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  6DOHV                                                                      
$JH\                                                                               
'HYHORSPHQW                                                                             
&DS 5DWH\                                                                              
3HUVRQDO &ULPH UDWH                                                                        
3URSHUW\ &ULPH UDWH                                                                        

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%X\HU 'LVWDQFH                                                             
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%X\HU 2XW RI 6WDWH                                                                 
6HOOHU 'LVWDQFH                                                            
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6HOOHU 2XW RI 6WDWH                                                              
%URNHU 3UHVHQW                                                                   
%X\HU LV %URNHU                                                                          
6HOOHU LV %URNHU                                                                         

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9HQGRUWR%X\HU  3ULFH                                                         
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$VVP 0RUWJDJH  3ULFH                                                          
/RDQWR9DOXH UDWLR                                                              
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‡‚ Hh…pu " ((( Dpyˆqrq h€‚t ‡ur …rt…r††‚…† h…r †r‰r…hy r‘‚tr‚ˆ† v†‡…ˆ€r‡† ˆ†rq ‡‚ vqr‡vs’ i…‚xr…htr
hp‡v‰v‡’ Uur†r h…r) ‡ur ƒ‚ƒˆyh‡v‚ qr†v‡’ …hqvˆ† ‚s ‡ur y‚phy €h…xr‡ qrnrq h† ‡ur €vv€ˆ€ ‚s ‡ur €vyr …hqvˆ†
uvpu rp‚€ƒh††r†  ƒr‚ƒyr ‚… " €vyr† h p…v€r vqr‘ †p‚…r s‚… p…v€r† hthv†‡ ƒr…†‚† u‚€vpvqr …h‡r ‚i‡hvrq
s…‚€ 8hƒ Dqr‘ Dp ‡ur phƒv‡hyv“h‡v‚ …h‡r ‚… †phyrq ƒ…vpr ‰h…vhpr ‚s ‡ur y‚phy €h…xr‡ s‚… hyy ƒ…‚ƒr…‡vr† v‡uv h
  €vyr …hqvˆ† r‘pyˆqvt ‡ur ƒ…‚ƒr…‡’ v‡†rys ‡ur q‚yyh… s…hp‡v‚ ‚s i…‚xr…rq qrhy† p‚qˆp‡rq i’ h h‡v‚hy i…‚xr…
v‡uv h  €vyr …hqvˆ† hq ‡ur Cr…nqhuy vqr‘ ‚s i…‚xr…htr hp‡v‰v‡’ v‡uv h  €vyr h…rh Qhry 6 …rƒ‚…‡† ‡ur
…rt…r††v‚ p‚rppvr‡† ‚ ‡ur v†‡…ˆ€r‡† s…‚€ ‡uv† v†‡…ˆ€r‡rq ‰h…vhiyr …rt…r††v‚ ‚s i…‚xr…htr hp‡v‰v‡’ Qhry 7
‡ur …rƒ‚…‡† …r†ˆy‡† s…‚€ ‡ur ‡‚†‡htr ivh…’ …r†ƒ‚†r …rt…r††v‚† ‚s ‡ur ƒ…‚ihivyv‡’ ‚s r ihx nhpvt ‚ ‡ur
v†‡…ˆ€r‡rq i…‚xr… ‰h…vhiyr uvpu v† n…†‡ r†‡v€h‡rq ˆqr… h n…†‡†‡htr yvrh… ƒ…‚ihivyv‡’ €‚qry Uur qrƒrqr‡
‰h…vhiyr v ‡ur †rp‚q †‡htr …rt…r††v‚ v† ‚r vs r ihx nhpvt v† ‚i‡hvrq hq “r…‚ ‚‡ur…v†r Qhry 8 …rƒ‚…‡†
…r†ˆy‡† s…‚€ ‡ur ‡‚†‡htr ‡…ˆph‡rq …rt…r††v‚† ‚s ‡ur €htv‡ˆqr ‚s r ihx nhpvt ‚ v†‡…ˆ€r‡rq i…‚xr…htr
hp‡v‰v‡’ Uur qrƒrqr‡ ‰h…vhiyr v ‡ur †rp‚q †‡htr …rt…r††v‚ v† ‡ur s…hp‡v‚ ‚s ‡ur ƒ…‚ƒr…‡’† ‰hyˆr nhprq i’ ‡ur
y‚h Uur qh‡h v† ‡…ˆph‡rq ‡‚ ‚y’ ‡u‚†r ‚i†r…‰h‡v‚† ur…r ‡ur qrƒrqr‡ ‰h…vhiyr v† ƒ‚†v‡v‰r Qhry 9 …rƒ‚…‡† ‡ur†r
…rt…r††v‚† ˆ†vt ‡ur ‚v†‡…ˆ€r‡rq i…‚xr… ‰h…vhiyr s‚… p‚€ƒh…v†‚ U‚ †r‡† ‚s qrƒrqr‡ ‰h…vhiyr† h…r ˆ†rq) r
€‚…‡thtr nhpvt s…‚€ h ihx Ir€ hq r €‚…‡thtr nhpvt p‚qv‡v‚hy ‚ ‚ †ryyr… nhpvt irvt ƒ…r†r‡
Ir€\  8‚rppvr‡ r†‡v€h‡r† h…r phypˆyh‡rq ‰vh Fyrv hq Tƒhq’†  ((" …‚iˆ†‡ †r€vƒh…h€r‡…vp ivh…’ …r†ƒ‚†r
€‚qry hq Q‚ryy†  ('% ‡…ˆph‡rq €‚qry v‡u ‡†‡h‡v†‡vp† …rƒ‚…‡rq v ƒh…r‡ur†r† ur…r ‡ur ‡v€r†r…vr† h‰r…htr
‚s ‡ur p‚rppvr‡ r†‡v€h‡r† hq ‡urv… h††‚pvh‡rq ‡†‡h‡v†‡vp† h…r phypˆyh‡rq v ‡ur †‡’yr ‚s Ah€h hq Hhp7r‡u  (&"
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Qhry 6 …rƒ‚…‡† qv…rp‡ €rh†ˆ…r† ‚s i…‚xr…ihx …ryh‡v‚†uvƒ† Uur p‚pr‡…h‡v‚ ‚s i…‚xr…rq qrhy† h€‚t ihx† v† r‘h€vrq
ˆ†vt ‡‚ p‚pr‡…h‡v‚ €rh†ˆ…r†)  ‡ur Cr…nqhuy vqr‘ ‚s rhpu i…‚xr… h€‚t ihx† hq ! ‡ur €h‘v€ˆ€ †uh…r ‚s h i…‚xr…†
qrhy† qr‰‚‡rq ‡‚ h ihx Uur†r €rh†ˆ…r† h…r hy†‚ p‚€ƒˆ‡rq s‚… h €h‡purq †h€ƒyr ‚s ‚i…‚xr…rq qrhy† hq ‡urv… h‰r…htr
qvmr…rpr† hy‚t v‡u ‡†‡h‡v†‡vp† v ƒh…r‡ur†r† h…r …rƒ‚…‡rq iry‚ 6y†‚ …rƒ‚…‡rq v† ‡ur ryh†‡vpv‡’ ‚s ‡ur i…‚xr…† †uh…r
qr‰‚‡rq ‡‚ h ƒh…‡vpˆyh… ihx v‡u …r†ƒrp‡ ‡‚ ‡ur y‚tr‰v‡’ ‚s ‡ur …ryh‡v‚†uvƒ ir‡rr ‡ur i…‚xr… hq ‡ur ihx Uuv† v† †v€ƒy’
h …rt…r††v‚ hp…‚†† i…‚xr…† ‚s ‡ur i…‚xr…† †uh…r ‚s qrhy† †r‡ ‡‚ ‡ur ihx €rh†ˆ…rq s…‚€ ((& ‡‚ ((( ‚ ‡ur htr ‚s ‡ur
rh…yvr†‡ qrhy ‡ur i…‚xr… qvq v‡u ‡uh‡ ihx €rh†ˆ…rq ƒ…v‚… ‡‚ ((& Xr …rƒrh‡ ‡ur …rt…r††v‚ ˆ†vt ‡ur ihx† †uh…r ‚s
qrhy† p‚qˆp‡rq i’ ‡ur i…‚xr… h† ‡ur qrƒrqr‡ ‰h…vhiyr r†‡v€h‡rq hp…‚†† ihx† Qhry 7 …rƒ‚…‡† …r†ˆy‡† s…‚€ ‡ur ‡‚†‡htr
ivh…’ …r†ƒ‚†r …rt…r††v‚† ‚s ‡ur ƒ…‚ihivyv‡’ ‚s r ihx nhpvt ‚ i…‚xr…htr hp‡v‰v‡’ hq i…‚xr…ihx p‚pr‡…h‡v‚ hq
y‚tr‰v‡’ €rh†ˆ…r† 7…‚xr…htr hp‡v‰v‡’ v† n…†‡ r†‡v€h‡rq ˆ†vt v†‡…ˆ€r‡hy ‰h…vhiyr† ˆqr… h n…†‡†‡htr yvrh… ƒ…‚ihivyv‡’ €‚qry
‡‚ hpp‚ˆ‡ s‚… ‡ur rq‚tr‚ˆ† pu‚vpr ‚s i…‚xr…† Uur v†‡…ˆ€r‡rq i…‚xr… ‰h…vhiyr v† ‡ur v‡r…hp‡rq v‡u h qˆ€€’ ‰h…vhiyr
vqvph‡vt ur‡ur… ‡ur i…‚xr… p‚pr‡…h‡r† uv† qrhy† h€‚t srr… ihx† ‡uh ‡ur ƒ‚ƒˆyh‡v‚ ‚s qrhy† vr vs ‡ur i…‚xr…† ihx
Cr…nqhuy vqr‘ v† t…rh‡r… ‡uh ‡ur €h‡purq †h€ƒyr hq v† v‡r…hp‡rq v‡u ‡ur i…‚xr…† htr v ‡uv† €h…xr‡ Uur …rt…r††‚…† v
‡ur †rp‚q †‡htr …rt…r††v‚ vpyˆqr ƒ…‚ƒr…‡’ iˆ’r… hq †ryyr… puh…hp‡r…v†‡vp† uvpu h…r ‚‡ …rƒ‚…‡rq s‚… i…r‰v‡’ 8‚rppvr‡
r†‡v€h‡r† h…r phypˆyh‡rq ‰vh Fyrv hq Tƒhq’†  ((" …‚iˆ†‡ †r€vƒh…h€r‡…vp ivh…’ …r†ƒ‚†r €‚qry v‡u ‡†‡h‡v†‡vp† …rƒ‚…‡rq
v ƒh…r‡ur†r† ur…r ‡ur ‡v€r†r…vr† h‰r…htr ‚s ‡ur p‚rppvr‡ r†‡v€h‡r† hq ‡urv… h††‚pvh‡rq ‡†‡h‡v†‡vp† h…r phypˆyh‡rq v ‡ur
†‡’yr ‚s Ah€h hq Hhp7r‡u  (&" 6yy …rt…r††v‚† vpyˆqr †‡h‡r qˆ€€vr† uvpu h…r hy†‚ ‚€v‡‡rq s…‚€ ‡ur ‡hiyr s‚… i…r‰v‡’


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Qhry 6 …rƒ‚…‡† €rh†ˆ…r† ‚s i…‚xr…ihx y‚’hy‡’ hq ur…qvt Uur y‚’hy‡’ ‚s i…‚xr…rq qrhy† h€‚t ihx† v† h††r††rq ‰vh ‡ur
ryh†‡vpv‡’ ‚s ‡ur puhtr v h i…‚xr…† †uh…r ‚s iˆ†vr†† v‡u ‡ur ihx v‡u …r†ƒrp‡ ‡‚ ‡ur puhtr v ‡ur ihx† †uh…r ‚s ‡ur
p‚€€r…pvhy €h…xr‡ Uuv† v† †v€ƒy’ h …rt…r††v‚ ‚s ‡ur puhtr v ‡ur i…‚xr…† †uh…r qr‰‚‡rq ‡‚ h ƒh…‡vpˆyh… ihx ‚ ‡ur puhtr
v ‡ur ihx† †uh…r ‚s ‡ur €h…xr‡ Uur puhtr v ‡ur †uh…r ‚s i…‚xr… iˆ†vr†† qr‰‚‡rq ‡‚ rhpu ihx v† €rh†ˆ…rq i‚‡u i’ ˆ€ir…
‚s ‡…h†hp‡v‚† G‚’hy‡’ Iˆ€ hq i’ q‚yyh… ‰‚yˆ€r G‚’hy‡’ Ç 6y†‚ …rƒ‚…‡rq v† h €rh†ˆ…r ‚s ur…qvt h€‚t i…‚xr…† v
pr…‡hv ihx† Uuv† €rh†ˆ…r v† ‡ur hi†‚yˆ‡r ‰hyˆr ‚s ‡ur qvmr…rpr ir‡rr ‡ur s…hp‡v‚ ‚s h ihx† qrhy† ‡uh‡ h…r i…‚xr…rq
hq ‡ur s…hp‡v‚ ‚s hyy ihx qrhy† ‡uh‡ h…r i…‚xr…rq €vˆ† ‡ur r‘ƒrp‡rq ‰hyˆr ‚s ‡uv† hi†‚yˆ‡r qvmr…rpr uvpu v† r†‡v€h‡rq
ˆ†vt h †v€ˆyh‡v‚ ˆqr… h iv‚€vhy qv†‡…viˆ‡v‚ Uur h‰r…htr y‚’hy‡’ hq ur…qvt €rh†ˆ…r† h…r …rƒ‚…‡rq hp…‚†† i…‚xr…† hq
ihx† …r†ƒrp‡v‰ry’ hy‚t v‡u ‡†‡h‡v†‡vp† v ƒh…r‡ur†r† Uur†r €rh†ˆ…r† h…r hy†‚ …rƒ‚…‡rq †rƒh…h‡ry’ s‚… i…‚xr…† v‡u yr††
‡uh hq t…rh‡r… ‡uh Ç  €vyyv‚ v ‡…h†hp‡v‚ ‰‚yˆ€r hq s‚… ihx† v‡u yr†† ‡uh hq t…rh‡r… ‡uh  qrhy† Qhry 7
…rƒ‚…‡† …r†ˆy‡† s…‚€ ‡ur ‡‚†‡htr ivh…’ …r†ƒ‚†r …rt…r††v‚† ‚s ‡ur ƒ…‚ihivyv‡’ ‚s r ihx nhpvt ‚ i…‚xr…htr hp‡v‰v‡’
hq i…‚xr…ihx y‚’hy‡’ 7…‚xr…htr hp‡v‰v‡’ v† n…†‡ r†‡v€h‡rq ˆ†vt v†‡…ˆ€r‡hy ‰h…vhiyr† ˆqr… h n…†‡†‡htr yvrh… ƒ…‚ihivyv‡’
€‚qry ‡‚ hpp‚ˆ‡ s‚… ‡ur rq‚tr‚ˆ† pu‚vpr ‚s i…‚xr…† Uur v†‡…ˆ€r‡rq i…‚xr… ‰h…vhiyr v† ‡ur v‡r…hp‡rq v‡u h qˆ€€’
‰h…vhiyr vqvph‡vt ur‡ur… ‡ur i…‚xr… v† y‚’hy ‡‚ uv† ihx† vr vs ‡ur i…‚xr…† ryh†‡vpv‡’ €rh†ˆ…r v† yr†† ‡uh  Xr hy†‚ …rƒ‚…‡
…r†ˆy‡† s‚… ‡ur v‡r…hp‡v‚ ir‡rr i…‚xr… ƒ…r†rpr hq ‚y‚’hy‡’ vr i…‚xr… ryh†‡vpv‡’ t…rh‡r… ‡uh  Uur …rt…r††‚…† v
‡ur †rp‚q †‡htr …rt…r††v‚ vpyˆqr ƒ…‚ƒr…‡’ iˆ’r… hq †ryyr… puh…hp‡r…v†‡vp† uvpu h…r ‚‡ …rƒ‚…‡rq s‚… i…r‰v‡’ 8‚rppvr‡
r†‡v€h‡r† h…r phypˆyh‡rq ‰vh Fyrv hq Tƒhq’†  ((" …‚iˆ†‡ †r€vƒh…h€r‡…vp ivh…’ …r†ƒ‚†r €‚qry v‡u ‡†‡h‡v†‡vp† …rƒ‚…‡rq
v ƒh…r‡ur†r† ur…r ‡ur ‡v€r†r…vr† h‰r…htr ‚s ‡ur p‚rppvr‡ r†‡v€h‡r† hq ‡urv… h††‚pvh‡rq ‡†‡h‡v†‡vp† h…r phypˆyh‡rq v ‡ur
†‡’yr ‚s Ah€h hq Hhp7r‡u  (&" 6yy …rt…r††v‚† vpyˆqr †‡h‡r qˆ€€vr† uvpu h…r hy†‚ ‚€v‡‡rq s…‚€ ‡ur ‡hiyr s‚… i…r‰v‡’


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‡ur Ehˆh…’  ((! ‡‚ Hh…pu " ((( ‡v€r ƒr…v‚q 7…‚xr…htr hp‡v‰v‡’ v† n…†‡ r†‡v€h‡rq ˆ†vt
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