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UNIVERSIDAD PERUANA LOS ANDES
Educación a Distancia
Huancayo.

IMPRESION DIGITAL
SOLUCIONES GRAFICAS SAC
Jr.PUNO 564-HUANCAYO
Telf. 214433

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;3-9.2412/0 7/ ,4 -.9=/0;<1 :9124>,/ :939 /0 ,4 457;29.?4 7;.;@;74 4 ,90
4,53190 7/ ,4 4../.4 .9=/0;914, 7/ 9124>;,;747 6 ;141A40 -./2/17/
>.;174. 4-969 2/<.;:9 6 -.8:2;:9 4 05 :4-4:;24:;<1 /1 2/340 7/ 57;29.;4
/ B41 7;C;7;79 ,90 2/340 /1 40:?:5,90 /1 ,40 D5/ 0/ B4 ;12.975:;79
,/:25.40 6 ./0E3/1/0 D5/ =4:;,;24.81 /, 7/04..9,,9 7/, :5.09

, 9>F/2;C9 7/ ,4 57;29.;4 /0 -.9-9.:;914. 514 :/.2/A4 .4A914>,/ 7/ D5/

,90 /024790 =;141:;/.90 2934790 7/ =9.34 ;12/@.4, /.2/A4 .4A914>,/ /0 51
2G.3;19 D5/ 0/ ./=;/./ 4 ,4 4:535,4:;<1 7/ ,4 /C;7/1:;4 7/ ,4 457;29.?4
1/:/04.;4 -4.4 D5/ /, 457;29. :91:,564 D5/ 19 B46 341;=/024:;91/0 /..<1/40
05>0241:;4,/0 /1 ,90 /024790 =;141:;/.90

40 /H;@/1:;40 7/ ,90 5054.;90 7/ /024790 =;141:;/.90 457;24790 :./:/.81 6

0/.81 380 09=;02;:4790 -9. ,9 D5/ /, ./D5/.;3;/129 7/ D5/ ,90 457;29./0
:53-,41 :91 19.340 7/ 457;29.?4 ;12/.14:;914,/0 /0 7/ B/:B9 514 ./4,;747
,@5190 :91:/-290 /0/1:;4,/0 /1 ,4 457;29.?4 19 :43>;41I 1; -5/7/1 1;
7/>/1 :43>;4. 4 ;17/-/17/1:;4 3/124, 0;@5/ 0;/179 ,4 :9,5314 C/.2/>.4,
7/ ,4 -.9=/0;<1I ,4 G2;:4 :912;1E4 ;7/12;=;:81790/ :939 /, :;3;/129 7/ ,4
,4>9. 7/ ,90 :912479./0I 6 ,40 19.340 7/ 457;29.?4 -/.341/:/1 :939 ,90
./D5;0;290 3?1;390 7/ :4,;747 ,90 ,;1/43;/1290 7/ :9175:24 D5/ 7/>/
9>0/.C4. /, 457;29.
/.9 ,4 2/:19,9@?4 19 0/ 7/2;/1/ 9. /, :912.4.;9 4C41A4 4 -4090
4:/,/.4790 6 ,40 /H-/:242;C40 7/ :,;/12/0 6 5054.;90 0/ 35,2;-,;:41 ,9 D5/
B4:/ 4E1 380 7/3417412/ ,4 ,4>9. 7/ ,90 :912479./0 -E>,;:90 D5/ ,,/C41 4
:4>9 /, /H43/1 7/ ,90 /024790 =;141:;/.90

1 /02/ :912/H29 0/ 7/04..9,,4 ,4 457;29.?4 :939 4:2;C;747 -9. /H:/,/1:;4

7/, :912479. -E>,;:9 D5/ ,9 ;7/12;=;:4 :91 050 :4.4:2/.?02;:40 380 /0/1:;4,/0
:939 091 ./0-9104>;,;747 / ;17/-/17/1:;4 , 457;29. -4.4 ,,/C4. 4 :4>9
050 =51:;91/0 ./D5;/./ 2/1/. :919:;3;/1290 -.9=51790 09>./ -.;1:;-;90 6
19.340 ;12/.14:;914,/0 7/ :9124>;,;747 19.340 ;12/.14:;914,/0 7/
457;29.?4 -.9:/7;3;/1290 7/ 457;29.?4 -.;1:;-;90 7/ G2;:4 -.9=/0;914,

0-/.9 D5/ /02/ -.;3/. /0=5/.A9 0;.C4 7/ >40/ 4 9>.40 7/ 3469.

/1C/.@475.4 :9124179 0;/3-./ :91 C5/02.4 @/1/.904 :9,4>9.4:;<1

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,90 40-/:290 @/1/.4,/0 6 ,4 =51:;<1 7/, 457;29. /1 ,4
/3-./04 397/.14 6 050 -.;1:;-4,/0 :4.4:2/.?02;:40 0?
:939 ,40 9.340 D5/ 0/ 4-,;:41 /1 ,4 57;29.;4

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1;:;4,3/12/ ,4 457;29.;4 0/ ,;3;29 4 ,40 C/.;=;:4:;91/0 7/ ,90 ./@;02.90
:9124>,/0 7/7;:81790/ 4 9>0/.C4. 0; ,90 3;0390 /.41 /H4:290 9. ,9 24129
/024 /.4 ,4 =9.34 -.;34.;4J 91=.9124. ,9 /0:.;29 :91 ,40 -.5/>40 7/ ,9
4:912/:;79 6 ,40 ./0-/:2;C40 ./=/./1:;40 7/ ,90 ./@;02.90 91 /, 2;/3-9 /,
:43-9 7/ 4::;<1 7/ ,4 457;29.;4 B4 :912;15479 /H2/17;G1790/I 19 9>02412/
091 35:B90 ,90 D5/ 2974C?4 ,4 F5A@41 :939 -9.2479.4 /H:,50;C4 7/ 4D5/,
9>F/29 ./3929 9 0/4 9>0/.C4. ,4 C/.4:;747 6 /H4:2;257 7/ ,90 ./@;02.90
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473;1;02.42;C90 , 457;29. 9>0/.C4 ,4 /H4:2;257 ;12/@.;747 6 452/12;:;747 7/
24,/0 7/3902.4:;91/0 ./@;02.90 6 79:53/1290 K

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 9. 92.4 -4.2/ 2/1/390 ,4 :91:/-254:;<1 0;12G2;:4 7/ 51 -.9=/09. 7/ ,4
51;C/.0;747 7/ +4.C4.7 /, :54, /H-./04 ,9 0;@5;/12/J
K /, /H43/1 7/ 29740 ,40 41924:;91/0 :9124>,/0 4 =;1 7/ :93-.9>4. 05
/H4:2;257 40? :939 ,4 C/.4:;747 7/ ,90 /024790 9 0;254:;91/0 D5/ 7;:B40
41924:;91/0 -.975:/1 K
934179 /1 :5/124 ,90 :.;2/.;90 412/.;9./0 -97/390 7/:;. D5/ ,4 457;29.;4
/0 ,4 4:2;C;747 -9. ,4 :54, 0/ C/.;=;:4 ,4 :9../::;<1 :9124>,/ 7/ ,40 :;=.40 7/
,90 /024790 =;141:;/.90I 0 ,4 ./C;0;<1 3;034 7/ ,90 ./@;02.90 6 =5/12/0 7/
:9124>;,;747 -4.4 7/2/.3;14. ,4 .4:;914>;,;747 7/ ,40 :;=.40 D5/ 35/02.41 ,90
/024790 =;141:;/.90 /3414790 7/ /,,90

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, 9>F/2;C9 7/ ,4 57;29.;4 :910;02/ /1 4-964. 4 ,90 3;/3>.90 7/ ,4 /3-./04
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418,;0;0 /C4,54:;91/0 ./:93/174:;91/0 40/09.?4 / ;1=9.34:;<1
:91:/.1;/12/ 4 ,40 4:2;C;747/0 ./C;04740
4 57;29.;4 /0 -.4:2;:474 /1 514 /3-./04 9 /12;747 -4.4 ,,/@4. 4
/024>,/:/. 4,@519 7/ ,90 0;@5;/12/0 9>F/2;C90J
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7/ ,40 9-/.4:;91/0 7/ ,4 /3-./04 :93/2;790 -9. 050 /3-,/4790
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=;141:;/.90 -./-4.4790 -9. ,4 /3-./04
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,90 /024790 =;141:;/.90
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,40 09,5:;91/0 4 ,40 =4,,40 7/2/:24740

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• 90 =;1/0 7/ ,4 457;29.;4 091 ,90 40-/:290 >4F9 ,90 :54,/0 05 9>F/29 /0
9>0/.C479 97/390 /0:.;>;. ,90 0;@5;/12/0J
• 174@4:;91/0 6 7/2/.3;14:;91/0 09>./ /, /02479 -42.;391;4,
• 174@4:;91/0 6 7/2/.3;14:;91/0 09>./ ,90 /024790 =;141:;/.90
• 174@4:;91/0 6 7/2/.3;14:;91/0 09>./ /, /02479 ./7;254,
• /0:5>.;. /..9./0 6 =.457/0
• ./C/1;. ,90 /..9./0 6 =.457/0
• 0257;90 @/1/.4,/0 09>./ :4090 /0-/:;4,/0 24,/0 :939J
• H83/1/0 7/ 40-/:290 =;0:4,/0 6 ,/@4,/0
• H43/1 -4.4 :93-.4 7/ 514 /3-./04' :/0;<1 -42.;391;4,(
• H43/1 -4.4 ,4 7/2/.3;14:;<1 7/ >40/0 7/ :.;2/.;90 7/ -.9..42/9
/12./ 92.90

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B4>;254,3/12/ :91 ,;>./ /F/.:;:;9 7/ 514 9:5-4:;<1 2G:1;:4
14 457;29.;4 7/>/ B4:/.,4 514 -/.0914 9 =;.34 ;17/-/17;/12/ 7/ :4-4:;747
-.9=/0;914, ./:919:;740 024 -/.0914 9 =;.34 7/>/ 0/. :4-4A 7/ 9=./:/. 514

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457;29.;4 >4081790/ /1 /, B/:B9 7/ D5/ 05 9-;1;<1 B4 7/ 4:93-4L4. /,
;1=9.3/ -./0/12479 4, 2G.3;19 7/, /H43/1 6 :91:/7;/179 D5/ -5/74
/H-./04.0/ 514 9-;1;<1 >40474 /1 ,4 C/.4:;747 7/ ,90 79:53/1290 6 7/ ,90
/024790 =;141:;/.90 6 /1 D5/ 19 0/ ;3-91@4 ./02.;::;91/0 4, 457;29. /1 05
2.4>4F9 7/ ;1C/02;@4:;<1
4F9 :54,D5;/. :;.:510241:;4 51 912479. -.9=/0;914, 4:/.2479 0/ 7;02;1@5/
-9. 514 :93>;14:;<1 7/ 51 :919:;3;/129 :93-,/29 7/ ,90 -.;1:;-;90 6
-.9:/7;3;/1290 :9124>,/0 F5;:;9 :/.2/.9 /0257;90 -.9=/0;914,/0 47/:54790 6
514 ./:/-2;C;747 3/124, ;3-4.:;4, 6 .4A914>,/

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4.4 9.7/14. / ;3-.;3;. :9B/0;<1 4 05 ,4>9. /, 457;29. :5/124 :91 51 514
0/.;/ 7/ =51:;91/0 2/17;/12/0 4 /0257;4. 414,;A4. 6 7;4@1902;:4. ,4
/02.5:25.4 6 =51:;9143;/129 @/1/.4, 7/ 514 9.@41;A4:;<1
40 =51:;91/0 2;-9 7/, 457;29. 091J
• 0257;4. ,4 19.342;C;747 3;0;<1 9>F/2;C90 -9,?2;:40 /02.42/@;40 -,41/0
6 -.9@.4340 7/ 2.4>4F9
• /04..9,,4. /, -.9@.434 7/ 2.4>4F9 7/ 514 457;29.;4
• /=;1;. ,90 9>F/2;C90 4,:41:/ 6 3/2979,9@?4 -4.4 ;102.53/124. 514
457;29.;4
• 4-24. ,4 ;1=9.34:;<1 1/:/04.;4 -4.4 /C4,54. ,4 =51:;914,;747 6
/=/:2;C;747 7/ ,90 -.9:/090 =51:;91/0 6 0;02/340 52;,;A4790
• /:4>4. 6 ./C;04. /0247?02;:40 09>./ C9,E3/1/0 6 :4.@40 7/ 2.4>4F9
• ;4@1902;:4. 09>./ ,90 3G29790 7/ 9-/.4:;<1 6 ,90 0;02/340 7/
;1=9.34:;<1
• /2/:24. ,90 B4,,4A@90 6 /C;7/1:;40 / ;1:9.-9.4.,90 4 ,90 -4-/,/0 7/
2.4>4F9
• /0-/24. ,40 19.340 7/ 4:254:;<1 7;:24740 -9. ,90 @.5-90 7/ =;,;4:;<1
:9.-9.42;C90 0/:29.;4,/0 / ;10241:;40 19.342;C40 6 /1 05 :409
@,9>4,;A479.40
• .9-91/. ,90 0;02/340 473;1;02.42;C90 6M9 ,40 397;=;:4:;91/0 D5/
-/.3;241 /,/C4. ,4 /=/:2;C;747 7/ ,4 9.@41;A4:;<1
• 14,;A4. ,4 /02.5:25.4 6 =51:;9143;/129 7/ ,4 9.@41;A4:;<1 /1 29790 050
83>;290 6 1;C/,/0
• /C;04. /, =,5F9 7/ 74290 6 =9.340
• 910;7/.4. ,40 C4.;4>,/0 43>;/124,/0 6 /:91<3;:40 D5/ ;1:;7/1 /1 /,
=51:;9143;/129 7/ ,4 9.@41;A4:;<1
• 14,;A4. ,4 7;02.;>5:;<1 7/, /0-4:;9 6 /, /3-,/9 7/ /D5;-90 7/ 9=;:;14
• C4,54. ,90 ./@;02.90 :9124>,/0 / ;1=9.34:;<1 =;141:;/.4
• 412/1/. /, 1;C/, 7/ 4:254:;<1 4 2.4CG0 7/ 514 ;12/.4::;<1 6 ./C;0;<1
:912;154 7/ 4C41:/0
• .9-91/. ,90 /,/3/1290 7/ 2/:19,9@?4 7/ -5124 ./D5/.;790 -4.4 ;3-5,04.
/, :43>;9 9.@41;A4:;914,
• ;0/L4. 6 -./-4.4. ,90 ./-9.2/0 7/ 4C41:/ / ;1=9.3/0 7/ 514 457;29.;4

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4.4 -97/. /1:4.@4.0/ 7/ ,4 457;29.;4 7/>/ /024.0/ /1 -90/0;<1 7/ ,4
9-9.2514 B4>;,;24:;<1 473;1;02.42;C4 :939 457;29./0 7/ :5/1240 /
/12;/17/ D5/ 2;/1/1 24, B4>;,;24:;<1 ,90 ;10:.;290 /1 /, /@;02.9 =;:;4, 7/

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+1'2./' 32%/,
4 457;29.;4 H2/.14 /0 /, /H43/1 :.?2;:9 0;02/382;:9 6 7/24,,479 7/ 51
0;02/34 7/ ;1=9.34:;<1 7/ 514 51;747 /:91<3;:4 ./4,;A479 -9. 51
912479. E>,;:9 0;1 C?1:5,90 ,4>9.4,/0 :91 ,4 3;034 52;,;A4179 2G:1;:40
7/2/.3;14740 6 :91 /, 9>F/29 7/ /3;2;. 514 9-;1;<1 ;17/-/17;/12/ 09>./ ,4
=9.34 :939 9-/.4 /, 0;02/34 /, :912.9, ;12/.19 7/, 3;039 6 =9.35,4.
05@/./1:;40 -4.4 05 3/F9.43;/129 , 7;:243/1 5 9-;1;<1 ;17/-/17;/12/
2;/1/ 2.40:/17/1:;4 4 ,90 2/.:/.90 -5/0 74 -,/14 C4,;7/A 4 ,4 ;1=9.34:;<1
@/1/.474 -9. /, 0;02/34 64 D5/ 0/ -.975:/ >4F9 ,4 =;@5.4 7/ ,4 / E>,;:4
D5/ 9>,;@4 4 ,90 3;0390 4 2/1/. -,/14 :./7;>;,;747 /1 ,4 ;1=9.34:;<1
/H43;1474

4 57;29.;4 H2/.14 /H43;14 6 /C4,E4 :54,D5;/.4 7/ ,90 0;02/340 7/

;1=9.34:;<1 7/ 514 9.@41;A4:;<1 6 /3;2/ 514 9-;1;<1 ;17/-/17;/12/ 09>./
,90 3;0390 -/.9 ,40 /3-./040 @/1/.4,3/12/ ./D5;/./1 7/ ,4 /C4,54:;<1 7/
05 0;02/34 7/ ;1=9.34:;<1 =;141:;/.9 /1 =9.34 ;17/-/17;/12/ -4.4 929.@4.,/
C4,;7/A 412/ ,90 5054.;90 7/, -.975:29 7/ /02/ -9. ,9 :54, 2.47;:;914,3/12/
0/ B4 409:;479 /, 2G.3;19 57;29.;4 H2/.14 4 57;29.;4 7/ 024790
;141:;/.90 ,9 :54, :939 0/ 9>0/.C4 19 /0 2924,3/12/ /D5;C4,/12/ -5/0
-5/7/ /H;02;. 57;29.;4 H2/.14 7/, ;02/34 7/ 1=9.34:;<1 .;>524.;9
57;29.;4 H2/.14 7/, ;02/34 7/ 1=9.34:;<1 73;1;02.42;C9 57;29.;4
H2/.14 7/, ;02/34 7/ 1=9.34:;<1 529382;:9 /2:

+1'2./4 ,2%/,
4 457;29.;4 12/.14 /0 /, /H43/1 :.?2;:9 0;02/382;:9 6 7/24,,479 7/ 51
0;02/34 7/ ;1=9.34:;<1 7/ 514 51;747 /:91<3;:4 ./4,;A479 -9. 51
-.9=/0;914, :91 C?1:5,90 ,4>9.4,/0 :91 ,4 3;034 52;,;A4179 2G:1;:40
7/2/.3;14740 6 :91 /, 9>F/29 7/ /3;2;. ;1=9.3/0 6 =9.35,4. 05@/./1:;40
-4.4 /, 3/F9.43;/129 7/ ,4 3;034 0290 ;1=9.3/0 091 7/ :;.:5,4:;<1
;12/.14 6 19 2;/1/1 2.40:/17/1:;4 4 ,90 2/.:/.90 -5/0 19 0/ -.975:/1 >4F9 ,4
=;@5.4 7/ ,4 / 5>,;:4

40 457;29.;40 ;12/.140 091 B/:B40 -9. -/.0914, 7/ ,4 /3-./04 1 457;29.

;12/.19 2;/1/ 4 05 :4.@9 ,4 /C4,54:;<1 -/.341/12/ 7/, :912.9, 7/ ,40
2.4104::;91/0 6 9-/.4:;91/0 6 0/ -./9:5-4 /1 05@/.;. /, 3/F9.43;/129 7/
,90 3G29790 6 -.9:/7;3;/1290 7/ :912.9, ;12/.19 D5/ ./7517/1 /1 514
9-/.4:;<1 380 /=;:;/12/ 6 /=;:4A 54179 ,4 457;29.;4 /028 7;.;@;74 -9.
912479./0 E>,;:90 -.9=/0;914,/0 ;17/-/17;/12/0 ,4 9-;1;<1 7/ 51 /H-/.29
7/0;12/./0479 / ;3-4.:;4, :9102;256/ 514 C/124F4 7/=;1;74 -4.4 ,4 /3-./04 6
514 @4.412?4 7/ -.92/::;<1 -4.4 ,90 ;12/./0/0 7/ ,90 4::;91;0240 ,90
4:.//79./0 6 /, E>,;:9 4 ;3-4.:;4,;747 / ;17/-/17/1:;4 4>09,5240 19 091
-90;>,/0 /1 /, :409 7/, 457;29. ;12/.19 -5/029 D5/ 19 -5/7/ 7;C9.:;4.0/
:93-,/243/12/ 7/ ,4 ;1=,5/1:;4 7/ ,4 4,24 473;1;02.4:;<1 6 451D5/
3412/1@4 514 4:2;257 ;17/-/17;/12/ :939 7/>/ 0/. /024 -5/7/ 0/.
:5/02;91474 412/ ,90 9F90 7/ ,90 2/.:/.90 9. /029 0/ -5/7/ 4=;.34. D5/ /,
57;29. 19 09,43/12/ 7/>/ 0/. ;17/-/17;/12/ 0;19 -4./:/.,9 -4.4 40?
9>2/1/. ,4 :91=;41A4 7/, E>,;:9

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 '5%/%,-' # %,2/% +1'2./' ',2%/, 6 %32%/,
H;02/1 7;=/./1:;40 05>0241:;4,/0 /12./ ,4 57;29.;4 12/.14 6 ,4 57;29.;4
H2/.14 4,@5140 7/ ,40 :54,/0 0/ -5/7/1 7/24,,4. 40?J
1 ,4 57;29.;4 12/.14 /H;02/ 51 C?1:5,9 ,4>9.4, /12./ /, 457;29. 6 ,4
/3-./04 3;/12.40 D5/ /1 ,4 57;29.;4 H2/.14 ,4 ./,4:;<1 /0 7/ 2;-9 :;C;,

1 ,4 57;29.;4 12/.14 /, 7;4@1<02;:9 7/, 457;29. /024 7/02;1479 -4.4 ,4

/3-./04I /1 /, :409 7/ ,4 57;29.;4 H2/.14 /02/ 7;:243/1 0/ 7/02;14
@/1/.4,3/12/ -4.4 2/.:/.40 -/.09140 9 0/4 4F/14 4 ,4 /3-./04

4 57;29.;4 12/.14 /028 ;1B4>;,;2474 -4.4 74. / E>,;:4 7/>;79 4 05

C;1:5,4:;<1 :912.4:254, ,4>9.4, 3;/12.40 ,4 57;29.;4 H2/.14 2;/1/ ,4
=4:5,247 ,/@4, 7/ 74. / E>,;:4

& #'5'- -'7, 1% & +1'2./' 8./ ,'9%&%# 1% / $ :. ;

+1'2./' !', ,-'%/

0 51 -.9:/09 :569 ./05,2479 =;14, /0 ,4 /3;0;<1 7/ 51 ;1=9.3/ /1 /, D5/ /,
457;29. 74 4 :919:/. 05 9-;1;<1 09>./ ,4 0;254:;<1 =;141:;/.4 7/ ,4 /3-./04
/02/ -.9:/09 09,9 /0 -90;>,/ ,,/C4.,9 4 :4>9 4 2.4CG0 7/ 51 /,/3/129 ,,43479
/C;7/1:;4 7/ 457;29.;4 64 D5/ /, 457;29. B4:/ 05 2.4>4F9 -902/.;9. 4 ,40
9-/.4:;91/0 7/ ,4 /3-./04

+1'2./' 1% -+<8&'<'%,2.J
0 ,4 :93-.9>4:;<1 9 /H43/1 7/ 9-/.4:;91/0 =;141:;/.40 473;1;02.42;C40
/:91<3;:40 6 7/ 92.4 ?179,/ 7/ 514 /12;747 -4.4 /024>,/:/. D5/ 0/ B41
./4,;A479 :91=9.3/ 4 ,40 19.340 ,/@4,/0 ./@,43/124.;40 /024254.;40 6 7/
-.9:/7;3;/1290 D5/ ,/ 091 4-,;:4>,/0 024 457;29.;4 0/ -.4:2;:4 3/7;412/ ,4
./C;0;<1 7/ 79:53/1290 D5/ 09-9.241 ,/@4, 2G:1;:4 =;141:;/.4 6
:9124>,/3/12/ ,40 9-/.4:;91/0 -4.4 7/2/.3;14. 0; ,90 -.9:/7;3;/1290
52;,;A4790 6 ,40 3/7;740 7/ :912.9, ;12/.19 /0281 7/ 4:5/.79 :91 ,40 19.340
D5/ ,/ 091 4-,;:4>,/0 6 0; 7;:B90 -.9:/7;3;/1290 /0281 9-/.4179 7/ 341/.4
/=/:2;C4 6 091 47/:54790 -4.4 /, ,9@.9 7/ ,90 9>F/2;C90 7/ ,4 /12;747

+1'2./' 1% %#2'7, 6 /%#+&2 1.#

;/1/ -9. 9>F/29 /, /H43/1 7/ ,4 @/02;<1 7/ 514 /3-./04 :91 /, -.9-<0;29
7/ /C4,54. ,4 /=;:4:;4 7/ 050 ./05,24790 :91 ./0-/:29 4 ,40 3/240 -./C;0240
,90 ./:5.090 B534190 =;141:;/.90 6 2G:1;:90 52;,;A4790 ,4 9.@41;A4:;<1 6
:99.7;14:;<1 7/ 7;:B90 ./:5.090 6 ,90 :912.9,/0 /024>,/:;790 09>./ 7;:B4
@/02;<1
0 514 B/..43;/124 7/ 4-969 /=/:2;C9 4 ,4 @/02;<1 /3-./04.;4, 7917/ 0/
-5/7/ :919:/. ,40 C4.;4>,/0 6 ,90 7;02;1290 2;-90 7/ :912.9, D5/ 0/ 7/>/1
-.975:;. /1 ,4 /3-./04 6 D5/ /02G1 /1 :917;:;91/0 7/ ./:919:/. 6 C4,9.4.
05 ;3-9.241:;4 :939 /,/3/129 D5/ ./-/.:52/ /1 ,4 :93-/2;2;C;747 7/ ,4
3;034 / 2;/1/ /1 :5/124 ,4 7/0:.;-:;<1 6 418,;0;0 7/, :912.9, /02.42G@;:9
/, :912.9, 7/ /=;:4:;4 :53-,;3;/129 7/ 9>F/2;C90 /3-./04.;4,/0 /, :912.9,
9-/.42;C9 9 :912.9, 7/ /F/:5:;<1 6 51 418,;0;0 7/, :912.9, :939 =4:29. :,4C/
7/ :93-/2;2;C;747

13
 +1'2./' 1<','#2/ 2'9
0 /, ./C;04. 6 /C4,54. 0; ,90 3G29790 0;02/340 6 -.9:/7;3;/1290 D5/ 0/
0;@5/1 /1 29740 ,40 =40/0 7/, -.9:/09 473;1;02.42;C9 40/@5.41 /,
:53-,;3;/129 :91 -9,?2;:40 -,41/0 -.9@.4340 ,/6/0 6 ./@,43/124:;91/0
D5/ -5/741 2/1/. 51 ;3-4:29 0;@1;=;:42;C9 /1 9-/.4:;<1 7/ ,90 ./-9.2/0 6
40/@5.4. D5/ ,4 9.@41;A4:;<1 ,90 /02/ :53-,;/179 6 ./0-/24179
0 /, /H43/1 3/2<7;:9 6 9.7/1479 7/ ,90 9>F/2;C90 7/ 514 /3-./04 7/ 05
/02.5:25.4 9.@81;:4 6 7/ ,4 52;,;A4:;<1 7/, /,/3/129 B53419 4 =;1 7/
;1=9.34. ,90 B/:B90 ;1C/02;@4790 5 ;3-9.241:;4 .47;:4 /1 /, B/:B9 7/ D5/
-.9-9.:;914 4 ,90 7;./:2;C90 7/ 514 9.@41;A4:;<1 51 -419.434 09>./ ,4
=9.34 :939 /024 0;/179 473;1;02.474 -9. ,90 7;=/./12/0 1;C/,/0 F/.8.D5;:90
6 9-/.42;C90 0/L4,4179 4:;/.290 6 7/0C;4:;91/0 7/ 4D5/,,40 8./40 :5690
-.9>,/340 473;1;02.42;C90 7/2/:24790 /H;@/1 514 3469. 9 -.9124 42/1:;<1

+1'2./4 1% %#2'7, <$'%,2 &

4 :./:;/12/ 1/:/0;747 7/ :912.9,4. /, ;3-4:29 43>;/124, D5/ @/1/.41 ,40
4:2;C;747/0 B534140 B4 B/:B9 D5/ 7/12.9 7/ 35:B90 0/:29./0 ;17502.;4,/0
0/ -.975A:4 51 ;1:./3/129 7/ ,4 0/10;>;,;A4:;<1 ./0-/:29 4, 3/7;9 43>;/12/
/>;79 4 /029 ,40 0;3-,/0 4:254:;91/0 -4.4 40/@5.4. /, :53-,;3;/129
,/@;0,42;C9 B41 7479 -409 4 0;02/340 7/ @/02;<1 3/7;943>;/124, D5/
-/.3;2/1 /02.5:25.4. / ;12/@.4. 29790 ,90 40-/:290 3/7;943>;/124,/0
:99.7;14179 ,90 /0=5/.A90 D5/ ./4,;A4 ,4 /3-./04 -4.4 ,,/@4. 4 9>F/2;C90
-./C;0290
0 1/:/04.;9 414,;A4. 6 :919:/. /1 2979 393/129 29790 ,90 =4:29./0 7/
:91243;14:;<1 D5/ @/1/.41 ,40 4:2;C;747/0 7/ ,4 /3-./04 6 -9. /02/
392;C9 0/.8 1/:/04.;9 D5/ 7/12.9 7/, /D5;-9 B53419 0/ 7;0-91@4 7/
-/.09140 :54,;=;:4740 -4.4 /C4,54. /, -90;>,/ ;3-4:29 D5/ 0/ 7/.;C/ 7/ ,90
C/:29./0 43>;/124,/0 024>,/:/. 514 =9.34 0;02/382;:4 7/ ./4,;A4. /024
/C4,54:;<1 /0 514 B/..43;/124 >80;:4 -4.4 D5/ ,40 :91:,50;91/0 7/ ,40
3;0340 4-9.2/1 3/F9.40 4, 0;02/34 7/ @/02;<1 /024>,/:;79 4 4-,;:4:;<1
-/.341/12/ 7/, :91:/-29 3/F9.4 :912;154 /0 51 ./=/./12/ D5/ /1 /, :43-9
3/7;943>;/124, 2;/1/ 514 ;1:;7/1:;4 -.8:2;:4 :9102412/ 6 -9. /02/ 392;C9
,4 ./C;0;<1 7/ 29790 ,90 40-/:290 ./,4:;914790 :91 ,4 3;1;3;A4:;<1 7/,
;3-4:29 43>;/124, 2;/1/ D5/ 0/. 514 4::;<1 ./4,;A4740 0;1 ;12/..5-:;<1

+1'2./' ',5./<=2'- 1% #'#2%< #

/ 9:5-4 7/ 414,;A4. ,4 4:2;C;747 D5/ 0/ :919:/ :939 2G:1;:4 7/ 0;02/340
/1 29740 050 =4:/240 +96 ,4 ;3-9.241:;4 :./:;/12/ 7/ ,40
2/,/:9351;:4:;91/0 B4 -.9-;:;479 D5/ ,40 :9351;:4:;91/0 ?1/40 6 ./7/0 7/
,40 ;1024,4:;91/0 ;1=9.382;:40 0/ 457;2/1 -9. 0/-4.479 451D5/ =9.3/1
-4.2/ 7/, /129.19 @/1/.4, 7/ 0;02/340
5 =;14,;747 /0 /, /H43/1 6 418,;0;0 7/ ,90 -.9:/7;3;/1290 473;1;02.42;C90 6
7/ ,90 0;02/340 7/ :912.9, ;12/.19 7/ ,4 :93-4L?4 457;2474 , =;14,;A4. /,
2.4>4F9 ./4,;A479 ,90 457;29./0 /H-91/1 /1 05 ;1=9.3/ 4D5/,,90 -51290
7G>;,/0 D5/ B4641 -97;79 7/2/:24. 40? :939 ,40 ./:93/174:;91/0 09>./ ,90
:43>;90 :91C/1;/12/0 4 ;12.975:;. /1 05 9-;1;<1 /1 ,4 9.@41;A4:;<1 7/ ,4
:93-4L?4
9.34,3/12/ ,40 /3-./040 =51:;9141 :91 -9,?2;:40 @/1/.4,/0 -/.9 B46
-.9:/7;3;/1290 6 3G29790 D5/ 091 2G.3;190 380 9-/.42;C90 90
-.9:/7;3;/1290 091 243>;G1 0;02/340I 0; /0281 >;/1 B/:B90 ,4 /3-./04

14
=51:;914.8 3/F9. 4 457;29.;4 7/ 0;02/340 414,;A4 29790 ,90 -.9:/7;3;/1290
6 3G29790 7/ ,4 /3-./04 :91 ,4 ;12/1:;<1 7/ 3/F9.4. 05 /=;:4:;4

> ;

024 /0-/:;4,;747 ,,/C4 4, .9=/0;914, 912479. E>,;:9 9,/@;479 4 /F/.:/.,4

:91 /, 38H;39 7/ 43-,;257 ./0-9104>;,;747 / ;17/-/17/1:;4 7/ :.;2/.;9
-4.4 ,9 :54, ,90 -51290 D5/ ./D5;/./ 05 /0257;9 091J

024 ,4>9. 2;/17/ 4 /024>,/:/. 0; ,40

9-/.4:;91/0 B41 0;79 :9../:243/12/ ./@;02.4740 0;1 /..9./0 4.;23G2;:90
9 2G:1;:90 7/.;C4790 7/ 1/@,;@/1:;4 9 7/ 34,4 =/ 4 ./C;0;<1 -/.;<7;:4
7/ ,90 ,;>.90 :9102;256/ -4.4 ,40 /3-./040 -.92/::;<1 6 0/@5.;747 4
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,9 :54, 0/ :912.424.8 4 51 57;29. -4.4 D5/ /=/:2E/ /H83/1/0
/0-/:;4,/0 :91 ;17/-/17/1:;4 7/ :54,D5;/. 92.9 40-/:29 2G:1;:9 :939
0/.?4 ,4 :/.2;=;:4:;<1 7/ >4,41:/0
! 1 /024 ,4>9. /, 57;29. 7/>/.8
./C;04. 29740 ,40 9-/.4:;91/0 /=/:254740 /1 51 7/2/.3;1479 /F/.:;:;9
1 /02/ :409 ,4 =51:;<1 7/, 57;29. 0/ 9.;/124 :91 -./=/./1:;4 4, /0257;9
7/ ,40 5/1240 7/, :2;C9 40;C9 6 05>7;C;0;914.;40 7/ G.7;740 6
4141:;40 C/.;=;:4179 ,4 /H4:2;257 7/ ,90 C4,9./0 /1 :412;747/0 /
;3-9.2/0 6 414,;A4179 /, 39C;3;/129 412/.;9. 7/ :474 .5>.9 09,43/12/
:54179 ,9 :./4 1/:/04.;9
! / ./75:/ ,4
,4>9. 7/, 57;29. /1 /02/ :409 4 /H43;14. ,4 9124>;,;747 7/ ,4 /3-./04
9 /12;747 -4.4 7/2/.3;14. ,4 :91=9.3;747 9 C/.4:;747 7/ 4,@5140
9-/.4:;91/0 9 4::;91/0 :91:./240 1 /0240 0;254:;91/0 /, 57;29. 0/
,;3;24.8 4 ./C;04. 6 C/.;=;:4. ,4 ./@;02.4:;<1 :9124>,/ 6 050
:9../0-917;/12/0 79:53/1290
? @ , 57;29. /1 @/1/.4,
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4 514 7/2/.3;1474 /3-./04 9 /12;747 -9. /,,9 050 0/.C;:;90 -5/7/1 0/.
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473;1;02.4:;<1 6 7/ :912.9, 4 52;,;A4.0/ /029 4, ;1;:;4.0/ ,40 9-/.4:;91/0
7/ ,4 /3-./04 9 /12;747
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0/.C;:;90 .9=/0;914,/0 7/, 57;29. -5/7/ 0/. 09,;:;2479 -4.4 :43>;4. 9
397/.1;A4. 2924,3/12/ 51 0;02/34 9124>,/ D5/ 64 0/ /1:5/12.4 /1
=51:;9143;/129 9 >;/1 -4.4 :9../@;. :;/.240 =4,,40 /1 05 =51:;9143;/129
, 57;29. -.9:5.4.8 D5/ /, ;02/34 9124>,/ 0/4 /=;:;/12/ 397/.19 6
/1:547.479 7/12.9 7/ ,90 ./D5;0;290 7/, 912.9, 12/.19
! ! 024 =51:;<1 ./05,24
7/ 0534 ;3-9.241:;4 -4.4 /, 57;29. 64 D5/ -97.8 04:4. :91:,50;91/0
:91:./240 7/0-5G0 7/, 418,;0;0 4 ,40 4:2;C;747/0 /:91<3;:40 D5/ ./4,;A4
,4 /3-./04 ,40 3;0340 D5/ 0/.C;.81 4 ,4 4,24 7;./::;<1 7/ ,4 /3-./04 4
2934. 7/:;0;91/0 -4.4 3/F9.4. ,4 0;254:;<1 7/ ,4 3;034

15
 4 457;29.;4 /0 ,4 4:2;C;747 -9. ,4 :54, 0/ C/.;=;:4 ,4 :9../::;<1
:9124>,/ 7/ ,40 :;=.40 7/ ,90 /024790 =;141:;/.90I 0 ,4 ./C;0;<1 3;034
7/ ,90 ./@;02.90 6 =5/12/0 7/ :9124>;,;747 -4.4 7/2/.3;14. ,4
.4:;914>;,;747 7/ ,40 :;=.40 D5/ 35/02.41 ,90 /024790 =;141:;/.90
/3414790 7/ /,,90
4 57;29.;4 12/.14 /028 ;1B4>;,;2474 -4.4 74. / E>,;:4 7/>;79 4 05
C;1:5,4:;<1 :912.4:254, ,4>9.4, 3;/12.40 ,4 57;29.;4 H2/.14 2;/1/ ,4
=4:5,247 ,/@4, 7/ 74. / E>,;:4

; > !

40 9.340 12/.14:;914,/0 7/ 57;29.;4 :912;/1/1 -.;1:;-;90 >80;:90 6

-.9:/7;3;/1290 /0/1:;4,/0 /0240 091 /3;2;740 /1 790 0/.;/0 0/-4.4740J 4
7/ /.C;:;90 7/ 57;29.;4 ' 0( 6 ,4 7/ /.C;:;90 =;1/0 ' 0M 0( ,
34.:9 7/0:.;>/ ,90 0/.C;:;90 D5/ /, 57;29. -5/7/ :93-.93/2/.0/ 4 ./4,;A4.
/1 ./,4:;<1 :91 /, 1;C/, 7/ :/.2;753>./ ./05,2412/ 4 57;29.;4 6 ,4 ./C;0;<1
/0281 7;0/L4740 -4.4 -/.3;2;. D5/ /, 57;29. /H-./0/ 1;C/,/0 7/
:/.2;753>./ 4,29 6 397/.4790 ./0-/:2;C43/12/ /1 ./,4:;<1 :91 ,4
/H;02/1:;4 9 19 7/ /..9./0 342/.;4,/0 /1 ,4 ;1=9.34:;<1

/ 7;C;7/1 /1 15/C/ @.5-90 :91 2/382;:40 0;3;,4./0J

051290 ;12.975:29.;40
/0-9104>;,;747/0
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C;7/1:;4 7/ 457;29.;4
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$ $ N./40 /0-/:;4,;A4740
/.C;:;90 ./,4:;914790 ' 0(

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4 9.34 7/0:.;>/ ,4 ./0-9104>;,;747 7/ ,4 7;./::;<1 /1 ./,4:;<1 :91 ,90
/024790 =;141:;/.90 40? :939 ,40 :5/02;91/0 @/1/.4,/0 ./,42;C40 4, 9>F/2;C9 6
-.;1:;-;90 >80;:90 7/ ,4 457;29.;4 7/ ,90 /024790 =;141:;/.90 ./4,;A474 -9.
457;29. ;17/-/17;/12/

* # - /2 # A 8/.8+%#2
40 :4.240 -.9-5/024 D5/ /, 457;29. /1C?4 4, :,;/12/ 2;/1/1 -9. 9>F/29
79:53/124. 6 :91=;.34. ,4 4:/-24:;<1 -9. /, 457;29. 7/, /1:4.@9 ./4,;A479

16
/, 4,:41:/ 7/ 05 2.4>4F9 ,4 /H2/10;<1 7/ 050 ./0-9104>;,;747/0 6 /,
:912/1;79 -./C;0;>,/ 7/, ;1=9.3/ 4 9.34 7/0:.;>/ ,90 :912/1;790 5054,/0
/1 514 :4.24 -.9-5/024 6 /, 1/H9 ;1:,56/ 51 397/,9 7/ 7;:B4 :4.24

/',-'8'.# $=#'-.# B+% /' %, +, +1'2./'

024 9.34 7/0:.;>/ ,90 -.;1:;-;90 >80;:90 D5/ @9>;/.141 ,4 ./0-9104>;,;747
-.9=/0;914, 7/, 457;29. D5/ 7/>/1 2/1/.0/ /1 :5/124 :54179 0/ ,,/C4 4 :4>9
514 457;29.;4 91 ,90 7/ ;12/@.;747 9>F/2;C;747 / ;17/-/17/1:;4 0/:./29
-.9=/0;914, 4-2;257/0 6 :93-/2/1:;4 2.4>4F9 ./4,;A479 -9. 92.90
79:53/124:;<1 -,41;=;:4:;<1 9>2/1:;<1 7/ /C;7/1:;4 7/ 457;29.;4 ./C;0;<1
7/ ,90 0;02/340 :9124>,/0 6 7/ :912.9, ;12/.19 ./C;0;<1 7/ ,40 :91:,50;91/0
9>2/1;740 6 /,4>9.4:;<1 7/, ;1=9.3/ 0290 -.;1:;-;90 >80;:90 091 7/ :4-;24,
;3-9.241:;4 -4.4 /, 7/04..9,,9 7/ ,40 ./02412/0 9.340 12/.14:;914,/0 7/
57;29.;4

& ,'5'- -'7, 1% & +1'2./'

024 9.34 0/ ./=;/./ 4, -.9:/09 7/ -,41;=;:4:;<1 7/ ,4 457;29.;4 24129 7/
,90 /024790 =;141:;/.90 :939 7/ :54,D5;/. 92.4 ;1=9.34:;<1 =;141:;/.4 028
=9.35,474 /1 /, :912/H29 7/ 457;29.;40 -/.;<7;:40 ;7/12;=;:4 ,90 /,/3/1290
>80;:90 /1 /, -.9:/09 7/ -,41;=;:4:;<1 6 053;1;02.4 /F/3-,90 -.8:2;:90 7/
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4 47/:5474 -,41;=;:4:;<1 7/ ,4 457;29.;4 :912.;>56/ 4 40/@5.4. D5/ 0/
-./024 ,4 42/1:;<1 47/:5474 4 ,40 -.;1:;-4,/0 8./40 7/ ,4 3;034 D5/ ,90
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./4,;A4 ?12/@.4 6 /=;:4A3/12/ 4 -,41;=;:4:;<1 243>;G1 /0 51 -5129 7/
4-969 /1 ,4 47/:5474 52;,;A4:;<1 7/, -/.0914, 45H;,;4. 6 /1 ,4 :99.7;14:;<1
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2'&'( -'7, 1%& 2/ $ :. 1% .2/. +1'2./

1 /024 9.34 0/ 7/0:.;>/1 ,40 :5/02;91/0 D5/ 7/>/1 2/1/.0/ /1 :5/124
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4-,;:4>,/ :54179 51 457;29. ;17/-/17;/12/ ,,43479 4 /,4>9.4. 51 ;1=9.3/
09>./ ,90 /024790 =;141:;/.90 7/ 514 /12;747 52;,;A4 /, 2.4>4F9 D5/ 92.9
457;29. B4 ./4,;A479 /1 ./,4:;<1 :91 ,90 /024790 =;141:;/.90 7/ 514 9 380
=;,;4,/0 409:;4740 05:5.04,/0 9 7;C;0;91/0 ;1:,5;740 /1 ,4 ;1=9.34:;<1
=;141:;/.4 7/ ,4 -.;3/.4 ,90 /=/:290 7/ /024 9.34 0/ :910;7/.41 :939
92.90 457;29./0 ,40 9=;:;140 7/ ,4 /3-./04 7/, 457;29. -.;1:;-4, 0;254740 /1
92.90 -4?0/0 ,40 09:;/747/0 7/ 457;29.;4 4=;,;4740 ,40 :9../0-9104,/0 6 ,90
457;29./0 D5/ 0;1 2/1/. /1 -.;1:;-;9 ./,4:;<1 /0281 ;3-,;:4790 /1 ,4
457;29.;4 7/ ,90 :93-91/12/0 7/ ,4 /12;747

C 9 &+ -'7, 1%& /'%# . 6 1%& -.,2/.& ',2%/,.

4 7;./::;<1 7/ ,4 /3-./04 /0 ./0-9104>,/ 7/, 3412/1;3;/129 7/ 51
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:9../0-917;/12/0 :912.9,/0 ;12/.190 /1 ,4 3/7;74 9-9.2514 4 ,4 7;3/10;<1
6 1425.4,/A4 7/ 05 4:2;C;747 9 9>02412/ /, 457;29. 1/:/0;24 0/@5.;747
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:912.9,/0 ;12/.190 :912.;>56/1 19.34,3/12/ 4 ,4 9>2/1:;<1 7/ 24, 0/@5.;747

17
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/12./ :912.9,/0 :91:./290 7/ 514 457;29.;4 6 :912.9,/0 @/1/.4,/0 7/ :4,;747
479-24790 -9. ,4 /3-./04 7/ 457;29.;4 51D5/ 0/ ./:919:/ ,4 ./,4:;<1
/12./ ,90 790 2;-90 7/ :912.9, 7/ 341/.4 D5/ ,90 :912.9,/0 @/1/.4,/0
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2/1/. /1 :5/124 -4.4 :53-,;. :91 ,90 -.;1:;-;90 >80;:90 7/ 514 457;29.;4
:54179 0/ 7/,/@4 2.4>4F9 /1 -/.0914, 45H;,;4. 4 ,4 C/A D5/ 0/ 053;1;02.41
:.;2/.;90 -4.4 D5/ 514 /3-./04 7/ 457;29.;4 /024>,/A:4 :912.9,/0 @/1/.4,/0
09>./ ,4 :4,;747 7/ 05 2.4>4F9 / ;1:,56/ 51 41/H9 :91 /F/3-,90 7/
-.9:/7;3;/1290 7/ :912.9, :91 ,4 =;14,;747 7/ 46574. 4 ,40 /3-./040 7/
457;29.;4 4 ;3-,4124. 050 -9,?2;:40 7/ :912.9, 7/ :4,;747

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4 /C;7/1:;4 /1 ,4 457;29.;4 /0 ,4 ;1=9.34:;<1 9>2/1;74 -9. /, 457;29.
09-9.2/ 7/ ,40 :91:,50;91/0 /1 ,40 D5/ 0/ >404 05 9-;1;<1 09>./ ,90 /024790
=;141:;/.90 1 /024 9.34 0/ 7/0:.;>/ ,4 1425.4,/A4 6 =5/12/0 7/ ,4
/C;7/1:;4 7/ 457;29.;4 ,90 =4:29./0 /1 D5/ 0/ >404 05 ;791/;747 47/:54:;<1
6 05=;:;/1:;4 6 ,90 3/7;90 -9. ,90 D5/ -5/7/1 0/. 9>2/1;74 /1 ,4 /F/:5:;<1
7/ -.5/>40 7/ :53-,;3;/129 6 7/ -.9:/7;3;/1290 0502412;C90 /
:912/3-,41 :.;2/.;90 -4.4 ,4 4-,;:4:;<1 7/ ,90 -.9:/7;3;/1290 2/17/12/0 4 ,4
9>2/1:;<1 7/ /C;7/1:;4 7/ 457;29.;4 $ -./0/1:;4 /1 /, ;1C/124.;9
:91=;.34:;<1 7;./:24 7/ :5/1240 4 :9>.4. 6 :9351;:4:;<1 :91 ,90 40/09./0
F5.?7;:90 7/, :,;/12/( D5/ 091 @/1/.4,3/12/ 4:/-24790 :939 ,90 380
47/:54790 -4.4 053;1;02.4. /C;7/1:;4 =;4>,/ /1 ./,4:;<1 :91 7/2/.3;14740
.E>.;:40

.-+<%,2 -'7, E8 8%&%# 1% 2/ $ :.F

/ /024>,/:/1 :.;2/.;90 @/1/.4,/0 09>./ ,4 =9.34 6 :912/1;79 7/ ,90 -4-/,/0
7/ 2.4>4F9 40? :939 /F/3-,90 :91:./290 7/ 79:53/124:;<1 -./-4.474 5
9>2/1;74 19.34,3/12/ -9. /, 457;29. / :93/1241 40;3;039 :5/02;91/0
./,42;C40 4 ,4 -.9-;/747 6 :50297;4 7/ ,90 -4-/,/0 7/ 2.4>4F9

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4 =51:;<1 7/ 457;29.;4 ;12/.14 :9102;256/ 51 :93-91/12/ 7/, :912.9,
;12/.19 ,,/C479 4 :4>9 -9. -/.0914, 7/02;1479 /0-/:?=;:43/12/ -9. ,4
/12;747 -4.4 24, :93/2;79 19 7/ ,90 9>F/2;C90 7/, 457;29. ;12/.19 /0
7/2/.3;14. 0; ,90 :912.9,/0 ;12/.190 /0281 >;/1 7;0/L4790 6 0; 4:2E41
:9../:243/12/ 14 >5/14 -4.2/ 7/, 2.4>4F9 7/, 7/-4.243/129 7/ 457;29.;4
;12/.14 -5/7/ 0/. E2;, -4.4 /, 457;29. ;17/-/17;/12/ /1 05 :93/2;79 7/
/H43;14. ,4 ;1=9.34:;<1 =;141:;/.4 / 053;1;02.41 /1 /024 9.34 :.;2/.;90
09>./ ,90 -.9:/7;3;/1290 4 2/1/. /1 :5/124 -9. /, 457;29. ;17/-/17;/12/ 4,
/C4,54. /, 2.4>4F9 7/, 457;29. ;12/.19

18
 !/ +1%# 6 %//./%#
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05 -./C/1:;<1 :9../0-917/ 4 ,4 7;./::;<1 7/ ,4 /3-./04 , 457;29. 7/>/
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7/2/::;<1 7/ ,90 /=/:290 0;@1;=;:42;C90 ./05,2412/0 7/ =.457/0 6 /..9./0 /
/153/.41 -.9:/7;3;/1290 D5/ -5/7/1 2/1/.0/ /1 :5/124 :54179 0/ ;17;:4
4, 457;29. ,4 -90;>,/ /H;02/1:;4 7/ =.457/0 9 /..9./0

* %9'#'7, , &42'-
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7/ 514 457;29.;4 43>;G1 0/ :93/124 ,4 1/:/04.;4 ;1C/02;@4:;<1 -9. /,
457;29. 7/ =,5:254:;91/0 ;15054,/0

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;1=9.3/ /3;2;79 :91 9:40;<1 7/ 514 457;29.;4 ;17/-/17;/12/ 7/ ,90 /024790
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52;,;A4. :54179 0/ /3;24 514 9-;1;<1 0;1 ./0/.C40 6 7;0:52/ ,40
:;.:510241:;40 7/ ,40 D5/ -5/7/ ./05,24. 514 9-;1;<1 7;=/./12/ 4 ,4 ;17;:474
1 51 1/H9 0/ ;1:,56/1 /F/3-,90 7/ ;1=9.3/0 :91 9-;1;<1 0;1 ./0/.C40 :91
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=;141:;/.9 :939 19 =;141:;/.9 ;1:,5;79 /1 51 79:53/129 D5/ :912;/1/ ,90
/024790 =;141:;/.90 457;24790 7/ ,4 /12;747 F5129 :91 /, ;1=9.3/ 7/ 457;29.;4
/3;2;79 09>./ /,,90 40 /12;747/0 19.34,3/12/ -5>,;:41 24, 79:53/129 :91
:4.8:2/. 4154, B4>;254,3/12/ >4F9 ,4 7/193;14:;<1 7/ ;1=9.3/ 9 3/39.;4
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B4:/.,9 024 9.34 :912/3-,4 ,40 :910;7/.4:;91/0 D5/ 7/>/ ./4,;A4. /,
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;1=9.3/ 09>./ ,4 3;034 40? :939 ,40 4::;91/0 D5/ 7/>/ 4:93/2/. 0; /H;02/1
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457;29.;4P :54179 /, 2.4>4F9 0/ ./4,;A4 /1 51 :912/H29 ;1=9.342;A479 /
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19
457;29.;4 6 4 ,4 :93-.9>4:;<1 7/ ,90 74290 4 9.34 :912/3-,4 ,90 :4090
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2934. ,4 7/:;0;<1 7/ 52;,;A4.,40 9 19 40? :939 ,40 -.;1:;-4,/0 /24-40 /1 ,4
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./75:;79 2434L9

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9124>;,;747 ' ( 1E3 O 1=9.34:;<1 09>./ 2/.:/.90 C;1:5,4790P
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47/:54743/12/ ,40 ./,4:;91/0 :91 2/.:/.90 C;1:5,4790 6 ,40 2.4104::;91/0
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/3-,/479 :91 9 -9. /, :,;/12/ 9 /, -.9-;9 457;29. 4 9.34 ;1:,56/
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7/>/ B4:/.0/ 09>./ ,40 4-2;257/0 :93-/2/1:;4 6 9>F/2;C;747 7/, /H-/.29 ,
3;039 2;/3-9 /024 9.34 -91/ 7/ 341;=;/029 ,40 :5/02;91/0 D5/ 7/>/
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2/1/. /1 :5/124 7;0/L4 6 0/,/::;914 514 35/02.4 7/ 457;29.;4 6 :54179
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/1 51 :912/H29 ;1=9.342;A479P

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20
8.#2%/'./'1 1 & 8+$&'- -'7, 1% &.# %#2 1.# 5', ,-'%/.#
/ 053;1;02.41 /1 /024 9.34 :.;2/.;90 ./,4:;914790 :91 ,4 =/:B4
7/, ;1=9.3/ 7/ 457;29.;4I :91 ,4 ./0-9104>;,;747 7/, 457;29. /1 ./,4:;<1 :91
B/:B90 -902/.;9./0 D5/ 091 ,90 4:912/:;3;/1290 ;3-9.2412/0 4:4/:;790 2.40
,4 =/:B4 7/ :;/../ 7/, >4,41:/I 6 =;14,3/12/ :91 ,4 ./0-9104>;,;747 7/,
457;29. /1 ./,4:;<1 :91 /, 7/0:5>.;3;/129 7/ B/:B90 7/0-5G0 7/ D5/ ,90
/024790 =;141:;/.90 0/ B4641 -5>,;:479
4 9.34 7/0:.;>/ ,40 /24-40 D5/ :5>./ 19.34,3/12/ /, 457;29. -4.4
;7/12;=;:4. ,90 B/:B90 -902/.;9./0 ,4 ./0-9104>;,;747 /1 ./,4:;<1 :91 ,90
B/:B90 -902/.;9./0 4 ,4 =/:B4 7/, ;1=9.3/ 7/ 457;29.;4 -/.9 -./C;90 4 ,4
-5>,;:4:;<1 7/ ,90 /024790 =;141:;/.90 6 /, 7/0:5>.;3;/129 7/ B/:B90
-902/.;9./0 4 /024 E,2;34 =/:B4 1 51 1/H9 0/ ;1:,56/1 /F/3-,90 7/
;1=9.3/0 7/ 457;29.;4 ./,42;C90 4 /024790 =;141:;/.90 64 ./C;04790

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09>./ ,40 :;.:510241:;40 /1 ,40 D5/ 7/>/1 9>2/1/.0/ 7/:,4.4:;91/0 /0:.;240
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:5/02;91/0 ;3-9.2412/0 7/ ,90 /024790 =;141:;/.90 /, 457;29. 7/>/ 9>2/1/.
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:91 92.40 7/:,4.4:;91/0 40? :939 /C4,54. 0; -5/7/ /0-/.4.0/ D5/ ,4
-/.0914 D5/ B4:/ ,4 7/:,4.4:;<1 /02G >;/1 ;1=9.3479
43>;G1 B4:/ 1924. D5/ ,40 7/:,4.4:;91/0 7/>/1 79:53/124.0/ /1 ,90
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7/:,4.4:;91/0 /0:.;240 4 9.34 243>;G1 /153/.4 ,40 :917;:;91/0 -4.4
9>2/1/. 514 :4.24 7/ ,4 7;./::;<1 40? :939 ,40 :910;7/.4:;91/0 D5/ 7/>/
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7/:,4.4:;91/0 09>./ :5/02;91/0 D5/ 0/ :910;7/.41 1/:/04.;40

* & 8/',-'8'. 1% %<8/%# %, 5+,-'., <'%,2.

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4 9.34 -91/ 7/ 341;=;/029 D5/ /1 450/1:;4 7/ ;17;:4:;<1 09>./ ,9
:912.4.;9 0/ 4053/ ,4 4-,;:4:;<1 19.34, 7/, -.;1:;-;9 7/ /3-./04 /1
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/024 05::;<1 19 ./05,24 F502;=;:474 ,4 /12;747 19 -97.8 ./4,;A4. 050 4:2;C90 4
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1/:/04.;9 4F5024. ,90 /024790 =;141:;/.90
4 1E3 053;1;02.4 /F/3-,90 7/ ;17;:479./0 D5/ -5/7/1 -91/. 7/
341;=;/029 D5/ ,4 :912;15;747 >4F9 /, -.;1:;-;9 7/ /3-./04 /1
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7/380 -91/ 7/ 341;=;/029 ,40 :910;7/.4:;91/0 4 ./4,;A4. /1 /, ;1=9.3/ /1
24,/0 :;.:510241:;40

21
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/1 :4090 :939 ,90 0;@5;/12/0J 4( /024790 =;141:;/.90 -./-4.4790 7/ 4:5/.79
:91 51 :91F5129 7/ -.;1:;-;90 :9124>,/0 7;=/./12/0 4 ,90 @/1/.4,3/12/
473;2;790 >( -4.2/0 :91:./240 7/ ,90 /024790 =;141:;/.90 :( :53-,;3;/129
7/ 4:5/.790 :912.4:254,/0 6 7( /024790 =;141:;/.90 4>./C;4790 90 1/H90
;1:,56/1 /F/3-,90 7/ /0290 ;1=9.3/0 :91 =;14,;747/0 /0-/:;4,/0

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24
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25
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26
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/, :919:;3;/129 7/ ,4 4:2;C;747 D5/ 7/04..9,,4 ,4 /12;747 4 /H43;14. :939
7/ ,40 7;0-90;:;91/0 ,/@4,/0 D5/ ,4 4=/:241 4 -,41;=;:4:;<1 7/ 514 457;29.;4
;3-,;:4 7/04..9,,4. 514 /02.42/@;4 @/1/.4, -4.4 05 :9175::;<1 4 =;1 7/
40/@5.4. D5/ /, 457;29. 2/1@4 51 :4>4, :919:;3;/129 6 :93-./10;<1 7/ ,40
4:2;C;747/0 0;02/340 7/ :912.9, / ;1=9.34:;<1 6 7;0-90;:;91/0 ,/@4,/0
4-,;:4>,/0 4 ,4 /12;747I D5/ ,/ -/.3;241 /C4,54. /, 1;C/, 7/ .;/0@9 7/
457;29.;4 40? :939 7/2/.3;14. 6 -.9@.434. ,4 1425.4,/A4 9-9.251;747 6
4,:41:/ 7/ ,90 -.9:/7;3;/1290 4 4-,;:4. 4 -,41;=;:4:;<1 7/ ,4 457;29.;4 7/>/
;1:,5;. ,4 /C4,54:;<1 7/ ,90 ./05,24790 7/ ,4 @/02;<1 7/ ,4 /12;747 4
/H43;14. /1 ./,4:;<1 4 ,90 9>F/2;C90 3/240 6 -.9@.4340 -./C;0290
, :91:,5;. ,4 ./:9,/::;<1 6 /0257;9 7/ ;1=9.34:;<1 /, 457;29. 79:53/124.8
05 2.4>4F9 3/7;412/J
4 /0:.;-:;<1 7/ ,40 4:2;C;747/0 7/ ,4 /12;747 ./053;740 /1 ,90 -4-/,/0 7/
2.4>4F9 0502/124740 :91 ,4 79:53/124:;<1 9>2/1;74 7/ ,4 /12;747 :939
=,5F9 @.4340 09>./ ,90 -.9:/7;3;/1290 7/ ,40 8./40 380 0;@1;=;:42;C40
/2:
> 3;0;<1 7/ 51 /39.81753 7/ ,41;=;:4:;<1 :564 /02.5:25.4 >80;:4
:912/17.8J
>F/2;C90 7/, /H43/1 091 ,90 ./05,24790 D5/ 0/ /0-/.4 4,:41A4.
,:41:/ 7/, /H43/1 @.479 7/ /H2/10;<1 7/ ,40 ,4>9./0 7/ 457;29.;4
D5/ ;1:,56/ 8./40 40-/:290 6 -/.?9790 4 /H43;14.
/0:.;-:;<1 7/ ,40 4:2;C;747/0 7/ ,4 /12;747
9.342;C4 4-,;:4>,/ 4 ,4 /12;747 /0-/:;4,3/12/ ./,4:;91474 :91 ,40
8./40 342/.;4 7/ /C4,54:;<1
1=9.3/0 4 /3;2;. 6 =/:B40 7/ /12./@4
! 7/12;=;:4:;<1 7/ 8./40 :.?2;:40 7/=;1;/179 /, 2;-9 7/ -.5/>40 4 4-,;:4.
/ /=/:2E4 /1 ,90 :4090 7/ 9>F/2;C90 -./7/2/.3;14790
# 51290 7/ 42/1:;<1 0;254:;91/0 ;3-9.2412/0 4 2/1/. /1 :5/124
75.412/ ,4 :9175::;<1 7/, /H43/1 ;1:,56/179 7/151:;40 D5/ 0/
B5>;/.41 ./:;>;79

27
 $ /.0914, 193>./ 6 :42/@9.?4 7/ ,90 457;29./0 D5/ :91=9.341 /,
/D5;-9 7/ 457;29.;4 0;3;039 ,40 24./40 40;@14740 4 :474 519 7/
4:5/.79 4 05 :4-4:;747 6 /H-/.;/1:;4
51:;914.;90 7/ ,4 /12;747 4 /H43;14.
./05-5/029 7/ 2;/3-9 -9. :42/@9.?40 8./40 6 C;0;240
4.2;:;-4:;<1 7/ 92.90 -.9=/0;914,/0 6M9 /0-/:;4,;0240 7/ 4:5/.79 4
,40 8./40 342/.;4 7/ /C4,54:;<1
0-/:290 7/151:;4790 ./=/.;790 4 B/:B90 7/ ;3-9.241:;4
./,4:;914790 :91 ,4 /12;747 4 /H43;14.
4 ./0-9104>;,;747 -9. ,4 -./-4.4:;<1 7/, /39.81753 7/
,41;=;:4:;<1 :9../0-917/ 4, 457;29. /1:4.@479 6 4, 05-/.C;09.I ,4
./C;0;<1 6 4-.9>4:;<1 4 ,90 1;C/,/0 @/./1:;4,/0 :93-/2/12/0
1 /, :409 7/ ,40 /12;747/0 05F/240 4, ;02/34 /, /=/ 7/, %.@419 7/
57;29.;4 12/.14 4-.9>4.8 /, /39.81753 7/ ,41;=;:4:;<1

* G
4.4 :474 457;29.;4 @5>/.143/124, 7/>/1 -./-4.4.0/ -.9@.4340 /0-/:?=;:90
D5/ ;1:,5641 9>F/2;C90 4,:41:/ 7/ ,4 35/02.4 -.9:/7;3;/1290 7/24,,4790 6
9-9.251;747 7/ 05 4-,;:4:;<1I 40? :939 /, -/.0914, /1:4.@479 7/ 05
7/04..9,,9
90 -.9@.4340 7/ 457;29.;4 :93-./17/1 514 ./,4:;<1 9.7/1474 7/
-.9:/7;3;/1290 4 0/. 4-,;:4790 /1 /, -.9:/09 7/ ,4 457;29.;4 D5/ -/.3;241
9>2/1/. ,40 /C;7/1:;40 :93-/2/12/0 6 05=;:;/12/0 -4.4 4,:41A4. /, ,9@.9 7/
,90 9>F/2;C90 /024>,/:;790
/ 7/04..9,,41 4 -4.2;. 7/, :919:;3;/129 7/ ,4 /12;747 6 050 0;02/340 ,
457;29. 0/ 4-964 /1 /02/ :919:;3;/129 -4.4 /024>,/:/. ,4 1425.4,/A4
9-9.251;747 6 4,:41:/ 7/ ,90 -.9:/7;3;/1290 4 4-,;:4. 5 =,/H;>;,;747 7/>/
-/.3;2;. 397;=;:4:;91/0 3/F9.40 6 4F502/0 D5/ 4 F5;:;9 7/, 457;29.
/1:4.@479 6 05-/.C;09. 0/ :910;7/./1 -/.2;1/12/0 75.412/ /, :5.09 7/ ,4
457;29.;4 , -.9@.434 7/ 457;29.;4 7/>/ 0/. ,9 05=;:;/12/3/12/ 7/24,,479 7/
341/.4 D5/ 0;.C4 7/ @5?4 6 :939 3/7;9 -4.4 :912.9,4. ,4 47/:5474
/F/:5:;<1 7/, 2.4>4F9 4 ./0-9104>;,;747 7/ ,4 /,4>9.4:;<1 7/ ,90
./0-/:2;C90 -.9@.4340 :9../0-917/ 4, 457;29. /1:4.@479 6 05-/.C;09.

* G 0
, .:B;C9 /.341/12/ /028 :91=9.3479 -9. 51 :91F5129 9.@81;:9 7/
79:53/1290 D5/ :912;/1/1 :9-;40 6M9 /H2.4:290 7/ ;1=9.34:;<1 7/ ;12/.G0
7/ 52;,;A4:;<1 :912;1E4 9 1/:/04.;4 -4.4 =525.90 /H83/1/0 >80;:43/12/
./,4:;91474 :91J
Q /6 9.@81;:4 7/ ,4 /12;747 6 19.340 ,/@4,/0 D5/ ./@5,41 05
=51:;9143;/129
Q .@41;@.434 4-.9>479
Q /@,43/129 7/ .@41;A4:;<1 6 51:;91/0 4-.9>479
Q 4154, 7/ .@41;A4:;<1 6 51:;91/0 4-.9>479
Q 4154, 7/ .9:/7;3;/1290 4-.9>479
Q ,5F9 @.4340 7/ ,40 -.;1:;-4,/0 4:2;C;747/0 7/ ,4 /12;747
Q ,41 -/.42;C9 102;25:;914,
Q ./05-5/029 ;102;25:;914, ;1:,56/179 397;=;:4:;91/0 6 /C4,54:;91/0
Q 024790 =;141:;/.90
Q 1=9.3/0 7/ 457;29.;4

28
Q /151:;40
Q ,41 154, 7/ 912.9, ;1:,56/179 ./-.9@.434:;91/0
Q 1=9.3/ 7/ /C4,54:;<1 7/, ,41 154,
Q /053/1 7/ ,40 7/:;0;91/0 380 ;3-9.2412/0 479-24740 -9. ,4 ,24
;./::;<1
Q /09,5:;91/0 6 ;./:2;C40 /3;2;740 -9. ,4 /12;747
Q 91C/1;90 6 912.4290 2.40:/17/12/0
/ 4:254,;A4.8 -/.;<7;:43/12/ 4 =;1 7/ -/.3;2;. 05 =8:;, 52;,;A4:;<1
/0-/:;4,3/12/ /1 ,4 =40/ 7/ -,41;=;:4:;<1 7/ ,40 457;29.;40 4
./0-9104>;,;747 7/ 9.@41;A4. /, .:B;C9 /.341/12/ :9../0-917/J
4( ,40 /./1:;40 7/ ?1/4 7/ ,4 912.4,9.?4 /1/.4,
>( ,40 /=425.40 7/ ,90 %.@4190 7/ 57;29.;4 12/.14 7/ ,40
/12;747/0 05F/240 4, ;02/34 4:;914, 7/ 912.9,

;3;24:;91/0 4, ,:41:/
, :53-,;3;/129 7/ /024 19.34 19 /0 7/ 4-,;:4:;<1 4 ,40 9:;/747/0 7/
57;29.;4 7/>;79 4 D5/ 050 /H83/1/0 0/ 05-/7;241 4 ,4 7/0;@14:;<1 7/ ,4
912.4,9.?4 /1/.4, 7/>;/179 ,;3;24.0/ 4 3412/1/. /, 4.:B;C9
:9../0-917;/12/ 4 ,40 457;29.;40 D5/ B4641 ./4,;A479 /1 4.391?4 :91 ,4
19.342;C4 C;@/12/

"

02/ @.5-9 /028 ;12/@.479 /0/1:;4,3/12/ -9. 19.340 52;,;A4740 /1 ,4

./4,;A4:;<1 7/ ,4 457;29.;4 2;/1/1 /, -.9-<0;29 D5/ ,40 -.5/>40 6 7/380
-.9:/7;3;/1290 D5/ 0/ 0/,/::;91/1 0/@E1 /, :.;2/.;9 -.9=/0;914, 7/, 457;29.
0/41 4-.9-;4790 /1 ,40 :;.:510241:;40 -4.4 :53-,;. ,90 9>F/2;C90 7/ :474
457;29.;4 40 19.340 D5/ 0/ /024>,/:/1 4 :912;154:;<1 /0281 ./=/.;740 4J
0257;9 6 /C4,54:;<1 7/, :912.9, ;12/.19 /C4,54:;<1 7/, :53-,;3;/129 7/
7;0-90;:;91/0 ,/@4,/0 6 ./@,43/124.;40 05-/.C;0;<1 7/, 2.4>4F9 7/ 457;29.;4
/C;7/1:;4 05=;:;/12/ :93-/2/12/ 6 ./,/C412/ -4-/,/0 7/ 2.4>4F9
:9351;:4:;<1 7/ 9>0/.C4:;91/0 6 :4.24 7/ ./-./0/124:;<1

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;7/12;=;:4. ,40 8./40 :.?2;:40 D5/ ./D5;/./1 51 /H43/1 -.9=5179 7/2/.3;14.
05 @.479 7/ :91=;4>;,;747 4 =;1 7/ /024>,/:/. ,4 1425.4,/A4 4,:41:/
9-9.251;747 6 0/,/:2;C;747 7/ ,4 4-,;:4:;<1 7/ -.9:/7;3;/1290 7/ 457;29.;4
4 473;1;02.4:;<1 7/ ,4 /12;747 /0 ./0-9104>,/ 7/ ;3-,4124. 6 3412/1/. 51
0;02/34 /=;:4A 7/ :912.9, ;12/.19 :564 /02.5:25.4 :93-./17/J
4( 3>;/12/ 7/ :912.9, D5/ 0/ ./=;/./ 4 ,4 7;0-90;:;<1 @/1/.4, 4:2;257
C;@;,412/ 6 4::;91/0 479-24740 -9. -4.2/ 7/ ,4 473;1;02.4:;<1 :91 ./0-/:29
4, :912.9, 6 05 ;3-9.241:;4 -4.4 ,4 /12;747
>( ;02/340 7/ ;1=9.34:;<1 6 ./@;02.9 :910;02/ /1 ,90 3G29790 6 ./@;02.90
/024>,/:;790 -4.4 ;7/12;=;:4. ./51;. 414,;A4. :,40;=;:4. ./@;02.4. / ;1=9.34.
,40 2.4104::;91/0 7/ 514 /12;747

29
:( .9:/7;3;/1290 7/ :912.9, :910;02/1 /1 ,40 -9,?2;:40 6 -.9:/7;3;/1290
47;:;914,/0 /024>,/:;790 -9. ,4 473;1;02.4:;<1 -4.4 ,9@.4. 514 .4A914>,/
0/@5.;747 7/ D5/ ,90 9>F/2;C90 /0-/:?=;:90 7/ ,4 /12;747 0/.81 4,:41A4790
, /0257;9 6 /C4,54:;<1 7/, 0;02/34 7/ :912.9, ;12/.19 7/>/ 0/. ,,/C479 4
:4>9 7/ 4:5/.79 4, 2;-9 7/ 457;29.;4 D5/ 0/ /F/:52/ 0/4 =;141:;/.4 7/
@/02;<1 9 0/ 2.42/ 7/ /H83/1/0 /0-/:;4,/0 90 457;29./0 -97.81 /C4,54.
B4024 7917/ 0/4 1/:/04.;9 -4.4 :53-,;. ,90 9>F/2;C90 7/ ,4 457;29.;4
4D5/,,40 -9,?2;:40 4 /C4,54:;<1 7/, 0;02/34 7/ :912.9, ;12/.19 :93-./17/
790 /24-40J
>2/1:;<1 7/ ;1=9.34:;<1 4:/.:4 7/ 05 =51:;9143;/129
93-.9>4:;<1 7/ D5/ ,90 :912.9,/0 ;7/12;=;:4790 =51:;9141 /=/:2;C43/12/
6 ,9@.41 050 9>F/2;C90
1 :409 7/ /1:912.4.0/ :93-524.;A4790 ,90 0;02/340 7/ ;1=9.34:;<1 6
./@;02.9 /, 457;29. 7/>/ /024>,/:/. 0; ,90 :912.9,/0 ;12/.190 /0281
=51:;914179 4-.9-;4743/12/ 4 =;1 7/ >.;174.,/ :91=;41A4 ./0-/:29 4 ,4
;12/@.;747 7/ ,90 74290 -.9:/04790 3/7;412/ 3/7;90 ;1=9.382;:90 ,
2G.3;19 7/ G024 /C4,54:;<1 /, 457;29. /3;2;.8 /, 79:53/129 7/193;1479
/39.81753 7/ 912.9, 12/.19 /, :54, /024.8 7;.;@;79 4, 2;25,4. 7/ ,4
/12;747
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1 ,4 /F/:5:;<1 7/ ,4 457;29.;4 @5>/.143/124, 7/>/ /C4,54.0/ /,

:53-,;3;/129 7/ ,40 ,/6/0 6 ./@,43/1290 4-,;:4>,/0 :54179 0/4 1/:/04.;9
-4.4 ,90 9>F/2;C90 7/ ,4 457;29.;4 1 /, 7/04..9,,9 7/ ,4 457;29.;4
@5>/.143/124, ,4 /C4,54:;<1 7/, :53-,;3;/129 7/ ,40 ,/6/0 6 ./@,43/1290
/0 243>;G1 ;3-9.2412/ 7/>;79 4 D5/ ,90 9.@41;0390 -.9@.4340 0/.C;:;90
4:2;C;747/0 6 =51:;91/0 @5>/.143/124,/0 0/ :./41 @/1/.4,3/12/ -9. ,/6 6
/0281 05F/290 4 7;0-90;:;91/0 ,/@4,/0 6 ./@,43/124.;40 380 /0-/:?=;:40 D5/
,40 D5/ .;@/1 /1 /, 0/:29. -.;C479 ;:B4 19.342;C4 /024>,/:/ /12./ 92.90
40-/:290 D5G 7/>/ B4:/.0/ D5;G1 7/>/ B4:/.,9 ,40 3/240 6 9>F/2;C90 -9.
4,:41A4. ,4 -9>,4:;<1 D5/ 0/ C4 4 >/1/=;:;4. :58129 6 /1 D5G 7/>/.8
@4024.0/ 40 =5/12/0 7/ ;1=9.34:;<1 09>./ ,40 7;0-90;:;91/0 ,/@4,/0 091
7;C/.040 14 47/:5474 =5/12/ -.;34.;4 :9102;256/ ,4 /12;747 457;2474
7479 D5/ :919:/ ,4 ,/@;0,4:;<1 4-,;:4>,/ 54179 ,4 :;2474 /12;747 ./:;>4
=;141:;43;/129 7/ 92.9 1;C/, @5>/.143/124, 6 0/ :919A:4 05 =5/12/ ,90
457;29./0 -97.81 ./:5..;. 4 ,4 9.@41;A4:;<1 D5/ 053;1;02./ ,90 =91790 -4.4
9>2/1/. 6M9 C/.;=;:4. ;1=9.34:;<1 ./,4:;91474 :91 ,40 19.340 -/.2;1/12/0

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05 :4,;747 6 :53-,;. ,90 9>F/2;C90 -.9-5/0290 4 05-/.C;0;<1 /0 51 -.9:/09
2G:1;:9 D5/ :910;02/ /1 7;.;@;. 6 :912.9,4. ,4 457;29.;4 7/07/ 05 ;1;:;9 B4024
,4 4-.9>4:;<1 7/, ;1=9.3/ -9. /, 1;C/, :93-/2/12/ 1 ,4 457;29.;4
@5>/.143/124, ,4 05-/.C;0;<1 0/.8 /F/.:;74 -9. /, 457;29. /1:4.@479 /,
05-/.C;09. 6 ,90 1;C/,/0 ;13/7;4290 05-/.;9./0 C;1:5,4790 7;./:243/12/ :91
/, -.9:/09 7/, /H43/1 4 05-/.C;0;<1 0/ 4-,;:4.8 4, -,41;=;:4. /F/:524. 6
/,4>9.4. /, :9../0-917;/12/ ;1=9.3/ 7/ 457;29.;4 / 7/>/ 7/F4. /C;7/1:;4
7/ ,4 ,4>9. 7/ 05-/.C;0;<1 D5/ -/.3;24 /024>,/:/. ,4 9-9.251;747 6 /, 4-9.2/
2G:1;:9 4, 2.4>4F9 7/ 457;29.;4 4 :412;747 7/ 2.4>4F90 7/ 457;29.;4 4
05-/.C;04. 7/-/17/.8 7/ ,90 9>F/2;C90 6 4,:41:/ 7/ ,4 457;29.;4 :93-,/F;747

30
7/, 2.4>4F9 6 :917;:;91/0 /H2/.140 :939 ,4 7;0241:;4 7/ ,40 /12;747/0 4
/H43;14.

G !
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3/7;412/ ,4 4-,;:4:;<1 7/ -.5/>40 7/ :912.9, 6 -.9:/7;3;/1290 0502412;C90
D5/ ,/ -/.3;241 =51743/124. .4A914>,/3/12/ ,90 F5;:;90 6 :91:,50;91/0 D5/
=9.35,/ ./0-/:29 4, 9.@41;039 -.9@.434 4:2;C;747 9 =51:;<1 D5/ 0/4
9>F/29 7/ ,4 457;29.;4 4 /C;7/1:;4 7/>/.8 093/2/.0/ 4 -.5/>4 -4.4
40/@5.4.0/ D5/ :53-,4 ,90 ./D5;0;290 >80;:90 7/ 05=;:;/1:;4 :93-/2/1:;4 6
./,/C41:;4 90 -4-/,/0 7/ 2.4>4F9 7/>/.81 3902.4. ,90 7/24,,/0 7/ ,4
/C;7/1:;4 6 ./C/,4. ,4 =9.34 /1 D5/ 0/ 9>25C9

4 5=;:;/1:;4
0 05=;:;/12/ ,4 /C;7/1:;4 9>F/2;C4 6 :91C;1:/12/ D5/ >4024 -4.4 0502/124.
,90 B4,,4A@90 :91:,50;91/0 6 ./:93/174:;91/0 7/, 457;29. 4 /C;7/1:;4
0/.8 05=;:;/12/ :54179 -9. ,90 ./05,24790 7/ ,4 4-,;:4:;<1 7/ 514 9 C4.;40
-.5/>40 /, 457;29. -97.8 47D5;.;. :/.2/A4 .4A914>,/ D5/ ,90 B/:B90
./C/,4790 0/ /1:5/12.41 042;0=4:29.;43/12/ :93-.9>4790 4.4
7/2/.3;14. 0; ,4 /C;7/1:;4 /0 05=;:;/12/ 0/ ./D5;/./ 4-,;:4. /, :.;2/.;9
-.9=/0;914, 54179 0/4 :91C/1;/12/ 0/ -97.8 /3-,/4. 3G29790
/0247?02;:90 :91 /0/ -.9-<0;29
> 93-/2/1:;4
4.4 D5/ 0/4 :93-/2/12/ ,4 /C;7/1:;4 7/>/ 0/. C8,;74 6 :91=;4>,/ =;1
7/ /C4,54. ,4 :93-/2/1:;4 7/ ,4 /C;7/1:;4 /, 457;29. 7/>/.8 :910;7/.4.
:5;7479043/12/ 0; /H;02/1 .4A91/0 -4.4 7574. 7/ 05 C4,;7/A 9 7/ 05
;12/@.;747 / 0/. 40? 7/>/.8 9>2/1/. /C;7/1:;4 47;:;914, 9 ./C/,4. /04
0;254:;<1 /1 05 ;1=9.3/ 4 /C;7/1:;4 D5/ 0/ 9>2;/1/ 7/ =5/12/0
;17/-/17;/12/0 /0 380 :91=;4>,/ D5/ ,4 9>2/1;74 7/, -.9-;9 9.@41;039
457;2479
4 /C;7/1:;4 D5/ 0/ 9>2;/1/ :54179 0/ B4 /024>,/:;79 51 0;02/34 7/
:912.9, ;12/.19 4-.9-;479 /0 380 :91=;4>,/ D5/ 4D5G,,4 D5/ 0/ 9>2;/1/
:54179 /, 0;02/34 7/ :912.9, ;12/.19 /0 7/=;:;/12/ 19 /0 042;0=4:29.;9 9
19 0/ B4 /024>,/:;79
4 /C;7/1:;4 D5/ 0/ 9>2;/1/ =?0;:43/12/ 3/7;412/ 51 /H43/1
9>0/.C4:;<1 :8,:5,9 9 ;10-/::;<1 /0 380 :91=;4>,/ D5/ ,4 D5/ 0/ 9>2;/1/
/1 =9.34 ;17;./:24
90 79:53/1290 9.;@;14,/0 091 380 :91=;4>,/0 D5/ 050 :9-;40
4 /C;7/1:;4 2/02;391;4, D5/ 0/ 9>2;/1/ /1 :;.:510241:;40 D5/ -/.3;2/ 4
,90 ;1=9.3412/0 /H-./04.0/ ,;>./3/12/ 3/./:/ 380 :.G7;29 D5/ 4D5G,,4
D5/ 0/ 9>2;/1/ /1 :;.:510241:;40 :93-.93/2/79.40 '-9. /F/3-,9 :54179
,90 ;1=9.3412/0 -5/7/1 0/12;.0/ ;12;3;74790(
: /,/C41:;4
/ ./=;/./ 4 ,4 ./,4:;<1 D5/ /H;02/ /12./ ,4 /C;7/1:;4 6 05 509 4
;1=9.34:;<1 D5/ 0/ 52;,;:/ -4.4 7/3902.4. 9 ./=524. 51 B/:B9 0/.8
./,/C412/ 0; @54.74 514 ./,4:;<1 ,<@;:4 6 -42/12/ :91 /0/ B/:B9 ; 19 ,9
B4:/ 0/.8 ;../,/C412/ 6 -9. :910;@5;/12/ 19 7/>/.8 ;1:,5;.0/ :939
/C;7/1:;4 54179 ,9 /02;3/1 :91C/1;/12/ /, 457;29. 7/>/.8 9>2/1/. 7/

31
 ,90 =51:;914.;90 7/ ,4 /12;747 457;2474 7/:,4.4:;91/0 -9. /0:.;29 ./0-/:29
4 ,4 ./,/C41:;4 6 :93-/2/1:;4 7/ ,4 /C;7/1:;4 D5/ B464 9>2/1;79

R
4.4 7/2/.3;14. ,4 :91=;4>;,;747 7/ ,4 ;1=9.34:;<1 /, 457;29.J
4( 97.8 /=/:254. 514 ./C;0;<1 7/ ,90 :912.9,/0 @/1/.4,/0 7/ ,90 0;02/340
:93-524.;A4790 6 7/ ,90 ./,4:;914790 /0-/:?=;:43/12/ :91 050
4-,;:4:;91/0 D5/ ;1:,564 29740 ,40 -.5/>40 D5/ 0/41 -/.3;2;740I 9
>( ; 19 ./C;04 ,90 :912.9,/0 @/1/.4,/0 6 ,90 ./,4:;914790 :91 ,40
4-,;:4:;91/0 9 :93-.5/>4 D5/ /090 :912.9,/0 19 091 :91=;4>,/0 -97.8
-.4:2;:4. -.5/>40 47;:;914,/0 9 /3-,/4. 92.90 -.9:/7;3;/1290
:( 54179 /, 457;29. 52;,;:/ 74290 -.9:/04790 -9. 3/7;90 /,/:2.<1;:90 9 ,90
;1:,564 /1 05 ;1=9.3/ 4 341/.4 7/ 412/:/7/12/0 9 :91 =;1/0 ;1=9.342;C90
-9. 19 0/. 0;@1;=;:42;C90 -4.4 ,90 ./05,24790 7/ ,4 457;29.;4 >4024.8
@/1/.4,3/12/ D5/ /1 /, ;1=9.3/ 0/ :;2/ ,4 =5/12/ 7/ /090 74290 -4.4
:53-,;. ,40 19.340 ./,4:;914740 :91 ,4 /H4:2;257 / ;12/@.;747 7/ 05
;1=9.3/

G "
, 457;29. @5>/.143/124, 7/>/ 9.@41;A4. 51 ./@;02.9 :93-,/29 6 7/24,,479
7/ ,4 ,4>9. /=/:25474 6 ,40 :91:,50;91/0 4,:41A4740 /1 =9.34 7/ -4-/,/0 7/
2.4>4F9 90 -4-/,/0 7/ 2.4>4F9 :9102;256/1 /, C?1:5,9 /12./ /, 2.4>4F9 7/
-,41/43;/129 6 /F/:5:;<1 6 /, ;1=9.3/ 7/ 457;29.;4 9. 24129 7/>/.81
:912/1/. ,4 /C;7/1:;4 1/:/04.;4 -4.4 =51743/124. ,90 B4,,4A@90 6 9-;1;91/0

4 =9.34 6 :912/1;79 7/ ,90 -4-/,/0 7/ 2.4>4F9 0/ C/1 4=/:24790 -9.

=4:29./0 24,/0 :939J
4 4 1425.4,/A4 7/ ,4 457;29.;4
> , 2;-9 7/ ;1=9.3/ 4 /3;2;.
: 4 1425.4,/A4 6 :93-,/F;747 7/ ,4 4:2;C;747 7/ ,4 /12;747
939 ./@,4 @/1/.4, ,90 -4-/,/0 7/ 2.4>4F9 7/>/1 :912/1/.J
4( , /39.4179 7/ ,41;=;:4:;<1 6 ,90 .9@.4340 7/ 57;29.;4 D5/ 7/>/1
/024. 7/>;743/12/ ./=/./1:;4790 4 ,90 -4-/,/0 7/ 2.4>4F9
>( >F/2;C90 4,:41:/ 6 3/2979,9@?4 ;1:,56/179 ,90 :.;2/.;90 504790 -4.4 ,4
0/,/::;<1 7/ ,40 35/02.40
:( 17;:4:;<1 7/ ,4 341/.4 :939 0/ B4 9>2/1;79 ,4 ;1=9.34:;<1 :91
./=/./1:;4 4 ,90 79:53/1290 >40/ 6 ,40 -/.09140 D5/ ,4 =4:;,;24.91
'=5/12/0(
7( 9:53/124:;<1 7/, 2.4>4F9 D5/ 0502/12/ ,40 :91:,50;91/0 6 F5;:;90
0;@1;=;:42;C90
/( *17;:/0 ./=/./1:;40 :G75,40 6 ./0E3/1/0 47/:54790
=( 91:,50;91/0 09>./ :474 519 7/ ,90 :93-91/12/0 /1 D5/ 0/ 7;C;74 /,
/H43/1
@( /:B4 6 =;.34 7/ ,4 -/.0914 D5/ ,90 -./-4.<
B( C;7/1:;4 7/ ,40 ./C;0;91/0 /=/:254740 4, 05-/.C;04. /, 2.4>4F9 ./4,;A479

90 -4-/,/0 7/ 2.4>4F9 091 -.9-;/747 7/ ,90 <.@4190 :91=9.3412/0 7/,

;02/34 4:;914, 7/ 912.9, 6 7/ ,40 9:;/747/0 7/ 57;29.;4 :5690
/H83/1/0 -.4:2;:4790 :9124.91 :91 ,4 4529.;A4:;<1 7/ ,4 912.4,9.?4

32
 /1/.4, , 457;29. :452/,4.8 ,4 ;12/@.;747 7/ ,90 -4-/,/0 7/ 2.4>4F9
7/>;/179 40/@5.4. /1 2979 393/129 6 >4F9 :54,D5;/. :;.:510241:;4 /,
:4.8:2/. 0/:./29 7/ ,4 ;1=9.34:;<1 :912/1;74 /1 ,90 3;0390

CG
5.412/ /, -.9:/09 7/ ,4 457;29.;4 /, 457;29. /1:4.@479 7/>/ :9351;:4.
9-9.25143/12/ ,40 9>0/.C4:;91/0 4 ,90 =51:;914.;90 6 0/.C;79./0 7/ ,4
/12;747 /H43;1474 :93-./17;790 /1 ,90 B/:B90 9>0/.C4790 4 =;1 D5/ /1 51
-,4A9 -/./129.;9 /024>,/:;79 -./0/12/1 050 7/0:4.@90 0502/124790
79:53/124.;43/12/ -4.4 05 9-9.2514 /C4,54:;<1 6 :910;7/.4:;<1 /1 /,
;1=9.3/ :9../0-917;/12/
40 9>0/.C4:;91/0 =51743/1241 ,40 :91:,50;91/0 6 ./:93/174:;91/0 7/,
;1=9.3/ 6 7/>/1 :53-,;. ,90 0;@5;/12/0 ./D5;0;290J
4 024. >404740 /1 B/:B90 6 ./0-4,74740 :91 /C;7/1:;40
> /. 9>F/2;C40
: 024. =51743/124740 /1 514 ,4>9. 05=;:;/12/ D5/ 0;.C4 7/ 09-9.2/
-4.4 ,40 :91:,50;91/0 6 ./:93/174:;91/0
, 457;29. @5>/.143/124, 7/>/ 7/04..9,,4. 050 B4,,4A@90 6 :91024.81 /1 ,90
-4-/,/0 7/ 2.4>4F9 7/>;743/12/ ./=/./1:;4790 6 79:53/124790 4.4
./C/,4. :93-,/24 6 :,4.43/12/ ,90 B4,,4A@90 G0290 :9124.81 1/:/04.;43/12/
:91 ,90 42.;>5290 7/J 917;:;<1 .;2/.;9 4504 6 =/:29
4 :9351;:4:;<1 7/ 9>0/.C4:;91/0 /0 /, -.9:/09 3/7;412/ /, :54, /, 457;29.
514 C/A /C;7/1:;4790 ,90 B4,,4A@90 :53-,/ /1 =9.34 ;13/7;424 :91 74.,90 4
:919:/. 4 ,90 =51:;914.;90 6 0/.C;79./0 7/ ,4 /12;747 /H43;1474
:93-./17;790 /1 ,90 B/:B90 -4.4 D5/ -./0/12/1 050 ./0-/:2;C90 7/0:4.@90
79:53/124790
, 457;29. /1:4.@479 7/>/ :9351;:4. ,40 9>0/.C4:;91/0 4 =;1 7/ 929.@4. /,
/F/.:;:;9 7/, 7/./:B9 7/ 7/=/104 7/ ,40 -/.09140 :93-./17;740 /1 ,40
3;0340 /1 9>0/.C41:;4 4 ,40 7;0-90;:;91/0 ,/@4,/0 C;@/12/0 4
:9351;:4:;<1 0/ /=/:2E4 -9. /0:.;29 /1 =9.34 ./0/.C474 6 7;./:24 7/>;/179
4:./7;24.0/ 05 ./:/-:;<1
, -,4A9 -4.4 ,4 /12./@4 7/ ,90 7/0:4.@90 /0 -/./129.;9 6 0/.8 /024>,/:;79 4
:.;2/.;9 7/, 457;29. /1:4.@479 7/ 4:5/.79 4 ,40 7;0-90;:;91/0 ,/@4,/0
C;@/12/0 1 :409 7/ 19 0/. 5>;:4790 ,90 =51:;914.;90 6 0/.C;79./0
:93-./17;790 /1 ,90 B/:B90 9>0/.C4790 0/.81 192;=;:4790 /1 /, 7;4.;9 9=;:;4,
5 92.9 7/ 3469. :;.:5,4:;<1 /1 ,4 D5/ 0/ /1:5/12./ ,4 /12;747 457;2474 4
19 -./0/124:;<1 7/ ,90 7/0:4.@90 -9. -4.2/ 7/, 0/.C;79. 9 =51:;914.;9
-E>,;:9 7/12.9 7/, -,4A9 -./C;029 7/>/ ./C/,4.0/ /1 /, ;1=9.3/ 40? :939 ,90
B/:B90 342/.;4 7/ ,4 9>0/.C4:;<1

G
, 457;29. 7/>/ 9>2/1/. 514 :4.24 7/ ./-./0/124:;<1 7/, 2;25,4. 6M9 7/, 1;C/,
@/./1:;4, :93-/2/12/ 7/ ,4 /12;747 457;2474 4 :4.24 7/ ./-./0/124:;<1 /0
/, 79:53/129 -9. /, :54, /, 2;25,4. 6M9 1;C/, @/./1:;4, :93-/2/12/ 7/ ,4
/12;747 457;2474 ./:919:/ B4>/. -5/029 4 7;0-90;:;<1 7/, 457;29. ,4
;1=9.34:;<1 ./D5/.;74 40? :939 :54,D5;/. B/:B9 0;@1;=;:42;C9 9:5..;79
75.412/ /, -/.?979 >4F9 /H43/1 6 B4024 ,4 =/:B4 7/ 2/.3;14:;<1 7/, 2.4>4F9
7/ :43-9

33
 !

02/ @.5-9 7/ 19.340 /024>,/:/1 ,90 :.;2/.;90 2G:1;:90 -4.4 /, :912/1;79

/,4>9.4:;<1 6 -./0/124:;<1 7/, 1=9.3/ 7/ 57;29.;4 5>/.143/124,
./,4:;91479 :91 ,4 457;29.;4 7/ @/02;<1 6 /H83/1/0 /0-/:;4,/0 40 9.340
7/ 57;29.;4 /1/.4,3/12/ :/-24740 6 ,40 9.340 12/.14:;914,/0
7/ 57;29.;4 D5/ .;@/1 4 ,4 -.9=/0;<1 :9124>,/ /1 /, -4?0 091
4-,;:4>,/0 4 29790 ,90 40-/:290 7/ :912/1;79 /,4>9.4:;<1 6 -./0/124:;<1 7/,
1=9.3/ 7/ 57;29.;4 ;141:;/.4 5>/.143/124, 40 19.340 D5/ 0/
3/1:;9141 4 :912;154:;<1 ./@5,41 ,4 =9.35,4:;<1 7/, ;1=9.3/ /024>,/:;/179
,4 =9.34 /0:.;24 ,4 9-9.251;747 -./0/124:;<1 6 :912/1;79 7/, ;1=9.3/I 6 /,
;1=9.3/ /0-/:;4,

G!
90 457;29./0 7/>/1 -./-4.4. ;1=9.3/0 7/ 457;29.;4 -9. /0:.;29 -4.4
:9351;:4. ,90 ./05,24790 7/ :474 /H43/1 90 ;1=9.3/0 -9. /0:.;29 091
1/:/04.;90 -4.4J
4( 9351;:4. ,90 ./05,24790 7/ ,4 457;29.;4 4 =51:;914.;90 7/ ,90 1;C/,/0
4-.9-;4790 7/ @9>;/.19
>( /75:;. /, .;/0@9 7/ ,90 ./05,24790 0/41 /..<1/43/12/
;12/.-./24790
:( 91/. 4 7;0-90;:;<1 7/ ,40 4529.;747/0 -/.2;1/12/0 ,90 ./05,24790 7/,
/H43/1
7( 4:;,;24. /, 0/@5;3;/129 7/ ,90 B4,,4A@90 6 ./:93/174:;91/0 -4.4 C/.;=;:4.
D5/ 0/ B4641 479-2479 ,40 3/7;740 :9../:2;C40 4-.9-;4740

*G !
90 ;1=9.3/0 7/ 457;29.;4 7/>/1 /3;2;.0/ ,9 380 -.9129 -90;>,/ 4 =;1 D5/ 05
;1=9.34:;<1 -5/74 0/. 52;,;A474 9-9.25143/12/ -9. /, 2;25,4. 7/ ,4 /12;747
/H43;1474 6M9 =51:;914.;90 7/ ,90 1;C/,/0 4-.9-;4790 7/, @9>;/.19
G !
, ;1=9.3/ 7/>/ 0/. -./-4.479 /1 ,/1@54F/ 0/1:;,,9 6 =8:;,3/12/ /12/17;>,/
2.424179 ,90 4051290 /1 =9.34 :91:./24 6 :91:;04 ,90 D5/ 7/>/1 :9;1:;7;. 7/
341/.4 /H4:24 6 9>F/2;C4 :91 ,90 B/:B90 9>0/.C4790 90 B/:B90 7/>/1 0/.
-./0/124790 7/ 341/.4 9>F/2;C4 6 -917/.474 /0 7/:;. :91 ,4 05=;:;/12/
;1=9.34:;<1 D5/ -/.3;24 4, 5054.;9 514 47/:5474 ;12/.-./24:;<1 7/ ,90
4051290 3/1:;914790
G !
, =;14,;A4. /, 2.4>4F9 /, 457;29. 7/>/ /,4>9.4. 51 ;1=9.3/ /1 /, :54,
/H-917.8 4-.9-;4743/12/ ,90 ./05,24790 7/, /H43/1 0/L4,4179 D5/ 0/
./4,;A< 7/ 4:5/.79 4 ,40 19.340 7/ 457;29.;4 @5>/.143/124, 024 19.34
2;/1/ -9. =;14,;747 ./@5,4. /, :912/1;79 7/ ,90 ;1=9.3/0 7/ 457;29.;4
=;141:;/.4 ';1=9.3/ ,4.@9( 7/ @/02;<1 6 7/ 92.90 2;-90 D5/ 0/ 7/.;C/1 7/ ,40
3;0340 24,/0 :939 /H83/1/0 /0-/:;4,/0 40/@5.4179 ,4 51;=9.3;747 /1 05
7/193;14:;<1 6 /02.5:25.4 40? :939 514 /H-90;:;<1 :,4.4 6 -./:;04 7/ ,90
./05,24790 7/, /H43/1 7;:;914,3/12/ 0/ /3;2;.8 514 ?12/0;0 /./1:;4,
7/, 1=9.3/

34
 !
, ;1=9.3/ 7/>/.8 -./0/124. ,4 0;@5;/12/ /02.5:25.4J

93-./17/.8 ,4 ;1=9.34:;<1 @/1/.4, :91:/.1;/12/ 4, /H43/1 6 4 ,4

/12;747 /H43;1474

! K
92;C9 7/, /H43/1
024.8 ./=/.;79 4 ,40 :45040 D5/ 9.;@;141 ,4 4::;<1 7/ :912.9, 40? :939
,4 ./=/./1:;4 4, 79:53/129 7/ 4:./7;24:;<1 />/.81 /H-91/.0/ ,40
.4A91/0 -9. ,40 :54,/0 0/ ,,/C< 4 :4>9 ,4 457;29.;4
425.4,/A4 6 >F/2;C90
1 /02/ .5>.9 0/ -./:;04.8 ,4 1425.4,/A4 9 2;-9 7/ /H43/1 4 /=/:254.
64 0/4 D5/ 0/ 2.42/ 7/ 514 57;29.;4 7/ /02;<1 ;141:;/.4 9 H43/1
0-/:;4, 90 9>F/2;C90 /0281 ./=/.;790 4 ,9 D5/ /0-/.4 ,9@.4.0/ :939
./05,2479 7/, /H43/1 , /H-91/.,90 0/ 74.81 4 :919:/. ,90 ,?3;2/0 7/
,4 457;29.;4 4 =;1 7/ /C;24. ;12/.-./24:;91/0 /..<1/40 /1 ,90 :4090 /1
D5/ ,90 9>F/2;C90 B4641 0;79 -4.2;:5,4.3/12/ ,;3;24790 9 -51254,/0
09>./ 7/2/.3;14790 40-/:290 7/ ,4 @/02;<1
,:41:/
/ 7/F4.8 :910241:;4 D5/ /, 2.4>4F9 0/ ./4,;A< 7/ 4:5/.79 :91 ,40
9.340 7/ 57;29.;4 /1/.4,3/12/ :/-24740 6 ,40 9.340 7/
57;29.;4 5>/.143/124,
/>/.8 ;17;:4.0/ :,4.43/12/ ,4 :9>/.25.4 6 -.9=517;747 7/, 2.4>4F9 D5/
0/ B464 ./4,;A479 -4.4 :53-,;. ,90 9>F/2;C90 7/ ,4 457;29.;4
-./:;081790/ /, -/.?979 /H43;1479 /, 83>;29 @/9@.8=;:9 7917/ 0/ B464
-.4:2;:479 ,4 457;29.;4 6 ,40 8./40 342/.;4 7/ /H43/1 / 0/. /, :409
/, 457;29. ./C/,4.8 ,40 ,;3;24:;91/0 4, 4,:41:/ D5/ 0/ -./0/12/1 /1 /,
-.9:/09 7/, 2.4>4F9 ; 0/ /3-,/41 74290 D5/ 19 B4641 0;79 C/.;=;:4790
/0/ B/:B9 7/>/.8 341;=/024.0/ 43>;G1 7/>/.81 ./C/,4.0/ ,40
397;=;:4:;91/0 /=/:254740 4, /1=9D5/ 7/ ,4 457;29.;4 :939
:910/:5/1:;4 7/ ,40 ,;3;24:;91/0 7/ ,4 ;1=9.34:;<1 9 7/, 4,:41:/ 7/ ,4
457;29.;4
9351;:4:;<1 7/ >0/.C4:;91/0
/ 74.8 4 :919:/. /, :53-,;3;/129 7/ ,4 :9351;:4:;<1 7/ 9>0/.C4:;91/0
/=/:25474 4 ,90 =51:;914.;90 7/ ,4 /12;747 :93-./17;790 /1 ,40 3;0340

! K
12/:/7/12/0 6 40/ /@4,
/ 7/>/.8 B4:/. 514 >./C/ ./=/./1:;4 /1 29.19 4 ,4 :./4:;<1 7/ ,4
/12;747 05 /02.5:25.4 9.@41;A42;C4 ,40 -.;1:;-4,/0 4:2;C;747/0 D5/
7/04..9,,4 6 4, 8./4 /H43;1474
1 ,4 >40/ ,/@4, 0/ -./:;04.8 ,4 ./=/./1:;4 4 ,40 7;0-90;:;91/0 ,/@4,/0
D5/ ,4 ./@5,41
/,4:;<1 7/ ,40 -/.09140 :93-./17;740 /1 ,40 9>0/.C4:;91/0
028 ./=/.;79 4, -/.0914, 7/ ,4 /12;747 457;2474 :93-./17;79 /1 ,40
9>0/.C4:;91/0 /, :54, 0/ :910;@14.8 /1 51 41/H9 7/, ;1=9.3/ :91
;17;:4:;<1 7/ 193>./0 6 4-/,,;790 :4.@9 -/.?979 7/ @/02;<1 :917;:;<1
,4>9.4, 6 7;./::;<1 793;:;,;4.;4
90;:;<1 =;141:;/.4 /:91<3;:4 6 -./05-5/024.;4

35
 /1;/179 /1 :5/124 /, 2;-9 7/ /H43/1 D5/ 0/ ./4,;:/ 4 :.;2/.;9 7/,
457;29. 0/ ;1:,5;.81 /, >4,41:/ @/1/.4, /02479 7/ -G.7;740 6
@4141:;40 >4,41:/ 7/ /F/:5:;<1 -./05-5/024, 5 92.90 0/@E1
:9../0-9174

1 /02/ .5>.9 /, 457;29. 7/>/.8 /H-./04. 050 :91:,50;91/0 D5/ 091

F5;:;90 7/ :4.8:2/. -.9=/0;914, >404790 /1 ,40 9>0/.C4:;91/0 ./05,2412/0
7/, /H43/1 /=/:25479 40 :91:,50;91/0 /024.81 ./=/.;740 4 ,4 /C4,54:;<1
7/ ,90 ./05,24790 7/ @/02;<1 7/ ,4 /12;747 /H43;1474 /1 :54129 4, ,9@.9
7/ ,90 9>F/2;C90 3/240 6 -.9@.4340 40? :939 4 ,4 52;,;A4:;<1 7/ ,90
./:5.090 -E>,;:90 /1 2G.3;190 7/ /:9193?4 /=;:;/1:;4 6 /=;:4:;4
0;3;039 /1 ,40 :91:,50;91/0 0/ 7/>/.8 ;17;:4. ,4 7/2/.3;14:;<1 7/ ,4
1425.4,/A4 7/ ,4 ./0-9104>;,;747 /1 ,4 D5/ ;1:5..41 ,90 =51:;914.;90 9
0/.C;79./0 -E>,;:90 0/4 473;1;02.42;C4 :;C;, 9 -/14, / 4:5/.79 4 ,4
:93-/2/1:;4 =51:;914, 7/ ,90 <.@4190 :91=9.3412/0 7/, ;02/34 4:;914,
7/ 912.9, :54179 ,4 ./0-9104>;,;747 /0 7/ :4.8:2/. -/14, G024 7/>/ 0/.
./C/,474 /1 2G.3;190 7/ -./051:;<1 7/ 7/,;29 , =;14, 7/ :474 :91:,50;<1
0/ B4.8 ./=/./1:;4 4, 1E3/.9 :9../0-917;/12/ 4 ,4 9>0/.C4:;<1 /1 ,4 :54,
0/ /H-91/ /, B/:B9 :91 29790 ,90 7/24,,/0

1 /024 -4.2/ 7/, ;1=9.3/ 0/ 7/>/ ./C/,4.J

974 4D5/,,4 ;1=9.34:;<1 D5/ 4 F5;:;9 7/, 457;29. -/.3;24 :919:/. B/:B90
9 :;.:510241:;40 D5/ ;1:;741 0;@1;=;:42;C43/12/ /1 ,4 @/02;<1 7/ ,4 /12;747
457;2474 24,/0 :939 /, ./:919:;3;/129 7/ ,40 7;=;:5,247/0 9
:;.:510241:;40 /1 ,40 D5/ 0/ 7/0/1C9,C;/.91 ,90 ./0-9104>,/0 7/ 7;:B4
@/02;<1 /1 ,90 05-5/0290 /1 D5/ /029 05:/74 0;1 -/.F5;:;9 7/ ,4
9>0/.C41:;4 7/ ,90 ./D5;0;290 7/ 9>F/2;C;747 / ;3-4.:;4,;747 D5/ 7/>/1
@5;4. 4, 457;29. /1 ,4 /,4>9.4:;<1 7/ 05 ;1=9.3/ 90 40-/:290 -.;1:;-4,/0
D5/ 7/>/1 2/1/.0/ /1 :5/124 4, ./74:24. ,40 9>0/.C4:;91/0 0/.81J
40 9>0/.C4:;91/0 /024.81 ./=/.;740 4 4051290 0;@1;=;:42;C90 / ;1:,5;.81
;1=9.34:;<1 05=;:;/12/ 6 :93-/2/12/ ./,4:;91474 :91 ,90 ./05,24790 7/
,4 /C4,54:;<1 /=/:25474 4 ,4 @/02;<1 7/ ,4 /12;747 /H43;1474 40? :939
/, 509 7/ ,90 ./:5.090 -E>,;:90 /1 2G.3;190 7/ /:9193?4 /=;:;/1:;4 6
/=;:4:;4
@54,3/12/ 7/>/.8 ;1:,5;. ,4 ;1=9.34:;<1 1/:/04.;4 ./0-/:29 4 ,90
412/:/7/12/0 4 =;1 7/ =4:;,;24. ,4 :93-./10;<1 7/ ,40 9>0/.C4:;91/0
, 2G.3;19 9>0/.C4:;<1 /028 ./=/.;79 4 :54,D5;/. 0;254:;<1 7/=;:;/12/ 6
./,/C412/ D5/ 0/ 7/2/.3;1/ 7/ ,4 4-,;:4:;<1 7/ -.9:/7;3;/1290 7/
457;29.;4 6 /024.8 /02.5:25.474 7/ 4:5/.79 :91 ,90 42.;>5290 ':917;:;<1
:.;2/.;9 :4504 6 /=/:29( D5/ 0/ :910;7/./ 7/ ;12/.G0 -4.4 ,4 /12;747
/H43;1474

474 9>0/.C4:;<1 7/>/.8 ./74:24.0/ /1 =9.34 14..42;C4 2/1;/179 /1

:5/124 -4.4 05 -./0/124:;<1 ,90 40-/:290 0;@5;/12/0J
4 53;,,4 / ./=;/./ 4, 2?25,9 D5/ 52;,;A4 /, B/:B9 9>0/.C479
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7/3902.474

36
: .;2/.;9 91 ,40 19.340 2.410@./7;740 7/ :4.8:2/. ,/@4, 9-/.42;C9 9
7/ :912.9, D5/ ./@5,41 /, 4::;914. 7/ ,4 /12;747 /H43;1474 , 7/04..9,,9
7/, :.;2/.;9 /1 ,4 -./0/124:;<1 7/ ,4 9>0/.C4:;<1 7/>/ :;24.
/0-/:?=;:43/12/ ,4 19.342;C4 -/.2;1/12/ 6 /, 2/H29 4-,;:4>,/ 7/ ,4 3;034
7 4504 0 ,4 .4A<1 =51743/124, -9. ,4 :54, 9:5..;< ,4 :917;:;<1 9 /,
392;C9 -9. /, D5/ 19 0/ :53-,;< /, :.;2/.;9 9 19.34 5 ;7/12;=;:4:;<1
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/, 7/04..9,,9 7/ 514 ./:93/174:;<1 :9102.5:2;C4 D5/ -./C/1@4 ,4
./:5../1:;4 7/ ,4 :917;:;<1
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D5/ 9:40;914 /, B4,,4A@9 ;17;0-/104>,/ -4.4 /024>,/:/. 05 ;3-9.241:;4 6
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:9../@;. ,4 :917;:;<1 ;/3-./ 6 :54179 0/4 -90;>,/ /, 457;29. 7/>/
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, 2G.3;19 7/, 7/04..9,,9 7/ :474 9>0/.C4:;<1 0/ ;17;:4.81 7/ 3979
05:;129 ,90 7/0:4.@90 D5/ -./0/12/1 ,40 -/.09140 :93-./17;740 /1 ,4
3;034 40? :939 ,4 9-;1;<1 7/, 457;29. 7/0-5G0 7/ /C4,54. ,90 B/:B90
9>0/.C4790 6 ,90 7/0:4.@90 ./:;>;790
; 75.412/ /, /H43/1 /, 457;29. 4-./:;4 ,9@.90 1924>,/0 /1 ,4 /12;747
457;2474 6 D5/ 2/1@41 ./,4:;<1 :91 /, 4,:41:/ 6 9>F/2;C90 7/ ,4 457;29.;4
4 05 F5;:;9 -97.8 7/:;7;. 05 ;1:,50;<1 /1 ,90 :93/124.;90 7/, ;1=9.3/
! .4281790/ 7/ ,4 /H;02/1:;4 7/ -90;>,/0 7/,;290 /, 457;29. 7/>/
7/0,;174. 6 7/2/.3;14. /, 2;-9 7/ ./0-9104>;,;747 D5/ :9../0-9174 4 ,90
-./051290 ;3-,;:4790 :9124179 -4.4 /,,9 :91 514 47/:5474 :99.7;14:;<1
:91 ,4 40/09.?4 ,/@4,

40 ./:93/174:;91/0 :9102;256/1 ,40 3/7;740 05@/.;740 4 ,4

73;1;02.4:;<1 7/ ,4 /12;747 /H43;1474 9.;/124740 4 -.939C/. ,4
05-/.4:;<1 7/ ,40 9>0/.C4:;91/0 9 B4,,4A@90 /3/.@/12/0 7/ ,4 /C4,54:;<1
7/ ,4 @/02;<1 /.81 7;.;@;740 4 ,90 =51:;914.;90 -E>,;:90 D5/ 2/1@41
:93-/2/1:;4 -4.4 7;0-91/. 05 4-,;:4:;<1 40 ./:93/174:;91/0 7/>/1
/024. /1:43;14740 4 05-/.4. ,40 :45040 7/ ,90 -.9>,/340 9>0/.C4790 0/
./=/.;.81 4 4::;91/0 /0-/:?=;:40 6 /024.81 7;.;@;740 4 D5;/1/0 :9../0-917/
/3-./17/. /040 4::;91/0 7/380 /0 1/:/04.;9 D5/ ,40 3/7;740 D5/ 0/
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>/1/=;:;90 /0-/.4790 40 ./:93/174:;91/0 7/>/.81 :912/1/. ,4
7/0:.;-:;<1 7/ :5.090 7/ 4::;<1 -4.4 9-2;3;A4. /, :53-,;3;/129 7/ 3/240
6 9>F/2;C90 ;102;25:;914,/0 0/:29.;4,/0 6 14:;914,/0 , =9.35,4. ,40
./:93/174:;91/0 0/ /1=42;A4.8 /1 -./:;04. ,40 3/7;740 1/:/04.;40 -4.4 ,4
4::;<1 :9../:2;C4 4-,;:4179 :.;2/.;90 7/ 9-9.251;747 7/ 4:5/.79 4 ,4
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=;1 7/ ,9@.4. /, 38H;39 7/ :91:;0;<1 6 :,4.;747 /1 /, ;1=9.3/ 0/
52;,;A4.81 ,90 41/H90 ;17;0-/104>,/0 D5/ :93-,/3/12/1 9 43-,?/1 ,4
;1=9.34:;<1 7/ ;3-9.241:;4 :912/1;74 /1 /, 3;039 5/7/1 /024.
./=/.;790 /12./ 92.90 40-/:290 4 ,90 =51743/1290 7/ ,90 7/0:4.@90
-./0/124790 -9. ,40 -/.09140 :93-./17;740 /1 ,90 B/:B90 9>0/.C4790 4
,90 ;1=9.3/0 2G:1;:90 6 ,/@4,/0 0/@E1 ,4 1425.4,/A4 7/ ,90 B4,,4A@90 6 4
,90 /024790 =;141:;/.90 :9109,;74790 /1 :409 7/ 19 B4>/. 0;79 457;24790

37
 , ;1=9.3/ 7/>/.8 0/. =;.3479 -9. /, 457;29. /1:4.@479 /, 05-/.C;09. 6 /,
1;C/, @/./1:;4, :9../0-917;/12/ 7/ ,4 912.4,9.?4 /1/.4, 7/ ,4 /-E>,;:4
1 /, :409 7/ ,90 <.@4190 7/ 457;29.;4 ;12/.14 7/, ;02/34 4:;914, 7/
912.9, -9. /, 457;29. /1:4.@479 /, 05-/.C;09. 6 /, F/=/ 7/, ./0-/:2;C9
<.@419 / 43/.;24.,9 /, ;1=9.3/ 243>;G1 0/.8 050:.;29 -9. /, 40/09.
,/@4, 5 92.9 -.9=/0;914, 6M9 /0-/:;4,;024

G !
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457;29. 0;1 -/.F5;:;9 7/ ,4 :912;15;747 7/, ./0-/:2;C9 /H43/1 7/>/ /3;2;.
:91 ,4 :/,/.;747 7/, :409 51 1=9.3/ 0-/:;4, :91 /, ./0-/:2;C9 0502/129
2G:1;:9 6 ,/@4, -4.4 D5/ 0/ /=/:2E/1 ,40 4::;91/0 -/.2;1/12/0 /1 =9.34
;13/7;424 /1 ,40 ;10241:;40 :9../0-917;/12/0 4 4-,;:4:;<1 7/ /024 19.34
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7/ ,40 19.340 ,/@4,/0 4-,;:4>,/0 /F/.A4 05 ,4>9. /1 ,90 :4090 7/
/C;7/1:;4.0/ ;17;:;90 .4A914>,/0 7/ :93;0;<1 7/ 7/,;29 75.412/ /, 7/04..9,,9
7/ 05 2.4>4F9 /1 ,4 /12;747 457;2474
4 ;10241:;4 :9../0-917;/12/ 0/.8 ,4 .9:5.475.?4 /1 /, :409 D5/ ,4
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;0:4,?40 6M9 .9:5.475.?4 470:.;24 4, 0/:29. ./0-/:2;C9 :54179 ,90
/H83/1/0 0/41 /=/:254790 -9. ,90 <.@4190 7/ 457;29.;4 ;12/.14
:91=9.3412/0 7/, ;02/34 6 9:;/747/0 7/ 57;29.;4 7/0;@14740
1 ,4 3;034 =/:B4 7/ ;1;:;4790 ,90 2.83;2/0 /1 ,4 .9:5.475.?4 6M9 ;0:4,?4
0/@E1 :9../0-9174 ,90 :;24790 <.@4190 7/ 457;29.;4 6 ,40 9:;/747/0 7/
57;29.;4 ./3;2;.81 51 /F/3-,4. 7/, ;1=9.3/ /0-/:;4, 4 ,4 912.4,9.?4
/1/.4, 6 4 F5;:;9 7/, 457;29. 4, 2;25,4. 7/ ,4 /12;747 0;/3-./ D5/ G02/
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7/ 7/,;29 4 /3;0;<1 7/, ;1=9.3/ /0-/:;4, 19 /H;3/ 4, 457;29. 7/ 05
9>,;@4:;<1 7/ ./:93/174. 3/7;740 ;13/7;4240 /1 :452/,4 7/ ,4
./:5-/.4:;<1 7/, -42.;391;9 7/, 02479

!
90 /0-/:;4,;0240 /1 342/.;4 :9124>,/ B4>?41 0;79 C;0290 -9. ,4 09:;/747
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0;1@5,4.3/12/ 6 7/ 4,@514 341/.4 0;1 3469. @,9.;4 0 ;17574>,/ D5/
0;/179 ,4 :9124>;,;747 ;102.53/124, 4, 35179 7/ ,90 1/@9:;90 /, :9102412/
:43>;9 /1 /, /129.19 @,9>4, 7/ ,90 3;0390 34.D5/ /,802;:90 39C;3;/1290
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0 7/ :919:;3;/129 @/1/.4, ,4 9>,;@429.;4 4-,;:4:;<1 7/ ,40 19.340
;12/.14:;914,/0 7/ :9124>;,;747 4 /=/:290 7/ ./-9.2/0 =;141:;/.90 6
:91:./243/12/ /1 ./,4:;<1 :91 ,4 -./-4.4:;<1 7/ ,90 /024790 D5/ 0;.C41 7/
>40/ -4.4 ,40 7/:,4.4:;91/0 7/ ;3-5/029 09>./ ,4 ./124
0 ;3-9.2412/ B4:/. 1924. D5/ /1 /, 3/0 7/ 34.A9 7/, /, -5>,;:4
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,40 9.340 12/.14:;914,/0 7/ /-9.2/ ;141:;/.9 7;:281790/ ,40 -.;3/.40
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4 19.34 1E3/.9 519 0/ ./=;/./ 4 ,90 40-/:290 ./,42;C90 4, 2.4243;/129 7/ ,4
479-:;<1 -9. -.;3/.4 C/A 7/ ,40 I -4.2;/179 7/ ,4 >40/ 7/ /024790

38
=;141:;/.90 D5/ 64 B41 0;79 :91C/.2;790 4 ,4 >40/ :9124>,/ 7/ 9.340
12/.14:;914,/0 7/ 9124>;,;747 -9. ,9 :54, /02/ ./D5;0;29 -./C;9 -4.4
D5;/1/0 4E1 ,9 2;/1/1 -/17;/12/ /0 51 47/579 C/1:;79 4 19.34 1E3/.9
790 ./@5,4 40-/:290 7/ -4@90 /=/:254790 /1 2.4104::;91/0 391/24.;40 6 19
391/24.;40I ,4 ./,/C41:;4 7/ /024 19.34 /0 ,4 7/ 7/1924. 2.4104::;91/0 7/
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/12./@4 7/ 0/.C;:;90
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:939
9. E,2;39 ,4 D5;124 19.34 ./@5,4 40-/:290 ./,42;C90 4 ,4 2/1/1:;4 7/
4:2;C90 19 :9..;/12/0 :91 -.9-<0;290 7/ C/124 6 9-/.4:;91/0 7;0:912;1540I
C;/1/ /024 19.34 4 2.424. 40-/:290 7/ 356 :92;7;419 ./D5/.;3;/129 6
0502;256/ /1 ./,4:;<1 :91 9-/.4:;91/0 /1 7;0:912;154:;<1 4 ,4
5/741 :91 /0240 397;=;:4:;91/0 243>;G1 /,;3;14790 ,90 >9,/2;1/0
;12/.-./242;C90 $ 6 $ 6 34.:4 4 -4.2;. 7/ /0290 :43>;90 /, ;1;:;9 7/
,4 /3;0;<1 7/ ,40 9.340 12/.14:;91/0 7/ 1=9.34:;<1 ;141:;/.4 /1
:912.4-90;:;<1 9 /C9,5:;<1 7/ ,40 9.340 12/.14:;914,/0 7/ 9124>;,;747
939 /0 1929.;9 ,90 2/340 091 7/ @.41 ;3-4:29 4:254, 0;/179 /, -.9-<0;29
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2.47;:;914, 35179 :9124>,/ 92.9.4 /0282;:9 0/ B4 2/1;79 D5/ -91/. 4,
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/07/ D5/ 0/ .//02.5:25.< /, :5/.-9 ;12/.14:;914, /1:4.@479 7/ /3;2;. ,40

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-9. 15/C40 19.340 / ;12/.-./24:;91/0

39
 / /024 341/.4 ;1;:;4,3/12/ 479-2< ,40 9.340 12/.14:;91/0 7/
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0( ,40 :54,/0 0/ 7/24,,41 /1 /, 0;@5;/12/ :547.9 :91 05 ./0-/:2;C4 =/:B4
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42
 ,4>9./ :547.9 :93-4.42;C9 /12./ " "

Nº AUTOR TITULO EDITORIAL

1 Juan Francisco Álvarez Illanes Pacifico 2002
Auditoria Gubernamental

2 Federación de Colegios de Normas Internacionales de IMCP 1998

Contadores Públicos del Perú Contabilidad

3 O. Ray Whittington - Kurt Pany AUDITORIA - UN Mc Graw Hill 2001

ENFOQUE INTEGRAL

Recursos en Internet

Nº Dirección Internet Descripción

1 www.contraloria.gob.pe Portal Contraloría General de la Republica

2 www.conasev.gob.pe Portal de CONASEV

3 www.cpn.mef.gob.pe Portal Contaduría Pública de la Nación

LG

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! & %
#

, =;14,;A4. /, -./0/12/ 40:?:5,9 /, -4.2;:;-412/ /024.8 /1 :917;:;91/0

7/ conocer el proceso de planeamiento y su aplicación en empresas
privadas y públicas. Elabora la carta propuesta y el memorando de
planeamiento y reconoce la importancia del plan de auditoría.

45
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:474 :93-91/12/ ;3-9.2412/ 7/ ,4 ;1=9.34:;<1 =;141:;/.4
! , @.479 7/ :91=;4>;,;747 D5/ /0-/.4 42.;>5;. 4 ,90 0;02/340 7/
:9124>;,;747 6 4, :912.9, ;12/.19
# 4 1425.4,/A4 7/ ,40 -.5/>40 7/ 457;29.;4 4 4-,;:4. 6 /, 0;02/34 7/
7/2/.3;14:;<1 6 0/,/::;<1 7/ ,40 35/02.40
$ , 2.4>4F9 7/ ,90 457;29./0 ;12/.190 6 05 @.479 7/ -4.2;:;-4:;<1 /1
05 :409 /1 ,4 457;29.;4 /H2/.14
4 -4.2;:;-4:;<1 7/ 92.90 457;29./0 /1 ,4 457;29.;4 7/ =;,;4,/0 6M9
05:5.04,/0 7/ ,4 /12;747
4 -4.2;:;-4:;<1 7/ /H-/.290

; /%8 / -'7, 1%& 8/. / < 1% +1'2./'

, 457;29. 7/>/.8 -./-4.4. 51 -.9@.434 /0:.;29 7/ 457;29.;4 /1 /, D5/ 0/
/024>,/A:41 ,40 -.5/>40 4 ./4,;A4. 6 ,4 /H2/10;<1 7/ ,40 3;0340 -4.4
:53-,;. ,90 9>F/2;C90 7/ 457;29.;4
, -.9@.434 7/>/ ;1:,5;. ,90 9>F/2;C90 7/ 457;29.;4 -4.4 :474 -4.:/,4 9
8./4 6 0/.8 ,9 05=;:;/12/3/12/ 7/24,,479 7/ =9.34 D5/ 0;.C4 :939
79:53/129 7/ 40;@14:;<1 7/ 2.4>4F90 4 ,90 -.9=/0;914,/0 7/, /D5;-9 D5/
-4.2;:;-/1 /1 ,4 457;29.;4 40? :939 3/7;9 7/ :912.9, 7/ ,4 47/:5474
/F/:5:;<1 7/, 3;039
1 ,4 -./-4.4:;<1 7/, -.9@.434 7/ 457;29.;4 /, 457;29. B4>;/179
9>2/1;79 :;/.29 :919:;3;/129 7/, 0;02/34 7/ :9124>;,;747 6 7/ ,90
:9../0-917;/12/0 :912.9,/0 ;12/.190 -5/7/ :910;7/.4. 9-9.2519 :9124.
/1 7/2/.3;14790 :912.9,/0 ;12/.190 4 ,4 B9.4 7/ 7/2/.3;14. ,4
1425.4,/A4 393/129 7/ ,4 ./4,;A4:;<1 6 43-,;257 7/ ,90 -.9:/7;3;/1290
7/ 457;29.;4
, -,41 @,9>4, 6 /, :9../0-917;/12/ -.9@.434 7/>/.81 ./C;04.0/ 4
3/7;74 D5/ -.9@./04 ,4 457;29.;4 54,D5;/. 397;=;:4:;<1 0/ >404.8 /1
/, /0257;9 7/, :912.9, ;12/.19 ,4 /C4,54:;<1 7/, 3;039 6 ,90 ./05,24790
7/ ,40 -.5/>40 D5/ 0/ C4641 ./4,;A4179

1 /, -.9:/09 7/ ,4 57;29.;4 /H;02/1 2./0 2;-90 7/ -,41/43;/129 ,90 :54,/0

>80;:43/12/ /0281 /1 =51:;<1 4 ,90 9>F/2;C90 4 :910/@5;. 6 4, 2;-9 7/
57;29.;4 4 /F/:524. 091J
,41/43;/129 -4.4 57;29.;4 ;141:;/.4J 93-./17/ 4 ,4 57;29.;4 4 ,90
024790 ;141:;/.90 6 4 ,4 57;29.;4 ;141:;/.4 /1 -4.2;:5,4.
,41/43;/129 -4.4 57;29.;4 7/ /02;<1J ;/1/ :939 9>F/2;C9 /C4,54. /,
@.479 7/ /:9193?4 /=;:;/1:;4 6 /=;:4:;4 /1 /, 341/F9 7/ ,90 ./:5.090
/:91<3;:90 40? :939 /, 7/0/3-/L9 7/ ,90 /3-,/4790 6 =51:;914.;90
./0-/:29 4, :53-,;3;/129 7/ 3/240 6 9>F/2;C90 -.9@.434790 6 /, ,9@.9 7/
,90 ./05,24790

50
 ,41/43;/129 -4.4 H83/1/0 0-/:;4,/0J 02/ -,41/43;/129 :93>;14 ,90
9>F/2;C90 7/ ,4 57;29.;4 ;141:;/.4 6 7/ /02;<1

* !

51
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4 ./4,;A4. -4.4 ./:9-;,4. ;1=9.34:;<1 -./,;3;14.

* 4( 91 ;102.5::;91/0 7/, /=/ 7/ D5;-9 ,90

457;29./0 ./:9-;,4.81 ;1=9.34:;<1
/0-/:?=;:43/12/ ,4 ./,4:;91474 :91 ,90
40-/:290 0;@5;/12/0J
9.342;C4 ,/@4, 6 2G:1;:4 4-,;:4>,/ 4 ,4
/12;747
• ,41 4154, 9-/.42;C9
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• 1=9.3/0 7/ 4C41:/ 7/ 3/240
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./,4:;91474 :91 ,4 9.@41;A4:;<1 7/ ,4
/12;747 9>F/29 7/ /H43/1
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473;1;02.4:;<1
• ;>.90 7/ 4:240 6 7/380 ./@;02.90
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./05,24790 7/ ,4 ;1=9.34:;<1 9>2/1;74

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,41 /1/.4, 7/ 57;29.;4

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3/2979,9@?4 6 2G:1;:40 7;=/./12/0

" ! > 91 /, 418,;0;0 7/ ,4 ;1=9.34:;<1 9>2/1;74 /, /=/

7/ D5;-9 /,4>9.4.8 /, -,41 7/ /H43/1 -./,;3;14.
102.5;.8 4 ,90 457;29./0 -4.4 ./4,;A4. /, /H43/1
-./,;3;14.

C 91 ;102.5::;91/0 7/, /=/ 7/ D5;-9 ./4,;A4.81 /,

/H43/1 -./,;3;14.

/4,;A4.81 514 -./0/124:;<1 4 ,90 7/380

3;/3>.90 7/, /D5;-9 :91 /, =;1 7/ D5/ 29790
2/1@41 :919:;3;/129 7/, 2.4>4F9 ./4,;A479

D " ! > ,4>9.4.8 /, ;1=9.3/ 7/ /H43/1 -./,;3;14.

5.412/ /, -.9:/09 ./C;04.8 -4-/,/0 7/ 2.4>4F9 6

-./0/124.8 4, /=/ 7/ D5;-9 050 ;102.5::;91/0
3/7;412/ +9F4 7/ 5-/.C;0;<1
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,40 B5>;/./

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/H43/1 -./,;3;14. 6 >90D5/F9 7/, ,41 7/
57;29.;4

52
*C N @
0257;9 6 /C4,54:;<1 7/ ,4 9.@41;A4:;<1 -4.4 D5/ /, 457;29. -5/74 74.0/
:5/124 7/ ,4 /02.5:25.4 9.@81;:4 6 :919:/. ,90 /,/3/1290 -4.4 /0257;4.
9 /C4,54. ,4 9.@41;A4:;<1 6 05 /D5;-9 B53419 7/>/.8 9>2/1/. 51
9.@41;@.434 7/24,,479 7/ ,4 3;034 0; ,4 2;/1/ 9 19 /0 392;C9 -4.4 D5/
/, 457;29. ,9 /,4>9./ 9 4:254,;:/ /1 7917/ /, 7/04..9,,9 7/ ,4 3;034 ,/
0/.C;.8 -4.4 :919:/. ,4 9-/.4:;<1 9.@41;A4:;914, 7/ ,4 /12;747 9 =51:;<1
05F/24 4 457;29.;4 ,4>9.4:;<1 D5/ 7/>/ /024. 05F/24 4J
• 5/ 4>4.D5/ 4 2974 ,4 /12;747 9 =51:;<1 05F/24 4 418,;0;0
• />/ :912/1/. ,90 -5/0290 -.;1:;-4,/0 6 2974 ,4 /02.5:25.4 2.4281790/
7/, 418,;0;0 4 514 =51:;<1
• /=;1;. ,90 2;-90 7/ 4529.;747J ,;1/4, =51:;914, 6 024==
0257;9 6 /C4,54:;<1 7/ 0;02/340 6 -.9:/7;3;/1290 /0 514 7/ ,40
4::;91/0 380 ;3-9.2412/0 /1 ,4 -,41/4:;<1 6 7/04..9,,9 7/ :54,D5;/.
2.4>4F9 7/ 457;29.;4 974 /12;747 7/>/ :9124. :91 34154,/0 7/
0;02/340 6 -.9:/7;3;/1290 7/ 9-/.4:;<1 09>./ ,90 :54,/0 /, 457;29. 7/>/
>404.0/ -4.4 B4:/. 05 /0257;9 6 /C4,54:;<1 ; 514 /12;747 19 :5/124
:91 ,90 3;0390 /, 457;29. 7/>/.8 7/04..9,,4.,90 -4.4 050 -.9-<0;290
0257;9 6 /C4,54:;<1 7/ =,5F9 @.4340 /0 ,4 ./-./0/124:;<1 @.8=;:4 7/ ,90
-.9:/7;3;/1290 7/ 9-/.4:;91/0
0257;9 6 /C4,54:;<1 7/, 05>2/34 7/ 912.9, 12/.19 , 912.9, 12/.19
:93-./17/ /, -,41 7/ 9.@41;A4:;<1 6 29790 ,90 3G29790 6
-.9:/7;3;/1290 D5/ /1 =9.34 :99.7;1474 0/ 479-241 /1 514 /12;747
-4.4 04,C4@54.74. 050 4:2;C90 C/.;=;:4. ,4 .4A914>;,;747 6 :91=;4>;,;747
7/ 05 ;1=9.34:;<1 =;141:;/.4 -.939C/. ,4 /=;:;/1:;4 9-/.4:;914, 6
-.9C9:4. 47B/./1:;4 4 ,40 -9,?2;:40 -./0:.;240 -9. ,4 473;1;02.4:;<1
18,;0;0 4:29.;4, :910;02/ /1 ,4 ;7/12;=;:4:;<1 7/ ,90 =4:29./0 D5/
;1=,56/1 /1 ,90 ./05,24790 7/ 9-/.4:;<1 7/ 514 /12;747 -4.4 ,,/@4. 4,
:919:;3;/129 -4.2;:5,4. 7/ :474 =4:29. :91 ,4 =;14,;747 7/ 7/2/.3;14. 05
:912.;>5:;<1 /1 /, ./05,2479 7/ ,40 9-/.4:;91/0 ./4,;A4740 90 =4:29./0
7/ 9-/.4:;<1 /1 514 /12;747 091 ;12/.190 6 /H2/.190 05 ;7/12;=;:4:;<1
418,;0;0 6 /0257;9 0/ B4.8 2934179 /1 :5/124 ,4 4:2;C;747 9 @;.9 7/ ,4
/12;747 6 /, -.9-<0;29 7/ ,4 3;034 64 D5/ /0 9>C;9 D5/ 19 0/41 ,90
3;0390 =4:29./0 D5/ ;1:;7/1 -4.4 4:2;C;747/0 ;17502.;4,/0 :93/.:;4,/0
7/ 0/.C;:;90 /2:

*
, -.9-<0;29 7/ 514 :4.24 -.9-5/024 9 :4.24 7/ /1:4.@9 9 4:5/.79 /0:.;29
/12./ /, 457;29. 6 05 :,;/12/ /0 -.9-9.:;914. /C;7/1:;4 D5/ 7/=;14 /,
4,:41:/ 6 /, 9>F/2;C9 7/, 2.4>4F9 4 ./4,;A4. 6 D5/ -9. 24129 /C;2/ :54,D5;/.
34,/12/17;79 :91 ./0-/:29 4, 3;039
40 19.340 2G:1;:40 09>./ /F/:5:;<1 7/, 2.4>4F9 /024>,/:/1 ,9 0;@5;/12/
4:/.:4 7/, :912.429 9 :4.24 7/ /1:4.@9J
, 457;29. 7/>/.8 4:9.74. -9. /0:.;29 :91 05 :,;/12/ /, 9>F/2;C9 6 4,:41:/ 7/,
2.4>4F9 40? :939 050 B919.4.;90 9 ,90 :.;2/.;90 -4.4 05 :8,:5,9 -4.4 2979 /,
-/.;979 7/ 193>.43;/129
1 /, :912.429 9 :4.24 7/ /1:4.@9 0/ 7/>/.8 ;17;:4. /, 2924, 1E3/.9 7/ B9.40
/02;3479 -4.4 ,4 ./4,;A4:;<1 7/, 2.4>4F9 54179 /, 193>.43;/129 0/
/=/:2E4 -9. 51 /@;02.479. /.:412;, 9 51 5/A 0/ 7/>/.8 7/24,,4.
40;3;039 /, 1E3/.9 7/ B9.40 -./05-5/02479 -9. 8./40 7/ 2.4>4F9 /0290

53
/=/:290 412/0 7/ 4:/-24. /, 193>.43;/129 /, 457;29. -97.8 09,;:;24. 7/ ,4
/3-./04 9 /12;747 457;2474 29790 ,90 74290 D5/ :910;7/./ 1/:/04.;90 -4.4
-./-4.4. 05 -.9-5/024
12/0 7/ 4:/-24. /, /1:4.@9 /, 457;29. 7/>/ :910;7/.4. 0; /H;02/ 4,@514
.4A<1 D5/ 4:910/F/ 05 ./:B4A9 -9. .4A91/0 G2;:40 9 2G:1;:40 ; /, 457;29.
7/:;7/ -.90/@5;. 35:B90 7/ ,90 4:5/.790 ,,/@4790 /12./ /, 457;29. 6 /,
:,;/12/ D5/74.81 ./053;790 /1 514 :4.24 7/ :93-.93;09 9 7/ :912.429
7/>;/179 0/. ./74:2474 :91 -./:;0;<1 /1 C;024 7/ D5/ -97.81 0/.C;. 7/
2/02;391;9 /1 :409 7/ :912.9C/.0;40 9 7/ ,;2;@;9 09>./ ,90 0/.C;:;90 -./024790
5 B919.4.;90

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,90 193>./0 7/ 29740 ,40 /3-./040 5 92.40 /12;747/0 D5/ 0/ B41 7/
457;24. 6 19 193>.4.,40 /1 =9.34 :9,/:2;C4 24,/0 :939 K=;,;4,/0K ; /H;02/
92.4 /3-./04 7/ 457;29.;4 D5/ 457;2/ 519 9 380 =;,;4,/0 0/ 7/>/ ;17;:4.
D5/ 0/ 2;/1/ :919:;3;/129 7/, 405129
1%,2'5'- -'7, 1% &.# #2 1.# B+% #% 9 , +1'2 / 9. ,9 @/1/.4,
0/ ;7/12;=;:41 ,90 024790 :91:./290 D5/ 0/ B41 7/ ;1:,5;. /1 /, /H43/1
D5/ /=/:2E4 /, 457;29. /1 ,5@4. 7/ ./=/.;.0/ 4 ,90 3;0390 -9. ;1:,50;<1
:939 K 024790 ;141:;/.90K 4 ;7/12;=;:4:;<1 7/>/.8 0/. :9B/./12/ :91
,90 /1:4>/A43;/1290 D5/ 0/ /0-/.4 B4,,4. /1 7;:B90 024790
&- ,-% 1%& %3 <%, ; 4 4.24 7/ 93-.93;09 7/>/ ;1:,5;. 514
7/:,4.4:;<1 7/, 4,:41:/ 7/, 2.4>4F9 7/, 457;29. B4:;/179 ./=/./1:;4 4 ,40
6 4 ,4 ./4,;A4:;<1 7/ -.5/>40 09>./ 74290 6 -.9:/7;3;/1290 7/
:9124>;,;747 D5/ /, 457;29. :910;7/./ 1/:/04.;9
%-& / -'7, 1% & %#8.,# $'&'1 1 1%& +1'2./ 4.4 40/@5.4. D5/ ,4
4.24 7/ 93-.93;09 -.9-9.:;914 514 ;34@/1 :,4.4 7/ ,40 ,;3;24:;91/0
7/ ,4 ./0-9104>;,;747 D5/ /028 7;0-5/029 4 4053;. /, 457;29. 4
:912;154:;<1 7/ ,4 7/:,4.4:;<1 7/, 4,:41:/ 7/ 05 ./C;0;<1 05/,/
3/1:;914.0/ /, .;/0@9 ;1B/./12/ 7/ D5/ 19 0/ 7/2/:2/1 ,90 /..9./0 /
;../@5,4.;747/0 0; /H;02/1 :912;154:;<1 /, 457;29. 0/L4,4 D5/ 0; 0/
-/.:;>/ 7/ 29790 ,90 B/:B90 75.412/ /, :5.09 7/, 418,;0;0 74.8 -4.2/ 7/
/,,9 4, :,;/12/ 6 0/ 3902.4.8 7;0-5/029 4 ,,/@4. 4 51 :93-.93;09 4-4.2/
:91 /, =;1 7/ 43-,;4. ,90 -.9:/7;3;/1290 19.34,/0 7/ 457;29.;4
! 2/.# %/9'-'.# ',-&+'1.# %, %& .<8/.<'#. 4 4.24 =;F4 243>;G1
92.90 0/.C;:;90 7;=/./12/0 7/, /H43/1 6 ,90 024790 ;141:;/.90
=51743/124,/0 D5/ 0/ ;1:,5;.81 /1 /, 4:5/.79 7/, :93-.93;09 1
7/2/.3;14790 :4090 -97.?4 ;1:,5;.0/ ,4 -./-4.4:;<1 7/ ,90 ;3-5/0290
# -+%/1.# #.$/% 0.,./ /'.# 6 '<'2 -'.,%# 1% %/9'-'.# 4 4.24
7/ 93-.93;09 ;1:,56/ /1 -8..4=9 ./=/./12/ 4, 4:5/.79 09>./ ,90
B919.4.;90 4 -/.:;>;. ;1:,56/179 ,4 >40/ 7/ =4:25.4:;<1 6 :9>.41A4 6 ,40
,;3;24:;91/0 7/ ,90 0/.C;:;90 ;1:,5;790
$ .&'-'2+1 1% .,5'/< -'7, 9. ,9 @/1/.4, ,4 4.24 7/ 93-.93;09
09,;:;24 ,4 4:/-24:;<1 7/, 3;039 9. -4.2/ 7/ ,4 /12;747 9 :,;/12/ :91 /,
=;1 7/ D5/ ,40 /H-90;:;91/0 /024>,/:;740 /02G1 7/ 4:5/.79 :91 ,4
;12/.-./24:;<1 7/, :,;/12/ 1 :91:,50;<1 /, E,2;39 -8..4=9 7/ ,4 4.24
05/,/ 52;,;A4.0/ -4.4 09,;:;24. 24, :91=;.34:;<1

54
 /:B4
. $
56 ./0 15/02.90J

90 :93-,4:/ ./3;2;.,/0 /, :912/1;79 7/, 4:5/.79 4,:41A479 :91 502/7/0

-4.4 ./4,;A4. ,4 457;29.;4 7/ ,40 :5/1240 4154,/0 7/ ,4 09:;/747
'D5/ :93-./17/1 /, >4,41:/ 7/ 0;254:;<1 /, /02479 7/ -G.7;740 6
@4141:;40 /, /02479 7/ :43>;90 /1 /, -42.;391;9 1/29 6 /, =,5F9 7/ /=/:2;C9
-9. 51 -/.?979 7/ 4L90 :93-./17;/179 -9. 24129 ,4 ./4,;A4:;<1 7/ ,4
457;29.;4 7/ ,40 :5/1240 4154,/0 :9../0-917;/12/0 4 29790 ,90 /F/.:;:;90 7/
,4 09:;/747
, :5,3;14. ,4 457;29.;4 /3;2;./390 15/02.9 ;1=9.3/ D5/ :912/17.8 15/02.4
9-;1;<1 2G:1;:4 09>./ ,40 :5/1240 4154,/0 /H43;14740 6 09>./ ,4
;1=9.34:;<1 :9124>,/ :912/3-,474 /1 /, ;1=9.3/ 7/ @/02;<1
7;:;914,3/12/ ;1=9.34./390 4 ,90 473;1;02.479./0 09>./ ,40 7/>;,;747/0
0;@1;=;:42;C40 D5/ /1 05 :409 B5>;G0/390 ;7/12;=;:479 /1 ,4 /C4,54:;<1 7/,
:912.9, ;12/.19
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:939 :91 ,40 19.340 7/ 457;29.;4 @/1/.4,3/12/ 4:/-24740 -5>,;:4740 -9. /,
102;2529 7/ 9124>;,;747 6 57;29.;4 7/ 5/1240

1 :910/:5/1:;4 /1 >40/0 0/,/:2;C40 9>2/17./390 ,4 /C;7/1:;4 F502;=;:42;C4

7/ ,4 ;1=9.34:;<1 ;1:,5;74 /1 ,40 :5/1240 4154,/0 /C4,54./390 ,90
-.;1:;-;90 :9124>,/0 4-,;:4790 ,40 /02;34:;91/0 0;@1;=;:42;C40 ./4,;A4740 -9.
,90 73;1;02.479./0 6 ,4 -./0/124:;<1 @,9>4, 7/ ,40 :;24740 :5/1240 4154,/0
@54,3/12/ :93-.9>4./390 ,4 :91:9.741:;4 7/ ,4 ;1=9.34:;<1 :9124>,/ D5/
:912;/1/ /, ;1=9.3/ 7/ @/02;<1 :91 ,40 :5/1240 4154,/0
939 -4.2/ 7/ 15/02.4 457;29.;4 6 E1;:43/12/ 4 /=/:290 7/ 7/2/.3;14. ,4
1425.4,/A4 9-9.251;747 6 43-,;257 7/ 15/02.90 -.9:/7;3;/1290 7/
457;29.;4 /=/:254./390 51 /0257;9 6 /C4,54:;<1 7/ ,4 /02.5:25.4 7/ :912.9,
;12/.19 7/ ,4 09:;/747 ;1 /3>4.@9 /,,9 19 0/.8 05=;:;/12/ -4.4 -/.3;2;.190
/H-./04. 514 9-;1;<1 /0-/:?=;:4 09>./ ,4 /=;:4:;4 7/ ,4 /02.5:25.4 7/ :912.9,
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, 9>F/2;C9 7/ 15/02.9 2.4>4F9 /1 ./,4:;<1 4, /0257;9 6 /C4,54:;<1 7/,
0;02/34 7/ :912.9, ;12/.19 /0 9>2/1/. 514 0/@5.;747 .4A914>,/ 7/ D5/ ,40
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51D5/ 514 /02.5:25.4 /=/:2;C4 7/ :912.9, ;12/.19 ./75:/ ,4 -.9>4>;,;747 7/
D5/ -5/741 /H;02;. .;/0@90 7/ /..9./0 9 ;../@5,4.;747/0 6 7/ D5/ 19 0/41
7/2/:24790 19 /,;3;14 24, -90;>;,;747
9. 7;:B4 .4A<1 6 7479 D5/ 15/02.9 /H43/1 /028 >40479 -.;1:;-4,3/12/ /1
-.5/>40 0/,/:2;C40 19 -97/390 @4.412;A4. D5/ 0/ 7/2/:2/1 2979 2;-9 7/
/..9./0 9 ;../@5,4.;747/0 /1 :409 7/ /H;02;.

" ! ! % ! ! !

&

55
 4 -./0/124:;<1 7/ ,90 0/.C;:;90 7/ 457;29.;4 9>F/29 7/, -./0/12/ 4:5/.79 0/
./@;.8 /1 2979 :409 -9. ,40 7;0-90;:;91/0 ,/@4,/0 C;@/12/0 /1 :474 393/129
1 :409 7/ :91=9.3;747 :91 ,90 2G.3;190 4D5? /H-5/0290 ,/0
4@.47/:/.?4390 D5/ 190 7/C9,C;/.41 :91=;.3474 ,4 :9-;4 D5/ ,/0
47F5124390
024390 /1:4124790 7/ 2/1/. ,4 9-9.251;747 7/ -./024.,/0 15/02.90
0/.C;:;90 -.9=/0;914,/0 6 ,/0 40/@5.4390 D5/ 7/7;:4./390 4 /02/ 2.4>4F9
15/02.4 3469. 42/1:;<1

12/=;.34 6 =;.34 7/ ,4 09:;/747 6 ,90 457;29./0

, ,41/43;/129 :939 /24-4

-.;34.;4 7/, -.9:/09 7/ 57;29.;4 =5/ /024>,/:;79 -4.4 -./C/. ,90
-.9:/7;3;/1290 D5/ 0/ 4-,;:4.81 4 =;1 7/ 9>2/1/. :91:,50;91/0 C8,;740 6
9>F/2;C40 D5/ 0;.C41 7/ 09-9.2/ 4 ,4 9-;1;<1 D5/ 0/ C;/.24 09>./ ,4
12;747 9 3-./04 >4F9 /H43/1 4 -,41;=;:4:;<1 :93;/1A4 -9. 514
/C4,54:;<1 7/ ,90 -.9>,/340 6M9 ./0;02/1:;40 D5/ 0/ B4641 -97;79
/1:912.4. /1 ,4 2934 7/ :9124:29 :91 ,4 3-./04 4 457;24. 0
;3-9.2412/ -9. /,,9 ;7/12;=;:4. 4D5/,,40 8./40 -.9>,/382;:40 4 ,40 D5/
-.9>4>,/3/12/ B464 D5/ 7/7;:4. 380 2;/3-9 6 ./:5.090 , -.;3/.
./05,2479 7/ /024 =40/ /0 ,4 /151:;4:;<1 7/ ,90 9>F/2;C90 6 4,:41:/ 7/ ,4
57;29.;4 D5/ 0/.8 ./:9@;79 /1 51 79:53/129 =9.34, 7/193;1479 & ,
1% +1'2./'

,4>9.4. ,4 :4.24 -.9-5/024 6 /, 3/39.81753 7/ -,41/43;/129

/4,;A4. 51 34-4 :91:/-254, 7/ ,40 =40/0 7/ ,4 ,41/4:;<1

Nº AUTOR TITULO EDITORIAL

1 Juan Francisco Álvarez Illanes Pacifico 2002
Auditoria Gubernamental

2 O. Ray Whittington - Kurt Pany AUDITORIA - UN Mc Graw Hill 2001

ENFOQUE INTEGRAL

Recursos en Internet

Nº Dirección Internet Descripción

1 www.contraloria.gob.pe Portal Contraloría General de la Republica
2 www.conasev.gob.pe Portal de CONASEV
3 www.cpn.mef.gob.pe Portal Contaduría Pública de la Nación

56
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, =;14,;A4. /, -./0/12/ 40:?:5,9 /, -4.2;:;-412/ /024.8 /1

:917;:;91/0 7/ ./:919:/. ,90 9>F/2;C90 2G:1;:40 6
-.9:/7;3;/1290 7/ 457;29.?4 40? :939 ,40 -.5/>40 0502412;C40
6 7/ :53-,;3;/129 4-,;:4>,/ 4 ,40 :5/1240 7/ >4,41:/ -,;:4
2G:1;:40 6 -.9:/7;3;/1290 7/ 457;29.?4 24,/0 :939 4.D5/90
:91=;.34:;<1 ;10-/::;<1 /12./ 92.90

57
 " E F

/09./.?4 ;3-,;:4 4D5/,,90 4:2;C90 ,?D5;790 7/ ,4 /3-./04 7/ 7;0-91;>;,;747

;13/7;424 64 0/4 /1 391/74 14:;914, 9 /H2.41F/.4 /0 7/:;. 04,790 7/ :4F4
6 >41:9 '0<,9 ,40 :5/1240 4 ,4 C;024 0/.8 2/09./.?4 ,90 -,4A90 =;F90(

91 ./0-/:29 4 ,4 391/74 /H2.41F/.4 0/ C4,9.4.8 4, 2;-9 7/ :43>;9 C;@/12/

/1 ,4 =/:B4 7/ /12.474 /1 ,4 /3-./04 4, =;14, 7/, /F/.:;:;9 B4>.8 D5/ ./C;04.
/0/ ;3-9.2/ 7/>;/179 =;@5.4. ,4 391/74 /H2.41F/.4 4, 2;-9 C;@/12/ /1 /0/
393/129 ; 7/ /04 ./C;0;<1 -.9:/7;/.4 51 4F502/ B4>.8 D5/ ,,/C4.,9 4 ,4
:5/124 7/ -G.7;740 6 @4141:;40

40 -4.2;740 7/ /09./.?4 091 >;/1/0 356 3<C;,/0 -9. ,9 :54, -5/7/ 0/.
=8:;,3/12/ 9>F/29 7/ 4:254:;91/0 =.4575,/1240J

• 12/.:/-24. :B/D5/0 4, -9.2479.

• 3;2;. :B/D5/0 -4.4 -4@90 7/ -40;C90 D5/ 19 /H;02/1 / :./4 /, -40;C9
:91 :4.@9 4 5190 @40290 64 -4@4790 6 /, D5/ /3;2/ /, :B/D5/ 0/ -5/7/
D5/74. :91 /, 7;1/.9
• ,2/.4. ,90 ;3-9.2/0 7/ ,90 7/-<0;290 >41:4.;90
• ,2/.4. /, ;3-9.2/ 7/ ,40 91:;,;4:;91/0
; 19 0/ 7;0-91/ 7/ 51 >5/1 0;02/34 7/ :912.9, ;12/.19 -5/7/ D5/ B464
@/12/ D5/ 0/ 4-.9C/:B/

"

90 -.;1:;-4,/0 9>F/2;C90 7/ ,4 457;29.;4 091J

3'#2%,-' /2/.3;14. 0; ,90 04,790 7/ :4F4 6 >41:9 ./-./0/1241

:9../:243/12/ ,4 2/09./.?4 7/ ,4 /3-./04 /1:912.81790/ 7/>;743/12/
:,40;=;:4790 6 :9124>;,;A4790
a) 93-.9>4. ,4 452/12;:;747 24129 7/ ,4 :412;747 /1 2.810;29 :939 7/ ,4
:4,;747 7/ ,90 =91790 7/ /=/:2;C9 /1 :4F4 6 7/ ,90 7/-<0;290 /1
>41:90
b) /2/.3;14. 0; 7/12.9 7/, .5>.9 7/ :4F4 6 >41:90 0/ -./0/1241 29790
,90 =91790 6 7/-<0;290 7;0-91;>,/0 D5/ /H;02/1 6 091 7/ ,4 /12;747
c) /2/.3;14. 0; ,90 =91790 6 7/-<0;290 :53-,/1 ,40 :917;:;91/0 7/
7;0-91;>;,;747 ;13/7;424 6 0;1 ./02.;::;<1
&+ -'7, ; 0/ -5/7/ ./4,;A4. 2924,3/12/ /, /=/:2;C9 7/-90;2479
/2/.3;14. 0; 29790 ,90 =91790 091 -.9-;/747 7/ ,4 /3-./04 6 19 /H;02/1
93;0;91/0 7/ 7;0-91;>;,;747/0 0;3;039 -/.3;2/ 7/2/.3;14. 0; 0/ 4-,;:41
,90 -.;1:;-;90 7/ :9124>;,;747 @/1/.4,3/12/ 4:/-24790 6 0; 0/ B4:/ 7/
341/.4 51;=9.3/ :91 ./0-/:29 4 ,90 /F/.:;:;90 -./:/7/12/0
d) /2/.3;14. 0; ,40 7;C;040 /0281 47/:54743/12/ C4,54740

58
 & #'5'- -'7, 6 8/%#%,2 -'7,J /2/.3;14. 0; /H;02/ 4,@514 ./02.;::;<1 4
,4 7;0-91;>;,;747 7/ =91790 /1 ,40 :5/1240 >41:4.;40 /2/.3;14. 0; 0/
-.975:/1 :93-/104:;91/0 7/ 7/0:5>;/.290 /1 :5/1240 :91 ,90 04,790
=4C9.4>,/0 7/ 92.40 /2/.3;14. 0; 0/ :910;7/.4 :939 /=/:2;C9 ,90 04,790 /1
;3-90;:;91/0 >41:4.;40 /2/.3;14. 0; ,4 ;1=9.34:;<1 09>./ ,4 2/09./.?4 /1
,40 :5/1240 4154,/0 /0 05=;:;/12/ -4.4 05 :9../:24 :93-./10;<1 /
;12/.-./24:;<1

e) 93-.9>4. /, :53-,;3;/129 7/ ,40 19.340 ,/@4,/0 6 =;0:4,/0 D5/ .;@/1

-4.4 ,4 /12;747
f) /.;=;:4. ,4 47/:5474 -./0/124:;<1 7/, /=/:2;C9 /1 /, >4,41:/
g) C4,54. /, :912.9, ;12/.19 :9124>,/

./2% ; ,40 9-/.4:;91/0 7/ ;1@./090 6 /@./090 7/ :4F4 B41 0;79

./@;02.4740 /1 /, -/.;979 :9124>,/ 47/:5479

$:%2'9.# %,%/ &%#

/.;=;:4. ,4 :9../:24 C4,9.4:;<1 7/ 4:5/.79 :91 -.;1:;-;90 7/ :9124>;,;747
@/1/.4,3/12/ 4:/-24790 6 05 47/:5474 -./0/124:;<1 /1 ,90 /024790
=;141:;/.90
>2/1/. 0/@5.;747 .4A914>,/ 4:/.:4 7/J
• 9790 ,90 :91:/-290 ./,4:;914790 :91 /, 7;0-91;>,/ B41 0;79
/02;34790 47/:54743/12/
• 90 C4,9./0 :9../0-917;/12/0 4 ,40 :5/1240 7/, :93-91/12/ /02G1
7/>;743/12/ :,40;=;:4790 6 ./C/,4790 7/ 4:5/.79 4 050 :917;:;91/0
$:%2'9.# %#8%-45'-.#
• /.;=;:4. ,4 /H;02/1:;4 =?0;:4 7/ ,90 ./:5.090 7/ ,;D5;7/A ;13/7;424 :91
D5/ :5/124 ,4 /12;747
• /2/.3;14. 0; ,90 =91790 6 7/-<0;290 D5/ 0/ -./0/1241 7/12.9 7/ .5>.9
7/ /=/:2;C9 :4F4 6 >41:90 :53-,/1 ,40 :917;:;91/0 >80;:40 7/
7;0-91;>;,;747
• 93-.9>4. 0; 0/ -./0/1241 29790 ,90 =91790 6 7/-<0;290 /H;02/12/0
• /2/.3;14. 0; ,90 =91790 7/ /=/:2;C9 6 7/ 7/-<0;290 4 ,4 C;024 D5/ 0/
./-./0/1241 /1 ,90 /024790 =;141:;/.90 091 452G12;:90
• H43;14. /, 341/F9 47/:5479 7/ ,90 -.9:/7;3;/1290 -9,?2;:40 6
-.8:2;:40 D5/ 0/ 0;@5/1 /1 ,4 473;1;02.4:;<1 7/ ,90 ./:5.090 7/ ,;D5;7/A
• /.;=;:4. ,4 /H;02/1:;4 7/ 34154,/0 7/ =51:;91/0 6 -.9:/7;3;/1290 7/,
/=/:2;C9

>
?
• , /-4.243/129 D5/ ,,/C/ 4F4 6 41:9J
• />/.8 /024. 0/-4.479 7/, ./029 7/ ,90 /-4.243/1290
• />/.8 B4>/. 514 7;=/./1:;4:;<1 7/ =51:;91/0 6 ./0-9104>;,;747/0
• />/.81 /024. 7/>;743/12/ 0/@./@4740 ,40 24./40 7/12.9 7/,
/-4.243/129
• 9 7/>/.81 40;@14.0/ ,40 0;@5;/12/0 =51:;91/0 4, 4F/.9J
,,/C4. ,90 ./@;02.90 7/ :5/1240 4 :9>.4.
-./-4.4. 9 4-.9>4. ,90 :93-91/12/0 7/ -4@9

59
 7/2/.3;14. /, 1E3/.9 7/ :5/1240 >41:4.;40 D5/ 7/>/ 2/1/. ,4
/3-./04 6 :939 39C/.,40 -4.4 04:4.,/0 /, 3469. -.9C/:B9
9>2/1/. 6 929.@4. 7/0:5/1290 :91 /, 38H;39 7/ /=;:;/1:;4
• />/.8 /H;02;. 514 ,;024 :91 ,90 ,?3;2/0 7/ 4529.;A4:;<1

! "
• />/.8 /H;02;. 514 -/.0914 ./0-9104>,/ 7/ ,4 :50297;4 7/ ,90 =91790
• />/.81 /H;02;. 5140 19.340 09>./ ,90 79:53/1290 /1 -97/. 7/, :4F/.9
• />/.81 /H;02;. 5140 19.340 09>./ 4.D5/9 /, :4F/.9 7/>/.8 ./4,;A4.
7;4.;43/12/ /, 4.D5/9 6 7/F4. :910241:;4 /0:.;24 7/, 3;039 /1 ,90
=9.35,4.;90 :9../0-917;/12/0 @54,3/12/ 0/.8 :91C/1;/12/ D5/ /,
7/-4.243/129 7/ 457;29.;4 ;12/.14 /=/:2E/ :912.9,/0 09.-./040

• />/.81 ./4,;A4.0/ ,90 :9>.90 -9. :B/D5/0 9 2.410=/./1:;40 >41:4.;40 6

19 /1 /=/:2;C9
• 9 7/>/.81 0/. 52;,;A4790 ,90 :9>.90 /=/:254790 -4.4 B4:/. -4@90 0;19
D5/ 7/>/1 0/. 7/-90;24790 /1 ,40 :5/1240 >41:4.;40
• />/.8 /H;02;. 51 47/:5479 :912.9, 7/ :9>.90 ./4,;A4790 -9.
./-./0/12412/0 ':9>.479./0( ,4 ./17;:;<1 7/ ,40 :5/1240 7/ ,90 3;0390
7/>/.8 0/. ./4,;A474 -9. /0:.;29 ,9 412/0 -90;>,/
• />/.81 0/. :912.9,4790 ,90 7/0:5/1290 6 >91;=;:4:;91/0 -9. -/.0914
7;02;124 4, :4F/.9
• />/.8 /H;02;. 51 47/:5479 :912.9, 09>./ 24,914.;90 7/ ./:;>90 /1 >,41:9
7/>;G1790/ ./4,;A4. -/.;<7;:43/12/ 6 -9. 09.-./04 :912.9,/0 7/ ,90
24,914.;90 /1 :54129 4 ,4 :9../,4:;<1 153G.;:4
• />/.81 :92/F4.0/ ,90 ./:;>90 :9>.4790 :91 ,90 7/-<0;290 >41:4.;90

0 >
• />/.81 /024. 7/>;743/12/ 4529.;A4790
• />/.8 0/. ./4,;A479 -9. -/.09140 7;02;1240 ,4 -./-4.4:;<1 7/, -4@9 ,4
=;.34 7/, :B/D5/ 6 /, /1C?9
• />/.8 /H;@;.0/ =;.340 341:93514740 -4.4 ,4 /3;0;<1 7/ :B/D5/0
• 9 7/>/.81 C9,C/. 4 ,4 :4F4 1; 4 ,4 -/.0914 D5/ ,90 -./-4.< ,90 :B/D5/0
514 C/A /02G1 =;.34790
• />/.8 /H;02;. 51 :912.9, /02.;:29 09>./ ,90 24,914.;90 0;1 52;,;A4.
• />/.81 0/. :910/.C4790 F5129 4 ,4 342.;A ,90 :B/D5/0 415,4790

• 9 7/>/.81 ./4,;A4.0/ ,90 -4@90 :91 ,90 :9>.90 ./:;>;790

• />/.8 :./4.0/ :91C/1;/12/3/12/ 51 =9179 =;F9 7/ :4F4 9 4F4 :B;:4
'7/2/.3;14790 =91790 ,?D5;790 D5/ /H;02/1 /1 ,4 /3-./04 -4.4 42/17/. 4
:;/.290 -4@90 7/ -/D5/L9 ;3-9.2/ 9 ;3-./C;0290 3412/1;G1790/ 05
C9,53/1 :9102412/ B4024 D5/ 0/ 1/:/0;2/ 397;=;:4.,9( 0290 =91790
0/.C;.81 -4.4 0/@5;. 42/17;/179 4 -/D5/L90 -4@90 :564 F502;=;:4:;<1 0/
;1:9.-9.4.8 4 ,4 :4F4 7/ 341/.4 D5/ ,4 0534 7/, 3/28,;:9 /H;02/12/ /1 ,4
:4F4 /1 :54,D5;/. 393/129 6 /, C4,9. 7/ ,90 F502;=;:412/0 0/4 ;@54, 4,
=9179 =;F9 /024>,/:;79 /.;<7;:43/12/ /02/ =9179 0/.8 ./-5/029 :91

60
 3/28,;:9 ./4,;A81790/ 51 :B/D5/ :912.4 ,4 /12./@4 7/ ,90
:9../0-917;/12/0 F502;=;:412/0
• />/.8 /0257;4.0/ ,4 :412;747 ;7<1/40 -4.4 /0/ =9179 =;F9 -4.4 D5/ 19
B464 /H:/09 7/ 7;1/.9 ;3-.975:2;C9 :91 /, :902/ D5/ /09 05-91/ -/.9
243-9:9 241 -/D5/L9 D5/ B464 D5/ /024. :912;1543/12/ ;1@./04179
-4.4 ./-91/.,9
• />/.8 52;,;A4.0/ -4.4 /02/ 7/-<0;29 7/ :4F4 5190 =9.35,4.;90 153/.4790
6 -./-4.4790 7/ =9.34 D5/ 0/ :9..4 /, 3/19. .;/0@9 -90;>,/ 7/ :93/2/.
51 =4,,9
• />/.81 0/. :41:/,4790 ,90 F502;=;:412/0 -4@4790 :91 51 243-<1
/0-/:?=;:9 /1 /, D5/ 0/L4,/ ,4 =/:B4 7/ -4@9

• />/.81 0/. ./:;>;740 7;:B40 19240 -9. /, /-4.243/129 7/ 9124>;,;747

6 19 -9. /, :4F/.9
• />/.81 0/. :912.9,4740 /1 29790 050 40-/:290 ,40 19240 ./:;>;740

• />/.8 :9124>;,;A4. /, /-4.243/129 7/ 9124>;,;747 ,40 9-/.4:;91/0 7/

:4F4 6 >41:9 7;./:243/12/ 7/ ,90 :93-.9>412/0 6 19 7/ ,90 ./@;02.90
• />/.8 :912.9,4.0/ -9. /02/ /-4.243/129 D5/ 29790 ,90 79:53/1290
:912/1@41 ,40 7;=/./12/0 =;.340 1/:/04.;40
• />/.8 :912.9,4. ;@54,3/12/ D5/ ,90 1E3/.90 7/ ,90 79:53/1290 D5/
./:;>4 091 :9../,42;C90
• />/.8 ./4,;A4. ,40 91:;,;4:;91/0 >41:4.;40 514 -/.0914 7;02;124 7/ ,4
D5/ ./4,;:/ ,90 ./@;02.90 7/ :4F4 6 >41:9
H;02/1:;4 7/ -4.2;740 /1 391/740 /H2.41F/.40
1C/.0;91/0 /1 C4,9./0 19 :92;A4790 /1 >9,04

90 2.4>4F90 7/ ./C;0;<1 7/ ,40 :5/1240 7/ 4F4 6 41:90 ' /09./.?4( /0281

/1:43;14790 4 :53-,;. ,90 9>F/2;C90 D5/ 0/ B41 :;2479 412/.;9.3/12/
9>2/1;/179 ,4 /C;7/1:;4 05=;:;/12/ -4.4 -97/. =9.35,4. 514 9-;1;<1
-.9=/0;914, 09>./ ,4 2/09./.?4

4.4 7/2/.3;14. 0; 0/ :53-,/1 7;:B90 9>F/2;C90 /H;02/0 7/2/.3;14790

-.9:/7;3;/1290J

; 8&'- $&%# & /%9'#'7, 1% :

Q J 910;02/12/ /1 /, ./:5/129 7/, 7;1/.9 /H;02/12/ /1 ,4

:4F4 7/ ,4 /3-./04 , 4.D5/9 :910;02/ /1 :93-.9>4. 0; /, 04,79 :910;@1479
/1 /, 45H;,;4. 7/ :4F4 6 /, >4,41:/ :9;1:;7/1 :91 ,4 /H;02/1:;4 ./4, 7/ 7;1/.9
/1 /=/:2;C9

61
 , 57;29. 7/>/ -./0/1:;4. ,4 ./4,;A4:;<1 7/, 4.D5/9 :93-.9>4179 D5/ 0/
:53-,/1 29740 ,40 7;0-90;:;91/0 7/ ,4 7;./::;<1 4, ./0-/:29 /0 7/:;. D5/ /,
:912/9 /0 :9../:29 6 D5/ 0/ ;1:,56/1 /1 /, 79:53/129 D5/ 7/>/ 0/.
/,4>9.479 29790 ,90 :93-91/12/0 7/, =9179 7/ :4F4J

• 0; 19 :9;1:;7/ /, 04,79 7/ :4F4 6 /, D5/ 4-4./:/ /1 ,90 ,;>.90 7/

:9124>;,;747 B4>.8 D5/ ./4,;A4. 514 ./C;0;<1 7/ ,90 39C;3;/1290 7/
:4F4 /1 /, ,;>.9 45H;,;4. B4:;/179 ,40 :93-.9>4:;91/0 4.;23G2;:40
:9../0-917;/12/0 6 :92/F4179 :91 ,90 79:53/1290 F502;=;:412/0
7/2/.3;14179 7/ /02/ 3979 ,4 :9../::;<1 7/, 04,79
• 0; :9;1:;7/ /, 04,79 /, 57;29. 7/>/.8 ./C;04. 3/7;412/ /, 9-9.2519
35/02./9 ,90 F502;=;:412/0 7/ :9>.9 6 -4@9 40? :939 05 :9../:24
:9124>;,;A4:;<1

91 ./0-/:29 4 ,90 :93-91/12/0 7/ ,90 =91790 7/ :4F4 0; 19 091 :9../:290

7/>/.8 B4:/.0/ /, 9-9.2519 4F502/J

• ;1/.9 /1 /=/:2;C9 19 B46 -.9>,/340 /1 :54129 4 05 C4,9.4:;<1

E1;:43/12/ B4>.8 D5/ :9124.,9
• 91/74 /H2.41F/.4 0/ :910;7/.4 :939 =9179 7/ :4F4 -/.9 B4>.8 D5/
;7/12;=;:4.,9 -9. 0/-4.479
• /:;>90 19 0/ 7/>/1 :910;7/.4. :939 =91790 64 D5/ :9102;256/1 ,90
F502;=;:412/0 7/ -4@9 9 /12./@40 7/ 7;1/.9 ./4,;A4740 -9. ,4 /3-./04
,4 C/A D5/ 7/0C;.2E4 ,4 2/09./.?4 7;0-91;>,/ 0/ /028 93;2;/179 51 @4029
./4,;A479 514 /H2;1:;<1 7/ 514 9>,;@4:;<1 9 >;/1 514 7/./:B4
47D5;.;74 / 7/>/ :9../@;. /02/ /..9. 3/7;412/ ,4 :9124>;,;A4:;<1 7/
,4 9-/.4:;<1 D5/ 0/ ./4,;A< /1 05 393/129
• /,,90 ;3>./0 /2.40 @40290 D5/ 19 091 =91790 /1 /=/:2;C9
• 4,/0 4 F502;=;:4. ;@54, D5/ /, :409 412/.;9.

; 0/ 52;,;A4 /, =9179 =;F9 7/ :4F4 0/.8 1/:/04.;9 ./C;04. ,90 F502;=;:412/0 7/

7/2/.3;14790 .//3>9,090 6 :93-.9>4. D5/ ,90 -4@90 ./4,;A4790 /0281
7/12.9 7/ ,90 ,?3;2/0 4529.;A4790

91 ./0-/:29 4 ,4 :9../:24 0/-4.4:;<1 /12./ /F/.:;:;90 7/ 7/>/.8 :93-.9>4.

D5/ /, 45H;,;4. 7/ :4F4 /028 >;/1 :/..479 / ;1:,56/ 09,43/12/ ,40
9-/.4:;91/0 D5/ :9../0-917/1 4, -/.?979 /1 :5/02;<1

54179 0/4 1/:/04.;9 ./4,;A4. 4F502/0 B4>.8 D5/ B4:/. ,90 40;/1290
:9../0-917;/12/0 6 ./:2;=;:4. ,90 04,790 /1 4,41:/ G.7;740 6 4141:;40

*; 8&'- $&%# & /%9'#'7, 1% ,-.#

Q J 910;02/ /1 /1C;4. 514 :4.24 4, 41:9 7917/

0/ 341/F4 ,4 :5/124 >41:4.;4 09,;:;24179 D5/ ;1=9.3/ 4:/.:4 7/, 39129 7/,
04,79 D5/ 4-4./:/ /1 ,4 :5/124 :9..;/12/ 7/ ,4 /3-./04 4 :4.24 /1C;474 4
:474 12;747 0/ 4.:B;C4.8 /1 ,90 -4-/,/0 7/ 2.4>4F9 4 :93-4L?4 457;2474
0/.8 ,4 D5/ /1C?/ ,4 :4.24 4 ,90 >41:90 :91 ,90 D5/ 2.4>4F4 09,;:;24179 D5/
,/ /1C?/1 4, 57;29. 2974 ,4 ;1=9.34:;<1 09>./ ,90 04,790 7/ ,40 7;02;1240
:5/1240 7/ =;.340 4529.;A4740 7/ -.G024390 6 :.G7;290 9>2/1;790 6 04,79

62
-/17;/12/ /=/:290 7/0:9124790 ,40 @4.412?40 6 ,90 4C4,/0 ' 0; ,90 B46 ( 6 /,
;3-9.2/ 7/ ,40 3;0340

Q 474 ,4 /H;02/1:;4 7/ :5/1240 4 ,4 C;024 /1 ,90

41:90 B4>.8 D5/ :93-.9>4. ,4 C/.4:;747 7/ ,90 04,790 D5/ 4-4./:/1 /1
4,41:/

.;3/.43/12/ /, 57;29. :93-.9>4.8 D5/ ,90 04,790 7/ ,40 :5/1240

>41:4.;40 7/, >4,41:/ :547.41 :91 ,90 ./@;02.4790 /1 /, 3469. 6 4 05 C/A
:91 ,90 D5/ 4-4./:/1 /1 ,90 ./@;02.90 45H;,;4./0 :912;154:;<1 0/
:91=;.34.8 ,90 04,790 :91 ,90 >41:90 7;./:243/12/ 0/ -.9:/7/ 4 :912.4024.
,90 04,790 47/380 0/ 414,;A4.81 ,40 05340 6 ,40 -4.2;740 380 0;@1;=;:42;C40
:91 ,90 F502;=;:412/0 6 05 :9124>;,;A4:;<1 1 :409 7/ /H;02;. 7;=/./1:;40
/12./ ,4 ;1=9.34:;<1 7/ ,4 /3-./04 6 ,4 053;1;02.474 -9. /, 41:9 0/
7/>/.8 B4:/. ,4 :9../0-917;/12/ 91:;,;4:;<1

4 91:;,;4:;<1 >41:4.;4 /0 /, 3/:41;039 7/ :912.9, D5/ 0/ ./4,;A4 -4.4

-91/. /1 :9../0-917/1:;4 /, 04,79 :9124>,/ 7/ :5/1240 >41:4.;40 :91 /, D5/
:9351;:4 /, 41:9I 2.424179 7/ 74. 514 /H-,;:4:;<1 4 ,40 -90;>,/0
7;=/./1:;40 D5/ -5/741 /H;02;. /12./ 43>90 04,790 4 F502;=;:4:;<1 7/ /024
9-/.4:;<1 7/ 91:;,;4:;<1 /02.;>4 /1 D5/ B46 7/2/.3;14740 9-/.4:;91/0
./4,;A4740 -9. ,4 /3-./04 D5/ 4=/:241 4 ,40 :5/1240 >41:4.;40 6 D5/ 091
:9124>;,;A4740 9-9.25143/12/ -/.9 D5/ 19 091 4053;740 /1 ,4 3;034
=/:B4 -9. ,90 41:90I -9.D5/ 19 4=/:241 4E1 9 -9.D5/ 19 2;/1/1
79:53/1290 2974C?4 -9. /F/3-,9J

• B/D5/0 /3;2;790 -9. ,4 /3-./04 D5/ 2974C?4 19 B41 0;79 :9>.4790

• -/.4:;91/0 ./4,;A4740 -9. ,40 12;747/0 >41:4.;40 D5/ /0281
:9124>;,;A4740 9-9.25143/12/ 6 D5/ 4 /04 =/:B4 19 B41 0;79 4053;740
-9. ,4 /3-./04 4, 19 2/1/. :919:;3;/129 7/ /,,40

/ ,4 91:;,;4:;<1 6 -9. ,40 7;=/./1:;40 D5/ 05.F41 -5/7/1 ./05,24. 9 19

40;/1290 7/ 4F502/ /1 ,4 /3-./04 7/ 3979 D5/ 05 04,79 ;1;:;4, -5/7/ C/.0/
397;=;:479 :9;1:;7;/179 9 19 0/@E1 ,90 392;C90 7/ 7;=/./1:;40 :91 /, 04,79
D5/ :9351;D5/ /, 41:9

V 4.@90 7/ ,4 /3-./04 19 4>914790 -9. /, 41:9

V 4.@90 7/, 41:9 19 4>914790 -9. ,4 /3-./04

>9190 7/ ,4 /3-./04 19 :4.@4790 -9. /, 41:9

>9190 7/, 41:9 19 :4.@4790 -9. ,4 /3-./04

4,79 7/, 41:9 V ;3-9.2/ D5/ ,4 /3-./04 :.// 2/1/. /1 /, 41:9 -9.D5/
:.// D5/ B4 /12.479 9 -9.D5/ 19 04>/ D5/ B4 04,;79 ;3-9.2/ D5/ ,4

63
/3-./04 19 :.// 2/1/. /1 /, 41:9 -9.D5/ :.// D5/ B4 04,;79 -9.D5/ 19
04>/ D5/ B4 /12.479

; 8&'- $&%# <$ # -+%,2 #

Q J 910;02/ /1 0/,/::;914. 51
-/.;979 :54,D5;/.4 6 ./C;04. ,90 39C;3;/1290 ./@;02.4790 :91 /, =;1 7/
7/2/.3;14. 0; 091 19.34,/0 6 0; 0/ /1:5/12.41 0502/124790

Q J / 7/2/.3;141 ,90 E,2;390 ;1@./090

0/@E1 ./:;>90 7/ :4F4 ./-9.2/0 7/ :9>.479./0 >9,/240 7/ 7/-<0;290 /2: 6
,90 E,2;390 -4@90 0/@E1 24,914.;90 7/ :B/D5/.40 19240 7/ :4F4 6 92.90 -4.4
:91:,5;. 0; /, /F/.:;:;9 /H43;1479 ;1:,56/ ,40 9-/.4:;91/0 D5/ ,/
:9../0-91741 6 19 0/ /0281 ./@;02.4179 /1 -/.;9790 7;=/./12/0 4 ,90 7/ 05
./:/-:;<1 9 -4@9 ./4,

"

0240 >50:41 9>2/1/. /C;7/1:;4 09>./ ,90 -.9:/7;3;/1290 7/ :912.9,

;12/.19 /1 ,90 D5/ /, 457;29. /1:912.4.4 :91=;41A4 09>./ /, 0;02/34 -4.4
7/2/.3;14. 0; /0281 0;/179 4-,;:4790 /1 ,4 =9.34 /024>,/:;74
, 457;29. >50:4.8 40/@5.4.0/ 7/ ,4 /H;02/1:;4 7/, :912.9, 7/ ,4 /=/:2;C;747
:91 ,4 D5/ 0/ 7/0/3-/L4 7;:B9 :912.9, 6 7/ 7/2/.3;14. 0; ,90 :912.9,/0
B41 0;79 4-,;:4790 :912;1543/12/ 75.412/ 2979 /, -/.;979

'8. 1% / ,# --'7, %/'5'- / & %,2/ 1 1%& %5%-2'9.

, 9>F/2;C9 /0 7/2/.3;14. 0; ,90 :912.9,/0 /024>,/:;790 9-/.41 0/@E1 ,9
-,41/479 6 9>0/.C4. ,4 /H;02/1:;4 6 /3-,/9 ./0-9104>,/ 7/ /D5;-90
52;,;A4790 /1 /, -.9:/09 7/ ./:;>9 7/ /=/:2;C9
>0/.C4:;<1 7/ ,40 ,4>9./0 ./4,;A4740 -9. ,90 /1:4.@4790 24129 7/ :4F4
@/1/.4, 6 ,40 :4F40 3/19./0 -4.4 7/2/.3;14. 0; :53-,/ :91 ,90
-.9:/7;3;/1290 7/ ./:;>9 7/ /=/:2;C9 6 D5/ 05 341/F9 0/4 4:9.7/ :91 /,
341/F9 7/ -9,?2;:40 7/ ,4 /3-./04 -.//024>,/:;740 :91 412/.;9.;747
/4,;A4:;<1 7/ /12./C;0240 :91 /, -/.0914, 7/ ,4 93-4L?4 -4.4
7/2/.3;14. 0; :91:5/.741 ,90 -.9:/7;3;/1290 -9. /,,90 7/0:.;290 /1
:54129 4, /=/:2;C9 :91 ,90 7/2/.3;14790 /1 ,90 34154,/0 7/ =51:;91/0 6
-,41/0 7/ :912.9, ;12/.19
/-/2;:;<1 7/ ,90 -.9:/7;3;/1290 7/ :912.9, ;12/.19 :91 /, =;1 7/
7/2/.3;14. 0; /, -.9:/09 7/ 341/F9 7/ /=/:2;C9 -40< -9. ,90 :912.9,/0
./0-/:2;C90 D5/ -/.3;241 2924, C/.4:;747 6 ./0-9104>;,;747 7/, /1:4.@479
7/ 341/F4. ,40 :4F40 @/1/.4,/0 6 3/19.
• 91=;.34. /, -9.2/ 7/ :4.1G0 -4.4 ,90 C;0;2412/0 :91 /, =;1 7/ /C;24.
:91=50;91/0 4, ;12/.;9. 7/ ,4 9.@41;A4:;<1
• >0/.C4. D5/ ./4,3/12/ B464 0/-4.4:;<1 7/ =51:;91/0 /12./ D5;/1
4529.;A4 /, -4@9 7/ 514 :5/124 6 /, :4F/.9
• H43;14. ,4 /H;02/1:;4 7/ 79:53/1290 D5/ 09-9.2/1 ,90 4.D5/90 7;4.;90
7/ /=/:2;C9 :939 51 3/7;9 7/ :912.9, 7/ ,40 /12.4740 6 04,;740 7/ /02/
7/2/.3;14179 :53-,;3;/129 7/ 19.340 -.//024>,/:;740 -4.4 05 341/F9

64
• >0/.C4. ,90 ./D5;0;290 7/ ;1@./090 7/ -/.0914, 4 ,40 7/-/17/1:;40 7/
2/09./.?4 -4.4 7/2/.3;14. 0; 0/ 1/:/0;241 :912.9,/0 47;:;914,/0 -4.4 74.
3469. 0/@5.;747 4, 341/F9 7/ :4F4 @/1/.4, 9 /, 4::/09 7;./:29 4 ,40
9=;:;140 7/ ,40 -/.09140 D5/ 341/F41 :4F40 3/19./0
• /.;=;:4:;<1 7/ ,4 /,4>9.4:;<1 7/ 4F502/0 4 ,40 :5/1240 7/ >41:90 :54179
0/ B41 ./:;>;79 ,40 ./0-/:2;C40 :91:;,;4:;91/0 :912.9,4179 7/ /024
341/.4 ,90 04,790 7/ ,40 7;=/./12/0 :5/1240
• /.;=;:4. ,4 /H;02/1:;4 6 4-,;:4:;<1 7/ 514 -9,?2;:4 7/ 341/F9 7/
7;0-91;>,/
• /2/.3;14. ,4 /=;:;/1:;4 7/ ,4 -9,?2;:4 7/ 7;0-91;>,/ 7/ ,4 :93-4L?4
• /.;=;:4. D5/ ,90 09-9.2/0 7/ ,40 :5/1240 ./@;02.4740 :939 7;0-91;>,/ 0/
/1:5/12./1 /1 9.7/1 6 7/ 4:5/.79 4 ,40 7;0-90;:;91/0 ,/@4,/0
• >0/.C4. 0; ,90 4>9190 /1 :5/124 7/ ,90 7;0-91;>,/ 0/ ./@;02.41
47/:54743/12/
• /C;04. D5/ /H;024 51 :93-,/29 418,;0;0 7/, 341/F9 7/ 7;0-91;>,/ -4.4
;7/12;=;:4. =4,,40 6 4-,;:4. ,40 :9../::;91/0 1/:/04.;40
• /C;04. 0; ,4 ;1=9.34:;<1 4:/.:4 7/ ,90 7;0-91;>,/ 7/ ,4 :93-4L?4
7/>;743/12/ 4:254,;A474 0/ B4:/ ,,/@4. 9-9.25143/12/ 4 ,4
473;1;02.4:;<1 6 4 ,90 /1:4.@4790 7/12.9 7/ ,4 :93-4L?4
• /.;=;:4. ,4 /H;02/1:;4 7/ 51 34154, 7/ =51:;91/0 7/, -/.0914, /1:4.@479
7/ ,40 :5/1240 7/ 7;0-91;>,/
• , ;@54, D5/ /, :919:;3;/129 6 :53-,;3;/129 7/ /02/ -9. -4.2/ 7/ ,90
/3-,/4790
• / 7/>/ 3412/1/. /1 51 ,5@4. 0/@5.9 -./=/.;>,/3/12/ -9. 3/7;90
3/:81;:90 :939 :4F40 7/ 0/@5.;747 79:53/1290 ;3-9.2412/0 :939
24,914.;90 7/ :B/D5/0 2?25,90 C4,9./0 24.F/240 :91 ,40 =;.340 4529.;A4740
-4.4 /H-/7;. :B/D5/0 :,4C/0 7/ 0/@5.;747 /2:

*;

'8. 1% / ,# --'7, 5%-2'9. %, : 6 ,-.#

$:%2'9.# /2/.3;14. ,4 :9../::;<1 7/ ,90 04,790

9../::;<1 .;23G2;:4
• 534. 4,@5140 ./,4:;91/0 D5/ -./0/124 ,4 /3-./04 6 D5/ -57;/.41
0/. ;1:,5;740 7/12.9 7/ ,90 -4-/,/0 7/ 2.4>4F9 7/ 57;29.;4
• 91:;,;4. ,90 45H;,;4./0 :91 ,90 04,790 7/ ,40 :5/1240 7/, 3469.
@/1/.4,
H;02/1:;4 9 05:/09 7/./:B90 6 9>,;@4:;91/0 6 C4,54:;<1 9 40;@14:;<1
%-+%,2. 1%& %5%-2'9. %, - :
• 912.9,4. 2979 /, /=/:2;C9 / ;102.53/1290 1/@9:;4>,/0 -90/?790
-9. ,4 /3-./04 B4024 D5/ 29790 ,90 =91790 0/ B4641 :912479
;10;02;. D5/ /, /1:4.@479 7/, /=/:2;C9 /02/ -./0/12/ 75.412/ /,
4.D5/9
• >2/1/. 51 ./:;>9 =;.3479 -9. /, /1:4.@479 7/, =9179 :939
:910241:;4 D5/ ,/ =5/.91 7/C5/,290 ,90 =91790 4, :,;/12/ 7/ /12/.4
:91=9.3;747
• 0/@5.4.0/ D5/ 29790 ,90 :B/D5/0 -/17;/12/0 7/ 7/-90;24.0/
/02G1 ,;>.4790 4 ,4 9.7/1 7/, :,;/12/ 64 0/4 /1 =9.34 7;./:24 9 4
2.4CG0 7/ /17909

65
 .,5'/< -'7, 1% &.# # &1.# $ ,- /'.#
• / 4:90253>.4 :91=;.34. ,90 04,790 /1 7/-90;29 /1 :5/1240
>41:4.;40 4 ,4 =/:B4 7/, >4,41:/ @/1/.4, -4.4 24, /=/:29 0/
/,4>9.4 51 397/,9 7/ :91=;.34:;<1 >41:4.;4 09,;:;2474 :939
-4.2/ 7/ ,40 -.5/>40 7/ 04,79 /1 >41:90

.//%--'7, % ,-&+#'7,
/4,;A4. -.5/>40 -4.4 :/.:;9.4.0/ D5/ 29740 ,40 -4.2;740 D5/ 7/>41
/024. ;1:,5;740 /02G1 6 /,;3;14. 4D5/,,40 -4.2;740 D5/ 19 7/>/1 /024.
;1:,5;740
• , =;14, 7/, 4L9 0/ :910;7/.4 ;17;0-/104>,/ D5/ /H;024 51 :9.2/ 7/
,40 2.4104::;91/0 7/ /12.4740 6 04,;740 7/, /=/:2;C9 0; 0/ 7/>/
-./0/124. /, 04,79 :9../:29 7/, /=/:2;C9 /1 /, >4,41:/ @/1/.4, 6 D5/
,90 /024790 =;141:;/.90 ./C/,/1 .4A914>,/3/12/ ,4 ;1=9.34:;<1
=;141:;/.4 6 ,90 ./05,24790 7/ ,4 9-/.4:;<1

%9'# / . %& $./ / -.,-'&' -'.,%# ,- /' #

• 92/F4. ,90 04,790 >41:4.;90 :91 ,40 ./0-5/0240 7/ :91=;.34:;91/0
>41:4.;40
• /.;=;:4. ,4 C4,;7/A 7/ ,40 -4.2;740 D5/ :93-91/1 ,4 :91:;,;4:;<1 24,
:939 ,90 7/-<0;290 /1 2.410;29 6 :B/D5/0 /H-/7;790 -9. ,4 /3-./04
6 451 -/17;/12/0 7/ -4@9 -9. /, >41:9 4 C/:/0 7/193;14790
:B/D5/0 /1 2.410;29
• H43;14. ,90 /024790 >41:4.;90 /1 >E0D5/74 7/ 4,2/.4:;91/0 9
397;=;:4:;91/0 7/ :;=.40
• 54179 /, :912.9, ;12/.19 0/4 7/=;:;/12/ /, 457;29. -97.8
-/.0914,3/12/ -.9:/7/. 4 /=/:254. ,4 :91:;,;4:;<1 >41:4.;4

$2%,%/ 6 +2'&'( / &.# %#2 1.# 1% -+%,2 $ ,- /'.# +, 5%-I

8.#2%/'./ & -'%//%
• 4 /3-./04 7/>/.8 09,;:;24. 4 05 >41:9 D5/ ,/ /1C?/1 ,90 /024790 7/
:5/124 D5/ 7/>/.81 0/. ./3;2;790 7;./:243/12/ 4, 457;29.
• , ./:;>;. /, /02479 7/ :5/124 >41:4.;9 7/ =/:B4 -902/.;9. 4, :;/../ 6
,90 :B/D5/0 -4@4790 /1 /0/ ;12/.C4,9 6 ,90 4C;090 7/ :4.@90 6
:.G7;290 0/ :93-4.41 29790 ,90 :B/D5/0 /H-/7;790 /1 /, 4L9
412/.;9. :91 /, ,;02479 7/ :B/D5/0 -/17;/12/0 7/ -4@9 0/@E1 :9102/
/1 ,4 :91:;,;4:;<1 7/ =;1 7/ -/.;979
• 43>;G1 0/ 40/@5.4 D5/ ,90 7/-<0;290 /1 2.410;29 /1 ,4 :91:;,;4:;<1
>41:4.;4 7/ =;1 7/ -/.;979 B4641 0;79 4:./7;24790 -9. /, >41:9 :939
7/-<0;290 /1 /, /02479 -902/.;9. 4, :;/../ 47/380 0/ /H43;14.4 /,
/02479 7/ :5/124 >41:4.;9 6 7/380 :93-.9>412/0 /1 >50:4 7/
-4.2;740 090-/:B9040

#2/% / 2/ ,#5%/%,-' # $ ,- /' #

• 54179 9:5../ 514 2.410=/./1:;4 >41:4.;4 C4.;90 7?40 2.410:5..;.81
412/0 7/ D5/ /, :B/D5/ 0/4 -4@479 -9. /, >41:9 09>./ /, :54, 0/
/H-;7;< 9. ,9 24129 /, /=/:2;C9 7/-90;2479 0/@E1 ,90 ./@;02.90
:9124>,/0 /024.8 09>./02;3479 75.412/ /02/ -/.;979 7479 D5/ /,
:B/D5/ 0/ ;1:,5;.8 7/12.9 7/, 04,79 /1 /, :54, 0/ 7/-90;29 6 19

66
 4-4./:/.8 ./02479 7/, >41:9 09>./ /, :54, 0/ ,;>.9 4.4 9>2/1/.
/C;7/1:;4 ./0-/:29 4 ,4 C4,;7/A 7/ ,40 2.410=/./1:;40 >41:4.;40 9
:93-.9>4. /..9./0 9 ;../@5,4.;747/0 0/ /,4>9.4 514 :G75,4 7/ ,90
:B/D5/0 4 514 =/:B4 :/.:414 4, :;/../ /1 ,4 =/:B4 7/, :;/../

/%8 / / 8/+%$ # 1%& 5%-2'9.

• >2/1/. ,90 2924,/0 >41:4.;90 6 /1 ,;>.90 7/, /02479 7/ :5/124
>41:4.;9 6 7/ ,4 :5/124 7/ /=/:2;C9 /1 >41:90 ./0-/:2;C43/12/
• >2/1/. ,40 -4.2;740 392;C9 7/ :91:;,;4:;<1 24129 7/ ,40
:91:;,;4:;91/0 ;1;:;4,/0 7/ ,90 04,790 :939 7/ ,40 =;14,/0 7/ ,90
04,790
• /2/.3;14. ,40 -4.2;740 7/ :91:;,;4:;<1

% &'( / /%9'#'.,%# , &42'- #

• / 7/>/.81 :93-4.4. ,90 04,790 /1 :4F4 :91 ,40 /H-/:242;C40 7/ ,9
-./05-5/02479 6 ./4,;A4. /0257;90 7/ ,90 ;1=9.3/0 7/ C4.;4:;91/0 /1
/, -./05-5/029 3/1054, 7/ /=/:2;C9

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• /4,;A4. ;1C/02;@4:;91/0 / ;10-/::;914. 79:53/124:;<1 -4.4 ,40
./02.;::;91/0 7/ /=/:2;C9 6 @.4C83/1/0
• 910;7/.4. ,4 -./0/124:;<1 7/ /024790 6 ./C/,4:;<1 :91 ,90 -.;1:;-;90
7/ :9124>;,;747 @/1/.4,3/12/ 4:/-24790

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"
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4 7/-/17/1:;4 7/ :4F4 /0 51 8./4
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/=/:2;C9 6 050 79:53/1290
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4, :4F/.9 2/09./.9 6 @/./12/
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/ /1:5/12.41 :91 -<,;A40 7/ 341/F9 /,
2/09./.9 6 /, :4F/.9
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341/F9 7/ ,40 :5/1240 :91 :B/D5/0
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/1 ,;>.9 45H;,;4.
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H;02/ 153/.4:;<1 :910/:52;C4 6
-./153/.474
90 ./:;>90 415,4790 091 :910/.C4790 /1
=9.34 :910/:52;C4
90 ./:;>90 /1 >,41:9 091 @54.74790 /1 ,4
:4F4 =5/.2/
/ :91=.91241 ,90 C4,9./0 /02;-5,4790 /1
1E3/.90 6 ,/2.40
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4F4 3/19.
H;02/ 51 =9179 =;F9 -4.4 :4F4 3/19.

0281 0/-4.4790 ,40 =51:;91/0 7/ :50297;4 6

341/F9 7/, =9179 =;F9 7/ :4F4 7/ ,40
4529.;A4:;91/0 7/ -4@90 6 ./@;02.90
:9124>,/0
90 @40290 ./0-/:2;C90 091 4529.;A4790 -9.
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1 ,40 /12./@40 7/ /=/:2;C9 /H;02/
4529.;A4:;<1 -./C;4 7/, =51:;914.;9
./0-9104>,/ 6 514 47/:5474 :93-.9>4:;<1
7/ ,40 /.9@4:;91/0 :9../0-917;/12/0
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$ 12/0 7/ -4@4. :54,D5;/. :93-.9>412/ 0/
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-4@479 /1 /, 393/129 7/ 0/. :5>;/.290 :91
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, -.9:/7;3;/129 7/ .//3>9,09 7/ :4F4

3/19. /0 05=;:;/12/3/12/ 7;183;:9 -4.4
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/=/:2;C9
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0;.C41 -4.4 :43>;4. :B/D5/0 4 /3-,/4790
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,4 -/.0914 /1:4.@474 7/ ,4 :4F4 3/19.
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-9. @40290 7/ :4F4 3/19.
; 0/ -./0/1241 412;:;-90 -4.4 @40290 D5/ 0/
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7/,;3;24 :,4.43/12/ /, 2;/3-9 /1 D5/ 0/
/=/:254.4 /, @4029 0/ 74 0/@5;3;/129 -4.4
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7/, @4029
.D5/90
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./:4574790
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4.D5/90
H;02/1 3/7;740 :9../:2;C40 :54179 0/
-./0/1241 ;1:910;02/1:;40

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91 4529.;A4740 -9. ,4 F5124 7;./:2;C4 :474
514 7/ ,40 :5/1240 :9..;/12/0
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:5/1240 7/ :B/D5/0 D5/ 0/ 341/F41 /1 /,,4
91 /0257;4790 ,90 0/.C;:;90 -./024790 -9.
:474 519 7/ ,90 >41:90 412/0 7/ ,4 4-/.25.4
7/ 514 :5/124 :9..;/12/
40 =;.340 @;.479.40 /0281 7/>;743/12/
4529.;A4740
40 :5/1240 :9..;/12/0 2;/1/1 7/02;14:;<1
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.92/::;<1
0 C/.;=;:479 /, 1E3/.9 7/ :B/D5/0 4,
393/129 7/ /12./@4740 :474 514 7/ ,40
:B/D5/.40 -9. -4.2/ 7/, >41:9
91 @54.74740 /1 :4F4 7/ 0/@5.;747 ,40

69
 :B/D5/.40 /1 >,41:9
/ /1:5/12.41 7/>;743/12/ -.92/@;790 ,90
:B/D5/0 @;.4790 6 19 :9>.4790
/ /1:5/12.41 7/>;743/12/ :50297;4790 ,90
7;C/.090 0/,,90 ./02.;:2;C90
/ 3412;/1/ /1 ,5@4. 0/@5.9 :9-;4 7/ ,40
24.F/240 7917/ 4-4./:/1 ,40 =;.340
4529.;A4740 -4.4 /H-/7;. :B/D5/0
! / 3412;/1/1 -/.341/12/3/12/
4:254,;A4790 /1 /, >41:9 6 /1 ,40 9=;:;140 7/
,4 /12;747 /, ./@;02.9 6 4529.;A4:;<1 -4.4
/H-/7;. :B/D5/0
# / /1:5/12.41 4.:B;C4790 /1 9.7/1
0/:5/1:;4, ,90 :B/D5/0 415,4790
;.9 7/ :B/D5/0
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>41:90
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@;.9
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412/0 7/ 05 =;.34
# / 52;,;A4 0/,,9 ./02.;:2;C9 -4.4 -4@9 -4.4 /,
-.;3/. >/1/=;:;4.;9
$ H;02/ 380 7/ 514 =;.34 /1 /, @;.9 7/ -4@90
-9. :B/D5/
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341:93514740
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7/, >41:9 -4.4 -4@90 -9. 05340 05-/.;9./0
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-9.2479. 9 4 ,4 C;024
91 /12./@4790 ,90 :B/D5/0 -./C;4
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:912/3-,/ ,4 -90;>;,;747 7/ :41:/,4. /1 51
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2.410;29 D5/ 19 B4641 0;79 :9>.4790
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/ 7/0:5/1241 9-9.25143/12/ ,40 19240
7G>;29
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7/ /=/:2;C9 -4.4 -./C/. 24129 ,4 ;1C/.0;<1 7/
/H:/7/12/0 :939 ,4 9>2/1:;<1 7/ :.G7;290
-4.4 :5>.;. 1/:/0;747/0
# / 4.:B;C41 :91 ,90 79:53/1290
F502;=;:42;C90 -4.4 ;1=9.3/0 9 :9105,240
-902/.;9./0
"

0281 0/-4.4740 47/:54743/12/ ,40

4:2;C;747/0 7/ ;1@./090 6 /@./090
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7/, ./=/.;79

• , /=/:2;C9 /1 >41:90 -9:40 C/:/0 2;/1/ -.9>,/340 7/ C4,54:;<1 ;1

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• 90 =91790 7/ :4F4 :91 ./02.;::;91/0 7/ 509 7/>/1 :,40;=;:4.0/ -9.
0/-4.479 7/, /=/:2;C9 7;0-91;>,/
• 40 :5/1240 >41:4.;40 19 7/>/1 0/. :93-/104740 0;19 0/. 3902.4740
:939 -40;C90 '09>./@;.90( 0; /, :409 ,9 43/.;24

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091J
• 4 1425.4,/A4 6 :4.4:2/.?02;:40 7/, 1/@9:;9 7/ D5/ 0/ 2.42/
• 4,24 7/ :912.9,/0 47/:54790 09>./ ,90 39C;3;/1290 7/ /=/:2;C9 6
C4,9./0
4 /H;02/1:;4 7/ 9-/.4:;91/0 :91 -4.2/0 ./,4:;914740
• 4,24 7/ :91:;,;4:;91/0 6 7/-5.4:;91/0 3/1054,/0 7/ ,40 :5/1240
>41:4.;40 6 ,40 ;1C/.0;91/0
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;1C/.0;91/0
/@;02.90 45H;,;4./0 -9:9 :91=;4>,/0

71
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/3-./04 4 ./:;>;. :;/.240 05340 7/ 7;1/.9 7/ 2/.:/.90
40 :5/1240 7/ C/1240 ./-./0/1241 /, -.975:29 7/ ,4 /14F/14:;<1 7/ >;/1/0
6 7/ ,4 -./024:;<1 7/ 0/.C;:;90

$:%2'9.# 1% +1'2./'
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40-/:290J
; ,90 04,790 7/ ,40 :5/1240 4 :9>.4. /H;02/1 ./4,3/12/ 6 ./-./0/1241
7/5740 ,/@?2;340 7/ ,4 /3-./04
5/ ,40 :5/1240 4 :9>.4. ;1:,56/179 ,90 ;12/./0/0 7/C/1@4790 /0281
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0257;9 7/ :9>.4>;,;747 7/ /0240 :5/1240
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05 :5/124 :9../0-917;/12/
! 90 :.;2/.;90 479-24790 -9. ,4 /3-./04 -4.4 ,4 C4,9.4:;<1 7/ /0240
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72
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3/.:41:?4
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,90 >41:90 05 ./@;02.9 /1 /, 3469.

2.90J

Q 90 :4.@90 /1 ,40 :5/1240 7/ :,;/12/0 7/>/1 -.975:;.0/ 4, =4:25.4. ,90

>;/1/0 C/17;790 9 ,90 0/.C;:;90 -./024790 :939 :910/:5/1:;4 7/ ,4
2.4103;0;<1 7/ ,4 -.9-;/747 7/ ,90 4.2?:5,90 C/17;790

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Q />/ /H;02;. 51 47/:5479 :912.9, 153G.;:9 7/ 29790 ,90 F502;=;:412/0 7/

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;1:9>.4>,/0

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4 :9>.4.

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-/7;.8 ,4 /3-./04 D5/ ./74:2/ :4.240 ':;.:5,4.;A4:;<1( 4 ,90 7/579./0 D5/

73
/02;3/ 0/@E1 05 :.;2/.;9 -.9=/0;914, -4.4 -97/. 9>2/1/. /C;7/1:;4
05=;:;/12/ 09>./ ,90 7/579./0
, 2924, 7/ 04,790 D5/ 7/>/ :912/3-,4. /, 457;29. -4.4 :;.:5,4 .;A4. /024.8
=9.3479 -9. ,90 04,790 7/ ,90 7/579./0I :,;/12/0 /=/:290 :93/.:;4,/0 4
:9>.4.I /=/:290 :93/.:;4,/0 7/0:9124790 6 92.90 04,790
40 :;.:5,4.;A4:;91/0 /1C;4740 -9. /, 457;29. /024.81 /1 =51:;<1 7/ ,90
./05,24790 9>2/1;790 /1 /, :912.9, ;12/.19
9 /0 B4>;254, 52;,;A4. ,4 :;.:5,4.;A4:;<1 -4.4 04,790 7/579./0 /1 ,90
0;@5;/12/0 :4090J
54179 ,90 :,;/12/0 0/41 0;/3-./ 7/ -/D5/L40 :5412?40 ':,;/12/0 7/ :/12.90
:93/.:;4,/0 /12;747/0 >41:4.;40 /2: (
54179 /H;024 51 7/-4.243/129 7/ 457;29.;4 ;12/.14 /1 ,4 /3-./04 6 0/
./4,;:/1 ,40 :;.:5,4.;A4:;91/0 7/ =9.34 B4>;254, 52;,;A4179 4 :.;2/.;9 7/,
457;29. -.9:/7;3;/1290 .4A914>,/0
1 ,40 /3-./040 D5/ :9>.41 B4>;254,3/12/ 4, :912479 /1 ,40 D5/ /, 04,79
7/ ,90 :,;/12/0 0/4 356 -/D5/L9
0? 3;039 /, 457;29. 7/>/ 7/2/.3;14. ,90 04,790 7/ :5/1240 4 :9>.4. 4
4D5/,,90 D5/ C4 4 :;.:5,4 .;A4.I /12./ ,90 D5/ =;@5.4.81J
90 D5/ :9../0-91741 4 -.975:290 9 0/.C;:;90 /1 ,90 D5/ 0/ 7/2/:24.91
-.9>,/340 /1 /, :912.9, ;12/.19
• ,;/12/0 :91 04,79 4:.//79.
• ,;/12/0 D5/ 2/1@41 39C;3;/1290 /H2.4L90 /1 ,40 :5/1240
• ,;/12/0 :91 3469. 04,79
D5/,,90 0/,/::;914790 -9. /, 457;29. 0/@E1 05 :.;2/.;9 -.9=/0;914,
, 7/:;7;. /, 1E3/.9 7/ :5/1240 D5/ C4 4 52;,;A4. 0/ 7/>/ 2/1/. :939
9>F/2;C9 9>2/1/. /, 3/F9. ./05,2479 :91 /, 3/19. 1E3/.9 7/ -4.2;740 4.4
:910/@5;. /029 -5/7/ 0/.,/ E2;, O/02.42;=;:4.P /0:9@;/179 29740 ,40 :5/1240
-9. /1:;34 7/ 7/2/.3;1479 C4,9. 6 0/,/::;914179 7;02;1290 -9.:/124F/0 7/
:474 /02.429
40 :4.240 7/ :;.:5,4.;A4:;<1 2;/1/ D5/ -./-4.4.,40 ,4 /3-./04 -/.9 7/>/1
0/. 05-/.C;04740 6 /1C;4740 -9. /, 457;29. 6 ,4 ./0-5/024 B4 7/ ./:;>;.,4 G,
3;039 H;02/1 790 2;-90 7/ :;.:5,4.;A4:;91/0J
90;2;C4 , 7/02;1424.;9 7/>/ :912/024.I /0 7/:;. B4 7/ ./0-917/. 0; /028
:91=9.3/ 7;0:91=9.3/ :91 /, 04,79
/@42;C4 /, 7/02;1424.;9 0/ 09,;:;24 04,79 6 :93-90;:;<1 9.34,3/12/
/02/ 2;-9 19 0/ 52;,;A4
1 ,4 :4.24 7/ :;.:5,4.;A4:;<1 0/ 7/>/ -/7;. :91=;.34:;<1 7/, 04,79I /0 7/:;.
4, :,;/12/ 0/ ,/ ;17;:4 /, ;3-9.2/ D5/ 7/>/ 0/@E1 ,90 ,;>.90 7/ ,4 /3-./04 6
G, 2;/1/ D5/ 74. 9 19 05 :91=9.3;747 :91 /, 3;039
; 19 0/ ./:;>/ :912/024:;<1 7/0-5G0 7/ C4.;40 :;.:5,4.;A4:;91/0 :939
3?1;39 790 /, 457;29. 7/>/ 52;,;A4. -.9:/7;3;/1290 4,2/.142;C90I -9.
/F/3-,9 :93-.9>4. ,90 :9>.90 /1 ,90 /H2.4:290 >41:4.;90 ./C;04. =4:25.40
C/.;=;:4. ,40 <.7/1/0 7/ C/124 /2:
40 7;=/./1:;40 D5/ 05.F41 7/ ,40 :;.:5,4.;A4:;91/0 0/ -./0/124.81 4 ,4
/3-./04 -4.4 05 :91:;,;4:;<1 0;/179 C/.;=;:4740 -902/.;9.3/12/ -9. /,
457;29.
4 =/:B4 -4.4 :;.:5,4 .;A4. 0/.8 4, :;/../ 7/, /F/.:;:;9 9 /1 7?40 412/.;9./0
; 0/ ./4,;A4 /1 /0240 =/:B40 /, 457;29. 7/>/ -9. 3/7;9 7/ -.9:/7;3;/1290
4,2/.142;C90 C/.;=;:4. ,90 39C;3;/1290 7/ /0240 :5/1240 7/07/ /, 393/129
7/ :;.:5,4.;A4:;<1 B4024 /, :;/../

74
 .1%&. 1% - /2 1% -'/-+& /'( -'7,

/:B4
.
56 ./0 15/02.90J
5/02.90 457;29./0 ! /0281 /=/:254179 4 -/2;:;<1
15/02.4 514 ./C;0;<1 7/ 15/02.90 /024790 =;141:;/.90 91 /02/ 392;C9
7/0/41 D5/ 502/7/0 ,/0 ;17;D5/1 05 :91=9.3;747 9 ./-4.9 4, 04,79 7/ 05
:5/124 4, ! ' D5/ 0/@E1 15/02.90 ,;>.90 40:;/17/ 4
/ 4 15/02.9 =4C9. 7/ 4:5/.79 :91 /, /02479 7/24,,479 D5/
47F5124390
; /, 04,79 4..;>4 ;17;:479 3/./:/ 05 :91=9.3;747 ,/0 4@.47/:/./390
=;.3/1 /, ;3-./09 7/ :91=;.34:;<1 47F5129 6 ,9 /1C?/1 7;./:243/12/ 4
15/02.90 457;29./0 " ! ! ! 52;,;A4179 -4.4
/,,9 /, 09>./ =.41D5/479 D5/ ,/0 ./3;2;390 1 :409 7/ 7;0:91=9.3;747 ,/0
.9@4390 D5/ ,/0 =4:;,;2/1 /1 /, ;3-./09 7/ :91=;.34:;<1 :54,D5;/.
;1=9.34:;<1 D5/ -5/74 46574.,/0 4 ,9:4,;A4. ,40 7;=/./1:;40
/>/390 47C/.2;. D5/ /024 :4.24 19 /0 514 09,;:;257 7/ -4@9 6 40;3;039
D5/ 05 :91=9.3;747 19 /H:,56/ ,4 -90;>;,;747 7/ D5/ :91 -902/.;9.;747 4 ,4
;17;:474 =/:B4 7;:B9 04,79 B464 -97;79 0/. 2924, 9 -4.:;4,3/12/ ,;D5;7479
91 @.4:;40 412;:;-4740 -9. 05 :9,4>9.4:;<1 ,/0 04,574390

2/1243/12/

12/=;.34 6 =;.34

* ; /.-%1'<'%,2.# 8 / 9%/'5'- / & -.//%-2 9 &./ -'7, 1% & #

-+%,2 # 6 ,=&'#'# 1% & # 8/.9'#'.,%#
4.4 C/.;=;:4. ,4 :9../:24 C4,9.4:;<1 7/ ,40 :5/1240 0/ ./4,;A41 ,90 0;@5;/12/0
-.9:/7;3;/1290J
• 0/@5.4.0/ D5/ /, 2.4243;/129 :9124>,/ 7479 4 ,40 9-/.4:;91/0
/=/:254740 :91 ,40 :5/1240 7/ /02/ @.5-9 0;@5/1 ,40 19.340 7/
C4,9.4:;<1 7/,
• 14,;A4. ,40 :5/1240 /1 :54129 4 05 412;@X/747 6 :9>.4>;,;747 -9. ,4
-90;>,/ :910;7/.4:;<1 :939 :,;/12/0 7/ 757909 :9>.9
• /2/.3;14. ,90 39C;3;/1290 6 .4A914>;,;747 7/ ,4 :5/124 7/ -.9C;0;<1
-4.4 ;109,C/1:;40 ;1:,56/179 4D5? ,90 04,790 7/ :,;/12/0 /=/:290
:93/.:;4,/0 4 :9>.4. 6 ,4 7/ ,90 /=/:290 7/0:9124790 -4.4 05 :8,:5,9
• .G7;290 ./:9@;790 /1 /=/:290 :93/.:;4,/0
• / 4:5/.79 :91 /, ,4 :5/124 $ 0/ 4>914.8 -9. /, ;3-9.2/ 7/
,90 /=/:290 @;.4790 :912.4 ,90 3;0390 /1 ,4 :5/124 $
"
• 90 /=/:290 :93/.:;4,/0 @;.4790 4 :,;/12/0 -5/7/1 0/. 9>F/29 7/
7/0:5/129 /1 ,90 >41:90 '0;/179 G02/ 51 3/7;9 7/ =;141:;4:;<1 356
52;,;A479 -9. ,40 /3-./040(I 7/>;G1790/ ./:9@/. /1 ,40 :5/1240
:9../0-917;/12/0 /, .;/0@9 7/ :9>.9 D5/ /024 9-/.4:;<1 :91,,/C4
• 90 /=/:290 :93/.:;4,/0 =;@5.4.81 /1 /, >4,41:/ B4024 05 C/1:;3;/129
;1:,5;790 ,90 7/0:9124790

75
 40 2G:1;:40 D5/ 19.34,3/12/ 0/ 52;,;A41 /1 ,4 -.8:2;:4 091J

9../:24 0/-4.4:;<1 /12./ /F/.:;:;90 2;/1/ -9. 9>F/29 :93-.9>4. D5/ /0240
C/1240 7/0:5/1290 6 7/C9,5:;91/0 7/, -/.?979 0/ ./=,/F41 47/:54743/12/
/1 ,90 /024790 =;141:;/.90

90 -.9:/7;3;/1290 7/ C4,;74:;<1 7/, 9.2/ 7/ ,40 /1240 7/ -5/7/1 ./=/.;.

4 ,90 0;@5;/12/0 40-/:290J
• /@;02.9 7/ /H-/7;:;91/0 6 =4:25.40 7/ C/1240
• /@;02.9 7/ 7/C9,5:;91/0 7/0:5/1290 =5/.4 7/ =4:25.4 6 ./:,434:;91/0 7/
:,;/12/0 :91 050 19240 7/ 4>919
• *17;:/0 7/ 4:2;C;747 6 050 2/17/1:;40 /1 ./,4:;<1 :91 ,40 :5/1240 4
:9>.4.

• , 457;29. 7/>/ :93-.9>4. D5/ /, 04,79 2924, 7/ :,;/12/0 6 7/ 7/579./0

:93-4.4.,90 :91 ,40 05340 7/ ,90 ./0-/:2;C90 ./@;02.90 45H;,;4./0 /1 ,90
D5/ /0281 ,90 04,790 ;17;C;754,/0 :9../0-917;/12/0 6 -9. 35/02./9
C/.;=;:4. 4,@519 7/ /0290 04,790
• />/.8 :93-.9>4. ,4 ,;024 7/ 412;@X/747 7/ ,90 04,790 7/ :,;/12/0 6
7/579./0 D5/ ,4 /3-./04 /,4>9.4 4, =;14, 7/, /F/.:;:;9 6 0; 19 /028
/,4>9.474 7/>/.8 09,;:;24. ,4 ;1=9.34:;<1
• />/.8 /H43;14. ,90 04,790 ;17;C;754,/0 24129 /1 ,9 D5/ ./0-/:24 4 05
:5412?4 :939 4 05 412;@X/747

02/ -.9:/7;3;/129 :910;02/ /1 09,;:;24. 7/, 7/579. ':91 ,4 :91=9.3;747 7/

,4 /3-./04 457;2474( D5/ G02/ :9351;D5/ 7;./:243/12/ 4, 457;29. ,4 7/574
D5/ 2;/1/ :91 ,4 /3-./04 7/ 4:5/.79 :91 ,90 79:53/1290 D5/ 0/ 47F51241

; B46 7;0:./-41:;40 /12./ ,90 74290 /1C;4790 6 ,90 D5/ 0/ 2;/1/1 0/ ,/ -;7/
4, 7/579. D5/ 192;=;D5/ 4, 457;29. ,4 :;=.4 ./4, 6 47/380 D5/ /H-,;D5/ /,
392;C9 7/ ,40 7;=/./1:;40

, 457;29. ;1C/02;@4.8 /, 9.;@/1 6 ,4 1425.4,/A4 7/ ,40 7;0:./-41:;40 D5/

-5/7/1 :910;02;.J

• /@;02.4. ,40 C/1240 7/ 51 3979 ;1:9../:29

• 9 ./@;02.4. 514 7/C9,5:;<1 7/ ,90 :,;/12/0
• 4@9 7/ 7/579./0 D5/ 2974C?4 19 0/ B41 ./:;>;79
• 14 ./3/04 19 ./:;>;74 2974C?4 -9. /, :,;/12/
• /0:5/1290 /024>,/:;790 -9. C9,53/1 19 :9124>;,;A4790 -9. ,4 /3-./04

76
 024 :91=;.34:;<1 -9. :9351;:4:;<1 7;./:24 :91 7/579./0 -./C;43/12/
0/,/::;914790 /1 /, -.9:/09 7/193;1479 K :;.:5,4.;A4:;<1 7/ 7/579./0 K /0
51 3G2979 :474 C/A 380 50479 -9. ,90 457;29./0 64 D5/ ,4 ;1=9.34:;<1
9>2/1;74 7/, 7/579. @/1/.4 380 :./7;>;,;747 6 :91=;41A4 D5/ ,4 9>2/1;74 7/
,90 ,;>.90 7/ ,4 /3-./04

B9.4 >;/1 /, 457;29. 7/>/ :912.9,4. 47/:54743/12/ /, /1C?9 7/ :;.:5,4./0

4 ,90 :,;/12/0 4 ,90 D5/ 0/ ,90 B4 3417479 6 243>;G1 ,40 ./0-5/0240
./:;>;740 0; B41 0;79 042;0=4:29.;40 9 >;/1 2;/1/1 7;0:./-41:;40

4 0/,/::;<1 7/ ,40 :5/1240 D5/ C41 4 0/. :91=;.34740 -5/7/ B4:/.0/ -9.
35/02./9 -/.9 -./024179 /0-/:;4, 42/1:;<1 4 :5/1240 42.404740 4 04,790
74790 7/ >4F4 4 :5/1240 :91 04,79 4:.//79.

14 C/A 7/2/.3;14790 ,90 04,790 D5/ 0/ C41 4 :91=;.34. /, 457;29. 09,;:;24

4 ,4 /3-./04 D5/ -./-4./ ,4 :4.24 7/ :91=;.34:;<1 D5/ B4 7/ /1C;4.0/ 4,
7/579. 9 >;/1 D5/ 4:/-2/ ,4 D5/ 64 B4 -./-4.479 /, 457;29.

902/.;9.3/12/ 0/ ,,/C4.8 4 :4>9 /, :912.9, 6 /1C?9 7/ ,40 :4.240 4 ,90

:,;/12/0 09,;:;24179 D5/ 0/41 7/C5/,240 7;./:243/12/ 4, 457;29.

, 0;@5;/12/ -409 :910;02;.8 /1 ,4 ./:/-:;<1 :912.9, 6 /0257;9 7/ ,40 :4.240

7/C5/,240 412/ ,90 04,790 19 :91=9.3/0 6 /1 >40/ 4 ,40 9>0/.C4:;91/0 6
:93/124.;90 341;=/024790 /1 ,4 :4.24 -9. /, :,;/12/ 0/ /024>,/:/.81 ,40
9-9.25140 :91:;,;4:;91/0 7/ ,40 7;=/./1:;40

5/7/ 05:/7/. D5/ B464 :,;/12/0 D5/ 19 :912/02/1 4 ,4 -.;3/.4 :4.24 40? 0/
,/0 /1C;4.8 92.4

/ 414,;A4.81 ,40 ;3-9.241:;40 7/ ,40 :4.240 19 :912/024740 7/:;7;/179 /,

457;29. 0; 0/ ./4,;A4.8 9 19 92.9 2;-9 7/ -.5/>40 6 0/ /024>,/:/.81 ,40
:91:,50;91/0 =;14,/0 09>./ ,90 04,790 7/ ,90 :,;/12/0 /1 >40/ 4, 418,;0;0 7/
,40 :91=;.34:;91/0 D5/ 0/ B41 ./:;>;79

54179 /, 457;29. 19 ,,/C4 4 :4>9 ,4 :91=;.34:;<1 9 >;/1 :54179 19 0/4

-90;>,/ :91=;.34. 514 :5/124 -./C;43/12/ 0/,/::;91474 B4>.8 D5/ 52;,;A4.
92.90 3/7;90 -4.4 :93-.9>4. D5/ /, :.G7;29 /1 :5/02;<1 /0 ,/@?2;39 6 0/
-97.8 B4:/. /=/:2;C9 4 05 C/1:;3;/129 9. /F/3-,9J
• 9,;:;24. 6 :93-.9>4. ,4 79:53/124:;<1 D5/ F502;=;D5/ ,4 C/.4:;747 7/
:474 41924:;<1 ;12/@.412/ 7/, 04,79 =;14,
• 93-.9>4. 0; /, :,;/12/ B4 /=/:25479 ./:;/12/3/12/ /, -4@9 -4.4 /,,9 0/
:93-4.41 ./3/040 05>0;@5;/12/0 4>914740 /1 /0240 :5/1240 :91 /,
./@;02.9 7/ :9>.9
1 2979 :409 0; ,4 :91=;.34:;<1 0/ B4 B/:B9 412/0 7/, :;/../ 0/
:93-.9>4.8 D5/ ,40 2.4104::;91/0 -902/.;9./0 B4024 /, =;14, 7/, /F/.:;:;9
/0281 7/>;743/12/ :9124>;,;A4740

77
 19 7/ ,90 40-/:290 380 ;3-9.2412/0 4 2/1/. /1 :5/124 /0 ,4 /C4,54:;<1 7/
,40 -.9C;0;91/0 1/:/04.;40 -4.4 4=.9124. ,90 :.G7;290 ;1:9>.4>,/0 9 7/
757909 :9>.9 4.4 /,,9 /H;02/1 514 0/.;/ 7/ 3G29790J

• C4,54:;<1 /0-/:?=;:4 7/ :474 :5/124

• /4,;A4.,9 4 2.4CG0 7/ 514 =<.35,4 @/1/.4, >40474 /1 ,4 /H-/.;/1:;4
-./C;4 F /1 =51:;<1 7/, ./2.409 7/, C9,53/1 7/ 04,790 7/579./0
• , 457;29. 7/>/.8 7/2/.3;14. 4, =;14, 7/, /F/.:;:;9 0; ,4 -.9C;0;<1
:9124>;,;A474 /0 ,4 47/:5474 4.4 /,,9 2/17.8 /1 :5/124 ,4 412;@X/747
7/ :;/.290 04,790 ,40 ./3/040 ./:;>;740 0<,9 -9. 514 -4.2/ 7/ ,4 7/574
,40 :5/1240 19 :91=9.3/0 9 :91 7;0:./-41:;40 19 F502;=;:4740
05=;:;/12/3/12/ ,40 C4.;4:;91/0 /H:/-:;914,/0 7/2/:24740

"

%2%/<',

• ; -5/7/1 /=/:254.0/ 7/0-4:B90 0;1 0/. =4:25.4790

• ; -5/7/1 =4:25.4.0/ C/1240 0;1 0/. ./@;02.4740
• ; -5/7/1 7/0-4:B4.0/ 3/.:41:?40 4 :,;/12/0 D5/ ./-./0/1241 51 34,
.;/0@9 7/ :.G7;29
• ; -5/7/1 9:5..;. /..9./0 /1 ,4 =4:25.4:;<1
• ; ,40 :5/1240 -9. :9>.4. -5/7/1 0/. 4:./7;24740 /1 =9.34 ;17/>;74
• ; /0 -90;>,/ /, F;1/2/9 7/ =91790 -.9C/1;/12/0 7/ ,40 :9>.41A40
:5>.;/179 ,90 ;3-9.2/0 0502.4?790 :91 =91790 :9>.4790 4 92.40 :5/1240
-902/.;9.3/12/
• ; -5/7/1 ./:;>;. :9>.90 0;1 0/. 7/-90;24790
• ; ,40 :5/1240 C/1:;740 -5/7/1 -404. ;147C/.2;740
• ; ,90 :9>.90 -9. :91:/-290 7;C/.090 -5/7/1 B4:/.0/ 0;1 D5/ 0/ ./@;02./1
6 7/-90;2/1
• ; /0 -90;>,/ =4:25.4. 7/0-4:B90 0;1 ./@;02.4. /, :9029 7/ ,4 C/124
• ; ,90 :9>.90 -9. C/1240 /1 /=/:2;C9 -5/7/1 0/. 34,C/.04790
/. / < 1% 2/ $ :.
, -.9@.434 7/ 2.4>4F9 -4.4 /024 8./4 7/>/ :912/1/. >80;:43/12/ ,90
0;@5;/12/0 -51290J
0-/:290 @/1/.4,/0J
4( /C;0;<1 6 4:254,;A4:;<1 7/ -.9:/7;3;/1290 :9124>,/0 6 7/ :912.9,
;12/.19 /1 /024 8./4
>( /053/1 7/ -51290 =5/.2/0 6 7G>;,/0 -4.4 7/2/.3;14. /, 4,:41:/ 6
9-9.251;747 7/ ,90 -.9:/7;3;/1290 7/ 457;29.;4 4-,;:4>,/0
:( /053/1 7/ 05@/./1:;40 9 ./:93/174:;91/0 -4.4 3/F9.4. /, :912.9,
;12/.19 6 :93/124.;90 :91 /, /1:4.@479 7/, 2.4>4F9 6 :91 ,4 7;./::;<1
7/ ,4 /12;747
/ 7/>/.8 ./4,;A4. ,4 C/.;=;:4:;<1 7/, :9.2/ 7/ 9-/.4:;91/0 7/
/H-/7;:;91/0 52;,;A4179 ,4 ;1=9.34:;<1 9>2/1;74 /1 ,4 =/:B4 7/, ;1C/124.;9
=?0;:9 /0-5G0 0/ ./C;04.8 ,4 0/:5/1:;4 153G.;:4 7/ ,90 4,>4.41/0 7/
04,;740 -4.4 C/.;=;:4. ,4 0/@./@4:;<1 7/ ,90 39C;3;/1290 7/ /H;02/1:;40 9.
E,2;39 0/ 0/,/::;914.81 4,@5140 =4:25.40 7/ C/1240 ./4,;A4740 412/0 6
7/0-5G0 7/ ,4 =/:B4 7/, ;1C/124.;9 =?0;:9 6 0/ 7/2/.3;14.8 0; 05
:9124>;,;A4:;<1 B4 0;79 :9../:24

78
 / -5/7/1 4@.5-4. /1 :542.9 4-4.24790J
4,9.4:;<1 7/ ,4 :5/1240 4 :9>.4.
.G7;290 /1 391/74 /H2.41F/.4
.G7;290 ./:9@;790 /1 /=/:290 :93/.:;4,/0
9../::;91/0 C4,9.42;C40
; &./ -'7, 1% & # -+%,2 # -.$/ /
/ 7/>/ ./4,;A4. -9. 05 C4,9. 193;14,J ;@5.4.81 /1 /, >4,41:/ -9. 05 C4,9.
193;14, 90 ;12/./0/0 ;1:9.-9.4790 4, 193;14, 7/ ,90 :.G7;290 :91
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O 1@./090 4 7;02.;>5;. /1 C4.;90 /F/.:;:;90P ;3-5281790/ 4154,3/12/ 4
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-4.2;740 :9..;/12/0 7/ -.9129 .//3>9,09 0-/:;=;D5/ 05 :91:/-29 6 412;@X/747
;.:5,4. ,90 04,790 7/ ;3-9.241:;4 ./,42;C4 7/ 92.40 :5/1240 -9. :9>.4.

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 >2/1@4 514 :9-;4 7/ ,4 ./,4:;<1 7/ :5/1240 -9. :9>.4. -./-4.474 -9. ,4 /3-./04
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./0-/:2;C9 :912.4 ,4 ./,4:;<1 7/ 04,790 4..;>4 3/1:;91474 :93-.9>4179 /, 418,;0;0
-9. /747/0 6 -.9>4179 /, 04,79 4.;23G2;:43/12/ 7/07/ ,4 ./C;0;<1 412/.;9.
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40;/129 /1 4, :5/124 7/ :912.9, -.9C/1;/12/ 7/ =5/12/ 7;=/./12/0 7/ 4D5/,,40
:93-.9>4740
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-9. :9>.4.
93-4./ ,90 40;/1290 /1 ,4 :5/124 7/, :912.9, 7/ :,;/12/0 7/07/ ,4 =/:B4 7/
15/02.4 :;.:5,4.;A4:;<1 B4024 /, =;14, 7/, -/.?979 :912.4 /, ,;>.9 7/ C/1240 :4F4 5
92.40 =5/12/0 ./-40/ C;054,3/12/ ,40 -4.2;740 ;17;C;754,/0 D5/ =9.341 7;:B90
40;/1290 / ;1C/02;@5/ :54,D5;/. -4.2;74 419.34,
?
>2/1@4 ,90 75-,;:4790 7/ ,90 ./:;>90 7/ :910;@14:;<1 >41:4.;4 -9. 51 -/.?979
0/,/::;91479 7/ 7?40 6 C/.;=;D5/ D5/ /02G1 7/>;743/12/ 0/,,4790 -9. 51 >41:9
:939 -.5/>4 7/ B4>/. ./:;>;79 ,4 0534 :910;@1474
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:4F4 9>0/.C4179 D5/ ,90 7/-<0;290 0/41 B/:B90 9-9.25143/12/ 6 /1 ,40 3;0340
/0-/:;/0 ./:;>;740
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/1 /, ./@;02.9 7/ :4F4
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24, :939 4-4./:/1 ./@;02.4740 /1 :4F4

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7/24,,/0 :912.4 ,90 ./@;02.90 7/ :9124>;,;747
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9. 3/7;9 7/ :8,:5,90 :93-.5/>/ D5/ ,90 ;12/./0/0 ./0-/:2;C90 B4641 0;79
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9,;:;2/ :91=;.34:;<1 7/ ,40 :5/1240 0/,/::;914740 6 9>2/1@4 75-,;:4790 6 :9-;40
0;3-,/0 7/ ,40 09,;:;257/0 7/ :91=;.34:;<1 -4.4 504.,40 :939 0/@51740
:91=;.34:;91/0 6 :9-;40 7/ :912.9, ./0-/:2;C43/12/
>2/1@4 :91=;.34:;<1 7/ :412;747/0 47/:54740 -9. ,90 7;./:2;C90 =51:;914.;90
/3-,/4790 4::;91;0240 9 -.9-;/24.;90 6 92.90
91=;.3/ ,90 04,790 4 :4.@9 7/ ,4 342.;A 05>0;7;4.;4 6 4=;,;4740 :54179 19 0/4
-.4:2;:9 :92/F4. ,90 04,790 7;./:243/12/ :91 ,90 ,;>.90 7/ /040 :93-4L?40

.,-%82. 6 1%#-/'8-'7,

40 /H;02/1:;40 :93-./17/1 >;/1/0 -90/?790 -9. ,4 /3-./04 -4.4 05 C/124

/1 /, :5.09 9.7;14.;9 7/ ,4 /H-,924:;<1 9 >;/1 -4.4 05 2.410=9.34:;<1 /1 /,
-.9:/09 -.975:2;C9 6 -902/.;9. C/124

84
 40 -4.2;740 /1 /H;02/1:;4 D5/ 0/ 3412;/1/1 -4.4 05 C/124 9 -4.4 0/.
504740 7;./:24 9 ;17;./:243/12/ /1 ,4 -.975::;<1 /1 /, :;:,9 19.34, 7/
9-/.4:;91/0 7/ ,4 /3-./04 7/>/1 ;1:,5;.0/ /1 ,40 :5/1240 :9../0-917;/12/0
4 /H;02/1:;40 7/193;18179,40 3/.:47/.?40

40 /3-./040 ;17502.;4,/0 47D5;/./1 342/.;40 -.;340 6 -.975:290

0/3;/,4>9.4790 -4.4 093/2/.,90 4 51 -.9:/09 7/ /,4>9.4:;<1 6
2.410=9.34:;<1 /1 -.975:290 4:4>4790 4-290 -4.4 05 C/124 /1 /, 3/.:479
4D5? 7/ ;1:,56/ 4J 342/.;4 -.;340 -.975:290 /1 -.9:/09 -.975:290
0/3;2/.3;14790 6 05>-.975:290 6 7/0/:B90

1 ,40 /3-./040 :93/.:;4,/0 -9. /, :912.4.;9 19 B46 /,4>9.4:;<1 1;

2.410=9.34:;<1 7/ ,40 3/.:41:?40 47D5;.;740 64 D5/ C/17/1 4, -E>,;:9 ,90
-.975:290 D5/ :93-.4.91 4 ,90 -.9C//79./0 0;1 397;=;:4:;<1 4,@514

, :;:,9 19.34, 7/ 9-/.4:;91/0 /0 @/1/.4,3/12/ 3/19. 7/ 51 4L9I -9.

24129 ,40 /H;02/1:;40 0/ :,40;=;:41 :939 4:2;C9 :;.:5,412/ 40; 29740 /,,40
0;1 /3>4.@9 ;1:,56/1 4,@5140 -4.2;740 D5/ 19 0/.81 C/17;740 9 52;,;A4740
75.412/ /, -/.?979 7/ .924:;<1 9 :;:,9 19.34,
9 7/>/ 9,C;74.0/ D5/ 514 -4.2/ D5;A80 ,4 380 ;3-9.2412/ 7/, :4-;24, 7/
/H-,924:;<1 ,9 4>09.>/1 ,40 47D5;0;:;91/0 7/ /H;02/1:;40 D5/ 7/>/1
2.410=9.34.0/ 4 05 -409 -9. ,4 /3-./04
, 2.40-409 7/ 793;1;9 4 ,4 /3-./04 /0 @/1/.4,3/12/ /, =4:29.
7/2/.3;1412/ 7/, 393/129 /1 D5/ 514 -4.2;74 7/>/ 4@./@4.0/ 4 ,40
6 :./4.0/ /, :9../0-917;/12/ -40;C9
/07/ /, -5129 7/ C;024 7/ ,4 457;29.;4 ,4 :;=.4 7/ 4,34:G1 /0 514 -4.2;74
356 ;3-9.2412/ /1 ,40 /3-./040 ;17502.;4,/0 6 :93/.:;4,/0J
-9. 05 C9,53/1 /:91<3;:9 :91 ./0-/:29 4, 2924, 7/ 4:2;C9I -9. 05
./-/.:50;<1 /1 ,4 :5/124 7/ ./05,24790 64 D5/ /, :.;2/.;9 7/ C4,9.4:;<1
4=/:24 7;./:243/12/I -9. 05 ./-/.:50;<1 =;141:;/.4 /1 >40/ 4 05 ;3-9.241:;4
09>./ /, 4:2;C9 :;.:5,412/

9. ,9 D5/ ./0-/:24 4 ,90 :.;2/.;90 7/ C4,9.4:;<1 4-,;:4>,/0 4 ,40 /H;02/1:;40

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>;/1/0 47D5;.;790 9 >;/1 /, :902/ 7/ -.975::;<1 -4.4 ,90 -.975:290
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/1 :569 :409 0/ 2934.8 G02/

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@40290 47;:;914,/0 D5/ 0/ -.975A:41 B4024 ,4 ,,/@474 4, 4,34:G1

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-.975:29

54179 /, C4,9. 7/ 3/.:479 7/ :54,D5;/.4 7/ /0290 >;/1/0 0/4 ;1=/.;9. 4 05

-./:;9 7/ 47D5;0;:;<1 9 :902/ 7/ -.975::;<1 B4>.8 D5/ /=/:254. ,4
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2/17.8 /1 :5/124 /024 :;.:510241:;4 4, C4,9.4. ,40 /H;02/1:;40

54179 0/ 2.42/ 7/ >;/1/0 :569 -./:;9 7/ 47D5;0;:;<1 9 :902/ 7/ -.975::;<1

19 0/ -5/741 ;7/12;=;:4. 7/ 3979 ;17;C;754,;A479 0/ 479-24.8 :939
:4.8:2/. @/1/.4, /, 3G2979 7/, -./:;9 3/7;9 -917/.479

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90 -.;1:;-4,/0 9>F/2;C90 7/, 457;29. /1 /024 8./4 091 ,90 7/ ,,/@4. 4
7/2/.3;14.J
5/ ,40 :412;747/0 :9../0-917;/12/0 4 ,90 04,790 3902.4790 /1 /, @.5-9
7/ /H;02/1:;40 D5/ =;@5.41 /1 /, >4,41:/ / ;1C/124.;9 /H;02/1 19 0/ B41
-.975:;79 93;0;91/0 =;@5.41 /1 ,90 04,790 7/, 3469. 6 0; 29740 ,40
/H;02/1:;40 091 -.9-;/747 7/ ,4 /3-./04
5/ ,90 -.975:290 /02G1 C4,9.4790 7/ 4:5/.79 :91 ,90 -.;1:;-;90 7/
:9124>;,;747 @/1/.4,3/12/ 4:/-24790 4-,;:4790 :91 51;=9.3;747 /1
./,4:;<1 4, /F/.:;:;9 412/.;9. 6 :9../:243/12/ -./0/124790 /1 /, >4,41:/
/ 19 0/. 40? /, >4,41:/ 19 ./-./0/124.8 7/ 341/.4 =;/, 6 .4A914>,/ /,
/02479 /:91<3;:9 7/ ,4 /3-./04 4 C4,9.4:;<1 7/>/.8 ./=/.;.0/ 4 ,40
342/.;40 -.;340 ,90 -.975:290 /1 :5.09 6 ,90 4:4>4790
93-.9>4. 0; /H;02/ 514 -.9C;0;<1 -9. 7/-./:;4:;<1 7/ /H;02/1:;40
47/:5474 -4.4 -G.7;740 -4.4 ,90 :4090 7/J
4.2;740 7/ ,/129 39C;3;/129 9>09,/240 9 74L4740
4.2;740 :569 C4,9. 1/29 7/ ./4,;A4:;<1 9 7/ 3/.:479 0/4 ;1=/.;9. 4, :902/
912.4290 4 ,4.@9 -,4A9
/2/.3;14. ,40 ./02.;::;91/0 D5/ -57;/.41 /H;02;. 09>./ /, 7/./:B9 7/
-.9-;/747 -9. -4.2/ 7/ ,4 /3-./04 '/3>4.@90 =;41A40 @4.412?4
-;@19.4:;<1 /2: ( 6 :93-.9>4. 0; G0290 /0281 ./:9@;790 /1 ,90 /024790
=;141:;/.90
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04,;740 7/ 3/.:41:?4 091 47/:54790 6 /=;:4:/0
! 93-.9>4. ,4 /H;02/1:;4 7/ 0;02/340 47/:54790 7/ :50297;4 -.92/::;<1
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-.975:;.0/
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B41 0;79 7/>;743/12/ ./@;02.4790 /1 /, -/.?979 /1 /, D5/ 0/ -.975F9 /,
39C;3;/129 =?0;:9

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4 /C4,54:;<1 7/, :912.9, ;12/.19 -/.0;@5/ /, :919:;3;/129 7/ ,90 :.;2/.;90
9.@41;A42;C90 6 :9124>,/0 /024>,/:;790 -9. ,4 /3-./04 -4.4 @4.412;A4. /,
:9../:29 =51:;9143;/129 7/, 8./4 7/ /H;02/1:;40 :91 /, =;1 7/ 7/2/.3;14. ,90
-51290 7G>;,/0 7/, 0;02/34 6 /, 4,:41:/ 1425.4,/A4 393/129 6 :912/1;79
7/ ,90 -.9:/7;3;/1290 D5/ 7/>/1 -91/.0/ /1 -.8:2;:4 -4.4 :53-,;. ,90
9>F/2;C90 /024>,/:;790 -9. ,4 457;29.;4 /1 =51:;<1 7/, 1;C/, 7/ :91=;41A4
9=./:;79 -9. /, -.9-;9 :912.9, ;12/.19
5/7/1 /024>,/:/.0/ ,90 0;@5;/12/0 40-/:290 =51743/124,/0 7/, :912.9,

86
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./:/-:;<1 4,34:/14F/ 6 /3>4.D5/ 7/ ,40 /H;02/1:;40
1 :912.9, 7/ ,40 /H;02/1:;40 =?0;:40 3/7;412/ 51 47/:5479 ./@;02.9 7/
,40 /12.4740 6 04,;740 7/ 3/.:41:?40 52;,;A4179 51 0;02/34 7/
;1C/124.;9 -/.341/12/ 6 ./4,;A4179 ;1C/124.;90 =?0;:90 -/.;<7;:90
024>,/:;3;/129 7/ 19.340 :91:./240 -4.4 ,4 C4,9.4:;<1 7/ ,40
/H;02/1:;40
7/:5474 -.92/::;<1 =?0;:4 7/ ,90 ;1C/124.;90 6 :/.:;9.4.0/ 7/ D5/
/=/:2;C43/12/ B46 514 :9>/.25.4 7/ 0/@5.90 05=;:;/12/ -4.4 29740 ,40
/H;02/1:;40
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1 /, :409 :91:./29 7/, 8./4 7/ /H;02/1:;40 7/>/1 ;1:,5;.J

>0/.C4:;<1 7/, :912/9 =?0;:9 ./4,;A479 -9. /, :,;/12/ 2/1;/179 /1 :5/124
D5/ 0/41 :93-,/290 6 ./:9F41 ,90 0;@5;/12/0 40-/:290J
/:B4 6 B9.4 7/, ;1;:;9 7/, ;1C/124.;9
0;@14:;<1 7/ ./0-9104>,/0 -4.4 ,90 ./:5/1290 =?0;:90
/0:.;-:;<1 7/ ,90 342/.;4,/0 /2/.3;14:;<1 7/ ,40 7;=/./1:;40 /12./
/, -.;3/. 6 /, 0/@5179 ./:5/129
/-4.4:;<1 7/ ,90 342/.;4,/0 D5/ 19 091 -.9-;/747 7/ ,4 /3-./04
+46 /3-./040 D5/ 2;/1/1 ;3-,412479 51 :912.9, 7/ /H;02/1:;40
3/7;412/ ./:5/1290 .9242;C90 9 -,41/0 7/ 35/02./9 :91 ,9 D5/
-./2/17/1 /C;24. 51 ./:5/129 2924,
, 457;29. 7/>/ :93-.9>4. 0; ,90 -.9:/7;3;/1290 /3-,/4790 091 ,9
>402412/ =;4>,/0 :939 -4.4 -.975:;. 5190 ./05,24790 050241:;4,3/12/
;@54,/0 4 ,90 7/ 51 ./:5/129 2924,
; B46 /H;02/1:;40 /1 -97/. 7/ 2/.:/.90 '7/-<0;290( 7/>/.8 9>2/1/.0/
:91=;.34:;<1 -9. /0:.;29 9. E,2;39 0/ ./:9@/.81 ,90 E,2;390 -4.2/0
7/ /12.4740 6 04,;740 412/0 6 7/0-5G0 7/, ;1C/124.;9 =?0;:9 -4.4 05
C/.;=;:4:;<1 -902/.;9. :91 ,90 ./@;02.90 :9124>,/0
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51;24.;90 6 :9../::;<1 4.;23G2;:4
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-.5/>40 0/,/:2;C40 09>./ 9-/.4:;91/0 4.;23G2;:40 C/.;=;:4. D5/ 19 0/ B41
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342/.;40 -.;340 -.975:290 2/.3;14790 6 /1 :5.09
/.;=;:4:;<1 7/ ,4 :9124>;,;A4:;<1 6 C4,9.4:;<1 7/ ,40 /H;02/1:;40
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7/07/ /, -5129 7/ C;024 7/ ,4 457;29.;4 14 C4,9.4:;<1 34, 4-,;:474
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42/.;40 -.;340 , 19 B4>/. /H-/.;3/12479 1;1@514 2.410=9.34:;<1 /0
./,42;C43/12/ 0/1:;,,9 451D5/ ,4>9.;909 05 ./:5/129 H;02/1 5140
=4:25.40 7/ -.9C//79./0 /1 ,40 D5/ 0/ -5/7/ :93-.9>4. 05 C4,9.4:;<1
.975:290 /1 :5.09 6 2/.3;14790 9.34,3/12/ 7/ :93-.9>4:;<1 380
7;=?:;, 024 0/ :/12.4 /1 ,4 C4,9.4:;<1 7/ ,90 -.975:290 /1 :5.09 6 ,90
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51;747/0 0;19 47/380 7/>/ :912.9,4. /1 D5G =40/ 7/ -.975::;<1 0/

87
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40/@5.4.0/ 7/ ,4 =;4>;,;747 7/, 3;039 /7;412/ 51 35/02./9 0/ ./4,;A4.8
,4 -.5/>4
1 /, :409 7/ D5/ 19 /H;02/ 9 7;:B9 0;02/34 19 9=./A:4 @4.412?40 /0 :40;
;1/C;24>,/ 514 04,C/747 /1 /, ;1=9.3/ 9 9>02412/ /, 457;29. -5/7/
B4:/. 514 :93-4.4:;<1 7/ C4,9.4:;91/0 ;17;C;754,/0 :91 ,4 :5/124 @,9>4,
7/ ./05,24790 7/ ,4 -.9-;4 /3-./04 6 92.40 0;3;,4./0 7/, 0/:29. 7/ ,40 D5/
0/ 2/1@4 74290
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52;,;A4179 ,4 ;1=9.34:;<1 7/ ,4 =/:B4 7/ ;1C/124.;9
/ ./C;04.8 ,4 153/.4:;<1 7/ ,90 4,>4.41/0 7/ /12.474 6 04,;74
;14,3/12/ 0/ 0/,/::;914.81 4,@5140 =4:25.40 7/ C/1240 6 :93-.40 7/
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:93-.9>4.8 0; 05 :9124>;,;A4:;<1 B4 0;79 :9../:24

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0/@5?41 /1 4L90 412/.;9./0
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7/ /H;02/1:;4 +4>.8 D5/ 9>2/1/. 51 ,;02479 7/ ,40 /H;02/1:;40 :91
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• +4>.8 D5/ :93-.9>4. ,40 05340 6 35,2;-,;:4:;91/0 '-.5/>4 0/,/:2;C4(
:93-.9>4. ,40 :412;747/0 7/ ,90 ;1C/124.;90 =?0;:90 :91 /0/ /02479 7/
/H;02/1:;4

:%<8&.# 1% 8/+%$ # #+#2 ,2 2'9 #

3'#2%,-' + .-+//%,-'
40 /H;02/1:;40 ;1:,5;740 /1 /, >4,41:/ @/1/.4, /H;02/1 =?0;:43/12/ 40
/H;02/1:;40 ./-./0/1241 -4.2;740 3412/1;740 -4.4 ,4 C/124 9 509 /1 /, :5.09
19.34, 7/, 1/@9:;9
.5/>40J
>0/.C4. :912/90 =?0;:90 7/ ,40 /H;02/1:;40 >2/1/. :91=;.34:;<1 7/
/H;02/1:;40 /1 5>;:4:;91/0 =5/.4 7/ ,4 /12;747 .9>4. ,40 2.4104::;91/0 7/
/H;02/1:;40 D5/ 9:5..41 /12./ ,4 =/:B4 7/, ;1C/124.;9 =?0;:9 6 ,4 =/:B4 7/
>4,41:/ /C;04. ./@;02.90 -/.341/12/0 7/ /H;02/1:;40 ./@;02.90 7/
-.975::;<1 6 ./@;02.90 7/ :93-.4 -4.4 9>2/1/. ;1=9.34:;<1 09>./ ,4
4:2;C;747 4:254, 93-4.4. /H;02/1:;40 :91 :428,9@9 C;@/12/0 7/ C/1240 6
C/1240 6 @5?40 7/ 7/0-4:B9 -902/.;9./0 3-,/4. /, 2.4>4F9 7/ /0-/:;4,;0240
-4.4 :9..9>9.4. ,4 1425.4,/A4 7/ ,90 -.975:290 /0-/:;4,;A4790
! !
40 :412;747/0 7/ /H;02/1:;40 ;1:,56/1 29790 ,90 -.975:290 342/.;4,/0 /
;105390 7;0-91;>,/0
>0/.C4. :912/90 =?0;:90 7/ ,40 /H;02/1:;40 93-4.4. /1 =9.34 414,?2;:4 ,4
./,4:;<1 /12./ ,90 04,790 7/ /H;02/1:;40 :91 :93-.40 -.975::;<1 6
4:2;C;747/0 7/ C/1240 ./:;/12/0
.9>4. -.9:/7;3;/1290 7/ :9.2/ -4.4 7/0-4:B90 6 ./:/-:;<1 7/ /H;02/1:;40
40 :412;747/0 7/ /H;02/1:;40 ;1:,56/1 29790 ,90 -.975:290 342/.;4,/0 /
;105390 7/ -.9-;/747 7/ ,4 /12;747 D5/ /0281 /1 2.810;29 9 4,34:/14790 /1
,9:4,;747/0 /H2/.140
90 ,;024790 7/ /H;02/1:;40 /0281 :93-;,4790 :9../:243/12/ 6 ,90 2924,/0
0/ ;1:,56/1 7/>;743/12/ /1 ,40 :5/1240 7/ /H;02/1:;40
.5/>40J
93-4.4. /1 =9.34 414,?2;:4 ,4 ./,4:;<1 7/ 04,790 7/ /H;02/1:;40 /12./ ,40
:93-.40 ./:;/12/0 ,4 -.975::;<1 6 4:2;C;747/0 7/ C/1240 .9>4.
-.9:/7;3;/1290 7/ :9.2/ -4.4 7/0-4:B90 6 ./:/-:;<1 7/ /H;02/1:;40 92/F4.
,90 :912/90 7/ -.5/>40 ./@;02.4790 -9. /, 457;29. 75.412/ ,4 9>0/.C4:;<1 7/
;1C/124.;9 =?0;:9 :91 ,90 ,;024790 7/ /H;02/1:;40 93-.9>4. ,4 ;1:,50;<1 7/
29740 ,40 /2;D5/240 7/ ;1C/124.;9 6 B9F40 7/ :912/9 /3-,/4790 /1 /, ./@;02.9
7/ ,90 :912/90 7/ /H;02/1:;40 =?0;:40 .9>4. ,4 /H4:2;257 7/ ,90 ,;024790 7/

93
;1C/124.;90 91:;,;4. ,90 :912/90 =?0;:90 :91 ,90 ./@;02.90 -/.341/12/0 6
04,790 7/, ,;>.9 3469. / ;1C/02;@4. =,5:254:;91/0 ;3-9.2412/0

/./:B90 6 9>,;@4:;91/0
4 /12;747 2;/1/ 793;1;9 ,/@4, 9 7/./:B90 0;3;,4./0 7/ -.9-;/747 09>./
,40 /H;02/1:;40
40 /H;02/1:;40 /H:,56/1 -4.2;740 =4:25.4740 4 :,;/12/0 9 /H;02/1:;40 7/
-.9-;/747 7/ 2/.:/.90
.5/>40J
>0/.C4. ,90 :912/90 =?0;:90 7/ ,40 /H;02/1:;40 >2/1/. :91=;.34:;<1 7/ ,40
/H;02/1:;40 /1 ,9:4,;747/0 =5/.4 7/ ,4 /12;747 H43;14. =4:25.40 7/
-.9C//79./0 -4@4740 4:5/.790 7/ :910;@14:;<1 6 :912.4290 H43;14.
=4:25.40 7/ -.9C//79./0 -4@4740 4:5/.790 7/ :910;@14:;<1 6 :912.4290
.9>4. -.9:/7;3;/1290 7/ :9.2/ -4.4 7/0-4:B90 6 ./:/-:;<1 7/ /H;02/1:;40
40 /H;02/1:;40 /0281 :9../:243/12/ -./0/124740 4, :9029 '/H:/-29
:54179 /, C4,9. 7/ 3/.:479 /0 ;1=/.;9.(
40 -4.2;740 7/ ,/129 39C;3;/129 /1 /H:/09 7/=/:259040 6 9>09,/240
;1:,5;740 /1 /H;02/1:;40 /0281 7/>;743/12/ ;7/12;=;:4740
, C4,9. 7/ ,40 /H;02/1:;40 0/ ./75:/ 0; :9../0-917/ 4, :9029 7/
./-90;:;<1 9 C4,9. 1/29 7/ ./4,;A4:;<1
.5/>40J
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9>.4 7;./:24 40;@1474
.9>4. /, :8,:5,9 7/ ,40 :59240 /028174. 7/ @40290 ;17;./:290 H43;14.
418,;0;0 7/ C4.;4:;91/0 7/, :9029 /028174. 7/ =4>.;:4:;<1 6 :93-.4
H43;14. 418,;0;0 7/ .924:;<1 7/ /H;02/1:;40
/C;04. /H-/.;/1:;4 6 2/17/1:;40 7/ ,4 ;17502.;4 93-4.4. /1 =9.34
414,?2;:4 ,4 ./,4:;<1 /12./ 04,790 7/ /H;02/1:;40 6 /, C9,53/1 7/ C/1240
/0-/.4740 ;0;24. ,4 -,4124
9105,24. 4, -/.0914, 7/ -.975::;<1 6 C/1240 ./0-/:29 7/ -90;>,/0 -4.2;740
7/ /H;02/1:;40 9>09,/240 9 /H:/0;C40 >2/1/. :92;A4:;91/0 7/, C4,9. 4:254,
7/ 3/.:479
/C;04. :90290 4:254,/0 7/ -.975::;<1 H43;14. C/1240 7/0-5G0 7/ =;1 7/
4L9 6 :93-.93;090 -/17;/12/0 7/ <.7/1/0 7/ :93-.4

./0/124:;<1 6 ./C/,4:;<1
40 /H;02/1:;40 0/ :,40;=;:41 4-.9-;4743/12/ /1 /, >4,41:/ :939 4:2;C90
:;.:5,412/0
40 -.;1:;-4,/0 :42/@9.?40 7/ /H;02/1:;40 6 050 >40/0 7/ C4,54:;<1 /0281
7/>;743/12/ ./C/,4740 /1 ,90 /024790 =;141:;/.90
4 -./174 9 @4.412?4 7/ /H;02/1:;40 /028 7/>;743/12/ ./C/,474
.5/>40J
/C;04. >9..479./0 7/ ,90 /024790 /C;04. >9..479./0 7/ ,90 /024790
=;141:;/.90
93-4.4. ,4 ;1=9.34:;<1 ./C/,474 /1 ,90 /024790 =;141:;/.90 :91 ,90
./D5/.;3;/1290 7/ -.;1:;-;90 :9124>,/0 @/1/.4,3/12/ =;141:;/.90 4:/-24790
>2/1/. :91=;.34:;<1 7/ /H;02/1:;40 /1 -./174 >4F9 4:5/.790 7/
-.G024390

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./0-9104>;,;747/0 7/ :474 519 7/ ,90 3/.:41:?40 /0281 :9../:243/12/
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/3-,/4790
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>4F9 ,,4C/ 4 ,90 D5/ 0<,9 2;/1/1 4::/09 ,40 40/@5.4.0/ 7/ D5/ ,40
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05 :50297;4 7/>/1 2/1/.
47/380 7/ 51 :912.9, =?0;:9
09>./ G0240 F502;=;:412/0
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7/>;743/12/ -.92/@;740 /1C?90
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-/.341/12/ :912.9,41 ,40
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T / B4:/1 29740 ,40 /12./@40 7/ <-2;34 09>./ ,40 .5-25.40 7/
4,34:G1 241 0<,9 3/7;412/ ,4 -./0/124:;<1 029:[ D5/ -5/7/1
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-./153/.4790U
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9>09,/0:/1:;4U
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-.92/::;<1 47/:5474 51 :<3979 341/F9 6
514 -.9124 ,9:4,;A4:;<1U

T / ,,/C41 ;1C/124.;90 -/.341/12/0 14 -4.2/ /0/1:;4, 7/, :912.9,

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;3-9.2412/0 7/, 4,34:G1U 7/>/1 0/. :547.4740 :91 ,4

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:5/124 7/ :912.9,U :41:/,4. 3/7;412/ 41924:;91/0
;17/>;740 ,40 7;=/./1:;40
9 =4,2412/0

; /0 1/:/04.;9 -9. :91C/1;/1:;4

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3;034 -/.0914 /, :912.9, :91
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92.9 /3-,/479 40 41924:;91/0
40 -/.09140 D5/ ,,/C41 ,90 ./@;02.90 /1 ,90 ./@;02.90 7/>/1
T091 7;02;1240 7/ ,40 /1:4.@4740 7/ 9.;@;14.0/ 241 0<,9 /1
:50297;4. ,40 /H;02/1:;40U 79:53/1290 4-.9-;4790

939 ,40 3/.:41:?40 /H-/7;740

/1 :910;@14:;<1 091 -.9-;/747
T / ,,/C41 ./@;02.90 47/:54790 -4.4J 7/ ,4 /3-./04 B4024 D5/ 0/
40 3/.:41:?40 /1 4,34:G1 -9. @.5-90 C/17/1 B46 D5/ ,,/C4. /,
7/ -.975:290U 3;039 :912.9, D5/ /, /F/.:;79
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,40 3/.:41:?40 ./:;>;740 /1 :910;@14:;<1 ;1C/.04 -4.4 ,40 3/.:41:?40
/1 :4,;747 7/ -.G02439 /2: U ./:;>;740 /1 :910;@14:;<1 ,,9
05-91/ /, /024>,/:;3;/129 7/
:912.9,/0 /1 ,4 :9124>;,;A4:;<1
7/ /0290 >;/1/0 -4.4 /C;24. ,4
T / ./C;041 -/.;<7;:43/12/ ,90 -90;>;,;747 7/ D5/ 0/ ;1:,5641
./@;02.90 :91 /, -.9-<0;29 7/ 7/2/.3;14. ,40 /0240 3/.:41:?40 /1 /,
/H;02/1:;40 D5/ 2;/1/1 -9:9 ;1C/124.;9
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*
T / /=/:2E4 51 ./:5/129 =?0;:9 7/ 29740
,40 /H;02/1:;40 /1 4,34:G1 ';1:,5;740 ,40
3/.:41:?40 ./:;>;740 /1 :910;@14:;<1 6
92.40(J
4, =;14, 7/, /F/.:;:;9 /:91<3;:9U
/.;<7;:43/12/ 75.412/ /, 4L9U
1 ./,4:;<1 :91 ,4 3/.:41:?4 /1C;474 /1 4 /H;02/1:;4 =?0;:4 7/ ,4
:910;@14:;<1 /1 -97/. 7/ -.9C//79./0 9 /1 3/.:41:?4 /1C;474 /1
7/-<0;29J :910;@14:;<1 9 @54.7474 /1
T / /=/:2E4 51 ./:5/129 =?0;:9 4 =;14, 7/ 4,34:/1/0 /H2/.;9./0 7/>/ 0/.
4L9U :91=;.3474 -/.;<7;:43/12/ 4 ,4
T / :91=;.341 ,40 /H;02/1:;40 4 =;14, 7/ 4L9U /3-./04 -9. 050 2/1/79./0
T / /=/:2E41 ./:5/1290 =?0;:90 0240 :91=;.34:;91/0 7/>/1
-/.;<7;:43/12/U >404.0/ /1 ./:5/1290 =?0;:90 9
T / :91=;.341 ,40 /H;02/1:;40 ./@;02.90 47/:54790 7/
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-9. /, ./0-9104>,/ 7/ ,4
T H;02/ 51 -.9@.434 7/=;1;79 7/ 3/.:41:?4
./:5/1290 .9242;C90 7/ ,40 /H;02/1:;40U 0;3;039 -/.;<7;:43/12/ 0/
90 -.9:/7;3;/1290 D5/ 0/ 0;@5/1 -4.4 7/>/1 C/.;=;:4. =?0;:43/12/ ,40
,,/C4. 4 :4>9 ,90 ./:5/1290 =?0;:90 /H;02/1:;40
T:93-./17/1J

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14 ;7/12;=;:4:;<1 :,4.4 7/ ,40 /H;02/1:;40 -./-4.4. 5140 ;102.5::;91/0 D5/
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-/.09140 4F/140 4 ,4 :50297;4 7/ ,40 -.9:/7;3;/129 -4.4 /=/:254. 51
/H;02/1:;40U :9.2/ 042;0=4:29.;9 7/ ,40 04,;740
4 C/.;=;:4:;<1 -902/.;9. 9 79>,/ 7/ ,90 6 /12.4740 7/ 24, =9.34 D5/ ,40
./:5/1290 6 7/ ,40 7/0:.;-:;91/0 /1 4D5/,,90 C/1240 6 ,40 :93-.40 0/41
:4090 /1 ,90 D5/ 19 0/ ,,/C41 ./@;02.90 7/ ./@;02.4740 /1 /, -/.?979
;1C/124.;9 -/.341/12/ 9 :54179 ,40 47/:5479 40 3/.:41:?40
7;=/./1:;40 :91 ,40 B9F40 7/, ;1C/124.;9 3412/1;740 /1 :910;@14:;<1
-/.341/12/ 091 0;@1;=;:42;C40U 7/>/1 0/. 47/:54743/12/
, /3-,/9 7/ 24.F/240 9 /2;D5/240 153/.4740 ;7/12;=;:4740 -4.4 /C;24. 05
:91 412;:;-4:;<1 6 7/>;743/12/ :912.9,4740U ;1:,50;<1 /1 /, ;1C/124.;9 4
4 47/:5474 ;7/12;=;:4:;<1 7/, :9.2/ 7/ 24./4 7/ 7/2/.3;14. :58179 ,40
-.975::;<1 7/ /1C?90 7/ ./:/-:;<1 7/ 3/.:41:?40 /0281 9>09,/240 6
3/.:41:?40 /2: U 7/ 4-.9>4. /, ./4F502/ 7/ 05
4 ;1C/02;@4:;<1 :5;747904 7/ ,90 09>.412/0 C4,9.4:;<1 19 7/>/ /1:4.@4.0/ 4
9 =4,2412/0 7/ ;3-9.241:;4U 51 /3-,/479 7/ :93-.40 -5/0
, 4F502/ ;13/7;429 7/ ,90 ,;>.90 -9. .4A<1 7/ B4:/.0/ 40? G02/ -97.?4
7/ ,40 7;=/./1:;40 7/2/:24740 /1 ,90 ./4,;A4. :93-.40 /H:/0;C40 6
;1C/124.;90 =?0;:90 7/>;743/12/ 4-.9>479 ,5/@9 7;0-91/. 7/ ,90 >;/1/0 /1
-9. 51 /3-,/479 ./0-9104>,/ D5/ 19 2/1@4 05 >/1/=;:;9
./,4:;<1 :91 /, -/.0914, 7/ 4,34:G1U 90 /3-,/4790 ./0-9104>,/0 7/
,40 /H;02/1:;40 6 7/ ,90 ./@;02.90
7/ ;1C/124.;9 19 7/>/1 0/. ,90
E1;:90 ./0-9104>,/0 7/ ,90
./:5/1290 1 :54129 4, /3-,/9
7/ 24.F/240 7/>/1 /024>,/:/.0/
3G29790 -4.4 /C;24. ,4
4,2/.4:;<1 7/ ,90 ./@;02.90 6 ,4
-./-4.4:;<1 7/ 24.F/240 /1 ,40
D5/ 0/ B4@41 4-4./:/.
:412;747/0 D5/ 19 /H;02/1
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./@;02.90 7/>/1 0/.
;1C/02;@4740 -9. -/.09140 D5/
19 2/1@41 4::/09 4 ,40
/H;02/1:;40 +46 D5/ ;7/12;=;:4.
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2934. ,40 3/7;740 -/.2;1/12/0
-4.4 /, =525.9
, 4F502/ 7/ ,90 ./@;02.90 4,
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B4641 0;79 2924,3/12/
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-.975::;<1 9 ,4 C;74 E2;, 7/, 4:2;C9

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/C4,54:;<1 ;1:,56/179 ,90 D5/ 0/41 4-,;:4>,/0 4 ,4 4:254,;A4:;<1 7/ :;=.40 6
4 ,90 :912.9,/0 ./,42;C90 4, -.9:/09 /,/:2.<1;:9 7/ 74290 ' (
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@.4C4. 4:2;C90 />/ /H;02;. 514 4529.;A4:;<1 =9.34, -4.4 /=/:254. 514
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./D5;/./ 7/ 51 /0257;9 -./C;9 9 -,41 @/1/.4, 7/12.9 7/ ,4 /3-./04 -4.4
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98
 :9124>,/0 ./,42;C90 4 050 -.9-;40 =51:;91/0 024 0/@./@4:;<1 243>;G1
-.9-;:;4 514 C;@;,41:;4 -/.341/12/ /12./ ,90 7/-4.243/1290 9 -/.09140
;1C9,5:.4740 /1 514 3;034 2.4104::;<1
• H;02/1:;4 7/ -.9:/7;3;/1290 -4.4 :93-.9>4. D5/ 0/ B4641 ./:;>;79 6
./@;02.479 47/:54743/12/ ,90 >;/1/0 47D5;.;790 14 C/A 4-.9>474 ,4
:93-.4 7/ 4:2;C90 /0 1/:/04.;9 D5/ ,90 -.9:/7;3;/1290 /024>,/:;790
40/@5./1 D5/ 0/ B4641 ./:;>;79 D5/ :9;1:;741 :91 ,40 /0-/:;=;:4:;91/0
4-.9>4740 6 D5/ ,90 ./@;02.90 :9124>,/0 ./=,/F/1 47/:54743/12/ ,90
>;/1/0 47D5;.;790 7/ 4:5/.79 :91 050 :4.4:2/.?02;:40 @/1/.4,/0
• H;02/1:;4 7/ 4.:B;C90 7/ 79:53/124:;<1 4 79:53/124:;<1 09-9.2/ 7/
,4 -.9-;/747 7/ ,90 4:2;C90 0/ 7/>/.8 :910/.C4. /1 4.:B;C90 47/:54790
D5/ =4:;,;2/1 05 ,9:4,;A4:;<1 6 :912.9,
• H;02/1:;4 7/ ./@,40 -4.4 7;02;1@5;. ,40 47;:;91/0 7/ 4D5/,,90 @40290 -9.
:910/.C4:;<1 6 ./-4.4:;91/0
• /C;0;<1 -/.;<7;:4 7/ ,40 :9102.5::;91/0 / ;1024,4:;91/0 /1 -.9:/09 -4.4
./@;02.4. 9-9.25143/12/ 4D5/,,40 D5/ B4641 0;79 2/.3;14740
• /@;02.90 47/:54790 -4.4 /, :912.9, 7/ 412;:;-90 4 -.9C//79./0 9
:9102.5:29./0
• 93-.9>4:;<1 -/.;<7;:4 7/ ,4 /H;02/1:;4 6 :917;:;91/0 =?0;:40 7/ ,90
>;/1/0 ./@;02.4790
• 1=9.34:;<1 9-9.2514 4, 7/-4.243/129 7/ :9124>;,;747 7/ ,40 51;747/0
74740 7/ >4F4
• /@;02.9 7/ 4:2;C90 /1 :5/1240 D5/ ./-./0/12/1 @.5-90 B939@G1/90 /1
42/1:;<1 4 05 1425.4,/A4 6 2404 7/ 7/-./:;4:;<1
024 4@.5-4:;<1 2;/1/ -9. 9>F/29 =4:;,;24. /, :8,:5,9 7/ ,4 7/-./:;4:;<1 6
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>;/1/0 -4.4 =;1/0 7/ -./0/124:;<1 /1 ,90 /024790 =;141:;/.90 7/ ,4
/3-./04
• H;02/1:;4 7/ ./@;02.90 ;17;C;754,/0 D5/ -/.3;241 ,4 ;7/12;=;:4:;<1 6
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• 91:;,;4:;<1 -/.;<7;:4 7/ ,4 0534 7/ ,90 45H;,;4./0 :912.4 /, 04,79 7/ ,4
:5/124 7/ 3469. :9../0-917;/12/
• 1=9.34:;<1 0;02/342;A474 09>./ :;=.40 4:254,;A4740
0 1/:/04.;4 ,4 /H;02/1:;4 7/ 0;02/340 7/ ;1=9.34:;<1 -4.4 ,4 7/2/.3;14:;<1
6 ./@;02.9 7/ ,90 /=/:290 7/ ,4 ;1=,4:;<1 D5/ ;1:,5641J
- /7;90 D5/ -/.3;241 40/@5.4. D5/ 0/ 4:254,;:/1 29790 ,90 ;135/>,/0
34D5;14.;4 6 /D5;-9
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:54179 0/4 -.4:2;:479 -9. -/.0914, 7/ ,4 /3-./04 0/ 7/>/ :9124. :91J
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05 :409 4.:B;C90 7/ 79:53/124:;<1 1/:/04.;4 -4.4 ./0-4,74. ,90 ;12/.190
24,/0 :939 :92;A4:;<1 7/ -./:;90 ./:;/12/0 /0257;90 7/ :90290 7/
./-90;:;<1 /2:
- 9:53/124:;<1 D5/ -/.3;24 ,4 ;7/12;=;:4:;<1 7/ ,90 C4,9./0 4:254,;A4790 7/
29790 ,90 >;/1/0 6 05 7/-./:;4:;<1 4:535,474 6 ,4 7/, -/.;979 0/@E1 ,90
;1=9.3/0 7/ ,90 C4,5479./0 :91 ,90 74290 :912/1;790 /1 050 ./0-/:2;C90
./@;02.90 ;17;C;754,/0
- 4 /02;34:;<1 7/ ,4 C;74 E2;, /1 =51:;<1 4, 2;/3-9 7/ 0/.C;:;9 ./341/12/ 6
/, C4,9. 7/ 7/0/:B9 7/ ,90 3;0390

99
- 1 ,90 :4090 /1 D5/ 0/ 4-,;D5/1 ?17;:/0 @/1/.4,/0 9 /0-/:?=;:90 7/ -./:;90
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4-.9>4:;<1 7/ ,4 ;1=9.34:;<1 4:254,;A474
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:;=.40 4:254,;A4740
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-.9-;4 /3-./04

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4( 93-.9>4. D5/ /H;0241 6 /02G1 /1 509
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:( /.;=;:4. 05 47/:5474 C4,54:;<1
7( 93-.9>4. D5/ /, :<3-529 7/ ,4 7/-./:;4:;<1 0/ B464 B/:B9 7/ 4:5/.79
:91 3G29790 4:/-24790 6 >40/0 .4A914>,/0
/( 93-.9>4. D5/ B464 :910;02/1:;4 /1 /, 3G2979 7/ C4,54:;<1 6 /1 /,
:8,:5,9 7/ ,4 7/-./:;4:;<1
=( /2/.3;14. ,90 @.4C83/1/0 D5/ /H;0241
@( 93-.9>4. 05 47/:5474 -./0/124:;<1 6 ./C/,4:;<1 /1 ,90 /024790
=;141:;/.90

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1 ,4 7/2/.3;14:;<1 7/ ,4 1425.4,/A4 9-9.251;747 6 4,:41:/ 7/ ,90
-.9:/7;3;/1290 7/ 457;29.;4 /1 /, .5>.9 7/ ;135/>,/0 34D5;14.;4 6 /D5;-9
/, 457;29. 7/>/ :910;7/.4. /12./ 92.90 /,/3/1290 ,4 ;3-9.241:;4 ./,42;C4 7/
/0290 4:2;C90 /1 ./,4:;<1 :91 ,90 /024790 =;141:;/.90 /1 05 :91F5129 40?
:939 ,90 .;/0@90 7/ 457;29.;4 4 -,41/4:;<1 7/ ,40 -.5/>40 7/ 457;29.;4 /1
/, .5>.9 7/ ;135/>,/0 34D5;14.;4 6 /D5;-9 7/>/ ;1:,5;. /, 418,;0;0 7/ ,90
=4:29./0 9 :917;:;91/0 D5/ -5/7/1 ;1=,5;. /1 ,4 7/2/.3;14:;<1 7/ ,90 .;/0@90
7/ 457;29.;4 ;:B90 =4:29./0 0/ -5/7/1 ./,4:;914. 4, .;/0@9 7/ /..9.
;1B/./12/ :939 /, .;/0@9 7/ D5/ ,90 :912.9,/0 ./,42;C90 19 ,9 7/2/:2/1 9
>;/1 D5/ /, 457;29. 19 ,90 7/0:5>.4 F/3-,90 7/ /0290 =4:29./0 091 ,90
0;@5;/12/0J
- 425.4,/A4 39129 6 :4.4:2/.?02;:40 -.9-;40 7/ ,90 ;135/>,/0 34D5;14.;4
6 /D5;-9 /0-/:;4,3/12/ ,90 D5/ 091 7/ =8:;, ./4,;A4:;<1 6 0502.4::;<1
- 40 -9,?2;:40 /1 :54129 4, 39129 6 1425.4,/A4 7/ ,40 -4.2;740 4 0/.
:4-;24,;A4740
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'7/-./:;4:;<1 4C4,E90 7/2/.3;14:;<1 7/, C4,9. 7/ 509 /2: (
- 43>;90 /1 ,90 3G29790 7/ 7/-./:;4:;<1 7/ ,90 4:2;C90
- H;02/1:;4 7/ :4-4:;747 19 52;,;A474 0;@1;=;:42;C4 9 7/ 4:2;C90 19 52;,;A4790
- 4,24 7/ :912/90 =?0;:90 7/ ,90 4:2;C90 /1 =9.34 -/.;<7;:4
- 4,24 7/ ;7/12;=;:4:;<1 =?0;:4 7/ ,90 4:2;C90 4 2.4CG0 7/ /2;D5/240 34.>/2/0
/2:
- 4,24 7/ :912.9, 09>./ ,4 ,9:4,;A4:;<1 =?0;:4 7/ ,90 4:2;C90
- H;02/1:;4 7/ 9>,;@4:;91/0 -9. :912.4290 -4.4 ,4 47D5;0;:;<1 9 :9102.5::;<1
7/ 4:2;C90
- H;02/1:;4 7/ 4:2;C90 /1 -97/. 7/ 2/.:/.90 9 ./:;>;790 7/ 2/.:/.90

100
- :2;C90 C/17;790 6 19 74790 7/ >4F4 /1 :9124>;,;747

,41/4:;<1
, 457;29. 7/>/.8 /=/:254. 514 -,41/4:;<1 47/:5474 -4.4 4,:41A4. 050
9>F/2;C90 /1 ,4 =9.34 380 /=;:;/12/ :910;7/.4179 ,90 40-/:290 7/
;3-9.241:;4 ./,42;C4 6 .;/0@9 7/ 457;29.;4
1 ,4 -,41/4:;<1 /, 457;29. 7/>/ 9>2/1/. ;1=9.34:;<1 09>./ ,40
:4.4:2/.?02;:40 7/ ,90 ;135/>,/0 34D5;14.;4 6 /D5;-9 24,/0 :939 3G2979
7/ 4:254,;A4:;<1 3G2979 7/ 7/-./:;4:;<1 -9,?2;:40 7/ :4-;24,;A4:;<1 ./@,40
-4.2;:5,4./0 7/ C4,54:;<1 6 -./0/124:;<1 /2:
;:B40 :4.4:2/.?02;:40 ;1:,56/1 ,4 =9.34 /1 D5/ 9-/.4 ,4 /3-./04 050
:917;:;91/0 F5.?7;:40 0;02/340 7/ ;1=9.34:;<1 -9,?2;:40 7/ ./@;02.9
/02.5:25.4 6 :4,;747 7/ ,4 9.@41;A4:;<1 0/@./@4:;<1 7/ =51:;91/0 7/=;1;:;<1
7/ ,?1/40 7/ 4529.;747 6 ./0-9104>;,;747 /H;02/1:;4 7/ 457;29.;4 ;12/.14
/2:

/C;0;<1 414,?2;:4
4.4 :919:/. ,4 ;3-9.241:;4 ./,42;C4 7/, .5>.9 7/ ;135/>,/0 34D5;14.;4 6
/D5;-9 7/12.9 7/ ,4 /02.5:25.4 =;141:;/.4 ;7/12;=;:4. :43>;90 0;@1;=;:42;C90 9
2.4104::;91/0 19 5054,/0 /2: /, 457;29. 7/>/.8 4-,;:4. /12./ 92.90 ,90
0;@5;/12/0 -.9:/7;3;/1290J
4( 93-4.4:;<1 7/ :;=.40 9 :90290 B;02<.;:90 6 4:254,;A4:;<1 :91 ,40 7/
/F/.:;:;90 412/.;9./0 2934179 :939 ./=/./1:;4 ,90 ?17;:/0 7/ ;1=,4:;<1
@/1/.4, 6M9 /0-/:?=;:90 =,5:254:;91/0 /1 -./:;90 :43>;4.;40 /2: -4.4
F5A@4. 0; ,40 C4.;4:;91/0 '9 05 450/1:;4( 6 ,40 2/17/1:;40 091 ,<@;:40
>( 18,;0;0 7/ .4A91/0 =;141:;/.40 ./,42;C40 4 ;135/>,/0 34D5;14.;4 6
/D5;-9 7/2/.3;14740 09>./ :;=.40 24129 B;02<.;:40 :939 4:254,;A4740 -4.4
;7/12;=;:4. C4.;4:;91/0 6 2/17/1:;40 40? :939 -4.4 F5A@4. ,4 .4A914>;,;747
7/ G0240 :91 >40/ /1 /, :919:;3;/129 @/1/.4, 7/, 1/@9:;9 6 7/ 05 /129.19
:( / 0/. -90;>,/ :93-4.4:;<1 7/ :;=.40 :91 ,4 ;1=9.34:;<1 7;0-91;>,/ 7/
/3-./040 7/, .439
7( >2/1/. /H-,;:4:;<1 7/ C4.;4:;91/0 ;3-9.2412/0 / ;1C/02;@4. :54,D5;/.
./,4:;<1 19 5054, / ;1/0-/.474 /12./ /, -/.?979 457;2479 6 /, 412/.;9. ;12.4
-/.?979 :912.4 -./05-5/0290 /2:

0257;9 6 /C4,54:;<1 -./,;3;14. 7/, :912.9, ;12/.19

,/C4. 4 :4>9 /, /0257;9 6 /C4,54:;<1 -./,;3;14. 7/, :912.9, ;12/.19 :9124>,/
/H;02/12/ 6 ,4 ,9:4,;A4:;<1 7/ :912.9,/0 :,4C/ -4.4 /, 341/F9 7/, 4:2;C9 =;F9 6
05 7/-./:;4:;<1 ;1:,56/179 05 4:254,;A4:;<1

/+%$ # 1% -+<8&'<'%,2.
1 2G.3;190 @/1/.4,/0 ,40 -.5/>40 7/ :53-,;3;/129 0/ /1=9:41 4
:9..9>9.4. /, =51:;9143;/129 7/ ,90 :912.9,/0 ;12/.190 :,4C/0 :939
:54,D5;/. -.9:/7;3;/129 7/ 457;29.;4 7/>/1 7;0/L4.0/ /1 =51:;<1 7/ ,40
:;.:510241:;40 -4.2;:5,4./0 7/ :474 /12;747 9. ,40 :4.4:2/.?02;:40 7/, .5>.9
7/ ;135/>,/0 34D5;14.;4 6 /D5;-9 ,40 -.5/>40 7/ :53-,;3;/129
@/1/.4,3/12/ 0/ ,,/C41 4 :4>9 :91F51243/12/ :91 ,40 -.5/>40 0502412;C40
:912;154:;<1 4,@5140 -.5/>40 4 4-,;:4.J
/.;=;:4. ,4 /H;02/1:;4 6 4-,;:4:;<1 7/ 514 -9,?2;:4 -4.4 /, 341/F9 7/ ,4

101
-.9-;/747 -,4124 6 /D5;-9
/2/.3;14. ,4 /=;:;/1:;4 7/ ,4 -9,?2;:4 -4.4 /, 341/F9 7/ .9-;/747 -,4124
6 /D5;-9
/.;=;:4. D5/ ,90 09-9.2/0 7/ ,4 .9-;/747 -,4124 6 /D5;-9 0/ /1:5/12./1
/1 9.7/1 6 7/ 4:5/.79 4 ,40 7;0-90;:;91/0 ,/@4,/0
>0/.C4. 0; ,90 39C;3;/1290 /1 ,40 :5/1240 7/ 4:2;C90 =;F90 0/ ./@;02.41
47/:54743/12/
/C;04. D5/ /H;024 51 :93-,/29 0;02/34 7/ :912.9, 7/ ,90 4:2;C90 =;F90
4:254,;A479 6 47/:5479 4 ,40 :917;:;91/0 7/ ,4 :93-4L?4
! 93-.9>4. D5/ ,40 397;=;:4:;91/0 /1 ,4 -.9-;/747 -,4124 6 /D5;-9 0/41
:9../:243/12/ 4529.;A4740
# /4,;A4. :912/90 =?0;:90 7/ ,4 -.9-;/747 -,4124 6 /D5;-9 /H;02/12/0
-/.;<7;:43/12/
$ /.;=;:4. D5/ ,90 4:2;C90 =;F90 /02G1 47/:54743/12/ 40/@5.4790
93-.9>4. D5/ /, /02479 7/ ,90 4:2;C90 =;F90 0/4 /, <-2;39 6 D5/ ,40
3/7;740 7/ 0/@5.;747 0/ 4-,;D5/1 :9../:243/12/
/.;=;:4. D5/ ,90 4F502/0 4 ,90 4:2;C90 -9. :91:/-29 7/ ;1=,4:;<1 6
7/-./:;4:;<1 0/41 :4,:5,4790 6 ./@;02.4790 47/:5474 6 9-9.25143/12/
91=;.34. D5/ ,40 :917;:;91/0 7/ :910/.C4:;<1 7/ ,90 4:2;C90 0/41 ,40
<-2;340
/.;=;:4. ,4 /H;02/1:;4 7/ 51 34154, 7/ =51:;91/0 7/, -/.0914,
/1:4.@479 7/, 341/F9 7/ .9-;/747 -,4124 6 /D5;-9 , ;@54, D5/ /,
:919:;3;/129 6 :53-,;3;/129 7/ /02/ -9. -4.2/ 7/ ,90 /3-,/4790

/+%$ # #+#2 ,2'9 #

939 ./05,2479 7/ ,4 -,41/4:;<1 D5/ 7/>;< ;1:,5;. /12./ 92.90 40-/:290 /,
/0257;9 6 /C4,54:;<1 7/, :912.9, ;12/.19 :9124>,/ /, 7/04..9,,9 7/ ,40
-.5/>40 7/ :53-,;3;/129 6 :910;7/.4179 15/C43/12/ =4:29./0 7/
;3-9.241:;4 ./,42;C4 6 .;/0@9 7/ 457;29.;4 /, 457;29. 7/>/.8 /024>,/:/. ,4
1425.4,/A4 7/ ,40 -.5/>40 0502412;C40 :91 /, 4,:41:/ 6 9-9.251;747 D5/ 0/
:910;7/./ 1/:/04.;90 /1 ,40 :;.:510241:;40

,@5140 7/ ,40 -.5/>40 4 4-,;:4. 091 ,40 0;@5;/12/0J

/2/.3;14. 0; ,40 47;:;91/0 091 -4.2;740 -.9-;43/12/ :4-;24,;A4>,/0 6
./-./0/1241 :90290 ./4,/0 7/ ,90 4:2;C90 =?0;:43/12/ ;1024,4790 9
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C4,9. -92/1:;4, 7/ >/1/=;:;9 =525.9 'C4,9. 7/ 509(
/( /.:;9.4.0/ D5/ B464 :910;02/1:;4 /1 ,4 4-,;:4:;<1 7/ ,90 3G29790 7/
C4,54:;<1 ':4-;24,;A4:;<1 6 439.2;A4:;<1(
=( C4,54. ,4 .4A914>;,;747 7/, -/.;979 7/ 4-,;:4:;<1 4 ,90 ./05,24790
@( /2/.3;14. ,4 /H;02/1:;4 7/ @.4C83/1/0
B( 93-.9>4. ,4 47/:5474 -./0/124:;<1 6 ./C/,4:;<1 /1 ,90 /024790
=;141:;/.90

.,2/.& ,2%/,.
/>/1 :53-,;.0/ ,90 9>F/2;C90 ./,42;C90 4 4529.;A4:;<1 -.9:/043;/129 6
:,40;=;:4:;<1 7/ 2.4104::;91/0 04,C4@54.74 =?0;:4 7/ 79:53/124:;<1 09-9.2/
6 7/ C/.;=;:4:;<1 6 /C4,54:;<1 ;1:,56/179 ,90 D5/ 0/41 4-,;:4>,/0 4 ,4
4:254,;A4:;<1 7/ :;=.40 6 4 ,90 :912.9,/0 ./,42;C90 4, -.9:/09 /,/:2.<1;:9 7/
74290 ' ( 9 412/.;9. -4.4 40/@5.4.0/ ,4 :9../::;<1 7/ ,90 4:2;C90

108
;1241@;>,/0 ;1:,56/179 05 47/:5474 C4,54:;<1 4 :90290 B;02<.;:90 6 05
4:254,;A4:;<1

F/3-,90 7/ 40-/:290 4 :910;7/.4.0/ /1 ,4 ./C;0;<1 /0257;9 6 /C4,54:;<1 7/

,4 /=/:2;C;747 7/, :912.9, ;12/.19 09>./ ,90 4:2;C90 ;1241@;>,/0 /1 =9.34
/151:;42;C4 -/.9 19 ,;3;242;C4 ;1:,56/1 ,90 :912.9,/0 :,4C/0 ,90 :54,/0
7/>/.81 7;.;@;.0/ 4J

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7/04..9,,4790 ;12/.143/12/ 9 47D5;.;790 /1 :54,D5;/. 92.4 =9.34 51 >5/1
0;02/34 7/ :912.9, ;12/.19 7/>/ /024>,/:/. ,4 1/:/0;747 7/ D5/ ,40
/.9@4:;91/0 7/ /024 1425.4,/A4 0/41 -./C;43/12/ 4529.;A4740 -9. ,90
=51:;914.;90 7/ ,4 /3-./04 9 >;/1 -9. /, 910/F9 7/ 73;1;02.4:;<1
7/-/17;/179 7/ ,4 ;3-9.241:;4 7/ ,40 -4.2;740 / ,4 3;034 341/.4 /024
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;1:,56/1 /1 51 34154, 7/ :9124>;,;747 7/>/.8 /H;02;. 514 0/::;<1 /1 ,4 D5/
0/ 7/=;141 ,40 :4.4:2/.?02;:40 7/ ,40 /.9@4:;91/0 D5/ :4,;=;:41 -4.4 0/.
:4-;24,;A4740
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7/, :9029
4 :9124>;,;747 7/>/ :4-24. ,4 ;1=9.34:;<1 :9../:24 6 9-9.2514 09>./ ,4
4:535,4:;<1 7/ ,90 /,/3/1290 7/, :9029 7/ ,90 4:2;C90 ;1241@;>,/0
9.34 -4.2/ 7/, :9029 29790 ,90 @40290 ./,4:;914790 :91 ,4 47D5;0;:;<1 9
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47D5;0;:;<1
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0 1/:/04.;4 ,4 /H;02/1:;4 7/ 0;02/340 7/ ;1=9.34:;<1 -4.4 ,4 7/2/.3;14:;<1
6 ./@;02.9 7/ ,90 /=/:290 7/ ,4 ;1=,4:;<1 D5/ ;1:,5641J
- G29790 D5/ -/.3;241 40/@5.4. D5/ 0/ 4:254,;:/1 29790 ,90 4:2;C90
;1241@;>,/0
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4-.9>4:;<1 7/ ,4 ;1=9.34:;<1 4:254,;A474
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4:254,;A4740 /1 ,90 ,;>.90 7/ :9124>;,;747
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4 -,41/4:;<1 7/ ,40 -.5/>40 7/ 457;29.;4 /1 ./,4:;<1 :91 ,90 4:2;C90
;1241@;>,/0 7/>/ ;1:,5;. /, 418,;0;0 7/ ,90 =4:29./0 9 :917;:;91/0 D5/ -5/7/1
;1=,5;. /1 ,4 7/2/.3;14:;<1 7/, .;/0@9 7/ 457;29.;4 ;:B90 =4:29./0 0/
-5/7/1 ./,4:;914. 24129 4, .;/0@9 7/ /..9. ;1B/./12/ 4, ./1@,<1 7/ D5/ 0/
2.42/ :939 4, .;/0@9 7/ D5/ ,90 :912.9,/0 ./,42;C90 19 ,9 7/2/:2/1 9 >;/1
D5/ /, 457;29. 19 ,90 7/0:5>.4 :54179 4-,;:4 2G:1;:40 7/ 35/02./9

F/3-,90 7/ /0290 =4:29./0 -5/7/1 0/. ,90 0;@5;/12/0J

- 425.4,/A4 39129 6 :4.4:2/.?02;:40 -.9-;40 7/ ,90 4:2;C90 ;1241@;>,/0
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2/:19,<@;:90 9 397;=;:4:;91/0 7/ ;1@/1;/.?4 D5/ 4=/:2/1 /, C4,9. 7/ ,90
4:2;C90 ;1241@;>,/0 ./,4:;914790 :91 /,,90
- 02;34:;91/0 D5/ 4=/:241 /, C4,9. 1/29 /1 ,;>.90 7/ ,90 4:2;C90
'439.2;A4:;<1 7/2/.3;14:;<1 7/, C4,9. 7/ 509 /2: (
- 43>;90 /1 ,90 3G29790 7/ 439.2;A4:;<1 7/ ,90 4:2;C90
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;1241@;>,/0
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7;0-91;>;,;747
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9>F/2;C90 /1 ,4 =9.34 380 /=;:;/12/ :910;7/.4179 ,90 40-/:290 7/
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7/ ,4 /02.5:25.4 =;141:;/.4 ;7/12;=;:4. :43>;90 0;@1;=;:42;C90 9 2.4104::;91/0
19 5054,/0 /2: , 457;29. 7/>/.8 4-,;:4. /12./ 92.90 ,90 0;@5;/12/0
-.9:/7;3;/1290J

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/F/.:;:;90 412/.;9./0 2934179 :939 ./=/./1:;4 ,90 ?17;:/0 7/ ;1=,4:;<1
@/1/.4, 6M9 /0-/:?=;:90 =,5:254:;91/0 /1 -./:;90 :43>;4.;40 /2: -4.4
F5A@4. 0; ,40 C4.;4:;91/0 '9 05 450/1:;4( 6 ,40 2/17/1:;40 091 ,<@;:40
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7/2/.3;14740 09>./ :;=.40 24129 B;02<.;:40 :939 4:254,;A4740 -4.4
;7/12;=;:4. C4.;4:;91/0 '9 05 450/1:;4( 6 2/17/1:;40 40? :939 -4.4 F5A@4. ,4
.4A914>;,;747 7/ G0240 :91 >40/ /1 /, :919:;3;/129 @/1/.4, 7/, 1/@9:;9 6
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/3-./040 7/, .439

110
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./,4:;<1 19 5054, / ;1/0-/.474 /12./ /, -/.?979 457;2479 6 /, 412/.;9. ;12.4
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:9..9>9.4. /, =51:;9143;/129 7/ ,90 :912.9,/0 ;12/.190 :,4C/0 :939
:54,D5;/. -.9:/7;3;/129 7/ 457;29.;4 7/>/1 7;0/L4.0/ /1 =51:;<1 7/ ,40
:;.:510241:;40 -4.2;:5,4./0 7/ :474 /12;747 9. ,40 :4.4:2/.?02;:40 7/, .5>.9
7/ 4:2;C90 ;1241@;>,/0 ,40 -.5/>40 7/ :53-,;3;/129 @/1/.4,3/12/ 0/ ,,/C41
4 :4>9 :91F51243/12/ :91 ,40 -.5/>40 0502412;C40

/.8'%1 1
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7/0/3>9,090 :912.4290 2?25,90 7/ -.9-;/747 6 ,4 4529.;A4:;<1 D5/ 43-4./
,40 47D5;0;:;91/0 6 :93-.9>4:;<1 7/, :53-,;3;/129 :91 ,40 ./@,40 D5/
7;02;1@41 ,40 47;:;91/0 4 4:2;C90 ;1241@;>,/0 7/ ,90 @40290 7/ 9-/.4:;<1
7;:;914,3/12/ /1 ,90 :4090 /1 D5/ 0/ :910;7/./ 1/:/04.;9 2.4281790/ 7/
-42/12/0 6 34.:40 9 7/./:B90 7/ 4529. -97.8 ./:5..;.0/ 4, :9../0-917;/12/
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:9102424. 05 ;10:.;-:;<1 6 ,4 2;25,4.;747 7/ ,4 -.9-;/747 40? :939 /, /@;02.9
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09>./ ,90 4:2;C90 ;1241@;>,/0

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/H:/09 4 05 :9029
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./@;02.4790 /H;0241 /02G1 4 193>./ 7/ ,4 /3-./04 6 /02G1 7/>;743/12/
./0-4,74790 1 /, :409 7/ :;/.29 2;-9 7/ 4:2;C90 ;1241@;>,/0 :939 ,40
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./@;02.4790 6 /1 C;@9. /, 7/./:B9 7/ 504.,90
:( 10-/::;<1 7/ ,4 4529.;A4:;<1 7/ C/124 9 >4F40

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E1;:43/12/ :54179 B4641 0;79 :93-.4790 7/04..9,,4790 ;12/.143/12/ 9
47D5;.;790 /1 :54,D5;/. 92.4 =9.34 0 7/:;. D5/ 19 B4641 0;79
;1:9.-9.4790 4, >4,41:/ @/1/.4, 7/ ,4 /3-./04 :939 ./05,2479 7/
4-./:;4:;91/0 05>F/2;C40 7/ :54,;747/0 -.975:2;C40 7/ ,4 3;034 43>;G1
7/>/.8 C/.;=;:4.0/ D5/ /0290 4:2;C90 19 ;1:,5641 /.9@4:;91/0 D5/ 7/>;/.91
./@;02.4.0/ :939 @40290
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111
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4 439.2;A4:;<1 7/>/.8 B4:/.0/ 3/7;412/ 51 3G2979 .4:;914, 0;02/382;:9 6
:910;02/12/ 75.412/ /, 2G.3;19 7/ C;74 E2;, /02;3474 7/, ;1241@;>,/
90 ;1241@;>,/0 :569 2G.3;19 7/ C;74 /028 ,;3;2479 -9. ,/6 ./@,43/129
:912.429 9 -9. 05 3;034 1425.4,/A4 7/>/1 439.2;A4.0/ /1 51 -/.;979 19
3469 4 ,4 C;@/1:;4 /024>,/:;74 /1 /, 79:53/129 D5/ ,90 ./@5,4 -9. ,9
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54179 ,4 75.4:;<1 7/ ,90 ;1241@;>,/0 19 /024 ,;3;2474 4 51 2G.3;19 =;F9 7/
C;74 9 0/4 D5/ 05 -/.;979 7/ >/1/=;:;9 /0 ;17/=;1;79 7/>/ B4:/.0/ 514
/02;34:;<1 7/ /02/ -/.;979 -4.4 0/. 439.2;A4790 75.412/ /, 3;039 E1 /1
:409 7/ D5/ 19 /H;024 /C;7/1:;4 7/ D5/ /, ;1241@;>,/ C464 4 -/.7/. C4,9.
-4.4 ,4 /12;747 -9.D5/ /1 .4A<1 4 050 :4.4:2/.?02;:40 -57;/.4 05>0;02;.
:939 24, 75.412/ ,4 C;74 7/ ,4 3;034 /0 1/:/04.;9 439.2;A4.,9 9>0/.C4179
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52;,;747/0 -4.4 ,4 3;034
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,90 :4.@90 091 47/:54790 90 -.9:/7;3;/1290 7/ 457;29.;4 4-,;:4>,/0 /1
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9 ;1C/02;@4:;<1 024 :93-.9>4:;<1 -5/7/ B4:/.0/ /1 :93>;14:;<1 :91 ,4
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:93>;14:;<1 :91 ,4 ./C;0;<1 7/ 1<3;140
4 47/:5474 40;@14:;<1 7/ ,90 @40290 ;17;./:290
4 4-,;:4:;<1 7/ 92.90 :90290 ;1:5..;790
40 /.9@4:;91/0 ./4,/0 :93-4.8179,40 :91 ,40 4-.9>4740 6 /1 05 :409
9>2/1;/179 7/ ,90 =51:;914.;90 7/ ,4 /3-./04 ,40 4:,4.4:;91/0 09>./ ,40
7;=/./1:;40 ;3-9.2412/0

=( /C;04. /, :8,:5,9 7/ ,4 439.2;A4:;<1 6 05 :9../:29 ./@;02.9

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:41:/,479 ,4 439.2;A4:;<1 4:535,474 :9../0-917;/12/ B4024 ,4 =/:B4 7/ ,4
C/124 9 ./2;.9

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4 /F/.:;:;90 412/.;9./0 /1 :54129 4, /H43/1 7/ ,4 79:53/124:;<1
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112
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/H2/.;9.U
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T 5;G1 ,9 B4:/U
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T / -./-4.4 51 ./053/1 7/ ,90 -4@90 /=/:254790U
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T / :912.9,4 7;:B9 ./053/1 :91 ,4 :5/124 7/, 469.U
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T / 414,;A41 ,90 392;C90U T 5;G1 ,9 B4:/U
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050 :8,:5,90 6 39129U
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131
Nº AUTOR TITULO EDITORIAL
1 Juan Francisco Álvarez Illanes Pacifico 2002
Auditoria Gubernamental

2 O. Ray Whittington - Kurt Pany AUDITORIA - UN Mc Graw Hill 2001

ENFOQUE INTEGRAL

Recursos en Internet

Nº Dirección Internet Descripción

1 www.contraloria.gob.pe Portal Contraloría General de la Republica
2 www.conasev.gob.pe Portal de CONASEV
3 www.cpn.mef.gob.pe Portal Contaduría Pública de la Nación

L G*

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132
 , =;14,;A4. /, -./0/12/ 40:?:5,9 /, -4.2;:;-412/ conoce los objetivos,
técnicas y procedimientos de auditoría, así como las pruebas sustantivas y
de cumplimiento aplicables a las cuentas de resultados ( ingresos y gastos ).
Aplica técnicas y procedimientos de auditoría tales como: confirmación,
inspección, revisión analítica.
-

133
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7;0-90;:;91/0 ,/@4,/0 C;@/12/0U
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Nº AUTOR TITULO EDITORIAL

1 O. Ray Whitengton - Kurt Pany AUDITORIA - UN Mc Graw Hill 2001
ENFOQUE INTEGRAL

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-42.;391;9 1/29

Nº AUTOR TITULO EDITORIAL

1 O. Ray Whittington - Kurt Pany AUDITORIA - UN Mc Graw Hill 2001
ENFOQUE INTEGRAL

LG

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• 024790 7/ 4141:;40 6 G.7;740
• 02479 7/ 43>;90 /1 /, 42.;391;9 /29
• 024790 7/ ,5F90 7/ =/:2;C9

%#8.,# $'&'1 1 1% & %/%,-' 8./ &.# %#2 1.# 5', ,-'%/.#
%3 <', 1.# 02/ /0 /, :91:/-29 340 ;3-9.2412/ 7/ ,4 397;=;:4:;<1
7/, 15/C9 7;:243/1 7/ 457;29.;4 -9.D5/ /1 =9.34 /H-,;:;24 ./4=;.34
D5/ 24129 ,90 /024790 =;141:;/.90 /H43;14790 :939 ,40
:9../0-917;/12/0 19240 /H-,;:42;C40 091 341;=/024:;91/0 -./-4.4740 6
7/ 4>09,524 ./0-9104>;,;747 7/ ,4 @/./1:;4 7/ ,4 /3-./04 9 /12;747
457;2474 6 D5/ =9.34 -4.2/ ;12/@.412/ 7/, ;1=9.3/ 7/ 457;29.;4

1 15/02.9 -4?0 :939 92.90 7/ 3G.;:4 42;14 09>./ 2979 /1 /3-./040

-/D5/L40 9 3/7;4140 /0 356 :93E1 D5/ ,90 457;29./0 ;17/-/17;/12/0
-4.2;:;-/1 6 :9,4>9./1 :939 40/09./0 /1 ,4 -./-4.4:;<1 7/ 4,@5190 7/
,90 /024790 =;141:;/.90 :939 /, 7/ :43>;90 /1 /, -42.;391;9 1/29 6 /, 7/
=,5F90 7/ /=/:2;C9 9 /1 ,4 ./74::;<1 7/ ,40 19240 7/ ,90 /024790
=;141:;/.90 024 :90253>./ D5/ -9. 4L90 0/ 3412;/1/ B4 9.;@;1479 /1
4,@5140 9-9.251;747/0 D5/ 19 /02/ 356 :,4.4 7917/ 2/.3;14 ,4
./0-9104>;,;747 7/ ,4 /3-./04 6 0/ ;1;:;4 ,4 7/, 457;29. 4 :4.24 7/
@/./1:;4 9 7/ ./-./0/124:;<1 D5/ 050:.;>/ ,4 /3-./04 /H43;1474 6
7;.;@;74 4 ,90 457;29./0 ;17/-/17;/12/0 7/F4 356 /1 :,4.9 7917/
2/.3;14 ,4 ./0-9104>;,;747 7/ ,4 /3-./04 6 0/ ;1;:;4 ,4 7/, 457;29. 4
:4.24 7/ @/./1:;4 9 7/ ./-./0/124:;<1 D5/ 050:.;>/ ,4 /3-./04
/H43;1474 6 7;.;@;74 4 ,90 457;29./0 ;17/-/17;/12/0 7/F4 356 /1 :,4.9
/024 7/,;3;24:;<1 7/ ./0-9104>;,;747/0 0;1 /3>4.@9 09,9 /0 7/
:919:;3;/129 ;12/.19 /12./ /, 457;29. 6 ,4 @/./1:;4 7/ ,4 /3-./04
457;2474

%#8.,# $'&'1 1 8./ & %38/%#'7, 1% & .8','7, #.$/% &.# %#2 1.#
5', ,-'%/.# %3 <', 1.# 02/ :91:/-29 ;1:,5;79 /1 /, -8..4=9
;12.975:29.;9 :93-,/3/124 /, :91:/-29 412/.;9. ;/12.40 D5/ ,4
@/./1:;4 7/ ,4 /3-./04 457;2474 /0 ./0-9104>,/ -9. ,90 /024790
=;141:;/.90 /H43;14790 /, 457;29. /0 ./0-9104>,/ -9. ,4 9-;1;<1 D5/
/3;2/ >40479 ;17574>,/3/12/ /1 /, 2.4>4F9 9>F/2;C9 6 -.9=/0;914, D5/
./4,;A4 :91:9.7412/ :91 19.340 7/ 457;29.;4 @/1/.4,3/12/ 4:/-24740
02/ :91:/-29 243>;G1 ./0-4,74 /, ;12/.G0 D5/ -5/7/ /H;02;. /1 ,4
=;14,;747 7/ ,4 457;29.;4 :912.42474 7/ 24, =9.34 D5/ ,4 ./0-9104>;,;747
0/4 :,4.4 6 /H-,;:;24

158
; !

, 0/@5179 -8..4=9 7/, 7;:243/1 7/ ,90 457;29./0 ;17/-/17;/12/0 2;/1/

,4 ./74::;<1 0;@5;/12/ '7;:243/1 /028174. 9 ,;3-;9(

K 5/02.4 457;29.;4 =5/ ./4,;A474 7/ 4:5/.79 :91 19.340 7/ 457;29.;4

@/1/.4,3/12/ 4:/-24740 4,/0 19.340 ./D5;/./1 D5/ -,41;=;D5/390 6
./4,;:/390 ,4 457;29.;4 :91 ,4 =;14,;747 7/ 9>2/1/. 0/@5.;747 .4A914>,/
D5/ ,90 /024790 =;141:;/.90 19 :912/1@41 /..9./0 ;3-9.2412/0 14
457;29.;4 :93-./17/ /, /H43/1 >40479 /1 :93-.9>4:;91/0 0/,/:2;C40
7/ /C;7/1:;40 D5/ ./0-4,741 ,90 ;3-9.2/0 6 ,40 7;C5,@4:;91/0 ./C/,4740
/1 ,90 /024790 =;141:;/.90 14 457;29.;4 243>;G1 :93-./17/ 514
/C4,54:;<1 7/ ,90 -.;1:;-;90 7/ :9124>;,;747 4-,;:4790 6 7/ ,40
/02;34:;91/0 0;@1;=;:42;C40 /=/:254740 -9. ,4 /./1:;4 7/ ,4 :93-4L?4I
40? :939 514 /C4,54:;<1 7/ ,4 -./0/124:;<1 @/1/.4, 7/ ,90 /024790
=;141:;/.90 910;7/.4390 D5/ 15/02.4 457;29.;4 :9102;256/ 514 >40/
.4A914>,/ -4.4 =51743/124. 15/02.4 9-;1;<1K

, 9>F/2;C9 -.;1:;-4, -4.4 ;1:,5;. ,4 3/1:;<1 4, :53-,;3;/129 7/ ,40

19.340 7/ 457;29.;4 @/1/.4,3/12/ 4:/-24740 /0 7/:,4.4. /1 =9.34 356
/H-,;:;24 D5/ /, 457;29. 19 @4.412;A4 ,4 4>09,524 /H4:2;257 7/ ,90
/024790 =;141:;/.90 /H43;14790 0;19 /H-./04 D5/ /H;02/ 51 K@.479
.4A914>,/ 7/ 0/@5.;747 7/ D5/ ,90 /0290 =;141:;/.90 /H43;14790 19
:912;/1/1 /..9./0 0;@1;=;:42;C90 '342/.;4,;747(K 1 24, 0/12;79 /, 2/.3;19
.4A914>;,;747 7/>/ /12/17/.0/ :939 /D5;242;C43/12/ ;3-4.:;4,3/12/
9>F/2;C;747 -/.9 /1 1;1@E1 :409 :939 514 :/.2;=;:4:;<1 7/ /H4:2;257

90 5054.;90 7/, 7;:243/1 7/>/1 /12/17/.0/ ,90 ,?3;2/0 7/ ,4

./0-9104>;,;747 7/, 457;29. /1 =51:;<1 7/ ,4 4-,;:4:;<1 7/ ,40 19.340 7/
457;29.;4 @/1/.4,3/12/ 4:/-24740

0;3;039 /, 7;:243/1 7/>/ B4:/. ,4 -./:;0;<1 7/ D5/ ,4 457;29.;4 B4

0;79 -,41/474 6 /F/:52474 :91 /, =;1 7/ 9>2/1/. 514 0/@5.;747 .4A914>,/
4:/.:4 7/ 0; ,90 /024790 =;141:;/.90 /0281 9 19 ,;>./0 7/ 4,@514
7;029.0;<1 342/.;4, , 7;:243/1 7/>/ 7/0:.;>;. /, 2.4>4F9 /=/:25479
;17;:4179 D5/J

• , /H43/1 0/ B4 /=/:25479 09>./ ,4 >40/ 7/ :93-.9>4:;91/0 7/

-.5/>40 7/ ,40 /C;7/1:;40 0502/12429.;40 7/ ,90 ;3-9.2412/0 6
./C/,4:;91/0 :91=9.3412/0 7/ ,90 /024790 =;141:;/.90
• C4,54:;<1 7/ ,90 -.;1:;-;90 7/ :9124>;,;747 6 3G29790 7/ /C4,54:;<1
4-,;:4790 /1 ,4 -./-4.4:;<1 7/ ,90 /024790 =;141:;/.90
• C4,54:;<1 7/ ,90 /02;34790 0;@1;=;:42;C90 /=/:254790 -9. ,4 @/./1:;4
4, -./-4.4. ,90 /024790 =;141:;/.90
• C4,54:;<1 7/ ,4 -./0/124:;<1 @,9>4, 7/ ,90 /024790 =;141:;/.90

7/380 7/>/ :91:,5;. D5/ /, /H43/1 /=/:25479 :9102;256/ 514 >40/

.4A914>,/ -4.4 ,4 /H-./0;<1 7/ ,4 9-;1;<1 7/, 457;29.

159
 ; !

, 2/H29 7/, -8..4=9 7/ 9-;1;<1 7/, 7;:243/1 /0 7/ ,4 =9.34 0;@5;/12/J

K 1 15/02.4 9-;1;<1 ,90 /024790 =;141:;/.90 47F51290 -./0/1241

.4A914>,/3/12/ /1 29790 ,90 40-/:290 7/ ;3-9.241:;4 ,4 0;254:;<1
=;141:;/.4 7/ ,4 93-4L?4 .4=;2/:1;4 4, 7/ 7;:;/3>./ 7/ \ 6
,90 ./05,24790 7/ 050 9-/.4:;91/0

C;! 0 !

4 =;.34 /0 ,4 7/, 912479. 5>,;:9 9,/@;479 ' ( D5/ 050:.;>/ /,

;1=9.3/ 6 ,4 =;.34 7/ 457;29./0 4 ,4 :54, -/.2/1/:/ 4 =/:B4 0/.8 /,
5,2;39 7?4 7/, 2.4>4F9 /1 ,40 9=;:;140 7/ ,4 /3-./04 457;2474 6 7/>/
:93-./17/. ,90 B/:B90 05>0/:5/12/0 4 ,4 =/:B4 7/, 7;:243/1 7/ ,90
/024790 =;141:;/.90 7/ 4:5/.79 :91 19.340 7/ 457;29.;4 6
-.9:/7;3;/1290 D5/ 0/ 4-,;:41 19.34,3/12/

C*

; '-2 <%, -., .8','7, &'<8' . %#2=,1 / -., 8=// 5. %38&'- 2'9.

, 15/C9 7;:243/1 -/.3;2/ D5/ /, 457;29. -5/7/ /3;2;. 9-;1;<1 ,;3-;4 9

/028174. 6 7/0-5G0 7/ /,,4 51 -8..4=9 9 :93/124.;9 47;:;914, 7/ :4.8:2/.
/H-,;:42;C9 9 7/ 43-,;4:;<1 4 ,4 9-;1;<1 7/, 457;29. 0 7/:;. 0/ 3412;/1/ /,
:.;2/.;9 D5/ 2974 ,4 ;1=9.34:;<1 D5/ 0/ ;1:,564 /1 /, 7;:243/1 7/0-5G0 7/,
-8..4=9 7/ ,4 9-;1;<1 09,9 0;.C/ 7/ 4:,4.4:;<1 ;1 /3>4.@9 /, 457;29.
-5/7/ 05@/.;. 4 ,4 /12;747 457;2474 D5/ 7/2/.3;1474 ;1=9.34:;<1 0/ ;1:,564
/1 ,40 19240 4 ,90 /024790 =;141:;/.90 6 /1 /0/ :409 19 0/.;4 1/:/04.;9
;1:,5;. /1 /, 7;:243/1 /, :54.29 -8..4=9 47;:;914, 7/ :4.8:2/. /H-,;:42;C9
7/0-5G0 7/ ,4 9-;1;<1 -9.D5/ 0/ /024.?4 :53-,;/179 :91 ,4 19.34 7/
457;29.;4 @/1/.4,3/12/ 4:/-2474 7/ ./C/,4:;<1 05=;:;/12/

*; '-2 <%, #', # &9%1 1 . 1'-2 <%, &'<8'.

, 2;-9 380 :93E1 7/ ;1=9.3/ 7/, 457;29. /0 /, ;1=9.3/ /028174. :919:;79

243>;G1 :939 9-;1;<1 0;1 04,C/747 5 9-;1;<1 ,;3-;4 024 9-;1;<1 0/ 52;,;A4
:54129 19 /H;02/1 ,;3;24:;91/0 0;@1;=;:42;C40 D5/ 4=/:2/1 ,4 ./4,;A4:;<1 7/ ,4
457;29.;4 6 :54179 ,4 /C;7/1:;4 9>2/1;74 /1 ,4 457;29.;4 19 ./C/,4
7/=;:;/1:;40 0;@1;=;:42;C40 /1 ,90 /024790 =;141:;/.90 9 :;.:510241:;40 -9:9
5054,/0 D5/ 4=/:2/1 /, ;1=9.3/ 7/, 457;29. ;17/-/17;/12/
02/ ;1=9.3/ /0 :910;7/.479 51 ;1=9.3/ /028174. -9.D5/ :910;02/ 7/ 2./0
-8..4=90 D5/ :912;/1/1 =.40/0 6 2/.3;19,9@?40 /028174. :91 51 0;@1;=;:479
/0-/:?=;:9 , -.;3/. -8..4=9 ;7/12;=;:4 ,90 /024790 =;141:;/.90 D5/ =5/.91
457;24790 6 7/0:.;>/ ,4 ./0-9104>;,;747 7/ ,4 @/./1:;4 -9. ,90 /024790
=;141:;/.90 6 ,4 ./0-9104>;,;747 7/, 457;29. -9. /H-./04. 514 9-;1;<1 09>./
/090 /024790 =;141:;/.90 , 0/@5179 -8..4=9 7/0:.;>/ ,90 /,/3/1290 :,4C/
7/ 514 457;29.;4 D5/ -.9-9.:;9141 ,4 >40/ -4.4 0502/124. ,4 9-;1;<1 09>./
,90 /024790 =;141:;/.90 , 457;29. ;17;:4 /H-,?:;243/12/ D5/ ,4 457;29.;4 ,/

160
-.9-9.:;91< 514 >40/ .4A914>,/ -4.4 =9.34.0/ 514 9-;1;<1 09>./ 7;:B90
/024790 =;141:;/.90 1 /, 2/.:/. -8..4=9 /, 457;29. :9351;:4 05 9-;1;<1 ,
457;29. ;17/-/17;/12/ /H-./04 514 9-;1;<1 09>./ ,90 /024790 =;141:;/.90

/@5;743/12/ 0/ /H-,;:4 /, 0;@1;=;:479 /0-/:?=;:9 7/ /02/ ;1=9.3/ /028174.

• ?25,9 7/, ;1=9.3/ , 2?25,9 ;:243/1 7/ ,90 912479./0 E>,;:90

17/-/17;/12/0 ;1=9.34 4 ,90 5054.;90 7/ ,90 /024790 =;141:;/.90 D5/ /,
;1=9.3/ 7/ ,90 457;29./0 -.9C;/1/ 7/ 51 912479. E>,;:9 17/-/17;/12/
;3-4.:;4,

• /02;1424.;9 7/, ;1=9.3/ , ;1=9.3/ -5/7/ 7;.;@;.0/ 4 ,4 /12;747 :5690

/024790 =;141:;/.90 B41 0;79 457;24790 9 4 05 F5124 7;./:2;C4 9 4 050
4::;91;0240 43>;G1 -5/7/ 0/. 7;.;@;79 4 ,90 09:;90 9 4, -.9-;/24.;9 7/,
1/@9:;9 0/@E1 /, :409 :40;914,3/12/ /, 457;29. /0 :912.42479 -4.4
D5/ /=/:2E/ ,4 457;29.;4 7/ ,90 /024790 =;141:;/.90 7/ 514 /12;747 D5/
19 /0 05 :,;/12/ 1 24, :409 /, ;1=9.3/ @/1/.4,3/12/ 0/ 7;.;@/ 4 05
:,;/12/ 6 19 4 ,90 7;./:29./0 9 4::;91;0240 7/ ,4 /12;747 :5690 /024790
=;141:;/.90 =5/.91 457;24790

• 8..4=9 ;12.975:29.;4 1 /02/ -8..4=9 0/ /0-/:;=;:4J

90 /024790 =;141:;/.90 D5/ =5/.91 457;24790

4 ./0-9104>;,;747 7/ ,4 @/./1:;4 -9. ,90 /024790 =;141:;/.90
4 ./0-9104>;,;747 7/, 457;29. -9. /H-./04. 514 9-;1;<1 09>./ /090
/024790 =;141:;/.90

, ;1=9.3/ 7/, 457;29. :5>./ E1;:43/12/ ,90 /024790 =;141:;/.90

;7/12;=;:4790 /1 /, ;1=9.3/ 6 ,4 ./C/,4:;<1 /1 ,40 19240 ./,4:;914740 4
@/./1:;4 19 /, 457;29. -./-4.4 ,4 ;1=9.34:;<1 D5/ :9102;256/ ,4 >40/ 7/
,90 /024790 =;141:;/.90 90 /024790 =;141:;/.90 091 341;=/024:;91/0 7/
,4 @/./1:;4

, 457;29. ;17/-/17;/12/ /C4,E4 ,40 /C;7/1:;40 ;1:,5;740 /1 ,90 /024790

=;141:;/.90 7/ ,4 @/./1:;4 6 >40479 /1 05 2.4>4F9 /H-./04 514 9-;1;<1
09>./ /090 /024790 02/ -.9:/09 4L47/ :./7;>;,;747 4 ,90 /024790
=;141:;/.90 7/ ,4 @/./1:;4

• 8..4=9 7/ 4,:41:/

, 457;29. ;17;:4 B4>/. :53-,;79 :91 ,40 19.340 /024>,/:;740 -9. ,4

-.9=/0;<1 -4.4 ,4 ./4,;A4:;<1 7/ ,4 457;29.;4 40 19.340 /024>,/:/1
:.;2/.;90 -4.4 ,40 :4,;=;:4:;91/0 -.9=/0;914,/0 7/, 457;29. ,4 1425.4,/A4 6
4,:41:/ 7/ ,90 :.;2/.;90 4-,;:4790 4 ,4 457;29.;4 6 ,4 -./-4.4:;<1 7/,
;1=9.3/ 7/, 457;29. ;17/-/17;/12/ 12./ 92.40 :9040 /, 457;29. 9>2/17.8
51 /12/17;3;/129 7/, 1/@9:;9 7/, :,;/12/ 6 7/ 05 /02.5:25.4 7/ :912.9,
;12/.19 ./4,;A4.8 -.9:/7;3;/1290 414,?2;:90 6 ./51;.8 /C;7/1:;4
05=;:;/12/ 6 :93-/2/12/ >40479 /1 /, .;/0@9 -/.:;>;79 7/ /..9.
0;@1;=;:42;C9 ;7/12;=;:479 /1 ,4 -,41;=;:4:;<1 7/ ,4 457;29.;4 , 9>F/2;C9 7/
514 457;29.;4 /0 9>2/1/. 514 0/@5.;747 .4A914>,/ 7/ D5/ ,90 /024790

161
 =;141:;/.90 19 :912/1@41 /..9./0 0;@1;=;:42;C90 =.457/0 5 92.40
;1:9../::;91/0

4 >40/ -4.4 514 9-;1;<1 7/ 457;29.;4 /0 ,4 /C;7/1:;4 9>2/1;74 -9. /,

457;29. D5;/1 /=/:2E4 ,90 -.9:/7;3;/1290 7/ 457;29.;4 -4.4 ./51;. 7;:B4
/C;7/1:;4 /1/.4,3/12/ /, 457;29. /H43;14 /C;7/1:;40 :91 >40/ /1
-.5/>40 0/,/:2;C40 , ,,/C4. 4 :4>9 ,40 -.5/>40 7/ 457;29.;4 /, 457;29.
/C4,E4 ,9 4-.9-;479 7/ ,90 -.;1:;-;90 7/ :9124>;,;747 52;,;A4790 ,40
/02;34:;91/0 :9124>,/0 0;@1;=;:42;C40 B/:B40 40? :939 7/ ,4 :93-,/24
-./0/124:;<1 7/ ,90 /024790 =;141:;/.90

, 457;29. 7/>/ 52;,;A4. 05 :.;2/.;9 -.9=/0;914, :91F51243/12/ :91 05

:919:;3;/129 09>./ ,40 :;.:510241:;40 /0-/:?=;:40 7/ ,4 93-4L?4 -4.4
7/2/.3;14. D5G -.5/>40 4-,;:4. :58179 4-,;:4.,40 6 :58129 093/2/. 4
-.5/>40

• 8..4=9 7/ 9-;1;<1

, 912479. E>,;:9 17/-/17;/12/ 19 /H-./04 @4.412?4 4,@514 4

9-;1;<1 7/ 51 457;29. /028 >40474 /1 05 :.;2/.;9 -.9=/0;914, 6 /028
.4A914>,/3/12/ 0/@5.9 7/ 050 :91:,50;91/0

D5? 0/ B4:/ B;1:4-;G /1 ,4 ;3-9.241:;4 ./,42;C4

;.34 6 =/:B4 7/, ;1=9.3/

, ;1=9.3/ 7/ 457;29. /0 =;.3479 :91 /, 193>./ 7/, 912479. E>,;:9

17/-/17;/12/ 7/>;79 4 D5/ ,4 =;.34 4053/ ,4 ./0-9104>;,;747 7/ ,4
457;29.;4 4 =/:B4 7/, ;1=9.3/ 7/, 457;29. /0 ;3-9.2412/ -9.D5/
./-./0/124 ,4 =/:B4 '@/1/.4,3/12/ ,4 =/:B4 /1 ,4 D5/ 0/ :93-,/2< /,
2.4>4F9 /1 ,4 9=;:;14 7/, :,;/12/( B4024 ,4 :54, /, 457;29. 9>25C9 514
.4A914>,/ 0/@5.;747 7/ D5/ ,90 /024790 =;141:;/.90 19 :912;/1/1 /..9./0
0;@1;=;:42;C90 , 457;29. 2;/1/ ./0-9104>;,;747 -9. ,4 /H;02/1:;4 7/
;1:/.2;753>./0 0;@1;=;:42;C40 /C/1290 05>0/:5/12/0 0;@1;=;:42;C90 9
;17;:479./0 7/ 7574 05>0241:;4, 09>./ -.9>,/340 7/ /3-./04 /1 34.:B4
B4024 ,4 =/:B4 7/, ;1=9.3/ 7/, 457;29. ;17/-/17;/12/

; '-2 <%, -., .8','7, - &'5'- 1 . -., # &9%1 1%#

1 9:40;91/0 /, 457;29. 19 0/ /1:5/12.4 /1 :917;:;91/0 7/ /H-./04. 514

9-;1;<1 0;1 04,C/747/0 64 0/4 -9. /H;02;. 7/0C;4:;91/0 /1 ,4 4-,;:4:;<1 7/
,90 -.;1:;-;90 7/ :9124>;,;747 @/1/.4,3/12/ 4:/-24790 9 -9. ,;3;24:;91/0 /1
/, 4,:41:/ 7/ 05 /H43/1 / -5/7/ 4=;.34. D5/ /, 457;29. /3;2;.8 /02/ 2;-9
7/ 7;:283/1/0 :54179 -9. /, ./05,2479 7/ 05 /H43/1 :91:,564 D5/J

40 7/:,4.4:;91/0 7/ ,4 @/./1:;4 ./=/.;74 4 ,90 /024790 =;141:;/.90 9 050

19240 19 091 042;0=4:29.;40 4, 457;29. 0 7/:;. 514 ,;3;24:;<1 4, 4,:41:/ -4.4
,4 4-,;:4:;<1 7/ ,90 -.9:/7;3;/1290 7/ 457;29.;4

162
 H;02/ ;1:/.2;753>./ 09>./ 4,@E1 405129 -9. ./09,C/. /1 /, =525.9 6 D5/ ,/
-/.3;2;.8 9>2/1/. /C;7/1:;4 05=;:;/12/ 09>./ /, ./05,2479 H;02/1
7/0C;4:;91/0 4 ,90 -.;1:;-;90 7/ :9124>;,;747 @/1/.4,3/12/ 4:/-24790 9 050
-.9:/7;3;/1290 D5/ -97.?41 2/1/. 51 /=/:29 /1 ,40 /02;34:;91/0 :9124>,/0
/1 ,90 ./@;02.90 9 /1 ,4 -./-4.4:;<1 7/, /02479 =;141:;/.9 D5/ /C4,E4

1 :54,D5;/. 7/ ,90 :4090 3/1:;914790 -97.?4 0/. 1/:/04.;9 D5/ /, 457;29.

;1:,564 /1 05 7;:243/1J 1 -8..4=9 ;12/.3/7;9 412/0 7/ ,4 9-;1;<1 -4.4
./=,/F4. ,4 04,C/747 D5/ 4=/:24.4 05 9-;1;<1 -.9=/0;914, /1 =9.34 7/24,,474
6 :93-,/24

/ 4:5/.79 4 ,4 /:,4.4:;<1 09>./ 19.340 6 -.9:/7;3;/1290 7/ 457;29.;4

' ( 9 /H;02/1 :;/.240 :;.:510241:;40 /1 ,40 D5/ /, 57;29. 7/>/
/3;2;. 514 9-;1;<1 :91 04,C/747 4, 9-;1;<1 /H-./04 D5/ K/H:/-29 -9.K ,90
/=/:290 7/, 9 7/ ,90 4051290 4 D5/ 0/ ./=;/./ ,4 04,C/747 ,90 /024790
=;141:;/.90 -./0/1241 .4A914>,/3/12/ /1 29790 050 40-/:290 05>0241:;4,/0
,4 0;254:;<1 =;141:;/.4 ,90 ./05,24790 7/ 9-/.4:;91/0 6 ,90 39C;3;/1290 7/,
/=/:2;C9 7/ :91=9.3;747 :91 -.;1:;-;90 7/ :9124>;,;747 7/ 4:/-24:;<1
@/1/.4, 51254,;A4179 ,90 :4090 D5/ 0/ -./0/1241 0/ ./=;/./1 4J

• ;3;24:;91/0 4, 4,:41:/
• /0C;4:;<1 7/ -.;1:;-;90 7/ :9124>;,;747J /024 0;254:;<1 -./0/124 790
3974,;747/0
• /C/,4:;<1 ;147/:5474
• 43>;90 /1 ,4 :9124>;,;A4:;<1

;:243/1 :91 04,C/747 7/>;79 4 514 ,;3;24:;<1 /1 /, 4,:41:/J , 457;29.

/3;2/ 514 9-;1;<1 :91 04,C/747 /H:/-29 -9. 7/>;79 4 514 ,;3;24:;<1 /1 /,
4,:41:/ :54179 ,40 :;.:510241:;40 ./,4:;914740 :91 ,4 457;29.;4 9 /, :,;/12/
./02.;1@/1 ,4 :4-4:;747 7/, 912479. E>,;:9 17/-/17;/12/ -4.4 ./51;.
05=;:;/12/ /C;7/1:;4 -4.4 -.9-9.:;914. 514 >40/ .4A914>,/ -4.4 0502/124. ,4
9-;1;<1 7/, 457;29. ;17/-/17;/12/ 024 0;254:;<1 7/>/ 3/1:;914.0/ /1 /,
-8..4=9 790 '4,:41:/0( 6 7/0:.;>;.0/ /1 /, -8..4=9 0;@5;/12/

1 /, -8..4=9 ;13/7;4243/12/ 412/.;9. 4, -8..4=9 7/ 9-;1;<1 /, 457;29.

/H-,;:4 ,4 ,;3;24:;<1 /1 /, 4,:41:/ 7/ ,4 457;29.;4 ; -9. /F/3-,9 19 =5/
-90;>,/ -4.4 /, 457;29. ./51;. 05=;:;/12/ /C;7/1:;4 09>./ /, C4,9. 7/ ,4
;1C/.0;<1 7/ ,4 93-4L?4 /1 ,4 =;,;4, /H2.41F/.4 /1291:/0 /, 457;29.
/H-,;:4.4 243>;G1 ,90 391290 391/24.;90 /1 ,90 /024790 =;141:;/.90 7/ ,90
:54,/0 19 -579 042;0=4:/.0/ /1 ,4 457;29.;4 1 /, -8..4=9 7/ 9-;1;<1 /,
457;29. 7/024:4.8 D5/ ,90 /024790 =;141:;/.90 -5/7/1 9 19 B4>/. 0;79
4F5024790 0; /, 457;29. 19 B5>;/0/ 2/1;79 ./02.;::;<1 4,@514 09>./ /, 4,:41:/
7/ ,90 -.9:/7;3;/1290 7/ 457;29.;4

;:243/1 :91 04,C/747 7/>;79 4 514 7/0C;4:;<1 7/ 51 -.;1:;-;9 7/

:9124>;,;747 7/ 4:/-24:;<1 @/1/.4,J 02/ /F/3-,9 7/ 514 9-;1;<1 :91
04,C/747 0/ 52;,;A4 :54179 ,90 /024790 =;141:;/.90 /0281 0;@1;=;:42;C43/12/
4=/:24790 -9.D5/ /, :,;/12/ 52;,;A< -.;1:;-;90 7/ :9124>;,;747 D5/ 0/ 7/0C?41
7/ ,90 -.;1:;-;90 7/ :9124>;,;747 7/ 4:/-24:;<1 @/1/.4, +46 790
:9351;:4:;91/0 ;3-9.2412/0 /1 /02/ ;1=9.3/ 1 -.;3/. ,5@4. ,4 9-;1;<1 7/,

163
457;29. :912;/1/ 514 04,C/747 ,9 :54, 0;@1;=;:4 D5/ /, 457;29. /H-./04 514
/H:/-:;<1 4 ,4 -./0/124:;<1 .4A914>,/ 7/ ,4 0;254:;<1 =;141:;/.4 7/ ,90
./05,24790 7/ ,40 9-/.4:;91/0 6 ,90 39C;3;/1290 7/, /=/:2;C9 /1 /, ;1=9.3/
7/, 457;29. 1 0/@5179 ,5@4. /, 457;29. 19.34,3/12/ 7/>/ ;17;:4. /, /=/:29
391/24.;9 7/ ,4 7/0C;4:;<1 09>./ ,90 /024790 =;141:;/.90 -4.4 =4:;,;24. 4,
,/:29. ,4 /C4,54:;<1 7/ 05 /=/:29 09>./ ,90 /024790 =;141:;/.90

43>;90 /1 -.;1:;-;90 7/ :9124>;,;747J , -8..4=9 /H-,;:42;C9 =;14, 0/ 4L47/

4, ;1=9.3/ 7/, 457;29. :54179 ,4 @/./1:;4 :43>;4 ,90 -.;1:;-;90 7/
:9124>;,;747 '24, :939 :43>;4. 7/ ,4 7/-./:;4:;<1 4:/,/.474 4 ,4 7/ ,?1/4
./:24( 9 /, 3G2979 7/ 4-,;:4:;<1 7/ ,90 -.;1:;-;90 7/ :9124>;,;747 '24, :939
51 :43>;9 0;@1;=;:42;C9 /1 /, 3G2979 7/ 7/2/.3;14:;<1 7/ ,90 -40;C90 -9.
F5>;,4:;91/0 9 ,4 4-,;:4:;<1 7/, 3G2979 :9124>,/ 7/ -9.:/124F/ 7/
2/.3;14:;<1 -4.4 :912.4290 4 ,4.@9 -,4A9( D5/ 2;/1/1 51 ;3-4:29
0;@1;=;:42;C9 09>./ ,4 :93-4.4>;,;747 7/ ,90 /024790 =;141:;/.90 /1 ,90
-/.?9790 -./0/124790

, -.9-<0;29 7/, -8..4=9 47;:;914, /0 ./04,24. ,90 :43>;90 :9124>,/0 4,

5054.;9 7/ ,90 /024790 =;141:;/.90 7/380 /, 5054.;9 -5/7/ ;1=/.;. 7/ /024
9-;1;<1 D5/ ,4 @/./1:;4 B4 -.9-9.:;91479 514 F502;=;:4:;<1 .4A914>,/ -4.4 /,
:43>;9 6 7/ D5/ /, 457;29. /028 7/ 4:5/.79 :91 ,40 .4A91/0 -4.4 /, :43>;9
:9124>,/

54179 /, 457;29. 19 /028 7/ 4:5/.79 :91 51 :43>;9 :9124>,/ /H-./04.8

514 9-;1;<1 :91 04,C/747 -9. D5/ B46 514 7/0C;4:;<1 7/ ,90 -.;1:;-;90 7/
:9124>;,;747 7/ 4:/-24:;<1 @/1/.4,

; '-2 <%, -., .8','7, ,% 2'9 . 19%/#

, 457;29. 7/>/ /H-./04. 514 9-;1;<1 1/@42;C4 9 47C/.04 :54179 :939

:910/:5/1:;4 7/ 05 /H43/1 :91:,56/ D5/ ,90 /024790 =;141:;/.90 19 /0281
7/ 4:5/.79 :91 ,90 -.;1:;-;90 7/ :9124>;,;747 6 ,40 7/0C;4:;91/0 091 4 24,
@.479 ;3-9.2412/0 D5/ ,4 /H-./0;<1 7/ 514 9-;1;<1 :91 04,C/747/0 19 0/.?4
47/:5474

1 /02/ 2;-9 7/ 7;:243/1 7/>/ 3/1:;914.0/ /1 /, -8..4=9 ;12/.3/7;9 412/0

7/ ,4 9-;1;<1 /H-,;:4179 /1 7/24,,/ ,40 .4A91/0 -.;1:;-4,/0 D5/ ,9 ,,/C4.91 4
/3;2;. 24, 9-;1;<1 40? :939 ,90 /=/:290 -.;1:;-4,/0 7/, 405129 D5/ 9.;@;19 ,4
9-;1;<1 47C/.04

; '-2 <%, -., $#2%,-'7, . 1%,% -'7, 1% .8','7,

, 457;29. 7/>/ 4>02/1/.0/ 7/ /H-./04. 514 9-;1;<1 :54179 /, 4,:41:/ 7/ 05

/H43/1 B464 0;79 ,;3;2479 /1 =9.34 24, D5/ 19 -.9:/74 ,4 /3;0;<1 7/ 51
7;:243/1 :91 04,C/747/0 1 /02/ :409 7/>/.8 ;17;:4. 29740 ,40 .4A91/0 D5/
7;/.91 ,5@4. 4 7;:B4 4>02/1:;<1

, 457;29. /3;2;.8 /02/ 2;-9 7/ 7;:283/1/0 /1 4D5/,,90 /1 D5/ 19 -.4:2;:< /,

/H43/1 :91 /, 4,:41:/ 05=;:;/12/ D5/ ,/ B464 -/.3;2;79 =9.34.0/ 514
9-;1;<1 09>./ ,4 .4A914>;,;747 7/ ,90 /024790 =;141:;/.90 /H43;14790 1 /,
164
7;:243/1 :91 4>02/1:;<1 7/ 9-;1;<1 0/ 7/>/ 93;2;. /, -8..4=9 7/, 4,:41:/
-9.D5/ /, 457;29. -9. 7/2/.3;14740 ,;3;24:;91/0 4, 4,:41:/ 7/ 05 /H43/1
19 /025C9 /1 :917;:;91/0 7/ 4-,;:4. ,90 -.9:/7;3;/1290 7/ 457;29.;4 024
93;0;<1 0/ F502;=;:4 -4.4 /C;24. 514 :91=50;<1 :91 ,4 9-;1;<1 47C/.04

>02/1:;<1 7/ 9-;1;<1 7/>;79 4 514 ,;3;24:;<1 /1 /, 4,:41:/ 7/ ,4 457;29.;4J

, 457;29. 0/ 4>02/17.8 7/ /H-./04. 514 9-;1;<1 :54179 19 B464 9>2/1;79
/C;7/1:;4 05=;:;/12/ -4.4 =9.34.0/ 514 9-;1;<1 09>./ ,90 /024790
=;141:;/.90 4 7;=/./1:;4 /12./ 514 9-;1;<1 :91 04,C/747 6 514 4>02/1:;<1
7/ 9-;1;<1 7/>;79 4 514 ,;3;24:;<1 /1 /, 4,:41:/ 7/ ,4 457;29.;4 /0 51 405129
7/ 34@1;257 4, :939 0/ ;17;:4 4D5? ,4 =4,24 7/ /C;7/1:;40 D5/ ./0-4,7/1
,90 ;1C/124.;90 6 ,40 -.9-;/747/0 6 /D5;-9 /0 7/ 24, @.479 ;3-9.2412/ D5/ /,
457;29. 19 -97.?4 /H-./04. 514 9-;1;<1 09>./ ,90 /024790 =;141:;/.90
2934790 /1 :91F5129

/>;79 4 D5/ /, 457;29. 19 /H-./04 514 9-;1;<1 09>./ ,90 /024790

=;141:;/.90 19 0/ -.9-9.:;914 1;1@514 0/@5.;747 /1 /02/ ;1=9.3/ 7/,
457;29. 4 E,2;34 9.4:;<1 7/, -8..4=9 ;12.975:29.;9 6 /, -8..4=9 7/ 4,:41:/
=5/.91 93;2;790 7/, ;1=9.3/ -9.D5/ 19 ,/ =5/ -90;>,/ 4, 457;29. 9>2/1/.
/C;7/1:;40 05=;:;/12/0 -4.4 ./0-4,74. 514 9-;1;<1 7/ D5/ ,90 /024790
=;141:;/.90 19 :912;/1/1 /..9./0 0;@1;=;:42;C90 , -8..4=9 ;13/7;4243/12/
412/.;9. 4, -8..4=9 7/ ,4 4>02/1:;<1 7/ 9-;1;<1 /H-,;:4 ,4 ,;3;24:;<1 /1 /,
4,:41:/ 7/ ,4 457;29.;4 D5/ =5/ 392;C9 -4.4 D5/ /, 457;29. 0/ 4>025C;/.4 7/
/H-./04. 514 9-;1;<1

-;1;<1 47C/.04 9 1/@42;C4J 02/ ;1=9.3/ 0/ /3;2/ :54179 ,40 7/0C;4:;91/0

7/ ,90 -.;1:;-;90 7/ :9124>;,;747 7/ 4:/-24:;<1 @/1/.4, 091 241 0;@1;=;:42;C40
6 4=/:241 05>0241:;4,3/12/ 4 ,90 /024790 =;141:;/.90 D5/ /, 457;29.
:91:,56/ D5/ ,90 /024790 19 -./0/1241 .4A914>,/3/12/ ,4 0;254:;<1
=;141:;/.4 1; ,90 ./05,24790 7/ ,40 9-/.4:;91/0 1; ,90 39C;3;/1290 7/,
/=/:2;C9 7/ ,4 93-4L?4

, -8..4=9 ;13/7;4243/12/ 412/.;9. 4, -8..4=9 7/ 9-;1;<1 /0 356 ;3-9.2412/

-4.4 /, 5054.;9 7/ ,90 /024790 =;141:;/.90 02/ -8..4=9 7/0:.;>/ ,40
7/0C;4:;91/0 7/ ,90 -.;1:;-;90 7/ :9124>;,;747 7/ 4:/-24:;<1 @/1/.4, 05
/=/:29 09>./ ,90 /024790 =;141:;/.90 6 :54179 0/4 -.8:2;:9 /, 39129 -9. /,
:54, ,90 :93-91/12/0 7/ ,90 /024790 =;141:;/.90 /0281 4=/:24790 -9. /, 509
;14-.9-;479 7/ ,90 -.;1:;-;90 7/ :9124>;,;747

, -8..4=9 7/ 9-;1;<1 ;17;:4 D5/ /, 457;29. :910;7/.4 D5/ ,90 /024790

=;141:;/.90 19 -./0/1241 .4A914>,/3/12/ ,4 0;254:;<1 =;141:;/.4 1; ,90
./05,24790 7/ ,40 9-/.4:;91/0 1; ,90 39C;3;/1290 7/, /=/:2;C9 7/ ,4
93-4L?4

.9>,/340 7/ /3-./04 /1 34.:B4J 54179 /, 457;29. :91:,56/ D5/ /H;02/

7574 05>0241:;4, 09>./ ,4 :4-4:;747 7/, :,;/12/ -4.4 :912;154. :939
/3-./04 /1 34.:B4 -9. 51 -/.?979 7/ 2;/3-9 .4A914>,/ 0/ ;1:,56/ 51
-8..4=9 /H-,;:42;C9 /1 /, ;1=9.3/ ;:B9 -8..4=9 B4:/ ./=/./1:;4 4 ,4 1924 4
,90 /024790 =;141:;/.90 7917/ ,4 ;1:/.2;753>./ 09>./ ,4 :4-4:;747 7/ ,4
/12;747 -4.4 :912;154. :939 /3-./04 /1 34.:B4 6 ,90 -,41/0 7/ ,4 @/./1:;4

165
:91 ./0-/:29 4 7;:B4 ;1:/.2;753>./ 091 2.424790

1 :409 7/ /H;02;. 7574 05>0241:;4, 09>./ ,4 :4-4:;747 7/ 514 /12;747 -4.4

:912;154. :939 /3-./04 /1 34.:B4 -9. 51 -/.?979 7/ 2;/3-9 .4A914>,/
243>;G1 /0 ;1:;/.29 0; ,90 /024790 =;141:;/.90 7/>/1 0/. 4F5024790 6 /1 D5G
391290 9. /F/3-,9 -5/7/ 0/. ;1:;/.29 0; ,90 4:2;C90 4 ,4.@9 -,4A9 7/>/1
0/. ./C4,54790 504179 514 >40/ :9124>,/ 7/ ,;D5;74:;<1 , -8..4=9
/H-,;:42;C9 4,/.24 4, ,/:29. 09>./ ,4 :91:,50;<1 7/, 457;29. /1 :54129 4 ,4
7574 05>0241:;4, 09>./ ,4 :4-4:;747 7/ ,4 93-4L?4 -4.4 :912;154. :939
/3-./04 /1 34.:B4

, ;1=9.3/ /028174. 7/, 457;29. 19 :912;/1/ 1;1@514 7/:,4.4:;<1 09>./ ,4

/12;747 :939 /3-./04 /1 34.:B4 4 450/1:;4 7/ 51 -8..4=9 /H-,;:42;C9
D5/ 0/ ./=;/.4 4 7574 05>0241:;4, /1 /, ;1=9.3/ 7/, 457;29. 19 7/>/
:910;7/.4.0/ D5/ -.9-9.:;91/ 0/@5.;747 09>./ ,4 :4-4:;747 7/ ,4 /12;747
-4.4 :912;154. :939 /3-./04 /1 34.:B4

1:/.2;753>./0 0;@1;=;:42;C40J , 457;29. 4@./@4 51 -8..4=9 /H-,;:42;C9

7/>;79 4 ,4 0;254:;<1 7/ ,90 ,;2;@;90 0;@1;=;:42;C90 4 52;,;A4:;<1 7/, 457;29. 7/
51 :54.29 -8..4=9 /H-,;:42;C9 -4.4 7/0:.;>;. 514 ;1:/.2;753>./ 0;@1;=;:42;C4
0/ C/ 4=/:2474 05>0241:;4,3/12/ -9. ,4 -.9>4>;,;747 7/ 514 -G.7;74
0;@1;=;:42;C4

90 2./0 -8..4=90 0;@5;/12/0 ;,502.41 ,4 :910;7/.4:;<1 D5/ B4:/ /, 457;29.

09>./ /, 2/H29 /H-,;:42;C9 47;:;914,

• .9>4>;,;747 7/ 514 G.7;74 ;@1;=;:42;C4 " /3924 , 457;29. /3;2;.8

514 9-;1;<1 /028174. 0;1 04,C/747
• 4A914>,/3/12/ -90;>,/ " 4 7/:;0;<1 7/, 457;29. 7/ 4@./@4. 51 -8..4=9
/H-,;:42;C9 7/-/17/ 7/ 0? ' ( ,4 -.9>4>;,;747 7/ 51 ./05,2479 =;14,
7/0=4C9.4>,/ /028 380 :/.:4 4 ./3924 9 4 -.9>4>,/ 6 ' ( ,4 34@1;257
7/ ,4 -G.7;74 /1 ./,4:;<1 :91 ,4 ;3-9.241:;4 ./,42;C4
• .9>4>,/ " , 457;29. 4@./@4.8 51 -8..4=9 /H-,;:42;C9 4, ;1=9.3/ :54179
/, 39129 7/ ,4 -G.7;74 19 -5/74 0/. .4A914>,/3/12/ /02;3479

; 514 -G.7;74 0;@1;=;:42;C4 /0 -.9>4>,/ 6 -5/7/ 0/. /02;3474 ,4 @/./1:;4

7/>/ :./4. ,4 :9../0-917;/12/ -.9C;0;<1 /1 ,90 /024790 =;141:;/.90 ; ,4
-G.7;74 0/ ./=,/F4 /1 ,90 /024790 =;141:;/.90 0/ /3;2;.8 514 9-;1;<1
/028174. 0;1 04,C/747

02/ ;1=9.3/ /0 514 9-;1;<1 0;1 04,C/747 ,9 :54, 0;@1;=;:4 D5/ /1 9-;1;<1
7/, 457;29. ,90 /024790 =;141:;/.90 /0281 -./0/124790 .4A914>,/3/12/ /1
29790 050 40-/:290 05>0241:;4,/0 ;1 /3>4.@9 /H;02/1 ;1:/.2;753>./0
0;@1;=;:42;C40 D5/ 19 -5/7/1 0/. .4A914>,/3/12/ /02;34740 -9. ,4 @/./1:;4
9 -9. /, 457;29. 02/ -8..4=9 /H-,;:42;C9 47;:;914, ./04,24 7;:B4
;1:/.2;753>./ /0-5G0 7/ ,//. ,40 19240 4 ,90 /024790 =;141:;/.90 ,90
,/:29./0 7/>/1 ,,/@4. 4 050 -.9-;40 :91:,50;91/0 09>./ ,90 -90;>,/0 /=/:290
7/ ,4 ;1:/.2;753>./ 09>./ ,4 0;254:;<1 =;141:;/.4 ,90 ./05,24790 7/ ,40
9-/.4:;91/0 6 ,90 39C;3;/1290 7/, /=/:2;C9

166
&1=40;0 /1 51 405129J , 457;29. -5/7/ 7/0/4. /1=42;A4. 51 405129
./,4:;91479 :91 ,90 /024790 =;141:;/.90 40? :939 /H-./04. 514 9-;1;<1 0;1
04,C/747 1 /02/ /F/3-,9 /, 457;29. B4 /0:9@;79 ./04,24. ,4 1924 09>./
2.4104::;91/0 :91 -4.2/0 ./,4:;914740 -4.4 ,90 ,/:29./0 7/ ,90 /024790
=;141:;/.90 9 9>02412/ ,90 /024790 =;141:;/.90 /0281 -./0/124790
.4A914>,/3/12/ /1 29790 050 40-/:290 05>0241:;4,/0

4, :939 0/ ;17;:4 4D5? /, 4,:41:/ 7/ ,4 457;29.;4 6 ,4 9-;1;<1 /H-./0474

-9. /, 457;29. 19 7;=;/./ 7/, ;1=9.3/ /028174. , 457;29. E1;:43/12/
/1=42;A4 :;/.240 ./C/,4:;91/0 /1 ,90 /024790 =;141:;/.90

C; '-2 <%, &'<8'. -., /%5%/%,-' .2/. +1'2./

, 457;29. /3;2/ /02/ ;1=9.3/ :54179 514 -9.:;<1 ;3-9.2412/ 7/, 2.4>4F9 7/
457;29.;4 /0 ./4,;A474 -9. 92.90 457;29./0 029 4 3/1579 9:5../ :54179
92.4 =;.34 7/ :912479./0 -E>,;:90 ;17/-/17;/12/0 /=/:2E4 ,4 457;29.;4 7/ ,90
/024790 =;141:;/.90 7/ 514 :93-4L?4 =;,;4,

02/ ;1=9.3/ -.9-9.:;914 4 ,90 5054.;90 ;1=9.34:;<1 /0-/:?=;:4 09>./ ,4

7;C;0;<1 7/ ./0-9104>;,;747/0 /12./ /, 457;29. -.;1:;-4, 6 /, 92.9 457;29.
3/7;412/ ,4 ;17;:4:;<1 7/, 2434L9 7/ ,4 :93-4L?4 457;2474 -9. ,4 92.4 =;.34
7/ :912479./0 -E>,;:90 ;17/-/17;/12/0

/ 4@./@4 51 -8..4=9 /H-,;:42;C9 47;:;914, 4, -8..4=9 7/ 9-;1;<1 -4.4 ;17;:4.

D5/ ,4 9-;1;<1 09>./ ,90 /024790 =;141:;/.90 :9109,;74790 0/ >404 /1 -4.2/
/1 ,4 9-;1;<1 7/ ,90 92.90 457;29./0

1=9.3/ 09>./ /024790 =;141:;/.90 -./-4.4790 7/ :91=9.3;747 :91 19.340

/024>,/:;740 -9. 9.@41;0390 ./@5,479./0

54179 ,90 /024790 =;141:;/.90 /0281 -./-4.4790 7/ :91=9.3;747 :91

19.340 7/ :9124>;,;747 /024>,/:;740 -9. 9.@41;0390 ./@5,479./0 /, ;1=9.3/
7/, 457;29. 7/>/ B4:/. ./=/./1:;4 4 D5/ 7;:B90 /024790 =;141:;/.90 /0281
-./-4.4790 7/ 4:5/.79 :91 7;:B40 19.340 40 19.340 7/ :9124>;,;747
/024>,/:;740 -9. ,4 5-/.;12/17/1:;4 7/ 41:90 6 2.40 102;25:;91/0
;141:;/.40 091 7/ 9>,;@429.;9 :53-,;3;/129 -4.4 -./-4.4. ,90 /024790
=;141:;/.90 7/ ,40 ;102;25:;91/0 =;141:;/.40 05F/240 4 ,4 C;@;,41:;4 7/ 7;:B9
9.@41;039 , 457;29. -5/7/ /H-./04. 514 9-;1;<1 09>./ ,4 -./0/124:;<1
.4A914>,/ 7/ ,90 /024790 =;141:;/.90 -./-4.4790 7/ :91=9.3;747 :91 /040
19.340

, -8..4=9 7/ 4,:41:/ /0 /, 3;039 D5/ /, 7/, ;1=9.3/ /028174. ;17;:4179

D5/ /, 457;29. B4 4-,;:479 ,40 3;0340 19.340 7/ 457;29.;4 7/ 4:/-24:;<1
@/1/.4, :54179 /=/:25< ,4 457;29.;4 7/ /090 /024790 =;141:;/.90 / B4:/
./=/./1:;4 4 19.340 7/ :9124>;,;747 -4.4 0/L4,4. ,40 7;0-90;:;91/0
/024>,/:;740 -9. /, 9.@41;039 ./@5,479.

, 2/.:/. -8..4=9 /0 51 -8..4=9 /H-,;:42;C9 D5/ 7/0:.;>/ ,40 >40/0 52;,;A4740

-4.4 -./-4.4. ,90 /024790 =;141:;/.90 6 /024>,/:/ D5/ ,40 19.340 7/,
9.@41;039 ./@5,479. 7;=;/./1 7/ ,90 -.;1:;-;90 7/ :9124>;,;747 7/ 4:/-24:;<1

167
@/1/.4, -9. ,9 D5/ /, 457;29. B4:/ 3/1:;<1 /H-./04 7/ D5/ ,90 /024790
=;141:;/.90 19 /0281 -./-4.4790 7/ :91=9.3;747 :91 -.;1:;-;90 7/
:9124>;,;747 7/ 4:/-24:;<1 @/1/.4, 6 D5/ 19 /H-./04 05 9-;1;<1 7/ 4:5/.79
:91 /0290 -.;1:;-;90

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52;,;A474 -4.4 -./-4.4. ,90 /024790 =;141:;/.90 1 /02/ /F/3-,9 /, 457;29.
/3;2/ 514 9-;1;<1 0;1 04,C/747 09>./ ,4 -./0/124:;<1 .4A914>,/ /1 29790
050 40-/:290 05>0241:;4,/0 7/ ,90 /024790 =;141:;/.90 :91=9.3;747 :91
19.340 7/ :9124>;,;747 /024>,/:;740 -9. /, 9.@41;039 ./@5,479.

, 457;29. -5/7/ /3;2;. 9-;1;<1 09>./ 51 7/2/.3;1479 /02479 =;141:;/.9 /0

7/:;. /0 -90;>,/ /3;2;. 7;:243/1 -4.:;4, 0 51 405129 D5/ /, 457;29. 7/>/
7/2/.3;14. /1 :409 /1 -4.2;:5,4.

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;141:;/.9 /,24 9.- 6 5>0;7;4.;4 ',4 93-4L?4( 4, 7/ F51;9 7/ \ 6
\ 6 ,90 ./0-/:2;C90 /024790 :9109,;74790 7/ 52;,;747/0 7/ ;1C/.0;<1 7/,
4::;91;024 6 7/ =,5F90 7/ /=/:2;C9 -9. ,90 4L90 2/.3;14790 /1 /040 =/:B40
0290 /024790 =;141:;/.90 :9109,;74790 091 ./0-9104>;,;747 7/ ,4
73;1;02.4:;<1 7/ ,4 93-4L?4 5/02.4 ./0-9104>;,;747 :910;02/ /1
/H-./04. 514 9-;1;<1 09>./ /0290 /024790 =;141:;/.90 :9109,;74790 >40479
/1 15/02.40 457;29.;40

=/:254390 15/02.40 457;29.;40 7/ 4:5/.79 :91 9.340 12/.14:;914,/0 7/

57;29.;4 0240 19.340 ./D5;/./1 ,4 -,41;=;:4:;<1 6 /F/:5:;<1 7/ ,4
457;29.;4 -4.4 9>2/1/. 514 0/@5.;747 .4A914>,/ 7/ D5/ ,90 /024790
=;141:;/.90 :9109,;74790 /0281 ,;>./0 7/ 4=;.34:;91/0 /D5?C9:40
;3-9.2412/0 14 457;29.;4 :93-./17/ /, /H43/1 /1 >40/ 4 -.5/>40 7/
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=;141:;/.90 :9109,;74790 14 457;29.;4 :93-./17/ 40;3;039 514
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-./0/124:;<1 @/1/.4, 7/ ,90 /024790 =;141:;/.90 :9109,;74790
910;7/.4390 D5/ 15/02.40 457;29.;40 -.9C//1 514 >40/ .4A914>,/ -4.4
15/02.4 9-;1;<1

1 15/02.4 9-;1;<1 ,90 /024790 =;141:;/.90 :9109,;74790 412/0 3/1:;914790

-./0/1241 .4A914>,/3/12/ /1 29790 050 40-/:290 ;3-9.2412/0 ,4 0;254:;<1
=;141:;/.4 :9109,;7474 7/ .5-9 ;141:;/.9 /,24 9.- 6 5>0;7;4.;4 4,
7/ F51;9 7/ \ 6 \ 6 ,90 ./05,24790 :9109,;74790 7/ 050 9-/.4:;91/0
7/ ;1C/.0;<1 7/, 4::;91;024 6 050 =,5F90 7/ /=/:2;C9 -9. ,90 4L90 2/.3;14790
/1 /040 =/:B40 7/ :91=9.3;747 :91 ,40 9.340 12/.14:;914,/0 7/
9124>;,;747

5/02.4 457;29.?4 0/ /=/:25< :91 /, -.9-<0;29 7/ /H-./04. 514 9-;1;<1 09>./

,90 /024790 =;141:;/.90 >80;:90 :910;7/.4790 /1 05 :91F5129 4 ;1=9.34:;<1
05-,/3/124.;4 ;1:,5;74 /1 ,90 1/H90 6 0/ -./0/124 -4.4 -.9-<0;290 7/
418,;0;0 47;:;914, 6 19 /0 -4.2/ ./D5/.;74 7/ ,90 /024790 =;141:;/.90 >80;:90
4 ;1=9.34:;<1 :912/1;74 /1 7;:B90 41/H90 B4 0;79 9>F/29 7/ ,90
-.9:/7;3;/1290 7/ 457;29.;4 4-,;:4790 /1 ,4 457;29.;4 7/ ,90 /024790
=;141:;/.90 >80;:90 6 /1 15/02.4 9-;1;<1 0/ -./0/124 .4A914>,/3/12/ /1
29790 050 40-/:290 ;3-9.2412/0 :91 ./,4:;<1 4 ,90 /024790 =;141:;/.90
>80;:90 :910;7/.4790 /1 05 :91F5129

7/ 0/2;/3>./ 7/ \

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/@5.90 , 9>,/ 6 ;41A40 , 9>,/ 4, 7/ 7;:;/3>./ 7/ #
6 7/ ,90 /024790 7/ ./05,24790 7/ C4.;4:;91/0 /1 /, :4-;24, 1/29 6 7/ =,5F90
7/ /=/:2;C9 -9. ,90 4L90 2/.3;14790 /1 /040 =/:B40 0290 /024790
=;141:;/.90 091 ./0-9104>;,;747 7/ ,4 473;1;02.4:;<1 7/ ,4 93-4L?4
5/02.4 ./0-9104>;,;747 /0 /H-./04. 514 9-;1;<1 09>./ /0290 /024790
=;141:;/.90 :91 >40/ /1 15/02.4 457;29.;4

=/:254390 15/02.40 ./C;0;91/0 7/ 4:5/.79 :91 19.340 7/ 457;29.;4

@/1/.4,3/12/ 4:/-24740 040 19.340 ./D5;/./1 D5/ -,41;=;D5/390 6
/F/:52/390 ,4 457;29.;4 -4.4 9>2/1/. 0/@5.;747 .4A914>,/ 4:/.:4 7/ 0; ,90
/024790 =;141:;/.90 /0281 ,;>./0 7/ /..9./0 0;@1;=;:42;C90 4 457;29.;4
;1:,56/ /, /H43/1 :91 >40/ /1 -.5/>40 0/,/:2;C40 7/ ,4 /C;7/1:;4 D5/
./0-4,74 ,40 :;=.40 6 ./C/,4:;91/0 7/ ,90 /024790 =;141:;/.90 ,4 /C4,54:;<1
7/ ,90 -.;1:;-;90 7/ :9124>;,;747 52;,;A4790 6 7/ ,40 /02;34:;91/0 B/:B40 -9.
,4 473;1;02.4:;<1 1:,56/ 243>;G1 ,4 /C4,54:;<1 7/ ,4 -./0/124:;<1 7/ ,90
/024790 =;141:;/.90 /1 @/1/.4, 910;7/.4390 D5/ 15/02.40 457;29.;40
-.9-9.:;9141 514 >40/ .4A914>,/ -4.4 15/02.4 9-;1;<1

1 15/02.4 9-;1;<1 ,90 /024790 =;141:;/.90 412/0 3/1:;914790 -./0/1241

.4A914>,/3/12/ /1 29790 050 40-/:290 ;3-9.2412/0 ,4 0;254:;<1 =;141:;/.4
7/ /@5.90 , 9>,/ 6 ;41A40 , 9>,/ 4, 7/ 7;:;/3>./ 7/
,90 ./05,24790 7/ 050 9-/.4:;91/0 6 050 =,5F90 7/ /=/:2;C90 -9. 4L9
2/.3;1479 /1 /04 =/:B4 7/ 4:5/.79 :91 -.;1:;-;90 7/ :9124>;,;747
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./05,2479 7/, /H43/1 ./4,;A479 09>./ ,90 /024790 =;141:;/.90
7/ ,4 /12;747 7/ D5/ 0/ 2.42/ , ;1=9.3/ 7/, 457;29. /0 /,
3/7;9 4 2.4CG0 7/, :54, 0/ /3;2/ 51 F5;:;9 2G:1;:9 09>./ ,90
/024790 :9124>,/0 D5/ B4 /H43;1479

,4>9.4. 7;:243/1 7/ 457;29.?4

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3?1;39 ,4 ./0-9104>;,;747 7/, 457;29. /1 /, :409 7/ D5/ 0/ 7/0:5>.;/0/ :91
-902/.;9.;747 51 7/0=4,:9 7/ ;3-9.241:;4 9 51 0/.;9 =.457/ ; 0/ 7;.;@/ 4,
-./0;7/12/ 4, @/./12/ @/1/.4, 9 4, :912479. 0/ /024>,/:/ 51 :9124:29 7/
;3-9.241:;4 6 0/ 46574 4, ,9@.9 7/ 51 3/F9. /12/17;3;/129 6 3469.
4-./:;4:;<1 7/ ,90 0/.C;:;90 -./024790

91:,5;79 /, 2.4>4F9 =;14, 7/ 457;29.;4 -4.4 7/F4. :910241:;4 7/, 4C41:/

9>2/1;79 6 ,40 C/124F40 ,9@.4740 :91 ,40 3/7;740 05@/.;740 / ;3-,4124740
/1 ./,4:;<1 :91 /, :912.9, ;12/.19 /0 4:910/F4>,/ -.9-;:;4. ,4 :9351;:4:;<1
/0:.;24 /1 ,4 D5/ 0/ 414,;:/ /, ./05,2479 9>2/1;79 4 2.4CG0 7/ 24,/0 :43>;90

91 4051290 D5/ ,,4341 ,4 42/1:;<1 7/, 457;29. 6 D5/ /1 05 9-;1;<1 7/>/1

:9351;:4.0/ 4, :,;/12/ 64 D5/ ./-./0/1241 7/=;:;/1:;40 ;3-9.2412/0 /1 /,
7;0/L9 5 9-/.4:;<1 7/ ,4 /02.5:25.4 7/ :912.9, ;12/.19 D5/ -97.81 4=/:24.
1/@42;C43/12/ ,4 :4-4:;747 7/ ,4 9.@41;A4:;<1 -4.4 ./@;02.4. -.9:/04. 6
./053;. 6 ./-9.24. ;1=9.34:;<1 =;141:;/.4 51;=9.3/ :91 ,40 4=;.34:;91/0 7/
,4 473;1;02.4:;<1 /1 ,90 /024790 =;141:;/.90

4,/0 7/=;:;/1:;40 -5/7/1 ;1:,5;. 7;=/./12/0 40-/:290 7/, :912.9, ;12/.19

171
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7/ ,40 -.;1:;-4,/0 7/=;:;/1:;40 C;0;>,/0 7/ :912.9, 43>;G1 75.412/ /, :5.09
7/ 05 2.4>4F9 /, 457;29. 7/>/ /024. 4, 24129 7/ ,90 4051290 ./,4:;914790 :91
/, :912.9, ;12/.19 D5/ -5/741 0/. 7/ ;12/.G0 -4.4 /, :,;/12/ '0;254:;91/0 4
;1=9.34.(

, 9>F/2;C9 7/, 457;29. /1 514 457;29.;4 /0 =9.34.0/ 514 9-;1;<1 09>./ ,90
/024790 =;141:;/.90 7/ ,4 /12;747 -9. ,9 D5/ 19 2;/1/ 9>,;@4:;<1 7/
;1C/02;@4. 6 /1:912.4. 0;254:;91/0 4 ;1=9.34. ;1 /3>4.@9 7/>/ /024. 4,
24129 7/ /,,40 4 2.4CG0 7/ ,4 /C4,54:;<1 7/ ,90 /,/3/1290 7/ ,4 /02.5:25.4
7/, :912.9, ;12/.19 7/ ,4 4-,;:4:;<1 7/ -.9:/7;3;/1290 7/ 457;29.;4 09>./
04,790 9 2.4104::;91/0 7/ 4,@514 92.4 341/.4 7/12.9 7/, :5.09 7/ ,4
./C;0;<1

, F5;:;9 7/, 457;29. :91 ./0-/:29 4 ,40 0;254:;91/0 / ;1=9.34. C4.;4 /1 :474
2.4>4F9 6 /024 ;1=,5/1:;479 -9. ,4 1425.4,/A4 6 ,4 /H2/10;<1 7/ ,90
-.9:/7;3;/1290 7/ 457;29.;4 6 92.90 =4:29./0 24,/0 :939 /, 2434L9 7/ ,4
/12;747 05 :93-,/F;747 6 ,4 1425.4,/A4 6 7;C/.0;=;:4:;<1 7/ 050 4:2;C;747/0

024 :9351;:4:;<1 0/ 7/>/ B4:/. :91 -/.09140 7/ 4,29 1;C/, 7/ 4529.;747 6

./0-9104>;,;747 24,/0 :939 /, 910/F9 7/ 73;1;02.4:;<1 /, 75/L9 7/ ,4
/3-./04 9 :91 D5;/1/0 B4641 :912.42479 4, 457;29.

939 -4.2/ 7/ 05 2.4>4F9 /, 457;29. 7/>/ 47/380 -.9-9.:;914.

05@/./1:;40 D5/ -/.3;241 3/F9.4. ,4 /02.5:25.4 7/ :912.9, ;12/.19
/H;02/12/

, 457;29. -97.8 ;7/12;=;:4. 4051290 D5/ 4 05 F5;:;9 19 0/41 /02.;:243/12/

0;254:;91/0 4 ;1=9.34. 9 >;/1 0/41 -9:9 ;3-9.2412/0 6 2/17.8 D5/ 7/:;7;. 0;
:9351;:4 9 19 /0290 4051290 /1 >/1/=;:;90 7/ ,4 473;1;02.4:;<1

939J
• ;9,4:;<1 ;12/1:;914, 7/ ,90 :912.9,/0 /024>,/:;790 -9. -4.2/ 7/ -/.0914,
7/ 4,29 1;C/, F/.8.D5;:9 /1 7/2.;3/129 7/ ,90 9>F/2;C90 7/ :912.9,
• 4,,40 /1 ,4 -.92/::;<1 7/ ,90 4:2;C90 :912.4 -/.7;740 74L90 9 509
;17/>;79 7/ ,90 3;0390
• 4,,40 /1 ,4 /F/:5:;<1 7/ =51:;91/0 D5/ 091 -4.2/ 7/ ,4 /02.5:25.4 7/,
:912.9, ;12/.19 24,/0 :939 -./-4.4:;<1 9 ./C;0;<1 9-9.2514 7/
:91:;,;4:;91/0
• -,;:4:;<1 ;17/>;74 7/ -.;1:;-;90 7/ :9124>;,;747 :91 ,4 ;12/1:;<1 7/
7;029.0;914. ,4 ;1=9.34:;<1 =;141:;/.4
• 4,240 7/ 47B/0;<1 4 ,40 -9,?2;:40 6 -.9:/7;3;/1290 /024>,/:;790 -9. /,
473;1;02.479.
• 4,24 7/ :4-4:;747 6 /12./143;/129 7/ ,90 /3-,/4790 9 =51:;914.;90 -4.4
/, 47/:5479 7/04..9,,9 7/ 050 4:2;C;747/0
• 2.40 7/=;:;/1:;40J
• 4,,40 /1 /, 0/@5;3;/129 6 :9../::;<1 7/ 7/=;:;/1:;40 7/ :912.9, ;12/.19
-./C;43/12/ ./-9.24740

172
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:9124>,/0 6 7/ ;1=9.34:;<1 =;141:;/.4
• /:,4.4:;91/0 ;1:9../:240 -9. -4.2/ 7/, -/.0914, 7/, :,;/12/ B4:;4 /,
457;29.

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, :910/F9 7/ 473;1;02.4:;<1 / ,G:2.;:4

1 ./,4:;<1 :91 15/02.9 /H43/1 7/ ,90 /024790 =;141:;/.90 7/ ,4 /3-./04

,G:2.;:4 9. /, 4L9 2/.3;1479 /, 7/ ;:;/3>./ 7/, B/390
/C4,5479 ,4 /02.5:25.4 7/, :912.9, ;12/.19 7/ ,4 :93-4L?4 E1;:43/12/ B4024
/, @.479 D5/ :910;7/.4390 1/:/04.;9 -4.4 2/1/. 514 >40/ 09>./ ,4 :54,
7/2/.3;14. ,4 1425.4,/A4 /H2/10;<1 6 9-9.251;747 7/ ,40 -.5/>40 7/
457;29.;4 -,;:4179 /1 15/02.9 /H43/1 7/ ,90 /024790 =;141:;/.90 7/ ,4
:93-4L?4 5/02.4 /C4,54:;<1 7/ ,4 /02.5:25.4 7/ :912.9, ;12/.19 19
:93-./17;< 51 /0257;9 6 /C4,54:;<1 7/24,,474 7/ 1;1@519 7/ 050 /,/3/1290
6 19 =5/ /F/:52474 :91 /, -.9-<0;29 7/ 7/04..9,,4. ./:93/174:;91/0
7/24,,4740 9 /C4,54. ,4 /=;:;/1:;4 :91 ,4 :54, ,4 /02.5:25.4 7/ :912.9, ;12/.19
7/ ,4 :93-4L?4 -/.3;2/ -./C/1;. 9 7/2/:24. 29790 ,90 /..9./0 9
;../@5,4.;747/0 D5/ -57;/.41 9:5..;. 90 4051290 2.424790 4D5? =5/.91
:910;7/.4790 75.412/ 15/02.9 /H43/1 6 19 397;=;:41 15/02.4 9-;1;<1
=/:B474 /, 7/ 4.A9 7/, 09>./ 7;:B90 /024790 =;141:;/.90

, ;1=9.3/ 47F5129 243>;G1 ;1:,56/ :93/124.;90 6 05@/./1:;40 :91 ./0-/:29

4 92.90 4051290 =;141:;/.90 6 473;1;02.42;C90 ,90 :54,/0 1924./390 75.412/
/, :5.09 7/ 15/02.9 /H43/1 7/ ,90 /024790 =;141:;/.90

9790 /0290 :93/124.;90 0/ -./0/1241 :939 05@/./1:;40 :9102.5:2;C40 -4.4

,4 :910;7/.4:;<1 7/ ,4 73;1;02.4:;<1I :939 -4.2/ 7/, -.9:/09 :912;159 7/
397;=;:4:;<1 6 3/F9.43;/129 7/ ,4 /02.5:25.4 7/ :912.9, ;12/.19 /H;02/12/ 6
7/ 92.40 -.8:2;:40 6 -.9:/7;3;/1290 473;1;02.42;C90 =;141:;/.90

02/ ;1=9.3/ /0 -4.4 509 /H:,50;C9 7/ ,4 73;1;02.4:;<1 7/ ,4 :93-4L?4 6 19

7/>/ 0/. 52;,;A479 :91 1;1@E1 92.9 =;1

/0/4390 /H-./04. 15/02.9 4@.47/:;3;/129 -9. ,4 :9.2/0?4 6 :99-/.4:;<1

/H2/17;74 4 15/02.90 ./-./0/12412/0 75.412/ /, :5.09 7/ 05 2.4>4F9 90
4@.474.?4 7;0:52;. /0240 ./:93/174:;91/0 /1 3469. 7/24,,/ 7/ 0/. 1/:/04.;9
6 40;3;039 -.9-9.:;914. ,4 46574 1/:/04.;4 -4.4 05 ;3-,4124:;<1

56 42/1243/12/

57;29./0

173
 / 4:5/.79 4, /0257;9 ./4,;A479 /0 356 ;3-9.2412/ D5/ 0/ ,,/C/ 4 :4>9 51
/0257;9 6 /C4,54:;<1 7/, :912.9, ;12/.19 412/0 7/ D5/ 0/ -./-4./ 9 -,41// /,
-.9@.434 7/ 457;29.;4 /029 :91 ,4 =;14,;747 7/ 47D5;.;. 51 :919:;3;/129
@/1/.4, 7/ ,4 /02.5:25.4 7/, :912.9, ;12/.19

0 =51743/124, ./4,;A4. 51 /0257;9 6 /C4,54:;<1 7/, :912.9, ;12/.19 64 D5/ 4

2.4CG0 7/ /,,9 /, 457;29. C4 -97/. 7/2/.3;14. ,4 :91=;41A4 D5/ C4 7/-90;24.
/1 /, :912.9, ;12/.19 6 04>/. 0; 7/>/ 9 19 4-,;:4. ,40 -.5/>40 7/ 457;29.;4

; 514 /3-./04 2;/1/ 51 >5/1 :912.9, ;12/.19 /1 ,40 8./40 7/ 05

:9124>;,;747 6 0/ /0281 ,,/C4179 4 :4>9 /1 =9.34 /=;:4A -97/390 :91:,5;.
D5/ 0/ -5/7/ 2/1/. :91=;41A4 /1 /, :912.9, ;12/.19 7/ ,4 /3-./04 -/.9 /029
7/>/ 0/. C/.;=;:479 -9. /, 457;29. ./C;04179 D5/ ,40 -9,?2;:40 6 ,90
-.9:/7;3;/1290 0/ B4641 4-,;:479 51;=9.3/3/12/

43>;G1 /0 1/:/04.;9 D5/ ,4 @/./1:;4 2/1@4 514 4:2;257 -90;2;C4 /1 ,90

:912.9,/0 ;12/.190 C/.;=;:4179 D5/ 0/ /02G1 ,,/C4179 /1 =9.34 47/:5474 ,40
-9,?2;:40 6 ,90 -.9:/7;3;/1290 7/ ,4 /12;747 :91 ,4 =;14,;747 7/ C/. 0; 0/
9-/.4 /=;:;/12/3/12/ 9 0; 7/>/1 :43>;4. ,40 -9,?2;:40 9 ,90 -.9:/7;3;/1290
/H;02/12/0

C 0 0

/@E1 ,40 9.340 7/ 57;29.;4 /1/.4,3/12/ :/-24740 0/ 7/193;141

OB/:B90 -902/.;9./0P 4 ,90 4:912/:;3;/1290 9 2.4104::;91/0 9:5..;740 :91
-902/.;9.;747 4 ,4 =/:B4 7/, >4,41:/ -/.9 412/0 7/ ,4 /3;0;<1 7/ ,90 /024790
=;141:;/.90 6 7/, ;1=9.3/ 7/, 457;29. D5/ 2;/1/1 51 /=/:29 ;3-9.2412/ 09>./
G0290 6 D5/ -9. ,9 24129 ./D5;/./1 D5/ ,90 /024790 =;141:;/.90 0/41
4F5024790 9 05 ./C/,4:;<1 /1 ,90 3;0390

H;02/1 790 2;-90 7/ B/:B90 -902/.;9./0J ,90 B/:B90 -902/.;9./0 7/, -.;3/.
2;-9 6 ,90 B/:B90 -902/.;9./0 7/, 0/@5179 2;-9

; 90 ,,434790 B/:B90 -902/.;9./0 7/, -.;3/. 2;-9 091 7/=;1;790 /1 /,

9,/2?1 G:1;:9 ./=/.;79 :939 O4D5/,,90 D5/ 4=/:241 7;./:243/12/ ,90
/024790 =;141:;/.90 6 7/>/1 0/. ./:919:;790 /1 /,,90P 4 05 C/A ,4 64
7/24,,474 ,90 7/=;1/ :939 O 4D5/,,90 B/:B90 -902/.;9./0 D5/ -.9C//1
/C;7/1:;4 47;:;914, :91 ./0-/:29 4 :917;:;91/0 D5/ 64 /H;02?41 4 ,4 =/:B4 7/,
>4,41:/ @/1/.4, 6 D5/ 4=/:241 ,40 /02;34:;91/0 ;1B/./12/0 4, -.9:/09 7/
-./-4.4:;<1 7/ ,90 /024790 =;141:;/.90P 0/L4,4179 47/380 /024 19.342;C4
D5/ O ,90 /024790 =;141:;/.90 7/>;/.41 4F5024.0/ 4 :4504 7/ :54,D5;/.
:43>;9 /1 ,40 /02;34:;91/0 D5/ ./05,2/1 7/, 509 7/ 24, /C;7/1:;4P 1
/F/3-,9 D5/ 0/ /12./@4 /0 51 4:5/.79 /1 51 ,;2;@;9 -9. 51 39129 7;=/./12/
4, -.9C;0;91479 /1 ,90 ./@;02.90 :9124>,/0

91=9.3/ 4 /0240 19.340 4:4/:;79 51 B/:B9 -902/.;9. 7/, -.;3/. 2;-9 /0

1/:/04.;9 /=/:254. 51 4F502/ 7/ 52;,;747 9 -G.7;74 /1 ,90 /024790 =;141:;/.90
4, 7/ 7;:;/3>./ 7/, /F/.:;:;9 ./:;G1 2/.3;1479

174
 9. ,9 412/.;9. 09,;:;24 0/ :91=;.3/ D5/J

• ; >;/1 7/07/ 51 -5129 7/ C;024 :9124>,/ ,4 /3-./04 6 050 457;29./0

7/>/1 4-,;:4. ,40 19.340 09>./ B/:B90 -902/.;9./0 :;24740 2.;>524.;4
3/12/ -4.4 ,4 7/2/.3;14:;<1 7/ ,4 ./124 ;3-91;>,/ 7/ /.:/.4 42/@9.?4
7/>/1 4-,;:4.0/ ,40 19.340 ./0-/:2;C40 7/ ,4 /6 09>./ 3-5/029 4 ,4
/124
• ; /H;02/ 514 7;=/./1:;4 /12./ ,40 19.340 :9124>,/0 6 ,40 19.340 7/ ,4
/6 09>./ 3-5/029 4 ,4 /124 7/>/1 -.;34. /0240 E,2;340 -4.4 /=/:290
7/ 7/2/.3;14. ,4 ./124 ,?D5;74 ;3-91;>,/ 7/, :912.;>56/12/
939 :910/:5/1:;4 7/ ,9 412/.;9. 0; -9. 4-,;:4:;<1 7/ ,4 0/
./:919:/ 51 @4029 4, 7/ ;:;/3>./ 7/, 4L9 412/.;9. D5/ 19 :9../0-917/
D5/ 0/4 ./>4F479 0/@E1 ,40 19.340 2.;>524.;40 ./0-/:2;C40 7;:B9 @4029 19
7/>/ :910;7/.4.0/ -4.4 ,4 7/2/.3;14:;<1 7/ ,4 ./124 ,?D5;74 ;3-91;>,/ 7/
/.:/.4 42/@9.?4
/, 3;039 3979 0; -9. 4-,;:4:;<1 7/ ,40 19.340 7/ ,4 4@4 0/
./:919:/ 4, 7/ 7;:;/3>./ 412/.;9. 51 ;1@./09 D5/ 19 0/ B4 7/C/1@479 1;
-/.:;>;79 :91=9.3/ 4 ,40 19.340 2.;>524.;40 ./0-/:2;C40 7;:B9 ;1@./09 19
7/>/ :910;7/.4.0/ -4.4 ,90 /=/:290 7/ ,4 7/2/.3;14:;<1 7/ ,4 ./124 ,?D5;74
;3-91;>,/ 7/ /.:/.4 42/@9.?4

0 0 0 ! 0 !

, 2.4>4F9 7/ 457;29.;4 B4 7/ ;1:,5;. -.9:/7;3;/1290 7;.;@;790 4 9>2/1/.

/C;7/1:;4 47/:5474 6 05=;:;/12/ 7/ D5/ 0/ B41 ;7/12;=;:479 29790 4D5/,,90
B/:B90 0;@1;=;:42;C90 9:5..;790 B4024 ,4 =/:B4 7/, ;1=9.3/ 7/ 457;29.;4 D5/
-57;/.41 ./D5/.;. 4F502/ 9 7/0@,90/ /1 ,40 :5/1240 4154,/0
1 ,4 ./C;0;<1 7/ ,90 B/:B90 -902/.;9./0 /, 457;29. 4-,;:4.8 @/1/.4,3/12/
/12./ 92.90 ,90 -.9:/7;3;/1290 D5/ 0/ ;17;:41 4 :912;154:;<1J

4( /C;0;<1 7/ ,90 -.9:/7;3;/1290 /024>,/:;790 -9. ,4 7;./::;<1 -4.4

40/@5.4. D5/ ,90 B/:B90 -902/.;9./0 091 ;7/12;=;:4790 47/:54743/12/

>( /:25.4 7/ ,90 E,2;390 /024790 =;141:;/.90 ;12/.3/7;90 7;0-91;>,/0

-902/.;9./0 4, :;/../ 6 0; 0/ :910;7/.4 4-.9-;479 7/ ,90 -./05-5/0290
-.96/::;91/0 =;141:;/.40 6 /:91<3;:40 6 92.90 ;1=9.3/0 7/ ,4 7;./::;<1 7/ ,4
/12;747

:( /:25.4 7/ ,40 4:240 7/ ,40 51240 /1/.4,/0 7/ ::;91;0240 7/ ./51;91/0

7/, 910/F9 7/ 73;1;02.4:;<1 :93;2G0 /F/:52;C90 6 7/ 457;29.?4 9 :54,D5;/.
92.9 :93;2G -/.2;1/12/ ,,/C4740 4 :4>9 /1 /, -/.;979 -902/.;9. 4, :;/../ /
;1C/02;@4:;<1 4:/.:4 7/ ,90 4051290 7;0:52;790 7/ ;3-9.241:;4 0;@1;=;:42;C4
1 ,9 D5/ 0/ ./=;/./ 4 ,40 ./51;91/0 :/,/>.4740 -4.4 ,40 D5/ 19 /H;0241 4:240
7;0-91;>,/0 -./@5124. 4:/.:4 7/ ,90 4051290 2.424790 /1 24,/0 ./51;91/0

7( 174@4:;<1 6 :93/124.;90 :91 /, -/.0914, 6 7;./:2;C90 7/ ,4 /12;747 09>./

,4 /H;02/1:;4 7/ B/:B90 -902/.;9./0 D5/ -57;/.41 2/1/. 51 /=/:29
0;@1;=;:42;C9 /1 ,40 :5/1240 4154,/0 3/7;412/ :9105,240 ./,42;C40 4J

175
;( 4 /C9,5:;<1 7/ ,40 8./40 7/ .;/0@9 6 -40;C90 :912;1@/12/0 9
:93-.93;090 ;3-9.2412/0 D5/ /H;02?41 4 ,4 =/:B4 7/ ,40 :5/1240 4154,/0
9>F/29 7/, ;1=9.3/

/( 93-.9>4:;<1 7/ D5/ ,4 =/:B4 7/ ,4 :4.24 :91 ,40 341;=/024:;91/0 7/ ,4

;./::;<1 7/ ,4 /12;747 457;2474 :9;1:;7/ :91 ,4 =/:B4 7/, ;1=9.3/ 7/
457;29.;4 7/ =9.34 D5/ ,4 3;034 :5>.4 29790 ,90 B/:B90 -902/.;9./0 D5/
-57;/.41 -.975:;.0/ B4024 7;:B4 =/:B4

=( >2/1:;<1 7/ :91=;.34:;91/0 7/ ,90 40/09./0 ,/@4,/0 7/ ,4 /12;747

457;2474 09>./ ,;2;@;90 6 ./:,434:;91/0 D5/ 7/>/.81 :5>.;. /, 38H;39
-/.;979 -902/.;9. -90;>,/
54179 /, 457;29. :919A:4 B/:B90 -902/.;9./0 D5/ 4=/:2/1
0;@1;=;:42;C43/12/ 4 ,40 :5/1240 4154,/0 7/>/.8 /C4,54. 0; /0281
47/:54743/12/ :9124>;,;A4790 6 /1 05 :409 7/0@,904790 /1 ,4 3/39.;4 7/
,40 :5/1240 4154,/0

5%-2. %, %& ',5./<% 1% +1'2./'

; ,4 /12;747 457;2474 19 397;=;:4 050 :5/1240 4154,/0 :939 :910/:5/1:;4
7/ 51 B/:B9 -902/.;9. 0;@1;=;:42;C9 7/, -.;3/. 2;-9 'CG40/ -8..4=9 4(
412/.;9.( D5/ B464 9:5..;79 412/0 7/ ,4 =/:B4 7/, ;1=9.3/ 7/, 457;29. 7/
:5/1240 7;:B9 ;1=9.3/ 7/>/.8 ;1:,5;. 514 9-;1;<1 :91 04,C/747 9 /1 05
:409 7/0=4C9.4>,/ -9. ;1:53-,;3;/129 7/ ,90 -.;1:;-;90 6 19.340 :9124>,/0
@/1/.4,3/12/ 4:/-24790
; ,4 /12;747 457;2474 7/:;7/ 19 7/0@,904. 47/:54743/12/ /1 ,4 3/39.;4
51 B/:B9 -902/.;9. 0;@1;=;:42;C9 7/, 0/@5179 2;-9 'CG40/ -8..4=9 >(
412/.;9.( 9:5..;79 412/0 7/ ,4 =/:B4 7/, ;1=9.3/ 7/, 457;29. /, 3/1:;91479
;1=9.3/ 7/>/.8 ;1:,5;. 514 9-;1;<1 :91 04,C/747 9 /1 05 :409 7/0=4C9.4>,/
-9. -./0/124:;<1 ;1:93-,/24

0 0 ! 0 !

; /1 /, -/.;979 :93-./17;79 /12./ ,4 =/:B4 7/, ;1=9.3/ 6 ,4 7/ /12./@4 4 ,4

09:;/747 ,,/@40/ 4 :919:;3;/129 7/, 457;29. 4,@514 ;1=9.34:;<1 =;4>,/
./=/.;74 4 B/:B90 0;@1;=;:42;C90 9:5..;790 :91 -902/.;9.;747 4 ,4 =/:B4 7/
2/.3;14:;<1 7/ 05 2.4>4F9 /1 ,40 9=;:;140 7/ ,4 /12;747 D5/ B5>;/.4
414,;A479 7/ /1:912.4.0/ 4E1 ./4,;A4179 ,4 457;29.;4 7/>/.8 ;1C/02;@4. /,
B/:B9 6 :93/124.,9 :91 ,4 ;./::;<1 7/ ,4 /12;747 457;2474

5%-2. %, %& ',5./<% 1% +1'2./'

; :939 ./05,2479 7/ /02/ B/:B9 ,90 73;1;02.479./0 397;=;:40/1 ,40

:5/1240 4154,/0 /, 457;29. -97.8 9-24. -9. /3;2;. 05 ;1=9.3/ 7/ 457;29.;4
:91 ,4 =/:B4 7/, B/:B9 -902/.;9. /1 :569 :409 7/>/.8 43-,;4. B4024 /,,4 /,
-/.;979 7/ ./4,;A4:;<1 7/ ,90 -.9:/7;3;/1290 7/ 457;29.;4 :912/3-,4790 /1
,90 -8..4=90 ! 6 # 412/.;9./0 9 /3;2;. 05 ;1=9.3/ :91 79>,/ =/:B4

1 /, 05-5/029 7/ 52;,;A4. 79>,/ =/:B4 /, 457;29. 52;,;A4.8 514 ./74::;<1

0;3;,4. 4 ,4 0;@5;/12/J

176
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=/:B4 /0 /, '7?4( 7/ '3/0( 7/ P

4 -.;3/.4 =/:B4 :9../0-917/.?4 4 ,4 =/:B4 7/ 2/.3;14:;<1 7/, 2.4>4F9 7/

457;29.;4 3;/12.40 D5/ ,4 0/@5174 B4.?4 ./=/./1:;4 /0-/:?=;:4 4, B/:B9
:91:./29 -902/.;9. 7/0@,90479 /1 ,4 3/39.;4 / /024 =9.34 /, 457;29.
,;3;24.?4 /H-./043/12/ 05 ./0-9104>;,;747 /1 :54129 4 B/:B90 -902/.;9./0 4
4D5G, 9 4 4D5/,,90 ;1:9.-9.4790 /1 ,4 /39.;4

1 /, 05-5/029 7/ D5/ ,90 73;1;02.479./0 7/ ,4 /12;747 457;2474 0/

1/@4.41 4 397;=;:4. 050 :5/1240 4154,/0 7/>/.8 ;1:,5;. 514 04,C/747 /1 05
;1=9.3/ 7/ 457;29.;4 1 /, :409 D5/ 504.4 79>,/ =/:B4 52;,;A4.8 514
./74::;<1 0;3;,4. 4 ,4 0;@5;/12/J

K) '7?4( 7/, )) '3/0( 7/ 4 /H:/-:;<1 7/, -8..4=9 4( './=/./1:;4 4,

-8..4=9 /H-,;:42;C9 ;12/.3/7;9( :564 =/:B4 /0 /, '7?4( 7/ '3/0( 7/
P

0 0 !

/ 4:5/.79 :91 ,9 /024>,/:;79 /1 /, -8..4=9 7/ ,40 9.340 G:1;:40

7/ 57;29.;4 09>./ 1=9.3/0 ,4 =/:B4 7/, ;1=9.3/ ./-./0/124 ,4 =/:B4 /1 D5/
/, 457;29. B4 :93-,/2479 050 -.9:/7;3;/1290 7/ 457;29.;4 -4.4 =9.34.0/ 05
9-;1;<1 09>./ ,40 :5/1240 4154,/0 9. ,9 24129 /, 457;29. 19 2;/1/
9>,;@4:;<1 4,@514 7/ /H2/17/. 050 -.9:/7;3;/1290 -4.4 ;7/12;=;:4. B/:B90
D5/ -57;/.41 B4>/. 4:4/:;79 :91 -902/.;9.;747 4 ,4 =/:B4 7/, ;1=9.3/ 7/
457;29.;4 1 :54,D5;/. :409 ,4 ./0-9104>;,;747 7/ ;1=9.34. 4, 457;29. 7/
/0290 B/:B90 ./:4/ /1 /, <.@419 7/ 473;1;02.4:;<1

.40 ,4 /12./@4 7/, ;1=9.3/ 7/ 457;29.;4 /, 457;29. 19 2;/1/ 9>,;@4:;<1 7/

./4,;A4. -.9:/7;3;/129 4,@519 -4.4 ;7/12;=;:4. B/:B90 D5/ -57;/.41 4=/:24. 4
,40 :5/1240 4154,/0

9 9>02412/ /1 /, 05-5/029 7/ D5/ /1 /, -/.?979 /12./ ,4 =/:B4 7/ /12./@4

7/, ;1=9.3/ 6 ,4 7/ 4-.9>4:;<1 -9. -4.2/ 7/ ,4 5124 /1/.4, 7/ ::;91;0240
5 <.@419 /D5;C4,/12/ ,,/@40/ 4 :919:;3;/129 7/, 457;29. 4,@514 ;1=9.34:;<1
0;@1;=;:42;C4 6 =;4>,/ 4 05 >5/1 :.;2/.;9 ./=/.;74 4 B/:B90 D5/ 64 /H;02?41 4
,4 =/:B4 7/ 05 ;1=9.3/ 6 D5/ 0; B5>;/.41 0;79 :919:;790 /1 7;:B4 =/:B4
B4>.?41 05-5/029 514 397;=;:4:;<1 /1 /, :912/1;79 7/, 3;039 /, 457;29.
7/>/.8 :910;7/.4. 0; ,40 :5/1240 4154,/0 1/:/0;241 0/. :9../@;740 6 7;0:52;.
,4 0;254:;<1 :91 ,4 7;./::;<1 7/ ,4 /12;747 4 =;1 7/ 4:254. /1 :910/:5/1:;4

; ,90 73;1;02.479./0 7/:;7;/.41 ./=9.35,4. ,40 :5/1240 4154,/0 -4.4

./:9@/. /1 /,,40 ,90 /=/:290 7/, 3/1:;91479 B/:B9 -902/.;9. /, 457;29.
9>2/17.8 ;1=9.34:;<1 7/ ,40 3/7;740 479-24740 -9. ,90 73;1;02.479./0
-4.4 ;1=9.34. 7/ /024 0;254:;<1 4 ,90 ./:/-29./0 7/, 412/.;9. ;1=9.3/

177
 5%-2. %, %& ',5./<% 1% +1'2./'
0;3;039 /, 457;29. 7/>/.8 ./4,;A4. ,90 -.9:/7;3;/1290 D5/ :910;7/./
1/:/04.;90 -4.4 /3;2;. 51 15/C9 ;1=9.3/ 7/ 457;29.;4 ./,42;C9 4 ,40 :5/1240
4154,/0 ./=9.35,4740 , 15/C9 ;1=9.3/ 7/ 457;29.;4 ;1:,5;.8 51 -8..4=9 7/
G1=40;0 D5/ B4@4 ./=/./1:;4 4 ,40 .4A91/0 7/ ,4 ./=9.35,4:;<1 / ;17;:4.8 D5/
/, 15/C9 ;1=9.3/ 0502;256/ 4, -./C;43/12/ /3;2;79 09>./ ,40 :5/1240
4154,/0 412/0 7/ 05 397;=;:4:;<1

4 =/:B4 7/, 15/C9 ;1=9.3/ 7/ 457;29.;4 19 -5/7/ 0/. 412/.;9. 4 ,4

./=9.35,4:;<1 7/ ,40 :5/1240 6 :910/:5/12/3/12/ ,90 -.9:/7;3;/1290
./=/.;790 /1 ,90 -8..4=90 ! 6 # 7/>/.81 /H2/17/.0/ B4024 ,4 =/:B4 7/, 15/C9
;1=9.3/ 9 /1 05 :409 52;,;A4. ,4 79>,/ =/:B4 7/ 4:5/.79 :91 ,9 /H-5/029 /1
,90 -8..4=90 4 7/ /024 19.34 2G:1;:4

; -9. /, :912.4.;9 ,90 73;1;02.479./0 7/:;7;/.41 19 ./=9.35,4. ,40 :5/1240

4154,/0 /, 457;29. 7/>/.8 :9351;:4. 4 ,4 /12;747 457;2474 D5/ 2934.8 ,40
4::;91/0 D5/ :910;7/./ 9-9.25140 -4.4 /C;24. D5/ 2/.:/.90 :91=?/1 9 -5/741
0/@5;. :91=;4179 /1 /, ;1=9.3/ 7/ 457;29.;4 /3;2;79 /0290 /=/:290 7/>/.8
:910;7/.4. ,4 -90;>;,;747 7/ :9351;:4. 7;:B4 0;254:;<1 4 ,90 ./@;02.90
-E>,;:90 -/.2;1/12/0

40 4::;91/0 4 2934. 4 ,40 D5/ 0/ B4:/ ./=/./1:;4 /1 /, -8..4=9 412/.;9.

7/-/17/.81 7/ ,40 :;.:510241:;40 /0-/:?=;:40 7/ ,4 ;3-9.241:;4 7/ ,90
/=/:290 D5/ 0/ -57;/.41 7/.;C4. 7/, B/:B9 -902/.;9. 40? :939 7/ ,40
./:93/174:;91/0 D5/ /, 457;29. B5>;/.4 -97;79 ./:;>;. 7/ 050 4>9@4790 6
40/09./0 ,/@4,/0 412/ ,40 /C/1254,/0 ./-/.:50;91/0 ,/@4,/0 7/ /0240
0;254:;91/0

; 2.40 ,4 4-.9>4:;<1 7/ ,40 :5/1240 4154,/0 -9. -4.2/ 7/ ,4 5124 /1/.4,

7/ ::;91;0240 5 <.@419 0;3;,4. 6M9 7/0-5G0 7/ 05 7/-<0;29 ,/@4, ,90
73;1;02.479./0 B5>;/0/1 7/ ./=9.35,4. ,40 :5/1240 4154,/0 -9. 51 B/:B9
-902/.;9. 7/ ,90 7/0:.;290 /1 /, -8..4=9 ! 0/.8 7/ 4-,;:4:;<1 -4.4 /, 457;29.
,9 /024>,/:;79 /1 ,90 -8..4=90 # 4 412/.;9./0
;1 -/.F5;:;9 7/ ,9 412/.;9. 0; ,4 /3;0;<1 7/ ,40 :5/1240 4154,/0 7/, -/.?979
0;@5;/12/ 40? :939 /, ;1=9.3/ 7/ 457;29.;4 :9../0-917;/12/ =5/0/1
;13;1/12/0 6 0;/3-./ 6 :54179 7;:B40 :5/1240 4154,/0 7/, -/.?979 0;@5;/12/
:912/1@41 /, 7/0@,90/ 47/:5479 7/, B/:B9 -902/.;9. 19 0/.8 1/:/04.;9
397;=;:4. ,40 :5/1240 4154,/0 ;1;:;4,3/12/ /3;2;740 1; /, ;1=9.3/ 7/
457;29.;4 :9../0-917;/12/
'8.# 1% I%-I.# 8.#2%/'./%#
40 9.340 G:1;:40 7/ 57;29.;4 /024>,/:/1 ,9 0;@5;/12/J

K H;02/1 790 @.417/0 2;-90 7/ B/:B90 -902/.;9./0J

4( D5/,,90 D5/ -.9-9.:;9141 514 /C;7/1:;4 47;:;914, :91 ./0-/:29 4

:917;:;91/0 D5/ 64 /H;02?41 4 ,4 =/:B4 7/ :;/../ 7/ ,40 :5/1240 4154,/0 6
D5/ -9. 05-91/. 7;=/./1:;40 :91 ,40 /02;34:;91/0 7/ ,90
473;1;02.479./0 ;1B/./12/0 4, -.9:/09 7/ =9.35,4:;<1 7/ ,40 :5/1240
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,40 3;0340

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=;141:;/.4 D5/ -5/74 74. ,5@4. 4 05 ;109,C/1:;4 /1 =/:B4 -902/.;9. 4 ,4 7/,
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19 0/.?4 4-.9-;479 -/.9 0; 7;:B4 -G.7;74 =5/.4 356 0;@1;=;:42;C4 ,4 /12;747
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,90 -.9:/7;3;/1290 D5/ 0/ ;17;:41 4 :912;154:;<1J

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:93-4.4.,90 :91 ,40 :5/1240 4154,/0 D5/ 091 9>F/29 7/ 05 ;1=9.3/ 6 B4:/.
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>( //. ,40 4:240 7/ ,40 F51240 @/1/.4,/0 7/ 4::;91;0240 7/ ./51;91/0 7/,
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:( 174@4. 6 :93/124. :91 /, -/.0914, 6 7;./:2;C90 7/ ,4 /12;747 ,4

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;( 4 /C9,5:;<1 7/ -40;C90 :912;1@/12/0 9 :93-.93;090 ;3-9.2412/0

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:912;1@/12/0 9 :93-.93;090 ;3-9.2412/0

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7/ ,40 9.340 G:1;:40 7/ 57;29.;4

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180
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09,C/124:;<1

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40? 7G -9. 42/17;74 ,4 9>0/.C4:;<1

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7/ 457;29.;4

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7/ ,4 57;29.;4 6 9>2/1@4 05 =;.34

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:91 ,9 :;2479 /1 /, ;1:;09 4( 7/, -5129

! 91
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;1=9.34:;<1 =;141:;/.4 51;=9.3/ :91 ,40 4=;.34:;91/0 7/ ,4
473;1;02.4:;<1 /1 ,90 /024790 =;141:;/.90

182
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51 :912.9, 7/ 0/@5;3;/129 7/ ,40 3/7;740 479-24740 -9. ,40
8./40 457;24740 -4.4 42/17/. ,40 9>0/.C4:;91/0 D5/ -/.3;24
:93-.9>4. 05 :53-,;3;/129 /1 ,90 2G.3;190 6 =/:B40
/024>,/:;790 ' 9.340 /1/.4,/0 7/ 57;29.;4(

,4>9.4. 4.24 7/
5@/./1:;4 7/, :912.9, 12/.19

Nº AUTOR TITULO EDITORIAL

1 Carta recordatoria 2000. Lima: Price
Price Waterhouse Coopers, Waterhouse
Coopers, 2000. --
207p
Vergara Barreto, M ; Vergara 200 Temas de auditoría Instituto
2 de
Silva, O ; Vergara Silva, M moderna Lima Investigaciones
Contables y
Financieras,
INICOF, 2002
Mc Graw Hill 2001
3 O. Ray Whittington - Kurt Pany AUDITORIA - UN
ENFOQUE INTEGRAL

Recursos en Internet

Nº Dirección Internet Descripción

1 www.contraloria.gob.pe Portal Contraloría General de la Republica
2 www.conasev.gob.pe Portal de CONASEV
3 www.cpn.mef.gob.pe Portal Contaduría Pública de la Nación

LG
58, /0 ,4 7;=/./1:;4 /12./ /, 8..4=9 7/ 4,:41:/ 6 /, 8..4=9 7/
9-;1;<1
58,/0 091 ,90 /,/3/1290 7/ 51 ;:243/1
58, /0 ,4 =;14,;747 7/ ,4 :4.24 7/ 9>0/.C4:;<1 6 05@/./1:;40 4, :912.9,
;12/.19
58, /0 /, 9>F/2;C9 7/, 0/@5;3;/129 /1 514 57;29.;4

183
 AUDITORIA II

DESARROLLA

NORMAS, TÉCNICAS,
PROCEDIMIENTOS Y PROGRAMAS DE
AUDITORIA FINANCIERA

ASPECTOS PROCESO DE AUDITORIA DE REDACCIÓN DE

DICTAMEN E
GENERALES AUDITORIA CUENTAS INFORMES

CONCEPTO, PLANEAMIENTO CUENTAS DE DICTAMEN

CLASES DE ACTIVO LIMPIO
AUDITORIA

ESTUDIA

NORMAS RIESGOS DE CUENTAS DEL DICTAMEN CON

SISTEMA AUDITORIA PASIVO Y SALVEDADES
PRIVADO - PATRIMONIO
GUBERNAMENTAL

SISTEMA DE CUENTAS DE DICTAMEN

CONTROL INGRESOS Y ADVERSO
NAGAS INTERNO EGRESOS
NAGUS
NIAS

PAPELES DE DICTAMEN CON

TRABAJO NEGACIÓN DE
OPINION

CARTA DE
RECOMENDACIO
NES
JERARQUIZA Y
RECONOCE LAS
GESTION EN LAS
ORGANIZACIONES

SEGUIMIENTO DE
RECOMENDACIONES PARA MEJORA
DE PROCEDIMIENTOS Y BUENA
GESTION FINANCIERA

184