CB @CG AC89@CG + 1#% M + . -* 'CF b@H=AC 89@ 9GHI8=C
89 J5@=857=_B 7IMCG F9GI@H58CG 9GHYB 7CBH9B=8CG 9B @5 +56@5 G9 C6HIJC
EI9 9@ 9GH=A58CF 89 0** 7CBGH=HIM9 9@ A9>CF A975B=GAC D5F5 9GH=A5F @5 2 +
89 @5 75FH9F5 A=9BHF5G EI9 9@ 9GH=A58CF 89 , 5 D9FA=H9 A=B=A=N5F 9@ 9FFCF
89 H=DC M 9@ 9GH=A58CF EH@BM D9FA=H9 A=B=A=N5F 9@ 9FFCF 89 H=DC 5 @5 J9N
EI9 @C;F5 A5L=A=N5F @5 H5G5 89 DF97=G=_B 9B @5 7@5G=O757=_B 89 @CG 7F[8=HCG
=B5@A9BH9 9G =ADCFH5BH9 <579F IB5 6F9J9 F9P9L=_B GC6F9 DCG=6@9G 9L
H9BG=CB9G 89 @5G H[7B=75G 9GHI8=585G 9B 9GH9 75D\HI@C EI9 DCF @=A=H57=CB9G 89
H=9ADC G9 <5B 89>58C 7CAC C6>9H=JC 89 =BJ9GH=;57=_B D5F5 :IHIFCG HF565>CG
CAC G9 <5 8=7<C 5@ =B=7=C 89 9GH9 75D\HI@C 9@ AC89@C 89 F9;F9G=_B @C;\GH=75
9G IB5 89 @5G H[7B=75G 9GH58\GH=75G AYG DCDI@5F9G 9B @5 7CBGHFI77=_B 89 AC
89@CG 89 F=9G;C 89 7F[8=HC 9B D5FH=7I@5F 89 AC89@CG 89 DIBHI57=_B 7F98=H=7=5
98><3,?-398/= +6 +8I63=3= /=>+.L=>3-9 ./6 <3/=19 ./ -<K.3>9
*=B 9A65F;C 7CAC GI9@9 C7IFF=F 7CB @CG AC89@CG 89 F9;F9G=_B D5F5A[HF=7CG
9GH9 AC89@C 9GHY GI>9HC 5 GIDI9GHCG :I9FH9A9BH9 F9GHF=7H=JCG DCF 9>9AD@C
EI9 @5 J5F=56@9 89 DIBHI57=_B 7F98=H=7=5 8 G=;I9 IB5 8=GHF=6I7=_B @C;\GH=
75 M EI9 9@ AC89@C 89 F9;F9G=_B 9GHY @=A=H58C 5 IB5 :CFA5 @=B95@ M 58=H=J5
9B @5G 7CJ5F=56@9G B 9GH9 G9BH=8C IB5 9LH9BG=_B B5HIF5@ 89 9GH9 HF565>C 9G
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7F98=H=7=C M @5 ACFCG=858 89 @CG 7F[8=HCG 7CBH9B=8CG 9B @5 65G9 89 85HCG IH=@=N5
85 9B 9GH5 A9ACF=5 G\ G9F\5 =BH9F9G5BH9 7CAD5F5F @5 75D57=858 DF98=7H=J5
89 @CG AC89@CG EH@BM 9GHI8=58CG 7CB AC89@CG 89 F9;F9G=_B 89 H=DC IKH;BM M
EH@EH@ 7CAD@9A9BH5F=CG <EH@EH@ 8CB89 @5 H9CF\5 9GHI8=585 5EI\ 9G :Y7=@
A9BH9 585DH56@9 IH=@=N5B8C @5G :IB7=CB9G 89 9B@579 C EBGD 5GC7=585G 5 @5G
8=GHF=6I7=CB9G BCFA5@ 9GHYB85F IKH;BM M 89@ J5@CF 9LHF9AC <EH@EH@ F9G
D97H=J5A9BH9 -9F DCF 9>9AD@C @CG HF565>CG 89 %95;I 9H 5@ M IFBd
M IFBd 9B 9GH9 7CBH9LHC &HF5 DCG=6@9 9LH9BG=_B A9BCG 7CBC7=
85 9B 9@ 7CBH9LHC 89 @5 AC89@=N57=_B 89@ F=9G;C 89 7F[8=HC 9G @5 IH=@=N57=_B
89 AC89@CG G9A=D5F5A[HF=7CG EI9 D9FA=H9B F9@5>5F @5G @=A=H57=CB9G 5BH9F=C
F9G D9FA=H=9B8C EI9 @5 :IB7=_B 89 9B@579 G9 GIDCB;5 89G7CBC7=85 896=9B8C
G9F 9GH=A585 BC D5F5A[HF=75A9BH9 5 D5FH=F 89 @CG 85HCG B CHFCG AC89@CG
G9A=D5F5A[HF=7CG 9B 75A6=C G9 F9@5>5 9@ GIDI9GHC 89 EI9 HC85G @5G 7CJ5F=5
6@9G 9GHYB F9@57=CB585G @=B95@A9BH9 D9FA=H=9B8C EI9 9BHF9 5@;IB5G 89 9@@5G
9L=GH5 IB5 F9@57=_B 89G7CBC7=85 EI9 DI989 9GH=A5FG9 BC D5F5A[HF=75A9BH9
9GH5 7@5G9 89 AC89@CG G9 7CBC79 7CAC 79./69= :+<-3+67/8>/ 638/+6/= -9F DCF
9>9AD@C 9@ HF565>C 89 $c@@9F M )`BN 9B 9GH9 A=GAC 7CBH9LHC
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89H9FA=B5F 9@ DIBHC 89 7CFH9 _DH=AC 89 8=G7F=A=B57=_B 9BHF9 7@=9BH9G 6I9BCG
M A5@CG B 9G9 G9BH=8C 9G 7CBC7=8C EI9 [GH9 M CHFCG A[HC8CG 9L=GH9BH9G 9B
@5 @=H9F5HIF5 DF9G9BH5B 8=:I@H589G 7I5B8C G9 HF565>5 7CB AI9GHF5G 5@H5A9BH9
89G65@5B79585G H5@ M 7CAC C7IFF9 7CB @CG 85HCG IH=@=N58CG 9B 9GH9 75D\HI@C
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9BHF9 9@ BbA9FC 89 7F[8=HCG ACFCGCG M 9@ 89 BC ACFCGCG 9B @5 AI9GHF5 -9F
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98><3,?-398/= +6 +8I63=3= /=>+.L=>3-9 ./6 <3/=19 ./ -<K.3>9
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98><3,?-398/= +6 +8I63=3= /=>+.L=>3-9 ./6 <3/=19 ./ -<K.3>9
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7=CB9G 89 =BH9F[G 9B 9@ 5BY@=G=G 89 GID9FJ=J9B7=5 BHF9 @CG AYG IH=@=N58CG
G9 9B7I9BHF5B 9@ 7K>9.9 :6?138 @CG A[HC8CG 89 @+63.+-3N8 -<?D+.+ M @CG
7K>9.9= ./ </7?/=></9 89 @CG 7I5@9G 9@ AYG 7CBC7=8C 9G 9@ A[HC8C ,99>=><+:
@;IBCG HF565>CG 9B @CG EI9 G9 <5 9GHI8=58C 9@ DFC6@9A5 89 @5 9GH=A57=_B
BC D5F5A[HF=75 89 @5 :IB7=_B 89 8=GHF=6I7=_B GCB @CG 896=8CG 5 )9=GG !CB9G #9>9IB9 M *5F85 *5F85 @HA5B M #[;9F M CKA5B 9H 5@ 9BHF9 CHFCG
B 9@ 7CBH9LHC 89 @5 :IB7=_B 89 8=GHF=6I7=_B 7CB8=7=CB5@ 7CB 85HCG 79B
GIF58CG @5 @=H9F5HIF5 9G A9BCG 9LH9BG5 @;IBCG 89 @CG HF565>CG 9B @CG EI9
G9 9GHI8=5 9GH9 DFC6@9A5 GCB @CG 896=8CG 5 56FCKG?5 5 #97CBH9 9H 5@
5= 5BBCIB 9H 5@ 5BBCIB 9H 5@ M #CD9N
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6@9G 7I5B8C G9 5B5@=N5B DFC6@9A5G 7CB 85HCG F95@9G 'CF 9>9AD@C @5 IH=@=N57=_B
89 A[HC8CG 89 @+63.+-3N8 -<?D+.+ 9B ;9B9F5@ BC 9G F97CA9B856@9 7I5B8C 9@
H5A5^C 89 @5 AI9GHF5 IH=@=N585 9G ;F5B89 7CAC C7IFF9 BCFA5@A9BH9 7CB @5G
65G9G 89 85HCG 89 @5G 9BH=8589G OB5B7=9F5G
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6@9G 7I5B8C G9 HF565>5 7CB 65G9G 89 85HCG 9LH9BG5G #5 IH=@=N57=_B 89 9GH9
A[HC8C F9EI=9F9 89 @5 9GH=A57=_B 89 75BH=8589G DC6@57=CB5@9G EI9 89D9B89B
89 :IB7=CB9G 89G7CBC7=85G EI9 8969B G9F 9GH=A585G 5 D5FH=F 89 @CG 85HCG @C
EI9 @@9J5 5 DFC798=A=9BHCG 7CAD@9>CG EI9 <579B EI9 9@ DFC79GC 89 9GH=A57=_B
G95 @56CF=CGC M 9L79G=J5A9BH9 7CGHCGC 9B H=9ADCG 89 7CADIH57=_B
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7<C 7585 J9N AYG DCDI@5F9G 9BHF9 @CG A[HC8CG 89 G9@977=_B 5IHCAYH=75 89@
D5FYA9HFC 89 GI5J=N58C A G=B C:F979F ;F5B89G @=A=H57=CB9G 896=8C 5@ H5A5^C
89 @5 AI9GHF5 IH=@=N585 GH5 H[7B=75 7CBG=GH9 9B O>5F IB5 AI9GHF5 89 85HCG
89OB=85 DCF 2 - - 6- 2- M 5DFCJ97<5F @5 =B:CFA57=_B 5@@\ 7CB
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2 MQ 7CB @5 AI9GHF5 CF=;=B5@ 2 G9 9AD@95 9@ A[HC8C 6CCHGHF5D D5F5
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89 @5G :IB7=CB9G 89 89BG=858 89 8=GHF=6I7=_B M 89 F9;F9G=_B 9BHF9 CHF5G -9F
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5@ 75GC 89 85HCG 79BGIF58CG <5 G=8C 9GHI8=585 9BHF9 CHFCG DCF -5B "9=@9;CA
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GI 9GHI8=C G9 <5 89>58C 7CAC D5FH9 89 IB HF565>C :IHIFC 9B 9@ EI9 DI989B
58CDH5FG9 DCF 9>9AD@C @5G =895G 89 #= M 5HH5 9 ;@9G=5G '[F9N M
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7CB 85HCG 79BGIF58CG
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89 DFC656=@=858 89 ACF5 7CB8=7=CB5@ MQ 8CB89 @5 AI9GHF5 5B5@=N585
9L<=69 IB5 5@H5 DFCDCF7=_B 89 85HCG 79BGIF58CG DCF @5 89F97<5 CB 9@ OB 89
9J5@I5F 9@ 7CADCFH5A=9BHC 9AD\F=7C 89 8=7<CG 9GH=A58CF9G 9B 9GH5 G977=_B
G9 DF9G9BH5 IB 5BY@=G=G 7CAD5F5H=JC 89 [GHCG DCF A98=C 89 9GH58\GH=75G 89G
7F=DH=J5G M 7IFJ5G 89 . " 9GH=A585G B 9@ 5BY@=G=G G9 <5B IH=@=N58C 8=GH=BHCG
J5@CF9G 89 H=9ADC <5GH5 @5 9BHF585 9B ACF5 2 89 DIBHI57=_B 7F98=H=7=5
6 89 :IB7=CB9G 89 9B@579 D5F5 @CG 9GH=A58CF9G + *% M + *%+ M 89@
D5FYA9HFC 89 GI5J=N58C A D5F5 9@ 9GH=A58CF . *% #CG F9GI@H58CG C6H9B=8CG
G9 DF9G9BH5B 5 7CBH=BI57=_B
98><3,?-398/= +6 +8I63=3= /=>+.L=>3-9 ./6 <3/=19 ./ -<K.3>9
0>.,5,5 '( .$ %$5( '( '$615
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HF9 >I@=C 89 M BCJ=9A6F9 89 'CF ACH=JCG 89 7CBO89B7=5@=858 7CB
@5 9BH=858 7C@56CF58CF5 @CG 85HCG 89 @5 AI9GHF5 :I9FCB HCA58CG 5@95HCF=5
A9BH9 75A6=5B8C @5 DFC656=@=858 89 G9@977=CB5F IB 7F[8=HC ACFCGC 9 9GH5
:CFA5 @5 H5G5 89 ACFCG=858 89 @5 75FH9F5 89 7F[8=HCG CF=;=B5@ :I9 8=GHCFG=CB5
85 5F6=HF5F=5A9BH9 M BC F9P9>5 GI 9GH58C F95@ 89 GC@J9B7=5 #5 H5G5 89 ACF5
C6G9FJ585 9B @5 AI9GHF5 89 89G5FFC@@C :I9 89 IB *9 7CBG=89F5 EI9 @5 AI9GHF5 IH=@=N585 9G F9DF9G9BH5H=J5 89 8CG DC6@57=CB9G
89 57F98=H58CG
B G 9@ 7CB>IBHC 89 HC8CG @CG DF[GH5ACG D9FGCB5@9G 9A=H=8CG DCF @5
9BH=858 9BHF9 >I@=C 89 M BCJ=9A6F9 89 7IM5 :97<5 89 9BHF585 9B
ACF5 :I9 F9;=GHF585 89BHFC 89 9G9 D9F\C8C 89 H=9ADC G\ F9DF9G9BH5 @5
DC6@57=_B 89 85HCG BC 79BGIF58CG
BB G 9@ 7CB>IBHC 7CB:CFA58C DCF 8CG H=DCG 89 DF[GH5ACG #CG 9A=
H=8CG DCF @5 9BH=858 9BHF9 >I@=C 89 M BCJ=9A6F9 89 7IM5 :97<5
89 J9B7=A=9BHC C D@5NC :I9 5BH9F=CF 5 BCJ=9A6F9 89 M 9B @CG EI9 BC
G9 F9;=GHF_ @5 ACF5 M @CG DF[GH5ACG 7CB :97<5 89 J9B7=A=9BHC DCGH9F=CF 5
BCJ=9A6F9 89 7IM5 :97<5 89 9BHF585 9B ACF5 BIB75 G9 C6G9FJ_ C 6=9B
:I9 F9;=GHF585 9B IB5 :97<5 DCGH9F=CF 5 BCJ=9A6F9 89 ,G\ F9DF9G9B
H5 @5 DC6@57=_B 89 85HCG 79BGIF58CG 'CF b@H=AC F9DF9G9BH5 9@
7CB>IBHC 89 HC8CG @CG 7F[8=HCG :CFA5@=N58CG 9BHF9 >I@=C 89 M BCJ=9A6F9
89 #5G J5F=56@9G 5B5@=N585G 9B 9GH9 9GHI8=C GCB
BBB - 9G @5 A58IF9N C H=9ADC 89 J=85 C6G9FJ58C 89@ B[G=AC 7F[8=HC *=
9@ 7F[8=HC B @C EI9 G9 C6G9FJ5 9G - 2- 9G 897=F 9@ H=9ADC <5GH5 EI9
G9 DFC8I79 @5 ACF5 89@ 7F[8=HC B[G=AC 'CF 9@ 7CBHF5F=C G= 9@ 7F[8=HC B 9BHC79G G9 C6G9FJ5 9@ H=9ADC 89 79BGIF5 - !- 9G 897=F 9@ H=9ADC 89 J=85
89@ 7F[8=HC B9G=AC <5GH5 @5 75B79@57=_B 89 9GH9 M5 G95 9B 9@ J9B7=A=9BHC
89@ D@5NC C 89 :CFA5 5BH=7=D585 GH5 J5F=56@9 G9 <5 A98=8C 9B A9G9G M @5
DFC:IB8=858 89 @5 AI9GHF5 9G 5DFCL=A585A9BH9 89 A9G9G
BO 6- 9G @5 J5F=56@9 DIBHI57=_B 7F98=H=7=5 M A=89 9@ ;F58C 89 DFCD9BG=_B
5 7CA9H9F =AD5;C 89@ 7F[8=HC B[G=AC @ F5B;C 89 6- 9G 9@ =BH9FJ5@C 8.<K= /@3+ $3@/<+
8CB89 6- F9DF9G9BH5 @5 5IG9B7=5 89 F=9G;C 89 ACF5 89@ 57F98=H58C B
[G=AC M 6- F9DF9G9BH5 9@ 89 79FH9N5 89 EI9 9@ 7F[8=HC B[G=AC
G9FY ACFCGC G\ 7I5BHC AYG 79F75BC 5 9G 9@ J5@CF 89 6- AYG DFCD9BGC
5 7CBJ9FH=FG9 9B ACFCGC 9G 9@ 7F[8=HC B[G=AC
O - 9G @5 J5F=56@9 =B8=758CF5 89 ACFCG=858 BC 79BGIF5 5GC7=585 5@
7F[8=HC B[G=AC *= 9@ 7F[8=HC B 9BHCB79G G9 C6G9FJ5 EI9 @5 =B8=758CF5
- 9B 75GC 7CBHF5F=C G9 C6G9FJ5 EI9 @5 =B8=758CF5 - =;IF5 =GHC;F5A5G 89 @5 A58IF9N 89 @CG 7F[8=HCG ACFCGCG =NEI=9F85 M 89 @CG
7F[8=HCG BC ACFCFCG 89F97<5
B @5 =;IF5 G9 F9DF9G9BH5B @CG <=GHC;F5A5G 89 :F97I9B7=5G 89 @CG
H=9ADCG 89 J=85 89 @CG 7F[8=HCG ACFCGCG M BC ACFCGCG B 5A6CG 75GCG
G9 C6G9FJ5 5IG9B7=5 89 G=A9HF\5 @C EI9 85 =B8=7=CG 89 BC BCFA5@=858 89 @CG
85HCG B 9@ 75GC 89 @CG 7F[8=HCG ACFCGCG D5FH9 =NEI=9F8C G9 C6G9FJ5 IB
;F58C 89 5G=A9HF\5 DCG=H=J5 AC89F58C M GI 7C9O7=9BH9 89 7IFHCG=G 9G
=B:9F=CF 5 J5@CF9G EI9 8=O9F9B 89 @CG D5FYA9HFCG 7CFF9GDCB8=9BH9G
5 IB5 8=GHF=6I7=_B BCFA5@ 9GHYB85F M F9GD97H=J5A9BH9 B 9@ 75GC
89 @CG 7F[8=HCG BC ACFCGCG D5FH9 89F97<5 H5A6=[B G9 C6H=9B9B 7C9O7=9BH9G
8=GH=BHCG 5 @CG 89 @5 8=GHF=6I7=_B BCFA5@ 5G=A9HF\5 89 M 7IFHCG=G 89
F9GD97H=J5A9BH9 '5F5 J9F=O75F @5 :5@H5 89 BCFA5@=858 89 @CG 85HCG
G9 5D@=75FCB 8CG 7CBHF5GH9G 89 6CB858 89@ 5>IGH9 5DFCD=58CG D5F5 IH=@=N5FG9
7CB AI9GHF5G ;F5B89G 7CAC GCB 9@ H9GH 89 3663/09<= J9FG=_B 89@ H9GH 89
98><3,?-398/= +6 +8I63=3= /=>+.L=>3-9 ./6 <3/=19 ./ -<K.3>9
967919<9@%73<89@ D5F5 9@ 75GC D5FH=7I@5F 89 @5 8=GHF=6I7=_B BCFA5@ M
9@ H9GH 89 +<;?//<+ !5FEI9 M 9F5 EI9 G9 65G5 DF97=G5A9BH9
9B 7CAD5F5F @CG 7C9O7=9BH9G 89 5G=A9HF\5 M 7IFHCG=G AI9GHF5@9G 7CB @CG 89
@5 8=GHF=6I7=_B BCFA5@ CAC F9GI@H58C G9 C6HIJC EI9 @CG 8CG 7CBHF5GH9G
F97<5N5FCB @5 <=D_H9G=G 89 BCFA5@=858 89 5A65G AI9GHF5G 7CB IJ5@CF9G =;IF5 GH=A57=_B BC D5F5A[HF=75 89 @5 :IB7=_B 89 89BG=858 89 @5 A58IF9N 89 @CG
7F[8=HCG ACFCGCG M BC ACFCFCG
B @5 =;IF5 G9 AI9GHF5 @5 9GH=A57=_B BC D5F5A[HF=75 89 @5G :IB
7=CB9G 89 89BG=858 89@ H=9ADC 89 J=85 C6G9FJ58C C A58IF9N 89 @CG 7F[8=HCG
'5F5 9GHC G9 IH=@=N_ 9@ 9GH=A58CF Bb7@9C 89 $9=/8,6+>>"+<D/8 7CB :IB7=_B Bb
7@9C 1+?==3+8+ M D5FYA9HFC 89 GI5J=N58C A C6H9B=8C 7CB 9@ A[HC8C :6?138
89 *<95H<9F M !CB9G *9 C6G9FJ5 5 D5FH=F 89 @5G 7IFJ5G 89 89BG=858
9GH=A585G BC D5F5A[HF=75A9BH9 9B 5A65G AI9GHF5G EI9 9L=GH9B 7@5F5G 8=:9
F9B7=5G 9B 9@ 7CADCFH5A=9BHC 89 D5;C 89 @CG 57F98=H58CG 5IBEI9 7CAD5FH9B
9@ <97<C 89 ACGHF5F IB 5@HC ;F58C 89 5G=A9HF\5 DCG=H=J5 89AYG @5 :CFA5
8.<K= /@3+ $3@/<+
6=AC85@ 7CB ;F5B D9GC 9B @5 7C@5 89F97<5 89 @5 7IFJ5 89 89BG=858 9GH=A585
89 @CG 7F[8=HCG BC ACFCGCG 8=6I>585 9B 7C@CF 5NI@ F9J9@5 @5 DF9G9B7=5 9B @5
AI9GHF5 89 @5G 8CG 7@5G9G 89 7F[8=HCG BC ACFCGCG 89G7F=HCG @5 DC6@57=_B 9G 897=F 5EI9@@CG 7F[8=HCG 7CB :97<5 89 J9B7=A=9BHC 5BH9F=CF 5 @5 OB5@=N57=_B
89@ 9GHI8=C EI9 D5;5FCB 89BHFC 89@ D@5NC 9GH56@97=8C M 5EI9@@CG 7F[8=HCG 7CB
:97<5 89 J9B7=A=9BHC DCGH9F=CF 5 @5 OB5@=N57=_B 89@ 9GHI8=C 7IM5 :97<5 89
ACF5 BIB75 @@9;_ 5 G9F F9;=GHF585
=;IF5 =GHC;F5A5G 89 @5 DIBHI57=_B 7F98=H=7=5 89 @CG 7F[8=HCG ACFCGCG =NEI=9F85 M
89 @CG 7F[8=HCG BC ACFCFCG 89F97<5
B @5 =;IF5 G9 AI9GHF5B @CG <=GHC;F5A5G 89 :F97I9B7=5 89 @5G DIB
HI57=CB9G 89 @CG 7F[8=HCG ACFCGCG D5FH9 =NEI=9F85 M @CG BC ACFCGCG D5FH9
89F97<5 #5 :CFA5 5G=A[HF=75 89 @5G 8=GHF=6I7=CB9G A98=85G 5 D5FH=F 89 GIG
7C9O7=9BH9G 89 7IFHCG=G M M 89 5G=A9HF\5 M F9P9>5B @5
:5@H5 89 BCFA5@=858 89 @5G DIBHI57=CB9G 7F98=H=7=5G 9B 5A65G GI6AI9GHF5G
GHC G9 J9F=O7_ IH=@=N5B8C @CG 7CBHF5GH9G D5F5 @5 BCFA5@=858 A9B7=CB58CG 5B
H9F=CFA9BH9 3663/09<= M +<;?//<+ C6H9B=[B8CG9 IB F9GI@H58C G=A=@5F 5@
89 @CG H=9ADCG 89 J=85 89 @CG 7F[8=HCG 9G 897=F EI9 G9 F97<5N_ @5 <=D_H9G=G 89
BCFA5@=858 89 @CG 85HCG
98><3,?-398/= +6 +8I63=3= /=>+.L=>3-9 ./6 <3/=19 ./ -<K.3>9
=;IF5 9BG=858 9GH=A585 BC D5F5A[HF=75A9BH9 89 @5 DIBHI57=_B 7F98=H=7=5 D5F5 @CG
7F[8=HCG ACFCGCG M @CG 7F[8=HCG BC ACFCFCG
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@5G DIBHI57=CB9G 89 @CG 7F[8=HCG CAC G9 DI989 5DF97=5F 9B 9GH5 O;IF5 @5G
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5G=A9HF\5 DCG=H=J5 M ;F5B D9GC 9B @5 7C@5 89F97<5 B 7CBHF5GH9 @5 7IFJ5 89
89BG=858 9GH=A585 9B @CG 7F[8=HCG BC ACFCGCG @\B95 89 7C@CF 5NI@ AI9GHF5
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DIBHC 9B 9@ EI9 G9 =BH9FG97H5B 5A65G 7IFJ5G 89 89BG=858 9GH=A585G 5DFCL
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9BHF9 7F[8=HCG ACFCGCG M BC ACFCGCG B 9:97HC 9B @5 AI9GHF5 9L=GH9 IB5 5@
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DIBHI57=_B 6 @ A=GAC H=9ADC 9L=GH9 IB5 5@H5 7CB79BHF57=_B 5
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=NEI=9F85 M DIBHI57=_B 7F98=H=7=5 89F97<5 DCF G=HI57=_B 89 ACFCG=858
98><3,?-398/= +6 +8I63=3= /=>+.L=>3-9 ./6 <3/=19 ./ -<K.3>9
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5@HC ;F58C 89 5G=A9HF\5 DCG=H=J5 8CB89 AYG 89 @5 A=H58 89 9@@CG F9;=GHF5FCB @5
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DI989 89ACGHF5F EI9 D5F5 ACA9BHCG 89 CF89B =;I5@ C GID9F=CF 5 @5 H5G5
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8C @5 89G=;I5@858 89 5I7<M*7<K5FHN >IBHC 7CB CHF5G DFCD=98589G 89 57C
H5A=9BHC G9 DI989 89ACGHF5F EI9
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7=56@9 9 :CFA5 G=A=@5F H5A6=[B DI989B C6H9B9FG9 H5G5G 89 7CBJ9F;9B7=5
D5F5 @CG ACA9BHCG 89 02 MQ CAC 7CBG97I9B7=5 5D@=75B8C @5 'FCD=9858
>IBHC 7CB 9@ CFC@5F=C 9B ;@9G=5G '[F9N M CBNY@9N $5BH9=;5 DI989B C6H9B9FG9
9LDF9G=CB9G
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89 @CG +9CF9A5G M M 89@ CFC@5F=C F9@5H=JCG 5@ 9GH=A58CF . *%
89 @5 . " 7CB8=7=CB5@ 2 MQ GHCG F9GI@H58CG G9 F97CD=@5B M :CFA5@=N5B
5 7CBH=BI57=_B 9B HF9G DFCD=98589G :IB85A9BH5@9G 89@ 9GH=A58CF 89 @5 :IB
7=_B 89 GID9FJ=J9B7=5 7CB8=7=CB5@ 7CB 85HCG 79BGIF58CG 89 9F5B #5G
89ACGHF57=CB9G 89 9GHCG F9GI@H58CG 5GH=BH_H=7CG DI989B J9FG9 9B @CG HF565>CG
7=H58CG 5@ OB5@ 89 7585 9BIB7=58C M 9B CHFCG 7CAC DCF 9>9AD@C 9B @5 +9G=G
89 ;@9G=5G '[F9N 412,('$' $ # " # +49 6+= 23:N>/=3=
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8.<K= /@3+ $3@/<+
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M 8CB89 G9 89OB9 7CBJ9B=9BH9A9BH9 @5 :IB7=_B N # M Q 6 N
GHCG F9GI@H58CG F9@5H=JCG 5@ G9G;C M @5 J5F=5BN5 5G=BH_H=7CG 5G\ 7CAC @5
BCFA5@=858 5G=BH_H=75 89@ 9GH=A58CF 89 9F5B G9 C6H=9B9B 5 D5FH=F
89@ +9CF9A5 7 M 89@ CFC@5F=C 6 9B ;@9G=5G '[F9N M CBNY@9N $5BH9=;5
#5G 9LDF9G=CB9G F9GI@H5BH9G D5F5 @5G 89F=J585G D5F7=5@9G 89 @5 :IB7=_B N
9B @5 89OB7=_B 89 ; Q G9 <5B CA=H=8C 896=8C 5 EI9 GCB 7CAD@9>5G M 9LH9BG5G
M BC G9 IH=@=N5B 9LD@\7=H5A9BH9 9B B=B;IBC 89 @CG F9GI@H58CG C6H9B=8CG 9B 9GH9
75D\HI@C *=B 9A65F;C 9@ @97HCF =BH9F9G58C 9B 9GHCG F9GI@H58CG DI989 J9F @5G
:_FAI@5G 9LD@\7=H5G D5F5 N M D5F5 N 9B @5 89ACGHF57=_B 89@ CFC@5F=C
D5FH9 6 9B ;@9G=5G '[F9N M CBNY@9N $5BH9=;5 98><3,?-398/= +6 +8I63=3= /=>+.L=>3-9 ./6 <3/=19 ./ -<K.3>9
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858 65>C 8=GH=BHCG 9B:CEI9G 7CAC <9FF5A=9BH5G 89 DF98=77=_B 89 @5 ACFCG=
858 9B 7F[8=HCG 65B75F=CG A=BCF=GH5G 7CAC GCB DCF 9>9AD@C @CG AC89@CG 89
DIBHI57=_B 7F98=H=7=5 J\5 F9;F9G=_B @C;\GH=75 D5F5 H5F>9H5G 89 7F[8=HC 9B 9@
5D\HI@C M @CG AC89@CG 89 DFC656=@=858 89 ACF5 . " 9B 7F[8=HCG 89 7CB
GIAC 5>IGH58CG 7CB H[7B=75G 89 F9;F9G=_B D5F5A[HF=75 G9A=D5F5A[HF=75 M
BC D5F5A[HF=75 7CB 85HCG 79BGIF58CG 9B 9@ 5D\HI@C B 9GH9 75D\HI@C G9 56CF85 9@ DFC6@9A5 89 @5 ACFCG=858 9B 7F[8=HCG D9F
GCB5@9G 89G89 IB5 D9FGD97H=J5 8=:9F9BH9 <CF5 9@ =BH9F[G G9 79BHF5 9B 9GHI8=5F
9@ 7CADCFH5A=9BHC 89 D5;C =FF9;I@5F 89 @CG 7@=9BH9G EI9 <56=9B8C 7CA9H=8C
IBC C AYG =AD5;CG 9B 9@ D5G58C 5@ 756C 89 IB H=9ADC JI9@J9B 5 =B7IFF=F
9B 5@;IBC 89 @CG =B7IAD@=A=9BHCG 89@ 7F[8=HC EI9 G9 89G7F=69B AYG 589@5BH9
GH9 DFC6@9A5 89BCA=B58C 9B 9GH5 A9ACF=5 7CAC </38-3./8-3+ ./ 6+ 79
<9=3.+. 9GHY F9@57=CB58C 7CB @5 75D57=858 89 GC@J9B7=5 AYG 6=9B @=A=H585
89 7@=9BH9G 7CB IB 89H9FA=B58C D9FO@ GC7=C97CB_A=7C EI9 DCF @C ;9B9F5@
89D9B89B 89 IB5 bB=75 :I9BH9 89 =B;F9GCG A9BGI5@9G
98><3,?-398/= +6 +8I63=3= /=>+.L=>3-9 ./6 <3/=19 ./ -<K.3>9
B 589@5BH9 G9 9BH9B89FY DCF </38-3./8-3+ ./ 6+ 79<9=3.+. 9@ A5@ 7CA
DCFH5A=9BHC 89 D5;C 89 @CG 7@=9BH9G 89 IB5 9BH=858 OB5B7=9F5 9B 9@ EI9
G=HI57=CB9G 7CAC @CG F9HF5GCG 9B @CG D5;CG 9@ 89G7I6=9FHC 9B @5 7I9BH5 65B
75F=5 I CHFCG H=DCG 89 =B7IAD@=A=9BHCG G9 GI7989B 89 A5B9F5 F9D9H=H=J5 C
F97IFF9BH9 9B 9@ H=9ADC
>I=7=C 89 @CG 9LD9FHCG EI9 7C@56CF5FCB 9B 9GH9 9GHI8=C 9@ 5IA9BHC 89
@CG 7@=9BH9G EI9 =B7IAD@9B GIG C6@=;57=CB9G 89 A5B9F5 F97IFF9BH9 9B 9@ H=9A
DC DFCJC75 IB =ADCFH5BH9 89H9F=CFC 89 @5 75@=858 7F98=H=7=5 89 @5G 75FH9F5G
5:97H5B8C 8=F97H5A9BH9 5 @5G DFCJ=G=CB9G 89 75D=H5@ M DCF H5BHC @5 GC@J9B7=5
89 @5 9BH=858 *=B 9A65F;C <5GH5 9@ ACA9BHC 89 OB5@=N5F 9GH9 9GHI8=C BC
:I9 DCG=6@9 9B7CBHF5F HF565>CG 9B @CG EI9 G9 HF5H5G9 9GH9 DFC6@9A5 89 :CFA5
D5FH=7I@5F 9B @5 @=H9F5HIF5 GC6F9 F=9G;C 89 7F[8=HC
CB 9@ OB 89 7CBHF=6I=F 5@ 9GHI8=C 89 9GH9 DFC6@9A5 M 5 @5 6bGEI985
89 DCG=6@9G GC@I7=CB9G EI9 5MI89B 5 @5 DF9J9B7=_B 89@ A=GAC @5 9ADF9G5 89
7CBGI@HCF\5 OB5B7=9F5 8+63=>+= E8+8-3/<9= 38>/<8+-398+6/= >IBHC 7CB 9@
;FIDC 89 =BJ9GH=;57=_B !% 89 @5 '83@/<=3.+./ .+ 9<?M+ G9 DFCDIG=9FCB
7C@56CF5F 9B 9@ 9GHI8=C 89 IB AC89@C 89 9GH=A57=_B 89 @5 :<9,+,363.+. ./
</38-3./8-3+ ./ 6+ 79<+ 9B 75FH9F5G 89 7F[8=HCG D9FGCB5@9G
'5F5 56CF85F 9GH9 DFC6@9A5 G9 58CDH_ 9@ 9B:CEI9 BC D5F5A[HF=7C 89
5BY@=G=G 89 GID9FJ=J9B7=5 J=GHC 9B 9@ 5D\HI@C 8CB89 @5 =895 79BHF5@ 9G
@5 :CFAI@57=_B 89 IB AC89@C 89 DFC656=@=858 89 ACF5 7CB8=7=CB5@ 5BY@C;C 5@
9GHI8=58C 9B @CG 5D\HI@CG M @ 9GHI8=C G9 F95@=N_ 5 D5FH=F 89 @CG 85HCG 9AD\F=7CG 89 IB5 9BH=858 O
B5B7=9F5 9GD5^C@5 C6G9FJ58CG 9BHF9 9B9FC 89 M 8=7=9A6F9 89 5 @CG
EI9 G9 HIJC 5779GC ;F57=5G 5 @5 7C@56CF57=_B 7CB B 9GH9 G9BH=8C 9G
=ADCFH5BH9 9LD@=75F EI9 DCF HF5H5FG9 89 85HCG F95@9G @5 9BH=858 OB57=9F5 @CG
DFCDCF7=CB_ 9L7@IG=J5A9BH9 D5F5 GI HF5H5A=9BHC 9GH58\GH=7C 65>C IB 9GHF=7HC
7CADFCA=GC 89 7CBO89B7=5@=858 DCF 9@ 7I5@ EI985 DFC<=6=85 @5 IH=@=N57=_B
89 9GHCG 85HCG D5F5 CHFCG OB9G 8=GH=BHCG 89 5EI9@ D5F5 9@ EI9 :I9FCB F97CD=
@58CG 5G\ 7CAC @5 79G=_B HCH5@ C D5F7=5@ 89 9GHCG 85HCG 5 H9F979FCG G=B @5
7CFF9GDCB8=9BH9 5IHCF=N57=_B 89 @5 9BH=858
@ F9GHC 89@ 75D\HI@C 9GHY CF;5B=N58C 89 @5 G=;I=9BH9 A5B9F5 B @5 *977=_B
G9 9LDCB9B @5G BCH57=CB9G @5G 89OB=7=CB9G M @5G <=D_H9G=G EI9 G9 IH=@=N5FYB
9B 9GH9 75D\HI@C B @5 *977=_B G9 89OB9 @5 :IB7=_B 89 8=GHF=6I7=_B 7CB8=
7=CB5@ 89 @CG H=9ADCG 89 F9=B7=89B7=5 @5 :IB7=_B 89 DFC656=@=858 7CB8=7=CB5@
89 F9=B7=89B7=5 89 @5 ACF5 M @CG 9GH=A58CF9G BC D5F5A[HF=7CG 89 9GH5G 8CG
8.<K= /@3+ $3@/<+
:IB7=CB9G B @5 *977=_B G9 C:F979 IB5 5D@=757=_B 89@ AC89@C 89 F9=B7=
89B7=5 89 @5 ACFCG=858 5 IB5 65G9 89 85HCG F95@9G 89 H5F>9H5G 89 7F[8=HC
#CG F9GI@H58CG GCB 9J5@I58CG 5 D5FH=F 89 @5 =BGD977=_B M 7CAD5F57=_B 89 @5G
7IFJ5G M 89 @CG F9GI@H58CG BIA[F=7CG C6H9B=8CG 'CF b@H=AC 9B @5 *977=_B
G9 9BHF9;5 IB5 6F9J9 8=G7IG=_B 89 @CG F9GI@H58CG C6H9B=8CG M 89 DCG=6@9G
9LH9BG=CB9G 89@ AC89@C 9GHI8=58C D5F5 HF565>CG :IHIFCG
1'(.,;$&,A0 '( .$ 4(,0&,'(0&,$ '( .$
/1415,'$' &4(',6,&,$
CAC G9 <5 8=7<C 5BH9F=CFA9BH9 9@ C6>9H=JC 89 9GH9 75D\HI@C 9G 89H9FA=
B5F IB AC89@C 89 DFC656=@=858 EI9 8CH9 5 @5 9BH=858 89 IB5 <9FF5A=9BH5
DF98=7H=J5 89 @5 F9=B7=89B7=5 89 @CG =AD5;CG I CHFCG H=DCG 89 =B7IAD@=A=9B
HCG 9B IB5 75FH9F5 89 7F[8=HCG D9FGCB5@9G 'CF H5BHC @C EI9 G9 6IG75 9G IB
AC89@C EI9 D9FA=H5 75@7I@5F @5 DFC656=@=858 89 EI9 IB 57F98=H58C =B7IFF5
9B IB BI9JC =AD5;C DCF 9>9AD@C 9@ C[G=AC 89 9@@CG 9B IB <CF=NCBH9 :IHIFC
89 DF98=77=_B ; G56=9B8C EI9 9L=GH9B C =AD5;CG 5BH9F=CF9G 5GC7=58CG 5@
A=GAC 7F[8=HC
'5F5 HF5H5F 9GH9 DFC6@9A5 G9 DFCDCB9 J=GI5@=N5F @5 9L=GH9B7=5 89 =AD5;CG
C =B7IAD@=A=9BHCG GI79G=JCG 89 @CG 7F[8=HCG 7CAC IB DFC6@9A5 89 +8I63=3=
./ =?-/=9= </-?<</8>/= 8CB89 @5G J5F=56@9G EI9 G9 9GHI8=5B GCB @CG H=9ADCG
<5GH5 EI9 G9 DFC8I79B @CG GI79G=JCG =AD5;CG 9@ H=9ADC 89 =BH9FC7IFF9B7=5
9BHF9 8CG =AD5;CG 7CBG97IH=JCG M 9@ BbA9FC HCH5@ =AD5;CG 9B @CG EI9 =B7IFF9
9@ 7@=9BH9
#5 @=H9F5HIF5 GC6F9 5BY@=G=G 89 GI79GCG F97IFF9BH9G 9G 56IB85BH9 9B 7CB
H9LHCG 8=GH=BHCG 89@ F=9G;C 89 7F[8=HC 7CAC GCB @5 9D=89A=C@C;\5 @5G 7=9B7=5G
57HI5F=5@9G 9@ 5BY@=G=G 89 O56=@=858 M @5 =B;9B=9F\5 89 G=GH9A5G 9BHF9 CHF5G
CG 89 @CG 9B:CEI9G AYG 7CBC7=8CG 9B 9@ 5BY@=G=G 9GH58\GH=7C 89 GI79GCG F97I
FF9BH9G GCB 9@ 65G58C 9B @5 H9CF\5 89 DFC79GCG 89 7CBH9C 5@9B M IG96M9
#=B 9H 5@ M !=B 9H 5@ M 9@ 9B:CEI9 65G58C 9B AC8
9@CG 89 F9;F9G=_B 89 CL .9= 9H 5@ #=B #5K@9GG M
%5895I M >9GG=B; 9H 5@ CAC 5@H9FB5H=J5 5 9GHCG 9B:CEI9G
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