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Workshop manual

TH2 - D504
Mechanical
Fuel Systems!
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D 504 NA
D 504 T
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D 504 TI
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Edition: Oct 2003 (English)


Order number: 10035864
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MJFCIFSS
-RXVSHYGXMSR
*SV[EVH

8LMW QERYEP MW [VMXXIR JSV ER I\TIVMIRGIH XIGLRMGMER -RJSVQEXMSR MW SVKERM^IH MR WIGXMSRW ERH KVSYTW JSV XLI
)WWIRXMEP XSSPW VIUYMVIH MR TIVJSVQMRK GIVXEMR WIVZMGI ZEVMSYW GSQTSRIRXW VIUYMVMRK WIVZMGI MRWXVYGXMSR %X
[SVO EVI MHIRXMJMIH MR XLMW QERYEP ERH EVI XLI FIKMRRMRK SJ IEGL KVSYT EVI WYQQEV] PMWXMRKW SJ EPP
VIGSQQIRHIH JSV YWI ETTPMGEFPI IWWIRXMEP XSSPW WIVZMGI IUYMTQIRX ERH XSSPW
SXLIV QEXIVMEPW RIIHIH XS HS XLI NSF WIVZMGI TEVXW OMXW
8LMW QERYEP 8,C( GSZIVW SRP] XLI QIGLERMGEP WTIGMJMGEXMSRW [IEV XSPIVERGIW ERH XSVUYI ZEPYIW
JYIP W]WXIQ -X MW SRI SJ XLVII ZSPYQIW SR
0-)&,)66 Π( HMIWIP IRKMRIW 8LI JSPPS[MRK X[S &IJSVI FIKMRRMRK VITEMV SR ER IRKMRI GPIER XLI
GSQTERMSR QERYEPW GSZIV XLI FEWI IRKMRI ERH IRKMRI
IPIGXVSRMG JYIP W]WXIQ VITEMV STIVEXMSR ERH
HMEKRSWXMGW 8LMW QERYEP GSRXEMRW 7- 1IXVMG YRMXW SJ QIEWYVI
JSPPS[IH MQQIHMEXIP] F] XLI 97 GYWXSQEV] YRMXW SJ
› 8,C( Œ &EWI )RKMRI QIEWYVI 1SWX LEVH[EVI SR XLIWI IRKMRIW MW QIXVMG
› 8,C( Œ )PIGXVSRMG *YIP 7]WXIQ [MXL WM^IH
7XEREH]RI () 4YQT
7SQI GSQTSRIRXW SJ XLMW IRKMRI QE] FI WIVZMGIH
3XLIV QERYEPW [MPP FI EHHIH MR XLI JYXYVI XS TVSZMHI [MXLSYX VIQSZMRK XLI IRKMRI JVSQ XLI QEGLMRI 6IJIV
EHHMXMSREP MRJSVQEXMSR SR IPIGXVSRMG JYIP W]WXIQW EW XS XLI WTIGMJMG QEGLMRI XIGLRMGEP QERYEP JSV
RIIHIH MRJSVQEXMSR SR GSQTSRIRXW XLEX GER FI WIVZMGIH
[MXLSYX VIQSZMRK XLI IRKMRI JVSQ XLI QEGLMRI ERH JSV
0MZI [MXL WEJIX] 6IEH XLI WEJIX] QIWWEKIW MR XLI IRKMRI VIQSZEP ERH MRWXEPPEXMSR TVSGIHYVIW
MRXVSHYGXMSR SJ XLMW QERYEP ERH XLI GEYXMSRW TVIWIRXIH
XLVSYKLSYX XLI XI\X SJ XLI QERYEP 6IEH IEGL FPSGO SJ QEXIVMEP GSQTPIXIP] FIJSVI
TIVJSVQMRK WIVZMGI XS GLIGO JSV HMJJIVIRGIW MR
TVSGIHYVIW SV WTIGMJMGEXMSRW *SPPS[ SRP] XLI
8LMW MW XLI WEJIX]EPIVX W]QFSP ;LIR ]SY WII XLMW
TVSGIHYVIW XLEX ETTP] XS XLI IRKMRI QSHIP RYQFIV ]SY
W]QFSP SR XLI QEGLMRI SV MR XLMW QERYEP FI EPIVX XS
EVI [SVOMRK SR -J SRP] SRI TVSGIHYVI MW KMZIR XLEX
XLI TSXIRXMEP JSV TIVWSREP MRNYV]
TVSGIHYVI ETTPMIW XS EPP XLI IRKMRIW MR XLI QERYEP
9WI XLMW GSQTSRIRX XIGLRMGEP QERYEP MR GSRNYRGXMSR '%0-*362-% 463437-8-32  ;%62-2+
[MXL XLI QEGLMRI XIGLRMGEP QERYEP %R ETTPMGEXMSR (MIWIP IRKMRI I\LEYWX ERH WSQI SJ MXW GSRWXMXYIRXW EVI ORS[R XS
PMWXMRK MR 7IGXMSR  +VSYT  MHIRXMJMIW XLI 7XEXI SJ 'EPMJSVRME XS GEYWI GERGIV FMVXL HIJIGXW ERH SXLIV
TVSHYGXQSHIPGSQTSRIRX X]TIQSHIP VIPEXMSRWLMT 7II VITVSHYGXMZI LEVQ
XLI QEGLMRI XIGLRMGEP QERYEP JSV MRJSVQEXMSR SR
GSQTSRIRX VIQSZEP ERH MRWXEPPEXMSR ERH KEMRMRK
EGGIWW XS XLI GSQTSRIRXW

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'SRXIRXW
7)'8-32 Œ+IRIVEP -RJSVQEXMSR
+VSYT Œ7EJIX]
+VSYT Œ)RKMRI -HIRXMJMGEXMSR
+VSYT Œ*YIPW 0YFVMGERXW ERH 'SSPERXW

7)'8-32 Œ6ITEMV ERH %HNYWXQIRXW


+VSYT Œ1IGLERMGEP *YIP 7]WXIQ 6ITEMV ERH
%HNYWXQIRXW

7)'8-32 Œ8LISV] SJ 3TIVEXMSR


+VSYT Œ1IGLERMGEP *YIP 7]WXIQW 3TIVEXMSR

7)'8-32 Œ(MEKRSWXMGW
+VSYT Œ3FWIVZEFPI (MEKRSWXMGW ERH 8IWXW

7)'8-32 Œ8SSPW ERH 3XLIV 1EXIVMEPW


+VSYT Œ6ITEMV 8SSPW ERH 3XLIV 1EXIVMEPW
+VSYT Œ(MEKRSWXMG 7IVZMGI 8SSPW ERH 3XLIV
1EXIVMEPW
+VSYT Œ(IEPIV *EFVMGEXIH 7IVZMGI 8SSPW

7)'8-32 Œ7TIGMJMGEXMSRW
+VSYT Œ6ITEMV ERH +IRIVEP 7TIGMJMGEXMSRW
+VSYT Œ(MEKRSWXMG 7TIGMJMGEXMSRW

Warranty and liability requirements of the general terms of trade for the
LIEBHERR company are not extended by the aforementioned references.
Details and illustrations of this manual may be either reproduced and
distributed or be used for the purposes of the competition. All legal rights
concerning the copyright remain exclusively reserved.

8,C(C)2 3'8 M 0-)&,)66Œ(r (MIWIP )RKMRIW




42!
7IGXMSR 
+IRIVEP -RJSVQEXMSR
'SRXIRXW

4EKI

+VSYT Œ7EJIX]                    

+VSYT Œ)RKMRI -HIRXMJMGEXMSR


)RKMRI 1SHIP (IWMKREXMSR               
)RKMRI 7IVMEP 2YQFIV 4PEXI -RJSVQEXMSR     
-RJSVQEXMSR 6IPEXMZI XS )QMWWMSRW
6IKYPEXMSRW                         
)RKMRI %TTPMGEXMSR 'LEVXW                

+VSYT Œ*YIPW 0YFVMGERXW ERH 'SSPERXW


0YFVMGERXW ERH 'SSPERX                  
(MIWIP *YIP                           
0YFVMGMX] SJ (MIWIP *YIP                  

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+VSYT 
7EJIX]
,ERHPI *PYMHW 7EJIP]Œ%ZSMH *MVIW

;LIR ]SY [SVO EVSYRH JYIP HS RSX WQSOI SV [SVO RIEV


LIEXIVW SV SXLIV JMVI LE^EVHW

7XSVI JPEQQEFPI JPYMHW E[E] JVSQ JMVI LE^EVHW (S RSX


MRGMRIVEXI SV TYRGXYVI TVIWWYVM^IH GSRXEMRIVW

1EOI WYVI QEGLMRI MW GPIER SJ XVEWL KVIEWI ERH HIFVMW

(S RSX WXSVI SMP] VEKW XLI] GER MKRMXI ERH FYVR


WTSRXERISYWP]

(<*0%1) rr7)4r

,ERHPI 7XEVXMRK *PYMH 7EJIP]

7XEVXMRK JPYMH MW LMKLP] JPEQQEFPI

/IIT EPP WTEVOW ERH JPEQI E[E] [LIR YWMRK MX /IIT
WXEVXMRK JPYMH E[E] JVSQ FEXXIVMIW ERH GEFPIW

8S TVIZIRX EGGMHIRXEP HMWGLEVKI [LIR WXSVMRK XLI


TVIWWYVM^IH GER OIIT XLI GET SR XLI GSRXEMRIV ERH WXSVI
MR E GSSP TVSXIGXIH PSGEXMSR

(S RSX MRGMRIVEXI SV TYRGXYVI E WXEVXMRK JPYMH GSRXEMRIV

(<*-6) rr%46r

7IVZMGI 'SSPMRK 7]WXIQ 7EJIP]

)\TPSWMZI VIPIEWI SJ JPYMHW JVSQ TVIWWYVM^IH GSSPMRK


W]WXIQ GER GEYWI WIVMSYW FYVRW

7LYX SJJ IRKMRI 3RP] VIQSZI JMPPIV GET [LIR GSSP IRSYKL
XS XSYGL [MXL FEVI LERHW 7PS[P] PSSWIR GET XS JMVWX WXST
XS VIPMIZI TVIWWYVI FIJSVI VIQSZMRK GSQTPIXIP]

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4VIZIRX &EXXIV] )\TPSWMSRW

/IIT WTEVOW PMKLXIH QEXGLIW ERH STIR JPEQI E[E] JVSQ


XLI XST SJ FEXXIV] &EXXIV] KEW GER I\TPSHI

2IZIV GLIGO FEXXIV] GLEVKI F] TPEGMRK E QIXEP SFNIGX


EGVSWW XLI TSWXW 9WI E ZSPXQIXIV SV L]HVSQIXIV

(S RSX GLEVKI E JVS^IR FEXXIV] MX QE] I\TPSHI ;EVQ


FEXXIV] XS ”' ”* 

(<74%6/7 rr1%6r

4VITEVI JSV )QIVKIRGMIW

&I TVITEVIH MJ E JMVI WXEVXW

/IIT E JMVWX EMH OMX ERH JMVI I\XMRKYMWLIV LERH]

/IIT IQIVKIRG] RYQFIVW JSV HSGXSVW EQFYPERGI WIVZMGI


LSWTMXEP ERH JMVI HITEVXQIRX RIEV ]SYV XIPITLSRI

(<*-6) rr1%6r

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42!
,ERHPMRK &EXXIVMIW 7EJIP]

'%98-32 &EXXIV] KEW GER I\TPSHI /IIT


WTEVOW ERH JPEQIW E[E] JVSQ FEXXIVMIW 9WI E
JPEWLPMKLX XS GLIGO FEXXIV] IPIGXVSP]XI PIZIP

2IZIV GLIGO FEXXIV] GLEVKI F] TPEGMRK E QIXEP


SFNIGX EGVSWW XLI TSWXW 9WI E ZSPXQIXIV SV
L]HVSQIXIV

%P[E]W VIQSZI KVSYRHIH  FEXXIV] GPEQT JMVWX


ERH VITPEGI MX PEWX

'%98-32 7YPJYVMG EGMH MR FEXXIV] IPIGXVSP]XI MW


TSMWSRSYW -X MW WXVSRK IRSYKL XS FYVR WOMR IEX
LSPIW MR GPSXLMRK ERH GEYWI FPMRHRIWW MJ
WTPEWLIH MRXS I]IW

%ZSMH XLI LE^EVH F]

 *MPPMRK FEXXIVMIW MR E [IPPZIRXMPEXIH EVIE


 ;IEVMRK I]I TVSXIGXMSR ERH VYFFIV KPSZIW
 %ZSMHMRK FVIEXLMRK JYQIW [LIR IPIGXVSP]XI MW
EHHIH
 %ZSMHMRK WTMPPMRK SV HVMTTMRK IPIGXVSP]XI
 9WI TVSTIV NYQT WXEVX TVSGIHYVI

-J ]SY WTMPP EGMH SR ]SYVWIPJ

 *PYWL ]SYV WOMR [MXL [EXIV


 %TTP] FEOMRK WSHE SV PMQI XS LIPT RIYXVEPM^I
XLI EGMH
 *PYWL ]SYV I]IW [MXL [EXIV JSV Œ
QMRYXIW +IX QIHMGEP EXXIRXMSR MQQIHMEXIP]

-J EGMH MW W[EPPS[IH

 (S RSX MRHYGI ZSQMXMRK


 (VMRO PEVKI EQSYRXW SJ [EXIV SV QMPO FYX HS
RSX I\GIIH  0  UYEVXW 
 +IX QIHMGEP EXXIRXMSR MQQIHMEXIP]

;%62-2+ &EXXIV] TSWXW XIVQMREPW ERH VIPEXIH


EGGIWWSVMIW GSRXEMR PIEH ERH PIEH GSQTSYRHW GLIQMGEPW
ORS[R XS XLI 7XEXI SJ 'EPMJSVRME XS GEYWI GERGIV ERH
VITVSHYGXMZI LEVQ ;EWL LERHW EJXIV LERHPMRK

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%ZSMH ,MKL4VIWWYVI *PYMHW

)WGETMRK JPYMH YRHIV TVIWWYVI GER TIRIXVEXI XLI WOMR


GEYWMRK WIVMSYW MRNYV]

%ZSMH XLI LE^EVH F] VIPMIZMRK TVIWWYVI FIJSVI


HMWGSRRIGXMRK L]HVEYPMG SV SXLIV PMRIW 8MKLXIR EPP
GSRRIGXMSRW FIJSVI ETTP]MRK TVIWWYVI

7IEVGL JSV PIEOW [MXL E TMIGI SJ GEVHFSEVH 4VSXIGX LERHW


ERH FSH] JVSQ LMKL TVIWWYVI JPYMHW

-J ER EGGMHIRX SGGYVW WII E HSGXSV MQQIHMEXIP] %R] JPYMH


MRNIGXIH MRXS XLI WOMR QYWX FI WYVKMGEPP] VIQSZIH [MXLMR E
JI[ LSYVW SV KERKVIRI QE] VIWYPX (SGXSVW YRJEQMPMEV [MXL
XLMW X]TI SJ MRNYV] WLSYPH VIJIVIRGI E ORS[PIHKIEFPI
QIHMGEP WSYVGI

01&(<*09-( rr1%6r

;IEV 4VSXIGXMZI 'PSXLMRK

;IEV GPSWI JMXXMRK GPSXLMRK ERH WEJIX] IUYMTQIRX


ETTVSTVMEXI XS XLI NSF

4VSPSRKIH I\TSWYVI XS PSYH RSMWI GER GEYWI MQTEMVQIRX


SV PSWW SJ LIEVMRK

;IEV E WYMXEFPI LIEVMRK TVSXIGXMZI HIZMGI WYGL EW


IEVQYJJW SV IEVTPYKW XS TVSXIGX EKEMRWX SFNIGXMSREFPI SV
YRGSQJSVXEFPI PSYH RSMWIW

3TIVEXMRK IUYMTQIRX WEJIP] VIUYMVIW XLI JYPP EXXIRXMSR SJ


XLI STIVEXSV (S RSX [IEV VEHMS SV QYWMG LIEHTLSRIW
[LMPI STIVEXMRK QEGLMRI

(<;)%6 rr7)4r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
7IVZMGI 1EGLMRIW 7EJIP]

8MI PSRK LEMV FILMRH ]SYV LIEH (S RSX [IEV E RIGOXMI


WGEVJ PSSWI GPSXLMRK SV RIGOPEGI [LIR ]SY [SVO RIEV
QEGLMRI XSSPW SV QSZMRK TEVXW -J XLIWI MXIQW [IVI XS KIX
GEYKLX WIZIVI MRNYV] GSYPH VIWYPX

6IQSZI VMRKW ERH SXLIV NI[IPV] XS TVIZIRX IPIGXVMGEP


WLSVXW ERH IRXERKPIQIRX MR QSZMRK TEVXW

(<0337) rr.92r

;SVO -R :IRXMPEXIH %VIE

)RKMRI I\LEYWX JYQIW GER GEYWI WMGORIWW SV HIEXL -J MX MW


RIGIWWEV] XS VYR ER IRKMRI MR ER IRGPSWIH EVIE VIQSZI
XLI I\LEYWX JYQIW JVSQ XLI EVIE [MXL ER I\LEYWX TMTI
I\XIRWMSR

-J ]SY HS RSX LEZI ER I\LEYWX TMTI I\XIRWMSR STIR XLI


HSSVW ERH KIX SYXWMHI EMV MRXS XLI EVIE

(<%-6 rr*)&r

;SVO MR 'PIER %VIE

&IJSVI WXEVXMRK E NSF

› 'PIER [SVO EVIE ERH QEGLMRI


› 1EOI WYVI ]SY LEZI EPP RIGIWWEV] XSSPW XS HS ]SYV NSF
› ,EZI XLI VMKLX TEVXW SR LERH
› 6IEH EPP MRWXVYGXMSRW XLSVSYKLP] HS RSX EXXIQTX
WLSVXGYXW

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6IQSZI 4EMRX &IJSVI ;IPHMRK SV ,IEXMRK

%ZSMH TSXIRXMEPP] XS\MG JYQIW ERH HYWX

,E^EVHSYW JYQIW GER FI KIRIVEXIH [LIR TEMRX MW LIEXIH


F] [IPHMRK WSPHIVMRK SV YWMRK E XSVGL

(S EPP [SVO SYXWMHI SV MR E [IPP ZIRXMPEXIH EVIE (MWTSWI SJ


TEMRX ERH WSPZIRX TVSTIVP]

6IQSZI TEMRX FIJSVI [IPHMRK SV LIEXMRK

› -J ]SY WERH SV KVMRH TEMRX EZSMH FVIEXLMRK XLI HYWX


;IEV ER ETTVSZIH VIWTMVEXSV
› -J ]SY YWI WSPZIRX SV TEMRX WXVMTTIV VIQSZI WXVMTTIV [MXL
WSET ERH [EXIV FIJSVI [IPHMRK 6IQSZI WSPZIRX SV
TEMRX WXVMTTIV GSRXEMRIVW ERH SXLIV JPEQQEFPI QEXIVMEP
JVSQ EVIE %PPS[ JYQIW XS HMWTIVWI EX PIEWX  QMRYXIW
FIJSVI [IPHMRK SV LIEXMRK

(<4%-28 rr1%6r

%ZSMH ,IEXMRK 2IEV 4VIWWYVM^IH *PYMH 0MRIW

*PEQQEFPI WTVE] GER FI KIRIVEXIH F] LIEXMRK RIEV


TVIWWYVM^IH JPYMH PMRIW VIWYPXMRK MR WIZIVI FYVRW XS
]SYVWIPJ ERH F]WXERHIVW (S RSX LIEX F] [IPHMRK
WSPHIVMRK SV YWMRK E XSVGL RIEV TVIWWYVM^IH JPYMH PMRIW SV
SXLIV JPEQQEFPI QEXIVMEPW 4VIWWYVM^IH PMRIW GER FI
EGGMHIRXEPP] GYX [LIR LIEX KSIW FI]SRH XLI MQQIHMEXI
JPEQI EVIE

(<836', rr1%6r

-PPYQMREXI ;SVO %VIE 7EJIP]

-PPYQMREXI ]SYV [SVO EVIE EHIUYEXIP] FYX WEJIP] 9WI E


TSVXEFPI WEJIX] PMKLX JSV [SVOMRK MRWMHI SV YRHIV XLI
QEGLMRI 1EOI WYVI XLI FYPF MW IRGPSWIH F] E [MVI GEKI
8LI LSX JMPEQIRX SJ ER EGGMHIRXEPP] FVSOIR FYPF GER MKRMXI
WTMPPIH JYIP SV SMP

(<0-+,8 rr.92r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
9WI 4VSTIV 0MJXMRK )UYMTQIRX

0MJXMRK LIEZ] GSQTSRIRXW MRGSVVIGXP] GER GEYWI WIZIVI


MRNYV] SV QEGLMRI HEQEKI

*SPPS[ VIGSQQIRHIH TVSGIHYVI JSV VIQSZEP ERH


MRWXEPPEXMSR SJ GSQTSRIRXW MR XLI QERYEP

(<0-*8 rr.92r

'SRWXVYGX (IEPIV1EHI 8SSPW 7EJIP]

*EYPX] SV FVSOIR XSSPW GER VIWYPX MR WIVMSYW MRNYV] ;LIR


GSRWXVYGXMRK XSSPW YWI TVSTIV UYEPMX] QEXIVMEPW ERH KSSH
[SVOQERWLMT

(S RSX [IPH XSSPW YRPIWW ]SY LEZI XLI TVSTIV IUYMTQIRX


ERH I\TIVMIRGI XS TIVJSVQ XLI NSF

(47+393 rr1%=r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
4VEGXMGI 7EJI 1EMRXIRERGI

9RHIVWXERH WIVZMGI TVSGIHYVI FIJSVI HSMRK [SVO /IIT


EVIE GPIER ERH HV]

2IZIV PYFVMGEXI WIVZMGI SV EHNYWX QEGLMRI [LMPI MX MW


QSZMRK /IIT LERHW JIIX  ERH GPSXLMRK JVSQ
TS[IVHVMZIR TEVXW (MWIRKEKI EPP TS[IV ERH STIVEXI
GSRXVSPW XS VIPMIZI TVIWWYVI 0S[IV IUYMTQIRX XS XLI
KVSYRH 7XST XLI IRKMRI 6IQSZI XLI OI] %PPS[ QEGLMRI
XS GSSP

7IGYVIP] WYTTSVX ER] QEGLMRI IPIQIRXW XLEX QYWX FI


VEMWIH JSV WIVZMGI [SVO

/IIT EPP TEVXW MR KSSH GSRHMXMSR ERH TVSTIVP] MRWXEPPIH *M\


HEQEKI MQQIHMEXIP] 6ITPEGI [SVR SV FVSOIR TEVXW
6IQSZI ER] FYMPHYT SJ KVIEWI SMP SV HIFVMW

3R WIPJTVSTIPPIH IUYMTQIRX HMWGSRRIGX FEXXIV] KVSYRH


GEFPI  FIJSVI QEOMRK EHNYWXQIRXW SR IPIGXVMGEP W]WXIQW
SV [IPHMRK SR QEGLMRI

3R XS[IH MQTPIQIRXW HMWGSRRIGX [MVMRK LEVRIWWIW JVSQ


XVEGXSV FIJSVI WIVZMGMRK IPIGXVMGEP W]WXIQ GSQTSRIRXW SV
[IPHMRK SR QEGLMRI

(<7)6: rr*)&r

9WI 4VSTIV 8SSPW

9WI XSSPW ETTVSTVMEXI XS XLI [SVO 1EOIWLMJX XSSPW ERH


TVSGIHYVIW GER GVIEXI WEJIX] LE^EVHW

9WI TS[IV XSSPW SRP] XS PSSWIR XLVIEHIH TEVXW ERH


JEWXIRIVW

*SV PSSWIRMRK ERH XMKLXIRMRK LEVH[EVI YWI XLI GSVVIGX


WM^I XSSPW (3 238 YWI 97 QIEWYVIQIRX XSSPW SR
QIXVMG JEWXIRIVW %ZSMH FSHMP] MRNYV] GEYWIH F] WPMTTMRK
[VIRGLIW

9WI SRP] WIVZMGI TEVXW QIIXMRK 0-)&,)66 WTIGMJMGEXMSRW

01&(<6)4%-6 rr*)&r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
(MWTSWI SJ ;EWXI 4VSTIVP]

-QTVSTIVP] HMWTSWMRK SJ [EWXI GER XLVIEXIR XLI


IRZMVSRQIRX ERH IGSPSK] 4SXIRXMEPP] LEVQJYP [EWXI YWIH
[MXL 0-)&,)66 IUYMTQIRX MRGPYHI WYGL MXIQW EW SMP JYIP
GSSPERX FVEOI JPYMH JMPXIVW ERH FEXXIVMIW

9WI PIEOTVSSJ GSRXEMRIVW [LIR HVEMRMRK JPYMHW (S RSX YWI


JSSH SV FIZIVEKI GSRXEMRIVW XLEX QE] QMWPIEH WSQISRI
MRXS HVMROMRK JVSQ XLIQ

(S RSX TSYV [EWXI SRXS XLI KVSYRH HS[R E HVEMR SV MRXS


ER] [EXIV WSYVGI

%MV GSRHMXMSRMRK VIJVMKIVERXW IWGETMRK MRXS XLI EMV GER


HEQEKI XLI )EVXL W EXQSWTLIVI +SZIVRQIRX VIKYPEXMSRW
QE] VIUYMVI E GIVXMJMIH EMV GSRHMXMSRMRK WIVZMGI GIRXIV XS
VIGSZIV ERH VIG]GPI YWIH EMV GSRHMXMSRMRK VIJVMKIVERXW

-RUYMVI SR XLI TVSTIV [E] XS VIG]GPI SV HMWTSWI SJ [EWXI


JVSQ ]SYV PSGEP IRZMVSRQIRXEP SV VIG]GPMRK GIRXIV

01&(<(6%-2 rr1%6r

0MZI ;MXL 7EJIX]

&IJSVI VIXYVRMRK QEGLMRI XS GYWXSQIV QEOI WYVI


QEGLMRI MW JYRGXMSRMRK TVSTIVP] IWTIGMEPP] XLI WEJIX]
W]WXIQW -RWXEPP EPP KYEVHW ERH WLMIPHW

(<0-:) rr7)4r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
+VSYT 
)RKMRI -HIRXMJMGEXMSR
)RKMRI 1SHIP (IWMKREXMSR

0-)&,)66 )RKMRI 1SHIPŒ(

0-)&,)66 IRKMRI QSHIP HIWMKREXMSR MRGPYHIW RYQFIV SJ


G]PMRHIVW FSVI ERH WXVSOI EWTMVEXMSR ERH HIPMZIV] WGSTI
GSHI

)\EQTPI (
2%r
)RKMRI
(  (MIWIP IRKMRI
  &SVI ERH WXVSOI
  2YQFIV SJ G]PMRHIVW
2%  %MV MRXEOI GSHI
  (IPMZIV] WGSTI GSHI
%MV MRXEOI GSHI
2%  WIPJTVMQMRK
8  8YVFSGLEVKIH [MXLSYX MRXIVGSSPMRK
8-  8YVFSGLEVKIH ERH EMVXSEMV MRXIVGSSPMRK

01&6+(8 rr3'8r

)RKMRI 7IVMEP 2YQFIV 4PEXI -RJSVQEXMSR

-14368%28 8LI IRKMRI WIVMEP RYQFIV MHIRXMJMGEXMSR


TPEXI % GER FI IEWMP] HIWXVS]IH
&IJSVI lLSX XEROz GPIERMRK XLI FPSGO
VIQSZI XLI TPEXI

)ZIV] IRKMRI JIEXYVIW E HMKMX HIPMZIV] WGSTI GSHI '


ERH E HMKMX GSRWIGYXMZI IRKMRI RYQFIV &  XSKIXLIV
[LMGL QEOI YT XLI IRKMRI WIVMEP RYQFIV

%Œ)RKMRI WIVMEP RYQFIV MHIRXMJMGEXMSR TPEXI


&Œ'SRWIGYXMZI IRKMRI RYQFIV
'Œ(IPMZIV] WGSTI GSHI

01&6+(8 rr%46r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
-RJSVQEXMSR 6IPEXMZI XS )QMWWMSRW
6IKYPEXMSRW

(ITIRHMRK SR XLI JMREP HIWXMREXMSR IRKMRIW GER QIIX XLI


IQMWWMSRW VIKYPEXMSRW EGGSVHMRK XS XLI 97 )RZMVSRQIRXEP
4VSXIGXMSR %KIRG] )4%  'EPMJSVRME %MV 6IWSYVGIW &SEVH
'%6& ERH JSV )YVSTI XLI (MVIGXMZI )' VIPEXMRK
XLI QIEWYVIW EKEMRWX XLI IQMWWMSRW SJ TEVXMGPIW ERH
KEWISYW TSPPYXERX JVSQ MRXIVREP GSQFYWXMSR IRKMRIW 7YGL
IRKMRIW EVI GEPPIH l')68-*-)(z ERH VIGIMZI ER IQMWWMSR
PEFIP SR XLI IRKMRI

8LI VIKYPEXMSRW TVSLMFMX XEQTIVMRK [MXL XLI


IQMWWMSRVIPEXIH GSQTSRIRXW PMWXIH FIPS[ [LMGL [SYPH
VIRHIV XLEX GSQTSRIRX MRSTIVEXMZI SV XS QEOI ER]
EHNYWXQIRX SR XLI IRKMRI FI]SRH TYFPMWLIH WTIGMJMGEXMSRW
-X MW EPWS MPPIKEP XS MRWXEPP E TEVX SV GSQTSRIRX [LIVI XLI
TVMRGMTPI IJJIGX SJ XLEX GSQTSRIRX MW XS F]TEWW HIJIEX SV
VIRHIV MRSTIVEXMZI ER] IRKMRI GSQTSRIRX SV HIZMGI [LMGL
[SYPH EJJIGX XLI IRKMRI W GSRJSVQERGI XS XLI IQMWWMSR
VIKYPEXMSRW 8S WYQQEVM^I MX MW MPPIKEP XS HS ER]XLMRK
I\GITX VIXYVR XLI IRKMRI XS MXW SVMKMREP TYFPMWLIH
WTIGMJMGEXMSRW

0MWX SJ IQMWWMSRVIPEXIH GSQTSRIRXW

› *YIP MRNIGXMSR W]WXIQ


› -RXEOI QERMJSPH
› 8YVFSGLEVKIV
› 'LEVKI EMV GSSPMRK W]WXIQ
› 4MWXSR

393 rr%9+r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
)RKMRI %TTPMGEXMSR 'LEVXW

0-)&,)66 ;LIIP PSEHIV


1EGLMRI 1SHIP )RKMRI 1SHIP
0 ;LIIP PSEHIV ( 2%
0 7XIVIS PSEHIV ( 8
0 ;LIIP PSEHIV ( 8
0 ;LIIP PSEHIV ( 8-
0 ;LIIP PSEHIV ( 8-
0 ;LIIP PSEHIV ( 8-

01&(47+393 rr.92r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
+VSYT 
*YIPW 0YFVMGERXW ERH 'SSPERXW
0YFVMGERXW ERH 'SSPERX

01&(47+393 rr1%=r

(MIWIP *YIP

'SRWYPX ]SYV PSGEP JYIP HMWXVMFYXSV JSV TVSTIVXMIW SJ XLI › *YIP 0YFVMGMX] WLSYPH FI QSVI XLER  KVEQW
HMIWIP JYIP EZEMPEFPI MR ]SYV EVIE QMRMQYQ PSEH PMQMXEXMSR MR EGGSVHERGI [MXL %781
( SV PIWW XLER  QQ QE\MQYQ [IEV RSXGL
-R KIRIVEP HMIWIP JYIPW EVI FPIRHIH XS WEXMWJ] XLI PS[ HMEQIXIV MR EGGSVHERGI [MXL %781 (
XIQTIVEXYVI VIUYMVIQIRXW SJ XLI KISKVETLMGEP EVIE MR › 7YPJYV 'SRXIRX
[LMGL XLI] EVI QEVOIXIH r 5YEPMX] SJ XLI HMIWIP JYIP ERH SJ XLI JYIP W WYPTLYV
GSRXIRX QYWX GSQTP] [MXL EPP ZEPMH VIUYMVIQIRXW
(MIWIP JYIPW WTIGMJMIH XS )2  SV %781 (rE [MXLMR XLI STIVEXMSREP VERKI SJ XLI HMIWIP IRKMRI
( ERH ( EVI VIGSQQIRHIH r % WYPTLYV GSRXIRX SJ FIPS[   TTQ MW
VIGSQQIRHIH
%PP SXLIV JYIP WTIGMJMGEXMSRW ERH FMSHMIWIP JYIP JSPPS[MRK r -J XLI WYPTLYV GSRXIRX SJ XLI HMIWIP JYIP FIMRK YWIH
GSRWYPXEXMSR [MXL HMIWIP IRKMRI HIZIPSTQIRX I\GIIHW   TTQ  XLI QEMRXIRERGI
HITEVXQIRX 0-)&,)66 1EGLMRIW &YPPI 7% SRP] MRXIVZEPW JSV XLI IRKMRI SMP QE] LEZI XS FI
VIGSRWMHIVIH 7II VIGSQQIRHEXMSRW JSV HMIWIP
-R EPP GEWIW XLI JYIP WLEPP QIIX XLI JSPPS[MRK IRKMRI SMP
TVSTIVXMIW r (MIWIP JYIP JIEXYVMRK E WYPTLYV GSRXIRX SZIV 
1%= 238 FI YWIH
› 'IXERI 2YQFIV SJ  QMRMQYQ 'IXERI RYQFIV -14368%28 2):)6 QM\ YWIH IRKMRI SMP SV
KVIEXIV XLER  MW TVIJIVVIH IWTIGMEPP] JSV ERSXLIV PYFVMGERX [MXL HMIWIP JYIP
XIQTIVEXYVIW FIPS[ Œ”' Œ”* SV IPIZEXMSRW
EFSZI  Q  JX 
› 'SPH *MPXIV 4PYKKMRK 4SMRX '*44 FIPS[ XLI
I\TIGXIH PS[ XIQTIVEXYVI 36 'PSYH 4SMRX EX PIEWX
”' ”* FIPS[ XLI I\TIGXIH PS[ XIQTIVEXYVI

01&6+(8 rr3'8r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
0YFVMGMX] SJ (MIWIP *YIP

&] PS[IVMRK XLI WYPTLYV GSRXIRX TVSFPIQW LEZI *YIP JIEXYVMRK WTIGMJMGEXMSRW MR EGGSVHERGI [MXL %781
SGGYVVIH VIKEVHMRK PYFVMGMX] SJ XLI HMIWIP JYIPW -X LEW MX MW EFWSPYXIP] MQTIVEXMZI XLEX XLI JYIP PYFVMGMX]
FIIR TVSZIR XLEX HMIWIP JYIPW [LMGL GSQTP] [MXL XLI GSQTPMIW [MXL ,*66 ” 8IWX  ?QKV AQ
WYPTLYV PMQMXW ZEPMH JSV )YVSTI YT XS E QE\ 
[IMKLX GER GEYWI [IEV MR XLI MRNIGXMSR W]WXIQW -RXVSHYGXMSR SJ XLI EHHMXMZIW WLSYPH FI GEVVMIH SYX F]
IWTIGMEPP] [MXL HMWXVMFYXSV MRNIGXMSR TYQTW  WYTTPMIVW [LMGL FIEV XLI VIWTSRWMFMPMX] SJ XLI UYEPMX]
%HQM\XYVI SJ WIGSRHEV] PYFVMGMX] EHHMXMZIW F] XLI
l&VERHREQI JYIPWz MR +IVQER] (-2 )2  MRGPYHI GYWXSQIV MW RSX EHZMWIH
XLIWI PYFVMGERX EHHMXMZIW MR XLIMV EHHMXMZI TEGOEKI 8LI
JYIP PYFVMGMX] QYWX GSQTP] [MXL ,*66 ” 8IWX 
?QKV AQ

01&(<*9)0 rr*)&r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
7IGXMSR 
6ITEMV ERH %HNYWXQIRXW
'SRXIRXW

4EKI 4EKI

+VSYT Œ1IGLERMGEP *YIP 7]WXIQ 6ITEMV ERH %WWIQFPI *YIP -RNIGXMSR 2S^^PIW          
%HNYWXQIRXW %HNYWX *YIP -RNIGXMSR 2S^^PIW            
*YIP 7]WXIQŒ+IRIVEP -RJSVQEXMSR          -RWXEPP 7IEPW SR *YIP -RNIGXMSR 2S^^PI      
6IPMIZI *YIP 7]WXIQ 4VIWWYVI             -RWXEPP *YIP -RNIGXMSR 2S^^PIW             
6IQSZI ERH -RWXEPP *MREP *YIP *MPXIV ERHSV &PIIH XLI *YIP 7]WXIQ                 
4VMQEV] *YIP *MPXIV;EXIV 7ITEVEXSV
&EWI                              
4VMQEV] *YIP *MPXIV;EXIV 7ITEVEXSV
%WWIQFP] 3TXMSREP                   
*MREP *YIP *MPXIV %WWIQFP]                
6ITPEGI *MREP *YIP *MPXIV ERH 4VMQEV] *YIP
*MPXIV;EXIV 7ITEVEXSV                 
6IQSZI 0YGEW ERH 7XEREH]RI *YIP
7YTTP] 4YQT                       
&IRGL 8IWX 0YGEW ERH 7XEREH]RI *YIP
7YTTP] 4YQT                       
-RWXEPP 0YGEW ERH 7XEREH]RI *YIP 7YTTP]
4YQT                            
6IQSZI ERH -RWXEPP 7XEREH]RI 'SPH 7XEVX
%HZERGI 7SPIRSMH ERH :EPZI           
0YGEW ERH 7XEREH]RI 6SXEV] *YIP -RNIGXMSR
4YQT 8MQMRK                       
6IQSZI 7XEREH]RI 1SHIP (& ERH (&
-RNIGXMSR 4YQT                     
-RWTIGX 7XEREH]RI -RNIGXMSR 4YQT (VMZI
+IEV -( ERH 7LEJX 3(                
6ITEMV 7XEREH]RI *YIP -RNIGXMSR 4YQT     
-RWXEPP 7XEREH]RI 1SHIP (& ERH (&
-RNIGXMSR 4YQT                     
6IQSZI 0YGEW *YIP -RNIGXMSR 4YQT       
6ITEMV 0YGEW *YIP -RNIGXMSR 4YQT        
-RWXEPP 0YGEW *YIP -RNIGXMSR 4YQT         
6ITEMV %RIVSMH                       
8VERWJIV *YIP -RNIGXMSR 4YQT 8MQMRK 1EVO
SRXS 6ITPEGIQIRX *VSRX 4PEXI          
6IQSZI *YIP -RNIGXMSR 2S^^PIW           
'PIER *YIP -RNIGXMSR 2S^^PI &SVI         
'PIER *YIP -RNIGXMSR 2S^^PIW             
(MEKRSWI *YIP -RNIGXMSR 2S^^PI
1EPJYRGXMSRW                       
8IWX *YIP -RNIGXMSR 2S^^PIW              
(MWEWWIQFPI *YIP -RNIGXMSR 2S^^PIW       
-RWTIGX ERH 'PIER *YIP -RNIGXMSR 2S^^PI
&SH]                             
-RWTIGX ERH 'PIER :EPZI ERH :EPZI 7IEX   
-RWTIGX :EPZI %HNYWXMRK 1IGLERMWQ       

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
+VSYT 
1IGLERMGEP *YIP 7]WXIQ 6ITEMV ERH %HNYWXQIRXW
*YIP 7]WXIQŒ+IRIVEP -RJSVQEXMSR

)RKMRIW QE] FI IUYMTTIH [MXL E 7XEREH]RI SV 0YGEW GSRRIGXIH XS E [MVMRK LEVRIWW JVSQ XLI TYQT 8LMW
VSXEV]X]TI MRNIGXMSR TYQT )RKMRIW [MXL VSXEV] TYQTW W[MXGL LIPTW HYVMRK GSPH WXEVXYT STIVEXMSR
EVI H]REQMGEPP] XMQIH EX XLI JEGXSV] 7II ',)'/ %2(
%(.978 638%6= -2.)'8-32 4914 (=2%1-' )RKMRIW QE] FI IUYMTTIH [MXL E TVMQEV] JYIP
8-1-2+ MR 7IGXMSR  +VSYT  JMPXIV[EXIV WITEVEXSV

7SQI MRNIGXMSR TYQTW EVI IUYMTTIH [MXL ER ERIVSMH %PP IRKMRIW EVI IUYMTTIH [MXL E VSYRH JMREP JYIP JMPXIV
,ERH TVMQIV SR XST SJ JMPXIV IPIQIRX MW STXMSREP
3R 7XEREH]RI ERH 0YGEW VSXEV] TYQTW XLI JYIP
WYTTP] TYQT MW E WITEVEXI GSQTSRIRX QSYRXIH SR %PP IRKMRIW YWI  QQ TIRGMPX]TI RS^^PIW
YTTIV VMKLXLERH WMHI SJ IRKMRI FPSGO ERH MW EGXYEXIH
F] E TMR MR FPSGO XLEX VMHIW SR IRKMRI GEQWLEJX PSFI *MIPHMRWXEPPIH STXMSRW MRGPYHI JYIP LIEXIV [EXIV
WITEVEXSV FS[P ERH LERH JYIP TVMQIV
3R VSXEV] TYQTW E GSPH WXEVX W[MXGL QE] FI MRWXEPPIH
MR XLI XLIVQSWXEX LSYWMRK[EXIV QERMJSPH ERH MW

01&(47+393 rr%46r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
6IPMIZI *YIP 7]WXIQ 4VIWWYVI

'%98-32 )WGETMRK HMIWIP JYIP YRHIV TVIWWYVI


GER LEZI WYJJMGMIRX JSVGI XS TIRIXVEXI XLI WOMR
GEYWMRK WIVMSYW MRNYV] &IJSVI HMWGSRRIGXMRK
PMRIW FI WYVI XS VIPMIZI TVIWWYVI &IJSVI
ETTP]MRK TVIWWYVI XS XLI W]WXIQ FI WYVI %00
GSRRIGXMSRW EVI XMKLX ERH PMRIW TMTIW ERH
LSWIW EVI RSX HEQEKIH /IIT LERHW ERH FSH]
E[E] JVSQ TMRLSPIW ERH RS^^PIW [LMGL INIGX
JPYMH YRHIV TVIWWYVI 9WI E TMIGI SJ GEVHFSEVH
SV [SSH VEXLIV XLER LERHW XS WIEVGL JSV
WYWTIGXIH PIEOW

-J %2= JPYMH MW MRNIGXIH MRXS XLI WOMR MX QYWX FI


WYVKMGEPP] VIQSZIH [MXLMR E JI[ LSYVW F] E
HSGXSV JEQMPMEV [MXL XLMW X]TI MRNYV] SV KERKVIRI
QE] VIWYPX (SGXSVW YRJEQMPMEV [MXL XLMW X]TI SJ
MRNYV] WLSYPH VIJIVIRGI E ORS[PIHKIEFPI
QIHMGEP WSYVGI

%R] XMQI XLI JYIP W]WXIQ LEW FIIR STIRIH YT JSV WIVZMGI
PMRIW HMWGSRRIGXIH SV JMPXIVW VIQSZIH  MX [MPP FI RIGIWWEV]
XS FPIIH EMV JVSQ XLI W]WXIQ 7II &0))( 8,) *9)0
7=78)1 MR XLMW KVSYT

01&6+.; rr23:r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
6IQSZI ERH -RWXEPP *MREP *YIP *MPXIV ERHSV
4VMQEV] *YIP *MPXIV;EXIV 7ITEVEXSV &EWI

6IJIV XS STIVEXSV W QERYEP JSV TVSTIV WIVZMGMRK ERH


LSYVP] VITPEGIQIRX MRXIVZEPW

7SQI IRKMRIW QE] FI IUYMTTIH [MXL E JMREP JYIP JMPXIV %


ERH ER STXMSREP TVMQEV] JYIP JMPXIV[EXIV WITEVEXSV & 

*MREP JYIP JMPXIVW GER FI IUYMTTIH [MXL E [EXIV WITEVEXSV


FS[P ERHSV LERH TVMQIV SR QEGLMRIW IUYMTTIH [MXL SRP]
SRI JMPXIV

%Œ*MREP *YIP *MPXIV


&Œ4VMQEV] *YIP *MPXIV;EXIV 7ITEVEXSV 3TXMSREP

'SRXMRYIH SR RI\X TEKI 01&6+.; rr()'r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
 8LSVSYKLP] GPIER JYIP JMPXIV[EXIV WITEVEXSV EWWIQFP]
ERH WYVVSYRHMRK EVIE XS OIIT JVSQ KIXXMRK HMVX ERH
HIFVMW MRXS JYIP W]WXIQ

 'SRRIGX E HVEMR PMRI XS JMPXIV HVEMR EHETXIVW ERH HVEMR


EPP JYIP JVSQ W]WXIQ

 6IQSZI JMREP JYIP JMPXIV IPIQIRX ERH TVMQEV] VSYRH


JYIP JMPXIV[EXIV WITEVEXSV MJ HIWMVIH 7II 6)40%')
%Œ*MREP *YIP *MPXIV &EWI
*-2%0 *9)0 *-08)6 %2( 46-1%6= *9)0
&Œ4VMQEV] *YIP *MPXIV &EWI
*-08)6;%8)6 7)4%6%836 EW HIWGVMFIH PEXIV MR 'Œ4VMQEV] *MPXIV 3YXPIX 4SVX W XS 7YTTP] 4YQT
XLMW KVSYT (Œ*MREP *MPXIV 3YXPIX 4SVX W XS -RNIGXMSR 4YQT
)Œ*MREP *MPXIV -RPIX 4SVX W JVSQ 7YTTP] 4YQT
*Œ4VMQEV] *MPXIV -RPIX 4SVX W JVSQ *YIP 8ERO

 (MWGSRRIGX JYIP PMRIW JVSQ EPP TSVXW

 6IQSZI JMREP JYIP JMPXIV FEWI % 

 -J IUYMTTIH VIQSZI TVMQEV] JYIP JMPXIV FEWI & 

 6ITPEGI TEVXW EW RIGIWWEV]

 -RWXEPP QSYRXMRK FVEGOIXW ERH XMKLXIR XS XSVUYI


WTIGMJMGEXMSRW TVSZMHIH FIPS[

7TIGMJMGEXMSR
*YIP *MPXIV &EWI 1SYRXMRK
&VEGOIXXS']PMRHIV ,IEHŒ
8SVUYI   2wQ  PFJX
4VMQEV] *YIP *MPXIV;EXIV
7ITEVEXSV 1SYRXMRK
&EWIXS&VEGOIXŒ8SVUYI   2wQ  PFJX
*MREP *YIP *MPXIV 1SYRXMRK
&EWIXS&VEGOIXŒ8SVUYI   2wQ  PFJX

 -RWXEPP [EXIV WITEVEXSV ERH JYIP JMPXIV IPIQIRXW 7II


6)40%') *-2%0 *9)0 *-08)6 %2( 46-1%6= *9)0
*-08)6;%8)6 7)4%6%836 EW HIWGVMFIH PEXIV MR
XLMW KVSYT

 'SRRIGX JYIP PMRIW XS EPP TSVXW

'SRXMRYIH SR RI\X TEKI 01&6+.; rr()'r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
4VMQEV] *YIP *MPXIV;EXIV 7ITEVEXSV
%WWIQFP] 3TXMSREP
%Œ(VEMR %HETXIV
&Œ4EGOMRK
'Œ'ET 7GVI[
(Œ;EXIV 7ITEVEXSV &S[P
)Œ6IXEMRMRK 6MRK
*Œ*MPXIV )PIQIRX
+Œ*MPXIV &EWI [MXL 7IEP 6MRK
,Œ:IRX 4PYK
-Œ4EGOMRK
.Œ4PYK  YWIH
/Œ(METLVEKQ
0Œ7TVMRK 7IEX
1Œ7TVMRK
2Œ7TVMRK 'SZIV
3Œ4YQT /RSF
4Œ6IXEMRMRK 6MRK

6+.; rr23:r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
*MREP *YIP *MPXIV %WWIQFP]
Œ6IXEMRMRK 6MRK
Œ*YIP ,IEXIV 3TXMSREP
Œ*MXXMRK
Œ36MRK
Œ36MRK
Œ&PIIH 7GVI[
Œ36MRK
Œ6IXEMRMRK 6MRK
Œ*MPXIV
Œ36MRK
Œ36MRK
Œ(VEMR %HETXIV
Œ7GVI[
Œ36MRK
Œ;EXIV 7ITEVEXSV &S[P
Œ%HETXIV
Œ36MRK
Œ36MRK
Œ*MXXMRK
Œ4PYK
Œ36MRK
Œ*MPXIV &EWI
Œ4VMQIV %WWIQFP] 3TXMSREP
Œ36MRK
Œ7XIQ
Œ'ET

6+.; rr23:r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
6ITPEGI *MREP *YIP *MPXIV ERH 4VMQEV] *YIP
*MPXIV;EXIV 7ITEVEXSV

 8LSVSYKLP] GPIER JYIP JMPXIV[EXIV WITEVEXSV EWWIQFP]


ERH WYVVSYRHMRK EVIE MJ RSX TVIZMSYWP] HSRI
%Œ6IXEMRMRK 6MRK
&Œ*MPXIV )PIQIRX
 'SRRIGX E HVEMR PMRI XS JMPXIV HVEMR EHETXIVW ERH HVEMR
EPP JYIP JVSQ JMPXIVW

 *MVQP] KVEWT XLI VIXEMRMRK VMRK ERH VSXEXI MX


GSYRXIVGPSGO[MWI  XYVR 6IQSZI VMRK [MXL JMPXIV
IPIQIRX & 

 -RWTIGX JMPXIV QSYRXMRK FEWI JSV GPIERPMRIWW 'PIER EW


VIUYMVIH

 6IQSZI [EXIV WITEVEXSV FS[P MJ IUYMTTIH (VEMR ERH


GPIER WITEVEXSV FS[P (V] [MXL GSQTVIWWIH EMV

 -RWXEPP [EXIV WITEVEXSV FS[P MJ IUYMTTIH SRXS RI[ JMPXIV


IPIQIRX 8MKLXIR WIGYVIP]

 8LSVSYKLP] MRWTIGX JMPXIV FEWI WIEP VMRK 6ITPEGI EW


RIIHIH

 -RWXEPP RI[ JMPXIV IPIQIRX SRXS QSYRXMRK FEWI ERH


TSWMXMSR IPIQIRX YWMRK E WPMKLX VSGOMRK QSXMSR &I WYVI
IPIQIRX MW TVSTIVP] MRHI\IH SR QSYRXMRK FEWI

'SRXMRYIH SR RI\X TEKI 01&6+.; rr23:r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
 -RWXEPP VIXEMRMRK VMRK SRXS QSYRXMRK FEWI ERH XMKLXIR
EFSYX  XYVR YRXMP VMRK lWRETWz MRXS XLI HIXIRX (3
238 SZIVXMKLXIR XLI VIXEMRMRK VMRK

 &PIIH JYIP W]WXIQ 7II &0))( 8,) *9)0 7=78)1


MR XLMW KVSYT

01&6+.; rr23:r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
6IQSZI 0YGEW ERH 7XEREH]RI *YIP 7YTTP]
4YQT

-14368%28 % FEGOYT [VIRGL QYWX EP[E]W FI YWIH


[LIR HMWGSRRIGXMRK JMXXMRKW SV JYIP PMRIW
JVSQ WYTTP] TYQT XS EZSMH HEQEKI XS
JMXXMRKW

 (MWGSRRIGX JYIP MRPIX PMRI ' ERH SYXPIX PMRI ( ERH


GET GSRRIGXMSRW SR JYIP WYTTP] TYQT ERH JYIP PMRIW XS
OIIT HIFVMW SYX SJ JYIP W]WXIQ

 6IQSZI GET WGVI[W % ERH VIQSZI JYIP WYTTP] TYQT


EWWIQFP] JVSQ G]PMRHIV FPSGO

 'SZIV STIRMRK SR G]PMRHIV FPSGO XS TVIZIRX HMVX JVSQ


IRXIVMRK XLI IRKMRI

 -RWTIGX JEGI SJ TYQT PIZIV JSV [IEV -J PIZIV JEGI MW


[SVR JPEX SV GSRGEZI VITPEGI TYQT
%Œ'ET 7GVI[W
&Œ4YWL 6SH
'Œ7YTTP] 4YQT -RPIX JVSQ *YIP 8ERO
(Œ7YTTP] 4YQT 3YXPIX XS *MREP *YIP *MPXIV

01&6+.; rr3'8r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
&IRGL 8IWX 0YGEW ERH 7XEREH]RI *YIP
7YTTP] 4YQT

8LI JSPPS[MRK FIRGL XIWXW GER FI TIVJSVQIH SR E WYTTP]


TYQT MRWXEPPIH SR XLI IRKMRI [LIR XLI TYQT MW WYWTIGXIH
XS FI HIJIGXMZI 7II 1)%796) *9)0 79440= 4914
46)7796) SV MR 7IGXMSR  +VSYT 

4IVJSVQ XLI :EGYYQ4VIWWYVI 8IWX ERH 0IEOEKI 8IWX


PMWXIH FIPS[ 6ITPEGI XLI WYTTP] TYQT MJ IMXLIV XIWX WLS[W
XLI TYQT XS FI HIJIGXMZI 8LIVI MW RS VITEMV TVSGIHYVI

:EGYYQ4VIWWYVI 8IWX

 6IQSZI MRPIX ERH SYXPIX JMXXMRKW

 -RWXEPP ZEGYYQTVIWWYVI KEYKI XS MRPIX WMHI SJ TYQT


'

 1SZI TVMQIV PIZIV ( EPP XLI [E] HS[R[EVH 6IPIEWI %Œ0IZIV


&Œ3YXPIX 7MHI SJ 4YQT
PIZIV ERH EX XLI WEQI XMQI SFWIVZI KEYKI
'Œ-RPIX 7MHI SJ 4YQT
(Œ4VMQIV 0IZIV
› 8LI KEYKI RIIHPI WLSYPH VIEH XLI WEQI ZEPYI IEGL
XMQI ERH XLIR ZIV] WPS[P] VIXYVR XS lz 8LMW
MRHMGEXIW XLEX XLI MRPIX ZEPZI ERH HMETLVEKQ EVI MR
KSSH GSRHMXMSR 4VSGIIH XS RI\X WXIT
› -J XLI KEYKI RIIHPI HSIW RSX QSZI EX EPP SV XLI
RIIHPI VETMHP] VIXYVRW XS lz XLI TYQT MW HIJIGXMZI
ERH QYWX FI VITPEGIH

 6IQSZI ZEGYYQTVIWWYVI KEYKI ERH MRWXEPP SRXS SYXPIX


WMHI SJ TYQT & 

 1SZI TVMQMRK PIZIV EPP XLI [E] XS YT[EVH TSWMXMSR


6IPIEWI PIZIV ERH EX WEQI XMQI SFWIVZI KEYKI
VIEHMRK

'SRXMRYIH SR RI\X TEKI 6+.; rr3'8r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
› 8LI KEYKI RIIHPI WLSYPH MRMXMEPP] VIEH Œ O4E
ΠFEV ΠTWM  XLIR VIXYVR XS lz ZIV]
WPS[P] 8LMW MRHMGEXIW XLEX XLI SYXPIX ZEPZI ERH
HMETLVEKQ EVI MR KSSH GSRHMXMSR 7YTTP] TYQT MW
STIVEXMRK TVSTIVP] ERH WLSYPH FI VIMRWXEPPIH SR
IRKMRI

7TIGMJMGEXMSR
6SXEV] *YIP 7YTTP] 4YQT 0YGEW
ERH 7XEREH]RI Œ4VIWWYVI  Œ O4E Œ FEV
ΠTWM

› -J XLI KEYKI RIIHPI MRMXMEPP] VIEHW WEQI ZEPYI EW


EFSZI ERH XLIR VIXYVRW MQQIHMEXIP] FEGO XS lz XLI
TYQT MW HIJIGXMZI ERH QYWX FI VITPEGIH

6+.; rr3'8r

0IEOEKI 8IWX

8LI PIEOEKI XIWX WLSYPH FI TIVJSVQIH MJ E WYTTP] TYQT MW


WYWTIGXIH SJ PIEOMRK JYIP I\XIVREPP] SV MRXIVREPP] MRXS XLI
IRKMRI GVEROGEWI

 -RWXEPP ER EMV PMRI SR MRPIX WMHI SJ TYQT ' ERH ETTP]


 O4E  FEV  TWM TVIWWYVI

 ,SPH JMRKIV SZIV SYXPIX WMHI SJ TYQT & SV MRWXEPP E


TPYK 7YFQIVKI TYQT MRXS E GSRXEMRIV SJ GPIER HMIWIP
JYIP

› -J EMV FYFFPIW SGGYV EVSYRH FERHIH GSRRIGXMSR


LSPHMRK XLI X[S LEPZIW SJ TYQT XSKIXLIV MRHMGEXMRK
PIEOEKI  VITPEGI TYQT
› -J XLI HMETLVEKQ MW FEH XLIVI [MPP FI PIEOEKI
XLVSYKL ZIRX LSPIW MJ IUYMTTIH ERH EVSYRH XLI
VSGOIV EVQ 6ITPEGI TYQT EW RIGIWWEV]

%Œ0IZIV
&Œ3YXPIX 7MHI SJ 4YQT
'Œ-RPIX 7MHI SJ 4YQT
(Œ4VMQIV 0IZIV

6+.; rr3'8r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
-RWXEPP 0YGEW ERH 7XEREH]RI *YIP 7YTTP]
4YQT

-14368%28 %TTP] 03'8-8)  XS XLVIEHW SJ


WYTTP] TYQT QSYRXMRK WGVI[W % ERH
JYIP PMRI JMXXMRKW [LIR VIMRWXEPPMRK
WYTTP] TYQT (3 238 EPPS[ WIEPERX XS
KIX MRXS JYIP W]WXIQ

 -RWXEPP XLI JYIP WYTTP] TYQT XS G]PMRHIV FPSGO [MXL


TYQTMRK PIZIV VIWXMRK SR XST SJ TYWL VSH YWMRK E RI[
3VMRK 8MKLXIR GET WGVI[W XS WTIGMJMGEXMSRW

7TIGMJMGEXMSR
*YIP 7YTTP] 4YQT 'ET 7GVI[W
6SXEV] Œ8SVUYI   2wQ  PFJX

-14368%28 %0;%=7 YWI E FEGOYT [VIRGL [LIR


MRWXEPPMRK JMXXMRKW ERHSV JYIP PMRIW SRXS
WYTTP] TYQT XS EZSMH HEQEKI XS
JMXXMRKW

 'SRRIGX WYTTP] TYQT MRPIX PMRI ' ERH SYXPIX PMRI (


ERH XMKLXIR WIGYVIP]

 &PIIH JYIP W]WXIQ 7II &0))( 8,) *9)0 7=78)1


MR XLMW KVSYT
%Œ'ET 7GVI[W
'Œ7YTTP] 4YQT -RPIX JVSQ *YIP 8ERO
(Œ7YTTP] 4YQT 3YXPIX XS *MREP *YIP *MPXIV

01&6+.; rr3'8r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
6IQSZI ERH -RWXEPP 7XEREH]RI 'SPH 7XEVX
%HZERGI 7SPIRSMH ERH :EPZI

 'PIER SYXWMHI SJ MRNIGXMSR TYQT ERH HV] [MXL


GSQTVIWWIH EMV

 (MWGSRRIGX GSPH WXEVX EHZERGI [MVMRK GSRRIGXSV WLS[R


HMWGSRRIGXIH 

 6IQSZI RYX % ERH WSPIRSMH & 

 6IQSZI GSPH WXEVX EHZERGI ZEPZI ' 

%Œ2YX
&Œ7SPIRSMH
'Œ'SPH 7XEVX %HZERGI :EPZI

(47+393 rr7)4r

 -RWTIGX EPP TEVXW ERH VITPEGI EW RIGIWWEV]

%Œ36MRK
&Œ36MRK
'Œ:EPZI
(Œ7SPIRSMH
)Œ2YX

'SRXMRYIH SR RI\X TEKI (47+393 rr7)4r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
-14368%28 -RWXEPP 3VMRK % GEVIJYPP] SZIV XLVIEHW
SJ ZEPZI FSH] XS TVIZIRX HEQEKI XS -(
SJ WIEP

 0YFVMGEXI 3VMRKW % ERH & [MXL GPIER HMIWIP JYIP ERH


MRWXEPP SR ZEPZI -RWXEPP ZEPZI MRXS JYIP TYQT FSH] ERH
XMKLXIR XS WTIGMJMGEXMSRW

7TIGMJMGEXMSR
'SPH 7XEVX %HZERGI :EPZIŒ
8SVUYI   2wQ  PFJX

 -RWXEPP WSPIRSMH ( ERH RYX '  8MKLXIR RYX XS


WTIGMJMGEXMSRW

7TIGMJMGEXMSR
'SPH 7XEVX %HZERGI
7SPIRSMHXS:EPZIŒ8SVUYI   2wQ  PFMR

%Œ36MRK
&Œ36MRK
'Œ2YX
(Œ7SPIRSMH

(47+393 rr7)4r

 'SRRIGX LEVRIWW GSRRIGXSV %  -J HMWGSRRIGXIH


GSRRIGX XIVQMREP IRHW SJ GSPH WXEVX [MVMRK LEVRIWW XS
JYIP WLYXSJJ WSPIRSMH XIVQMREPW 6IH PIEH WLSYPH FI
GSRRIGXIH XS YRKVSYRHIH XIVQMREP ' 

%Œ'SRRIGXSV
&Œ+VSYRHIH 8IVQMREP
'Œ9RKVSYRHIH 8IVQMREP

(47+393 rr7)4r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
0YGEW ERH 7XEREH]RI 6SXEV] *YIP -RNIGXMSR
4YQT 8MQMRK

7XEXMG 8MQMRK ;MXL )\XIVREP 1EVOW

 0SSWIR EXXEGLMRK LI\ RYXW SJ JYIP MRNIGXMSR TYQT ERH


TMZSX TYQT LSYWMRK E[E] JVSQ G]PMRHIV FPSGO EW JEV EW
WPSXW [MPP EPPS[ 8LIR TMZSX MX FEGO EKEMR FYX SRP] JEV
IRSYKL XS EPMKR XMQMRK QEVO SR TYQT JPERKI &
I\EGXP] [MXL XMQMRK QEVO SR G]PMRHIV FPSGO JVSRX TPEXI
%

 8MKLXIR XLI XLVII LI\ RYXW WIGYVMRK TYQT XS JVSRX TPEXI


XS WTIGMJMGEXMSRW %Œ1EVO SR *VSRX 4PEXI
&Œ1EVO SR 4YQT *PERKI
7TIGMJMGEXMSR
0YGEW ERH 7XEREH]RI 6SXEV]
-RNIGXMSR 4YQT 1SYRXMRK 2YXWŒ
8SVUYI   2wQ  PFJX

%PWS WII ',)'/ %2( %(.978 638%6= -2.)'8-32


4914 (=2%1-' 8-1-2+ MR 7IGXMSR  +VSYT 

6+.; rr()'r

7XEXMG 8MQMRK ;MXLSYX 8MQMRK 1EVOW 7XEREH]RI


4YQTW

 1EOI WYVI TMWXSR 2S  MW EX 8(' GSQTVIWWMSR WXVSOI


ERH VIQSZI XMQMRK LSPI GSZIV JVSQ MRNIGXMSR TYQT

 ;MXL EXXEGLMRK LI\ RYXW JMRKIV XMKLX TMZSX XLI TYQT


LSYWMRK E[E] JVSQ XLI FPSGO EW JEV EW WPSXW [MPP EPPS[
8LIR TMZSX MX FEGO YRXMP XLI XMQMRK QEVOW ' SR GEQ
VMRK ERH KSZIVRSV [IMKLX VIXEMRIV EVI EPMKRIH 8MKLXIR
TYQT EXXEGLMRK RYXW XS WTIGMJMGEXMSRW

7TIGMJMGEXMSR
0YGEW ERH 7XEREH]RI 6SXEV]
-RNIGXMSR 4YQT 1SYRXMRK 2YXWŒ 'Œ8MQMRK 1EVOW
8SVUYI   2wQ  PFJX

6+.; rr()'r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
6IQSZI 7XEREH]RI 1SHIP (& ERH (&
-RNIGXMSR 4YQT

%PP 7XEREH]RI (& ERH (& MRNIGXMSR TYQTW [MPP LEZI E


VIXEMRIH HVMZI WLEJX WLEJX WXE]W MR XLI TYQT [LIR TYQT
MW VIQSZIH JVSQ IRKMRI 

-14368%28 2IZIV WXIEQ GPIER SV TSYV GSPH [EXIV


SR E JYIP MRNIGXMSR TYQT [LMPI XLI TYQT
MW VYRRMRK SV [LMPI MX MW [EVQ (SMRK WS
QE] GEYWI WIM^YVI SJ MRXIVREP VSXEXMRK
TYQT TEVXW

 'PIER XLI JYIP MRNIGXMSR TYQT PMRIW ERH EVIE EVSYRH


XLI TYQT [MXL GPIERMRK WSPZIRX SV E WXIEQ GPIERIV
%Œ*YIP 6IXYVR 0MRI
&Œ*YIP (IPMZIV] 4VIWWYVI 0MRIW
 (MWGSRRIGX WLYXSJJ GEFPI ERH WTIIH GSRXVSP PMROEKI MJ 'Œ*YIP 7YTTP] 0MRI
IUYMTTIH (MWGSRRIGX IPIGXVMGEP GSRRIGXMSR XS WLYXSJJ (Œ1SYRXMRK 7XYH 2YXW
WSPIRSMH SV XLVSXXPI TSWMXMSRMRK WSPIRSMH MJ IUYMTTIH
(MWGSRRIGX GSPH WXEVX W[MXGL MJ IUYMTTIH 8EK IPIGXVMGEP
[MVIW JSV GSVVIGX VIEWWIQFP]

-14368%28 %0;%=7 YWI E FEGOYT [VIRGL [LIR


PSSWIRMRK SV XMKLXIRMRK JYIP PMRIW EX
MRNIGXMSR TYQT WS XLEX HMWGLEVKI
JMXXMRKW EVI RSX EPXIVIH XS TVIZIRX
TSWWMFPI MRXIVREP TYQT HEQEKI

 (MWGSRRIGX JYIP VIXYVR PMRI % ERH JYIP WYTTP] PMRI ' 

 (MWGSRRIGX EPP JYIP HIPMZIV] TVIWWYVI PMRIW & JVSQ


MRNIGXMSR TYQT YWMRK E WYMXEFPI  QQ HIIT[IPP
GVS[WJSSX WSGOIX

'SRXMRYIH SR RI\X TEKI 01&6+.; rr23:r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
 6IQSZI MRNIGXMSR TYQT HVMZI KIEV GSZIV WLS[R
VIQSZIH  6IQSZI HVMZI KIEV VIXEMRMRK RYX ERH [EWLIV
JVSQ IRH SJ TYQT WLEJX &I GEVIJYP RSX XS PIX [EWLIV
JEPP MRWMHI XMQMRK KIEV GSZIV

 %XXEGL -(2S  (VMZI +IEV 4YPPIV % XS


MRNIGXMSR TYQT HVMZI KIEV EW WLS[R

 )ZIRP] XMKLXIR XLI X[S  QQ +VEHI  WGVI[W


XLVIEHIH MR HVMZI KIEV ERH WRYKP] XMKLXIR GIRXIV
JSVGMRK WGVI[ & EKEMRWX IRH SJ TYQT WLEJX

 8MKLXIR GIRXIV JSVGMRK WGVI[ YRXMP TYQT HVMZI KIEV MW


JVII JVSQ XETIVIH WLEJX 6IQSZI -(2S 
4YPPIV JVSQ HVMZI KIEV

%Œ(VMZI +IEV 4YPPIV


&Œ*SVGMRK 7GVI[
'Œ'ET 7GVI[W

01&6+.; rr23:r

 'LIGO XS QEOI WYVI XLEX XMQMRK QEVOW SR FEGO WMHI SJ


JVSRX TPEXI % ERH MRNIGXMSR TYQT JPERKI & EVI
TVIWIRX ERH TVSTIVP] EPMKRIH 8LMW IRWYVIW XLEX
VITEMVIH SV VITPEGIQIRX TYQT GER FI TVSTIVP] XMQIH XS
IRKMRI [LIR MRWXEPPIH

-J XMQMRK QEVO MW RSX GPIEVP] ZMWMFPI SR JVSRX TPEXI WGVMFI


E ZMWMFPI VIJIVIRGI QEVO EW EGGYVEXIP] EW TSWWMFPI
MRPMRI [MXL QEVO SR TYQT JPERKI

 6IQSZI XLVII MRNIGXMSR TYQT QSYRXMRK WXYH RYXW


6IQSZI MRNIGXMSR TYQT JVSQ QSYRXMRK WXYHW 4PEGI
TYQT SR E GPIER JPEX WYVJEGI ERH MRWTIGX WLEJX 3(
ERH HVMZI KIEV EW SYXPMRIH PEXIV MR XLMW KVSYT 7II
%Œ8MQMRK 1EVO SR *VSRX 4PEXI
-274)'8 78%2%(=2) -2.)'8-32 4914 (6-:) &Œ8MQMRK 1EVO SR 4YQT
+)%6 -( %2( 7,%*8 3( PEXIV MR XLMW KVSYT 

01&6+.; rr23:r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
-RWTIGX 7XEREH]RI -RNIGXMSR 4YQT (VMZI +IEV -( ERH 7LEJX 3(

-14368%28 9WI E KSSH PMKLX WSYVGI XS -14368%28 ;LIR VITPEGMRK MRNIGXMSR TYQT HVMZI
XLSVSYKLP] MRWTIGX KIEV -( ERH WLEJX KIEV SV MRWXEPPMRK E RI[ TYQT XLI
3( XETIVIH WYVJEGIW SJ XLI TYQT HVMZI
WLEJX 3( ERH HVMZI KIEV -( 1978 &)
 -RWTIGX MRNIGXMSR TYQT HVMZI KIEV -( JYPP ” JSV GPIERIH XS VIQSZI TVSXIGXMZI
QIXEP XVERWJIV EW E VIWYPX SJ WPMTTEKI SR WLEJX GSEXMRKW ERH SMP] VIWMHYI 9WI E
WYMXEFPI GPIERIV XLEX HSIW RSX PIEZI
 -RWTIGX MRNIGXMSR TYQT HVMZI WLEJX 3( JYPP ” JSV E VIWMHYI 1EXMRK WYVJEGIW 1978 &)
TVIWIRGI SJ QIXEP XVERWJIV JVSQ KIEV WPMTTEKI %PWS %77)1&0)( (6= ERH 09&6-'%287
GLIGO XS WII MJ MRHI\ TMR MR WLEJX MW RSX HEQEKIH 1978 238 &) 97)(
MRHMGEXMRK KIEV WPMTTEKI -J XLIVI MW GPIEV IZMHIRGI
SJ QIXEP XVERWJIV SR TYQT WLEJX 3( MR HVMZI KIEV
-( SV MJ MRHI\ TMR MR TYQT WLEJX MW HEQEKIH
MRNIGXMSR TYQT ERH HVMZI KIEV 1978 &) VITPEGIH

6+.; rr23:r

6ITEMV 7XEREH]RI *YIP -RNIGXMSR 4YQT

-14368%28 (S RSX HMWEWWIQFPI XLI JYIP MRNIGXMSR


TYQT JYVXLIV XLER RIGIWWEV] JSV
MRWXEPPMRK EZEMPEFPI VITEMV TEVXWŒRSX
IZIR JSV GPIERMRK

&I WYVI XLEX MRNIGXMSR TYQT WIVMEP


RYQFIV XEK % MW MR TPEGI ERH XLEX EPP
MHIRXMJMGEXMSR RYQFIVW EVI PIKMFPI WS
XLEX TYQT MW WIX XS XLI GSVVIGX
WTIGMJMGEXMSR JSV MXW MRXIRHIH
ETTPMGEXMSR
%Œ7IVMEP 2YQFIV 8EK
*SV MRNIGXMSR TYQT VITEMV ERH XIWXMRK LEZI ER EYXLSVM^IH
HMIWIP MRNIGXMSR VITEMV WXEXMSR TIVJSVQ XLI [SVO
9REYXLSVM^IH VITEMVW QEHI XS JYIP MRNIGXMSR TYQTW [MPP
ZSMH [EVVERX]

6+.; rr23:r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
-RWXEPP 7XEREH]RI 1SHIP (& ERH (& -RNIGXMSR 4YQT

%Œ*VSRX 4PEXI 8MQMRK 1EVO &Œ4YQT 8MQMRK 1EVO 'Œ4YQT (VMZI +IEV 6IXEMRMRK
2YX

-RNIGXMSR TYQT QSYRXMRK JPERKI XMQMRK QEVO & ERH 4YQT HVMZI WLEJX MRHI\ TMR QE] FI
JVSRX TPEXI XMQMRK QEVO % TVIWIRGI ERH EPMKRQIRX HEQEKIH MJ TMR MW RSX TVSTIVP]
1978 &) ZIVMJMIH FIJSVI VIQSZMRK TYQTW JVSQ EPMKRIH [MXL HVMZI KIEV OI] WPSX ERH
IRKMRI ;LIR TYQT MW VIMRWXEPPIH SR IRKMRI XMQI RYXW EVI XMKLXIRIH QSVI XLER XLVII
TYQT F] EPMKRMRK XLIWI X[S I\XIVREP QEVOW (3 238 XYVRW
VIJIVIRGI MRXIVREP XMQMRK QEVOW SR TYQT GEQ VMRK ERH
KSZIVRSV [IMKLX VIXEMRIV JSV EGGYVEXI TYQT XMQMRK  -RWXEPP XLVII JPEX [EWLIVW PSGO [EWLIVW ERH LI\
RYXW SRXS TYQT QSYRXMRK WXYHW 8MKLXIR RYXW XLVII
 0YFVMGEXI E RI[ WUYEVI WIEPMRK VMRK [MXL GPIER XYVRW SRP] WS XLEX TYQT [MPP RSX JEPP SJJ QSYRXMRK
IRKMRI SMP -RWXEPP VMRK MRXS KVSSZI SR JVSRX JEGI SJ WXYHW
TYQT QSYRXMRK JPERKI 7PMHI MRNIGXMSR TYQT SRXS
QSYRXMRK WXYHW [LMPI MRWIVXMRK TYQT WLEJX MRXS HVMZI
KIEV

-14368%28 7LEJX VSPP TMR QE] FI IEWMP] HEQEKIH


MJ MQTVSTIVP] EWWIQFPIH 4YQT HVMZI
KIEV WLSYPH RSX QSZI [LIR MRMXMEPP]  -RWXEPP TYQT QSYRXMRK JPERKI JPYWL XS IRKMRI JVSRX
MRWXEPPMRK TYQT MRHI\ TMR MRXS HVMZI TPEXI [MXL HVMZI KIEV LIPH JPYWL EKEMRWX JVSRX WMHI SJ
KIEV OI] WPSX IRKMRI JVSRX TPEXI

 'LIGO TYQT WLEJX ERH MRHI\ TMR JSV TVSTIV -14368%28 (3 238 YWI XMKLXIRMRK JSVGI SJ
EPMKRQIRX [MXL TYQT HVMZI KIEV OI] WPSX TYQT QSYRXMRK WXYH RYXW XS TYPP
TYQT WLEJX MRXS HVMZI KIEV -(
 -RWXEPP MRNIGXMSR TYQT TEVXMEPP] SRXS QSYRXMRK WXYHW
[MXLSYX IRKEKMRK TYQT TMPSX LYF MRXS IRKMRI JVSRX  ;MXL XLI TYQT WLEJX MRHI\ TMR TVSTIVP] IRKEKIH MR
TPEXI XLI HVMZI KIEV OI] WPSX JMRKIV XMKLXIR QSYRXMRK WXYH
RYXW
-14368%28 (3 238 XMKLXIR LI\ RYXW QSVI XLER
XLVII JYPP XYVRW SR QSYRXMRK WXYHW

'SRXMRYIH SR RI\X TEKI 01&6+.; rr()'r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
 4YWL TYQT HVMZI KIEV JMVQP] SRXS WLEJX XETIV -RWXEPP
[EWLIV ERH VIXEMRMRK RYX ' SRXS IRH SJ WLEJX
8MKLXIR VIXEMRMRK RYX XS XLI JSPPS[MRK XSVUYI
WTIGMJMGEXMSR

7TIGMJMGEXMSR
7XEREH]RI (& *YIP -RNIGXMSR
4YQT (VMZI +IEVXS7LEJX
6IXEMRMRK 2YXŒ8SVUYI   2wQ  PFJX
7XEREH]RI (& *YIP -RNIGXMSR
4YQT (VMZI +IEVXS7LEJX
6IXEMRMRK 2YXŒ8SVUYI   2wQ  PFJX

'SRXMRYIH SR RI\X TEKI 01&6+.; rr()'r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
-14368%28 (S 238 SZIVXMKLXIR GET WGVI[W SR
TYQT GSZIV TPEXI XS EZSMH HEQEKI XS
3VMRK

 -RWXEPP EGGIWW GSZIV TPEXI YWMRK E RI[ 3VMRK MJ


RIIHIH %TTP] 03'8-8)  XS GET WGVI[ XLVIEHW
ERH XMKLXIR XS WTIGMJMGEXMSRW

7TIGMJMGEXMSR
6SXEV] -RNIGXMSR 4YQT *VSRX
%GGIWW 4PEXI 'ET 7GVI[WŒ
8SVUYI   2wQ 0FJX  PFMR

 %PMKR XMQMRK QEVO SR TYQT JPERKI [MXL XMQMRK QEVO SR


JVSRX TPEXI

 8MKLXIR XLVII LI\ RYXW WIGYVMRK XLI TYQT XS XLI JVSRX
TPEXI XS WTIGMJMGEXMSRW

7TIGMJMGEXMSR
6SXEV] -RNIGXMSR 4YQT 1SYRXMRK
2YXWŒ8SVUYI   2wQ  PFJX

 'SRRIGX MRNIGXMSR TYQT TVIWWYVI PMRIW )  &IKMRRMRK


[MXL SYXPIX & ERH GSRXMRYMRK EVSYRH XLI TYQT LIEH
MR GSYRXIVGPSGO[MWI HMVIGXMSR EXXEGL PMRIW MR WEQI
SVHIV EW IRKMRI JMVMRK  SR G]PMRHIV IRKMRIW 

%Œ)RKMRI &PSGO 7MHI


 8MKLXIR JYIP HIPMZIV] TVIWWYVI PMRIW EX TYQT XS
&Œ3YXPIX 'SRRIGXMSR XS 2S ']PMRHIV
WTIGMJMGEXMSRW YWMRK E WYMXEFPI  QQ HIIT[IPP 'Œ*YIP 7YTTP] 0MRI
WSGOIX (Œ*YIP 6IXYVR 0MRI
)Œ*YIP (IPMZIV] 4VIWWYVI 0MRIW  YWIH
7TIGMJMGEXMSR
*YIP -RNIGXMSR 4YQT (IPMZIV]
0MRIW %X 4YQT Œ8SVUYI   2wQ  PFJX

-14368%28 %0;%=7 YWI E FEGOYT [VIRGL [LIR


PSSWIRMRK SV XMKLXIRMRK JYIP HIPMZIV]
PMRIW EX JYIP MRNIGXMSR TYQT WS XLEX XLI
TYQT HMWGLEVKI JMXXMRKW EVI RSX EPXIVIH
8LMW TVIZIRXW TSWWMFPI MRXIVREP TYQT
HEQEKI

 'SRRIGX JYIP WYTTP] PMRI ' ERH JYIP VIXYVR PMRI ( 

'SRXMRYIH SR RI\X TEKI 01&6+.; rr()'r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
 'SRRIGX JYIP WLYXSJJ GEFPI ERH WTIIH GSRXVSP PMROEKI
MJ IUYMTTIH -RWXEPP ERH WIGYVIP] XMKLXIR IPIGXVMGEP
GSRRIGXMSRW XS WLYXSJJ WSPIRSMH ERH XLVSXXPI
TSWMXMSRMRK WSPIRSMH MJ IUYMTTIH 'SRRIGX GSPH WXEVX
W[MXGL MJ IUYMTTIH

 &PIIH EMV JVSQ JYIP W]WXIQ EW SYXPMRIH MR XLMW KVSYT


7II &0))( 8,) *9)0 7=78)1 MR XLMW KVSYT 7XEVX
IRKMRI VYR JSV WIZIVEP QMRYXIW ERH GLIGO IRXMVI JYIP
W]WXIQ JSV PIEOW

01&6+.; rr()'r

6IQSZI 0YGEW *YIP -RNIGXMSR 4YQT

-14368%28 2IZIV WXIEQ GPIER SV TSYV GSPH [EXIV


SR E JYIP MRNIGXMSR TYQT [LMPI XLI TYQT
MW VYRRMRK SV [LMPI MX MW [EVQ (SMRK WS
QE] GEYWI WIM^YVI SJ MRXIVREP VSXEXMRK
TYQT TEVXW

 'PIER XLI JYIP MRNIGXMSR TYQT PMRIW ERH EVIE EVSYRH


XLI TYQT [MXL GPIERMRK WSPZIRX SV E WXIEQ GPIERIV

 (MWGSRRIGX WLYXSJJ GEFPI ERH WTIIH GSRXVSP PMROEKI MJ


IUYMTTIH (MWGSRRIGX IPIGXVMGEP GSRRIGXMSR XS WLYXSJJ
WSPIRSMH SV XLVSXXPI TSWMXMSRMRK WSPIRSMH MJ IUYMTTIH
(MWGSRRIGX GSPH WXEVX W[MXGL MJ IUYMTTIH 8EK IPIGXVMGEP
[MVIW JSV GSVVIGX VIEWWIQFP]

-14368%28 %0;%=7 YWI E FEGOYT [VIRGL [LIR


PSSWIRMRK SV XMKLXIRMRK JYIP PMRIW EX
MRNIGXMSR TYQT WS XLEX HMWGLEVKI
JMXXMRKW EVI RSX EPXIVIH XS TVIZIRX
TSWWMFPI MRXIVREP TYQT HEQEKI

 (MWGSRRIGX JYIP VIXYVR PMRI %  JYIP WYTTP] PMRI ' ERH


ERIVSMH PMRI (  %Œ*YIP 6IXYVR 0MRI
&Œ*YIP (IPMZIV] 4VIWWYVI 0MRIW
 (MWGSRRIGX EPP JYIP HIPMZIV] TVIWWYVI PMRIW & JVSQ 'Œ*YIP 7YTTP] 0MRI
(Œ%RIVSMH 0MRI
MRNIGXMSR TYQT YWMRK E WYMXEFPI  QQ HIIT[IPP
GVS[WJSSX WSGOIX

'SRXMRYIH SR RI\X TEKI 01&6+.; rr23:r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
 6IQSZI MRNIGXMSR TYQT HVMZI KIEV GSZIV %  6IQSZI
HVMZI KIEV VIXEMRMRK RYX & ERH [EWLIV JVSQ IRH SJ
TYQT WLEJX &I GEVIJYP RSX XS PIX [EWLIV JEPP MRWMHI
XMQMRK KIEV GSZIV

%Œ(VMZI +IEV 'SZIV


&Œ(VMZI +IEV 6IXEMRMRK 2YX

01&6+.; rr23:r

 %XXEGL -(2S  (VMZI +IEV 4YPPIV XS MRNIGXMSR


TYQT HVMZI KIEV EW WLS[R *SPPS[ MRWXVYGXMSRW
TVSZMHIH [MXL XSSP WIX

 )ZIRP] XMKLXIR XLI X[S  QQ +VEHI  WGVI[W


%Œ(VMZI +IEV 4YPPIV
XLVIEHIH MR HVMZI KIEV ERH WRYKP] XMKLXIR GIRXIV &Œ*SVGMRK 7GVI[
JSVGMRK WGVI[ & EKEMRWX IRH SJ TYQT WLEJX 'Œ'ET 7GVI[W

 8MKLXIR GIRXIV JSVGMRK WGVI[ YRXMP TYQT HVMZI KIEV MW


JVII JVSQ XETIVIH WLEJX 6IQSZI -(2S 
4YPPIV JVSQ HVMZI KIEV

'SRXMRYIH SR RI\X TEKI 01&6+.; rr23:r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
 'LIGO XS QEOI WYVI XLEX XMQMRK QEVOW SR FEGO WMHI SJ
JVSRX TPEXI % ERH MRNIGXMSR TYQT JPERKI & EVI
TVIWIRX ERH TVSTIVP] EPMKRIH 8LMW IRWYVIW XLEX
VITEMVIH SV VITPEGIQIRX TYQT GER FI TVSTIVP] XMQIH XS
IRKMRI [LIR MRWXEPPIH

-J XMQMRK QEVO MW RSX GPIEVP] ZMWMFPI SR JVSRX TPEXI WGVMFI


E ZMWMFPI VIJIVIRGI QEVO EW EGGYVEXIP] EW TSWWMFPI
MRPMRI [MXL QEVO SR TYQT JPERKI

 6IQSZI MRNIGXMSR TYQT QSYRXMRK WXYH RYXW 6IQSZI


MRNIGXMSR TYQT JVSQ QSYRXMRK WXYHW

%Œ8MQMRK 1EVO SR *VSRX 4PEXI


&Œ8MQMRK 1EVO SR -RNIGXMSR 4YQT *PERKI

01&6+.; rr23:r

6ITEMV 0YGEW *YIP -RNIGXMSR 4YQT

-14368%28 (3 238 HMWEWWIQFPI XLI 0YGEW JYIP


MRNIGXMSR TYQT ER] JYVXLIV XLER
RIGIWWEV] JSV MRWXEPPMRK EZEMPEFPI VITEMV
TEVXW RSX IZIR JSV GPIERMRK

,EZI ER EYXLSVM^IH (MIWIP 6ITEMV 7XEXMSR TIVJSVQ EPP


MRNIGXMSR TYQT XIWXMRK EHNYWXQIRXW ERH VITEMVW

01&6+.; rr23:r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
-RWXEPP 0YGEW *YIP -RNIGXMSR 4YQT

-14368%28 ;LIR VITPEGMRK MRNIGXMSR TYQT HVMZI  -RWXEPP MRNIGXMSR TYQT TEVXMEPP] SRXS QSYRXMRK WXYHW
KIEV SV MRWXEPPMRK E RI[ TYQT XLI [MXL IRKEKMRK TYQT TMPSX LYF MRXS IRKMRI JVSRX
XETIVIH WYVJEGIW SJ XLI TYQT HVMZI TPEXI
WLEJX 3( ERH HVMZI KIEV -( 1978 &)
GPIERIH XS VIQSZI TVSXIGXMZI  -RWXEPP XLVII JPEX [EWLIVW PSGO [EWLIVW ERH LI\
GSEXMRKW ERH SMP] VIWMHYI 9WI E RYXW SRXS TYQT QSYRXMRK WXYHW 8MKLXIR RYXW XLVII
WYMXEFPI GPIERIV XLEX HSIW RSX PIEZI XYVRW SRP] WS XLEX TYQT [MPP RSX JEPP SJJ QSYRXMRK
E VIWMHYI 1EXMRK WYVJEGIW 1978 &) WXYHW
EWWIQFPIH HV] 09&6-'%287 1978
238 &) 97)(  -RWXEPP TYQT QSYRXMRK JPERKI JPYWL XS IRKMRI JVSRX
TPEXI [MXL HVMZI KIEV LIPH JPYWL EKEMRWX JVSRX WMHI SJ
 4PEGI E RI[ 3VMRK SRXS JVSRX JEGI SJ TYQT IRKMRI JVSRX TPEXI
QSYRXMRK JPERKI [MXL QSYRXMRK WPSXW EPMKRIH 7PMHI
MRNIGXMSR TYQT SRXS QSYRXMRK WXYHW [LMPI MRWIVXMRK  ;MXL XLI TYQT WLEJX OI] TVSTIVP] IRKEKIH MR XLI
TYQT WLEJX MRXS HVMZI KIEV HVMZI KIEV OI] WPSX JMRKIV XMKLXIR QSYRXMRK WXYH
RYXW
 'LIGO TYQT WLEJX ;SSHVYJJ OI] JSV TVSTIV
EPMKRQIRX [MXL TYQT HVMZI KIEV OI] WPSX

01&6+.; rr23:r

 4YWL TYQT HVMZI KIEV JMVQP] SRXS WLEJX XETIV -RWXEPP


[EWLIV ERH VIXEMRMRK RYX % SRXS IRH SJ WLEJX 8MKLXIR
VIXEMRMRK RYX XS JSPPS[MRK WTIGMJMGEXMSRW

7TIGMJMGEXMSR
(4 ERH (4 0YGEW *YIP
-RNIGXMSR 4YQT (VMZI
+IEVXS7LEJX 6IXEMRMRK 2YXŒ
8SVUYI   2wQ  PFJX

%Œ(VMZI +IEV 6IXEMRMRK 2YX

'SRXMRYIH SR RI\X TEKI 01&6+.; rr23:r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
-14368%28 (3 238 SZIVXMKLXIR GET WGVI[W SR
TYQT GSZIV TPEXI XS EZSMH HEQEKI XS
3VMRK

 -RWXEPP EGGIWW TPEXI & YWMRK E RI[ 3VMRK MJ RIIHIH


%TTP] 03'8-8)  XS GET WGVI[ XLVIEHW ERH XMKLXIR
XS WTIGMJMGEXMSRW

7TIGMJMGEXMSR
6SXEV] -RNIGXMSR 4YQT *VSRX
%GGIWW 4PEXI 'ET 7GVI[WŒ
8SVUYI   2wQ 0FJX  PFMR

&Œ-RNIGXMSR 4YQT (VMZI +IEV %GGIWW 4PEXI

01&6+.; rr23:r

 %PMKR XMQMRK QEVO SR XLI TYQT JPERKI & [MXL XMQMRK


QEVO SR JVSRX TPEXI % 

 8MKLXIR LI\ RYXW WIGYVMRK XLI TYQT XS XLI JVSRX TPEXI
XS WTIGMJMGEXMSRW

7TIGMJMGEXMSR
6SXEV] -RNIGXMSR 4YQT 1SYRXMRK
2YXWŒ8SVUYI   2wQ  PFJX

%Œ8MQMRK 1EVO SR *VSRX 4PEXI


&Œ8MQMRK 1EVO SR -RNIGXMSR 4YQT *PERKI

'SRXMRYIH SR RI\X TEKI 01&6+.; rr23:r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
 'SRRIGX MRNIGXMSR TYQT TVIWWYVI PMRIW )  &IKMRRMRK
[MXL SYXPIX & ERH GSRXMRYMRK EVSYRH XLI TYQT LIEH
MR GSYRXIVGPSGO[MWI HMVIGXMSR EXXEGL PMRIW MR WEQI
SVHIV EW IRKMRI JMVMRK  SR G]PMRHIV IRKMRIW 

 8MKLXIR JYIP HIPMZIV] TVIWWYVI PMRIW EX TYQT XS


WTIGMJMGEXMSRW YWMRK E WYMXEFPI  QQ HIIT[IPP
WSGOIX

7TIGMJMGEXMSR
*YIP -RNIGXMSR 4YQT (IPMZIV]
0MRIWŒ8SVUYI   2wQ  PFJX

-14368%28 %0;%=7 YWI E FEGOYT [VIRGL [LIR


PSSWIRMRK SV XMKLXIRMRK JYIP HIPMZIV]
PMRIW EX JYIP MRNIGXMSR TYQT WS XLEX XLI
TYQT HMWGLEVKI JMXXMRKW EVI RSX EPXIVIH
8LMW TVIZIRXW TSWWMFPI MRXIVREP TYQT
HEQEKI

 'SRRIGX JYIP WYTTP] PMRI '  JYIP VIXYVR PMRI ( ERH
ERIVSMH PMRI * 

 'SRRIGX JYIP WLYXSJJ GEFPI ERH WTIIH GSRXVSP PMROEKI


MJ IUYMTTIH -RWXEPP ERH WIGYVIP] XMKLXIR IPIGXVMGEP
GSRRIGXMSRW XS WLYXSJJ WSPIRSMH ERH XLVSXXPI
%Œ)RKMRI &PSGO 7MHI
TSWMXMSRMRK WSPIRSMH MJ IUYMTTIH 'SRRIGX GSPH WXEVX
&Œ3YXPIX 'SRRIGXMSR XS 2S  ']PMRHIV
W[MXGL MJ IUYMTTIH 'Œ*YIP 7YTTP] 0MRI
(Œ*YIP 6IXYVR 0MRI
 &PIIH EMV JVSQ JYIP W]WXIQ EW SYXPMRIH MR XLMW KVSYT )Œ*YIP (IPMZIV] 4VIWWYVI 0MRIW
7II &0))( 8,) *9)0 7=78)1 MR XLMW KVSYT 7XEVX *Œ%RIVSMH 0MRI
IRKMRI VYR JSV WIZIVEP QMRYXIW ERH GLIGO IRXMVI JYIP
W]WXIQ JSV PIEOW

01&6+.; rr23:r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
6ITEMV %RIVSMH

*SV ERIVSMH % VITEMV ERH EHNYWXQIRX LEZI ER EYXLSVM^IH


HMIWIP VITEMV WXEXMSR TIVJSVQ XLI [SVO

8LI ERIVSMH GSRXVSPW JYIP HIPMZIV] [LIR MRXEOI QERMJSPH


TVIWWYVI MW EFSYX  O4E  FEV  TWM SV PIWW
8LIVIJSVI EPP JMREP EHNYWXQIRXW EVI XS FI QEHI SR XLI XIWX
WXERH [MXL ERIVSMH QSYRXIH SR MRNIGXMSR TYQT

7TIGMJMGEXMSR
%RIVSMH 4VIWWYVI 0IZIV
0MJX3JJ Œ4VIWWYVI  Œ QQ ,K Œ MR ,K
ΠO4E ΠTWM
%RIVSMH 4VIWWYVI 0IZIV EX *YPP
8VEZIP Œ4VIWWYVI  Œ QQ ,K Œ MR ,K
ΠO4E ΠTWM

-14368%28 'SVVIGX ERIVSMH EHNYWXQIRXW EVI


IWWIRXMEP JSV WEXMWJEGXSV] IRKMRI
TIVJSVQERGI ;LIRIZIV ERIVSMH LEW
FIIR HMWEWWIQFPIH SV EHNYWXQIRXW LEZI
FIIR EPXIVIH MRNIGXMSR TYQT MRGPYHMRK
ERIVSMH QYWX FI GEPMFVEXIH SR XIWX
WXERH FIJSVI VIPIEWMRK TYQT JSV
WIVZMGI

%Œ%RIVSMH

01&6+.; rr23:r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
8VERWJIV *YIP -RNIGXMSR 4YQT 8MQMRK 1EVO
SRXS 6ITPEGIQIRX *VSRX 4PEXI

-14368%28 6ITPEGIQIRX JVSRX TPEXIW HS RSX LEZI


ER MRNIGXMSR TYQT XMQMRK QEVO -X MW
I\XVIQIP] MQTSVXERX XLEX XLI XMQMRK
QEVO FI EGGYVEXIP] XVERWJIVVIH JVSQ
SVMKMREP JVSRX TPEXI XS XLI VITPEGIQIRX
TPEXI MR XLI I\EGX PSGEXMSR JSV GSVVIGX
MRNIGXMSR TYQT XMQMRK

 4SWMXMSR 01&(*6+ %PYQMRYQ 8IQTPEXI & SRXS


SVMKMREP JVSRX TPEXI ' EW WLS[R 7II 7IGXMSR 
+VSYT  (IEPIV *EFVMGEXIH 8SSPW JSV QERYJEGXYVMRK
HIXEMPW -RWXEPP XLVII  GET WGVI[W WIGYVIP]

 8VERWJIV MRNIGXMSR TYQT XMQMRK QEVO % JVSQ TVIZMSYW


JVSRX TPEXI SRXS XIQTPEXI YWMRK E JMRIXMT QEVOIV ERH
WXVEMKLXIHKI 6IQSZI XIQTPEXI JVSQ JVSRX TPEXI FIMRK
VITPEGIH

 %XXEGL XIQTPEXI [MXL XMQMRK QEVO XS RI[ VITPEGIQIRX %Œ-RNIGXMSR 4YQT 8MQMRK 1EVO
JVSRX TPEXI ERH XMKLXIR GET WGVI[W WIGYVIP] &Œ%PYQMRYQ 8IQTPEXI
'Œ*VSRX 4PEXI
 8VERWJIV XMQMRK QEVO JVSQ XLI XIQTPEXI XS XLI RI[ JVSRX
TPEXI YWMRK E WGVMFI 7GVMFI HIIT IRSYKL WS QEVO
FIGSQIW E TIVQERIRX VIJIVIRGI

 6IQSZI XIQTPEXI JVSQ JVSRX TPEXI ERH VIJIV XS


8,C( &EWI )RKMRI 1ERYEP JSV JVSRX TPEXI
MRWXEPPEXMSR TVSGIHYVI

01&6+.; rr23:r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
6IQSZI *YIP -RNIGXMSR 2S^^PIW

+IRIVEP 2S^^PI 7IVZMGI 4VIGEYXMSRW

&IJSVI VIQSZEP XLSVSYKLP] VIQSZI EPP HMVX JVSQ XLI


G]PMRHIV LIEH EVSYRH JYIP MRNIGXMSR RS^^PIW 'PIER [MXL
GSQTVIWWIH EMV XS TVIZIRX HMVX JVSQ IRXIVMRK XLI G]PMRHIVW
4PYK XLI FSVI MR XLI G]PMRHIV LIEH EJXIV IEGL RS^^PI LEW
FIIR VIQSZIH 'ET JYIP PMRI STIRMRKW EW WSSR EW XLI]
EVI HMWGSRRIGXIH

-QQIHMEXIP] JMX TVSXIGXMZI GETW SZIV XLI RS^^PI XMTW ERH


XLI PMRI GSRRIGXMSRW XS EZSMH LERHPMRK HEQEKI ERH KIXXMRK
HIFVMW MR JYIP W]WXIQ

(S RSX FIRH XLI JYIP HIPMZIV] PMRIW EW XLMW QE] EJJIGX XLIMV
HYVEFMPMX] ;LIR PSSWIRMRK XLI JYIP TVIWWYVI PMRIW LSPH
QEPI YRMSR SJ RS^^PI PMRI WXEXMSREV] [MXL E FEGOYT [VIRGL

01&6+.; rr1%=r

 0SSWIR XYFI RYXW EX IEGL RS^^PI XS VIQSZI PIEOSJJ


PMRIW ERH 8JMXXMRKW EW ER EWWIQFP]

'SRXMRYIH SR RI\X TEKI 01&6+.; rr1%=r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
 (MWGSRRIGX JYIP MRNIGXMSR PMRI JVSQ RS^^PI YWMRK E
FEGOYT [VIRGL SR RS^^PI GSRRIGXMSR EW WLS[R

 6IQSZI GET WGVI[ WIGYVMRK RS^^PI MR G]PMRHIV LIEH


RS^^PI FSVI

01&6+.; rr1%=r

 4YPP MRNIGXMSR RS^^PI SYX SJ G]PMRHIV LIEH YWMRK -(


2S -RNIGXMSR 2S^^PI 4YPPIV 7IX % SV
01&.(+ %HETXIV ERH WPMHI LERHPI JVSQ
01&.() SV 01&.()% 4YPPIV 7IX

-14368%28 (S RSX YWI WGVI[HVMZIVW TV] FEVW SV


WMQMPEV XSSPW JSV XLMW EW XLI] QMKLX
HEQEKI XLI MRNIGXMSR RS^^PI FI]SRH
VITEMV

%Œ2S^^PI 4YPPIV

01&6+.; rr1%=r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
'PIER *YIP -RNIGXMSR 2S^^PI &SVI

-14368%28 %P[E]W XYVR XSSP GPSGO[MWI MR FSVI XS


TVIZIRX HYPPMRK SJ GYXXMRK IHKIW IZIR
[LIR VIQSZMRK XSSP JVSQ FSVI

'PIER MRNIGXMSR RS^^PI FSVI YWMRK -( 2S  2S^^PI


&SVI 'PIERMRK 8SSP %  &PS[ HIFVMW JVSQ FSVI YWMRK
GSQTVIWWIH EMV ERH TPYK XLI FSVI XS TVIZIRX IRXV] SJ
JSVIMKR QEXIVMEP

%Œ2S^^PI &SVI 'PIERMRK 8SSP

01&6+.; rr23:r

'PIER *YIP -RNIGXMSR 2S^^PIW

 6IQSZI GEVFSR WXST WIEP % JVSQ KVSSZI MR RS^^PI


FSH] YWMRK VE^SV FPEHI SV WLEVT ORMJI ERH VIQSZI
YTTIV WIEPMRK [EWLIV &  (MWGEVH WIEP ERH [EWLIV

 4PEGI RS^^PI MR WSPZIRX SV GPIER HMIWIP JYIP WS GEVFSR


WXST WIEP KVSSZI MW WYFQIVKIH ERH WSEO JSV E [LMPI

-14368%28 (S RSX WGVETI SV HMWXYVF XLI 8)*032


GSEXMRK SR XLI RS^^PI FSH] EFSZI XLI
GEVFSR WXST WIEP KVSSZI 8LMW GSEXMRK
[MPP FIGSQI HMWGSPSVIH HYVMRK RSVQEP
STIVEXMSR FYX XLMW MW RSX LEVQJYP (S
%Œ'EVFSR 7XST 7IEP
RSX YWI E QSXSVHVMZIR FVYWL XS GPIER &Œ9TTIV 7IEPMRK ;EWLIV
RS^^PI FSH]

 %JXIV WSEOMRK GPIER RS^^PI XMT [MXL FVEWW [MVI FVYWL


2IZIV YWI E WXIIP [MVI FVYWL SV WGVETIV

6+.; rr23:r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
(MEKRSWI *YIP -RNIGXMSR 2S^^PI 1EPJYRGXMSRW

4VSFPIQ 4SWWMFPI 'EYWI 7YKKIWXIH 6IQIH]


*EMPIH 'EVFSR 7XST 7IEP ;EWLIV 2S^^PI VITPEGIH [MXLSYX YWMRK RI[ WIEP SV -RWXEPP RI[ WIEP SV [EWLIV
[EWLIV
'EVFSR WXST WIEP KVSSZI RSX GPIERIH [LIR 'PIER KVSSZI -RWXEPP RI[ WIEP
RI[ WIEP [EW MRWXEPPIH

-RGSVVIGX 3TIRMRK 4VIWWYVI -QTVSTIV EHNYWXQIRX %HNYWX STIRMRK TVIWWYVI


&VSOIR WTVMRK 6ITPEGI WTVMRK

2S^^PI ;MPP 2SX 3TIR 4PYKKIH SVMJMGIW 'PIER


'LMTTIH SVMJMGIW 6ITPEGI RS^^PI
&SXXSQIH PMJX WGVI[ %HNYWX PMJX WGVI[

4SSV 7TVE] 4EXXIVR 4PYKKIH SVMJMGIW 'PIER


'LMTTIH SVMJMGIW 6ITPEGI RS^^PI
'VEGOIH RS^^PI XMT 6ITPEGI RS^^PI

4SSV %XSQM^EXMSR 4PYKKIH SVMJMGI 'PIER


'LMTTIH SVMJMGI 6ITPEGI RS^^PI
'VEGOIH RS^^PI XMT 6ITPEGI RS^^PI
:EPZI RSX JVII 7II l-RGSRWMWXIRX 'LEXXIVz

-RGSRWMWXIRX 'LEXXIV 7TVMRK GSQTSRIRXW QMWEPMKRIH %HNYWX STIRMRK TVIWWYVI


:EVRMWL SR ZEPZI 'PIER KYMHI EVIE
(ITSWMXW MR WIEX EVIE 'PIER WIEX
&IRX ZEPZI 6ITPEGI RS^^PI
(MWXSVXIH FSH] 6ITPEGI RS^^PI

2S 'LEXXIV 7TVMRK GSQTSRIRXW QMWEPMKRIH %HNYWX STIRMRK TVIWWYVI


:EVRMWL SR ZEPZI 'PIER KYMHI EVIE
(ITSWMXW MR WIEX EVIE 'PIER WIEX
&IRX ZEPZI 6ITPEGI RS^^PI
:EPZI WIEX IVSHIH SV TMXXIH 0ET ZEPZI XS WIEX 6ITPEGI RS^^PI EW
RIGIWWEV]
8MT WIEX TMXXIH 0ET XMT XS WIEX 6ITPEGI RS^^PI EW
RIGIWWEV]
7IEX MRXIVJIVIRGI ERKPI [SVR 6ITPEGI RS^^PI
(MWXSVXIH FSH] 6ITPEGI RS^^PI

7IEX 0IEOEKI (ITSWMXW MR WIEX EVIE 'PIER WIEX


:EPZI WIEX IVSHIH SV TMXXIH 0ET ZEPZI XS WIEX 6ITPEGI RS^^PI EW
RIGIWWEV]
8MT WIEX TMXXIH 0ET XMT XS WIEX 6ITPEGI RS^^PI EW
RIGIWWEV]
:EPZI RSX JVII 7II l-RGSRWMWXIRX 'LEXXIVz
7II l2S 'LEXXIVz
(MWXSVXIH FSH] 6ITPEGI RS^^PI
'VEGOIH XMT 6ITPEGI RS^^PI

,MKL 0IEO3JJ ;IEV SV WGVEXGLIH EX KYMHI 0ET ZEPZI XS KYMHI 6ITPEGI RS^^PI EW
RIGIWWEV]

'SRXMRYIH SR RI\X TEKI 6+.; rr23:r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
4VSFPIQ 4SWWMFPI 'EYWI 7YKKIWXIH 6IQIH]
0S[ 0IEO3JJ :EVRMWL SR ZEPZI 'PIER KYMHI EVIE
-RWYJJMGMIRX GPIEVERGI 'PIER RS^^PI 0ET ZEPZI XS KYMHI 6ITPEGI
RS^^PI EW RIGIWWEV]

6+.; rr23:r

8IWX *YIP -RNIGXMSR 2S^^PIW

'%98-32 8LI RS^^PI XMT WLSYPH EP[E]W FI


HMVIGXIH E[E] JVSQ XLI STIVEXSV *YIP JVSQ XLI
WTVE] SVMJMGIW GER TIRIXVEXI GPSXLMRK ERH WOMR
GEYWMRK WIVMSYW TIVWSREP MRNYV] )RGPSWMRK XLI
RS^^PI MR E GPIEV KPEWW FIEOIV MW VIGSQQIRHIH

&IJSVI ETTP]MRK TVIWWYVI XS XLI RS^^PI XIWXIV


FI WYVI XLEX EPP GSRRIGXMSRW EVI XMKLX ERH XLEX
XLI JMXXMRKW EVI RSX HEQEKIH *PYMH IWGETMRK
JVSQ E ZIV] WQEPP LSPI GER FI EPQSWX MRZMWMFPI
8S WIEVGL JSV WYWTIGXIH PIEOW YWI E TMIGI SJ
GEVHFSEVH SV [SSH VEXLIV XLER LERHW

-J %2= JPYMH MW MRNIGXIH MRXS XLI WOMR MX QYWX FI


WYVKMGEPP] VIQSZIH [MXLMR E JI[ LSYVW F] E
HSGXSV JEQMPMEV [MXL XLMW X]TI MRNYV] SV KERKVIRI
QE] VIWYPX

 'SRRIGX MRNIGXMSR RS^^PI XS RS^^PI XIWXIV

'SRXMRYIH SR RI\X TEKI 01&6+.; rr1%=r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
 9WI 01&= ERH 01&= %HETXIVW ' ERH
01&= *YIP 0MRI & JVSQ 01&(3%%
%HETXIV 7IX XS GSRRIGX RS^^PIW XS 01&(3%%
2S^^PI 8IWXIV

 4SWMXMSR XMT SJ RS^^PI FIPS[ XST SJ FIEOIV ( ERH FEGO


SYX ” JVSQ ZIVXMGEP 8LMW MW RIGIWWEV] XS GSRXEMR EPP
WTVE] MR FIEOIV EW RS^^PI WTVE] TEXXIVR MW EX ER ERKPI
XS XLI RS^^PI GIRXIVPMRI 0IEZI GSRRIGXMSRW WPMKLXP]
PSSWI
%Œ2S^^PI 8IWXIV
&Œ*YIP 0MRI
'Œ%HETXIVW
(Œ&IEOIV

 4YQT LERHPI WIZIVEP WXVSOIW XS JPYWL EMV JVSQ PMRIW ERH


XS HIXIVQMRI XLI TYQTMRK VEXI VIUYMVIH JSV TVSTIV JYIP
EXSQM^EXMSR 8MKLXIR EPP GSRRIGXMSRW WIGYVIP] EJXIV EPP
EMV LEW FIIR I\TIPPIH JVSQ RS^^PI ERH PMRI

-14368%28 1EOI WYVI XLEX RS^^PI XIWXIV MW MR KSSH


GSRHMXMSR ERH XLEX KEYKI [SVOW
TVSTIVP] 7IVZMGI RS^^PI XIWXIV EW
VIGSQQIRHIH MR XLI STIVEXMRK
MRWXVYGXMSRW TVSZMHIH [MXL XIWXIV

3TIRMRK 4VIWWYVI 8IWX

 %GXYEXI XLI RS^^PI XIWXIV VETMHP] WIZIVEP XMQIW XS EPPS[


XLI ZEPZI XS WIEX VETMHP]

 3TIR KEYKI ZEPZI EGXYEXI XLI XIWXIV ERH VEMWI XLI


TVIWWYVI XS E TSMRX [LIVI XLI KEYKI RIIHPI JEPPW
VETMHP] 8LMW MW XLI RS^^PI STIRMRK TVIWWYVI ERH
WLSYPH FI EW WTIGMJMIH JSV E RI[ SV YWIH RS^^PI

'SRXMRYIH SR RI\X TEKI 01&6+.; rr1%=r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
-14368%28 -J ER] SJ XLI RS^^PI STIRMRK TVIWWYVIW
EVI RSX [MXLMR WTIGMJMIH VERKI VIWIX
TVIWWYVI ERH ZEPZI PMJX &)*36)
GLIGOMRK GLEXXIV ERH WTVE] TEXXIVR
3XLIV[MWI XLIWI GLEVEGXIVMWXMGW QE] FI
EJJIGXIH 7II %(.978 *9)0
-2.)'8-32 23>>0)7 PEXIV MR XLMW
KVSYT

 'SQTEVI VIEHMRKW XS XLI JSPPS[MRK WTIGMJMGEXMSRW

*YIP -RNIGXMSR -( 2S  2S^^PIW 2EXYVEPP] %WTMVEXIH


)RKMRIW Œ7TIGMJMGEXMSR
2I[ SV 6IGSRHMXMSRIH 2S^^PI
[MXL 2I[ -RXIVREP 4EVXWŒ3TIRMRK
4VIWWYVI JSV 7IXXMRK   Π O4E
ΠFEV
ΠTWM
3TIRMRK 4VIWWYVI JSV 'LIGOMRK
1MRMQYQ    O4E  FEV
 TWM
9WIH 2S^^PIŒ3TIRMRK 4VIWWYVI
JSV 'LIGOMRK 1MRMQYQ    O4E  FEV
 TWM
3TIRMRK 4VIWWYVI (MJJIVIRGI
FIX[IIR ']PMRHIVWŒ4VIWWYVI
(MJJIVIRGI 1E\MQYQ   O4E  FEV  TWM

*YIP -RNIGXMSR -( 2S  2S^^PIW 8YVFSGLEVKIH )RKMRIW Œ


7TIGMJMGEXMSR
2I[ SV 6IGSRHMXMSRIH 2S^^PI
[MXL 2I[ -RXIVREP 4EVXWŒ3TIRMRK
4VIWWYVI JSV 7IXXMRK   Π O4E
ΠFEV
ΠTWM
3TIRMRK 4VIWWYVI JSV 'LIGOMRK
1MRMQYQ    O4E  FEV
 TWM
9WIH 2S^^PIŒ3TIRMRK 4VIWWYVI
JSV 'LIGOMRK 1MRMQYQ    O4E  FEV
 TWM
3TIRMRK 4VIWWYVI (MJJIVIRGI
FIX[IIR ']PMRHIVWŒ4VIWWYVI
(MJJIVIRGI 1E\MQYQ   O4E  FEV  TWM

'LEXXIV 8IWX

 'PSWI KEYKI WLYXSJJ ZEPZI ERH STIVEXI RS^^PI XIWXIV


EX E TYQTMRK VEXI XLEX [MPP GEYWI XLI RS^^PI XS GLEXXIV
2S^^PI WLSYPH GLEXXIV WSJXP] ERH WTVE] TEXXIVR WLSYPH
FI FVSEH ERH JMRIP] EXSQM^IH

'SRXMRYIH SR RI\X TEKI 01&6+.; rr1%=r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
-J RS^^PI JEMPW XS GLEXXIV XLI RS^^PI ZEPZI QE] FI FIRX
SV XMKLX MR MXW KYMHI HYI XS EGGYQYPEXIH PEGUYIV
HITSWMXW (MWEWWIQFPI RS^^PI ERH GSVVIGX EW HIXEMPIH
PEXIV MR XLMW KVSYT

 9WMRK XLI TYQTMRK VEXI JSV TVSTIV EXSQM^EXMSR STIVEXI


XIWXIV JSV XIR WXVSOIW 8LI RS^^PI QYWX EXSQM^I SR EX
PIEWX IMKLX SJ XLI XIR WXVSOIW [MXLSYX GSRWIGYXMZI
QMWWIW

-J XLI RS^^PI JEMPW XS QIIX XLMW VIUYMVIQIRX VITIEX


TVSGIHYVI 2S^^PIW [LMGL HS RSX QIIX XLI VIUYMVIQIRX
EJXIV WIGSRH XIWX WLSYPH FI GSRWMHIVIH YREGGITXEFPI
ERH WLSYPH FI IMXLIV VITEMVIH SV VITPEGIH

7TVE] 4EXXIVR 8IWX

 'PSWI KEYKI WLYXSJJ ZEPZI ERH STIVEXI RS^^PI XIWXIV


EX E TYQTMRK VEXI XLEX [MPP GEYWI XLI RS^^PI XS GLEXXIV

 3FWIVZI WTVE] TEXXIVR ERH GLIGO JSV TPYKKIH SVMJMGIW

-J RS^^PI JEMPW XS GLEXXIV SV WTVE] TVSTIVP] HMWEWWIQFPI


GPIER ERH VIGSRHMXMSR EW SYXPMRIH PEXIV MR XLMW KVSYT

7TIGMJMGEXMSR
*YIP -RNIGXMSR 2S^^PI 8MTŒ7TVE]
%RKPI  ”

0IEOEKI 8IWX

 'LIGO RS^^PI JSV JYIP PIEOEKI TEWX ZEPZI WIEX F]


TSWMXMSRMRK RS^^PI SR RS^^PI XIWXIV [MXL RS^^PI XMT
HS[R

 3TIVEXI TYQT LERHPI VETMHP] XS JMVQP] WIEX ZEPZI ;MTI


XLI RS^^PI XMT HV] [MXL E GPIER PMRXJVII GPSXL

'SRXMRYIH SR RI\X TEKI 01&6+.; rr1%=r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
 7PS[P] VEMWI TVIWWYVI EX RS^^PI XS EFSYX Œ
O4E ΠFEV ΠTWM YRHIV WTIGMJMIH
STIRMRK TVIWWYVI ERH LSPH EX XLEX TVIWWYVI ;EXGL JSV
ER EGGYQYPEXMSR SJ JYIP EVSYRH XLI RS^^PI XMT SVMJMGIW

-J JYIP HVMTW JVSQ RS^^PI [MXLMR  WIGSRHW RS^^PI QYWX


FI PETTIH

7TIGMJMGEXMSR
2S^^PI :EPZI7IEX 8MKLXRIWW
'SRHMXMSR EX 4VIWWYVI 8IWX SJ
ΠO4E ΠFEV
Œ TWM Œ0IEOEKI  2S^^PI XMT HV] EJXIV  WIGSRHW
7PMKLX HEQTRIWW TIVQMWWMFPI SR
YWIH RS^^PIW

:EPZI 7XIQ ERH +YMHI ;IEV 8IWX

 4SWMXMSR RS^^PI [MXL XMT WPMKLXP] EFSZI XLI LSVM^SRXEP


TPERI

'%98-32 'SQTPIXIP] IRGPSWI WTVE] ^SRI MR E


KPEWW FIEOIV XS EZSMH TSWWMFPI TIVWSREP MRNYV]
JVSQ WTVE]

 7PS[P] VEMWI TVIWWYVI XS   O4E  FEV 


TWM SR XIWX KEYKI

” ” ”
”

 0SSO JSV PIEOEKI JVSQ XLI VIXYVR IRH SJ RS^^PI %JXIV


SRI HVST PIEOEKI WLSYPH FI [MXLMR WTIGMJMGEXMSRW

7TIGMJMGEXMSR
*YIP -RNIGXMSR 2S^^PI 6IXYVR
0IEOEKI EX 4VIWWYVI 8IWX SJ 
 O4E  FEV  TWM Œ
0IEOEKI  Π(VSTW 7IGSRHW

-J RS^^PI PIEOEKI MW RSX [MXLMR WTIGMJMIH VERKI RS^^PI


QYWX FI VIGSRHMXMSRIH EW SYXPMRIH PEXIV MR XLMW KVSYT

01&6+.; rr1%=r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
(MWEWWIQFPI *YIP -RNIGXMSR 2S^^PIW

%Œ2S^^PI 8MT )Œ9TTIV 7IEPMRK ;EWLIV -Œ9TTIV 7IEP 1Œ0MJX %HNYWXMRK 7GVI[
&Œ'EVFSR 7XST 7IEP *Œ)HKI8]TI *MPXIV .Œ7TVMRK 7IEX 2Œ0SGO 2YX
'Œ2S^^PI &SH] +Œ*YIP -RPIX /Œ7TVMRK 7GVI[ 3Œ4VIWWYVI %HNYWXMRK 7GVI[
(Œ2S^^PI :EPZI ,Œ9TTIV +YMHI 0Œ7TVMRK ;EWLIV 4Œ0SGO 2YX

'SRXMRYIH SR RI\X TEKI 01&6+.; rr23:r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
+IRIVEP 2S^^PI 6ITEMV 2SXIW

7MRGI HMVX ERH [EXIV EVI XLI [SVWX GSRXEQMRERXW MR XLI JYIP
MRNIGXMSR W]WXIQ XLI [SVOMRK EVIE XSSPW ERH GPIERMRK
QEXIVMEPW QYWX FI OITX WTSXPIWWP] GPIER ;LIRIZIV
TSWWMFPI [SVO MR ER MWSPEXIH HYWXJVII EVIE

'SZIV XLI [SVO FIRGL [MXL GPIER TETIV FIJSVI FIKMRRMRK


HMWEWWIQFP] SJ MRNIGXMSR RS^^PIW

%W TEVXW EVI HMWEWWIQFPIH TPEGI XLIR MR E TER SJ GPIER


HMIWIP JYIP ERH PIEZI XLIVI YRXMP RIIHIH (S RSX TIVQMX
XLIWI TEVXW XS WXVMOI IEGL SXLIV

9WI E WITEVEXI TER SJ GPIER JYIP JSV [EWLMRK TEVXW FIJSVI


EWWIQFP]

%Œ2S^^PI %WWIQFP]
&Œ8YFI 2YX
'Œ4EGOMRK
(Œ0IEO3JJ *MXXMRK
)Œ'ET 7GVI[
*Œ'EVFSR 7XST 7IEP
+Œ9TTIV 7IEPMRK ;EWLIV
,Œ7TEGIV

01&6+.; rr23:r

8S (MWEWWIQFPI *YIP -RNIGXMSR 2S^^PI

 4PEGI RS^^PI MR MRHI\ GPEQT % ERH WIGYVI GPEQT MR E


ZMWI

 0SSWIR TVIWWYVI EHNYWXMRK PSGO RYX & 

 &EGO SYX PMJX EHNYWXMRK WGVI[ PSGO RYX ' ERH PMJX
EWWIQFP]

 -RZIVX RS^^PI ERH EPPS[ TVIWWYVI EHNYWXMRK WTVMRK WIEX


ERH PMJX EHNYWXMRK EWWIQFP] XS JEPP MRXS ]SYV LERH (S
RSX FIRH WXIQ HYVMRK VIQSZEP
%Œ2S^^PI -RHI\ 'PEQT
&Œ4VIWWYVI %HNYWXMRK 0SGO 2YX
'Œ0MJX %HNYWXMRK 7GVI[ 0SGO 2YX

'SRXMRYIH SR RI\X TEKI 01&6+.; rr23:r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
 -J ZEPZI HSIW RSX WPMHI JVIIP] JVSQ FSH] %  YWI 2S
 :EPZI 6IXVEGXSV & XS VIQSZI ZEPZI

 6IQSZI PSGEXMRK GPEQTW ERH WTEGIV JVSQ RS^^PI FSH]

%Œ:EPZI &SH]
&Œ:EPZI 6IXVEGXSV

01&6+.; rr23:r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
-RWTIGX ERH 'PIER *YIP -RNIGXMSR 2S^^PI &SH]

'PIER GEVFSR WXST WIEP KVSSZI ERH RS^^PI XMT [MXL E


RS^^PI GPIERMRK [MVI MRWIVXIH MR LSPHIV % 

-RWTIGX XMT JSV GVEGOW ERH WTVE] SVMJMGIW JSV GLMTTMRK ERH
IVSWMSR YWMRK ER MRWTIGXMSR QEKRMJMIV & 

8S 'PIER 'EVFSR JVSQ 2S^^PI 3VMJMGIW


%Œ,SPHIV
&Œ-RWTIGXMSR 1EKRMJMIV

 &IKMR [MXL E GPIERMRK [MVI Œ QQ Œ


 MR WQEPPIV XLER XLI RSQMREP SVMJMGI WM^I KMZIR MR
WTIGMJMGEXMSRW FIPS[

7TIGMJMGEXMSR
*YIP -RNIGXMSR 2S^^PI 8MT
3VMJMGIŒ2YQFIV SJ 3VMJMGIW TIV
2S^^PI  
*YIP -RNIGXMSR 2S^^PI 8MT 3VMJMGI
2EXYVEPP] %WTMVEXIH )RKMRIW Œ-(
2S    QQ  MR
*YIP -RNIGXMSR 2S^^PI 8MT 3VMJMGI
8YVFSGLEVKIH )RKMRIW Œ-( 2S
   QQ  MR

 'PEQT XLI [MVI MR TMR ZMWI JVSQ RS^^PI GPIERMRK OMX


;MVI WLSYPH RSX TVSXVYHI JVSQ XLI ZMWI QSVI XLER 
QQ  MR 

 -RWIVX [MVI MR SVMJMGI ERH VSXEXI

 9WI WGVETIV JVSQ GPIERMRK OMX XS GPIER HITSWMXW JVSQ


ZEPZI WIEXMRK EVIE

'SRXMRYIH SR RI\X TEKI 01&6+.; rr23:r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
 +VEWT WEG LSPI HVMPP % [MXL ZEPZI VIXVEGXSV & 

 *SV JMREP GPIERMRK YWI E GPIERMRK [MVI  QQ 


MR WQEPPIV XLER XLI RSQMREP SVMJMGI WM^I ERH VITIEX
WXITW  ERH 

%Œ7EG ,SPI (VMPP


&Œ:EPZI 6IXVEGXSV

01&6+.; rr23:r

-RWTIGX ERH 'PIER :EPZI ERH :EPZI 7IEX

-14368%28 2):)6 YWI E WXIIP [MVI FVYWL SR RS^^PI


TEVXW

9WI FVEWW [MVI FVYWL & XS VIQSZI HITSWMXW JVSQ WIEXMRK


EVIE SR XMT SJ RS^^PI ZEPZI %  9WI E JIPX TEH XS VIQSZI
ZEVRMWL HITSWMXW

-RWTIGX KYMHI EVIE JSV ZEPZI WGVEXGLIW [LMGL GSYPH GEYWI


WXMGOMRK 8LMW EVIE [MPP KIRIVEPP] FI TSPMWLIH SR SRI WMHI
HYVMRK STIVEXMSR :MWMFPI ZIVXMGEP QEVOW EVI RSVQEP

%Œ2S^^PI :EPZI
&Œ&VEWW ;MVI &VYWL

'SRXMRYIH SR RI\X TEKI 6+.; rr1%=r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
-RGSRWMWXIRX 'LEXXIV SV 2S 'LEXXIV

% RS^^PI [LMGL HYVMRK XIWX LEH WTSXX] GLEXXIV SV WLS[IH


HIJMRMXI WMKRW SJ WXMGOMRK EGGSQTERMIH F] PS[ VIXYVR
PIEOEKI QE] FI GSVVIGXIH F] TSPMWLMRK XLI ZEPZI KYMHI
EVIE EW JSPPS[W

 4PEGI E WQEPP EQSYRX SJ RS^^PI PETTMRK GSQTSYRH SR


XLI RS^^PI ZEPZI MR KYMHI EVIE SRP] (3 238 YWI ER]
SXLIV GSQTSYRH JSV XLMW TYVTSWI

 7PMHI ZEPZI MRXS FSH] % 

-14368%28 2IZIV EXXIQTX XS VSXEXI XLI ZEPZI MR E


%Œ2S^^PI &SH]
QSXSV HVMZIR GLYGO JSV XLMW TYVTSWI &Œ6IXVEGXSV

 +VMT XST SJ XLI ZEPZI [MXL VIXVEGXSV & ERH VSXEXI ZEPZI
MR XLI KYMHI F] XYVRMRK VIXVEGXSV 8LI EQSYRX SJ PETTMRK
VIUYMVIH GER FI EGGSQTPMWLIH MR ΠXYVRW F]
LERH 8LI ZEPZI WLSYPH FI VEMWIH ERH PS[IVIH MR XLI
KYMHI IZIV] ΠVIZSPYXMSRW ERH HMVIGXMSR SJ VSXEXMSR
GLERKIH JSV FIWX VIWYPXW

 ;EWL RS^^PI FSH] ERH ZEPZI XLSVSYKLP] MR GPIER JYIP


FIJSVI VIEWWIQFP]

7IEX 0IEOEKI

7IEX PIEOEKI QE] FI GEYWIH F] HMVX GEVFSR SV JYIP


HITSWMXW MR ZEPZI EVIE -RWTIGX ZEPZI WIEX ERH GPIER EW
JSPPS[W

 %TTP] E WQEPP EQSYRX SJ PETTMRK GSQTSYRH XS ZEPZI XMT


ERH MRWIVX ZEPZI MR RS^^PI FSH]

 +VMTTMRK ZEPZI [MXL VIXVEGXSV VSXEXI ZEPZI ΠXYVRW XS


GPIER YT WIEX

 ;EWL ZEPZI ERH RS^^PI FSH] XLSVSYKLP] MR GPIER JYIP

6+.; rr1%=r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
-RWTIGX :EPZI %HNYWXMRK 1IGLERMWQ

 -RWTIGX PMJX EHNYWXMRK WGVI[ (  6ITPEGI MJ FIRX SV


SXLIV[MWI HEQEKIH

 -RWTIGX TVIWWYVI EHNYWXMRK WGVI[ '  6ITPEGI MJ [SVR


SV HEQEKIH

 -RWTIGX TVIWWYVI EHNYWXMRK WTVMRK &  6ITPEGI MJ


FVSOIR SV HMWXSVXIH

 -RWTIGX WTVMRK WIEX % JSV [IEV 6ITPEGI EW


RIGIWWEV]

 6ITPEGI RS^^PI GPEQT MJ FIRX

%Œ7TVMRK 7IEX
&Œ4VIWWYVI %HNYWXMRK 7TVMRK
'Œ4VIWWYVI %HNYWXMRK 7GVI[
(Œ0MJX %HNYWXMRK 7GVI[

6+.; rr23:r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
%WWIQFPI *YIP -RNIGXMSR 2S^^PIW

%Œ2S^^PI &SH] )Œ7TVMRK 7IEX -Œ4VIWWYVI %HNYWXMRK 7GVI[ /Œ4VIWWYVI %HNYWXMRK 7GVI[
&Œ7TEGIV *Œ4VIWWYVI %HNYWXMRK 7TVMRK 0SGO 2YX 0Œ,SPH(S[R 'PEQTW
'Œ-RHI\MRK 'PEQT +Œ;EWLIV .Œ0MJX %HNYWXMRK 7GVI[
(Œ2S^^PI :EPZI ,Œ0MJX %HNYWXMRK 7GVI[ 0SGO
2YX

 -RWXEPP RS^^PI WTEGIV & SRXS YTTIV RS^^PI FSH]  -RZIVX EHNYWXMRK WGVI[ EWWIQFP] ERH EWWIQFPI
%  4SWMXMSR RS^^PI MRHI\MRK GPEQT ' SZIV YTTIV WTVMRK WIEX ) ERH WTVMRK * XS EHNYWXMRK WGVI[
RS^^PI FSH] [MXL JPERKIW TSMRXMRK HS[R[EVH -RWXEPP
XLVII VIQEMRMRK GPEQTW 0 SRXS RS^^PI FSH]  8MPX FSH] (3 238 EPPS[ ZEPZI XS JEPP SYX ERH MRWXEPP
WTVMRK ERH EHNYWXMRK WGVI[W XS FSH] &I GEVIJYP RSX
-14368%28 ;IEV VYFFIV KPSZIW [LIR XS HMWPSHKI WTVMRK SV WIEX HYVMRK MRMXMEP EWWIQFP]
EWWIQFPMRK RS^^PIW
 8YVR TVIWWYVI EHNYWXMRK WGVI[ HS[R EW JEV EW
 (MT ZEPZI ( MR GPIER JYIP ERH MRWIVX MRXS RS^^PI TSWWMFPI F] LERH YWYEPP] EFSYX XIR JYPP XYVRW
FSH] %HNYWX RS^^PI EW HIXEMPIH PEXIV MR XLMW KVSYT

 8LVIEH PMJX EHNYWXMRK WGVI[ . MRXS TVIWWYVI


EHNYWXMRK WGVI[ / YRXMP XST NYWX IRXIVW WGVI[

6+.; rr23:r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
%HNYWX *YIP -RNIGXMSR 2S^^PIW

'%98-32 2S^^PI XMT WLSYPH EP[E]W FI HMVIGXIH


E[E] JVSQ STIVEXSV *YIP JVSQ WTVE] SVMJMGIW
GER TIRIXVEXI GPSXLMRK ERH WOMR GEYWMRK WIVMSYW
TIVWSREP MRNYV] )RGPSWMRK RS^^PI MR E KPEWW
FIEOIV MW VIGSQQIRHIH

&IJSVI ETTP]MRK TVIWWYVI XS RS^^PI XIWXIV FI


WYVI EPP GSRRIGXMSRW EVI XMKLX ERH JMXXMRKW EVI
RSX HEQEKIH *PYMH IWGETMRK JVSQ E ZIV] WQEPP
LSPI GER FI EPQSWX MRZMWMFPI 9WI E TMIGI SJ
GEVHFSEVH SV [SSH VEXLIV XLER LERHW XS
WIEVGL JSV WYWTIGXIH PIEOW

-J %2= JPYMH MW MRNIGXIH MRXS XLI WOMR MX QYWX FI


WYVKMGEPP] VIQSZIH [MXLMR E JI[ LSYVW F] E
HSGXSV JEQMPMEV [MXL XLMW X]TI MRNYV] SV KERKVIRI
QE] VIWYPX

'SRRIGX RS^^PI XS RS^^PI XIWXIV 7II 8)78 *9)0


-2.)'8-32 23>>0)7 IEVPMIV MR XLMW KVSYT

'SRXMRYIH SR RI\X TEKI 01&6+.; rr23:r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
%HNYWX 2S^^PI 3TIRMRK 4VIWWYVI

'PSWI TVIWWYVI KEYKI ZEPZI ERH JPYWL RS^^PI F] STIVEXMRK


TYQT VETMHP]

6EMWI TVIWWYVI SR TYQT YRXMP RS^^PI STIRW KEYKI HVSTW


WLEVTP] 

6IJIV XS RS^^PI STIRMRK TVIWWYVI WTIGMJMGEXMSRW FIPS[

*YIP -RNIGXMSR -( 2S  2S^^PIW 2EXYVEPP] %WTMVEXIH


)RKMRIW Œ7TIGMJMGEXMSR
2I[ SV 6IGSRHMXMSRIH 2S^^PI
[MXL 2I[ -RXIVREP 4EVXWŒ3TIRMRK
4VIWWYVI JSV 7IXXMRK   Π O4E
ΠFEV
ΠTWM
3TIRMRK 4VIWWYVI JSV 'LIGOMRK
1MRMQYQ    O4E  FEV
 TWM
9WIH 2S^^PIŒ3TIRMRK 4VIWWYVI
JSV 'LIGOMRK 1MRMQYQ    O4E  FEV
 TWM
3TIRMRK 4VIWWYVI (MJJIVIRGI
FIX[IIR ']PMRHIVWŒ4VIWWYVI
(MJJIVIRGI 1E\MQYQ   O4E  FEV  TWM

*YIP -RNIGXMSR -( 2S  2S^^PIW 8YVFSGLEVKIH )RKMRIW Œ


7TIGMJMGEXMSR
2I[ SV 6IGSRHMXMSRIH 2S^^PI
[MXL 2I[ -RXIVREP 4EVXWŒ3TIRMRK
%Œ4VIWWYVI %HNYWXMRK 7GVI[ 0SGO 2YX
4VIWWYVI JSV 7IXXMRK   Π O4E
&Œ0MJX %HNYWXMRK 7GVI[
ΠFEV
'Œ4VIWWYVI %HNYWXMRK 7GVI[
ΠTWM
(Œ0MJX %HNYWXMRK 0SGO 2YX
3TIRMRK 4VIWWYVI JSV 'LIGOMRK
1MRMQYQ    O4E  FEV
 TWM
9WIH 2S^^PIŒ3TIRMRK 4VIWWYVI
JSV 'LIGOMRK 1MRMQYQ    O4E  FEV
 TWM
3TIRMRK 4VIWWYVI (MJJIVIRGI
FIX[IIR ']PMRHIVWŒ4VIWWYVI
(MJJIVIRGI 1E\MQYQ   O4E  FEV  TWM

'SRXMRYIH SR RI\X TEKI 01&6+.; rr23:r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
-J 3TIRMRK 4VIWWYVI MW -RGSVVIGX

 6IQSZI RS^^PI JVSQ XIWXIV ERH MRWXEPP MR LSPHMRK


JM\XYVI

 6IQSZI PMJX EHNYWXMRK PSGO RYX ( 

 0SSWIR TVIWWYVI EHNYWXMRK WGVI[ PSGO RYX %  YWMRK -(


2S  2S^^PI ;VIRGL

 6IGSRRIGX RS^^PI XS XIWXIV [MXL XMT TSMRXMRK HS[R[EVH

 &EGO SYX PMJX EHNYWXMRK WGVI[ & JEV IRSYKL X[S SV


XLVII XYVRW XS TVIZIRX FSXXSQMRK [LIR TVIWWYVI
%Œ4VIWWYVI %HNYWXMRK 7GVI[ 0SGO 2YX
EHNYWXMRK WGVI[ ' MW XYVRIH &Œ0MJX %HNYWXMRK 7GVI[
'Œ4VIWWYVI %HNYWXMRK 7GVI[
 8YVR TVIWWYVI EHNYWXMRK WGVI[ MR GPSGO[MWI XS (Œ0MJX %HNYWXMRK 0SGO 2YX
MRGVIEWI STIRMRK TVIWWYVI SV SYX GSYRXIVGPSGO[MWI XS
HIGVIEWI STIRMRK TVIWWYVI

01&6+.; rr23:r

 6IQSZI RS^^PI JVSQ XIWXIV ERH WIGYVI MR LSPHMRK


JM\XYVI ;LMPI LSPHMRK TVIWWYVI EHNYWXMRK WGVI[ XMKLXIR
TVIWWYVI EHNYWXMRK WGVI[ PSGO RYX XS WTIGMJMGEXMSRW
YWMRK E GVS[WJSSX [VIRGL SV XSVUYI [VIRGL EHETXIV MJ
EZEMPEFPI

7TIGMJMGEXMSR
-RNIGXMSR 2S^^PI 4VIWWYVI
%HNYWXMRK 7GVI[ 0SGO 2YXŒ
8SVUYI   2wQ  PFJX

'SRXMRYIH SR RI\X TEKI 01&6+.; rr23:r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
%HNYWX 2S^^PI :EPZI 0MJX

 6IGSRRIGX RS^^PI XS XIWXIV ;LMPI TYQTMRK JYIP


XLVSYKL RS^^PI LSPH TVIWWYVI EHNYWXMRK WGVI[ ERH
WPS[P] XYVR PMJX EHNYWXMRK WGVI[ MR GPSGO[MWI YRXMP ZEPZI
GIEWIW XS STIR

-14368%28 (3 238 QERYEPP] FSXXSQ XLI ZEPZI [MXL


I\GIWWMZI JSVGI EW FIRHMRK SJ XLI ZEPZI
QE] VIWYPX

 'LIGO JSV ZEPZI FSXXSQMRK F] VEMWMRK TVIWWYVI XS


ΠO4E ΠFEV ΠTWM EFSZI
RS^^PI STIRMRK TVIWWYVI

%PXLSYKL WSQI JYIP QE] GSPPIGX EX RS^^PI XMT E VETMH


HVMFFPI WLSYPH RSX SGGYV

 6IQSZI RS^^PI JVSQ XIWXIV ERH MRWXEPP MR LSPHMRK


JM\XYVI

 'EVIJYPP] XYVR PMJX EHNYWXMRK WGVI[ SYX WTIGMJMIH EQSYRX


% XSPIVERGI SJ  XYVR MW TIVQMWWMFPI

7TIGMJMGEXMSR
*YIP -RNIGXMSR 2S^^PI :EPZIŒ
2IIHPI 0MJX &EWIH SR >IVS 0MJX   8YVR 'SYRXIVGPSGO[MWI

'SRXMRYIH SR RI\X TEKI 01&6+.; rr23:r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
 ,SPH TVIWWYVI EHNYWXMRK WGVI[ WXEXMSREV] ERH XMKLXIR PMJX
EHNYWXMRK WGVI[ PSGO RYX XS WTIGMJMGEXMSRW 9WI E
GVS[WJSSX [VIRGL SV XSVUYI [VIRGL EHETXIV MJ
EZEMPEFPI

7TIGMJMGEXMSR
*YIP -RNIGXMSR 2S^^PI 0MJX
%HNYWXMRK 7GVI[ 0SGO 2YXŒ
8SVUYI   2wQ  PFJX  PFMR

 6IGLIGO RS^^PI STIRMRK TVIWWYVI

-J RS^^PI GLEXXIV MW MRGSVVIGX EJXIV WIVZMGMRK ZEPZI TEVXW


QE] FI QMWEPMKRIH 8S GSVVIGX WGVI[ TVIWWYVI
EHNYWXMRK WGVI[ XLVSYKL MXW VERKI SJ EHNYWXQIRX WIZIVEP
XMQIW ERH VIWIX ZEPZI PMJX 6IGLIGO RS^^PI JSV GLEXXIV

 'PIER RS^^PI [MXL FVEWW [MVI FVYWL

01&6+.; rr23:r

-RWXEPP 7IEPW SR *YIP -RNIGXMSR 2S^^PI

-14368%28 )EGL XMQI ER MRNIGXMSR RS^^PI MW


VIQSZIH JVSQ XLI G]PMRHIV LIEH
VITPEGI GEVFSR WXST WIEP & [MXL E RI[
SRI

 4SWMXMSR -( 2S  2S^^PI 'EVFSR 7XST 7IEP


-RWXEPPIV % SZIV RS^^PI XMT

 -RWXEPP E RI[ WIEP [EWLIV ' SRXS RS^^PI FSH]

 4SWMXMSR E RI[ GEVFSR WXST WIEP & SR WIEP MRWXEPPIV


7PMHI XLI GEVFSR WIEP YRXMP MX WIEXW MR MXW KVSSZI SR %Œ'EVFSR 7XST 7IEP -RWXEPPIV
RS^^PI FSH] &Œ'EVFSR 7XST 7IEP
'Œ7IEP ;EWLIV

01&6+.; rr23:r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
-RWXEPP *YIP -RNIGXMSR 2S^^PIW

-14368%28 &IJSVI MRWXEPPMRK MRNIGXMSR RS^^PIW QEOI


WYVI RS^^PIW EVI GPIER ERH JVII JVSQ SMP
SV KVIEWI

 6IQSZI TPYK MJ MRWXEPPIH TVIZMSYWP] JVSQ RS^^PI FSVI


MR G]PMRHIV LIEH ERH FPS[ SYX FSVI [MXL GSQTVIWWIH
EMV

 -RWXEPP RS^^PI [MXL WTEGIV ERH GPEQTW MR G]PMRHIV LIEH


YWMRK E WPMKLX X[MWXMRK QSXMSR EW RS^^PI MW WIEXIH MR
FSVI -PPYWXVEXMSR WLS[W VIPEXMSRWLMT SJ TEVXW VIUYMVIH
JSV TVSTIV MRWXEPPEXMSR

 %PMKR RS^^PI GPEQTW ERH MRWXEPP GET WGVI[ (S RSX


XMKLXIR GET WGVI[ EX XLMW WXEKI

 'SRRIGX JYIP TVIWWYVI PMRI XS RS^^PI 0IEZI GSRRIGXMSR


WPMKLXP] PSSWI YRXMP EMV MW FPIH JVSQ W]WXIQ

 8MKLXIR RS^^PI LSPHHS[R GPEQT GET WGVI[W XS


WTIGMJMGEXMSRW

7TIGMJMGEXMSR
*YIP -RNIGXMSR 2S^^PI ,SPH(S[R
'PEQT 'ET 7GVI[WŒ8SVUYI  2wQ  PFJX

 -RWXEPP PIEOSJJ PMRI EWWIQFP]

7TIGMJMGEXMSR
*YIP 0IEO3JJ ,I\ 2YXŒ8SVUYI   2wQ  PFJX
 PFMR

'SRXMRYIH SR RI\X TEKI 01&6+.; rr23:r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
 &PIIH EMV JVSQ PSSWI MRNIGXMSR PMRI GSRRIGXMSR 8MKLXIR
GSRRIGXMSR YWMRK X[S [VIRGLIW XS XLI JSPPS[MRK
WTIGMJMGEXMSRW

7TIGMJMGEXMSR
*YIP -RNIGXMSR 2S^^PI (IPMZIV]
0MRIŒ8SVUYI   2wQ  PFJX

7II &0))( 8,) *9)0 7=78)1 MR XLMW KVSYT

01&6+.; rr23:r

&PIIH XLI *YIP 7]WXIQ

'%98-32 )WGETMRK JPYMH YRHIV TVIWWYVI GER


TIRIXVEXI XLI WOMR GEYWMRK WIVMSYW MRNYV] %ZSMH
LE^EVHW F] VIPMIZMRK TVIWWYVI FIJSVI
HMWGSRRIGXMRK L]HVEYPMG SV SXLIV PMRIW 8MKLXIR
EPP GSRRIGXMSRW FIJSVI ETTP]MRK TVIWWYVI
7IEVGL JSV PIEOW [MXL E TMIGI SJ GEVHFSEVH
4VSXIGX LERHW ERH FSH] JVSQ LMKL TVIWWYVI
JPYMHW

-J ER EGGMHIRX SGGYVW WII E HSGXSV MQQIHMEXIP]


%R] JPYMH MRNIGXIH MRXS XLI WOMR QYWX FI
WYVKMGEPP] VIQSZIH [MXLMR E JI[ LSYVW SV
KERKVIRI QE] VIWYPX (SGXSVW YRJEQMPMEV [MXL
XLMW X]TI SJ MRNYV] WLSYPH VIJIVIRGI E
ORS[PIHKIEFPI QIHMGEP WSYVGI

%R] XMQI XLI JYIP W]WXIQ LEW FIIR STIRIH YT JSV WIVZMGI
PMRIW HMWGSRRIGXIH SV JMPXIVW VIQSZIH  MX [MPP FI RIGIWWEV]
XS FPIIH EMV JVSQ XLI W]WXIQ

8LI JYIP W]WXIQ QE] FI FPIH EX SRI SJ WIZIVEP PSGEXMSRW


3R WSQI IRKMRI ETTPMGEXMSRW MX QE] FI RIGIWWEV] XS
GSRWYPX ]SYV STIVEXSV W QERYEP ERH GLSSWI XLI FIWX
PSGEXMSR JSV ]SYV IRKMRIQEGLMRI ETTPMGEXMSR

'SRXMRYIH SR RI\X TEKI 01&(47+393 rr%46r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
&PIIH *YIP 7]WXIQ EX *MREP *YIP *MPXIV

 3TIR EMV FPIIH ZIRX WGVI[ % X[S JYPP XYVRW F] LERH

 4YQT XLI LERH TVMQIV MJ IUYMTTIH SR JMPXIV QSYRXMRK


FEWI YRXMP E RSXMGIEFPI EQSYRX SJ JYIP ERH EMV GSQIW
SYX SJ ZIRX STIRMRK 'SRXMRYI TYQTMRK ERH GPSWI ZIRX
WGVI[ [LIR JYIP WXEVXW XS JPS[

 4YQT XLI LERH TVMQIV WIZIVEP XMQIW YRXMP VIWMWXERGI MW


JIPX 'SRXMRYI TYQTMRK ERH STIR EMV FPIIH ZIRX WGVI[
EKEMR

 'PSWI EMV FPIIH ZIRX WGVI[ ERH TYQT XLI LERH TVMQIV
WIZIVEP XMQIW YRXMP VIWMWXERGI MW JIPX EKEMR
%Œ&PIIH :IRX 7GVI[

01&(47+393 rr%46r

&PIIH *YIP 7]WXIQ EX *YIP -RNIGXMSR 4YQT

3R 7XEREH]RI VSXEV] TYQTW

 0SSWIR JYIP VIXYVR PMRI % EX JYIP MRNIGXMSR TYQT

 3TIVEXI JYIP WYTTP] TYQT TVMQIV PIZIV

 %W WSSR EW JYIP JPS[ MW JVII JVSQ EMV FYFFPIW XMKLXIR


JYIP VIXYVR PMRI XS WTIGMJMGEXMSRW 4VMQIV PIZIV MW
WTVMRKPSEHIH ERH [MPP VIXYVR XS RSVQEP TSWMXMSR

7TIGMJMGEXMSR
*YIP -RNIGXMSR 4YQT 6IXYVR
0MRIŒ8SVUYI   2wQ  PFJX %Œ*YIP 6IXYVR 0MRI

'SRXMRYIH SR RI\X TEKI 01&(47+393 rr%46r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
3R 0YGEW VSXEV] TYQTW

'%98-32 2):)6 PSSWIR WGVI[ ' WIGYVMRK


TYQT LIEH SV TYQT HEQEKI QE] SGGYV

 0SSWIR FPIIH WGVI[ &  SV JYIP VIXYVR PMRI SR PEXIV


QSHIPW SR TYQT GSZIV

 3TIVEXI WYTTP] TYQT TVMQIV PIZIV SV XYVR MKRMXMSR


W[MXGL XS 32 &Œ&PIIH 7GVI[
'Œ4YQT ,IEH 7GVI[
 ;EMX YRXMP JYIP JPS[ MW JVII JVSQ EMV FYFFPIW 6IXMKLXIR
FPIIH WGVI[

-J YWIH TVMQIV PIZIV MW WTVMRKPSEHIH ERH [MPP VIXYVR XS


RSVQEP TSWMXMSR

'SRXMRYIH SR RI\X TEKI 01&(47+393 rr%46r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
&PIIH *YIP 7]WXIQ EX *YIP -RNIGXMSR 2S^^PIW

 4PEGI XLVSXXPI PIZIV MR LEPJXLVSXXPI TSWMXMSR

3R IRKMRIW IUYMTTIH [MXL IPIGXVSRMG JYIP WLYXSJJ


WSPIRSMH IRIVKM^I WSPIRSMH

-14368%28 %P[E]W YWI E FEGOYT [VIRGL [LIR


PSSWIRMRK SV XMKLXIRMRK JYIP PMRIW EX
RS^^PIW ERHSV MRNIGXMSR TYQT XS EZSMH
HEQEKI

 9WMRK X[S STIRIRH [VIRGLIW PSSWIR X[S JYIP PMRI


GSRRIGXMSRW EX MRNIGXMSR RS^^PIW

 'VERO IRKMRI SZIV [MXL WXEVXMRK QSXSV JSV  WIGSRHW


FYX HS RSX WXEVX IRKMRI YRXMP JYIP JVII JVSQ FYFFPIW
JPS[W SYX SJ PSSWIRIH GSRRIGXMSR 6IXMKLXIR GSRRIGXMSR
XS WTIGMJMGEXMSRW

7TIGMJMGEXMSR
*YIP -RNIGXMSR 2S^^PI (IPMZIV]
0MRIWŒ8SVUYI   2wQ  PFJX

 6ITIEX TVSGIHYVI JSV VIQEMRMRK MRNIGXMSR RS^^PIW MJ


RIGIWWEV] YRXMP EPP EMV LEW FIIR VIQSZIH JVSQ JYIP
W]WXIQ

01&(47+393 rr%46r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
7IGXMSR 
8LISV] SJ 3TIVEXMSR
'SRXIRXW

4EKI

+VSYT Œ1IGLERMGEP *YIP 7]WXIQW 3TIVEXMSR


*YIP -RNIGXMSR 4YQTŒ+IRIVEP -RJSVQEXMSR   
*YIP 7]WXIQ 3TIVEXMSRŒ6SXEV] *YIP
-RNIGXMSR 4YQT                      
*YIP 7YTTP] 4YQT 3TIVEXMSRŒ6SXEV]
-RNIGXMSR 4YQT                      
'SPH 7XEVX %HZERGI 7]WXIQ 3TIVEXMSR
6SXEV] 4YQTW                      
0MKLX 0SEH %HZERGI 3TIVEXMSR 6SXEV]
4YQTW                            
*MREP *YIP *MPXIV;EXIV 7ITEVEXSV
3TIVEXMSR                          
7XEREH]RI 6SXEV] *YIP -RNIGXMSR 4YQT
3TIVEXMSR                          
0YGEW 6SXEV] *YIP -RNIGXMSR 4YQT
3TIVEXMSR                         
%RIVSMH 3TIVEXMSR -J )UYMTTIH          
*YIP -RNIGXMSR 2S^^PIW 3TIVEXMSR         

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
+VSYT 
1IGLERMGEP *YIP 7]WXIQW 3TIVEXMSR
*YIP -RNIGXMSR 4YQTŒ+IRIVEP -RJSVQEXMSR

8LI IRKMRIW EVI IUYMTTIH [MXL E 7XEREH]RI SV 0YGEW


VSXEV]X]TI MRNIGXMSR TYQT 6SXEV] MRNIGXMSR TYQTW EVI
H]REQMGEPP] XMQIH EX XLI TVSHYGMRK JEGXSV] ERH VIJIVIRGI
XMQMRK QEVOW EVI EGGYVEXIP] WXEQTIH SR JVSRX TPEXI ERH
MRNIGXMSR TYQT LYF 8MQMRK GER FI GLIGOIH ERH EHNYWXIH
EW GSZIVIH FIPS[ YWMRK XLI8-1) 86%' /MX

-RNIGXMSR TYQTW QE] FI IUYMTTIH [MXL ER ERIVSMH GSRXVSP

01&(47+393 rr%46r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
*YIP 7]WXIQ 3TIVEXMSRŒ6SXEV] *YIP -RNIGXMSR 4YQT

'SRXMRYIH SR RI\X TEKI 6+.; rr23:r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
%Œ*YIP 7YTTP] 8VERWJIV 'Œ*MREP *YIP *MPXIV *Œ7YTTP] 4YQT 4VIWWYVI ,Œ*YIP 6IXYVR 0IEO3JJ
4YQT (Œ*YIP -RNIGXMSR 2S^^PIW *YIP -Œ7YGXMSR *YIP JVSQ 8ERO
&Œ4VMQEV] *YIP *MPXIV;EXIV )Œ*YIP -RNIGXMSR 4YQT +Œ-RNIGXMSR 4VIWWYVI *YIP
7ITEVEXSV

6IJIV XS MPPYWXVEXMSR SR TVIZMSYW TEKI -RGSVTSVEXIH MRXS XLI JYIP W]WXIQ MW E QIERW SJ
VIXYVRMRK I\GIWW SV YRYWIH JYIP , FEGO XS XLI JYIP
8LI JYIP WYTTP] TYQT % HVE[W JYIP JVSQ XLI XERO ERH XERO )\GIWW JYIP GSQIW JVSQ X[S WSYVGIW
TVIWWYVM^IW MX 8LMW TVIWWYVI TIVQMXW XLI JYIP XS JPS[
XLVSYKL XLI STXMSREP TVMQEV] JMPXIV & ERH JMREP JMPXIV '  *YIP -RNIGXMSR 4YQT % UYERXMX] SJ JYIP KVIEXIV XLER
ERH GLEVKI XLI XVERWJIV TYQT SJ XLI MRNIGXMSR TYQT XLEX VIUYMVIH F] XLI IRKMRI MW WYTTPMIH XS XLI JYIP
) MRNIGXMSR TYQT
 *YIP -RNIGXMSR 2S^^PIW % WQEPP EQSYRX SJ JYIP
;MXL XLI JYIP MRNIGXMSR TYQT GLEVKIH [MXL JYIP F] XLI WIITW TEWX XLI RS^^PI ZEPZI JSV PYFVMGEXMSR
JYIP WYTTP] TYQT XLI MRNIGXMSR TYQT TPYRKIVW TYVTSWIW
TVIWWYVM^I XLI JYIP XS ETTVS\MQEXIP]   O4E 
FEV  TWM  (IPMZIV] TVIWWYVI PMRIW EVI YWIH XS 8S KIX XLI I\GIWW JYIP FEGO XS XLI XERO E VIXYVR PMRI
VSYXI XLMW LMKL TVIWWYVI JYIP XS XLI JYIP MRNIGXMSR JVSQ XLI MRNIGXMSR TYQT MW GSRRIGXIH XS XLI QMHHPI SJ
RS^^PIW (  XLI RS^^PI PIEOSJJ PMRI *YIP JVSQ FSXL WSYVGIW MW XLIR
VIXYVRIH XS XLI XERO F] E VIXYVR TMTI GSRRIGXIH XS XLI
*YIP IRXIVW XLI MRNIGXMSR RS^^PI EX E TVIWWYVI [LMGL JVSRX IRH SJ XLI PIEOSJJ TMTI
IEWMP] SZIVGSQIW XLI TVIWWYVI VIUYMVIH XS STIR XLI
RS^^PI ZEPZI ;LIR XLI RS^^PI ZEPZI STIRW JYIP MW
JSVGIH SYX XLVSYKL XLI SVMJMGIW MR XLI RS^^PI XMT ERH
EXSQM^IW EW MX IRXIVW XLI GSQFYWXMSR GLEQFIV

6+.; rr23:r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
*YIP 7YTTP] 4YQT 3TIVEXMSRŒ6SXEV]
-RNIGXMSR 4YQT

8LI JYIP WYTTP] TYQT YWIH [MXL 0YGEW ERH 7XEREH]RI


VSXEV] JYIP MRNIGXMSR TYQTW YWIW ER IGGIRXVMG PSFI SR XLI
IRKMRI GEQWLEJX XS STIVEXI PIZIV + SR WYTTP] TYQT XS
TVIWWYVM^I JYIP W]WXIQ

*YIP JPS[W JVSQ XLI JYIP XERO EX KVEZMX] TVIWWYVI XS XLI


MRPIX WMHI ( SJ XLI HMETLVEKQX]TI TYQT

%W PIZIV + VMHIW SR XLI LMKL WMHI SJ XLI GEQWLEJX PSFI


VSH * TYPPW HMETLVEKQ - HS[R 7YGXMSR TVIWWYVI STIRW
XLI MRPIX GLIGO ZEPZI ' ERH JYIP MW HVE[R MRXS XLI TYQT

%W XLI GEQWLEJX PSFI VSXEXIW XS XLI PS[ WMHI VIXYVR WTVMRK


) JSVGIW HMETLVEKQ - YT[EVH 8LI VIWYPXMRK JYIP
TVIWWYVI GPSWIW MRPIX GLIGO ZEPZI ' ERH STIRW SYXPIX
GLIGO ZEPZI &  HIPMZIVMRK JYIP XLVSYKL SYXPIX % XS XLI
MRNIGXMSR TYQT

,ERH TVMQIV PIZIV , MW TVSZMHIH JSV QERYEPP] JSVGMRK JYIP


XLVSYKL XLI W]WXIQ XS FPIIH EMV JVSQ XLI JYIP JMPXIV PMRIW %Œ*YIP 3YXPIX
IXG &Œ3YXPIX 'LIGO :EPZI
'Œ-RPIX 'LIGO :EPZI
(Œ*YIP -RPIX
)Œ6IXYVR 7TVMRK
*Œ6SH
+Œ0IZIV
,Œ,ERH 4VMQIV 0IZIV
-Œ(METLVEKQ

01&6+.; rr23:r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
'SPH 7XEVX %HZERGI 7]WXIQ 3TIVEXMSR
6SXEV] 4YQTW

8S GSQTP] [MXL I\LEYWX IQMWWMSRW VIKYPEXMSRW XLI XMQMRK


SJ MRNIGXMSR TYQTW WLSYPH FI EVSYRH ΠHIKVIIW FIJSVI
8(' 8LMW XMQMRK ZEPYI HSIW RSX EPPS[ JSV TVSTIV WXEVXYT
[LIR XLI IRKMRI MW GSPH % GSPH WXEVX EHZERGI W]WXIQ MW
YWIH XS XIQTSVEVMP] EHZERGI MRNIGXMSR TYQT XMQMRK HYVMRK
GSPH IRKMRI WXEVXYT GSRHMXMSRW

7XEREH]RI 'SPH 7XEVX %HZERGI

3R IRKMRIW IUYMTTIH [MXL 7XEREH]RI MRNIGXMSR TYQTW XLI


QENSV GSQTSRIRXW SJ XLI GSPH WXEVX EHZERGI W]WXIQ EVI
XLI GSPH WXEVX EHZERGI W[MXGL GSPH WXEVX EHZERGI WSPIRSMH
ERH GSPH WXEVX EHZERGI TMWXSR

8LI GSPH WXEVX EHZERGI W[MXGL MW QSYRXIH MR XLI [EXIV


QERMJSPHXLIVQSWXEX LSYWMRK 8LI W[MXGL MW RSVQEPP]
GPSWIH EX GSSPERX XIQTIVEXYVIW FIPS[ ”' ”* 
TVSZMHMRK GYVVIRX XS IRIVKM^I XLI GSPH WXEVX WSPIRSMH %X
GSPH WXEVXYT XLI WSPIRSMH TPYRKIV MW YRWIEXIH EPPS[MRK %Œ'SPH 7XEVX %HZERGI 7SPIRSMH %WWIQFP]
TVIWWYVM^IH JYIP XS JPS[ XS XLI GSPH WXEVX EHZERGI TMWXSR &Œ;MVMRK 'SRRIGXSV JSV 'SPH 7XEVX 7[MXGL
(  8LMW JSVGIW EHZERGI TMWXSR ) XS XLI JYPP] EHZERGIH 'Œ7SPIRSMH :EPZI
TSWMXMSR EHZERGMRK IRKMRI XMQMRK Œ HIKVIIW (Œ'SPH %HZERGI 4MWXSR
)Œ%HZERGI 4MWXSR

;LIR IRKMRI GSSPERX XIQTIVEXYVI VMWIW EFSZI ”'


”*  XLI GSPH WXEVX EHZERGI W[MXGL STIRW GYXXMRK SJJ
GYVVIRX JPS[ XS XLI WSPIRSMH 8LI WSPIRSMH TPYRKIV WIEXW
GYXXMRK SJJ JYIP JPS[ XS XLI GSPH WXEVX EHZERGI TMWXSR (
ERH XMQMRK VIXYVRW XS RSVQEP STIVEXMRK PIZIPW

0YGEW 'SPH 7XEVX %HZERGI

3R IRKMRIW IUYMTTIH [MXL 0YGEW MRNIGXMSR TYQTW XLI


QENSV GSQTSRIRXW SJ XLI GSPH WXEVX EHZERGI W]WXIQ EVI
XLI GSPH WXEVX EHZERGI W[MXGL [E\ QSXSV GSPH WXEVX
EHZERGI TMWXSR ERH WTVMRKW EYXS EHZERGI LSYWMRK TMWXSR
ERH WTVMRKW

8LI GSPH WXEVX EHZERGI W[MXGL MW QSYRXIH MR XLI [EXIV


QERMJSPHXLIVQSWXEX LSYWMRK 8LI W[MXGL MW RSVQEPP] STIR
EX GSSPERX XIQTIVEXYVIW FIPS[ ” ' ”*  %X GSPH
WXEVXYT XLIVI MW RS GYVVIRX JPS[ XS XLI [E\ QSXSV
1E\MQYQ JYIP TVIWWYVI MW ETTPMIH XS XLI EYXS EHZERGI
TMWXSR ERH IRKMRI XMQMRK MW EHZERGIH ΠHIKVIIW

'SRXMRYIH SR RI\X TEKI (47+393 rr%46r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
;LIR IRKMRI GSSPERX XIQTIVEXYVI VMWIW EFSZI ”'
”*  XLI GSPH WXEVX EHZERGI W[MXGL GPSWIW ERH GYVVIRX
JPS[W XS XLI [E\ QSXSV % LIEXMRK IPIQIRX MR XLI [E\
QSXSV LIEXW XLI [E\ GEYWMRK MX XS I\TERH %W XLI [E\
I\TERHW XLI [E\ QSXSV TPYRKIV I\XIRHW STIRMRK E FEPP
ZEPZI ERH ETTP]MRK JYIP TVIWWYVI XS XLI GSPH WXEVX EHZERGI
TMWXSR )UYEP TVIWWYVI FIX[IIR XLI GSPH WXEVX EHZERGI
TMWXSR ERH XLI EYXS EHZERGI TMWXSR ERH XLI RIX JSVGI
ETTPMIH XS XLI EHZERGI WTVMRKW VIXYVRW MRNIGXMSR TYQT
XMQMRK XS RSVQEP STIVEXMRK PIZIPW

(47+393 rr%46r

0MKLX 0SEH %HZERGI 3TIVEXMSR 6SXEV] 4YQTW

0MKLX PSEH EHZERGI MW YWIH SR IRKMRIW [MXL VSXEV] VIXEVH XMQMRK ERH HVST IRKMRI VTQ YRHIV XLI VIQEMRMRK
MRNIGXMSR TYQTW XS QEMRXEMR MRNIGXMSR TYQT XMQMRK ERH PSEH 8S GSQTIRWEXI XLI KSZIVRSV FIKMRW XS GPSWI E
IRKMRI WTIIH EW PSEH HIGVIEWIW 9RHIV JYPP ERHSV QIXIVMRK ZEPZI MR XLI PMKLX PSEH EHZERGI GMVGYMX %W JPS[
GSRWMWXIRX PSEHW XVERWJIV TVIWWYVI MR XLI MRNIGXMSR XLVSYKL XLI QIXIVMRK ZEPZI HVSTW XVERWJIV TVIWWYVI
TYQT MW WXEFPI EGXMRK SR XLI EHZERGI TMWXSR XS FIKMRW XS VMWI EKEMR ERH EGXW SR XLI EHZERGI TMWXSR XS
QEMRXEMR TYQT XMQMRK ERH VEXIH IRKMRI WTIIH EHZERGI TYQT XMQMRK ERH QEMRXEMR IRKMRI VTQ

%W XLI PSEH FIKMRW XS HIGVIEWI E GSVVIWTSRHMRK


HIGVIEWI MR XVERWJIV TVIWWYVI SGGYVW [LMGL XIRHW XS

(47+393 rr.92r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
*MREP *YIP *MPXIV;EXIV 7ITEVEXSV 3TIVEXMSR

*YIP IRXIVW XLI JMPXIV EX MRPIX '  XLIR JPS[W XLVSYKL JMPXIV
IPIQIRX ( ERH I\MXW XLVSYKL SYXPIX & XS XLI JYIP
MRNIGXMSR TYQT 8LI JMPXIV IPIQIRX MW LSYWIH MR E WIHMQIRX
FS[P EXXEGLIH XS XLI FEWI [MXL E XLVIEHIH VIXEMRMRK VMRK

7MRGI [EXIV ERH GSRXEQMRERXW WIXXPI EX XLI FSXXSQ SJ XLI


WIHMQIRX FS[P E HVEMR TPYK ) MW TVSZMHIH

%MV MR XLI W]WXIQ GER FI I\TIPPIH XLVSYKL XLI EMV ZIRX


[LIR FPIIH WGVI[ % MW PSSWIRIH 3TXMSREP TVMQMRK TYQT
* HVE[W JYIP JVSQ XLI JYIP XERO XS JMPP XLI JMPXIV FS[P [LIR
XLI JMPXIV IPIQIRX MW GLERKIH 8LI TVMQMRK TYQT EPWS
WYTTPMIW JYIP JVSQ XLI JMPXIV XS XLI MRNIGXMSR TYQT

%Œ&PIIH 7GVI[
&Œ*YIP 3YXPIX
'Œ*YIP -RPIX
(Œ*MPXIV )PIQIRX
)Œ(VEMR 4PYK
*Œ4VMQIV 4YQT

6+.; rr23:r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
7XEREH]RI 6SXEV] *YIP -RNIGXMSR 4YQT 3TIVEXMSR

Œ(VMZI 7LEJX Œ4VIWWYVI 6IKYPEXSV Œ+SZIVRSV Œ6SPPIVW


Œ(MWXVMFYXSV 6SXSV Œ(MWGLEVKI *MXXMRK Œ+SZIVRSV ;IMKLXW Œ7YTTP] 4YQT -RPIX
Œ,]HVEYPMG ,IEH Œ1IXIVMRK :EPZI Œ%YXSQEXMG %HZERGI Œ'LEVKMRK 4SVXW
Œ(IPMZIV] :EPZI Œ4YQTMRK 4PYRKIVW Œ(VMZI 7LEJX &YWLMRK Œ8LVSXXPI 0IZIV
Œ7YTTP] 4YQT Œ-RXIVREP 'EQ 6MRK Œ,SYWMRK

8LI QEMR VSXEXMRK GSQTSRIRXW EVI XLI HVMZI WLEJX   HVMZI IRH SJ XLI VSXSV 8LI RYQFIV SJ GEQ PSFIW
HMWXVMFYXSV VSXSV   WYTTP] TYQT  ERH KSZIVRSV RSVQEPP] IUYEP XLI RYQFIV SJ IRKMRI G]PMRHIVW
 
8LI WYTTP] TYQT EX VIEV SJ VSXSV MW E TSWMXMZI
8LI HVMZI WLEJX IRKEKIW XLI HMWXVMFYXSV VSXSV MR HMWTPEGIQIRX ZERIX]TI TYQT IRGPSWIH MR XLI IRH
L]HVEYPMG LIEH   8LI HVMZI IRH SJ VSXSV MRGSVTSVEXIW GET 8LI IRH GET EPWS LSYWIW WYTTP] TYQT MRPIX  
X[S TYQTMRK TPYRKIVW   JYIP WXVEMRIV ERH TVIWWYVI VIKYPEXSV   7YTTP] TYQT
TVIWWYVI MW EYXSQEXMGEPP] GSQTIRWEXIH JSV ZMWGSWMX]
8LI TPYRKIVW EVI EGXYEXIH XS[EVH IEGL SXLIV IJJIGXW HYI XS XIQTIVEXYVI GLERKIW ERH JYIP KVEHI
WMQYPXERISYWP] F] ER MRXIVREP GEQ VMRK  XLVSYKL ZEVMEXMSRW
VSPPIVW  ERH WLSIW [LMGL EVI GEVVMIH MR WPSXW EX

'SRXMRYIH SR RI\X TEKI 6+.; rr23:r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
8LI HMWXVMFYXSV VSXSV MRGSVTSVEXIW X[S GLEVKMRK TSVXW QIXIVMRK ZEPZI 8LI VEHMEP TSWMXMSR SJ XLI QIXIVMRK
 ERH E WMRKPI E\MEP FSVI TEWWEKI [MXL SRI ZEPZI GSRXVSPPIH F] XLI KSZIVRSV VIKYPEXIW JPS[ SJ XLI
HMWGLEVKI TSVX XS WIVZI EPP LIEH SYXPIXW  XS XLI JYIP MRXS XLI VEHMEP GLEVKMRK TEWWEKIW [LMGL
MRNIGXMSR PMRIW 8LI VSXSV VSXEXIW MR FSVI SJ L]HVEYPMG MRGSVTSVEXIW XLI LIEH GLEVKMRK TSVXW
LIEH 1IXIVMRK ZEPZI  FSVI GLEVKMRK TSVXW ERH
HMWGLEVKI JMXXMRKW EVI PSGEXIH MR XLI LIEH %W XLI VSXSV VIZSPZIW XLI X[S VSXSV MRPIX TEWWEKIW
VIKMWXIV [MXL XLI GLEVKMRK TSVXW MR XLI L]HVEYPMG LIEH
8LMW TYQT GSRXEMRW MXW S[R QIGLERMGEP KSZIVRSV 8LI EPPS[MRK JYIP XS JPS[ MRXS XLI TYQTMRK GLEQFIV ;MXL
GIRXVMJYKEP JSVGI SJ XLI [IMKLXW  MR XLIMV VIXEMRIV MW JYVXLIV VSXEXMSR XLI MRPIX TEWWEKIW QSZI SYX SJ VIKMWXV]
XVERWQMXXIH XLVSYKL E WPIIZI XS E KSZIVRSV EVQ ERH ERH XLI HMWGLEVKI TSVX SJ XLI VSXSV VIKMWXIVW [MXL SRI
XLVSYKL E TSWMXMZI PMROEKI XS XLI QIXIVMRK ZEPZI 8LI SJ XLI LIEH SYXPIXW ;LMPI XLI HMWGLEVKI TSVX MW
QIXIVMRK ZEPZI GER FI GPSWIH XS WLYX SJJ JYIP XLVSYKL E STIRIH XLI VSPPIVW GSRXEGX XLI GEQ PSFIW JSVGMRK XLI
WSPMH PMROEKI F] ER MRHITIRHIRXP] STIVEXIH WLYXSJJ TPYRKIVW XSKIXLIV *YIP XVETTIH FIX[IIR XLI TPYRKIVW
PIZIV MW XLIR TVIWWYVM^IH ERH HIPMZIVIH F] XLI RS^^PI XS XLI
GSQFYWXMSR GLEQFIV
8LI EYXSQEXMG WTIIH EHZERGI   EHZERGIW SV
VIXEVHW L]HVEYPMGEPP] XLI FIKMRRMRK SJ JYIP HIPMZIV] 7IPJPYFVMGEXMSR MW ER MRLIVIRX JIEXYVI SJ XLI TYQT W
JVSQ XLI TYQT 8LI EHZERGI VIWTSRHW XS GLERKIW MR HIWMKR %W JYIP EX XVERWJIV TYQT TVIWWYVI VIEGLIW XLI
WTIIH SRP] SV XS E GSQFMREXMSR SJ WTIIH ERH PSEH GLEVKMRK TSVXW WPSXW SR XLI VSXSV WLERO EPPS[ JYIP ERH
GLERKIW ER] IRXVETTIH EMV XS JPS[ MRXS XLI TYQT LSYWMRK GEZMX]

*YIP MW HVE[R JVSQ XLI WYTTP] XERO XLVSYKL JMPXIVW MRXS %HHMXMSREPP] ER EMV ZIRX TEWWEKI MR XLI L]HVEYPMG LIEH
XLI TYQT MRPIX XLVSYKL XLI MRPIX JMPXIV WGVIIR F] XLI GSRRIGXW XLI SYXPIX WMHI SJ XLI XVERWJIV TYQT [MXL XLI
ZERI X]TI JYIP XVERWJIV TYQT 7SQI JYIP MW F]TEWWIH TYQT LSYWMRK 8LMW EPPS[W EMV ERH WSQI JYIP XS FI
XLVSYKL XLI TVIWWYVI VIKYPEXSV EWWIQFP] XS XLI WYGXMSR FPIH FEGO XS XLI JYIP XERO ZME XLI VIXYVR PMRI 8LI JYIP
WMHI XLYW F]TEWWIH JMPPW XLI LSYWMRK PYFVMGEXIW XLI MRXIVREP
GSQTSRIRXW GSSPW ERH GEVVMIW SJJ ER] WQEPP EMV
*YIP YRHIV XVERWJIV TYQT TVIWWYVI JPS[W XLVSYKL XLI FYFFPIW 8LI TYQT STIVEXIW [MXL XLI LSYWMRK
GIRXIV SJ XLI XVERWJIV TYQT VSXSV TEWX XLI VSXSV GSQTPIXIP] JYPP SJ JYIP XLIVI EVI RS HIEH EMV WTEGIW
VIXEMRIV MRXS E GMVGYPEV KVSSZI SR XLI VSXSV -X XLIR JPS[W ER][LIVI [MXLMR XLI TYQT
XLVSYKL E GSRRIGXMRK TEWWEKI MR XLI LIEH XS XLI
EYXSQEXMG EHZERGI ERH YT XLVSYKL E VEHMEP TEWWEKI % GSPH WXEVX W[MXGL MW STXMSREP ERH EMHW MR GSPH WXEVXYT
ERH XLIR XLVSYKL E GSRRIGXMRK TEWWEKI XS XLI STIVEXMSR

6+.; rr23:r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
0YGEW 6SXEV] *YIP -RNIGXMSR 4YQT 3TIVEXMSR

%Œ+SZIVRSV ,SYWMRK )Œ(MWXVMFYXSV 6SXSV ,Œ(IPMZIV] :EPZI /Œ4YQT ,SYWMRK


&Œ8LVSXXPI 0IZIV *Œ)RH 4PEXI -Œ-RXIVREP 'EQ 6MRK 0Œ%YXSQEXMG %HZERGI
'Œ4YQTMRK 4PYRKIVW +Œ7YTTP] 4YQT .Œ(VMZI 7LEJX 1Œ)PIGXVMG 7LYX3JJ
(Œ,]HVEYPMG ,IEH

8LI 0YGEW JYIP MRNIGXMSR TYQT MW E LSVM^SRXEPP] %W XLI VSXSV VSXEXIW XLI MRPIX FSVI MR TYQT LIEH EPMKRW
QSYRXIH HMWXVMFYXSV TYQT [MXL QIGLERMGEP KSZIVRSV [MXL MRPIX FSVI MR XLI VSXSV *YIP GSQMRK JVSQ XLI
ERH EYXSQEXMG L]HVEYPMG WTIIH EHZERGI 8LI QSZMRK XVERWJIV TYQT VIEGLIW XLI TYQT TPYRKIV GLEQFIV W
TEVXW SJ XLI TYQT EVI WMQYPXERISYWP] PYFVMGEXIH ERH XLVSYKL FSVI VIKYPEXIH F] XLI QIXIVMRK ZEPZI ERH
GSSPIH F] HMIWIP JYIP JPS[MRK XLVSYKL XLI TYQT RS JSVGIW XLI X[S TPYRKIVW ETEVX
EHHMXMSREP PYFVMGERX MW VIUYMVIH
(YVMRK JYVXLIV VSXEXMSR SJ XLI HMWXVMFYXSV VSXSV MRPIX FSVI
(MIWIP JYIP JSV MRNIGXMSR MW JIH XS XLI G]PMRHIVW F] E MR XLI TYQT LIEH MW GPSWIH ERH HMWXVMFYXSV GLERRIP MR
WMRKPI YRMX 8LI TYQTMRK TPYRKIVW ' ERH HMWXVMFYXSV XLI VSXSV IZIRXYEPP] EPMKRW [MXL SRI SJ XLI SYXPIX FSVIW
VSXSV ) EVI JMXXIH [MXL X[S STTSWIH TPYRKIVW MR XLI TYQT LIEH 1IER[LMPI XLI X[S TYQT TPYRKIVW
GSRXVSPPIH F] ER MRXIVREP GEQ VMRK -  LEZI VIEGLIH XLI GEQ WS XLEX XLI] QSZI XS[EVH IEGL
SXLIV 8LI XVETTIH QIXIVIH JYIP MW JSVGIH YRHIV LMKL
3R XLI SXLIV IRH SJ XLI VSXSV XLIVI MW E WYTTP] TYQT TVIWWYVI XLVSYKL E GLERRIP MR XLI VSXSV ERH SYXPIX
+ [LMGL HIPMZIVW XLI JYIP HVE[R JVSQ XLI JYIP JMPXIV STIRMRK MR XLI TYQT LIEH 8LIR XLVSYKL TVIWWYVM^MRK
XLVSYKL XLI QIXIVMRK ZEPZI MRXS XLI MRPIX FSVI MR XLI ZEPZI ERH TVIWWYVI PMRI XS XLI MRNIGXMSR RS^^PI ERH MRXS
TYQT L]HVEYPMG LIEH (  EX E TVIWWYVI XLEX ZEVMIW [MXL XLI ETTVSTVMEXI G]PMRHIV
IRKMRI WTIIH

'SRXMRYIH SR RI\X TEKI 01&6+.; rr23:r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
% TVIWWYVM^MRK ZEPZI MW PSGEXIH EX IEGL SYXPIX MR XLI 8S SFXEMR XLI FIWX TSWWMFPI TIVJSVQERGI SZIV XLI
TYQT LIEH [LIVI XLI TVIWWYVI PMRI PIEHMRK XS XLI JYIP IRXMVI WTIIH VERKI XLI JYIP MRNIGXMSR TYQT MW JMXXIH
MRNIGXMSR RS^^PI MW GSRRIGXIH %JXIV MRNIGXMSR XLI [MXL ER EYXSQEXMG L]HVEYPMGEPP] STIVEXIH WTIIH
TVIWWYVI ZEPZI GPSWIW EKEMR ERH [MXL MXW WQEPP VIPMIJ EHZERGI 0  8LMW WTIIH EHZERGI MW TVIWIX EX XLI
TMWXSR HVE[W MR E UYERXMX] SJ JYIP JVSQ XLI TVIWWYVI JEGXSV] 8LI WTIIH EHZERGI EHNYWXW XMQMRK SJ XLI JYIP
PMRI MRNIGXMSR TYQT MR VIPEXMSR XS IRKMRI WTIIH ERH PSEH

8LI VIWYPXMRK VIPMIJ MR XLI TVIWWYVI PMRI GEYWIW E UYMGO 8LI PMKLX PSEH EHZERGI MW WXERHEVH SR 1SHIP (4
ERH JMVQ GPSWMRK SJ XLI RS^^PI ZEPZI 8LMW TVIZIRXW JYIP TYQTW ERH STXMSREP SR (4 TYQTW
JVSQ PIEOMRK MRXS XLI GSQFYWXMSR GLEQFIV
% GSPH EHZERGI W[MXGL MW STXMSREP SR XLIWI TYQTW
8LI UYERXMX] SJ JYIP [LMGL MW RIIHIH EX ER] KMZIR 8LI W[MXGL GSRWMWXW SJ E LSYWMRK XS [LMGL MW JMXXIH E
QSQIRX JSV IEGL G]PMRHIV ERH GSQFYWXMSR G]GPI MW WTVMRKPSEHIH TMWXSR EWWIQFP] E l[E\ QSXSVz ERH E
VIKYPEXIH F] E QIXIVMRK ZEPZI 8LI QIXIVMRK ZEPZI MW WTVMRKPSEHIH FEPP ZEPZI -X MW JMXXIH EX XST SJ XLI WTVMRK
GSRXVSPPIH F] XLI WTIIH GSRXVSP VSH ERH XLVSXXPI PIZIV IRH SJ XLI EYXS EHZERGI LSYWMRK
&  ERH F] XLI KSZIVRSV MRWMHI XLI KSZIVRSV LSYWMRK
%  -R XLI l23*9)0z l3**z TSWMXMSR XLI QIXIVMRK -14368%28 6IQIQFIV XLEX EPP EHNYWXQIRXW XS
ZEPZI GSQTPIXIP] GYXW XLI WYTTP] SJ JYIP JVSQ WYTTP] XLI MRNIGXMSR TYQT I\GITX JSV WPS[
TYQT XS XLI VSXSV MHPI 1978 &) GEVVMIH SYX SR E XIWX
FIRGL F] E WTIGMEPMWX MRNIGXMSR TYQT
%X WPS[ MHPI WTIIH SV YRHIV JYPP PSEH XLI WYTTP] TYQT VITEMV WXEXMSR SRP] -RXIVREP
JIIHW QSVI JYIP XS XLI QIXIVMRK ZEPZI XLER MW RIIHIH EHNYWXQIRXW MR XLI JMIPH EVI RSX
JSV MRNIGXMSR 8LI I\GIWWMZI JYIP JPS[W XLVSYKL XLI TIVQMXXIH EW XLMW TYQT MW E WIEPIH
TVIWWYVI VIKYPEXMRK ZEPZI FEGO XS XLI WYGXMSR WMHI SJ YRMX
XLI XVERWJIV TYQT % ZIV] WQEPP EQSYRX SJ XLMW WYVTPYW
JYIP IWGETIW XLVSYKL XLI XST SJ XLI KSZIVRSV LSYWMRK

01&6+.; rr23:r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
%RIVSMH 3TIVEXMSR -J )UYMTTIH

-RXEOI QERMJSPH TVIWWYVI GVIEXIH F] XLI XYVFSGLEVKIV


IRXIVW ERIVSMH EX %  -X MW HMVIGXIH XS YTTIV WMHI SJ
HMETLVEKQ GLEQFIV ' ERH I\IVXW TVIWWYVI SR
HMETLVEKQ ( 

;LIR XLI TVIWWYVI VMWIW XS EFSYX  O4E  FEV 


TWM  SV EFSYX  IRKMRI VTQ YRHIV QSHIVEXI XS LIEZ]
PSEHW WTVMRK ) TVIWWYVI MW SZIVGSQI (METLVEKQ XLIR
QSZIW ERIVSMH GSRXVSP WLEJX * HS[R[EVH

'SRXVSP PIZIV , LEW lX[Sz PIKW 8LI MRRIV PIK GSRRIGXW


[MXL GSRXVSP FPSGO . ERH XLI ERIVSMH GSRXVSP PIZIV / ERH
FIEVW SR XLI JPEX WYVJEGI SJ ERIVSMH GSRXVSP WLEJX 8LI
SYXIV PIK FIEVW EKEMRWX E FPSGO VMZIXIH XS XLI GSRXVSP VEGO
-

(S[R[EVH QSZIQIRX SJ XLI XLVSXXPI PIZIV 0 GEYWIW EVQ


XS VSXEXI SR JYIP GSRXVSP WLEJX TIVQMXXMRK GSRXVSP VEGO XS
QSZI MXW RSVQEP EQSYRX
%Œ-RXEOI 1ERMJSPH 4VIWWYVI 0MRI 'SRRIGXMSR
&Œ(METLVEKQ %HNYWXMRK 7GVI[
'Œ(METLVEKQ 'LEQFIV
(Œ(METLVEKQ
)Œ7TVMRK
*Œ%RIVSMH 'SRXVSP 7LEJX
+Œ+YMHI 0IZIV
,Œ'SRXVSP 0IZIV
-Œ'SRXVSP 6EGO
.Œ'SRXVSP &PSGO
/Œ%RIVSMH 'SRXVSP 0IZIV
0Œ8LVSXXPI 0IZIV

'SRXMRYIH SR RI\X TEKI 6+.; rr%46r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
-R XLI MRXEOI QERMJSPH TVIWWYVI MW FIPS[  O4E  FEV
 TWM FIGEYWI SJ PS[ IRKMRI WTIIH SV MW YRHIV PMKLX
PSEH EX LMKLIV IRKMRI WTIIHW XLI ERIVSMH WTVMRK TVIWWYVI
MW KVIEXIV XLER XLI MRXEOI QERMJSPH TVIWWYVI %W E VIWYPX
XLI GSRXVSP VEGO XVEZIP MW PMQMXIH XLIVIJSVI JYIP HIPMZIV] MW
PMQMXIH F] XLI EVQ ERH EHNYWXMRK WLEJX

%RIVSMH GSRXVSP [MPP FI MR IJJIGX YRXMP XLI QERMJSPH TVIWWYVI


MW LMKL IRSYKL XS SZIVGSQI HMETLVEKQ WTVMRK TVIWWYVI

6+.; rr%46r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
*YIP -RNIGXMSR 2S^^PIW 3TIVEXMSR

%Œ2S^^PI 8MT )Œ9TTIV 7IEP ;EWLIV -Œ9TTIV 7IEP 1Œ0MJX %HNYWXMRK 7GVI[
&Œ'EVFSR 7XST 7IEP *Œ)HKI8]TI *MPXIV .Œ7TVMRK 7IEX 2Œ0SGO 2YX
'Œ2S^^PI &SH] +Œ*YIP -RPIX /Œ:EPZI 7TVMRK 3Œ4VIWWYVI %HNYWXMRK 7GVI[
(Œ2S^^PI :EPZI ,Œ9TTIV +YMHI 0Œ7TVMRK ;EWLIV 4Œ0SGO 2YX

8LI MRNIGXMSR RS^^PIW EVI PSGEXIH MR XLI IRKMRI G]PMRHIV 1IXIVIH JYIP YRHIV LMKL TVIWWYVI MW HIPMZIVIH F] XLI
LIEH ERH EVI SJ XLI WTVMRK ERH ZEPZI X]TI MRNIGXMSR TYQT XLVSYKL XLI RS^^PI JYIP MRPIX + SR XLI
L]HVEYPMGEPP] STIVEXIH F] JYIP HIPMZIVIH JVSQ XLI ZEPZI FSH] MRXS XLI EVIE WYVVSYRHMRK XLI ZEPZI ;LIR
MRNIGXMSR TYQT JYIP TVIWWYVI VIEGLIW RS^^PI STIRMRK TVIWWYVI XLI
ZEPZI MW JSVGIH JVSQ MXW WIEX EKEMRWX XLI TVIWWYVI SJ XLI
% PSGEXMRK GPEQT TSWMXMSRW XLI RS^^PI EWWIQFP] MR XLI WTVMRK TIVQMXXMRK E QIEWYVIH EQSYRX SJ JYIP XS IRXIV
G]PMRHIV LIEH 8LI RS^^PI MW WIEPIH EX XLI XST IRH F] E XLI GSQFYWXMSR GLEQFIV XLVSYKL JSYV WQEPP LSPIW MR
WIEP [EWLIV )  % GEVFSR WXST WIEP &  PSGEXIH SR XLI XLI RS^^PI XMT
PS[IV IRH SJ XLI RS^^PI FSH] '  TVIZIRXW GEVFSR
JVSQ GSPPIGXMRK EVSYRH XLI RS^^PI MR XLI G]PMRHIV LIEH %JXIV JYIP LEW FIIR MRNIGXIH XLI WTVMRK GPSWIW XLI
ZEPZI -R EGXYEP STIVEXMSR XLI ZEPZI STIRW ERH GPSWIW
)RGPSWIH MR XLI RS^^PI FSH] EVI XLI ZEPZI (  ZEPZI ZIV] VETMHP] TVSZMHMRK E HMWXMRGX GLEXXIV
WTVMRK /  ERH WTVMRK WIEX .  8LI RS^^PI STIVEXMRK
TVIWWYVI MW GSRXVSPPIH F] XLI TVIWWYVI EHNYWXMRK WGVI[ % WQEPP EQSYRX SJ JYIP PIEOW TEWX XLI ZEPZI MRXS XLI
3 MR XLI YTTIV IRH SJ XLI RS^^PI FSH] :EPZI PMJX MW WTVMRK EVIE 8LMW TVSZMHIW PYFVMGEXMSR JSV XLI RS^^PI
EHNYWXIH F] XLI PMJX EHNYWXMRK WGVI[ 1 PSGEXIH MR XLI [SVOMRK TEVXW 8LMW I\GIWW JYIP MW XLIR VIQSZIH JVSQ
TVIWWYVI EHNYWXMRK WGVI[ 8LI RS^^PI XMT % MW TVIWWIH XLI RS^^PI EX XLI XST F] QIERW SJ E PIEOSJJ PMRI VSYXIH
MRXS XLI RS^^PI FSH] ERH GERRSX FI WITEVEXIH XS XLI JYIP WSYVGI

% PIEOSJJ PMRI XII MW EXXEGLIH XS XLI YTTIV IRH SJ XLI


MRNIGXMSR RS^^PI WIGYVIH F] E KVSQQIX ERH LI\ RYX

6+.; rr23:r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
7IGXMSR 
(MEKRSWXMGW
'SRXIRXW

4EKI 4EKI

+VSYT Œ3FWIVZEFPI (MEKRSWXMGW ERH 8IWXW 8IWX *YIP -RNIGXMSR 2S^^PIW )RKMRI
%FSYX 8LMW 7IGXMSR SJ XLI 1ERYEP           6YRRMRK                          
) (MEKRSWMRK +IRIVEP )RKMRI *YIP (VEMR&EGO 8IWX 4VSGIHYVI          
1EPJYRGXMSRW                         &PIIH XLI *YIP 7]WXIQ                 
)  )RKMRI 'VEROW;SR X 7XEVX           
)  )RKMRI 1MWJMVIW6YRW -VVIKYPEVP]       
)  )RKMRI (SIW 2SX (IZIPST *YPP 4S[IV   
)  )RKMRI )QMXW )\GIWWMZI ;LMXI
)\LEYWX 7QSOI                     
)  )RKMRI )QMXW )\GIWWMZI &PEGO 3V +VE]
)\LEYWX 7QSOI                     
)  )RKMRI ;MPP 2SX 'VERO              
)  )RKMRI -HPIW 4SSVP]                
)  %FRSVQEP )RKMRI 2SMWI             
* (MEKRSWMRK *YIP 7]WXIQ 1EPJYRGXMSRW   
*  *YIP 7YTTP] 7]WXIQ 'LIGO          
*  )\GIWWMZI *YIP 'SRWYQTXMSR         
*  *YIP MR 3MP                       
']PMRHIV 1MWJMVI 8IWX )RKMRI 6YRRMRK     
9WMRK 8-1) 86%' EW E 8EGLSQIXIV      
'LIGO ERH %HNYWX 6SXEV] -RNIGXMSR 4YQT
(]REQMG 8MQMRK                     
'LIGO *YIP 7YTTP] 5YEPMX]              
8IWX %MV MR *YIP                       
'LIGO JSV 6IWXVMGXIH *YIP 6IXYVR 0MRI     
1IEWYVI *YIP 7YTTP] 4YQT
4VIWWYVIŒ6SXEV] -RNIGXMSR 4YQT       
'LIGO 'SPH 7XEVX 7[MXGL 3TIVEXMSRŒ
6SXEV] 4YQTW                      
'LIGO 'SPH 7XEVX %HZERGI 7]WXIQ
3TIVEXMSRŒ6SXEV] 4YQTW             
'LIGO 0MKLX 0SEH %HZERGI 3TIVEXMSRŒ
6SXEV] 4YQTW                      
8IWX *YIP 7LYX3JJ 7SPIRSMH 6IWMWXERGIŒ
0YGEW 4YQT                       
'LIGO ERH %HNYWX )RKMRI 7TIIHW SR
0YGEW 4YQT                       
%HNYWX :EVMEFPI 7TIIH SR +IRIVEXSV 7IX
)RKMRIW 0YGEW 4YQTW 3RP]           
'LIGO ERH %HNYWX )RKMRI 7TIIHW SR
7XEREH]RI 4YQT                    
%HNYWX :EVMEFPI 7TIIH (VSST SR +IRIVEXSV
7IX )RKMRIW Π+SZIVRSV
6IKYPEXMSR Œ7XEREH]RI (& ERH (& -RNIGXMSR
4YQTW                            

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
+VSYT 
3FWIVZEFPI (MEKRSWXMGW ERH 8IWXW
%FSYX 8LMW 7IGXMSR SJ XLI 1ERYEP

8LMW WIGXMSR SJ XLI QERYEP GSRXEMRW RIGIWWEV] MRJSVQEXMSR


XS HMEKRSWI KIRIVEP IRKMRI ERH JYIP W]WXIQ SFWIVZEFPI
W]QTXSQW JSV IRKMRIW YWMRK E QIGLERMGEP JYIP W]WXIQ
9WI XLMW MRJSVQEXMSR MR GSRNYRGXMSR [MXL XLI
0-)&,)66( (MIWIP )RKMRIW &EWI )RKMRI 1ERYEP
8,C( 8LMW WIGXMSR MW HMZMHIH MRXS X[S EVIEW
HMEKRSWMRK SFWIVZEFPI QEPJYRGXMSRW ERH XIWXMRK
TVSGIHYVIW 8LI SFWIVZEFPI HMEKRSWXMG WIGXMSR MW HMZMHIH
MRXS XLI JSPPS[MRK W]QTXSQW

› ) (MEKRSWMRK +IRIVEP )RKMRI 1EPJYRGXMSRW


r )  )RKMRI 'VEROW;SR X 7XEVX
r )  )RKMRI 1MWJMVIW6YRW -VVIKYPEVP]
r )  )RKMRI (SIW 2SX (IZIPST *YPP 4S[IV
r )  )RKMRI )QMXW )\GIWWMZI ;LMXI )\LEYWX 7QSOI
r )  )RKMRI )QMXW )\GIWWMZI &PEGO SV +VE] )\LEYWX
7QSOI
r )  )RKMRI ;MPP 2SX 'VERO
r )  )RKMRI -HPIW 4SSVP]
r )  %FRSVQEP )RKMRI 2SMWI
› * (MEKRSWMRK *YIP 7]WXIQ 1EPJYRGXMSRW
r *  *YIP 7YTTP] 7]WXIQ 'LIGO
r *  )\GIWWMZI *YIP 'SRWYQTXMSR
r *  *YIP MR 3MP
4VSGIHYVIW JSV HMEKRSWMRK WSQI SJ XLI EFSZI W]QTXSQW
EVI JSVQEXXIH WYGL XLEX E XIWX SV VITEMV MW VIGSQQIRHIH
XLIR FEWIH SR XLI VIWYPXW ERSXLIV XIWX SV VITEMV MW
VIGSQQIRHIH 3XLIV W]QTXSQW EVI JSVQEXXIH MR E
W]QTXSQ  TVSFPIQ  WSPYXMSR JSVQEX *SV XLIWI
W]QTXSQW XLI TVSFPIQW EVI EVVERKIH MR XLI QSWX PMOIP] SV
IEWMIWX XS GLIGO TVSFPIQW JMVWX 7]QTXSQW EVVERKIH MR
FSXL JSVQEXW VIJIV XS XIWXMRK TVSGIHYVIW MR XLI WIGSRH TEVX
SJ XLMW WIGXMSR 8LI WIGSRH TEVX SJ XLMW WIGXMSR SJ XLI
QERYEP GSRXEMRW XLI JSPPS[MRK XIWXMRK TVSGIHYVIW

› *YIP 7]WXIQ 8IWXMRK 4VSGIHYVIW


r 9WMRK 8MQI 8VEG 8-1) 86%' EW E 8EGLSQIXIV
r 'LIGO ERH %HNYWX 6SXEV] -RNIGXMSR 4YQT (]REQMG
8MQMRK
r 'LIGO *YIP 7YTTP] 5YEPMX]
r 8IWX %MV MR *YIP
r 'LIGO JSV 6IWXVMGXIH *YIP 6IXYVR 0MRI

'SRXMRYIH SR RI\X TEKI 01&(47+6+ rr%46r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
r 1IEWYVI *YIP 7YTTP] 4YQT 4VIWWYVI  6SXEV] -RNIGXMSR
4YQT
r 7IVZMGI *YIP 7YTTP] 4YQT
r 'LIGO 'SPH 7XEVX 7[MXGL 3TIVEXMSR  6SXEV] 4YQTW
r 'LIGO 'SPH 7XEVX %HZERGI 7]WXIQ 3TIVEXMSR  6SXEV]
4YQTW
r 'LIGO 0MKLX 0SEH %HZERGI 3TIVEXMSR  6SXEV] 4YQTW
r 8IWX *YIP 7LYX3JJ 7SPIRSMH 6IWMWXERGI  0YGEW 4YQT
r &PIIH XLI *YIP 7]WXIQ
r ']PMRHIV 1MWJMVI 8IWX )RKMRI 6YRRMRK
r 'LIGO ERH %HNYWX )RKMRI 7TIIHW SR 0YGEW 4YQT
r %HNYWX :EVMEFPI 7TIIH SR +IRIVEXSV 7IX )RKMRIW
0YGEW 4YQTW 3RP]
r 'LIGO ERH %HNYWX )RKMRI 7TIIHW SR 7XEREH]RI 4YQT
r %HNYWX :EVMEFPI 7TIIH (VSST SR +IRIVEXSV 7IX
)RKMRIW  +SZIVRSV 6IKYPEXMSRW  7XEREH]RI (&
ERH (& -RNIGXMSR 4YQTW
r 8IWX *YIP -RNIGXMSR 2S^^PIW )RKMRI 6YRRMRK
r 8IWX *YIP (VEMR &EGO

01&(47+6+ rr%46r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
) (MEKRSWMRK +IRIVEP )RKMRI 1EPJYRGXMSRW

01&(47+6+ rr%46r

)  )RKMRI 'VEROW;SR X 7XEVX

&IJSVI YWMRK XLMW HMEKRSWXMG TVSGIHYVI

)RWYVI JYIP UYERXMX] ERH UYEPMX] EVI 3/ 7II ',)'/ *9)0 79440= 59%0-8= PEXIV MR XLMW KVSYT

)RWYVI IRKMRI GVEROMRK WTIIH MW 3/ 7II 8)78 )2+-2) '6%2/-2+ 74))( MR +VSYT  MR 7IGXMSR  SJ
0-)&,)66  ( (MIWIP )RKMRIW &EWI )RKMRI 1ERYEP 8,C( 

r r r

 *9)0 7,983** 6SXEV] -RNIGXMSR 4YQTW 3TIVEXMSR


34)6%8-32 ',)'/ RSVQEPWSPIRSMH GPMGOW
;LMPI XYVRMRK OI] XS 32 TSWMXMSR PMWXIR JSV JYIP WLYXSJJ WSPIRSMH XS GPMGO +S XS 

4VSFPIQ JSYRH [MXL


WLYXSJJ QIGLERMWQ +S
XS 

r r r

 *9)0 7,983** 6SXEV] -RNIGXMSR 4YQTW 6IWMWXERGI MW [MXLMR


730)23-( WTIGMJMGEXMSRW 'LIGO
6)7-78%2') ',)'/ 'LIGO VIWMWXERGI SJ JYIP WLYXSJJ QIGLERMWQ 7II 8)78 *9)0 7,983** 730)23-( [MVMRK LEVRIWW
6)7-78%2')  09'%7 4914 PEXIV MR XLMW KVSYT
6IWMWXERGI MW RSX [MXLMR
WTIGMJMGEXMSRW 6ITPEGI
WSPIRSMH

r r r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
 *9)0 46)7)28 %8 4IVJSVQ XLI JSPPS[MRK TVSGIHYVI XS GLIGO JSV JYIP EX MRNIGXMSR TYQT 'SRWMWXIRX WUYMVXW SJ
-2.)'8-32 23>>0) JYIP SFWIVZIH +S XS 
',)'/
'%98-32 )WGETMRK JPYMH YRHIV TVIWWYVI GER TIRIXVEXI XLI WOMR GEYWMRK (SR X WII GSRWMWXIRX
WIVMSYW MRNYV] /IIT LERHW ERH FSH] E[E] JVSQ TMRLSPIW ERH RS^^PIW WUYMVXW SJ JYIP +S XS *
[LMGL GSYPH MRNIGX JPYMHW YRHIV LMKL TVIWWYVI  *9)0 79440=
7=78)1 ',)'/ PEXIV MR
-J %2= JPYMH MW MRNIGXIH MRXS XLI WOMR MX QYWX FI WYVKMGEPP] VIQSZIH [MXLMR XLMW KVSYT
E JI[ LSYVW F] E HSGXSV JEQMPMEV [MXL XLMW X]TI SJ MRNYV] SV KERKVIRI QE]
VIWYPX (SGXSVW YRJEQMPMEV [MXL XLMW X]TI SJ MRNYV] WLSYPH VIJIVIRGI E
ORS[PIHKIEFPI QIHMGEP WSYVGI

 9WMRK X[S STIRIRHIH [VIRGLIW PSSWIR JYIP PMRI EX SRI SJ XLI MRNIGXMSR RS^^PIW

 'VERO IRKMRI [LMPI QSRMXSVMRK PSSWIRIH JYIP GSRRIGXMSR JSV GSRWMWXIRX WUYMVXW SJ
JYIP

 6IXMKLXIR GSRRIGXMSR EX RS^^PI XS WTIGMJMGEXMSR

7TIGMJMGEXMSR
*YIP -RNIGXMSR 2S^^PI (IPMZIV] 0MRIWŒ
8SVUYI   2wQ  PFJX

r r r

 -28%/) %2( 'LIGO JSV MRXEOI ERH I\LEYWX VIWXVMGXMSRW 7II ',)'/ *36 -28%/) %2( )<,%978 2S VIWXVMGXMSRW EVI
)<,%978 6)786-'8-327 MR +VSYT  MR 7IGXMSR  0-)&,)66  ( (MIWIP )RKMRIW &EWI JSYRH +S XS 
6)786-'8-32 ',)'/ )RKMRI 1ERYEP 8,C( 
6IWXVMGXMSRW EVI JSYRH
6ITEMV SV VITPEGI
GSQTSRIRXW EW RIIHIH
r r r

 -2.)'8-32 4914 6SXEV] -RNIGXMSR 4YQTW 8MQMRK MW GSVVIGX +S XS


8-1-2+ ',)'/ 
7II ',)'/ %2( %(.978 638%6= -2.)'8-32 4914 (=2%1-' 8-1-2+ PEXIV MR
XLMW KVSYT 8MQMRK MW MRGSVVIGX
*SPPS[ EHNYWXQIRX
TVSGIHYVI MR XMQMRK GLIGO
TVSGIHYVI

r r r

 '3146)77-32 'LIGO GSQTVIWWMSR TVIWWYVI 7II 8)78 )2+-2) '3146)77-32 46)7796) MR 'SQTVIWWMSR TVIWWYVI
46)7796) ',)'/ +VSYT  MR 7IGXMSR  SJ 0-)&,)66  ( (MIWIP )RKMRIW &EWI )RKMRI 1ERYEP MW [MXLMR WTIGMJMGEXMSR
8,C(  +S XS 

'SQTVIWWMSR TVIWWYVI
MW RSX [MXLMR
WTIGMJMGEXMSR +S XS 

r r r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
 *9)0 -2.)'8-32 8IWX JYIP MRNIGXMSR RS^^PIW 7II 8)78 *9)0 -2.)'8-32 23>>0)7 )2+-2) -RNIGXMSR RS^^PIW XIWX
23>>0) ',)'/ 6922-2+ PEXIV MR XLMW KVSYT KSSH ,EZI MRNIGXMSR
TYQT VITEMVIH F]
EYXLSVM^IH HMIWIP VITEMV
WXEXMSR SV VITPEGI
MRNIGXMSR TYQT 7II
7IGXMSR  +VSYT  SJ
XLMW QERYEP

*EYPX] MRNIGXMSR
RS^^PI W JSYRH 6ITEMV
SV VITPEGI MRNIGXMSR
RS^^PIW

r r r

 4-78327 6-2+7 %X XLMW TSMRX XLI QSWX PMOIP] GEYWI SJ XLI PS[ IRKMRI GSQTVIWWMSR TVIWWYVI MW SRI SJ 4VSFPIQ JSYRH [MXL
'=0-2()6 0-2)67 XLI JSPPS[MRK JEMPYVIW MR XLI TMWXSRW VMRKW ERHSV G]PMRHIV PMRIVW SV MR XLI ZEPZI KYMHIW TMWXSRW VMRKW ERHSV
',)'/ 'LIGO XLI QSWX PMOIP] MXIQW EW RIIHIH WII 0-)&,)66  ( (MIWIP )RKMRIW &EWI PMRIVW SV ZEPZI KYMHIW
)RKMRI 1ERYEP 8,C(  6ITEMV TVSFPIQ EW
RIGIWWEV]
› 3MP GSRXVSP VMRKW [SVR SV FVSOIR
› 7GSVIH G]PMRHIV PMRIVW SV TMWXSRW
› 4MWXSR VMRK KVSSZIW I\GIWWMZIP] [SVR
› 4MWXSR VMRKW WXMGOMRK MR VMRK KVSSZIW
› -RWYJJMGMIRX TMWXSR VMRK XIRWMSR
› 4MWXSR VMRK KETW RSX WXEKKIVIH
› ']PMRHIV PMRIVW KPE^IH MRWYJJMGMIRX PSEH HYVMRK IRKMRI FVIEOMR
› ;SVR ZEPZI KYMHIW SV WXIQW
› ']PMRHIV LIEH QE] RIIH VIGSRHMXMSRMRK
r r r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
)  )RKMRI 1MWJMVIW6YRW -VVIKYPEVP]

&IJSVI YWMRK XLMW HMEKRSWXMG TVSGIHYVI

)RWYVI JYIP UYERXMX] ERH UYEPMX] EVI 3/ 7II ',)'/ *9)0 79440= 59%0-8= PEXIV MR XLMW KVSYT

r r r

 '=0-2()6 1-7*-6) 'LIGO G]PMRHIVW JSV QMWJMVI 7II '=0-2()6 1-7*-6) 8)78 )2+-2) 6922-2+ PEXIV 7MRKPI G]PMRHIV QMWJMVI
',)'/ MR XLMW KVSYT +S XS 

6ERHSQ SV EPP G]PMRHIV


QMWJMVI +S XS *  *9)0
79440= 7=78)1
',)'/ PEXIV MR XLMW
KVSYT

r r r

 ,)%( +%7/)8 'LIGO JSV LIEH KEWOIX NSMRX JEMPYVIW 7II ',)'/ *36 ,)%( +%7/)8 *%-096)7 MR 2S WMKR SJ LIEH KEWOIX
',)'/ +VSYT  MR 7IGXMSR  SJ 0-)&,)66  ( (MIWIP )RKMRIW &EWI )RKMRI 1ERYEP JEMPYVI +S XS 
8,C( 
7MKRW SJ LIEH KEWOIX
JEMPYVI JSYRH 6ITPEGI
LIEH KEWOIX ERH VIXIWX
r r r

 *9)0 ()0-:)6= 0-2) 4IVJSVQ XLI JSPPS[MRK WXITW XS HIXIVQMRI MJ JYIP HIPMZIV] PMRIW EVI VIWXVMGXIH 0MRIW EVI RSX VIWXVMGXIH
',)'/ +S XS 
 (MWGSRRIGX XLI WYWTIGXIH JYIP HIPMZIV] PMRI SR XLI MRNIGXMSR RS^^PI IRH ERH MRNIGXMSR
TYQT IRH 0MRIW EVI VIWXVMGXIH
6ITEMV SV VITPEGI PMRIW
 *SVGI EMV XLVSYKL SRI IRH SJ XLI HIPMZIV] PMRI ERH VIXIWX

 -J XLI HIPMZIV] PMRI MW RSX VIWXVMGXIH XLI GSQTVIWWIH EMV WLSYPH JPS[ JVIIP] SYX XLI
SXLIV WMHI

 -J EMV HSIW RSX JPS[ JVIIP] XLIVI EVI VIWXVMGXMSRW MR XLI JYIP PMRI

r r r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
 '3146)77-32 'LIGO GSQTVIWWMSR TVIWWYVI 7II 8)78 )2+-2) '3146)77-32 46)7796) MR 'SQTVIWWMSR TVIWWYVI
46)7796) ',)'/ +VSYT  MR 7IGXMSR  SJ 0-)&,)66  ( (MIWIP )RKMRIW &EWI )RKMRI 1ERYEP MW [MXLMR WTIGMJMGEXMSR
8,C(  +S XS 

'SQTVIWWMSR TVIWWYVI
MW RSX [MXLMR
WTIGMJMGEXMSR +S XS 

r r r

 *9)0 -2.)'8-32 8IWX JYIP MRNIGXMSR RS^^PIW 7II 8)78 *9)0 -2.)'8-32 23>>0)7 )2+-2) -RNIGXMSR RS^^PIW XIWX
23>>0) ',)'/ 6922-2+ PEXIV MR XLMW KVSYT KSSH ,EZI MRNIGXMSR
TYQT VITEMVIH F]
EYXLSVM^IH HMIWIP VITEMV
WXEXMSR SV VITPEGI
MRNIGXMSR TYQT 7II
7IGXMSR  +VSYT  SJ
XLMW QERYEP

*EYPX] MRNIGXMSR
RS^^PI W JSYRH 6ITEMV
SV VITPEGI MRNIGXMSR
RS^^PIW

r r r

 4-7832 6-2+ ',)'/ %TTP] SMP XS VMRK EVIE SJ TMWXSR XLVSYKL MRNIGXMSR RS^^PI FSVI (3 238 YWI XSS QYGL 'SQTVIWWMSR TVIWWYVI
SMP (3 238 KIX SMP SR XLI ZEPZIW 6IXIWX XLI GSQTVIWWMSR TVIWWYVI MW [MXLMR WTIGMJMGEXMSR
+S XS 

'SQTVIWWMSR TVIWWYVI
MW RSX [MXLMR
WTIGMJMGEXMSR +S XS 

r r r

 :%0:) 0%7, ',)'/ 'LIGO ZEPZI PEWL 7II ',)'/ %2( %(.978 :%0:) '0)%6%2') MR +VSYT  MR :EPZI PEWL MW [MXLMR
7IGXMSR  SJ 0-)&,)66  ( (MIWIP )RKMRIW &EWI )RKMRI 1ERYEP 8,C(  WTIGMJMGEXMSR +S XS 

:EPZI PEWL SR SRI SV


QSVI ZEPZIW SYX SJ
WTIGMJMGEXMSR %HNYWX
ZEPZI PEWL ERH VIXIWX

r r r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
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 ( (MIWIP )RKMRIW &EWI )RKMRI 1ERYEP 8,C(  WTIGMJMGEXMSR +S XS 

:EPZI PMJX SR SRI SV


QSVI ZEPZIW MW SYX SJ
WTIGMJMGEXMSR 6IWIX
GPIEVERGI XS WTIGMJMGEXMSR
EJXIV QIEWYVMRK PMJX 7II
',)'/ %2( %(.978
:%0:) '0)%6%2') MR
+VSYT  MR 7IGXMSR  SJ
0-)&,)66  ( (MIWIP
)RKMRIW &EWI )RKMRI
1ERYEP 8,C( 
r r r

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'=0-2()6 0-2)67 XLI JSPPS[MRK JEMPYVIW MR XLI TMWXSRW VMRKW ERHSV G]PMRHIV PMRIVW SV MR XLI ZEPZI KYMHIW TMWXSRW VMRKW ERHSV
',)'/ 'LIGO XLI QSWX PMOIP] MXIQW EW RIIHIH WII 0-)&,)66  ( (MIWIP )RKMRIW &EWI PMRIVW SV ZEPZI KYMHIW
)RKMRI 1ERYEP 8,C(  6ITEMV TVSFPIQ EW
RIGIWWEV]
› 3MP GSRXVSP VMRKW [SVR SV FVSOIR
› 7GSVIH G]PMRHIV PMRIVW SV TMWXSRW
› 4MWXSR VMRK KVSSZIW I\GIWWMZIP] [SVR
› 4MWXSR VMRKW WXMGOMRK MR VMRK KVSSZIW
› -RWYJJMGMIRX TMWXSR VMRK XIRWMSR
› 4MWXSR VMRK KETW RSX WXEKKIVIH
› ']PMRHIV PMRIVW KPE^IH MRWYJJMGMIRX PSEH HYVMRK IRKMRI FVIEOMR
› ;SVR ZEPZI KYMHIW SV WXIQW
› ']PMRHIV LIEH QE] RIIH VIGSRHMXMSRMRK
r r r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
)  )RKMRI (SIW 2SX (IZIPST *YPP 4S[IV

&IJSVI YWMRK XLMW HMEKRSWXMG TVSGIHYVI

)RWYVI JYIP UYERXMX] ERH UYEPMX] EVI 3/ 7II ',)'/ *9)0 79440= 59%0-8= PEXIV MR XLMW KVSYT

'LIGO JSV VIWXVMGXIH SV TPYKKIH EMV JMPXIV

r r r

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',)'/ I\LEYWX IQMXXIH WQSOI +S XS 

,IEZ] [LMXI I\LEYWX


WQSOI +S XS ) 
)2+-2) )1-87
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MR XLMW KVSYT

,IEZ] KVE] SV FPEGO


I\LEYWX WQSOI +S XS
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+6%= )<,%978
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KVSYT

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6)74327) 8)78 VERKI ERH VIWTSRWMZIRIWW XS XLI MRGVIEWI MR WTIIHW HIZIPST JYPP TS[IV +S
XS 

)RKMRI HSIW RSX


EGGIPIVEXI WEXMWJEGXSV]
+S XS 

r r r

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&-2(-2+ ',)'/ XS 

8LVSXXPI GEFPI MW FSYRH


6ITEMV SV VITPEGI XLVSXXPI
GEFPI ERH VIXIWX
r r r

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42!
 *%78 -(0) ',)'/ 6SXEV] -RNIGXMSR 4YQTW *EWX MHPI MW [MXLMR
WTIGMJMGEXMSR +S XS 
'LIGO JEWX MHPI WTIIH 7II ',)'/ %2( %(.978 )2+-2) 74))(7 32 % 09'%7
4914 SV ',)'/ %2( %(.978 )2+-2) 74))(7 32 78%2%(=2) 4914 *EWX MHPI MW FIPS[
WTIGMJMGEXMSR 'SRXEGX
]SYV EYXLSVM^IH HMIWIP
VITEMV WXEXMSR

r r r

 896&3',%6+)6 'LIGO XYVFS FSSWX TVIWWYVI 7II 1)%796) -28%/) 1%2-*30( 46)7796) 4VIWWYVI [MXLMR
&3378 46)7796) 896&3 &3378 MR +VSYT  MR 7IGXMSR  SJ 0-)&,)66  ( (MIWIP )RKMRIW WTIGMJMGEXMSR +S XS 
',)'/ &EWI )RKMRI 1ERYEP 8,C( 
4VIWWYVI FIPS[
WTIGMJMGEXMSR +S XS 

r r r

 )<')77-:) %X XLMW TSMRX MX ETTIEVW XLEX XLI IRKMRI MW TVSHYGMRK XLI GSVVIGX TS[IV 8LI PS[ TS[IV )\GIWWMZI TEVEWMXMG PSEH
4%6%7-8-' 03%( GSQTPEMRX MW QSWX PMOIP] E VIWYPX SJ I\GIWWMZI TEVEWMXMG PSEH SR XLI IRKMRI 8LI JSYRH 6ITEMV GEYWI SJ
',)'/ I\GIWWMZI PSEH GSYPH FI GEYWIH F] MRGSVVIGX ZILMGPI FEPPEWXMRK JEYPX] L]HVEYPMG TYQT I\GIWWMZI PSEH ERH VIXIWX
JEYPX] XVERWQMWWMSR IXG -RZIWXMKEXI TVSFPIQW EWWSGMEXIH [MXL I\GIWWMZI TEVEWMXMG PSEH

r r r

 *9)0 79440= 4IVJSVQ JYIP WYTTP] W]WXIQ GLIGO 7II *  *9)0 79440= 7=78)1 ',)'/ PEXIV MR 2S TVSFPIQ JSYRH +S
7=78)1 ',)'/ XLMW KVSYT XS 

4VSFPIQ JSYRH 2S
JYVXLIV EREP]WMW MW
RIGIWWEV]
r r r

 *9)0 6)8962 0-2) 'LIGO JSV VIWXVMGXIH JYIP VIXYVR PMRI ERH JMXXMRKW 7II ',)'/ *36 6)786-'8)( *9)0 6IXYVR PMRI ERH JMXXMRK
',)'/ 6)8962 0-2) PEXIV MR XLMW KVSYT 3/ +S XS 

6IXYVR PMRI ERH JMXXMRK


VIWXVMGXIH 6ITEMV SV
VITPEGI VIXYVR PMRI ERHSV
JMXXMRK

r r r

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)<,%978 %2( )<,%978 6)786-'8-327 ERH 8)78 *36 -28%/) %-6 0)%/7 ERH ',)'/ JSYRH +S XS 
6)786-'8-32 36 %-6 *36 )<,%978 %-6 0)%/7 896&3',%6+)( )2+-2)7 MR +VSYT  MR 7IGXMSR 
0)%/ ',)'/ SJ 0-)&,)66  ( (MIWIP )RKMRIW &EWI )RKMRI 1ERYEP 8,C(  6IWXVMGXMSRW SV PIEOW
JSYRH 6ITEMV SV VITPEGI
GSQTSRIRXW EW RIIHIH
r r r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
 -2.)'8-32 4914 6SXEV] -RNIGXMSR 4YQTW 7II ',)'/ %2( %(.978 638%6= -2.)'8-32 4914 8MQMRK MW GSVVIGX +S XS
8-1-2+ ',)'/ (=2%1-' 8-1-2+ PEXIV MR XLMW KVSYT 

8MQMRK MW MRGSVVIGX
*SPPS[ EHNYWXQIRX
TVSGIHYVI MR XMQMRK GLIGO
TVSGIHYVI

r r r

 896&3',%6+)6 'LIGO JSV XYVFSGLEVKIV JEMPYVIW 7II 896&3',%6+)6 7):)278)4 -274)'8-32 2S XYVFSGLEVKIV
*%-096) ',)'/ MR +VSYT  MR 7IGXMSR  SJ 0-)&,)66  ( (MIWIP )RKMRIW &EWI )RKMRI 1ERYEP JEMPYVIW JSYRH +S XS 
8,C( 
*EMPYVIW EVI JSYRH
*SPPS[ ETTVSTVMEXI VITEMV
TVSGIHYVI MR +VSYT 
MR 7IGXMSR  SJ
0-)&,)66  ( (MIWIP
)RKMRIW &EWI )RKMRI
1ERYEP 8,C( 

r r r

 :%0:) 0%7, ',)'/ 'LIGO ZEPZI PEWL 7II ',)'/ %2( %(.978 :%0:) '0)%6%2') MR +VSYT  MR :EPZI PEWL SR EPP ZEPZIW
7IGXMSR  SJ 0-)&,)66  ( (MIWIP )RKMRIW &EWI )RKMRI 1ERYEP 8,C(  [MXLMR WTIGMJMGEXMSR +S
XS 

:EPZI PEWL SR SRI SV


QSVI ZEPZIW SYX SJ
WTIGMJMGEXMSR %HNYWX
ZEPZI PEWL ERH VIXIWX

r r r

 *9)0 -2.)'8-32 8IWX JYIP MRNIGXMSR RS^^PIW 7II 8)78 *9)0 -2.)'8-32 23>>0)7 )2+-2) -RNIGXMSR RS^^PIW XIWX
23>>0) ',)'/ 6922-2+ PEXIV MR XLMW KVSYT KSSH ,EZI MRNIGXMSR
TYQT VITEMVIH F]
EYXLSVM^IH HMIWIP VITEMV
WXEXMSR SV VITPEGI
MRNIGXMSR TYQT 7II
7IGXMSR  +VSYT  SJ
XLMW QERYEP

*EYPX] MRNIGXMSR
RS^^PI W JSYRH 6ITEMV
SV VITPEGI MRNIGXMSR
RS^^PIW

r r r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
)  )RKMRI )QMXW )\GIWWMZI ;LMXI )\LEYWX 7QSOI

&IJSVI YWMRK XLMW HMEKRSWXMG TVSGIHYVI

)RWYVI JYIP UYERXMX] ERH UYEPMX] EVI 3/ 7II ',)'/ *9)0 79440= 59%0-8= PEXIV MR XLMW KVSYT

)RWYVI IRKMRI GSSPERX XIQTIVEXYVI MWR X I\XVIQIP] PS[

r r r

 *%-0)( ,)%( 'LIGO JSV JEMPIH LIEH KEWOIX 7II ',)'/ *36 ,)%( +%7/)8 *%-096)7 MR +VSYT 2S WMKR SJ LIEH KEWOIX
+%7/)8 ',)'/  MR 7IGXMSR  SJ 0-)&,)66  ( (MIWIP )RKMRIW &EWI )RKMRI 1ERYEP JEMPYVI +S XS 
8,C( 
7MKR SJ LIEH KEWOIX
JEMPYVIW EVI JSYRH 7II
,)%( +%7/)8
-274)'8-32 %2(
6)4%-6 7)59)2') MR
+VSYT  MR 7IGXMSR  SJ
0-)&,)66  ( (MIWIP
)RKMRIW &EWI )RKMRI
1ERYEP 8,C( 

r r r

 -2.)'8-32 4914 6SXEV] -RNIGXMSR 4YQTW 7II ',)'/ %2( %(.978 638%6= -2.)'8-32 4914 8MQMRK MW GSVVIGX +S XS
8-1-2+ ',)'/ (=2%1-' 8-1-2+ PEXIV MR XLMW KVSYT 

8MQMRK MW MRGSVVIGX
*SPPS[ EHNYWXQIRX
TVSGIHYVI MR XMQMRK GLIGO
TVSGIHYVI

r r r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
 '3146)77-32 'LIGO GSQTVIWWMSR TVIWWYVI 7II 8)78 )2+-2) '3146)77-32 46)7796) MR 'SQTVIWWMSR TVIWWYVI
46)7796) ',)'/ +VSYT  MR 7IGXMSR  SJ 0-)&,)66  ( (MIWIP )RKMRIW &EWI )RKMRI 1ERYEP MW [MXLMR WTIGMJMGEXMSR
8,C(  +S XS 

'SQTVIWWMSR TVIWWYVI
MW RSX [MXLMR
WTIGMJMGEXMSR +S XS 

r r r

 *9)0 -2.)'8-32 8IWX JYIP MRNIGXMSR RS^^PIW 7II 8)78 *9)0 -2.)'8-32 23>>0)7 )2+-2) -RNIGXMSR RS^^PIW XIWX
23>>0) ',)'/ 6922-2+ PEXIV MR XLMW KVSYT KSSH ,EZI MRNIGXMSR
TYQT VITEMVIH F]
EYXLSVM^IH HMIWIP VITEMV
WXEXMSR SV VITPEGI
MRNIGXMSR TYQT 7II
7IGXMSR  +VSYT  SJ
XLMW QERYEP

*EYPX] MRNIGXMSR
RS^^PI W JSYRH 6ITEMV
SV VITPEGI MRNIGXMSR
RS^^PIW

r r r

 4-78327 6-2+7 %X XLMW TSMRX XLI QSWX PMOIP] GEYWI SJ XLI PS[ IRKMRI GSQTVIWWMSR TVIWWYVI MW SRI SJ 4VSFPIQ JSYRH [MXL
'=0-2()6 0-2)67 XLI JSPPS[MRK JEMPYVIW MR XLI TMWXSRW VMRKW ERHSV G]PMRHIV PMRIVW SV MR XLI ZEPZI KYMHIW TMWXSRW VMRKW ERHSV
',)'/ 'LIGO XLI QSWX PMOIP] MXIQW EW RIIHIH WII 0-)&,)66  ( (MIWIP )RKMRIW &EWI PMRIVW SV ZEPZI KYMHIW
)RKMRI 1ERYEP 8,C(  6ITEMV TVSFPIQ EW
RIGIWWEV]
› 3MP GSRXVSP VMRKW [SVR SV FVSOIR
› 7GSVIH G]PMRHIV PMRIVW SV TMWXSRW
› 4MWXSR VMRK KVSSZIW I\GIWWMZIP] [SVR
› 4MWXSR VMRKW WXMGOMRK MR VMRK KVSSZIW
› -RWYJJMGMIRX TMWXSR VMRK XIRWMSR
› 4MWXSR VMRK KETW RSX WXEKKIVIH
› ']PMRHIV PMRIVW KPE^IH MRWYJJMGMIRX PSEH HYVMRK IRKMRI FVIEOMR
› ;SVR ZEPZI KYMHIW SV WXIQW
› ']PMRHIV LIEH QE] RIIH VIGSRHMXMSRMRK
r r r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
)  )RKMRI )QMXW )\GIWWMZI &PEGO 3V +VE] )\LEYWX 7QSOI

&IJSVI YWMRK XLMW HMEKRSWXMG TVSGIHYVI

)RWYVI JYIP UYERXMX] ERH UYEPMX] EVI 3/ 7II ',)'/ *9)0 79440= 59%0-8= PEXIV MR XLMW KVSYT

)RWYVI IRKMRI MW RSX I\GIWWMZIP] PSEHIH

)RWYVI EMV JMPXIV MW RSX VIWXVMGXIH SV TPYKKIH

r r r

 -28%/) %2( 'LIGO JSV MRXEOI ERH I\LEYWX VIWXVMGXMSRW ERH EMV PIEOW 7II ',)'/ *36 -28%/) 2S VIWXVMGXMSRW SV PIEOW
)<,%978 %2( )<,%978 6)786-'8-327 8)78 *36 -28%/) %-6 0)%/7 ERH ',)'/ *36 JSYRH +S XS 
6)786-'8-32 36 %-6 )<,%978 %-6 0)%/ 896&3',%6+)( )2+-2)7 MR +VSYT  MR 7IGXMSR  SJ
0)%/ ',)'/ 0-)&,)66  ( (MIWIP )RKMRIW &EWI )RKMRI 1ERYEP 8,C(  6IWXVMGXMSRW SV PIEOW
JSYRH 6ITEMV ERH
VITPEGI GSQTSRIRXW EW
RIIHIH

r r r

 -2.)'8-32 4914 6SXEV] -RNIGXMSR 4YQTW 7II ',)'/ %2( %(.978 638%6= -2.)'8-32 4914 8MQMRK MW GSVVIGX +S XS
8-1-2+ ',)'/ (=2%1-' 8-1-2+ PEXIV MR XLMW KVSYT 

8MQMRK MW MRGSVVIGX
*SPPS[ EHNYWXQIRX
TVSGIHYVI MR XMQMRK GLIGO
TVSGIHYVI

r r r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
 896&3',%6+)6 'LIGO JSV XYVFSGLEVKIV JEMPYVI 7II 896&3',%6+)6 7):)278)4 -274)'8-32 MR 2S XYVFSGLEVKIV JEMPYVI
*%-096) ',)'/ +VSYT  MR 7IGXMSR  SJ 0-)&,)66  ( (MIWIP )RKMRIW &EWI )RKMRI 1ERYEP JSYRH +S XS 
8,C( 
*EMPYVIW EVI JSYRH
*SPPS[ ETTVSTVMEXI VITEMV
TVSGIHYVI MR +VSYT 
MR 7IGXMSR  SJ QERYEP
8,C(

r r r

 :%0:) 0%7, ',)'/ 'LIGO ZEPZI PEWL 7II ',)'/ %2( %(.978 :%0:) '0)%6%2') MR +VSYT  MR :EPZI PEWL SR EPP ZEPZI
7IGXMSR  SJ 0-)&,)66  ( (MIWIP )RKMRIW &EWI )RKMRI 1ERYEP 8,C(  [MXLMR WTIGMJMGEXMSR +S
XS 

:EPZI PEWL SR SRI SV


QSVI ZEPZIW SYX SJ
WTIGMJMGEXMSR %HNYWX
ZEPZI PEWL ERH VIXIWX

r r r

 *9)0 6)8962 0-2) 'LIGO JSV VIWXVMGXIH JYIP VIXYVR PMRI ERH JMXXMRK 7II ',)'/ *36 6)786-'8)( *9)0 6IXYVR PMRI ERH JMXXMRK
',)'/ 6)8962 0-2) PEXIV MR XLMW KVSYT 3/ +S XS 

6IXYVR PMRI ERH JMXXMRK


VIWXVMGXIH 6ITEMV SV
VITPEGI VIXYVR PMRI ERHSV
JMXXMRK

r r r

 *9)0 -2.)'8-32 8IWX JYIP MRNIGXMSR RS^^PIW 7II 8)78 *9)0 -2.)'8-32 23>>0)7 )2+-2) -RNIGXMSR RS^^PIW XIWX
23>>0) ',)'/ 6922-2+ PEXIV MR XLMW KVSYT KSSH ,EZI MRNIGXMSR
TYQT VITEMVIH F]
EYXLSVM^IH HMIWIP VITEMV
WXEXMSR SV VITPEGI
MRNIGXMSR TYQT 7II
7IGXMSR  +VSYT  SJ
XLMW QERYEP

*EYPX] MRNIGXMSR
RS^^PI W JSYRH 6ITEMV
SV VITPEGI MRNIGXMSR
RS^^PIW

r r r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
)  )RKMRI ;MPP 2SX 'VERO

7]QTXSQ 4VSFPIQ 7SPYXMSR

)RKMRI ;MPP 2SX 'VERO ;IEO FEXXIV] 6ITPEGI FEXXIV]

'SVVSHIH SV PSSWI FEXXIV] 'PIER FEXXIV] XIVQMREPW ERH


GSRRIGXMSRW GSRRIGXMSRW

(IJIGXMZI QEMR W[MXGL SV WXEVX WEJIX] 6ITEMV W[MXGL EW VIUYMVIH


W[MXGL

7XEVXIV WSPIRSMH HIJIGXMZI 6ITPEGI WSPIRSMH

7XEVXIV HIJIGXMZI 6ITPEGI WXEVXIV

(47+6+ rr1%=r

)  )RKMRI -HPIW 4SSVP]

7]QTXSQ 4VSFPIQ 7SPYXMSR

)RKMRI -HPIW 4SSVP] 4SSV JYIP UYEPMX] (VEMR JYIP ERH VITPEGI [MXL UYEPMX]
JYIP SJ XLI TVSTIV KVEHI

%MV PIEO SR WYGXMSR WMHI SJ EMV MRXEOI 'LIGO LSWI ERH TMTI GSRRIGXMSRW
W]WXIQ JSV XMKLXRIWW VITEMV EW VIUYMVIH 7II
%-6 -28%/) %2( )<,%978
7=78)1 74)'-*-'%8-327 MR
+VSYT  MR 7IGXMSR  SJ
0-)&,)66  ( (MIWIP )RKMRIW
&EWI )RKMRI 1ERYEP 8,C( 

)PIGXVSRMG GSRXVSP W]WXIQ TVSFPIQ SV 7II )  )2+-2) 1-7*-6)76927


FEWMG IRKMRI TVSFPIQ -66)+90%60= IEVPMIV MR XLMW +VSYT

01&(47+6+ rr1%=r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
)  %FRSVQEP )RKMRI 2SMWI

7]QTXSQ 4VSFPIQ 7SPYXMSR

%FRSVQEP )RKMRI 2SMWI ;SVR QEMR SV GSRRIGXMRK VSH (IXIVQMRI FIEVMRK GPIEVERGI 7II
FIEVMRKW -274)'8 %2( 1)%796)
'322)'8-2+ 63( &)%6-2+7
63( %2( '6%2/7,%*8 -2
)2+-2) SV ',)'/ 1%-2
&)%6-2+ 3-0 '0)%6%2') MR
7IGXMSR  +VSYT  SJ 0-)&,)66
 ( (MIWIP )RKMRIW &EWI )RKMRI
1ERYEP 8,C( 

)\GIWWMZI GVEROWLEJX IRH TPE] 'LIGO GVEROWLEJX IRH TPE] 7II


',)'/ '6%2/7,%*8 )2( 40%=
MR +VSYT  MR 7IGXMSR  SJ
0-)&,)66  ( (MIWIP )RKMRIW
&EWI )RKMRI 1ERYEP 8,C( 

0SSWI QEMR FIEVMRK GETW 'LIGO FIEVMRK GPIEVERGI VITPEGI


FIEVMRKW ERH FIEVMRK GET WGVI[W EW
VIUYMVIH 7II ',)'/ 1%-2
&)%6-2+ 3-0 '0)%6%2') MR
7IGXMSR  +VSYT  SJ 0-)&,)66
 ( (MIWIP )RKMRIW &EWI )RKMRI
1ERYEP 8,C( 

;SVR GSRRIGXMRK VSH FYWLMRKW ERH -RWTIGX TMWXSR TMRW ERH FYWLMRKW
TMWXSR TMRW 7II -274)'8 4-7832 4-27 %2(
&97,-2+7 MR +VSYT  MR 7IGXMSR
 SJ 0-)&,)66  ( (MIWIP
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8,C( 

7GSVIH TMWXSRW -RWTIGX TMWXSRW 7II 46)0-1-2%6=


0-2)6 4-7832 %2( 63(
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SJ 0-)&,)66  ( (MIWIP )RKMRIW
&EWI )RKMRI 1ERYEP 8,C( 

;SVR XMQMRK KIEVW SV I\GIWW FEGO 'LIGO XMQMRK KIEV FEGO PEWL 7II
PEWL 1)%796) 8-1-2+ +)%6
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8,C( 

'SRXMRYIH SR RI\X TEKI 01&(47+6+ rr1%=r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
7]QTXSQ 4VSFPIQ 7SPYXMSR

%FRSVQEP )RKMRI 2SMWI  )\GIWWMZI ZEPZI GPIEVERGI 'LIGO ERH EHNYWX ZEPZI GPIEVERGI
'SRXMRYIH 7II ',)'/ %2( %(.978 :%0:)
'0)%6%2') MR +VSYT  MR
7IGXMSR  SJ 0-)&,)66  (
(MIWIP )RKMRIW &EWI )RKMRI 1ERYEP
8,C( 

;SVR GEQWLEJX -RWTIGX GEQWLEJX 7II :-79%00=


-274)'8 '%17,%*8 MR +VSYT 
MR 7IGXMSR  SJ 0-)&,)66  (
(MIWIP )RKMRIW &EWI )RKMRI 1ERYEP
8,C( 

;SVR VSGOIV EVQ WLEJX W -RWTIGX VSGOIV EVQ WLEJXW 7II


(-7%77)1&0) %2( -274)'8
63'/)6 %61 7,%*8 %77)1&0=
MR +VSYT  MR 7IGXMSR  SJ
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JSYRH 6IJIV XS 7IGXMSR
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r r r

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 SJ XLMW QERYEP
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42!
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-2.)'8-32 *9)0 +S XS 
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› *SVGI EMV XLVSYKL XLI JYIP PMRI 6ITEMV SV VITPEGI
› -J XLI JYIP PMRI MW RSX VIWXVMGXIH XLI GSQTVIWWIH EMV WLSYPH JVIIP] JPS[ SYX XLI SXLIV GSQTSRIRXW EW RIIHIH
WMHI
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*  )\GIWWMZI *YIP 'SRWYQTXMSR

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JYIP SJ XLI TVSTIV KVEHI

)RKMRI SZIVPSEHIH 6IHYGI IRKMRI PSEH

%MV GPIERIV VIWXVMGXIH SV HMVX] 6ITPEGI EMV GPIERIV IPIQIRX EW


VIUYMVIH

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ERH VITEMV EW VIUYMVIH

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VIUYMVIH

(47+6+ rr1%=r

*  *YIP MR 3MP

7]QTXSQ 4VSFPIQ 7SPYXMSR

*YIP MR 3MP 'VEGOIH G]PMRHIV LIEH 0SGEXI GVEGO VITEMVVITPEGI


GSQTSRIRXW EW VIUYMVIH

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42!
']PMRHIV 1MWJMVI 8IWX )RKMRI 6YRRMRK

'%98-32 )WGETMRK JPYMH YRHIV TVIWWYVI GER


TIRIXVEXI XLI WOMR GEYWMRK WIVMSYW MRNYV] /IIT
LERHW ERH FSH] E[E] JVSQ TMRLSPIW ERH
RS^^PIW [LMGL GSYPH MRNIGX JPYMHW YRHIV LMKL
TVIWWYVI

-J %2= JPYMH MW MRNIGXIH MRXS XLI WOMR MX QYWX FI


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HSGXSV JEQMPMEV [MXL XLMW X]TI SJ MRNYV] SV
KERKVIRI QE] VIWYPX (SGXSVW YRJEQMPMEV [MXL
XLMW X]TI SJ MRNYV] WLSYPH VIJIVIRGI E
ORS[PIHKIEFPI QIHMGEP WSYVGI

 3TIVEXI IRKMRI EX MRXIVQIHMEXI WTIIH [MXL RS PSEH

 4PEGI E WLST XS[IP EVSYRH RS^^PIXSPMRI GSRRIGXMSR XS


EFWSVF IWGETMRK JYIP

 7PS[P] PSSWIR XLI JYIP TVIWWYVI PMRI EX SRI SJ XLI


RS^^PIW YRXMP JYIP IWGETIW EX XLI GSRRIGXMSR JYIP RSX
STIRMRK RS^^PI ZEPZI 

› -J IRKMRI WTIIH GLERKIW XLI G]PMRHIV MW TVSFEFP]


[SVOMRK WEXMWJEGXSV]
› -J IRKMRI WTIIH HSIW RSX GLERKI E G]PMRHIV MW JEYPX]

 6ITIEX XIWX JSV IEGL VIQEMRMRK G]PMRHIV

 8MKLXIR JYIP PMRIW XS WTIGMJMGEXMSRW

7TIGMJMGEXMSR
*YIP -RNIGXMSR 2S^^PI (IPMZIV]
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42!
9WMRK 8-1) 86%' EW E 8EGLSQIXIV

8LI 8-1) 86%' QIXIV GER FI YWIH EW E XEGLSQIXIV F]


YWMRK GPEQTSR XVERWHYGIV % EX RS^^PI IRH SJ ER]
LMKLTVIWWYVI JYIP MRNIGXMSR PMRI

 6IQSZI TEMRX ERH XLSVSYKLP] GPIER XLI EVIE SJ XLI


LMKLTVIWWYVI PMRI XS [LMGL XLI GPEQTSR XVERWHYGIV MW
XS FI EXXEGLIH

 -RWXEPP XVERWHYGIV % SR LMKLTVIWWYVI JYIP HIPMZIV] PMRI


& GPSWI XS 2S  MRNIGXSV ERH GSRRIGX GEFPI '
FIX[IIR XVERWHYGIV ERH QIXIV TSVX QEVOIH l76z

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VIGSVH IRKMRI WTIIH

%ΠQQ +VIIR 'PEQT3R 8VERWHYGIV


&Œ*YIP -RNIGXMSR (IPMZIV] 0MRI
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(Œ2S  -RNIGXSV

01&(47+393 rr%46r

'LIGO ERH %HNYWX 6SXEV] -RNIGXMSR 4YQT


(]REQMG 8MQMRK

8LI -( 2S  8-1) 86%' /MX IPIGXVSRMGEPP]


MRHMGEXIW WXEVX SJ MRNIGXMSR [MXL VIWTIGX XS TMWXSR XST HIEH
GIRXIV 8('  ERH EPPS[W EGGYVEXI WIXXMRK SJ MRNIGXMSR
TYQT XMQMRK XS TVSZMHI STXMQYQ TS[IV WQSOI ERH
I\LEYWX IQMWWMSRW

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FIX[IIR IRKMRIW ERH LIPTW XS GSRXVSP G]PMRHIV JMVMRK
TVIWWYVIW [LMGL GER FI E JEGXSV MR LIEH KEWOIX JEMPYVIW EW
[IPP EW MQTVSZI SZIVEPP IRKMRI TIVJSVQERGI IJJMGMIRGMIW

'SRXMRYIH SR RI\X TEKI 01&(47+393 rr%46r

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42!
-RWXEPP -( 2S  8-1) 86%' /MX

-14368%28 %PP XVERWHYGIVW ERH WIRWSVW QYWX FI


MRWXEPPIH EX RS^^PI IRH SJ 2S  JYIP
MRNIGXMSR PMRI -J EGGIWW XS 2S  PMRI MW
VIWXVMGXIH WIRWSV GER FI MRWXEPPIH SR
2S  MRNIGXMSR PMRI G]PMRHIV IRKMRIW 

6IQSZI EPP TEMRX JVSQ MRNIGXMSR PMRI


[LIVI GPEQTSR XVERWHYGIV [MPP FI
MRWXEPPIH ERH FI WYVI XLMW PSGEXMSR MW
XLSVSYKLP] GPIER

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MRWXEPPIH FIX[IIR MRNIGXMSR RS^^PI ERH JYIP HIPMZIV] PMRI
MRWXEPP 73- 'PEQT %WWIQFP] * SRXS GPIER WIRWSV ERH
XMKLXIR WIGYVIP]

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QQ KVIIR 'PEQTSR 8VERWHYGIV % SRXS GPIER
TEMRXJVII MRNIGXMSR PMRI ERH XMKLXIR WIGYVIP]

 %WWIQFPI VIH PIEH SJ 8VERWHYGIV 'EFPI ' SRXS MRPMRI


WIRWSV SV XVERWHYGIV LS[IZIV IUYMTTIH

 %XXEGL WTVMRK GPMT XS E WSPMH KVSYRH 4PYK GSRRIGXSV MRXS


QIXIV TSVX QEVOIH 76

%ΠQQ +VIIR 'PEQT3R 8VERWHYGIV


&Œ*YIP -RNIGXMSR (IPMZIV] 0MRI
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(Œ2S  -RNIGXSV
)Œ-R0MRI 73- 7IRWSV
*Π73- 'PEQT %WWIQFP]

'SRXMRYIH SR RI\X TEKI 01&(47+393 rr%46r

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42!
 9WI -( 2S  8MQMRK 4MR MR JP][LIIP XMQMRK LSPI
( XS IRWYVI IRKMRI MW 238 WXSTTIH EX 8(' 1EKRIXMG
TMGOYT TVSFI [MPP IRXIV 8(' XMQMRK LSPI MR JP][LIIP
ERH FI HEQEKIH [LIR IRKMRI MW WXEVXIH %R EMV KET SJ
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TVSFI ERH JP][LIIP JEGI

 -RWXEPP 01&.(+ 8LVIEHIH 1EKRIXMG 4MGOYT


%HETXIV & MRXS JP][LIIP LSYWMRKW [MXL XETTIH LSPI
YRXMP MX FSXXSQW -RWIVX TVSFI SJ QEKRIXMG TMGOYT %
MRXS EHETXIV YRXMP MX GSRXEGXW JP][LIIP &EGO SYX LI\
LIEH SJ EHETXIV X[S JPEXW ERH XMKLXIR PSGO RYX XLMW [MPP
TVSZMHI VIGSQQIRHIH EMV KET
%Œ1EKRIXMG 4MGO9T
 -RWXEPP 01&.(+ 8ETIVIH 1EKRIXMG 4MGO9T &Œ01&.(+ 8LVIEHIH 1EKRIXMG 4MGO9T
%HETXIV ' MRXS JP][LIIP LSYWMRKW [MXLSYX XETTIH LSPI %HETXIV
0MKLXP] XET EHETXIV XS PSGO MRXS TSWMXMSR -RWIVX TVSFI 'Œ01&.(+ 8ETIVIH 1EKRIXMG 4MGO9T
MRXS EHETXIV YRXMP MX GSRXEGXW XLI JP][LIIP 4YPP TVSFI %HETXIV
(Œ*P][LIIP 8MQMRK ,SPI
FEGO SYX XS TVSZMHI  QQ  MR KET

 4PYK QEKRIXMG TMGOYT GSRRIGXSV MRXS QIXIV TSVX


QEVOIH 14

01&(47+393 rr%46r

'LIGO 6SXEV] -RNIGXMSR 4YQT 6EXIH 0SEH (]REQMG


8MQMRK

 )RKMRI 3** 4YWL 32'0)%6 FYXXSR

(MWTPE] WLS[W 6!

'SRXMRYIH SR RI\X TEKI 01&(47+393 rr%46r

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42!
 4YWL 1%+ 463&) FYXXSR

(MWTPE] WLS[W 8VMK 0IZIP 

 'LERKI XS  ERH TYWL )28)6

01&(47+393 rr%46r

 (MWTPE] WLS[W 3JJWIX ”

'LERKI XS SJJWIX ” ERH TYWL )28)6

'SRXMRYIH SR RI\X TEKI 01&(47+393 rr%46r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
 (MWTPE] WLS[W 'EPMFVEXI#

7XEVX IRKMRI ERH TYWL )28)6

 6YR IRKMRI EX  VTQ 4YWL )28)6 (MWTPE] WLS[W


'EPMFVEXMRK XLIR )RKMRI VTQ ERH XMQMRK

 ;EVQ IRKMRI XS RSVQEP STIVEXMRK XIQTIVEXYVI GLIGO


WPS[ ERH JEWX MHPI VTQ 7II *9)0 -2.)'8-32 4914
74)'-*-'%8-327 MR 7IGXMSR  +VSYT  %HNYWX
WTIIHW EW RIGIWWEV]

'SRXMRYIH SR RI\X TEKI 01&(47+393 rr%46r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
-14368%28 1ER] QEGLMRIW LEZI L]HVEYPMG TYQTW
XLEX LEZI EHIUYEXI JPS[ XS PSEH IRKMRI
[IPP FIPS[ VEXIH PSEH VTQ 7SQI
IUYMTQIRX QE] RIIH XS FI HVMZIR MR
LMKL KIEV SV TYPP E PSEH XS FVMRK IRKMRI
WTIIH XS VEXIH PSEH VTQ

 6YR IRKMRI EX [MHI STIR XLVSXXPI ;38 ERH PSEH


IRKMRI HS[R KVEHYEPP] XS VEXIH WTIIH VTQ

 6IGSVH IRKMRI WTIIH VTQ ERH XMQMRK HIKVIIW

 'SQTEVI VIGSVHIH WTIIHW ERH XMQMRK HIKVIIW XS


GLEVXW MR 7IGXMSR  +VSYT  SV VIJIV XS QEGLMRI
XIGLRMGEP QERYEP

-14368%28 7XST IRKMRI TVMSV XS QEOMRK XMQMRK


EHNYWXQIRXW -RNIGXMSR TYQT GER WIM^I MJ
EHNYWXQIRX MW QEHI [MXL IRKMRI
VYRRMRK

 7XST IRKMRI

-J H]REQMG XMQMRK VIEHMRK MW QSVI XLER  HIKVIIW VIXEVHIH


[MXL TYQT JPERKI ERH JVSRX TPEXI XMQMRK QEVOW EX SVMKMREP
PSGEXMSR EW WLMTTIH JVSQ JEGXSV] XLMW QE] MRHMGEXI XLI
TYQT EHZERGI MW RSX JYRGXMSRMRK 'LIGO XLI JSPPS[MRK

› 'LERKI JYIP JMPXIV W 


› 'LIGO XVERWJIV TYQT JSV TSWMXMZI JYIP TVIWWYVI XS
MRNIGXMSR TYQT
› 'LIGO GEQWLEJX QSZIQIRX SR MRNIGXMSR TYQTW [MXL
VIGXERKYPEV XMQMRK [MRHS[
› 'LIGO TYQT HVMZI WLEJXXSKIEV OI] SV TMR XS IRWYVI
OI] SV TMR LEW RSX WLIEVIH
› -J RSRI SJ XLI EFSZI GLIGOW EVI GSRGPYWMZI VIQSZI
TYQT ERH LEZI RIGIWWEV] VITEMVW QEHI EX ER
EYXLSVM^IH HMIWIP VITEMV WXEXMSR

'SRXMRYIH SR RI\X TEKI 01&(47+393 rr%46r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
%HNYWX 6SXEV] -RNIGXMSR 4YQT (]REQMG 8MQMRK

 0SSWIR MRNIGXMSR TYQT QSYRXMRK JPERKI RYXW ERH EHNYWX


TYQT XMQMRK

8S EHZERGI TYQT XMQMRK VSXEXI XST SJ TYQT GPSGO[MWI


ZMI[IH JVSQ VIEV JP][LIIP IRH SJ IRKMRI 8S VIXEVH
XMQMRK VSXEXI XST SJ TYQT GSYRXIVGPSGO[MWI 4YQT
JPERKI QSZIQIRX SJ  QQ  MR MW IUYMZEPIRX
XS  HIKVIIW SJ IRKMRI XMQMRK

 8MKLXIR MRNIGXMSR TYQT QSYRXMRK JPERKI RYXW XS


WTIGMJMGEXMSRW
%Œ*VSRX 4PEXI 8MQMRK 1EVO
7TIGMJMGEXMSR
&Œ4YQT 8MQMRK 1EVO
6SXEV] -RNIGXMSR 4YQT 1SYRXMRK
2YXWŒ8SVUYI   2wQ  PFJX

 7XEVX IRKMRI ERH GLIGO MRNIGXMSR TYQT H]REQMG XMQMRK


EKEMR %HNYWX XMQMRK EW RIIHIH

 %JXIV EPP EHNYWXQIRXW EVI QEHI ERH IRKMRI MW


TIVJSVQMRK XS WTIGMJMGEXMSR TIVJSVQ XLI JSPPS[MRK

E +VMRH E[E] XLI SVMKMREP XMQMRK QEVO % SR JVSRX


TPEXI

F 7XEQT E RI[ XMQMRK QEVO % SR JVSRX TPEXI EPMKRIH


[MXL XMQMRK QEVO & SR MRNIGXMSR TYQT JPERKI

01&(47+393 rr%46r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
'LIGO *YIP 7YTTP] 5YEPMX]

8LI UYEPMX] SJ HMIWIP JYIP EJJIGXW IRKMRI TIVJSVQERGI


'LIGO ]SYV 3TIVEXSV W 1ERYEP JSV GSVVIGX JYIP
WTIGMJMGEXMSRW

4SSV UYEPMX] SV GSRXEQMREXIH JYIP [MPP QEOI XLI IRKMRI


LEVH XS WXEVX QMWJMVI VYR VSYKL SV TVSHYGI PS[ TS[IV

-J TSSV UYEPMX] SV GSRXEQMREXIH JYIP MW WYWTIGXIH TIVJSVQ


XLI JSPPS[MRK

 'LIGO TVMQEV] MJ IUYMTTIH ERH JMREP JYIP JMPXIVW JSV


WIVZMGIEFMPMX] -J JMPXIV MW IUYMTTIH [MXL E [EXIV
WITEVEXSV IQTX] ERH GPIER WITEVEXSV FS[P

 7XEVX IRKMRI ERH STIVEXI YRHIV PSEH SFWIVZMRK IRKMRI


TIVJSVQERGI

 (MWGSRRIGX JYIP PMRI JVSQ MRPIX WMHI SJ TVMQEV] JYIP JMPXIV


MJ IUYMTTIH SV MRPIX WMHI SJ WYTTP] TYQT SR IRKMRIW
[MXLSYX TVMQEV] JMPXIV

 'SRRIGX E LSWI XS MRPIX TSVX

 7YFQIVKI LSWI MR E GSRXEMRIV SJ GPIER KSSH UYEPMX]


JYIP QIIXMRK IRKMRI WTIGMJMGEXMSRW

 3TIVEXI IRKMRI YRHIV PSEH ERH SFWIVZI TIVJSVQERGI

-J TIVJSVQERGI MQTVSZIW JYIP MW GSRXEQMREXIH SV RSX SJ


XLI TVSTIV KVEHI 'LIGO JYIP WSYVGI

01&(47+393 rr.90r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
8IWX %MV MR *YIP

%MV MR XLI JYIP W]WXIQ [MPP QEOI XLI IRKMRI LEVH XS WXEVX
VYR VSYKL QMWJMVI SV TVSHYGI PS[ TS[IV %HHMXMSREPP] MX
GER GEYWI I\GIWWMZI WQSOI ERH ORSGOMRK

;LIRIZIV XLI JYIP W]WXIQ MW STIRIH JSV VITEMV MX QYWX FI


FPIH XS VIQSZI ER] EMV XLEX LEW IRXIVIH XLI W]WXIQ

 (MWGSRRIGX LSWI JVSQ IRH SJ JYIP PIEOSJJ PMRI


EWWIQFP] 'SRRIGX E LSWI XS IRH SJ PIEOSJJ PMRI
EWWIQFP] ERH TPEGI STTSWMXI IRH SJ LSWI MR E WYMXEFPI
GSRXEMRIV JMPPIH [MXL JYIP EW WLS[R

 3TIVEXI IRKMRI ERH GLIGO JSV EMV FYFFPIW MR GSRXEMRIV


-J FYFFPIW EVI TVIWIRX FPIIH XLI JYIP W]WXIQ ERH
VITIEX XIWX 7II &0))( 8,) *9)0 7=78)1 MR XLMW
KVSYT

 -J FYFFPIW EVI WXMPP TVIWIRX GLIGO XLI JSPPS[MRK

› 'LIGO JSV PSSWI JYIP JMXXMRKW JVSQ XLI WYGXMSR WMHI SJ XLI
JYIP WYTTP] TYQT XS XLI JYIP XERO XS MRGPYHI EPP PMRIW ERH
JMPXIVW
› 'LIGO JYIP XERO WYGXMSR XYFI MJ IUYMTTIH ERH [IPHIH
NSMRXW JSV GVEGOW SV LSPIW

4IVJSVQ ER] RIGIWWEV] VITEMVW FPIIH JYIP W]WXIQ ERH


VITIEX XIWX

(47+393 rr.90r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
'LIGO JSV 6IWXVMGXIH *YIP 6IXYVR 0MRI

%Œ*YIP 0IEO3JJ 0MRI

 -J XLI VIXYVR PMRI MWR X VIWXVMGXIH XLI GSQTVIWWIH EMV


FYFFPMRK MRXS XLI JYIP XERO WLSYPH FI EYHMFPI
XLVSYKL XLI XERO JMPPIV RIGO
8LMW GLIGO [MPP LIPT HIXIVQMRI MJ XLI JYIP VIXYVR PMRI MW
VIWXVMGXIH  -J RS EMV FYFFPMRK XLVSYKL XLI XERO MW EYHMFPI
GSQTPIXIP] GLIGO XLI JYIP VIXYVR PMRI JSV ER]
 (MWGSRRIGX JYIP PIEOSJJ PMRI % EX XLI IRKMRI TSWWMFPI VIWXVMGXMSRW

 6IQSZI JYIP XERO GET

 *SVGI GSQTVIWWIH EMV XLVSYKL XLI JYIP VIXYVR PMRI


[LMPI PMWXIRMRK EX XLI JYIP XERO JMPPIV RIGO

01&(47+393 rr.90r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
1IEWYVI *YIP 7YTTP] 4YQT 4VIWWYVIŒ
6SXEV] -RNIGXMSR 4YQT

 6IQSZI TPYK SR JYIP JMPXIV FEWI

 -RWXEPP XIWX IUYMTQIRX 01&.8 EW WLS[R

 7XEVX IRKMRI *YIP TYQT WLSYPH QEMRXEMR QMRMQYQ


TSWMXMZI TVIWWYVI PMWXIH FIPS[ -J TVIWWYVI MW PS[
VITPEGI JMPXIV IPIQIRX ERH VIGLIGO TVIWWYVI

7TIGMJMGEXMSR
6SXEV] *YIP 7YTTP] 4YQTŒ7XEXMG
4VIWWYVI  ΠO4E ΠFEV
ΠTWM
6SXEV] *YIP 7YTTP] 4YQTŒ
1MRMQYQ 7XEXMG 4VIWWYVI EX 
VTQ )RKMRI 7TIIH  O4E  FEV  TWM
6SXEV] *YIP 7YTTP] 4YQTŒ
1MRMQYQ 4SWMXMZI 4VIWWYVI EX
 VTQ )RKMRI 7TIIH  ΠO4E ΠFEV
ΠTWM
6SXEV] *YIP 7YTTP] 4YQTŒ
1MRMQYQ *PS[ EX  VTQ
)RKMRI 7TIIH   0QMR  KTQ

-J TVIWWYVI MW WXMPP PS[ TIVJSVQ XLI JSPPS[MRK

 (MWGSRRIGX TYQTXSJMPXIV JYIP PMRI EX XLI JMPXIV

 ;MXL XLVSXXPI WIX EX RSJYIP TSWMXMSR SV MRNIGXMSR TYQT


WLYXSJJ WSPIRSMH [MVI HMWGSRRIGXIH WS IRKMRI [MPP RSX
WXEVX XYVR IRKMRI SZIV WIZIVEP XMQIW [MXL WXEVXMRK
QSXSV

 -J JYIP WTYVXW JVSQ XLI PMRI XLI TYQT MW STIVEXMRK


TVSTIVP]

01&6+.; rr23:r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
'LIGO 'SPH 7XEVX 7[MXGL 3TIVEXMSRŒ6SXEV]
4YQTW

8LI GSPH WXEVX W[MXGL & MW ER STXMSR EZEMPEFPI SR VSXEV]


MRNIGXMSR TYQTW

 (MWGSRRIGX GSPH WXEVX W[MXGL GSRRIGXSV % JVSQ TYQT


[MVMRK LEVRIWW

 6IQSZI GSPH WXEVX W[MXGL JVSQ XLIVQSWXEX


LSYWMRK[EXIV QERMJSPH

 7YFQIVKI W[MXGL MR [EXIV EX ”' ”* JSV E JI[


QMRYXIW %Œ'SRRIGXSV
&Œ'SPH 7XEVX 7[MXGL
 'LIGO JSV STIR SV GPSWIH W[MXGL 3R 0YGEW TYQTW XLI
W[MXGL WLSYPH FI GPSWIH 3R 7XEREH]RI TYQTW XLI
W[MXGL WLSYPH FI STIR

 6ITPEGI W[MXGL MJ HIJIGXMZI

 -RWXEPP W[MXGL MR XLIVQSWXEX LSYWMRK[EXIV QERMJSPH ERH


XMKLXIR XS WTIGMJMGEXMSRW

7TIGMJMGEXMSR
'SPH 7XEVX 7[MXGLŒ8SVUYI   2wQ  PFJX  PFMR

 'SRRIGX GSPH WXEVX W[MXGL GSRRIGXSV XS TYQT [MVMRK


LEVRIWW

6+.; rr23:r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
'LIGO 'SPH 7XEVX %HZERGI 7]WXIQ
3TIVEXMSRŒ6SXEV] 4YQTW

9WI -( 2S 8-1) 86%' /MX XS GLIGO MRNIGXMSR


TYQT XMQMRK [LIR TIVJSVQMRK STIVEXMSREP GLIGOW SR XLI
GSPH WXEVX EHZERGI W]WXIQ 7II ',)'/ %2( %(.978
638%6= -2.)'8-32 4914 (=2%1-' 8-1-2+ IEVPMIV MR
XLMW KVSYT
%Œ'SRRIGXSV
7XEREH]RI 'SPH 7XEVX %HZERGI &Œ'SPH 7XEVX %HZERGI 7SPIRSMH

 -RWXEPP -( 2S 8-1) 86%' /MX

 )RWYVI XLEX GSPH WXEVX W[MXGL MW [SVOMRK F] ZIVMJ]MRK E


ZSPXEKI TSXIRXMEP  SV  ZSPXW HITIRHMRK SR
ETTPMGEXMSR XS XLI GSPH WXEVX WSPIRSMH

 (MWGSRRIGX [MVMRK GSRRIGXSV % JVSQ XLI GSPH WXEVX


EHZERGI WSPIRSMH & 

 7XEVX GSPH IRKMRI ERH VYR EX  VTQ 'LIGO ERH


VIGSVH MRNIGXMSR TYQT XMQMRK

 'SRRIGX [MVMRK GSRRIGXSV % XS GSPH WXEVX EHZERGI


WSPIRSMH %JXIV ETTVS\MQEXIP]  WIGSRHW GLIGO
MRNIGXMSR TYQT XMQMRK

8LIVI WLSYPH FI E Œ” MRGVIEWI MR XMQMRK MRHMGEXMRK


TVSTIV STIVEXMSR SJ XLI GSPH WXEVX EHZERGI W]WXIQ

-J RS MRGVIEWI MR XMQMRK [EW RSXIH LEZI XLI MRNIGXMSR


TYQT WIVZMGIHVITEMVIH F] ER EYXLSVM^IH (MIWIP 6ITEMV
7XEXMSR

'SRXMRYIH SR RI\X TEKI 01&(47+393 rr1%=r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
0YGEW 'SPH 7XEVX %HZERGI

 -RWXEPP -( 2S 8-1) 86%' /MX

 (MWGSRRIGX [MVMRK GSRRIGXSV JVSQ XLI GSPH WXEVX W[MXGL


XS [E\ QSXSV LEVRIWW :IVMJ] XLEX XLIVI MW E ZSPXEKI
TSXIRXMEP  SV  ZSPXW HITIRHMRK SR ETTPMGEXMSR EX
XLI [E\ QSXSV GSRRIGXSV

 7XEVX GSPH IRKMRI ERH VYR EX  VTQ 'LIGO ERH


VIGSVH MRNIGXMSR TYQT XMQMRK

 'SRRIGX E NYQTIV [MVI EGVSWW XLI [E\ QSXSV GSRRIGXSV


XIVQMREPW %JXIV ETTVS\MQEXIP]  WIGSRHW GLIGO
MRNIGXMSR TYQT XMQMRK

8LIVI WLSYPH FI E Œ” HIGVIEWI MR XMQMRK MRHMGEXMRK


TVSTIV STIVEXMSR SJ XLI GSPH WXEVX EHZERGI W]WXIQ

-J RS HIGVIEWI MR XMQMRK [EW RSXIH LEZI XLI MRNIGXMSR


TYQT WIVZMGIHVITEMVIH F] ER EYXLSVM^IH (MIWIP 6ITEMV
7XEXMSR

01&(47+393 rr1%=r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
'LIGO 0MKLX 0SEH %HZERGI 3TIVEXMSRŒ
6SXEV] 4YQTW

8S GLIGO STIVEXMSR SJ XLI PMKLX PSEH EHZERGI TIVJSVQ XLI


JSPPS[MRK

 -RWXEPP -( 2S 8-1) 86%' /MX

 3TIVEXI IRKMRI EX JYPP PSEH ERH VEXIH WTIIH 2SXI


MRNIGXMSR TYQT XMQMRK SR 8-1) 86%' 

 +VEHYEPP] HIGVIEWI PSEH XS XLI IRKMRI 8MQMRK WLSYPH


GSRXMRYI XS VIXEVH EW XLI PSEH MW VIQSZIH FYX WLSYPH
WXEVX XS EHZERGI EKEMR EW XLI PMKLX PSEH EHZERGI FIKMRW
XS STIVEXI EX EFSYX  TIVGIRX PSEH

 -J XMQMRK HSIW RSX EHZERGI XLI PMKLX PSEH EHZERGI MW


RSX STIVEXMRK TVSTIVP] ,EZI XLI MRNIGXMSR TYQT
WIVZMGIHVITEMVIH F] ER EYXLSVM^IH (MIWIP 6ITEMV
7XEXMSR

01&(47+393 rr.92r

8IWX *YIP 7LYX3JJ 7SPIRSMH 6IWMWXERGIŒ


0YGEW 4YQT

 (MWGSRRIGX [MVI XS WSPIRSMH

 6IQSZI WSPIRSMH RSXMRK MJ TPYRKIV MW FMRHMRK MR FSVI

 'LIGO GSMP VIWMWXERGI [MXL SLQQIXIV ERH GSQTEVI


VIEHMRK XS XLI JSPPS[MRK WTIGMJMGEXMSR

7TIGMJMGEXMSR
0YGEW *YIP 7LYX3JJ 7SPIRSMHŒ
6IWMWXERGI   3LQW

 'LIGO TPYRKIV VIXVEGXMSR YWMRK E  ZSPX WSYVGI

'SRRIGX TSWMXMZI GEFPI XS GSRRIGXSV XIVQMREP ERH


RIKEXMZI GEFPI XS WSPIRSMH FSH] *VSQ XLI VIPE\IH
TSWMXMSR TPYRKIV WLSYPH VIXVEGX MRXS XLI WSPIRSMH FSH]
[LIR ZSPXEKI MW ETTPMIH

-J VIWMWXERGI WTIGMJMGEXMSR MW RSX QIX ERHSV TPYRKIV


HSIW RSX VIXVEGX VITPEGI WSPIRSMH

(47+393 rr1%=r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
'LIGO ERH %HNYWX )RKMRI 7TIIHW SR 0YGEW
4YQT

'LIGO 7PS[ ERH *EWX -HPI 7TIIHW

%Œ7PS[ -HPI %HNYWXMRK 7GVI[


 7XEVX IRKMRI ERH VYR EX  PSEH ERH VEXIH WTIIH YRXMP &Œ*EWX -HPI %HNYWXMRK 7GVI[
IRKMRI VIEGLIW RSVQEP STIVEXMRK XIQTIVEXYVI 'Œ8LVSXXPI 0IZIV

 7XST IRKMRI ERH HMWGSRRIGX WTIIH GSRXVSP VSH JVSQ


JYIP MRNIGXMSR TYQT XLVSXXPI PIZIV ' 

 7XEVX IRKMRI ERH QSZI MRNIGXMSR TYQT PIZIV XS WPS[


MHPI TSWMXMSR EKEMRWX WPS[ MHPI EHNYWXMRK WGVI[ % 
9WMRK E XEGLSQIXIV VIEH ERH VIGSVH IRKMRI WTIIH
'SQTEVI VIEHMRK [MXL WTIGMJMGEXMSRW %HNYWX WPS[ MHPI
EW RIGIWWEV] EW HIXEMPIH FIPS[

 1SZI MRNIGXMSR TYQT PIZIV XS JEWX MHPI TSWMXMSR EKEMRWX


JEWX MHPI EHNYWXMRK WGVI[ &  9WMRK E XEGLSQIXIV VIEH
ERH VIGSVH IRKMRI WTIIH 'SQTEVI VIEHMRK [MXL
WTIGMJMGEXMSRW

%HNYWX 7PS[ -HPI 7TIIH

1SZI TYQT XLVSXXPI PIZIV XS WPS[ MHPI TSWMXMSR EKEMRWX WPS[


MHPI EHNYWXMRK WGVI[ % 

0SSWIR WPS[ MHPI WGVI[ PSGO RYX 8YVR EHNYWXMRK WGVI[


GPSGO[MWI XS MRGVIEWI WTIIH ERH GSYRXIVGPSGO[MWI XS
HIGVIEWI IRKMRI WTIIH

'SRXMRYIH SR RI\X TEKI 01&6+.; rr1%=r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
%HNYWX *EWX -HPI 7TIIH

-14368%28 *EWX MHPI WTIIHW EVI TVIWIX EX XLI


JEGXSV] -X MW VIGSQQIRHIH XLEX JEWX MHPI
EHNYWXQIRXW FI TIVJSVQIH SRP] F] ER
EYXLSVM^IH HMIWIP VITEMV WXEXMSR

%HNYWX JEWX MHPI WTIIH TIV WTIGMJMGEXMSRW


PMWXIH MR 7IGXMSR  +VSYT  7II
QEGLMRI XIGLRMGEP QERYEP JSV SXLIV
ETTPMGEXMSRW -J RIGIWWEV] XS VIWIX JEWX
MHPI WTIIH VIWIX SRP] XS WTIGMJMGEXMSRW
-J JEWX MHPI WTIIH MW RSX WIX XS
WTIGMJMGEXMSR XLI IRKMRI QE] RSX
GSQTP] [MXL JIHIVEP IQMWWMSRW
VIKYPEXMSRW

(3 238 EHNYWX JEWX MHPI WTIIH EFSZI


WTIGMJMGEXMSRW SV TYQT ERH IRKMRI
HEQEKI QE] SGGYV

1SZI TYQT XLVSXXPI PIZIV XS JEWX MHPI TSWMXMSR EKEMRWX JEWX


MHPI EHNYWXMRK WGVI[ &  6IJIV XS ETTVSTVMEXI 1EGLMRI
8IGLRMGEP 1ERYEP JSV WTIGMJMIH IRKMRI WTIIHW

0SSWIR JEWX MHPI WGVI[ PSGO RYX ERH EHNYWX JEWX MHPI XS
WTIGMJMGEXMSRW

01&6+.; rr1%=r

%HNYWX :EVMEFPI 7TIIH SR +IRIVEXSV 7IX


)RKMRIW 0YGEW 4YQTW 3RP]

7II ]SYV EYXLSVM^IH 0YGEW 6ITEMV 7XEXMSR JSV WTIIH HVSST


EHNYWXQIRX 8LMW WIVZMGI VIUYMVIW XLEX ER MRXIVREP TYQT
EHNYWXQIRX FI QEHI

6+.; rr23:r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
'LIGO ERH %HNYWX )RKMRI 7TIIHW SR
7XEREH]RI 4YQT

'LIGO 7PS[ ERH *EWX -HPI 7TIIHW

%Œ7PS[ -HPI %HNYWXMRK 7GVI[


 7XEVX IRKMRI ERH VYR EX  PSEH ERH VEXIH WTIIH YRXMP &Œ'SRXVSP 6SH 4MR
IRKMRI VIEGLIW RSVQEP STIVEXMRK XIQTIVEXYVI 'Œ*EWX -HPI %HNYWXMRK 7GVI[
(Œ7PS[ -HPI %HNYWXMRK 7GVI[
 7XST IRKMRI ERH VIQSZI GSRXVSP VSH TMR &  MJ YWIH
(MWGSRRIGX WTIIH GSRXVSP VSH SV GSRXVSP GEFPI JVSQ
JYIP MRNIGXMSR TYQT XLVSXXPI PIZIV

 7XEVX IRKMRI ERH QSZI MRNIGXMSR TYQT PIZIV XS WPS[


MHPI TSWMXMSR EKEMRWX WPS[ MHPI EHNYWXMRK WGVI[ % SV ( 
9WMRK E XEGLSQIXIV VIEH ERH VIGSVH IRKMRI WTIIH
'SQTEVI VIEHMRK [MXL WTIGMJMGEXMSRW %HNYWX EW
RIGIWWEV] EW HIXEMPIH FIPS[

 1SZI MRNIGXMSR TYQT PIZIV XS JEWX MHPI TSWMXMSR EKEMRWX


JEWX MHPI EHNYWXMRK WGVI[ '  9WMRK E XEGLSQIXIV VIEH
ERH VIGSVH IRKMRI WTIIH 'SQTEVI VIEHMRK [MXL
WTIGMJMGEXMSRW

%HNYWX 7PS[ -HPI 7TIIH

 1SZI TYQT XLVSXXPI PIZIV MR WPS[ MHPI TSWMXMSR EKEMRWX


WPS[ MHPI EHNYWXMRK WGVI[ % SV (  7II WTIGMJMGEXMSRW
JSV WTIGMJMIH IRKMRI WTIIHW

'SRXMRYIH SR RI\X TEKI 01&6+.; rr1%=r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
 0SSWIR WPS[ MHPI WGVI[ PSGO 8YVR EHNYWXMRK WGVI[
GPSGO[MWI XS MRGVIEWI IRKMRI WTIIH ERH
GSYRXIVGPSGO[MWI XS HIGVIEWI WTIIH 8MKLXIR PSGO RYX

%HNYWX *EWX -HPI 7TIIH

-14368%28 *EWX MHPI WTIIHW EVI TVIWIX EX XLI


JEGXSV] -X MW VIGSQQIRHIH XLEX JEWX MHPI
EHNYWXQIRXW FI TIVJSVQIH SRP] F] ER
EYXLSVM^IH HMIWIP VITEMV WXEXMSR

%HNYWX JEWX MHPI WTIIH TIV WTIGMJMGEXMSRW


PMWXIH MR 7IGXMSR  +VSYT  7II
QEGLMRI XIGLRMGEP QERYEP JSV SXLIV
ETTPMGEXMSRW -J RIGIWWEV] XS VIWIX JEWX
MHPI WTIIH VIWIX SRP] XS WTIGMJMGEXMSRW
-J JEWX MHPI WTIIH MW RSX WIX XS
WTIGMJMGEXMSR XLI IRKMRI QE] RSX
GSQTP] [MXL JIHIVEP IQMWWMSRW
VIKYPEXMSRW

(3 238 EHNYWX JEWX MHPI WTIIH EFSZI


WTIGMJMGEXMSRW SV TYQT ERH IRKMRI
HEQEKI QE] SGGYV

 1SZI TYQT XLVSXXPI PIZIV MR JEWX MHPI TSWMXMSR EKEMRWX


JEWX MHPI EHNYWXMRK WGVI[ '  7II ETTVSTVMEXI 1EGLMRI
8IGLRMGEP 1ERYEP JSV WTIGMJMIH IRKMRI WTIIHW

 0SSWIR JEWX MHPI WGVI[ PSGO ERH EHNYWX JEWX MHPI WTIIH
XS WTIGMJMGEXMSR 8MKLXIR PSGO RYX

01&6+.; rr1%=r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
%HNYWX :EVMEFPI 7TIIH (VSST SR +IRIVEXSV
7IX )RKMRIW Œ +SZIVRSV 6IKYPEXMSR Œ
7XEREH]RI (& ERH (& -RNIGXMSR 4YQTW

%R I\XIVREP WTIIH HVSST EHNYWXMRK GET % EX XLI VIEV SJ


XLI MRNIGXMSR TYQT LSYWMRK TVSZMHIW TVIGMWI GSRXVSP SJ
KSZIVRSV WIRWMXMZMX] F] HIGVIEWMRK SV MRGVIEWMRK XLI
IJJIGXMZI PIRKXL ERH XLIVIF] XLI VEXI SJ XLI KSZIVRSV
GSRXVSP WTVMRK *MRI EHNYWXQIRXW GER FI QEHI [LMPI XLI
IRKMRI MW STIVEXMRK

 7XEVX IRKMRI ERH VYR EX VEXIH WTIIH [MXL  PSEH


ETTPMIH YRXMP MX VIEGLIW RSVQEP STIVEXMRK XIQTIVEXYVI

 ;LIR IRKMRI LEW [EVQIH XS RSVQEP STIVEXMRK


XIQTIVEXYVI TSWMXMSR XLVSXXPI PIZIV ( SV ) XS EXXEMR JYPP
PSEH VEXIH WTIIH IK   VTQ ERH ETTP]
 JYPP PSEH

%HNYWX XLI XLVSXXPI MJ RIGIWWEV] XS SFXEMR WEXMWJEGXSV] JYPP


PSEH TIVJSVQERGI

 6IQSZI PSEH ERH GLIGO JSV WTIGMJMIH RSPSEH WTIIH SV


JVIUYIRG]

-J MRGSVVIGX EHNYWX WTIIH HVSST EHNYWXMRK GET WPMKLXP]


GPSGO[MWI JSV MRGVIEWIH HVSST SV GSYRXIVGPSGO[MWI JSV
PIWW HVSST 

-J WYVKMRK I\MWXW YTSR VIQSZMRK XLI PSEH XYVR XLI


EHNYWXMRK GET GPSGO[MWI XS IPMQMREXI

 6IGLIGO JYPP PSEH ERH RSPSEH TIVJSVQERGI ERH


VIEHNYWX EW RIGIWWEV]

%Œ7TIIH (VSST %HNYWXMRK 'ET


&Œ*EWX -HPI 7GVI[
'Œ7PS[ -HPI 7GVI[
(Œ)EVP] 8LVSXXPI 0IZIV
)Œ'YVVIRX 8LVSXXPI

6+.; rr23:r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
8IWX *YIP -RNIGXMSR 2S^^PIW )RKMRI 6YRRMRK

 3TIVEXI IRKMRI EX MRXIVQIHMEXI WTIIH [MXL RS PSEH

 7PS[P] PSSWIR XLI JYIP TVIWWYVI PMRI EX SRI SJ XLI


RS^^PIW YRXMP JYIP IWGETIW EX XLI GSRRIGXMSR JYIP RSX
STIRMRK RS^^PI ZEPZI 

-J IRKMRI WTIIH GLERKIW XLI MRNIGXMSR RS^^PI MW


TVSFEFP] [SVOMRK WEXMWJEGXSV]

-J IRKMRI WTIIH HSIW RSX GLERKI E RS^^PI MW JEYPX]


ERH QYWX FI GLIGOIH ERH VITEMVIH SV VITPEGIH 

 6ITIEX XIWX JSV IEGL VIQEMRMRK RS^^PI EWWIQFP]

 6IQSZI JEYPX] MRNIGXMSR RS^^PIW ERH VITEMV EW VIUYMVIH


7II 7IGXMSR  +VSYT 

 8MKLXIR JYIP PMRIW XS WTIGMJMGEXMSRW

7TIGMJMGEXMSR
*YIP -RNIGXMSR 2S^^PI (IPMZIV]
0MRIWŒ8SVUYI   2wQ  PFJX

6+.; rr23:r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
*YIP (VEMR&EGO 8IWX 4VSGIHYVI

*YIP HVEMRMRK FEGO XLVSYKL XLI JYIP W]WXIQ QE] GEYWI


LEVH WXEVXMRK 8LMW TVSGIHYVI [MPP HIXIVQMRI MJ EMV MW
IRXIVMRK XLI W]WXIQ EX GSRRIGXMSRW ERH EPPS[MRK JYIP XS
WMTLSR FEGO XS XLI JYIP XERO

 (MWGSRRIGX JYIP WYTTP] ERH VIXYVR PMRIW EX JYIP XERO

-14368%28 *YIP VIXYVR PMRI 1978 I\XIRH FIPS[ JYIP


PIZIP MR JYIP XERO FIJSVI TIVJSVQMRK XLMW
XIWX *MPP JYIP XERO MJ RIGIWWEV]

 (VEMR EPP JYIP JVSQ XLI W]WXIQ MRGPYHMRK XLI JYIP


XVERWJIV TYQT JYIP MRNIGXMSR TYQT JYIP JMPXIVW ERH
[EXIV WITEVEXSV MJ IUYMTTIH 

 7IGYVIP] TPYK SJJ XLI IRH SJ XLI JYIP VIXYVR TMTI

'%98-32 1E\MQYQ EMV TVIWWYVI WLSYPH FI 


O4E  FEV  TWM [LIR TIVJSVQMRK XLMW XIWX

 9WMRK E PS[ TVIWWYVI EMV WSYVGI TVIWWYVM^I XLI JYIP


W]WXIQ EX XLI JYIP WYTTP] PMRI

 %TTP] PMUYMH WSET ERH [EXIV WSPYXMSR XS EPP NSMRXW ERH


GSRRIGXMSRW MR XLI JYIP W]WXIQ ERH MRWTIGX JSV PIEOW

 -J ER] PIEOW EVI JSYRH XEOI RIGIWWEV] WXITW XS VITEMV

 6IGSRRIGX WYTTP] ERH VIXYVR PMRIW ERH TVMQI W]WXIQ

 7XEVX IRKMRI ERH VYR JSV ETTVS\MQEXIP]  QMRYXIW

 %PPS[ IRKMRI XS WMX SZIVRMKLX ERH XV] WXEVXMRK XLI


JSPPS[MRK QSVRMRK

6+.; rr23:r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
&PIIH XLI *YIP 7]WXIQ

'%98-32 )WGETMRK JPYMH YRHIV TVIWWYVI GER


TIRIXVEXI XLI WOMR GEYWMRK WIVMSYW MRNYV] %ZSMH
LE^EVHW F] VIPMIZMRK TVIWWYVI FIJSVI
HMWGSRRIGXMRK L]HVEYPMG SV SXLIV PMRIW 8MKLXIR
EPP GSRRIGXMSRW FIJSVI ETTP]MRK TVIWWYVI
7IEVGL JSV PIEOW [MXL E TMIGI SJ GEVHFSEVH
4VSXIGX LERHW ERH FSH] JVSQ LMKL TVIWWYVI
JPYMHW

-J ER EGGMHIRX SGGYVW WII E HSGXSV MQQIHMEXIP]


%R] JPYMH MRNIGXIH MRXS XLI WOMR QYWX FI
WYVKMGEPP] VIQSZIH [MXLMR E JI[ LSYVW SV
KERKVIRI QE] VIWYPX (SGXSVW YRJEQMPMEV [MXL
XLMW X]TI SJ MRNYV] WLSYPH VIJIVIRGI E
ORS[PIHKIEFPI QIHMGEP WSYVGI

%R] XMQI XLI JYIP W]WXIQ LEW FIIR STIRIH YT JSV WIVZMGI
PMRIW HMWGSRRIGXIH SV JMPXIVW VIQSZIH  MX [MPP FI RIGIWWEV]
XS FPIIH EMV JVSQ XLI W]WXIQ

8LI JYIP W]WXIQ QE] FI FPIH EX SRI SJ WIZIVEP PSGEXMSRW


3R WSQI IRKMRI ETTPMGEXMSRW MX QE] FI RIGIWWEV] XS
GSRWYPX ]SYV STIVEXSV W QERYEP ERH GLSSWI XLI FIWX
PSGEXMSR JSV ]SYV IRKMRIQEGLMRI ETTPMGEXMSR

01&(47+393 rr%46r

&PIIH *YIP 7]WXIQ EX *MREP *YIP *MPXIV

 3TIR EMV FPIIH ZIRX WGVI[ % X[S JYPP XYVRW F] LERH

 4YQT XLI LERH TVMQIV MJ IUYMTTIH SR JMPXIV QSYRXMRK


FEWI YRXMP E RSXMGIEFPI EQSYRX SJ JYIP ERH EMV GSQIW
SYX SJ ZIRX STIRMRK 'SRXMRYI TYQTMRK ERH GPSWI ZIRX
WGVI[ [LIR JYIP WXEVXW XS JPS[

 4YQT XLI LERH TVMQIV WIZIVEP XMQIW YRXMP VIWMWXERGI MW


JIPX 'SRXMRYI TYQTMRK ERH STIR EMV FPIIH ZIRX WGVI[
EKEMR

 'PSWI EMV FPIIH ZIRX WGVI[ ERH TYQT XLI LERH TVMQIV
WIZIVEP XMQIW YRXMP VIWMWXERGI MW JIPX EKEMR
%Œ&PIIH :IRX 7GVI[

'SRXMRYIH SR RI\X TEKI 01&(47+393 rr%46r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
&PIIH *YIP 7]WXIQ EX *YIP -RNIGXMSR 4YQT

3R 7XEREH]RI VSXEV] TYQTW

 0SSWIR JYIP VIXYVR PMRI % EX JYIP MRNIGXMSR TYQT

 3TIVEXI JYIP WYTTP] TYQT TVMQIV PIZIV

 %W WSSR EW JYIP JPS[ MW JVII JVSQ EMV FYFFPIW XMKLXIR


JYIP VIXYVR PMRI XS WTIGMJMGEXMSRW 4VMQIV PIZIV MW
WTVMRKPSEHIH ERH [MPP VIXYVR XS RSVQEP TSWMXMSR

7TIGMJMGEXMSR
*YIP -RNIGXMSR 4YQT 6IXYVR
0MRIŒ8SVUYI   2wQ  PFJX %Œ*YIP 6IXYVR 0MRI

01&(47+393 rr%46r

3R 0YGEW VSXEV] TYQTW

'%98-32 2):)6 PSSWIR WGVI[ ' WIGYVMRK


TYQT LIEH SV TYQT HEQEKI QE] SGGYV

 0SSWIR FPIIH WGVI[ &  SV JYIP VIXYVR PMRI SR PEXIV


QSHIPW SR TYQT GSZIV

 3TIVEXI WYTTP] TYQT TVMQIV PIZIV SV XYVR MKRMXMSR


W[MXGL XS 32 &Œ&PIIH 7GVI[
'Œ4YQT ,IEH 7GVI[
 ;EMX YRXMP JYIP JPS[ MW JVII JVSQ EMV FYFFPIW 6IXMKLXIR
FPIIH WGVI[

-J YWIH TVMQIV PIZIV MW WTVMRKPSEHIH ERH [MPP VIXYVR XS


RSVQEP TSWMXMSR

'SRXMRYIH SR RI\X TEKI 01&(47+393 rr%46r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
&PIIH *YIP 7]WXIQ EX *YIP -RNIGXMSR 2S^^PIW

 4PEGI XLVSXXPI PIZIV MR LEPJXLVSXXPI TSWMXMSR

3R IRKMRIW IUYMTTIH [MXL IPIGXVSRMG JYIP WLYXSJJ


WSPIRSMH IRIVKM^I WSPIRSMH

-14368%28 %P[E]W YWI E FEGOYT [VIRGL [LIR


PSSWIRMRK SV XMKLXIRMRK JYIP PMRIW EX
RS^^PIW ERHSV MRNIGXMSR TYQT XS EZSMH
HEQEKI

 9WMRK X[S STIRIRH [VIRGLIW PSSWIR X[S JYIP PMRI


GSRRIGXMSRW EX MRNIGXMSR RS^^PIW

 'VERO IRKMRI SZIV [MXL WXEVXMRK QSXSV JSV  WIGSRHW


FYX HS RSX WXEVX IRKMRI YRXMP JYIP JVII JVSQ FYFFPIW
JPS[W SYX SJ PSSWIRIH GSRRIGXMSR 6IXMKLXIR GSRRIGXMSR
XS WTIGMJMGEXMSRW

7TIGMJMGEXMSR
*YIP -RNIGXMSR 2S^^PI (IPMZIV]
0MRIWŒ8SVUYI   2wQ  PFJX

 6ITIEX TVSGIHYVI JSV VIQEMRMRK MRNIGXMSR RS^^PIW MJ


RIGIWWEV] YRXMP EPP EMV LEW FIIR VIQSZIH JVSQ JYIP
W]WXIQ

01&(47+393 rr%46r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
7IGXMSR 
8SSPW ERH 3XLIV 1EXIVMEPW
'SRXIRXW

4EKI

+VSYT Œ6ITEMV 8SSPW ERH 3XLIV 1EXIVMEPW


1IGLERMGEP *YIP 7]WXIQ )WWIRXMEP 8SSPW    
1IGLERMGEP *YIP 7]WXIQ 7IVZMGI )UYMTQIRX
ERH 8SSPW                          
1IGLERMGEP *YIP 7]WXIQ 3XLIV 1EXIVMEP     

+VSYT Œ(MEKRSWXMG 7IVZMGI 8SSPW ERH 3XLIV


1EXIVMEPW
1IGLERMGEP *YIP 7]WXIQ (MEKRSWXMG
)WWIRXMEP 8SSPW                      
1IGLERMGEP *YIP 7]WXIQ (MEKRSWXMG
7IVZMGI )UYMTQIRX ERH 8SSPW           

+VSYT Œ(IEPIV *EFVMGEXIH 7IVZMGI 8SSPW


,S[ XS 1EOI 8SSPW                     
01&(*6+Œ-RNIGXMSR 4YQT *VSRX 4PEXI
8MQMRK 1EVO 8VERWJIV 8SSP             

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
+VSYT 
6ITEMV 8SSPW ERH 3XLIV 1EXIVMEPW
1IGLERMGEP *YIP 7]WXIQ )WWIRXMEP 8SSPW

01&(47+393 rr%46r

6+ r92r()'

8MQMRK 4MR                     -( 2S 

9WIH XS PSGO JP][LIIP EX 2S  8(' JSV MRNIGXMSR TYQT


XMQMRK

01&(47+393 rr%46r

-RNIGXMSR 4YQT (VMZI +IEV 4YPPIV      -(2S 

6IQSZI HVMZI KIEV JVSQ XETIVIH WLEJX SR 7XEREH]RI (&


[MXL VIXEMRIH HVMZI WLEJXW ERH (& JYIP MRNIGXMSR TYQTW
%PWS YWIH XS VIQSZI HVMZI KIEV SR 0YGEW MRNIGXMSR TYQTW

01&(47+393 rr%46r

6+ r92r3'8

7IVVEXIH ;VIRGL                    01&.()

9WI XS LSPH MRNIGXMSR TYQT JYIP SYXPIX JMXXMRKW SR &SWGL l4z


TYQT JVSQ XYVRMRK [LIR PSSWIRMRK ERH XMKLXIRMRK JYIP
TMTI GSRRIGXMSRW

01&(47+393 rr%46r

6+ r92r%9+

'VS[WJSSX ;VIRGL                   01&.(*

9WIH XS PSSWIR ERH XMKLXIR JYIP TMTIW EX MRNIGXMSR RS^^PIW


ERH EX MRNIGXMSR TYQT

'SRXMRYIH SR RI\X TEKI 01&(47+393 rr%46r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
*P][LIIP 8YVRMRK 8SSP             -( 2S 

9WIH XS VSXEXI JP][LIIP SR IRKMRI XS GLIGO HEQTIV VEHMEP


VYRSYX ERH XMQI IRKMRI

01&(47+393 rr%46r

-RNIGXMSR 2S^^PI 4YPPIV              -( 2S

6IQSZI MRNIGXMSR RS^^PIW

01&(47+393 rr%46r

6+ r92r%9+

2S^^PI &SVI 'PIERMRK 8SSP          -( 2S 

'PIER MRNIGXMSR RS^^PI FSVI MR G]PMRHIV LIEH

01&(47+393 rr%46r

6+ r92r%9+

2S^^PI 'PIERMRK /MX                 01&.(*&

'PIER MRNIGXMSR RS^^PIW

01&(47+393 rr%46r

-RNIGXMSR 2S^^PI ;VIRGL            -( 2S 

9WIH XS PSSWIR SV XMKLXIR PMJX EHNYWXMRK WGVI[W SR MRNIGXMSR


RS^^PIW

'SRXMRYIH SR RI\X TEKI 01&(47+393 rr%46r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
2S^^PI 'EVFSR 7XST 7IEP -RWXEPPIV     -( 2S 

9WIH XS MRWXEPP GEVFSR WXST WIEP MR MRNIGXMSR RS^^PI KVSSZI

01&(47+393 rr%46r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
1IGLERMGEP *YIP 7]WXIQ 7IVZMGI )UYMTQIRX
ERH 8SSPW

01&(47+393 rr%46r

%HETXIV                           836< 8

-RNIGXMSR TYQT HVMZI KIEVXSLYF GET WGVI[W

01&(47+393 rr%46r

&SWGL &IRGL 1SYRXIH 2S^^PI 8IWXIV   -( 2S 

'LIGO RS^^PI STIRMRK TVIWWYVI

01&(47+393 rr%46r

*YIP 0MRI                       01&/.(

9WI [MXL -( 2S  2S^^PI 8IWXIV XS GLIGO RS^^PI


STIRMRK TVIWWYVI

01&(47+393 rr%46r

*YIP -RNIGXMSR 2S^^PI 8IWXIV %HETXIV


7IX                          01&(3%%

'LIGO RS^^PI STIRMRK TVIWWYVI

01&(47+393 rr%46r

38' 4SVXEFPI 2S^^PI 8IWXIV         01&(3%%

'LIGO RS^^PI STIRMRK TVIWWYVI

01&(47+393 rr%46r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
1IGLERMGEP *YIP 7]WXIQ 3XLIV 1EXIVMEP

2YQFIV 2EQI 9WI

 03'8-8) 8LVIEH 0SGO ERH 7IEPIV 1IHMYQ %TTP] XS JYIP WYTTP] TYQT QSYRXMRK
7XVIRKXL WGVI[W JYIP PMRI JMXXMRKW MRNIGXMSR
TYQT JVSRX EGGIWW TPEXI GET WGVI[W
ERH MRNIGXMSR TYQT XMQMRK LSPI TPYK

7SET 0YFVMGERX -RNIGXMSR TYQT QSYRXMRK JPERKI


3VMRK

01&(47+393 rr%46r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
+VSYT 
(MEKRSWXMG 7IVZMGI 8SSPW ERH 3XLIV 1EXIVMEPW
1IGLERMGEP *YIP 7]WXIQ (MEKRSWXMG )WWIRXMEP
8SSPW

01&(47+393 rr%46r

8-1) 86%' /MX 8IWXIV /MX          -( 2S

9WIH XS TIVJSVQ XLI H]REQMG XMQMRK SJ IRKMRIW -( 2S


 8-1) 86%' /MX GSRWMWXW SJ XLI JSPPS[MRK
1IXIV 1EKRIXMG 4MGOYT 8VERWHYGIV 'EFPI 73- 'PEQT
%WWIQFP] -RWXVYGXMSR 1ERYEP 8-1) 86%' 5YMGO
6IJIVIRGI 7LIIX 'EVV]MRK 'EWI  QQ +VIIR 'PEQT3R
8VERWHYGIV  MR &PEGO 'PEQT3R 8VERWHYGIV -( 2S
 8MQMRK 4MR 01&.(+ 8LVIEHIH 1EKRIXMG
4MGOYT %HETXIV  MR -R0MRI 73- 7IRWSV ERH
01&.(+ 8ETIVIH %HETXIV

01&(47+393 rr%46r

6+ r92r()'

8MQMRK 4MR                     -( 2S 

9WIH XS PSGO IRKMRI EX 8('

'SRXMRYIH SR RI\X TEKI 01&(47+393 rr%46r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
*P][LIIP 8YVRMRK 8SSP             -( 2S 

9WIH XS VSXEXI JP][LIIP SR IRKMRI XS GLIGO HEQTIV VEHMEP


VYRSYX ERH XMQI IRKMRI

01&(47+393 rr%46r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
1IGLERMGEP *YIP 7]WXIQ (MEKRSWXMG 7IVZMGI
)UYMTQIRX ERH 8SSPW

01&(47+393 rr%46r

'PEQT3R 8VERWHYGIV

9WI [MXL 8-1) 86%' QIXIV XS QIEWYVI IRKMRI WTIIH

01&(47+393 rr%46r

'EFPI

9WI [MXL 8-1) 86%' QIXIV XS QIEWYVI IRKMRI WTIIH

01&(47+393 rr%46r

4VIWWYVI +EYKI ΠO4E ΠFEV ΠTWM  ,SWI


ERH *MXXMRKW                      01&.8

1IEWYVI XVERWJIV TYQT TVIWWYVI MR VSXEV] MRNIGXMSR TYQT


W]WXIQW %WWIQFPI XIWX IUYMTQIRX JVSQ 01&.8
9RMZIVWEP 4VIWWYVI 8IWX /MX SV ER] SXLIV WYMXEFPI
IUYMTQIRX

01&(47+393 rr%46r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
+VSYT 
(IEPIV *EFVMGEXIH 7IVZMGI 8SSPW
,S[ XS 1EOI 8SSPW

8LIWI XSSPW GER FI QEHI MR E WIVZMGI WLST YWMRK


GSQQSR WLST XSSPW ERH PSGEPP] SFXEMRIH QEXIVMEPW

01&6+.; rr23:r

01&(*6+Œ-RNIGXMSR 4YQT *VSRX 4PEXI 8MQMRK 1EVO 8VERWJIV 8SSP

1EXIVMEPŒ%PYQMRYQ VITPEGIQIRX JVSRX TPEXI [LMGL HSIW RSX LEZI XLI


QEVO  6IJIV XS 7IGXMSR  +VSYT  JSV TVSGIHYVI XS
8LMW XIQTPEXI MW YWIH XS XVERWJIV XLI MRNIGXMSR TYQT YWI XLMW XSSP
XMQMRK QEVO JVSQ XLI IRKMRI W SVMKMREP JVSRX TPEXI XS XLI

01&6+.; rr23:r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
7IGXMSR 
7TIGMJMGEXMSRW
'SRXIRXW

4EKI

+VSYT Œ6ITEMV ERH +IRIVEP 7TIGMJMGEXMSRW


9RMJMIH -RGL &SPX ERH 'ET 7GVI[ 8SVUYI
:EPYIW                             
1IXVMG &SPX ERH 'ET 7GVI[ 8SVUYI :EPYIW   
+IRIVEP )RKMRI 7TIGMJMGEXMSRW            
1IGLERMGEP *YIP 7]WXIQ 6ITEMV
7TIGMJMGEXMSRW                       

+VSYT Œ(MEKRSWXMG 7TIGMJMGEXMSRW


*YIP -RNIGXMSR 4YQT 7TIGMJMGEXMSRW         
1IGLERMGEP *YIP 7]WXIQ (MEKRSWXMG ERH 8IWX
7TIGMJMGEXMSRW                       

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
+VSYT 
6ITEMV ERH +IRIVEP 7TIGMJMGEXMSRW
9RMJMIH -RGL &SPX ERH 'ET 7GVI[ 8SVUYI :EPYIW

(<8365 rr.90r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
1IXVMG &SPX ERH 'ET 7GVI[ 8SVUYI :EPYIW

(<8365 rr.90r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
+IRIVEP )RKMRI 7TIGMJMGEXMSRW

-8)1 )2+-2)
( 2% ( 8 ( 8 ( 8-
2YQFIV SJ ']PMRHIVW    
&SVI  QQ  MR  QQ  MR  QQ  MR  QQ  MR
7XVSOI  QQ  MR  QQ  MR  QQ  MR  QQ  MR
(MWTPEGIQIRX  P  P  P  P
 GY MR  GY MR  GY MR  GY MR
'SQTVIWWMR    
1E\ 'VERO 4VIWWYVI  O4E  O4E  O4E  O4E
,3 ,3 ,3 ,3
+SZIVRSV 6IKYPEXMSR MRHYWXVMEP Œ Œ Œ Œ
+SZIVRSV 6IKYPEXMSR +IRIVEXSV    
3MP 4VIWWYVI 6EXIH 7TIIH  O4E  TWM  O4E  TWM  O4E  TWM  O4E  TWM
3MP 4VIWWYVI 0S[ -HPI  O4E  TWM  O4E  TWM  O4E  TWM  O4E  TWM
0IRKXL  QQ  MR  QQ  MR  QQ  MR  QQ  MR
;MHXL  QQ  MR  QQ  MR  QQ  MR  QQ  MR
,IMKLX  QQ  MR  QQ  MR  QQ  MR  QQ  MR
;IMKLX  OK  PF  OK  PF  OK  PF  OK  PF

01&(47+393 rr%46r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
1IGLERMGEP *YIP 7]WXIQ 6ITEMV
7TIGMJMGEXMSRW

-XIQ 1IEWYVIQIRX 7TIGMJMGEXMSR

*YIP *MPXIV &EWI 1SYRXMRK 8SVUYI  2wQ  PFJX


&VEGOIXXS']PMRHIV ,IEH

4VMQEV] *YIP *MPXIV;EXIV 7ITEVEXSV 8SVUYI  2wQ  PFJX


1SYRXMRK &EWIXS&VEGOIX

*MREP *YIP *MPXIV 1SYRXMRK 8SVUYI  2wQ  PFJX


&EWIXS&VEGOIX

6SXEV] *YIP 7YTTP] 4YQT 0YGEW 4VIWWYVI ΠO4E ΠFEV
ERH 7XEREH]RI ΠTWM

*YIP 7YTTP] 4YQT 'ET 7GVI[W 8SVUYI  2wQ  PFJX


6SXEV]

*YIP 7YTTP] 4YQT -RPIX ERH 3YXPIX 8SVUYI  2wQ  PFJX


0MRIW

'SPH 7XEVX %HZERGI :EPZI 8SVUYI  2wQ  PFJX

'SPH 7XEVX %HZERGI 8SVUYI  2wQ  PFMR


7SPIRSMHXS:EPZI

0YGEW ERH 7XEREH]RI 6SXEV] 8SVUYI  2wQ  PFJX


-RNIGXMSR 4YQT 1SYRXMRK 2YXW

7XEREH]RI (& *YIP -RNIGXMSR 4YQT 8SVUYI  2wQ  PFJX


(VMZI +IEVXS7LEJX 6IXEMRMRK 2YX
8SVUYI

7XEREH]RI (& *YIP -RNIGXMSR 4YQT 8SVUYI  2wQ  PFJX
(VMZI +IEVXS7LEJX 6IXEMRMRK 2YX
8SVUYI

6SXEV] -RNIGXMSR 4YQT *VSRX %GGIWW 8SVUYI  2wQ 0FJX  PFMR


4PEXI 'ET 7GVI[W

(4 ERH (4 0YGEW *YIP 8SVUYI  2wQ  PFJX


-RNIGXMSR 4YQT (VMZI +IEVXS7LEJX
6IXEMRMRK 2YX

*YIP (IPMZIV] 0MRI 'SRRIGXSVW EX 8SVUYI  2wQ  PFJX


(IPMZIV] :EPZIW ERH 2S^^PIW

'SRXMRYIH SR RI\X TEKI 01&(47+393 rr%46r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
-XIQ 1IEWYVIQIRX 7TIGMJMGEXMSR

%RIVSMH 4VIWWYVI 0IZIV 0MJX3JJ 4VIWWYVI ΠQQ ,K ΠMR ,K


ΠO4E ΠTWM

%RIVSMH 4VIWWYVI 0IZIV EX *YPP 4VIWWYVI ΠQQ ,K ΠMR ,K


8VEZIP ΠO4E ΠTWM

*YIP -RNIGXMSR -( 2S 


2S^^PIW 2EXYVEPP] %WTMVEXIH
)RKMRIW

2I[ SV 6IGSRHMXMSRIH 2S^^PI [MXL 3TIRMRK 4VIWWYVI JSV 7IXXMRK  Π O4E
2I[ -RXIVREP 4EVXW ΠFEV
ΠTWM
3TIRMRK 4VIWWYVI JSV 'LIGOMRK   O4E  FEV
1MRMQYQ  TWM

9WIH 2S^^PI 3TIRMRK 4VIWWYVI JSV 'LIGOMRK   O4E  FEV
1MRMQYQ  TWM

3TIRMRK 4VIWWYVI (MJJIVIRGI 4VIWWYVI (MJJIVIRGI 1E\MQYQ  O4E  FEV  TWM
FIX[IIR ']PMRHIVW

*YIP -RNIGXMSR -( 2S 


2S^^PIW 8YVFSGLEVKIH )RKMRIW

2I[ SV 6IGSRHMXMSRIH 2S^^PI [MXL 3TIRMRK 4VIWWYVI JSV 7IXXMRK  Π O4E
2I[ -RXIVREP 4EVXW ΠFEV
ΠTWM
3TIRMRK 4VIWWYVI JSV 'LIGOMRK   O4E  FEV
1MRMQYQ  TWM

9WIH 2S^^PI 3TIRMRK 4VIWWYVI JSV 'LIGOMRK   O4E  FEV
1MRMQYQ  TWM

3TIRMRK 4VIWWYVI (MJJIVIRGI 4VIWWYVI (MJJIVIRGI 1E\MQYQ  O4E  FEV  TWM
FIX[IIR ']PMRHIVW

*YIP -RNIGXMSR 2S^^PI 8MT 7TVE] %RKPI ”

2S^^PI :EPZI7IEX 8MKLXRIWW 0IEOEKI 2S^^PI XMT HV] EJXIV  WIGSRHW


'SRHMXMSR EX 4VIWWYVI 8IWX SJ Π7PMKLX HEQTRIWW TIVQMWWMFPI SR
 O4E ΠFEV ΠYWIH RS^^PIW
TWM

'SRXMRYIH SR RI\X TEKI 01&(47+393 rr%46r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
-XIQ 1IEWYVIQIRX 7TIGMJMGEXMSR

*YIP -RNIGXMSR 2S^^PI 6IXYVR 0IEOEKI Π(VSTW 7IGSRHW


0IEOEKI EX 4VIWWYVI 8IWX SJ  
O4E  FEV  TWM

*YIP -RNIGXMSR 2S^^PI 8MT 3VMJMGI 2YQFIV SJ 3VMJMGIW TIV 2S^^PI 

*YIP -RNIGXMSR 2S^^PI 8MT 3VMJMGI -(  QQ  MR


2EXYVEPP] %WTMVEXIH )RKMRIW

*YIP -RNIGXMSR 2S^^PI 8MT 3VMJMGI -(  QQ  MR


8YVFSGLEVKIH )RKMRIW

-RNIGXMSR 2S^^PI 4VIWWYVI %HNYWXMRK 8SVUYI  2wQ  PFJX


7GVI[ 0SGO 2YX

*YIP -RNIGXMSR 2S^^PI :EPZI 2IIHPI 0MJX &EWIH SR >IVS 0MJX  8YVR 'SYRXIVGPSGO[MWI

*YIP -RNIGXMSR 2S^^PI 0MJX %HNYWXMRK 8SVUYI  2wQ  PFJX  PFMR
7GVI[ 0SGO 2YX

*YIP -RNIGXMSR 2S^^PI ,SPH(S[R 8SVUYI  2wQ  PFJX


'PEQT 'ET 7GVI[W

*YIP 0IEO3JJ ,I\ 2YX 8SVUYI  2wQ  PFJX


 PFMR

*YIP -RNIGXMSR 4YQT 6IXYVR 0MRI 8SVUYI  2wQ  PFJX

01&(47+393 rr%46r

8,C(C)2 3'8  0-)&,)66Œ(r (MIWIP )RKMRIW




42!
+VSYT 
(MEKRSWXMG 7TIGMJMGEXMSRW
*YIP -RNIGXMSR 4YQT 7TIGMJMGEXMSRW

-J ]SYV VSXEV] TYQT ETTPMGEXMSR MW RSX PMWXIH MR ER] SJ XLIWI


WSYVGIW GSRXEGX XLI JEGXSV] 0-)&,)66 JSV EWWMWXERGI

-14368%28 1EOI WYVI IRKMRI MW [EVQIH YT XS


STIVEXMRK XIQTIVEXYVI ERH VYRRMRK EX
JYPP PSEHVEXIH WTIIH [LIR WIXXMRK
H]REQMG XMQMRK SR MRNIGXMSR TYQT

*9)0 -2.)'8-32 4914 74)'-*-'%8-327 )RKMRIW 'EXIKSV] -


)RKMRI 2YQFIVT -RNIGXMSR 3VMKMREP 6ITPEGIH F] 1MRMQYQ MHPI 2SQMREP 1E\MQYQ MHPI (]REQMG
4YQTW MRNIGXMSR MRNIGXMSR WTIIH VTQ WTIIH VTQ WTIIH VTQ WIXXMRK
STXMSR GSHI TYQT 4EVX TYQT 4EVX HIKVIIW
2S 2S FIJSVI 8('
( 2% %=     
.7     
( 8 %<     
.8     
( 8 8)     
( 8- 61     

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42!
1IGLERMGEP *YIP 7]WXIQ (MEKRSWXMG ERH 8IWX
7TIGMJMGEXMSRW

-XIQ 1IEWYVIQIRX 7TIGMJMGEXMSR

6SXEV] -RNIGXMSR 4YQT 1SYRXMRK 2YXW 8SVUYI  2wQ  PFJX

6SXEV] *YIP 7YTTP] 4YQT 7XEXMG 4VIWWYVI ΠO4E ΠFEV
ΠTWM

6SXEV] *YIP 7YTTP] 4YQT 1MRMQYQ 7XEXMG 4VIWWYVI EX  VTQ  O4E  FEV  TWM
)RKMRI 7TIIH

6SXEV] *YIP 7YTTP] 4YQT 1MRMQYQ 4SWMXMZI 4VIWWYVI EX  Œ O4E Œ FEV Œ
VTQ )RKMRI 7TIIH TWM

6SXEV] *YIP 7YTTP] 4YQT 1MRMQYQ *PS[ EX  VTQ )RKMRI  0QMR  KTQ
7TIIH

'SPH 7XEVX 7[MXGL 8SVUYI  2wQ  PFJX  PFMR

0YGEW *YIP 7LYX3JJ 7SPIRSMH 6IWMWXERGI  3LQW

*YIP -RNIGXMSR 2S^^PI (IPMZIV] 0MRIW 8SVUYI  2wQ  PFJX

*YIP -RNIGXMSR 4YQT 6IXYVR 0MRI 8SVUYI  2wQ  PFJX

01&(47+393 rr%46r

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42!
-RHI\
4EKI 4EKI

% )

%MV MR JYIP XIWX                        )RKMRI


%RIVSMH %TTPMGEXMSR GLEVXW                   
3TIVEXMSR                         1SHIP HIWMKREXMSR                  
%RIVSMH 0YGEW 7XEREH]RI 7IVMEP RYQFIV TPEXI                 
6ITEMV                           

*
&
*VSRX TPEXI XMQMRK QEVO XVERWJIV        
*YIP                               
&PIIH JYIP W]WXIQ            
*YIP HVEMRFEGO XIWX                  
*YIP JMPXIV
)\TPSHIH ZMI[ JMREP                 
)\TPSHIH ZMI[ TVMQEV]              
'
-RWXEPP                            
3TIVEXMSR                         
'LIGO 6IQSZI ERH MRWXEPP                  
*YIP WYTTP] W]WXIQ                  6ITPEGI                          
'SPH WXEVX EHZERGI *YIP MRNIGXMSR RS^^PIW
'LIGO STIVEXMSR                    %HNYWX                           
7[MXGL STIVEXMSREP GLIGO             %WWIQFPI                        
7]WXIQ STIVEXMSR                    &SVI GPIER                       
'SPH WXEVX EHZERGI WSPIRSMH ERH ZEPZI VIQSZI ERH 'PIER                           
MRWXEPP                            'PIER ERH MRWTIGX                  
'SSPERX                             (MEKRSWI QEPJYRGXMSRW              
']PMRHIV QMWJMVI XIWX                   (MWEWWIQFPI                      
-RWXEPP                           
3TIVEXMSR                        
6IQSZI                         
( 8IWX                            
8IWX IRKMRI VYRRMRK               
(IEPIV JEFVMGEXIH XSSPW                  *YIP MRNIGXMSR TYQT
(MEKRSWXMGW +IRIVEP MRJSVQEXMSR                 
%FRSVQEP IRKMRI RSMWI       8MQMRK WTIGMJMGEXMSRW                 
)RKMRI GVEROW[SR X WXEVX              *YIP MRNIGXMSR TYQT 0YGEW
)RKMRI HSIW RSX HIZIPST JYPP TS[IV      (]REQMG XMQMRK                    
)RKMRI IQMXW I\GIWWMZI FPEGO SV KVE] I\LEYWX )RKMRI WTIIH GLIGO ERH EHNYWX       
WQSOI                          -RWXEPP                           
)RKMRI IQMXW I\GIWWMZI [LMXI I\LEYWX 3TIVEXMSR                        
WQSOI                          6IQSZI                         
)RKMRI MHPIW TSSVP]                  6ITEMV                           
)RKMRI QMWJMVIWVYRW MVVIKYPEVP]          7XEXMG XMQMRK                      
)RKMRI [MPP RSX GVERO                 *YIP MRNIGXMSR TYQT 7XEREH]RI
)\GIWWMZI JYIP GSRWYQTXMSR           'LIGO ERH EHNYWX IRKMRI WTIIHW      
*YIP MR SMP                         (]REQMG XMQMRK                    
*YIP WYTTP] W]WXIQ                  -RWTIGX                          
*YIP W]WXIQ PS[ TVIWWYVI -RWXEPP                           
)\GIWWMZI JYIP GSRWYQTXMSR         3TIVEXMSR                         
*YIP MR SMP                       6IQSZI                         
(MIWIP JYIP                           6ITEMV                           

8,C(C)2 3'8 -RHI\ 0-)&,)66Œ(r (MIWIP )RKMRIW




42!
4EKI 4EKI

7XEXMG XMQMRK                       1


*YIP WYTTP] TYQT 0YGEW ERH 7XEREH]RI
&IRGL XIWX                        1IXVMG XSVUYI ZEPYIW                   
-RWXEPP                           
1IEWYVI TVIWWYVI                  
3TIVEXMSR                         
3
6IQSZI                         
*YIP WYTTP] UYEPMX] GLIGO               3XLIV QEXIVMEPW JYIP W]WXIQ VITEMV        
*YIP W]WXIQ
%MV MR JYIP XIWX                     
&PIIH                   
(MEKRSWXMG ERH XIWX WTIGMJMGEXMSRW        7
(MEKRSWXMGW
)\GIWWMZI JYIP GSRWYQTXMSR         7IVMEP RYQFIV TPEXI                   
*YIP MR SMP                       7TIGMJMGEXMSRW
*YIP WYTTP] UYEPMX] GLIGO             *YIP W]WXIQ HMEKRSWXMG ERH XIWX        
+IRIVEP MRJSVQEXMSR                  *YIP W]WXIQ VITEMV                  
3TIVEXMSR VSXSV] TYQT               +IRIVEP IRKMRI WTIGMJMGEXMSRW          
6IPMIZI TVIWWYVI                     -RNIGXMSR TYQT XMQMRK                
6ITEMV WTIGMJMGEXMSRW                 
6IWXVMGXIH JYIP VIXYVR PMRI GLIGO       
8

8-1) 86%' YWMRK EW E XEGLSQIXIV      


- 8MQMRK QEVO JVSRX TPEXI XVERWJIV        
8SSPW
(IEPIV JEFVMGEXIH                   
-RGL XSVUYI ZEPYIW                    
(MEKRSWXMG                         
-RNIGXMSR RS^^PIW
6ITEMV                            
%HNYWX                           
8SVUYI ZEPYIW
%WWIQFPI                        
-RGL                             
&SVI GPIER                       
1IXVMG                            
'PIER                           
'PIER ERH MRWTIGX                  
(MEKRSWI QEPJYRGXMSRW              
(MWEWWIQFPI                      
-RWXEPP                           
3TIVEXMSR                        
6IQSZI                         
8IWX                            
8IWX IRKMRI VYRRMRK               
:EPZI MRWTIGX ERH GPIER             

0MKLX PSEH EHZERGI


3TIVEXMSREP GLIGOSYX               
8LISV] SJ STIVEXMSR                 
0YFVMGERXW                          
0YFVMGMX] SJ HMIWIP JYIP                 

8,C(C)2 3'8 -RHI\ 0-)&,)66Œ(r (MIWIP )RKMRIW




42!

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