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Buddhist Publication Society
P.O. Box 61
54, Sangharaja Mawatha
Kandy
Sri Lanka
First published by the Centre of Buddhist Studies, University of Hong

Kong, 2010, 2014.
Reprinted by the Buddhist Publication Society, 2016.
© Y. Karunadasa, All Rights Reserved.
National Library of Sri Lanka - Cataloguing in Publication Data
Karunadasa, Y.
The Theravada Abhidhamma: Its Inquiry into the Nature of Condi-
tioned Reality/ Y. Karunadasa.- Kandy: Buddhist Publication Society
Inc., 2015
BP439 - 396p.; 22cm
ISBN 978-955-24-0419-1
i. 294.391 DDC23 ii. Title

1. Theravada Buddhism
ISBN 978-955-24-0419-1
Printed in Sri Lanka by

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OCDIB OJ =@ ?@1I@? .P>C AJMZ @S<HKG@ DN OC@ ?@1IDODJI JA >JBIDODJI
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DN ><GG@? DINOMPH@IO<G ?@1IDODJIZªH>O>Ü> P»AE>K> =@><PN@ DO <OOMD=PO@N
DINOMPH@IO<GDOT OJ OC@ OCDIB OJ =@ ?@1I@? .P>C AJM @S<HKG@ DN OC@
?@1IDODJIZ JA >JBIDODJI <N „OC<O OCMJPBC RCD>C ªOC@ H@IO<G A<>OJMN
>JBIDU@… Z /C@ OCDM? DN ><GG@? ?@1IDODJI =T I<OPM@ ª?E»S> P»AE>K>
RC@M@=T OC@ <=NOM<>O I<OPM@ JA OC@ OCDIB OJ =@ ?@1I@? DN =MJPBCO DIOJ
AJ>PN .P>C AJM @S<HKG@ DN OC@ ?@1IDODJI JA >JBIDODJI <N „OC@ H@M@ <>O
JA >JBIDUDIB DN >JBIDODJI… ªSFG»K>K> J>QQ>J BS> SF««»Ü>Ø
/C@ 1MNO ORJ FDI?N JA ?@1IDODJI <M@ N<D? OJ =@ KMJQDNDJI<G <I? <N NP>C
<M@ IJO Q<GD? AMJH T <I? DINOMPH@IO<GDOT DIQ@NON < AE>JJ> RDOC < ?P<GDOT RC@I DO DN
<>OP<GGT <Z PIDO<MT <I? PIDLP@ KC@IJH@IJI .P>C <OOMD=PODJI DN ><GG@?
„OC@Z <NNPHKODJI JA <Z ?DNODI>ODJI RC@M@ OC@M@ DN IJ NP>C ?DNODI>ODJI…
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LP<GDOD@N JM C K@MAJMHN NJH@ FDI? JA <>ODJI
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OCPNZ<M@ IJO PGODH<O@GT Q<GD? $O DN <N < H<OO@M JA >JIQ@IODJI ªSLE»O>
<I?Z AJM OC@ NJG@ KPMKJN@ JA A<>DGDO<ODIBZ OC@ BM<NK JA OC@ D?@< OJ =@
>JIQ@T@? ªPRHE> D>E>Ü>QQE>Ø OC<OZ <Z ?P<GDOT DN <NNPH@? =T OC@ HDI?
DI ?@1IDIB OC@ AE>JJ> RCD>C DN <>OP<GGT ?@QJD? JA NP>C ?P<GDOT
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DI OC@DM ?DM@>O GDO@M<G N@IN@ *I OC@ JOC@M C<I? RC<O DN ><GG@? ?@1IDODJI
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DIOJZ AJ>PN OC@ M@<G I<OPM@ JA < BDQ@I AE>JJ> RDOCJPO <OOMD=PODIB
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DN KMJQDNDJI<G !MJH OCDN ?@1IDODJI OC@M@AJM@ JI@ ><IIJO >JI>GP?@ OC<O
< BDQ@I AE>JJ> DN < NP=NO<IOD<G =@<M@M JA DON LP<GDOD@N JM „JRI I<OPM@…
/C@ ?P<GDOT =@OR@@I AE>JJ> <I? P>?E»S> DN JIGT JIQ@ID@I>@ JA ?@1IDODJI !JM DI <>OP<G A<>O =JOC ?@IJO@ OC@
N<H@ <>OP<GDOT #@I>@ DO DN ><O@BJMD><GGT NO<O@? OC<O <K<MO AMJH P>?E»S>
OC@M@ DN IJ ?DNODI>O @IODOT ><GG@? AE>JJ> ªK> @> P>?E»S» >««L AE>JJL
K»J> >QQEF <I? OC<O OC@ O@MH P>?E»S> NDBID1@N OC@ H@M@ A<>O JA =@DIB
< AE>JJ> ªAE>JJ> J>QQ> AåM>K>Ø P>?E»S> M>A>Ø G<=JM<ODIB
JI OCDN < +»GD NP=>JHH@IO<MT N<TN OC<O <K<MO AMJH OC@ A<>O JA =@DIB
HJG@NO@? ªORMM>K> RCD>C DN OC@ >C<M<>O@MDNOD> JA H<OO@M OC@M@ DN IJ
N@K<M<O@ @IODOT ><GG@? H<OO@M <I? DI OC@ N<H@ R<T <K<MO AMJH OC@ A<>O JA
C<M?I@NN ªH>HHE>Ì>QQ> Z RCD>C DN OC@ >C<M<>O@MDNOD> JA OC@ @<MOC @G@H@IO
OC@M@ DN IJ N@K<M<O@ @IODOT ><GG@? OC@ @<MOC @G@H@IO
$A AE>JJ> <I? P>?E»S> ?@IJO@ OC@ N<H@ <>OP<GDOT RCT DN OC@ AE>JJ>
DIQ@NO@? RDOC OC@ API>ODJI JA =@<MDIB DON JRI I<OPM@ !JM OCDN DHKGD@N
OC@Z M@>JBIDODJI JA T ?DNODI>O AMJH OC@ AE>JJ> /CDN DO DN
J=N@MQ@? DN ?JI@ IJO JIGT OJ >JIAJMH RDOC OC@ DI>GDI<ODJIN JA OCJN@
RCJZ <M@ OJ =@ DINOMP>O@? =PO <GNJ OJ NOM@NN OC@ A<>O OC<O OC@M@ DN
IJ <B@IO =@CDI? OC@ AE>JJ> /C@ KJDIO =@DIB @HKC<NDU@? DN OC<O
OC@ ?TI<HD> RJMG? JA N@INJMT @SK@MD@I>@ DN IJO ?P@ OJ ><PN@N JOC@M
OCJJ>P DIOJ RCD>C DO DN 1I<GGT M@?P>@? $O DN OC@
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JA OM<IN @HKDMD><G M@<GDOT RCD>C N@MQ@N <N OC@DM H@O<KCTND><G BMJPI?
)JM DN DO ?P@ OJ OC@ 1<O JA <Z M@<OJM "J? =@><PN@ OC@M@ DN IJ ?DQDI@
>M@<OJMZJQ@M <I? <=JQ@ OC@ 2JR JA H@IO<G <I? H<O@MD<G A<>OJMN
$I JOC@M RJM?N OC@ ?@1IDODJI JA AE>JJ> <N OC<O RCD>C =@<MN DON
P>?E»S>ZH@<IN OC<O <IT AE>JJ> M@KM@N@ION < ?DNODI>O A<>O JA @HKDMD><G
@SDNO@I>@ RCD>C DN IJO NC<M@? =T JOC@M AE>JJ>P #@I>@ P>?E»S> DN
<GNJ ?@1I@? <N OC<O RCD>C DN IJO C@G? DI >JHHJI =T JOC@MN ª>K>««>
P»AE»O>Ü> <N OC@ I<OPM@ K@>PGD<M OJ @<>C AE>JJ> ª»SBÜFH>
P>?E»S> <I? <N OC@ JRI I<OPM@ IJO KM@?D><=G@ JA JOC@M AE>JJ>P
ª>P»AE»O>Ü> P>?E»S> $A OC@ AE>JJ>P <M@ N<D? OJ C<Q@ „JRI I<OPM@…
ªP>H> ?E»S> P>?E»S> OCDN DN JIGT < O@IO<ODQ@ ?@QD>@ OJ ?MDQ@ CJH@
OC@ KJDIO OC<O OC@M@Z DN IJ „JOC@M I<OPM@… ªM>O>?E»S> AMJH RCD>C OC@T
@H@MB@ <I? OJ RCD>C OC@T 1I<GGT G<KN@
)JR OCDN >JHH@IO<MD<G ?@ADIDODJI JA AE>JJ> <N P>?E»S> KJN@N

JM?@? DI OC@ -> FP>J?EFA»J>DD> /CDN O@SO NK@>D1><GGT
NO<O@N OC<O OC@ 1Q@ <BBM@B<O@N <M@ ?@QJD? JA JRI I<OPM@ ªP>?E»SBK>
PR««>Ø .DI>@ OC@ AE>JJ>P <M@ OC@ =<ND> A<>OJMN JA OC@ ADQ@
<BBM@B<O@N Z OCDN NCJPG? H@JJ>P OJJ <M@ ?@QJD? JA
JRI I<OPM@ 2C<O DN HJM@ ?J@NZ IJO OC@ Q@MT PN@ JA OC@ O@MH P>?E»S>
?@NKDO@ <GG OC@ LP<GD1><ODJIN PI?@M RCD>C DO DN PN@? BDQ@ OC@ DHKM@NNDJI
OC<OZ<ZBDQ@I AE>JJ>Z@SDNON DIZDONZJRI MDBCO I? ?J@N OCDN IJO <HJPIO
OJZOC@Z<?HDNNDJI OC<OZ< AE>JJ> DN NJH@ FDI? JA LP<ND NP=NO@
/C@ +»GD >JHH@IO<OJMN R@M@ IJO PI<R<M@ JA OC@N@ DHKGD><ODJIN <I?

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/CDN OC@T NJPBCO OJ ?J =T NPKKG@H@IODIB OC@ AJMH@M ?@1IDODJI RDOC
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IJO OC<O RCD>C =@<MN DON JRI I<OPM@ =PO OC<O RCD>C DN =JMI@ =T DON JRI
>JI?DODJIN ªM>@@>VBEF AE»OåV>KQå QF AE>JJ» 2C@M@<N OC@ @<MGD@M
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<OOMD=PO@N < K<NNDQ@ MJG@ OJ OC@ AE>JJ> <I? OC@M@=T ?JRIBM<?@N DO OJ OC@
KJNDODJI JA O 2C<O DN M<?D><G <=JPO OCDN I@R ?@1IDODJI DN OC<O
DO M@Q@MN@N OC@ RCJG@ KMJ>@NN RCD>C JOC@MRDN@ HDBCO >PGHDI<O@ DI OC@
>JI>@KODJI JA AE>JJ>P <N NP=NO@N JM =@<M@MN JA OC@DM JRI I<OPM@
2C<O DO N@@FN OJ NCJR DN OC<O A<M AMJH =@DIB < =@<M@M < AE>JJ> DN
=@DIBZ=JMI@ =T DON JRI >JI?DODJIN
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JINJI<IO RDOC OCDN NDOP<ODJI DO DN <GNJ H<DIO<DI@? OC<O OC@M@ DN IJ

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NO<O@H@IO OC<O RC<O DNZ><GG@? < AE>JJ> DN OC@ H@M@ A<>O JA J>>PMM@I>@
?P@ OJ <KKMJKMD<O@ >JI?DODJIN $I KJDIO JA A<>O DI >JHH@IODIB
PKJI OC@Z Z -> FP>J?EFA»J>DD> NO<O@H@IO OC<O OC@ 1Q@ <BBM@B<O@N
<I? =T DHKGD><ODJI OC@ AE>JJ>P <M@ ?@QJD? JA JRI I<OPM@ ªP>?E»S>
OC@ >JHH@IO<OJM J=N@MQ@N OC<O NDI>@ OC@ <BBM@B<O@N C<Q@ IJ N@GA I<OPM@
OC@T <M@ ?@QJD? JA JRI I<OPM@ Z$O RDGG OCPN =@ N@@I OC<O <GOCJPBC OC@
O@MH P>?E»S> DN PN@? <N < NTIJITH AJM AE>JJ> DO DN DIO@MKM@O@? DI
NP>C < R<T OC<O DO H@<IN OC@ Q@MT <=N@I>@ JA P>?E»S> DI <IT N@IN@ OC<O
DHKGD@N < NP=NO<IOD<G HJ?@ JA =@DIB „*RI I<OPM@… ªP>?E»S> ?J@N IJO
H@P>S>QQFQ» $I OC@ ><N@ JA AE>JJ>P RCD>C @SDNO
?@K@I?DIB JI DHK@MH<I@IO >JI?DODJIN IJI@ C<N OC@ KJR@M OJ @S@M>DN@
<IT FDI? JA NR<T ªK>QQEF H» @F S>P>S>QQFQ» $I OCDN >JII@>ODJI < NP=
>JHH@IO<MT J=N@MQ@N OC<O OC@ H@<IDIB JA P>?E»S> DN OC@M@AJM@
OC@ N<H@ <N OC@ H@<IDIB JA €@HKODI@NN• ªP>?E»S>QQEL K»J> PR««>QQEL
2C@I < AE>JJ> P>?E»S> DN NJPBCO OJ =@ >C<M<>O@MDU@? <N €@HKOT•

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?@QJD? Z ?@QJD?Z JA < N@GA NP=NO@ ª>QQBK> JM JA <ITOCDIB K@MO<DIDIB OJ
<ZN@GA NP=NO@Zª>QQ>KFVBK> $I KJDIO JA A<>O OCDN DN OC@ H@<IDIB BDQ@I
OJ OC@Z >JI>@KO JA @HKODI@NN DI OC@ +»GD NPOO<N <N R@GG 2C@I ºI<I?<
<NF@? OC@Z P??C< DI RC<O N@IN@ OC@ RJMG? DN @HKOT ªPR««> OC@ P??C<
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=@GJIBN OJ N@GA OC<O DO DN N<D? € HKOT DN OC@ RJMG?• … /CPN AJM @<MGT
P??CDNH €@HKOT• ªPR««> DN <IJOC@M @SKM@NNDJI AJM €IJI N@GA• ª>K>QQ>
/C@T <M@ HPOP<GGT >JIQ@MOD=G@ O@MHN 2C<O DN €IJI N@GA• DN €@HKOT•
<I? GDF@RDN@ RC<O DN €@HKOT•Z DN €IJI N@GA• 0I?@MNOJJ? DI OCDN >JIO@SO
R@ C<Q@ OC@ GD=@MOT JA M@NO<ODIB OC@ R@GG FIJRI NO<O@H@IO €P>??B AE>JJ»
>K>QQ»• ª<GG OCDIBN <M@ IJI N@GA <N €P>??B AE>JJ» PR««»• ª<GG OCDIBN
<M@ @HKOT $O DN DI OCDN N@IN@ OC<O OC@ =CD?C<HH< OJJ N<TN OC<O
„<GG AE>JJ>P… D @ OC@ =<ND> A<>OJMNZ DIOJ RCD>C OC@ >JI?DODJI@? M@<GDOT
DN M@NJGQ@? <I? <GNJ OC@ PI>JI?DODJI@?Z M@<GDOT JA )D==»I< <M@ „>K>QQ»…
ªIJI N@GA $I OC@ N<H@ N@IN@ <M@ PN@? „CJGGJR… ªQR@@E> „?@QJD?… ªOFQQ>
„@NN@I>@ G@NN… ª>P»O> <I? „?@QJD? JA @NN@I>@… ªP»O> S>GGFQ>
*I@ +»GD >JHH@IO<MT <GNJ M@A@MN OJ < KM@Q<G@IO HDN>JI>@KODJI I<H@GT

OC<O RC@IZOC@ -> FP>J?EFA»J>DD> N<TN „OC@ H<O@MD<G AJMH ª<I? OC@ JOC@M
<BBM@B<O@N OC<O DN =JMI DN ?@QJD? JA JRI I<OPM@… ªG»Q>Ø O%M>Ø P>?E»SBK>
PR««>Ø DOZH@<IN OC@ IJI @SDNO@I>@ JA H<O@MD<G AJMH DI @ JM JA <ITOCDIB NP=NO<IOD<G
-@APODIB OCDN QD@R OC@ >JHH@IO<MT KJDION JPO OC<O OC@ Q@MT PN@ JA OC@
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O@MHZ „=JMI… ªG»Q> RCD>C H@<IN „<MDN@I… A<GND1@N OCDN DIO@MKM@O<ODJI

AJM CJR >Ø O%M>Ø =@ IJI
@SDNO@IO Z /C@Z @LP<ODJI JA @HKODI@NN <I? IJI @SDNO@I>@ DO DN N<D?
„DN >JIOM<?D>O@? =TZ OC@ B@I@M<G <BM@@H@IO JA OC@ RJMG? <O G<MB@ =T OC@
2JM?Z JAZ OC@ P??C< =T GJBD> =T RJM? H@<IDIB =T O@SOP<G @QD?@I>@
<I? =T H<IT AJMHN JA KMJK@MZM@<NJIDIB …
1EB !B2KFQFLK LC !E>JJ> >P ,TK E>O>@QBOFPQF@
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=@<M OC@DM JRI >C<M<>O@MDNOD>N ªP> I>HHE>Ü> /CDN H@<IN OC<O JRI
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DN OC@ JRI >C<M<>O@MDNOD> JA >JGJPM GOCJPBC >JGJPM DN ?DQDND=G@ <N =GP@
T@GGJR <I? NJ JI DIOJ <IZ DIIPH@M<=G@ IPH=@M OC@ >C<M<>O@MDNOD>
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OC@DM NPN>@KOD=DGDOT OJ =@ N@@I ªA> E>??>Q» OC@ KJNND=DGDOT JA OC@DM
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DN OC@ JI@ RCD>C NO<O@N OC<O NJGD?DOT DON@GA DN OC@ @<MOC @G@H@IO
ªH>HHE>Ì>QQ>J BS> M> E>Så AE»QR /CDN ?J@N IJO <NNPH@ < ?DNODI>ODJI
=@OR@@I OC@ >C<M<>O@MDNOD> <I? RC<O DN >C<M<>O@MDU@? =T DO
/C@ LP@NODJI DN M<DN@? OC<O DA OC@ >C<M<>O@MDNOD> ªI>HHE>Ü> <I? RC<O DN

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N<TDIB NJ ªK»V>Ø ALPL !JM OC@ ?DNODI>ODJI DN IJO DI OC@ AE>JJ> DON@GA
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RC@M@ JI@ DN PN@? OJ @SKG<DI OC@ JOC@M /C@ O@MH „@<MOC @G@H@IO…
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>JPG?Z N<T OC<O „DO C<N OC@ >C<M<>O@MDNOD> JA NJGD?DOT… /C@ ?DNODI>ODJI
DN <NNPH@? OJ C@GK JPM PI?@MNO<I?DIB JA DON ?DNODI>O H@<IDIB
ª>QQE>SFPBP»S>?LAE>
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=@<MN DON JRI >C<M<>O@MDNOD> /CDN @SKG<DIN RCT DO DN NPKKG@H@IO@?
=T <IJOC@M RCD>C DN DIO@I?@? OJ IPGGDAT <IT NP=NO<IOD<G DHKGD><ODJIN
>>JM?DIB OJ DO < AE>JJ> DN IJO OC<O RCD>C =@<MN DON JRI
>C<M<>O@MDNOD> -<OC@M DO DN OC<O RCD>C DN >C<M<>O@MDU@? 6=T JOC@MN8
ªI>HHEåV>QF I>HHEåV>J»K> #@M@ „OJ =@ >C<M<>O@MDU@?… H@<IN OC<O
OC@ >C<M<>O@MDNOD> JAZ <Z AE>JJ> DN =MJPBCO <=JPO =T <I? DN OC@M@AJM@
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PIDQ@MN<GN /C@M@ <M@ OCPN AJPM DO@HN DI OC@ .<MQ»NODQ»?<Z GDNO Z I<H@GT
@E>KA> ªDI>GDI<ODJI MO>G«»Z ªPI?@MNO<I?DIB PJðQF ªHDI?APGI@NN
<I?Z>AEFJLHø> ª?@O@MHDI<ODJI OC<O ?J IJO J>>PM DI OC@ /C@M<Q»?< GDNO
#JR@Q@M OC@N@ AJPM <M@ <>>JHHJ?<O@? DI OC@ /C@M<Q»?< =CD?C<HH<
=PO PI?@M ?D0@M@IO ><O@BJMD@N E>KA> <I? >AEFJLHHE> <NZR@ZNC<GG N@@
>JH@Z PI?@M OC@ C@<?DIB M>HFÜÜ>H> OC@Z HDN>@GG<I@JPN H@IO<G A<>OJMN
/CDN NCJRN OC<O GDF@ OC@ PIDQ@MN<GN OC@N@ZORJ H@IO<G A<>OJMN <M@ @OCD><GGT
Q<MD<=G@ =PO PIGDF@ OC@ PIDQ@MN<GN OC@T ?J IJO J>>PM DI @Q@MT OTK@ JA
>JIN>DJPNI@NN NZ R@ NC<GG N@@ OC@ JOC@M ORJ PJðQF <I? MO>G«» <M@
AJM OC@ /C@M<Q»?DIN ORJZ =@<PODAPG ªPL?E>K> H@IO<G A<>OJMN N NP>C
OC@T <M@ @OCD><GGT RCJG@NJH@ <I? IJO @OCD><GGT Q<MD<=G@ <N OC@ N@Q@I
PIDQ@MN<GN <M@
/# /#$ ''4 1 -$ ' ( )/ ' ! /*-.
2C<O G@? OJ OC@ OC@JMT JA OC@ PIDQ@MN<GN >@? OJ @<MGT P??CDNO
?DN>JPMN@N RC@M@ DO DN N<D? OC<O >JIN>DJPNI@NN ªSF««»Ü> <I? K»J>
O%M> <M@ ?@K@I?@IO JI @<>C JOC@M 2CDG@ K»J> O%M> DN ?@K@I?@IO JI
>JIN>DJPNI@NN ªSF««»Ü> M>@@>V» K»J> O%M>Ø >JIN>DJPNI@NN DI OPMI
DN ?@K@I?@IO JI K»J> O%M> ªK»J>O%M> M>@@>V» SF««»Ü>Ø +»J> DI
K»J> O%M> DN @SKG<DI@? OJ H@OJMN I<H@GT A@@GDIB
ªSBA>K» K@M>@KODJIZ ªP>««» QJGDODJI ª@BQ>K» >JIO<>O ªME>PP>
<I? <OO@IODJI ªJ>K>PFH»O> /%M> DI K»J> O%M> H@<IN H<O@MD<G
KC@IJH@I<Z >JINDNODIBZ JA OC@ AJPM BM@<O @G@H@ION JA H<OO@M <I?
OC@ H<OO@MZ OC<OZ DN ?@K@I?@IO JI OC@H /C@ HPOP<G ?@K@I?@I>@ JA
>JIN>DJPNI@NNZ <I? K»J> O%M> DN >JHK<M@? OJ OC@ KJNDODJI JA ORJ
=PI?G@N JA =<H=JJ M@@?N F@KO NO<I?DIB =PO G@<IDIB <B<DINO @<>C JOC@M
2C@I JI@ A<GGN OC@ JOC@M OJJ A<GGN /C@IZ DI OC@ (<C»ID?»I< .POO<
JA OC@Z !åDE>KFH»V> R@ <M@ BDQ@I OJ PI?@MNO<I? OC<O OC@ <I<GTNDN JA
OC@ RJMG?Z JAZ @SK@MD@I>@Z ><IIJO BJ =@TJI? OC@ HPOP<G M@>DKMJ>DOT JA
>JIN>DJPNI@NN <I? K»J> O%M> $A R@ JQ@MGJJF AJM OC@ HJH@IO OC@
H<O@MD<GZ A<>OJMN M@KM@N@IO@? =T O%M> RC<O DN JA DHKJMO@ AJM PN OJ
IJO@ C@M@ DN OC<O >JIN>DJPNI@NN <I? OC@ 1Q@Z H@IO<G A<>OJMN ªK»J> <M@
I@>@NN<MDGT >J I<N>@IO <I? HPOP<GGT ?@K@I?@IO '@OZ PN <GNJ IJO@ C@M@
OC<OZ OC@ 1Q@ H@IO<G A<>OJMN RCD>C OC@ +»GD PRQQ>P =MDIB PI?@M K»J>
J>>PM DI OC@ GDNO JA H@IO<G A<>OJMN RCD>C OC@Z =CD?C<HH< ><GGN
PIDQ@MN<GN <GOCJPBC OC@ =CD?C<HH< <??N ORJ HJM@ OJ M<DN@ OC@
IPH=@MZOJZN@Q@I
/C@ I@SO NO<B@ DI OC@ CDNOJMT JA OCDN D?@< DN N@@I DI < BMJPK JA
1Q@ H@IO<G NO<O@N H@IODJI@? DI OC@ !E>JJ>P>ÚD>ÜF OJ RCD>C OC@
>JHH@IO<MTZ BDQ@NZ OC@Z I<H@ ME>PP> M>«@>H> OC@ K@IO<? ª=@BDIIDIB
RDOC N@IN@ >JIO<>O #JR@Q@M Z OC@Z K@IO<? DN IJO >JHKG@O@GT D?@IOD><G
RDOC OC@ ADQ@ H@IO<G A<>OJMNZ H@IODJI@? PI?@M K»J> 2CDG@ AJPM
DO@HN I<H@GT ME>PP> SBA>K» P>««»Z <I? @BQ>K» <M@ >JHHJI OJ
=JOC BMJPKN DI KG<>@ JA J>K>PFH»O> DI OC@ K»J> BMJPK R@ C<Q@ @FQQ>
ª>JIN>DJPNI@NN DI OC@ JOC@M BMJPK ªK@IO<? /CPNZ RC<O OC@ K@IO<? DN
DIO@I?@? OJ NCJR DN OC@ N<H@ KMDI>DKG@ OC<OZ >JIN>DJPNI@NN <I? K»J>
<M@ >JI<N>@IO /C@ JIGT ?D0@M@I>@Z DNZ OC<O OC@Z K@IO<? ?J@N IJO DI>GP?@
J>K>PFH»O> ª<OO@IODJI NZ KJDIO@? JPO =T 1@I@M<=G@ )T<I<KJIDF<
/C@M< OC@ K@IO<? JA H@IO<G NO<O@N DN ><GG@? ME>PP> M>«@>J» DI OC@
1EBO>D»QE» <I? OCDN <N C@ N<TN N@@HN OJ =@ OC@ JIGT DINO@Z DI OC@
.POO<Z +D <F< RC@M@ OC@ BMJPK•N I<H@ <KK@<MN B<DI Z <NZ KJDIO@? JPO
=T CDH OC@ ª1Q@ DO@HN DI OC@ K@IO<? <M@ H@IODJI@? N@MD<O@H DI OC@
*>E»P>QFM> E»K> 0RQQ> /»ERI>Z 0>ØVRQQ> <I? KRM>A> 0RQQ>
1@MTZNDBID1><IO DI OCDN >JII@>ODJI DN <Z K<NN<B@ DI OC@ +BQQFMM>H>O>Ü>
RC@M@Z OC@ K@IO<? DN M@A@MM@? OJ <N ME>PP> M>«@>J>H» AE>JJ»
ªOC@ OCDIBN C<QDIBZ N@IN@ >JIO<>O <N OC@DM 1AOC /CDN RJMF M@A@MN OJ OC@
1Q@ DO@HN <N „<NNJ>D<O@? RDOC >JIN>DJPNI@NN… ªSF««»Ü> P>JM>VRQQ>
/# /#$ ''4 1 -$ ' ( )/ ' ! /*-.
.DI>@ SF««»Ü> DN C@M@ H@IODJI@? N@K<M<O@GT DO DN Q@MT KMJ=<=G@

OC@ O@MH J>K>PFH»O> O<F@N DON KG<>@ C@M@ !JM OC@ 1Q@ DO@HN DI
LP@NODJI <M@ H@IODJI@?Z @GN@RC@M@ DI OC@ N<H@ RJMF /CPNZ RC<O OC@
+BQQFMM>H>O>Ü> M@A@MN OJ <N ME>PP> M>«@>J>H»Z AE>JJ» <M@ D?@IOD><G
RDOCZ OC@ 1Q@ A<>OJMN H@IODJI@? DI OC@ +»GDZ PRQQ>P <N K»J> /C@N@ 1Q@
H@IO<GZ A<>OJMN OCPN M@KM@N@IO OC@ @<MGD@M NO<B@Z JA OC@ =CD?C<HH<
OC@JMT JA OC@ PIDQ@MN<GN $O DN <GNJ DIO@M@NODIB OJ IJO@Z C@M@Z OC<O DI
º@»OV> 1<NP=<I?CP•N ->«@>PH>KAE>MO>H>O>Ü> OC@ M@G@Q<IOZ GDNO C<N
JIGT 1Q@ H@IO<G A<>OJMN /C@N@ 1Q@ A<>OJMN <M@ @S<>OGTZ D?@IOD><GZ RDOC
RC<O OC@ +»GD PRQQ>P H@IODJI <N K»J> JA OC@ >JHKJPI? K»J> O%M>
/C@ @<MGD@NO RJMF RC@M@ OC@ N@Q@I PIDQ@MN<GN <M@ZH@IODJI@?ZRDOCJPOZOC@
O@>CID><GZ ?@NDBI<ODJI „>JHHJI OJ <GG >JIN>DJPNI@NN… <OO<>C@? OJ
OC@H DN *FIFKA>M>«E> „/C@ JMDBDI JA QDNP<G >JIN>DJPNI@NN * &DIB
DN ?@K@I?@IO JI OC@ N@IN@ JMBON <I? NP>C
OCDIBN <N <MDN@ NDHPGO<I@JPNGT I<H@GT >JIO<>O ªME>PP> A@@GDIB
ªSBA>K» K@M>@KODJI ªP>««» QJGDODJI ª@BQ>K» JI@ KJDIO@?I@NN ªBH>DD>Q»
KNT>CD> GDA@ A<>PGOT ª>O%M> GåSFQFKAOFV> <I?Z<OO@IODJI ªJ>K>PFH»O> …
/CPN OC@ OC@JMT JA PIDQ@MN<GN C<N < >JIODIPJPN <IO@>@?@IO CDNOJMT

2C@M@Z OC@ ><O@BJMT ?D0@MN AMJH OC@ GDNO BDQ@I DI OC@ +»GD PRQQ>P DN DI
OC@ <??DODJI JA ORJ I@R DO@HN I<H@GT BH>DD>Q» ªJI@ KJDIO@?I@NN <I?
>O%M> GåSFQFKAOFV> ªKNT>CD> GDA@ A<>PGOT 2C@M@ DO ?D0@MN AMJH OC@
ME>PP> M>«@>H> DN DI OC@ <=N@I>@ DI DO JA @FQQ> ª>JIN>DJPNI@NN <I? OC@
KM@N@I>@Z DINO@<? JA J>K>PFH»O> BH>DD>Q» <I? >O%M> GåSFQFKAOFV>
/C@ GDNO RDOC OC@ G<MB@NO IPH=@M JA DO@HN <N R@ C<Q@ N@@I DN OC@
.<MQ»NODQ»?<ZGDNO >JIO<DIDIB <N H<IT <N O@I
/C@ PIDQ@MN<GN K@MAJMH OC@ HJNO @NN@IOD<G >JBIDODQ@ API>ODJIN DI

@Q@MTZ <>OZ JAZ >JBIDODJI /CDN RDGG =@>JH@ >G@<M DA R@ @S<HDI@ OC@DM
DI?DQD?P<G ZAPI>ODJIN
'@O PN O<F@ ME>PP> 1MNO -E>PP> GDO@M<GGT H@<IN OJP>C JM >JIO<>O <I?
>JIIJO@N N@INJMD<G JM H@IO<G DHKM@NNDJI $ON KM@>@?@I>@ JQ@M OC@ JOC@M
NDS NCJPG? =@ PI?@MNOJJ? IJO DI < >CMJIJGJBD><G =PO DI < GJBD><G N@IN@
$A DO DN BDQ@I KMDJMDOT JA KG<>@ DO DN =@><PN@ DO NO<I?N <N OC@ PFKB NR>
KLK AJMZ OC@ DI>@KODJI JA >JIN>DJPNI@NN <I? H@IO<G A<>OJMN !JM <GG
H@IO<G A<>OJMN <MDN@ NDHPGO<I@JPNGT RDOC >JIN>DJPNI@NN /CDN D?@< DN
Q@MT HP>C @HKC<NDU@?Z DIZ OC@ /C@M<Q»?< @S@B@NDN =@><PN@ NJH@ JOC@M
P??CDNO N>CJJGN NP>C <N OC@ (<C»N»ÜBCDF< <I? OC@ .<POM»IODF<
H<DIO<DI@? OC<O H@IO<G A<>OJMN <MDN@ DI N@LP@I>@ ªMR??»M>O>HH>J>
/C@ (<C»N»ÜBCDF<N <>>JM?DIB OJ < +»GD NP=>JHH@IO<MT N<T „1MNO
N@INJMT >JIO<>O OJP>C@N OC@ J=E@>O RC<O DN OCPN OJP>C@? A@@GDIB A@@GN
RC<O DN OJP>C@? <I? A@GO K@M>@KODJI K@M>@DQ@N RC<O DN OCPN OJP>C@?
A@GOZ<I?ZK@M>@DQ@? QJGDODJI >J JM?DI<O@N…
/# /#$ ''4 1 -$ ' ( )/ ' ! /*-.
-E>PP> DN ?@1I@? DI OC@ +»GD PRQQ>P <N OC@ >JMM@G<ODJI ªP>ÚD>QF OC<O
DN N@OZ PK =@OR@@I OC@ N@IN@ JMBO <I? OC@ N@INJMT
<R<M@I@NNZ ªQFÜÜ>Ø P>ÚD>QF ME>PPL .JH@ODH@N DO DN HJM@ @G<=JM<O@GT
?@1I@? <N „OC@ >JDI>D?@I>@ >JI>PMM@I>@ <I? >JI2P@I>@ JA OC@N@
OCM@@ A<>OJMN DN N@INJMT >JIO<>O … 2C@OC@M OCDN H@<IN OC<O ME>PP> DN
<IJOC@M @SKM@NNDJI AJM „OC@ >JMM@G<ODJI JA OC@ OCM@@… ªQFÜÜ>Ø P>ÚD>QF
JM RC@OC@M DO DHKGD@N OC<O ME>PP> DN NJH@OCDIB =@ND?@N OC@ >JMM@G<ODJI
DNZ< LP@NODJI OC<O ><H@ OJ =@ ?DN>PNN@? DI OC@ P??CDNO N>CJJGN
/C@ /C@M<Q»?< KJNDODJI DN OC<O ME>PP> DN IJO OC@ H@M@ >JMM@G<ODJI JA

OC@ OCM@@ ªK>™ P>ÚD>QF J>QQ>J}BS> ME>PPL =PO RC<O <>OP<GGT M@NPGON
AMJH DO #@I>@Z ME>PP>Z DN < H@IO<G A<>OJM ?DNODI>O <I? N@K<M<O@
AMJH OC@ M@G<ODJINCDK Z /C@ N<H@ D?@< DN AJPI? DI OC@ .<MQ»NODQ»?<
=CD?C<MH< <N R@GG $I ?@A@I?DIB OCDN KJNDODJIZOC@ .<MQ»NODQ»?DIN LPJO@
OC@ ÷> ø> H>Z !E>OJ>M>OV»V>Z ª E>@E>HH> 0RQQ> DIZ *>GGEFJ>KFH»V>
RCD>C @IPH@M<O@N <HJIB JOC@M OCDIBN NDS OTK@N JA DIO@MI<G NJPM>@N
JA >JIN>DJPNI@NNZ ª>GGE>QQFH> »V>Q>K> NDS OTK@N JA @SO@MI<G NJPM>@N JA
>JIN>DJPNI@NN ª?»EFO> »V>Q>K> NDS OTK@N JA >JIN>DJPNI@NN ªSF««»Ü>H»V>
NDS OTK@N JA N@INJMT >JIO<>O ªME>PP>H»V> NDS FDI?N JA A@@GDIB
ªSBA>K»H»V> <I? NDS FDI?N JA >M<QDIB ªQ>ÜE»H»V> /C@ A<>O OC<O OC@ NDS
FDI?N JA N@INJMT >JIO<>O <M@ H@IODJI@? =@ND?@N OC@ 1MNO OCM@@ BMJPKN DN
N<D?ZOJZ>JI1MH OC<O N@INJMT >JIO<>O DN IJO OC@ N<H@ <N OC@ >JMM@G<ODJI JA
OC@ZOCM@@ BMJPKN $O DN <GNJ >JIO@I?@? OC<O <IT JOC@M DIO@MKM@O<ODJI RJPG?
H@ DN M@K@<ODIB OC@ N<H@ DO@H PI?@M ?D0@M@IO I<H@N
/C@ .<POM»IODF<N O<F@ < ?D0@M@IO KJNDODJI .@INJMT >JIO<>O ªPM>O > DN
IJOZ <Z N@K<M<O@ H@IO<G A<>OJM =PO <IJOC@M @SKM@NNDJI AJM OC@ >JMM@G<ODJI
JA OC@ N@IN@ JMBO <I? OC@ N@IN@ >JIN>DJPNI@NN
$A OC@ P%QO> K<NN<B@ ?J@N IJO M@K@<O NJ OC@T <MBP@ RCT DN DO OC<O N@INJMT
>JIO<>O <I? >M<QDIB <M@ H@IODJI@? DI <??DODJI OJ OC@ NDS @SO@MI<G
NJPM>@NZ JAZ >JIN>DJPNI@NN =@><PN@ OC@ NDSOC @SO@MI<G NJPM>@ RCD>C DN
AE>OJ»V>Q>K> DI>GP?@N =JOC N@INJMT >JIO<>O <I? >M<QDIB /C@ >JPIO@M
<MBPH@IO JA OC@ .<MQ»NODQ»?DIN DN OC<O DA OC@ P%QO> K<NN<B@ H@IODJIN
OC@ NDSZ @SO@MI<G NJPM>@N JA >JIN>DJPNI@NN =@ND?@N OC@ NDS FDI?N JA
N@INJMT >JIO<>O DO DN DI JM?@M OJ M@>JBIDU@ JOC@M H@IO<G A<>OJMN NP>C <N
K@M>@KODJI ZRCD>CZ<GNJZ>JH@ PI?@M DO
/C@ KM@ >JHH@IO<MD<G +BQQFMM>H>O>Ü> NCJRN OC<O JI OCDN DNNP@ OC@

@<MGD@MZ /C@M<Q»?< KJNDODJI DN OC@ N<H@ <N OC<O JA OC@ .<POM»IODF<N
$I OCDN RJMF ME>PP> DN ?@1I@? <N C<QDIB AJM DINO@ OC@ PIDJI
=@OR@@IZ OC@Z @T@ OC@ QDND=G@ <I? QDNP<G >JIN>DJPNI@NN <N DON
>C<M<>O@MDNOD> ª@>HHER O%M> SF««»Ü> P>KKFM»Q> I>HHE>ÜL ME>PPL
>>JM?DIB OJ /C@M<Q»?< P??CDNH OC@ >C<M<>O@MDNOD> DN IJO ?D0@M@IO
/# /#$ ''4 1 -$ ' ( )/ ' ! /*-.
AMJHZ OC<O RCD>C DN >C<M<>O@MDU@? #@I>@ OC@ <=JQ@ ?@1IDODJI NCJPG?

H@PP> DN IJO ?D0@M@IO AMJH OC@ PIDJI =@OR@@I OC@ OCM@@
DO@HNZDIZLP@NODJI
2C<O G@? OJ OCDN DNNP@ >JPG? K@MC<KN =@ PI?@MNOJJ? DI OC@ GDBCO JA OC@
AE>JJ> OC@JMT AE>JJ> <N IJO@? @<MGD@M DN < =<ND> A<>OJM RCD>C
DN IJO <H@I<=G@ OJ <I<GTNDN $A ME>PP> DN OC@ „PIDJI JA OC@ OCM@@…
OC@I DO =@>JH@NZ NJH@OCDIB <I<GTN<=G@ <I? C@I>@ IJO M@<G /CDN DN
CJR OC@ .<POM»IODF<N ><H@ OJ OC@DM >JI>GPNDJI $O DN DI GDI@ RDOC OC@DM
O@I?@I>T OJ >PO ?JRI OC@ IPH=@M JA AE>OJ>P /C@ /C@M<Q»?< <I? OC@
.<MQ»NODQ»?< OJJF OC@ JKKJNDO@ KJNDODJI DI JM?@M OJ M@O<DI DON M@<GDOT <N
<Z N@K<M<O@ AE>JJ> Z ME>PP> DN IJO OC@ „PIDJI JA OC@ OCM@@… =PO RC<O
M@NPGON AMJH DO
$A ME>PP> DN GDNO@? <N < H@IO<G A<>OJM ª@BQ>PFH> OC@I J=QDJPNGT DO

?J@N IJOZ M@A@MZ OJ OC@ KCTND><G >JGGDNDJI =@OR@@I OC@ N@IN@ JMBO #JR@Q@M DI OC@ *FIFKA>M>«E> R@ ADI? ME>PP>
?@N>MD=@? <NZ =@DIBZ NDHDG<MZ OJ OC@ =POODIB JA ORJ M<HN JM OC@ >G<NCDIB
JA ORJ >TH=<GN ZJMZOC@ >G<KKDIB JA ORJ C<I?N -@A@MMDIB OJ OCDN -
.<M<>C>C<I?M< N<TN OC<O C@M@ OC@ H@<IDIB JA ME>PP> „C<N BJO HJM@
<I? HJM@ I<MMJR@? ?JRI OJ NO<I? AJM OC@ KCTND><G M@<>ODJI <GJI@…
#JR@Q@M <N >G<MD1@? =T OC@ >JHH@IO<MD@N RC@I OC@ *FIFKA>M>«E>
PN@N OC@ O@MH @T@ ª@>HHER DI OCDN K<MOD>PG<M >JIO@SO DO M@A@MN IJO OJ @T@
=PO OJ @T@ >JIN>DJPNI@NN ª@>HHER SF««»Ü> /CDN @SKG<I<ODJI <KK@<MN
HJM@ KG<PND=G@ $I OC@ N@IO@I>@ „#<QDIB N@@I <Z QDND=G@ AJMH OCMJPBC
OC@ @T@… ª@>HHERÜ» O%M>Ø AFPS» „@T@… H@<IN IJO OC@ KCTND><G @T@ =PO
@T@ >JIN>DJPNI@NN „/C@ @T@ N@@N… RC@I M@KCM<N@? DI OC@ G<IBP<B@ JA
><PN<GDOT H@<IN „?@K@I?DIB JI OC@ @T@ <I? OC@ @T@ J=E@>O <MDN@N @T@
>JIN>DJPNI@NN… ª@>HHER« @> M> F@@> O%MB @> RMM>GG>QF @>HHER SF««»Ü>Ø
/C@ =CD?C<HH< O@MH AJM KCTND><G DHK<>O JI J>><NDJI JA N@INJMT

NODHPG<ODJI DN IJO ME>PP> =PO M>P»A> DE> >K> OC@ NOMDFDIB JA OC@
N@INDODQ@Z KJMODJI JA OC@ N@IN@ JMBO GOCJPBC ME>PP>
DN IJO KCTND><G DHK<>O DO DN NJH@OCDIB NDHDG<M OJ DO GOCJPBC IJI
H<O@MD<G ZDOZ=@C<Q@N <N DA DO R@M@ „OJP>CDIB OC@ J=E@>O… 2CDG@ ME>PP>
?J@N IJO DHKDIB@ JI OC@ J=E@>O DO =MDIBN <=JPO < NJMO JA >JGGDNDJI
=@OR@@I OC@ >JIN>DJPNI@NN ªDI OC@ N@IN@ JMBO
/CDN DN ?@N>MD=@? <N OC@ „DIDOD<G ?@N>@IO JA >JIN>DJPNI@NN… ª@FQQ>PP>
M> E>J»?EFKFM»QL JI OC@ J=E@>O 2C<O DN CDIO@? <O DN OC<O ME>PP>
DN OC@Z H@IO<G A<>OJM OCMJP>C RCD>C >JIN>DJPNI@NN H@IO<GGT OJP>C@N
OC@ J=E@>O
/# /#$ ''4 1 -$ ' ( )/ ' ! /*-.
$I KJDIO JA A<>O JI@ +»GD NP=>JHH@IO<MT <IOD>DK<O@N OC@ LP@NODJI

$A >JIO<>O DN < H@IO<G AE>JJ> CJR >MD=@? <N C<QDIB OC@
>C<M<>O@MDNOD> JA OJP>CDIB /C@ <INR@M DN OC@ AJGGJRDIB DGGPNOM<ODJI
2C@I < K@MNJI N@@N <IJOC@M K@MNJI @<ODIB < NJPM H<IBJ N<GDQ< <MDN@N DI
CDN HJPOC JM RC@I <Z >JHK<NNDJI<O@ K@MNJI N@@N <IJOC@M K@MNJI =@DIB
OJMOPM@? CDN =J?T =@BDIN OJ OM@H=G@ JM RC@I < K@MNJI NO<I?DIB JI
OC@ BMJPI? N@@N <IJOC@M K@MNJI KM@><MDJPNGT NO<I?DIB JI OC@ =MC JA
< OM@@ Z CDN GJR@M G@BN =@BDI OJ NC<F@ JM RC@I < K@MNJI N@@N < A@<MAPG
BJ=GDI Z CDN OCDBCN =@BDI OJ NOD0@I $I OC@ N<H@ R<T ME>PP> ?J@N IJO
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OC@Z API>ODJI JA EJDIDIB <NNJ>D<O@? H@IO<G NO<O@N OJ OC@ J=E@>O <I? DO
H<IDA@NON DON@GA <N A<>DIB OC@ J=E@>O… $O DN <OO@IODJI OC<O M@BPG<O@N
OC@ J=E@>O <I? DI OCDN N@IN@ DO NCJPG? =@ M@B<M?@? <N OC@ >C<MDJO@@M JA
<NNJ>D<O@? H@IO<G NO<O@N N < >JBIDODQ@ A<>OJM <OO@IODJI C<N OJ =@
KM@N@IOZDI <GG >JIN>DJPNI@NN
/C<O <OO@IODJI JI OC@ J=E@>O DN DI?DNK@IN<=G@ AJM <IT K@M>@KODJI OJ <MDN@

DN M@>JBIDU@? DI @<MGT P??CDNO O@<>CDIBN <N R@GG $O DN N<D? OC<O OCM@@
>JI?DODJIN <M@ I@>@NN<MT AJM K@M>@KODJI OJ O<F@ KG<>@ /C@ 1MNO DN OC<O
OC@Z N@IN@ JMBPGOT
JA NDBCOZ JM C@<MDIB <N OC@ ><N@ H<T =@ /C@ N@>JI? DN OC<O @SO@MI<G
J=E@>ON HPNO >JH@ RDOCDI OC@ M<IB@ /C@ OCDM? DN OC<O OC@M@ HPNO =@
O JA <OO@IODJI ªQ>GGL P>J>KK»E»OL 2C@M@ <IT
JI@ JA OC@N@ >JI?DODJIN A<DGN OJ JK@M<O@ OC@M@ RDGG =@ IJ M@NPGODIB
>JIN>DJPNI@NN #@M@ OC@ O@MH PN@? AJM <OO@IODJI DN IJO J>K>PFH»O>
=POZP>J>KK»E»O>
1EB ,@@>PFLK>IP
/CDN BMJPK >JINDNON JA NDS H@IO<G A<>OJMN I<H@GT SFQ>HH> ªDIDOD<G

<KKGD><ODJI SF@»O> ªNPNO<DI@? <KKGD><ODJI >AEFJLHHE> ªM@NJGQ@
SFOFV>Z ª@I@MBT MåQF ªU@NO <I? @E>KA> ª?@NDM@ OJ <>O 'DF@ OC@
PIDQ@MN<GN OC@N@ H@IO<G A<>OJMN <M@ <GNJ @OCD><GGT Q<MD<=G@
/C@T =@>JH@ @OCD><GGT LP<GDAD<=G@ <>>JM?DIB OJ OC@ FDI? JA
>JIN>DJPNI@NNZ RDOCZ RCD>C OC@T <M@ <NNJ>D<O@? 0IGDF@ OC@ PIDQ@MN<GN
OC@T <M@ IJO AJPI? DI @Q@MT OTK@ JA >JIN>DJPNI@NN /C@ PN@ JA OC@
O@MH „J>><NDJI<G… =MDIBN JPO OC@DM ?D0@M@I>@Z AMJH OC@ PIDQ@MN<GN
K<M<GG@G BMJPK DN IJO AJPI? DI OC@ .<MQ»NODQ»?< =CD?C<MH<
/C@Z JI@ OC<O >JH@N >GJN@NO OJ DO DN < ><O@BJMT ><GG@? >KFV>Q>
?E%JF AE>OJ> ªOC@Z DI?@O@MHDI<O@ >JINDNODIB JA @DBCO @G@H@ION
#JR@Q@M JIGT SFQ>OH> <I? SF@»O> <M@ >JHHJI OJ =JOC
<I? OC@ M@NO <M@ HPOP<GGT @S>GPNDQ@
'@O PN O<F@ OC@ 1MNO ORJ J>><NDJI<GN SFQ>HH> <I? SF@»O> OJB@OC@M <N OC@T
<M@ >GJN@GT M@G<O@? /C@ 1MNO DN ?@1I@? <N „OC@ ?DNKJNDODJI OC@ 1S<ODJI
OC@ AJ>PNDIB OC@ ªDIDOD<G <KKGD><ODJI JA OC@ HDI?… <I? OC@ G<OO@M <N
„OC@Zª>JIODIPJPN <?EPNODIB JM AJ>PNDIB JA OCJPBCO… /C<O OC@T M@KM@N@IO
ORJ G@Q@GN JA < NDIBG@ KMJ>@NN DN >G@<M 3FQ>HH> C<N <N DON >C<M<>O@MDNOD>
OC@Z GDAODIB ª>?EFKFOLM>Ü> JA OC@ >JIN>DJPNI@NN <I? DON >JI>JHDO<ION
OJ OC@ J=E@>O <I? SF@»O> OC@ APMOC@M =DI?DIB ª>KRJ>GG>K> JA OC@
>JIN>DJPNI@NNZ <I?Z DON >JI>JHDO<ION OJ OC@ J=E@>O N RC@I < ?MPH
DN NOMP>F DO BJ@N JI M@Q@M=@M<ODIB <I? @HDOODIB < >JIODIPJPN NJPI?
/# /#$ ''4 1 -$ ' ( )/ ' ! /*-.
NJ DIDOD<G <KKGD><ODJI JA HDI? NCJPG? =@ GJJF@? PKJI <N OC@ DIDOD<G NO<O@
<I? NPNO<DI@? <KKGD><ODJI JA OC@ HDI? <N OC@ <AO@M M@Q@M=@M<ODJI
<I? >JIODIPJPNZ @HDNNDJI JA NJPI? 3FQ>HH> M@KM@N@ION OC@ DIDOD<G
DI>D?@I>@ JA OC@ HDI? JI OC@ J=E@>O „<N DO R@M@ OC@ NOMDFDIB JA < =@GG
=@><PN@ DO DN BMJNN@M OCJIN@LP@IOZ =DI?DIB JA >JIN>DJPNI@NN JI OC@ J=E@>O <N DO R@M@ OC@
M@Q@M=@M<ODJIZ JA OC@ =@GG =@><PN@ DO DN HJM@ NP=OG@ <I? JA OC@ I<OPM@ JA
M@K@<O@? OCM@NCDIB JA OC@ J=E@>O… /C@N@ >JHH@IO<MD<G J=N@MQ<ODJIN
NCJRZ OC<O SFQ>HH> DN <O OC@ DI>@KODJI JA < OM<DI JA OCJPBCO M@KM@N@IODIB
OC@ ?@GD=@M<O@Z HJQ@H@IO JA QJGPIO<MT <OO@IODJI #JR@Q@M SFQ>HH>
C<N OJ =@ ?DNODIBPDNC@? AMJH J>K>PFH»O> RCD>C <N R@ N<R <=JQ@
DN < PIDQ@MN<G /C@DM ?D0@M@I>@ N@@HN OJ =@ OC<O RCDG@ J>K>PFH»O>
M@KM@N@IONZ < MP?DH@IO<MT >JBIDODQ@ A<>OJM RCD>C HPNO >JH=DI@ RDOC
@Q@MT OTK@ JA >JIN>DJPNI@NN SFQ>HH> M@KM@N@ION < HJM@ >JHKG@S AJMH
JA <OO@IODJI RCD>CZDNZIJO DI?DNK@IN<=G@ AJM O JA >JBIDODJI 3F@»O> <N
OC@ >JIODIP@?Z @S@M>DN@ JA OC@ HDI? H<DIO<DIN OC@ QJGPIO<MT OCJPBCO
>JIODIPPH DIDOD<GGT N@O PK =T SFQ>HH>
/C@ SFQ>HH> SF@»O> >JH=DI<ODJI DO H<T =@ IJO@? C@M@ C<N < ><PN<G
>JII@>ODJIZ RDOC QJ><G @SKM@NNDJI $I A<>O DI OC@ +»GD PRQQ>P OC@T <M@
?@1I@?Z <NZ S>@å P>ÚHE»O> D @ Q@M=<G >JINOMP>ODJIN JM NP= >JIN>DJPN
JK@M<ODJIN JA OC@ HDI? KM@>@?DIB QJ><G POO@M@ #@I>@ DO DN N<D?
„#<QDIB 1MNO C<? DIDOD<G OCJPBCO 6SFQ>HH>8 <I? ?DN>PMNDQ@ OCJPBCO
6SF@»O>8 DN <>ODQDOT JA NK@@>C… /C@ >GJN@ >JII@>ODJI =@OR@@I SFQ>HH>
<I? Q@M=<G @SKM@NNDJI DN <GNJ DI?D><O@? DI OC@ *>AERMFÜ¢FH> 0RQQ>
RC@M@Z R@ B@O OC@ @<MGD@NO P??CDNO OC@JMT JA K@M>@KODJI #@M@ DI
< OCJPBCO KMJ>@NN G@<?DIB OJ K@M>@KODJI R@ 1I? SFQ>HH> ª=PO IJO SF@»O>
<KK@<MDIB DHH@?D<O@GT =@AJM@ M>M>«@> ->M>«@> DO H<T =@ IJO@? C@M@
DN < Q@MT >JHKG@S KNT>CJGJBD><G NO<B@ >C<M<>O@MDU@? =T < KMJGDA@M<ODJI
JAZ>JI>@KON <NNJ>D<O@? RDOC G<IBP<B@
N OJ RCT SFQ>HH> <I? SF@»O> <M@ ?@1I@? <N QJ><G >JINOMP>ODJIN ªS>@å
P>ÚHE»O> OC@ ?EFAE>OJ>HL > SV»HEV» M@A@MN OJ NJH@ >JHH@ION
H<?@Z =TZ OC@ D@IO O@<>C@MN ªM%OS»@»OV> $I OC@DM JKDIDJI SFQ>OH>
DN <IZ DI?DNODI>O HPMHPM JA OC@ HDI? RCD>C C<N @ILPDMT <N DON <DH
ªM>OVBø>H> J>KLG>IM>º $O DN ?@K@I?@IO JI QJGDODJI ª@BQ>K» JM
FIJRG@?B@Z ªMO>GK» <I? DN OC@ BMJNN NO<O@ JA HDI? 3F@»O> DN <GNJ O HPMHPM JA OC@ HDI? =PO DO C<N <N DON <DH OC@ <OO@HKO OJ
1S ªMO>QV>SBHø>H> DON J=E@>O <I? DO M@KM@N@ION <Z M@1I@? NO<O@ JA OC@
>J<MN@M SFQ>OH> >>JM?DIBGT SFQ>OH> <I? SF@»O> <M@ <GHJNO D?@IOD><G
/C@T ?D0@M DI OC<O RCDG@ OC@ AJMH@M M@A@MN OJ OC@ NO<O@ JA @ILPDMT
JA OC@ HDI? OC@ G<OO@M OJ OC@ NO<O@ JA EP?B@H@IO JOC KM@>@?@ <GG
QJ><G POO@M@
/# /#$ ''4 1 -$ ' ( )/ ' ! /*-.
IJOC@M DHKJMO<IO MJG@ <NNDBI@? OJ SFQ>HH> <I? SF@»O> DN <N ORJ A<>OJMN
JA GE»K> >JIN>DJPNI@NN $I OCDN MJG@ OC@T JK@M<O@ <O < CDBC@M G@Q@G JA
DIO@INDOT #@I>@ DI GE»K> @SK@MD@I>@ SFQ>HH> C<N OC@ ><K<>DOT OJ DICD=DO
OC@ CDI?M@N JA NGJOC <I? OJMKJM ªQEåK> JFAAE> <I? SF@»O> OC@
><K<>DOT OJ DICD=DO OC@ CDI?M@ JA ?JP=O ªSF@FHF@@E» JOC SFQ>HH>
<I?Z SF@»O> <M@ KM@N@IO DI OC@ 1MNO GE»K> =PO DI OC@ N@>JI? SFQ>HH>
B@ONZ @GDHDI<O@? )@DOC@M C<N <Z MJG@ OJ KG<T DI OC@ JOC@M OCM@@ CDBC@M
GE»K>PZ<I? C@I>@ OC@DM <=N@I>@ DI OC@H <N GE»K> A<>OJMN
N OJ OC@N@ ORJ H@IO<G A<>OJMN OC@ .<POM»IODF<N O<F@ < ?DAA@M@IO

KJNDODJI Z $IZ OC@DM QD@R RC<O DN N<D? DI OC@ P%QO>P JI SFQ>OH> <I?
SF@»O> DN >G@<M @IJPBC Z 3FQ>OH> <I? SF@»O> <M@ QJ><G P>ØPH»O>P OC<O
DHH@?D<O@GTZ KM@>@?@Z <NZ ><PN@N JA Q@M=<G POO@M@ /C@T <M@ IJO
ORJ N@K<M<O@ AE>OJ>P =PO <M@ ORJ I<H@N BDQ@I OJ < >JGG@>ODJI JA
AE>OJ>P OC<OZ API>ODJI <N < I@>@NN<T >JI?DODJI AJM Q@M=<G POO@M@
3FQ>OH> M@KM@N@ION < >J<MN@M NO<B@ SF@»O>Z <Z M@ADI@H@IO JA OC@
N<H@ NO<B@
AO@M SFQ>HH> <I? SF@»O> >JH@N >AEFJLHHE> <N OC@ OCDM? J>><NDJI<G
$O GDO@M<GGT H@<IN „< M@G@<NDIB JI… ª>AEFJR«@>K> JA OC@ >JIN>DJPNI@NN
<I?Z DON >JI>JHDO<ION OJR<M?N OC@ J=E@>O AEFJLHHE> DN ?@>DNDJI
JM M@NJGQ@ Z $O C<N ?@O@MHDI<ODJI ªP>ÜÜF E»K> <N DON >C<M<>O@MDNOD>
M@NDNO@Z OJ NGDIFDIBZ <GJIB ª>P>ØP>MM>K> <N DON API>ODJI
PINC<F<=G@I@NNZ <NZ DON H<IDA@NO<ODJI <I? O 1O OJ =@ ?@>D?@?
ªP>ÜÜF E»Q>??> AE>JJ> <N DON KMJSDH<O@ ><PN@ /CPN >AEFJLHHE>
M@KM@N@ION < KJNDODQ@ NO<O@ JA OC@ HDI? < NO<O@ AM@@ AMJH ?JP=O
<I? DI?@>DNDJI Z ?P@ OJ OC@ KM@N@I>@ JA O ><GGDIB AJM
DI>M@<N@? <OO@IODJI
!JM OC@ .<MQ»NODQ»?< >AEFJLHø> ª>AEFJLHHE> DN IJO ><NDJI<G

=PO <Z PIDQ@MN<G ªJ>E»?E%JFH> N OJ RCT DO DN NJ OC@M@ <M@ ORJ
JKDIDJIN º@»OV> .<ÜBC<=C<?M< N<TN OC<O NDI>@ <GG >JIN>DJPNI@NN
<MDN@N RDOC <IZ @G@H@IO JA <KKMJQ<G DO DN OJ =@ >JI>GP?@? OC<O
>AEFJLHø> DN < PIDQ@MN<G H@IO<G A<>OJM IJOC@M @SKG<I<ODJI DN OC<O
DO DN =T QDMOP@ JA >AEFJLHø> OC<O >JIN>DJPNI@NN @S@M>DN@N NJQ@M@DBIOT
RDOCJPO J=NO<>G@N JQ@M OC@ J=E@>O !JM OC@ .<POM»IODF< >AEFJLHø>
DN IJO < N@K<M<O@ AE>OJ> =@><PN@ DO ?J@N IJO ?DNODIBPDNC DON@GA AMJH
FIJRG@?B@Z ª G«»K> OC@ >C<M<>O@MDNOD> JA >AEFJLHø> DN OJ H<F@
OC@ >JIN>DJPNI@NN ?@O@MHDI@? ªKF @FQ> RDOC M@B<M? OJ OC@ J=E@>O
/CDN >C<M<>O@MDNOD> DN IJO ?D0@M@IO AMJH OC@ >C<M<>O@MDNOD> JA FIJRG@?B@
º@»OV> 4< JHDOM< M@A@MN OJ OCM@@ JOC@M DIO@MKM@O<ODJIN BDQ@I OJ

>AEFJLHø> Z /C@Z 1MNO DN OC<O DO DN OC@ >JIND?@M<ODJI JA OC@ J=E@>O AMJH
OC@Z KJDIO JA QD@R JA DON LP<GDOD@N ªDRÜ>QL >S>AE»O>Ü> /C@ N@>JI? DN
/# /#$ ''4 1 -$ ' ( )/ ' ! /*-.
OC<OZDOZDNZOC@ HDI?•N >JHKGD@ ªOR@F RDOC OC@ J=E@>O /C@ OCDM? DN OC<O
DO DN OC@ >JIO@HKG<ODJI JA O DI >JIAJMHDOT RDOC OC@ ?@>DNDJI
<GM@<?TZH<?@
/J H<F@ OC@ /C@M<Q»?< KJNDODJI >G@<M AEFJLHHE> <N OC@ .<POM»IODF<N

H<DIO<DI DN IJO JHKG@S JA AE>OJ>P $O DN < N@K<M<O@
DO@H C<QDIB OC@ NO<OPN JA < AE>JJ> $O DN IJO <N OC@ .<MQ»NODQ»?DIN
H<DIO<DI < PIDQ@MN<G =PO < H@IO<G A<>OJM OC<O <MDN@N JIGT RDOC NJH@
OTK@N JA >JIN>DJPNI@NN PO AJM =JOC /C@M<Q»?< <I? .<MQ»NODQ»?< DO DN
<IZ@OCD><GGTZQ<MD<=G@ A<>OJM
/C@ H<IT DIO@MKM@O<ODJIN BDQ@I OJ >AEFJLHHE> >AEFJLHø> NCJR DON

DHKJMO@ DI OC@ =CD?C<MH< KNT>CJGJBT #JR@Q@M DO DN IJO AJPI?
<HJIB OC@ H@IO<G A<>OJMN H@IODJI@? DI OC@ !E>JJ>P>ÚD>ÜF $O R<N
OC@ >JHH@IO<MD@N OC<O DIOMJ?P>@? DO <N JI@ JA OC@ „RC<ONJ@Q@M JOC@M…
ªVB S» M>K>H» JM NPKKG@H@IO<MT A<>OJMN /C@ +»GD PRQQ>P PN@ OC@
O@MH HJM@ JM G@NN <N NTIJITHJPN RDOC @E>KA> <I? SFOFV> ª@E>KAL
>AEFJLHHEL SFOFV>Ø $I OC@ 3F?E>ÚD> >AEFJLHHE> DN N<D? OJ =@
>JI?DODJI@? =T >M<QDIB ªQ>ÜE» M>@@>VL >AEFJLHHEL #@M@ OC@
H@<IDIBZ N@@HN OJ =@ 1MH M@NJGQ@ JM ?@>DNDJI 2C<O <GG OCDN NPBB@NON
DNZ OC<O OC@ M@>JBIDODJI JA >AEFJLHHE> <N < N@K<M<O@ H@IO<G A<>OJM DN
<ZKJNO ><IJID><G ?@Q@GJKH@IO
/C@ I@SO DO@H DI OC@ GDNO JA J>><NDJI<GN DN SFOFV> ª@I@MBT $ON DI>GPNDJI
DI OCDN ><O@BJMT NCJRN OC<O DO DN <GGT Q<MD<=G@ A<>OJM DO >JPG? =@
RCJG@NJH@ JM PIRCJG@NJH@ ?@K@I?DIB JI OC@ FDI? JA >JIN>DJPNI@NN
RDOCZ RCD>C DO DN <NNJ>D<O@? /CPN SFOFV> >O@? AJM OC@
M@<GDU<ODJIZJA BJ<GN @DOC@MZRCJG@NJH@ JM PIRCJG@NJH@
#JR@Q@M R@ 1I? @GN@RC@M@ SFOFV> =@DIB ?@1I@? <I? M@>JBIDU@? <N

NJH@OCDIB DIQ<MD<=GT RCJG@NJH@ <I? ?@NDM<=G@ )PH@MJPN DI A<>O
<M@ OC@ M@A@M@I>@N DI OC@ +»GD PRQQ>P @SOJGGDIB OC@ QDMOP@N JA SFOFV>
LP<GGT IPH@MJPN <M@ OC@ M@A@M@I>@N =G<HDIB DON JKKJNDO@ LP<GDOT
DI?JG@I>@ZªHLP>GG>
3FOFV> <N @OCD><GGT Q<MD<=G@ N@@HN OJ =@ >JI1I@? OJ OC@ /C@M<Q»?<

=CD?C<HH< /C@ .<MQ»NODQ»?< AJM DINO@ DI>GP?@N DO <HJIB OC@
O@I PIDQ@MN<G RCJG@NJH@ A<>OJMN ªHR >I>J>E»?E%JFH> /CDN J=QDJPNGT
H@<IN OC<O DO DN <GR<TN <NNJ>D<O@? RDOC RCJG@NJH@ >JIN>DJPNI@NN
$O DN ?@1I@? <N „@I?PM@ JA OC@ HDI?… ªSåOV>Ø @BQ>PL}?EVRQP»E>º
DIZHJM<GGT RCJG@NJH@ <>ODJIN
/# /#$ ''4 1 -$ ' ( )/ ' ! /*-.
2CT OC@ ORJ =CD?C<MH< N>CJJGN OJJF ORJ ?D0@M@IO KJNDODJIN JI

OCDN H<OO@M DN RJMOC @S<HDIDIB $O DN OMP@ OC<O AJM /C@M<Q»?< SFOFV>
DN @OCD><GGTZ Q<MD<=G@ PO OC@ @HKC<NDN DN JI OC@ DI?DNK@IN<=DGDOT <I?
?@NDM<=DGDOT JA RCJG@NJH@ SFOFV> DI KPMNPDIB NKDMDOP<G BJ<GN $O R<N OCDN
<NK@>O HJM@ OCO OC<O R<N JAO@I =MJPBCO DIOJ AJ>PN
/CDN Z DOZ N@@HN DN OC@ @<MGT P??CDNO KJNDODJI <N R@GG <GOCJPBC OC@
+»GDZ PRQQ>PZ @SOJG @I@MBT RDOCJPO LP<GDATDIB DO <N RCJG@NJH@ $O DN
PIGDF@GTZ OC<OZ OC@T C<Q@ JQ@MGJJF@? OC@ KJNND=DGDOT JA HDN?DM@>O@?
@I@MBT Z $I KJDIO JA A<>O DON KJNND=DGDOT DN >G@<MGT M@>JBIDU@? DI
?@N>MD=DIBZ ?@NDM<=G@Z @I@MBT <N P>JJ>MM>AE»K> „MDBCOZ @I?@<QJPM…
<I? P>JJ» S»V»J> „MDBCO @0JMO… O G@<NO OC@N@ ORJ >JIO@SON OCPN
<>FIJRG@?B@ OC@ HJM<G Q<MD<=DGDOT JA SFOFV> !JM OC@ .<MQ»NODQ»?DIN
HDN?DM@>O@? @I@MBTZ DN IJO @I@MBT KMJK@M =PO DN DI A<>O DI?JG@I>@
/C@T N@@F OJ EPNODATZ OCDNZ DIO@MKM@O<ODJI RDOC M@A@M@I>@ OJ <Z P%QO>
K<NN<B@Z RC@M@ SåOV> JA OCJN@ JPOND?@ OC@ M@GDBDJI DN ><GG@? H>R åAV>
ªDI?JG@I>@ /CDN P%QO> K<NN<B@ DI JPM QD@R I@@?N IJO =@ PI?@MNOJJ?
DIZ NP>C < GDO@M<G N@IN@ 2C<OZ DO N@@HN OJ NPBB@NO DN OC<O HDN?DM@>O@?
@I@MBT RCD>C OC@ /C@M<Q»?DIN ><GG JF@@E» S»V»J> ªRMJIB @0JMO DN
<N APODG@ <N DI?JG@I>@ $A SåOV> DN DIQ<MD<=GT RCJG@NJH@ OCDN BDQ@N MDN@
OJ OC@ LP@NODJI RC@OC@M SåOV> DN IJO DIQJGQ@? DI M@<GDUDIB PIRCJG@NJH@
BJ<GN <N R@GG $O DN K@MC<KN <N <IZ <INR@M OJ OCDN LP@NODJI OC<O OC@
.<MQ»NODQ»?DIN DI>GP?@ @E>KA> ª@SKG<DI@? =@GJR D @ OC@ ?@NDM@ OJ <>O
ªH>QQRH>JV>Q» DI OC@ ><O@BJMT JA @OCD><GGT Q<MD<=G@ PIDQ@MN<G A<>OJMN
>>JM?DIBGT @E>KA> >JMKJM<O@ =JOC RDOC RCJG@NJH@ <I?
PIRCJG@NJH@Z>JIN>DJPNI@NN .DI>@ZOC@ .<MQ»NODQ»?DIN M@>JBIDU@? SåOV>
<N DIQ<MD<=GT RCJG@NJH@ OC@T C<? OJ M@>JBIDU@ DON JKKJNDO@ RCD>CZ DN
H>R åAV> ªDI?JG@I>@ <N < N@K<M<O@ H@IO<G A<>OJM < A<>OJM RCD>C DN
DIQ<MD<=GT PIRCJG@NJH@ A<>OJM K<M<GG@G OJ OCDN DN IJO AJPI? DI OC@
/C@M<Q»?< GDNO JA PIRCJG@NJH@ H@IO<G A<>OJMN /C@ M@<NJI N@@HN OJ
=@ OC<O AJM OC@ /C@M<Q»?DIN DI?JG@I>@ DN IJO < N@K<M<O@ H@IO<G A<>OJM
=PO OC@ M@G<ODQ@ <=N@I>@ JA @I@MBT !JM @I@MBT >@I?DIB PKR<M? OJ DON CDBC@NO KDO>C JM ?@N>@I?DIB
?JRIR<M?Z OJZ OC@ U@MJ KJDIO N R@ NC<GG N@@ G<O@M R@ 1I? < NDHDG<M
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<I? OCMJPBC DINDBCO DIOJ NJPGG@NNI@NN <MDN@N IJI ?@GPNDJI
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/C@ AJPMOC K<DM DN H>JJ>««>Q» DI DON ORJAJG? @SO@INDJI OJ H@IO<G

A<>OJMNZ<I? >JIN>DJPNI@NN (>JJ>««>Q» GDO@M<GGT H@<IN „RJMF<=G@I@NN
JM N@MQD>@<=G@I@NN… $O DN RD@G?DI@NN OM<>O<=G@I@NN JM KGDT <N
< LP<GDOT JA >JIN>DJPNI@NN <I? H@IO<G A<>OJMN $ON >C<M<>O@MDNOD> DN OC@
NP=ND?DIB JA PIRD@G?DI@NN <I? DON API>ODJI DN OJ ?@NOMJT PIRD@G?DI@NN
$O DN H<IDA@NO@? <N NP>>@NN DI H<FDIB NJH@OCDIB <N J=E@>O JA
>JIN>DJPNI@NNZ<I?ZH@IO<G A<>OJMN $O DN JKKJN@? OJ <GG H@IO<GZCDI?M@N
RCD>CZH<F@ >JIN>DJPNI@NN PIRD@G?T
/C@ 1AOC DN OC@ K<DM JA M»DR««>Q» $O H@<IN 1OI@NN <=DGDOT >JHK@O@I>@

JM KMJ1>D@I>T <N < LP<GDOT JA HDI? $ON >C<M<>O@MDNOD> DN C@<GOCDI@NN JA
OC@ H@IO<G A<>OJMN <I? >JIN>DJPNI@NN <I? DON API>ODJI DN OJ @M<?D><O@
OC@ ORJAJG?Z PIC@<GOCDI@NN $O DN H<IDA@NO@? <N <=N@I>@ JA ?DN<=DGDOT
/# 0/$!0' ( )/ ' ! /*-.
$O DN JKKJN@? OJ ?@1G@H@ION NP>C <N <=N@I>@ JA A<DOC RCD>C BDQ@N MDN@ OJ

H@IO<G PIC@<GOCDI@NN
/C@ G<NO K<DM DN RGGRH>Q» ?@1I@? <N M@>ODOP?@ NOM<DBCOI@NN JM OC@

<=N@I>@Z JAZ ?@2@>ODJI ORDNO <I? >MJJF@?I@NN $ON >C<M<>O@MDNOD> DN
PKMDBCOI@NN <I? DON API>ODJI DN OJ @M<?D><O@ HDI?•N >MJJF@?I@NN
$O DN H<IDA@NO@? <N <=N@I>@ JA >MJJF@?I@NN <I? DN JKKJN@? OJ NP>C
?@1G@H@IONZ <N >M<AODI@NN RCD>C >M@<O@N >MJJF@?I@NN DI OC@ =J?T JA
H@IO<GZA<>OJMN <I? >JIN>DJPNI@NN
HJIB OC@N@ NDS K<DMN JIGT OC@ ORJAJG? M>PP>AAEF DN H@IODJI@? DI OC@
+»GDZ PRQQ>P #JR@Q@M <N 1@I@M<=G@ )T<I<KJIDF< /C@M< N<TN OC@ JOC@M
1Q@ @S>@KO M»DR««>Q» <M@ OM<>@<=G@ OJ +»GD PRQQ>P <GOCJPBC OC@T <M@ IJO
AJMH<GGTZ DIOMJ?P>@? OC@M@ <N DI OC@ =CD?C<HH< /C@ PN@ DI OC@ +»GD
PRQQ>P JA NP>C O@MHN <N I>ER JRAR H>JJ>««> <I? RGR DI ?@N>MD=DIB
OC@ FDI? JA HDI? OC<O DN I@>@NN<MT AJM HJM<G ?@Q@GJKH@IO NCJRN
OC@ <IO@>@?@IO OM@I?N OC<O G@? OJ OC@ AJMHPG<ODJI JA OC@ NDS K<DMN
$O DN <GNJ DIO@M@NODIB OJ IJOD>@ OC<O DI OC@ .<MQ»NODQ»?< =CD?C<MH<
R@ 1I? K<M<GG@GZ A<>OJMN JIGT AJM OC@ 1MNO RCD>C DI>D?@IO<GGT DN OC@
K<DM NK@>DAD><GGT H@IODJI@? DI OC@ +»GD PRQQ>P <N R@GG #JR@Q@M
OC@ .<MQ»NODQ»?< ?@1IDODJI JA OC@ K<DM O<F@N <Z?D0@M@IO AJMH #@M@Z@FQQ>
MO> O>?AEF DN ?@1I@? <N OM<ILPDGDOT JA OC@ HDI? ª@FQQ> H>OJ>ÜV>Q» <I?
H»V> MO> O>?AEF <N OM<ILPDGDOT JA OC@ 1Q@ KCTND><G N@IN@ JMB<IN
2C@I OC@ NDS K<DMN J>>PM OJB@OC@M OC@T M@KM@N@IO < NO<O@ JA HDI?
RCD>C DNZ OM<ILPDG <BDG@ H<GG@<=G@ RD@G?T KMJ1>D@IO <I? PKMDBCO
/C@DM KM@N@I>@ @INPM@N OC@ <=N@I>@ JA OC@ 1Q@ H@IO<G CDI?M@N
JA N@INP<GZ ?@NDM@ DGG RDGG NGJOC <I? OJMKJM M@NOG@NNI@NN <I? RJMMT
<I? N>@KOD><G ?JP=O /C@T KM@K<M@ OC@ HDI? OJ HDI?•N ?@GDQ@M@ AMJH
<GGZ NP0@MDIB /C@ =CD?C<HH< ?J@N IJO DBIJM@ OC@ DHKJMO@ JA
KCTND><G C@<GOC @DOC@M <N < I@>@NN<MT DINOMPH@IO AJM H@IO<G ?@Q@GJKH@IO
N R@ NC<GG N@@ DI < APOPM@ >C<KO@M OC@M@ <M@ OCM@@ H<O@MD<G KMJK@MOD@N
>JMM@NKJI?DIB OJ OCM@@ JA OC@ NDS K<DMN RCD>C R@ C<Q@ ?DN>PNN@? NJ A<M
/C@ OCM@@ <M@ GDBCOI@NN ªI>ERQ» H<GG@<=DGDOT ªJRARQ» <I? RD@G?DI@NN
ªH>JJ>««>Q» JA OC@ KCTND><G =J?T ªO%M>PP> /C@N@ OCM@@ KCTND><G
KMJK@MOD@N <N OC@ NDS K<DMN JA H@IO<G KMJK@MOD@N <GR<TN <MDN@ OJB@OC@M
ªK> >««>J >««>Ø SFG>E>KQF <I? OC@DM NDHPGO<I@JPN KM@N@I>@
M@KM@N@IONZ OC@Z FDI? JA KCTND><G C@<GOC <I? =J?DGT @<N@ I@>@NN<MT AJM
OC@ZKM<>OD>@ JA H@IO<G >PGOPM@
/C@ IDI@O@@I H@IO<G A<>OJMN RCD>C R@ C<Q@ @S<HDI@? NJ A<M <M@

OC@ PIDQ@MN<G =@<PODAPG A<>OJMN OCJN@ OC<O J>>PM DI <GG =@<PODAPG
>JIN>DJPNI@NN /C@M@Z M@H<DI NDS HJM@ =@<PODAPG A<>OJMN /C@T <M@
IJO PIDQ@MN<GN =POZ Q<MD<=G@ <?EPI>ON IJO I@>@NN<MDGT J>>PMMDIB DI <GG
=@<PODAPGZ>JIN>DJPNI@NN
/# 0/$!0' ( )/ ' ! /*-.
HJIB OC@H OC@ 1MNO OCM@@ <M@ ><GG@? SFO>QF JM <=NODI@I>@N /C@T <M@
><GG@? NJ =@><PN@ OC@T <M@ OC@ OCM@@ H@IO<G A<>OJMN M@NKJIND=G@ AJM OC@
?@GD=@M<O@ <=NODI@I>@ AMJH RMJIB NK@@>C RMJIB <>ODJI <I? RMJIB
GDQ@GDCJJ? /C@T M@A@M OJ OC@ OCM@@ H@IO<G A<>OJMN >JMM@NKJI?DIB OJ
-DBCO .K@@>C ªP>JJ» S»@» -DBCO >ODJI ªP>JJ» H>JJ>KQ> <I?
-DBCO 'DQ@GDCJJ? ªP>JJ» »GåS> -DBCO NK@@>C DN <=NODI@I>@ AMJH AJPM
OTK@N JA RMJIB NK@@>C I<H@GT A<GN@ NK@@>C NG<I?@M C<MNC NK@@>C
<I? AMDQJGJPN O<GF -DBCO >ODJI DN <=NODI@I>@ AMJH OC@ OCM@@ OTK@N JA
RMJIB =J?DGT <>ODJI I<H@GT FDGGDIB NO@<GDIB <I? N@SP<G HDN>JI?P>O
-DBCO 'DQ@GDCJJ? DN <=NODI@I>@ AMJH RMJIB GDQ@GDCJJ? <=NODI@I>@
AMJH ?@<GDIB DI KJDNJIN DIOJSD><ION R@<KJIN NG<Q@N <I? <IDH<GN
AJM NG<PBCO@M JM <IT JOC@M H@<IN JA GDQ@GDCJJ? RCD>C DN HJM<GGT
M@KM@C@IND=G@ OCJPBC H<O@MD<GGT M@R<M?DIB
$A OC@ OCM@@ <=NODI@I>@N M@KM@N@IO OCM@@ A<>OJMN JA OC@ )J=G@ DBCOAJG?

+<OC RC<O <=JPO OC@ JOC@M 1Q@ +<OC A<>OJMN /J NO<O@ =MD@2T -DBCO 1D@R
ªP>JJ» AF EF DN M@KM@N@IO@? =T IJI ?@GPNDJI JM RDN?JH RCD>C DN OC@
G<NO DI OC@ GDNO JA =@<PODAPG A<>OJMN -DBCO /CJPBCO ªP>JJ» P>ØH>MM>
<I? -DBCO 0JMO ªP>JJ» S»V»J> <M@ M@KM@N@IO@? =T SFQ>HH> <I?
SFOFV> RCD>C <N IJO@? @<MGD@M <M@ ORJ JA OC@ @OCD><GGT Q<MD<=G@
J>><NDJI<G A<>OJMN -DBCOZ (DI?APGI@NN ªP>JJ» P>QF DN M@KM@N@IO@?
=T OC@ H@IO<G A<>OJM P>QF RCD>C DN OC@ N@>JI? DI OC@ GDNO JA =@<PODAPG
A<>OJMN -DBCO JI>@IOM<ODJI ªP>JJ» P>J»AEF DN M@KM@N@IO@? =T
BH>DD>Q» RCD>C DN JI@ JA OC@ N@Q@I PIDQ@MN<GN /CPN OC@ ª@DBCO
A<>OJMN JA OC@ )J=G@ DBCOAJG? +<OC <M@ M@KM@N@IO@? DI OC@ GDNO JA
H@IO<G A<>OJMN DI AJPM JA DON NP=?DQDNDJIN PIDQ@MN<GN J>><NDJI<GN
=@<PODAPG PIDQ@MN<GN <I? =@<PODAPG J>><NDJI<GN
/C@ I@SO ORJ J>><NDJI<G <?EPI>ON JA =@<PODAPG >JIN>DJPNI@NN <M@

H>ORÜ» <I?Z JRAFQ» >JHK<NNDJI <I? <KKM@>D<ODQ@ EJT /C@T <M@ ORJ
JA OC@ AJPM NP=GDH@ NO<O@N ><GG@? DGGDHDO<=G@N ª>MM>J>««» JM ?DQDI@
<=J?@N ª?O>EJ>SFE»O> OC@ JOC@M ORJ =@DIB JBQQ» <I? RMBHHE»
GJQDIB FDI?I@NN <I? @LP<IDHDOT /C@ G<OO@M ORJ <M@ IJO H@IODJI@?
C@M@ =@><PN@ <N R@ C<Q@ N@@I OC@TZ<M@ ORJ HJ?@N JA OC@ ORJ H@IO<G
A<>OJMN ><GG@? >ALP> ªIJI C<OM@? <I? Q>QO>J>GGE>QQ>Q» ªI@POM<GDOT JA
HDI? M@NK@>ODQ@GT /CDN ?J@N IJO H@OJMN DI LP@NODJI C<Q@ OC@ KJO@IOD<GDOT OJ =@
@G@Q<O@? OJ OC@ NP=GDH@ NO<O@N JA ?O>EJ>SFE»O>P *I OC@ JOC@M C<I?
H>ORÜ» ª>JHK<NNDJI <I? JRAFQ» ª<KKM@>D<ODQ@ EJT <M@ IJO @G@Q<O@?
NO<O@NZJA JOC@M H@IO<G A<>OJMN /C@T <KK@<M <N H@IO<G A<>OJMN DI OC@DM JRI
MDBCO 2CDG@ >ALP> <I? Q>QO>J>GGE>QQ>Q» J>>PM DI <GG =@<PODAPG
>JIN>DJPNI@NN ZH>ORÜ»Z<I? JRAFQ» <M@ KM@N@IO JIGT JI J>><NDJIN
/# 0/$!0' ( )/ ' ! /*-.
(>ORÜ» ª>JHK<NNDJI C<N OC@ >C<M<>O@MDNOD> JA KMJHJODIB OC@ <GG<TDIB

JA NP0@MDIB DI JOC@MN $ON API>ODJI GD@N DI IJO =@DIB <=G@ OJ =@<M JOC@MN•
NP0@MDIB $O DN H<IDA@NO@? <N IJI >MP@GOT $ON KMJSDH<O@ ><PN@ DN OJ N@@
C@GKG@NNI@NN DI OCJN@ JQ@MRC@GH@? =T NP0@MDIB $ON NP>>@NN GD@N DI OC@
LPD@ODIB JA >MP@GOT $ON A<DGPM@ GD@N DI OC@ <MDNDIB JA NJMMJR JHK<NNDJI
<NNJ>D<O@? RDOC A@@GDIBN JA NJMMJR AJM JOC@MN• NP0@MDIB DN IJO B@IPDI@
>JHK<NNDJI $O DN NJH@ FDI? JA N@IODH@IO<GDNH 2C@I OC@ HDI? DN
JQ@M>JH@ =T N@IODH@IO<GDNH DO A<DGN OJ >JMM@>OGT <NN@NN OC@ NDOP<ODJI
<I? OJ O<F@ OC@ MDBCO H@<NPM@N OJ C@GK JOC@MN
*RAFQ» ª<KKM@>D<ODQ@ EJT C<N OC@ >C<M<>O@MDNOD> JA BG<?I@NN RC@I JOC@MN

NP>>@@? $ON API>ODJI GD@N DI =@DIB IJO @IQDJPN $O DN H<IDA@NO@? <N
OC@ <=N@I>@ JA <Q@MNDJI $ON KMJSDH<O@ ><PN@ DN RC@I JI@ N@@N JOC@MN•
NP>>@NN $ON NP>>@NN GD@N DI OC@ NP=ND?@I>@ JA <Q@MNDJI $ON A<DGPM@ GD@N
DIZOC@ZKMJ?P>ODJI JA H@MMDH@IO KKM@>D<ODQ@ EJT DN IJO H@MMTH<FDIB
<>>JHK<ID@? =T @S>DO@? A@@GDIBN JA @G<ODJI JM JPO=PMNON JA @HJODJI<G
@S>DO@H@IO JQ@M OC@ NP>>@NN JA JOC@MN
/C@ G<NO DI OC@ GDNO JA =@<PODAPG H@IO<G A<>OJMN DN >JLE> ªIJI ?@GPNDJI
<GNJZ ><GG@? M>««» ªRDN?JH JM «»Ü> ªFIJRG@?B@ $O H@<IN FIJRDIB
OCDIBN <N OC@T <>OP<GGT <M@ ªV>QE»?E%Q> JM FIJRG@?B@ DI >JIAJMHDOT
RDOC OC@ I<OPM@ JA <>OP<GDOT /CDN K<MOD>PG<M H@IO<G A<>OJM <N R@ C<Q@
N@@I >JH=DI@N RDOC IJI BM@@? ª>IL?E> <I? IJI C<OM@? ª>ALP> OJ
AJMH OC@ R@GG FIJRI OMD<? JA OC@ RCJG@NJH@ MJJON $ON H@IODJI C@M@ <N
<IZJ>><NDJI<G <?EPI>O JA =@<PODAPGZ>JIN>DJPNI@NN NCJRN OC<O PIGDF@ OC@
JOC@M ORJ DO ?J@N IJO I@>@NN<MDGT J>>PM DI <GG =@<PODAPG >JIN>DJPNI@NN
!JM Z <N R@ C<Q@ IJO@? DI C<KO@M <HJIB OC@ @DBCO OTK@N JA N@IN@
NKC@M@ RCJG@NJH@ >JIN>DJPNI@NN AJPM <M@ „?DNNJ>D<O@? AMJH
FIJRG@?B@…Z ª«»Ü> SFMM>VRQQ> <I? AJPM „<NNJ>D<O@? RDOC FIJRG@?B@…
ª«»Ü> P>JM>VRQQ> /C@M@AJM@Z OC@Z M@>JBIDODJI JA IJI ?@GPNDJI JM
RDN?JH <N ><NDJI<G <?EPI>O JA =@<PODAPG >JIN>DJPNI@NN >JIAJMHN
OJZOCDN NDOP<ODJI
->««» C<N OC@ >C<M<>O@MDNOD> JA DGGPHDI<ODIB ªL?E»P>K> JM

PI?@MNO<I?DIBZ ªM>G»K>K> „ N RC@I < G<HK =PMIN <O IDBCO
DI < AJPM R<GG@? CJPN@ OC@ ?<MFI@NN >@<N@N GDBCO H<IDA@NON DON@GA
NJ PI?@MNO<I?DIB C<N DGGPHDI<ODIB <N DON >C<M<>O@MDNOD> /C@M@ DN
IJ DGGPHDI<ODJI @LP<G OJ OC@ DGGPHDI<ODJI JA PI?@MNO<I?DIB…
„0I?@MNO<I?DIB ªM>««» C<N PIA<GO@MDIB K@I@OM<ODJI <N DON
>C<M<>O@MDNOD> Z GDF@Z OC@ K@I@OM<ODJI JA C@M DGGPHDI<ODJI JA OC@ J=E@>O <N DON API>ODJI <N DO R@M@ < G<HK
IJI K@MKG@SDOT <N DON KMJSDH<O@ ><PN@ <N DO R@M@ < BJJ? BPD?@ DI
OC@ AJM@NO…
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1%" ,$+&1&3" -/, "00
/C@ =CD?C<HH< OC@JMT JA >JBIDODJI DN =<N@? JI ORJ =<ND> D?@<N JA

@<MGT P??CDNO KNT>CJGJBT *I@ DN OC<O HDI? DN < KMJ>@NN RDOCJPO
<IZ @I?PMDIB NP=NO@ /C@ JOC@M DN OC<O <GG KNT>CJGJBD><G @SK@MD@I>@
DN <Z >JIODIPPH JA H@IO<G @Q@ION >>JM?DIBGT >JBIDODJI DN IJO OC@
DHH@?D<O@ M@NPGO JA OC@ >JIO<>O =@OR@@I OC@ N@IN@ JMBO -<OC@M ZDO DNZOC@ >PHPG<ODQ@ M@NPGO JA < >JIODIPPH JA >JBIDODQ@
@Q@ION /C@ZKMJ>@NN =@BDIN AMJH < NDHKG@ N@INJMT >JIO<>O <I? KMJ>@@?N
BM<?P<GGT OJ OC@ <KKM@C@INDJI JA OC@ J=E@>O /C@M@ DN IJ N@GA JM NP=E@>O
=@CDI? OC@ >JBIDODQ@ KMJ>@NN <N <IZ @I?PMDIB @IODOT @SK@MD@I>DIB OC@
J=E@>O JM <IZ <B@IO ?DM@>ODIB OC@ Q<MDJPN H@IO<G <>ODQDOD@N /C@T O<F@
KG<>@ I<OPM<GGT <>>JM?DIB OJ OC@ KMDI>DKG@N JA KNT>CJGJBD><G JM?@M
ª@FQQ> KFV»J> @<>CZ NO<B@ DI OC@ >JIODIPPH =@DIB >JI?DODJI@? =T
OC@ DHH@?D<O@GT KM@>@?DIB JI@ ªI>AAE> M>@@>V> @FQQ> P>KQ»K>
º@>OFV>Z P??C<BCJN< <AO@M ?@N>MD=DIB OC@ KMJ>@NN JA >JBIDODJI H<F@N
OCDN DIO@M@NODIB J=N@MQ<ODJI „/C@M@ DN IJ <B@IO JM ?DM@>OJM RCJ <AO@M
OC@ J=E@>O C<N DHKDIB@? JI OC@ N@IN@ JMBODJI JA <OO@IODJI JM TJP K@MAJMH OC@ API>ODJI JA >JBIDODJI• … <>CZJA
OC@ Q<MDJPN <>ON NP>C <N <?Q@MODIB <OO@IODJI OJ OC@ J=E@>O API>ODJIN
<>>JM?DIB OJ OC@DM JRI G<R <I? OC@ RCJG@ KMJ>@NN DN M@>JBIDU@? <N OC@
G<R JA OC@ JK@M<ODJI JA OC@ HDI? ª@FQQ> KFV»J> /C@ HJH@IO<MT H@IO<G
@Q@ION ?J IJO J>>PM DI OC@ HDI? -<OC@M ZOC@ZHJH@IO<MT H@IO<G @Q@ION
OC@HN@GQ@N <M@ OC@ HDI?
/C@ >JBIDODQ@ KMJ>@NN <N ?@N>MD=@? DI OC@ =CD?C<HH< DN H<DIGT =<N@?

JI < AJMHPG<O@? OC@JMT JA HJH@ION <I? OC@ >JI>@KODJI JA ?E>S>ÚD>
>JIN>DJPNI@NN 2C<O DN ><GG@? ?E>S>ÚD> DN IJO < FDI? JA >JIN>DJPNI@NN
<??DODJI<G OJ OC@ JM OTK@N H@IODJI@? @<MGD@M $O DN < I<H@ BDQ@I
OJ JI@ JA OC@ M@NPGO<IO >JIN>DJPNI@NN@N RC@I DO K@MAJMHN < K<MOD>PG<M
API>ODJI $I OCDN O@>CID><G N@IN@ OC@ O@MH J>>PMN 1MNO DI OC@ -> E»K>
JA OC@ =CD?C<HH< +D <F< <I? OC@I DI OC@ *FIFKA>M>«E> #JR@Q@M
DO R<N DI OC@ +»GD @S@B@OD><G RJMFN OC<O OC@ D?@< ><H@ OJ =@ APGGT
?@Q@GJK@? Z/C@ZO@MH GDO@M<GGT H@<IN „>JINODOP@IO JA =@>JHDIB… =PO RC<O
DO H@<IN <N < O@>CID><G O@MH RDGG =@>JH@ >G@<M DA R@ M@A@M C@M@ OJ OC@
ORJZNOM@<HN JA >JIN>DJPNI@NN M@>JBIDU@? DI OC@ +»GD @S@B@NDN
*I@ DN ><GG@? SåQEF @FQQ> 3åQEF H@<IN < K<OCR<T JM < KMJ>@NN #@I>@ZRC<O
DN ><GG@? SåQEF @FQQ> M@A@MN OJ HDI? RC@I DO DN <>ODQ@ OC<O DN RC@I
>JIN>DJPNI@NN J>>PMN DI < >JBIDODQ@ KMJ>@NN /C@ JOC@M DN ><GG@? SåQEF
JRQQ> $O M@A@MN OJ HDI? RC@I DO DN AM@@ AMJH >JBIDODQ@ KMJ>@NN@N OC<O DN
RC@I DO DN DI DON K<NNDQ@ >JI?DODJI /C@N@ ORJ KMJ>@NN@N >JPG? =@ M@A@MM@?
OJ <N KMJ>@NN >JIN>DJPNI@NN <I? KMJ>@NN AM@@ >JIN>DJPNI@NN M@NK@>ODQ@GT
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/C@ KMJ>@NN AM@@ >JIN>DJPNI@NN K@MAJMHN OCM@@ ?D0@M@IO API>ODJIN

/C@Z 1MNO DN DON API>ODJI <N ?E>S>ÚD> $I OCDN ><K<>DOT DO @INPM@N OC@
PIDIO@MMPKO@? >JIODIPDOT JA DI?DQD?P<G GDA@ OCMJPBC OC@ ?PM<ODJI JA <IT
NDIBG@ @SDNO@I>@ !JM RC@I@Q@M OC@ KMJ>@NN >JIN>DJPNI@NN DN DIO@MMPKO@?
<N AJM @S<HKG@ DI ?@@K ?M@<HG@NN NG@@K DO DN DHH@?D<O@GT AJGGJR@? =T
OC@ KMJ>@NN AM@@ >JIN>DJPNI@NN OCPN KM@Q@IODIB OC@ KJNND=DGDOT JA <IT B<K
<MDNDIB DI OC@ >JIODIPJPN 2JR JA >JIN>DJPNI@NN 2C@I@Q@MZ <Z >JBIDODQ@
KMJ>@NN NP=ND?@N OC@ ?E>S>ÚD> >JIN>DJPNI@NN NPK@MQ@I@N $I JOC@M RJM?N
DOZ DIO@MQ@I@N =@OR@@I @Q@MT ORJ >JBIDODQ@ KMJ>@NN@N <I? OCPN N@K<M<O@N
OC@HZ <N ORJ ?D0@M@IO >JBIDODQ@ PIDON /C@ N@>JI? API>ODJI JA OC@
KMJ>@NN AM@@ >JIN>DJPNI@NN DN DON API>ODJI <N ?@<OC >JIN>DJPNI@NN
ª@RQF @FQQ> OC@Z G<NO >JIN>DJPNI@NN OJ J>>PM DI <IT DI?DQD?P<G @SDNO@I>@
/C@ OCDM? API>ODJI JA OC@ KMJ>@NN AM@@ >JIN>DJPNI@NN DN <N M@=DMOC GDIFDIB
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NP= HJH@IO JA OC@ <MDNDIB JA H<OO@M DN @S<>OGT @LP<G OJ < HDI? HJH@IO
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$O DN DI JM?@M OJ M@>JBIDU@ OC@ <MDNDIB HJH@IO JA OC@ H<O@MD<G J=E@>O
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>JBIDODQ@ZKMJ>@NN
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JA N@Q@IO@@I HDI? HJH@ION N IJO@? <=JQ@ N@Q@IO@@I HDI? HJH@ION
<M@ @S<>OGT @LP<G OJ OC@ GDA@ NK<PN@
OC@ HDI? DN N<D? OJ >C<IB@ M<KD?GT <I? =M@<F PK HJM@ LPD>FGT OC>JM?DIBGT < H<OO@M HJH@IO RCD>C <MDN@N NDHPGO<I@JPNGT
RDOCZ <Z HDI? HJH@IO K@MDNC@N OJB@OC@M RDOC OC@ N@Q@IO@@IOC HDI?
HJH@IO DI <Z BDQ@I N@MD@N 2C@I DO DN N<D? OC<O < >JHKG@O@ >JBIDODQ@
KMJ>@NN G<NON AJM N@Q@IO@@I HDI? HJH@ION DO ?J@N <GNJ H@JHKG@O@ >JBIDODQ@ZKMJ>@NN G<NON AJM JI@ H<OO@M HJH@IO
2CT OC@ >JBIDODQ@ KMJ>@NN DN ><G>PG<O@? DI OCDN H<II@M >ODQ@ DA R@ @S<HDI@ C@M@ OC@ 1<D=C»üDF<
.<POM»IODF< >JIOMJQ@MNT JI OC@ ><PN<GDOT JA >JBIDODJI IT <>O JA
>JBIDODJI DO H<T =@ IJO@? C@M@ DIQJGQ@N OC@ K<MOD>DK<ODJI JA <O G@<NO
OCM@@ OCDIBN I<H@GT OC@ N@IN@ J=E@>O OC@ N@IN@ JMBJIN>DJPNI@NN >>JM?DIB OJ OC@ OC@JMT JA HJH@ION CJR@Q@M OC@N@
OCM@@ DO@HN <M@ @LP<GGT HJH@IO<MT ª!JM OC@ 1<D=C»üDF<N <I? OC@
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OC@DM GDA@ NK@ ><PN<GDOT ?@H<I?N < O@HKJM<G N@LP@I>@ =@OR@@I
OC@ ><PN@ <I? OC@ @0@>O CJR ><PN<G M@G<ODJINCDK =@ @NO<=GDNC@?
=@OR@@I OCM@@ @LP<GGT HJH@IO<MT OCDIBN
/C@ 1<D=C»üDF<N N@@F OJ NJGQ@ OCDN KMJ=G@H =T OC@DM OC@JMT JA

NDHPGO<I@JPNZ ><PN<ODJI ªP>E>?E% EBQR <>>JM?DIB OJ RCD>C OC@
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>JI>JHDO@ JA ORJ JM HJM@ OCDIBN
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G<HKZ<I? DON GDBCO JM OC@ NKMJPO <I? DON NC<?JR
/# *")$/$1 +-* ..
/C@ .<POM»IODF<N O<F@ NOMJIB @S>@KODJI OJ OCDN DIO@MKM@O<ODJI /C@TZM@E@>O

OC@ 1<D=C»üDF< OC@JMT JA NDHPGO<I@JPN ><PN<ODJI JI OC@ BMJPI? OC<O
OC@ ><PN@ HPNO I@>@NN<MDGT KM@>@?@ OC@ @0@>O <I? OC@M@AJM@ OJ NK@<F JA
<Z><PN<GDOT RC@I OC@ ><PN@ <I? OC@ @0@>O <M@ >J @SDNO@IO DN H@<IDIBG@NN
/C@Z@S<HKG@ JA OC@ G<HK <I? OC@ GDBCO H<F@N IJ N@IN@ =@><PN@ OC@ G<HK
DN IJO OC@ ><PN@ JA GDBCO =JOC OC@ G<HK <I? OC@ GDBCO =@DIB M@NPGON JA
<Z>JI2P@I>@ JA ><PN@N =@GJIBDIB OJ < K<NO HJH@IO #@I>@ OC@T H<DIO<DI
OC<O J=E@>O DN OC@ ><PN@ JA >JBIDODJI <I? OC@M@AJM@ OC@ J=E@>O HPNO
KM@>@?@ OC@ <>O JA >JBIDODJI /C@ ORJ ><IIJO <MDN@ NDHPGO<I@JPNGT <I? T@O
<>ODQ<O@ <N ><PN@ <I? @0@>O /C@ RCJG@ NDOP<ODJI DN >G@<MGT =MJPBCO DIOJ
AJ>PN =T OC@ AJGGJRDIB J=E@>ODJI M<DN@? =T OC@ »Mü »IODF<N
/C@ JMB<IN <I? OC@ J=E@>ON JA OC@ N@IN@ >JIN>DJPNI@NN <N ><PN@N JA
N@IN@ >JIN>DJPNI@NN =@GJIB OJ < K<NO HJH@IO 2C@I ªAJM @S<HKG@
<ZQDND=G@ J=E@>O <I? OC@ @T@ @SDNO OC@ QDNP<G >JIN>DJPNI@NN ?J@N IJO
@SDNO 2C@I OC@ QDNP<G >JIN>DJPNI@NN @SDNON OC@ @T@ <I? OC@ QDND=G@
J=E@>O ?J IJO @SDNO $I OC@DM <=N@I>@ ?PMDIB OC@ HJH@IO JA ªQDNP<G
>JIN>DJPNI@NN OC@M@ DN IJ KJNND=DGDOT JA OC@ >JBIDODJI JA OC@ J=E@>O
/C@M@AJM@ <GG N@IN@ K@M>@KODJIN <M@ DI?DM@>O
/CDN DN RC<O G@? OC@ .<POM»IODF<N OJ @NO<=GDNC OC@DM OC@JMT JA OC@

DIA@M<=DGDOT JA OC@ @SO@MI<G J=E@>O ª?»EV»OQE»KRJBV>S»A> 2C<O DN
?DM@>OGT FIJRI DN IJO OC@ J=E@>O =PO DON M@KM@N@IO<ODJI /C@ @SDNO@I>@
JA OC@ J=E@>O DN DIA@MM@? AMJH DON >JMM@NKJI?@I>@ OJ OC@ DHKM@NNDJI
K@M>@DQ@? /C@ ><PN<G M@G<ODJINCDK =@OR@@I OC@ J=E@>O <I? DON >JBIDODJI
DN ?@O@MHDI@? =T OC@ K@>PGD<M @3>D@I>T JA OC@ N@IN@ J=E@>O /CDN DN <GNJ
FIJRI <N OC@ OC@JMT JA M@KM@N@IO<ODQ@ K@M>@KODJI ªP»H»O> G«»K> S»A>
/CDN DN < =MD@A NO<O@H@IO JA CJR OC@ 1<D=C»üDF<N <I? OC@ .<POM»IODF<N
NJGQ@? OC@ KMJ=G@H KJN@? =T OC@ OC@JMT JA HJH@ION OJ OC@ ><PN<GDOT
JA >JBIDODJI /C@ 1<D=C»üDF< KJNDODJI DN OC<O OC@ @SO@MI<G J=E@>O
OCJPBCZ HJH@IO<MT >OGT >JBIDU@? <N DO <>ODQ<O@N
NDHPGO<I@JPNGTZ RDOC OC@ <>O JA >JBIDODJI /C@ .<POM»IODF< KJNDODJI DN
OC<O OC@ HJH@IO<MT J=E@>O >JBIDU@? ?DM@>OGT =PO C<N OJ =@
DIA@MM@? NDI>@ OC@ J=E@>O <N ><PN@ C<N OJ <MDN@ =@AJM@ OC@ <>O JA >JBIDODJI
/C@ /C@M<Q»?DIN• NJGPODJI OJ OC@ KMJ=G@H O<F@N < AJMH ?D0@M@IO AMJH
=JOC 2C<O @I<=G@? OC@H OJ NJGQ@ OC@ KMJ=G@H DN OC@DM OC@JMT OC<O OC@
GDA@ NKJIN>DJPNI@NN <O G@<NO =@AJM@ OC@ J>>PMM@I>@ JA JI@
HDI? HJH@IO <I?Z T@O =@ OC@ J=E@>O JA OC<O Q@MT N<H@ >JIN>DJPNI@NN
/C@ZA<>O OC<O <ZH<O@MD<G J=E@>O G<NON <N GJIB <N N@Q@IO@@I HDI? HJH@ION
H@<IN OC<O DO <GGJRN DON@GA OJ =@ APGGT >JBIDU@? =T < N@MD@N JA N@Q@IO@@I
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>JBIDODQ@Z@Q@ION /CPNZOC@Z/C@M<Q»?DIN R@M@ <=G@ OJ @NO<=GDNC OC@ OC@JMT

JA ?DM@>O K@M>@KODJI JA OC@ @SO@MI<G J=E@>O ?@NKDO@ OC@DM M@>JBIDUDIB OC@
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OC<O JA OC@ .<POM»IODF<N $O N<TN OC<O OC@ KCTND><G J=E@>ON JA N@INJMT
>JIN>DJPNI@NN <M@ IJO JIGT HJH@IO<MT =PO <OJHD> DI >JHKJNDODJI
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R<O@M A<GGDIB JI <Z C@<O@? DMJI =<GG … N NP>C OC@T ><IIJO >JH@ RDOCDI
OC@ M<IB@ JA OC@ M@NK@>ODQ@ >JIN>DJPNI@NN@N =<N@? JI OC@ KCTND><G
N@IN@ JMB<IN /C@T =@>JH@ J=E@>ON JA HDI? >JIN>DJPNI@NN =PO IJO
J=E@>ON JA N@INJMT >JIN>DJPNI@NN /C@ >G@<M DHKGD><ODJI DN OC<O OC@T <M@
DIA@MM@? <N J=E@>ON JA HDI? >JIN>DJPNI@NN $O DN IJO KJNND=G@ OJ N<T
HJM@ <=JPO OCDN OC@JMT JA OC@ =C<T<BDMD !M<O@MIDOT <N OC@M@ DN JIGT
< K<NNDIB M@A@M@I>@ OJ DO DI JI@ JA OC@ +»GD NP= >JHH@IO<MD@N
$A OC@ /C@M<Q»?DIN M@O<DI OC@ OC@JMT JA ?DM@>O K@M>@KODJI OCDN ?J@N

IJO H@JI>@KOP<G <>ODQDOT ?J@N IJO >JIOMD=PO@ <ITOCDIB OJ
OC@ JMDBDI<GZ =<M@ N@IN<ODJI $O DN JA >JPMN@ OMP@ OC<O <N A<M <N JI@
NDIBG@ >JBIDODQ@ KMJ>@NN DN >JI>@MI@? OC@ HDI? ?J@N IJO @?DO OC@ M<R
?<O< JA K@M>@KODJI DI NP>C < R<T <N OJ A<GNDAT OC@ OMP@ I<OPM@ JA OC@
@SO@MI<G J=E@>O /C@Z HDI? JIGT K@MAJMHN OC@ API>ODJI JA N@G@>ODQ@
?DN>MDHDI<ODJI NJ OC<O OC@ @SO@MI<G J=E@>O DN HJM@ >G@<MGT N@@I <N OC@
M@NPGO JA H@IO<G <>ODQDOT >JHH@IO<MT BDQ@N OCDN NDHDG@ OJ DGGPNOM<O@
OCDNZ NDOP<ODJI 2C@I N@Q@M<G >CDG?M@I <M@ KG<TDIB JI OC@ MJ<? < >JDI
NOMDF@N OC@ C<I? JA JI@ JA OC@H #@ <NFN JOC@M >CDG?M@I RC<O DO R<N
OC<O CDO CDN C<I? *I@ >CDG? N<TN OC<O DO DN <ZRCDO@ J=E@>O IJOC@M O<F@N
DO RDOCZ ?PNO JI DO IJOC@M ?@N>MD=@N DO <N <Z =MJ<? <I? NLP<M@ J=E@>O
IJOC@M N<TN OC<O DO DN < H>E>M>K> !DI<GGTZOC@T O<F@ OC@ >JDI <I? BDQ@
DO OJ OC@DM HJOC@M RCJ H<F@N PN@ JA DO %PNO <N OC@ H>E>M>K> DI OC@
NDHDG@ OC@ JMDBDI<G NODHPGPN RCD>C >JH@N OJ OC@ <OO@IODJI JA OC@ HDI?
DN BM<?P<GGT D?@IOD1@? PIODG DO 1I<GGT >JH@N OJ =@ APGGT @SK@MD@I>@? <O
OC@ZG>S>K> NO<B@ JA OC@ >JBIDODQ@ KMJ>@NN
2C<O DN N<D? <=JQ@ DN OMP@ JIGT JA < NDIBG@ >JBIDODQ@ KMJ>@NN =<N@? JI
<ITZ JI@ JA OC@ KCTND><G N@IN@ JMB<IN #JR@Q@M @<>C NDIBG@ >JBIDODQ@
KMJ>@NN DN IJO JIGT M@K@<O@? N@Q@M<G ODH@N =PO DN <GNJ AJGGJR@? =T
N@Q@M<G N@LP@GN JA HDI? ?JJM JM D?@<ODJI<G KMJ>@NN@N RCD>C @S@M>DN@
< NTIOC@NDUDIB API>ODJI JI RC<O DN >JBIDU@? $O DN JIGT OC@I <I? OC@I
JIGT OC<O < ?DNODI>O M@>JBIDODJI JA OC@ J=E@>O J>>PMN /CDN RDGG =@>JH@
HJM@ >G@<M RC@I R@Z ?DN>PNN OJR<M?N OC@ @I? JA OCDN >C<KO@M OC@
>JBIDODQ@ KMJ>@NN@N OC<O J>>PM @S>GPNDQ@GT <O OC@ HDI? ?JJM
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IJOC@M DNNP@ OC<O ?DQD?@? P??CDNO N>CJJGN >JI>@MI@? OC@ „<B@IO…

JM „DINOMPH@IO… JA K@M>@KODJI $I OC@ ><N@ JA QDNP<G >JIN>DJPNI@NN
AJM @S<HKG@ RC<O DN DO OC<O M@<GGT N@@N OC@ J=E@>O $I OCDN >JII@>ODJI
1@I@M<=G@ & ' C<HH<EJOD M@A@MN OJ AJPM ?D0@M@IO QD@RN <N M@>JM?@?
DI OC@ ?EFAE>OJ> J>E»SF?E»ø» »PQO> /C@ 1<D=C»üDF<N H<DIO<DI OC<O
DO DN OC@ @T@ OC@ QDNP<G JMBD<O@? RDOC QDNP<G >JIN>DJPNI@NN $O DN OC@ QDNP<G >JIN>DJPNI@NN
OC<O >JBIDU@N OC@ J=E@>O #JR@Q@M DO >@ZJA OC@ @T@ 2C<O OCDN N@@HN OJ H@O QDNP<G >JIN>DJPNI@NN DN <R<M@ JA DO #@M@ < ?DNODI>ODJI DN
H<?@ =@OR@@I N@@DIB ªM> V>QF <I? ?DN>@MIDIB JM >JBIDUDIB ªSFG»K»QF
/C@ZN@>JI? QD@R DN OC@ JI@ C@G? =T º@»OV> C<MH<OM»O< <>>JM?DIB OJ
RCD>C DO DN OC@ QDNP<G >JIN>DJPNI@NN OC<O N@@N OC@ J=E@>O >>JM?DIB OJ
OC@ OCDM? QD@R C@G? =T º@»OV> "CJø<F< DO DN OC@ PI?@MNO<I?DIB ªMO>G«»
>JIEJDI@? RDOC >JIN>DJPNI@NN OC<O M@<GGT N@@N OC@ J=E@>O /C@ AJPMOC
QD@R C@G? =T OC@ »Mü»IODF<N DN OC<O DO DN OC@ >JI2P@I>@ ªP»J»DOF JA
>JIN>DJPNI@NN <I? DON >JI>JHDO<ION OC<O <>ON <N OC@ „<B@IO… JA N@@DIB
/C@ /C@M<Q»?DI QD@R DI OCDN M@B<M? DN NDHDG<M OJ OC@ JI@ C@G? =T

º@»OV> C<MH<OM»O< $O DN OC@ QDNP<G >JIN>DJPNI@NN OC@ >JIN>DJPNI@NN
?@K@I?@IOZ JI OC@ @T@ OC<O N@@N OC@ QDND=G@ J=E@>O *I@ M@<NJI BDQ@I =T
OCJN@ RCJ N<T OC<O DO DN OC@ @T@ OC<O N@@N DN =<N@? JI OC@ NPOO< N<TDIB
„JI N@@DIB <Z QDND=G@ J=E@>O RDOC OC@ @T@… ª@>HHERK» O%M>Ø AFPS»
>>JM?DIBZ OJ OC@ /C@M<Q»?DIN DO DN JIGT @SKM@NNDJI
RC<O DN ><GG@? <IZ „<>>@NNJMT GJ>PODJI… ªP>P>J?E»O> H>QE» GDF@
„#@ NCJO CDH RDOC OC@ =JR… $O DN <Z ><N@ JA H@O<KCJMD><GGT <OOMD=PODIB
OC@Z <>ODJI JA OC<O RCD>C DN NPKKJMO@? ªQDNP<G >JIN>DJPNI@NN OJ OC<O
RCD>CZ DNZ OC@ NPKKJMO ªQDNP<GZ JMBJON >MT…
RC@I DI A<>O RC<O JI@ H@<IN =T OC<O DN OC<O OC@ >CDG?M@I DI OC@ >JON
>MT ªKFPPFQ>HOFV>Ø KFPP»VB SFV> H>QS» /C@M@AJM@ OC@ N@IO@I>@ C<N OJ
=@ M@KCM<N@? <N „JI N@@DIB < QDND=G@ J=E@>O RDOC QDNP<G >JIN>DJPNI@NN…
ª@>HHER SF««»ÜBK> O%M>Ø AFPS»
$I OCDN >JII@>ODJI OC@ I>D@ION N<T „/C@ @T@ ?J@N IJO N@@ < QDND=G@
J=E@>O =@><PN@ DO C<N IJ HDI? ª@>HHER O%M>Ø K> M>PP>QF >@FQQ>H>QQ»
/C@ HDI? ?J@N IJO N@@ =@><PN@ DO C<N IJ @T@N ª@FQQ>Ø K> M>PP>QF
>@>HHERH>QQ» … $O DN <MBP@? OC<O DA OC@ @T@ N@@N OC@I ?PMDIB OC@ ODH@
< K@MNJI DN C<QDIB JOC@M ªIJI QDNP<G >JIN>DJPNI@NN@N OJJ C@ NCJPG?
=@Z <=G@ OJ N@@ QDND=G@ OCDIBN RCD>C M@<GGT DN IJO OC@ ><N@ /CDN DN
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R@M@ >JIN>DJPNI@NN DON@GA OJ N@@ < QDND=G@ J=E@>O DO RJPG? =@ <=G@ OJ
N@@ OCDIBN GTDIB =@CDI? < R<GG <N R@GG <N DO ><IIJO =@ J=NOMP>O@? =T
M@NDNO<IOZH<OO@M ª>MM> FDE>?E»S>QL
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KK<M@IOGT OC@ >JIOMJQ@MNT JI RC@OC@M OC@ @T@ N@@N JM @T@

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OC@ >JJK@M<ODJI JA =JOC @T@ <I? >JIN>DJPNI@NN #JR@Q@M OC@M@ DN
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>JIN>DJPNI@NN NPKKJMO@? =T OC@ @T@ OC<O N@@N
/CDN RCJG@ >JIOMJQ@MNT <>>JM?DIB OJ OC@ .<POM»IODF<N DN < ><N@ JA

?@QJPMDIB OC@ @HKOT NK<>@ @K@I?DIB JI OC@ @T@ <I? QDND=G@ J=E@>ON
<MDN@NZ @T@ >JIN>DJPNI@NN /C@M@AJM@ OC@ LP@NODJI <N OJ RC<O DN OC<O N@@N
<I? RC<O DN OC<O DN N@@I ?J@N IJO <MDN@ /C@M@ DN IJ <B@IO JM <>ODJI
C@M@ 2C<O R@ M@<GGT N@@ C@M@ DN OC@ KG<T JA DHK@MNJI<G AE>OJ>P
OC@ AE>OJ>P <KK@<MDIB <N ><PN@N <I? @0@>ON $O DN H@M@GT <N < H<OO@M
JA >JIAJMHDIB OJ RJMG?GT @SKM@NNDJIN OC<O DO DN N<D? „OC@ @T@ N@@N…
„OC@ >JIN>DJPNI@NN >JBIDU@N…
/CDN DIO@MKM@O<ODJI >>JHHJ?<O@? RDOCDI OC@ /C@M<Q»?<

=CD?C<HH< <N R@GG !JM <GOCJPBC DO DN N<D? OC<O >JIN>DJPNI@NN >JBIDU@N
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OC<O OC@M@ DN >JHKGDNCDIB < >@MO<DI <>ODJI /C@M@AJM@ OCDN
NO<O@H@IO DN IJO Q<GD? DI OFV»V>QL /J =@ Q<GD?
DO C<N OJ =@ M@NO<O@? DI O@MHN JA <>ODQDOT ?@IJO<ODJI ª?E»S> P»AE>K> <N
„>JBIDODJI DN OC@ H@M@ KC@IJH@IJI JA >JBIDUDIB… ªSFG»K>K> J>QQ>J}BS>
SF««»Ü>Ø I?Z RC@I OCDN NO<O@H@IO DN M@KCM<N@? DI OC@ G<IBP<B@ JA
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>JIN>DJPNI@NN …
IJOC@M KMJ=G@H OC<O @IB<B@? OC@ <OO@IODJI JA P??CDNO N>CJJGN DN

RC<O @S<>OGT OC<O >JINODOPO@N OC@ J=E@>O JA K@M>@KODJI /C@ KMJ=G@H
<MJN@ DI OC@Z>JIO@SO JA OC@ OC@JMT JA <OJHN RC<O OC@ /C@M<Q»?DIN ><GG
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„!JM OC@ R<O@M @G@H@IO =DI?N OJB@OC@M DMJI @O> DI H<NN@N H<F@NZOC@H
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H>JJF@>IIV RCJG@NJH@ PIRCJG@NJH@ JM DI?@O@MHDI<O@ JI OC@ K<MO JA
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JM M@OM<>ON <IZ <MH JM NOM@O>C@N DO AJMOC… $O DN ><GG@? >JIN>DJPNI@NN
JMDBDI<O@? ª@FQQ> P>JR E»K> =@><PN@ DO DN N@O PK BDQ@I MDN@ OJ
JM >JI?DODJI@? =T OC<O OCJPBCO DI M@NKJIN@ OJ RCD>C DO <MDN@N $O DN
?@N>MD=@? <N J>>PMMDIB OJB@OC@M RDOC >JIN>DJPNI@NN ª@FQQ> P>E>?E%
=@><PN@ DO G<NON <N GJIB <N OC<O >JIN>DJPNI@NN $O DN <GNJ ?@N>MD=@? <N
AJGGJRDIB OC@ K<OO@MI JA >JIN>DJPNI@NN ª@FQQ»KRM>OFS>QQF =@><PN@
<N <ZKCTND><G KC@IJH@IJI DOZ>JIAJMHN OJ OC<O K<MOD>PG<M >JIN>DJPNI@NN
$O DN ><GG@? =J?DGT DIODH<ODJI =@><PN@ DO DN OC@ H@<IN =T RCD>C OC<O
OCJPBCO DI M@NKJIN@ OJ RCD>C DO <MDN@N DN >JHHPID><O@?
/# )*($) ' + ) )/ ( // -
2C<O DN >G@<M AMJH OCDN =MD@A ?@1IDODJI DN OC<O =J?DGT DIODH<ODJI DN

IJO D?@IOD><G RDOC =J?DGT HJQ@H@ION /CDN DN DI >JIOM<NO OJ CJR DO DN
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NCJRN DI OC@ /C@M<Q»?< OC@ O@MH DN M@N@MQ@? OJ NDBIDAT „OC<O O@INDJI
OC<OZ DIO@IOI@NN OC<O NO<O@ JA H<FDIB OC@ =J?T O@IN@… RCD>C J>>PMN
DI M@NKJIN@ OJ < OCJPBCO B<DI PIGDF@ OC@ =J?DGT DIODH<ODJI JA OC@
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N@IN@ 1@G? JA OC@ QDND=G@ =PO DI OC@ N@IN@ 1@G? JA H@IO<G J=E@>ON
$O DN OC@M@AJM@Z FIJRI JIGT <N O JA HDI? >JIN>DJPNI@NN
OCMJPBC < KMJ>@NN JA DIA@M@I>@
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HJQ@H@IONZ DI >JHHPID><ODIB JI@•N OCJPBCON JM A@@GDIBN OJ <IJOC@M
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?@1IDODJIZ <NZ BDQ@I DI OC@ !E>JJ>P>ÚD>ÜF /C@ >JHH@IO<MD<G <>>JPIO
JA OC@ NP=E@>O A<GGN RDOCDI DON AM<H@RJMF <I? >G<MD1@N DO APMOC@M
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DO DN =@><PN@ JA OC@ >DM>PHNO@ OC<O C@M@ OC@ <DM @G@H@IO DN
>C<M<>O@MDU@?Z =T < CDBC@M ?@BM@@ JA DIO@INDOT ªRPP>A> JM ><K<=DGDOT
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$I JM?@M OJ PI?@MNO<I? CJR OCDN NK@>D<G HJ?@ JA OC@ >JIN>DJPNI@NN

JMDBDI<O@? <DM @G@H@IO API>ODJIN <N =J?DGT DIODH<ODJI R@ I@@? OJ
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/# )*($) ' + ) )/ ( // -
J>>PMM@I>@Z JA =J?DGT HJQ@H@ION N @SKG<DI@? DI < +»GD >JHH@IO<MT

RC@I < OCJPBCO J>>PMN OJ NJH@JI@ „$ RDGG HJQ@ AJMR<M? JM NO@K
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JA OC@ AJGGJRDIB @DBCO H<O@MD<G AE>JJ>P @<MOC R<O@M 1M@ <DM >JGJPM
J?JPM ZN<QJPM <I?ZIPOMDODQ@ @NN@I>@ /C@N@ @DBCO DO H<T =@ IJO@? C@M@
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OC@ =<ND> AJPI?<ODJI JA <GG DINO@N JA H<O@MD<GDOT .DI>@ OC@N@
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DN ><GG@? G>S>K> ªDHKPGNDJI $O DN <O OC@ G>S>K> KC<N@ OC<O OC@ J=E@>O
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DIZ <GG =J?DGT HJQ@H@ION )JR RC@I < OCJPBCO C<QDIB OC@ DIO@IO JA
HJQDIB OC@ =J?T J>>PMN OC@I DI M@NKJIN@ OJ @<>C G>S>K> HJH@IO OC@M@
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KC@IJH@I<Z OC@ <DM @G@H@IO RCD>C DN OC@ KMDI>DKG@ JA HJ=DGDOT
C<N HJM@ DIO@INDOT OCC <M@
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=J?T M@<?T AJM HJQ@H@IO =PO OC@T ?J IJO C<Q@ OC@ ><K<>DOT OJ HJQ@
OC@ =J?T $O DN OC@ H<O@MD<G KC@IJH@I< N@O PK =T OC@ N@Q@IOC G>S>K>
HJH@IO OC<O <>OP<GGT K@MAJMH OC@ O<NF JA HJQDIB OC@ =J?T DI OC@ R<TN
?DM@>O@? =T OC@ HDI? $I OC@ RJM?N JA OC@ >JHH@IO<MT „OC@Z N@Q@IOC
HJH@IO N@ON PK HJ=DGDOT <=G@ =JOC OJ HJQ@ OC@ =J?T AJMR<M? <I?
=<>FR<M? <I? OJ ><PN@ OC@ <>O JA GJJFDIB NOM<DBCO <C@<? JM J=GDLP@GT
JAZ=@I?DIB <I? @SO@I?DIB OC@ GDH=N #@I>@ OC@M@ M@NPGON O JA BJDIB
JM >JHDIB JM =JOC ª=TZM@K@ODODJI HJM@ OCK> BJI@ <N A<M <N O@I VLG>K>P …
/# )*($) ' + ) )/ ( // -
/CDN NDOP<ODJI DN DGGPNOM<O@? RDOC OC@ NDHDG@ JA < ><MO C<QDIB N@Q@I
TJF@N Z „ N RC@I < ><MO DN ?M<RI =T N@Q@I TJF@N OC@ =PGGJ>FN <O OC@
1MNO TJF@ <M@ <=G@ OJ =@<M OC@ TJF@ =PO IJO OJ OPMI OC@ RC@@GN I?
OC@ N<H@ RDOC OC@ =PGGJ>FN TJF@? OJ OC@ N@>JI? Ž <I? NDSOC TJF@N
PO =T C<MI@NNDIB =PGGJ>FN OJ < N@Q@IOC TJF@ < >G@Q@M ?MDQ@M NDOODIB DI
OC@ZAJM@K<MO JA OC@ ><MO O<F@N OC@ M@DIN <I? PMB@N OC@ =PGGJ>FN RDOC OC@
BJ<? =@BDIIDIB AMJH OC@ AJM@HJNO JA <GG OC@I <GG OC@ =PGGJ>FN =@DIB
JA PIDO@? NOM@IBOC NO@<?T OC@ TJF@ OPMI OC@ RC@@GN ?M<R OC@ ><MO
@I<=GDIBZPNZOJ N<T OC<O DO C<N BJI@ O@I JM OR@IOT VLG>K>P …
)JR <N <GM@<?T IJO@? =J?DGT HJQ@H@ION <M@ IJO OC@ =J?DGT DIODH<ODJI
)JM DN DO OC@ >JIN>DJPNI@NN JMDBDI<O@? H<O@MD<G KC@IJH@I< <HJIB
RCD>CZ OC@ <DM @G@H@IO C<N HJM@ DIO@INDOT <I? ><K<>DOT -<OC@M DO DN
<Z NK@>D<G HJ?@ JA OC@ <DM @G@H@IO ª»H»O> SFH»O> RCD>C DN <=G@ OJ
„O@IN@ GDAO <I? HJQ@… OC@ =J?T /J LPJO@ OC@ >JHH@IO<MT „DO DN
><GG@?Z =J?DGTZ DIODH<ODJI =@><PN@ DO DN < ><K<>DOT AJM >JHHPID><ODIB
2C<O ?J@N DO >JHHPID><O@ >@MO<DI RDNC >JHHPID><=G@ =T O
JA OC@ =J?T $AZ <ITJI@ NO<I?N DI OC@ K<OC JA OC@ @T@ M<DN@N CDN C<I?N
JM A@@O NC<F@N CDN C@<? JM =MJR OC@ HJQ@H@ION JA CDN C<I?N @O>
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=T HDI? !JM JI@ N@@N =T OC@ @T@ < >JGJPM NPMA<>@ HJQDIB =T QDMOP@
JA OC@ >C<IB@ JA KJNDODJI DI C<I?N @O> PO =T M@2@>ODIB JI DO <N
DIODH<ODJI JI@ FIJRN DO =T HDI? ?JJM >JIN>DJPNI@NN OCPN €$ DH<BDI@
OC<O OCDN H<IZ RDNC@N H@ OJ ?J OCDN JM OC<O <>O•… N OC@ >JHH@IO<MT
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=T OCDN NDBI JOC@MN RDGG FIJR OC<O OC@M@ DN R<O@M C@M@ <I? RC@I JOC@MN
JI N@@DIB DO >JH@ OJ FIJR OC<O OC@M@ DN R<O@M C@M@ <GOCJPBC OC@T C<Q@
IJOZ <>OP<GGT N@@I OC@ R<O@M *M DO DN GDF@ JPM DIA@MMDIB RCD>C R<T OC@
RDI?ZDN =GJRDIB =T JPM J=N@MQDIB OC@ HJQ@H@IO JA OC@ OM@@N <GOCJPBC
R@Z?J IJO N@@ OC@ RDI?
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ªSF««»M>K> =PO <GNJ =@><PN@ JA =@DIB >JHHPID><O@? ªSF««»MFQ>QQ>
JHHPID><ODJI =T NDBI <N OC@ >JHH@IO<MT J=N@MQ@N DN NJH@ODH@N
DIO@GGDBD=G@ @Q@I OJ <IDH<GN „2C@I@Q@M ?JBN AJS@N >MJRN <I? ><OOG@
<M@ <NN@H=G@? <I? RC@I OC@T N@@ OC@ B@NOPM@ JA NOMDFDIB JI < NOD>F JM
< NOJI@ =@DIB N@DU@? OC@T FIJR €C@ RDNC@N OJ NOMDF@ PN• <I? 2@@
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RC@OC@M DIODH<ODJI ><GG@? DIODH<ODJI RC@I OC@ K@MNJI OJ RCJH
DO DN DIO@I?@? DN IJO <OO@I?DIB OJ DO DI JOC@M RJM?N RC@I OC@ H@NN<B@
DN IJO >JHHPID><O@? /C@ <INR@M DN OC<O @Q@I OC@I DO NCJPG? =@ ><GG@?
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/# )*($) ' + ) )/ ( // -
/C@ /C@M<Q»?< Q@MNDJI JA =J?DGT DIODH<ODJI RCD>C R@ C<Q@ NF@O>C@?

<=JQ@ >GJN@GT >JMM@NKJI?N OJ OC<O JA OC@ »Mü »IODF<N /C@T <M@ JA
OC@ QD@R OC<O „OC@M@ @SDNON < >@MO<DI O%M> RCD>C DN I@DOC@M >JGJPM
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/CDN O%M> KPON DIOJ HJQ@H@IO OC@ C<I?N <I? JOC@M H@H=@MN …
$IZOC@ (>OJ>PFAAEFMO>H>O>Ü> JA º>»MT< 1<NP=<I?CP R@ 1I? <G DA IJO OC@ N<H@ OC@JMTZ<OOMD=PO@? OJ < P??CDNO N>CJJG ><GG@?
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OJ OC@ <DM @G@H@IO BDQ@I MDN@ OJ =T <Z >@MO<DI Q<MD@OT JA >JIN>DJPNI@NN
ª@FQQ> SF Bø»A RQM>KK>º I?ZDO DN OCDN <DM @G@H@IO OC<O DN D?@IOD1@? =T
OC@ .<PMTJ?<TDF<N <N =J?DGT DIODH<ODJI
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=J?DGTZ HJQ@H@ION =PO AJM ?D0@M@IO M@<NJIN /C@TZ >MDOD>DU@ P??CDNO
N>CJJGN NP>C <N OC@ .»ÜHDOåT<N <I? OC@ 1»ONåKPOMåT<N AJM D?@IODATDIB
DO RDOC =J?DGT HJQ@H@ION JI OC@ BMJPI? OC<O HJODJI DN IJO NJH@OCDIB
OC<O J=O<DIN DI <ZM@<G <I? PGODH<O@ N@IN@ (JODJIZDN JIGT < I<H@ BDQ@I
OJ OC@ <KK@<M@ JA < N@MD@N JA HJH@IO<MT H<O@MD<G AE>OJ>P DI
<?E<>@IO GJ><ODJIN ªAB »KQ>OLQM>QQF $A NJH@=J?T M@OM<>O@? CDN <MH
JM NOM@O>C@? DO AJMOC DIZ JMM@>O OJ N<T OC<O
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C<? HJQ@? #@I>@ OJ D?@IODAT =J?DGT DIODH<ODJI RDOC =J?DGT HJQ@H@ION
DN OJ ?@KMDQ@ DO JA DON M@<GDOT <N < AE>OJ> C<QDIB DON JRI I<OPM@ <I?
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/# )*($) ' + ) )/ ( // -
/C@ /C@M<Q»?< =CD?C<HH< O<F@N < ?D0@M@IO KJNDODJI 2C<O DN ><GG@?

=J?DGT DIODH<ODJI DN IJO < N@K<M<O@ H<O@MD<G AE>JJ> $O DN < I<H@
BDQ@I OJ < NK@>D<G HJ?@ JA OC@ >JIN>DJPNI@NN JMDBDI<O@? <DM @G@H@IO
K<MO AMJH OC@ <DM @G@H@IO JA RCD>C DO DN < NK@>D<G HJ?@ OC@M@ DN IJ
N@K<M<O@ H<O@MD<G AE>JJ> ><GG@? =J?DGT DIODH<ODJI $ON ?@N>MDKODJI <N
„J>>PMMDIB OJB@OC@M RDOC >JIN>DJPNI@NN… ª@FQQ> P>E>?E% KJDION OJ OC@
N<H@ >JI>GPNDJI $AZ=J?DGT DIODH<ODJI <I? OC@ >JIN>DJPNI@NN DI M@NKJIN@
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OC@DM GDA@ NK>JM?DIB OJ /C@M<Q»?< =CD?C<HH<
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NK@<F JA >JGJPM ZO<NO@ NH@GG @O> <N N@K<M<O@ AE>JJ>P T@O KJNDODJI<GGT
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<MBPH@IO ><IIJO =@ ?DNN@>O@? <I? N@K<M<O@? GDF@ K<MOD>G@N JA N<I?
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C<M?I@NNZª@<MOC @G@H@IO JM AMJH DON O<NO@ /CDN NDOP<ODJI DN @LP<GGT OMP@
JAZOC@Z>JINODOP@ION JA < O%M> H>I»M> <N R@GG #@I>@ OC@M@ DN IJ I@>@NNDOT
JOC@M OC<G OJ KJNOPG<O@ OC@ >JINODOP@IO ªH>I»M>ÚD> <N OC@
NH<GG@NOZJAZ<GG ªP>??> M>OFV>KQFJ>
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IJO Z $I OCDN >JII@>ODJI RC<O R@ I@@? OJ M@H@H=@M C@M@ DN OC<O JA OC@
AJPMZBM@<O H<O@MD<G @G@H@ION OC@ @<MOC @G@H@IO M@KM@N@ION OC@ KMDI>DKG@
JA NJGD?DOT <I? @SO@INDJI I? NDI>@ OC@ @<MOC @G@H@IO DN JI@ JA OC@
>JINODOP@IONZ OC<O DIQ<MD<=GT @IO@M DIOJ OC@ >JHKJNDODJI JA @Q@MT <OJH
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NJGD?DOT RC<O@Q@M =@ DON ?@BM@@ JA DIO@INDOT ªRPP>A> <I? =T @SO@INDJI
RC<O@Q@M =@ DON @SO@IO /CPN PIGDF@ OC@ <OJH JA OC@ .<MQ»NODQ»?<
RC<O OC@ /C@M<Q»?< ?@ADI@N <N OC@ <OJH C<N NK<OD<G ?DH@INDJIN
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3FPRAAEFJ>DD> RC@I DO N<TN OC<O »H»P> OC@ZDIO@MQ@IDIB NK<>@ =@OR@@I
ORJ <OJHN ªO%M> H>I»M>P „C<NZOC@ZAPI>ODJI JA ?@GDHDODIB OC@ <OJH <N
OCDN DN OC@ GJR@M ND?@ ªV> > JA OC@ <OJH <I? OC<O DN OC@ PKK@M ND?@ ªR¢>
JA OC@ <OJH …
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OC@T <GG H<T =@ ?@N>MD=@? <N <OO@HKON OJ @HKC<NDU@ CJR <GHJNO
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!JM OC@ <OJH DN NJ NH<GG OC<O DI OC@ >JHH@IO<MT OJ OC@ 3F?E>ÚD> DO
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NDHDG<M OJ OC@ QD@R @SKM@NN@? DI NJH@ %<DI< RJMFN I<H@GT OC<O OC@
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JA OCDNZ DNNP@ NCJPG? DI IJ R<T >JIOM<?D>O OCDN =@GD@A $I KJDIO JA A<>O
OC@T O<F@ OC@N@ ORJ >C<M<>O@MDNOD>N JA OC@ <OJH <N OC@ Q@MT KM@HDN@ JA
OC@Z@SK@>O@? >JI>GPNDJI /C@T BM<IO OC@ KJNND=DGDOT JA ORJ <GO@MI<ODQ@N
=JOC JA RCD>C OC@T >JIO@I? <M@ @LP<GGT DI<?HDNND=G@ /C@ 1MNO DN OJ
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RC@OC@M K<MOD<GGT JM OJO<GGT DO RJPG? H@JIN@>PODQ@Z HJH@ION /C<O DN OJ N<T C ªN@>JI? HJH@IO /CDN QD@R
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?J IJO B@O KPGQ@MDU@? DIOJ <OJHN ?P@ OJ OC@ DHK<>O JA JOC@M <BBM@B<O@N
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R@ ><IIJO @SKG<DI @HKDMD><GGT J=N@MQ<=G@ >JIO<>O =@OR@@I <BBM@B<O@N
=@><PN@ OC@ G<OO@M <M@ PGODH<O@GT >JINODOPO@? JA OC@ AJMH@M
$I OCDN M@B<M? OC@T M@A@M OJ OC@ @SKG<I<ODJI BDQ@I =T º@»OV> C<?<IO<
<NZ OC@Z =@NO I<H@GT OC<O >JIO<>O DN <IJOC@M @SKM@NNDJI AJM „<=N@I>@
JA DIO@MQ<G… JM „DHH@?D<O@ EPSO<KJNDODJI… ªKFO>KQ>O>QS> $A OC@M@ DN
<IZDIO@MQ<G NJ OC@T <MBP@ RC<O RJPG? KM@Q@IO OC@ <OJHN AMJH HJQDIB
RDOCDI OC@ DIO@MQ<G $I OCDN >JII@>ODJI OC@T N@@H OJ C<Q@ JQ@MGJJF@?
OC@ .<MQ»NODQ»?< OC@JMT OC<O DI OC@ ><N@ JA HJH@IO<MT H<O@MD<G
AE>OJ>P OC@M@ DN IJ HJODJI 2C<O DN HJH@IO<MT ?DN<KK@<MN RC@M@Q@M
DOZ<KK@<MN
'@O PN IJR >JIND?@M CJR OC@ /C@M<Q»?DIN M@NKJI?@? OJ OCDN KMJ=G@H

N R@Z C<Q@ N@@I DI OC@DM QD@R OC@ PIDO<MT H<O@MD<G AE>JJ>P OC<O
>JINODOPO@Z <Z O%M> H>I»M> ªOC@ NH<GG@NO PIDO JA H<OO@M <M@ I@>@NN<MDGT
>J I<N>@IO <I? KJNDODJI<GGT DIN@K<M<=G@ /C@M@AJM@ OC@ KJNND=DGDOT JA
OC@DM =@DIB N@K<M<O@? =T @ OC@ LP@NODJI
DNZ RC@OC@M OC@ O%M> H>I»M>P >JH@ DI >JIO<>O JM IJO /C@ <INR@M
BDQ@I DN OC<O OC@M@ DN IJ >JIO<>O /C@M@ DN <GR<TN @
=@OR@@IZ OC@H Q@MT O%M> H>I»M> DN ?@GDHDO@? ªM>OF@@EFKA>QB =T OC@
@IQDMJIDIB NK<>@ /CDN NK<>@ JM DIO@MQ<G DN <GHJNO DI1IDO@NDH<GGT
NH<GG OC<OZ OC@ IJODJI JA ?@GDHDO<ODJI DN ?@N>MD=@? <N „<N DA ?@GDHDODIB…
ªM>OF@@EFKA>KQå SFV> #JR@Q@M OC@ O%M> H>I»M>P ?J IJO OJP>C JI@
<IJOC@M Z =@><PN@ @<>C O%M> H>I»M> DN ?@N>MD=@? <N „IJOZ OJP>C@?…
/# ( / -$ ' '0./ -.
ª>P>JMER E> =T OC@ JOC@M O%M> H>I»M>P N@K<M<O@? AMJH DO

/C@ >G@<M DHKGD><ODJI DN OC<O OC@ Q<>PDOT DN < A<>O <GOCJPBC DO DN <GHJNO
DI1IDO@NDH<GGTZNH<GG #@I>@ OC@ ?@GDHDODIB NK<>@ DN N<D? OJ H<IDA@NO <N
„PI OJP>C@? I@NN… ª>P>JMER E> M>@@RM> E»K> 2C<O DN NJPBCO OJ
=@ NOM@NN@? DN OC@ N@K<M<O@I@NN JA @<>C O%M> H>I»M> OC<O DO DN <GGT N@K<M<O@? AMJH OC@ JOC@M O%M> H>I»M>P /CDN N@K<M<ODJI
DN IJOZ KJNND=G@ DA OC@M@ DN >JIO<>O I? DO DN OC@ ?@GDHDODIB NK<>@ OC<O
KM@Q@ION OC@ O%M> H>I»M>P AMJH HDSDIB OJB@OC@M ª>P>ØH>O>?E»S>
N R@ C<Q@ N@@I OC@ .<MQ»NODQ»?< OC@JMT JA <OJHD> IJI >JIO<>O DN

H<DIGTZ=<N@? JI OC@ ?@ID<G JA NK<OD<G ?DH@INDJIN JA OC@ <OJH #JR@Q@M
AJM OC@ /C@M<Q»?DIN OC@ DNNP@ <N OJ OC@ KJNND=DGDOT JM JOC@MRDN@ JA
KCTND><GZ >JIO<>OZ DN < LP@NODJI M@G<ODIB OJ OC@ O%M> H>I»M>P OC@ NK<OD<G
?DH@INDJIN JA RCD>C <M@ IJO ?@ID@? #@I>@ OC@ /C@M<Q»?< <MBPH@IO
AJM IJI >JIO<>O =@OR@@I O%M> H>I»M>P C<N OJ O<F@ < ?D0@M@IO AJMH
/CDN DN =<N@? JI OC@ QD@R OC<O OC@ >JINODOP@ION JA < O%M> H>I»M> <M@
KJNDODJI<GGT DIN@K<M<=G@ $O DN <MBP@? OC<O DA OC@ O%M> H>I»M>P <M@
IJO KCTND><GGT N@K<M<O@? =T OC@ ?@GDHDODIB NK<>@ ªM>OF@@EBA»H»P>
OC@I OCDN RDGG DI@QDO<=GT G@<? OJ JI@ JA ORJ <GO@MI<ODQ@N =JOC JA RCD>C
<M@ @LP<GGT DI>JHK<OD=G@ RDOC OC@ KMDI>DKG@ JA KJNDODJI<G DIN@K<M<=DGDOT
/C@ 1MNO <GO@MI<ODQ@ DN OJ <NNPH@ OC<O OC@ >JINODOP@ION JA < O%M>

H>I»M> <M@ N@K<M<O@? =T OC@ ?@GDHDODIB NK<>@ $I NP>C < NDOP<ODJI OC@
N@K<M<O@I@NN <I? DI?@K@I?@I>@ JA @<>C O%M> H>I»M> RJPG? Q<IDNC
@NO<=GDNCDIB OC@ N@K<M<O@I@NN <I? DI?@K@I?@I>@ JA @<>C JA OC@
>JINODOP@ION JA OC@ O%M> H>I»M> /C@ PGODH<O@ PIDO JA H<OO@M OC@I RJPG?
=@ OC@ >JINODOP@IO ªH>I»M>ÚD> <I? IJO OC@ <BBM@B<O@ ªO%M> H>I»M>
!JM OC@ M@<NJIN R@ C<Q@ <GM@<?T BDQ@I OC@ /C@M<Q»?DIN <M@ IJO
KM@K<M@? OJ <>>@KO NP>C <Z >JI>GPNDJI AJM <GOCJPBC DO DN GJBD><GGT OMP@
OC<O @<>C JA OC@ >JINODOP@ION NCJPG? =@ NH<GG@M OCJH=DI<ODJI
DI <>OP<G A<>O OC@DM KJNDODJI RDOCDI OC@ >JH=DI<ODJI DN JI@ JA KJNDODJI<G
DIN@K<M<=DGDOT
/C@ N@>JI? <GO@MI<ODQ@ DN OJ <NNPH@ OC<O OC@M@ DN IJ NK<>@ =@OR@@I

ORJ O%M> H>I»M>P .P>C C<M<>O@MDNOD>
JA KJNDODJI<GZ DIN@K<M<=DGDOT RCD>C <KKGD@N JIGT OJ OC@ >JINODOP@ION JA
<Z O%M> H>I»M> C<N OJ =@ @SO@I?@? OJ OC@ ORJ O%M> H>I»M>P <N R@GG
$I NP>C < NDOP<ODJI OC@ N@K<M<O@I@NN JA @<>C O%M> H>I»M> RJPG?
Q<IDNC <I? =JOC RJPG? >JH=DI@ OJ AJMH < =DBB@M O%M> H>I»M> $A OC@
KMDI>DKG@ >JPG? =@Z @SO@I?@?Z OJ ORJ O%M> H>I»M>P OC@I DO >JPG?
<GNJ =@ @SO@I?@? OJ Z OCM@@ JMZ HJM@ <I? NJ OC@ KMJ>@NN >JPG? =@
DI?@1IDO@GT @SO@I?@? $A < BDQ@I KD@>@ JA NOJI@ G@O PN N<T CTKJOC@OD><GGT
DN >JHKJN@? JA JI@ =DGGDJI O%M> H>I»M>P OC@I OCJN@ =DGGDJI
/# ( / -$ ' '0./ -.
O%M> H>I»M>P RJPG? =@>JH@ JI@Z =DB O%M> H>I»M> KM@>DN@GT <N =DB
<N OC<O KD@>@ JA NOJI@ $A OC@ KD@>@ JAZ NOJI@ DN JI@ =DB O%M> H>I»M>
OC@IZ <>>JM?DIB OJ OC@ OC@JMT JA KJNDODJI<G DIN@K<M<=DGDOT IJ K<MO JA
DO >@ JA NOJI@ DIOJ
KD@>@N OC@I OC@ OC@JMTDI LP@NODJI OJJ Z NJ OJ N<T =M@<FN DIOJ KD@>@N
.P>C H>I»M>P <I? RJPG? M@NPGO DI < HJNO DHKMJ=<=G@Z NDOP<ODJI
!JM DA ORJ JM HJM@ O%M> H>I»M>PZ>JPG? >JH=DI@ OJ AJMH < =DBB@M O%M>
H>I»M> Z OC@I OCDN KMDI>DKG@Z >JPG? =@Z @SO@I?@? OJ @H=M<>@ OC@ RCJG@
KCTND><G RJMG? ZM@NPGODIB DI <ZNDOP<ODJI RC@M@ OC@ZRCJG@ KCTND><G RJMG?
RJPG? =@>JH@ JI@ HDBCOTZO%M> H>I»M>
$I OCDN >JII@>ODJI DO DN DIO@M@NODIB OJ M@><GG C@M@ OC<O JI@ JA OC@

<MBPH@IONZ JAZ OC@ .<MQ»NODQ»?DIN OJ ?@IT >JIO<>O =@OR@@I <OJHN DN
OC<O DAZORJ JA OC@H OJP>C DI OC@DM OJO<GDOT OC@ <OJH =@DIB IJI M@NDNO<IO
<I? ?@QJD? JA K<MON <GG OC@ <OJHN RJPG? >J<G@N>@ DIOJ JI@ OC@ RCJG@
KCTND><G RJMG? RJPG? >J<G@N>@ DIOJ JI@ <OJH NJ NH<GG OC<O IJ NK<OD<G
?DH@INDJIN >JPG? =@ KM@?D><O@? JA DO /C@ J=E@>ODJI JA OC@ /C@M<Q»?DIN
RC@I DON DHKGD><ODJIN <M@ APGGT PIAJG?@? DN OC<O DA O%M> H>I»M>P >JPG?
OJP>C @<>C JOC@M OC@ RCJG@ KCTND><G RJMG? RJPG? =@>JH@ JI@ @IJMHJPN
O%M> H>I»M> KM@>DN@GT <N =DB <N OC@ KCTND><G RJMG? /C@ .<MQ»NODQ»?DI
J=E@>ODJIZ DNZ OC<O OC@ RJMG? RJPG? =@ M@?P>@? OJ ODJI DN OC<O OC@
<OJH ªO%M> H>I»M> RJPG? =@ DI2<O@? OJ OC@ NDU@ JA OC@ RJMG? } ORJ
NDOP<ODJINZGDO@M<GGTZRDOCZ<ZRJMG? JA ?D0@M@I>@
/C@M@ <M@ DI <GG N@Q@IO@@I ?D0@M@IO FDI?N JA O%M> H>I»M> /C@ NH<GG@NO
DN <IZ J>O<? >JINDNODIB JA OC@ AJPM BM@<O H<O@MD<G @G@H@ION <I? AJPM JA
OC@ ?@K@I?@IOZ ><O@BJMT I<H@GT >JGJPM O<NO@ J?JPM <I? IPOMDH@IO
/CDN >JGG@>ODJIZ JA H<O@MD<G AE>JJ>P ><GG@? „OC@ =<M@ J>O<?…
ªPRAAE> E>H> >JMM@NKJI?N OJ OC@ NH<GG@NO <BBM@B<O@ <OJH
ªP>ØDE»Q> M>O>J»ÜR JA OC@ .<MQ»NODQ»?DIN =PO AJM ORJ ?D0@M@I>@N
!DMNOGT DI KG<>@ JA IPOMDH@IO OC@Z .<MQ»NODQ»?DI GDNO >JIO<DIN OC@
O<IBD=G@ /C@ ?D0@M@I>@ DN PI<QJD?<=G@ >>JM?DIB OJ OC@ /C@M<Q»?DIN
OC@ O<IBD=G@ DI>GP?@N OCM@@ JA OC@ BM@<O @G@H@ION JA H<OO@M #@I>@ AMJH
OC@ KJDIO JA QD@R JA OC@ /C@M<Q»?< DOZ DN IJO I@>@NN<MT OJ M@K@<O OC@
O<IBD=G@ =@><PN@ DO DN <GM@<?T M@KM@N@IO@? =T OC@ @IPH@M<ODJI JA OC@
BM@<OZ@G@H@ION JA H<OO@M >>JM?DIB OJ OC@ .<MQ»NODQ»?DIN OC@ O<IBD=G@
DI>GP?@N „OC@ KMDH<MT O<IBD=G@… ª?E%Q> PMO>ø >SV> D @ OC@Z AJPM BM@<O
H<O@MD<G @G@H@ION <I? „OC@ N@>JI?<MT O<IBD=G@… ª?E>RQFH> PMO>P >SV>
$OZ DN DI JM?@M OJ M@KM@N@IO OC@ G<OO@M OC@Z NJ ><GG@? N@>JI?<MT O<IBD=G@
OC<OZ OC@ O<IBD=G@ DN M@K@<O@? <GOCJPBC JI@Z <NK@>O JA DO DN M@KM@N@IO@?
=T OC@ AJPM BM@<O H<O@MD<G @G@H@ION NDHDG<M NDOP<ODJI DN M@NKJIND=G@
/# ( / -$ ' '0./ -.
AJM OC@ DI>GPNDJI JA IPOMDH@IO DI OC@ /C@M<Q»?< GDNO N R@ C<Q@ IJO@?

RCDG@Z OC@ /C@M<Q»?DIN KJNOPG<O@ IPOMDH@IO <N < N@K<M<O@ H<O@MD<G
AE>JJ> Z OC@ .<MQ»NODQ»?DIN >JIND?@M DO <N < >JH=DI<ODJI JA O<NO@
J?JPM Z<I?ZOC@ O<IBD=G@ RCD>C OCM@@ DO@HN J>>PM DI OC@DM GDNO
/C@ ORJ GDNON <M@ OCPN M@KM@N@IO<ODQ@ JA OC@ N<H@ DO@HN @S>@KO AJM OC@
A<>O OC<O OC@ N@>JI?<MT O<IBD=G@ DN IJO M@KM@N@IO@? DI OC@ GDNO JA OC@
/C@M<Q»?DIN Z /CDNZ DN =@><PN@ OC@ G<OO@M ?J IJO <?HDO OC<O <IT JA OC@
?@K@I?@IO H<O@MD<G AE>JJ>P >JH@ PI?@M OC@ J=E@>O JA OJP>C
/C@ JOC@M ?D0@M@I>@ DN HJM@ NDBID1><IO $O DN < .<MQ»NODQ»?DI KMDI>DKG@

OC<O @<>C ?@K@I?@IO H<O@MD<G AE>OJ> C<N < N@K<M<O@ O@OM<? JA OC@ BM@<O
H<O@MD<G @G@H@ION <N DON NPKKJMO /CJN@ BM@<O H<O@MD<G @G@H@ION OC<O
N@MQ@ <N < NPKKJMO ª» O>V> AJM < BDQ@I ?@K@I?@IO N<T >JGJPM ?J IJO
<O OC@ N<H@ ODH@ N@MQ@ <N < NPKKJMO AJM <IJOC@M N<T NH@GG #@I>@ <N
OC@ ?EFAE>OJ>HL >?E»øV> MDBCOGT KJDION JPO OC@ NH<GG@NO <BBM@B<O@
<OJH ªP>ØDE»Q> M>O>J»ÜR NCJPG? >JINDNO JA IJO @DBCO =PO OR@IOT
H<O@MD<GZ AE>OJ>P /C@ .<MQ»NODQ»?DI M@KGT DN OC<O OC@ I<OPM@ ª G»QF
JA @<>CZ JA OC@ O@OM<? JA OC@ BM@<O H<O@MD<G @G@H@ION OC<O NPKKJMO OC@
?@K@I?@IOZH<O@MD<G AE>OJ>P M@H<DIN OC@ N<H@ <I? OC<O OC@M@AJM@ OC@M@
DN IJ <IJH<GT DI >JPIODIB OC@H <N AJPM <GOCJPBC OC@M@ <M@ AJPM JA @<>C
OTK@ $I >JIOM<NO OC@ /C@M<Q»?DIN =@GD@Q@ OC<O OC@ AJPM BM@<O H<O@MD<G
@G@H@ION JA OC@ =<ND> J>O<? ªPRAAE> E>H> <M@ OC@ >JHHJI NPKKJMO
ªBH> KFPP>V> JA OC@ ?@K@I?@IO H<O@MD<G AE>JJ>P
/C@N@ OC@I <M@ OC@ ORJ H<DI ?D0@M@I>@N =@OR@@I OC@ =<ND> J>O<?
ªPRAAE> E>H> JA OC@ /C@M<Q»?DIN <I? OC@ J>OPKG@ <BBM@B<O@ <OJH
ªP>ØDE»Q> M>O>J»ÜR JA OC@ .<MQ»NODQ»?DIN
/C@ M@H<DIDIB NDSO@@I O%M> H>I»M>P <M@ AJMH@? <>>JM?DIB OJ OC@ N<H@
KMDI>DKG@ <N <?JKO@? =T OC@ .<MQ»NODQ»?DIN DI AJMHDIB OC@ P>ØDE»Q>
M>O>J»ÜRP JOC@M OCO<? /C@ ª@DBCO DO@HN JA OC@ J>O<? <M@ OC@
=<ND> H<O@MD<G AE>JJ>P OC@T <M@ KM@N@IO DI @Q@MT DINO@ JA H<OO@M
/C@M@AJM@ DI <GG OC@ H>I»M>P OC@N@ @DBCO H<O@MD<G AE>JJ>P <M@ KM@N@IO
<N OC@DM =<NDN /C@ JOC@M O%M> H>I»M>P <M@ AJMH@? =T <??DIB JI@ JM
HJM@ <N OC@ NDOP<ODJI ?@H<I?N JA OC@ M@H<DIDIB H<O@MD<G AE>JJ>P
ª OCJN@ JOC@M OC J>O<?
.DI>@ R@ C<Q@ <GM@<?T @S<HDI@? <GG OC@ H<O@MD<G AE>JJ>P R@ NC<GG

>JI1I@Z JPMN@GQ@N OJ NCJR CJR OC@T @IO@M DIOJ OC@ >JHKJNDODJI JA
OC@ H>I»M>P
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)@SO OJ OC@ =<ND> J>O<? ªPRAAE> E>H> >JH@N OC@ NJPI? IJI<? ªP>AA>
K>S>H> RCD>C <>>JM?DIB OJ =JOC N>CJJGN DN AJMH@? =T <??DIB NJPI?
OJZOC@ =<ND> J>O<?
N OJ OC@ >JHKJNDODJI JA OC@ 1Q@ N@IN@ JMBI»M>P JM P>ØDE»Q>P

OC@ZORJ N>CJJGN AJGGJR ORJ NGDBCOGT ?D0@M@IO H@OCJ?N
>>JM?DIB OJ OC@ .<MQ»NODQ»?DIN JA OC@ N@IN@ JMB<IN OC@ JMBC >JINDNON JA OC@ HDIDHPH IPH=@M JA AO>SV> M>O>J»ÜRP $O DN
< IJI<? >JINDNODIB JA OC@ =<ND> J>O<? <I? JI@ AO>SV> M>O>J»ÜR JA
H»VBKAOFV>Z ªJMB<IZ JA OJP>C <??@? OJ DO <>C JA OC@ JOC@M AJPM N@IN@
JMBØDE»Q>P DN AJMH@? =T <??DIB JI@ AO>SV> M>O>J»ÜR JA
@<>C JA OC@H OJ OC@ H»VBKAOFV> IJI<? /CPN RCDG@ OC@ H»VBKAOFV>
P>ØDE»Q> DN < IJI<? OC@ZJOC@M N@IN@ JMBØDE»Q>P <M@ ?@><?N
!JM OC@ /C@M<Q»?DIN @Q@MT N@IN@ JMBI»M> DN < ?@><? ªA>P>H>
!DMNOZ JI@ H>I»M>ÚD> JA O%M> GåSFQFKAOFV> ªH<O@MD<G A<>PGOT JA GDA@ DN
<??@?Z OJZ OC@ =<ND> J>O<? OJ H<F@ DO JMB<ID> /C@ M@NPGODIB IJI<? DN
><GG@?Z GåSFQ> K>S>H> OC@ QDO<G IJI<? /C@ 1Q@ N@IN@ JMBI»M>P
<M@ OC@I AJMH@? =T <??DIB @<>C JA OC@ N@IN@ JMBI»M>ÚD>P OJ OC@
GåSFQ> K>S>H> /CPN OC@M@ <M@ @>HHER A>P>H> ª@T@ ?@><? PLQ> A>P>H>
ª@<M ?@><? DE»K> A>P>H> ªIJN@ ?@><? GFSE» A>P>H> ªOJIBP@ ?@><?
<I? H»V> A>P>H> ª=J?T ?@><?
/C@ .<MQ»NODQ»?DIN <?? JI@ AO>SV> M>O>J»ÜR JA H»VBKAOFV> OJ OC@

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<M@ N<D? OJ =@ <NNJ>D<O@? RDOC H»VBKAOFV> ªQ>Q MO>QF?>AAE> SðQQFQS»Q
/C@T N@@H OJ C<Q@ O<F@I OC@ QD@R OC<O OC@ JMB<IN JA NDBCO C@<MDIB
O<NO@ <I? NH@GG <M@ >@MO<DI HJ?D1><ODJIN JA OC@ JMBC < QD@R
<>>@KO@? =T >@MO<DI )T»T< 1<D @üDF<N OJJ $O DN JA >JPMN@ OMP@ OC<O
<>>JM?DIB OJ OC@ /C@M<Q»?< OC@ JMBC DN KM@N@IO DI @Q@MT
K<MO JAZ OC@ =J?T ªP>??> P>OåO> ?V»M>H> @SDNODIB <N DO R@M@ GDF@
JDG NJ<F@? DIZ >JOOJI #JR@Q@M OC@M@Z DN IJ KJNND=DGDOT JA >JIAPNDJI
ªP>ÚH>O> =@OR@@IZ OC@ N@IN@ JMB<IN <N OC@T <M@ N<D? OJ ?D0@M AMJH
@<>C JOC@M DI M@NK@>O JA OC@DM >C<M<>O@MDNOD> ªI>HHE>Ü> API>ODJI ªO>P>
<I? H<IDA@NO<ODJI ªM>@@RM> E»K> 2CT OC@ .<MQ»NODQ»?DIN PIGDF@ OC@
/C@M<Q»?DIN ?J IJO DI>GP?@ GåSFQBKAOFV> DI OC@ N@IN@ JMBØDE»Q>P
DN PI?@MNO<I?<=G@ !JM <N NO<O@? @<MGD@M OC@TZ C<Q@ M@>JBIDU@? JIGT
JI@Z Q<MD@OT JA GåSFQBKAOFV> RCD>C DN DI>GP?@? DI OC@ ><O@BJMT JA @FQQ>
SFMO>VRHQ> P>ØPH»O>P
.DI>@ OC@ /C@M<Q»?DIN C<Q@ ?@1I@? OC@ ORJ A<>PGOD@N JA N@S <N N@K<M<O@
H<O@MD<G AE>JJ>P M<OC@M OCJI>@DQDIB OC@H <N K<MO JA OC@ JMBC <I? NDI>@ OC@T C<Q@ KJNOPG<O@? OC@ C@<MO =<N@ <N OC@ N@<O JA
/# ( / -$ ' '0./ -.
H@IO<G <>ODQDOT OC@N@ OCM@@ DO@HN OJJ <M@ @SKG<DI@? =T R<T JA H>I»M>P
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OC@ .<MQ»NODQ»?< /C@ H@OCJ? JA OC@DM AJMH<ODJI DN GDF@ OC<O JA OC@
N@IN@ JMB<IN /C<O DN OJ N<T JI@ H>I»M>ÚD> JA FQQEFKAOFV> ªA<>PGOT JA
A@HDIDIDOT Z MROFPFKAOFV>Z ªA<>PGOT JA H<N>PGDIDOT <I? E>A>V> S>QQER
ªC@<MO =<N@ DN <??@? OJ GåSFQ> K>S>H> /C@ M@NPGODIB OCM@@ ?@><?N
<M@ ><GG@? FQQEF?E»S> A>P>H> ªA@HDIDIDOT ?@><? MRJ?E»S> A>P>H>
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(*( )/ -$) ..
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(*( )/ -$) ..
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(*( )/ -$) ..
HJNO OM@I>C<IOZ >MDOD>N <M@ OC@ .<POM»IODF<N <I? OC@ /C@M<Q»?DIN

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(*( )/ -$) ..
=@ M@KCM<N@? RDOCJPO M@K@<ODIB OC@ O@MH „>JI?DODJI@?… ªP>ÚHE>Q>

DO RJPG? O<F@ OC@ AJGGJRDIB AJMH „(JIFN OC@M@ <M@ OC@N@ OCM@@
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(*( )/ -$) ..
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(*( )/ -$) ..
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(*( )/ -$) ..
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(*( )/ -$) ..
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(*( )/ -$) ..
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(*( )/ -$) ..
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(*( )/ -$) ..
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(*( )/ -$) ..
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(*( )/ -$) ..
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(*( )/ -$) ..
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>@IOPMD@N OC<O AJGGJR@? $I A<>O <HJIB OC@ KJNO NJFCJJGN DO =@><H@ JI@ JA OC@ CJOGT ?@=<O@? DNNP@N M@NPGODIB DI
++ ) $3 /# - 1º ) 1$ # %% 1º
< =@RDG?@MDIB H<NN JA <MBPH@ION <I? >JPIO@M <MBPH@ION RCD>C 1I?

H@IODJI DI < CJNO JA GDO@M<MT RJMFN =@GJIBDIB OJ < IPH=@M JA P??CDNO
OM<?DODJIN AO@M OC@ P??CDNO JPI>DG N<D? OJ =@ C@G? DI %<G<I?C<M<
PI?@M OC@ K<OMJI<B@ JA &DIB &<IDüF< OC@ 3>F?E»øFH>P JA &» HåM
=@><H@ OC@ >CD@A @SKJI@ION JA OCDN OC@JMT $ON H<DI >MDOD>N R@M@ OC@
.<POM»IODF<N 2C<O KMJQJF@? HP>C JKKJNDODJI OJ OCDN OC@JMT R<N OC<O
DO R<N N<D? OJ G@<? OJ NJH@ FDI? JA NP=NO<IOD<GDNH RCD>C R<N M<?D><GGT
<O Q<MD@ RDOC OC@ P??CDNO O@<>CDIB JI OC@ IJI NP=NO<IOD<GDOT JA
<GG KC@IJH@I< ?@O<DG@? NO<O@H@IO JA OC@ OC@JMT OJB@OC@M RDOC DON
>MDODLP@ JI OC@ K<MO JA OC@ .<POM»IODF<N DN AJPI? DI º@»OV> 1<NP=<I?CP•N
?EFAE>OJ>HL >?E»øV> #JR@Q@M NDI>@ CDN KM@N@IO<ODJI JA OC@ NP=E@>O
R<N H<?@ <B<DINO OC@ =<>FBMJPI? JA DON .<POM»IODF< >MDOD>DNH DOZ ?D?
IJO B@O < NTHK<OC@OD> M@NKJIN@ JI OC@ K<MO JA OC@ 1<D=C»üDF<N $O R<N DI
JM?@M OJ H@@O º@»OV> 1<NP=<I?CP•N >MDOD>DNH JA OCDN <I? JOC@M NP=E@>ON
K@MO<DIDIB OJ OC@ 1<D=C»üDF< =CD?C<MH< OC<O º@»OV> .<ÜBC<=C<?M<
>JHKJN@? CDN R@GG FIJRI OM@<ODN@ OC@ +V»V»KRP»O> < RJMF RCD>C
C<N >JH@ ?JRI OJ PN JIGT DI DON CDI@N@ OM<ING<ODJI HJIB OC@
(<C»T»IDNON DO R<N H<DIGT OC@ (»?CT<HDF<N RCJ H<DIO<DI@?
< NPNO<DI@? >MDOD>DNH <B<DINO OC@ „<GG @SDNON OC@JMT… JA OC@ .<MQ»NODQ»?DIN
/CDN DN IJO OJ NPBB@NO OC<O OC@ (»?CT<HDF<N R@M@ DI NTHK<OCT RDOC
OC@ KJNDODJI O<F@I PK =T OC@ /C@M<Q»?DIN <I? OC@ .<POM»IODF<N !JM DI
OC@DM JKDIDJI OC@ NJ ><GG@? =<ND> A<>OJMN JA @HKDMD><G M@<GDOT ªAE>JJ>P
AE>OJ>P <M@ IJO M@<G @Q@I DI OC@ KM@N@IO KC<N@ JA ODH@
"+!+,1"0
$)/-* 0 /$*)
1@I CDFFCP J?CD (

CN
CN
.@@ & 0 &QT 0
$
+NH
$
.@@ @ B $$ ( $ . $$
&QT
CN
CN
& &QT
=C( K<NNDH
.@@ @ B 1=C .1
1@I CDFFCP J?CD (
& &QT
$=D? GJ> >DO
1@I ‹»à<HJGD /C@ +<OC JA +PMD1><ODJI I
$=D? GJ> >DO
.@@ @ B - .<M<>C>C<I?M< P??CDNO +NT>CJGJBT JA +@M>@KODJI 0
ƒOD@II@ '<HJOO@ /M<DO£ @ '• >O@ @ 1<NP=<I?CP &<MH<ND??CDKM<F<M<à<
( $1
$=D? I
.@@ 1NH AJM NJH@ >MDOD><G J=N@MQ<ODJIN JI 0>PP>Q>S»A>
2@@EBA>S»A> HFOFV>S»A> &PP>O>KFJJ»Ü>S»A> (»I>S»A> 6>AF@@E»S»A>
(»MFI» ª0»ØHEV> 0>?E»S>S»A> >KA 0>J>S»V>S»A> .@@ <GNJ =CQF
.@@ @ B 1NH
(GI
.@@ . $$ $OD
. $$
. $1
=C( !E>JJL QF P>?E»SL N@@ <GNJ CN (C)?
=CQF +NH (QI ->@@>VBEF AE»OåV>KQå QF AE>JJ»
1NH 6>QE»M>@@>V>Ø M>S>QQ>J»K»K>Ø P>?E»S> AE>JJ»K>Ø K>QQEF H»@F
S>P>S>QQFQ»
$$
$=D? GJ> >DO
! ?B@MOJI #. D>ODJI<MT N@@ KåQ»OQE>
) )*/ .
$=D? GJ> >DO

( $ 0
$=D? GJ> >DO
(1
1NH +1 Q
. ª&C<I?C< .POO< RAAE> '>V>KQF "AFQFLK ª JGJH=J
(>Q>J>« @> ?EFHHE>SB ARHHE>Ø >OFV>P>@@>Ø ->«@RM»A»K>HHE>KAE» QF}PP>
S>@>KåV>Ø
$$$ . $1
( $
. $$$ 0
$=D? $1
$ $
$
1
=CQF
1NH
. $$ 0
P>ø å S>@>K> DI .<INFMDO =CD?C<MH< N@@ &
&QP 0
&QP
+1 Q
&QP
1NH =CQF &QP
'JPDN ?@ '< 1<GG£@ +JPNNDI & ª! /M $IOMJ?P>ODJI 333$$$ 0
$=D? GJ> >DO
/# - ' 3$./ )/.
$I OCDN NOP?T JIGT OC@ AE>JJ>P OC<O >JINODOPO@ OC@ >JI?DODJI@? M@<GDOT RDGG =@
O<F@I DIOJ >JIND?@M<ODJI
.@@ @ B CK Q /C<O +F??>K> OJJ DN < AE>JJ> DN >G@<M AMJH $$ 6»S>Q»
?EFHHE>SB AE>JJ» P>ÚHE>Q» S» >P>ÚHE>Q» S» SFO»DL QBP>Ø >DD>J >HHE»V>QF
V>AFA>Ø Š KFOLAEL KF??»K>Ø
.@@ @ B .I Q . $ (C)? (DGI
. $$ (>Q>J>« @> ?EFHHE>SB K»J> O%M>Ø 3BA>K» P>««» @BQ>K» ME>PPL
J>K>PFH»OL &A>Ø SR@@>QF K»J>Ø >QQ»OL @> J>E»?E%Q» @>QRKK>« @>
J>E»?E%Q»K>Ø RM»A»V> O%M>Ø &A>Ø SR@@>QF K»J> O%M>Ø
.@@ @ B $$
.@@ @ B . $$$ ( $$$
.@@ @ B . $$ $$$
.@@ @ B $$ $$$ $$$ 1
.@@ @ B . $$ $ $$$ $ $$$
) )*/ .
.@@ @ B . $$$
( $ ««>QO> M>@@>V» K>QQEF SF««»Ü>PP> P>J?E>SL
.@@ CN 0
1@I )T<I<KJIDF< /C@M< ?EFAE>JJ> 0QRAFBP
)-+ Q
1NH
=CQF 1 3F?E»D>S>KQ»K>Ø AE>JJ»K>Ø P>?E»S> SF?E»S>K>Ø
SF?E»DBK> SFK» K> ELQF GNJ 1NH 3F?E»D>S>KQ»K>Ø M>K> P>?E»S>
SF?E»S>K>Ø SF?E»D> A>PP>K> JRHEBK}BS> ELQF
=CQF !E>JJ> P>?E»S> P»J>««BK> EF BHå?E%QBPR AE>JJBPR VL K»K>QQ>H>OL
SFPBPL PL >««L SFV> H>QS» RM>@>OFQRØ VRQQL "S>Ø EF >QQE> SFPBP»S>?LAEL ELQF
$OD QFAE »S> KQ å QF M>O> J >Q QE >QL ?EFKK>P>?E »S» K> J MF
P>?E»S>AE>JJ»K>Ø VS»V>Ø EBQRME>I>?E»SBK> P>J?>KAEL Q>Ø >D>EBQS»
K»K>QQ>K>V>PP»}MF D>E>ÜBK> Q>QQE> Q>QQEBS> AE»S>KQF 1>PJ» R@@EFGG>QF >QQ» @> ILHL
@> K> ELQF M>O>JJ>O>Ü» QF R@@EBAB S» ?E>S>KFOLAE>M> FM>QQFV» M> FHHEBM>AE>JJ>Q>Ø
>QFAE»S>KQF >QFHH>J>KQF
A 6>QE» EBQR ME>I> ?E»SBK> M>S>QQ>J»K»K>Ø P>?E»S>
AE>JJ»K>Ø P>QF} MF BH>P>KQ»K>M>OFV»M>KK»K>Ø ?EFKK> P>KQ>QF M>QFQBEF SFPBPB
EBQRME>I»K>Ø M>O>J>QQE>QL ?EFKK>P>?E»S>QQ» ?EFKK>P>KQ>QFM>QFQ»K>Ø
SFV> >@@>KQ> ?EBA> P>KKF E»KBK> K»K>QQ>K>V>PP> JF@@E»D>E>Ü>Ø
R@@EBA»?EFKFSBP>PP> H»O>Ü>Ø
A $=D? GJ> >DO "S>Ø EBQRME>I>?E%Q»K>Ø AE>JJ»K>Ø SFGG>J»KB}MF
P>?E»S>?EBAB BH>P>KQ>QFM>OFV»M>KK>Q»V> BH>QQ>K>VBK> >@@>KQ>Ø
>?EBA>D>E>Ü>J}MF H»O>Ü>J BS>
. $$
$=D? $$
1NH
$=D?
.@@ =@GJR >C<KO@M JI JI?DODJI<G -@G<ODJIN
&QP 0
!JM < ?@O<DG@? NOP?T N@@ €'•JMDBDI@ ?@N N@>O@N =JP??CDLP@N ?•<KM¢N
+<M<H»MOC< • OM + @HD@QD£GG@ ( $ 0 % (<NP?< €*MDBDI <I?
J>OMDI@N JA <MGT $I?DCJJGN• ND< (<EJM $$
?R<M? JIU@ RAAEFPQ 1ELRDEQ FK &KAF> 0 & 2<M?@M &KAF>K
RAAEFPJ 0
&QP
. $$$ >A &QT ?E»O>Ø @> SL ?EFHø>SL AB >VFøV»JF ?E»O}»A»K>Ø @>
?E»O> KFHøBM>Ü>Ø @> ?E»O> E»O>Ø @> Q>@ @EðÜRQ> P»AER @> PRø ER @> J>K>PF
HRORQ> ?E»øFøVB ?E»O>º H>Q>J>º M>Ø@LM»A»K> PH>ØAE»º ?E»O}»A»K>Ø
H>Q>J>Q QðøÜ» M>RK>O?E>SFHå K>KAå O»D> P>E>D>Q» Q>QO> Q>QO»?EFK>KAFKå
?E»O> KFHøBM>Ü>Ø H>Q>J>Q V>A >PV» BS> QðøÜ»V»º M>RK>O?E>SFHV» K>KAå
O»D> P>E>D>Q»V»º Q>QO> Q>QO»?EFK>KAFKV»º > Bø> MO>E»Ü>Ø MO>QFKFºP>ODL
SV>KQå ?E»S>º Hø>VL SFO»DL KFOLAEL SVRM> >JL}PQ>ØD>J>º ?E»O> E»O>º
H>Q>J>º MRAD>I> FQF PV»A S>@>KåV>Ø
.@@ @ B $$$ . $
) )*/ .
. $1
$ )@O
A . $1 0R««L ILHL PR««L ILHL QF ?E>KQB SR@@>QF (FQQ»S>Q» KR HEL ?E>KQB
PR««L ILHL QF SR@@>QF 6>PJ» @> HEL ºK>KA> PR««>Ø >QQBK> S» >QQ>KFVBK> S»
Q>PJ» PR««L ILHL QF SR@@>QF
A $OD ->@@>V> P>J?E%Q>QQ» M>O>J>QQE>QL SFGG>J»K>QQ» ?E%Q>K QF

SR@@>QF
.@@ @ B .I QQ ªM>O>J>QQE> A>PPå ()? ªM>O>J>QQE>Ø SR@@>QF
>J>Q>Ø +F??»K>Ø
/CDN =@>JH@N >G@<M AMJH OC@ ?@1IDODJI BDQ@I DI OC@ /C@M<Q»?< <I? OC@
.<MQ»NODQ»?< OJ P>J>K>KQ>O> M>@@>V> MO>QV>V> OC@ >JI?DODJI =T R<T JA
DHH@?D<O@ >JIODBPDOT N@@ =@GJR >C<KO@M JI JI?DODJI<G -@G<ODJIN
A ()? +> EF P>HH» QBK}BS> @FQQBK> Q>Ø @FQQ>Ø G»KFQRØ 6>QE» K> P>HH»
QBK}BS> >PFK» PL >PF @EFKAFQRK QF -ROFJ>Ø MROFJ>Ø M>K> @FQQ>Ø M>@@EFJ>PP>
M>@@EFJ>PP> @FQQ>PP> Q>QE» RMM>QQFV» M>@@>VL ERQS» KFORGGE>QF
( $$$
$
.@@ ( $$$
.@@ @ B ( +NH
$=D? GJ> >DO
1NH 6>Ø HF«@å QF >K>S>PBP> M>OFV»A»K> AåM>H> M>A>AS>V>Ø
.@@Z<GNJ 1=C
1=C
$=D?
$=D?
&QP C
$=D? 0
/CDN BDQ@N APMOC@M @QD?@I>@ OJ @NO<=GDNC OC@ CDNOJMD>DOT JA OC@ G?@M RCJ
KM@ND?@? <O OC@ M? P??CDNO JPI>DG <I? CDN <POCJMNCDK JA OC@ (>QE»S>QQER
. $$$ JII@>O@? DN>JPMN@N JA OC@ P??C< $
<N@? JI +JDION JA JIOMJQ@MNT ª(SR /M . 5 PIB <I? (MN -CTN <QD?N
$=D? GJ> >DO
)?
$=D? GJ> >DO )? >A 1NH MR??>KQ»M>O>KQBPR >SFGG>J»K>
P>O%M>QQ» RA>V>QL MR??B HRQL @F K»D>@@E>KQF S>V>QL @> RAAE>Ø K> H>QQE> @F
D>@@E>KQF Z 1=C QE> HEL MR??B RA>V» >MM> FI>AAE>P>?E»S»KF RAAE>Ø
S>V» M>OF?EFKK>P>?E»S»KF MR??»M>O>KQ>SBJ>GGEB M>@@>V»V>QQ>SRQQFQ»V>
>S>P>KF M>S>QQ>KQF
1=C A +NH &JBP>Ø HE>KAE»K>Ø 8AE>JJ»K>Ø: RMM>QQFQL MR??B
>KRMM>KK»K>Ø O»PF S» KF@>VL S» K>QQEF 2MM>GG>J»K»K>J} MF O»PFQL S» KF@>V>QL
S» »D>J>K>Ø K»J> K>QQEF +FORGGE>J»K»K>J} MF AFP»SFAFP»D>J>K>Ø K»J>
K>QQEF +FORAAE»K>Ø S»}MF BHBH>PJFØ E»KB O»PFQL KF@>V>QL KFAE»K>QL >S>QQE»K>Ø
K»}MF K>QQEF
) )*/ .
1NH =CQF
=CQF
1NH 1=C
A 1NH -R??>KQL S» P>?E»S>AE>JJ>PP> RA>VL Q>QL MR??B
>SFGG>J»K>QQ» M>O>KQL S>VL Q>QL M>O>Ø >?E»S>QL 1>PJ» MR??>KQ»M>O>KQ>
SFSFQQ>QL QF M»D>?E»S> SFAAE>ØP»?E»S>QL QF SRQQ>Ø ELQF
=CQF
1NH
.@@ @ B =CQF 1=C 1NH )? 0
A =C &
&
0
$=D? GJ> >DO
=C(
. $$$
A =C &
/C .O>C@M=<ONFT @IOM<G JI>@KODJI JA P??CDNH
1NH =C( /C@ .<INFMDO AJMH I>Hø>Ü> >KV>QE»QS> J>>PMN DI
OC@Z.DÜC<G< N<II@ OJ 1NH
=CQF
1NH +> @> P>?E»SL >««>QE» ELQå QF K> EF FAAEF?>IBK> AE>JJ»K>Ø
HBK>Z@FZI>HHE>Ü>««>QE>QQ>Ø H»QRØ P>HH» .@@ <GNJ 1 H. $1
(1 +> EF P>?E»S» HBK> @F P>E>?E»SBK> P>Ø P>?E»S>Ø G>E>KQF >?E»S>MM>QQFQL
1NH +> EF H»I>?EBABK> AE>JJ»K>Ø P>?E»S>?EBAL >QQEF
A =C &
/C .O>C@M=<ONFT BKQO>I LK@BMQFLK LC RAAEFPJ 1@I &' C<HH<EJOD
0>OS»PQFS»A> ?EFAE>OJ> 0
A 1NH 0S»V>Ø H>QQRKFAABPL M>OFV»V>I>AAEL AE>JJ>QL >««>PP>
H>QQRKFS>QQ>K>QQEL .@@ <GNJ =CQF +NH $$$
A =C & 1@I &' C<HH<EJOD 0>OS»PQFS»A> ?EFAE>OJ> 0
.@@ & =C
+NH $$
)@OOD
.@@ @ B ()? CN 1 H. 1
.@@ @ B 1
=CQF
A =CQF ->O>J>QQE>QL BH>P>?E»SL}MF P>?E»S>AE>JJL
M>OFV»V>S>@>KBEF SFV> P>J»OLMFQ>O%MBEF ?>E%EF M>H»OBEF M>H»PåV>QF "S>Ø
EF PL PR ER M>H»PFQL ELQF $=D? 0>H>P>H>HF@@BPR EF AE>JJ»K>Ø
>QQ>MM>AE»K>Q» P>J»OLM>ÜBK> H>QQR?E»SL Q>A>KRH%I>?E»SBK> Q>QP>JM>VRQQB
AE>JJ>P>J%EB H>QQR?E»S> P>J»OLM>ÜBK> ªM> FM»ABQ>??>PP> AE>JJ>PP>
H>O>Ü>QQE>« @> M>OFV»V>QL I>??E>QF
) )*/ .
=CQF FQQ>@BQ>PFH»K>Ø AE>JJ»K>Ø ?E»S>P»AE>K>J BS> KFMM>OFV»V>QL

I>??E>QF
=C( +> @> P>?E>S» >««L AE>JJL K»J> >QQEF
$=D? !E>JJ>J>QQ>AåM>K>Ø P>?E»S>M>A>Ø
$=D? +> @> AE»OFV>J»K>P>?E»S» >««L AE>JJL K»J> >QQEF +> EF
ORMM>K»AåEF >««B O%M»A>VL H>HHE>Ì»AåEF @> >««B M> E>SF »A>VL AE>JJ»
SFGG>KQå QF ««>QE» M>K> >S>?LAEBQRØ K> P>HH» QF K»J>S>PBK> SF««»Q»SF««»QB
P>?E»S>AE>JJB >««B SFV> H>QS» >QQ>KL P>?E»S>Ø AE»OBKQå QF SRQQ>Ø
LAEBVV>G>K»KROLAE>S>PBK>
$=D? !E>JJ>QL >««L H>QQ» K>QQEå QF A>PPBQRØ =C( !E>JJ>QL
>««>PP> H>QQR KFS>QQE>K>QQE>Ø AE>JJ>J BS> H>QQ» QF KFAAFP>QF =CQF
0>H>P>H> HF@@BPR EF AE>JJ»K>Ø >QQ>MM>AE»K>Q» P>J»OLM>ÜBK>
H>QQR?E»SL Q>A>KRH%I>?E»SBK> Q>ØP>JM>VRQQBK> AE>JJ>P>J%EB
H>QQR?E»S> P>J»OLM>ÜBK> ªM> FM»ABQ>??> AE>JJ>PP> H>O>Ü>QQE>« @>
M>OFV»V>QL I>??E>Qå QF Q>QE» Q>QE» KFAAFP>K>Ø M>K> AE>JJ> P>?E»S>QL
>««>PP> H>QQ»AFKL >?E»S>M>OFAåM>K>QQE>K QF SBAFQ>??>Ø .@@ <GNJ 1NH
1 H. 1
1NH +»J>O%M>QL RAAE>Ø FPP>O»AåK>Ø >?E»S>QL
1NH
=CQF
=CQF 1NH
=CQF
+NH
CN +NH (QI =CQF
=C( +> @> AE»OFV>J»K>P>?E»S» >««L AE>JJL K»J> >QQEF
1NH 6>QE» M>@@>V>Ø EF M>S>QQFJ>QQ>J BQ>Ø P>?E»S>AE>JJL
.@@ <GNJ 1 H. 1 =CQF
+NH $$$ QQ>KL BS> S» ?E»SL BQ>PJFØ K>QQEå QF P>?E»SBK> PR««>Ø
A 1NH 6>QE»M>@@>V>Ø M>S>QQ>J»K»K>Ø P>?E»S>AE>JJ»K>Ø
K>QQEF H» @F S>P>S>QQFQ» QF S>P>S>QQF?E»S>KFS»O>Ü>QQE>Ø SFQ>HH>K>Ø SFQ>HH>Qå
QF SRQQ>Ø .@@ <GNJ 1 H. 1$
1NH
+NH
1@I CDFFCP J?CD 1EB LKKB@QBA !FP@LROPBP LC QEB RAAE> $$
ª. $1
.@@ @ B )-+ Q
$=D? Q
$=D? QQ 0
+NH SFGG>J»K>PP> @> PR««>K QF S>@>K>Ø Š ILH> S>@>KBK>
@> ?E>D>S>QL S>@>KBK> @> K>V> P>AA> D>KQE> S>@>KBK> @> SFORGGE>QF
KBH»EF} MF VRQQåEF SFORGGE>QF
1=C QQ>KL I>HHE>Ü>Ø AE»OBKQå QF AE>JJ» .@@ <GNJ 1 H. 1
1NH
) )*/ .
1NH 6>QE» EF KåI>MåQ»AF?EBABK> >KBH>AE» ?FKK>PP»MF O%M»V>Q>K>PP>

P>KFA>PP>K>QQ>Ø I>HHE>Ü>Ø KåI»AF?EBABK> ?EFKK>PP»MF P>KFA>PP>K>?E»S>Ø
>K>QFHH>J>K>QL .@@ <GNJ +NH 1NH
. 1NH
1NH
A 1NH +>KR @> H>HHE>Ì>QQ>J BS> M> E>SåAE»QR 0>@@>J BQ>J
1>QE»} MF >?EFKKB} MF AE>JJB H>MM>K»PFAAEBK> ?EBABK> BS>Ø KFAABPL H>QL
"S>Ø EF >QQE>SFPBP»S>?LAEL ELQF
.@@ +NH
.@@ =C(
1NH
=CQF 1NH =C(
=C( !E»OåV>KQå QF RM>AE»OåV>KQF I>HHEåV>KQå QF >QQEL =CQF
)>HHEåV>QF >KBK» QF I>HHE>Ü>Ø
.@@ @ B 1NH . /
1NH
A (1 +> EF G»QF G»V>QF G>O» GåO>QF J>O>Ü>Ø JåV>Qå QF SLE>OFQRØ
VRQQ>Ø >K>S> E»K>QL .@@ <GNJ =CQF & &QT
+ (?CT 1MO
. $ +NH
.@@ . +NH =CQF
$=D? GJ> >DO
..
1@I CDFFCP ‹»à<HJGD 1EB ->QE LC -ROF)@>QFLK
1NH
1NH (QI $OD
.@@ =CQF
=CQF 1NH P> I>HHE>Ü> P>ÚHE»QL >SFM>OåQ> P>?E»SL
(QI
1NH 1
A =CQF 1>QE» D>EBQ>??»H»OL ?LAE>KBVV> G>K»KROLAE> S>PBK> M>K>
M>O>J>QQE>QL BH>P>?E»SL}MF Š P>?E»S>AE>JJL M>OFV»V>S>@>KBEF SFV>
P>J»OLMFQ>O%MBEF ?>E%EF M>H»OBEF M>H»PåV>QF "S>Ø EF PL PR ER M>H»PFQL
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/# )*($) ' ) /# *) +/0 '
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&QP RC@I DO N<TN ªK OC<O OC@ P??C< DN „P>??> M>««>QQF HRP>I>… D @ OC@
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AE>JJ>Ø M>««>QQåEF SFSFAE»EF ABPBQF 0L »H»OL «BVVL M>««>QQF K»J> E»OL QF
#@M@Z DO H@<INZ @GP>D?<ODJI APMOC@M @SKG<I<ODJI @G<=JM<ODJI JM DIO@MKM@O<ODJI
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JRQQL P>QQL S» P>ÚHE»OL S» K>QQEF
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!SåPR E»KBPR HRP>IL M>O>S»ABPR K> H>JM>QF
)-+
4<H "QQE> VB M>««>QQF KF??»K> P>ÚHE>Q» AE>JJ» HE>KAE» K> ELKQF
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A +NH 0>ÚHE»OB RM»A»V> P>QQL QF M>««>QQF J>QQ> P>J?E>S>QL S»
ME>ILM>@»OBÜ> P>ÚHE»O» |P>QQ»} QF SRQQ» QF SBAFQ>??» +> EF HL@F P>QQL M>@@>V> EFQFHL
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1
1 =CQF 0 (GI
1 .. QQ 0 +1 Q
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A .. *BEF H>OJ> P»AE>K> MO>G«>MQF >?A>VBK O%M»AF AE>OJ>V>KDB
|P>J%E> P>KQ»K»AF >S>QQE»SFPBP»AF ?EBA>} BQF P>ØSðQF P>QV> K>J S% RM»A»
MO>G«>MQF P>ÚHEV»Q> >OQE> MO>G«>MQF A>O >K>V> H>OQðP»AE>K> MO>G«>MQF
>?A>VBK P>ØSðQF M>O>J»OQE> AE>OJ>V>KDB >?EFAE»K> V>VF HFV>K> I>A> K»J>
MO>G«>MQFV> RHQ> V>VF A>Q> VRQR
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SFG>EFQS» H>HHE>Ì>QQ> I>HHE>Ü»AFPR BS> J>K>PFH»O>Ø M>S>QQBKQ>PP> I>HHE>Ü»KF
PRM»H> »KF PRSF?E%Q»KF ERQS» RM> E>E>KQF 1>PP}BS>Ø MRK>MMRK>Ø
J>K>PFH»O>S>PBK> @FQQ>Ø »PBS>K>Ø I>?E>QF 0>??L O%M>H»VL AE»QRJ>QQ>QL
RM> E»QF PR««L KFPP>QQL KFGGåSL
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M>««>QQFD>QFH>Ø M>O>J>QQE>QL >SFGG>J»K>Ø +> SFGG>J»K>QQ» BS> M>OFQQ»AFS>PBK>
K> S>QQ>??> AE>JJ>?E%Q>Ø 1>PJ» SFPRØ D>EBQ>??>PP> I>HHE>Ü>PP>
M>O>J>QQE>QL >?E»S» >KF@@>Ø ARHHE>J>K>QQ» QF P>ÚHE»OB P>?E»S>QL P>II>HHEBKQL
S> I>HHE>Ü»KF P>II>HHEBQF K»J» QF
&QP +> P» 6AE>JJ>KFV»J>Q» M> F@@>P>JRMM»A>8 >««>QO> >SFGG»AåEF
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EF 1>QE»D>QB >KRMM>KKB}MF >SFGG»QL P>ÚHE»O» P>J?E>S>KQF P>ÚHE»O»AåEF @>
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) )*/ .
=CQF 0>J%EBH>QQ> D>E>Ü> S>PBK> P>QQL QF M>S>QQL P>JJLPL P>QQ>P>JJLPL

()? $ +> EBQQE> V>QE»SRQQ> P>J%E> SFKFJJRQQL H»VL S» FQQEå S» MROFPL S»
>««L S» HL@F AE>JJL AFPP>QF
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1
1NH +> EF >?E»S>PP> HL@F P>?E»SL >QQEF
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>?EFKFSBP> M>««>QQF K»J> QFQQEFV> H>MMFQ»
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.. 0>KQ»K> MO>G«>MQFV> QåOQE>H>V>K SFPFK DRÜå AO>SV> V>VF H>IM>K»
H>O>ÜR I>?BA> B MO>G«>MQF V>VF PBVF 0>J%E> MO>G«>MQFV> V>J MO>G«>MQFV>H
QåOQE>H>V>K SFPFK P>ØVLD>V> >S>V>S>V> >S>V>Så V>VF HFV» H>IM>K» H>O>ÜR IB?BA>
B MO>G«>MQF V>VF PBVF !F » MO>G«>MQF H»I> MO>G«>MQF V>J MO>G«>MQFVBH QåOQE>H>V>K
SFPFK AF » AO>SV>V> H»I> AO>SV>V> VF H>IM>K» H>O>ÜR IB?BA> B MO>G«>MQF V>VF PBVF
ºH» > MO>G«>MQFV> V>J MO>G«>MQFV>H QLJL QåOQE>H>V>K SFPFK »H» > AO>SV>V> VF
H>IM>K» H>O>ÜR IB?BA> B MO>G«>MQF V>VF PBVF
.@@ @ B =C( 0 0? +1 QQ .. QQ
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A +PB+ 6» Q>Ø Q>Ø AE>JJ> P>?E»S>Ø >MBHHEFQS» M> E>Så QBGL
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1 1>GG>Ø Q>GG>K QF Q>Ø P>?E»S>Ø Q>Ø P>?E»S>Ø (1 1>Ø Q>Ø P>?E»S>
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A .I Q V» H»@•FJ» P>JJRQFV» MRQERGG» P>??» S> BQ» K> RMBQF SFAS» <I?
DON >JMM@NKJI?DIB Q@MNDJI DI LAEFP>QQS>?E%JF V>º H> @>K> P>ØSðQ>VL EF
ILHB P>OS» EF Q» JRKF KLM>FQF
) )*/ .
ARSB P>@@»KF >HHE»PF P>J?RAAEL S>A>Q>Ø S>OL

P>JJRQFØ M>O>J>QQE>« @> Q>QFV>Ø K%M>I>??E>QF | $ &QP
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AFø > PS>V>J > ORÜFQS> M>OBP>J
P>ØSðQF V> @> Q>QE> M>O>J»OQEL
P>QVR K> PFAEV>QF HFØ @> QðQåVR | LPJO@? DI - +
.@@ $ &QP . $$ .. Q
&
&QT
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ILH>P>J>««»V> ILH>KFORQQFV» ILH»?EFI»MB EFQ» VBS> AE>JJ>Ø ABPBKQF
. $
A ( $ Q>PJ» SLE»O> HRP>I>PP> ILH>K»QE>PP> P>QQERKL
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M>O>J>QQE>QL K>QQEå QF Š
.@@ @ B $ $ =CQF
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& ) %<T<ODGG@F@ ">OIV RAAEFPQ 1EBLOV LC (KLTIBADB
A CN 0RQQ>MF >H>Ø SLE»O>HRP>IBK> E>D>S>Q» SLE»O>?»ERII>QL
ABPFQ>QQ» SLE»O>ABP>K» >?EFAE>JJ>MF >H>Ø M>O>J>QQE>HRP>IBK>
M>O>J>QQE>?»ERII>QL ABPFQ>QQ» M>O>J>QQE>ABP>K» QF SR@@>QF
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1@I CDFFCP J?CD LKKB@QBA !FP@LROPBP LC QEB RAAE>
/C@ =@BDIIDIB JA OC@ ?DNODI>ODJI =@OR@@I @FQQ> <I? @BQ>PFH> >@? OJ OC@
PGG<Q@?<GG< .POO< DI ( RC@M@ R@ M@<? OC<O P>««» <I? SBA>K» <M@ €@BQ>PFH»
AE>JJ»• <I? OC<O OC@T <M@ €@FQQ>M> F?>AAE»• ª>JIEJDI@? RDOC >JIN>DJPNI@NN
/C .O>C@M=<ONFT BKQO>I LK@BMQFLK LC RAAEFPJ 0
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K»K»DL@>O»K>Ø K> >««>J>««>PP> DL@>O>SFP>V>Ø M>@@>KR?ELKQ»K>Ø J>KL
M> FP>O>Ü>Ø J>KL @> KBP>Ø DL@>O>SFP>V>Ø M>@@>KR?ELQF ªLPJO@? DI CN
& &QT V>A V>Q P>J>K>KQ>O> KFORAAE>Ø SFG«»K>Ø Q>Q Q>K J>KL
AE»QRO FQF
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1 FQQ>Ø M>K> HBK> @F @BQ>PFHBK> SFK»}MF »O>JJ>ÜB M>S>QQ>Qå QF Q>Ø
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RMM>GG>Qå QF Q>PP> Q» I>HHE>Ü>Q» SRQQ» "QBK> KFO»I>J?>Ü>S»AFJ>Q>Ø
M> FHHEFQQ>Ø ELQF
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)-+ 1 1 H. 1 ª0>JJLE>SFKLA>Kå QQE>VLG>K» K <??N
ORJ HJM@ P»AE>K>P *I@ DN H>JJ>P»AE>K> JM J=E@>O ?@IJO<ODJI OC@ JOC@M
>AEFH>O>Ü> P»AE>K> JM GJ><ODQ@ ?@IJO<ODJI
1 =CQF FQQ>@BQ>PFH»K>Ø AE>JJ»K>Ø ?E»S>P»AE>K>J}BS>
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1NH 6>QE»M>@@>V>Ø EF M>S>QQFJ>QQ>J BQ>Ø P>?E»S>AE>JJL .@@ <GNJ
=CQF 1 H. 1
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!JM ORJ ?@O<DG@? <>>JPION JI OC@ P??CDNO O@<>CDIB JI HDI? =J?T
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P??CDNH +CDGJNJKCD><G $IQ@NODB<ODJI• PF>K -EFILPLMEV (<M>C
1JG $NNP@ .PR<I?< # % .PBPI<NDMD €/C@ 2CJG@ J?T )JO #@<MO
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1JG )J %PGT
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1NH
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1NH
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1=C
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@FKQBKQ>PP> E>A>V>MM>ABP>PP> HEFGG>K>QL Q>QQEBA>Ø QF QE>Qå QF SF««»V>QF
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) )*/ .
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1@I CDFFCP J?CD (

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H@<IN OC@ LP<GDOT JA @LP<IDHDOT DI OC@ CDBC@NO N@IN@ #@M@ DO H@<IN I@POM<G
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$=D?
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V>AF EF MO>S>OAEBQ> JLHøL K> PV»Q .@@ <GNJ &QT
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1@I CDFFCP J?CD (
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1@I CDFFCP J?CD ( N@@ <GNJ . 5 PIB (MN -CTN <QD?N
LJMBKAFRJ LC -EFILPLMEV $IOMJ?P>OJMT NN<T 0
CN Š »OLDV> EBK> >K>S>GG> EBK> HLP>II> P>J?E%Q> EBK> @> HRP>I>Ø
.@@ .
"UMLPFQLO ª CN
CN +FMM>OFV»VBK> M>K> «»Ü>P>JM>VRQQ>Ø »OLDV> EBK> >K>S>GG> EBK>
HLP>II>P>J?E%Q> EBK» QF QFSFAEBK»}MF HRP>I>K QF K»J>Ø I>?E>QF
«»Ü>SFMM>VRQQ>Ø ARSFAEBK}BS>
. ª P??C< %<T<IOD ?DODJI JGJH=J /»DL HEL ?E>KQB M>J»Ü>H>O>ÜL
ALPL M>J»Ü>H>O>ÜL JLEL M>J»Ü>H>O>ÜL 1B HEåÜ»P>S>PP> ?EFHHERKL M>EåÜ»
R@@EFKK>J%I» Q»I»S>QQERH>Q» >K>?E»S>H>Q» »V>QFØ >KRMM»A>AE>JJ»
$=D? GJ> >DO /»DL HEL ?E>KQB KFJFQQ>H>O>ÜL ALPL KFJFQQ>H>O>ÜL JLEL
KFJFQQ>H>O>ÜL Ž
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1@I )T<I<ODGJF< (<C<OC@M< RAAEFPQ !F@QFLK>OV ª 1
CN
1@I )T<I<KJIDF< /C@M< € P??CDNH <I? OC@ "J? $?@<• 1EB 3FPFLK LC !E>JJ>
P??CDNO +P=GD><ODJI .J>D@OT &<I?T 0
1@I )T<I<KJIDF< /C@M< JK >DO 0
CN
CN
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.@@ + . %<DID €/C@ ?@Q@GJKH@IO JA OC@ OC@JMT JA OC@ SFMO>VRHQ> P>ØPH»O>P•
.* . 1JG 33$$ +O <N OJ RCT OC@M@ <M@ ORJ ?D0@M@IO OM<?DODJIN
K@MO<DIDIB OJ GDA@ A<>PGOT
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RMM>GG>KQF
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QFÜÜ>Ø P>ÚD>QF ME>PPL
. $1 6» HEL ?EFHHE>SB FJBP>Ø QFÜÜ>Ø AE>JJ»K>Ø P>ÚD>QF P>KKFM»QL
P>J>S»VL >V>Ø SR@@>QF ?EFHHE>SB @>HHERP>JME>PPL
CN V>Ø EF Q>QQE> Q>QQE> QFÜÜ>Ø P>ÚD>QF ME>PPL QF BS>Ø H»O>Ü>PP}BS>
S>PBK> M>SBAFQL QF FJ>PP> @> PRQQ>M>A>PP> QFÜÜ>Ø P>ÚD>QF ME>PPL QF >V>Ø
>QQEL K> P>ÚD>QFJ>QQ>J BS> ME>PPL QF BS>Ø M>SBAFQ>QQ» M>K> QBKBS»H»OBK>
M>@@RM> E» QF P>KKFM»Q>M>@@RM> E»KL QF SRQQL
A & ø> ø> HL AE>OJ>M>OV»V>º H>Q>J>º ø>A »AEV»QJFH»KV »V>Q>K»KF
ø> ?»EV»KV »V>Q>K»KF ø> SFG«»K>H»V»º ø> PM>O >H»V»º ø> SBA>K»H»V»º
ø> QðøÜ»H»V» FQF >QO> EåKAOFV»OQE>SFG«»KB?EV>º PM>O >H»V»º MðQE>D AB FQ»º
$=D? 0
)@OOD
(GI
- .<M<>C>C<I?M< RAAEFPQ -PV@ELILDV LC -BO@BMQFLK
CN 6>QE» S» |@>HHERÜ» O%M>Ø AFPS»} QF »AFPR @>HHERSF««»Ü»AåKF
@>HHER »AF K»JBK> SRQQ»KF BS>Ø FAE»}MF Q»KF @>HHER »AF K»JBK> SRQQ»Kå QF
SBAFQ>??»KF
CN V>Ø EF >O%M>AE>JJL}MF P>J»KL »O>JJ>ÜBPR MERP>K»H»OBÜ}BS>
M>S>QQ>Qå QF MERP>K>I>HHE>ÜL
) )*/ .
CN
$=D? GJ> >DO
=CQF
. 5 PIB <I? (MN -CTN <QD?N LJMBKAFRJ LC -EFILPLMEV
CN
$$ -> FDE>P>JME>PPL QF P>MM> FDE>Ø O%M>HHE>KAE>Ø S>QQERØ H>QS»
RMM>GG>K>H>ME>PPL
$=D? GJ> >DO >QQ»OL HE>KAEB S>QQERØ H>QS» J>KLAS>OB >AEFS>@>K>
P>JME>PP> SBS>@>KL J>KLP>JME>PPL RMM>GG>QF
&QT >AEVR@V>QB}KBKBQV >AEFS>@>K>Ø S»Ú K»JKF MO>S>OQ>QB K»J»OQE>Ø
AVLQ>V>QåQV >AEFS>@>K>Ø K»J>
& J>K>ºP>ØPM>O >º ø>ø E>º PL}AEFS>@>K>P>ØPM>O > FQV R@V>QB HFØ
H»O>Ü>Ø >AEFS>@>K>J R@V>QB K»J> Q>Q HFI»PV»AEFH>J»I>J?>K>J>VL}AEFS>
@>K>}P>ØPM>O > FQF V>QELHQ>Ø |@>HøRO SFG«»KBK> KåI>Ø SFG»K»QF KL QR KåI>Ø
J>KLSFG«»KBK> KåI>Ø SFG»K»QF KåI>J FQF @> SFG»K»Qå} QF
$=D? GJ> >DO M>OB MRK>O »ERº S>@>K>J >AEFHðQV»OQEBPR J>KLSFG«»K>PV>
MO>SðQQFO K> M>«@»K»J >Q>P Q>A BS»AEFS>@>K>J QBK> P>JMO>VRHQ>º
PM>O L}AEFS>@> K>P> Ø PM>O >O FQ V BH > » O>V>MO>?E »SFQL ASFQ å V> º
P>ØMO>VLD>MO>?E»SFQ>º
1@I CDFFCP J?CD (
$=D?
$=D?
"UMLPFQLO ª CN
CN >HHERAS»O»AFPR EF @>QRPR RM»A»O%M>J BS> RM»A»O%M>Ø DE> BQF
RM»A»O%MB VBS> RM»A»O%M>Ø DE> BKQB M> FDE> >K>KFDE>ØPL ?>I>S» K>
ELQF @>QRÜÜ>Ø >AEFH>O>ÜåK>Ø RM>OF @>QQ»OL H>MM»P>MF@RMFÜ¢B E>MBQS»
MF@RMFÜ¢BK}BS> M>E> >H»IL SFV> MER E>J>QQ>J}BS> (»V>AS»OB M>K> ?>EFAAE»
J>E»?E%Q»O>JJ>Ü>Ø >GGE>QQFH>Ø H»V>MM>P»A>Ø DE> BQS» M>P»A>M>@@>VBPR
J>E»?E%QBPR M> FE>««>QF 6>QE» >AEFH>O>ÜFJ>QQE>HB H>MM»P>MF@RMFÜ¢>Ø
E>MBQS» H% BK> M>E>O>KQ>PP> H>MM»P>MF@RMFÜ¢>Ø ?EFKAFQS» H% >Ø
>AEFH>O>ÜFØ D>ÜE»QF KFDE>ØPL ?>I>S» ELQF
1NH
"UMLPFQLO ª CN
1@I )T<I<KJIDF< /C@M< ?EFAE>JJ> 0QRAFBP KK@I?DS 0
CN
$=D? GJ> >DO
.@@ >C<KO@M JI JI?DODJI<G -@G<ODJIN
"UMLPFQLO ª CN
CN
$=D?
"UMLPFQLO ª CN
CN
( $ GGE>KQFH>« @B »SRPL @>HHERØ >M>OF?EFÜÜ>Ø ELQF ?»EFO» @> O%M»
K> »M»QE>Ø »D>@@E>KQF KL @> Q>GGL P>J>KK»E»OL ELQF KBS> Q»S> Q>GG>PP>
SF««»Ü>?E»D>PP> M»QR?E»SL ELQF
) )*/ .
!JM < ?@O<DG@? <>>JPIO N@@ 1@I CDFFCP C<HH<EJOD 0>OS»PQFS»A>

?EFAE>OJ> 0
(MN -CTN <QD?N RAAEFPQ *>KR>I LC -PV@ELILDF@>I "QEF@P
CN
"UMLPFQLO ª CN
$=D? ª CN
(D??G@ '@IBOC .<TDIBN $ ª-R??B HEL »SRPL 3FP»HE> SFQ>HHBQS»
SF@»OBQS» M>@@E» S»@>Ø ?EFKA>QF Q>PJ» SFQ>HH> SF@»O» S>@åP>ÚHE»OL
.@@ <GNJ . $1
!JM < ?@O<DG@? <>>JPIO JA OC@ >GJN@ >JII@>ODJI =@OR@@I SF@»O> <I? M>M>«@>
N@@Z1@I ‹»I<I<I?< LK@BMQ >KA /B>IFQV FK ">OIV RAAEFPJ JGJH=J
.@@ &QT N@@ <GNJ /C .O>C@M=<ONFT BKQO>I LK@BMQFLK LC RAAEFPJ
1NH
.@@ & S»HP>ØPH»O» SFQ>OH> SF@»O»º P%QO> RHQ»º „SFQ>OHV> SF@»OV> S»@>Ø
?E»ø>QB K»SFQ>OHV»SF@»OVB… QF Q>QO> VB >RA»OFH»P QB SFQ>OH»º VB P%HøJ»P QB SF@»O»º
"UMLPFQLO ª CN
@ G< 1<GG£@ +JPNNDI & ª!M /M C $$ I
$=D? GJ> >DO
$=D? GJ> >DO
&QT 0
( $$$
1=C
&
.@@ 'JPDN @ G< 1<GG£@ +JPNNDI & ª!M /M C $$ I
& H>R åAV>Ø @BQ>PL K»?EVRQP»EL SåOV> SFM>Hø>º
"UMLPFQLO CN 0>JJ» »O>AAE>Ø P>??»P>Ø P>JM>QQåK>Ø
J%I>Ø ELQå QF SBAFQ>??>Ø
CN
CN
1@I CDFFCP J?CD (
$=D? GJ> >DO
CN
.
1@I CDFFCP J?CD (
/# 0)2#*' .*( ( )/ ' ! /*-.
1@I CDFFCP J?CD (

CN =CQF
CN 1NH *LEL Š P>??> >HRP>I»K>Ø JRI>K QF A> E>??L
) )*/ .
CN 1NH
$ !SB}JB ?EFHHE>SB PRHH» AE>JJ» ILH>Ø M»IBKQF (>Q>JB ASB %FOF @>
LQQ>MM>« @>
$=D? GJ> >DO ª$O>AR>I 0>VFKDP $
"UMLPFQLO ª CN =CQF
&
"UMLPFQLO ª CN 1NH
CN
$=D?
.@@ @ B $$$ CN
1@I )T<I<ODGJF< (<C<OC@M< RAAEFPQ !F@QFLK>OV
.@@ @ B 1NH
.@@ @ B 1NH CN
&
$=D?
1@I CDFFCP J?CD ( !F EF @>Q%PR AF EFD>Q>P>JM>VRQQBPR *»KL
@>Q%PR AF EFD>Q>SFMM>VRQQBPR
.@@ @ B $$$ . $ .I Q PBVVL}E>J >PJF P>AFPL}E>J >PJF
EåKL}E>J >PJF
1NH CN =CQF
1=C
&
1@I CDFFCP J?CD (
(MN -CTN <QD?N JK >DO
"UMLPFQLO ª CN
(MN -CTN <QD?N JK >DO
CN
(MN -CTN <QD?N JK >DO /C@ @OTHJGJBD><G ?@1IDODJI JA J>@@E>OFV>
BDQ@I <O 1=C DN „&A>Ø >@@E>OFV>Ø J>VE>Ø BS> ELQR J» >««>PP>
>@@E>OFV>Ø ELQ% QF M>S>QQ>QQ» J>@@E>OFV>K QF SR@@>QF
CN N@@ <GNJ 0
CN
$=D?
$=D? J>VE>J BS> ELKQR J» >««>PP» QF P>??»}MF >QQ>KL P>JM>QQF VL ?V»MBQRØ
F@@E>QåQF SFSF@@EL 3FSF@@E>PP> ?E»SL SBSF@@E>Ø JRAR J>@@E>OFV>PP}BQ>Ø
K»J>Ø H>A>OFVL SR@@>QF >K>OFVL Q>PP> ?E»SL H>A>OFV>Ø QE>AAE>
J>@@E>OFV>PP}BQ>Ø K»J>Ø
.@@ CN
& &QT
) )*/ .
"UMLPFQLO ª CN 2MM>GG>J»K>Ø M>K> HRHHR@@>Ø »O>DD>J FS> H>ØP>

M>QQ>Ø J>K>Ø SFIFHE>J»K>J BS> RMM>GG>QF 1>PJ» J>KLSFILHEL QF SRQQ>Ø
& H>Q>J>Q H>RHðQV>Ø HR >I>J V>Q HR >I>J >HðQS» Q>MV>QB >HR >I>Ø @>
HðQS» SFM>OV>V»A >HR >I>Ø H>RHðQV>J
CN +> Q>Ø KåS>O>Ü>Ø Š +åS>O>Ü> M>QFO%M>H>Ø M>K}BQ>Ø H>MM>QF K>
H>MM>QåQF SåJ>ØP>K>P>ÚHE»Q>Ø SFK>V>HRHHR@@>Ø K»J>
CN
1NH CN
$=D? GJ> >DO
"UMLPFQLO ª CN
1@I CDFFCP J?CD (
CN
=CQF
1NH CN 0
CN 0
(
1NH CN
.@@ @ B CN
1NH 3F@FHF@@E»V> >?E»SBK> M>K}BQQE> >AEFJLHHEL RMM>GG>QF
CN
/# 0/$!0' ( )/ ' ! /*-.
"UMLPFQLO ª CN
'JPDN @ G< 1<GG£@ +JPNNDI & ª!M /M C $$ I
CN
"UMLPFQLO ª CN
CN
-CTN <QD?N 1EB .RBPQFLKP LC (FKD *FIFKA> ª(GI
CN
1@I CDFFCP J?CD (
+PB+ ªOM 1@I )T<I<ODGJF< (<C»OC@M< DI RAAEFPQ !F@QFLK>OV
CN
$=D? GJ> >DO
.@@ @ B $$ $$$ . . 1
CN
"UMLPFQLO ª CN
$
1@I )T<I<KJIDF< /C@M< ?EFAE>JJ> 0QRAFBP N@@ <GNJ 1EB 3FPFLK LC
!E>JJ> RAAEFPQ 4OFQFKDP LC +V>K>MLKFH> 1EBO> 0
) )*/ .
CN
$=D? GJ> >DO
$=D? GJ> >DO
$=D?
(<DIGT =<N@? JI OC@ "UMLPFQLO 0 ª CN 0
CN
1@I ‹»à<HJGD 1EB ->QE LC -ROF)@>QFLK
1NH
1@I ‹»à<HJGD 1EB ->QE LC -ROF)@>QFLK ª1NH
CN
"UMLPFQLO ª CN
CN 1NH
CN 1NH
$=D? GJ> >DO
$=D? GJ> >DO
$=D? GJ> >DO
$=D? GJ> >DO
1@I )T<I<KJIDF< /C@M< ?EFAE>JJ> 0QRAFBP 0
& &QT 0
=CQF
CN 1NH
$=D? GJ> >DO
"UMLPFQLO ª CN
$=D? ª CN
/# *")$/$1 +-* ..
CN
$=D?
A (DG
.@@ @ B 1@I CDFFCP J?CD ( 0
$=D? GJ> >DO
$=D? GJ> >DO
$=D? GJ> >DO
.@@ 1=C 0
=C(
1NH N@@ . 5 PIB <I? (MN -CTN <QD?N LJMBKAFRJ LC -EFILPLMEV
0
) )*/ .
CN
.@@ @ B 1NH 1=C
1=C
$=D? /%M>Ø D>ORM>OFÜ»J>Ø A>KAE>KFOLAE>Ø >O%M>Ø I>ERM>OFÜ»J>Ø
HEFMM>KFOLAE>Ø .@@ <GNJ 1NH
1=C
!JM < ?@O<DG@? <>>JPIO N@@ 1@I & ' C<HH<EJOD €/C@ .<MQ»NODQ»?< J>OMDI@
JA .DHPGO<I@JPN <PN<GDOT• 'LROK>I LC RAAEFPQ 0QRAFBP BKQOB CLO RAAEFPQ
0QRAFBP 0OF )>KH> 1JG $ (<T
+ . %<DID ?EFAE>OJ>AåM> TFQE 3F?E»ø»MO>?E»SðQQF +<OI<
+ . %<DID JK >DO
.@@ 1@I & ' C<HH<EJOD ?EFAE>OJ> !L@QOFKB >KA LKQOLSBOPV LK -BO@BMQFLK
=CQF &JFK» M>K> FA>Ø SRQQ>Ø ELQF VB O%M»A>VL M>«@> »O>JJ>Ü»

P>KQ>QQ> >VLDRIB M>QFQ>Ø G>I>?FKAR SFV> M>OFQQ>HHE>ÜFH» AF??>@>HHERK»}MF
>P>HHRÜBVV>D>E>Ü» M>O>J»ÜR SFV> M>OFQQ>S>QQERH» Q>QL @> P>H>P>H>SF««»Ü>PP>
»M»QE>Ø K> D>@@E>KQF HBS>I>J M>K> J>KLSF««»Ü>PPBS> DL@>O»KF QB
AE>JJ»O>JJ>Ü>Ø K»J» QF VBP>Ø I>AAEF QB VBP>Ø S» AE>JJ»O>JJ>Ü>Ø
K»J» QF BQBK}BS> @> >QåQ»K»D>Q>?E»SBK> >QFA%O> >@@»P>KK>?E»SBK> HR¢¢»AF
>KQ>OFQ>?E»SBK> @> »M»QE>Ø >K»D>@@E>KQ»K>J}MF O%M»AåK>Ø P>ÚD>EL H>QL ELQå QF
$=D?
CN
<N@? JI 1@I & ' C<HHEJOD ?EFAE>OJ> !L@QOFKB >KA LKQOLSBOPV LK
-BO@BMQFLK 0
1NH 1NH >HHERK» O%M>Ø AFPS» QF BQQE> V>AF @>HHER O%M>Ø M>PPBVV>
>««>SF««»Ü>P>J>ÚDFKL}MF M>PPBVVRØ +> @}BQ>J >QQEF (>PJ» @BQ>K>PP>
@>HHERPP> 1BK»E> @>HHER O%M>Ø K> M>PP>QF >@FQQ>H>QQ» QF QE> SF««»Ü>Ø
O%M>Ø M>PPBVV> QFOLHR¢¢»AFD>Q>J}MF K>Ø M>PPBVV> >MM> FDE>?E»S>QL &A>J}MF
K>QQEF .@@ <GNJ =CQF
1NH
1NH
=CQF 6>PP> @>HHER M>PP>Qå QF J>Q>Ø Q>PP» MF K> P>??>Ø @>HHER M>PP>QF
>QE> HEL SF««»Ü»AEF EFQ>J BS> 6>PP> M>K> SF««»Ü>Ø M>PP>Qå QF J>Q>Ø Q>PP» MF
K> P>??>Ø SF««»Ü>Ø M>PP>QF >QE> HEL @>HHERKFPPFQ>J BS>
A =CQF
1@I & ' C<HH<EJOD JK >DO 0
$=D? GJ> >DO
A 1NH 0> @»PP> FKAOFV»AEåK>SRQQFH>PP> »O>JJ>Ü>P>?E»SRM>I>AAEF
K> BH>H>I»M>D>Q>S>ÜÜ>S>PBK> ELQF +»MF H>QFM>V>H>I»M>D>Q>S>ÜÜ>S>PBK>
A $=D? GJ> >DO QE> HEL »?ELD»KRO%M>Ø »M»QE>D>Q>S>ÜÜ>S>PBK» QF >KBH>J
BS> O%M>Ø P>ØE>@@>H»OFQ»V> SF««»Ü>PP> M>@@>VL ELQå QF A>PPBKQL E>D>S»
„O%MB @»…QF ?>ERS>@>KBK> KFAAFPF Š +> @}BQQE> P>JRA>V»O>JJ>Ü>Q»
»P>ÚHFQ>??>P>JRA>V»?ELD>PPBS> >?E»S>Q» 0>JRAFQ» M>K> S>ÜÜ>AE>JJ»
»O>JJ>Ü> M>@@>VL ELQF
$=D? GJ> >DO
) )*/ .
.@@ 1@I & ' C<HH<EJOD ?EFAE>OJ> !L@QOFKB >KA LKQOLSBOPV LK

-BO@BMQFLK Z
1NH 3FPRØ SFPRØ >P>J>QQE»K>Ø PFS>H»S»E>K»AFPR P>J>QQE>Q»V>
A>PP>K>QL (BP»AåK>« @> V>PJFØ E»KB EFQ»K>Ø M>@@BH>Ø S>ÜÜ>Ø D>EBQRØ
K> P>HH» Q>PJFØ VBS> EF P>JRAFQ»K>Ø S>ÜÜ>Ø D>EBQRØ P>HH» QF ?EFVVL MF
QBP>Ø P>ØE>@@>H»OFQ» M>OF?V>QQ» "QBK> „ @>HHERSF««»Ü>PP> M>O>J»ÜRO%M>Ø
»O>JJ>Ü>Ø RA»ER Q>JP>JRA>VL QF … >AFH» @LA>K» M> FHHEFQQ» QF SBAFQ>??»
1@I CDFFCP J?CD (
CN
1@I CDFFCP J?CD (
1 1>QQE> @>HHERAS»OFH>@FQQ»K>Ø P>??BP>J•MF O%M>J BS> »O>JJ>Ü>Ø
Q>« @> M>@@RMM>KK>Ø Q>QE» PLQ>AS»OFH>@FQQ»AåK>J•MF P>AA»AåKF Q»KF @>
M>@@RMM>KK»KF VBS> *>KLAS»OFH>@FQQ»K>J M>K> @E>??FAE>J}MF M>@@RMM>KK>Ø
>QåQ>Ø >K»D>Q>Ø H»I>SFJRQQ>« @> V>QE»O>E>Ø »I>J?>K>Ø ELQF
$=D? 0
$=D? GJ> >DO
CN
<N@? JI - .<M<>C>C<I?M< JK >DO 0 . 5 PIB <I? (MN -CTN <QD?N
LJMBKAFRJ LC -EFILPLMEV 0
- .<M<>C>C<I?M< JK >DO
/# ) '4.$. *! ( // -
.@@ @ B 0? 1=C +NH $ =CQF

1@I CDFFCP J?CD (
$=D? ª. $$$
=CQF /RMM>Qå QF PåQRÜE»AåEF SFH»O>Ø »M>GG>QF »M»AåV>Qå QF S» >QQEL
3FH»ORMM>QQF @> PåQ»AF SFOLAE>MM>@@>V> P>KKFAE»KB SFP>AFPRMM>QQF VBS>
+> EF V>QE»P>H>Ø M>@@>VBEF RMM>GGFQS» EFQ>AE>JJ»K>Ø >««BK> HBK> @F
SFH»O»M»A>K>Ø P>HH» H»QRØ Q>PJ» MROFJRMM>KK> O%M>P>KQ>QF SFV> >ERQS»
M>@@E» RMM>GG>J»K»K>Ø SFP>?E»D> M>@@>V> P>J>S»VBK> SFP>AFPRMM>QQF VBS>
FAE> ORMM>K>K QF A> E>??>Ø
.@@ @ B 1 H. 1$ *FEF ORMM>K> K>J HFJ>V>Q 0åQ»AFSFOLAE>MO>QV>V>
P>KKKFAAEV>VBEF SFP>Að LQM>QQFV>VF
.@@ =@GJR JI OC@ ?@ID<G JA HJODJI >C<KO@M JI (JH@IO<MDI@NN
=CQF N@@ <GNJ 1 H. 1
CN 1NH
$=D? GJ> >DO
& &QT /C<O OC@ /C@M<Q»?DIN R@M@ <R<M@ JA OCDN .<MQ»NODQ»?<
?@1IDODJI DN NCJRI =T RC@I DO N<TN -> FDE»QL ORMM>K>K QF >M>OB
&QT
.@@ =@GJR >C<KO@M JI /C@ "M@<O G@H@ION JA (<OO@M
) )*/ .
A 1NH 0S»V>Ø O%M>P>AAL O%ÌEFV» >Q>ØP>?E»SB}MF M>S>QQ>Qå QF

>M>OBK> O%M>P>AABK> SFPBPBQS» SRQQ>Ø O%M> O%M>K QF
/C@T <M@ < NK@>D@N JA N@INDODQ@ H<OO@M N@@ =@GJR >C<KO@M JI -@<G @K@I?@IO (<OO@M
.@@ & &QT
.@@ =@GJR >C<KO@M JI -@<G @K@I?@IO (<OO@M
.@@ @ B ( $$$ . $$$ . $1
.@@ CN
.@@ CN 1 =CQF
$=D? GJ> >DO
&QT
& &QT
$=D? GJ> >DO
1=C
.@@ & &QT
$$$
.@@ CN
.@@ CN CN
.@@ @ B ( $ . 1 $1 $$$ . $$ ( $
$1
.@@ &QT
.@@ =@GJR >C<KO@M JI /DH@ <I? .K<>@
&QP
.@@ @ B CN
A 1 (>JJ»AåEF M>@@>VBEF KFMME>KK>QQ» KFMME>KK>O%M>Ø K»J>
.@@ <GNJ =CQF
1
1NH
1@I CDFFCP J?CD (
1
$=D? GJ> >DO 0>?E»SBK}BS> RM>I>??E>J»K>QL I>HHE>Ü>QQ>V»OLM>ÜBK>
P>JJ>PFQRØ >O>E>QQ» P>JJ>P>K>O%M>Ø
.@@ @ B ..
.@@ /FK
1 6>Ø EF J>E»?E%QB RM»AFV>QF P>V>« @> >««BEF RM»AåV>QF K> Q>Ø
RM»A»O%M>Ø V>Ø M>K> RM»AFV>QBS> K> HBK> @F RM»AåV>QF Q>A BS> RM»A»V> O%M>K QF
/# "- / ' ( )/. *! ( // -
.@@ . C<?PMD 0QRAFBP FK +V»V> 3>F BøFH> *BQ>MEVPF@P C $$$

.@@ ->«@>PQFH»V>P»O>
.@@ @ B $$$ ( $
) )*/ .
.@@ @ B ( $$$ $
.@@ @ B ( $ 0
1NH
A 1NH +>KR @> H>HHE>Ì>QQ>J BS> M> E>SåAE»Q% QF 0>@@>J BQ>J
1>QE»}MF SF««»Q»SF««»Q> P>AA>QQE>Q» S>PBK> >?EFKKB}MF AE>JJB H>MM>K»
PFAAEBK> ?EBABK> BS>Ø KFAABPL H>QL "S>Ø EF >QQE>SFPBP»S>?LAEL ELQå QF
CN
1NH =CQO
. 5 PIB <I? (MN -CTN <QD?N LJMBKAFRJ LC -EFILPLMEV I
1NH N@@ <GNJ CN (QI =CQF
&QT
1NH CN =CQF (QI
"UMLPFQLO CN V>MFÜ¢F »AåKF »MLAE»QR »?>KAEFQS» QE>AA»KF H>OLQF
Q»V> »?>AAE>QQ» Q»KF QE>AAE»KF K»J> ELKQF -»P»K> M>??>Q> Q»I> EF E>QQEFA>KQ>
DLPFÚD»AåPR}MF BP}BS> K>VL 0>??»KF E}BQ»KF »MLAE»QR BS> »?>KAEFQS» QE>AAE»KF
H>OLQF »MLAE»QRV» »?>AAE>QQ» S> QE>AAE»KF ELKQF
&QT
$=D? GJ> >DO
3>F BøFH> 0%QO>P LC (>K»A>
1 (F«@»MF EF PåQ>Q» MERPFQS» D>VE>QF P» M>K> QBGL VBS> *>KAB EF RÜE>QQB
PåQ>?RAAEF PåQ>P>ÚHE»Q>PP> H>PP> @F DRÜ>PP> >?E»S>QL Š 1>QE» EF DE>JJ>H»IB
»Q»MB E>QS» @E»V>Ø M>SF E»K>Ø PåQ>?RAAEF ELQF Q>QQE}BS> @FO>H»I>Ø EFQ»K>Ø
RÜE>?RAAEF .@@ <GNJ 1NH 1 H. 1
CN
CN N@@ <GNJ 1=C
1NH =CQF 1
1NH 1
$=D? GJ> >DO
1NH 0>??»P>J}MF AE»Q%K>Ø P>I>HHE>Ü»AFQL K»K>QQ>Ø ««»KF BS> EF
M> E>SåAE»QRV» I>HHE>Ü> O>P> M>@@RM> E»K»KF >««»KF »MLAE»QR »AåK>Ø
CN
.@@ =@GJR >C<KO@M JI (JH@IO<MDI@NN
1@I ‹»à<HJGD ->QE LC -ROF)@>QFLK ª1NH
1NH
1@I ‹»à<HJGD ->QE LC -ROF)@>QFLK
1NH 6>AF EF FJ» AE»QRVL >««>J}>««>PP> >KQL EFQ» K> P>HF@@>H>O»
PFVRØ Š QE> ?>EF E» SFKF??ERQQ» PFVRØ 1>QE» P>QF >SFKF??ERQQ>S»AL E»VBVV>
1>PJ» K> KFAAFPFQ>??> E»K» .@@ <GNJ =CQF
1@I ‹»à<HJGD ->QE LC -ROF)@>QFLK ª1NH
&QT MðQEFSå AO>SVB P>ØDO>E> M>HQF SV%E>K> A>O >K»@ @EBø»Ü»Ø G>I> QBGL
S»V%K»J >PQFQS>J >KRJåV>QB >MPR K>R P>ØAE»O>ÜLøÜ>QBO>Ü> H>OJ> A>O >K»Q
MðQEFSå QBGL S»V%K»J >PQFQS>Ø >DKF GS»I»V»Ø PQE>FOV> P>JMFÜ¢>K> @>I>K>
A>O >K»Q MðQEFSVRA>H> S»V%K»J >PQFQS>Ø S»V>R P>ØAE»O>Ü> åQLøÜ> PM>O >
A>O >K»Q MðQEFSV >M QBG>P»J >PQFQS>J FQF 3>F?E»øFH»º
) )*/ .
.@@ . C<?PMD JK >DO C $1

1NH 0 =CQF 0
1NH =CQF 0
.@@ &QT
.@@ 1NH =CQF
CN (FJ M>K> BQ»KF QåÜF J>E»?E%Q»KF BH>MM>E»OBK}BS> »M»QE>Ø
»D>@@E>KQF RA»ER KL QF ºD>@@E>KQF "S>Ø »D>Q»KF H»V>MM>P»A>Ø DE> BKQå QF
$E> BKQF "H>MM>E»OBK}BS> Q»KF »O>JJ>Ü>J H>QS» H»V>SF««»Ü>Ø RMM>GG>QF
K}%MM>GG>Qå QF +}%MM>GG>QF (>PJ» º?ER«GFQ>S>PBK> S» EF RPP>A>S>PBK> S»
»O>JJ>Ü>H>O>Ü>Ø ELQF
"UMLPFQLO ª CN
$=D? GJ> >DO
&
$=D? GJ> >DO
.@@ 1NH =CQF
. 5 PIB (MN -CTN <QD?N LJMBKAFRJ LC -EFILPLMEV I
CN
.@@ ) .@<G -LPFQFSB 0@FBK@BP LC QEB K@FBKQ %FKARP C $
$=D? GJ> >DO
A ->«@>PQFH»V>P»O> ABP>J>QQ>JRQQL AE»AR@>QRHH>PP> H»O>Ü>Ø GL AR
.J I@J M>O>J»ÜL M>OFÜ»J>DRÜL P>V>J>P>AAL
.@@ . C<?PMD JK >DO C $$$
/# - ' + ) )/ ( // -
A @B ( $ . $1 0
(MN -CTN <QD?N RAAEFPQ *>KR>I LC -PV@ELILDF@>I "QEF@P I
&QT
&QT K> EåKAOFV»ÜF ASF AE» ?E>S>KQF @EFKK>PV»ØD>PV> H»V»A >M>D>Q>PV>
KFOFKAOFV>QS»Q FA>J >MF H>QE>Ø D>JV>QB KFOFKAOFV>Ø Q>A >ØD>Ø V>@
@EFKK>Ø H»V»A >M>D>Q>J FQF V>PJ»Q Q>Q MO>QåQV> PMO>ø >SV}»AFH>Ø @>
H»V}»AF SFG«»K»KRM>M>QQFº
$=D? GJ> >DO H>QE>Ø Q>OEF @EFKKBK> MRK>O I>DKBK> K>PFH»}DOBÜ>
H»V>SFG«»KLQM>QQFº K»PFH» J%I> P>Ø?>KAEBK> MRK>º H»VBKAOFVLQM>QQBO
>ALø>º H>QE>J FE> DðE>DLAEFH}»AåK»Ø MR@@E»KF @EFKK»KF PM>KA>KQB V>AF
Q>QO> H»VBKAOFV>Ø K»PQF S»VR AE»QLO Bø> SFH»OL
CN
/M H<DIGT =<N@? JI 1@I ‹»à<HJGD•N ->QE LC -ROF)@>QFLK ª1NH
CN 0
1NH CN
/C .O>C@M=<ONFT BKQO>I LK@BMQFLK LC RAAEFPJ
/ ) .DIC< &KAF>K -PV@ELILDV -BO@BMQFLK C $
) )*/ .
.@@ . C<?PMD 0QRAFBP FK +V»V> 3>F BøFH> *BQ>MEVPF@P 0

1NH (B@F M>K> QBG»AEFH»K>Ø M>P»AL @>HHER S»VR M> E>Så
»M»AEFH»K>Ø ?E%Q»K>Ø M>P»AL PLQ> DE»K> GFSE» H»VL P>??BP>K QF S>A>KQF
M>OB QBG»AEFH»K>Ø M>P»AL @>HHER SFS>O> S»VR »M> M> E>S»AFH»K>Ø PLQ>
DE»K> GFSE» H»V» QF S>A>KQF .@@ <GNJ CN /C<O €?E%Q»K>Ø• H@<IN
€<HJIB OC@ NPKKJMODIB BM@<O @G@H@ION• DN NPKKJMO@? =T OC@ M@NO JA OC@ K<NN<B@ DI
1NH <I? =T 1 H. 1
1NH
1 H. 1
1@I ‹»à<HJGD ->QE LC -ROF)@>QFLK ª1NH N@@ <GNJ CN
CN
$=D?
.@@ 1NH CN =CQO =CQF
.@@ &QT
.@@ 1@I CDFFCP J?CD ( C $1
.@@ 1NH 0
.@@ 1NH 0 & &QT
CN
CN AåDE»AåKF EF >««>J}>««>Ø RM>KFAE»V> PFAAE»KF S> »AåKF P>KKFSBPBK>
1>QQE> O>PP>Ø RM>KFAE»V> Q>QL R@@>Q>O>Ø AåDE>Ø Q>Ø RM>KFAE»V> Q>QL
Kå@>Q>O>Ø O>PP>Ø QE%I>Ø RM>KFAE»V> Q>QL HERAA>H>Q>O>Ø >ÜRH>Ø Q>Ø
RM>KFAE»V> Q>QL J>E>KQ>Q>O>Ø QE%I>Ø
CN 1>QQE> V>PJ» AåDE»AåKF MERPFQS»} MF P>HH» G»KFQRØ KåI»AåKF M>K}BS>
K> P>HH» Q>PJ» K> KFMM>OFV»VBK> AåDE>Ø O%M»V>Q>K>Ø Q>QE» O>PP»AåKF
$=D? GJ> >DO
=C( =CQF 1
& &QT
.@@ &QT K> EF @»HøRø>J BQ>Q P>ØPQE»K> DO>E>Ü>Ø J»K>P>Ø QS BQ>Q
M>OFH>IMFQ>Ø S>OÜ> P>ØKFSB > SF Bø> BS> EF P>ØPQE»K>Ø K> P>ØPQE»K>Ø K»J>
AO>SV>Ø HFØ@FA >PQF S>OÜ»DO>E>ÜB P>ØPQE»K> DO>E>Ü»?E»S»Q .@@ <GNJ &.+
( $1 0
& 0
$=D? GJ> >DO
.@@ =@GJR >C<KO@M JI )JHDI<G @K@I?@IO (<OO@M
"UMLPFQLO ª CN !%OB ORHHE>Ø @EFKA>KQ»K>J MF O>G>H»K>«
@> S>QQE>Ø AELS>KQ»K>Ø A%O>QL S> H»V>SFH»OL M>««»V>QF 0>AAL M>K>
AE»QRM>O>JM>O»V> PLQ>Ø DE> BQS» P>ÜFH>Ø S>S>QQE»K>Ø D>@@E>Qå QF
/ ) .DIC< &KAF>K -PV@ELILDV -BO@BMQFLK
CN /CPN <>>JM?DIB OJ OC@ 0åE>I> E>H>QE» <GG OC@ N@IN@ JMB<IN <M@
P>JM>QQ> DL@>O> D @ OC@T <KKM@C@I? OC@DM J=E@>ON RC@I OC@ G<OO@M >JH@ DI
<>OP<G >JIO<>O RDOC OC@H *I OC@ JOC@M C<I? <>>JM?DIB OJ OC@ +»GD
>JHH@IO<OJMN JIGT OC@ JMB<IN JA NH@GG O<NO@ <I? OJP>C <M@ P>JM>QQ> DL@>O>
) )*/ .
#JR@Q@M DI OC@ +»GD >JHH@IO<MD@N OC@ O@MH P>JM>QQ> DL@>O> DN NJH@ODH@N

PN@?Z DI M@NK@>O JA <GG OC@ N@IN@ JMB<IN $O N@@HN OC<O P>JM>QQ> DN PN@? IJO
JIGT <N M@A@MMDIB OJ OC@ KCTND><G >JIO<>O =@OR@@I OC@ JMBO
=PO NJH@ODH@N <N M@A@MMDIB OJ OC@ <KKM@C@INDJI JA OC@ J=E@>O =T OC@ JMBDO@N < 3F?E»ø»
K<NN<B@ <>>JM?DIB OJ RCD>C MO»MQ> RCD>C DI OCDN >JIO@SO >JMM@NKJI?N OJ +»GD
P>JM>QQ> J>>PMN DI OC@ N<H@ ORJ N@IN@N
CN 0>AAL MF P>@B P>ÜFH>Ø »D>@@EBVV> A%OB RMM>KKL @FOBÜ> P%VBVV>
M>O>JM>O»DE> >K»V> @> »D>KQS» PLQ>Ø DE> BKQL >PRH>AFP»V> K»J» QF K>
M>««»VBVV>
CN
1NH
1
&QT
1NH
CN
CN
&QT
CN
&QT
CN N@@ <GNJ 1=C
"UMLPFQLO 0 ª CN
$=D? GJ> >DO
CN Š FQQEFIFÚD»AF M>K> K> FQQEFKAOFV>Ø Š V>QE» ?åGB P>QF ?åG>Ø
M> F@@> ORHHEL S>¢¢EFQS» P»HE»SF >M>P>JM>KKL »H»P>Ø M%OBQS» QF E>QF
"S>J BS> FQQEF?E»S>P>ÚHE»QB FQQEFKAOFVB P>QF FQQEFIFÚD»AåKF ELKQF åG>Ø SFV>
EF FQQEFKAOFV>Ø
CN Ž V>K QF H»O>Ü>S>@>K>Ø 6BK> H»O>ÜBK> Ž
1NH =CQF 1
1NH +> @> H»V>MM>P»ABK> EFQLH»PB EFQ>K QF S» > EFQLH»PB EFQ>K QF S»
S>QQ>??>Ø
1NH =CQF K> @> Q>PP> H»V>MM>P»ABK> P>ÚH>OL I>HHE>Ü>?EBA>QL
KFPP>V>?EBA>QL S»
&QT
1NH
.@@ CN
&QP 0 &QP
&QP 0
+ . %<DID .* . 1JG 33$$ +O
&
.@@ @ B $$$ ( $ . $$
) )*/ .
CN
CN
CN
.@@ &
$=D? GJ> >DO
<N@? JI 1@I ‹»à<HJGD ->QE LC -ROF)@>QFLK I ª1NH
N@@Z <GNJ =CQF .. 1 H. 1$ RC@M@ OC@ N<H@
@SKG<I<ODJI DN M@K@<O@?
.@@ 1NH 1 H. 1
=CQF EFH>QS» J>K>PFH>QS» P>??>Ø @BQ>P» P>J>KK»E>OFQS» HF«@F
@FKQBKQ>PP> E>A>V>MM>ABP>PP> HEFGG>K>QL Q>QQEBA>Ø QF E>Qå QF SF««»V>QF
/# )*($) ' + ) )/ ( // -
A 1NH 1
+ . %<DID =C $IOMJ?P>ODJI
1@I )T<I<KJIDF< /C@M< ?EFAE>JJ> 0QRAFBP 0
.@@ @ B &@DOC RAAEFPQ -EFILPLMEV FK &KAF> >KA BVILK
1=C
&QT
1NH (1 =CQO
(1 V»V> M>OF@@EFKKBPR O%MBPR FA>Ø FQL RAAE>Ø >AEL QFOFV>K QF @> ELQF
=C »H» > AE»QRP QR @»HøRøL O%M»V>Q>K> P>ØDðEåQ>º »ILH>
Q>J>ºPS>?E»SL S>OÜ>SF BøLŠ
&QP &QP
=CQF
.@@ &.+ ( $1 & ª!M /M C $1 '< .D??CD
(MN -CTN <QD?N RAAAEFPQ *>KR>I LC -PV@ELILDF@>I "QEF@P ª CN
CN
$=D?
CN
.@@ CN 1NH =CQF 0
=CQF Ž J>E>KQ>Ø M»P»K>Ø RHHEFM>KQ>PP> P>??>QQE»JBK>
D>E>Ü>H»IB P>OåO>PP> RPP>E>K>SFH»OL SFV> Š I>??E>J»KL BHL »H»O>SFH»OL
H»V>SF««>QQF K»J» QF SRQQ>Ø ELQF .@@ <GNJ 1
CN
SKJNDOJM ª CN
.@@ <=JQ@ >C<KO@M JI JBIDODQ@ +MJ>@NN
SKJNDOJM ª CN
$=D? GJ> >DO ª CN
CN
) )*/ .
SKJNDOJM ª CN
CN 0
SKJNDOJM 0 ª CN
CN
@ '< 1<GG£@ +JPNNDI )> 0FAAEF
&.+ ( $1 0
$=D? GJ> >DO
&QT &.+ ( $1
&QT
CN
&QT V>QE» H»V> SFG«>MQFº P>ØPQE»K»QJFH» K> Q>QE» S»D SFG«>MQFº HFØ Q>OEF
S»D »QJ>HL AES>KFO S>OÜ}»QJ>H>º >?A> FQV >OQE>º .@@ <GNJ (?CT 1ôO
&.+ ( $1
CN
JOC H»V> SF««>QQF <I? S>@å SF««>QQF <M@ DI>GP?@? DI AE>JJ»V>Q>K> OC@ NKC@M@
JAZH@IO<G J=E@>ON
1NH
=CQF (QI
$=D? GJ> >DO
SKJNDOJM ª CN
CN
$=D? GJ> >DO
CN
$=D? GJ> >DO
SKJNDOJM ª CN
CN 0
$=D?
SKJNDOJM ª CN
CN
.@@ <=JQ@ C<KO@M
.@@ CN
A @B $ ( $$
A OC@ ?@N>MDKODJI JA OC@ @DBCO HRPåQ>S>QQERP =<N@N JA DI?JG@I>@ DI $1 0
1EBO>D»QE»
=CQF
.@@ ..
.@@ CN 1NH
1NH !E»QRHHEL?EL S»Q> MFQQ> PBJE>MM>HLML O>P»AFAE»Q%K>Ø S»
SFH»O»S>QQE»
$=D? GJ> >DO !SFAE» SRQQL}MF >QQE>QL M> E>SF »AF AE»Q%K>J VBS> SFH»OL
A> E>??L
) )*/ .
1@I CDFFCP J?CD (

CN
$=D? GJ> >DO
CN N@@ =@GJR >C<KO@M JI I<GTNDN JA (<OO@M
CN
CN
$=D? GJ> >DO
$=D? GJ> >DO
SKJNDOJM ª CN
.@@ &QP 0
CN
&QP @RQFHHE>Ü>PJFØ ASB}MF GåSFQ»KF P>E}BS> ?EFGG>KQF
CN QQE>QLEF R?E>V>JMBQ>Ø G»QFO%M>PPBS> >AEFS>@>K>Ø »H»O> K»K>QQBK>
M>K> SBKBVV>S>PBK> @> RM>@>VL P>KQ>Qå QF RAABP>ABP>K>Ø Ž
A 1NH CN =CQF 0
1NH CN
A (QI +> EF G»QF G»V>QF G>O» GåO>QF J>O>Ü>Ø JåV>Qå QF SLE>OFQRØ VRQQ>Ø
>K>S> E»K>QL .@@ <GNJ =CQF &QT + (?CT 1ôO I
/# ( / -$ ' '0./ -.
.@@ @ G< 1<GG£@ +JPNNDI & ª!M /M C $ I (> "JQ@MI (<IP<G JA

P??CDNO +CDGJNJKCT $ 0
/C<O OCDIBN ><PN@ ªBH>H»O>Ü>S»A> <I? OC<O < OCDIB
>O ªBH>PP> AE>JJ>PP> RMM>QQF <M@ =JOC
M@E@>O@?Zª CN Z
.@@ . 1 H. 1@I CDFFCP J?CD (
.@@ 1NH (>I»M>QL QF V» >V>Ø HBP> ILJ» QF »AFK» K>VBK> SåP>QFV» »H»OBEF
M> E>SåAE»QR MFQQ>Ø PBJE>K QF »AFK» K>VBK> AS»A>P»H»OBEF »MLAE»QR
KFAAF E» 1>QQE> V>PJ»
|S>ÜÜL D>KAEL O>PL LG» @>Q>PPL @»}MF AE»QRVL
> E>AE>JJ>P>JLAE»K» ELQF HBP» QF P>JJRQF
QBP>Ø VBS> SFKF??ELD» K>QQEF HBP» QF P>JJRQF }
1>PJ» HBP»}MF > E>AE>JJ>H>I»M>J>QQ>J BS>
1NH Ž FJ>PJFØ EF P>OåOB J>GGEFJBK> M>J»ÜBK> M>OFD>VE>J»K»
M>O>J»ÜR?EBA>P>«@RÜÜ» PRHERJ>O>G>?E%Q» M> E>SåAE»QR ALÜ>J>QQ» PFV»
P» QLQL RM>¢¢E>MM>J»Ü»V> »MLAE»QRV» P>ÚD>EFQ»
.@@ @ B . .. 1 .. )-.
/CDN >JI>GPNDJI B@ON APMOC@M >JI1MH@? =T 1 H. $1 RC@M@ DO DN NO<O@?
OC<O > E> AE>JJ> H>I»M> M@A@MN OJ OC@ @DBCO FDI?N JA O%M> RCD>C DI OC@DM
) )*/ .
>JH=DI<ODJI DN ><GG@? C@<? C<DM ª> E>AE>JJ>H>I»M>J>QQ>J BS>

T>KRAR HB > MO>G«>MQFV> > H»O>Ü> S% S>OÜ»AåK BH>QS>VBK DBK> HåE>
,SRK >ø >AE>OJ>J»QO> KLSBVF A>Q> VRQR
1NH
.@@ @ B 1NH 1 =CQF 1 H. 1
1@I CDFFCP J?CD (
1 Ž BQ»KF O%M»KF H>JJ»AFQL RMM>GG>J»K»KF}MF BHBH>Ø S> K>
P>JR E>E>KQF >QE> HEL MFÜ¢>QL} S> P>JR E>E>KQF .@@ <GNJ ..
1@I & ' C<HH<EJOD 0>OS»PQFS»A> ?EFAE>OJ>
1@I & ' C<HH<EJOD JK >DO GJ> >DO
.@@ &QT 0
&QT Q>A BQ>A AFD ?E»D> ?EBA>S>QQS>Ø KB@@E>KQF 3>F?E»øFH»º
AFD ?E»D> ?EBAL EF P>ØDE»Q> O%M»Ü»J BS> H>IMV>QB
&QT
$=D? GJ> >DO
$=D? 0
A 1DÜ K>FS> EF M>O>J»Ü>S>º P>ØVRGV>KQB KFO>S>V>S>QS»Q
J» ?E%A Bø> ALø>MO>P>ÚDE>º P>ØE>Q»P QR M>O>PM>O>Ø P>ØVRGV>KQ> FQF
H» JåO>S>F?E»øFH»PQ> FA>Ø MO>ø E>SV»º V>º M>O>J»Ü%K»Ø P>ØDE»QL K> P>
QB?EVL}OQE»KQ>O>J FQF .@@ @ G< 1<GG£@ +JPNNDI '< .D??CD 0
@ '< 1<GG£@ +JPNNDI '< .D??CD >A 1DÜ @E»V»S>Qå H>QE>Ø S» V>AV
BH>FH>PV> M>O>J»ÜLO AFD?E»D>?EBAL K> PV»A »AFQVLA>VB H>QE>J >KV>QO>
@E»V» ?E>S>QV >KV>QO»Q>M>º K> EF Q>PV»KV>º MO>AB L}PQF V>QO»Q>ML K> PV»Q
»S>O>Ü>Ø @> H>QE>Ø ?E>S>QF M>O>J»ÜLº M>O>J»ÜS>KQ>OBK> V>AF
AFD?E»D>?EBAL KBøV>QB K> EF H> @FA >MF M>O>J»ÜLº M>O>?E»DL}PQF
V>QO»D>J>K»A >KVBK»KV>PV> MO>QFDE»Q>º PV»Q
A 1DÜ ø> HBK> VRD>M>AVLD»Q M>O>J»ÜLº ø>¢>Ø >Q» ø>¢?EVL AFD?EV>º
ø>¢?EFº M>O>J»ÜR?EFO VRD>M>AVLDB P>QF M>O>J»ÜLº ø>¢>Ø >Q»Ø MO»MKLQF
BH>PV> VL AB >P Q>QO»KV>PV> P>Ø?E>S»Q ø>ÜÜ»Ø P>J»K>AB >QS»Q MFÜ¢>º
PV»A >ÜRJ»QO>H>º >QE> V> BS>FH>PV> M>O>J»ÜLO AB >º P> BS> ø>ÜÜ»Ø
QBK> P>OSBø»Ø P>J»K>AB >QS»Q P>OS>º MFÜ¢>º M>O>J»ÜRJ»QO>º PV»Q
CN
1 H. 1 »H» >AE»QR Š JB R¢>V> JB V> > V>VF H>I»M>V>KDB M>OV>KQ>V>
M>E>Ì> HFOåJ> HðQV> HL > BQQåVF
1=C N@@ <GNJ ?EFAE»K>MM>AåMFH» P%@F @? 1@I .P=C%OD JGJH=J
0
1=C
$=D?
.@@ @ B ->«@>PQFH»V>P»O>
&
$=D? GJ> >DO
&QT V>K J>AEVB K»PQF HFØ@FA FQF ?ORS»Ü» 3>F?E»øFH» J>AEVB »ILH}»AF
KB@@E>KQF >KV> M>O>J»ÜR MO>SB »K>S>H» >Ø QR K> ?ORS>QB N@@ <GNJ
&
) )*/ .
$=D? 0
$=D? N@@ <GNJ 1DÜ
$=D? GJ> >DO
$=D? GJ> >DO
.@@ 1NH 1 =CQF 1 H. 1 >A .. ª»H»P>
AE»QR H>OJ»AF BHF BHå MO>QV>VBK P>JROQEFQ> S% @>H RO A> >H»AF H>I»M>V>K
H>I»M>KQ>O>V> E» P>ØH>O> KLS>K> EBVFK MFOFPFKAFK» PS>?E»S> S% »H» >AE»QR
QLJL ªM>OF@@EBA> O%M>Ø K»J> M>OF@@EBA>O%M> K>J SB
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K> SRQQ>Ø EFQFHHE>ÜB ?E>ÚD>HHE>ÜB @»QF 1>QE» KRMM>GG>J»K>Ø KRMM>KK>K QF
BQQE> |?E>ÚD>HHE>ÜB KRMM>GG>J»K>Ø KL @> KRMM>KK>K QF BQQ>H>J BS> SRQQ>Ø
K> SRQQ>Ø EFQFHHE>ÜB ?E>ÚD>HHE>ÜB S»QF "S>Ø KFORAAE>Ø KFORGGE>J»K>K QF
BQBP>ØZ M>OFMRÜÜ>SFPP>GG>KB RMM»A>HHE>ÜB >K»D>Q>K @»QF S>QS» EFQFHHE>ÜB
>S>@>K>Ø QFHH>KQ>H»I>S»OB @> ?E>ÚD>HHE>ÜB @FQQ>Ø RMM»A>HHE>ÜK>Ø
SåQFS>QQ>K QF S>QS» EFQFHHE>ÜB QF >S>@>K>Ø EFQFHHE>Ü»?E»S>Ø @FQQ>PP> AåMBQF
.@@ <GNJ ..1 1
=CQF 0RQQB}MF EFQ>PP> >««>QE>QQ>Ø M>««»V>Qå QF Q>PPBS> BH>PP>
>««>QE>QQ>?E»S>QL V>PP> >««>QE>QQ>Ø M>««»V>QF Q>PP> P» P>KQ>QF EFQå QF
º><MDT< ºI<I?<•N <MBPH@IO <N BDQ@I DI =CQF „ MF @> V>QE»?E%QL
AE>JJLZ RMM>GG>QF HFØ Q>QE»?E%QLS> ?EFGG>QF RA»ER >««>QE»?E%QL
6>AF Q>QE»?E%QLS> ?EFGG>QF K> G>O>Q»V> P>J?E>SL ««>QE»?E%QL >««L BS>
PL} QF P>??>QE»}MF EFQFHHE>Ü>PP> >?E»SL VBS>… DN D?@IOD><G RDOC OC@ AJGGJRDIB
BDQ@IZDIZOC@ & ª$$
1>QE»QSBK> G>O»}PFAAEFO >KV>QE»QSB}KV> BS> P>º
1>PJ»K K>FH>PV> ?E»S>PV> G>O» K»JLM>M>AV>QB
=CQF
/C<O H@IO<G AE>JJ>P ?J IJO C<Q@ < NO<OD> KC<N@ R<N < QD@R NC<M@? =T OC@
=C<T<BDMD !M<O@MIDOT <N R@GG .@@ =C( 1NH
$=D? GJ> >DO º@>OFV> 'LQFM»I> !E>JJ>M»I>QQEBO»K>Ø M>KBQ>Ø K>HHE>J>QF
1B EF BH>AE>JJ»AE»O>?E»SB}MF RMM»A> KFOLAE»K>Ø >««L RMM»A>HHE>ÜL
>««L KFOLAE>HHE>ÜL RMM»A»S>QQE>Ø EF RM»A»V> RMM»A>HHE>ÜL
KFOLAE»S>QQE>Ø RM»A»V> KFOLAE>HHE>ÜL RMM»A»S>QQE»V> ?EFKK»
KFOLAE»S>QQE» QF BH>PJFØ VBS> @> P>?E»S>AE>JJB V>QE» F@@EFQ>??»
««>QE» >««L VBS> AE>JJL RMM>GG>QF >««L KFORGGE>Qå QF »M>GGBVV> "S>Ø
KFOLAE»S>QQE»V> SFV> KFOLAE»?EFJRHE»S>QQE»V»}MF ?E>SFQ>??>Ø 0» EFQF
G>O>Q» @»QFZP>JM> F@@EFQ>??>J BQ>Ø
) )*/ .
$=D? GJ> >DO

& >A =C
1
1@I CDFFCP J?CD (
1 H. 1$$
.@@ @ B $$ . $ $$
.@@ @ B 1DI $
CK Q
+NH $
.@@ )-+ Q
€'@ /M<DO£ @ '• >O@ @ 1<NP=<I?CP &<MH<ND??CDKM<F<M<à<• OM '<HJOO@
( $1 0
.@@ @ B & 0
A & »H>PJFHL EF ?E»S»K»Ø SFK» >º HFØ H»O>Ü>J H»OV>PV> EF
H»O>Ü>Ø ?E>S>QF SFK» > @»?E»S>º V> @»?E»S>P Q>PV> HFØ H>OQ>SV>J
!JM JMDBDI<G NJPM>@N JI KFOEBQRH>SFK» >S»A> N@@ + . %<DID =C I
'JPDN ?@ '< 1<GG£@ +JPNNDI € J>PH@ION ?• =CD?C<MH<• ( 1
I ->«@BJ»KF ?EFHø>S>º P>ØG«»J»QO>Ø MO>QFG«»J»QO>Ø
P>ØSðQFJ»QO>Ø SV>S>E»O>J»QO>J H>Q>J»KF M>«@> >QåQL}AES» >K»D>QL}AES»
P>EBQRH>SFK» >º »H» >Ø MRAD>I> FQF
$OD $$
1NH
)-+ Q
.. VL AE>JJL V>PP> AE>JJ>PP> EFQFVRMM>QQFV»}MF @> RM>H»O>HL EF
PL Q>PP> M>@@>VL QF SR@@>QF .@@ <GNJ =CQF
=CQF
1NH 1=C
1NH ..1
QF FQQ>OL O%M>AE>JJ»K>J MF M>S>QQFHHE>ÜL
..1
.@@ 4<H ª.<ÞFC»M< 4<H<F< 0
..1
.@@ <=JQ@ OC@ .@>ODJI JI (J?@N JA $IODH<ODJI DI C
1NH 1=C
1=C 4<H 1
..1 (»V>P>ÚHE»OL QF @FQQ>P>JR E»KL >PP»P> M>PP»P> S»QL
0L™@FQQ>PP> RMM»A>HHE>ÜB VBS> RMM>GG>QF K> EFQFHHE>ÜB S» ?E>ÚD>HHE>ÜB S»
"P>Z@FQQ>P>JR E»K>O%M>PP> AE>JJ>Q»
( $
) )*/ .
1NH
. $$
1NH =CQF .. 1 H. 1
1NH
$=D? GJ> >DO
1NH =CQF =C(
.@@ /C .O>C@M=<ONFT RAAEFPQ )LDF@ $
/# *) $/$*) ' - ' /$*).
.@@ +FA»K> 0>ØVRQQ> JA OC@ 0>ØVRQQ>KFH»V>

.@@ @ B +NH ->@@>VB M> F@@> KFPP»V> P>J» P>E> S» RMM>KK>QQ»
M> F@@>P>JRMM>KK>Ø
1NH C 31$$ 0
$=D? C 31$$
$ 0?
CN =C( ª N<TN OC<O C@M@ OC@ O@MH BH>H»O>Ü>S»A> M@A@MN @DOC@M
OJ .»ÜFCT< +CDGJNJKCT JM OC@ /C@JMT JA DQDI@ M@<ODJI ªBH>H»O>Ü>S»AL QF
M>H>QFH»O>Ü>S»AL FPP>O>H»O>Ü>S»AL S»
$=D?
$=D? 0
CN
A 1NH +»J>O%M>QL RAAE>Ø FPP>O»AåK>Ø >?E»S>QL
+NH
1NH
$=D? GJ> >DO N@@ <GNJ +NH
.@@ @ B +NH
1 H. 1$$
)-+ =CQF
!JM HJM@ ?@O<DGN N@@ 4 &<MPI<?<N< RAAEFPQ K>IVPFP LC *>QQBO 0
(»I> SFJRQQ> €DI?@K@I?@IO JA ODH@• DI>GP?@N OC@ PI>JI?DODJI@? M@<GDOT JA
+F??»K> <I? M>««>QQF D @ H@IO<G >JINOMP>ODJIN RDOC IJ >JMM@NKJI?DIB
J=E@>ODQ@Z>JPIO@MK<MON
.@@ <=JQ@ >C<KO@M JI /C@ )JHDI<G <I? OC@ JI>@KOP<G
1@I CDFFCP J?CD (
$=D? GJ> >DO
1 ..
1@I CDFFCP J?CD (
$=D?
) )*/ .
$=D?
$=D?
$=D? GJ> >DO
$=D? GJ> >DO
$=D?
/FK ª.# =CQF
1@I )T<I<ODGJF< (<C»OC@M< ºPBS>K> M>@@>V> DI P??CDNO D>ODJI<MT
1@I CDFFCP J?CD (
$=D?
-LFKQP LC LKQOLSBOPV ª &QP 0
&QP
CN
/FK FK
1@I CDFFCP J?CD ( 0
$=D?
$=D?
/FK
1@I CDFFCP J?CD (
$=D?
$=D?
1 ..
.@@ <=JQ@ >C<KO@M JI (JH@IO<MDI@NN
..
=CQF
1 H. 1$ =CQF
.@@ +< C»I< C<F<OC» ª.# =CQO
KK@I?DS /# - 1º ) 1$ # %% 1º
( $ 0L HEL >E>Ø ?EFHHE>SB Q»S>Q>HBK}BS> L E>M>E>Q>J>QQBK>

I>MFQ>I»M>K>J>QQBK> «»Ü>S»A>« @> S>A»JF QEBO>S»A>« @> G»K»JF M>PP»JåQF @>
M> FG»K»JF >E>« @BS> >««B @>
( $$ (DNN $ #JMI@M•N OM<ING<ODJI JA /C@M<Q»?< <N DO J>>PMN DI OCDN
K<MOD>PG<M >JIO@SO <N €OC@ ?J>OMDI@ JA OC@ @G?@MN• ?J@N IJO N@@H OJ M@KM@N@IO DON
>JMM@>O H@<IDIB #JR@Q@M DI < AJJOIJO@ NC@ M@A@MN OJ DON >JHH@IO<MD<G BGJNN <N
QEFO>?E»S>S»A> N@@ ('. $ <I? I +/. D>ODJI<MT @SKG<DIN OC@ O@MH
QEBO>S»A> <N €OC@ ?J>OMDI@ JA OC@ /C@M<N OC@ JMDBDI<G P??CDNO ?J>OMDI@• <I?
M@A@MN OJ OC@ O@MH•N J>>PMM@I>@ <O ( $ /CDN BDQ@N OC@ DI>JMM@>O DHKM@NNDJI
OC<O DI OC@ PRQQ>P OJJ OC@ O@MH DN PN@? <N „OC@ ?J>OMDI@ JA OC@ @G?@MN…
.@@ @ B ( $$ 1
) )*/ .
*>E»S>ØP> C 1 0 &QP 0 !åM>S>ØP>

/M<ING<ODJI H<DIGT =<N@? JI 1EB &K@BMQFLK LC !FP@FMIFKB >KA QEB 3FK>V> +FA»K>
=T ) %<T<RD>FM<H< +/.
"@JMB@ /PMIJPM *>E»S>ØP> /M<ING<ODJI JGJH=J
- CDG?@MN D>ODJI<MT JA OC@ +»GD '<IBP<B@ 'JI?JI ª-@KMDIO@?
@GCD N@@ SF?E>G>QF
2DGC@GH "@DB@M 1EB *>E»S>ØP> LO QEB $OB>Q EOLKF@IB LC BVILK ªM@KMDIO@?
JGJH=J I
.@@ @ B "@JMB "MDHH 1EB !L@QOFKB LC QEB RAAE> 1EB /BIFDFLK LC /B>PLK
>KA *BAFQ>QFLK F<?@HD@ 1@MGCDIB
JA OC@ P??C< DN OC@M@AJM@ < M@GDBDJI JA M@<NJI HJM@JQ@M DI OC@ <IJI DO DN
>C<M<>O@MDU@? ?DM@>OGT =T OC@ @KDOC@O SF?E>GG>S»A> < RJM? RCD>C DN OM<ING<O@?
DI CDG?@MN• +<GD D>ODJI<MT <N „M@GDBDJI JA GJBD> JM M@<NJI… ( 2DIO@MIDOU
™ %FPQLOV LC &KAF>K )FQBO>QROB 0IDQ@MNDOT JA <G>POO< $$ '<R
™%FPQLOV LC ->IF )FQBO>QROB 'JI?JI $IOMJ?P>ODJI 3$$ +/. +<GD IBGDNC
D>ODJI<MT N@@ PI?@M SF?E>G>QF 2<GKJG< -<CPG< %FPQLOV LC RAAEFPJ FK
BVILK ªM@KMDIO@? JGJH=J I ) %<T<RD>FM<H< 1EB &K@BMQFLK
LC !FP@FMIFKB >KA QEB 3FK>V> +FA»K> +/.
3>ØP>QQE>MM>H»PFKå *>E»S>ØP> åH» +/. $
0»O>QQE>AåM>Kå @? 1@I @Q<M<FFCDO< /C@M< JGJH=J
3FJ>QFSFKLA>Kå @? 1@I C<HH<?C<M< /C@M< JGJH=J
$
$$
( $$
.@@ @ B 1@I )T<I<ODGJF< (<C»OC@M< RAAEFPQ !F@QFLK>OV
3
$
-LFKQP LC LKQOLSBOPV LO 0R?GB@QP LC !FP@RPPFLK ª&QP OM $IOMJ?P>ODJI SG SGD
$=D? SGD I
$=D? SGD
&
.@@ 'JPDN ?@ '< 1<GG£@ +JPNNDI & ª!M /M $IOMJ?P>ODJI '1 1 I
€'•JMDBDI@ ?@N N@>O@N =JP??CDLP@N ?•<KM@N +<M<H<MOC<• OM +<PG @HD@QDGG@
( 1JG $
'JPDN ?@ '< 1<GG£@ +JPNNDI JK >DO $IOMJ?P>ODJI 333$1
$$$
'JPDN ?@ '< 1<GG£@ +JPNNDI & ª!M /M $IOMJ?P>ODJI 333$$$ 0
.@@ # &@MI (<IP<G JA $I?DGG>S»AF J>Ü¢>I>Ø LQ>OFQS»
/FK N@@ <GNJ 1=C
/"3& 1&,+0
ÞBPOO<M<IDF»T<
ÞBPOO<M<IDF»T< C<F<OC»
=C? =CD?C<MH<?åK< ªRDOC 1D=C»ü»KM<=C»QôOOD
=CQF =CD?C<HH<OOC<QDF»NDIå
=CQO =CD?C<HH»Q<O»M<
.. =CD?C<MH»MOC<N<ÜBM<C<N<II<T<
1 =CD?C<HH<OOC< 1D=C»QDIå åF»
& =CD?C<MH<FJ <=C»üT<
& ª!/ '• =CD?C<MH<FJ < ?@ 1<NP=<I?CP OM 'JPDN ?@ '< 1<GG£@ +JPNNDI
&QT =CD?C<MH<FJ <QT»FCT» ª.KCP »MOC» JA 4< JHDOM<
( JHKM@C@INDQ@ (<IP<G JA =CD?C<HH< CDFFCP J?CD
åBC<IDF»T<
åBC<IDF»T< C<F<OC»
CN C<HH<N<ÞB<àD
CN C<HH<N<ÞB<àD C<F<OC»
& C»OPF<OC»
FK PF<K< C»I<
$OD $ODQPOO<F< C<F<OC»
&.+ &<MH<ND??CDKM<F<M<à< ª/M<DO£ @ '< £HJINOM<ODJI @ '• >O@
&QP &<OC»Q<OOCP
&QP &<OC»Q<OOCP C<F<OC»
( (<EECDH<IDF»T<
( (<EECDH<IDF»T< C<F<OC»
(C)? (<C»ID??@N<
(C)? (<C»ID??@N< C<F<OC»
(DG (DGDI?<K<«C<
(QI (JC<QD>>C@?<Iå
)-+ )»H<M%K<K<MD>>C@?<
)-. )»H<M%K<N<H»N<
+@ +@ <FJK<?@N<
+NH +< DN<H=CD?»H<BB<
+NH +< DN<H=CD?»H<BB< C<F<OC»
+/. +<GD /@SO .J>D@OT 'JI?JI *SAJM?
+/. +<GD IBGDNC D>ODJI<MT JA OC@ +<GD /@SO .J>D@OT
+PB+ +PBB<G<K<««<OOD
+PB+ +PBB<G<K<««<OOD C<F<OC»
- 1$ /$*).
. .<ÜTPOO<IDF»T<
. .<ÜTPOO<IDF»T< C<F<OC»
.# .DHJI #@R<QDO<MI@ @LP@NO ª+»GD C<F<OC» .@MD@N JGJH=J
.I .POO<IDK»O<
.I .POO<IDK»O< C<F<OC»
.. .<>><N<ÜFC@K<
/FK /DF<K< C»I< ªRDOC >JHH@IO<MT
/MDÜ /MDÜ DF» ª1DE«<KODH»OM<O»ND??CD
0? 0?»I< C<F<OC»
1=C 1D=C<ÞB<
1=C 1D=C<ÞB< C<F<OC»
1DÜ 1DÜ <ODF» ª1DE«<KODH»OM<O»ND??CD
1. 1<D @üDF< .%OM<N JA &<à»?<
1NH 1DNP??CDH<BB<
1 H. 1D P??CDH»MB<N<II<T<
1NH 1DNP??CDH<BB< åF»
4<H 4<H<F<
4<H 4<H<F< C<F<OC»
& )&,$/ -%6
-/&* /6 0,2/ "0

?EFAE>JJ> *%I> åH» @? +<««»N»M< <I? + 1DH<G<?C<HH< JGJH=J
?EFAE>JJ>QQE>P>ÚD>E> >KA ?EFAE>JJ>QQE> 3F?E»SFKå åH» @? .<??C»ODNN<
#<HH<G<R< +/.
?EFAE>JJ>QQE>SFH»PFKå @? + P??C<?<OO< JGJH=J
?EFAE>JJ»S>Q»O> @? + P??C<?<OO< P??C<?<OO<•N (<IP<GN $ +/.
ªKK
?EFAE>OJ>AåM> ªRDOC 3F?E»ø»MO>?E»SðQQF @? + . %<DID +<OI<
?EFAE>OJ>HL >?E»øV>J JA 3>PR?>KAER @? + +M<?COJ>HL >SV»HEV» ª0MER »OQE» LC 6> LJFQO> @? 0 2JBDC<M< /JFTJ
?EFAE>OJ»OQE>P>ØDO>E>P>KK>V> DI>GP?@? DI ?EFAE>JJ>QQE>P>ÚD>E> @?

+<««»HJGD /DNN< H=<G<IBJ?<
ÚDRQQ>O>KFH»V> $ 1 @? - (JMMDN #<M?T <I? ! -CTN <QD?N +/.
M@KMDIO@?
ÚDRQQ>O>KFH»V> E>H>QE» ª*>KLO>QE>M%O>Üå $ 1 @? ( 2<GG@N@M <I? #
&JKK +/. M@KMDIO@?
!>SS>P>ÚD>E> ªRDOC < >JHH@IO<MT =T M<CH<?@Q< @? <I? OM . "CJNC<G
.<>M@? JJFN JA OC@ %<DI<N $ GG<C<=<?
!E>JJ>P>ÚD>ÜF @? (PGG@M +/. M@KMDIO@?
!E>JJ>P>ÚD>ÜF E>H>QE» ª QQE>P»IFKå @? (PGG@M +/. M@KMDIO@?
!E»QRH>QE» ->H>O>Ü> >KA FQP LJJBKQ>OV @? - "JJI@M<OI@ +/. M@KMDIO@?
!åDE>KFH»V> $ $$$ @? / 2 -CTN <QD?N <I? % <MK@IO@M +/. M@KMDIO@?
!åDE>KFH»V> E>H>QE» ª0RJ>ÚD>I>SFI»PFKå $ $$$ @? / 2 -CTN <QD?N %

<MK@IO@M <I? 2 .O@?@ +/. M@KMDIO@?
!åDE>KFH»V> åH» ª!åDE>KFH»V> .P=>JHH@IO<MT $ $$$ @? 'DGT ?@ .DGQ< +/.
!RH>M> E»K> @? (MN -CTN <QD?N +/. M@KMDIO@?

&QFSRQQ>H> E>H>QE» $ $$ @? ( ( JN@ +/. M@KMDIO@?
(>QE»S>QQER $ $$ @? /<TGJM +/. M@KMDIO@?
(>QE»S>QQERMM>H>O>Ü> E>H>QE» @? ) %<T<RD>FM<H< +/.
*>E»KFAABP> $ $$ @? 'JPDN ?@ '< 1<GG£@ +JPNNDI <I? % /CJH<N +/.
M@KMDIO@?
$ '$*"- +#4
*>E»KFAABP> E>H>QE» ª+FAABP>S>ÜÜ>K» 0>AAE>JJ>MM>GGLQFH» $ $$ @?

+ P??C<?<OO< +/. M@KMDIO@?
*>GGEFJ>KFH»V> $ $$$ @? 1 /M@IFI@M - C<GH@MN <I? (MN -CTN <QD?N +/.
M@KMDIO@?
*>GGEFJ>KFH»V> E>H>QE» ª->M>«@>P%A>Kå $ $1 @? % # 2JJ?N &JN<H=D
<I? $ #JMI@M +/. M@KMDIO@?
*FIFKA>M>«E> @? 1 /M@I>FI@M +/. M@KMDIO@?
*FIFKA> åH» @? +<?H<I<=C . %<DID +/. M@KMDIO@?
*LE>SF@@EBA>Kå @? + P??C<?<OO< <I? & 2<M?@M +/.
+»J>O%M>M>OF@@EBA> @? + P??C<?<OO< %JPMI<G JA OC@ +<GD /@SO .J>D@OT
ªKK
+»J>O%M>P>J»P> @? + C<HH<M<H< %JPMI<G JA OC@ +<GD /@SO .J>D@OT
ªKK
+FV>JP>O> @? <I? OM 0 .<DI .<>M@? JJFN JA OC@ %<DI<N $3 'P>FIJR
+BQQFMM>H>O>Ü> @? #<M?T +/. M@KMDIO@?
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$$$ GG<C<=<?
-> FP>J?EFA»J>DD> $ $$ @? /<TGJM +/. M@KMDIO@?
-> FP>J?EFA»J>DD> E>H>QE» ª0>AAE>JJ>MM>H»PFKå $ $$$ @? 1 %JNCD
+/.
-B >HLM>ABP> @? M<=DI?< <MP< +/. M@KMDIO@?
-RDD>I>M>««>QQF @? - (JMMDN +/. M@KMDIO@?
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OC@ +<GD /@SO .J>D@OT ªKK
/%M»O%M>SF?E»D> @? + P??C<?<OO< RAAE>A>QQ>}P *>KR>IP $ +/.
ªKK
0>@@>P>ØHEBM> @? + C<HH<M<H< %JPMI<G JA OC@ +<GD /@SO .J>D@OT
ªKK
0>J>V>P>O> @? <I? OM % $ %<DID .<>M@? JJFN JA OC@ %<DI<N 1$$$ 'P>FIJR
0>ØVRQQ>KFH»V> $ 1 @? ' !@@M <I? (MN -CTN <QD?N +/. M@KMDIO@?
0>ØVRQQ>KFH»V> E>H>QE» ª0»O>QQE>MM>H»PFKå $ $$$ @? ! ' 2JJ?R<M? +/.
M@KMDIO@?
0RQQ>KFM»Q> @? I?@MNJI <I? # .HDOC +/. M@KMDIO@?
0RQQ>KFM»Q> E>H>QE» ª->O>J>QQE>GLQFH» $$ $ $$$ @? # .HDOC +/. M@KMDIO@?
1>QQS>P>ØDO>E> LC »KQ>O>HøFQ> TFQE ->«GFH» LC (>J>I> åI> $ $$ @? H=<M

&MDNCI<H<>C<MT< "<@FR<?•N *MD@IO<G .@MD@N 333 333$ <MJ?<
1FH>M> E»K> ªRDOC >JHH@IO<MT $ $$ @? (MN -CTN <QD?N +/. M@KMDIO@?
$ '$*"- +#4
2A»K> E>H>QE» ª->O>J>QQE>AåM>Kå @? ! ' 2JJ?R<M? +/. M@KMDIO@?

1EB 3>F BøFH> 0%QO>P LC (>K»A> @? <I? OM ) .DIC< GG<C<=<?
3F?E>ÚD> @? (MN -CTN <QD?N +/. M@KMDIO@?
3F?E>ÚD> E>H>QE» ª0>JJLE>SFKLA>Kå @? + P??C<?<OO< /C@MJ +/.
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T<Ü M%K<Ü Ž O<Ü M%K<Ü

T»OC»Q< Q<><I<
T@ Q» K<I<F»
TPOO< F»G<
THE BUDDHIST PUBLICATION SOCIETY
The BPS is an approved charity dedicated to making known the Teaching

of the Buddha, which has a vital message for all people.
Founded in 1958, the BPS has published a wide variety of books and
booklets covering a great range of topics. Its publications include
accurate annotated translations of the Buddha’s discourses, standard
reference works, as well as original contemporary expositions of
Buddhist thought and practice. These works present Buddhism as it truly
is—a dynamic force which has influenced receptive minds for the past
2500 years and is still as relevant today as it was when it first arose.
For more information about the BPS and our publications, please
visit our website, or write an e-mail, or a letter to the:
Administrative Secretary
Buddhist Publication Society
P.O. Box 61
54 Sangharaja Mawatha
.DQG\ w 6UL /DQND
E-mail: bps@bps.lk
web site: http://www.bps.lk
7HO w )D[

Karunadasa Theravada-Abhidharma

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Karunadasa Theravada-Abhidharma

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First published by the Centre of Buddhist Studies, University of Hong

© Y. Karunadasa, All Rights Reserved.

National Library of Sri Lanka - Cataloguing in Publication Data

i. 294.391 DDC23 ii. Title

Printed in Sri Lanka by

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