Workshop manual

TH3 - D504
Electronic Fuel System

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D 504 TI
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Edition: Oct 2003 (English)
Order number: 10035860

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MJFCIFSS
 -RXVSHYGXMSR
*SV[EVH
8LMW QERYEP MW [VMXXIR JSV ER I\TIVMIRGIH XIGLRMGMER
)WWIRXMEP XSSPW VIUYMVIH MR TIVJSVQMRK GIVXEMR WIVZMGI
[SVO EVI MHIRXMJMIH MR XLMW QERYEP ERH EVI
VIGSQQIRHIH JSV YWI
8LMW QERYEP 8,C( GSZIVW SRP] )PIGXVSRMG *YIP
7]WXIQ [MXL XLI 7XEREH]RI () MRNIGXMSR TYQT -X MW
SRI SJ XLVII ZSPYQIW SR ( IRKMRIW 8LI JSPPS[MRK
GSQTERMSR QERYEPW GSZIV XLI FEWI IRKMRI ERH
QIGLERMGEP JYIP W]WXIQ VITEMV STIVEXMSR ERH
HMEKRSWXMGW
› 8,C(Œ&EWI )RKMRI
› 8,C(Œ1IGLERMGEP *YIP 7]WXIQW
3XLIV QERYEPW [MPP FI EHHIH MR XLI JYXYVI XS TVSZMHI
EHHMXMSREP MRJSVQEXMSR SR IPIGXVSRMG JYIP W]WXIQW EW
RIIHIH
0MZI [MXL WEJIX] 6IEH XLI WEJIX] QIWWEKIW MR XLI
MRXVSHYGXMSR SJ XLMW QERYEP ERH XLI GEYXMSRW TVIWIRXIH
XLVSYKLSYX XLI XI\X SJ XLI QERYEP
8LMW MW XLI WEJIX]EPIVX W]QFSP ;LIR ]SY WII XLMW
W]QFSP SR XLI QEGLMRI SV MR XLMW QERYEP FI EPIVX XS
XLI TSXIRXMEP JSV TIVWSREP MRNYV]
9WI XLMW GSQTSRIRX XIGLRMGEP QERYEP MR GSRNYRGXMSR
[MXL XLI QEGLMRI XIGLRMGEP QERYEP %R ETTPMGEXMSR
PMWXMRK MR 7IGXMSR  +VSYT  MHIRXMJMIW
TVSHYGXQSHIPGSQTSRIRX X]TIQSHIP VIPEXMSRWLMT 7II
XLI QEGLMRI XIGLRMGEP QERYEP JSV MRJSVQEXMSR SR
GSQTSRIRX VIQSZEP ERH MRWXEPPEXMSR ERH KEMRMRK
EGGIWW XS XLI GSQTSRIRXW
8,C(C)2 3'8
-RJSVQEXMSR MW SVKERM^IH MR WIGXMSRW ERH KVSYTW JSV XLI
ZEVMSYW GSQTSRIRXW VIUYMVMRK WIVZMGI MRWXVYGXMSR
7IGXMSR  WYQQEVM^IW EPP ETTPMGEFPI IWWIRXMEP XSSPW
WIVZMGI IUYMTQIRX ERH XSSPW SXLIV QEXIVMEPW RIIHIH XS
HS XLI NSF ERH WIVZMGI TEVXW OMXW 7IGXMSR 
WYQQEVM^IW EPP WTIGMJMGEXMSRW [IEV XSPIVERGIW ERH
XSVUYI ZEPYIW
&IJSVI FIKMRRMRK HMEKRSWMW SV VITEMV SR ER IRKMRI
GPIER XLI IRKMRI
8LMW QERYEP GSRXEMRW 7- 1IXVMG YRMXW SJ QIEWYVI
JSPPS[IH MQQIHMEXIP] F] XLI 97 GYWXSQEV] YRMXW SJ
QIEWYVI 1SWX LEVH[EVI SR XLIWI IRKMRIW MW QIXVMG
WM^IH
7SQI GSQTSRIRXW SJ XLMW IRKMRI QE] FI WIVZMGIH
[MXLSYX VIQSZMRK XLI IRKMRI JVSQ XLI QEGLMRI 6IJIV
XS XLI WTIGMJMG QEGLMRI XIGLRMGEP QERYEP JSV
MRJSVQEXMSR SR GSQTSRIRXW XLEX GER FI WIVZMGIH
[MXLSYX VIQSZMRK XLI IRKMRI JVSQ XLI QEGLMRI ERH JSV
IRKMRI VIQSZEP ERH MRWXEPPEXMSR TVSGIHYVIW
6IEH IEGL FPSGO SJ QEXIVMEP GSQTPIXIP] FIJSVI
TIVJSVQMRK WIVZMGI XS GLIGO JSV HMJJIVIRGIW MR
TVSGIHYVIW SV WTIGMJMGEXMSRW *SPPS[ SRP] XLI
TVSGIHYVIW XLEX ETTP] XS XLI IRKMRI QSHIP RYQFIV ]SY
EVI [SVOMRK SR -J SRP] SRI TVSGIHYVI MW KMZIR XLEX
TVSGIHYVI ETTPMIW XS EPP XLI IRKMRIW MR XLI QERYEP
'%0-*362-% 463437-8-32  ;%62-2+
(MIWIP IRKMRI I\LEYWX ERH WSQI SJ MXW GSRWXMXYIRXW
EVI ORS[R XS XLI 7XEXI SJ 'EPMJSVRME XS GEYWI
GERGIV FMVXL HIJIGXW ERH SXLIV VITVSHYGXMZI LEVQ
01&393*) rr23:r
0-)&,)66Œ(r(MIWIP )RKMRIW

42!
 'SRXIRXW
7)'8-32 Œ+IRIVEP -RJSVQEXMSR
+VSYT Œ7EJIX]
+VSYT Œ)RKMRI -HIRXMJMGEXMSR
+VSYT Œ*YIPW

7)'8-32 Œ6ITEMV ERH %HNYWXQIRXW

+VSYT Œ)PIGXVSRMG *YIP 7]WXIQ 6ITEMV ERH
%HNYWXQIRXW
+VSYT Œ)PIGXVMGEP )RKMRI 'SRXVSP 6ITEMV ERH
%HNYWXQIRX

7)'8-32 Œ8LISV] SJ 3TIVEXMSR

+VSYT Œ)PIGXVSRMG *YIP 7]WXIQ 3TIVEXMSR
+VSYT Œ)PIGXVSRMG 'SRXVSP 7]WXIQ 3TIVEXMSR

7)'8-32 Œ(MEKRSWXMGW
+VSYT Œ3FWIVZEFPI (MEKRSWXMGW ERH 8IWXW
+VSYT Œ8VSYFPI 'SHI (MEKRSWXMGW ERH 8IWXW

7)'8-32 Œ8SSPW ERH 3XLIV 1EXIVMEPW

+VSYT Œ)PIGXVSRMG *YIP'SRXVSP 7]WXIQ 6ITEMV
8SSPW ERH 3XLIV 1EXIVMEPW
+VSYT Œ(MEKRSWXMG 7IVZMGI 8SSPW

7)'8-32 Œ7TIGMJMGEXMSRW
+VSYT Œ6ITEMV 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 'SSPERX                  
(MIWIP *YIP                           
0YFVMGMX] SJ (MIWIP *YIP                  

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



42!
 +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]

(<6'%4 rr.92r

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



42!
 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

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



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

(47+393 rr1%=r

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



42!
 %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

(<'0)%2 rr.92r

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



42!
 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
( 
 
 
2% 
 
%MV MRXEOI GSHI
2% 
8 
8- 
(MIWIP IRKMRI
&SVI ERH WXVSOI
2YQFIV SJ G]PMRHIVW
%MV MRXEOI GSHI
(IPMZIV] WGSTI GSHI
WIPJTVMQMRK
8YVFSGLEVKIH [MXLSYX MRXIVGSSPMRK
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 'SSPERX

01&(47+393 rr1%=r

(MIWIP *YIP

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

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
SGGYVVIH VIKEVHMRK PYFVMGMX] SJ XLI HMIWIP JYIPW -X LEW
FIIR TVSZIR XLEX HMIWIP JYIPW [LMGL GSQTP] [MXL XLI
WYPTLYV PMQMXW ZEPMH JSV )YVSTI YT XS E QE\ 
[IMKLX GER GEYWI [IEV MR XLI MRNIGXMSR W]WXIQW
IWTIGMEPP] [MXL HMWXVMFYXSV MRNIGXMSR TYQTW 
l&VERHREQI JYIPWz MR +IVQER] (-2 )2  MRGPYHI
XLIWI PYFVMGERX EHHMXMZIW MR XLIMV EHHMXMZI TEGOEKI 8LI
JYIP PYFVMGMX] QYWX GSQTP] [MXL ,*66 ” 8IWX 
?QKV AQ
8,C(C)2 3'8 
*YIP JIEXYVMRK WTIGMJMGEXMSRW MR EGGSVHERGI [MXL %781
MX MW EFWSPYXIP] MQTIVEXMZI XLEX XLI JYIP PYFVMGMX]
GSQTPMIW [MXL ,*66 ” 8IWX  ?QKV AQ
-RXVSHYGXMSR SJ XLI EHHMXMZIW WLSYPH FI GEVVMIH SYX F]
WYTTPMIVW [LMGL FIEV XLI VIWTSRWMFMPMX] SJ XLI UYEPMX]
%HQM\XYVI SJ WIGSRHEV] PYFVMGMX] EHHMXMZIW F] XLI
GYWXSQIV MW RSX EHZMWIH
01&(<*9)0 rr*)&r
0-)&,)66Œ(r(MIWIP )RKMRIW

42!
 7IGXMSR 
6ITEMV ERH %HNYWXQIRXW
'SRXIRXW

4EKI 4EKI

+VSYT Œ)PIGXVSRMG *YIP 7]WXIQ 6ITEMV ERH 6IQSZI &PEHI 8IVQMREPW JVSQ 'SRRIGXSV
%HNYWXQIRXW &SH]                             
*YIP 7]WXIQŒ+IRIVEP -RJSVQEXMSR          6ITEMV 4YPP 8]TI 1)86-4%'/È
6IPMIZI *YIP 7]WXIQ 4VIWWYVI             'SRRIGXSVW                        
6IQSZI ERH -RWXEPP *MREP *YIP *MPXIV;EXIV 6ITEMV 4YWL 8]TI 1)86-4%'/È
&S[P ERHSV 4VI*MPXIV;EXIV &S[P &EWI    'SRRIGXSVW                        
*YIP 4VI*MPXIV;EXIV &S[P %WWIQFP] 6ITEMV ()987',È 'SRRIGXSVW          
3TXMSREP                            6ITEMV %14 'SRRIGXSV                 
*MREP *YIP *MPXIV %WWIQFP]                
6ITPEGI *MREP *YIP *MPXIV;EXIV &S[P ERH
4VI*MPXIV;EXIV &S[P                 
6IQSZI *YIP 7YTTP] 4YQT              
-RWXEPP *YIP 7YTTP] 4YQT               
-RNIGXMSR 4YQT 7XEXMG 8MQMRK             
6IQSZI -RNIGXMSR 4YQT                
-RWTIGX -RNIGXMSR 4YQT (VMZI +IEV -( ERH
7LEJX 3(                          
-RWXEPP -RNIGXMSR 4YQT                  
6IQSZI *YIP -RNIGXMSR 2S^^PIW           
'PIER *YIP -RNIGXMSR 2S^^PI &SVI         
'PIER *YIP -RNIGXMSR 2S^^PIW             
*YIP -RNIGXMSR 2S^^PI 8IWX               
(MWEWWIQFPI *YIP -RNIGXMSR 2S^^PIW       
%HNYWX *YIP -RNIGXMSR 2S^^PI             
-RWXEPP 7IEPW SR *YIP -RNIGXMSR 2S^^PI      
-RWXEPP *YIP -RNIGXMSR 2S^^PIW             
&PIIH XLI *YIP 7]WXIQ                 

+VSYT Œ)PIGXVMGEP )RKMRI 'SRXVSP 6ITEMV ERH

%HNYWXQIRX
)RKMRI 'SRXVSP 9RMX )'9               
6IQSZI ERH -RWXEPP )RKMRI 'SSPERX
8IQTIVEXYVI 7IRWSV                  
6IQSZI ERH -RWXEPP 0SWW SJ 'SSPERX
8IQTIVEXYVI 7IRWSV                  
6ITPEGI 'VEROWLEJX 4SWMXMSR 7IRWSV        
6IQSZI ERH -RWXEPP 3MP 4VIWWYVI 7IRWSV     
6IQSZI ERH -RWXEPP 1ERMJSPH %MV 8IQTIVEXYVI
7IRWSV                             
6IQSZI ERH -RWXEPP *YIP 8IQTIVEXYVI
7IRWSV                             
6IQSZI ERH -RWXEPP *YIP ,IEXIV           
'SRRIGXSVW                           
9WI )PIGXVMGEP -RWYPEXMRK 'SQTSYRH        
9WMRK ,MKL4VIWWYVI ;EWLIV             
6ITEMV ;)%8,)64%'/È 'SRRIGXSV       

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



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

7XEREH]RI () TYQTW EVI WXEXMG PSGOTMR XMQIH
HYVMRK MRWXEPPEXMSR SJ XLI MRNIGXMSR TYQT
8LI JYIP WYTTP] TYQT MW E WITEVEXI GSQTSRIRX
QSYRXIH SR YTTIV VMKLXLERH WMHI SJ IRKMRI FPSGO ERH
MW EGXYEXIH F] E TMR MR FPSGO XLEX VMHIW SR IRKMRI
GEQWLEJX PSFI
)RKMRIW QE] FI IUYMTTIH [MXL ER STXMSREP JYIP
TVIJMPXIV[EXIV FS[P
%PP IRKMRIW EVI IUYMTTIH [MXL E VSYRH JMREP JYIP JMPXIV
[MXL [EXIV FS[P ,ERH TVMQIV SR XST SJ JMPXIV IPIQIRX MW
STXMSREP
%PP IRKMRIW YWI 7XEREH]RI 6EXI 7LETMRK 2S^^PIW
672 
*MIPHMRWXEPPIH STXMSRW MRGPYHI JYIP LIEXIV [EXIV FS[P
ERH LERH JYIP TVMQIV

393* rr23:r

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;EXIV
&S[P ERHSV 4VI*MPXIV;EXIV &S[P &EWI

6IJIV XS STIVEXSV W QERYEP JSV TVSTIV WIVZMGMRK ERH

LSYVP] VITPEGIQIRX MRXIVZEPW

)RKMRIW EVI IUYMTTIH [MXL E JMREP JYIP JMPXIV[EXIV FS[P %

ERH QE] LEZI ER STXMSREP TVIJMPXIV[EXIV FS[P

*MREP JYIP JMPXIVW[EXIV FS[PW GER FI IUYMTTIH [MXL E

XVERWTEVIRX WIIXLVSYKL [EXIV GSPPIGXMSR FS[P ERHSV
LERH TVMQIV SR QEGLMRIW IUYMTTIH [MXL SRP] SRI JMPXIV

%Œ*MREP *YIP *MPXIV;EXIV &S[P

'SRXMRYIH SR RI\X TEKI 01&393* rr23:r

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



42!
  8LSVSYKLP] GPIER JYIP JMPXIVTVIJMPXIV EWWIQFPMIW 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 TVIJMPXIV[EXIV

FS[P MJ HIWMVIH 7II 6)40%') *-2%0 *9)0
*-08)6;%8)6 &3;0 %2( 46)*-08)6;%8)6
&3;0 MR XLMW KVSYT
%Œ*MREP *YIP *MPXIV &EWI

 (MWGSRRIGX JYIP PMRIW JVSQ EPP TSVXW

 6IQSZI JMREP JYIP JMPXIV FEWI % 

 -J IUYMTTIH VIQSZI TVIJMPXIV FEWI

 6ITPEGI TEVXW EW RIGIWWEV]

 -RWXEPP QSYRXMRK FVEGOIXW ERH XMKLXIR XS XSVUYI

WTIGMJMGEXMSRW TVSZMHIH FIPS[

7TIGMJMGEXMSR
*MREP *YIP *MPXIV
&VEGOIXXS']PMRHIV ,IEHŒ
8SVUYI   2wQ  PFJX
*MREP *YIP *MPXIV 1SYRXMRK
&EWIXS&VEGOIXŒ8SVUYI   2wQ  PFJX
*YIP 4VI*MPXIV &VEGOIXXS']PMRHIV
,IEH ERH %PXIVREXSVŒ8SVUYI   2wQ  PFJX
*YIP 4VI*MPXIV;EXIV &S[P
1SYRXMRK &EWIXS&VEGOIXŒ
8SVUYI   2wQ  PFJX

'SRXMRYIH SR RI\X TEKI 01&393* rr23:r

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



42!
  -RWXEPP TVIJMPXIV ERH JMREP JMPXIV JYIP JMPXIV[EXIV FS[P
IPIQIRXW 7II 6)40%') *-2%0 *9)0
*-08)6;%8)6 &3;0 %2( 46)*-08)6;%8)6
&3;0 MR XLMW KVSYT

 'SRRIGX JYIP PMRIW XS EPP TSVXW

 &PIIH XLI JYIP W]WXIQ 7II &0))( 8,) *9)0

7=78)1 MR XLMW KVSYT

01&393* rr23:r

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



42!
 *YIP 4VI*MPXIV;EXIV &S[P %WWIQFP]
3TXMSREP
%Œ(VEMR %HETXIV
&Œ4EGOMRK
'Œ'ET 7GVI[
(Œ;EXIV &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+.; rr.%2r

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



42!
 *MREP *YIP *MPXIV %WWIQFP]

Œ6IXEMRMRK 6MRK
Œ36MRK
Œ7XIQ
Œ36MRK
Œ6IXEMRMRK 6MRK
Œ*MPXIV
Œ36MRK
Œ36MRK
Œ(VEMR %HETXIV
Œ7GVI[
Œ36MRK
Œ;EXIV &S[P
Œ%HETXIV
Œ36MRK
Œ*YIP ,IEXIV 3TXMSREP
Œ36MRK
Œ*MPXIV &EWI
Œ4VMQIV %WWIQFP] 3TXMSREP
Œ'ET

393*' rr23:r

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



42!
 6ITPEGI *MREP *YIP *MPXIV;EXIV &S[P ERH
4VI*MPXIV;EXIV &S[P

%Œ6IXEMRMRK 6MRK
 8LSVSYKLP] GPIER JYIP JMPXIV[EXIV FS[P EWWIQFP] ERH
&Œ*MPXIV )PIQIRX
WYVVSYRHMRK EVIE MJ RSX TVIZMSYWP] HSRI

 '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 XVERWTEVIRX WIIXLVSYKL [EXIV FS[P MJ

IUYMTTIH (VEMR ERH GPIER [EXIV FS[P (V] [MXL
GSQTVIWWIH EMV

 -RWXEPP XVERWTEVIRX WIIXLVSYKL [EXIV FS[P MJ

IUYMTTIH SRXS RI[ JMPXIV IPIQIRX 1EOI WYVI 3VMRK MW
TVSTIVP] MRWXEPPIH MR XLI XST KVSSZI SJ FS[P

 8LSVSYKLP] MRWTIGX JMPXIV FEWI HYWX WIEP VMRK 6ITPEGI

EW RIIHIH

'SRXMRYIH SR RI\X TEKI 01&393* rr23:r

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



42!
  -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

 -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&393* rr23:r

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



42!
 6IQSZI *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

%Œ7YTTP] 4YQT -RPIX JVSQ *YIP 8ERO

&Œ7YTTP] 4YQT 3YXPIX XS *MREP *YIP *MPXIV
'Œ'ET 7GVI[W
(Œ4YWL 6SH

01&393* rr23:r

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



42!
 -RWXEPP *YIP 7YTTP] 4YQT

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

WYTTP] TYQT QSYRXMRK GET 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[WŒ
8SVUYI   2wQ  PFJX

%Œ7YTTP] 4YQT -RPIX JVSQ *YIP 8ERO

-14368%28 %0;%=7 YWI E FEGOYT [VIRGL [LIR &Œ7YTTP] 4YQT 3YXPIX XS *MREP *YIP *MPXIV
MRWXEPPMRK JMXXMRKW ERHSV JYIP PMRIW SRXS 'Œ'ET 7GVI[W
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

01&393*% rr23:r

-RNIGXMSR 4YQT 7XEXMG 8MQMRK

7XEXMG PSGOTMR XMQMRK MW EGGSQTPMWLIH HYVMRK MRWXEPPEXMSR SJ

XLI MRNIGXMSR TYQT 7II -278%00 -2.)'8-32 4914 PEXIV
MR XLMW KVSYT

393*& rr23:r

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



42!
 6IQSZI -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

 6SXEXI IRKMRI XS 8(' SJ RYQFIV  G]PMRHIV

GSQTVIWWMSR WXVSOI ERH MRWXEPP 01&.(+ 8MQMRK
4MR MR JP][LIIP

 &IJSVI VIQSZMRK MRNIGXMSR TYQT JVSQ IRKMRI MRWXEPP

01&.(+ -RNIGXMSR 4YQT 8MQMRK 4MR % MRXS
TYQT XMQMRK TMR FSVI

 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 01&.(+ (VMZI +IEV 4YPPIV XS MRNIGXMSR

TYQT HVMZI KIEV & YWMRK X[S WGVI[W ' 

 )ZIRP] XMKLXIR XLI X[S WGVI[W ' 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 01&.(+
4YPPIV JVSQ HVMZI KIEV

%Œ01&.(+ 8MQMRK 4MR

&Œ-RNIGXMSR 4YQT (VMZI +IEV
'Œ7GVI[W  YWIH
(Œ'IRXIV *SVGMRK 7GVI[

'SRXMRYIH SR RI\X TEKI 01&393*) rr23:r

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



42!
  6IQSZI XIQTIVEXYVI WIRWSV GSRRIGXSV % ERH JYIP
GSRXVSP WSPIRSMH GSRRIGXSV & 

-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

 (MWGSRRIGX JYIP WYTTP] PMRI ( ERH VIXYVR PMRI ' 

 6IQSZI GPEQT ) VIXEMRMRK JYIP HIPMZIV] TVIWWYVI

PMRIW * 

 (MWGSRRIGX EPP JYIP HIPMZIV] PMRIW * JVSQ MRNIGXMSR

TYQT ERH MRWXEPP TVSXIGXMZI GETW

 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
-274)'8 -2.)'8-32 4914 (6-:) +)%6 -( %2(
7,%*8 3( PEXIV MR XLMW KVSYT

%Œ8IQTIVEXYVI 7IRWSV 'SRRIGXSV

&Œ*YIP 'SRXVSP 7SPIRSMH 'SRRIGXSV
'Œ*YIP 6IXYVR 0MRI
(Œ*YIP 7YTTP] 0MRI
)Œ'PEQT
*Œ*YIP (IPMZIV] 0MRIW
+Œ2YX  YWIH

01&393*) rr23:r

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



42!
 -RWTIGX -RNIGXMSR 4YQT (VMZI +IEV -( ERH 7LEJX 3(
-14368%28 9WI E KSSH PMKLX WSYVGI XS
XLSVSYKLP] MRWTIGX KIEV -( ERH WLEJX
3(
 -RWTIGX MRNIGXMSR TYQT HVMZI KIEV -( JYPP ” JSV
QIXEP XVERWJIV EW E VIWYPX SJ WPMTTEKI SR WLEJX
 -RWTIGX MRNIGXMSR TYQT HVMZI WLEJX 3( JYPP ” JSV
TVIWIRGI SJ QIXEP XVERWJIV JVSQ KIEV WPMTTEKI -J
XLIVI MW GPIEV IZMHIRGI SJ QIXEP XVERWJIV SR TYQT
WLEJX 3( SV MR HVMZI KIEV -( MRNIGXMSR TYQT ERH
HVMZI KIEV 1978 &) VITPEGIH
-RWXEPP -RNIGXMSR 4YQT
 &IJSVI MRWXEPPMRK MRNIGXMSR TYQT SR IRKMRI MRWXEPP
01&.(+ -RNIGXMSR 4YQT 8MQMRK 4MR % MRXS
TYQT XMQMRK TMR FSVI -RWXEPP E WQEPP TYRGL SV
WGVI[HVMZIV MRXS LSPI MR TYQT HVMZI WLEJX & ERH XYVR
WLEJX YRXMP XMQMRK TMR HVSTW MRXS VIGIWW MR MRNIGXMSR
TYQT HVMZI WLEJX
%Œ01&.(+ 8MQMRK 4MR
&Œ,SPI MR (VMZI 7LEJX
8,C(C)2 3'8 
-14368%28 ;LIR VITPEGMRK MRNIGXMSR TYQT HVMZI
KIEV SV MRWXEPPMRK E RI[ TYQT XLI
XETIVIH WYVJEGIW SJ XLI TYQT HVMZI
WLEJX 3( ERH HVMZI KIEV -( 1978 &)
GPIERIH XS VIQSZI TVSXIGXMZI
GSEXMRKW ERH SMP] VIWMHYI 9WI E
WYMXEFPI GPIERIV XLEX HSIW RSX PIEZI
E VIWMHYI 1EXMRK WYVJEGIW 1978 &)
%77)1&0)( (6= ERH 09&6-'%287
1978 238 &) 97)(
393*' rr23:r
%
&
'SRXMRYIH SR RI\X TEKI 01&393 rr23:r
0-)&,)66Œ(r(MIWIP )RKMRIW

42!
  1EOI WYVI XLEX RYQFIV  G]PMRHIV MW PSGOIH EX 8(' SJ
GSQTVIWWMSR WXVSOI ERH MRWXEPP 01&.(+ 8MQMRK
4MR MR JP][LIIP

 -RWXEPP MRNIGXMSR TYQT SRXS QSYRXMRK WXYHW ERH XMKLXIR

XLVII TYQT QSYRXMRK WXYH RYXW % XS WTIGMJMGEXMSR
4SWMXMSR HVMZI KIEV [LMPI MRWXEPPMRK TYQT

7TIGMJMGEXMSR
-RNIGXMSR 4YQT 1SYRXMRK 7XYH
2YXWŒ8SVUYI   2›Q  PFJX

 -RWXEPP MRNIGXMSR TYQT KIEV ( SR HVMZI WLEJX -RWXEPP

FYX HS RSX XMKLXIR MRNIGXMSR TYQT KIEV QSYRXMRK RYX
'

 6SXEXI KIEV GSYRXIVGPSGO[MWI ZMI[IH JVSQ JVSRX SJ

IRKMRI XS VIQSZI ER] FEGOPEWL ERH XMKLXIR KIEV
QSYRXMRK RYX XS WTIGMJMGEXMSR

7TIGMJMGEXMSR
-RNIGXMSR 4YQT +IEV 1SYRXMRK
2YXŒ8SVUYI   2›Q  PFJX

 -RWXEPP MRNIGXMSR TYQT KIEV EGGIWW TPEXI ERH VIQSZI

XMQMRK TMR & JVSQ TYQT -RWXEPP TPYK MR MRNIGXMSR TYQT
XMQMRK TMR LSPI ERH XMKLXIR XS WTIGMJMGEXMSR

7TIGMJMGEXMSR
-RNIGXMSR 4YQT 8MQMRK 4MR 4PYKŒ
8SVUYI   2›Q  PFJX

 6IQSZI 01&.(+ 8MQMRK 4MR JVSQ JP][LIIP

%Œ-RNIGXMSR 4YQT 1SYRXMRK 7XYH 2YX  YWIH

&Œ01&.(+ -RNIGXMSR 4YQT 0SGO 8MQMRK 4MR
'Œ+IEV 1SYRXMRK 2YX
(Œ4YQT +IEV

'SRXMRYIH SR RI\X TEKI 01&393 rr23:r

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



42!
  'SRRIGX MRNIGXMSR TYQT JYIP HIPMZIV] 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 

-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

 8MKLXIR JYIP HIPMZIV] PMRIW EX TYQT XS WTIGMJMGEXMSR

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

 -RWXEPP GPEQT ) 

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

 -RWXEPP XIQTIVEXYVI WIRWSV GSRRIGXSV % ERH JYIP

GSRXVSP WSPIRSMH GSRRIGXSV & 

 &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
%Œ8IQTIVEXYVI 7IRWSV 'SRRIGXSV
&Œ*YIP 'SRXVSP 7SPIRSMH 'SRRIGXSV
'Œ*YIP 6IXYVR 0MRI
(Œ*YIP 7YTTP] 0MRI
)Œ'PEQT
*Œ*YIP (IPMZIV] 0MRIW
+Œ2YX  YWIH
,Œ)RKMRI &PSGO 7MHI
-Œ3YXPIX 'SRRIGXMSR XS 2S  ']PMRHIV

01&393 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&393** rr23:r

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

PMRIW ERH 8JMXXMRKW EW ER EWWIQFP]

%Œ8YFI 2YXW

'SRXMRYIH SR RI\X TEKI 01&393** rr23: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&393** rr23:r

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

01&.(+ 2S^^PI 4YPPIV % 

-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

%Œ01&.(+ 2S^^PI 4YPPIV

01&393** rr23: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

393*( rr23:r

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



42!
 *YIP -RNIGXMSR 2S^^PI 8IWX

'%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 XLI RS^^PI XS XLI XIWXIV WS XLEX XLI E\MW SJ XLI Œ2S^^PI 8IWXIV
Œ4VIWWYVI 0MRI
RS^^PI JSVQW ER ERKPI SJ ETTVS\MQEXIP] ” XS XLI ZIVXMGEP
ERH XLI WTVE] SJ JYIP MW HMVIGXIH HS[R[EVHW 'LIGO EPP
GSRRIGXMSRW JSV PIEOW 'PSWI XLI KEYKI WLYXSJJ ZEPZI ERH
JPYWL FPIIH XLI RS^^PI F] STIVEXMRK XIWX TYQT VETMHP]

'SRXMRYIH SR RI\X TEKI 01&393 rr23:r

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



42!
 7TVE] 4EXXIVR 8IWX

'PSWI KEYKI WLYXSJJ ZEPZI ERH STIVEXI XLI TYQT PIZIV EX

 WXVSOIW TIV QMRYXI -J XLI JYIP MRNIGXMSR RS^^PI MW
[SVOMRK TVSTIVP] XLI JYIP WLSYPH MWWYI XLVSYKL EPP RS^^PI
SVMJMGIW MR E JMRI IZIRP] WLETIH WTVE] GSRI 8LMW WTVE]
GSRI MW MRGPMRIH JVSQ XLI GIRXIVPMRI SJ XLI RS^^PI FSH] FYX
WLSYPH FI HMWXVMFYXIH *SV E FIXXIV GLIGO TPEGI E TMIGI SJ
TETIV SV GEVHFSEVH EX E WYMXEFPI HMWXERGI FIPS[ XLI
RS^^PI ERH GLIGO XLI ETTIEVERGI SJ XLI HEQT GMVGYPEV
WTSXW QEHI F] XLI JYIP (IZMEXMSRW JVSQ XLI VIKYPEV WTVE]
TEXXIVR SV ERKPI QE] FI HYI XS XLI GSQTPIXI SV TEVXMEP
GPSKKMRK SJ E RS^^PI SVMJMGI -R XLMW GEWI XLI JYIP MWWYIW MR
E NIX VEXLIV XLER MR E JMRI WTVE]

'LIGOMRK :EPZI 7XIQ ERH +YMHI ;IEV

'SRRIGX JYIP MRNIGXMSR RS^^PI XS XLI RS^^PI XIWXIV [MXL XLI

XMT VEMWIH E PMXXPI LMKLIV XLER MXW STTSWMXI IRH
'SZIV XLI XMT ERH TYQT XLI XIWXIV XS E TVIWWYVI SJ
  O4E  FEV  TWM  /IIT XLI TVIWWYVI
GSRWXERX ERH SFWIVZI LS[ QYGL JYIP PIEOW SYX SJ XLI
RS^^PI VIXYVR IRH %JXIV XLI JMVWX HVST LEW JSVQIH GSYRX
XLI HVSTW JSV  WIGSRHW ERH GSQTEVI [MXL WTIGMJMGEXMSR

*YIP -RNIGXMSR 2S^^PIŒ7TIGMJMGEXMSR

2S^^PIŒ6IXYVR 0IEOEKI EX
  O4E  FEV  TWM   XS  HVSTW QE\MQYQ [MXLMR
 WIGSRHW

'LIGOMRK :EPZI 7IEX

'SRRIGX XLI RS^^PI XS XIWXIV MR LSVM^SRXEP TSWMXMSR

3TIVEXI XLI TYQT PIZIV VETMHP] XS FPIIH XLI RS^^PI ERH
EPPS[ XLI ZEPZI XS WIEX (V] XLI XMT SJ XLI RS^^PI
XLSVSYKLP] 2S[ STIVEXI XLI TYQT PIZIV WPS[P] YRXMP XLI
MRHMGEXIH TVIWWYVI MW ETTVS\MQEXIP]  XS  O4E
 XS  FEV  XS  TWM FIPS[ STIRMRK TVIWWYVI
WII WTIGMJMGEXMSR JSV STIRMRK TVIWWYVI  /IIT [EXGLMRK
XLI RS^^PI 9RHIV XLIWI GSRHMXMSRW XLI JPYMH WLSYPH RSX
HVMT SYX SJ XLI RS^^PI XMT ,S[IZIV WSQI [IITMRK SV PMKLX
QSMWXYVI SR XLI XMT MW GSRWMHIVIH EGGITXEFPI ;SVO XLI
TYQT PIZIV UYMGOP] WIZIVEP XMQIW MR WYGGIWWMSR XS QEOI
XLI RS^^PI WTVE] MR XLI RSVQEP [E] %JXIV XLI PEWX WXVSOI SJ
XLI TYQT SFWIVZI EKEMR -J XLI RS^^PI MW RSX UYMXI
PIEOTVSSJ HMWEWWIQFPI JSV WIVZMGMRK

'SRXMRYIH SR RI\X TEKI 01&393 rr23:r

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



42!
 3TIRMRK 4VIWWYVI 8IWX

'PSWI KEYKI WLYXSJJ ZEPZI ERH EGXYEXI XLI TYQT WIZIVEP

XMQIW XS EPPS[ XLI RS^^PI ZEPZI XS WIEX TVSTIVP] 3TIR
KEYKI WLYXSJJ ZEPZI 4YQT XLI TVIWWYVI YT XS XLI TSMRX
[LIVI XLI TVIWWYVI KEYKI RIIHPI JEPPW VETMHP] 8LMW TSMRX
XEOI VIEHMRK MW XLI RS^^PI ZEPZI STIRMRK TVIWWYVI

*YIP -RNIGXMSR 2S^^PIŒ7TIGMJMGEXMSR

6EXI 7LETMRK 2S^^PIŒ3TIRMRK
4VIWWYVI JSV 7IXXMRK
2I[ SV 6IGSRHMXMSRIH   Π O4E
ΠFEV ΠTWM
3TIRMRK 4VIWWYVI JSV 'LIGOMRK
2I[ SV 6IGSRHMXMSRIH    O4E  FEV  TWM
1MR
3TIRMRK 4VIWWYVI JSV 7IXXMRK
9WIH   Π O4E
ΠFEV ΠTWM
3TIRMRK 4VIWWYVI JSV 'LIGOMRK
9WIH    O4E  FEV  TWM
1MR
6EXI 7LETMRK 2S^^PIŒ3TIRMRK
TVIWWYVI HMJJIVIRGI FIX[IIR
G]PMRHIVW   O4E  FEV  TWM 1E\

-J WTVE] TEXXIVR PIEOEKI XIWX ERH ZEPZI [IEV XIWX EVI

KSSH FYX XLI STIRMRK TVIWWYVI XIWX MW YRWEXMWJEGXSV]
EHNYWX STIRMRK TVIWWYVI

01&393 rr23:r

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



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

%Œ8*MXXMRK
&Œ'ET
'Œ36MRK  YWIH
(Œ6IXEMRIV
)Œ4VSXIGXMSR 'ET
*Œ'EVFSR 7XST 7IEP
+Œ7IEP ;EWLIV
,Œ4VSXIGXMSR 'ET

01&393 rr23:r

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



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

'%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

 9RWGVI[ WTVMRK GLEQFIV GET ' YWMRK 01&.(+

7TVMRK 'LEQFIV 'ET ;VIRGL

 0SSWIR ERH VIQSZI PMJX EHNYWXMRK WGVI[ PSGO RYX ( 

 0SSWIR TVIWWYVI EHNYWXMRK WGVI[ PSGO RYX ) YWMRK

01&.(+ 7TIGMEP ;VIRGL

 'SRRIGX RS^^PI XS XIWXIV XLIR EHNYWX STIRMRK TVIWWYVI

XS WTIGMJMGEXMSRW F] XYVRMRK XLI TVIWWYVI EHNYWXMRK
WGVI[ %  9WI 01&.(+ 4VIWWYVI %HNYWXMRK
7GVI[ 8SSP

 8MKLXIR TVIWWYVI EHNYWXMRK WGVI[ PSGO RYX ) XS

WTIGMJMGEXMSR XLIR VIGLIGO STIRMRK TVIWWYVI
%Œ4VIWWYVI %HNYWXMRK 7GVI[
 'EVIJYPP] WGVI[ PMJX EHNYWXMRK WGVI[ & YRXMP MX FSXXSQW &Œ0MJX %HNYWXMRK 7GVI[
SR WTVMRK WIEX *  'Œ7TVMRK 'LEQFIV 'ET
(Œ0MJX %HNYWXMRK 7GVI[ 0SGO 2YX
)Œ4VIWWYVI %HNYWXMRK 7GVI[ 0SGO 2YX
 9RWGVI[ PMJX EHNYWXMRK WGVI[ [MXL  XYVR
*Œ7TVMRK 7IEX

 8MKLXIR PMJX EHNYWXMRK WGVI[ PSGO RYX ( XS WTIGMJMGEXMSR

'SRXMRYIH SR RI\X TEKI 01&393 rr23:r

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



42!
  6IGLIGO STIRMRK TVIWWYVI

*YIP -RNIGXMSR 2S^^PIŒ7TIGMJMGEXMSR

4VIWWYVI %HNYWXMRK 7GVI[ 0SGO
2YXŒ8SVUYI   2wQ  PFJX
0MJX %HNYWXMRK 7GVI[ 0SGO 2YXŒ
8SVUYI   2wQ  PFJX

01&393 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 0MRI ,I\ 2YXŒ
8SVUYI   2wQ  PFJX
 PFMR

'SRXMRYIH SR RI\X TEKI 01&393 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&393 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&393 rr23:r

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



42!
  0SSWIR XLI EMV FPIIH ZIRX WGVI[ % X[S JYPP XYVRW F]
LERH SR JYIP JMPXIV FEWI

%Œ&PIIH :IRX 7GVI[

01&393 rr23:r

 3TIVEXI JYIP WYTTP] TYQT TVMQI PIZIV & SV TVMQIV

FYXXSR SR JYIP JMPXIV FEWI MJ IUYMTTIH 

 8MKLXIR FPIIH TPYK WIGYVIP] GSRXMRYI STIVEXMRK TVMQIV

YRXMP TYQTMRK EGXMSR MW RSX JIPX

 7XEVX IRKMRI ERH GLIGO JSV PIEOW

-J IRKMRI [MPP RSX WXEVX MX QE] FI RIGIWWEV] XS FPIIH EMV

JVSQ JYIP W]WXIQ EX JYIP MRNIGXMSR TYQT SV MRNIGXMSR
RS^^PIW EW I\TPEMRIH RI\X

&Œ4VMQIV 0IZIV

01&393 rr23:r

%X *YIP -RNIGXMSR 4YQT

 0SSWIR JYIP VIXYVR PMRI % EX JYIP MRNIGXMSR TYQT

 3TIVEXI JYIP WYTTP] TYQT TVMQIV PIZIV SV TVMQIV FYXXSR

SR JYIP JMPXIV FEWI MJ IUYMTTIH 

 %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&393 rr23:r

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



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

 4PEGI XLVSXXPI PIZIV MR LEPJXLVSXXPI TSWMXMSR

-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 WXEVXIV QSXSV JSV  WIGSRHW

FYX HS RSX WXEVX IRKMRI YRXMP JYIP [MXLSYX ER] EMV
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

-J IRKMRI WXMPP [MPP RSX WXEVX WII ]SYV 0-)&,)66 Œ

%JXIV7EPIW7IVZMGI

01&393 rr23:r

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



42!
 +VSYT 
)PIGXVMGEP )RKMRI 'SRXVSP 6ITEMV ERH %HNYWXQIRX
)RKMRI 'SRXVSP 9RMX )'9

-14368%28 (3 238 TVIWWYVI [EWL XLI )RKMRI

'SRXVSP 9RMX )'9 

&IJSVI [IPHMRK SR IRKMRIW [MXL )'9

TVSXIGX XLI )'9 JVSQ LMKLGYVVIRX
HEQEKI EW JSPPS[W

 (MWGSRRIGX )'9XSZILMGPI JVEQI

KVSYRH GSRRIGXMSR
 (MWGSRRIGX EPP SXLIV GSRRIGXSVW JVSQ
)'9 %PWS HMWGSRRIGX QSHYPI
GSRRIGXSV EX MRNIGXSV TYQT
 'SRRIGX [IPHIV KVSYRH GPSWI XS
[IPHMRK TSMRX ERH QEOI WYVI )'9
ERH SXLIV IPIGXVMGEP GSQTSRIRXW EVI
RSX MR XLI KVSYRH TEXL

-14368%28 (3 238 34)2 )2+-2) '328630

92-8

8LI )'9 MW RSX VITEMVEFPI -J MX MW JSYRH XS FI HIJIGXMZI

VITPEGI MX EW E YRMX 4VSZMHI XLI HMKMX IRKMRI WIVMEP
RYQFIV [LIR SVHIVMRK E RI[ )'9

-14368%28 -J ER )'9 MW RSX TVSKVEQQIH MHIRXMGEPP]

[MXL XLI SVMKMREP JEMPIH )'9
QMWPIEHMRK HMEKRSWXMG QIWWEKIW TSSV
TIVJSVQERGI SV IRKMRI HEQEKI GER
SGGYV

393 rr23:r

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



42!
 6IQSZI ERH -RWXEPP )RKMRI 'SSPERX
8IQTIVEXYVI 7IRWSV

 (MWGSRRIGX IRKMRI GSSPERX XIQTIVEXYVI WIRWSV [MVMRK

GSRRIGXSV ERH VIQSZI WIRWSV

 'SEX WIRWSV 3VMRK [MXL 01&.(8 ,MKL

8IQTIVEXYVI +VIEWI ERH MRWXEPP WIRWSV MR XLIVQSWXEX
LSYWMRK 8MKLXIR XS WTIGMJMGEXMSRW

7TIGMJMGEXMSR
)RKMRI 'SSPERX 8IQTIVEXYVI
7IRWSVŒ8SVUYI   2wQ  PFJX

 -RWXEPP WIRWSV [MVMRK GSRRIGXSV

%Œ)RKMRI 'SSPERX 8IQTIVEXYVI 7IRWSV

01&393 rr23:r

6IQSZI ERH -RWXEPP 0SWW SJ 'SSPERX

8IQTIVEXYVI 7IRWSV

 (MWGSRRIGX PSWW SJ GSSPERX XIQTIVEXYVI WIRWSV [MVMRK

GSRRIGXSV ERH VIQSZI WIRWSV

 'SEX WIRWSV 3VMRK [MXL 01&.(8 ,MKL

8IQTIVEXYVI +VIEWI ERH MRWXEPP WIRWSV MR XLI VIEV SJ
XLI G]PMRHIV LIEH 8MKLXIR XS WTIGMJMGEXMSRW

7TIGMJMGEXMSR
0SWW SJ 'SSPERX 8IQTIVEXYVI
7IRWSVŒ8SVUYI   2wQ  PFJX

 -RWXEPP WIRWSV [MVMRK GSRRIGXSV %Œ0SWW SJ 'SSPERX 8IQTIVEXYVI 7IRWSV

01&6+% rr*)&r

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



42!
 6ITPEGI 'VEROWLEJX 4SWMXMSR 7IRWSV

 (MWGSRRIGX WIRWSV [MVMRK GSRRIGXSV

 9WMRK E HIIT [IPP WSGOIX VIQSZI GVEROWLEJX TSWMXMSR

WIRWSV % 

 6ITPEGI WIRWSV ERH 3VMRK MR XMQMRK KIEV GSZIV

8MKLXIR WIRWSV XS WTIGMJMGEXMSRW

7TIGMJMGEXMSR
'VEROWLEJX 4SWMXMSR 7IRWSVŒ
8SVUYI   2wQ  PFJX

 -RWXEPP WIRWSV [MVMRK GSRRIGXSV

%Œ'VEROWLEJX 4SWMXMSR 7IRWSV

393 rr23:r

6IQSZI ERH -RWXEPP 3MP 4VIWWYVI 7IRWSV

 (MWGSRRIGX SMP TVIWWYVI WIRWSV [MVMRK GSRRIGXSV

WLS[R HMWGSRRIGXIH ERH VIQSZI WIRWSV JVSQ G]PMRHIV
FPSGO

 'SEX XLVIEHW SJ WIRWSV [MXL 03'8-8)  4MTI

7IEPERX [MXL 8)*032  -RWXEPP WIRWSV MR SMP GSSPIV
LSYWMRK ERH XMKLXIR XS WTIGMJMGEXMSRW

7TIGMJMGEXMSR
3MP 4VIWWYVI 7IRWSVŒ8SVUYI   2wQ  PFJX

 -RWXEPP WIRWSV [MVMRK GSRRIGXSV

01&393 rr23:r

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



42!
 6IQSZI ERH -RWXEPP 1ERMJSPH %MV 8IQTIVEXYVI
7IRWSV

 (MWGSRRIGX EMV XIQTIVEXYVI WIRWSV [MVMRK GSRRIGXSV

ERH VIQSZI WIRWSV % JVSQ EMV MRXEOI PMRI

 6ITPEGI 3VMRK ERH MRWXEPP WIRWSV MR EMV MRXEOI PMRI

8MKLXIR WIRWSV XS WTIGMJMGEXMSRW

7TIGMJMGEXMSR
1ERMJSPH %MV 8IQTIVEXYVI
7IRWSVŒ8SVUYI   2wQ  PFJX

 -RWXEPP WIRWSV [MVMRK GSRRIGXSV

%Œ1ERMJSPH %MV 8IQTIVEXYVI 7IRWSV

01&393* rr23:r

6IQSZI ERH -RWXEPP *YIP 8IQTIVEXYVI 7IRWSV

 (MWGSRRIGX JYIP XIQTIVEXYVI WIRWSV [MVMRK GSRRIGXSV

ERH VIQSZI WIRWSV % JVSQ JYIP MRNIGXMSR TYQT

 6ITPEGI 3VMRK ERH MRWXEPP WIRWSV MRXS JYIP MRNIGXMSR

TYQT ERH XMKLXIR XS WTIGMJMGEXMSRW

7TIGMJMGEXMSR
*YIP 8IQTIVEXYVI 7IRWSVŒ
8SVUYI  Π2wQ ΠPFJX

 -RWXEPP WIRWSV [MVMRK GSRRIGXSV

%Π*YIP 8IQTIVEXYVI 7IRWSV

393* rr23:r

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



42!
 6IQSZI ERH -RWXEPP *YIP ,IEXIV

 (MWGSRRIGX JYIP LIEXIV [MVMRK GSRRIGXSV ERH VIQSZI

LIEXIV JVSQ JMPXIV FEWI

 6ITPEGI 3VMRK ERH MRWXEPP JYIP LIEXIV MR TVMQEV] JYIP

JMPXIV MRPIX TSVX XS WTIGMJMGEXMSRW

7TIGMJMGEXMSR
*YIP ,IEXIVŒ8SVUYI   2wQ  PFJX

 -RWXEPP LIEXIV [MVMRK GSRRIGXSV

393* rr23:r

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



42!
 'SRRIGXSVW

'SRRIGXSVW EVI HIZMGIW XLEX TVSZMHI JSV EWWIQFP] ERH

HMWEWWIQFP] SJ W]WXIQW 'SRRIGXSVW WLSYPH EP[E]W FI
WIVZMGIH YWMRK XSSPW HIWMKRIH JSV XLEX X]TI SJ GSRRIGXSV %
KSSH GVMQT MW MQTSVXERX XS QIGLERMGEP ERH IPIGXVMGEP
WSYRHRIWW 6ITEMVIH GSRRIGXSVW WLSYPH FI TL]WMGEPP]
XIWXIH F] TYPPMRK XS FI WYVI XLI GSRXEGX MW JMVQP] EXXEGLIH
XS XLI GSRHYGXSV

-14368%28 -J JSV WSQI VIEWSR XLI GSRRIGXSVW EVI

RSX GSRRIGXIH WYGL EW [LIR XLI JYIP
MRNIGXMSR TYQT MW VIQSZIH MX MW
MQTSVXERX XS TVSXIGX XLI GSRRIGXSVW
JVSQ HIFVMW

6IJIV XS XLI TVSGIHYVIW [LMGL JSPPS[ JSV VITEMV SJ ZEVMSYW

X]TIW SJ GSRRIGXSVW

6+6+ rr3'8r

9WI )PIGXVMGEP -RWYPEXMRK 'SQTSYRH

%TTP] 01&%8 'SQTSYRH HMVIGXP] XS XLI XIVQMREPW

FIX[IIR XLI [MVI WIEP ERH GSRRIGXSV FSH] 8LMW TVSZMHIW
E QSMWXYVI FEVVMIV IWTIGMEPP] MR [IX ERH LYQMH GSRHMXMSRW

01&6+6+ rr3'8r

9WMRK ,MKL4VIWWYVI ;EWLIV

-14368%28 6IHYGI TVIWWYVI [LIR HMVIGXMRK

TVIWWYVM^IH [EXIV EX IPIGXVSRMG SV
IPIGXVMGEP GSQTSRIRXW ERH GSRRIGXSVW
EW XLMW QE] GEYWI XLI GSQTSRIRXW XS
QEPJYRGXMSR %P[E]W VIHYGI TVIWWYVI
ERH WTVE] EX E  XS  HIKVII ERKPI

6+6+ rr3'8r

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



42!
 6ITEMV ;)%8,)64%'/È 'SRRIGXSV

 (MWGSRRIGX ;)%8,)64%'/È GSRRIGXSV 6IQSZI XLI

XMI FERHW ERH XETI

 3TIR XLI WIGSRHEV] PSGO SR XLI FEGO SJ XLI GSRRIGXSV

 -HIRXMJ] [MVI GSPSVRYQFIV XS XLI GSRRIGXSV GEZMX]

1EOI WYVI IEGL [MVI KSIW FEGO XS XLI GSVVIGX GEZMX]
PSGEXMSR

 -RWIVX 01&.(+ )\XVEGXMSR 8SSP SZIV XIVQMREP

GSRXEGX MR GSRRIGXSV FSH] )\XVEGXMSR XSSP RIIHW XS FI
JYPP] WIEXIH XS YRPSGO XIVQMREP XERKW JVSQ XLI
GSRRIGXSV FSH] ;LIR XSSP MW WIEXIH KIRXP] TYPP XLI
[MVI JVSQ XLI FEGO SJ XLI GSRRIGXSV -J XLI [MVI W SV
XIVQMREP W EVI FIMRK VITEMVIH KS XS WXIT  -J XLI [MVIW
ERH XIVQMREPW EVI 3/ ERH SRP] XLI GSRRIGXSV MW FIMRK
VITPEGIH KS XS WXIT 

 9WMRK 01&.(+ 9RMZIVWEP )PIGXVMGEP 4PMIVW  GYX SJJ

[MVI HMVIGXP] FILMRH XLI XIVQMREP WIEP GVMQT -J ER] TEVX
SJ XLI WIEP MW WXMPP SR XLI [MVI HMWTSWI SJ MX

 9WMRK 01&.(+ 9RMZIVWEP )PIGXVMGEP 4PMIVW  WXVMT 

QQ  MR MRWYPEXMSR JVSQ IRH SJ [MVI

'SRXMRYIH SR RI\X TEKI 01&%+393( rr1%6r

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



42!
  7IPIGX GSVVIGX WM^I SJ WIEP 7PMHI XLI WIEP SZIV XLI [MVI
MRWYPEXMSR [MXL XLI WQEPPIV HMEQIXIV WMHI JEGMRK XLI IRH
SJ XLI [MVI 7QEPP HMEQIXIV WMHI SJ WIEP WLSYPH PMRI YT
[MXL XLI SYXIV IHKI SJ XLI MRWYPEXMSR

-14368%28 8LI WIEP QYWX JMX WRYK SZIV XLI GEFPI

MRWYPEXMSR [MXLSYX E KET FIX[IIR XLI
GEFPI WIEP ERH XLI MRWYPEXMSR

›
›
›

01&%+393( rr1%6r

 7IPIGX GSVVIGX WM^I XIVQMREP SR [MVI ERH GVMQT MR

TSWMXMSR [MXL E ;X]TI GVMQT YWMRK E 01&.(+
;)%8,)6 4%'/È 'VMQTMRK 8SSP

›
›

'SRXMRYIH SR RI\X TEKI 01&%+393( rr1%6r

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



42!
  -RWIVX XIVQMREP MRXS GSRRIGXSV 8IVQMREP WLSYPH GPMGO
[LIR MX MW JYPP] WIEXIH 1EOI WYVI XLI [MVI MW MRWIVXIH
MRXS XLI GSVVIGX GSRRIGXSV GEZMX]

-14368%28 8IVQMREP XERKW QYWX FI GEVIJYPP] WTVIEH

XS IRWYVI KSSH WIEXMRK SR GSRRIGXSV
FSH] -J XIVQMREP MW FIMRK VIYWIH MR E
RI[ GSRRIGXSV QEOI WYVI XERKW EVI
WTVIEH

 +IRXP] TYPP SR [MVI XS MRWYVI XLEX XLI XIVQMREP MW

PSGOIH MR TSWMXMSR

 6ITEMV SV XVERWJIV VIQEMRMRK [MVIW

 'PSWI XLI WIGSRHEV] PSGO SR XLI FEGO SJ XLI

GSRRIGXSV

 6IXETI [MVIW ERH EHH XLI VIUYMVIH XMI FERHW XS XLI
LEVRIWW %Œ7PIIZI
&Œ4MR

01&%+393( rr1%6r

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



42!
 6IQSZI &PEHI 8IVQMREPW JVSQ 'SRRIGXSV
&SH]

 -RWIVX 01&.(+ SV 01&.(+ 8IVQMREP

)\XVEGXMSR 8SSP MRXS GSRRIGXSV FSH] TYWLMRK XLI
XIVQMREP PSGOMRK XERK MR[EVH

 +IRXP] TYPP [MVI ERH VIQSZI XIVQMREP JVSQ GSRRIGXSV

%Œ0SGOMRK 8ERK
&Œ3VMKMREP 4SWMXMSR
 %HNYWX XLI PSGOMRK XERK SR XLI XIVQMREP XS MX W SVMKMREP
TSWMXMSR FIJSVI MRWXEPPMRK MRXS E GSRRIGXSV

01&%+393( rr1%6r

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



42!
 6ITEMV 1)86-4%'/È 'SRRIGXSVW

 (MWGSRRIGX XLI 1)86-4%'/ GSRRIGXSV % JVSQ XLI

)'9

 6IQSZI XMI FERHW ERH XETI JVSQ XLI [MVMRK LEVRIWW

FILMRH XLI GSRRIGXSV

 -HIRXMJ] [MVI GSPSVRYQFIV XS XLI GSRRIGXSV GEZMX]

1EOI WYVI IEGL [MVI KSIW FEGO XS XLI GSVVIGX GEZMX]
PSGEXMSR

 9WMRK 01&.(+ 8IVQMREP )\XVEGXMSR 8SSP ' 

GEVIJYPP] VIQSZI XLI GSRRIGXSV WIEP & JVSQ XLI FEGO
SJ XLI GSRRIGXSV

-14368%28 1EOI WYVI RS HEQEKI XS XLI WIEP

SGGYVW SV [EXIV ERH GSRXEQMRERXW [MPP
GSVVSHI XIVQMREPW

 9WMRK 01&.(+ 8IVQMREP )\XVEGXMSR 8SSP ' 

ERKPI XLI XMT WS MX WPMHIW EPSRK XLI XST IHKI SJ XLI
GSRRIGXSV 1EOI WYVI XLI I\XVEGXMSR XSSP MW GIRXIVIH MR
XLI GSRRIGXSV GEZMX] ERH TYWL XLI XSSP MR YRXMP
VIWMWXERGI MW JIPX

 ;MXL I\XVEGXMSR XSSP MRWIVXIH MRXS XLI GSRRIGXSV KIRXP]

VSXEXI XSSP GPSGO[MWI ERH GSYRXIVGPSGO[MWI RS QSVI
XLER  XYVR IEGL HMVIGXMSR XS HITVIWW XLI XIVQMREP
PSGOMRK XERK ( 

 6IQSZI I\XVEGXMSR XSSP JVSQ FEGO SJ GSRRIGXSV

 4YWL [MVI YRXMP XIVQMREP LEW I\XVEGXIH JVSQ XLI JVSRX SJ

XLI GSRRIGXSV -J XIVQMREP HSIW RSX I\XVEGX VITIEX WXITW

%Œ'SRRIGXSV
&Œ'SRRIGXSV 7IEP
'Œ01&.(+ 8IVQMREP )\XVEGXMSR 8SSP
(Œ8IVQMREP 0SGOMRK 8ERK
)Œ8IVQMREP

'SRXMRYIH SR RI\X TEKI 01&%+393( rr1%6r

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



42!
  9WMRK 01&.(+ 9RMZIVWEP )PIGXVMGEP 4PMIVW  GYX SJJ
[MVI HMVIGXP] FILMRH XLI XIVQMREP

-14368%28 7EZI EW QYGL [MVI EW TSWWMFPI -J SRP] E

GSYTPI SJ [MVIW EVI WLSVXIV XLER XLI
VIWX EPP SJ XLI WXVEMR [MPP FI TPEGIH SR
XLIQ (EQEKI XS XLI LEVRIWW QE]
SGGYV

 9WMRK 01&.(+ 9RMZIVWEP )PIGXVMGEP 4PMIVW  WXVMT 

QQ  MR MRWYPEXMSR JVSQ IRH SJ [MVI

 -J [MVI LEW FIIR VIQSZIH JVSQ XLI GSRRIGXSV QEOI

WYVI XLI [MVI MW JIH XLVSYKL XLI GSRRIGXSV * ERH MR
XLI GSVVIGX GEZMX]

 9WMRK IMXLIV 01&.(+ + SV 01&.(+ ,

'VMQTMRK 4PMIVW GVMQT E RI[ XIVQMREP SR XLI [MVI

 1EOI WYVI XIVQMREP PSGOMRK XERK ( SR RI[ XIVQMREP

MW MR SYX[EVH TSWMXMSR 4YPP [MVI FEGO MRXS GSRRIGXSV
GEZMX] YRXMP XIVQMREP PSGOW

 4YWL SR XLI [MVI XS QEOI WYVI XIVQMREP MW PSGOIH MRXS

XLI GSRRIGXSV

 7PMHI XLI GSRRIGXSV WIEP FEGO MRXS XLI GSRRIGXSV

1EOI WYVI WIEP MW MR MX W SVMKMSREP TSWMXMSR

 6IXETI XLI [MVIW ERH EHH XLI VIUYMVIH XMI FERHW XS
XLI LEVRIWW

(Œ8IVQMREP 0SGOMRK 8ERK

)Œ'SVVIGX 8IVQMREP 3VMIRXEXMSR
*Œ;MVI
+Œ01&.(+ 8IVQMREP 'VMQTMRK 8SSP
,Œ01&.(+ 8IVQMREP 'VMQTMRK 8SSP

01&%+393( rr1%6r

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



42!
 6ITEMV 1)86-4%'/È
'SRRIGXSVW

 (MWGSRRIGX XLI 1)86-4%'/ GSRRIGXSV 6IQSZI XLI

XMI FERHW ERH XETI

 6IQSZI WIGSRHEV] PSGO % 

 -HIRXMJ] [MVI GSPSVRYQFIV XS XLI GSRRIGXSV GEZMX]

1EOI WYVI IEGL [MVI KSIW FEGO XS XLI GSVVIGX GEZMX]
PSGEXMSR

 -RWIVX 01&.(+ SV 01&.(+ 8IVQMREP

)\XVEGXMSR 8SSP & MRXS GSRRIGXSV GEZMX] ' TYWLMRK
XLI XIVQMREP PSGOMRK XEF MR[EVH

 6IQSZI I\XVEGXMSR XSSP ERH TYPP [MVI JVSQ XLI FEGO SJ

XLI GSRRIGXSV

 9WMRK 01&.(+ 9RMZIVWEP )PIGXVMGEP 4PMIVW  GYX SJJ

[MVI HMVIGXP] FILMRH XLI XIVQMREP %Œ'SRRIGXSV 7IGSRHEV] 0SGO
&Œ)\XVEGXMSR 8SSP
'Œ'SRRIGXSV &SH] 7SGOIX
 9WMRK 01&.(+ 9RMZIVWEP )PIGXVMGEP 4PMIVW WXVMT 
(Œ8IVQMREP
QQ  MR MRWYPEXMSR JVSQ IRH SJ [MVI

 7IPIGX GSVVIGX WM^I SJ WIEP 7PMHI XLI WIEP SZIV XLI [MVI
MRWYPEXMSR [MXL XLI WQEPPIV HMEQIXIV WMHI JEGMRK XLI IRH
SJ XLI [MVI 7QEPP HMEQIXIV WMHI SJ WIEP WLSYPH PMRI YT
[MXL XLI SYXIV IHKI SJ XLI MRWYPEXMSR

'SRXMRYIH SR RI\X TEKI 01&%+393( rr1%6r

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



42!
 -14368%28 8LI WIEP QYWX JMX WRYK SZIV XLI GEFPI
MRWYPEXMSR [MXLSYX E KET FIX[IIR XLI
GEFPI WIEP ERH XLI MRWYPEXMSR

›
›
›

 7IPIGX GSVVIGX WM^I GSRXEGX JSV [MVI

'SRXMRYIH SR RI\X TEKI 01&%+393( rr1%6r

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



42!
  'VMQT GSRXEGX % SR [MVI [MXL E l;z X]TI GVMQT YWMRK
01&.(+ 'VMQTMRK 8SSP & 

 'VMQT GEFPI WIEP ' SR GSRXEGX YWMRK 01&.(+

'VMQTMRK 8SSP & 

 1EOI WYVI PSGOMRK XERK ( SR XLI RI[ XIVQMREP MW MR

XLI SYX[EVH TSWMXMSR

 4YWL XIVQMREP MRXS XLI GSVVIGX GSRRIGXSV GEZMX] YRXMP

XIVQMREP PSGOW

 +IRXP] TYPP SR [MVI XS ZIVMJ] XIVQMREP MW PSGOIH MRXS XLI

GSRRIGXSV

 4PEGI XLI WIGSRHEV] PSGO FEGO SR XLI GSRRIGXSV

 6IXETI XLI [MVIW ERH EHH XLI VIUYMVIH XMI FERHW XS
XLI LEVRIWW

%Œ'SRXEGX
&Œ8SSP
'Œ'EFPI 7IEP
(Œ8IVQMREP 0SGOMRK 8ERK

01&%+393( rr1%6r

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



42!
 6ITEMV ()987',È 'SRRIGXSVW

 (MWGSRRIGX XLI (IYXWGL GSRRIGXSV 6IQSZI XLI XMI

FERHW ERH XETI

 -HIRXMJ] [MVI GSPSVRYQFIV XS XLI GSRRIGXSV GEZMX]

1EOI WYVI IEGL [MVI KSIW FEGO XS XLI GSVVIGX GEZMX]
PSGEXMSR

 7IPIGX GSVVIGX WM^I I\XVEGXSV XSSP JSV WM^I SJ [MVI XS FI

VIQSZIH

› 01&.(+ )\XVEGXSV 8SSP  Œ +EYKI ;MVI

› 01&.(+ )\XVEGXSV 8SSP  Œ +EYKI ;MVI %Œ,ERHPI
› 01&.(+ )\XVEGXSV 8SSP   +EYKI ;MVI
› 01&.(+ )\XVEGXSV 8SSP   +EYKI ;MVI

 7XEVX MRWIVXMRK XLI [MVI MRXS XLI LERHPI IRH % SJ XLI

GSVVIGX WM^I I\XVEGXMSR XSSP

 7PMHI I\XVEGXMSR XSSP VIEV[EVH EPSRK [MVI YRXMP XSSP XMT

WRETW SRXS [MVI

-14368%28 (3 238 X[MWX XSSP [LIR MRWIVXMRK MR

GSRRIGXSV

 7PMHI I\XVEGXMSR XSSP EPSRK [MVI MRXS GSRRIGXSV FSH]

YRXMP XSSP MW TSWMXMSRIH SZIV XIVQMREP GSRXEGX

 4YPP [MVI JVSQ GSRRIGXSV FSH] YWMRK I\XVEGXMSR XSSP

 9WMRK 01&.(+ 9RMZIVWEP )PIGXVMGEP 4PMIVW GYX SJJ

[MVI HMVIGXP] FILMRH XLI XIVQMREP

 9WMRK 01&.(+ 9RMZIVWEP )PIGXVMGEP 4PMIVW  WXVMT 

QQ  MR MRWYPEXMSR JVSQ IRH SJ [MVI

'SRXMRYIH SR RI\X TEKI 01&%+393( rr23:r

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



42!
  %HNYWX WIPIGXSV % SR 01&.(+ 'VMQTMRK 8SSP
JSV GSVVIGX [MVI WM^I 

 0SSWIR PSGO RYX & ERH XYVR EHNYWXMRK WGVI[ ' MR
YRXMP WGVI[ WXSTW

%Œ7IPIGXSV
&Œ0SGO 2YX
'Œ%HNYWXMRK 7GVI[

01&%+393( rr23:r

 -RWIVX XIVQMREP % ERH XYVR EHNYWXMRK WGVI[ ( YRXMP

XIVQMREP MW JPYWL [MXL GSZIV & 

-14368%28 7IPIGX GSVVIGX WM^I XIVQMREP XS JMX

GSRRIGXSV FSH]

 8MKLXIR PSGO RYX ' 

%Œ8IVQMREP
&Œ'SZIV
'Œ0SGO 2YX
(Œ%HNYWXMRK 7GVI[

'SRXMRYIH SR RI\X TEKI 01&%+393( rr23:r

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



42!
  -RWIVX [MVI MR XIVQMREP ERH GVMQT YRXMP LERHPI GSRXEGXW
WXST

-14368%28 8IVQMREP QYWX VIQEMR GIRXIVIH FIX[IIR

MRHIRXIVW [LMPI GVMQTMRK

 6IPIEWI LERHPI ERH VIQSZI XIVQMREP

 -RWTIGX XIVQMREPW XS IRWYVI EPP [MVIW EVI MR GVMQTIH

FEVVIP

-14368%28 -J EPP [MVI WXVERHW EVI RSX GVMQTIH MRXS

XIVQMREP GYX SJJ [MVI EX XIVQMREP ERH
VITIEX XIVQMREP MRWXEPPEXMSR TVSGIHYVIW

 4YWL XIVQMREP WXVEMKLX MRXS GSVVIGX GSRRIGXSV GEZMX]

YRXMP TSWMXMZI WXST MW JIPX

-14368%28 -RWXEPP XIVQMREP MR GSVVIGX GSRRIGXSV

GEZMX] YWMRK GSVVIGX WM^I KVSQQIX

 +IRXP] TYPP SR [MVI XS ZIVMJ] XIVQMREP MW PSGOIH MRXS XLI

GSRRIGXSV

 8VERWJIV VIQEMRMRK [MVIW XS GSVVIGX GEZMX] MR RI[

GSRRIGXSV

 6IXETI XLI [MVIW ERH EHH XLI VIUYMVIH XMI FERHW XS
XLI LEVRIWW

01&%+393( rr23:r

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



42!
 6ITEMV %14 'SRRIGXSV
%Œ0SGEXSV %WWIQFP] 'Œ;MVI
&Œ0SGEXSV (Œ'VMQTMRK 7PSX
 (MWGSRRIGX %14 GSRRIGXSV 6IQSZI XLI XMI FERHW
ERH XETI
 -HIRXMJ] [MVI GSPSVRYQFIV XS XLI GSRRIGXSV GEZMX]
1EOI WYVI XLI IEGL [MVI KSIW FEGO MRXS XLI GSVVIGX
GEZMX] PSGEXMSR
 4VIWW 01&.(+ 8IVQMREP )\XVEGXMSR 8SSP MRXS
JEGI SJ GSRRIGXSV ERH VIQSZI [MVI ERH XIVQMREP
JVSQ FEGO SJ GSRRIGXSV
 7XVMT RI[ [MVI XS PIRKXL MRHMGEXIH MR XSSP
MRWXVYGXMSRW (S RSX RMGO SV GYX [MVI WXVERHW
 ,SPH 01&.(+ %14 'VMQTMRK 8SSP WS XLEX XLI
FEGO [MVI WMHI MW JEGMRK ]SY 7UYII^I XSSP
LERHPIW XSKIXLIV ERH EPPS[ XLIQ XS STIR JYPP]
8,C(C)2 3'8  0-)&,)66Œ(r(MIWIP )RKMRIW
)Œ'VMQTMRK 7PSX +Œ-RWYPEXMSR &EVVIP
*Œ8IVQMREP ,Œ;MVI &EVVIP
 ,SPHMRK XLI XIVQMREP * F] XLI QEXMRK IRH MRWIVX
XLI MRWYPEXMSR FEVVIP + JMVWX XLVSYKL XLI JVSRX SJ
XLI XSSP ERH MRXS XLI ETTVSTVMEXI GVMQT WPSX ( SV ) 
-14368%28 1EOI WYVI XLEX FSXL WMHIW SJ XLI
MRWYPEXMSR FEVVIP + EVI WXEVXIH
IZIRP] MRXS XLI GVMQTMRK WIGXMSR (S
238 EXXIQTX XS GVMQT ER MQTVSTIVP]
TSWMXMSRIH XIVQMREP
 4SWMXMSR XLI XIVQMREP WS XLEX XLI STIR l9z SJ XLI
[MVI ERH MRWYPEXMSR FEVVIPW , ERH + JEGI XLI XST
SJ XLI XSSP 4PEGI XLI XIVQMREP YT MRXS XLI RIWX WS
XLEX XLI QSZEFPI PSGEXSV & HVSTW MRXS XLI WPSX MR
XLI XIVQMREP EW WLS[R &YXX XLI JVSRX IRH SJ XLI [MVI
FEVVIP , EKEMRWX XLI QSZEFPI PSGEXSV
 ,SPH XLI XIVQMREP * MR TSWMXMSR ERH WUYII^I XLI
XSSP LERHPIW XSKIXLIV YRXMP VEXGLIX IRKEKIW
WYJJMGMIRXP] XS LSPH XLI XIVQMREP MR TSWMXMSR (3 238
HIJSVQ MRWYPEXMSR FEVVIP SV [MVI FEVVIP
 -RWIVX WXVMTTIH [MVI ' MRXS XIVQMREP MRWYPEXMSR ERH
[MVI FEVVIPW YRXMP MX MW FYXXIH EKEMRWX XLI [MVI WXST
'SRXMRYIH SR RI\X TEKI 01&(47+393 rr1%6r

42!
  ,SPH XLI [MVI ERH XIVQMREP % MR TPEGI 7UYII^I XSSP
LERHPIW XSKIXLIV YRXMP VEXGLIX VIPIEWIW %PPS[ XSSP
LERHPIW XS STIR ERH VIQSZI GVMQTIH XIVQMREP

 -RWXEPP [MVI MR GSVVIGX GSRRIGXSV GEZMX]

 6IXETI XLI [MVIW ERH EHH XLI VIUYMVIH XMI FERHW XS
XLI LEVRIWW

%Œ;MVI ERH 8IVQMREP

&Œ0SGEXSV

01&(47+393 rr1%6r

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



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

4EKI

+VSYT Œ)PIGXVSRMG *YIP 7]WXIQ 3TIVEXMSR

%FSYX XLMW +VSYT                       
*YIP 7]WXIQ 3TIVEXMSR                  
*YIP 7YTTP] 4YQT 3TIVEXMSR             
*MREP *YIP *MPXIV 3TIVEXMSR                
*YIP -RNIGXMSR 4YQT 3TIVEXMSR            
*YIP -RNIGXMSR 2S^^PI 3TIVEXMSR           

+VSYT Œ)PIGXVSRMG 'SRXVSP 7]WXIQ 3TIVEXMSR

%FSYX 8LMW +VSYT                      
)PIGXVSRMG 'SRXVSP 7]WXIQ 8IVQMRSPSK]      
)PIGXVSRMG 'SRXVSP 7]WXIQ 3TIVEXMSR        
1SRMXSVMRK )RKMRI 4EVEQIXIVW            
)PIGXVSRMG 'SRXVSP 7]WXIQ 3ZIVZMI[        
1IEWYVMRK 8IQTIVEXYVI                 
1IEWYVMRK 4VIWWYVI                    
1IEWYVMRK 8LVSXXPI 4SWMXMSR               
1IEWYVMRK )RKMRI 7TIIH                
4YQT 7SPIRSMH                        
)RKMRI 'SRXVSP 9RMX )'9              
'SRXVSPPIV %VIE 2IX[SVO '%2           
'VYMWI 'SRXVSP 3TIVEXMSR               
-RXEOI %MV ,IEXIV 3TIVEXMSR             
)RKMRI 4VSXIGXMSR                     
(IVEXI 4VSKVEQW                      
1YPXMTPI 8SVUYI 'YVZI 7IPIGXMSR          
+SZIVRSV (VSST 1SHI 7IPIGXMSR          
)RKMRI 'SRXVSP 9RMX )'9 7IPJ(MEKRSWMW   

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



42!
 +VSYT 
)PIGXVSRMG *YIP 7]WXIQ 3TIVEXMSR
%FSYX XLMW +VSYT

-R XLMW KVSYT XLI JYIP W]WXIQ MRJSVQEXMSR MW HIWGVMFIH MR

XLI JSPPS[MRK GEXIKSVMIW

› *YIP 7]WXIQ 3TIVEXMSR

› *YIP 7YTTP] 4YQT 3TIVEXMSR
› *MREP *YIP *MPXIV 3TIVEXMSR
› *YIP -RNIGXMSR 4YQT 3TIVEXMSR
› *YIP -RNIGXMSR 2S^^PI 3TIVEXMSR

6+' rr()'r

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



42!
 *YIP 7]WXIQ 3TIVEXMSR

%Œ*YIP 8ERO )Œ*YIP -RNIGXMSR 4YQT ,Œ*YIP 0IEOSJJ 0MRI /Œ-RNIGXMSR 4YQT 4VIWWYVI
&Œ4VIJMPXIV *Œ3ZIVJPS[ :EPZI -Œ8ERO 4VIWWYVI *YIP *YIP
'Œ*YIP 7YTTP] 4YQT +Œ*YIP -RNIGXMSR 2S^^PI .Œ7YTTP] 4YQT 4VIWWYVI
(Œ*MREP *YIP *MPXIV *YIP

8LI JYIP WYTTP] TYQT ' HVE[W JYIP JVSQ XLI XERO % ETTPMGEXMSRW JYIP MW VSYXIH XLVSYKL E TVIJMPXIV & TVMSV
F] TVIWWYVM^MRK XLI JYIP 3RGI XLI JYIP MW TVIWWYVM^IH MR XS XLI JYIP WYTTP] TYQT % [EXIV FS[P GER FI MRGPYHIH
XLI JYIP WYTTP] TYQT MX XVEZIPW XLVSYKL XLI JMREP JYIP [MXL IMXLIV XLI TVIJMPXIV SV JMREP JYIP JMPXIVW 8]TMGEPP] XLI
JMPXIV ( XS XLI JYIP MRNIGXMSR TYQT )  3R WSQI [EXIV FS[P MW PSGEXIH EX XLI JMVWX JMPXIV MR XLI W]WXIQ

'SRXMRYIH SR RI\X TEKI 6+( rr()'r

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



42!
 8LI JYIP MRNIGXMSR TYQT VEMWIW XLI VIUYMVIH JYIP
TVIWWYVI JSV MRNIGXMSR 8LMW LMKL TVIWWYVI JYIP MW VSYXIH
XLVSYKL XLI HIPMZIV] TVIWWYVI PMRIW XS XLI JYIP
MRNIGXMSR RS^^PIW +  -J XLIVI MW I\GIWW JYIP MR XLI
MRNIGXMSR TYQT MX MW VIPIEWIH XLVSYKL ER SZIVJPS[ ZEPZI
* ERH VIXYVRIH XS XERO XLVSYKL XLI JYIP PIEOSJJ PMRI
,
3RGI XLI TVIWWYVI SJ XLI JYIP MRWMHI XLI MRNIGXMSR
RS^^PI + SZIVGSQIW XLI RS^^PI ZEPZI JYIP MW JSVGIH
8,C(C)2 3'8 
SXY E WQEPP SVMJMGI MR XLI RS^^PI XMT 8LMW EPPS[W JSV JYIP
XS EXSQM^I EW MX IRXIVW XLI GSQFYWXMSR GLEQFIV
)\GIWW JYIP JVSQ XLI RS^^PIW MW VSYXIH XLVSYKL XLI JYIP
VIXYVR PIEOSJJ PMRI ERH VIXYVRW XS XLI JYIP XERO 3R
WSQI ETTPMGEXMSRW XLI JYIP KSIW XLVSYKL E JYIP GSSPIV
FIJSVI VIXYVRMRK XS XLI JYIP XERO
6+( rr()'r
0-)&,)66Œ(r(MIWIP )RKMRIW

42!
 *YIP 7YTTP] 4YQT 3TIVEXMSR

8LI 7SJEFI\ JYIP WYTTP] TYQT YWIW ER IGGIRXVMG PSFI SR

XLI IRKMRI GEQWLEJX XS STIVEXI XLI 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 XLI PIZIV + VMHIW SR XLI LMKL WMHI SJ XLI GEQWLEJX

PSFI XLI 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 XLI VIXYVR

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

% LERH TVMQIV PIZIV , MW TVSZMHIH JSV QERYEPP] JSVGMRK

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

6+ rr.%2r

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



42!
 *MREP *YIP *MPXIV 3TIVEXMSR

*YIP IRXIVW XLI JMPXIV EX MRPIX '  JPS[W XLVSYKL JMPXIV

IPIQIRX ( ERH I\MXW XLVSYKL SYXPIX & XS XLI JYIP
MRNIGXMSR TYQT 8LI  QMGVSR 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 3R WSQI
STXMSRW E [EXIV FS[P MW EXXEGLIH XS XLI FSXXSQ SJ XLI
WIHMQIRX FS[P

%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

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42!
 *YIP -RNIGXMSR 4YQT 3TIVEXMSR
%Œ*YIP -RPIX *MXXMRK (Œ'EQ 6MRK
&Œ,IEZ] (YX] (VMZIWLEJX )Œ(MWGLEVKI *MXXMRK
'Œ8VERWJIV 4YQT *Œ*YIP 'SRXVSP 7SPIRSMH
8LI QEMR GSQTSRIRXW SJ XLI 7XEREH]RI () JYIP
MRNIGXMSR TYQT EVI XLI HVMZIWLEJX &  XLI XVERWJIV
TYQT '  GEQ VMRK ( ERH WLSIW HMWXVMFYXSV VSXSV
,  TYQT GSRXVSP ZEPZI +  ERH JYIP GSRXVSP WSPIRSMH
*  8LI GVEROWLEJX SJ XLI IRKMRI HVMZIW XLI HVMZIWLEJX
SJ XLI TYQT YWMRK KIEVW FIX[IIR XLI X[S GSQTSRIRXW
8LI VSXEXMSR SJ XLI HVMZIWLEJX QSZIW XLI XVERWJIV TYQT
GEQ WLSIW ERH VSPPIVW ERH HMWXVMFYXSV WLEJX WMRGI EPP SJ
XLIWI GSQTSRIRXW EVI IRKEKIH
8LI JYIP XVERWJIV TYQT MRWMHI XLI MRNIGXMSR TYQT
HVE[W JYIP JVSQ XLI JMREP JMPXIV XLVSYKL XLI JYIP MRPIX
JMXXMRK %  ;MXL IEGL VIZSPYXMSR MX TVIWWYVM^IW JYIP
FIX[IIR ΠO4E ΠFEV ΠTWM
HITIRHMRK SR XLI VSXEXMSREP WTIIH SJ XLI TYQT 3RGI
8,C(C)2 3'8 
+Œ4YQT 'SRXVSP :EPZI .Œ*YIP 6IXYVR *MXXMRK,SYWMRK
,Œ(MWXVMFYXSV 6SXSV 4VIWWYVI 6IKYPEXSV
-Œ*YIP 8IQTIVEXYVI 7IRWSV
XLI JYIP LEW FIIR TVIWWYVM^IH F] XLI XVERWJIV TYQT MX
GER XVEZIP XS XLVII PSGEXMSRW MRWMHI XLI TPYRKIVW SJ XLI
GEQ VMRK (  MRXS XLI MRNIGXMSR TYQT LSYWMRK GEZEXMIW
ERH VIGMVGYPEXIH FEGO XS XLI JYIP MRPIX TEWWEKI
;LIR XLI TYQT GSRXVSP ZEPZI MW STIR MX EPPS[W XLI
XVERWJIV TYQT TVIWWYVM^IH JYIP XS IRXIV XLI LMKL
TVIWWYVI GLEQFIV 8LI )RKMRI 'SRXVSP 9RMX )'9
IRIVKM^IW XLI JYIP GSRXVSP WSPIRSMH [LMGL GEYWIW XLI
TYQT GSRXVSP ZEPZI XS GPSWI ;LIR XLI TYQT GSRXVSP
ZEPZI MW GPSWIH XLI TPYRKIVW MR XLI LMKL TVIWWYVI
GLEQFIV GVIEXI MRNIGXMSR TVIWWYVI FIGEYWI XLI] EVI
JSVGIH MR[EVH F] XLI VSXEXMSR SJ XLI GEQ VMRK ,MKL
TVIWWYVI JYIP MW JSVGIH XLVSYKL XLI HMWGLEVKI JMXXMRKW XS
XLI MRNIGXMSR RS^^PIW ;LIR XLI JYIP GSRXVSP WSPIRSMH MW
HIIRIVKM^IH XLI TYQT GSRXVSP ZEPZI STIRW 8LI JYIP MR
XLI LMKL TVIWWYVI GLEQFIV MW WTMPPIH SYX SJ XLI LMKL
TVIWWYVI GLEQFIV MRXS XLI XVERWJIV TYQT JYIP
'SRXMRYIH SR RI\X TEKI 6+ rr.%2r
0-)&,)66Œ(r(MIWIP )RKMRIW

42!
 7SQI SJ XLI XVERWJIV TYQT TVIWWYVI JYIP MW VIPIEWIH
XLVSYKL E TSVX XLEX GSRXEMRW E ZIRX [MVI MRXS MRNIGXMSR
TYQT LSYWMRK GEZEXMIW 8LI TYVTSWI SJ LSYWMRK
TVIWWYVI JYIP MW XS OIIT XLI MRNIGXMSR TYQT
GSQTSRIRXW GSSPIH ERH PYFVMGEXIH 8LI EQSYRX SJ JYIP
XLEX MW VIPIEWIH MRXS XLI LSYWMRK MW HIXIVQMRIH F] XLI
WM^I SJ XLI ZIRX [MVI 8LI TVIWWYVI SJ XLI LSYWMRK MW
GSRXVSPPIH F] XLI JYIP VIXYVR JMXXMRKTVIWWYVI VIKYPEXSV
.  -J XLI TVIWWYVI I\GIIHW XLI VIKYPEXSV MX [MPP VIXYVR
JYIP XS XLI JYIP XERO 8LI )'9 QSRMXSVW XLI JYIP
8,C(C)2 3'8 
XIQTIVEXYVI SJ XLI LSYWMRK XLVSYKL E JYIP XIQTIVEXYVI
WIRWSV -  *SV QSVI MRJSVQEXMSR SR XLI JYIP
XIQTIVEXYVI WIRWSV WII 1)%796-2+
8)14)6%896) MR +VSYT  SJ XLMW 7IGXMSR
8LI VIQEMRMRK XVERWJIV TYQT TVIWWYVI JYIP XVEZIPW
XLVSYKL E XVERWJIV TYQT VIKYPEXMRK ZEPZI 8LMW EPPS[W
JSV JYIP XS VIXYVR XS MRNIGXMSR TYQT MRPIX TVIWWYVI -X
GMVGYPEXIW XLI JYIP FEGO XLVSYKL XLI XVERWJIV TYQT
6+ rr.%2r
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42!
 *YIP -RNIGXMSR 2S^^PI 3TIVEXMSR

8LI RS^^PI WTVE] XMT % JSVQW ER MRXIKVEP YRMX [MXL RS^^PI

FSH] ( JVSQ [LMGL MX GERRSX FI WITEVEXIH 8LI MRNIGXMSR
RS^^PI MW WIGYVIH MR XLI G]PMRHIV LIEH F] XLVII
WYTIVMQTSWIH WTVMRK GPEQTW [LMGL TVIWW SR E PSGEXMSR
GPEQT ERH E GET WGVI[ 8LI GSRXEGX TVIWWYVI MW PMQMXIH F]
E WTEGIV VMRK 8LI RS^^PI MW WIEPIH MR XLI G]PMRHIV LIEH EX
MXW PS[IV IRH [MXL E GEVFSR WXST WIEP &  8LI XST IRH MW
WIEPIH [MXL WIEP [EWLIV (  'PEQT 4 IRWYVIW GSVVIGX
TSWMXMSR SJ XLI GSQTPIXI JYIP MRNIGXMSR RS^^PI MR XLI
G]PMRHIV LIEH 8LI PIEOSJJ PMRI MW GSRRIGXIH F] 8JMXXMRK
1  [LMGL MW JMXXIH SR XLI RS^^PI FSH] ERH WIGYVIH E GET
[MXL 3VMRK WIEP 8 

8LI JYIP MRNIGXMSR RS^^PI [SVOW FEWMGEPP] MR XLI WEQI [E]

EW E RSVQEP WTVE] X]TI RS^^PI -XW STIRMRK TVIWWYVI MW
EHNYWXIH F] XLI TVIWWYVI EHNYWXMRK WGVI[ 3  8LI PMJX SJ
RS^^PI ZEPZI ' MW EHNYWXIH F] WGVI[ / PSGEXIH MR
TVIWWYVI EHNYWXMRK WGVI[

8LI GEVFSR WXST WIEP & TVIZIRXW GEVFSR JVSQ GSPPIGXMRK

EVSYRH RS^^PI MR G]PMRHIV LIEH 8LI JYIP MRNIGXMSR RS^^PIW
LEZI JSYV SVMJMGIW

%Œ7TVE] XMT
&Œ'EVFSR WXST WIEP
'Œ2S^^PI ZEPZI
(Œ2S^^PI FSH]
)Œ7IEP [EWLIV
*Œ'SRRIGXMSR JSV MRNIGXMSR PMRI
+Œ2S^^PI ZEPZI KYMHI
,Œ9RMSR RYX
-Œ7TVMRK WIEX
.Œ%HNYWXEFPI TVIWWYVI WTVMRK
/Œ0MJX EHNYWXMRK WGVI[
0Œ0SGO RYX JSV TVIWWYVI EHNYWXMRK WGVI[
1Œ8JMXXMRK
2Œ0SGO RYX JSV PMJX EHNYWXMRK WGVI[
3Œ4VIWWYVI EHNYWXMRK WGVI[
4Œ0SGEXMSR GPEQT
5Œ2MTTPI
6Œ*MPXIV WGVIIR
7Œ*YIP TVIWWYVI PMRI
8Œ'ET

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42!
 +VSYT 
)PIGXVSRMG 'SRXVSP 7]WXIQ 3TIVEXMSR
%FSYX 8LMW +VSYT

-R XLMW KVSYT XLI IPIGXVSRMG GSRXVSP W]WXIQ MW HIWGVMFIH MR

XLI JSPPS[MRK GEXIKSVMIW

› )PIGXVSRMG 'SRXVSP 7]WXIQ 8IVQMRSPSK]

› )PIGXVSRMG 'SRXVSP 7]WXIQ 3TIVEXMSR
› 1SRMXSVMRK )RKMRI 4EVEQIXIVW
› )PIGXVSRMG 'SRXVSP 7]WXIQ
› 1IEWYVMRK 8IQTIVEXYVI
r )'8 )RKMRI 'SSPERX 8IQTIVEXYVI 7IRWSV
r 1%8 1ERMJSPH %MV 8IQTIVEXYVI 7IRWSV
r 0SWW SJ 'SSPERX 8IQTIVEXYVI 7IRWSV
r *YIP 8IQTIVEXYVI 7IRWSV
› 1IEWYVMRK 4VIWWYVI
r 3MP 4VIWWYVI 7IRWSV
› 1IEWYVMRK 8LVSXXPI 4SWMXMSR
› 1IEWYVMRK )RKMRI 7TIIH
r 'VERO 4SWMXMSR 7IRWSV
› )RKMRI 'SRXVSP 9RMX )'9
› 'SRXVSPPIV %VIE 2IX[SVO '%2
› 'VYMWI 'SRXVSP 3TIVEXMSR
› -RXEOI %MV ,IEXIV 3TIVEXMSR
› )RKMRI 4VSXIGXMSR
› (IVEXI 4VSKVEQW
› 1YPXMTPI 8SVUYI 'YVZIW 7IPIGXMSR
› +SZIVRSV (VSST 1SHI 7IPIGXMSR
› )RKMRI 'SRXVSP 9RMX )'9 7IPJ (MEKRSWMW

6+ rr()'r

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42!
 )PIGXVSRMG 'SRXVSP 7]WXIQ 8IVQMRSPSK]

%GXYEXSV % HIZMGI GSRXVSPPIH F] XLI )'9 XS TIVJSVQ E GIVXEMR JYRGXMSR

%REPSK 7MKREP [LMGL LEW E GSRXMRYSYW VERKI SJ TSWWMFPI ZSPXEKIW 9WYEPP]  XS  ZSPX SV  XS  ZSPX WMKREPW

&SSWX %MV GLEVKI TVIWWYVI MR XLI MRXEOI QERMJSPH

'%2 'SRXVSPPIV %VIE 2IX[SVO 8LI IPIGXVSRMG TEXL[E] RIX[SVO SR ZILMGPIW XLEX EPPS[W GSQQYRMGEXMSR FIX[IIR
GSRXVSPPIVW

(8' (MEKRSWXMG 8VSYFPI 'SHI % GSHI [LMGL MW WXSVIH MR XLI )'9 W QIQSV] [LIR XLI )'9 HIXIGXW E TVSFPIQ MR XLI
IPIGXVSRMG GSRXVSP W]WXIQ

(78 (MEKRSWXMG 7GER 8SSP 8LMW MW E HMEKRSWXMG WSJX[EVI XLEX MW YWIH XS VIEH IRKMRI TEVEQIXIVW GLIGO (8'W ERH VYR
WTIGMEP XIWXW 8LI (78 GSRWMWXW SJ ER ;MRHS[W    SV 28 GSQTEXMFPI GSQTYXIV ERH E )'9
'SQQYRMGEXMSR ,EVH[EVI /MX 01&.(-7  &SXL EVI EZEMPEFPI JVSQ ]SYV 0-)&,)66 Π%JXIV7EPIW7IVZMGI

(MKMXEP % WMKREP [LMGL GSRWMWXW SJ SRP] X[SZSPX PIZIPW ΠYWYEPP]  ZSPXW ERH  ZSPXW

)'8 )RKMRI 'SSPERX 8IQTIVEXYVI WIRWSV  1IEWYVIW XLI XIQTIVEXYVI SJ XLI IRKMRI GSSPERX 7II 1)%796-2+
8)14)6%896) PEXIV MR XLMW +VSYT JSV HIXEMPW

)'9 )RKMRI 'SRXVSP 9RMX 8LI GSQTYXIV [LMGL GSRXVSPW XLI JYIP EMV ERH MKRMXMSR W]WXIQW SR XLI IRKMRI 7II )2+-2)
'328630 92-8 )'9 PEXIV MR XLMW +VSYT JSV HIXEMPW

*1- *EMPYVI 1SHI -HIRXMJMIV 8LI WIGSRH TEVX SJ E X[STEVX GSHI XLEX MHIRXMJMIW GSRXVSP W]WXIQ XVSYFPI GSHIW EGGSVHMRK
XS XLI 7%) . WXERHEVH 8LI *1- MHIRXMJMIW XLI X]TI SJ JEMPYVI XLEX LEW SGGYVVIH 8LI JMVWX LEPJ SJ XLI GSHI MW
XLI 7YWTIGX 4EVEQIXIV 2YQFIV 742 

.. 8LI 7SGMIX] SJ %YXSQSXMZI )RKMRIIVW 7%) WXERHEVH JSV XLI IPIGXVSRMG GSQTSRIRXW SJ LIEZ] HYX] ZILMGPIW .
MW XLI WSJX[EVI WXERHEVH . MW XLI LEVH[EVI WXERHEVH

1%8 1ERMJSPH %MV 8IQTIVEXYVI WIRWSV  1IEWYVIW XLI XIQTIVEXYVI SJ XLI EMV MR XLI MRXEOI QERMJSPH 7II 1)%796-2+
8)14)6%896) PEXIV MR XLMW +VSYT JSV HIXEMPW

4(1 4EVEPPIP (EXE 1SHYPI (IZMGI YWIH EW TEVX SJ XLI (78 XLEX EPPS[W GSQQYRMGEXMSR [MXL XLI )'9

4631 4VSKVEQQEFPI 6IEH3RP] 1IQSV] 8LI GSQTYXIV GLMT [LMGL GSRXEMRW XLI GEPMFVEXMSR MRJSVQEXMSR JSV XLI IRKMRI
GSRXVSP W]WXIQ 7II )2+-2) '328630 92-8 )'9 PEXIV MR XLMW +VSYT JSV HIXEMPW

4;1 4YPWI ;MHXL 1SHYPEXMSR % HMKMXEP WMKREP RSX EREPSK [LMGL GSRWMWXW SJ E TYPWI KIRIVEXIH EX E JM\IH JVIUYIRG]
;LIR ER EGXYEXSV MW GSRXVSPPIH F] E 4;1 WMKREP XLI SR XMQI SJ XLI WMKREP MW MRGVIEWIH SV HIGVIEWIH QSHYPEXIH
XS MRGVIEWI SV HIGVIEWI XLI SYXTYX SJ XLI EGXYEXSV

6%1 6ERHSQ %GGIWW 1IQSV] 8LI TSVXMSR SJ GSQTYXIV QIQSV] [MXLMR XLI )'9 [LMGL GLERKIW EW XLI IRKMRI MW
VYRRMRK ERH MW WXSVIH [LMPI XLI IRKMRI MW SJJ 7II )2+-2) '328630 92-8 )'9 PEXIV MR XLMW +VSYT JSV HIXEMPW

7%) 7SGMIX] SJ %YXSQSXMZI )RKMRIIVW ;SVOMRK [MXL WSGMIX] XS TVSQSXI ZILMGPI WEJIX] ERH QEMRXIRERGI ERH IRIVK]
VIWSYVGI GSRWIVZEXMSR

7IRWSV (IZMGI YWIH F] XLI )'9 XS QSRMXSV ZEVMSYW IRKMRI TEVEQIXIVW

742 7YWTIGX 4EVEQIXIV 2YQFIV 8LI JMVWX LEPJ SJ E X[STEVX GSHI XLEX MHIRXMJMIW GSRXVSP W]WXIQ JEYPX GSHIW EGGSVHMRK
XS XLI 7%) . 7XERHEVH 8LI 742 MHIRXMJMIW XLI W]WXIQ SV GSQTSRIRX XLEX LEW XLI JEMPYVI 8LI WIGSRH LEPJ SJ
XLI GSHI MW XLI *EMPYVI 1SHI -HIRXMJMIV *1- 

:&%8 &EXXIV] ZSPXEKI SV YRW[MXGLIH ZSPXEKI

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

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



42!
 :7; 7[MXGLIH ZSPXEKI

01&6+ rr()'r

)PIGXVSRMG 'SRXVSP 7]WXIQ 3TIVEXMSR

)RKMRI 7XEVXMRK 1SHI
;LIR XLI OI] MW XYVRIH XS XLI l32z TSWMXMSR E
W[MXGLIH TS[IV ZSPXEKI MW WIRX XS XLI )PIGXVSRMG
'SRXVSP 9RMX )'9  8LMW IRIVKM^IW XLI )'9 ERH
EPPS[W MX XS lFSSXYTz ERH VIEH] MXWIPJ JSV IRKMRI WXEVX
%W WSSR EW XLI )'9 VIGIMZIW ER MRTYX JVSQ XLI
GVEROWLEJX TSWMXMSR WIRWSV XLEX XLI IRKMRI MW GVEROMRK
MX [MPP QSZI XLI TYQT GSRXVSP ZEPZI XS XLI lTVIWWYVIz
TSWMXMSR [LMGL [MPP EPPS[ MRNIGXMSR TVIWWYVI XS FI
HIZIPSTIH 8LI JYIP MW HIPMZIVIH XS EPP SJ XLI G]PMRHIVW
8S TVSZMHI GSPH XIQTIVEXYVI IRVMGLQIRX XLI EQSYRX SJ
JYIP MRNIGXIH MW FEWIH SR XLI XIQTIVEXYVI QIEWYVIH F]
XLI )RKMRI 'SSPERX 8IQTIVEXYVI )'8 WIRWSV %X XLMW
TSMRX XLI IRKMRI [MPP WXEVX ERH XLI )'9 [MPP KS MRXS XLI
VYRRMRK QSHI
)RKMRI 6YRRMRK 1SHI
-R XLI VYRRMRK QSHI XLI )'9 QSRMXSVW MRJSVQEXMSR
JVSQ XLI ZEVMSYW WIRWSVW XLIR HIXIVQMRIW XLI
STXMQYQ EQSYRX SJ JYIP XS MRNIGX ERH XLI STXMQYQ
MRNIGXMSR XMQMRK MR SVHIV XS EPPS[ XLI IRKMRI XS HIZIPST
LMKL TS[IV [LMPI QEMRXEMRMRK PS[ I\LEYWX IQMWWMSR
SYXTYX 8LI )'9 GSRXVSPW JYIP HIPMZIV] F] IRIVKM^MRK
ERH HIIRKIVKM^MRK XLI TYQT GSRXVSP ZEPZI WSPIRSMH
;LIR XLI )'9 IRIVKM^IW XLI WSPIRSMH XLI TYQT
GSRXVSP ZEPZI GPSWIW ERH MRNIGXMSR FIKMRW ;LIR XLI
GSVVIGX EQSYRX SJ JYIP LEW FIIR MRNIGXIH XLI )'9
HIIRIVKM^IW XLI WSPIRSMH GEYWMRK XLI TYQT GSRXVSP
ZEPZI XS STIR ERH JYIP MRNIGXMSR XS WXST

6+ rr()'r

1SRMXSVMRK )RKMRI 4EVEQIXIVW

-R SVHIV JSV XLI IPIGXVSRMG GSRXVSP W]WXIQ XS HIPMZIV JYIP

EGGSVHMRK XS E KMZIR WIX SJ STIVEXMRK GSRHMXMSRW XLI
JSPPS[MRK TEVEQIXIVW EVI QSRMXSVIH F] XLI )'9

› )RKMRI 'SSPERX 8IQTIVEXYVI )'8

› 0SWW SJ 'SSPERX 8IQTIVEXYVI
› 1ERMJSPH %MV 8IQTIVEXYVI 1%8
› 3MP 4VIWWYVI
› *YIP 8IQTIVEXYVI
› 8LVSXXPI 4SWMXMSR
› 'VEROWLEJX 4SWMXMSR 7IRWSV

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42!
 )PIGXVSRMG 'SRXVSP 7]WXIQ 3ZIVZMI[

%Œ3MP 4VIWWYVI 7IRWSV (Œ'VERO 4SWMXMSR 7IRWSV +Œ1ERMJSPH %MV 8IQTIVEXYVI ,Œ0SWW SJ 'SSPERX
&Œ4YQT 'SRXVSP 7SPIRSMH )Œ*YIP 8IQTIVEXYVI 7IRWSV 1%8 7IRWSV 8IQTIVEXYVI 7IRWSV
'Œ)RKMRI 'SRXVSP 9RMX )'9 *Œ)'8 7IRWSV

XS EGLMIZI XLMW XLI IRKMRI GSRXVSP W]WXIQ TIJSVQW XLI

JSPPS[MRK JYRXMSRW

8LI IPIGXVSRMG GSRXVSP W]WXIQ WIVZIW EW ER IRKMRI
KSZIVRSV F] GSRXVSPPMRK XLI TYQT GSRXVSP ZEPZI XLVSYKL
E WSPIRSMH WS XLEX JYIP MW HIPMZIVIH EGGSVHMRK XS E
KMZIR WIX SJ IRKMRI GSRHMXMSRW MR TVIGMWI EQSYRXW ERH
EX E TVIGMWI XMQI MR VIPEXMSR XS TMWXSR TSWMXMSR -R SVHIV
› 'SRWXERXP] QSRMXSVW IRKMRI STIVEXMRK GSRHMXMSRW
› (IPMZIV] ER STXMQYQ EQSYRX SJ JYIP JSV STIVEXMRK
GSRHMXMSRW
› 4VSZMHIW QYPXMTPI GSRXVSP QSHIW
› 4IVJSVQW WIPJHMEKRSWMW

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42!
 1IEWYVMRK 8IQTIVEXYVI

8LI )RKMRI 'SSPERX 8IQTIVEXYVI )'8 WIRWSV 0SWW SJ

'SSPERX 8IQTIVEXYVI WIRWSV 1ERMJSPH %MV 8IQTIVEXYVI
1%8 WIRWSV ERH *YIP 8IQTIVEXYVI WIRWSV EVI
XLIVQMWXSVW XIQTIVEXYVI WIRWMXMZI ZEVMEFPI VIWMWXSVW  8LI
WIRWSVW VIWMWXERGI KSIW HS[R EW XLI XIQTIVEXYVI XLEX MX
MW I\TSWIH XS KSIW YT RIKEXMZI XIQTIVEXYVI GSIJJMGMIRX 
,MKLIV XIQTIVEXYVIW VIWYPX MR PS[IV ZSPXEKIW ERH PS[IV
XIQTIVEXYVIW VIWYPX MR LMKLIV ZSPXEKIW 8LI )RKMRI 'SRXVSP
9RMX )'9 WIRHW  ZSPXW XS XLI WIRWSV QSRMXSVW XLI
ZSPXEKI HVST EGVSWW XLI WIRWSV ERH GSQTEVIW XLI ZSPXEKI
HVST XS TVITVSKVEQQIH ZEPYIW MR XLI )'9 W QIQSV] MR
SVHIV XS HIXIVQMRI XIQTIVEXYVI -R EHHMXMSR XS XIQTIVEXYVI
WIRWSVW WSQI ETTPMGEXMSRW YWI XIQTIVEXYVI W[MXGLIW
8LI PSWW SJ GSSPERX XIQTIVEXYVI W[MXGL MW ER I\EQTPI
8IQTIVEXYVI W[MXGLIW GPSWI [LIR E WTIGMJMG XIQTIVEXYVI
MW VIEGLIH

6+ rr()'r

)RKMRI 'SSPERX 8IQTIVEXYVI )'8 7IRWSV

3R QSWX ETTPMGEXMSRW XLI )RKMRI 'SSPERX 8IQTIVEXYVI

)'8 WIRWSV MW PSGEXIH MR XLI XLIVQSWXEX LSYWMRK %  3R
SXLIV ETTPMGEXMSRW MX QE] FI PSGEXIH EX XLI VIEV SJ XLI
G]PMRHIV LIEH

8LI )'9 QSRMXSVW GSSPERX XIQTIVEXYVI JSV

› )RKMRI TVSXIGXMSR TYVTSWIW *SV QSVI MRJSVQEXMSR SR

IRKMRI TVSXIGXMSR ERH HIVEXI TVSKVEQW WII )2+-2)
4638)'8-32 SV ()6%8) 463+6%17 PEXIV MR XLMW
+VSYT
› 7XEVXMRK JYIP UYERXMX] HIXIVQMREXMSR Œ 8LI )'9 [MPP
EHNYWX XLI EQSYRX SJ JYIP HIPMZIVIH HYVMRK WXEVXYT %Œ)'8 7IRWSV
FEWIH SR MRMXMEP )'8 VIEHMRKW
› -HPI WTIIH HIXIVQMREXMSR Œ -R SVHIV XS WTIIH IRKMRI
[EVQYT XLI )'9 [MPP MRGVIEWI MHPI WTIIH EJXIV WXEVXYT
MJ E PS[ GSSPERX XIQTIVEXYVI MW QIEWYVIH

'SRXMRYIH SR RI\X TEKI 6+ rr()'r

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



42!
 0SWW SJ 'SSPERX 8IQTIVEXYVI 7IRWSV

8LI 0SWW SJ 'SSPERX 8IQTIVEXYVI WIRWSV MW PSGEXIH MR XLI

VIEV SJ XLI G]PMRHIV LIEH % SR WSQI ETTPMGEXMSRW YWMRK
XLMW IRKMRI

8LI )'9 QSRMXSVW PSWW SJ GSSPERX XIQTIVEXYVI JSV IRKMRI

TVSXIGXMSR TYVTSWIW *SV QSVI MRJSVQEXMSR SR IRKMRI
TVSXIGXMSR ERH HIVEXI TVSKVEQW WII )2+-2)
4638)'8-32 SV ()6%8) 463+6%17 PEXIV MR XLMW
+VSYT

%Œ0SWW SJ 'SSPERX 8IQTIVEXYVI 7IRWSV

6+ rr()'r

1ERMJSPH %MV 8IQTIVEXYVI 1%8 7IRWSV

8LI 1ERMJSPH %MV 8IQTIVEXYVI 1%8 WIRWSV MW PSGEXIH MR

XLI GVSWW SZIV XYFI % SV MR XLI MRXEOI QERMJSPH 8LI 1%8
WIRWSV QIEWYVIW MRXEOI EMV XIQTIVEXYVI XS LIPT XLI )'9
GEPGYPEXI XLI GSVVIGX JYIPMRK ERH JSV GSPH WXEVXMRK 8LI
)'9 EPWS QSRMXSVW QERMJSPH EMV XIQTIVEXYVI JSV IRKMRI
TVSXIGXMSR TYVTSWIW *SV QSVI MRJSVQEXMSR SR IRKMRI
TVSXIGXMSR ERH HIVEXI TVSKVEQW WII )2+-2)
4638)'8-32 SV ()6%8) 463+6%17 PEXIV MR XLMW
+VSYT 8LMW WIRWSV MW STXMSREP ERH MW RSX MRGPYHIH SR EPP
ETTPMGEXMSRW

%Œ1%8 7IRWSV

'SRXMRYIH SR RI\X TEKI 6+ rr()'r

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



42!
 *YIP 8IQTIVEXYVI 7IRWSV

8LI JYIP XIQTIVEXYVI WIRWSV % MW PSGEXIH SR XST SJ XLI

MRNIGXMSR TYQT -X QIEWYVIW XLI XIQTIVEXYVI SJ XLI JYIP MR
XLI MRNIGXMSR TYQT XLEX MW KSMRK XLVSYKL XLI SZIVJPS[
ZEPZI 8LI XIQTIVEXYVI MW YWIH XS LIPT XLI )'9 XS
GEPGYPEXI XLI GSVVIGX EQSYRX SJ JYIPMRK V)2+-2)
4638)'8-32 SV ()6%8) 463+6%17 PEWXIV MR XLMW
+VSYT

%Œ*YIP 8IQTIVEXYVI 7IRWSV

6+ rr()'r

1IEWYVMRK 4VIWWYVI

8LI W]WXIQ W TVIWWYVI WIRWSVW EVI  [MVI ZEVMEFPI

VIWMWXSVW %W XLI TVIWWYVI GLERKIW WIRWSV VIWMWXERGI
GLERKIW 8LI )'9 WIRHW E  ZSPX VIJIVIRGI ZSPXEKI XS XLI
WIRWSV QSRMXSVW XLI ZSPXEKI VIXYVRMRK SR XLI WIRWSV
WMKREP [MVI ERH GSQTEVIW XLI ZSPXEKI HVST XS
TVITVSKVEQQIH ZEPYIW MR XLI )'9 W QIQSV] XS HIXIVQMRI
TVIWWYVI -R EHHMXMSR XS TVIWWYVI WIRWSVW WSQI
ETTPMGEXMSRW YWI TVIWWYVI W[MXGLIW 4VIWWYVI W[MXGLIW
GPSWI [LIR E WTIGMJMG TVIWWYVI MW VIEGLIH

'SRXMRYIH SR RI\X TEKI 6+ rr()'r

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



42!
 3MP 4VIWWYVI 7IRWSV

8LI SMP TVIWWYVI WIRWSV MW ER STXMSREP WIRWSV PSGEXIH MR

XLI QEMR IRKMRI KEPPI] %  8LI )'9 QSRMXSVW SMP
TVIWWYVI JSV IRKMRI TVSXIGXMSR TYVTSWIW *SV QSVI
MRJSVQEXMSR SR IRKMRI TVSXIGXMSR ERH HIVEXI TVSKVEQW
WII )2+-2) 4638)'8-32 SV ()6%8) 463+6%17
PEXIV MR XLMW +VSYT

%Œ3MP 4VIWWYVI 7IRWSV

6+ rr()'r

1IEWYVMRK 8LVSXXPI 4SWMXMSR

8LI ( (MIWIP IRKMRIW STIVEXW [MXL E EREPSK XLVSXXPI

TSWMXMSR WIRWSV SYXTYX WMKREP

%REPSK 8LVSXXPI

%R EREPSK XLVSXXPI WMKREP GSQIW JVSQ E TSXIRXMSQIXIVX]TI

WIRWSV 8LI )'9 GSRZIVXW XLI ZSPXEKI VIXYVRMRK JVSQ XLI
TSXIRXMSQIXIV MRXS E TIVGIRX SJ JYPP XLVSXXPI WMKREP

1YPXM7XEXI 8LVSXXPI

8LI QYPXMWXEXI XLVSXXPI MW YWIH [LIR E JI[ JM\IH IRKMRI

WTIIHW EVI HIWMVIH

01&6+ rr()'r

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



42!
 1IEWYVMRK )RKMRI 7TIIH

'VERO 4SWMXMSR 7IRWSV

8LI GVERO TSWMXMSR WIRWSV STIVEXIW F] HIXIGXMRK RSXGLIW

SR XLIMV VIWTIGXMZI XMQMRK [LIIPW ;LIR E RSXGL SR XLI
XMQMRK [LIIP MW HMVIGXP] YRHIV XLI WIRWSV E ZSPXEKI WMKREP
MW MRHYGIH 8LI )'9 QSRMXSVW XLMW ZSPXEKI WMKREP XS
HIXIVQMRI XLI TSWMXMSR SJ XLI XMQMRK [LIIP 8LI WIRWSV MW
PSGEXIH SR XLI JVSRX SJ XLI GVEROWLEJX FILMRH XLI
TVIWWIHSR GVERO KIEV

8LI GVERO TSWMXMSR WIRWSV % MW PSGEXIH SR XLI JVSRX SJ XLI

GVEROWLEJX -X MW ER MRHYGXMZI X]TI TMGOYT WIRWSV XLEX
HIXIGXW XIIXL SR XLI GVERO XMQMRK [LIIP 8LI )'9 YWIW %Œ'VERO 4SWMXMSR 7IRWSV
XLI GVERO TSWMXMSR MRTYX XS HIXIVQMRI IRKMRI WTIIH

6+ rr()'r

4YQT 7SPIRSMH

0SGEXIH SR XLI IRH SJ XLI MRNIGXMSR TYQT XLI TYQT

WSPIRSMH % GSRXVSPW XLI QSZIQIRX SJ XLI TYQT GSRXVSP
ZEPZI 8LMW GSRXVSPW XLI UYERXMX] SJ JYIP HIPMZIVIH XS XLI
IRKMRI ;LIR XLI )RKMRI 'SRXVSP 9RMX )'9 WYTTPMIW RS
GYVVIRX XS XLI WSPIRSMH XLI ZEPZI HSIW RSX QSZI 8LYW
XLI MRNIGXMSR TYQT HIPMZIVW RS JYIP ;LIR XLI )'9
WYTTPMIW GYVVIRX XS XLI WSPIRSMH XLI TYQT GSRXVSP ZEPZI
GPSWIW SJJ XLI LMKL MRNIGXMSR GLEQFIV 8LMW EPPS[W JYIP XS
FI HIPMZIVIH JVSQ XLI MRNIGXMSR TYQT 8LI UYERXMX] SJ JYIP %
MW HIXIVQMRIH F] ZEVMSYW WIRWSVW MR XLI GSRXVSP W]WXIQ
ERH QIWWEKIW WIRX XS XLI )'9
%Œ4YQT 7SPIRSMH 'SRRIGXSV

6+ rr.%2r

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



42!
 )RKMRI 'SRXVSP 9RMX )'9

% %

( (
)

+ +
, ,
. . .
/ /
)'9'SRRIGXSV

8LI )RKMRI 'SRXVSP 9RMX )'9 MW XLI lFVEMRWz SJ XLI
)PIGXVSRMG 'SRXVSP 7]WXIQ 8LI )'9 MW E
WIPJGSRXEMRIH YRMX GSRXEMRMRK IPIGXVSRMG GMVGYMXV] ERH
GSQTYXIV WSJX[EVI [LMGL XSKIXLIV TIVJSVQ XLI
JSPPS[MRK JYRGXMSRW 8LMW TSVXMSR SJ XLI )'9 GSRZIVXW XLI EREPSK ZSPXEKI
› 'SRZIVXW XLI IPIGXVMGEP WMKREPW JVSQ XLI ZEVMSYW
WIRWSVW MRXS HMKMXEP WMKREPW
› 1EOIW HIGMWMSRW SJ STXMQYQ JYIP UYERXMX] ERH XMQMRK
FEWIH SR MRJSVQEXMSR JVSQ ZEVMSYW WIRWSVW
› 0MQMXW QE\MQYQ JYIP JSV STIVEXMSR SR QYPXMTPI TS[IV
GYVZIW
› 'SRXVSPW TYQT GSRXVSP ZEPZI WSPIRSMH JSV HIWMVIH JYIP
HIPMZIV]
› 4VSZMHIW EPPWTIIH KSZIVRMRK
› 4IVJSVQW WIPJ HMEKRSWMW SR XLI GSRXVSP W]WXIQ
› 7XSVIW XVSYFPI GSHIW MR QIQSV]
8LI )'9 MW GSQTSWIH SJ XLI JSPPS[MRK WYFW]WXIQW
%REPSK(MKMXEP 'SRZIVXIVW
WMKREPW JVSQ XLI ZEVMSYW WIRWSVW MRXS HMKMXEP WMKREPW
XLEX XLI GIRXVEP TVSGIWWMRK YRMX GER lYRHIVWXERHz
'IRXVEP 4VSGIWWMRK 9RMX '49
8LI GIRXVEP TVSGIWWMRK YRMX TIVJSVQW XLI QEXLIQEXMGEP
GSQTYXEXMSRW ERH PSKMGEP JYRGXMSRW XLEX EVI RIGIWWEV]
MR GSRXVSPPMRK MRNIGXMSR JYIP UYERXMX] ERH MRNIGXMSR XMQMRK
8LI '49 GSRXVSPW XLI TYQT GSRXVSP WSPIRSMH JSV
HIWMVIH JYIP UYERXMX] ERH XMQMRK -X EPWS GSRXVSPW XLI
WIPJ HMEKRSWXMG W]WXIQ

'SRXMRYIH SR RI\X TEKI 6+ rr()'r

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



42!
 1IQSV]
8LI )'9 GSRXEMRW  HMJJIVIRX X]TIW SJ QIQSV] 631 MRJSVQEXMSR MW VIXEMRIH [LIR FEXXIV] ZSPXEKI MW
Π6ERHSQ %GGIWW 1IQSV]  6%1
8LI 6%1 MW PMOI XLI [SVOMRK HIWO XST SJ XLI )'9
(EXE JVSQ XLI ZEVMSYW WIRWSVW ERH XLI VIWYPXW SJ
ZEVMSYW GEPGYPEXMSRW EVI XIQTSVEVMP] WXSVIH MR 6%1
-RJSVQEXMSR MR 6%1 MW PSWX [LIR FEXXIV] ZSPXEKI XS XLI
)'9 MW VIQSZIH
Π6IEH 3RP] 1IQSV]  631
8LI 631 GSRXEMRW TVSKVEQQIH MRJSVQEXMSR
-RJSVQEXMSR MR 631 GER SRP] FI VIEH RSX GLERKIH
VIQSZIH
Π)PIGXVMGEP )VEWEFPI 4VSKVEQQEFPI 6IEH 3RP]
1IQSV]  ))4631
8LI ))4631 GSRXEMRW MRJSVQEXMSR TVSKVEQQIH MR EX
XLI JEGXSV] MRGPYHMRK IRKMRI WTIGMJMG HEXE ERH
ETTPMGEXMSR HEXE -RJSVQEXMSR MR XLI ))4631 MW
VIXEMRIH [LIR FEXXIV] ZSPXEKI MW VIQSZIH

6+ rr()'r

'SRXVSPPIV %VIE 2IX[SVO '%2

'SRXVSPPIV %VIE 2IX[SVO '%2 MW YWIH XS EPPS[

GSQQYRMGEXMSR FIX[IIR SXLIV GSRXVSPPIVW SR XLI IRKMRI SV
ZILMGPI ERH JSV GSRRIGXMRK XS HMEKRSWXMG WSJX[EVI %PP SJ
XLI GSRXVSPPIVW XLEX EVI VIUYMVIH XS GSQQYRMGEXI SZIV '%2
EVI GSRRIGXIH XSKIXLIV YWMRK [MVIW JSVQMRK E FYW .
MW ER 7%) WXERHEVH XLEX YXMPM^IW '%2

.YWX EFSYX ER] X]TI SJ MRJSVQEXMSR GER FI GSQQYRMGEXIH

SZIV XLI '%2 &YW 8LMW MRJSVQEXMSR MRGPYHIW TEVX
RYQFIVW WIVMEP RYQFIVW IRKMRI WTIIH JER WTIIH IXG
8LI IRKMRI EPWS YWIW '%2 XS XEPO XS SXLIV ZILMGPI
GSRXVSPPIVW (ITIRHMRK SR XLI ETTPMGEXMSR MRJSVQEXMSR PMOI
XLVSXXPI TSWMXMSR ETTPMGEXMSR VIUYIWXIH HIVEXIW ERH SV
IRKMRI TVSXIGXMSR HMWTPE]MRK HMEKRSWXMG JEYPX GSHIW SR
ZILMGPI HMWTPE]W IXG '%2 EPWS EPPS[W HMEKRSWXMG WSJX[EVI
PMOI XLI (MEKRSWXMG 7GER 8SSP (78 XS GSQQYRMGEXI [MXL
SYV IRKMRI GSRXVSPPIV %PP SJ XLI MRJSVQEXMSR ZMI[IH XLVSYKL
XLI WSJX[EVI MW XVERWJIVVIH ZME XLI '%2 &YW

01&6+% rr()'r

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



42!
 'VYMWI 'SRXVSP 3TIVEXMSR
8LI )'9 MW EZEMPEFPI [MXL ERH [MXLSYX XLI GVYMWI
GSRXVSP JYRGXMSR -X MW ER SJJVSEH GVYMWI GSRXVSP XLEX
QEMRXEMRW GSRWXERX IRKMRI WTIIH YRHIV ZEV]MRK PSEH
GSRHMXMSRW 8LMW JYRGXMSR MW IWTIGMEPP] MRXIRHIH JSV JMIPH
ETTPMGEXMSRW [LIVI ER STIVEXSV JEGIW XLI RIIH XS XYVR
XLI ZILMGPI EVSYRH EX XLI IRH SJ IEGL VS[ 8LMW GVYMWI
GSRXVSP EPPS[W XLI HVMZIV XS YWI XLI XLVSXXPI ERHSV
FVEOI XS XYVR XLI ZILMGPI EVSYRH ;LIR VIEH] XS
VIWYQI JMIPH STIVEXMSRW XLI STIVEXSV FVMRKW XLI IRKMRI
WTIIH EFSZI  VTQ ERH EGXMZEXIW XLI
'ERGIP6IWYQI JYRGXMSR EKEMR XS VIWYQI GVYMWI
WTIIH %R MRXIVREP XMQIV KMZIW XLI STIVEXSV SRI QMRYXI
XS GSQTPIXI XLI XYVREVSYRH QERIYZIV
8LI GVYMWI GSRXVSP LEW XLI RSVQEP JYRGXMSRW SJ
-RXEOI %MV ,IEXIV 3TIVEXMSR
%R STXMSREP JYRGXMSR RSX MRGPYHIH MR EPP )'9W XLI
MRXEOI EMV LIEXIV MW YWIH XS MRGVIEWI MRXEOI QERMJSPH EMV
XIQTIVEXYVI XS MQTVSZI GSPH WXEVXMRK ;LIR XLI
STIVEXSV XYVRW XLI OI] JVSQ l3**z XS l32z XLI )'9
YWIW XLI JYIP XIQTIVEXYVI WIRWSV XS HIXIVQMRI IRKMRI
XIQTIVEXYVI ERH EQFMIRX EMV XIQTIVEXYVI XYVRW SR XLI
l%MV ,IEXIV -RHMGEXSVz PMKLX SR XLI HEWL ERH IRIVKM^IW
XLI EMV LIEXIV VIPE]
8LI EMV LIEXIV VIPE] [MPP MR XYVR IRIVKM^I XLI EMV LIEXIV
GSMPW PSGEXIH MR XLI MRXEOI QERMJSPH 8LI )'9 [MPP OIIT
XLI EMV LIEXIV VIPE] IRIVKM^IH JSV ER EQSYRX SJ XMQI
XLEX MW HIXIVQMRIH F] XLI QIEWYVIH XIQTIVEXYVIW
;LIR XLI )'9 LEW HIXIVQMRIH XLEX XLI TVILIEX XMQI MW
8,C(C)2 3'8 
› 'VYMWI GSRXVSP TS[IV l32z SV l3**z
› l7IXz SV l&YQT 9Tz IRKMRI WTIIH
› l6IWYQIz SV l&YQT (S[Rz IRKMRI WTIIH
› :ILMGPI FVEOI SV GPYXGL TIHEP XS HMWIRKEKI GVYMWI
GSRXVSP
3R  ZSPX )'9W XLI IRKMRI WTIIH GER FI WIX JVSQ
X[S HMJJIVIRX PSGEXMSRW 8LI TVMQEV] PSGEXMSR [SYPH
RSVQEPP] FI MR XLI GEF SJ XLI ZILMGPI ERH MW YWIH XS WIX
E GSRWXERX IRKMRI WTIIH [LMPI XLI ZILMGPI MW FIMRK
HVMZIR 8LI WIGSRHEV] GVYMWI GSRXVSP MW RSVQEPP] YWIH
MR E PSGEXMSR XLEX TVSZMHIW 483 WTIIH GSRXVSP ERH MW
YWIH [MXL XLI IRKMRI MR lRIYXVEPz SV SYX SJ KIEV &SXL
PSGEXMSRW LEZI XLI RSVQEP GVYMWI GSRXVSP JYRGXMSRW
6+& rr()'r
EHIUYEXI MX [MPP XYVR SJJ XLI l%MV ,IEXIV -RHMGEXSVz PMKLX
ERH HIIRIVKM^I XLI EMV LIEXIV VIPE] -J XLI STIVEXSV
XYVRW XLI MKRMXMSR JVSQ l32z XS l78%68z EX XLMW XMQI
XLI IRKMRI [MPP GVERO ERH WXEVX
-J XLI STIVEXSV XYVRW XLI OI] JVSQ l78%68z XS l32z
[MXLSYX [EMXMRK JSV XLI l%MV ,IEXIV -RHMGEXSVz PMKLX XS
XYVR SJJ XLI )'9 [MPP HIIRIVKM^I XLI EMV LIEXIV VIPE]
ERH E OI]SJJOI]SR G]GPI MW VIUYMVIH FIJSVI
TVILIEXMRK MW EPPS[IH EKEMR
%R]XMQI XLI IRKMRI GVEROW FYX HSIW RSX WXEVX E
OI]SJJOI]SR G]GPI [MPP FI VIUYMVIH FIJSVI TVILIEXMRK
MW EPPS[IH EKEMR
6+' rr()'r
0-)&,)66Œ(r(MIWIP )RKMRIW

42!
 )RKMRI 4VSXIGXMSR
)RKMRI TVSXIGXMSR MW RIGIWWEV] XS TVIZIRX HEQEKI XS
ER IRKMRI 8LIVI EVI XLVII HMJJIVIRX IRKMRI TVSXIGXMSR
TVSKVEQW EZEMPEFPI MR )RKMRI 'SRXVSP 9RMXW )'9W  WIGSRHW -J XLI TVSFPIQ MW GSVVIGXIH [MXLMR XLI 
› 2S 4VSXIGXMSR Œ 8LI )'9 HSIW RSX LEZI XLI
WSJX[EVI XS HIVEXI SV WLYX XLI IRKMRI HS[R -X MW XLI
VIWTSRWMFMPMX] SJ XLI STIVEXSV XS VIEGX XS [EVRMRK
PMKLX W SR XLIMV ETTPMGEXMSR (IVEXMRK SV WLYXXMRK XLI
IRKMRI HS[R QE] FI RIGIWWEV] HITIRHMRK SR XLI
(MEKRSWXMG 8VSYFPI 'SHI (8' XLEX MW WIX 6IJIV XS
XLI STIVEXSV W QERYEP XS MHIRXMJ] XLMW MRJSVQEXMSR JSV
E KMZIR ETTPMGEXMSR
› )RKMRI 4VSXIGXMSR ;-8,398 7LYXHS[R Œ 8LI
)'9 LEW XLI GETEFMPMX] XS HIVEXI ER IRKMRI -X MW XLI
VIWTSRWMFMPMX] SJ XLI STIVEXSV XS VIEGX XS [EVRMRK
PMKLX W SR XLIMV ETTPMGEXMSR XS MHIRXMJ] MJ MX MW
RIGIWWEV] XS WLYX XLI IRKMRI HS[R 6IJIV XS XLI
STIVEXSV W QERYEP XS VIXVMIZI XLMW MRJSVQEXMSR JSV E
KMZIR ETTPMGEXMSR
› )RKMRI 4VSXIGXMSR [MXL 7LYXHS[RŒ 8LI )'9 [MPP
HIVEXI XLI IRKMRI JSV KMZIR (8'W -J E (8' XLEX
(IVEXI 4VSKVEQW
8LI )PIGXVSRMG 'SRXVSP 9RMX )'9 [MPP HIVEXI XLI
EQSYRX SJ JYIP XLEX MW HIPMZIVIH XS XLI IRKMRI [LIR
WIRWSV MRTYXW I\GIIH RSVQEP STIVEXMRK VERKIW %
(MEKRSWXMG 8VSYFPI 'SHI (8' EP[E]W EGGSQTERMIW E
8,C(C)2 3'8 
VIUYMVIW WLYXHS[R MW WIX XLI )'9 [MPP WIZIVIP]
HIVEXI XLI IRKMRI ERH WLYX XLI IRKMRI HS[R MR 
WIGSRH HIPE] TIVMSH XLI TS[IV [MPP MRGVIEWI EX E
TEVXMGYPEV VEXI YRXMP JYPP TS[IV MW VIEGLIH
7LYXHS[R 3ZIVVMHI *IEXYVI
8LI IRKMRI TVSXIGXMSR WLYXHS[RW GER FI SZIVVMHHIR
JSV  WIGSRHW EX E XMQI 8LMW GER FI YWIH XS QSZI E
ZILMGPI XS E WEJI PSGEXMSR )EGL XMQI XLI W[MXGL MW
TYWLIH XLI WLYXHS[R XMQIV MW VIWIX XS  WIGSRHW
ERH XLI IRKMRI [MPP VYR MR E HIVEXIH TS[IV QSHI 7II
%440-'%8-32 74)'-*-'%8-327 MR 7IGXMSR 
+VSYT  SJ XLMW QERYEP JSV IRKMRI TVSXIGXMSR
JIEXYVIW SR HMJJIVIRX WIRWSVW SR ]SYV ETTPMGEXMSR
6+( rr()'r
JYIP HIVEXI 7II %440-'%8-32 74)'-*-'%8-327 MR
7IGXMSR  +VSYT  SJ XLMW QERYEP JSV WIRWSV
HIVEXI WTIGMJMGEXMSRW SR ]SYV ETTPMGEXMSR
6+* rr()'r
0-)&,)66Œ(r(MIWIP )RKMRIW

42!
 1YPXMTPI 8SVUYI 'YVZI 7IPIGXMSR

8LI )'9 LEW XLI EFMPMX] XS PMQMX XLI QE\MQYQ JYIP UYERXMX]
WYGL XLEX QYPXMTPI XSVUYI GYVZIW GER FI MRHMZMHYEPP]
WIPIGXIH [LMPI XLI IRKMRI MW VYRRMRK 8LI WIPIGXMSR SJ
QYPXMTPI XSVUYI GYVZIW MW HIXIVQMRIH F] IMXLIV W[MXGL
MRTYXW MRXS XLI )'9 W XSVUYI GYVZI WIPIGX XIVQMREP SV F]
QIWWEKIW JVSQ SXLIV GSRXVSPPIVW SR XLI QEGLMRI W
'SRXVSPPIV %VIE 2IX[SVO '%2  -R QSWX ETTPMGEXMSRW SRI
XSVUYI GYVZI MW YWIH JSV lRSVQEPz STIVEXMSR 7IZIVEP SXLIV
HIVEXIH XSVUYI GYVZIW [MPP FI YWIH XS TVSXIGX ZILMGPI
E\PIW LMXGLIW ERH XVERWQMWWMSRW IXG YRHIV GIVXEMR
STIVEXMRK GSRHMXMSRW

*SV I\EQTPI E QEGLMRI GER GLSSWI QYPXMTPI XSVUYI

GYVZIW YWMRK WMQTPI W[MXGLMRK EVVERKIQIRX % WMQTPI
SRSJJ XSKKPI W[MXGL ERH VIWMWXSV GER FI YWIH XS W[MXGL
FIX[IIR XSVUYI GYVZI  QE\MQYQ TS[IV  ERH ER] SJ XLI
SXLIV XSVUYI GYVZIW ;LIR XLI W[MXGL MW STIR XLI )'9
[MPP GSQQERH XSVUYI GYVZI  ;LIR XLI W[MXGL MW GPSWIH
XLI )'9 [MPP GSQQERH SRI SJ XLI SXLIV GYVZIW HITIRHMRK
SR XLI VIWMWXERGI MR XLI PMRI 7II %440-'%8-32
74)'-*-'%8-327 MR 7IGXMSR  +VSYT  SJ XLMW
QERYEP ERH VIJIV XS XLI GSVVIWTSRHMRK XSVUYI GYVZI
WIPIGXMSR JSV ]SYV ETTPMGEXMSR

6+) rr()'r

+SZIVRSV (VSST 1SHI 7IPIGXMSR

8LI IPIGXVSRMG GSRXVSP W]WXIQ TVSZMHIW EPPWTIIH
KSZIVRMRK 8LI )RKMRI 'SRXVSP 9RMX )'9 GSRXVSPW XLI
IRKMRI WTIIH FEWIH SR XLI EREPSK XLVSXXPI MRTYX
8LI )'9 EPWS LEW XLI EFMPMX] XS TVSZMHI RSVQEP ERH
MWSGLVSRSYW  HVSST 8LI RSVQEP HVSST KMZIW E
HVST MR IRKMRI WTIIH [MXL ER MRGVIEWI MR PSEH SV ER
MRGVIEWI MR IRKMRI WTIIH [MXL E HIGVIEWI MR PSEH
;LIR MR MWSGLVSRSYW XLI HVSST MW WIX EX   ERH
XLIVI MW E RS GLERKI MR IRKMRI WTIIH [MXL GLERKMRK
PSEHW YRXMP IRKMRI W XSVUYI PMQMX MW VIEGLIH 8LI JEGXSV]
PS[ MHPI WTIIH MW EP[E]W WIX JSV MWSGLVSRSYW KSZIVRMRK
(VSST WIPIGXMSR GER FI HIXIVQMRIH F] IRKMRI WTIIH
PSEH ERH GVYMWI GSRXVSP HITIRHMRK SR XLI ETTPMGEXMSR
7II %440-'%8-32 74)'-*-'%8-327 MR 7IGXMSR 
+VSYT  SJ XLMW QERYEP ERH VIJIV XS XLI
GSVVIWTSRHMRK KSZIVRSV HVSST QSHI JSV ]SYV
ETTPMGEXMSR

6+ rr()'r

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



42!
 )RKMRI 'SRXVSP 9RMX )'9 7IPJ(MEKRSWMW
8LI )RKMRI 'SRXVSP 9RMX )'9 LEW XLI EFMPMX] XS HIXIGX
TVSFPIQW MRXIVREPP] ERH MR XLI IPIGXVSRMG GSRXVSP
W]WXIQ 8LMW MRGPYHIW HIXIVQMRMRK MJ ER] WIRWSV MRTYX
ZSPXEKIW EVI XSS LMKL SV XSS PS[ -J XLI )'9 HIXIGXW E
TVSFPIQ [MXL XLI IPIGXVSRMG GSRXVSP W]WXIQ E
(MEKRSWXMG 8VSYFPI 'SHI (8' WTIGMJMG XS XLI JEMPIH
W]WXIQ [MPP FI WXSVIH MR XLI )'9 W QIQSV]
8LIVI EVI X[S X]TIW SJ (8'W XIQTIVEXYVI MRTYX ZSPXEKI LMKL 8S JMRH SYX XLI IUY
› %GXMZI
› 7XSVIH
%GXMZI (8'W MRHMGEXI XLEX XLI JEMPYVI MW SGGYVVMRK
8LIWI X]TI SJ JEMPYVIW EVI WSQIXMQIW GEPPIH lLEVHz
JEMPYVIW
7XSVIH (8'W MRHMGEXI XLEX E JEMPYVI LEW SGGYVVIH MR XLI
TEWX FYX MW RSX GYVVIRXP] SGGYVVMRK 8LMW X]TI SJ (8'
GER FI GEYWIH F] ER lMRXIVQMXXIRXz JEMPYVI 8LIWI GSYPH
FI TVSFPIQW WYGL EW E FEH GSRRIGXMSR SV E [MVI
MRXIVQMXXIRXP] WLSVXMRK XS KVSYRH
8LIVI EVI WIZIVEP HMJJIVIRX QIXLSHW JSV HMWTPE]MRK FSXL
WXSVIH ERH EGXMZI (8'W JVSQ XLI )'9
8LIVI EVI WIZIVEP HMJJIVIRX QIXLSHW SJ HMWTPE]MRK FSXL
WXSVIH ERH EGXMZI (8'W JVSQ XLI )'9
742*1- '3()7
742*1- GSHIW EVI [VMXXIR JVSQ XLI 7%) . MX MW RIGIWWEV] XS GSRZIVX XLMW JSVQEX SJ GSHI MRXS ER
WXERHEVH EW E X[S TEVX GSHI 8LI JMVWX TEVX MW GEPPIH XLI
7YWTIGX 4EVEQIXIV 2YQFIV 742  8]TMGEPP] MX
GSRXEMRW FIX[IIR  ERH  HMKMXW 8LI 742 MHIRXMJMIW
XLI W]WXIQ SV XLI GSQTSRIRX XLEX LEW XLI JEMPYVI JSV
8,C(C)2 3'8 
I\EQTPI 742  MRHMGEXIW E JEMPYVI MR XLI IRKMRI
GSSPERX XIQTIVEXYVI GMVGYMX 8LI WIGSRH TEVX SJ XLI
GSHI MW GEPPIH XLI *EMPYVI 1SHI -HIRXMJMIV *1- GSHI
8LI *1- GSRXEMRW  HMKMXW 8LI *1- MHIRXMJMIW XLI X]TI
SJ JEMPYVI XLEX LEW SGGYVVIH JSV I\EQTPI *1- 
MRHMGEXIW ZEPYI EFSZI RSVQEP -R SVHIV XS HIXIVQMRI
XLI I\EGX JEMPYVI FSXL XLI 742 ERH *1- EVI VIUYMVIH
'SQFMRMRK 742  [MXL *1-  ]MIPHW IRKMRI GSSPERX
3R EPP ETTPMGEXMSRW [MXL XLI )RKMRI 'SRXVSP 9RMX )'9 
XLI )'9 XVERWQMXW 742*1- GSHIW SZIV XLI 'SRXVSPPIV
%VIE 2IX[SVO '%2  8LMW EPPS[W JSV WIVZMGI XSSPW WYGL
EW XLI (78 ERH XLI (MEKRSWXMG +EYKI XS HMWTPE] EGXMZI
ERH WXSVIH (8'W -R 8,C( XLI HMEKRSWXMG
TVSGIHYVIW EVI XMXPIH F] 742*1- GSHIW
(-+-8 '3()7
7SQI ETTPMGEXMSRW HS RSX HMWTPE] IRKMRI GSHIW EW ER
742*1- -R QSWX SJ XLIWI GEWIW XLI GSHI MW
HMWTPE]IH EW E HMKMX GSHI %R I\EQTPI SJ E HMKMX
GSHI MW  JSV IRKMRI GSSPERX XIQTIVEXYVI MRTYX
ZSPXEKI LMKL -J YWIH SR ER ETTPMGEXMSR [MXL QYPXMTPI
GSRXVSPPIVW )'9 QE] FI HMWTPE]IH MR JVSRX SJ XLI
RYQFIVW WYGL EW )'9  % HMKMX GSHI QE] FI
WIIR SR XLI SRFSEVH HMWTPE] SV [LIR XLI GSHI MW
FPMROIH JSV ZEVMSYW VIEWSRW -R XLMW QERYEP MX [MPP FI
RIGIWWEV] XS GSRZIVX XLIWI GSHIW XS XLI 742*1-
GSHI MR SVHIV XS JSPPS[ XLI GSVVIGX HMEKRSWXMG
TVSGIHYVI 7II 0-78-2+ 3* (-%+2378-' 8639&0)
'3()7 (8'7 32 )'9 MR +VSYT  SJ XLMW QERYEP
38,)6 '3()7
-J GSHIW EVI RSX HMWTPE]IH EW 742*1- SV EW HMKMX
GSHIW XLIVI QE] FI ERSXLIV JSVQEX XLEX XLI
ETTPMGEXMSR MW YWMRK *SV I\EQTPI SR WSQI
ETTPMGEXMSRW XLI GSHI * MW HMWTPE]IH JSV IRKMRI
GSSPERX XIQTIVEXYVI MRTYX ZSPXEKI LMKL -R XLMW QERYEP
742*1- GSHI XS IRWYVI XLEX XLI GSVVIGX HMEKRSWXMG
TVSGIHYVI MW JSPPS[IH 7II 0-78-2+ 3* (-%+2378-'
8639&0) '3()7 (8'7 32 )'9
'SRXMRYIH SR RI\X TEKI 01&6+6+ rr7)4r
0-)&,)66Œ(r(MIWIP )RKMRIW

42!
 ;%62-2+ 0%14
3R WSQI ETTPMGEXMSRW XLIVI MW E [EVRMRK PEQT XLEX MW
YWIH [LIR E GSHI FIGSQIW EGXMZI 8]TMGEPP] E WSPMH
PMKLX MRHMGEXIW XLEX XLI )'9 MW XEOMRK I\XVIQI
QIEWYVIW XS TVSXIGX XLI IRKMRI ERH E FPMROMRK PMKLX
MRHMGEXIW XLEX XLI )'9 LEW HIXIGXIH E JEYPX ERH IRKMRI
TIVJSVQERGI QE] FI EJJIGXIH 6IJIV XS 3TIVEXSV W
1ERYEP JSV E KMZIR ETTPMGEXMSR JSV QSVI HIXEMPIH
MRJSVQEXMSR
8,C(C)2 3'8 
'0)%6-2+ 7836)( (8'7
7XSVIH (8'W GER FI GPIEVIH XLVSYKL XLI (MEKRSWXMG
7GER 8SSP (78  6IJIV XS XLI ZILMGPI QEGLMRI QERYEP
SV WII '0)%6-2+ 7836)( (8'7 32 (-%+2378-'
+%9+) MR +VSYT  PEXIV MR XLMW QERYEP XS HIXIVQMRI
LS[ XS GPIEV XLI GSHI VIEHIV
01&6+6+ rr7)4r
0-)&,)66Œ(r(MIWIP )RKMRIW

42!
 7IGXMSR 
(MEKRSWXMGW
'SRXIRXW

4EKI 4EKI

+VSYT Œ3FWIVZEFPI (MEKRSWXMGW ERH 8IWXW )'9  %  -RXEOI %MV ,IEXIV 'LIGO 
%FSYX 8LMW +VSYT SJ XLI 1ERYEP            'SRXMRYIH                         
)'9  )  )RKMRI 'VEROW;SR X 7XEVX       )'9  %  -RXEOI %MV ,IEXIV 'LIGO
)'9  )  )RKMRI 'VEROW;SR X 7XEVX (MEKRSWXMG 4VSGIHYVI                
(MEKRSWXMG 4VSGIHYVI                  'LIGO *YIP 7YTTP] 5YEPMX]              
)'9  )  )RKMRI 1MWJMVIW6YRW 8IWX JSV *YIP (VEMR &EGO                
-VVIKYPEVP]                           8IWX JSV %MV MR *YIP                    
)'9  )  )RKMRI 1MWJMVIW6YRW -VVIKYPEVP] 'LIGO *YIP 7YTTP] 4VIWWYVI             
(MEKRSWXMG 4VSGIHYVI                  &IRGL 8IWX *YIP 7YTTP] 4YQT           
)'9  )  )RKMRI (SIW 2SX (IZIPST *YPP &PIIH XLI *YIP 7]WXIQ                 
4S[IV                             8IWX JSV ']PMRHIV 1MWJMVI )RKMRI
)'9  )  )RKMRI (SIW 2SX (IZIPST *YPP 6YRRMRK                          
4S[IV (MEKRSWXMG 4VSGIHYVI           
)'9  )  )RKMRI )QMXW )\GIWWMZI ;LMXI +VSYT Œ8VSYFPI 'SHI (MEKRSWXMGW ERH 8IWXW
)\LEYWX 7QSOI                      %FSYX XLMW +VSYT SJ XLI 1ERYEP           
)'9  )  )RKMRI )QMXW )\GIWWMZI ;LMXI )PIGXVMGEP 'SRGITXW                     
)\LEYWX 7QSOI (MEKRSWXMG 4VSGIHYVI     9WMRK E (MKMXEP 1YPXMQIXIV                
)'9  )  )RKMRI )QMXW )\GIWWMZI &PEGO 3V )PIGXVMGEP 'MVGYMX 1EPJYRGXMSRW             
+VE] 7QSOI                        8VSYFPIWLSSXMRK 'MVGYMX 1EPJYRGXMSRW        
)'9  )  )RKMRI )QMXW )\GIWWMZI &PEGO )RKMRI 'SRJMKYVEXMSR (EXE 4EVEQIXIVW SR
3V +VE] 7QSOI (MEKRSWXMG 4VSGIHYVI     (MEKRSWXMG +EYKI -(2S     
)'9  )  )RKMRI ;MPP 2SX 'VERO         :MI[MRK %GXMZI (8'W SR (MEKRSWXMG +EYKI
)'9  )  )RKMRI -HPIW 4SSVP]            -(2S                   
)'9  )  %FRSVQEP )RKMRI 2SMWI        :MI[MRK 7XSVIH (8'W SR (MEKRSWXMG +EYKI
)'9  )  %REPSK 8LVSXXPI & (SIW 2SX -(2S                   
6IWTSRH                           'PIEVMRK 7XSVIH (8'W SR (MEKRSWXMG +EYKI
                                  -(2S                   
)'9  *  *YIP 7YTTP] 7]WXIQ 'LIGO 'SRRIGXMRK XS (MEKRSWXMG 7GER 8SSP
(MEKRSWXMG 4VSGIHYVI                 (78                             
)'9  *  )\GIWWMZI *YIP 'SRWYQTXMSR    &PMROMRK (8'W                        
)'9  *  *YIP MR 3MP                   (EXE 4EVEQIXIV (IWGVMTXMSR             
)'9  *  *YIP -RNIGXMSR 2S^^PI 'LIGO     (MEKRSWXMG 8VSYFPI 'SHIW (8'W         
)'9  (  )'9 (SIW 2SX 'SQQYRMGEXI 0MWXMRK SJ (MEKRSWXMG 8VSYFPI 'SHIW (8'W
;MXL (78                          SR )'9                           
)'9  (  )'9 (SIW 2SX 'SQQYRMGEXI (MEKRSWXMG 4VSGIHYVI                  
;MXL (78  'SRXMRYIH                 -RXIVQMXXIRX *EYPX (MEKRSWXMGW            
)'9  (  )'9 (SIW 2SX 'SQQYRMGEXI 0MWXMRK SJ 8LVSXXPI 'SHIW                
[MXL (78 (MEKRSWXMG 4VSGIHYVI          )'9  8  1YPXMWXEXI 8LVSXXPI -RTYX ,MKL   
)'9  (  (MEKRSWXMG +EYKI (SIW 2SX                                  
'SQQYRMGEXI ;MXL )'9               )'9  8  1YPXM7XEXI 8LVSXXPI -RTYX ,MKL
                                  (MEKRSWXMG 4VSGIHYVI                
)'9  (  (MEKRSWXMG +EYKI (SIW 2SX )'9  8  1YPXMWXEXI 8LVSXXPI -RTYX 0S[   
'SQQYRMGEXI ;MXL )'9 (MEKRSWXMG                                  
4VSGIHYVI                         
)'9  %  -RXEOI %MV ,IEXIV 'LIGO        'SRXMRYIH SR RI\X TEKI

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



42!
 4EKI 4EKI

)'9  8  1YPXM7XEXI 8LVSXXPI -RTYX 0S[                                  

(MEKRSWXMG 4VSGIHYVI                 )'9  (8' 742  *1-  1ERMJSPH %MV
)'9  8  %REPSK 8LVSXXPI % -RTYX ,MKL   8IQTIVEXYVI 1SHIVEXIP] ,MKL (MEKRSWXMG
                                  4VSGIHYVI                         
)'9  8  %REPSK 8LVSXXPI % -RTYX ,MKL )'9  (8' 742  *1-  )RKMRI
(MEKRSWXMG 4VSGIHYVI                 'SSPERX 8IQTIVEXYVI ,MKL 1SWX
)'9  8  %REPSK 8LVSXXPI % -RTYX 0S[    7IZIVI                            
                                                                   
)'9  8  %REPSK 8LVSXXPI % -RTYX 0S[ )'9  (8' 742  *1-  )RKMRI 'SSPERX
(MEKRSWXMG 4VSGIHYVI                 8IQTIVEXYVI ,MKL 1SWX 7IZIVI (MEKRSWXMG
)'9  8  %REPSK 8LVSXXPI & -RTYX ,MKL  
4VSGIHYVI                         
                                 
)'9  (8' 742  *1-  )RKMRI
)'9  8  %REPSK 8LVSXXPI & -RTYX ,MKL
'SSPERX 8IQTIVEXYVI -RTYX :SPXEKI
(MEKRSWXMG 4VSGIHYVI                
,MKL                             
)'9  (8' 742    *1-        
                                 
)'9  (8' 742  *1-  )RKMRI 3MP
4VIWWYVI )\XVIQIP] 0S[               )'9  (8' 742  *1-  )RKMRI 'SSPERX
                                  8IQTIVEXYVI -RTYX :SPXEKI ,MKL (MEKRSWXMG
)'9  (8' 742  *1-  )RKMRI 3MP 4VSGIHYVI                         
4VIWWYVI )\XVIQIP] 0S[ (MEKRSWXMG )'9  (8' 742  *1-  )RKMRI
4VSGIHYVI                          'SSPERX 8IQTIVEXYVI -RTYX :SPXEKI
)'9  (8' 742  *1-  )RKMRI 3MP 0S[                              
4VIWWYVI -RTYX :SPXEKI ,MKL                                             
                                  )'9  (8' 742  *1-  )RKMRI 'SSPERX
)'9  (8' 742  *1-  )RKMRI 3MP 8IQTIVEXYVI -RTYX :SPXEKI 0S[ (MEKRSWXMG
4VIWWYVI -RTYX :SPXEKI ,MKL (MEKRSWXMG 4VSGIHYVI                         
4VSGIHYVI                          )'9  (8' 742  *1-  )RKMRI
)'9  (8' 742  *1-  )RKMRI 3MP 'SSPERX 8IQTIVEXYVI ,MKL 0IEWX
4VIWWYVI -RTYX :SPXEKI 0S[             7IZIVI                            
                                                                   
)'9  (8' 742  *1-  )RKMRI 3MP )'9  (8' 742  *1-  )RKMRI 'SSPERX
4VIWWYVI -RTYX :SPXEKI 0S[ (MEKRSWXMG 8IQTIVEXYVI ,MKL 0IEWX 7IZIVI (MEKRSWXMG
4VSGIHYVI                          4VSGIHYVI                         
)'9  (8' 742  *1-  )RKMRI 3MP )'9  (8' 742  *1-  )RKMRI
4VIWWYVI 1SHIVEXIP] 0S[              'SSPERX 8IQTIVEXYVI ,MKL 1SHIVEXIP]
                                 
7IZIVI                            
)'9  (8' 742  *1-  )RKMRI 3MP
                                 
4VIWWYVI 1SHIVEXIP] 0S[ (MEKRSWXMG
)'9  (8' 742  *1-  )RKMRI 'SSPERX
4VSGIHYVI                         
8IQTIVEXYVI ,MKL 1SHIVEXIP] 7IZIVI (MEKRSWXMG
)'9  (8' 742  *1-  1ERMJSPH %MV
4VSGIHYVI                         
8IQTIVEXYVI -RTYX :SPXEKI ,MKL        
                                  )'9  (8' 742  *1-  0SWW SJ
)'9  (8' 742  *1-  1ERMJSPH %MV 'SSPERX 8IQTIVEXYVI )\XVIQIP] ,MKL    
8IQTIVEXYVI -RTYX :SPXEKI ,MKL (MEKRSWXMG                                  
4VSGIHYVI                          )'9  (8' 742  *1-  0SWW SJ 'SSPERX
)'9  (8' 742  *1-  1ERMJSPH %MV 8IQTIVEXYVI )\XVIQIP] ,MKL (MEKRSWXMG
8IQTIVEXYVI -RTYX :SPXEKI 0S[          4VSGIHYVI                         
                                  )'9  (8' 742  *1-  0SWW SJ
)'9  (8' 742  *1-  1ERMJSPH %MV 'SSPERX 8IQTIVEXYVI -RTYX :SPXEKI
8IQTIVEXYVI -RTYX :SPXEKI 0S[ (MEKRSWXMG ,MKL                             
4VSGIHYVI                                                           
)'9  (8' 742  *1-  1ERMJSPH %MV
8IQTIVEXYVI 1SHIVEXIP] ,MKL           'SRXMRYIH SR RI\X TEKI

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



42!
 4EKI
)'9  (8' 742  *1-  0SWW SJ 'SSPERX
8IQTIVEXYVI -RTYX :SPXEKI ,MKL (MEKRSWXMG
4VSGIHYVI                         
)'9  (8' 742  *1-  0SWW SJ
'SSPERX 8IQTIVEXYVI -RTYX :SPXEKI
0S[                              
                                 
)'9  (8' 742  *1-  0SWW SJ 'SSPERX
8IQTIVEXYVI -RTYX :SPXEKI 0S[ (MEKRSWXMG
4VSGIHYVI                         
)'9  (8' 742  *1-  )'9 4S[IV
(S[R )VVSV                         4VSGIHYVI                         
                                  )'9  (8' 742  *1-  'VERO
)'9  (8' 742  *1-  )'9 4S[IV
(S[R )VVSV (MEKRSWXMG 4VSGIHYVI                                        
)'9  (8' 742  *1-  *YIP
8IQTIVEXYVI -RTYX :SPXEKI ,MKL       
                                
)'9  (8' 742  *1-  *YIP
8IQTIVEXYVI -RTYX :SPXEKI ,MKL (MEKRSWXMG
4VSGIHYVI                        
)'9  (8' 742  *1-  *YIP
8IQTIVEXYVI -RTYX :SPXEKI 0S[        
                                
)'9  (8' 742  *1-  *YIP
8IQTIVEXYVI -RTYX :SPXEKI 0S[ (MEKRSWXMG
4VSGIHYVI                        
)'9  (8' 742  *1-  *YIP
8IQTIVEXYVI 1SHIVEXIP] ,MKL         
                                
)'9  (8' 742  *1-  *YIP
8IQTIVEXYVI 1SHIVEXIP] ,MKL (MEKRSWXMG
4VSGIHYVI                        
)'9  (8' 742  *1-  )RKMRI
3ZIVWTIIH )\XVIQI                 
)'9  (8' 742  *1-  )RKMRI
3ZIVWTIIH 1SHIVEXI                
)'9  (8' 742  *1-  7IRWSV 7YTTP]
:SPXEKI ,MKL                      
                                
)'9  (8' 742  *1-  7IRWSV
7YTTP] :SPXEKI ,MKL (MEKRSWXMG
4VSGIHYVI                        
)'9  (8' 742  *1-  7IRWSV 7YTTP]
:SPXEKI 0S[                      
                                
)'9  (8' 742  *1-  7IRWSV
7YTTP] :SPXEKI 0S[ (MEKRSWXMG
4VSGIHYVI                        
)'9  (8' 742  *1-  )'9 9RW[MXGLIH
4S[IV 1MWWMRK                     
                                
8,C(C)2 3'8 
4EKI
)'9  (8' 742  *1-  )'9
9RW[MXGLIH 4S[IV 1MWWMRK (MEKRSWXMG
4VSGIHYVI                         
)'9  (8' 742  *1-  )'9 )VVSV   
)'9  (8' 742  *1-  )'9 )VVSV
(MEKRSWXMG 4VSGIHYVI                
)'9  (8' 742  *1-  'VERO 4SWMXMSR
-RTYX 2SMWI                       
                                
)'9  (8' 742  *1-  'VERO
4SWMXMSR -RTYX 2SMWI (MEKRSWXMG
4SWMXMSR -RTYX 4EXXIVR )VVSV           
)'9  (8' 742  *1-  'VERO
4SWMXMSR -RTYX 4EXXIVR )VVSV (MEKRSWXMG
4VSGIHYVI                         
)'9  (8' 742  *1-  '%2 )VVSV   
                                
)'9  (8' 742  *1-  '%2 )VVSV
(MEKRSWXMG 4VSGIHYVI                
)'9  (8' 742  *1-  :ILMGPI
7TIIH SV 8SVUYI 1IWWEKI -RZEPMH      
)'9  (8' 742  *1-  %Y\MPMEV]
)RKMRI 7LYXHS[R 7[MXGL %GXMZI       
)'9  (8' 742  *1-  )\XIVREP
)RKMRI (IVEXI 7[MXGL %GXMZI          
)'9  (8' 742  *1-  4YQT
'SRXVSP :EPZI 'PSWYVI 8SS 0SRK       
                                
)'9  (8' 742  *1-  4YQT
'SRXVSP :EPZI 'PSWYVI 8SS 0SRK (MEKRSWXMG
4VSGIHYVI                         
)'9  (8' 742  *1-  4YQT
'SRXVSP :EPZI 'PSWYVI 8SS 7LSVX       
                                
)'9  (8' 742  *1-  4YQT
'SRXVSP :EPZI 'PSWYVI 8SS 7LSVX (MEKRSWXMG
4VSGIHYVI                         
)'9  (8' 742  *1-  4YQT 7SPIRSMH
'YVVIRX ,MKL                      
                                
)'9  (8' 742  *1-  4YQT
7SPIRSMH 'YVVIRX ,MKL (MEKRSWXMG
4VSGIHYVI                         
)'9  (8' 742  *1-  4YQT 7SPIRSMH
'MVGYMX 3TIR                      
                                
'SRXMRYIH SR RI\X TEKI
0-)&,)66Œ(r(MIWIP )RKMRIW

42!
 4EKI

)'9  (8' 742  *1-  4YQT

7SPIRSMH 'MVGYMX 3TIR (MEKRSWXMG
4VSGIHYVI                         
)'9  (8' 742  *1-  4YQT
7SPIRSMH 'MVGYMX 7IZIVIP] 7LSVXIH      
                                
)'9  (8' 742  *1-  4YQT
7SPIRSMH 'MVGYMX 7IZIVIP] 7LSVXIH (MEKRSWXMG
4VSGIHYVI                         
)'9  (8' 742  *1-  4YQT
'SRXVSP :EPZI 'PSWYVI 2SX (IXIGXIH    
                                
)'9  (8' 742  *1-  4YQT 'SRXVSP
:EPZI 'PSWYVI 2SX (IXIGXIH (MEKRSWXMG
4VSGIHYVI                         
)'9  (8' 742  *1-  4YQT
7SPIRSMH 'MVGYMX 1SHIVEXIP] 7LSVXIH    
                                
)'9  (8' 742  *1-  4YQT
7SPIRSMH 'MVGYMX 1SHIVEXIP] 7LSVXIH (MEKRSWXMG
4VSGIHYVI                         
)'9  (8' 742  *1-  7IRWSV 7YTTP]
:SPXEKI ,MKL                      
                                
)'9  (8' 742  *1-  7IRWSV
7YTTP] :SPXEKI ,MKL (MEKRSWXMG
4VSGIHYVI                         
)'9  (8' 742  *1-  7IRWSV 7YTTP]
:SPXEKI 0S[                      
                                
)'9  (8' 742  *1-  7IRWSV
7YTTP] :SPXEKI 0S[ (MEKRSWXMG
4VSGIHYVI                         
)'9  (8' 742  *1-  )RKMRI
4VSXIGXMSR 7LYXHS[R ;EVRMRK         
)'9  (8' 742  *1-  )RKMRI
4VSXIGXMSR 7LYXHS[R                
)'9  (8' 742  *1-  *YIP
(IVEXI                            
)'9  (8' 742  *1-  -RXIVREP )'9
*EMPYVI                           
)'9  (8' 742  *1-  7IGYVMX]
:MSPEXMSR                         

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



42!

3FWIVZEFPI (MEKRSWXMGW ERH 8IWXW
%FSYX 8LMW +VSYT SJ XLI 1ERYEP
8LMW WIGXMSR SJ XLI QERYEP GSRXEMRW RIGIWWEV]
MRJSVQEXMSR JSV SFWIVZEFPI HMEKRSWXMGW ERH JYIPVIPEXIH
XIWX TVSGIHYVIW 9WI XLMW MRJSVQEXMSR MR GSRNYRGXMSR
[MXL XLI 0-)&,)66 Π( (MIWIP )RKMRIW &EWI
)RKMRI 1ERYEP 8,C(  +VSYT  MW HMZMHIH MRXS
X[S EVIEW HMEKRSWMRK QEPJYRGXMSRW ERH XIWX
TVSGIHYVIW 8LI HMEKRSWMRK QEPJYRGXMSRW EVIE MW
JYVXLIV HMZMHIH MRXS XLI JSPPS[MRK LIEHMRKW GSRXEMRMRK
XLI JSPPS[MRK SFWIVZEFPI W]QTXSQW ;MXL )'9
› ) (MEKRSWMRK +IRIVEP )RKMRI 1EPJYRGXMSRW WIGXMSR QERYEP GSRXEMRW XLI JSPPS[MRK XIWXMRK
r )  )RKMRI GVEROW[SR X WXEVX
r )  )RKMRI QMWJMVIWVYRW MVVIKYPEVP]
r )  )RKMRI HSIW RSX HIZIPST JYPP TS[IV
r )  )RKMRI IQMXW I\GIWWMZI [LMXI I\LEYWX WQSOI
r )  )RKMRI IQMXW I\GIWWMZI FPEGO SV KVE] WQSOI
r )  )RKMRI [MPP RSX GVERO
r )  )RKMRI MHPIW TSSVP]
r )  %FRSVQEP IRKMRI RSMWI
r )  %REPSK 8LVSXXPI & (SIW 2SX 6IWTSRH
8,C(C)2 3'8 
+VSYT 
› * (MEKRSWMRK *YIP 7]WXIQ 1EPJYRGXMSRW
r *  *YIP WYTTP] W]WXIQ GLIGO
r *  )\GIWWMZI JYIP GSRWYQTXMSR
r *  *YIP MR SMP
r *  *YIP MRNIGXSV RS^^PI GLIGO
› ( (MEKRSWMRK (MEKRSWXMG 7SJX[EVI 1EPJYRGXMSRW
r (  )'9 HSIW RSX GSQQYRMGEXI [MXL (78
r (  (MEKRSWXMG +EYKI (SIW 2SX 'SQQYRMGEXI
› % (MEKRSWMRK -RXEOI %MV ,IEXIV 1EPJYRGXMSRW
r %  -RXEOI %MV ,IEXIV 'LIGO
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 -R
XLIWI W]QTXSQW XLI TVSFPIQW EVI EVVERKIH MR XLI
QSWX PMOIP] SV IEWMIWX XS GLIGO JMVWX 7]QTXSQW
EVVERKIH MR FSXL JSVQEXW VIJIV XS XIWXMRK TVSGIHYVIW MR
XLI WIGSRH TEVX SJ XLMW WIGXMSR 8LI WIGSRH TEVX SJ XLMW
TVSGIHYVIW
› *YIP 7]WXIQ 8IWXMRK 4VSGIHYVIW
r 'LIGO *YIP 7YTTP] 5YEPMX]
r 8IWX JSV *YIP (VEMR &EGO
r 8IWX JSV %MV MR *YIP
r 'LIGO *YIP 7YTTP] 4VIWWYVI
r &PIIH XLI *YIP 7]WXIQ
r 8IWX *SV ']PMRHIV 1MWJMVI )RKMRI 6YRRMRK
01&6+ rr.%2r
0-)&,)66Œ(r(MIWIP )RKMRIW

42!
 )'9  )  )RKMRI 'VEROW;SR X 7XEVX

01&6+( rr.%2r

)'9  )  )RKMRI 'VEROW;SR X 7XEVX (MEKRSWXMG 4VSGIHYVI

r r r

 )  4VIPMQMREV] &IJSVI YWMRK XLMW HMEKRSWXMG TVSGIHYVI 2S TVSFPIQW JSYRH

'LIGO +3 83 
 )RWYVI XLEX JYIP UYEPMX] ERH UYERXMX] EVI 3/ 7II ',)'/ *9)0 79440= 59%0-8=
PEXIV MR XLMW +VSYT 4VSFPIQ JSYRH
6ITEMV ERH VIXIWX
 )RWYVI XLEX IRKMRI GVEROMRK WTIIH MW 3/ 7II 8)78 )2+-2) '6%2/-2+ 74))(
MR +VSYT  SJ 0-)&,)66 Π( (MIWIP )RKMRIW &EWI )RKMRI 1ERYEP
8,C( 

 )RWYVI XLEX SMP ZMWGSWMX] MW GSVVIGX

 :IVMJ] EMV LIEXIV STIVEXMSR MR GSPH XIQTIVEXYVIW

r r r

 %GXMZI (8' 8IWX  'SRRIGX XLI (78 *SV MRWXVYGXMSRW SR GSRRIGXMRK XS XLI (78 WII '322)'8-2+ 2S EGXMZI (8'W TVIWIRX
83 (-%+2378-' 7'%2 8330 (78 MR +VSYT  PEXIV MR XLMW QERYEP +3 83 

 -KRMXMSR 32 IRKMRI 3** %GXMZI (8' W TVIWIRX

(MEKRSWI (8'W -J ER] SJ
 7XEVX XLI )'9 'SQQYRMGEXMSR 7SJX[EVI XLI (8'W LEZI E 742
 HMEKRSWI XLIQ JMVWX
 'VERO IRKMRI JSV  WIGSRHW
'ER RSX GSQQYRMGEXI
 6IEH (8'W YWMRK (78 [MXL )'9
7II (  )'9 (3)7
238 '31192-'%8)
;-8, (78 (-%+2378-'
463')(96) PEXIV MR XLMW
+VSYT

r r r

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



42!
  'VERO 4SWMXMSR  7XEVX GVEROMRK IRKMRI 'VERO 4SWMXMSR 2SMWI
7IRWSV -RHMGEXSV 8IWX EFSZI 
 9WMRK XLI (78 VIEH XLI 'VERO 4SWMXMSR 2SMWI TEVEQIXIV [LMPI GVEROMRK +3 83 

'VERO 4SWMXMSR 2SMWI MW


+3 83 

r r r

 :ILMGPI ;MVMRK -RWTIGX XLI ZILMGPI JSV TSWWMFPI JEMPYVIW XLEX GER GEYWI IMXLIV SJ XLI JSPPS[MRK
-RWTIGXMSR 'LIGO GSRHMXMSRW

 &EH IPIGXVMGEP GSRRIGXMSRW

 (EQEKIH IRKMRI WTIIH WIRWSV

 )1- JVSQ MQTVSTIVP] MRWXEPPIH VEHMS IUYMTQIRX SV SXLIV IPIGXVSRMG HIZMGIW

 3RGI TVSFPIQ MW JSYRH VITEMV ERH VIXIWX

r r r

 *YIP 4VIWIRX EX 4IVJSVQ JSPPS[MRK TVSGIHYVI XS GLIGO JSV JYIP EX MRNIGXMSR RS^^PI 'SRWMWXIRX WUYMVXW SJ
-RNIGXMSR 2S^^PIW JYIP SFWIVZIH
'LIGO +3 83 
'%98-32 )WGETMRK JPYMH YRHIV TVIWWYVI GER TIRIXVEXI XLI WOMR GEYWMRK
WIVMSYW MRNYV] /IIT LERHW ERH FSH] E[E] JVSQ TMRLSPIW ERH RS^^PIW (SR X SFWIVZI
[LMGL GSYPH MRNIGX JPYMHW YRHIV LMKL TVIWWYVI GSRWMWXIRX WUYMVXW SJ
JYIP
-J %2= JPYMH MW MRNIGXIH MRXS XLI WOMR MX QYWX FI WYVKMGEPP] VIQSZIH [MXLMR +3 83 
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 STIRIRH [VIRGLIW PSSWIR JYIP PMRI GSRRIGXMSR EX SRI SJ XLI MRNIGXMSR
RS^^PIW

 'VERO IRKMRI [LMPI QSRMXSVMRK PSSWIRIH 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

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



42!
  *YIP 7YTTP] 7]WXIQ 'LIGO XLI JYIP WYTTP] W]WXIQ 7II *  *9)0 79440= 7=78)1 ',)'/ *YIP WYTTP] W]WXIQ MW
'LIGO (-%+2378-' 463')(96) PEXIV MR XLMW +VSYT 6ITEMV TVSFPIQ ERH VIXIWX 3/
+3 83 

*YIP WYTTP] W]WXIQ

TVSFPIQ JSYRH
6ITEMV JYIP WYTTP] W]WXIQ
TVSFPIQ ERH VIXIWX

r r r

 -RXEOI ERH )\LEYWX 'LIGO JSV MRXEOI ERH I\LEYWX VIWXVMGXMSRW 7II ',)'/ *36 -28%/) %2( )<,%978 %PP GSQTSRIRXW
6IWXVMGXMSRW 8IWX 6)786-'8-327 MR 7IGXMSR  +VSYT  SJ 0-)&,)66 Π( (MIWIP )RKMRIW STIVEXMRK GSVVIGXP]
&EWI )RKMRI 1ERYEP 8,C(  +3 83 

6IWXVMGXMSRW EVI JSYRH

6ITEMV JEYPX] GSQTSRIRX
ERH VIXIWX

r r r

 'SQTVIWWMSR 8IWX 'LIGO GSQTVIWWMSR TVIWWYVI 7II 8)78 )2+-2) '3146)77-32 46)7796) MR 'SQTVIWWMSR TVIWWYVI
7IGXMSR  +VSYT  SJ 0-)&,)66 Π( (MIWIP )RKMRIW &EWI )RKMRI 1ERYEP MW [MXLMR WTIGMJMGEXMSR
8,C(  +3 83 

'SQTVIWWMSR TVIWWYVI
MW RSX [MXLMR
WTIGMJMGEXMSR
+3 83 

r r r

 *YIP -RNIGXMSR 2S^^PIW 8IWX JYIP MRNIGXMSR RS^^PIW 7II *  *9)0 -2.)'8-32 23>>0) ',)'/ PEXIV MR XLMW -RNIGXMSR RS^^PIW 3/
'LIGO +VSYT *EYPX] MRNIGXMSR TYQT

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

r r r

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



42!
 4MWXSR 6MRK 'LIGO 'SQTVIWWMSR TVIWWYVI
MW [MXLMR WTIGMJMGEXMSR
 %TTP] SMP XS VMRK EVIE SJ TMWXSR XLVSYKL MRNIGXMSR RS^^PI FSVI 7II 6)13:) *9)0 +3 83 
-2.)'8-32 23>>0)7 MR 7IGXMSR  +VSYT  SJ XLMW QERYEP
'SQTVIWWMSR TVIWWYVI
 6IXIWX XLI GSQTVIWWMSR TVIWWYVI MW RSX [MXLMR
WTIGMJMGEXMSR
+3 83 

r r r

 :EPZI 0EWL 'LIGO 'LIGO ZEPZI PEWL 7II ',)'/ %2( %(.978 :%0:) '0)%6%2') MR 7IGXMSR  :EPZI PEWL MW [MXLMR
+VSYT  SJ 0-)&,)66 Π( (MIWIP )RKMRIW &EWI )RKMRI 1ERYEP 8,C(  WTIGMJMGEXMSR
+3 83 

:EPZI PEWL SR SRI SV

QSVI ZEPZIW SYX SJ
WTIGMJMGEXMSR
%HNYWX ZEPZI PEWL ERH
VIXIWX

r r r

 :EPZI 0MJX 'LIGO 'LIGO ZEPZI PMJX 7II 1)%796) :%0:) 0-*8 MR 7IGXMSR  +VSYT  SJ 0MJX SR EPP ZEPZIW [MXLMR
0-)&,)66 Π( (MIWIP )RKMRIW &EWI )RKMRI 1ERYEP 8,C(  WTIGMJMGEXMSR
+3 83 

: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
7IGXMSR  +VSYT  SJ
0-)&,)66 Π(
(MIWIP )RKMRIW &EWI
)RKMRI 1ERYEP
8,C( 

r r r

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



42!
 4MWXSRW 6MRKW %X XLMW TSMRX XLI QSWX PMOIP] GEYWI SJ XLI PS[ IRKMRI GSQTVIWWMSR TVIWWYVI MW SRI SJ 4VSFPIQ JSYRH [MXL
']PMRHIV 0MRIVW XLI JSPPS[MRK JEMPYVIW MR XLI TMWXSRW VMRKW ERHSV G]PMRHIV PMRIVW SV MR XLI ZEPZI KYMHIW TMWXSRW VMRKW ERHSV
'LIGO 'LIGO XLI QSWX PMOIP] MXIQW EW RIIHIH PMRIVW SV ZEPZI KYMHIW
6ITEMV TVSFPIQ EW
› 3MP GSRXVSP VMRKW [SVR SV FVSOIR RIGIWWEV]
› 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!
 )'9  )  )RKMRI 1MWJMVIW6YRW -VVIKYPEVP]

01&6+( rr.%2r

)'9  )  )RKMRI 1MWJMVIW6YRW -VVIKYPEVP] (MEKRSWXMG 4VSGIHYVI

r r r

 )  4VIPMQMREV] &IJSVI YWMRK XLMW HMEKRSWXMG TVSGIHYVI QEOI XLI JSPPS[MRK GLIGOW XLEX GSYPH GEYWI SV 2S TVSFPIQW JSYRH
'LIGO FI QMWXEOIR EW QMWWVSYKL VYRRMRK +3 83 

 'LIGO JSV MRXEOI QERMJSPH EMV PIEOW 4VSFPIQ JSYRH

6ITEMV ERH VIXIWX
 'LIGO JSV QIGLERMGEP TVSFPIQW

 'LIGO JSV XVERWQMWWMSR TVSFPIQW

 'LIGO IRKMRI EGGIWWSVMIW WYGL EW %' G]GPMRK SR ERH SJJ

 'LIGO JSV IPIGXVSQIKRIXMG MRXIVJIVIRGI )1- JVSQ MQTVSTIVP] MRWXEPPIH VEHMSW IXG

r r r

 %GXMZI (8' 8IWX  'SRRIGX XLI (78 *SV MRWXVYGXMSRW SR GSRRIGXMRK XS XLI (78 WII '322)'8-2+ 2S EGXMZI (8'W
83 (-%+2378-' 7'%2 8330 (78 MR +VSYT  PEXIV MR XLMW QERYEP +3 83 

 -KRMXMSR 32 IRKMRI 3** %GXMZI (8'W TVIWIRX

(MEKRSWI (8'W -J ER] SJ
 7XEVX XLI )'9 'SQQYRMGEXMSR 7SJX[EVI XLI (8'W LEZI E 742
 HMEKRSWI XLIQ JMVWX
 -KRMXMSR 32 IRKMRI MHPMRK

 6IEH (8'W YWMRK (78

r r r

 )RKMRI 4IVJSVQERGI  -KRMXMSR 32 IRKMRI MHPMRK 2SX VYRRMRK VSYKL

8IWX +3 83 
 3FWIVZI IRKMRI TIVJSVQERGI
6YRRMRK VSYKL
+3 83 

r r r

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



42!
  6IGVIEXI 'SRHMXMSRW 3TIVEXI IRKMRI YRHIV GSRHMXMSRW [LIVI XLI QMWWVSYKL VYRRMRK GSQTPEMRX SGGYVW 6YRRMRK VSYKL
+3 83 

2SX VYRRMRK VSYKL

2S TVSFPIQ JSYRH ZIVMJ]
GSQTPEMRX ERH XV] XS
VITVSHYGI GSRHMXMSRW SJ
QMWWVSYKL VYRRMRK
GSQTPEMRX

r r r

 %GXMZI (8' 8IWX  -KRMXMSR 32 IRKMRI MHPMRK 2S EGXMZI (8'W

+3 83 
 6IEH (8'W
%GXMZI (8'W TVIWIRX
(MEKRSWI (8'W -J ER] SJ
XLI (8'W LEZI E 742
 HMEKRSWI XLIQ JMVWX

r r r

 ,IEH +EWOIX *EMPYVI 'LIGO JSV LIEH KEWOIX NSMRX JEMPYVIW 7II ',)'/ *36 ,)%( +%7/)8 *%-096)7 MR 2S WMKR SJ LIEH KEWOIX
'LIGO 7IGXMSR  +VSYT  SJ 0-)&,)66 Π( (MIWIP )RKMRIW &EWI )RKMRI 1ERYEP JEMPYVI
8,C(  +3 83 

7MKRW SJ LIEH KEWOIX

JEMPYVI JSYRH
6ITPEGI LIEH KEWOIX ERH
VIXIWX

r r r

 ']PMRHIV 1MWJMVI 'LIGO G]PMRHIVW JSV QMWJMVI 7II 8)78 *36 '=0-2()6 1-7*-6) )2+-2) 7MRKPI G]PMRHIV QMWJMVI
'LIGO 6922-2+ PEXIV MR XLMW +VSYT +3 83 

6ERHSQ SV EPP G]PMRHIV

QMWJMVI
7II *  *9)0 79440=
7=78)1 ',)'/
(-%+2378-'
463')(96) PEXIV MR XLMW
+VSYT

r r r

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



42!
  'SQTVIWWMSR 'LIGO GSQTVIWWMSR TVIWWYVI 7II 8)78 )2+-2) '3146)77-32 46)7796) 'SQTVIWWMSR TVIWWYVI
4VIWWYVI 'LIGO 7IGXMSR  +VSYT  SJ 0-)&,)66 Π( (MIWIP )RKMRIW &EWI )RKMRI 1ERYEP MW [MXLMR WTIGMJMGEXMSR
8,C(  +3 83 

'SQTVIWWMSR TVIWWYVI
MW RSX [MXLMR
WTIGMJMGEXMSR
+3 83 

r r r

 *YIP (IPMZIV] 0MRI 4IVJSVQ XLI JSPPS[MRK WXITW XS HIXIVQMRI MJ JYIP HIPMZIV] PMRIW EVI VIWXVMGXIH 0MRIW EVI RSX VIWXVMGXIH
'LIGO +3 83 
 (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

 *YIP -RNIGXMSR 2S^^PI 8IWX JYIP MRNIGXMSR RS^^PIW 7II *  *9)0 -2.)'8-32 23>>0) ',)'/ PEXIV MR XLMW -RNIGXMSR RS^^PIW XIWX
'LIGO +VSYT 3/
*EYPX] MRNIGXMSR TYQT

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

r r r

 4MWXSR 6MRK 'LIGO 'SQTVIWWMSR TVIWWYVI

MW [MXLMR WTIGMJMGEXMSR
 %TTP] SMP XS VMRK EVIE SJ TMWXSR XLVSYKL MRNIGXMSR RS^^PI FSVI 7II 6)13:) *9)0 +3 83 
-2.)'8-32 23>>0)7 MR 7IGXMSR  +VSYT  SJ XLMW QERYEP
'SQTVIWWMSR TVIWWYVI
 6IXIWX XLI GSQTVIWWMSR TVIWWYVI MW RSX [MXLMR
WTIGMJMGEXMSR
+3 83 

r r r

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



42!
 :EPZI 0EWL 'LIGO 'LIGO ZEPZI PEWL 7II ',)'/ %2( %(.978 :%0:) '0)%6%2') MR 7IGXMSR  :EPZI PEWL MW [MXLMR
+VSYT  SJ 0-)&,)66 Π( (MIWIP )RKMRIW &EWI )RKMRI 1ERYEP 8,C(  WTIGMJMGEXMSR
+3 83 

:EPZI PEWL SR SRI SV

QSVI ZEPZIW SYX SJ
WTIGMJMGEXMSR
%HNYWX ZEPZI PEWL ERH
VIXIWX

r r r

 :EPZI 0MJX 'LIGO 'LIGO ZEPZI PMJX 7II 1)%796) :%0:) 0-*8 MR +VSYT  MR 7IGXMSR  SJ 0MJX SR EPP ZEPZIW [MXLMR
0-)&,)66 Π( (MIWIP )RKMRIW &EWI )RKMRI 1ERYEP 8,C(  WTIGMJMGEXMSR
+3 83 

: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
7IGXMSR  +VSYT  SJ
0-)&,)66 Π(
(MIWIP )RKMRIW &EWI
)RKMRI 1ERYEP
8,C( 

r r r

 4MWXSRW 6MRKW %X XLMW TSMRX XLI QSWX PMOIP] GEYWI SJ XLI PS[ IRKMRI GSQTVIWWMSR TVIWWYVI MW SRI SJ 4VSFPIQ JSYRH [MXL
']PMRHIV 0MRIVW XLI JSPPS[MRK JEMPYVIW MR XLI TMWXSRW VMRKW ERHSV G]PMRHIV PMRIVW SV MR XLI ZEPZI KYMHIW TMWXSRW VMRKW ERHSV
'LIGO 'LIGO XLI QSWX PMOIP] MXIQW EW RIIHIH PMRIVW SV ZEPZI KYMHIW
6ITEMV TVSFPIQ EW
› 3MP GSRXVSP VMRKW [SVR SV FVSOIR RIGIWWEV]
› 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!
 )'9  )  )RKMRI (SIW 2SX (IZIPST *YPP 4S[IV

01&6+( rr.%2r

)'9  )  )RKMRI (SIW 2SX (IZIPST *YPP 4S[IV (MEKRSWXMG 4VSGIHYVI

r r r

 )  4VIPMQMREV] &IJSVI YWMRK XLMW HMEKRSWXMG TVSGIHYVI IRWYVI XLEX 2S TVSFPIQW JSYRH
'LIGO +3 83 
› 8LIVI EVI RS TVSFPIQW [MXL XVERWQMWWMSR
› 8LIVI EVI RS IRKMRI QIGLERMGEP TVSFPIQW 4VSFPIQ JSYRH
› 8LIVI MW RSX ER I\GIWWMZI PSEH SR XLI IRKMRI 6ITEMV ERH VIXIWX
› 8LIVI MW RS YRFEPERGIH FEPPEWX
› 8LI EMV ERH JYIP JMPXIVW EVI RSX VIWXVMGXIH SV TPYKKIH
› *YIP UYEPMX] MW 3/

r r r

 %GXMZI (8' 8IWX  'SRRIGX XLI (78 *SV MRWXVYGXMSRW SR GSRRIGXMRK XS XLI (78 WII '322)'8-2+ 2S (8'W TVIWIRX
83 (-%+2378-' 7'%2 8330 (78 MR +VSYT  PEXIV MR XLMW QERYEP +3 83 

 -KRMXMSR 32 IRKMRI 3** (8'W TVIWIRX

+S XS ETTVSTVMEXI
 7XEVX XLI )'9 'SQQYRMGEXMSR 7SJX[EVI HMEKRSWXMG TVSGIHYVI

 -KRMXMSR 32 IRKMRI 3**

 6IEH (8'W YWMRK (78

r r r

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



42!
  )\LEYWX )QMWWMSR  3TIVEXI IRKMRI EX JYPP PSEH VEXIH WTIIH 7QEPP EQSYRX SV RS
8IWX I\LEYWX WQSOI
 9RHIV XLIWI GSRHMXMSRW HIXIVQMRI X]TI SJ I\LEYWX IQMXXIH +3 83 

,IEZ] [LMXI I\LEYWX

WQSOI
7II )  )2+-2) )1-87
)<')77-:) ;,-8)
)<,%978 713/)
(-%+2378-'
463')(96) PEXIV MR XLMW
+VSYT

,IEZ] FPEGO SV KVE]

I\LEYWX WQSOI
7II )  )2+-2) )1-87
)<')77-:) &0%'/ SV
+6%= )<,%978
713/) (-%+2378-'
463')(96) PEXIV MR XLMW
+VSYT

r r r

 8SVUYI 'YVZI 8LI )'9 SR 0-)&,)66 Π( (MIWIP IRKMRIW LEW XLI EFMPMX] XS STIVEXI SR QYPXMTPI 'SVVIGX XSVUYI GYVZI
7IPIGXMSR 'LIGO XSVUYI GYVZIW 8S GLIGO XLEX XLI IRKMRI MW STIVEXMRK SR XLI GSVVIGX XSVUYI GYVZI YRHIV RYQFIV HMWTPE]IH JSV
XLI STIVEXMRK GSRHMXMSRW [LIVI XLIVI MW E PS[ TS[IV GSQTPEMRX GSVVIWTSRHMRK
STIVEXMRK GSRHMXMSRW
 6IGVIEXI XLI GSRHMXMSRW SJ XLI PS[ TS[IV GSQTPEMRX +3 83 

 6IEH XLI 8SVUYI 'YVZI TEVEQIXIV SR XLI (78 -RGSVVIGX XSVUYI GYVZI
RYQFIV HMWTPE]IH JSV
GSVVIWTSRHMRK
STIVEXMRK GSRHMXMSRW
6IJIV XS QEGLMRI QERYEP
 'SQTEVI XLI 8SVUYI 'YVZI 4EVEQIXIV XS XLI ETTVSTVMEXI XSVUYI GYVZI GLEVX 7II XS HIXIVQMRI GSQTSRIRXW
%440-'%8-32 74)'-*-'%8-327 MR 7IGXMSR  +VSYT  SJ XLMW QERYEP ERH XLEX MJ JEYPX] GSYPH TVIZIRX
VIJIV XS XLI GSVVIWTSRHMRK XSVUYI GYVZI JSV ]SYV ETTPMGEXMSR XLI GSVVIGX XSVUYI GYVZI
JVSQ FIMRK WIPIGXIH
36
*EYPX] XSVUYI GYVZI WIPIGX
[MVMRK

r r r

 +SZIVRSV (VSST  3TIVEXI IRKMRI ERH EXXIQTX XS VIGVIEXI XLI PS[ TS[IV GSRHMXMSR 'SVVIGX KSZIVRSV
1SHI 7IPIGXMSR WIPIGXMSR
'LIGO  6IEH XLI (IWMVIH 7TIIH +SZIVRSV TEVEQIXIV ERH XLI 1E\MQYQ 7TIIH +SZIVRSV +3 83 
TEVEQIXIV YWMRK XLI (78
-RGSVVIGX KSZIVRSV
WIPIGXMSR
6IJIV XS QEGLMRI QERYEP
XS HIXIVQMRI GSQTSRIRXW
 'SQTEVI KSZIVRSV WIPIGXMSR XS XLI ETTVSTVMEXI KSZIVRSV QSHI GLEVX 7II XLEX MJ JEYPX] GSYPH TVIZIRX
%440-'%8-32 74)'-*-'%8-327 MR 7IGXMSR  +VSYT  SJ XLMW QERYEP ERH XLI GSVVIGX KSZIVRSV JVSQ
VIJIV XS XLI GSVVIWTSRHMRK QE\MQYQ WTIIH ERH HIWMVIH WTIIH KSZIVRSV GYVZIW JSV FIMRK WIPIGXIH
]SYV ETTPMGEXMSR 36
*EYPX] KSZIVRSV WIPIGX
[MVMRK
r r r

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



42!
  8LVSXXPI 8IWX  3TIVEXI IRKMRI EX JYPP PSEH VEXIH WTIIH  SV EFSZI
+3 83 
 6IEH XLI 4IVGIRX 8LVSXXPI TEVEQIXIV YWMRK XLI (78
&IPS[  
6IJIV XS QEGLMRI QERYEP
ERH TIVJSVQ XLI XLVSXXPI
GEPMFVEXMSR TVSGIHYVI
XLIR VIXIWX

r r r

 8YVFSGLEVKIV &SSWX 'LIGO XLI 8YVFS &SSWX TVIWWYVI 7II 1)%796) -28%/) 1%2-*30( 46)7796) -RXEOI QERMJSPH
4VIWWYVI 'LIGO 896&3',%6+)6 &337843;)6 ',)'/ MR 7IGXMSR  +VSYT  SJ TVIWWYVI [MXLMR VERKI
0-)&,)66 Π( (MIWIP )RKMRIW &EWI )RKMRI 1ERYEP 8,C(  SV EFSZI GSQTEVIH XS
FSSWX WTIGMJMGEXMSR
+3 83 

-RXEOI QERMJSPH
TVIWWYVI FIPS[ VERKI
GSQTEVIH XS FSSWX
WTIGMJMGEXMSR
+3 83 

r r r

 *YIP 7YTTP] 7]WXIQ 'LIGO XLI JYIP WYTTP] W]WXIQ 7II *  *9)0 79440= 7=78)1 ',)'/ *YIP WYTTP] W]WXIQ MW
'LIGO [MXL 2SVQEP (-%+2378-' 463')(96) PEXIV MR XLMW +VSYT 3/
&SSWX 4VIWWYVI )RKMRI ETTIEVW XS FI
HIPMZIVMRK JYPP TS[IV
'LIGO JSV ZILMGPI
TVSFPIQW XLEX GSYPH
GEYWI ER I\GIWWMZI PSEH
SR XLI IRKMRI

*YIP WYTTP] W]WXIQ

TVSFPIQ JSYRH
6ITEMV JYIP WYTTP] W]WXIQ
TVSFPIQ ERH VIXIWX

r r r

 'SQTVIWWMSR 'LIGO GSQTVIWWMSR TVIWWYVI 7II 8)78 )2+-2) '3146)77-32 46)7796) 'SQTVIWWMSR TVIWWYVI
4VIWWYVI 'LIGO 7IGXMSR  +VSYT  SJ 0-)&,)66 Π( (MIWIP )RKMRIW &EWI )RKMRI 1ERYEP MW [MXLMR WTIGMJMGEXMSR
8,C(  +3 83 

'SQTVIWWMSR TVIWWYVI
MW RSX [MXLMR
WTIGMJMGEXMSR
+3 83 

r r r

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



42!
 'LIGOMRK 4SXIRXMEP 'LIGO JSV XLI JSPPS[MRK XLEX GER GEYWI VIHYGIH FSSWX TVIWWYVI 2SRI SJ XLI EFSZI
'EYWIW SJ 0S[ TVSFPIQW JSYRH
&SSWX 4VIWWYVI  6IWXVMGXIH EMV GPIERIV +3 83 

 -RXEOI EMV PIEO 4VSFPIQ JSYRH

6ITEMV TVSFPIQ ERH
 )\LEYWX EMV PIEO VIXIWX

 6IWXVMGXMSR MR I\LEYWX

 *EYPX] XYVFSGLEVKIV 7II 896&3',%6+)6 -274)'8-32 MR 7IGXMSR  +VSYT

 SJ 0-)&,)66 Π( (MIWIP )RKMRIW &EWI )RKMRI 1ERYEP 8,C( 

r r r

 *YIP 7YTTP] 7]WXIQ 'LIGO XLI JYIP WYTTP] W]WXIQ *  *9)0 79440= 7=78)1 ',)'/ (-%+2378-' *YIP WYTTP] W]WXIQ MW
'LIGO [MXL 0S[ 463')(96) PEXIV MR XLMW +VSYT 3/
&SSWX 4VIWWYVI +3 83 

*YIP WYTTP] W]WXIQ

TVSFPIQ JSYRH
6ITEMV JYIP WYTTP] W]WXIQ
TVSFPIQ ERH VIXIWX

r r r

 *YIP -RNIGXMSR 8IWX JYIP MRNIGXMSR RS^^PIW 7II *  *9)0 -2.)'8-32 23>>0) ',)'/ PEXIV MR XLMW -RNIGXMSR RS^^PIW XIWX
2S^^PIW 8IWX +VSYT 3/
*EYPX] MRNIGXMSR TYQT
36
*EYPX] )'9

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

r r r

 4MWXSR 6MRK 'LIGO 'SQTVIWWMSR TVIWWYVI

MW [MXLMR WTIGMJMGEXMSR
 %TTP] SMP XS VMRK EVIE SJ TMWXSR XLVSYKL MRNIGXMSR RS^^PI FSVI 7II 6)13:) *9)0 +3 83 
-2.)'8-32 23>>0)7 MR 7IGXMSR  +VSYT  SJ XLMW QERYEP
'SQTVIWWMSR TVIWWYVI
 6IXIWX XLI GSQTVIWWMSR TVIWWYVI MW RSX [MXLMR
WTIGMJMGEXMSR
+3 83 

r r r

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



42!
 :EPZI 0EWL 'LIGO  )RWYVI XLIVI EVI RS IRKMRI QIGLERMGEP TVSFPIQW ERH XLEX XLIVI MWR X WSQIXLMRK :EPZI GPIEVERGI [MXLMR
HVE[MRK I\GIWWMZI IRKMRI TS[IV WTIGMJMGEXMSR
+3 83 
 )RWYVI XLEX ZEPZI PEWL MW GSVVIGXP] EHNYWXIH 7II ',)'/ %2( %(.978 :%0:)
'0)%6%2') MR 7IGXMSR  +VSYT  SJ 0-)&,)66 Π( (MIWIP )RKMRIW :EPZI GPIEVERGI SYX SJ
&EWI )RKMRI 1ERYEP 8,C(  WTIGMJMGEXMSR
%HNYWX ZEPZIW XS
WTIGMJMGEXMSR ERH VIXIWX

r r r

 :EPZI 0MJX 'LIGO 'LIGO ZEPZI PMJX 7II 1)%796) :%0:) 0-*8 MR +VSYT  MR 7IGXMSR  SJ 0MJX SR EPP ZEPZIW [MXLMR
0-)&,)66 Π( (MIWIP )RKMRIW &EWI )RKMRI 1ERYEP 8,C(  WTIGMJMGEXMSR
+3 83 

: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
7IGXMSR  +VSYT  SJ
0-)&,)66 Π(
(MIWIP )RKMRIW &EWI
)RKMRI 1ERYEP
8,C( 

r r r

 4MWXSRW 6MRKW %X XLMW TSMRX XLI QSWX PMOIP] GEYWI SJ XLI PS[ IRKMRI GSQTVIWWMSR TVIWWYVI MW SRI SJ 4VSFPIQ JSYRH [MXL
']PMRHIV 0MRIVW XLI JSPPS[MRK JEMPYVIW MR XLI TMWXSRW VMRKW ERHSV G]PMRHIV PMRIVW SV MR XLI ZEPZI KYMHIW TMWXSRW VMRKW ERHSV
'LIGO 'LIGO XLI QSWX PMOIP] MXIQW EW RIIHIH PMRIVW SV ZEPZI KYMHIW
6ITEMV TVSFPIQ EW
› 3MP GSRXVSP VMRKW [SVR SV FVSOIR RIGIWWEV]
› 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!
 )'9  )  )RKMRI )QMXW )\GIWWMZI ;LMXI )\LEYWX 7QSOI

01&6+( rr.%2r

)'9  )  )RKMRI )QMXW )\GIWWMZI ;LMXI )\LEYWX 7QSOI (MEKRSWXMG 4VSGIHYVI

r r r

 )  4VIPMQMREV] &IJSVI YWMRK XLMW HMEKRSWXMG TVSGIHYVI 2S TVSFPIQW JSYRH

'LIGO +3 83 
› )RWYVI JYIP UYERXMX] ERH UYEPMX] EVI 3/ 7II ',)'/ *9)0 79440= 59%0-8= PEXIV
MR XLMW +VSYT 4VSFPIQ JSYRH
› )RWYVI IRKMRI GSSPERX XIQTIVEXYVI MW RSX I\XVIQIP] PS[ 6ITEMV ERH VIXIWX

r r r

 ,IEH +EWOIX *EMPYVI 'LIGO JSV E JEMPIH LIEH KEWOIX 7II ',)'/ *36 ,)%( +%7/)8 *%-096)7 MR 2S WMKRW SJ LIEH KEWOIX
8IWX +VSYT  SJ 0-)&,)66 Π( (MIWIP )RKMRIW &EWI )RKMRI 1ERYEP 8,C(  JEMPYVI
+3 83 

7MKRW SJ LIEH KEWOIX

JEMPYVI EVI JSYRH
7II ',)'/ *36 ,)%(
+%7/)8 *%-096)7 MR
+VSYT  SJ
0-)&,)66 Π(
(MIWIP )RKMRIW &EWI
)RKMRI 1ERYEP
8,C( 

r r r

 'SQTVIWWMSR 'LIGO GSQTVIWWMSR TVIWWYVI 7II 8)78 )2+-2) '3146)77-32 46)7796) 'SQTVIWWMSR TVIWWYVI
4VIWWYVI 'LIGO 7IGXMSR  +VSYT  SJ 0-)&,)66 Π( (MIWIP )RKMRIW &EWI )RKMRI 1ERYEP MW [MXLMR WTIGMJMGEXMSR
8,C(  +3 83 

'SQTVIWWMSR TVIWWYVI
MW RSX [MXLMR
WTIGMJMGEXMSR
+3 83 

r r r

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



42!
  *YIP 7YTTP] 4VIWWYVI 'LIGO JYIP TVIWWYVI 7II ',)'/ *9)0 79440= 46)7796) PEXIV MR XLMW +VSYT *YIP TVIWWYVI [MXLMR
'LIGO WTIGMJMGEXMSR
+3 83 

*YIP TVIWWYVI FIPS[

WTIGMJMGEXMSR
'LIGO JYIP WYTTP]
W]WXIQ 7II *  *9)0
79440= 7=78)1
',)'/ (-%+2378-'
463')(96) PEXIV MR XLMW
+VSYT

r r r

 *YIP -RNIGXMSR 2S^^PI 8IWX JYIP MRNIGXMSR RS^^PIW 7II *  *9)0 -2.)'8-32 23>>0) ',)'/ PEXIV MR XLMW -RNIGXMSR RS^^PIW XIWX
'LIGO +VSYT KSSH
*EYPX] MRNIGXMSR TYQT

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

r r r

 4MWXSR 6MRK 'LIGO 'SQTVIWWMSR TVIWWYVI

MW [MXLMR WTIGMJMGEXMSR
 %TTP] SMP XS VMRK EVIE SJ TMWXSR XLVSYKL MRNIGXMSR RS^^PI FSVI 7II 6)13:) *9)0 +3 83 
-2.)'8-32 23>>0)7 MR 7IGXMSR  +VSYT  SJ XLMW QERYEP
'SQTVIWWMSR TVIWWYVI
 6IXIWX XLI GSQTVIWWMSR TVIWWYVI MW RSX [MXLMR
WTIGMJMGEXMSR
+3 83 

r r r

 :EPZI 0EWL 'LIGO  )RWYVI XLIVI EVI RS IRKMRI QIGLERMGEP TVSFPIQW ERH XLEX XLIVI MWR X WSQIXLMRK :EPZI GPIEVERGI [MXLMR
HVE[MRK I\GIWWMZI IRKMRI TS[IV WTIGMJMGEXMSR
+3 83 
 )RWYVI XLEX ZEPZI PEWL MW GSVVIGXP] EHNYWXIH 7II ',)'/ %2( %(.978 :%0:)
'0)%6%2') MR 7IGXMSR  +VSYT  SJ 0-)&,)66 Π( (MIWIP )RKMRIW :EPZI GPIEVERGI SYX SJ
&EWI )RKMRI 1ERYEP 8,C(  WTIGMJMGEXMSR
%HNYWX ZEPZIW XS
WTIGMJMGEXMSR ERH VIXIWX

r r r

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



42!
  :EPZI 0MJX 'LIGO 'LIGO ZEPZI PMJX 7II 1)%796) :%0:) 0-*8 MR +VSYT  MR 7IGXMSR  SJ 0MJX SR EPP ZEPZIW [MXLMR
0-)&,)66 Π( (MIWIP )RKMRIW &EWI )RKMRI 1ERYEP 8,C(  WTIGMJMGEXMSR
+3 83 

: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
7IGXMSR  +VSYT  SJ
0-)&,)66 Π(
(MIWIP )RKMRIW &EWI
)RKMRI 1ERYEP
8,C( 

r r r

 4MWXSRW 6MRKW %X XLMW TSMRX XLI QSWX PMOIP] GEYWI SJ XLI PS[ IRKMRI GSQTVIWWMSR TVIWWYVI MW SRI SJ 4VSFPIQ JSYRH [MXL
']PMRHIV 0MRIVW 'LIGO 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 PMRIVW SV ZEPZI KYMHIW
6ITEMV TVSFPIQ EW
› 3MP GSRXVSP VMRKW [SVR SV FVSOIR RIGIWWEV]
› 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!
 )'9  )  )RKMRI )QMXW )\GIWWMZI &PEGO 3V +VE] 7QSOI

01&6+( rr.%2r

)'9  )  )RKMRI )QMXW )\GIWWMZI &PEGO 3V +VE] 7QSOI (MEKRSWXMG 4VSGIHYVI

r r r

 )  4VIPMQMREV] &IJSVI YWMRK XLMW HMEKRSWXMG TVSGIHYVI GLIGO XLI JSPPS[MRK 2S TVSFPIQ JSYRH
'LIGO +3 83 
› )RWYVI JYIP UYERXMX] ERH UYEPMX] EVI 3/ 7II ',)'/ *9)0 79440= 59%0-8= PEXIV
MR XLMW +VSYT 4VSFPIQ JSYRH
› )RWYVI IRKMRI MW RSX I\GIWWMZIP] PSEHIH 6ITEMV ERH VIXIWX
› )RWYVI EMV JMPXIV MW RSX VIWXVMGXIH SV TPYKKIH
r r r

 %MV -RXEOI ERH 'LIGO JSV MRXEOI ERH I\LEYWX VIWXVMGXMSRW ERH EMV PIEOW 7II ',)'/ *36 -28%/) 2S VIWXVMGXMSRW SV PIEOW
)\LEYWX 8IWX %2( )<,%978 6)786-'8-327  8)78 *36 -28%/) %-6 0)%/7 ERH ',)'/ *36 JSYRH
)<,%978 %-6 0)%/7 896&3',%6+)( )2+-2)7 MR 7IGXMSR  +VSYT  SJ +3 83 
0-)&,)66 Π( (MIWIP )RKMRIW &EWI )RKMRI 1ERYEP 8,C( 
6IWXVMGXMSRW SV PIEOW
JSYRH
6ITEMV SV VITPEGI
GSQTSRIRXW EW
RIGIWWEV]

r r r

 8YVFSGLEVKIV 'LIGO 'LIGO JSV XYVFSGLEVKIV JEMPYVI 7II 896&3',%6+)6 -274)'8-32 MR 7IGXMSR  2S XYVFSGLEVKIV JEMPYVI
+VSYT  SJ 0-)&,)66 Π( (MIWIP )RKMRIW &EWI )RKMRI 1ERYEP 8,C(  JSYRH
+3 83 

8YVFSGLEVKIV JEMPYVI
JSYRH
*SPPS[ ETTVSTVMEXI VITEMV
TVSGIHYVI MR +VSYT 
SJ 0-)&,)66 Π(
(MIWIP )RKMRIW &EWI
)RKMRI 1ERYEP
8,C( 

r r r

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



42!
  :EPZI 0EWL 'LIGO 'LIGO ZEPZI PEWL 7II ',)'/ %2( %(.978 :%0:) '0)%6%2') MR +VSYT  SJ :EPZI PEWL SR EPP ZEPZIW
0-)&,)66 Π( (MIWIP )RKMRIW &EWI )RKMRI 1ERYEP 8,C(  [MXLMR WTIGMJMGEXMSR
+3 83 

:EPZI PEWL SR SRI SV

QSVI ZEPZIW SYX SJ
WTIGMJMGEXMSR
%HNYWX ZEPZI PEWL ERH
VIXIWX

r r r

 *YIP 6IXYVR 0MRI 'LIGO JSV VIWXVMGXIH JYIP VIXYVR PMRI ERH JMXXMRK 2S VIWXVMGXMSR JSYRH
'LIGO +3 83 

6IWXVMGXMSR JSYRH
6ITEMV ERH VIWXIWX

r r r

 *YIP -RNIGXMSR 2S^^PI 8IWX JYIP MRNIGXMSR RS^^PIW 7II *  *9)0 -2.)'8-32 23>>0) ',)'/ PEXIV MR XLMW -RNIGXMSR RS^^PIW XIWX
'LIGO +VSYT KSSH
*EYPX] MRNIGXMSR TYQT

*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!
 )'9  )  )RKMRI ;MPP 2SX 'VERO
7]QTXSQ
)'9  )  )RKMRI ;MPP 2SX 'VERO
)'9  )  )RKMRI -HPIW 4SSVP]
7]QTXSQ
)'9  )  )RKMRI -HPIW 4SSVP]
8,C(C)2 3'8
4VSFPIQ 7SPYXMSR
;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
7XEVX GMVGYMX HIJIGXMZI 'LIGO [MVMRK JYWIW ERH VIPE]W
)RKMRI MW WIM^IH YT 'LIGO F] VSXEXMRK IRKMRI F] LERH
01&6+( rr.%2r
4VSFPIQ 7SPYXMSR
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
7IGXMSR  +VSYT  SJ
0-)&,)66 Π( (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= (-%+2378-'
463')(96) IEVPMIV MR XLMW +VSYT
01&6+(% rr.%2r
 0-)&,)66Œ(r(MIWIP )RKMRIW

42!
 )'9  )  %FRSVQEP )RKMRI 2SMWI

7]QTXSQ 4VSFPIQ 7SPYXMSR

)'9  )  %FRSVQEP )RKMRI ;SVR QEMR SV GSRRIGXMRK VSH (IXIVQMRI FIEVMRK GPIEVERGI 7II
2SMWI FIEVMRKW '=0-2()6 &03'/ 0-2)67
4-78327 %2( 63(7
74)'-*-'%8-327 MR 7IGXMSR 
+VSYT  SV '6%2/7,%*8  1%-2
&)%6-2+7 %2( *0=;,))0
74)'-*-'%8-327 MR 7IGXMSR 
+VSYT  SJ 0-)&,)66 Π(
(MIWIP )RKMRIW &EWI )RKMRI 1ERYEP
8,C( 

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

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

0SSWI QEMR FIEVMRK GETW 'LIGO FIEVMRK GPIEVERGI VITPEGI

FIEVMRKW ERH FIEVMRK GET WGVI[W EW
VIUYMVIH 7II '6%2/7,%*8  1%-2
&)%6-2+7 %2( *0=;,))0
74)'-*-'%8-327 MR 7IGXMSR 
+VSYT  SJ 0-)&,)66 Π(
(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 7IGXMSR  +VSYT
 SJ 0-)&,)66 Π( (MIWIP
)RKMRIW &EWI )RKMRI 1ERYEP
8,C( 

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

0-2)6 4-7832 %2( 63(
',)'/7 MR 7IGXMSR  +VSYT 
SJ 0-)&,)66 Π( (MIWIP
)RKMRIW &EWI )RKMRI 1ERYEP
8,C( 

'SRXMRYIH SR RI\X TEKI 01&6+(& rr.%2r

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



42!
 7]QTXSQ 4VSFPIQ
;SVR XMQMRK KIEVW SV I\GIWW FEGO
PEWL
)\GIWWMZI ZEPZI GPIEVERGI
;SVR GEQWLEJX
;SVR VSGOIV EVQ WLEJX W
-RWYJJMGMIRX IRKMRI PYFVMGEXMSR
8YVFSGLEVKIV RSMWI
8,C(C)2 3'8 
7SPYXMSR
'LIGO XMQMRK KIEV FEGO PEWL 7II
1)%796) 8-1-2+ +)%6
&%'/0%7, MR 7IGXMSR  +VSYT
 SJ 0-)&,)66 Π( (MIWIP
)RKMRIW &EWI )RKMRI 1ERYEP
8,C( 
'LIGO ERH EHNYWX ZEPZI GPIEVERGI
7II ',)'/ %2( %(.978 :%0:)
'0)%6%2') MR 7IGXMSR  +VSYT
 SJ 0-)&,)66 Π( (MIWIP
)RKMRIW &EWI )RKMRI 1ERYEP
8,C( 
-RWTIGX GEQWLEJX 7II :-79%00=
-274)'8 '%17,%*8 MR 7IGXMSR 
+VSYT  SJ 0-)&,)66 Π(
(MIWIP )RKMRIW &EWI )RKMRI 1ERYEP
8,C( 
-RWTIGX VSGOIV EVQ WLEJXW 7II
(-7%77)1&0) %2( -274)'8
63'/)6 %61 7,%*8 %77)1&0=
MR 7IGXMSR  +VSYT  SJ
0-)&,)66 Π( (MIWIP )RKMRIW
&EWI )RKMRI 1ERYEP 8,C( 
7II (  0  )2+-2) 3-0
46)7796) 03; MR 7IGXMSR 
+VSYT  SJ 0-)&,)66 Π(
(MIWIP )RKMRIW &EWI )RKMRI 1ERYEP
8,C( 
7II 896&3',%6+)6
-274)'8-32 MR 7IGXMSR  +VSYT
 SJ 0-)&,)66 Π( (MIWIP
)RKMRIW &EWI )RKMRI 1ERYEP
8,C( 
01&6+(& rr.%2r
0-)&,)66Œ(r(MIWIP )RKMRIW

42!
 )'9  )  %REPSK 8LVSXXPI & (SIW 2SX
6IWTSRH

7]QTXSQ 4VSFPIQ 7SPYXMSR

)'9  )  %REPSK 8LVSXXPI & %GXMZI (8' 'LIGO 6IEH (8'W SR (78 +S XS XLI
(SIW 2SX 6IWTSRH HMEKRSWXMG TVSGIHYVI JSV XLI
GSVVIWTSRHMRK (8'

01&6+ rr*)&r

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



42!
 )'9  *  *YIP 7YTTP] 7]WXIQ 'LIGO

01&6+(( rr.%2r

)'9  *  *YIP 7YTTP] 7]WXIQ 'LIGO (MEKRSWXMG 4VSGIHYVI

r r r

 *  4VIPMQMREV] 2S TVSFPIQ JSYRH

'LIGO +3 83 

&IJSVI YWMRK XLMW HMEKRSWXMG TVSGIHYVI 4VSFPIQ JSYRH

6ITEMV ERH VIXIWX
› )RWYVI JYIP UYERXMX] ERH UYEPMX] EVI 3/ 7II ',)'/ *9)0 79440= 59%0-8= EJXIV
XLMW +VSYT
› -RWTIGX EPP JYIP PMRIW ERH JMXXMRKW JSV VYTXYVIW SV PIEOW
› -J JYIP W]WXIQ LEW VIGIRXP] FIIR STIRIH FPIIH JYIP W]WXIQ 7II &0))( 8,) *9)0
7=78)1 PEXIV MR XLMW +VSYT

r r r

 %MV -R *YIP 'LIGO 2S EMV JSYRH MR JYIP

W]WXIQ
+3 83 
'LIGO JSV EMV MR XLI JYIP 7II 8)78 *36 %-6 -2 *9)0 PEXIV MR XLMW +VSYT
%MV JSYRH MR JYIP
W]WXIQ
&PIIH JYIP W]WXIQ 7II
&0))( 8,) *9)0
7=78)1 PEXIV MR XLMW
+VSYT

r r r

 *YIP 7YTTP] 4VIWWYVI 4VIWWYVI [MXLMR

'LIGO WTIGMJMGEXMSR
+3 83 
'LIGO JYIP WYTTP] TVIWWYVI 7II ',)'/ *9)0 79440= 46)7796) PEXIV MR XLMW
+VSYT 4VIWWYVI MW FIPS[
WTIGMJMGEXMSR
+3 83 

r r r

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



42!
  *YIP *MPXIV 8IWX 4VIWWYVI [MXLMR
WTIGMJMGEXMSR
4VSFPIQ VIWSPZIH
 6ITPEGI JMREP JYIP JMPXIV ERH VIXIWX
4VIWWYVI FIPS[
 6ITPEGI TVIJMPXIV MJ IUYMTTIH ERH VIXIWX WTIGMJMGEXMSR
+3 83 
 'LIGO JYIP WYTTP] TVIWWYVI 7II ',)'/ *9)0 79440= 46)7796) PEXIV MR XLMW
+VSYT

r r r

 *YIP 7YTTP] 0MRIW 2S VIWXVMGXMSRW JSYRH

'LIGO +3 83 

6IQSZI JYIP WYTTP] PMRIW ERH HIXIVQMRI MJ XLIVI EVI ER] MRXIVREP VIWXVMGXMSRW 6IWXVMGXMSRW JSYRH
6ITEMV SV VITPEGI
GSQTSRIRXW EW RIIHIH
r r r

 *YIP 7YTTP] 4YQT

'LIGO

%X XLMW TSMRX XLI QSWX PMOIP] GEYWI JSV PS[ JYIP TVIWWYVI MW E JEMPYVI MR XLI JYIP WYTTP]
TYQT 7II &)2', 8)78 *9)0 79440= 4914 PEXIV MR XLMW +VSYT

r r r

 6IXYVR *YIP 'LIGO +SSH JYIP JPS[ SYX SJ

PSSWI SZIVJPS[ ZEPZI
2S JYIP WYTTP] TVSFPIQ
 (MWGSRRIGX JYIP PMRI JVSQ MRNIGXMSR TYQT SZIVJPS[ ZEPZI JSYRH

 0SSWIR SZIVJPS[ ZEPZI JVSQ MRNIGXMSR TYQT 238 KSSH JYIP JPS[ SV
RS JPS[ SYX SJ PSSWI
 8YVR MKRMXMSR W[MXGL XS l32z TSWMXMSR SZIVJPS[ ZEPZI
+3 83 
 3TIVEXI LERH TVMQIV SR JYIP WYTTP] TYQT YRXMP JYIP JPS[W SYX XLI SZIVJPS[ ZEPZI
JMXXMRK PSGEXMSR -J JYIP JPS[ SYX XLI LSPI GERRSX FI SFXEMRIH VIXMKLXIR EPP JMXXMRKW

r r r

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



42!
  6IWXVMGXIH 2S VIWXVMGXMSRW JSYRH
4VI-RNIGXMSR *YIP 2S JYIP WYTTP] TVSFPIQW
0MRI 'LIGO JSYRH
8LMW GLIGO [MPP LIPT HIXIVQMRI MJ XLI TVIMRNIGXMSR JYIP PMRI MW VIWXVMGXIH 6IXYVR XS HMEKRSWXMG
TVSGIHYVI IEVPMIV MR XLMW
› (MWGSRRIGX JYIP PMRI JVSQ XLI JMREP JMPXIV XS XLI MRNIGXMSR TYQT +VSYT JSV
› *SVGI EMV XLVSYKL XLI JYIP PMRI )  )2+-2)
'6%2/7;32 8 78%68
(-%+2378-'
463')(96)
36
)  )2+-2) (3)7 238
():)034 *900 43;)6
(-%+2378-'
463')(96)

6IWXVMGXMSRW JSYRH
6ITEMV SV VITPEGI
GSQTSRIRXW EW RIIHIH

r r r

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



42!
 )'9  *  )\GIWWMZI *YIP 'SRWYQTXMSR

7]QTXSQ 4VSFPIQ 7SPYXMSR

)'9  *  )\GIWWMZI *YIP 4SSV JYIP UYEPMX] (VEMR JYIP ERH VITPEGI [MXL UYEPMX]
'SRWYQTXMSR JYIP SJ XLI TVSTIV KVEHI

)RKMRI SZIVPSEHIH 6IHYGI IRKMRI PSEH

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

VIUYMVIH

'SQTVIWWMSR XSS PS[ (IXIVQMRI GEYWI SJ PS[ GSQTVIWWMSR

ERH VITEMV EW VIUYMVIH

0IEOW MR JYIP WYTTP] W]WXIQ 0SGEXI WSYVGI SJ PIEO ERH VITEMV EW

VIUYMVIH

01&6+() rr.%2r

)'9  *  *YIP MR 3MP

7]QTXSQ 4VSFPIQ 7SPYXMSR

)'9  *  *YIP MR 3MP *EYPX] MRNIGXMSR TYQT JVSRX WIEP 6ITPEGI JVSRX WIEP

01&6+(* rr.%2r

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



42!
 )'9  *  *YIP -RNIGXMSR 2S^^PI 'LIGO

8LI )'9  *  *YIP -RNIGXMSR 2S^^PI 'LIGO TVSZMHIW
E PMWX SJ TSWWMFPI JEMPYVIW ERH XLIVI WSPYXMSRW 8LMW PMWX
FIPS[ TVSZMHIW VIJIVIRGIW XS EWWMWX MR XLI HMEKRSWMW
ERH VITEMV SJ XLI RS^^PI
› 3TIVEXMSR  7II *9)0 -2.)'8-32 23>>0)
34)6%8-32 MR 7IGXMSR  +VSYT  SJ XLMW
QERYEP
› 6IQSZEP  7II 6)13:) *9)0 -2.)'8-32
23>>0)7 MR 7IGXMSR  +VSYT  SJ XLMW QERYEP
› 'PIERMRK  7II '0)%2 *9)0 -2.)'8-32
23>>0)7 ERH '0)%2 *9)0 -2.)'8-32 23>>0)
&36) MR 7IGXMSR  +VSYT  SJ XLMW QERYEP
› 4IVJSVQERGI 8IWXW  7II *9)0 -2.)'8-32
23>>0) 8)78 MR 7IGXMSR  +VSYT  SJ XLMW
QERYEP
› (MWEWWIQFP]  7II (-7%77)1&0) *9)0
-2.)'8-32 23>>0)7 MR 7IGXMSR  +VSYT  SJ
XLMW QERYEP
› %HNYWXMRK  7II %(.978 *9)0 -2.)'8-32
23>>0) MR 7IGXMSR  +VSYT  SJ XLMW QERYEP
› -RWXEPPMRK 7IEPW  7II -278%00 7)%07 32 *9)0
-2.)'8-32 23>>0) MR 7IGXMSR  +VSYT  SJ
XLMW QERYEP
› -RWXEPPEXMSR  7II -278%00 *9)0 -2.)'8-32
23>>0)7 MR 7IGXMSR  +VSYT  SJ XLMW QERYEP

7]QTXSQ 4VSFPIQ 7SPYXMSR

*EMPIH 'EVFSR 7XST 7IEP ;EWLIV 2S^^PI VITPEGIH [MXLSYX YWMRK RI[ 'PIER KVSSZI ERH MRWXEPP RI[ WIEP
WIEP SV [EWLIV ERH [EWLIV

'EVFSR WXST WIEP KVSSZI RSX GPIERIH 'PIER KVIEZI ERH MRWXEPP RI[ WIEP
[LIR RI[ WIEP [EW MRWXEPPIH

-RGSVVIGX 3TIRMRK 4VIWWYVI -QTVSTIV EHNYWXQIRX %HNYWX STIRMRK TVIWWYVI 7II *9)0
-2.)'8-32 23>>0) 8)78 MR
7IGXMSR  +VSYT  SJ XLMW
QERYEP

&VSOIR WTVMRK 6ITPEGI WTVMRK

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

'LMTTIH SVMJMGIW 6ITPEGI MRNIGXMSR RS^^PI

&SXXSQIH PMJX WGVI[ %HNYWX PMJX WGVI[

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

'LMTTIH SVMJMGIW 6ITPEGI MRNIGXMSR RS^^PI

'VEGOIH RS^^PI XMT 6ITPEGI MRNIGXMSR RS^^PI

4SSV %XSQM^EXMSR 4PYKKIH SVMJMGI 'PIER SVMJMGI

'LMTTIH SVMJMGI 6ITPEGI MRNIGXMSR RS^^PI

'VEGOIH RS^^PI XMT 6ITPEGI MRNIGXMSR RS^^PI

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

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



42!
 7]QTXSQ 4VSFPIQ 7SPYXMSR

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 *9)0 -2.)'8-32 23>>0)

8)78 MR 7IGXMSR  +VSYT  SJ
XLMW QERYEP

(MWXSVXIH FSH] 6ITPEGI MRNIGXMSR RS^^PI

'VEGOIH XMT 6ITPEGI MRNIGXMSR RS^^PI

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

0S[ 0IEO3JJ :EVRMWL SR ZEPZI 'PIER +YMHI %VIE

-RWYJJMGMIRX GPIEVERGI 'PIER RS^^PI 0ET ZEPZI XS KYMHI

6ITPEGI MRNIGXMSR RS^^PI EW
RIGIWWEV]

01&6+ rr1%6r

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



42!
 )'9  (  )'9 (SIW 2SX 'SQQYRMGEXI ;MXL (78

% % %
'%20S[ * )
&
+ ' '
'%2,MKL
( ( (
9 3
2
'%27LMIPH ) ) )
, 2
% )
6 '
* * *
( ( 2 8
) + + +
) 3
' ' , , ,
% 7 6
* & ) . . .
7
. & 7[MXGLIH:SPXEKI
/ / /
+
, % 7XEXMG+VSYRH

(MEKRSWXMG
'SRRIGXSV

& % % & &

%
'

'
'
'%28IVQMREXSV

8LMW HMEKRSWXMG TVSGIHYVI WLSYPH FI YWIH MJ IWXEFPMWLIH *SV QSVI MRJSVQEXMSR SR '%2 WII
GSQQYRMGEXMSR FIX[IIR XLI (MEKRSWXMG 7GER 8SSP '3286300)6 %6)% 2)8;36/ '%2 MR +VSYT 
(78 ERH XLI )RKMRI 'SRXVSP 9RMX )'9 GERRSX FI IEVPMIV MR XLMW QERYEP

01&6+) rr.%2r

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



42!
 )'9  (  )'9 (SIW 2SX 'SQQYRMGEXI ;MXL (78  'SRXMRYIH

01&6+) rr.%2r

)'9  (  )'9 (SIW 2SX 'SQQYRMGEXI [MXL (78 (MEKRSWXMG 4VSGIHYVI

r r r

 'SRRIGXMSR 'LIGO -14368%28 (S RSX JSVGI TVSFIW MRXS GSRRIGXSV XIVQMREPW SV HEQEKI [MPP VIWYPX 2S JEYPX] GSRRIGXMSR W 
9WI 01&.8 'SRRIGXSV %HETXIV 8IWX /MX XS QEOI QIEWYVIQIRXW MR +3 83 
GSRRIGXSVW 8LMW [MPP IRWYVI XLEX XIVQMREP HEQEKI HSIW RSX SGGYV
*EYPX] GSRRIGXMSR W 
6ITEMV JEYPX]
GSRRIGXMSR W

4IVJSVQ E TVIPMQMREV] MRWTIGXMSR SJ XLI )'9 GSRRIGXSV XLI HMEKRSWXMG GSRRIGXSV ERH
EPP GSRRIGXMSRW MR FIX[IIR 0SSO JSV HMVX] HEQEKIH SV TSSVP] TSWMXMSRIH XIVQMREPW

r r r

 -RXIVQMXXIRX *EYPX 8IWX (78 HSIW RSX

GSQQYRMGEXI [MXL )'9
+3 83 
 'SRRIGX XLI (78 *SV MRWXVYGXMSRW SR GSRRIGXMRK XS XLI (78 WII '322)'8-2+
83 (-%+2378-' 7'%2 8330 (78 MR +VSYT  PEXIV MR XLMW QERYEP (78 GSQQYRMGEXIW [MXL
)'9 4VSFPIQ MW
 1EOI WYVI EPP GSQQYRMGEXMSR GEFPIW EVI TVSTIVP] GSRRIGXIH MRXIVQMXXIRX -J RS SXLIV
GSHIW EVI TVIWIRX WII
 -KRMXMSR 32 IRKMRI 3** -28)61-88)28 *%908
(-%+2378-'7 IEVPMIV MR
 7XEVX XLI )'9 'SQQYRMGEXMSR 7SJX[EVI XLMW +VSYT

r r r

 7IRWSV :SPXEKI 8IWX  : SV EFSZI

+3 83 

 -KRMXMSR 3** &IPS[  :

+3 83 
 (MWGSRRIGX )'8 WIRWSV

 -KRMXMSR 32

 9WMRK E QYPXMQIXIV QIEWYVI XLI ZSPXEKI FIX[IIR FSXL XIVQMREPW SJ XLI WIPIGXIH
WIRWSV LEVRIWW GSRRIGXSV

r r r

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



42!
  4S[IV 7YTTP] 8IWX  : SV EFSZI
*EYPX] )'9 TS[IV JYWI
36
 -KRMXMSR 3** *EYPX] )'9 TS[IV [MVMRK
36
 (MWGSRRIGX )'9 GSRRIGXSV *EYPX] )'9

 -KRMXMSR 32 &IPS[  :

/I]SR WMKREP [MVI STIR
 9WMRK E QYPXMQIXIV QIEWYVI XLI ZSPXEKI FIX[IIR E KSSH KVSYRH ERH XIVQMREP % MR SV WLSVXIH XS KVSYRH
XLI LEVRIWW IRH SJ XLI )'9 GSRRIGXSV 36
*EYPX] MKRMXMSR W[MXGL
36
*EYPX] OI]SR TS[IV JYWI
r r r

 4(1 4S[IV 0MKLX +VIIR TS[IV PMKLX 32

8IWX +3 83 

 -KRMXMSR 32 6IH TS[IV PMKLX SV

TS[IV PMKLX 3**
 3FWIVZI XLI TS[IV PMKLX SR XLI 4EVEPPIP (EXE 1SHYPI 4(1 +3 83 
r r r

 3TIR MR (MEKRSWXMG 7YFWXERXMEPP] PIWW XLER

+VSYRH 'SRRIGXSV FEXXIV] ZSPXEKI
;MVI 8IWX +3 83 
 -KRMXMSR 3**
%X SV RIEV FEXXIV]
 (MWGSRRIGX XLI HMEKRSWXMG GEFPI JVSQ XLI HMEKRSWXMG GSRRIGXSV ZSPXEKI
*EYPX] HMEKRSWXMG
 -KRMXMSR 32 GSRRIGXSV
36
 9WMRK E QYPXMQIXIV QIEWYVI ZSPXEKI FIX[IIR W[MXGLIH ZSPXEKI XIVQMREP ERH KVSYRH *EYPX] HMEKRSWXMG GEFPI
XIVQMREP SJ XLI LEVRIWW IRH SJ XLI HMEKRSWXMG GSRRIGXSV 36
*EYPX] 4EVEPPIP 4SVX (EXE
1SHYPI 4(1

r r r

 ,EVRIWW 0MKLX 32

4S[IV+VSYRH ;MVI *EYPX] HMEKRSWXMG
'LIGOW GSRRIGXSV
 -KRMXMSR 3** 36
3TIR SV WLSVX MR TS[IV
 (MWGSRRIGX XLI HMEKRSWXMG GEFPI JVSQ XLI HMEKRSWXMG GSRRIGXSV [MVI

 4VSFI XLI KVSYRH XIVQMREP MR XLI LEVRIWW WMHI SJ XLI HMEKRSWXMG GSRRIGXSV [MXL E 0MKLX 3**
XIWX PMKLX GSRRIGXIH XS FEXXIV] ZSPXEKI *EYPX] HMEKRSWXMG
GSRRIGXSV
36
3TIR KVSYRH [MVI

r r r

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



42!
  3TIR MR ,EVRIWW &SXL QIEWYVIQIRXW 
'MVGYMX 8IWX SLQW SV PIWW
+3 83 
 -KRMXMSR 3**
3RI SV QSVI
 (MWGSRRIGX )'9 GSRRIGXSV ERH HMEKRSWXMG GEFPI JVSQ XLI HMEKRSWXMG GSRRIGXSV QIEWYVIQIRXW KVIEXIV
XLER  SLQW
 9WMRK E QYPXMQIXIV QIEWYVI VIWMWXERGI SR XLI LEVRIWW IRH SJ FSXL GSRRIGXSVW 3TIR MR LEVRIWW GMVGYMX
FIX[IIR

› '%2 PS[ XIVQMREP ( MR XLI HMEKRSWXMG GSRRIGXSV ERH XIVQMREP * MR XLI )'9
GSRRIGXSV
› '%2 LMKL XIVQMREP ' MR XLI HMEKRSWXMG GSRRIGXSV ERH XIVQMREP + MR XLI )'9
GSRRIGXSV
r r r

 '%2 6IWMWXERGI 8IWX &IX[IIR    SLQW

+3 83 

 -KRMXMSR 3** 0IWW XLER  SV KVIEXIV

XLER  SLQW
 )'9 ERH HMEKRSWXMG GSRRIGXSV WXMPP HMWGSRRIGXIH *EYPX] SV QMWWMRK '%2
XIVQMREXSV GSRRIGXSV
 9WMRK E QYPXMQIXIV QIEWYVI VIWMWXERGI FIX[IIR XIVQMREPW ' ERH ( MR XLI LEVRIWW 36
IRH SJ XLI HMEKRSWXMG GSRRIGXSV 3TIR SV WLSVX MR '%2
[MVMRK LEVRIWW

r r r

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:SPXEKI 8IWX FIX[IIR    ZSPXW
*EYPX] )'9'EF ,EVRIWW
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36
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36
 -KRMXMSR 32 IRKMRI 3** *EYPX] HMEKRSWXMG
GSRRIGXSV
 9WMRK E QYPXMQIXIV QIEWYVI ZSPXEKI FIX[IIR E KSSH GLEWWMW KVSYRH ERH  36
*EYPX] 4EVEPPIP 4SVX (EXE
› 8IVQMREP ' MR XLI HMEKRSWXMG GSRRIGXSV 1SHYPI 4(1
› 8IVQMREP ( MR XLI HMEKRSWXMG GSRRIGXSV 36
*EYPX] HMEKRSWXMG
WSJX[EVIGSQTYXIV
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)MXLIV QIEWYVIQIRX
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KVSYRH SV ZSPXEKI
36
*EYPX] )'9

r r r

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42!
 )'9  (  (MEKRSWXMG +EYKI (SIW 2SX 'SQQYRMGEXI ;MXL )'9

% % %
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+ / / /
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) ( ( 7XEXMG+VSYRH

(MEKRSWXMG+EYKI
'SRRIGXSV

& % % & &

%
'

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'
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XLI HMEKRSWXMG KEYKI WLS[W XLI JSPPS[MRK IVVSV

GSHIW SV MX GER RSX GSQQYRMGEXI [MXL XLI )'9
r ))IVVSV
r %'4)VV2S %HHV
-RXIVREP (MEKRSWXMG +EYKI )VVSVW r %'4)VV&YW )4
r %'4)VV&YW )VVSV
› 8LI (  (MEKRSWXMG +EYKI (SIW 2SX 'SQQYRMGEXI
;MXL )'9 HMEKRSWXMG TVSGIHYVI WLSYPH FI JSPPS[IH MJ

01&6+) rr.%2r

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42!
 )'9  (  (MEKRSWXMG +EYKI (SIW 2SX 'SQQYRMGEXI ;MXL )'9  'SRXMRYIH

01&6+ rr*)&r

)'9  (  (MEKRSWXMG +EYKI (SIW 2SX 'SQQYRMGEXI ;MXL )'9 (MEKRSWXMG 4VSGIHYVI

r r r

 'SRRIGXMSR 'LIGO -14368%28 (S RSX JSVGI TVSFIW MRXS GSRRIGXSV XIVQMREPW SV HEQEKI [MPP VIWYPX 2S JEYPX] GSRRIGXMSR W 
9WI 01&.8 'SRRIGXSV %HETXIV 8IWX /MX XS QEOI QIEWYVIQIRXW MR +3 83 
GSRRIGXSVW 8LMW [MPP IRWYVI XLEX XIVQMREP HEQEKI HSIW RSX SGGYV
*EYPX] GSRRIGXMSR W 
6ITEMV JEYPX]
GSRRIGXMSR W

4IVJSVQ E TVIPMQMREV] MRWTIGXMSR SJ XLI )'9 GSRRIGXSV XLI HMEKRSWXMG KEYKI

GSRRIGXSV ERH EPP GSRRIGXMSRW MR FIX[IIR 0SSO JSV HMVX] HEQEKIH SV TSSVP]
TSWMXMSRIH XIVQMREPW

r r r

 -RXIVQMXXIRX *EYPX 8IWX )VVSV SV RS TS[IV JSYRH

MR HMEKRSWXMG KEYKI
+3 83 
 -KRMXMSR 3**
2S IVVSV JSYRH ERH
 -KRMXMSR 32 TS[IV TVIWIRX MR
HMEKRSWXMG KEYKI
4VSFPIQ MW MRXIVQMXXIRX -J
RS SXLIV GSHIW EVI
TVIWIRX WII
-28)61-88)28 *%908
(-%+2378-'7 IEVPMIV MR
XLMW +VSYT

r r r

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



42!
  7IRWSV :SPXEKI 8IWX  : SV EFSZI
+3 83 

 -KRMXMSR 3** &IPS[  :

+3 83 
 (MWGSRRIGX ER] SJ XLI JSPPS[MRK

› *YIP XIQTIVEXYVI WIRWSV

› 1%8 WIRWSV
› )'8 WIRWSV

 -KRMXMSR 32

 9WMRK E QYPXMQIXIV QIEWYVI XLI ZSPXEKI FIX[IIR FSXL XIVQMREPW SJ XLI WIPIGXIH
WIRWSV LEVRIWW GSRRIGXSV

r r r

 4S[IV 7YTTP] 8IWX  : SV EFSZI

*EYPX] )'9 TS[IV JYWI
36
 -KRMXMSR 3** *EYPX] )'9 TS[IV [MVMRK
36
 (MWGSRRIGX )'9 GSRRIGXSV *EYPX] )'9

 -KRMXMSR 32 &IPS[  :

/I]SR WMKREP [MVI STIR
 9WMRK E QYPXMQIXIV QIEWYVI XLI ZSPXEKI FIX[IIR E KSSH KVSYRH ERH XIVQMREP % MR SV WLSVX XS KVSYRH
XLI LEVRIWW IRH SJ XLI )'9 GSRRIGXSV 36
*EYPX] MKRMXMSR W[MXGL
36
*EYPX] OI]SR TS[IV JYWI
r r r

 (MEKRSWXMG +EYKI +EYKI LEW TS[IV

4S[IV 8IWX +3 83 

 -KRMXMSR 32 +EYKI HSIW RSX LEZI

TS[IV
 :MI[ HMEKRSWXMG KEYKI +3 83 
r r r

 3TIR MR (MEKRSWXMG 7YFWXERXMEPP] PIWW XLER

+VSYRH 'SRRIGXSV FEXXIV] ZSPXEKI
;MVI 8IWX +3 83 
 -KRMXMSR 3**
%X SV RIEV FEXXIV]
 (MWGSRRIGX XLI HMEKRSWXMG GEFPI JVSQ XLI HMEKRSWXMG GSRRIGXSV ZSPXEKI
*EYPX] HMEKRSWXMG
 -KRMXMSR 32 GSRRIGXSV
36
 9WMRK E QYPXMQIXIV QIEWYVI ZSPXEKI FIX[IIR W[MXGLIH ZSPXEKI XIVQMREP ERH KVSYRH *EYPX] HMEKRSWXMG GEFPI
XIVQMREP SJ XLI LEVRIWW IRH SJ XLI HMEKRSWXMG GSRRIGXSV 36
*EYPX] 4EVEPPIP 4SVX (EXE
1SHYPI 4(1

r r r

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



42!
  ,EVRIWW 0MKLX 32
4S[IV+VSYRH ;MVI *EYPX] HMEKRSWXMG
'LIGOW GSRRIGXSV
 -KRMXMSR 3** 36
3TIR SV WLSVX MR TS[IV
 (MWGSRRIGX XLI HMEKRSWXMG GEFPI JVSQ XLI HMEKRSWXMG GSRRIGXSV [MVI

 4VSFI XLI KVSYRH XIVQMREP MR XLI LEVRIWW WMHI SJ XLI HMEKRSWXMG GSRRIGXSV [MXL E 0MKLX 3**
XIWX PMKLX GSRRIGXIH XS FEXXIV] ZSPXEKI *EYPX] HMEKRSWXMG
GSRRIGXSV
36
3TIR KVSYRH [MVI

r r r

 3TIR MR ,EVRIWW %PP QIEWYVIQIRXW 

'MVGYMX 8IWX SLQW SV PIWW
+3 83 
 -KRMXMSR 3**
3RI SV QSVI
 (MWGSRRIGX XLI )'9 GSRRIGXSV ERH XLI HMEKRSWXMG GEFPI JVSQ XLI HMEKRSWXMG QIEWYVIQIRXW KVIEXIV
GSRRIGXSV XLER  SLQW
3TIR MR LEVRIWW GMVGYMX
 9WMRK E QYPXMQIXIV QIEWYVI VIWMWXERGI SR XLI LEVRIWW IRH SJ FSXL GSRRIGXSVW 36
FIX[IIR 'SRRIGXSV XIVQMREPW MR
[VSRK TSWMXMSR
› 8IVQMREP & MR XLI HMEKRSWXMG KEYKI GSRRIGXSV ERH XIVQMREP * MR XLI )'9
GSRRIGXSV
› 8IVQMREP + MR XLI HMEKRSWXMG KEYKI GSRRIGXSV ERH XIVQMREP + MR XLI )'9
GSRRIGXSV

r r r

 '%2 6IWMWXERGI 8IWX &IX[IIR  SLQW

+3 83 

 -KRMXMSR 3** 0IWW XLER  SV KVIEXIV

XLER  SLQW
 )'9 ERH HMEKRSWXMG GSRRIGXSVW WXMPP HMWGSRRIGXIH *EYPX] SV QMWWMRK '%2
XIVQMREXSV GSRRIGXSV W
 9WMRK E QYPXMQIXIV QIEWYVI VIWMWXERGI FIX[IIR XIVQMREPW & ERH + MR XLI LEVRIWW 36
IRH SJ XLI HMEKRSWXMG GSRRIGXSV 3TIR SV WLSVX MR '%2
[MVMRK LEVRIWW

r r r

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



42!
 '%2 ,MKL ERH 0S[ &SXL QIEWYVIQIRXW
:SPXEKI 8IWX FIX[IIR    :
*EYPX] )'9 GSRRIGXMSR
 -KRMXMSR 3** 36
*EYPX] HMEKRSWXMG KEYKI
 6IGSRRIGX )'9 GSRRIGXSV GSRRIGXMSR
36
 -KRMXMSR 32 *EYPX] HMEKRSWXMG
WSJX[EVIGSQTYXIV
 9WMRK E QYPXMQIXIV QIEWYVI ZSPXEKI FIX[IIR E KSSH GLEWWMW KVSYRH ERH GSRJMKYVEXMSR
36
› 8IVQMREP & MR XLI HMEKRSWXMG KEYKI GSRRIGXSV *EYPX] )'9
› 8IVQMREP + MR XLI HMEKRSWXMG KEYKI GSRRIGXSV
)MXLIV QIEWYVIQIRX
PIWW XLER  : SV
KVIEXIV XLER  :
'%2 [MVMRK WLSVXIH XS
KVSYRH SV TS[IV
36
*EYPX] )'9

r r r

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



42!
 )'9  %  -RXEOI %MV ,IEXIV 'LIGO

%MV,IEXIV % % %
-RHMGEXSV0MKLX & & &
)
' ' '
''
7[MXGLIH:SPXEKI + ( ( (
93
) ) )
2
,2
%)
6'
* * *
28
%MV,IEXIV6IPE])REFPI / + + +
) 3
7 6
.
7
/ / /

;LIR XLI )'9 WIRHW FEXXIV] ZSPXEKI XS XLI EMV LIEXIV

-RXEOI %MV ,IEXIV
8LI MRXEOI EMV LIEXIV MW PSGEXIH FIX[IIR XLI MRXEOI
TMTI ERH MRXEOI QERMJSPH -XW JYRGXMSR MW XS LIEX XLI
MRXEOI EMV HYVMRK GSPH WXEVXMRK GSRHMXMSRW -XW STIVEXMSR
XMQI MW HITIRHIRX SR XLI JYIP XIQTIVEXYVI XLEX XLI
)'9 HIXIGXW EX OI]SR 8LI XEFPI SR XLI
GSVVIWTSRHMRK TEKI I\TPEMRW XLMW VIPEXMSRWLMT
VIPE] XLI WSPIRSMH MR XLI VIPE] EGXMZEXIW ERH XLI EMV
LIEXIV XYVRW 32 %X XLMW XMQI XLI )'9 [MPP MPPYQMREXI
XLI EMV LIEXIV MRHMGEXSV PMKLX ;LIR XLI )'9 WXSTW
WIRHMRK FEXXIV] ZSPXEKI XLI WSPIRSMH HIEGXMZEXIW ERH
XLI EMV LIEXIV XYVRW 3** %X XLMW XMQI XLI )'9 [MPP XYVR
XLI EMV LIEXIV MRHMGEXSV PMKLX 3**
8S IRWYVI JYPP YXMPM^EXMSR SJ XLI MRXEOI EMV LIEXIV XLI
STIVEXSV WLSYPH [EMX YRXMP XLI PMKLX KSIW SYX FIJSVI
WXEVXMRK XLI IRKMRI %R]XMQI XLI IRKMRI GVEROW FYX
HSIW RSX WXEVX E OI]SJJOI]SR G]GPI [MPP FI VIUYMVIH
FIJSVI TVILIEXMRK MW EPPS[IH EKEMR

01&6+) rr.%2r

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



42!
 )'9  %  -RXEOI %MV ,IEXIV 'LIGO  'SRXMRYIH

-RXEOI %MV ,IEXIV 3TIVEXMRK 'SRHMXMSRW

-RXEOI %MV ,IEXIV 3TIVEXMSR
*YIP 8IQTIVEXYVI 3TIVEXMSR 8MQI
”' ”*  WIGSRHW
”' ”*  WIGSRHW
”' ”*  WIGSRHW
”' ”*  WIGSRHW
”' ”* ERH FIPS[  WIGSRHW

01&6+) rr.%2r

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



42!
 )'9  %  -RXEOI %MV ,IEXIV 'LIGO  'SRXMRYIH

01&6+)& rr.%2r

)'9  %  -RXEOI %MV ,IEXIV 'LIGO (MEKRSWXMG 4VSGIHYVI

r r r

 'SRRIGXMSR 'LIGO -14368%28 (S RSX JSVGI TVSFIW MRXS GSRRIGXSV XIVQMREPW SV HEQEKI [MPP VIWYPX 2S JEYPX] GSRRIGXMSR W 
9WI 01&.8 'SRRIGXSV %HETXIV 8IWX /MX XS QEOI QIEWYVIQIRXW MR +3 83 
GSRRIGXSVW 8LMW [MPP IRWYVI XLEX XIVQMREP HEQEKI HSIW RSX SGGYV
*EYPX] GSRRIGXMSR W 
6ITEMV JEYPX]
GSRRIGXMSR W

4IVJSVQ E TVIPMQMREV] MRWTIGXMSR SJ XLI )'9 GSRRIGXSV EMV LIEXIV VIPE] GSRRIGXSV EMV
LIEXIV GSRRIGXSV ERH EPP GSRRIGXMSRW MR FIX[IIR 0SSO JSV HMVX] HEQEKIH SV TSSVP]
TSWMXMSRIH XIVQMREPW

r r r

 %MV ,IEXIV -RHMGEXSV 0MKLX [SVOW

0MKLX 'LIGO +3 83 

0MKLX HSIW RSX [SVO

*EYPX] EMV LIEXIV MRHMGEXSV
 /I] 32 IRKMRI 3** PMKLX [MVMRK
36
 :IVMJ] XLEX XLI EMV LIEXIV MRHMGEXSV PMKLX MW [SVOMRK *EYPX] EMV LIEXIV MRHMGEXSV
PMKLX

r r r

 %GXMZI (8' 8IWX 2S EGXMZI (8' W

TVIWIRX
+3 83 
 'SRRIGX XLI (78 *SV MRWXVYGXMSRW SR GSRRIGXMRK XS XLI (78 WII '322)'8-2+
83 (-%+2378-' 7'%2 8330 (78 MR +VSYT  PEXIV MR XLMW QERYEP %GXMZI (8' W TVIWIRX
+S XS ETTVSTVMEXI
 -KRMXMSR 32 IRKMRI 3** HMEKRSWXMG TVSGIHYVI

 7XEVX XLI )'9 'SQQYRMGEXMSR 7SJX[EVI

 /I] 32 IRKMRI 3**

 6IEH (8'W YWMRK (78

r r r

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



42!
  *YIP 8IQTIVEXYVI &IPS[ ”' ”* 
'LIGO +3 83 

 /I] 32 IRKMRI 3** %X SV EFSZI ”' ”* 

2S EMV LIEXIVVIPEXIH
 6IEH XLI *YIP 8IQTIVEXYVI TEVEQIXIV YWMRK XLI (78 TVSFPIQ JSYRH
r r r

 :SPXEKI EX %MV ,IEXIV %X SV RIEV FEXXIV]

'LIGO ZSPXEKI
+3 83 
 /I] 3**
2S ZSPXEKI HIXIGXIH
 9WMRK E QYPXMQIXIV QIEWYVI XLI ZSPXEKI FIX[IIR XLI EMV LIEXIV TS[IV WXYH ERH E +3 83 
KSSH GLEWWMW KVSYRH [LMPI XYVRMRK OI] 32 IRKMRI 3**

r r r

 %MV ,IEXIV 'LIGO 8IQTIVEXYVI MRGVIEWIW

2S EMV LIEXIV VIPEXIH
TVSFPIQ JSYRH
 /I] 3**
8IQTIVEXYVI HSIW RSX
 9WMRK E QYPXMQIXIV QIEWYVI XLI XIQTIVEXYVI SJ EMV LIEXIV LSYWMRK MRGVIEWI
*EYPX] EMV LIEXIV
 /I] 32 IRKMRI 3**

 'SRXMRYI XS QSRMXSV XIQTIVEXYVI SJ EMV LIEXIV LSYWMRK

r r r

 %MV ,IEXIV 6IPE] 6IPE] GPMGOW

'LIGO *EYPX] TS[IV [MVI XS VIPE]
36
 /I] 3** *EYPX] [MVI FIX[IIR VIPE]
ERH LIEXIV
 0MWXIR JSV EMV LIEXIV VIPE] XS GPMGO [LMPI XYVRMRK OI] 32 IRKMRI 3** 36
*EYPX] EMV LIEXIV VIPE]

6IPE] HSIW RSX GPMGO

*EYPX] EMV LIEXIV IREFPI
[MVI
36
*EYPX] VIPE] KVSYRH
36
*EYPX] VIPE]

r r r

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 STIVEXSVW QERYEP 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  7YFQIVKI LSWI MR E GSRXEMRIV SJ GPIER KSSH
 'LIGO TVIJMPXIV MJ IUYMTTIH ERH JMREP JYIP JMPXIV JSV
WIVZMGIEFMPMX] -J JMPXIV MW IUYMTTIH [MXL E [EXIV FS[P
IQTX] ERH GPIER [EXIV FS[P
 -KRMXMSR 3** IRKMRI SJJ
 (MWGSRRIGX JYIP PMRI JVSQ MRPIX WMHI SJ TVIJMPXIV MJ
IUYMTTIH SV MRPIX WMHI SJ JMREP JMPXIV SR IRKMRIW
[MXLSYX TVIJMPXIV
 'SRRIGX E LSWI XS MRPIX TSVX
UYEPMX] JYIP QIIXMRK IRKMRI WTIGMJMGEXMSRW
 3TIVEXI IRKMRI YRHIV PSEH ERH SFWIVZI
TIVJSVQERGI

 7XEVX IRKMRI ERH STIVEXI YRHIV PSEH SFWIVZMRK -J TIVJSVQERGI MQTVSZIW JYIP MW GSRXEQMREXIH SV
IRKMRI TIVJSVQERGI RSX SJ XLI TVSTIV KVEHI 'LIGO JYIP WSYVGI

6+)' rr.%2r

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



42!
 8IWX JSV *YIP (VEMR &EGO

*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 WYTTP]
TYQT JYIP MRNIGXMSR TYQT JYIP JMPXIVW ERH [EXIV FS[P
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+)) rr.%2r

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



42!
 8IWX JSV %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 GPIEV TPEWXMG LSWI XS IRH SJ
PIEOSJJ PMRI EWWIQFP] ERH TPEGI STTSWMXI IRH SJ
LSWI MR E WYMXEFPI GSRXEMRIV JMPPIH [MXL JYIP EW
WLS[R
8,C(C)2 3'8  0-)&,)66Œ(r(MIWIP )RKMRIW
 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 PEXIV MR XLMW +VSYT
 -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
6+)* rr.%2r

42!
 'LIGO *YIP 7YTTP] 4VIWWYVI

-14368%28 &IJSVI HMWGSRRIGXMRK ER] JYIP PMRI

GSQTPIXIP] GPIER ER] HIFVMW JVSQ
EVSYRH XLI JMXXMRK (3 238 EPPS[ HIFVMW
XS IRXIV JYIP PMRI

 6IQSZI TPYK SR JMREP JYIP JMPXIV FEWI

 -RWXEPP XIWX IUYMTQIRX 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
*YIP 7YTTP] 4YQTŒ7XEXMG
4VIWWYVI  ΠO4E ΠFEV
ΠTWM
*YIP 7YTTP] 4YQTŒ1MRMQYQ
7XEXMG 4VIWWYVI EX  VTQ
)RKMRI 7TIIH   O4E  FEV  TWM
*YIP 7YTTP] 4YQTŒ1MRMQYQ
4SWMXMZI 4VIWWYVI EX  VTQ
)RKMRI 7TIIH  ΠO4E ΠFEV
ΠTWM
*YIP 7YTTP] 4YQTŒ1MRMQYQ
*PS[ EX  VTQ )RKMRI 7TIIH   0QMR  KTQ

01&6+* rr.%2r

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



42!
 &IRGL 8IWX *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 ',)'/ *9)0 79440= 46)7796)
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

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

 6IQSZI MRPIX ERH SYXPIX JMXXMRKW

 -RWXEPP ZEGYYQTVIWWYVI KEYKI XS MRPIX WMHI SJ TYQT

'

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

PIZIV ERH EX XLI WEQI XMQI SFWIVZI KEYKI

› 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 MJ 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 TVMQIV PIZIV EPP XLI [E] XS YT[EVH TSWMXMSR

6IPIEWI PIZIV ERH EX WEQI XMQI SFWIVZI KEYKI
VIEHMRK

'SRXMRYIH SR RI\X TEKI 6+ rr*)&r

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
*YIP 7YTTP] 4YQTŒ4VIWWYVI  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+ rr*)&r

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

%Œ0IZIV
LSPHMRK XLI X[S LEPZIW SJ TYQT XSKIXLIV MRHMGEXMRK &Œ3YXPIX 7MHI SJ 4YQT
PIEOEKI  VITPEGI TYQT 'Œ-RPIX 7MHI SJ 4YQT
› -J XLI HMETLVEKQ MW FEH XLIVI [MPP FI PIEOEKI (Œ4VMQIV 0IZIV
XLVSYKL ZIRX LSPIW MJ IUYMTTIH ERH EVSYRH XLI
VSGOIV EVQ 6ITPEGI TYQT EW RIGIWWEV]

6+ rr*)&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&393 rr23:r

 0SSWIR XLI EMV FPIIH ZIRX WGVI[ % X[S JYPP XYVRW F]

LERH SR JYIP JMPXIV FEWI

%Œ&PIIH :IRX 7GVI[

'SRXMRYIH SR RI\X TEKI 01&393 rr23:r

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



42!
  3TIVEXI JYIP WYTTP] TYQT TVMQI PIZIV & SV TVMQIV
FYXXSR SR JYIP JMPXIV FEWI MJ IUYMTTIH 

 8MKLXIR FPIIH TPYK WIGYVIP] GSRXMRYI STIVEXMRK TVMQIV

YRXMP TYQTMRK EGXMSR MW RSX JIPX

 7XEVX IRKMRI ERH GLIGO JSV PIEOW

-J IRKMRI [MPP RSX WXEVX MX QE] FI RIGIWWEV] XS FPIIH EMV

JVSQ JYIP W]WXIQ EX JYIP MRNIGXMSR TYQT SV MRNIGXMSR
RS^^PIW EW I\TPEMRIH RI\X

&Œ4VMQIV 0IZIV

01&393 rr23:r

%X *YIP -RNIGXMSR 4YQT

 0SSWIR JYIP VIXYVR PMRI % EX JYIP MRNIGXMSR TYQT

 3TIVEXI JYIP WYTTP] TYQT TVMQIV PIZIV SV TVMQIV FYXXSR

SR JYIP JMPXIV FEWI MJ IUYMTTIH 

 %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&393 rr23:r

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



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

 4PEGI XLVSXXPI PIZIV MR LEPJXLVSXXPI TSWMXMSR

-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 WXEVXIV QSXSV JSV  WIGSRHW

FYX HS RSX WXEVX IRKMRI YRXMP JYIP [MXLSYX ER] EMV
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

-J IRKMRI WXMPP [MPP RSX WXEVX WII ]SYV 0-)&,)66 Œ

%JXIV7EPIW7IVZMGI

01&393 rr23:r

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



42!
 8IWX JSV ']PMRHIV 1MWJMVI )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

WYVKMGEPP] VIQSZIH [MXLMR 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 ER SXLIV
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]

 8MKLXIR JYIP PMRIW XS WTIGMJMGEXMSRW

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

 6ITIEX XIWX JSV IEGL VIQEMRMRK G]PMRHIV

 6IQSZI JEYPX] MRNIGXMSR RS^^PIW ERH VITEMV EW VIUYMVIH

7II *  *9)0 -2.)'8-32 23>>0) ',)'/ IEVPMIV MR
XLMW +VSYT

01&6+* rr.%2r

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



42!
 +VSYT 
8VSYFPI 'SHI (MEKRSWXMGW ERH 8IWXW
%FSYX XLMW +VSYT SJ XLI 1ERYEP

8LMW WIGXMSR SJ XLI QERYEP GSRXEMRW RIGIWWEV]
MRJSVQEXMSR XS HMEKRSWI XLI IPIGXVSRMG GSRXVSP W]WXIQ
9WI XLMW MRJSVQEXMSR MR GSRNYRGXMSR [MXL XLI
0-)&,)66 Π( (MIWIP )RKMRIW &EWI )RKMRI
1ERYEP 8,C( 
8S LIPT HMEKRSWI IPIGXVSRMG GSRXVSP W]WXIQ TVSFPIQW
7IGXMSR  +VSYT  (-%+2378-'
74)'-*-'%8-327 GSRXEMRW YWIJYP MRJSVQEXMSR WYGL EW
)'9 XIVQMREP MHIRXMJMGEXMSR ERH E W]WXIQ [MVMRK
WGLIQEXMG

7II XLI 0-)&,)66 Π( (MIWIP )RKMRIW &EWI -14368%28 9RHIV 23 GMVGYQWXERGIW WLSYPH XLI
)RKMRI 1ERYEP 8,C( JSV )RKMRI 'SRXVSP 9RMX )'9 FI
STIRIH
› 6IQSZEP SJ FEWI IRKMRI GSQTSRIRXW
› &EWI IRKMRI VITEMV TVSGIHYVIW
› &EWI IRKMRI HMWEWWIQFP]
› &EWI IRKMRI MRWTIGXMSR
› &EWI IRKMRI EWWIQFP]

4EVXW WYGL EW WIRWSVW EGXYEXSVW GSRRIGXSVW ERH

[MVMRK LEVRIWWIW EVI WIVZMGIEFPI ERH EZEMPEFPI

01&6+*% rr.%2r

)PIGXVMGEP 'SRGITXW

8IWXW [MPP MRGPYHI QEOMRK QIEWYVIQIRXW SJ ZSPXEKI ERH

VIWMWXERGI ERH QEOMRK GLIGOW JSV STIR GMVGYMXW ERH WLSVX
GMVGYMXW %R YRHIVWXERHMRK SJ XLI JSPPS[MRK GSRGITXW MW
VIUYMVIH XS YWI XLI HMEKRSWXMG TVSGIHYVIW

› :SPXEKI ZSPXW
› 'YVVIRX EQTW
› 6IWMWXERGI SLQW
› 3TIR 'MVGYMX
› 7LSVX 'MVGYMX

6+*& rr.%2r

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



42!
 9WMRK E (MKMXEP 1YPXMQIXIV

-X MW VIGSQQIRHIH XLEX E HMKMXEP QYPXMQIXIV 01&.8

SV IUYMZEPIRX [MXL ER EREPSK HMWTPE] FI YWIH XS QEOI XLI
VIUYMVIH QIEWYVIQIRXW MR XLI HMEKRSWXMG TVSGIHYVIW %
ORS[PIHKI SJ XLI STIVEXMSR SJ XLI TEVXMGYPEV QIXIV YWIH MW
EWWYQIH

-RWXVYGXMSRW JSV QIEWYVMRK ZSPXEKIW XEOI XLI JSPPS[MRK

JSVQ

› 1IEWYVI ZSPXEKI JVSQ 4SMRX %  XS 4SMRX & 

-R XLMW I\EQTPI XLI TSWMXMZI XIWX PIEH JVSQ XLI ZSPXSLQ

MRTYX SJ XLI QIXIV WLSYPH FI GSRRIGXIH XS 4SMRX % ERH XLI
RIKEXMZI XIWX PIEH JVSQ XLI GSQQSR MRTYX SJ XLI QIXIV
WLSYPH FI GSRRIGXIH XS 4SMRX &

9RPIWW SXLIV[MWI WXEXIH EPP ZSPXEKI QIEWYVIQIRXW EVI

HMVIGX GYVVIRX (' 

-R QEOMRK E VIWMWXERGI QIEWYVIQIRX FI GEVIJYP XS YWI

XLI GSVVIGX VIWMWXERGI VERKI SR XLI QIXIV (MWGSRRIGX
ETTVSTVMEXI GSRRIGXSVW SV XYVR SJJ OI] W[MXGL EW HMVIGXIH
F] HMEKRSWXMG TVSGIHYVIW PEXIV MR XLMW KVSYT

01&6+*' rr.%2r

)PIGXVMGEP 'MVGYMX 1EPJYRGXMSRW

'MVGYMX 1EPJYRGXMSRW

8LIVI EVI JSYV QENSV GMVGYMX QEPJYRGXMSRW 8LI] EVI

 ,MKLVIWMWXERGI GMVGYMX

 3TIR GMVGYMX

 +VSYRHIH GMVGYMX

 7LSVXIH GMVGYMX

'SRXMRYIH SR RI\X TEKI 6+*( rr.%2r

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



42!
 6+ r92r.%2

%Œ9R[ERXIH 6IWMWXERGI

(IJMRMXMSR SJ 'MVGYMX 1EPJYRGXMSRW % GMVGYMX LEZMRK YR[ERXIH VIWMWXERGI % XLEX

GEYWIW E ZSPXEKI HVST ERH VIHYGIW GYVVIRX JPS[
 ,MKL 6IWMWXERGI 'MVGYMX

6+*( rr.%2r

6+ r92r.%2

%Œ&VIEO SV 7ITEVEXMSR MR
'MVGYMX

 3TIR 'MVGYMX
% GMVGYMX LEZMRK E FVIEO SV E WITEVEXMSR % XLEX
TVIZIRXW GYVVIRX JVSQ JPS[MRK MR XLI GMVGYMX

6+*( rr.%2r

6+ r92r.%2

%Œ:SPXEKI ;MVI MR 'SRXEGX

[MXL 1EGLMRI *VEQI

 +VSYRHIH 'MVGYMX
% ZSPXEKI [MVI MR GSRXEGX [MXL XLI QEGLMRI JVEQI
%  TVSZMHMRK GSRXMRYMX] [MXL XLI FEXXIV] KVSYRH
XIVQMREP

'SRXMRYIH SR RI\X TEKI 6+*( rr.%2r

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



42!
  7LSVXIH 'MVGYMX KVSYRH [MVI GSRRIGXMRK E GSQTSRIRX XS XLI
% [MVIXS[MVI GSRXEGX SJ X[S EHNEGIRX [MVIW XLEX FEXXIV] RIKEXMZI XIVQMREP 
TVSZMHIW YR[ERXIH GSRXMRYMX] FIX[IIR XLI X[S › +VSYRH [MVI WLSVXIH XS ERSXLIV KVSYRH [MVI
[MVIW 8LI JSPPS[MRK EVI X]TIW SJ WLSVX GMVGYMXW [MVIW SJ ^IVS ZSPXEKI 
› :SPXEKI [MVI WLSVXIH XS ERSXLIV ZSPXEKI [MVI
[MVIW SJ IUYEP SV YRIUYEP ZSPXEKI 
› :SPXEKI [MVI WLSVXIH XS E WIRWSV WMKREP [MVI
[MVIW SJ YRIUYEP ZSPXEKI 
› :SPXEKI [MVI WLSVXIH XS E KVSYRH [MVI [MVIW SJ
FEXXIV] ZSPXEKI SV VIKYPEXIH ZSPXEKI WLSVXIH XS E

6+*( rr.%2r

6+ r92r.%2

%Œ'SRXVSPPMRK 7[MXGL &Œ0SEH

0SGEXMSRW SJ 'MVGYMX 1EPJYRGXMSRW QEPJYRGXMSRW 8LIVIJSVI GEVI QYWX FI I\IVGMWIH [LIR

MWSPEXMRK XLI GEYWI SJ XLI TVSFPIQ
-R E l7MQTPI )PIGXVMGEP 'MVGYMXz XLI GMVGYMX QEPJYRGXMSRW
SGGYV EX SRP] XLVII PSGEXMSRW 8LI] EVI )\EQTPI % GSQTSRIRX QE] RSX STIVEXI FIJSVI
HMWGSRRIGXMRK ER IPIGXVMGEP GSRRIGXMSR FYX MX STIVEXIW
 &IJSVI XLI GSRXVSPPMRK W[MXGL %  EJXIV VIGSRRIGXMRK XLI GSRRIGXSV

 &IX[IIR XLI GSRXVSPPMRK W[MXGL % ERH XLI PSEH & 
 %JXIV XLI PSEH & 
)PIGXVMGEP GSQTSRIRXW GER FIGSQI JEYPX] [MXL XLI
WEQI JSYV GMVGYMX QEPJYRGXMSRW 7SQIXMQIW GSQTSRIRX
QEPJYRGXMSRW GER IEWMP] FI GSRJYWIH [MXL GMVGYMX
6IEWSR 3\MHEXMSR SJ XLI XIVQMREPW GVIEXIH l,MKL
6IWMWXERGIz ERH E ZSPXEKI HVST XLEX TVIZIRXW XLI
TVSTIV EQSYRX SJ GYVVIRX JPS[ XS XLI GSQTSRIRX
(MWGSRRIGXMRK ERH VIGSRRIGXMRK XLI GSRRIGXSV
VIQSZIH WSQI S\MHEXMSR ERH VIIWXEFPMWLIH KSSH
GSRXMRYMX] XLVSYKL XLI GSRRIGXSV

6+*( rr.%2r

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



42!
 8VSYFPIWLSSXMRK 'MVGYMX 1EPJYRGXMSRW
6+ r92r.%2

%Œ&EXXIV] (Œ9R[ERXIH 6IWMWXERGI +Œ'MVGYMX 'SRRIGXSV -Œ0SEH 0EQT

&Œ7[MXGL )Œ'MVGYMX 'SRRIGXSV ,Œ'SQTSRIRX 8IVQMREP .Œ+VSYRH
'Œ'SQTSRIRX 8IVQMREP *Œ3TIR 'MVGYMX

 ,MKL 6IWMWXERGI 'MVGYMX TVSTIV ZSPXEKI EX E PSGEXMSR IEWMP] EGGIWWMFPI

FIX[IIR ' ERH , 
% l,MKL 6IWMWXERGIz GMVGYMX GER VIWYPX MR WPS[ HMQ
SV RS GSQTSRIRX STIVEXMSR JSV I\EQTPI PSSWI › -J ZSPXEKI MW PS[ QSZI XS[EVH XLI ZSPXEKI
GSVVSHIH HMVX] SV SMP] XIVQMREPW KEYKI SJ [MVI XSS WSYVGI % XS PSGEXI XLI TSMRX SJ ZSPXEKI HVST
WQEPP SV FVSOIR WXVERHW SJ [MVI  › -J ZSPXEKI MW GSVVIGX QSZI XS[EVH XLI PSEH -
ERH KVSYRH XIVQMREP . XS PSGEXI XLI ZSPXEKI
 3TIR 'MVGYMX HVST

%R l3TIRz GMVGYMX VIWYPXW MR RS GSQTSRIRX STIVEXMSR

FIGEYWI XLI GMVGYMX MW MRGSQTPIXI JSV I\EQTPI
FVSOIR [MVI XIVQMREPW HMWGSRRIGXIH STIR
TVSXIGXMZI HIZMGI SV STIR W[MXGL 
F 6ITEMV XLI GMVGYMX EW VIUYMVIH
(S XLI JSPPS[MRK XS MWSPEXI XLI PSGEXMSR SJ E l,MKL
6IWMWXERGIz SV l3TIRz GMVGYMX G 4IVJSVQ ER STIVEXMSREP GLIGOSYX SR XLI
GSQTSRIRX EJXIV GSQTPIXMRK XLI VITEMV
E ;MXL XLI GSRXVSPPMRK W[MXGL & GPSWIH SR ERH
XLI PSEH - GSRRIGXIH MRXS XLI GMVGYMX GLIGO JSV

'SRXMRYIH SR RI\X TEKI 6+*) rr.%2r

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



42!
 6+ r92r.%2

%Œ*YWI l%z 8IVQMREP 'Œ7[MXGL )Œ;MVI 8IVQMREP +Œ'SQTSRIRX 8IVQMREP

&Œ*YWI l&z 8IVQMREP (Œ'SQTSRIRX 8IVQMREP *Œ+VSYRHIH 'MVGYMX ,Œ0SEH 0EQT

 +VSYRH 'MVGYMX F (MWGSRRIGX XLI PSEH , EX GSQTSRIRX XIVQMREP

% l+VSYRHIHz GMVGYMX * VIWYPXW MR RS GSQTSRIRX
STIVEXMSR ERH XLI JYWI SV GMVGYMX FVIEOIV STIRW JSV
I\EQTPI E TS[IV [MVI GSRXEGXMRK XLI QEGLMRI
JVEQI GLEWWMW SV GSQTSRIRX LSYWMRK 
(S XLI JSPPS[MRK XS MWSPEXI XLI PSGEXMSR SJ E
l+VSYRHIHz GMVGYMX
+
G ;MXL XLI GSRXVSPPMRK W[MXGL ' STIR SJJ  GLIGO
JSV GSRXMRYMX] XS KVSYRH FIX[IIR ( ERH ) 
› -J XLIVI MW GSRXMRYMX] XLIVI MW E KVSYRHIH
GMVGYMX FIX[IIR ( ERH )  6ITEMV XLI GMVGYMX

E 7[MXGL ' QYWX FI STIR SJJ  'LIGO JSV

GSRXMRYMX] XS KVSYRH FIX[IIR & ERH ' 
› 4IVJSVQ ER STIVEXMSREP GLIGOSYX SR XLI
› -J XLIVI MW GSRXMRYMX] XLIVI MW E KVSYRHIH GSQTSRIRX EJXIV GSQTPIXMRK XLI VITEMV
GMVGYMX FIX[IIR & ERH '  6ITEMV XLI GMVGYMX
› 2S GSRXMRYMX] KS XS WXIT F

'SRXMRYIH SR RI\X TEKI 6+*) rr.%2r

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



42!
  7LSVXIH 'MVGYMX › 6IWYPX *YWI * STIRW EJXIV GPSWMRK W[MXGL
1EGLMRIW IUYMTTIH [MXL WIZIVEP IPIGXVSRMG GSRXVSP
HIZMGIW GSRXEMR [MVMRK LEVRIWWIW XLEX GER FIGSQI
WLSVXIH F] SRI SJ XLI JSPPS[MRK [E]W WLS[R EFSZI
 &EXXIV] [MVI JVSQ JYWI * MW WLSVXIH EX % XS
ERSXLIV FEXXIV] [MVI EJXIV W[MXGL 7[ 
› 6IWYPX 0EQT ) MW SR EPP SJ XLI XMQI
 &EXXIV] [MVI JVSQ JYWI * MW WLSVXIH EX & XS
ERSXLIV FEXXIV] [MVI EJXIV W[MXGLIW 7[  
› 6IWYPX &SXL PEQTW ) ) STIVEXI SR
IMXLIV W[MXGL 7[  SV  
 &EXXIV] [MVI JVSQ JYWI * MW WLSVXIH EX ' XS E
KVSYRH [MVI
› 6IWYPX *YWI * STIRW EJXIV GPSWMRK W[MXGL
7[ 
 &EXXIV] [MVI JVSQ W[MXGL 7[  MW WLSVXIH EX (
XS E VIKYPEXIH ZSPXEKI [MVI
› 6IWYPX 8LI WIRWSV WMKREP ZSPXEKI MW HMWXSVXIH
 &EXXIV] [MVI JVSQ W[MXGL 7[  MW WLSVXIH EX )
XS XLI WIRWSV WMKREP ZSPXEKI [MVI
› 6IWYPX 8LI WIRWSV WMKREP MW HMWXSVXIH
 &EXXIV] [MVI JVSQ W[MXGL 7[  MW WLSVXIH EX *
XS XLI WIRWSV KVSYRH [MVI
'SRXMRYIH SR RI\X TEKI
8,C(C)2 3'8 
7[  ERH XLI WIRWSV WMKREP MW HMWXSVXIH
 'SRXVSPPIV VIKYPEXIH ZSPXEKI [MVI MW WLSVXIH EX
+ XS XLI WIRWSV WMKREP ZSPXEKI [MVI
› 6IWYPX 8LI WIRWSV WMKREP MW HMWXSVXIH
 'SRXVSPPIV VIKYPEXIH ZSPXEKI [MVI MW WLSVXIH EX
, XS XLI WIRWSV KVSYRH [MVI
› 6IWYPX 8LI WIRWSV WMKREP MW HMWXSVXIH
 7IRWSV ZSPXEKI [MVI MW WLSVXIH EX - XS XLI
WIRWSV KVSYRH [MVI
› 6IWYPX 8LI WIRWSV WMKREP MW HMWXSVXIH
(S XLI JSPPS[MRK XS MWSPEXI E l7LSVXIH 'MVGYMXz
E 6IZMI[ XLI QEGLMRI IPIGXVMGEP WGLIQEXMG XS
MHIRXMJ] XLI GMVGYMXW JSV XLI GSQTSRIRX XLEX HSIW
RSX STIVEXI
F (MWGSRRIGX XLI GSQTSRIRXW EX IEGL IRH SJ XLI
GMVGYMXW XS WMRKPI SYX XLI EJJIGXIH [MVIW
G 8S TVIZIRX HEQEKI XS GSRRIGXSV XIVQMREPW
SFXEMR QEXMRK GSRRIGXSV XIVQMREPW JVSQ VITEMV
TEVXW (3 238 JSVGI QIXIV TVSFIW MRXS
GSRRIGXSV XIVQMREPW
6+*) rr.%2r
0-)&,)66Œ(r(MIWIP )RKMRIW

42!
 H 'SRRIGX XLI QIXIV PIEHW EGVSWW X[S SJ XLI EJJIGXIH
GMVGYMXW 8LI QIXIV WLSYPH WLS[ RS GSRXMRYMX]
FIX[IIR XLI X[S GMVGYMXW 6ITIEX XLI GLIGO EGVSWW
ERSXLIV GSQFMREXMSR SJ X[S GMVGYMXW YRXMP EPP EJJIGXIH
GMVGYMXW LEZI FIIR GLIGOIH
I 8LIR GSRRIGX E QIXIV PIEH XS IEGL EJJIGXIH GMVGYMX
SRI EX E XMQI ERH XSYGL XLI SXLIV QIXIV PIEHW XS EPP
XIVQMREPW MR XLI GSRRIGXSV 8LI QIXIV WLSYPH WLS[
RS GSRXMRYMX] FIX[IIR ER] X[S GMVGYMXW
)\EQTPI %  TMR GSRRIGXSV GSRXEMRW XLVII [MVIW
XS E WIRWSV ;MXL SRI QIXIV TVSFI EXXEGLIH XS IEGL
SJ XLI XLVII [MVIW SRI EX E XMQI XSYGL XLI SXLIV
QIXIV TVSFI XS XLI VIQEMRMRK  [MVIW -J XLIVI MW
GSRXMRYMX] FIX[IIR ER] X[S [MVIW XLI GMVGYMX MW
WLSVXIH 6ITEMV XLI GMVGYMX
J %PXIVREXI 1IXLSH XS 'LIGO JSV 7LSVXIH 'MVGYMX
;MXL XLI GSQTSRIRXW HMWGSRRIGXIH EX IEGL IRH SJ
XLI WYWTIGXIH GMVGYMXW XYVR XLI OI] W[MXGL SR
8,C(C)2 3'8  0-)&,)66Œ(r(MIWIP )RKMRIW
'SRRIGX SRI QIXIV PIEH XS E KSSH JVEQI KVSYRH
;MXL XLI SXLIV QIXIV TVSFI XSYGL IEGL SJ XLI
WYWTIGXIH GMVGYMXW SRI EX E XMQI -J XLIVI MW E ZSPXEKI
VIEHMRK XLI GMVGYMX MW WLSVXIH XS ERSXLIV ZSPXEKI
[MVI 6ITEMV XLI GMVGYMX
K 6ITEMV XLI l7LSVXIH 'MVGYMXz EW JSPPS[W
› ;MVIW RSX MR E PSSQ ;VET MRHMZMHYEP [MVIW [MXL
IPIGXVMGEP XETI SV VITPEGI XLI HEQEKIH [MVI ERH
FERH EW VIUYMVIH
› ;MVIW MR E PSSQ -J LSX WTSXW I\MWX MR WLSVXIH EVIE
SJ XLI LEVRIWW VITPEGI XLI LEVRIWW -J LSX WTSVXW
EVI RSX RSXMGIEFPI MRWXEPP E RI[ [MVI SJ TVSTIV
KEYKI FIX[IIR XLI PEWX X[S GSRRIGXMSRW 9WI XMI
FERHW XS WIGYVI XLI [MVI XS SYXWMHI SJ XLI
LEVRIWW
L 4IVJSVQ ER STIVEXMSREP GLIGOSYX SR XLI GSQTSRIRX
EJXIV GSQTPIXMRK XLI VITEMV
6+*) rr.%2r

42!
 )RKMRI 'SRJMKYVEXMSR (EXE 4EVEQIXIVW SR
(MEKRSWXMG +EYKI -(2S 

%GGIWWMRK )RKMRI 'SRJMKYVEXMSR (EXE 4EVEQIXIVW

 7GVSPP XLVSYKL XLI QEMR QIRY SJ IRKMRI TEVEQIXIVW F]

TVIWWMRK XLI VMKLX SV XLI PIJX XSYGL W[MXGL

 7IPIGX l)'SRJMKz WYFQIRY F]

TVIWWMRK XLI VMKLX ERH XLI PIJX XSYGL W[MXGL

 7GVSPP XLVSYKL XLI l)'SRJMKzWYFQIRY XS ZMI[ )RKMRI

'SRJMKYVEXMSR 4EVEQIXIVW F] TVIWWMRK XLI VMKLX
SV XLI PIJX XSYGL W[MXGL YRXMP HIWMVIH TEVEQIXIV MW
JSYRH 8LI RYQFIVW RI\X XS XLI TEVEQIXIVW GSVVIWTSRH
XS XLI RYQFIV SR XLI KVETL

 -R SVHIV XS I\MX l)'SRJMKz WYFQIRY

TVIWW XLI VMKLX ERH PIJX XSYGL W[MXGL

%Œ(MEKRSWXMG +EYKI
&Œ8SYGL 7[MXGLIW
'Œ0MKLXW

'SRXMRYIH SR RI\X TEKI 6+** rr.%2r

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



42!
 )RKMRI 'SRJMKYVEXMSR 4EVEQIXIV (IWGVMTXMSR
4EVEQIXIV (MWTPE]IH SR 9RMXW (IWGVMTXMSR
(MEKRSWXMG +EYKI
7TIIH  641 7XEXMSREV] PS[ MHPI WTIIH SJ IRKMRI [LMGL MRGPYHIW MRJPYIRGIW HYI XS IRKMRI
XIQTIVEXYVI ERH SXLIV WXEXMSREV] GLERKIW 8LMW MW TSMRX  SR XLI IRKMRI
GSRJMKYVEXMSR QET
8SVUYI  8SVUYI  IUYEPW XLI HIWMVIH XSVUYI SJ XLI )'9 HMZMHIH F] XLI VIJIVIRGI XSVUYI
7TIIH  641 )RKMRI WTIIH EX TSMRX  SJ XLI IRKMRI GSRJMKYVEXMSR QET 8LMW MW HIJMRIH EW XLI
OMGOMR TSMRX JSV [LMGL XSVUYI MW VIHYGIH XS ^IVS
8SVUYI  8SVUYI  IUYEPW XLI HIWMVIH XSVUYI SJ XLI )'9 HMZMHIH F] XLI VIJIVIRGI XSVUYI
7TIIH  641 )RKMRI WTIIH EX TSMRX  SJ XLI IRKMRI GSRJMKYVEXMSR QET 4SMRXW   ERH  EVI
STXMSREP ERH GER FI PSGEXIH ER][LIVI FIX[IIR TSMRXW  ERH 
8SVUYI  8SVUYI  IUYEPW XLI HIWMVIH XSVUYI SJ XLI )'9 HMZMHIH F] XLI VIJIVIRGI XSVUYI
7TIIH  641 )RKMRI WTIIH EX TSMRX  SJ XLI IRKMRI GSRJMKYVEXMSR QET 4SMRXW   ERH  EVI
STXMSREP ERH GER FI PSGEXIH ER][LIVI FIX[IIR TSMRXW  ERH 
8SVUYI  8SVUYI  IUYEPW XLI HIWMVIH XSVUYI SJ XLI )'9 HMZMHIH F] XLI VIJIVIRGI XSVUYI
7TIIH  641 )RKMRI WTIIH EX TSMRX  SJ XLI GSRJMKYVEXMSR QET 4SMRXW   ERH  EVI STXMSREP
ERH GER FI PSGEXIH ER][LIVI FIX[IIR TSMRXW  ERH 
8SVUYI  8SVUYI  IUYEPW XLI HIWMVIH XSVUYI SJ XLI )'9 HMZMHIH F] XLI VIJIVIRGI XSVUYI
7TIIH  641 )RKMRI WTIIH SJ LMKL MHPI
8SVUYI  8SVUYI  IUYEPW XLI HIWMVIH XSVUYI SJ XLI )'9 HMZMHIH F] XLI VIJIVIRGI XSVUYI
+SZ +EMR )UYEPW XLI GLERKI SJ XSVUYI FIX[IIR TSMRXW  ERH  HMZMHIH F] XLI GLERKI SJ
IRKMRI WTIIH FIX[IIR TSMRXW  ERH 
6IJ 8SVUYI 2Q JXPFW 8LMW TEVEQIXIV MW XLI  VIJIVIRGI ZEPYI JSV EPP HIJMRIH MRHMGEXIH IRKMRI XSVUYI
TEVEQIXIVW -X MW SRP] HIJMRIH SRGI ERH HSIWR X GLERKI MJ E HMJJIVIRGI IRKMRI XSVUYI
QET FIGSQIW ZEPMH
7TIIH  641 8LI QE\MQYQ IRKMRI WTIIH EFSZI TSMRX  EPPS[IH F] XLI IRKMRI GSRXVSP HYVMRK E
QSQIRXEV] LMKL MHPI SZIVVMHI 8LMW HYVEXMSR MW PMQMXIH F] XLI QE\MQYQ QSQIRXEV]
SZIVVMHI XMQI PMQMX
8MQI 0MQMX WIG 8LI QE\MQYQ XMQI PMQMX EPPS[IH XS SZIVVMHI XLI IRKMRI W LMKL MHPI WTIIH
0S 0MQMX 641 8LI QMRMQYQ IRKMRI WTIIH XLEX XLI IRKMRI [MPP EPPS[ [LIR STIVEXMRK MR E WTIIH
GSRXVSPPMQMX QSHI
,M 0MQMX 641 8LI QE\MQYQ IRKMRI WTIIH XLEX XLI IRKMRI [MPP EPPS[ [LIR STIVEXMRK MR E WTIIH
GSRXVSPPMQMX QSHI
0S[ 0MQMX 8LI QMRMQYQ IRKMRI XSVUYI XLEX XLI IRKMRI [MPP EPPS[ [LIR STIVEXMRK MR E XSVUYI
GSRXVSPPMQMX QSHI
,M 0MQMX 8LI QE\MQYQ IRKMRI XSVUYI XLEX XLI IRKMRI [MPP EPPS[ [LIR STIVEXMRK MR E XSVUYI
GSRXVSPPMQMX QSHI

6+** rr.%2r

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



42!
 :MI[MRK %GXMZI (8'W SR (MEKRSWXMG +EYKI
-(2S 

%GGIWWMRK %GXMZI (MEKRSWXMG 8VSYFPI 'SHIW (8'W 

 7GVSPP XLVSYKL XLI QEMR QIRY SJ IRKMRI TEVEQIXIVW F]

TVIWWMRK XLI VMKLX SV XLI PIJX XSYGL W[MXGL

 7IPIGX l7VZG'SHIz WYFQIRY F]

TVIWWMRK XLI VMKLX ERH XLI PIJX XSYGL W[MXGL

 7GVSPP XLVSYKL XLI l7VZG'SHI zWYFQIRY XS ZMI[ EGXMZI

(8'W F] TVIWWMRK XLI VMKLX SV XLI PIJX XSYGL
%Œ(MEKRSWXMG +EYKI
W[MXGL YRXMP EPP GSHIW EVI JSYRH
&Œ8SYGL 7[MXGLIW
'Œ0MKLXW
 -R SVHIV XS I\MX l7VZG'SHIz WYF QIRY
TVIWW XLI VMKLX ERH PIJX XSYGL W[MXGL

6+ rr.%2r

:MI[MRK 7XSVIH (8'W SR (MEKRSWXMG +EYKI

-(2S 

%GGIWWMRK 7XSVIH (MEKRSWXMG 8VSYFPI 'SHIW (8'W 

 7GVSPP XLVSYKL XLI QEMR QIRY SJ IRKMRI TEVEQIXIVW F]

TVIWWMRK XLI VMKLX SV XLI PIJX XSYGL W[MXGL

 7IPIGX l7XSV'SHIz WYFQIRY F]

TVIWWMRK XLI VMKLX ERH XLI PIJX XSYGL W[MXGL

 7GVSPP XLVSYKL XLI l7XSV'SHIzWYFQIRY XS ZMI[ WXSVIH

(8'W F] TVIWWMRK XLI VMKLX SV XLI PIJX XSYGL
%Œ(MEKRSWXMG +EYKI
W[MXGL YRXMP EPP GSHIW EVI JSYRH
&Œ8SYGL 7[MXGLIW
'Œ0MKLXW

 -R SVHIV XS I\MX l7XSV'SHIzWYF QIRY

TVIWW XLI VMKLX ERH PIJX XSYGL W[MXGL

(47+393( rr3'8r

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



42!
 'PIEVMRK 7XSVIH (8'W SR (MEKRSWXMG +EYKI
-(2S 

'PIEVMRK 7XSVIH (MEKRSWXMG 8VSYFPI 'SHIW (8'W 

 7GVSPP XLVSYKL XLI QEMR QIRY SJ IRKMRI TEVEQIXIVW F]

TVIWWMRK XLI VMKLX SV XLI PIJX XSYGL W[MXGL

 7IPIGX l7XSV'SHIz WYFQIRY F]

TVIWWMRK XLI VMKLX ERH XLI PIJX XSYGL W[MXGL

 7GVSPP XLVSYKL XLI l7XSV'SHIzWYFQIRY XS ZMI[ WXSVIH

(8'W F] TVIWWMRK XLI VMKLX SV XLI PIJX XSYGL
%Œ(MEKRSWXMG +EYKI
W[MXGL YRXMP EPP GSHIW EVI JSYRH
&Œ8SYGL 7[MXGLIW
'Œ0MKLXW

 -R SVHIV XS GPIEV GSHIW TVIWW XLI VMKLX

ERH PIJX W[MXGL JSV EX PIEWX  WIGSRHW

 -J HMWTPE] VIEHW lz TVIWW XLI VMKLX W[MXGL JSV

EX PIEWX  WIGSRHW

 -J XLI HMWTPE] VIEHW l7IRH (1 z XLI GSHIW EVI

RS[ GPIEVIH -R SVHIV XS I\MX l7XSV'SHIz WYF QIRY
TVIWW XLI VMKLX ERH PIJX XSYGL W[MXGL

6+% rr.%2r

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



42!
 'SRRIGXMRK XS (MEKRSWXMG 7GER 8SSP (78
%Œ(MEKRSWXMG 'SRRIGXSV 1EXI 'Œ1EKM/I]
&Œ.SLR (IIVI 'SRXVSPPIV (Œ 4MR 1EKM/I] 'SRRIGXSV
'EFPI
-(Œ2S  )'9 GSQQYRMGEXMSR /MX MW
VIUYMVIH XS GSRRIGX XLI (78 XS XLI )'9
8LI HMEKRSWXMG GSRRIGXSV MW E FPEGO GMVGYPEV GSRRIGXSV
[MXL E WUYEVI QSYRXMRK JPERKI ERH E HYWX GET 8LIVI
EVI RMRI EZEMPEFPI TMRW 8LI GSRRIGXSV MW PSGEXIH RIEV
XLI )'9 SR XLI IRKMRI [MVMRK LEVRIWW
 0SGEXI HMEKRSWXMG GSRRIGXSV SR IRKMRI ERH VIQSZI
HYWX GET
 'SRRIGX 0-)&,)66 'SRXVSPPIV 'EFPI & XS XLI
HMEKRSWXMG GSRRIGXSV SR XLI IRKMRI LEVRIWW YWMRK
XLI HMEKRSWXMG GSRRIGXSV QEXI % 
 'SRRIGX XLI SXLIV IRH SJ XLI 0-)&,)66 'SRXVSPPIV
'EFPI & XS XLI 1EKM/I] ' QSHYPI EX XLI  TMR
1EKM/I] GSRRIGXSV ( 
8,C(C)2 3'8 
)Œ 4MR 1EKM/I] 'SRRIGXSV +Œ4' 'SRRIGXSV
*Œ4' 'EFPI
 'SRRIGX XLI 4' GEFPI * XS XLI 1EKM/I] '
QSHYPI EX XLI  TMR 1EKM/I] GSRRIGXSV ) 
 'SRRIGX XLI 4' GEFPI * XS XLI GSQTYXIV [MXL XLI
(MEKRSWXMG 7GER 8SSP (78 MRWXEPPIH XLVSYKL XLI
4' GSRRIGXSV + 
 /I] 32 IRKMRI SJJ SV VYRRMRK ZIVMJ] XLEX TS[IV
PMKLX SR 1EKM/I] MW MPPYQMREXIH KVIIR
 7XEVX XLI HMEKRSWXMG WSJX[EVI ERH WIPIGX XLI
ETTVSTVMEXI ETTPMGEXMSR
 'SRRIGX XS XLI ETTPMGEXMSR 8LI '%2 PMKLX SR XLI
1EKM/I] WLSYPH MPPYQMREXI VIH [LIR XLI GSRRIGXMSR
XS XLI )'9 MW QEHI
 -J (78 HSIW RSX GSRRIGX WII (  )'9 (3)7 238
'31192-'%8) ;-8, (78 (-%+2378-'
463')(96) MR +VSYT  SJ XLMW QERYEP
 6ITPEGI XLI HYWX GET SR XLI HMEKRSWXMG GSRRIGXSV
'SRXMRYIH SR RI\X TEKI 01&6+ rr.%2r
0-)&,)66Œ(r(MIWIP )RKMRIW

42!
 01&6+ rr.%2r

&PMROMRK (8'W

3R ETTPMGEXMSRW XLEX LEZI E *EYPX 0EQT XLI )'9 LEW  *SPPS[MRK XLI EGXMZI GSHIW XLI *EYPX 0EQT [MPP
XLI EFMPMX] XS HMWTPE] (8'W YWMRK FPMROMRK WIUYIRGI SJ JPEWL E GSHI  XLMW MRHMGEXIW XLI WXEVX SJ FPMROMRK
XLI JEYPX PEQT 8S VIXVMIZI (8'W JVSQ XLI )'9 YWMRK WXSVIH GSHIW -J XLIVI EVI ER] WXSVIH (8'W XLI
XLI lFPMRO GSHIz QIXLSH *EYPX 0EQT [MPP JPEWL MX W rHMKMX RYQFIV -J XLIVI MW
QSVI XLER SRI WXSVIH (8' XLI )'9 [MPP JPEWL IEGL
GSHI MR RYQIVMGEP SVHIV -J XLIVI EVI RS WXSVIH
(8'W XLI *EYPX 0EQT [MPP JPEWL E GSHI 

 3RGI GSQTPIXI XLI EFSZI WIUYIRGI [MPP FI

VITIEXIH

 8YVR XLI MKRMXMSR W[MXGL l32z  ;LIR GSQTPIXI XYVR MKRMXMSR l3**z

 ,SPH 3ZIVVMHI 7LYXHS[R 7[MXGL JSV E JI[ WIGSRHW %W ER I\EQTPI MJ ER IRKMRI LEH ER EGXMZI (8' 
ERH WXSVIH (8'  XLI JPEWLMRK WIUYIRGI [SYPH FI
 8LI *EYPX 0EQT [MPP FIKMR XS JPEWL E GSHI RYQFIV
*SV I\EQTPI JPEWL XLVII XMQIWWLSVX TEYWIJPEWL › JPEWL XLVII XMQIWWLSVX TEYWI
X[S XMQIWPSRK TEYWI 8LMW I\EQTPI MW GSHI  › JPEWL X[S XMQIWPSRK TEYWI
› JPEWL SRI XMQIWLSVX TEYWI
 8LI )'9 FIKMRW XLI JPEWLMRK WIUYIRGI F] JPEWLMRK › JPEWL IMKLX XMQIWPSRK TEYWI
E GSHI  XLMW MRHMGEXIW XLI WXEVX SJ FPMROMRK EGXMZI › JPEWL XLVII XMQIWWLSVX TEYWI
GSHIW -J XLIVI EVI ER] EGXMZI (8'W XLI )'9 [MPP › JPEWL XLVII XMQIWPSRK TEYWI
JPEWL MX W rHMKMX RYQFIV -J XLIVI MW QSVI XLER SRI › JPEWL JMZI XMQIWWLSVX TEYWI
EGXMZI (8' XLI )'9 [MPP JPEWL IEGL GSHI MR › JPEWL XLVII XMQIW
RYQIVMGEP SVHIV -J XLIVI EVI RS EGXMZI (8'W XLI
*EYPX 0EQT [MPP JPEWL E GSHI 

01&6+ rr.%2r

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



42!
 (EXE 4EVEQIXIV (IWGVMTXMSR

*SPPS[MRK MW E PMWX SJ XLI HEXE TEVEQIXIVW XLEX GER FI VIEH

SR XLI (MEKRSWXMG 7GER 8SSP (78  8LI (78 GSRWMWXW SJ
E ;MRHS[W  SV  SV 28 GSQTEXMFPI GSQTYXIV ERH
XLI 'SQQYRMGEXMSR /MX -(2S  EZEMPEFPI JVSQ
0-)&,)66 %JXIV7EPIW7IVZMGI -RGPYHIH MR XLI PMWX FIPS[
MW E FVMIJ HIWGVMTXMSR SJ IEGL TEVEQIXIV XLI VERKI SJ
TSWWMFPI VIEHMRKW ERH IEGL TEVEQIXIV W YRMX SJ
QIEWYVIQIRX

4EVEQIXIV 9RMXW (IWGVMTXMSR

%MV ,IEXIV 8MQI 6IQEMRMRK
%REPSK 8LVSXXPI % -RTYX :SPXEKI
%REPSK 8LVSXXPI & -RTYX :SPXEKI
%REPSK 8LVSXXPI ' -RTYX :SPXEKI
&EXXIV] :SPXEKI
'VERO 4SWMXMSR -RTYX 2SMWI -RHMGEXSV
'VERO 4SWMXMSR 7IRWSV 7TIIH
(IWMVIH 7TIIH +SZIVRSV 'YVZI
)'9 &SSX &PSGO 4EVX 2YQFIV
)'9 'SRJMKYVEXMSR *MPI 4EVX 2YQFIV
)'9 )30 (EXE 4EVX 2YQFIV
2% ! 2SX %TTPMGEFPI
WIG %QSYRX SJ XMQI XLI EMV LIEXIV [MPP GSRXMRYI XS LIEX XLI EMV TVMSV XS WXEVXMRK
ZSPXW :SPXEKI JVSQ EREPSK XLVSXXPI % TSWMXMSR WIRWSV TSXIRXMSQIXIV 
ZSPXW :SPXEKI JVSQ EREPSK XLVSXXPI & TSWMXMSR WIRWSV TSXIRXMSQIXIV 
ZSPXW :SPXEKI JVSQ EREPSK XLVSXXPI ' TSWMXMSR WIRWSV TSXIRXMSQIXIV 
ZSPXW 7[MXGLIH FEXXIV] ZSPXEKI QE] ZEV] HITIRHMRK SR ETTPMGEXMSR
 VIEHMRK QIERW XLEX XLIVI MW 23 RSMWI &IX[IIR ΠXLI RSMWI SR XLI
GVERO WIRWSV WMKREP FIGSQIW TVSKVIWWMZIP] [SVWI ;LIR  MW VIEGLIH E
XVSYFPI GSHI MW XLVS[R
VTQ 8LI WTIIH SJ XLI GVERO XMQMRK [LIIP
2% 8LI QSHI WIPIGXIH MW HITIRHIRX SR XLI ETTPMGEXMSR 7II %440-'%8-32
74)'-*-'%8-327 MR 7IGXMSR  +VSYT  SJ XLMW QERYEP ERH VIJIV XS XLI
GSVVIWTSRHMRK HIWMVIH WTIIH KSZIVRSV GYVZI JSV ]SYV ETTPMGEXMSR
2% 4EVX RYQFIV JSV XLI )RKMRI 'SRXVSP 9RMX )'9 FSSX FPSGO
2% 4EVX RYQFIV JSV XLI GSRJMKYVEXMSR JMPI MR XLI )'9
2% 4EVX RYQFIV JSV XLI HEXE TVSKVEQQIH MRXS XLI )'9 EX XLI IRH SJ XLI EWWIQFP]
PMRI )30 ! )RH SJ 0MRI

'SRXMRYIH SR RI\X TEKI 6+ rr.%2r

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



42!
 4EVEQIXIV 9RMXW (IWGVMTXMSR
)'9 4EVX 2YQFIV 2% 4EVX RYQFIV JSV XLI )RKMRI 'SRXVSP 9RMX )'9 LEVH[EVI
)'9 7IVMEP 2YQFIV 2% 7IVMEP RYQFIV JSV XLI )RKMRI 'SRXVSP 9RMX )'9 
)'9 7SJX[EVI %WWIQFP] 4EVX 2YQFIV 2% 4EVX RYQFIV JSV XLI )RKMRI 'SRXVSP 9RMX )'9 WSJX[EVI EWWIQFP]
)'9 7SJX[EVI 4EVX 2YQFIV 2% 4EVX RYQFIV JSV XLI )RKMRI 'SRXVSP 9RMX )'9 STIVEXMRK WSJX[EVI
)RKMRI 'SSPERX 8IQTIVEXYVI ”' )RKMRI 'SSPERX 8IQTIVEXYVI ZEPYI
”*

)RKMRI 'SSPERX 8IQTIVEXYVI -RTYX ZSPXW )RKMRI 'SSPERX 8IQTIVEXYVI WIRWSV MRTYX ZSPXEKI XS XLI )'9
:SPXEKI
)RKMRI ,SYVQIXIV LV 8SXEP LSYVW XLI )'9 LEW VYR SR ER IRKMRI
QMR
WIG
)RKMRI 0SEH EX 'YVVIRX 7TIIH 4IVGIRXEKI SJ PSEH SR XLI IRKMRI EX E KMZIR WTIIH
)RKMRI 1SHIP 2YQFIV 2% 8LI QSHIP RYQFIV JSV XLI IRKMRI
)RKMRI 3MP 4VIWWYVI O4E )RKMRI 3MP TVIWWYVI ZEPYI
TWM
)RKMRI 7IVMEP 2YQFIV 2% 7IVMEP RYQFIV JSV XLI IRKMRI
)RKMRI 7TIIH VTQ 8LI WTIIH XLEX XLI GVERO WIRWSV HIXIGXW XLI GVERO XMQMRK [LIIP XS FI QSZMRK
EX
*YIP 1SHI 2% 8LMW GSHI I\TPEMRW XLI STIVEXMSR QSHI SJ XLI IRKMRI
*YIP 7]WXIQ 4EVX 2YQFIV 2% 8LI TEVX RYQFIV JSV XLI JYIP W]WXIQ YWIH SR XLI IRKMRI
*YIP 7]WXIQ 7IVMEP 2YQFIV 2% 8LI WIVMEP RYQFIV JSV XLI JYIP W]WXIQ YWIH SR XLI IRKMRI
*YIP 8IQTIVEXYVI ”' *YIP XIQTIVEXYVI ZEPYI
”*

*YIP 8IQTIVEXYVI -RTYX :SPXEKI
*YIP 9WEKI 6EXI
1ERMJSPH %MV 8IQTIVEXYVI
ZSPXW *YIP XIQTIVEXYVI WIRWSV MRTYX ZSPXEKI XS XLI )'9
0 8SXEP EQSYRX SJ JYIP XLI )'9 LEW GSQQERHIH XLI TYQT GSRXVSP YRMX XS
KEP HIPMZIV HYVMRK XLI XSXEP LSYVW WLS[R F] XLI )RKMRI ,SYV 1IXIV TEVEQIXIV
”' 1ERMJSPH %MV 8IQTIVEXYVI ZEPYI
”*

2% ! 2SX %TTPMGEFPI

'SRXMRYIH SR RI\X TEKI 6+ rr.%2r

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



42!
 4EVEQIXIV
1ERMJSPH %MV 8IQTIVEXYVI -RTYX :SPXEKI
1E\MQYQ 7TIIH +SZIVRSV 'YVZI
3MP 4VIWWYVI
3MP 4VIWWYVI -RTYX :SPXEKI
7IRWSV 7YTTP] :SPXEKI
8LVSXXPI 8]TI
8LVSXXPI 4SWMXMSR
8SVUYI 'YVZI 2YQFIV
2% ! 2SX %TTPMGEFPI
8,C(C)2 3'8
9RMXW (IWGVMTXMSR
ZSPXW 1ERMJSPH %MV 8IQTIVEXYVI WIRWSV MRTYX ZSPXEKI XS XLI )'9
2% 8LI QSHI WIPIGXIH MW HITIRHIRX SR XLI ETTPMGEXMSR 7II %440-'%8-32
74)'-*-'%8-327 MR 7IGXMSR  +VSYT  SJ XLMW QERYEP ERH VIJIV XS XLI
GSVVIWTSRHMRK QE\MQYQ WTIIH KSZIVRSV GYVZI JSV ]SYV ETTPMGEXMSR
O4E TWM 3MP TVIWWYVI ZEPYI
ZSPXW 3MP 4VIWWYVI WIRWSV MRTYX ZSPXEKI XS XLI )'9
ZSPXW :SPXEKI XLEX )'9 WYTTPMIW WIRWSVW SR ZSPXEKI WYTTP] 
2% 8]TI SJ XLVSXXPI W EGXMZI
4IVGIRXEKI SJ XLVSXXPI
2% 3R WSQI ETTPMGEXMSRW XLI )'9 PMQMXW XLI QE\ JYIP SR QYPXMTPI XSVUYI GYVZIW
8LMW HMWTPE]W XLI XSVUYI GYVZI XLI )'9 MW GYVVIRXP] YWMRK XS PMQMX QE\MQYQ
JYIP 7II %440-'%8-32 74)'-*-'%8-327 MR 7IGXMSR  +VSYT  SJ XLMW
QERYEP ERH VIJIV XS XLI GSVVIWTSRHMRK XSVUYI GYVZI JSV ]SYV ETTPMGEXMSR
6+ rr.%2r
 0-)&,)66Œ(r(MIWIP )RKMRIW

42!
 (MEKRSWXMG 8VSYFPI 'SHIW (8'W
8LIVI EVI WIZIVEP HMJJIVIRX QIXLSHW SJ HMWTPE]MRK FSXL
WXSVIH ERH EGXMZI (8'W JVSQ XLI )'9
742*1- '3()7
742*1- GSHIW EVI [VMXXIR JVSQ XLI 7%) . 38,)6 '3()7
WXERHEVH EW E X[S TEVX GSHI 8LI JMVWX TEVX MW GEPPIH XLI
7YWTIGX 4EVEQIXIV 2YQFIV 742  8]TMGEPP] MX
GSRXEMRW FIX[IIR  ERH  HMKMXW 8LI 742 MHIRXMJMIW
XLI W]WXIQ SV XLI GSQTSRIRX XLEX LEW XLI JEMPYVI JSV
I\EQTPI 742  MRHMGEXIW E JEMPYVI MR XLI IRKMRI
GSSPERX XIQTIVEXYVI GMVGYMX 8LI WIGSRH TEVX SJ XLI
GSHI MW GEPPIH XLI *EMPYVI 1SHI -HIRXMJMIV *1- GSHI
8LI *1- GSRXEMRW  HMKMXW 8LI *1- MHIRXMJMIW XLI X]TI
SJ JEMPYVI XLEX LEW SGGYVVIH JSV I\EQTPI *1- 
MRHMGEXIW ZEPYI EFSZI RSVQEP -R SVHIV XS HIXIVQMRI
XLI I\EGX JEMPYVI FSXL XLI 742 ERH *1- EVI VIUYMVIH
'SQFMRMRK 742  [MXL *1-  ]MIPHW IRKMRI GSSPERX
XIQTIVEXYVI MRTYX ZSPXEKI LMKL 8S JMRH SYX XLI IUY
3R EPP ETTPMGEXMSRW [MXL XLI )RKMRI 'SRXVSP 9RMX )'9 
XLI )'9 XVERWQMXW 742*1- GSHIW SZIV XLI 'SRXVSPPIV
%VIE 2IX[SVO '%2  8LMW EPPS[W JSV WIVZMGI XSSPW WYGL
EW XLI (78 ERH XLI (MEKRSWXMG +EYKI XS HMWTPE]
EGXMZI ERH WXSVIH (8'W -R 8,C( XLI HMEKRSWXMG
TVSGIHYVIW EVI XMXPIH F] 742*1- GSHIW
(-+-8 '3()7
7SQI ETTPMGEXMSRW HS RSX HMWTPE] IRKMRI GSHIW EW ER
742*1- -R QSWX SJ XLIWI GEWIW XLI GSHI MW
HMWTPE]IH EW E HMKMX GSHI %R I\EQTPI SJ E HMKMX
GSHI MW  JSV IRKMRI GSSPERX XIQTIVEXYVI MRTYX
ZSPXEKI LMKL -J YWIH SR ER ETTPMGEXMSR [MXL QYPXMTPI
GSRXVSPPIVW )'9 QE] FI HMWTPE]IH MR JVSRX SJ XLI
RYQFIVW WYGL EW )'9  % HMKMX GSHI QE] FI
WIIR SR XLI SRFSEVH HMWTPE] SV [LIR XLI GSHI MW
FPMROIH JSV ZEVMSYW VIEWSRW -R XLMW QERYEP MX [MPP FI
8,C(C)2 3'8  0-)&,)66Œ(r(MIWIP )RKMRIW
RIGIWWEV] XS GSRZIVX XLIWI GSHIW XS XLI 742*1-
GSHI MR SVHIV XS JSPPS[ XLI GSVVIGX HMEKRSWXMG
TVSGIHYVI 7II 0-78-2+ 3* (-%+2378-' 8639&0)
'3()7 (8'7 32 )'9 MR +VSYT  SJ XLMW QERYEP
-J GSHIW EVI RSX HMWTPE]IH EW 742*1- SV EW HMKMX
GSHIW XLIVI QE] FI ERSXLIV JSVQEX XLEX XLI
ETTPMGEXMSR MW YWMRK *SV I\EQTPI SR WSQI
ETTPMGEXMSRW XLI GSHI * MW HMWTPE]IH JSV IRKMRI
GSSPERX XIQTIVEXYVI MRTYX ZSPXEKI LMKL 8LMW QE] FI
WIIR SR WSQI ETTPMGEXMSRW [MXLMR -R XLMW QERYEP MX MW
RIGIWWEV] XS GSRZIVX XLMW JSVQEX SJ GSHI MRXS ER
742*1- GSHI XS IRWYVI XLEX XLI GSVVIGX HMEKRSWXMG
TVSGIHYVI MW JSPPS[IH 7II 0-78-2+ 3* (-%+2378-'
8639&0) '3()7 (8'7 32 )'9
;%62-2+ 0%14
3R WSQI ETTPMGEXMSRW XLIVI MW E [EVRMRK PEQT XLEX MW
YWIH [LIR E GSHI FIGSQIW EGXMZI ;LIR E GSHI MW
EGXMZI XLMW PEQT [MPP IMXLIV FPMRO SV WXE] SR WSPMH
8]TMGEPP] E WSPMH PMKLX MRHMGEXIW XLEX XLI )'9 MW XEOMRK
I\XVIQI QIEWYVIW XS TVSXIGX XLI IRKMRI ERH E
FPMROMRK PMKLX MRHMGEXIW XLEX XLI )'9 LEW HIXIGXIH E
JEYPX ERH IRKMRI TIVJSVQERGI QE] FI EJJIGXIH 6IJIV
XS 3TIVEXSV W 1ERYEP JSV E KMZIR ETTPMGEXMSR JSV QSVI
HIXEMPIH MRJSVQEXMSR
'0)%6-2+ 7836)( (8'7
7XSVIH (8'W GER FI GPIEVIH XLVSYKL XLI (MEKRSWXMG
7GER 8SSP (78  *SV QSVI MRJSVQEXMSR SR GPIEVMRK
(8'W YWMRK XLI HMEKRSWXMG GSHI VIEHIV WII
'0)%6-2+ 7836)( (8'7 32 (-%+2378-'
+%9+) IEVPMIV MR XLMW +VSYT
01&6+ rr.%2r

42!
 0MWXMRK SJ (MEKRSWXMG 8VSYFPI 'SHIW (8'W
SR )'9

%WGIRHMRK 742*1- 'SHIW

(8' W 0MWXMRK MR %WGIRHMRK 742*1- 'SHIW

742 *1- (IJMRMXMSR
  7II 0-78-2+ 3* 8,63880) '3()7 PEXIV MR XLMW +VSYT
  7II 0-78-2+ 3* 8,63880) '3()7 PEXIV MR XLMW +VSYT
 7II 0-78-2+ 3* 8,63880) '3()7 PEXIV MR XLMW +VSYT
  7II 0-78-2+ 3* 8,63880) '3()7 PEXIV MR XLMW +VSYT
 7II 0-78-2+ 3* 8,63880) '3()7 PEXIV MR XLMW +VSYT
  )RKMRI 3MP 4VIWWYVI )\XVIQIP] 0S[
 )RKMRI 3MP 4VIWWYVI -RTYX :SPXEKI ,MKL
 )RKMRI 3MP 4VIWWYVI -RTYX :SPXEKI 0S[
 )RKMRI 3MP 4VIWWYVI 1SHIVEXIP] 0S[
  1ERMJSPH %MV 8IQTIVEXYVI -RTYX :SPXEKI ,MKL
 1ERMJSPH %MV 8IQTIVEXYVI -RTYX :SPXEKI 0S[
 1ERMJSPH %MV 8IQTIVEXYVI 1SHIVEXIP] ,MKL
  )RKMRI 'SSPERX 8IQTIVEXYVI ,MKL 1SWX 7IZIVI
 )RKMRI 'SSPERX 8IQTIVEXYVI -RTYX :SPXEKI ,MKL
 )RKMRI 'SSPERX 8IQTIVEXYVI -RTYX :SPXEKI 0S[
 )RKMRI 'SSPERX 8IQTIVEXYVI ,MKL 0IEWX 7IZIVI
 )RKMRI 'SSPERX 8IQTIVEXYVI ,MKL 1SHIVEXIP] 7IZIVI
  0SWW SJ 'SSPERX 8IQTIVEXYVI )\XVIQIP] ,MKL
 0SWW SJ 'SSPERX 8IQTIVEXYVI -RTYX :SPXEKI ,MKL
 0SWW SJ 'SSPERX 8IQTIVEXYVI -RTYX :SPXEKI 0S[
  )'9 4S[IV (S[R )VVSV
  *YIP 8IQTIVEXYVI -RTYX :SPXEKI ,MKL
 *YIP 8IQTIVEXYVI -RTYX :SPXEKI 0S[
 *YIP 8IQTIVEXYVI 1SHIVEXIP] ,MKL
  )RKMRI 3ZIVWTIIH )\XVIQI
  )RKMRI 3ZIVWTIIH 1SHIVEXI
  7IRWSV 7YTTP] :SPXEKI ,MKL
 7IRWSV 7YTTP] :SPXEKI 0S[
  )'9 9RW[MXGLIH 4S[IV 1MWWMRK
  )'9 )VVSV
  'VERO 4SWMXMSR -RTYX 2SMWI
 'VERO 4SWMXMSR -RTYX 4EXXIVR )VVSV
  '%2 )VVSV
  :ILMGPI 7TIIH -RZEPMH1MWWMRK
  %Y\MPMEV] )RKMRI 7LYXHS[R 7[MXGL %GXMZI
  )\XIVREP )RKMRI (IVEXI 7[MXGL %GXMZI
  4YQT 'SRXVSP :EPZI 'PSWYVI 8SS 0SRK
 4YQT 'SRXVSP :EPZI 'PSWYVI 8SS 7LSVX
 4YQT 7SPIRSMH 'YVVIRX ,MKL
 4YQT 7SPIRSMH 'MVGYMX 3TIR
 4YQT 7SPIRSMH 'MVGYMX 7IZIVIP] 7LSVXIH
 4YQT 'SRXVSP :EPZI 'PSWYVI 2SX (IXIGXIH
 4YQT 7SPIRSMH 'MVGYMX 1SHIVEXIP] 7LSVXIH
  7IRWSV 7YTTP] :SPXEKI ,MKL
 7IRWSV 7YTTP] :SPXEKI 0S[
  )RKMRI 7LYXHS[R ;EVRMRK
  )RKMRI 7LYXHS[R

'SRXMRYIH SR RI\X TEKI 01&6+ rr.%2r

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



42!
   *YIP (IVEXI
  -RXIVREP )'9 *EMPYVI
  7IGYVMX] :MSPEXMSR

'SRXMRYIH SR RI\X TEKI 01&6+ rr.%2r

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



42!
 %WGIRHMRK (MKMX3XLIV 'SHIW

(8' W 0MWXMRK MR %WGIRHMRK (MKMX 'SHIW

(MKMX3XLIV 742 *1- (IJMRMXMSR
'SHI
 7II 0-78-2+ 3* 8,63880) '3()7 PEXIV MR XLMW +VSYT
 7II 0-78-2+ 3* 8,63880) '3()7 PEXIV MR XLMW +VSYT
 7II 0-78-2+ 3* 8,63880) '3()7 PEXIV MR XLMW +VSYT
 7II 0-78-2+ 3* 8,63880) '3()7 PEXIV MR XLMW +VSYT
 7II 0-78-2+ 3* 8,63880) '3()7 PEXIV MR XLMW +VSYT
   )RKMRI 'SSPERX 8IQTIVEXYVI -RTYX :SPXEKI ,MKL
   )RKMRI 'SSPERX 8IQTIVEXYVI -RTYX :SPXEKI 0S[
   7IRWSV 7YTTP] :SPXEKI ,MKL
  7IRWSV 7YTTP] :SPXEKI ,MKL
   7IRWSV 7YTTP] :SPXEKI 0S[
  7IRWSV 7YTTP] :SPXEKI 0S[
   )RKMRI 3MP 4VIWWYVI -RTYX :SPXEKI ,MKL
   )RKMRI 3MP 4VIWWYVI -RTYX :SPXEKI 0S[
   1ERMJSPH %MV 8IQTIVEXYVI -RTYX :SPXEKI ,MKL
   1ERMJSPH %MV 8IQTIVEXYVI -RTYX :SPXEKI 0S[
   )'9 )VVSV
 2% 2% ;LIR VIEHMRK FPMRO GSHIW WMKRMJMIW WXEVX SJ EGXMZI JEYPX GSHIW
 2% 2% ;LIR VIEHMRK FPMRO GSHIW WMKRMJMIW WXEVX SJ TVIZMSYWP] EGXMZI JEYPX GSHIW
   *YIP 8IQTIVEXYVI -RTYX :SPXEKI ,MKL
   *YIP 8IQTIVEXYVI -RTYX :SPXEKI 0S[
   'VERO 4SWMXMSR -RTYX 2SMWI
 'VERO 4SWMXMSR -RTYX 4EXXIVR )VVSV
   )RKMRI 3ZIVWTIIH )\XVIQI
 )RKMRI 3ZIVWTIIH 1SHIVEXI
   )'9 4S[IV (S[R )VVSV
   '%2 )VVSV
   )RKMRI 'SSPERX 8IQTIVEXYVI ,MKL 0IEWX 7IZIVI
   )RKMRI 'SSPERX 8IQTIVEXYVI ,MKL 1SHIVEXIP] 7IZIVI
   )RKMRI 3MP 4VIWWYVI 1SHIVEXIP] 0S[
   )RKMRI 3MP 4VIWWYVI )\XVIQIP] 0S[
   1ERMJSPH %MV 8IQTIVEXYVI 1SHIVEXIP] ,MKL
   *YIP (IVEXI
   )RKMRI 'SSPERX 8IQTIVEXYVI ,MKL 1SWX 7IZIVI
   4YQT 'SRXVSP :EPZI 'PSWYVI 8SS 0SRK
   4YQT 'SRXVSP :EPZI 'PSWYVI 8SS 7LSVX
   4YQT 7SPIRSMH 'MVGYMX 3TIR
   4YQT 7SPIRSMH 'MVGYMX 7IZIVIP] 7LSVXIH
   4YQT 'SRXVSP :EPZI 'PSWYVI 2SX (IXIGXIH
   4YQT 7SPIRSMH 'MVGYMX 1SHIVEXIP] 7LSVXIH
   4YQT 7SPIRSMH 'YVVIRX ,MKL
   7IGYVMX] :MSPEXMSR
   -RXIVREP )'9 )VVSV
   *YIP 8IQTIVEXYVI 1SHIVEXIP] ,MKL
   )RKMRI 4VSXIGXMSR 7LYXHS[R
   %Y\MPEV] )RKMRI 7LYXHS[R 7[MXGL %GXMZI
   )'9 4S[IV (S[R )VVSV
  )\XIVREP )RKMRI (IVEXI 7[MXGL %GXMZI
 2% 2% ;LIR VIEHMRK FPMRO GSHIW WMKRMJMIW XLEX RS JEYPX GSHIW EVI MR FYJJIV
2% ! 2SX %TTPMGEFPI

'SRXMRYIH SR RI\X TEKI 01&6+ rr.%2r

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



42!
 *   7IRWSV 7YTTP] :SPXEKI 0S[
*   )RKMRI 3MP 4VIWWYVI )\XVIQIP] 0S[
*   7IRWSV 7YTTP] :SPXEKI ,MKL
*   )RKMRI 3MP 4VIWWYVI -RTYX :SPXEKI 0S[
*   1ERMJSPH %MV 8IQTIVEXYVI -RTYX :SPXEKI ,MKL
*   1ERMJSPH %MV 8IQTIVEXYVI -RTYX :SPXEKI 0S[
*   1ERMJSPH %MV 8IQTIVEXVYI 1SHIVEXIP] ,MKL
*   )RKMRI 'SSPERX 8IQTIVEXYVI ,MKL 1SWX 7IZIVI
*   )RKMRI 'SSPERX 8IQTIVEXYVI ,MKL 1SHIVEXIP] 7IZIVI
*   *YIP 8IQTIVEXYVI -RTYX :SPXEKI ,MKL
*   *YIP 8IQTIVEXYVI 1SHIVEXIP] ,MKL
*   7IRWSV 7YTTP] :SPXEKI ,MKL
*   7IRWSV 7YTTP] :SPXEKI 0S[
*   )'9 )VVSV
*   'VERO 4SWMXMSR -RTYX 2SMWI
*   'VERO 4SWMXMSR -QTVSTIV 4EXXIVR
*   )RKMRI 3MP 4VIWWYVI -RTYX :SPXEKI 0S[
*   )RKMRI 3MP 4VIWWYVI -RTYX :SPXEKI ,MKL
*   )RKMRI 3MP 4VIWWYVI )\XVIQIP] 0S[
*   )RKMRI 'SSPERX 8IQTIVEXYVI -RTYX :SPXEKI 0S[
*   )RKMRI 'SSPERX 8IQTIVEXYVI -RTYX :SPXEKI ,MKL
*   )RKMRI 'SSPERX 8IQTIVEXYVI ,MKL 1SWX 7IZIVI
*   4YQT 'SRXVSP :EPZI 'PSWYVI 8SS 0SRK
*   1ERMJSPH %MV 8IQTIVEXYVI -RTYX :SPXEKI 0S[
*   4YQT 7SPIRSMH 'YVVIRX ,MKL
*   4YQT 7SPIRSMH 'MVGYMX 3TIR
*   4YQT 7SPIRSMH 'MVGYMX 7IZIVIP] 7LSVXIH
*   4YQT 'SRXVSP :EPZI 'PSWYVI 2SX (IXIGXIH
*   1ERMJSPH %MV 8IQTIVEXYVI -RTYX :SPXEKI ,MKL
*   *YIP 8IQTIVEXYVI -RTYX :SPXEKI 0S[
*   *YIP 8IQTIVEXYVI 1SHIVEXIP] ,MKL
*   *YIP 8IQTIVEXYVI -RTYX :SPXEKI ,MKL
*   -RXIVREP )'9 *EMPYVI
*   7IGYVMX] :MSPEXMSR
*%   'VERO 4SWMXMSR -RTYX 4EXXIVR )VVSV
*&   'VERO 4SWMXMSR -RTYX 2SMWI
*   4YQT 7SPIRSMH 'MVGYMX 7IZIVIP] 7LSVXIH
*   4YQT 'SRXVSP :EPZI 'PSWYVI 8SS 7LSVX
*   4YQT 7SPIRSMH 'YVVIRX ,MKL
*   4YQT 'SRXVSP :EPZI 'PSWYVI 2SX (IXIGXIH
*   4YQT 'SRXVSP :EPZI 'PSWYVI 8SS 0SRK
*   4YQT 7SPIRSMH 'MVGYMX 3TIR
*%   4YQT 7SPIRSMH 'MVGYMX 1SHIVEXIP] 7LSVXIH
*%   0SWW SJ 'SSPERX 8IQTIVEXYVI -RTYX :SPXEKI 0S[
*%   0SWW SJ 'SSPERX 8IQTIVEXYVI -RTYX :SPXEKI ,MKL
*%   0SWW SJ 'SSPERX 8IQTIVEXYVI )\XVIQIP] ,MKL
*)   -RXIVREP )'9 *EMPYVI
*)   )'9 )VVSV
*)%   )'9 4S[IV (S[R )VVSV
*)(   7IGYVMX] :MSPEXMSR

01&6+ rr.%2r

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



42!
 (MEKRSWXMG 4VSGIHYVI

(MEKRSWMW SJ XLI IPIGXVSRMG GSRXVSP W]WXIQ WLSYPH FI  %JXIV ER] VITEMVW EVI QEHI VIGLIGO XS QEOI WYVI
TIVJSVQIH EGGSVHMRK XS XLI JSPPS[MRK TVSGIHYVI EPP (8'W LEZI FIIR IPMQMREXIH

 1EOI WYVI EPP IRKMRI QIGLERMGEP ERH SXLIV W]WXIQW

RSX VIPEXIH XS XLI IPIGXVSRMG GSRXVSP W]WXIQ EVI
STIVEXMRK TVSTIVP]
-14368%28 'EVI WLSYPH FI YWIH HYVMRK
 6IEH ERH VIGSVH (8' W  -J ER 742*1- GSHI MW RSX HMEKRSWXMG TVSGIHYVIW XS EZSMH
YWIH GSRZIVX XLI GSHI XS 742*1- 7II 0-78-2+ HEQEKMRK XLI XIVQMREPW SJ
3* (-%+2378-' 8639&0) '3()7 (8'7 32 GSRRIGXSVW WIRWSVW ERH EGXYEXSVW
)'9 IEVPMIV MR XLMW +VSYT 4VSFIW WLSYPH RSX FI TSOIH MRXS SV
EVSYRH XLI XIVQMREPW SV HEQEKI [MPP
 +S XS XLI HMEKRSWXMG TVSGIHYVI XLEX GSVVIWTSRHW XS VIWYPX 4VSFIW WLSYPH SRP] FI
XLI (8' W TVIWIRX XSYGLIH EKEMRWX XLI XIVQMREPW XS
QEOI QIEWYVIQIRXW -X MW
VIGSQQIRHIH XLEX 01&.8
'SRRIGXSV %HETXIV 8IWX /MX FI YWIH
XS QEOI QIEWYVIQIRXW MR
GSRRIGXSVW WIRWSVW ERH EGXYEXSVW
8LIWI EHETXIVW [MPP IRWYVI XLEX
 -J RS (8' W EVI TVIWIRX TVSGIIH XS XLI XIVQMREP HEQEKI HSIW RSX SGGYV
ETTVSTVMEXI W]QTXSQ HMEKRSWXMG GLEVX MR +VSYT 
SJ XLMW 7IGXMSR

01&6+ rr.%2r

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



42!
 -RXIVQMXXIRX *EYPX (MEKRSWXMGW
-RXIVQMXXIRX JEYPXW EVI TVSFPIQW XLEX TIVMSHMGEPP] lKS
E[E]z % TVSFPIQ WYGL EW E PSSWI XIVQMREP XLEX
MRXIVQMXXIRXP] HSIWR X QEOI GSRXEGX MW E PMOIP] GEYWI SJ
ER MRXIVQMXXIRX JEYPX 3XLIV MRXIVQMXXIRX JEYPXW QE] FI
WIX SRP] YRHIV GIVXEMR STIVEXMRK GSRHMXMSRW WYGL EW
LIEZ] PSEH I\XIRHIH MHPI IXG ;LIR HMEKRSWMRK
MRXIVQMXXIRX JEYPXW XEOI WTIGMEP RSXI SJ XLI GSRHMXMSR SJ
[MVMRK ERH GSRRIGXSVW WMRGI E LMKL TIVGIRXEKI SJ
MRXIVQMXXIRX TVSFPIQW SVMKMREXI LIVI 'LIGO JSV PSSWI
HMVX] SV HMWGSRRIGXIH GSRRIGXSVW -RWTIGX XLI [MVMRK
VSYXMRK PSSOMRK JSV TSWWMFPI WLSVXW GEYWIH F] GSRXEGX
[MXL I\XIVREP TEVXW JSV I\EQTPI VYFFMRK EKEMRWX WLEVT
WLIIX QIXEP IHKIW  -RWTIGX XLI GSRRIGXSV ZMGMRMX]
PSSOMRK JSV [MVIW XLEX LEZI TYPPIH SYX SJ GSRRIGXSV
XIVQMREPW HEQEKIH GSRRIGXSVW TSSVP] TSWMXMSRIH
XIVQMREPW ERH GSVVSHIH SV HEQEKIH XIVQMREPW 0SSO
JSV FVSOIR [MVIW HEQEKIH WTPMGIW ERH [MVIXS[MVI
WLSVXW 9WI KSSH NYHKIQIRX MJ GSQTSRIRX VITPEGIQIRX
MW XLSYKLX XS FI VIUYMVIH
7YKKIWXMSRW JSV HMEKRSWMRK MRXIVQMXXIRX JEYPXW LEVRIWW
› -J HMEKRSWXMG GLEVX MRHMGEXIW XLEX XLI TVSFPIQ MW
MRXIVQMXXIRX XV] XS VITVSHYGI XLI STIVEXMRK GSRHMXMSRW
XLEX [IVI TVIWIRX [LIR XLI (8' WIX 8LI (MEKRSWXMG
7GER 8SSP (78 SV GER FI YWIH XS LIPT PSGEXI
8,C(C)2 3'8 
MRXIVQMXXIRX TVSFPIQW EW MX MRGPYHIW E JYRGXMSR GEPPIH
6IGSVHMRK 8LMW JYRGXMSR TIVQMXW XLI VIGSVHMRK SJ
HEXE TEVEQIXIV ZEPYIW HYVMRK E HMEKRSWXMG WIWWMSR -J
E (8' WIXW HYVMRK E GIVXEMR HMEKRSWXMG WIWWMSR XLI
TEVEQIXIVW GER FI TPE]IH FEGO ERH SFWIVZIH XS WII
[LEX IEGL TEVEQIXIVW ZEPYI [EW [LIR XLI (8'
SGGYVVIH
› -J E JEYPX] GSRRIGXMSR SV [MVI MW WYWTIGXIH XS FI XLI
GEYWI SJ XLI MRXIVQMXXIRX TVSFPIQ GPIEV (8'W XLIR
GLIGO XLI GSRRIGXMSR SV [MVI F] [MKKPMRK MX [LMPI
[EXGLMRK XLI (78 XS WII MJ XLI JEYPX VIWIXW
› 8S GLIGO XLI GSRRIGXMSR FIX[IIR XLI LEVRIWW ERH E
WIRWSV SV XLI LEVRIWW ERH XLI )'9 YWI
01&.8 'SRRIGXSV %HETXIV 8IWX /MX -RWIVX XLI
QEPI IRH SJ XLI ETTVSTVMEXI XIWX EHETXIV MRXS XLI
JIQEPI IRH SJ XLI )'9 SV WIRWSV GSRRIGXSV XIVQMREP
8LIVI WLSYPH FI QSHIVEXI VIWMWXERGI [LIR XLI XIWX
EHETXIV MW MRWIVXIH MRXS XLI XIVQMREP -J XLI
GSRRIGXMSR MW PSSWI VITPEGI XLI JIQEPI XIVQMREP
4SWWMFPI 'EYWIW SJ -RXIVQMXXIRX *EYPXW
› *EYPX] GSRRIGXMSR FIX[IIR WIRWSV SV EGXYEXSV ERH
› *EYPX] GSRXEGX FIX[IIR XIVQMREPW MR GSRRIGXSV
› *EYPX] XIVQMREP[MVI GSRRIGXMSR
› )PIGXVSQEKRIXMG MRXIVJIVIRGI )1- JVSQ ER
MQTVSTIVP] MRWXEPPIH [E] VEHMS IXG GER GEYWI
JEYPX] WMKREPW XS FI WIRX XS XLI )'9
01&6+ rr.%2r
0-)&,)66Œ(r(MIWIP )RKMRIW

42!
 0MWXMRK SJ 8LVSXXPI 'SHIW

%TTPMGEXMSR (MKMX3XLIV 742*1- 'SHI +S XS TEKI XLEX VIEHW

'SHI
)RKMRI -( Π     8LVSXXPI  8  %REPSK 8LVSXXPI & -RTYX ,MKL
2S 

     8LVSXXPI  8  %REPSK 8LVSXXPI % -RTYX ,MKL
     8LVSXXPI  8  %REPSK 8LVSXXPI % -RTYX 0S[
     8LVSXXPI  8  1YPXMWXEXI 8LVSXXPI -RTYX ,MKL
     8LVSXXPI  8  1YPXMWXEXI 8LVSXXPI -RTYX 0S[

01&6+ rr.%2r

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



42!
 )'9  8  1YPXMWXEXI 8LVSXXPI -RTYX ,MKL
1YPXMWXEXI 8LVSXXPI 7[MXGL
› 1YPXMWXEXI XLVSXXPI MW GSQTSWIH SJ ER MHPI W[MXGL XLEX
EPPS[W IRKMRI WTIIH XS FI EX LMKL SV PS[ MHPI 3R
WSQI ETTPMGEXMSRW XLIVI MW E FYQT YT ERH E FYQT
HS[R JIEXYVI 8LMW EPPS[W JSV LMKL ERH PS[ MHPI XS FI
GSRXVSPPIH
› 3R GIVXEMR ETTPMGEXMSRW ER EHHMXMSREP XLVSXXPI MW YWIH
MR EHHMXMSR XS XLI QYPXMWXEXI XLVSXXPI -J XLI HIWMVIH
IRKMRI WTIIH SJ XLI EHHMXMSREP XLVSXXPI MW KVIEXIV XLER
XLI QYPXMWXEXI XLVSXXPI XLI QYPXMWXEXI XLVSXXPI [MPP FI
SZIVVMHHIR ;LIR XLI HIWMVIH IRKMRI WTIIH SJ XLI
QYPXMWXEXI XLVSXXPI MW KVIEXIV XLER XLI EHHMXMSREP
XLVSXXPI XLI QYPXMWXEXI XLVSXXPI [MPP FI MR XSXEP GSRXVSP
8LMW GSHI [MPP WIX MJ
8,C(C)2 3'8  0-)&,)66Œ(r(MIWIP )RKMRIW
› 8LI QYPXMWXEXI XLVSXXPI MRTYX ZSPXEKI I\GIIHW XLI
QE\MQYQ XLVIWLSPH 8LI ZSPXEKI MW LMKLIV XLER [LEX
MW TL]WMGEPP] TSWWMFPI JSV XLI XLVSXXPI PIZIV XS EGLMIZI
-J XLMW GSHI WIXW XLI JSPPS[MRK [MPP SGGYV
› -J QSVI XLER SRI XLVSXXPI MW EZEMPEFPI XLI )'9 [MPP
MKRSVI XLI MRTYX JVSQ XLI QYPXMWXEXI XLVSXXPI ERH [MPP
YWI XLI MRTYX ZEPYIW JVSQ ERSXLIV XLVSXXPI
› -J XLI QYPXMWXEXI XLVSXXPI MW XLI SRP] XLVSXXPI SV EPP
EHHMXMSREP XLVSXXPIW EVI EPWS JEYPXIH XLI )'9 [MPP YWI
E HIJEYPX lPMQTLSQIz XLVSXXPI ZEPYI XLEX [MPP SRP]
EPPS[ MHPI IRKMRI WTIIH
01&6+% rr()'r

42!
 )'9  8  1YPXMWXEXI 8LVSXXPI -RTYX ,MKL  'SRXMRYIH

01&6+% rr()'r

)'9  8  1YPXM7XEXI 8LVSXXPI -RTYX ,MKL (MEKRSWXMG 4VSGIHYVI

r r r

 'SRRIGXMSR 'LIGO -14368%28 (S RSX JSVGI TVSFIW MRXS GSRRIGXSV XIVQMREPW SV HEQEKI [MPP VIWYPX 2S JEYPX] GSRRIGXMSR W 
9WI 01&.8 'SRRIGXSV %HETXIV 8IWX /MX XS QEOI QIEWYVIQIRXW MR +3 83 
GSRRIGXSVW 8LMW [MPP IRWYVI XLEX XIVQMREP HEQEKI HSIW RSX SGGYV
*EYPX] GSRRIGXMSR W 
6ITEMV JEYPX]
GSRRIGXMSR W

4IVJSVQ E TVIPMQMREV] MRWTIGXMSR SJ XLI )'9 GSRRIGXSV ERH XLI QYPXMWXEXI XLVSXXPI
GSRRIGXSV 0SSO JSV HMVX] HEQEKIH SV TSSVP] TSWMXMSRIH XIVQMREPW

r r r

 -RXIVQMXXIRX *EYPX 8IWX 742  *1-  VISGGYVW

+3 83 

 'SRRIGX XLI (78 *SV MRWXVYGXMSRW SR GSRRIGXMRK XS XLI (78 WII '322)'8-2+ 742  *1-  HSIW RSX
83 (-%+2378-' 7'%2 8330 (78 IEVPMIV MR XLMW +VSYT VISGGYV
4VSFPIQ MW MRXIVQMXXIRX -J
 -KRMXMSR 32 IRKMRI 3** RS SXLIV GSHIW EVI
TVIWIRX WII
 7XEVX XLI )'9 GSQQYRMGEXMSR WSJX[EVI -28)61-88)28 *%908
(-%+2378-'7 IEVPMIV MR
 6IEH (8'W YWMRK XLI (78 XLMW +VSYT

 1EOI RSXI SJ ER] (8'W XLIR GPIEV EPP (8'W

 -KRMXMSR 32 IRKMRI 3**

 1SZI XLI QYPXMWXEXI W[MXGL XLVSYKL EPP XLI TSWMXMSRW

 6IEH (8'W YWMRK XLI (78

r r r

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



42!
  8LVSXXPI 4SWMXMSR 742  *1-  VISGGYVW
-RTYX 7LSVXIH 8IWX +3 83 

 -KRMXMSR 3** 742  *1-  SGGYVW

*EYPX] QYPXMWXEXI XLVSXXPI
 (MWGSRRIGX QYPXMWXEXI XLVSXXPI W[MXGL EX X[S [MVI GSRRIGXSV FILMRH MRWXVYQIRX TERIP W[MXGL GSRRIGXSV
36
 -RWXEPP E NYQTIV [MVI FIX[IIR FSXL XIVQMREPW SJ XLI W[MXGL LEVRIWW GSRRIGXSV *EYPX] QYPXMWXEXI XLVSXXPI
W[MXGL
 6IEH (8'W YWMRK XLI (78

 1EOI RSXI SJ ER] (8'W XLIR GPIEV EPP (8'W

 -KRMXMSR 32 IRKMRI 3**

 6IEH (8'W YWMRK XLI (78

r r r

 8LVSXXPI 4SWMXMSR &IX[IIR  : ERH 

+VSYRH 'MVGYMX 3TIR :
8IWX 3TIR MR QYPXMWXEXI W[MXGL
 -KRMXMSR 3** KVSYRH GMVGYMX
36
 6IQSZI NYQTIV [MVI *EYPX] )'9 GSRRIGXMSR
36
 -KRMXMSR 32 IRKMRI 3** *EYPX] )'9

 9WMRK E QYPXMQIXIV QIEWYVI ZSPXEKI FIX[IIR QYPXMWXEXI W[MXGL  : MRTYX XIVQMREP &IPS[  :
ERH E KSSH GLEWWMW KVSYRH 3TIR MR QYPXMWXEXI W[MXGL
 : MRTYX GMVGYMX
36
*EYPX] )'9 GSRRIGXMSR
36
*EYPX] )'9

r r r

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



42!
 )'9  8  1YPXMWXEXI 8LVSXXPI -RTYX 0S[
1YPXMWXEXI 8LVSXXPI 7[MXGL
› 1YPXMWXEXI XLVSXXPI MW GSQTSWIH SJ ER MHPI W[MXGL XLEX
EPPS[W IRKMRI WTIIH XS FI EX LMKL SV PS[ MHPI 3R
WSQI ETTPMGEXMSRW XLIVI MW E FYQT YT ERH E FYQT
HS[R JIEXYVI 8LMW EPPS[W JSV LMKL ERH PS[ MHPI XS FI
GSRXVSPPIH
› 3R GIVXEMR ETTPMGEXMSRW ER EHHMXMSREP XLVSXXPI MW YWIH
MR EHHMXMSR XS XLI QYPXMWXEXI XLVSXXPI -J XLI HIWMVIH
IRKMRI WTIIH SJ XLI EHHMXMSREP XLVSXXPI MW KVIEXIV XLER
XLI QYPXMWXEXI XLVSXXPI XLI QYPXMWXEXI XLVSXXPI [MPP FI
SZIVVMHHIR ;LIR XLI HIWMVIH IRKMRI WTIIH SJ XLI
QYPXMWXEXI XLVSXXPI MW KVIEXIV XLER XLI EHHMXMSREP
XLVSXXPI XLI QYPXMWXEXI XLVSXXPI [MPP FI MR XSXEP GSRXVSP
8LMW GSHI [MPP WIX MJ
8,C(C)2 3'8 
› 8LI QYPXMWXEXI XLVSXXPI MRTYX ZSPXEKI HVSTW FIPS[ XLI
QMRMQYQ XLVIWLSPH 8LI ZSPXEKI MW PS[IV XLER [LEX
MW TL]WMGEPP] TSWWMFPI JSV XLI XLVSXXPI PIZIV XS EGLMIZI
-J XLMW GSHI WIXW XLI JSPPS[MRK [MPP SGGYV
› -J QSVI XLER SRI XLVSXXPI MW EZEMPEFPI XLI )'9 [MPP
MKRSVI XLI MRTYX JVSQ XLI QYPXMWXEXI XLVSXXPI ERH [MPP
YWI XLI MRTYX ZEPYIW JVSQ ERSXLIV XLVSXXPI
› -J XLI QYPXMWXEXI XLVSXXPI MW XLI SRP] XLVSXXPI SV EPP
EHHMXMSREP XLVSXXPIW EVI EPWS JEYPXIH XLI )'9 [MPP YWI
E HIJEYPX lPMQTLSQIz XLVSXXPI ZEPYI XLEX [MPP SRP]
EPPS[ MHPI IRKMRI WTIIH
01&6+% rr()'r
0-)&,)66Œ(r(MIWIP )RKMRIW

42!
 )'9  8  1YPXMWXEXI 8LVSXXPI -RTYX 0S[  'SRXMRYIH

01&6+% rr()'r

)'9  8  1YPXM7XEXI 8LVSXXPI -RTYX 0S[ (MEKRSWXMG 4VSGIHYVI

r r r

 'SRRIGXMSR 'LIGO -14368%28 (S RSX JSVGI TVSFIW MRXS GSRRIGXSV XIVQMREPW SV HEQEKI [MPP VIWYPX 2S JEYPX] GSRRIGXMSR W 
9WI 01&.8 'SRRIGXSV %HETXIV 8IWX /MX XS QEOI QIEWYVIQIRXW MR +3 83 
GSRRIGXSVW 8LMW [MPP IRWYVI XLEX XIVQMREP HEQEKI HSIW RSX SGGYV
*EYPX] GSRRIGXMSR W 
6ITEMV JEYPX]
GSRRIGXMSR W

4IVJSVQ E TVIPMQMREV] MRWTIGXMSR SJ XLI )'9 GSRRIGXSV ERH XLI QYPXMWXEXI XLVSXXPI
GSRRIGXSV 0SSO JSV HMVX] HEQEKIH SV TSSVP] TSWMXMSRIH XIVQMREPW

r r r

 -RXIVQMXXIRX *EYPX 8IWX 742  *1-  VISGGYVW

+3 83 

 'SRRIGX XLI (78 *SV MRWXVYGXMSRW SR GSRRIGXMRK XS XLI (78 WII '322)'8-2+ 742  *1-  HSIW RSX
83 (-%+2378-' 7'%2 8330 (78 IEVPMIV MR XLMW +VSYT VISGGYV
4VSFPIQ MW MRXIVQMXXIRX -J
 -KRMXMSR 32 IRKMRI 3** RS SXLIV GSHIW EVI
TVIWIRX WII
 7XEVX XLI )'9 GSQQYRMGEXMSR WSJX[EVI -28)61-88)28 *%908
(-%+2378-'7 IEVPMIV MR
 6IEH (8'W YWMRK XLI (78 XLMW +VSYT

 1EOI RSXI SJ ER] (8'W XLIR GPIEV EPP (8'W

 -KRMXMSR 32 IRKMRI 3**

 1SZI XLI QYPXMWXEXI W[MXGL XLVSYKL EPP XLI TSWMXMSRW

 6IEH (8'W YWMRK (78

r r r

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



42!
  8LVSXXPI 4SWMXMSR 742  *1-  VISGGYVW
;MVMRK 8IWX 7LSVX XS KVSYRH MR
QYPXMWXEXI MRTYX GMVGYMX
 -KRMXMSR 3** 36
3TIR MR QYPXMWXEXI MRTYX
 (MWGSRRIGX QYPXMWXEXI XLVSXXPI W[MXGL EX X[S [MVI GSRRIGXSV FILMRH MRWXVYQIRX TERIP GMVGYMX
36
 6IEH (8'W YWMRK XLI (78 *EYPX] )'9

 1EOI RSXI SJ ER] (8'W XLIR GPIEV EPP (8'W 742  *1-  SGGYVW
*EYPX] QYPXMWXEXI XLVSXXPI
 -KRMXMSR 32 IRKMRI 3** W[MXGL GSRRIGXSV
36
 6IEH (8'W YWMRK XLI (78 *EYPX] QYPXMWXEXI XLVSXXPI
W[MXGL

r r r

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



42!
 )'9  8  %REPSK 8LVSXXPI % -RTYX ,MKL
%REPSK 8LVSXXPI 4SWMXMSR 7IRWSV
› 8LI EREPSK XLVSXXPI TSWMXMSR WIRWSV MW E ZEVMEFPI
VIWMWXSV TSXIRXMSQIXIV YWIH XS QIEWYVI XLI TSWMXMSR
SJ XLI XLVSXXPI 8LI XLVSXXPI MRTYX ZSPXEKI RSVQEPP]
ZEVMIW FIX[IIR  ERH  ZSPXW HITIRHMRK SR
XLVSXXPI TSWMXMSR %REPSK XLVSXXPI ZSPXEKI EX PS[ MHPI
[MPP FI ETTVS\MQEXIP]  ZSPX ERH  ZSPXW EX LMKL
MHPI 8LI )'9 LEW XLI EFMPMX] XS PIEVR HMJJIVIRX
ZSPXEKIW JSV PS[ ERH LMKL MHPI WS XLI ZSPXEKI VERKI
QE] GLERKI TIV ETTPMGEXMSR
8LMW GSHI [MPP WIX MJ
› 8LI EREPSK XLVSXXPI % MRTYX ZSPXEKI I\GIIHW XLI
WIRWSV W LMKL ZSPXEKI WTIGMJMGEXMSR 8LI ZSPXEKI MW
8,C(C)2 3'8 
LMKLIV XLER [LEX MW TL]WMGEPP] TSWWMFPI JSV XLI
XLVSXXPI PIZIV XS EGLMIZI
r 8LI LMKL EREPSK XLVSXXPI % MRTYX ZSPXEKI
WTIGMJMGEXMSR MW  ZSPXW
r )RKMRIWTIGMJMG HIZMEXMSRW WII %440-'%8-32
74)'-*-'%8-327 MR 7IGXMSR  +VSYT  SJ
XLMW QERYEP JSV XLI LMKL EREPSK XLVSXXPI % MRTYX
ZSPXEKI WTIGMJMGEXMSR
-J XLMW GSHI WIXW XLI JSPPS[MRK [MPP SGGYV
› -J QSVI XLER SRI XLVSXXPI MW EZEMPEFPI XLI )'9 [MPP
MKRSVI XLI MRTYX JVSQ XLI EREPSK XLVSXXPI ERH [MPP YWI
XLI MRTYX ZEPYIW JVSQ ERSXLIV XLVSXXPI
› -J XLI EREPSK XLVSXXPI MW XLI SRP] XLVSXXPI SV EPP
EHHMXMSREP XLVSXXPIW EVI EPWS JEYPXIH XLI )'9 [MPP YWI
E HIJEYPX lPMQTLSQIz XLVSXXPI ZEPYI XLEX [MPP SRP]
EPPS[ MHPI IRKMRI WTIIH
01&6+) rr()'r
0-)&,)66Œ(r(MIWIP )RKMRIW

42!
 )'9  8  %REPSK 8LVSXXPI % -RTYX ,MKL  'SRXMRYIH

01&6+% rr()'r

)'9  8  %REPSK 8LVSXXPI % -RTYX ,MKL (MEKRSWXMG 4VSGIHYVI

r r r

 'SRRIGXMSR 'LIGO -14368%28 (S RSX JSVGI TVSFIW MRXS GSRRIGXSV XIVQMREPW SV HEQEKI [MPP VIWYPX 2S JEYPX] GSRRIGXMSR W 
9WI 01&.8 'SRRIGXSV %HETXIV 8IWX /MX XS QEOI QIEWYVIQIRXW MR +3 83 
GSRRIGXSVW 8LMW [MPP IRWYVI XLEX XIVQMREP HEQEKI HSIW RSX SGGYV
*EYPX] GSRRIGXMSR
6ITEMV JEYPX]
GSRRIGXMSR W

4IVJSVQ E TVIPMQMREV] MRWTIGXMSR SJ XLI )'9 GSRRIGXSV XLI EREPSK % XLVSXXPI

GSRRIGXSV ERH ER] GSRRIGXSVW MR FIX[IIR XLIQ 0SSO JSV HMVX] HEQEKIH SV TSSVP]
TSWMXMSRIH XIVQMREPW

r r r

 -RXIVQMXXIRX *EYPX 8IWX  : SV KVIEXIV

+3 83 

 'SRRIGX XLI (78 *SV MRWXVYGXMSRW SR GSRRIGXMRK XS XLI (78 WII '322)'8-2+ &IPS[  :
83 (-%+2378-' 7'%2 8330 (78 IEVPMIV MR XLMW +VSYT +3 83 

 -KRMXMSR 32 IRKMRI 3**

 7XEVX XLI )'9 GSQQYRMGEXMSR WSJX[EVI

 %REPSK 8LVSXXPI % MR XLI MHPI TSWMXMSR

 9WMRK XLI (78

› 6IEH %REPSK 8LVSXXPI % -RTYX :SPXEKI

r r r

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



42!
  8LVSXXPI 8VEZIP +SIW EFSZI  :
:SPXEKI 8IWX *EYPX] EREPSK XLVSXXPI %
WIRWSV GSRRIGXSV
;LMPI WPS[P] STIVEXMRK EREPSK XLVSXXPI % XLVSYKL MXW JYPP XVEZIP YWI XLI (78 JSV XLI 36
JSPPS[MRK 3TIR MR EREPSK XLVSXXPI
% WIRWSV KVSYRH GMVGYMX
› 6IEH %REPSK 8LVSXXPI % -RTYX :SPXEKI 36
*EYPX] EREPSK XLVSXXPI %
WIRWSV

2IZIV KSIW EFSZI  :

4VSFPIQ MW MRXIVQMXXIRX -J
RS SXLIV GSHIW EVI
TVIWIRX WII
-28)61-88)28 *%908
(-%+2378-'7 IEVPMIV MR
XLMW +VSYT

r r r

 8LVSXXPI 4SWMXMSR  : SV PIWW

-RTYX 7LSVXIH 8IWX +3 83 

 -KRMXMSR 3** %FSZI  :

7LSVX XS ZSPXEKI MR EREPSK
 (MWGSRRIGX EREPSK XLVSXXPI % WIRWSV GSRRIGXSV FILMRH MRWXVYQIRX TERIP XLVSXXPI % MRTYX GMVGYMX
36
 -KRMXMSR 32 )RKMRI 3** *EYPX] )'9

 9WMRK XLI (78

› 6IEH %REPSK 8LVSXXPI % -RTYX :SPXEKI

r r r

 8LVSXXPI 4SWMXMSR 0MKLX 32

+VSYRH 'MVGYMX 3TIR *EYPX] EREPSK XLVSXXPI %
8IWX WIRWSV GSRRIGXSV
 -KRMXMSR 3** 36
*EYPX] EREPSK XLVSXXPI %
 %REPSK XLVSXXPI % WIRWSV GSRRIGXSV WXMPP HMWGSRRIGXIH WIRWSV

 9WMRK E XIWX PMKLX GSRRIGXIH XS FEXXIV]   TVSFI XLI KVSYRH XIVQMREP MR XLVSXXPI % 0MKLX 3**
WIRWSV LEVRIWW GSRRIGXSV 3TIR MR EREPSK XLVSXXPI
% KVSYRH GMVGYMX

r r r

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



42!
 )'9  8  %REPSK 8LVSXXPI % -RTYX 0S[
%REPSK 8LVSXXPI 4SWMXMSR 7IRWSV
› 8LI EREPSK XLVSXXPI TSWMXMSR WIRWSV MW E ZEVMEFPI
VIWMWXSV TSXIRXMSQIXIV YWIH XS QIEWYVI XLI TSWMXMSR
SJ XLI XLVSXXPI 8LI XLVSXXPI MRTYX ZSPXEKI RSVQEPP]
ZEVMIW FIX[IIR  ERH  ZSPXW HITIRHMRK SR
XLVSXXPI TSWMXMSR %REPSK XLVSXXPI ZSPXEKI EX PS[ MHPI
[MPP FI ETTVS\MQEXIP]  ZSPX ERH  ZSPXW EX LMKL
MHPI 8LI )'9 LEW XLI EFMPMX] XS PIEVR HMJJIVIRX
ZSPXEKIW JSV PS[ ERH LMKL MHPI WS XLI ZSPXEKI VERKI
QE] GLERKI TIV ETTPMGEXMSR
8LMW GSHI [MPP WIX MJ
› 8LI EREPSK XLVSXXPI % MRTYX ZSPXEKI KSIW FIPS[ XLI
WIRWSV W PS[ ZSPXEKI WTIGMJMGEXMSR 8LI ZSPXEKI MW
8,C(C)2 3'8 
PS[IV XLER [LEX MW TL]WMGEPP] TSWWMFPI JSV XLI XLVSXXPI
PIZIV XS EGLMIZI
r 8LI PS[ EREPSK XLVSXXPI % MRTYX ZSPXEKI
WTIGMJMGEXMSR MW  ZSPXW
r )RKMRIWTIGMJMG HIZMEXMSRW WII %440-'%8-32
74)'-*-'%8-327 MR 7IGXMSR  +VSYT  SJ
XLMW QERYEP JSV XLI PS[ EREPSK XLVSXXPI % MRTYX
ZSPXEKI WTIGMJMGEXMSR
-J XLMW GSHI WIXW XLI JSPPS[MRK [MPP SGGYV
› -J QSVI XLER SRI XLVSXXPI MW EZEMPEFPI XLI )'9 [MPP
MKRSVI XLI MRTYX JVSQ XLI EREPSK XLVSXXPI ERH [MPP YWI
XLI MRTYX ZEPYIW JVSQ ERSXLIV XLVSXXPI
› -J XLI EREPSK XLVSXXPI MW XLI SRP] XLVSXXPI SV EPP
EHHMXMSREP XLVSXXPIW EVI EPWS JEYPXIH XLI )'9 [MPP YWI
E HIJEYPX lPMQTLSQIz XLVSXXPI ZEPYI XLEX [MPP SRP]
EPPS[ MHPI IRKMRI WTIIH
01&6+' rr()'r
0-)&,)66Œ(r(MIWIP )RKMRIW

42!
 )'9  8  %REPSK 8LVSXXPI % -RTYX 0S[  'SRXMRYIH

01&6+% rr()'r

)'9  8  %REPSK 8LVSXXPI % -RTYX 0S[ (MEKRSWXMG 4VSGIHYVI

r r r

 'SRRIGXMSR 'LIGO -14368%28 (S RSX JSVGI TVSFIW MRXS GSRRIGXSV XIVQMREPW SV HEQEKI [MPP VIWYPX 2S JEYPX] GSRRIGXMSR W 
9WI 01&.8 'SRRIGXSV %HETXIV 8IWX /MX XS QEOI QIEWYVIQIRXW MR +3 83 
GSRRIGXSVW 8LMW [MPP IRWYVI XLEX XIVQMREP HEQEKI HSIW RSX SGGYV
*EYPX] GSRRIGXMSR
6ITEMV JEYPX] GSRRIGXMSR

4IVJSVQ E TVIPMQMREV] MRWTIGXMSR SJ XLI )'9 GSRRIGXSV XLI EREPSK % XLVSXXPI

GSRRIGXSV ERH ER] GSRRIGXSVW MR FIX[IIR XLIQ 0SSO JSV HMVX] HEQEKIH SV TSSVP]
TSWMXMSRIH XIVQMREPW

r r r

 -RXIVQMXXIRX *EYPX 8IWX  : SV PIWW

+3 83 

 'SRRIGX XLI (78 *SV MRWXVYGXMSRW SR GSRRIGXMRK XS XLI (78 WII '322)'8-2+ %FSZI  :
83 (-%+2378-' 7'%2 8330 (78 IEVPMIV MR XLMW +VSYT +3 83 

 -KRMXMSR 32 IRKMRI 3**

 7XEVX XLI )'9 GSQQYRMGEXMSR WSJX[EVI

 8LVSXXPI % MR XLI MHPI TSWMXMSR

 9WMRK XLI (78

› 6IEH %REPSK 8LVSXXPI % -RTYX :SPXEKI

r r r

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



42!
  8LVSXXPI 8VEZIP +SIW FIPS[  :
:SPXEKI 8IWX *EYPX] EREPSK XLVSXXPI %
WIRWSV GSRRIGXSV
;LMPI WPS[P] STIVEXMRK EREPSK XLVSXXPI % XLVSYKL MXW JYPP XVEZIP YWI XLI (78 JSV XLI 36
JSPPS[MRK 3TIR MR EREPSK XLVSXXPI
% WIRWSV KVSYRH GMVGYMX
› 6IEH %REPSK 8LVSXXPI % -RTYX :SPXEKI 36
*EYPX] EREPSK XLVSXXPI %
WIRWSV

2IZIV KSIW EFSZI  :

4VSFPIQ MW MRXIVQMXXIRX -J
RS SXLIV GSHIW EVI
TVIWIRX WII
-28)61-88)28 *%908
(-%+2378-'7 IEVPMIV MR
XLMW +VSYT

r r r

 8LVSXXPI 4SWMXMSR &IPS[  :

;MVMRK 8IWX +3 83 

 -KRMXMSR 3**  : SV KVIEXIV

*EYPX] EREPSK XLVSXXPI %
 (MWGSRRIGX EREPSK XLVSXXPI % WIRWSV GSRRIGXSV WIRWSV GSRRIGXSV
36
 -RWXEPP E NYQTIV [MVI FIX[IIR XLI  : 7YTTP] XIVQMREP ERH XLI MRTYX XIVQMREP MR XLI *EYPX] EREPSK XLVSXXPI %
LEVRIWW WMHI SJ XLI WIRWSV GSRRIGXSV WIRWSV

 -KRMXMSR 32 IRKMRI 3**

 9WMRK XLI (78

› 6IEH %REPSK 8LVSXXPI % -RTYX :SPXEKI

r r r

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



42!
  8LVSXXPI 4SWMXMSR : &IX[IIR  : ERH 
7YTTP] 8IWX :
3TIR MR EREPSK XLVSXXPI
 -KRMXMSR 3** % MRTYX GMVGYMX
36
 6IQSZI NYQTIV [MVI 7LSVX XS KVSYRH MR EREPSK
XLVSXXPI % MRTYX GMVGYMX
 -KRMXMSR 32 IRKMRI 3** 36
*EYPX] )'9 GSRRIGXSV
 9WMRK E QYPXMQIXIV QIEWYVI XLI ZSPXEKI FIX[IIR XLI EREPSK XLVSXXPI % KVSYRH 36
XIVQMREP ERH XLI  : 7YTTP] XIVQMREP MR XLI WIRWSV LEVRIWW GSRRIGXSV *EYPX] )'9

&IPS[  :
3TIR MR EREPSK XLVSXXPI
%  : 7YTTP] GMVGYMX
36
7LSVX XS KVSYRH MR EREPSK
XLVSXXPI %  : 7YTTP]
GMVGYMX
36
*EYPX] )'9 GSRRIGXSV
36
*EYPX] )'9
r r r

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



42!
 )'9  8  %REPSK 8LVSXXPI & -RTYX ,MKL

%REPSK8LVSXXPI &
7IRWSV'SRRIGXSV
7IRWSV6IXYVR  ( % % %

%REPSK % % &
)
' '
8LVSXXPI & & & %REPSK8LVSXXPI & -RTYX*
9 3
7IRWSV '
( ( (
2
' 7IRWSV: ) ) ) )
, 2
% )
6 '
8LVSXXPI)QYPEXSV * * *
2 8
+ + +
) 3
, , ,
% 7 6
. . .
7
& / / /

'

LMKLIV XLER [LEX MW TL]WMGEPP] TSWWMFPI JSV XLI

%REPSK 8LVSXXPI 4SWMXMSR 7IRWSV
› 8LI EREPSK XLVSXXPI TSWMXMSR WIRWSV MW E ZEVMEFPI
VIWMWXSV TSXIRXMSQIXIV YWIH XS QIEWYVI XLI TSWMXMSR
SJ XLI XLVSXXPI 8LI XLVSXXPI MRTYX ZSPXEKI RSVQEPP]
ZEVMIW FIX[IIR  ERH  ZSPXW HITIRHMRK SR
XLVSXXPI TSWMXMSR %REPSK XLVSXXPI ZSPXEKI EX PS[ MHPI
[MPP FI ETTVS\MQEXIP]  ZSPX ERH  ZSPXW EX LMKL
MHPI 8LI )'9 LEW XLI EFMPMX] XS PIEVR HMJJIVIRX
ZSPXEKIW JSV PS[ ERH LMKL MHPI WS XLI ZSPXEKI VERKI
QE] GLERKI TIV ETTPMGEXMSR
8LMW GSHI [MPP WIX MJ
XLVSXXPI PIZIV XS EGLMIZI
r 8LI LMKL EREPSK XLVSXXPI & MRTYX ZSPXEKI
WTIGMJMGEXMSR MW  ZSPXW
r )RKMRIWTIGMJMG HIZMEXMSRW WII %440-'%8-32
74)'-*-'%8-327 MR 7IGXMSR  +VSYT  SJ
XLMW QERYEP JSV XLI LMKL EREPSK XLVSXXPI & MRTYX
ZSPXEKI WTIGMJMGEXMSR
-J XLMW GSHI WIXW XLI JSPPS[MRK [MPP SGGYV
› -J QSVI XLER SRI XLVSXXPI MW EZEMPEFPI XLI )'9 [MPP
MKRSVI XLI MRTYX JVSQ XLI EREPSK XLVSXXPI ERH [MPP YWI
XLI MRTYX ZEPYIW JVSQ ERSXLIV XLVSXXPI
› -J XLI EREPSK XLVSXXPI MW XLI SRP] XLVSXXPI SV EPP
EHHMXMSREP XLVSXXPIW EVI EPWS JEYPXIH XLI )'9 [MPP YWI
E HIJEYPX lPMQTLSQIz XLVSXXPI ZEPYI XLEX [MPP SRP]
EPPS[ MHPI IRKMRI WTIIH

› 8LI EREPSK XLVSXXPI & MRTYX ZSPXEKI I\GIIHW XLI

WIRWSV W LMKL ZSPXEKI WTIGMJMGEXMSR 8LI ZSPXEKI MW

01&6+% rr()'r

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



42!
 )'9  8  %REPSK 8LVSXXPI & -RTYX ,MKL  'SRXMRYIH

01&6+% rr()'r

)'9  8  %REPSK 8LVSXXPI & -RTYX ,MKL (MEKRSWXMG 4VSGIHYVI

r r r

 'SRRIGXMSR 'LIGO -14368%28 (S RSX JSVGI TVSFIW MRXS GSRRIGXSV XIVQMREPW SV HEQEKI [MPP VIWYPX 2S JEYPX] GSRRIGXMSR W 
9WI 01&.8 'SRRIGXSV %HETXIV 8IWX /MX XS QEOI QIEWYVIQIRXW MR +3 83 
GSRRIGXSVW 8LMW [MPP IRWYVI XLEX XIVQMREP HEQEKI HSIW RSX SGGYV
*EYPX] GSRRIGXMSR W 
6ITEMV JEYPX]
GSRRIGXMSR W

4IVJSVQ E TVIPMQMREV] MRWTIGXMSR SJ XLI )'9 GSRRIGXSV XLI EREPSK & XLVSXXPI
GSRRIGXSV ERH ER] GSRRIGXSVW MR FIX[IIR XLIQ 0SSO JSV HMVX] HEQEKIH SV TSSVP]
TSWMXMSRIH XIVQMREPW

r r r

 -RXIVQMXXIRX *EYPX 8IWX  : SV KVIEXIV

+3 83 

 'SRRIGX XLI (78 *SV MRWXVYGXMSRW SR GSRRIGXMRK XS XLI (78 WII '322)'8-2+ &IPS[  :
83 (-%+2378-' 7'%2 8330 (78 IEVPMIV MR XLMW +VSYT +3 83 

 -KRMXMSR 32 IRKMRI 3**

 7XEVX XLI )'9 GSQQYRMGEXMSR WSJX[EVI

 %REPSK 8LVSXXPI & MR XLI MHPI TSWMXMSR

 9WMRK XLI (78

› 6IEH %REPSK 8LVSXXPI & -RTYX :SPXEKI

r r r

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



42!
  8LVSXXPI 8VEZIP +SIW EFSZI  :
:SPXEKI 8IWX *EYPX] EREPSK XLVSXXPI &
WIRWSV GSRRIGXSV
;LMPI WPS[P] STIVEXMRK EREPSK XLVSXXPI & XLVSYKL MXW JYPP XVEZIP YWI XLI (78 JSV XLI 36
JSPPS[MRK 3TIR MR EREPSK XLVSXXPI
& WIRWSV KVSYRH GMVGYMX
› 6IEH %REPSK 8LVSXXPI & -RTYX :SPXEKI 36
*EYPX] EREPSK XLVSXXPI &
WIRWSV

2IZIV KSIW EFSZI  :

4VSFPIQ MW MRXIVQMXXIRX -J
RS SXLIV GSHIW EVI
TVIWIRX WII
-28)61-88)28 *%908
(-%+2378-'7 IEVPMIV MR
XLMW +VSYT

r r r

 8LVSXXPI 4SWMXMSR  : SV PIWW

-RTYX 7LSVXIH 8IWX +3 83 

 -KRMXMSR 3** %FSZI  :

7LSVX XS ZSPXEKI MR EREPSK
 (MWGSRRIGX EREPSK XLVSXXPI & WIRWSV GSRRIGXSV FILMRH MRWXVYQIRX TERIP XLVSXXPI & MRTYX GMVGYMX
36
 -KRMXMSR 32 )RKMRI 3** *EYPX] )'9

 9WMRK XLI (78

› 6IEH %REPSK 8LVSXXPI & -RTYX :SPXEKI

r r r

 8LVSXXPI 4SWMXMSR 0MKLX 32

+VSYRH 'MVGYMX 3TIR *EYPX] EREPSK XLVSXXPI &
8IWX WIRWSV GSRRIGXSV
 -KRMXMSR 3** 36
*EYPX] EREPSK XLVSXXPI &
 %REPSK XLVSXXPI & WIRWSV GSRRIGXSV HMWGSRRIGXIH WIRWSV

 9WMRK E XIWX PMKLX GSRRIGXIH XS FEXXIV]   TVSFI XLI KVSYRH XIVQMREP MR XLVSXXPI & 0MKLX 3**
WIRWSV LEVRIWW GSRRIGXSV 3TIR MR EREPSK XLVSXXPI
& KVSYRH GMVGYMX

r r r

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



42!
 )'9  (8' 742    *1-  

(MEKRSWXMG 8VSYFPI 'SHIW (8'W EWWMKRIH XS XLVSXXPIW TVSGIHYVI JSV ]SYV ETTPMGEXMSR 7II 0-78-2+ 3*
GLERKIW TIV ETTPMGEXMSR &IGEYWI SJ XLMW E XEFPI MW 8,63880) '3()7 IEVPMIV MR XLMW +VSYT
RIGIWWEV] XS KMZI HMVIGXMSR XS XLI ETTVSTVMEXI

01&6+ rr1%6r

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



42!
 )'9  (8' 742  *1-  )RKMRI 3MP 4VIWWYVI )\XVIQIP] 0S[

3MP4VIWWYVI 3MP4VIWWYVI
7IRWSV 7IRWSV'SRRIGXSV

& &:7YTTP]
' % & '3MP4VIWWYVI-RTYX
& %
'
% ' %7IRWSV+VSYRH

( * )

% & ( ) * , . /
% ( ) *
% ( ) * , . /

)'9,%62)77'322)'836

% % %

&
)
3MP4VIWWYVI ' '
7[MXGL ( ( (
9 3
2
) ) )
4 3MP4VIWWYVI-RTYX ' , 2
% )
6 '
* * *
2 8
+ + +
) 3
, , ,
7 6
. . .
7
/ / /

QMRMQYQ SMP TVIWWYVI XLVIWLSPH 8LI W[MXGL MW STIR

[LIR XLI IRKMRI MW RSX VYRRMRK ERH IRKMRI MW
VYRRMRK [MXL WYJJMGMIRX SMP TVIWWYVI
(8' 742  *1-  [MPP WIX MJ

3MP 4VIWWYVI 7IRWSV SV 7[MXGL
› 8LI SMP TVIWWYVI WIRWSV MW E TVIWWYVI XVERWHYGIV
GSRRIGXIH XS XLI QEMR SMP KEPPI] %W IRKMRI SMP
TVIWWYVI MRGVIEWIW XLI SMP TVIWWYVI WIRWSV MRTYX
ZSPXEKI MRGVIEWIW 8LI )'9 QSRMXSVW SMP TVIWWYVI MR
SVHIV XS TVSXIGX XLI IRKMRI MR GEWI SJ E PS[ SMP
TVIWWYVI GSRHMXMSR *SV JYVXLIV SMP TVIWWYVI WIRWSV
MRJSVQEXMSR WII 1)%796-2+ 46)7796) MR
7IGXMSR  +VSYT  IEVPMIV MR XLMW QERYEP
› 8LI SMP TVIWWYVI W[MXGL MW YWIH XS HIXIGX E PSWW SJ SMP
TVIWWYVI 3MP TVIWWYVI GEYWIW XLI GSRXEGXW MR XLI
W[MXGL GPSWI [LIR SMP TVIWWYVI HVSTW FIPS[ XLI
› *SV IRKMRIW [MXL ER SMP TVIWWYVI WIRWSV XLI )'9
WIRWIW ER I\XVIQIP] PS[ SMP TVIWWYVI
› *SV IRKMRIW [MXL ER SMP TVIWWYVI W[MXGL XLI )'9
WIRWWIW XLI SMP TVIWWYVI W[MXGL MW STIR EJXIV XLI
IRKMRI MW EFSZI GVEROMRK 641 JSV WIZIVEP WIGSRHW
-J (8' 742  *1-  WIXW XLI JSPPS[MRK [MPP
SGGYV
› )RKMRI TVSXIGXMSR MW IREFPIH 7II )2+-2)
4638)'8-32 MR 7IGXMSR  +VSYT  SJ XLMW
QERYEP

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

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



42!
 r ;MXL 7LYXHS[R *IEXYVI 8LI HIVEXI JIEXYVI [MPP KS
MRXS IJJIGX [LIR XLI GSHI MW WIX ERH XLI IRKMRI
[MPP WLYX HS[R EJXIV  WIGSRHW
r ;MXL (IVEXI *IEXYVI 8LI IRKMRI HIVEXIW  TIV
QMRYXI YRXMP XLI IRKMRI MW VYRRMRK EX  SJ JYPP
TS[IV )RKMRIWTIGMJMG HIZMEXMSRW WII
%440-'%8-32 74)'-*-'%8-327 MR 7IGXMSR 
+VSYT  SJ XLMW QERYEP

01&6+ rr()'r

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



42!
 )'9  (8' 742  *1-  )RKMRI 3MP 4VIWWYVI )\XVIQIP] 0S[  'SRXMRYIH

01&6+& rr()'r

)'9  (8' 742  *1-  )RKMRI 3MP 4VIWWYVI )\XVIQIP] 0S[ (MEKRSWXMG 4VSGIHYVI

r r r

 'SRRIGXMSR 'LIGO -14368%28 (S RSX JSVGI TVSFIW MRXS GSRRIGXSV XIVQMREPW SV HEQEKI [MPP VIWYPX 2S JEYPX] GSRRIGXMSR W 
9WI 01&.8 'SRRIGXSV %HETXIV 8IWX /MX XS QEOI QIEWYVIQIRXW MR +3 83 
GSRRIGXSVW 8LMW [MPP IRWYVI XLEX XIVQMREP HEQEKI HSIW RSX SGGYV
*EYPX] GSRRIGXMSR W 
6ITEMV JEYPX]
GSRRIGXMSR W

4IVJSVQ E TVIPMQMREV] MRWTIGXMSR SJ XLI )'9 GSRRIGXSV XLI SMP TVIWWYVI WIRWSV ERH
ER] GSRRIGXSVW MR FIX[IIR XLIQ 0SSO JSV HMVX] HEQEKIH SV TSSVP] TSWMXMSRIH
XIVQMREPW

r r r

 3MP 4VIWWYVI 'LIGO 3MP TVIWWYVI [MXLMR

WTIGMJMGEXMSR
:IVMJ] XLEX SMP TVIWWYVI
9RHIV XLI GSRHMXMSRW [LIVI (8' 742  *1-  SGGYVW QIEWYVI IRKMRI SMP TVIWWYVI WIRWSV SV W[MXGL GMVGYMXW
7II ',)'/ )2+-2) 3-0 46)7796) MR 7IGXMSR  +VSYT  SJ 0-)&,)66 ΠMW 3/
( (MIWIP )RKMRIW &EWI )RKMRI 1ERYEP 8,C(  -J SMP TVIWWYVI WIRWSV SV
W[MXGL GMVGYMXW EVI 3/
VITPEGI SMP TVIWWYVI
WIRWSV SV W[MXGL ERH
VIXIWX

3MP TVIWWYVI FIPS[

WTIGMJMGEXMSR
0S[ SMP TVIWWYVI TVSFPIQ
7II (  0  )2+-2)
3-0 46)7796) 03; MR
7IGXMSR  +VSYT  SJ
0-)&,)66 Π(
(MIWIP )RKMRIW &EWI
)RKMRI 1ERYEP
8,C( 

r r r

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



42!
 )'9  (8' 742  *1-  )RKMRI 3MP 4VIWWYVI -RTYX :SPXEKI ,MKL

3MP4VIWWYVI 3MP4VIWWYVI
7IRWSV 7IRWSV'SRRIGXSV

& &:7YTTP]
' % & '3MP4VIWWYVI-RTYX
& %
'
% ' %7IRWSV+VSYRH

( * )

% & ( ) * , . /
% ( ) *
% ( ) * , . /

)'9,%62)77'322)'836

› 8LI SMP TVIWWYVI MRTYX ZSPXEKI I\GIIHW XLI WIRWSV W

3MP 4VIWWYVI 7IRWSV
› 8LI SMP TVIWWYVI WIRWSV MW E TVIWWYVI XVERWHYGIV
GSRRIGXIH XS XLI QEMR SMP KEPPI] %W IRKMRI SMP
TVIWWYVI MRGVIEWIW XLI SMP TVIWWYVI WIRWSV MRTYX
ZSPXEKI MRGVIEWIW 8LI )'9 QSRMXSVW SMP TVIWWYVI MR
SVHIV XS TVSXIGX XLI IRKMRI MR GEWI SJ E PS[ SMP
TVIWWYVI GSRHMXMSR *SV JYVXLIV SMP TVIWWYVI WIRWSV
MRJSVQEXMSR WII 1)%796-2+ 46)7796) MR
7IGXMSR  +VSYT  IEVPMIV MR XLMW QERYEP
(8' 742  *1-  [MPP WIX MJ
LMKL ZSPXEKI WTIGMJMGEXMSR 8LI ZSPXEKI MW LMKLIV XLER
[LEX MW TL]WMGEPP] TSWWMFPI JSV SMP TVIWWYVI
r 8LI LMKL SMP TVIWWYVI MRTYX ZSPXEKI WTIGMJMGEXMSR MW
 ZSPXW
r )RKMRIŒWTIGMJMG HIZMEXMSRW WII %440-'%8-32
74)'-*-'%8-327 MR 7IGXMSR  +VSYT  SJ
XLMW QERYEP JSV XLI LMKL SMP TVIWWYVI MRTYX ZSPXEKI
WTIGMJMGEXMSR
-J (8' 742  *1-  WIXW XLI JSPPS[MRK [MPP
SGGYV
› )'9 YWIW E HIJEYPX SMP TVIWWYVI SJ  O4E  FEV
 FEV 
› )'9 W PS[ SMP TVIWWYVI IRKMRI TVSXIGXMSR JIEXYVI
HMWEFPIH

01&6+ rr()'r

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



42!
 )'9  (8' 742  *1-  )RKMRI 3MP 4VIWWYVI -RTYX :SPXEKI ,MKL  'SRXMRYIH

01&6+& rr()'r

)'9  (8' 742  *1-  )RKMRI 3MP 4VIWWYVI -RTYX :SPXEKI ,MKL (MEKRSWXMG 4VSGIHYVI

r r r

 'SRRIGXMSR 'LIGO -14368%28 (S RSX JSVGI TVSFIW MRXS GSRRIGXSV XIVQMREPW SV HEQEKI [MPP VIWYPX 2S JEYPX] GSRRIGXMSR W 
9WI 01&.8 'SRRIGXSV %HETXIV 8IWX /MX XS QEOI QIEWYVIQIRXW MR +3 83 
GSRRIGXSVW 8LMW [MPP IRWYVI XLEX XIVQMREP HEQEKI HSIW RSX SGGYV
*EYPX] GSRRIGXMSR W 
6ITEMV JEYPX]
GSRRIGXMSR W

4IVJSVQ E TVIPMQMREV] MRWTIGXMSR SJ XLI )'9 GSRRIGXSV XLI SMP TVIWWYVI WIRWSV
GSRRIGXSV ERH ER] GSRRIGXSVW MR FIX[IIR XLIQ 0SSO JSV HMVX] HEQEKIH SV TSSVP]
TSWMXMSRIH XIVQMREPW

r r r

 -RXIVQMXXIRX *EYPX 8IWX  : SV KVIEXIV

+3 83 

 'SRRIGX XLI (78 *SV MRWXVYGXMSRW SR GSRRIGXMRK XS XLI (78 WII '322)'8-2+ &IPS[  :
83 (-%+2378-' 7'%2 8330 (78 IEVPMIV MR XLMW +VSYT 4VSFPIQ MW MRXIVQMXXIRX -J
RS SXLIV GSHIW EVI
 -KRMXMSR 32 IRKMRI 3** TVIWIRX WII
-28)61-88)28 *%908
 7XEVX XLI )'9 GSQQYRMGEXMSR WSJX[EVI (-%+2378-'7 IEVPMIV MR
XLMW +VSYT
 6IEH (8'W YWMRK (78

 1EOI RSXI SJ ER] (8'W XLIR GPIEV EPP (8'W

 -KRMXMSR 32 IRKMRI VYRRMRK

 6IEH 3MP 4VIWWYVI -RTYX :SPXEKI YWMRK XLI (78

r r r

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



42!
  3MP 4VIWWYVI -RTYX  : SV FIPS[
7LSVXIH 8IWX +3 83 

 -KRMXMSR 3** %FSZI  :

7LSVX XS ZSPXEKI MR SMP
 (MWGSRRIGX SMP TVIWWYVI WIRWSV GSRRIGXSV TVIWWYVI WIRWSV MRTYX
GMVGYMX
 -KRMXMSR 32 IRKMRI 3** 36
*EYPX] )'9
 6IEH 3MP 4VIWWYVI -RTYX :SPXEKI YWMRK XLI (78

r r r

 3MP 4VIWWYVI +VSYRH 0MKLX 32

'MVGYMX 3TIR 8IWX *EYPX] SMP TVIWWYVI WIRWSV
36
4VSFI SMP TVIWWYVI WIRWSV KVSYRH 8IVQMREP % MR WIRWSV LEVRIWW GSRRIGXSV [MXL E XIWX *EYPX] )'9 GSRRIGXMSR
PMKLX GSRRIGXIH XS FEXXIV] ZSPXEKI 36
*EYPX] )'9

0MKLX 3**
3TIR MR SMP TVIWWYVI
WIRWSV KVSYRH GMVGYMX
36
*EYPX] )'9 GSRRIGXMSR
36
*EYPX] )'9
r r r

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



42!
 )'9  (8' 742  *1-  )RKMRI 3MP 4VIWWYVI -RTYX :SPXEKI 0S[

3MP4VIWWYVI 3MP4VIWWYVI
7IRWSV 7IRWSV'SRRIGXSV

& &:7YTTP]
' % & '3MP4VIWWYVI-RTYX
& %
'
% ' %7IRWSV+VSYRH

( * )

% & ( ) * , . /
% ( ) *
% ( ) * , . /

)'9,%62)77'322)'836

% % %

&
)
3MP4VIWWYVI ' '
7[MXGL ( ( (
9 3
2
) ) )
4 3MP4VIWWYVI-RTYX ' , 2
% )
6 '
* * *
2 8
+ + +
) 3
, , ,
7 6
. . .
7
/ / /

XLI QMRMQYQ SMP TVIWWYVI XLVIWLSPH 8LI W[MXGL MW

STIR [LIR XLI IRKMRI MW RSX VYRRMRK ERH IRKMRI MW
VYRRMRK [MXL WYJJMGMIRX SMP TVIWWYVI
(8' 742  *1-  [MPP WIX MJ

3MP 4VIWWYVI 7IRWSV SV 7[MXGL
› 8LI SMP TVIWWYVI WIRWSV MW E TVIWWYVI XVERWHYGIV
GSRRIGXIH XS XLI QEMR SMP KEPPI] %W IRKMRI SMP
TVIWWYVI MRGVIEWIW XLI SMP TVIWWYVI WIRWSV MRTYX
ZSPXEKI MRGVIEWIW 8LI )'9 QSRMXSVW SMP TVIWWYVI MR
SVHIV XS TVSXIGX XLI IRKMRI MR GEWI SJ E PS[ SMP
TVIWWYVI GSRHMXMSR *SV JYVXLIV SMP TVIWWYVI WIRWSV
MRJSVQEXMSR WII 1)%796-2+ 46)7796) MR
7IGXMSR  +VSYT  IEVPMIV MR XLMW QERYEP
› 8LI SMP TVIWWYVI W[MXGL MW YWIH XS HIXIGX E PSWW SJ SMP
TVIWWYVI % PEGO SJ SMP TVIWWYVI GEYWIW XLI GSRXEGXW
MR XLI W[MXGL GPSWI [LIR SMP TVIWWYVI HVSTW FIPS[
› *SV SMP TVIWWYVI WIRWSVW XLI SMP TVIWWYVI MRTYX
ZSPXEKI HVSTW FIPS[ XLI WIRWSV W PS[ ZSPXEKI
WTIGMJMGEXMSR 8LI ZSPXEKI MW PS[IV XLER [LEX MW
TL]WMGEPP] TSWWMFPI JSV SMP TVIWWYVI
r 8LI PS[ SMP TVIWWYVI MRTYX ZSPXEKI WTIGMJMGEXMSR MW
 ZSPXW
r )RKMRIWTIGMJMG HIZMEXMSRW WII %440-'%8-32
74)'-*-'%8-327 MR 7IGXMSR  +VSYT  SJ
XLMW QERYEP JSV XLI LMKL SMP TVIWWYVI MRTYX ZSPXEKI
WTIGMJMGEXMSR
› *SV SMP TVIWWYVI W[MXGLIW XLI SMP TVIWWYVI W[MXGL MW
GPSWIH [LIR OI] MW SR ERH XLIVI MW RS IRKMRI WTIIH

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

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



42!
 -J (8' 742  *1-  WIXW XLI JSPPS[MRK [MPP › )'9 W PS[ SMP TVIWWYVI IRKMRI TVSXIGXMSR JIEXYVI
SGGYV HMWEFPIH

› )'9 YWIW E HIJEYPX SMP TVIWWYVI SJ  O4E  FEV

 FEV 

01&6+ rr()'r

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



42!
 )'9  (8' 742  *1-  )RKMRI 3MP 4VIWWYVI -RTYX :SPXEKI 0S[  'SRXMRYIH

01&6+& rr()'r

)'9  (8' 742  *1-  )RKMRI 3MP 4VIWWYVI -RTYX :SPXEKI 0S[ (MEKRSWXMG 4VSGIHYVI

r r r

 'SRRIGXMSR 'LIGO -14368%28 (S RSX JSVGI TVSFIW MRXS GSRRIGXSV XIVQMREPW SV HEQEKI [MPP VIWYPX 2S JEYPX] GSRRIGXMSR W 
9WI 01&.8 'SRRIGXSV %HETXIV 8IWX /MX XS QEOI QIEWYVIQIRXW MR +3 83 
GSRRIGXSVW 8LMW [MPP IRWYVI XLEX XIVQMREP HEQEKI HSIW RSX SGGYV
*EYPX] GSRRIGXMSR W 
6ITEMV JEYPX]
GSRRIGXMSR W

4IVJSVQ E TVIPMQMREV] MRWTIGXMSR SJ XLI )'9 GSRRIGXSV XLI SMP TVIWWYVI WIRWSV
GSRRIGXSV ERH ER] GSRRIGXSVW MR FIX[IIR XLIQ 0SSO JSV HMVX] HEQEKIH SV TSSVP]
TSWMXMSRIH XIVQMREPW

r r r

 -RXIVQMXXIRX *EYPX 8IWX 742  *1- 

VISGGYVW
+3 83 
 'SRRIGX XLI (78 *SV MRWXVYGXMSRW SR GSRRIGXMRK XS XLI (78 WII '322)'8-2+
83 (-%+2378-' 7'%2 8330 (78 IEVPMIV MR XLMW +VSYT 742  *1-  HSIWR X
VISGGYV
 -KRMXMSR 32 IRKMRI 3** 4VSFPIQ MW MRXIVQMXXIRX -J
RS SXLIV GSHIW EVI
 7XEVX XLI )'9 GSQQYRMGEXMSR WSJX[EVI TVIWIRX WII
-28)61-88)28 *%908
 6IEH (8'W YWMRK (78  (-%+2378-'7 IEVPMIV MR
XLMW +VSYT
 1EOI RSXI SJ ER] (8'W XLIR GPIEV EPP (8'W

 -KRMXMSR 32 IRKMRI VYRRMRK

 6IEH (8'W YWMRK XLI (78

r r r

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



42!
  3MP 4VIWWYVI 7IRWSV 3MP TVIWWYVI WIRWSV
'LIGO FIMRK YWIH
+3 83 
(IXIVQMRI [LIXLIV ER SMP TVIWWYVI WIRWSV SV ER SMP TVIWWYVI W[MXGL MW FIMRK YWIH
3MP TVIWWYVI W[MXGL
FIMRK YWIH
+3 83 

r r r

 3MP 4VIWWYVI 7IRWSV &IPS[  :

;MVMRK 8IWX +3 83 

 -KRMXMSR 3**  : SV KVIEXIV

*EYPX] SMP TVIWWYVI WIRWSV
 (MWGSRRIGX SMP TVIWWYVI WIRWSV GSRRIGXSV GSRRIGXSV
36
 -RWXEPP E NYQTIV [MVI FIX[IIR SMP TVIWWYVI  : WYTTP] ERH SMP TVIWWYVI MRTYX MR *EYPX] SMP TVIWWYVI WIRWSV
LEVRIWW WIRWSV GSRRIGXSV

 6IEH XLI 3MP 4VIWWYVI -RTYX :SPXEKI TEVEQIXIV YWMRK XLI (78

r r r

 3MP 4VIWWYVI 7IRWSV  &IX[IIR  : ERH 

: 7YTTP] 8IWX :
3TIR MR SMP TVIWWYVI MRTYX
 -KRMXMSR 3** GMVGYMX
36
 6IQSZI NYQTIV [MVI 7LSVX XS KVSYRH MR SMP
TVIWWYVI MRTYX GMVGYMX
 -KRMXMSR 32 IRKMRI 3** 36
*EYPX] )'9 GSRRIGXSV
 9WMRK E QYPXMQIXIV QIEWYVI ZSPXEKI FIX[IIR SMP TVIWWYVI  : WYTTP] XIVQMREP ERH 36
E KSSH GLEWWMW KVSYRH *EYPX] )'9

&IPS[  :
3TIR MR SMP TVIWWYVI  :
WYTTP] GMVGYMX
36
7LSVX XS KVSYRH MR SMP
TVIWWYVI  : WYTTP]
GMVGYMX
36
*EYPX] )'9 GSRRIGXSV
36
*EYPX] )'9
r r r

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



42!
  3MP 4VIWWYVI 7[MXGL %PP QIEWYVIQIRXW
7LSVX MR ;MVI 'LIGO KVIEXIV XLER  SLQW
*EYPX] SMP TVIWWYVI W[MXGL
 -KRMXMSR 3** 36
*EYPX] )'9
 (MWGSRRIGX SMP TVIWWYVI W[MXGL GSRRIGXSV ERH )'9 GSRRIGXSV
%R] QIEWYVIQIRX PIWW
 9WMRK E QYPXMQIXIV QIEWYVI XLI VIWMWXERGI FIX[IIR XIVQMREP ' MR XLI )'9 ERH XLER  SLQW
7LSVX MR SMP TVIWWYVI MRTYX
› %PP SXLIV XIVQMREPW MR XLI )'9 GSRRIGXSV GMVGYMX
› % KSSH KVSYRH

r r r

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



42!
 )'9  (8' 742  *1-  )RKMRI 3MP 4VIWWYVI 1SHIVEXIP] 0S[

3MP4VIWWYVI 3MP4VIWWYVI
7IRWSV 7IRWSV'SRRIGXSV

& &:7YTTP]
' % & '3MP4VIWWYVI-RTYX
& %
'
% ' %7IRWSV+VSYRH

( * )

% & ( ) * , . /
% ( ) *
% ( ) * , . /

)'9,%62)77'322)'836

› *SV IRKMRIW [MXL ER SMP TVIWWYVI WIRWSV XLI )'9

WIRWIW E QSHIVEXIP] PS[ SMP TVIWWYVI

-J (8' 742  *1-  WIXW XLI JSPPS[MRK [MPP

SGGYV
3MP 4VIWWYVI 7IRWSV
› )RKMRI TVSXIGXMSR MW IREFPIH 7II )2+-2)
› 8LI SMP TVIWWYVI WIRWSV MW E TVIWWYVI XVERWHYGIV 4638)'8-32 MR 7IGXMSR  +VSYT  SJ XLMW
GSRRIGXIH XS XLI QEMR SMP KEPPI] %W IRKMRI SMP QERYEP
TVIWWYVI MRGVIEWIW XLI SMP TVIWWYVI WIRWSV MRTYX r ;MXL 7LYXHS[R *IEXYVI 2S WLYXHS[R EZEMPEFPI
ZSPXEKI MRGVIEWIW 8LI )'9 QSRMXSVW SMP TVIWWYVI MR JSV XLMW GSHI
SVHIV XS TVSXIGX XLI IRKMRI MR GEWI SJ E PS[ SMP r ;MXL (IVEXI *IEXYVI 8LI IRKMRI HIVEXIW  TIV
TVIWWYVI GSRHMXMSR *SV JYVXLIV SMP TVIWWYVI WIRWSV QMRYXI YRXMP XLI IRKMRI MW VYRRMRK EX  SJ JYPP
MRJSVQEXMSR WII 1)%796-2+ 46)7796) MR TS[IV )RKMRIWTIGMJMG HIZMEXMSRW WII
7IGXMSR  +VSYT  IEVPMIV MR XLMW QERYEP %440-'%8-32 74)'-*-'%8-327 MR 7IGXMSR 
+VSYT  SJ XLMW QERYEP
(8' 742  *1-  [MPP WIX MJ

01&6+ rr()'r

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



42!
 )'9  (8' 742  *1-  )RKMRI 3MP 4VIWWYVI 1SHIVEXIP] 0S[  'SRXMRYIH

01&6+& rr()'r

)'9  (8' 742  *1-  )RKMRI 3MP 4VIWWYVI 1SHIVEXIP] 0S[ (MEKRSWXMG 4VSGIHYVI

r r r

 'SRRIGXMSR 'LIGO -14368%28 (S RSX JSVGI TVSFIW MRXS GSRRIGXSV XIVQMREPW SV HEQEKI [MPP VIWYPX 2S JEYPX] GSRRIGXMSR W 
9WI 01&.8 'SRRIGXSV %HETXIV 8IWX /MX XS QEOI QIEWYVIQIRXW MR +3 83 
GSRRIGXSVW 8LMW [MPP IRWYVI XLEX XIVQMREP HEQEKI HSIW RSX SGGYV
*EYPX] GSRRIGXMSR W 
6ITEMV JEYPX]
GSRRIGXMSR W

4IVJSVQ E TVIPMQMREV] MRWTIGXMSR SJ XLI )'9 GSRRIGXSV XLI SMP TVIWWYVI WIRWSV
GSRRIGXSV ERH ER] GSRRIGXSVW MR FIX[IIR XLIQ 0SSO JSV HMVX] HEQEKIH SV TSSVP]
TSWMXMSRIH XIVQMREPW

r r r

 3MP 4VIWWYVI 'LIGO 3MP TVIWWYVI [MXLMR

WTIGMJMGEXMSR
0S[ SMP TVIWWYVI TVSFPIQ
9RHIV XLI GSRHMXMSRW [LIVI (8' 742  *1-  SGGYVW QIEWYVI IRKMRI SMP 7II (  0  )2+-2)
TVIWWYVI ',)'/ )2+-2) 3-0 46)7796) MR 7IGXMSR  +VSYT  SJ 3-0 46)7796) 03; MR
0-)&,)66 Π( (MIWIP )RKMRIW &EWI )RKMRI 1ERYEP 8,C(  7IGXMSR  +VSYT  SJ
0-)&,)66 Π(
(MIWIP )RKMRIW &EWI
)RKMRI 1ERYEP
8,C( 

3MP TVIWWYVI FIPS[

WTIGMJMGEXMSR
:IVMJ] XLEX SMP TVIWWYVI
WIRWSV  : WYTTP] MRTYX
ERH KVSYRH GMVGYMXW EVI
3/
-J SMP TVIWWYVI WIRWSV
GMVGYMXW EVI 3/ VITPEGI
SMP TVIWWYVI WIRWSV ERH
VIXIWX

r r r

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



42!
 )'9  (8' 742  *1-  1ERMJSPH %MV 8IQTIVEXYVI -RTYX :SPXEKI ,MKL

1%87IRWSV 1%87IRWSV
'SRRIGXSV

X 7IRWSV+VSYRH
& &
% % 1%8-RTYX

( (

% & ( ) * , . /
% ( ) *
% ( ) * , . /

)'9,%62)77'322)'836

› 8LI QERMJSPH EMV XIQTIVXYVI MRTYX ZSPXEKI I\GIIHW

1%8 1ERMJSPH %MV 8IQTIVEXYVI 7IRWSV
› 8LI 1%8 WIRWSV MW E XLIVQMWXSV XIQTIVEXYVI
WIRWMXMZI VIWMWXSV QSYRXIH MR XLI MRXEOI QERMJSPH
8LI 1%8 WIRWSV MW YWIH XS QIEWYVI XLI
XIQTIVEXYVI SJ XLI MRXEOI EMV 8LI 1%8 WIRWSV W
ZEVMEFPI VIWMWXERGI GEYWIW XLI MRTYX ZSPXEKI XS XLI
)'9 XS ZEV] ,MKLIV MRXEOI EMV XIQTIVEXYVIW VIWYPX MR
PS[IV 1%8 MRTYX ZSPXEKIW XS XLI )'9 PS[IV
XIQTIVEXYVIW VIWYPX MR LMKLIV ZSPXEKIW *SV JYVXLIV
1%8 WIRWSV MRJSVQEXMSR WII 1)%796-2+
8)14)6%896) MR 7IGXMSR  +VSYT 
XLI WIRWSV W LMKL ZSPXEKI WTIGMJMGEXMSR 8LI ZSPXEKI
MW LMKLIV XLER [LEX MW TL]WMGEPP] TSWWMFPI JSV
QERMJSPH EMV
r 8LI LMKL QERMJSPH EMV XIQTIVEXYVI MRTYX ZSPXEKI
WTIGMJMGEXMSR MW  ZSPXW
r )RKMRIWTIGMJMG HIZMEXMSRW WII %440-'%8-32
74)'-*-'%8-327 MR 7IGXMSR  +VSYT  SJ
XLMW QERYEP JSV XLI LMKL QERMJSPH EMV XIQTIVEXYVI
WTIGMJMGEXMSR
-J (8' 742  *1-  WIXW XLI JSPPS[MRK [MPP
SGGYV
› )'9 YWIW E HIJEYPX 1%8 ZEPYI SJ ”' ”* 
› )'9 W LMKL QERMJSPH EMV XIQTIVEXYVI IRKMRI
TVSXIGXMSR JIEXYVI HMWEFPIH

(8' 742  *1-  [MPP WIX MJ

01&6+ rr()'r

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



42!
 )'9  (8' 742  *1-  1ERMJSPH %MV 8IQTIVEXYVI -RTYX :SPXEKI ,MKL  'SRXMRYIH

01&6+& rr()'r

)'9  (8' 742  *1-  1ERMJSPH %MV 8IQTIVEXYVI -RTYX :SPXEKI ,MKL (MEKRSWXMG 4VSGIHYVI

r r r

 'SRRIGXMSR 'LIGO -14368%28 (S RSX JSVGI TVSFIW MRXS GSRRIGXSV XIVQMREPW SV HEQEKI [MPP VIWYPX 2S JEYPX] GSRRIGXMSR W 
9WI 01&.8 'SRRIGXSV %HETXIV 8IWX /MX XS QEOI QIEWYVIQIRXW MR +3 83 
GSRRIGXSVW 8LMW [MPP IRWYVI XLEX XIVQMREP HEQEKI HSIW RSX SGGYV
*EYPX] GSRRIGXMSR W 
6ITEMV JEYPX]
GSRRIGXMSR W

4IVJSVQ E TVIPMQMREV] MRWTIGXMSR SJ XLI )'9 GSRRIGXSV XLI QERMJSPH EMV XIQTIVEXYVI
WIRWSV GSRRIGXSV ERH ER] GSRRIGXSVW MR FIX[IIR XLIQ 0SSO JSV HMVX] HEQEKIH SV
TSSVP] TSWMXMSRIH XIVQMREPW

r r r

 -RXIVQMXXIRX *EYPX 8IWX  : SV KVIEXIV

+3 83 

 'SRRIGX XLI (78 SV *SV MRWXVYGXMSRW SR GSRRIGXMRK XS XLI (78 WII '322)'8-2+ &IPS[  :
83 (-%+2378-' 7'%2 8330 (78 IEVPMIV MR XLMW +VSYT 4VSFPIQ MW MRXIVQMXXIRX -J
RS SXLIV GSHIW EVI
 -KRMXMSR 32 IRKMRI 3** TVIWIRX WII
-28)61-88)28 *%908
 7XEVX XLI )'9 GSQQYRMGEXMSR WSJX[EVI (-%+2378-'7 IEVPMIV MR
XLMW +VSYT
 -KRMXMSR 32 IRKMRI 3**

 6IEH XLI 1ERMJSPH %MV 8IQTIVEXYVI -RTYX :SPXEKI TEVEQIXIV YWMRK XLI (78

r r r

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



42!
  1%8 7IRWSV ERH %FSZI  :
'SRRIGXSV 8IWX +3 83 

 -KRMXMSR 3**  : SV FIPS[

*EYPX] 1%8 WIRWSV
 (MWGSRRIGX 1%8 WIRWSV GSRRIGXSV GSRRIGXSV
36
 -RWXEPP E NYQTIV [MVI FIX[IIR FSXL XIVQMREPW MR XLI 1%8 WIRWSV LEVRIWW GSRRIGXSV *EYPX] 1%8 WIRWSV

 -KRMXMSR 32 IRKMRI 3**

 6IEH XLI 1ERMJSPH %MV 8IQTIVEXYVI -RTYX :SPXEKI TEVEQIXIV YWMRK XLI (78

r r r

 1%8 7IRWSV 3TIR %FSZI  :

+VSYRH 'MVGYMX 8IWX 3TIR MR 1%8 WIRWSV
MRTYX GMVGYMX
 -KRMXMSR 3** 36
*EYPX] )'9 GSRRIGXMSR
 6IQSZI NYQTIV [MVI FIX[IIR FSXL XIVQMREPW 36
*EYPX] )'9
 -RWXEPP NYQTIV [MVI FIX[IIR 1%8 WIRWSV LEVRIWW GSRRIGXSV MRTYX XIVQMREP ERH E
KSSH GLEWWMW KVSYRH  : SV FIPS[
3TIR MR 1%8 WIRWSV
 -KRMXMSR 32 IRKMRI 3** KVSYRH GMVGYMX
36
 6IEH XLI 1ERMJSPH %MV 8IQTIVEXYVI -RTYX :SPXEKI TEVEQIXIV YWMRK XLI (78 *EYPX] )'9 GSRRIGXMSR
36
*EYPX] )'9

r r r

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



42!
 )'9  (8' 742  *1-  1ERMJSPH %MV 8IQTIVEXYVI -RTYX :SPXEKI 0S[

1%87IRWSV 1%87IRWSV
'SRRIGXSV

X 7IRWSV+VSYRH
& &
% % 1%8-RTYX

( (

% & ( ) * , . /
% ( ) *
% ( ) * , . /

)'9,%62)77'322)'836

› 8LI QERMJSPH EMV XIQTIVEXYVI MRTYX ZSPXEKI KSIW

1%8 1ERMJSPH %MV 8IQTIVEXYVI 7IRWSV
› 8LI 1%8 WIRWSV MW E XLIVQMWXSV XIQTIVEXYVI
WIRWMXMZI VIWMWXSV QSYRXIH MR XLI MRXEOI QERMJSPH
8LI 1%8 WIRWSV MW YWIH XS QIEWYVI XLI
XIQTIVEXYVI SJ XLI MRXEOI EMV 8LI 1%8 WIRWSV W
ZEVMEFPI VIWMWXERGI GEYWIW XLI MRTYX ZSPXEKI XS XLI
)'9 XS ZEV] ,MKLIV MRXEOI EMV XIQTIVEXYVIW VIWYPX MR
PS[IV 1%8 MRTYX ZSPXEKIW XS XLI )'9 PS[IV
XIQTIVEXYVIW VIWYPX MR LMKLIV ZSPXEKIW *SV JYVXLIV
1%8 WIRWSV MRJSVQEXMSR WII 1)%796-2+
8)14)6%896) MR 7IGXMSR  +VSYT 
FIPS[ XLI WIRWSV W PS[ ZSPXEKI WTIGMJMGEXMSR 8LI
ZSPXEKI MW PS[IV XLER [LEX MW TL]WMGEPP] TSWWMFPI
QERMJSPH EMV XIQTIVEXYVI XS EGLMIZI
r 8LI PS[ QERMJSPH EMV XIQTIVEXYVI MRTYX ZSPXEKI
WTIGMJMGEXMSR MW  ZSPXW
r )RKMRIWTIGMJMG HIZMEXMSRW WII %440-'%8-32
74)'-*-'%8-327 MR 7IGXMSR  +VSYT  SJ
XLMW QERYEP JSV XLI PS[ QERMJSPH XIQTIVEXYVI MRTYX
ZSPXEKI WTIGMJMGEXMSR
-J (8' 742  *1-  WIXW XLI JSPPS[MRK [MPP
SGGYV
› )'9 YWIW E HIJEYPX 1%8 ZEPYI SJ ”' ”* XS
VYR IRKMRI
› )'9 W LMKL QERMJSPH EMV XIQTIVEXYVI IRKMRI
TVSXIGXMSR JIEXYVI HMWEFPIH

(8' 742  *1-  [MPP WIX MJ

01&6+( rr()'r

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



42!
 )'9  (8' 742  *1-  1ERMJSPH %MV 8IQTIVEXYVI -RTYX :SPXEKI 0S[  'SRXMRYIH

01&6+& rr()'r

)'9  (8' 742  *1-  1ERMJSPH %MV 8IQTIVEXYVI -RTYX :SPXEKI 0S[ (MEKRSWXMG 4VSGIHYVI

r r r

 'SRRIGXMSR 'LIGO -14368%28 (S RSX JSVGI TVSFIW MRXS GSRRIGXSV XIVQMREPW SV HEQEKI [MPP VIWYPX 2S JEYPX] GSRRIGXMSR W 
9WI 01&.8 'SRRIGXSV %HETXIV 8IWX /MX XS QEOI QIEWYVIQIRXW MR +3 83 
GSRRIGXSVW 8LMW [MPP IRWYVI XLEX XIVQMREP HEQEKI HSIW RSX SGGYV
*EYPX] GSRRIGXMSR W 
6ITEMV JEYPX]
GSRRIGXMSR W

4IVJSVQ E TVIPMQMREV] MRWTIGXMSR SJ XLI )'9 GSRRIGXSV XLI QERMJSPH EMV XIQTIVEXYVI
WIRWSV GSRRIGXSV ERH ER] GSRRIGXSVW MR FIX[IIR XLIQ 0SSO JSV HMVX] HEQEKIH SV
TSSVP] TSWMXMSRIH XIVQMREPW

r r r

 -RXIVQMXXIRX *EYPX 8IWX  : SV FIPS[

+3 83 

 'SRRIGX XLI (78 *SV MRWXVYGXMSRW SR GSRRIGXMRK XS XLI (78 WII '322)'8-2+ %FSZI  :
83 (-%+2378-' 7'%2 8330 (78 IEVPMIV MR XLMW +VSYT 4VSFPIQ MW MRXIVQMXXIRX -J
RS SXLIV GSHIW EVI
 -KRMXMSR 32 IRKMRI 3** TVIWIRX WII
-28)61-88)28 *%908
 7XEVX XLI )'9 GSQQYRMGEXMSR WSJX[EVI (-%+2378-'7 IEVPMIV MR
XLMW +VSYT
 -KRMXMSR 32 IRKMRI 3**

 6IEH XLI 1ERMJSPH %MV 8IQTIVEXYVI -RTYX :SPXEKI TEVEQIXIV YWMRK XLI (78

r r r

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



42!
  1%8 7IRWSV 8IWX &IPS[  :
7LSVX XS KVSYRH MR 1%8
WIRWSV MRTYX GMVGYMX
 -KRMXMSR 3** 36
*EYPX] )'9 GSRRIGXSV
 (MWGSRRIGX 1%8 WIRWSV GSRRIGXSV 36
*EYPX] )'9
 -KRMXMSR 32 IRKMRI 3**
 : SV KVIEXIV
 6IEH XLI 1ERMJSPH %MV 8IQTIVEXYVI -RTYX :SPXEKI TEVEQIXIV YWMRK XLI (78 *EYPX] 1%8 WIRWSV
GSRRIGXSV
36
*EYPX] 1%8 WIRWSV

r r r

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



42!
 )'9  (8' 742  *1-  1ERMJSPH %MV 8IQTIVEXYVI 1SHIVEXIP] ,MKL

1%87IRWSV 1%87IRWSV
'SRRIGXSV

X 7IRWSV+VSYRH
& &
% % 1%8-RTYX

( (

% & ( ) * , . /
% ( ) *
% ( ) * , . /

)'9,%62)77'322)'836

› 8LI )'9 WIRWIW 1%8 EFSZI ”' ”* JSV l8

1%8 1ERMJSPH %MV 8IQTIVEXYVI 7IRWSV
› 8LI 1%8 WIRWSV MW E XLIVQMWXSV XIQTIVEXYVI
WIRWMXMZI VIWMWXSV QSYRXIH MR XLI MRXEOI QERMJSPH
8LI 1%8 WIRWSV MW YWIH XS QIEWYVI XLI
XIQTIVEXYVI SJ XLI MRXEOI EMV 8LI 1%8 WIRWSV W
ZEVMEFPI VIWMWXERGI GEYWIW XLI MRTYX ZSPXEKI XS XLI
)'9 XS ZEV] ,MKLIV MRXEOI EMV XIQTIVEXYVIW VIWYPX MR
PS[IV 1%8 MRTYX ZSPXEKIW XS XLI )'9 PS[IV
XIQTIVEXYVIW VIWYPX MR LMKLIV ZSPXEKIW *SV JYVXLIV
1%8 WIRWSV MRJSVQEXMSR WII 1)%796-2+
8)14)6%896) MR 7IGXMSR  +VSYT 
(8' 742  *1-  [MPP WIX MJ +VSYT  SJ XLMW QERYEP
IRKMRIWz ERH ”' ”* JSV l8- IRKMRIWz *SV
1%8 WTIGMJMGEXMSRW SR SXLIV ETTPMGEXMSRW WII
%440-'%8-32 74)'-*-'%8-327 MR 7IGXMSR 
+VSYT  SJ XLMW QERYEP
-J (8' 742  *1-  WIXW XLI JSPPS[MRK [MPP
SGGYV
› )RKMRI TVSXIGXMSR MW IREFPIH 7II )2+-2)
4638)'8-32 MR 7IGXMSR  +VSYT  SJ XLMW
QERYEP
r ;MXL 7LYXHS[R *IEXYVI 8LI )'9 HSIW RSX YWI
WLYXHS[R JIEXYVI [MXL XLMW GSHI
r ;MXL (IVEXI *IEXYVI 8LI IRKMRI HIVEXIW  TIV
QMRYXI YRXMP XLI IRKMRI MW VYRRMRK EX  SJ JYPP
TS[IV )RKMRIWTIGMJMG HIZMEXMSRW WII
%440-'%8-32 74)'-*-'%8-327 MR 7IGXMSR 

01&6+& rr()'r

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



42!
 )'9  (8' 742  *1-  1ERMJSPH %MV 8IQTIVEXYVI 1SHIVEXIP] ,MKL  'SRXMRYIH

01&6+& rr()'r

)'9  (8' 742  *1-  1ERMJSPH %MV 8IQTIVEXYVI 1SHIVEXIP] ,MKL (MEKRSWXMG 4VSGIHYVI

r r r

 'SRRIGXMSR 'LIGO -14368%28 (S RSX JSVGI TVSFIW MRXS GSRRIGXSV XIVQMREPW SV HEQEKI [MPP VIWYPX 2S JEYPX] GSRRIGXMSR W 
9WI 01&.8 'SRRIGXSV %HETXIV 8IWX /MX XS QEOI QIEWYVIQIRXW MR +3 83 
GSRRIGXSVW 8LMW [MPP IRWYVI XLEX XIVQMREP HEQEKI HSIW RSX SGGYV
*EYPX] GSRRIGXMSR W 
6ITEMV JEYPX]
GSRRIGXMSR W

4IVJSVQ E TVIPMQMREV] MRWTIGXMSR SJ XLI )'9 GSRRIGXSV XLI QERMJSPH EMV XIQTIVEXYVI
WIRWSV GSRRIGXSV ERH ER] GSRRIGXSVW MR FIX[IIR XLIQ 0SSO JSV HMVX] HEQEKIH SV
TSSVP] TSWMXMSRIH XIVQMREPW

r r r

 *EMPYVIW 'EYWMRK ,MKL 'EYWI SJ LMKL 1%8

1%8 'LIGO PSGEXIH
6ITEMV TVSFPIQ ERH
'LIGO XLI JSPPS[MRK MXIQW XLEX GER GEYWI LMKL MRXEOI EMV XIQTIVEXYVIW VIXIWX

› )\GIWWMZIP] LMKL EQFMIRX EMV XIQTIVEXYVI 2S GEYWI SJ LMKL 1%8

› 6IWXVMGXIH HMVX] SV HEQEKIH GLEVKI EMV GSSPIV PSGEXIH
› 0SSWI GSSPMRK JER FIPX :IVMJ] XLEX 1%8 WIRWSV
› 1EPJYRGXMSRMRK GSSPMRK JER MRTYX ERH KVSYRH GMVGYMXW
› 6IWXVMGXIH SV HEQEKIH MRXEOI EMV TMTMRK EVI 3/ -J 1%8 WIRWSV
› (EQEKIH GSSPMRK JER WLVSYH GMVGYMXW EVI 3/ VITPEGI
1%8 WIRWSV ERH VIXIWX

r r r

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



42!
 )'9  (8' 742  *1-  )RKMRI 'SSPERX 8IQTIVEXYVI ,MKL 1SWX 7IZIVI

)'8 )'87IRWSV
7IRWSV 'SRRIGXSV

)'8+VSYRH
X & &
% )'8-RTYX
%

& (

% & ( ) * , . /
% ( ) *
% ( ) * , . /

)'9,%62)77'322)'836

› 8LI )'9 WIRWIW )'8 EFSZI ”' ”* 

)RKMRIWTIGMJMG HIZMEXMSRW WII %440-'%8-32
74)'-*-'%8-327 MR 7IGXMSR  +VSYT  SJ XLMW
QERYEP

)RKMRI 'SSPERX 8IQTIVEXYVI )'8 7IRWSV
› 8LI )'8 WIRWSV MW E XLIVQMWXSV XIQTIVEXYVI
WIRWMXMZI VIWMWXSV QSYRXIH SR XLI XLIVQSWXEX
LSYWMRK SV MR XLI VIEV SJ XLI G]PMRHIV LIEH -X MW YWIH
XS QIEWYVI XLI GSSPERX XIQTIVEXYVI 8LI )'8 W
ZEVMEFPI VIWMWXERGI GEYWIW XLI MRTYX ZSPXEKI XS XLI
)'9 XS ZEV] ,MKLIV GSSPERX XIQTIVEXYVIW VIWYPX MR
PS[IV )'8 MRTYX ZSPXEKIW XS XLI )RKMRI 'SRXVSP 9RMX
)'9  PS[IV XIQTIVEXYVIW VIWYPX MR LMKLIV ZSPXEKIW
*SV JYVXLIV )'8 WIRWSV MRJSVQEXMSR WII
1)%796-2+ 8)14)6%896) MR 7IGXMSR  +VSYT
 IEVPMIV MR XLMW QERYEP
(8' 742  *1-  [MPP WIX MJ
-J (8' 742  *1-  WIXW XLI JSPPS[MRK [MPP
SGGYV
› )RKMRI TVSXIGXMSR MW IREFPIH 7II )2+-2)
4638)'8-32 MR 7IGXMSR  +VSYT  SJ XLMW
QERYEP
r ;MXL 7LYXHS[R *IEXYVI 8LI HIVEXI JIEXYVI [MPP KS
MRXS IJJIGX [LIR XLI GSHI MW WIX ERH XLI IRKMRI
[MPP WLYX HS[R EJXIV  WIGSRHW
r ;MXL (IVEXI *IEXYVI 8LI IRKMRI HIVEXIW  TIV
QMRYXI YRXMP XLI IRKMRI MW VYRRMRK EX  SJ JYPP
TS[IV )RKMRIWTIGMJMG HIZMEXMSRW WII
%440-'%8-32 74)'-*-'%8-327 MR 7IGXMSR 
+VSYT  SJ XLMW QERYEP

01&6+ rr()'r

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



42!
 )'9  (8' 742  *1-  )RKMRI 'SSPERX 8IQTIVEXYVI ,MKL 1SWX 7IZIVI  'SRXMRYIH

01&6+& rr()'r

)'9  (8' 742  *1-  )RKMRI 'SSPERX 8IQTIVEXYVI ,MKL 1SWX 7IZIVI (MEKRSWXMG 4VSGIHYVI

r r r

 'SRRIGXMSR 'LIGO -14368%28 (S RSX JSVGI TVSFIW MRXS GSRRIGXSV XIVQMREPW SV HEQEKI [MPP VIWYPX 2S JEYPX] GSRRIGXMSR W 
9WI 01&.8 'SRRIGXSV %HETXIV 8IWX /MX XS QEOI QIEWYVIQIRXW MR +3 83 
GSRRIGXSVW 8LMW [MPP IRWYVI XLEX XIVQMREP HEQEKI HSIW RSX SGGYV
*EYPX] GSRRIGXMSR W 
6ITEMV JEYPX]
GSRRIGXMSR W

4IVJSVQ E TVIPMQMREV] MRWTIGXMSR SJ XLI )'9 GSRRIGXSV XLI )RKMRI 'SSPERX

8IQTIVEXYVI )'8 GSRRIGXSV ERH ER] GSRRIGXSVW MR FIX[IIR XLIQ 0SSO JSV HMVX]
HEQEKIH SV TSSVP] TSWMXMSRIH XIVQMREPW

r r r

 )'8 7IRWSV ERH )'8 ”' ”* SV

'MVGYMX 8IWX EFSZI
)RKMRI SZIVLIEXMRK
9RHIV XLI GSRHMXMSRW [LIVI (8' 742  *1-  SGGYVW YWI E XIQTIVEXYVI KEYKI TVSFPIQ 7II (  ' 
ERH ZIVMJ] XLEX IRKMRI GSSPERX XIQTIVEXYVI MW EFSZI XLI QSWX WIZIVI )'8 WTIGMJMGEXMSR )2+-2) '330%28
8)14)6%896) %&3:)
” ” 2361%0 MR 7IGXMSR 
+VSYT  SJ
0-)&,)66 Π(
(MIWIP )RKMRIW &EWI
)RKMRI 1ERYEP
8,C( 

)'8 WMKRMJMGERXP] PIWW

XLER ”' ”* 
:IVMJ] XLEX )'8 MRTYX ERH
KVSYRH GMVGYMXW EVI 3/
-J FSXL GMVGYMXW EVI 3/
VITPEGI )'8 WIRWSV ERH
VIXIWX

r r r

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



42!
 )'9  (8' 742  *1-  )RKMRI 'SSPERX 8IQTIVEXYVI -RTYX :SPXEKI ,MKL

)'8 )'87IRWSV
7IRWSV 'SRRIGXSV

)'8+VSYRH
X & &
% )'8-RTYX
%

& (

% & ( ) * , . /
% ( ) *
% ( ) * , . /

)'9,%62)77'322)'836

› 8LI )'8 MRTYX ZSPXEKI KSIW EFSZI XLI WIRWSV W LMKL

)RKMRI 'SSPERX 8IQTIVEXYVI )'8 7IRWSV
› 8LI )'8 WIRWSV MW E XLIVQMWXSV XIQTIVEXYVI
WIRWMXMZI VIWMWXSV QSYRXIH SR XLI XLIVQSWXEX
LSYWMRK SV MR XLI VIEV SJ XLI G]PMRHIV LIEH -X MW YWIH
XS QIEWYVI XLI GSSPERX XIQTIVEXYVI 8LI )'8 W
ZEVMEFPI VIWMWXERGI GEYWIW XLI MRTYX ZSPXEKI XS XLI
)'9 XS ZEV] ,MKLIV GSSPERX XIQTIVEXYVIW VIWYPX MR
PS[IV )'8 MRTYX ZSPXEKIW XS XLI )RKMRI 'SRXVSP 9RMX
)'9  PS[IV XIQTIVEXYVIW VIWYPX MR LMKLIV ZSPXEKIW
*SV JYVXLIV )'8 WIRWSV MRJSVQEXMSR WII
1)%796-2+ 8)14)6%896) MR 7IGXMSR  +VSYT
 IEVPMIV MR XLMW QERYEP
ZSPXEKI WTIGMJMGEXMSR 8LMW ZSPXEKI GSVVIWTSRHW XS E
XIQTIVEXYVI XLEX MW PS[IV XLER [LEX MW TL]WMGEPP]
TSWWMFPI JSV IRKMRI GSSPERX
r 8LI LMKL )'8 MRTYX ZSPXEKI WTIGMJMGEXMSR MW 
ZSPXW
r )RKMRIWTIGMJMG HIZMEXMSRW WII %440-'%8-32
74)'-*-'%8-327 MR 7IGXMSR  +VSYT  SJ
XLMW QERYEP JSV XLI LMKL )'8 MRTYX ZSPXEKI
WTIGMJMGEXMSR
-J (8' 742  *1-  WIXW XLI JSPPS[MRK [MPP
SGGYV
› ;LIR MR WXEVX QSHI XLI )'9 [MPP HIJEYPX XLI )'8 XS
”' ”* 
› ;LIR MR VYRRMRK QSHI XLI )'9 [MPP HIJEYPX XLI )'8
XS ”' ”* 
› )'9 W LMKL )'8 IRKMRI TVSXIGXMSR JIEXYVI HMWEFPIH

(8' 742  *1-  [MPP WIX MJ

01&6+ rr()'r

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



42!
 )'9  (8' 742  *1-  )RKMRI 'SSPERX 8IQTIVEXYVI -RTYX :SPXEKI ,MKL  'SRXMRYIH

01&6+&% rr()'r

)'9  (8' 742  *1-  )RKMRI 'SSPERX 8IQTIVEXYVI -RTYX :SPXEKI ,MKL (MEKRSWXMG 4VSGIHYVI

r r r

 'SRRIGXMSR 'LIGO -14368%28 (S RSX JSVGI TVSFIW MRXS GSRRIGXSV XIVQMREPW SV HEQEKI [MPP VIWYPX 2S JEYPX] GSRRIGXMSR W 
9WI 01&.8 'SRRIGXSV %HETXIV 8IWX /MX XS QEOI QIEWYVIQIRXW MR +3 83 
GSRRIGXSVW 8LMW [MPP IRWYVI XLEX XIVQMREP HEQEKI HSIW RSX SGGYV
*EYPX] GSRRIGXMSR W 
6ITEMV JEYPX]
GSRRIGXMSR W

4IVJSVQ E TVIPMQMREV] MRWTIGXMSR SJ XLI )'9 GSRRIGXSV XLI )RKMRI 'SSPERX

8IQTIVEXYVI )'8 GSRRIGXSV ERH ER] GSRRIGXSVW MR FIX[IIR XLIQ 0SSO JSV HMVX]
HEQEKIH SV TSSVP] TSWMXMSRIH XIVQMREPW

r r r

 -RXIVQMXXIRX *EYPX 8IWX %X SV EFSZI  :

+3 83 

 'SRRIGX XLI (78 *SV MRWXVYGXMSRW SR GSRRIGXMRK XS XLI (78 WII '322)'8-2+ &IPS[  :
83 (-%+2378-' 7'%2 8330 (78 IEVPMIV MR XLMW +VSYT 4VSFPIQ MW MRXIVQMXXIRX -J
RS SXLIV GSHIW EVI
 -KRMXMSR 32 IRKMRI 3** TVIWIRX WII
-28)61-88)28 *%908
 7XEVX XLI )'9 GSQQYRMGEXMSR WSJX[EVI (-%+2378-'7 IEVPMIV MR
XLMW +VSYT
 -KRMXMSR 32 IRKMRI VYRRMRK

 6IEH XLI )RKMRI 'SSPERX 8IQTIVEXYVI -RTYX :SPXEKI TEVEQIXIV YWMRK (78

r r r

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



42!
  )RKMRI 'SSPERX %FSZI  :
8IQTIVEXYVI )'8 +3 83 
7IRWSV ERH
'SRRIGXSV 8IWX  -KRMXMSR 3** %X SV FIPS[  :
*EYPX] )'8 WIRWSV
 (MWGSRRIGX )'8 WIRWSV GSRRIGXSV GSRRIGXSV
36
 -RWXEPP E NYQTIV [MVI FIX[IIR FSXL XIVQMREPW MR XLI )'8 WIRWSV LEVRIWW GSRRIGXSV *EYPX] )'8 WIRWSV

 -KRMXMSR 32 IRKMRI 3**

 6IEH XLI )RKMRI 'SSPERX 8IQTIVEXYVI -RTYX :SPXEKI TEVEQIXIV YWMRK XLI (78

r r r

 )RKMRI 'SSPERX %FSZI  :

8IQTIVEXYVI )'8 3TIR MR )'8 MRTYX
3TIR +VSYRH 8IWX WIRWSV GMVGYMX
 -KRMXMSR 3** 36
*EYPX] )'9 GSRRIGXMSR
 6IQSZI NYQTIV [MVI FIX[IIR FSXL XIVQMREPW 36
*EYPX] )'9
 -RWXEPP NYQTIV [MVI FIX[IIR )'8 WIRWSV LEVRIWW GSRRIGXSV MRTYX XIVQMREP ERH E
KSSH GLEWWMW KVSYRH  : SV FIPS[
3TIR MR )'8 WIRWSV
 -KRMXMSR 32 IRKMRI 3** KVSYRH GMVGYMX
36
 6IEH XLI )RKMRI 'SSPERX 8IQTIVEXYVI -RTYX :SPXEKI TEVEQIXIV YWMRK XLI (78 *EYPX] )'9 GSRRIGXMSR
36
*EYPX] )'9

r r r

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



42!
 )'9  (8' 742  *1-  )RKMRI 'SSPERX 8IQTIVEXYVI -RTYX :SPXEKI 0S[

)'8 )'87IRWSV
7IRWSV 'SRRIGXSV

)'8+VSYRH
X & &
% )'8-RTYX
%

& (

% & ( ) * , . /
% ( ) *
% ( ) * , . /

)'9,%62)77'322)'836

› 8LI )'8 MRTYX ZSPXEKI KSIW FIPS[ XLI WIRWSV W PS[

)RKMRI 'SSPERX 8IQTIVEXYVI )'8 7IRWSV
› 8LI )'8 WIRWSV MW E XLIVQMWXSV XIQTIVEXYVI
WIRWMXMZI VIWMWXSV QSYRXIH SR XLI XLIVQSWXEX
LSYWMRK -X MW YWIH XS QIEWYVI XLI GSSPERX
XIQTIVEXYVI 8LI )'8 W ZEVMEFPI VIWMWXERGI GEYWIW
XLI MRTYX ZSPXEKI XS XLI )'9 XS ZEV] ,MKLIV GSSPERX
XIQTIVEXYVIW VIWYPX MR PS[IV )'8 MRTYX ZSPXEKIW XS
XLI )'9 PS[IV XIQTIVEXYVIW VIWYPX MR LMKLIV
ZSPXEKIW *SV JYVXLIV )'8 WIRWSV MRJSVQEXMSR WII
1)%796-2+ 8)14)6%896) MR 7IGXMSR  +VSYT
 IEVPMIV MR XLMW QERYEP
(8' 742  *1-  [MPP WIX MJ
ZSPXEKI WTIGMJMGEXMSR 8LMW ZSPXEKI GSVVIWTSRHW XS E
XIQTIVEXYVI XLEX MW LMKLIV XLER [LEX MW TL]WMGEPP]
TSWWMFPI JSV IRKMRI GSSPERX
r 8LI PS[ )'8 MRTYX ZSPXEKI WTIGMJMGEXMSR MW 
ZSPXW
r )RKMRIWTIGMJMG HIZMEXMSRW WII %440-'%8-32
74)'-*-'%8-327 MR 7IGXMSR  +VSYT  SJ
XLMW QERYEP JSV XLI LMKL )'8 MRTYX ZSPXEKI
WTIGMJMGEXMSR
-J (8' 742  *1-  WIXW XLI JSPPS[MRK [MPP
SGGYV
› ;LIR MR WXEVX QSHI XLI )'9 [MPP HIJEYPX XLI )'8 XS
”' ”* 
› ;LIR MR VYRRMRK QSHI XLI )'9 [MPP HIJEYPX XLI )'8
XS ”' ”* 
› )'9 W LMKL )'8 IRKMRI TVSXIGXMSR JIEXYVI HMWEFPIH

01&6+ rr()'r

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



42!
 )'9  (8' 742  *1-  )RKMRI 'SSPERX 8IQTIVEXYVI -RTYX :SPXEKI 0S[  'SRXMRYIH

6+&& rr()'r

)'9  (8' 742  *1-  )RKMRI 'SSPERX 8IQTIVEXYVI -RTYX :SPXEKI 0S[ (MEKRSWXMG 4VSGIHYVI

r r r

 'SRRIGXMSR 'LIGO -14368%28 (S RSX JSVGI TVSFIW MRXS GSRRIGXSV XIVQMREPW SV HEQEKI [MPP VIWYPX 2S JEYPX] GSRRIGXMSR W 
9WI 01&.8 'SRRIGXSV %HETXIV 8IWX /MX XS QEOI QIEWYVIQIRXW MR +3 83 
GSRRIGXSVW 8LMW [MPP IRWYVI XLEX XIVQMREP HEQEKI HSIW RSX SGGYV
*EYPX] GSRRIGXMSR W 
6ITEMV JEYPX]
GSRRIGXMSR W

4IVJSVQ E TVIPMQMREV] MRWTIGXMSR SJ XLI )'9 GSRRIGXSV XLI )RKMRI 'SSPERX

8IQTIVEXYVI )'8 WIRWSV GSRRIGXSV ERH ER] GSRRIGXSVW MR FIX[IIR XLIQ 0SSO JSV
HMVX] HEQEKIH SV TSSVP] TSWMXMSRIH XIVQMREPW

r r r

 -RXIVQMXXIRX *EYPX 8IWX  : SV FIPS[

+3 83 

 'SRRIGX XLI (78 *SV MRWXVYGXMSRW SR GSRRIGXMRK XS XLI (78 WII '322)'8-2+ %FSZI  :
83 (-%+2378-' 7'%2 8330 (78 IEVPMIV MR XLMW +VSYT 4VSFPIQ MW MRXIVQMXXIRX -J
RS SXLIV GSHIW EVI
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-28)61-88)28 *%908
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XLMW +VSYT
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 6IEH XLI )RKMRI 'SSPERX 8IQTIVEXYVI -RTYX :SPXEKI TEVEQIXIV YWMRK (78

r r r

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



42!
  )RKMRI 'SSPERX &IPS[  :
8IQTIVEXYVI )'8 7LSVX XS KVSYRH MR )'8
7IRWSV 8IWX WIRWSV MRTYX GMVGYMX
 -KRMXMSR 3** 36
*EYPX] )'9
 (MWGSRRIGX )'8 WIRWSV GSRRIGXSV
 : SV KVIEXIV
 -KRMXMSR 32 *EYPX] )'8 WIRWSV

 6IEH XLI )RKMRI 'SSPERX 8IQTIVEXYVI -RTYX :SPXEKI TEVEQIXIV YWMRK XLI (78

r r r

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



42!
 )'9  (8' 742  *1-  )RKMRI 'SSPERX 8IQTIVEXYVI ,MKL 0IEWX 7IZIVI

)'8 )'87IRWSV
7IRWSV 'SRRIGXSV

)'8+VSYRH
X & &
% )'8-RTYX
%

& (

% & ( ) * , . /
% ( ) *
% ( ) * , . /

)'9,%62)77'322)'836

› 8LI )'9 WIRWIW )'8 EFSZI ”' ”* 

)RKMRIWTIGMJMG HIZMEXMSRW WII %440-'%8-32
74)'-*-'%8-327 MR 7IGXMSR  +VSYT  SJ XLMW
QERYEP

)RKMRI 'SSPERX 8IQTIVEXYVI )'8 7IRWSV
› 8LI )'8 WIRWSV MW E XLIVQMWXSV XIQTIVEXYVI
WIRWMXMZI VIWMWXSV QSYRXIH SR XLI XLIVQSWXEX
LSYWMRK SV EX XLI VIEV SJ XLI G]PMRHIV LIEH -X MW YWIH
XS QIEWYVI XLI GSSPERX XIQTIVEXYVI 8LI )'8 W
ZEVMEFPI VIWMWXERGI GEYWIW XLI MRTYX ZSPXEKI XS XLI
)'9 XS ZEV] ,MKLIV GSSPERX XIQTIVEXYVIW VIWYPX MR
PS[IV )'8 MRTYX ZSPXEKIW XS XLI )'9 PS[IV
XIQTIVEXYVIW VIWYPX MR LMKLIV ZSPXEKIW *SV JYVXLIV
)'8 WIRWSV MRJSVQEXMSR WII 1)%796-2+
8)14)6%896) MR 7IGXMSR  +VSYT  IEVPMIV MR
XLMW QERYEP
-J (8' 742  *1-  WIXW XLI JSPPS[MRK [MPP
SGGYV
› )RKMRI TVSXIGXMSR MW IREFPIH 7II )2+-2)
4638)'8-32 MR 7IGXMSR  +VSYT  SJ XLMW
QERYEP
r ;MXL 7LYXHS[R *IEXYVI 2S WLYXHS[R EZEMPEFPI
JSV XLMW GSHI
r ;MXL (IVEXI *IEXYVI 8LI IRKMRI HIVEXIW  TIV
QMRYXI YRXMP XLI IRKMRI MW VYRRMRK EX  SJ JYPP
TS[IV )RKMRIWTIGMJMG HIZMEXMSRW WII
%440-'%8-32 74)'-*-'%8-327 MR 7IGXMSR 
+VSYT  SJ XLMW QERYEP

(8' 742  *1-  [MPP WIX MJ

01&6+ rr()'r

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



42!
 )'9  (8' 742  *1-  )RKMRI 'SSPERX 8IQTIVEXYVI ,MKL 0IEWX 7IZIVI  'SRXMRYIH

01&6+&' rr()'r

)'9  (8' 742  *1-  )RKMRI 'SSPERX 8IQTIVEXYVI ,MKL 0IEWX 7IZIVI (MEKRSWXMG 4VSGIHYVI

r r r

 'SRRIGXMSR 'LIGO -14368%28 (S RSX JSVGI TVSFIW MRXS GSRRIGXSV XIVQMREPW SV HEQEKI [MPP VIWYPX 2S JEYPX] GSRRIGXMSR W 
9WI 01&.8 'SRRIGXSV %HETXIV 8IWX /MX XS QEOI QIEWYVIQIRXW MR +3 83 
GSRRIGXSVW 8LMW [MPP IRWYVI XLEX XIVQMREP HEQEKI HSIW RSX SGGYV
*EYPX] GSRRIGXMSR W 
6ITEMV JEYPX]
GSRRIGXMSR W

4IVJSVQ E TVIPMQMREV] MRWTIGXMSR SJ XLI )'9 GSRRIGXSV XLI )RKMRI 'SSPERX

8IQTIVEXYVI )'8 WIRWSV GSRRIGXSV ERH ER] GSRRIGXSVW MR FIX[IIR XLIQ 0SSO JSV
HMVX] HEQEKIH SV TSSVP] TSWMXMSRIH XIVQMREPW

r r r

 )RKMRI 'SSPERX )'8 EFSZI ”'

8IQTIVEXYVI )'8 ”* 
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8IWX 9RHIV XLI GSRHMXMSRW [LIVI (8' 742  *1-  SGGYVW YWMRK E XIQTIVEXYVI KEYKI )RKMRI SZIVLIEXMRK
ZIVMJ] XLEX IRKMRI GSSPERX XIQTIVEXYVI MW EFSZI XLI PIEWX WIZIVI )'8 WTIGMJMGEXMSR TVSFPIQ 7II (  ' 
)2+-2) '330%28
” ” 8)14)6%896) %&3:)
2361%0 MR 7IGXMSR 
+VSYT  SJ
0-)&,)66 Π(
(MIWIP )RKMRIW &EWI
)RKMRI 1ERYEP
8,C( 

)'8 WMKRMJMGERXP] PIWW

XLER ”' ”* 
:IVMJ] XLEX )'8 WIRWSV
MRTYX ERH KVSYRH GMVGYMXW
EVI 3/
-J )'8 WIRWSV GMVGYMXW EVI
3/ VITPEGI )'8 WIRWSV
ERH VIXIWX

r r r

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



42!
 )'9  (8' 742  *1-  )RKMRI 'SSPERX 8IQTIVEXYVI ,MKL 1SHIVEXIP] 7IZIVI

)'8 )'87IRWSV
7IRWSV 'SRRIGXSV

)'8+VSYRH
X & &
% )'8-RTYX
%

& (

% & ( ) * , . /
% ( ) *
% ( ) * , . /

)'9,%62)77'322)'836

› 8LI )'9 WIRWIW )'8 EFSZI ”' ”* 

)RKMRIWTIGMJMG HIZMEXMSRW WII %440-'%8-32
74)'-*-'%8-327 MR 7IGXMSR  +VSYT  SJ XLMW
QERYEP

)RKMRI 'SSPERX 8IQTIVEXYVI )'8 7IRWSV
› 8LI )'8 WIRWSV MW E XLIVQMWXSV XIQTIVEXYVI
WIRWMXMZI VIWMWXSV QSYRXIH SR XLI XLIVQSWXEX
LSYWMRK SV EX XLI VIEV SJ XLI G]PMRHIV LIEH -X MW YWIH
XS QIEWYVI XLI GSSPERX XIQTIVEXYVI 8LI )'8 W
ZEVMEFPI VIWMWXERGI GEYWIW XLI MRTYX ZSPXEKI XS XLI
)'9 XS ZEV] ,MKLIV GSSPERX XIQTIVEXYVIW VIWYPX MR
PS[IV )'8 MRTYX ZSPXEKIW XS XLI )'9 PS[IV
XIQTIVEXYVIW VIWYPX MR LMKLIV ZSPXEKIW *SV JYVXLIV
)'8 WIRWSV MRJSVQEXMSR WII 1)%796-2+
8)14)6%896) MR 7IGXMSR  +VSYT  IEVPMIV MR
XLMW QERYEP
-J (8' 742  *1-  WIXW XLI JSPPS[MRK [MPP
SGGYV
› )RKMRI TVSXIGXMSR MW IREFPIH 7II )2+-2)
4638)'8-32 MR 7IGXMSR  +VSYT  SJ XLMW
QERYEP
r ;MXL 7LYXHS[R *IEXYVI 2S WLYXHS[R EZEMPEFPI
JSV XLMW GSHI
r ;MXL (IVEXI *IEXYVI 8LI IRKMRI HIVEXIW  TIV
QMRYXI YRXMP XLI IRKMRI MW VYRRMRK EX  SJ JYPP
TS[IV )RKMRIWTIGMJMG HIZMEXMSRW WII
%440-'%8-32 74)'-*-'%8-327 MR 7IGXMSR 
+VSYT  SJ XLMW QERYEP

(8' 742  *1-  [MPP WIX MJ

01&6+ rr()'r

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



42!
 )'9  (8' 742  *1-  )RKMRI 'SSPERX 8IQTIVEXYVI ,MKL 1SHIVEXIP] 7IZIVI 
'SRXMRYIH

01&6+&( rr()'r

)'9  (8' 742  *1-  )RKMRI 'SSPERX 8IQTIVEXYVI ,MKL 1SHIVEXIP] 7IZIVI (MEKRSWXMG 4VSGIHYVI

r r r

 'SRRIGXMSR 'LIGO -14368%28 (S RSX JSVGI TVSFIW MRXS GSRRIGXSV XIVQMREPW SV HEQEKI [MPP VIWYPX 2S JEYPX] GSRRIGXMSR W 
9WI 01&.8 'SRRIGXSV %HETXIV 8IWX /MX XS QEOI QIEWYVIQIRXW MR +3 83 
GSRRIGXSVW 8LMW [MPP IRWYVI XLEX XIVQMREP HEQEKI HSIW RSX SGGYV
*EYPX] GSRRIGXMSR W 
6ITEMV JEYPX]
GSRRIGXMSR W

4IVJSVQ E TVIPMQMREV] MRWTIGXMSR SJ XLI )'9 GSRRIGXSV XLI )RKMRI 'SSPERX

8IQTIVEXYVI )'8 WIRWSV GSRRIGXSV ERH ER] GSRRIGXSVW MR FIX[IIR XLIQ 0SSO JSV
HMVX] HEQEKIH SV TSSVP] TSWMXMSRIH XIVQMREPW

r r r

 )RKMRI 'SSPERX )'8 EFSZI ”'

8IQTIVEXYVI )'8 ”* 
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8IWX )RKMRI SZIVLIEXMRK
9RHIV XLI GSRHMXMSRW [LIVI (8' 742  *1-  SGGYVW YWMRK E XIQTIVEXYVI KEYKI TVSFPIQ 7II (  ' 
ZIVMJ] XLEX IRKMRI GSSPERX XIQTIVEXYVI MW EFSZI ”' ”*  )2+-2) '330%28
8)14)6%896) %&3:)
” ” 2361%0 MR 7IGXMSR 
+VSYT  SJ
0-)&,)66 Π(
(MIWIP )RKMRIW &EWI
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)'8 WMKRMJMGERXP] PIWW

XLER ”' ”* 
:IVMJ] XLEX )'8 WIRWSV
MRTYX ERH KVSYRH GMVGYMXW
EVI 3/
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3/ VITPEGI )'8 WIRWSV
ERH VIXIWX

r r r

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



42!
 )'9  (8' 742  *1-  0SWW SJ 'SSPERX 8IQTIVEXYVI )\XVIQIP] ,MKL

0SWWSJ'SSPERX 0SWWSJ'SSPERX
8IQTIVEXYVI 8IQTIVEXYVI7IRWSV
7IRWSV 'SRRIGXSV
7IRWSV+VSYRH
X & &
% %
-RTYX

' (

% & ( ) * , . /
% ( ) *
% ( ) * , . /

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*SV JYVXLIV PSWW SJ GSSPERX XIQTIVEXYVI WIRWSV

MRJSVQEXMSR WII 1)%796-2+ 8)14)6%896) MR
7IGXMSR  +VSYT  IEVPMIV MR XLMW QERYEP
(8' 742  *1-  [MPP WIX MJ

0SWW SJ 'SSPERX 8IQTIVEXYVI 7IRWSV
› 8LI PSWW SJ GSSPERX XIQTIVEXYVI WIRWSV MW E
XLIVQMWXSV XIQTIVEXYVI WIRWMXMZI VIWMWXSV QSYRXIH
MR XLI VIEV SJ XLI G]PMRHIV LIEH -X MW YWIH XS
QIEWYVI XLI GSSPERX XIQTIVEXYVI XS HIXIGX [LIXLIV
XLIVI MW E PSWW SJ GSSPERX 8LI WIRWSV W ZEVMEFPI
VIWMWXERGI GEYWIW XLI MRTYX ZSPXEKI XS XLI )'9 XS
ZEV] ,MKLIV GSSPERX XIQTIVEXYVIW VIWYPX MR PS[IV
PSWW SJ GSSPERX XIQTIVEXYVI MRTYX ZSPXEKIW XS XLI
)'9 PS[IV XIQTIVEXYVIW VIWYPX MR LMKLIV ZSPXEKIW
› 8LI )'9 WIRWIW E GSSPERX XIQTIVEXYVI EFSZI
”' ”* 
-J (8' 742  *1-  WIXW XLI JSPPS[MRK [MPP
SGGYV
› 8LI IRKMRI HIVEXIW  TIV QMRYXI YRXMP XLI IRKMRI
MW VYRRMRK EX  SJ JYPP TS[IV -J XLI XIQTIVEXYVI
KSIW FIPS[ ”' ”*  XLI IRKMRI [MPP VIKEMR
TS[IV EX  TIV QMRYXI

01&6+* rr()'r

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



42!
 )'9  (8' 742  *1-  0SWW SJ 'SSPERX 8IQTIVEXYVI )\XVIQIP] ,MKL  'SRXMRYIH

01&6+&) rr()'r

)'9  (8' 742  *1-  0SWW SJ 'SSPERX 8IQTIVEXYVI )\XVIQIP] ,MKL (MEKRSWXMG 4VSGIHYVI

r r r

 'SRRIGXMSR 'LIGO -14368%28 (S RSX JSVGI TVSFIW MRXS GSRRIGXSV XIVQMREPW SV HEQEKI [MPP VIWYPX 2S JEYPX] GSRRIGXMSR W 
9WI 01&.8 'SRRIGXSV %HETXIV 8IWX /MX XS QEOI QIEWYVIQIRXW MR +3 83 
GSRRIGXSVW 8LMW [MPP IRWYVI XLEX XIVQMREP HEQEKI HSIW RSX SGGYV
*EYPX] GSRRIGXMSR W 
6ITEMV JEYPX]
GSRRIGXMSR W

4IVJSVQ E TVIPMQMREV] MRWTIGXMSR SJ XLI )'9 GSRRIGXSV XLI PSWW SJ GSSPERX XIQTIVEXYVI
WIRWSV GSRRIGXSV ERH ER] GSRRIGXSVW MR FIX[IIR XLIQ 0SSO JSV HMVX] HEQEKIH SV
TSSVP] TSWMXMSRIH XIVQMREPW

r r r

 0SWW SJ 'SSPERX 7MKRMJMGERXP] PIWW XLER

8IQTIVEXYVI 7IRWSV ”' ”* 
ERH 'MVGYMX 8IWX :IVMJ] XLEX PSWW SJ GSSPERX
9RHIV XLI GSRHMXMSRW [LIVI (8' 742  *1-  SGGYVW YWMRK E XIQTIVEXYVI KEYKI XIQTIVEXYVI WIRWSV MRTYX
ZIVMJ] XLEX PSWW SJ GSSPERX XIQTIVEXYVI MW EFSZI ”' ”*  ERH KVSYRH GMVGYMXW EVI
3/
-J PSWW SJ GSSPERX
XIQTIVEXYVI WIRWSV
GMVGYMXW EVI 3/ VITPEGI
PSWW SJ GSSPERX
XIQTIVEXYVI WIRWSV ERH
VIXIWX

8IQTIVEXYVI EFSZI
”' ”* 
)RKMRI SZIVLIEXMRK
TVSFPIQ 7II (  ' 
)2+-2) '330%28
8)14)6%896) %&3:)
2361%0 MR 7IGXMSR 
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0-)&,)66 Π(
(MIWIP )RKMRIW &EWI
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8,C( 

r r r

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



42!
 )'9  (8' 742  *1-  0SWW SJ 'SSPERX 8IQTIVEXYVI -RTYX :SPXEKI ,MKL

0SWWSJ'SSPERX 0SWWSJ'SSPERX
8IQTIVEXYVI 8IQTIVEXYVI7IRWSV
7IRWSV 'SRRIGXSV
7IRWSV+VSYRH
X & &
% %
-RTYX

' (

% & ( ) * , . /
% ( ) *
% ( ) * , . /

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*SV JYVXLIV PSWW SJ GSSPERX XIQTIVEXYVI WIRWSV

MRJSVQEXMSR WII 1)%796-2+ 8)14)6%896) MR
7IGXMSR  +VSYT  IEVPMIV MR XLMW QERYEP
(8' 742  *1-  [MPP WIX MJ

0SWW SJ 'SSPERX 8IQTIVEXYVI 7IRWSV
› 8LI PSWW SJ GSSPERX XIQTIVEXYVI WIRWSV MW E
XLIVQMWXSV XIQTIVEXYVI WIRWMXMZI VIWMWXSV QSYRXIH
MR XLI VIEV SJ XLI G]PMRHIV LIEH -X MW YWIH XS
QIEWYVI XLI GSSPERX XIQTIVEXYVI XS HIXIGX [LIXLIV
XLIVI MW E PSWW SJ GSSPERX 8LI WIRWSV W ZEVMEFPI
VIWMWXERGI GEYWIW XLI MRTYX ZSPXEKI XS XLI )'9 XS
ZEV] ,MKLIV GSSPERX XIQTIVEXYVIW VIWYPX MR PS[IV
PSWW SJ GSSPERX XIQTIVEXYVI MRTYX ZSPXEKIW XS XLI
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› 8LI PSWW SJ GSSPERX XIQTIVEXYVI MRTYX ZSPXEKI
I\GIIHW  ZSPXW 8LMW ZSPXEKI GSVVIWTSRHW XS E
XIQTIVEXYVI XLEX MW PS[IV XLER [LEX MW TL]WMGEPP]
TSWWMFPI JSV IRKMRI GSSPERX
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SGGYV
› )'9 W LMKL PSWW SJ GSSPERX XIQTIVEXYVI IRKMRI
TVSXIGXMSR JIEXYVI HMWEFPIH

01&6+' rr()'r

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



42!
 )'9  (8' 742  *1-  0SWW SJ 'SSPERX 8IQTIVEXYVI -RTYX :SPXEKI ,MKL  'SRXMRYIH

01&6+' rr()'r

)'9  (8' 742  *1-  0SWW SJ 'SSPERX 8IQTIVEXYVI -RTYX :SPXEKI ,MKL (MEKRSWXMG 4VSGIHYVI

r r r

 'SRRIGXMSR 'LIGO -14368%28 (S RSX JSVGI TVSFIW MRXS GSRRIGXSV XIVQMREPW SV HEQEKI [MPP VIWYPX 2S JEYPX] GSRRIGXMSR W 
9WI 01&.8 'SRRIGXSV %HETXIV 8IWX /MX XS QEOI QIEWYVIQIRXW MR +3 83 
GSRRIGXSVW 8LMW [MPP IRWYVI XLEX XIVQMREP HEQEKI HSIW RSX SGGYV
*EYPX] GSRRIGXMSR W 
6ITEMV JEYPX]
GSRRIGXMSR W

4IVJSVQ E TVIPMQMREV] MRWTIGXMSR SJ XLI )'9 GSRRIGXSV XLI PSWW SJ GSSPERX XIQTIVEXYVI
WIRWSV GSRRIGXSV ERH ER] GSRRIGXSVW MR FIX[IIR XLIQ 0SSO JSV HMVX] HEQEKIH SV
TSSVP] TSWMXMSRIH XIVQMREPW

r r r

 -RXIVQMXXIRX *EYPX 8IWX 742  *1- 

VISGGYVW
+3 83 
 'SRRIGX XLI (78 *SV MRWXVYGXMSRW SR GSRRIGXMRK XS XLI (78 WII '322)'8-2+
83 (-%+2378-' 7'%2 8330 (78 IEVPMIV MR XLMW +VSYT 742  *1-  HSIW RSX
VISGGYV
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RS SXLIV GSHIW EVI
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-28)61-88)28 *%908
 6IEH (8'W YWMRK (78 (-%+2378-'7 IEVPMIV MR
XLMW +VSYT
 1EOI RSXI SJ ER] (8'W XLIR GPIEV EPP (8'W

 -KRMXMSR 32 IRKMRI VYRRMRK

 6IEH (8'W YWMRK XLI (78

r r r

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



42!
  0SWW SJ 'SSPERX 742  *1- 
8IQTIVEXYVI 7IRWSV VISGGYVW
ERH 'SRRIGXSV 8IWX +3 83 
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742  *1-  SGGYVW
 (MWGSRRIGX PSWW SJ GSSPERX XIQTIVEXYVI WIRWSV GSRRIGXSV *EYPX] PSWW SJ GSSPERX
XIQTIVEXYVI WIRWSV
 -RWXEPP E NYQTIV [MVI FIX[IIR FSXL XIVQMREPW MR XLI PSWW SJ GSSPERX XIQTIVEXYVI GSRRIGXSV
WIRWSV LEVRIWW GSRRIGXSV 36
*EYPX] PSWW SJ GSSPERX
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 6IEH (8'W YWMRK XLI (78

r r r

 0SWW SJ 'SSPERX &IX[IIR  : ERH 

8IQTIVEXYVI 3TIR :
+VSYRH 8IWX 3TIR MR PSWW SJ GSSPERX
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GMVGYMX
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*EYPX] )'9 GSRRIGXMSR
 -RWXEPP NYQTIV [MVI FIX[IIR PSWW SJ GSSPERX XIQTIVEXYVI WIRWSV LEVRIWW GSRRIGXSV 36
MRTYX XIVQMREP ERH E KSSH GLEWWMW KVSYRH *EYPX] )'9

 -KRMXMSR 32 IRKMRI 3** &IPS[  :

3TIR MR PSWW SJ GSSPERX
 9WMRK E QYPXMQIXIV QIEWYVI ZSPXEKI FIX[IIR PSWW SJ GSSPERX XIQTIVEXYVI MRTYX : XIQTIVEXYVI WIRWSV
WYTTP] XIVQMREP ERH E KSSH GLEWWMW KVSYRH KVSYRH GMVGYMX
36
*EYPX] )'9 GSRRIGXMSR
36
*EYPX] )'9

r r r

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



42!
 )'9  (8' 742  *1-  0SWW SJ 'SSPERX 8IQTIVEXYVI -RTYX :SPXEKI 0S[

0SWWSJ'SSPERX 0SWWSJ'SSPERX
8IQTIVEXYVI 8IQTIVEXYVI7IRWSV
7IRWSV 'SRRIGXSV
7IRWSV+VSYRH
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-RTYX

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% & ( ) * , . /
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MRJSVQEXMSR WII 1)%796-2+ 8)14)6%896) MR
7IGXMSR  +VSYT  IEVPMIV MR XLMW QERYEP
(8' 742  *1-  [MPP WIX MJ

0SWW SJ 'SSPERX 8IQTIVEXYVI 7IRWSV
› 8LI PSWW SJ GSSPERX XIQTIVEXYVI WIRWSV MW E
XLIVQMWXSV XIQTIVEXYVI WIRWMXMZI VIWMWXSV QSYRXIH
MR XLI VIEV SJ XLI G]PMRHIV LIEH -X MW YWIH XS
QIEWYVI XLI GSSPERX XIQTIVEXYVI XS HIXIGX [LIXLIV
XLIVI MW E PSWW SJ GSSPERX 8LI WIRWSV W ZEVMEFPI
VIWMWXERGI GEYWIW XLI MRTYX ZSPXEKI XS XLI )'9 XS
ZEV] ,MKLIV GSSPERX XIQTIVEXYVIW VIWYPX MR PS[IV
PSWW SJ GSSPERX XIQTIVEXYVI MRTYX ZSPXEKIW XS XLI
)'9 PS[IV XIQTIVEXYVIW VIWYPX MR LMKLIV ZSPXEKIW
› 8LI PSWW SJ GSSPERX XIQTIVEXYVI MRTYX ZSPXEKI HVSTW
FIPS[  ZSPXW 8LMW ZSPXEKI GSVVIWTSRHW XS E
XIQTIVEXYVI XLEX MW LMKLIV XLER [LEX MW TL]WMGEPP]
TSWWMFPI JSV IRKMRI GSSPERX
-J (8' 742  *1-  WIXW XLI JSPPS[MRK [MPP
SGGYV
› )'9 W LMKL PSWW SJ GSSPERX XIQTIVEXYVI IRKMRI
TVSXIGXMSR JIEXYVI HMWEFPIH

01&6+ rr()'r

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



42!
 )'9  (8' 742  *1-  0SWW SJ 'SSPERX 8IQTIVEXYVI -RTYX :SPXEKI 0S[  'SRXMRYIH

01&6+' rr()'r

)'9  (8' 742  *1-  0SWW SJ 'SSPERX 8IQTIVEXYVI -RTYX :SPXEKI 0S[ (MEKRSWXMG 4VSGIHYVI

r r r

 'SRRIGXMSR 'LIGO -14368%28 (S RSX JSVGI TVSFIW MRXS GSRRIGXSV XIVQMREPW SV HEQEKI [MPP VIWYPX 2S JEYPX] GSRRIGXMSR W 
9WI 01&.8 'SRRIGXSV %HETXIV 8IWX /MX XS QEOI QIEWYVIQIRXW MR +3 83 
GSRRIGXSVW 8LMW [MPP IRWYVI XLEX XIVQMREP HEQEKI HSIW RSX SGGYV
*EYPX] GSRRIGXMSR W 
6ITEMV JEYPX]
GSRRIGXMSR W

4IVJSVQ E TVIPMQMREV] MRWTIGXMSR SJ XLI )'9 GSRRIGXSV XLI PSWW SJ GSSPERX XIQTIVEXYVI
WIRWSV GSRRIGXSV ERH ER] GSRRIGXSVW MR FIX[IIR XLIQ 0SSO JSV HMVX] HEQEKIH SV
TSSVP] TSWMXMSRIH XIVQMREPW

r r r

 -RXIVQMXXIRX *EYPX 8IWX 742  *1- 

VISGGYVW
+3 83 
 'SRRIGX XLI (78 *SV MRWXVYGXMSRW SR GSRRIGXMRK XS XLI (78 WII '322)'8-2+
83 (-%+2378-' 7'%2 8330 (78 IEVPMIV MR XLMW +VSYT 742  *1-  HSIW RSX
VISGGYV
 -KRMXMSR 32 IRKMRI 3** 4VSFPIQ MW MRXIVQMXXIRX -J
RS SXLIV GSHIW EVI
 7XEVX XLI )'9 GSQQYRMGEXMSR WSJX[EVI TVIWIRX -28)61-88)28
*%908 (-%+2378-'7
 6IEH (8'W YWMRK (78 IEVPMIV MR XLMW +VSYT

 1EOI RSXI SJ ER] (8'W XLIR GPIEV EPP (8'W

 -KRMXMSR 32 IRKMRI 3**

 6IEH (8'W YWMRK (78

r r r

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



42!
  0SWW SJ 'SSPERX 742  *1- 
8IQTIVEXYVI 7IRWSV VISGGYVW
8IWX 7LSVX XS KVSYRH MR PSWW SJ
 -KRMXMSR 3** GSSPERX XIQTIVEXYVI
WIRWSV MRTYX GMVGYMX
 (MWGSRRIGX PSWW SJ GSSPERX XIQTIVEXYVI WIRWSV GSRRIGXSV 36
*EYPX] )'9
 -KRMXMSR 32
742  *1-  SGGYVW
 6IEH (8'W YWMRK (78 *EYPX] PSWW SJ GSSPERX
XIQTIVEXYVI WIRWSV

r r r

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



42!
 )'9  (8' 742  *1-  )'9 4S[IV (S[R )VVSV

-KRMXMSR
&EXXIV] 7[MXGL
:7;

% :&%8

/ %

% & ( ) * , . /
% ( ) *
% ( ) * , . /

)'9,%62)77'322)'836

-J (8' 742  *1-  WIXW XLI JSPPS[MRK [MPP

SGGYV

› :ILMGPI FEXXIV] QE] FI HVEMRIH FIGEYWI )'9 [MPP

RSX TS[IV HS[R
(8' 742  *1-  [MPP WIX MJ

› )'9 HIXIGXW ZSPXEKI MW SR XLI W[MXGLIH ZSPXEKI MRTYX

[MVI XS XLI )'9

01&6+ rr()'r

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



42!
 )'9  (8' 742  *1-  )'9 4S[IV (S[R )VVSV  'SRXMRYIH

01&6+ rr.%2r

)'9  (8' 742  *1-  )'9 4S[IV (S[R )VVSV (MEKRSWXMG 4VSGIHYVI

r r r

 'SRRIGXMSR 'LIGO -14368%28 (S RSX JSVGI TVSFIW MRXS GSRRIGXSV XIVQMREPW SV HEQEKI [MPP VIWYPX 2S JEYPX] GSRRIGXMSR W 
9WI 01&.8 'SRRIGXSV %HETXIV 8IWX /MX XS QEOI QIEWYVIQIRXW MR +3 83 
GSRRIGXSVW 8LMW [MPP IRWYVI XLEX XIVQMREP HEQEKI HSIW RSX SGGYV
*EYPX] GSRRIGXMSR W 
6ITEMV JEYPX]
GSRRIGXMSR W

4IVJSVQ E TVIPMQMREV] MRWTIGXMSR SJ XLI )'9 GSRRIGXSV MKRMXMSR TS[IV GMVGYMX ERH ER]
GSRRIGXSVW MR FIX[IIR XLIQ 0SSO JSV HMVX] HEQEKIH SV TSSVP] TSWMXMSRIH XIVQMREPW

r r r

 -RXIVQMXXIRX *EYPX 8IWX 742  *1- 

VISGGYVW
+3 83 
 'SRRIGX XLI (78 *SV MRWXVYGXMSRW SR GSRRIGXMRK XS XLI (78 WII '322)'8-2+
83 (-%+2378-' 7'%2 8330 (78 IEVPMIV MR XLMW +VSYT 742  *1-  HSIW
RSX VISGGYV
 -KRMXMSR 32 IRKMRI 3** 4VSFPIQ MW MRXIVQMXXIRX -J
RS SXLIV GSHIW EVI
 7XEVX XLI )'9 GSQQYRMGEXMSR WSJX[EVI TVIWIRX WII
-28)61-88)28 *%908
 6IEH (8'W YWMRK (78 (-%+2378-'7 IEVPMIV MR
XLMW +VSYT
 1EOI RSXI SJ ER] (8'W XLIR GPIEV EPP (8'W

 ']GPI MKRMXMSR 3** JSV  WIGSRHW XLIR FEGO 32

 6IEH (8'W YWMRK XLI (78

r r r

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



42!
  ;MVMRK 8IWX 1IEWYVIQIRX EFSZI 
:
*EYPX] MKRMXMSR W[MXGL
 -KRMXMSR 3** GMVGYMX
36
 (MWGSRRIGX XLI )'9 GSRRIGXSV )'9 OI]SR TS[IV WYTTP]
WLSVXIH XS ZSPXEKI
 -KRMXMSR 32 IRKMRI 3** 36
*EYPX] MKRMXMSR W[MXGL
 9WMRK E QYPXMQIXIV QIEWYVI ZSPXEKI FIX[IIR XIVQMREP % XLI )'9 [MVMRK LEVRIWW
GSRRIGXSV ERH E KSSH GLEWWMW KVSYRH 1IEWYVIQIRX FIPS[ 
:
*EYPX] )'9 GSRRIGXMSR
36
*EYPX] )'9

r r r

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



42!
 )'9  (8' 742  *1-  *YIP 8IQTIVEXYVI -RTYX :SPXEKI ,MKL

*YIP8IQT *YIP8IQT
7IRWSV 'SRRIGXSV

7IRWSV+VSYRH
X & &
% % *YIP8IQT-RTYX

' (

% & ( ) * , . /
% ( ) *
% ( ) * , . /

)'9,%62)77'322)'836

(8' 742  *1-  [MPP WIX MJ

› 8LI JYIP XIQTIVEXYVI MRTYX ZSPXEKI KSIW EFSZI XLI

*YIP 8IQTIVEXYVI 7IRWSV
› 8LI JYIP XIQTIVEXYVI WIRWSV MW E XLIVQMWXSV
XIQTIVEXYVI WIRWMXMZI VIWMWXSV PSGEXIH SR XLI
MRNIGXMSR TYQT JYIP SYXPIX LSYWMRK 8LI JYIP
XIQTIVEXYVI WIRWSV W ZEVMEFPI VIWMWXERGI GEYWIW XLI
MRTYX ZSPXEKI XS XLI )'9 XS ZEV] ,MKLIV JYIP
XIQTIVEXYVIW VIWYPX MR PS[IV JYIP XIQTIVEXYVI MRTYX
ZSPXEKIW XS XLI )'9 PS[IV XIQTIVEXYVIW VIWYPX MR
LMKLIV ZSPXEKIW 8LI )'9 YWIW XLI JYIP XIQTIVEXYVI
WIRWSV MRTYX XS EHNYWX XLI JYIP HIPMZIV] JSV XLI
ZEVMEXMSRW MR JYIP HIRWMX] GEYWIH F] ZEV]MRK JYIP
XIQTIVEXYVIW *SV QSVI JYIP XIQTIVEXYVI WIRWSV
MRJSVQEXMSR WII 1)%796-2+ 8)14)6%896) MR
7IGXMSR  +VSYT  SJ XLMW QERYEP
WIRWSV W LMKL ZSPXEKI WTIGMJMGEXMSR 8LMW ZSPXEKI
GSVVIWTSRHW XS E XIQTIVEXYVI XLEX MW PS[IV XLER [LEX
MW TL]WMGEPP] TSWWMFPI JSV JYIP XIQTIVEXYVI
r 8LI LMKL JYIP XIQTIVEXYVI MRTYX ZSPXEKI
WTIGMJMGEXMSR MW  ZSPXW
r )RKMRIWTIGMJMG HIZMEXMSRW WII %440-'%8-32
74)'-*-'%8-327 MR 7IGXMSR  +VSYT  SJ
XLMW QERYEP JSV XLI LMKL JYIP XIQTIVEXYVI MRTYX
ZSPXEKI WTIGMJMGEXMSR
-J (8' 742  *1-  WIXW XLI JSPPS[MRK [MPP
SGGYV
› 8LI )'9 [MPP YWI E PMQTLSQI JYIP XIQTIVEXYVI
ZEPYI SJ ”' ”* HYVMRK GVEROMRK ERH ”'
”* HYVMRK VYRRMRK
› )RKMRI TS[IV [MPP FI WPMKLXP] HIVEXIH

01&6+ rr()'r

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



42!
 )'9  (8' 742  *1-  *YIP 8IQTIVEXYVI -RTYX :SPXEKI ,MKL  'SRXMRYIH

01&6+* rr.%2r

)'9  (8' 742  *1-  *YIP 8IQTIVEXYVI -RTYX :SPXEKI ,MKL (MEKRSWXMG 4VSGIHYVI

r r r

 'SRRIGXMSR 'LIGO -14368%28 (S RSX JSVGI TVSFIW MRXS GSRRIGXSV XIVQMREPW SV HEQEKI [MPP VIWYPX 2S JEYPX] GSRRIGXMSR W 
9WI 01&.8 'SRRIGXSV %HETXIV 8IWX /MX XS QEOI QIEWYVIQIRXW MR +3 83 
GSRRIGXSVW 8LMW [MPP IRWYVI XLEX XIVQMREP HEQEKI HSIW RSX SGGYV
*EYPX] GSRRIGXMSR W 
6ITEMV JEYPX]
GSRRIGXMSR W

4IVJSVQ E TVIPMQMREV] MRWTIGXMSR SJ XLI )'9 GSRRIGXSV XLI JYIP XIQTIVEXYVI WIRWSV
GSRRIGXSV ERH ER] GSRRIGXSVW MR FIX[IIR XLIQ 0SSO JSV HMVX] HEQEKIH SV TSSVP]
TSWMXMSRIH XIVQMREPW

r r r

 -RXIVQMXXIRX *EYPX 8IWX  : SV KVIEXIV

+3 83 

 'SRRIGX XLI (78 *SV MRWXVYGXMSRW SR GSRRIGXMRK XS XLI (78 WII '322)'8-2+ &IPS[  :
83 (-%+2378-' 7'%2 8330 (78 IEVPMIV MR XLMW +VSYT 4VSFPIQ MW MRXIVQMXXIRX -J
RS SXLIV GSHIW EVI
 -KRMXMSR 32 IRKMRI 3** TVIWIRX WII
-28)61-88)28 *%908
 7XEVX XLI )'9 GSQQYRMGEXMSR WSJX[EVI (-%+2378-'7 IEVPMIV MR
XLMW +VSYT
 -KRMXMSR 32 IRKMRI VYRRMRK

 6IEH XLI *YIP 8IQTIVEXYVI -RTYX :SPXEKI TEVEQIXIV YWMRK XLI (78

r r r

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



42!
  *YIP 8IQTIVEXYVI %FSZI  :
7IRWSV ERH +3 83 
'SRRIGXSV 8IWX
 -KRMXMSR 3** %X SV FIPS[  :
*EYPX] JYIP XIQTIVEXYVI
 (MWGSRRIGX JYIP XIQTIVEXYVI WIRWSV GSRRIGXSV WIRWSV GSRRIGXSV
36
 -RWXEPP E NYQTIV [MVI FIX[IIR FSXL XIVQMREPW MR XLI JYIP XIQTIVEXYVI WIRWSV LEVRIWW *EYPX] JYIP XIQTIVEXYVI
GSRRIGXSV WIRWSV

 -KRMXMSR 32 IRKMRI 3**

 6IEH XLI *YIP 8IQTIVEXYVI -RTYX :SPXEKI TEVEQIXIV YWMRK XLI (78

r r r

 *YIP 8IQTIVEXYVI %FSZI  :

3TIR +VSYRH 8IWX 3TIR MR JYIP XIQTIVEXYVI
MRTYX WIRWSV GMVGYMX
 -KRMXMSR 3** 36
*EYPX] )'9 GSRRIGXMSR
 6IQSZI NYQTIV [MVI FIX[IIR FSXL XIVQMREPW 36
*EYPX] )'9
 -RWXEPP NYQTIV [MVI FIX[IIR JYIP XIQTIVEXYVI WIRWSV LEVRIWW GSRRIGXSV MRTYX
XIVQMREP ERH E KSSH GLEWWMW KVSYRH  : SV FIPS[
3TIR MR JYIP XIQTIVEXYVI
 -KRMXMSR 32 IRKMRI 3** WIRWSV KVSYRH GMVGYMX
36
 6IEH XLI *YIP 8IQTIVEXYVI -RTYX :SPXEKI TEVEQIXIV YWMRK XLI (78 *EYPX] )'9 GSRRIGXMSR
36
*EYPX] )'9

r r r

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



42!
 )'9  (8' 742  *1-  *YIP 8IQTIVEXYVI -RTYX :SPXEKI 0S[

*YIP8IQT *YIP8IQT
7IRWSV 'SRRIGXSV

7IRWSV+VSYRH
X & &
% % *YIP8IQT-RTYX

' (

% & ( ) * , . /
% ( ) *
% ( ) * , . /

)'9,%62)77'322)'836

(8' 742  *1-  [MPP WIX MJ

› 8LI JYIP XIQTIVEXYVI MRTYX ZSPXEKI KSIW EFSZI XLI

*YIP 8IQTIVEXYVI 7IRWSV
› 8LI JYIP XIQTIVEXYVI WIRWSV MW E XLIVQMWXSV
XIQTIVEXYVI WIRWMXMZI VIWMWXSV PSGEXIH SR XLI
MRNIGXMSR TYQT JYIP SYXPIX LSYWMRK 8LI JYIP
XIQTIVEXYVI WIRWSV W ZEVMEFPI VIWMWXERGI GEYWIW XLI
MRTYX ZSPXEKI XS XLI )'9 XS ZEV] ,MKLIV JYIP
XIQTIVEXYVIW VIWYPX MR PS[IV JYIP XIQTIVEXYVI MRTYX
ZSPXEKIW XS XLI )'9 PS[IV XIQTIVEXYVIW VIWYPX MR
LMKLIV ZSPXEKIW 8LI )'9 YWIW XLI JYIP XIQTIVEXYVI
WIRWSV MRTYX XS EHNYWX XLI JYIP HIPMZIV] JSV XLI
ZEVMEXMSRW MR JYIP HIRWMX] GEYWIH F] ZEV]MRK JYIP
XIQTIVEXYVIW *SV QSVI JYIP XIQTIVEXYVI WIRWSV
MRJSVQEXMSR WII 1)%796-2+ 8)14)6%896) MR
7IGXMSR  +VSYT  SJ XLMW QERYEP
WIRWSV W PS[ ZSPXEKI WTIGMJMGEXMSR 8LMW ZSPXEKI
GSVVIWTSRHW XS E XIQTIVEXYVI XLEX MW LMKLIV XLER
[LEX MW TL]WMGEPP] TSWWMFPI JSV JYIP XIQTIVEXYVI
r 8LI PS[ JYIP XIQTIVEXYVI MRTYX ZSPXEKI
WTIGMJMGEXMSR MW  ZSPXW
r )RKMRIWTIGMJMG HIZMEXMSRW WII %440-'%8-32
74)'-*-'%8-327 MR 7IGXMSR  +VSYT  SJ
XLMW QERYEP JSV XLI PS[ JYIP XIQTIVEXYVI MRTYX
ZSPXEKI WTIGMJMGEXMSR
-J (8' 742  *1-  WIXW XLI JSPPS[MRK [MPP
SGGYV
› 8LI )'9 [MPP YWI E PMQTLSQI JYIP XIQTIVEXYVI
ZEPYI SJ ”' ”* HYVMRK GVEROMRK ERH ”'
”* HYVMRK VYRRMRK
› )RKMRI TS[IV [MPP FI WPMKLXP] HIVEXIH

01&6+ rr()'r

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



42!
 )'9  (8' 742  *1-  *YIP 8IQTIVEXYVI -RTYX :SPXEKI 0S[  'SRXMRYIH

01&6+* rr.%2r

)'9  (8' 742  *1-  *YIP 8IQTIVEXYVI -RTYX :SPXEKI 0S[ (MEKRSWXMG 4VSGIHYVI

r r r

 'SRRIGXMSR 'LIGO -14368%28 (S RSX JSVGI TVSFIW MRXS GSRRIGXSV XIVQMREPW SV HEQEKI [MPP VIWYPX 2S JEYPX] GSRRIGXMSR W 
9WI 01&.8 'SRRIGXSV %HETXIV 8IWX /MX XS QEOI QIEWYVIQIRXW MR +3 83 
GSRRIGXSVW 8LMW [MPP IRWYVI XLEX XIVQMREP HEQEKI HSIW RSX SGGYV
*EYPX] GSRRIGXMSR W 
6ITEMV JEYPX]
GSRRIGXMSR W

4IVJSVQ E TVIPMQMREV] MRWTIGXMSR SJ XLI )'9 GSRRIGXSV XLI JYIP XIQTIVEXYVI WIRWSV
GSRRIGXSV ERH ER] GSRRIGXSVW MR FIX[IIR XLIQ 0SSO JSV HMVX] HEQEKIH SV TSSVP]
TSWMXMSRIH XIVQMREPW

r r r

 -RXIVQMXXIRX *EYPX 8IWX  : SV FIPS[

+3 83 

 'SRRIGX XLI (78 *SV MRWXVYGXMSRW SR GSRRIGXMRK XS XLI (78 WII '322)'8-2+ %FSZI  :
83 (-%+2378-' 7'%2 8330 (78 IEVPMIV MR XLMW +VSYT 4VSFPIQ MW MRXIVQMXXIRX -J
RS SXLIV GSHIW EVI
 -KRMXMSR 32 IRKMRI 3** TVIWIRX WII
-28)61-88)28 *%908
 7XEVX XLI )'9 GSQQYRMGEXMSR WSJX[EVI (-%+2378-'7 IEVPMIV MR
XLMW +VSYT
 -KRMXMSR 32 IRKMRI 3**

 6IEH XLI *YIP 8IQTIVEXYVI -RTYX :SPXEKI TEVEQIXIV YWMRK XLI (78

r r r

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



42!
  *YIP 8IQTIVEXYVI &IPS[  :
7IRWSV 8IWX 7LSVX XS KVSYRH MR JYIP
XIQTIVEXYVI WIRWSV MRTYX
 -KRMXMSR 3** GMVGYMX
36
 (MWGSRRIGX JYIP XIQTIVEXYVI WIRWSV GSRRIGXSV *EYPX] )'9

 -KRMXMSR 32  : SV KVIEXIV

*EYPX] JYIP XIQTIVEXYVI
 6IEH XLI *YIP 8IQTIVEXYVI -RTYX :SPXEKI TEVEQIXIV YWMRK XLI (78 WIRWSV

r r r

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



42!
 )'9  (8' 742  *1-  *YIP 8IQTIVEXYVI 1SHIVEXIP] ,MKL

*YIP8IQT *YIP8IQT
7IRWSV 'SRRIGXSV

7IRWSV+VSYRH
X & &
% % *YIP8IQT-RTYX

' (

% & ( ) * , . /
% ( ) *
% ( ) * , . /

)'9,%62)77'322)'836

(8' 742  *1-  [MPP WIX MJ

› 8LI )'9 WIRWIW JYIP XIQTIVEXYVI EFSZI ”'

”*  )RKMRIWTIGMJMG HIZMEXMSRW WII
%440-'%8-32 74)'-*-'%8-327 MR 7IGXMSR 
*YIP 8IQTIVEXYVI 7IRWSV +VSYT  SJ XLMW QERYEP

› 8LI JYIP XIQTIVEXYVI WIRWSV MW E XLIVQMWXSV
XIQTIVEXYVI WIRWMXMZI VIWMWXSV PSGEXIH SR XLI
MRNIGXMSR TYQT JYIP SYXPIX LSYWMRK 8LI JYIP
XIQTIVEXYVI WIRWSV W ZEVMEFPI VIWMWXERGI GEYWIW XLI
MRTYX ZSPXEKI XS XLI )'9 XS ZEV] ,MKLIV JYIP
XIQTIVEXYVIW VIWYPX MR PS[IV JYIP XIQTIVEXYVI MRTYX
ZSPXEKIW XS XLI )'9 PS[IV XIQTIVEXYVIW VIWYPX MR
LMKLIV ZSPXEKIW 8LI )'9 YWIW XLI JYIP XIQTIVEXYVI
WIRWSV MRTYX XS EHNYWX XLI JYIP HIPMZIV] JSV XLI
ZEVMEXMSRW MR JYIP HIRWMX] GEYWIH F] ZEV]MRK JYIP
XIQTIVEXYVIW *SV QSVI JYIP XIQTIVEXYVI WIRWSV
MRJSVQEXMSR WII 1)%796-2+ 8)14)6%896) MR
7IGXMSR  +VSYT  SJ XLMW QERYEP
-J (8' 742  *1-  WIXW XLI JSPPS[MRK [MPP
SGGYV
› )RKMRI TVSXIGXMSR MW IREFPIH 7II )2+-2)
4638)'8-32 MR 7IGXMSR  +VSYT  SJ XLMW
QERYEP
r ;MXL 7LYXHS[R *IEXYVI 2S WLYXHS[R EZEMPEFPI
JSV XLMW GSHI
r ;MXL (IVEXI *IEXYVI 8LI IRKMRI HIVEXIW  TIV
QMRYXI YRXMP XLI IRKMRI MW VYRRMRK EX  SJ JYPP
TS[IV )RKMRIWTIGMJMG HIZMEXMSRW WII
%440-'%8-32 74)'-*-'%8-327 MR 7IGXMSR 
+VSYT  SJ XLMW QERYEP

01&6+ rr()'r

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



42!
 )'9  (8' 742  *1-  *YIP 8IQTIVEXYVI 1SHIVEXIP] ,MKL  'SRXMRYIH

01&6+* rr.%2r

)'9  (8' 742  *1-  *YIP 8IQTIVEXYVI 1SHIVEXIP] ,MKL (MEKRSWXMG 4VSGIHYVI

r r r

 (8' 742  *1-  &IJSVI YWMRK XLMW HMEKRSWXMG TVSGIHYVI 2S TVSFPIQW JSYRH
4VIPMQMREV] 'LIGO +3 83 
 )RWYVI XLEX XLI JYIP PIZIP MR XLI JYIP XERO MW RSX I\XVIQIP] PS[
4VSFPIQ JSYRH
 )RWYVI XLEX JYIP GSSPIV MW GPIER 6ITEMV ERH VIXIWX

r r r

 'SRRIGXMSR 'LIGO -14368%28 (S RSX JSVGI TVSFIW MRXS GSRRIGXSV XIVQMREPW SV HEQEKI [MPP VIWYPX 2S JEYPX] GSRRIGXMSR W 
9WI 01&.8 'SRRIGXSV %HETXIV 8IWX /MX XS QEOI QIEWYVIQIRXW MR +3 83 
GSRRIGXSVW 8LMW [MPP IRWYVI XLEX XIVQMREP HEQEKI HSIW RSX SGGYV
*EYPX] GSRRIGXMSR W 
6ITEMV JEYPX]
GSRRIGXMSR W

4IVJSVQ E TVIPMQMREV] MRWTIGXMSR SJ XLI )'9 GSRRIGXSV XLI JYIP XIQTIVEXYVI WIRWSV
GSRRIGXSV ERH ER] GSRRIGXSVW MR FIX[IIR XLIQ 0SSO JSV HMVX] HEQEKIH SV TSSVP]
TSWMXMSRIH XIVQMREPW

r r r

 *YIP 7YTTP] 4VIWWYVI *YIP TVIWWYVI [MXLMR

'LIGO WTIGMJMGEXMSR
+3 83 
(IXIVQMRI JYIP WYTTP] TVIWWYVI 7II ',)'/ *9)0 79440= 46)7796) MR 7IGXMSR
 +VSYT  SJ XLMW QERYEP *YIP TVIWWYVI FIPS[
WTIGMJMGEXMSR
(IXIVQMRI GEYWI SJ PS[
JYIP WYTTP] TVIWWYVI 7II
*  *9)0 79440=
7=78)1 ',)'/
(-%+2378-'
463')(96) MR 7IGXMSR
 +VSYT  SJ XLMW
QERYEP
6ITEMV ERH VIXIWX

r r r

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



42!
  *YIP 6IXYVR 0MRIW *YIP VIXYVR PMRIW 238
6IWXVMGXMSR 'LIGO VIWXVMGXIH
*EYPX] JYIP GSSPIV
'LIGO VIXYVR JYIP PMRIW JSV VIWXVMGXMSR FIX[IIR JYIP XERO ERH 36
*EYPX] MRNIGXMSR TYQT
› 3ZIVJPS[ ZEPZI SR MRNIGXMSR TYQT
› *YIP PIEO SJJ PMRI EX MRNIGXMSR RS^^PIW 6IWXVMGXMSR JSYRH MR
IMXLIV JYIP VIXYVR PMRI
(IXIVQMRI XLI GEYWI SJ
VIWXVMGXMSR
6ITEMV ERH VIXIWX

r r r

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



42!
 )'9  (8' 742  *1-  )RKMRI 3ZIVWTIIH )\XVIQI

'VERO4SWMXMSR 'VERO7IRWSV
7IRWSV 'SRRIGXSV
'VERO4SWMXMSR6IXYVR
& &
% % 'VERO4SWMXMSR-RTYX

& (

% & ( ) * , . /
% ( ) *
% ( ) * , . /

)'9,%62)77'322)'836

-J (8' 742  *1-  WIXW XLI JSPPS[MRK [MPP

SGGYV

› 8LI )'9 WLYXW JYIP SJJ YRXMP IRKMRI WTIIH MW FIPS[

'VERO 4SWMXMSR 7IRWSV
› 8LI GVERO TSWMXMSR WIRWSV MW PSGEXIH SR XLI JVSRX SJ
XLI GVEROWLEJX FILMRH XLI TVIWWIHSR GVERO KIEV -X
MW ER MRHYGXMZI X]TI TMGOYT WIRWSV XLEX HIXIGXW XIIXL
SR XLI GVERO XMQMRK [LIIP 8LI )'9 YWIW XLI GVERO
TSWMXMSR MRTYX XS HIXIVQMRI IRKMRI WTIIH ERH
TVIGMWI TMWXSR TSWMXMSR MR VIPEXMSR XS XLI JMVMRK SVHIV
8LI GVERO XMQMRK [LIIP MW GSQTSWIH SJ  IZIRP]
WTEGIH XIIXL ERH  QMWWMRK XIIXL 8LI QMWWMRK XIIXL
LIPT XLI )'9 XS HIXIVQMRI 8ST(IEH'IRXIV 8(' 
(8' 742  *1-  [MPP WIX MJ (8' 742  *1-  VISGGYVW
 VTQ
-J (8' 742  *1-  WIXW
› ;MXL (8' 742  *1-  XLIVI QE] SV RSX FI E
TVSFPIQ [MXL XLI IPIGXVSRMG GSRXVSP W]WXIQ 9WMRK XLI
(78 QSRMXSV (8'W SR XLI EGXMZI GSHI HMWTPE]
TEVEQIXIV 8S JMRH (8' PMWX WII 0-78-2+ 3*
(-%+2378-' 8639&0) '3()7 (8'7 32 )'9
IEVPMIV MR XLMW +VSYT -J XLIVI EVI SXLIV GSHIW KS XS
XLI ETTVSTVMEXI HMEKRSWXMG TVSGIHYVI
› -J XLIVI EVI RS SXLIV WXSVIH SV EGXMZI (8'W GPIEV
(8' 742  *1-  ERH QSRMXSV GSHIW XS WII MJ

› 8LI )'9 HIXIGXW XLEX IRKMRI WTIIH I\GIIHW 

VTQ

01&6+ rr*)&r

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



42!
 )'9  (8' 742  *1-  )RKMRI 3ZIVWTIIH 1SHIVEXI

'VERO4SWMXMSR 'VERO7IRWSV
7IRWSV 'SRRIGXSV
'VERO4SWMXMSR6IXYVR
& &
% % 'VERO4SWMXMSR-RTYX

& (

% & ( ) * , . /
% ( ) *
% ( ) * , . /

)'9,%62)77'322)'836

-J (8' 742  *1-  WIXW XLI JSPPS[MRK [MPP

SGGYV

› 8LI )'9 WLYXW JYIP SJJ YRXMP IRKMRI WTIIH MW FIPS[

'VERO 4SWMXMSR 7IRWSV
› 8LI GVERO TSWMXMSR WIRWSV MW PSGEXIH SR XLI JVSRX SJ
XLI GVEROWLEJX FILMRH XLI TVIWWIHSR GVERO KIEV -X
MW ER MRHYGXMZI X]TI TMGOYT WIRWSV XLEX HIXIGXW XIIXL
SR XLI GVERO XMQMRK [LIIP 8LI )'9 YWIW XLI GVERO
TSWMXMSR MRTYX XS HIXIVQMRI IRKMRI WTIIH ERH
TVIGMWI TMWXSR TSWMXMSR MR VIPEXMSR XS XLI JMVMRK SVHIV
8LI GVERO XMQMRK [LIIP MW GSQTSWIH SJ  IZIRP]
WTEGIH XIIXL ERH  QMWWMRK XIIXL 8LI QMWWMRK XIIXL
LIPT XLI )'9 XS HIXIVQMRI 8ST(IEH'IRXIV 8(' 
(8' 742  *1-  [MPP WIX MJ (8' 742  *1-  VISGGYVW
 VTQ
-J (8' 742  *1-  WIXW
› ;MXL (8' 742  *1-  XLIVI QE] SV RSX FI E
TVSFPIQ [MXL XLI IPIGXVSRMG GSRXVSP W]WXIQ 9WMRK XLI
(78 QSRMXSV (8'W SR XLI EGXMZI GSHI HMWTPE]
TEVEQIXIV 8S JMRH (8' PMWX WII 0-78-2+ 3*
(-%+2378-' 8639&0) '3()7 (8'7 32 )'9
IEVPMIV MR XLMW +VSYT -J XLIVI EVI SXLIV GSHIW KS XS
XLI ETTVSTVMEXI HMEKRSWXMG TVSGIHYVI
› -J XLIVI EVI RS SXLIV WXSVIH SV EGXMZI (8'W GPIEV
(8' 742  *1-  ERH QSRMXSV GSHIW XS WII MJ

› 8LI )'9 HIXIGXW XLEX IRKMRI WTIIH MW LMKLIV XLER

 VTQ

01&6+ rr*)&r

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



42!
 )'9  (8' 742  *1-  7IRWSV 7YTTP] :SPXEKI ,MKL

% % %
%REPSK &
)
8LVSXXPI % ' '
7IRWSV ( ( (
9 3
2
) ) )
%REPSK , 2
8LVSXXPI & ) % )
7IRWSV 6 '
* * *
2 8
3MP + + +
) 3
, , ,
4VIWWYVI 7 6
. . .
7IRWSV 7
/ / /

XLI )'9 QSRMXSVW XLI I\EGX ZSPXEKI SR XLI  ZSPX

WYTTP] GMVGYMX MR SVHIV XS IRWYVI EGGYVEXI VIEHMRKW
(8' 742  *1-  [MPP WIX MJ

› 8LI )'9 HIXIGXW E ZSPXEKI XLEX MW LMKLIV XLER 

7IRWSV 7YTTP] :SPXEKI ZSPXW SR XLI )'9  ZSPX WIRWSV WYTTP] GMVGYMX

› 8LI )'9 WYTTPMIW ZSPXEKI XS E JI[ HMJJIVIRX WIRWSVW
HITIRHMRK SR XLI ETTPMGEXMSR 8LI )'9 QSRMXSVW XLI
HVST MR ZSPXEKI XLEX XLI WIRWSV GEYWIW ERH
GSQTEVIW XLEX HVST XS TVITVSKVEQQIH ZEPYIW MR XLI
)'9 W QIQSV] XS HIXIVQMRI XLI ZEPYI SJ XLI
TEVEQIXIV XLI WIRWSV [EW QIEWYVMRK -R EHHMXMSR
-J (8' 742  *1-  WIXW XLI JSPPS[MRK [MPP
SGGYV
› 8LI )'9 [MPP YWI HIJEYPX ZEPYIW JSV XLI WIRWSVW XLEX
YWI WIRWSV WYTTP] MRTYX ZSPXEKI

01&6+' rr()'r

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



42!
 )'9  (8' 742  *1-  7IRWSV 7YTTP] :SPXEKI ,MKL  'SRXMRYIH

01&6+* rr.%2r

)'9  (8' 742  *1-  7IRWSV 7YTTP] :SPXEKI ,MKL (MEKRSWXMG 4VSGIHYVI

r r r

 'SRRIGXMSR 'LIGO -14368%28 (S RSX JSVGI TVSFIW MRXS GSRRIGXSV XIVQMREPW SV HEQEKI [MPP VIWYPX 2S JEYPX] GSRRIGXMSR W 
9WI 01&.8 'SRRIGXSV %HETXIV 8IWX /MX XS QEOI QIEWYVIQIRXW MR +3 83 
GSRRIGXSVW 8LMW [MPP IRWYVI XLEX XIVQMREP HEQEKI HSIW RSX SGGYV
*EYPX] GSRRIGXMSR W 
6ITEMV JEYPX]
GSRRIGXMSR W

4IVJSVQ E TVIPMQMREV] MRWTIGXMSR SJ XLI )'9 GSRRIGXSV 0SSO JSV HMVX] HEQEKIH SV
TSSVP] TSWMXMSRIH XIVQMREPW

r r r

 -RXIVQMXXIRX *EYPX 8IWX 742  *1- 

VISGGYVW
+3 83 
 'SRRIGX XLI (78 *SV MRWXVYGXMSRW SR GSRRIGXMRK XS XLI (78 WII '322)'8-2+
83 (-%+2378-' 7'%2 8330 (78 IEVPMIV MR XLMW +VSYT 742  *1-  HSIW RSX
VISGGYV
 -KRMXMSR 32 IRKMRI 3** 4VSFPIQ MW MRXIVQMXXIRX -J
RS SXLIV GSHIW EVI
 7XEVX XLI )'9 GSQQYRMGEXMSR WSJX[EVI TVIWIRX WII
-28)61-88)28 *%908
 6IEH (8'W YWMRK (78 (-%+2378-'7 IEVPMIV MR
XLMW +VSYT
 1EOI RSXI SJ ER] (8'W XLIR GPIEV EPP (8'W

 -KRMXMSR 32 IRKMRI 3**

 6IEH (8'W YWMRK XLI (78

r r r

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



42!
  7IRWSV 7YTTP] ;MVI +VIEXIV XLER 
'LIGO JSV 7LSVX SLQW
*EYPX] )'9 GSRRIGXSV
 -KRMXMSR 3** 36
*EYPX] )'9
 (MWGSRRIGX )'9 GSRRIGXSV
0IWW XLER  SLQW
 9WMRK QYPXMQIXIV QIEWYVI VIWMWXERGI FIX[IIR XIVQMREP ) MR XLI LEVRIWW IRH SJ 7LSVX XS ZSPXEKI MR WIRWSV
XLI )'9 GSRRIGXSV ERH EPP SXLIV XIVQMREPW MR XLI LEVRIWW IRH SJ XLI )'9 WYTTP] [MVI
GSRRIGXSV

r r r

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



42!
 )'9  (8' 742  *1-  7IRWSV 7YTTP] :SPXEKI 0S[

% % %
%REPSK &
)
8LVSXXPI % ' '
7IRWSV ( ( (
9 3
2
) ) )
%REPSK , 2
8LVSXXPI & ) % )
7IRWSV 6 '
* * *
2 8
3MP + + +
) 3
, , ,
4VIWWYVI 7 6
. . .
7IRWSV 7
/ / /

XLI )'9 QSRMXSVW XLI I\EGX ZSPXEKI SR XLI  ZSPX

WYTTP] GMVGYMX MR SVHIV XS IRWYVI EGGYVEXI VIEHMRKW
(8'  *1-  [MPP WIX MJ

› 8LI )'9 HIXIGXW E ZSPXEKI XLEX MW PS[IV XLER 

7IRWSV 7YTTP] :SPXEKI ZSPXW SR XLI )'9  ZSPX WIRWSV WYTTP] GMVGYMX

› 8LI )'9 WYTTPMIW ZSPXEKI XS E JI[ HMJJIVIRX WIRWSVW -J (8'  *1-  WIXW XLI JSPPS[MRK [MPP SGGYV
HITIRHMRK SR XLI ETTPMGEXMSR 8LI )'9 QSRMXSVW XLI
HVST MR ZSPXEKI XLEX XLI WIRWSV GEYWIW ERH › 8LI )'9 [MPP YWI HIJEYPX ZEPYIW JSV XLI WIRWSVW XLEX
GSQTEVIW XLEX HVST XS TVITVSKVEQQIH ZEPYIW MR XLI YWI WIRWSV WYTTP] MRTYX ZSPXEKI
)'9 W QIQSV] XS HIXIVQMRI XLI ZEPYI SJ XLI
TEVEQIXIV XLI WIRWSV [EW QIEWYVMRK -R EHHMXMSR

01&6+) rr()'r

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



42!
 )'9  (8' 742  *1-  7IRWSV 7YTTP] :SPXEKI 0S[  'SRXMRYIH

01&6+* rr.%2r

)'9  (8' 742  *1-  7IRWSV 7YTTP] :SPXEKI 0S[ (MEKRSWXMG 4VSGIHYVI

r r r

 'SRRIGXMSR 'LIGO -14368%28 (S RSX JSVGI TVSFIW MRXS GSRRIGXSV XIVQMREPW SV HEQEKI [MPP VIWYPX 2S JEYPX] GSRRIGXMSR W 
9WI 01&.8 'SRRIGXSV %HETXIV 8IWX /MX XS QEOI QIEWYVIQIRXW MR +3 83 
GSRRIGXSVW 8LMW [MPP IRWYVI XLEX XIVQMREP HEQEKI HSIW RSX SGGYV
*EYPX] GSRRIGXMSR W 
6ITEMV JEYPX]
GSRRIGXMSR W

4IVJSVQ E TVIPMQMREV] MRWTIGXMSR SJ XLI )'9 GSRRIGXSV 0SSO JSV HMVX] HEQEKIH SV
TSSVP] TSWMXMSRIH XIVQMREPW

r r r

 7IRWSV 'LIGO 742  *1- 

VISGGYVW
+3 83 
 'SRRIGX XLI (78 *SV MRWXVYGXMSRW SR GSRRIGXMRK XS XLI (78 WII '322)'8-2+
83 (-%+2378-' 7'%2 8330 (78 IEVPMIV MR XLMW +VSYT 742  *1-  HSIW RSX
VISGGYV
 -KRMXMSR 32 IRKMRI 3** +3 83 

 7XEVX XLI )'9 GSQQYRMGEXMSR WSJX[EVI

 6IEH (8'W YWMRK (78

 1EOI RSXI SJ ER] (8'W XLIR GPIEV EPP (8'W

 -KRMXMSR 3**

 (MWGSRRIGX EPP WIRWSVW XLEX VIGIMZI XLIMV : WYTTP] JVSQ XIVQMREP ) SJ XLI )'9

 -KRMXMSR 32 IRKMRI VYRRMRK

 6IEH (8'W YWMRK XLI (78

r r r

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



42!
  -RXIVQMXXIRX *EYPX 8IWX 742  *1- 
VISGGYVW
*EYPX] WIRWSV
 -KRMXMSR 32 IRKMRI 3** 6ITPEGI ERH VIXIWX

 ;LMPI VIGSRRIGXMRK IEGL WIRWSV SRI EX E XMQI QSRMXSV (8'W YWMRK XLI (78 742  *1-  HSIW RSX
VISGGYV
4VSFPIQ MW MRXIVQMXXIRX -J
RS SXLIV GSHIW EVI
TVIWIRX WII
-28)61-88)28 *%908
(-%+2378-'7 IEVPMIV MR
XLMW +VSYT

r r r

 7IRWSV 7YTTP] 7LSVX +VIEXIV XLER 

XS +VSYRH 'LIGO SLQW
*EYPX] )'9 GSRRIGXSV
 -KRMXMSR 3** 36
*EYPX] )'9
 (MWGSRRIGX XLI )'9 GSRRIGXSV
0IWW XLER  SLQW
 9WMRK E QYPXMQIXIV QIEWYVI VIWMWXERGI FIX[IIR XIVQMREP ( MR XLI LEVRIWW IRH SJ 7IRWSV  ZSPX WYTTP]
XLI )'9 GSRRIGXSV ERH GMVGYMX WLSVXIH XS KVSYRH

› % KSSH GLEWWMW KVSYRH

› 8IVQMREP . MR XLI LEVRIWW IRH SJ XLI )'9 GSRRIGXSV

r r r

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



42!
 )'9  (8' 742  *1-  )'9 9RW[MXGLIH 4S[IV 1MWWMRK

-KRMXMSR
&EXXIV] 7[MXGL
:7;

% :&%8

/ %

% & ( ) * , . /
% ( ) *
% ( ) * , . /

)'9,%62)77'322)'836

(8' 742  *1-  [MPP WIX MJ › 8LI IRKMRI [MPP RSX WXEVX SV VYR

› 8LI )'9 HSIW RSX HIXIGX FEXXIV] ZSPXEKI

-J (8' 742  *1-  WIXW XLI JSPPS[MRK [MPP

SGGYV

01&6+& rr*)&r

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



42!
 )'9  (8' 742  *1-  )'9 9RW[MXGLIH 4S[IV 1MWWMRK  'SRXMRYIH

6+' rr*)&r

)'9  (8' 742  *1-  )'9 9RW[MXGLIH 4S[IV 1MWWMRK (MEKRSWXMG 4VSGIHYVI

r r r

 'SRRIGXMSR 'LIGO -14368%28 (S RSX JSVGI TVSFIW MRXS GSRRIGXSV XIVQMREPW SV HEQEKI [MPP VIWYPX 2S JEYPX] GSRRIGXMSR W 
9WI 01&.8 'SRRIGXSV %HETXIV 8IWX /MX XS QEOI QIEWYVIQIRXW MR +3 83 
GSRRIGXSVW 8LMW [MPP IRWYVI XLEX XIVQMREP HEQEKI HSIW RSX SGGYV
*EYPX] GSRRIGXMSR W 
6ITEMV JEYPX]
GSRRIGXMSR W

4IVJSVQ E TVIPMQMREV] MRWTIGXMSR SJ XLI )'9 GSRRIGXSV 0SSO JSV HMVX] HEQEKIH SV
TSSVP] TSWMXMSRIH XIVQMREPW

r r r

 -RXIVQMXXIRX *EYPX 8IWX 742  *1- 

VISGGYVW
+3 83 
 'SRRIGX XLI (78 *SV MRWXVYGXMSRW SR GSRRIGXMRK XS XLI (78 WII '322)'8-2+
83 (-%+2378-' 7'%2 8330 (78 IEVPMIV MR XLMW +VSYT 742  *1-  HSIW RSX
VISGGYV
 -KRMXMSR 32 IRKMRI 3** 4VSFPIQ MW MRXIVQMXXIRX -J
RS SXLIV GSHIW EVI
 7XEVX XLI )'9 GSQQYRMGEXMSR WSJX[EVI TVIWIRX
WII-28)61-88)28
 6IEH (8'W YWMRK (78 *%908 (-%+2378-'7
IEVPMIV MR XLMW +VSYT
 1EOI RSXIW SJ ER] (8'W XLIR GPIEV EPP (8'W

 -KRMXMSR 32 IRKMRI VYRRMRK

 6IEH (8'W YWMRK XLI (78

r r r

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



42!
  )'9 ERH )'9 :SPXEKI MW WYFWXERXMEPP]
'SRRIGXSV 8IWX PIWW XLER FEXXIV]
ZSPXEKI
 -KRMXMSR 3** +3 83 

 (MWGSRRIGX )'9 GSRRIGXSV :SPXEKIW EVI EX SV RIEV

FEXXIV] ZSPXEKI SR FSXL
 9WMRK E QYPXMQIXIV QIEWYVI ZSPXEKI FIX[IIR E KSSH GLEWWMW KVSYRH ERH XIVQMREP XIVQMREPW
/ *EYPX] )'9 GSRRIGXMSR
36
*EYPX] )'9

r r r

 &EXXIV] :SPXEKI :SPXEKI [MXLMR

'LIGO WTIGMJMGEXMSR JSV
FEXXIV]
9WMRK E QYPXMQIXIV QIEWYVI FEXXIV] ZSPXEKI EX XLI FEXXIV] XIVQMREPW *EYPX] )'9 TS[IV WYTTP]
JYWI
36
*EYPX] )'9 GSRRIGXMSR
36
3TIR SV WLSVX MR )'9
TS[IV GMVGYMX

:SPXEKI WYFWXERXMEPP]
PIWW XLER FEXXIV]
ZSPXEKI
*EYPX] FEXXIV] SV GLEVKMRK
W]WXIQ

r r r

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



42!
 )'9  (8' 742  *1-  )'9 )VVSV

(8' 742  *1-  [MPP WIX MJ › 8LI IRKMRI [MPP RSX WXEVX SV VYR

› 8LI )'9 HIXIGXW ER MRXIVREP TVSFPIQ

-J (8' 742  *1-  WIXW XLI JSPPS[MRK [MPP

SGGYV

01&6+' rr()'r

)'9  (8' 742  *1-  )'9 )VVSV (MEKRSWXMG 4VSGIHYVI

r r r

 -RXIVQMXXIRX *EYPX 8IWX 742  *1- 

VISGGYVW
*EYPX] )'9
 :IVMJ] XLEX GSRXVSPPIVW SR ZILMGPI EVI MR GSVVIGX PSGEXMSR ERH GSRRIGXIH XS XLI GSVVIGX
[MVMRK LEVRIWW 742  *1-  HSIW
RSX VISGGYV
 'SRRIGX XLI (78 *SV MRWXVYGXMSRW SR GSRRIGXMRK XS XLI (78 WII '322)'8-2+ 4VSFPIQ MW MRXIVQMXXIRX -J
83 (-%+2378-' 7'%2 8330 (78 IEVPMIV MR XLMW +VSYT RS SXLIV GSHIW EVI
TVIWIRX WII
 -KRMXMSR 32 IRKMRI 3** -28)61-88)28 *%908
(-%+2378-'7 IEVPMIV MR
 7XEVX XLI )'9 GSQQYRMGEXMSR WSJX[EVI XLMW +VSYT

 6IEH (8'W YWMRK (78

 1EOI RSXI SJ ER] (8'W XLIR GPIEV EPP (8'W

 -KRMXMSR 32 IRKMRI VYRRMRK SV GVEROMRK JSV  WIGSRHW

 6IEH (8'W YWMRK (78

r r r

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



42!
 )'9  (8' 742  *1-  'VERO 4SWMXMSR -RTYX 2SMWI

'VERO4SWMXMSR 'VERO7IRWSV
7IRWSV 'SRRIGXSV
'VERO4SWMXMSR6IXYVR
& &
% % 'VERO4SWMXMSR-RTYX

& (

% & ( ) * , . /
% ( ) *
% ( ) * , . /

)'9,%62)77'322)'836

8LI GVERO XMQMRK [LIIP MW GSQTSWIH SJ  IZIRP]

WTEGIH XIIXL ERH  QMWWMRK XIIXL 8LI QMWWMRK XIIXL
LIPT XLI )'9 XS HIXIVQMRI 8ST(IEH'IRXIV 8(' 
(8' 742  *1-  [MPP WIX MJ

'VERO 4SWMXMSR 7IRWSV › 8LI )'9 HIXIGXW I\GIWWMZI RSMWI I\XVE TYPWIW SR
XLI GVERO TSWMXMSR MRTYX
› 8LI GVERO TSWMXMSR WIRWSV MW PSGEXIH SR XLI JVSRX SJ
XLI GVEROWLEJX FILMRH XLI TVIWWIHSR GVERO KIEV -X -J (8' 742  *1-  WIXW XLI JSPPS[MRK [MPP
MW ER MRHYGXMZI X]TI TMGOYT WIRWSV XLEX HIXIGXW XIIXL SGGYV
SR XLI GVERO XMQMRK [LIIP 8LI )'9 YWIW XLI GVERO
TSWMXMSR MRTYX XS HIXIVQMRI IRKMRI WTIIH ERH › )RKMRI TVSFEFP] [MPP RSX VYR
TVIGMWI TMWXSR TSWMXMSR MR VIPEXMSR XS XLI JMVMRK SVHIV

01&6+ rr()'r

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



42!
 )'9  (8' 742  *1-  'VERO 4SWMXMSR -RTYX 2SMWI  'SRXMRYIH

01&6+* rr.%2r

)'9  (8' 742  *1-  'VERO 4SWMXMSR -RTYX 2SMWI (MEKRSWXMG 4VSGIHYVI

r r r

 'SRRIGXMSR 'LIGO -14368%28 (S RSX JSVGI TVSFIW MRXS GSRRIGXSV XIVQMREPW SV HEQEKI [MPP VIWYPX 2S JEYPX] GSRRIGXMSR W 
9WI 01&.8 'SRRIGXSV %HETXIV 8IWX /MX XS QEOI QIEWYVIQIRXW MR +3 83 
GSRRIGXSVW 8LMW [MPP IRWYVI XLEX XIVQMREP HEQEKI HSIW RSX SGGYV
*EYPX] GSRRIGXMSR W 
6ITEMV JEYPX]
GSRRIGXMSR W

4IVJSVQ E TVIPMQMREV] MRWTIGXMSR SJ XLI )'9 GSRRIGXSV XLI GVERO TSWMXMSR WIRWSV
GSRRIGXSV ERH ER] SXLIV GSRRIGXSV 0SSO JSV HMVX] HEQEKIH SV TSSVP] TSWMXMSRIH
XIVQMREPW

r r r

 -RXIVQMXXIRX *EYPX 8IWX 742  *1- 

VISGGYVW
+3 83 
 'SRRIGX XLI (78 *SV MRWXVYGXMSRW SR GSRRIGXMRK XS XLI (78 WII '322)'8-2+
83 (-%+2378-' 7'%2 8330 (78 IEVPMIV MR XLMW +VSYT 742  *1-  HSIW RSX
VISGGYV
 -KRMXMSR 32 IRKMRI 3** 4VSFPIQ MW MRXIVQMXXIRX -J
RS SXLIV GSHIW EVI
 7XEVX XLI )'9 GSQQYRMGEXMSR WSJX[EVI TVIWIRX WII
-28)61-88)28 *%908
 6IEH (8'W YWMRK (78 (-%+2378-'7 IEVPMIV MR
XLMW +VSYT
 1EOI RSXI SJ EPP (8'W XLIR GPIEV EPP (8'W

 ;EVQ IRKMRI

 -KRMXMSR 32 IRKMRI VYRRMRK

 6IEH (8'W YWMRK (78

r r r

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



42!
  'VERO 7MKREP 2SMWI
8IWX

 742  *1-  MW QSWX PMOIP] GEYWIH F] VEHMEXIH SV GSRHYGXIH IPIGXVMGEP RSMWI
JVSQ WSQI TEVX SJ XLI QEGLMRI 8LMW TVSFPIQ QE] FI GEYWIH F] PSSWI IPIGXVMGEP
KVSYRH SV TS[IV GSRRIGXMSRW ER][LIVI SR XLI QEGLMRI 8LMRKW XS GLIGO

› %PP LEVRIWW GSRRIGXSVW

› %PXIVREXSV GSRRIGXMSRW
› 'LEWWMW KVSYRH GSRRIGXMSRW FEXXIV] KVSYRH GSRRIGXMSR
› 'SVVSWMSR HMVX SV TEMRX GER GEYWI MRXIVQMXXIRX ERH RSMW] GSRRIGXMSRW
› 'LIGO XLI [MVMRK JSV MRXIVQMXXIRX STIR ERH WLSVX GMVGYMXW TEVXMGYPEVP] XLI GVERO
WIRWSV [MVMRK
› 'LIGO [MVMRK JSV TVSTIV TMR PSGEXMSR MR XLI GVERO WIRWSV ERH )'9 GSRRIGXSVW

 3XLIV TSWWMFPI GEYWIW SJ 742  *1- 

› )PIGXVSQEKRIXMG MRXIVJIVIRGI )1- JVSQ ER MRGSVVIGXP] MRWXEPPIH [E] VEHMS

› -RXIVJIVIRGI JVSQ WSQI VEHEV WSYVGI
› 4SWWMFPI FVSOIR XIIXL SR XLI GVEROWLEJX XMQMRK VMRK

r r r

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



42!
 )'9  (8' 742  *1-  'VERO 4SWMXMSR -RTYX 4EXXIVR )VVSV

'VERO4SWMXMSR 'VERO7IRWSV
7IRWSV 'SRRIGXSV
'VERO4SWMXMSR6IXYVR
& &
% % 'VERO4SWMXMSR-RTYX

& (

% & ( ) * , . /
% ( ) *
% ( ) * , . /

)'9,%62)77'322)'836

8LI GVERO XMQMRK [LIIP MW GSQTSWIH SJ  IZIRP]

WTEGIH XIIXL ERH  QMWWMRK XIIXL 8LI QMWWMRK XIIXL
LIPT XLI )'9 XS HIXIVQMRI 8ST(IEH'IRXIV 8(' 
(8' 742  *1-  [MPP WIX MJ

'VERO 4SWMXMSR 7IRWSV
› 8LI GVERO TSWMXMSR WIRWSV MW PSGEXIH SR XLI JVSRX SJ
XLI GVEROWLEJX FILMRH XLI TVIWWIHSR GVERO KIEV -X
MW ER MRHYGXMZI X]TI TMGOYT WIRWSV XLEX HIXIGXW XIIXL
SR XLI GVERO XMQMRK [LIIP 8LI )'9 YWIW XLI GVERO
TSWMXMSR MRTYX XS HIXIVQMRI IRKMRI WTIIH ERH
TVIGMWI TMWXSR TSWMXMSR MR VIPEXMSR XS XLI JMVMRK SVHIV
› 8LI )'9 HIXIGXW ER MQTVSTIV TEXXIVR SR XLI GVERO
TSWMXMSR MRTYX
-J (8' 742  *1-  WIXW XLI JSPPS[MRK [MPP
SGGYV
› )RKMRI TVSFEFP] [MPP RSX VYR

01&6+% rr()'r

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



42!
 )'9  (8' 742  *1-  'VERO 4SWMXMSR -RTYX 4EXXIVR )VVSV  'SRXMRYIH

01&6+% rr.%2r

)'9  (8' 742  *1-  'VERO 4SWMXMSR -RTYX 4EXXIVR )VVSV (MEKRSWXMG 4VSGIHYVI

r r r

 'SRRIGXMSR 'LIGO -14368%28 (S RSX JSVGI TVSFIW MRXS GSRRIGXSV XIVQMREPW SV HEQEKI [MPP VIWYPX 2S JEYPX] GSRRIGXMSR W 
9WI 01&.8 'SRRIGXSV %HETXIV 8IWX /MX XS QEOI QIEWYVIQIRXW MR +3 83 
GSRRIGXSVW 8LMW [MPP IRWYVI XLEX XIVQMREP HEQEKI HSIW RSX SGGYV
*EYPX] GSRRIGXMSR W 
6ITEMV JEYPX]
GSRRIGXMSR W

4IVJSVQ E TVIPMQMREV] MRWTIGXMSR SJ XLI )'9 GSRRIGXSV XLI GVERO TSWMXMSR WIRWSV
GSRRIGXSV ERH ER] SXLIV GSRRIGXSV 0SSO JSV HMVX] HEQEKIH SV TSSVP] TSWMXMSRIH
XIVQMREPW

r r r

 -RXIVQMXXIRX *EYPX 8IWX 742  *1- 

VISGGYVW
+3 83 
 'SRRIGX XLI (78 *SV MRWXVYGXMSRW SR GSRRIGXMRK XS XLI (78 WII '322)'8-2+
83 (-%+2378-' 7'%2 8330 (78 IEVPMIV MR XLMW +VSYT 742  *1-  HSIW
RSX VISGGYV
 -KRMXMSR 32 IRKMRI 3** 4VSFPIQ MW MRXIVQMXXIRX -J
RS SXLIV GSHIW EVI
 7XEVX XLI )'9 GSQQYRMGEXMSR WSJX[EVI TVIWIRX WII
-28)61-88)28 *%908
 6IEH (8'W YWMRK (78 (-%+2378-'7 IEVPMIV MR
XLMW +VSYT
 1EOI RSXI SJ ER] (8'W XLIR GPIEV EPP (8'W

 -KRMXMSR 32 IRKMRI VYRRMRK

 6IEH (8'W YWMRK (78

r r r

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



42!
  'VERO 4SWMXMSR &IX[IIR  ERH 
7IRWSV 8IWX SLQW
+3 83 
 -KRMXMSR 3**
&IPS[  SLQW SV
 (MWGSRRIGX GVERO TSWMXMSR WIRWSV GSRRIGXSV EFSZI  SLQW
*EYPX] GVERO TSWMXMSR
 9WMRK E QYPXMQIXIV QIEWYVI VIWMWXERGI FIX[IIR FSXL XIVQMREPW SJ XLI GVERO WIRWSV
TSWMXMSR WIRWSV

r r r

 3TIR MR 'VERO 7IRWSV &SXL QIEWYVIQIRXW 

-RTYX ERH 6IXYVR SLQW SV PIWW
'LIGO +3 83 
 -KRMXMSR 3**
)MXLIV QIEWYVIQIRX
 (MWGSRRIGX GVERO TSWMXMSR WIRWSV GSRRIGXSV KVIEXIV XLER  SLQW
3TIR MR GVERO TSWMXMSR
 (MWGSRRIGX )'9 GSRRIGXSV WIRWSV MRTYX [MVI
36
 9WMRK E QYPXMQIXIV QIEWYVI VIWMWXERGI FIX[IIR 3TIR MR GVERO TSWMXMSR
WIRWSV VIXYVR [MVI
› 8IVQMREP % SJ XLI GVERO TSWMXMSR WIRWSV LEVRIWW GSRRIGXSV ERH XIVQMREP & MR XLI 36
LEVRIWW IRH SJ XLI )'9 GSRRIGXSV 8IVQMREPW % ERH & MR XLI
› 8IVQMREP & SJ XLI GVERO TSWMXMSR WIRWSV LEVRIWW GSRRIGXSV ERH XIVQMREP ( MR XLI GVERO TSWMXMSR WIRWSV
LEVRIWW IRH SJ XLI )'9 GSRRIGXSV LEVRIWW GSRRIGXSV
TSWWMFP] MRZIVXIH

r r r

 'VERO 7IRWSV -RTYX %PP QIEWYVIQIRXW

;MVMRK 'LIGO KVIEXIV XLER  SLQW
+3 83 
 -KRMXMSR 3**
%R] QIEWYVIQIRX PIWW
 'VERO TSWMXMSR WIRWSV GSRRIGXSV ERH )'9 GSRRIGXSV WXMPP HMWGSRRIGXIH XLER  SLQW
*EYPX] GVERO TSWMXMSR
 9WMRK E QYPXMQIXIV QIEWYVI VIWMWXERGI FIX[IIR XIVQMREP & MR XLI LEVRIWW IRH SJ WIRWSV MRTYX [MVMRK
XLI )'9 GSRRIGXSV ERH XLI JSPPS[MRK LEVRIWW

› % KSSH KVSYRH
› %PP SXLIV XIVQMREPW MR FSXL )'9 GSRRIGXSVW

r r r

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



42!
  'VERO 7IRWSV 6IXYVR %PP QIEWYVIQIRXW
;MVMRK 'LIGO KVIEXIV XLER  SLQW
+3 83 
 -KRMXMSR 3**
%R] QIEWYVIQIRX PIWW
 'VERO TSWMXMSR WIRWSV GSRRIGXSV ERH )'9 GSRRIGXSV WXMPP HMWGSRRIGXIH XLER  SLQW
*EYPX] GVERO TSWMXMSR
 9WMRK E QYPXMQIXIV QIEWYVI VIWMWXERGI FIX[IIR XIVQMREP ( MR XLI LEVRIWW IRH SJ WIRWSV VIXYVR [MVMRK
XLI )'9 GSRRIGXSV ERH XLI JSPPS[MRK LEVRIWW

› % KSSH KVSYRH
› %PP SXLIV XIVQMREPW MR FSXL )'9 GSRRIGXSVW

r r r

 'VERO 7IRWSV ERH %PP GSQTSRIRXW 3/

8MQMRK ;LIIP 'LIGO +3 83 

 6IQSZI GVERO TSWMXMSR WIRWSV JVSQ MRNIGXMSR TYQT *EYPX JSYRH MR E

GSQTSRIRX
 6IQSZI GVERO TSWMXMSR WIRWSV 6ITEMV SV VITPEGI
GSQTSRIRX EW RIIHIH
 -RWTIGX WIRWSV JSV GVEGOW GSVVSWMSR SV ER] JSVIMKR QEXIVMEP SR XLI IRH SJ XLI
WIRWSV

 -RWTIGX XLI GVERO XMQMRK [LIIP RSXGLIW JSV FYVVW SV GLMTW

r r r

 +IEV 8MQMRK 'LIGO %PP KIEVW MR XMQI

*EYPX] GVERO TSWMXMSR
WIRWSV GSRRIGXSV
 -KRMXMSR 3** 36
*EYPX] )'9 GSRRIGXSV
 6IQSZI XMQMRK GSZIV 36
*EYPX] )'9
 'LIGO XMQMRK FIX[IIR GEQWLEJX GVEROWLEJX ERH MRNIGXMSR TYQT KIEVW 7II
-278%00 '%17,%*8 MR +VSYT  SJ 0-)&,)66 Π( (MIWIP )RKMRIW &EWI 3RI SV QSVI KIEVW SYX
)RKMRI 1ERYEP 8,C(  SJ XMQI
1EOI RIGIWWEV]
EHNYWXQIRXW XS IRWYVI
GSVVIGX XMQMRK 7II
-278%00 '%17,%*8 MR
7IGXMSR  +VSYT  SJ
0-)&,)66 Π(
(MIWIP )RKMRIW &EWI
)RKMRI 1ERYEP
8,C( 

r r r

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



42!
 )'9  (8' 742  *1-  '%2 )VVSV

% % %
'%20S[ * )
&
+ ' '
'%2,MKL
( ( (
9 3
2
'%27LMIPH ) ) )
, 2
% )
6 '
* * *
( ( 2 8
) + + +
) 3
' ' , , ,
% 7 6
* & ) . . .
7
. & 7[MXGLIH:SPXEKI
/ / /
+
, % 7XEXMG+VSYRH

(MEKRSWXMG
'SRRIGXSV

& % % & &

%
'

'
'
'%28IVQMREXSV

SR SXLIV ETTPMGEXMSRW XLIVI EVI QER] GSRXVSPPIVW SR

'%2
(8' 742  *1-  [MPP WIX MJ

› 8LI )'9 HIXIGXW E TVSFPIQ GSQQYRMGEXMRK SR '%2

'SRXVSPPIV %VIE 2IX[SVO '%2
-J (8' 742  *1-  WIXW XLI JSPPS[MRK [MPP
› '%2 MW XLI RIX[SVO MR [LMGL XLI MRHMZMHYEP SGGYV
GSRXVSPPIVW SR E QEGLMRI GSQQYRMGEXI [MXL IEGL
SXLIV 8LI RYQFIV SJ GSRXVSPPIVW GSQQYRMGEXMRK SR › (ITIRHMRK SR XLI ETTPMGEXMSR IRKMRI STIVEXMSR QE]
'%2 HITIRHW SR XLI ETTPMGEXMSR 3R WSQI SV QE] RSX FI EJJIGXIH
ETTPMGEXMSRW XLI )'9 MW XLI SRP] GSRXVSPPIV SR '%2

01&6+ rr()'r

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



42!
 )'9  (8' 742  *1-  '%2 )VVSV  'SRXMRYIH

01&6+* rr.%2r

)'9  (8' 742  *1-  '%2 )VVSV (MEKRSWXMG 4VSGIHYVI

r r r

 'SRRIGXMSR 'LIGO -14368%28 (S RSX JSVGI TVSFIW MRXS GSRRIGXSV XIVQMREPW SV HEQEKI [MPP VIWYPX 2S JEYPX] GSRRIGXMSR W 
9WI 01&.8 'SRRIGXSV %HETXIV 8IWX /MX XS QEOI QIEWYVIQIRXW MR +3 83 
GSRRIGXSVW 8LMW [MPP IRWYVI XLEX XIVQMREP HEQEKI HSIW RSX SGGYV
*EYPX] GSRRIGXMSR W 
6ITEMV JEYPX]
GSRRIGXMSR W

4IVJSVQ E TVIPMQMREV] MRWTIGXMSR SJ XLI )'9 GSRRIGXSV XLI '%2 GSRRIGXMSRW ERH ER]
SXLIV GSRRIGXSV 0SSO JSV HMVX] HEQEKIH SV TSSVP] TSWMXMSRIH XIVQMREPW

r r r

 -RXIVQMXXIRX *EYPX 8IWX (8' 742  *1- 

VISGGYVW
+3 83 
 'SRRIGX XLI (78 *SV MRWXVYGXMSRW SR GSRRIGXMRK XS XLI (78 WII '322)'8-2+
83 (-%+2378-' 7'%2 8330 (78 IEVPMIV MR XLMW +VSYT (8' 742  *1- 
HSIW RSX VISGGYV
 -KRMXMSR 32 IRKMRI 3** 4VSFPIQ MW MRXIVQMXXIRX -J
RS SXLIV GSHIW EVI
 7XEVX )'9 GSQQYRMGEXMSR WSJX[EVI TVIWIRX WII
-28)61-88)28 *%908
 6IEH (8'W YWMRK (78 (-%+2378-'7 IEVPMIV MR
XLMW +VSYT
 1EOI RSXI SJ EPP (8'W XLIR GPIEV EPP (8'W

 -KRMXMSR 32

 6IEH (8'W YWMRK XLI (78

r r r

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



42!
  'LIGO 3XLIV 2S '%2 VIPEXIH (8'W
'SRXVSPPIVW *SV '%2 JSYRH SR SXLIV
6IPEXIH (8'W GSRXVSPPIVW
-J ETTPMGEXMSR LEW SXLIV QEGLMRI GSRXVSPPIVW GSQQYRMGEXMRK SR XLI '%2 FYW GLIGO +3 83 
XLSWI GSRXVSPPIVW JSV '%2 VIPEXIH (8'W
*SYRH '%2 VIPEXIH
(8'W SR SXLIV
GSRXVSPPIVW
6IJIV XS QEGLMRI QERYEP
XS HMEKRSWI ERH VITEMV
XLI GEYWI SJ (8' XLIR
HIXIVQMRI MJ (8' 742
 *1-  VISGGYVW

r r r

 '%2 6IWMWXERGI 8IWX &IX[IIR  SLQW ERH

 SLQW
*EYPX] )'9 GSRRIGXSV
 -KRMXMSR 3** 36
*EYPX] )'9
 (MWGSRRIGX )'9 GSRRIGXSV
0IWW XLER  SLQW SV
 9WMRK E QYPXMQIXIV QIEWYVI VIWMWXERGI FIX[IIR XIVQMREPW * ERH + MR XLI KVIEXIV XLER  SLQW
LEVRIWW IRH SJ XLI )'9 GSRRIGXSV 3TIR SV WLSVX MR '%2
GSQQYRMGEXMSR GMVGYMX

r r r

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



42!
 )'9  (8' 742  *1-  :ILMGPI 7TIIH SV
8SVUYI 1IWWEKI -RZEPMH

'%2 'SRXVSPPIV %VIE 2IX[SVO :ILMGPI 7TIIH SV

8SVUYI 1IWWEKI

› 8LI '%2 'SRXVSPPIV %VIE 2IX[SVO XVERWQMXW XLI

ZILMGPI W HIWMVIH IRKMRI WTIIH SV XSVUYI XS XLI )'9
JVSQ ERSXLIV GSRXVSPPIV

(8' 742  *1-  [MPP WIX MJ

› 8LI )'9 HSIW RSX VIGIMZI XLI IRKMRI WTIIH SV XSVUYI

QIWWEKI SZIV '%2 SV MX MW RSX ZEPMH

-J (8' 742  *1-  WIXW XLI JSPPS[MRK [MPP SGGYV

› 8LI )'9 [MPP HIJEYPX IRKMRI WTIIH XS PS[ MHPI

-J (8' 742  *1-  WIXW

› 'SRRIGX XLI (78 *SV MRWXVYGXMSRW SR GSRRIGXMRK XS XLI

(78 WII '322)'8-2+ 83 (-%+2378-' 7'%2
8330 (78 IEVPMIV MR XLMW +VSYT
› ;MXL MKRMXMSR 32 ERH IRKMRI 3** WXEVX XLI )'9
GSQQYRMGEXMSR WSJX[EVI
› 6IEH EGXMZI (8'W ERH WXSVIH (8'W YWMRK (78 -J (8'
742  *1-  EPWS SGGYVW WII (8' 742  *1-
 '%2 )6636 (-%+2378-' 463')(96) IEVPMIV MR
XLMW +VSYT
› -J RS SXLIV WXSVIH SV EGXMZI '%2 SV ZILMGPI VIPEXIH (8'W
EVI JSYRH VITPEGI XLI )'9 ERH VIXIWX

01&6+ rr.%2r

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



42!
 )'9  (8' 742  *1-  %Y\MPMEV] )RKMRI 7LYXHS[R 7[MXGL %GXMZI

% % %

&
)
' '
7IRWSV+VSYRH ( ( ( (
9 3
8S)\XIVREP 2
) ) )
7LYXHS[R , 2
7[MXGL-RTYX %
7[MXGL % )
6 '
* * *
2 8
+ + +
) 3
, , ,
7 6
. . .
7
/ / /

(8' 742  *1-  [MPP WIX MJ

› 8LI )'9 HSIW RSX VIEH ER MRTYX ZSPXEKI SR XLI

EY\MPMEV] IRKMRI WLYXHS[R MRTYX [MVI

%Y\MPMEV] )RKMRI 7LYXHS[R 7[MXGL -J (8' 742  *1-  WIXW XLI JSPPS[MRK [MPP
SGGYV
› 8LI IRKMRI WLYXHS[R W[MXGL MW E RSVQEPP] STIR
W[MXGL ;LIR XLI TVSTIVX] FIMRK QIEWYVIH I\GIIHW › 8LI )'9 [MPP WLYX XLI IRKMRI HS[R MQQIHMEXIP]
E GIVXEMR ZEPYI XLI W[MXGL [MPP GPSWI ;LIR XLI
W[MXGL MW GPSWIH XLI ZSPXEKI MW KVSYRHIH [LMGL [MPP
GEYWI XLI )'9 XS WLYXHS[R XLI IRKMRI

01&6+) rr()'r

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



42!
 )'9  (8' 742  *1-  )\XIVREP )RKMRI (IVEXI 7[MXGL %GXMZI

% % %

&
)
' '
7IRWSV+VSYRH ( ( ( (
9 3
8S)\XIVREP 2
) ) )
(IVEXI , 2
-RTYX '
7[MXGL % )
6 '
* * *
2 8
+ + +
) 3
, , ,
7 6
. . .
7
/ / /

(8' 742  *1-  [MPP WIX MJ

› 8LI )'9 HSIW RSX VIEH ER MRTYX ZSPXEKI

-J (8' 742  *1-  WIXW XLI JSPPS[MRK [MPP

)\XIVREP *YIP (IVEXI 7[MXGL SGGYV

› 8LI I\XIVREP HIVEXI W[MXGL MW E RSVQEPP] STIR
W[MXGL ;LIR TVSTIVX] FIMRK QIEWYVIH I\GIIHW E
GIVXEMR ZEPYI XLI W[MXGL [MPP GPSWI ;LIR XLI W[MXGL
MW GPSWIH XLI ZSPXEKI MW KVSYRHIH [LMGL [MPP GEYWI
XLI )'9 XS HIVEXI XLI IRKMRI
› 8LI )'9 [MPP HIVEXI XLI IRKMRI  TIV QMRYXI YRXMP
XLI IRKMRI MW VYRRMRK EX  SJ JYPP TS[IV
)RKMRIWTIGMJMG HIZMEXMSRW WII %440-'%8-32
74)'-*-'%8-327 MR 7IGXMSR  +VSYT  SJ XLMW
QERYEP

01&6+* rr()'r

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



42!
 )'9  (8' 742  *1-  4YQT 'SRXVSP :EPZI 'PSWYVI 8SS 0SRK

% % %
4YQT )
4YQT &
7SPIRSMH ' '
7SPIRSMH'SRRIGXSV
( ( (
9 3
2
4YQT7SPIRSMH6IXYVR % ) ) )
&
, 2
&
% )
% 4YQT7SPIRSMH7YTTP] / 6
% '
* * *
2 8
+ + +
) 3
, , ,
7 6
. . .
7
/ / /

7XEREH]RI () -RNIGXMSR 4YQT
› 8LI 7XEREH]RI () MRNIGXMSR TYQT LEW ER JYIP
GSRXVSP WSPIRSMH XLEX MW GSRXVSPPIH F] XLI )RKMRI
'SRXVSP 9RMX )'9  8LI )'9 W[MXGLIW GYVVIRX SR
ERH SJJ MR SVHIV XS GLEVKI XLI WSPIRSMH ;LIR XLI
GYVVIRX XS XLI WSPIRSMH MW MRGVIEWIH MX QSZIW E
TYQT GSRXVSP ZEPZI MRXS E TSWMXMSR XLEX EPPS[W JSV
MRNIGXMSR TVIWWYVI XS FI HIZIPSTIH ;LIR XLI
GYVVIRX XS XLI WSPIRSMH MW HIGVIEWIH XLI TYQT
GSRXVSP ZEPZI [MPP VIXYVR XS E TSWMXMSR XLEX IRHW
MRNIGXMSR TVIWWYVI &] GSRXVSPPMRK GYVVIRX XS XLI
WSPIRSMH XLI )'9 LEW XLI EFMPMX] XS QEREKI XLI
UYERXMX] ERH XMQMRK SJ JYIP HIPMZIV] XS XLI IRKMRI *SV
QSVI STIVEXMSR MRJSVQEXMSR WII *9)0 -2.)'8-32
4914 34)6%8-32 MR 7IGXMSR  +VSYT  SJ XLMW
QERYEP
(8' 742  *1-  [MPP WIX MJ
› 8LI )'9 HIXIVQMRIW XLEX XLI TYQT GSRXVSP ZEPZI
XEOIW XSS PSRK XS GPSWI
-J (8' 742  *1-  WIXW XLI JSPPS[MRK [MPP
SGGYV
› )RKMRI TIVJSVQERGI QE] FI IVVEXMG

01&6+ rr()'r

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



42!
 )'9  (8' 742  *1-  4YQT 'SRXVSP :EPZI 'PSWYVI 8SS 0SRK  'SRXMRYIH

01&6+ rr.%2r

)'9  (8' 742  *1-  4YQT 'SRXVSP :EPZI 'PSWYVI 8SS 0SRK (MEKRSWXMG 4VSGIHYVI

r r r

 'SRRIGXMSR 'LIGO -14368%28 (S RSX JSVGI TVSFIW MRXS GSRRIGXSV XIVQMREPW SV HEQEKI [MPP VIWYPX 2S JEYPX] GSRRIGXMSR W 
9WI 01&.8 'SRRIGXSV %HETXIV 8IWX /MX XS QEOI QIEWYVIQIRXW MR +3 83 
GSRRIGXSVW 8LMW [MPP IRWYVI XLEX XIVQMREP HEQEKI HSIW RSX SGGYV
*EYPX] GSRRIGXMSR W 
6ITEMV JEYPX]
GSRRIGXMSR W

4IVJSVQ E TVIPMQMREV] MRWTIGXMSR SJ XLI )'9 GSRRIGXSV XLI TYQT GSRRIGXSV ERH ER]
SXLIV GSRRIGXSV 0SSO JSV HMVX] HEQEKIH SV TSSVP] TSWMXMSRIH XIVQMREPW

r r r

 -RXIVQMXXIRX *EYPX 8IWX 742  *1- 

VISGGYVW
+3 83 
 'SRRIGX XLI (78 *SV MRWXVYGXMSRW SR GSRRIGXMRK XS XLI (78 WII '322)'8-2+
83 (-%+2378-' 7'%2 8330 (78 IEVPMIV MR XLMW +VSYT 742  *1-  HSIW
RSX VISGGYV
 -KRMXMSR 32 IRKMRI 3** 4VSFPIQ MW MRXIVQMXXIRX -J
RS SXLIV GSHIW EVI
 7XEVX XLI )'9 GSQQYRMGEXMSR WSJX[EVI TVIWIRX WII
-28)61-88)28 *%908
 1EOI RSXI SJ ER] (8'W XLIR GPIEV EPP (8'W (-%+2378-'7 IEVPMIV MR
XLMW +VSYT
 -KRMXMSR 32 IRKMRI GVEROMRK SV VYRRMRK

 6IEH (8'W YWMRK (78

r r r

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



42!
  -RNIGXMSR 4YQT 'LIGO 742  *1- 
VISGGYVW
*EYPX] )'9
 6IQSZI ERH MRWXEPP RI[ MRNIGXMSR TYQT 7II 6)13:) -2.)'8-32 4914 ERH
-278%00 -2.)'8-32 4914 MR 7IGXMSR  +VSYT  SJ XLMW QERYEP 742  *1-  HSIW
RSX VISGGYV
 -KRMXMSR 32 IRKMRI VYRRMRK 4VSFPIQ VITEMVIH

 6IEH (8'W YWMRK (78

r r r

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



42!
 )'9  (8' 742  *1-  4YQT 'SRXVSP :EPZI 'PSWYVI 8SS 7LSVX

% % %
4YQT )
4YQT &
7SPIRSMH ' '
7SPIRSMH'SRRIGXSV
( ( (
9 3
2
4YQT7SPIRSMH6IXYVR % ) ) )
&
, 2
&
% )
% 4YQT7SPIRSMH7YTTP] / 6
% '
* * *
2 8
+ + +
) 3
, , ,
7 6
. . .
7
/ / /

7XEREH]RI () -RNIGXMSR 4YQT
› 8LI 7XEREH]RI () MRNIGXMSR TYQT LEW ER JYIP
GSRXVSP WSPIRSMH XLEX MW GSRXVSPPIH F] XLI )RKMRI
'SRXVSP 9RMX )'9  8LI )'9 W[MXGLIW GYVVIRX SR
ERH SJJ MR SVHIV XS GLEVKI XLI WSPIRSMH ;LIR XLI
GYVVIRX XS XLI WSPIRSMH MW MRGVIEWIH MX QSZIW E
TYQT GSRXVSP ZEPZI MRXS E TSWMXMSR XLEX EPPS[W JSV
MRNIGXMSR TVIWWYVI XS FI HIZIPSTIH ;LIR XLI
GYVVIRX XS XLI WSPIRSMH MW HIGVIEWIH XLI TYQT
GSRXVSP ZEPZI [MPP VIXYVR XS E TSWMXMSR XLEX IRHW
MRNIGXMSR TVIWWYVI &] GSRXVSPPMRK GYVVIRX XS XLI
WSPIRSMH XLI )'9 LEW XLI EFMPMX] XS QEREKI XLI
UYERXMX] ERH XMQMRK SJ JYIP HIPMZIV] XS XLI IRKMRI *SV
QSVI STIVEXMSR MRJSVQEXMSR WII *9)0 -2.)'8-32
4914 34)6%8-32 MR 7IGXMSR  +VSYT  SJ XLMW
QERYEP
(8' 742  *1-  [MPP WIX MJ
› 8LI )'9 HIXIVQMRIW XLEX XLI GSRXVSP ZEPZI GPSWIW
XSS UYMGOP]
-J (8' 742  *1-  WIXW XLI JSPPS[MRK [MPP
SGGYV
› )RKMRI TIVJSVQERGI QE] FI IVVEXMG

01&6+ rr()'r

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



42!
 )'9  (8' 742  *1-  4YQT 'SRXVSP :EPZI 'PSWYVI 8SS 7LSVX  'SRXMRYIH

01&6+ rr.%2r

)'9  (8' 742  *1-  4YQT 'SRXVSP :EPZI 'PSWYVI 8SS 7LSVX (MEKRSWXMG 4VSGIHYVI

r r r

 'SRRIGXMSR 'LIGO -14368%28 (S RSX JSVGI TVSFIW MRXS GSRRIGXSV XIVQMREPW SV HEQEKI [MPP VIWYPX 2S JEYPX] GSRRIGXMSR W 
9WI 01&.8 'SRRIGXSV %HETXIV 8IWX /MX XS QEOI QIEWYVIQIRXW MR +3 83 
GSRRIGXSVW 8LMW [MPP IRWYVI XLEX XIVQMREP HEQEKI HSIW RSX SGGYV
*EYPX] GSRRIGXMSR W 
6ITEMV JEYPX]
GSRRIGXMSR W

4IVJSVQ E TVIPMQMREV] MRWTIGXMSR SJ XLI )'9 GSRRIGXSV XLI TYQT GSRRIGXSV ERH ER]
SXLIV GSRRIGXSV 0SSO JSV HMVX] HEQEKIH SV TSSVP] TSWMXMSRIH XIVQMREPW

r r r

 -RXIVQMXXIRX *EYPX 8IWX 742  *1- 

VISGGYVW
+3 83 
 'SRRIGX XLI (78 *SV MRWXVYGXMSRW SR GSRRIGXMRK XS XLI (78 WII '322)'8-2+
83 (-%+2378-' 7'%2 8330 (78 IEVPMIV MR XLMW +VSYT 742  *1-  HSIW
RSX VISGGYV
 -KRMXMSR 32 IRKMRI 3** 4VSFPIQ MW MRXIVQMXXIRX -J
RS SXLIV GSHIW EVI
 7XEVX XLI )'9 GSQQYRMGEXMSR WSJX[EVI TVIWIRX WII
-28)61-88)28 *%908
 1EOI RSXI SJ ER] (8'W XLIR GPIEV EPP (8'W (-%+2378-'7 IEVPMIV MR
XLMW +VSYT
 -KRMXMSR 32 IRKMRI GVEROMRK SV VYRRMRK

 6IEH (8'W YWMRK (78 

r r r

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



42!
  'LIGOMRK &EXXIV] %X SV RIEV FEXXIV]
:SPXEKI ZSPXEKI
+3 83 
 -KRMXMSR 32 IRKMRI 3**
7MKRMJMGERXP] EFSZI SV
 6IEH XLI &EXXIV] :SPXEKI TEVEQIXIV YWMRK XLI (78 FIPS[ FEXXIV] ZSPXEKI
*EYPX] TS[IV WYTTP]

r r r

 -RNIGXMSR 4YQT 'LIGO 742  *1- 

VISGGYVW
*EYPX] )'9
 6IQSZI ERH MRWXEPP RI[ MRNIGXMSR TYQT 7II 6)13:) -2.)'8-32 4914 ERH
-278%00 -2.)'8-32 4914 MR 7IGXMSR  +VSYT  SJ XLMW QERYEP 742  *1-  HSIW
RSX VISGGYV
 -KRMXMSR 32 IRKMRI VYRRMRK 4VSFPIQ VITEMVIH

 6IEH (8'W YWMRK XLI (78

r r r

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



42!
 )'9  (8' 742  *1-  4YQT 7SPIRSMH 'YVVIRX ,MKL

% % %
4YQT )
4YQT &
7SPIRSMH ' '
7SPIRSMH'SRRIGXSV
( ( (
9 3
2
4YQT7SPIRSMH6IXYVR % ) ) )
&
, 2
&
% )
% 4YQT7SPIRSMH7YTTP] / 6
% '
* * *
2 8
+ + +
) 3
, , ,
7 6
. . .
7
/ / /

7XEREH]RI () -RNIGXMSR 4YQT
› 8LI 7XEREH]RI () MRNIGXMSR TYQT LEW ER MRXIVREP
WSPIRSMH XLEX MW GSRXVSPPIH F] XLI )RKMRI 'SRXVSP 9RMX
)'9  8LI )'9 W[MXGLIW GYVVIRX SR ERH SJJ MR
SVHIV XS GLEVKI XLI WSPIRSMH ;LIR XLI GYVVIRX XS
XLI WSPIRSMH MW MRGVIEWIH MX QSZIW E TYQT GSRXVSP
ZEPZI MRXS E TSWMXMSR XLEX EPPS[W JSV MRNIGXMSR TVIWWYVI
XS FI HIZIPSTIH ;LIR XLI GYVVIRX XS XLI WSPIRSMH MW
HIGVIEWIH XLI TYQT GSRXVSP ZEPZI [MPP VIXYVR XS E
TSWMXMSR XLEX IRHW MRNIGXMSR TVIWWYVI &] GSRXVSPPMRK
GYVVIRX XS XLI WSPIRSMH XLI )'9 LEW XLI EFMPMX] XS
QEREKI XLI UYERXMX] ERH XMQMRK SJ JYIP HIPMZIV] XS
XLI IRKMRI *SV QSVI STIVEXMSR MRJSVQEXMSR WII
*9)0 -2.)'8-32 4914 34)6%8-32 MR 7IGXMSR
 +VSYT  SJ XLMW QERYEP
(8' 742  *1-  [MPP WIX MJ
› 8LI )'9 HIXIVQMRIW XLEX TYQT WSPIRSMH GYVVIRX MW
LMKLIV XLER RSVQEP
-J (8' 742  *1-  WIXW XLI JSPPS[MRK [MPP
SGGYV
› )RKMRI TIVJSVQERGI QE] FI IVVEXMG

01&6+ rr()'r

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



42!
 )'9  (8' 742  *1-  4YQT 7SPIRSMH 'YVVIRX ,MKL  'SRXMRYIH

01&6+ rr.%2r

)'9  (8' 742  *1-  4YQT 7SPIRSMH 'YVVIRX ,MKL (MEKRSWXMG 4VSGIHYVI

r r r

 'SRRIGXMSR 'LIGO -14368%28 (S RSX JSVGI TVSFIW MRXS GSRRIGXSV XIVQMREPW SV HEQEKI [MPP VIWYPX 2S JEYPX] GSRRIGXMSR W 
9WI 01&.8 'SRRIGXSV %HETXIV 8IWX /MX XS QEOI QIEWYVIQIRXW MR +3 83 
GSRRIGXSVW 8LMW [MPP IRWYVI XLEX XIVQMREP HEQEKI HSIW RSX SGGYV
*EYPX] GSRRIGXMSR W 
6ITEMV JEYPX]
GSRRIGXMSR W

4IVJSVQ E TVIPMQMREV] MRWTIGXMSR SJ XLI )'9 GSRRIGXSV XLI TYQT GSRRIGXSV ERH ER]
SXLIV GSRRIGXSV 0SSO JSV HMVX] HEQEKIH SV TSSVP] TSWMXMSRIH XIVQMREPW

r r r

 -RXIVQMXXIRX *EYPX 8IWX 742  *1- 

VISGGYVW
+3 83 
 'SRRIGX XLI (78 *SV MRWXVYGXMSRW SR GSRRIGXMRK XS XLI (78 WII '322)'8-2+
83 (-%+2378-' 7'%2 8330 (78 IEVPMIV MR XLMW +VSYT 742  *1-  HSIW
RSX VISGGYV
 -KRMXMSR 32 IRKMRI 3** 4VSFPIQ MW MRXIVQMXXIRX -J
RS SXLIV GSHIW EVI
 7XEVX XLI )'9 GSQQYRMGEXMSR WSJX[EVI TVIWIRX WII
-28)61-88)28 *%908
 1EOI RSXI SJ ER] (8'W XLIR GPIEV EPP (8'W (-%+2378-'7 IEVPMIV MR
XLMW +VSYT
 -KRMXMSR 32 IRKMRI GVEROMRK SV VYRRMRK

 6IEH (8'W YWMRK (78

r r r

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



42!
  4YQT 7SPIRSMH 1IEWYVIQIRX KVIEXIV
6IXYVR ;MVI 'LIGO XLER  SLQW
+3 83 
 -KRMXMSR 3**
1IEWYVIQIRX PIWW XLER
 (MWGSRRIGX TYQT WSPIRSMH GSRRIGXSV ERH )'9 GSRRIGXSV  SLQW
7LSVX XS TS[IV MR TYQT
 9WMRK E QYPXMQIXIV QIEWYVI VIWMWXERGI FIX[IIR 8IVQMREP % ERH EPP SXLIV WSPIRSMH VIXYVR [MVI
XIVQMREPW MR XLI )'9 GSRRIGXSV

r r r

 4YQT 7SPIRSMH 1IEWYVIQIRX KVIEXIV

7YTTP] ;MVI 'LIGO XLER  SLQW
+3 83 
 -KRMXMSR 3**
1IEWYVIQIRX PIWW XLER
 (MWGSRRIGX TYQT WSPIRSMH GSRRIGXSV ERH )'9 GSRRIGXSV  SLQW
7LSVX XS TS[IV MR TYQT
 9WMRK E QYPXMQIXIV QIEWYVI VIWMWXERGI FIX[IIR 8IVQMREP / ERH EPP SXLIV WSPIRSMH WYTTP] [MVI
XIVQMREPW MR XLI )'9 GSRRIGXSV

r r r

 -RNIGXMSR 4YQT 'LIGO 742  *1- 

VISGGYVW
*EYPX] )'9
 6IQSZI ERH MRWXEPP RI[ MRNIGXMSR TYQT 7II 6)13:) -2.)'8-32 4914 ERH
-278%00 -2.)'8-32 4914 MR 7IGXMSR  +VSYT  SJ XLMW QERYEP 742  *1-  HSIW
RSX VISGGYV
 -KRMXMSR 32 IRKMRI VYRRMRK 4VSFPIQ VITEMVIH

 6IEH (8'W YWMRK XLI (78

r r r

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



42!
 )'9  (8' 742  *1-  4YQT 7SPIRSMH 'MVGYMX 3TIR

% % %
4YQT )
4YQT &
7SPIRSMH ' '
7SPIRSMH'SRRIGXSV
( ( (
9 3
2
4YQT7SPIRSMH6IXYVR % ) ) )
&
, 2
&
% )
% 4YQT7SPIRSMH7YTTP] / 6
% '
* * *
2 8
+ + +
) 3
, , ,
7 6
. . .
7
/ / /

7XEREH]RI () -RNIGXMSR 4YQT
› 8LI 7XEREH]RI () MRNIGXMSR TYQT LEW ER MRXIVREP
WSPIRSMH XLEX MW GSRXVSPPIH F] XLI )RKMRI 'SRXVSP 9RMX
)'9  8LI )'9 W[MXGLIW GYVVIRX SR ERH SJJ MR
SVHIV XS GLEVKI XLI WSPIRSMH ;LIR XLI GYVVIRX XS
XLI WSPIRSMH MW MRGVIEWIH MX QSZIW E TYQT GSRXVSP
ZEPZI MRXS E TSWMXMSR XLEX EPPS[W JSV MRNIGXMSR TVIWWYVI
XS FI HIZIPSTIH ;LIR XLI GYVVIRX XS XLI WSPIRSMH MW
HIGVIEWIH XLI TYQT GSRXVSP ZEPZI [MPP VIXYVR XS E
TSWMXMSR XLEX IRHW MRNIGXMSR TVIWWYVI &] GSRXVSPPMRK
GYVVIRX XS XLI WSPIRSMH XLI )'9 LEW XLI EFMPMX] XS
QEREKI XLI UYERXMX] ERH XMQMRK SJ JYIP HIPMZIV] XS
XLI IRKMRI *SV QSVI STIVEXMSR MRJSVQEXMSR WII
*9)0 -2.)'8-32 4914 34)6%8-32 MR 7IGXMSR
 +VSYT  SJ XLMW QERYEP
(8' 742  *1-  [MPP WIX MJ
› 8LI )'9 HIXIVQMRIW XLEX TYQT WSPIRSMH GMVGYMX MW
STIR
-J (8' 742  *1-  WIXW XLI JSPPS[MRK [MPP
SGGYV
› )RKMRI [MPP RSX VYR

01&6+ rr()'r

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



42!
 )'9  (8' 742  *1-  4YQT 7SPIRSMH 'MVGYMX 3TIR  'SRXMRYIH

01&6+' rr()'r

)'9  (8' 742  *1-  4YQT 7SPIRSMH 'MVGYMX 3TIR (MEKRSWXMG 4VSGIHYVI

r r r

 'SRRIGXMSR 'LIGO -14368%28 (S RSX JSVGI TVSFIW MRXS GSRRIGXSV XIVQMREPW SV HEQEKI [MPP VIWYPX 2S JEYPX] GSRRIGXMSR W 
9WI 01&.8 'SRRIGXSV %HETXIV 8IWX /MX XS QEOI QIEWYVIQIRXW MR +3 83 
GSRRIGXSVW 8LMW [MPP IRWYVI XLEX XIVQMREP HEQEKI HSIW RSX SGGYV
*EYPX] GSRRIGXMSR W 
6ITEMV JEYPX]
GSRRIGXMSR W

4IVJSVQ E TVIPMQMREV] MRWTIGXMSR SJ XLI )'9 GSRRIGXSV XLI TYQT GSRRIGXSV ERH ER]
SXLIV GSRRIGXSV 0SSO JSV HMVX] HEQEKIH SV TSSVP] TSWMXMSRIH XIVQMREPW

r r r

 -RXIVQMXXIRX *EYPX 8IWX 742  *1- 

VISGGYVW
+3 83 
 'SRRIGX XLI (78 *SV MRWXVYGXMSRW SR GSRRIGXMRK XS XLI (78 WII '322)'8-2+
83 (-%+2378-' 7'%2 8330 (78 IEVPMIV MR XLMW +VSYT 742  *1-  HSIW
RSX VISGGYV
 -KRMXMSR 32 IRKMRI 3** 4VSFPIQ MW MRXIVQMXXIRX -J
RS SXLIV GSHIW EVI
 7XEVX XLI )'9 GSQQYRMGEXMSR WSJX[EVI TVIWIRX WII
-28)61-88)28 *%908
 1EOI RSXI SJ ER] (8'W XLIR GPIEV EPP (8'W (-%+2378-'7 IEVPMIV MR
XLMW +VSYT
 -KRMXMSR 32 IRKMRI GVEROMRK SV VYRRMRK

 6IEH (8'W YWMRK (78

r r r

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



42!
  )'9 'LIGO 1IEWYVIQIRX PIWW XLER
 SLQW
+3 83 
 -KRMXMSR 3** IRKMRI 3**
1IEWYVQIRX  SLQW SV
 (MWGSRRIGX )'9 GSRRIGXSV KVIEXIV
*EYPX] )'9 GSRRIGXSV
 9WMRK E QYPXMQIXIV QIEWYVI VIWMWXERGI FIX[IIR XIVQMREP / ERH XIVQMREP % SJ XLI 36
LEVRIWW WMHI SJ XLI )'9 GSRRIGXSV *EYPX] )'9

r r r

 -RNIGXMSR 4YQT &SXL QIEWYVIQIRXW

;MVMRK 'LIGO PIWW XLER  SLQW
*EYPX] TYQT GSRRIGXSV
 -KRMXMSR 3** 36
*EYPX] MRNIGXMSR TYQT
 (MWGSRRIGX TYQT WSPIRSMH GSRRIGXSV ERH )'9 GSRRIGXSV
)MXLIV QIEWYVIQIRX
 9WMRK E QYPXMQIXIV QIEWYVI VIWMWXERGI FIX[IIR KVIEXIV XLER  SLQW
*EYPX] TYQT GSRRIGXSV
› 8IVQMREP / MR XLI )'9 GSRRIGXSV ERH XIVQMREP % MR XLI TYQT WSPIRSMH GSRRIGXSV 36
› 8IVQMREP % MR XLI )'9 GSRRIGXSV ERH XIVQMREP & MR XLI TYQT WSPIRSMH GSRRIGXSV *EYPX] )'9 GSRRIGXSV
36
3TIR MR TYQT WSPIRSMH
WYTTP] [MVI
36
3TIR MR TYQT WSPIRSMH
VIXYVR [MVI

r r r

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



42!
 )'9  (8' 742  *1-  4YQT 7SPIRSMH 'MVGYMX 7IZIVIP] 7LSVXIH

% % %
4YQT )
4YQT &
7SPIRSMH ' '
7SPIRSMH'SRRIGXSV
( ( (
9 3
2
4YQT7SPIRSMH6IXYVR % ) ) )
&
, 2
&
% )
% 4YQT7SPIRSMH7YTTP] / 6
% '
* * *
2 8
+ + +
) 3
, , ,
7 6
. . .
7
/ / /

7XEREH]RI () -RNIGXMSR 4YQT
› 8LI 7XEREH]RI () MRNIGXMSR TYQT LEW ER MRXIVREP
WSPIRSMH XLEX MW GSRXVSPPIH F] XLI )RKMRI 'SRXVSP 9RMX
)'9  8LI )'9 W[MXGLIW GYVVIRX SR ERH SJJ MR
SVHIV XS GLEVKI XLI WSPIRSMH ;LIR XLI GYVVIRX XS
XLI WSPIRSMH MW MRGVIEWIH MX QSZIW E TYQT GSRXVSP
ZEPZI MRXS E TSWMXMSR XLEX EPPS[W JSV MRNIGXMSR TVIWWYVI
XS FI HIZIPSTIH ;LIR XLI GYVVIRX XS XLI WSPIRSMH MW
HIGVIEWIH XLI TYQT GSRXVSP ZEPZI [MPP VIXYVR XS E
TSWMXMSR XLEX IRHW MRNIGXMSR TVIWWYVI &] GSRXVSPPMRK
GYVVIRX XS XLI WSPIRSMH XLI )'9 LEW XLI EFMPMX] XS
QEREKI XLI UYERXMX] ERH XMQMRK SJ JYIP HIPMZIV] XS
XLI IRKMRI *SV QSVI STIVEXMSR MRJSVQEXMSR WII
*9)0 -2.)'8-32 4914 34)6%8-32 MR 7IGXMSR
 +VSYT  SJ XLMW QERYEP
(8' 742  *1-  [MPP WIX MJ
› 8LI )'9 HIXIVQMRIW XLEX TYQT WSPIRSMH GMVGYMX MW
WLSVXIH
-J (8' 742  *1-  WIXW XLI JSPPS[MRK [MPP
SGGYV
› )'9 [MPP WLYX IRKMRI HS[R MQQIHMEXIP]

6+( rr()'r

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



42!
 )'9  (8' 742  *1-  4YQT 7SPIRSMH 'MVGYMX 7IZIVIP] 7LSVXIH  'SRXMRYIH

01&6+ rr.%2r

)'9  (8' 742  *1-  4YQT 7SPIRSMH 'MVGYMX 7IZIVIP] 7LSVXIH (MEKRSWXMG 4VSGIHYVI

r r r

 'SRRIGXMSR 'LIGO -14368%28 (S RSX JSVGI TVSFIW MRXS GSRRIGXSV XIVQMREPW SV HEQEKI [MPP VIWYPX 2S JEYPX] GSRRIGXMSR W 
9WI 01&.8 'SRRIGXSV %HETXIV 8IWX /MX XS QEOI QIEWYVIQIRXW MR +3 83 
GSRRIGXSVW 8LMW [MPP IRWYVI XLEX XIVQMREP HEQEKI HSIW RSX SGGYV
*EYPX] GSRRIGXMSR W 
6ITEMV JEYPX]
GSRRIGXMSR W

4IVJSVQ E TVIPMQMREV] MRWTIGXMSR SJ XLI )'9 GSRRIGXSV XLI TYQT GSRRIGXSV ERH ER]
SXLIV GSRRIGXSV 0SSO JSV HMVX] HEQEKIH SV TSSVP] TSWMXMSRIH XIVQMREPW

r r r

 -RXIVQMXXIRX *EYPX 8IWX 742  *1- 

VISGGYVW
+3 83 
 'SRRIGX XLI (78 *SV MRWXVYGXMSRW SR GSRRIGXMRK XS XLI (78 WII '322)'8-2+
83 (-%+2378-' 7'%2 8330 (78 IEVPMIV MR XLMW +VSYT 742  *1-  HSIW
RSX VISGGYV
 -KRMXMSR 32 IRKMRI 3** 4VSFPIQ MW MRXIVQMXXIRX -J
RS SXLIV GSHIW EVI
 7XEVX XLI )'9 GSQQYRMGEXMSR WSJX[EVI TVIWIRX WII
-28)61-88)28 *%908
 1EOI RSXI SJ ER] (8'W XLIR GPIEV EPP (8'W (-%+2378-'7 IEVPMIV MR
XLMW +VSYT
 -KRMXMSR 32 IRKMRI GVEROMRK SV VYRRMRK

 6IEH (8'W YWMRK (78

r r r

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



42!
  4YQT 7SPIRSMH 1IEWYVIQIRX KVIEXIV
7YTTP] 'MVGYMX 'LIGO XLER  SLQW
+3 83 
 -KRMXMSR 3**
1IEWYVIQIRX PIWW XLER
 (MWGSRRIGX TYQT WSPIRSMH GSRRIGXSV ERH )'9 GSRRIGXSV  SLQW
4YQT WSPIRSMH WYTTP]
 9WMRK E QYPXMQIXIV QIEWYVI VIWMWXERGI FIX[IIR XIVQMREP / SJ XLI LEVRIWW WMHI SJ [MVI WLSVXIH
XLI )'9 GSRRIGXSV ERH

› % KSSH KVSYRH
› %PP SXLIV XIVQMREPW MR XLI )'9 GSRRIGXSV

r r r

 4YQT 7SPIRSMH 1IEWYVIQIRX KVIEXIV

6IXYVR 'MVGYMX 'LIGO XLER  SLQW
+3 83 
 -KRMXMSR 3**
1IEWYVIQIRX PIWW XLER
 (MWGSRRIGX TYQT WSPIRSMH GSRRIGXSV ERH )'9 GSRRIGXSV  SLQW
4YQT WSPIRSMH VIXYVR
 9WMRK E QYPXMQIXIV QIEWYVI VIWMWXERGI FIX[IIR XIVQMREP % SJ XLI LEVRIWW WMHI SJ [MVI WLSVXIH
XLI )'9 GSRRIGXSV ERH

› % KSSH KVSYRH
› %PP SXLIV XIVQMREPW MR XLI )'9 GSRRIGXSV

r r r

 -RNIGXMSR 4YQT 'LIGO 742  *1- 

VISGGYVW
*EYPX] )'9
 6IQSZI ERH MRWXEPP RI[ MRNIGXMSR TYQT 7II 6)13:) -2.)'8-32 4914 ERH
-278%00 -2.)'8-32 4914 MR 7IGXMSR  +VSYT  SJ XLMW QERYEP 742  *1-  HSIW
RSX VISGGYV
 -KRMXMSR 32 IRKMRI VYRRMRK 4VSFPIQ VITEMVIH

 6IEH (8'W YWMRK (78

r r r

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



42!
 )'9  (8' 742  *1-  4YQT 'SRXVSP :EPZI 'PSWYVI 2SX (IXIGXIH

% % %
4YQT )
4YQT &
7SPIRSMH ' '
7SPIRSMH'SRRIGXSV
( ( (
9 3
2
4YQT7SPIRSMH6IXYVR % ) ) )
&
, 2
&
% )
% 4YQT7SPIRSMH7YTTP] / 6
% '
* * *
2 8
+ + +
) 3
, , ,
7 6
. . .
7
/ / /

7XEREH]RI () -RNIGXMSR 4YQT
› 8LI 7XEREH]RI () MRNIGXMSR TYQT LEW ER MRXIVREP
WSPIRSMH XLEX MW GSRXVSPPIH F] XLI )RKMRI 'SRXVSP 9RMX
)'9  8LI )'9 W[MXGLIW GYVVIRX SR ERH SJJ MR
SVHIV XS GLEVKI XLI WSPIRSMH ;LIR XLI GYVVIRX XS
XLI WSPIRSMH MW MRGVIEWIH MX QSZIW E TYQT GSRXVSP
ZEPZI MRXS E TSWMXMSR XLEX EPPS[W JSV MRNIGXMSR TVIWWYVI
XS FI HIZIPSTIH ;LIR XLI GYVVIRX XS XLI WSPIRSMH MW
HIGVIEWIH XLI TYQT GSRXVSP ZEPZI [MPP VIXYVR XS E
TSWMXMSR XLEX IRHW MRNIGXMSR TVIWWYVI &] GSRXVSPPMRK
GYVVIRX XS XLI WSPIRSMH XLI )'9 LEW XLI EFMPMX] XS
QEREKI XLI UYERXMX] ERH XMQMRK SJ JYIP HIPMZIV] XS
XLI IRKMRI *SV QSVI STIVEXMSR MRJSVQEXMSR WII
*9)0 -2.)'8-32 4914 34)6%8-32 MR 7IGXMSR
 +VSYT  SJ XLMW QERYEP
(8' 742  *1-  [MPP WIX MJ
› 8LI )'9 HIXIVQMRIW XLEX MX GER RSX HIXIGX XLI
GPSWYVI SJ XLI TYQT GSRXVSP ZEPZI
-J (8' 742  *1-  WIXW XLI JSPPS[MRK [MPP
SGGYV
› )RKMRI TIVJSVQERGI QE] FI IVVEXMG

6+* rr()'r

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



42!
 )'9  (8' 742  *1-  4YQT 'SRXVSP :EPZI 'PSWYVI 2SX (IXIGXIH  'SRXMRYIH

01&6+ rr()'r

)'9  (8' 742  *1-  4YQT 'SRXVSP :EPZI 'PSWYVI 2SX (IXIGXIH (MEKRSWXMG 4VSGIHYVI

r r r

 'SRRIGXMSR 'LIGO -14368%28 (S RSX JSVGI TVSFIW MRXS GSRRIGXSV XIVQMREPW SV HEQEKI [MPP VIWYPX 2S JEYPX] GSRRIGXMSR W 
9WI 01&.8 'SRRIGXSV %HETXIV 8IWX /MX XS QEOI QIEWYVIQIRXW MR +3 83 
GSRRIGXSVW 8LMW [MPP IRWYVI XLEX XIVQMREP HEQEKI HSIW RSX SGGYV
*EYPX] GSRRIGXMSR W 
6ITEMV JEYPX]
GSRRIGXMSR W

4IVJSVQ E TVIPMQMREV] MRWTIGXMSR SJ XLI )'9 GSRRIGXSV XLI TYQT GSRRIGXSV ERH ER]
SXLIV GSRRIGXSV 0SSO JSV HMVX] HEQEKIH SV TSSVP] TSWMXMSRIH XIVQMREPW

r r r

 -RXIVQMXXIRX *EYPX 8IWX 742  *1- 

VISGGYVW
+3 83 
 'SRRIGX XLI (78 *SV MRWXVYGXMSRW SR GSRRIGXMRK XS XLI (78 WII '322)'8-2+
83 (-%+2378-' 7'%2 8330 (78 IEVPMIV MR XLMW +VSYT 742  *1-  HSIW
RSX VISGGYV
 -KRMXMSR 32 IRKMRI 3** 4VSFPIQ MW MRXIVQMXXIRX -J
RS SXLIV GSHIW EVI
 7XEVX XLI )'9 GSQQYRMGEXMSR WSJX[EVI TVIWIRX WII
-28)61-88)28 *%908
 1EOI RSXI SJ ER] (8'W XLIR GPIEV EPP (8'W (-%+2378-'7 IEVPMIV MR
XLMW +VSYT
 -KRMXMSR 32 IRKMRI GVEROMRK SV VYRRMRK

 6IEH (8'W YWMRK XLI (78 

r r r

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



42!
  -RNIGXMSR 4YQT 'LIGO 742  *1- 
VISGGYVW
*EYPX] )'9
 6IQSZI ERH MRWXEPP RI[ MRNIGXMSR TYQT 7II 6)13:) -2.)'8-32 4914 ERH
-278%00 -2.)'8-32 4914 MR 7IGXMSR  +VSYT  SJ XLMW QERYEP 742  *1-  HSIW
RSX VISGGYV
 -KRMXMSR 32 IRKMRI VYRRMRK 4VSFPIQ VITEMVIH

 6IEH (8'W YWMRK XLI (78

r r r

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



42!
 )'9  (8' 742  *1-  4YQT 7SPIRSMH 'MVGYMX 1SHIVEXIP] 7LSVXIH

% % %
4YQT )
4YQT &
7SPIRSMH ' '
7SPIRSMH'SRRIGXSV
( ( (
9 3
2
4YQT7SPIRSMH6IXYVR % ) ) )
&
, 2
&
% )
% 4YQT7SPIRSMH7YTTP] / 6
% '
* * *
2 8
+ + +
) 3
, , ,
7 6
. . .
7
/ / /

7XEREH]RI () -RNIGXMSR 4YQT *9)0 -2.)'8-32 4914 34)6%8-32 MR 7IGXMSR

 +VSYT  SJ XLMW QERYEP
› 8LI 7XEREH]RI () MRNIGXMSR TYQT LEW ER MRXIVREP (8' 742  *1-  [MPP WIX MJ
WSPIRSMH XLEX MW GSRXVSPPIH F] XLI )RKMRI 'SRXVSP 9RMX
)'9  8LI )'9 W[MXGLIW GYVVIRX SR ERH SJJ MR › 4YQT WSPIRSMH GMVGYMX MW QSHIVEXIP] WLSVXIH XS
SVHIV XS GLEVKI XLI WSPIRSMH ;LIR XLI GYVVIRX XS TS[IV
XLI WSPIRSMH MW MRGVIEWIH MX QSZIW E TYQT GSRXVSP
ZEPZI MRXS E TSWMXMSR XLEX EPPS[W JSV MRNIGXMSR TVIWWYVI -J (8' 742  *1-  WIXW XLI JSPPS[MRK [MPP
XS FI HIZIPSTIH ;LIR XLI GYVVIRX XS XLI WSPIRSMH MW SGGYV
HIGVIEWIH XLI TYQT GSRXVSP ZEPZI [MPP VIXYVR XS E
TSWMXMSR XLEX IRHW MRNIGXMSR TVIWWYVI &] GSRXVSPPMRK › )'9 [MPP HIVEXI IRKMRI XS  SJ JYPP TS[IV
GYVVIRX XS XLI WSPIRSMH XLI )'9 LEW XLI EFMPMX] XS MQQIHMEXIP]
QEREKI XLI UYERXMX] ERH XMQMRK SJ JYIP HIPMZIV] XS
XLI IRKMRI *SV QSVI STIVEXMSR MRJSVQEXMSR WII

6+ rr()'r

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



42!
 )'9  (8' 742  *1-  4YQT 7SPIRSMH 'MVGYMX 1SHIVEXIP] 7LSVXIH  'SRXMRYIH

01&6+ rr()'r

)'9  (8' 742  *1-  4YQT 7SPIRSMH 'MVGYMX 1SHIVEXIP] 7LSVXIH (MEKRSWXMG 4VSGIHYVI

r r r

 'SRRIGXMSR 'LIGO -14368%28 (S RSX JSVGI TVSFIW MRXS GSRRIGXSV XIVQMREPW SV HEQEKI [MPP VIWYPX 2S JEYPX] GSRRIGXMSR W 
9WI 01&.8 'SRRIGXSV %HETXIV 8IWX /MX XS QEOI QIEWYVIQIRXW MR +3 83 
GSRRIGXSVW 8LMW [MPP IRWYVI XLEX XIVQMREP HEQEKI HSIW RSX SGGYV
*EYPX] GSRRIGXMSR W 
6ITEMV JEYPX]
GSRRIGXMSR W

4IVJSVQ E TVIPMQMREV] MRWTIGXMSR SJ XLI )'9 GSRRIGXSV XLI TYQT GSRRIGXSV ERH ER]
SXLIV GSRRIGXSV 0SSO JSV HMVX] HEQEKIH SV TSSVP] TSWMXMSRIH XIVQMREPW

r r r

 -RXIVQMXXIRX *EYPX 8IWX 742  *1- 

VISGGYVW
+3 83 
 'SRRIGX XLI (78 *SV MRWXVYGXMSRW SR GSRRIGXMRK XS XLI (78 WII '322)'8-2+
83 (-%+2378-' 7'%2 8330 (78 IEVPMIV MR XLMW +VSYT 742  *1-  HSIW
RSX VISGGYV
 -KRMXMSR 32 IRKMRI 3** 4VSFPIQ MW MRXIVQMXXIRX -J
RS SXLIV GSHIW EVI
 7XEVX XLI )'9 GSQQYRMGEXMSR WSJX[EVI TVIWIRX WII
-28)61-88)28 *%908
 1EOI RSXI SJ ER] (8'W XLIR GPIEV EPP (8'W (-%+2378-'7 IEVPMIV MR
XLMW +VSYT
 -KRMXMSR 32 IRKMRI GVEROMRK SV VYRRMRK

 6IEH (8'W YWMRK (78

r r r

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



42!
  4YQT 7SPIRSMH 1IEWYVIQIRX KVIEXIV
7YTTP] 'MVGYMX 'LIGO XLER  SLQW
+3 83 
 -KRMXMSR 3**
1IEWYVIQIRX PIWW XLER
 (MWGSRRIGX TYQT WSPIRSMH GSRRIGXSV ERH )'9 GSRRIGXSV  SLQW
4YQT WSPIRSMH WYTTP]
 9WMRK E QYPXMQIXIV QIEWYVI VIWMWXERGI FIX[IIR XIVQMREP / SJ XLI LEVRIWW WMHI SJ [MVI WLSVXIH
XLI )'9 GSRRIGXSV ERH

› % KSSH KVSYRH
› %PP SXLIV XIVQMREPW MR XLI )'9 GSRRIGXSV

r r r

 4YQT 7SPIRSMH 1IEWYVIQIRX KVIEXIV

6IXYVR 'MVGYMX 'LIGO XLER  SLQW
+3 83 
 -KRMXMSR 3**
1IEWYVIQIRX PIWW XLER
 (MWGSRRIGX TYQT WSPIRSMH GSRRIGXSV ERH )'9 GSRRIGXSV  SLQW
4YQT WSPIRSMH VIXYVR
 9WMRK E QYPXMQIXIV QIEWYVI VIWMWXERGI FIX[IIR XIVQMREP % SJ XLI LEVRIWW WMHI SJ [MVI WLSVXIH
XLI )'9 GSRRIGXSV ERH

› % KSSH KVSYRH
› %PP SXLIV XIVQMREPW MR XLI )'9 GSRRIGXSV

r r r

 -RNIGXMSR 4YQT 'LIGO 742  *1- 

VISGGYVW
*EYPX] )'9
 6IQSZI ERH MRWXEPP RI[ MRNIGXMSR TYQT 7II 6)13:) -2.)'8-32 4914 ERH
-278%00 -2.)'8-32 4914 MR 7IGXMSR  +VSYT  SJ XLMW QERYEP 742  *1-  HSIW
RSX VISGGYV
 -KRMXMSR 32 IRKMRI VYRRMRK 4VSFPIQ VITEMVIH

 6IEH (8'W YWMRK XLI (78

r r r

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



42!
 )'9  (8' 742  *1-  7IRWSV 7YTTP] :SPXEKI ,MKL

% % %
%REPSK8LVSXXPI % &
)
7IRWSV'SRRIGXSV ' '
7IRWSV6IXYVR ( ( ( (
9 3
%REPSK % % 2
8LVSXXPI % %REPSK8LVSXXPI % -RTYX&
) ) )
, 2
7IRWSV & &
7IRWSV: ) % )
' ' 6 '
* * *
2 8
+ + +
) 3
, , ,
7 6
. . .
7
/ / /

7IRWSV 7YTTP] :SPXEKI (8'  *1-  [MPP WIX MJ

› 8LI )'9 WYTTPMIW ZSPXEKI XS E JI[ HMJJIVIRX WIRWSVW
HITIRHMRK SR XLI ETTPMGEXMSR 8LI )'9 QSRMXSVW XLI
HVST MR ZSPXEKI XLEX XLI WIRWSV GEYWIW ERH
GSQTEVIW XLEX HVST XS TVITVSKVEQQIH ZEPYIW MR XLI
)'9 W QIQSV] XS HIXIVQMRI XLI ZEPYI SJ XLI
TEVEQIXIV XLI WIRWSV [EW QIEWYVMRK -R EHHMXMSR
XLI )'9 QSRMXSVW XLI I\EGX ZSPXEKI SR XLI  ZSPX
WYTTP] GMVGYMX MR SVHIV XS IRWYVI EGGYVEXI VIEHMRKW
› 8LI )'9 HIXIGXW E ZSPXEKI XLEX MW LMKLIV XLER 
ZSPXW SR XLI )'9  ZSPX WIRWSV WYTTP] GMVGYMX
-J (8'  *1-  WIXW XLI JSPPS[MRK [MPP SGGYV
› 8LI )'9 [MPP YWI HIJEYPX ZEPYIW JSV XLI WIRWSVW XLEX
YWI WIRWSV WYTTP] MRTYX ZSPXEKI

01&6+ rr()'r

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



42!
 )'9  (8' 742  *1-  7IRWSV 7YTTP] :SPXEKI ,MKL  'SRXMRYIH

01&6+) rr.%2r

)'9  (8' 742  *1-  7IRWSV 7YTTP] :SPXEKI ,MKL (MEKRSWXMG 4VSGIHYVI

r r r

 'SRRIGXMSR 'LIGO -14368%28 (S RSX JSVGI TVSFIW MRXS GSRRIGXSV XIVQMREPW SV HEQEKI [MPP VIWYPX 2S JEYPX] GSRRIGXMSR W 
9WI 01&.8 'SRRIGXSV %HETXIV 8IWX /MX XS QEOI QIEWYVIQIRXW MR +3 83 
GSRRIGXSVW 8LMW [MPP IRWYVI XLEX XIVQMREP HEQEKI HSIW RSX SGGYV
*EYPX] GSRRIGXMSR W 
6ITEMV JEYPX]
GSRRIGXMSR W

4IVJSVQ E TVIPMQMREV] MRWTIGXMSR SJ XLI )'9 GSRRIGXSV XLI EREPSK XLVSXXPI %

GSRRIGXSV ERH ER] GSRRIGXSVW MR FIX[IIR 0SSO JSV HMVX] HEQEKIH SV TSSVP]
TSWMXMSRIH XIVQMREPW

r r r

 -RXIVQMXXIRX *EYPX 8IWX 742  *1- 

VISGGYV
+3 83 
 'SRRIGX XLI (78  *SV MRWXVYGXMSRW SR GSRRIGXMRK XS XLI (78 WII '322)'8-2+
83 (-%+2378-' 7'%2 8330 (78 IEVPMIV MR XLMW +VSYT 742  *1-  HSIW
RSX VISGGYV
 -KRMXMSR 32 IRKMRI 3** 4VSFPIQ MW MRXIVQMXXIRX -J
RS SXLIV GSHIW EVI
 7XEVX XLI )'9 GSQQYRMGEXMSR WSJX[EVI TVIWIRX WII
-28)61-88)28 *%908
 1EOI RSXIW SJ ER] (8'W XLIR GPIEV EPP (8'W (-%+2378-'7 IEVPMIV MR
XLMW +VSYT
 -KRMXMSR 32 IRKMRI 3**

 6IEH (8'W YWMRK (78

r r r

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



42!
  7IRWSV 7YTTP] ;MVI +VIEXIV XLER 
'LIGO JSV 7LSVX SLQW
*EYPX] )'9 GSRRIGXSV
 -KRMXMSR 3** 36
*EYPX] )'9
 (MWGSRRIGX )'9 GSRRIGXSV
0IWW XLER  SLQW
 9WMRK E QYPXMQIXIV QIEWYVI VIWMWXERGI FIX[IIR XIVQMREP ) XLI LEVRIWW IRH SJ 7LSVX XS ZSPXEKI MR WIRWSV
XLI )'9 GSRRIGXSV ERH EPP SXLIV XIVQMREPW MR XLI LEVRIWW IRH SJ XLI )'9 GSRRIGXSV WYTTP] [MVI

r r r

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



42!
 )'9  (8' 742  *1-  7IRWSV 7YTTP] :SPXEKI 0S[

% % %
%REPSK8LVSXXPI % &
)
7IRWSV'SRRIGXSV ' '
7IRWSV6IXYVR ( ( ( (
9 3
%REPSK % % 2
8LVSXXPI % %REPSK8LVSXXPI % -RTYX&
) ) )
, 2
7IRWSV & &
7IRWSV: ) % )
' ' 6 '
* * *
2 8
+ + +
) 3
, , ,
7 6
. . .
7
/ / /

7IRWSV 7YTTP] :SPXEKI (8'  *1-  [MPP WIX MJ

› 8LI )'9 WYTTPMIW ZSPXEKI XS E JI[ HMJJIVIRX WIRWSVW
HITIRHMRK SR XLI ETTPMGEXMSR 8LI )'9 QSRMXSVW XLI
HVST MR ZSPXEKI XLEX XLI WIRWSV GEYWIW ERH
GSQTEVIW XLEX HVST XS TVITVSKVEQQIH ZEPYIW MR XLI
)'9 W QIQSV] XS HIXIVQMRI XLI ZEPYI SJ XLI
TEVEQIXIV XLI WIRWSV [EW QIEWYVMRK -R EHHMXMSR
XLI )'9 QSRMXSVW XLI I\EGX ZSPXEKI SR XLI  ZSPX
WYTTP] GMVGYMX MR SVHIV XS IRWYVI EGGYVEXI VIEHMRKW
› 8LI )'9 HIXIGXW E ZSPXEKI XLEX MW PS[IV XLER 
ZSPXW SR XLI )'9  ZSPX WIRWSV WYTTP] GMVGYMX
-J (8'  *1-  WIXW XLI JSPPS[MRK [MPP SGGYV
› 8LI )'9 [MPP YWI HIJEYPX ZEPYIW JSV XLI WIRWSVW XLEX
YWI WIRWSV WYTTP] MRTYX ZSPXEKI

01&6+ rr()'r

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



42!
 )'9  (8' 742  *1-  7IRWSV 7YTTP] :SPXEKI 0S[  'SRXMRYIH

01&6+( rr.%2r

)'9  (8' 742  *1-  7IRWSV 7YTTP] :SPXEKI 0S[ (MEKRSWXMG 4VSGIHYVI

r r r

 'SRRIGXMSR 'LIGO -14368%28 (S RSX JSVGI TVSFIW MRXS GSRRIGXSV XIVQMREPW SV HEQEKI [MPP VIWYPX 2S JEYPX] GSRRIGXMSR W 
9WI 01&.8 'SRRIGXSV %HETXIV 8IWX /MX XS QEOI QIEWYVIQIRXW MR +3 83 
GSRRIGXSVW 8LMW [MPP IRWYVI XLEX XIVQMREP HEQEKI HSIW RSX SGGYV
*EYPX] GSRRIGXMSR W 
6ITEMV JEYPX]
GSRRIGXMSR W

4IVJSVQ E TVIPMQMREV] MRWTIGXMSR SJ XLI )'9 GSRRIGXSV XLI EREPSK XLVSXXPI %

GSRRIGXSV ERH ER] GSRRIGXSVW MR FIX[IIR 0SSO JSV HMVX] HEQEKIH SV TSSVP]
TSWMXMSRIH XIVQMREPW

r r r

 7IRWSV 'LIGO 742  *1- 

VISGGYVW
+3 83 
 'SRRIGX XLI (78  *SV MRWXVYGXMSRW SR GSRRIGXMRK XS XLI (78 WII '322)'8-2+
83 (-%+2378-' 7'%2 8330 (78 IEVPMIV MR XLMW +VSYT 742  *1-  HSIW
RSX VISGGYV
 -KRMXMSR 32 IRKMRI 3** +3 83 

 7XEVX XLI )'9 GSQQYRMGEXMSR WSJX[EVI

 1EOI RSXI SJ ER] (8'W XLIR GPIEV EPP (8'W

 -KRMXMSR 3**

 (MWGSRRIGX EPP SJ XLI WIRWSVW XLEX VIGIMZI XLIMV  : WYTTP] JVSQ XIVQMREP ) MR XLI
)'9 GSRRIGXSV

 -KRMXMSR 32 IRKMRI VYRRMRK

 6IEH (8'W YWMRK (78

r r r

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



42!
  -RXIVQMXXIRX *EYPX 8IWX 742  *1- 
VISGGYVW
7IRWSV XLEX VIWIX XLI
 -KRMXMSR 32 (8' MW JEYPX]
6ITPEGI ERH VIXIWX
 ;LMPI VIGSRRIGXMRK IEGL SJ XLI WIRWSVW SRI EX E XMQI VIEH (8'W YWMRK XLI (78
742  *1-  HSIW
RSX VISGGYV
4VSFPIQ MW MRXIVQMXXIRX -J
RS SXLIV GSHIW EVI
TVIWIRX WII
-28)61-88)28 *%908
(-%+2378-'7 IEVPMIV MR
XLMW +VSYT
r r r

 7IRWSV 7YTTP] 7LSVX +VIEXIV XLER 

XS +VSYRH 'LIGO SLQW
*EYPX] )'9 GSRRIGXSV
 -KRMXMSR 3** 36
*EYPX] )'9
 (MWGSRRIGX )'9 GSRRIGXSV
0IWW XLER  SLQW
 9WMRK E QYPXMQIXIV QIEWYVI VIWMWXERGI MRHMZMHYEPP] FIX[IIR XIVQMREP ) MR XLI 7IRWSV  ZSPX WYTTP]
LEVRIWW IRH SJ XLI )'9 GSRRIGXSV ERH GMVGYMX WLSVXIH XS E
KVSYRH
› % KSSH GLEWWMW KVSYRH
› 8IVQMREP . MR XLI LEVRIWW IRH SJ XLI )'9 GSRRIGXSV
› 8IVQMREP ( MR XLI LEVRIWW IRH SJ XLI )'9 GSRRIGXSV

r r r

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



42!
 )'9  (8' 742  *1-  )RKMRI 4VSXIGXMSR 7LYXHS[R ;EVRMRK

)RKMRI 7LYXHS[R ;EVRMRK › -J XLI )'9 LEW IRKMRI TVSXIGXMSR [MXL WLYXHS[R MX
[MPP HIVEXI EGGSVHMRK XS VIPEXMRK (8' XLI IRKMRI JSV
› 8LMW GSHI MRJSVQW XLI STIVEXSV XLEX XLI )'9 [MPP  WIGSRHW ERH [MPP WLYX XLI IRKMRI HS[R
WLYX XLI IRKMRI HS[R FIGEYWI MX LEW HIXIGXIH E
GSRHMXMSR WYGL EW PS[ SMP TVIWWYVI LMKL IRKMRI -J (8'  *1-  WIXW
GSSPERX XIQTIVEXYVI LMKL PSWW SJ GSSPERX
XIQTIVEXYVI PS[ GSSPERX PIZIP LMKL JYIP › -J (8' 742  *1-  MW EGXMZI WII (8' 742 
XIQTIVEXYVI SV E JEYPX] MRNIGXMSR TYQT -J XLI )'9 MW *1-  )2+-2) 3-0 46)7796) )<86)1)0= 03;
TVSKVEQQIH [MXL IRKMRI TVSXIGXMSR [MXL WLYXHS[R (-%+2378-' 463')(96) IEVPMIV MR XLMW +VSYT SJ
XLI )'9 LEW WLYX XLI IRKMRI HS[R [MXLMR  XLI QERYEP
WIGSRHW 4VMSV XS WLYXHS[R XLI IRKMRI [MPP FI › -J (8' 742  *1-  MW EGXMZI WII (8' 742 
HIVEXIH *1-  )2+-2) '330%28 8)14)6%896) ,-+,
1378 7):)6) (-%+2378-' 463')(96) IEVPMIV
(8' 742  *1-  [MPP WIX MJ MR XLMW +VSYT SJ XLI QERYEP
› -J (8' 742  *1-  MW EGXMZI WII (8' 742 
› 8LI )'9 HIXIGXW PS[ SMP TVIWWYVI *1-  0377 3* '330%28 8)14)6%896)
› 8LI )'9 HIXIGXW E LMKL IRKMRI GSSPERX XIQTIVEXYVI )<86)1)0= ,-+, (-%+2378-' 463')(96)
› 8LI )'9 HIXIGXW E LMKL PSWW SJ GSSPERX XIQTIVEXYVI IEVPMIV MR XLMW +VSYT SJ XLI QERYEP
› 8LI )'9 HIXIGXW E LMKL JYIP XIQTIVEXYVI › -J (8' 742  *1-  MW EGXMZI WII (8' 742
 *1-  *9)0 8)14)6%896) 13()6%8)0=
-J (8' 742  *1-  WIXW XLI JSPPS[MRK [MPP ,-+, (-%+2378-' 463')(96) IEVPMIV MR XLMW
SGGYV +VSYT SJ XLI QERYEP

6+ rr()'r

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



42!
 )'9  (8' 742  *1-  )RKMRI 4VSXIGXMSR 7LYXHS[R

)RKMRI 4VSXIGXMSR 7LYXHS[R -J (8'  *1-  WIXW

› 8LMW GSHI MRJSVQW XLI STIVEXSV XLEX XLI )'9 WLYX › -J (8' 742  *1-  MW EGXMZI WII (8' 742 
XLI IRKMRI HS[R FIGEYWI MX LEW HIXIGXIH E GSRHMXMSR *1-  )2+-2) 3-0 46)7796) )<86)1)0= 03;
WYGL PS[ SMP TVIWWYVI LMKL IRKMRI GSSPERX (-%+2378-' 463')(96) IEVPMIV MR XLMW +VSYT SJ
XIQTIVEXYVI LMKL PSWW SJ GSSPERX XIQTIVEXYVI SV PS[ XLI QERYEP
GSSPERX PIZIP -J XLI )'9 MW TVSKVEQQIH [MXL IRKMRI › -J (8' 742  *1-  MW EGXMZI WII (8' 742 
TVSXIGXMSR [MXL WLYXHS[R XLI )'9 LEW WLYX XLI *1-  )2+-2) '330%28 8)14)6%896) ,-+,
IRKMRI HS[R 1378 7):)6) (-%+2378-' 463')(96) IEVPMIV
MR XLMW +VSYT SJ XLI QERYEP
(8' 742  *1-  [MPP WIX MJ › -J (8' 742  *1-  MW EGXMZI WII (8' 742 
*1-  0377 3* '330%28 8)14)6%896)
› 8LI )'9 HIXIGXW PS[ SMP TVIWWYVI )<86)1)0= ,-+, (-%+2378-' 463')(96)
› 8LI )'9 HIXIGXW E LMKL IRKMRI GSSPERX XIQTIVEXYVI IEVPMIV MR XLMW +VSYT SJ XLI QERYEP
› 8LI )'9 HIXIGXW E LMKL PSWW SJ GSSPERX XIQTIVEXYVI › -J (8' 742  *1-  MW EGXMZI WII (8' 742
› 8LI )'9 HIXIGXW E LMKL JYIP XIQTIVEXYVI  *1-  *9)0 8)14)6%896) 13()6%8)0=
,-+, (-%+2378-' 463')(96) IEVPMIV MR XLMW
-J (8' 742  *1-  WIXW XLI JSPPS[MRK [MPP +VSYT SJ XLI QERYEP
SGGYV

› 8LI )'9 [MPP LEZI WLYX XLI IRKMRI HS[R

6+ rr()'r

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



42!
 )'9  (8' 742  *1-  *YIP (IVEXI

*YIP (IVEXI r (8' 742  *1-  )2+-2) 3-0 46)7796)

13()6%8)0= 03; (-%+2378-'
› 8LI JYIP HIVEXI XVSYFPI GSHI MW WIX XS MRHMGEXI XLEX 463')(96)
XLI )'9 LEW HIXIGXIH E GSRHMXMSR WYGL EW PS[ SMP › -J (8' 742  *1-  MW EGXMZI WII (8' 742
TVIWWYVI LMKL QERMJSPH EMV XIQTIVEXYVI LMKL GSSPERX  *1-  1%2-*30( %-6 8)14)6%896)
XIQTIVEXYVI LMKL PSWW SJ GSSPERX XIQTIVEXYVI SV 13()6%8)0= ,-+, (-%+2378-' 463')(96)
LMKL JYIP XIQTIVEXYVI -J XLI )'9 HIXIGXW SRI SJ IEVPMIV MR XLMW +VSYT SJ XLI QERYEP
XLIWI GSRHMXMSRW MX [MPP FIKMR XS HIVEXI XLI EQSYRX SJ › -J (8' 742  *1-  (8' 742  *1-  SV
JYIP HIPMZIVIH XS XLI IRKMRI (8' 742  *1-  MW EGXMZI WII SRI SJ XLI
JSPPS[MRK TVSGIHYVIW IEVPMIV MR XLMW +VSYT SJ XLI
(8' 742  *1-  [MPP WIX MJ QERYEP
r (8' 742  *1-  )2+-2) '330%28
› 8LI )'9 HIXIGXW PS[ SMP TVIWWYVI 8)14)6%896) ,-+, 1378 7):)6)
› 8LI )'9 HIXIGXW LMKL QERMJSPH EMV XIQTIVEXYVI (-%+2378-' 463')(96)
› 8LI )'9 HIXIGXW E LMKL IRKMRI GSSPERX XIQTIVEXYVI r (8' 742  *1-  )2+-2) '330%28
› 8LI )'9 HIXIGXW E LMKL PSWW SJ GSSPERX XIQTIVEXYVI 8)14)6%896) ,-+, 0)%78 7):)6)
› 8LI )'9 HIXIGXW E LMKL JYIP XIQTIVEXYVI (-%+2378-' 463')(96)
r (8' 742  *1-  )2+-2) '330%28
-J (8' 742  *1-  WIXW XLI JSPPS[MRK [MPP 8)14)6%896) ,-+, 13()6%8)0= 7):)6)
SGGYV (-%+2378-' 463')(96)
› -J (8' 742  *1-  MW EGXMZI WII (8' 742 
› 8LI )'9 [MPP PMQMX XLI EQSYRX SJ JYIP EZEMPEFPI XS XLI *1-  0377 3* '330%28 8)14)6%896)
IRKMRI MR ER EXXIQTX XS TVSXIGX XLI IRKMRI )<86)1)0= ,-+, (-%+2378-' 463')(96)
IEVPMIV MR XLMW +VSYT SJ XLI QERYEP
-J (8' 742  *1-  WIXW › -J (8' 742  *1-  MW EGXMZI WII (8' 742
 *1-  *9)0 8)14)6%896) 13()6%8)0=
› -J (8' 742  *1-  SV (8' 742  *1-  MW ,-+, (-%+2378-' 463')(96) IEVPMIV MR XLMW
EGXMZI WII SRI SJ XLI JSPPS[MRK TVSGIHYVIW IEVPMIV MR +VSYT SJ XLI QERYEP
XLMW +VSYT SJ XLI QERYEP
r (8' 742  *1-  )2+-2) 3-0 46)7796)
)<86)1)0= 03; (-%+2378-' 463')(96)

6+ rr()'r

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



42!
 )'9  (8' 742  *1-  -RXIVREP )'9 *EMPYVI

% % %
4YQT )
4YQT &
7SPIRSMH ' '
7SPIRSMH'SRRIGXSV
( ( (
9 3
2
4YQT7SPIRSMH6IXYVR % ) ) )
&
, 2
&
% )
% 4YQT7SPIRSMH7YTTP] / 6
% '
* * *
2 8
+ + +
) 3
, , ,
7 6
. . .
7
/ / /

7XEREH]RI () -RNIGXMSR 4YQT (8' 742  *1-  [MPP WIX MJ

› 8LI 7XEREH]RI () MRNIGXMSR TYQT LEW ER MRXIVREP › )'9 LEW HIXIGXIH E WLSVX MR XLI )'9 XLEX GEYWIW
WSPIRSMH XLEX MW GSRXVSPPIH F] XLI )RKMRI 'SRXVSP 9RMX ER I\XVIQIP] LMKL GYVVIRX EX XLI MRNIGXMSR TYQT
)'9  8LI )'9 W[MXGLIW GYVVIRX SR ERH SJJ MR
SVHIV XS GLEVKI XLI WSPIRSMH ;LIR XLI GYVVIRX XS -J (8' 742  *1-  WIXW XLI JSPPS[MRK [MPP
XLI WSPIRSMH MW MRGVIEWIH MX QSZIW E TYQT GSRXVSP SGGYV
ZEPZI MRXS E TSWMXMSR XLEX EPPS[W JSV MRNIGXMSR TVIWWYVI
XS FI HIZIPSTIH ;LIR XLI GYVVIRX XS XLI WSPIRSMH MW › )RKMRI WLYXW HS[R MQQIHMEXIP]
HIGVIEWIH XLI TYQT GSRXVSP ZEPZI [MPP VIXYVR XS E
TSWMXMSR XLEX IRHW MRNIGXMSR TVIWWYVI &] GSRXVSPPMRK -J (8' 742  *1-  WIXW
GYVVIRX XS XLI WSPIRSMH XLI )'9 LEW XLI EFMPMX] XS
QEREKI XLI UYERXMX] ERH XMQMRK SJ JYIP HIPMZIV] XS › 6ITPEGI XLI )'9 ERH VIXIWX
XLI IRKMRI *SV QSVI STIVEXMSR MRJSVQEXMSR WII
*9)0 -2.)'8-32 4914 34)6%8-32 MR 7IGXMSR
 +VSYT  SJ XLMW QERYEP

6+% rr()'r

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



42!
 )'9  (8' 742  *1-  7IGYVMX] :MSPEXMSR

7IGYVMX] :MSPEXMSR
› ;LIR XLI MKRMXMSR MW JMVWX XYVRIH SR EPP SJ XLI
GSRXVSPPIVW SR XLI QEGLMRI GSQQYRMGEXI [MXL IEGL
SXLIV XS QEOI WYVI XLEX EPP GSRXVSPPIVW EVI GSVVIGX JSV
XLI TEVXMGYPEV QEGLMRI
(8' 742  *1-  [MPP WIX MJ MRWXEPPIH
› 8LI )'9 HIXIVQMRIW XLEX MX 36 ERSXLIV GSRXVSPPIV
SR XLI QEGLMRI MW RSX XLI VMKLX GSRXVSPPIV JSV XLI
TEVXMGYPEV QEGLMRI
› 8LI )'9 [MPP EPPS[ XLI IRKMRI XS WXEVX FYX [MPP SRP]
EPPS[ PS[ MHPI IRKMRI WTIIH
-J (8' 742  *1-  WIXW
› -J SRI SJ XLI GSRXVSPPIVW SR XLI QEGLMRI LEW NYWX
FIIR VITPEGIH QEOI WYVI XLI GSVVIGX GSRXVSPPIV [EW
› -J EPP GSRXVSPPIVW SR XLI QEGLMRI EVI XLI GSVVIGX TEVX
RYQFIVW GLIGO XS WII MJ ER] SJ XLI GSRXVSPPIVW LEZI
EGXMZI SV WXSVIH '%2 VIPEXIH (8'W -J XLI] HS KS XS
XLI ETTVSTVMEXI HMEKRSWXMG TVSGIHYVI

-J (8' 742  *1-  WIXW XLI JSPPS[MRK [MPP

SGGYV

6+& rr()'r

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



42!
 7IGXMSR 
8SSPW ERH 3XLIV 1EXIVMEPW
'SRXIRXW

4EKI

+VSYT Œ)PIGXVSRMG *YIP'SRXVSP 7]WXIQ 6ITEMV

8SSPW ERH 3XLIV 1EXIVMEPW
*YIP 7]WXIQ 6ITEMV ERH %HNYWXQIRX
)WWIRXMEP 8SSPW                      
*YIP 7]WXIQ 6ITEMV ERH %HNYWXQIRX
7IVZMGI )UYMTQIRX ERH 8SSPW           
*YIP 7]WXIQ 6ITEMV ERH %HNYWXQIRX 3XLIV
1EXIVMEPW                           
'SRXVSP 7]WXIQ 6ITEMV ERH %HNYWXQIRX
)WWIRXMEP 8SSPW                      
'SRXVSP 7]WXIQ 6ITEMV ERH %HNYWXQIRX 3XLIV
1EXIVMEPW                           

+VSYT Œ(MEKRSWXMG 7IVZMGI 8SSPW

)PIGXVSRMG *YIP 7]WXIQ (MEKRSWXMG 8SSPW    

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



42!
 +VSYT 
)PIGXVSRMG *YIP'SRXVSP 7]WXIQ 6ITEMV 8SSPW ERH 3XLIV 1EXIVMEPW
*YIP 7]WXIQ 6ITEMV ERH %HNYWXQIRX
)WWIRXMEP 8SSPW

01&393* rr23:r

6+ r92r23:

-RNIGXMSR 4YQT (VMZI +IEV 4YPPIV        01&.(+

6IQSZI HVMZI KIEV JVSQ XETIVIH WLEJX SJ MRNIGXMSR TYQT

01&393* rr23:r

6+ r92r23:

() -RNIGXMSR 4YQT 8MQMRK 4MR        01&.(+

9WIH JSV WXEXMG PSGO TMR XMQMRK HYVMRK MRWXEPPEXMSR SJ

MRNIGXMSR TYQT

01&393* rr23:r

8MQMRK 4MR                       01&.(+

9WIH XS PSGO JP][LIIP EX 2S  8(' JSV MRNIGXMSR TYQT

XMQMRK 8LMW XMQMRK TMR 1978 FI YWIH SR IRKMRI
ETTPMGEXMSRW YWMRK XLI XETIVIHRSWI GVEROWLEJX HYI XS XLI
LMKLIV XSVUYI WTIGMJMGEXMSR JSV HEQTIV VIXEMRMRK GET
WGVI[

01&393* rr23:r

6+ r92r1%=

-RNIGXMSR 2S^^PI 4YPPIV             01&.(+

9WI [MXL WPMHI LEQQIV XS VIQSZI MRNIGXMSR RS^^PIW

'SRXMRYIH SR RI\X TEKI 01&393* rr23:r

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



42!
 6+ r92r%9+

2S^^PI &SVI 'PIERMRK 8SSP          -(2S 

'PIER MRNIGXMSR RS^^PI FSVI MR G]PMRHIV LIEH

01&393* rr23:r

6+ r92r1%=

7TVMRK 'LEQFIV 'ET ;VIRGL          01&.(+

9WIH XS VIQSZI XLI WTVMRK GLEQFIV GET SR 672 RS^^PIW

01&393* rr23:r

6+ r92r23:

4VIWWYVI %HNYWXMRK 7GVI[ 8SSP         01&.(+

9WIH XS EHNYWX STIRMRK TVIWWYVI SR 672 RS^^PIW

01&393* rr23:r

.(+ r92r.92

4VIWWYVI %HNYWXMRK 7GVI[ 0SGO 2YX

;VIRGL                       01&.(+

9WIH XS PSSWIR SV XMKLXIR PSGO RYX SJ TVIWWYVI EHNYWXMRK

WGVI[W

01&393* rr23:r

2S^^PI 'EVFSR 7XST 7IEP -RWXEPPIV     -(2S 

9WIH XS MRWXEPP GEVFSR WXST WIEP MR MRNIGXMSR RS^^PI KVSSZI

01&393* rr23:r

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



42!
 *YIP 7]WXIQ 6ITEMV ERH %HNYWXQIRX 7IVZMGI
)UYMTQIRX ERH 8SSPW

01&393 rr23:r

-RNIGXMSR 2S^^PI 8IWXIV 6 &37',    -(2S 

'LIGO RS^^PI STIRMRK TVIWWYVI

01&393 rr23:r

'( r92r1%6

*YIP 4VIWWYVI 0MRI                01&/.(

8S GSRRIGX MRNIGXMSR RS^^PI XS &37', XIWXIV

01&393 rr23:r

*YIP 7]WXIQ 6ITEMV ERH %HNYWXQIRX 3XLIV

1EXIVMEPW

2YQFIV 2EQI 9WI

 03'8-8) 8LVIEH 0SGO ERH 7IEPIV 1IHMYQ %TTP] XS JYIP WYTTP] TYQT QSYRXMRK
7XVIRKXL WGVI[W ERH JYIP PMRI JMXXMRKW

01&393 rr23:r

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



42!
 'SRXVSP 7]WXIQ 6ITEMV ERH %HNYWXQIRX
)WWIRXMEP 8SSPW

01&6+ rr1%6r

6; r92r%9+

8IVQMREP )\XVEGXMSR 8SSP              01&.(+

9WIH XS I\XVEGX ;)%8,)6 4%'/È XIVQMREPW JVSQ

IPIGXVMGEP GSRRIGXSVW

01&6+ rr1%6r

;)%8,)6 4%'/È 'VMQTMRK 8SSP       01&.(+

9WIH XS GVMQT ;)%8,)6 4%'/È QEPI ERH JIQEPI

XIVQMREPW SR  KEYKI [MVIW 8LMW XSSP GVMQTW FSXL XLI
[MVI ERH XLI WIEP VIXEMRIV EX XLI WEQI XMQI

01&6+ rr1%6r

1)86-4%'/È 'VMQTMRK 8SSP          01&.(+

9WIH XS GVMQT 1)86-4%'/È QEPI ERH JIQEPI XIVQMREPW

SR  KEYKI [MVIW

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

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



42!
 4EGOEVH 'VMQTIV                   01&.(+

9WIH XS GVMQT ;)%8,)6 4%'/ 1)86-4%'/

791-8313 ERH =%>%/- QEPI ERH JIQEPI XIVQMREPW SR
 KEYKI [MVIW 8LMW XSSP GVMQTW XLI [MVI ERH XLI WIEP
VIXEMRIV WITEVEXIP]

01&6+ rr1%6r

8IGLRMGMER W )PIGXVMGEP 6ITEMV /MX        01&.(+

8LMW OMX MW EWWIQFPIH [MXL XLI QSWX GSQQSRP] YWIH

XIVQMREP I\XVEGXMSR XSSPW YWIH XS VITEMV [MVMRK LEVRIWWIW
SR 0-)&,)66 ETTPMGEXMSRW 8LMW OMX MRGPYHIW XLI JSPPS[MRK
01&.(+  ,SPHMRK 4PEXI 01&.(+  7YVI7IEP
XIVQMREP MRWIVXMSR XSSP 01&.(+  '4' ERH
1IXVMQEXI XIVQMREP I\XVEGXMSR XSSP 01&.(+  '4'
&PEHI 8]TI XIVQMREP I\XVEGXMSR XSSP 01&.(+ 
1EXI20SGO XIVQMREP I\XVEGXMSR XSSP 01&.(+ 
1EXI20SGO XIVQMREP I\XVEGXMSR XSSP 01&.(+ 
9RMZIVWEP 'VMQTMRK 4PMIVW 01&.(+  )PIGXVMGMER W
4PMIVW 01&.(+  'EVV]MRK 'EWI ERH 01&.(+ 
(IYXWGL  KEYKI XIVQMREP I\XVEGXMSRMRWIVXMSR XSSP

01&6+ rr1%6r

)PIGXVMGMER W 4PMIVW                  01&.(+

9WIH XS GYX WXVMT ERH WTPMGI [MVIW

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

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



42!
 8IGLRMGMER W )PIGXVMGEP 6ITEMV /MX       01&.8&

8LMW OMX MW EWWIQFPIH [MXL XLI QSWX GSQQSRP] YWIH

XIVQMREP I\XVEGXMSR XSSPW YWIH XS VITEMV [MVMRK LEVRIWWIW
SR 0-)&,)66 ETTPMGEXMSRW 8LMW OMX MRGPYHIW XLI JSPPS[MRK
01&.(+  '4' ERH 1IXVMQEXI XIVQMREP I\XVEGXMSR
XSSP 01&.(+  '4' &PEHI 8]TI XIVQMREP I\XVEGXMSR
XSSP 01&.(+  (IYXWGL  KEYKI XIVQMREP
I\XVEGXMSRMRWIVXMSR XSSP 01&.(+  (IYXWGL 
KEYKI XIVQMREP I\XVEGXMSRMRWIVXMSR XSSP 01&.(+ 
;)%8,)64%'/ XIVQMREP I\XVEGXMSR XSSP 01&.(+ 
1IXVMTEGO XIVQMREP I\XVEGXMSR XSSP  ;MHI 01&.(+ 
1)86-4%'/ XIVQMREP I\XVEGXMSR XSSP  2EVVS[ ERH
01&.(+  (IYXWGL  KEYKI XIVQMREP
I\XVEGXMSRMRWIVXMSR XSSP

01&6+ rr1%6r

6; r92r%9+

1)86-4%'/È )\XVEGXSV ;MHI        01&.(+

9WIH XS VIQSZI XIVQMREPW JVSQ 7IVMIW 7IVMIW ERH

7IVMIW 1)86-4%'/È GSRRIGXSVW

01&6+ rr1%6r

6; r92r%9+

1)86-4%'/È )\XVEGXSV 2EVVS[       01&.(+

9WIH XS VIQSZI XIVQMREPW JVSQ 7IVMIW

1)86-4%'/È 791-8313 ERH =%>%/- GSRRIGXSVW

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

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



42!
 ()987',È )PIGXVMGEP 6ITEMV 8SSP /MX     01&.(+

6ITEMV ()987', IPIGXVMGEP GSRRIGXSV FSHMIW

01&6+ rr1%6r

Π+EYKI )\XVEGXSV 7IX SJ 8[S     01&.(+

)\XVEGXW [MVI

01&6+ rr1%6r

Π+EYKI )\XVEGXSV 7IX SJ 8[S     01&.(+

)\XVEGXW [MVI

01&6+ rr1%6r

Π+EYKI )\XVEGXSV 7IX SJ 8[S     01&.(+

)\XVEGXW [MVI

01&6+ rr1%6r

'VMQTMRK 8SSP                    01&.(+

-RWXEPP ()987',È GSRXEGXW

01&6+ rr1%6r

6+ r92r1%=

8IVQMREP )\XVEGXMSR 8SSP            01&*/1

9WIH XS I\XVEGX XIVQMREPW JVSQ )'9 GSRRIGXSV

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

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



42!
 6+ r92r1%=

'VMQTMRK 4PMIVW                    01&C.(+

9WIH XS GVMQT [MVI XIVQMREP IRHW JSV )'9 GSRRIGXSV

01&6+ rr1%6r

'SRXVSP 7]WXIQ 6ITEMV ERH %HNYWXQIRX 3XLIV

1EXIVMEPW

2YQFIV 2EQI 9WI

01&.(8 97 ,MKL 8IQTIVEXYVI +VIEWI 7IRWSV 3VMRKW

 03'8-8) 4MTI 7IEPERX %TTP] XS XLVIEHW SJ SMP TVIWWYVI

WIRWSV

01&%8 97 0YFVMGERX -RWYPEXI IPIGXVMGEP GSRRIGXSVW

01&393 rr23:r

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



42!
 +VSYT 
(MEKRSWXMG 7IVZMGI 8SSPW
)PIGXVSRMG *YIP 7]WXIQ (MEKRSWXMG 8SSPW

01&6+ rr%46r

*YIP 7]WXIQ 'ET 4PYK /MX             01&.(+

9WIH XS TVSXIGX XLI JYIP W]WXIQ JVSQ HMVX ERH HIFVMW [LIR
HMWGSRRIGXMRK JYIP W]WXIQ GSQTSRIRXW HYVMRK JYIP XVERWJIV
TYQT TVIWWYVI GLIGO

01&6+ rr%46r

6+ r92r%9+

9RMZIVWEP 4VIWWYVI 8IWX /MX            01&.8

9WIH JSV XIWXMRK IRKMRI SMP TVIWWYVI MRXEOI QERMJSPH

TVIWWYVI XYVFS FSSWX  ERH JYIP WYTTP] TYQT TVIWWYVI

01&6+ rr%46r

(MEKRSWXMG 'SHI 6IEHIV           -(2S 

% WMQTPI HMEKRSWXMG XSSP XS VIEH XLI (8' SRP]

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

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



42!
 )'9 'SQQYRMGEXMSR /MX            -(2S 

8LI /MX MRGPYHIW XLI RIGIWWEV] LEVH[EVI ERH WSJX[EVI

8SKIXLIV XLI OMX IREFPIW E ;MRHS[W  SV  SV 28
GSQTEXMFPI GSQTYXIV XS VIEH MRJSVQEXMSR JVSQ XLI )RKMRI
'SRXVSP 9RMX )'9  8LI GSQTYXIV QYWX FI EX PIEWX E
 [MXL  1& SJ 6%1 ERH ER -)))  GSQTPMERX
TEVEPPIP TSVX

01&6+ rr%46r

(MKMXEP 1YPXMQIXIV                  01&.8

8IWX IPIGXVMGEP GSQTSRIRXW JSV ZSPXEKI VIWMWXERGI GYVVIRX

JPS[ SV XIQTIVEXYVI -X MW IWTIGMEPP] KSSH JSV QIEWYVMRK
PS[ ZSPXEKI SV LMKL VIWMWXERGI GMVGYMXW

01&6+ rr%46r

'SRRIGXSV %HETXIV 8IWX /MX            01&.8

9WIH [MXL 01&.8 (MKMXEP 1YPXMQIXIV XS QEOI

ZSPXEKI ERH VIWMWXERGI QIEWYVIQIRXW MR GSRXVSP W]WXIQ
[MVMRK LEVRIWW GSRRIGXSVW 'ER EPWS FI YWIH XS XIWX
XIVQMREPW JSV TVSTIV JMX

01&6+ rr%46r

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



42!
 7IGXMSR 
7TIGMJMGEXMSRW
'SRXIRXW

4EKI

+VSYT Œ6ITEMV 7TIGMJMGEXMSRW

9RMJMIH -RGL &SPX ERH 'ET 7GVI[ 8SVUYI
:EPYIW                             
1IXVMG &SPX ERH 'ET 7GVI[ 8SVUYI :EPYIW   
+IRIVEP )RKMRI 7TIGMJMGEXMSRW            
)PIGXVSRMG *YIP 7]WXIQ 6ITEMV ERH
%HNYWXQIRX 7TIGMJMGEXMSRW              
)PIGXVSRMG )RKMRI 'SRXVSP 6ITEMV ERH
%HNYWXQIRX 7TIGMJMGEXMSRW              

+VSYT Œ(MEKRSWXMG 7TIGMJMGEXMSRW

+VSYT  )PIGXVSRMG *YIP 7]WXIQ
(MEKRSWXMG 7TIGMJMGEXMSRW               
%TTPMGEXMSR 7TIGMJMGEXMSRW                
)RKMRIW -( Œ 2S  ERH  Œ
7IRWSV 7TIGMJMGEXMSRW                 
)RKMRIW -( Π2S  ERH
 Π8SVUYI 'YVZI 7IPIGXMSR      
)RKMRIW -( Π2S  ERH 
Π+SZIVRSV 1SHI 7IPIGXMSR            
)RKMRIW -( Π2S  ERH 
Π)'9 8IVQMREP -HIRXMJMGEXMSR          
)RKMRIW -( Π2S  ERH 
 )PIGXVSRMG 'SRXVSP 7]WXIQ ;MVMRK
(MEKVEQ                           
)RKMRIW -( Π2S  ERH  r
-RWXVYQIRX 4ERIP)RKMRI 7XEVX
'SQTSRIRXW )PIGXVMGEP ;MVMRK (MEKVEQ   

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



42!
 +VSYT 
6ITEMV 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
( 8- ( 8-
2YQFIV SJ ']PMRHIVW  
&SVI  QQ  MR  QQ  MR
7XVSOI  QQ  MR  QQ  MR
(MWTPEGIQIRX  P  P
 GY MR  GY MR
'SQTVIWWMSR 6EXMS  
1E\ 'VERO 4VIWWYVI  O4E  O4E
,3  ,3
+SZIVRSV 6IKYPEXMSR -RHYWXVMEP Œ Œ
+SZIVRSV 6IKYPEXMSR +IRIVEXSV  
3MP 4VIWWYVI %X 6EXIH 7TIIH *YPP  O4E  TWM  O4E  TWM
0SEH •  TWM
3MP 4VIWWYVI %X 0S[ -HPI 1MRMQYQ  O4E  TWM  O4E  TWM
0IRKXL  QQ  MR  QQ  MR
;MHXL  QQ  MR  QQ  MR
,IMKLX  QQ  MR  QQ  MR
;IMKLX  OK  PF  OK  PF

01&(47+393 rr23:r

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



42!
 )PIGXVSRMG *YIP 7]WXIQ 6ITEMV ERH
%HNYWXQIRX 7TIGMJMGEXMSRW

-XIQ 1IEWYVIQIRX 7TIGMJMGEXMSR

*MREP *YIP *MPXIV &VEGOIXXS']PMRHIV 8SVUYI  2wQ  PFJX

,IEH

*MREP *YIP *MPXIV 1SYRXMRK 8SVUYI  2wQ  PFJX

&EWIXS&VEGOIX

4VMQEV] *YIP *MPXIV 8SVUYI  2wQ  PFJX

&VEGOIXXS']PMRHIV ,IEH ERH
%PXIVREXSV

4VMQEV] *YIP *MPXIV;EXIV &S[P 8SVUYI  2wQ  PFJX

1SYRXMRK &EWIXS&VEGOIX

*YIP 7YTTP] 4YQT 4VIWWYVI ΠO4E ΠFEV

ΠTWM

*YIP 7YTTP] 4YQT 'ET 7GVI[W 8SVUYI  2wQ  PFJX

-RNIGXMSR 4YQT 1SYRXMRK 7XYH 2YXW 8SVUYI  2›Q  PFJX

-RNIGXMSR 4YQT +IEV 1SYRXMRK 2YX 8SVUYI  2›Q  PFJX

-RNIGXMSR 4YQT *YIP (IPMZIV] 8SVUYI  2wQ  PFJX

4VIWWYVI 0MRIW

-RNIGXMSR 4YQT 8MQMRK 4MR 4PYK 8SVUYI  2›Q  PFJX

*YIP -RNIGXMSR 2S^^PI

2S^^PI 6IXYVR 0IEOEKI EX  XS  HVSTW QE\MQYQ [MXLMR 

  O4E  FEV  TWM WIGSRHW

*YIP -RNIGXMSR 2S^^PI

6EXI 7LETMRK 2S^^PI
3TIRMRK 4VIWWYVI JSV 7IXXMRK
2I[ SV 6IGSRHMXMSRIH
3TIRMRK 4VIWWYVI JSV 'LIGOMRK
2I[ SV 6IGSRHMXMSRIH
3TIRMRK 4VIWWYVI JSV 7IXXMRK 9WIH
3TIRMRK 4VIWWYVI JSV 'LIGOMRK
9WIH
 Π O4E
ΠFEV ΠTWM
  O4E  FEV  TWM 1MR
 Π O4E
ΠFEV ΠTWM
  O4E  FEV  TWM 1MR

'SRXMRYIH SR RI\X TEKI 393 rr23:r

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



42!
 -XIQ 1IEWYVIQIRX 7TIGMJMGEXMSR

6EXI 7LETMRK 2S^^PI 3TIRMRK TVIWWYVI HMJJIVIRGI  O4E  FEV  TWM 1E\
FIX[IIR G]PMRHIVW

*YIP -RNIGXMSR 2S^^PI

4VIWWYVI %HNYWXMRK 7GVI[ 0SGO 8SVUYI  2wQ  PFJX

2YX

0MJX %HNYWXMRK 7GVI[ 0SGO 2YX 8SVUYI  2wQ  PFJX

*YIP -RNIGXMSR 2S^^PI ,SPH(S[R 8SVUYI  2wQ  PFJX

'PEQT 'ET 7GVI[W

*YIP 0IEO3JJ 0MRI ,I\ 2YX 8SVUYI  2wQ  PFJX

 PFMR

*YIP -RNIGXMSR 4YQT 6IXYVR 0MRI 8SVUYI  2wQ  PFJX

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

393 rr23:r

)PIGXVSRMG )RKMRI 'SRXVSP 6ITEMV ERH

%HNYWXQIRX 7TIGMJMGEXMSRW

-XIQ 1IEWYVIQIRX 7TIGMJMGEXMSR

'SSPERX 8IQTIVEXYVI 7IRWSV MR 8SVUYI  2wQ  PFJX

8LIVQSWXEX ,SYWMRK

'SSPERX 8IQTIVEXYVI 7IRWSV MR 8SVUYI  2wQ  PFJX

']PMRHIV ,IEH

'VEROWLEJX 4SWMXMSR 7IRWSV 8SVUYI  2wQ  PFJX

3MP 4VIWWYVI 7IRWSV 8SVUYI  2wQ  PFJX

1ERMJSPH %MV 8IQTIVEXYVI 7IRWSV 8SVUYI  2wQ  PFJX

*YIP 8IQTIVEXYVI 7IRWSV 8SVUYI Π2wQ ΠPFJX

*YIP ,IEXIV 8SVUYI  2wQ  PFJX

393 rr23:r

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



42!
 +VSYT 
(MEKRSWXMG 7TIGMJMGEXMSRW
+VSYT  )PIGXVSRMG *YIP 7]WXIQ (MEKRSWXMG 7TIGMJMGEXMSRW

-XIQ 1IEWYVIQIRX 7TIGMJMGEXMSR

*YIP 7YTTP] 4YQT 7XEXMG 4VIWWYVI ΠO4E ΠFEV

ΠTWM

*YIP 7YTTP] 4YQT 1MRMQYQ 7XEXMG 4VIWWYVI EX  VTQ  O4E  FEV  TWM
)RKMRI 7TIIH

*YIP 7YTTP] 4YQT 1MRMQYQ 4SWMXMZI 4VIWWYVI EX  Œ O4E Œ FEV Œ
VTQ )RKMRI 7TIIH TWM

*YIP 7YTTP] 4YQT 1MRMQYQ *PS[ EX  VTQ )RKMRI  0QMR  KTQ
7TIIH

(47+393 rr1%=r

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



42!
 %TTPMGEXMSR 7TIGMJMGEXMSRW

&IPS[ MW ER SZIVZMI[ SJ XLI WTIGJMGEXMSRW PMWXIH JSV r +SZIVRSV 1SHI 7IPIGXMSR

ETTPMGEXMSRW MR XLI RI\X JI[ TEKIW r )'9 8IVQMREP -HIRXMJMGEXMSR
r )PIGXVSRMG 'SRXVSP 7]WXIQ ;MVMRK (MEKVEQ
› )RKMRIW -( Œ 2S  ERH  r 0-)&,)66 Œ ( %TTPMGEXMSR -RWXVYQIRX
r 7IRWSV 7TIGMJMGEXMSRW 4ERIP)RKMRI 7XEVX 'SQTSRIRXW )PIGXVMGEP ;MVMRK
r 8SVUYI 'YVZI 7IPIGXMSR (MEKVEQ

01&6+ rr.%2r

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



42!
 )RKMRIW -( Œ 2S  ERH  Œ
7IRWSV 7TIGMJMGEXMSRW

8LI WTIGMJMGEXMSRW WLS[R FIPS[ EVI ZSPXEKI TVIWWYVI

ERH XIQTIVEXYVI TEVEQIXIVW XLEX XLI )RKMRI 'SRXVSP 9RMX
)'9 YWIW XS HIXIVQMRI [LIXLIV E (MEKRSWXMG 8VSYFPI
'SHI (8' MW WIX JSV E KMZIR WIRWSV

'SRXMRYIH SR RI\X TEKI 01&6+ rr.%2r

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



42!

7IRWSV
%REPSK 8LVSXXPI %
%REPSK 8LVSXXPI &
3MP 4VIWWYVI
1ERMJSPH %MV 8IQTIVEXYVI 1%8
)RKMRI 'SSPERX 8IQTIVEXYVI
)'8
*YIP 8IQTIVEXYVI
8,C(C)2 3'8
7IRWSV 7TIGMJMGEXMSRW JSV )RKMRIW -( Π2S  ERH 
1IEWYVIH 7IRWSV 4EVEQIXIV
,MKL -RTYX :SPXEKI
0S[ -RTYX :SPXEKI
,MKL -RTYX :SPXEKI
0S[ -RTYX :SPXEKI
,MKL -RTYX :SPXEKI
0S[ -RTYX :SPXEKI
)\XVIQIP] 0S[ 4VIWWYVI
1SHIVEXIP] 0S[ 4VIWWYVI
,MKL -RTYX :SPXEKI
0S[ -RTYX :SPXEKI
1SHIVEXIP] ,MKL 8IQTIVEXYVI
,MKL -RTYX :SPXEKI
0S[ -RTYX :SPXEKI
1SWX 7IZIVI 8IQTIVEXYVI
1SHIVEXIP] 7IZIVI 8IQTIVEXYVI
0IEWX 7IZIVI 8IQTIVEXYVI
,MKL -RTYX :SPXEKI

3YX SJ 6ERKI :EPYI
%FSZI  :SPXW
&IPS[  :SPXW
%FSZI  :SPXW
&IPS[  :SPXW
%FSZI  :SPXW
&IPS[  :SPXW
&IPS[ ER I\XVIQIP] PS[ IRKMRI
SMP TVIWWYVI 8LMW TVIWWYVI
MRGVIEWIW [MXL IRKMRI WTIIH
&IPS[ E QSHIVEXIP] PS[ IRKMRI
SMP TVIWWYVI 8LMW TVIWWYVI
MRGVIEWIW [MXL IRKMRI WTIIH
%FSZI  :SPXW
&IPS[  :SPXW
8 IRKMRIW )'9 HIVEXIW IRKMRI  TIV
)\GIIHW ”' ”*
8- IRKMRIW SJ JYPP TS[IV
)\GIIHW ”' ”*
)\GIIHW  :SPXW
&IPS[  :SPXW
)\GIIHW ”' ”*
)\GIIHW ”' ”*
)\GIIHW ”' ”*
)\GIIHW  :SPXW
'SRXMRYIH SR RI\X TEKI
0-)&,)66Œ(r(MIWIP )RKMRIW
(IVEXI
-J RS SXLIV XLVSXXPI MW EZEMPEFPI
IRKMRI [MPP VYR EX MHPI WTIIH
-J RS SXLIV XLVSXXPI MW EZEMPEFPI
IRKMRI [MPP VYR EX MHPI WTIIH
-J RS SXLIV XLVSXXPI MW EZEMPEFPI
IRKMRI [MPP VYR EX MHPI WTIIH
-J RS SXLIV XLVSXXPI MW EZEMPEFPI
IRKMRI [MPP VYR EX MHPI WTIIH
0S[ SMP TVIWWYVI IRKMRI
TVSXIGXMSR MW HMWEFPIH
0S[ SMP TVIWWYVI IRKMRI
TVSXIGXMSR MW HMWEFPIH
)'9 HIVEXIW IRKMRI  TIV
QMRYXI YRXMP IRKMRI VYRW EX 
SJ JYPP TS[IV
)'9 HIVEXIW IRKMRI  TIV
QMRYXI YRXMP IRKMRI VYRW EX 
SJ JYPP TS[IV
,MKL 1%8 IRKMRI TVSXIGXMSR MW
HMWEFPIH
,MKL 1%8 IRKMRI TVSXIGXMSR MW
HMWEFPIH
QMRYXI YRXMP IRKMRI VYRW EX 
,MKL )'8 IRKMRI TVSXIGXMSR MW
HMWEFPIH
,MKL )'8 IRKMRI TVSXIGXMSR MW
HMWEFPIH
)'9 HIVEXIW IRKMRI  TIV
QMRYXI YRXMP IRKMRI VYRW EX 
SJ JYPP TS[IV
)'9 HIVEXIW IRKMRI  TIV
QMRYXI YRXMP IRKMRI VYRW EX 
SJ JYPP TS[IV
)'9 HIVEXIW IRKMRI  TIV
QMRYXI YRXMP IRKMRI VYRW EX 
SJ JYPP TS[IV
,MKL JYIP XIQTIVEXYVI IRKMRI
TVSXIGXMSR MW HMWEFPIH
01&6+ rr.%2r

42!
 7IRWSV 7TIGMJMGEXMSRW JSV )RKMRIW -( Π2S  ERH 
0S[ -RTYX :SPXEKI &IPS[  :SPXW ,MKL JYIP XIQTIVEXYVI IRKMRI
TVSXIGXMSR MW HMWEFPIH
1SHIVEXIP] ,MKL 8IQTIVEXYVI )\GIIHW ”' ”* )'9 HIVEXIW IRKMRI  TIV
QMRYXI YRXMP IRKMRI VYRW EX 
SJ JYPP TS[IV

01&6+ rr.%2r

)RKMRIW -( Œ 2S  ERH  Œ

8SVUYI 'YVZI 7IPIGXMSR

8SVUYI 'YVZI 7IPIGXMSR JSV )RKMRIW -( Π2S  ERH


8SVUYI 'YVZI  SR (78 'SRHMXMSRW JSV 8SVUYI 'YVZI
 2SVQEP 'YVZI

01&6+% rr.%2r

)RKMRIW -( Œ 2S  ERH  Œ

+SZIVRSV 1SHI 7IPIGXMSR

(IWMVIH 7TIIH +SZIVRSV 7IPIGXMSR JSV )RKMRIW -( Π2S 

ERH 
1SHI 7IPIGXIH SR (78 'SRHMXMSRW
 2SVQEP (VSST
 -WSGLVSRSYW (VSST

1E\ 7TIIH +SZIVRSV 7IPIGXMSR JSV )RKMRIW -( Π2S 

ERH 
1SHI 7IPIGXIH SR (78 'SRHMXMSRW
 2SVQEP (VSST
 +IR 7IXW 320= %FSZI  XLVSXXPI EX
 641
 -WSGLVSRSYW (VSST

01& 6+& rr.%2r

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



42!
    
   
   
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*EYPX0EQT 

8EGLSQIXIV 

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 %MV,IEXIV 

 7TEVI7SYVGMRK(VMZIV 

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 -RHI\
4EKI 4EKI

% (

%MV LIEXIV MRXEOI (EXE TEVEQIXIV HIWGVMTXMSR            

(MEKRSWXMG GLIGO                   (IVEXI TVSKVEQW
3TIVEXMSR                         %TTPMGEXMSR WTIGMJMGEXMSRW             
%MV MR JYIP XIWX                        3TIVEXMSR                        
%MV XIQTIVEXYVI WIRWSV (MEKRSWXMG +EYKI
3TIVEXMSR                          'PIEVMRK WXSVIH GSHIW               
6ITPEGI                           (MEKRSWXMGW
%TTPMGEXMSR WTIGMJMGEXMSRW %'4)VV&YW )4                 
%'4)VV&YW )VVSV                
IRKMRIW -(  2S  ERH
%'4)VV2S %HHV                 
                        
(SIW RSX GSQQYRMGEXI [MXL )'9    
))IVVSV                       
)RKMRI GSRJMKYVEXMSR TEVEQIXIVW      
:MI[MRK EGXMZI GSHIW               
& :MI[MRK WXSVIH GSHIW               
(MEKRSWXMG 7GER 8SSP (78
&PIIH JYIP W]WXIQ             (EXE TEVEQIXIV HIWGVMTXMSR           
(MEKRSWXMGW
)'9 HSIW RSX GSQQYRMGEXI [MXL
(78                         
' (MEKRSWXMG 8VSYFPI 'SHIW (8'W
%GXMZI IRKMRI GSHIW                
%GXMZI ZW MREGXMZI                  
'%2
&PMROMRK 'SHIW                    
HIJMRMXMSR SJ                        
'PIEVMRK IRKMRI GSHIW              
3TIVEXMSR                        
'PIEVMRK WXSVIH GSHIW               
'LIGO
(MEKRSWMRK MRXIVQMXXIRX JEYPXW         
*YIP WYTTP] TVIWWYVI                (MEKRSWXMG TVSGIHYVI               
*YIP WYTTP] UYEPMX]                  0MWXMRK SJ                         
'MVGYMX QEPJYRGXMSRW 742*1- GSHIW                  
0SGEXMSRW                          HMKMX GSHIW                    
8VSYFPIWLSSXMRK                     3XLIV
'SRRIGXSVW IPIGXVMGEP *%                          
%14                             *%                          
()987', VITEMV                   *%                          
+IRIVEP MRJSVQEXMSR                  *)%                          
1)86-4%'/ TYPP X]TI              *)(                          
1)86-4%'/ TYWL X]TI             *)                          
6IQSZI FPEHI XIVQMREPW JVSQ GSRRIGXSV *)                          
FSH]                           *                          
'SRXVSPPIV %VIE 2IX[SVO '%2  *                          
STIVEXMSR                         *                          
'SSPERX                             *                          
'SSPERX XIQTIVEXYVI WIRWSV *                          
3TIVEXMSR                          *                          
6IQSZI ERH MRWXEPP                   *                          
'VERO WIRWSV *                          
3TIVEXMSR                          *                          
6ITPEGI                           *                          
'VYMWI GSRXVSP STIVEXMSR                *                          
']PMRHIV QMWJMVI XIWX                   *                          

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



42!
 4EKI
*                          
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742  *1-                 
742  *1-                 
742  *1-                 
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742  *1-                 
742  *1-                  (8'                         
742  *1-                 
742  *1-                 
742  *1-                 
742  *1-                 
742  *1-                  (8'                         
742  *1-                 
742  *1-                 
742  *1-                 
742  *1-                 
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742  *1-                 
742  *1-                  (8'                         
742  *1-                 
742  *1-                 
742  *1-                  (8'                         
742  *1-                
742  *1-                
742  *1-                
742  *1-                
742  *1-                
742  *1-                
8,C(C)2 3'8 -RHI\
4EKI
742  *1-                
742  *1-                
742  *1-                
742  *1-                
742  *1-                
742  *1-                
742  *1-                
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742  *1-                
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742  *1-                
7XSVIH IRKMRI GSHIW                
;EVRMRK PMKLX                     
(MKMX GSHIW
(8'                         
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0-)&,)66Œ(r(MIWIP )RKMRIW

42!
 4EKI
(8'                         
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(MEKRSWXMGW
%MV LIEXIV GLIGO                   
IRKMRIW -H  2S  ERH  [MVMRK
HMEKVEQ                          %REPSK XLVSXXPI STIVEXMSR              
*YIP W]WXIQ
)\GIWWMZI JYIP GSRWYQTXMSR         (IVEXMRK                         
*YIP MR SMP                       )RKMRI TVSXIGXMSR                  
7YTTP] W]WXIQ GLIGO              
3FWIVZEFPI
%FRSVQEP IRKMRI RSMWI            
%REPSK 8LVSXXPI & HSIW RSX
VIWTSRH                      
)'9 HSIW RSX GSQQYRMGEXI [MXL (MEKRSWXMG
+EYKI                       
)'9 HSIW RSX GSQQYRMGEXI [MXL
(78                         
)RKMRI GVEROW[SR X WXEVX           
)RKMRI HSIW RSX HIZIPST JYPP TS[IV   
)RKMRI IQMXW I\GIWWMZI FPEGO SV KVE] I\LEYWX
WQSOI                        7IVMEP RYQFIV TPEXI                 
)RKMRI IQMXW I\GIWWMZI [LMXI I\LEYWX
WQSOI                       
)RKMRI MHPIW TSSVP]               
)RKMRI QMWJMVIWVYRW MVVIKYPEVP]       
)RKMRI [MPP RSX GVERO              
(MIWIP JYIP                          
(MKMXEP QYPXMQIXIV LS[ XS YWI           
(78
'SRRIGXMRK XS                     
(IJMRMXMSR SJ                       
(8'
(IJMRMXMSR SJ                       
)
)'9
(IJMRMXMSR SJ                       
3TIVEXMSR                        
6ITEMV ERH EHNYWXQIRX               
8,C(C)2 3'8 -RHI\
4EKI
)PIGXVMGEP GMVGYMX
(MEKRSWMW                         
1EPJYRGXMSRW                       
8VSYFPIWLSSXMRK                    
)PIGXVMGEP 'SRGITXW                   
)PIGXVMGEP GSRRIGXSVW
%14                            
()987',                       
+IRIVEP MRJSVQEXMSR                 
1)86-4%'/             
;)%8,)64%'/                   
)PIGXVMGEP MRWYPEXMRK GSQTSYRH           
)PIGXVSRMG GSRXVSP W]WXIQ
%MV LIEXIV STIVEXMSR                

'VYMWI GSRXVSP STIVEXMSR             
+SZIVRSV QSHIW                   
1IEWYVMRK IRKMRI WTIIH              
1IEWYVMRK TVIWWYVI                 
1IEWYVMRK XIQTIVEXYVI               
1SRMXSVMRK IRKMRI TEVEQIXIVW          
1YPXMWXEXI XLVSXXPI STIVEXMSR           
3TIVEXMSR XLISV] SJ                 
3ZIVZMI[                         
4YQT WSPIRSMH                     
)RKMRI
%TTPMGEXMSR GLEVXW                   
1SHIP HIWMKREXMSR                  
)RKMRI GSRJMKYVEXMSR TEVEQIXIVW        
)RKMRI 'SRXVSP 9RMX )'9
3TIVEXMSR XLISV] SJ                
6ITEMV ERH EHNYWXQIRX               
7IPJHMEKRSWMW                     
)RKMRI GVEROW[SR X WXEVX               
)RKMRI HSIW RSX HIZIPST JYPP TS[IV      
)RKMRI IQMXW I\GIWWMZI FPEGO SV KVE] I\LEYWX
WQSOI                           
)RKMRI IQMXW I\GIWWMZI [LMXI I\LEYWX
WQSOI                           
)RKMRI MHPIW TSSVP]                   
)RKMRI QMWJMVIWVYRW MVVIKYPEVP]          
)RKMRI RSMWI EFRSVQEP               
)RKMRI 4VSXIGXMSR                    
)RKMRI [MPP RSX GVERO                 
*
*1- HIJMRMXMSR SJ                     
0-)&,)66Œ(r(MIWIP )RKMRIW

42!
 4EKI 4EKI

*YIP                                6ITPEGI                          

*YIP HVEMR FEGO XIWX                  
*YIP JMPXIV
)\TPSHIH ZMI[ JMREP                 
)\TPSHIH ZMI[ TVMQEV]               +
3TIVEXMSR                         
6IQSZI ERH MRWXEPP                   +PSWWEV] SJ XIVQW
6ITPEGI                           )PIGXVSRMG GSRXVSP W]WXIQ             
*YIP LIEXIV +SZIVRSV QSHI
6ITPEGI                           %TTPMGEXMSR WTIGMJMGEXMSRW             
*YIP MRNIGXMSR RS^^PIW 3TIVEXMSR                        
%HNYWXQIRX                       
&SVI GPIER                       
'PIER                            ,
(MEKRSWI QEPJYRGXMSRW              
(MWEWWIQFPI                       ,IEXIV EMV MRXEOI
-RWXEPP                            (MEKRSWXMG GLIGO                  
3TIRMRK TVIWWYVI XIWX               3TIVEXMSR                        
3TIVEXMSR                          ,MKL TVIWWYVI [EWLIV YWMRK [MXL IPIGXVMGEP
6IQSZI                          GSQTSRIRXW                       
7IEP MRWXEPPEXMSR                   
7TVE] TEXXIVR XIWX                  
8IWX                            
:EPZI WIEX GLIGOMRK                 -
:EPZI WXIQ ERH KYMHI [IEV GLIGOMRK   
*YIP MRNIGXMSR TYQT -RGL XSVUYI ZEPYIW                    
-RWTIGX                           -RNIGXMSR RS^^PIW
-RWXEPP                            &SVI GPIER                       
3TIVEXMSR                          'PIER                           
6IQSZI                          (MEKRSWI QEPJYRGXMSRW              
7XEXMG XMQMRK                       (MWEWWIQFPI                      
*YIP WYTTP] TYQT -RWXEPP                           
&IRGL XIWX                        6IQSZI                         
-RWXEPP                            -RNIGXMSR TYQT
3TIVEXMSR                          3TIVEXMSR                         
6IQSZI                           7SPIRSMH STIVEXMSR                  
*YIP W]WXIQ -RWXVYQIRX TERIP
%MV MR JYIP XIWX                      &PMROMRK GSHIW                    
&PIIH                    -RWXVYQIRX TERIP )RKMRI -(  2S  ERH
']PMRHIV QMWJMVI XIWX                 
(MEKRSWXMGW 'PIEVMRK WXSVIH GSHIW               
)\GIWWMZI JYIP GSRWYQTXMSR         -RWXVYQIRX TERIP )RKMRI -(  2S  ERH
*YIP MR SMP                       
7YTTP] W]WXIQ GLIGO               (MEKRSWXMG KEYKI HMEKRSWXMGW         
*YIP HVEMR FEGO XIWX                 -RWXVYQIRX TERIP )RKMRI -(  2S  ERH
*YIP WYTTP] TVIWWYVI GLIGO           
*YIP WYTTP] UYEPMX] GLIGO             :MI[MRK EGXMZI GSHIW               
+IRIVEP MRJSVQEXMSR                  :MI[MRK WXSVIH GSHIW               
3TIVEXMSR                          -RWXVYQIRX TERIP )RKMRIW -(  2S 
6IPMIZI TVIWWYVI                     
7YTTP] TVIWWYVI WTIGMJMGEXMSRW          ;MVMRK HMEKVEQ                    
*YIP XIQTIVEXYVI WIRWSV -RXEOI EMV LIEXIV
3TIVEXMSR                          (MEKRSWXMG GLIGO                  

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



42!
 4EKI 4EKI

3TIVEXMSR                         7TIGMJMGEXMSRW

-RXIVQMXXIRX JEYPX HMEKRSWMRK            IRKMRIW -(  2S  ERH 
+SZIVRSV QSHI WIPIGXMSR           
-RWXVYQIRX TERIP [MVMRK HMEKVEQ     
7IRWSVW                         
0 7XEVX GSQTSRIRXW [MVMRK HMEKVEQ    
8SVUYI GYVZI WIPIGXMSR             
0SWW SJ GSSPERX XIQTIVEXYVI WIRWSV ;MVMRK HMEKVEQ                   
3TIVEXMSR                          IRKMRIW -( 2S  ERH 
6IQSZI ERH MRWXEPP                   )'9 XIVQMREP MHIRXMJMGEXMSR          
0YFVMGERXW                           *YIP WYTTP] TVIWWYVI                
0YFVMGMX] SJ HMIWIP JYIP                  +IRIVEP IRKMRI WTIGMJMGEXMSRW          
7TIIH KSZIVRMRK                    
742 HIJMRMXMSR SJ                     
7XEVX GSQTSRIRXW
1 ;MVMRK HMEKVEQ                    

1ERMJSPH EMV XIQTIVEXYVI WIRWSV 8

3TIVEXMSR                         
6ITPEGI                           8IWX
1%8 HIJMRMXMSR SJ                      %MV LIEXIV GLIGO                   
1IXVMG XSVUYI ZEPYIW                    %MV MR JYIP                        
1MWJMVI XIWX G]PMRHIV ']PMRHIV QMWJMVI                    
']PMRHIV QMWJMVI                     *YIP HVEMR FEGO                    
1YPXMQIXIV LS[ XS YWI                  *YIP WYTTP] TVIWWYVI               
*YIP WYTTP] UYEPMX] GLIGO            
*YIP WYTTP] W]WXIQ GLIGO            
8LVSXXPI (8'W
3 0MWXMRK SJ                 
8  1YPXMWXEXI XLVSXXPI MRTYX LMKL     
8  1YPXMWXEXI XLVSXXPI MRTYX PS[      
3MP TVIWWYVI WIRWSV 8  %REPSK XLVSXXPI % MRTYX LMKL     
3TIVEXMSR                          8  %REPSK XLVSXXPI % MRTYX PS[     
6ITPEGI                           8  %REPSK XLVSXXPI & MRTYX LMKL     
8LVSXXPI STIVEXMSR
%REPSK                           
1YPXMWXEXI                         
7 8SSPW
)PIGXVSRMG *YIP 7]WXIQ (MEKRSWXMG      
7IRWSV STIVEXMSR 8SVUYI GYVZI WIPIGXMSR
'SSPERX XIQTIVEXYVI                  %TTPMGEXMSR WTIGMJMGEXMSRW             
'VERO TSWMXMSR                      3TIVEXMSR                        
*YIP XIQTIVEXYVI                    8SVUYI ZEPYIW
0SWW SJ GSSPERX XIQTIVEXYVI            -RGL                             
1ERMJSPH EMV XIQTIVEXYVI               1IXVMG                            
3MP TVIWWYVI                        8VSYFPI GSHIW
7IRWSV VITPEGI (MEKRSWXMG TVSGIHYVI               
'SSPERX XIQTIVEXYVI                  0MWXMRK SJ                         
'VERO TSWMXMSR                     
*YIP XIQTIVEXYVI                   
;
0SWW SJ GSSPERX XIQTIVEXYVI           
1ERMJSPH EMV XIQTIVEXYVI               ;MVMRK HMEKVEQ
3MP TVIWWYVI                        IRKMRIW -(  2S  ERH
7IVMEP RYQFIV TPEXI                                            

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



42!