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Charles Hill International Business
Charles Hill International Business
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" ,,$#=4($= . 4/,) .= )'$2= 53).$33$3=! 3$#=($2$=).",5#$= ).'= &/2"$= !$().#= 4($= 2$')/.3= 35""$33 = &&$4= 23, .= 4($=
, 2'$= &//#= - .5& "452$23= 4$84),$= "/-0 .)$3= &52.)452$= - . ').'= #)2$"4/2= /&= ,0$+= 4($= , 2'$34= &52.)452$= 02/#5"$2=
- .5& "452$23= .#= $.').$$2).'= $.4$202)3$3= - .9= /&= ).= 4($= 2$')/.= ;7()"(= $80/243= 4/= -/2$= 4( .= "/5.42)$3
=
7()"(= $80/24= = 35!34 .4) ,=0$2"$.4 '$= /&= 4($)2= 02/#5"4)/. = 3 93= ./4($2= &/2"$= )3= 4= 7/2+',/! ,): 4)/.= ""/2#).'=
/" ,= !53).$33= ,$ #$23= 442)!54$= 4($= 35""$33= /&= "/-< 4/= 23, .= /6$2= 4($= 0 34= 4(2$$= #$" #$3= ,/" ,= 53,)-3=
0 .)$3= ).= 4($= 2$')/.= 4/= .= $.42$02$.$52) ,= 30)2)4= 4( 4= 4($9= 7(/= /."$= $3"($7$#= - +).'=-/.$9= ).= & 6/2=/&= &/"53).'=
3 9= )3= 0 24= /&= 3, - = ($9= 0/).4= /54= 4( 4= 4($= 2/0($4= /.= 2$,)')/.= 2$= ./7= - +).'= !53).$33= = 02)/2)49 = ($9= 3$$=
5( -- #= 7(/= 7 3= ()-3$,&= = 42 #$2= 02$ "($#= -$2< 4($=$34$2.= 7/2,#= .#=$34$2.= " 0)4 ,)3-= 3= = -/#$,=
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53,)-3= ,)&$= !$= #$6/4$#= 4/= 7/2+= ).= /2#$2= 4/= 054= &//#= /.= .)4)$3= 33/") 4$#= 7)4(= )4
= 4($9= 7 .4= 4/= !$"/-$= 35""$33<
4($= 4 !,$ = 543)#$2= /!3$26$23= ( 6$= '/.$= &524($2
= 2'5).'= &5, = 4= 4($= 3 -$= 4)-$= 23, .= )3= =02 "4)").'= 53,)-= 7(/=
4( 4= 7( 4= )3= /""522).'= 2/5.#= 93$2)= )3= .= $8 -0,$= /&= ( 3= !5),4= = -/315$= ).= 4($= ! 3$-$.4= /&= ,0$"3= ($ #15 2<
3, -)"= ,6).)3-= = &53)/.= /&= 42 #)4)/. ,=3, -)"= 6 ,5$3= 4$23= !5),#).'= 3/= 4( 4= 0$/0,$= " .= 02 9= 7(),$= 4= 7/2+ =
.#= 4($= 7/2+= $4()"= /&4$.= 33/") 4$#= 7)4(= 2/4$34 .4)3-= &= 4($2$= )3= = 7$ +.$33= ).= 4($= 3, -)"= -/#$,= /&= !53)<
).= '$.$2 ,= .#= ,6).)3-= ).= 0 24)"5, 2 = .$33= 4( 4= )3= $-$2').'= ).= 0, "$3= 35"(= 3= 93$2)= 3/-$=
)4().= 93$2)= 4($= ).&,5$."$= /&=3, -= )3= 0, ).= 4/= 3$$ = 3 9= )4= " .= !$= &/5.#= ).= 42 #)4)/. ,= 44)45#$3= 4/7 2#= 4($=
.9= "/-0 .)$3=3$4= 3)#$=2//-3= .#=4)-$=&/2= -).54$= 2/,$= /&= 7/-$.= ).= 4($= 7/2+0, "$
= .#= 4($= ,/7= ,$6$,= /&=
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4/= $"" = /.= 4($= 0),'2)- '$= 4( 4= ,,= 53,)-3= 2$= -$ .4= !9= 4($= 52/0$ .= 4 !),)49=.)4) 4)6$= 4($= 3 -$= '2/50= 4( 4=
4/= - +$= 4= ,$ 34= /."$= ).= =,)&$4)-$ = $7= /&= 4($= " &%3= .#= (/,#3= 50= 4($= 93$2)= 2$')/.= 3= .= $8 -0,$= /&= 3, -)"=
2$34 52 .43= ).= 93$2)= 3$26$= ,"/(/,= .#= -/34= 7/-$.= ,6).)3-= 4($= ,/7= 0 24)")0 4)/.= /&= 7/-$.= ).= 4($= ,/" ,=
7$ 2= = ($ #= 3" 2& = 7/2+&/2"$= )3= 4($= "(),,$3= ($$,= /&= 4($= $"/./-9= .#= - 9=
4= 4($= 93$2)= 35' 2= & "4/29= /.$= /&= 4($= -/34= 02/&)4< 349-)$= 4($= 44$-043= /&= 4($= 2$')/.= 4/= " 4"(= 50= 7)4(= 4($=
!,$= ).= 4($= 2$')/.= = 3$.)/2= - . '$2= 3 93= 3, -= ( 3= "/5.42)$3= /&= 4($= 52/0$ .= .)/.
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/2524= 0/(.5= (4= 5'5= 0.4= 9++.5= 65(/.= 4:45,= (4= .= (,0/25.5= 5/2= 9<
0+(.(.&=5'=/6.52:4=0/4582=/./,(=4644=/5=/.+:= (4= =&//=65(/.=4:45,==
52,(..5=/=.5(/.+=/,05(5(7=7.5&=65=(5=(4=+4/=.=(,0/25.5=5/2=&6((.&=
5'=+/5(/.='/(4=/=(.52.5(/.+=64(.444='=2.5=52.=5/=/654/62=(./2,<
5(/.= 5'./+/&:= )/4= 5/= .(= #2= 9,0+= (4= 025+:= 6= 5/= 5'= 024.= /= 4(&.(".5=
.6,24= /= 52(.=.&(.24=(.= .(= 8'('= (.= 56-= (4= = 246+5= /= 5'= .(.=65(/.=
4:45,=
:= 5'= 4,= 5/*.= (5= 8/6+= ,*= +(55+= 4.4= 5/= 4= 02/65(/.= (+(5(4= 5'5=
216(2= '(&'+:= 4*(++=+/2= (.= = /6.52:= 8'2= 5'= 65(/.= 4:45,= 84= 4/= 0//2= 5'5= =
4*(++=+/2= 0//+= 84.5=7(++= ./=,552= '/8= 5525(7=5'= /6.52:=,(&'5=4,= /.=
/5'2= (,.4(/.4= 5= ,(&'5= ,*= 4.4= 5/= 4= 02/65(/.= /025(/.4= 5'5= 216(2= /.+:=
6.4*(++=+/2=(.=46'==/6.52:=
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5'5=,(&'5=4++=(.==/6.52:=.=/=5'=5:0=/=02/,/5(/.+=,52(+=5'5=4'/6+==64=
/2=9,0+= =/6.52:=8'2= ,/2=5'.= / 02.5= /= 5'= 0/06+5(/.= (4= (++(525=(4=6.<
+(*+:= 5/= = = &//= ,2*5= #2= 0/06+2= //*4= 2/,/5(/.+= ,52(+= /.5(.(.&= 82(55.=
42(05(/.4=/=,44,2*5=02/654= (4=6.+(*+:=5/= '7=.= !5= (.= = /6.52:=8'2=
+,/45= 5'2162524= /= 5'=0/06+5(/.=../5=2= 5= (4= 2= 552= 5/= 64=0(5/2(+=02/<
,/5(/.4=(.=46'=(26,45.4=
= /.4(2+= (,0/25.= #2= .= (.52.5(/.+= 64(.44= 8(5'= /025(/.4= (.= (!2.5=
/6.52(4= (4= '/8= = 4/(5:4= 6+562= !54= 5'= 7+64= #6.= (.= 5'= 8/2*0+= .&<
,.5= 02/44= .= 025(4= ,:= .= 5/= 72:= /2(.&= 5/= 6+562++:= 52,(.= 8/2*<
2+5= 7+64= /2= 9,0+= (= 5'= 6+5624= /= 5'= .(5= 554= .= 2.= 246+5= (.=
(!2.5=8/2*2+5= 7+64= .= (.52.5(/.+= 64(.44=8(5'=/025(/.4=(.= /5'= /6.<
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6.25*.= := 25=
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=
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58.=5'=(.(7(6+=.='(4=/2= '2= ++/84= .= (.(7(6+(45(= 4/(5(4= 5'=5(4= 58.=
(.(7(6+4= 82= +//4= .= (.(7(6+= '(7,.5= .=$/,= 82= '(&'+:= 7+6= .=
4/(5(4=8'2=/++5(7(4,= 84=,0'4(;= 5'=5(4=58.=(.(7(6+4= 82=5(&'5=.=
46'= 4/(5(4= 0/0+=82= /3= (.5/= /++5(74= 46'= 4=95.=,(+(4= .= 72:<
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'052= ' 4'/8=5'5= (.= =8/2+=8(5'/65= 52=22(24= 52= 05534= 2= 52,(.=
:= 5'= 2+5(7= 02/65(7(5:= /= (2.5= 5/24= /= 02/65(/.= (.= (2.5= /6.52(4=
/6.52(4=8(++=40(+(;= (.=02/654=5'5=5':= .= ,*=,/45=((.5+:= 8'(+= (,0/25<
(.&= 02/654= 5'5= 5':= .= 02/6= +44= ((.5+:= '052= ' +4/= +(= /65= 5'= (.5++<
56+=4=#2=$=52=,,2= '$ '224=5/==4(565(/.=(.=8'('==&/73,.5=
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8=48=(.= '052= ' 5'= 5'/2(4= /=,(5'= (2/= .=*4'2'+(.=02(5=5'5=
5'= /.416.4= /= $= 52= (.+6= /5'= 455(= /./,(= &(.4= 64= $= 52=
4600/254= = '(&'2= +7+= /= /,45(= /.46,05(/.= .= ,/2= ((.5= 65(+(;5(/.= /= 2<
4/624= .= :.,(= /./,(= &(.4= 64= $= 52= 45(,6+54= /./,(= &2/85'=
.=5'=25(/.=/=8+5'=
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52= 5/=02/55=5'= (.52454= /=0/+(5(++:= (,0/25.5=&2/604=/2=02/,/5=5'= (.52454= /=
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4= #2= 5(+4= '= (.5245(.&= 1645(/.= (4= 8'5= 8(++= '00.= /.= 5'= 52(4= 90(2=
(++= '(.4= (,0/254=462&=&(.= (.= 8'('=4= 8'5=84=5'=0/(.5=/=5'=52(= /2=8(++=
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'(4='052=90+/24=5'= 0/+(5(+= .= /./,(=24/.4=5'5=&/73,.54='7= #2=
(.527.(.&= (.= (.52.5(/.+=52= '.= &/72.,.54= (.527.= 5':= /%.= /= 4/= :=
2452(5(.&= (,0/254= /=&//4=.=427(4=(.5/= 5'(2=.5(/.= 8'(+=/05(.&=0/+((4=5'5=
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5(=02/624=
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+64=
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6+0)=5*!+3=3+4-=51=.!44=5*0=8*5=16. =!=*+!7! =+0==263!.:= 1/!45+=2+5.=/3-!5 =
!= 8+..= 104+ !3= *18= 5*+4= 813-4= +0= 5*!= 4!= 1"= 451-= *1. +0)4= .5*16)*= 5*!= 4/!= 3)6<
/!05=16. =!=/ !=&3=10 =*1. +0)4 =
104+ !3= 0= +07!4513= 8*1= 6:4= 451-= +0= = +15!*= %3/= 5*5= *4= 015= :!5= 231 6! = =
0!8= 231 65 = /)+0!= 5*!= 23+!= 1"= 5*!= 451-= +4= 7!3:= 71.5+.!+07!45134=3!= 6:+0)= 0 =
4!..+0)=5*!= 451-= +0=.3)!= 06/!34= +0= 3!42104!= 51= +0&3/5+10=165= 5*!= "+3/4= 23142!54 =
6*= 451-4= 3!= 3+4-:= +07!45/!054= +07!45134= /:= 8+0=+)= +"=5*!= %3/= 231 6!4= = /3-!5<
.!=231 65= 65=+07!45134=/:=.41=.14!=..=5*!+3=/10!:=+"=5*!="+3/=#+.4=51=1/!=62=8+5*=
= 231 65= 5*5= 4!..4 = 07!45134= 0= )63 = )+045= 5*!= 3+4-= 441+5! = 8+5*= *1. +0)= 5*+4=
451-= := 6:+0)= 15*!3= %3/4= 451-4= 235+6.3.:= 5*14!= 8!-.:= 13= 0!)5+7!.:= 133!.5! =
8+5*=5*!=+15!*=451- =:=*1. +0)==73+!5:=1"=451-4=+0== +7!34+%! =2135&.+1=5*!=.144!4=
+0633! =8*!0=41/!=451-4=#+.=51=.+7!=62=51=5*!+3=231/+4!4=3!=1$4!5=:=5*!=)+04=!0,1:! =
8*!0=15*!3=451-4=!9!! =5*!+3=231/+4! =
4= 0= +07!4513= +03!4!4= 5*!= 06/!3= 1"= 451-4= +0= *!3= 2135&.+1= 5*!= 2135&.+14= 3+4-=
!.+0!4 = 5= %345= 5*+4= !.+0!= +4= 32+ = 110= *18!7!3= 5*!= 35!= 1"= !.+0!= #..4= 1$= 0 =
4:/2515+..:= 2231*!4= 5*!= 4:45!/5+= 3+4-= 1"= 5*!= /3-!5 = :45!/5+= 3+4-= 3!"!34= 51=
/17!/!054=+0= = 451-= 2135&.+14= 7.6!= 5*5= 3!=553+65.!=51= /31!101/+= &3!4=
$!5+0)=..="+3/4=+0=0=!101/:= 35*!3=5*0=#5134=42!+"+=51=0=+0 +7+ 6.=%3/ =*!=
4:45!/5+=3+4-=+4=5*!=.!7!.=1"=010 +7!34+%.!=3+4-=+0=0=!101/: =+)63!=
= +..64535!4=
5*+4= 3!.5+104*+2= &3= 5*!= 0+5! = 55!4= 64+0)= 5= '1/= = .44+= 456 := := 1.0+-
= +4=
5= 46))!45! = 5*5= = (..:= +7!34+"+! = = 2135&.+1=+4= 10.:= 165= =
? 2!3!05= 4=3+4-:=
4= =5:2+.=+0 +7+ 6.= 451- =
:= +7!34+":+0)= = 2135&.+1=+05!305+10..:= 0=+07!4513=0= 3! 6!= 5*!= .!7!.= 1"=3+4-=
!7!0=(35*!3= !64!= 5*!= /17!/!054= 1"= 451-= /3-!5= 23+!4= 3144= 16053+!4= 3!= 015=
2!3"!5.:=133!.5! =13= !9/2.!= 10!= 456 :=.11-! =5=5*!=133!.5+10=!58!!0=5*3!!=
451-=/3-!5=+0 !9!4 =*!=50 3 ==1134= = 46//3+;! =5*!=/17!<
/!05= 1"= .3)!= = 451-4 = *!= 13)0= 50.!:= 2+5.= 05!305+10.= 6312!=
6453.+= 0 =3=45=0 !9==46//3+;! =451-= /3-!5=/17!/!054=+0=15*!3=
!7!.12! = 05+104 = *!= 5*+3 = +0 !9= 5*!= 05!305+10.=+00!= 132135+10=.1.=
/!3)+0)= 3-!54= 0 !9= = 46//3+;! = 451-= /3-!5= /17!/!054= +0= .!44= !7!.<
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5*-= .= 02/65*/.= /454= ,*.= 6= 5/= *.24*.(= ,/2= 02/65*7*5:= .=
-.(-.5="**.:=8)*)=*.244=5)=*2-4=02/$5*,*5:=
2.*.(= "54= 5.= 5/= = -/2= 4*(.**.5= 8).= = 5)./,/(*,,:= /-0,9= 54+= *4=
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-.6562=4-*/.65/2=)*04=./8=94==*,,*/.=*-*,2,:=/2*.(=5/=/.=
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-/2= 20*,:= *9= /454= .= = -/25*;= /72= = ,2(= 02/65*/.= 7/,6-= .= 5)=
-/2=20*,:=6.*5=/454=8*,,= ,,=
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5/2:= *4= /.=4*(.=5/= 02/6= /65=
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6.*5=
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=6.*54== :2=
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:= 427*.(= /-45*=.=*.52.5*/.,= -2+54=&/-= *54= 02/65*/.= *,*5*4= = *2-= -:=
=,=5/=65*,*;=5)/4=!*,*5*4=-/2=*.5.4*7,:=/2=9-0,=*=.5,=4/,=-*2/02/44/24=
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2= /05= 500= */5/4= := 6450.*;*/(= 5)= 12065= 0"2*/(= 50= -0-= ./4= 5)= #2.=
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5)= *-*5:= 0 = 5)= *2.= 50= 1562= 5)= 045= 265*0/4= 440*5= 8*5)= .441206*/(= =
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BN %N /@BCN BC*>N 6*'<9)N >G@(5%B*)N BN N >*@(*;CN 0@*(%BC*)NC<N4@<IN%CN)<G'9*)646CN@%C*BN
BC%8*N6;NF*N;C*@'<9)N7<6;CNH*;CG@*N;N>%@CNC5*N%(?G6B6C6<;N ;C*@*BC6;49KN C5*N %(?G6B6C6<;N <+N @%L69BN @<(<:>N %9B<N
I%BN )@6H*;N 'KN 6*'<9)BN )6BB%C6B,(C6<;N I6C5N BN B%9*BN C<<8N 6*'<9)N6;C<N %N;*IN %;)N><C*;C6%99KN9G(@%C6H*N49<'%9N
8 158 8 !3&38
63(-33= -= (4(.-= 4.= (43= = 63(-33= 1..,/= '= ! '4=.=:.6=4'(-*=/1.,/4=(.+=4.=+41=(43=
-=+41.-(=7.4(-&=,'(-=63(-33=-= ! 1..,/= (-424(.-+=9/-3(.-=3414&:=(-= ! -=3414=
8.-== ! ,(++(.-=.-414= 5=+1&34=(-=(.+3='(3< 344(-&=6/= 8'.++:=.8-= 363((1(3=(-=,.34=
4.1:= 4.= .64!4= 1;(+(-= /.++(-&= 344(.-3= 8(4'= +41.-(= ,1*43=':= .=:.6=4'(-*= 4'=.,/-:=7.1=
7.4(-&= 41,(-+3= (.+3= ,-&,-4= 1+(;= 4'4= 06(3(4(.-3=3=-=-41:= ,.=
4'(3= ,(&'4= .,= = +1&= &+.+= 63(-33= -= !
! (.+=-41=
'(-=7(==).(-4=7-461= 3=
(.+= 9/-= (43= /13-= (-= 4'= +41.-(= 7.4(-&= .//.3= 4.==8'.++:=.8-= 363((1:=':= .=:.6=
63(-33= := 06(1(-&= +.+= +4(.-= :34,3= -= = 5(-*=(4=(= 4'(3=
= .,/-:= 4'4= /1.7(3= +41.-(= 7.4(-&= 4'-.+<
! 3= (.+=/6136(-&==&+.+=34-1(;4(.-=
.&:= "1= 3443= -= .6-41(3= 4'4= 8-4= 4.= 6/&1= #.,=
3414&:=.1==+.+(;4(.-=3414&:=.=:.6=4'(-*=
41(4(.-+=7.4(-&= 4'-.+.&:= :=
! (.+= 83= 5=
5(3='.(=.= 3414&:='3= 4=(43='.(=.=
&+.+=+1=(-=5=,1&(-&=&+.+=,1*4="1=+41.-(= -41:= ,.=.8=
7.4(-&=,'(-3= 8(5=3+3=.=.71= !,(++(.-=
!
! ! !
8 + + *%+ "!*+!+ "22/.48 *+
8
8
! "1= ! (.+= ,-6461=(43== #+
8 +%'+ "+ 74(.'44''*8 ((&'+
8
,'(-3=(-=4'=-(4=443=-=3.+= 4',=
8 #+
8 ++
+$+( #+"+ !&+
(-424(.-++:= 7(=(341(64(.-=&1,-43= !134= "#&+"!+)++$'+'($&+ -'2($".8".*'28
8(4'= '(+(/3=+41.-(3= ! -= 4'-=8(4'= = #' $+
8
8 #+ +8 8 !!+ +$+"+
':= .=:.6=4'(-*= (.+='..3=4'(3= ,.=.= &!+"('+
+!+ +$'+&+
'&+
9/-(-&=(-424(.-++:='4=81= 4'= -'2($".8".*'28 (*+ 8
8 #+ 8 !+ ('#/,%8..7",8
'0/268 8
7-4&3=-=(37-4&3=.= 4'(3=11-&,-4=
-= !
= 4'= +1&= 1(4(3'= ,-64611= .= .-< .64= 41-311(-&= 4'(3= *-.8'.8= 4.= = 7-461= 8'1= (4=
34164(.-= 06(/,-4= -41= (-4.= = ).(-4= 7-461= 8(4'= (= -.4= '7= = ,).1(4:= 34*= -= 4'1"1= +*= .-<
3.143= -= -(-= -&(-1(-&= .-&+.,14= 4.= ,-6< 41.+= '= +34= 4'(-&=
= 8-4= 83= "1= 4'3= 7+6+=
461= *'.= +.13= "1= 3+= (-= -(= 3.143= '+= = 4'-.+.&(3=4.=+*=.64=.=5=).(-4=7-461=(-4.=3.143=
,).1(4:=
! /1-4= 34*= (-= 4'= 7-461= -=
= 8'('= 83=.-=.= 4'= +1&34=,-646113=.= 414.13=(-=
! /1-4= '=).(-4= 7-461=83==!134="1=
= 8'('= -(=-=,(&'4=.-(7+:=.,==(14=.,/4(4.1=
'(34.1(++:= '= 9/.14= 3= ,6'= 3= 48.4'(13= .= (43= (-= 4'=%461=.1.71=
= 83= 6-8(++(-&= 4.= ,*= 4'=
/1.64(.-= #.,= 1(4(-= 4.= = 8(= 1-&= .= -4(.-3= (-734,-4= )8 -(=106(1=4.=4*=4'=).(-4= 7-461=4.=
.871= '(&'= 41( = 11(13= ,= (14= 9/.143= 4.= 4'= -94= +7+= 6-+33= (4= .6+= /461= ,.1= .= 4'= +.-&<
-(=( (6+4= 16-=14623=.1(-&+:= (-= !
=4..*=7-4&3=.=
= 8.6+= /1.+:= '7= /111= 4.= &.= (4= +.-= (-= '-&3= (-= &.72,-4= 1&6+4(.-3= 4.= 1-&.4(4= 4'=
-(= 64= &.71-,-4=1&6+4(.-3=4= 4'= 4(,= 106(1= 41,3=.=4'=7-461=8(4'=3.143= /61'3(-&= ! /1-4=
"1(&-= (-734.13= 4.= 14= ).(-4= 7-4613= 8(4'= +.+= .= (43= /14-13= 06(4:= 4.= &(7=
= ,).1(4:= .-41.+= -=
.,/-(3=
= +(7=4'= -(-=.-34164(.-=,1< !
=4..*= 4'(3= 4.= (43= +.&(+= -= 8'-=(4=13/.-=
*4= 83= 1(/= "1= &1.84'= -= .6+= .,= 71:= +1&= 4.= %14'1= 1+94(.-= .= &.72,-4= 1&6+4(.-3= .-= "1<
'= .,/-:3= ,-&13= +(7= 4'4= (4= 83= 441= 4.= (&-=(-734,-4=4.=/61'3=++=.=3.143=1,(-(-&=0<
&4= = ".4'.+= (-=4'=-4(.-=4'1:=&(-(-&=-=7-< 6(4:= 41-3"1,(-&=4'=).(-4=7-461=(-4.==8'.++:= .8-=
4&= .71= &+.+= .,/4(4.13= 14'1= 4'-= 8(4= 6-4(+= 4'= 363((1:= 1.6-= 4'= 3,= 4(,=
= +3.= (-734= (-=
&1.84'=/.4-4(+=83=1+(;= 8'.++:=.8-= 4.1(3=(-=4'=-(4= 443=-= 1;(+=
8-4:= :13=+41= 4'= ).(-4= 7-461= 83= 3++(-&= 3.,= 7(-&= &(-= %++= .-41.+= (-= 1+:= !
=
! *'.3=(-= -(= -='= -= ! /1-4= 3'1=.= (-13= (43= (-734,-4= (-= -(= --.6-(-&= (4= 8.6+=
4'=-(-=,1*4=$1=:13=.=1&6+4(.-= 4'=-(-= 6(+==3.-= 4.1:=4'4=(4=8.6+=63=4.=317=4'=34<
.-.,:= 83= ..,(-&=.871=
= +4= 4'4= 4'=).(-4= &1.8(-&= -(-= ,1*4=4= 4'= 3,= 4(,=
= +3.= -<
7-461=+(,(4=(43=(+(4:=4.=9/-=
.1=.-=4'(-&= ,6'= -.6-=(4=8.6+=34=6/=-.4'1=8'.++:=.8-=4.1:=(-=
.=
3= &+.+= 3633= 83= 3= 6/.-= 4'= 64(+(;4(.-= .=
'(-= 4.= 317= 4'4= ,1*4= -(= -=
'(-= 4'= 48.=
+(-&&= ,-6461(-&= 4'-.+.&(3= -= 1+-4+33= ,.34= /./6+.63= -4(.-3= (-= 4'= 8.1+= 81= &1.8(-&=
/1.64= (--.74(.-= 64= 4'= .,/-:= 83= 71:= '3(4-4= 1/(+:= .-34164(.-= 83= ..,(-&= -=
= 4'-= 4'=
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@'>KP D?;*P/D7P 7B8DE='DP ='6'L8>+DP '>*P D++*DP 2?=P 78DP )?G;*P(+P='>G-)EGB+*P)?DEP+.8)8+>E;KPG>*+BP)?>EB')EP(KP
-=8;KP -B=P EP I'D>EP 78DP /BDEP (GD8>+DDP E7'EP 7'*P (++>P DG@@;8+BDP'>*P @B8)+*P;?IP+>?G67PE?P';;?IP=?DEP@+?@;+PE?P
D+;;8>6P ='E)7+DP I78)7P E7+P +>E+B@B8D8>6P '=@B'*P 7'*P '.?B*P E7+=P '=@B'*DP E7+?BKP I'DP E7'EP 6??*P 5C8EGB+P
@GB)7'D+*PI7?;+D';+P8>P
(?JP;?EDP I8E7P7+;@P2?=P78DP )?G;*P (+P @B8)+*P D?P E7'EP E7+P ='>P I8E7P E7'EP 0'EP I';;+EP
6B'>*=?E7+BPI7?P/>'>)+*PE7+P +>E+B@B8D+P '>*PE7+>P B+N I?G;*P =':+P 'P @;')+P 1BP 8EP 8>P 78DP D@+>*8>6P '>*P )?G;*P
D?;*P 8>*8H8*G';;KP 'EP 'P 7867+BP ='B:G@P $7+P >'=+P P '.?B*P8EP '=@B'*PI'DPDEBG):P(KPE7+P -)EPE7'EP5C8EGB+P
I'DP'>P')B?>K=P P'>*PP(+8>6P78DP8>8E8';DPI78;+PPDE??*P 8>P#I+*+>PI'DP+J@+>D8H+P'EPE7+PE8=+P D?=+E78>6PE7'EP7+P
1BP ;=E'BK*P E7+P>'=+P ?,P E7+P -=8;KP -B=P '>*PP DE??*P 'EEB8(GE+*P E?P 'P 2'6=+>E+*P 8>*GDEBKP *?=8>'E+*P (KP D=';;P
1BP 6G>>'BK*P E7+P >'=+P ?,P E7+P H8;;'6+P 8>P D?GE7+B>P B+E'8;+BDP GB>8EGB+P I'DP ';D?P ?,E+>P )?>D8*+B+*P 'P -=8;KP
#I+*+>P I7+B+P E7+P -B=P I'DP ;?)'E+*P +1B+P ;?>6P
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V'9@@9KV%G@>V%GKOQD9V$FJ28MV .9IO9B39KVVVIVV
H !'=CH H (@.@H
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'<>G=DN >,N DA'.7)N C>N <G)6N C>N D6'DN +<?:>K++CN )>G:*N =>DN N >.+A7=5N CDK:7C6N4B7DGA+N 'DN'NA+:'D7H+:KN:>IN ?A7)+N
9++?N G?N I7D6N )GCD><+AN >A*+ACN '=*N :>=5N :7=+CN 1A<+*N 'DN N':C>N+=D+A+*N >AD6N<+A7)'N >?+=7=5NC+H+=NCD>A+CN
D6+N )6+)9>GDCN '=*N <+A)6'=*7C+N ?7)9G?N 'A+'CN $>NDAKN D>N 7=N'='*'N(+DI++=N N '=*N N <(>:*+=+*N(KND67CN
A+*G)+ND6+N:7=+CN N +J?+A7<+=D+*N I7D6N'N C+:,C+AH7)+N CG))+CCN 7=N
N F+N)><?'=KN+=D+A+*ND6+N%=7D+*N#D'D+CN
?7)9G?N C>:GD7>=N '::>I7=5N C6>??+ACN D>N +=D+AN D6+N I'A+M DN ?A>H+*N D>N (+N 'N )6'::+=5+N >,N '=N +=D7A+:KN *7.+A+=DN
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D'9+N D6+<N D6A>G56N D6+N )6+)9>GDN DN I'CN C>N CG))+CC4:N !=N D6+N -)+N >,N 7DN <+A7)'N :>>9+*N D>N (+N ,+AD7:+N D+AA7M
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D6+N :>IN +=*N>,N D6+N<'A9+DNI+A+ND6+N5+=+A':N*7C)>G=DN A+M
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KN
N N I'CN D6+N :'A5+CDN 4A=7DGA+N A+D'7:+AN 7=N I67)6N C>:*N 'N :7<7D+*N ?A>*G)DN :7=+N >,N ('C7)N 4B7DGA+N >,M
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<'A9+DN C6'A+N >,N
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+J?'=*+*N A'?7*:KN 7=N &+CD+A=N GA>?+N *GA7=5N D6+N =+JDN >.+A+*N6756@G':7DKN I+::*+C75=+*N '=*N6756?A7)+*N4AM
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7=5N A+:'D7H+:KN +J?+=C7H+N 4A=7DGA+N D6'DN I'CN =>DN ':I'KCN 2++N>AN1AN'NC<'::N'**7D7>=':N)6'A5+N#7=)+N7DNI'CN+J?+=M
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N 7=N
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'=N G:7=>N '<?A'*CN 1A<+AN 'CC7CD'=DN I6>N I'CN 8GCDN :D6>G56N N 7=7D7'::KN 5'B+A+*N -H>A'(:+N A+H7+ICN
N K+'ACN >:*N I6+=N D6+N +J?'=C7>=N CD'AD+*N G:7=>N CGAM '=*N +=>G56N C':+CN D>N ?+ACG'*+N 7DN D>N CD'ADN >?+=7=5N '**7M
A>G=*+*N 67<C+:,N I7D6N 'N K>G=5N D+'<N G:7=>N A+)'::+*N D7>=':N CD>A+CN (KN D6+N +'A:KN CN 7DN I'CN ):+'AN D6'DN D67=5CN
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= /6-3= 0= 5(/0,0'),= 5034= 4611035= 5(= 0/0-)= 3'6-/54= #3= 0//535)/'=
13065)0/=),)5)4=)/==8= (0)=,05)0/4=03=7/=)/==4)/',=,05)0/=5(3=5()/'4=
)/'=26,= 8(/=!9=0454=3=4645/5),= 5(=-)/)-6-= ))/5=4,=0=13065)0/=
)4= ()'(= /03= "9),= -/6563)/'= 5(/0,0')4= 3= 7),,= 5(= 3'6-/54= #3=
0//535)/'= 13065)0/= 5= = 8=(0)=,05)0/4= 3= 4530/'= ()4= )4= 536= 7/=8(/=
4645/5),=) 3/4=)/=0/46-3=5454=/=133/4=9)45=58/=/5)0/,=-3+54=
64= "9),= -/6563)/'= 5(/0,0')4= ,,08= 5(= !3-= 50= 6450-);= 130654= 50=
/5)0/,= ) 3/4= 5= = 4)/',= ),)5:=
,53/5)7,:= 8(/= )9= 0454= 3= ,08= 5(=
-)/)-6-= ))/5= 4,= 0= 13065)0/= )4=,08= /= "9),= -/6563)/'=5(/0,0')4=
3= /05= 7),,= 5(= 3'6-/54= #3=0//535)/'=13065)0/= 5= 0/= 03= =8= ,05)0/4=
3= /05= 4= 0-1,,)/'= /= 46(= 44= )5= -:= -+= -03= 4/4= 50= -/6563= )/= (=
-*03= -3+5= )/= 8()(= 5(= )3-= )4= 5)7= )= 5()4= (,14= 5(= )3-= 553= 3410/= 50= ,0,=
-/4=()4=(0,4=0/,:= )=5(=)/34=,0,=3410/4)7/44=-03=5(/=0 454=5(=045=
)47/5'4=0=/05=0//535)/'=-/6563)/'=)5(=5(=7/5=0="9),=-/6<
563)/'= 5(/0,0')4= /= -44= 6450-);5)0/= 46(= = 4535':= )4=0-)/'= ,44= 5535)7=
/= 46-= 5(/0,0'),= 5034= 3= -+)/'= )5= 4),= /= /443:= #3= )3-4= 50= 0//<
535= -/6563)/'= ),)5)4= 5= 015)-,= ,05)0/4= 3= 33)34= /= 53/410355)0/=
0454=3=-*03=3+4=0/=5()4=53/=
80= 13065= 5634= 5= ,05)0/= )4)0/4= (= !345= )4= 5(= 130654=
"
35)0= 64= 0= )54= )/"6/= 0/=53/410355)0/=0454= /:= ,530/)= 0-10//54=/=
1(3-65),4= (7= ()'(= 7,6508)'(5= 35)04 = 5(:= 3= 91/4)7= /= 5(:= 0= /05=
8)'(=73:= -6(=(64= 7/=)=5(:= 3=4()11=(,%:= 306/=5(=803,=5()3=53/4103<
55)0/= 0454= 06/5= #3= = 73:= 4-,,= 13/5'= 0= 505,= 0454= )7/= 5()4= 05(3= 5()/'4=
)/'= 26,= 5(3=)4= '35= 134463=50=1306=5(4= 130654= )/=5(= 015)-,=,05)0/=/=
50=437= 5(=803,=-3+5=$0-=5(3=(=01104)5=(0,4=#3= 130654=8)5(=,08=7,650<
8)'(5= 35)04= )/= 46'3= 35)/= 6,+= (-),4= 1)/5= /= 1530,6-= 130654= ,,=
(7=,08=7,6508)'(5=35)04 =5(:= 3=3,5)7,:= )/91/4)7=130654=5(5=8)'(==,05=
03)/',:= 8(/=5(:= 3=4()11=,0/'=)45/4= 53410355)0/=0454=06/5=#3==,3'=
13/5'= 0= 505,= 0454= (64= 05(3= 5()/'4= )/'= 26,= 5(3= )4= '35= 134463= 50= -+=
5(4=130654=)/=-6,5)1,=,05)0/4=,04=50=-*03=-3+54=50=36=53410355)0/=0454=
(= 05(3= 13065= 563= 5(5=/= )/"6/= ,05)0/= )4)0/4= )4= 8(5(3= 5(= 130<
65=4374=6/)734,=/4= /4=5(5= 3=5(=4-=,,=073=5(=803,=
9-1,4=)/,6=
-/:= )/6453),=130654= '= )/6453),=,530/)4= 45,= 6,+=(-),4=/= -0.=
0/46-3= 130654= '= (/(,= ,6,5034= 1340/,= 0-16534= 7)0= '-=
0/40,4= 64=5(3=3= 8= /5)0/,= ) 3/4= )/= 0/46-3=545=/=133/=
#3=46(=130654= 5(=/=#3=,0,=3410/4)7/44=)4=36=()4=)/344=5(=553<
5)7/44=0=0//535)/'=13065)0/=5=/=015)-,=,05)0/=
(3=3=580=4)=4535')4=#3= ,05)/'=13065)0/=),)5)4= 0//535)/'=5(-=)/==
/53,);= ,05)0/=/= 437)/'= 5(= 803,= -3+5=$0-=5(3= 03= /53,);)/'= 5(-= )/=
73)064= 3')0/,= 03= /5)0/,= ,05)0/4= 5(5= 3= ,04= 50= -*03= -3+54= (= 113013)5=
=E%$=[KE-V)R:EA[ VRMEVK):A4[ $A-[E4:MR:)M[
5 FN.G[ [
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+./8.< !*2-4< ) < 9,64*7*5:< /!<< *452*65*/.< 4:45 -< 72* 4< 58 .< /6.52* 4< 0.4<
4:45 -< *4< /' .< ) ,< 60< 4< .< 9-0, </!<<7 2:< 9,64*7 <4:45 -< .<0.< 2 ,5*/.4)*04<
58 .< -.6"562 24< 8)/, 4, 24< .< 2 5*, 24< /' .< (/< +< 4< .:< /!<5) 4 <
2 ,5*/.4)*04<2 <4 </.<5) <6. 245.*.(<5)5<*452*65/24<8*,,<./5<22:<5) <02/654<
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-.6"562 2< 4< -.:< < .< 62/0 .< -.6"562 24< )7 < , 2. < 5) < ,/4 < 5* 4<
5)5< 2 46,5< &/-< 5)*4< 22.( - .5< .< -+ < 44< 5/< 5) < 0. 4 < -2+ 5< *#*6,5<
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2/5 2<<-, <*<62*.(<5) <
#
"#
#
"# 224=5/=5(=9025)4= /-05.)4= .= 4+),,4=/=45,)4(=25),24=
).==.5)/.= .=5()2=),)5:= 5/=4,,=.=4600/25=5(=02/654=/=).535)/.,=64).444=
,5(/6'(=5(=16,)5:= /=25),24=)4='//=).=-/45=7,/0=.5)/.4= ).=-2').'=-2+54=
.= ,44= 7,/0=.5)/.4=%/-=644)=5/= ./.4)= (..,=16,)5:= )4= 72),=5= 45=
(= ,+= /==()'(16,)5:= (..,= -:= )-0= -2+5= .52:= 025)6,2,:= ).= 5(= 4= /=
.8= /2= 4/0()45)5= 02/654= 5(5= 216)2= 4)'.)#.5= 0/).5/4,= 44)45.= .=52<
4,4= 427)4= .=4600/25=(.=(..,= 16,)5:= )4=0//2= .= ).52.5)/.,= 64).44= -:=
(7=5/=7/5=/.4)2,=55.5)/.=5/=60'2).'=5(=(..,=$2=9-0,= := 02/7)<
).'=95.4)7= 65)/.=.=4600/25=5/= 9)45).'= 25),24= .=).= 952-=44= := 45<
,)4().'= )54= /8.= (..,= (64= &2= 0)/.2).'= )54= 00,= 25),= 45/2= /.05= ).= 5(=
.)5= 554= 00,= )4= /0.).'= 25),= 45/24= ).= 472,= .5)/.4= 46(= 4= 5(= .)5=
).'/-= 5/= 02/7)=0/).5/!4,4=65)/.= 427)= .= 4600/25= $2= )54= 0/06,2= )/=
.=/-0652=02/654=00,=,)74=5(5=5()4=4525':= 8),,=(,0=)5=5/=').=-2+5=4(2=
).=5(4=.5)/.4=
= (/)= /= )452)65)/.= 4525':= 52-).4= 8()(= (..,= 5(= #2-= 8),,= 64= 5/= 2(=
0/5.5),= /.46-24= (/6,= 5(= #2-=52:= 5/= 4,,= )25,:= 5/=5(=/.46-2=/2=4(/6,= )5= '/=
5(2/6'(= 25),24 = 4(/6,= )5= '/= 5(2/6'(= = 8(/,4,2 = 4(/6,= )5= 64= .= )-0/25= '.5 = /2=
4(/6,= )5= ).745= ).= 45,)4().'= )54= /8.= (..,
= (= /05)-,= 4525':= )4= 52-).= :=
5(= 2,5)7= /454= .= .#54= /= (= ,535)7= 8()(= 72:= %/-= /6.52:= 5/= /6.52:=
0.).'= /.= 5(= $62= "5/24= 8= (7= *645= )4644= 25),= /..525)/.= (..,=
,.'5(= (..,=9,64)7)5:= .=(..,=16,)5:=
64=(=).52-)2:= ).==(..,=4=)54=/8.=-2+60=5/=5(=02/654= 5(2=)4=
'.2,,:= = 2)5),= ,).+= 58.= (..,= ,.'5(= 5(= ).,= 4,,).'= 02)= .= 5(= )2-4=
02/#5= -2').= (= ,/.'2= = (..,= 5(= '252= 5(= ''2'5= -2+60= .= 5(=()'(2=
5(= 02)= 5(5= /.46-24= 2=(2'=$2= 5(=#.,= 02/65= /= .462= 5(5= 02)4= /= ./5=
'5= 5//=()'(= 4= = 246,5=/= -2+604= := -6,5)0,= ).52-)2)4= = #2-=-)'(5= =$2= 5/=
/025= 8)5(= ,/82= 02/)5= -2').4= (64= )= 02)= )4= .= )-0/25.5= /-05)5)7= 80/.=
.=)=5(=#2-=/4=./5=8.5=5/=4=)54=02/#5=-2').4=416;= /5(2=5().'4=).'=16,=
5(=)2-=8/6,=022= 5/=64==4(/252=(..,=
/872= 5(= . )54= /= 64).'= = ,/.'2= (..,= -:= /658)'(= 5(4= 28+4= 4=
8=(7=4.= /.=.#5=/==,/.'2=(..,=)4=5(5=)5=654=4,,).'=/454=8(.=5(=25),=
45/2=)4=72:= %'-.5=(64= )5=-+4=4.4=$2=.=).535)/.,=64).44=5/=64=,/.'2=
(..,4=).=/6.52)4=8(2=5(=25),=45/2=)4=%'-.5=.=4(/252=(..,4=).=/6.<
52)4=8(2=5(=25),=45/2=)4=/..525=./5(2=.#5=/=64).'==,/.'2=(..,=)4=
-2+5=445(=),)5:= 5/=.52= .=9,64)7=(..,= -0/25='.54= -:= (7=,/.'<
52-=2,5)/.4()04=8)5(=8(/,4,24= 25),24= /2=)-0/25.5=/.46-24=.=5(64==552=
,= 5/= 8).= /224= .= '5= 44= 5/= = )452)65)/.= 4:45-= )-),2,:= 8(/,4,24= -:=
(7= ,/.'45.).'= 2,5)/.4()04= 8)5(= 25),24= .= = 552= ,= 5/= 0246= 5(-= 5/=
22:= 5(=)2-4=02/65=5(.=5(=#2-=)54,=8/6,=
-0/25= '.54= 2= ./5= ,)-)5= 5/=).0..5= 52).'= (/644 = .:= #2-= 8)5(= = 452/.'=
,/,=20655)/.=/6,=427=4=8,,=/2=9-0,= 5/=2+=/8.=(..,=9,64)7)5:= .=
').= '252= 44= 5/= 5(= 0.4= -2+5= 00,=
/-0652= 4)'.= )452)65)/.= '2<
-.54=8)5(= )7=,2'=0.4=)2-4= ).,6).'=64).44=16)0-.5= ').5= 2/5(2= .64<
52)4= 455)/.2:= ,2= /+6:/= )546)4()= (20= .= )./,5= (4= )2-4= 64= 5()2=
/8.=,/.'45,)4(=)452)65)/.=2,5)/.4()04=8)5(=/.46-24=25),24=.=8(/,4,24=
5/= 064(= 00,= /-06524= 5(2/6'(= 5(=0.4= )452)65)/.= 4:45-=4= = 246,5= 00,4=
4(2=/=5(=0.4=-2+5=).24=%/-=,44=5(.= # 02.5=5/= # 02.5=).=5(=$62=
:24= $,,/8).'=5(=4)'.).'=/=5(='2-.54=
)
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