Small Group and Team Communication PDF

Document Details

ReasonableSaxhorn

Uploaded by ReasonableSaxhorn

South Mountain Community College

2008

Thomas E Harris, John C Sherblom

Tags

small group communication team communication communication theory interpersonal communication

Summary

This document is a textbook on small group and team communication, covering topics such as communication theories, and concepts. It is the fourth edition of the book by Thomas E. Harris and John C. Sherblom, published in 2008 by Pearson Allyn & Bacon. The book is likely aimed at undergraduate students studying communication.

Full Transcript

7QEPP+VSYTERH 8IEQ'SQQYRMGEXMSR *3968,)(-8-32 8LSQEW) ,EVVMW...

7QEPP+VSYTERH 8IEQ'SQQYRMGEXMSR *3968,)(-8-32 8LSQEW) ,EVVMW 9RMZIVWMX]SJ%PEFEQE.SLR' 7LIVFPSQ 9RMZIVWMX]SJ1EMRI &SWXSR d 2I[=SVO d 7ER*VERGMWGS 1I\MGS'MX] d 1SRXVIEP d 8SVSRXS d 0SRHSR d 1EHVMH d 1YRMGL d 4EVMW ,SRK/SRK d 7MRKETSVI d 8SO]S d 'ETI8S[R d 7]HRI] 7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG 7IVMIW)HMXSV.IERRI>EPIWO] 4VSNIGX1EREKIV 0MWE7YWWQER 1EVOIXMRK1EREKIV 7Y^ER'^ENOS[WOM 4VSHYGXMSR)HMXSV 4EX8SVIPPM )HMXSVMEP4VSHYGXMSR7IVZMGI 4MRI8VII'SQTSWMXMSR 'SQTSWMXMSR&Y]IV 0MRHE'S\ 1ERYJEGXYVMRK&Y]IV.S%RRI7[IIRI] )PIGXVSRMG'SQTSWMXMSR 4MRI8VII'SQTSWMXMSR 4LSXS6IWIEVGLIV %RRMI4MGOIVX 'SZIV%HQMRMWXVEXSV /VMWXMRE1SWI0MFSR *SVVIPEXIHXMXPIWERHWYTTSVXQEXIVMEPWZMWMXSYVSRPMRIGEXEPSKEX[[[EFPSRKQERGSQ 'ST]VMKLX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hXLIH TGQ -RGPYHIWFMFPMSKVETLMGEPVIJIVIRGIWERHMRHI\ -7&2 -7&2  8IEQWMRXLI[SVOTPEGI  'SQQYRMGEXMSRMRSVKERM^EXMSRW  7QEPPKVSYTW - 7LIVFPSQ.SLR --8MXPI ,(,  hHG  1 4VMRXIHMRXLI9RMXIH7XEXIWSJ%QIVMGE                4LSXSGVIHMXWETTIEVSRTEKI[LMGLGSRWXMXYXIWERI\XIRWMSRSJXLIGST]VMKLXTEKI 7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX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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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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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tW'SQQYRMGEXMSR'PMQEXI'SQTEVMWSRW  7YQQEV]  (MWGYWWMSR5YIWXMSRW  )\IVGMWIW  6IJIVIRGIW  7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG ZMMM 'SRXIRXW  +VSYT4VSGIWWERH4VIWIRXEXMSR8IGLRMUYIW  &VEMRWXSVQMRK  'VIEXMZI(IGMWMSR1EOMRK8IGLRMUYIW  *SGYW+VSYTW  2SQMREP+VSYT8IGLRMUYI  (IPTLM8IGLRMUYI  7]RIGXMGW  &Y^^7IWWMSRW  -HIE;VMXMRK  6SPI4PE]MRK  0MWXIRMRK8IEQW  4VSFPIQ7SPZMRK8SSPW  *PS[GLEVXW  *MWLFSRI(MEKVEQW  4EVIXS4VMRGMTPI  8LI6-7/4VSGIHYVI  4)68 4VSKVEQ)ZEPYEXMSRERH6IZMI[8IGLRMUYI   ,S[8LIWI8IGLRMUYIW%VI9WIH  7QEPP+VSYT4VIWIRXEXMSREP*SVQEXW  8LI*SVYQ  8LI4ERI  8LI'SPPSUYMYQ  8LI7]QTSWMYQ  7YQQEV]  (MWGYWWMSR5YIWXMSRW  )\IVGMWIW  6IJIVIRGIW   4VSHYGXMZI'SRJPMGX1EREKIQIRX  (IJMRMRK'SRJPMGX[MXLMRE'SQQYRMGEXMSR'SRXI\X  'SRJPMGX[MXLMR7]WXIQW  'SRJPMGX[MXLMR7QEPP+VSYTW  8LI7YFWXERGISJ'SRJPMGX  4EXXIVRWSJ'SRJPMGX1EREKIQIRX  'SPPEFSVEXMSR ERH'SRWIRWYW  2IKSXMEXMSR  %GGSQQSHEXMSR  'SQTVSQMWI  'SQTIXMXMSR  %ZSMHERGI  4S[IVMR+VSYT'SRJPMGX  )\TIVX4S[IV  -RXIVTIVWSREP0MROEKI4S[IV  6I[EVHERH4YRMWLQIRX4S[IV  4SWMXMSREP 0IKMXMQEXI 4S[IV  6IJIVIRX4S[IV  'LEVMWQEXMG SV4IVWSREP 4S[IV  %ZSMHERGI4S[IV  4S[IVMR'SRXI\X  7YQQEV]  (MWGYWWMSR5YIWXMSRW  )\IVGMWIW  6IJIVIRGIW  7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX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i1IQFIVW7GEPIW  6EXMRK7GEPIW  4SWXQIIXMRK6IEGXMSR*SVQW  3FWIVZIV*IIHFEGO+YMHIPMRIW  -RHMZMHYEP6SPI&ILEZMSV  :IVFEP-RXIVEGXMSRERH'SRXIRX%REP]WIW  7YQQEV]  (MWGYWWMSR5YIWXMSRW  )\IVGMWIW  6IJIVIRGIW  7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG \ 'SRXIRXW  'SQTYXIV1IHMEXIH+VSYT'SQQYRMGEXMSR  9RHIVWXERHMRKXLI8IGLRSPSK]ERH-XW-RJPYIRGIWSR7QEPP+VSYT'SQQYRMGEXMSR  8LI-QTSVXERGISJ9RHIVWXERHMRK-RJPYIRXMEP9RHIVGYVVIRXW  'SQTYXIV1IHMEXIH'SQQYRMGEXMSR '1'  4IVJSVQERGI3YXGSQIWSJ'1'+VSYTW  )PIGXVSRMG1IIXMRK7]WXIQW  -RJPYIRGIWSJXLI1IHMYQSR'SQQYRMGEXMSR  7SGMEP4VIWIRGI  7SQI)JJIGXWSJ'1'9RHIVGYVVIRXWSR+VSYT4VSGIWWIW  'LSSWMRKE1IHMYQJSVXLI)JJIGXMZI9WISJ'1'  'LSSWMRKE1IHMYQJSVXLI'SQQYRMGEXMSR8EWO  *MRHMRKE0ERKYEKI(IQERHi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F]4IEVWSR)HYGEXMSR-RG 4VIJEGI ;ILEZI[SVOIHXSKVSYRHXLMWXI\XMRXLIWGLSPEVP]VIWIEVGLSJGSQQYRMGEXMSR[LMPI MRXIKVEXMRK VIEP[SVPH I\EQTPIW ERH L]TSXLIXMGEP WMXYEXMSRW MRXS XLI HMWGYWWMSR SJ IEGL GLETXIVt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F]4IEVWSR)HYGEXMSR-RG \MM 4VIJEGI &VERHtWUYIWXMSRXS+VIKSV]&EXIWSREFSYXXLIGSPSVSJEGLEQIPISRSREQMVVSVXSMRXVSHYGI XLIGSRGITXSJW]WXIQWSJMRXIVEGXMSR 'LETXIV %FFSXXERH'SWXIPPStWq;LStWSR*MVWX#r VSYXMRIXSMRXVSHYGIPMWXIRMRK 'LETXIV SV8LSVIEYtWJEQSYWXIPPMRKSJXLIERXWt FEXXPIMR ;EPHIR XSMRXVSHYGIGSRJPMGXQEREKIQIRX 'LETXIV XLIZMKRIXXIWUYSXEXMSRWERHSXLIV I\EQTPIWMRXVSHYGIXLIGLETXIVWt GSRGITXWERHTVSZMHIIRXV]TSMRXWJSVHMWGYWWMSR%XXLI IRHSJIEGLGLETXIVI\IVGMWIWWYGLEWqXLIRI[XVYGOrI\IVGMWIXLEX[SVOW[MXLKVSYTRSVQW ERHVSPIW 'LETXIV XLIqHMZIVWMX]ERHPMZMRKXSKIXLIVrI\IVGMWIXLEXI\EQMRIWHMZIVWMX]SJ PMZMRKLEFMXW 'LETXIV ERHXLIqXSGEXGLEWT]rI\IVGMWIXLEXPSSOWEXZIVFEPERHRSRZIVFEP GSQQYRMGEXMSR 'LETXIV EVIHIWMKRIHXSQSZIFI]SRHXLIVIEHMRKMRERIRNS]EFPIERH IRKEKMRK[E]MRXSERETTPMGEXMSRERHI\TIVMIRGISJXLIGSRGITXWTVIWIRXIH 'LETXIV3ZIVZMI[ 'LETXIVWXEVXW[MXL8LI6SPPMRK7XSRIWt iQMPPMSR:SSHSSPSYRKIXSYVXS MRXVSHYGIXLIGSRGITXWSJXLITS[IVSJKVSYTWhW]QFSPMGFILEZMSVWLEVIHQIERMRKMRXIV TIVWSREP EXXVEGXMSR EXXMXYHI WMQMPEVMX] RIIH GSQTPIQIRXEVMX] RIIH JSV EJJMPMEXMSR ERH GSQQMXQIRXXSKVSYTKSEPWERHEGXMZMXMIW8LIGLETXIVPSSOWEXXLIJSYRHMRKSJXLI7SR] 'SVTSVEXMSR ERH SJ ,I[PIXX4EGOEVH 'SVTSVEXMSR ERH IRHW [MXL I\IVGMWIW MRGPYHMRK ER I\EQTPISJXLIMRZIRXMSRSJXLIPMKLXFYPFXSWXMQYPEXIEHMWGYWWMSRSJ[LEXGSRWXMXYXIWE KVSYTERHLS[QER]TISTPItW[SVOKSIWMRXSEWMRKPIMRZIRXMSRSVGVIEXMSR 'LETXIV FIKMRW[MXL7XI[EVX&VERHtWTSWMRKSJEVMHHPIXS+VIKSV]&EXIWSREFSYX XLIGSPSVSJEGLEQIPISRTPEGIHSREQMVVSV-XYWIWXLMWI\EQTPIXSMRXVSHYGIXLIGSRGITXW SJW]WXIQWSJMRXIVEGXMSRSJKIRIVEPW]WXIQWXLISV]t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F]4IEVWSR)HYGEXMSR-RG 4VIJEGI \MMM 'LETXIV WXEVXW[MXLENSOIERHMRZIWXMKEXIWXLIZIVFEPERHRSRZIVFEPEWTIGXWSJGSQ QYRMGEXMSR;LEXQEOIWXLMRKWJYRR]#;LEXKMZIWQIERMRKXSGSQQYRMGEXMSRERHXSMXW MRXIVTVIXEXMSR#-XIRHW[MXLKVSYTI\IVGMWIWMRGPYHMRKqXSGEXGLEWT]rMR[LMGLTEVXMGMTERXW QEOINYHKQIRXWEFSYXSXLIVWFEWIHSRXLIMVZIVFEPERHRSRZIVFEPGSQQYRMGEXMSRMRE[E] XLEXEPPGERWIIXLIEGGYVEG]ERHMREGGYVEG]SJXLSWITVIHMGXMSRWEW[IPPEWXLIEWTIGXWSJ XLEXGSQQYRMGEXMSRXLEXEVIMRXIVTVIXIHMRE[E]XLEXPIEHWXSXLSWITVIHMGXMSRW 'LETXIV MRXVSHYGIW PMWXIRMRK ERH JIIHFEGO [MXL XLI%FFSXX ERH 'SWXIPPS VSYXMRI q;LStWSR*MVWX#rXLIRQSZIWSRXSXSTMGWSJEGXMZIPMWXIRMRKXLIFEVVMIVWXSEGXMZIPMWXIR MRKERH[E]WSJTVSZMHMRKGSRWXVYGXMZIJIIHFEGO-XIRHW[MXLWIZIVEPI\IVGMWIWMRGPYHMRKE qRSRHIFEXIrI\IVGMWIMR[LMGLTEVXMGMTERXWGLSSWISRIWMHISJERMWWYIERHHIZIPSTXLIMV EVKYQIRXFYXXLIRQYWXPMWXIRGEVIJYPP]ERHTEVETLVEWIXLISXLIVWMHISJXLEXMWWYI 'LETXIV HIWGVMFIWXLIIZSPYXMSRSJKVSYTWMRXSXIEQW-XFIKMRW[MXLXLIGSRGITXSJ q(VIEQ8IEQWr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tW0MZIWSJE'IPP EFSYXEQIXLSHMGEPFYXRSRGVIEXMZI[EWT-XHIJMRIWGVIEXMZMX]ERH MXWMQTSVXERGIMR WQEPPKVSYT HMWGYWWMSR HIGMWMSR QEOMRK ERH TVSFPIQ WSPZMRK-XHMW GYWWIW XLI FEVVMIVW ERH JEGMPMXEXSVW SJ GVIEXMZI TVSGIWWIW ERH IRHW [MXL ER I\IVGMWI HIWMKRIHXSI\TPSVI[E]WMR[LMGLKVSYTWGERHIZIPSTXLIMVGVIEXMZIMRXIVEGXMSRW)\IVGMWIW ETTP]MRKXLIWIGSRGITXWGSRGPYHIXLIGLETXIV 'LETXIV  MRXVSHYGIW KVSYT TVSGIWW ERH TVIWIRXEXMSREP XIGLRMUYIW 7XEVXMRK [MXL 6SH7IVPMRKtWWXSV]EFSYXXLIWIPPMRKSJE7LIVQERXEROMXQSZIWXLVSYKLFVEMRWXSVQMRK GVIEXMZIHIGMWMSRQEOMRKXIGLRMUYIW JSGYWKVSYTWRSQMREPKVSYTXIGLRMUYIHIPTLMXIGL RMUYIW]RIGXMGWFY^^WIWWMSRWMHIE[VMXMRKERHPMWXIRMRKXIEQW TVSFPIQWSPZMRKXSSPW JPS[GLEVXWJMWLFSRIHMEKVEQW4EVIXSt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tWUYMTEFSYXE977IREXSVTVSTSWMRKXSIRHXLI:MIXREQ;EV F]LEZMRKXLIEVQ]qHIGPEVIEZMGXSV]ERHGSQILSQIrXSMRXVSHYGIXLIRIIHJSVSFWIVZMRK ERH IZEPYEXMRK WQEPP KVSYT GSQQYRMGEXMSR ERH TVSGIWW -X IRHW [MXL WEQTPI IZEPYEXMSR JSVQWERHERI\IVGMWIJSVYWMRKXLIQ 7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG \MZ 4VIJEGI 'LETXIV GSRRIGXWXLIWQEPPKVSYTTVSGIWW[MXLGSQTYXIVQIHMEXIHKVSYTGSQQY RMGEXMSR '1' -XI\TPEMRWXLIOI]'1'YWIWERHXLIFIRIJMXWERHPMQMXEXMSRW8LIGLETXIV IRHW[MXLI\IVGMWIWXLEXEWWMWXMRYRHIVWXERHMRK'1' )EGLGLETXIVMRXLMWFSSOMWHIWMKRIHXSJSGYWSRSRIEWTIGXSJGSQQYRMGEXMSRMR WQEPPKVSYTWMRE[E]XLEXFYMPHWSRERHMWMRXIKVEXIH[MXLXLISXLIVGLETXIVW ;IGSYPHRSXLEZITVSHYGIHXLITVIWIRXFSSOEPSRIERH[ItHPMOIXSXLEROXLITISTPI [LSLEZIQEHIMXTSWWMFPI;IXLEROSYVWTSYWIW7LIPME,EVVMWERH0M^7LIVFPSQ[LS LEZITVSZMHIHWSGMEPERHIQSXMSREPWYTTSVXPMWXIRMRKIEVWERH[LSLIPTIH[MXLMQTSVXERX HIGMWMSRQEOMRK WYKKIWXMSRW XLVSYKLSYX XLI TVSGIWW 8LI] [IVI IRKEKIH MR WIIQMRKP] IRHPIWWVIEHMRKERHIHMXMRKERHXLI]IZIRGSRXVMFYXIHXSTEVXWSJXLIFSSO%RH[IXLERO XLIVIZMI[IVW.ERIX;'SPZMR9XEL:EPPI]7XEXI'SPPIKIERH%RKIPE4VIPMT1IVGIH'SP PIKI%PPQEHILIPTJYPGSQQIRXWERHWYKKIWXMSRWJSVXLIHMVIGXMSRERHHIZIPSTQIRXSJXLI JSYVXLIHMXMSRSJXLMWFSSO3YVKSEPLEWFIIRXS[VMXIERMRXIVIWXMRKERHMRJSVQEXMZI EW [IPPEWMRWXVYGXMSREP FSSOXLEXMWJYRXSYWI[MXLWQEPPKVSYTW;ILSTIXLEX]SYIRNS]MX 7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX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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i:SSHSS0SYRKINYKKIVREYXMWWXMPPXLIXSTKVSWWMRK QMPPMSR ERHFIWXEXXIRHIH[MXLQMPPMSRXMGOIXWWSPH XSYVMRFERHXSYVMRKLMWXSV] +YRHIVWSRT( 8LI6SPPMRK7XSRIWLEHFVSOIRYTMRXLIWFYX1MGO.EKKIVERH/IMXL6MGLEVHWUYMGOP]HMWGSZIVIHXLEXXLI]RIIHIHXLIKVSYTW]RIVK]XS TVSHYGIXLIMVFIWXWIPPMRKVIGSVHMRKW2S[EWEKVSYTXLI]QEOIQSVIQSRI]XLER ER]SJXLIQGSYPHI\TIGXXSQEOISRXLIMVS[R (EZMW  7MRGIXLIKVSYT LEWKVSWWIHFMPPMSRMRXIVREXMSREPP] +YRHIVWSR 1MGLEIP47XSRISR XLISXLIVLERHIEVRIHERLSYVEWEQIQFIVSJEWIPJQEREKIH[SVOXIEQMRER IPIGXVSRMGWGSQTER]YRXMPLI[EWJMVIHFIGEYWILMWXIEQHIGMHIHXLEXLIHIXVEGXIH JVSQXLIMVTVSHYGXMZMX]ERHXLI]GSYPHTIVJSVQFIXXIV[MXLSYXLMQ2SXQER]SJYW [MPPIZIVLEZIXLISTTSVXYRMX]XSIEVRQMPPMSREWTEVXSJEVSGOKVSYTFYXQSWX SJYWLEZIXS[SVOIJJIGXMZIP]MRKVSYTWXSHSSVHMREV]PIWWKPEQSVSYWERHPIWW TVSJMXEFPINSFWMRXSHE]tW[SVO[SVPH +VSYT [SVO GER FI I\GMXMRK IKSIRLERGMRK ERH GVIEXMZI -X GER EPWS FI FSVMRK HIQIERMRK ERH I\XVIQIP] JVYWXVEXMRK 8LI OI] XS WYGGIWWJYP WEXMWJ]MRK KVSYTW MW IJJIGXMZIGSQQYRMGEXMSR8LMWFSSOMWEFSYXHIZIPSTMRKGSQQYRMGEXMSRWXVEXIKMIWXLEX LIPTQEOIKVSYT[SVOQSVIWEXMWJ]MRKIJJIGXMZIERHWYGGIWWJYPhWXVEXIKMIWXLEXLIPT TVSHYGIKVSYTWXLEXEVIJYRXS[SVOMRERHXLEXKIRIVEXIYWIJYPWSQIXMQIWIZIRSYX WXERHMRKVIWYPXW 8LI MRJSVQEXMSR ]SY [MPP PIEVR [MPP ETTP] IUYEPP] [IPP XS XIEQW [LMGL LEZI FIGSQIEGSVRIVWXSRIJSVQER]SVKERM^EXMSRWq%X1MRVIXIO7]WXIQWE*EPPW'LYVGL :%RSRTVSJMXSVKERM^EXMSRXLEXGSRHYGXWWGMIRXMJMGVIWIEVGLMRWYGL[IMKLX]EVIEWEW GSYRXIVXIVVSVMWQGVMQMREPNYWXMGIERHXLIIRZMVSRQIRXXETTMRKXLIGSPPIGXMZIMRWMKLXW SJ IQTPS]IIW XLVSYKL IJJIGXMZI XIEQ[SVO MW E OI] TEVX SJ XLI FYWMRIWWr 4SQIVS] T 9WMRKHMZIVWIKVSYTWXSQEOIHIGMWMSRW[MWIP]XEOIWEHZERXEKISJXLI MQTSVXERGI SJ HMJJIVIRX STMRMSRW TIVWTIGXMZIW ERH MRWMKLXW%PXLSYKL [I EVI QSVI PMOIP]XSFIIQSXMSREPP]GSQJSVXEFPI[MXLELSQSKIRSYWSVWMQMPEVKVSYTSVXIEQE 7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG 8LI4S[IVSJ+VSYTW  LIXIVSKIRISYWSVHMZIVWI KVSYT SV XIEQMQTVSZIWTIVJSVQERGI MRXIVQW SJHIGMWMSR UYEPMX].EGOWSR1E] ;LMXRI] %PWSq8LIMQTSVXERGISJXIEQFYMPHMRKMW [IPPIWXEFPMWLIHERHMXWLMKLYWIMWI\TIGXIHXSGSRXMRYIMRXLIGSQMRK]IEVWr 'YQ QMRKW ;SVPI]T  8LIQSVI[IJYRGXMSRMRHMZIVWIKVSYTWXLIKVIEXIVXLIPMOIPMLSSH[I[MPPPIEVR XSTVSJMXJVSQI\TERHIHTIVWTIGXMZIW3VKERM^EXMSRWZMI[EHMZIVWI[SVOJSVGIEWFSXL XLI VMKLX XLMRK XS HS ERH E GSQTIXMXMZI EHZERXEKI MR XIVQW SJ TVSFPIQ WSPZMRK ERH EXXVEGXMRK IQTPS]IIW 1ILXE   (MZIVWMX] SR E XIEQ MW JYRHEQIRXEP XS WYGGIWW -PKIRIXEP1G+VIKSV7YVS[MIGOM  *I[SJYW[MPPIRKEKIMRSGGYTEXMSRWEWGLEPPIRKMRKEW*SVQYPE3RIEYXSQSFMPI VEGMRK*VERO;MPPMEQWLIEHSJSRISJXLIQSWXWYGGIWWJYP*SVQYPE6EGIXIEQWSJEPP XMQIWGSRGPYHIWXLEXq8IEQ[SVOMWERIWWIRXMEPMRKVIHMIRXSRERHSJJXLIVEGIXVEGOr q8LIXIEQrT &VYWLMRKEWMHIERIEVJEXEPGEVEGGMHIRXMRXLEXPIJXLMQ GSRJMRIHXSE[LIIPGLEMV;MPPMEQWERHLMWGVI[LEZISYXTIVJSVQIHXLISXLIVMRXIV REXMSREPXIEQWXLEXGSQTIXIMRXLIETTVS\MQEXIP]*SVQYPE3RIVEGIWLIPHKPSFEPP] ,MW JMVWX TVMSVMX] MW ER qIQTLEWMW SR GSQQYRMGEXMSRr [MXL IZIV] XIEQ QIQFIV%X 7YFYVFER,SWTMXEPMR&IXLIWHE1EV]PERHXIEQWEVIGVIHMXIHq[MXLVIHYGMRKIVVSVW WLSVXIRMRKXLIEQSYRXSJXMQITEXMIRXWWTIRHMRMXWFIH-'9 MRXIRWMZIGEVIYRMX ERH MQTVSZMRK GSQQYRMGEXMSR FIX[IIR JEQMPMIW ERH QIHMGEP WXEJJ r %TTPIF] (EZMWT& %TTPIF]ERH(EZMW  EHHqSRIVIEWSRXLEXXIEQ[SVOMWWS ZMXEP MR QSHIVR QIHMGMRI MW XLI WTIIH EX [LMGL EHZERGIW EVI FIMRK QEHIr T &  8IEQW OIIT XLI QIQFIVWYTXSHEXI q-RLMKLTVIWWYVI[SVOTPEGIW WYGL EW RYGPIEV TPERXWEMVGVEJXGSGOTMXWSVXLIQMPMXEV]XIEQ[SVOMWIWWIRXMEPXSWYVZMZEPr %TTPIF] (EZMWT& 8IEQWPMOIKVSYTWGSQIMRQER]WLETIWERHWM^IW1SXSVSPE 6MX^'EVPXSR,SXIPW&SIMRK*IHIVEP)\TVIWWERH8I\EW-RWXVYQIRXWEPPWIIXIEQWEW GVMXMGEPFYXYWIHMJJIVIRXX]TIWERHGSRJMKYVEXMSRW 0IEVRMRKXSFIEYWIJYPERHIJJIGXMZIXIEQQIQFIVMWMQTSVXERXXSSYVGEVIIVW 7YVZI] VIWYPXW XMXPIH q9R[ERXIH 7SPS %VXMWXWr VITSVX [LEX  I\IGYXMZIW XSPH %GGYXIQTW E WXEJJMRK JMVQ [SYPH QSVI PMOIP] LYVX E TIVWSRtW GLERGIW JSV KIXXMRK ELIEH4SSVXIEQTPE]IVWOMPPWVIGIMZIH SJXLIVIWTSRWIWGSQTPEGIRG]VIGIMZIH  I\GIWWMZIGSQTPEMRMRKVIGIMZIH ERHHIJIRWMZIRIWWVIGIMZIH  q&]XLI RYQFIVWr   7IZIRX]IMKLX TIVGIRX SJ EPP 97 GSQTERMIW [MXL  SV QSVI IQTPS]IIWLEZIIQTPS]IIW[SVOMRKMRXIEQWq8IEQWEVIEJEZSVMXI[E]XSSVKERM^I IQTPS]IIW XSKIX [SVO HSRI ERH XSJEGMPMXEXI [SVOTPEGI PIEVRMRKr q-RHYWXV] 6ITSVXr   ;I SJJIV EHHMXMSREP I\EQTPIW SJ XLI TS[IV SJ KVSYTW ERH XIEQW XLVSYKLSYXXLMWFSSO 8LI4S[IVSJ+VSYTW -R MR EFSQFIHSYX HITEVXQIRX WXSVI MR8SO]S 1EWEVY -FYOE QIX [MXL WIZIR SXLIVJSVQIVWXSVIIQTPS]IIWERHGSQQMXXIHLMWXSXEPTIVWSREPWEZMRKWSJXS WXEVXEGSQTER]8LI]LEHRSTVSHYGXERHRSMQQIHMEXITPERWSVMHIEWWSXLIKVSYTWEX XSKIXLIVMRGSRJIVIRGIMRXLSWIHITVIWWMRKWYVVSYRHMRKWJSVWIZIVEP[IIOWFVEMRWXSVQ MRKEFSYX[LEXOMRHSJFYWMRIWWXLIRI[GSQTER]WLSYPHIRXIV8LIVIWYPXSJXLEXKVSYT 7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG  ',%48)6  7QEPP+VSYTW4S[IV(IJMRMXMSRERH%XXVEGXMSR TVSGIWW [EW XLI GSQTER] ORS[R XSHE] EW XLI 7SR] 'SVTSVEXMSR 'SPPMRW  4SVVEW   ;LIR&MPP,I[PIXXERH(EZI4EGOEVHJSYRHIHXLIMVGSQTER]MRXLIPEXIW XLI]LEHRSWTIGMJMGTVSHYGXMRQMRHERHRSKSEPWSVTPERW FYXXLI]HMHXVYWXIEGL SXLIVt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qXLI[MWHSQ SJGVS[HWrI\MWXWMRKVSYTWSJTISTPIMRXLIEFMPMX]qXSEGXGSPPIGXMZIP]XSQEOIHIGM WMSRWSV WSPZI TVSFPIQW  +VSYTWFIRIJMX JVSQ QIQFIVWXEPOMRK XS ERH PIEVRMRK JVSQIEGLSXLIV?ERHGERAGSQIYT[MXLKSSHWSPYXMSRWXSE[MHIEVVE]SJTVSF PIQWr T ,II\EQMRIWXLVIIX]TIWSJTVSFPIQWXLEXWQEPPKVSYTWEVITEVXMGYPEVP] KSSHEXWSPZMRKTVSFPIQWXLEXLEZIWSPYXMSRWXLEXGERFIJSYRHMRXLI[SVPHTVSFPIQW XLEXVIUYMVIKVSYTQIQFIVWXSGSSVHMREXIXLIMVEGXMZMXMIW[MXLSRIERSXLIVERHTVSF PIQWXLEXVIUYMVIWIPJMRXIVIWXIHHMWXVYWXJYPTISTPIXSGSSTIVEXIMRSVHIVXSGSRXVMFYXI XSXLITYFPMGKSSHq9RHIVXLIVMKLXGMVGYQWXERGIWKVSYTWEVIVIQEVOEFP]MRXIPPMKIRX ERHEVISJXIRWQEVXIVXLERXLIWQEVXIWXTISTPIMRXLIQr 7YVS[MIGOMT\MMM %W EVIWYPXQSVIGSQTERMIWEVIWLMJXMRKE[E]JVSQXVEHMXMSREPLMIVEVGL]QEREKIQIRXXS qXIEQFEWIHrQEREKIQIRXMR[LMGLIZIV]SRILEWMRTYXMRXSLS[XLIFYWMRIWWMWVYRr 4EVOIVT(  (IJMRMRK7QEPP+VSYT'SQQYRMGEXMSR ;I HIJMRI GSQQYRMGEXMSR MR KIRIVEP EW E XVERWEGXMSR FIX[IIR ERH EQSRK TISTPI [LIVIF]EPPXLITEVXMIWEVIGSRXMRYEPP]ERHWMQYPXERISYWP]WIRHMRKERHVIGIMZMRKMRJSV QEXMSR%WQEPPKVSYT MWEGSPPIGXMSRSJEXPIEWXXLVIIERHSVHMREVMP]JI[IVXLERMRHM ZMHYEPW[LSEVIMRXIVHITIRHIRXMRJPYIRGISRIERSXLIVSZIVWSQITIVMSHSJXMQIWLEVI 7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX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tW MRJPYIRGI 8LMW PIH XS XLI HIZIPSTQIRX SJ MRXIVEGXMSREP QSHIPW SJ GSQQYRMGEXMSR *IIHFEGO[EWEHHIHERHXLIMQTSVXERGISJVIGMTVSGEPQIWWEKII\GLERKIWFIX[IIRXLI WIRHIVERHVIGIMZIV[EWVIGSKRM^IH;LMPIERMQTSVXERXMQTVSZIQIRXXLIWIQSHIPW WXMPPIRZMWMSRIHGSQQYRMGEXMSREWEWSTLMWXMGEXIHTMRKTSRKQEXGL[LIVIXLIWIRHIV WIVZIWERHXLIVIGIMZIVMWI\TIGXIHXSVIXYVRXLIWIVZI8LIVIGIMZIVtWJEMPYVIXSVIXYVR XLIWIVZIEWI\TIGXIHVIWYPXIHMREGSQQYRMGEXMSRFVIEOHS[R 2IMXLIV SJ XLIWI ETTVSEGLIW EHIUYEXIP] HIWGVMFIW GSQQYRMGEXMSR JEMPYVIW SV LIPTWJEGMPMXEXIFIXXIVGSQQYRMGEXMSR;LMPIXLIVIMWEGIVXEMRETTIEPXSXLIWMQTPMWXMG RSXMSRXLEXLYQERGSQQYRMGEXMSRFVIEOWHS[REPSRKWXVEMKLXJSV[EVHPMRIWXLMWGSR GITXXIRHWXSMKRSVIXLIMRXIVEGXMZIH]REQMGSJXLIGSQQYRMGEXMSRTVSGIWWMXWIPJ-R WQEPP KVSYT GSQQYRMGEXMSR EPP KVSYT QIQFIVW EVI FSXL WIRHIVW ERH VIGIMZIVW WMQYPXERISYWP] WIRHMRK ERH VIGIMZMRKFSXL ZIVFEP ERHRSRZIVFEP QIWWEKIW 2SSRI GERRSX GSQQYRMGEXI ;EX^PE[MGO&IEZMR .EGOWSR ;LMPISYVGSQQYRMGE XMSRQE]RSXFI[LEX[IMRXIRHIH[IRIZIVXLIPIWWGSQQYRMGEXIWSQIXLMRK6IQEMR MRK WMPIRX HYVMRK ER MQTSVXERX QIIXMRK MW EW QYGL E GSQQYRMGEXMSR EW WTIEOMRK 7XERHMRKWSQISRIYTJSVERETTSMRXQIRXSVEHEXIMWEQIWWEKI[LIXLIV[IMRXIRHMX XLEX[E]SVRSX -XMWSJXIRMRXIVIWXMRKXSRSXILS[[IEHETXSYVS[RFILEZMSVWERHWTIIGLTEX XIVRWXSEGGSQQSHEXIXLSWISJSXLIVWMREKVSYT %RMRXVMKYMRKXIWXSJXLMWGSRGITXMWXS WMXMREWQEPPKVSYTERH[LIRERSXLIVTIVWSRMWWTIEOMRKQEOII]IGSRXEGX[MXLXLEX TIVWSRERHWGVEXGL]SYVRSWI2SXMGI[LEXXLEXTIVWSRHSIW;IEVIJVIUYIRXP]YRE[EVI SJXLII\XIRXXS[LMGL[IQSHMJ]SYVFILEZMSVWSV[LEX[IEVIWE]MRKMRVIWTSRWIXSXLI FILEZMSVW ERH VIEGXMSRW SJ SXLIV KVSYT QIQFIVW8LMW EHETXEXMSR MW SJXIR RSX GSR WGMSYWFYXMXLEWERMQTSVXERXIJJIGXSRXLIKVSYTTVSGIWW 3RGI[IEGGITXXLIMQTSWWMFMPMX]SJRSXGSQQYRMGEXMRK[IGERFIKMRXSYRHIV WXERH[L]EGXMSRW[IQE]XEOIERHXS[LMGL[IEXXVMFYXIPMXXPISVRSMQTSVXERGIQE] LEZIERMQTEGXMREWQEPPKVSYTSYXSJEPPTVSTSVXMSRXS[LEX[IMRXIRHIH,S[SJXIR [IEXXIRHQIIXMRKW[LIXLIV[IEVVMZISRXMQISVPEXI[LIVI[IWMXLS[SJXIRERH 7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX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tWJPEKXSSFWGIRI[SVHWXSTYFPMGHMWTPE]WSJ EJJIGXMSRSVXSXLIMVWGLSSPGSPSVW;LMPIXLIW]QFSPWEVIVIEPSYVVIEGXMSRWEVIFEWIH SRXLIW]QFSPMGMQTSVXERGI[IEWMRHMZMHYEPWSVWSGMEPKVSYTWLEZIEXXEGLIHXSXLIQ 8LIYWIERHEFYWISJW]QFSPWMWERMRLIVIRXP]LYQEREGXMZMX] ;SSH  7LEVIH1IERMRK &IGEYWI [I IEGL EWWMKR HMJJIVIRX W]QFSPMG WMKRMJMGERGI XS ZIVFEP ERH RSRZIVFEP I\TVIWWMSRWEVVMZMRKEXGSQQSRSVqWLEVIHr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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qHSRSXKIXEPSRKr[MXLXLEXTIVWSRFIGEYWISJLMWSVLIVZMI[W 1MPPIV  %PXIVREXIP]KIXXMRKMRXS ELIEXIH HMWEKVIIQIRX FIGEYWI SJ HMJJIVMRK EXXMXYHIW GERTYXEWXVEMRSRIZIRXLIFIWXVIPEXMSRWLMT 7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG  ',%48)6  7QEPP+VSYTW4S[IV(IJMRMXMSRERH%XXVEGXMSR *-+96) )XLMGEP&ILEZMSV 9RHIVP]MRKEPPKVSYTERHXIEQWYGGIWWMWEGSQQMXQIRXF]QIQFIVWXSIXLMGEPFILEZMSVq)XLMGW GSRGIVRW XLI VMKLXW ERH VIWTSRWMFMPMXMIW TVMZMPIKIW ERH SFPMKEXMSRW SJ SYV GSRHYGX [MXLMR ERH FIX[IIRrKVSYTSVXIEQVIPEXMSRWLMTW %RHIVWSR )RKPILEVHXT 8LI]EVISYVWXERHEVHW SJQSVEPGSRHYGXSVNYHKQIRXWEFSYX[LIXLIVSYVEGXMSRWZEPYIWSVHIGMWMSRWEVIVMKLXSV[VSRK ,EVVMW )XLMGWJSGYWIWSR[LEX[IEGXYEPP]HS[LIR[IEVITEVXSJEKVSYT8LIJSPPS[MRK KYMHIPMRIWEVIRSXMRXIRHIHXSGSZIVEPPTSWWMFPIWMXYEXMSRWFYXXLI][MPPPIEHXSKVIEXIVKVSYTERH MRHMZMHYEPIJJIGXMZIRIWW %PPS[SXLIVWGLSMGIWVEXLIVXLERJSVGMRKXLIQ *SPPS[XLVSYKL[MXLKVSYTVIPEXIHSFPMKEXMSRW &IWIRWMXMZIXSMRHMZMHYEPKVSYTQIQFIVWt RIIHW 1EMRXEMRGSRJMHIRXMEPMX] &ILSRIWXOIITTVSQMWIWERHJYPJMPPGSQQMXQIRXW 4VEGXMGIJEMVRIWWMR[SVOEWWMKRQIRXERHMRHIEPMRK[MXLERHXVIEXMRKSXLIVW 7XVMZIJSVJYPPTEVXMGMTEXMSRF]EPPQIQFIVW (IQSRWXVEXIGSRGIVRJSVXLIKVSYTSVXIEQ ,EZIXSPIVERGIJSVSXLIVQIQFIVWt MHIEWWXVIRKXLWERH[IEOIRIWWIW *SGYWSRWYGGIWWJSVEPPKVSYTQIQFIVWRSXNYWXSYVWIPZIW 7IIOXLIKVIEXIWXKSSHJSVXLIKVSYTQIQFIVW 7SYVGIW %RHIVWSR )RKPILEVHX  ,EGOQER .SLRWSR  ,EVVMW   2IIH'SQTPIQIRXEVMX] 2IIHGSQTPIQIRXEVMX] WYKKIWXWXLEX[IEVIHVE[RXSSXLIV MRHMZMHYEPWFIGEYWISJWSQITW]GLSPSKMGEPJMX%PXLSYKL[IHSRSXEP[E]WJYPP]EKVII [MXLERSXLIVtWEXXMXYHISVTIVWTIGXMZI[IQE]WLEVIGSQTPIQIRXEV]RIIHW*SVI\EQ TPIMJ-PMOIXEOMRKGLEVKIEQ[IPPSVKERM^IHERHEQ[MPPMRKXSHSQSVIXLERQ]JEMV WLEVISJXLI[SVO-QE][SVO[IPP[MXLTISTPI[LSEVIPSSOMRKJSVEPIEHIVERHWMQM PEVP]XLI]QE]JMRHQIEREXXVEGXMZIQIQFIVSJXLIMVKVSYT-REHHMXMSR[IEVIHVE[R XSTISTPI[IEHQMVISVJVSQ[LSQ[IFIPMIZI[IGERPIEVRWSQIXLMRK;IQE]EPWS JMRH WSQI KVSYT QIQFIVW QSVI HMVIGXP] YWIJYP XLER SXLIVW JSV EGGSQTPMWLMRK XLI KVSYTt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q-[SYPHRSX[ERXXSFIEQIQFIVSJER]GPYF XLEX[SYPHEGGITXQIEWEQIQFIVr1SWXSJYWLS[IZIVRIIHWSQIEQSYRXSJWSGMEP GSRXEGXERHJVIUYIRXP]JMRHXLMWRIIHQIXMRXLIVIPEXMSRWLMTWJSVQIHMRKVSYTWERH 7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX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qTSPMXMGWQEOIWWXVERKIFIHJIPPS[Wr LMKLPMKLXWXLIRSXMSRXLEXTISTPI[MXLZIV]HMJJIVIRXTIVWSREPMXMIWERHJVSQHMJJIVIRX FEGOKVSYRHW QE] WLEVI E GSQQSR KSEP ERH XLIVIJSVI GER SJXIR JMRH XLIQWIPZIW QIQFIVWSJXLIWEQIKVSYT=SYQMKLXJSVI\EQTPI[SVOSYXXLVIIXMQIWE[IIOEXE K]Q ERH JMRH XLEX ]SY EVI QSVI QSXMZEXIH XS QEMRXEMR E VIKYPEV [SVOSYX WGLIHYPI FIGEYWI]SY[SVOSYXEWTEVXSJEKVSYT8LIXLVIISVJSYVTISTPI]SYNSMRHYVMRKXLSWI [SVOSYXWQMKLXLEZIPMXXPIMRGSQQSR[MXL]SYSYXWMHIXLIK]QFYX]SYFIGSQIE XMKLXORMXKVSYT[MXLJIIPMRKWSJMRXIVGSRRIGXMZMX][MXLMRXLIK]QGSRXI\X-JXLIK]QtW QEREKIQIRXXVMIHXSGPSWIXLIJEGMPMX]HYVMRKXLILSYVWXLEX]SYVKVSYTRSVQEPP][SVOW SYX]SY[SYPHTVSFEFP]FERHXSKIXLIVXSEGLMIZIEQYXYEPP]MQTSVXERXKSEPSJQEMR XEMRMRKERSTIRJEGMPMX]HYVMRKXLSWILSYVW %WWMKRQIRXF]7SQISRI)PWI ;IHSRSXEP[E]WLEZIXLISTXMSRSJHIGMHMRKJSVSYVWIPZIW[LMGLKVSYTW[I[MPPNSMR -REPQSWXER]SVKERM^EXMSRXLIVIEVIRIGIWWEV]hWSQIXMQIWEVFMXVEV]hEWWMKRQIRXWXS KVSYTW*VIUYIRXP][IJMRHSYVWIPZIWMRKVSYTWXLEXEVIMQTSVXERXXSYWFYXXLEX[IHMH RSXMHIRXMJ]SVWIPIGXJSVSYVWIPZIW;I[IVIEWWMKRIHXSXLIQF]WSQISRIIPWI)ZIR WSTEVXMGMTEXMSRMRXLIWIKVSYTWGERFIJYPJMPPMRKERHJYR )XLMGWERH+VSYTW 8LI)XLMGW6IWSYVGI'IRXIVHIJMRIWIXLMGWEWqXLIWXERHEVHWSJGSRHYGXXLEXKYMHIHIGM WMSRWERHEGXMSRWFEWIHSRHYXMIWHIVMZIHJVSQSYVGSVIZEPYIWr  &IGEYWIIXLMGW GERFIMRXIVTVIXIHEGGSVHMRKXS XLI WMXYEXMSREPGSRXI\XKVSYTSVXIEQQIQFIVW JEGI [LMGL GER PIEH XS TSXIRXMEPP] YRIXLMGEP HIGMWMSRW 6SFIVXWSR IX EP   [I LEZI SJJIVIHEWIXSJKYMHIPMRIWXSTVSZMHIHMVIGXMSRJSV]SYVKVSYT[SVO WII*MKYVI  7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG  ',%48)6  7QEPP+VSYTW4S[IV(IJMRMXMSRERH%XXVEGXMSR 'LEVEGXIVMWXMGWSJ7QEPP+VSYTW 8LVIITVMRGMTEPGLEVEGXIVMWXMGWHIJMRIWQEPPKVSYTW8LIWIGLEVEGXIVMWXMGWEVIMRXIVHI TIRHIRGIERHMRXIVEGXMZMX]XLIRYQFIVSJTSWWMFPIMRXIVEGXMSRWEQSRKKVSYTQIQFIVW ERHXLITSWWMFMPMX]SJW]RIVK]MRXLIKVSYTt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t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F]4IEVWSR)HYGEXMSR-RG 'LEVEGXIVMWXMGWSJ7QEPP+VSYT'SQQYRMGEXMSR  )EGLSJXLIWIMRXIVEGXMSRWVIUYMVIWEXXIRXMSRERHEWXLIRYQFIVSJMRXIVEGXMSRW KVS[W E KVSYT RIIHW ER MRGVIEWIH WIRWMXMZMX] XS ERH YRHIVWXERHMRK SJ FEGOKVSYRH MWWYIW -RGVIEWIH RYQFIVW SJ MRXIVEGXMSRW GVIEXI E QSVI GSQTPI\ HIGMWMSRQEOMRK TVSGIWWEWXLIRYQFIVERHHMZIVWMX]SJVIPEXMSRWLMTW[MXLMRXLIKVSYTQYWXFIXEOIR MRXSEGGSYRX q8SS PEVKIKVSYTWYWYEPP]FEGOJMVIr =ERK  T .IJJ &I^SW JSYRHIVERH')3SJ%QE^SRGSQLEWEX[STM^^EVYPIhMJEXIEQGERRSXFIJIHF] X[S TM^^EW MX MW XSS PEVKI 9RHIVWXERHEFP] XLI MRGVIEWIH RYQFIV SJ MRXIVEGXMSRW FIGSQIWHMJJMGYPXXSQEREKI[LIRXLIVIEVIXSSQER]TEVXMGMTERXW3YXGSQIWLS[ IZIVEPWSLEZIERSTTSVXYRMX]SJFIMRKQSVIWSTLMWXMGEXIHEWXLIHMZIVWMX]SJTIVWTIG XMZIWXLEXQYWXFIXEOIRMRXSEGGSYRXERHEHHVIWWIHMRGVIEWIW 7]RIVK] 7]RIVK] GSQIWJVSQXLI+VIIO[SVHWYRIVKSW [LMGLQIERWq[SVOMRKXSKIXLIVr7]R IVK]VIWYPXWJVSQX[SSVQSVITISTPI[SVOMRKXSKIXLIVWLEVMRKMHIEW[MXLSTIRQMRHW ERHQYXYEPVIWTIGXERHQEREKMRKGSRJPMGXMR[E]WXLEXIQTS[IVEPPQIQFIVWq7IZ IVEPMRHMZMHYEPW[SVOMRKXSKIXLIVERHFYMPHMRKSRIEGLSXLIVtWWXVIRKXLWGERTSXIRXMEPP] KIRIVEXIQSVIERHFIXXIVWSPYXMSRWXLERMJXLIWITISTPI[SVOIHEPSRIr 1G7LERI :SR+PMRS[T 8LMWMWXLIEHZERXEKISJ[SVOMRKMREKVSYT8LI[LSPISJ XLIKVSYTMWKVIEXIVXLERXLIWYQSJMXWTEVXW 8LIKVSYTTVSGIWWGVIEXIWERSYXGSQI XLEXMWHMJJIVIRXJVSQERHSJXIRWYTIVMSVXS[LEXER]SJXLIKVSYTQIQFIVWQMKLXLEZI KIRIVEXIHSRXLIMVS[R7SQIXLMRKLETTIRWEWEKVSYTEPPS[WSRITIVWSRtWMHIEWXS WXMQYPEXIERSXLIVtWXLSYKLXWHYVMRKXLIHMWGYWWMSRGEYWMRKEXLMVHTIVWSRXSXLMROSJ WSQIXLMRKXSXEPP]RI[8LMWRI[MHIEMWVIJMRIHF]XLIJMVWXTIVWSRMRGSVTSVEXIH[MXLMR ERI[MHIEF]XLIWIGSRHI\XIRHIHJYVXLIVF]XLIXLMVH%WXLIKVSYTTVSGIWWGSRXMR YIWWSQIXLMRKIQIVKIWXLEXMWRI[GVIEXMZIERHYRMUYIXSXLMWTEVXMGYPEVKVSYTERH MRXIVEGXMSR-RWYGLERMRXIVEGXMZIFYMPHMRKTVSGIWWMXFIGSQIWMQTSWWMFPIERHMVVIPI ZERXXSEXXVMFYXIXLIJMREPWSPYXMSRSVIZIRER]WIXSJMHIEWXSETEVXMGYPEVMRHMZMHYEP 8LISYXGSQIMWERI[[LSPIRSPSRKIVIEWMP]WITEVEFPIMRXSMXWGSQTSRIRXTEVXW 8LIIJJIGXMZIRIWWSJWQEPPKVSYTWPMIWMRXLIH]REQMGWSJXLIHIGMWMSRQEOMRK TVSGIWW&IGEYWIQIQFIVWFSYRGIMHIEWSJJSRIERSXLIVERHTEVXWSJQER]MHIEWQE] FI VIGSQFMRIH GSEPIWGMRK XS JSVQ RI[ ERH HMJJIVIRX MHIEW XLI VIWYPX MW JVIUYIRXP] WSQIXLMRKIRXMVIP]RI[ERHYRI\TIGXIH8LMWTVSGIWWSJWQEPPKVSYTHIGMWMSRQEOMRK MWWMQMPEVXSXLIGLIQMGEPVIEGXMSRXLEXTVSHYGIW[EXIVJVSQL]HVSKIRERHS\]KIR8LI [EXIVMWERIRXMVIP]RI[WYFWXERGILEZMRKTVSTIVXMIWRSXIEWMP]I\TPEMRIHF]XLIGLEV EGXIVMWXMGWSJL]HVSKIRERHS\]KIRQSPIGYPIWEPSRI8LMWW]RIVKMWXMGVIEGXMSRMW[LEX QEOIWWQEPPKVSYTWWYGLETSXIRXMEPP]TS[IVJYPHIGMWMSRQEOMRKXSSP%VIZMI[SJ ]IEVWSJWXYHMIWSRGSSTIVEXMZIHIGMWMSRQEOMRKJSYRHXLEXTVSFPIQWSPZMRKMWQSVI IJJIGXMZI[LIRHSRIF]KVSYTWVEXLIVXLERF]MRHMZMHYEPW &IVOS  'LEVEGXIVMWXMGWSJ7QEPP+VSYT'SQQYRMGEXMSR )EGLSJYWEWKVSYTQIQFIVWFVMRKWSYVS[RHIJMRMXMSRMRXIVTVIXEXMSRTIVWSREPLMW XSV] ERH NYHKQIRX GSRGIVRMRK XLI ETTVSTVMEXIRIWW SJ ER] TEVXMGYPEV KVSYT EGXMZMX] 8LMW VIWTSRWI MR ERH SJ MXWIPJGVIEXIWER SRKSMRK GSRXMRYSYW QSHMJMGEXMSR SJ XLEX 7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX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tWVIEGXMSRQE]VIHIJMRIXLIKVSYTHMWGYWWMSRIZIRMJSRP]XIQTSVEVMP]8LMW WIRWISJE[LSPIRIWWMREKVSYTtWGSQQYRMGEXMSRGEREPWSFIWIIRMRXLII\TIVMIRGISJ WSQIXLMRKXLEXWXVMOIWXLIKVSYTEWL]WXIVMGEPP]JYRR]6IPEXMRKXLILYQSVSJXLEXMRGM HIRXXSWSQISRIIPWI[LS[EWRSXTVIWIRXSJXIRFIGSQIWMQTSWWMFPIq=SYVIEPP]LEH XSFIXLIVIrXSETTVIGMEXIXLILYQSV[MXLMRXLITVSGIWWERHGSRXI\XSJXLIKVSYT 'SQTPI\8VERWEGXMSRW 'SQTPI\KVSYTXVERWEGXMSRWMRZSPZIXLVIIIPIQIRXWWYFWXERGITEXXIVRERHTVSGIWW 8LI WYFWXERGI GSRWMWXW SJ XLI GSRXIRX SJ XLI KVSYT MRXIVEGXMSRhXLI MWWYIW EVSYRH [LMGLXLIKVSYTMWJSVQIHERHGSQQYRMGEXIW8LITEXXIVR GSRWMWXWSJXLIVIPEXMSRWLMTW ERH MRXIVEGXMSRWEQSRK XLI KVSYT QIQFIVW8LI TVSGIWW MW XLI MRXIVQIHMEV] EGXMSR FIX[IIRXLIWYFWXERGIERHXLITEXXIVRMXMWXLIGEXEP]WXXLEXKMZIWqPMJIrXSXLIKVSYT MRXIVEGXMSR -J-WE]q0IXtWQIIXEXSRXLI1EPPrXLIWXEXIQIRXLEWEPMXIVEPGSRXIRXQIER MRKFYXMXEPWSGSRXEMRWEVIPEXMSREPMRXIVEGXMZIIPIQIRXhEREWWYQTXMSRSJETEXXIVRMR SYVVIPEXMSRWLMT-XEWWYQIWXLEXMXMWETTVSTVMEXIJSVQIXSWYKKIWXXLIXMQIERHTPEGISJ XLIQIIXMRKERHXLEXXLSWIXS[LSQ-EQWTIEOMRKEVII\TIGXIHXSWLS[YT8LI[E] IEGLSJYWMRXIVTVIXWERHVIEGXWXSXLMWWXEXIQIRXMRHMGEXIWSYVVIPEXMSREPTVSGIWW-JE KVSYTQIQFIVWLS[WYTJSVXLIQIIXMRKEXMWWLISVLIPEXI#,EWLISVWLIZMS PEXIHEKVSYTqXMQIPMRIWWRSVQr#,EWLIOITXIZIV]SRI[EMXMRK#-WWLIFIMRKVYHISV WMQTP]ETTP]MRKETTVSTVMEXIKVSYTI\TIGXEXMSRWJSVFILEZMSV#0MOI[MWIMJ-XIPPENSOI MRXLIQMHHPISJEWIVMSYWKVSYTHMWGYWWMSREQ-JYPJMPPMRKERMQTSVXERXKVSYTGSQQY RMGEXMSR JYRGXMSR SJ qPMKLXIRMRK XLMRKW YTr IRKEKMRK MR MRETTVSTVMEXI FILEZMSV F] q[EWXMRKXLIKVSYTtWXMQIrSVqEGXMRKSYXrEKEMRWXXLI[MWLIWSJXLIKVSYT#;LIXLIV- EQPEXIJSVXLIKVSYTQIIXMRK[LIR-EVVMZIJMZIQMRYXIWEJXIVXLIWXEXIHWXEVXMRKXMQI SVEQ[EWXMRKXLIKVSYTtWXMQI[LIR-XIPPENSOIHITIRHWYTSRXLIRSVQWXLEXLEZI FIIRIWXEFPMWLIHJSVXLIKVSYT%PPVIPEXMSRWLMTWERHWQEPPKVSYTMRXIVEGXMSRWLETTIR WMQYPXERISYWP]SRWIZIVEPPIZIPW8LI]MRZSPZI[LEXMWWEMH XLIWYFWXERGI XLIVIPE XMSRWLMTWERHMRXIVEGXMSRWFIX[IIRXLITISTPIMRZSPZIH XLITEXXIVR ERHXLIEGXMSRXLEX QIHMEXIWFIX[IIRXLSWIX[SERHXLEXYRMXIWXLIQ XLITVSGIWW )EGLKVSYTHIZIPSTW MXWS[RRSVQWJSVETTVSTVMEXIKVSYTWYFWXERGITEXXIVRERHTVSGIWW -RXIVEGXMZI'SQTPI\MXMIW 7QEPPKVSYTWWLEVIQER]SJXLIGSQQYRMGEXMSRGLEVEGXIVMWXMGWXLEXQEOIMRXIVTIVWSREP ERHTYFPMGGSQQYRMGEXMSRIJJIGXMZIFYXFIGEYWISJXLIGSQTPI\MX]SJXLIMRXIVEGXMSRW MRWQEPPKVSYTWWSQIMQTSVXERXHMJJIVIRGIWMRXLIGSQQYRMGEXMSRTVSGIWWEPWSRIIHXS 7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG 8]TIWSJ7QEPP+VSYTW  FIXEOIRMRXSEGGSYRX0MOIIJJIGXMZIMRXIVTIVWSREPH]EHW[LMGLEVIX[STIVWSRVIPE XMSRWLMTW XLI QIQFIVWSJ WQEPP KVSYTW EVI QYXYEPP] MRXIVHITIRHIRX ERH XLIVIJSVI QYXYEPP]VIWTSRWMFPIJSVXLIWYGGIWWSVJEMPYVISJXLIKVSYTt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qWQEPPr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tWEFMP MX]XSHMWGYWWMWWYIWJYRGXMSRERHQEOITVSKVIWWFYXMX[MPPWYFWXERXMEPP]EJJIGXXLI KVSYTtWTVSGIWW 8]TIWSJ7QEPP+VSYTW 7QEPPKVSYTWEVIIZIV][LIVIERHEVISJQER]X]TIW*EQMP][SVOWGLSSPERHPIMWYVI EGXMZMXMIWQE]EPPMRZSPZIWQEPPKVSYTW-RIEGLGSRXI\X[I[SVO[MXLSXLIVWXSGSQIXS GSQQSRYRHIVWXERHMRKWERHXSQEOIHIGMWMSRWXLEXEJJIGXIEGLSJYWXSWSQIHIKVII )EGLX]TISJWQEPPKVSYTGERFIGLEVEGXIVM^IHF]XLIOMRHSJGSQQYRMGEXMSRXLEXXEOIW TPEGI[MXLMRMX 3YVMQQIHMEXIJEQMP]MWJSVQSWXSJYWEWMKRMJMGERXWQEPPKVSYTEJJMPMEXMSRERH QE]FIVIJIVVIHXSEWETVMQEV] KVSYTSVEFEWMGWSGMEPYRMXXS[LMGL[IFIPSRK8LMW X]TISJWQEPPKVSYTXIRHWXSFIXLIQSWXMRJSVQEPERH[ISVHMREVMP]VIQEMRQIQFIVW 7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX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tWGVI[WXSLMKLPIZIPI\IGYXMZIVIXVIEXW[LIVISVKERM ^EXMSREP TSPMG] ERH HMVIGXMSR EVI HIXIVQMRIH 8LI MQQIHMEXI SJJMGI KVSYT SV TVSHYGXMSRXIEQMWERSRKSMRKTEVXSJQSWXNSFWERHXLIIJJIGXMZIRIWWSJXLIWIKVSYTW GERMRJPYIRGIFSXLERMRHMZMHYEPt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F]4IEVWSR)HYGEXMSR-RG +VSYTWMR3VKERM^EXMSRW  SJ ZEVMSYW SRPMRI KVSYTW 8LI TEVXMGYPEV GSQQYRMGEXMSR WXVEXIKMIW YWIH MR WQEPP KVSYTW HITIRHW XS WSQI HIKVII SR XLI GSRXI\X SJ XLI MRXIVEGXMSR ERH XLI KSEPW XLI KVSYT [ERXW XS EGGSQTPMWL *SV I\EQTPI IPIGXVSRMG GSQQYRMGEXMSR TSWIW HMJJIVIRX MWWYIWJSVWQEPPKVSYTGSQQYRMGEXMSRXLERHSIWJEGIXSJEGIGSQQYRMGEXMSR(MJJIV IRXX]TIWSJJEGIXSJEGIWMXYEXMSRWERHSZIVEPPGSRXI\XWEPWSTPEGIUYMXIHMJJIVIRXX]TIW SJHIQERHWSRXLIGSQQYRMGEXMSRMRXIVEGXMSRW +VSYTWMR3VKERM^EXMSRW +VSYTW ERH XIEQW YWIH IJJIGXMZIP] TVSHYGI SYXWXERHMRK VIWYPXW8LI] GER IRLERGI GVIEXMZMX]ERHI\TERHXLIWGSTISJEPXIVREXMZIWSPYXMSRW1SWXWYGGIWWJYPGSQTERMIW ERHPEVKIGSVTSVEXMSRWLEZIFIIRWXEVXIHF]FVEMRWXSVQMRKMRWQEPPKVSYTWVEXLIVXLER F]EWMRKPIMRHMZMHYEPEGXMRKEPSRI 7QEPPKVSYTWEVIXLIGSVRIVWXSRIWSJQER]EWTIGXWSJSVKERM^EXMSREPFILEZMSV STIVEXMRKEXEPPPIZIPWERHTPE]MRKQENSVVSPIWMRXLIMRJSVQEPERHJSVQEPMRXIVEGXMSRW MRSVKERM^EXMSRW ,EVVMW 3VKERM^EXMSRWQEOIYWISJGSQQMXXIIWXEWOJSVGIW [SVOKVSYTWERHEZEWXRYQFIVSJSXLIVX]TIWSJKVSYTWERHXIEQWVERKMRKJVSQIPIG XVSRMGRIX[SVOWXSMRXIVHMWGMTPMREV]TVSFPIQWSPZMRKKVSYTW 3VKERM^EXMSREP)\EQTPIW 8LI EFMPMX] SJ XIEQW XS MRGVIEWI ER SVKERM^EXMSRtW WYGGIWW MW [MHIP] HSGYQIRXIH q1SVIGSQTERMIWEVIQSZMRKJVSQXVEHMXMSREPLMIVEVGL]QEREKIQIRXXSXIEQFEWIH QEREKIQIRXMR[LMGLIZIV]SRILEWMRTYXMRXSLS[XLIFYWMRIWWMWVYRr 4EVOIV T (  3VKERM^EXMSRW YWI XIEQW XS MRGVIEWI MRRSZEXMSR IRLERGI GSPPEFSVEXMSR MR GVIEWI IJJIGXMZI GSQQYRMGEXMSR WSPZI TVSFPIQW ERH VIHIJMRI XVEHMXMSREP SVKERM^E XMSREPWXVYGXYVIW 8LI;LSPI *SSHW 'SQTER] JSVQW XIEQWMR IZIV] HITEVXQIRX 4EVOIV   )EGLXIEQSTIVEXIWEWEWITEVEXIIRXIVTVMWI[MXLSRIXIEQPIEHIVq-JXLIXIEQGSQIW MRYRHIVMXWFYHKIXXLIQSRI]PIJXSZIVMWHMZMHIHEQSRKXLIQIQFIVWr 4EVOIV T ( %X JMVWX KPERGI MX QMKLX ETTIEV XLEXXLIXIEQ[SYPH FI QSXMZEXIHXS VIHYGI WTIRHMRK,S[IZIVWEXMWJ]MRKXLIGYWXSQIVMWXLIJMVWXTVMSVMX]WSXIEQWHSRSXMRXIR XMSREPP]PMQMXUYEPMX]SVWIVZMGIXSMRGVIEWIXLIPIJXSZIVQSRI]q;LSPI*SSHW[LSWI WXSGOTVMGIMWYTTIVGIRXXLMW]IEVLEWWIIRWXIEH]KVS[XLMRMXWIEVRMRKWEWEVIWYPX SJMXWXIEQWXVYGXYVIr 4EVOIVT(  7IEKEXI 8IGLRSPSK] TEMH  TIV IQTPS]II XS EXXIRH E SRI[IIO XIEQ FYMPHMRKVIXVIEXMR2I[>IEPERHHIWMKRIHXSHIZIPSTEGSLIWMZIXIEQGYPXYVI 1E\  (YFFIHq)GS7IEKEXIrXLIVIXVIEXMRGPYHIHEPPPIZIPWSJWXEJJWMRGIGSPPEFSVE XMSRMWEGSQTER][MHIRIIH8LIKSEP[EWXSPIEVRXSHITIRHSRSXLIVXIEQQIQFIVW JSVSZIVEPPWYGGIWWRSQEXXIV[LEXXLITVSFPIQMW *MREPP]2YGSVXLIREXMSRtWPEVKIWXWXIIPTVSHYGIVERHVIG]GPIVLEWXIEQWXLEXJMK YVISYXWYTTP]JPS[TVSFPIQWUYEPMX]MWWYIWZEGEXMSRWGLIHYPIWERHIZIRHMWGMTPMREV] EGXMSRW2SWYTIVZMWSVHMGXEXIWXLIMVIZIV]QSZI 4EVOIV 7MRGIXLIXIEQGEREGX 7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLX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qYRTVSHYGXMZIQIIXMRKWEVIEGSWXP] HVEMRSRFYWMRIWWIWr %VQSYVT&  -RSRIWYVZI] SJ97I\IGYXMZIWTSMRXIHXSEPEGOSJSVKERM^EXMSRERHTPER RMRKEWXLIQENSVVIEWSRWJSVMRIJJIGXMZIQIIXMRKW &EWMP )\EQMRI*MKYVI  SRTEKIJSVKYMHIPMRIWJSVMRGVIEWMRK]SYVQIIXMRKWt IJJIGXMZIRIWW 'SQQMXXIIW GSRJIVIRGIW ERH QIIXMRKW LEZI JSWXIVIH QER] XSRKYIMRGLIIO GSQQIRXWWYGLEWq%QIIXMRKFVMRKWXSKIXLIVEKVSYTSJXLIYRJMXETTSMRXIHF]XLI YR[MPPMRKXSHSXLIYRRIGIWWEV]rq%GEQIPMWELSVWIHIWMKRIHF]EGSQQMXXIIrq% GSRJIVIRGIMWEQIIXMRKSJTISTPI[LSWMRKP]HSRSXLMRKERH[LSGSPPIGXMZIP]EKVII XLEXRSXLMRKGERFIHSRIrERHq%GSRJIVIRGIMWEQIIXMRKXSHIGMHI[LIRXLIRI\X QIIXMRK[MPPFILIPHr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F]4IEVWSR)HYGEXMSR-RG 7YQQEV]  *-+96) %VI=SY0SRIP]#,SPHE1IIXMRK %VI=SY0SRIP]# ;SVOSR=SYV3[R# ,EXI1EOMRK(IGMWMSRW# ,30(%1))8-2+ =SYGER d 7)) TISTPI d (6%; JPS[GLEVXW d *))0 MQTSVXERX d -146)77 ]SYVGSPPIEKYIW d )%8 HSRYXW %PPSR '314%2=8-1) 1))8-2+7 XLITVEGXMGEPEPXIVREXMZIXS[SVO 7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG  ',%48)6  7QEPP+VSYTW4S[IV(IJMRMXMSRERH%XXVEGXMSR *-+96) +YMHIXS1IIXMRK)JJIGXMZIRIWW 1IIXMRKWEVIZMXEPXSXLIKVSYTERHXIEQTVSGIWW8LIJSPPS[MRKWYKKIWXMSRWWYQQEVM^IGSQQSR TVSFPIQWSVMWWYIW[MXLQIIXMRKIJJIGXMZIRIWW7TIGMEPM^IHKVSYTWSJXIRLEZITEVXMGYPEVJSVQEXW ERHI\TIGXEXMSRWXLEXQMKLXVIUYMVIHIZMEXMSRWJVSQXLMWPMWX &IJSVIXLI1IIXMRK  /IITXSXLIEKVIIHYTSRPI

Use Quizgecko on...
Browser
Browser