Disclaimer

This document has been reviewed in accordance with U.S. Environmental

Protection Agency policy and approved for publication. Mention of trade names or

commercial products does not constitute endorsement or recommendation for use.

III-ii
Preface

In 1971, the U.S. Environmental Protection Agency (EPA) promulgated National

Ambient Air Quality Standards (NAAQS) to protect the public health and welfare from

adverse effects of photochemical oxidants. In 1979, the chemical designation of the standards

was changed from photochemical oxidants to ozone (O3). This document focuses primarily

on the scientific air quality criteria for O3 and, to a lesser extent, on those for other

photochemical oxidants such as hydrogen peroxide and the peroxyacyl nitrates.

The EPA promulgates the NAAQS on the basis of scientific information contained

in air quality criteria issued under Section 108 of the Clean Air Act. The previous O3 criteria

document, Air Quality Criteria for Ozone and Other Photochemical Oxidants, was released in

August 1986 and a supplement, Summary of Selected New Information on Effects of Ozone on

Health and Vegetation, was released in January 1992. These documents were the basis for a

March 1993 decision by EPA that revision of the existing 1-h NAAQS for O3 was not

appropriate at that time. That decision, however, did not take into account some of the newer

scientific data that became available after completion of the 1986 criteria document. The

purpose of this revised air quality criteria document for O3 and related photochemical

oxidants is to critically evaluate and assess the latest scientific data associated with exposure

to the concentrations of these pollutants found in ambient air. Emphasis is placed on the

presentation of health and environmental effects data; however, other scientific data are

presented and evaluated in order to provide a better understanding of the nature, sources,

distribution, measurement, and concentrations of O3 and related photochemical oxidants and

their precursors in the environment. Although the document is not intended to be an

exhaustive literature review, it is intended to cover all pertinent literature available through

1995.

This document was prepared and peer reviewed by experts from various state and

Federal governmental offices, academia, and private industry and reviewed in several public

meetings by the Clean Air Scientific Advisory Committee. The National Center for

Environmental Assessment (formerly the Environmental Criteria and Assessment Office) of

EPA’s Office of Research and Development acknowledges with appreciation the contributions

provided by these authors and reviewers as well as the diligence of its staff and contractors in

the preparation of this document at the request of the Office of Air Quality Planning and

Standards.

III-iii

Air Quality Criteria for Ozone

and Related Photochemical Oxidants

Table of Contents

Volume I

1. Executive Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1-1

2. Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2-1

3. Tropospheric Ozone and Its Precursors . . . . . . . . . . . . . . . . . . . . . . . . 3-1

4. Environmental Concentrations, Patterns, and Exposure Estimates . . . . . . 4-1

Appendix A: Abbreviations and Acronyms . . . . . . . . . . . . . . . . . . . . . . . . A-1

Volume II

5. Environmental Effects of Ozone and Related Photochemical

Oxidants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1

Appendix A: Abbreviations and Acronyms . . . . . . . . . . . . . . . . . . . . . . . . A-1

Appendix B: Colloquial and Latin Names . . . . . . . . . . . . . . . . . . . . . . . . . B-1

Volume III

6. Toxicological Effects of Ozone and Related Photochemical Oxidants . . . 6-1

7. Human Health Effects of Ozone and Related Photochemical Oxidants . . . 7-1

8. Extrapolation of Animal Toxicological Data to Humans . . . . . . . . . . . . 8-1

9. Integrative Summary of Ozone Health Effects . . . . . . . . . . . . . . . . . . . 9-1

Appendix A: Abbreviations and Acronyms . . . . . . . . . . . . . . . . . . . . . . . . A-1

III-v

Table of Contents

Page

List of Tables ............................................. III-xiv

List of Figures ............................................. III-xix

Authors, Contributors, and Reviewers ............................. III-xxiii

U.S. Environmental Protection Agency Science Advisory Board,

Clean Air Scientific Advisory Committee ......................... III-xxxi

U.S. Environmental Protection Agency Project Team for Development

of Air Quality Criteria for Ozone and Related Photochemical Oxidants .... III-xxxiii

6. TOXICOLOGICAL EFFECTS OF OZONE AND RELATED

PHOTOCHEMICAL OXIDANTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1

6.1 INTRODUCTION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1

6.2 RESPIRATORY TRACT EFFECTS OF OZONE . . . . . . . . . . . . 6-3

6.2.1 Biochemical Effects . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3

6.2.1.1 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . 6-3

6.2.1.2 Cellular Targets of Ozone Interaction . . . . . . . 6-4

6.2.1.3 Effects of Ozone Exposure on Lung

Lipid Metabolism . . . . . . . . . . . . . . . . . . . . . 6-7

6.2.1.4 Effects of Ozone on Lung Antioxidant

Systems . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-8

6.2.1.5 Effects of Ozone on Lung Protein

Metabolism ......................... 6-13

6.2.1.6 Effects of Ozone Exposure on Lung Xenobiotic

Metabolism ......................... 6-17

6.2.1.7 Summary ........................... 6-19

6.2.2 Lung Inflammation and Permeability Changes ........ 6-20

6.2.2.1 Introduction ......................... 6-20

6.2.2.2 Permeability Changes .................. 6-21

6.2.2.3 Concomitant Changes in Permeability and

Inflammatory Cell Populations in the Lung . . . 6-29

6.2.2.4 Sensitive Populations ................... 6-31

6.2.2.5 Repeated Exposures .................... 6-33

6.2.2.6 Mediators of Inflammation and Permeability . . 6-33

6.2.2.7 Summary ........................... 6-35

6.2.3 Effects on Host Defense Mechanisms .............. 6-36

6.2.3.1 Introduction ......................... 6-36

6.2.3.2 Mucociliary Clearance .................. 6-36

6.2.3.3 Alveolobronchiolar Transport Mechanism .... 6-37

6.2.3.4 Alveolar Macrophages .................. 6-39

III-vii
Table of Contents (cont’d)

Page

6.2.3.5 Immunology ......................... 6-43

6.2.3.6 Interaction with Infectious Agents .......... 6-48

6.2.3.7 Summary ........................... 6-52

6.2.4 Morphological Effects ........................ 6-54

6.2.4.1 Introduction ......................... 6-54

6.2.4.2 Sites Affected ........................ 6-57

6.2.4.3 Considerations of Exposure Regimens

and Methods ......................... 6-76

6.2.4.4 Considerations of Degree of Susceptibility to

Morphological Changes ................. 6-78

6.2.4.5 Summary .......................... 6-80

6.2.5 Effects on Pulmonary Function .................. 6-83

6.2.5.1 Introduction ......................... 6-83

6.2.5.2 Brief Ozone Exposures (Less Than

30 Minutes) ......................... 6-85

6.2.5.3 Acute Ozone Exposures (Less Than

One Day) ........................... 6-91

6.2.5.4 Repeated Acute Exposure Experiments (More

Than Three Days) ..................... 6-99

6.2.5.5 Longer Term Exposure Studies ............ 6-100

6.2.5.6 Summary ........................... 6-102

6.2.6 Genotoxicity and Carcinogenicity of Ozone ......... 6-103

6.2.6.1 Introduction ......................... 6-103

6.2.6.2 Ozone-Induced Deoxyribonucleic Acid

Damage ............................ 6-104

6.2.6.3 Induction of Mutation by Ozone ........... 6-106

6.2.6.4 Induction of Cytogenetic Damage by Ozone . . . 6-108

6.2.6.5 Induction of Morphological Cell Transformation

by Ozone ........................... 6-109

6.2.6.6 Possible Direct Carcinogenic, Co-carcinogenic,

and Tumor-Promoting Effects of Ozone as

Studied in Whole Animal Carcinogenesis

Bioassays ........................... 6-111

6.2.6.7 Possible Effects of Ozone on Injected Tumor

Cells That Lodge in the Lung and Form Lung

Colonies ............................ 6-117

6.2.6.8 Summary and Conclusions ............... 6-118

6.3 SYSTEMIC EFFECTS OF OZONE ..................... 6-121

6.3.1 Introduction ............................... 6-121

6.3.2 Central Nervous System and Behavioral Effects ...... 6-122

6.3.3 Cardiovascular Effects ........................ 6-124

6.3.4 Hematological and Serum Chemistry Effects ......... 6-126

III-viii
Table of Contents (cont’d)

Page

6.3.5 Other Systemic Effects ........................ 6-128

6.3.6 Summary ................................. 6-128

6.4 INTERACTIONS OF OZONE WITH OTHER

CO-OCCURRING POLLUTANTS ...................... 6-129

6.4.1 Introduction ............................... 6-129

6.4.2 Simple (Binary) Mixtures Containing Ozone ......... 6-130

6.4.2.1 Nitrogen Dioxide as Copollutant ........... 6-141

6.4.2.2 Acidic Compounds as Copollutants ......... 6-146

6.4.2.3 Other Copollutants .................... 6-148

6.4.3 Complex (Multicomponent) Mixtures Containing

Ozone ................................... 6-149

6.4.4 Summary ................................. 6-151

6.5 SUMMARY AND CONCLUSIONS ..................... 6-152

6.5.1 Introduction ............................... 6-152

6.5.2 Molecular Mechanisms of Effects ................ 6-153

6.5.3 Respiratory Tract Effects ...................... 6-154

6.5.3.1 Effects on Host Defenses ................ 6-154

6.5.3.2 Effects on Inflammation and Permeability .... 6-155

6.5.3.3 Effects on Structure, Function, and

Biochemistry ........................ 6-156

6.5.3.4 Genotoxicity and Carcinogenicity of Ozone . . . 6-161

6.5.3.5 Factors That Influence Ozone Exposure ...... 6-162

6.5.4 Systemic Effects ............................ 6-163

6.5.4.1 Central Nervous System and Behavioral

Effects ............................. 6-163

6.5.4.2 Cardiovascular Effects .................. 6-163

6.5.4.3 Reproductive and Developmental Effects ..... 6-164

6.5.4.4 Other Systemic Effects ................. 6-164

6.5.5 Effects of Mixtures .......................... 6-164

REFERENCES ......................................... 6-166

7. HUMAN HEALTH EFFECTS OF OZONE AND RELATED

PHOTOCHEMICAL OXIDANTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-1

7.1 INTRODUCTION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-1

7.2 CONTROLLED HUMAN EXPOSURE STUDIES . . . . . . . . . . . 7-2

7.2.1 Pulmonary Function Effects of One- to Three-Hour

Ozone Exposures . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-2

7.2.1.1 Healthy Subjects . . . . . . . . . . . . . . . . . . . . . . 7-2

7.2.1.2 Subjects with Preexisting Disease .......... 7-17

7.2.1.3 Influence of Gender, Age, Ethnic, and

Environmental Factors .................. 7-25

III-ix
Table of Contents (cont’d)

Page

7.2.1.4 Repeated Exposures to Ozone ............. 7-40

7.2.1.5 Effects on Exercise Performance ........... 7-49

7.2.2 Pulmonary Function Effects of Prolonged (Multihour)

Ozone Exposures ............................ 7-53

7.2.3 Increased Airway Responsiveness ................ 7-61

7.2.4 Inflammation and Host Defense .................. 7-67

7.2.4.1 Introduction ......................... 7-67

7.2.4.2 Inflammation Assessed by Bronchoalveolar

Lavage ............................. 7-73

7.2.4.3 Inflammation Induced by Ambient Levels

of Ozone ........................... 7-75

7.2.4.4 Time Course of Inflammatory Response ..... 7-76

7.2.4.5 Effect of Anti-Inflammatory Agents on

Ozone-Induced Inflammation ............. 7-76

7.2.4.6 Use of Nasal Lavage To Assess OzoneInduced Inflammation in the Upper

Respiratory Tract ..................... 7-76

7.2.4.7 Changes in Host Defense Capability Following

Ozone Exposure ...................... 7-77

7.2.5 Extrapulmonary Effects of Ozone ................ 7-78

7.2.6 Ozone Mixed with Other Pollutants .............. 7-79

7.2.6.1 Ozone and Sulfur-Containing Pollutants ...... 7-80

7.2.6.2 Ozone and Nitrogen-Containing Pollutants .... 7-85

7.2.6.3 Ozone, Peroxyacetyl Nitrate, and More

Complex Mixtures ..................... 7-87

7.2.6.4 Summary ........................... 7-88

7.3 SYMPTOMS AND PULMONARY FUNCTION IN

CONTROLLED STUDIES OF AMBIENT AIR EXPOSURES . . 7-88

7.3.1 Mobile Laboratory Studies ..................... 7-88

7.3.2 High-Altitude Studies ......................... 7-92

7.4 FIELD AND EPIDEMIOLOGY STUDIES ................ 7-92

7.4.1 Acute Effects of Ozone Exposure ................ 7-92

7.4.1.1 Introduction ......................... 7-92

7.4.1.2 Individual-Level Studies ................ 7-93

7.4.1.3 Aggregate Population Time Series Studies .... 7-121

7.4.1.4 Summary and Conclusions ............... 7-142

7.4.2 Chronic Effects of Ozone Exposure ............... 7-143

7.4.2.1 Introduction ......................... 7-143

7.4.2.2 Recent Epidemiological Studies of Effects of

Chronic Exposure ..................... 7-144

7.4.2.3 Conclusions ......................... 7-158

III-x
Table of Contents (cont’d)

Page

7.5 SUMMARY AND CONCLUSIONS ..................... 7-160

7.5.1 Controlled Human Studies of Ozone Exposure ....... 7-160

7.5.1.1 Effects on Pulmonary Function ............ 7-160

7.5.1.2 Symptom Responses to Ozone ............ 7-164

7.5.1.3 Effects on Exercise Performance ........... 7-165

7.5.1.4 Effects on Airway Responsiveness ......... 7-165

7.5.1.5 Inflammation and Host Defense Effects ..... 7-167

7.5.1.6 Factors Modifying Responsiveness to Ozone . . 7-167

7.5.1.7 Extrapulmonary Effects of Ozone .......... 7-169

7.5.1.8 Effects of Ozone Mixed with Other

Pollutants ........................... 7-169

7.5.2 Field and Epidemiology Studies of Ozone Exposure . . . 7-170

REFERENCES ......................................... 7-173

8. EXTRAPOLATION OF ANIMAL TOXICOLOGICAL DATA

TO HUMANS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8-1

8.1 INTRODUCTION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8-1

8.2 OZONE DOSIMETRY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8-2

8.2.1 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8-2

8.2.2 Summary of 1986 Review of Experimental and

Theoretical Dosimetry . . . . . . . . . . . . . . . . . . . . . . . . 8-2

8.2.3 Experimental Ozone Dosimetry Data . . . . . . . . . . . . . . 8-3

8.2.3.1 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . 8-3

8.2.3.2 In Vivo Ozone Dosimetry Studies . . . . . . . . . . 8-3

8.2.3.3 In Vitro Ozone Dosimetry Studies . . . . . . . . . . 8-7

8.2.3.4 Human Ozone Dosimetry Studies . . . . . . . . . . 8-9

8.2.3.5 Intercomparison of Ozone Dosimetry Studies . . 8-15

8.2.4 Dosimetry Modeling ......................... 8-22

8.2.4.1 Background ......................... 8-22

8.2.4.2 Dosimetry Model Predictions ............. 8-28

8.3 SPECIES SENSITIVITY: LUNG FUNCTION AND

INFLAMMATORY ENDPOINTS EXEMPLIFYING

AN APPROACH .................................. 8-33

8.3.1 Introduction ............................... 8-33

8.3.1.1 Dosimetry .......................... 8-34

8.3.2 Homology of Response ....................... 8-35

8.3.2.1 Lung Function Endpoints as Homologous

Indicators ........................... 8-35

8.3.2.2 Inflammatory and Antioxidant Endpoints

as Homologous Indicators ............... 8-35

8.3.3 Studies of Lung Function ...................... 8-36

III-xi
Table of Contents (cont’d)

Page

8.3.3.1 Confounding Influences in Lung Function

Studies ............................. 8-36

8.3.3.2 Acute Exposure Data ................... 8-39

8.3.3.3 Prolonged Exposure Studies .............. 8-52

8.4 QUANTITATIVE EXTRAPOLATION OF ACUTE OZONE

EFFECTS ....................................... 8-55

8.4.1 Introduction ............................... 8-55

8.4.2 Intraspecies Delivered Dose Response ............. 8-56

8.4.3 Interspecies Delivered Dose Response ............. 8-56

8.5 QUANTITATIVE EXTRAPOLATION OF CHRONIC OZONE

EFFECTS ....................................... 8-60

8.5.1 Introduction ............................... 8-60

8.5.2 Factors Considered in Estimating Dose ............ 8-62

8.5.2.1 Human ............................. 8-62

8.5.2.2 Monkeys ........................... 8-68

8.5.2.3 Rats ............................... 8-68

8.5.3 Results and Discussion ........................ 8-70

8.5.3.1 Simulation Results .................... 8-70

8.5.3.2 Interpretation of Chronic Site-Specific

Dose-Effect Estimates .................. 8-72

8.6 SUMMARY AND CONCLUSIONS ..................... 8-76

8.6.1 Ozone Dosimetry ............................ 8-76

8.6.2 Species Homology and Sensitivity ................ 8-78

8.6.3 Quantitative Extrapolation ...................... 8-79

REFERENCES ......................................... 8-81

9. INTEGRATIVE SUMMARY OF OZONE HEALTH EFFECTS . . . . . . . 9-1

9.1 INTRODUCTION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9-1

9.2 EXPOSURE-DOSE RELATIONSHIPS . . . . . . . . . . . . . . . . . . . 9-2

9.3 EFFECTS OF SHORT-TERM OZONE EXPOSURES . . . . . . . . 9-4

9.3.1 Physiological Responses to Ozone Exposure . . . . . . . . . 9-4

9.3.1.1 Respiratory Symptom Responses . . . . . . . . . . . 9-4

9.3.1.2 Lung Function Responses . . . . . . . . . . . . . . . . 9-5

9.3.1.3 Changes in Airway Responsiveness . . . . . . . . . 9-7

9.3.2 Exacerbation of Respiratory Disease . . . . . . . . . . . . . . 9-7

9.3.3 Morphological and Biochemical Abnormalities . . . . . . . 9-9

9.3.3.1 Inflammation and Cell Damage . . . . . . . . . . . . 9-9

9.3.3.2 Host Defense ........................ 9-12

9.3.4 Quantitative Ozone Exposure-Response

Relationships ............................... 9-13

9.3.4.1 Prediction and Summary of Mean

Responses .......................... 9-15

III-xii
Table of Contents (cont’d)

Page

9.3.4.2 Prediction and Summary of Individual

Responses .......................... 9-19

9.4 EFFECTS OF LONG-TERM OZONE EXPOSURES ......... 9-26

9.4.1 Repeated Exposures .......................... 9-26

9.4.2 Prolonged Exposures ......................... 9-27

9.4.3 Genotoxicity and Carcinogenicity of Ozone ......... 9-31

9.5 EFFECTS OF COMBINED POLLUTANT EXPOSURES ...... 9-31

9.6 CONCLUSIONS .................................. 9-32

REFERENCES .................................... 9-37

APPENDIX A: ABBREVIATIONS AND ACRONYMS . . . . . . . . . . . . . . . A-1

III-xiii
List of Tables

Number Page

6-1 Effects of Ozone Exposure on Lung Lipids . . . . . . . . . . . . . . . . . 6-9

6-2 Effects of Ozone Exposure on Lung Antioxidants ............ 6-11

6-3 Effects of Ozone Exposure on Lung Proteins ................ 6-15

6-4 Effects of Ozone Exposure on Lung Xenobiotic Metabolism ..... 6-18

6-5 Lung Inflammation and Permeability Changes Associated

with Ozone Exposure ................................ 6-22

6-6 Effects of Ozone on Host Defense Mechanisms:

Physical Clearance .................................. 6-38

6-7 Effects of Ozone on Host Defense Mechanisms:

Macrophage Alterations ............................... 6-40

6-8 Effects of Ozone on Host Defense Mechanisms:

Immunology ...................................... 6-45

6-9 Effects of Ozone on Host Defense Mechanisms:

Interactions with Infectious Agents ....................... 6-50

6-10 Effects of Ozone on Conducting Airways .................. 6-58

6-11 Effects of Ozone on Lung Structure: Short-Term

Exposures (Less Than Two Weeks) ...................... 6-61

6-12 Effects of Ozone on Lung Structure: Long-Term

Exposures (More Than Two Weeks) ...................... 6-64

6-13 Effects of Ozone on Pulmonary Function .................. 6-86

6-14 Effects of Ozone on Airway Reactivity .................... 6-88

6-15 Effects of Ozone on Deoxyribonucleic Acid Damage .......... 6-105

6-16 Summary of Findings on the Mutagenicity of Ozone .......... 6-107

6-17 Effects of Ozone on Morphological Cell Transformation ........ 6-110

III-xiv
List of Tables (cont’d)

Number Page

6-18 Summary of Results on the Possible Carcinogenicity of Ozone . . . 6-112

6-19 Alveolar/Bronchiolar Tumor Incidence in B6C3F1 Mice in the

National Toxicology Program’s Chronic Ozone Study .......... 6-116

6-20 Effects of Inhaled Ozone on the Ability of Injected Tumor

Cells to Colonize the Lungs of Mice ..................... 6-118

6-21 Summary of Data on the Genotoxicity of Ozone ............. 6-119

6-22 Effects of Ozone on Behavior .......................... 6-123

6-23 Effects of Ozone on the Cardiovascular System .............. 6-125

6-24 Hematology and Serum Chemistry Effects .................. 6-127

6-25 Toxicological Interactions of Ozone and Nitrogen Dioxide ...... 6-131

6-26 Toxicological Interactions to Binary Mixtures of Ozone with

Acids and Other Pollutants ............................ 6-136

7-1 Controlled Exposure of Healthy Human Subjects to Ozone . . . . . . 7-4

7-2 Ozone Exposure in Subjects with Preexisting Disease .......... 7-18

7-3 Gender Differences in Pulmonary Function Responses to Ozone . . 7-26

7-4 Hormonal Influences on Pulmonary Function Responses to

Ozone ........................................... 7-33

7-5 Age Differences in Pulmonary Function Responses to Ozone .... 7-34

7-6 Changes in Forced Expiratory Lung Volume After Repeated

Daily Exposure to Ozone ............................. 7-41

7-7 Pulmonary Function Effects with Repeated Exposures

to Ozone ......................................... 7-43

7-8 Ozone Effects on Exercise Performance ................... 7-50

7-9 Pulmonary Function Effects After Prolonged Exposures to

Ozone ........................................... 7-54

III-xv
List of Tables (cont’d)

Number Page

7-10 Increased Airway Responsiveness Following Ozone Exposures . . . 7-63

7-11 Bronchoalveolar Lavage Studies of Inflammatory Effects from

Controlled Human Exposure to Ozone .................... 7-68

7-12 Additional Studies of Inflammatory and Host Defense Effects from

Controlled Human Exposure to Ozone .................... 7-70

7-13 Ozone Mixed with Other Pollutants ...................... 7-81

7-14 Acute Effects of Ozone in Ambient Air in Field Studies with a

Mobile Laboratory .................................. 7-90

7-15 Acute Effects of Photochemical Oxidant Pollution: Lung Function

in Camp Studies .................................... 7-97

7-16 Slopes from Regressions of Forced Expiratory Volume in One

Second on Ozone for Six Camp Studies ................... 7-103

7-17 Acute Effects of Photochemical Oxidant Pollution: Lung Function

in Exercising Subjects ................................ 7-106

7-18 Acute Effects of Photochemical Oxidant Pollution: Daily Life

Studies of Lung Function and Respiratory Symptoms .......... 7-110

7-19 Acute Effects of Photochemical Oxidant Pollution: Symptom

Prevalance ........................................ 7-114

7-20 Aggravation of Existing Respiratory Diseases by Photochemical

Oxidant Pollution ................................... 7-117

7-21 Hospital Admissions/Visits in Relation to Photochemical

Oxidant Pollution: Time Series Studies ................... 7-124

7-22 Comparison of Regressions of Daily Summertime Respiratory

Admissions on Ozone and Temperature in Toronto, Ontario,

and Buffalo, New York, for the Summer of 1988 ............. 7-133

7-23 Summary of Effect Estimates for Ozone in Recent Studies of

Respiratory Hospital Admissions ........................ 7-136

III-xvi
List of Tables (cont’d)

Number Page

7-24 Daily Mortality Associated with Exposure to Photochemical

Oxidant Pollution ................................... 7-138

7-25 Pathologic and Immunologic Changes Associated with Chronic

Ozone Exposure .................................... 7-147

7-26 Effects of Chronic Ozone Exposure on Pulmonary Function,

Respiratory Symptoms, and Chronic Respiratory Disease ....... 7-148

7-27 Effects of Chronic Ozone Exposure on the Incidence of

Cardiovascular and Malignant Diseases .................... 7-159

8-1 Experimental Studies on Ozone Dosimetry . . . . . . . . . . . . . . . . . 8-4

8-2 Total Respiratory Tract Uptake Data ...................... 8-16

8-3 Unidirectional Upper Respiratory Tract Uptake Efficiency Data . . . 8-17

8-4 Lower Respiratory Tract Uptake Efficiency Data ............. 8-18

8-5 Theoretical Ozone Dosimetry Investigations ................ 8-23

8-6 Assumption for Application of Dosimetry Model to Breathing

Frequency Responses to Ozone ......................... 8-32

8-7 Comparison of Total Respiratory Tract Uptake Data with

Model Predictions ................................... 8-32

8-8 Pulmonary Antioxidant Substances in Various Laboratory Animal

Species and Humans ................................. 8-37

8-9 Polymorphonuclear Leukocyte and Protein Permeability Response

to Ozone by Species ................................. 8-48

8-10 The Basis of Information for Model Parameters .............. 8-63

8-11 Estimating Monkey Ventilatory Parameters ................. 8-69

8-12 Summary of Simulation Results ......................... 8-71

8-13 Summaries of Study Data Used in Extrapolation of Chronic

Ozone Effects ..................................... 8-74

III-xvii
List of Tables (cont’d)

Number Page

9-1 Gradation of Individual Responses to Short-Term Ozone

Exposure in Healthy Persons ............................... 9-24

9-2 Gradation of Individual Responses to Short-Term Ozone

Exposure in Persons with Impaired Respiratory Systems ............ 9-25

III-xviii
List of Figures

Number Page

6-1 Major secondary products of ozone interaction with

lung cells . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-5

6-2 Schematic representation of intrapulmonary conducting airways

and acini from animals with respiratory bronchioles (human

and nonhuman primates) and without respiratory bronchioles

(rats and most rodents) ............................... 6-55

6-3 Electron micrograph of alveolar septa in the centriacinar region

of the lungs from laboratory rats exposed to a simulated pattern

of ambient ozone for 78 weeks, showing thickened basement

membrane ........................................ 6-74

6-4 Schematic comparison of the duration-response profiles for

epithelial hyperplasia, bronchoalveolar exudation, and

interstitial fibrosis in the centriacinar region of lung

exposed to a constant low concentration of ozone ............ 6-81

7-1 Individual concentration-response curves for five separate

subjects exposed to 0.10, 0.15, 0.20, and 0.25 ppm ozone for

two hours with moderate intermittent exercise ............... 7-13

7-2 Mean percent change in post-minus prevalues of

forced expiratory volume in one second for each

gender-race group ................................... 7-29

7-3 The forced expiratory volume in one second is shown

in relation to exposure duration at different ozone

concentrations ..................................... 7-57

7-4 The distribution of response for 87 subjects exposed to

clean air and at least one of 0.08, 0.10, or 0.12 ppm ozone is

shown here ....................................... 7-58

7-5 The forced expiratory volume in one second is shown in

relation to exposure duration under three exposure conditions .... 7-60

7-6 Airway function can be measured before and immediately after

the inhalation of an aerosolized bronchoconstrictor drug

like methacholine ................................... 7-62

III-xix
List of Figures (cont’d)

Number Page

8-1 Total respiratory tract uptake as a function of inspiratory

flow in humans .................................... 8-19

8-2 Unidirectional uptake efficiency in the upper respiratory

tract by the nasal pathway ............................. 8-20

8-3 Unidirectional uptake efficiency in the upper respiratory

tract by the oral pathway .............................. 8-21

8-4 Uptake efficiency of the lower respiratory tract as a

function of inspiratory flow in humans .................... 8-22

8-5 Net dose and tissue dose versus sequential segments along

anatomical model airway paths for human, rat, guinea pig,

and rabbit ........................................ 8-29

8-6 Parallelogram paradigm for utilizing animal data for human

health predictions ................................... 8-34

8-7 Comparison of changes in frequency of breathing after ozone

exposure in humans and animals ........................ 8-40

8-8 Comparison of changes in resistance after ozone exposure in

humans and animals ................................. 8-43

8-9 Comparison of changes in forced vital capacity after ozone

exposure in humans and animals ........................ 8-47

8-10 Composite of data from Slade et al. (1989), Koren et al.

(1989b), and Crissman et al. (1993) comparing basal

bronchoalveolar lavage ascorbate levels to ozone-induced

changes in bronchoalveolar lavage protein .................. 8-50

8-11 Composite of data comparing polymorphonuclear leukocytes

obtained by bronchoalveolar lavage 16 to 18 hours after

ozone exposure of humans (with exercise) to those of rats

exposed to ozone at rest or hyperventilated with carbon

dioxide .......................................... 8-51

8-12 Comparison of changes in forced vital capacity in

humans and frequency of breathing in rats with up to

five consecutive days of ozone exposure ................... 8-53

III-xx
List of Figures (cont’d)

Number Page

8-13 Changes in forced expiratory volume in one second versus

pulmonary tissue dose ................................ 8-57

8-14 Relationship between change in alveolar wall thickness

and predicted ozone dose as a function of distance

from the bronchiole-alveolar duct junction .................. 8-58

8-15 The maximum ratio of ozone-altered breathing frequency to

control breathing frequency at various ozone concentrations versus

predicted average dose rate to the proximal alveolar region ..... 8-59

8-16 Protein in the bronchoalveolar lavage for several laboratory

animal species and humans, as related to the estimated

pulmonary dose .................................... 8-60

8-17 The variation in exposure concentration for the New York City

adult and child ..................................... 8-66

8-18 Change from control of total interstitial and acellular thickness

for rats exposed to ozone in the U.S. Environmental Protection

Agency (Chang et al., 1992) and National Toxicology Program/

Health Effects Institute (Chang et al., 1994) studies ........... 8-73

9-1 Mean predicted changes in forced expiratory volume in one second

following two-hour exposures to ozone with increasing levels of

intermittent exercise ................................. 9-16

9-2 Predicted mean decrements in forced expiratory volume in one

second for one- and two-hour exposures to ozone with

intermittent heavy exercise and 6.6-hour exposures with

moderate prolonged exercise ........................... 9-17

9-3 Derived means of bronchoalveolar lavage protein denoted by

symbols and the exponential model shown by lines as time of

exposure varies from two to eight hours ................... 9-17

9-4 Predicted mean forced vital capacity for rats exposed to

ozone while undergoing intermittent carbon dioxide-induced

hyperpnea ........................................ 9-18

III-xxi
List of Figures (cont’d)

Number Page

9-5 Average number of adjusted respiratory admissions among all

168 hospitals by decile of the daily one-hour maximum ozone

level, lagged one day ................................ 9-18

9-6 Predicted mean decrements in forced expiratory volume

in one second following two-hour exposures to ozone

while undergoing heavy intermittent exercise for three ages ...... 9-19

9-7 The distribution of response for 87 subjects exposed to

clean air and at least one of 0.08, 0.10, or 0.12 ppm

ozone ........................................... 9-20

9-8 Histograms of regression slopes for forced expiratory volume in

one second versus one-hour ozone concentration in children

attending a summer camp in northwestern New Jersey ......... 9-21

9-9 Proportion of heavily exercising individuals predicted to

experience a 10% decrement in forced expiratory volume in one

second following a one- or two-hour exposure to ozone ........ 9-22

9-10 Proportion of heavily exercising individuals predicted

to experience mild cough following a two-hour

ozone exposure .................................... 9-22

9-11 Proportion of moderately exercising individuals exposed to ozone

for 6.6 hours predicted to experience 5, 10, or 15% decrements

in forced expiratory volume in one second as a function of

concentration times time for age equal to 24 years ............ 9-23

9-12 A summary of the morphologic lesions found in the terminal

bronchioles and centriacinar region of the lung following

exposure of laboratory rats to filtered air or a simulated

ambient pattern of ozone for up to 78 weeks ................ 9-28

9-13 Schematic comparison of the duration-response profiles for

epithelial hyperplasia, bronchoalveolar exudation, and

interstitial fibrosis in the centriacinar region of lung exposed

to a constant low concentration of ozone ................... 9-29

III-xxii
Authors, Contributors, and Reviewers

Chapter 6. Toxicological Effects of Ozone

and Related Photochemical Oxidants

Principal Authors

Dr. David J.P. Bassett—Department of Occupational and Environmental Health, College of

Pharmacy and Allied Health Professions, Shapero Hall, Wayne State University, Detroit, MI

48202

Dr. Deepak K. Bhalla—Department of Community and Environmental Medicine, University of

California, Irvine, CA 92717

Dr. Judith A. Graham—National Exposure Research Laboratory (MD-75), U.S. Environmental

Protection Agency, Research Triangle Park, NC 27711

Dr. George J. Jakab—Department of Environmental Health Sciences, The Johns Hopkins

University, School of Hygiene and Public Health, 615 N. Wolfe Street, Baltimore, MD 21209

Dr. Joseph R. Landolph—Department of Microbiology, USC Comprehensive Cancer Center,

USC School of Medicine, Norris Cancer Hospital and Research Institute,

1441 Eastlake Avenue, Los Angeles, CA 90033

Dr. Richard B. Schlesinger—Institute of Environmental Medicine, New York University

Medical Center, Long Meadow Road, Tuxedo, NY 10987

Dr. Jeffrey S. Tepper—Genentech, Inc., 460 Point San Bruno Blvd., South San Francisco, CA

94080

Dr. Walter S. Tyler—Department of Anatomy, School of Veterinary Medicine, University of

California, Davis, CA 95616

Contributors and Reviewers

Dr. Gary A. Boorman—National Institute of Environmental Health Sciences, P.O. Box 12233,

Research Triangle Park, NC 27709

Dr. Daniel L. Costa—National Health and Environmental Effects Research Laboratory

(MD-82), U.S. Environmental Protection Agency, Research Triangle Park, NC 27711

III-xxiii
Authors, Contributors, and Reviewers (cont’d)

Dr. Max Costa—Department of Environmental Medicine, New York University Medical

Center, 550 First Avenue, New York, NY 10016

Dr. Donald L. Dungworth—Department of Veterinary Pathology, School of Veterinary

Medicine, University of California, Davis, CA 95616

Dr. Ian Gilmour—Center for Environmental Medicine and Lung Biology, U.S. Environmental

Protection Agency (MD-92), Research Triangle Park, NC 27711

Dr. Kenneth B. Gross—Biomedical Science Department, General Motors Research Laboratory,

Warren, MI 48090

Dr. Gary E. Hatch—National Health and Environmental Effects Research Laboratory (MD-82),

U.S. Environmental Protection Agency, Research Triangle Park, NC 27711

Dr. Rogene F. Henderson—Inhalation Toxicology Research Institute, Lovelace Biomedical and

Environmental Research Institute, P.O. Box 5890, Albuquerque, NM 87185

Dr. Dallas M. Hyde—Department of Anatomy, School of Veterinary Medicine, University of

California, Davis, CA 95616

Dr. Jerald A. Last—California Primate Research Center, University of California, Davis, CA

95616

Dr. Daniel B. Menzel—Department of Community and Environmental Medicine, College of

Medicine, University of California, Irvine, CA 92715

Dr. Robert R. Mercer—Department of Medicine, Division of Allergy and Respiratory Disease,

P.O. Box 3177, Duke University Medical Center, Durham, NC 27710

Dr. Frederick J. Miller—Chemical Industry Institute of Toxicology, P.O. Box 12137, Research

Triangle Park, NC 27709

Dr. Kathleen M. Nauss—Health Effects Institute, 141 Portland St., Suite 7300,

Cambridge, MA 02139

Dr. Steven C. Nesnow—National Health and Environmental Effects Research Laboratory

(MD-68), U.S. Environmental Protection Agency, Research Triangle Park, NC 27711

Dr. Robert F. Phalen—Department of Community and Environmental Medicine, University of

California, Irvine, CA 92717

III-xxiv
Authors, Contributors, and Reviewers (cont’d)

Dr. Charles G. Plopper—Department of Anatomy, School of Veterinary Medicine, University

of California, Davis, CA 95616

Dr. Edward M. Postlethwait—Pulmonary Division H-76, Department of Internal Medicine,

University of Texas Medical School, Galveston, TX 77550

Mr. Mark E. Raizenne—Health and Welfare Canada, Environmental Health Center, Tunney’s

Pasture, Ottawa, Ontario K1A OL2, CANADA

Dr. Edward S. Schelegle—Department of Human Physiology, School of Medicine, Building 1-

A, Room 4140, University of California, Davis, CA 95616

Dr. MaryJane Selgrade—National Health and Environmental Effects Research Laboratory

(MD-92), U.S. Environmental Protection Agency, Research Triangle Park, NC 27711

Dr. David Warshawsky—Kettering Laboratories, University of Cincinnati, School of Medicine,

Department of Environmental Health, 3223 Eden Avenue, Cincinnati, OH 45267

Dr. M. Jean Wiester—National Health and Environmental Effects Research Laboratory

(MD-82), U.S. Environmental Protection Agency, Research Triangle Park, NC 27711

Dr. Jeannette Wiltse—National Center for Environmental Assessment (8601), U.S.

Environmental Protection Agency, 401 M. Street, S.E., Washington, DC 20460

Dr. Hanspeter R. Witschi—Toxic Substances Research and Teaching Program, University of

California, Davis, CA 95616

Chapter 7. Human Health Effects of Ozone

and Related Photochemical Oxidants

Principal Authors

Dr. Robert M. Aris—Department of Medicine, The University of North Carolina,

724 Burnette-Womack Bldg., Chapel Hill, NC 27599

Dr. John R. Balmes—Center for Occupational and Environmental Health, San Francisco

General Hospital, 1001 Potrero Avenue, Bldg. 30, 5th Floor, San Francisco, CA 94110

Dr. Robert B. Devlin—National Health and Environmental Effects Research Laboratory

(MD-58), U.S. Environmental Protection Agency, Research Triangle Park, NC 27711

III-xxv
Authors, Contributors, and Reviewers (cont’d)

Dr. Deborah M. Drechsler-Parks—Environmental Stress Laboratory, Neuroscience Research

Institute, University of California, Santa Barbara, CA 93106

Dr. Lawrence J. Folinsbee—National Health and Environmental Effects Research Laboratory

(MD-58), U.S. Environmental Protection Agency, Research Triangle Park, NC 27711

Dr. Henry Gong, Jr.—Rancho Los Amigos Medical Center, 7601 East Imperial Highway,

Downey, CA 90242

Dr. Patrick L. Kinney—School of Public Health, Columbia University, 60 Haven Avenue,

New York, NY 10032

Dr. Edward S. Schelegle—Department of Human Physiology, School of Medicine, Building 1-

A, Room 4140, University of California, Davis, CA 95616

Dr. Ira B. Tager—School of Public Health, 140 Earl Warren Hall, University of California,

Berkeley, CA 94720

Dr. George D. Thurston—Institute of Environmental Medicine, New York University Medical

Center, Long Meadow Road, Tuxedo, NY 10987

Contributors and Reviewers

Dr. William C. Adams—Department of Physical Education, University of California,

Davis, CA 95616

Dr. Rebecca Bascom—The University of Maryland School of Medicine, 10 S. Pine St.,

MSTF-800, Baltimore, MD 21201

Dr. David V. Bates—Department of Health Care and Epidemiology, University of British

Columbia, 5804 Fairview Ave., Vancouver, British Columbia V6T1Z3, CANADA

Dr. William S. Beckett—Yale School of Medicine, 333 Cedar St., New Haven, CT 06510

Dr. Philip A. Bromberg—Department of Medicine, The University of North Carolina,

724 Burnett-Womack Bldg., 229H, Chapel Hill, NC 27599

Dr. Douglas Dockery—Harvard School of Public Health, Environmental Epidemiology,

665 Huntington Avenue, Boston, MA 02115

Dr. William Eschenbacher—Methodist Hospital, 6565 Fannin, M.S., F980,

Houston, TX 77030

III-xxvi
Authors, Contributors, and Reviewers (cont’d)

Dr. Mark Frampton—Pulmonary Disease Unit, Box 692, University of Rochester Medical

Center, 601 Elmwood Avenue, Rochester, NY 14642

Dr. Judith A. Graham—National Center for Environmental Assessment (MD-52),

U.S. Environmental Protection Agency, Research Triangle Park, NC 27711

Dr. Milan J. Hazucha—Department of Medicine, Center for Environmental Medicine and Lung

Biology, The University of North Carolina, Trailer #4, Medical Bldg. C 224H, Chapel Hill,

NC 27599

Dr. Steven M. Horvath—Environmental Stress Laboratory, Neuroscience Research Institute,

University of California, Santa Barbara, CA 93106

Dr. Howard R. Kehrl—National Health and Environmental Effects Research Laboratory

(MD-58), U.S. Environmental Protection Agency, Research Triangle Park, NC 27711

Dr. Jane Q. Koenig—Department of Environmental Health, School of Public Health and

Community Medicine, University of Washington, SC-34, Seattle, WA 98195

Dr. Hillel S. Koren—National Health and Environmental Effects Research Laboratory

(MD-58), U.S. Environmental Protection Agency, Research Triangle Park, NC 27711

Dr. Debra L. Laskin—Department of Pharmacology and Toxicology, College of Pharmacy,

Rutgers University, Piscataway, NY 08855

Mr. William S. Linn—Rancho Los Amigos Medical Center, 51 Medical Science Building,

7601 East Imperial Highway, Downey, CA 90242

Dr. Fred Lipfert—23 Carll Ct., Northport, NY 11768

Dr. William F. McDonnell—National Health and Environmental Effects Research Laboratory

(MD-58), U.S. Environmental Protection Agency, Research Triangle Park, NC 27711

Mr. Mark E. Raizenne—Health and Welfare Canada, Environmental Health Center, Tunney’s

Pasture, Ottawa, Ontario K1A OL2, CANADA

Dr. Jonathan M. Samet—Department of Epidemiology, School of Hygiene and Public Health,

Johns Hopkins University, 615 N. Wolfe St., Baltimore, MD 21205

Dr. Joel Schwartz—Environmental Epidemiology Program, Harvard School of Public Health,

665 Huntington Avenue, Boston, MA 02115

III-xxvii
Authors, Contributors, and Reviewers (cont’d)

Dr. Elston Seal—National Health and Environmental Effects Research Laboratory (MD-58),

U.S. Environmental Protection Agency, Research Triangle Park, NC 27711

Dr. Dalia M. Spektor—2242 20th Street (#1), Santa Monica, CA 90405

Chapter 8. Extrapolation of Animal Toxicological Data

to Humans

Principal Authors

Dr. Daniel L. Costa—National Health and Environmental Effects Research Laboratory

(MD-82), U.S. Environmental Protection Agency, Research Triangle Park, NC 27711

Dr. Timothy R. Gerrity—Medical Research Services, Department of Veterans Affairs,

810 Vermont Ave., N.W., Washington, DC 20420

Dr. John H. Overton—National Health and Environmental Effects Research Laboratory

(MD-82), U.S. Environmental Protection Agency, Research Triangle Park, NC 27711

Reviewers

Dr. Daniel B. Menzel—Department of Community and Environmental Medicine, College of

Medicine, University of California, Irvine, CA 92715

Dr. Robert R. Mercer—Department of Medicine, Division of Allergy and Respiratory Disease,

P.O. Box 3177, Duke University Medical Center, Durham, NC 27710

Dr. Frederick J. Miller—Chemical Industry Institute of Toxicology, P.O. Box 12137, Research

Triangle Park, NC 27709

Dr. Kathleen M. Nauss—Health Effects Institute, 141 Portland St., Suite 7300,

Cambridge, MA 02139

Dr. Edward M. Postlethwait—Pulmonary Division H-76, Department of Internal Medicine,

University of Texas Medical School, Galveston, TX 77550

Mr. Mark E. Raizenne—Health and Welfare Canada, Environmental Health Center, Tunney’s

Pasture, Ottawa, Ontario K1A OL2, CANADA

III-xxviii
Authors, Contributors, and Reviewers (cont’d)

Dr. James S. Ultman—Department of Chemical Engineering, Pennsylvania State University,

University Park, PA 16802

Dr. M. Jean Wiester—National Health and Environmental Effects Research Laboratory

(MD-82), U.S. Environmental Protection Agency, Research Triangle Park, NC 27711

Chapter 9. Integrative Summary of Ozone Health Effects

Principal Authors

Dr. Daniel L. Costa—National Health and Environmental Effects Research Laboratory

(MD-82), U.S. Environmental Protection Agency, Research Triangle Park, NC 27711

Dr. Robert B. Devlin—National Health and Environmental Effects Research Laboratory

(MD-58), U.S. Environmental Protection Agency, Research Triangle Park, NC 27711

Dr. Lawrence J. Folinsbee—National Health and Environmental Effects Research Laboratory

(MD-58), U.S. Environmental Protection Agency, Research Triangle Park, NC 27711

Dr. Timothy R. Gerrity—Medical Research Services, Department of Veterans Affairs,

810 Vermont Ave., N.W., Washington, DC 20420

Dr. Judith A. Graham—National Center for Environmental Assessment (MD-52),

U.S. Environmental Protection Agency, Research Triangle Park, NC 27711

Dr. William F. McDonnell—National Health and Environmental Effects Research Laboratory

(MD-58), U.S. Environmental Protection Agency, Research Triangle Park, NC 27711

Mr. James A. Raub—National Center for Environmental Assessment (MD-52),

U.S. Environmental Protection Agency, Research Triangle Park, NC 27711

Contributors and Reviewers

Dr. Frederick J. Miller—Chemical Industry Institute of Toxicology, P.O. Box 12137, Research

Triangle Park, NC 27709

Dr. Edward S. Schelegle—Department of Human Physiology, School of Medicine, Building 1-

A, Room 4140, University of California, Davis, CA 95616

III-xxix
Authors, Contributors, and Reviewers (cont’d)

Dr. Walter S. Tyler—Department of Anatomy, School of Veterinary Medicine, University of

California, Davis, CA 95616

Dr. Jeannette Wiltse—National Center for Environmental Assessment, U.S. Environmental

Protection Agency (8601), 401 M. Street, S.E., Washington, DC 20460

III-xxx
U.S. Environmental Protection Agency

Science Advisory Board

Clean Air Scientific Advisory Committee

Ozone Review

Chairman

Dr. George T. Wolff—General Motors Corporation, Environmental and Energy Staff,

General Motors Bldg., 12th Floor, 3044 West Grand Blvd., Detroit, MI 48202

Members

Dr. Stephen Ayres—Office of International Health Programs, Virginia Commonwealth

University, Medical College of Virginia, Box 980565, Richmond, VA 23298

Dr. Jay S. Jacobson—Boyce Thompson Institute, Tower Road, Cornell University, Ithaca, NY

14853

Dr. Joseph Mauderly—Inhalation Toxicology Research Institute, Lovelace Biomedical and

Environmental Research Institute, P.O. Box 5890, Albuquerque, NM 87185

Dr. Paulette Middleton—Science & Policy Associates, Inc., Western Office, Suite 140,

3445 Penrose Place, Boulder, CO 80301

Dr. James H. Price, Jr.—Research and Technology Section, Texas Natural Resources

Conservation Commission, P.O. Box 13087, Austin, TX 78711

Invited Scientific Advisory Board Members

Dr. Morton Lippmann—Institute of Environmental Medicine, New York University Medical

Center, Long Meadow Road, Tuxedo, NY 10987

Dr. Roger O. McClellan—Chemical Industry Institute of Toxicology, P.O. Box 12137,

Research Triangle Park, NC 27711

Consultants

Dr. Stephen D. Colome—Integrated Environmental Services, University Tower, Suite 280,

4199 Campus Drive, Irvine, CA 92715

III-xxxi
U.S. Environmental Protection Agency

Science Advisory Board

Clean Air Scientific Advisory Committee

(cont’d)

Dr. A. Myrick Freeman—Department of Economics, Bowdoin College, Brunswick, ME 04011

Dr. Allan Legge—Biosphere Solutions, 1601 11th Avenue, NW, Calgary, Alberta T2N 1H1,

CANADA

Dr. William Manning—Department of Plant Pathology, University of Massachusetts, Amherst,

MA 01003

Dr. D. Warner North—Decision Focus, Inc., 650 Castro Street, Suite 300, Mountain View,

CA 94041

Dr. Frank E. Speizer—Harvard Medical School, Channing Lab, 180 Longwood Avenue,

Boston, MA 02115

Dr. George E. Taylor—Department of Environmental and Resource Sciences, 130 Fleischmann

Agriculture Bldg. 199, University of Nevada, Reno, NV 89557

Dr. Mark J. Utell—Pulmonary Disease Unit, Box 692, University of Rochester Medical

Center, 601 Elmwood Avenue, Rochester, NY 14642

Designated Federal Official

Mr. Randall C. Bond—Science Advisory Board (1400), U.S. Environmental Protection

Agency, 401 M Street, SW, Washington, DC 20460

Staff Assistant

Ms. Lori Anne Gross—Science Advisory Board (1400), U.S. Environmental Protection

Agency, 401 M Street, SW, Washington, DC 20460

III-xxxii
U.S. Environmental Protection Agency

Project Team for Development of Air Quality Criteria

for Ozone and Related Photochemical Oxidants

Scientific Staff

Mr. James A. Raub—Health Scientist, National Center for Environmental Assessment

(MD-52), U.S. Environmental Protection Agency, Research Triangle Park, NC 27711

Dr. A. Paul Altshuller—Physical Scientist, National Center for Environmental Assessment

(MD-52), U.S. Environmental Protection Agency, Research Triangle Park, NC 27711

Mr. William G. Ewald—Health Scientist, National Center for Environmental Assessment (MD52), U.S. Environmental Protection Agency, Research Triangle Park, NC 27711

Dr. J.H.B. Garner—Ecologist, National Center for Environmental Assessment (MD-52),

U.S. Environmental Protection Agency, Research Triangle Park, NC 27711

Dr. Judith A. Graham—Associate Director, National Center for Environmental Assessment

(MD-52), U.S. Environmental Protection Agency, Research Triangle Park, NC 27711

Ms. Ellie R. Speh—Secretary, National Center for Environmental Assessment (MD-52),

U.S. Environmental Protection Agency, Research Triangle Park, NC 27711

Ms. Beverly E. Tilton—Physical Scientist, National Center for Environmental Assessment

(MD-52), U.S. Environmental Protection Agency, Research Triangle Park, NC 27711

Technical Support Staff

Mr. Douglas B. Fennell—Technical Information Specialist, National Center for Environmental

Assessment (MD-52), U.S. Environmental Protection Agency, Research Triangle Park, NC

27711

Mr. Allen G. Hoyt—Technical Editor and Graphic Artist, National Center for Environmental

Assessment (MD-52), U.S. Environmental Protection Agency, Research Triangle Park, NC

27711

Ms. Diane H. Ray—Technical Information Manager (Public Comments), National Center for

Environmental Assessment (MD-52), U.S. Environmental Protection Agency, Research

Triangle Park, NC 27711

III-xxxiii
U.S. Environmental Protection Agency

Project Team for Development of Air Quality Criteria

for Ozone and Related Photochemical Oxidants

(cont’d)

Mr. Richard N. Wilson—Clerk, National Center for Environmental Assessment (MD-52), U.S.

Environmental Protection Agency, Research Triangle Park, NC 27711

Document Production Staff

Ms. Marianne Barrier—Graphic Artist, ManTech Environmental Technology, Inc.,

P.O. Box 12313, Research Triangle Park, NC 27709

Mr. John R. Barton—Document Production Coordinator, ManTech Environmental Technology,

Inc., P.O. Box 12313, Research Triangle Park, NC 27709

Ms. Lynette D. Cradle—Word Processor, ManTech Environmental Technology, Inc., P.O. Box

12313, Research Triangle Park, NC 27709

Ms. Shelia H. Elliott—Word Processor, ManTech Environmental Technology, Inc.,

P.O. Box 12313, Research Triangle Park, NC 27709

Ms. Sandra K. Eltz—Word Processor, ManTech Environmental Technology, Inc.,

P.O. Box 12313, Research Triangle Park, NC 27709

Ms. Jorja R. Followill—Word Processor, ManTech Environmental Technology, Inc.,

P.O. Box 12313, Research Triangle Park, NC 27709

Ms. Sheila R. Lassiter—Word Processor, ManTech Environmental Technology, Inc.,

P.O. Box 12313, Research Triangle Park, NC 27709

Ms. Wendy B. Lloyd—Word Processor, ManTech Environmental Technology, Inc.,

P.O. Box 12313, Research Triangle Park, NC 27709

Ms. Carolyn T. Perry—Word Processor, ManTech Environmental Technology, Inc.,

P.O. Box 12313, Research Triangle Park, NC 27709

Ms. Cheryl B. Thomas—Word Processor, ManTech Environmental Technology, Inc.,

P.O. Box 12313, Research Triangle Park, NC 27709

Mr. Peter J. Winz—Technical Editor, ManTech Environmental Technology, Inc.,

P.O. Box 12313, Research Triangle Park, NC 27709

III-xxxiv
U.S. Environmental Protection Agency

Project Team for Development of Air Quality Criteria

for Ozone and Related Photochemical Oxidants

(cont’d)

Technical Reference Staff

Mr. John A. Bennett—Bibliographic Editor, ManTech Environmental Technology, Inc.,

P.O. Box 12313, Research Triangle Park, NC 27709

Ms. S. Blythe Hatcher—Bibliographic Editor, Information Organizers, Inc., P.O. Box 14391,

Research Triangle Park, NC 27709

Ms. Susan L. McDonald—Bibliographic Editor, Information Organizers, Inc., P.O. Box 14391,

Research Triangle Park, NC 27709

Ms. Carol J. Rankin—Bibliographic Editor, Information Organizers, Inc., P.O. Box 14391,

Research Triangle Park, NC 27709

Ms. Deborah L. Staves—Bibliographic Editor, Information Organizers, Inc., P.O. Box 14391,

Research Triangle Park, NC 27709

Ms. Patricia R. Tierney—Bibliographic Editor, ManTech Environmental Technology, Inc.,

P.O. Box 12313, Research Triangle Park, NC 27709

III-xxxv




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PUFA ozone trioxolane carbonyl oxide aldehyde

RHC CH— RCH RHC=O + H O

Criegee ozonide hydroxyhydroperoxy cpd. aldehyde hydrogen peroxide

O—O OH

O OOH

O O

O

3

2 2

or in the

presence

of H O2

either in

the

absence

of H O

2



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Human and Nonhuman

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Bronchioloalveolar exudate

Interstitial fibrosis

0 3 6 1 mo 6 mo 12 mo

days

Exposure Postexposure

Time



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5QWTEG &WPIYQTVJ 


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/KNNGTGVCNYJKEJTGFWEGUVJGEQPEGPVTCVKQPQHKPJCNGF1 FGNKXGTGFVQVJG 

NQYGTTGURKTCVQT[VTCEVYQWNFDGITGCVGTKPTCVUVJCPKPOQPMG[U5EJTGKFGTCPF4CCDG

RTQRQUGFVJCVYKVJCRRTQRTKCVGUECNKPIVJGOQPMG[EQWNFUGTXGCUCOQFGNHQTCGTQUQNCPFICU

FGRQUKVKQPKPVJGPCUQRJCT[PIGCNTGIKQPQHJWOCPU*QYGXGTVJGUGPUKVKXKV[QHVJG

PCUQRJCT[PIGCNGRKVJGNKWOOC[DGFKHHGTGPVDGECWUGEJCPIGUKPVJGPCUCNGRKVJGNKWOVJCVHQNNQY

1 KPJCNCVKQPNKMGVJQUGKPVJG%#4CTGOQTGUGXGTGKPOQPMG[UVJCPKPTCVU2NQRRGTGVCN 



6JGGHHGEVQHCIGCVUVCTVQHGZRQUWTGQP1 KPFWEGFNWPIKPLWT[JCUPQVDGGP 

TGUQNXGF$CTT[GVCNTGRQTVGFPQFKHHGTGPEGUKP6'/OQTRJQOGVT[QH%#4CPF

6$NGUKQPUFWGVQCIGCVUVCTVQHGZRQUWTG*QYGXGTVJG[UVWFKGFCPCTTQYTCPIGQHCIGUN

CPFFC[UQNFCVVJGUVCTVQHCFC[GZRQUWTG$CTT[GVCNNURGEWNCVGVJCV

OWEJQHVJG%#4TGURQPUGKPVJGTCVUVJCVDGICPGZRQUWTGCVFC[QHCIGOKIJVJCXGQEEWTTGF

FWTKPIGZRQUWTG&C[UVQDGECWUGCUVJGGCTNKGTUVWFKGUQH5VGRJGPUGVCNHQWPF


TCVUCTGPQVUGPUKVKXGVQOQTRJQNQIKECNGHHGEVUQH1 WPVKNYGCPKPICVFC[UQHCIG6JWUVJG 

TCVUVJCVYGTGFC[QNFCVVJGDGIKPPKPIQHGZRQUWTGOC[JCXGFGXGNQRGFVJGUCOGKPVGPUKV[QH

NGUKQPUFWTKPIVJGNCUVFC[UQHGZRQUWTGCUVJGQNFGTTCVUFKFKPFC[UQHGZRQUWTG+P

UVWFKGUWUKPICYKFGTTCPIGQHCIGUCPFFC[QNFTCVU5VKNGUCPF6[NGTTGRQTVGF

NCTIGT%#4NGUKQPUKPVJG[QWPIGTTCVUDWVITGCVGTEJCPIGUKPDQF[YGKIJVCPFHKZGFNWPI

XQNWOGKPVJGQNFGTTCVUHQNNQYKPICFC[GZRQUWTGVQ1 

6JGGHHGEVUQHGZRQUWTGTGIKOGPCPFFWTCVKQPYGTGGXCNWCVGFKPOQTGTGEGPVN[

RWDNKUJGFUVWFKGU'ZRQUWTGQH[QWPIOQPMG[UVQRRO1 KPCUGCUQPCNTGIKOGPKG 

GZRQUWTGKPQFFOQPVJUCPFRQUVGZRQUWTGKPGXGPOQPVJUHQTOQTGUWNVGFKPVJGUCOG

SWCPVKV[QH%#4NGUKQPUCUFCKN[GZRQUWTGVQVJGUCOGEQPEGPVTCVKQPHQTOQ6[NGTGVCN

#UKOKNCTSWCPVKV[QH%#4NGUKQPUYCUTGRQTVGFKPTCVUGZRQUGFVQRRO1 KPC 

FC[GRKUQFKETGIKOGPWPKVUQHFC[GZRQUWTGUCPFFC[UYKVJQWVGZRQUWTGHQTCVQVCNQH

FC[UCUVJQUGGZRQUGFVQVJGUCOGEQPEGPVTCVKQPGCEJFC[HQTFC[U$CTTGVCN

%JCPIGVCNECNEWNCVGFVJGEWOWNCVKXG1 EQPEGPVTCVKQPHQTCUSWCTGYCXGGZRQUWTG 

VQQTRROHQTJFC[FC[UYGGMYKVJCUKOWNCVGFWTDCPGZRQUWTGTGIKOGPQH

RROHQTJFC[FC[UYGGMCPFVJGPTCKUKPIVJCVDCEMITQWPFFC[UYGGMVQCRGCMQH

RROQXGTCJRGTKQF7UKPI6'/OQTRJQOGVT[QHVJG%#4VJG[HQWPFPQFKHHGTGPEG

FWGVQVJGRCVVGTPQHGZRQUWTG6JWUKVCRRGCTUVJCVVJGRCVVGTPQHFCKN[GZRQUWTGFQGUPQV

KPHNWGPEGVJGKPVGPUKV[QH%#4NGUKQPUDWVVJCVGRKUQFKECPFUGCUQPCNRCVVGTPUQHGZRQUWTG

YKVJOWNVKRNGFC[UQHENGCPCKTDGVYGGPFC[UQHGZRQUWTGCTGGSWKXCNGPVVQFCKN[GZRQUWTG

+VJCUDGEQOGENGCTVJCVTGOQFGNKPIQHEGPVTKCEKPCTCKTYC[UKUEWOWNCVKXG7UKPIC

UVGTGQNQIKECNCRRTQCEJ$CTTGVCNTGRQTVGFCPKPETGCUGKPVJGVQVCNXQNWOGQH4$YCNN

CPFNWOGPKPTCVUGZRQUGFVQRRO1 JFC[HQTFC[U$CTTCPFEQYQTMGTUCNUQ 

TGRQTVGFEQPVKPWKPI6[RGEGNNPGETQUKUCVVJGVKRUQHCNXGQNCTUGRVCCNXGQNCTQRGPKPITKPIU

KOOGFKCVGN[FKUVCNVQVJGPGYN[HQTOGF4$#&LWPEVKQPTCVJGTVJCPKPVJG6$#&LWPEVKQP

+VCRRGCTUVJCVUQOGQHVJGPGETQVKE6[RGEGNNUYGTGTGRNCEGFD[DTQPEJKQNCTGRKVJGNKWO

TCVJGTVJCPD[6[RGEGNNUCURTGXKQWUUVWFKGUKPFKECVGF6JKUYCUEQPHKTOGFD[2KPMGTVQP

GVCNYJQTGRQTVGFHWNN[FKHHGTGPVKCVGFEKNKCVGFCPFPQPEKNKCVGFDTQPEJKQNCTGRKVJGNKWO

NKPKPICNXGQNCTVKRUCNQPICHQTOGT#&WRVQOOHTQOVJG6$KPNWPIUHTQOTCVUGZRQUGFVQ

RRO1 HQTJFC[FC[UYGGMHQTOQ4GOQFGNKPIQHEGPVTKCEKPCTCKTYC[UCRRGCTU 

VQDGCIGPGTCNRJGPQOGPCCUKPETGCUGUKPVJG8 CPF8JCXGDGGPTGRQTVGFKPNWPIUHTQOCNN X

GZRQUGFTCVUCPFOQPMG[UGZCOKPGFWUKPIUVGTGQNQIKECNQTOQTRJQOGVTKEOGVJQFUVJCVEQWNF

FGVGEVVJKUEJCPIG(WLKPCMCGVCN/QHHCVVGVCN6[NGTGVCN6[NGTGVCN

$CTTGVCN2KPMGTVQPGVCN%GPVTKCEKPCTTGIKQPTGOQFGNKPIJCU

DGGPFGOQPUVTCVGFVQRGTUKUVKPOQPMG[UOQCHVGTCOQGZRQUWTGVQRRO1 6[NGT 

GVCNDCPFKPTCVUFC[UCHVGTCPKIJVGZRQUWTGVQRRO1 6[NGTGVCN 



5GXGTCNUVWFKGUJCXGEQPHKTOGFCPFGZVGPFGFVJGGCTNKGTTGRQTVUQHGRKVJGNKCN

FGIGPGTCVKXGEJCPIGUHQNNQYGFD[UNQWIJKPIKGNGCXKPIDCTGDCUGOGPVOGODTCPGVJCVKU

TGEQXGTGFD[QVJGTEGNNV[RGUVJWUCNVGTKPIGRKVJGNKCNEGNNRQRWNCVKQPUCPFKPETGCUKPIEGNN

FGPUKV[J[RGTRNCUKCKP6$CPFEGPVTKCEKPCTCNXGQNK$CTT[GVCN/QHHCVVGVCN

%JCPIGVCN*CTMGOCGVCN'RKVJGNKCNTGRNCEGOGPVCTGRCTCVKXG

RTQEGUUQEEWTUXGT[GCTN[2KPQGVCNEGXGPVJQWIJFGIGPGTCVKQPCPFPGETQUKU

EQPVKPWGU$CTTGVCN+PURGEKHKECKTYC[UVJGUGRTQEGUUGUCRRGCTVQTGCEJCOCZKOWO

GCTN[KPVJGGZRQUWTGCUTGRQTVGFD[*CTMGOCGVCNYJQHQWPFPQFKHHGTGPEGKPVJG

KPVGPUKV[QHNGUKQPUKPHKTUVIGPGTCVKQP4$UCUOGCUWTGFD[4$GRKVJGNKCNEGNNVJKEMPGUUCPF


PWODGTUCOQPIOQPMG[UGZRQUGFVQRRO1 HQTFC[UQTVQQTRROHQT 

FC[U*QYGXGTKVKUKORQTVCPVVQPQVGVJCVVJGTGOC[JCXGDGGPFKHHGTGPEGUKPTGURQPUGKH

OQTGFKUVCNIGPGTCVKQPUQH4$UQTTCPFQOIGPGTCVKQP4$UJCFDGGPUGNGEVGFHQTUVWF[6JG

KPVGTUVKVKWOKPVJG%#4CNUQVJKEMGPUD[VJGCFFKVKQPQHEGNNUCPFOCVTKZ6JKEMGPKPIQHVJG

DCUGOGPVOGODTCPGCPFVJGRTGUGPEGQHITCPWNCTOCVGTKCNKPKVYGTGTGRQTVGFD[$CTTGVCN


CPF%JCPIGVCN%JCPIGVCNWUKPI6'/OQTRJQOGVT[TGRQTVGFVJCV

UQOGEJCPIGUKPGRKVJGNKCNEGNNRQRWNCVKQPURGTUKUVKPTCVUHQTYGGMUCHVGTCYGGM

GZRQUWTGVQCOQFGNWTDCPRTQHKNGYKVJCRGCMQHRRO1 #VVJG./NGXGN)TQUUCPF 

9JKVGTGRQTVGFVJCVOQHQNNQYKPICOQGZRQUWTGVQRRO1 JFC[%#4 

KPHNCOOCVKQPJCFCNNDWVFKUCRRGCTGFCPFQPN[CUNKIJVFKNCVKQPCPFVJKEMGPKPIQHUQOG#&U

CPFCFLCEGPVCNXGQNKTGOCKPGF

6JGGRKVJGNKCQHVJGPCUCNECXKV[TGURQPFTCRKFN[VQ1 +PEKNKCVGFTGIKQPUEKNKCCTG 

CVVGPWCVGFCPFKPVTCGRKVJGNKCNOWEQUWDUVCPEGUKPETGCUG*[RGTRNCUKCCPFKPETGCUGF

KPVTCGRKVJGNKCNOWEQUWDUVCPEGUCTGTGRQTVGFKPCTGCUQHPQPEKNKCVGFVTCPUKVKQPCNGRKVJGNKWO


*CTMGOCGVCN6JGUGGHHGEVURGTUKUVGFVJTQWIJQWVCOQKPVGTOKVVGPVGZRQUWTGQH

TCVUVQQTRRO1 DWVYGTGPQVUGGPKPTCVUGZRQUGFVQRROHQTVJCVRGTKQF 


*CTMGOCGVCN#HVGTCEWVGGZRQUWTG&0#U[PVJGUKUQHVJGGRKVJGNKWOQHVJGCPVGTKQT

OCZKNNQVWTDKPCVGUQHTCVUKPETGCUGUCEEQTFKPIVQCIKXGP%¥6RTQFWEVCVRROJDWVVJG

KPETGCUGKUPQVNKPGCTYKVJKPETGCUKPI%¥6*GPFGTUQPGVCN%JCPIGUJCXGPQVDGGP

TGRQTVGFKPVJGQNHCEVQT[GRKVJGNKWOQTKPVJGUSWCOQWUGRKVJGNKWOQHVJGPCUCNECXKV[

4GURKTCVQT[GRKVJGNKCKPQVJGTEQPFWEVKPICKTYC[UGURGEKCNN[VJGVTCEJGCCRRGCTVQ

TGCEVKPCOCPPGTUKOKNCTVQGCTN[PGETQUKUQHEKNKCVGFEGNNU*[FGGVCN%GNN

TGRNCEGOGPVUVCTVUGCTN[*[FGGVCNCPFCHVGTPKIJVUQHGZRQUWTGQHTCVUVQ

RRO1 PWOGTKEFGPUKV[QHURGEKHKEEGNNV[RGUYCUPQVFKHHGTGPVHTQOEQPVTQNU0KMWNC 

GVCNC+PPGYDQTPNCODUGZRQUGFVQRRO1 JFC[HQTFC[UCPFGZCOKPGF 

FC[UNCVGTVJGPQTOCNEJCPIGKPGRKVJGNKCNEGNNRQRWNCVKQPVJCVQEEWTUD[YGGMUQHCIGFKF

PQVQEEWT/CTKCUU[GVCN

 'HHGEVUQP2WNOQPCT[(WPEVKQP

 +PVTQFWEVKQP

0WOGTQWUUVWFKGUJCXGDGGPRWDNKUJGFQPVJGGHHGEVUQH1 GZRQUWTGQPRWNOQPCT[ 

HWPEVKQPKPCPKOCNOQFGNU6JKUYQTMJCUDGGPTGXKGYGFD[VJG75'PXKTQPOGPVCN

2TQVGEVKQP#IGPE[CPF6GRRGTGVCN6JGGXCNWCVKQPQHRWNOQPCT[HWPEVKQP

CHVGTGZRQUWTGOC[JGNRRTQXKFGCOQTGKPVGITCVGFCUUGUUOGPVQHVJGUGXGTKV[QHJGCNVJGHHGEVU

D[KPFKECVKPIVJGOCIPKVWFGNQECVKQPCPFFWTCVKQPQHHWPEVKQPCNFKUCDKNKV[+PCPCVVGORVVQ

UWOOCTK\GVJGNKVGTCVWTGJGTGQPN[MG[UVWFKGUGORNQ[KPIOWNVKRNGEQPEGPVTCVKQPUQTUVWFKGU

FGOQPUVTCVKPICRCTVKEWNCTHWPEVKQPCNGHHGEVVGUVKPICFKHHGTGPVURGEKGUQTUVTCKPQTUJQYKPIVJG

TGNCVKQPUJKRYKVJCWPKSWGXCTKCDNGUWEJCUCIGQTUGZYKNNDGFKUEWUUGF$GECWUGRWTGN[

FGUETKRVKXGRWNOQPCT[HWPEVKQPUVWFKGUPQYCTGTCTGN[TGRQTVGFPGYGTUVWFKGUYKNNDG

FKUEWUUGFYKVJKPVJGEQPVGZVQHVJGUVWF[J[RQVJGUKU6QGPCDNGFKUEWUUKQPQHVJGHWNNTCPIGQH

UVWFKGUUQOGGZRQUWTGUITGCVGTVJCPRRO1 YKNNDGFKUEWUUGF(QTGZCORNGOCP[QHVJG 

CKTYC[TGCEVKXKV[OGEJCPKUOUVWFKGUYGTGEQPFWEVGFCVJKIJGTEQPEGPVTCVKQPU

6JKUUGEVKQPKUQTICPK\GFD[FWTCVKQPQHGZRQUWTGDTKGHCEWVGTGRGCVGFCPFNQPI

VGTO9KVJKPGCEJQHVJGUGUGEVKQPUVJGTGCTGUWDUGEVKQPUQPFKHHGTGPVV[RGUQHRWNOQPCT[

HWPEVKQPOGCUWTGU6JGUGUWDUGEVKQPUKPENWFGCFKUEWUUKQPQHXGPVKNCVQT[RCVVGTPUDTGCVJKPI


OGEJCPKEUCKTYC[TGCEVKXKV[CPFOQTGGZVGPFGFEJCTCEVGTK\CVKQPUQHNWPIHWPEVKQPYJGPGXGT

UWEJFCVCCTGCXCKNCDNG

8GPVKNCVKQP

'XCNWCVKQPQHVJGUKPWUQKFCNDTGCVJKPIRCVVGTPKPENWFGUVJGOGCUWTGOGPVQHVKFCN

XQNWOG8 CPFHTGSWGPE[QHDTGCVJKPIHCPFVJGKTRTQFWEV8 5WEJOGCUWTGOGPVUJCXG  6 '

RTQXGPVQDGUGPUKVKXGKPFKECVQTUQH1 GHHGEVU0WOGTQWUCPKOCNCPFJWOCPUVWFKGUJCXG 

UJQYPVJCV1 GZRQUWTGKPETGCUGUHCPFFGETGCUGU8 VCEJ[RPGC75'PXKTQPOGPVCN  6

2TQVGEVKQP#IGPE[#NVJQWIJVJGTGKUGXKFGPEGKPFKECVKPIVJCVVCEJ[RPGCOC[UGTXGVQ

RTQVGEVVJGFGGRNWPIHTQOGZRQUWTGQVJGTGXKFGPEGKPFKECVGUVJCVVJKUUKIPQHRWNOQPCT[

KTTKVCVKQPTGRTGUGPVUFGGRNWPIVQZKEKV[CPFKUQHITGCVGTEQPEGTPVJCPDTGCVJKPIRCVVGTPEJCPIGU

KPFKECVKXGQHWRRGTCKTYC[KTTKVCVKQP

$TGCVJKPI/GEJCPKEU

/GCUWTGOGPVQHDTGCVJKPIOGEJCPKEUF[PCOKEEQORNKCPEG=%F[P?CPFVQVCN

RWNOQPCT[TGUKUVCPEG=4 ?KPCPKOCNUJCUCPCFXCPVCIGQXGTUKORNGOGCUWTGUQHXGPVKNCVKQPKP .

VJCVVJGUGRCTCOGVGTUECPCUUGUUVJGOGEJCPKECNGHHQTVTGSWKTGFVQDTGCVJGCPFECPJGNRNQECNK\G

VJGUKVGQHF[UHWPEVKQPVQVJGCKTYC[UTGUKUVCPEGQTVJGRCTGPEJ[OCEQORNKCPEG9KVJ

UWHHKEKGPV1 GZRQUWTGKPETGCUGUKP4 CPFFGETGCUGUKP%F[PJCXGDGGPQDUGTXGF75  .

'PXKTQPOGPVCN2TQVGEVKQP#IGPE[%JCPIGUKP4 CPF%F[PV[RKECNN[TGXGTUGTCRKFN[ .

CHVGTJKIJCODKGPV1 GZRQUWTGUJQYGXGTVJGUGCNVGTCVKQPUECPUKIPCNWPFGTN[KPI 

KPHNCOOCVQT[QTNWPIRGTOGCDKNKV[EJCPIGU

#KTYC[4GCEVKXKV[

+PETGCUGFCKTYC[TGCEVKXKV[CPGZCIIGTCVGFTGURQPUGQHVJGNWPIVQCPGZQIGPQWUN[

CFOKPKUVGTGFDTQPEJQEQPUVTKEVQTJCUDGGPQDUGTXGFYKVJ1 75'PXKTQPOGPVCN2TQVGEVKQP 

#IGPE[6[RKECNN[KPJWOCPUJGKIJVGPGFCKTYC[TGURQPUKXGPGUUKUFGVGTOKPGFWUKPI

RTQITGUUKXGN[KPETGCUKPIEQPEGPVTCVKQPUQHCGTQUQNK\GFDTQPEJQEQPUVTKEVQTUUWEJCU

OGVJCEJQNKPGQTJKUVCOKPGUGG%JCRVGT#NVJQWIJDTQPEJQRTQXQECVKQPRTQVQEQNUGORNQ[KPI

FQWDNKPIFQUGUQHKPJCNGFDTQPEJQEQPUVTKEVQTUJCXGDGGPTGNCVKXGN[UVCPFCTFK\GFHQTJWOCP

GZRGTKOGPVUPQUWEJUVCPFCTFK\CVKQPGZKUVUHQTCPKOCNUVWFKGUOCMKPIEQORCTKUQPUDGVYGGP

CPKOCNCPFJWOCPUVWFKGUFKHHKEWNV+PETGCUGFCKTYC[TGCEVKXKV[KUCJCNNOCTMQHCUVJOCCPF

QEEWTUKPOCP[QVJGTNWPIFKUGCUGU[GVVJGNQPIVGTORCVJQNQIKECNEQPUGSWGPEGUQH

J[RGTTGCEVKXGCKTYC[UCTGWPMPQYP

'ZVGPFGF(WPEVKQPCN%JCTCEVGTK\CVKQPU

#OQTGEQORNGVGCUUGUUOGPVQHVJGPCVWTGCPFOCIPKVWFGQHHWPEVKQPCNEJCPIGU

TGNCVGFVQ1 GZRQUWTGKPENWFGUCPGZVGPFGFEJCTCEVGTK\CVKQPQHVJGNWPIWUKPICDCVVGT[QH 

JWOCPENKPKECNRWNOQPCT[HWPEVKQPVGUVCPCNQIU5WEJVGUVUKPENWFGOGCUWTGOGPVQHUVCVKENWPI

XQNWOGUXQNWOGRTGUUWTGCPFHNQYXQNWOGTGNCVKQPUJKRUCUYGNNCUGXCNWCVKQPQH

KPJQOQIGPGKV[QHXGPVKNCVKQPCPFRTQDNGOUCUUQEKCVGFYKVJQZ[IGPFKHHWUKQPCETQUUVJG

GRKVJGNKCNDCTTKGT#NVJQWIJVJGUGNCVVGTOGCUWTGOGPVUCTGVGEJPKECNN[EQORNGZVJG[OC[

EQPVTKDWVGVQCOQTGKPFGRVJWPFGTUVCPFKPIQHVJGPCVWTGCPFUGXGTKV[QHVJGRJ[UKQNQIKECN

KORCKTOGPVCPFOC[RTQXKFGKPXKXQGXKFGPEGVQUWIIGUVVJGCPCVQOKECNNQECNK\CVKQPQHVJG

HWPEVKQPCNCDPQTOCNKV[


 $TKGH1\QPG'ZRQUWTGU.GUU6JCP/KPWVGU

(GYGZRGTKOGPVUJCXGGXCNWCVGFVJGGHHGEVUQHDTKGHGZRQUWTGUOKPVQ1 

/QUVQHVJGUGDTKGHGZRQUWTGUVWFKGUJCXGGZCOKPGFEJCPIGUKPTGIKQPCNDTGCVJKPIOGEJCPKEU

VJTQWIJGZRQUWTGUVQVJGNQYGTTGURKTCVQT[VTCEVXKCCVTCEJGCNVWDGVJWUGNKOKPCVKPICP[

UETWDDKPID[VJGPCUCNQTQTQRJCT[PZCPFVJGTGD[KPETGCUKPIVJGGHHGEVKXGFQUGQH1 FGNKXGTGF 

VQVJCVTGIKQPQHVJGNWPI6JGTGNGXCPEGQHVJKUOGVJQFQHFGNKXGTKPIVJGGZRQUWTGCU

EQORCTGFVQVJGV[RKECNKPJCNCVKQPTQWVGKUWPEGTVCKP*QYGXGTRQUKVKXGGHHGEVUJCXGDGGP

QDUGTXGFKPFKECVKPIVJCVXGT[TCRKFTGHNGZTGURQPUGUQEEWTYKVJDTKGHFKTGEV1 GZRQUWTG 

8GPVKNCVKQPCPF$TGCVJKPI/GEJCPKEU

0QUVWFKGUJCXGGXCNWCVGFVJGGHHGEVUQHDTKGH1 GZRQUWTGQPXGPVKNCVQT[RCVVGTP 

JQYGXGTDTGCVJKPIOGEJCPKEU%F[PCPF4 JCXGDGGPGXCNWCVGF6JGRTGXKQWUETKVGTKC .

FQEWOGPV75'PXKTQPOGPVCN2TQVGEVKQP#IGPE[FGUETKDGFVYQGZRGTKOGPVUD[

)GTVPGTGVCNCDEYJKEJFGOQPUVTCVGFKPETGCUGFEQNNCVGTCNTGUKUVCPEGYKVJKPOKPQH

GZRQUWTGVQRRO1 KPCPGUVJGVK\GFFQIUGZRQUGFXKCCHKDGTQRVKEDTQPEJQUEQRGYGFIGF 

KPVQCUGIOGPVCNCKTYC[6JGTGURQPUGTCRKFN[CVVGPWCVGFYKVJGZRQUWTGVQDWVPQV

RRO#VTQRKPGQTXCIQVQO[DNQEMGFVJGKPETGCUGKPEQNNCVGTCNHNQYTGUKUVCPEGVQRRO

KPFKECVKPIVJCVXCICNRQUVICPINKQPKEUVKOWNCVKQPYCUKPXQNXGFDWVVJGTGURQPUGVQVJGRRO

1 GZRQUWTGYCUDNQEMGFQPN[RCTVKCNN[ 

/QTGTGEGPVN[-NGGDGTIGTGVCNWUKPICVGEJPKSWGUKOKNCTVQ)GTVPGTGVCN


CGZRQUGFVJGUGIOGPVCNCKTYC[UQHOQPITGNFQIUVQRRO1 HQTOKPVJTQWIJC 

YGFIGFDTQPEJQUEQRG6CDNG#URTGXKQWUN[FGUETKDGFEQNNCVGTCNTGUKUVCPEGKPETGCUGF

CPFVJKUKPETGCUGYCUTGRTQFWEKDNGGXGPYJGPHQWTOKPGZRQUWTGUQXGTCJRGTKQFYGTG

RGTHQTOGF6JWUPQKOOGFKCVGVQNGTCPEGYCUQDUGTXGF(WTVJGTOQTGVJKUTGURQPUGEQWNFDG

DNQEMGFRCTVKCNN[D[CFOKPKUVTCVKQPQHCE[ENQQZ[IGPCUGKPJKDKVQTKPFQOGVJCEKPCPFC

* TGEGRVQTDNQEMGTEJNQTRJGPKTCOKPGYJGTGCUCVJTQODQZCPGU[PVJGVCUGKPJKDKVQTYCU 

KPGHHGEVKXG6JKUUVWF[UWIIGUVUVJCVJKUVCOKPGQTE[ENQQZ[IGPCUGRTQFWEVUTGNGCUGFHTQO

TGUKFGPVEGNNUFKTGEVN[QTXKCVJGRCTCU[ORCVJGVKEPGTXQWUU[UVGOOC[OGFKCVGVJGKPETGCUGKP

EQNNCVGTCNTGUKUVCPEG*QYGXGTDGECWUGEQNNCVGTCNTGUKUVCPEGRTQDCDN[OCMGUWRQPN[CUOCNN

RTQRQTVKQPQHRWNOQPCT[TGUKUVCPEGVJGUGTGUWNVUOC[PQVDGIGPGTCNK\CDNGVQOQTGRTQNQPIGF

GZRQUWTGUCPFVQNCTIGTCKTYC[TGURQPUGU

#KTYC[4GCEVKXKV[

$CDQQPUYGTGGZRQUGFXKCCPGPFQVTCEJGCNVWDGVQRRO1 HQTOKPCHVGTC 

DCUGNKPGOGVJCEJQNKPGKPJCNCVKQPEJCNNGPIGVGUV(QWMGGVCN6CDNG.WPI

TGUKUVCPEGKPETGCUGFYKVJ1 GZRQUWTGCPFVJGDCDQQPUUJQYGFCPGPJCPEGFTGURQPUGVQ 

OGVJCEJQNKPG6JKUGPJCPEGFOGVJCEJQNKPGTGURQPUGYCUFWGCNOQUVGZENWUKXGN[VQVJG

RQUV1 KPETGCUGKP4 CPFVJWUTGUWNVGFKPPQEJCPIGKPVJGRTQXQECVKXGFQUGVJCVKPETGCUGF  .

4 D[6JGGZRGTKOGPVYCUTGRGCVGFVQFC[UNCVGTGZEGRVVJCVDGHQTG1 GZRQUWTG . 

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KPETGCUGFCKTYC[TGCEVKXKV[(WTVJGTOQTG/WTNCUCPF4QWODUJQYGFVJCV2/0

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RRO1 6CDNG 

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GHHGEVUQPEGNNUCPFEGNNWNCTEQORQPGPVUKPENWFKPIIGPGVKEOCVGTKCNXGT[HGYPGYGTUVWFKGU

JCXGDGGPTGRQTVGF%[VQIGPGVKECPFOWVCVKQPCNGHHGEVUQH1 JCXGDGGPTGRQTVGFRTGXKQWUN[KP 

KUQNCVGFEWNVWTGFEGNNNKPGUJWOCPN[ORJQE[VGUCPFOKETQQTICPKUOU(GVPGT*COGNKP

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1 HQTCPFOKPKPFWEGFVYQCPFUKZHQNFKPETGCUGUKPVJGPWODGTQHEJTQOCVKFFGNGVKQPU

5JKTCKUJKGVCNHQWPFVJCVVTGCVOGPVQH%JKPGUGJCOUVGT8EGNNUYKVJVQRRO

1 KPJKDKVGFITQYVJQH8EGNNUD[VQCPFCNUQKPFWEGFCEQPEGPVTCVKQPFGRGPFGPV 

KPETGCUGKPVJGPWODGTQHUKUVGTEJTQOCVKEGZEJCPIGU5%'URGTEGNNWRVQCOCZKOWOQH

HQWTHQNFQHVJCVKPWPVTGCVGFEQPVTQNEGNNU6JGTGUWNVUKPFKECVGVJCVKHEGNNUKPEWNVWTGCTG

GZRQUGFVQUWHHKEKGPVN[JKIJEQPEGPVTCVKQPUQH1 HQTUWHHKEKGPVN[NQPIRGTKQFUEJTQOQUQOG 

FCOCIGYKNNTGUWNV

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EJTQOQUQOG<GNCEGVCNCDCPFEJTQOCVKF6KEGGVCNCDGTTCVKQPUCHVGTVQ

JGZRQUWTGUVQCPFRRO1 TGURGEVKXGN[5KPINGUVTCPFDTGCMUKP&0#QHOQWUG 

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RRO1 HQTJCPFVJGNGWMQE[VGUCPFURGTOCVQE[VGUHTQOOKEGGZRQUGFHQTWRVQYGGMUVQ 

RRO1 0QGHHGEVYCUHQWPFQPVJGHTGSWGPE[QHEJTQOQUQOGCDGTTCVKQPUPQTYGTG 

VJGTGCP[TGEKRTQECNVTCPUNQECVKQPUKPVJGRTKOCT[URGTOCVQE[VGU6JGUGCWVJQTUFKFUJQYVJCV

VJGTGYCUCUNKIJVDWVUKIPKHKECPVKPETGCUGKPVJGHTGSWGPE[QHEJTQOCVKFCDGTTCVKQPUKPJWOCP

RGTKRJGTCNNGWMQE[VGUGZRQUGFKPXKVTQVQCPFRRO1 6JGUOCNNKPETGCUGUQDUGTXGFKP 

EJTQOCVKFCDPQTOCNKVKGUKPRGTKRJGTCNDNQQFN[ORJQE[VGUHTQOJWOCPUGZRQUGFVQRRO

1 HQTVQJYGTGPQVUKIPKHKECPVRQUUKDN[DGECWUGQHVJGUOCNNPWODGTPQHUWDLGEVU 

UVWFKGF/GT\GVCN5WDUGSWGPVKPXGUVKICVKQPUYKVJKORTQXGFGZRGTKOGPVCNFGUKIPCPF

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XCTKQWUEQPEGPVTCVKQPUCPFHQTXCTKQWUVKOGU/E-GP\KGGVCN/E-GP\KG

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KPEKTEWNCVKPIN[ORJQE[VGUQHJWOCPUGZRQUGFVQRROQH1 HQTJ*QYGXGTVJGUG 

CWVJQTUFKFHKPFVJCVGZRQUWTGQHFKRNQKFJWOCPHGVCNNWPI9+EGNNUVQ

CPFRRO1 HQTJKPXKVTQNGFVQCEQPEGPVTCVKQPFGRGPFGPVKPETGCUGKP5%'UKPVJGUG 

EGNNU+PCFFKVKQPGRKFGOKQNQIKECNUVWFKGUJCXGPQVUJQYPCP[GXKFGPEGQHEJTQOQUQOG


EJCPIGUKPRGTKRJGTCNN[ORJQE[VGUQHJWOCPUGZRQUGFVQ1 KPVJGCODKGPVGPXKTQPOGPV5EQVV 

CPF$WTMCTV/CIKGGVCN'XKFGPEGPQYCXCKNCDNGVJGTGHQTGHCKNUVQ

FGOQPUVTCVGCP[E[VQIGPGVKEQTOWVCIGPKEGHHGEVUQH1 KPJWOCPUYJGPVJGGZRQUWTGTGIKOGPU 

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1 YGGM 

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OKEG YKVJ VWOQTU CPF HQNF KPETGCUG KP

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CPFCHQNFKPETGCUGKPVWOQTOWNVKRNKEKV[UVCVKUVKEUPQVUJQYP*CUUGVVGVCN

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QEEWTTKPIKPVJCVHGYGTUSWCOQWUEGNNDTQPEJQIGPKEECTEKPQOCUCPFOQTGRGTKRJGTCN

CFGPQECTEKPQOCUCTGQEEWTTKPIKPJWOCPUVJGKPFWEVKQPQHRGTKRJGTCNCFGPQOCUCPFVJGKT

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YGTGPQVUVCVKUVKECNN[UKIPKHKECPVN[FKHHGTGPVHTQOVJGEQPVTQNCPKOCNUCP[GHHGEVUYGTG

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KPEKFGPEGQHVWOQTUOCMKPIKVFKHHKEWNVVQKPVGTRTGVVJGGHHGEVUQH1 %JGOKECNKPFWEVKQPQH 

VWOQTUKPVJKUCUUC[U[UVGOFKFPQVEQTTGNCVGYGNNYKVJVJG[GCT0%+ECTEKPQIGPGUKUDKQCUUC[

TGUWNVU+PCFFKVKQPDGECWUG*CUUGVVGVCNFKFPQVFGOQPUVTCVGCEQPEGPVTCVKQPTGURQPUG

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 1\QPGKPFWEGF KORCKTOGPV QH OWEQEKNKCT[ VTCPURQTV CPF KVU

RTGXGPVKQP YKVJ 0CEGV[NE[UVGKPG #O , /GF 
UWRRN % 55

#NRGTV 5 / )CTFPGT & ' *WTUV & , .GYKU 6 4 %QHHKP & . 
 'HHGEVU QH GZRQUWTG VQ Q\QPG QP

FGHGPUKXG OGEJCPKUOU QH VJG NWPI , #RRN 2J[UKQN  

#NRGTV 5 ' -TCOGT % / *C[GU / / &GPPGT[ 2 # 
 /QTRJQNQIKE KPLWT[ CPF NKRKF RGTQZKFCVKQP

KP OQPQNC[GT EWNVWTGU QH TCDDKV VTCEJGCN GRKVJGNKWO GZRQUGF KP XKVTQ VQ Q\QPG , 6QZKEQN 'PXKTQP

*GCNVJ  

#OFWT / 1 7ITQ 8 7PFGTJKNN & 9 
 4GURKTCVQT[ TGURQPUG QH IWKPGC RKIU VQ Q\QPG CNQPG CPF YKVJ

UWNHWT FKQZKFG #O +PF *[I #UUQE ,  

#OQTWUQ / # 4[GT2QYFGT , ' 9CTTGP , 9KV\ ) )QNFUVGKP $ & 
 'HHGEVU QH Q\QPG QP VJG

RTQFWEVKQP QH CEVKXG DCEVGTKEKFCN URGEKGU D[ CNXGQNCT OCETQRJCIGU +P 5EJPGKFGT 6 .GG 5 &

9QNVGTU ) , 4 )TCPV . & GFU #VOQURJGTKE Q\QPG TGUGCTEJ CPF KVU RQNKE[ KORNKECVKQPU

RTQEGGFKPIU QH VJG TF 75&WVEJ KPVGTPCVKQPCN U[ORQUKWO /C[  0KLOGIGP 6JG 0GVJGTNCPFU

#OUVGTFCO 6JG 0GVJGTNCPFU 'NUGXKGT 5EKGPEG 2WDNKUJGTU RR  
5VWFKGU KP GPXKTQPOGPVCN

UEKGPEG 

#TCP[K % 8CPC 5 % 6JQOCU 2 6 $TCFQH , 0 (GPVGTU , & )TCJCO , # /KNNGT ( , 


'HHGEVU QH UWDEJTQPKE GZRQUWTG VQ C OKZVWTG QH 1  51  CPF 
0*  51 QP JQUV FGHGPUGU QH OKEG    

, 6QZKEQN 'PXKTQP *GCNVJ  

#TKVQ * 7EJK[COC + #TCMCYC * ;QMQ[COC ' 
 1\QPGKPFWEGF DTCF[ECTFKC CPF CTTJ[VJOKC CPF

VJGKT TGNCVKQP VQ UNGGRYCMGHWNPGUU KP TCVU 6QZKEQN .GVV  

#TKVQ * 7EJK[COC + ;QMQ[COC ' 
 #EWVG GHHGEVU QH Q\QPG QP '') CEVKXKV[ UNGGRYCMGHWNPGUU CPF

JGCTV TCVG KP TCVU +PF *GCNVJ  

#VYCN 1 5 9KNUQP 6 
 2CTCVJ[TQKF INCPF EJCPIGU HQNNQYKPI Q\QPG KPJCNCVKQP C OQTRJQNQIKE UVWF[

#TEJ 'PXKTQP *GCNVJ  

$CPMU / # 2QTVGT & 9 /CTVKP 9 ) %CUVTCPQXC 8 
 1\QPGKPFWEGF NKRKF RGTQZKFCVKQP CPF

OGODTCPG NGCMCIG KP KUQNCVGF TCV CNXGQNCT OCETQRJCIGU RTQVGEVKXG GHHGEVU QH VCWTKPG , 0WVT

$KQEJGO  


$CTT $ % *[FG & / 2NQRRGT % ) &WPIYQTVJ & . 
 &KUVCN CKTYC[ TGOQFGNKPI KP TCVU EJTQPKECNN[

GZRQUGF VQ Q\QPG #O 4GX 4GURKT &KU  

$CTT $ % *[FG & / 2NQRRGT % ) &WPIYQTVJ & . 
 # EQORCTKUQP QH VGTOKPCN CKTYC[

TGOQFGNKPI KP EJTQPKE FCKN[ XGTUWU GRKUQFKE Q\QPG GZRQUWTG 6QZKEQN #RRN 2JCTOCEQN

 

$CTT[ $ ' /KNNGT ( , %TCRQ , & 
 #NXGQNCT GRKVJGNKCN KPLWT[ ECWUGF D[ KPJCNCVKQP QH  RRO QH

Q\QPG +P .GG 5 & /WUVCHC / ) /GJNOCP / # GFU +PVGTPCVKQPCN U[ORQUKWO QP VJG

DKQOGFKECN GHHGEVU QH Q\QPG CPF TGNCVGF RJQVQEJGOKECN QZKFCPVU /CTEJ  2KPGJWTUV 0%

2TKPEGVQP 0, 2TKPEGVQP 5EKGPVKHKE 2WDNKUJGTU +PE RR  
#FXCPEGU KP OQFGTP

GPXKTQPOGPVCN VQZKEQNQI[ X 

$CTT[ $ ' /KNNGT ( , %TCRQ , & 
 'HHGEVU QH KPJCNCVKQP QH  CPF  RCTVU RGT OKNNKQP Q\QPG QP

VJG RTQZKOCN CNXGQNCT TGIKQP QH LWXGPKNG CPF CFWNV TCVU .CD +PXGUV  

$CTT[ $ ' /GTEGT 4 4 /KNNGT ( , %TCRQ , & 
 'HHGEVU QH KPJCNCVKQP QH  RRO Q\QPG QP VJG

VGTOKPCN DTQPEJKQNGU QH LWXGPKNG CPF CFWNV TCVU 'ZR .WPI 4GU  

$CTVNGVV & ,T (CWNMPGT % 5 ++ %QQM - 
 'HHGEV QH EJTQPKE Q\QPG GZRQUWTG QP NWPI GNCUVKEKV[ KP [QWPI

TCVU , #RRN 2J[UKQN  

$CUUGVV & , 2 $QYGP-GNN[ ' 
 4CV NWPI OGVCDQNKUO CHVGT  FC[U QH EQPVKPWQWU GZRQUWTG VQ  RRO

Q\QPG #O , 2J[UKQN  ''

$CUUGVV & , 2 4CDKPQYKV\ , . 
 +PEQTRQTCVKQP QH INWEQUG ECTDQPU KPVQ TCV NWPI NKRKFU CHVGT GZRQUWTG VQ

 RRO Q\QPG #O , 2J[UKQN  ''

$CUUGVV & , 2 $QYGP-GNN[ ' 'NDQP % . 4GKEJGPDCWIJ 5 5 
C 4CV NWPI TGEQXGT[ HTQO  FC[U QH

EQPVKPWQWU GZRQUWTG VQ  RRO Q\QPG , 6QZKEQN 'PXKTQP *GCNVJ  

$CUUGVV & , 2 $QYGP-GNN[ ' $TGYUVGT ' . 'NDQP % . 4GKEJGPDCWIJ 5 5 $WPVQP 6 -GTT , 5


D # TGXGTUKDNG OQFGN QH CEWVG NWPI KPLWT[ DCUGF QP Q\QPG GZRQUWTG .WPI  

$CUUGVV & , 2 $QYGP-GNN[ ' 5GGF , . 
E 4CV NWPI DGP\Q
CR[TGPG OGVCDQNKUO HQNNQYKPI VJTGG FC[U

EQPVKPWQWU GZRQUWTG VQ  RRO Q\QPG 4GU %QOOWP %JGO 2CVJQN 2JCTOCEQN  

$CUUGVV & , 2 'NDQP % . 4GKEJGPDCWIJ 5 5 $QUYGNN ) # 5VGXGPU 6 / /E)QYCP / % -GTT

, 5 
 2TGVTGCVOGPV YKVJ '&7 FGETGCUGU TCV NWPI EGNNWNCT TGURQPUGU VQ Q\QPG 6QZKEQN #RRN

2JCTOCEQN  

$GEMGVV 9 5 (TGGF # 0 6WTPGT % /GPMGU * # 
 2TQNQPIGF KPETGCUGF TGURQPUKXGPGUU QH ECPKPG

RGTKRJGTCN CKTYC[U CHVGT GZRQUWTG VQ 1  , #RRN 2J[UKQN   

$JCNNC & - %TQEMGT 6 6 
 6TCEJGCN RGTOGCDKNKV[ KP TCVU GZRQUGF VQ Q\QPG CP GNGEVTQP OKETQUEQRKE CPF

CWVQTCFKQITCRJKE CPCN[UKU QH VJG VTCPURQTV RCVJYC[ #O 4GX 4GURKT &KU  

$JCNNC & - %TQEMGT 6 6 
 2WNOQPCT[ GRKVJGNKCN RGTOGCDKNKV[ KP TCVU GZRQUGF VQ 1  , 6QZKEQN 

'PXKTQP *GCNVJ  

$JCNNC & - ;QWPI % 
 'HHGEVU QH CEWVG GZRQUWTG VQ 1 QP TCVU UGSWGPEG QH GRKVJGNKCN CPF KPHNCOOCVQT[ 

EJCPIGU KP VJG FKUVCN CKTYC[U +PJCNCVKQP 6QZKEQN  


$JCNNC & - /CPPKZ 4 % -NGKPOCP / 6 %TQEMGT 6 6 
 4GNCVKXG RGTOGCDKNKV[ QH PCUCN VTCEJGCN

CPF DTQPEJQCNXGQNCT OWEQUC VQ OCETQOQNGEWNGU KP TCVU GZRQUGF VQ Q\QPG , 6QZKEQN 'PXKTQP *GCNVJ

 

$JCNNC & - /CPPKZ 4 % .CXCP 5 / 2JCNGP 4 ( -NGKPOCP / 6 %TQEMGT 6 6 
 6TCEJGCN

CPF DTQPEJQCNXGQNCT RGTOGCDKNKV[ EJCPIGU KP TCVU KPJCNKPI QZKFCPV CVOQURJGTGU FWTKPI TGUV QT

GZGTEKUG , 6QZKEQN 'PXKTQP *GCNVJ  

$JCNNC & - &CPKGNU & 5 .WW 0 6 
 #VVGPWCVKQP QH Q\QPGKPFWEGF CKTYC[ RGTOGCDKNKV[ KP TCVU D[

RTGVTGCVOGPV YKVJ E[ENQRJQURJCOKFG (2.  CPF KPFQOGVJCEKP #O , 4GURKT %GNN /QN

$KQN  

$JCNNC & - 4CUOWUUGP 4 ' &CPKGNU & 5 
 #FJGUKQP CPF OQVKNKV[ QH RQN[OQTRJQPWENGCT NGWMQE[VGU

KUQNCVGF HTQO VJG DNQQF QH TCVU GZRQUGF VQ Q\QPG RQVGPVKCN DKQOCTMGTU QH VQZKEKV[ 6QZKEQN #RRN

2JCTOCEQN  

$KCIKPK 4 ' /QQTOCP 9 , .GYKU 6 4 $GTPUVGKP + . 
 1\QPG GPJCPEGOGPV QH RNCVKPWO CUVJOC KP

C RTKOCVG OQFGN #O 4GX 4GURKT &KU  

$NGCXKPU / 4 &\KGF\KE & 
 #P KOOWPQHNWQTGUEGPEG UVWF[ QH 6 CPF $ N[ORJQE[VGU KP Q\QPGKPFWEGF

RWNOQPCT[ NGUKQPU KP VJG OQWUG 6QZKEQN #RRN 2JCTOCEQN  

$QCVOCP ' 5 9CTF ) /CTVKP % , 
 /QTRJQOGVTKE EJCPIGU KP TCDDKV NWPIU DGHQTG CPF CHVGT

RPGWOQPGEVQO[ CPF GZRQUWTG VQ Q\QPG , #RRN 2J[UKQN 4GURKT 'PXKTQP 'ZGTEKUG 2J[UKQN

 

$QQTOCP ) # 5EJYCTV\ . 9 &WPIYQTVJ & . 
 2WNOQPCT[ GHHGEVU QH RTQNQPIGF Q\QPG KPUWNV KP TCVU

OQTRJQOGVTKE GXCNWCVKQP QH VJG EGPVTCN CEKPWU .CD +PXGUV  

$QQTOCP ) # *CKNG[ 4 )TWODGKP 5 %JQW $ , *GTDGTV 4 # )QGJN 6 /GNNKEM 2 9 4Q[ETQHV

, * *CUGOCP , - 5KNNU 4 
 6QZKEQNQI[ CPF ECTEKPQIGPGUKU UVWFKGU QH Q\QPG CPF Q\QPG


0PKVTQUQOGVJ[NCOKPQ
R[TKF[NDWVCPQPG KP (KUEJGT0 TCVU 6QZKEQN 2CVJQN

 

$QTGM % <CKFGT / 1PI # /CUQP * 9KV\ ) 
 1\QPG CEVU CNQPG CPF U[PGTIKUVKECNN[ YKVJ KQPK\KPI

TCFKCVKQP VQ KPFWEG KP XKVTQ PGQRNCUVKE VTCPUHQTOCVKQP %CTEKPQIGPGUKU 
.QPFQP  

$QTGM % 1PI # /CUQP * 
C 1\QPG CPF WNVTCXKQNGV NKIJV CEV CU CFFKVKXG EQECTEKPQIGPU VQ KPFWEG KP

XKVTQ PGQRNCUVKE VTCPUHQTOCVKQP 6GTCVQI %CTEKPQI /WVCIGP  

$QTGM % 1PI # <CKFGT / 
D 1\QPG CEVKXCVGU VTCPUHQTOKPI IGPGU KP XKVTQ CPF CEVU CU C U[PGTIKUVKE

EQECTEKPQIGP YKVJ TC[U QPN[ KH FGNKXGTGF CHVGT TCFKCVKQP %CTEKPQIGPGUKU 
.QPFQP  

$TWOOGT / ' ) 5EJYCTV\ . 9 /E3WKNNGP 0 - 
 # SWCPVKVCVKXG UVWF[ QH NWPI FCOCIG D[ UECPPKPI

GNGEVTQP OKETQUEQR[ +PHNCOOCVQT[ EGNN TGURQPUG VQ JKIJCODKGPV NGXGNU QH Q\QPG +P ,QJCTK 1

$GEMGT 4 2 GFU 5ECPPKPI GNGEVTQP OKETQUEQR[++`DKQNQIKECN CRRNKECVKQPU QH VJG 5'/

RTQEGGFKPIU QH VJG YQTMUJQRU QP CFXCPEGU KP DKQOGFKECN CRRNKECVKQPU QH VJG 5'/  56'/ /CTEJ

#RTKN %JKECIQ +. %JKECIQ +. ++6 4GUGCTEJ +PUVKVWVG RR 

$WTNGUQP ) 4 -G[GU . . 5VWV\OCP , & 
 +OOWPQUWRRTGUUKQP QH RWNOQPCT[ PCVWTCN MKNNGT CEVKXKV[ D[

GZRQUWTG VQ Q\QPG +OOWPQRJCTOCEQN +OOWPQVQZKEQN  

%CLKICU # )C[GT / $GCO % 5VGKPDGTI , , 
 1\QPCVKQP QH &0# HQTOU CFFWEVU C 2&0# NCDGNKPI 

CPF VJKPNC[GT EJTQOCVQITCRJ[ VGEJPKSWG VQ OGCUWTG &0# GPXKTQPOGPVCN DKQOCTMGTU #TEJ

'PXKTQP *GCNVJ  


%CPCFC # 6 %CNCDTGUG ' , 
 1\QPGKPFWEGF KPJKDKVKQP QH VJGQRJ[NNKPG GNKOKPCVKQP KP TCDDKVU GHHGEV QH

CIG CPF UGZ 6QZKEQN #RRN 2JCTOCEQN  

%CPCFC # 6 %CNCDTGUG ' , .GQPCTF & 
 #IGFGRGPFGPV KPJKDKVKQP QH RGPVQDCTDKVCN UNGGRKPI VKOG D[

Q\QPG KP OKEG CPF TCVU , )GTQPVQN  

%CPCFC # 6 %JQY % - #KTTKGUU ) 4 %CNCDTGUG ' , 
 .CEM QH Q\QPG GHHGEV QP RNCUOC

EQPEGPVTCVKQPU QH TGVKPQN CUEQTDKE CEKF CPF VQEQRJGTQN 0WVT 4GU  

%CPPKPI $ , *OKGNGUMK 4 4 5RCPPJCMG ' 9 ,CMCD ) , 
 1\QPG TGFWEGU OWTKPG CNXGQNCT CPF

RGTKVQPGCN OCETQRJCIG RJCIQE[VQUKU VJG TQNG QH RTQUVCPQKFU #O , 2J[UKQN  ..

%CUVNGOCP 9 . &WPIYQTVJ & . 5EJYCTV\ . 9 6[NGT 9 5 
 #EWVG TGURKTCVQT[ DTQPEJKQNKVKU CP

WNVTCUVTWEVWTCN CPF CWVQTCFKQITCRJKE UVWF[ QH GRKVJGNKCN EGNN KPLWT[ CPF TGPGYCN KP TJGUWU OQPMG[U

GZRQUGF VQ Q\QPG #O , 2CVJQN  

%CVCNCPQ 2 , 4QIWU , 4[CP . / 
C %QPUGSWGPEGU QH RTQNQPIGF KPJCNCVKQP QH Q\QPG QP (0 TCVU

EQNNCDQTCVKXG UVWFKGU 2CTV : 4QDWUV EQORQUKVG UEQTGU DCUGF QP OGFKCP RQNKUJ CPCN[UKU %CODTKFIG

/# *GCNVJ 'HHGEVU +PUVKVWVG TGUGCTEJ TGRQTV PQ 

%CVCNCPQ 2 , %JCPI .; . *CTMGOC , 4 -CFGP & # .CUV , # /GNNKEM 2 9 2CTMU 9 %

2KPMGTVQP - ' 4CFJCMTKUJPCOWTVJ[ $ 4[CP . / 5\CTGM , . 
D %QPUGSWGPEGU QH

RTQNQPIGF KPJCNCVKQP QH Q\QPG QP (0 TCVU EQNNCDQTCVKXG UVWFKGU 2CTV :+ +PVGITCVKXG UWOOCT[

%CODTKFIG /# *GCNVJ 'HHGEVU +PUVKVWVG TGUGCTEJ TGRQTV PQ 

%CXGPFGT ( . 5VGKPJCIGP 9 * 7NTKEJ % ' $WUG[ 9 / %QEMTGNN $ ; *CUGOCP , - *QICP /

& &TGY 4 6 
 'HHGEVU KP TCVU CPF IWKPGC RKIU QH UJQTVVGTO GZRQUWTGU VQ UWNHWTKE CEKF OKUV

Q\QPG CPF VJGKT EQODKPCVKQP , 6QZKEQN 'PXKTQP *GCNVJ  

%JCPG[ 5 ) 
 'HHGEVU QH Q\QPG QP NGWMQE[VG &0# 4GUGCTEJ 6TKCPING 2CTM 0% 75 'PXKTQPOGPVCN

2TQVGEVKQP #IGPE[ *GCNVJ 'HHGEVU 4GUGCTEJ .CDQTCVQT[ TGRQTV PQ '2# #XCKNCDNG

HTQO 06+5 5RTKPIHKGNF 8# 2$

%JCPI .; /GTEGT 4 4 5VQEMUVKNN $ . /KNNGT ( , )TCJCO , # 1URKVCN , , %TCRQ , & 


'HHGEVU QH NQY NGXGNU QH 01 QP VGTOKPCN DTQPEJKQNCT EGNNU CPF KVU TGNCVKXG VQZKEKV[ EQORCTGF VQ 1   

6QZKEQN #RRN 2JCTOCEQN  

%JCPI . /KNNGT ( , 7NVOCP , *WCPI ; 5VQEMUVKNN $ . )TQUG ' )TCJCO , # 1URKVCN , ,

%TCRQ , & 
 #NXGQNCT GRKVJGNKCN EGNN KPLWTKGU D[ UWDEJTQPKE GZRQUWTG VQ NQY EQPEGPVTCVKQPU QH

Q\QPG EQTTGNCVG YKVJ EWOWNCVKXG GZRQUWTG 6QZKEQN #RRN 2JCTOCEQN  

%JCPI .; *WCPI ; 5VQEMUVKNN $ . )TCJCO , # )TQUG ' % /3⁄4PCEJG / ) /KNNGT ( , %QUVC

& . %TCRQ , & 
 'RKVJGNKCN KPLWT[ CPF KPVGTUVKVKCN HKDTQUKU KP VJG RTQZKOCN CNXGQNCT TGIKQPU

QH TCVU EJTQPKECNN[ GZRQUGF VQ C UKOWNCVGF RCVVGTP QH WTDCP CODKGPV Q\QPG 6QZKEQN #RRN 2JCTOCEQN

 

%JCPI .; 5VQEMUVKNN $ . /3⁄4PCEJG / ) /GTEGT 4 4 %TCRQ , & 
 %QPUGSWGPEGU QH

RTQNQPIGF KPJCNCVKQP QH Q\QPG QP (0 TCVU EQNNCDQTCVKXG UVWFKGU 2CTV 8+++ /QTRJQOGVTKE

CPCN[UKU QH UVTWEVWTCN CNVGTCVKQPU KP CNXGQNCT TGIKQPU %CODTKFIG /# *GCNVJ 'HHGEVU +PUVKVWVG RR 

 TGUGCTEJ TGRQTV PQ 

%JGP . % /KNNGT 2 & .CO * ( )WV[ , #OFWT / 1 
 5WNHWTKE CEKFNC[GTGF WNVTCHKPG RCTVKENGU

RQVGPVKCVG Q\QPGKPFWEGF CKTYC[ KPLWT[ , 6QZKEQN 'PXKTQP *GCNVJ  


%JKVCPQ 2 &K 5VGHCPQ # (KPQVVQ 5 <CXCVVKPK ) /CGUVTGNNK 2 /CRR % (CDDTK . / #NNGITC .


 #ODTQZQN KPJKDKVU CKTYC[ J[RGTTGURQPUKXGPGUU KPFWEGF D[ Q\QPG KP FQIU 4GURKTCVKQP

 
UWRRN  

%JQK # / - 'NDQP % . $TWEG 5 # $CUUGVV & , 2 
 /GUUGPIGT 40# NGXGNU QH NWPI GZVTCEGNNWNCT

OCVTKZ RTQVGKPU FWTKPI Q\QPG GZRQUWTG .WPI  

%JQY % - 2NQRRGT % ) %JKW / &WPIYQTVJ & . 
 &KGVCT[ XKVCOKP ' CPF RWNOQPCT[ DKQEJGOKECN

CPF OQTRJQNQIKECN CNVGTCVKQPU QH TCVU GZRQUGF VQ  RRO Q\QPG 'PXKTQP 4GU  

%JTKUVGPUGP ' )KGUG # % 
 %JCPIGU KP CDUQTRVKQP URGEVTC QH PWENGKE CEKFU CPF VJGKT FGTKXCVKXGU

HQNNQYKPI GZRQUWTG VQ Q\QPG CPF WNVTCXKQNGV TCFKCVKQPU #TEJ $KQEJGO $KQRJ[U  

%NGOQPU ) - )CTEKC , ( 
C 'PFQETKPG CURGEVU QH Q\QPG GZRQUWTG KP TCVU #TEJ 6QZKEQN 5WRRN  



%NGOQPU ) - )CTEKC , ( 
D %JCPIGU KP VJ[TQKF HWPEVKQP CHVGT UJQTVVGTO Q\QPG GZRQUWTG KP TCVU

, 'PXKTQP 2CVJQN 6QZKEQN  

%QHHKP & . )CTFPGT & ' 
 +PVGTCEVKQP QH DKQNQIKECN CIGPVU CPF EJGOKECN CKT RQNNWVCPVU #PP 1EEWR

*[I  

%QHHKP & . $NQOOGT ' , )CTFPGT & ' *QN\OCP 4 
 'HHGEV QH CKT RQNNWVKQP QP CNVGTCVKQP QH

UWUEGRVKDKNKV[ VQ RWNOQPCT[ KPHGEVKQP +P 2TQEGGFKPIU QH VJG TF CPPWCN EQPHGTGPEG QP CVOQURJGTKE

EQPVCOKPCVKQP KP EQPHKPGF URCEGU /C[ &C[VQP 1* 9TKIJV2CVVGTUQP #KT (QTEG $CUG 1*

#GTQURCEG /GFKECN 4GUGCTEJ .CDQTCVQTKGU RR  TGRQTV PQ #/4.64 #XCKNCDNG

HTQO 06+5 5RTKPIHKGNF 8# #&

%QNGTKFIG , % ) %QNGTKFIG * / 5EJGNGING ' 5 )TGGP , ( 
 #EWVG KPJCNCVKQP QH Q\QPG UVKOWNCVGU

DTQPEJKCN %HKDGTU CPF TCRKFN[ CFCRVKPI TGEGRVQTU KP FQIU , #RRN 2J[UKQN  

%QUVC & . -WV\OCP 4 5 .GJOCPP , 4 2QRGPQG ' # &TGY 4 6 
 # UWDEJTQPKE OWNVKFQUG

Q\QPG UVWF[ KP TCVU +P .GG 5 & /WUVCHC / ) /GJNOCP / # GFU +PVGTPCVKQPCN U[ORQUKWO

QP VJG DKQOGFKECN GHHGEVU QH Q\QPG CPF TGNCVGF RJQVQEJGOKECN QZKFCPVU /CTEJ  2KPGJWTUV 0%

2TKPEGVQP 0, 2TKPEGVQP 5EKGPVKHKE 2WDNKUJGTU +PE RR  
#FXCPEGU KP OQFGTP

GPXKTQPOGPVCN VQZKEQNQI[ X 

%QUVC & . *CVEJ ) ' *KIJHKNN , 5VGXGPU / # 6GRRGT , 5 
C 2WNOQPCT[ HWPEVKQP UVWFKGU KP VJG

TCV CFFTGUUKPI EQPEGPVTCVKQP XGTUWU VKOG TGNCVKQPUJKRU QH Q\QPG 
1  4GUGCTEJ 6TKCPING 2CTM 

0% 75 'PXKTQPOGPVCN 2TQVGEVKQP #IGPE[ *GCNVJ 'HHGEVU 4GUGCTEJ .CDQTCVQT[ TGRQTV PQ

'2#& #XCKNCDNG HTQO 06+5 5RTKPIHKGNF 8# 2$

%QUVC & . 5VGXGPU / 5 6GRRGT , 5 
D 4GRGCVGF GZRQUWTG VQ Q\QPG 
1  CPF EJTQPKE NWPI FKUGCUG 

TGEGPV CPKOCN FCVC 2TGUGPVGF CV UV CPPWCN OGGVKPI QH VJG #KT 2QNNWVKQP %QPVTQN #UUQEKCVKQP ,WPG

&CNNCU 6: 2KVVUDWTIJ 2# #KT 2QNNWVKQP %QPVTQN #UUQEKCVKQP RCRGT PQ 


%QUVC & . *CVEJ ) ' *KIJHKNN , 5VGXGPU / # 6GRRGT , 5 
 2WNOQPCT[ HWPEVKQP UVWFKGU KP VJG

TCV CFFTGUUKPI EQPEGPVTCVKQP XGTUWU VKOG TGNCVKQPUJKRU QH Q\QPG +P 5EJPGKFGT 6 .GG 5 &

9QNVGTU ) , 4 )TCPV . & GFU #VOQURJGTKE Q\QPG TGUGCTEJ CPF KVU RQNKE[ KORNKECVKQPU

RTQEGGFKPIU QH VJG TF 75&WVEJ KPVGTPCVKQPCN U[ORQUKWO /C[  0KLOGIGP 6JG 0GVJGTNCPFU

#OUVGTFCO 6JG 0GVJGTNCPFU 'NUGXKGT 5EKGPEG 2WDNKUJGTU RR  
5VWFKGU KP GPXKTQPOGPVCN

UEKGPEG 

%QUVC & . 6GRRGT , 5 5VGXGPU / # 9CVMKPUQP 9 2 &QGTHNGT & . )GN\NGKEJVGT 6 4 .CUV , #


 4GUVTKEVKXG NWPI FKUGCUG KP TCVU GZRQUGF EJTQPKECNN[ VQ CP WTDCP RTQHKNG QH Q\QPG #O ,

4GURKT %TKV %CTG /GF  

%TCRQ , & $CTT[ $ ' %JCPI .; /GTEGT 4 4 
 #NVGTCVKQPU KP NWPI UVTWEVWTG ECWUGF D[ KPJCNCVKQP

QH QZKFCPVU , 6QZKEQN 'PXKTQP *GCNVJ  

%TQEMGT 6 6 $JCNNC & - 
 6TCPURQTV QH OCETQOQNGEWNGU CPF RCTVKENGU CV VCTIGV UKVGU HQT FGRQUKVKQP QH

CKT RQNNWVCPVU %CODTKFIG /# *GCNVJ 'HHGEVU +PUVKVWVG TGUGCTEJ TGRQTV PQ 

%WGVQ 4 5SWCFTKVQ ) . $GTOWFG\ ' 2T[QT 9 # 
 +FGPVKHKECVKQP QH JGRVCPCN CPF PQPCPCN KP

DTQPEJQCNXGQNCT NCXCIG HTQO TCVU GZRQUGF VQ NQY NGXGNU QH Q\QPG $KQEJGO $KQRJ[U 4GU %QOOWP

 

&COLK - 5 5JGTYKP 4 2 
 6JG GHHGEV QH Q\QPG CPF UKOWNCVGF JKIJ CNVKVWFG QP OWTKPG NWPI GNCUVKP

SWCPVKVCVKQP D[ KOCIG CPCN[UKU 6QZKEQN +PF *GCNVJ  

&KIING 9 / )CIG , % 
 6JG VQZKEKV[ QH Q\QPG KP VJG RTGUGPEG QH QZKFGU QH PKVTQIGP $T , +PF /GF

 

&KNNQP & %QODGU 4 /E%QPXKNNG / <GKIGT ' 
 1\QPG KU OWVCIGPKE KP 5CNOQPGNNC 'PXKTQP /QN

/WVCIGP  

&KOKVTKCFKU 8 - 
 %CTDQJ[FTCVG E[VQEJGOKUVT[ QH DQPPGV OQPMG[ 
/CECEC TCFKCVC PCUCN GRKVJGNKWO

4GURQPUG VQ CODKGPV NGXGNU QH Q\QPG *KUVQN *KUVQRCVJQN  

&QFIG & ' 4WEMGT 4 $ 2KPMGTVQP - ' *CUGNVQP % , 2NQRRGT % ) 
 &QUGFGRGPFGPV VQNGTCPEG

VQ Q\QPG +++ 'NGXCVKQP QH KPVTCEGNNWNCT %NCTC EGNN M&C RTQVGKP KP EGPVTCN CEKPK QH TCVU GZRQUGF HQT

 OQPVJU 6QZKEQN #RRN 2JCTOCEQN  

&QPCNFUQP - $TQYP ) / $TQYP & / 5NKIJV , /CENCTGP 9 / &CXKU , / ) 
 .GWMQE[VG

OGFKCVGF GRKVJGNKCN KPLWT[ KP Q\QPGGZRQUGF TCV NWPI %CODTKFIG /# *GCNVJ 'HHGEVU +PUVKVWVG

TGUGCTEJ TGRQTV PQ 

&QPCNFUQP - $TQYP ) / $TQYP & / 5NKIJV , /CENCTGP 9 &CXKU , / ) 
 %JCTCEVGTKUVKEU

QH DTQPEJQCNXGQNCT NGWMQE[VGU HTQO VJG NWPIU QH TCVU KPJCNKPI  RRO QH Q\QPG +PJCNCVKQP

6QZKEQN  

&QTOCPU , # / # 
 #RRNKECVKQP QH VJG FKUGEVQT OGVJQF KP VJG NKIJV OKETQUEQRKE SWCPVKHKECVKQP QH

V[RG ++ RPGWOQE[VGU KP EQPVTQN CPF Q\QPGGZRQUGF TCVU , /KETQUE  

&QTOCPU , # / # XCP $TGG . $QGTG # , ( /CTTC / 4QODQWV 2 , # 
 5VWF[ QH VJG GHHGEVU

QH Q\QPG KP GORJ[UGOCVQWU TCVU , 6QZKEQN 'PXKTQP *GCNVJ  

&QTOCPU , # / # 4QODQWV 2 , # 8CP .QXGTGP * 
 5WTHCEG OQTRJQNQI[ CPF OQTRJQOGVT[ QH TCV

CNXGQNCT OCETQRJCIGU CHVGT Q\QPG GZRQUWTG , 6QZKEQN 'PXKTQP *GCNVJ  


&QYPG[ ) 2 )WODC[ 4 5 &QJGTV[ & ' .C$TGESWG , ( *GPUQP , ' *GPUQP 2 / 9QTVJGP )

5 
 'PJCPEGOGPV QH RWNOQPCT[ KPHNCOOCVKQP QH 2)'  GXKFGPEG HQT C XCUQFKNCVQT GHHGEV 

, #RRN 2J[UKQN  

&QYPG[ ) 2 9QTVJGP ) 5 *GPUQP 2 / *[FG & / 
 0GWVTQRJKN UGSWGUVTCVKQP CPF OKITCVKQP KP

NQECNK\GF RWNOQPCT[ KPHNCOOCVKQP ECRKNNCT[ NQECNK\CVKQP CPF OKITCVKQP CETQUU VJG KPVGTCNXGQNCT

UGRVWO #O 4GX 4GURKT &KU  

&TKUEQNN - ' 5EJNGUKPIGT 4 $ 
 #NXGQNCT OCETQRJCIGUVKOWNCVGF PGWVTQRJKN CPF OQPQE[VG OKITCVKQP

GHHGEVU QH KP XKVTQ Q\QPG GZRQUWTG 6QZKEQN #RRN 2JCTOCEQN  

&TKUEQNN - ' 8QNNOWVJ 6 # 5EJNGUKPIGT 4 $ 
 'CTN[ CNXGQNCT ENGCTCPEG QH RCTVKENGU KP TCDDKVU

WPFGTIQKPI CEWVG CPF UWDEJTQPKE GZRQUWTG VQ Q\QPG (WPFCO #RRN 6QZKEQN  

&TKUEQNN - ' 8QNNOWVJ 6 # 5EJNGUKPIGT 4 $ 
 #EWVG CPF UWDEJTQPKE Q\QPG KPJCNCVKQP KP VJG TCDDKV

TGURQPUG QH CNXGQNCT OCETQRJCIGU , 6QZKEQN 'PXKTQP *GCNVJ  

&TKUEQNN - ' .GKMCWH ) & 5EJNGUKPIGT 4 $ 
 'HHGEVU QH KP XKVTQ CPF KP XKXQ Q\QPG GZRQUWTG QP

GKEQUCPQKF RTQFWEVKQP D[ TCDDKV CNXGQNCT OCETQRJCIGU +PJCNCVKQP 6QZKEQN 2TGOKGT +UUWG 

&WDGCW * %JWPI ; 5 
 1\QPG TGURQPUG KP YKNF V[RG CPF TCFKCVKQPUGPUKVKXG OWVCPVU QH 5CEEJCTQO[EGU

EGTGXKUKCG /)) /QN )GP )GPGV  

&WDGCW * %JWPI ; 5 
 )GPGVKE GHHGEVU QH Q\QPG KPFWEVKQP QH RQKPV OWVCVKQP CPF IGPGVKE TGEQODKPCVKQP

KP 5CEEJCTQO[EGU EGTGXKUKCG /WVCV 4GU  

&WDKEM / # *GPI * 4WEMGT 4 $ 
 'HHGEVU QH RTQVGKP FGHKEKGPE[ CPF HQQF TGUVTKEVKQP QP NWPI

CUEQTDKE CEKF CPF INWVCVJKQPG KP TCVU GZRQUGF VQ Q\QPG , 0WVT  

&WPIYQTVJ & . 
 0QPECTEKPQIGPKE TGURQPUGU QH VJG TGURKTCVQT[ VTCEV VQ KPJCNGF VQZKECPVU +P /E%NGNNCP

4 1 *GPFGTUQP 4 ( GFU %QPEGRVU KP KPJCNCVKQP VQZKEQNQI[ 0GY ;QTM 0; *GOKURJGTG

2WDNKUJKPI %QTR RR 

&\KGF\KE & 9JKVG * , 
C 6EGNN CEVKXCVKQP KP RWNOQPCT[ N[ORJ PQFGU QH OKEG GZRQUGF VQ Q\QPG

'PXKTQP 4GU  

&\KGF\KE & 9JKVG * , 
D 6J[OWU CPF RWNOQPCT[ N[ORJ PQFG TGURQPUG VQ CEWVG CPF UWDEJTQPKE Q\QPG

KPJCNCVKQP KP VJG OQWUG 'PXKTQP 4GU  

&\KGF\KE & 9JKVG * , 
C 4GURQPUG QH 6EGNNFGHKEKGPV OKEG VQ Q\QPG GZRQUWTG , 6QZKEQN 'PXKTQP

*GCNVJ  

&\KGF\KE & 9JKVG * , 
D 3WCPVKVCVKQP QH Q\QPGKPFWEGF NWPI NGUKQP FGPUKV[ CHVGT VTGCVOGPV YKVJ CP

KPVGTHGTQP KPFWEGT QT CP CPVKKPVGTHGTQP CPVKDQF[ 6QZKEQN .GVV  

&\KGF\KE & 9TKIJV ' 5 5CTIGPV 0 ' 
 2WNOQPCT[ TGURQPUG VQ Q\QPG TGCEVKQP QH DTQPEJWUCUUQEKCVGF

N[ORJQKF VKUUWG CPF N[ORJ PQFG N[ORJQE[VGU KP VJG TCV 'PXKTQP 4GU  

'CUVQP 4 ' /WTRJ[ 5 & 
 'ZRGTKOGPVCN Q\QPG RTGGZRQUWTG CPF JKUVCOKPG GHHGEV QP VJG CEWVG VQZKEKV[

CPF TGURKTCVQT[ HWPEVKQP GHHGEVU QH JKUVCOKPG KP IWKPGC RKIU #TEJ 'PXKTQP *GCNVJ  

'HHTQU 4 / (GPI 0* /CUQP ) 5KGVUGOC - 5KNXGTOCP 2 *WMMCPGP , 
 5QNWVG EQPEGPVTCVKQPU

QH VJG RWNOQPCT[ GRKVJGNKCN NKPKPI HNWKF QH CPGUVJGVK\GF TCVU , #RRN 2J[UKQN  


'JTNKEJ 4 
 %JCPIGU KP UWUEGRVKDKNKV[ VQ TGURKTCVQT[ KPHGEVKQP ECWUGF D[ GZRQUWTGU VQ RJQVQEJGOKECN QZKFCPV

RQNNWVCPVU +P .GG 5 & /WUVCHC / ) /GJNOCP / # GFU +PVGTPCVKQPCN U[ORQUKWO QP VJG

DKQOGFKECN GHHGEVU QH Q\QPG CPF TGNCVGF RJQVQEJGOKECN QZKFCPVU /CTEJ  2KPGJWTUV 0%

2TKPEGVQP 0, 2TKPEGVQP 5EKGPVKHKE 2WDNKUJGTU +PE RR  
#FXCPEGU KP OQFGTP

GPXKTQPOGPVCN VQZKEQNQI[ X 

'JTNKEJ 4 (KPFNC[ , % (GPVGTU , & )CTFPGT & ' 
 *GCNVJ GHHGEVU QH UJQTVVGTO KPJCNCVKQP QH

PKVTQIGP FKQZKFG CPF Q\QPG OKZVWTGU 'PXKTQP 4GU  

'JTNKEJ 4 (KPFNC[ , % )CTFPGT & ' 
 'HHGEVU QH TGRGCVGF GZRQUWTGU VQ RGCM EQPEGPVTCVKQPU QH

PKVTQIGP FKQZKFG CPF Q\QPG QP TGUKUVCPEG VQ UVTGRVQEQEECN RPGWOQPKC , 6QZKEQN 'PXKTQP

*GCNVJ  

'NUC[GF 0 / 
 +PHNWGPEG QH XKVCOKP ' QP RQN[COKPG OGVCDQNKUO KP Q\QPGGZRQUGF TCV NWPIU #TEJ

$KQEJGO $KQRJ[U  

'NUC[GF 0 / /WUVCHC / ) 2QUVNGVJYCKV ' / 
 #IGFGRGPFGPV RWNOQPCT[ TGURQPUG QH TCVU VQ Q\QPG

GZRQUWTG , 6QZKEQN 'PXKTQP *GCNVJ  

'NUC[GF 0 / -CUU 4 /WUVCHC / ) *CEMGT # & 1URKVCN , , %JQY % - %TQUU % ' 


'HHGEV QH FKGVCT[ XKVCOKP ' NGXGN QP VJG DKQEJGOKECN TGURQPUG QH TCV NWPI VQ Q\QPG KPJCNCVKQP &TWI

0WVT +PVGTCEV  

'NUC[GF 0 / 'NNKPIUQP # 5 6KGTPG[ & ( /WUVCHC / ) 
 'HHGEVU QH Q\QPG KPJCNCVKQP QP

RQN[COKPG OGVCDQNKUO CPF VTKVKCVGF VJ[OKFKPG KPEQTRQTCVKQP KPVQ &0# QH TCV NWPIU 6QZKEQN #RRN

2JCTOCEQN  

'TFOCP * ' *GTPCPFG\ 6 
 #FWNV VQZKEKV[ CPF FQOKPCPV NGVJCNU KPFWEGF D[ Q\QPG CV URGEKHKE UVCIGU KP

URGTOCVQIGPGUKU KP &TQUQRJKNC XKTKNKU 'PXKTQP /WVCIGP  

'UMGY / . 5EJGWEJGP\WDGT 9 , 5EJQN\ 4 9 4GFF[ % % <CTMQYGT # 
 6JG GHHGEVU QH Q\QPG

KPJCNCVKQP QP VJG KOOWPQNQIKECN TGURQPUG QH UGNGPKWO CPF XKVCOKP 'FGRTKXGF TCVU 'PXKTQP 4GU

 

'WUVKU 5 . 5EJYCTV\ . 9 -QUEJ 2 % &WPIYQTVJ & . 
 %JTQPKE DTQPEJKQNKVKU KP PQPJWOCP

RTKOCVGU CHVGT RTQNQPIGF Q\QPG GZRQUWTG #O , 2CVJQN  

'XCPU / , %CDTCN . , 5VGRJGPU 4 , (TGGOCP ) 
 6TCPUHQTOCVKQP QH CNXGQNCT 6[RG  EGNNU VQ 6[RG

 EGNNU HQNNQYKPI GZRQUWTG VQ 01  'ZR /QN 2CVJQN   

'XCPU / , ,QJPUQP . 8 5VGRJGPU 4 , (TGGOCP ) 
C 4GPGYCN QH VJG VGTOKPCN DTQPEJKQNCT

GRKVJGNKWO KP VJG TCV HQNNQYKPI GZRQUWTG VQ 01 QT 1  .CD +PXGUV    

'XCPU / , ,QJPUQP . 8 5VGRJGPU 4 , (TGGOCP ) 
D %GNN TGPGYCN KP VJG NWPIU QH TCVU GZRQUGF VQ

NQY NGXGNU QH Q\QPG 'ZR /QN 2CVJQN  

'XCPU 6 9 $TQMCY , , %JWPI - ( 0CFGN , # /E&QPCNF & / 
 1\QPGKPFWEGF DTQPEJKCN

J[RGTTGURQPUKXGPGUU KP VJG TCV KU PQV CEEQORCPKGF D[ PGWVTQRJKN KPHNWZ QT KPETGCUGF XCUEWNCT

RGTOGCDKNKV[ KP VJG VTCEJGC #O 4GX 4GURKT &KU  

'XCPU , 0 *GOGPYC[ & 4 -GNNG[ , 
 'CTN[ OCTMGTU QH NWPI KPLWT[ %CODTKFIG /# *GCNVJ 'HHGEVU

+PUVKVWVG TGUGCTEJ TGRQTV PQ  #XCKNCDNG HTQO 06+5 5RTKPIHKGNF 8# 2$


(CDDTK . / #K\CYC * #NRGTV 5 ' 9CNVGTU ' * 1	$[TPG 2 / )QNF $ & 0CFGN , #

*QNV\OCP / , 
 #KTYC[ J[RGTTGURQPUKXGPGUU CPF EJCPIGU KP EGNN EQWPVU KP DTQPEJQCNXGQNCT

NCXCIG CHVGT Q\QPG GZRQUWTG KP FQIU #O 4GX 4GURKT &KU  

(CDDTK . / #K\CYC * 1	$[TPG 2 / $GVJGN 4 # 9CNVGTU ' * *QNV\OCP / , 0CFGN , #


 #P CPVKKPHNCOOCVQT[ FTWI 
$9% KPJKDKVU CKTYC[ J[RGTTGURQPUKXGPGUU KPFWEGF D[ Q\QPG

KP FQIU , #NNGTI[ %NKP +OOWPQN  

(GVPGT 4 * 
 1\QPGKPFWEGF EJTQOQUQOG DTGCMCIG KP JWOCP EGNN EWNVWTGU 0CVWTG 
.QPFQP

 

(KNKRQYKE\ % /E%CWNG[ 4 
C 6JG GHHGEV QH EJTQPKE Q\QPG GZRQUWTG QP NWPI DGP\Q
R[TGPG QZKFCUG

DGP\RJGVCOKPG FGOGVJ[NCUG CPF OQPQCOKPG QZKFCUG 4GU %QOOWP %JGO 2CVJQN 2JCTOCEQN

 

(KNKRQYKE\ % /E%CWNG[ 4 
D 6JG GHHGEVU QH EJTQPKE Q\QPG GZRQUWTG QP RWNOQPCT[ EQNNCIGP EQPVGPV CPF

EQNNCIGP U[PVJGUKU KP TCVU , #RRN 6QZKEQN  

(QWMG , / &GNGOQU 4 # /E(CFFGP ' 4 ,T 
 #KTYC[ TGURQPUG VQ WNVTC UJQTVVGTO GZRQUWTG VQ

Q\QPG #O 4GX 4GURKT &KU  

(QWMG , / &G.GOQU 4 # &WPP / , /E(CFFGP ' 4 ,T 
 'HHGEVU QH Q\QPG QP E[ENQQZ[IGPCUG

OGVCDQNKVGU KP VJG DCDQQP VTCEJGQDTQPEJKCN VTGG , #RRN 2J[UKQN  

(QWMG , / 9QNKP # & /E(CFFGP ' 4 ,T 
 'HHGEVU QH Q\QPG QP NWPI OGEJCPKEU CPF

E[ENQQZ[IGPCUG OGVCDQNKVGU KP FQIU 2TQUVCINCPFKPU  

(TGGOCP ) ,WJQU . 6 (WTKQUK 0 , /WUUGPFGP 4 5VGRJGPU 4 , 'XCPU / , 
 2CVJQNQI[ QH

RWNOQPCT[ FKUGCUG HTQO GZRQUWTG VQ KPVGTFGRGPFGPV CODKGPV ICUGU 
PKVTQIGP FKQZKFG CPF Q\QPG

#TEJ 'PXKTQP *GCNVJ  

(WLKOCMK * 
 +ORCKTOGPV QH JWOQTCN KOOWPG TGURQPUGU KP OKEG GZRQUGF VQ PKVTQIGP FKQZKFG CPF Q\QPG

OKZVWTGU 'PXKTQP 4GU  

(WLKOCMK * 5JKTCKUJK ( #UJKMCYC 6 /WTCMCOK / 
 %JCPIGU KP FGNC[GF J[RGTUGPUKVKXKV[ TGCEVKQP KP

OKEG GZRQUGF VQ 1  'PXKTQP 4GU   

(WLKPCMC . ' *[FG & / 2NQRRGT % ) 6[NGT 9 5 &WPIYQTVJ & . .QNNKPK . 1 


4GURKTCVQT[ DTQPEJKQNKVKU HQNNQYKPI NQPIVGTO Q\QPG GZRQUWTG KP DQPPGV OQPMG[U C OQTRJQOGVTKE

UVWF[ 'ZR .WPI 4GU  

(WMCUG 1 +UQOWTC - 9CVCPCDG * 
 'HHGEVU QH GZGTEKUG QP OKEG GZRQUGF VQ Q\QPG #TEJ 'PXKTQP

*GCNVJ  

)CTFPGT & ' 
 7UG QH GZRGTKOGPVCN CKTDQTPG KPHGEVKQPU HQT OQPKVQTKPI CNVGTGF JQUV FGHGPUGU 'PXKTQP

*GCNVJ 2GTURGEV  

)CTFPGT & ' /KNNGT ( , +NNKPI , 9 -KTV\ , / 
 +PETGCUGF KPHGEVKXKV[ YKVJ GZRQUWTG VQ Q\QPG CPF

UWNHWTKE CEKF 6QZKEQN .GVV  

)GN\NGKEJVGT 6 4 9KVUEJK * .CUV , # 
C 5[PGTIKUVKE KPVGTCEVKQP QH PKVTQIGP FKQZKFG CPF Q\QPG QP TCV

NWPIU CEWVG TGURQPUGU 6QZKEQN #RRN 2JCTOCEQN  


)GN\NGKEJVGT 6 4 9KVUEJK * .CUV , # 
D %QPEGPVTCVKQPTGURQPUG TGNCVKQPUJKRU QH TCV NWPIU VQ GZRQUWTG

VQ QZKFCPV CKT RQNNWVCPVU C ETKVKECN VGUV QH *CDGT	U .CY HQT Q\QPG CPF PKVTQIGP FKQZKFG 6QZKEQN

#RRN 2JCTOCEQN  

)GTVPGT # $TQODGTIGT$CTPGC $ 6TC[UVOCP 4 $GT\QP & /GPMGU * 
C 4GURQPUGU QH VJG NWPI

RGTKRJGT[ VQ Q\QPG CPF JKUVCOKPG , #RRN 2J[UKQN 4GURKT 'PXKTQP 'ZGTEKUG 2J[UKQN  

)GTVPGT # $TQODGTIGT$CTPGC $ &CPPGPDGTI # / ,T 6TC[UVOCP 4 /GPMGU * 
D 4GURQPUGU QH

VJG NWPI RGTKRJGT[ VQ  RRO Q\QPG , #RRN 2J[UKQN 4GURKT 'PXKTQP 'ZGTEKUG 2J[UKQN

 

)GTVPGT # $TQODGTIGT$CTPGC $ 6TC[UVOCP 4 /GPMGU * 
E 'HHGEVU QH Q\QPG QP RGTKRJGTCN NWPI

TGCEVKXKV[ , #RRN 2J[UKQN 4GURKT 'PXKTQP 'ZGTEKUG 2J[UKQN  

)KEJPGT 6 .CPIGDCTVGNU % 5CPFGTOCPP * ,T 
 1\QPG KU PQV OWVCIGPKE KP VJG 6TCFGUECPVKC CPF

VQDCEEQ OWVCIGPKEKV[ CUUC[U /WVCV 4GU  

)KNOQWT / + ,CMCD ) , 
 /QFWNCVKQP QH KOOWPG HWPEVKQP KP OKEG GZRQUGF VQ  RRO Q\QPG +PJCNCVKQP

6QZKEQN  

)KNOQWT / + 5GNITCFG / - 
 # EQORCTKUQP QH VJG RWNOQPCT[ FGHGPUGU CICKPUV UVTGRVQEQEECN KPHGEVKQP

KP TCVU CPF OKEG HQNNQYKPI 1 GZRQUWTG FKHHGTGPEGU KP FKUGCUG UWUEGRVKDKNKV[ CPF PGWVTQRJKN 

TGETWKVOGPV 6QZKEQN #RRN 2JCTOCEQN  

)KNOQWT / + *OKGNGUMK 4 4 5VCHHQTF ' # ,CMCD ) , 
 5WRRTGUUKQP CPF TGEQXGT[ QH VJG CNXGQNCT

OCETQRJCIG RJCIQE[VKE U[UVGO FWTKPI EQPVKPWQWU GZRQUWTG VQ  RRO Q\QPG 'ZR .WPI 4GU

 

)KNOQWT / + 2CTM 2 5GNITCFG / - 
C 1\QPGGPJCPEGF RWNOQPCT[ KPHGEVKQP YKVJ 5VTGRVQEQEEWU

\QQGRKFGOKEWU KP OKEG #O 4GX 4GURKT &KU  

)KNOQWT / + 2CTM 2 &QGTHNGT & 5GNITCFG / - 
D (CEVQTU VJCV KPHNWGPEG VJG UWRRTGUUKQP QH

RWNOQPCT[ CPVKDCEVGTKCN FGHGPUGU KP OKEG GZRQUGF VQ Q\QPG 'ZR .WPI 4GU  

)QJGGP 5 % 1	4QWTMG . .CTMKP ' % 
 1\QPG CPF VJG RGTQZKFCVKQP QH RQN[WPUCVWTCVGF HCVV[ CEKFU KP

XKXQ 'PXKTQP 4GU  

)QNFUVGKP ' 6[NGT 9 5 *QGRTKEJ 2 & 'CING % 
C 1\QPG CPF VJG CPVKDCEVGTKCN FGHGPUG OGEJCPKUOU

QH VJG OWTKPG NWPI #TEJ +PVGTP /GF  

)QNFUVGKP ' 6[NGT 9 5 *QGRTKEJ 2 & 'CING % 
D #FXGTUG KPHNWGPEG QH Q\QPG QP RWNOQPCT[

DCEVGTKEKFCN CEVKXKV[ QH OWTKPG NWPI 0CVWTG 
.QPFQP  

)QNFUVGKP ' 9CTUJCWGT & .KRRGTV 9 6CTMKPIVQP $ 
 1\QPG CPF PKVTQIGP FKQZKFG GZRQUWTG OWTKPG

RWNOQPCT[ FGHGPUG OGEJCPKUOU #TEJ 'PXKTQP *GCNVJ  

)QQEJ 2 % %TGCUKC & # $TGYGP , ) 
 6JG E[VQIGPGVKE GHHGEVU QH Q\QPG KPJCNCVKQP CPF KP XKVTQ

GZRQUWTGU 'PXKTQP 4GU  

)QTFQP 6 #OFWT / 1 
 'HHGEV QH Q\QPG QP TGURKTCVQT[ TGURQPUG QH IWKPGC RKIU VQ JKUVCOKPG , 6QZKEQN

'PXKTQP *GCNVJ  

)QTFQP 6 8GPWIQRCNCP % 5 #OFWT / 1 &TC\GP , / 
 1\QPGKPFWEGF CKTYC[ J[RGTTGCEVKXKV[ KP

VJG IWKPGC RKI , #RRN 2J[UKQN 4GURKT 'PXKTQP 'ZGTEKUG 2J[UKQN  


)TCJCO , # /GP\GN & $ /KNNGT ( , +NNKPI , 9 )CTFPGT & ' 
 +PHNWGPEG QH Q\QPG QP

RGPVQDCTDKVCNKPFWEGF UNGGRKPI VKOG KP OKEG TCVU CPF JCOUVGTU 6QZKEQN #RRN 2JCTOCEQN

 

)TCJCO , # /GP\GN & $ /QNG / . /KNNGT ( , )CTFPGT & ' 
 +PHNWGPEG QH Q\QPG QP

RGPVQDCTDKVCN RJCTOCEQMKPGVKEU KP OKEG 6QZKEQN .GVV  

)TCJCO , # )CTFPGT & ' $NQOOGT ' , *QWUG & ' /3⁄4PCEJG / ) /KNNGT ( , 
 +PHNWGPEG

QH GZRQUWTG RCVVGTPU QH PKVTQIGP FKQZKFG CPF OQFKHKECVKQPU D[ Q\QPG QP UWUEGRVKDKNKV[ VQ DCEVGTKCN

KPHGEVKQWU FKUGCUG KP OKEG , 6QZKEQN 'PXKTQP *GCNVJ  

)TCJCO , # )TCPV . & (QNKPUDGG . , )CTFPGT & ' 5EJNGUKPIGT 4 $ 1XGTVQP , * .QWPUDWT[

5 9 /E%WTF[ 6 4 *CUUGNDNCF 8 /E-GG & , 4KEJOQPF * / 2QNMQYUM[ $ 8

/CTEWU # * 
 &KTGEV JGCNVJ GHHGEVU QH CKT RQNNWVCPVU CUUQEKCVGF YKVJ CEKFKE RTGEWTUQT

GOKUUKQPU +P +TXKPI 2 / GF #EKFKE FGRQUKVKQP UVCVG QH UEKGPEG CPF VGEJPQNQI[ XQNWOG +++

VGTTGUVTKCN OCVGTKCNU JGCNVJ CPF XKUKDKNKV[ GHHGEVU 9CUJKPIVQP &% 6JG 75 0CVKQPCN #EKF

2TGEKRKVCVKQP #UUGUUOGPV 2TQITCO 
5VCVG QH UEKGPEG CPF VGEJPQNQI[ TGRQTV 

)TGGP ) / 
 #NXGQNQDTQPEJKQNCT VTCPURQTV OGEJCPKUOU #TEJ +PVGTP /GF  

)TGGP ) / 
 5KOKNCTKVKGU QH JQUV FGHGPUG OGEJCPKUOU CICKPUV RWNOQPCT[ KPHGEVKQWU FKUGCUGU KP CPKOCNU CPF

OCP , 6QZKEQN 'PXKTQP *GCNVJ  

)TGGP ) / ,CMCD ) , .QY 4 $ &CXKU ) 5 
 &GHGPUG OGEJCPKUOU QH VJG TGURKTCVQT[ OGODTCPG

#O 4GX 4GURKT &KU  

)TKPFUVCHH ) *GPT[ / *GTPCPFG\ 1 *QICP - .CK & 5KGIGN5EQVV % 
 (QTOCNFGJ[FG TKUM

CUUGUUOGPV WRFCVG =HKPCN FTCHV? 9CUJKPIVQP &% 75 'PXKTQPOGPVCN 2TQVGEVKQP #IGPE[ 1HHKEG QH

6QZKE 5WDUVCPEGU

)TQUG ' % )CTFPGT & ' /KNNGT ( , 
 4GURQPUG QH EKNKCVGF GRKVJGNKWO VQ Q\QPG CPF UWNHWTKE CEKF

'PXKTQP 4GU  

)TQUG ' % 4KEJCTFU , * +NNKPI , 9 /KNNGT ( , &CXKGU & 9 )TCJCO , # )CTFPGT & ' 


2WNOQPCT[ JQUV FGHGPUG TGURQPUGU VQ KPJCNCVKQP QH UWNHWTKE CEKF CPF Q\QPG , 6QZKEQN 'PXKTQP

*GCNVJ  

)TQUG ' % 5VGXGPU / # *CVEJ ) ' ,CUMQV 4 * 5GNITCFG / , - 5VGCF # ) %QUVC & .

)TCJCO , # 
 6JG KORCEV QH C OQPVJ GZRQUWTG VQ C FKWTPCN RCVVGTP QH Q\QPG QP RWNOQPCT[

HWPEVKQP CPVKQZKFCPV DKQEJGOKUVT[ CPF KOOWPQNQI[ +P 5EJPGKFGT 6 .GG 5 & 9QNVGTU ) ,

4 )TCPV . & GFU #VOQURJGTKE Q\QPG TGUGCTEJ CPF KVU RQNKE[ KORNKECVKQPU RTQEGGFKPIU QH VJG

TF 75&WVEJ KPVGTPCVKQPCN U[ORQUKWO /C[  0KLOGIGP 6JG 0GVJGTNCPFU #OUVGTFCO 6JG

0GVJGTNCPFU 'NUGXKGT 5EKGPEG 2WDNKUJGTU RR  
5VWFKGU KP GPXKTQPOGPVCN UEKGPEG 

)TQUU - $ 9JKVG * , 
 2WNOQPCT[ HWPEVKQPCN CPF OQTRJQNQIKECN EJCPIGU KPFWEGF D[ C YGGM GZRQUWTG

VQ  RRO Q\QPG HQNNQYGF D[ C YGGM TGEQXGT[ RGTKQF , 6QZKEQN 'PXKTQP *GCNVJ  

)TQUU - $ 9JKVG * , 
 (WPEVKQPCN CPF RCVJQNQIKE EQPUGSWGPEGU QH C YGGM GZRQUWTG VQ  22/

Q\QPG HQNNQYGF D[ C ENGCP CKT TGEQXGT[ RGTKQF .WPI  

)WGTTGTQ 4 4 4QWPFU & ' 1NUQP 4 5 *CEMPG[ , & 
 /WVCIGPKE GHHGEVU QH Q\QPG QP JWOCP EGNNU

GZRQUGF KP XKXQ CPF KP XKVTQ DCUGF QP UKUVGT EJTQOCVKF GZEJCPIG CPCN[UKU 'PXKTQP 4GU  


)WPPKUQP # ( (KPMGNUVGKP + 9GKFGOCP 2 5W 9; 5QDQ / 5EJNGUKPIGT 4 $ 
 #IGFGRGPFGPV

GHHGEV QH Q\QPG QP RWNOQPCT[ GKEQUCPQKF OGVCDQNKUO KP TCDDKVU CPF TCVU (WPFCO #RRN 6QZKEQN

 

)WPPKUQP # ( 9KGFGOCP 2 # 5QDQ / -QGPKI - . .WPI % % 
C #IGFGRGPFGPEG QH TGURQPUGU

VQ CEWVG Q\QPG GZRQUWTG KP TCVU (WPFCO #RRN 6QZKEQN  

)WPPKUQP # ( 9GKFGOCP 2 # 5QDQ / 
D 'PJCPEGF KPHNCOOCVQT[ TGURQPUG VQ CEWVG Q\QPG GZRQUWTG

KP TCVU FWTKPI RTGIPCPE[ CPF NCEVCVKQP (WPFCO #RRN 6QZKEQN  

)WVJ & , 9CTTGP & . .CUV , # 
 %QORCTCVKXG UGPUKVKXKV[ QH OGCUWTGOGPVU QH NWPI FCOCIG OCFG D[

DTQPEJQCNXGQNCT NCXCIG CHVGT UJQTVVGTO GZRQUWTG QH TCVU VQ Q\QPG 6QZKEQNQI[  

*CEMGT # & /WUVCHC / ) 1URKVCN , , 'NUC[GF 0 / .GG 5 & 
 4GNCVKQPUJKR QH CIG VQ TCV NWPI

EQNNCIGP U[PVJGUKU KP TGURQPUG VQ Q\QPG GZRQUWTG #IG  

*CGHGNK$NGWGT $ 9GKDGN ' 4 
 /QTRJQOGVT[ QH VJG JWOCP RWNOQPCT[ CEKPWU #PCV 4GE  

*COGNKP % 
 2TQFWEVKQP QH UKPING CPF FQWDNGUVTCPF DTGCMU KP RNCUOKF &0# D[ Q\QPG +PV , 4CFKCV

1PEQN $KQN 2J[U  

*COGNKP % %JWPI ; 5 
C 6JG GHHGEV QH NQY EQPEGPVTCVKQPU QH Q\QPG QP 'UEJGTKEJKC EQNK EJTQOQUQOG

/WVCV 4GU  

*COGNKP % %JWPI ; 5 
D %JCTCEVGTK\CVKQP QH OWEQKF OWVCPVU QH 'UEJGTKEJKC EQNK - KUQNCVGF CHVGT

GZRQUWTG VQ Q\QPG , $CEVGTKQN  

*COGNKP % 5CTJCP ( %JWPI ; 5 
C 1\QPGKPFWEGF &0# FGITCFCVKQP KP FKHHGTGPV &0#

RQN[OGTCUG + OWVCPVU QH 'UEJGTKEJKC EQNK - $KQEJGO $KQRJ[U 4GU %QOOWP  

*COGNKP % 5CTJCP ( %JWPI ; 5 
D &0# FGITCFCVKQP ECWUGF D[ Q\QPG KP OWEQKF OWVCPVU QH

'UEJGTKEJKC EQNK - ('/5 /KETQDKQN .GVV  

*CTMGOC , 4 /CWFGTN[ , . 
 %QPUGSWGPEGU QH RTQNQPIGF KPJCNCVKQP QH Q\QPG QP (0 TCVU

EQNNCDQTCVKXG UVWFKGU 2CTV 8 'HHGEVU QP RWNOQPCT[ HWPEVKQP %CODTKFIG /# *GCNVJ 'HHGEVU

+PUVKVWVG TGUGCTEJ TGRQTV PQ 

*CTMGOC , 4 2NQRRGT % ) *[FG & / 5V )GQTIG , # 9KNUQP & 9 &WPIYQTVJ & . 


4GURQPUG QH VJG OCECSWG PCUCN GRKVJGNKWO VQ CODKGPV NGXGNU QH Q\QPG C OQTRJQNQIKE CPF

OQTRJQOGVTKE UVWF[ QH VJG VTCPUKVKQPCN CPF TGURKTCVQT[ GRKVJGNKWO #O , 2CVJQN  

*CTMGOC , 4 *QVEJMKUU , # *GPFGTUQP 4 ( 
 'HHGEVU QH  CPF  RRO Q\QPG QP TCV PCUCN CPF

PCUQRJCT[PIGCN GRKVJGNKCN OWEQUWDUVCPEGU SWCPVKVCVKXG JKUVQEJGOKUVT[ 6QZKEQN 2CVJQN  

*CTMGOC , 4 2NQRRGT % ) *[FG & / 5V )GQTIG , # 9KNUQP & 9 &WPIYQTVJ & . 


4GURQPUG QH OCECSWG DTQPEJKQNCT GRKVJGNKWO VQ CODKGPV EQPEGPVTCVKQPU QH Q\QPG #O , 2CVJQN

 

*CTMGOC , 4 /QTICP - 6 )TQUU ' # %CVCNCPQ 2 , )TKHHKVJ 9 % 
 %QPUGSWGPEGU QH

RTQNQPIGF KPJCNCVKQP QH Q\QPG QP (0 TCVU EQNNCDQTCVKXG UVWFKGU 2CTV 8++ GHHGEVU QP VJG PCUCN

OWEQEKNKCT[ CRRCTCVWU %CODTKFIG /# *GCNVJ 'HHGEVU +PUVKVWVG TGUGCTEJ TGRQTV PQ 

*CUUGVV % /WUVCHC / ) %QWNUQP 9 ( 'NCUJQHH 4 / 
 /WTKPG NWPI ECTEKPQIGPGUKU HQNNQYKPI

GZRQUWTG VQ CODKGPV Q\QPG EQPEGPVTCVKQPU ,0%+ , 0CVN %CPEGT +PUV  


*CVEJ ) ' 
 %QORCTCVKXG DKQEJGOKUVT[ QH CKTYC[ NKPKPI HNWKF +P 2CTGPV 4 # GF %QORCTCVKXG DKQNQI[

QH VJG PQTOCN NWPI X + VTGCVKUG QP RWNOQPCT[ VQZKEQNQI[ $QEC 4CVQP (. %4% 2TGUU RR 



*CVEJ ) ' 5NCFG 4 5VGCF # ) )TCJCO , # 
 5RGEKGU EQORCTKUQP QH CEWVG KPJCNCVKQP VQZKEKV[ QH

Q\QPG CPF RJQUIGPG , 6QZKEQN 'PXKTQP *GCNVJ  

*CVEJ ) ' -QTGP * #KUUC / 
 # OGVJQF HQT EQORCTKUQP QH CPKOCN CPF JWOCP CNXGQNCT FQUG CPF

VQZKE GHHGEV QH KPJCNGF Q\QPG *GCNVJ 2J[U 
UWRRN  

*CVEJ ) ' 5NCFG 4 *CTTKU . 2 /E&QPPGNN 9 ( &GXNKP 4 $ -QTGP * 5 %QUVC & .

/E-GG , 
 1\QPG FQUG CPF GHHGEV KP JWOCPU CPF TCVU C EQORCTKUQP WUKPI QZ[IGP NCDGNKPI

CPF DTQPEJQCNXGQNCT NCXCIG #O , 4GURKT %TKV %CTG /GF  

*GPFGTUQP 4 ( *QVEJMKUU , # %JCPI + ; 5EQVV $ 4 *CTMGOC , 4 
 'HHGEV QH EWOWNCVKXG

GZRQUWTG QP PCUCN TGURQPUG VQ Q\QPG 6QZKEQN #RRN 2JCTOCEQN  

*GPI * 4WEMGT 4 $ %TQVV[ , &WDKEM / # 
 6JG GHHGEVU QH Q\QPG QP NWPI JGCTV CPF NKXGT

UWRGTQZKFG FKUOWVCUG CPF INWVCVJKQPG RGTQZKFCUG CEVKXKVKGU KP VJG RTQVGKPFGHKEKGPV TCV 6QZKEQN .GVV

 

*KIJHKNN , 9 %QUVC & . 
 5VCVKUVKECN TGURQPUG OQFGNU HQT Q\QPG GZRQUWTG VJGKT IGPGTCNKV[ YJGP CRRNKGF

VQ JWOCP URKTQOGVTKE CPF CPKOCN RGTOGCDKNKV[ HWPEVKQPU QH VJG NWPI , #KT 9CUVG /CPCIG #UUQE

 

*KIJHKNN , 9 *CVEJ ) ' 5NCFG 4 %TKUUOCP - / 0QTYQQF , &GXNKP 4 $ %QUVC & . 


%QPEGPVTCVKQPVKOG OQFGNU HQT VJG GHHGEVU QH Q\QPG QP DTQPEJQCNXGQNCT NCXCIG HNWKF RTQVGKP HTQO TCVU

CPF IWKPGC RKIU +PJCNCVKQP 6QZKEQN  

*KTQUJKOC - -QJPQ 6 1JYCFC * *C[CUJK ; 
 /QTRJQNQIKECN UVWF[ QH VJG GHHGEVU QH Q\QPG QP TCV

NWPI ++ NQPIVGTO GZRQUWTG 'ZR /QN 2CVJQN  

*QKIPG , $CFGT * 
 1\QPCVKQP QH YCVGT TQNG QH J[FTQZ[N TCFKECNU CU QZKFK\KPI KPVGTOGFKCVGU 5EKGPEG


9CUJKPIVQP &%  

*QNTQ[FG / % 0QTTKU # # 
 6JG GHHGEV QH Q\QPG QP TGCEVKXKV[ QH WRRGT CPF NQYGT CKTYC[U KP IWKPGC

RKIU $T , 2JCTOCEQN  

*QNV\OCP / , (CDDTK . / 5MQQIJ $' 1	$[TPG 2 / 9CNVGTU ' * #K\CYC * 0CFGN , #


C 6KOG EQWTUG QH CKTYC[ J[RGTTGURQPUKXGPGUU KPFWEGF D[ Q\QPG KP FQIU , #RRN 2J[UKQN

4GURKT 'PXKTQP 'ZGTEKUG 2J[UKQN  

*QNV\OCP / , (CDDTK . / 1	$[TPG 2 / )QNF $ & #K\CYC * 9CNVGTU ' * #NRGTV 5 '

0CFGN , # 
D +ORQTVCPEG QH CKTYC[ KPHNCOOCVKQP HQT J[RGTTGURQPUKXGPGUU KPFWEGF D[ Q\QPG

#O 4GX 4GURKT &KU  

*QVEJMKUU , # *CTMGOC , 4 
 'PFQVQZKP QT E[VQMKPGU CVVGPWCVG Q\QPGKPFWEGF &0# U[PVJGUKU KP TCV

PCUCN VTCPUKVKQPCN GRKVJGNKWO 6QZKEQN #RRN 2JCTOCEQN  

*QVEJMKUU , # *CTMGOC , 4 5WP , & *GPFGTUQP 4 ( 
C %QORCTKUQP QH CEWVG Q\QPGKPFWEGF PCUCN

CPF RWNOQPCT[ KPHNCOOCVQT[ TGURQPUGU KP TCVU 6QZKEQN #RRN 2JCTOCEQN  

*QVEJMKUU , # *CTMGOC , 4 -KTMRCVTKEM & 6 *GPFGTUQP 4 ( 
D 4GURQPUG QH TCV CNXGQNCT

OCETQRJCIGU VQ Q\QPG SWCPVKVCVKXG CUUGUUOGPV QH RQRWNCVKQP UK\G OQTRJQNQI[ CPF RTQNKHGTCVKQP

HQNNQYKPI CEWVG GZRQUWTG 'ZR .WPI 4GU  


*QVEJMKUU , # *CTMGOC , 4 *GPFGTUQP 4 ( 
 'HHGEV QH EWOWNCVKXG Q\QPG GZRQUWTG QP Q\QPG

KPFWEGF PCUCN GRKVJGNKCN J[RGTRNCUKC CPF UGETGVQT[ OGVCRNCUKC KP TCVU 'ZR .WPI 4GU  

*W 2 % /KNNGT ( , &CPKGNU / , *CVEJ ) ' )TCJCO , # )CTFPGT & ' 5GNITCFG / - 


2TQVGKP CEEWOWNCVKQP KP NWPI NCXCIG HNWKF HQNNQYKPI Q\QPG GZRQUWTG 'PXKTQP 4GU  

*WTUV & , )CTFPGT & ' %QHHKP & . 
 'HHGEV QH Q\QPG QP CEKF J[FTQNCUGU QH VJG RWNOQPCT[ CNXGQNCT

OCETQRJCIG 4'5 , 4GVKEWNQGPFQVJGN 5QE  

*WUUCKP / < /WUVCHC / ) %JQY % - %TQUU % ' 
C 1\QPGKPFWEGF KPETGCUG QH NWPI RTQNKPG

J[FTQZ[NCUG CEVKXKV[ CPF J[FTQZ[RTQNKPG EQPVGPV %JGUV 
UWRRN 

*WUUCKP / < %TQUU % ' /WUVCHC / ) $JCVPCICT 4 5 
D *[FTQZ[RTQNKPG EQPVGPVU CPF RTQN[N

J[FTQZ[NCUG CEVKXKVKGU KP NWPIU QH TCVU GZRQUGF VQ NQY NGXGNU QH Q\QPG .KHG 5EK  

*[FG & / *WDDCTF 9 % 9QPI 8 9W 4 2KPMGTVQP - 2NQRRGT % ) 
 1\QPGKPFWEGF CEWVG

VTCEJGQDTQPEJKCN GRKVJGNKCN KPLWT[ TGNCVKQPUJKR VQ ITCPWNQE[VG GOKITCVKQP KP VJG NWPI #O , 4GURKT

%GNN /QN $KQN  

+DTCJKO # . <GG ; % 1UGDQNF , 9 
 6JG GHHGEVU QH Q\QPG QP VJG TGURKTCVQT[ GRKVJGNKWO QH OKEG ++

WNVTCUVTWEVWTCN CNVGTCVKQPU , 'PXKTQP 2CVJQN 6QZKEQN  

+EJKMCYC + *KIWEJK ; 7LKKG # ;QMQ[COC ' 
 5WRRTGUUKQP QH 5KFOCPV[RG EQPFKVKQPGF CXQKFCPEG

TGURQPUG KP TCVU D[ Q\QPG 6CKMK 1UGP )CMMCKUJK  

+EJKPQUG 6 5CICK / 
 $KQEJGOKECN GHHGEVU QH EQODKPGF ICUGU QH PKVTQIGP FKQZKFG CPF Q\QPG

+++ 5[PGTIKUVKE GHHGEVU QP NKRKF RGTQZKFCVKQP CPF CPVKQZKFCVKXG RTQVGEVKXG U[UVGOU KP VJG NWPIU QH TCVU

CPF IWKPGC RKIU 6QZKEQNQI[  

+EJKPQUG 6 5CICK / 
 %QODKPGF GZRQUWTG VQ 01  1  CPF * 51   CGTQUQN CPF NWPI VWOQT HQTOCVKQP KP

TCVU 6QZKEQNQI[  

+EJKPQUG 6 #TCMCYC - 5JKOQLQ 0 5CICK / 
 $KQEJGOKECN GHHGEVU QH EQODKPGF ICUGU QH PKVTQIGP

FKQZKFG CPF Q\QPG ++ URGEKGU FKHHGTGPEGU KP NKRKF RGTQZKFGU CPF CPVKQZKFCVKXG RTQVGEVKXG GP\[OGU KP

VJG NWPIU 6QZKEQN .GVV  

+PQWG * 5CVQ 5 *KTQUG 6 -KMWEJK ; 7DWMCVC 6 0CICUJKOC 5 5CUCMK 6 6CMKUJKOC 6 


=# EQORCTCVKXG UVWF[ DGVYGGP HWPEVKQPCN CPF RCVJQNQIKE CNVGTCVKQPU KP NWPIU QH TCDDKVU GZRQUGF VQ CP

CODKGPV NGXGN QH Q\QPG? 0KRRQP -[QDW 5JKMMCP )GMMCK <CUUJK  

,CMCD ) , $CUUGVV & , 2 
 +PHNWGP\C XKTWU KPHGEVKQP Q\QPG GZRQUWTG CPF HKDTQIGPGUKU #O 4GX

4GURKT &KU  

,CMCD ) , *GOGPYC[ & 4 
 %QPEQOKVCPV GZRQUWTG VQ ECTDQP DNCEM RCTVKEWNCVGU GPJCPEGU Q\QPGKPFWEGF

NWPI KPHNCOOCVKQP CPF UWRRTGUUKQP QH CNXGQNCT OCETQRJCIG RJCIQE[VQUKU , 6QZKEQN 'PXKTQP *GCNVJ

 

,CMCD ) , *OKGNGUMK 4 4 
 4GFWEVKQP QH KPHNWGP\C XKTWU RCVJQIGPGUKU D[ GZRQUWTG VQ  RRO Q\QPG ,

6QZKEQN 'PXKTQP *GCNVJ  

,CMCD ) , 5RCPPJCMG ' 9 %CPPKPI $ , -NGGDGTIGT 5 4 )KNOQWT / + 
 6JG GHHGEVU QH Q\QPG

QP KOOWPG HWPEVKQP 'PXKTQP *GCNVJ 2GTURGEV 
UWRRN  

,CPUUGP . , 1	$[TPG 2 / &CPKGN ' ' 
 /GEJCPKUO WPFGTN[KPI Q\QPGKPFWEGF KP XKVTQ

J[RGTTGURQPUKXGPGUU KP ECPKPG DTQPEJK #O , 2J[UKQN  ..


,QCF , 2 $TKE , / 2KPQ / 8 *[FG & / /E&QPCNF 4 , 
 'HHGEVU QH Q\QPG CPF PGWVTQRJKNU QP

HWPEVKQP CPF OQTRJQNQI[ QH VJG KUQNCVGF TCV NWPI #O 4GX 4GURKT &KU  

,QJPUQP * ) 5VQWV $ - 4WRRGN 2 . 
 +PJKDKVKQP QH VJG NKRQZ[IGPCUG RCVJYC[ YKVJ RKTKRTQUV


7 RTQVGEVU PQTOCN RTKOCVGU HTQO Q\QPGKPFWEGF OGVJCEJQNKPG J[RGTTGURQPUKXG UOCNN

CKTYC[U 2TQUVCINCPFKPU  

,QJPUQP 0 ( *QVEJMKUU , # *CTMGOC , 4 *GPFGTUQP 4 ( 
 2TQNKHGTCVKXG TGURQPUGU QH TCV PCUCN

GRKVJGNKC VQ Q\QPG 6QZKEQN #RRN 2JCTOCEQN  

,QPGU ) . .CPG % ) /CPPKPI 2 , 1	$[TPG 2 / 
 4QNG QH VJG RCTCU[ORCVJGVKE PGTXQWU U[UVGO KP

CKTYC[ J[RGTTGURQPUKXGPGUU CHVGT Q\QPG KPJCNCVKQP , #RRN 2J[UKQN  

,QPGU ) . 1	$[TPG 2 / 2CUJNG[ / 5GTKQ 4 ,WT[ , .CPG % ) &CPKGN ' ' 
C #KTYC[

UOQQVJ OWUENG TGURQPUKXGPGUU HTQO FQIU YKVJ CKTYC[ J[RGTTGURQPUKXGPGUU CHVGT 1 KPJCNCVKQP 

, #RRN 2J[UKQN  

,QPGU ) . .CPG % ) &CPKGN ' ' 1	$[TPG 2 / 
D 4GNGCUG QH GRKVJGNKWOFGTKXGF TGNCZKPI HCEVQT

CHVGT Q\QPG KPJCNCVKQP KP FQIU , #RRN 2J[UKQN  

,QPGU ) . .CPG % ) 1	$[TPG 2 / 
 'HHGEV QH VJTQODQZCPG CPVCIQPKUVU QP Q\QPGKPFWEGF CKTYC[

TGURQPUGU KP FQIU , #RRN 2J[UKQN  

,QPGU ) . .CPG % 1	$[TPG 2 / 
 'HHGEV QH CP KPJCNGF VJTQODQZCPG OKOGVKE 
7 QP KP XKXQ

RWNOQPCT[ TGUKUVCPEG CPF CKTYC[ J[RGTTGURQPUKXGPGUU KP FQIU , 2J[UKQN  

,WJQU . 6 'XCPU / , /WUUGPFGP*CTXG[ 4 (WTKQUK 0 , .CRRNG % ' (TGGOCP ) 
 .KOKVGF

GZRQUWTG QH TCVU VQ * 51 YKVJ CPF YKVJQWV 1  , 'PXKTQP 5EK *GCNVJ 2CTV % 'PXKTQP *GCNVJ 5EK  

 

-CICYC , *CIC / /K[C\CMK / 
 'HHGEVU QH TGRGCVGF GZRQUWTG VQ  RRO 1 HQT HQWT OQPVJU QP 

DTQPEJKCN TGCEVKXKV[ KP IWKPGC RKIU 
 JTUFC[  FC[UYM +P 5EJPGKFGT 6 .GG 5 & 9QNVGTU )

, 4 )TCPV . & GFU #VOQURJGTKE Q\QPG TGUGCTEJ CPF KVU RQNKE[ KORNKECVKQPU RTQEGGFKPIU QH VJG

TF 75&WVEJ KPVGTPCVKQPCN U[ORQUKWO /C[  0KLOGIGP 6JG 0GVJGTNCPFU #OUVGTFCO 6JG

0GVJGTNCPFU 'NUGXKGT 5EKGPEG 2WDNKUJGTU RR  
5VWFKGU KP GPXKTQPOGPVCN UEKGPEG 

-CVUWOCVC 7 /KWTC / +EJKPQUG / -KOWTC - 6CMCJCUJK 6 +PQWG * 6CMKUJKOC 6 
 1Z[IGP

TCFKECNU RTQFWEG CKTYC[ EQPUVTKEVKQP CPF J[RGTTGURQPUKXGPGUU KP CPGUVJGVK\GF ECVU #O 4GX 4GURKT

&KU  

-CXNQEM 4 &CUVQP ) )TCDQYUMK % 6 
 5VWFKGU QP VJG FGXGNQROGPVCN VQZKEKV[ QH Q\QPG + 2TGPCVCN

GHHGEVU 6QZKEQN #RRN 2JCTOCEQN  

-CXNQEM 4 , /G[GT ' )TCDQYUMK % 6 
 5VWFKGU QP VJG FGXGNQROGPVCN VQZKEKV[ QH Q\QPG RQUVPCVCN

GHHGEVU 6QZKEQN .GVV  

-GNNG[ , 
 %[VQMKPGU QH VJG NWPI #O 4GX 4GURKT &KU  

-GPPGF[ % * *CVEJ ) ' 5NCFG 4 /CUQP 4 2 
 #RRNKECVKQP QH VJG '24 URKPVTCRRKPI VGEJPKSWG VQ

VJG FGVGEVKQP QH TCFKECNU RTQFWEGF KP XKXQ FWTKPI KPJCNCVKQP GZRQUWTG QH TCVU VQ Q\QPG 6QZKEQN #RRN

2JCTOCEQN  

-GPQ[GT , . 2JCNGP 4 ( &CXKU , 4 
 2CTVKENG ENGCTCPEG HTQO VJG TGURKTCVQT[ VTCEV CU C VGUV QH

VQZKEKV[ GHHGEV QH Q\QPG QP UJQTV CPF NQPI VGTO ENGCTCPEG 'ZR .WPI 4GU  


-KO % - )GPVKNG & / 5RTQWN 1 , 
 /GEJCPKUO QH Q\QPG KPCEVKXCVKQP QH DCEVGTKQRJCIG H #RRN

'PXKTQP /KETQDKQN  

-KPI 4 , %NGOGPVU , # 
 .KRKF U[PVJGUKU CPF UWTHCEVCPV VWTPQXGT KP VJG NWPIU +P (KUJOCP # 2

(KUJGT # $ GFU *CPFDQQM QH RJ[UKQNQI[ X + UGEV  VJG TGURKTCVQT[ U[UVGO $GVJGUFC /&

#OGTKECP 2J[UKQNQIKECN 5QEKGV[ RR 

-NGGDGTIGT 5 4 -QNDG , #FMKPUQP 0 ( ,T 2GVGTU 5 2 5RCPPJCMG ' 9 
 6JG TQNG QH OGFKCVQTU

KP VJG TGURQPUG QH VJG ECPKPG RGTKRJGTCN NWPI VQ  RRO Q\QPG #O 4GX 4GURKT &KU  

-NGGDGTIGT 5 4 -QNDG , 6WTPGT % 5RCPPJCMG ' 9 
 'ZRQUWTG VQ  RRO Q\QPG CVVGPWCVGU VJG

KOOGFKCVG CPVKIGPKE TGURQPUG QH ECPKPG RGTKRJGTCN CKTYC[U , 6QZKEQN 'PXKTQP *GCNVJ  

-NGGDGTIGT 5 4 $CUUGVV & , 2 ,CMCD ) , .GXKVV 4 % 
 # IGPGVKE OQFGN HQT GXCNWCVKQP QH

UWUEGRVKDKNKV[ VQ Q\QPGKPFWEGF KPHNCOOCVKQP #O , 2J[UKQN  ..

-NGGDGTIGT 5 4 .GXKVV 4 % <JCPI .; 
C 5WUEGRVKDKNKV[ VQ Q\QPGKPFWEGF KPHNCOOCVKQP + )GPGVKE

EQPVTQN QH VJG TGURQPUG VQ UWDCEWVG GZRQUWTG #O , 2J[UKQN  ..

-NGGDGTIGT 5 4 .GXKVV 4 % <JCPI .; 
D 5WUEGRVKDKNKV[ VQ Q\QPGKPFWEGF KPHNCOOCVKQP ++ 5GRCTCVG

NQEK EQPVTQN TGURQPUGU VQ CEWVG CPF UWDCEWVG GZRQUWTGU #O , 2J[UKQN  ..

-NGKPOCP / 6 /E%NWTG 6 4 /CWV\ 9 , 2JCNGP 4 ( 
 6JG KPVGTCEVKQP QH Q\QPG CPF CVOQURJGTKE

CEKFU QP VJG HQTOCVKQP QH NWPI NGUKQPU KP TCVU +P .GG 5 & GF 'XCNWCVKQP QH VJG UEKGPVKHKE DCUKU HQT

Q\QPGQZKFCPVU UVCPFCTFU RTQEGGFKPIU QH CP #2%# KPVGTPCVKQPCN URGEKCNV[ EQPHGTGPEG 0QXGODGT

 *QWUVQP 6: 2KVVUDWTIJ 2# #KT 2QNNWVKQP %QPVTQN #UUQEKCVKQP RR  
#2%#

RWDNKECVKQP PQ 64

-NGKPOCP / 6 2JCNGP 4 ( /CWV\ 9 , /CPPKZ 4 % /E%NWTG 6 4 %TQEMGT 6 6 
 *GCNVJ

GHHGEVU QH CEKF CGTQUQNU HQTOGF D[ CVOQURJGTKE OKZVWTGU 'PXKTQP *GCNVJ 2GTURGEV  

-QDC[CUJK 6 6QFQTQMK 6 5CVQ * 
 'PJCPEGOGPV QH RWNOQPCT[ OGVCUVCUKU QH OWTKPG HKDTQUCTEQOC 04

(5 D[ Q\QPG GZRQUWTG , 6QZKEQN 'PXKTQP *GCNVJ  

-Q\WODQ 9 , #ICTYCN 5 
 +PFWEVKQP QH &0# FCOCIG KP EWNVWTGF JWOCP NWPI EGNNU D[ VQDCEEQ UOQMG

CT[NCOKPGU GZRQUGF VQ CODKGPV NGXGNU QH Q\QPG #O , 4GURKT %GNN /QN $KQN  

.	*GTCWNV 2 %JWPI ; 5 
 /WVCIGPKEKV[ QH Q\QPG KP FKHHGTGPV TGRCKTFGHKEKGPV UVTCKPU QH'UEJGTKEJKC EQNK

/)) /QN )GP )GPGV  

.CK % % (KPNC[UQP2KVVU $ , 9KNNKU 9 8 
 (QTOCVKQP QH UGEQPFCT[ Q\QPKFGU HTQO VJG TGCEVKQP QH CP

WPUCVWTCVGF RJQURJCVKF[NEJQNKPG YKVJ Q\QPG %JGO 4GU 6QZKEQN  

.CPFQNRJ , 4 
 %JGOKECN VTCPUHQTOCVKQP KP %* 6[ %N  OQWUG GODT[Q HKDTQDNCUVU JKUVQTKECN

DCEMITQWPF CUUGUUOGPV QH VJG VTCPUHQTOCVKQP CUUC[ CPF GXQNWVKQP CPF QRVKOK\CVKQP QH VJG

VTCPUHQTOCVKQP CUUC[ RTQVQEQN +P -CMWPCIC 6 ;COCUCMK * GFU 6TCPUHQTOCVKQP CUUC[ QH

GUVCDNKUJGF EGNN NKPGU OGEJCPKUOU CPF CRRNKECVKQP .[QP (TCPEG +PVGTPCVKQPCN #IGPE[ HQT 4GUGCTEJ

QP %CPEGT RR  
+#4% UEKGPVKHKE RWDNKECVKQPU PQ 

.CPFQNRJ , 4 
 /QNGEWNCT CPF EGNNWNCT OGEJCPKUOU QH VTCPUHQTOCVKQP QH %*6[ %N  CPF FKRNQKF

JWOCP HKDTQDNCUVU D[ WPKSWG ECTEKPQIGPKE PQPOWVCIGPKE OGVCN EQORQWPFU C TGXKGY $KQN 6TCEG

'NGO 4GU  

.CPFQNRJ , 4 
 0GQRNCUVKE VTCPUHQTOCVKQP QH OCOOCNKCP EGNNU D[ ECTEKPQIGPKE OGVCN EQORQWPFU EGNNWNCT

CPF OQNGEWNCT OGEJCPKUOU +P (QWNMGU ' % GF $KQNQIKECN GHHGEVU QH JGCX[ OGVCNU X ++ OGVCN

ECTEKPQIGPGUKU $QEC 4CVQP (. %4% 2TGUU RR 


.CPFQNRJ , 4 
 /QNGEWNCT OGEJCPKUOU QH VTCPUHQTOCVKQP QH %*6[  OQWUG GODT[Q EGNNU CPF FKRNQKF

JWOCP HKDTQDNCUVU D[ ECTEKPQIGPKE OGVCN EQORQWPFU 'PXKTQP *GCNVJ 2GTURGEV 
UWRRN  



.CUV , # 
 'HHGEVU QH KPJCNGF CEKFU QP NWPI DKQEJGOKUVT[ 'PXKTQP *GCNVJ 2GTURGEV  

.CUV , # 
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'HHGEVU +PUVKVWVG TGUGCTEJ TGRQTV PQ  #XCKNCDNG HTQO 06+5 5RTKPIHKGNF 8# 2$

.CUV , # 
D )NQDCN CVOQURJGTKE EJCPIG RQVGPVKCN JGCNVJ GHHGEVU QH CEKF CGTQUQN CPF QZKFCPV ICU OKZVWTGU

'PXKTQP *GCNVJ 2GTURGEV  

.CUV , # %TQUU % ' 
 # PGY OQFGN HQT JGCNVJ GHHGEVU QH CKT RQNNWVCPVU GXKFGPEG HQT U[PGTIKUVKE GHHGEVU

QH OKZVWTGU QH Q\QPG CPF UWNHWTKE CEKF CGTQUQNU QP TCV NWPIU , .CD %NKP /GF  

.CUV , # )TGGPDGTI & $ 
 1\QPGKPFWEGF CNVGTCVKQPU KP EQNNCIGP OGVCDQNKUO QH TCV NWPIU ++ NQPIVGTO

GZRQUWTGU 6QZKEQN #RRN 2JCTOCEQN  

.CUV , # )TGGPDGTI & $ %CUVNGOCP 9 . 
 1\QPGKPFWEGF CNVGTCVKQPU KP EQNNCIGP OGVCDQNKUO QH TCV

NWPIU 6QZKEQN #RRN 2JCTOCEQN  

.CUV , # )GTTKGVU , ' *[FG & / 
 5[PGTIKUVKE GHHGEVU QP TCV NWPIU QH OKZVWTGU QH QZKFCPV CKT

RQNNWVCPVU 
Q\QPG QT PKVTQIGP FKQZKFG CPF TGURKTCDNG CGTQUQNU #O 4GX 4GURKT &KU  

.CUV , # *[FG & / %JCPI & 2 ; 
C # OGEJCPKUO QH U[PGTIKUVKE NWPI FCOCIG D[ Q\QPG CPF C

TGURKTCDNG CGTQUQN 'ZR .WPI 4GU  

.CUV , # 4GKUGT - / 6[NGT 9 5 4WEMGT 4 $ 
D .QPIVGTO EQPUGSWGPEGU QH GZRQUWTG VQ Q\QPG

+ NWPI EQNNCIGP EQPVGPV 6QZKEQN #RRN 2JCTOCEQN  

.CUV , # *[FG & / )WVJ & , 9CTTGP & . 
 5[PGTIKUVKE KPVGTCEVKQP QH Q\QPG CPF TGURKTCDNG

CGTQUQNU QP TCV NWPIU + +ORQTVCPEG QH CGTQUQN CEKFKV[ 6QZKEQNQI[  

.CUV , # 9CTTGP & . 2GESWGV)QCF ' 9KVUEJK * 
 /QFKHKECVKQP D[ Q\QPG QH NWPI VWOQT

FGXGNQROGPV KP OKEG ,0%+ , 0CVN %CPEGT +PUV  

.CUV , # )GN\NGKEJVGT 6 *CTMGOC , 2CTMU 9 % /GNNKEM 2 
C 'HHGEVU QH  OQPVJU QH Q\QPG

GZRQUWTG QP NWPI EQNNCIGP KP (KUEJGT  TCVU 6QZKEQNQI[  

.CUV , # )GN\NGKEJVGT 6 4 2KPMGTVQP - ' 9CNMGT 4 / 9KVUEJK * 
D # PGY OQFGN QH

RTQITGUUKXG RWNOQPCT[ HKDTQUKU KP TCVU #O 4GX 4GURKT &KU  

.CUV , # )GN\NGKEJVGT 6 4 *CTMGOC , *CYM 5 
 %QPUGSWGPEGU QH RTQNQPIGF KPJCNCVKQP QH Q\QPG QP

(KUEJGT0 TCVU EQNNCDQTCVKXG UVWFKGU 2CTV + %QPVGPV CPF ETQUUNKPMKPI QH NWPI EQNNCIGP

%CODTKFIG /# *GCNVJ 'HHGEVU +PUVKVWVG TGUGCTEJ TGRQTV PQ 

.GG * - /WTNCU % 
 1\QPGKPFWEGF DTQPEJKCN J[RGTTGCEVKXKV[ KP IWKPGC RKIU KU CDQNKUJGF D[ $9 %

QT (2.  DWV PQV D[ KPFQOGVJCEKP #O 4GX 4GURKT &KU  

.GG .; $NGGEMGT ' 4 0CFGN , # 
 'HHGEV QH Q\QPG QP DTQPEJQOQVQT TGURQPUG VQ KPJCNGF JKUVCOKPG

CGTQUQN KP FQIU , #RRN 2J[UKQN 4GURKT 'PXKTQP 'ZGTEKUG 2J[UKQN  

.GG .; &WOQPV % &LQMKE 6 & /GP\GN 6 ' 0CFGN , # 
 /GEJCPKUO QH TCRKF UJCNNQY

DTGCVJKPI CHVGT Q\QPG GZRQUWTG KP EQPUEKQWU FQIU , #RRN 2J[UKQN 4GURKT 'PXKTQP 'ZGTEKUG

2J[UKQN  


.GG .; &LQMKE 6 & &WOQPV % )TCH 2 & 0CFGN , # 
 /GEJCPKUO QH Q\QPGKPFWEGF

VCEJ[RPGKE TGURQPUG VQ J[RQZKC CPF J[RGTECRPKC KP EQPUEKQWU FQIU , #RRN 2J[UKQN 4GURKT

'PXKTQP 'ZGTEKUG 2J[UKQN  

.GG ,5 /WUVCHC / ) #HKHK # # 
 'HHGEVU QH UJQTVVGTO UKPING CPF EQODKPGF GZRQUWTG VQ NQYNGXGN

01 CPF 1 QP NWPI VKUUWG GP\[OG CEVKXKVKGU KP TCVU , 6QZKEQN 'PXKTQP *GCNVJ    

.GKMCWH ) & &TKUEQNN - ' 9G[ * ' 
 1\QPGKPFWEGF CWIOGPVCVKQP QH GKEQUCPQKF OGVCDQNKUO KP

GRKVJGNKCN EGNNU HTQO DQXKPG VTCEJGC #O 4GX 4GURKT &KU  

.GKMCWH ) & <JCQ 3 <JQW 5 5CPVTQEM , 
 1\QPQN[UKU RTQFWEVU QH OGODTCPG HCVV[ CEKFU CEVKXCVG

GKEQUCPQKF OGVCDQNKUO KP JWOCP CKTYC[ GRKVJGNKCN EGNNU #O , 4GURKT %GNN /QN $KQN  

.GQPCTF 4 , %JCTRKGF ) . (CFFKU $ 
 'HHGEVU QH CODKGPV KPJCNGF Q\QPG QP XQECN HQNF OWEQUC KP

$QPPGV OQPMG[U , 8QKEG  

.GY & $ %JQFKOGNNC 8 /WTNCU % ) 
 )WKPGC RKI Q\QPGKPFWEGF CKTYC[ J[RGTTGCEVKXKV[ KU CUUQEKCVGF

YKVJ KPETGCUGF 0CEGV[N&INWEQUCOKPKFCUG CEVKXKV[ KP DTQPEJQCNXGQNCT NCXCIG HNWKF .WPI 



.K # (; 4KEJVGTU # 
C 'HHGEVU QH  RRO Q\QPG GZRQUWTG QP VJ[OQE[VGU KP XKXQ CPF KP XKVTQ UVWFKGU

+PJCNCVKQP 6QZKEQN  

.K # (; 4KEJVGTU # 
D #ODKGPV NGXGN Q\QPG GHHGEVU QP UWDRQRWNCVKQPU QH VJ[OQE[VGU CPF

URNGGP 6 N[ORJQE[VGU #TEJ 'PXKTQP *GCNVJ  

.K < &CPKGN ' ' .CPG % ) #TPCQWV / # 1	$[TPG 2 / 
 'HHGEV QH CP CPVKOQ /#D QP

Q\QPGKPFWEGF CKTYC[ KPHNCOOCVKQP CPF CKTYC[ J[RGTTGURQPUKXGPGUU KP FQIU #O , 2J[UKQN

 ..

.KRROCPP / 
 *GCNVJ GHHGEVU QH Q\QPG C ETKVKECN TGXKGY ,#2%#  

.KRROCPP / 
 *GCNVJ GHHGEVU QH VTQRQURJGTKE Q\QPG TGXKGY QH TGEGPV TGUGCTEJ HKPFKPIU CPF VJGKT

KORNKECVKQPU VQ CODKGPV CKT SWCNKV[ UVCPFCTFU , 'ZRQUWTG #PCN 'PXKTQP 'RKFGOKQN  

.WPCP - & 5JQTV 2 0GIK & 5VGRJGPU 4 , 
 )NWEQUGRJQURJCVG FGJ[FTQIGPCUG TGURQPUG QH

RQUVPCVCN NWPIU VQ 01 CPF 1  +P 5CPFGTU % . 5EJPGKFGT 4 2 &CING ) ' 4CICP * #  

GFU 2WNOQPCT[ OCETQRJCIG CPF GRKVJGNKCN EGNNU RTQEGGFKPIU QH VJG VJ CPPWCN *CPHQTF DKQNQI[

U[ORQUKWO 5GRVGODGT  4KEJNCPF 9# 9CUJKPIVQP &% 'PGTI[ 4GUGCTEJ CPF &GXGNQROGPV

#FOKPKUVTCVKQP RR  #XCKNCDNG HTQO 06+5 5RTKPIHKGNF 8# %10( 
'4&#

U[ORQUKWO UGTKGU 

/CFFGP / % 'NKPI 6 ' &CKNG[ . # (TKGFOCP / 
 6JG GHHGEV QH Q\QPG GZRQUWTG QP TCV CNXGQNCT

OCETQRJCIG CTCEJKFQPKE CEKF OGVCDQNKUO 'ZR .WPI 4GU  

/CFFGP / % (TKGFOCP / *CPNG[ 0 5KGINGT ' 3WC[ , $GEMGT 5 &GXNKP 4 -QTGP * 5 


%JGOKECN PCVWTG CPF KOOWPQVQZKEQNQIKECN RTQRGTVKGU QH CTCEJKFQPKE CEKF FGITCFCVKQP RTQFWEVU HQTOGF

D[ GZRQUWTG VQ Q\QPG 'PXKTQP *GCNVJ 2GTURGEV  

/CIKG # 4 #DDG[ & ' %GPVGTYCNN 9 4 
 'HHGEV QH RJQVQEJGOKECN UOQI QP VJG RGTKRJGTCN

N[ORJQE[VGU QH PQPUOQMKPI EQNNGIG UVWFGPVU 'PXKTQP 4GU  

/CTKCUU[ # 6 5KGNE\CM / 9 /E%TC[ / 0 #DTCJCO 9 / 9CPPGT # 
 'HHGEVU QH Q\QPG QP

NCOD VTCEJGCN OWEQUC SWCPVKVCVKXG IN[EQEQPLWICVG JKUVQEJGOKUVT[ #O , 2CVJQN  


/CTKCUU[ # 6 #DTCJCO 9 / 2JKRRU 4 , 5KGNE\CM / 9 9CPPGT # 
 'HHGEV QH Q\QPG QP VJG

RQUVPCVCN FGXGNQROGPV QH NCOD OWEQEKNKCT[ CRRCTCVWU , #RRN 2J[UKQN  

/CTQPRQV 4 4 
 %QTTGNCVKQP QH FCVC HTQO VJG UVTCKP # OQWUG DKQCUUC[ YKVJ NQPIVGTO DKQCUUC[U 'ZR

.WPI 4GU  

/CTQPRQV 4 4 5JKOMKP / $ 9KVUEJK * 2 5OKVJ . * %NKPG , / 
 5VTCKP # OQWUG RWNOQPCT[

VWOQT VGUV TGUWNVU HQT EJGOKECNU RTGXKQWUN[ VGUVGF KP VJG 0CVKQPCN %CPEGT +PUVKVWVG ECTEKPQIGPKEKV[

VGUVU ,0%+ , 0CVN %CPEGT +PUV  

/CVUWK 5 ,QPGU ) . 9QQNNG[ / , .CPG % ) )QPVQXPKEM . 5 1	$[TPG 2 / 
 6JG GHHGEV QH

CPVKQZKFCPVU QP Q\QPGKPFWEGF CKTYC[ J[RGTTGURQPUKXGPGUU KP FQIU #O 4GX 4GURKT &KU

 

/CVUWOWTC ; 
 6JG GHHGEVU QH Q\QPG PKVTQIGP FKQZKFG CPF UWNHWT FKQZKFG QP VJG GZRGTKOGPVCNN[ KPFWEGF

CNNGTIKE TGURKTCVQT[ FKUQTFGT KP IWKPGC RKIU + VJG GHHGEV QP UGPUKVK\CVKQP YKVJ CNDWOKP VJTQWIJ VJG

CKTYC[ #O 4GX 4GURKT &KU  

/CWV\ 9 , $WHCNKPQ % 
 $TGCVJKPI RCVVGTP CPF OGVCDQNKE TCVG TGURQPUGU QH TCVU GZRQUGF VQ Q\QPG

4GURKT 2J[UKQN  

/CWV\ 9 , $WHCNKPQ % -NGKPOCP / 6 .GLPKGMU 4 / 2JCNGP 4 ( 
C 2WNOQPCT[ HWPEVKQP QH

GZGTEKUKPI FQIU GZRQUGF VQ Q\QPG CNQPG QT KP EQODKPCVKQP YKVJ 51 CPF CEKF CGTQUQN 2TGUGPVGF CV 

VJ CPPWCN OGGVKPI QH VJG #KT 2QNNWVKQP %QPVTQN #UUQEKCVKQP ,WPG &GVTQKV /+ 2KVVUDWTIJ 2# #KT

2QNNWVKQP %QPVTQN #UUQEKCVKQP RCRGT PQ 

/CWV\ 9 , /E%NWTG 6 4 4GKUEJN 2 2JCNGP 4 ( %TQEMGT 6 6 
D 'PJCPEGOGPV QH Q\QPG

KPFWEGF NWPI KPLWT[ D[ GZGTEKUG , 6QZKEQN 'PXKTQP *GCNVJ  

/CWV\ 9 , -NGKPOCP / 6 2JCNGP 4 ( %TQEMGT 6 6 
 'HHGEVU QH GZGTEKUG GZRQUWTG QP VQZKE

KPVGTCEVKQPU DGVYGGP KPJCNGF QZKFCPV CPF CNFGJ[FG CKT RQNNWVCPVU , 6QZKEQN 'PXKTQP *GCNVJ

 

/CWV\ 9 , (KPNC[UQP2KVVU $ , /GUUGT - -NGKPOCP / 6 0QTITGP / $ 3WKTKQP , 
 'HHGEVU

QH Q\QPG EQODKPGF YKVJ EQORQPGPVU QH CEKF HQIU QP DTGCVJKPI RCVVGTP OGVCDQNKE TCVG RWNOQPCT[

UWTHCEVCPV EQORQUKVKQP CPF NWPI KPLWT[ KP TCVU +PJCNCVKQP 6QZKEQN  

/E$TKFG 4 - 1DGTFQGTUVGT ) /CTKP / ) 
 'HHGEVU QH Q\QPG QP VJG EJQNKPGTIKE UGETGVQT[

TGURQPUKXGPGUU QH HGTTGV VTCEJGCN INCPFU 'PXKTQP 4GU  

/E-GP\KG 9 * 
 %QPVTQNNGF JWOCP GZRQUWTG UVWFKGU E[VQIGPGVKE GHHGEVU QH Q\QPG KPJCNCVKQP +P $TKFIGU

$ # $WVVGTYQTVJ $ ' 9GKPUVGKP + $ GFU +PFKECVQTU QH IGPQVQZKE GZRQUWTG %QNF 5RTKPI

*CTDQT 0; %QNF 5RTKPI *CTDQT .CDQTCVQT[ RR  
$CPDWT[ TGRQTV PQ 

/E-GP\KG 9 * -PGNUQP , * 4WOOQ 0 , *QWUG & ' 
 %[VQIGPGVKE GHHGEVU QH KPJCNGF Q\QPG KP

OCP /WVCV 4GU  

/GCFQYU , 5OKVJ 4 % 
 7TKE CEKF RTQVGEVU GT[VJTQE[VGU HTQO Q\QPGKPFWEGF EJCPIGU 'PXKTQP 4GU 



/GNNKEM 2 9 &WPIYQTVJ & . 5EJYCTV\ . 9 6[NGT 9 5 
 5JQTV VGTO OQTRJQNQIKE GHHGEVU QH JKIJ

CODKGPV NGXGNU QH Q\QPG QP NWPIU QH TJGUWU OQPMG[U .CD +PXGUV  

/GP\GN & $ 
 6QZKEKV[ QH Q\QPG QZ[IGP CPF TCFKCVKQP #PPW 4GX 2JCTOCEQN  


/GP\GN & $ 
 1\QPG CP QXGTXKGY QH KVU VQZKEKV[ KP OCP CPF CPKOCNU , 6QZKEQN 'PXKTQP *GCNVJ  



/GP\GN & $ 
 #PVKQZKFCPV XKVCOKPU CPF RTGXGPVKQP QH NWPI FKUGCUG #PP 0 ; #ECF 5EK  

/GTEGT 4 4 %TCRQ , & 
 #PCVQOKECN OQFGNKPI QH OKETQFQUKOGVT[ QH KPJCNGF RCTVKENGU CPF ICUGU KP VJG

NWPI +P %TCRQ , & 5OQNMQ ' & /KNNGT ( , )TCJCO , # *C[GU # 9 GFU

'ZVTCRQNCVKQP QH FQUKOGVTKE TGNCVKQPUJKRU HQT KPJCNGF RCTVKENGU CPF ICUGU 5CP &KGIQ %# #ECFGOKE

2TGUU +PE RR 

/GTEGT 4 4 #PLKNXGN 5 /KNNGT ( , %TCRQ , & 
 +PJQOQIGPGKV[ QH XGPVKNCVQT[ WPKV XQNWOG CPF KVU

GHHGEVU QP TGCEVKXG ICU WRVCMG , #RRN 2J[UKQN  

/GT\ 6 $GPFGT / # -GTT * & -WNNG 6 , 
 1DUGTXCVKQPU QH CDGTTCVKQPU KP EJTQOQUQOGU QH

N[ORJQE[VGU HTQO JWOCP UWDLGEVU GZRQUGF VQ Q\QPG CV C EQPEGPVTCVKQP QH  RRO HQT  CPF  JQWTU

/WVCV 4GU  

/KNNGT ( , +NNKPI , 9 )CTFPGT & ' 
 'HHGEV QH WTDCP Q\QPG NGXGNU QP NCDQTCVQT[KPFWEGF TGURKTCVQT[

KPHGEVKQPU 6QZKEQN .GVV  

/KNNGT ( , /E0GCN % # -KTV\ , / )CTFPGT & ' %QHHKP & . /GP\GN & $ 


0CUQRJCT[PIGCN TGOQXCN QH Q\QPG KP TCDDKVU CPF IWKPGC RKIU 6QZKEQNQI[  

/KNNGT 2 & )QTFQP 6 9CTPKEM / #OFWT / 1 
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RGTOGCDKNKV[ VQ JQTUGTCFKUJ RGTQZKFCUG KP IWKPGC RKIU , 6QZKEQN 'PXKTQP *GCNVJ  

/KNNGT 2 & #KPUYQTVJ & .CO * ( #OFWT / 1 
 'HHGEV QH Q\QPG GZRQUWTG QP NWPI HWPEVKQPU CPF

RNCUOC RTQUVCINCPFKP CPF VJTQODQZCPG EQPEGPVTCVKQPU KP IWKPGC RKIU 6QZKEQN #RRN 2JCTOCEQN

 

/KNNGT 2 & #KPUYQTVJ & .CO * ( #OFWT / 1 
 +PFQOGVJCEKP CPF ETQOQN[P UQFKWO CNVGT Q\QPG

KPFWEGF EJCPIGU KP NWPI HWPEVKQP CPF RNCUOC GKEQUCPQKF EQPEGPVTCVKQPU KP IWKPGC RKIU 6QZKEQN #RRN

2JCTOCEQN  

/QEJKVCVG - /KWTC 6 
 /GVCDQNKE GPJCPEGOGPV CPF KPETGCUG QH CNXGQNCT OCETQRJCIGU KPFWEGF D[ Q\QPG

'PXKTQP 4GU  

/QEJKVCVG - +UJKFC - 1JUWOK 6 /KWTC 6 
 .QPIVGTO GHHGEVU QH Q\QPG CPF PKVTQIGP FKQZKFG QP VJG

OGVCDQNKUO CPF RQRWNCVKQP QH CNXGQNCT OCETQRJCIGU , 6QZKEQN 'PXKTQP *GCNVJ  

/QHHCVV 4 - *[FG & / 2NQRRGT % ) 6[NGT 9 5 2WVPG[ . ( 
 1\QPGKPFWEGF CFCRVKXG CPF

TGCEVKXG EGNNWNCT EJCPIGU KP TGURKTCVQT[ DTQPEJKQNGU QH $QPPGV OQPMG[U 'ZR .WPI 4GU  

/QQTG 2 ( 5EJYCTV\ . 9 
 /QTRJQNQIKECN GHHGEVU QH RTQNQPIGF GZRQUWTG VQ Q\QPG CPF UWNHWTKE CEKF

CGTQUQN QP VJG TCV NWPI 'ZR /QN 2CVJQN  

/QTICP / 5 /G[GT 2 *QNWD 4 (TCPM 4 
 1XGTCNN CPF TGIKQPCN NWPI HWPEVKQP KP FQIU GZRQUGF

CEWVGN[ VQ Q\QPG 'PXKTQP 4GU  

/QTICP & . (WTNQY 6 . /GP\GN & $ 
 1\QPGKPKVKCVGF EJCPIGU KP GT[VJTQE[VG OGODTCPG CPF NQUU

QH FGHQTOCDKNKV[ 'PXKTQP 4GU  

/WTC % %JWPI ; 5 
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/WTNCU % .GG * - 
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2TQUVCINCPFKPU  

/WTNCU % ) 4QWO , * 
C 5GSWGPEG QH RCVJQNQIKE EJCPIGU KP VJG CKTYC[ OWEQUC QH IWKPGC RKIU FWTKPI

Q\QPGKPFWEGF DTQPEJKCN J[RGTTGCEVKXKV[ #O 4GX 4GURKT &KU  

/WTNCU % 4QWO , * 
D $TQPEJKCN J[RGTTGCEVKXKV[ QEEWTU KP UVGTQKFVTGCVGF IWKPGC RKIU FGRNGVGF QH

NGWMQE[VGU D[ E[ENQRJQURJCOKFG , #RRN 2J[UKQN  

/WTNCU % ) /WTRJ[ 6 2 %JQFKOGNNC 8 
 1 KPFWEGF OWEQUCNKPMGF CKTYC[ OWUENG 

J[RGTTGURQPUKXGPGUU KP VJG IWKPGC RKI , #RRN 2J[UKQN  

/WTNCU % ) .CPI < 9KNNKCOU ) , %JQFKOGNNC 8 
 #GTQUQNK\GF PGWVTCN GPFQRGRVKFCUG TGXGTUGU

Q\QPGKPFWEGF CKTYC[ J[RGTTGCEVKXKV[ VQ UWDUVCPEG 2 , #RRN 2J[UKQN  

/WTRJ[ 5 & 7NTKEJ % ' (TCPMQYKV\ 5 * :KPVCTCU % 
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EQPEGPVTCVKQPU QH Q\QPG CPF PKVTQIGP FKQZKFG #O +PF *[I #UUQE ,  

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CPF EQPVKPWQWU Q\QPG 
1  GZRQUWTG QP CEVKXKV[GZRNQTCVKQP CPF UQEKCN DGJCXKQT QH %& OKEG 

0GWTQVQZKEQNQI[  

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 $KQEJGOKECN DCUKU QH Q\QPG VQZKEKV[ (TGG 4CFKE $KQN /GF  

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)TCJCO , # )CTFPGT & ' 
 # EQORCTKUQP QH DKQEJGOKECN GHHGEVU QH PKVTQIGP FKQZKFG

Q\QPG CPF VJGKT EQODKPCVKQP KP OQWUG NWPI + +PVGTOKVVGPV GZRQUWTGU 6QZKEQN #RRN 2JCTOCEQN

 

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DKQEJGOKUVT[ +P .GG 5 & GF 'XCNWCVKQP QH VJG UEKGPVKHKE DCUKU HQT Q\QPGQZKFCPVU UVCPFCTFU

VTCPUCEVKQPU QH CP #2%# URGEKCNV[ EQPHGTGPEG 0QXGODGT  *QWUVQP 6: 2KVVUDWTIJ 2# #KT

2QNNWVKQP %QPVTQN #UUQEKCVKQP RR 

0CEJVOCP , 2 *CLTCVYCNC $ 4 /QQP * . )TQUU - $ 9TKIJV ' 5 
 5WTHCEGVGPUKQP

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0CEJVOCP , 2 /QQP * . /KNGU 4 % 
 1\QPG KPJCNCVKQP KP TCVU GHHGEVU QP CNMCNKPG RJQURJCVCUG CPF

NCEVKE FGJ[FTQIGPCUG KUQGP\[OGU KP NCXCIG CPF RNCUOC $WNN 'PXKTQP %QPVCO 6QZKEQN  



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QP VJG TGURQPUG VQ KPJCNGF Q\QPG +PJCNCVKQP 6QZKEQN  

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 062 VGEJPKECN TGRQTV QP VJG VQZKEQNQI[ CPF ECTEKPQIGPGUKU UVWFKGU QH Q\QPG


%#5 PQ  CPF Q\QPG00- 
%#5 PQ  KP (0 TCVU CPF

$%( OKEG 
KPJCNCVKQP UVWFKGU 4GUGCTEJ 6TKCPING 2CTM 0% 75 &GRCTVOGPV QH *GCNVJ CPF 

*WOCP 5GTXKEGU 0CVKQPCN +PUVKVWVGU QH *GCNVJ RWDNKECVKQP PQ  
0CVKQPCN 6QZKEQNQI[

2TQITCO VGEJPKECN TGRQTV UGTKGU PQ 

0GVVGUJGKO 2 5\CMCN # - 
 /QTRJQIGPGUKU QH CNXGQNCT DTQPEJKQNK\CVKQP .CD +PXGUV  

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C 6JG TGURQPUG QH VJG TCV

VTCEJGCN GRKVJGNKWO VQ Q\QPG GZRQUWTG KPLWT[ CFCRVCVKQP CPF TGRCKT #O , 2CVJQN  

0KMWNC - , 9KNUQP & 9 &WPIYQTVJ & . 2NQRRGT % ) 
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VQ Q\QPG VQZKEKV[ KP VJG TCV VTCEJGC 6QZKEQN #RRN 2JCTOCEQN  

0KUJKMCYC / 5W\WMK 5 +MGFC * (WMWFC 6 5W\WMK , 1MWDQ 6 
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Q\QPGKPFWEGF CKTYC[ J[RGTTGURQPUKXGPGUU KP WPCPGUVJGVK\GF IWKPGC RKIU , 6QZKEQN 'PXKTQP *GCNVJ

 

0KUJKMCYC / +MGFC * 0KUJK[COC * ;COCMCYC * 5W\WMK 5 1MWDQ 6 
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Q\QPG CPF EKICTGVVG UOQMG QP CKTYC[ TGURQPUKXGPGUU CPF XCUEWNCT RGTOGCDKNKV[ KP IWKPGC RKIU .WPI

 

1	$[TPG 2 / 9CNVGTU ' * #K\CYC * (CDDTK . / *QNV\OCP / , 0CFGN , # 
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4GX 4GURKT &KU  

1QUVKPI 4 5 8CP )QNFG . / ) 8GTJQGH , 8CP $TGG . 
C 5RGEKGU FKHHGTGPEGU KP KORCKTOGPV CPF

TGEQXGT[ QH CNXGQNCT OCETQRJCIG HWPEVKQPU HQNNQYKPI UKPING CPF TGRGCVGF Q\QPG GZRQUWTGU 6QZKEQN

#RRN 2JCTOCEQN  

1QUVKPI 4 5 8CP 4GGU8GTJQGH / 8GTJQGH , 8CP )QNFG . / ) 8CP $TGG . 
D 'HHGEVU QH

Q\QPG QP EGNNWNCT #62 NGXGNU KP TCV CPF OQWUG CNXGQNCT OCETQRJCIGU 6QZKEQNQI[  

1QUVKPI 4 5 8CP )TGGXGPDTQGM / / 8GTJQGH , 8CP )QNFG . / *CCIUOCP * 2 
E 5VTWEVWTCN

CPF HWPEVKQPCN EJCPIGU QH UWTHCEVCPV RTQVGKP # KPFWEGF D[ Q\QPG #O , 2J[UKQN  ..

1QUVKPI 4 5 8CP +YCCTFGP , ( 8CP $TGG . 8GTJQGH , 8CP )QNFG . / ) *CCIUOCP * 2 


'ZRQUWTG QH UWTHCEVCPV RTQVGKP # VQ Q\QPG KP XKVTQ CPF KP XKXQ KORCKTU KVU KPVGTCEVKQPU YKVJ CNXGQNCT

EGNNU #O , 2J[UKQN  ..

1TQRG\C4GPFQP 4 . 5RGVJ 8 *KNNGT ) 9GDGT - (KUEJGT * 
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OQTRJQNQIKECN EJCPIGU KP OCETQRJCIGU CPF KPJKDKVU RJCIQE[VQUKU 'ZR %GNN 4GU  

1UGDQNF , 9 )GTUJYKP . , <GG ; % 
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KPJCNCVKQP QH Q\QPG CPF UWNHWTKE CEKF CGTQUQN , 'PXKTQP 2CVJQN 6QZKEQN  

1\CYC / 
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CPVKDQF[ RTQFWEVKQP KP OKEG 1VQ4JKPQ.CT[PIQN 6QM[Q  

2	CP # ; 5 $GNCPF , ,GIKGT < 
 1\QPGKPFWEGF CTVGTKCN NGUKQPU #TEJ 'PXKTQP *GCNVJ  

2CTMU 9 % 4QD[ , & 
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UVWFKGU 2CTV +8 'HHGEVU QP GZRTGUUKQP QH GZVTCEGNNWNCT OCVTKZ IGPGU %CODTKFIG /# *GCNVJ 'HHGEVU

+PUVKVWVG TGUGCTEJ TGRQTV PQ 

2GFGP & $ 5YKGTU\ / 1JMWDQ - *CJP $ 'OGT[ $ -CNKPGT / # 
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Q\QPG UECXGPIGT WTKE CEKF #O 4GX 4GURKT &KU  

2GVGTUQP & % #PFTGYU * . 
 6JG TQNG QH Q\QPG KP TCFKCVKQP CXQKFCPEG KP VJG OQWUG 4CFKCV 4GU

 

2JCNGP 4 ( -GPQ[GT , . %TQEMGT 6 6 /E%NWTG 6 4 
 'HHGEVU QH UWNHCVG CGTQUQNU KP EQODKPCVKQP

YKVJ Q\QPG QP GNKOKPCVKQP QH VTCEGT RCTVKENGU KPJCNGF D[ TCVU , 6QZKEQN 'PXKTQP *GCNVJ  


2JCNGP 4 ( %TQEMGT 6 6 /E%NWTG 6 4 6[NGT 0 - 
 'HHGEV QH Q\QPG QP OGCP NKPGCT KPVGTEGRV KP

VJG NWPI QH [QWPI DGCINGU , 6QZKEQN 'PXKTQP *GCNVJ  

2JKRRU 4 , &GPCU 5 / 5KGNE\CM / 9 9CPPGT # 
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UGETGVKQP KQP CPF YCVGT HNWZGU KP UJGGR VTCEJGC , #RRN 2J[UKQN  

2KEMTGNN , # )TGIQT[ 4 ' %QNG & , *CJP ( ( *GPFGTUQP 4 ( 
C 'HHGEV QH CEWVG Q\QPG

GZRQUWTG QP VJG RTQVGKPCUGCPVKRTQVGKPCUG DCNCPEG KP VJG TCV NWPI 'ZR /QN 2CVJQN  

2KEMTGNN , # *CJP ( ( 4GDCT # * *QTQFC 4 # *GPFGTUQP 4 ( 
D %JCPIGU KP EQNNCIGP

OGVCDQNKUO CPF RTQVGKPQN[UKU CHVGT TGRGCVGF KPJCNCVKQP GZRQUWTG VQ Q\QPG 'ZR /QN 2CVJQN  



2KPMGTVQP - ' $TQF[ # 4 /KNNGT ( , %TCRQ , & 
 'ZRQUWTG VQ NQY NGXGNU QH Q\QPG TGUWNVU KP

GPJCPEGF RWNOQPCT[ TGVGPVKQP QH KPJCNGF CUDGUVQU HKDGTU #O 4GX 4GURKT &KU  

2KPMGTVQP - ' /GTEGT 4 4 2NQRRGT % ) %TCRQ , & 
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QH Q\QPG KP VJG XGPVKNCVQT[ WPKV QH VJG TCV , #RRN 2J[UKQN  

2KPMGTVQP - ' &QFIG & ' %GFGTFCJN&GOONGT , 9QPI 8 , 2GCMG , *CUGNVQP % , /GNNKEM

2 9 5KPIJ ) 2NQRRGT % ) 
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TCVU GZRQUGF VQ Q\QPG HQT  OQPVJU #O , 2CVJQN  

2KPMGTVQP - ' /3⁄4PCEJG / ) 2NQRRGT % ) 
 %QPUGSWGPEGU QH RTQNQPIGF KPJCNCVKQP QH Q\QPG QP

(0 TCVU EQNNCDQTCVKXG UVWFKGU 2CTV +: %JCPIGU KP VJG VTCEJGQDTQPEJKCN GRKVJGNKWO RWNOQPCT[

CEKPWU CPF NWPI CPVKQZKFCPV GP\[OG CEVKXKV[ %CODTKFIG /# *GCNVJ 'HHGEVU +PUVKVWVG RR 

TGUGCTEJ TGRQTV PWODGT 

2KPQ / 8 /E&QPCNF 4 , $GTT[ , & ,QCF , 2 6CTMKPIVQP $ - *[FG & / 
C (WPEVKQPCN CPF

OQTRJQNQIKE EJCPIGU ECWUGF D[ CEWVG Q\QPG GZRQUWTG KP VJG KUQNCVGF CPF RGTHWUGF TCV NWPI #O 4GX

4GURKT &KU  

2KPQ / 8 5VQXCNN / ; .GXKP , 4 &GXNKP 4 $ -QTGP * 5 *[FG & / 
D #EWVG Q\QPG

KPFWEGF NWPI KPLWT[ KP PGWVTQRJKNFGRNGVGF TCVU 6QZKEQN #RRN 2JCTOCEQN  

2KPQ / 8 .GXKP , 4 5VQXCNN / ; *[FG & / 
E 2WNOQPCT[ KPHNCOOCVKQP CPF GRKVJGNKCN KPLWT[ KP

TGURQPUG VQ CEWVG Q\QPG GZRQUWTG KP VJG TCV 6QZKEQN #RRN 2JCTOCEQN  

2NQRRGT % ) 
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4GURKT &KU  55

2NQRRGT % ) %JQY % - &WPIYQTVJ & . $TWOOGT / 0GOGVJ 6 , 
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Q\QPG QP TCV NWPIU ++ OQTRJQNQIKECN TGURQPUGU FWTKPI TGEQXGT[ CPF TGGZRQUWTG 'ZR /QN 2CVJQN

 

2NQRRGT % ) &WPIYQTVJ & . 6[NGT 9 5 %JQY % - 
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2NQRRGT % ) *CTMGOC , 4 .CUV , # 2KPMGTVQP - ' 6[NGT 9 5 5V )GQTIG , # 9QPI 8 ,

0KUJKQ 5 , 9GKT # 5 &WPIYQTVJ & . $CTT[ $ ' *[FG & / 
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U[UVGO QH PQPJWOCP RTKOCVGU TGURQPFU OQTG VQ CODKGPV EQPEGPVTCVKQPU QH Q\QPG VJCP FQGU VJCV QH

TCVU +P $GTINWPF 4 . .CYUQP & 4 /E-GG & , GFU 6TQRQURJGTKE Q\QPG CPF VJG

GPXKTQPOGPV RCRGTU HTQO CP KPVGTPCVKQPCN EQPHGTGPEG /CTEJ  .QU #PIGNGU %# 2KVVUDWTIJ

2# #KT  9CUVG /CPCIGOGPV #UUQEKCVKQP RR  
#9/# VTCPUCEVKQP UGTKGU PQ 64


2NQRRGT % ) %JW (2 *CUGNVQP % , 2GCMG , 9W , 2KPMGTVQP - ' 
C &QUGFGRGPFGPV

VQNGTCPEG VQ Q\QPG + VTCEJGQDTQPEJKCN GRKVJGNKCN TGQTICPK\CVKQP KP TCVU CHVGT  OQPVJU	 GZRQUWTG

#O , 2CVJQN  

2NQRRGT % ) &WCP : $WEMRKVV # 4 2KPMGTVQP - ' 
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2TCUCF 5 $ 4CQ 8 5 /CPPKZ 4 % 2JCNGP 4 ( 
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TGEGRVQTU QH RWNOQPCT[ OCETQRJCIGU , 6QZKEQN 'PXKTQP *GCNVJ  

2T[QT 9 # 
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2JQVQDKQN  

2T[QT 9 # 
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#O , %NKP 0WVT  

2T[QT 9 # 
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4CFKE $KQN /GF  

2T[QT 9 # 
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2T[QT 9 # &CU $ %JWTEJ & ( 
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RGTQZKFG CU RTQFWEVU CPF RQUUKDNG OGFKCVQTU QH Q\QPG VQZKEKV[ %JGO 4GU 6QZKEQN  

2T[QT 9 # 9CPI - $GTOWFG\ ' 
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KP TCVU $KQEJGO $KQRJ[U 4GU %QOOWP  

4CDKPQYKV\ , . $CUUGVV & , 2 
 'HHGEV QH  RRO Q\QPG GZRQUWTG QP TCV NWPI NKRKF HCVV[ CEKFU 'ZR

.WPI 4GU  

4CFJCMTKUJPCOWTVJ[ $ 
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UVWFKGU 2CTV +++ 'HHGEVU QP EQORNGZ ECTDQJ[FTCVGU QH NWPI EQPPGEVKXG VKUUWG %CODTKFIG /#

*GCNVJ 'HHGEVU +PUVKVWVG TGUGCTEJ TGRQTV PQ 

4CJOCP + /CUUCTQ & 
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GXKFGPEG HQT VJG TQNG QH OCPICPGUG UWRGTQZKFG FKUOWVCUG 6QZKEQN #RRN 2JCTOCEQN  

4CJOCP + 7 %NGTEJ . $ /CUUCTQ & 
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#O , 2J[UKQN  ..

4CLKPK 2 )GN\NGKEJVGT 6 4 .CUV , # 9KVUEJK * 
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TCVU GZRQUGF VQ PKVTQIGP FKQZKFG Q\QPG CPF C EQODKPCVKQP QH VJG VYQ ICUGU 6QZKEQN #RRN

2JCTOCEQN  

4CQ ) # .CTMKP ' % *CTMGOC , 4 &WPIYQTVJ & . 
C %JCPIGU KP VJG NGXGNU QH RQN[WPUCVWTCVGF

HCVV[ CEKFU KP VJG NWPI CPF NGEKVJKP EJQNGUVGTQN CE[N VTCPUHGTCUG CEVKXKV[ KP RNCUOC QH OQPMG[U GZRQUGF

VQ CODKGPV NGXGNU QH Q\QPG 6QZKEQN .GVV  

4CQ ) # .CTMKP ' % *CTMGOC , 4 &WPIYQTVJ & . 
D %JCPIGU KP NKRKFU QH NWPI NCXCIG KP

OQPMG[U CHVGT EJTQPKE GZRQUWTG VQ CODKGPV NGXGNU QH Q\QPG 6QZKEQN .GVV  

4CUOWUUGP 4 ' 
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'PXKTQP *GCNVJ  


4CWD , # /KNNGT ( , )TCJCO , # 
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CFWNV CPF PGQPCVCN TCVU +P .GG 5 & /WUVCHC / ) /GJNOCP / # GFU +PVGTPCVKQPCN

U[ORQUKWO QP VJG DKQOGFKECN GHHGEVU QH Q\QPG CPF TGNCVGF RJQVQEJGOKECN QZKFCPVU /CTEJ 

2KPGJWTUV 0% 2TKPEGVQP 0, 2TKPEGVQP 5EKGPVKHKE 2WDNKUJGTU +PE RR  
#FXCPEGU KP

OQFGTP GPXKTQPOGPVCN VQZKEQNQI[ X 

4GCUQT / , #FCOU ) - +++ $TQQMU , - 4WDKP 4 , 
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CKTYC[ UGETGVKQPU QH FQIU DTGCVJKPI Q\QPG , 'PXKTQP 5EK *GCNVJ 2CTV %  

4GKUGT - / 6[NGT 9 5 *GPPGUU[ 5 / &QOKPIWG\ , , .CUV , # 
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GZRQUWTG VQ Q\QPG ++ UVTWEVWTCN CNVGTCVKQPU KP NWPI EQNNCIGP QH OQPMG[U 6QZKEQN #RRN 2JCTOCEQN

 

4GW\GN 2 ) , 9KNOGT , 9 ) / 9QWVGTUGP 4 # <YCTV # 4QODQWV 2 , # (GTQP 8 , 


+PVGTCEVKXG GHHGEVU QH Q\QPG CPF HQTOCNFGJ[FG QP VJG PCUCN TGURKTCVQT[ NKPKPI GRKVJGNKWO KP TCVU ,

6QZKEQN 'PXKTQP *GCNVJ  

4KEJVGTU # 
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, 6QZKEQN 'PXKTQP *GCNVJ  

4KEJVGTU # -WTCKVKU - 
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'PXKTQP *GCNVJ  

4KGVLGPU + / % / .GOOKPM * * #NKPM ) / 8CP $NCFGTGP 2 , 
C 6JG TQNG QH INWVCVJKQPG CPF

INWVCVJKQPG 5VTCPUHGTCUGU KP HCVV[ CEKF Q\QPKFG FGVQZKHKECVKQP %JGO $KQN +PVGTCEV  

4KGVLGPU + / % / 8CP 6KNDWTI % # / %QGPGP 6 / / #NKPM ) / -QPKPIU # 9 6 
D

+PHNWGPEG QH RQN[WPUCVWTCVGF HCVV[ CEKF UWRRNGOGPVCVKQP CPF OGODTCPG HNWKFKV[ QP Q\QPG CPF PKVTQIGP

FKQZKFG UGPUKVKXKV[ QH TCV CNXGQNCT OCETQRJCIGU , 6QZKEQN 'PXKTQP *GCNVJ  

4KGVLGPU + / % / &QTOCPU , # / # 4QODQWV 2 , # 8CP $TGG . 
 3WCNKVCVKXG CPF

SWCPVKVCVKXG EJCPIGU KP E[VQEJTQOG 2FGRGPFGPV ZGPQDKQVKE OGVCDQNKUO KP RWNOQPCT[

OKETQUQOGU CPF KUQNCVGF %NCTC EGNN RQRWNCVKQPU FGTKXGF HTQO Q\QPGGZRQUGF TCVU , 6QZKEQN

'PXKTQP *GCNVJ  

4KVJKFGEJ - *QVEJMKUU , # )TKHHKVJ 9 % *GPFGTUQP 4 ( $TQQMU # . 
 %JTQOQUQOG FCOCIG

KP TCV RWNOQPCT[ CNXGQNCT OCETQRJCIGU HQNNQYKPI Q\QPG KPJCNCVKQP /WVCV 4GU  

4QFTKIWG\ / $WT 5 (CXTG # 9GKDGN ' 4 
 2WNOQPCT[ CEKPWU IGQOGVT[ CPF OQTRJQOGVT[ QH VJG

RGTKRJGTCN CKTYC[ U[UVGO KP TCV CPF TCDDKV #O , #PCV  

4QGJO , 0 *CFNG[ , ) /GP\GN & $ 
 6JG KPHNWGPEG QH XKVCOKP ' QP VJG NWPI HCVV[ CEKFU QH TCVU

GZRQUGF VQ Q\QPG #TEJ 'PXKTQP *GCNVJ  

4QODQWV 2 , # 8CP $TGG . *GKUVGTMCOR 5 * /CTTC / 
 6JG PGGF HQT CP GKIJV JQWT Q\QPG

UVCPFCTF +P 5EJPGKFGT 6 .GG 5 & 9QNVGTU ) , 4 )TCPV . & GFU #VOQURJGTKE Q\QPG

TGUGCTEJ CPF KVU RQNKE[ KORNKECVKQPU RTQEGGFKPIU QH VJG TF 75&WVEJ KPVGTPCVKQPCN U[ORQUKWO /C[

 0KLOGIGP 6JG 0GVJGTNCPFU #OUVGTFCO 6JG 0GVJGTNCPFU 'NUGXKGT 5EKGPEG 2WDNKUJGTU

RR  
5VWFKGU KP GPXKTQPOGPVCN UEKGPEG 

4QWO , * /WTNCU % 
 1\QPGKPFWEGF EJCPIGU KP OWUECTKPKE DTQPEJKCN TGCEVKXKV[ D[ FKHHGTGPV VGUVKPI

OGVJQFU , #RRN 2J[UKQN 4GURKT 'PXKTQP 'ZGTEKUG 2J[UKQN  


4[GT2QYFGT , ' #OQTWUQ / # %\GTPKGEMK $ 9KV\ ) )QNFUVGKP $ & 
 +PJCNCVKQP QH Q\QPG

RTQFWEGU C FGETGCUG KP UWRGTQZKFG CPKQP TCFKECN RTQFWEVKQP KP OQWUG CNXGQNCT OCETQRJCIGU

#O 4GX 4GURKT &KU  

5CICK / +EJKPQUG 6 
 $KQEJGOKECN GHHGEVU QH EQODKPGF ICUGU QH PKVTQIGP FKQZKFG CPF Q\QPG +8 %JCPIGU

QH NKRKF RGTQZKFCVKQP CPF CPVKQZKFCVKXG RTQVGEVKXG U[UVGOU KP TCV NWPIU WRQP NKHG URCP GZRQUWTG

6QZKEQNQI[  

5CICK / #TCMCYC - +EJKPQUG 6 5JKOQLQ 0 
 $KQEJGOKECN GHHGEVU QP EQODKPGF ICUGU QH PKVTQIGP

FKQZKFG CPF Q\QPG + 5RGEKGU FKHHGTGPEGU QH NKRKF RGTQZKFGU CPF RJQURJQNKRKFU KP NWPIU 6QZKEQNQI[

 

5CNFKXC 2 * 0 -KPI / &GNOQPVG 8 . % /CEEJKQPG / 2CTCFC / # % &CNKDGTVQ / . 5CMCG

4 5 %TKCFQ 2 / 2 5KNXGKTC 2 . 2 <KP 9 # $QJO ) / 
 4GURKTCVQT[ CNVGTCVKQPU

FWG VQ WTDCP CKT RQNNWVKQP CP GZRGTKOGPVCN UVWF[ KP TCVU 'PXKTQP 4GU  

5CPVTQEM , )QTUMK 4 # 1	)CTC , ( 
 2TQFWEVU CPF OGEJCPKUO QH VJG TGCEVKQP QH Q\QPG YKVJ

RJQURJQNKRKFU KP WPKNCOGNNCT RJQURJQNKRKF XGUKENGU %JGO 4GU 6QZKEQN  

5CUCMK - 0CFGN , # *CJP * . 
 'HHGEV QH Q\QPG QP DTGCVJKPI KP FQIU XCICN CPF PQPXCICN

OGEJCPKUOU , #RRN 2J[UKQN  

5CYCFCKUJK - /KWTC - 1JVUWMC ' 7GFC 6 +UJK\CMK - 5JKPTKMK 0 
 1\QPQN[UKU QH UWRGTEQKNGF

R$4 &0# TGUWNVKPI KP UVTCPF UEKUUKQP VQ QRGP EKTEWNCT &0# 0WENGKE #EKFU 4GU  

5CYCFCKUJK - /KWTC - 1JVUWMC ' 7GFC 6 5JKPTKMK 0 +UJK\CMK - 
 5VTWEVWTG CPF UGSWGPEG

URGEKHKEKV[ QH Q\QPG FGITCFCVKQP QH UWRGTEQKNGF RNCUOKF &0# 0WENGKE #EKFU 4GU  

5EJGNGING ' 5 %CTN / . %QNGTKFIG * / %QNGTKFIG , % ) )TGGP , ( 
 %QPVTKDWVKQP QH XCICN

CHHGTGPVU VQ TGURKTCVQT[ TGHNGZGU GXQMGF D[ CEWVG KPJCNCVKQP QH Q\QPG KP FQIU , #RRN 2J[UKQN

 

5EJNGUKPIGT 4 $ 
 &GRQUKVKQP CPF ENGCTCPEG QH KPJCNGF RCTVKENGU +P /E%NGNNCP 4 1 *GPFGTUQP 4 (

GFU %QPEGRVU KP KPJCNCVKQP VQZKEQNQI[ 0GY ;QTM 0; *GOKURJGTG 2WDNKUJKPI %QTR RR 

5EJNGUKPIGT 4 $ 
 0KVTQIGP QZKFGU +P .KRROCPP / GF 'PXKTQPOGPVCN VQZKECPVU JWOCP GZRQUWTGU CPF

VJGKT JGCNVJ GHHGEVU 0GY ;QTM 0; 8CP 0QUVTCPF 4GKPJQNF RR 

5EJNGUKPIGT 4 $ &TKUEQNN - ' 
 /WEQEKNKCT[ ENGCTCPEG HTQO VJG NWPIU QH TCDDKVU HQNNQYKPI UKPING CPF

KPVGTOKVVGPV GZRQUWTGU VQ Q\QPG , 6QZKEQN 'PXKTQP *GCNVJ  

5EJNGUKPIGT 4 $ &TKUEQNN - ' )WPPKUQP # ( <GNKMQHH , 6 
 2WNOQPCT[ CTCEJKFQPKE CEKF

OGVCDQNKUO HQNNQYKPI CEWVG GZRQUWTGU VQ Q\QPG CPF PKVTQIGP FKQZKFG , 6QZKEQN 'PXKTQP *GCNVJ

 

5EJNGUKPIGT 4 $ 9GKFGOCP 2 # <GNKMQHH , 6 
 'HHGEVU QH TGRGCVGF GZRQUWTGU VQ Q\QPG CPF PKVTQIGP

FKQZKFG QP TGURKTCVQT[ VTCEV RTQUVCPQKFU +PJCNCVKQP 6QZKEQN  

5EJNGUKPIGT 4 $ )QTE\[PUMK , ' &GPPKUQP , 4KEJCTFU . -KPPG[ 2 . $QUNCPF / % 
C .QPI

VGTO KPVGTOKVVGPV GZRQUWTG VQ UWNHWTKE CEKF CGTQUQN Q\QPG CPF VJGKT EQODKPCVKQP CNVGTCVKQPU KP

VTCEJGQDTQPEJKCN OWEQEKNKCT[ ENGCTCPEG CPF GRKVJGNKCN UGETGVQT[ EGNNU 'ZR .WPI 4GU  

5EJNGUKPIGT 4 $ <GNKMQHH , 6 %JGP . % -KPPG[ 2 . 
D #UUGUUOGPV QH VQZKEQNQIKE KPVGTCEVKQPU

TGUWNVKPI HTQO CEWVG KPJCNCVKQP GZRQUWTG VQ UWNHWTKE CEKF CPF Q\QPG OKZVWTGU 6QZKEQN #RRN

2JCTOCEQN  


5EJTGKFGT , 2 4CCDG 1 ) 
 #PCVQO[ QH VJG PCUCNRJCT[PIGCN CKTYC[ QH GZRGTKOGPVCN CPKOCNU #PCV

4GE  

5EJWNVJGKU # * $CUUGVV & , 2 
 +PHNCOOCVQT[ EGNN KPHNWZ KPVQ Q\QPGGZRQUGF IWKPGC RKI NWPI KPVGTUVKVKCN

CPF CKTYC[U URCEGU #IGPVU #EVKQPU  

5EJWNVJGKU # * $CUUGVV & , 2 (T[GT # & 
 1\QPGKPFWEGF CKTYC[ J[RGTTGURQPUKXGPGUU CPF NQUU QH

PGWTQPCN / OWUECTKPKE TGEGRVQT HWPEVKQP , #RRN 2J[UKQN   

5EJYCTV\ . 9 &WPIYQTVJ & . /WUVCHC / ) 6CTMKPIVQP $ - 6[NGT 9 5 
 2WNOQPCT[

TGURQPUGU QH TCVU VQ CODKGPV NGXGNU QH Q\QPG GHHGEVU QH FC[ KPVGTOKVVGPV QT EQPVKPWQWU GZRQUWTG

.CD +PXGUV  

5EQVV % & $WTMCTV , # 
 %JTQOQUQOCN CDGTTCVKQPU KP RGTKRJGTCN N[ORJQE[VGU QH UVWFGPVU GZRQUGF VQ CKT

RQNNWVCPVU 4GUGCTEJ 6TKCPING 2CTM 0% 75 'PXKTQPOGPVCN 2TQVGEVKQP #IGPE[ *GCNVJ 'HHGEVU

4GUGCTEJ .CDQTCVQT[ TGRQTV PQ '2# #XCKNCDNG HTQO 06+5 5RTKPIHKGNF 8#

2$

5EQVV & $ / .GUJGT ' % 
 'HHGEV QH Q\QPG QP UWTXKXCN CPF RGTOGCDKNKV[ QH 'UEJGTKEJKC EQNK

, $CEVGTKQN  

5GNITCFG / - 
 +OOWPQVQZKEKV[ CPF TKUM CUUGUUOGPV GHHGEV QH VGORQTCN HCEVQTU +PJCNCVKQP 6QZKEQN

 

5GNITCFG / - +NNKPI , 9 5VCTPGU & / 5VGCF # ) /3⁄4PCEJG / ) 5VGXGPU / # 


'XCNWCVKQP QH GHHGEVU QH Q\QPG GZRQUWTG QP KPHNWGP\C KPHGEVKQP KP OKEG WUKPI UGXGTCN KPFKECVQTU QH

UWUEGRVKDKNKV[ (WPFCO #RRN 6QZKEQN  

5GNITCFG / - &CPKGNU / , )TQUG ' % 
 #EWVG UWDEJTQPKE CPF EJTQPKE GZRQUWTG VQ C UKOWNCVGF

WTDCP RTQHKNG QH Q\QPG GHHGEVU QP GZVTCRWNOQPCT[ PCVWTCN MKNNGT EGNN CEVKXKV[ CPF N[ORJQE[VG

OKVQIGPKE TGURQPUGU +PJCNCVKQP 6QZKEQN  

5JGNNG[ 5 # 2CEKIC , ' $CNKU , 7 
 .WPI UWTHCEVCPV RJQURJQNKRKFU KP FKHHGTGPV CPKOCN URGEKGU .KRKFU

 

5JGTYKP 4 2 4KEJVGTU 8 
 'HHGEV QH  RRO Q\QPG GZRQUWTG QP V[RG ++ EGNNU CPF CNXGQNCT YCNNU QH

PGYDQTP OKEG CP KOCIGCPCN[UKU SWCPVKVCVKQP , 6QZKEQN 'PXKTQP *GCNVJ  

5JGTYQQF 4 . .KRRGTV 9 ' )QNFUVGKP ' 
 'HHGEV QH  RRO Q\QPG QP CNXGQNCT OCETQRJCIG

N[UQ\[OG NGXGNU KP TCVU YKVJ EJTQPKE RWNOQPCT[ DCEVGTKCN KPHGEVKQP 'PXKTQP 4GU  

5JKOWTC 5 /CGFC 5 6CMKUOKOC 6 
 )KCPV NCOGNNCT DQFKGU KP CNXGQNCT V[RG ++ EGNNU QH TCVU GZRQUGF VQ C

NQY EQPEGPVTCVKQP QH Q\QPG 4GURKTCVKQP  

5JKQVUWMC 4 0 ;GTOCMQHH , - 1UJGTQHH / 4 &TGY 4 6 
 6JG EQODKPCVKQP QH Q\QPG CPF UKNKEC QP

VJG FGXGNQROGPV QH RWNOQPCT[ HKDTQUKU , 6QZKEQN 'PXKTQP *GCNVJ  

5JKTCKUJK ( $CPFQY * 
 6JG IGPGVKE GHHGEVU QH VJG RJQVQEJGOKECN TGCEVKQP RTQFWEVU QH RTQR[NGPG RNWU

01 QP EWNVWTGF %JKPGUG JCOUVGT EGNNU GZRQUGF KP XKVTQ , 6QZKEQN 'PXKTQP *GCNVJ   

5JKTCKUJK ( *CUJKOQVQ 5 $CPFQY * 
 +PFWEVKQP QH UKUVGTEJTQOCVKF GZEJCPIGU KP %JKPGUG JCOUVGT 8

EGNNU D[ GZRQUWTG VQ VJG RJQVQEJGOKECN TGCEVKQP RTQFWEVU QH VQNWGPG RNWU 01 KP VJG ICU RJCUG /WVCV 

4GU  


5KDKNNG ; 4G[PQNFU * ; 
 /CETQRJCIGU CPF RQN[OQTRJQPWENGCT PGWVTQRJKNU KP NWPI FGHGPUG CPF KPLWT[

#O 4GX 4GURKT &KU  

5KNDCWIJ 5 # /CWFGTN[ , . 
 'HHGEVU QH Q\QPG CPF UWNHWTKE CEKF CGTQUQN QP ICU VTCRRKPI KP VJG IWKPGC

RKI NWPI , 6QZKEQN 'PXKTQP *GCNVJ  

5NCFG 4 *KIJHKNN , 9 *CVEJ ) ' 
 'HHGEVU QH FGRNGVKQP QH CUEQTDKE CEKF QT PQPRTQVGKP UWNHJ[FT[NU QP

VJG CEWVG KPJCNCVKQP VQZKEKV[ QH PKVTQIGP FKQZKFG Q\QPG CPF RJQUIGPG +PJCNCVKQP 6QZKEQN  



5OKNGT - . $TCF[ # 0 #PXGT / 4 
 *KUVQRCVJQNQIKECN GHHGEVU QH EJTQPKE GZRQUWTG QH (KUEJGT 

TCVU VQ NQYNGXGNU QH Q\QPG 9CTTGP /+ )GPGTCN /QVQTU 4GUGCTEJ .CDQTCVQTKGU $KQOGFKECN 5EKGPEG

&GRCTVOGPV TGUGCTEJ RWDNKECVKQP PQ )/4

5PKFGT ) . -NGKPGTOCP , 6JWTNDGEM 9 / $GPICNK < * 
 6JG FGHKPKVKQP QH GORJ[UGOC TGRQTV QH

C 0CVKQPCN *GCTV .WPI CPF $NQQF +PUVKVWVG &KXKUKQP QH .WPI &KUGCUGU YQTMUJQR #O 4GX 4GURKT

&KU  

5RGPINGT , & -GGNGT ) , -QWVTCMKU 2 4[CP 2 $ 4CK\GPPG / (TCPMNKP % # 
 'ZRQUWTGU VQ

CEKFKE CGTQUQNU +P 5[ORQUKWO QP VJG JGCNVJ GHHGEVU QH CEKF CGTQUQNU 1EVQDGT  4GUGCTEJ

6TKCPING 2CTM 0% 'PXKTQP *GCNVJ 2GTURGEV  

5VGRJGPU 4 , 5NQCP / ( 'XCPU / , (TGGOCP ) 
C 'CTN[ TGURQPUG QH NWPI VQ NQY NGXGNU QH Q\QPG

#O , 2CVJQN  

5VGRJGPU 4 , 5NQCP / ( 'XCPU / , (TGGOCP ) 
D #NXGQNCT 6[RG  EGNN TGURQPUG VQ GZRQUWTG VQ

 RRO 1 HQT UJQTV RGTKQFU 'ZR /QN 2CVJQN   

5VGRJGPU 4 , 5NQCP / ( )TQVJ & ) 0GIK & 5 .WPCP - & 
 %[VQNQIKE TGURQPUG QH RQUVPCVCN

TCV NWPIU VQ 1 QT 01 GZRQUWTG #O , 2CVJQN    

5VGRJGPU 4 , $WPVOCP & , 0GIK & 5 2CTMJWTUV 4 / 6JQOCU & 9 
 6KUUWG NGXGNU QH

XKVCOKP ' KP VJG NWPI CPF VJG EGNNWNCT TGURQPUG VQ KPLWT[ TGUWNVKPI HTQO QZKFCPV ICU GZRQUWTG %JGUV


UWRRN 55

5VKNGU , 6[NGT 9 5 
 #IGTGNCVGF OQTRJQOGVTKE FKHHGTGPEGU KP TGURQPUGU QH TCV NWPIU VQ Q\QPG 6QZKEQN

#RRN 2JCTOCEQN  

5VQPGT ) & 
 .WPI VWOQTU KP UVTCKP # OKEG CU C DKQCUUC[ HQT ECTEKPQIGPKEKV[ QH GPXKTQPOGPVCN EJGOKECNU

'ZR .WPI 4GU  

5VQPGT ) & 5JKOMKP / $ 
 .WPI VWOQTU KP UVTCKP # OKEG CU C DKQCUUC[ HQT ECTEKPQIGPKEKV[

+P /KNOCP * # 9GKUDWTIGT ' - GFU *CPFDQQM QH ECTEKPQIGP VGUVKPI 2CTM 4KFIG 0, 0Q[GU

2WDNKECVKQPU RR 

5W\WMK ' 6CMCJCUJK ; #KFC 5 -KOWNC ; +VQ ; /KWTC 6 
 #NVGTCVKQP KP UWTHCEG UVTWEVWTG QH

%NCTC EGNNU CPF RWNOQPCT[ E[VQEJTQOG 2D NGXGN KP TCVU GZRQUGF VQ Q\QPG 6QZKEQNQI[

 

5\CTGM , . 
 %QPUGSWGPEGU QH RTQNQPIGF KPJCNCVKQP QH Q\QPG QP (0 TCVU EQNNCDQTCVKXG UVWFKGU 2CTV ++

/GEJCPKECN RTQRGTVKGU TGURQPUGU VQ DTQPEJQCEVKXG UVKOWNK CPF GKEQUCPQKF TGNGCUG KP KUQNCVGF NCTIG

CPF UOCNN CKTYC[U %CODTKFIG /# *GCNVJ 'HHGEVU +PUVKVWVG TGUGCTEJ TGRQTV PQ 

6CMCJCUJK ; /KWTC 6 
 +P XKXQ GHHGEVU QH PKVTQIGP FKQZKFG CPF Q\QPG QP ZGPQDKQVKE OGVCDQNK\KPI U[UVGOU

QH TCV NWPIU 6QZKEQN .GVV  


6CMCJCUJK ; /KWTC 6 
 # UGNGEVKXG GPJCPEGOGPV QH ZGPQDKQVKE OGVCDQNK\KPI U[UVGOU QH TCV NWPIU D[

RTQNQPIGF GZRQUWTG VQ Q\QPG 'PXKTQP 4GU  

6CMCJCUJK ; /KWTC 6 
 'HHGEVU QH PKVTQIGP FKQZKFG CPF Q\QPG KP EQODKPCVKQP QP ZGPQDKQVKE OGVCDQNK\KPI

CEVKXKVKGU QH TCV NWPIU 6QZKEQNQI[  

6CMCJCUJK ; /KWTC 6 
 4GURQPUGU QH E[VQEJTQOG 2 KUQ\[OGU QH TCV NWPI VQ KP XKXQ GZRQUWTG VQ

Q\QPG 6QZKEQN .GVV  

6CMCJCUJK ; /KWTC 6 -WDQVC - 
 +P XKXQ GHHGEV QH Q\QPG KPJCNCVKQP QP ZGPQDKQVKE OGVCDQNKUO QH NWPI

CPF NKXGT QH TCVU , 6QZKEQN 'PXKTQP *GCNVJ  

6CMCJCUJK ; /KWTC 6 -KOWTC 5 
 # FGETGCUG KP UGTWO TGVKPQN D[ KP XKXQ GZRQUWTGU QH TCVU VQ Q\QPG

+PV , 8KVCO 0WVT 4GU  

6CP 9 % $GVJGN 4 # 
 6JG GHHGEV QH RNCVGNGV CEVKXCVKPI HCEVQT CPVCIQPKUV QP Q\QPGKPFWEGF CKTYC[

KPHNCOOCVKQP CPF DTQPEJKCN J[RGTTGURQPUKXGPGUU KP IWKPGC RKIU #O 4GX 4GURKT &KU

 

6CPUYGNN # - 
 &GVGEVKQP QH RCTCETKPG HCEVQTU KP QZKFCPV NWPI KPLWT[ %CODTKFIG /# *GCNVJ 'HHGEVU

+PUVKVWVG TGUGCTEJ TGRQTV PQ 

6CPUYGNN # - (TCJGT . , )TQUG ' % 
 %KTEWNCVKPI HCEVQTU VJCV OQFKH[ NWPI EGNN &0# U[PVJGUKU

HQNNQYKPI GZRQUWTG VQ KPJCNGF QZKFCPVU + 'HHGEV QH UGTWO CPF NCXCIG QP NWPI HKDTQDNCUVU HQNNQYKPI

GZRQUWTG QH CFWNV TCVU VQ  RRO Q\QPG , 6QZKEQN 'PXKTQP *GCNVJ  

6CPUYGNN # - (TCJGT . , )TQUG ' % 
 %KTEWNCVKPI HCEVQTU VJCV OQFKH[ NWPI EGNN &0# U[PVJGUKU

HQNNQYKPI GZRQUWTG VQ KPJCNGF QZKFCPVU ++ 'HHGEV QH UGTWO CPF NCXCIG QP NWPI RPGWOQE[VGU

HQNNQYKPI GZRQUWTG QH CFWNV TCVU VQ  RRO Q\QPG , 6QZKEQN 'PXKTQP *GCNVJ  

6CTMKPIVQP $ - 9W 4 5WP 9/ 0KMWNC - , 9KNUQP & 9 .CUV , # 
 +P XKVTQ GZRQUWTG QH

VTCEJGQDTQPEJKCN GRKVJGNKCN EGNNU CPF QH VTCEJGCN GZRNCPVU VQ Q\QPG 6QZKEQNQI[  

6GKIG $ /E/CPWU 6 6 /WFF , $ 
 4GCEVKQP QH Q\QPG YKVJ RJQURJCVKF[NEJQNKPG NKRQUQOGU CPF VJG

N[VKE GHHGEV QH RTQFWEVU QP TGF DNQQF EGNNU %JGO 2J[U .KRKFU  

6GRRGT , 5 9GKUU $ 
 &GVGTOKPCPVU QH DGJCXKQTCN TGURQPUG YKVJ Q\QPG GZRQUWTG , #RRN 2J[UKQN

 

6GRRGT , 5 9QQF 4 9 
 $GJCXKQTCN GXCNWCVKQP QH VJG KTTKVCVKPI RTQRGTVKGU QH Q\QPG 6QZKEQN #RRN

2JCTOCEQN  

6GRRGT , . 9GKUU $ %QZ % 
 /KETQCPCN[UKU QH Q\QPG FGRTGUUKQP QH OQVQT CEVKXKV[ 6QZKEQN #RRN

2JCTOCEQN  

6GRRGT , . 9GKUU $ 9QQF 4 9 
 $GJCXKQTCN KPFKEGU QH Q\QPG GZRQUWTG +P .GG 5 & /WUVCHC

/ ) /GJNOCP / # GFU +PVGTPCVKQPCN U[ORQUKWO QP VJG DKQOGFKECN GHHGEVU QH Q\QPG CPF

TGNCVGF RJQVQEJGOKECN QZKFCPVU /CTEJ  2KPGJWTUV 0% 2TKPEGVQP 0, 2TKPEGVQP 5EKGPVKHKE

2WDNKUJGTU +PE RR  
#FXCPEGU KP OQFGTP GPXKTQPOGPVCN VQZKEQNQI[ X 

6GRRGT , 5 9GKUU $ 9QQF 4 9 
 #NVGTCVKQPU KP DGJCXKQT RTQFWEGF D[ KPJCNGF Q\QPG QT COOQPKC

(WPFCO #RRN 6QZKEQN  


6GRRGT , 5 %QUVC & . .GJOCPP , 4 9GDGT / ( *CVEJ ) ' 
 7PCVVGPWCVGF UVTWEVWTCN CPF

DKQEJGOKECN CNVGTCVKQPU KP VJG TCV NWPI FWTKPI HWPEVKQPCN CFCRVCVKQP VQ Q\QPG #O 4GX 4GURKT &KU

 

6GRRGT , 5 9KGUVGT / , 9GDGT / ( /3⁄4PCEJG / ) 
 /GCUWTGOGPVU QH ECTFKQRWNOQPCT[

TGURQPUG KP CYCMG TCVU FWTKPI CEWVG GZRQUWTG VQ PGCTCODKGPV EQPEGPVTCVKQPU QH Q\QPG (WPFCO

#RRN 6QZKEQN  

6GRRGT , 5 9KGUVGT / , 9GDGT / ( (KV\IGTCNF 5 %QUVC & . 
 %JTQPKE GZRQUWTG VQ C UKOWNCVGF

WTDCP RTQHKNG QH Q\QPG CNVGTU XGPVKNCVQT[ TGURQPUGU VQ ECTDQP FKQZKFG EJCNNGPIG KP TCVU (WPFCO #RRN

6QZKEQN  

6GRRGT , 5 GV CN 
 6JG TGNCVKXG EQPVTKDWVKQP QH EQPEGPVTCVKQP CPF FWTCVKQP VQ Q\QPG 
1 KPFWEGF NWPI 

KPLWT[ 4GUGCTEJ 6TKCPING 2CTM 0% 75 'PXKTQPOGPVCN 2TQVGEVKQP #IGPE[ 0CVKQPCN *GCNVJ 

'PXKTQPOGPVCN 'HHGEVU 4GUGCTEJ .CDQTCVQT[ 2WNOQPCT[ 6QZKEQNQI[ $TCPEJ

6GRRGT , 5 GV CN 
 6KOG EQWTUG QH KPHNCOOCVKQP KP VJG TCV GZRQUGF VQ Q\QPG HQT UJQTV CPF RTQNQPIGF

RGTKQFU YKVJ KPVGTOKVVGPV J[RGTXGPVKNCVKQP 4GUGCTEJ 6TKCPING 2CTM 0% 75 'PXKTQPOGPVCN

2TQVGEVKQP #IGPE[ 0CVKQPCN *GCNVJ  'PXKTQPOGPVCN 'HHGEVU 4GUGCTEJ .CDQTCVQT[ 2WNOQPCT[

6QZKEQNQI[ $TCPEJ

6GTCFC 0 /K\QIWEJK + -QJPQ 6 *C[CUJK ; 
 2WNOQPCT[ GHHGEVU KP TCVU KPFWEGF D[ RTQNQPIGF

GZRQUWTG VQ C OKZVWTG QH 1 CPF 01  , ,RP 5QE #KT 2QNNWV    

6JQOCUUGP & ) 
 7PFGTUVCPFKPI OGEJCPKUOU QH ECTEKPQIGPGUKU WUKPI TCV VTCEJGCN GRKVJGNKCN EGNNU KP XKVTQ

+P 2TQEGGFKPIU QH VJG U[ORQUKWO QP EWTTGPV EQPEGRVU CPF CRRTQCEJGU QP CPKOCN VGUV CNVGTPCVKXGU

(GDTWCT[ #DGTFGGP 2TQXKPI )TQWPFU /& 9CUJKPIVQP &% 75 &GRCTVOGPV QH 'PGTI[

%10( #XCKNCDNG HTQO 06+5 5RTKPIHKGNF 8# &'

6JQOCUUGP & ) *CTMGOC , 4 5VGRJGPU 0 & )TKHHKVJ 9 % 
 2TGPGQRNCUVKE VTCPUHQTOCVKQP QH TCV

VTCEJGCN GRKVJGNKCN EGNNU D[ Q\QPG 6QZKEQN #RRN 2JCTOCEQN  

6JQOCUUGP & ) *CTMGOC , 4 5WP , & 5VGRJGPU 0 & )TKHHKVJ 9 % 
 6JG TQNG QH Q\QPG KP

VTCEJGCN EGNN VTCPUHQTOCVKQP %CODTKFIG /# *GCNVJ 'HHGEVU +PUVKVWVG TGUGCTEJ TGRQTV PQ 

6KEG 4 4 $GPFGT / # +XGVV , . &TGY 4 6 
 %[VQIGPGVKE GHHGEVU QH KPJCNGF Q\QPG /WVCV 4GU

 

6KNVQP $ ' 
 4GXKGYU QH RCRGT D[ *CUUGVV GV CN /WTKPG NWPI ECTEKPQIGPGUKU HQNNQYKPI GZRQUWTG VQ

CODKGPV Q\QPG EQPEGPVTCVKQPU 
,0%+   =OGOQTCPFWO VQ $ ,QTFCP & , /E-GG CPF

* 4KEJOQPF 75 '2#1#325? 4GUGCTEJ 6TKCPING 2CTM 0% 75 'PXKTQPOGPVCN 2TQVGEVKQP

#IGPE[ 1HHKEG QH *GCNVJ CPF 'PXKTQPOGPVCN #UUGUUOGPV 'PXKTQPOGPVCN %TKVGTKC CPF #UUGUUOGPV

1HHKEG /CTEJ 

6WTPGT % 4 -NGGDGTIGT 5 4 5RCPPJCMG ' 9 
 2TGGZRQUWTG VQ Q\QPG DNQEMU VJG CPVKIGPKPFWEGF NCVG

CUVJOCVKE TGURQPUG QH VJG ECPKPG RGTKRJGTCN CKTYC[U , 6QZKEQN 'PXKTQP *GCNVJ  

6[NGT 9 5 
 %QORCTCVKXG UWDITQUU CPCVQO[ QH NWPIU RNGWTCU KPVGTNQDWNCT UGRVC CPF FKUVCN CKTYC[U

#O 4GX 4GURKT &KU  55

6[NGT 9 5 ,WNKCP / & 
 )TQUU CPF UWDITQUU CPCVQO[ QH NWPIU RNGWTC EQPPGEVKXG VKUUWG UGRVC FKUVCN

CKTYC[U CPF UVTWEVWTCN WPKVU +P 2CTGPV 4 # GF %QORCTCVKXG DKQNQI[ QH VJG PQTOCN NWPI X 

VTGCVKUG QP RWNOQPCT[ VQZKEQNQI[ $QEC 4CVQP (. %4% 2TGUU RR 


6[NGT 9 5 6[NGT 0 - .CUV , # $CTUVQY 6 , /CINKCPQ & , *KPFU & / 
 'HHGEVU QH Q\QPG

QP NWPI CPF UQOCVKE ITQYVJ 2CKT HGF TCVU CHVGT Q\QPG GZRQUWTG CPF TGEQXGT[ RGTKQFU 6QZKEQNQI[

 

6[NGT 9 5 6[NGT 0 - .CUV , # )KNNGURKG / , $CTUVQY 6 , 
 %QORCTKUQP QH FCKN[ CPF UGCUQPCN

GZRQUWTGU QH [QWPI OQPMG[U VQ Q\QPG 6QZKEQNQI[  

6[NGT 9 5 6[NGT 0 - *KPFU & /CINKCPQ & 6CTMKPIVQP $ 
C +PHNWGPEG QH GZRQUWTG TGIKOGP QP

GHHGEVU QH GZRGTKOGPVCN Q\QPG UVWFKGU GHHGEVU QH FCKN[ CPF GRKUQFKE QT UGCUQPCN E[ENGU QH GZRQUWTG CPF

RQUVGZRQUWTG 2TGUGPVGF CV VJ CPPWCN OGGVKPI CPF GZJKDKVKQP QH VJG #KT  9CUVG /CPCIGOGPV

#UUQEKCVKQP ,WPG 8CPEQWXGT $% %CPCFC 2KVVUDWTIJ 2# #KT  9CUVG /CPCIGOGPV #UUQEKCVKQP

RCRGT PQ 

6[NGT 9 5 6[NGT 0 - /CINKCPQ & , *KPFU & / 6CTMKPIVQP $ ,WNKCP / & *[FG & /

2NQRRGT % ) &WPIYQTVJ & . 
D 'HHGEVU QH Q\QPG KPJCNCVKQP QP NWPIU QH LWXGPKNG OQPMG[U

/QTRJQOGVT[ CHVGT C  OQPVJ GZRQUWTG CPF HQNNQYKPI C  OQPVJ RQUVGZRQUWTG RGTKQF +P

$GTINWPF 4 . .CYUQP & 4 /E-GG & , GFU 6TQRQURJGTKE Q\QPG CPF VJG GPXKTQPOGPV

RCRGTU HTQO CP KPVGTPCVKQPCN EQPHGTGPEG /CTEJ  .QU #PIGNGU %# 2KVVUDWTIJ 2# #KT 

9CUVG /CPCIGOGPV #UUQEKCVKQP RR  
#9/# VTCPUCEVKQP UGTKGU PQ 64

6[NGT 9 ,QPGU , $KTMU ' 2CUEQG , 5VGHHG[ ' ,CTXKU - *KPFU & 6CTMKPIVQP $ 
E 'HHGEVU QH

Q\QPG QP GZGTEKUKPI JQTUGU C RTGNKOKPCT[ TGRQTV 'SWKPG 'ZGTEKUG 2J[UKQN  

6[UQP % # .WPCP - & 5VGRJGPU 4 , 
 #IGTGNCVGF FKHHGTGPEGU KP )5*UJWVVNG GP\[OGU KP 01  QT 

1 GZRQUGF TCV NWPIU #TEJ 'PXKTQP *GCNVJ   

75 'PXKTQPOGPVCN 2TQVGEVKQP #IGPE[ 
 #KT SWCNKV[ ETKVGTKC HQT Q\QPG CPF QVJGT RJQVQEJGOKECN QZKFCPVU

4GUGCTEJ 6TKCPING 2CTM 0% 1HHKEG QH *GCNVJ CPF 'PXKTQPOGPVCN #UUGUUOGPV 'PXKTQPOGPVCN

%TKVGTKC CPF #UUGUUOGPV 1HHKEG TGRQTV PQU '2#C(G( X #XCKNCDNG HTQO 06+5

5RTKPIHKGNF 8# 2$

75 'PXKTQPOGPVCN 2TQVGEVKQP #IGPE[ 
 #P CEKF CGTQUQNU KUUWG RCRGT JGCNVJ GHHGEVU CPF CGTQOGVTKEU

4GUGCTEJ 6TKCPING 2CTM 0% 1HHKEG QH *GCNVJ CPF 'PXKTQPOGPVCN #UUGUUOGPV 'PXKTQPOGPVCN

%TKVGTKC CPF #UUGUUOGPV 1HHKEG TGRQTV PQ '2#( #XCKNCDNG HTQO 06+5 5RTKPIHKGNF

8# 2$

75 'PXKTQPOGPVCN 2TQVGEVKQP #IGPE[ 
 #KT SWCNKV[ ETKVGTKC HQT QZKFGU QH PKVTQIGP 4GUGCTEJ 6TKCPING 2CTM

0% 1HHKEG QH *GCNVJ CPF 'PXKTQPOGPVCN #UUGUUOGPV 'PXKTQPOGPVCN %TKVGTKC CPF #UUGUUOGPV

1HHKEG TGRQTV PQU '2#C(E( X #XCKNCDNG HTQO 06+5 5RTKPIHKGNF 8#

2$ 2$ CPF 2$

7EJKFC & # $CNNQYG % # +TXKP % ) .CTUGP ) . 
 #UUGUUOGPV QH CKTYC[ TGURQPUKXGPGUU VQ

KPJCNGF OGVJCEJQNKPG CPF VJG GHHGEVU QH UJQTVVGTO Q\QPG GZRQUWTG KP CIGF (KUEJGT TCVU *'+

%QOOWP  

7EJK[COC + ;QMQ[COC ' 
 'HHGEVU QH UJQTV CPF NQPIVGTO GZRQUWTG VQ Q\QPG QP JGCTV TCVG CPF DNQQF

RTGUUWTG QH GORJ[UGOCVQWU TCVU 'PXKTQP 4GU  

7EJK[COC + 5KOQOWTC ; ;QMQ[COC ' 
 'HHGEVU QH CEWVG GZRQUWTG VQ Q\QPG QP JGCTV TCVG CPF DNQQF

RTGUUWTG QH VJG EQPUEKQWU TCV 'PXKTQP 4GU  

7OG\W 6 5W\WMK # - /KWTC 6 -QK\WOK # 
 'HHGEVU QH Q\QPG CPF PKVTQIGP FKQZKFG QP FTKPMKPI CPF

GCVKPI DGJCXKQTU KP OKEG 'PXKTQP 4GU  


8CP $TGG . 4QODQWV 2 , # 4KGVLGPU + / % / &QTOCPU , # / # /CTTC / 


2CVJQDKQEJGOKECN GHHGEVU KP TCV NWPI TGNCVGF VQ GRKUQFKE Q\QPG GZRQUWTG +P 5EJPGKFGT 6 .GG

5 & 9QNVGTU ) , 4 )TCPV . & GFU #VOQURJGTKE Q\QPG TGUGCTEJ CPF KVU RQNKE[ KORNKECVKQPU

RTQEGGFKPIU QH VJG TF 75&WVEJ KPVGTPCVKQPCN U[ORQUKWO /C[  0KLOGIGP 6JG 0GVJGTNCPFU

#OUVGTFCO 6JG 0GVJGTNCPFU 'NUGXKGT 5EKGPEG 2WDNKUJGTU RR  
5VWFKGU KP GPXKTQPOGPVCN

UEKGPEG 

8CP $TGG . /CTTC / 4QODQWV 2 , # 
 &KHHGTGPEGU KP RWNOQPCT[ DKQEJGOKECN CPF KPHNCOOCVQT[

TGURQPUGU QH TCVU CPF IWKPGC RKIU TGUWNVKPI HTQO FC[VKOG QT PKIJVVKOG UKPING CPF TGRGCVGF GZRQUWTG

VQ Q\QPG 6QZKEQN #RRN 2JCTOCEQN  

8CP FGT <GG , 8CP $GGM ' &WDDGNOCP 6 / # 4 8CP 5VGXGPKPEM , 
 6QZKE GHHGEVU QH Q\QPG QP

OWTKPG . HKDTQDNCUVU FCOCIG VQ &0# $KQEJGO ,  

8CP .QXGTGP * 4QODQWV 2 , # 9CIGPCCT 5L 5E 9CNXQQTV * % 8QU , ) 
 'HHGEVU QH Q\QPG QP

VJG FGHGPUG VQ C TGURKTCVQT[ .KUVGTKC OQPQE[VQIGPGU KPHGEVKQP KP VJG TCV UWRRTGUUKQP QH OCETQRJCIG

HWPEVKQP CPF EGNNWNCT KOOWPKV[ CPF CIITCXCVKQP QH JKUVQRCVJQNQI[ KP NWPI CPF NKXGT FWTKPI KPHGEVKQP

6QZKEQN #RRN 2JCTOCEQN  

8CP .QXGTGP * -TCLPE ' + 4QODQWV 2 , $NQOOCGTV ( # 8QU , ) 
 'HHGEVU QH Q\QPG

JGZCEJNQTQDGP\GPG CPF DKU
VTKPDWV[NVKPQZKFG QP PCVWTCN MKNNGT CEVKXKV[ KP VJG TCV NWPI 6QZKEQN

#RRN 2JCTOCEQN  

8GPKPIC 6 5 'XGN[P 2 
 #EVKXKV[ EJCPIGU QH RWNOQPCT[ OCETQRJCIGU CHVGT KP XKXQ GZRQUWTG VQ Q\QPG CU

FGOQPUVTCVGF D[ EGNN CFJGTGPEG , 6QZKEQN 'PXKTQP *GCNVJ  

8GPKPIC 6 5 (KFNGT 8 
 1\QPGKPFWEGF GNGXCVKQP QH ETGCVKPG MKPCUG CEVKXKV[ KP DNQQF RNCUOC QH TCVU

'PXKTQP 4GU  

8KEVQTKP - 
 4GXKGY QH VJG IGPQVQZKEKV[ QH Q\QPG /WVCV 4GU  

8KEVQTKP - 5VJNDGTI / 
C 2JQVQEJGOKECN HQTOCVKQP QH OWVCIGPKE EQORQWPFU HTQO CNMGPGU CPF Q\QPG QT

PKVTQIGP FKQZKFG 'PXKTQP /QN /WVCIGP  

8KEVQTKP - 5VJNDGTI / 
D # OGVJQF HQT UVWF[KPI VJG OWVCIGPKEKV[ QH UQOG ICUGQWU EQORQWPFU KP

5CNOQPGNNC V[RJKOWTKWO 'PXKTQP /QN /WVCIGP  

9CNVGTU ' * 1	$[TPG 2 / )TCH 2 & (CDDTK . / 0CFGN , # 
 6JG TGURQPUKXGPGUU QH CKTYC[

UOQQVJ OWUENG KP XKVTQ HTQO FQIU YKVJ CKTYC[ J[RGTTGURQPUKXGPGUU KP XKXQ %NKP 5EK  

9CTTGP & . .CUV , # 
 5[PGTIKUVKE KPVGTCEVKQP QH Q\QPG CPF TGURKTCDNG CGTQUQNU QP TCV NWPIU +++ Q\QPG

CPF UWNHWTKE CEKF CGTQUQN 6QZKEQN #RRN 2JCTOCEQN  

9CTTGP & . )WVJ & , .CUV , # 
 5[PGTIKUVKE KPVGTCEVKQP QH Q\QPG CPF TGURKTCDNG CGTQUQNU QP TCV

NWPIU ++ U[PGTI[ DGVYGGP COOQPKWO UWNHCVG CGTQUQN CPF XCTKQWU EQPEGPVTCVKQPU QH Q\QPG 6QZKEQN

#RRN 2JCTOCEQN  

9CTTGP & . *[FG & / .CUV , # 
 5[PGTIKUVKE KPVGTCEVKQP QH Q\QPG CPF TGURKTCDNG CGTQUQNU QP TCV

NWPIU +8 2TQVGEVKQP D[ SWGPEJGTU QH TGCEVKXG QZ[IGP URGEKGU 6QZKEQNQI[  

9CVCPCDG 5 (TCPM 4 ;QMQ[COC ' 
 #EWVG GHHGEVU QH Q\QPG QP NWPIU QH ECVU + HWPEVKQPCN #O 4GX

4GURKT &KU  


9CVMKPUQP 9 2 )QTFQP % , 
 %CXGCVU TGICTFKPI VJG WUG QH VJG NCDQTCVQT[ TCV CU C OQFGN HQT CEWVG

VQZKEQNQIKECN UVWFKGU OQFWNCVKQP QH VJG VQZKE TGURQPUG XKC RJ[UKQNQIKECN CPF DGJCXKQTCN OGEJCPKUOU

6QZKEQNQI[  

9CVMKPUQP 9 2 *KIJHKNN , 9 )QTFQP % , 
 /QFWNCVKPI GHHGEV QH DQF[ VGORGTCVWTG QP VJG VQZKE

TGURQPUG RTQFWEGF D[ VJG RGUVKEKFG EJNQTFKOGHQTO KP TCVU , 6QZKEQN 'PXKTQP *GCNVJ  

9CVMKPUQP 9 2 #KNGTW # # &QYF 5 / &QGTHNGT & . 6GRRGT , 5 %QUVC & . 
 #EWVG

GHHGEVU QH Q\QPG QP JGCTV TCVG CPF DQF[ VGORGTCVWTG KP VJG WPCPGUVJGVK\GF WPTGUVTCKPGF TCV OCKPVCKPGF

CV FKHHGTGPV CODKGPV VGORGTCVWTGU +PJCNCVKQP 6QZKEQN  

9GIPGT % & 
 %JCTCEVGTK\CVKQP QH F[PCOKE TGURKTCVQT[ OGEJCPKEU D[ OGCUWTKPI RWNOQPCT[ CPF

TGURKTCVQT[ U[UVGO KORGFCPEGU KP CFWNV DQPPGV OQPMG[U 
/CECEC TCFKCVC KPENWFKPI VJG GHHGEVU QH

NQPIVGTO GZRQUWTG VQ NQYNGXGN Q\QPG =2J& FKUUGTVCVKQP? &CXKU %# 7PKXGTUKV[ QH %CNKHQTPKC

)TCFWCVG &KXKUKQP #XCKNCDNG HTQO 7PKXGTUKV[ /KETQHKNOU +PVGTPCVKQPCN #PP #TDQT /+ RWDNKECVKQP

PQ 

9GKDGN ' 4 
 /QTRJQOGVT[ QH VJG JWOCP NWPI 0GY ;QTM 0; #ECFGOKE 2TGUU +PE

9GKDGN ' 4 
 +U VJG NWPI DWKNV TGCUQPCDN[! VJG  , $WTPU #ODGTUQP NGEVWTG #O 4GX 4GURKT &KU

 

9GKUU $ (GTKP , /GTKICP 9 5VGTP 5 %QZ % 
 /QFKHKECVKQP QH TCV QRGTCPV DGJCXKQT D[ Q\QPG

GZRQUWTG 6QZKEQN #RRN 2JCTOCEQN  

9KNNKCOU 5 , %JCTNGU , / /GP\GN & $ 
 1\QPG KPFWEGF CNVGTCVKQPU KP RJGPQN TGF CDUQTRVKQP HTQO

VJG TCV NWPI 6QZKEQN .GVV  

9KNUQP & 9 2NQRRGT % ) &WPIYQTVJ & . 
 6JG TGURQPUG QH VJG OCECSWG VTCEJGQDTQPEJKCN

GRKVJGNKWO VQ CEWVG Q\QPG KPLWT[ C SWCPVKVCVKXG WNVTCUVTWEVWTCN CPF CWVQTCFKQITCRJKE UVWF[

#O , 2CVJQN  

9KVUEJK * 
 1\QPG PKVTQIGP FKQZKFG CPF NWPI ECPEGT C TGXKGY QH UQOG TGEGPV KUUWGU CPF RTQDNGOU

6QZKEQNQI[  

9KVUEJK * 
 'HHGEVU QH QZ[IGP CPF Q\QPG QP OQWUG NWPI VWOQTKIGPGUKU 'ZR .WPI 4GU  

9KVUEJK * 9KNUQP & 9 2NQRRGT % ) 
C /QFWNCVKQP QH 0PKVTQUQFKGVJ[NCOKPGKPFWEGF JCOUVGT NWPI

VWOQTU D[ Q\QPG 6QZKEQNQI[  

9KVUEJK * 2 $TGKFGT / # 5EJWNNGT * / 
D (CKNWTG QH Q\QPG CPF PKVTQIGP FKQZKFG VQ GPJCPEG NWPI

VWOQT FGXGNQROGPV KP JCOUVGTU %CODTKFIG /# *GCNVJ 'HHGEVU +PUVKVWVG TGUGCTEJ TGRQTV PQ 

9TKIJV ' 5 9JKVG & / $TCF[ # 0 .K . % &	#TE[ , $ 5OKNGT - . 
 &0# U[PVJGUKU KP

RWNOQPCT[ CNXGQNCT OCETQRJCIGU CPF V[RG ++ EGNNU GHHGEVU QH Q\QPG GZRQUWTG CPF VTGCVOGPV YKVJ

FKHNWQTQOGVJ[NQTPKVJKPG , 6QZKEQN 'PXKTQP *GCNVJ  

9TKIJV ' 5 -GJTGT , 2 9JKVG & / 5OKNGT - . 
 'HHGEVU QH EJTQPKE GZRQUWTG VQ Q\QPG QP

EQNNCIGP KP TCV NWPI 6QZKEQN #RRN 2JCTOCEQN  


9TKIJV ' )TQUU - 5OKNGT - 
 %QPVKPWQWU EJTQPKE GZRQUWTG VQ Q\QPG DKQEJGOKECN HWPEVKQPCN CPF

JKUVQRCVJQNQIKE GHHGEVU KP TCV NWPI 2TGUGPVGF CV PF CPPWCN OGGVKPI QH VJG #KT  9CUVG

/CPCIGOGPV #UUQEKCVKQP ,WPG #PCJGKO %# 2KVVUDWTIJ 2# #KT  9CUVG /CPCIGOGPV

#UUQEKCVKQP RCRGT PQ 

9TKIJV ' 5 9JKVG & / 5OKNGT - . 
 'HHGEVU QH EJTQPKE GZRQUWTG VQ Q\QPG QP RWNOQPCT[ NKRKFU KP

TCVU 6QZKEQNQI[  

;CPCK / 1JTWK 6 #KMCYC 6 1MC[COC * 5GMK\CYC - /CG[COC - 5CUCMK * 6CMKUJKOC 6 


1\QPG KPETGCUGU UWUEGRVKDKNKV[ VQ CPVKIGP KPJCNCVKQP KP CNNGTIKE FQIU , #RRN 2J[UKQN  

;GCFQP / 9KNMKPUQP & &CTNG[7UOCT 8 1	NGCT[ 8 , 2C[PG # 0 
 /GEJCPKUOU EQPVTKDWVKPI VQ

Q\QPGKPFWEGF DTQPEJKCN J[RGTTGCEVKXKV[ KP IWKPGCRKIU 2WNO 2JCTOCEQN  

;QMQ[COC ' (TCPM 4 
 4GURKTCVQT[ WRVCMG QH Q\QPG KP FQIU #TEJ 'PXKTQP *GCNVJ  

;QMQ[COC ' +EJKMCYC + 
 =5VWF[ QP VJG DKQNQIKECN GHHGEVU QH CVOQURJGTKE RQNNWVCPVU? +P 4GUGCTEJ TGRQTV

HQT HWPFU QH VJG 'PXKTQPOGPV #IGPE[ KP  6QM[Q ,CRCP 6JG +PUVKVWVG QH 2WDNKE *GCNVJ

&GRCTVOGPV QH +PFWUVTKCN *GCNVJ RR `

;QMQ[COC ' +EJKMCYC + -CYCK - 
 &QGU PKVTQIGP FKQZKFG OQFKH[ VJG TGURKTCVQT[ GHHGEVU QH Q\QPG! +P

.GG 5 & GF 0KVTQIGP QZKFGU CPF VJGKT GHHGEVU QP JGCNVJ #PP #TDQT /+ #PP #TDQT 5EKGPEG

2WDNKUJGTU +PE RR 

;QMQ[COC ' +EJKMCYC + 0CODW < -CYCK - -[QPQ ; 
 4GURKTCVQT[ GHHGEVU QH KPVGTOKVVGPV

GZRQUWTG VQ Q\QPG QH TCVU 'PXKTQP 4GU  

;QMQ[COC ' 0CODW < +EJKMCYC + 7EJK[COC + #TCMCYC * 
 2WNOQPCT[ TGURQPUG VQ GZRQUWTG VQ

Q\QPG QH GORJ[UGOCVQWU TCVU 'PXKTQP 4GU  

;QMQ[COC ' )QVQ * -CYCK - -[QPQ * 
C /GEJCPKECN RTQRGTVKGU QH TCDDKV NWPI YKVJ GFGOC ECWUGF

D[ GZRQUWTG VQ Q\QPG , 'PXKTQP 2CVJQN 6QZKEQN 1PEQN  

;QMQ[COC ' 7EJK[COC + #TKVQ * 
D 'ZVTCRWNOQPCT[ GHHGEVU QH NQY NGXGN Q\QPG GZRQUWTG

+P 5EJPGKFGT 6 .GG 5 & 9QNVGTU ) , 4 )TCPV . & GFU #VOQURJGTKE Q\QPG TGUGCTEJ

CPF KVU RQNKE[ KORNKECVKQPU RTQEGGFKPIU QH VJG TF 75&WVEJ KPVGTPCVKQPCN U[ORQUKWO /C[ 

0KLOGIGP 6JG 0GVJGTNCPFU #OUVGTFCO 6JG 0GVJGTNCPFU 'NUGXKGT 5EKGPEG 2WDNKUJGTU

RR  
5VWFKGU KP GPXKTQPOGPVCN UEKGPEG 

;QWPI % $JCNNC & - 
 6KOG EQWTUG QH RGTOGCDKNKV[ EJCPIGU CPF 2/0 HNWZ KP TCV VTCEJGC HQNNQYKPI

1 GZRQUWTG (WPFCO #RRN 6QZKEQN   

<GNCE 4 ' %TQOTQ[ * . $QNEJ 9 ' ,T &WPCXCPV $ ) $GXKU * # 
C +PJCNGF Q\QPG CU C

OWVCIGP + EJTQOQUQOG CDGTTCVKQPU KPFWEGF KP %JKPGUG JCOUVGT N[ORJQE[VGU 'PXKTQP 4GU  



<GNCE 4 ' %TQOTQ[ * . $QNEJ 9 ' ,T &WPCXCPV $ ) $GXKU * # 
D +PJCNGF Q\QPG CU C

OWVCIGP ++ GHHGEV QP VJG HTGSWGPE[ QH EJTQOQUQOG CDGTTCVKQPU QDUGTXGF KP KTTCFKCVGF %JKPGUG

JCOUVGTU 'PXKTQP 4GU  

<GNKMQHH , 6 -TCGOGT ). 8QIGN / % 5EJNGUKPIGT 4 $ 
 +OOWPQOQFWNCVKPI GHHGEVU QH Q\QPG QP

OCETQRJCIG HWPEVKQPU KORQTVCPV HQT VWOQT UWTXGKNNCPEG CPF JQUV FGHGPUG , 6QZKEQN 'PXKTQP *GCNVJ

 


<KFGPDGTI%JGTT 5 *CP $ &WDKEM / # -GGP % . 
 +PHNWGPEG QH FKGVCT[KPFWEGF EQRRGT CPF

OCPICPGUG FGHKEKGPE[ QP Q\QPGKPFWEGF EJCPIGU KP NWPI CPF NKXGT CPVKQZKFCPV U[UVGOU 6QZKEQN .GVV

 

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HQNNQYKPIGZRQUWTGVQDWVPQVRRO1 KPCITQWRQHEQORGVKVKXGGPFWTCPEGCVJNGVGU 

GZRQUGFYJKNGRGTHQTOKPICEQORGVKVKXGUKOWNCVKQPEQPUKUVKPIQHCOKPYCTOWRHQNNQYGF

D[COKPEQORGVKVKXGDQWVOGCPQXGTGPVKTGRTQVQEQN.OKP '

6JGUVWFKGUTGXKGYGFCDQXGFGOQPUVTCVGVJCVKPJGCNVJ[[QWPICFWNVURGTHQTOKPI

OQFGTCVGVQUGXGTG+'CPF%'QHVQJFWTCVKQPCP1 EQPEGPVTCVKQPQHVQRROKU 

TGSWKTGFVQGNKEKVUVCVKUVKECNN[UKIPKHKECPVFGETGOGPVUKPRWNOQPCT[HWPEVKQPCPFUWDLGEVKXG

TGURKTCVQT[U[ORVQOU

4GVTQURGEVKXGCPCN[UKUD[*C\WEJCEQPHKTOGFVJGRTGXKQWUN[TGRQTVGF


#FCOUGVCN(QNKPUDGGGVCNFQOKPCPVTQNGVJCV1 EQPEGPVTCVKQPRNC[UKP 

FGVGTOKPKPI1 KPFWEGFTGURQPUGU*C\WEJCCPCN[\GFFCVCHTQOUVWFKGUVJCVWVKNK\GF+' 

RTQVQEQNUQHJKPFWTCVKQP9JKNGEQPVTQNNKPIHQTXGPVKNCVKQPVJKUKPXGUVKICVQTHQWPFVJCVVJG

FCVCDGUVHKVCOQFGNVJCVYCUCSWCFTCVKEHWPEVKQPQH1 EQPEGPVTCVKQP$CUGFQPVJKUCPCN[UKU 

*C\WEJCCNUQEQPENWFGFVJCVCP1 EQPEGPVTCVKQPDGNQYYJKEJPQRWNOQPCT[HWPEVKQP 

TGURQPUGYQWNFDGGNKEKVGFEQWNFPQVDGFGHKPGF

6JGUVWFKGUTGXKGYGFKPVJKUUWDUGEVKQPWUGFFKHHGTGPVRCVVGTPUKG%'QT+'QH

GZGTEKUGFWTKPIVJGKTGZRQUWTGRTQVQEQNU#PKORQTVCPVSWGUVKQPVQCUMKUVQYJCVGZVGPVCTG

VJGTGUWNVUQHVJGUGUVWFKGUEQORCTCDNGYJGPVQVCNKPJCNGFFQUGUCTGVJGUCOGDWVGZGTEKUG

RCVVGTPFKHHGTU#TGEGPVUVWF[D[/E-KVVTKEMCPF#FCOUCFFTGUUGUVJKUSWGUVKQP

6JGUGKPXGUVKICVQTUGZRQUGFCGTQDKECNN[VTCKPGFOGPVQRRO1 VJTGGRTQVQEQNUCPF 

(#VJTGGRTQVQEQNUQPUKZQEECUKQPU6JGUGRTQVQEQNUEQPUKUVGFQHCJ%'1 CPF(#CPF 

VYQJ+'¥1 CPF¥(#RTQVQEQNUFGNKXGTGFKPTCPFQOUGSWGPEGUGRCTCVGFD[C 

OKPKOWOQHFC[U.WPIHWPEVKQP('8 FGETGOGPVUQHCPFYGTGQDVCKPGF 

HQTVJGJ%'CPFVJGVYQJ+'RRO1 RTQVQEQNUTGURGEVKXGN[6JGUGXCNWGUYGTG 

UKIPKHKECPVN[FKHHGTGPVHTQOVJG(#XCNWGUDWVYGTGPQVUKIPKHKECPVN[FKHHGTGPVHTQOGCEJQVJGT

6JG1 %'RTQVQEQNUTGUWNVGFKPITGCVGTRQUVGZRQUWTGXCNWGUHQTUWDLGEVKXGU[ORVQOUVJCP 

QDVCKPGFYKVJGKVJGTQHVJG1 +'RTQVQEQNU*QYGXGTVJGQXGTCNNU[ORVQOUGXGTKV[FWTKPIVJG 

NCUVOKPWVGQHGZGTEKUGHQTVJGVYQ+'RTQVQEQNUYCUPQVUKIPKHKECPVN[FKHHGTGPVHTQOVJG%'

RQUVGZRQUWTGXCNWG/E-KVVTKEMCPF#FCOUEQPENWFGFVJCVYJGPVJGVQVCNKPJCNGFFQUG

QH1 KUGSWKXCNGPVCVCIKXGP1 EQPEGPVTCVKQPVJGTGKUPQFKHHGTGPEGDGVYGGPRWNOQPCT[  

HWPEVKQPTGURQPUGUKPFWEGFD[%'CPF+'RTQVQEQNUQHJQTNGUUFWTCVKQPCNVJQWIJUWDLGEVKXG

U[ORVQOUCTGTGFWEGFUNKIJVN[FWTKPIVJGNCUVTGUVRGTKQFQH+'
8



+PVGTUWDLGEV8CTKCDKNKV[+PFKXKFWCN5GPUKVKXKV[CPFVJG#UUQEKCVKQP$GVYGGP4GURQPUGU

$CVGUGVCNPQVGFVJCVXCTKCVKQPKPUGPUKVKXKV[CPFTGURQPUGYCUGXKFGPVHQT

XCTKQWUU[ORVQOUCPFRWNOQPCT[HWPEVKQPUCUUGUUGFHQNNQYKPI1 GZRQUWTG6JKUQDUGTXCVKQP 

QHNCTIGKPVGTUWDLGEVXCTKCDKNKV[KPTGURQPUGVQ1 CNUQJCUDGGPTGRQTVGFD[PWOGTQWUQVJGT 

KPXGUVKICVQTU#FCOUGVCN(QNKPUDGGGVCN/E&QPPGNNGVCN-WNNGGVCN

CPFKUKNNWUVTCVGFD[FCVCHTQO-WNNGGVCNRNQVVGFKP(KIWTG6JGFGUETKRVKQP

QHVJGHCEVQTUVJCVEQPVTKDWVGVQKPVGTUWDLGEVXCTKCDKNKV[KUKORQTVCPVHQTVJGWPFGTUVCPFKPIQH

KPFKXKFWCNTGURQPUGUOGEJCPKUOUQHTGURQPUGCPFJGCNVJTKUMUCUUQEKCVGFYKVJCEWVG

GZRQUWTGU6JGGHHGEVQHVJKUNCTIGKPVGTUWDLGEVXCTKCDKNKV[QPVJGCDKNKV[VQRTGFKEVKPFKXKFWCN

TGURQPUKXGPGUUVQ1 YCUTGEGPVN[FGOQPUVTCVGFD[/E&QPPGNNGVCN6JGUG 

KPXGUVKICVQTUCPCN[\GFVJGFCVCQHYJKVGOCNGUWDLGEVUVQ[GCTUQHCIGYJQKPJCNGF

GKVJGTQTRRO1 HQTJYJKNGRGTHQTOKPICP+'RTQVQEQN 


 .OKPO $5#VQKFGPVKH[RGTUQPCNEJCTCEVGTKUVKEUKGCIGJGKIJVDCUGNKPG '



RWNOQPCT[HWPEVKQPURTGUGPEGQHCNNGTIKGUCPFRCUVUOQMKPIJKUVQT[VJCVOKIJVRTGFKEV

KPFKXKFWCNFKHHGTGPEGUKP('8 TGURQPUG1HVJGRGTUQPCNEJCTCEVGTKUVKEUUVWFKGFQPN[CIG 

EQPVTKDWVGFUKIPKHKECPVN[VQKPVGTUWDLGEVTGURQPUKXGPGUU[QWPIGTUWDLGEVUYGTGOQTG

TGURQPUKXGCEEQWPVKPIHQTQHVJGQDUGTXGFXCTKCPEG+PVGTGUVKPIN[1 EQPEGPVTCVKQP 

CEEQWPVGFHQTQPN[QHVJGXCTKCPEGENGCTN[FGOQPUVTCVKPIVJGKORQTVCPEGQHCU[GV

WPFGHKPGFKPFKXKFWCNEJCTCEVGTKUVKEUVJCVFGVGTOKPGTGURQPUKXGPGUUVQ1 

/E&QPPGNNGVCNDGZCOKPGFVJGTGRTQFWEKDKNKV[QHKPFKXKFWCNTGURQPUGUVQ

1 GZRQUWTGKPJGCNVJ[JWOCPUWDLGEVUGZRQUGFVYKEGYKVJHTQOVQFC[UUGRCTCVKPI 

GZRQUWTGUOGCPFC[U6JKUKPXGUVKICVKQPYCUEQPFWEVGFKPQTFGTVQFGVGTOKPGYJGVJGT

VJGQDUGTXGFKPVGTUWDLGEVXCTKCDKNKV[KUFWGRTKOCTKN[VQTGCNFKHHGTGPEGUKP1 TGURQPUKXGPGUU 

COQPIUWDLGEVUQTYJGVJGTKVECPDGCEEQWPVGFHQTD[QVJGTUQWTEGUQHXCTKCDKNKV[6JG

CWVJQTUGZCOKPGF(8%('8 ('( 54 EQWIJUJQTVPGUUQHDTGCVJ5$RCKPQPFGGR   CY

KPURKTCVKQP2&+8 CPFHTGURQPUGUKPFWEGFD[1 GZRQUWTGVQEQPEGPVTCVKQPUTCPIKPIHTQO 6 

VQRRO4GRTQFWEKDKNKV[YCUCUUGUUGFWUKPIVJGKPVTCENCUUEQTTGNCVKQPEQGHHKEKGPV


4YJKEJKPEQTRQTCVGUKPVQCUKPINGOGCUWTGCNNVJGKPHQTOCVKQPEQPVCKPGFKPVJGEQTTGNCVKQP

EQGHHKEKGPVUNQRGCPFKPVGTEGRVQDVCKPGFKPNKPGCTTGITGUUKQPCPCN[UKU5KOKNCTVQVJGOQTG

TQWVKPGN[WUGFEQTTGNCVKQPEQGHHKEKGPV4KUGSWCNVQQPGYJGPVYQKFGPVKECNOGCUWTGOGPVU

QEEWTKPVJGUCOGUWDLGEVCPFVJGYQTUVRQUUKDNGEQGHHKEKGPVKUGSWCNVQ
PYJKEJ

CRRTQCEJGU\GTQHQTCNCTIGP6JGTCPMKPIQHOQUVVQNGCUVTGRTQFWEKDNGHQTVJGTGURQPUGU

UVWFKGFYCU(8%4('8 4('( 4EQWIJ45$  


454 42&+4H4CY CPF8 46 6JG

XCNWGQH4YCUUKIPKHKECPVN[FKHHGTGPVHTQO\GTQHQT(8%('8 ('( EQWIJ5$CPF  

54 /E&QPPGNNGVCNDEQPENWFGFVJCVVJGTGRQTVGFNCTIGKPVGTUWDLGEVXCTKCDKNKV[KP CY

OCIPKVWFGQHTGURQPUGYCUFWGVQNCTIGFKHHGTGPEGUKPVJGKPVTKPUKETGURQPUKXGPGUUQHKPFKXKFWCN

UWDLGEVUVQ1 GZRQUWTG*QYGXGTVJGHCEVQTUVJCVEQPVTKDWVGVQVJKUNCTIGKPVGTUWDLGEV 

XCTKCDKNKV[TGOCKPWPFGHKPGF

6JGGZCOKPCVKQPQHKPVGTUWDLGEVXCTKCDKNKV[KUEQORNKECVGFD[CRQQTCUUQEKCVKQP

DGVYGGPVJGXCTKQWU1 TGURQPUGU+PVJGKTUVWF[KPXGUVKICVKPI1 GZRQUWTGTGURQPUG  

TGNCVKQPUJKRU/E&QPPGNNGVCNQDUGTXGFXGT[NQYEQTTGNCVKQPDGVYGGPEJCPIGUKP54CY

CPF(8%THQTUWDLGEVUGZRQUGFVQ1 EQPEGPVTCVKQPUTCPIKPIHTQOVQ 

RROHQTJ
-2

0

2

4

6

8

10

12

14

16

18

20

22

0.10 0.15 0.20 0.25

Ozone (ppm)



(KIWTG +PFKXKFWCNEQPEGPVTCVKQPTGURQPUGEWTXGUHQTHKXGUGRCTCVGUWDLGEVUGZRQUGF

VQCPFRROQ\QPG1 HQTJYKVJOQFGTCVG 

KPVGTOKVVGPVGZGTEKUG+NNWUVTCVGUVJGYKFGXCTKCDKNKV[KPTGURQPUKXGPGUUVQ

1 HTQOKPFKXKFWCNVQKPFKXKFWCN 

5QWTEG -WNNG GV CN 



/GEJCPKUOUQH#EWVG2WNOQPCT[4GURQPUGU

6JGRWNOQPCT[TGURQPUGUQDUGTXGFFWTKPICPFHQNNQYKPICEWVGGZRQUWTGVQ1 CV 

EQPEGPVTCVKQPUDGVYGGPCPFRROKPPQTOCNJGCNVJ[JWOCPUWDLGEVUKPENWFGFGETGCUGUKP

6.%+%(8%('8 ('( CPF8 CPFKPETGCUGUKP54 HCPFCKTYC[TGURQPUKXGPGUU  6 CY

1\QPGGZRQUWTGCNUQJCUDGGPUJQYPVQTGUWNVKPVJGU[ORVQOUQHEQWIJ2&+5$VJTQCV

KTTKVCVKQPCPFYJGG\KPI9JGPXKGYGFCUCYJQNGEJCPIGUKPVJGUGURGEKHKERCTCOGVGTUECP

DGECVGIQTK\GFKPVQHQWTIGPGTCNTGURQPUGUCNVGTCVKQPUKPNWPIXQNWOGUCKTYC[ECNKDGT


DTQPEJQOQVQTTGURQPUKXGPGUUCPFU[ORVQOU6JGCDUGPEGQHEQPUKUVGPVCUUQEKCVKQPU

COQPIVJGXCTKQWUTGURQPUGUHTQOKPFKXKFWCNVQKPFKXKFWCNUWIIGUVUVJCVVJGHWPEVKQPCN

TGURQPUGUQDUGTXGFCTGVJGTGUWNVQHOWNVKRNGKPVGTCEVKQPUYKVJKPVJGTGURKTCVQT[VTCEV6JGUG

KPVGTCEVKQPUOC[DGVJGTGUWNVQH1 CEVKQPQPVJGDKQEJGOKECNCPCVQOKECNCPFRJ[UKQNQIKECN 

U[UVGOUQHVJGTGURKTCVQT[VTCEV+PVWTPVJGUGHCEVQTUFGVGTOKPG1 FQUGFKUVTKDWVKQPCPFVJG 

TGUWNVKPIEGNNWNCTCPFTGHNGZTGURQPUGU

$CVGUGVCNQDUGTXGFVJCVVJGOQUVUKIPKHKECPVFGETGOGPVKPRWNOQPCT[

HWPEVKQPYCUVJGTGFWEVKQPKPVJGVTCPURWNOQPCT[RTGUUWTGCVOCZKOCNKPURKTCVQT[XQNWOG

YKVJQWVCEQPEQOKVCPVFGETGCUGKPUVCVKEEQORNKCPEG6JKUYQWNFUWIIGUVCPKPJKDKVKQPQH

OCZKOCNKPURKTCVQT[GHHQTVCHVGT1 GZRQUWTGVJCVOC[TGUWNVKPTGFWEVKQPUKP+%6JGUGCWVJQTU 

URGEWNCVGFVJCVVJKUKPJKDKVKQPKUCPGCTN[TGUWNVQHUVKOWNCVKQPQHTCRKFN[CFCRVKPIRWNOQPCT[

UVTGVEJTGEGRVQTUQTKTTKVCPVTGEGRVQTUNQECVGFKPVJGOCLQTDTQPEJK5KPEGYJGPVJKU

J[RQVJGUKUYCUHKTUVRWDNKUJGFPWOGTQWUUVWFKGUJCXGGZCOKPGFVJGWPFGTN[KPIOGEJCPKUOU

NGCFKPIVQVJGHWPEVKQPCNTGURQPUGUQDUGTXGFKPJWOCPUWDLGEVU6JGUGOGEJCPKUVKEUVWFKGU

JCXGWUGFDQVJCPKOCNOQFGNUCPFJWOCPUWDLGEVU6JKUFKUEWUUKQPQHOGEJCPKUOUYKNNHQEWU

QPUVWFKGUVJCVWUGFJWOCPUWDLGEVUDWVCNUQYKNNEQXGTVJQUGCPKOCNUVWFKGUVJCVJCXGFKTGEV

TGNGXCPEGVQ1 KPFWEGFHWPEVKQPCNTGURQPUGU 

6JGCEWVGKPJCNCVKQPQHCODKGPVEQPEGPVTCVKQPUQH1 D[JGCNVJ[JWOCPUWDLGEVUJCU 

DGGPUJQYPVQTGUWNVKPCEQPEGPVTCVKQPFGRGPFGPVKPETGCUGKP4 (QNKPUDGGGVCN CY

/E&QPPGNNGVCN-WNNGGVCN5GCNGVCN6JKU1 KPFWEGFKPETGCUGKP4  CY

JCUDGGPUJQYPVQDGRQQTN[EQTTGNCVGFYKVJEJCPIGUKPHQTEGFGZRKTCVQT[GPFRQKPVU


/E&QPPGNNGVCN1\QPGKPFWEGFKPETGCUGUKP4 JCXGCTCRKFQPUGV$GEMGVVGVCN CY

EQORCTGFYKVJVJGITCFWCNFGXGNQROGPVQHFGETGOGPVUKPHQTEGFGZRKTCVQT[GPFRQKPVU


-WNNGGVCN1\QPGKPFWEGFKPETGCUGUKP4 CNUQCRRGCTVQDGITGCVGTKPCVQRKE CY

UWDLGEVUCUCITQWR-TGKVGVCN/E&QPPGNNGVCNCNVJQWIJVJKUFQGUPQVCRRGCT

VQDGVJGECUGHQT1 KPFWEGFFGETGOGPVUKP(8%CPFU[ORVQOU6CMGPVQIGVJGTVJGUG 

QDUGTXCVKQPUUWIIGUVVJCVFKHHGTGPVRCVJYC[UNGCFVQ1 KPFWEGFFGETGOGPVUKP+%CPFVQ1   

KPFWEGFKPETGOGPVUKP4 CY

+PETGCUGUKP4 KPFWEGFD[1 JCXGDGGPUJQYPVQDGDNQEMGFD[CVTQRKPGUWNHCVG CY 

RTGVTGCVOGPVKPJWOCPUWDLGEVU$GEMGVVGVCN#FCOU6JKUKPJKDKVKQPUWIIGUVU

VJCVVJGTGNGCUGQHCEGV[NEJQNKPGHTQORCTCU[ORCVJGVKERQUVICPINKQPKEHKDGTUVJCVKPPGTXCVG

CKTYC[UOQQVJOWUENGRNC[UCTQNGKPVJKUTGURQPUG*QYGXGTVJGQDUGTXCVKQPVJCVCJ

RRO1 KPJCNCVKQPCNUQTGUWNVUKPCJ[RGTTGURQPUKXGPGUUVQOGVJCEJQNKPGCEJQNKPGTIKECIGPV 


*QNV\OCPGVCNUWIIGUVUVJGRQUUKDKNKV[VJCVCEWVG1 GZRQUWTGCNUQECPKPETGCUGVJG 

UGPUKVKXKV[QHCKTYC[UOQQVJOWUENGVQCEGV[NEJQNKPGKPFGRGPFGPVQHCTGHNGZOGEJCPKUO

KPXQNXKPIEJQNKPGTIKERQUVICPINKQPKEPGTXGU6JGTQNGVJCVCPKPETGCUGKPCKTYC[UOQQVJ

OWUENGUGPUKVKXKV[VQVJGGPFQIGPQWUTGNGCUGQHCEGV[NEJQNKPGOKIJVRNC[KP1 KPFWEGF 

KPETGCUGUKP4 JCUPQVDGGPUVWFKGFCY
8

8



#PCN[UGUD[%QNWEEKJCXGUWIIGUVGFVJCVVJGKPETGCUGKP4 KUPQVCUNCTIGCU CY

YQWNFDGGZRGEVGFYJGP1 GZRQUWTGKUEQODKPGFYKVJOQFGTCVGVQJGCX[GZGTEKUG*QYGXGT 

VJGQDUGTXCVKQPVJCVEKTEWNCVKPIGRKPGRJTKPGNGXGNUKPETGCUGCUCHWPEVKQPQHVJGTGNCVKXG

YQTMNQCFKPGZGTEKUKPIJWOCPUWDLGEVU)CNDQ9CTTGPCPF&CNVQPUWIIGUVUVJCV

UVKOWNCVKQPQHCKTYC[UOQQVJOWUENGDGVCCFTGPQTGEGRVQTUOC[EQWPVGTCEVCKTYC[UOQQVJ

OWUENGEQPVTCEVKQPKPFWEGFD[1 GZRQUWTG6JGQDUGTXCVKQPUD[$GEMGVVGVCNVJCVVJG 

DGVCCIQPKUVUCDQNKUJ1 KPFWEGFDTQPEJQEQPUVTKEVKQPKUEQPUKUVGPVYKVJVJKURQUUKDKNKV[ 

#PQVJGTSWGUVKQPVQDGCFFTGUUGFYKVJTGICTFVQ1 KPFWEGFKPETGCUGUKP4 KU  CY

YJGTGCNQPIVJGCKTYC[EGPVTCNXGTUWURGTKRJGTCNCKTYC[UKUVJGKPETGCUGKPTGUKUVCPEG

RTQFWEGF!5VWFKGUQHCEWVGN[CPFUWDEJTQPKECNN[GZRQUGFCPKOCNUJCXGFGOQPUVTCVGFVKUUWG

FCOCIGKPVJGEGPVTKCEKPCTTGIKQP%CUVNGOCPGVCN/GNNKEMGVCNCUYGNNCU

KPETGCUGUKPRGTKRJGTCNTGUKUVCPEGCPFTGCEVKXKV[)GTVPGTGVCNCDE$GEMGVVGVCN

-GGHGGVCNGZCOKPGFVJGRQUUKDKNKV[QHCPGHHGEVQPUOCNNCKTYC[UWUKPICP

KPJCNGFCGTQUQNDQNWUFKURGTUKQPVGEJPKSWGKPJGCNVJ[PQPUOQMKPIOCNGUWDLGEVUGZRQUGFVQ

RRO1 HQTJWUKPIC%'RTQVQEQN .OKPO $5#6JGDQNWUFKURGTUKQP  '



VGEJPKSWGKUPQVFGRGPFGPVQPXKVCNECRCEKV[OCPGWXGTUCPFEQORCTGUVJGRTQHKNGQHCDQNWUQH

UOCNNVQOCGTQUQNRCTVKENGUKPLGEVGFKPVQVJGKPURKTGFCKTUVTGCOCVCHKZGFNWPI

XQNWOGYKVJVJGRTQHKNGQHVJGDQNWUFWTKPIGZRKTCVKQP&KURGTUKQPQHVJGDQNWUFWTKPI

GZRKTCVKQPECPDGCHHGEVGFD[KPETGCUGUKPVWTDWNGPEGYKVJKPVJGCKTYC[VJGFGXGNQROGPVQH

CU[OOGVTKGUKPXGPVKNCVKQPFWGVQWPGSWCNTGIKQPCNVKOGEQPUVCPVUYKVJKPVJGNWPICPFCP

KPETGCUGKPCGTQUQNFGRQUKVKQPKPVJGUOCNNCKTYC[U-GGHGGVCNQDUGTXGFVJCV

1 GZRQUWTGKPVJGKTUWDLGEVUTGUWNVGFKPCUKIPKHKECPVKPETGCUGKPFKURGTUKQPQHCPCGTQUQNDQNWU 


YKVJQWVCPKPETGCUGFCGTQUQNFGRQUKVKQPVJCVYCUPQVEQTTGNCVGFYKVJEJCPIGUKP54 6JGUG CY

HKPFKPIUUWIIGUVVJCVGZRQUWTGVQRRO1 WPFGTVJGEQPFKVKQPUQHVJKUGZRGTKOGPVTGUWNVUKP 

EJCPIGUKPUOCNNCKTYC[HWPEVKQPVJCVCTGPQVFGVGEVCDNGD[OQTGEQPXGPVKQPCNVGEJPKSWGU

1\QPGKPFWEGFCNVGTCVKQPUKPXGPVKNCVQT[RCVVGTPJCXGDGGPQDUGTXGFKPGZGTEKUKPI

FQIU.GGGVCNCPFJWOCPU#FCOUGVCN(QNKPUDGGGVCN/E&QPPGNN

GVCN-WNNGGVCN+PGZGTEKUKPIJWOCPU1 GZRQUWTGJCUDGGPUJQYPVQTGUWNV 

KPCFGETGCUGKP8 CPFCPKPETGCUGKPHKPVJGCDUGPEGQHCP[EJCPIGKP#TCRKFUJCNNQY 6 '

DTGCVJKPIRCVVGTPKUEQPUKUVGPVYKVJVJGOCKPVGPCPEGQHCPCRRTQRTKCVGXGPVKNCVKQPYKVJC

TGFWEGF864GFWEVKQPQH86KURTQDCDN[TGNCVGFVQVJGTGFWEVKQPQH+%CPFKUCPGEFQVCNN[

TGNCVGFVQTGFWEVKQPKPDTGCVJKPIFKUEQOHQTVECWUGFD[2&+

.GGGVCNYJQRTQFWEGFCTGXGTUKDNGXCIQVQO[D[EQQNKPIVJGXCIWUPGTXGU

VQ%CDQNKUJGFVJGTCRKFUJCNNQYDTGCVJKPIKPFWEGFD[1 KPJCNCVKQPKPEQPUEKQWUFQIU

/QTGTGEGPVN[5EJGNGINGGVCNJCXGUJQYPKPCPGUVJGVK\GFFQIUGZRQUGFVQ1 VJCV 

EQQNKPIVJGEGTXKECNXCIWUPGTXGUVQ%FKFPQVCDQNKUJVJGQDUGTXGF1 KPFWEGFTCRKF 

UJCNNQYDTGCVJKPIRCVVGTPCPFDTQPEJQEQPUVTKEVKQPDWVEQQNKPIVJGXCIWUPGTXGUVQ%FKF

CDQNKUJDQVJVJGTCRKFUJCNNQYDTGCVJKPICPFVJGDTQPEJQEQPUVTKEVKQP6JGUGHKPFKPIUUWIIGUV

VJCV1 UVKOWNCVGUPQPO[GNKPCVGF%HKDGTCHHGTGPVUCTKUKPIHTQOVJGNWPIYJQUGEQPFWEVKQPKU 

PQVVQVCNN[DNQEMGFCV%DWVKUDNQEMGFVQVCNN[CV%6JKUEQPENWUKQPKUEQPUKUVGPVYKVJ

VJGHKPFKPIUQH%QNGTKFIGGVCNVJCVDTQPEJKCN%HKDGTUCTGVJGQPN[TGEGRVQTUVJCVCTG

UVKOWNCVGFFKTGEVN[FWTKPI1 KPJCNCVKQPKPCPGUVJGVK\GFFQIU+HUKOKNCTDTQPEJKCN%HKDGTU 

YGTGUVKOWNCVGFQTUGPUKVK\GFKPJWOCPUGZRQUGFVQ1 VJKUEQWNFGZRNCKPVJG1 KPFWEGF  

TCRKFUJCNNQYDTGCVJKPIQDUGTXGFFWTKPIGZGTEKUGCUYGNNCUVJGUWDLGEVKXGU[ORVQOU

CUUQEKCVGFYKVJVCMKPICFGGRKPURKTCVKQP
8

8



*C\WEJCGVCNGZRQUGFJGCNVJ[PQTOCNXQNWPVGGTUVQ(#CPFRRO

1 HQTJYJKNGVJG[YGTGRGTHQTOKPIOQFGTCVG+'1\QPGGZRQUWTGKPFWEGFCUKIPKHKECPV 

FGETGOGPVKP(8%YJKEJYCUCUUQEKCVGFYKVJCOCTMGFHCNNKP+%YKVJQWVCPKPETGCUGKP

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(QNKPUDGGGVCNHQWPFVJCVJKIJN[VTCKPGFTWPPGTUGZRGTKGPEGFCTGFWEGFTWPVKOGQPC

VTGCFOKNNURGGFCPFITCFGUGVCVCRRTQZKOCVGN[QHVJGKTUWDLGEVU1 YJGPGZRQUGFVQ OCZ

RRO1 EQORCTGFYKVJ(#6JGUGUWDLGEVUFKFJCXGUKIPKHKECPVN[GNGXCVGFU[ORVQOUQH 

TGURKTCVQT[FKUEQOHQTVCPFUKIPKHKECPVN[FGETGCUGF(8%CPF('8 YJGTGCUCTVGTKCNQZ[IGP 

UCVWTCVKQPCVVJGGPFQHVJGTWPYCUPQVCHHGEVGFD[1 GZRQUWTG 

&GVGTOKPKPIVJGOGEJCPKUOUNGCFKPIVQVJGQDUGTXGFFGETGOGPVUKPOCZKOCNQZ[IGP

WRVCMGCPFVJGKPCDKNKV[VQEQORNGVGUVTGPWQWUGZGTEKUGRTQVQEQNUKURTQDNGOCVKE#UUVCVGFD[

#UVTCPFCPF4QFCJNVJGECRCEKV[HQTRTQNQPIGFTJ[VJOKEOWUEWNCTGZGTEKUGKUNKOKVGF

D[CPKPVGTTGNCVGFEQORQUKVGQHECTFKQTGURKTCVQT[OGVCDQNKEGPXKTQPOGPVCNCPFRU[EJQNQIKECN

HCEVQTU/CP[KPXGUVKICVQTUEKVGFCDQXGJCXGEQPENWFGFVJCVVJGQDUGTXGFTGFWEVKQPUKP

GZGTEKUGRGTHQTOCPEGCRRGCTGFVQDGFWGVQU[ORVQOUNKOKVKPIVJGCDKNKV[QHVJGKTUWDLGEVUVQ

RGTHQTO*QYGXGTKPGXGT[ECUGVJKUKUCEQPENWUKQPCEJKGXGFD[GZENWUKQPCPFPQVD[VJG

FGOQPUVTCVKQPQHCECWUCNTGNCVKQPUJKR1VJGTHCEVQTUEQWNFCNUQEQPVTKDWVGVQ1 KPFWEGF 

FGETGOGPVUKPGZGTEKUGRGTHQTOCPEG1PGRQUUKDKNKV[KUVJCVUVKOWNCVKQPQHPGWTCNTGEGRVQTUKP

VJGCKTYC[UOC[TGUWNVKPCPKPJKDKVKQPQHCNRJCOQVQTPGTXGCEVKXKV[VQTGURKTCVQT[OWUENGU

FWTKPIKPURKTCVKQP-QGREJGPGVCN5EJOKFVCPF9GNNJQPGTTGUWNVKPIKPVJG

QDUGTXGFFGETGCUGKP8 CPFCVVJGUCOGVKOGKPETGCUKPIVJGUWDLGEV	UUGPUCVKQPQHTGURKTCVQT[ 6

GHHQTV6JKUOGEJCPKUOYQWNFPQVDGFKTGEVN[TGNCVGFVQU[ORVQOUQHFKUEQOHQTVDWVDGECWUG

QHVJGEQOOQPTQNGQHCKTYC[PGWTCNCHHGTGPVUOC[DGFKHHKEWNVVQFKUEGTPHTQOVJGGHHGEVUQH

U[ORVQOUQHTGURKTCVQT[FKUEQOHQTV+PFGGFCTGHNGZKPJKDKVKQPQHVJGCDKNKV[VQKPURKTGYQWNF

DGEQPUKUVGPVYKVJVJGTGFWEGF8 HQNNQYKPI1 GZRQUWTGKPUWDLGEVURGTHQTOKPIOCZKOCN 6 

GZGTEKUGCPFYQWNFDGEQPUKUVGPVYKVJVJGFGXGNQROGPVQHCRJ[UKQNQIKECNN[KPFWEGFXGPVKNCVQT[

NKOKVCVKQPVQOCZKOCNQZ[IGPWRVCMG

2WNOQPCT[(WPEVKQP'HHGEVUQH2TQNQPIGF/WNVKJQWT1\QPG

'ZRQUWTGU

5KPEGCUGTKGUQHUVWFKGUJCUFGUETKDGFVJGTGURQPUGUQHUWDLGEVUGZRQUGFVQ

TGNCVKXGN[NQYVQRRO1 EQPEGPVTCVKQPUHQTFWTCVKQPUQHVQJUGG6CDNG

6JGUGUVWFKGUJCXGFGOQPUVTCVGFUVCVKUVKECNN[UKIPKHKECPVEJCPIGUKPURKTQOGVT[4 U[ORVQOU CY

CPFCKTYC[TGURQPUKXGPGUUFWTKPICPFCHVGTGZRQUWTGU#UKPUVWFKGUEQPFWEVGFCVJKIJGT

EQPEGPVTCVKQPUQH1 HQTUJQTVGTRGTKQFUQHVKOGVJGTGKUDTQCFXCTKCDKNKV[KPTGURQPUG 

6JGQPN[TGNCVGFUVWF[EKVGFKPVJGRTGXKQWUETKVGTKCFQEWOGPV75'PXKTQPOGPVCN

2TQVGEVKQP#IGPE[YCUVJCVQH-GTTGVCNYJQGZRQUGF

6CDNG2WNOQPCT[(WPEVKQP'HHGEVU#HVGT2TQNQPIGF'ZRQUWTGUVQ1\QPGC

1\QPG %QPEGPVTCVKQPD

'ZRQUWTG

&WTCVKQP CPF #EVKXKV[

'ZRQUWTG

%QPFKVKQPU

0WODGT CPF

)GPFGT QH

5WDLGEVU

5WDLGEV

RRO IO %JCTCEVGTKUVKEU 1DUGTXGF 'HHGEV
U 







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 / *GCNVJ[ 05  VQ

 [GCTU QNF

(8% CPF ('8 FGETGCUGF VJTQWIJQWV VJ



GZRQUWTG ('8 FGETGCUG CV GPF GZRQUWT



  CPF  TGURGEVKXGN[ ('8EJCPIG  QEEWTTGF KP   CPF  UCV   CPF  RRO TGURGEVKXGN/GVJCEJQNKPG TGURQPUKXGPGUU KPETGCUGF D CPF  TGURGEVKXGN[

5GG *QTUVOCP GV CN 
 CPF(QNKPUDGG GV CN 


# NQIPQTOCN OQFGN YCU HKVVGF VQ ('8 F



/QFGN RCTCOGVGTU KPFKECVG 1 EQPEGPVTC



JCF ITGCVGT GHHGEV VJCP 8 QT FWTCVKQP



'


GUVKOCVGF GZRQPGPV HQT =1 ?   





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OGCP CIG  [GCTUQNF

('8  FGETGCUGF  CV  RRO CPF 

 CV  RRO 5[ORVQOU QH EQWI2&+ CPF 5$ KPETGCUGF YKVJ 1 GZRQUWTG



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 FC[ QH CKT  FC[U QH 1 

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 [GCTU QNF

(8% FGETGCUGF  ('8 FGETGCUGF 



QP HKTUV FC[ QH 1 GZRQUWTG PQ EJCPIG Q



UGEQPF 1 FC[ 

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 GZRQUWTG VQENGCP CKT GZRQUWTG VQ 1 

 / *GCNVJ[ 05  VQ

 [GCTU QNF

('8 FGETGCUGF D[  CHVGT  J (8



FTQRRGF  %QWIJ CPF 2&+ KPETGCUG1 GZRQUWTG #KTYC[ TGURQPUKXGPGUU VQ OGVJCEJQNKPG FQWDNGF CHVGT 1 GZRQUWTG




C 
D 8CTKGF HTQO VQ 
KPETGCUGF D[ RROJ VJGPFGETGCUGF D[ RROJ

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 / *GCNVJ[ 05  VQ

 [GCTU QNF


C ('8 FGETGCUGF  D[  J CPF TGOC



VJKU NGXGN VJTQWIJ  J
D ('8 EJCPIG OKTTQTGF 1 EQPEGPVTCV

 

EJCPIG YKVJ C NCI VKOG QH   J /CZ FGQH  CHVGT  J ('8 EJCPIG YCU T



KP NCUV  J QH GZRQUWTG


6CDNGEQPV	F2WNOQPCT[(WPEVKQP'HHGEVU#HVGT2TQNQPIGF'ZRQUWTGUVQ1\QP

1\QPG %QPEGPVTCVKQPD

'ZRQUWTG

&WTCVKQP CPF #EVKXKV[

'ZRQUWTG

%QPFKVKQPU

0WODGT CPF

)GPFGT QH

5WDLGEVU

5WDLGEV

RRO IO %JCTCEVGTKUVKEU 1DUGTXGF 'HHGEV
U 



   JFC[

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8   .OKP 
CUVJOCVKE



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 /  (

*GCNVJ[ 05 VQ  [GCTUQNF#UVJOCVKE 05 VQ  [GCTUQNF

$TQPEJKCN TGCEVKXKV[ VQ OGVJCEJQNKPG KPETGCUGF Y1 GZRQUWTG KP JGCNVJ[ UWDLGEVU ('8 FGETGCUG

 


RTG VQ RQUVGZRQUWTG KP JGCNVJ[ UWDLGEVU CPF CUVJOCVKEU 4GURQPUGU YGTG IGPGTCNN[ NGUU QP VUGEQPF FC[ 6YQ JGCNVJ[ UWDLGEVU CPF HQWT CUVJJCF ('8 FGETGCUGU  

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 EQPUGEWVKXGFC[U QH GZRQUWTGVQ 1   FC[ GZRQUWTG VQ %#

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OGCP CIG  v [GCTU QNF

('8 FGETGCUGF D[    CPF  CPF 

KPETGCUGF D[  QP &C[U  VQ  QH 1 GZRQUWTG



TGURGEVKXGN[ /GVJCEJQNKPG CKTYC[ TGURQPUKXGPKPETGCUGF D[  QP CNN GZRQUWTG FC[U 5[KPETGCUGF QP VJG HKTUV 1 FC[ DWV YGTG CDUGPV Q



NCUV  GZRQUWTG FC[U

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QPGGZRQUWTG VQ 1  PQ EQPVTQN GZRQUWTG

 / *GCNVJ[ 05

OGCP CIG  v [GCTU QNF

(8% FGETGCUGF  CPF ('8 FGETGCUGF 



('8 (8% TCVKQ FGETGCUGF HTQO  VQ  

5GG #RRGPFKZ # HQT CDDTGXKCVKQPU CPF CETQP[OU C

.KUVGF HTQO NQYGUV VQ JKIJGUV 1 EQPEGPVTCVKQP D 
8

6JG OQFGTCVG GZGTEKUG FGUETKRVQT KU DCUGF QP RTGXKQWUN[ RWDNKUJGF '2# IWKFGNKPGU HQT TGRTGUGPVCVKXG V[RGU QH 

GZGTEKUG 
UGG 6CDNG  75 'PXKTQPOGPVCN 2TQVGEVKQP #IGPE[  0QVG JQYGXGT VJCV GZGTEKUG EQPVKPWGF

CV VJKU NGXGN 
 .OKP HQT  VQ  J UJQWNF DG EQPUKFGTGF CU JGCX[ QT UVTGPWQWU YQTM QT RNC[



UWDLGEVUHQTJVQRRO1 YKVJQPN[VYQDTKGHOKPRGTKQFUQHOQFGTCVGGZGTEKUG   '

.OKPFWTKPIVJGGZRQUWTG5OCNNEJCPIGUKPURKTQOGVT[YGTGQDUGTXGF$GECWUGQHVJG

OKPKOCNGZVGPVQHGZGTEKUGCPFVJGJKIJ1 EQPEGPVTCVKQPVJGUGTGUWNVUECPPQVDGEQORCTGFVQ 

VJGOQTGTGEGPVUVWFKGU

6JGHKTUVRTQNQPIGF1 GZRQUWTGUVWF[KPXQNXKPINQYEQPEGPVTCVKQPUCPFC 

UWDUVCPVKCNCOQWPVQHOQFGTCVGGZGTEKUG YCUTGRQTVGFD[(QNKPUDGGGVCN6JGDCUKE 

RTQVQEQNWUGFD[VJGUGKPXGUVKICVQTUJCUDGGPWUGFKPCPWODGTQHUWDUGSWGPVKPXGUVKICVKQPU

CPFVJGTGHQTGOGTKVUFGUETKDKPIKPUQOGFGVCKN6JGGZRQUWTGUNCUVGFJCPFOKPJ

'ZEGRVHQTCOKPNWPEJDTGCMFWTKPIYJKEJ1 GZRQUWTGEQPVKPWGFCVTGUVCHVGTJVJG 

UWDLGEVUGZGTEKUGFCVCOQFGTCVGNGXGNYKVJCXGPVKNCVKQPQHCDQWV.OKPHQTOKPQHGCEJ

JQWT2WNOQPCT[HWPEVKQPVGUVUYGTGEQPFWEVGFFWTKPIVJGOKPTGUVRGTKQFCPFCVVJG

DGIKPPKPICPFGPFQHGZRQUWTG6JGGZRQUWTGYCUKPVGPFGFVQUKOWNCVGCFC[QHJGCX[QWVFQQT

YQTMQTRNC[(QTEQPXGPKGPEGVJKURTQVQEQNKUTGHGTTGFVQCUVJG'2#RTQNQPIGFGZRQUWTG

RTQVQEQN

+PVJKUUVWF[(QNKPUDGGGVCNCITQWRQHUWDLGEVUYCUGZRQUGFVQENGCP

CKTCPFRRO1 HQTJ(QTEGFXKVCNECRCEKV[CPF('8 FGETGCUGFKPCTQWIJN[NKPGCT  

HCUJKQPVJTQWIJQWVVJGGZRQUWTGCPFJCFHCNNGPD[CPFTGURGEVKXGN[D[VJGGPFQHVJG

GZRQUWTG5[ORVQOUQHEQWIJCPFEJGUVFKUEQOHQTVYGTGKPETGCUGFCPFCKTYC[

TGURQPUKXGPGUUVQOGVJCEJQNKPGYCUCRRTQZKOCVGN[FQWDNGFCHVGT1 GZRQUWTG6JGTGYCU 

CYKFGTCPIGQHTGURQPUGVJTGGUWDLGEVUJCF('8 FGETGOGPVUQHQTITGCVGTCPFVJGVJTGG 

NGCUVUGPUKVKXGUWDLGEVUJCFNGUUVJCPEJCPIGKP('8 

+PQTFGTVQGZVGPFVJGUGKPKVKCNQDUGTXCVKQPU*QTUVOCPGVCNWUGFVJGUCOG

RTQVQEQNVQGZRQUGCITQWRPQHUWDLGEVUVQENGCPCKTCPFVJTGGFKHHGTGPV

1 EQPEGPVTCVKQPUCPFRRO#VRRO1 TGURQPUGUYGTGUKOKNCTVQ  

VJQUGQDUGTXGFKPVJGRTGXKQWUUVWF[YKVJVJGGZEGRVKQPVJCVVJGU[ORVQOTGURQPUGUYGTG

UOCNNGTKPVJGPGYITQWRQHUWDLGEVU#UKOKNCTDWVQHUOCNNGTOCIPKVWFGRCVVGTPQHTGURQPUG

KPURKTQOGVT[4 CPFCKTYC[TGURQPUKXGPGUUYCUUGGPCVVJGVYQNQYGTEQPEGPVTCVKQPU6JG CY

OGCP('8 TGURQPUGUFWTKPIVJGHQWTGZRQUWTGUCTGUJQYPKP(KIWTG6JGTGURQPUGUYGTG 

FGRGPFGPVQPEQPEGPVTCVKQPCPFGZRQUWTGFWTCVKQPXGPVKNCVKQPYCUPQVXCTKGFCPFCXGTCIGF

CPFCVVJGVJTGG1 EQPEGPVTCVKQPU.CTUGPGVCNWUGFVJGUGFCVC*QTUVOCP 

GVCNVQFGXGNQRCFQUGTGURQPUGTGNCVKQPUJKRHQTRGTEGPVEJCPIGKP('8 CUC 

HWPEVKQPQH1 EQPEGPVTCVKQPCPFGZRQUWTGFWTCVKQP6JGNQIPQTOCNOWNVKRNGNKPGCTTGITGUUKQP 

OQFGNUWIIGUVGFVJCV('8 TGURQPUGUYGTGCRRTQZKOCVGN[NKPGCTYKVJFWTCVKQPQHGZRQUWTGDWV 

VJCV1 EQPEGPVTCVKQPRNC[UCUNKIJVN[OQTGKORQTVCPVTQNG6JGGZRQPGPVQHCRRTQZKOCVGN[ 

UWIIGUVUVJCVFQWDNKPI1 EQPEGPVTCVKQPYQWNFDGUKOKNCTVQKPETGCUKPIGZRQUWTGFWTCVKQPD[ 

CDQWV[VKOGU

#UGTKGUQHCFFKVKQPCNGZRQUWTGUYGTGEQPFWEVGFCVCPFRRO1 VQUVWF[ 

EJCPIGUKPEGNNUCPFKPHNCOOCVQT[OGFKCVQTUHTQO$#.UGG5GEVKQPDWVRWNOQPCT[

HWPEVKQPYCUOGCUWTGFCUYGNN/E&QPPGNNGVCNTGRQTVGFCPFGETGCUGKP('8

CVRROCPFCPFGETGCUGCVRRO6JGUGTGURQPUGUYGTGUNKIJVN[NCTIGTVJCP

VJQUGUGGPKPVJGRTGXKQWU*QTUVOCPGVCNUVWF[6JGFWTCVKQP('8 TGURQPUGFCVC 

YGTGHKVVQCVJTGGRCTCOGVGTNQIKUVKEOQFGNYJKEJUKIPKHKECPVN[KORTQXGFVJGCOQWPVQHAir

0.08 ppm

0.10 ppm

0.12 ppm

Exposure Duration (h)

0 1 2 3 4 5 6 7

3,800

3,900

4,000

4,100

4,200

4,300

4,400

4,500



(KIWTG 6JGHQTEGFGZRKTCVQT[XQNWOGKPU('8 KUUJQYPKPTGNCVKQPVQGZRQUWTG 

FWTCVKQPCVFKHHGTGPVQ\QPGEQPEGPVTCVKQPU#OKPTGUVKPIGZRQUWTG

RGTKQFYCUKPVGTRQUGFDGVYGGPVJGGPFQHVJGVJKTFJQWTCPFVJGDGIKPPKPI

QHVJGHQWTVJJQWT6JGTGYGTGUKZOKPGZGTEKUGRGTKQFUOKPWVG

XGPVKNCVKQP.OKPFWTKPIVJGGZRQUWTGVJGUGOGCUWTGOGPVUYGTGOCFG

OKPCHVGTVJGGPFQHGCEJGZGTEKUG6JGVQVCNGZRQUWTGFWTCVKQPYCUJ

6JGUVCPFCTFGTTQTQHVJGOGCPPQVUJQYPHQTVJGUG('8 CXGTCIGUTCPIGF 

HTQOVQO.

5QWTEG *QTUVOCP GV CN 


XCTKCPEGGZRNCKPGFD[VJGOQFGNEQORCTGFVQCNKPGCTOQFGNVJKUKUEQPUKUVGPVYKVJGZRNQTCVQT[

CPCN[UGUKPVJG(QNKPUDGGGVCNTGRQTV6JGTGCUQPCDN[IQQFHKVVQVJGNQIKUVKEOQFGN

UWIIGUVUVJCVVJG1 RWNOQPCT[HWPEVKQPTGURQPUGTGNCVKQPUJKROC[JCXGCUKIOQKFUJCRG6JG 

RTKOCT[KORQTVCPEGQHVJKUQDUGTXCVKQPKUVJCVKVUWIIGUVUVJCVVJGTGKUCTGURQPUGRNCVGCW6JCV

KUHQTCIKXGP1 EQPEGPVTCVKQPCPFGZGTEKUGXGPVKNCVKQPNGXGNKGFQUGTCVGCPFCHVGTC 

EGTVCKPNGPIVJQHGZRQUWTGVJG('8 TGURQPUGVGPFUPQVVQKPETGCUGHWTVJGTKGRNCVGCWYKVJ 

KPETGCUKPIFWTCVKQPQHGZRQUWTG
n = 87

AIR

0%

n = 60

0.08 ppm O

26%

n = 32

0.10 ppm O

31%

n = 49

0.12 ppm O

46%

Percent of Subjects

Distribution of Percent Change in FEV1

33 3



+PVJGHQWTVJUVWF[KPVJKUUGTKGU(QNKPUDGGGVCNUWDLGEVUYGTGGZRQUGF

VQRRO1 HQTJQPEQPUGEWVKXGFC[U5WDLGEVUYJQYGTGPQVTGURQPUKXGVQ1 YGTG  

PQVUGNGEVGFVQRCTVKEKRCVGKPVJKUUVWF[4GURQPUGUKP('8 QPVJGHKTUVQHVJGUGGZRQUWTGU

CXGTCIGF#ICKPU[ORVQOTGURQPUGUYGTGOQFGUVYKVJCUKIPKHKECPVKPETGCUGKP

NQYGTTGURKTCVQT[U[ORVQOUQPVJGHKTUVGZRQUWTGFC[#UKIPKHKECPVKPETGCUGKPCKTYC[

TGURQPUKXGPGUUVQOGVJCEJQNKPGCNUQYCUUJQYP6JGTGURQPUGVQVJGTGRGCVGFGZRQUWTGUKU

FKUEWUUGFKP5GEVKQP+PCFFKVKQPUWDLGEVUYGTGGZRQUGFVQRROHQTJWUKPI

VJGUCOGJQWTN[GZRQUWTGRTQVQEQNCUFGUETKDGFCDQXG+PVJGUGUWDLGEVU(8%FGETGCUGF

CPF('8 FGENKPGF 

(QNKPUDGGGVCNVQQMVJG('8 TGURQPUGFCVCHTQOCNNHQWTUVWFKGUEQPFWEVGF 

CVVJG'2#*GCNVJ'HHGEVU4GUGCTEJ.CDQTCVQT[WUKPIVJGUCOGRTQNQPIGFGZRQUWTGRTQVQEQN

CPFGZCOKPGFVJGFKUVTKDWVKQPQHTGURQPUGUCOQPIVJGUWDLGEVUCVVJGVJTGGEQPEGPVTCVKQPU

6JKUTGURQPUGFKUVTKDWVKQPKUKNNWUVTCVGFITCRJKECNN[KP(KIWTGYJKEJKNNWUVTCVGUVJCV('8

FGETGOGPVUCUNCTIGCUVQJCXGDGGPQDUGTXGFYKVJRTQNQPIGFGZRQUWTGVQ

1 EQPEGPVTCVKQPURRO6JKUTGURQPUGFKUVTKDWVKQPCNNQYUQPGVQFGVGTOKPGVJGPWODGT 

QTRGTEGPVCIGQHUWDLGEVUYKVJTGURQPUGUKPGZEGUUQHCEGTVCKPNGXGN6JGRTQRQTVKQPQH

UWDLGEVUYKVJCP('8 FGETGCUGKPGZEGUUQHKUUJQYPKP(KIWTG9KVJCKTGZRQUWTG 

PQQPGGZEGGFGFVJKUTGURQPUGNGXGNJQYGXGTQHVJGUWDLGEVUGZRQUGFVQRRO

1 JCFCFTQRKP('8 CHVGTJ  

(KIWTG 6JGFKUVTKDWVKQPQHTGURQPUGHQTUWDLGEVUGZRQUGFVQENGCPCKTCPFCVNGCUV

QPGQHQTRROQ\QPG1 KUUJQYPJGTG6JG1 GZRQUWTGU  

NCUVGFJFWTKPIYJKEJVKOGVJGUWDLGEVUGZGTEKUGFHQTOKPQHGCEJ

JQWTYKVJCOKPTGUVRGTKQFCVVJGGPFQHVJGVJKTFJQWT&GETGCUGUKP

HQTEGFGZRKTCVQT[XQNWOGKPU('8 CTGGZRTGUUGFCURGTEGPVEJCPIGHTQO 

DCUGNKPG(QTGZCORNGVJGDCTNCDGNGFKPFKECVGUVJGRGTEGPVQH

UWDLGEVUYKVJCFGETGCUGKP('8 QHDWVCPFVJGDCTNCDGNGF 

KPFKECVGUKORTQXGOGPVKP('8 QHDWV 'CEJRCPGNQHVJGHKIWTG

KPFKECVGUVJGRGTEGPVCIGQHUWDLGEVUCVGCEJ1 EQPEGPVTCVKQPYKVJC 

FGETGCUGQH('8 KPGZEGUUQH 
8



6JKUTGURQPUGFKUVTKDWVKQPCNUQKNNWUVTCVGUVJGYKFGTCPIGQHTGURQPUGVQ1 WPFGT 

VJGUGGZRQUWTGEQPFKVKQPUCPFTGKPHQTEGUVJGQDUGTXCVKQPD[QVJGTU/E&QPPGNNGVCN

*QTXCVJGVCNQHCUWDUVCPVKCNTCPIGQHKPFKXKFWCNTGURQPUGVQ1 

*QTXCVJGVCNGZCOKPGFVJGTGURQPUGUQHJGCNVJ[OGPCPFYQOGPCIGU

VQVQRRO1 HQTJWUKPIVJG'2#RTQNQPIGFGZRQUWTGRTQVQEQN9JGP 

EQORCTGFYKVJVJGENGCPCKTGZRQUWTG('8 FGETGCUGFCDQWVYKVJ1 GZRQUWTG*QYGXGT  

VJGXCTKCDKNKV[QHVJKUTGURQPUGCOQPIVJKUUOCNNJGVGTQIGPGQWUITQWRQHUWDLGEVUYCUGPQWIJ

VQRTGENWFGUVCVKUVKECNUKIPKHKECPEGQHVJKUQDUGTXCVKQP0QUKIPKHKECPVEJCPIGUYGTGQDUGTXGF

YKVJCUGEQPFGZRQUWTGQPVJGPGZVFC[1PVJGHKTUVFC[QH1 GZRQUWTGQHVJGUWDLGEVU 

TGRQTVGFEJGUVVKIJVPGUU6JGCWVJQTURQKPVQWVVJCVVJGTCPIGQHXCTKCDKNKV[KPTGURQPUGKPVJGKT

UVWF[YCUUKOKNCTVQVJCVTGRQTVGFD[(QNKPUDGGGVCNCPF*QTUVOCPGVCN

CNVJQWIJHGYGTUWDLGEVUGZRGTKGPEGFNCTIGPGICVKXGEJCPIGUKP('8 1PGRQUUKDNGGZRNCPCVKQP 

HQTVJGFKHHGTGPEGUDGVYGGPVJGHKPFKPIUQH*QTXCVJGVCNCPF*QTUVOCPGVCN

OC[DGVJCVVJGUWDLGEVUKP*QTXCVJ	UUVWF[YGTGUKIPKHKECPVN[QNFGTYJKEJOC[TGUWNVKP

TGFWEGFTGURQPUGUVQ1 CU&TGEJUNGT2CTMUGVCNCJCXGUJQYPUGG5GEVKQP

6JGXGPVKNCVKQPFWTKPIGZGTEKUGVQ.OKPYCUUKOKNCTVQVJCVTGRQTVGFD[*QTUVOCP

GVCN#PCFFKVKQPCN('8 OGCUWTGOGPVYCUOCFGKPVJKUUVWF[CVVJGGPFQHVJGNWPEJ 

RGTKQFKGCHVGTOKPQHTGUV#VVJKUVKOGVJGUOCNNFGETGOGPVUKP('8 UGGPCHVGTVJG 

VJKTFGZGTEKUGYGTGTGXGTUGFCPFVJG('8 YCUUKOKNCTVQVJGTGURQPUGKP(#CVVJGUCOGVKOG 

RQKPV#NVJQWIJURKTQOGVT[YCUPQVOGCUWTGFCVVJKUVKOGKPVJGQVJGTRTQNQPIGFGZRQUWTG

UVWFKGU(QNKPUDGGGVCN*QTUVOCPGVCNKVYCUPQVGFVJCVVJGFGENKPGKP('8

YCUCVVGPWCVGFDGVYGGPVJGVJKTFCPFHQWTVJRQUVGZGTEKUGOGCUWTGOGPV6JGUGQDUGTXCVKQPU

UWIIGUVVJCVVJGUWDLGEVU	NWPIHWPEVKQPOC[KPFGGFJCXGKORTQXGFFWTKPIVJGNWPEJTGUV

RGTKQF

.KPPGVCNJCXGTGRQTVGFTGURQPUGUQHJGCNVJ[CPFCUVJOCVKEUWDLGEVUVQ

RRO1 WUKPIVJG'2#RTQNQPIGFGZRQUWTGRTQVQEQN+PJGCNVJ[UWDLGEVUVJG[QDUGTXGFC 

UOCNNFGETGCUGKP('8 YJKEJYCUUVCVKUVKECNN[UKIPKHKECPVCPFCPKPETGCUGKPCKTYC[ 

TGURQPUKXGPGUUVQOGVJCEJQNKPG6JGHWPEVKQPCNTGURQPUGUKPCUVJOCVKEUGICFGETGCUG

KP('8 YGTGITGCVGTVJCPVJQUGQHVJGJGCNVJ[UWDLGEVU6JG[QDUGTXGFUOCNNGTTGURQPUGUQP 

CUGEQPFEQPUGEWVKXGFC[QHGZRQUWTGCUFKF*QTXCVJGVCNCPF(QNKPUDGGGVCN

6JGXGPVKNCVKQPCXGTCIGFCPF.OKPKPVJGJGCNVJ[CPFCUVJOCVKEUWDLGEVUTGURGEVKXGN[

6JG('8 TGURQPUGUQDUGTXGFKPVJKUUVWF[CNVJQWIJUVCVKUVKECNN[UKIPKHKECPVCTGOWEJNQYGT 

VJCPVJQUGQDUGTXGFD['2#KPXGUVKICVQTU(QNKPUDGGGVCN*QTUVOCPGVCN

(QNKPUDGGGVCN6JGUOCNNGTTGURQPUGUOC[DGFWGVQRTGXKQWUCODKGPVGZRQUWTGU

NQYGTXGPVKNCVKQPUQTCNCTIGTRTQRQTVKQPQH1 KPUGPUKVKXGUWDLGEVUKP.QU#PIGNGU1PN[QH 

JGCNVJ[UWDLGEVUGZRGTKGPEGFCP('8 FGETGOGPVKPGZEGUUQHYJGTGCUQH 

CUVJOCVKEUJCF('8 FGETGOGPVUKPGZEGUUQH#UVJOCVKETGURQPUGUTCPIGFHTQOVQ 



6QHWTVJGTGZRNQTGVJGHCEVQTUVJCVFGVGTOKPGTGURQPUKXGPGUUVQ1 *C\WEJCGVCN 


FGUKIPGFCRTQVQEQNVQGZCOKPGVJGGHHGEVQHXCT[KPITCVJGTVJCPEQPUVCPV

1 EQPEGPVTCVKQPU+PVJKUUVWF[UWDLGEVUYGTGGZRQUGFVQCEQPUVCPVNGXGNQHRRO1 HQT  

JCPFVQCP1 NGXGNVJCVKPETGCUGFNKPGCTN[HTQOVQRROHQTVJGHKTUVJCPFVJGP 

FGETGCUGFNKPGCTN[HTQOVQQXGTVJGUGEQPFJQHVJGJGZRQUWTGVTKCPIWNCT

EQPEGPVTCVKQPRTQHKNG5WDLGEVURGTHQTOGFOQFGTCVGGZGTEKUGHQTVJGHKTUVOKPQHGCEJJQWT

6JGQXGTCNNGZRQUWTGFQUGHQTVJGUGVYQGZRQUWTGUECNEWNCVGFCUVJG%¥6¥YCUCNOQUV '

KFGPVKECNFKHHGTGPEG9KVJGZRQUWTGVQVJGEQPUVCPVRRO1 VJG('8 FGENKPGF  


CRRTQZKOCVGN[D[VJGHKHVJJQWTQHGZRQUWTGCPFTGOCKPGFCVVJCVNGXGNHQTVJGTGOCKPFGTQH

VJGGZRQUWTG6JGUGTGURQPUGUCTGKNNWUVTCVGFKP(KIWTG6JKUQDUGTXCVKQPENGCTN[KPFKECVGU

CTGURQPUGRNCVGCWUWIIGUVGFKPQVJGTUVWFKGU*QTUVOCPGVCNYKVJCPGZRQUWTG

TGIKOGPVJCVRTQFWEGUTGNCVKXGN[UOCNNEJCPIGUKPNWPIHWPEVKQPSteady Versus Variable Ozone Concentration

Air

0.12-ppm

Variable

Exposure Duration (h)

0 2 4 6 8 3.9

4

4.1

4.2

4.3

4.4

4.5

Constant

8



(KIWTG 6JGHQTEGFGZRKTCVQT[XQNWOGKPU('8 KUUJQYPKPTGNCVKQPVQGZRQUWTG 

FWTCVKQPJQWTUWPFGTVJTGGGZRQUWTGEQPFKVKQPU5WDLGEVUGZGTEKUGF


OKPWVGXGPVKNCVKQP.OKPHQTOKPFWTKPIGCEJJQWT('8 YCU 

OGCUWTGFCVVJGGPFQHVJGKPVGTXGPKPITGUVRGTKQF5VCPFCTFGTTQTQHVJG

OGCPHQTVJGUG('8 CXGTCIGUPQVUJQYPTCPIGFHTQOVQO. 

5QWTEG *C\WEJC GV CN 


9KVJVJGVTKCPIWNCT1 EQPEGPVTCVKQPRTQHKNGVJG('8 FGETGCUGFCNOQUVVYKEGCU  

OWEJCHVGTJQHGZRQUWTG6JGKPKVKCNTGURQPUGQXGTVJGHKTUVJYCUOKPKOCNCPFVJGPVJGTG

YCUCUWDUVCPVKCNFGETGCUGKP('8 EQTTGURQPFKPIVQVJGJKIJGTCXGTCIG1 EQPEGPVTCVKQPVJCV  

TGCEJGFCPCFKTCHVGTJ&GURKVGEQPVKPWGFGZRQUWTGVQCNQYGT1 EQPEGPVTCVKQP 


RROVJG('8 DGICPVQKORTQXGCPFYCUTGFWEGFD[QPN[CVVJGGPFQHVJG 

JGZRQUWTG*QYGXGTPQVGVJCVVJGCXGTCIG1 EQPEGPVTCVKQPKPVJGGKIJVJJQWTYCU 

RRO6JKUUVWF[KNNWUVTCVGUVYQKORQTVCPVRQKPVU(KTUVCTGURQPUGRNCVGCWQEEWTU+VKU

KPVWKVKXGN[QDXKQWUVJCVVJGTGOWUVDGCNKOKVVQVJGCEWVGFGETGCUGVJCVECPQEEWTKP('8 

*QYGXGTHTQOVJKUUVWF[KVKUCNUQENGCTVJCVVJGTGURQPUGRNCVGCWOWUVDGFGRGPFGPVQPVJG

1 EQPEGPVTCVKQPDGECWUGOWEJNCTIGTFGETGCUGUKP('8 QEEWTYKVJGZRQUWTGVQ  

1 EQPEGPVTCVKQPUJKIJGTVJCPRRO5GEQPFVJGTGURQPUGVQ1 GZRQUWTGKUFGRGPFGPVQP  

VJGFQUGTCVGUQOGHWPEVKQPQH%CPFCPFVJGEWOWNCVKXGFQUGUQOGHWPEVKQPQHFQUGTCVG '

CPF6CVNGCUVYJGPVJG1 EQPEGPVTCVKQPKUXCTKGF6JKUUVWF[CNUQCHHKTOUVJGQDUGTXCVKQP 


(QNKPUDGGGVCN#FCOUGVCN*C\WEJC.CTUGPGVCNVJCV


1 EQPEGPVTCVKQPKUCOQTGKORQTVCPVHCEVQTKPFGVGTOKPKPI1 TGURQPUGUVJCPKUGKVJGTGZRQUWTG  

FWTCVKQPQTVJGXQNWOGQHCKTDTGCVJGFFWTKPIVJGGZRQUWTG

+PETGCUGF#KTYC[4GURQPUKXGPGUU

+PETGCUGFCKTYC[TGURQPUKXGPGUUKPFKECVGUVJCVVJGCKTYC[UCTGRTGFKURQUGFVQ

DTQPEJQEQPUVTKEVKQPKPFWEGFD[CXCTKGV[QHUVKOWNKGIURGEKHKECNNGTIGPU51 EQNFCKT 

GVE#KTYC[TGURQPUKXGPGUUKUWUWCNN[OGCUWTGFD[JCXKPIVJGKPFKXKFWCNHQTEGHWNN[GZJCNG

KPVQCURKTQOGVGTFGUKIPGFVQOGCUWTGGZRKTCVQT[HNQYTCVGUGI('8 QTNGUUEQOOQPN[ 

D[OGCUWTKPI4 KPCDQF[RNGVJ[UOQITCRJ+PQTFGTVQFGVGTOKPGVJGNGXGNQHCKTYC[ CY

TGURQPUKXGPGUUCKTYC[HWPEVKQPKUOGCUWTGFDGHQTGCPFKOOGFKCVGN[CHVGTVJGKPJCNCVKQPQH

UOCNNCOQWPVUQHCPCGTQUQNK\GFDTQPEJQEQPUVTKEVQTFTWIGIOGVJCEJQNKPGQTJKUVCOKPG

6JGFQUGQHVJGDTQPEJQEQPUVTKEVQTFTWIKUKPETGCUGFKPCUVGRYKUGHCUJKQPWPVKNC

RTGFGVGTOKPGFFGITGGQHCKTYC[TGURQPUGGICFTQRKP('8 QTCKPETGCUG 

KP4 JCUQEEWTTGF6JGFQUGQHVJGDTQPEJQEQPUVTKEVQTFTWIVJCVRTQFWEGFVJG CY

CHQTGOGPVKQPGFTGURQPUGKUQHVGPTGHGTTGFVQCUVJG2& KGVJGRTQXQECVKXGFQUGVJCV 

RTQFWEGFCFTQRKP('8 QTVJG2& KGVJGRTQXQECVKXGFQUGVJCVRTQFWEGFC  

KPETGCUGKP4  CY

#JKIJNGXGNQHDTQPEJKCNTGURQPUKXGPGUUKUCJCNNOCTMQHCUVJOC*QYGXGT

XCT[KPIFGITGGUQHKPETGCUGFCKTYC[TGURQPUKXGPGUUOC[QEEWTKPQVJGTNWPIFKUGCUGGI

EJTQPKEDTQPEJKVKUQTXKTCNTGURKTCVQT[KPHGEVKQPUQTKPJGCNVJ[CU[ORVQOCVKEKPFKXKFWCNU6JG

TCPIGQHPQPURGEKHKEDTQPEJKCNTGURQPUKXGPGUUCUGZRTGUUGFD[VJG2& HQTGZCORNGKUCVNGCUV 

HQNFHTQOVJGOQUVUGPUKVKXGCUVJOCVKEUVQVJGNGCUVUGPUKVKXGJGCNVJ[UWDLGEVUUGG(KIWTG

6JGCXGTCIG2& HQTJGCNVJ[UWDLGEVUKUVQVKOGUVJCVQHOKNFVQOQFGTCVG 

CUVJOCVKEU%JCVJCOGVCN%QEMETQHVGVCN#VQRKEQTCNNGTIKEKPFKXKFWCNU

YKVJQWVCUVJOCKPVGTOGFKCVGKPTGURQPUKXGPGUUDGVYGGPJGCNVJ[UWDLGEVUCPFOKNFCUVJOCVKEU

V[RKECNN[JCXGCNQYGT2& VJCPJGCNVJ[KPFKXKFWCNU6QYPNG[GVCN%QEMETQHVGVCN 

+PETGCUKPIUGXGTKV[QHCUVJOCCUKPFKECVGFD[KPETGCUKPIU[ORVQOUQTOGFKECVKQP

WUCIGKUCUUQEKCVGFYKVJFGETGCUKPI2& /KNFCUVJOCVKEUOC[JCXGC2& VJCVKUVKOGU  

JKIJGTVJCPVJCVQHOQFGTCVGQTUGXGTGCUVJOCVKEU%QEMETQHVGVCN#NQY2& KP 

PQPCUVJOCVKEUCNUQKUCUUQEKCVGFYKVJKPETGCUGFU[ORVQOUCPFCTGFWEGFDCUGNKPG('8


-GPPGF[GVCN6JGCXGTCIGEJCPIGUKPCKTYC[TGURQPUKXGPGUUKPFWEGFD[1 TCPIG 

HTQOVQ6JKUOGCPUVJCVKPCJGCNVJ[UWDLGEVGZRQUGFVQ1 C2& QHWPKVU  

YQWNFFGETGCUGVQC2& DGVYGGPCPFWPKVU6JGTGHQTGYKVJCRTQPQWPEGF1 KPFWEGF  

EJCPIGKPCKTYC[TGURQPUKXGPGUUCJGCNVJ[UWDLGEVEQWNFOQXGHTQOVJGPQTOCNTCPIGKPVQVJG

WRRGTJCNHQHVJGOKNFCUVJOCVKETCPIGQHCKTYC[TGURQPUKXGPGUU

+PETGCUGUKPCKTYC[TGURQPUKXGPGUUCTGCPKORQTVCPVEQPUGSWGPEGQHGZRQUWTGVQ1 

4GUWNVUQHUVWFKGUTGRQTVKPIEJCPIGUKPCKTYC[TGURQPUKXGPGUUHQNNQYKPI1 GZRQUWTGCTG 

UWOOCTK\GFKP6CDNG6JGUGUVWFKGUXCT[YKVJTGICTFVQGZRQUWTGTGIKOGPUV[RGCPF

FQUGQHDTQPEJQEQPUVTKEVKXGCIGPVCPFUWDLGEVRQRWNCVKQP+PETGCUGFCKTYC[TGURQPUKXGPGUU

CUUQEKCVGFYKVJ1 GZRQUWTGYCUHKTUVTGRQTVGFD[)QNFGPGVCNYJQUVWFKGFJKUVCOKPG 

TGURQPUKXGPGUUKPGKIJVJGCNVJ[OGPCHVGTGZRQUWTGVQRRO1 HQTJCVTGUV

CPFHQWPFVJCVVJGJKUVCOKPGKPFWEGF4 HQTVJGITQWRYCUITGCVGTOKPCHVGT CY

1 GZRQUWTGVJCPCVDCUGNKPG6YQQHVJGKTUWDLGEVUJQYGXGTJCFCPKPETGCUGFTGURQPUGVQ 

JKUVCOKPGYGGMQTITGCVGTCHVGTGZRQUWTGTCKUKPIVJGRQUUKDKNKV[VJCVJKIJ1 NGXGNUECPTGUWNV 

KPOQTGRGTUKUVGPVKPETGCUGUKPCKTYC[TGURQPUKXGPGUU.CVGT*QNV\OCPGVCNHQWPFKP

PQPCUVJOCVKEUWDLGEVUVJCVCDTGCVJOGVJCEJQNKPGQTJKUVCOKPGEJCNNGPIGasthma

allergy only

healthy

0.01 0.10 1.00 10.0 100

Arbitrary Logarithmic Scale



(KIWTG #KTYC[HWPEVKQPECPDGOGCUWTGFDGHQTGCPFKOOGFKCVGN[CHVGTVJG

KPJCNCVKQPQHCPCGTQUQNK\GFDTQPEJQEQPUVTKEVQTFTWINKMGOGVJCEJQNKPG6JG

RTQXQECVKXGFQUGVJCVRTQFWEGUCFTQRKPHQTEGFGZRKTCVQT[XQNWOGKP

UJCUDGGPWUGFVQGZRTGUUVJGTCPIGQHPQPURGEKHKEDTQPEJKCN

TGURQPUKXGPGUU

KPETGCUGF54CYCNOQUVVYKEGCUOWEJCHVGT1 CUCHVGTCKTGZRQUWTGDWVVJKUGHHGEVTGUQNXGF

CHVGTJ#VQRKEUWDLGEVUUJQYGFUKOKNCTKPETGCUGUKPTGURQPUKXGPGUUVQJKUVCOKPGCHVGT

1 GZRQUWTG6JGCWVJQTUEQPENWFGFVJCVVJGKPETGCUGFPQPURGEKHKEDTQPEJKCNTGURQPUKXGPGUU 

CHVGT1 GZRQUWTGYCUPQVTGNCVGFVQCVQR[-ÌPKIGVCNHQWPFKPETGCUGFTGURQPUKXGPGUU 

VQKPJCNGFCEGV[NEJQNKPGCHVGTCJGZRQUWTGVQCPFzIO CPFRRO 

TGURGEVKXGN[(QNKPUDGGCPF*C\WEJCHQWPFKPETGCUGFCKTYC[TGURQPUKXGPGUUKP

HGOCNGUCPFJCHVGTCOKPGZRQUWTGVQRRO1 YJGPEQORCTGFVQCKT6CMGP 

VQIGVJGTVJGUGUVWFKGUUWIIGUVVJCV1 KPFWEGFKPETGCUGUKPCKTYC[TGURQPUKXGPGUUWUWCNN[ 

TGUQNXGVQJCHVGTGZRQUWTGDWVOC[RGTUKUVKPUQOGKPFKXKFWCNUHQTNQPIGTRGTKQFU

&KOGQGVCNYGTGVJGHKTUVVQKPXGUVKICVGCFCRVCVKQPVQVJGKPETGCUGUKP

CKTYC[TGURQPUKXGPGUUHQNNQYKPI1 GZRQUWTG1XGTFC[UQHCJFC[GZRQUWTGVQRRO 

1 VJG[HQWPFRTQITGUUKXGCVVGPWCVKQPQHVJGKPETGCUGUKPCKTYC[TGURQPUKXGPGUUUWEJVJCV 

CHVGTVJGVJKTFFC[QH1 GZRQUWTGJKUVCOKPGCKTYC[TGURQPUKXGPGUUYCUPQNQPIGTFKHHGTGPV 

HTQOVJGUJCOGZRQUWTGNGXGNU-WNNGGVCNGZVGPFGFVJGUGHKPFKPIUD[GZRQUKPIVYQ

ITQWRUQHJGCNVJ[XQNWPVGGTUPVQRRO1 HQTJFC[HQTFC[UKPCTQYCPF 

HQWPFVJCVVJGTGYCUCUKIPKHKECPVN[GPJCPEGFTGURQPUGVQOGVJCEJQNKPGCHVGTVJGHKTUVFC[UQH

GZRQUWTGDWVVJKUTGURQPUGUNQYN[PQTOCNK\GFD[VJGGPFQHVJGHKHVJFC[6JWUVJG

CVVGPWCVKQPQH1 KPFWEGFKPETGCUGUKPCKTYC[TGURQPUKXGPGUUHQNNQYGFVJGUCOGVKOGEQWTUGCU 

CVVGPWCVKQPQHQVJGTRWNOQPCT[HWPEVKQPEJCPIGU

)QPIGVCNFGOQPUVTCVGFKPETGCUGFCKTYC[TGURQPUKXGPGUUVQJKUVCOKPGCV

RRO1 KPXKIQTQWUN[GZGTEKUKPIGNKVGE[ENKUVUYJQYGTGGZRQUGFHQTJ(QNKPUDGGGV 

CNHQWPFCPCRRTQZKOCVGFQWDNKPIQHVJGOGCPOGVJCEJQNKPGTGURQPUKXGPGUUKPCITQWR

QHJGCNVJ[XQNWPVGGTUGZRQUGFHQTJVQRRO1 *QYGXGTQPCPKPFKXKFWCNDCUKUPQ 

TGNCVKQPUJKRYCUHQWPFDGVYGGP1 KPFWEGFEJCPIGUKPCKTYC[TGURQPUKXGPGUUCPFVJQUGKP 

(8%CPF('8 UWIIGUVKPIVJCVEJCPIGUKPCKTYC[TGURQPUKXGPGUUCPFNWPIXQNWOGQEEWTTGF 

D[FKHHGTGPVOGEJCPKUOU*QTUVOCPGVCNGZVGPFGF(QNKPUDGG	UQDUGTXCVKQPUD[

FGOQPUVTCVKPIUKIPKHKECPVFGETGCUGUKPVJG2& KPJGCNVJ[UWDLGEVUKOOGFKCVGN[CHVGTC 


6CDNG+PETGCUGF#KTYC[4GURQPUKXGPGUU(QNNQYKPI1\QPG'ZRQUWTGUC

1\QPG

%QPEGPVTCVKQPD

'ZRQUWTG

&WTCVKQP CPF #EVKXKV[

'ZRQUWTG

%QPFKVKQPU

0WODGT CPF

)GPFGT QH

5WDLGEVU

5WDLGEV

RRO IO %JCTCEVGTKUVKEU 1DUGTXGF 'HHGEV







 J+' CV  .OKP

 % 4*

 / *GCNVJ[ 05

 VQ  [GCTUQNF

  CPF  FGETGCUGU KP QH OGVJCEJQNKPG TGSWKTGF VQ RTKPETGCUG KP 54 CHVGT GZRQUWT

CY 

 CPF  RRO TGURGEVKX







 J 0#  *GCNVJ 05

 v  [GCTUQNF

+PETGCUGF CKTYC[ TGURQPUKXGPGOGVJCEJQNKPG KOOGFKCVGN[ CHVGVJG VYQ JKIJGUV EQPEGPVTCVKQPU 





 J CV 8   .OKP



'

HQNNQYGF D[  VQ  OKPCV  .OKP

 % 4*

 /  ( 'NKVG

E[ENKUVU  VQ [GCTU QNF

)TGCVGT VJCP  KPETGCUG KP TGURQPUKXGPGUU KP QPG UWDLGEV 1 CPF KP PKPG UWDLGEVU CV  

 

   J YKVJ +' CV

 .OKPO $5# 

0#  / *GCNVJ[ 05

 VQ  [GCTUQNF

#RRTQZKOCVG FQWDNKPI QH OGCP TGURQPUKXGPGUU CHVGTGZRQUWTG 1P CP KPFKXKFWCN DCTGNCVKQPUJKR DGVYGGP 1 KPFWE



CKTYC[ TGURQPUKXGPGUU CPF ('

 RRO 1  RRD 51  

 RRO 1  RRO 1  #KT RRD 51

 OKP KP HKTUV CVOQURJGTGCPF  OKP KP UGEQPF+'

 4* %

 /  ( #UVJOCVKE

 VQ  [GCTUQNF

)TGCVGT FGENKPGU KP ('8 CPF 

 

CPF ITGCVGT KPETGCUG KP TGURKTCCHVGT 1 51 VJCP CHVGT 1 1 

   

#KTCPVKIGP RRO 1 CPVKIGP 

 J CV TGUV 0#  /  ( #UVJOCVKE

 VQ  [GCTUQNF

+PETGCUGF DTQPEJQEQPUVTKEVQT TKPJCNGF TCIYGGF QT ITCUU CHVGT 

EQORCTGF VQ CKT

   OKP YKVJ +' CV

 .OKP

0#  ( *GCNVJ[ 05

 VQ  [GCTUQNF

2& FGETGCUGF HTQO  %+7 



GZRQUWTG VQ  %+7 CPF  %+CHVGT 1 GZRQUWTG TGURGEVKXGN[




6CDNGEQPV	F+PETGCUGF#KTYC[4GURQPUKXGPGUU(QNNQYKPI1\QPG'ZRQUWTG

1\QPG

%QPEGPVTCVKQPD 'ZRQUWTG

&WTCVKQP CPF #EVKXKV[

'ZRQUWTG

%QPFKVKQPU

0WODGT CPF

)GPFGT QH

5WDLGEVU

5WDLGEV

%JCTCEVGTKUVKEUE RRO IO 1DUGTXGF 'HHGEV
U 







 J YKVJ +' CV  ¥ TGUVKPI

 J YKVJ +' CV  ¥ TGUVKPI JFC[ HQT  FC[U

 % 4*

 /  ( *GCNVJ[ 05

 VQ  [GCTUQNF

 KPETGCUG KP 54 VQ C DTGCVJ JKU

CY

CGTQUQN EJCNNGPIG CHVGT GZRQUWTG VQ 1 CV 



PQ EJCPIG CV  RRO 2TQITGUUKXG CFCRGHHGEV QXGT FC[ GZRQUWTG

   JFC[ HQT  FC[U KP C TQY  /  ( *GCNVJ[ 05

 VQ  [GCTUQNF

'PJCPEGF TGURQPUG VQ OGVJCEJQNKPG CHVGT HVJKU TGURQPUG PQTOCNK\GF D[ &C[ 

   J YKVJ +' CV

8   VQ  .OKP



'

 % 4*

 /  (  CUVJOCVKEU


 (  / JGCNVJ[
 (  / VQ  [GCTUQNF

&GETGCUGF 2%54

CY HTQO  OIO. VQ 

JGCNVJ[ UWDLGEVU CHVGT 1  2%  54

CY HGNN HTQ

VQ  OIO. KP CUVJOCVKE UWDLGEVU CHVGT 

CPF HTQO  OIO. VQ  OIO. CHVGCKT

   J CV TGUV 0#  /  ( *GCNVJ[ 05

 VQ  [GCTUQNF

 KPETGCUG KP JKUVCOKPGKPFWEGF 4 

CY 

GZRQUWTG  CPF  KPETGCUGU  J CPF GZRQUWTG 
R  TGURGEVKXGN[ 6YQ KPETGCUGF TGURQPUG VQ JKUVCOKPG  YGGM CH

   J YKVJ +' CV  ¥ TGUVKPI  %

 4*

 /  (  CVQRKE

 PQPCVQRKE05  VQ [GCTU QNF

6GPDTGCVJ OGVJCEJQNKPG QT JKUVCOKPG EJC54  KP  PQPCUVJOCVKEU CHVGT 1  

CY 

VJG CVQRKE UWDLGEVU JCF ITGCVGT TGURQPUGU VPQPCVQRKE UWDLGEVU 6JG KPETGCUGF TGURQPTGUQNXGF CHVGT  J #VTQRKPG RTGOGFKECVK1 KPFWEGF KPETGCUG KP CKTYC[ TGURQPUKXGP



5GG #RRGPFKZ # HQT CDDTGXKCVKQPU CPF CETQP[OU C

.KUVGF HTQO NQYGUV VQ JKIJGUV 1 EQPEGPVTCVKQP D 
8



JGZRQUWTGVQEQPEGPVTCVKQPUQH1 CUNQYCURRO$GECWUGOGVJCEJQNKPGEJCNNGPIGU 

YGTGPQVEQPFWEVGFCVNCVGTVKOGRQKPVUKPCP[QHVJGUGUVWFKGUVJGFWTCVKQPQHVJGKPETGCUGF

CKTYC[TGURQPUKXGPGUUCHVGTCODKGPVNGXGN1 GZRQUWTGEQWNFPQVDGFGVGTOKPGF 

0QFQWDVGZKUVUVJCV1 GXGPCVCODKGPVEQPEGPVTCVKQPURTQFWEGUCEWVGKPETGCUGUKP 

CKTYC[TGURQPUKXGPGUU9JGVJGT1 GZRQUWTGECWUGURTQVTCEVGFKPETGCUGUKPCKTYC[ 

TGURQPUKXGPGUUKPJGCNVJ[KPFKXKFWCNUKPFWEGUCUVJOCQTRTGFKURQUGUKPFKXKFWCNUVQCUVJOCKUC

OQTGFKHHKEWNVSWGUVKQPVQCPUYGTUGG5GEVKQP*QYGXGTVJGKPETGCUGUKPCKTYC[

TGURQPUKXGPGUUHQNNQYKPI1 GZRQUWTGGXGPKHUJQTVKPFWTCVKQPOC[JCXGKORQTVCPVENKPKECN 

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CEWVGKPETGCUGUKPCKTYC[TGURQPUKXGPGUUCHVGT1 GZRQUWTG6JGUGUVWFKGUFGUKIPGFVQVGUVVJG 

J[RQVJGUKUVJCVCP1 GZRQUWTGJGKIJVGPUVJGTGURQPUGVQCUWDUGSWGPVDTQPEJQEQPUVTKEVQT 

EJCNNGPIGJCXGGZRQUGFCUVJOCVKEUVQ1 QTCKTCPFVJGPVQCMPQYPDTQPEJQEQPUVTKEVQTCIGPV 

VQEQORCTGVJGRWNOQPCT[HWPEVKQPEJCPIGUCHVGT1 VQVJQUGCHVGTCKT-TGKVGVCNYGTG 

HKTUVVQKPXGUVKICVGVJGEJCPIGKPCKTYC[TGURQPUKXGPGUUVJCVQEEWTUCHVGT1 GZRQUWTGKP 

KPFKXKFWCNUYKVJCUVJOC6JG[GZRQUGFPKPGOKNFCUVJOCVKEUDCUGNKPG2%  54CY

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YGTGGZRQUGFVYKEGVQCKTCPFVYKEGVQ1 QPEGRGTYGGMQXGTCRGTKQFQHYGGMU6YQ 

CNNGTIGPEJCNNGPIGUYGTGRGTHQTOGFQPEGCHVGTCKTCPFQPEGCHVGT1 GZRQUWTG6JGQVJGTCKT 

CPF1 GZRQUWTGUYGTGHQNNQYGFD[CRNCEGDQEJCNNGPIG#TCIYGGFCNNGTIGPGZVTCEVYCUWUGF 

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CXQKFWPGZRGEVGFN[UGXGTGTGCEVKQPUUKZQHVJGUGXGPUWDLGEVUYGTGGZRQUGFVQVJGQ\QPG

CNNGTIGPEQPFKVKQPNCUVCPFHKXGQHVJGUGXGPYGTGGZRQUGFVQVJGCKTRNCEGDQEQPFKVKQPHKTUV

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KPETGCUGFD[1 GZRQUWTGDCUGFQPVJGOCTMGFKPETGCUGUKPPQPURGEKHKEDTQPEJKCN 

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QDUGTXGF6JGNCEMQHTCPFQOK\CVKQPKPVJKUUVWF[OCMGUKVFKHHKEWNVVQCUUGUUVJGXCNKFKV[QH

EQPENWUKQPUDCUGFQPVJGUVCVKUVKECNCPCN[UKU6JGUGTGUWNVUCTGRTQXQECVKXGDWVUJQWNFDG

EQPUKFGTGFRTGNKOKPCT[WPVKNVJKUGZRGTKOGPVECPDGTGRGCVGF

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EQWNFEQPVTKDWVGVQKPETGCUGFCUVJOCGZCEGTDCVKQPUCPFGXGPEQPUGSWGPVKPETGCUGFJQURKVCN

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KPETGCUGFCKTYC[TGURQPUKXGPGUUCHVGT1 GZRQUWTG 

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1 VJG[HQWPFDTQPEJKCNYCNN2/0KPHKNVTCVKQPKPVJQUGCPKOCNUVJCVFGXGNQRGFKPETGCUGF 

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1 KPFWEGFKPETGCUGFCKTYC[TGURQPUKXGPGUUCPFDTQPEJKCNVKUUWG2/0KPHNWZTGVWTPGFYGGMU 

CHVGTVTGCVOGPVYCUFKUEQPVKPWGFYJGPRGTKRJGTCNNGWMQE[VGEQWPVUJCFPQTOCNK\GF5GNV\GTGV

CNHQWPFCNCTIGTRGTEGPVCIGQH2/0UXGTUWUKP$#.HNWKFCHVGT

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FKTGEVCUUGUUOGPVQHCNVGTCVKQPUKPPGTXGCHHGTGPVUEJCPIGUKPPGWTQVTCPUOKVVGTEQPEGPVTCVKQPU

EJCPIGUKPUOQQVJOWUENGRQUVU[PCRVKETGEGRVQTUQTOQFWNCVKQPQHPGTXGUKIPCNVTCPUOKUUKQP

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EQORNGVGN[WPFGTUVQQFKVCRRGCTUVQDGCUUQEKCVGFYKVJCPWODGTQHEGNNWNCTQTDKQEJGOKECN

EJCPIGUKPVJGCKTYC[UGG5GEVKQPCPF6CDNGUCPF$GECWUGVJGUGCNVGTCVKQPU

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KPFWEGFKPETGCUGUKPCKTYC[TGURQPUKXGPGUUJCXGPQVRKPRQKPVGFCPKUQNCVGFFGTCPIGOGPV

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* 51 GSWKXCNGPV 6GORGTCVWTG   CPF 4* OGCUWTGF DWV NGXGNU PQV TGRQTVGF6*+ TGCEJGF C OCZKOWO QH  ( #NNGPXKTQPOGPVCN OGCUWTGOGPVU YGTG OCFG QPUKVG

'HHGEVU QH 1 CPF QVJGT GPXKTQPOGPVCN XCTKCDNGU QP NWPI 

HWPEVKQP UVWFKGF KP C ITQWR QH  EJKNFTGP 
 IKTNU DQ[U CIGU  CV C YGGM  UWOOGT ECOR KPUQWVJYGUVGTP 0GY ,GTUG[ 
(CKTXKGY .CMG 5COG NQECVKQPWUGF KP RTGXKQWU ECOR UVWF[ D[ UCOG KPXGUVKICVQTU5WDLGEVU JCF PQ JKUVQT[ QH NWPI FKUGCUGU QT CVQR[ 6YQNWPI HWPEVKQP OGCUWTGOGPV RGTKQFU GCEJ FC[ 
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


0Q UKIPKHKECPV NKPGCT FC[QHUVWF[ GHHGEV UGGP HQT CP[ VJG NWPI HWPEVKQP XCTKCDNGU VGUVGF DWV VJG NKPGCT OQFGOC[ PQV JCXG DGGP QRVKOCN HQT VGUVKPI VJKU GHHGEV +P UWDUGV QH  UWDLGEVU YKVJ CV NGCUV  EQPUGEWVKXG FC[U NWPI HWPEVKQP OGCUWTGOGPVU OGCP TGITGUUKQP UNQRGU CO NWPI HWPEVKQP XCTKCDNGU QP RTGXKQWUFC[ OGCP QOCZKOWO 1 YGTG CNN UKIPKHKECPVN[ PGICVKXG 
GI OG



UNQRG QH ('8 QP J OCZKOWO 1 YCU   v  O.RRD 6JGUG TGUWNVU UWIIGUV C RQUUECTT[QXGT GHHGEV HTQO RTGXKQWUFC[ 1 GZRQUWTGU +P 



HWNN UGV QH  UWDLGEVU TGITGUUKQPU QH RO NWPI HWPEVQP RTGXKQWUJQWT 1  OCZKOWO J 1 HQT UCOG FC[ 

 

CXGTCIG 1 HQT FC[ YGTG UKIPKHKECPVN[ PGICVKXG KP OQU



ECUGU 
GI OGCP UNQRG QH ('8 QP RTGXKQWUJQWT 1 

 

 v  O.RRD #NN TGITGUUKQPU QH VJG RO CO NWPI HWPEVKQP FKHHGTGPEGU QP KPVGTXGPKPI 1EQPEGPVTCVKQPU YGTG UKIPKHKECPVN[ PGICVKXG 
GI OGCUNQRG QH ('8 QP OGCP 1 DGVYGGP CO CPF RO  OGCUWTGOGPVU YCU  =v? O.RRD 0QEQTTGNCVKQP UGGP DGVYGGP TGITGUUKQP TGUKFWCNU CPF 6** EQPEGPVTCVKQPU KPFKECVKPI VJGTG YCU PQ TGOCKPKPI 
GHHGEV QH VJGUG XCTKCDNGU YKVJ NWPI HWPEVKQP CHVGTCEEQWPVKPI HQT 1  *QYGXGT PQ OQFGNU YGTG HKV VJCV KPENWFGF 1 CPF VJGUG XCTKCDNGU UKOWNVCPGQWUN[ PQT Y



KPVGTCEVKQP GHHGEVU VGUVGF HQT 6JG UVTQPI CPF EQPUKUVGCUUQEKCVKQPU DGVYGGP NWPI HWPEVKQP FGETGOGPVU CPF1 EQPEGPVTCVKQPU KP VJKU UVWF[ EQPVTCUV YKVJ TGUWNVU TGRQTVGF HTQO UVWFKGU KP %CPCFC CPF %CNKHQTPKC CV UKONGXGNU QH 1 


6CDNGEQPV	F#EWVG'HHGEVUQH2JQVQEJGOKECN1ZKFCPV2QNNWVKQP

.WPI(WPEVKQPKP%COR5VWFKGUC

2QNNWVCPVU'PXKTQPOGPVCN 8CTKCDNGU 5VWF[ &GUETKRVKQP 4GUWNVU CPF %QOOGPVU 

J 1 RTGEGFKPI NWPI HWPEVKQP OGCUWTGOGPVU TCPIGF HTQO  VQ  RRD 2QNNWVCPVUOGCUWTGF QP UKVG KPENWFGF 1  01 
TCPIG   VQ  RRD 51 
TCPIG  VQ  RRD CPF HKPG 
OGCP   IO  EQCTUG 
OGCP   IO  CPF VQVCN 
OGCP     IO  2/OCUU 6GORGTCVWTG CXGTCIGF  % 
TCPIG VQ  % CPF 4* CXGTCIGF 

'HHGEVU QH 1 CPF QVJGT GPXKTQPOGPVCN HCEVQTU QP NWPI 

HWPEVKQP GZCOKPGF KP  EJKNFTGP 
 HGOCNG  OCNGCIGU  CVVGPFKPI  QH  UGSWGPVKCN YGGMU 
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
UWDLGEVURGEKHKE UNQRGU CPFD[ RQQNKPI CETQUU KPFKXKFWCNU 
EQOOQP RQRWNCVKQP UNQRGVQ FGVGTOKPG VJG NKPGCT TGNCVKQPU DGVYGGP VJG VJTGG NWPIHWPEVKQP XCTKCDNGU CPF XCTKQWU 1 OGVTKEU 
J CXGTCIG RTGEGFKPI JQWT QH URKTQOGVT[ J CXGTCIG  J RTGXKQWU VQJQWT QH URKTQOGVT[ QT J CXGTCIG RTGEGFKPI URKTQOGVT[6JG EQOOQP UNQRG OQFGN YCU TGRGCVGF UGRCTCVGN[ HQTOQTPKPI PQQP CPF GXGPKPI NWPIHWPEVKQP OGCUWTGOGPVUCPF UGRCTCVGN[ HQT FCVC YKVJ J 1 NGXGNU CDQXG CPF DGNQY  RRD /WNVKRNG TGITGUUKQP OQFGNU YGTG HKV VJCVKPENWFGF 1 CNQPI YKVJ VGORGTCVWTG 4* CPF EQCTUG CPF HKPG 2/ OCUU

6JG RQRWNCVKQPRQQNGF TGITGUUKQP UNQRGU 
v5' QH (CPF ('8 QP RTGXKQWU JQWT 1 YGTG    
v 

 
v O.RRD TGURGEVKXGN[ 
R   KDQVJ ECUGU HQT 2'(4 VJG TGITGUUKQP UNQRG YCU 
v O.URRD 
PQV UKIPKHKECPV 5KOKNCT VJQWIUNKIJVN[ OQTG PGICVKXG UNQRGU YGTG QDVCKPGF WUKPI CPF J CXGTCIG 1  +PVGTRTGVCVKQP QH FKHHGTGPEGU CE



VJG VJTGG 1 OGVTKEU KU UWDUVCPVKCNN[ JCORGTGF D[ VJ



EQTTGNCVKQPU COQPI VJGO
T   9JGP VGORGTCVWTG 4* CPF EQCTUG CPF 2/ OCUU YGTG KPENWFGF YKVJ 1 KP OWNVKRNG TGITGUU



OQFGNU VJG 1 UNQRGU KPETGCUGF KP CDUQNWVG OCIPKVW



 
v CPF  
v O.RRD HQT (8% ('8  TGURGEVKXGN[ CPF VQ  
v HQT 2'(4



6GEJPKECN RTQDNGOU YKVJ VJG VGORGTCVWTG UGPUQT KP VHKTUV YGGM QH VJG UVWF[ FKF PQV CRRGCT VQ KPHNWGPEG VJTGUWNVU &CVC YGTG URNKV QP VJG DCUKU QH YJGVJGT QT PVJG OCZKOWO J 1 EQPEGPVTCVKQP KP VJ  G  J RTGEGFURKTQOGVT[ YCU CDQXG  RRD 4GITGUUKQP UNQRGUTGNCVKPI NWPI HWPEVKQP CPF RTGXKQWU   CPF JCXGTCIG 1 YGTG OQTG PGICVKXG KP VJG JKIJ EQPEGPVT



UVTCVWO 6JKU TGUWNV KU EQPUKUVGPV YKVJ VJG PQPNKPGCT
GI SWCFTCVKE TGNCVKQPUJKRU DGVYGGP NWPI HWPEVKQP 1 GZRQUWTG QDUGTXGF KP EJCODGT UVWFKGU $GECWUG NGXGNU QH RQNNWVCPVU QVJGT VJCP 1 YGTG SWKVG NQY 
0

 

CPF 51  CPFQT YGTG WPEQTTGNCVGF YKVJ 1 NGXGNU 


 

VJG TGITGUUKQP TGUWNVU TGRQTVGF HTQO VJKU YGNNEQPFWUVWF[ CTG NKMGN[ VQ TGRTGUGPV TGCN KPHNWGPEGU QH 1 QP 



HWPEVKQP


6CDNGEQPV	F#EWVG'HHGEVUQH2JQVQEJGOKECN1ZKFCPV2QNNWVKQP

.WPI(WPEVKQPKP%COR5VWFKGUC

2QNNWVCPVU'PXKTQPOGPVCN 8CTKCDNGU 5VWF[ &GUETKRVKQP 4GUWNVU CPF %QOOGPVU 

&CKN[ OCZKOWO 1 EQPEGPVTCVKQPU TCPIGF HTQO CRRTQZKOCVGN[  VQ  RRD 
FGTKXGF XKUWCNN[HTQO HKIWTG RTGUGPVGF KP RCRGT 1VJGTRQNNWVCPVU OGCUWTGF QP UKVG KPENWFGF 51  01   %1 VQVCN J[FTQECTDQPU CPF UK\GUGITGICVGF2/ OCUU #UKFG HTQO 1  CNN ICUGQWU RQNNWVCPV NGXGNU TGRQTVGF VQ DG XGT[ NQY 
FCVCPQV RTGUGPVGF J 652 EQPEGPVTCVKQPUTCPIGF HTQO  VQ  IO  #KTDQTPG CNNGTIGP FCVC EQNNGEVGF 6GORGTCVWTG TCPIGF HTQO  VQ % CV PKIJV CPF HTQO  VQ  % FWTKPIFC[ 4* TCPIGF HTQO  VQ  CV PKIJV CPFHTQO  VQ  FWTKPI FC[

'HHGEVU QH 1 CPF QVJGT GPXKTQPOGPVCN XCTKCDNGU QP NWPI 

HWPEVKQP GZCOKPGF KP  EJKNFTGP 
 IKTNU  DQ[UCIGU  CVVGPFKPI QPG QH UKZ YGGM ECOR UGUUKQPU CV CUWOOGT ECOR NQECVGF KP VJG OQWPVCKPU PGCT +F[NNYKNF%#  MO UQWVJGCUV QH .QU #PIGNGU 
CNVKVWFG  O.WPI HWPEVKQP OGCUWTGF VYKEG FCKN[ QP GCEJ ECORGT 
CO VQ  RO  VQ  #PCN[UGU RTGUGPVGFHQT (8% ('8  2'(4 CPF ('(  5[ORVQO  SWGUVKQPPCKTGU EQORNGVGF RTKQT VQ GCEJ VGUV 7UGF TGRGCVGFOGCUWTGU CPCN[UKU QH XCTKCPEG OQFGN VQ VGUV HQT FC[QHUVWF[ CPF CORO GHHGEVU QP NWPI HWPEVKQP KPFGRGPFGPVQH RQNNWVKQP EQPEGPVTCVKQPU .KPGCT TGITGUUKQPU QHOQTPKPI CHVGTPQQP CPFRO  CO FKHHGTGPEG QH NWPI HWPEVKQP QP 1 YGTG RGTHQTOGF YKVJ UKOWNVCPGQWU EQPVTQN QH FC[ CPF COROGHHGEVU 7RRGT CPF NQYGT SWCTVKNGU QH FKUVTKDWVKQP QHKPFKXKFWCN ('8 1 TGITGUUKQP UNQRGU YGTG GZCOKPGF YKVJ  TGURGEV VQ UWDLGEV EJCTCEVGTKUVKEU %JCPIGU KP ('8 QXGT UGXGTCN FC[U CPCN[\GF KP TGNCVKQP VQ KPVGTXGPKPI KPVGITCVGF1 EQPEGPVTCVKQPU 

5KIPKHKECPV FC[QHUVWF[ GHHGEV QDUGTXGF HQT (8% CP('8 EJCTCEVGTK\GF D[ UVGCF[ FTQR QXGT HKTUV HGY FC



OGCUWTGOGPV HQNNQYGF D[ RCTVKCN TGXGTUCN NCVGT KP Y(QT 2'(4 RO OGCUWTGOGPVU YGTG UKIPKHKECPVN[ JVJCP CO OGCUWTGOGPVU %QPVTQNNKPI HQT FC[ CPFCORO GHHGEVU VJG CWVJQTU TGRQTVGF VJCV PQ EQPU1 GHHGEVU QP NWPI HWPEVKQP YGTG QDUGTXGF 6JG CO



NWPIHWPEVKQP OGCUWTGOGPVU JCF C UKIPKHKECPV RQUKVKXEQTTGNCVKQP YKVJ 1 CXGTCIGF QXGT VJG RTGXKQWU  



 J 6JG RO OGCUWTGOGPVU TGRQTVGF VQ JCXG PQEQTTGNCVKQP YKVJ 1  6JG RO   CO NWPI HWPEVKQPFKHHGTGPEGU YGTG PGICVKXGN[ EQTTGNCVGF YKVJ RTGXKQWU CXGTCIG 1 EQPEGPVTCVKQPU DWV PQV YKVJ RTGXKQWU 

 

EQPEGPVTCVKQPU 0Q SWCPVKVCVKXG TGUWNVU TGRQTVGF HQT CDQXG NWPI HWPEVKQP1 HKPFKPIU 6JGTG YGTG PQ FKUEGTPCDNG FKHHGTGPEGU DGVYGGP UWDLGEVU KP VJG WRRGNQYGT SWCTVKNGU QH VJG FKUVTKDWVKQP QH KPFKXKFWCN TGITUNQRGU QH CO  RO ('8 FKHHGTGPEG QP RTGXKQWU J1 4GITGUUKQPU QH EJCPIG KP ('8 QXGT UGXGTC

 


HQWT UGRCTCVG KPVGTXCNU TCPIKPI HTQO CRRTQZKOCVGN[ VQ CRRTQZKOCVGN[  J YKVJ KPVGITCVGF 1 EQPEGPVTC



[KGNFGF PGICVKXG UNQRGU TCPIKPI HTQO  VQ O.RRD QPG QH YJKEJ YCU UVCVKUVKECNN[ UKIPKHKECPV VKOGVTGPFU KP (8% CPF ('8 OGCUWTGOGPVU QDUGTX



VJKU UVWF[ CTG SWCNKVCVKXGN[ EQPUKUVGPV YKVJ VJQUG UGGUQOG QVJGT UWOOGT ECOR UVWFKGU 6JG NCEM QH EQPUPGICVKXG UNQRGU TGNCVKPI NWPI HWPEVKQP YKVJ1 EQPEGPVTCVKQPU EQPVTCUVU YKVJ QVJGT GCUVGTP 75



UWOOGT ECOR UVWFKGU CV UKOKNCT 1 NGXGNU 


6CDNGEQPV	F#EWVG'HHGEVUQH2JQVQEJGOKECN1ZKFCPV2QNNWVKQP

.WPI(WPEVKQPKP%COR5VWFKGUC

2QNNWVCPVU'PXKTQPOGPVCN 8CTKCDNGU 5VWF[ &GUETKRVKQP 4GUWNVU CPF %QOOGPVU 

1 FCVC EQNNGEVGF CV C UKVG  OK HTQO ECORU &CKN[ J 1 OCZKOC TCPIGF HTQO CRRTQZKOCVGN[  RRD VQ CRRTQZKOCVGN[ RRD J CGTQUQN CEKFKV[ EQPEGPVTCVKQPUTCPIGF DGVYGGP  CPF  PGSO 6GORGTCVWTG CPF 4* FCVC QDVCKPGF HTQO CPGCTD[ UKVG

4GRQTV QH FCVC EQNNGEVGF FWTKPI VYQ UKOWNVCPGQWU UWOOGTECORU NQECVGF  OK CRCTV KP EGPVTCN 0GY ,GTUG[ KP  UWDLGEVU YGTG UVWFKGF KPENWFKPI  ECOR EQWPUGNQTU
CIGU  CPF  ECORGTU 
CIGU  5VWF[ URCPPGF FC[U 5RKTQOGVT[ CPF TGURKTCVQT[ U[ORVQO FCVCEQNNGEVGF GCEJ CHVGTPQQP #PCN[UKU QH (8% ('8  CPF 

2'(4 KP TGNCVKQP VQ 1 CPF VGORGTCVWTG WUKPI NKPGCT TGITGUUKQP YKVJKP ECORU CPF UWDLGEV V[RGU 
KG EQWPUGNQTUXU ECORGTU

4GITGUUKQPU QH NWPI HWPEVKQP QP J CPF J CXGTCI1 YKVJKP UGXGTCN UWDLGEV UWDUGVU [KGNFGF KPEQPUKUVGP



TGUWNVU YKVJ UQOG OGCP UNQRGU CRRCTGPVN[ UKIPKHKECPRQUKVKXG CPF QPG PGICVKXG OGCP UNQRG JKIJNKIJVGF DCWVJQTU QH DQTFGTNKPG UKIPKHKECPEG 
R  

&CKN[ J OCZKOWO 1 EQPEGPVTCVKQPU TCPIGF 

HTQO  VQ  RRD KP  CPF HTQO  VQ RRD KP  1PUKVG OGCUWTGOGPVU CNUQOCFG HQT CEKF CGTQUQNU 
CRRTQZKOCVGN[  VQ POQNGUO KP  CPF  VQ  POQNGUO  KP  CPF VGORGTCVWTG 
DGVYGGP  CPF % QXGT  [GCTU

'HHGEVU QH 1 CPF CEKF CGTQUQNU QP RGCM HNQY TGURKTCVQT[ 

U[ORVQOU CPF OGFKECVKQP WUCIG KP CUVJOCVKE EJKNFTGPGXCNWCVGF CV VYQ YGGM UWOOGT ECORU 
,WPG QH  CPF KP VJG %QPPGEVKEWV 4KXGT 8CNNG[ (KHV[VYQ CPF UWDLGEVU YGTG UVWFKGF KP  CPF  TGURGEVKXGN[TCPIKPI KP CIG HTQO  2GCM HNQY OGCUWTGF VYKEG FCKN[
CRRTQZKOCVGN[  CO CPF  RO %QODKPKPIFCVC HTQO VJG VYQ UVWFKGU KPFKXKFWCN TGITGUUKQPU QH FCKN[EJCPIG KP ('8 QP 1 QT * EQPEGPVTCVKQPU YGTG   
RGTHQTOGF

+P UWDLGEVU YKVJQWV CUVJOC GZCEGTDCVKQPU FWTKPI VJGECORU UVCVKUVKECNN[ UKIPKHKECPV PGICVKXG OGCP UNQRGYGTG HQWPF TGNCVKPI 2'(4 CPF 1 QT * EQPEGPVTC

 


6JG EQTTGNCVKQP DGVYGGP VJGUG VYQ RQNNWVCPVU YCU PQTGRQTVGF 6JG OGCP UNQRGU YGTG  
v O.UHQT 1  CPF   
v O.UPOQNO HQT *  +P 

 


ECUG QH1C  UECVVGTRNQV YKVJ 2'(4 FGOQPUVTCVGF CRRCTGPVN[ NKPGCT VTGPF +P EQPVTCUV VJG * TGITGUU




TGUWNVU CRRGCTGF VQ DG FTKXGP GPVKTGN[ D[ QPG FCVC RQ

5GG #RRGPFKZ # HQT CDDTGXKCVKQPU CPF CETQP[OU C

%KVGF KP 75 'PXKTQPOGPVCN 2TQVGEVKQP #IGPE[ 
 D



6JWTUVQPGVCNJQYGXGTVJGJGCNVJUKIPKHKECPEGQHCIKXGPFTQRKP('8 OC[DG 

ITGCVGTHQTVJQUGYKVJRTGGZKUVKPIEQORTQOKUGFTGURKTCVQT[HWPEVKQP

#NVJQWIJUKOKNCTUVWF[FGUKIPUJCXGDGGPGORNQ[GFKPOQUVQHVJGECORUVWFKGU

UWOOCTK\GFKP6CDNGFKHHGTGPEGUKPCPCN[VKECNOGVJQFUJCXGOCFGSWCPVKVCVKXG

EQORCTKUQPUDGVYGGPUVWFKGUFKHHKEWNVVQKPVGTRTGV+PRCTVKEWNCTKVJCUPQVDGGPENGCTVQYJCV

GZVGPVFKHHGTGPEGUKPTGUWNVUCETQUUUVWFKGUOC[DGFWGVQFKHHGTGPEGUKPUVWF[EJCTCEVGTKUVKEU


GI1 GHHGEVRQVGPVKCVKQPD[QVJGTRQNNWVCPVUCPFCEVKXKV[NGXGNUCUQRRQUGFVQFKHHGTGPEGUKP 

FCVCCPCN[UKUOGVJQFU

(QTDGVVGTEQORCTKUQPKPVJKUFQEWOGPVFCVCHTQOUKZQHVJGECORUVWFKGU

UWOOCTK\GFKP6CDNGYGTGTGCPCN[\GFWUKPIWPKHQTOCPCN[VKECNOGVJQFU(QTGCEJUVWF[

CHVGTPQQPNWPIHWPEVKQPFCVC('8 YGTGTGITGUUGFQPEQPEWTTGPVJ1 EQPEGPVTCVKQPUWUKPI  

CPCPCN[UKUQHEQXCTKCPEGOQFGNVJCVKPENWFGFUWDLGEVURGEKHKEKPVGTEGRVUCPFCUKPINGRQQNGF

1 UNQRG#NVJQWIJKPVGTUWDLGEVXCTKCVKQPKPTGURQPUGUVQ1 YQWNFDGGZRGEVGFQPVJGDCUKUQH  

EQPVTQNNGFEJCODGTUVWF[TGUWNVUUGG5GEVKQPCEQOOQPUNQRGOQFGNYCUEJQUGPHQTVJKU

CPCN[UKUDGECWUGGORJCUKUYCURNCEGFQPGUVKOCVKPIVJGCXGTCIGTGURQPUGKPGCEJUVWF[

RQRWNCVKQP6JGUVWF[URGEKHKEUNQRGUEQORWVGFYKVJVJKUOQFGNTCPIGFHTQOVQ

O.RRDCETQUUVJGUKZUVWFKGU6CDNG#NNDWVQPGQHVJGUGUNQRGUYGTGUVCVKUVKECNN[

UKIPKHKECPVR9JGPFCVCHQTCNNUKZUVWFKGUYGTGRQQNGFCUNQRGQHO.RRDYCU

QDUGTXGF6JGUNQRGHTQOVJG(CKTXKGY.CMG0,UVWF[O.RRDYCUITGCVGTKP

CDUQNWVGOCIPKVWFGVJCPVJGUNQRGUHTQOVJGQVJGTUVWFKGUYJKEJTCPIGFHTQOVQ

O.RRD1XGTCNNJQYGXGTVJGUGRQQNGFTGUWNVUKPFKECVGCSWCPVKVCVKXGEQPUKUVGPE[COQPI

UVWFKGUVJCVKUPQVCUTGCFKN[CRRCTGPVKPVJGCDUGPEGQHVJGEQODKPGFCPCN[UKU

6CDNG5NQRGUHTQO4GITGUUKQPUQH(QTEGF'ZRKTCVQT[

8QNWOGKP1PG5GEQPFQP1\QPGHQT5KZ%COR5VWFKGUC

5VWF[ 0COG 5NQRG v 5' 
O.RRD R8CNWG 4GHGTGPEG D

(CKTXKGY .CMG   v   5RGMVQT GV CN 
C

(CKTXKGY .CMG   v   5RGMVQT GV CN 


5RGMVQT CPF .KRROCPP 


.CMG %QWEJKEJKPI  v   4CK\GPPG GV CN 


.CMG 'TKG  v   4CK\GPPG GV CN 
 

5CP $GTPCTFKPQ /QWPVCKPU  v   *KIIKPU GV CN 


)TQUU GV CN 


2KPG 5RTKPIU 4CPEJ  v   #XQN GV CN 
 

#NN UVWFKGU  v  

(QT GCEJ UVWF[ FCVC YGTG CPCN[\GF KP QPG TGITGUUKQP OQFGN VJCV KPENWFGF C RQQNGF 1 UNQRG CPF UGRCTCVG C



UWDLGEVURGEKHKE KPVGTEGRVU 5GG #RRGPFKZ # HQT CDDTGXKCVKQPU CPF CETQP[OU

5NQRG KU VJG YGKIJVGF OGCP QH UKZ UVWF[URGEKHKE UNQRGU 6JG 5' KU VJG YGKIJVGF 5' QH OGCP UNQRG D

+VKUPQVENGCTYJ[VJG0GY,GTUG[UVWF[[KGNFGFCNCTIGTUNQRGVJCPVJGQVJGT

UVWFKGU2QUUKDNGGZRNCPCVKQPUKPENWFGITGCVGTUWDLGEVCEVKXKV[NGXGNUTGUWNVKPIKPJKIJGT

1 FQUGUCVCIKXGPGZRQUWTGNGXGNRQVGPVKCVKQPQHVJG1 GHHGEVD[QVJGTRQNNWVCPVUUWEJCU  

CEKFCGTQUQNUVJGTGNCVKXGCDUGPEGQH1 VQNGTCPEGKPVJG0GY,GTUG[UVWF[QTEQPHQWPFKPID[ 
8



CKTDQTPGCNNGTIGPU6JGTGCTGPQHKTOFCVCQPCEVKXKV[NGXGNUCETQUUVJGUKZUVWFKGU6JWU

YJGTGCUVJKUHCEVQTUWTGN[EQPVTKDWVGUVQVJGTCPFQOXCTKCDKNKV[YKVJKPCPFDGVYGGPUVWFKGUKV

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DGVYGGP NWPI HWPEVKQP FGETGOGPVU CPF 1 GZRQUWTG 



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FCVC HTQO  OQPKVQTU HQT 51 IGPGTCNN[ TGHNGEVGF KP FCVC CV UKPING OQPKVQT &KCT[ RCPGN UVWF[ EQXGTGF  OQUWEEGUUKXG 2'(4 URKTQOGVT[ UVWFKGU QH  YGGMU GCEJ FQPGKP TGURGEVKXG ITQWRU QH VJG VJTGG UWDUCORNGU

4GNCVKQPUJKRU QH OCZKOWO JQWTN[ 51  0   1  1  CPF 

CPF OKPKOWO VGORGTCVWTG HQT GCEJ J RGTKQF VQ FWRRGT CPF NQYGT TGURKTCVQT[ KNNPGUU YJGG\G CPF 2'YGTG GXCNWCVGF WUKPI OWNVKRNG TGITGUUKQP OQFGNU CFLHQT KNNPGUU QEEWTTGPEG QT NGXGNU QH 2'(4 QP RTGEGFKPFC[ 0Q CKT RQNNWVCPV YCU UVTQPIN[ CUUQEKCVGF YKVJTGURKTCVQT[ KNNPGUU QT YKVJ 2'(4 #WVJQTU EQPENWFGVJKU UVWF[ ECP DGUV DG KPVGTRTGVGF CU UJQYKPI PQ CEWVGHHGEVU QH UVWFKGF RQNNWVCPVU QP TGURKTCVQT[ U[ORVQO2'(4 KP EJKNFTGP CV NGXGNU NQYGT VJCP VJG EWTTGPV0##35 DWV CNUQ PQVGF VJCV EQPENWUKQP OWUV DG VGOD[ TGNCVKXGN[ NQY NGXGNU QH RQNNWVCPVU GPEQWPVGTGF CPRQUUKDKNKV[ QH GZRQUWTG OKUENCUUKHKECVKQP

5GG #RRGPFKZ # HQT CDDTGXKCVKQPU CPF CETQP[OU C

%KVGF KP 75 'PXKTQPOGPVCN 2TQVGEVKQP #IGPE[ 
 D


TGRQTVGFTGUWNVUVJCVKPFKECVGFCUUQEKCVKQPUDGVYGGPCODKGPVQZKFCPVGZRQUWTGUCPFXCTKQWU

OGCUWTGUQHTGURKTCVQT[GHHGEVUGIKTTKVCVKXGTGURKTCVQT[U[ORVQOUCPFCEWVGRWNOQPCT[

HWPEVKQPFGETGOGPVUKPEJKNFTGPCPFCFWNVU6JGCIITGICVKQPQHKPFKXKFWCNUVWFKGURTQXKFGU

TGCUQPCDN[IQQFGXKFGPEGHQTCPCUUQEKCVKQPDGVYGGPCODKGPVRJQVQEJGOKECNQZKFCPVUCPF

CEWVGTGURKTCVQT[GHHGEVUCPFCFCVCDCUGVJCVKUIGPGTCNN[EQJGTGPVEQPUKUVGPVCPFDKQNQIKECNN[

RNCWUKDNG+PCFFKVKQPQVJGTUVWFKGUQHKTTKVCVKXGU[ORVQOUKPEJKNFTGPCPFCFWNVUCNUQYGTG

TGRQTVGFKPVJGFQEWOGPV(QTGZCORNG*COOGTGVCNTGRQTVGFSWCNKVCVKXG

CUUQEKCVKQPUDGVYGGPCODKGPVQZKFCPVNGXGNUCPFU[ORVQOUUWEJCUG[GCPFVJTQCVKTTKVCVKQP

EJGUVFKUEQOHQTVEQWIJCPFJGCFCEJGCVVQVCNQZKFCPVNGXGNUITGCVGTVJCPRROKP[QWPI

CFWNVUPWTUKPIUVWFGPVU9C[PGGVCNTGRQTVGFCJKIJEQTTGNCVKQP4 DGVYGGP 

CODKGPVVQVCNQZKFCPVNGXGNUJRTKQTVQEQORGVKVKQPCPFKORCKTGFGZGTEKUGRGTHQTOCPEG


TWPPKPIVKOGKPJKIJUEJQQNUVWFGPVUFWTKPIETQUUEQWPVT[VTCEMOGGVUKP.QU#PIGNGU%#

5[ORVQOUYGTGPQVOGCUWTGFDWV9C[PGURGEWNCVGFVJCVEJGUVFKUEQOHQTVHTQOQZKFCPV

KPJCNCVKQPKORCKTGFGZGTEKUGRGTHQTOCPEG#NVJQWIJTGUWNVUUWEJCUVJGUGCTGEQPUKUVGPVYKVJ

GXKFGPEGHTQOEQPVTQNNGFJWOCPGZRQUWTGUVWFKGURTGEKUGEJCTCEVGTK\CVKQPQHCODKGPV

RQNNWVCPVUCPFGPXKTQPOGPVCNEQPFKVKQPUCPFTKIQTQWUUVCVKUVKECNCPCN[UGUYGTGNCEMKPIKPVJG

UVWFKGU6JWUVJGRTKOCTKN[SWCNKVCVKXGFCVCHTQOVJGUGCPFQVJGTUVWFKGUYGTGPQVUCVKUHCEVQT[

VQRTQXKFGSWCPVKVCVKXGEQPENWUKQPUCDQWVVJGTGNCVKQPUJKRQHCODKGPV1 EQPEGPVTCVKQPUCPF 

CEWVGTGURKTCVQT[KNNPGUU

5EJYCTV\5EJYCTV\CPF<GIGTCPF5EJYCTV\GVCNTGCPCN[\GF

VJGQTKIKPCNFKCT[FCVCQHUVWFGPVPWTUGUTGRQTVGFGCTNKGTD[*COOGTGVCN6CDNG

6JGPWTUGUYGTGVQNFVJCVVJGFKCTKGUYGTGRCTVQHCRTQURGEVKXGUVWF[QHXKTCNKPHGEVKQPU

.QIKUVKETGITGUUKQPOQFGNUKPENWFKPIVKOGUGTKGUCPCN[UGUYGTGWUGFVQEQPVTQNHQT

CWVQEQTTGNCVKQPGHHGEVUVJCVCTGHTGSWGPVN[RTGUGPVKPVKOGUGTKGUFCVC6JGTGCPCN[UKUHQTFCKN[

RTGXCNGPEGTCVGUQHU[ORVQOU5EJYCTV\GVCNEQPHKTOGFVJCVCODKGPVQZKFCPVUYGTG

UKIPKHKECPVN[CUUQEKCVGFYKVJEQWIJCPFG[GFKUEQOHQTV*QYGXGTGCTNKGTTGRQTVGFCUUQEKCVKQPU

DGVYGGPQZKFCPVUCPFJGCFCEJGQTEJGUVFKUEQOHQTVYGTGPQVEQPHKTOGF%QWIJYCUVJGQPG

U[ORVQOVJCVUJQYGFCPCRRCTGPVVJTGUJQNFPGCTRROVQVCNQZKFCPVUYJKEJCRRTQZKOCVGU

VJGVJTGUJQNFXCNWGTGRQTVGFD[*COOGTGVCN(WTVJGTTGCPCN[UKUQHVJGFKCT[FCVC


*COOGTGVCND[5EJYCTV\CPFD[5EJYCTV\CPF<GIGTHQTVJGGHHGEVUQH

CKTRQNNWVCPVUQPVJGTKUMQHPGYGRKUQFGUQHTGURKTCVQT[CPFQVJGTU[ORVQOUCPFQPVJGKT

FWTCVKQPUTGXGCNGFKPVGTGUVKPIHKPFKPIU6JGOGCPRNWUQTOKPWUUVCPFCTFFGXKCVKQP5&NGXGN

QHQZKFCPVUYCUvRRO+PNQIKUVKETGITGUUKQPOQFGNUCPKPETGCUGKPQZKFCPV

EQPEGPVTCVKQPD[QPG5&RROYCUCUUQEKCVGFYKVJCKPETGCUGFTKUMQHEJGUV

FKUEQOHQTVCPFCKPETGCUGFTKUMQHG[GKTTKVCVKQP6JGUGCUUQEKCVKQPUYGTGJKIJN[

UKIPKHKECPVR+PCFFKVKQPRJQVQEJGOKECNQZKFCPVUYGTGUKIPKHKECPVN[R

CUUQEKCVGFYKVJVJGFWTCVKQPQHGRKUQFGUQHEQWIJRJNGIOCPFUQTGVJTQCV

-TWRPKEMGVCNCPF1UVTQGVCNTGCPCN[\GFFCKN[JGCNVJFCVCHTQO

QXGTEJKNFTGPCPFCFWNVUNKXKPIKPVJG.QU#PIGNGUCTGCFWTKPICOQRGTKQF5GRVGODGT

VQ/CTEJ6CDNG6JGQTKIKPCNUVWF[YCUTGRQTVGFD[(NGUJGVCN

6JGRTGUGPEGQTCDUGPEGQHFCKN[TGURKTCVQT[U[ORVQOUCUUQEKCVGFYKVJFCKN[GZRQUWTGVQ

CODKGPV1 CPFQVJGTCKTRQNNWVCPVUYCUCPCN[\GFKPCRQQNGFETQUUUGEVKQPCNVKOGUGTKGU 

OQFGN-TWRPKEMGVCNTGRQTVGFUVCVKUVKECNN[UKIPKHKECPVGHHGEVUQH1 NGXGNUQPFCKN[ 

TGRQTVGFTGURKTCVQT[U[ORVQOUKPJGCNVJ[PQPUOQMKPICFWNVUDWVPQVCOQPIUOQMGTU

EJKNFTGPCPFRCVKGPVUYKVJEJTQPKETGURKTCVQT[FKUGCUG1UVTQGVCNGXCNWCVGFVJGFCKN[

TGRQTVUQHPQPUOQMKPICFWNVUCPFWUKPICNQIKUVKETGITGUUKQPOQFGN

6CDNG#EWVG'HHGEVUQH2JQVQEJGOKECN1ZKFCPV2QNNWVKQP

5[ORVQO2TGXCNGPEGC

2QNNWVCPVU CPF 'PXKTQPOGPVCN 8CTKCDNGU 5VWF[ &GUETKRVKQP 4GUWNVU CPF %QOOGPVU 6QVCN QZKFCPV %1 51  01 CPF 01 OGCUWTGF  VQVCN QZKFCPV EQPEGPVTCVKQPU TGCEJGF GRKUQFKENGXGNU 
OCZKOWO JFC[  VQ  RROOGCP FCKN[ VGORGTCVWTG YCU  %

4GCPCN[UKU QH FCKN[ FKCT[ UVWF[ QH UVWFGPV PWTUGU YQTMKPICPF NKXKPI CV UEJQQNU KP .QU #PIGNGU 
UGG 75'PXKTQPOGPVCN 2TQVGEVKQP #IGPE[  HQT FGVCKNU QH*COOGT GV CN  6JKU UGTKGU QH RCRGTU TGGZCOKPGU VJGPWTUGU	 FCVC WUKPI NQIKUVKE TGITGUUKQP OQFGNU CPF VKOG UGTKGUOGVJQFU VQ CEEQWPV HQT UGTKCN EQTTGNCVKQP 
CWVQEQTTGNCVKQP QHU[ORVQOU QP UWEEGUUKXG FC[U 6JG GHHGEVU QH VQVCN QZKFCPVUQP FCKN[ RTGXCNGPEG TCVGU QH U[ORVQOU TKUMU QH FGXGNQRKPIPGY U[ORVQOU 
GRKUQFGU CPF FWTCVKQP QH GRKUQFGU YGTGCPCN[\GF

#UUQEKCVKQPU HQWPF DGVYGGP VQVCN QZKFCPVU CPF RTGXCNEQWIJ CPF G[G KTTKVCVKQP EQPHKTOKPI RCTV QH HKPFKPIU UVWF[ #UUQEKCVKQP YKVJ EQWIJ QPN[ CV QZKFCPV EQPEGCDQXG CRRTQZKOCVGN[  RRO 2TGXKQWUN[ TGRQTVGFCUUQEKCVKQPU DGVYGGP QZKFCPVU CPF EJGUV FKUEQOHQTV CJGCFCEJG 
*COOGT GV CN  PQV EQPHKTOGF 1ZKCUUQEKCVGF YKVJ KPETGCUGF TKUM 
KPEKFGPEG QH EJGUV FKCPF G[G KTTKVCVKQP CPF FWTCVKQP QH GRKUQFGU QH EQWIJ CPF UQTG VJTQCV &WTCVKQP QH U[ORVQOU UJQYGF EQPETGURQPUG TGNCVKQPUJKRU GXGP DGNQY  RRO (KPFKPFKHHGTGPV GHHGEVU QH QZKFCPVU QP U[ORVQO EJCTCEVGTKUVQH FCKN[ RCTVKEWNCVG OGCUWTGOGPVU UOCNN PWODGT QH UCPF JGVGTQIGPGQWU KPFKXKFWCN TGURQPUGU TGUVTKEV SWCPKPVGTRTGVCVKQP QH TGUWNVU .WPI HWPEVKQP YCU PQV OGC

&CKN[ 1  01  51  CPF %Q* CPF GXGT[ UKZVJ  

FC[ UWNHCVGU OGCUWTGF CV QPG UKVG 
#\WUCJ FCKN[ OCZKOWO 1  RRO J CXGTCIG 1   RRO UWNHCVGU  IO  OCZKOWO VGORGTCVWTG YCU  %

4GCPCN[UKU QH FCKN[ FKCTKGU EQORNGVGF FWTKPI FC[ UWTXG[RGTKQF 
5GRVGODGT  VQ /CTEJ  D[  EJKNFTGP CPF CFWNVU 
-TWRPKEM GV CN  CPF  PQPUOQMKPICFWNVU 
1UVTQ GV CN  NKXKPI KP )NGPFQTC %QXKPC QT#\WUC %# 
UGG (NGUJ GV CN  HQT FGVCKNU 2TGUGPEG QTCDUGPEG QH  
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
P   YKVJQWV CKT EQPFKVKQPGTU CPF VJQUG YKVJRTGGZKUVKPI TGURKTCVQT[ KPHGEVKQP YGTG CPCN[\GF

.QIKUVKE TGITGUUKQP OQFGN KPFKECVGF UKIPKHKECPV CUUQEDGVYGGP KPEKFGPEG QH NQYGT TGURKTCVQT[ U[ORVQOU CPPQPUOQMKPI CFWNVU 
DWV PQV COQPI UOQMGTU EJKNFTGPRCVKGPVU YKVJ EJTQPKE TGURKTCVQT[ FKUGCUG J FCKN[ O1 NGXGNU 
14    %+ QH  HQT C 



EJCPIG J CXGTCIG 1 NGXGN 
14    %+ 



 CPF CODKGPV UWNHCVGU 
14     HQT C  IO EJCPIG %Q* YCU UKIPKHK



TGNCVGF VQ FCKN[ U[ORVQOU KP EJKNFTGP )CU UVQXG KP YCU CUUQEKCVGF YKVJ NQYGT TGURKTCVQT[ VTCEV U[ORVQO
14    %+ QH  CU YGTG VJG GHHGKP UWDITQWRU YKVJQWV TGUKFGPVKCN CKT EQPFKVKQPGT
14   CPF YKVJ RTGGZKUVKPI TGURKTCVQT[ KPHGEVK #NN VJG CDQXG KPETGCUGF TKUMU YGTG UVCVKUVKECNNUKIPKHKECPV 
R   +PVGTRTGVCVKQP QH TGUWNVU NKOKUGNGEVKQP QH UCORNG WPFGTUCORNKPI QH [QWPI CFWNVUCIITGICVKQP QH U[ORVQOU QH CNN UGXGTKV[ NGXGNU KPVQ QOGCUWTG RQUUKDNG TGRQTVKPI DKCU CPF CDUGPEG QH KPFGZRQUWTG CGTQCNNGTIGP CPF NWPI HWPEVKQP FCVC

5GG #RRGPFKZ # HQT CDDTGXKCVKQPU CPF CETQP[OU C


HQWPFCUVCVKUVKECNN[UKIPKHKECPVCUUQEKCVKQPDGVYGGPVJGKPEKFGPEGQHNQYGTTGURKTCVQT[VTCEV

U[ORVQOUCPFJFCKN[OCZKOWOCPFJCXGTCIG1 NGXGNUCPFKPETGCUGFTKUM 

TGURGEVKXGN[YKVJRROKPETGCUGKP1 CPFCODKGPVUWNHCVGUKPETGCUGFTKUMYKVJC 

IO EJCPIG6JGNQYGTTGURKTCVQT[VTCEVGHHGEVUQH1 YGTGITGCVGTKPVJGUWDITQWRUYKVJ 



ICUUVQXGUYKVJQWVTGUKFGPVKCNCKTEQPFKVKQPGTUCPFYKVJRTGGZKUVKPITGURKTCVQT[KPHGEVKQP

+PVGTRTGVCVKQPQHVJGTGUWNVUKUNKOKVGFD[VJGUGNGEVKQPQHVJGUCORNGHQTCPCN[UKU

WPFGTUCORNKPIQH[QWPICFWNVUCIITGICVKQPQHU[ORVQOUQHCNNUGXGTKV[NGXGNUKPVQQPG

OGCUWTGRQUUKDNGTGRQTVKPIDKCUCPFCDUGPEGQHKPFQQTGZRQUWTGQWVFQQTCGTQCNNGTIGPCPF

NWPIHWPEVKQPFCVC

6JGTGUWNVUHTQOVJGCDQXGRCPGNUVWFKGUUWIIGUVCOQFGUVDWVDKQNQIKECNN[RNCWUKDNG

TGNCVKQPUJKRDGVYGGPUJQTVVGTOGZRQUWTGVQCODKGPVQZKFCPVU1 CPFTGURKTCVQT[U[ORVQOU

6JGKPVGTRTGVCVKQPQHVJGUGTGEGPVTGCPCN[UGUKUNKOKVGFD[UGXGTCNHCEVQTU*GVGTQIGPGQWU

KPFKXKFWCNTGURQPUGUQEEWTCPFCPCN[UGUQHITQWRGFFCVCRQUUKDN[OC[OKUUUWUEGRVKDNG

UWDITQWRU6JGNCEMQHURGEKHKEOGCUWTGOGPVUQH1 CPFQVJGTRQNNWVCPVUGURGEKCNN[RCTVKENGU 

CPFQHRGTUQPCNGZRQUWTGQTTKUMXCTKCDNGUGIVKOGCEVKXKV[FCVCYGCMGPVJGCUUGUUOGPVQH

EQPHQWPFGTUCPFGHHGEVOQFKHKGTU+PCFFKVKQPVJGQXGTCNNFCVCCPCN[UKURGTVCKPUVQUOCNNCPF

XGT[UGNGEVGFUCORNGUVJCVJCXGWPEGTVCKPTGRTGUGPVCVKXGPGUUVQVJGIGPGTCNRQRWNCVKQP

#IITCXCVKQPQH'ZKUVKPI4GURKTCVQT[&KUGCUGU

2TKQTGRKFGOKQNQIKECNFCVCQPVJGGHHGEVUQHCODKGPV1 NGXGNUKPUWDLGEVUYKVJ 

GZKUVKPITGURKTCVQT[FKUGCUGJCXGDGGPFKHHKEWNVVQKPVGTRTGVFWGVQOGVJQFQNQIKECNNKOKVCVKQPU


75'PXKTQPOGPVCN2TQVGEVKQP#IGPE['ZCEGTDCVKQPQHCUVJOCCPFQVJGTJGCNVJ

GPFRQKPVUUWDUGSWGPVN[JCUDGGPGXCNWCVGFCPFOQTGTGEGPVUVWFKGUJCXGQDUGTXGFRQUUKDNG

KPETGCUGUKPU[ORVQOCIITCXCVKQPQTEJCPIGUKPNWPIHWPEVKQPQHCUVJOCVKEUWDLGEVUKPTGNCVKQP

VQKPETGCUGF1 QTVQVCNQZKFCPVNGXGNUCUYGNNCUKPVGTCEVKQPUDGVYGGP1 EQPEGPVTCVKQPUCPF  

VGORGTCVWTG*QYGXGTPQEQPUKUVGPVRCVVGTPQHHKPFKPIUHQTCIITCXCVKQPQHU[ORVQOUQTNWPI

HWPEVKQPEJCPIGUJCUDGGPTGRQTVGFHQTRCVKGPVUYKVJQVJGTV[RGUQHEJTQPKENWPIFKUGCUG5QOG

QHVJGOCLQTKUUWGUKPKPVGTRTGVKPITGUWNVUHTQOUVWFKGUQHTGURKTCVQT[GZCEGTDCVKQPUJCXGDGGP

KPCFGSWCVGUCORNGUK\GCPFEJCTCEVGTK\CVKQPQHVJGUVWF[UWDLGEVUNCEMQHKPHQTOCVKQPQPVJG

RQUUKDNGGHHGEVUQHOGFKECVKQPUVJGCDUGPEGQHTGEQTFUHQTCNNFC[UQPYJKEJU[ORVQOUEQWNF

JCXGQEEWTTGFKPCFGSWCVGKPVGTRTGVCVKQPQHVJGENKPKECNUKIPKHKECPEGQHOGCUWTGFEJCPIGUVJG

TQNGQHEQPHQWPFGTUCPFGHHGEVOQFKHKGTUGIVGORGTCVWTGJWOKFKV[RCTVKENGU

CGTQCNNGTIGPUCPFRGTUQPCNQTITQWREJCTCEVGTK\CVKQPQHKPFQQTQWVFQQTGZRQUWTGU(QT

GZCORNG9JKVVGOQTGCPF-QTPCPF*QNIWKPGVCNHQWPFUOCNNKPETGCUGUKPVJG

RTQDCDKNKV[QHCUVJOCCVVCEMUCUUQEKCVGFYKVJRTGXKQWUCVVCEMUFGETGCUGFVGORGTCVWTGCPF

KPETGOGPVCNKPETGCUGUKPQZKFCPVCPF1 EQPEGPVTCVKQPU.GDQYKV\GVCN 

CPF.GDQYKV\TGRQTVGFGHHGEVUKPCUVJOCVKEUUWEJCUFGETGCUGF2'(4CPFKPETGCUGF

TGURKTCVQT[U[ORVQOUVJCVYGTGTGNCVGFVQVJGKPVGTCEVKQPQH1 CPFVGORGTCVWTG0QPGQH 

VJGUGUVWFKGUCFGSWCVGN[CUUGUUGFRQUUKDNGGHHGEVOQFKHKECVKQPD[QVJGTRQNNWVCPVURCTVKEWNCTN[

KPJCNCDNGRCTVKENGUYJKEJOC[JCXGKPFGRGPFGPVGHHGEVU

'RKFGOKQNQIKECNUVWFKGURWDNKUJGFUKPEGVJGETKVGTKCFQEWOGPV75

'PXKTQPOGPVCN2TQVGEVKQP#IGPE[JCXGCVVGORVGFVQEQPVTQNHQTOCP[OGVJQFQNQIKECN

KUUWGUGIYKVJ=?DGVVGTGUVKOCVGUQHGZRQUWTGVQRQNNWVCPVU=CUYGNNCU1 ?CPF 

GPXKTQPOGPVCNXCTKCDNGUVJCVECPEQPHQWPFQTOQFKH[TGURQPUGU=?UGTKCNOGCUWTGOGPVUQH

RWNOQPCT[HWPEVKQPHQTFGVGTOKPKPIEQTTGNCVKQPUYKVJRQNNWVCPVUCPFQVJGTGPXKTQPOGPVCN

XCTKCDNGU=?DGVVGTDKQOGFKECNEJCTCEVGTK\CVKQPQHEQJQTVUCPF=?OQTGTQDWUVCPCN[VKECN


CRRTQCEJGUVJCVEQPVTQNHQTCWVQEQTTGNCVKQPQHGPXKTQPOGPVCNXCTKCDNGUCPFJGCNVJTGURQPUGU

4GEGPVUVWFKGUIGPGTCNN[JCXGRTQXKFGFHWTVJGTGXKFGPEGVJCVUWRRQTVUCTGNCVKQPUJKRDGVYGGP

CODKGPV1 QZKFCPVEQPEGPVTCVKQPUCPFTGURKTCVQT[OQTDKFKV[KPCUVJOCVKEUWDLGEVU 


6CDNG

)QPIUVWFKGFVJGTGNCVKQPUJKRDGVYGGPCKTSWCNKV[CPFTGURKTCVQT[UVCVWUQH

CUVJOCVKEUWDLGEVUNKXKPIKPCJKIJQZKFCPVCTGCQH.QU#PIGNGU%QWPV[6JGUVWF[EQXGTGF

(GDTWCT[VQ&GEGODGTDWVFCVCCPCN[UGUYGTGNKOKVGFVQCFC[RGTKQF#RTKN

VJTQWIJ0QXGODGTDGECWUGQHUVCIIGTGFGPVT[QHUWDLGEVUKPVQVJGUVWF[CPFVJGJKIJ

HTGSWGPE[QHOKUUKPIQTKPEQORNGVGFCVCGPEQWPVGTGFKPVJGGCTNKGTRCTVQHVJGUVWF[RGTKQF

4GITGUUKQPCPFEQTTGNCVKQPCPCN[UGUDGVYGGP1 CPFCXGTCIGU[ORVQOUEQTGUCUVJOC 

OGFKECVKQPKPFGZ#/+CPFFC[CPFPKIJV2'(4CETQUUUWDLGEVUUJQYGFYGCMPQPUKIPKHKECPV

TGNCVKQPUJKRU6JGUGFCKN[QWVEQOGXCTKCDNGUYGTGEQORCTGFCETQUUFC[UYKVJOCZKOWOJ

CXGTCIG1 KPVJTGGTCPIGURROVQRROCPFRROPQUVCVKUVKECNQT 

ENKPKECNUKIPKHKECPEGYCUFGVGEVGF+PFKXKFWCNGZRQUWTGUCPFCEVKXKV[RCVVGTPUYGTGPQV

GUVKOCVGFKPVJGUGVYQCPCN[UGU/WNVKRNGTGITGUUKQPCPCN[UGUCNUQKPFKECVGFVJGNCEMQHC

UKIPKHKECPVQXGTCNNTGNCVKQPUJKRDGVYGGP1 CPFVJGKTKPFGRGPFGPVXCTKCDNGUCPFTGURKTCVQT[ 

UVCVWUFGURKVGVJGWUGQHNCIIGFXCTKCDNGUCPFVJGKPENWUKQPQHQVJGTRQNNWVCPVUOGVGQTQNQIKECN

XCTKCDNGUCGTQCNNGTIGPUCPF#/+6QVCNUWURGPFGFRCTVKENGUFKTGEVN[CHHGEVGF2'(4DWVVJG

TGNCVKQPUJKRYCUPQVEQPUKUVGPVKPVJGCPCN[UKU#GTQCNNGTIGPUUJQYGFUKIPKHKECPVN[PGICVKXG

TGNCVKQPUJKRUVQTGURKTCVQT[XCTKCDNGUDWVQPN[VJGGHHGEVQHEGTVCKPOQNFUYCUEQPUKFGTGF

ENKPKECNN[TGNGXCPV6GORGTCVWTGCPFJWOKFKV[UJQYGFPQUKIPKHKECPVGHHGEVQPVJGTGURKTCVQT[

XCTKCDNGUQPVJKUUVWF[

#NVJQWIJVJGTGYCUPQUKIPKHKECPVQXGTCNNGHHGEVQH1 QPTGURKTCVQT[XCTKCDNGUKPVJG 

CUVJOCVKEUWDLGEVUOWNVKRNGTGITGUUKQPCPCN[UKUQHUWDLGEVUYJQUG1 EQGHHKEKGPVUQPXCTKQWU 

FC[UYGTGKPVJGVQRSWCTVKNGHQTFGRGPFGPVXCTKCDNGUTGURKTCVQT[OGCUWTGUUJQYGFUKIPKHKECPV

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CFOKUUKQPUHQTTGURKTCVQT[ECWUGUTCPIKPIKPVJGUGUVWFKGUHTQOVQVQVCNTGURKTCVQT[

CFOKUUKQPUFC[RRD1  RGTUQPUQTHTQOCVQTGNCVKXGTKUMRRD1   



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YGTGUQOGVKOGUUWIIGUVKXGQHCPCUUQEKCVKQPDWVGCEJUVWF[YCUHNCYGFKPUQOGYC[

6JGUGUVWFKGUCTGKPENWFGFKP6CDNGYKVJCPPQVCVKQPCUVQVJGFQEWOGPVKPYJKEJVJG[

YGTGTGRQTVGF/QUVQHVJGUGUVWFKGUEQPUKFGTGFFCKN[OQTVCNKV[KP.QU#PIGNGU%#FWTKPI

VJGUCPFU7PNKMGOQUVJKUVQTKECNJQURKVCNCFOKUUKQPUUVWFKGUOCP[QHVJGUGUVWFKGU

FKFTGEQIPK\GCPFCVVGORVVQEQPVTQNHQTUGCUQPCNKV[KPVJGFCVCUGTKGU0QVCDNGGZEGRVKQPUCTG

VJG%CNKHQTPKC&GRCTVOGPVQH2WDNKE*GCNVJUVWFKGUYJKEJYGTGHWTVJGT

YGCMGPGFD[VJGKTSWCNKVCVKXGVTGCVOGPVQHVJGCKTRQNNWVKQPFCVC6JG/KNNUCDCPCN[UGU

CNUQGORNQ[GFCSWGUVKQPCDNGGZRQUWTGCUUGUUOGPVOGVJQFVJG5VCPFCTF4GUGCTEJ+PUVKVWVG

UOQIKPFGZYJKEJFKOKPKUJGUKVUWUGHWNPGUU/CUUG[GVCNTGRQTVGFPQUKIPKHKECPV

EQTTGNCVKQPUDGVYGGPEQOOWPKV[FKHHGTGPEGUKPOQTVCNKV[CPFFKHHGTGPEGUKPQZKFCPVNGXGNUQXGT

VKOGDWVVJGKPXGUVKICVQTUEQORCTGFVYQEQOOWPKVKGUYKVJXGT[FKHHGTGPVRQRWNCVKQPUGI

CIGFKUVTKDWVKQPUCNKMGN[EQPHQWPFGTKPUWEJETQUUUGEVKQPCNEQORCTKUQPU/KNNU

YJKNGTGRQTVKPIOQTVCNKV[QZKFCPVCUUQEKCVKQPUCPFGHHGEVUTGURKTCVQT[CPFECTFKQXCUEWNCT

FGCVJU[GCTFKFPQVEQPVTQNHQTRQVGPVKCNVGORGTCVWTG

6CDNG&CKN[/QTVCNKV[#UUQEKCVGFYKVJ'ZRQUWTG

VQ2JQVQEJGOKECN1ZKFCPV2QNNWVKQPC

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1ZKFCPV

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0QV TGRQTVGF 1ZKFCPV %QORCTKUQP QH FCKN[ OQTVCNKV[ KP VYQ

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CPF %1 EQPEGPVTCVKQPU YGTG CNUQ OGCUWTGF

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6CDNGEQPV	F&CKN[/QTVCNKV[#UUQEKCVGFYKVJ'ZRQUWTG

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7UGF FGXKCVKQPU HTQO UKPG YCXG HKV VQ TGFWEGUGCUQPCNKV[ QH RQNNWVKQP CPF OQTVCNKV[ DWV HKV QHOQPVJN[ XCTKCVKQPU YCU KPCFGSWCVG 5KIPKHKECPVEQTTGNCVKQPU HQWPF DGVYGGP RQNNWVCPVU CPF OQTVCNKVECTFKQTGURKTCVQT[ FKUGCUGU DWV CWVQEQTTGNCVKQPCFLWUVOGPVU D[ CWVJQTU TGRQTVGFN[ TGFWEGF VJGUGCUUQEKCVKQPU VQ PQPUKIPKHKECPEG

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UGCUQPCN XCTKCVKQPU KP OQTVCNKV[

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6CDNGEQPV	F&CKN[/QTVCNKV[#UUQEKCVGFYKVJ'ZRQUWTG

VQ2JQVQEJGOKECN1ZKFCPV2QNNWVKQPC

%QPEGPVTCVKQP
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0QV TGRQTVGFJ FCKN[ OCZ

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5KIPKHKECPV CUUQEKCVKQPU HQWPF DGVYGGP OQTVCNKV[ CPF DWV PQV 1  *QYGXGT 1 FCVC CPF TGUWNVU PQV RTGUGPV

 

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KP 60 PQGZEGGFCPEGU QH RRO JOCZ KP /1HKXG GZEGGFCPEGUYKVJ OCZ  RRO

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CPF CKT RQNNWVKQP YGTG KPXGUVKICVGF KP 5V.QWKU /1 CPF -KPIUVQP*CTTKOCP 60FWTKPI 5GRVGODGT  VJTQWIJ #WIWUV 'PXKTQPOGPVCN XCTKCDNGU EQPUKFGTGFKPENWFG VGORGTCVWTG 4* 2/  2/  UWNHCVG  CGTQUQN CEKFKV[ 51  01  CPF 1   

5VCVKUVKECNN[ UKIPKHKECPV FCKN[ OQTVCNKV[ CUUQEKCVKQPU YHQWPF YKVJ 2/  DWV PQV YKVJ 1  #WVQEQTTGNCVKQP  TGOQXGF XKC UGCUQP KPFKECVQTU OWNVKRNGVGORGTCVWTGENKOCVG XCTKCDNGU CPF #4 OQFGNKPI 6JPQPUKIPKHKECPV 1 EQGHHKEKGPV OC[ JCXG DGGP EQPVTKDW



VQ D[ VJG OQTG EQPUGTXCVKXG CWVQEQTTGNCVKQP TGOQXCNOGCUWTGU VCMGP NQYGT 1 EQPEGPVTCVKQPU CPF UJQTVGT UVWF[ RGTKQF TGNCVKXG VQ QVJGT TGEGPV OQTVCNKV[ UVWFKG

5GG #RRGPFKZ # HQT CETQP[OU CPF CDDTGXKCVKQPU C

4GXKGYGF KP 75 'PXKTQPOGPVCN 2TQVGEVKQP #IGPE[ 
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4GXKGYGF KP 75 'PXKTQPOGPVCN 2TQVGEVKQP #IGPE[ 
 E


KPHNWGPEGUQPOQTVCNKV[DGNQY(FCKN[OCZKOWO*GEJVGTCPF)QNFUOKVJ

TGCPCN[\GFVJG/KNNUFCVCWUKPICUKORNGCPPWCNUKPGYCXGUGCUQPCNKV[EQTTGEVKQPCPF

QDVCKPGFUKIPKHKECPVQZKFCPVEQTTGNCVKQPUWPVKNCPCWVQEQTTGNCVKQPCFLWUVOGPVYCUCRRNKGFVJKU

TGRQTVGFN[ECWUGFVJGRQNNWVCPVOQTVCNKV[EQTTGNCVKQPUVQFTQRVQPQPUKIPKHKECPEGTGUWNVUPQV

RTGUGPVGF$KGTUVGMGTCPF'XGPFKLMEQPFWEVGFCVVGUVQHFKHHGTGPEGCPCN[UKUQHVYQ

UWOOGTUQHVKOGUGTKGUFCVCHTQO4QVVGTFCOHQTCPF#NVJQWIJUKIPKHKECPV

OQTVCNKV[FKHHGTGPEGUEQWNFDGUGGPFWTKPIJGCVRQNNWVKQPGRKUQFGU1 

RROPQUKIPKHKECPVOQTVCNKV[KPETGCUGEQWNFDGUGGPFWTKPIVJGENGCPGTCPFEQQNGT

UWOOGTGRKUQFGU1 RRO5VCVKUVKECNVKOGUGTKGUOGVJQFUYGTGPGGFGFVQ 

CFFTGUURTQDCDNGEQPHQWPFKPID[VGORGTCVWTGGHHGEVU1XGTCNNVJGXCTKQWUGZRQUWTG

CUUGUUOGPVCPFUVCVKUVKECNCPCN[UGUYGCMPGUUGUKPVJGUVWFKGUTGRQTVGFKPRTGXKQWU1 ETKVGTKC 

FQEWOGPVUJCXGRTGXGPVGFVJGFTCYKPIQHFGHKPKVKXGEQPENWUKQPUKPVJQUGRCUVFQEWOGPVUCUVQ

YJGVJGTQTPQVVJGTGKUCUKIPKHKECPVCUUQEKCVKQPDGVYGGP1 CPFJWOCPOQTVCNKV[ 

#NVJQWIJTGNCVKXGN[HGY1 OQTVCNKV[UVWFKGUJCXGDGGPEQPFWEVGFCPFRWDNKUJGF 

UKPEGVJGNCUVETKVGTKCFQEWOGPV75'PXKTQPOGPVCN2TQVGEVKQP#IGPE[VJGUVCVKUVKECN

OGVJQFUCPFRQNNWVKQPFCVCGORNQ[GFKPVJGUGUVWFKGUJCXGKORTQXGFEQORCTGFYKVJVJGQNFGT

UVWFKGUFKUEWUUGFCDQXG5JWOYC[GVCNHQEWUGFQPNQPIYCXGXCTKCVKQPUKPOQTVCNKV[

HKPFKPIVJCV1 YCUCPQPUKIPKHKECPVEQPVTKDWVQTVQUGCUQPCNXCTKCVKQPUKP.QU#PIGNGUOQTVCNKV[ 

FWTKPIVQ#UOKIJVJCXGDGGPGZRGEVGFVGORGTCVWTGYCUHQWPFVQDGVJGRTKPEKRCN

GPXKTQPOGPVCNHCEVQTKPHNWGPEKPIUGCUQPCNOQTVCNKV[HNWEVWCVKQPU6JKURCRGT	UGZRNQTCVQT[

HTGSWGPE[FQOCKPCPCN[UKUFKFKPFKECVGCUKIPKHKECPVUJQTVYCXGKGE[ENGUQPVJGQTFGTQHC

HGYFC[UKPRGTKQFCUUQEKCVKQPDGVYGGP1 CPFOQTVCNKV[DWVVJKUTGUWNVYCUPQVRWTUWGFKPVJG 

UWDUGSWGPVTGITGUUKQPCPCN[UGU

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OQTVCNKV[CPFGPXKTQPOGPVCNFCVCUGVHQTUJQTVYCXGRQNNWVKQPOQTVCNKV[CUUQEKCVKQPUWUKPI

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UGTKGUWUKPICJKIJRCUUHKNVGTUKIPKHKECPVCUUQEKCVKQPUYGTGFGOQPUVTCVGFDGVYGGPCKTRQNNWVKQP

CPFUJQTVYCXGCEWVGXCTKCVKQPUKPVQVCNOQTVCNKV[GXGPCHVGTEQPVTQNNKPIHQTVGORGTCVWTG

KPHNWGPEGU&C[QHYGGMGHHGEVUCNUQYGTGCEEQWPVGFHQTDWVYGTGHQWPFPQVVQCHHGEV

RQNNWVCPVOQTVCNKV[CUUQEKCVKQPU+PVJGTGITGUUKQPOQFGNUEQPUKFGTGFVJGFC[NCIQH

1 EQPEGPVTCVKQPICXGVJGUVTQPIGUVRQNNWVCPVCUUQEKCVKQPUYKVJVQVCNOQTVCNKV[6JKU 

1 EQGHHKEKGPVYCUUVCVKUVKECNN[UGRCTCDNGHTQOVJGQVJGTUKIPKHKECPVRQNNWVCPVUKPVJGCPCN[UKU 


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HTQOGCEJQVJGT'ZRTGUUGFCUCPGNCUVKEKV[VJG1 TGITGUUKQPEQGHHKEKGPVv=5'? 

FGCVJURRDQXGTCNN[GCTUKPFKECVGFVJCVCKPETGCUGKP1 EQPEGPVTCVKQPYCUCUUQEKCVGFYKVJ 

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VGORGTCVWTGYCUUKIPKHKECPVHQTTGURKTCVQT[FGCVJUCXGTCIGFC[RTQDCDN[FWGVQNQY

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1XGTCNNCNVJQWIJVJG5JWOYC[GVCNCPCN[UKUQHVJGUGVQ.QU#PIGNGUFCVC

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OQTVCNKV[KP.QU#PIGNGUVJG-KPPG[CPF1\MC[PCMUJQTVYCXGCPCN[UKUFQEWOGPVUVJCV


1 GZRNCKPGFCUOCNNDWVUVCVKUVKECNN[UKIPKHKECPVRQTVKQPQHFC[VQFC[XCTKCVKQPUKPVQVCN 

OQTVCNKV[KPVJCVEKV[QXGTC[GCTRGTKQF

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OGVJQFU#NVJQWIJCEVWCNTGUWNVUCTGPQVRTGUGPVGFHQT1 KVKUUVCVGFKPVJGFKUEWUUKQPQH 

TGUWNVUVJCV1 YCUJKIJN[KPUKIPKHKECPVCUCRTGFKEVQTQHFCKN[OQTVCNKV[9GCVJGTKU 

EQPVTQNNGFHQTGZVGPUKXGN[KPVJGOQFGNURGEKHKECVKQPDGHQTGVJGKPVTQFWEVKQPQHVJGCKTRQNNWVKQP

XCTKCDNGU6JGHCEVVJCV1 KUWUWCNN[EQTTGNCVGFQXGTVKOGYKVJOGVGQTQNQI[TCKUGUVJGEQPEGTP 

VJCVVJGOQFGNOC[DGQXGTURGEKHKGFDWVPQFKCIPQUVKEUGIEQTTGNCVKQPUQHVJGEQGHHKEKGPVU

CTGRTGUGPVGFVQCNNQYHQTCPGXCNWCVKQP#NVJQWIJRTGXKQWUFC[VGORGTCVWTGYCUKPENWFGFKP

VJGOQFGNVJGQPN[FKTGEVUGCUQPCNKV[EQPVTQNCVVGORVGFYCUVQNKOKVVJGCPCN[UKUVQPQPYKPVGT

OQPVJU6JWUKVKUPQVENGCTVQYJCVGZVGPVYKVJKPUGCUQPNQPIYCXGEQPHQWPFKPICNUQOC[DG

KPHNWGPEKPIVJGTGUWNVU+HRTGUGPVUWEJNQPIYCXGEQPHQWPFKPIYQWNFDGGZRGEVGFVQDKCUVJG

1 EQGHHKEKGPVFQYPYCTFVQYCTFUPQPUKIPKHKECPEGKPVJKUECUGDGECWUG1 KUWUWCNN[JKIJGUV  

CPFOQTVCNKV[NQYGUVKPUWOOGTCPFYQWNFTGUWNVKPCWVQEQTTGNCVKQPKPVJGOQFGN0QOQFGN

TGUKFWCNFKCIPQUVKEUCTGTGRQTVGFGI&9UVCVKUVKEUQTRNQVUQHVJGOQFGNTGUKFWCNUUQVJG

GZVGPVQHVJKURTQDNGOKHRTGUGPVECPPQVDGGXCNWCVGFFKTGEVN[*QYGXGTCWVQTGITGUUKXG

OGVJQFUYGTGGORNQ[GFYJKEJUJQWNFJCXGCFFTGUUGFCP[CWVQEQTTGNCVKQPRTQDNGOU1XGTCNN

VJGRQQTFQEWOGPVCVKQPQHVJGOQTVCNKV[1 OQFGNKPIGURGEKCNN[TGICTFKPIVJGNCEMQHOQFGN 

URGEKHKECVKQPFGVCKNUQTOQFGNEQGHHKEKGPVKPVGTEQTTGNCVKQPUOCMGUVJGCWVJQT	UUVCVGOGPV

TGICTFKPI1 CPFOQTVCNKV[FKHHKEWNVVQGXCNWCVG 

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#FCOUJCXGUWIIGUVGFVJCVYQOGPCTGOQTGTGURQPUKXGVQ1 VJCPOGP*QYGXGTVJG 

CDUGPEGQHEQPUKUVGPVHKPFKPIUYKVJTGURGEVVQIGPFGTFKHHGTGPEGUKPFKECVGUVJCVKVECPPQVDG

EQPENWFGFVJCVOGPCPFYQOGPTGURQPFFKHHGTGPVN[VQ1 %QORCTKUQPQHTGURQPUGUCETQUU 

IGPFGTTCEKCNGVJPKECPFCIGITQWRUKUEQORNKECVGFD[VJGFGVGTOKPCVKQPQHGSWKXCNGPV

GZRQUWTGU(QTGZCORNGYQOGPCPFEJKNFTGPJCXGUOCNNGTNWPIUVJCPCFWNVOGP6JWUYKVJ

CIKXGPGZRQUWTGEQPEGPVTCVKQPFWTCVKQPCPFXGPVKNCVKQPJWOCPUYKVJUOCNNGTNWPIUYKNN

RTGUWOCDN[TGEGKXGCNCTIGTGNCVKXGKPVTCRWNOQPCT[GZRQUWTG5QOGCVVGORVUJCXGDGGPOCFG

VQPQTOCNK\GTGURQPUGUCEEQTFKPIVQ$5#QTNWPIECRCEKV[GI(8%6JGQPN[UVWF[KP

YJKEJVJKUHCEVQTJCUDGGPKPXGUVKICVGFU[UVGOCVKECNN[/GUUKPGQCPF#FCOUHQWPFPQ

KPHNWGPEGQHNWPIUK\GQPVJGURKTQOGVT[TGURQPUGUWPFGTKFGPVKECNGZRQUWTG1 EQPEGPVTCVKQP 

CPF6EQPFKVKQPU6JTGGUVWFKGU(QZGVCN5GCNGVCN9GKPOCPPGVCN '


JCXGEQORCTGFRWNOQPCT[HWPEVKQPTGURQPUGUQHYQOGPFWTKPIFKHHGTGPVRJCUGUQHVJG

OGPUVTWCNE[ENGDWVVJGTGUWNVUCTGEQPHNKEVKPI6JGTGURQPUGUQHDNCEMCPFYJKVG[QWPICFWNVU

VQXCTKQWUEQPEGPVTCVKQPUQH1 JCXGDGGPEQORCTGFKPQPGUVWF[5GCNGVCN6JGFCVC 

UWIIGUVGFVJCVDNCEMOCNGUGZRGTKGPEGFUKIPKHKECPVFGETGOGPVUKPRWNOQPCT[HWPEVKQPCVCNQYGT

EQPEGPVTCVKQPQH1 VJCPYJKVGOCNGUDWVVJCVVJGTGYGTGPQFKHHGTGPEGUCOQPIVJGTGURQPUGU 

QHYJKVGOCNGUCPFDNCEMCPFYJKVGHGOCNGU6JWUVJGSWGUVKQPQHGVJPKEQTTCEKCNFKHHGTGPEGU

KPTGURQPUKXGPGUUVQ1 KUCPUYGTGFKPCFGSWCVGN[CPFVJGCXCKNCDNGTGUWNVUUJQWNFDG 

KPVGTRTGVGFYKVJECWVKQP0QPGYUVWFKGUCTGCXCKNCDNGQPVJGGHHGEVUQHJGCVUVTGUUKG

KPETGCUGFVGORGTCVWTGQT4*QP1 TGURQPUGU1PGUVWF[.KPPGVCNUWIIGUVUVJCV 

UGPUKVKXKV[VQ1 OC[DGTGNCVGFVQUGCUQPCNXCTKCVKQPUKPCODKGPV1 EQPEGPVTCVKQPUVJKU  

HKPFKPIPGGFUVQDGEQPHKTOGF6YQUVWFKGU*[PGUGVCN#FCOUGVCNJCXG

TGRQTVGFVJCVFKHHGTGPEGUKPVJGKPJCNCVKQPTQWVGGIQTCNXGTUWUPCUCNQTQTQPCUCNCRRGCTVQ

DGQHPGINKIKDNGKORQTVCPEGKPVJGTGURQPUGUQHGZGTEKUKPICFWNVUVQ1 GZRQUWTG5VWFKGUQH 

1 WRVCMGKPVJGWRRGTCKTYC[)GTTKV[GVCNEQPHKTOVJGPGINKIKDNGFKHHGTGPEGUDGVYGGP 

QTCNCPFPCUCNKPJCNCVKQPCNUQUGG%JCRVGT0QPGQHVJGUGRQVGPVKCNKPHNWGPEGUQP

1 TGURQPUKXGPGUUCIGIGPFGTTCEGJQTOQPCNHNWEVWCVKQPUUOQMKPIUGCUQPCNXCTKCVKQPUKP 

TGURQPUKXGPGUUCPFCODKGPVGPXKTQPOGPVCNHCEVQTUJCUDGGPKPXGUVKICVGFVJQTQWIJN[

*QYGXGTVJGQDUGTXCVKQPVJCVJGCNVJ[QNFGTCFWNVUCRRGCTVQDGNGUUTGURQPUKXGVQ1 GZRQUWTG 

VJCP[QWPICFWNVUJCUDGGPEQPHKTOGFVQVJGRQKPVVJCVKVECPDGEQPUKFGTGFKPTKUMCUUGUUOGPV

0GXGTVJGNGUUVJKUFQGUPQVCFFTGUUHWNN[VJGSWGUVKQPQHCIGFKHHGTGPEGUDGECWUGEJKNFTGPCPF

CFQNGUEGPVUTGOCKPKPCFGSWCVGN[UVWFKGF

'ZVTCRWNOQPCT['HHGEVUQH1\QPG

+VUVKNNKUDGNKGXGFVJCV1 TGCEVUKOOGFKCVGN[QPEQPVCEVYKVJTGURKTCVQT[U[UVGOU 

HNWKFUCPFVKUUWGUCPFKUPQVCDUQTDGFQTVTCPURQTVGFVQGZVTCRWNOQPCT[UKVGUVQCP[UKIPKHKECPV

FGITGG#PWODGTQHNCDQTCVQT[CPKOCNUVWFKGUTGRQTVGFKPVJGRTGXKQWUEJCRVGT%JCRVGT

CPFGCTN[UVWFKGUQPJWOCPUWDLGEVUTGRQTVGFKPVJKUEJCRVGTUWIIGUVVJCVTGCEVKQPRTQFWEVU

HQTOGFD[VJGKPVGTCEVKQPQH1 YKVJTGURKTCVQT[U[UVGOHNWKFUQTVKUUWGUOC[RTQFWEGGHHGEVU 

OGCUWTGFQWVUKFGVJGTGURKTCVQT[VTCEV`GKVJGTKPVJGDNQQFCUEJCPIGUKPEKTEWNCVKPIDNQQF

N[ORJQE[VGUGT[VJTQE[VGUQTUGTWOQTCUEJCPIGUKPVJGUVTWEVWTGQTHWPEVKQPQHQVJGT

QTICPUUWEJCUVJGRCTCVJ[TQKFVJGJGCTVVJGNKXGTCPFVJGEGPVTCNPGTXQWUU[UVGO

0QGZVTCRWNOQPCT[GHHGEVUJCXGDGGPTGRQTVGFVQFCVGKPQVJGTQTICPU[UVGOUQH1 GZRQUGF 

JWOCPUWDLGEVUGZEGRVHQTNKOKVGFFCVCKPFKECVKPIVJCVCEWVGVQJGZRQUWTGUYKVJGZGTEKUG

CVEQPEGPVTCVKQPURRO1 ECWUGFVTCPUKGPVEJCPIGUKPDNQQFEGNNUCPFRNCUOC6JG 

KPVGTRTGVCVKQPQHCNNVJGUGGHHGEVUKPTGICTFUVQRQVGPVKCNJWOCPJGCNVJGHHGEVUCVCODKGPVNGXGNU

QHGZRQUWTGRRO1 KUPQVENGCT*QYGXGTVJGFGOQPUVTCVKQPKPVJKUEJCRVGTQHCP 

CTTC[QHKPHNCOOCVQT[OGFKCVQTUCPFKOOWPGOQFWNCVQTUTGNGCUGFCVVJGCKTYC[UWTHCEGKP

TGURQPUGVQ1 RTQXKFGUCRQUUKDNGOGEJCPKUOHQTGHHGEVUVQQEEWTQWVUKFGQHVJGNWPI

#FFKVKQPCNUVWFKGUCTGPGGFGFVJGTGHQTGKPQTFGTVQFGVGTOKPGKHVJGTGCTGCP[UKIPKHKECPV

GZVTCRWNOQPCT[GHHGEVUQH1 GZRQUWTGCPFCVYJCVNGXGNUQHGZRQUWTGVJG[OKIJVQEEWT 

'HHGEVUQH1\QPG/KZGFYKVJ1VJGT2QNNWVCPVU

0QUKIPKHKECPVGPJCPEGOGPVQHTGURKTCVQT[GHHGEVUKGOQTGVJCPCFFKVKXGJCUDGGP

EQPUKUVGPVN[FGOQPUVTCVGFHQTOKZVWTGUQH1 YKVJ51 01 * 51 *01 QTRCTVKEWNCVG     

CGTQUQNUQTYKVJOWNVKRNGEQODKPCVKQPUQHVJGUGRQNNWVCPVU6JGTGKUIGPGTCNCITGGOGPVCOQPI

UVWFKGUQHUKOWNVCPGQWUGZRQUWTGQHJGCNVJ[CFWNVUCPFCUVJOCVKECFQNGUEGPVUVQOKZVWTGUQH

1 CPF01 51 * 51 QT*01 VJCVRWNOQPCT[HWPEVKQPTGURQPUGUCTGPQVUKIPKHKECPVN[     

FKHHGTGPVHTQOVJQUGHQNNQYKPIGZRQUWTGVQ1 CNQPGYJGPEQORCTGFVQUVWFKGUEQPFWEVGFCVVJG 

UCOG1 EQPEGPVTCVKQP'ZRQUWTGVQJKIJ2#0EQPEGPVTCVKQPUKGRROEQODKPGFYKVJ 

1 JCUDGGPTGRQTVGFVQKPFWEGITGCVGTRWNOQPCT[HWPEVKQPTGURQPUGUVJCPGZRQUWTGVQ1 CNQPG  


*QTXCVJGVCNDWVYJGPVJG2#0EQPEGPVTCVKQPKUTGFWEGFVQVJGCODKGPVTCPIGCP[

CFFKVKQPCNGHHGEVQH2#0KPVJGOKZVWTGCRRGCTUVQDGPGINKIKDNG&TGEJUNGT2CTMUGVCN

+PCFFKVKQPVQUKOWNVCPGQWUGZRQUWTGUVQRQNNWVCPVOKZVWTGUUVWFKGUQHVJGTGURQPUGU

VQ1 GZRQUWTGGKVJGTRTGEGFGFQTHQNNQYGFD[CPQVJGTRQNNWVCPVJCXGDGGPRGTHQTOGF6QVJG 

GZVGPVVJCVVJGUGGZRQUWTGUGSWGPEGUOKOKETGCNCODKGPVEQPFKVKQPUVJGTGUWNVUEQWNFDGWUGHWN

KPVJGTKUMCUUGUUOGPVRTQEGUU-QGPKIGVCNFGOQPUVTCVGFVJCVGZRQUWTGQHCNNGTIKE


CPFRTQDCDN[CUVJOCVKECFQNGUEGPVUVQ1 CPFVJGPVQ51 TGUWNVGFKPUKIPKHKECPVRWNOQPCT[  

HWPEVKQPFGETGOGPVUPQVUGGPYKVJCP1 1 UGSWGPEGQT(#51 UGSWGPEG6JGUGTGUWNVUCNUQ  

ECPDGKPVGTRTGVGFKPNKIJVQHVJGHCEVVJCV1 KPETGCUGUPQPURGEKHKEDTQPEJKCNTGURQPUKXGPGUU 

CPFVJCVVJGKPETGCUGF51 TGURQPUGUOC[UKORN[TGHNGEVVJKUKPETGCUGFTGURQPUKXGPGUU5WEJ 

TGURQPUGUYQWNFDGWPNKMGN[KPPQPCVQRKEJGCNVJ[CFQNGUEGPVU1VJGTUVWFKGU#TKUGVCN

*C\WEJCGVCN.KPPGVCN7VGNNGVCNJCXGCUUGUUGFVJGTGURQPUGUVQ

1 CHVGTRTGXKQWUGZRQUWTGVQCPQVJGTRQNNWVCPV#TKUGVCNHQWPFVJCVRTGGZRQUWTGVQ 

YCVGTQT*01 HQICRRGCTGFVQCVVGPWCVGTGURQPUGUVQ1 YJGTGCU*C\WEJCGVCN  

QDUGTXGFCPKPETGCUGFCKTYC[TGURQPUKXGPGUUCHVGT1 GZRQUWTGRTGEGFGFD[01 GZRQUWTG  

TGNCVKXGVQ1 GZRQUWTGCNQPG6YQUVWFKGUQHEQODKPGFQTUGSWGPVKCNGZRQUWTGVQ* 51   

CGTQUQNCPF1 UWIIGUVCRQUUKDN[GPJCPEGFTGURQPUGVQ1 KPCUVJOCVKEUYJGPVJGGZRQUWTGKU  


EQODKPGFYKVJQTRTGEGFGFD[GZRQUWTGVQ* 51 CGTQUQN.KPPGVCN7VGNNGVCN  

6JGUGHKPFKPIUCTGKPVTKIWKPIDWVOWUVDGTGRNKECVGFDGHQTGVJG[ECPDGWUGHWNHQT

SWCPVKVCVKXGJGCNVJCUUGUUOGPV/WEJKUWPMPQYPCDQWVTGURQPUGUVQCKTRQNNWVCPVOKZVWTGU

1PN[CNKOKVGFPWODGTQHRQNNWVCPVEQODKPCVKQPUCPFGZRQUWTGRTQVQEQNUJCXGDGGP

KPXGUVKICVGFCPFUWDLGEVITQWRUCTGUOCNNCPFOC[PQVDGTGRTGUGPVCVKXGQHVJGIGPGTCN

RQRWNCVKQP(GYUVWFKGUJCXGKPENWFGFOQTGVJCPVYQRQNNWVCPVUCPFOQUVEQODKPCVKQPUJCXG

DGGPGXCNWCVGFKPUKPINGUVWFKGU(WTVJGTOQTGQPN[TCTGN[CTGGPFRQKPVUQVJGTVJCPRWNOQPCT[

HWPEVKQPCPFRNGVJ[UOQITCRJ[OGCUWTGF

(KGNFCPF'RKFGOKQNQI[5VWFKGUQH1\QPG'ZRQUWTG

+PFKXKFWCNNGXGNECORCPFGZGTEKUGUVWFKGURTQXKFGWUGHWNSWCPVKVCVKXGKPHQTOCVKQP

QPVJGGZRQUWTGTGURQPUGTGNCVKQPUJKRUNKPMKPIJWOCPNWPIHWPEVKQPFGENKPGUYKVJ1 GZRQUWTG 

QEEWTTKPIKPCODKGPVCKT6JGKTWVKNKV[FGTKXGUNCTIGN[HTQOVJGTGNKCDKNKV[YKVJYJKEJ

KPFKXKFWCNGZRQUWTGUECPDGGUVKOCVGFWUKPIQWVFQQTOGCUWTGOGPVUKPUVWFKGUQHVJGUGMKPF

#NVJQWIJKVWUWCNN[JCUPQVDGGPRQUUKDNGVQKUQNCVG1 GZRQUWTGUHTQOQVJGTEQRQNNWVCPVUGI 

CEKFCGTQUQNUCPFGPXKTQPOGPVCNHCEVQTUGIVGORGTCVWTGKPVJGFGUKIPQHUWEJUVWFKGUVJG

CXCKNCDNGDQF[QHGXKFGPEGPQYUVTQPIN[UWRRQTVUCFQOKPCPVTQNGQH1 KPVJGQDUGTXGFNWPI 

HWPEVKQPFGETGOGPVU

6JGOQUVGZVGPUKXGGRKFGOKQNQIKEFCVCDCUGQPRWNOQPCT[HWPEVKQPTGURQPUGUVQ

CODKGPV1 EQOGUHTQOECORUVWFKGU5KZTGEGPVMG[UVWFKGUHTQOVJTGGUGRCTCVGTGUGCTEJ 

ITQWRURTQXKFGCEQODKPGFFCVCDCUGQPKPFKXKFWCNGZRQUWTGTGURQPUGTGNCVKQPUJKRUHQT

EJKNFTGPTCPIKPIKPCIGHTQOVQ[GCTUGCEJYKVJCVNGCUVUKZUGSWGPVKCNOGCUWTGOGPVU

QH('8 CPFRTGXKQWUJQWT1 GZRQUWTGUYJKNGCVVGPFKPIUWOOGTECORU#XQNGVCN  

*KIIKPUGVCN4CK\GPPGGVCN5RGMVQTGVCNC9JGP

CPCN[\GFVQIGVJGTWUKPIEQPUKUVGPVOGVJQFUVJGUGFCVC[KGNFGFCPCXGTCIGTGNCVKQPUJKRDGVYGGP

('8 CPFRTGXKQWUJQWT1 EQPEGPVTCVKQPQHO.RRD6JGJKIJGUVJ1 NGXGNU   

OGCUWTGFKPHKXGQHVJGUKZUVWFKGUTCPIGFHTQOVQRRDYKVJQPGUVWF[TGRQTVKPI

EQPEGPVTCVKQPUCUJKIJCURRD/KPKOWO1 XCNWGUTCPIGFHTQOVQRRD#NVJQWIJ 

VJGTGITGUUKQPTGUWNVUPQVGFCDQXGYGTGDCUGFQPJ1 NGXGNUGZRQUWTGKPECORUVWFKGU 

WUWCNN[GZVGPFGFHQTOWNVKRNGJQWTU$GECWUGQHVJGJKIJNGXGNQHEQTTGNCVKQPDGVYGGPUKPING

CPFOWNVKRNGJQWTCXGTCIGUKPVJGUVWFKGUVJGUGTGUWNVUOC[VJGTGHQTGTGRTGUGPVVQUQOG

GZVGPVVJGKPHNWGPEGQHOWNVKJQWTGZRQUWTGU+PCFFKVKQPVQVJGECORUVWF[TGUWNVUVYQMG[

UVWFKGUKPXQNXKPINWPIHWPEVKQPOGCUWTGOGPVUDGHQTGCPFCHVGTYGNNFGHKPGFGZGTEKUGGXGPVUKP

CFWNVUJCXG[KGNFGFGZRQUWTGTGURQPUGUNQRGUQHCPFO.RRD5RGMVQTGVCN

D5GNY[PGVCN1\QPGEQPEGPVTCVKQPUFWTKPIGZGTEKUGGXGPVUQHCRRTQZKOCVGN[

JFWTCVKQPTCPIGFHTQOVQRRDKPVJGUGUVWFKGU%QPUKUVGPVYKVJEJCODGTUVWFKGU

VJGTGKUPQENGCTGXKFGPEGHTQOKPFKXKFWCNNGXGNUVWFKGUHQTCTGURQPUGVJTGUJQNFHQTVJGCXGTCIG

RQRWNCVKQPGHHGEVUQH1 QPRWNOQPCT[HWPEVKQPFGENKPG*QYGXGTCUYKVJEJCODGTUVWFKGU 

VJGTGKUGXKFGPEGVJCVTGURQPUKXKV[XCTKGUCETQUUKPFKXKFWCNU6JWURWNOQPCT[HWPEVKQPFGENKPG

CUCHWPEVKQPQHCODKGPV1 GZRQUWTGHQTCPKPFKXKFWCNOC[DGGKVJGTITGCVGTVJCPQTNGUUVJCP 

VJGOGCPTGURQPUGUPQVGFCDQXG

4GEGPVTGUWNVUQHFCKN[NKHGUVWFKGUCNUQUWRRQTVCEQPUKUVGPVTGNCVKQPUJKRDGVYGGP

CODKGPV1 QZKFCPVGZRQUWTGCPFCEWVGTGURKTCVQT[OQTDKFKV[KPVJGRQRWNCVKQP4GURKTCVQT[ 

U[ORVQOUQTGZCEGTDCVKQPQHCUVJOCCPFFGETGOGPVUKP2'(4QEEWTYKVJKPETGCUKPICODKGPV

1 GURGEKCNN[KPCUVJOCVKEEJKNFTGP.GDQYKV\GVCN-T\[\CPQYUMKGVCN 

6JWTUVQPGVCN%QPEWTTGPVVGORGTCVWTGRCTVKENGU* CGTQCNNGTIGPUCPFCUVJOC 



UGXGTKV[QTOGFKECVKQPUVCVWUCNUQOC[EQPVTKDWVGCUKPFGRGPFGPVQTOQFKH[KPIHCEVQTU6JG

CIITGICVGTGUWNVUUJQYITGCVGTTGURQPUGUKPCUVJOCVKEKPFKXKFWCNUVJCPKPPQPCUVJOCVKEU


.GDQYKV\GVCN-T\[\CPQYUMKGVCNKPFKECVKPIVJCVCUVJOCVKEUEQPUVKVWVGC

UGPUKVKXGITQWRKPGRKFGOKQNQIKEUVWFKGUQHQZKFCPVCKTRQNNWVKQP

4GEGPVCIITGICVGRQRWNCVKQPVKOGUGTKGUUVWFKGUQH1 TGNCVGFJGCNVJGHHGEVURTQXKFG 

TGNGXCPVGXKFGPEGQHCEWVGTGURQPUGUGXGPDGNQYCJOCZKOWOQHRRO1 'OGTIGPE[ 

TQQOXKUKVUJQURKVCNCFOKUUKQPUCPFOQTVCNKV[CNNJCXGDGGPGZCOKPGFCURQUUKDNGQWVEQOGUQH

GZRQUWTGVQ1 +PVJGECUGQH'4XKUKVUVJGGXKFGPEGKUNKOKVGFGI$CVGUGVCN%QF[ 

GVCN9JKVGGVCN9GKUGNGVCNDWVTGUWNVUIGPGTCNN[CTGEQPUKUVGPVYKVJ

CPGHHGEVQH1 QPOQTDKFKV[/QTVCNKV[UVWFKGUXKU   .XKU1 CNUQCTGTCVJGTNKOKVGFDWVCTG

OQTGOKZGFKPVJGKTTGUWNVU1PGQHVYQPGYYGNNFGUKIPGFUVWFKGUKPFKECVGCUKIPKHKECPV

CUUQEKCVKQPDGVYGGP1 CPFVQVCNOQTVCNKV[KP.QU#PIGNGU%#GXGPCHVGTEQPVTQNNKPIHQTVJG 

RQVGPVKCNN[EQPHQWPFKPIGHHGEVUQHVGORGTCVWTGCPF2/-KPPG[CPF1\MC[PCM.QU

#PIGNGUGZRGTKGPEGFRGCMJOCZKOWO1 EQPEGPVTCVKQPUCDQXGRROFWTKPIVJKUUVWF[ 

RGTKQF*QYGXGTCVNQYGTEQPEGPVTCVKQPUQXGTCUJQTVGTVKOGURCPCPFYKVJFKHHGTGPV

UVCVKUVKECNOGVJQFUCUGEQPFUVWF[&QEMGT[GVCNFKFPQVFGVGEVCUKIPKHKECPV

1 CUUQEKCVKQPYKVJOQTVCNKV[6JGUVTQPIGUVCPFOQUVEQPUKUVGPVGXKFGPEGQH1 GHHGEVUDQVJ  

CDQXGCPFDGNQYRRO1 VJGPKURTQXKFGFD[VJGOWNVKRNGUVWFKGUVJCVJCXGDGGP 

EQPFWEVGFQXGTVJGNCUVFGECFGQPUWOOGTVKOGFCKN[JQURKVCNCFOKUUKQPHQTTGURKTCVQT[ECWUGU

KPXCTKQWUNQECNGUKPGCUVGTP0QTVJ#OGTKEC$CVGUCPF5K\VQ6JWTUVQP

GVCN.KRHGTVCPF*COOGTUVTQO$WTPGVVGVCN6JGUGUVWFKGU

EQPUKUVGPVN[JCXGUJQYPVJCV1 CKTRQNNWVKQPKUCUUQEKCVGFYKVJCPKPETGCUGFKPEKFGPEGQH 

CFOKUUKQPUCEEQWPVKPIHQTTQWIJN[QPGVQVJTGGGZEGUUTGURKTCVQT[JQURKVCNCFOKUUKQPURGT

RRD1 RGTOKNNKQPRGTUQPU6JKUCUUQEKCVKQPJCUDGGPUJQYPVQTGOCKPGXGPCHVGTUVCVKUVKECNN[ 

EQPVTQNNKPIHQTVJGRQUUKDNGEQPHQWPFKPIGHHGEVUQHVGORGTCVWTGCPFEQRQNNWVCPVUGI*  


51 CPF2/ CUYGNNCUYJGPEQPUKFGTKPIQPN[FC[UJCXKPIJOCZKOWO1 EQPEGPVTCVKQPU   

DGNQYRRO(WTVJGTOQTGVJGUGTGUWNVUKORN[VJCV1 CKTRQNNWVKQPECPCEEQWPVHQTC 

UWDUVCPVKCNRQTVKQPQHUWOOGTVKOGJQURKVCNCFOKUUKQPUHQTTGURKTCVQT[ECWUGUQPVJGOQUV

RQNNWVGFFC[U1XGTCNNVJGCIITGICVGRQRWNCVKQPVKOGUGTKGUUVWFKGUEQPUKFGTGFKPVJKUEJCRVGT

RTQXKFGUVTQPIGXKFGPEGVJCVCODKGPVGZRQUWTGUVQ1 ECPECWUGUKIPKHKECPVGZCEGTDCVKQPUQH 

RTGGZKUVKPITGURKTCVQT[FKUGCUGKPVJGIGPGTCNRWDNKECVEQPEGPVTCVKQPUDGNQYRRO1 

5VWFKGUQHEJTQPKEJGCNVJGHHGEVUVJCVOC[TGNCVGVQNQPIVGTOGZRQUWTGVQCODKGPV

RQNNWVCPVUUVKNNJCXGPQVRTQXKFGFGPQWIJFCVCVQFGVGTOKPGKHVJGTGCTGTGURKTCVQT[QTQVJGT

JGCNVJGHHGEVUVJCVTGUWNVFKTGEVN[HTQOEJTQPKE1 GZRQUWTG*QYGXGTVJGCIITGICVGGXKFGPEG 

VQFCVGUWIIGUVUVJCVEJTQPKE1 GZRQUWTGCNQPIYKVJQVJGTGPXKTQPOGPVCNHCEVQTUEQWNFDG 

TGURQPUKDNGHQTJGCNVJGHHGEVUKPGZRQUGFRQRWNCVKQPU

6JGOQUVWUGHWNUGVQHFCVCJCUDGGPRTQXKFGFD[VJG#*5/1)UVWFKGU*QFIMKP

GVCN'WNGTGVCN#DDG[GVCNCD6JGUGUVWFKGUJCXG

RTQXKFGFVJGOQUVTGHKPGFOGCUWTGUQHEJTQPKEGZRQUWTGVQFCVGKPENWFKPICFLWUVOGPVHQT

SWCNKV[QHVJGOQPKVQTKPIFCVCCUFGVGTOKPGFD[FKUVCPEGQHOQPKVQTKPIUKVGUHTQOUWDLGEV

TGUKFGPEGUVQRQITCRJ[VKOGURGPVKPFQQTUCPFVKOGURGPVCVYQTM6JGOQUVEQPUKUVGPV

GHHGEVUVJCVECPDGCVVTKDWVCDNGKPRCTVVQ1 TGNCVGVQCPKPETGCUGKP[GCTEWOWNCVKXG 

KPEKFGPEGQHCUVJOC44HQTGCEJJCDQXGRRJOCPFCPKPETGCUGKPCUVJOC

UGXGTKV[7PHQTVWPCVGN[HQTVJGGPVKTGUGVQHUVWFKGUVJGEQNKPGCTKV[DGVYGGP1 CPF652 

TGFWEGUVJGEQPHKFGPEGVJCVGHHGEVUECPDGCVVTKDWVGFVQ1 CNQPG1 KPEQODKPCVKQPYKVJVJG  

RCTVKEWNCVGHTCEVKQPQHCODKGPVRQNNWVKQPQTVJGEQODKPCVKQPQHVJGVYQ5QOGUWRRQTVHQTCP
8



GHHGEVQPRGTUQPUYKVJCUVJOCCNUQECPDGFGTKXGFHTQOCTGEGPV%CPCFKCPUVWF[5VGTPGVCN

VJCVFGOQPUVTCVGFPQPUVCVKUVKECNN[UKIPKHKECPVCPFTGFWEVKQPUKP('( CPF 

OCZHQTRGQRNGNKXKPIKP1PVCTKQTGNCVKXGVQVJQUGKP5CUMCVEJGYCP#ICKPJQYGXGTVJG

GHHGEVUQH1 CTGKORQUUKDNGVQFKUGPVCPINGHTQOVJGQVJGTEQPVTKDWVQTUUWEJCUVJGCEKFUWOOGT 

JC\GVJCVEJCTCEVGTK\GUVJG7PKVGF5VCVGUGCUVQHVJG/KUUKUUKRRK4KXGT


4GHGTGPEGU

#DDG[ & ' /QQTG , 2GVGTUGP ( $GGUQP . 
C 'UVKOCVKPI EWOWNCVKXG CODKGPV EQPEGPVTCVKQPU QH CKT

RQNNWVCPVU FGUETKRVKQP CPF RTGEKUKQP QH OGVJQFU WUGF HQT CP GRKFGOKQNQIKECN UVWF[ #TEJ 'PXKTQP

*GCNVJ  

#DDG[ & ' /KNNU 2 - 2GVGTUGP ( ( $GGUQP 9 . 
D .QPIVGTO CODKGPV EQPEGPVTCVKQPU QH VQVCN

UWURGPFGF RCTVKEWNCVGU CPF QZKFCPVU CU TGNCVGF VQ KPEKFGPEG QH EJTQPKE FKUGCUG KP %CNKHQTPKC 5GXGPVJ

&C[ #FXGPVKUVU 'PXKTQP *GCNVJ 2GTURGEV  

#DDG[ & ' 2GVGTUGP ( /KNNU 2 - $GGUQP 9 . 
 .QPIVGTO CODKGPV EQPEGPVTCVKQPU QH VQVCN

UWURGPFGF RCTVKEWNCVGU Q\QPG CPF UWNHWT FKQZKFG CPF TGURKTCVQT[ U[ORVQOU KP C PQPUOQMKPI

RQRWNCVKQP #TEJ 'PXKTQP *GCNVJ  

#FCOU 9 % 
 2J[UKQNQIKECN TGURQPUGU QH JGCNVJ[ JWOCP UWDLGEVU EQPUGSWGPV VQ KPJCNCVKQP QH 01  1  CPF  

01 RNWU 1 FWTKPI JGCX[ UWUVCKPGF GZGTEKUG 5CETCOGPVQ %# %CNKHQTPKC 5VCVG #KT 4GUQWTEGU  

$QCTF TGRQTV PQ #4$4 #XCKNCDNG HTQO 06+5 5RTKPIHKGNF 8# 2$

#FCOU 9 % 5EJGNGING ' 5 
 1\QPG CPF JKIJ XGPVKNCVKQP GHHGEVU QP RWNOQPCT[ HWPEVKQP CPF GPFWTCPEG

RGTHQTOCPEG , #RRN 2J[UKQN 4GURKT 'PXKTQP 'ZGTEKUG 2J[UKQN  

#FCOU 9 % 5CXKP 9 / %JTKUVQ # ' 
 &GVGEVKQP QH Q\QPG VQZKEKV[ FWTKPI EQPVKPWQWU GZGTEKUG XKC

VJG GHHGEVKXG FQUG EQPEGRV , #RRN 2J[UKQN 4GURKT 'PXKTQP 'ZGTEKUG 2J[UKQN  

#FCOU 9 % $TQQMGU - # 5EJGNGING ' 5 
 'HHGEVU QH 01 CNQPG CPF KP EQODKPCVKQP YKVJ 1 QP  

[QWPI OGP CPF YQOGP , #RRN 2J[UKQN  

#FCOU 9 % 5EJGNGING ' 5 5JCHHTCVJ , & 
 1TCN CPF QTQPCUCN DTGCVJKPI FWTKPI EQPVKPWQWU GZGTEKUG

RTQFWEG UKOKNCT TGURQPUGU VQ Q\QPG KPJCNCVKQP #TEJ 'PXKTQP *GCNVJ  

#TKU 4 %JTKUVKCP & 5JGRRCTF & $CNOGU , 4 
 6JG GHHGEVU QH UGSWGPVKCN GZRQUWTG VQ CEKFKE HQI CPF

Q\QPG QP RWNOQPCT[ HWPEVKQP KP GZGTEKUKPI UWDLGEVU #O 4GX 4GURKT &KU  

#TKU 4 / %JTKUVKCP & *GCTPG 2 3 -GTT - (KPMDGKPGT 9 ' $CNOGU , 4 
C 1\QPGKPFWEGF

CKTYC[ KPHNCOOCVKQP KP JWOCP UWDLGEVU CU FGVGTOKPGF D[ CKTYC[ NCXCIG CPF DKQRU[ #O 4GX

4GURKT &KU  

#TKU 4 %JTKUVKCP & 6CIGT + 0IQ + (KPMDGKPGT 9 ' $CNOGU , 4 
D 'HHGEVU QH PKVTKE CEKF ICU

CNQPG QT KP EQODKPCVKQP YKVJ Q\QPG QP JGCNVJ[ XQNWPVGGTU #O 4GX 4GURKT &KU  

#UVTCPF 21 4QFCJN - 
 6GZVDQQM QH YQTM RJ[UKQNQI[ RJ[UKQNQIKECN DCUGU QH GZGTEKUG PF GF 0GY

;QTM 0; /E)TCY*KNN $QQM %QORCP[ R 

#XQN ' . .KPP 9 5 5JCOQQ & # 8GPGV 6 ) *CEMPG[ , & 
 #EWVG TGURKTCVQT[ GHHGEVU QH .QU

#PIGNGU UOQI KP EQPVKPWQWUN[ GZGTEKUKPI CFWNVU , #KT 2QNNWV %QPVTQN #UUQE  

#XQN ' . .KPP 9 5 8GPGV 6 ) 5JCOQQ & # *CEMPG[ , & 
 %QORCTCVKXG TGURKTCVQT[ GHHGEVU

QH Q\QPG CPF CODKGPV QZKFCPV RQNNWVKQP GZRQUWTG FWTKPI JGCX[ GZGTEKUG , #KT 2QNNWV %QPVTQN #UUQE

 

#XQN ' . .KPP 9 5 5JCOQQ & # 8CNGPEKC . / #P\CT 7 6 8GPGV 6 ) *CEMPG[ , & 
C

4GURKTCVQT[ GHHGEVU QH RJQVQEJGOKECN QZKFCPV CKT RQNNWVKQP KP GZGTEKUKPI CFQNGUEGPVU #O 4GX

4GURKT &KU  


#XQN ' . .KPP 9 5 5JCOQQ & # 8CNGPEKC . / #P\CT 7 6 *CEMPG[ , & 
D 5JQTVVGTO

JGCNVJ GHHGEVU QH CODKGPV CKT RQNNWVKQP KP CFQNGUEGPVU +P .GG 5 & GF 'XCNWCVKQP QH VJG UEKGPVKHKE

DCUKU HQT Q\QPGQZKFCPVU UVCPFCTFU VTCPUCEVKQPU QH CP #2%# KPVGTPCVKQPCN URGEKCNV[ EQPHGTGPEG

0QXGODGT  *QWUVQP 6: 2KVVUDWTIJ 2# #KT 2QNNWVKQP %QPVTQN #UUQEKCVKQP RR 


#2%# KPVGTPCVKQPCN URGEKCNV[ EQPHGTGPEG VTCPUCEVKQPU 64

#XQN ' . .KPP 9 5 8GPGV 6 ) 5JCOQQ & # 5RKGT % ' *CEMPG[ , & 
E %QORCTCVKXG

GHHGEVU QH NCDQTCVQT[ IGPGTCVGF Q\QPG CPF CODKGPV QZKFCPV GZRQUWTG KP EQPVKPWQWUN[ GZGTEKUKPI

UWDLGEVU +P .GG 5 & GF 'XCNWCVKQP QH VJG UEKGPVKHKE DCUKU HQT Q\QPGQZKFCPVU UVCPFCTFU

RTQEGGFKPIU QH CP #2%# KPVGTPCVKQPCN URGEKCNV[ EQPHGTGPEG 0QXGODGT  *QWUVQP 6:

2KVVUDWTIJ 2# #KT 2QNNWVKQP %QPVTQN #UUQEKCVKQP RR  
#2%# KPVGTPCVKQPCN URGEKCNV[

EQPHGTGPEG VTCPUCEVKQPU 64

#XQN ' . .KPP 9 5 5JCOQQ & # 5RKGT % ' 8CNGPEKC . / 8GPGV 6 ) 6TKO 5 % *CEMPG[

, & 
 5JQTVVGTO TGURKTCVQT[ GHHGEVU QH RJQVQEJGOKECN QZKFCPV GZRQUWTG KP GZGTEKUKPI EJKNFTGP

,#2%#  

#XQN ' . .KPP 9 5 5JCOQQ & # *CEMPG[ , & 
 5GCUQPCN Q\QPG TGCEVKXKV[ KP .QU #PIGNGU

TGUKFGPVU 2TGUGPVGF CV UV CPPWCN OGGVKPI QH VJG #KT 2QNNWVKQP %QPVTQN #UUQEKCVKQP ,WPG &CNNCU

6: 2KVVUDWTIJ 2# #KT 2QNNWVKQP %QPVTQN #UUQEKCVKQP RCRGT PQ 

#XQN ' . 6TKO 5 % .KVVNG & ' 5RKGT % ' 5OKVJ / 0 2GPI 4% .KPP 9 5 *CEMPG[ , &

)TQUU - $ &	#TE[ , $ )KDDQPU & *KIIKPU + 6 6 
 1\QPG GZRQUWTG CPF NWPI

HWPEVKQP KP EJKNFTGP CVVGPFKPI C UQWVJGTP %CNKHQTPKC UWOOGT ECOR 2TGUGPVGF CV TF CPPWCN OGGVKPI

CPF GZJKDKVKQP QH VJG #KT  9CUVG /CPCIGOGPV #UUQEKCVKQP ,WPG 2KVVUDWTIJ 2# 2KVVUDWTIJ 2#

#KT  9CUVG /CPCIGOGPV #UUQEKCVKQP RCRGT PQ 

#XQN ' . 6TKO 5 % .KVVNG & ' 5RKGT % ' 5OKVJ / 0 2GPI 4 % .KPP 9 5 *CEMPG[ , &


 1\QPG GZRQUWTG CPF NWPI HWPEVKQP C UQWVJGTP %CNKHQTPKC UWOOGT ECOR UVWF[ +P $GTINWPF

4 . .CYUQP & 4 /E-GG & , GFU 6TQRQURJGTKE Q\QPG CPF VJG GPXKTQPOGPV RCRGTU HTQO CP

KPVGTPCVKQPCN EQPHGTGPEG /CTEJ  .QU #PIGNGU %# 2KVVUDWTIJ 2# #KT  9CUVG /CPCIGOGPV

#UUQEKCVKQP RR  
#9/# VTCPUCEVKQP UGTKGU PQ 64

$CUEQO 4 0CENGTKQ 4 / (KV\IGTCNF 6 - -CIG[5QDQVMC # 2TQWF & 
 'HHGEV QH Q\QPG KPJCNCVKQP

QP VJG TGURQPUG VQ PCUCN EJCNNGPIG YKVJ CPVKIGP QH CNNGTIKE UWDLGEVU #O 4GX 4GURKT &KU  



$CVGU & 8 
 6JG UVTGPIVJ QH VJG GXKFGPEG TGNCVKPI CKT RQNNWVCPVU VQ CFXGTUG JGCNVJ GHHGEVU %JCRGN *KNN 0%

7PKXGTUKV[ QH 0QTVJ %CTQNKPC CV %JCRGN *KNN +PUVKVWVG HQT 'PXKTQPOGPVCN 5VWFKGU 
%CTQNKPC

GPXKTQPOGPVCN GUUC[ UGTKGU 8+

$CVGU & 8 5K\VQ 4 
 4GNCVKQPUJKR DGVYGGP CKT RQNNWVCPV NGXGNU CPF JQURKVCN CFOKUUKQPU KP 5QWVJGTP

1PVCTKQ %CP , 2WDNKE *GCNVJ  

$CVGU & 8 5K\VQ 4 
 #KT RQNNWVKQP CPF JQURKVCN CFOKUUKQPU KP UQWVJGTP 1PVCTKQ VJG CEKF UWOOGT JC\G

GHHGEV 'PXKTQP 4GU  

$CVGU & 8 5K\VQ 4 
 6JG 1PVCTKQ #KT 2QNNWVKQP UVWF[ KFGPVKHKECVKQP QH VJG ECWUCVKXG CIGPV 'PXKTQP

*GCNVJ 2GTURGEV  

$CVGU & 8 $GNN ) / $WTPJCO % & *C\WEJC / /CPVJC , 2GPIGNN[ . & 5KNXGTOCP ( 


5JQTVVGTO GHHGEVU QH Q\QPG QP VJG NWPI , #RRN 2J[UKQN  

$CVGU & 8 $CMGT#PFGTUQP / 5K\VQ 4 
 #UVJOC CVVCEM RGTKQFKEKV[ C UVWF[ QH JQURKVCN GOGTIGPE[

XKUKVU KP 8CPEQWXGT 'PXKTQP 4GU  


$GEM 0 -QGPKI , 3 .WEJVGN & . #NVOCP . % 1TUDQTP / 6 -GPPG[ , 5 
 1\QPG ECP

KPETGCUG VJG GZRTGUUKQP QH KPVGTEGNNWNCT CFJGUKQP OQNGEWNG CPF VJG UP[VJGUKU QH E[VQMKPGU D[ JWOCP

PCUCN GRKVJGNKCN EGNNU +PJCNCVKQP 6QZKEQN  

$GEMGT 5 /CFFGP / % 0GYOCP 5 . &GXNKP 4 $ -QTGP * 5 
 /QFWNCVKQP QH JWOCP CNXGQNCT

OCETQRJCIG RTQRGTVKGU D[ Q\QPG GZRQUWTG KP XKVTQ 6QZKEQN #RRN 2JCTOCEQN  

$GEMGVV 9 5 /E&QPPGNN 9 ( *QTUVOCP & * *QWUG & ' 
 4QNG QH VJG RCTCU[ORCVJGVKE PGTXQWU

U[UVGO KP CEWVG NWPI TGURQPUG VQ Q\QPG , #RRN 2J[UKQN  

$GEMGVV 9 5 (TGGF # 0 6WTPGT % /GPMGU * # 
 2TQNQPIGF KPETGCUGF TGURQPUKXGPGUU QH ECPKPG

RGTKRJGTCN CKTYC[U CHVGT GZRQUWTG VQ 1  , #RRN 2J[UKQN   

$GFK , ( &TGEJUNGT2CTMU & / *QTXCVJ 5 / 
 &WTCVKQP QH KPETGCUGF RWNOQPCT[ HWPEVKQP UGPUKVKXKV[

VQ CP KPKVKCN Q\QPG GZRQUWTG #O +PF *[I #UUQE ,  

$GFK , ( *QTXCVJ 5 / &TGEJUNGT2CTMU & / 
 4GRTQFWEKDKNKV[ QH VJG RWNOQPCT[ HWPEVKQP TGURQPUG

QH QNFGT OGP CPF YQOGP VQ C JQWT Q\QPG GZRQUWTG ,#2%#  

$GFK , ( *QTXCVJ 5 / &TGEJUNGT2CTMU & / 
 #FCRVCVKQP D[ QNFGT KPFKXKFWCNU TGRGCVGFN[ GZRQUGF VQ

 RCTVU RGT OKNNKQP Q\QPG HQT VYQ JQWTU ,#2%#  

$GTT[ / .KQ[ 2 , )GNRGTKP - $WEMNGT ) -NQV\ , 
 #EEWOWNCVGF GZRQUWTG VQ Q\QPG CPF

OGCUWTGOGPV QH JGCNVJ GHHGEVU KP EJKNFTGP CPF EQWPUGNQTU CV VYQ UWOOGT ECORU 'PXKTQP 4GU

 

$KGTUVGMGT - 'XGPFKLM , ' 
 1\QPG VGORGTCVWTG CPF OQTVCNKV[ KP 4QVVGTFCO KP VJG UWOOGTU QH 

CPF  'PXKTQP 4GU  

$TCPV , 9 # 
 *WOCP ECTFKQXCUEWNCT FKUGCUGU CPF CVOQURJGTKE CKT RQNNWVKQP KP .QU #PIGNGU %CNKHQTPKC

+PV , #KT 9CVGT 2QNNWV  

$TCPV , 9 # *KNN 5 4 ) 
 *WOCP TGURKTCVQT[ FKUGCUGU CPF CVOQURJGTKE CKT RQNNWVKQP KP .QU #PIGNGU

%CNKHQTPKC +PV , #KT 9CVGT 2QNNWV  

$TCWP(CJTN·PFGT % -ÒP\NK 0 &QOGPKIJGVVK ) %CTGNN % ( #EMGTOCPP.KGDTKEJ 7 
 #EWVG

GHHGEVU QH CODKGPV Q\QPG QP TGURKTCVQT[ HWPEVKQP QH 5YKUU UEJQQNEJKNFTGP CHVGT C OKPWVG JGCX[

GZGTEKUG 2GFKCVT 2WNOQPQN  

$TQQMGU - # #FCOU 9 % 5EJGNGING ' 5 
  RRO 1 GZRQUWTG KPFWEGU J[RGTTGURQPUKXGPGUU QP 

J TGGZRQUWTG VQ  RRO 1  , #RRN 2J[UKQN   

$TWPGMTGGH $ *QGM ) $TGWIGNOCPU 1 .GGPVXCCT / 
 4GURKTCVQT[ GHHGEVU QH NQYNGXGN RJQVQEJGOKECN

CKT RQNNWVKQP KP COCVGWT E[ENKUVU #O , 4GURKT %TKV %CTG /GF  

$WTPGVV 4 6 &CNGU 4 ' 4CK\GPPG / ' -TGYUMK & 5WOOGTU 2 9 4QDGTVU ) 4 4CCF;QWPI /

&CPP 6 $TQQM , 
 'HHGEVU QH NQY CODKGPV NGXGNU QH Q\QPG CPF UWNHCVGU QP VJG HTGSWGPE[ QH

TGURKTCVQT[ CFOKUUKQPU VQ 1PVCTKQ JQURKVCNU 'PXKTQP 4GU  

%CNFGTQP)CTEKFWGPCU . 1UQTPQ8GNCSWG\ # $TCXQ#NXCTG\ * &GNICFQ%JCXG\ 4 $CTTKQU/CTSWG\ 4


 *KUVQRCVJQNQIKE EJCPIGU QH VJG PCUCN OWEQUC KP UQWVJYGUV OGVTQRQNKVCP /GZKEQ %KV[

KPJCDKVCPVU #O , 2CVJQN  

%CNKHQTPKC &GRCTVOGPV QH 2WDNKE *GCNVJ 
 %NGCP CKT HQT %CNKHQTPKC KPKVKCN TGRQTV QH VJG #KT 2QNNWVKQP 5VWF[

2TQLGEV 5CP (TCPEKUEQ %# 5VCVG QH %CNKHQTPKC &GRCTVOGPV QH 2WDNKE *GCNVJ


%CNKHQTPKC &GRCTVOGPV QH 2WDNKE *GCNVJ 
 %NGCP CKT HQT %CNKHQTPKC UGEQPF TGRQTV QH VJG #KT 2QNNWVKQP 5VWF[

2TQLGEV $GTMNG[ %# 5VCVG QH %CNKHQTPKC &GRCTVOGPV QH 2WDNKE *GCNVJ

%CNKHQTPKC &GRCTVOGPV QH 2WDNKE *GCNVJ 
 4GRQTV +++ C RTQITGUU TGRQTV QH %CNKHQTPKC	U HKIJV CICKPUV CKT

RQNNWVKQP $GTMNG[ %# 5VCVG QH %CNKHQTPKC &GRCTVOGPV QH 2WDNKE *GCNVJ

%CUVKNNGLQU / )QNF & 4 &QEMGT[ & 6QUVGUQP 6 $CWO 6 5RGK\GT ( ' 
 'HHGEVU QH CODKGPV

Q\QPG QP TGURKTCVQT[ HWPEVKQP CPF U[ORVQOU KP /GZKEQ %KV[ UEJQQNEJKNFTGP #O 4GX 4GURKT &KU

 

%CUVNGOCP 9 . 6[NGT 9 5 &WPIYQTVJ & . 
 .GUKQPU KP TGURKTCVQT[ DTQPEJKQNGU CPF EQPFWEVKPI

CKTYC[U QH OQPMG[U GZRQUGF VQ CODKGPV NGXGNU QH Q\QPG 'ZR /QN 2CVJQN  

%JCVJCO / $NGGEMGT ' 4 5OKVJ 2 . 4QUGPVJCN 4 4 /CUQP 2 0QTOCP 2 5 
 # EQORCTKUQP

QH JKUVCOKPG OGVJCEJQNKPG CPF GZGTEKUG CKTYC[ TGCEVKXKV[ KP PQTOCN CPF CUVJOCVKE UWDLGEVU #O

4GX 4GURKT &KU  

%QEMETQHV & 9 -KNNKCP & 0 /GNNQP , , # *CTITGCXG ( ' 
 $TQPEJKCN TGCEVKXKV[ VQ KPJCNGF

JKUVCOKPG C OGVJQF CPF ENKPKECN UWTXG[ %NKP #NNGTI[  

%QF[ 4 2 9GKUGN % 2 $KTPDCWO ) .KQ[ 2 , 
 6JG GHHGEV QH Q\QPG CUUQEKCVGF YKVJ UWOOGTVKOG

RJQVQEJGOKECN UOQI QP VJG HTGSWGPE[ QH CUVJOC XKUKVU VQ JQURKVCN GOGTIGPE[ FGRCTVOGPVU 'PXKTQP

4GU  

%QNGTKFIG , % ) %QNGTKFIG * / 
 4GHNGZGU GXQMGF HTQO VTCEJGQDTQPEJKCN VTGG CPF NWPIU

+P %JGTPKCEM 0 5 9KFFKEQODG , ) GFU *CPFDQQM QH RJ[UKQNQI[ X  VJG TGURKTCVQT[

U[UVGO 9CUJKPIVQP &% #OGTKECP 2J[UKQNQIKECN 5QEKGV[ RR 

%QNGTKFIG * / %QNGTKFIG , % ) )KP\GN - * $CMGT & ) $CP\GVV 4 $ /QTTKUQP / # 


5VKOWNCVKQP QH BKTTKVCPV	 TGEGRVQTU CPF CHHGTGPV %HKDGTU KP VJG NWPIU D[ RTQUVCINCPFKPU 0CVWTG


.QPFQP  

%QNGTKFIG * / %QNGTKFIG , % ) $CMGT & ) )KP\GN - * /QTTKUQP / # 
 %QORCTKUQP QH VJG

GHHGEVU QH JKUVCOKPG CPF RTQUVCINCPFKP QP CHHGTGPV %HKDGT GPFKPIU CPF KTTKVCPV TGEGRVQTU KP VJG

KPVTCRWNOQPCT[ CKTYC[U #FX 'ZR /GF $KQN  

%QNGTKFIG , % ) %QNGTKFIG * / 5EJGNGING ' 5 )TGGP , ( 
 #EWVG KPJCNCVKQP QH Q\QPG UVKOWNCVGU

DTQPEJKCN %HKDGTU CPF TCRKFN[ CFCRVKPI TGEGRVQTU KP FQIU , #RRN 2J[UKQN  

%QNWEEK # 8 
 2WNOQPCT[ FQUGGHHGEV TGNCVKQPUJKRU KP Q\QPG GZRQUWTG +P .GG 5 & /WUVCHC / )

/GJNOCP / # GFU +PVGTPCVKQPCN U[ORQUKWO QP VJG DKQOGFKECN GHHGEVU QH Q\QPG CPF TGNCVGF

RJQVQEJGOKECN QZKFCPVU /CTEJ  2KPGJWTUV 0% 2TKPEGVQP 0, 2TKPEGVQP 5EKGPVKHKE 2WDNKUJGTU

+PE RR  
#FXCPEGU KP OQFGTP GPXKTQPOGPVCN VQZKEQNQI[ X 

&GNHKPQ 4 , $GEMNCMG / 4 *CPNG[ , # 
 4GNKCDKNKV[ QH JQURKVCN FCVC HQT RQRWNCVKQPDCUGF UVWFKGU QH

CKT RQNNWVKQP #TEJ 'PXKTQP *GCNVJ  

&GNHKPQ 4 , $GEMNCMG / 4 *CPNG[ , # 
C 6JG TGNCVKQPUJKR QH WTIGPV JQURKVCN CFOKUUKQPU HQT

TGURKTCVQT[ KNNPGUUGU VQ RJQVQEJGOKECN CKT RQNNWVKQP NGXGNU KP /QPVTGCN 'PXKTQP 4GU  

&GNHKPQ 4 , $GEMNCMG / 4 *CPNG[ , # 
D 'UVKOCVKQP QH WPOGCUWTGF RCTVKEWNCVG CKT RQNNWVKQP FCVC HQT

CP GRKFGOKQNQIKECN UVWF[ QH FCKN[ TGURKTCVQT[ OQTDKFKV[ 'PXKTQP 4GU  

&G.WEKC # , #FCOU 9 % 
 'HHGEVU QH 1 KPJCNCVKQP FWTKPI GZGTEKUG QP RWNOQPCT[ HWPEVKQP CPF DNQQF 

DKQEJGOKUVT[ , #RRN 2J[UKQN 4GURKT 'PXKTQP 'ZGTEKUG 2J[UKQN  


&G.WEKC # , 9JKVCMGT , * $T[CPV . 4 
 'HHGEVU QH EQODKPGF GZRQUWTG VQ Q\QPG CPF ECTDQP

OQPQZKFG 
%1 KP JWOCPU +P .GG 5 & /WUVCHC / ) /GJNOCP / # GFU +PVGTPCVKQPCN

U[ORQUKWO QP VJG DKQOGFKECN GHHGEVU QH Q\QPG CPF TGNCVGF RJQVQEJGOKECN QZKFCPVU /CTEJ 2KPGJWTUV

0% 2TKPEGVQP 0, 2TKPEGVQP 5EKGPVKHKE 2WDNKUJGTU +PE RR  
#FXCPEGU KP OQFGTP

GPXKTQPOGPVCN VQZKEQNQI[ X 

&GVGNU 4 4QMCY 5 0 %QWNUQP # * 6CUJMKP & 2 5C[TG , 9 /CUUG[ ( , ,T 
 6JG 7%.#

RQRWNCVKQP UVWFKGU QH EJTQPKE QDUVTWEVKXG TGURKTCVQT[ FKUGCUG + /GVJQFQNQI[ CPF EQORCTKUQP QH NWPI

HWPEVKQP KP CTGCU QH JKIJ CPF NQY RQNNWVKQP #O , 'RKFGOKQN  

&GVGNU 4 5C[TG , 9 %QWNUQP # * 4QMCY 5 0 /CUUG[ ( , ,T 6CUJMKP & 2 9W // 


6JG 7%.# RQRWNCVKQP UVWFKGU QH EJTQPKE QDUVTWEVKXG TGURKTCVQT[ FKUGCUG +8 TGURKTCVQT[ GHHGEV QH

NQPIVGTO GZRQUWTG VQ RJQVQEJGOKECN QZKFCPVU PKVTQIGP FKQZKFG CPF UWNHCVGU QP EWTTGPV CPF PGXGT

UOQMGTU #O 4GX 4GURKT &KU  

&GVGNU 4 6CUJMKP & 2 5C[TG , 9 4QMCY 5 0 %QWNUQP # * /CUUG[ ( , ,T 9GIOCP & *


 6JG 7%.# RQRWNCVKQP UVWFKGU QH EJTQPKE QDUVTWEVKXG TGURKTCVQT[ FKUGCUG  NWPI HWPEVKQP

EJCPIGU CUUQEKCVGF YKVJ EJTQPKE GZRQUWTG VQ RJQVQEJGOKECN QZKFCPVU C EQJQTV UVWF[ COQPI PGXGT

UOQMGTU %JGUV  

&GVGNU 4 6CUJMKP & 2 5C[TG , 9 4QMCY 5 0 /CUUG[ ( , ,T %QWNUQP # * 9GIOCP & *


 6JG 7%.# RQRWNCVKQP UVWFKGU QH %14& : C EQJQTV UVWF[ QH EJCPIGU KP TGURKTCVQT[ HWPEVKQP

CUUQEKCVGF YKVJ EJTQPKE GZRQUWTG VQ 51  01  CPF J[FTQECTDQPU #O , 2WDNKE *GCNVJ   Z Z

&GXNKP 4 $ -QTGP * 5 
 6JG WUG QH SWCPVKVCVKXG VYQFKOGPUKQPCN IGN GNGEVTQRJQTGUKU VQ CPCN[\G EJCPIGU

KP CNXGQNCT OCETQRJCIG RTQVGKPU KP JWOCPU GZRQUGF VQ Q\QPG #O , 4GURKT %GNN /QN $KQN  



&GXNKP 4 $ /E&QPPGNN 9 ( -QTGP * 5 $GEMGT 5 
 2TQNQPIGF GZRQUWTG QH JWOCPU VQ  CPF

 RRO Q\QPG TGUWNVU KP KPHNCOOCVKQP KP VJG NWPI 2TGUGPVGF CV TF CPPWCN OGGVKPI QH VJG #KT 

9CUVG /CPCIGOGPV #UUQEKCVKQP ,WPG 2KVVUDWTIJ 2# 2KVVUDWTIJ 2# #KT  9CUVG /CPCIGOGPV

#UUQEKCVKQP RCRGT PQ 

&GXNKP 4 $ /E&QPPGNN 9 ( /CPP 4 $GEMGT 5 *QWUG & ' 5EJTGKPGOCEJGTU & -QTGP * 5


 'ZRQUWTG QH JWOCPU VQ CODKGPV NGXGNU QH Q\QPG HQT  JQWTU ECWUGU EGNNWNNCT CPF DKQEJGOKECN

EJCPIGU KP VJG NWPI #O , 4GURKT %GNN /QN $KQN  

&GXNKP 4 $ /E-KPPQP - 2 0QCJ 6 $GEMGT 5 -QTGP * 5 
 1\QPGKPFWEGF TGNGCUG QH E[VQMKPGU

CPF HKDTQPGEVKP D[ CNXGQNCT OCETQRJCIGU CPF CKTYC[ GRKVJGNKCN EGNNU #O , 2J[UKQN  .

.


&GXNKP 4 $ (QNKPUDGG . , $KUECTFK ( *CVEJ ) $GEMGT 5 /CFFGP / 4QDDKPU / % -QTGP * 5


 4GRGCVGF GZRQUWTG QH JWOCPU VQ Q\QPG ++ +PHNCOOCVKQP CPF EGNN FCOCIG 4GUGCTEJ 6TKCPING

2CTM 0% 75 'PXKTQPOGPVCN 2TQVGEVKQP #IGPE[ 0CVKQPCN *GCNVJ CPF 'PXKTQPOGPVCN 'HHGEVU

4GUGCTEJ .CDQTCVQT[ %NKPKECN 4GUGCTEJ $TCPEJ OCPWUETKRV KP RTGRCTCVKQP

&KOGQ / , )NGPP / ) *QNV\OCP / , 5JGNNGT , 4 0CFGN , # $QWUJG[ * # 
 6JTGUJQNF

EQPEGPVTCVKQP QH Q\QPG ECWUKPI CP KPETGCUG KP DTQPEJKCN TGCEVKXKV[ KP JWOCPU CPF CFCRVCVKQP YKVJ

TGRGCVGF GZRQUWTGU #O 4GX 4GURKT &KU  

&QEMGT[ & 9 5EJYCTV\ , 5RGPINGT , & 
 #KT RQNNWVKQP CPF FCKN[ OQTVCNKV[ CUUQEKCVKQPU YKVJ

RCTVKEWNCVGU CPF CEKF CGTQUQNU 'PXKTQP 4GU  

&TGEJUNGT2CTMU & / $GFK , ( *QTXCVJ 5 / 
 +PVGTCEVKQP QH RGTQZ[CEGV[N PKVTCVG CPF Q\QPG QP

RWNOQPCT[ HWPEVKQPU #O 4GX 4GURKT &KU  

&TGEJUNGT2CTMU & / $GFK , ( *QTXCVJ 5 / 
C 2WNOQPCT[ HWPEVKQP TGURQPUGU QH QNFGT OGP CPF

YQOGP VQ Q\QPG GZRQUWTG 'ZR )GTQPVQN  

&TGEJUNGT2CTMU & / $GFK , ( *QTXCVJ 5 / 
D 2WNOQPCT[ HWPEVKQP FGUGPUKVK\CVKQP QP TGRGCVGF

GZRQUWTGU VQ VJG EQODKPCVKQP QH RGTQZ[CEGV[N PKVTCVG CPF Q\QPG ,#2%#  

&TGEJUNGT2CTMU & / $GFK , ( *QTXCVJ 5 / 
 2WNOQPCT[ HWPEVKQP TGURQPUGU QH [QWPI CPF QNFGT

CFWNVU VQ OKZVWTGU QH 1  01 CPF 2#0 6QZKEQN +PF *GCNVJ    

&TGEJUNGT2CTMU & / *QTXCVJ 5 / $GFK , ( 
 6JG GHHGEVKXG FQUG EQPEGRV KP QNFGT CFWNVU GZRQUGF

VQ Q\QPG 'ZR )GTQPVQN  

'OOQPU - (QUVGT 9 / 
 5OQMKPI EGUUCVKQP CPF CEWVG CKTYC[ TGURQPUG VQ Q\QPG #TEJ 'PXKTQP

*GCNVJ  

'UEJGPDCEJGT 9 . ;KPI 4 . -TGKV , 9 )TQUU - $ 
 1\QPGKPFWEGF NWPI HWPEVKQP EJCPIGU KP

PQTOCN CPF CUVJOCVKE UWDLGEVU CPF VJG GHHGEV QH KPFQOGVJCEKP +P 5EJPGKFGT 6 .GG 5 &

9QNVGTU ) , 4 )TCPV . & GFU #VOQURJGTKE Q\QPG TGUGCTEJ CPF KVU RQNKE[ KORNKECVKQPU

RTQEGGFKPIU QH VJG TF 75&WVEJ KPVGTPCVKQPCN U[ORQUKWO /C[  0KLOGIGP 6JG 0GVJGTNCPFU

#OUVGTFCO 6JG 0GVJGTNCPFU 'NUGXKGT 5EKGPEG 2WDNKUJGTU RR  
5VWFKGU KP GPXKTQPOGPVCN

UEKGPEG 

'UEJGPDCEJGT 9 . /QQTG 6 $ .QTGP\GP 6 , 9GI , ) )TQUU - $ 
 2WNOQPCT[ TGURQPUGU QH

CUVJOCVKE CPF PQTOCN UWDLGEVU VQ FKHHGTGPV VGORGTCVWTG CPF JWOKFKV[ EQPFKVKQPU KP CP GPXKTQPOGPVCN

EJCODGT .WPI  

'WNGT ) . #DDG[ & ' /CIKG # 4 *QFIMKP , ' 
 %JTQPKE QDUVTWEVKXG RWNOQPCT[ FKUGCUG

U[ORVQO GHHGEVU QH NQPIVGTO EWOWNCVKXG GZRQUWTG VQ CODKGPV NGXGNU QH VQVCN UWURGPFGF RCTVKEWNCVGU

CPF UWNHWT FKQZKFG KP %CNKHQTPKC 5GXGPVJ&C[ #FXGPVKUV TGUKFGPVU #TEJ 'PXKTQP *GCNVJ

 

'WNGT ) . #DDG[ & ' *QFIMKP , ' /CIKG # 4 
 %JTQPKE QDUVTWEVKXG RWNOQPCT[ FKUGCUG

U[ORVQO GHHGEVU QH NQPIVGTO EWOWNCVKXG GZRQUWTG VQ CODKGPV NGXGNU QH VQVCN QZKFCPVU CPF PKVTQIGP

FKQZKFG KP %CNKHQTPKC 5GXGPVJFC[ #FXGPVKUV TGUKFGPVU #TEJ 'PXKTQP *GCNVJ  

'XCPU 6 9 $TQMCY , , %JWPI - ( 0CFGN , # /E&QPCNF & / 
 1\QPGKPFWEGF DTQPEJKCN

J[RGTTGURQPUKXGPGUU KP VJG TCV KU PQV CEEQORCPKGF D[ PGWVTQRJKN KPHNWZ QT KPETGCUGF XCUEWNCT

RGTOGCDKNKV[ KP VJG VTCEJGC #O 4GX 4GURKT &KU  


(GTPCPFGU # . ) /QNHKPQ 0 # /E%NGCP 2 # 5KNXGTOCP ( 6CTNQ 5 4CK\GPPG / 5NWVUM[ # 5

<COGN 0 
 6JG GHHGEV QH RTGGZRQUWTG VQ  RRO QH Q\QPG QP GZGTEKUGKPFWEGF CUVJOC

%JGUV  

(NGUJ 4 & 4KJC / . /KNNGT / ( 
 'HHGEVU QH UJQTVVGTO KPVGTOKVVGPV CKT RQNNWVCPVU QP KPEKFGPEG CPF

UGXGTKV[ QH CEWVG TGURKTCVQT[ FKUGCUG FCVC EQNNGEVKQP CPF SWCNKV[ CUUWTCPEG 
RTQLGEV UWOOCT[

4GUGCTEJ 6TKCPING 2CTM 0% 75 'PXKTQPOGPVCN 2TQVGEVKQP #IGPE[ *GCNVJ 'HHGEVU 4GUGCTEJ

.CDQTCVQT[ '2# TGRQTV PQ '2# #XCKNCDNG HTQO 06+5 5RTKPIHKGNF 8#

2$

(QNKPUDGG . , *C\WEJC / , 
 2GTUKUVGPEG QH Q\QPGKPFWEGF EJCPIGU KP NWPI HWPEVKQP CPF CKTYC[

TGURQPUKXGPGUU +P 5EJPGKFGT 6 .GG 5 & 9QNVGTU ) , 4 )TCPV . & GFU #VOQURJGTKE

Q\QPG TGUGCTEJ CPF KVU RQNKE[ KORNKECVKQPU RTQEGGFKPIU QH VJG TF 75&WVEJ KPVGTPCVKQPCN

U[ORQUKWO /C[  0KLOGIGP 6JG 0GVJGTNCPFU #OUVGTFCO 6JG 0GVJGTNCPFU 'NUGXKGT 5EKGPEG

2WDNKUJGTU RR  
5VWFKGU KP GPXKTQPOGPVCN UEKGPEG 

(QNKPUDGG . , *QTXCVJ 5 / 
 2GTUKUVGPEG QH VJG CEWVG GHHGEVU QH Q\QPG GZRQUWTG #XKCV 5RCEG 'PXKTQP

/GF  

(QNKPUDGG . , 5KNXGTOCP ( 5JGRJCTF 4 , 
 'ZGTEKUG TGURQPUGU HQNNQYKPI Q\QPG GZRQUWTG , #RRN

2J[UKQN  

(QNKPUDGG . , 5KNXGTOCP ( 5JGRJCTF 4 , 
 &GETGCUG QH OCZKOWO YQTM RGTHQTOCPEG HQNNQYKPI Q\QPG

GZRQUWTG , #RRN 2J[UKQN 4GURKT 'PXKTQP 'ZGTEKUG 2J[UKQN  

(QNKPUDGG . , &TKPMYCVGT $ . $GFK , ( *QTXCVJ 5 / 
 6JG KPHNWGPEG QH GZGTEKUG QP VJG

RWNOQPCT[ HWPEVKQP EJCPIGU FWG VQ GZRQUWTG VQ NQY EQPEGPVTCVKQPU QH Q\QPG +P (QNKPUDGG . ,

9CIPGT , # $QTIKC , ( &TKPMYCVGT $ . )NKPGT , # $GFK , ( GFU 'PXKTQPOGPVCN

UVTGUU KPFKXKFWCN JWOCP CFCRVCVKQPU 0GY ;QTM 0; #ECFGOKE 2TGUU RR 

(QNKPUDGG . , $GFK , ( *QTXCVJ 5 / 
 4GURKTCVQT[ TGURQPUGU KP JWOCPU TGRGCVGFN[ GZRQUGF VQ NQY

EQPEGPVTCVKQPU QH Q\QPG #O 4GX 4GURKT &KU  

(QNKPUDGG . , $GFK , ( *QTXCVJ 5 / 
 2WNOQPCT[ HWPEVKQP EJCPIGU CHVGT  J EQPVKPWQWU JGCX[

GZGTEKUG KP  RRO Q\QPG , #RRN 2J[UKQN 4GURKT 'PXKTQP 'ZGTEKUG 2J[UKQN  

(QNKPUDGG . , $GFK , ( *QTXCVJ 5 / 
 2WNOQPCT[ TGURQPUG VQ VJTGUJQNF NGXGNU QH UWNHWT FKQZKFG 


RRO CPF Q\QPG 
 RRO , #RRN 2J[UKQN  

(QNKPUDGG . , *QTUVOCP & * 8QTQPC 4 & 2TKPEG , / $GTT[ / 
 &GVGTOKPCPVU QH GPFWTCPEG

RGTHQTOCPEG FWTKPI Q\QPG KPJCNCVKQP 2TGUGPVGF CV VJ +PVGTPCVKQPCN 7PKQP QH 2J[UKQNQIKECN

5EKGPEGU %QPITGUU ,WN[ 8CPEQWXGT $% %CPCFC 2TQE +PV 7PKQP 2J[UKQN 5EK  

(QNKPUDGG . , /E&QPPGNN 9 ( *QTUVOCP & * 
 2WNOQPCT[ HWPEVKQP CPF U[ORVQO TGURQPUGU CHVGT

JQWT GZRQUWTG VQ  RRO Q\QPG YKVJ OQFGTCVG GZGTEKUG ,#2%#  

(QNKPUDGG . , *QTUVOCP & * -GJTN * 4 /E&QPPGNN 9 ( )GTTKV[ 6 4 5GCN ' .CTUQP 4

*C\WEJC / , #DFWN5CNCCO 5 (CWEGVVG $ +XGU 2 , 
 'HHGEVU QH UKPING CPF TGRGCVGF

RTQNQPIGF NQYNGXGN Q\QPG GZRQUWTG KP OCP 2TGUGPVGF CV CPPWCN OGGVKPI QH VJG 5QEKGV[ HQT

1EEWRCVKQPCN CPF 'PXKTQPOGPVCN *GCNVJ /CTEJ 9CUJKPIVQP &%

(QNKPUDGG . , *QTUVOCP & * -GJTN * 4 *CTFGT 5 & #DFWN5CNCCO 5 +XGU 2 , 


4GURKTCVQT[ TGURQPUGU VQ TGRGCVGF RTQNQPIGF GZRQUWTG VQ  RRO Q\QPG #O , 4GURKT %TKV %CTG

/GF  
8



(QNKPUDGG . , &GXNKP 4 $ 4QDDKPU / - $KUECTFK ( * #DFWN5CNCCO 5 -QTGP * 5 


4GRGCVGF GZRQUWTG VQ JKIJ Q\QPG EQPEGPVTCVKQP + RWNOQPCT[ HWPEVKQP CPF U[ORVQO TGURQPUGU #O

, 4GURKT %TKV %CTG /GF RTGRCTGF HQT UWDOKUUKQP

(QUVGT 9 / %QUVC & . .CPIGPDCEM ' ) 
 1\QPG GZRQUWTG CNVGTU VTCEJGQDTQPEJKCN OWEQEKNKCT[

HWPEVKQP KP JWOCPU , #RRN 2J[UKQN  

(QZ 5 & #FCOU 9 % $TQQMGU - # .CUNG[ $ . 
 'PJCPEGF TGURQPUG VQ Q\QPG GZRQUWTG FWTKPI

VJG HQNNKEWNCT RJCUG QH VJG OGPUVTWCN E[ENG 'PXKTQP *GCNVJ 2GTURGEV  

(QZETQHV 9 , #FCOU 9 % 
 'HHGEVU QH Q\QPG GZRQUWTG QP HQWT EQPUGEWVKXG FC[U QP YQTM RGTHQTOCPEG

CPF 1  , #RRN 2J[UKQN   OCZ

)CNDQ * 
 *QTOQPCN CPF OGVCDQNKE CFCRVCVKQP VQ GZGTEKUG 0GY ;QTM 0; 6JKGOG CPF 5VTCVQP

)GTTKV[ 6 4 9GCXGT 4 # $GTPVUGP , *QWUG & ' 1	0GKN , , 
 'ZVTCVJQTCEKE CPF KPVTCVJQTCEKE

TGOQXCN QH 1 KP VKFCNDTGCVJKPI JWOCPU , #RRN 2J[UKQN   

)GTTKV[ 6 4 $GPPGVV 9 & -GJTN * &G9KVV 2 , 
 /WEQEKNKCT[ ENGCTCPEG QH KPJCNGF RCTVKENGU

OGCUWTGF CV  J CHVGT Q\QPG GZRQUWTG KP JWOCPU , #RRN 2J[UKQN  

)GTTKV[ 6 4 /E&QPPGNN 9 ( *QWUG & ' 
 6JG TGNCVKQPUJKR DGVYGGP FGNKXGTGF Q\QPG FQUG CPF

HWPEVKQPCN TGURQPUGU KP JWOCPU 6QZKEQN #RRN 2JCTOCEQN  

)GTVPGT # $TQODGTIGT$CTPGC $ 6TC[UVOCP 4 $GT\QP & /GPMGU * 
C 4GURQPUGU QH VJG NWPI

RGTKRJGT[ VQ Q\QPG CPF JKUVCOKPG , #RRN 2J[UKQN 4GURKT 'PXKTQP 'ZGTEKUG 2J[UKQN

 

)GTVPGT # $TQODGTIGT$CTPGC $ &CPPGPDGTI # / ,T 6TC[UVOCP 4 /GPMGU * 
D 4GURQPUGU QH

VJG NWPI RGTKRJGT[ VQ  RRO Q\QPG , #RRN 2J[UKQN 4GURKT 'PXKTQP 'ZGTEKUG 2J[UKQN

 

)GTVPGT # $TQODGTIGT$CTPGC $ 6TC[UVOCP 4 /GPMGU * 
E 'HHGEVU QH Q\QPG QP RGTKRJGTCN NWPI

TGCEVKXKV[ , #RRN 2J[UKQN 4GURKT 'PXKTQP 'ZGTEKUG 2J[UKQN  

)KDDQPU 5 + #FCOU 9 % 
 %QODKPGF GHHGEVU QH Q\QPG GZRQUWTG CPF CODKGPV JGCV QP GZGTEKUKPI

HGOCNGU , #RRN 2J[UKQN 4GURKT 'PXKTQP 'ZGTEKUG 2J[UKQN  

)NKPGT , # *QTXCVJ 5 / (QNKPUDGG . , 
 2TGGZRQUWTG VQ NQY Q\QPG EQPEGPVTCVKQPU FQGU PQV FKOKPKUJ

VJG RWNOQPCT[ HWPEVKQP TGURQPUG QP GZRQUWTG VQ JKIJGT Q\QPG EQPEGPVTCVKQPU #O 4GX 4GURKT &KU

 

)QNFGP , # 0CFGN , # $QWUJG[ * # 
 $TQPEJKCN J[RGTKTTKVCDKNKV[ KP JGCNVJ[ UWDLGEVU CHVGT GZRQUWTG

VQ Q\QPG #O 4GX 4GURKT &KU  

)QNFUOKVJ , 4 )TKHHKVJ * . &GVGNU 4 $GGUGT 5 0GWOCPP . 
 'OGTIGPE[ TQQO CFOKUUKQPU

OGVGQTQNQIKE XCTKCDNGU CPF CKT RQNNWVCPVU C RCVJ CPCN[UKU #O , 'RKFGOKQN  

)QPI * ,T 
 4GNCVKQPUJKR DGVYGGP CKT SWCNKV[ CPF VJG TGURKTCVQT[ UVCVWU QH CUVJOCVKEU KP CP CTGC QH JKIJ

QZKFCPV RQNNWVKQP KP .QU #PIGNGU %QWPV[ =HKPCN TGRQTV? 5CETCOGPVQ %# %CNKHQTPKC #KT 4GUQWTEGU

$QCTF EQPVTCEV PQU # CPF #

)QPI * , 6CUJMKP & 2 5KOOQPU / 5 %QWNUQP # * %NCTM 8 # 5RKXG[ ) * 5C[TG , 9


 4GNCVKQPUJKR DGVYGGP QZKFCPV CKT RQNNWVKQP CPF TGURKTCVQT[ UVCVWU QH CUVJOCVKEU KP .QU #PIGNGU

%QWPV[ OGVJQFQNQI[ CPF UVWF[ UCORNG +P .GG 5 & GF 'XCNWCVKQP QH VJG UEKGPVKHKE DCUKU HQT


Q\QPGQZKFCPVU UVCPFCTFU VTCPUCEVKQPU QH CP #2%# KPVGTPCVKQPCN URGEKCNV[ EQPHGTGPEG 0QXGODGT

 *QWUVQP 6: 2KVVUDWTIJ 2# #KT 2QNNWVKQP %QPVTQN #UUQEKCVKQP RR 

)QPI * ,T $TCFNG[ 2 9 5KOOQPU / 5 6CUJMKP & 2 
 +ORCKTGF GZGTEKUG RGTHQTOCPEG CPF

RWNOQPCT[ HWPEVKQP KP GNKVG E[ENKUVU FWTKPI NQYNGXGN Q\QPG GZRQUWTG KP C JQV GPXKTQPOGPV #O 4GX

4GURKT &KU  

)QPI * ,T $GFK , ( *QTXCVJ 5 / 
 +PJCNGF CNDWVGTQN FQGU PQV RTQVGEV CICKPUV Q\QPG VQZKEKV[ KP

PQPCUVJOCVKE CVJNGVGU #TEJ 'PXKTQP *GCNVJ  

)QTFQP 6 8GPWIQRCNCP % 5 #OFWT / 1 &TC\GP , / 
 1\QPGKPFWEGF CKTYC[ J[RGTTGCEVKXKV[ KP

VJG IWKPGC RKI , #RRN 2J[UKQN 4GURKT 'PXKTQP 'ZGTEKUG 2J[UKQN  

)TCJCO & ' -QTGP * 5 
 $KQOCTMGTU QH KPHNCOOCVKQP KP Q\QPGGZRQUGF JWOCPU EQORCTKUQP QH VJG

PCUCN CPF DTQPEJQCNXGQNCT NCXCIG #O 4GX 4GURKT &KU  

)TCJCO & *GPFGTUQP ( *QWUG & 
 0GWVTQRJKN KPHNWZ OGCUWTGF KP PCUCN NCXCIGU QH JWOCPU GZRQUGF VQ

Q\QPG #TEJ 'PXKTQP *GCNVJ  

)TGXG , / &CXKU ) /G[GT # / (QTVG % 2 ;QUV 5 % /CTNQT % 9 -COCTEM / '

/E%NGNNCPF # 
 6JG OCLQT JWOCP TJKPQXKTWU TGEGRVQT KU +%#/ %GNN  

)TQUU - $ 9JKVG * , 5CTIGPV 0 ' 
 6JG GHHGEV QH Q\QPG KPJCNCVKQP QP OGVCDQNKE HWPEVKQPKPI QH

XCUEWNCT GPFQVJGNKWO CPF QP XGPVKNCVQT[ HWPEVKQP 6QZKEQN #RRN 2JCTOCEQN  

*CEMPG[ , & .KPP 9 5 .CY & % -CTW\C 5 - )TGGPDGTI * $WEMNG[ 4 & 2GFGTUGP ' '


 'ZRGTKOGPVCN UVWFKGU QP JWOCP JGCNVJ GHHGEVU QH CKT RQNNWVCPVU +++ VYQJQWT GZRQUWTG VQ

Q\QPG CNQPG CPF KP EQODKPCVKQP YKVJ QVJGT RQNNWVCPV ICUGU #TEJ 'PXKTQP *GCNVJ  

*CEMPG[ , & .KPP 9 5 $WEMNG[ 4 & *KUNQR * , 
 5VWFKGU KP CFCRVCVKQP VQ CODKGPV QZKFCPV CKT

RQNNWVKQP GHHGEVU QH Q\QPG GZRQUWTG KP .QU #PIGNGU TGUKFGPVU XU PGY CTTKXCNU 'PXKTQP *GCNVJ

2GTURGEV  

*CEMPG[ , & .KPP 9 5 /QJNGT , ) %QNNKGT % 4 
C #FCRVCVKQP VQ UJQTVVGTO TGURKTCVQT[ GHHGEVU

QH Q\QPG KP OGP GZRQUGF TGRGCVGFN[ , #RRN 2J[UKQN 4GURKT 'PXKTQP 'ZGTEKUG 2J[UKQN

 

*CEMPG[ , & .KPP 9 5 -CTW\C 5 - $WEMNG[ 4 & .CY & % $CVGU & 8 *C\WEJC / 2GPIGNN[

. & 5KNXGTOCP ( 
D 'HHGEVU QH Q\QPG GZRQUWTG KP %CPCFKCPU CPF UQWVJGTP %CNKHQTPKCPU

GXKFGPEG HQT CFCRVCVKQP! #TEJ 'PXKTQP *GCNVJ  

*CEMPG[ , & .KPP 9 5 5JCOQQ & # #XQN ' . 
 4GURQPUGU QH UGNGEVGF TGCEVKXG CPF PQPTGCEVKXG

XQNWPVGGTU VQ Q\QPG GZRQUWTG KP JKIJ CPF NQY RQNNWVKQP UGCUQPU +P 5EJPGKFGT 6 .GG 5 &

9QNVGTU ) , 4 )TCPV . & GFU #VOQURJGTKE Q\QPG TGUGCTEJ CPF KVU RQNKE[ KORNKECVKQPU

RTQEGGFKPIU QH VJG TF 75&WVEJ KPVGTPCVKQPCN U[ORQUKWO /C[  0KLOGIGP 6JG 0GVJGTNCPFU

#OUVGTFCO 6JG 0GVJGTNCPFU 'NUGXKGT 5EKGPEG 2WDNKUJGTU RR  
5VWFKGU KP GPXKTQPOGPVCN

UEKGPEG 

*COOGT & + *CUUGNDNCF 8 2QTVPQ[ $ 9GJTNG 2 ( 
 .QU #PIGNGU UVWFGPV PWTUG UVWF[ FCKN[

U[ORVQO TGRQTVKPI CPF RJQVQEJGOKECN QZKFCPVU #TEJ 'PXKTQP *GCNVJ  

*C\DWP / ' *COKNVQP 4 *QNKCP # 'UEJGPDCEJGT 9 . 
 1\QPGKPFWEGF KPETGCUGU KP UWDUVCPEG 2

CPF GRKRTQUVCINCPFKP ( KP VJG CKTYC[U QH JWOCP UWDLGEVU #O , 4GURKT %GNN /QN $KQN 

 


*C\WEJC / , 
 4GNCVKQPUJKR DGVYGGP Q\QPG GZRQUWTG CPF RWNOQPCT[ HWPEVKQP EJCPIGU , #RRN 2J[UKQN

 

*C\WEJC / 5KNXGTOCP ( 2CTGPV % (KGNF 5 $CVGU & 8 
 2WNOQPCT[ HWPEVKQP KP OCP CHVGT

UJQTVVGTO GZRQUWTG VQ Q\QPG #TEJ 'PXKTQP *GCNVJ  

*C\WEJC / , $CVGU & 8 $TQODGTI 2 # 
 /GEJCPKUO QH CEVKQP QH Q\QPG QP VJG JWOCP NWPI

, #RRN 2J[UKQN  

*C\WEJC / , (QNKPUDGG . , 5GCN ' ,T 
 'HHGEVU QH UVGCF[UVCVG CPF XCTKCDNG Q\QPG EQPEGPVTCVKQP

RTQHKNGU QP RWNOQPCT[ HWPEVKQP #O 4GX 4GURKT &KU  

*C\WEJC / , (QNKPUDGG . , 5GCN ' $TQODGTI 2 # 
 .WPI HWPEVKQP TGURQPUG QH JGCNVJ[ YQOGP

CHVGT UGSWGPVKCN GZRQUWTGU VQ 01 CPF 1  #O , 4GURKT %TKV %CTG /GF    

*C\WEJC / , /CFFGP / 2CRG ) $GEMGT 5 &GXNKP 4 $ -QTGP * 5 -GJTN * $TQODGTI 2 #


 'HHGEVU QH E[ENQQZ[IGPCUG KPJKDKVKQP QP Q\QPGKPFWEGF TGURKTCVQT[ KPHNCOOCVKQP CPF NWPI

HWPEVKQP EJCPIGU 'WT , #RRN 2J[UKQN 1EEWR /GF  

*GEJVGT * * )QNFUOKVJ , 4 
 #KT RQNNWVKQP CPF FCKN[ OQTVCNKV[ #O , /GF 5EK  

*GPFGTUQP ( 9 &WDQXK ' , *CTFGT 5 5GCN ' ,T )TCJCO & 
 'ZRGTKOGPVCN TJKPQXKTWU KPHGEVKQP

KP JWOCP XQNWPVGGTU GZRQUGF VQ Q\QPG #O 4GX 4GURKT &KU  

*KIIKPU + 6 6 &	#TE[ , $ )KDDQPU & + #XQN ' . )TQUU - $ 
 'HHGEV QH GZRQUWTGU VQ CODKGPV

Q\QPG QP XGPVKNCVQT[ NWPI HWPEVKQP KP EJKNFTGP #O 4GX 4GURKT &KU  

*QFIMKP , ' #DDG[ & ' 'WNGT ) . /CIKG # 4 
 %12& RTGXCNGPEG KP PQPUOQMGTU KP JKIJ CPF

NQY RJQVQEJGOKECN CKT RQNNWVKQP CTGCU %JGUV  

*QGM ) $TWPGMTGGH $ 
 6KOG VTGPFU KP TGRGCVGF URKTQOGVT[ KP EJKNFTGP 'WT 4GURKT ,  

*QGM ) $TWPGMTGGH $ -QUVGTKPM 2 8CP FGP $GTI 4 *QHUEJTGWFGT 2 
C 'HHGEV QH CODKGPV Q\QPG QP

RGCM GZRKTCVQT[ HNQY QH GZGTEKUKPI EJKNFTGP KP VJG 0GVJGTNCPFU #TEJ 'PXKTQP *GCNVJ  

*QGM ) (KUEJGT 2 $TWPGMTGGH $ .GDTGV ' *QHUEJTGWFGT 2 /GPPGP / ) 
D #EWVG GHHGEVU QH

CODKGPV Q\QPG QP RWNOQPCT[ HWPEVKQP QH EJKNFTGP KP VJG 0GVJGTNCPFU #O 4GX 4GURKT &KU

 

*QNIWKP # * $WHHNGT 2 # %QPVCPV % ( ,T 5VQEM 6 * -QVEJOCT & *UK $ 2 ,GPMKPU & '

)GJCP $ / 0QGN . / /GK / 
 6JG GHHGEVU QH Q\QPG QP CUVJOCVKEU KP VJG *QWUVQP CTGC

+P .GG 5 & GF 'XCNWCVKQP QH VJG UEKGPVKHKE DCUKU HQT Q\QPGQZKFCPVU UVCPFCTFU RTQEGGFKPIU QH CP

#2%# KPVGTPCVKQPCN URGEKCNV[ EQPHGTGPEG 0QXGODGT  *QWUVQP 6: 2KVVUDWTIJ 2# #KT

2QNNWVKQP %QPVTQN #UUQEKCVKQP RR  
#2%# KPVGTPCVKQPCN URGEKCNV[ EQPHGTGPEG VTCPUCEVKQPU

64

*QNV\OCP / , %WPPKPIJCO , * 5JGNNGT , 4 +TUKINGT ) $ 0CFGN , # $QWUJG[ * # 
 'HHGEV

QH Q\QPG QP DTQPEJKCN TGCEVKXKV[ KP CVQRKE CPF PQPCVQRKE UWDLGEVU #O 4GX 4GURKT &KU  



*QNV\OCP / , (CDDTK . / 1	$[TPG 2 / )QNF $ & #K\CYC * 9CNVGTU ' * #NRGTV 5 '

0CFGN , # 
 +ORQTVCPEG QH CKTYC[ KPHNCOOCVKQP HQT J[RGTTGURQPUKXGPGUU KPFWEGF D[ Q\QPG

#O 4GX 4GURKT &KU  


*QTUVOCP & * (QNKPUDGG . , +XGU 2 , #DFWN5CNCCO 5 /E&QPPGNN 9 ( 
 1\QPG EQPEGPVTCVKQP

CPF RWNOQPCT[ TGURQPUG TGNCVKQPUJKRU HQT JQWT GZRQUWTGU YKVJ HKXG JQWTU QH OQFGTCVG GZGTEKUG VQ

  CPF  RRO #O 4GX 4GURKT &KU  

*QTUVOCP & * $CNN $ # $TQYP , )GTTKV[ 6 (QNKPUDGG . , 
 %QORCTKUQP QH RWNOQPCT[

TGURQPUGU QH CUVJOCVKE CPF PQPCUVJOCVKE UWDLGEVU RGTHQTOKPI NKIJV GZGTEKUG YJKNG GZRQUGF VQ C NQY

NGXGN QH Q\QPG 6QZKEQN +PF *GCNVJ  

*QTXCVJ 5 / )NKPGT , # /CVUGP6YKUFCNG , # 
 2WNOQPCT[ HWPEVKQP CPF OCZKOWO GZGTEKUG

TGURQPUGU HQNNQYKPI CEWVG Q\QPG GZRQUWTG #XKCV 5RCEG 'PXKTQP /GF  

*QTXCVJ 5 / )NKPGT , # (QNKPUDGG . , 
 #FCRVCVKQP VQ Q\QPG FWTCVKQP QH GHHGEV #O 4GX 4GURKT

&KU  

*QTXCVJ 5 / $GFK , ( &TGEJUNGT2CTMU & / 
 'HHGEVU QH RGTQZ[CEGV[N PKVTCVG CNQPG CPF KP

EQODKPCVKQP YKVJ Q\QPG KP JGCNVJ[ [QWPI YQOGP , #KT 2QNNWV %QPVTQN #UUQE  

*QTXCVJ 5 / (QNKPUDGG . , $GFK , ( 
 %QODKPGF GHHGEV QH Q\QPG CPF UWNHWTKE CEKF QP RWNOQPCT[

HWPEVKQP KP OCP #O +PF *[I #UUQE ,  

*QTXCVJ 5 / $GFK , ( &TGEJUNGT2CTMU & / 9KNNKCOU 4 ' 
 #NVGTCVKQPU KP RWNOQPCT[ HWPEVKQP

RCTCOGVGTU FWTKPI GZRQUWTG VQ  RRD Q\QPG HQT  JQWTU KP JGCNVJ[ OKFFNG CIGF KPFKXKFWCNU

+P $GTINWPF 4 . .CYUQP & 4 /E-GG & , GFU 6TQRQURJGTKE Q\QPG CPF VJG GPXKTQPOGPV

RCRGTU HTQO CP KPVGTPCVKQPCN EQPHGTGPEG /CTEJ  .QU #PIGNGU %# 2KVVUDWTIJ 2# #KT 

9CUVG /CPCIGOGPV #UUQEKCVKQP RR  
#9/# VTCPUCEVKQP UGTKGU PQ 64

*[PGU $ 5KNXGTOCP ( %QNG 2 %QTG[ 2 
 'HHGEVU QH Q\QPG GZRQUWTG C EQORCTKUQP DGVYGGP QTCN CPF

PCUCN DTGCVJKPI #TEJ 'PXKTQP *GCNVJ  

+RUGP , +PIGPKVQ ( ' &GCPG / 
 'RKUQFKE OQTDKFKV[ CPF OQTVCNKV[ KP TGNCVKQP VQ CKT RQNNWVKQP #TEJ

'PXKTQP *GCNVJ  

,QJPUQP & # 9KPVGTU 4 5 9QQNNG[ 6 )TCJCO & *GPFGTUQP ( 9 
 1\QPG GHHGEVU QP

CNRJCRTQVGKPCUG KPJKDKVQT KP XKXQ DNQQF RNCUOC KPJKDKVQT[ CEVKXKV[ KU WPEJCPIGF 'ZR .WPI 4GU

 

-CICYC , 
 'ZRGTKOGPVCN UVWFKGU QP JWOCP JGCNVJ GHHGEVU QH CGTQUQN CPF ICUGQWU RQNNWVCPVU +P .GG 5 &

5EJPGKFGT 6 )TCPV . & 8GTMGTM 2 , GFU #GTQUQNU TGUGCTEJ TKUM CUUGUUOGPV CPF EQPVTQN

UVTCVGIKGU`RTQEGGFKPIU QH VJG UGEQPF 75&WVEJ KPVGTPCVKQPCN U[ORQUKWO /C[  9KNNKCOUDWTI

8# %JGNUGC /+ .GYKU 2WDNKUJGTU +PE RR 

-CICYC , 6UWTW - 
 'HHGEVU QH Q\QPG CPF UOQMKPI CNQPG CPF KP EQODKPCVKQP QP DTQPEJKCN TGCEVKXKV[ VQ

KPJCNGF CEGV[NEJQNKPG 0KRRQP -[QDW 5JKMMCP )CMMCK <CUUJK  

-GGHG / , $GPPGVV 9 & &GYKVV 2 5GCN ' 5VTQPI # # )GTTKV[ 6 4 
 6JG GHHGEV QH Q\QPG

GZRQUWTG QP VJG FKURGTUKQP QH KPJCNGF CGTQUQN DQNWUGU KP JGCNVJ[ JWOCP UWDLGEVU #O 4GX 4GURKT

&KU  

-GJTN * 4 *C\WEJC / , 5QNKE , , $TQODGTI 2 # 
 4GURQPUGU QH UWDLGEVU YKVJ EJTQPKE

QDUVTWEVKXG RWNOQPCT[ FKUGCUG CHVGT GZRQUWTGU VQ  RRO Q\QPG #O 4GX 4GURKT &KU

 

-GJTN * 4 8KPEGPV . / -QYCNUM[ 4 , *QTUVOCP & * 1	0GKN , , /E%CTVPG[ 9 * $TQODGTI

2 # 
 1\QPG GZRQUWTG KPETGCUGU TGURKTCVQT[ GRKVJGNKCN RGTOGCDKNKV[ KP JWOCPU #O 4GX

4GURKT &KU  


-GJTN * 4 8KPEGPV . / -QYCNUM[ 4 , *QTUVOCP & * 1	0GKN , , /E%CTVPG[ 9 * $TQODGTI

2 # 
 1\QPGKPFWEGF EJCPIGU KP VJG RWNOQPCT[ ENGCTCPEG QH 6E&62# KP OCP O

+P 5EJPGKFGT 6 .GG 5 & 9QNVGTU ) , 4 )TCPV . & GFU #VOQURJGTKE Q\QPG TGUGCTEJ

CPF KVU RQNKE[ KORNKECVKQPU RTQEGGFKPIU QH VJG TF 75&WVEJ KPVGTPCVKQPCN U[ORQUKWO /C[ 

0KLOGIGP 6JG 0GVJGTNCPFU #OUVGTFCO 6JG 0GVJGTNCPFU 'NUGXKGT 5EKGPEG 2WDNKUJGTU RR 

 
5VWFKGU KP GPXKTQPOGPVCN UEKGPEG 

-GPPGF[ 5 / $WTTQYU $ 8GFCN 5 'PCTUQP & # %JCP;GWPI / 
 /GVJCEJQNKPG TGURQPUKXGPGUU

COQPI YQTMKPI RQRWNCVKQPU TGNCVKQPUJKR VQ UOQMKPI CPF CKTYC[ ECNKDGT #O 4GX 4GURKT &KU 



-GTT * & -WNNG 6 , /E+NJCP[ / . 5YKFGTUM[ 2 
 'HHGEVU QH Q\QPG QP RWNOQPCT[ HWPEVKQP KP

PQTOCN UWDLGEVU CP GPXKTQPOGPVCNEJCODGT UVWF[ #O 4GX 4GURKT &KU  

-KNDWTP - * 9CTUJCY 4 * 6JQTPVQP , % 
 'ZRKTCVQT[ HNQYU FGETGCUGF KP .QU #PIGNGU EJKNFTGP

HTQO  VQ  KU VJKU GXKFGPEG QH GHHGEVU QH CKT RQNNWVKQP! 'PXKTQP 4GU  

-KPPG[ 2 . 
 5JQTVVGTO NWPI HWPEVKQP CUUQEKCVKQPU YKVJ CKT RQNNWVKQP KP -KPIUVQP CPF *CTTKOCP

6GPPGUUGG =FKUUGTVCVKQP? $QUVQP /# *CTXCTF 7PKXGTUKV[ 5EJQQN QH 2WDNKE *GCNVJ

-KPPG[ 2 . ¤\MC[PCM * 
 #UUQEKCVKQPU QH FCKN[ OQTVCNKV[ CPF CKT RQNNWVKQP KP .QU #PIGNGU %QWPV[

'PXKTQP 4GU  

-KPPG[ 2 . 9CTG , * 5RGPINGT , & &QEMGT[ & 9 5RGK\GT ( ' (GTTKU $ ) ,T 


5JQTVVGTO RWNOQPCT[ HWPEVKQP EJCPIG KP CUUQEKCVKQP YKVJ Q\QPG NGXGNU #O 4GX 4GURKT &KU

 

-NGGDGTIGT 5 4 *WFCM $ $ 
 #EWVG Q\QPGKPFWEGF EJCPIG KP CKTYC[ RGTOGCDKNKV[ TQNG QH KPHKNVTCVKPI

NGWMQE[VGU , #RRN 2J[UKQN  

-QGPKI , 3 %QXGTV & 5 /QTICP / 5 *QTKMG / *QTKMG 0 /CTUJCNN 5 ) 2KGTUQP 9 ' 


#EWVG GHHGEVU QH  RRO Q\QPG QT  RRO PKVTQIGP FKQZKFG QP RWNOQPCT[ HWPEVKQP KP JGCNVJ[ CPF

CUVJOCVKE CFQNGUEGPVU #O 4GX 4GURKT &KU  

-QGPKI , 3 %QXGTV & 5 /CTUJCNN 5 ) 8CP $GNNG ) 2KGTUQP 9 ' 
 6JG GHHGEVU QH Q\QPG CPF

PKVTQIGP FKQZKFG QP RWNOQPCT[ HWPEVKQP KP JGCNVJ[ CPF KP CUVJOCVKE CFQNGUEGPVU #O 4GX 4GURKT

&KU  

-QGPKI , 3 %QXGTV & 5 5OKVJ / 5 8CP $GNNG ) 2KGTUQP 9 ' 
 6JG RWNOQPCT[ GHHGEVU QH

Q\QPG CPF PKVTQIGP FKQZKFG CNQPG CPF EQODKPGF KP JGCNVJ[ CPF CUVJOCVKE CFQNGUEGPV UWDLGEVU 6QZKEQN

+PF *GCNVJ  

-QGPKI , 3 %QXGTV & 5 *CPNG[ 3 5 8CP $GNNG ) 2KGTUQP 9 ' 
 2TKQT GZRQUWTG VQ Q\QPG

RQVGPVKCVGU UWDUGSWGPV TGURQPUG VQ UWNHWT FKQZKFG KP CFQNGUEGPV CUVJOCVKE UWDLGEVU #O 4GX 4GURKT

&KU  

-QGPKI , 3 .CTUQP 6 8 *CPNG[ 3 5 4GDQNNGFQ 8 &WONGT - %JGEMQYC[ * 9CPI 5<

.KP & 2KGTUQP 9 ' 
 2WNOQPCT[ HWPEVKQP EJCPIGU KP EJKNFTGP CUUQEKCVGF YKVJ HKPG

RCTVKEWNCVG OCVVGT 'PXKTQP 4GU  

-QGPKI , 3 %QXGTV & 5 2KGTUQP 9 ' *CPNG[ 3 5 4GDQNNGFQ 8 &WONGT - /E-KPPG[ 5 '


 1ZKFCPV CPF CEKF CGTQUQN GZRQUWTG KP JGCNVJ[ UWDLGEVU CPF UWDLGEVU YKVJ CUVJOC 2CTV + GHHGEVU

QH QZKFCPVU EQODKPGF YKVJ UWNHWTKE QT PKVTKE CEKF QP VJG RWNOQPCT[ HWPEVKQP QH CFQNGUEGPVU YKVJ

CUVJOC %CODTKFIG /# *GCNVJ 'HHGEVU +PUVKVWVG RR  TGUGCTEJ TGRQTV PQ 


-QGREJGP * 2 -CNKC / 5QOOGT & -NWUUGPFQTH & 
 #EVKQP QH V[RG , CHHGTGPVU QP VJG FKUEJCTIG

RCVVGTP QH OGFWNNCT[ TGURKTCVQT[ PGWTQPU +P 2CKPVCN # 5 )KNN-WOCT 2 GFU 4GURKTCVQT[

CFCRVCVKQPU ECRKNNCT[ GZEJCPIG CPF TGHNGZ OGEJCPKUOU RTQEGGFKPIU QH VJG #WIWUV -TQIJ EGPVGPCT[

U[ORQUKWO 1EVQDGT  5TKPCICT +PFKC &GJNK +PFKC 7PKXGTUKV[ QH &GNJK RR 

-ÌPKI ) 4ÌOOGNV * -KGPNG * &KTPCIN - 2QNMG * (TWJOCPP ) 
 PFGTWPI FGT

DTQPEJQOQVQTKUEJGP 4GCIKDKNKV·V FGU /GPUEJGP FWTEJ 'KPYKTMWPI XQP 1\QP =%JCPIGU KP VJG

DTQPEJKCN TGCEVKXKV[ QH JWOCPU ECWUGF D[ VJG KPHNWGPEG QH Q\QPG? #TDGKVUOGF 5Q\KCNOGF

2TCGXGPVKXOGF  

-QTGP * 5 &GXNKP 4 $ )TCJCO & ' /CPP 4 /E)GG / 2 *QTUVOCP & * -Q\WODQ 9 ,

$GEMGT 5 *QWUG & ' /E&QPPGNN 9 ( $TQODGTI 2 # 
C 1\QPGKPFWEGF

KPHNCOOCVKQP KP VJG NQYGT CKTYC[U QH JWOCP UWDLGEVU #O 4GX 4GURKT &KU  

-QTGP * 5 &GXNKP 4 $ )TCJCO & ' /CPP 4 /E&QPPGNN 9 ( 
D 6JG KPHNCOOCVQT[ TGURQPUG

KP JWOCP NWPI GZRQUGF VQ CODKGPV NGXGNU QH Q\QPG +P 5EJPGKFGT 6 .GG 5 & 9QNVGTU ) , 4

)TCPV . & GFU #VOQURJGTKE Q\QPG TGUGCTEJ CPF KVU RQNKE[ KORNKECVKQPU RTQEGGFKPIU QH VJG TF

75&WVEJ KPVGTPCVKQPCN U[ORQUKWO /C[  0KLOGIGP 6JG 0GVJGTNCPFU #OUVGTFCO 6JG

0GVJGTNCPFU 'NUGXKGT 5EKGPEG 2WDNKUJGTU RR  
5VWFKGU KP GPXKTQPOGPVCN UEKGPEG 

-QTGP * 5 *CVEJ ) ' )TCJCO & ' 
 0CUCN NCXCIG CU C VQQN KP CUUGUUKPI CEWVG KPHNCOOCVKQP KP

TGURQPUG VQ KPJCNGF RQNNWVCPVU 6QZKEQNQI[  

-QTGP * 5 &GXNKP 4 $ $GEMGT 5 2GTG\ 4 /E&QPPGNN 9 ( 
 6KOGFGRGPFGPV EJCPIGU QH

OCTMGTU CUUQEKCVGF YKVJ KPHNCOOCVKQP KP VJG NWPIU QH JWOCPU GZRQUGF VQ CODKGPV NGXGNU QH Q\QPG

6QZKEQN 2CVJQN  

-TGKV , 9 )TQUU - $ /QQTG 6 $ .QTGP\GP 6 , &	#TE[ , 'UEJGPDCEJGT 9 . 


1\QPGKPFWEGF EJCPIGU KP RWNOQPCT[ HWPEVKQP CPF DTQPEJKCN TGURQPUKXGPGUU KP CUVJOCVKEU , #RRN

2J[UKQN  

-TWRPKM # , *CTTKPIVQP 9 1UVTQ $ 
 #ODKGPV Q\QPG CPF CEWVG JGCNVJ GHHGEVU GXKFGPEG HTQO FCKN[

FCVC , 'PXKTQP 'EQP /CPCIG  

-T\[\CPQYUMK / 3WCEMGPDQUU , .GDQYKV\ / 
 5WDEJTQPKE TGURKTCVQT[ GHHGEVU HTQO NQPI VGTO

GZRQUWTG VQ Q\QPG KP 6WEUQP 2TGUGPVGF CV PF CPPWCN OGGVKPI CPF GZJKDKVKQP QH VJG #KT  9CUVG

/CPCIGOGPV #UUQEKCVKQP ,WPG #PCJGKO %# 2KVVUDWTIJ 2# #KT  9CUVG /CPCIGOGPV

#UUQEKCVKQP RCRGT PQ 

-T\[\CPQYUMK / 3WCEMGPDQUU , , .GDQYKV\ / & 
 4GNCVKQP QH RGCM GZRKTCVQT[ HNQY TCVGU CPF

U[ORVQOU VQ CODKGPV Q\QPG #TEJ 'PXKTQP *GCNVJ  

-WNNG 6 , 5CWFGT . 4 -GTT * & (CTTGNN $ 2 $GTOGN / 5 5OKVJ & / 
 &WTCVKQP QH

RWNOQPCT[ HWPEVKQP CFCRVCVKQP VQ Q\QPG KP JWOCPU #O +PF *[I #UUQE ,  

-WNNG 6 , /KNOCP , * 5CWFGT . 4 -GTT * & (CTTGNN $ 2 /KNNGT 9 4 
 2WNOQPCT[ HWPEVKQP

CFCRVCVKQP VQ Q\QPG KP UWDLGEVU YKVJ EJTQPKE DTQPEJKVKU 'PXKTQP 4GU  

-WNNG 6 , 5CWFGT . 4 *GDGN , 4 %JCVJCO / & 
 1\QPG TGURQPUG TGNCVKQPUJKRU KP JGCNVJ[

PQPUOQMGTU #O 4GX 4GURKT &KU  

.CTUGP 4 + /E&QPPGNN 9 ( *QTUVOCP & * (QNKPUDGG . , 
 #P CKT SWCNKV[ FCVC CPCN[UKU U[UVGO

HQT KPVGTTGNCVKPI GHHGEVU UVCPFCTFU CPF PGGFGF UQWTEG TGFWEVKQPU RCTV  C NQIPQTOCN OQFGN TGNCVKPI

JWOCP NWPI HWPEVKQP FGETGCUG VQ 1 GZRQUWTG , #KT 9CUVG /CPCIG #UUQE   


.CVGIQNC / 6 /GNVQP % ' *KIIKPU ' # 
C 'HHGEVU QH Q\QPG QP U[ORVQOU CPF ECTFKQRWNOQPCT[

HWPEVKQP KP C HNKIJV CVVGPFCPV UWTTQICVG RQRWNCVKQP #XKCV 5RCEG 'PXKTQP /GF  

.CVGIQNC / 6 /GNVQP % ' *KIIKPU ' # 
D 2WNOQPCT[ CPF U[ORVQO VJTGUJQNF GHHGEVU QH Q\QPG KP

CKTNKPG RCUUGPIGT CPF EQEMRKV ETGY UWTTQICVGU #XKCV 5RCEG 'PXKTQP /GF  

.CWTKV\GP 5 - #FCOU 9 % 
 1\QPG KPJCNCVKQP GHHGEVU EQPUGSWGPV VQ EQPVKPWQWU GZGTEKUG KP HGOCNGU

EQORCTKUQP VQ OCNGU , #RRN 2J[UKQN  

.GDQYKV\ / & 
 6JG GHHGEVU QH GPXKTQPOGPVCN VQDCEEQ UOQMG GZRQUWTG CPF ICU UVQXGU QP FCKN[ RGCM HNQY

TCVGU KP CUVJOCVKE CPF PQPCUVJOCVKE HCOKNKGU +P 4[NCPFGT 4 2GVGTUQP ; 5PGNNC /% GFU

'65`GPXKTQPOGPVCN VQDCEEQ UOQMG TGRQTV HTQO C YQTMUJQR QP GHHGEVU CPF GZRQUWTG NGXGNU /CTEJ

 )GPGXC 5YKV\GTNCPF 'WT , 4GURKT &KU 
UWRRN  

.GDQYKV\ / & 1	4QWTMG / - &QFIG 4 *QNDGTI % , %QTOCP ) *QUJCY 4 9 2KPPCU , .

$CTDGG 4 # 5PGNNGT / 4 
 6JG CFXGTUG JGCNVJ GHHGEVU QH DKQNQIKECN CGTQUQNU QVJGT

CGTQUQNU CPF KPFQQT OKETQENKOCVG QP CUVJOCVKEU CPF PQPCUVJOCVKEU 'PXKTQP +PV  

.GDQYKV\ / & *QNDGTI % , &QFIG 4 4 
 4GURKTCVQT[ GHHGEVU QP RQRWNCVKQPU HTQO NQYNGXGN

GZRQUWTGU VQ Q\QPG 2TGUGPVGF CV VJ CPPWCN OGGVKPI QH VJG #KT 2QNNWVKQP %QPVTQN #UUQEKCVKQP ,WPG

#VNCPVC )# 2KVVUDWTIJ 2# #KT 2QNNWVKQP %QPVTQN #UUQEKCVKQP RCRGT PQ 

.GDQYKV\ / & *QNDGTI % , $Q[GT $ *C[GU % 
 4GURKTCVQT[ U[ORVQOU CPF RGCM HNQY CUUQEKCVGF

YKVJ KPFQQT CPF QWVFQQT CKT RQNNWVCPVU KP VJG UQWVJYGUV , #KT 2QNNWV %QPVTQN #UUQE  

.GDQYKV\ / & %QNNKPU . *QNDGTI % , 
 6KOG UGTKGU CPCN[UGU QH TGURKTCVQT[ TGURQPUGU VQ KPFQQT CPF

QWVFQQT GPXKTQPOGPVCN RJGPQOGPC 'PXKTQP 4GU  

.GDQYKV\ / & 3WCEMGPDQUU , , -T\[\CPQYUMK / 
 #EWVG TGURKTCVQT[ GHHGEVU QH RTQNQPIGF CODKGPV

Q\QPG +P $GTINWPF 4 . .CYUQP & 4 /E-GG & , GFU 6TQRQURJGTKE Q\QPG CPF VJG

GPXKTQPOGPV RCRGTU HTQO CP KPVGTPCVKQPCN EQPHGTGPEG /CTEJ  .QU #PIGNGU %# 2KVVUDWTIJ

2# #KT  9CUVG /CPCIGOGPV #UUQEKCVKQP RR  
#9/# VTCPUCEVKQP UGTKGU PQ 64

.GG .; $NGGEMGT ' 4 0CFGN , # 
 'HHGEV QH Q\QPG QP DTQPEJQOQVQT TGURQPUG VQ KPJCNGF JKUVCOKPG

CGTQUQN KP FQIU , #RRN 2J[UKQN 4GURKT 'PXKTQP 'ZGTEKUG 2J[UKQN  

.GG .; &WOQPV % &LQMKE 6 & /GP\GN 6 ' 0CFGN , # 
 /GEJCPKUO QH TCRKF UJCNNQY

DTGCVJKPI CHVGT Q\QPG GZRQUWTG KP EQPUEKQWU FQIU , #RRN 2J[UKQN 4GURKT 'PXKTQP 'ZGTEKUG

2J[UKQN  

.GX[ & )GPV / 0GYJQWUG / 6 
 4GNCVKQPUJKR DGVYGGP CEWVG TGURKTCVQT[ KNNPGUU CPF CKT RQNNWVKQP

NGXGNU KP CP KPFWUVTKCN EKV[ #O 4GX 4GURKT &KU  

.K < &CPKGN ' ' .CPG % ) #TPCQWV / # 1	$[TPG 2 / 
 'HHGEV QH CP CPVKOQ /#D QP

Q\QPGKPFWEGF CKTYC[ KPHNCOOCVKQP CPF CKTYC[ J[RGTTGURQPUKXGPGUU KP FQIU #O , 2J[UKQN

 ..

.KPFGT , *GTTGP & /QPP % 9CPPGT *7 
 &KG 9KTMWPI XQP 1\QP CWH FKG MQGTRGTNKEJG

.GKUVWPIUHCGJKIMGKV =6JG GHHGEV QH Q\QPG QP RJ[UKECN CEVKXKV[? 5EJYGK\ < 5RQTVOGF  

.KPP 9 5 $WEMNG[ 4 & 5RKGT % ' $NGUUG[ 4 . ,QPGU / 2 (KUEJGT & # *CEMPG[ , & 


*GCNVJ GHHGEVU QH Q\QPG GZRQUWTG KP CUVJOCVKEU #O 4GX 4GURKT &KU  


.KPP 9 5 ,QPGU / 2 $CEJOC[GT ' # 5RKGT % ' /C\WT 5 ( #XQN ' . *CEMPG[ , & 


5JQTVVGTO TGURKTCVQT[ GHHGEVU QH RQNNWVGF CODKGPV CKT C NCDQTCVQT[ UVWF[ QH XQNWPVGGTU KP C JKIJ

QZKFCPV EQOOWPKV[ #O 4GX 4GURKT &KU  

.KPP 9 5 (KUEJGT & # /GFYC[ & # #P\CT 7 6 5RKGT % ' 8CNGPEKC . / 8GPGV 6 )

*CEMPG[ , & 
C 5JQTVVGTO TGURKTCVQT[ GHHGEVU QH  RRO Q\QPG GZRQUWTG KP XQNWPVGGTU YKVJ

EJTQPKE QDUVTWEVKXG RWNOQPCT[ FKUGCUG #O 4GX 4GURKT &KU  

.KPP 9 5 /GFYC[ & # #P\CT 7 6 8CNGPEKC . / 5RKGT % ' 6UCQ ( 5& (KUEJGT & #

*CEMPG[ , & 
D 2GTUKUVGPEG QH CFCRVCVKQP VQ Q\QPG KP XQNWPVGGTU GZRQUGF TGRGCVGFN[ HQT UKZ

YGGMU #O 4GX 4GURKT &KU  

.KPP 9 5 5JCOQQ & # 8GPGV 6 ) 5RKGT % ' 8CNGPEKC . / #P\CT 7 6 *CEMPG[ , &


C 4GURQPUG VQ Q\QPG KP XQNWPVGGTU YKVJ EJTQPKE QDUVTWEVKXG RWNOQPCT[ FKUGCUG #TEJ 'PXKTQP

*GCNVJ  

.KPP 9 5 #XQN ' . *CEMPG[ , & 
D 'HHGEVU QH CODKGPV QZKFCPV RQNNWVCPVU QP JWOCPU C OQXCDNG

GPXKTQPOGPVCN EJCODGT UVWF[ +P .GG 5 & /WUVCHC / ) /GJNOCP / # GFU +PVGTPCVKQPCN

U[ORQUKWO QP VJG DKQOGFKECN GHHGEVU QH Q\QPG CPF TGNCVGF RJQVQEJGOKECN QZKFCPVU /CTEJ 

2KPGJWTUV 0% 2TKPEGVQP 0, 2TKPEGVQP 5EKGPVKHKE 2WDNKUJGTU +PE RR  
#FXCPEGU KP

OQFGTP GPXKTQPOGPVCN VQZKEQNQI[ X 

.KPP 9 5 #XQN ' . 5JCOQQ & # 5RKGT % ' 8CNGPEKC . / 8GPGV 6 ) (KUEJGT & #

*CEMPG[ , & 
 # FQUGTGURQPUG UVWF[ QH JGCNVJ[ JGCXKN[ GZGTEKUKPI OGP GZRQUGF VQ Q\QPG CV

EQPEGPVTCVKQPU PGCT VJG CODKGPV CKT SWCNKV[ UVCPFCTF 6QZKEQN +PF *GCNVJ  

.KPP 9 5 #XQN ' . 5JCOQQ & # 2GPI 4% 8CNGPEKC . / .KVVNG & ' *CEMPG[ , & 


4GRGCVGF NCDQTCVQT[ Q\QPG GZRQUWTGU QH XQNWPVGGT .QU #PIGNGU TGUKFGPVU CP CRRCTGPV UGCUQPCN

XCTKCVKQP KP TGURQPUG 6QZKEQN +PF *GCNVJ  

.KPP 9 5 5JCOQQ & # #PFGTUQP - 4 2GPI 4% #XQN ' . *CEMPG[ , & 
 'HHGEVU QH

RTQNQPIGF TGRGCVGF GZRQUWTG VQ Q\QPG UWNHWTKE CEKF CPF VJGKT EQODKPCVKQP KP JGCNVJ[ CPF CUVJOCVKE

XQNWPVGGTU #O , 4GURKT %TKV %CTG /GF  

.KRHGTV ( 9 
 # ETKVKECN TGXKGY QH UVWFKGU QH VJG CUUQEKCVKQP DGVYGGP FGOCPFU HQT JQURKVCN UGTXKEGU CPF CKT

RQNNWVKQP 'PXKTQP *GCNVJ 2GTURGEV 
UWRRN  

.KRHGTV ( 9 *COOGTUVTQO 6 
 6GORQTCN RCVVGTPU KP CKT RQNNWVKQP CPF JQURKVCN CFOKUUKQPU 'PXKTQP

4GU  

/CTVKPG\ ( 5WP[GT , #PVQ , / 
 4GNKCDKNKV[ QH C OQPKVQTKPI U[UVGO HQT TGURKTCVQT[ GOGTIGPE[ TQQO

CFOKUUKQPU 'WT 4GURKT ,  

/CUUG[ ( , ,T .CPFCW ' &GCPG / 
 #KT RQNNWVKQP CPF OQTVCNKV[ KP VYQ CTGCU QH .QU #PIGNGU

%QWPV[ 2TGUGPVGF CV VJG LQKPV OGGVKPI QH VJG #OGTKECP 5VCVKUVKECN #UUQEKCVKQP CPF VJG $KQOGVTKE

5QEKGV[ 
'0#4 &GEGODGT 0GY ;QTM 0;

/E$TKFG & ' -QGPKI , 3 .WEJVGN & . 9KNNKCOU 2 8 *GPFGTUQP 9 4 ,T 
 +PHNCOOCVQT[

GHHGEVU QH Q\QPG KP VJG WRRGT CKTYC[U QH UWDLGEVU YKVJ CUVJOC #O , 4GURKT %TKV %CTG /GF

 

/E&QPPGNN 9 ( 5GCN ' ,T 
 4GNCVKQPUJKRU DGVYGGP NWPI HWPEVKQP CPF RJ[UKECN EJCTCEVGTKUVKEU KP [QWPI

CFWNV DNCEM CPF YJKVG OCNGU CPF HGOCNGU 'WT 4GURKT ,  


/E&QPPGNN 9 ( *QTUVOCP & * *C\WEJC / , 5GCN ' ,T *CCM ' & 5CNCCO 5 # *QWUG & '


 2WNOQPCT[ GHHGEVU QH Q\QPG GZRQUWTG FWTKPI GZGTEKUG FQUGTGURQPUG EJCTCEVGTKUVKEU , #RRN

2J[UKQN 4GURKT 'PXKTQP 'ZGTEKUG 2J[UKQN  

/E&QPPGNN 9 ( +++ %JCROCP 4 5 .GKIJ / 9 5VTQRG ) . %QNNKGT # / 
C 4GURKTCVQT[

TGURQPUGU QH XKIQTQWUN[ GZGTEKUKPI EJKNFTGP VQ  RRO Q\QPG GZRQUWTG #O 4GX 4GURKT &KU

 

/E&QPPGNN 9 ( +++ *QTUVOCP & * #DFWN5CNCCO 5 *QWUG & ' 
D 4GRTQFWEKDKNKV[ QH KPFKXKFWCN

TGURQPUGU VQ Q\QPG GZRQUWTG #O 4GX 4GURKT &KU  

/E&QPPGNN 9 ( *QTUVOCP & * #DFWN5CNCCO 5 4CIIKQ . , )TGGP , # 
 6JG TGURKTCVQT[

TGURQPUGU QH UWDLGEVU YKVJ CNNGTIKE TJKPKVKU VQ Q\QPG GZRQUWTG CPF VJGKT TGNCVKQPUJKR VQ PQPURGEKHKE

CKTYC[ TGCEVKXKV[ 6QZKEQN +PF *GCNVJ  

/E&QPPGNN 9 ( -GJTN * 4 #DFWN5CNCCO 5 +XGU 2 , (QNKPUDGG . , &GXNKP 4 $ 1	0GKN , ,

*QTUVOCP & * 
 4GURKTCVQT[ TGURQPUG QH JWOCPU GZRQUGF VQ NQY NGXGNU QH Q\QPG HQT

 JQWTU #TEJ 'PXKTQP *GCNVJ  

/E&QPPGNN 9 ( /WNNGT - ' $TQODGTI 2 # 5J[ % / 
 2TGFKEVQTU QH KPFKXKFWCN FKHHGTGPEGU KP

CEWVG TGURQPUG VQ Q\QPG GZRQUWTG #O 4GX 4GURKT &KU  

/E)GG / 2 &GXNKP 4 5CNWVC ) -QTGP * 
 6KUUWG HCEVQT CPF HCEVQT 8++ OGUUGPIGT 40#U KP JWOCP

CNXGQNCT OCETQRJCIGU GHHGEVU QH DTGCVJKPI Q\QPG $NQQF  

/E-GP\KG & % 5VKTNKPI & 4 (CFN 5 #NNGP / 
 6JG GHHGEVU QH UCNDWVCOQN QP RWNOQPCT[ HWPEVKQP KP

E[ENKUVU GZRQUGF VQ Q\QPG C RKNQV UVWF[ %CP , 5RQTV 5EK  

/E-KPPQP - 2 /CFFGP / % 0QCJ 6 . &GXNKP 4 $ 
 +P XKVTQ Q\QPG GZRQUWTG KPETGCUGU TGNGCUG

QH CTCEJKFQPKE CEKF RTQFWEVU HTQO C JWOCP DTQPEJKCN GRKVJGNKCN EGNN NKPG 6QZKEQN #RRN 2JCTOCEQN

 

/E-KVVTKEM 6 #FCOU 9 % 
 2WNOQPCT[ HWPEVKQP TGURQPUG VQ GSWKXCNGPV FQUGU QH Q\QPG EQPUGSWGPV VQ

KPVGTOKVVGPV CPF EQPVKPWQWU GZGTEKUG #TEJ 'PXKTQP *GCNVJ  

/GNNKEM 2 9 &WPIYQTVJ & . 5EJYCTV\ . 9 6[NGT 9 5 
 5JQTV VGTO OQTRJQNQIKE GHHGEVU QH JKIJ

CODKGPV NGXGNU QH Q\QPG QP NWPIU QH TJGUWU OQPMG[U .CD +PXGUV  

/GNVQP % ' 
 #KTNKPGT ECDKP Q\QPG CP WRFCVGF TGXKGY 9CUJKPIVQP &% (GFGTCN #XKCVKQP

#FOKPKUVTCVKQP 1HHKEG QH #XKCVKQP /GFKEKPG TGRQTV PQ &16(###/ #XCKNCDNG HTQO

06+5 5RTKPIHKGNF 8# #&# 

/GUUKPGQ 6 & #FCOU 9 % 
 1\QPG KPJCNCVKQP GHHGEVU KP HGOCNGU XCT[KPI YKFGN[ KP NWPI UK\G

EQORCTKUQP YKVJ OCNGU , #RRN 2J[UKQN  

/KNNU % # 
C &Q UOQIU VJTGCVGP EQOOWPKV[ JGCNVJ! %KPEKPPCVK , /GF  

/KNNU % # 
D 4GURKTCVQT[ CPF ECTFKCE FGCVJU KP .QU #PIGNGU UOQIU #O , /GF 5EK  

/KNNU % # 
 4GURKTCVQT[ CPF ECTFKCE FGCVJU KP .QU #PIGNGU UOQIU FWTKPI   CPF 

#O , /GF 5EK  

/KNNU 2 - #DDG[ & $GGUQP 9 . 2GVGTUGP ( 
 #ODKGPV CKT RQNNWVKQP CPF ECPEGT KP %CNKHQTPKC

5GXGPVJFC[ #FXGPVKUVU #TEJ 'PXKTQP *GCNVJ  


/QNHKPQ 0 # 9TKIJV 5 % -CV\ + 6CTNQ 5 5KNXGTOCP ( /E%NGCP 2 # 5\CNCK , 2 4CK\GPPG /

5NWVUM[ # 5 <COGN 0 
 'HHGEV QH NQY EQPEGPVTCVKQPU QH Q\QPG QP KPJCNGF CNNGTIGP TGURQPUGU

KP CUVJOCVKE UWDLGEVU .CPEGV 
 

0CIFC 0 . (QTVOCPP 4 % -QQPV\ / & $CMGT 5 4 )KPGXCP / ' 
 #KTNKPGT ECDKP

GPXKTQPOGPV EQPVCOKPCPV OGCUWTGOGPVU JGCNVJ TKUMU CPF OKVKICVKQP QRVKQPU 9CUJKPIVQP &% 75

&GRCTVOGPV QH 6TCPURQTVCVKQP 1HHKEG QH VJG 5GETGVCT[ #XCKNCDNG HTQO 06+5 5RTKPIHKGNF 8#

2$

0COGMCVC 6 %CTPQY $ 9 (NQWTPQ[)KNN < 1	(CTTGNN ' $ 4GFC & 
 /QFGN HQT OGCUWTKPI VJG

JGCNVJ KORCEV HTQO EJCPIKPI NGXGNU QH CODKGPV CKT RQNNWVKQP OQTDKFKV[ UVWF[ 4GUGCTEJ 6TKCPING

2CTM 0% 75 'PXKTQPOGPVCN 2TQVGEVKQP #IGPE[ *GCNVJ 'HHGEVU 4GUGCTEJ .CDQTCVQT[ TGRQTV PQ

'2# #XCKNCDNG HTQO 06+5 5RTKPIHKGNF 8# 2$

0KGYQGJPGT & ' -NGKPGTOCP , 4KEG & $ 
 2CVJQNQIKE EJCPIGU KP VJG RGTKRJGTCN CKTYC[U QH [QWPI

EKICTGVVG UOQMGTU 0 'PIN , /GF  

1	$[TPG 2 / 9CNVGTU ' * )QNF $ & #K\CYC * # (CDDTK . / #NRGTV 5 ' 0CFGN , #

*QNV\OCP / , 
 0GWVTQRJKN FGRNGVKQP KPJKDKVU CKTYC[ J[RGTTGURQPUKXGPGUU KPFWEGF D[ Q\QPG

GZRQUWTG #O 4GX 4GURKT &KU  

1MC\CYC # -QDC[CUJK * +OCK 6 -QPPQ 5 5WPQWEJK - *QUJKPQ * 1MCFC ; 5WICPWOC 6

/CTW[COC 5 #FCEJK / 6CMCJCUJK 6 ;COCIWEJK * /KUCYC / 
 1\QPGKPFWEGF

CKTYC[ J[RGTTGURQPUKXGPGUU KP IWKPGC RKIU #TGTWIK  

1UVTQ $ & .KRUGVV / , /CPP , - -TWRPKEM # *CTTKPIVQP 9 
 #KT RQNNWVKQP CPF TGURKTCVQT[

OQTDKFKV[ COQPI CFWNVU KP 5QWVJGTP %CNKHQTPKC #O , 'RKFGOKQN  

2ÌPM· # 
 #UVJOC CPF NQY NGXGN CKT RQNNWVKQP KP *GNUKPMK #TEJ 'PXKTQP *GCNVJ  

2QRG % # +++ &QEMGT[ & 9 
 #EWVG JGCNVJ GHHGEVU QH 2/ RQNNWVKQP QP U[ORVQOCVKE CPF CU[ORVQOCVKE 

EJKNFTGP #O 4GX 4GURKT &KU  

2QRG % # +++ &QEMGT[ & 9 5RGPINGT , & 4CK\GPPG / ' 
 4GURKTCVQT[ JGCNVJ CPF 2/

RQNNWVKQP C FCKN[ VKOG UGTKGU CPCN[UKU #O 4GX 4GURKT &KU  

2QTVPG[ 2 4 /WNNCJ[ , 
 7TDCP CKT SWCNKV[ CPF EJTQPKE TGURKTCVQT[ FKUGCUG 4GI 5EK 7TDCP 'EQP

 

4CK\GPPG / ' 5RGPINGT , & 
 &QUKOGVTKE OQFGN QH CEWVG JGCNVJ GHHGEVU QH Q\QPG CPF CEKF CGTQUQNU KP

EJKNFTGP +P 5EJPGKFGT 6 .GG 5 & 9QNVGTU ) , 4 )TCPV . & GFU #VOQURJGTKE Q\QPG

TGUGCTEJ CPF KVU RQNKE[ KORNKECVKQPU RTQEGGFKPIU QH VJG TF 75&WVEJ KPVGTPCVKQPCN U[ORQUKWO /C[

 0KLOGIGP 6JG 0GVJGTNCPFU #OUVGTFCO 6JG 0GVJGTNCPFU 'NUGXKGT 5EKGPEG 2WDNKUJGTU

RR  
5VWFKGU KP GPXKTQPOGPVCN UEKGPEG 

4CK\GPPG / 5VGTP $ $WTPGVV 4 5RGPINGT , 
 #EWVG TGURKTCVQT[ HWPEVKQP CPF VTCPURQTVGF CKT

RQNNWVCPVU QDUGTXCVKQPCN UVWFKGU 2TGUGPVGF CV VJ CPPWCN OGGVKPI QH VJG #KT 2QNNWVKQP %QPVTQN

#UUQEKCVKQP ,WPG 0GY ;QTM 0; 2KVVUDWTIJ 2# #KT 2QNNWVKQP %QPVTQN #UUQEKCVKQP RCRGT

PQ 

4CK\GPPG / ' $WTPGVV 4 6 5VGTP $ (TCPMNKP % # 5RGPINGT , & 
 #EWVG NWPI HWPEVKQP

TGURQPUGU VQ CODKGPV CEKF CGTQUQN GZRQUWTGU KP EJKNFTGP 'PXKTQP *GCNVJ 2GTURGEV  

4GKUGPCWGT % 5 -QGPKI , 3 /E/CPWU / 5 5OKVJ / 5 -WUKE ) 2KGTUQP 9 ' 
 2WNOQPCT[

TGURQPUG VQ Q\QPG GZRQUWTGU KP JGCNVJ[ KPFKXKFWCNU CIGF  [GCTU QT ITGCVGT ,#2%#  
8



4GPPCTF 5 + &CWIJVQP & / 4QDDKPU 4 # 6JQORUQP # $ 8QP 'UUGP 5 
 +P XKXQ CPF KP XKVTQ

OGVJQFU HQT GXCNWCVKPI CKTYC[U KPHNCOOCVKQP KORNKECVKQPU HQT TGURKTCVQT[ VQZKEQNQI[ 6QZKEQNQI[

 

4G[PQNFU * ; 
 $TQPEJQCNXGQNCT NCXCIG #O 4GX 4GURKT &KU  

4KEJCTFU 9 #\GP 5 2 9GKUU , 5VQEMKPI 5 %JWTEJ , 
 .QU #PIGNGU CKT RQNNWVKQP CPF CUVJOC KP

EJKNFTGP #PP #NNGTI[  

4QGOGT 9 *QGM ) $TWPGMTGGH $ 
 'HHGEV QH CODKGPV YKPVGT CKT RQNNWVKQP QP TGURKTCVQT[ JGCNVJ QH

EJKNFTGP YKVJ EJTQPKE TGURKTCVQT[ U[ORVQOU #O 4GX 4GURKT &KU  

4QMCY 5 0 &GVGNU 4 %QWNUQP # * 5C[TG , 9 6CUJMKP & 2 #NNYTKIJV 5 5 /CUUG[ ( , ,T


 6JG 7%.# RQRWNCVKQP UVWFKGU QH EJTQPKE QDUVTWEVKXG TGURKTCVQT[ FKUGCUG  EQORCTKUQP QH

RWNOQPCT[ HWPEVKQP KP VJTGG EQOOWPKVKGU GZRQUGF VQ RJQVQEJGOKECN QZKFCPVU OWNVKRNG RTKOCT[

RQNNWVCPVU QT OKPKOCN RQNNWVCPVU %JGUV  

4QUUKVGT % ' 9GKNN * 
 'VJPKE FKHHGTGPEGU KP NWPI HWPEVKQP GXKFGPEG HQT RTQRQTVKQPCN FKHHGTGPEGU +PV ,

'RKFGOKQN  

4QWO , * /WTNCU % 
 1\QPGKPFWEGF EJCPIGU KP OWUECTKPKE DTQPEJKCN TGCEVKXKV[ D[ FKHHGTGPV VGUVKPI

OGVJQFU , #RRN 2J[UKQN 4GURKT 'PXKTQP 'ZGTEKUG 2J[UKQN  

5COGV , / .CODGTV 9 ' ,COGU & 5 /GTOKGT % / %JKEM 6 9 
 #UUGUUOGPV QH JGCTV TCVG CU

C RTGFKEVQT QH XGPVKNCVKQP +P 0QPKPXCUKXG OGVJQFU HQT OGCUWTKPI XGPVKNCVKQP KP OQDKNG UWDLGEVU

%CODTKFIG /# *GCNVJ 'HHGEVU +PUVKVWVG RR  TGUGCTEJ TGRQTV PQ 

5CXKP 9 / #FCOU 9 % 
 'HHGEVU QH Q\QPG KPJCNCVKQP QP YQTM RGTHQTOCPEG CPF 1  , #RRN OCZ

2J[UKQN 4GURKT 'PXKTQP 'ZGTEKUG 2J[UKQN  

5EJGNGING ' 5 #FCOU 9 % 
 4GFWEGF GZGTEKUG VKOG KP EQORGVKVKXG UKOWNCVKQPU EQPUGSWGPV VQ NQY NGXGN

Q\QPG GZRQUWTG /GF 5EK 5RQTVU 'ZGTEKUG  

5EJGNGING ' 5 #FCOU 9 % 5KGHMKP # & 
 +PFQOGVJCEKP RTGVTGCVOGPV TGFWEGU Q\QPGKPFWEGF

RWNOQPCT[ HWPEVKQP FGETGOGPVU KP JWOCP UWDLGEVU #O 4GX 4GURKT &KU  

5EJGNGING ' 5 #FCOU 9 % )KTK 5 0 5KGHMKP # & 
 #EWVG Q\QPG GZRQUWTG KPETGCUGU RNCUOC

RTQUVCINCPFKP ( KP Q\QPGUGPUKVKXG JWOCP UWDLGEVU #O 4GX 4GURKT &KU   

5EJGNGING ' 5 5KGHMKP # & /E&QPCNF 4 , 
 6KOG EQWTUG QH Q\QPGKPFWEGF PGWVTQRJKNKC KP PQTOCN

JWOCPU #O 4GX 4GURKT &KU  

5EJGNGING ' 5 %CTN / . %QNGTKFIG * / %QNGTKFIG , % ) )TGGP , ( 
 %QPVTKDWVKQP QH XCICN

CHHGTGPVU VQ TGURKTCVQT[ TGHNGZGU GXQMGF D[ CEWVG KPJCNCVKQP QH Q\QPG KP FQIU , #RRN 2J[UKQN

 

5EJOKFV 6 9GNNJÌPGT * * 
 6JG TGHNGZ KPHNWGPEG QH C ITQWR QH UNQYN[ EQPFWEVKPI XCICN CHHGTGPVU QP

 CPF  FKUEJCTIGU KP ECV KPVGTEQUVCN PGTXGU 2HNWGIGTU #TEJ  

5EJOKV\DGTIGT 4 4JQODGTI - -GOONGT ) 
 %JTQPKE GZRQUWTG VQ Q\QPG CPF TGURKTCVQT[ JGCNVJ QH

EJKNFTGP =NGVVGT? .CPEGV 
 

5EJOKV\DGTIGT 4 4JQODGTI - $ÒEJGNG * 2WEJGIIGT 4 5EJOKV\DGTIGT0CV\OGT & -GOONGT )

2CPQUEJ $ 
 'HHGEVU QH CKT RQNNWVKQP QP VJG TGURKTCVQT[ VTCEV QH EJKNFTGP 2GFKCVT 2WNOQPQN

 


5EJQPHGNF $ 4 #FCOU 9 % 5EJGNGING ' 5 
 &WTCVKQP QH GPJCPEGF TGURQPUKXGPGUU WRQP TGGZRQUWTG

VQ Q\QPG #TEJ 'PXKTQP *GCNVJ  

5EJYCTV\ , 
 .WPI HWPEVKQP CPF EJTQPKE GZRQUWTG VQ CKT RQNNWVKQP C ETQUUUGEVKQPCN CPCN[UKU QH 0*#0'5 ++

'PXKTQP 4GU  

5EJYCTV\ , 
 2CTVKEWNCVG CKT RQNNWVKQP CPF FCKN[ OQTVCNKV[ KP &GVTQKV 'PXKTQP 4GU  

5EJYCTV\ , 
 #KT RQNNWVKQP CPF VJG FWTCVKQP QH CEWVG TGURKTCVQT[ U[ORVQOU #TEJ 'PXKTQP *GCNVJ  



5EJYCTV\ , 
C #KT RQNNWVKQP CPF JQURKVCN CFOKUUKQPU HQT VJG GNFGTN[ KP $KTOKPIJCO #NCDCOC

#O , 'RKFGOKQN  

5EJYCTV\ , 
D #KT RQNNWVKQP CPF JQURKVCN CFOKUUKQPU HQT VJG GNFGTN[ KP &GVTQKV /KEJKICP #O , 4GURKT

%TKV %CTG /GF  

5EJYCTV\ , 
E 2/  Q\QPG CPF JQURKVCN CFOKUUKQPU HQT VJG GNFGTN[ KP /KPPGCRQNKU /0 #TEJ 'PXKTQP 

*GCNVJ  

5EJYCTV\ , <GIGT 5 
 2CUUKXG UOQMKPI CKT RQNNWVKQP CPF CEWVG TGURKTCVQT[ U[ORVQOU KP C FKCT[ UVWF[ QH

UVWFGPV PWTUGU #O 4GX 4GURKT &KU  

5EJYCTV\ , *CUUGNDNCF 8 2KVEJGT * 
 #KT RQNNWVKQP CPF OQTDKFKV[ C HWTVJGT CPCN[UKU QH VJG .QU

#PIGNGU UVWFGPV PWTUGU FCVC ,#2%#  

5GCN ' ,T /E&QPPGNN 9 ( *QWUG & ' 5CNCCO 5 # &GYKVV 2 , $WVNGT 5 1 )TGGP ,

4CIIKQ . 
 6JG RWNOQPCT[ TGURQPUG QH YJKVG CPF DNCEM CFWNVU VQ UKZ EQPEGPVTCVKQPU QH Q\QPG

#O 4GX 4GURKT &KU  

5GCN ' ,T /E&QPPGNN 9 ( *QWUG & ' 
 6JG GHHGEV QH CIG UQEKQGEQPQOKE UVCVWU CPF OGPUVTWCN

E[ENG QP VJG RWNOQPCT[ TGURQPUG VQ Q\QPG #TEJ 'PXKTQP *GCNVJ KP RTGUU

5GNV\GT , $KID[ $ ) 5VWNDCTI / *QNV\OCP / , 0CFGN , # 7GMK + ( .GKMCWH ) & )QGV\N

' , $QWUJG[ * # 
 1 KPFWEGF EJCPIG KP DTQPEJKCN TGCEVKXKV[ VQ OGVJCEJQNKPG CPF CKTYC[ 

KPHNCOOCVKQP KP JWOCPU , #RRN 2J[UKQN  

5GNY[P $ , 5VQEM 6 * *CTF[ 4 , %JCP ( # ,GPMKPU & ' -QVEJOCT & , %JCROCP 4 5 


*GCNVJ GHHGEVU QH CODKGPV Q\QPG GZRQUWTG KP XKIQTQWUN[ GZGTEKUKPI CFWNVU +P .GG 5 & GF

'XCNWCVKQP QH VJG UEKGPVKHKE DCUKU HQT Q\QPGQZKFCPVU UVCPFCTFU RTQEGGFKPIU QH CP #2%# KPVGTPCVKQPCN

URGEKCNV[ EQPHGTGPEG 0QXGODGT  *QWUVQP 6: 2KVVUDWTIJ 2# #KT 2QNNWVKQP %QPVTQN

#UUQEKCVKQP RR  
#2%# KPVGTPCVKQPCN URGEKCNV[ EQPHGTGPEG VTCPUCEVKQPU 64

5JGTYKP 4 2 
 #KT RQNNWVKQP VJG RCVJQDKQNQIKE KUUWGU , 6QZKEQN %NKP 6QZKEQN  

5JGTYKP 4 2 4KEJVGTU 8 
 %GPVTKCEKPCT TGIKQP 
%#4 FKUGCUG KP VJG NWPIU QH [QWPI CFWNVU C RTGNKOKPCT[

TGRQTV +P $GTINWPF 4 . .CYUQP & 4 /E-GG & , GFU 6TQRQURJGTKE Q\QPG CPF VJG

GPXKTQPOGPV RCRGTU HTQO CP KPVGTPCVKQPCN EQPHGTGPEG /CTEJ  .QU #PIGNGU %# 2KVVUDWTIJ

2# #KT  9CUVG /CPCIGOGPV #UUQEKCVKQP RR  
#9/# VTCPUCEVKQP UGTKGU PQ 64

5JWOYC[ 4 * #\CTK # 5 2CYKVCP ; 
 /QFGNKPI OQTVCNKV[ HNWEVWCVKQPU KP .QU #PIGNGU CU HWPEVKQPU QH

RQNNWVKQP CPF YGCVJGT GHHGEVU 'PXKTQP 4GU  

5KNXGTOCP ( 
 #UVJOC CPF TGURKTCVQT[ KTTKVCPVU 
Q\QPG 'PXKTQP *GCNVJ 2GTURGEV  


5KNXGTOCP ( (QNKPUDGG . , $CTPCTF , 5JGRJCTF 4 , 
 2WNOQPCT[ HWPEVKQP EJCPIGU KP

Q\QPG`KPVGTCEVKQP QH EQPEGPVTCVKQP CPF XGPVKNCVKQP , #RRN 2J[UKQN  

5QNKE , , *C\WEJC / , $TQODGTI 2 # 
 6JG CEWVG GHHGEVU QH  RRO Q\QPG KP RCVKGPVU YKVJ EJTQPKE

QDUVTWEVKXG RWNOQPCT[ FKUGCUG #O 4GX 4GURKT &KU  

5RGMVQT & / .KRROCPP / 
 *GCNVJ GHHGEVU QH CODKGPV Q\QPG QP JGCNVJ[ EJKNFTGP CV C UWOOGT ECOR +P

$GTINWPF 4 . .CYUQP & 4 /E-GG & , GFU 6TQRQURJGTKE Q\QPG CPF VJG GPXKTQPOGPV

RCRGTU HTQO CP KPVGTPCVKQPCN EQPHGTGPEG /CTEJ  .QU #PIGNGU %# 2KVVUDWTIJ 2# #KT 

9CUVG /CPCIGOGPV #UUQEKCVKQP RR  
#9/# VTCPUCEVKQP UGTKGU PQ 64

5RGMVQT & / .KRROCPP / .KQ[ 2 , 6JWTUVQP ) & %KVCM - ,COGU & , $QEM 0 5RGK\GT ( '

*C[GU % 
C 'HHGEVU QH CODKGPV Q\QPG QP TGURKTCVQT[ HWPEVKQP KP CEVKXG PQTOCN EJKNFTGP #O

4GX 4GURKT &KU  

5RGMVQT & / .KRROCPP / 6JWTUVQP ) & .KQ[ 2 , 5VGEMQ , 1	%QPPQT ) )CTUJKEM ' 5RGK\GT

( ' *C[GU % 
D 'HHGEVU QH CODKGPV Q\QPG QP TGURKTCVQT[ HWPEVKQP KP JGCNVJ[ CFWNVU

GZGTEKUKPI QWVFQQTU #O 4GX 4GURKT &KU  

5RGMVQT & / 6JWTUVQP ) & /CQ , *G & *C[GU % .KRROCPP / 
 'HHGEVU QH UKPING CPF

OWNVKFC[ Q\QPG GZRQUWTGU QP TGURKTCVQT[ HWPEVKQP KP CEVKXG PQTOCN EJKNFTGP 'PXKTQP 4GU

 

5VCE[ 4 9 5GCN ' ,T )TGGP , *QWUG & 
 2WNOQPCT[ HWPEVKQP KP PQTOCN JWOCPU YKVJ GZGTEKUG CPF

VGORGTCVWTGJWOKFKV[ UVTGUU , #RRN 2J[UKQN 4GURKT 'PXKTQP 'ZGTEKUG 2J[UKQN  

5VGTNKPI 6 & 2JCKT , , 2QNNCEM 5 8 5EJWOUM[ & # &G)TQQV + 
 7TDCP OQTDKFKV[ CPF CKT

RQNNWVKQP C HKTUV TGRQTV #TEJ 'PXKTQP *GCNVJ  

5VGTNKPI 6 & 2QNNCEM 5 8 2JCKT , , 
 7TDCP JQURKVCN OQTDKFKV[ CPF CKT RQNNWVKQP C UGEQPF TGRQTV

#TEJ 'PXKTQP *GCNVJ  

5VGTP $ ,QPGU . 4CK\GPPG / $WTPGVV 4 /GTCPIGT , % (TCPMNKP % # 
 4GURKTCVQT[ JGCNVJ

GHHGEVU CUUQEKCVGF YKVJ CODKGPV UWNHCVGU CPF Q\QPG KP VYQ TWTCN %CPCFKCP EQOOWPKVKGU 'PXKTQP 4GU

 

5VGTP $ 4 4CK\GPPG / ' $WTPGVV 4 6 ,QPGU . -GCTPG[ , (TCPMNKP % # 
 #KT RQNNWVKQP CPF

EJKNFJQQF TGURKTCVQT[ JGCNVJ GZRQUWTG VQ UWNHCVG CPF Q\QPG KP  %CPCFKCP TWTCN EQOOWPKVKGU

'PXKTQP 4GU  

5WP[GT , #PVÉ , / /WTKNNQ % 5±G\ / 
 'HHGEVU QH WTDCP CKT RQNNWVKQP QP GOGTIGPE[ TQQO

CFOKUUKQPU HQT EJTQPKE QDUVTWEVKXG RWNOQPCT[ FKUGCUG #O , 'RKFGOKQN  

5WRGTMQ * 4 #FCOU 9 % &CN[ 2 9 
 'HHGEVU QH Q\QPG KPJCNCVKQP FWTKPI GZGTEKUG KP UGNGEVGF

RCVKGPVU YKVJ JGCTV FKUGCUG #O , /GF  

6GRRGT , 5 %QUVC & . .GJOCPP , 4 9GDGT / ( *CVEJ ) ' 
 7PCVVGPWCVGF UVTWEVWTCN CPF

DKQEJGOKECN CNVGTCVKQPU KP VJG TCV NWPI FWTKPI HWPEVKQPCN CFCRVCVKQP VQ Q\QPG #O 4GX 4GURKT &KU

 

6JWTUVQP ) & -KPPG[ 2 . 
 #KT RQNNWVKQP GRKFGOKQNQI[ EQPUKFGTCVKQPU KP VKOGUGTKGU OQFGNKPI

+PJCNCVKQP 6QZKEQN  


6JWTUVQP ) & +VQ - -KPPG[ 2 . .KRROCPP / 
 # OWNVK[GCT UVWF[ QH CKT RQNNWVKQP CPF TGURKTCVQT[

JQURKVCN CFOKUUKQPU KP VJTGG 0GY ;QTM 5VCVG OGVTQRQNKVCP CTGCU TGUWNVU HQT  CPF  UWOOGTU

, 'ZRQUWTG #PCN 'PXKTQP 'RKFGOKQN  

6JWTUVQP ) & +VQ - *C[GU % ) $CVGU & 8 .KRROCPP / 
 4GURKTCVQT[ JQURKVCN CFOKUUKQPU CPF

UWOOGTVKOG JC\G CKT RQNNWVKQP KP 6QTQPVQ 1PVCTKQ EQPUKFGTCVKQP QH VJG TQNG QH CEKF CGTQUQNU

'PXKTQP 4GU  

6JWTUVQP ) & .KRROCPP / 5EQVV / $ (KPG , / 
 5WOOGTVKOG JC\G CKT RQNNWVKQP CPF EJKNFTGP

YKVJ CUVJOC #O , 4GURKT %TKV %CTG /GF UWDOKVVGF

6QYPNG[ 4 ) 4[Q 7 ; -QNQVMKP $ / -CPI $ 
 $TQPEJKCN UGPUKVKXKV[ VQ OGVJCEJQNKPG KP EWTTGPV

CPF HQTOGT CUVJOCVKE CPF CNNGTIKE TJKPKVKU RCVKGPVU CPF EQPVTQN UWDLGEVU , #NNGTI[ %NKP +OOWPQN

 

6UGPI 4 ; / .K % - 
 .QY NGXGN CVOQURJGTKE UWNHWT FKQZKFG RQNNWVKQP CPF EJKNFJQQF CUVJOC #PP

#NNGTI[  

6UGPI 4 ; / .K % - 5RKPMU , # 
 2CTVKEWNCVG CKT RQNNWVKQP CPF JQURKVCNK\CVKQP HQT CUVJOC #PP

#NNGTI[  

6WEMGT * ) 
 'HHGEVU QH CKT RQNNWVKQP CPF VGORGTCVWTG QP TGUKFGPVU QH PWTUKPI JQOGU KP VJG .QU #PIGNGU

CTGC $GTMGNG[ %# %CNKHQTPKC 5VCVG 2WDNKE *GCNVJ

7PKVGF -KPIFQO /KPKUVT[ QH *GCNVJ 
 /QTVCNKV[ CPF OQTDKFKV[ FWTKPI VJG .QPFQP HQI QH &GEGODGT 

.QPFQP 7PKVGF -KPIFQO *GT /CLGUV[	U 5VCVKQPGT[ 1HHKEG TGRQTV PQ 


75 'PXKTQPOGPVCN 2TQVGEVKQP #IGPE[ 
 #KT SWCNKV[ ETKVGTKC HQT Q\QPG CPF QVJGT RJQVQEJGOKECN QZKFCPVU

4GUGCTEJ 6TKCPING 2CTM 0% 1HHKEG QH *GCNVJ CPF 'PXKTQPOGPVCN #UUGUUOGPV 'PXKTQPOGPVCN

%TKVGTKC CPF #UUGUUOGPV 1HHKEG TGRQTV PQ '2# #XCKNCDNG HTQO 06+5 5RTKPIHKGNF

8# 2$

75 'PXKTQPOGPVCN 2TQVGEVKQP #IGPE[ 
 #KT SWCNKV[ ETKVGTKC HQT Q\QPG CPF QVJGT RJQVQEJGOKECN QZKFCPVU

4GUGCTEJ 6TKCPING 2CTM 0% 1HHKEG QH *GCNVJ CPF 'PXKTQPOGPVCN #UUGUUOGPV 'PXKTQPOGPVCN

%TKVGTKC CPF #UUGUUOGPV 1HHKEG TGRQTV PQU '2#C(G( X #XCKNCDNG HTQO 06+5

5RTKPIHKGNF 8# 2$

75 'PXKTQPOGPVCN 2TQVGEVKQP #IGPE[ 
 5WOOCT[ QH UGNGEVGF PGY KPHQTOCVKQP QP GHHGEVU QH Q\QPG QP

JGCNVJ CPF XGIGVCVKQP UWRRNGOGPV VQ  CKT SWCNKV[ ETKVGTKC HQT Q\QPG CPF QVJGT RJQVQEJGOKECN

QZKFCPVU 4GUGCTEJ 6TKCPING 2CTM 0% 1HHKEG QH *GCNVJ CPF 'PXKTQPOGPVCN #UUGUUOGPV

'PXKTQPOGPVCN %TKVGTKC CPF #UUGUUOGPV 1HHKEG TGRQTV PQ '2#( #XCKNCDNG HTQO

06+5 5RTKPIHKGNF 8# 2$

7VGNN / , (TCORVQP / 9 /QTTQY 2 ' %QZ % .GX[ 2 % 5RGGTU & / )KDD ( 4 


1ZKFCPV CPF CEKF CGTQUQN GZRQUWTG KP JGCNVJ[ UWDLGEVU CPF UWDLGEVU YKVJ CUVJOC 2CTV ++ GHHGEVU QH

UGSWGPVKCN UWNHWTKE CEKF CPF Q\QPG GZRQUWTGU QP VJG RWNOQPCT[ HWPEVKQP QH JGCNVJ[ UWDLGEVU CPF

UWDLGEVU YKVJ CUVJOC %CODTKFIG /# *GCNVJ 'HHGEVU +PUVKVWVG RR  TGUGCTEJ TGRQTV PQ 

8GFCN 5 5EJGPMGT / $ /WPQ\ # 5COGV , / $CVVGTOCP 5 5RGK\GT ( ' 
 &CKN[ CKT RQNNWVKQP

GHHGEVU QP EJKNFTGP	U TGURKTCVQT[ U[ORVQOU CPF RGCM GZRKTCVQT[ HNQY #O , 2WDNKE *GCNVJ  



9CTTGP , $ &CNVQP 0 
 # EQORCTKUQP QH VJG DTQPEJQFKNCVQT CPF XCUQRTGUUQT GHHGEVU QH GZGTEKUG NGXGNU QH

CFTGPCNKPG KP OCP %NKP 5EK  

9C[PG 9 5 9GJTNG 2 ( %CTTQNN 4 ' 
 1ZKFCPV CKT RQNNWVKQP CPF CVJNGVKE RGTHQTOCPEG ,#/#

, #O /GF #UUQE  

9GKPOCPP ) ) 9GKFGPDCEJ)GTDCUG / (QUVGT 9 / <CEWT * (TCPM 4 
 'XKFGPEG HQT Q\QPG

KPFWEGF UOCNNCKTYC[ F[UHWPEVKQP NCEM QH OGPUVTWCNE[ENG CPF IGPFGT GHHGEVU #O , 4GURKT %TKV

%CTG /GF  

9GKUGN % 
 =/GOQTCPFWO VQ &T )GQTIG 6JWTUVQP 0GY ;QTM 7PKXGTUKV[ /GFKECN %GPVGT? 2KUECVCYC[

0, 'PXKTQPOGPVCN  1EEWRCVKQPCN *GCNVJ 5EKGPEGU +PUVKVWVG 1EVQDGT 

9GKUGN % 2 %QF[ 4 2 .KQ[ 2 , 
 4GNCVKQPUJKR DGVYGGP UWOOGTVKOG CODKGPV Q\QPG NGXGNU CPF

GOGTIGPE[ FGRCTVOGPV XKUKVU HQT CUVJOC KP EGPVTCN 0GY ,GTUG[ 'PXKTQP *GCNVJ 2GTURGEV 
UWRRN

 

9G[OGT # 4 )QPI * ,T .[PGUU # .KPP 9 5 
 2TGGZRQUWTG VQ Q\QPG FQGU PQV GPJCPEG QT

RTQFWEG GZGTEKUGKPFWEGF CUVJOC #O , 4GURKT %TKV %CTG /GF  

9JKVG / % 'V\GN 4 # 9KNEQZ 9 & .NQ[F % 
 'ZCEGTDCVKQPU QH EJKNFJQQF CUVJOC CPF Q\QPG

RQNNWVKQP KP #VNCPVC 'PXKTQP 4GU  

9JKVVGOQTG # 5 -QTP ' . 
 #UVJOC CPF CKT RQNNWVKQP KP VJG .QU #PIGNGU CTGC #O , 2WDNKE *GCNVJ

 

;KPI 4 . )TQUU - $ 6GT\Q 6 5 'UEJGPDCEJGT 9 . 
 +PFQOGVJCEKP FQGU PQV KPJKDKV VJG Q\QPG

KPFWEGF KPETGCUG KP DTQPEJKCN TGURQPUKXGPGUU KP JWOCP UWDLGEVU #O 4GX 4GURKT &KU

 


;QWPI 9 # 5JCY & $ $CVGU & 8 
 'HHGEV QH NQY EQPEGPVTCVKQPU QH Q\QPG QP RWNOQPCT[ HWPEVKQP KP

OCP , #RRN 2J[UKQN  

<YKEM * 2QRR 9 9CIPGT % 4GKUGT - 5EJOQIGT , $QEM # *GTMPGT - 4CFWPUM[ - 


'HHGEVU QH Q\QPG QP VJG TGURKTCVQT[ JGCNVJ CNNGTIKE UGPUKVK\CVKQP CPF EGNNWNCT KOOWPG U[UVGO KP

EJKNFTGP #O 4GX 4GURKT &KU  
8-1



'ZVTCRQNCVKQPQH#PKOCN6QZKEQNQIKECN

&CVCVQ*WOCPU

 +PVTQFWEVKQP

#HWNNGXCNWCVKQPQHVJGJGCNVJGHHGEVUQHQ\QPG1 TGSWKTGUCPKPVGITCVGF 

KPVGTRTGVCVKQPQHJWOCPENKPKECNGRKFGOKQNQIKECNCPFCPKOCNVQZKEQNQIKECNUVWFKGU'CEJQH

VJGUGVJTGGTGUGCTEJCRRTQCEJGUJCUKPJGTGPVUVTGPIVJUCPFNKOKVCVKQPU#PKOCNVQZKEQNQIKECN

FCVCCTGXCNWCDNGDGECWUGVJG[RTQXKFGEQPEGPVTCVKQPCPFFWTCVKQPTGURQPUGKPHQTOCVKQPQPC

HWNNGTCTTC[QHGHHGEVUCPFGZRQUWTGUVJCPECPDGUVWFKGFKPJWOCPU*QYGXGTJKUVQTKECNN[WUG

QHCPKOCNVQZKEQNQIKECNFCVCJCUDGGPNKOKVGFDGECWUGQHFKHHKEWNVKGUKPSWCPVKVCVKXG

GZVTCRQNCVKQPVQJWOCPU4GEGPVCFXCPEGUKPVJGUVCVGQHVJGCTVQHGZVTCRQNCVKQPJCXGTGFWEGF

UGXGTCNWPEGTVCKPVKGUYJKEJYKNNDGFKUEWUUGFKPVJKUEJCRVGT

3WCNKVCVKXGCPKOCNVQJWOCPGZVTCRQNCVKQPIGPGTCNN[KUCEEGRVGFDGECWUG1 ECWUGU 

UKOKNCTV[RGUQHGHHGEVUKPUGXGTCNCPKOCNURGEKGUHTQOOQWUGVQPQPJWOCPRTKOCVG


%JCRVGT#NUQYJGPUKOKNCTGPFRQKPVUGIKPHNCOOCVKQPCPFRWNOQPCT[HWPEVKQPJCXG

DGGPGZCOKPGFKP1 GZRQUGFCPKOCNUCPFJWOCPUUKOKNCTGHHGEVUCTGQDUGTXGF*QYGXGT 

SWCPVKVCVKXGGZVTCRQNCVKQPKGKHCEGTVCKPGZRQUWTGECWUGUCURGEKHKEGHHGEVKPCPKOCNUYJCV

GZRQUWTGKUNKMGN[VQECWUGVJCVUCOGGHHGEVKPJWOCPU!KUVJGIQCNDWVKUEQPVTQXGTUKCN5WEJ

CPGZVTCRQNCVKQPTGSWKTGUCPKPVGITCVKQPQHFQUKOGVT[CPFURGEKGUUGPUKVKXKV[&QUKOGVT[KU

FGHKPGFCUVJGFQUGFGNKXGTGFVQCUKVGKPVJGTGURKTCVQT[VTCEV46#UECPDGUGGPKP5GEVKQP

UWDUVCPVKCNKPHQTOCVKQPKUCXCKNCDNGQPFQUKOGVT[KPUGXGTCNURGEKGUKPENWFKPIJWOCPU

&QUKOGVTKEUVWFKGUVJCVCTGTGHGTGPEGFKPVJGGCTNKGT1 ETKVGTKCFQEWOGPV75'PXKTQPOGPVCN 

2TQVGEVKQP#IGPE[CTGUWOOCTK\GFQPN[DTKGHN[JGTGPGYGTTGUGCTEJKUVJGHQEWU

5RGEKGUUGPUKVKXKV[FKUEWUUGFKP5GEVKQPTGHGTUVQVJGUGPUKVKXKV[QHCURGEKHKEURGEKGUVQVJG

FGNKXGTGFFQUG(QTGZCORNGGXGPKHVJGUCOGFQUGQH1 YGTGFGNKXGTGFVQCURGEKHKE 

TGURKTCVQT[VTCEVUKVGKPTCVUCPFJWOCPUFKHHGTGPEGUKPURGEKGUUGPUKVKXKV[VQVJCVFQUGCTGNKMGN[

DGECWUGQHXCTKCVKQPUKPFGHGPUGOGEJCPKUOUCPFRGTJCRUQVJGTHCEVQTU5GEVKQPCNUQ

RTQXKFGUCOQTGJQNKUVKECRRTQCEJVQGZVTCRQNCVKQPD[SWCPVKVCVKXGN[EQORCTKPIGZRQUWTG

TGURQPUGFCVCQDVCKPGFKPCPKOCNUCPFJWOCPU5GEVKQPUCPFCTGKPVGPFGFVQFTCYVJG

HQTIQKPIKPHQTOCVKQPVQIGVJGTTGCEJKPIEQPENWUKQPUCDQWVVJGRQVGPVKCNHQTCEWVGCPFEJTQPKE

JWOCPJGCNVJGHHGEVUDCUGFQPCPKOCNUVWFKGU.CUVN[5GEVKQPRTGUGPVUVJGUWOOCT[CPF

OCLQTEQPENWUKQPUHTQOVJGEJCRVGT

#NVJQWIJVJKUEJCRVGTHQEWUGUQPCPKOCNVQJWOCPGZVTCRQNCVKQPFQUKOGVTKEUVWFKGU

CNUQECPDGWUGFVQGNWEKFCVGKPVGTRTGVCVKQPUQHVJGJWOCPUVWFKGUFGUETKDGFKP%JCRVGT(QT
8-2

GZCORNGMPQYNGFIGQHFQUKOGVT[KPJWOCPUCUTGNCVGFVQCIGCPFGZGTEKUGECPGPJCPEG

WPFGTUVCPFKPIQHJWOCPUWUEGRVKDKNKV[HCEVQTU

 1\QPG&QUKOGVT[

 +PVTQFWEVKQP

&QUKOGVT[TGHGTUVQOGCUWTKPIQTGUVKOCVKPIVJGSWCPVKV[QTTCVGQHCEJGOKECN

CDUQTDGFD[VCTIGVUKVGUYKVJKPVJG466JGEQORQWPFOQUVFKTGEVN[TGURQPUKDNGHQTVQZKE

GHHGEVUOC[DGVJGKPJCNGFICU1 QTKVUEJGOKECNTGCEVKQPRTQFWEVU%QORNGVGKFGPVKHKECVKQPQH 

VJGCEVWCNVQZKECIGPVUCPFVJGKTKPVGITCVKQPKPVQFQUKOGVT[CTGEQORNGZKUUWGUVJCVJCXGPQV

DGGPTGUQNXGF6JWUOQUVFQUKOGVT[KPXGUVKICVKQPUCTGEQPEGTPGFYKVJVJGFQUGQHVJG

RTKOCT[KPJCNGFEJGOKECN+PVJKUEQPVGZVCHWTVJGTEQPHQWPFKPICURGEVECPDGVJGWPKVUQH

FQUGGIOCUUTGVCKPGFRGTDTGCVJOCUUTGVCKPGFRGTDTGCVJRGTDQF[YGKIJVOCUUTGVCKPGF

RGTDTGCVJRGTTGURKTCVQT[VTCEVUWTHCEGCTGC6JCVKUYJGPEQORCTKPIFQUGDGVYGGPURGEKGU

YJCVKUVJGTGNGXCPVOGCUWTGQHFQUG!6JKUSWGUVKQPJCUPQVDGGPCPUYGTGFWPKVUCTGQHVGP

FKEVCVGFD[VJGV[RGQHGZRGTKOGPVQTD[CEJQKEGOCFGD[VJGKPXGUVKICVQTU

'ZRGTKOGPVCNCPFVJGQTGVKECNFQUKOGVT[OQFGNKPIUVWFKGUCTGWUGFVQQDVCKP

KPHQTOCVKQPQPFQUG'ZRGTKOGPVUJCXGDGGPECTTKGFQWVVQQDVCKPFKTGEVOGCUWTGOGPVUQH

CDUQTDGF1 KPVJG46VJGWRRGT46746TGIKQPRTQZKOCNVQVJGVTCEJGCNGPVTCPEGCPFVJG 

NQYGT46.46TGIKQPFKUVCNVQVTCEJGCNGPVTCPEGJQYGXGTGZRGTKOGPVCNN[QDVCKPKPI

FQUKOGVT[FCVCKUGZVTGOGN[FKHHKEWNVKPUOCNNGTTGIKQPUQTNQECVKQPUUWEJCUURGEKHKECKTYC[UQT

VJGEGPVTKCEKPCTTGIKQP%#4LWPEVKQPQHEQPFWEVKPICKTYC[UCPFICUGZEJCPIGTGIKQPYJGTG

NGUKQPUECWUGFD[1 QEEWTUGG%JCRVGT5GEVKQP0GXGTVJGNGUUGZRGTKOGPVCVKQPKU 

KORQTVCPVHQTFGVGTOKPKPIFQUGOCMKPIFQUGEQORCTKUQPUDGVYGGPUWDRQRWNCVKQPUCPF

DGVYGGPFKHHGTGPVURGEKGUCUUGUUKPIJ[RQVJGUGUCPFEQPEGRVUCPFXCNKFCVKPIOCVJGOCVKECN

OQFGNUVJCVECPDGWUGFVQRTGFKEVFQUGCVURGEKHKETGURKTCVQT[VTCEVUKVGUCPFWPFGTOQTG

IGPGTCNEQPFKVKQPU

6JGQTGVKECNUVWFKGUCTGDCUGFQPVJGWUGQHOCVJGOCVKECNOQFGNUFGXGNQRGFHQTVJG

RWTRQUGUQHUKOWNCVKPIVJGWRVCMGCPFFKUVTKDWVKQPQHCDUQTDGFICUGUKPVJGVKUUWGUCPFHNWKFUQH

VJG46$GECWUGVJGHCEVQTUCHHGEVKPIVJGVTCPURQTVCPFCDUQTRVKQPQHICUGUCTGCRRNKECDNGVQCNN

OCOOCNUCOQFGNVJCVWUGUCRRTQRTKCVGURGEKGUQTFKUGCUGURGEKHKECPCVQOKECNCPFXGPVKNCVQT[

RCTCOGVGTUECPDGWUGFVQFGUETKDGCDUQTRVKQPKPVJGURGEKGUCPFKPFKHHGTGPVUK\GFCIGFQT

FKUGCUGFOGODGTUQHVJGUCOGURGEKGU+ORQTVCPVN[OQFGNUCNUQOC[DGWUGFVQOCMG

KPVGTURGEKGUCPFKPVTCURGEKGUFQUGEQORCTKUQPUVQEQORCTGCPFTGEQPEKNGFCVCHTQOFKHHGTGPV

GZRGTKOGPVUVQRTGFKEVFQUGKPEQPFKVKQPUPQVRQUUKDNGQTHGCUKDNGGZRGTKOGPVCNN[CPFVQDGVVGT

WPFGTUVCPFVJGRTQEGUUGUKPXQNXGFKPVQZKEKV[

 5WOOCT[QH4GXKGYQH'ZRGTKOGPVCNCPF6JGQTGVKECN&QUKOGVT[

#UWOOCT[QHVJGOQTGTGNGXCPVGZRGTKOGPVCNCPFVJGQTGVKECNFQUKOGVT[UVWFKGU

EQPVCKPGFKPVJGRTGXKQWU1 ETKVGTKCFQEWOGPV75'PXKTQPOGPVCN2TQVGEVKQP#IGPE[ 

KURTGUGPVGF6JGTGCFGTKUTGHGTTGFVQVJGGCTNKGTFQEWOGPVHQTEQORNGVGPGUU

'ZRGTKOGPVUQPVJGPCUQRJCT[PIGCNTGOQXCNQH1 KPNCDQTCVQT[CPKOCNUUWIIGUVGF 

VJCVVJGHTCEVKQPQH1 WRVCMGFGRGPFUKPXGTUGN[QPHNQYTCVG;QMQ[QOCCPF(TCPM 

WRVCMGYCUITGCVGTHQTPQUGVJCPOQWVJDTGCVJKPI;QMQ[QOCCPF(TCPMCPFVTCEJGCN

CPFEJCODGTEQPEGPVTCVKQPUYGTGTGNCVGFNKPGCTN[;QMQ[QOCCPF(TCPM/KNNGTGVCN

1PN[QPGKPXGUVKICVKQPOGCUWTGFWRVCMGD[VJG.46HKPFKPIVQWRVCMGD[VJG

.46QHFQIU;QMQ[QOCCPF(TCPM#VVJGVKOGVJGTGYGTGPQTGRQTVGFTGUWNVUHQT
8-3

JWOCP746QT.46WRVCMG9KVJVJGGZEGRVKQPQHVYQTGNCVKXGN[ETWFGUVWFKGUD[%NCOCPP

CPF$CPETQHVCPF*CNNGVVVJGTGYGTGPQFCVCQP1 WRVCMGKPJWOCPUCVVJGVKOG 

QHVJGGCTNKGTETKVGTKCFQEWOGPV75'PXKTQPOGPVCN2TQVGEVKQP#IGPE[

5GXGTCNOCVJGOCVKECNFQUKOGVT[OQFGNUYGTGFGXGNQRGFVQUKOWNCVGVJGRTQEGUUGU

KPXQNXGFKP1 WRVCMGCPFVQRTGFKEV1 WRVCMGD[XCTKQWUTGIKQPUCPFUKVGUYKVJKPVJG46 

6JGOQFGNQH#JCTQPUQPGVCNYCUWUGFVQCPCN[\GPCUQRJCT[PIGCNWRVCMGFCVC

#RRNKGFVQ1 FCVCVJGOQFGNKPFKECVGFVJCVVJGCXGTCIGOCUUVTCPUHGTEQGHHKEKGPVQHVJKUTGIKQP 

CPFVJGOCUUTGVCKPGFKPETGCUGFYKVJKPETGCUKPICKTHNQYDWVVJGRGTEGPVWRVCMGFGETGCUGF

/QFGNUYGTGFGXGNQRGFVQUKOWNCVG.46WRVCMG/KNNGTGVCN6JG

OQFGNUYGTGXGT[UKOKNCTKPVJGKTVTGCVOGPVQH1 KPVJGCKTYC[UCPFCKTURCEGUCPFKPVJGKTWUG 

QHOQTRJQOGVTKEFCVCVQFGHKPGVJGFKOGPUKQPUQHVJGCKTEQORCTVOGPVUCPFNKSWKFNKPKPI$QVJ

VJGCPFVJGOQFGNUQH/KNNGTCPFEQYQTMGTUVQQMKPVQCEEQWPVTGCEVKQPUQH1 YKVJ 

EQPUVKVWGPVUQHVJGNKSWKFNKPKPI*QYGXGTVJGUGOQFGNUFKHHGTGFKPVJGKTVTGCVOGPVQHEJGOKECN

TGCEVKQPUKPVJGNKSWKFNKPKPICPFVJGNCVGTOQFGNKPENWFGFVTCPURQTVCPFEJGOKECNTGCEVKQPU

YKVJKPVKUUWGCPFDNQQFYJGTGCUVJGHKTUVOQFGNFKFPQVCPKPUVCPVCPGQWUTGCEVKQPCVVJG

NKSWKFVKUUWGKPVGTHCEGYCUCUUWOGFUQVJG1 EQPEGPVTCVKQPYCUFGHKPGFCU\GTQ+PDQVJ 

OQFGNUVKUUWGFQUGYCUFGHKPGFCUVJG1 HNWZVQVJGNKSWKFVKUUWGKPVGTHCEG$QVJOQFGNU 

RTGFKEVGF1 VKUUWGFQUGVQDGTGNCVKXGN[NQYKPVJGVTCEJGCVQKPETGCUGVQCOCZKOWOKPQT 

PGCTVJG%#4CPFVJGPVQFGETGCUGFKUVCNN[VJKUYCUEJCTCEVGTKUVKEHQTDQVJVJGCPKOCNCPFVJG

JWOCPUKOWNCVKQPU/KNNGTGVCN

2TKQTVQVJGTGYGTGPQGZRGTKOGPVCNTGUWNVUVJCVYGTGWUGHWNKPLWFIKPIVJG

XCNKFKV[QHVJGOQFGNKPIGHHQTVU*QYGXGTCEQORCTKUQPQHVJGTGUWNVUQH/KNNGTCPF

EQYQTMGTUYKVJOQTRJQNQIKECNFCVCUJQYKPIVJG%#4VQDGOQUVCHHGEVGFD[1 UGG 

%JCRVGT5GEVKQPKPFKECVGFSWCNKVCVKXGCITGGOGPVDGVYGGPVJGUKVGQHRTGFKEVGF

OCZKOWOVKUUWGFQUGCPFVJGUKVGQHQDUGTXGFOCZKOWOOQTRJQNQIKECNFCOCIGKPVJG

RWNOQPCT[TGIKQP

 'ZRGTKOGPVCN1\QPG&QUKOGVT[&CVC

 +PVTQFWEVKQP

/QFGNUQH1 WRVCMGKPVJG46JCXGTGCEJGFCUECNGQHUQRJKUVKECVKQPVJCVRTQXKFG 

UQOGJKIJN[URGEKHKERTGFKEVKQPUTGICTFKPIVJGNQECVKQPCPFOCIPKVWFGQH1 FQUG*QYGXGT 

DGHQTGVJGUGOQFGNUECPDGGZRNQKVGFVQVJGKTHWNNGUVFGITGGKPGZVTCRQNCVKPIFQUGYKVJKPCPF

DGVYGGPURGEKGUXCNKFCVKQPQHVJGOQFGNUYKVJGZRGTKOGPVCNFCVCKUGUUGPVKCN6JKUUGEVKQPYKNN

TGXKGYVJGGZRGTKOGPVCNFCVCDCUGQPYJKEJVJGOQFGNKPIQH1 FQUKOGVT[KUDQVJDCUGFCPF 

XCNKFCVGF6JKUYKNNJGNRHCEKNKVCVGFKUEWUUKQPQHVJGOQFGNUVJGOUGNXGUKPUWDUGSWGPVUGEVKQPU

6CDNGRTQXKFGUCUWOOCT[QHCNNRQUVGZRGTKOGPVCN1 FQUKOGVT[UVWFKGU 

 +P8KXQ1\QPG&QUKOGVT[5VWFKGU

6JGOQFGNRTGFKEVKQPUQH1XGTVQPGVCNDCUGFQPVJGQTKIKPCNOQFGNQH

/KNNGTGVCNRTQXKFGFURGEKHKERTGFKEVKQPUCDQWVVJGTGIKQPCNCPFVQVCNWRVCMG

GHHKEKGPEKGUQH1 KPNCDQTCVQT[TCVU+VYCUVJGTGHQTGPGEGUUCT[VQVGUVVJGUGRTGFKEVKQPUYKVJ 

CEVWCNFCVC6JGHKTUVFCVCQPVQVCN46WRVCMGQH1 KPTCVUYGTGQDVCKPGFD[9KGUVGTGVCN 


1\QPGWRVCMGYCUOGCUWTGFKPCYCMGWPCPGUVJGVK\GF5RTCIWG&CYNG[5&TCVU

TGEGKXKPICPQUGQPN[GZRQUWTG'CEJTCVYCUUKVWCVGFYKVJKPCRNGVJ[UOQITCRJVJCV

EQPVKPWQWUN[OQPKVQTGFVJGCPKOCN	UDTGCVJKPIRCVVGTP#KTYKVJ1 HNQYGFD[TCVU	PQUGUCV 

O.OKPHQTJCVCEQPEGPVTCVKQPQHQTRRO1 &GVGTOKPCVKQPQH46
8-4

6CDNG'ZRGTKOGPVCN5VWFKGUQP1\QPG&QUKOGVT[C

6[RG QH 5VWF[

5RGEKGU
5VTCKP 7RVCMG $TGCVJKPI 2CVVGTPU 4GUWNVU 

+P XKXQPQUG QPN[

4CV
5&

6QVCN 46 8   O.6

H   DRO

8   O.OKP



'

7RVCMG OGCUWTGF KP  TCVU GZRQUGF VQ   QT  RRO 1 HQT 



7RVCMG OGCUWTGF WUKPI OCUU DCNCPEG 6QVCN 46 WRVCMG GHHKEKGPE[OGCUWTGF CV  7RVCMG GHHKEKGPE[ YCU KPFGRGPFGPV QH1 EQPEGPVTCVKQP 

+P XKXQ 4CV 
(

4CV 
5&4CV
.QPI'XCPU)WKPGC RKI
*CTVNG[

6QVCN 46 (QT TCVU

8   O. 6

H   DRO

8   O.OKP



'

(QT IWKPGC RKIU8   O. 6H   DRO

8   O.OKP



'

#NN WRVCMG OGCUWTGOGPVU CV  RRO 1  +P CFFKVKQP ( TCVU YG



OGCUWTGF CV  RRO 7RVCMG OGCUWTGOGPVU OCFG YKVJ U[UVGO QH9KGUVGT GV CN 
 6QVCN 46 WRVCMG GHHKEKGPE[ CXGTCIGF  CPUVTCKP CPF URGEKGU KPFGRGPFGPV 7RVCMG GHHKEKGPE[ CICKP YCU UJQYP KPFGRGPFGPV QH 1 EQPEGPVTCVKQP KP ( TCVU 

+P XKXQ 4CV 
( 6QVCN 46 JGCF

NCT[PZVTCEJGCNWPI

8   O. 6

H   DRO

8   O.OKP



'

4GIKQPCN WRVCMG OGCUWTGF D[ CUUC[KPI HQT TGEQXGTCDNG 1 HTQO TGURKTCVQT[ VTCEV VKUUWG CHVGT CPKOCN KPJCNGF 1GPTKEJGF  RRO 1 

 

 J (KHV[HQWT RGTEGPV QH KPURKTGF 1 YCU VCMGP WR D[ VQVCN 46 1



1 VCMGP WR  VCMGP WR D[ VJG JGCF  D[ VJG NCT[PZVTCE



CPF  D[ VJG NWPIU

+P XKXQ *WOCP 6QVCN 46 746

.46

8   O. 6

H   CPF  DRO

8   CPF  O.U



+

QTCN PCUCN CPF QTQPCUCNDTGCVJKPI

7RVCMG GHHKEKGPEKGU QH 746 .46 CPF VQVCN 46 OGCUWTGF D[ UCORKPURKTGF CPF GZRKTGF CKT HTQO ECVJGVGT KPUGTVGF VJTQWIJ PQUG VQ RQUQTQRJCT[PZ 7RVCMG GHHKEKGPEKGU EQORWVGF HTQO RGCM RNCVGCWEQPEGPVTCVKQPU QP KPURKTCVKQP CPF GZRKTCVKQP +PURKTCVQT[ 746 WRVGHHKEKGPEKGU CXGTCIGF  KPURKTCVQT[ RNWU GZRKTCVQT[ .46 WRVCMGGHHKEKGPEKGU CXGTCIGF  5OCNN DWV UKIPKHKECPV FGETGCUGU KP 746 .46 WRVCMG GHHKEKGPEKGU YKVJ KPETGCUKPI H 0Q GHHGEV QH EQPEGPVTCVWRVCMG 7RVCMG GHHKEKGPE[ QH OQWVJ TGNCVKXGN[ ITGCVGT VJCP PQUG D[ 

+P XKXQ *WOCP 6QVCN 46 746

.46

8   O. 6H   DRO

8   .OKP



'

6YGPV[ JGCNVJ[ OCNG UWDLGEVU GZRQUGF VQ  RRO 1 YJKNG GZGTEKU



8 QH  .OKP HQT  J 7RVCMG GHHKEKGPEKGU QH 746 .46 CPF



'

VQVCN 46 OGCUWTGF CV DGIKPPKPI CPF CV GPF QH GZRQUWTG D[ OGVJQF )GTTKV[ GV CN 
 5WDLGEVU OQWVJDTGCVJGF QPN[ 7RVCMG GHHKEEQORWVGF CU OCUU HTCEVKQPU 746 KPURKTCVQT[ GHHKEKGPE[ YCU  FKF PQV EJCPIG FWTKPI GZRQUWTG .46 GHHKEKGPE[ FTQRRGF HTQO  FWTKPI GZRQUWTG .46 FGETGCUG EQTTGNCVGF YKVJ FTQR KP 8  6%WOWNCVKXG FQUG QH 1 VQ .46 YCU RTGFKEVKXG QH 8 FTQR  6

+P XKVTQ 2KI

5JGGR

6TCEJGC 8   O.U



+ 7PKFKTGEVKQPCN 1 WRVCMG GHHKEKGPEKGU QH VTCEJGC FGETGCUGF YKVJ KPET



HNQY HTQO  VQ  HQT VJG UJGGR CPF  HQT VJG RKI /CUU VTCEQGHHKEKGPVU IGPGTCNN[ YGTG KPFGRGPFGPV QH HNQY
8-5

6CDNGEQPV	F'ZRGTKOGPVCN5VWFKGUQP1\QPG&QUKOGVT[C

6[RG QH 5VWF[

5RGEKGU
5VTCKP 7RVCMG $TGCVJKPI 2CVVGTPU 4GUWNVU 

+P XKVTQ 0# 0# 0# 1\QPQN[UKU UVWFKGU QP XCTKQWU WPUCVWTCVGF HCVV[ CEKFU TCV

GT[VJTQE[VG IJQUV OGODTCPGU CPF TCV $#. &QOKPCPV RTQEGUUGU CTGVJG RTQFWEVKQP QH CNFGJ[FGU CPF RGTQZKFGU FWG VQ TGCEVKQPU DGVYGGP 

CPF QNGHKPU

+P XKXQ *WOCP  O. FGRVJ

KPVQ VQVCN 46

8   O. 6

8   O.U



+

7RVCMG GHHKEKGPEKGU D[ OGCUWTKPI TGEQXGT[ QH 1 DQNWUGU FGNKXGTGF CV  O. KPETGOGPVU KPVQ NWPI VQ FGRVJ QH  O. #V FGGRGUV FGRVQPN[  QH 1 EQWNF DG TGEQXGTGF 1\QPG WRVCMG D[ EQPFWEVKPI CKTYC[U NCTIGT VJCP RTGFKEVGF D[ /KNNGT GV CN 


+P XKXQ *WOCP  O. FGRVJ

KPVQ VQVCN 46

8   O. 6

8     



+

 O.U

5COG VGEJPKSWG CU *W GV CN 
D DWV KPXGUVKICVKPI HNQY GHHGEVU+PETGCUKPI HNQY ECWUGF OCTMGF UJKHV QH FGNKXGTGF 1 VQYCTF VJG 

RGTKRJGT[ QH VJG EQPFWEVKPI CKTYC[U 
KG VJG ITGCVGT VJG KPURKTCVQT[HNQY VJG ITGCVGT VJG COQWPV QH 1 FGNKXGTGF VQ VJG NWPI RGTKRJGT[ YJGTG KV KU CXCKNCDNG HQT CDUQTRVKQP /CUU VTCPUHGT EQGHHKEKGPVU KPWRRGT CKTYC[U KPFGRGPFGPV QH HNQY DWV KP EQPFWEVKPI CKTYC[U VJG[KPETGCUG RTQRQTVKQPCN VQ HNQY .WPI NKSWKF NKPKPI OCUU VTCPUHGTEQGHHKEKGPV EQORWVGF VQ DG  EOU KP VJG 746 HCNNKPI VQ EOU KP VJG TGURKTCVQT[ CKTYC[U 4GCEVKQP TCVG EQPUVCPVDGVYGGP 1 CPF VJG NWPI NKSWKF NKPKPI YCU EQORWVGF CU  ¥  U 

 

VJG 746 HCNNKPI VQ  ¥  U KP VJG FKUVCN EQPFWEVKPI CKTYC[U 

+P XKXQ *WOCP  O. FGRVJ

KPVQ VQVCN 46

8   O. 6

8   O.U



+

%QORCTKUQP QH 1 DQNWU WRVCMG DGVYGGP QTCN CPF PCUCN TQWVGU 0QUG YCU HQWPF VQ DG  OQTG GHHKEKGPV CV TGOQXKPI 1 HTQO VJG C



UVTGCO VJCP VJG OQWVJ

+P XKVTQ 4CV 
5& .WPI 8   O. 6

H   DRO(4%   CPF  O.

2GTHWUGF CPF PQPRGTHWUGF TCV NWPIU XGPVKNCVGF YKVJ  RRO 1  7RVC



GHHKEKGPE[ QH NWPIU FTQRRGF HTQO  CV  DRO VQ CDQWV  CV DRO 0Q EJCPIG KP WRVCMG GHHKEKGPE[ YJGP NWPIU KPHNCVGF HTQO (4%  VQ  O.

+P XKXQ *WOCP 6QVCN 46 746

VTCEJGC OCKPUVGODTQPEJK

8   O. 6

H   DRO

8   O.U



+

1 WRVCMG GHHKEKGPEKGU KP EQPFWEVKPI CKTYC[ UVTWEVWTGU FGVGTOKPGF D[ UCORNKPI CKT HTQO CPCVQOKECN UKVGU TCPIKPI HTQO VJG XQECN EQTFU DTQPEJWU KPVGTOGFKWU KP  UWDLGEVU WPFGTIQKPI VTCPUPCUCNDTQPEJQUEQR[ YJKNG DGKPI GZRQUGF VQ  RRO 1  6QVCN 46 WRVCMG GHHKEKGPE[ YCU  7RVCMG GHHKEKGPEKGU QH OQWVJXQECN EQTFU XQECN EQTFUWRRGT VTCEJGC  WRRGT VTCEJGCOCKPDKHWTECVKQP ECTKPC  OCKP DKHWTECVKQP ECTKPCDTQPEJWUKPVGTOGFKWU 

+P XKXQ *WOCP 6QVCN 46 8   O. 6

H   DRO

8   .OKP



'

0CUCN CPF QTCNDTGCVJKPI

6QVCN 46 WRVCMG GHHKEKGPE[ OGCUWTGF WUKPI VJG UCOG VGEJPKSWG
9KGUVGT GV CN  9KGUVGT GV CN  CRRNKGF VQ TCVU &WTKPIPCUCN DTGCVJKPI VQVCN 46 WRVCMG GHHKEKGPE[ YCU  &WTKPI QTCNDTGCVJKPI VQVCN 46 WRVCMG GHHKEKGPE[ YCU  CPF UKIPKHKECPVN[ JKIJVJCP YKVJ PCUCN DTGCVJKPI

5GG #RRGPFKZ # HQT CDDTGXKCVKQPU CPF CETQP[OU C
8

8

8

8

8-6

1 WRVCMGYCUFGVGTOKPGFD[OCUUDCNCPEG6JGWRVCMGYCUVJGFKHHGTGPEGKPOCUUKPVJG 

WRUVTGCOCKTCPFKPVJGCKTFQYPUVTGCOQHVJGTCV6QVCN461 WRVCMGGHHKEKGPE[QH 

CRRTQZKOCVGN[YCUOGCUWTGFCPFYCUKPFGRGPFGPVQH1 EQPEGPVTCVKQP&WTKPIFCVC 

CESWKUKVKQPVJGCPKOCNUJCFCPCXGTCIGVKFCNXQNWOG8 QHCDQWVO.CPCXGTCIG 6

DTGCVJKPIHTGSWGPE[HQHCDQWVDTGCVJURGTOKPWVGDROCPFCPCXGTCIGOKPWVG

XGPVKNCVKQP QHCDQWVO.OKP6JKUUVWF[YCUHQNNQYGFD[CPQVJGT9KGUVGTGVCN '

KPYJKEJVQVCN46WRVCMGYCUOGCUWTGFKPVJTGGUVTCKPUQHTCVUCPFKPVJGIWKPGCRKI

5RGEKHKECNN[(KUEJGT(5&CPF.QPI'XCPUTCVUCPF*CTVNG[IWKPGCRKIUYGTG

GZRQUGFHQTJVQRRO1 (TCVUCNUQTGEGKXGFCRROGZRQUWTG#NNTCVUKPVJG 

9KGUVGTGVCNUVWF[JCFH	UDGVYGGPCPFDRO8 UDGVYGGPCPFO. 6

CPFUDGVYGGPCPFO.OKP6JGIWKPGCRKIUJCFC8 QHO.PQVFKHHGTGPV ' 6

HTQOTCVUCPHQHDROCPFCQHO.OKP7RVCMGYCUOGCUWTGFCUKPVJGRTGXKQWU '

GZRGTKOGPV9KGUVGTGVCN6QVCN46WRVCMGQH1 YCUURGEKGUKPFGRGPFGPVCPF 

CXGTCIGFVJKUYCUJKIJGTVJCPKPVJGRTGXKQWUUVWF[DGECWUGCFKHHGTGPVECNEWNCVKQP

OGVJQFHQTHTCEVKQPCNWRVCMGYCUWUGF#UKPVJGHKTUVGZRGTKOGPVGZRQUWTGEQPEGPVTCVKQPFKF

PQVCHHGEVWRVCMG9KGUVGTGVCNEQTTGEVGFCNNHNQYUWUGFKPWRVCMGECNEWNCVKQPUHQTDQF[

VGORGTCVWTGCPFTGNCVKXGJWOKFKV[+PVJGKTNCVGTYQTMJQYGXGTVJG[HQWPFVJCVVJKU

EQTTGEVKQPYCUPQVYCTTCPVGFTGUWNVKPIKPCUNKIJVN[JKIJGTEQORWVGF1 WRVCMGGHHKEKGPE[ 


9KGUVGTGVCN

6JGUGFCVCCTGKPFKUCITGGOGPVYKVJVJGOQFGNRTGFKEVKQPUQH1XGTVQPGVCN

YJQOCFGRTGFKEVKQPUQH1 WRVCMGKPVYQFKHHGTGPVTCVCPCVQOKECNNWPIOQFGNU-NKOGPV 

;GJGVCN5KOWNCVKQPUYGTGEQPFWEVGFKPDQVJCPCVQOKECNOQFGNUXCT[KPIHCPF

8 CVHKZGFHWPEVKQPCNTGUKFWCNECRCEKV[(4%CNUQYCUXCTKGFCUCHTCEVKQPQHVQVCNNWPI 6 '

ECRCEKV[6.%6JG-NKOGPVCPCVQOKECNNWPIOQFGNICXGEQPUKUVGPVN[JKIJRTGFKEVKQPU

HQTWRVCMGYJGPEQORCTGFYKVJCEVWCNFCVC6JGRTGFKEVKQPUWUKPIVJG;GJGVCNOQFGN

ECOGENQUGT6QVCN46WRVCMGUPQVKPENWFKPIVJGJGCFHQTVJG;GJGVCNOQFGNYGTG

RTGFKEVGFVQTCPIGDGVYGGPCPFCVHDROCPF8 O.CPFDGVYGGP 6

CPFHQTHDROCPF8 O.*QYGXGTYJGPVJGHCEVVJCVVJGUGRTGFKEVKQPU 6

FQPQVKPENWFGVJGJGCFQHVJGCPKOCNKUEQPUKFGTGFKVKUGXKFGPVVJCVVJGOQFGNRTGFKEVKQPU

QXGTGUVKOCVGVJGVQVCN46WRVCMGKPTCVU6JGSWGUVKQPKUYJGVJGTVJGOGCUWTGOGPVUCTG

CEEWTCVGQTYJGVJGTVJGTGKUCRTQDNGOYKVJVJGOQFGNHQTOWNCVKQP6JGFCVCQH2QUVNGVJYCKVGV

CNRTGUGPVGFDGNQYUWIIGUVGFVJCVVJGFCVCQH9KGUVGTGVCNOC[DG

TGCUQPCDNG6JG2QUVNGVJYCKVGVCNFCVCKPVJGGZEKUGFTCVNWPIUWIIGUVGFCENGCT

KPXGTUGFGRGPFGPEGQHNWPIWRVCMGQPH#VC8 QHO.VJG1 WRVCMGGHHKEKGPE[QHVJG 6 

GZEKUGFNWPIHGNNHTQOPGCTN[WPKV[CVHDROVQCNOQUVCVHDRO(QT

GZVTCRQNCVKQPRWTRQUGUCMG[SWGUVKQPJGTGKUYJCVUJQWNFDGEQPUKFGTGFVJGPQTOCNTGUVKPIH

QHCTCV#NVJQWIJ9KGUVGTGVCNCNNQYGFVJGKTTCVUVQCEENKOCVGVQVJG

RNGVJ[UOQITCRJD[OQPKVQTKPIHCPFDGICPWRVCMGOGCUWTGOGPVUQPN[CHVGTHJCFRNCVGCWGFCVC

OKPKOWOKVKUUVKNNWPEGTVCKPYJGVJGTH	UQHVQDROCTGTGCUQPCDNG+PCUWOOCT[QH

UVWFKGUQHVJGRWNOQPCT[HWPEVKQPQHTCVUKPTGURQPUGVQ1 6GRRGTGVCNHQWPFV[RKECN 

H	UQHDRO#NVJQWIJVJGOQFGNUCRRGCTVQQXGTGUVKOCVGVJG1 WRVCMGGHHKEKGPE[QHVJGTCV 

46VJGFKUETGRCPE[KUPQVNCTIGCPFVJGPGCTCITGGOGPVKPFKECVGUVJCVVJG1 FQUKOGVT[ 

OQFGNUJCXGRTGFKEVKXGECRCDKNKV[

+PCFFKVKQPVQFCVCQPVJGVQVCN461 WRVCMGGHHKEKGPE[KPXKXQFCVCQPTGIKQPCN 

1 FQUKOGVT[KPCPKOCNOQFGNUJCXGDGIWPVQGOGTIG*CVEJCPF#KUUCCPF#KUUCCPF 

*CVEJHKTUVFGUETKDGFCOGVJQFVQOGCUWTG1 WRVCMGKPCPKOCNUD[GZRQUKPIVJGOPQUG 
8

8

8-7

QPN[YJKNGKPCRNGVJ[UOQITCRJVQ1 GPTKEJGFYKVJ1CUVCDNGKUQVQRGQHQZ[IGP#HVGT 



GZRQUWTGDTQPEJQCNXGQNCTNCXCIG$#.HNWKFCPFTGURKTCVQT[VTCEVVKUUWGYGTGCUUC[GFHQT

GZEGUU1WUKPIKUQVQRGTCVKQOCUUURGEVTQOGVT[1PGRTQDNGOYKVJVJKUVGEJPKSWGKUVJCVCNN 

QHVJGCDUQTDGF1ECPPQVDGCEEQWPVGFHQTVJWURQUUKDN[NGCFKPIVQCPWPFGTGUVKOCVKQPQH 

FQUG6JGVGEJPKSWGWUGFD[*CVEJCPF#KUUCKPXQNXGUVJGFGVGEVKQPQHGZEGUU1KP 

1 TGCEVKQPRTQFWEVUCHVGTVKUUWGR[TQN[UKU6JWU1 VJCVKUFGITCFGFVQ* 1QT1 KU    

  

NQUVCPFECPPQVDGFGVGEVGFKPFT[VKUUWG'KIJVOCNG(TCVUHQWTRTGXKQWUN[GZRQUGF

EJTQPKECNN[VQ1 HQT[GCTVQCPWTDCPRCVVGTPIGPGTCNN[EQPUKUVKPIQHCRRODCUGNKPG 

YKVJJFCKN[URKMGUTKUKPIVQRROYGTGGZRQUGFHQTJVQRROQH1GPTKEJGF1 




*CVEJGVCN&WTKPIGZRQUWTGVJGTCVUDTGCVJGFCVDROCPFJCFC8 QHO. 6

CPFCQHO.OKP#HVGTGZRQUWTGVJGNWPIVTCEJGCCPFJGCFYGTGCPCN[\GF '

UGRCTCVGN[HQT11XGTCNNVJGCPKOCNUVQQMWRQHKPURKTGF1 #NVJQWIJVJKUXCNWGQH 



1 WRVCMGGHHKEKGPE[KUJKIJGTVJCPVJCVHQWPFD[9KGUVGTGVCNEQPUKFGTKPIVJG 

HCEVVJCVVJGEQGHHKEKGPVQHXCTKCVKQPHQT1 WRVCMGGHHKEKGPE[OGCUWTGOGPVUKUCTQWPFKPCNN 

UVWFKGUVJGTGUWNVQH*CVEJCPF#KUUCKUEQPUKUVGPVYKVJVJGFCVCQH9KGUVGTGVCN

1HVJG1 VCMGPWRD[VJGCPKOCNUYCUVCMGPWRD[VJGJGCFD[VJG 

NCT[PZVTCEJGCCPFD[VJGNWPIU$[CUUWOKPIGSWCNWRVCMGGHHKEKGPEKGUD[

EQORCTVOGPVUQPKPURKTCVKQPCPFGZRKTCVKQPKPURKTCVQT[WRVCMGQH1 D[VJGUGTGIKQPUYCU 

EQORWVGF+VYCUFGVGTOKPGFVJCVVJGTCVPCUQRJCT[PZ02JCFCPKPURKTCVQT[GHHKEKGPE[QH

CPFVJCVVJGNCT[PZVTCEJGCTGOQXGFQHVJGTGOCKPKPI1 

6JKUVGEJPKSWGTGEGPVN[JCUDGGPGZVGPFGFVQJWOCPU*CVEJGVCNUJQYGF

VJCVYJGPJWOCPUWDLGEVUYGTGGZRQUGFVQRRO1 YJKNGGZGTEKUKPIKPVGTOKVVGPVN[CV 



'.OKPHQTJVJGCOQWPVQHTGEQXGTGF1KPNCXCICDNGEGNNUKPFKECVGFVJCVVJG 

JWOCPEGNNUKPEQTRQTCVGFVQVKOGUVJG1 FQUGKGEQPEGPVTCVKQPQH1 VJCVYCU  



KPEQTRQTVGFD[VJG$#.EGNNUHTQOTCVUGZRQUGFVQRRO1 HQTJCVTGUV%QPUGSWGPVN[ 

VQEQORCTGCDUQTDGF1 FQUGUDGVYGGPTCVUCPFJWOCPUWUKPI$#.TGSWKTGUVJGCUUWORVKQP 



VJCVVJGCOQWPVQHNCXCICDNGEGNNOGODTCPGCXCKNCDNGVQTGCEVYKVJ1 KUEQORCTCDNGDGVYGGP 



VJGVYQURGEKGU6JGFKHHGTGPEGDGVYGGPTCVUCPFJWOCPUEQWNFDGCEEQWPVGFHQTD[VJGHCEV

VJCVVJGJWOCPUYGTGGZGTEKUKPIYJGTGCUVJGTCVUYGTGPQV*QYGXGTCUYCUPQVGFCDQXG

PQVCNNCDUQTDGF1 ECPDGCEEQWPVGFHQT



 +P8KVTQ1\QPG&QUKOGVT[5VWFKGU

6JGWUGQHYJQNGKPVCEVCPKOCNUVQUVWF[1 WRVCMGKUPGGFGFVQCUEGTVCKPVJGCEVWCN 

COQWPVUQH1 CDUQTDGF*QYGXGTKVKUCNUQKORQTVCPVVQWPFGTUVCPFUQOGQHVJGOQTG 

HWPFCOGPVCNRTQEGUUGUIQXGTPKPI1 WRVCMGUWEJCUVJGDKQEJGOKUVT[QH1 NKSWKFCPF  

1 VKUUWGKPVGTCEVKQPUVQFGVGTOKPGEJGOKECNTGCEVKQPTCVGUGUUGPVKCNVQ1 FQUKOGVT[OQFGNU 

(WTVJGTOQTGVJGWUGQHKPVCEVCPKOCNUFQGUPQVCNNQYOQTGRTGEKUGFGVGTOKPCVKQPUQHVJGTQNG

QHRJ[UKQNQIKECNRCTCOGVGTUQP1 WRVCMG(QTVJKUTGCUQPVJGTGJCXGDGGPUQOGNKOKVGF 

CVVGORVUCVWVKNK\KPICPKOCNVKUUWGGZRNCPVUCPFYJQNGNWPIUVQUVWF[1 WRVCMG 

$GP,GDTKCGVCNUVWFKGF1 WRVCMGD[VJGVTCEJGCQHUJGGRCPFRKIUVQ 

KPXGUVKICVGOCUUVTCPUHGTEQGHHKEKGPVU1\QPGDQNWUGUQHRROYGTGRCUUGFVJTQWIJGZEKUGF

VTCEJGCG6TCEJGCGYGTGQDVCKPGFHTQOCUNCWIJVGTJQWUGVQJCHVGTUNCWIJVGTCPF

CNVJQWIJVJG[YGTGMGRVEQCVGFYKVJRJ[UKQNQIKEUCNKPGVJG[YGTGPQVOCKPVCKPGFCVDQF[

VGORGTCVWTGRQUUKDN[TGUWNVKPIKPWPFGTGUVKOCVKQPQHKPXKXQWRVCMG6JGNGPIVJUCPF

FKCOGVGTUQHVJGRKIVTCEJGCGYGTGPQVVQQFKHHGTGPVHTQOJWOCPVTCEJGCNFKOGPUKQPU6JG

HNQYFGRGPFGPEGQHOCUUWRVCMGCPFVJGOCUUVTCPUHGTEQGHHKEKGPV-YGTGFGVGTOKPGFHQT
8-8

HNQYUDGVYGGPCPFO.U7RVCMGGHHKEKGPEKGUKPVJGRKIFGETGCUGFYKVJKPETGCUKPIHNQY

HTQOCDQWVVQCPFKPVJGUJGGRFGETGCUGFHTQOCDQWVVQ/CUUVTCPUHGT

EQGHHKEKGPVUIGPGTCNN[YGTGKPFGRGPFGPVQHHNQY-EOUKPRKIUCPFEOUKP

UJGGRKPFKECVKPIVJGNCEMQHFGRGPFGPEGQHWRVCMGQPICURJCUGFKHHWUKQPRTQEGUUGU6JKU

EQPVTCUVUYKVJVJGEQPENWUKQPQH#JCTQPUQPGVCNHQTVJG02QHFQIUYJGTGVJG

KPXGUVKICVQTUQDUGTXGFVJCVVJGUNKIJVKPXGTUGFGRGPFGPEGQHWRVCMGQPHNQYQDUGTXGFD[

;QMQ[COCCPF(TCPMNGCFUVQVJGEQPENWUKQPVJCVVJGOCUUVTCPUHGTEQGHHKEKGPVHQTVJG

02QHVJGFQIUJQWNFKPETGCUGYKVJHNQYUWIIGUVKPICTQNGQHVJGDQWPFCT[NC[GTKPNKOKVKPI

FKHHWUKQPQH1 VQVJGYCNNQHVJG026JGFKHHGTGPVIGQOGVTKGUQHCVTCEJGCCPFCP02OC[ 

CEEQWPVHQTVJGFKHHGTKPIQDUGTXCVKQPU

#UKIPKHKECPVHGCVWTGQHVJG$GP,GDTKCGVCNUVWF[YCUVJGWUGQHCTCRKFN[

TGURQPFKPI1 CPCN[\GT+PQTFGTVQEQPFWEVVJGKT1 WRVCMGUVWFKGU$GP,GDTKCCPF7NVOCP  


CPF$GP,GDTKCGVCNFGXGNQRGFCTCRKFN[TGURQPFKPI1 CPCN[\GT6JGCPCN[\GT 

TGNKGUQPVJGTGCEVKQPQH1 YKVJCNMGPGUUWEJCUGVJ[NGPGRTQR[NGPGE[ENQJGZCPGGVE6GP 

CNMGPGUYGTGVGUVGF0KPGV[RGTEGPVUVGRTGURQPUGVKOGUQHVQOUYGTGCEJKGXGFYKVJ

XCT[KPIFGITGGUQHNKPGCTTGURQPUGYKVJ1 EQPEGPVTCVKQP6JGCWVJQTUEQPENWFGFVJCVVJGDGUV 

CNMGPGYCUOGVJ[NDWVGPGYKVJQRVKOWOVQTGURQPUGUQHOUCPFOKPKOWO

FGVGEVCDNGNKOKVUQH1 QHRRD+PVGTHGTGPEGYKVJ%1 JQYGXGTYCUHQWPFTGSWKTKPI  

OGCUWTGOGPVUQH%1 VQEQTTGEVVJGCPCN[\GTTGURQPUG 

2QUVNGVJYCKVGVCNWUGFCPKUQNCVGFTCVNWPIRTGRCTCVKQPVQKPXGUVKICVGVJG

GHHGEVUQHXCUEWNCTRGTHWUKQPKPURKTGFFQUGVGORGTCVWTGCPFFKUVCNNWPIUWTHCEGCTGCQP

1 CDUQTRVKQPD[VJG.468CUEWNCTRGTHWUKQPJCFNKVVNGQTPQGHHGEVQPWRVCMGGHHKEKGPE[QH 

1 9JGPVJGNWPIYCUGZRQUGFVQRRO1 CPFXGPVKNCVGFYKVJC8 QHO.C(4%QH  6

O.CPFCPHQHDROWRVCMGGHHKEKGPE[YCU#UHKPETGCUGFYKVJHKZGF8 WRVCMG 6

GHHKEKGPE[DGICPVQFTQRTGCEJKPIPGCTN[CVCPHQHDRO9JGPVJGNWPIVGORGTCVWTG

YCUFTQRRGFHTQOVQ%WRVCMGGHHKEKGPE[FTQRRGFHTQOVQCVDRO6JKU

FTQRYCUGZRNQKVGFVQKPXGUVKICVGQVJGTHCEVQTUUWEJCUHNQYXQNWOGCPFNWPIUWTHCEGCTGC

IQXGTPKPIWRVCMGDGECWUGKVOQXGFTGURKTCVQT[VTCEVWRVCMGHWTVJGTDGNQY6JG

QDUGTXCVKQPQHCFGRGPFGPEGQHWRVCMGQPVGORGTCVWTGKPFKECVGUVJCVWRVCMGGHHKEKGPE[KU

EJGOKECNTGCEVKQPFGRGPFGPVVJWURQUUKDN[EQWRNKPIWRVCMGVQTGCEVKQPRTQFWEVHQTOCVKQP

#PQVJGTKPVGTGUVKPITGUWNVHTQOVJKUUVWF[YCUVJGNCEMQHFGRGPFGPEGQHWRVCMGQP(4%

9JGP(4%YCUFQWDNGFHTQOVQO.CV%HTCEVKQPCN1 WRVCMGYCUWPEJCPIGF6JKU 

NCVVGTTGUWNVUWIIGUVUVJCV1 WRVCMGKUXKTVWCNN[EQORNGVGD[VJGVKOG1 TGCEJGUVJGCNXGQNCT  

URCEGUQHVJGNWPI1VJGTYKUGKVYQWNFJCXGDGGPGZRGEVGFVJCVVJGWRVCMGGHHKEKGPE[YQWNF

JCXGTKUGPYKVJKPETGCUGF(4%

6QHWTVJGTKPXGUVKICVGVJGTGCEVKQPUQH1 YKVJVJGNWPI2T[QTGVCN 

RGTHQTOGFQ\QPQN[UKUUVWFKGUQHXCTKQWUWPUCVWTCVGFHCVV[CEKFU7(#UTCVGT[VJTQE[VGIJQUV

OGODTCPGUCPFTCV$#.6JGUGUVWFKGUFGOQPUVTCVGFUKIPKHKECPVRTQFWEVKQPQHJ[FTQIGP

RGTQZKFGCPFCNFGJ[FGUCPFVJCVRTQFWEVKQPQHJ[FTQIGPRGTQZKFGYCUFWGRTKOCTKN[VQ

TGCEVKQPUDGVYGGP1 CPFQNGHKPU6JGCWVJQTUEQPENWFGFVJCVVJGTGCEVKQPQH1 YKVJ7(#UKP  

VJGNWPIHNWKFNKPKPICPFEGNNOGODTCPGURTQFWEGJ[FTQIGPRGTQZKFGCPFCNFGJ[FGUVJCVOC[DG

KORQTVCPVOGFKCVQTUKPVJGVQZKEKV[QH1 6JGSWCPVKVCVKXGTGUWNVUQHVJGUGUVWFKGUNGF2T[QT 


VQJ[RQVJGUK\GCDQWVVJGFGITGGVQYJKEJ1 TGCEVUYKVJVJGNKSWKFNKPKPIQHVJGNWPICPF 

YKVJNWPIVKUUWG#UKORNGOQFGNECNEWNCVKQPYCURGTHQTOGFWUKPIVJG'KPUVGKP5OQNWEJQYUMK

GSWCVKQPVQGUVKOCVGVJGJCNHNKHGQH1 KPDKNC[GTUCPFEGNNOGODTCPGU2T[QT 

EQPENWFGFVJCVCUWDUVCPVKCNHTCEVKQPQH1 TGCEVUKPVJGDKNC[GTCPFVJCVQPN[KPTGIKQPUQHVJG 
8-9

NWPIYJGTGVJGNWPINKPKPIHNWKFNC[GTKUNGUUVJCPOVJKEMYKNN1 RGPGVTCVGVQVKUUWGCPF 

QPN[VJGPYKNN1 TGCEVKPEGNNOGODTCPGUDGHQTGRGPGVTCVKPIHWTVJGT6JGQXGTCNNEQPENWUKQPKU 

VJCVVJGVQZKEGHHGEVUQH1 OC[DGOGFKCVGFPQVLWUVD[1 FKTGEVN[DWVD[TGCEVKXG  

KPVGTOGFKCVGUUWEJCUCNFGJ[FGUCPFJ[FTQIGPRGTQZKFG6JKUTCKUGUVJGSWGUVKQPCUVQVJG

TGNGXCPVFQUGQH1 KUKVVJGVQVCNFQUGVJGFQUGVQVJGNKSWKFNKPKPIVJGVKUUWGFQUGQTVJG 

FQUGQHTGCEVKXGKPVGTOGFKCVGUFGNKXGTGFVQVKUUWG!

 *WOCP1\QPG&QUKOGVT[5VWFKGU

5KIPKHKECPVRTQITGUUJCUDGGPOCFGKPVJGCTGCQHJWOCP1 FQUKOGVT[UKPEGVJG 

RTGXKQWUETKVGTKCFQEWOGPV75'PXKTQPOGPVCN2TQVGEVKQP#IGPE[5VWFKGUJCXGDGGP

EQPFWEVGFFGHKPKPIVQVCNCPFTGIKQPCNTGURKTCVQT[VTCEVWRVCMGVJGFGRGPFGPEGQHWRVCMGQP

RJ[UKQNQIKECNRCTCOGVGTUCPFVJGTQNGQHWRVCMGKPOQFWNCVKPITGURQPUG

)GTTKV[GVCNTGRQTVGFQPOGCUWTGOGPVUQH1 WRVCMGD[VJGGZVTCVJQTCEKE 

CKTYC[UCKTYC[URTQZKOCNVQVJGRQUVGTKQTQTQRJCT[PZCPFKPVTCVJQTCEKECKTYC[UCKTYC[U

FKUVCNVQVJGRQUVGTKQTQTQRJCT[PZKPJGCNVJ[[QWPIOCNGXQNWPVGGTU1\QPGWRVCMGYCU

OGCUWTGFD[RNCEKPICUOCNNRQN[GVJ[NGPGECVJGVGTVJTQWIJVJGPQUGCPFRQUKVKQPKPIVJGFKUVCN

VKRKPVJGRQUVGTKQTQTQRJCT[PZ$TGCVJD[DTGCVJUCORNGUQH1 YGTGEQNNGEVGFCPFVJGRGCM 

RNCVGCWEQPEGPVTCVKQPUYGTGEQORCTGFYKVJEJCODGTEQPEGPVTCVKQPU6JGGHHGEVUQPWRVCMGQH

1 EQPEGPVTCVKQPRROHCPFDROCVHKZGF8 CPFOQFGQHDTGCVJKPI  6


QTCNPCUCNCPFQTQPCUCNYGTGVGUVGF6JG1 CPCN[\GTJCFCOQFGTCVGN[TCRKFTGURQPUGYKVJ 

CTGURQPUGVKOGQHOU+PURKTCVQT[8 TCPIGFDGVYGGPCPFO.OGCP 6

KPURKTCVQT[HNQYCVDROYCUO.UCVDROKVYCUO.U6JGCWVJQTUOGCUWTGF

GZVTCVJQTCEKEWRVCMGGHHKEKGPE[QH1 QPKPURKTCVKQPCVCRRTQZKOCVGN[CPFKPVTCVJQTCEKE 

WRVCMGGHHKEKGPE[KPURKTCVKQPRNWUGZRKTCVKQPCVCRRTQZKOCVGN[6JG[GUUGPVKCNN[HQWPF

PQGHHGEVQH1 EQPEGPVTCVKQPQPWRVCMGKPVTCVJQTCEKEWRVCMGYCUUKIPKHKECPVN[JKIJGTCV 

RRODWVVJGFKHHGTGPEGYCUXGT[UOCNN6JG[FKFHKPFVJCVDQVJKPVTCVJQTCEKECPF

GZVTCVJQTCEKEWRVCMGFGETGCUGFYKVJKPETGCUKPIHCVHKZGF8 HCNNKPID[CDQWVHQT 6

GZVTCVJQTCEKEWRVCMGCPFD[CDQWVHQTKPVTCVJQTCEKEWRVCMGYJGPHKPETGCUGFHTQOVQ

DRO6JGHKPKVGTGURQPUGVKOGQHVJGCPCN[\GTOC[JCXGCHHGEVGFVJGTGUWNVUCVVJGDROH

D[QXGTGUVKOCVKPIGZVTCVJQTCEKEWRVCMGCPFWPFGTGUVKOCVKPIKPVTCVJQTCEKEWRVCMG*QYGXGT

DGECWUGWRVCMGYCUFGHKPGFTGNCVKXGVQRNCVGCWUQHEQPEGPVTCVKQPVJGTGURQPUGVKOGQHVJG

CPCN[\GTYCUCFGSWCVGVQTGCEJCRNCVGCWKPVJGUKPURKTCVQT[VKOGCVDRO+VKU

KORQTVCPVVQPQVGJGTGVJCVYJGPWVKNK\KPIVJGFCVCHTQOVJKUUVWF[VQEQORCTGYKVJQVJGT

UVWFKGUCPFOQFGNUVJGWRVCMGGHHKEKGPEKGUOGCUWTGFCTGEQORCTCDNGVQUVGCF[UVCVG

WPKFKTGEVKQPCNOGCUWTGOGPVUQHWRVCMG#PQVJGTHGCVWTGKUVJCV)GTTKV[GVCN

EQPUKUVGPVN[OGCUWTGFCUOCNNPQP\GTQRNCVGCWQH1 QPGZRKTCVKQP6JKURNCVGCWKUPQV 

EQPUKUVGPVYKVJVJGUWIIGUVKQPHTQOOQFGNUQH1 WRVCMGCPFVJGFCVCQH2QUVNGVJYCKVGVCN 


PQTYKVJVJGNCVGTYQTMQH)GTTKV[GVCN=?VJCVKURTGUGPVGFDGNQYVJCVPQ

1 UJQWNFDGYCUJGFQWVHTQONWPIXQNWOGUDG[QPFVJGEQPFWEVKPICKTYC[U6JKUQDUGTXCVKQP 

QH)GTTKV[GVCNOC[JCXGDGGPCPCTVKHCEVQHVJGOCPPGTKPYJKEJ1 YCUOGCUWTGFD[ 

UCORNKPIHTQOVJGRQUVGTKQTQTQRJCT[PZ6JGTGOC[JCXGDGGPGPVTCKPOGPVQH1 KPVJG 

RJCT[PIGCNCKTURCEGUVJCVYCUYCUJGFQWVCHVGTGZRKTCVKQPQHFGCFURCEGCKT4GICTFNGUUVJG

EQPEGPVTCVKQPQH1 GZJCNGFHTQOVJGCNXGQNCTRJCUGQHYCUJQWVYCUXGT[NQY

1PGQHVJGOQUVUVCTVNKPITGUWNVUHTQOVJGYQTMQH)GTTKV[GVCNYCUVJG

HKPFKPIVJCVVJGTGYCUQPN[CUOCNNDWVUVCVKUVKECNN[UKIPKHKECPVFKHHGTGPEGDGVYGGPWRVCMGD[

VJGPQUGCPFD[VJGOQWVJ6JGOQWVJJCFCRRTQZKOCVGN[ITGCVGTWRVCMGGHHKEKGPE[VJCP
8

8

8-10

VJGPQUG6JGEQODKPGFQTQPCUCNRCUUCIGJCFCPWRVCMGGHHKEKGPE[ITGCVGTVJCPVJGPQUGD[

CPQVJGT6JKUUWIIGUVUVJCVRGTUQPUYJQDTGCVJGPCUCNN[CTGCVPQNGUUTKUMVJCPRGTUQPU

YJQDTGCVJGQTQPCUCNN[#FCOUGVCNKPXGUVKICVGFVJKURQUUKDKNKV[D[EQORCTKPI

HWPEVKQPCNTGURQPUGUKPUWDLGEVUCEWVGN[GZRQUGFVQ1 YJKNGDTGCVJKPIGKVJGTQTCNN[QT 

QTQPCUCNN[*GCNVJ[UWDLGEVUYGTGGZRQUGFQPHKXGUGRCTCVGFC[UVQRRO1 +PVJGHKTUV 

HQWTGZRQUWTGUUWDLGEVUYGTGGZRQUGFD[HCEGOCUMYKVJQTYKVJQWVPQUGENKRHQTOKPCV

CPGZGTEKUGNGXGNQH.OKPQTHQTOKPCVGZGTEKUGNGXGNQH.OKP6JGHKHVJGZRQUWTG

YCUHQTOKPCV.OKPYKVJGZRQUWTGVJTQWIJCOQWVJRKGEG6JGTGYGTGPQFKHHGTGPEGU

KPRWNOQPCT[HWPEVKQPTGURQPUGHQTEGFGZRKTCVQT[XQNWOGKPU=('8 ?HQTEGFXKVCNECRCEKV[ 

=(8%?QTHQTEGFGZRKTCVQT[HNQYYKVJHCEGOCUMGZRQUWTGCOQPICNNGZRGTKOGPVCNITQWRU


KGPQPQUGENKRQTVKOGGHHGEV2WNOQPCT[HWPEVKQPTGURQPUGYCUJQYGXGTITGCVGT '

YKVJCOQWVJRKGEG#FCOUGVCNURGEWNCVGFVJCVVJGITGCVGTTGURQPUGYKVJVJG

OQWVJRKGEGYCUFWGVQ1 UETWDDKPID[VJGHCEGOCUMQTD[HCEKCNJCKT+VCNUQOC[JCXGDGGP 

FWGVQFKHHGTGPVQTCNEQPHKIWTCVKQPUKORQUGFD[COQWVJRKGEG*[PGUGVCNCNUQ

KPXGUVKICVGFYJGVJGTHWPEVKQPCNTGURQPUGUYGTGCHHGEVGFD[VJGOQFGQHDTGCVJKPI*GCNVJ[

UWDLGEVUYGTGGZRQUGFVQRRO1 HQTOKPKPCPGZRQUWTGEJCODGT1PVYQFKHHGTGPV 

QEECUKQPUGCEJUWDLGEVDTGCVJGFGKVJGTVJTQWIJVJGPQUGQTVJGOQWVJGZENWUKXGN[6JGTGYCU

PQFKHHGTGPEGKPRWNOQPCT[HWPEVKQPTGURQPUGDGVYGGPVJGUGVYQTQWVGUQHGZRQUWTG6CMGP

VQIGVJGTVJGUVWFKGUQH#FCOUGVCNCPF*[PGUGVCNCTGEQPUKUVGPVYKVJVJG

QDUGTXCVKQPUQH)GTTKV[GVCNQPVJGGSWCNGHHKEKGPE[QHCNNTQWVGUQHDTGCVJKPIHQT

GZVTCVJQTCEKE1 UETWDDKPI

6JKUUVWF[YCUHQNNQYGFD[CPQVJGTUVWF[)GTTKV[CPF/E&QPPGNN)GTTKV[

GVCNKPYJKEJVJGTGNCVKQPUJKRDGVYGGP1 WRVCMGCPFHWPEVKQPCNTGURQPUGYCU 

KPXGUVKICVGF*GCNVJ[UWDLGEVUYGTGGZRQUGFVQRRO1 HQTJYJKNGGZGTEKUKPI 

EQPVKPWQWUN[CV.OKP1\QPGWRVCMGYCUOGCUWTGFCVVJGDGIKPPKPICPFCVVJGGPFQH

GZRQUWTGYJKNGVJGUWDLGEVUYGTGUVKNNGZGTEKUKPIWUKPIVJGVGEJPKSWGQH)GTTKV[GVCN

+PEQPVTCUVVQVJGYQTMQH)GTTKV[GVCNWRVCMGYCUEQORWVGFKPVJKUUVWF[D[

KPVGITCVKPIEQPEGPVTCVKQPVKOGUHNQYKPUVGCFQHWUKPIRGCMRNCVGCWOGCUWTGOGPVU#NUQKPVJKU

YQTMVJGTGURQPUGVKOGQHVJGCPCN[\GTYCUUEQORCTGFYKVJUKPVJGRTGXKQWU

YQTM6JGCWVJQTUHQWPFVJCVCDQWVQHVJGKPURKTGF1 YCUVCMGPWRD[VJG746KG 

VJGUCOGCUVJGGZVTCVJQTCEKECKTYC[UFGUETKDGFKP)GTTKV[GVCNFWTKPIKPURKTCVKQPCPF

VJCVVJKUFKFPQVEJCPIGFWTKPIGZRQUWTG6QVCN46WRVCMGGHHKEKGPE[YCUCRRTQZKOCVGN[

CPFKVFKFPQVEJCPIGFWTKPIGZRQUWTG*QYGXGT.46KGVJGKPVTCVJQTCEKECKTYC[U

FGUETKDGFKP)GTTKV[GVCNWRVCMGGHHKEKGPE[HGNNFWTKPIGZRQUWTGHTQOVQCPF

YCUEQTTGNCVGFYKVJVJG1 KPFWEGFHCNNKP8 8 HGNNHTQOVQO.HKPETGCUGF  66

HTQOVQDROKPURKTCVQT[HNQYHGNNHTQOVQO.UKPETGCUGFUNKIJVN[ '

HTQOVQ.OKPUWIIGUVKPIVJCVVJG8 TGFWEVKQPOC[JCXGCRTQVGEVKXGGHHGEVQP 6

FQUGFGNKXGTGFVQVJGRGTKRJGT[QHVJGNWPI+VKUPQVNKMGN[VJCVVJGHKPKVGCPCN[\GTTGURQPUG

VKOGCHHGEVGFWRVCMGOGCUWTGOGPVU'XKFGPEGQHVJKUKUVJGNCEMQHFGRGPFGPEGQH746WRVCMG

QPEJCPIGUKP8 QTH6JGNQYXCNWGUHQTWRVCMGKPVJG.46OC[JCXGDGGPFWGVQCPCTVKHCEV 6

HTQOVJGTGNCVKXGN[UNQYTGURQPUGVKOGQHVJGCPCN[\GTYJKEJYCUCRRTQZKOCVGN[GSWCNVQ

KPURKTCVQT[CPFGZRKTCVQT[VKOGU#UCEJGEMQPVJGKTTGUWNVUVJGCWVJQTUEQORCTGFVJGKTFCVC

YKVJVJGRTGXKQWUYQTMQH)GTTKV[GVCND[EQORWVKPIWRVCMGD[VJGQTKIKPCNVGEJPKSWG

WUKPIRGCMRNCVGCWEQPEGPVTCVKQPU9JGPVJCVYCUFQPGVJG746WRVCMGGHHKEKGPEKGUYGTG

CPFCVVJGDGIKPPKPICPFGPFQHGZGTEKUGTGURGEVKXGN[CPFVJG.46GHHKEKGPEKGUYGTG

CPFCVVJGDGIKPPKPICPFGPFQHGZGTEKUGTGURGEVKXGN[6JG746EJCPIGEQORWVGFVJKU
8

8

8-11

YC[YCUPQVUKIPKHKECPVDWVVJG.46GHHKEKGPE[FTQRYCU9JGPXKGYGFCVKPVJKUOCPPGTVJG

FCVCHTQOVJKUGZRGTKOGPVCTGEQPUKUVGPVYKVJVJQUGHTQOVJGRTGXKQWUGZRGTKOGPV

$GECWUGVJGTGKUCPGGFVQEQORCTGJWOCP1 WRVCMGFCVCYKVJTCV1 WRVCMGFCVCKV  

KUGUUGPVKCNVJCVVJGTGDGEQPHKFGPEGKPVJGTGNKCDKNKV[QHVJGFKHHGTGPVCRRTQCEJGU6QJGNR

GUVCDNKUJVJGEQORCTCDKNKV[QHVGEJPKSWGU9KGUVGTGVCNOGCUWTGFVQVCN46WRVCMGKP

JWOCPUWUKPICUKOKNCTCNVJQWIJQDXKQWUN[UECNGFWRU[UVGOVQVJCVWUGFHQTTCVU9KGUVGT

GVCN*GCNVJ[UWDLGEVUDTGCVJGFRRO1 YJKNGUGCVGFKPCPGZRQUWTG 

EJCODGTVJGKTHCEGUYGTGRNCEGFKPCUGCNGFHCEGOCUM6JGHCEGOCUMYCUCVVCEJGFVQCNCTIG

VWDGVJTQWIJYJKEJEJCODGTCKTYCUEKTEWNCVGFYKVJCRWORCVCTCVGQH.OKP7RUVTGCO

CPFFQYPUVTGCO1 EQPEGPVTCVKQPUYGTGOGCUWTGFEQPVKPWQWUN[CUYCUXGPVKNCVKQPYKVJCP 

KPFWEVKQPRNGVJ[UOQITCRJ5WDLGEVUDTGCVJGFCVTGUVGKVJGTVJTQWIJPQUGQTOQWVJCXGTCIGH

DRO8 VQO.VQ.OKP9JKNGPQUGDTGCVJKPIQH 6 '

KPURKTGF1 YCUVCMGPWRD[VJGVQVCN46CPFYJKNGOQWVJDTGCVJKPIQHKPURKTGF1 YCU  

VCMGPWRYJKEJYCUUKIPKHKECPVN[JKIJGTVJCPVJCVHQWPFYKVJPQUGDTGCVJKPI6JKUFKHHGTGPEG

KURTQDCDN[PQVJQYGXGTDKQNQIKECNN[UKIPKHKECPV5KIPKHKECPVPGICVKXGEQTTGNCVKQPUDGVYGGPH

CPFWRVCMGKPDQVJOQWVJCPFPQUGDTGCVJGTUYGTGHQWPFUKOKNCTEQTTGNCVKQPUYGTGHQWPFYKVJ

'DWVPQEQTTGNCVKQPUYGTGHQWPFDGVYGGPWRVCMGCPF8 QTCP[QVJGTOGCUWTGQHDTGCVJKPI 6

RCVVGTPQTRWNOQPCT[HWPEVKQP

6JGQDUGTXCVKQPUKP9KGUVGTGVCNQHCUNKIJVKPETGCUGQHVQVCN46WRVCMG

GHHKEKGPE[YKVJQTCNDTGCVJKPICPFVJGKPXGTUGEQTTGNCVKQPQHVQVCN46WRVCMGGHHKEKGPE[YKVJ

HCTGEQPUKUVGPVYKVJVJQUGQH)GTTKV[GVCN(WTVJGTOQTGVJGFCVCQPVQVCN46WRVCMG

CTGEQPUKUVGPVQXGTCNNYKVJVJCVQH)GTTKV[GVCN6JGFCVCHTQO)GTTKV[GVCN


TGRQTVKPIVQVCN46WRVCMGGHHKEKGPEKGUQHCDQWVYGTGDCUGFQPOKPKOWORNCVGCW

OGCUWTGOGPVUVJWUTGHNGEVKPIWRVCMGFWTKPIUVGCF[UVCVGHNQYEQPFKVKQPUCUQRRQUGFVQVJG

E[ENKECNEQPFKVKQPUQHCEVWCNDTGCVJKPI6JGFCVCQH)GTTKV[GVCNQPVJGQVJGTJCPFKP

YJKEJVQVCN46GHHKEKGPEKGUQHYGTGTGRQTVGFYGTGQDVCKPGFD[KPVGITCVKPIVJGRTQFWEVQH

EQPEGPVTCVKQPCPFHNQYVJWUOQTGCEEWTCVGN[TGHNGEVKPIVJGCEVWCNOCUUWRVCMGQH1 FWTKPI 

E[ENKECNDTGCVJKPIYJGP)GTTKV[GVCNEQORWVGFWRVCMGWUKPIVJGOGVJQFQNQI[HTQO

)GTTKV[GVCNVJG[HQWPFVJCVVJGVQVCN46WRVCMGOGCUWTGOGPVUYGTGEQORCTCDNG

6JWUVQVCN46OCUUWRVCMGGHHKEKGPEKGUCVTGUVQHCTGPQVWPTGCUQPCDNG

*W*WGVCNDCPF7NVOCPGVCNVQQMCFKHHGTGPV

CRRTQCEJVQOGCUWTKPITGURKTCVQT[VTCEVWRVCMGQH1 6JG[GZRNQKVGFVJGFGXGNQROGPVQHC 

TCRKFTGURQPFKPI1 CPCN[\GT$GP,GDTKCCPF7NVOCP$GP,GDTKCGVCNVQ 

OGCUWTGVJGTGEQXGT[QHUOCNNDQNWUGUQH1 FGNKXGTGFVQFKHHGTGPVXQNWOGVTKEFGRVJUQHVJG46

1\QPGWRVCMGYCUOGCUWTGFKPCUGVQHHQWTGZRGTKOGPVU+PVJGDCUGNKPGGZRGTKOGPVU

CDUQTRVKQPQH1 DQNWUGUYCUOGCUWTGFKPJGCNVJ[OCNGUWDLGEVUCVTGUV6JG1 DQNWUGUYGTG  

O.KPUK\GYKVJCRGCMEQPEGPVTCVKQPQHRRO6JG1 CPCN[\GTEJCTCEVGTKUVKEUYGTG 

UCORNGHNQYQHO.OKPOGVJ[NDWVGPGCUTGCEVKXGCNMGPGVQUVGRTGURQPUG

VKOGQHOUCPFNQYGTFGVGEVKQPNKOKVRRD+PVJGDCUGNKPGGZRGTKOGPVUVJG8 YCU 6

O.CPFVJGKPURKTCVQT[CPFGZRKTCVQT[HNQYTCVGUYGTGO.U+PCEQORNGVGUGVQH

OGCUWTGOGPVUDQNWUTGEQXGT[YCUGZCOKPGFHQTRGPGVTCVKQPUQHVQO.KPO.

KPETGOGPVU+PVJGUGEQPFUGVQHGZRGTKOGPVUVJGGHHGEVUQHHNQYYGTGOGCUWTGFD[OGCUWTKPI

DQNWUTGEQXGT[CUCHWPEVKQPQHRGPGVTCVKQPFGRVJHQTHNQYUQHCPF

O.UCVCHKZGF8 QHO.+PCVJKTFUGVQHGZRGTKOGPVUDQNWUTGEQXGT[YCU 6

OGCUWTGFCUCHWPEVKQPQHRGPGVTCVKQPFGRVJCVCHNQYQHO.UCPFC8 QHO.VJG 6

DQNWUFGNKXGTGFVQCTWDDGTOQWVJRKGEGQTVQCPCUCNECPPWNCYCUEQORCTGFVJGTGD[GZCOKPKPI
8-12

RQVGPVKCNWRVCMGFKHHGTGPEGUDGVYGGPVJGVYQRCVJYC[U+PVJGHQWTVJUGVQHGZRGTKOGPVUVJG

GHHGEVUQH1 EQPEGPVTCVKQPQPWRVCMGYGTGFGVGTOKPGFD[FGNKXGTKPIDQNWUGUYKVJRGCM 

EQPEGPVTCVKQPUQHCPFRRO6JGNCVVGTGZRGTKOGPVUYGTGEQPFWEVGFDGECWUG

CEWVGUVWFKGUKPKUQNCVGFFQICKTYC[UUJQYGFVJCVCDUQTRVKQPGHHKEKGPE[YCUKPXGTUGN[TGNCVGFVQ

KPJCNGFEQPEGPVTCVKQPDGVYGGPCPFRRO8CWIJCPGVCN;QMQ[COCCPF(TCPM

*QYGXGTNCVGTGZRGTKOGPVUKPIWKPGCRKIUTCDDKVU/KNNGTGVCNCPFJWOCPU


)GTTKV[GVCNUJQYGFCNCEMQHEQPEGPVTCVKQPFGRGPFGPEGKORN[KPICNKPGCT

TGNCVKQPUJKRDGVYGGPEQPEGPVTCVKQPCPFFQUG6JGFGRGPFGPEGQTNCEMQHFGRGPFGPEGQHWRVCMG

GHHKEKGPE[QP1 EQPEGPVTCVKQPRTQXKFGUKPHQTOCVKQPQPVJGQTFGTQHTGCEVKQPUQH1 YKVJNWPI  

HNWKFNKPKPICPFVKUUWG7PFGTUVGCF[UVCVGEQPFKVKQPUEQPEGPVTCVKQPKPFGRGPFGPEGQHWRVCMG

GHHKEKGPE[UWIIGUVUVJCVHKTUVQTFGTRTQEGUUGURNC[CTQNG*QYGXGTDGECWUG1 CDUQTRVKQPKU 

EQWRNGFVQDQVJKPVGTHCEKCNVTCPUHGTICURJCUGVQUQNWVG1 CPFUWDUGSWGPVTGCEVKQPCVHCEG 

XCNWGVJGEQPENWUKQPECPPQVDGTGCEJGFVJCVUCVWTCVGFCDUQTRVKQPTCVGUCTGUQNGN[FWGVQ

UCVWTCVKQPQHVJGTGCEVKQPEQORQPGPVU

+PCNNHQWTGZRGTKOGPVU*WCPFEQNNGCIWGUEQORWVGFVJGHKTUVVJTGGOQOGPVUQHVJG

KPURKTGFCPFGZRKTGFDQNWUFKUVTKDWVKQPUYKVJTGURGEVVQXQNWOG6JG\GTQVJOQOGPVQHCDQNWU

KUVJG1 OCUUEQPVCKPGFKPVJGDQNWU6JWUVJG\GTQVJOQOGPVUQHVJGKPURKTGFCPFGZRKTGF 

DQNWUGUYGTGWUGFVQEQORWVG1 WRVCMGGHHKEKGPE[  QTCDUQTDGFHTCEVKQPDTGCMVJTQWIJ

XQNWOGVJGOGCPXQNWOGQHVJGGZJCNGFDQNWUCPFDQNWUFKURGTUKQP6JGHKTUVOQOGPVQHC

DQNWUKUKVUOGCPXQNWOGVTKERQUKVKQP6JGHKTUVOQOGPVQPKPURKTCVKQPIKXGUVJGRGPGVTCVKQP

XQNWOG8 CPFVJGHKTUVOQOGPVQPGZRKTCVKQPIKXGUVJGDTGCMVJTQWIJXQNWOG8 +PVJG R $

CDUGPEGQHCP[1 WRVCMGCNQPIKVWFKPCNN[OKZGFDQNWUUJQWNFJCXG8 8 6JGUGEQPF  $ R

OQOGPVQHCDQNWUKUKVUXCTKCPEG6JGFKHHGTGPEGKPXCTKCPEGDGVYGGPVJGGZRKTGFCPFKPURKTGF

DQNWU KUCOGCUWTGQHICUOKZKPIQTFKURGTUKQPKPVJGNWPI

+PVJGDCUGNKPGGZRGTKOGPVUVJGDTGCVJKPIRCVVGTPYCUCTGUVKPIRCVVGTPYKVJC8 QH 6

O.CPFCPCXGTCIGKPURKTCVQT[HNQYQHO.U6JGUGGZRGTKOGPVUYGTGRGTHQTOGFQP

PKPGOCNGUWDLGEVUCPFUJQYGFVJCVCNOQUVCNN1 YCUCDUQTDGFDG[QPFCRGPGVTCVKQPFGRVJQH 

O.1PN[CDQWVQHKPJCNGF1 YCUTGEQXGTGFCVVJGO.RGPGVTCVKQPFGRVJCPF 

DG[QPFVJCVFGRVJKVYCUXGT[FKHHKEWNVVQQDVCKPCPCEEWTCVGOGCUWTGOGPVQHTGEQXGT[6JG

KPXGUVKICVQTUCNUQHQWPFVJCV8 YCUITGCVGTVJCP8 CVRGPGVTCVKQPFGRVJUNGUUVJCPO. $ R

CHVGTYJKEJ8 NGXGNGFQWVCVCEQPUVCPVXCNWG&KURGTUKQPYCUKPUGPUKVKXGVQRGPGVTCVKQPFGRVJ$

#PKORQTVCPVHKPFKPIQHVJGDCUGNKPGGZRGTKOGPVYCUVJCVCVSWKGVTGUVKPIXGPVKNCVKQPCDQWV

QHVJG1 OCUUKPCDQNWUKPJCNGFVJTQWIJVJGWRRGTCKTYC[UKUVCMGPWRD[VJGWRRGT 

CKTYC[U6QEQORCTGVJGUGFCVCYKVJTGUWNVUQH)GTTKV[GVCNKVKUPGEGUUCT[VQCUUWOG

VJCVKPURKTCVQT[CPFGZRKTCVQT[WRVCMGGHHKEKGPEKGUCTGGSWCN6JGPVJGWPKFKTGEVKQPCNWRVCMG

GHHKEKGPE[QHVJGWRRGTCKTYC[UVQCFGRVJEQORCTCDNGVQVJCVCVYJKEJ)GTTKV[GVCN

RQUKVKQPGFVJGKTUCORNKPIECVJGVGTKUCDQWVYJKEJKUCRRTQZKOCVGN[NGUUVJCPVJG

TGUWNVUQH)GTTKV[GVCN6JKUFKHHGTGPEGOKIJVDGFWGVQVJGRTGUGPEGQHC

OQWVJRKGEGKPVJGGZRGTKOGPVUQH*WCPFEQNNGCIWGUYJKEJEQWNFTGFWEGVJGWRVCMGGHHKEKGPE[

QHVJGQTCNRCVJYC[6JGHWPEVKQPCNTGURQPUGFCVCQH#FCOUGVCNUWIIGUVVJCVVJKU

OKIJVDGVJGECUG

6JGHNQYGZRGTKOGPVUUJQYGFVJCVVJGTGYCUCIGPGTCNTKIJVUJKHVKPIQHVJG8R

EWTXGUYKVJKPETGCUKPIHNQYKGKPETGCUKPIHNQYECWUGUCFGGRGTRGPGVTCVKQPQH1 KPVQVJG 

NWPIYKVJNQYGTHTCEVKQPCNWRVCMGD[VJGEQPFWEVKPICKTYC[U'XGPVWCNN[CNNQHVJG1 KUUVKNN 

CDUQTDGF$TGCMVJTQWIJXQNWOGUJQYGFCUKOKNCTRCVVGTPCVCNNHNQYUKGITGCVGTVJCP

RGPGVTCVKQPXQNWOGCVUOCNN8 DWVHNCVVGPKPIQWVCVNCTIGT8 #UHNQYKPETGCUGFVJGNGXGNQH R R
8-13

VJGRNCVGCWKPETGCUGF&KURGTUKQPCNVJQWIJEQPUVCPVCUCHWPEVKQPQH8 CVCNNHNQYUKPETGCUGF R

NKPGCTN[YKVJKPETGCUKPIHNQY

6JGUVWFKGUQH*WCPFEQNNGCIWGUKPXGUVKICVKPIVJGTQNGQHGZRQUWTGTQWVGKP

OQFWNCVKPI1 WRVCMGGHHKEKGPEKGUTGRQTVGFVJCVVJGPQUGCDUQTDGFCRRTQZKOCVGN[OQTG 

VJCPVJGOQWVJ6JKUTGUWNVKUCVXCTKCPEGYKVJVJGHKPFKPIUQH)GTTKV[GVCNYJKEJ

KPFKECVGVJCVVJGTGYCUQPN[CUNKIJVN[JKIJGTWRVCMGD[VJGQTCNRCVJYC[YJGPEQORCTGFYKVJ

VJGPCUCNRCVJYC[)GTTKV[GVCNUVWFKGFWRVCMGD[VJGVYQRCVJYC[UYKVJQWVVJGWUGQH

COQWVJRKGEGQTCP[QVJGTFGNKXGT[U[UVGO5WDLGEVUYGTGHTGGVQDTGCVJGPCVWTCNN[+VKU

RQUUKDNGVJCVVJGWUGQHOQWVJRKGEGUCPFPCUCNECPWNCUKPVJGUVWFKGUQH*WCPFEQNNGCIWGU

ECWUGFCTVKHCEVUTGUWNVKPIKPVJGKTHKPFKPIUHQTPCUCNCPFQTCNWRVCMGGHHKEKGPEKGU6JGUVWF[QH

#FCOUGVCNUWRRQTVUVJKUUJQYKPIGPJCPEGFRWNOQPCT[HWPEVKQPTGURQPUGVQ

1 FWTKPICOQWVJRKGEGGZRQUWTGEQORCTGFVQHCEGOCUMQTCNGZRQUWTG(KPCNN[VJG 

EQPEGPVTCVKQPFGRGPFGPEGUVWFKGUUJQYGFVJCVWRVCMGGHHKEKGPE[YCUPQVCHHGEVGFD[VJG

EQPEGPVTCVKQPQHKPURKTGF1 DGVYGGPVQRROKORN[KPIVJCV1 WRVCMGKUIQXGTPGFD[  

NKPGCTRTQEGUUGU

1PGQHVJGXGT[WPKSWGHGCVWTGUQHVJGCRRTQCEJVQOGCUWTKPIWRVCMGGHHKEKGPE[

VCMGPD[*WCPFEQNNGCIWGUKUVJCVVJG1 DQNWUTGEQXGT[FCVCECPDGWUGFVQFGTKXGNQECNOCUU 

VTCPUHGTEQGHHKEKGPVUHQTVJGEQPFWEVKPICKTYC[U4GIKQPCNOCUUVTCPUHGTEQGHHKEKGPVUFGTKXGF

GZRGTKOGPVCNN[KPVJKUYC[ECPVJGPDGWUGFCUKPRWVKPVQOCVJGOCVKECNOQFGNUKOWNCVKQPU

VJGTGD[RQVGPVKCNN[NGCFKPIVQOQTGCEEWTCVGOQFGNUQH1 FQUGVQVJG46 

*WCPFEQNNGCIWGUFGHKPGVJGRCTCOGVGT-CRGTUGEQPFCUQPGVJCVKUUWKVCDNGVQ

EJCTCEVGTK\GNQECN1 CDUQTRVKQP+VKUVJGRTQFWEVQHVJGQXGTCNN-EGPVKOGVGTURGTUGEQPF 

YJKEJTGHNGEVUVJGEQODKPGFEQPVTKDWVKQPQHFKHHWUKQPCPFEJGOKECNTGCEVKQPVQWRVCMGCPFVJG

NQECNUWTHCEGXQNWOGTCVKQCRGTEGPVKOGVGT(TQOVJG8 EWTXGUVJGUGKPXGUVKICVQTU R

FGTKXGFXCNWGUHQT-C6JWUVJGGZRGTKOGPVCNN[FGTKXGFOCUUVTCPUHGTEQGHHKEKGPVUFGRGPFGF

QPCUUWORVKQPUCDQWVCKTYC[CPCVQO[CPFOQTRJQNQI[#UCTGUWNVQHVJGXCTKQWU

GZRGTKOGPVUVJGUGKPXGUVKICVQTUHQWPFCPWODGTQHKORQTVCPVRTQRGTVKGUQH-C

i 6JGRTQZKOCNUWDEQORCTVOGPVQHVJGPQUGJCUC-CVJCVKUNCTIGTVJCPVJG

-CHQTVJGRTQZKOCNOQWVJEQORCTVOGPVUGGJQYGXGTVJGEQOOGPVOCFGCDQXG

TGICTFKPIVJGPQUGOQWVJFKHHGTGPEGU

i -C	UKPVJGWRRGTCKTYC[EQORCTVOGPVYGTGDGVYGGPCPFUCPF

TGNCVKXGN[KPUGPUKVKXGVQHNQYKPFKECVKPIVJCVFKHHWUKQPTGUKUVCPEGQH1 VJTQWIJVJG 

ICUDQWPFCT[NC[GTKUOWEJNGUUVJCPVJTQWIJVJGOWEWUHKNO6JGUGFCVCCNUQCTG

EQPUKUVGPVYKVJVJGRKICPFUJGGRVTCEJGCGGZRGTKOGPVUQH$GP,GDTKCGVCN




i +PVJGRTQZKOCNCPFFKUVCNEQPFWEVKPICKTYC[UWDEQORCTVOGPVU-C YCU 

NKPGCTN[TGNCVGFVQHNQY UWIIGUVKPIVJCVVJGICURJCUGCDUQTRVKQPTCVGEQPUVCPV 

KUFKTGEVN[RTQRQTVKQPCNVQHNQY+PNQYGTCKTYC[UVJGTGHQTGFKHHWUKQPTGUKUVCPEG

QHVJGICUDQWPFCT[NC[GTKUKORQTVCPV*WCPFEQNNGCIWGUEQPENWFGFVJCVVJGICU

DQWPFCT[NC[GTEQPVTKDWVGUVQQHVJGQXGTCNNFKHHWUKQPTGUKUVCPEGKPVJG

EGPVTCNCKTYC[EQORCTVOGPV

i 6JGOCUUVTCPUHGTEQGHHKEKGPVKPVJGNWPINKSWKFNKPKPIKUGUVKOCVGFVQHCNNHTQO

EOUKPVJG746VQEOUKPVJGTGURKTCVQT[CKTYC[U

i 6JGEJGOKECNTGCEVKQPTCVGDGVYGGP1 CPFVJGNWPINKSWKFNKPKPIYCUGUVKOCVGFVQ 

DG¥ U¥ UCPF¥ UKPVJGWRRGTCKTYC[URTQZKOCN  

EQPFWEVKPICKTYC[UCPFFKUVCNEQPFWEVKPICKTYC[UTGURGEVKXGN[
8-14

i 6JGQXGTCNNOCUUWRVCMGEQGHHKEKGPVUFGVGTOKPGFKPVJGYQTMQH*WCTG

UKIPKHKECPVN[JKIJGTVJCPVJQUGWUGFKPVJGOQFGNQH/KNNGTGVCN+HVJG

OCUUVTCPUHGTEQGHHKEKGPVUKPVJGOQFGNCTGCFLWUVGFWRYCTFVJGVQVCNWRVCMG

GHHKEKGPE[YQWNFDGJKIJGTVJCPOGCUWTGOGPVUJCXGUJQYPTGSWKTKPIC

FQYPYCTFCFLWUVOGPVQHRWNOQPCT[TGIKQPOCUUVTCPUHGTEQGHHKEKGPVU

)GTTKV[GVCNVQQMCUQOGYJCVOQTGEQPXGPVKQPCNCRRTQCEJKPCPCVVGORVVQ

CESWKTGTGIKQPCNKPHQTOCVKQPQP1 CDUQTRVKQPKPVJGJWOCP46*GCNVJ[UWDLGEVUWPFGTYGPV 

VTCPUPCUCNDTQPEJQUEQR[YJKNGKPCPGZRQUWTGEJCODGTKPYJKEJRRO1 YCURTGUGPV

5WDLGEVUYGTGCUMGFVQDTGCVJGCVDRO+PURKTGFCPFGZRKTGFCKTYCUUCORNGFVJTQWIJC

6GHNQPECVJGVGTVJCVJCFDGGPRCUUGFVJTQWIJVJGDKQRU[EJCPPGNQHVJGDTQPEJQUEQRGCPF

RQUKVKQPGFCRRTQZKOCVGN[KPVJGEGPVGTQHVJGCKTYC[NWOGP6JGCKTYCUFTCYPKPVQCTCRKF

TGURQPUG1 CPCN[\GT$GP,GDTKCCPF7NVOCP$GP,GDTKCGVCNYKVJC 

TGURQPUGVKOGQHO.UYJKNGWUKPIGVJ[NGPGCUVJGTGCEVKXGCNMGPG#XGTCIG8 YCU 6

O.CPFCXGTCIGKPURKTCVQT[HNQYYCUO.U#KTYCUUCORNGFHQTHKXGDTGCVJUHTQO

CDQXGVJGXQECNEQTFUCVVJGGPVTCPEGVQVJGVTCEJGCCDQXGVJGOCKPDKHWTECVKQPECTKPCCPF

OKFYC[VJTQWIJVJGDTQPEJWUKPVGTOGFKWU(NQYYCUOGCUWTGFUKOWNVCPGQWUN[D[C

RPGWOQVCEJCVVCEJGFVQCUKORNGE[NKPFTKECNOQWVJRKGEG$GHQTGCPFCHVGTGCEJOGCUWTGOGPV

CUGVQHUCORNGUHTQOVJGOQWVJYCUEQNNGEVGFHQTTGHGTGPEG7RVCMGYCUFGHKPGFCUVJG

HTCEVKQPQH1 OCUUNQUVCETQUUCP[CPCVQOKECNUGIOGPVOCUUYCUFGVGTOKPGFD[KPVGITCVKPI 

VJGRTQFWEVQH1 EQPEGPVTCVKQPCPFHNQY$[YC[QHEQORCTKUQPYKVJVJGQVJGTJWOCP1  

WRVCMGUVWFKGU)GTTKV[GVCNHQWPFVJCVVQVCN46WRVCMGQH1 OGCUWTGFKPVJKUHCUJKQP 

YCU6JKUKUJKIJGTVJCPVJGTGUVKPIFCVCQH9KGUVGTGVCNJQYGXGTVJGCXGTCIG

8 KPVJKUUVWF[QHO.EQORCTGFYKVJVJGO.86TGRQTVGFD[9KGUVGTGVCN 6

OC[CEEQWPVHQTVJKUFKHHGTGPEG9JGP)GTTKV[GVCNEQORWVGFVJGWPKFKTGEVKQPCN

WRVCMGGHHKEKGPEKGUDGVYGGPVJGOQWVJCPFVJGXCTKQWUUCORNKPIUKVGUVJG[HQWPFVJCV

CPFQHVJG1 RCUUKPIKPVQVJGOQWVJKUVCMGPWRD[UVTWEVWTGUWRVQVJG 

XQECNEQTFUVJGWRRGTVTCEJGCVJGOCKPDKHWTECVKQPECTKPCCPFVJGDTQPEJWUKPVGTOGFKWU

TGURGEVKXGN[6JG[CNUQEQORWVGFVJGWPKFKTGEVKQPCNWRVCMGGHHKEKGPEKGUCETQUUKPFKXKFWCN

CKTYC[UGIOGPVUDGVYGGPVJGOQWVJCPFLWUVCDQXGVJGXQECNEQTFUHTQO

CDQXGVJGXQECNEQTFUVQVJGWRRGTVTCEJGCHTQOVJGWRRGTVTCEJGCVQVJGOCKP

DKHWTECVKQPECTKPCCPFGUUGPVKCNN[\GTQDGVYGGPVJGECTKPCCPFDTQPEJWUKPVGTOGFKWU6JG

WRVCMGDGVYGGPVJGOQWVJCPFLWUVCDQXGVJGXQECNEQTFUKUEQPUKFGTCDN[NQYGTVJCPVJCV

OGCUWTGFGCTNKGTD[)GTTKV[GVCNGXGPEQPUKFGTKPIVJGHCEVVJCVKPVJGGCTNKGTUVWF[

RGCMRNCVGCWUYGTGWUGF#UJCUDGGPPQVGFGCTNKGTKVKURQUUKDNGVJCVVJGOQWVJRKGEGRNC[GFC

TQNGKPTGFWEKPIVJGWRVCMGGHHKEKGPE[QHVJGOQWVJ6JGWRVCMGGHHKEKGPE[QH1 CETQUUVJG 

VTCEJGCKUKPNKPGYKVJVJGFCVCHTQOUJGGRCPFRQTEKPGVTCEJGCGCVVJGJKIJGTHNQYTCVGU$GP

,GDTKCGVCN6JGRTGUGPVFCVCCTGCNUQEQPUKUVGPVYKVJVJGDQNWUWRVCMGFCVCQH*W


CPFEQNNGCIWGUYJKEJCNUQYGTGCESWKTGFYKVJCOQWVJRKGEG9JGPVJG1 DQNWUFCVC 

CTGWUGFVQEQORWVGWPKFKTGEVKQPCNWRVCMGGHHKEKGPEKGUCUUWOKPIVJCVVJGUGIOGPVCNGHHKEKGPEKGU

CTGVJGUCOGQPKPURKTCVKQPCPFGZRKTCVKQPVJG*WGVCNDFCVC[KGNFWRVCMGGHHKEKGPEKGU

QHCPFDGVYGGPVJGOQWVJCPFVJGXQECNEQTFUVJGWRRGTVTCEJGCVJGOCKP

DKHWTECVKQPECTKPCCPFVJGDTQPEJWUKPVGTOGFKWUTGURGEVKXGN[6JG1 DQNWUFCVCCTG 

VJGTGHQTGKPIQQFCEEQTFYKVJVJGFCVCQH)GTTKV[GVCN6JGOGCUWTGFWRVCMG

GHHKEKGPEKGUCETQUUCKTYC[UGIOGPVUENGCTN[CRRGCTVQDGJKIJGTVJCPVJQUGRTGFKEVGFD[VJG

OQFGNQH/KNNGTGVCN+HJKIJGTWRVCMGEQGHHKEKGPVUKPVJGEQPFWEVKPICKTYC[UYGTG

WUGFKPVJGOQFGNQH/KNNGTGVCNVJGOQFGNYQWNFQXGTGUVKOCVGVQVCN461 WRVCMG
8-15

6QCFLWUVHQTVJKURWNOQPCT[WRVCMGEQGHHKEKGPVUYQWNFJCXGVQDGTGFWEGF7PHQTVWPCVGN[

VJGFCVCQH*WCPFCUUQEKCVGUECPPQVRTQXKFGKPHQTOCVKQPDG[QPFVJGEQPFWEVKPICKTYC[U

)GTTKV[GVCNCNUQOGCUWTGF1 YCUJQWVXQNWOGUKGVJGGZRKTGFXQNWOGU 

TGSWKTGFVQECWUGCURGEKHKGFFTQRKP1 EQPEGPVTCVKQP6JKUV[RGQHFCVCRTQXKFGUKPUKIJVKPVQ 

VJGNQECVKQPQHOCLQTUKVGUQH1 WRVCMG#VVJGOQWVJVJGYCUJQWVXQNWOGYCUO. 

CPFCVVJGWRRGTVTCEJGCVJGYCUJQWVXQNWOGYCUO.$[VJGVKOGVJGGPVKTG

CPCVQOKECNFGCFURCEGQHVJGNWPIUYCUYCUJGFQWVVJG1 EQPEGPVTCVKQPJCFHCNNGPVQ\GTQ 


)GTTKV[GVCN+VKUWPENGCTYJGVJGTVJGCDUGPEGQHTGEQXGTGF1 CHVGTYCUJQWVQHVJG 

EQPFWEVKPICKTYC[UYCUFWGVQ1 PQVRGPGVTCVKPIDG[QPFVJGEQPFWEVKPICKTYC[UQTVQCNNQH 

VJG1 VJCVRGPGVTCVGFDG[QPFVJGEQPFWEVKPICKTYC[UDGKPICDUQTDGF6JGNCVVGTRQUUKDKNKV[KU 

OQTGNKMGN[DCUGFQPVJGQDUGTXCVKQPUQH*W

+PCUUGUUKPIVJGYQTMQH)GTTKV[GVCNKVKUUKIPKHKECPVVQPQVGVJCVVJGUG

KPXGUVKICVQTUOGCUWTGFGZRKTGFRNCVGCWUQH1 EQPEGPVTCVKQPVJCVYGTG\GTQ6JKUEQPVTCUVU 

YKVJVJGGCTNKGTYQTMQH)GTTKV[GVCNKPYJKEJCPQP\GTQGZRKTCVQT[RNCVGCWYCU

QDUGTXGF6JGPQP\GTQGZRKTCVQT[RNCVGCWOC[JCXGDGGPFWGVQCPWODGTQHHCEVQTUVJCVCTG

WPENGCT$GECWUGGVJ[NGPGYCUVJGTGCEVKPICNMGPGKPCNNECUGUKVKUWPNKMGN[VJCVKPVGTHGTGPEG

YKVJQVJGTICUGUUWEJCUECTDQPFKQZKFG%1 YCUTGURQPUKDNG#PQVJGTRQUUKDKNKV[KUVJCV1  

KPVJGGCTN[GZRKTCVQT[RJCUGDGECOGGPVTCKPGFKPVJGRQUVGTKQTQTQRJCT[PZCPFRGTUKUVGFHQT

VJGFWTCVKQPQHGZRKTCVKQP

 +PVGTEQORCTKUQPQH1\QPG&QUKOGVT[5VWFKGU

6JGRTGXKQWUUGEVKQPUGORJCUK\GFVJGOGVJQFUCPFTGUWNVUQHKPFKXKFWCN

GZRGTKOGPVCNUVWFKGUQP1 FQUKOGVT[6JKUUGEVKQPYKNNHQEWUQPEQORCTKUQPUQHVJGKPXKXQ 

UVWFKGUYKVJGCEJQVJGTCPFYKNNFTCYQPVJGUGEQORCTKUQPUVQCTTKXGCVEQPENWUKQPUTGICTFKPI

VJGWVKNKV[QHVJGUGFCVCHQTGZVTCRQNCVKQPRWTRQUGU6JGFKUEWUUKQPYKNNDGFKXKFGFKPVQVJTGG

UGEVKQPUHQEWUKPIQPVQVCN46WRVCMGGHHKEKGPE[WPKFKTGEVKQPCN746WRVCMGGHHKEKGPE[CPF

.46WRVCMGGHHKEKGPE[

6JGTGCTGVYQECVGIQTKGUVJCVFKUVKPIWKUJXCTKQWUFCVCUGVUCOQPIGCEJQVJGT6JG

HKTUVECVGIQT[KUVJGOQWVJPQUGECVGIQT[NKUVGFKPVJG6CDNGUVQ5VWFKGUKPFKECVGFD[

/QT0YGTGRGTHQTOGFYKVJWPGPEWODGTGFDTGCVJKPID[GKVJGTQTCN/QTPCUCN0

DTGCVJKPI7PGPEWODGTGFKPFKECVGUVJGCDUGPEGQHCOQWVJRKGEGQTECPWNC&CVCNKUVGFCU

/0CTGRQQNGFHTQOFCVCGPEQORCUUKPIQTCNCPFPCUCNDTGCVJKPI&CVCUJQYPCU

/QWVJRKGEGQT0CUCNECPWNCCTGCESWKTGFWUKPIVJGUGFGXKEGUVQFGNKXGTVJG1 VQVJG 

CPKOCNQTJWOCPUWDLGEVQTVQOGCUWTGHNQY

6JGUGEQPFECVGIQT[KUVJGOGVJQFWUGFVQEQORWVG1 WRVCMGGHHKEKGPE[6JGTGCTG 

GUUGPVKCNN[VYQOGVJQFU1PGOGVJQFTGHGTTGFVQCUVJGUVGCF[UVCVGOGVJQFTGNKGUQP

OGCUWTKPIVJGNQUUQH1 HTQOCUVGCF[CKTHNQYOQXKPICETQUUCPCPCVQOKECNUVTWEVWTG

#PGZCORNGKUVJGFCVCQH;QMQ[COCCPF(TCPMKPYJKEJCEQPUVCPVHNQYQHQ\QPCVGF

CKTVJTQWIJVJG746QHCFQIYCUOCKPVCKPGFD[CVTCEJGCNECPWNCCVVCEJGFVQCRWOR7RVCMG

GHHKEKGPE[YCUOGCUWTGFD[EJCPIGUKPGSWKNKDTKWO1 EQPEGPVTCVKQP#PQVJGTGZCORNGKUVJG 

UVWF[QH)GTTKV[GVCNYJKEJWUGFVJGUVGCF[UVCVGOGVJQFD[OGCUWTKPIVJGRGCM

KPURKTCVQT[CPFOKPKOWOGZRKTCVQT[1 EQPEGPVTCVKQPUVJTQWIJCECVJGVGTKPVJGRQUVGTKQT 

RJCT[PZ6JGUGOGCUWTGOGPVUYGTGEQORCTGFVQVJGCODKGPVEJCODGTEQPEGPVTCVKQPVQQDVCKP

WRVCMGGHHKEKGPEKGUQHVJG746CPF.466JGUGEQPFOGVJQFKUTGHGTTGFVQCUVJGPQPUVGCF[

UVCVGOGVJQF6JKUOGVJQFWUGUVJGKPVGITCVKQPQHVJGRTQFWEVQHHNQYCPF1 EQPEGPVTCVKQPVQ 

EQORWVG1 OCUUGUVJCVKPVWTPCTGWUGFVQEQORWVG 
8-16

6CDNG6QVCN4GURKTCVQT[6TCEV7RVCMG&CVCC

5RGEKGU /QWVJ0QUG /GVJQF 8 
O. (NQY 
O.U H 
DRO ( 4GHGTGPEG 6

+PURKTCVQT[ D

V

*WOCP / 5VGCF[     )GTTKV[ GV CN 
E

*WOCP 0 5VGCF[     )GTTKV[ GV CN 


*WOCP /0 5VGCF[     )GTTKV[ GV CN 


*WOCP /0 5VGCF[     )GTTKV[ GV CN 


*WOCP / 0QPUVGCF[     )GTTKV[ GV CN 
E

*WOCP / 0QPUVGCF[     )GTTKV[ GV CN 


*WOCP / 5VGCF[     )GTTKV[ GV CN 


*WOCP / 5VGCF[     )GTTKV[ GV CN 


*WOCP /QWVJRKGEG 0QPUVGCF[     )GTTKV[ GV CN 


*WOCP / 0QPUVGCF[     9KGUVGT GV CN 


*WOCP 0 0QPUVGCF[     9KGUVGT GV CN 


*WOCP /QWVJRKGEG 0QPUVGCF[     *W GV CN 
D

*WOCP /QWVJRKGEG 0QPUVGCF[     *W GV CN 
D

4CV 
( 0 0QPUVGCF[     9KGUVGT GV CN 


4CV 
5& 0 0QPUVGCF[     9KGUVGT GV CN 


4CV 
.QPI'XCPU 0 0QPUVGCF[     9KGUVGT GV CN 


4CV 
( 0 0QPUVGCF[     *CVEJ GV CN 


)WKPGC RKI 0 0QPUVGCF[     9KGUVGT GV CN 


5GG #RRGPFKZ # HQT CDDTGXKCVKQPU CPF CETQP[OU /  OQWVJ GZRQUWTG D[ PCVWTCN DTGCVJKPI 0  PCUCN GZRQUWTG D[ PCVWTCN DTGCVJKPI C

/0  RQQNGF FCVC HTQO OQWVJ CPF PCUCN GZRQUWTG /QWVJRKGEG  GZRQUWTG D[ OQWVJRKGEG 5VGCF[  WRVCMG EQORWVGF FWTKPI EQPUVCPV

WPKFKTGEVKQPCN HNQY 0QPUVGCF[  WRVCMG EQORWVGF D[ KPVGITCVKQP FWTKPI E[ENKE DTGCVJKPI (  VQVCN 46 WRVCMG V

H KU GKVJGT OGCUWTGF QT KU EQORWVGF HTQO TGRQTVGF HNQYU CPF XQNWOGU D

6QVCN 46 WRVCMG TGRQTVGF D[ )GTTKV[ GV CN 
 CPF )GTTKV[ GV CN 
 FKF PQV KPENWFG VJG EQPVTKDWVKQP HTQO 746 WRVCMG GHHKEKGPE[ E

FWTKPI GZRKTCVKQP 6JG FCVC KPENWFG CP GZRKTCVQT[ 746 EQPVTKDWVKQP CUUWOKPI KV GSWCNU KPURKTCVQT[ 746 WRVCMG GHHKEKGPE[

WRVCMG6JGUVWFKGUQH9KGUVGTGVCNKPTQFGPVUCPF9KGUVGTGVCNKPJWOCPU

CTGGZCORNGUQHVJKUVGEJPKSWGCUKUVJGUVWF[QH)GTTKV[GVCN

6QVCN4GURKTCVQT[6TCEV7RVCMG'HHKEKGPE[

6CDNGRTQXKFGUCUWOOCT[QHKPXKXQFCVCKPCNNCPKOCNURGEKGUQHTGURKTCVQT[

VTCEV1 WRVCMGGHHKEKGPE[( 6JGFCVCTGRQTVGFHQTVJGUVWFKGUQH)GTTKV[GVCN  V

JCXGDGGPCFLWUVGFHTQOVJGRWDNKUJGFXCNWGUVQCEEQWPVHQTVJGHCEVVJCVVJG( EKVGFKPVJQUG V

RCRGTUFKFPQVKPENWFGWRVCMGKPVJG746QPGZRKTCVKQP6QOCMGVJGCFLWUVOGPVVJG746

WRVCMGGHHKEKGPE[QPGZRKTCVKQPYCUCUUWOGFVQGSWCNVJGKPURKTCVQT[WRVCMGGHHKEKGPE[6JG

( FCVCNKUVGFHQTVJGUVWF[QH*WGVCNDYGTGFGTKXGFHTQOVJGKTDQNWUTGEQXGT[FCVCD[ V

KPVGITCVKPIVJGFCVCQXGTVJGFGUKTGF8 $GECWUG*WGVCNDEQWNFPQVTGEQXGTDQNWUGU 6

HTQOCFGRVJITGCVGTVJCPO.KVYCUCUUWOGFVJCVCP[DQNWUFGNKXGTGF8-17

6CDNG7PKFKTGEVKQPCN7RRGT4GURKTCVQT[6TCEV

7RVCMG'HHKEKGPE[&CVCC

5RGEKGU /QWVJ0QUG /GVJQF (NQY 
O.U H 
DRO ( 4GHGTGPEG

+PURKTCVQT[ D

WTV

*WOCP / 5VGCF[    )GTTKV[ GV CN 


*WOCP 0 5VGCF[    )GTTKV[ GV CN 


*WOCP /0 5VGCF[    )GTTKV[ GV CN 


*WOCP /0 5VGCF[    )GTTKV[ GV CN 


*WOCP / 0QPUVGCF[    )GTTKV[ GV CN 


*WOCP / 0QPUVGCF[    )GTTKV[ GV CN 


*WOCP / 5VGCF[    )GTTKV[ GV CN 


*WOCP / 5VGCF[    )GTTKV[ GV CN 


*WOCP /QWVJRKGEG 0QPUVGCF[    )GTTKV[ GV CN 


*WOCP /QWVJRKGEG 0QPUVGCF[    7NVOCP GV CN 


*WOCP /QWVJRKGEG 0QPUVGCF[    7NVOCP GV CN 


&QI 
DGCING 0CUCN ECPWNC 5VGCF[  0#  ;QMQ[COC CPF (TCPM 
 E

&QI 
DGCING 0CUCN ECPWNC 5VGCF[  0#  ;QMQ[COC CPF (TCPM 


&QI 
DGCING /QWVJRKGEG 5VGCF[  0#  ;QMQ[COC CPF (TCPM 


&QI 
DGCING /QWVJRKGEG 5VGCF[  0#  ;QMQ[COC CPF (TCPM 


4CV 
( 0 0QPUVGCF[    *CVEJ GV CN 


)WKPGC RKI 0 5VGCF[  0#  /KNNGT GV CN 


4CDDKV 0 5VGCF[  0#  /KNNGT GV CN 


5GG #RRGPFKZ # HQT CDDTGXKCVKQPU CPF CETQP[OU /  OQWVJ GZRQUWTG D[ PCVWTCN DTGCVJKPI 0  PCUCN GZRQUWTG D[ PCVWTCN DTGCVJKPI C

/0  RQQNGF FCVC HTQO OQWVJ CPF PCUCN GZRQUWTG /QWVJRKGEG  GZRQUWTG D[ OQWVJRKGEG 0CUCN ECPWNC  GZRQUWTG D[ PCUCN ECPWNC

5VGCF[  WRVCMG EQORWVGF FWTKPI EQPUVCPV WPKFKTGEVKQPCN HNQY 0QPUVGCF[  WRVCMG EQORWVGF D[ KPVGITCVKQP FWTKPI E[ENKE DTGCVJKPI

(  VQVCN 46 WRVCMG V

H KU GKVJGT OGCUWTGF QT KU EQORWVGF HTQO HNQYU CPF 8  D

6

0#  PQV CRRNKECDNG E

VQCFGRVJITGCVGTVJCPO.YCUCDUQTDGFEQORNGVGN[6JGFGTKXCVKQPQH( HTQOVJGDQNWU V

FCVCYCUFQPGHQT8 UQHCPFO.6

6QCUUGUUVJGEQPUKUVGPE[QHVJGFCVCKVKUWUGHWNVQGZCOKPGKVCUCHWPEVKQPQHHNQY

(KIWTGUJQYU( CUCHWPEVKQPQHKPURKTCVQT[HNQYHQTCNNJWOCPUVWFKGU6JG( HTQOVJG V V

DQNWUTGEQXGT[FCVCQH*WGVCNCTGUJQYPHQT8 UQHCPFO.#P 6

QXGTXKGYQHVJGFCVCUWIIGUVUVJCVYKVJTGURGEVVQ( VJGTGKUIQQFCITGGOGPVCOQPIVJG V

XCTKQWUGZRGTKOGPVCNOGVJQFUHQTJWOCPU6JGFCVCENGCTN[UJQYVJCV( FGETGCUGUYKVJ V

KPETGCUKPIHNQYCPFKPETGCUGUYKVJKPETGCUKPI8 DQVJQHYJKEJCTGSWCNKVCVKXGN[EQPUKUVGPV 6

YKVJOQFGNRTGFKEVKQPU

1PGQDUGTXCVKQPKUSWKVGRTQOKPGPVVJGTCVFCVCQH9KGUVGTGVCNCPF*CVEJ

GVCNPQVUJQYPKP(KIWTGCTGEQPUKFGTCDN[NQYGTVJCPVJGJWOCPFCVC'XGPKHKV

KUCUUWOGFVJCVVJGTCVUYGTGDTGCVJKPIWRVQVJTGGVKOGUTGUVKPIXGPVKNCVKQP8-18

6CDNG.QYGT4GURKTCVQT[6TCEV7RVCMG'HHKEKGPE[&CVCC

5RGEKGU /QWVJ0QUG /GVJQF 8 
O.U (NQY 
O.U H 
DRO ( 4GHGTGPEG 6

+PURKTCVQT[ D

NTV

*WOCP /0 5VGCF[     )GTTKV[ GV CN 


*WOCP /0 5VGCF[     )GTTKV[ GV CN 


*WOCP / 0QPUVGCF[     )GTTKV[ GV CN 


*WOCP / 0QPUVGCF[     )GTTKV[ GV CN 


*WOCP / 5VGCF[     )GTTKV[ GV CN 


*WOCP / 5VGCF[     )GTTKV[ GV CN 


*WOCP /QWVJRKGEG 0QPUVGCF[     )GTTKV[ GV CN 


*WOCP /QWVJRKGEG 0QPUVGCF[     *W GV CN 
D

*WOCP /QWVJRKGEG 0QPUVGCF[     *W GV CN 
D

&QI 
DGCING 0# 0QPUVGCF[     ;QMQ[COC CPF (TCPM E




&QI 
DGCING 0# 0QPUVGCF[     ;QMQ[COC CPF (TCPM




4CV 
( 0 0QPUVGCF[     *CVEJ GV CN 


5GG #RRGPFKZ # HQT CDDTGXKCVKQPU CPF CETQP[OU /  OQWVJ GZRQUWTG D[ PCVWTCN DTGCVJKPI 0  PCUCN GZRQUWTG D[ PCVWTCN DTGCVJKPI C

/0  RQQNGF FCVC HTQO OQWVJ CPF PCUCN GZRQUWTG /QWVJRKGEG  GZRQUWTG D[ OQWVJRKGEG 0CUCN ECPWNC  GZRQUWTG D[ PCUCN ECPWNC

5VGCF[  WRVCMG EQORWVGF FWTKPI EQPUVCPV WPKFKTGEVKQPCN HNQY 0QPUVGCF[  WRVCMG EQORWVGF D[ KPVGITCVKQP FWTKPI E[ENKE DTGCVJKPI

(  VQVCN 46 WRVCMG V

H KU GKVJGT OGCUWTGF QT KU EQORWVGF HTQO HNQYU CPF 8  D

6

0#  PQV CRRNKECDNG E


GSWKXCNGPVVQCPKPURKTCVQT[HNQYKPJWOCPUQHCRRTQZKOCVGN[O.UVJGTCVFCVCYQWNF

UVKNNDGUKIPKHKECPVN[NQYGTVJCPYJCVYCUOGCUWTGFKPJWOCPU6JGEQPUKUVGPE[QHVJGJWOCP

FCVCQH9KGUVGTGVCNKPYJKEJVJGUCOGOGVJQFQNQI[YCUWUGFVQOGCUWTG( KP V

JWOCPUCUYCUWUGFHQTTCVUYKVJVJGQVJGTJWOCPFCVCUVTQPIN[UWIIGUVUVJCVVJGNQY( KPTCVU V

KUPQVCHWPEVKQPQHVJGOGVJQFQNQI[GORNQ[GF1XGTCNNVJGGXKFGPEGTGCUQPCDN[RQKPVUVQVJG

EQPENWUKQPVJCV( KPCTCVKUUOCNNGTVJCPKPCJWOCPV

7PKFKTGEVKQPCN7RRGT4GURKTCVQT[6TCEV7RVCMG

6CDNGUWOOCTK\GUVJGFCVCQPVJGWPKFKTGEVKQPCN1 WRVCMGGHHKEKGPE[QHVJG 

746( +PIGPGTCN( FGUETKDGUVJGWRVCMGGHHKEKGPE[QHCPCVQOKECNUVTWEVWTGURTQZKOCNVQ WTV WTV

VJGNCT[PZ#RQUUKDNGGZEGRVKQPVQVJKUCTGVJGFCVCQH*WGVCND+PVJCVUVWF[CPF

QVJGTDQNWUUVWFKGUKVYCUCUUWOGFVJCVVJG746KUVJGXQNWOGQHVJG46O.FKUVCNVQVJG

NKRU6JKUOC[QTOC[PQVKPENWFGVJGNCT[PZ

6JGYKFGXCTKGV[QH746WRVCMGFCVCKPFKHHGTGPVURGEKGUCPFWPFGTFKHHGTGPVHNQY

EQPFKVKQPUCNNQYUUQOGKPVTCCPFKPVGTURGEKGUEQORCTKUQPU6QOCMGEQORCTKUQPUCOQPI

FKHHGTGPVURGEKGUJQYGXGTTGSWKTGUCUUWORVKQPUCDQWVVJGUECNKPIQHDTGCVJKPIRCVVGTPU

COQPIURGEKGU)GTTKV[GZCOKPGFPCUQRJCT[PIGCNWRVCMGFCVCCXCKNCDNGKPFKHHGTGPV

URGEKGUCVVJCVVKOGD[GZCOKPKPIVJGFCVCCUCHWPEVKQPQHVJGTCVKQQHRTGFKEVGFTGUVKPIHNQYVQ

OGCUWTGFHNQYUECNGFHNQY6JGRTGFKEVGFHNQYUYGTGQDVCKPGFWUKPIVJGCNNQOGVTKEV = 500 mL V = 1,000 mL

Hu et al. (1994)

V = 1,500 mL V = 825 mL

Gerrity et al. (1995)

V = 1,239 mL

Gerrity et al. (1994)

V = 1,650 mL

Gerrity et al. (1993)

V = 631 mL

Wiester et al. (1995)

1.0

0.9

0.8

0.7

0.6

0.5

0 200 400 600 800 1,000 1,200 1,400 1,600

T TT T

T T T

Inspiratory Flow (mL/s)

8-19

(KIWTG 6QVCNTGURKTCVQT[VTCEVWRVCMGCUCHWPEVKQPQHKPURKTCVQT[HNQYKPJWOCPU

GSWCVKQPUQH)W[VQP1\QPGWRVCMGGHHKEKGPE[QHVJG746YCUVJGPFGUETKDGFCUC

UKPINGHWPEVKQPQHUECNGFHNQYCPFURGEKGUYGKIJV9JGPPGYGTFCVCDGEQOGCXCKNCDNGVJKU

CRRTQCEJECPDGGZVGPFGFVQ746FCVCCESWKTGFD[DQVJOQWVJCPFPCUCNDTGCVJKPI

(KIWTGUJQYU( HQTPCUCNDTGCVJKPIRNQVVGFCUCHWPEVKQPQHVJGTCVKQ WTV

DGVYGGPRTGFKEVGFCPFOGCUWTGFHNQY#UYKVJVJGRTGXKQWUYQTMQH)GTTKV[CNNQHVJG

FCVCGZEGRVVJGDGCINGFQIFCVCCTGTQWIJN[EQPUKUVGPVYKVJGCEJQVJGT6JGDQF[YGKIJV

FGRGPFGPEGQHVJG)GTTKV[CPCN[UKUKUKNNWUVTCVGFD[VJGVYQFCUJGFNKPGUTGRTGUGPVKPIVJG

RTGFKEVGFTCPIGQHHNQYFGRGPFGPEKGUDGVYGGPTCVUNQYGTNKPGCPFJWOCPUWRRGTNKPG#NN

URGEKGUGZEGRVVJGDGCINGFQIUHCNNYKVJKPVJGUGDQWPFCTKGU

(KIWTGUJQYUVJGFCVCHQT( D[VJGQTCNTQWVGRNQVVGFKPVJGUCOG WTV

OCPPGT#NNQHVJGFCVCCTGHQTJWOCPUGZEGRVHQTVJGVYQDGCINGFQIFCVCRQKPVU5GXGTCN

QDUGTXCVKQPUCTGYQTVJPQVKPI(KTUVVJGFCVCHQTVJGDGCINGFQICRRGCTVQDGEQPUKUVGPVYKVJ

VJGJWOCPFCVC6JGCPCN[UKUQH)GTTKV[RTGFKEVUVJCVVJGJWOCPFCVCIGPGTCNN[YQWNF

NKGCDQXGVJGFQIFCVCCNVJQWIJPQVVQCNCTIGFGITGG6JKUUWIIGUVUVJCVVJGQTCNRCUUCIGQH

VJGFQIOC[JCXG1 UETWDDKPIRTQRGTVKGUUKOKNCTVQVJGJWOCPQTCNRCUUCIG5GEQPFYKVJKP 

VJGJWOCPFCVCWUGQHCOQWVJRKGEGCRRGCTUVQTGFWEGVJGWRVCMGGHHKEKGPE[QHVJGQTCN

RCUUCIGYC[6JGENQUGFFKCOQPFUKP(KIWTGCTGVJGFCVCHTQOVJGUVWF[QH)GTTKV[GVCN
1.0

0.7

0.5

0.3

0.2

0.1

0.1 0.2 0.3 0.5 1.0 2.0 3.0

Predicted Resting Flow/Measured Flow

Natural

Steady State

Natural

Non-steady State

Canula

Steady State

Canula

Non-steady State

Beagle

Rat

Rabbit

Guinea

Human Pig

Beagle

8-20

(KIWTG 7PKFKTGEVKQPCNWRVCMGGHHKEKGPE[KPVJGWRRGTTGURKTCVQT[VTCEVD[VJGPCUCN

RCVJYC[6JGTCVKQQHRTGFKEVGFTGUVKPIHNQYVQOGCUWTGFHNQYKUCYC[VQ

UECNGHNQYVQCNNQYHQTKPVGTURGEKGUEQORCTKUQPU6JGDGCINGFQIFCVCCTG

HTQO;QMQ[COCCPF(TCPMVJGTCVFCVCCTGHTQO*CVEJGVCN

VJGTCDDKVCPFIWKPGCRKIFCVCCTGHTQO/KNNGTGVCNCPFVJGJWOCP

FCVCCTGHTQO)GTTKV[GVCNENQUGFUSWCTGCPF7NVOCPGVCN


QRGPFKCOQPF.KPGUTGRTGUGPVKPIRTGFKEVKQPUHQTWRVCMGGHHKEKGPE[CTG

HTQO)GTTKV[


YJKEJKPXQNXGFWPGPEWODGTGFDTGCVJKPI6JGUGFCVCIGPGTCNN[CTGNQYGTVJCPVJGFCVC

QH*WGVCNCPFQH)GTTKV[GVCN6JGHCEVVJCVVJG*WGVCNCPF)GTTKV[

GVCNFCVCCTGEQPUKUVGPVYKVJGCEJQVJGTUWRRQTVUVJKUURGEWNCVKQP6JKUQDUGTXCVKQP

OC[CEEQWPVHQTVJGTGUWNVQH7NVOCPGVCNVJCVVJGWRVCMGGHHKEKGPE[QHVJG746KU

ITGCVGTD[VJGPCUCNRCVJYC[VJCPD[VJGQTCNRCVJYC[YJKEJKUEQWPVGTVQVJGQDUGTXCVKQPUQH

)GTTKV[GVCN

.QYGT4GURKTCVQT[6TCEV7RVCMG

6CDNGUWOOCTK\GUVJGFCVCQPVJGWRVCMGGHHKEKGPE[QHVJG.46VTCEV( NTV

+PVJKUFKUEWUUKQP( KUVJGWRVCMGGHHKEKGPE[QHVJG.46TGNCVKXGVQVJGEQPEGPVTCVKQPQH NTV
8-21

1 GPVGTKPIVJG.466JGJWOCPFCVCQH)GTTKV[GVCNCPFVJGTCVFCVCQH 

*CVEJGVCNKPENWFGVJGNCT[PZKPVJG.466JGDGCINGFQIFCVCQH;QMQ[COCCPF
Natural

Steady State

Natural

Non-steady State

Canula

Steady State

Canula

Non-steady State

Beagle

Beagle

1.0

0.7

0.5

0.3

0.2

0.1

0.1 0.2 0.3 0.5 1.0 2.0 3.0

Predicted Resting Flow/Measured Flow

8-22

(KIWTG 7PKFKTGEVKQPCNWRVCMGGHHKEKGPE[KPVJGWRRGTTGURKTCVQT[VTCEVD[VJGQTCN

RCVJYC[6JGTCVKQQHRTGFKEVGFTGUVKPIHNQYVQOGCUWTGFHNQYUECNGUVJG

HNQYVQCNNQYHQTKPVGTURGEKGUEQORCTKUQP6JGENQUGFUSWCTGUCPFFKCOQPFU

CVCUECNGFHNQYQHCTGHTQO)GTTKV[GVCNVJGENQUGFUSWCTGCVC

UECNGFHNQYQHKUHTQO)GTTKV[GVCNVJGQRGPFKCOQPFCVC

UECNGFHNQYQHKUHTQO)GTTKV[GVCNVJGTGOCKPKPIQRGP

FKCOQPFUCTGHTQO*WGVCN

(TCPMFQGUPQVKPENWFGVJGNCT[PZ6JGKPHNWGPEGQHVJGNCT[PZKPVJGJWOCPFCVCQH*W

GVCNDKUWPEGTVCKPDGECWUGQHVJGXQNWOGVTKEFGHKPKVKQPQHVJG746UGGFKUEWUUKQP

CDQXG

*WOCPFCVCQDVCKPGFWUKPIPQPUVGCF[UVCVGOGVJQFUD[VJGQTCNRCVJYC[CTG

RNQVVGFKP(KIWTGCUCHWPEVKQPQHKPURKTCVQT[HNQY#UKP(KIWTGVJGFCVCQH*WGVCN


CTGRNQVVGFHQTVJTGGFKHHGTGPV8 UO.O.CPFO.6JGHKTUV 6

QDUGTXCVKQPKUVJCVVJGUKPINGFCVCRQKPVQH)GTTKV[GVCNKUCRRTQZKOCVGN[JKIJGT

VJCPVJGFCVCQH*WGVCNCVCEQORCTCDNGHNQYCPF8 5GEQPFVJGFCVCQH)GTTKV[GV 6

CNCTGOCTMGFN[NQYGTVJCPVJCVUWIIGUVGFHQTEQORCTCDNGHNQYUCPF8 UD[VJGFCVCQH 6

*WGVCN+PCUUGUUKPIVJKUFKUETGRCPE[KVKUKORQTVCPVVQMGGRKPOKPFVJCVVJG746KU

FGHKPGFKPVJGYQTMQH*WGVCNCUCHKZGFXQNWOGQHO.FKUVCNVQVJGNKRU6JKUKU
V = 500 mL V = 1,000 mL

Hu et al. (1994)

V = 1,500 mL

V = 825 mL

Gerrity et al. (1995)

V = 1,239 mL

Gerrity et al. (1994)

V = 1,650 mL

Gerrity et al. (1994)

1.0

0.9

0.8

0.7

0.6

0 800 200 400 600 1,000 1,200 1,400 1,600

Inspiratory Flow (mL/s)

T TT

T TT

8-23

CPKPCEEWTCVGFGHKPKVKQPVJCVEQWNFKPHNWGPEGITGCVN[VJGGUVKOCVKQPQH.46WRVCMGGHHKEKGPE[

6JGEQJGTGPEGQHCNNQHVJGFCVCQP( CPF( D[VJGQTCNRCVJYC[V WTV

(KIWTG 7RVCMGGHHKEKGPE[QHVJGNQYGTTGURKTCVQT[VTCEVCUCHWPEVKQPQHKPURKTCVQT[

HNQYKPJWOCPU

UWIIGUVUVJCV( CNUQUJQWNFDGEQPUKUVGPVCOQPIUVWFKGU+HKVKUCUUWOGFVJCVVJGFCVC NTV

TGRTGUGPVGFD[VJG)GTTKV[GVCNUVWFKGUOQTGCEEWTCVGN[TGHNGEVJWOCP.46

WRVCMGGHHKEKGPE[VJGPVJGHNQYFGRGPFGPEGHQT( YQWNFDGEQPUKFGTCDN[UVGGRGTVJCP NTV

UWIIGUVGFD[VJGFCVCQH*WGVCN

(KPCNN[VJG( FCVCQH;QMQ[COCCPF(TCPMKPDGCINGFQIUYGTGCESWKTGF NTV

YKVJHNQYUVJCVYGTGCDQWVCPFQHTGUVKPIHNQYTCVGUCPF8 UCRRTQZKOCVGN[QH 6

VJQUGRTGFKEVGF)W[VQP9JGPHNQYKUUECNGFKPVJGFQIUVJG( UQHCPFCV NTV

VJGVYQHNQYTCVGUCTGEQPUKUVGPVYKVJVJGJWOCPFCVCQH)GTTKV[GVCNDWVJKIJGTVJCP

VJG*WGVCNFCVC

 &QUKOGVT[/QFGNKPI

 $CEMITQWPF
8-24

6CDNGRTGUGPVUCUWOOCT[QHVJGQTGVKECNUVWFKGUQHVJGWRVCMGQH1 D[VJG46U 


QTTGIKQPUQHJWOCPUCPFNCDQTCVQT[CPKOCNUVJCVJCXGDGEQOGCXCKNCDNGUKPEGVJG

TGXKGY#NVJQWIJVJGTGCTGKPXGUVKICVKQPUNKUVGFVJGTGCTGQPN[HKXGFKUVKPEV8-25

6CDNG6JGQTGVKECN1\QPG&QUKOGVT[+PXGUVKICVKQPUC

5RGEKGU CPF 4GIKQP

/QFGNGF#PCVQOKECN

/QFGN

.KSWKF .KPKPI CPF 6KUUWG

6TCPURQTV CPF %JGOKECN

4GCEVKQPU &QUKOGVT[ /QFGN 5WDLGEV QH +PXGUVKICVKQP D 4GUWNVU2TGFKEVKQPU 

)WKPGC RKI.46-NKOGPV 
5EJTGKFGT CPF*WVEJGPU 
 TCV.46 -NKOGPV
 ;GJ GV CN


/KNNGT GV CN 
 'PJCPEGF /KNNGT GV CN 
 +PXGUVKICVGU VJG

GHHGEV QP RTGFKEVKQPU QH CPCVQOKECN OQFGNU (4%XGPVKNCVKQP CPF 6$ NKSWKF NKPKPI TCVG EQPUVCPV5KOWNCVGU 1 WRVCMG KP CPCVQOKECN OQFGNU QH TCV 

NQDGU

9KVJ TGURGEV VQ FKHHGTGPV CPCVQOKECN OQFGNU HQT VJG UCOFKHHGTGPV URGEKGU SWCNKVCVKXG UKOKNCTKV[ KP VJG UJCRG QH VKUUWG FQUG XGTUWU CKTYC[ PWODGT EWTXGU DWV UKIPKHKECPFKHHGTGPEGU KP TGIKQPCN HTCEVKQPCN WRVCMGU /CZKOWO VKFQUG KP XKEKPKV[ QH 2#4 2#4 FQUG FGETGCUGU YKVJ KPETVKOG QH HNKIJV VQ VJKU TGIKQP /CZKOWO VKUUWG FQUG KP VXKEKPKV[ QH VJG HKTUV RWNOQPCT[ TGIKQP UGIOGPV QH CPCVQOQFGNU

*WOCP TCV TCDDKVCPF IWKPGC RKI.46PQV URGEKHKGF

/KNNGT GV CN 
 CPF1XGTVQP GV CN 


/KNNGT GV CN 
 CPF 1XGTVQP GV CN 
%QORCTGU 1 FQUG RTQHKNGU QH JWOCP TCV IWKPGC 

RKI CPF TCDDKV 7UGU OQFGN CPF GZRGTKOGPVCNFCVC VQ GUVKOCVG 1 FQUGTGURQPUG EWTXGU HQT FGETGOGPVU KP ('8 
JWOCPU CPF HQT $#. RTQVGKPU KP TCV IWKPGC RKI CPF TCDDKV %QORCTGU.46 WRVCMG RTGFKEVKQPU VQ VJG JWOCPGZRGTKOGPVCN FCVC QH )GTTKV[ GV CN 


5KOKNCTKV[ COQPI URGEKGU KP VJG UJCRG QH VJG CKTYC[ UGIEWTXG VKUUWG FQUG KPETGCUGU FKUVCNN[ KP VJG 6$ TGIKQP C OCZKOWO KP VJG HKTUV RWNOQPCT[ TGIKQP UGIOGPV HQT JTCV CPF IWKPGC RKI CPF KP VJG NCUV 6$ UGIOGPV QH VJG TCCPF VJGP FGETGCUGU FKUVCNN[ KP VJG RWNOQPCT[ TGIKQP2TGFKEVKQPU QH WRVCMG FKUVCN VQ VJG QTQRJCT[PZ CTG KP CIYKVJ )GTTKV[ GV CN 


4CV VQVCN 467465EJTGKFGT CPF 4CCDG
 6$ 7UGU TCVECUV FCVC 
4CCDGGV CN  VQ FGHKPG6$ TGIKQP RCVJU27. ;GJ GV CN
 HQT OQFGN QHVJG CEKPWU

6$ CPF RWNOQPCT[ TGIKQPOCUU VTCPUHGT EQGHHKEKGPVUDCUGF QP 1XGTVQP GV CN


'PJCPEGF 1XGTVQP GV CN 
 +NNWUVTCVGU FQUGFKUVTKDWVKQP CNQPI VJG NQPIGUV CPF UJQTVGUV 
CUFGHKPGF D[ VKOG QH HNKIJV RCVJU HTQO VJG VTCEJGCVQ VJG OQUV FKUVCN CNXGQNK

6JTGGHQNF FKHHGTGPEG KP 2#4 FQUGU QH VJG UJQTVGUV CPF NRCVJU HTQO VTCEJGC VQ 2#4 &QUG FKUVTKDWVKQPU CNQPI VJNQPIGUV QT UJQTVGUV RCVJ YGTG SWCNKVCVKXGN[ UKOKNCT VQ 1XGV CN 
 YKVJ OCZKOWO VKUUWG FQUG KP VJG HKTUV RWNTGIKQP IGPGTCVKQP

*WOCP .46
PGYDQTP VQCFWNV6$ DCUGF QP;GJ CPF 5EJWO
 27. DCUGFQP *CPUGP CPF#ORC[C 


/KNNGT GV CN 
 'PJCPEGF 1XGTVQP GV CN 
 (TQO XCTKQWU

UQWTEGU FGXGNQRU CIGFGRGPFGPV .46 CPCVQOKECNOQFGNU (QT SWKGV CPF OCZKOCN GZGTEKUGDTGCVJKPI CRRNKGU VJG FQUKOGVT[ OQFGN QH /KNNGTGV CN 
 VQ UGXGTCN CIGU HTQO DKTVJ VQ CFWNVKNNWUVTCVKPI VJG .46 FKUVTKDWVKQP QH CDUQTDGF 1 

(QT SWKGV DTGCVJKPI VJG .46 FKUVTKDWVKQP QH FQUG VJG RWRVCMG CPF VJG 2#4 FQUG CTG PQV XGT[ UGPUKVKXG VQ CIGCTG OQTG UGPUKVKXG FWTKPI GZGTEKUG 4GICTFNGUU QH CIG DTGCVJKPI UVCVG VJG NCTIGUV 1 FQUG QEEWTU KP VJG 2#4 



WRVCMG KP VJG 746
8-26

6CDNGEQPV	F6JGQTGVKECN1\QPG&QUKOGVT[+PXGUVKICVKQPUC

5RGEKGU CPF 4GIKQP

/QFGNGF#PCVQOKECN

/QFGN

.KSWKF .KPKPI CPF 6KUUWG

6TCPURQTV CPF %JGOKECN

4GCEVKQPU &QUKOGVT[ /QFGN 5WDLGEV QH +PXGUVKICVKQP D 4GUWNVU2TGFKEVKQPU 

*WOCP VQVCN 46746*CPPC CPF 5EJGTGT
 .46 9GKDGN


6KOGFGRGPFGPV OQNGEWNCTFKHHWUKQP CPF HKTUVQTFGTTGCEVKQPU KP NKSWKF NKPKPICPF KPVGTUVKVKWO VTCPUHGTVJTQWIJ GRKVJGNKWOOQFGNGF CU C RGTOGCDKNKV[RTQEGUU`PQ TGCEVKQPU KPVJKU NC[GT 746 CPF .46NKSWKF NKPKPI TCVGEQPUVCPVU  CPF  VKOGUVJCV QH /KNNGT GV CN 
TGURGEVKXGN[

/QFGN FGXGNQROGPV .WPI FKOGPUKQPU UECNGF VQVJQUG QH C [QWPI OCNG CPF C [QWPI HGOCNG%QPVTCUVU .46 CKTRJCUG EQPEGPVTCVKQPU FWTKPIGZGTEKUG CPF TGUV %QORCTGU OCNG CPF HGOCNGCKTRJCUG 1 EQPEGPVTCVKQPU CPF OCNG CPF HGOCNG 

UWDGRKVJGNKCN EQPEGPVTCVKQPU

746 WRVCMG OC[ DG ITGCVGT KP EQNF VJCP KP YCTOGT CKVJG XGPVKNCVQT[ RCTCOGVGTU WUGF 
 UWDGRKVJGNKCN1 EQPEGPVTCVKQPU CTG C OCZKOWO KP VJG VGTOKPCN DTQP



QT VJG HKTUV TGURKTCVQT[ DTQPEJKQNGU CPF 
 VJGUGEQPEGPVTCVKQPU CTG ITGCVGT KP VJG HGOCNG VJCP KP VJG OCOQUV QH VJG 46

*WOCP FKUVCN UGIOGPVQH C NQDG DCUGF QP*QTUHKGNF GV CN 


5KOKNCT VQ /KNNGT GV CN


/QPVG %CTNQ UKOWNCVKQP VTCPURQTV RTQEGUUGUFGHKPGF KP VGTOU QH RTQDCDKNKVKGU DCUGF QPRJ[UKECN CPF EJGOKECN RTKPEKRNGU 6JG GHHGEV QHNWPI CU[OOGVTKGU QP VJG FKUVTKDWVKQP QH WRVCMG KPVJG RWNOQPCT[ TGIKQP

6KUUWG FQUG KP VJG 2#4 CNQPI VJG UJQTVGUV RCVJ KUCRRTQZKOCVGN[  NCTIGT VJCP VJCV CNQPI VJG NQPIGUV 

*WOCP .469GKDGN


+PXGUVKICVGU VYQHQTOWNCVKQPU
 /KNNGT GV CN 
 CPF
 /KNNGT GV CN 


/QFGN FGXGNQROGPV CUUWOGU SWCUKUVGCF[EQPFKVKQPU #KTRJCUG EQPEGPVTCVKQP CPF VKUUWGFQUG RTQHKNGU HQT VJG VYQ TGCEVKQP UEJGOGUXCTKQWU XGPVKNCVQT[ RCTCOGVGTU CPF XCTKQWU NKSWKFNKPKPI VTCPURQTV CPF EJGOKECN RCTCOGVGTU%QORCTGU RTGFKEVKQPU QH HKTUVQTFGT TGCEVKQPUEJGOG VQ TGUWNVU QH /KNNGT GV CN 


6JKU OQFGN FQGU PQV EQPUGTXG OCUU 2TGFKEVKQPU UJQWDG EQPUKFGTGF SWCNKVCVKXGN[ /CZKOWO VKUUWG FQUG KPTGURKTCVQT[ DTQPEJKQNGU HQT DQVJ EJGOKECN TGCEVKQP UEJ

4CV .46DCUGF QPUGTKCN TGEQPUVTWEVKQP QHC UGV QH KPVTCRWNOQPCT[CKTYC[U CPF VJGKTXGPVKNCVQT[ WPKVUEQODKPGF YKVJ C UKPINGRCVJ HTQO VJG NCT[PZ VQVJG TGEQPUVTWEVGF UGVDCUGF QP ;GJ GV CN


6$ CPF RWNOQPCT[ TGIKQPOCUU VTCPUHGT EQGHHKEKGPVUDCUGF 1XGTVQP GV CN


/QFGN FGXGNQROGPV +NNWUVTCVGU VJG KPHNWGPEG QHXGPVKNCVQT[ WPKV UK\G CPF RTQZKOCN CPCVQOKE FGCFURCEG CPF QP VJG WRVCMG CPF FKUVTKDWVKQP QHKPJCNGF 1 KP XGPVKNCVQT[ WPKVU 
+NNWUVTCVGU VJG 

KPHNWGPEG QH XGPVKNCVQT[ WPKV XQNWOG QP VJGFKUVTKDWVKQP QH KPJCNGF 1 YKVJKP XGPVKNCVQT[ WPKVU

8GPVKNCVQT[ WPKV WRVCMG KU UKIPKHKECPVN[ KPHNWGPEGF D[ DRTQZKOCN CKTYC[ FGCF URCEG CPF XGPVKNCVQT[ WPKV XQNWO(NWZ QH 1 VQ CKTNKSWKF KPVGTHCEG KP VJG RTQZKOCN RQTVK



NCTIGT XGPVKNCVQT[ WPKVU CTG UKIPKHKECPVN[ ITGCVGT VJCP KPUOCNNGT WPKVU
8-27

6CDNGEQPV	F6JGQTGVKECN1\QPG&QUKOGVT[+PXGUVKICVKQPUC

5RGEKGU CPF 4GIKQP

/QFGNGF#PCVQOKECN

/QFGN

.KSWKF .KPKPI CPF 6KUUWG

6TCPURQTV CPF %JGOKECN

4GCEVKQPU &QUKOGVT[ /QFGN 5WDLGEV QH +PXGUVKICVKQP D 4GUWNVU2TGFKEVKQPU 

4CV XGPVKNCVQT[ WPKV/GTEGT GV CN 


/GTEGT GV CN 
 /GTEGT GV CN 
 #NQPI C RCVJ FKUVCNN[ HTQO

C DTQPEJKQNCTCNXGQNCT FWEV LWPEVKQP EQORCTGUGZRGTKOGPVCNN[ FGVGTOKPGF EJCPIGU KP XGPVKNCVQT[WPKV YCNN VJKEMPGUU FWG VQ CP 1 GZRQUWTG VQ 

FQUKOGVT[ OQFGN RTGFKEVKQPU QH HNWZ VQ VJG CKTNKSWKF KPVGTHCEG

#U C HWPEVKQP QH FKUVCPEG HTQO VJG $#&, GZRGTKOGPVFGVGTOKPGF TGNCVKXG EJCPIGU KP XGPVKNCVQT[ WPKV YCNN VJFWG VQ 1 GZRQUWTG CTG XGT[ UKOKNCT VQ RTGFKEVGF TGNCVK



HNWZGU VQ VJG CKTNKSWKF KPVGTHCEG

*WOCP VQVCN 46746(TGFDGTI GV CN 
.46 9GKDGN 


2UGWFQ UVGCF[UVCVGFKHHWUKQP CPF HKTUV QTFGTTGCEVKQPU EQODKPGF YKVJDKQEJGOKECN FCVC QH /KNNGTGV CN 


/QFGN FGXGNQROGPV +NNWUVTCVGU .46 FKUVTKDWVKQPQH 
 CKTRJCUG EQPEGPVTCVKQP CV XCTKQWU VKOGUFWTKPI VJG DTGCVJKPI E[ENG CPF 
 1 HNWZ 
FQUG 

VQ NKSWKF NKPKPI CPF VQ VKUUWG

(NWZ QH 1 VQ CKTNKSWKF KPVGTHCEG FGETGCUGU FKUVCNN[ HN



VKUUWG KPETGCUGU CNQPI VJG EQPFWEVKPI CKTYC[U TGCEJGU OCZKOWO KP VJG VGTOKPCN DTQPEJKQNGU VJGP FGETGCUGU KP VJG ICU GZEJCPIG TGIKQP

5GG #RRGPFKZ # HQT CDDTGXKCVKQPU CPF CETQP[OU )GPGTCNN[ HQT OQFGNKPI RWTRQUGU 2#4 KU VJG HKTUV RWNOQPCT[ TGIKQP IGPGTCVKQP QT OQFGN UGIOGPV 27.  

C

4GHGTU VQ VJG VJGQTGVKECN QT OCVJGOCVKECN HQTOWNCVKQP CURGEVU QH ICU VTCPURQTV CPF TGCEVKQPU YKVJQWV VJG URGEKHKECVKQP QH OQTRJQOGVTKE CPF RJ[UKQNQIKECN RCTCOGV

D
8-28

FQUKOGVT[OQFGNUYKVJTGURGEVVQITQWRUQHEQYQTMGTUCPFKPFGRGPFGPVOQFGNHQTOWNCVKQP

VJGOQFGNUQH1XGTVQPGVCNCPF/KNNGTGVCN*CPPCGVCN


)TQVDGTIGVCNCNVJQWIJVJG[EQPUKFGTGFVYQTGCEVKQPUEJGOGU/GTEGTGVCN


CPF*WGVCNC+PUQOGECUGUUGXGTCNTGHGTGPEGUJCXGDGGPITQWRGFKPVQ

QPGKPXGUVKICVKQP6JKUKUDGECWUGVJGOWNVKRNGUVWFKGUECOGHTQOVJGUCOGEQYQTMGTUQT

NCDQTCVQT[CPFCFFGFVQQTYGTGEQORNGOGPVCT[VQVJGQTKIKPCNQTEQOOQPFQUKOGVT[OQFGNKPI

VJGOG

/CLQTHCEVQTUCHHGEVKPIVJGNQECNWRVCMGQHTGCEVKXGICUGUKPVJG46YGTGTGURKTCVQT[

VTCEVOQTRJQNQI[CPFCPCVQO[VJGTQWVGQHDTGCVJKPIPQUGQTOQWVJVJGFGRVJCPFTCVGQH

DTGCVJKPI8 CPFHVJGRJ[UKEQEJGOKECNRTQRGTVKGUQHVJGICUGUVJGRTQEGUUGUQHICU 6

VTCPURQTVCPFVJGRJ[UKEQEJGOKECNRTQRGTVKGUQHVJGNKSWKFNKPKPIQHVJG46TGURKTCVQT[VTCEV

VKUUWGCPFECRKNNCT[DNQQF#FGVCKNGFFKUEWUUKQPQHVJGUGHCEVQTUECPDGHQWPFKP1XGTVQP


7NVOCPCPF1XGTVQPCPF/KNNGT

$GECWUGCNNQHVJGFQUKOGVT[OQFGNUNKUVGFKP6CDNGYGTGFGXGNQRGFVQUKOWNCVG

WRVCMGKPVJG.46QTVJGVQVCN46VJGUGOQFGNUJCXGUQOGEQOOQPCURGEVU6JGUGKPENWFG

VJGHQTOWNCVKQPQH1 VTCPURQTVCPFYCNNNQUUKPVJGCKTEQORCTVOGPVUQHVJG46VJGWUGQH 

URGEKGUFGRGPFGPVOQTRJQOGVTKEOQFGNUQTFCVCVQFGHKPGCKTCPFNKSWKFNKPKPIEQORCTVOGPV

FKOGPUKQPUCPFCFGUETKRVKQPQHVJGVTCPURQTVCPFNQUUQH1 KPVJGNKSWKFNKPKPICPFVKUUWG 

+PCNNVJGFQUKOGVT[OQFGNUVJCVJCXGDGEQOGCXCKNCDNGUKPEGGZEGRVHQT

7NVOCPCPF#PLKNXGNCPF)TQVDGTIGVCNYJKEJCTGFKUEWUUGFNCVGT1 VTCPURQTV 

CPFNQUURTQEGUUGUKPCKTEQORCTVOGPVUYGTGCRRTQZKOCVGFKPVGTOUQHCQPGFKOGPUKQPCN

VKOGFGRGPFGPVRCTVKCNFKHHGTGPVKCNGSWCVKQPQHEQPVKPWKV[6JKUV[RGQHGSWCVKQPCEEQWPVUHQT

CZKCNEQPXGEVKQPCPFFKURGTUKQPQTFKHHWUKQPCPFVJGNQUUQH1 D[CDUQTRVKQPCVVJGICUNKSWKF 

KPVGTHCEG6JGWUGQHVJKUCRRTQZKOCVKQPKUXGT[EQOOQPKPOQFGNKPIVJGVTCPURQTVKPVJG.46

QHICUGUUWEJCUQZ[IGPPKVTQIGPJGNKWOCPF%1 GI5EJGTGTGVCN2CKXC 

%JCPICPF(CTJK;W2CEMGVCNCPFJCUDGGPCUUWOGFVQDGCRRNKECDNG

VQ1 7NVOCPCPF#PLKNXGNWUGFC/QPVG%CTNQOGVJQFVQUKOWNCVG1 WRVCMG$CUGF  

QPVJGRJ[UKECNCPFEJGOKECNRTKPEKRNGUQHOCUUVTCPURQTVKPVJG46RTQDCDKNKVKGUYGTG

CUUKIPGFVQVJGHCVGQHCOQNGEWNGKPCYC[UQCUVQCEEQWPVHQTEQPXGEVKQPFKURGTUKQPCPFNQUU

VQVJGNKSWKFNKPKPI

&QUKOGVT[OQFGNURWDNKUJGFUKPEGECPDGITQWRGFCEEQTFKPIVQJQYVTCPURQTV

CPFEJGOKECNTGCEVKQPUCTGOQFGNGFKPTGURKTCVQT[VTCEVHNWKFUCPFVKUUWGUVJQUGDCUGFQPVJG

HQTOWNCVKQPQH/KNNGTCPF/KNNGTGVCNYJQWUGFCPKPUVCPVCPGQWUTGCEVKQP

UEJGOGCPF/KNNGTGVCNYJQWUGFCSWCUKUVGCF[HKTUVQTFGTTGCEVKQPUEJGOG

6JGUGVYQCRRTQCEJGUCTGFKUEWUUGFKPVJGGCTNKGTETKVGTKCFQEWOGPV75'PXKTQPOGPVCN

2TQVGEVKQP#IGPE[+PCFFKVKQPVQVJGWUGQHUKOKNCTHQTOWNCVKQPUHQTNKSWKFCPFVKUUWG

VTCPURQTVTGCEVKQPUCNNQHVJGRQUVUVWFKGUWUGFGUUGPVKCNN[VJGUCOGDKQEJGOKECNFCVCQH

GKVJGT/KNNGTGVCNHQTJWOCPUQT1XGTVQPGVCNHQTNCDQTCVQT[CPKOCNU6JG

KORNKECVKQPKUVJCVOQUVQHVJGUVWFKGUCTGGZRGEVGFVQRTGFKEVSWCNKVCVKXGN[UKOKNCTTGUWNVU

6JGTGCTGOKPQTXCTKCVKQPUQPVJGUGEQPFEJGOKECNTGCEVKQPHQTOWNCVKQP*CPPC

GVCNWUGFCVKOGFGRGPFGPVFKHHWUKQPTGCEVKQPGSWCVKQPKPUVGCFQHVJGVKOGKPFGRGPFGPV


SWCUKUVGCF[GSWCVKQPWUGFD[/KNNGTGVCN$CUGFQPVJGTCVGEQPUVCPVUWUGFD[

*CPPCGVCNCPFQPFKUEWUUKQPUKP/KNNGTGVCNCPFKP)TQVDGTIGVCNVJG

OQFGNGFVTCPURQTVRTQEGUUGUKPVJGNKSWKFUCPFVKUUWGUECPDGKPHGTTGFCUGUUGPVKCNN[SWCUK

UVGCF[YJKEJKUGSWKXCNGPVVQVJGUGEQPFHQTOWNCVKQP#PQVJGTXCTKCVKQPWUGUOCUUVTCPUHGT

EQGHHKEKGPVUFGVGTOKPGFD[VJGUGEQPFHQTOWNCVKQPCPFVJGDKQEJGOKECNCUUWORVKQPUQH/KNNGT
8-29

GVCNQT1XGTVQPGVCN6JGNKSWKFCPFVKUUWGVTCPURQTVTGCEVKQPHQTOWNCVKQPHQT

URGEKHKEKPXGUVKICVKQPUKUKPFKECVGFKPEQNWOPQH6CDNG

+PCFFKVKQPVQVJGCUUWORVKQPUCPFVJGHQTOWNCVKQPQHGSWCVKQPUVJCVFGUETKDGVJG

VTCPURQTVCPFNQUUQH1 KPVJG46UQHJWOCPUQTNCDQTCVQT[CPKOCNUKVKUKORQTVCPVVQGXCNWCVG 

YJGVJGTUKOWNCVKQPTGUWNVUTGHNGEVCEEWTCVGUQNWVKQPUVQVJGOCVJGOCVKECNFQUKOGVT[OQFGN

HQTOWNCVKQP1HVJGHKXGFKUVKPEVOQFGNHQTOWNCVKQPUNKUVGFKP6CDNG1XGTVQPGVCN

/GTEGTGVCNCPF*WGVCNCFKUEWUUOQUVQTCNNQHVJGTGNGXCPVKUUWGUQH

UVCDKNKV[UQNWVKQPEQPXGTIGPEGCPFOCUUEQPUGTXCVKQP+PCFFKVKQPWUKPIUVGCF[

WPKFKTGEVKQPCNHNQYKPCUVTCKIJVVWDGCUCVGUVECUGVJG[TGRQTVUWEEGUUHWNN[UKOWNCVKPI

CPCN[VKECNUQNWVKQPUVQVJGKTGSWCVKQPUQHVTCPURQTVCPFWRVCMG0GKVJGT*CPPCGVCN

7NVOCPCPF#PLKNXGNPQT)TQVDGTIGVCNCFFTGUUVJGKUUWGQHCEEWTCE[6JGTGKU

PQTGCUQPCDNGYC[VQLWFIGYJGVJGTVJGUQNWVKQPUQH*CPPCGVCNQTQH7NVOCPCPF

#PLKNXGNCEEWTCVGN[TGRTGUGPVUQNWVKQPUVQVJGKTFQUKOGVT[OQFGNCUUWORVKQPUCPF

HQTOWNCVKQPUJQYGXGTYKVJVJGGZEGRVKQPQH)TQVDGTIGVCNVJGTGCTGPQTGCUQPUVQ

CUUWOGVJCVVJGUQNWVKQPUQHVJGUGOQFGNUCTGPQVCEEWTCVG

$GECWUGVJG)TQVDGTIGVCNOQFGNHQTOWNCVKQPKUFKHHGTGPVVJCPVJGQVJGTUCP

GZRNCPCVKQPKUPGGFGF$CUGFQPVJGUOCNNPGUUQHTGNGXCPVRCTCOGVGTU)TQVDGTIGVCN

CUUWOGSWCUKUVGCF[EQPFKVKQPUHQT1 EQPEGPVTCVKQPCPFCKTXGNQEKV[KPVJGCKTEQORCTVOGPVU 

CPFQDVCKPCRRTQZKOCVGCPCN[VKECNUQNWVKQPUVQVJGVKOGKPFGRGPFGPVVJTGGFKOGPUKQPCN

GSWCVKQPQHEQPVKPWKV[HQTCOQFGNCKTYC[CPFCRRN[VJGTGUWNVUVQVJGOQTRJQOGVTKEOQFGNQH

9GKDGN1PGCFXCPVCIGQHCPCN[VKECNUQNWVKQPUKUVJCVVJG[CEEQWPVPCVWTCNN[HQT

RCTCOGVGTUUWEJCUFKURGTUKQPCPFICURJCUGOCUUVTCPUHGTEQGHHKEKGPVUQTNQECNRTQEGUUGU


GIRQUUKDKNKV[QHJKIJWRVCMGCVCKTYC[GPVTCPEGUVJCVOWUVDGMPQYPCPFGUVKOCVGFHQTQT

KPEQTRQTCVGFKPVQVJGQPGFKOGPUKQPCNCRRTQCEJ)TQVDGTIGVCNECTTKGFQWV

UKOWNCVKQPUWUKPICPCVQOKECNCPFRJ[UKQNQIKECNEQPFKVKQPUDCUGFQP/KNNGTGVCNCPF

EQORCTGFVJGKTTGUWNVU#NVJQWIJSWCNKVCVKXGN[UKOKNCTVQ/KNNGTGVCN)TQVDGTICPF

EQYQTMGTURTGFKEVGFUKIPKHKECPVN[NCTIGTRWNOQPCT[VKUUWGFQUGUWRVQHQNF

#EQORCTKUQPQHVJGRWNOQPCT[TGIKQPFQUGURTGFKEVGFD[)TQVDGTIGVCNVQVJQUG

RTGFKEVGFD[/KNNGTGVCNKPFKECVGUVJCVVJG)TQVDGTIGVCNOQFGNFQGUPQV

EQPUGTXGOCUUKVRTGFKEVUVJCVVJGRWNOQPCT[TGIKQPCDUQTDUQXGTVKOGUVJGCOQWPVQH1

KPJCNGF6JGQXGTRTGFKEVKQPOC[DGCPCTVKHCEVQHVJGSWCUKUVGCF[CRRTQZKOCVKQPDGECWUG

GHHGEVUFWGVQFKHHGTGPEGUKPVJGVKOGQHHNKIJVUHTQOVJGVTCEJGCVQFKHHGTGPV.46NQECVKQPUCTG

PQVVCMGPKPVQCEEQWPV+PCP[ECUGVJGSWCPVKVCVKXGRTGFKEVKQPUTGRQTVGFD[)TQVDGTIGVCN


CTGSWGUVKQPCDNG

%JGOKECNFCVCOQTGTGEGPVVJCPVJCVWUGFHQTVJGFQUKOGVT[OQFGNUKP6CDNG

UJQYVJCVEQORQWPFUQVJGTVJCPWPUCVWTCVGFHCVV[CEKFUVJGQPN[EQORQWPFYKVJYJKEJ1 KU 

CUUWOGFVQTGCEVKPVJGOQFGNUWUKPIVJGUGEQPFEJGOKECNTGCEVKQPHQTOWNCVKQPCTGCUTGCEVKXG

QTOQTGTGCEVKXGYKVJ1 2T[QT7UKPIVJGUGFCVCGUVKOCVGUQH1 FKHHWUKQP  

EQGHHKEKGPVUKPVJGNKSWKFNKPKPICPFDKNC[GTUNC[GTVJKEMPGUUGUCPFFCVCQPVJGEQPEGPVTCVKQPU

QHDKQEQORQWPFUKPVJGUGNC[GTU2T[QTGUVKOCVGUVJCVOQUVQHCP[1 VJCVRGPGVTCVGU 

KPVQCEGNNDKNC[GTTGCEVUYKVJKPVJGNC[GTXGT[NKVVNGKHCP[RGPGVTCVGUVQVJGEGNNKPVGTKQTCPF

1 YKNNPQVRGPGVTCVGVJGNKSWKFNKPKPIYJGTGKVKUITGCVGTVJCPzOVJKEM5GXGTCNTGNGXCPV 

EQOOGPVUCTGIKXGPD[2T[QTVJGECNEWNCVKQPUCTGEQPUKFGTGFCETWFGHKTUV

CRRTQZKOCVKQPVJGRQUUKDKNKV[VJCVCUOCNNHTCEVKQPQH1 OC[RGPGVTCVGVJGDKNC[GTCPFTGCEJ 

VJGEGNNKPVGTKQTECPPQVDGGZENWFGFCPFUWTHCEVCPVNC[GTUECPDGXGT[VJKPCPFUQOGEGNNU

OC[PQVDGRTQVGEVGFXGT[YGNNQTCVCNN
8-30

+HVJGEQPENWUKQPUQH2T[QTCTGGUUGPVKCNN[EQTTGEVVJG[JCXGKORNKECVKQPU

HQTRCUVCPFHWVWTGFQUKOGVT[OQFGNKPIUVWFKGUDGECWUGRCUVKPXGUVKICVKQPUJCXGWPFGTGUVKOCVGF

VJGTGCEVKXKV[QH1 YKVJDKQEQORQWPFUYKVJTGURGEVVQEGNNWNCTFCOCIGRTQFWEVUQH 

1 TGCEVKQPUKPVJGNKSWKFNKPKPIOC[DGVJGOCKPVQZKEEQORQWPFKPETGCUKPIVJGXCNWGQHTCVG 

EQPUVCPVUYQWNFJCXGPQGHHGEVQPRTGFKEVKQPUQHFQUKOGVT[OQFGNUWUKPIVJGKPUVCPVCPGQWU

TGCEVKQPUEJGOGDGECWUGTCVGEQPUVCPVUKPVJKUCRRTQCEJCTGCUUWOGFVQDGKPHKPKVGDWV

KPETGCUKPIVJGEQPEGPVTCVKQPQHTGCEVKPIDKQEQORQWPFUYQWNFKPETGCUGWRVCMGWUGQH

WPUCVWTCVGFHCVV[CEKFFCVCQPN[YKVJCHKTUVQTFGTTGCEVKQPUEJGOGTGUWNVUKPCPWPFGTGUVKOCVG

QHVJGTGCEVKXKV[QH1 KPVJGNKSWKFNKPKPICPFCPQXGTGUVKOCVGQHVJG1 VKUUWGFQUGCPFC  

RQUUKDNGWPFGTGUVKOCVKQPQHVJGVQZKEFQUGFWGVQTGCEVKQPRTQFWEVUCPFYKVJJKIJGT1

TGCEVKQPTCVGUVJGHKTUVQTFGTEJGOKECNTGCEVKQPHQTOWNCVKQPYQWNFTGUWNVKPNCTIGTRTGFKEVGF

WRVCMGU

 &QUKOGVT[/QFGN2TGFKEVKQPU

5KOKNCTKV[QH/QFGN2TGFKEVKQPU

#UWTXG[QHFQUKOGVT[OQFGNKPITGUWNVUUJQYUVJCVKPUQOGCTGCUQHKPXGUVKICVKQP

VJGTGKUCSWCNKVCVKXGUKOKNCTKV[KPRTGFKEVKQPUD[OQFGNUQHFKHHGTGPVITQWRUQHKPXGUVKICVQTUHQT

FKHHGTGPVURGEKGUQTUWDRQRWNCVKQPU


 &KUVTKDWVKQPQH.46FQUGFQUGRTQHKNGUQTFQUGXGTUWUIGPGTCVKQP#UUJQYP

KP(KIWTGDGIKPPKPICVVJGVTCEJGCPGVFQUG1 HNWZVQCKTNKSWKFKPVGTHCEG 

UNQYN[FGETGCUGUFKUVCNN[KPVJGVTCEJGQDTQPEJKCNTGIKQP6$CPFTCRKFN[

FGETGCUGUFKUVCNN[KPVJGRWNOQPCT[TGIKQP6KUUWGFQUG1 HNWZVQNKSWKFVKUUWG 

KPVGTHCEGKUXGT[NQYKPVJGVTCEJGCKPETGCUGUVQCOCZKOWOKPVJGVGTOKPCN

DTQPEJKQNGUQTHKTUVCKTYC[IGPGTCVKQPKPVJGRWNOQPCT[TGIKQPCPFTCRKFN[

FGETGCUGUFKUVCNN[HTQOVJKUNQECVKQPGI/KNNGTGVCN

1XGTVQPGVCN1XGTVQPCPF)TCJCO)TQVDGTIGVCN

*WGVCNC

+H1 YGTGVJGQPN[VQZKECIGPVCPFCNNVJGVKUUWGUQHVJG.46YGTGGSWCNN[UGPUKVKXG 

VQVJGUCOGFQUGVJGOQFGNURTGFKEVVJCVVJGITGCVGUVOQTRJQNQIKECNFCOCIGYQWNFQEEWTKP

VJGXKEKPKV[QHVJGLWPEVKQPQHVJGEQPFWEVKPICKTYC[UCPFVJGRWNOQPCT[TGIKQPCPFFGETGCUG

TCRKFN[FKUVCNN[HTQOVJKUCTGCYJKEJKUEQPUKUVGPVYKVJQDUGTXCVKQPUKPNCDQTCVQT[CPKOCNU


UGG%JCRVGT5GEVKQP1PVJGQVJGTJCPFWUKPIVJGDGUVGUVKOCVGUQHOQTRJQOGVTKE

CPFRJ[UKQNQIKECNN[DCUGFDKQEJGOKECNRCTCOGVGTUQH/KNNGTGVCNCPF1XGTVQP

GVCNVJGOQFGNURTGFKEVGZVTGOGN[TGNCVKXGN[NQYVKUUWGFQUGUKPVJGVTCEJGCCPFNCTIG

DTQPEJKVJKUUWIIGUVUXGT[NKVVNGQTPQVKUUWGFCOCIGUJQWNFQEEWTVJGTGYJKEJKUEQPVTCT[VQ

QDUGTXCVKQPUUGG%JCRVGT5GEVKQP*QYGXGTVJKUKUOQQVKHCUUWIIGUVGFD[2T[QT


VJGVQZKEUWDUVCPEGUCTGRTKOCTKN[TGCEVKQPRTQFWEVUQH1 CPFPQV1 KVUGNH+PVJKU  

ECUGVJG1 PGVNQECNFQUGPQVVJGNQECN1 VKUUWGFQUGOC[DGCDGVVGTGUVKOCVQTQHNQECNVQZKE  

VKUUWGFQUGDGECWUGVJGTCVGQHRTQFWEVKQPQHRTQFWEVUYQWNFDGTGNCVGFVQVJGTCVGQH1

WRVCMG


 'HHGEVQHGZGTEKUGQTKPETGCUGFXGPVKNCVKQP6JGGHHGEVQHGZGTEKUGKUVQUNKIJVN[

KPETGCUGVJG6$FQUGCPFVQUKIPKHKECPVN[KPETGCUGVJGRWNOQPCT[TGIKQPVQVCN

FQUGOCUUQH1 CPFVJG%#4FQUGOCUURGTWPKVUWTHCEGCTGCGI/KNNGT 

GVCN1XGTVQPGVCN1XGTVQPCPF)TCJCO

*CPPCGVCN)TQVDGTIGVCNZone

Order

Generation

Generation

0

0

0

0

2

2

2

2

3

3

4

4

4

6

6

4

5

8

8

6

10

10

5

7

12

12

8

14

14

6

9

15

16

7

10

16

17

11

17

18

12

19

20

13

21

22

8

14

23

23

Rabbit

Guinea Pig

Rat

Human

Zone

Order

Generation

Generation

0

0

0

0

2

2

2

2

3

3

4

4

4

6

6

4

5

8

8

6

10

10

5

7

12

12

8

14

14

6

9

15

16

7

10

16

17

11

17

18

12

19

20

13

21

22

8

14

23

23

Rabbit

Guinea Pig

Rat

Human

8-31

(KIWTG 0GVFQUG#CPFVKUUWGFQUG$XGTUWUUGSWGPVKCNUGIOGPVUCNQPICPCVQOKECN

OQFGNCKTYC[RCVJUHQTJWOCPTCVIWKPGCRKICPFTCDDKV+PIGPGTCNGCEJ

UGIOGPVTGRTGUGPVUCITQWRQHCKTYC[UQTFWEVUYKVJEQOOQPHGCVWTGUCU

FGHKPGFD[VJGFGUKIPGTUQHVJGCPCVQOKECNOQFGNJWOCPCPFTCV

IGPGTCVKQPIWKPGCRKIQTFGTTCDDKV\QPG(QTCIKXGPURGEKGUVJG

RNQVVGFFQVUTGRTGUGPVCRTGFKEVGFFQUGVJCVEQTTGURQPFUVQCIKXGPUGIOGPV

6JGFQVUJCXGDGGPLQKPGFD[NKPGUHQTGCUGQHKPVGTRTGVKPIVJGRNQVUVJGUG

NKPGUFQPQVTGRTGUGPVRTGFKEVGFXCNWGUGZEGRVYJGTGVJG[KPVGTEGRVVJGFQVU

6$VTCEJGQDTQPEJKCNTGIKQP2RWNOQPCT[TGIKQP
8-33


 'HHGEVQHTGURKTCVQT[VTCEVKPJQOQIGPGKV[/QFGNUJCXGRTGFKEVGFVJCVVJG

HWTVJGTVJGRTQZKOCNCNXGQNCTTGIKQPKUHTQOVJGVTCEJGCVJGNGUUVJG1 VKUUWG 

FQUGOCUUQH1 CDUQTDGFRGTWPKVUWTHCEGCTGCVQVJGRTQZKOCNCNXGQNCT 

TGIKQP(QTOQFGNKPIRWTRQUGUVJGRTQZKOCNCNXGQNCTTGIKQPJCUDGGPFGHKPGF

CUVJGHKTUVRWNOQPCT[IGPGTCVKQPQTVJGHKTUVRWNOQPCT[TGIKQPOQFGNUGIOGPV

CNQPICRCVJVJKUTGIKQPKUCRCTVQHVJG%#41XGTVQPGVCNRTGFKEVGF

CVJTGGHQNFITGCVGTRTQZKOCNCNXGQNCTTGIKQPFQUGHQTVJGUJQTVGUVRCVJTGNCVKXGVQ

VJGNQPIGUVRCVJKPTCVU7NVOCPCPF#PLKNXGNUKOWNCVGF1 FKUVTKDWVKQP 

KPCUOCNNUGIOGPVQHVJGFKUVCNCKTYC[UQHCPCU[OOGVTKECPCVQOKE

OQFGNQHVJGJWOCPNWPI6JG[HQWPFVJCVVJG1 VKUUWGFQUGOCUURGTUSWCTG 

EGPVKOGVGTKPVJGRTQZKOCNCNXGQNCTTGIKQPCNQPIVJGUJQTVGUVRCVJYCU

CRRTQZKOCVGN[ITGCVGTVJCPVJCVCNQPIVJGNQPIGUVRCVJ/GTEGTGVCN


HQWPFVJCVRCVJFKUVCPEGCPFXGPVKNCVQT[WPKVUK\GCHHGEVFQUGRTGFKEVGF

FQUGUKPVJGRTQZKOCNUGIOGPVUGUUGPVKCNN[VJGRTQZKOCNCNXGQNCTTGIKQPQHVJG

NCTIGTXGPVKNCVQT[WPKVUYKVJVJGUOCNNGUVTGNCVKXGFGCFURCEGCTGUKIPKHKECPVN[

NCTIGTVJCPVJGCXGTCIGRTQZKOCNUGIOGPVFQUGU(WTVJGTHQTVJGUOCNNUCORNG

QHXGPVKNCVQT[WPKVUOQFGNGF/GTEGTGVCNRTGFKEVGFCTCPIGQH

RTQZKOCNUGIOGPVFQUGUQHITGCVGTVJCPCHCEVQTQH$GECWUGVJGRTQZKOCN

CNXGQNCTTGIKQPUQH7NVOCPCPF#PLKNXGNCPFQH/GTEGTGVCN

DGNQPIGFVQCNQECNENWUVGTCPFVJGTGCTGOCP[ENWUVGTUYKVJXCT[KPIFKUVCPEGU

HTQOVJGVTCEJGCCXCTKCDKNKV[ITGCVGTVJCPCPFCHCEVQTITGCVGTVJCP

TGURGEVKXGN[CTGGZRGEVGFKPRTQZKOCNCNXGQNCTTGIKQPFQUGU/GTEGTCPF%TCRQ


KNNWUVTCVGFVJGGHHGEVQHXGPVKNCVQT[WPKVXQNWOGCNQPGQPVJGFKUVTKDWVKQP

QHFQUGRTGFKEVKPIVJCVCVKOGUNCTIGTWPKVTGEGKXGUVKOGUVJGFQUGOCUU

RGTUWTHCEGCTGCQHVJGUOCNNGTWPKVCVVJGGPVTCPEGQHVJGWPKV

6JGXCTKCDKNKV[QHRTGFKEVGFRTQZKOCNCNXGQNCTTGIKQPFQUGUCPFD[KPHGTGPEG%#4

FQUGUUWIIGUVUVJCVVJGOCIPKVWFGQHVQZKEQNQIKECNGHHGEVUHQTFKHHGTGPV%#4UCTGFKHHGTGPV

6JKURTGFKEVKQPKUEQPUKUVGPVYKVJVJGQDUGTXCVKQPUQH5EJYCTV\GVCNCPF$QQTOCPGVCN


QHFCOCIGXCTKCVKQPCOQPIFKHHGTGPV%#4UQHVJGUCOGTCV+VKUTGCUQPCDNGVQCUUWOG

VJCVXCTKCDNGFCOCIGCVGSWKXCNGPVDWVFKHHGTGPVOQTRJQNQIKECNNQECVKQPUCNUQQEEWTUKPJWOCPU

5RGEKHKE6QRKEU

'HHGEVQH#UUWORVKQPU#DQWV#PCVQOKECN&KOGPUKQPU(QTTCVUCPFIWKPGCRKIU

1XGTVQPGVCNWUGFVYQOQTRJQOGVTKECNN[DCUGFCPCVQOKECNOQFGNUTCVCPCVQOKECN

OQFGNU-NKOGPVCPF;GJGVCNIWKPGCRKICPCVQOKECNOQFGNU-NKOGPV

CPF5EJTGKFGTCPF*WVEJGPUVQKPXGUVKICVGVJGKPHNWGPEGQHCPCVQOKECNOQFGN

HQTOWNCVKQPQPRTGFKEVGFWRVCMG4GUWNVUYKVJCNNHQWTCPCVQOKECNOQFGNUKPEQODKPCVKQPYKVJ

FKHHGTGPVXGPVKNCVQT[RCTCOGVGTUUJQYGFCSWCNKVCVKXGUKOKNCTKV[KPVJGUJCRGUQHVJGFQUG

RTQHKNGUDWVVJGVYQCPCVQOKECNOQFGNUHQTVJGUCOGURGEKGUTGUWNVGFKPEQPUKFGTCDNG

FKHHGTGPEGUKPRTGFKEVGFRGTEGPV46CPFRWNOQPCT[TGIKQPWRVCMGU

4GURKTCVQT[6TCEV7RVCMGKP*WOCP#FWNVUCPF%JKNFTGP1XGTVQPCPF)TCJCO


WUGFUGXGTCNUQWTEGUQHFCVCQPCIGFGRGPFGPV.46FKOGPUKQPUCPFUVTWEVWTGVQ

EQPUVTWEVVJGQTGVKECN.46CPCVQOKECNOQFGNUHQTJWOCPUHTQODKTVJVQCFWNVJQQF6JG

1 FQUKOGVT[OQFGNQH/KNNGTGVCNYCUWUGFVQGUVKOCVGVJGTGIKQPCNCPFNQECNWRVCMG 

QH1 (QTVJGRGTEGPVWRVCMGVQFWTKPISWKGVDTGCVJKPIVJG.46FKUVTKDWVKQPQH 
8-34

CDUQTDGF1 CPFVJGEGPVTKCEKPCT1 VKUUWGFQUGCTGPQVXGT[UGPUKVKXGVQCIG4GIKQPCNRGTEGPV  

WRVCMGUCTGOQTGFGRGPFGPVQPCIGFWTKPIJGCX[GZGTEKUGQTYQTMVJCPFWTKPISWKGVDTGCVJKPI

CPFVQVCNWRVCMGUTCPIGHTQOVQ)GPGTCNN[VJGVQVCNSWCPVKV[QH1 CDUQTDGFRGT 

OKPWVGKPETGCUGUYKVJCIG(QTCNNEQPFKVKQPUUKOWNCVGFVJGNCTIGUV1 VKUUWGFQUGKURTGFKEVGF 

VQQEEWTKPVJG%#4/KNNGTCPF1XGTVQPRTGUGPVUKOKNCTTGUWNVU$GECWUGWRVCMGD[

VJG746YCUPQVUKOWNCVGFCPFDGECWUGVJKUTGIKQPECPDGCUUWOGFVQJCXGCPKORQTVCPVGHHGEV

QP.46WRVCMGCEQORCTKUQPQHRTGFKEVKQPUQH.46WRVCMGUKPEJKNFTGPCPFCFWNVUUJQWNFDG

XKGYGFYKVJECWVKQP1PVJGQVJGTJCPF746WRVCMGRTQDCDN[JCUNKVVNGGHHGEVQPVJGUJCRGQH

VJGFQUGEWTXGU

&QUKOGVT[/QFGNKPI4GUWNVU%QORCTGFVQ&QUKOGVT[&CVC

$CUGFQPVJGGZRGTKOGPVCNEQPFKVKQPUFKUEWUUGFKP)GTTKV[GVCNCPFWUKPI

VJGOQFGNCPFRCTCOGVGTUQH/KNNGTGVCN/KNNGTGVCNUKOWNCVGFVJGWRVCMGQH

1 FKUVCNVQVJGQTQRJCT[PZQHJWOCPUWDLGEVU(QTVJGVCTIGVH	UQHCPFDROCPF8 U  6

TCPIKPIHTQOVQ.VJGUKOWNCVKQPTGUWNVUYGTGKPIQQFCITGGOGPVYKVJVJGDTGCVJ

D[DTGCVJGZRGTKOGPVCNFCVC6JGCXGTCIGGZRGTKOGPVCN.46WRVCMGGHHKEKGPE[YCUCU

EQORCTGFVQVJGRTGFKEVKQPIKXGPD[/KNNGTGVCNHQTVJGTGIKQPFKUVCNVQVJG

QTQRJCT[PZ+VUJQWNFDGTGOGODGTGFJQYGXGTVJCVXCNWGUHQTWRVCMGGHHKEKGPE[HTQOVJG

)GTTKV[GVCNUVWF[YGTGFGTKXGFHTQOVJGTCYFCVCWUKPICUVGCF[UVCVGOGVJQF

YJGTGCUVJGOQFGNUQH/KNNGTGVCNCPF/KNNGTGVCNWVKNK\GE[ENKEHNQYVJWU

OCMKPIVJGRTGFKEVKQPUOQTGCRRTQRTKCVGHQTEQORCTKUQPYKVJWRVCMGFCVCHTQOPQPUVGCF[

UVCVGOGVJQFU(TQOCPCPCN[UKUKP)GTTKV[GVCNKVCRRGCTUVJCVVQVCN46WRVCMG

EQORWVGFD[GKVJGTUVGCF[UVCVGQTPQPUVGCF[UVCVGOGVJQFUFKHHGTD[QPN[CDQWVKP

TGNCVKXGVGTOU

6JGTGJCXGDGGPOCLQTKORTQXGOGPVUVQVJGQTKIKPCNOQFGNCUFGUETKDGFD[/KNNGT

GVCNCPF1XGTVQPGVCNKPENWFKPIVJGCFFKVKQPQHVJG746CPFGUVCDNKUJKPIC

TGIKQPCNOCUUVTCPUHGTEQGHHKEKGPVDCUGFQPGZRGTKOGPVCNFCVC6CDNGUWOOCTK\GUVJG

CUUWORVKQPUVJCVWPFGTRKPVJGUGKORTQXGOGPVUCUYGNNCUQVJGTTGNGXCPVCUUWORVKQPUWUGFHQT

UKOWNCVKPIVJGWRVCMGQHUGXGTCNJWOCPFQUKOGVT[GZRGTKOGPVU#FKUEWUUKQPQHVJG

CUUWORVKQPUKUIKXGPKP5GEVKQP

#HVGTVCMKPIKPVQEQPUKFGTCVKQPVJGCUUWORVKQPUQH6CDNG6CDNGEQORCTGU

GZRGTKOGPVCNVQVCN46WRVCMGGHHKEKGPE[FCVCCPFOQFGNRTGFKEVKQPUHQTJWOCPU7UGQHVJG

TCVCUUWORVKQPUKPEQPLWPEVKQPYKVJVJGOQFGNYKNNDGFKUEWUUGFNCVGT5GEVKQP6JG

OQFGNRTGFKEVKQPUUJQYIQQFCITGGOGPVYKVJVJGVQVCN46WRVCMGGHHKEKGPE[FCVCQH)GTTKV[

GVCN)GTTKV[GVCNCPF*WGVCND+PCNNECUGUVJGRTGFKEVKQPUCTG

YKVJKPQHVJGOGCUWTGFXCNWGU6JGCITGGOGPVYKVJVJGFCVCQH*WGVCNDKUGXGP

DGVVGTCUGZRGEVGF

6JGOQFGNRTGFKEVKQPHQTVJGFCVCQH9KGUVGTGVCNKUNGUUCEEWTCVG

%QORCTKUQPQHVJG9KGUVGTGVCNFCVCYKVJVJG*WGVCNFCVC(KIWTGUJQYU

JQYGXGTVJCVVJGTGUWNVUCTGKPIQQFCITGGOGPVYKVJGCEJQVJGT6JWUKVYQWNFCRRGCTVJCV

VJG8 FGRGPFGPEGQHVJGOQFGNFQGUPQVPGEGUUCTKN[TGHNGEVVJGTGCNYQTNF*QYGXGTVJG 6

IGPGTCNCITGGOGPVDGVYGGPVJGOQFGNRTGFKEVKQPUCPFFCVCCTGSWKVGIQQF

#NVJQWIJVJGOQFGNUCTGECRCDNGQHOCMKPITGCUQPCDNGRTGFKEVKQPUQHVQVCN46

WRVCMGGHHKEKGPE[VJGKTCEEWTCE[HQTURGEKHKETGIKQPUTGOCKPUWPEGTVCKP6JG1 DQNWUFCVC 


*WGVCND7NVOCPGVCNCPFVJGCKTYC[WRVCMGGHHKEKGPE[FCVC
8-35

6CDNG#UUWORVKQPHQT#RRNKECVKQPQH&QUKOGVT[/QFGN

VQ$TGCVJKPI(TGSWGPE[4GURQPUGUVQ1\QPGC

5RGEKGU $TGCVJKPI 4GURKTCVQT[ 6TCEV /QTRJQNQI[ /CUU 6TCPUHGT %QGHHKEKGPVU

/QFG QH

*WOCP 1TCN  .46 UVTWEVWTG HTQO 9GKDGN 
  /CUU VTCPUHGT EQGHHKEKGPVU HQT GCEJ

 8QNWOG QH QTCN ECXKV[ VJTQWIJ QTQRJCT[PIGCN UGIOGPV CPF GCEJ 6$

NCT[PZ CPF UWTHCEG VQ XQNWOG IGPGTCVKQP FGHKPGF CU -C
58 YJGTG

TCVKQ 
58 HTQO *W GV CN 58 HQT VJG 6$ TGIKQP KU HTQO 9GKDGN


CD 
 FKOGPUKQPU TGFWEGF VQ (4% -C

 &GCF URCEG XQNWOG 
8  CPF (4% HTQO *W GV CN 
D F

HTQO *CTV GV CN 
 6$  2WNOQPCT[ OCUU VTCPUHGT EQGHHKEKGPV KU

TGIKQP XQNWOG CV (4% GSWCNU  EOU 
/KNNGT GV CN 

8 OKPWU QTQRJCT[PIGCN XQNWOG F

 2TQZKOCN CNXGQNCT TGIKQP FGHKPGF CU

HKTUV TGURKTCVQT[ DTQPEJKQNG

 2WNOQPCT[ TGIKQP GZRCPFU

6$ FQGU PQV GZRCPF

4CV 0CUCN  02 FKOGPUKQPU HTQO 5EJTGKFGT CPF  02 CPF 6$ OCUU VTCPUHGT EQGHHKEKGPVU

4CCDG 
 GUVKOCVGF WUKPI FCVC QH *CVEJ GV CN

 6$ TGIKQP HTQO ;GJ GV CN 
 


 8QNWOGU CPF UWTHCEG CTGCU QH .46  /CUU VTCPUHGT EQGHHKEKGPV QH RWNOQPCT[

KUQVTQRKECNN[ UECNGF VQ (4% TGIKQP   EOU KPHGTTGF HTQO

 2WNOQPCT[ TGIKQP HTQO /GTEGT 2KPMGTVQP GV CN 


GV CN 


 6$ CPF RWNOQPCT[ TGIKQPU

GZRCPF WPKHQTON[ FWTKPI

DTGCVJKPI

 2TQZKOCN CNXGQNCT TGIKQP KU HKTUV

IGPGTCVKQP QH RWNOQPCT[ TGIKQP

5GG #RRGPFKZ # HQT CDDTGXKCVKQPU CPF CETQP[OU C

6CDNG%QORCTKUQPQH6QVCN4GURKTCVQT[6TCEV7RVCMG

&CVCYKVJ/QFGN2TGFKEVKQPUC

8 
O. H 
DRO /GCUWTGF ( 2TGFKEVGF ( &CVC 5QWTEG 6 V V

    )GTTKV[ GV CN 


    )GTTKV[ GV CN 


    *W GV CN 
D

    *W GV CN 
D

    )GTTKV[ GV CN 


    )GTTKV[ GV CN 


    9KGUVGT GV CN 


5GG #RRGPFKZ # HQT CDDTGXKCVKQPU CPF CETQP[OU C
8-36


)GTTKV[GVCNTCKUGSWGUVKQPUCDQWVVJGOQFGNRTGFKEVKQPUQHWRVCMGKPVJGEQPFWEVKPI

CKTYC[U6JGUGNCVVGTFCVCUGVUUWIIGUVVJCVVJGOQFGNUQH/KNNGTGVCNOC[

WPFGTGUVKOCVGVJG1 WRVCMGEQGHHKEKGPVUKPVJGEQPFWEVKPICKTYC[U7NVOCPGVCNUJQY 

KPVJGKTCPCN[UKUQHVJGDQNWUFCVCVJCVVJGTGCEVKXKV[QH1 YKVJVJGNWPINKSWKFNKPKPIFGETGCUGU 

YKVJKPETGCUKPIFGRVJKPVQVJGNWPI6JKUEQWNFKORN[VJCVOQTG1 KUVCMGPWRKPEGPVTCN 

CKTYC[UVJCPRTGXKQWUN[JCFDGGPVJQWIJV*QYGXGTVJGRTGFKEVKQPURTGUGPVGFKP6CDNG

YJKEJCTGDCUGFQPVJGCUUWORVKQPUQH6CDNGTGRTGUGPVCTGXKUKQPQHVJG/KNNGTGVCN


OQFGNKPVJCVVJGOCUUVTCPUHGTEQGHHKEKGPVUCTGFGTKXGFHTQOVJGCEVWCNJWOCPFCVCQH

*WGVCND

$GECWUGVJGWVKNKV[QHFQUKOGVT[OQFGNUKUVJGKTWUGHWNGPGUUKPHCEKNKVCVKPI

KPVGTURGEKGUGZVTCRQNCVKQPKVKUKORQTVCPVVQEQORCTGRTGFKEVKQPUYKVJCPKOCNFCVCCUYGNNCU

YKVJJWOCPFCVC7UKPIVJG1XGTVQPGVCNOQFGNHQTOWNCVKQPCPFRCTCOGVGTU1XGTVQP

GVCNFGXGNQRGFCHQTOWNCVJCVECPDGWUGFVQECNEWNCVG.46WRVCMGUKPTCVUIKXGPVJGKT

8 UCPFH	U(QTEQORCTKUQPRWTRQUGUVJGFCVCQH9KGUVGTGVCNCPF*CVEJGVCN 6


ECPDGWUGF6JGCXGTCIGWRVCMGGHHKEKGPE[HQTVJGTCVHTQOVJGUGFCVCKU$CUGF

QPVJG8 UCPFH	UQHVJGUGCPKOCNUCPCXGTCIG.46WRVCMGQHKUEQORWVGFWUKPI1XGTVQP 6

GVCN+H1XGTVQPGVCNJCFKPENWFGFVJGGHHGEVUQH746WRVCMGVJGKTOQFGN

YQWNFJCXGRTGFKEVGFOQTGVJCP

+VKUKORQTVCPVVQPQVGVJCVVJGUGTGUWNVUCTGDCUGFQPVJGQNFGTOQFGNCUUWORVKQPU

PQVVJQUGRTGUGPVGFKP6CDNG+HVJGPGYGTCUUWORVKQPUJCFDGGPWUGFVJGCITGGOGPV

DGVYGGPRTGFKEVKQPUCPFCEVWCNTGUWNVUYQWNFJCXGDGGPOWEJDGVVGTKGVQVCNWRVCMGYQWNF

JCXGDGGPKPVJGVQTCPIGFGRGPFKPIQPXGPVKNCVKQP

 5RGEKGU5GPUKVKXKV[.WPI(WPEVKQPCPF+PHNCOOCVQT[

'PFRQKPVU'ZGORNKH[KPICP#RRTQCEJ

 +PVTQFWEVKQP

3WCPVKVCVKXGGZVTCRQNCVKQPQHCPKOCNDCUGF1 VQZKEKV[FCVCVQVJGJWOCP 

EKTEWOUVCPEGTGSWKTGUCRCTCFKIOVJCVKPENWFGUDQVJCPGUVKOCVGQHVCTIGVVKUUWGFQUG


FQUKOGVT[CPFCPCNIQTKVJOVJCVTGNCVGUVJGTGURQPUKXGPGUUQHVJGVGUVURGEKGUVQVJCVQHVJG

JWOCPURGEKGUUGPUKVKXKV[6JKURCTCFKIOECPDGFGRKEVGFCUCPGZVTCRQNCVKQPRCTCNNGNQITCO


(KIWTGYJKEJEQPEGRVWCNK\GUCTGNCVKQPUJKRDGVYGGPEJTQPKECPKOCNUVWF[FCVCCPFNQPI

VGTOJWOCPJGCNVJGHHGEVUDCUGFQPCPWPFGTUVCPFKPIQHCEWVGGHHGEVUKPDQVJURGEKGU)TCJCO

CPF*CVEJ#NVJQWIJTGEGPVUVWFKGUJCXGDGIWPVQGNWEKFCVGVJGWPFGTN[KPIOGEJCPKUOU

FGVGTOKPKPITGURQPUGVJGDWNMQHVJGRTGUGPV1 VQZKEKV[FCVCDCUGKPCPKOCNUCPFJWOCPU 

TGOCKPUNCTIGN[FGUETKRVKXG*GPEGQPN[CUKORNKHKGFCRRNKECVKQPQHVJKURCTCFKIOKUHGCUKDNGCV

VJKUVKOG6JGHQNNQYKPIUGEVKQPYKNNCVVGORVVQJCTOQPK\GUGNGEVKXGNKVGTCVWTGQPCEWVGJWOCP

CPFCPKOCNTGURQPUGUVQ1 GZRQUWTGCNTGCF[TGXKGYGFKPFGVCKNKP%JCRVGTUCPFYKVJ 

YJCVKUMPQYPCDQWVVJGFQUKOGVT[QH1 KPCPGHHQTVVQFKUEGTPTGNCVKXGURGEKGUUGPUKVKXKV[

6QEQPUVTWEVCPCTIWOGPVVJCVKURNCWUKDNGHQTVJKUVGUVCRRNKECVKQPHQEWUKUQPGPFRQKPVUHQT

YJKEJVJGTGCTGUWHHKEKGPVFCVCKPDQVJJWOCPUCPFVGUVCPKOCNURGEKGUCPFHQTYJKEJGZRQUWTG

UEGPCTKQUCTGUKOKNCT6JGGPFRQKPVUEQORCTGFKPENWFGOGCUWTGUQHRWNOQPCT[HWPEVKQPCPF

OCTMGTUQHNWPIKPHNCOOCVKQPOQUVPQVCDN[$#.RTQVGKPCPFEGNNU9JGPRQUUKDNGQVJGT

KPHNWGPEKPIRCTCOGVGTUUWEJCUXGPVKNCVKQPCWIOGPVCVKQPCPFCPVKQZKFCPVUYKVJKPVJGNWPICNUQ

YKNNDGFKUEWUUGF6JGDQF[QHKPXKVTQEGNNUVWFKGUJCUPQVDGGPKPENWFGFDGECWUGQHVJG
Acute Effect

Animal

Acute Effect

Human

Chronic Effect

Animal

Chronic Effect

Human

Experimental correlation

Extrapolation

8-37

FKHHKEWNVKGUKPKPVGTRTGVCVKQPCUUQEKCVGFYKVJ(KIWTG

2CTCNNGNQITCORCTCFKIOHQTWVKNK\KPICPKOCNFCVCHQTJWOCPJGCNVJ

RTGFKEVKQPU#EWVGJQOQNQIQWUGPFRQKPVUUGTXGCUVJGDCUKUHQT

GZVTCRQNCVKPIEJTQPKEGHHGEVUKPJWOCPUHTQOCPKOCNFCVC

FQUKOGVT[CPFEWNVWTKPIU[UVGOU6JGTGCFGTKUTGHGTTGFVQ%JCRVGT5GEVKQPCPFVJG

TGEGPVTGXKGYD[-QTGPGVCN6JGIQCNJGTGKUVQFGXGNQRCJ[RQVJGVKECNOQFGNHQTVJG

CUUGUUOGPVQHURGEKGUURGEKHKEUGPUKVKXKV[YKVJCEWVG1 GZRQUWTGVJCVECPUGTXGCUCHTCOGYQTM 

VQDGVVGTRTGFKEVJWOCPTGURQPUGUGURGEKCNN[YKVJTGICTFVQEJTQPKEGHHGEVU6JGEQORNGZ

KUUWGQHYJGVJGTEQPVTQNNGFJWOCPENKPKECNUVWFKGUCEEWTCVGN[TGHNGEVRQRWNCVKQPDCUGF

TGURQPUGUCNUQYKNNPQVDGEQPUKFGTGFKPVJKUFKUEWUUKQP

 &QUKOGVT[

6JKUVQRKEJCUDGGPFKUEWUUGFKPFGVCKNKP5GEVKQP4GEGPVUVWFKGUD[*CVEJ

GVCNWVKNK\KPIVJGPQPTCFKQCEVKXGKUQVQRGQHQZ[IGP1VQNCDGN1 JCXGUJQYPVJCV 



GZRQUWTGQHGZGTEKUKPIJWOCPU.OKPCPFTGUVKPITCVUVQRRO1 HQTJTGUWNVGFKP 

QTVKOGUVJG1FQUGCUCFFWEVVQVJG$#.EQPUVKVWGPVUQHJWOCPUCUEQORCTGFVQVJQUG 

QH(OCNGTCVU6JKUHQWTVQHKXGHQNFFKHHGTGPEGCRRGCTGFVQDGFWGVQVJGGZGTEKUG

UVKOWNCVGFJ[RGTXGPVKNCVKQPQHVJGJWOCPUYJGPEQORCTGFVQVJGTCVCPFEQORCTGFHCXQTCDN[

YKVJKPFKEGUQHGHHGEVKG$#.EGNNUCPFRTQVGKPCVJ1PN[YJGPVJGTCVUYGTGGZRQUGF

VQRRO1 HQTJFKFVJG1 NCDGNKPIQH$#.EQPUVKVWGPVUCRRTQZKOCVGVJCVQHVJGJWOCP 



6JWUQPVJGDCUKUQHVJKUUVWF[QHEGNNWNCTCPFRTQVGKPKPHNWZFWGVQ1 KPLWT[VJGTCVCPF 

JWOCPCRRGCTVQJCXGUKOKNCTUGPUKVKXKV[VQ1 YJGPGZGTEKUGKUEQPUKFGTGF#FFKVKQPCNTGNCVGF 

UVWFKGUYKVJ1 KPFKECVGVJCVFGRQUKVKQPKPVJG46KUCEWOWNCVKXGHWPEVKQPQHXGPVKNCVKQPQXGT 



VJGKPKVKCNRGTKQFQHGZRQUWTGYJKEJYQWNFNGPFUWRRQTVVQVJGUGHKPFKPIU5CPVTQEMGVCN
8-38

#VVGORVUVQEQORCTGCPKOCNFCVCQDVCKPGFYKVJQWVGZGTEKUGVQJWOCPUVWF[FCVCYKVJ

GZGTEKUGVJWUYQWNFWPFGTGUVKOCVGVJGFQUGVQVJGNWPICPFRTGUWOCDN[VJGTGUWNVCPVTKUMQH

GHHGEV5VWFKGUQH1 GHHGEVUDWVYKVJQWVCUUGUUOGPVQHFQUGKPGZGTEKUKPITQFGPVUJCXG 

EQPHKTOGFVJKUEQPENWUKQP/CWV\GVCN

'ZGTEKUGKUQPN[QPGHCEVQTVJCVECPCNVGTFQUGCPFGHHGEV5VWFKGUKPNCDQTCVQT[

CPKOCNUVJCVKPEQTRQTCVGQVJGTHCEVQTUUWEJCUVKOGQHFC[QTFKWTPCNTJ[VJOU8CP$TGGGVCN

CPKOCNUVTCKP2KPQGVCN%QUVCGVCNQTPWVTKVKQP%JCRVGT

5GEVKQPCNUQUJQYUWDUVCPVKCNOQFKHKECVKQPQHTGURQPUGVQ1 CPFVJWUGORJCUK\GVJG 

PGGFHQTECTGHWNEQPUKFGTCVKQPQHGZQIGPQWUHCEVQTUYJGPCVVGORVKPIVQEQORCTGQTGZVTCRQNCVG

UVWF[HKPFKPIU+VKUNKMGN[VJCVCUKOKNCTTCPIGQHHCEVQTFGRGPFGPVXCTKCDKNKV[GZKUVUYKVJKP

JWOCPVGUVUWDLGEVU

 *QOQNQI[QH4GURQPUG

6JGEQPEGRVQHURGEKGUUGPUKVKXKV[CEVWCNN[EQPUKUVUQHVYQKPVGITCVGFEQORQPGPVU

6JGHKTUVJQOQNQI[QHTGURQPUGKPFKECVGUYJGVJGTVJGQWVEQOGUGGPKPVJGCPKOCNVGUVURGEKGU

TGRTGUGPVUVJGUCOGDKQNQIKECNTGURQPUGKPVJGJWOCP+POCP[ECUGUCOGCUWTGOGPVQHVJG

UCOGGPFRQKPVKPDQVJURGEKGUECPDGRTGUWOGFVQTGHNGEVVJGUCOGVQZKERJGPQOGPQPQT

OGEJCPKUOKGVJGRWNOQPCT[KTTKVCPVKPFWEGFVCEJ[RPGCUGGDGNQY1PVJGQVJGTJCPF

VJGTGOC[DGGPFRQKPVUVJCVCNVJQWIJJQOQNQIQWUCTGPQVGZRTGUUGFUKOKNCTN[HQTGZCORNG

VJGDWTPKPIFKUEQOHQTVQHUGPUQT[KTTKVCVKQPKPVJGJWOCPCPFVJGRCWUGQPVKFCNGZRKTCVKQPUGGP

KPTQFGPVU6JGUGEQPFEQORQPGPVQHURGEKGUUGPUKVKXKV[TGNCVGUVJGFQUGTGURQPUGEWTXGVQ

IKXGPJQOQNQIQWUTGURQPUGU#NVGTCVKQPUKPRGTOGCDKNKV[QHVJGCKTDNQQFDCTTKGTQHVJGNWPI

CRRGCTVQTGHNGEVVTWGURGEKGUFKHHGTGPEGUKPUGPUKVKXKV[VQRWNOQPCT[KTTKVCPVUUWEJCU1 *CVEJ 

GVCN+FGCNN[VJGUGGNGOGPVUQHURGEKGUUGPUKVKXKV[UJQWNFHNQYFKTGEVN[KPVQ

GZVTCRQNCVKQPHQTOWNCGFGXGNQRGFVQKPVGITCVGCPKOCNCPFJWOCPTGUGCTEJFCVC

 .WPI(WPEVKQP'PFRQKPVUCU*QOQNQIQWU+PFKECVQTU

.WPIHWPEVKQPUVWFKGUQHUOCNNOCOOCNUJCXGRTQXKFGFDCUKERJ[UKQNQIKECN

KPHQTOCVKQPKORQTVCPVVQVJGWPFGTUVCPFKPIQHDQVJPQTOCNCPFFKUGCUGFNWPIU5PKFGTCPF

5JGTVGT*CTMGOCGVCN4CWDGVCN/CWFGTN[%QUVC

#PKOCNNWPIHWPEVKQPVGUVUCFCRVGFHTQOVJQUGWUGFENKPKECNN[JCXGRTQXGPWUGHWNKP

FGUETKDKPIVJGPCVWTGCPFUGXGTKV[QHNWPIKPLWT[CPFKPFKUVKPIWKUJKPIVQZKECPVKPFWEGFGHHGEVU

KPVJGEGPVTCNQTRGTKRJGTCNCKTYC[UHTQOVJQUGGHHGEVUKPVJGRCTGPEJ[OC+PRTCEVKEGVJG

KPVGTRTGVCVKQPQHHWPEVKQPCNEJCPIGUFGVGEVGFKPCPKOCNUFGTKXGUHTQOMPQYNGFIGCPFGZRGTKGPEG

KPJWOCPRWNOQPCT[OGFKEKPG5WRRQTVKPIVJKUXKGYKPVJGQT[KUVJGCNNQOGVTKEFCVCDCUGHQT

PQTOCNOCOOCNUKPYJKEJVJGNWPIHWPEVKQPXCTKCDNGUCUUQEKCVGFYKVJXGPVKNCVKQPCPFCGTQDKE

OGVCDQNKUOUECNGU[UVGOCVKECNN[VQDQF[OCUUQXGTPGCTN[UGXGPQTFGTUQHOCIPKVWFG5VCJN

.GKVJ6JGNWPIHWPEVKQPUVWFKGUQH1 VQZKEKV[KPCPKOCNUCPFJWOCPUEQPUKFGTGF 

KPVJGRTGUGPVFKUEWUUKQPCTGFGUETKDGFKPFGVCKNKP%JCRVGTUCPF5GEVKQPUCPF

TGURGEVKXGN[QHVJKUFQEWOGPVCPFKPVJGRTGXKQWU1 ETKVGTKCFQEWOGPV75'PXKTQPOGPVCN 

2TQVGEVKQP#IGPE[

 +PHNCOOCVQT[CPF#PVKQZKFCPV'PFRQKPVUCU*QOQNQIQWU+PFKECVQTU

+PHNCOOCVKQPQHRWNOQPCT[CKTYC[UCPFCKTURCEGUKUDGUVFGUETKDGFCUCECUECFGQH

GXGPVUVJCVPGVYQTMKPHKNVTCVKPINGWMQE[VGURNCUOCRTQVGKPUCPFEGNNFGTKXGFOGFKCVQTUYJKEJ

HWPEVKQPRTGUWOCDN[VQFGHGPFQTTGRCKTDWVOC[HWTVJGTFCOCIGVJGKPLWTGFNWPIUGG
8-39

%JCRVGTUCPF5GEVKQPUCPFTGURGEVKXGN[-QTGPGVCN-G[OCTMGTUQH

VJGDCUKEKPHNCOOCVQT[RTQEGUUKPENWFGRNCUOCFGTKXGFRTQVGKPUUWEJCUCNDWOKPINQDWNKPU

CPFRNCUOKPCPFCRTKOCT[KPHNCOOCVQT[EGNNVJGRQN[OQTRJQPWENGCTNGWMQE[VG2/01H

VJGUGVYQOCTMGTURNCUOCFGTKXGFRTQVGKPUKPVJGCEWVGRJCUGIGPGTCNN[CTGVJQWIJVVQ

TGRTGUGPVCNGCMHTQOVJGXCUEWNCVWTGVQVJGCKTURCEGNWOGP*GPEGWPFGTEQPVTQNNGF

VGORQTCNEQPFKVKQPURNCUOCRTQVGKPTGUKFKPIKPVJGCKTURCEGCPFCEEGUUKDNGD[$#.ECPDGWUGF

CUCRTQRQTVKQPCNOCTMGTQHGHHGEVVJCVKPVWTPUJQWNFDGTGNCVGFVQFQUG6JGRTGUGPEGQH

2/0UKPVJGCKTURCEGUKUCDKVOQTGEQORNGZDGECWUGQHVJGUKIPCNUKPXQNXGFKPTGETWKVKPIVJGUG

EGNNUKPVQVJGNWPINWOGPCHVGTKPLWT[CPFVJGECUECFGQHGXGPVUCRRCTGPVN[KPXQNXGFKPVJGKT

RQKGUKUHTQOVJGXCUEWNCVWTGVQVJGNWPINWOGP(QTVJGRWTRQUGUQHURGEKGUEQORCTKUQP

RNCUOCFGTKXGFRTQVGKPPQPURGEKHKECPFVJGRTQRQTVKQPQH2/0UCOQPIVQVCNEGNNUCUUCORNGF

D[$#.YKNNDGGORJCUK\GFCURTKOCT[KPFKEGUQHFCOCIGCPFKPHNCOOCVKQPYKVJKPVJGNWPI

#PVKQZKFCPVUWDUVCPEGUKPNWPIVKUUWG5NCFGGVCNCPF$#.HNWKFCPFEGNNU


5NCFGGVCNJCXGDGGPKFGPVKHKGFCPFSWCPVKHKGFHQTJWOCPUCPFUGXGTCNNCDQTCVQT[

CPKOCNURGEKGU6JGURGEKGURTQHKNGUQHVJGUGCPVKQZKFCPVUKPVJGNWPIVKUUWGCPFVJGKT

TGURGEVKXG$#.EGNNUCPFHNWKFECPFKHHGTCRRTGEKCDN[6CDNGDWVEQNNGEVKXGN[VJG[CRRGCT

VQRNC[CUKIPKHKECPVTQNGKPFGHGPUGQHVJGNWPICICKPUVDQVJGPFQIGPQWUCPFGZQIGPQWUQZKFCPV

EJCNNGPIG+PRCTVKEWNCTCUEQTDCVGCPFXKVCOKP'CRRGCTVQJCXGOCLQTHWPEVKQPUKPRTQVGEVKPI

VJGNWPIHTQO1 EJCNNGPIG%JCRVGT5GEVKQP5NCFGGVCN%TKUUOCPGVCN 

-QTGPGVCND'NUC[GFGVCNCPFYJGPVJGKTNGXGNUCTGOCPKRWNCVGFKP

XKXQGKVJGTECPKPHNWGPEGVJGFGITGGQHVQZKEQWVEQOG*GPEGVJGOGCUWTGOGPVQHDCUCNCPF

1 TGURQPUGNGXGNUQHVJGUGCPVKQZKFCPVUKP$#.EGNNUCPFHNWKFUKUWUGHWNKPCUUGUUKPIVJG 

SWCNKVCVKXGCPFSWCPVKVCVKXGTGURQPUGUCOQPIJWOCPUCPFNCDQTCVQT[VGUVURGEKGU

 5VWFKGUQH.WPI(WPEVKQP

 %QPHQWPFKPI+PHNWGPEGUKP.WPI(WPEVKQP5VWFKGU

+FGCNN[CU[UVGOHQTOGCUWTKPIRWNOQPCT[HWPEVKQPKPUOCNNCPKOCNUYQWNFDG

CRRTQZKOCVGN[VJGUCOGCUVJCVWUGFKPJWOCPUHQTEQQRGTCVKXGWPTGUVTCKPGFUWDLGEVU

*QYGXGTKPCPKOCNUVWFKGUVJKUKUWUWCNN[PQVRQUUKDNG(QTVWPCVGN[EGTVCKPOGCUWTGU


GIUVCVKENWPIXQNWOGUFKHHWUKQPECRCEKV[CRRGCTVQDGOKPKOCNN[KPHNWGPEGFD[UGPUQT[

TGHNGZQTOWUEWNCTCEVKXKV[KPURKVGQHWPPCVWTCNUVTGUUGUQTDNWPVKPIQHTGURQPUGUECWUGFD[

CPGUVJGVKEQTRJ[UKECNKOOQDKNK\CVKQP1PVJGQVJGTJCPFUQOGOGCUWTGOGPVUV[RKECNN[VJQUG

KPXQNXGFKPVJGCUUGUUOGPVQHXGPVKNCVQT[OGEJCPKEUECPDGRTQHQWPFN[KPHNWGPEGFD[VJGUGCPF

QVJGTHCEVQTUUWEJCUCODKGPVCPFVQZKECPVCNVGTGFDQF[EQTGVGORGTCVWTGVJWUEQPHQWPFKPI

ETQUUURGEKGUEQORCTKUQPU$GECWUGCOCLQTGORJCUKUQHVJKUUGEVKQPKUVJGEQORCTKUQPQHNWPI

HWPEVKQPFCVCQHCPKOCNUCPFJWOCPUKVKUKORQTVCPVVJCVVJGTGCFGTTGCNK\GRQVGPVKCNN[

EQPHQWPFKPIKPHNWGPEGUDQTPGD[UVWFKGUQHNWPIHWPEVKQPKPTQFGPVUYJGPEQORCTGFVQ

CPCNQIQWUOGCUWTGOGPVUKPJWOCPU6JGUGCTGFKUEWUUGFDTKGHN[DGNQY

#PGUVJGUKC

#PGUVJGUKCCNVGTURWNOQPCT[HWPEVKQPOGCUWTGOGPVUKPDQVJJWOCPU4GJFGTGVCN

CPFNCDQTCVQT[CPKOCNU5MQTPKEMCPF$TCKP.COOGVCN4KEJGVCN8-40

6CDNG2WNOQPCT[#PVKQZKFCPV5WDUVCPEGUKP8CTKQWU

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*QTPDGKP$GNNXKNNGGVCN*WPVGTGVCN5KCHCMCUGVCN+PJWOCPU

CPGUVJGUKCECPFGETGCUGEQORNKCPEGCPF(4%CPFKVCNUQECPKPETGCUGCKTYC[TGUKUVCPEG4  CY


4GJFGTGVCN+PUOCNNNCDQTCVQT[OCOOCNUCPCPCNQIQWUFGETGCUGKP(4%

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CPFCNVGTCVKQPQHXGPVKNCVQT[RCVVGTPUKPTGURQPUGVQ%1 /CTVKP$QF[CPF5KPENCKT 

*GPEGCNVJQWIJPQVKPXCNKFCVKPIGZRGTKOGPVCNTGUWNVUEJQKEGQHCPGUVJGVKECIGPVOC[

CHHGEVVJGOGCUWTGFTGURQPUGCPFOC[EQPHQWPFETQUUURGEKGUEQORCTKUQP

4GUVTCKPV

%QNNGEVKQPQHUOCNNCPKOCNRWNOQPCT[HWPEVKQPFCVCYKVJQWVVJGWUGQHCPGUVJGUKC

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TGUVTKEVKXGCNNQYKPIVWTPKPICPFUQOGNQEQOQVKQPVQGZVTGOGN[EQPHKPKPICUQEEWTUYJGP

CPKOCNUCTGKPUGTVGFKPVQPQUGQPN[GZRQUWTGVWDGU#NVJQWIJTGUVTCKPVTGFWEGUOQXGOGPV
8

8-41

CTVKHCEVUCPFRGTOKVUCVVCEJOGPVQHFGNKECVGRTQDGUQTUGPUQTUKOOQDKNK\CVKQPECPCNUQRTQFWEG

WPFGUKTCDNGRJ[UKQNQIKECNFKUVWTDCPEGUUWEJCUEJCPIGUKPDQF[EQTGVGORGTCVWTG6  EQ


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/CWFGTN[CPFICUVTKETGURQPUG6QTCCUQPGVCN5WEJUVTGUUTGNCVGFTGURQPUGU

CTGRQQTN[WPFGTUVQQFCPFVJGKTKPHNWGPEGQPVQZKEQNQIKETGURQPUGUOC[YGNNRCUUWPPQVKEGF

WPNGUUURGEKHKECNN[GZCOKPGF

6GORGTCVWTG

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HWPEVKQPECPOQFKH[VJGTGUWNVUQHVQZKEQNQIKECNUVWFKGU)QTFQPGVCN)QTFQP

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JGCTVTCVGCPFDNQQFRTGUUWTGQXGTQTOQTGJQWTUKPWPTGUVTCKPGFWPCPGUVJGVK\GFTQFGPVU

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VJGQVJGTJCPFYJGPTCVUYGTGTGUVTCKPGFKPCJGCFQWVDQF[RNGVJ[UOQITCRJCPFGZRQUGFVQ

VJGUCOGEQPEGPVTCVKQPQH1 RROCUKPVJG7EJK[COCGVCNCPF9CVMKPUQPGVCN 


UVWFKGUPQEJCPIGKPDNQQFRTGUUWTGYCUQDUGTXGF6GRRGTGVCN6JG

FKUEQTFCPEGDGVYGGPVJGUGHKPFKPIUOC[DGVJGTGUWNVQHTGUVTCKPVUVTGUUYJKEJJCUDGGPUJQYP

VQKPETGCUG6 0CICUCMCGVCNCPFKPVJKUEKTEWOUVCPEGEQWNFJCXGDNWPVGFVJG EQ

FGETGCUGKP6 CUUQEKCVGFYKVJ1 GZRQUWTG EQ 

#NVJQWIJ1 KPFWEGFEJCPIGUKPJGCTVTCVGCPF6 OC[DGWPKSWGVQTQFGPVUVJKU  EQ

RJGPQOGPQPJCUPQVDGGPYGNNUVWFKGFKPJWOCPU+VKURQUUKDNGVJCVDGECWUGQHVJGKTNCTIGT

VJGTOCNOCUUCPFFKHHGTGPVVJGTOQTGIWNCVQT[OGEJCPKUOUJWOCPUFQPQVGZJKDKVUKOKNCT

EJCPIGUKPVJGUGRCTCOGVGTUQPGZRQUWTG(QTGZCORNGTGEVCNVGORGTCVWTGKPETGCUGFD[VJG

UCOGCOQWPVKPDQVJCKTCPFRRO1 ITQWRUQHJWOCPUFWTKPICJGZRQUWTGCV %


$GFKGVCN6JGGHHGEVUQP6 OC[JCXGDGGPEQPHQWPFGFDGECWUGVJGUWDLGEVU EQ

RGTHQTOGFOQFGTCVGGZGTEKUGFWTKPICNVGTPCVGOKPRGTKQFUFWTKPIGZRQUWTG1PVJGQVJGT

JCPFYQOGPGZGTEKUKPIKPVGTOKVVGPVN[KPOQFGTCVG%CPFJQV%CODKGPVEQPFKVKQPU

UJQYGFPQEJCPIGKP6 TGNCVGFVQ1 GZRQUWTGDWVFKFUJQYNGUUQHCPKPETGCUGKPJGCTVTCVG EQ 


VJCPFKFCKTGZRQUGFUWDLGEVUCV%)KDDQPUCPF#FCOU+VUJQWNF

DGPQVGFJQYGXGTVJCVQVJGTUVWFKGUJCXGUJQYPRQVGPVKCVKQPQHJWOCPNWPIHWPEVKQP

TGURQPUGUCUUQEKCVGFYKVJKPETGCUGFCODKGPVVGORGTCVWTGCPF1 GZRQUWTG(QNKPUDGGGVCN 

)KDDQPUCPF#FCOU6JGHWNNKORQTVCPEGQHVGORGTCVWTGKPTGNCVKPITQFGPVCPF

JWOCPTGURQPUKXGPGUUVQ1 TGOCKPUVQDGWPFGTUVQQF 

'ZGTEKUGCPF8GPVKNCVKQP

'ZGTEKUGJCUNQPIDGGPGORNQ[GFKPJWOCPUVWFKGUVQGPJCPEGVJGGHHGEVUQHCKT

RQNNWVCPVUGURGEKCNN[1 (QNKPUDGGCPF4CXGP'ZGTEKUGCRRGCTUVQGZCEGTDCVG 

HWPEVKQPCNGHHGEVUD[KPETGCUKPIVJGKPJCNGFFQUG*CVEJGVCNCPFRQUUKDN[D[UJKHVKPI

VJGFGRQUKVKQPQHVJGRQNNWVCPVVQOQTGUGPUKVKXGRWNOQPCT[UKVGU)GTTKV[CPF9KGUVGT

#NVJQWIJGZGTEKUGECPDGWUGFKPNCDQTCVQT[CPKOCNUVQGPJCPEGFGRQUKVKQPQH1 PQFKTGEV 

OGVJQFUHQTOGCUWTKPIXGPVKNCVKQPQTDTGCVJKPIOGEJCPKEUCTGCXCKNCDNGHQTUOCNNCPKOCNU

FWTKPIGZGTEKUG#NVGTPCVKXGN[KPCPCVVGORVVQOKOKEVJGKPETGCUGKPXGPVKNCVKQPRTQFWEGFD[

GZGTEKUGKPJWOCPUUVWFKGUGORNQ[KPITGUVTCKPGFCPKOCNUJCXGWUGF%1 CUCXGPVKNCVQT[ 

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URGEKGU%1 KPGZEGUUQHYKNNTGUWNVKPCTGFWEVKQPKPXGPVKNCVKQP9QPICPF#NCTKG 
8

8 8

8

8-42

6GRRGTGVCN6JKUKPETGCUGKPKUGSWKXCNGPVVQNKIJVVQ¥TGUVKPI8 QT  ' '

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+POCP[1 UVWFKGUKPJWOCPUDQVJJGCX[VQ¥QTXGT[JGCX[ ¥GZGTEKUG  ''

JCXGDGGPWUGF5KOKNCTKPETGCUGUKPXGPVKNCVKQPECPPQVDGCVVCKPGFKPUOCNNCPKOCNUWUKPIVJG

%1 EJCNNGPIGVGEJPKSWGVJWURQUKPICNKOKVCVKQPKPCVVGORVKPIVQOCMGFKTGEVEQORCTKUQPU 

DGVYGGPCPKOCNCPFJWOCPUVWFKGU

6JGCRRNKECVKQPQHVJKU%1 EJCNNGPIGOGVJQFQNQI[KP1 GZRQUGFTCVUVQ  

RROHQTJYKVJOKPCNVGTPCVKPIJ[RGTXGPVKNCVKQPENGCTN[FGOQPUVTCVGUGPJCPEGF

RWNOQPCT[KTTKVCVKQPCUTGHNGEVGFKPDTGCVJKPIRCVVGTPEJCPIGUFWTKPIGZRQUWTG6GRRGTGVCN

6JGDTGCVJKPIRCVVGTPCNVGTCVKQPUV[RKECNQH1 GZRQUWTGCRRGCTGFVQDGNCTIGT 

VJCPYQWNFDGRTGFKEVGFDCUGFUQNGN[QPKPETGCUGFFQUGUWIIGUVKPIVJCV%1 EJCNNGPIGFWTKPI 

1 GZRQUWTGOC[JCXGGPJCPEGFFGRQUKVKQPCVETKVKECNNWPIUKVGU6GRRGTGVCN6JKU 

CWIOGPVGFTGURQPUGYCUTGHNGEVGFENGCTN[KPVJGNCTIGKPETGCUGUKPRTQVGKPQDUGTXGFKPVJG$#.

HNWKF%QUVCGVCND+PRQUVOQTVGOUVWFKGUTCVUGZGTEKUGFFWTKPIGZRQUWTGJCXGDGGP

HQWPFVQJCXGGZCEGTDCVGFNWPIRCVJQNQI[VJWUCRRGCTKPIVQEQPHKTOVJKUJ[RQVJGUKU/CWV\

GVCNCPFUWIIGUVKPIVJCVGZGTEKUGOC[KPHCEVGPJCPEGVQZKEKV[FKURTQRQTVKQPCVGVQVJG

CRRCTGPVFQUGQHVQZKECPV

 #EWVG'ZRQUWTG&CVC

6YQEQTPGTUQHVJGRCTCNNGNQITCORCTCFKIOECPDGEQPUVTWEVGFTGCFKN[HTQOFCVC

ICVJGTGFKPGORKTKECNUVWFKGUQHCEWVG1 GZRQUWTGKPJWOCPUCPFNCDQTCVQT[CPKOCNU6JGUG 

UVWFKGUJCXGVJGDWNMQHVJGFCVCYKVJVJGJKIJGUVHTGSWGPE[QHEQOOQPGPFRQKPVUVJCVECPDG

EQORCTGF*GPEGVJGHQNNQYKPIFKUEWUUKQPYKNNHQEWUQPUGXGTCNECVGIQTKGUQHJQOQNQIQWU

NWPIHWPEVKQPCPF$#.UVWF[FCVCVJCVJCXGDGGPQDVCKPGFHTQOJWOCPUCPFCPKOCNUGZRQUGF

UKOKNCTN[VQ1 6JGJWOCPUVWFKGUYGTGFTCYPHTQOVJGNCTIGGZKUVKPIFCVCDCUGQPNWPI 

HWPEVKQPCPFTGRTGUGPVV[RKECNTGURQPUGU6JGEQTTGURQPFKPI$#.FCVCCTGOQTGNKOKVGFCPF

CTGWUGFVQVJGGZVGPVRQUUKDNG+PEQPVTCUVVJGCPKOCNUVWFKGUUGNGEVGFHQTEQORCTKUQPCTG

JKIJN[UGNGEVKXGCPFTGRTGUGPVCTCVJGTUOCNNFCVCDCUGKPXQNXKPIUKOKNCTGZRQUWTGUEGPCTKQUCPF

JQOQNQIQWUGPFRQKPVU6JKUCRRTQCEJQHPGEGUUKV[GZENWFGUVJGNCTIGOCLQTKV[QHCPKOCN

UVWFKGUPQVDGECWUGVJG[FQPQVEQPVCKPKORQTVCPVVQZKEQNQIKEFCVCQP1 DWVTCVJGTVJG[CTG 

FKURCTCVGKPVJGKTGZRQUWTGRCTCOGVGTUQTDKQNQIKEGPFRQKPVUVJCVTGCFKN[ECPDGVKGFVQVJQUG

CXCKNCDNGKPJWOCPU

6KFCN$TGCVJKPI

+PJWOCPU1 RTQFWEGURWNOQPCT[KTTKVCVKQPCTGURQPUGCUUQEKCVGFYKVJEQWIJCPF 

UWDUVGTPCNUQTGPGUU%JCRVGT#NVJQWIJVJGUGU[ORVQOUCTGFKHHKEWNVVQCUUGUUKPCPKOCNU

GZRQUWTGVQUWHHKEKGPVEQPEGPVTCVKQPUQH1 RTQFWEGUTGHNGZCNVGTCVKQPUKPVKFCNDTGCVJKPIVJCV 

ECPDGOGCUWTGFQDLGEVKXGN[/QUVPQVCDN[VJGTGURQPUGKUCPKPETGCUGKPHVJCVKUWUWCNN[

CEEQORCPKGFD[CFGETGCUGKP8 VCEJ[RPGCYJGTGCUOC[PQVDGCNVGTGF#NVJQWIJVJG 6 '

OCIPKVWFGQHVJGVCEJ[RPGKETGURQPUGKUXCTKCDNGFGRGPFKPIQPVJGURGEKGUCPFGZRQUWTG

EQPFKVKQPUVJKUGPFRQKPVKUSWKVGUGPUKVKXGCPFEQPUKUVGPVCETQUUOCP[URGEKGUGIIWKPGC

RKIUECVUFQIUTCVUOQPMG[UJWOCPU

6QGZCOKPGVJGETQUUURGEKGUTGURQPUGVQ1 FCVCYGTGGXCNWCVGFHTQOJWOCPCPF 

CPKOCNUVWFKGUVJCVTGRQTVKPIKOOGFKCVGRQUVGZRQUWTGCNVGTCVKQPUKPH/QUVJWOCPUVWFKGU

GORNQ[GFCPGZGTEKUGTGIKOGPFWTKPI1 GZRQUWTGVQKPETGCUGFQUG1PVJGQVJGTJCPFHGY 

CPKOCNUVWFKGUJCXGWUGFGZGTEKUGTGN[KPITCVJGTQPJKIJGZRQUWTGEQPEGPVTCVKQPUQT
Ozone (ppm)

0.2 0.4 0.6 0.8 1.0 1.2 1.4 80

90

100

110

120

130

140

150

160 Human, Rest, 2h

Folinsbee et al. (1975)

Human, Light, 2h

Folinsbee et al. (1975)

Human, Heavy, 1h

DeLucia and Adams (1977)

Human, Very Heavy, 2.5h

McDonnell et al. (1983)

Guinea Pig, Rest, 2h

Amdur et al. (1978)

Guinea Pig, Rest, 2h

Murphy et al. (1964)

Rat, Light, 2.25h

Tepper et al. (1990)

Rat, Rest, 3h

Mautz and Bufalino (1989)

8

8-43

%1 KPFWEGFJ[RGTXGPVKNCVKQP6JTGGTGRTGUGPVCVKXGJWOCPUVWFKGUYGTGUGNGEVGFDGECWUGVJG[ 

WUGFCNCTIGTCPIGQHEQPEGPVTCVKQPUCPFXGPVKNCVKQPTCVGU5GNGEVGFFCVCHTQOVJGUGVJTGG

JWOCPUVWFKGUCTGEQORCTGFVQVJGCXCKNCDNGCPKOCNFCVCKP(KIWTGCPFFKUEWUUGFHWTVJGT

DGNQY

(KIWTG %QORCTKUQPQHEJCPIGUKPHTGSWGPE[QHDTGCVJKPICHVGTQ\QPGGZRQUWTGKP

JWOCPUCPFCPKOCNU&CVCCTGGZRTGUUGFCURGTEGPVQHVJGEQPVTQNTGURQPUG

4KIJVJCPFNGIGPFKPFKECVGUURGEKGUGZGTEKUGNGXGNGZRQUWTGFWTCVKQPCPF

VJGTGHGTGPEG*WOCPFCVCCTGRNQVVGFYKVJUQNKFNKPGUCPFQRGPU[ODQNU

YJGTGCUCPKOCNFCVCCTGRNQVVGFYKVJDTQMGPNKPGUFKHHGTGPVKCVGFD[URGEKGU

CPFENQUGFU[ODQNU

(QNKPUDGGGVCNGZCOKPGFVJGWRRGTNKOKVUQHVJG1 EQPEGPVTCVKQPTGURQPUG 

EWTXGKPJWOCPUWDLGEVUGZRQUGFGKVJGTCVTGUVQTYJKNGRGTHQTOKPINKIJVVQOQFGTCVG

KPVGTOKVVGPVGZGTEKUG+'.OKP¥TGUVKPI/GCUWTGOGPVUQHHYGTGQDVCKPGF '

FWTKPIGZGTEKUGHQNNQYKPICJGZRQUWTGVQQTRRO1 %QPEGPVTCVKQP 

FGRGPFGPVKPETGCUGUKPHYGTGQDUGTXGFKPDQVJVJGTGUVKPICPFGZGTEKUKPIITQWRCNVJQWIJVJG

OCIPKVWFGQHVJGEJCPIGKPVJGGZGTEKUKPIITQWRYCUITGCVGT6JGTQNGQHGZGTEKUGKPCNVGTKPI
8

8

8-44

VJG1 KPFWEGFEJCPIGUKPHYCUGZCOKPGFHWTVJGTD[&G.WEKCCPF#FCOUYJQ 

GZRQUGFJWOCPUVQQTRRO1 HQTJYJKNGVJGUWDLGEVUGZGTEKUGFCVQPGQHHQWT 

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EQPEGPVTCVKQPCPFGZGTEKUGNGXGNDWVYCUUKIPKHKECPVQPN[KPVJGJKIJGUVGZGTEKUGITQWRCV

CPFRRO.CUVN[VJGNQYGTNKOKVUQHVJGEQPEGPVTCVKQPTGURQPUGYGTGGZRNQTGFD[

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5KIPKHKECPVEJCPIGUKPHYGTGQDUGTXGFCVCNNGZRQUWTGNGXGNU

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1 GZRQUWTGQPN[HQWTUVWFKGUJCXGGZCOKPGFOWNVKRNGEQPEGPVTCVKQPUUWEJVJCVEQORCTKUQPUVQ 

JWOCPFCVCECPDGOCFG7PCPGUVJGVK\GFTGUVTCKPGFIWKPGCRKIUYGTGGZRQUGFHQTJVQ

QTRRO1 XKCPQUGEQPGUYJKNGVKFCNDTGCVJKPIYCUOGCUWTGFWUKPIC 

EQPUVCPVXQNWOGRNGVJ[UOQITCRJ/WTRJ[GVCN#UKOKNCTGZRGTKOGPVCNRTGRCTCVKQP

YCUWUGFD[#OFWTGVCNVQGXCNWCVGVJGTGURKTCVQT[TGURQPUGQHIWKPGCRKIUVQ

CPFRRO1 +PDQVJQHVJGUGGZRGTKOGPVUCOQPQVQPKEKPETGCUGKPHYCUQDUGTXGF 

JQYGXGTVJGCPKOCNUUVWFKGFD[/WTRJ[GVCNYGTGWPKHQTON[OQTGUGPUKVKXGVQ

1 VJCPVJQUGQH#OFWTGVCN/CWV\CPF$WHCNKPQOGCUWTGFDTGCVJKPIRCVVGTPU 

KPCYCMGTGUVTCKPGFTCVUGZRQUGFHQTJVQCPFRRO1 %QPEGPVTCVKQP 

TGNCVGFKPETGCUGUKPHYGTGQDUGTXGFWRVQRRODWVVJGTGURQPUGUVQCPFRROYGTG

VJGUCOG+PCPQVJGTUVWF[CYCMGTCVUYGTGGZRQUGFVQCPFRRO1 HQT 

JKPJGCFQWVRTGUUWTGRNGVJ[UOQITCRJUYJGTG%1 UVKOWNCVGFDTGCVJKPIYCUKPEQTRQTCVGF 

VQCWIOGPVXGPVKNCVKQP6GRRGTGVCN9KVJVJGCFFGF%1 TCVUCPFIWKPGCRKIU 

CRRGCTGFVQDGUKOKNCTN[TGURQPUKXGVQ1 +PIGPGTCNCUFGRKEVGFKP(KIWTGTGUVTCKPGF 

IWKPGCRKIUCPFTCVUCRRGCTGFVQDGCUTGURQPUKXGCUVJGNKIJVN[GZGTEKUKPIJWOCPUCPFENGCTN[

OQTGTGURQPUKXGVJCPVJGJWOCPUGZRQUGFCVTGUV1PN[YKVJUVTGPWQWUGZGTEKUGFQGUVJG

TGURQPUGQHJWOCPUCRRGCTVQGZEGGFVJCVQHTQFGPVU

+PCFFKVKQPVQUKOKNCTEQPEGPVTCVKQPTGNCVGFGHHGEVUKPJWOCPUCPFCPKOCNUVJGVKOG

TGNCVGFGHHGEVUQH1 GZRQUWTGCRRGCTVQDGUKOKNCT6QFGOQPUVTCVGVJKUJQOQNQI[/CWFGTN[ 


EQORCTGFVJGVKOGEQWTUGQHTGURQPUGVQ1 KPJWOCPUCPFIWKPGCRKIUGZRQUGFWPFGT 

UQOGYJCVUKOKNCTEQPFKVKQPU*WOCPUYGTGGZRQUGFVQRRO1 HQTJYJKNGGPICIKPIKP 

PQPUVTGPWQWU+'CVOKPKPVGTXCNU(QNKPUDGGGVCN+PCPQVJGTUVWF[TGURKTCVQT[

RCTCOGVGTUYGTGOGCUWTGFCVOKPKPVGTXCNUFWTKPIGZRQUWTGCPFHQTJRQUVGZRQUWTG$CVGU

CPF*C\WEJC5KOKNCTN[WPCPGUVJGVK\GFTGUVTCKPGFIWKPGCRKIUYGTGGZRQUGFVQ

RRO1 HQTJCURCTVQHCEQPEGPVTCVKQPTGURQPUGUVWF[FGUETKDGFCDQXGYKVJTGURKTCVQT[ 

HWPEVKQPCUUGUUGFCVOKPKPVGTXCNUFWTKPIGZRQUWTGCPFHQTJRQUVGZRQUWTG/WTRJ[

GVCN+PDQVJIWKPGCRKIUCPFJWOCPUHKPETGCUGFCPF8 FGETGCUGFDQVJRCTCOGVGTU 6

VJGPTGVWTPGFVQYCTFEQPVTQNXCNWGUFWTKPIVJGRQUVGZRQUWTGRGTKQF6JGRGTEGPVEJCPIGHTQO

EQPVTQNKPHCPF8 YCUPGCTN[VJGUCOGVJTQWIJQWVVJGGZRQUWTGCPFRQUVGZRQUWTGRGTKQFU 6

KPFKECVKPIVJCVCUKOKNCTEQPEGPVTCVKQPQH1 RRORTQFWEGFUKOKNCTVGORQTCNCNVGTCVKQPU 

KPXGPVKNCVKQP#ICKPVJGIWKPGCRKIUYQWNFCRRGCTVQDGUNKIJVN[OQTGTGURQPUKXGVJCP

JWOCPUDGECWUGVJGIWKPGCRKIUYGTGGZRQUGFVQCNQYGTEQPEGPVTCVKQPRROCVTGUV

YJGTGCUVJGJWOCPUYGTGGZRQUGFVQRROYKVJNKIJV+'

/GEJCPKEU

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UVWFKGUDWVVJGTGKUNKVVNGUKOKNCTKV[DGVYGGPVJGFCVCDCUGUHQTVJGEQPEGPVTCVKQPUQTVJGURGEKHKE
8

8-45

VGEJPKSWGUWUGF$CVGUGVCNGZCOKPGFDTGCVJKPIOGEJCPKEUKPTGUVKPICPFKPNKIJVN[

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EQPEGPVTCVKQPTGURQPUGFCVCYGTGQDVCKPGFKPETGCUGFVQVCNRWNOQPCT[TGUKUVCPEG4 CPF .

FGETGCUGFF[PCOKEEQORNKCPEG%F[PYGTGHQWPFHQTDQVJTGUVKPI
CPFCPF

GZGTEKUKPI
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GZRQUGFOGPHQTJVQRRO1 WUKPIOQFGTCVG+'.OKPCPFHQWPFCUKIPKHKECPV 

KPETGCUGKP4 CNVJQWIJPQEQPEQOKVCPVEJCPIGKP%F[PYCUFGVGEVGF/E&QPPGNN CY

GVCNWUKPICDTQCFTCPIGQH1 EQPEGPVTCVKQPUCPFRRO 

JCPFXGT[JGCX[GZGTEKUG.OKPTGRQTVGFEQPEGPVTCVKQPFGRGPFGPVKPETGCUGUKP4 CY

+PJWOCPUCVTGUVQTRGTHQTOKPINKIJVGZGTEKUGJQYGXGTCJGZRQUWTGCVPGCTCODKGPV1

EQPEGPVTCVKQPUYQWNFDGGZRGEVGFVQKPFWEGQPN[OQFGUVKPETGCUGUKP4 CPFPQEJCPIGUKP CY

%F[P*C\WEJC

#NVJQWIJTGNCVKXGN[JKIJ1 EQPEGPVTCVKQPU  RRORTQFWEGFGHHGEVUQP4 CPF .

%F[PKPCPKOCNU/WTRJ[GVCNQPN[VJTGGUVWFKGUKPCPKOCNUJCXGGXCNWCVGFVJGUG

RCTCOGVGTUCVNQYGTOQTGTGNGXCPV1 EQPEGPVTCVKQPU9CVCPCDGGVCNUVWFKGF 

CPGUVJGVK\GFRCTCN[\GFCPFOGEJCPKECNN[XGPVKNCVGFECVUGZRQUGFXKCCUVGGNVTCEJGCNVWDGVQ

GKVJGTQTRRO1 HQTDGVYGGPCPFJ/GCUWTGOGPVUQHDTGCVJKPI 

OGEJCPKEUYGTGTGEQTFGFGXGT[OKP9KVJKPETGCUKPI1 EQPEGPVTCVKQPCPFGZRQUWTG 

FWTCVKQP4 KPETGCUGFCPFVQCNGUUGTGZVGPV%F[PFGETGCUGF$TQPEJQEQPUVTKEVKQPCV .

RRO1 YCUTGXGTUGFHQNNQYKPICVTQRKPGCRCTCU[ORCVJGVKETGEGRVQTDNQEMGTDWVQPN[ 

RCTVKCNN[TGXGTUGFCVVJGVYQJKIJGTEQPEGPVTCVKQPUUWIIGUVKPIVJGKPXQNXGOGPVQHOQTGVJCP

DTQPEJQEQPUVTKEVKQPKPVJGKPETGCUGKP4 CVVJGUGNGXGNU7PHQTVWPCVGN[TGNCVKPIVJG .

EQPEGPVTCVKQPUWUGFKPVJKUUVWF[VQQVJGTCPKOCNQTJWOCPUVWFKGUKUFKHHKEWNVDGECWUGGZRQUWTG

VJTQWIJCVTCEJGCNVWDGYQWNFGNKOKPCVGUETWDDKPIQH1 D[VJGPQUGCPFQTQRJCT[PZCPFNKMGN[ 

YQWNFGZCIIGTCVGVJGRWNOQPCT[1 FQUG)GTTKV[GVCN

1VJGTUVWFKGUJCXGCVVGORVGFVQGZCOKPGDTGCVJKPIOGEJCPKEUKPWPCPGUVJGVK\GFCPKOCNU

YKVJPCVWTCNPCUCNDTGCVJKPICPFCXQKFCPEGQHRQVGPVKCNCPGUVJGUKCTGNCVGFDNWPVKPIQHTGHNGZ

TGURQPUGU/WTRJ[GVCNGZRQUGFWPCPGUVJGVK\GFIWKPGCRKIUVQUGXGTCNEQPEGPVTCVKQPU

QH1 HQTJCPFOGCUWTGFXGPVKNCVKQPCURTGXKQWUN[FKUEWUUGFCPF4 #VEQPEGPVTCVKQPU  .

NGUUVJCPRRO1 JCFPQGHHGEVDWV4 KPETGCUGFCPFCVCPFRRO  .

TGURGEVKXGN[7UKPICUKOKNCTVGUVU[UVGO#OFWTGVCNQDUGTXGFPQUKIPKHKECPV

CNVGTCVKQPQH4 KPWPCPGUVJGVK\GFIWKPGCRKIUFWTKPICJGZRQUWTGVQQTRRO .

1 *QYGXGT%F[PFGETGCUGFUKIPKHKECPVN[CVCPFRRO1 +PCPCNQIQWUUVWFKGUKP  

WPCPGUVJGVK\GFTCVU6GRRGTGVCNQDUGTXGFPQUKIPKHKECPVEJCPIGUKP4 QT%F[PCHVGTC .

JGZRQUWTGVQQTRRO1 KPURKVGQHKPVGTOKVVGPVOKPRGTKQFUQH 

GZGTEKUGNKMGJ[RGTXGPVKNCVKQPKPFWEGFD[%1 

#NVJQWIJKPETGCUGFTGUKUVCPEGKUFGOQPUVTCDNGKPIWKPGCRKIUECVUFQIUCPFJWOCPUC

EQORCTKUQPQHRGTEGPVEJCPIGKPTGUKUVCPEGHTQOEQPVTQNOGCUWTGOGPVUCHVGTCPCEWVGJ

1 GZRQUWTG(KIWTGUWIIGUVUVJCVJWOCPUCTGOQTGNKMGN[VQDTQPEJQEQPUVTKEVFWGVQ 

1 GZRQUWTGVJCPTQFGPVU0GKVJGTQHVJGIWKPGCRKIUVWFKGU/WTRJ[GVCN#OFWT 

GVCNPQTVJGTCVUVWF[6GRRGTGVCNUJQYGFCUKIPKHKECPVKPETGCUGKP4 CVNGUU .

VJCPRRO*QYGXGTENQUGTGZCOKPCVKQPQHVJGJWOCPFCVCTGXGCNUVJCVVJG/E&QPPGNNGVCN


UVWF[GORNQ[GFXGT[JGCX[GZGTEKUGCPFOQUVQHVJGUVWFKGUKPENWFGFKPVJG*C\WEJC


OQFGNWUGFOQFGTCVGVQJGCX[GZGTEKUG6JWUVJGKPJCNGFFQUGNKMGN[YQWNFDGITGCVGT

VJCPKPURQPVCPGQWUN[DTGCVJKPICPKOCNU#OQTGEQORCTCDNGUVWF[KPJWOCPUVJCVGORNQ[GF
8-46

QPN[NKIJVGZGTEKUGTGRQTVGFVJCVCPFRROHQTJTGUWNVGFKPOKPKOCN

PQPUKIPKHKECPVCPFKPETGCUGUKP4 *CEMPG[ CY
Ozone (ppm)

0.2 0.4 0.6 0.8 1.0

60

80

100

120

140

160

180

200 Human, Very Heavy, 2.5h

McDonnell et al. (1983)

Human, Rest, 2h

Bates et al. (1972)

Human, Light, 2h

Bates et al. (1972)

Human, Combined, 2h

Hazucha (1987)

Human, Light, 2h

Hackney et al. (1975)

Cat, Rest, 2h

Watanabe et al. (1973)

Rat, Light, 2.25h

Tepper et al. (1990)

Guinea Pig, Rest, 2h

Amdur et al. (1978)

8-47

(KIWTG %QORCTKUQPQHEJCPIGUKPTGUKUVCPEGCHVGTQ\QPGGZRQUWTGKPJWOCPUCPF

CPKOCNU&CVCCTGGZRTGUUGFCURGTEGPVQHVJGEQPVTQNTGURQPUG4KIJVJCPF

NGIGPFKPFKECVGUURGEKGUGZGTEKUGNGXGNGZRQUWTGFWTCVKQPCPFVJG

TGHGTGPEG*WOCPFCVCCTGRNQVVGFYKVJUQNKFNKPGUCPFQRGPU[ODQNU6JG

NKPGNCDGNGF*C\WEJCKUCOQFGNQHRTGFKEVGFTGURQPUG#PKOCN

FCVCCTGRNQVVGFYKVJFCUJGFNKPGUFKHHGTGPVKCVGFD[URGEKGUCPFENQUGF

U[ODQNU

GVCN.KMGYKUGVJG$CVGUGVCNFCVCQDVCKPGFKPUWDLGEVUCVTGUVCPFYKVJNKIJV

GZGTEKUGRRO1 CNUQCTIWGCICKPUVCPWPWUWCNN[JKIJ1 TGURQPUKXGPGUUKPJWOCPU  

TGNCVKXGVQVGUVCPKOCNUHQTVJKUGPFRQKPVYJGPGZGTEKUGTGNCVGFFQUGKUEQPUKFGTGF

+PIGPGTCNUKOKNCTHKPFKPIUJCXGDGGPQDUGTXGFWUKPIVJGOGCUWTGOGPVQH%F[P

JQYGXGTVJGTGURQPUGFGETGOGPVUYGTGOQTGXCTKCDNGCPFQHUOCNNGTOCIPKVWFG)KXGPVJG

FKUVCNFGRQUKVKQPQH1 CUKPFKECVGFD[OQTRJQNQIKECNUVWFKGU%JCRVGT5GEVKQPKVKU 

UWTRTKUKPIVJCVUQNKVVNGCVVGPVKQPJCUDGGPIKXGPVQVJKURCTCOGVGT#XCKNCDNGFCVCUWIIGUVVJCV

VJGUGEJCPIGUKP%F[PCTGQHNKVVNGDKQNQIKECNUKIPKHKECPEGHQTCODKGPVGZRQUWTGU
8-48

#KTYC[4GURQPUKXGPGUU

6JGCDKNKV[QH1 VQKPETGCUGCKTYC[TGURQPUKXGPGUUVQPQPURGEKHKE 

DTQPEJQEQPUVTKEVKPIUVKOWNKKPJWOCPUCPFQVJGTOCOOCNKCPURGEKGUJCUDGGPMPQYPHQTCV

NGCUVCFGECFG%JCRVGTUCPF5GEVKQPUCPFTGURGEVKXGN[*QYGXGTCKTYC[

TGURQPUKXGPGUUKURGTJCRUVJGNGCUVWPFGTUVQQFTGURQPUGVQ1 RCTVKEWNCTN[KPVJGEQPVGZVQH 

URGEKGUEQORCTKUQPU*WOCPUENGCTN[GZJKDKVKPETGCUGUKPCKTYC[TGURQPUKXGPGUUCV

GPXKTQPOGPVCN1 GZRQUWTGNGXGNU)QPIGVCN/E&QPPGNNGVCN(QNKPUDGGGVCN 

*QTUVOCPGVCNYJGTGCUCPCNQIQWUTGURQPUGUKPCPKOCNUCV1 EQPEGPVTCVKQPU 

DGNQYRROCTGEQPVTQXGTUKCN/QUVUVWFKGUQHCKTYC[TGURQPUKXGPGUUKPNCDQTCVQT[CPKOCNU

HQEWUQPVJGFGXGNQROGPVQHCUVJOCNKMGOQFGNUVQGNWEKFCVGIGPGTKEOGEJCPKUOUQHCKTYC[

TGURQPUKXGPGUUCPFWVKNK\GEQPEGPVTCVKQPUCUJKIJCURROHQTDTKGHRGTKQFUQHVKOGVQKPLWTG

VJGCKTYC[U*GPEGCP[VJKPIOQTGVJCPCSWCNKVCVKXGEQORCTKUQPDGVYGGPCPKOCNURGEKGUCPF

JWOCPUKUVGPWQWUCPFVJWUYKNNPQVDGFKUEWUUGFHWTVJGTKPVJKUUGEVKQP&GVCKNUQHVJG

OGVJQFQNQIKGUQHVJGNCDQTCVQT[CPKOCNCPFJWOCPDTQPEJQTGCEVKXKV[UVWFKGUECPDGQDVCKPGFKP

VJGTGXKGYUQHRWNOQPCT[HWPEVKQPHQWPFKP%JCRVGTUCPF5GEVKQPUCPF

TGURGEVKXGN[

'NCUVKEKV[CPF&KHHWUKQP

6JGKPVGITKV[QHVJGRWNOQPCT[CKTDNQQFDCTTKGTKUGUUGPVKCNHQTGHHKEKGPVGZEJCPIG

QHQZ[IGPCPF%1 6JKUHTCIKNGGRKVJGNKCNKPVGTHCEGYKVJOCVTKZGFKPVGTUVKVKCNEQPPGEVKXG 

VKUUWGUCPFECRKNNCTKGURQUUGUUGUKPJGTGPVGNCUVKERTQRGTVKGUCPFRTGUGPVUCHKPKVGTGUKUVCPEGVQ

QZ[IGPFKHHWUKQPVQVJGDNQQF#NVJQWIJVJGGNCUVKECPFFKHHWUKQPCT[RTQRGTVKGUQHVJGDNQQFCKT

DCTTKGTCTGPQVNKPMGFKORNKEKVN[VQQPGCPQVJGTHWPEVKQPCNN[DQVJRTQRGTVKGUECPDGSWCPVKHKGF

TGCFKN[CPFEQORCTGFDGVYGGPJWOCPUCPFNCDQTCVQT[CPKOCNU%QUVC9JGP

EQODKPGFCUUGUUOGPVQHVJGUGHWPEVKQPCNRTQRGTVKGUKUQHVGPUWHHKEKGPVVQGXCNWCVGRCVJQNQIKEQT

VQZKEGXGPVUKPVJGFKUVCNTGCEJGUQHVJGNWPI(QTVJKUTGCUQPCPFDGECWUGQHVJGHCEVVJCV1

FGRQUKVUKPVJGFGGRNWPIVJGGHHGEVUQH1 QPVJGUGRCTCOGVGTUYKNNDGFKUEWUUGFVQIGVJGT

+PJCNGF1 KUMPQYPVQRGPGVTCVGVQVJGFGRVJUQHVJGNWPICPFRTGHGTGPVKCNN[FGRQUKV 

KPVJGUOCNNGUVCKTYC[UCPFKVURTQZKOCNCEKPK5GEVKQP5QOGYJCVUWTRTKUKPIN[TGNCVKXGN[

HGYUVWFKGUKPJWOCPUJCXGUQWIJVVQEJCTCEVGTK\GRQVGPVKCNHWPEVKQPCNKORCKTOGPVUCVVJGCKT

DNQQFKPVGTHCEG6JGTGCUQPUHQTVJKUCTGNKMGN[VYQHQNF(KTUVKPVJGGCTN[UVWFKGUQHVJG

JGCNVJGHHGEVUQH1 QPJWOCPUUVCVKEEQORNKCPEGCPFFKHHWUKPIECRCEKV[HQTECTDQPOQPQZKFG 


&. YGTGCHHGEVGFCVQPN[XGT[JKIJEQPEGPVTCVKQPUYGNNCDQXGYJCVYQWNFDGEQPUKFGTGF %1

GPXKTQPOGPVCNN[TGNGXCPV5GEQPFHTQOCRTCEVKECNRGTURGEVKXGVJGUGOGCUWTGOGPVURTQXGFVQ

DGEQPUKFGTCDN[OQTGVGFKQWUVQRGTHQTOVJCPVJGHQTEGFGZRKTCVQT[OGCUWTGOGPVYJKEJ

UGPUKVKXGN[FGVGEVU1 KPFWEGFCNVGTCVKQPUFKUEWUUGFDGNQY0GXGTVJGNGUUVJGTGCTGUWHHKEKGPV 

FCVCQPJWOCPUGZRQUGFCEWVGN[VQ1 VQCNNQYCTGCUQPCDNGEQORCTKUQPQHVJGUGGPFRQKPVU 

YKVJVJGKTOQTGCDWPFCPVCPKOCNJQOQNQIWGU

6JGGCTNKGUVUVWFKGUNGCXGNKVVNGFQWDVVJCV1 KUGFGOCIGPKECVJKIJEQPEGPVTCVKQPUKP 

XKTVWCNN[CNNOCOOCNKCPURGEKGU+PVJGRCUVQEEWRCVKQPCNGZRQUWTGUQHVQRRO1 YGTG 

PQVWPEQOOQPCPFCRRORGCMGZRQUWTGJCUDGGPTGRQTVGF-NGKPHGNFGVCN%JCNNGP

GVCN6JGTGUWNVCPVYQTMGTU[ORVQOUCPFUKIPUKPENWFKPIEJGUVTCFKQITCOUYGTG

EQPUKUVGPVYKVJVJGOCPKHGUVCVKQPUQHGFGOCTGRQTVGFKPGZRGTKOGPVCNCPKOCNUKGKPETGCUGF

NWPIYGKIJVCPFUVCKPCDNGGFGOCKPVJGCKTURCEGU5VQMKPIGT.WPIHWPEVKQPJQYGXGT

V[RKECNN[YCUPQVOGCUWTGFKPVJGUGYQTMTGNCVGFGZRQUWTGU+PCNCVGTUVWF[QHCTEYGNFGTU

GZRQUGFVQVQRRO1 NKVVNGKHCP[EQPXKPEKPIGXKFGPEGQHHWPEVKQPCNKORCKTOGPVKP 
8-49

VGTOUQHCNVGTGFNWPIXQNWOGUOCZKOCNGZRKTCVQT[HNQYTCVGUCPF&. YCUQDVCKPGF;QWPI %1

GVCN6QHWTVJGTGZRNQTGVJGRQUUKDNGGHHGEVUQH1 ;QWPICPFEQYQTMGTU 

UWDLGEVGFJWOCPXQNWPVGGTUCVTGUVVQEQPVTQNNGFCVOQURJGTGUQHVQRRO1 XKC 

OQWVJRKGEGHQTJ5OCNNTGFWEVKQPUKPXKVCNECRCEKV[8%HQTEGFGZRKTCVQT[XQNWOGKP

UF[PCOKECPFUVCVKENWPIEQORNKCPEGCPFKPVTCRWNOQPCT[ICUFKUVTKDWVKQPYGTGQDUGTXGFDWV

QPN[VJGHCNNKP&. RTQXGFVQDGUVCVKUVKECNN[UKIPKHKECPV5KOKNCTDWVEQPUKFGTCDN[OQTG %1

XCTKCDNGGHHGEVUQPNWPIHWPEVKQPYGTGTGRQTVGFD[*CNNGVVKPUWDLGEVUGZRQUGFVQVQ

RRO1 HQTOKP0QPGVJGNGUUQHGZRQUGFUWDLGEVUUGXGPUJQYGFCVNGCUVCFTQR 

KP&. .KMG;QWPICPFEQYQTMGTU*CNNGVVKPVGTRTGVGFVJGUGEJCPIGUVQKPFKECVGNWPI %1

GFGOCKPCITGGOGPVYKVJVJGJ[RQVJGUKUVJCVVJGFGGRNWPIKTTKVCPV1 YCUJCXKPIKVUGHHGEVCV 

VJGCNXGQNCTNGXGN+PVGTGUVKPIN[CFFKVKQPCNYQTMHTQOVJGUCOGNCDQTCVQT[QHVJG;QWPIUVWF[


$CVGUGVCNHQWPFVJCVTGUVKPIUWDLGEVUTGEGKXKPIPCUCNGZRQUWTGVQRRO1 HQTJ 

TGUWNVGFKPCPQPUKIPKHKECPVTGFWEVKQPKP&. *QYGXGTKPCNKOKVGFVGUVITQWRVJGEQ %1

KORQUKVKQPQHNKIJVGZGTEKUGYJKEJFQWDNGFXGPVKNCVKQPGPJCPEGFVJKUTGURQPUG+V

CRRGCTUVJCVVJGPCUCN$CVGUGVCNXGTUWUOQWVJRKGEG;QWPIGVCNTQWVGUQH

GZRQUWTGYGTGKPUVTWOGPVCNKPVJGFKHHGTGPVKCNTGURQPUGDGECWUGKVKUNKMGN[VJCVVJGOQWVJRKGEG

FKOKPKUJGFYJCVUETWDDKPIQEEWTUYJGPGZRQUWTGKUXKCVJGWPGPEWODGTGFOQWVJKPJWOCP

VGUVUWDLGEVUCUTGRQTVGFD[)GTTKV[GVCN5KPEGVJGUGGCTN[UVWFKGUVJGTGJCXGDGGPPQ

CFFKVKQPCNEQPVTQNNGFJWOCPCEWVGUVWFKGUVJCVJCXGGZCOKPGFCNVGTCVKQPUKP&. CV %1

1 EQPEGPVTCVKQPUDGNQYRRO

#PCNQIQWUCPKOCNUVWFKGUQHCEWVG1 GZRQUWTGKPFKECVGVJCVVJGIGPGTCNRCVVGTPQH 

HWPEVKQPCNKORCKTOGPVKUUKOKNCTVQVJCVTGRQTVGFKPJWOCPUVWFKGU#PGUVJGVK\GFCPFXGPVKNCVGF

ECVUUJQYGFCIGPGTCNFGENKPGKP8%UVCVKENWPIEQORNKCPEGQT&. YKVJGZRQUWTGUWRVQ %1

JQHVQRRO1 9CVCPCDGGVCN6JGTGURQPUGUQHVJGCPKOCNUYGTG 

XCTKCDNGCPFVJGUGFGENKPGUYJKEJFKFPQVCEJKGXGQXGTCNNUVCVKUVKECNUKIPKHKECPEGYGTGVJQWIJV

VQDGNCTIGN[UGEQPFCT[VQVJGUWDUVCPVKCNVQKPETGCUGUKP4 +PCOQTGEQORNGZ CY

UVWF[FGUKIPTCVUYGTGGZRQUGFHQTQTJVQQTRRO1 YKVJKPVGTOKVVGPV%1 VQ  

J[RGTXGPVKNCVGVQ¥TGUVKPI8 VJGCPKOCNUCUCPGZGTEKUGCPCNQIWGVQJWOCPGZRQUWTGU  '


%QUVCGVCNC6JG&. XCNWGUYGTGTGFWEGFD[CDQWVCVDQVJRROVKOG %1

RQKPVUCPFD[CDQWVYKVJCJGZRQUWTGVQRRO'ZRQUWTGVQRROHQTJ

JQYGXGTITGCVN[GZCEGTDCVGFVJGCNXGQNCTGHHGEVYKVJCTGUWNVCPVTGFWEVKQPKP&. %1

5VCVKEEQORNKCPEGWPCHHGEVGFD[VJGQVJGTGZRQUWTGEQPFKVKQPUYCUCHHGEVGFQPN[CVVJKUNCVVGT

GZRQUWTGFWTCVKQP6JGUG1 KPFWEGFGHHGEVURCTVKEWNCTN[VJGTGFWEVKQPUKP&. CRRGCTGFVQ  %1

EQTTGNCVGYKVJVJGFGITGGQHNWPIGFGOCKPCHHGEVGFCPKOCNUCUJCFDGGPUWTOKUGFHQTVJG

CEWVGN[GZRQUGFJWOCPU9KVJVJGOWNVKVWFGQHOQTGTGEGPVUVWFKGUQH1 CVCODKGPVNGXGNU 

CNVGTCVKQPUKPUVCVKENWPIEQORNKCPEGQT&. TCTGN[CTGTGRQTVGFKPGKVJGTJWOCPUQTCPKOCNU %1

(QTEGF'ZRKTCVKQP

4GFWEVKQPUKP(8%CPF('8 JCXGDGEQOGVJGJCNNOCTMUQHCEWVGNWPIF[UHWPEVKQP 

KPJWOCPUCHVGT1 GZRQUWTG%JCRVGT6JGUGOGCUWTGUCTGUGPUKVKXGVQ1 NGXGNUCUNQYCU  

RROHQTCUNKVVNGCUJYJGPJGCX[+'KUKPENWFGFFWTKPIVJGGZRQUWTG/E&QPPGNNGVCN

CPFUJQYEWOWNCVKXGF[UHWPEVKQPTGUWNVKPIHTQOJQHNQYGTNGXGNUQHVJKUQZKFCPV


CPFRROYJGPPGCTN[EQPVKPWQWUOQFGTCVGGZGTEKUGKUGORNQ[GF*QTUVOCPGVCN

4GFWEVKQPUKP('8 CPF(8%KPFWEGFD[1 CTGDGNKGXGFVQDGRCTVN[VJGTGUWNVQH  

RCKPOGFKCVGFKPVGTTWRVKQPQHOCZKOCNKPURKTCVKQP*C\WEJCGVCN'ZCEVN[YJCVNGXGN
8-50

QHVKUUWGKPLWT[QTKPHNCOOCVKQPEQTTGNCVGUYKVJVJGUGHWPEVKQPCNFGHKEKVUKUWPENGCTCPFKUCP

CEVKXGCTGCQHTGUGCTEJ%JCRVGT5GEVKQP

/QUVUVWFKGUQH1 KPGZRGTKOGPVCNCPKOCNUOCMGNKVVNGGHHQTVVQOKOKEJWOCPUVWF[ 

FGUKIPUVJGTGD[KORGFKPIVJGGZVTCRQNCVKQPQHGZRGTKOGPVCNCPKOCNUVWF[TGUWNVUVQJWOCPU

4GEGPVN[JQYGXGTTCVUVWFKGUKPXQNXKPIRGTKQFUQHKPVGTOKVVGPV%1 KPFWEGFJ[RGTXGPVKNCVKQP 

VQGPJCPEGFQUKOGVT[JCXGCVVGORVGFVQECRKVCNK\GQPVJGSWCNKVCVKXGUKOKNCTKV[QHVJGTCVCPF

JWOCPOCZKOWOGZRKTCVQT[HNQYXQNWOG/'(8EWTXGUCUCRQVGPVKCNN[UGPUKVKXGGPFRQKPVQH

VQZKEKV[%QUVCGVCNC6GRRGTGVCN+PVJGTCV(8%FQGUKPFGGFFGETGCUGYKVJ

1 GZRQUWTGCNVJQWIJVJGOCIPKVWFGQHTGURQPUGKUCRRCTGPVN[NGUUVJCPVJCVQDUGTXGFKP 

JWOCPU#UKPVJGJWOCPVJGTGFWEGF(8%KPVJGCPKOCNCRRGCTUPQVVQDGVJGTGUWNVQHC

EJCPIGKPTGUKFWCNXQNWOG6QVCNNWPIECRCEKV[OC[DGTGFWEGFUNKIJVN[DWVNWPIEQORNKCPEG

FQGUPQVEJCPIG*QYGXGTKVKURTGOCVWTGVQCUUWOGCEQOOQPOGEJCPKUOHQTVJG(8%

TGFWEVKQPUKPVJGTCVCPFJWOCP7PNKMGVJGJWOCPRCKPQPKPURKTCVKQPKPVJGCPKOCNOQFGNKU

NKMGN[PQVCPKUUWGDGECWUGVJGCPKOCNKUCPGUVJGVK\GFFWTKPIVJGRTQEGFWTGCPFKUDTQWIJVVQ

6.%D[CFGHKPGFCKTYC[RTGUUWTGEO* 1$GECWUGIGPGTCNCPGUVJGUKCKUMPQYPVQ 

FKOKPKUJUGPUQT[CHHGTGPVUVKOWNKCPCPCNQIQWU1 KPFWEGFHCNNKPTCV(8%UJQWNFGZRGEVGFN[ 

JCXGDGGPDNWPVGFKHPQVVQVCNN[GNKOKPCVGF6QYJCVGZVGPVCPGUVJGUKCOKVKICVGUVJGTCV

TGURQPUGQTVJCVVJGTGCTGKPJGTGPVURGEKGUFKHHGTGPEGUKPFQUKOGVT[QTUGPUKVKXKV[KUPQVENGCT

HTQOVJGUGUVWFKGU0GXGTVJGNGUUEQORCTKUQPQHOQFGNRTGFKEVGF(8%EJCPIGUKPJWOCPU


*C\WEJCYKVJCPCNQIQWUTCVFCVC%QUVCGVCNCYQWNFUWIIGUVVJCVVJKUTGURQPUG

KPVJGCPGUVJGVK\GFTCVKUCDQWVJCNHVJCVQHVJGJWOCP(KIWTG

5VWFKGUQH+PHNCOOCVKQPCPF#PVKQZKFCPV%QPVGPVQH$TQPEJQCNXGQNCT.CXCIG(NWKF

$QVJJWOCPUCPFCPKOCNUGZJKDKVC2/0KPHNCOOCVQT[TGURQPUGYKVJCUUQEKCVGF

EJCPIGUKPNWPIRGTOGCDKNKV[CHVGTCEWVGGZRQUWTGVQ1 4GEGPVUVWFKGUKPFKECVGVJCVJWOCPU 

GZRQUGFVQ1 EQPEGPVTCVKQPUCUNQYCURROHQTJYKVJOQFGTCVGGZGTEKUG.OKP 

GZJKDKVCHQWTHQNFKPETGCUGKPVJGRGTEGPVCIG2/0UYJGP$#.KUQDVCKPGFJRQUVGZRQUWTG


&GXNKPGVCN6QFCVGCPKOCNUVWFKGUCVEQORCTCDNGGZRQUWTGNGXGNUCTGTCTG


*QVEJMKUUGVCNCPFGZGTEKUGGPJCPEGOGPVQHGZRQUWTGFQUGJCU[GVVQDG

KPEQTRQTCVGF#UPQVGFCDQXGVJGKUUWGQHFQUKOGVT[KUETKVKECNKHGZVTCRQNCVKQPCVUWEJNGXGNU

KUVQDGCVVGORVGF0GXGTVJGNGUUKPVJGQPGCEWVGTCVUVWF[CVRRO1 HQTJCPKPETGCUG 

KPPCUCNNCXCIGFGTKXGF2/0UYCUPQVGFJRQUVGZRQUWTGYKVJPQUKOKNCTEJCPIGKP2/0

PWODGTKPVJG$#.*QVEJMKUUGVCN+PEQPVTCUVKPVJGUCOGUVWF[YJGPJKIJGT

EQPEGPVTCVKQPUQH1 CPFRROYGTGWUGF$#.2/0UYGTGGNGXCVGFDWVPQEJCPIGU 

YGTGQDUGTXGFKPVJGPQUGYCUJKPIU5WEJCEQORGVKVKXGPCUCNRWNOQPCT[TGURQPUGJCU[GV

VQDGUVWFKGFFKTGEVN[KPJWOCPU0GXGTVJGNGUUVJGFCVCUWRRQTVVJGIGPGTCNJ[RQVJGUKUVJCV

VJGTGKUEQORCTCDKNKV[DGVYGGPVJGKPHNCOOCVQT[TGURQPUKXGPGUUQHTCVUCPFJWOCPU/QTG

FKTGEVEQORCTKUQPQHNCDQTCVQT[CPKOCNKPHNCOOCVQT[TGURQPUGUYKVJVJQUGQHJWOCPUECPDG

FTCYPHTQOUVWFKGUCVJKIJGTEQPEGPVTCVKQPUYJGPVJGPCUCNNWPIEQORGVKVKXGTGURQPUGKPVJG

TCVKUUMGYGFVQVJGNWPICPFNKMGKPVJGNWPIHWPEVKQPEQORCTKUQPCPCNQIQWUGZRQUWTG

EQPFKVKQPUECPDGOQTGFKTGEVN[EQORCTGF6JGUGUVWFKGUCTGVCDWNCVGFKP6CDNGCPF

FKUEWUUGFKPOQTGFGVCKNDGNQY

(QWTTGRTGUGPVCVKXGJWOCPUVWFKGUQHNWPIKPHNCOOCVQT[TGURQPUGUCHVGTCEWVG

1 GZRQUWTGECPDGEQORCTGFYKVJGZKUVKPICEWVGCPKOCNFCVCHTQOUVWFKGUQHCPCNQIQWUFGUKIP

5GNV\GTGVCNGZRQUGFOQFGTCVGN[GZGTEKUKPIVQ9UWDLGEVUVQQTRRO

1 HQTJYKVJ$#.QDVCKPGFJRQUVGZRQUWTG6JG$#.HNWKFHTQOVJG
Ozone (ppm)

0.2 0.4 0.6 0.8 1.0 1.2

50

60

70

80

90

100

110 Human, Rest, 2 h

Hazucha (1987)

Human, Very Heavy, 2 h

Hazucha (1987)

Rat, Light, 4 h

Costa et al. (1988a)

Rat, Light, 7 h

Costa et al. (1988a)

Rat, Rest, 8 h

Costa et al. (1988a)

8-51

(KIWTG %QORCTKUQPQHEJCPIGUKPHQTEGFXKVCNECRCEKV[CHVGTQ\QPGGZRQUWTGKP

JWOCPUCPFCPKOCNU&CVCCTGGZRTGUUGFCURGTEGPVQHVJGEQPVTQNTGURQPUG

4KIJVJCPFNGIGPFKPFKECVGUURGEKGUGZGTEKUGNGXGNGZRQUWTGFWTCVKQPCPF

VJGTGHGTGPEG*WOCPFCVCCTGRNQVVGFYKVJUQNKFNKPGUHTQOVJGGSWCVKQPQH

*C\WEJCYKVJVJGUJCFGFCTGCTGRTGUGPVKPIVJGRTGFKEVGFTCPIGQH

FGETGOGPVUGZRGEVGFDGVYGGPNKIJVGZGTEKUGVQRNKPGCPFXGT[JGCX[

GZGTEKUGDQVVQONKPG4CVFCVCCTGRNQVVGFYKVJFCUJGFNKPGUCPFENQUGF

U[ODQNU

EQODKPGFCPFRRO1 ITQWRUEQPVCKPGFCPCXGTCIGHQNFOQTG2/0UVJCPFKF 

$#.HNWKFCHVGTHKNVGTGFCKT2TQVGKPNGXGNUKPVJG$#.HNWKFYGTGPQVCUUC[GFKPVJKUUVWF[+P

UGRCTCVGUVWFKGUJWOCPUYGTGGZRQUGFVQRRO1 HQTJYKVJJGCX[GZGTEKUG.OKP 

YKVJ$#.UCORNGUEQNNGEVGFCVCPFJRQUVGZRQUWTG-QTGPGVCND6JGUG

VYQUVWFKGUUJQYGFVJCVVJGKPHNCOOCVQT[TGURQPUGKUSWKEMN[KPKVKCVGFRQUVGZRQUWTG6JG

2/0CPFRTQVGKPEQPVGPVYGTGGNGXCVGFCVDQVJVKOGUJ2/0¥RTQVGKP¥YKVJ

VJGJVKOGRQKPV2/0¥RTQVGKP¥DGKPIJKIJGTHQTRTQVGKPDWVUQOGYJCVNGUUHQT

2/0U5EJGNGINGGVCNHQNNQYGFVJGVKOGEQWTUGQHVJGKPHNCOOCVQT[TGURQPUG

CPFJRQUVGZRQUWTGCHVGTCJGZRQUWTGQHRRO1 YKVJGZGTEKUG.OKP6JG 

2/0EQPVGPVQHVJGEQODKPGFCKTYC[CPFCNXGQNCT$#.HNWKFYCUGNGXCVGFCVJ¥CPF

J¥QPN[YKVJVJGJRQKPVTGRTGUGPVKPIVJGRGCM2TQVGKPEQPVGPVQHVJG$#.HNWKFFKF

PQVEJCPIGUKIPKHKECPVN[CVCP[RQKPV

6JGOCP[UVWFKGUQH1 KPFWEGFKPHNCOOCVKQPKPNCDQTCVQT[CPKOCNUCTGTGXKGYGFKP 

%JCRVGT5GEVKQP(QTVJGRWTRQUGQHURGEKGUEQORCTKUQPQPN[UGNGEVGFUVWFKGU
8

8-52

6CDNG2QN[OQTRJQPWENGCT.GWMQE[VGCPF2TQVGKP

2GTOGCDKNKV[4GURQPUGVQ1\QPGD[5RGEKGUC

'ZRQUWTG 'ZRQUWTG 5RGEKGU 2QUVGZRQUWTG 2/0 2TQVGKP

2CTCOGVGTU %QPFKVKQPU 
5VTCKP $#. 6KOG +PETGCUG +PETGCUG 4GHGTGPEG

D D

 'ZGTEKUG *WOCP  J  0QV FQPG 5GNV\GT GV CN

 J 
 OKPCNV 


 9

 'ZGTEKUG *WOCP  J   -QTGP GV CN

 J 
 OKPCNV 
CD

 .OKP

 'ZGTEKUG *WOCP  J   -QTGP GV CN

 J 
 OKPCNV 


 .OKP

 'ZGTEKUG *WOCP    J  CV  J 0Q EJCPIG 5EJGNGING

 J 
 OKPCNV  CV  J GV CN 


 .OKP

 &C[VKOG 4JGUWU OQPMG[     CV  J  CV  J *[FG GV CN

 J TGUV   J  CV  J  CV  J 


 CV  J  CV  J

 CV  J  CV  J

 CV  J  CV  J

 &C[VKOG 
C /QWUG  J 0QV FQPG 
C  CV  RRO *CVEJ GV CN

 TGUV 
5YKUU #NDKPQ  CV  RRO 




 
D )WKPGC RKI 
D  CV  RRO

 J 
*CTVNG[  CV  RRO


E 4CV  CV  RRO


5&


F *COUVGT  CV  RRO


)QNFGP 5[TKCP


G 4CDDKV  CV  RRO


0<9

/ 
G  CV  RRO

 CV  RRO


E  CV  RRO


F  CV  RRO

 &C[VKOG )WKPGC RKI  J 0QV FQPG (QT  RRO 5NCFG GV CN

 TGUV 
*CTVNG[  HQT #*  


 J 8KVCOKP % /  HQT #* 


#* 
 (QT  RRO 










 HQT #*  




 HQT #*



 &C[VKOG 4CV  J 0QV FQPG (QT  RRO %QUVC GV CN

 
 OKPCNV 
(  CV  J 
C

 QT  J HQT  J /  CV  J

 OKPCNV (QT  RRO

HQT  J  CV  J

¥  CV  J '

5GG #RRGPFKZ # HQT CDDTGXKCVKQPU CPF CETQP[OU C

1\QPG TGURQPUGCKT TGURQPUG D
8

8-53


6CDNGYKNNDGEQPUKFGTGF6JGURGEVTWOQHGZRQUWTGEQPFKVKQPUWUGFKPVJGXCTKQWU

CPKOCNUVWFKGUOCMGUFKHHKEWNVVJGFKTGEVEQORCTKUQPCOQPINCDQTCVQT[VGUVURGEKGU*QYGXGT

QPGUVWF[D[*CVEJCPFEQYQTMGTUURGEKHKECNN[CFFTGUUGFVJKUSWGUVKQPD[GZRQUKPI

OKEGIWKPGCRKIUTCVUTCDDKVUCPFJCOUVGTUWPFGTKFGPVKECNEQPFKVKQPUCPF

RRO1 HQTJHQNNQYGFCVJRQUVGZRQUWTGYKVJ$#.CPFCUUC[HQTRTQVGKP)WKPGC 

RKIUYGTGOQUVTGURQPUKXGTGURQPFKPICVRROYJGTGCUOKEGJCOUVGTUCPFTCVUDGICP

TGURQPFKPICVRROCPFTCDDKVUTGURQPFGFQPN[VQRRO1PN[QPGUVWF[KPXQNXKPI

$#.CUUGUUOGPVQH2/0UCPFRTQVGKPKPGZRQUGFOQPMG[UJCUDGGPRWDNKUJGF*[FGGVCN

#VRRO1 JVJGOQPMG[UJCFCUKIPKHKECPVKPHNCOOCVQT[TGURQPUGDWVKVKU 

FKHHKEWNVVQCUUGUUOQPMG[TGURQPUKXGPGUUTGNCVKXGVQVJGJWOCPHQTVJKUGPFRQKPV#UUWOKPIC

NKPGCTEQPEGPVTCVKQPVKOGUFWTCVKQPTGNCVKQPUJKRVJGOQPMG[FCVCCRRGCTUKOKNCTVQVJGIWKPGC

RKITGURQPUG*QYGXGTPQPGQHVJGUGURGEKGUUJQYGF$#.RTQVGKPKPETGCUGUCRRTQZKOCVKPI

VJQUGTGRQTVGFKPJWOCPUVWFKGU

+PTGEGPVUVWFKGURRO1 HQTJYKVJ$#.VQJRQUVGZRQUWTG5NCFGGV 

CN%TKUUOCPGVCNIWKPGCRKIUOCFGXKVCOKP%FGHKEKGPVGZJKDKVGFGPJCPEGF

TGURQPUKXGPGUUVQ1 VJKUTGUWNVKUEQORCTCDNGVQVJCVQHVJGGZGTEKUGFJWOCPUQH-QTGPGVCN 


D(KIWTG5KOKNCTN[YJGPTCVUYGTGGZRQUGFVQRRO1 HQTJYKVJ 

KPVGTOKVVGPV%1 KPFWEGFJ[RGTXGPVKNCVKQP6GRRGTGVCNVQOKOKEOKNFOQFGTCVG 

GZGTEKUGVJTGGVQHKXGHQNFVJG$#.RTQVGKPCUYGNNCU2/0TGURQPUGUCVJ '

RQUVGZRQUWTGEQORCTGFHCXQTCDN[YKVJVJQUGFCVCQH-QTGPCPFEQYQTMGTUCD(KIWTG



9KVJKPCIKXGPNCDQTCVQT[CPKOCNURGEKGUTGURQPUGUCOQPIUVTCKPUCNUQECPFKHHGT

CRRTGEKCDN[CUFGOQPUVTCVGFKPTCVUD[2KPQGVCNCPF%QUVCGVCN6JGUG

UVWFKGUKPFKECVGFVJCV9KUVCTTCVUGZJKDKVITGCVGTKPHNCOOCVQT[TGURQPUGURTQVGKPCPF2/0VQ

1 VJCP5&CPF(TCVUCHVGTCPJGZRQUWTGVQCPFRROYKVJ$#.UCORNGF 

CVQTJNCVGT5KOKNCTN[OQWUGUVTCKPU%**G,CPF$%-NGGDGTIGTGVCN

CPF5&TCVUWDUVTCKPU%QUVCGVCNJCXGDGGPUJQYPVQRQUUGUUURGEKHKEIGPGVKE

UWUEGRVKDKNKV[VQJKIJNGXGNUQH1 RRO+PVJGECUGQHVJGOKEGVJGTGURQPUKXGUVTCKPKU 

UGXGPVKOGUCVVJGJRQUVGZRQUWTGRGCMCUUWUEGRVKDNGCUVJGFCVCDCUGUKPCPKOCNUCPF

RCTVKEWNCTN[KPJWOCPUYKVJTGICTFVQVJGUGCPVKQZKFCPVUCTGSWKVGNKOKVGF5WRRNGOGPVCVKQP

CPFFGRTKXCVKQPUVWFKGUYKVJXKVCOKPU%CPF'JCXGUJQYPVJCVVJGUGCPVKQZKFCPVUJCXGUQOG

TQNGKPRTQVGEVKPICICKPUVVJGGHHGEVUQH1 KPCPKOCNU'NUC[GFGVCN5NCFGGVCN 

%TKUUOCPGVCNCPFKPJWOCPU%JCVJCOGVCN1HVJGCPKOCNOQFGNU

CUEQTDCVGFGRTKXGFIWKPGCRKIUCRRGCTVQJCXG$#.CUEQTDCVGNGXGNUOQUVNKMGJWOCPUYKVJC

RTQVGKPRGTOGCDKNKV[TGURQPUGYKVJQWVGZGTEKUGKPVJGCPKOCNXGT[UKOKNCTVQVJGJWOCP

GZRQUGFVQVJGUCOGEQPEGPVTCVKQPRRO1 HQTJYKVJGZGTEKUG*QYGXGT%TKUUOCP 

GVCNCNUQTGUKUVCPVUVTCKPHQTVJG2/0TGURQPUGVQRRO1 VJGRTQVGKPTGURQPUGKU 

VYKEGCVJRQUVGZRQUWTGVJCVQHVJGTGUKUVCPVUVTCKP+PVJG5&UWDUVTCKPRTQVGKP

GZVTCXCUCVKQPKPVQVJGCNXGQNCTNWOGPKOOGFKCVGN[RQUVGZRQUWTGKUJKIJGTKPVJG

TGURQPUKXGUVTCKPVJCPVJGTGUKUVCPVPQQVJGTVKOGRQKPVUYGTGGZCOKPGF

*WOCPUJCXGCPQTFGTQHOCIPKVWFGNGUUCUEQTDCVGKP$#.HNWKFCUEQORCTGFVQVJG

TCVDWVVJG[JCXGPGCTN[VYKEGVJGINWVCVJKQPGHQWTVKOGUVJGWTKECEKFCPFVKOGUVJG

XKVCOKP'CUPQTOCNK\GFVQNKRKF2UWTHCEVCPV5NCFGGVCN6CDNG*QYGXGTQPC

$#.FGTKXGFEGNNRTQVGKPDCUKUVJGTCVKQUENGCTN[HCXQTVJGTCVHQTCNNQHVJGUGCPVKQZKFCPVU

YKVJVJGGZEGRVKQPQHWTKECEKFYJKEJKUIGPGTCNN[PQVJKIJKPTCVUDGECWUGQHURGEKGU

FKHHGTGPEGUKPRTQVGKPCPFRTKOGPWENGQVKFGECVCDQNKUOWTGCDGKPIVJGOCLQTPKVTQIGPQWU
Basal Levels of Ascorbic Acid

Guinea Pigs

Humans Rats Normal AH -Deficient 0

500

1,000

1,500

2,000

2,500

3,000

3,500

Effect of Ozone Inhalation (0.4 ppm, 2 h)

on BAL Protein

Guinea Pigs

Humans Rats Normal AH -Deficient -20

0

20

40

60

80

2

2

A

B

8-54

(KIWTG %QORQUKVGQHFCVCHTQO5NCFGGVCN-QTGPGVCNDCPF

%TKUUOCPGVCNEQORCTKPIDCUCNDTQPEJQCNXGQNCTNCXCIG$#.

CUEQTDCVGNGXGNU#VQQ\QPGKPFWEGFEJCPIGUKP$#.RTQVGKP$1\QPG

GZRQUWTGURROJVQJ$#.QHJWOCPUGZRQUGFYKVJ

GZGTEKUGTCVUGZRQUGFTGUVKPICPFIWKPGCRKIUGZRQUGFTGUVKPIYKVJ


CUEQTDKECEKF=#* ?FGHKEKGPVCPFYKVJQWVPQTOCN#* FGHKEKGPE[  
Rat, no CO

Human Rat, with CO

Ozone (ppm)

0 0.5 1.0 1.5 2.0

0

5

10

15

20

2

2

8-55

(KIWTG %QORQUKVGQHFCVCEQORCTKPIRQN[OQTRJQPWENGCTNGWMQE[VGUQDVCKPGFD[

DTQPEJQCNXGQNCTNCXCIGVQJCHVGTQ\QPG1 GZRQUWTGRROJ 

QHJWOCPUYKVJGZGTEKUG-QTGPGVCNDVQVJQUGQHTCVUGZRQUGFVQ

1 VQRROCVTGUVQTJ[RGTXGPVKNCVGFYKVJECTDQPFKQZKFG%1   


6GRRGTGVCN

D[RTQFWEVHQTTCVU6JGIWKPGCRKIOQUVENQUGN[TGUGODNGUVJGJWOCPHQTCUEQTDCVG$GECWUG

VJGUGCPVKQZKFCPVUCTGVJQWIJVVQHWPEVKQPKPVJGFGHGPUGCICKPUVQZKFCPVEJCNNGPIGKVYQWNF

CRRGCTETKVKECNVQCRRTGEKCVGVJGKTRTGUGPEGCPFHWPEVKQPYJGPCVVGORVKPIVQKPVGTRTGVFCVCHQT

GZVTCRQNCVKQP7PHQTVWPCVGN[VJGTGRQTVGFVJCVTGFWEGFCUEQTDCVGNGXGNUKP$#.HNWKFJ

RQUVGZRQUWTGKPETGCUGKPVJGJWOCPYJGTGCUVJQUGNGXGNUFGETGCUGKPVJGTCV9JGVJGTVJKU

TGNCVGUVQVJGFKUVKPEVN[FKHHGTGPVDCUCNNGXGNUQHVJKUXKVCOKPCPFKUCUUQEKCVGFYKVJVJGFKURCTCVG

RTQVGKPTGURQPUKXGPGUUKIPQTKPIGZGTEKUGKUWPENGCTDGECWUGFGHKEKGPE[KPCPKOCNUIWKPGC

RKIUCRRGCTUOQTGETKVKECNVQVJGTGURQPUKXGPGUUCVNQYCODKGPVNKMGEQPEGPVTCVKQPUVJCPCV

JKIJGTEQPEGPVTCVKQPURRO#NVJQWIJKVYQWNFCRRGCTVJCVXKVCOKP%KUKPXQNXGFKPVJG

KPVGTRNC[DGVYGGP1 CPFVJGGZRQUGFUWDLGEVJWOCPQTCPKOCNVJGTGKUPQVHWNNEQJGTGPEGQH 

VJGFCVC(QTGZCORNG*CVEJGVCNUJQYGFVJCVVJGTCDDKVYCUVJGNGCUVTGURQPUKXGVQ

1 KPVGTOUQH$#.RTQVGKPDWVVJKUURGEKGUJCUCOQPIVJGNQYGUVVKUUWGNGXGNUQHXKVCOKP% 


5NCFGGVCN*QYGXGTTCDDKVUCRRCTGPVN[JCXGCNQYRTQRGPUKV[VQHQTONKRKF
8

8-56

RGTQZKFGU#TCMCYCGVCNCPGZRGEVGFRTQFWEVQHNWPINKRKF1 KPVGTCEVKQP2T[QT 

6JWUVQKPVGTRTGVKPVGTURGEKGUUGPUKVKXKV[QPN[KPVGTOUQHDCUCNCPVKQZKFCPVNGXGNU

JQYGXGTVGORVKPIVJKUOC[DGYQWNFDGQXGTN[UKORNKUVKECPFRTGOCVWTGCVVJKUVKOG

 2TQNQPIGF'ZRQUWTG5VWFKGU

6JGRTGXKQWUUGEVKQPUQHVJKUVGZVJCXGWVKNK\GFNWPIHWPEVKQPTGURQPUGUVQCEWVG

1 GZRQUWTGKPCPCVVGORVVQGNWEKFCVGVJGTGNCVKXGUGPUKVKXKV[COQPINCDQTCVQT[VGUVURGEKGUCPF 

JWOCPUCPFVJGTGD[VQEQORNGVGVYQEQTPGTUQHVJGRCTCNNGNQITCORCTCFKIO(KIWTG

$GECWUGCEWVGTGURQPUGUTGRTGUGPVQPN[RCTVQHVJGGZVTCRQNCVKQPRCTCFKIOVGORQTCNDCUGF

GZRQUWTGTGURQPUKXGPGUUCNUQYKNNDGEQPUKFGTGFFGURKVGVJGTGNCVKXGRCWEKV[QHEQORCTCVKXG

FCVCDGVYGGPNCDQTCVQT[CPKOCNUCPFJWOCPUHQTRTQNQPIGFGZRQUWTGU#ICKPKPCPGHHQTVVQ

DGUVGZVTCEVURGEKGUURGEKHKETGURQPUGFKHHGTGPEGUVJGETKVGTKWOHQTUGNGEVKQPQHUVWFKGUYCU

UKOKNCTKV[KPGZRQUWTGUEGPCTKQ6JGFKUEWUUKQPYKNNHQEWUQPTGNCVKXGCFCRVCDKNKV[QHCEWVG

HWPEVKQPCNEJCPIGUCPFCUUQEKCVGF$#.FGTKXGFHKPFKPIUCHVGTTGRGCVGFGZRQUWTGUCPFVJG

EQJGTGPEGQHVJGHKPFKPIUHTQORTQNQPIGFJWOCPCPFCPKOCNGZRQUWTGUVWFKGUCPF

GRKFGOKQNQIKECNTGUWNVU

.WPI(WPEVKQP5VWFKGU

4GXGTUCNCVVGPWCVKQPQHRWNOQPCT[HWPEVKQPFGETGOGPVUWUKPICUEGPCTKQQH

TGRGCVGFGZRQUWTGVQ1 JCUDGGPTGRQTVGFHQTDQVJJWOCPUCPFNCDQTCVQT[CPKOCNU#VNGCUV 

PKPGUVWFKGUDGVYGGPCPFJCXGFQEWOGPVGFVJCVHQTTGRGCVGFGZRQUWTGUDGVYGGP

CPFRRO1 JFC[WRVQFC[UURKTQOGVTKEEJCPIGUYGTGOQUVUGXGTGQPVJGHKTUV 

QTUGEQPFFC[QHGZRQUWTGYCPGFQXGTVJGPGZVFC[UQHGZRQUWTGCPFD[VJGHKHVJFC[JCF

TGVWTPGFVQEQPVTQNRTGGZRQUWTGNGXGNU%JCRVGT5GEVKQP+PVJGQPN[CPKOCNUVWF[

WUKPICUKOKNCTGZRQUWTGRTQVQEQNCPFCPCNQIQWUGZRGTKOGPVCNFGUKIP6GRRGTGVCN

UJQYGFVJCVTCVUKPKVKCNN[FKURNC[GFCVCEJ[RPGKETGURQPUGVQ1 VJCVCVVGPWCVGFCHVGT 

EQPUGEWVKXGFC[UQHGZRQUWTGCRCVVGTPSWKVGUKOKNCTVQVJCVQHJWOCPU'ZRQUWTGUYGTGHQT

JCPFKPENWFGFEJCNNGPIGYKVJ%1 FWTKPICNVGTPCVGOKPRGTKQFUVQCWIOGPVXGPVKNCVKQP 


VQ¥TGUVKPIYJKEJKUGSWKXCNGPVVQNKIJVGZGTEKUGKPJWOCPU#UKPVJGJWOCP '

UVWFKGUVJGHWPEVKQPCNEJCPIGUYGTGNCTIGUVQP&C[QTFGRGPFKPIQPVJGRCTCOGVGTCPFVJG

1 EQPEGPVTCVKQPCPFRRO#VVGPWCVKQPQHVJGEJCPIGUKPUJCRGEQPUVCPVQH 

VJGHNQYXQNWOGEWTXGQHVJGTCVUCNUQYCUQDUGTXGFQXGTVJKURGTKQF6JWUWPFGTCPCNQIQWU

EQPFKVKQPUQHGZRQUWTGDQVJVJGJWOCPUCPFVJGTCVUGZJKDKVGFUKOKNCTKPKVKCNHWPEVKQPCN

TGURQPUGUVQ1 YKVJHWNNCPFMKPGVKECNN[UKOKNCTTGXGTUCNQHGHHGEVU

/QTGFKHHKEWNVKUVJGFKTGEVEQORCTKUQPDGVYGGPJWOCPCPFCPKOCNNWPIHWPEVKQP

TGURQPUGUVQRTQNQPIGFUGXGTCNYGGM1 GZRQUWTGNCTIGN[DGECWUGQHVJGNKOKVGFCXCKNCDKNKV[ 

QHEQPVTQNNGFJWOCPUVWF[FCVC+PVJGQPN[UVWF[QHKVUMKPF$GPPGVVGZRQUGF

JWOCPUWDLGEVUCVTGUVVQQTRRO1 HQTJFC[FC[UYGGMHQTEQPUGEWVKXG 

YGGMU#NVJQWIJPQGHHGEVUYGTGFKUEGTPCDNGGCTN[KPVJGGZRQUWTGVJGTGCRRGCTGFVQDG

UOCNNDWVUKIPKHKECPV1 KPFWEGFTGFWEVKQPUKP('8 CPFUOCNNPQPUKIPKHKECPVTGFWEVKQPUKP  

(8%RCTVKEWNCTN[KPVJGNCUVYGGMUQHVJGUVWF[6JKUTGFWEVKQPKP('8 OQTGNKMGN[YQWNF 

TGHNGEVQDUVTWEVKXGEJCPIGUYKVJKPVJGNWPICVVJGUGRQKPVUNCVGKPVKOGTCVJGTVJCPVJGRCKP

OGFKCVGFTGFWEVKQPUVJCVCTGUGGPYKVJCEWVG1 GZRQUWTGYJKEJCVVGPWCVGCHVGTCHGYFC[UQH 

GZRQUWTG6JGNCEMQHEQPEGPVTCVKQPTGNCVGFFGETGOGPVUKP('8 CPF(8%KUUQOGYJCV 

WPUGVVNKPIDWVTGICTFNGUUCHVGTRQUVGZRQUWTGYGGMUKPENGCPCKTCNNOGCUWTGFGHHGEVUJCF

TGXGTUGFDays

1 2 3 4 5

80

90

100

110

120

0

50

100

150

200 Rat, Light, 0.35 ppm

Tepper et al. (1989)

Rat, Light, 0.5 ppm

Tepper et al. (1989)

Rat, Light, 1.0 ppm

Tepper et al. (1989)

Human, Moderate, 0.35 ppm

Folinsbee et al. (1980)

Human, Light, 0.5 ppm

Hackney et al. (1977)

Human, Moderate, 0.5 ppm

Folinsbee et al. (1980)

Rat

Human

8-57

7PHQTVWPCVGN[VJGTGCTGPQFKTGEVN[RCTCNNGNCPKOCNUVWFKGUVQEQORCTGVQVJKU

NKOKVGFFCVCDCUG$WVKHVJGVYQHQNFUGPUKVKXKV[FKHHGTGPEGDGVYGGPVJGTCVCPFJWOCP(8%

TGURQPUGUGG(KIWTGKUCUUWOGFCPWODGTQHCPKOCNUVWFKGUOC[DGEQPUKFGTGF

EQORCTCDNGHQTVJGRWTRQUGUQHVJKUFKUEWUUKQP1PVJGQPGJCPFTCVUGZRQUGFVQQT

RRO1 HQTJFC[FC[UYGGMHQTYGGMUYGTGTGRQTVGFVQGZJKDKVUQOGFGITGGQH 

UOCNNCKTYC[QDUVTWEVKQPDCUGFQPVJG/'(8EWTXGUDWVNKVVNGKHCP[TGFWEVKQPKP(8%QT

&. YCUQDUGTXGF%QUVCGVCN1VJGTUJCXGTGRQTVGFCPCNQIQWUOCTIKPCNKPETGCUGUKP %1

TCV6.%QTKVUEQORQPGPVXQNWOGU$CTVNGVVGVCN%QUVCGVCN4CWDGVCN

QTKPTGIKQPCN4 ;QMQ[COCGVCNCHVGTKPVGTOKVVGPVQTEQPVKPWQWUGZRQUWTGUVQCY 

RRO1 HQTVQYGGMUYJKEJYQWNFPQVDGWPGZRGEVGFYKVJFKUVCNCKTYC[QTNWPIFCOCIG

#EVWCNRCVJQNQI[KPVJGFKUVCNNWPIVGPFUVQDGHQECNCPFFKHHKEWNVVQEQTTGNCVGRTGEKUGN[YKVJVJG

OCTIKPCNHWPEVKQPCNKORCKTOGPV

(KIWTG %QORCTKUQPQHEJCPIGUKPHQTEGFXKVCNECRCEKV[KPJWOCPUNGHVQTFKPCVG

CPFHTGSWGPE[QHDTGCVJKPIKPTCVUTKIJVQTFKPCVGYKVJWRVQEQPUGEWVKXG

FC[UQHQ\QPG1 GZRQUWTG&CVCCTGGZRTGUUGFCURGTEGPVQHVJGEQPVTQN 

TGURQPUG4KIJVJCPFNGIGPFKPFKECVGUURGEKGUGZGTEKUGNGXGN

1 EQPEGPVTCVKQPCPFVJGTGHGTGPEG*WOCPFCVCCTGRNQVVGFYKVJUQNKF 

NKPGUCPFQRGPU[ODQNUYJGTGCUTCVFCVCCTGRNQVVGFYKVJDTQMGPNKPGUCPF

ENQUGFU[ODQNU
8-58

6JGNKOKVGFHWPEVKQPCNFCVCCXCKNCDNGKPOQPMG[UIGPGTCNN[CITGGYKVJVJGRCVVGTPQH

FKUVCNNWPIRCVJQRJ[UKQNQI[TGRQTVGFKPTCVU9JGPGZRQUGFVQRRO1 HQTFC[U 


JFC[OQPMG[UGZJKDKVGFCUNKIJVKPETGCUGKPNWPIFKUVGPUKDKNKV['WUVKUGVCN

.KMGYKUGOQPMG[UGZRQUGFVQRROJFC[HQTOQGZJKDKVGFKPETGCUGFEJGUVYCNN


DWVPQVNWPIEQORNKCPEGCPFNWPIXQNWOGUYJKEJYCUOQUVOCTMGFKPVJGOQPMG[UGZRQUGF

VQ1 QPN[KPCNVGTPCVGOQPVJUFWTKPIVJCVOQRGTKQF6[NGTGVCN4GECNNJQYGXGT 

VJCVNKVVNGQTPQEJCPIGKPNWPIGNCUVKEKV[JCUDGGPCUUQEKCVGFYKVJEQPVTQNNGF1 GZRQUWTGUKP 

JWOCPUYJGVJGTVJGGZRQUWTGUCTGCEWVGQTTGRGCVGF1PVJGQVJGTJCPFJKIJGT

EQPEGPVTCVKQPURROHQT[GCTTGUWNVGFKPVJGCNVGTCVKQPQHFKUVCNCKTYC[OGEJCPKEUKP

GZRQUGFOQPMG[UCUINGCPGFHTQONQECNTGUKUVCPEGUOGCUWTGFWUKPIQUEKNNCVQT[OGVJQFU

CICKPVJKUKUKPIGPGTCNCITGGOGPVYKVJVJGRTGUGPEGQHFKUVCNNWPIKPLWT[QTFKUGCUG

/QTRJQOGVTKECPCN[UGUQHVJGGPFCKTYC[UCPFFKUVCNNWPITGIKQPUQH1 GZRQUGFOQPMG[U 

EQPUKUVGPVN[UJQYCNVGTGFEGNNRTQHKNGUCPFKPVGTUVKVKCNTGUVTWEVWTKPIGXGPYJGPHWPEVKQPCN

EJCPIGUCTGOCTIKPCNYJKEJNKMGKPVJGTCVNKMGN[TGHNGEVUVJGNCTIGHWPEVKQPCNTGUGTXGQHVJG

KPVGITCVGFNWPI6JWUCNVJQWIJVJGUGEQNNGEVKXGFCVCHTQOUWDEJTQPKECPKOCNUVWFKGUUWIIGUVC

TGCUQPCDN[JQOQNQIQWUFKUVCNNWPITGURQPUGVQ1 OCP[QHVJGUGNKPMCIGUKPHWPEVKQPCN 

QWVEQOGUTGOCKPWPEGTVCKPKPVGTOUQHYJCVVQCPVKEKRCVGKPVJGJWOCPTGURQPUG

%NGCTN[VJGSWGUVKQPQHRQVGPVKCNNWPIKORCKTOGPVTGUWNVKPIHTQOCPGCTNKHGVKOG

GZRQUWTGVQ1 TCPMUCOQPIVJGOQUVRTGUUKPIEQPEGTPUCDQWVVJKUVQZKECPV6JGCPKOCNFCVC 

CNVJQWIJFGOQPUVTCVKPIVJCVEJTQPKE1 GZRQUWTGECPKPFWEGEJCPIGUKPVJGUVTWEVWTGCPF 

HWPEVKQPQHVJGNWPIJCXG[GVVQRTQXKFGGXKFGPEGQHRQVGPVKCNFKUGCUGQTFKUCDKNKV[KPJWOCPU

GZRQUGFVQ1 QXGTRTQNQPIGFRGTKQFUQHVJGKTNKXGU6JGGZKUVKPIGRKFGOKQNQIKEUVWFKGU 


%JCRVGT5GEVKQPVQQOGTGN[RTQXKFGUWIIGUVKXGGXKFGPEGVJCVRGTUKUVGPVQT

RTQITGUUKXGFGVGTKQTCVKQPKPNWPIHWPEVKQPOC[DGCUUQEKCVGFYKVJNQPIVGTOQZKFCPVRQNNWVCPV

GZRQUWTG&GVGNUGVCN&GVGNUCPFEQYQTMGTUTGRQTVGFFGETGOGPVUKP

('8 CPFPKVTQIGPYCUJQWVCETQUUCNNCIGITQWRUKPCTGCUYJGTGQZKFCPVRQNNWVKQPKUJKIJ

5KOKNCTN[CPCN[UKUQHVJGRWNOQPCT[HWPEVKQPFCVCHTQOVJG0CVKQPCN*GCNVJCPF0WVTKVKQP

'ZCOKPCVKQP5WTXG[0*#0'5++UJQYGFNQUUQHNWPIHWPEVKQPYJGPCPPWCNCXGTCIGU

QHCODKGPV1 GZEGGFGFRRO5EJYCTV\6JKURCVVGTPQHKORCKTOGPVKUEQPUKUVGPV 

SWCNKVCVKXGN[YKVJVJGEJTQPKECPKOCNUVWFKGU%QUVCGVCN

5VWFKGUQH+PHNCOOCVKQPCPF#PVKQZKFCPV%QPVGPVQHVJG$TQPEJQCNXGQNCT.CXCIG(NWKF

6JGXKTVWCNCDUGPEGQHJWOCP$#.UVWF[FCVCCHVGTTGRGCVGFQTRTQNQPIGFGZRQUWTGU

VQ1 JKPFGTUVJGEQORCTKUQPQHPQPCEWVGJWOCPCPFCPKOCNKPHNCOOCVQT[TGURQPUGU

*QYGXGTVJGTGEGPVUVWF[QH&GXNKPGVCNUWIIGUVUVJCVVJG2/0CPFRTQVGKPTGURQPUGU

VQTGRGCVGFFCKN[GZRQUWTGUVQRRO1 JYKVJ+'HQTEQPUGEWVKXGFC[UCVVGPWCVGOWEJ 

CUFQVJGHWPEVKQPCNTGURQPUGU*GPEGHQTOQUVQHVJG$#.RCTCOGVGTUYKVJVJGGZEGRVKQPQH

NCEVCVGFGJ[FTQIGPCUGCEVKXKV[=COCTMGTQHEGNNKPLWT[?VJGTGKUKPFGGFCPCRRCTGPVTGXGTUCNQH

CEWVGKPHNCOOCVKQPYJGPGZRQUWTGUCTGEQPVKPWGFQXGTVJGFC[GZRQUWTGRGTKQF4CVUVWFKGU

NCTIGN[CRRGCTVQUJQYUKOKNCTCVVGPWCVKQPVQ1 DWVVJKUTGURQPUGUGGOUVQDGKPHNWGPEGFD[ 

GZRQUWTGRCVVGTPUQTEQPFKVKQPU$CUUGVVGVCN6GRRGTGVCN8CP$TGGGVCN

6JGUVWF[YKVJVJGOQUVUKOKNCTFGUKIPVQVJGJWOCPRTQVQEQN6GRRGTGVCN

UJQYGFUQOGTGFWEVKQPKP$#.RTQVGKPYKVJTGRGCVGFGZRQUWTGKPXQNXKPIKPVGTOKVVGPV

J[RGTXGPVKNCVKQPYKVJ%1 DWVQXGTVJGFC[RGTKQFVJGRTQVGKPNGXGNUTGOCKPGFUKIPKHKECPVN[ 

GNGXCVGFEGNNUYGTGPQVGXCNWCVGFKPVJKUUVWF[+PVGTGUVKPIN[XKVCOKP%CPFINWVCVJKQPGNGXGNU
8-59

KPVJG$#.HNWKFKPETGCUGFQXGTVJGFC[EQWTUGQHGZRQUWTGCTGURQPUGEQPUKUVGPVYKVJCP

WPTGIWNCVGFCPVKQZKFCPVTQNGKPVJGCFCRVCVKXGOGEJCPKUO8CP$TGGCPFEQYQTMGTUQP

VJGQVJGTJCPFTGRQTVGFVJCVEQPUGEWVKXGFC[UJFC[QHRRO1 TGUWNVGFKPEQORNGVG 

TGXGTUCNQHDQVJ$#.CNDWOKPCPF2/0OGCUWTGUVQVJGEQPVTQNXCNWGU+VUJQWNFDGPQVGF

JQYGXGTVJCVQVJGTDKQOCTMGTUCPFOGFKCVQTUYKVJKPVJG$#.YGTGPQVHWNN[TGEQXGTGFYJKEJ

OKIJVUWIIGUVCUNQYGTTGXGTUCNVKOGHTCOGQTEQPVKPWGF1 KPFWEGFRCVJQIGPGUKUCEQPENWUKQP 

QHVJG6GRRGTGVCNUVWF[

+PIWKPGCRKIUOCFGFGHKEKGPVKPXKVCOKP%CPFGZRQUGFVQ1 QT 

RROEQPVKPWQWUN[HQTFC[UCVVGPWCVKQPQHVJGHWPEVKQPCNCPFKPHNCOOCVQT[GPFRQKPVU

CRRGCTGFPGCTN[EQORNGVGKPURKVGQHVJGFGHKEKGPE[-QFCXCPVKGVCN1VJGT

CPVKQZKFCPVUPQVCNVGTGFDCUCNN[YGTGWPTGIWNCVGFOQTGD[VJG1 EJCNNGPIGVJGUOCNNTGUKFWCN 

TGUGTXQKTUQHCUEQTDCVGYJKEJRGTUKUVGFKPVJGPGCTN[FGHKEKGPE[UVCVGQHVJGCPKOCNUYGTG

CRRCTGPVN[OQDKNK\GFVQVJGUKVGQHKPLWT[CNNQYKPITGRCKTVQRTQEGGF.KMGYKUGEJTQPKECNN[

GZRQUGFTCVUJCXGGNGXCVGF$#.CUEQTDCVGKPFKECVKXGQHVJGQZKFCPVDWTFGPCPFVJGQPIQKPI

TGRCKT)TQUGGVCN2TQNQPIGFGZRQUWTGUWRVQOQCRRGCTVQUWUVCKPCNQYITCFG

KPVGTUGRVCNKPHNCOOCVKQPCPFGXKFGPEGQHNWPIOCVTKZTGOQFGNKPIKPDQVJTCVUCPFOQPMG[U

UWIIGUVKPIVJCVJWOCPUYQWNFDGJCXGUKOKNCTN[*QYGXGTUWEJFCVCCTGPQVRTGUGPVN[

CXCKNCDNGHTQOJWOCPU

 3WCPVKVCVKXG'ZVTCRQNCVKQPQH#EWVG1\QPG'HHGEVU

 +PVTQFWEVKQP

#FXCPEGUKPFQUKOGVT[UKPEGVJGRTGXKQWU1 ETKVGTKCFQEWOGPV75'PXKTQPOGPVCN 

2TQVGEVKQP#IGPE[HCNNKPVQHKXGOCLQTCTGCUITGCVGTUQRJKUVKECVKQPQHOQFGN

CRRNKECVKQPUGI1XGTVQPGVCN/GTEGTGVCNVJGCRRGCTCPEGQH

GZRGTKOGPVCNWRVCMGFCVCVJCVECPDGEQORCTGFVQOQFGNRTGFKEVKQPU9KGUVGTGVCN

*CVEJGVCN)GTTKV[GVCNGZRGTKOGPVUURGEKHKECNN[

FGUKIPGFVQGUVKOCVGOQFGNRCTCOGVGTU*WGVCNDCDGVVGTWPFGTUVCPFKPIQHVJG

TQNGQH1 KPVJGNKSWKFNKPKPIUCPFVKUUWGUQHVJG462T[QTCPFCDGVVGT 

WPFGTUVCPFKPIQHCPCVQOKECNCURGEVU/GTEGTGVCN6JGTQNGQHVJGUGCFXCPEGUKP

KPVGTURGEKGUFQUKOGVTKEGZVTCRQNCVKQPHQNNQYU

9KVJVJGKPHQTOCVKQPCXCKNCDNGHQTTCVUTGCUQPCDN[TGNKCDNGRTGFKEVKQPUQHVJGHNWZQH

1 VQVJGCKTNKSWKFNKPKPIKPVGTHCEGQHVQZKEQNQIKECNN[KORQTVCPVTGIKQPUUWEJCUVJG%#4KU 

RQUUKDNG6JGTGCTGVYQOCKPKPXGUVKICVKQPUVJCVOCMGVJKUHGCUKDNG*CVEJGVCN

YJQGUVKOCVGFVJGRGTEGPVWRVCMGCPFVJGHTCEVKQPQHVJGTGVCKPGF1 VJCVKUKPVJG746 

VTCEJGCCPFNWPIQHTCVUCPF2KPMGTVQPGVCNYKVJGNCDQTCVKQPD[/KNNGTGVCN

YJQKNNWUVTCVGFVJGDCUKEEQTTGEVPGUUQHOQFGNKPICUUWORVKQPUHQTXGPVKNCVQT[WPKVU6JG

LWFIOGPVQHDCUKEEQTTGEVPGUUKUDCUGFQPVJGCUUWORVKQPVJCVVJGFQUGECWUKPIVJGTGURQPUGKU

RTQRQTVKQPCNVQVJGHNWZQH1 VQVJGCKTNKSWKFNKPKPIKPVGTHCEG7UKPIVJKUKPHQTOCVKQP 

TGIKQPCNOCUUVTCPUHGTEQGHHKEKGPVUEQWNFDGGUVKOCVGFYJKEJYQWNFCNNQYVJGRTGFKEVKQPQH

NQECNTGURKTCVQT[VTCEV1 FQUGUKPTCVUGZRQUGFWPFGTIGPGTCNEQPFKVKQPU 

6JGTGUWNVUQHVJGKPXGUVKICVKQPQH*WGVCNDECPDGWUGFVQGUVKOCVG746

CPF6$OQFGNRCTCOGVGTUDWVOC[PQVDGUGPUKVKXGGPQWIJVQFGVGTOKPGRWNOQPCT[TGIKQP

RCTCOGVGTU+HWRVCMGKUPQVEQPHKPGFVQVJG746CPF6$UVJGPVJGKTOCUUVTCPUHGTEQGHHKEKGPVU

CNQPGYQWNFPQVDGUWHHKEKGPVVQCEEQWPVHQTVQVCN46WRVCMGGICUOGCUWTGFD[9KGUVGT

GVCN=?QT)GTTKV[GVCN=?CPFVJGFKHHGTGPEGKPRTGFKEVGFYKVJQWVRWNOQPCT[
8-60

TGIKQPWRVCMGCPFGZRGTKOGPVCNWRVCMGUEQWNFDGWUGFVQGUVKOCVGVJGRWNOQPCT[TGIKQPOCUU

VTCPUHGTEQGHHKEKGPV7PHQTVWPCVGN[PQFQUKOGVT[FCVCHQTVJGJWOCPRWNOQPCT[TGIKQPCTG

CXCKNCDNG

&GURKVGNKOKVCVKQPUVJG1 FQUKOGVT[FCVCVJCVJCXGDGGPQDVCKPGFQXGTVJGRCUV 

UGXGTCN[GCTUEQWRNGFYKVJVJGCFXCPEGUKPOQFGNKPIUWIIGUVVJCVVJGTGJCUDGGPEQPVKPWCN

EQPXGTIGPEGDGVYGGPVJGOQFGNRTGFKEVKQPUCPFGZRGTKOGPVCNQDUGTXCVKQPU)KXGPVJGOCP[

CTGCUQHEQPUKUVGPE[DGVYGGPOQFGNUCPFGZRGTKOGPVUKVKUXCNWCDNGVQDGIKPVQGORNQ[VJGUG

OQFGNUVQRTQXKFGVJGFQUKOGVTKEDCUKUHQTCPKOCNVQJWOCPGZVTCRQNCVKQP1PGQHVJGITGCVGUV

UQWTEGUQHWPEGTVCKPV[KPUWEJCPCRRNKECVKQPQHFQUKOGVT[OQFGNUKUVJGNCEMQHHWNN

WPFGTUVCPFKPIQHVJGCRRTQRTKCVGVCTIGVUKVGHQT1 VQZKEKV[GIWRRGTQTNQYGTCKTYC[UQT 

RWNOQPCT[TGIKQPVJCVKPKVKCVGUCRCTVKEWNCTTGURQPUGGURGEKCNN[VJGHWPEVKQPCNEJCPIGUKPVJG

NWPI*QYGXGTTGCUQPCDNGCUUWORVKQPUECPDGOCFGVQPCTTQYVJGVCTIGVUKVG

6JGHKTUVCRRNKECVKQPQHFQUKOGVT[OQFGNUIKXGPKP5GEVKQPKUCPGZCOKPCVKQP

QHFGNKXGTGFFQUGXGTUWUTGURQPUGYKVJKPCIKXGPURGEKGU6JKUKUHQNNQYGFKP5GEVKQPD[

UQOGKPVGTURGEKGUEQORCTKUQPUQHFGNKXGTGFFQUGXGTUWUTGURQPUG

 +PVTCURGEKGU&GNKXGTGF&QUG4GURQPUG

#UUWOKPIVJCVEJCPIGUKP('8 KPJWOCPUGZRQUGFVQ1 OCKPN[CTGVJGTGUWNVQH  

1 RWNOQPCT[VKUUWGFQUG/KNNGTGVCNEQPUVTWEVGFCFQUGTGURQPUGEWTXG6JG[ 

RNQVVGFFGETGOGPVUKP('8 XGTUWURTGFKEVGFEWOWNCVKXGRWNOQPCT[TGIKQP1 VKUUWGFQUG  

UECNGFVQDQF[OCUU(KIWTG6JGEQPEGPVTCVKQPTGURQPUGFCVCCTGHTQO/E&QPPGNNGVCN


KPYJKEJJGCNVJ[UWDLGEVUYGTGGZRQUGFVQCPF

RRO1 'ZRQUWTGYCUHQTJYKVJJGCX[+'/KNNGTGVCNWUGFVJGCXGTCIG 

YGKIJVCPFJGKIJVQHVJGUWDLGEVUVQGUVKOCVGVJG(4%VJCVYCUWUGFKPVJGOQFGNVQUKOWNCVG1

FQUG6JGGZGTEKUGDTGCVJKPIRCTCOGVGTFCVCYGTGWUGFCNQPIYKVJCPGUVKOCVGQHTGUVKPI

DTGCVJKPIRCTCOGVGTU(KIWTGKUUKOKNCTKPUJCRGVQVJGEQPEGPVTCVKQPTGURQPUGEWTXGQH

/E&QPPGNNGVCN&KHHGTGPEGUDGVYGGPVJGUGVYQEWTXGUJQYGXGTCTGCEEQWPVGFHQT

D[VJGVTCPUNCVKQPDGVYGGPGZRQUWTGEQPEGPVTCVKQPCPF1 FQUG 

#UCPQVJGTGZCORNG2KPMGTVQPGVCNGZCOKPGFVJGTGNCVKQPDGVYGGPCEVWCN

VKUUWGTGURQPUGQHTCVUEJTQPKECNN[GZRQUGFVQ1 CPFCRTGFKEVKQPQH1 FQUGCUCHWPEVKQPQH  

FKUVCPEGHTQOVJGDTQPEJKQNGCNXGQNCTFWEVLWPEVKQP$#&,VQXGPVKNCVQT[WPKVU7UKPIVJGUG

FCVC/KNNGTCPF%QPQNN[RNQVVGFVJGRTGFKEVGF1 FQUGCPFVJGQDUGTXGFEJCPIGKPYCNN 

VJKEMPGUUFWGVQVJGGZRQUWTGXGTUWUFKUVCPEGHTQOVJG$#&,(KIWTG'XGPVJQWIJ

EQPUKFGTCDNGXCTKCDKNKV[KPVJGVJKEMPGUUEJCPIGECPDGKPHGTTGFHTQOVJGFCVCVJGVYQEWTXGU

UECNGFVQVJGKTXCNWGUCVVJGLWPEVKQPUJQYCTGOCTMCDNGUKOKNCTKV[CPFUWIIGUVCDCUKE

EQTTGEVPGUUKPTGICTFUVQVJGXGPVKNCVQT[WPKVOQFGNRCTCOGVGTU

 +PVGTURGEKGU&GNKXGTGF&QUG4GURQPUG

6JGKNNWUVTCVKQPURTGUGPVGFKPVJKUUGEVKQPCTGDCUGFQPFQUKOGVTKEGUVKOCVGUHQT

JWOCPUCPFTCVUWUKPIGZKUVKPIQTOQFKHKGFVJGQTGVKECNOQFGNU/KNNGTGVCN/KNNGT

GVCN1XGTVQPGVCN1PGHWPEVKQPCNCPFQPGKPHNCOOCVQT[GPFRQKPVYKNNDG

RTQXKFGFFTCYKPIHTQOVJGHCPF$#.RTQVGKPFCVCFGUETKDGFKP5GEVKQP$GECWUGVJG

FKXGTUKV[QHGZRQUWTGUEGPCTKQUCETQUUURGEKGUKUUQITGCVVJGYKPFQYQHGZRQUWTGRCTCOGVGTU

JCUDGGPPCTTQYGFOKPKOK\KPIGZRQUWTGDCUGFFKHHGTGPEGUKPTGNCVKPIURGEKGUTGURQPUKXGPGUU
1.0

0.9

0.8

0.7

0.6

0.5

0.4

0.3

0.2

0.1

0

0 2 4 6 8 10 12 14 16 18 20 22 24

Pulmonary Tissue Dose (ng O /g body weight) 3

8-61

(KIWTG %JCPIGUKPHQTEGFGZRKTCVQT[XQNWOGKPU('8 XGTUWURWNOQPCT[VKUUWG 

FQUG2NQVVGFCTGFGETGOGPVUKP('8 NKVGTUHQTJWOCPUWDLGEVUCICKPUV 

RTGFKEVGFRWNOQPCT[VKUUWGFQUGPQTOCNK\GFVQDQF[YGKIJV+PQTFGT

HTQONGHVVQTKIJVVJGFQUGXCNWGUEQTTGURQPFVQ

CPFRROQ\QPG1 GZRQUWTGEQPEGPVTCVKQPU6JGEQPVKPWQWUEWTXG 

YCUCPG[GHKV

5QWTEG /KNNGT GV CN 


$GECWUGVJGVJGQTGVKECNOQFGNUFGXGNQRGFD[/KNNGTGVCNCPF1XGTVQP

GVCNGUVKOCVGVJGFQUGFKUVTKDWVKQPVQVJG46QPCRGTDTGCVJDCUKUCOKPKOWO

SWCPVKVCVKXGFGUETKRVKQPQHVKFCNDTGCVJKPI8 CPFHKUPGGFGFVQWVKNK\GVJGVJGQTGVKECNOQFGNU 6

QH1 FGRQUKVKQP6JGPGGFHQTFGVCKNGFDTGCVJKPIRCTCOGVGTUVJGTGHQTGUGXGTGN[TGUVTKEVUVJG 

CRRNKECVKQPQHVJGOQFGNVQUVWFKGURTQXKFKPIUWEJFCVC7PHQTVWPCVGN[DTGCVJD[DTGCVJ

RCTCOGVGTUQXGTVJGEQWTUGQHCPGZRQUWTGPQTOCNN[CTGPQVOGCUWTGFQTTGRQTVGFKPOQUV

RWDNKECVKQPU6YQUVWFKGUGCEJKPJWOCPUCPFTCVURTQXKFKPICFGSWCVGFGVCKNQXGTVJGEQWTUG

QHVJGGZRQUWTGCNNQYGFVJGOQFGNEQORWVCVKQPUVQDGRGTHQTOGFHQTVJKUKNNWUVTCVKQP(KIWTG

6JGJWOCPUVWFKGUGZCOKPGFYGTG&G.WEKCCPF#FCOUYJQGZRQUGFVJG

UWDLGEVUVQCPFRRO1 HQTJYKVJEQPVKPWQWUGZGTEKUGQZ[IGPWRVCMGVQVJG 

DQF[RGTKQFUCPF$GEMGVVGVCNYJQGZRQUGFVJG0 100 200 300 400 500 600 700 800 900 1,000

0

1

2

3

4

5

6

7

8

9

10

0

25

50

75

100

125

Distance from Bronchiolar-Alveolar Duct Junction (μm)

Dose

Response

8

8-62

(KIWTG 4GNCVKQPUJKRDGVYGGPEJCPIGKPCNXGQNCTYCNNVJKEMPGUUCPFRTGFKEVGF

Q\QPG1 FQUGCUCHWPEVKQPQHFKUVCPEGHTQOVJGDTQPEJKQNGCNXGQNCTFWEV 

LWPEVKQP$#&,4CVUYGTGGZRQUGFVQRRO1 HQTJFC[HQT 

FC[U

5QWTEG /KNNGT CPF %QPQNN[ 


UWDLGEVUVQRRO1 YKVJCNVGTPCVKPIOKPGZGTEKUG.OKP6JTGGTCVUVWFKGUYGTG 

GXCNWCVGF6GRRGTGVCNYJQGZRQUGFTCVUVQCPFRRO1 HQT 

JYKVJCNVGTPCVKPIOKPRGTKQFUQH%1 KPFWEGFJ[RGTXGPVKNCVKQPVQ¥TGUVKPI  '

6GRRGTGVCNYJQGZRQUGFTCVUVQCPFRRO1 HQTJYKVJ 

CNVGTPCVKPIOKPRGTKQFUQH%1 UWEJVJCVUWDUGSWGPVRGTKQFUQH%1 GZRQUWTGJCFJKIJGT  

%1 EQPEGPVTCVKQPUVJCPRTGXKQWURGTKQFUCPF/CWV\CPF$WHCNKPQYJQGZRQUGF 

TCVUVQRRO1 HQTJCVTGUV6JGTGURQPUGRCTCOGVGTYCUVJGTCVKQQH1 CNVGTGFHH   1 

VQEQPVTQNHH &QUGTCVGYCUVJGCXGTCIGFQUGVQVJGRTQZKOCNCNXGQNCTTGIKQP2#4 EPV

EQORWVGFHTQOVKOGVQVJGVKOGQHVJGOCZKOWOH1 EPV H 6JG2#4YCUEJQUGPCUVJGVCTIGV 

DCUGFQPVJGRGTEGRVKQPVJCV1 CEVUQPFGGRNWPIUVTGVEJTGEGRVQTU
Predicted Average PAR Dose Rate (ng O /cm /min)

0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.0

1.2

1.4

1.6

1.8

2.0

2.2

Beckett et al. (1985)

DeLucia and Adams (1977)

Tepper et al. (1989)

Mautz and Bufalino (1989)

Human data:

Rat data:

2

3

Tepper et al. (1990)

8-63

(KIWTG 6JGOCZKOWOTCVKQQHQ\QPG1 CNVGTGFDTGCVJKPIHTGSWGPE[H  1VQ

EQPVTQNDTGCVJKPIHTGSWGPE[H CVXCTKQWU1 EQPEGPVTCVKQPUXGTUWU EPV 

RTGFKEVGFCXGTCIGFQUGTCVGVQVJGRTQZKOCNCNXGQNCTTGIKQP2#4HKTUV

IGPGTCVKQPFKUVCNVQVJGVGTOKPCNDTQPEJKQNGU6JGCXGTCIGKUHQTVJGVKOG

HTQOVJGKPKVKCVKQPQHGZRQUWTGVQVJGVKOGQHQEEWTTGPEGQHVJGOCZKOWO

TCVKQ$GEMGVVGVCNCPF/CWV\CPF$WHCNKPQRTQXKFGF

UWHHKEKGPVXGPVKNCVQT[FCVCHQTQPN[QPG1 EQPEGPVTCVKQP 

FKTGEVN[QTKPFKTGEVN[XKCVKUUWGHNWKFRTGUUWTG=GFGOC?CUVJGUVKOWNWUHQTVCEJ[RPGC

#PWODGTQHCUUWORVKQPUYGTGPGEGUUCT[VQKORNGOGPVVJGFGRQUKVKQPOQFGNHQTEQORCTKUQP

QHVJGJWOCPCPFVJGTCVKPVJKUEQPVGZVVJGUGCTGPQVGFKP6CDNG#NVJQWIJCFOKVVGFN[PQV

XCNKFCVGF(KIWTGUWIIGUVUVJCVVJGTGURQPUGQHVJGTCVUPQVQPN[GZEGGFGFVJCVQHJWOCPU

DWVYCUKPKVKCVGFCVCNQYGTFQUGTCVGVQVJGVCTIGVGFNWPITGIKQP6JKUEQPENWUKQPKUKPIGPGTCN

CITGGOGPVYKVJVJCVGOCPCVKPIHTQO(KIWTGDWVVJGFQUGVQVCTIGVCRRTQCEJCRRGCTUVQ

CEEGPVWCVGVJGCRRCTGPVFKHHGTGPEGKPUGPUKVKXKV[HQTVJKUGPFRQKPVKPHCXQTQHVJGTCV

7UKPICPCPCN[UKUUKOKNCTVQVJCVCRRNKGFCDQXGHQTH/KNNGTGVCNTGNCVGF

RWNOQPCT[VKUUWGFQUGPQTOCNK\GFVQDQF[YGKIJVVQ$#.RTQVGKPHTQOTCVUIWKPGCRKIUCPF

TCDDKVU*CVEJGVCNHQT1 EQPEGPVTCVKQPUQHVQRROHQTJ6JGUGXCNWGUJCXG 
3,000

1,000

300

100

0 20 40 60 80 100 120 140 160

Rat

Guinea Pig

Rabbit

Human

Pulmonary Tissue Dose (ng O /g body weight) 3

8-64

DGGPUWRRNGOGPVGFKP(KIWTGVQKPENWFGVJGTGUWNVUQHVJGJWOCPUVWF[QH-QTGPGVCN


D#UECPDGUGGPKPVJGKNNWUVTCVKQPVJGTGCRRGCTUVQDGCNQIPQTOCNTGNCVKQPUJKR

DGVYGGP$#.RTQVGKPCPFFQUGVQVJGRWNOQPCT[TGIKQPVJGRWTRQTVGFUKVGQHRNCUOCNGCMCIG

VQVJGCKTURCEGNWOGP6JKUTGNCVKQPUJKRYQWNFUWRRQTVVJGEQPVGPVKQPVJCVVJGTGKUC

OGEJCPKUVKEEQPUKUVGPE[KPTGURQPUGCETQUUURGEKGUVJCVOC[GZJKDKVCSWCPVKVCVKXGUGPUKVKXKV[

HCEVQTHQTWUGKPHWTVJGTSWCPVKVCVKXGKPVGTURGEKGUGZVTCRQNCVKQP6JKUUGPUKVKXKV[HCEVQTKU

GXKFGPVHTQOVJGENWUVGTKPIQHFCVCHTQOFKHHGTGPVCPKOCNURGEKGU

(KIWTG 2TQVGKPKPVJGDTQPEJQCNXGQNCTNCXCIG$#.HQTUGXGTCNNCDQTCVQT[CPKOCN

URGEKGUCPFJWOCPUCUTGNCVGFVQVJGGUVKOCVGFRWNOQPCT[FQUG


PQTOCNK\GFRGTITCOQHDQF[YGKIJV

5QWTEG /QFKHKGF HTQO /KNNGT GV CN 


 3WCPVKVCVKXG'ZVTCRQNCVKQPQH%JTQPKE1\QPG'HHGEVU

 +PVTQFWEVKQP

+PRTGXKQWUUGEVKQPUVJGJQOQNQI[DGVYGGPNCDQTCVQT[CPKOCNTGURQPUGUVQCEWVG

1 GZRQUWTGCPFGHHGEVUQDUGTXGFKPJWOCPUWDLGEVUYCUFGOQPUVTCVGF/QUVQHVJGUG 

TGURQPUGUYGTGTGNCVGFVQNWPIHWPEVKQPCPFVQCOQTGNKOKVGFGZVGPVTGEQXGT[QHGZVTCXCUCVGF
8-65

RTQVGKPKP$#.HNWKFDGECWUGVJGUGGHHGEVUCTGOGCUWTCDNGKPDQVJJWOCPCPFPQPJWOCP

URGEKGU1HNCDQTCVQT[URGEKGUEQOOQPN[WUGFVQCFFTGUUSWGUVKQPUQHCEWVGVQZKEKV[TCVUJCXG

VJGUVTQPIGUVCPFOQUVEQORCVKDNGFCVCDCUGHQTUWEJEQORCTKUQPU5VWFKGUKPPQPJWOCP

RTKOCVGUV[RKECNN[CTGNKOKVGFVQOQTRJQNQI[GPFRQKPVUCPFVQNQPIGTGZRQUWTGRGTKQFUVJGTGD[

NKOKVKPIVJGRTCEVKECNWVKNKV[QHVJGUGUVWFKGUKPVJKUUCOGEQPVGZV#EQPENWUKQPFTCYPHTQOVJG

FKUEWUUKQPQHCEWVGGHHGEVUKUVJCVVJGTGKUTGCUQPCDNGUGOKSWCPVKVCVKXGCITGGOGPVCPFJQOQNQI[

DGVYGGPURGEKGUYKVJTGICTFVQVJGKTHWPEVKQPCNCPFRGTOGCDKNKV[TGURQPUGUVQUJQTVVGTO1

GZRQUWTG9JGTGFCVCHTQONQPIVGTOGZRQUWTGUGZKUVETQUUURGEKGUTGNCVKQPUJKRUCOQPI

UKOKNCTGPFRQKPVUWUWCNN[HWPEVKQPCNCTGEQPUKFGTCDN[YGCMGTCNVJQWIJVJGTGKUVJGUWIIGUVKQP

VJCVNQPIVGTOGZRQUWTGVQ1 ECPCNVGTVJGFKUVCNNWPIVJCV\QPGYJGTGVJGQTGVKECNOQFGNU 

YQWNFRTGFKEVITGCVGUV1 FGRQUKVKQP 

6JKUUGEVKQPEQPVKPWGUVJGTCVKQPCNGHQWPFGFKPVJGGZVTCRQNCVKQPRCTCFKIO

KNNWUVTCVGFKP(KIWTGKPCPCVVGORVVQSWCPVKVCVKXGN[CFFTGUUVJGSWGUVKQPQHRQVGPVKCNEJTQPKE

CNVGTCVKQPVQVJGNWPIUQH1 GZRQUGFRGQRNG&KTGEVFCVCHTQOGRKFGOKQNQIKECNUVWFKGUTGOCKP 

UWIIGUVKXGCVDGUVUGG%JCRVGT1PVJGQVJGTJCPFVJGGZVGPUKXGFCVCDCUGQHOQTRJQOGVTKE

GHHGEVUQPVJGFKUVCNNWPIQHGZRQUGFCPKOCNUTQFGPVUCPFPQPJWOCPRTKOCVGUTGXGCNUVJG

UGPUKVKXKV[QHUWEJGPFRQKPVUCPFENGCTN[TGNCVGUVQVJGUKVGQHVJGNWPICUUQEKCVGFYKVJKPEKRKGPV

EJTQPKENWPIFKUGCUGUCUUQEKCVGFYKVJMPQYPVQZKEKPJCNCPVUGIVQDCEEQUOQMG

7PHQTVWPCVGN[VJGTGKUCNCEMQHTGNKCDNGOQTRJQOGVTKEFCVCQPVJGJWOCPNWPIVJCVCTG

CUUQEKCVGFYKVJ1 QTQVJGTCKTRQNNWVCPVU6JWUVJGIQCNJGTGKUVQFTCYHTQOVJGGZVGPUKXG 

CPFTGNKCDNGCPKOCNFCVCDCUGYJKEJFGOQPUVTCVGUEJTQPKEGHHGEVUQHNQPIVGTOGZRQUWTGUVQ

1 CPFRTQLGEVHTQOKVVJGRQVGPVKCNHQTEJTQPKEGHHGEVUKPJWOCPUWVKNK\KPIVJGNKPMCIG 

RTQXKFGFD[PGYGTTGHKPGF1 FQUKOGVT[GUVKOCVGU

+PVJGNQPIVGTOUVWFKGUUGNGEVGFHQTFGVCKNGFCPCN[UKUITGCVKORQTVCPEGYCURNCEGF

QPVJGTGNGXCPEGQHVJGGZRQUWTGEQPEGPVTCVKQPUVJGUKVGURGEKHKEKV[QHVJGOQTRJQOGVTKE

CPCN[UKUCPFVJGEQPUKUVGPE[QHCPCN[UKUYKVJKPURGEKGU6YQTCVUVWFKGUYGTGUGNGEVGFVJCV

TGRTGUGPVPGCTNKHGVKOGGZRQUWTGUVQ1 QXGTCTCPIGQHEQPEGPVTCVKQPUCPFUEGPCTKQU%JCPIGV 

CN%JCPIGVCN6JGHQTOGTUVWF[YCUEQPFWEVGFKPEQPLWPEVKQPYKVJVJG75

'PXKTQPOGPVCN2TQVGEVKQP#IGPE['2#CPFKPXQNXGFCYGGMFC[WTDCPRCVVGTPQHGZRQUWTG

TGRTGUGPVGFD[CJURKMGFC[UYGGMUNQYN[TKUKPIVQRROHTQOCPGCTEQPVKPWQWU

DCUGNKPGQHRRO1 HQTYGGMU6JGNCVVGTUVWF[YCUEQPFWEVGFD[VJGUCOG 

OQTRJQOGVTKUVUDWVQPTCVUGZRQUGFYGGMFC[UJFC[VQQTRRO1 HQT 

YGGMU$QVJUVWFKGUWVKNK\GF(TCVU.KMGYKUGVJGRTKOCVGUVWFKGUYGTGEQPFWEVGFD[

VJGUCOGKPXGUVKICVQTUDWVKPXQNXGFVYQUVTCKPUQHOQPMG[U+PQPGUVWF[VJGDQPPGVOQPMG[

YCUGZRQUGFHQTFC[UJFC[VQQTRRO1 *CTMGOCGVCNYJGTGCU 

VJGUGEQPFUVWF[EQPUKUVGFQHFCKN[JFC[GZRQUWTGUVQVJGUOCNNGTHCUEKEWNCTKUOQPMG[QH

QTRRO1 HQTEQPUGEWVKXGOQQTOQYKVJCNVGTPCVKPIOQPVJUQHENGCPCKT6[NGTGV 

CN6JGCUUWORVKQPUPGGFGFVQOQFGNVJGURGEKHKEURGEKGUFQUKOGVT[QHGCEJUVWF[CTG

RTQXKFGFKPVJGHQNNQYKPIUGEVKQP)TQYVJYCUEQORGPUCVGFYJGTGCRRTQRTKCVGHQTTCVUCPF

CNNQOGVTKECPCVQOKECFLWUVOGPVUQTCUUWORVKQPUYGTGOCFGVQGUVKOCVGWPCXCKNCDNGCPCVQOKE

FCVCCUKPVJGECUGQHVJGOQPMG[HQTVJGFQUKOGVT[OQFGNU8GPVKNCVKQPYCUCUUWOGFVQDG

WPCHHGEVGFD[1 CHVGTVJGHKTUVFC[UQHGZRQUWTGDGECWUGCFCRVKXGGXGPVUCTGMPQYPVQQEEWT 

KPVJCVVKOGHTCOG6JKUUKORNKHKGFVJGOQFGNHQTOWNCVKQPUHQTVJGCPKOCNUVWFKGUCNVJQWIJ

XCTKGFCEVKXKV[CPFGZRQUWTGRTQHKNGUYGTGEQPUKFGTGFVJTQWIJQWVHQTVJGJWOCPFQUGGUVKOCVGU

#NNQOGVTKEGSWKXCNGPVNKHGURCPGUVKOCVGUCNUQYGTGOCFGKPCPGHHQTVVQTGNCVGVJGFWTCVKQPQH

VJGGZRQUWTGRGTKQFTGNCVKXGVQNKHGURCPCPFEWOWNCVKXGFQUG
8-66

+PGCEJGZRGTKOGPVCUWDTGIKQPQHVJG%#4YJGTGOCLQTNGUKQPUJCXGDGGP

QDUGTXGFYCUEJQUGPD[VJGKPXGUVKICVQTUHQTUVWF[(QTVJGVYQTCVUVWFKGUVJGUKVGYCUVJG

2#4YJKEJYCUFGHKPGFD[%JCPIGVCNCUVJGCNXGQNCTVKUUWGUWTTQWPFKPIVJG

CNXGQNCTFWEVUDGIKPPKPICVVJGDTQPEJKQNCTCNXGQNCTFWEVLWPEVKQPCPFGPFKPICVVJGUGEQPF

CNXGQNCTFWEVDKHWTECVKQP(QTOQFGNKPIRWTRQUGUVJGHKTUVIGPGTCVKQPFKUVCNVQVJGVGTOKPCN

DTQPEJKQNGUEQTTGURQPFGFVQVJG2#46JGOQPMG[UVWFKGUHQEWUGFQPCPCPCNQIQWUCKTYC[

TGIKQPVJGTGURKTCVQT[DTQPEJKQNGU6JWUKPVJTGGQHVJGHQWTGZRGTKOGPVUVJGHKTUVIGPGTCVKQP

FKUVCNVQVGTOKPCNDTQPEJKQNGUYCUVJGGZRNKEKVUKVGQHVJGQDUGTXGFGHHGEVU(QTUKORNKEKV[

UKOKNCTCUUWORVKQPUYGTGOCFGHQTVJG6[NGTGVCNOQPMG[UVWF[VJCVECOGHTQOVJG

UCOGNCDQTCVQT[CU*CTMGOC(QTFKUEWUUKQPRWTRQUGUVJGVGTO2#4JCUDGGPWUGFHQTVJG

OQPMG[UKVGUGXGPVJQWIJVJGCKTYC[OQTRJQNQI[QHVJKUUKVGFKHHGTUDGVYGGPVJGTCVCPF

OQPMG[6JGUKOWNCVGFFQUGQHVJG2#4YCUEJQUGPHQTEQORCTKUQPVQVJGTGRQTVGFGHHGEV

$GECWUGVJG2#4IGPGTCNN[KUVJQWIJVVQDGVJGUKVGQHKPEKRKGPVNWPIFKUGCUGKVKUQH

RCTVKEWNCTKPVGTGUVYKVJTGICTFVQVJGRQVGPVKCNTQNGQH1 KPFWEGFEJTQPKENWPIFKUGCUG'HHGEVU 

KPVJG2#4ECPDGGXCNWCVGFURGEKHKECNN[WUKPIOQTRJQOGVTKEVGEJPKSWGUYKVJCPGNGEVTQP

OKETQUEQRGCPFNKMGYKUGFQUKOGVTKEOQFGNUECPGUVKOCVGUWTHCEGCTGCPQTOCNK\GFHQECNVKUUWG

FQUGUYKVJKPVJGUCOGTGIKQP6JGFQUGTGURQPUGTGNCVKQPUJKRUEQPUVTWEVGFKPVJKU

GZVTCRQNCVKQPHQEWUQPVJGVJGQTGVKECNFQUGVQVJG2#4QHTCVUCPFOQPMG[UYKVJVJGKT

EQTTGURQPFKPIKORCEVQPVJG2#4KPVGTUVKVKCNUVTWEVWTGCUVQVCNCPFCEGNNWNCTVJKEMPGUU

#PCNQIQWUGUVKOCVGFEWOWNCVKXGFQUGUVQVJG2#4QHC[GCTQNFEJKNFCPFQHCPQWVFQQT

YQTMGTGZRQUGFVQC0GY;QTM%KV[UWOOGT1 UGCUQPVJGPCTGKPVGTRQNCVGFHTQOVJGGHHGEVU 

KPVJGGZRGTKOGPVCNCPKOCNUCVPQOKPCNN[UKOKNCTFQUGU

+PVJKUCVVGORVVQGZVTCRQNCVGEJTQPKE1 GHHGEVUHTQOVJGGZRGTKOGPVCNCPKOCNUVQ 

JWOCPUVJGVYQHQTGOQUVCUUWORVKQPUCTGVJCVVJGTGGZKUVUEQJGTGPEGQHCPCNQIQWUFQUG

TGURQPUGFCVCCETQUUURGEKGUYKVJTGICTFVQCEWVGGZRQUWTGGHHGEVUCUTGRTGUGPVGFD[QPGUKFG

QHVJGRCTCNNGNQITCOOQFGN=(KIWTG?CPFVJGTGGZKUVUUQOGTGNCVKQPUJKRQHGHHGEVVQVJG

VQVCNEWOWNCVKXGFQUGVQVJGVCTIGVVKUUWG6JGGUUGPVKCNJ[RQVJGUKUKUVJCVVJGTCVGQHEJCPIGQH

KPVGTUVKVKCNVJKEMPGUUKUTGNCVGFVQVJGTCVGQH1 WRVCMG%NGCTN[VJGNCVVGTCUUWORVKQPKIPQTGU 

RQVGPVKCNCFCRVKXGQTTGRCTCVKXGRTQEGUUGUDWVTCVJGTCUUWOGUVJCVEQPVKPWKPIGZRQUWTGQHCP[

UEGPCTKQKORCTVUKTTGXGTUKDNGQTUNQYN[TGXGTUKDNGEJCPIGUYKVJKPVJGEQPUVKVWVKXGUVTWEVWTGQH

VJGVCTIGVCTGC6JGTGKUNKVVNGVQUWDUVCPVKCVGVJKUCUUWORVKQPQVJGTVJCPVJGEQOOQPN[DGNKGXGF

KTTGXGTUKDKNKV[QHHKDTQIGPGUKUCPFFGIGPGTCVKXGNWPIFKUGCUG

 (CEVQTU%QPUKFGTGFKP'UVKOCVKPI&QUG

(QTGCEJQHVJGCPKOCNUHQTYJKEJFQUGUYGTGUKOWNCVGF6CDNGNKUVU

KPHQTOCVKQPQTRCTCOGVGTUPGGFGFHQTVJGFQUKOGVT[UKOWNCVKQPUCPFVJGUQWTEGQHVJG

KPHQTOCVKQP#NUQFGVCKNUCTGRTQXKFGFCUVQJQYVJKUKPHQTOCVKQPYCUOQFKHKGFUECNGFQT

WUGFVQEQTTGURQPFVQVJGGZRGTKOGPVCNQTJ[RQVJGVKECNCPKOCNUHQTYJKEJFQUGYCUGUVKOCVGF

#PGZRCPFGFFKUEWUUKQPHQNNQYU

 *WOCP

6JGFQUGUKOWNCVKQPUYGTGHQTCJ[RQVJGVKECN0GY;QTM%KV[CFWNVQWVFQQTYQTMGT

CPFCJ[RQVJGVKECN[GCTQNF0GY;QTM%KV[EJKNFYJQKUCEVKXGQWVQHFQQTU6JGKT
8-67

6CDNG6JG$CUKUQH+PHQTOCVKQPHQT/QFGN2CTCOGVGTUC

+PHQTOCVKQP 0GGFGF

( 4CV


'2# %JTQPKE 5VWF[

( 4CV


062*'+ %JTQPKE 5VWF[

$QPPGV /QPMG[


/CECEC TCFKCVC

/QPMG[


/CECEC HCUEKEWNCTKU *WOCP 

%JCTCEVGTKUVKEU QHUKOWNCVGF CPKOCN

%JCPI GV CN 
 6GRRGTGV CN 
  MI YGGMU QNF OCNGU

%JCPI GV CN 
 .CUV GV CN
  MI YGGMU QNF OCNGU

*CTMGOC GV CN 
 MI 
WUGF MI YGGMU QNF OCNGUCPF HGOCNGU

6[NGT GV CN 
  MI
WUGF MI YGGMU QNF OCNGU

2TGUGPV UKOW MI  [GCTJGKIJV OCNG 

'ZRQUWTG TGIKOG %JCPI GV CN 
  RRO

EQPVKPWQWU DCEMITQWPF JFC[  FC[UYGGM RRO TCORGF RGCM QXGT  J FC[UYGGM   CPF YGGM GZRQUWTGU

%JCPI GV CN 
   CPF  RRO  JFC[ FC[UYGGM HQT  YGGMU

*CTMGOC GV CN 
 JFC[ HQT  FC[U  CPF  RRO

6[NGT GV CN 
 JFC[ HQT  OQ  RRO RRO 
FCKN[ CPF RRO 
FCKN[ CNVGTPCVKPIOQPVJU

,QJPUQP 
EQPVKPWQWU GZRCVVGTP HQT C QWVFQQT EJKNF1EVQDGT GZRQUWTG   RRD

.46 UVTWEVWTG 27. /GTEGT GV CN  
MI 5& TCV

6$ ;GJ GV CN  
MI .QPI'XCPU TCV

9GKDGN 
 CFWNV JWOCP .46

&GCF URCEG XQNWOGCV (4%

&GCF URCEG XQNWOG  746 
 6$ XQNWOGU &GCF URCEG XQNWOG  746 
 6$ XQNWOGU *CTV GV CN 


 [GCTU Y

(4% /GTEGT GV CN  
MI 5& TCV

(4%  YGKIJV 
6CMG\CYC GV CN  

-QUEJ GV CN  
TCFKCVCOQPMG[U (4%  O.MI

6[NGT GV CN  
MIHCUEKEWNCTKU (4% YGKIJV 
TGNCVKQP HQT 

EQODKPGF TQFGPV URGEKGU6CMG\CYC GV CN 


746 XQNWOG 
8CPF UWTHCEG CTGC 
5

2CVTC GV CN  
( TCV  MI  YGGMU QNF)TCRJKECN KPVGTRQNCVKQP CPF GZVTCRQNCVKQP YKVJ TGURGEV VQ CIG

5EJTGKFGT CPF 4CCDG  
MI TJGUWU OQPMG[8  YGKIJV5  8  

8 6JG TCVKQ CPF FGCF URCCTG VJG UCOG CFWNV JWOCP 

6$ XQNWOG 
8 CPFUWTHCEG CTGC 
5

8 /GTEGT GV CN C 
MI 5& TCV5 ;GJ GV CN  
MI .QPI'XCPU TCV5  8  

8 2WNOQPCT[ CPF 6$ XQNWOGU KP UCOG TCVKQ CUJWOCP5  8  

8 XQNWOG  746 XQNWOG5  8  

27. TGIKQP XQNWOG
8 CPF UWTHCEG CTGC
5

8 (4% OKPWU 6$ XQNWOG5  8  

2WNOQPCT[ CPF 6$XQNWOGU KP UCOG TCVKQ CUJWOCP5 /GTEGT GV CN 
DKPVGTURGEKGU KPVGTRQNCVKQP

8 2WNOQPCT[ CPF 6$XQNWOGU KP UCOG TCVKQ CUJWOCP5 6[NGT GV CN 
MI HCUEKEWNCTKU5  8  

8 XQNWOG  URCEG XQNWOG5  8  
8-68

6CDNGEQPV	F6JG$CUKUQH+PHQTOCVKQPHQT/QFGN2CTCOGVGTUC

+PHQTOCVKQP 0GGFGF

( 4CV


'2# %JTQPKE 5VWF[

( 4CV


062*'+ %JTQPKE 5VWF[

$QPPGV /QPMG[


/CECEC TCFKCVC

/QPMG[


/CECEC HCUEKEWNCTKU *WOCP 

6KFCN XQNWOG CPFDTGCVJKPI HTGSWGPE[

%QUVC 
 OGCUWTGOGPVU OCFG CV    CPF  YGGMU QHGZRQUWTG 
KPVGTRQNCVKQP HQT QVJGT VKOGRQKPVU

0QPG TGRQTVGF #UUWOGFUKOKNCT VQ VJCV QH VJG '2#EJTQPKE UVWF[

0QPG TGRQTVGF # TCPIG QH RCTCOGVGTU WUGF5GG 6CDNG  CPF 5GEVKQP 

,QJPUQP 
CEVKXKV[ RCVV*QHOCPP GV 
 VKFXQNWOGU CPDTGCVJKPI HT

/CUU VTCPUHGT EQGHHKEKGPVU 2CTCOGVGT GUVKOCVKQP WUKPI VJG TCV FCVC QH *CVEJ GV CN 
 CPF CP

CUUWOGF RWNOQPCT[ TGIKQP EQGHHKEKGPV 5GG 6CDNG  CPF5GEVKQP 

(QT EQTTGURQPFKPI IGPGTCVKQPU QT OQFGN UGIOGPVU VJG UCOG CFWNV JWOCP 5GG 6CDNG  CPF 5GEVKQP 

5GG #RRGPFKZ # HQT CDDTGXKCVKQPU CPF CETQP[OU 27. 8 CPF 5 KPFKECVG RWNOQPCT[ XQNWOG CPF UWTHCEG CTGC TGURGEVKXGN[ +P UQOG EGNNU QH VJKU VCDNG VJG KP

C

EJCTCEVGTKUVKEU QH VJG URGEKGU CPF VJG TGHGTGPEG VQ VJG DCUKU QH VJG KPHQTOCVKQP HQNNQYGF D[ CP KPFKECVKQP CU VQ JQY VJG TGHGTGPEG KPHQTOCVKQP YCU WUGF QT OQFKHK6JG RTQRQTVKQP U[ODQN  KPFKECVGU VJCV QPG RCTCOGVGT KU RTQRQTVKQPCN VQ CPQVJGT 
GI 5  8 KORNKGU VJCV55 
88   YJGTG VJG UWDUETKRVGF RCTCOGVGTU C

   

QT FGUKTGF XQNWOG CPF 5 KU VJG GUVKOCVGF UWTHCEG CTGC QH VJG PGY XQNWOG
8-69

TGUKFGPEGUYGTGPQVCKTEQPFKVKQPGFCPFVJG[NKXGFYQTMGFQTRNC[GFKPVJGUCOGCTGC

6JGUGVYQITQWRUQHRGQRNGYQWNFJCXGVGPFGFVQGZRGTKGPEGJKIJGTQWVFQQT1 EQPEGPVTCVKQPU 

VJCPQVJGT0GY;QTM%KV[RGQRNGDGECWUGVJGEJQUGPCTGCJCFJKIJGTQWVFQQT1

EQPEGPVTCVKQPUVJCPQVJGTCTGCUCPF1 NGXGNUCTGJKIJGTKPJQOGUYKVJQWVCKTEQPFKVKQPKPI 


,QJPUQP6JGUGUEGPCTKQUYGTGUGNGEVGFDGECWUGVJG[KPXQNXGVJGUCOGCVTKUM

RQRWNCVKQPITQWRUWUGFHQTVJG1 TKUMCPCN[UKUKPVJGUVCHHRCRGT75'PXKTQPOGPVCN 

2TQVGEVKQP#IGPE[

6JGCEVKXKV[RCVVGTPUCPF1 GZRQUWTGGUVKOCVGUYGTGIGPGTCVGFD[VJGRTQDCDKNKUVKE 

0CVKQPCN#ODKGPV#KT3WCNKV[5VCPFCTFU'ZRQUWTG/QFGNHQT1 R0'/1 ,QJPUQP  

HQT#RTKNVJTQWIJ1EVQDGT6JGOQFGNKPICRRTQCEJHQTQWVFQQTYQTMGTUECPDGFGUETKDGF

CUHQNNQYU1WVFQQTYQTMGTUTGUKFKPIKP0GY;QTM%KV[YGTGFKXKFGFKPVQPQPQXGTNCRRKPIUGVU

QHEQJQTVUUWEJVJCVGCEJEQJQTVEQWNFDGKFGPVKHKGFD[CTGUKFGPVKCNNQECVKQPCYQTMNQECVKQP

CPFCTGUKFGPVKCNCKTEQPFKVKQPKPIU[UVGO6JGR0'/1 OQFGNIGPGTCVGFCPGZRQUWTGGXGPV 

UGSWGPEG''5HQTGCEJEQJQTVDCUGFQPFCVCQDVCKPGFHTQOCEVKXKV[FKCT[UVWFKGUKPXQNXKPI

QWVFQQTYQTMGTU'CEJGZRQUWTGGXGPVKPVJG''5CUUKIPGFVJGEQJQTVVQCIGQITCRJKE

NQECVKQPCOKETQGPXKTQPOGPVCPFCPGZGTVKQPNGXGN#NIQTKVJOUYKVJKPVJGR0'/1 OQFGN 

RTQXKFGFGUVKOCVGUQH1 GZRQUWTGCPFGSWKXCNGPVXGPVKNCVKQPTCVG'84HQTGCEJGXGPVVJCV 

NCUVGFHTQOVQOKP6JG'84KUXGPVKNCVKQPTCVGNKVGTURGTOKPWVGFKXKFGFD[DQF[

UWTHCEGCTGCUSWCTGOGVGTU'ZRQUWTGUYGTGECNEWNCVGFQPCOKPWVGD[OKPWVGDCUKU

JQYGXGTVJGEQPEGPVTCVKQPCPF'84XCNWGUQHCNNOKPWVGUYKVJKPCIKXGPGZRQUWTGGXGPVYGTG

JGNFEQPUVCPVFWTKPIVJGGXGPV6JGR0'/1 OQFGNWUGFHQTQWVFQQTEJKNFTGPYCUIGPGTCNN[ 

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CKTEQPFKVKQPKPIU[UVGOQPN[YQTMRNCEGNQECVKQPYCUPQVURGEKHKGF

(KIWTGU#CPF$IKXGCPKFGCQHVJGGZRQUWTGEQPEGPVTCVKQPUHQTVJG

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1 EQPEGPVTCVKQPU6JGGZRQUWTGEQPEGPVTCVKQPUQHVJGCFWNVCPFEJKNFFKHHGTDGECWUGVJGKT 

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GZEGGFUVJGRRORRDUVCPFCTF

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PGGFGFVQEQPXGTV'84VQOKPWVGXQNWOGYCUCUUWOGFVQDGO -QTGPGVCND 

CPFO ,QJPUQPVQO 6JG0GY;QTM%KV[EJKNFJCFCDQF[UWTHCEG  

CTGCQHO YJKEJYCUEQPUKUVGPVYKVJDQVJ[GCTQNFOCNGUCPFHGOCNGU,QJPUQP

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JCXGCRRTQZKOCVGN[VJGUCOGWRVCMGGHHKEKGPE[VJGPVJGCUUWORVKQPQHPQFKUVKPEVKQPDGVYGGP

OQWVJCPFPQUGDTGCVJKPIKUCRRTQRTKCVGHQTRTGFKEVKPI2#4FQUGU9JGVJGTVJKUKUCXCNKF

CUUWORVKQPJCUPQVDGGPUGVVNGFUGG5GEVKQP6JGUCOG746CPCVQOKECNOQFGNYCU

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CUUWOGFVQDGRTQRQTVKQPCNVQVJGXQNWOGVQVJGVYQVJKTFUCPFQPGVJKTFRQYGTUHQTCFWNVUCPF

EJKNFTGPTGURGEVKXGN[GIKHZKURTQRQTVKQPCNVQXQNWOG8VQVJGRQYGTRVJGPAPR MAY JUNE JULY AUG SEPT OCT

60 90 120 150 180 210 240 270 300 330

0

20

40

60

80

100

120

140

160

180

200

220

A

Days

APR MAY JUNE JULY AUG SEPT OCT

60 90 120 150 180 210 240 270 300 330

0

20

40

60

80

100

120

140

160

180

200

220

B

Days

8-70

(KIWTG 6JGXCTKCVKQPKPGZRQUWTGEQPEGPVTCVKQPHQTVJG0GY;QTM%KV[CFWNVCPF

EJKNF2NQVVGFCTGVJGJQWTN[CPFOQPVJN[1 CXGTCIGUHQTVJG0GY;QTM 

%KV[QWVFQQTYQTMGT#CPFVJG[GCTQNFEJKNF$6JGJQWTN[CXGTCIGU

CTGTGRTGUGPVGFD[VJGFQVUCPFVJGOQPVJN[CXGTCIGD[VJGEQPVKPWQWU

UQNKFNKPG
8

8

8

8-71

Z Z 
8 8  YJGTGVJGUWDUETKRVUPCPFQKPFKECVGVJGPGYCPFQTKIKPCNXCNWGU P P

R

TGURGEVKXGN[&KOGPUKQPUWUGFHQTVJGCFWNVYGTGHTQO*WGVCNDYJQDCUGFVJGKT

XCNWGUQPVJGCEQWUVKETGHNGEVKQPOGCUWTGOGPVUQH(TGFDGTIGVCNVJCVEQTTGURQPFGFVQ

VJGQTQRJCT[PIGCNOQWVJVJTQWIJNCT[PZTGIKQP6JG.46OQFGNFGXGNQRGFD[9GKDGN


YCUWUGFHQT.46UVTWEVWTGCPFFKOGPUKQPUDWVYCUUECNGFKUQVTQRKECNN[VQ(4%CPF

FGCFURCEGXQNWOGUCUCRRTQRTKCVG

/CUU6TCPUHGT%QGHHKEKGPVU

6JKURCTCOGVGTKUPGEGUUCT[VQFGVGTOKPGVJGNQECNFQUGGZRTGUUGFKPVGTOUQHVJG

HNWZQH1 VQTGURKTCVQT[VTCEVUWTHCEGU5RGEKHKECNN[VJKUFQUGKUTGNCVGFVQVJGRTQFWEVQHVJG 

OCUUVTCPUHGTEQGHHKEKGPVCPFICURJCUGEQPEGPVTCVKQPQH1 KPVGITCVGFQXGTVJGVKOGQHKPVGTGUV

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TGURKTCVQT[VTCEVUKVGU

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YGTGFGTKXGFHTQO*WGVCNDCPF9GKDGNKURTGUGPVGFKP6CDNG6JGUG

EQGHHKEKGPVUYGTGXCNKFCVGFD[UKOWNCVKPIVJGDQNWUTGURQPUGGZRGTKOGPVQH*WGVCND

5KOWNCVKQPTGUWNVUQHVJGDQNWUWRVCMGUQXGTRTGFKEVGFD[TGUWNVUHQTVJGQVJGTVYQ

OGCUWTGFXCTKCDNGUFGXKCVGFHTQOVJGGZRGTKOGPVCNXCNWGUD[

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KPUKOWNCVKPIVJGQVJGTVYQXCTKCDNGUKUPQVENGCT2QUUKDN[RTGFKEVKQPUQHVJGFKUVTKDWVKQPQH

CDUQTDGF1 YKVJKPVJG46CTGSWGUVKQPCDNGCNUQRTGFKEVGFVQVCNWRVCMGUHQTHNQYTCVGU 

FKHHGTGPVHTQOVJGGZRGTKOGPVCNXCNWGQHO.UOC[DGUWURGEV(QTXGT[FKHHGTGPV

TGCUQPUVJKUNCVVGTURGEWNCVKQPKURTQDCDN[XCNKF/GCUWTGOGPVUD[*WGVCNCVTCVGU

JKIJGTVJCPO.UKPFKECVGVJCVNQECNOCUUVTCPUHGTEQGHHKEKGPVUKPETGCUGYKVJKPETGCUKPI

HNQYTCVGU+PCFFKVKQPPCKXGUWDLGEVUYGTGWUGFHQTVJGDQNWUGZRGTKOGPVU%JTQPKEGZRQUWTG

VQ1 YJKEJKUOQTGCRRTQRTKCVGVQVJGRTGUGPVUKOWNCVKQPUEGPCTKQUEQWNFCNVGTOCUUVTCPUHGT 

EQGHHKEKGPVUFWGVQEJGOKECNTGCEVKQPUEJCPIKPIVJGRTQRGTVKGUQHDKQEJGOKECNEQPUVKVWGPVU5GG

5GEVKQPCPF6CDNGHQTCEQORCTKUQPQHFQUKOGVT[OQFGNKPITGUWNVUYKVJFQUKOGVT[

FCVCWUKPIEQGHHKEKGPVUDCUGFQP*WGVCND

6JGGZRGTKOGPVCNFCVCQH*WGVCNDYGTGPQVUGPUKVKXGGPQWIJVQCNNQYCP

GUVKOCVGYKVJEQPHKFGPEGHQTVJGRWNOQPCT[TGIKQPQTHQTVJG2#4OCUUVTCPUHGTEQGHHKEKGPV

(QTVJKUTGCUQPVJGUGEQGHHKEKGPVUYGTGCUUWOGFVQDGVJGUCOGCUWUGFD[/KNNGTGVCN

6JGXCNWGQHVJKURCTCOGVGTKUCRRTQZKOCVGN[VJGUCOGCUWUGFHQTVJGTCV#NVJQWIJVJGXCNWG

QHVJGRWNOQPCT[TGIKQPOCUUVTCPUHGTEQGHHKEKGPVQHTCVUCNUQKUWPMPQYPCEQORCTKUQPD[

2KPMGTVQPGVCNQHOQTRJQOGVTKEGHHGEVUCPFFQUKOGVT[OQFGNRTGFKEVKQPUUWIIGUVUVJCV

VJGTCVXCNWGKUPQVWPTGCUQPCDNG

8GPVKNCVKQP

#EVKXKV[RCVVGTPUHQTVJGCFWNVCPFVJGEJKNF,QJPUQPYGTGWUGFVQGUVKOCVG

U6JGUGVQHGUVKOCVGUJCFQXGTOKPWVGD[OKPWVGECUGUGCEJECUGEQPUKUVKPIQH '

VJGFC[QHVJG[GCTJQWTOKPWVGCPFGSWKXCNGPVXGPVKNCVQT[TCVG FKXKFGFD[DQF[UWTHCEG '

CTGC6JGIGPGTCVGFRCVVGTPUYGTGHQTUGSWGPVKCNFC[UHTQOVJGDGIKPPKPIQH#RTKN

VJTQWIJ1EVQDGT

(QTVJGCFWNV8 UYGTGGUVKOCVGFD[KPVGTRQNCVKQPHTQOCRNQVQH8 XGTUWUVJCV 6 6 '

YCUFTCYPWUKPIKPHQTOCVKQPHTQO6CDNGKP+PVGTPCVKQPCN%QOOKUUKQPQP4CFKQNQIKECN
8

8

8

8-72

2TQVGEVKQP6KFCNXQNWOGUCPFH	UHQTVJGEJKNFYGTGGUVKOCVGFWUKPICTGNCVKQPUJKR

DGVYGGP8 CPFFGXGNQRGFD[*QHOCPPGVCN(QTDQVJJWOCPUH	UYGTGFGHKPGF 6 '

CUFKXKFGFD[VJGGUVKOCVGF8 ' 6

'UVKOCVKPI2TQZKOCN#NXGQNCT4GIKQP&QUG

6JG2#4FQUGUYGTGGUVKOCVGFD[UKOWNCVKQPHQTGCEJQHVJGOKPWVGD[OKPWVG

GSWKXCNGPVUCPFRGTUQPCNEQPEGPVTCVKQPGUVKOCVGUVJGUGFQUGUYGTGCXGTCIGF '

 /QPMG[U

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$GECWUGVJGTGYGTGPQFCVCQPVJGWRVCMGQH1 D[VJG746QHOQPMG[UPQ 

FKUVKPEVKQPYCUOCFGDGVYGGPQTCNCPFPCUCNDTGCVJKPI6JG746FKOGPUKQPUYGTGDCUGFQP

5EJTGKFGTCPF4CCDGHQTVJGPCUQRJCT[PIGCNTGIKQPQHCMITJGUWUOQPMG[8QNWOGU

YGTGRTQRQTVKQPCNVQDQF[YGKIJVCPFFKOGPUKQPUYGTGUECNGFKUQVTQRKECNN[(QTVJG

PCUQRJCT[PIGCNTGIKQPVJGFKOGPUKQPUWUGFOC[JCXGDGGPVQQNCTIGDGECWUGVJGECUVKPI

RTQEGFWTGOC[JCXGTGUWNVGFKPCNCTIGTXQNWOG;GJGVCNVJCPKPCNKXGCPKOCNCPF

CKTHNQYUVTGCONKPKPI/QTICPGVCNOC[JCXGTGUWNVGFKPCUOCNNGTGHHGEVKXGXQNWOG

6JGUVTWEVWTGQHVJG.46YCUDCUGFQP9GKDGNHQTJWOCPUVJGUCOGCUWUGFHQTVJG

JWOCPUKOWNCVKQPUYJKEJYCUKUQVTQRKECNN[UECNGFVQOQPMG[(4%XCNWGUCUUWOKPIVJCV6$

CPFRWNOQPCT[TGIKQPXQNWOGUYGTGKPVJGUCOGRTQRQTVKQPCUVJGJWOCP(4%XCNWGU6JG

WUGQHVJGJWOCP.46UVTWEVWTGHQTVJGOQPMG[UKOWNCVKQPUKUEQPUKFGTGFVQDGQHNGUU

KORQTVCPEGVQTGCUQPCDNGRTGFKEVKQPUVJCPVJGEQTTGEVURGEKHKECVKQPQHXQNWOGUCPFUWTHCEG

CTGCUQHVJGFKHHGTGPVTGIKQPU

/CUU6TCPUHGT%QGHHKEKGPVU

6JGJWOCPOCUUVTCPUHGTEQGHHKEKGPVXCNWGUYGTGCUUWOGFDGECWUGVJGTGYGTGPQ

TGRQTVGFXCNWGUPQTWRVCMGFCVCVJCVYQWNFJCXGCNNQYGFGUVKOCVGUQHVJGUGEQGHHKEKGPVU(QT

EQTTGURQPFKPIOQFGNUGIOGPVUQTOQFGNIGPGTCVKQPUVJGOQPMG[EQGHHKEKGPVUYGTGVJGUCOGCU

VJQUGWUGFHQTJWOCPU

8GPVKNCVKQP

0QXGPVKNCVKQPRCTCOGVGTUYGTGTGRQTVGFHQTVJGOQPMG[GZRGTKOGPVU(QTVJKU

TGCUQPHQWTUVCVGUQHXGPVKNCVKQPYGTGWUGFVQECNEWNCVGVJGFQUGUUGG6CDNG6JGHKTUV

VJTGGKPVJGVCDNGYGTGGZVTCRQNCVGFHTQOJWOCPXCNWGUQH8 UCPFH	U6JGUGJWOCP 6

RCTCOGVGTUYGTGEQPUKUVGPVYKVJVJGCNIQTKVJOWUGFHQTVJGJWOCPUKOWNCVKQPUCPFEQTTGURQPF

CRRTQZKOCVGN[VQUGFGPVCT[NQYCPFNKIJVCEVKXKV[CUECVGIQTK\GFD[*QHOCPPGVCNHQT

CPCFWNVJWOCP6JGNCUVUGVQHRCTCOGVGTUEQTTGURQPFVQOGCUWTGOGPVUOCFGD[/QUU

QPHKXGCYCMGHGOCNGCFWNVE[PQOQNIWUOQPMG[U/CECECHCUEKEWNCTKU

'UVKOCVKPI2TQZKOCN#NXGQNCT4GIKQP&QUGU

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GUVKOCVGFCXGTCIG2#4FQUGU

 4CVU

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8-73

4CVUCTGPCUCNDTGCVJGTUVJGTGHQTGVJG746OQFGNEQTTGURQPFUVQCPFKUDCUGFQP
8-74

6CDNG'UVKOCVKPI/QPMG[8GPVKNCVQT[2CTCOGVGTUC

*WOCP

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6JGUG EJCTCEVGTK\CVKQPU HQT VJG JWOCP RCTCOGVGTU CTG EQPUKUVGPV YKVJ VJQUG QH VJG +PVGTPCVKQPCN %QOOKUUKQP QP 4CFKQNQIKECN 2

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H CTG VJG UCOG CU WUGF HQT VJG CFWNV JWOCP/QUU 
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8-75
8-76

VJGECUVKPIRTQEGFWTGECPTGUWNVKPCNCTIGTXQNWOGVJCPKPCNKXGCPKOCN;GJGVCNCPF

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CPFCRWNOQPCT[TGIKQPDCUGFQPVJG/GTEGTGVCNXGPVKNCVQT[WPKVOQFGNQHVJG5&

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46

/CUU6TCPUHGT%QGHHKEKGPVU

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GUVKOCVGFWUKPIVJGWRVCMGFCVCQH*CVEJGVCNCPFCPCUUWOGFRWNOQPCT[TGIKQPOCUU

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CPFVJGCXGTCIGHTCEVKQPQH1 KPVJGPCUQRJCT[PIGCNTGIKQPVJGVTCEJGCCPFVJGNWPIU




*CVEJGVCN=CPF?FKUEWUUKUUWGUTGNCVGFVQWUKPI1 FQUGCUCOGCUWTGQH1 

 

FQUG$CUGFQPCFKUEWUUKQPKP/KNNGTGVCNEQPEGTPKPIVJGKPXGUVKICVKQPQH2KPMGTVQP

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GUVKOCVGQHOCUUVTCPUHGTEQGHHKEKGPVUHQTVJGPCUQRJCT[PIGCNTGIKQPCPFVJG6$#EQOOQP

GUVKOCVGQHOCUUVTCPUHGTEQGHHKEKGPVUCNUQYCUOCFGWUKPIVJGFCVCHQTVJGKPFKXKFWCNTCVU(QT

VJGUGEQGHHKEKGPVUYJQUGXCNWGUYGTGGUUGPVKCNN[VJGUCOGCUVJGHKTUVUGVVJGKPFKXKFWCNTCV

UKOWNCVKQPUFGXKCVGFHTQOVJGGZRGTKOGPVCNFCVCD[CPCXGTCIGQH

8GPVKNCVKQP

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CPF(QTKPVGTOGFKCVGYGGMUVJGUGRCTCOGVGTUYGTGGUVKOCVGFD[KPVGTRQNCVKQPCPF

CUUWOGFEQPUVCPVFWTKPIGCEJQHVJQUGYGGMU$GECWUGXGPVKNCVQT[RCTCOGVGTUYGTGPQV

TGRQTVGFHQTVJG0CVKQPCN6QZKEQNQI[2TQITCO*GCNVJ'HHGEVU+PUVKVKVG062*'+EJTQPKE

UVWF[RCTCOGVGTUUKOKNCTVQVJQUGQHVJG'2#EJTQPKEUVWF[YGTGCUUWOGFUGGDGNQY

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TGRGCVGFGCEJYGGM6GRRGTGVCN6JG2#4FQUGUYGTGUKOWNCVGFHQTGCEJYGGMCPF

CXGTCIGF6JGXGPVKNCVQT[RJ[UKQNQIKECNCPFCPCVQOKECNEJCTCEVGTKUVKEUQHVJG062*'+UVWF[

TCVUYKVJTGURGEVVQVKOGYGTGCUUWOGFVQDGUKOKNCTVQVJG'2#EJTQPKEUVWF[TCVUCPFVJG

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 5KOWNCVKQP4GUWNVU

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8-77

6CDNG5WOOCT[QH5KOWNCVKQP4GUWNVUC

5KOWNCVKQP QH

5QWTEG HQT

5KOWNCVKQP

#XGTCIG

9GKIJV


MI

/KPWVG 8QNWOGD


.OKP

#XGTCIG

2#4 &QUG


IEO OKP 

%WOWNCVKXG 2#4

&QUG


IEO 

&WTCVKQP QH

'ZRGTKOGPV


YGGMU

'2# TCV 
 YGGMU %JCPI GV CN 
 6GRRGT GV CN
  G   '2# TCV 
 YGGMU  G   '2# TCV 
 YGGMU  G   062*'+ TCV 
 RROF %JCPI GV CN 
  G   

062*'+ TCV 
 RROF  G   

062*'+ TCV 
 RROF  G   $QPPGV OQPMG[ 
 RRO *CTMGOC GV CN 
   DGNQY G  DGNQYG  

$QPPGV OQPMG[ 
 RRO   G   

 G    G    G   

(CUEKEWNCTKU OQPMG[
FCKN[  RRO

6[NGT GV CN 
   ¥ DGNQY 

 ¥ DGNQYH  

(CUEKEWNCTKU OQPMG[
UGCUQPCN  RRO

  G   

 G    G    G   

[GCTQNF 0;% EJKNF I 75 'PXKTQPOGPVCN

2TQVGEVKQP #IGPE[


 G   

#FWNV 0;% QWVFQQT UWRGTXKUQT I  G   

5GG #RRGPFKZ # HQT CDDTGXKCVKQPU CPF CETQP[OU C

1PN[ TGNGXCPV HQT VJG OQPMG[U 5GG 6CDNG  D

E)KXGP VJG PQPJWOCP GZRQUWTG VKOG VJG PWODGT QH YGGMU VJG JWOCP YQWNF JCXG VQ DG GZRQUGF HQT GSWCN JWOCP CPF PQPJWOCP RJ[UKQNQIKECN VKOGU YGGMU 

*7/#


YGKIJV YGKIJV   *7/#0 010*7/#0 6JG TGNCVKXG 2#4 FQUG =
IEO OKP
IO 1 ? YCU CUUWOGF VQ DG VJG UCOG CU VJG CXGTCIG HQT VJG '2# TCV F  

(QT GCEJ OKPWVG XQNWOG VJG GZRQUWTG EQPEGPVTCVKQP HQT VJGUG DQPPGV OQPMG[U YCU QPGJCNH VJQUG NKUVGF DGNQY G

(QT GCEJ OKPWVG XQNWOG VJG HCUEKEWNCTKU OQPMG[U GZRQUGF FCKN[ YGTG GZRQUGF VQ 1 VYKEG CU NQPI CU VJG UGCUQPCN HCUEKEWNCTKU OQPMG[U H 

0;%  0GY ;QTM %KV[ I
8-78

DTQPEJKQNGUKPVJGHKTUVOQFGNIGPGTCVKQPFKUVCNVQVJGVGTOKPCNDTQPEJKQNGU(QTGCEJ

GZRGTKOGPVVJGCXGTCIGKUQXGTVJGVQVCNVKOGQTFWTCVKQPQHVJGGZRGTKOGPVIKXGPKP

EQNWOP&WTCVKQPVJGCXGTCIGKPENWFGUVKOGUQHPQGZRQUWTG%QNWOP%WOWNCVKXG

2#4&QUGKUVJGVQVCNSWCPVKV[QH1 RTGFKEVGFVQDGCDUQTDGFD[VJGVKUUWGCPFNKSWKFUQHVJG 

2#4FWTKPIVJGGZRGTKOGPVVJGUGFQUGXCNWGUCTGVJGUCOGCUVJGFWTCVKQPKPOKPWVGU

OWNVKRNKGFD[VJGCXGTCIG2#4FQUGEQNWOP

6JGGPVTKGUKPEQNWOPUCPFCTGVJGVQVCNVKOGUCJWOCPYQWNFJCXGVQDG

GZRQUGFVQTGCEJVJGGSWKXCNGPVRJ[UKQNQIKEVKOGUQHCURGEKHKENCDQTCVQT[CPKOCNURGEKGU

$CUKECNN[VJGEQPEGRVQHRJ[UKQNQIKECNVKOGKUVJCVVJGVKOGEQWTUGUQHGSWKXCNGPVRTQEGUUGU


GICDTGCVJCJGCTVDGCVCETQUUURGEKGUCTGCRRTQZKOCVGN[VJGUCOGYKVJTGURGEVVQVJGVKOG

URCPQHVJGRTQEGUUFKXKFGFD[VJGDQF[OCUUTCKUGFVQVJGQPGHQWTVJRQYGT6TCXKUGVCN

+HVJKUEQPEGRVKUCRRNKECDNGVQVJGVKOGEQWTUGQH1 KPFWEGFDKQNQIKECNGHHGEVUVJGPVJG 

GPVTKGUKPVJGVYQEQNWOPUCTGVJGJWOCPGZRQUWTGFWTCVKQPUPGEGUUCT[VQQDVCKPVJGUCOG

EWOWNCVKXG2#4FQUGDKQNQIKECNGHHGEVCUVJCVQHVJGEQTTGURQPFKPINCDQTCVQT[CPKOCNFWTCVKQP

0QVGVJCVHQTQPN[VYQQTVJTGGQHVJGNCDQTCVQT[CPKOCNGZRGTKOGPVUCTGVJGJWOCPFWTCVKQPU

ITGCVGTVJCPVJGNCDQTCVQT[CPKOCNU	GSWKXCNGPVQTTGCNFWTCVKQPVKOGU

 +PVGTRTGVCVKQPQH%JTQPKE5KVG5RGEKHKE&QUG'HHGEV'UVKOCVGU

$GECWUGVJG2#4KUEQPUKFGTGFVJGRTKOCT[UKVGQH1 KPLWT[CPFTGRTGUGPVUVJCV 

TGIKQPQHVJGNWPIHTQOYJKEJOQUVEJTQPKENWPIFKUGCUGUQTKIKPCVGKVYCUUGNGEVGFCUVJGOQUV

CRRTQRTKCVGVCTIGVVQFGXGNQRETQUUURGEKGUFQUGTGURQPUGGZVTCRQNCVKQPU6JGUGNGEVGFGHHGEV

TGNCVGUVQVJGVJKEMPGUUQHVJGKPVGTUVKVKWOCVVJG2#4YJKEJKUKPFKECVKXGQHHWPFCOGPVCN

UVTWEVWTCNTGOQFGNKPI6JGKPFKEGUQHVJKEMPGUURTQXKFGFKPVJGPQVGFUVWFKGUKPENWFGDQVJ

EGNNWNCTCPFCEGNNWNCTEQPUVKVWGPVUCFKUVKPEVKQPVJCVYCUPQVCNYC[UENGCTJQYGXGTKPVGTUVKVKCN

CTKVJOGVKEVJKEMPGUUCTGCNXQNWOGEWDKEOKETQITCOURGTUSWCTGOKETQITCOQTXQNWOG

FGPUKV[YCUCXCKNCDNGCPFEQWNFDGTGRTGUGPVGFKPVGTOUQHRGTEGPVEJCPIGHTQOEQPVTQN

&QUGTGURQPUGEWTXGUHQT1 KPFWEGFVJKEMGPKPIQHVJG2#4CTGTGRTGUGPVGFKP 

(KIWTGU#TCVUCPF$OQPMG[U6JGEWOWNCVKXG2#4FQUGHQTVJGURGEKHKE

GZRQUWTGUEGPCTKQHTQO6CDNG%WOWNCVKXG2#4&QUGHQTGCEJUVWF[KURTQXKFGFQPVJG

CDUEKUUCCUKUKVUEQTTGURQPFKPIRGTEGPVEJCPIGKPVQVCNCPFCEGNNWNCTKPVGTUVKVKCN2#4VJKEMPGUU

QPVJGQTFKPCVGFGVCKNGFKP6CDNG6JGTCVUVWFKGUCTGRNQVVGFUGRCTCVGN[HTQOVJG

OQPMG[UVWFKGUDGECWUGQHCPCRRTQZKOCVGVJTGGVQHKXGHQNFFKHHGTGPEGKPVJGKTTGURQPUGUYKVJ

VJGOQPMG[DGKPIOQTGTGURQPUKXGVJCPVJGTCV#NVJQWIJVJKUFKHHGTGPEGEQWNFTGRTGUGPV

KPPCVGUGPUKVKXKV[FKHHGTGPEGUDGVYGGPVJGURGEKGUKVUJQWNFDGPQVGFVJCVGUVKOCVGUQHFC[VKOG

TCVGZRQUWTGUCRGTKQFQHSWKGUEGPEGHQTVJGTCVKPEQPVTCUVVQVJGFC[VKOGCEVKXGOQPMG[U

OC[JCXGDGGPUWDUVCPVKCNN[NQYGTKPVGTOUQHFQUGVJCPVJCVRTGFKECVGFQPVJGDCUKUQHTCV

XGPVKNCVQT[OGCUWTGOGPVUVJCVYGTGFGTKXGFYJGPVJG[YGTGKPCPCTQWUGFCYCMGPGFUVCVG

4GEGPVUVWFKGUEQORCTKPITCVCPFJWOCP1 FQUKOGVT[KPFKECVGVJCVGZGTEKUGECPCEEQWPVHQT 



WRVQCHKXGHQNFFKHHGTGPEGKPCEWVGTGURQPUKXGPGUUDGVYGGPURGEKGU*CVEJGVCN6JGUG

GZRNCPCVKQPUTGOCKPURGEWNCVKXGJQYGXGTKPVJGCDUGPEGQHFKTGEVFCVC8GPVKNCVKQPXCNWGUHQT

VJGOQPMG[UYGTGUGNGEVGFCRTKQTKCUNKIJVCEVKXKV[VQDGUKOKNCTVQVJGJWOCPOQFGNDGKPI

WUGFYJKEJJCFXGPVKNCVKQPXCNWGUQPN[UNKIJVN[JKIJGTVJCPVJGGORKTKECNN[FGTKXGFXCNWGUUGG

6CDNGHTQOEQORCTCDNGCYCMGTGUVKPIOQPMG[UYJGPCFLWUVGFHQTUK\G
Total Interstitial (EPA)

Total Interstitial (NTP/HEI)

Acellular (EPA)

Acellular (NTP/HEI)

300

260

220

180

140

100

60

20

-20

0 10 20 30 40 50 60 70

Cumulative PAR Dose (μg/cm )2

(A) RAT

Total Interstitial (Harkema)

Total Interstitial (Tyler)

Acellular (Harkema)

Acellular (Tyler)

300

260

220

180

140

100

60

20

-20

0 10 20 30 40 50 60 70

(B) MONKEY

Adult Child Adult Child

Cumulative PAR Dose (μg/cm )2

8-79

(KIWTG 
#%JCPIGHTQOEQPVTQNQHVQVCNKPVGTUVKVKCNCPFCEGNNWNCTVJKEMPGUUHQTVJG

TCVUGZRQUGFVQQ\QPG1 KPVJG75'PXKTQPOGPVCN2TQVGEVKQP#IGPE[ 


%JCPIGVCNCPF0CVKQPCN6QZKEQNQI[2TQITCO*GCNVJ'HHGEVU

+PUVKVKVG%JCPIGVCNUVWFKGU5QNKFNKPGTGRTGUGPVUVJGNKPGCT

TGITGUUKQPHQTVJGVQVCNKPVGTUVKVKCNVJKEMPGUUCPFVJGFCUJGFNKPGTGRTGUGPVU

VJGNKPGCTTGITGUUKQPHQTVJGCEGNNWNCTVJKEMPGUUCETQUUVJGXCTKQWU

EWOWNCVKXGFQUGGUVKOCVGUHQTDQVJUVWFKGU6JGTGURGEVKXGEQTTGNCVKQP

EQGHHKEKGPVUT CTGCPF$%JCPIGHTQOEQPVTQNQHVQVCN 

KPVGTUVKVKCNCPFCEGNNWNCTVJKEMPGUUHQTVJGOQPMG[UGZRQUGFVQ1 KPVJG 

6[NGTGVCNCPF*CTMGOCGVCNUVWFKGU5QNKFNKPGTGRTGUGPVU

VJGNKPGCTTGITGUUKQPHQTVJGVQVCNKPVGTUVKVKCNVJKEMPGUUCPFVJGFCUJGFNKPG

TGRTGUGPVUVJGNKPGCTTGITGUUKQPHQTVJGCEGNNWNCTVJKEMPGUUCETQUUVJG

XCTKQWUEWOWNCVKXGFQUGGUVKOCVGUHQTDQVJUVWFKGU6JGTGURGEVKXG

EQTTGNCVKQPEQGHHKEKGPVUT CTGCPF8GTVKECNFCUJGFNKPGYKVJ 

CTTQYUHQTEJKNFCPFCFWNVFGPQVGRTQZKOCNCNXGQNCTTGIKQP2#4FQUGNGXGN

HQTKPVGTRQNCVKQPQH2#4VJKEMPGUUGHHGEVHTQOVJGOQPMG[WRRGTGUVKOCVG

QHTGURQPUG

9JCVKUTGOCTMCDNGKPDQVJ(KIWTGU#CPF$KUVJGCRRCTGPVNKPGCTFQUG

TGURQPUGTGNCVKQPUJKRUYKVJKPURGEKGU6JKUOC[DGFWGKPRCTVVQVJGHCEVVJCVVJGTGYCU

EQPUKUVGPE[KPVJGOGVJQFUQHVJGTGURGEVKXGKPXGUVKICVQT[VGCOUVWF[KPIGCEJURGEKGU+VKU

KPVGTGUVKPIVQPQVGVJCVVJGGUVKOCVGFVQVCNEWOWNCVKXG2#4FQUGHQTVJG'2#EJTQPKEUVWF[

zI1 EO KUSWKVGUKOKNCTVQVJCVGUVKOCVGFHQTVJG062*'+UVWF[ITQWRQHRRO



1 zI1 EO #PGZCOKPCVKQPQHVJGTGURGEVKXG2#4VJKEMPGUUTGURQPUGHTQOGCEJ  



UVWF[KPFKECVGUCPCRRCTGPVUKOKNCTKV[DGVYGGPVJGUVWFKGUYKVJVJG062*'+TGUWNVUDGKPIC

DKVNCTIGTKPXCNWG#VRRO1 VJG062*'+KPXGUVKICVQTUCNUQTGRQTVGFVJGQDUGTXCVKQPQH 

DTQPEJKQNCTK\CVKQPKPVQVJG2#4YJGTGCUVJKURTQEGUUYCUCDUGPVQTPQVUKIPKHKECPVCV

RRO1 QTKPVJG'2#EJTQPKEUVWF[+VKUPQVENGCTYJGVJGTVJKUKPFKECVGUSWCNKVCVKXGN[TCVJGT 
8-80

VJCPSWCPVKVCVKXGN[FKHHGTGPVTGURQPUGUKPKVKCVGFCVCPFRRO1 *QYGXGTKVKU 

KORQTVCPVVQPQVGVJCVVJGEQTTGNCVKQPEQGHHKEKGPVUT HQT2#4FQUGVQTGURQPUGCETQUU
8-81

6CDNG5WOOCTKGUQH5VWF[&CVC7UGFKP'ZVTCRQNCVKQPQH%JTQPKE1\QPG'HHGEVUC

5VWF[ 5RGEKGU 
OGCP XCNWG ` zO zO  
zO zO  
zO zO 

6QVCN +PVGTUVKVKCN 8QNWOG %GNNWNCT 8QNWOG #EGNNWNCT 8QNWOG   

( /CNG 4CV %JCPI GV CN  
'2#

` YGGMU 
WTDCP RTQHKNG

 2TQHKNG RRO EQPVKPWQWU

DCEMITQWPF  JFC[  FC[UYGGM

RRO TCORGF RGCM QXGT  J 
CXI

 RRO HQT RGCM  RRO FCKN[

 FC[UYGGM

 YGGM GZRQUWTG 
HTQO (KIWTG 

 YGGM GZRQUWTG 
HTQO 6CDNG 

 YGGM GZRQUWTG 
HTQO 6CDNG 

 YGGM TGEQXGT[ CHVGT  YGGMU CKT

 YGGM TGEQXGT[ CHVGT  YGGMU 1



 GUVKOCVG HTQO HKIWTG 

 



   D

 

  

  

 E

   D

 

  

  



   D

 

  
  



D

D

D

D

D

D

( /CNG 4CV %JCPI GV CN 


062*'+` YGGMU 
JFC[

 FC[UYGGM

  RRO

  RRO

  RRO

  RRO

(TQO #RRGPFKZ &`*'+

4GRQTV

  

 
  
  


 

  

  



 

  

  



(CUEKEWNCTKU /QPMG[ 6[NGT GV CN 

` OQ 
 JFC[

  RRO

  RRO 
FCKN[

  RRO 
FCKN[ CNVGTPCVKPI OQPVJU

8QNWOG HTCEVKQP QH NWPI

QEEWRKGF D[ TGURKTCVQT[

DTQPEJKQNCT YCNN 
¥ `HTQO 

6CDNG ++

  

 

  

  



 

  

  



$QPPGV /QPMG[ *CTMGOC GV CN `

 FC[U 
 JFC[

  RRO

  RRO

  RRO

#TKVJOGVKE OGCP VJKEMPGUU


zO`HTQO (KIWTG  CPF VGZV

  

 

  

  



 

  

  



5GG #RRGPFKZ # HQT CDDTGXKCVKQPU CPF CETQP[OU C

%QPVTQN XCNWG D

2CTGPVJGVKECN XCNWGU KPFKECVG RGTEGPV FKHHGTGPEG HTQO TGURGEVKXG EQPVTQN E
8-82

DQVJUVWFKGUCUKNNWUVTCVGFKP(KIWTG#CTGCPFHQTVJGVQVCNCPFCEGNNWCT

KPVGTUVKVKCNEJCPIGUTGURGEVKXGN[+PVJGECUGQHVJGOQPMG[FCVCTGRTGUGPVGFKP(KIWTG$

VJGCPCNQIQWUEQTTGNCVKQPEQGHHKEKGPVUT YGTGCPFHQTVJGVQVCNCPFCEGNNWNCT 

KPVGTUVKVKCNGHHGEVUTGURGEVKXGN[6JGUGJKIJN[UKIPKHKECPVEQTTGNCVKQPUUWIIGUVVJCVKPVGTUVKVKCN

KPLWT[KUKPFGGFCEWOWNCVKXGRTQEGUUVJTQWIJQWVVJGGZRQUWTGJKUVQT[/QTGQXGTKPVJGECUG

QHOQPMG[UYKVJUGCUQPCNKPVGTOKVVGPVOQPVJN[GZRQUWTGUVJGTGYCUPQNQUUQHGHHGEVKG

TGXGTUCNFWTKPIVJGCKTRGTKQFU6JGTGURQPUGYCUUVTKEVN[CHWPEVKQPQHEWOWNCVKXGFQUG

6JGCXCKNCDKNKV[QHGZRQUWTGCEVKXKV[FCVCHQTC[GCTQNFEJKNFCPFCFWNVQWVFQQT

YQTMGTQXGTCPGZRQUWTGUGCUQPQHFC[UKP0GY;QTM%KV[RTQXKFGUVJGQRRQTVWPKV[VQ

GUVKOCVGCPCPCNQIQWU2#4FQUGKPVJGUGJWOCPKPFKXKFWCNUHQTEQORCTKUQPVQVJGCPKOCNFQUG

TGURQPUGTGNCVKQPUJKRU$GECWUGVJGTCVGZRQUWTGUEGPCTKQGZVGPFUQXGTVJGOCLQTKV[QHC

NKHGVKOGCPCVVGORVYCUOCFGVQFGVGTOKPGVJGGSWKXCNGPVJWOCPGZRQUWTGVKOGWUKPI

UVCPFCTFCEEGRVGFCNIQTKVJOUHQTNKHGVKOGVTCPUHQTOCVKQPUUGG6CDNG*QYGXGTVJG

GZVTCRQNCVKQPQHJWOCPDKQNQIKEGZRQUWTGVKOGHTQOVJCVQHVJGTCVFKFPQV[KGNFTGCUQPCDNG

TGUWNVU6JGRTKOCVGDCUGFGZVTCRQNCVKQPQHGZRQUWTGVKOGHCTGFUNKIJVN[DGVVGTDWVCNUQYCU

NGUUVJCPCFGSWCVGHQTVJGRWTRQUGUQHVJKUGZGTEKUG'UVKOCVGUQHCEEWOWNCVGFFQUGJQYGXGT

YGTGKPIGPGTCNCITGGOGPVUGG6CDNGCPFUGTXGFCUVJGDCUKUHQTVJGETQUUURGEKGU

GZVTCRQNCVKQPQHGHHGEVUFGUETKDGFDGNQY

7PHQTVWPCVGN[VJGTGCTGPQJCTFFCVCVQUWDUVCPVKCVGYJGVJGTVJGTCVQTOQPMG[DGVVGT

TGRTGUGPVUVJGJWOCPKPVJGEQPVGZVQHVJGGPFRQKPVDGKPICFFTGUUGFJGTGKP6JGOQPMG[EQWNF

DGHCXQTGFQPVJGDCUKUQHTGURQPUKXGPGUUCVNQYNGXGNUQH1 EQTTGURQPFKPIVQVJQUGKPJWOCP 

URKTQOGVTKEVGUVUHQNNQYKPIGZRQUWTGUKPXQNXKPIGZGTEKUGJQYGXGTVJGFQUGCFLWUVGF$#.

RTQVGKPFCVCCTGEQORCTCDNGHQTJWOCPUCPFTQFGPVU6JGCRRCTGPVFKHHGTGPEGUKPUGPUKVKXKV[

DGVYGGPVJGTCVCPFOQPMG[OC[QPVJGQVJGTJCPFTGHNGEVOQTGTCRKFTGRCKTKPVJGTCVVJCPKP

VJGRTKOCVG6JKUEQPEGRVYQWNFDGEQPUKUVGPVYKVJVJGCNIQTKVJOUQH6TCXKUGVCN

YJKEJCTGDCUGFQPKPVTKPUKEOGVCDQNKETCVGUCPFVJWUOC[TGCUQPCDN[CRRN[VQTGRCKTRTQEGUUGU

CHVGTKPLWT[QTFCOCIGHTQOQZKFCPVNWPIUWTHCEGKPVGTCEVKQPU6JWUVJGTGURQPUGUHQTVJGTCV

CPFOQPMG[OC[DGUVDGEQPUKFGTGFCUDTCEMGVKPIVJGJWOCPTGURQPUG6JGNKPGCTKV[QHVJG

FQUGTGURQPUGTGNCVKQPUJKRUKPDQVJVJGTCVCPFOQPMG[OQFGNUNGPFUETGFKDKNKV[VQKPVGTRQNCVKQP


(KIWTGU#CPF$QHVJGGUVKOCVGFFQUGVQVJGJWOCP2#4VQKVUEQTTGURQPFKPI

TGURQPUG(QTGZCORNGKPVJGECUGQHVJGEJKNFVJGRTGFKEVGFUGCUQPCNTGURQPUGEQWNFTCPIG

HTQOCDQWVCVQKPETGCUGKP2#4VJKEMPGUUVJGCFWNVJWOCPTGURQPUGYQWNFDGUNKIJVN[

NGUUYKVJCVQKPETGCUG#NVJQWIJVJGCEVWCNEJCPIGUKPVJGJWOCPOC[PQVDGCUNCTIG

CUVJGOQPMG[VJGITCRJKECNFCVCHTQODQVJURGEKGUUWIIGUVVJCVTGEQXGT[OC[PQVDGEQORNGVG


KPHCEVVJGTGYCUPQTGXGTUCNYJGPGZRQUWTGKUKPVGTTWRVGFFWTKPICNVGTPCVKPIOQPVJU

.KMGYKUGKPTCVUGZRQUGFNQPIVGTOTGXGTUCNYCUKPEQORNGVGUGG6CDNGCHVGTC

OQRQUVGZRQUWTGRGTKQFKPENGCPCKT+PVJGECUGQHVJGTCVOQTGRTGUGPVUCNCTIGT

RTQRQTVKQPQHKVUNKHGURCPVJCPCUKOKNCTRGTKQFKPGKVJGTVJGOQPMG[QTJWOCPVJGTGD[

UWIIGUVKPIVJCVGXGPVQOQQHDCEMITQWPFQHHUGCUQPNGXGNUQHQ\QPGYQWNFPQVDG

UWHHKEKGPVHQTEQORNGVGTGEQXGT[KPRTKOCVGU

6JKUCVVGORVVQGZVTCRQNCVGTGUWNVUQHCPKOCNUVWFKGUHQTVJGEJTQPKEGHHGEVUQH1 VQ 

VJGJWOCPQDXKQWUN[OWUVDGEQPUKFGTGFRTGNKOKPCT[DGECWUGQHNKPIGTKPISWGUVKQPUTGICTFKPI

TGNCVKXGFQUKOGVT[CETQUUURGEKGUCPFVJGWPEGTVCKPVKGUCUUQEKCVGFYKVJGRKUQFKEV[RKECNJWOCP

UEGPCTKQXGTUWUEQPVKPWCNTGRGCVGFGZRQUWTGUV[RKECNQHCPKOCNUVWFKGU;GVVJKU

GZVTCRQNCVKQPRTQXKFGUCHQWPFCVKQPHTQOYJKEJCFFKVKQPCNSWGUVKQPUECPDGFGTKXGFCPF

CFFTGUUGFVQTGFWEGVJGUGWPEGTVCKPVKGU6JGEQJGTGPVGXKFGPEGKPJCPFUWIIGUVUVJCVVJGTGKUC
8-83

TGCNRQUUKDKNKV[VJCVEJTQPKEGZRQUWTGVQ1 ECPNGCFVQKPVGTUVKVKCNVJKEMGPKPICVVJG2#4VJCV 

TGIKQPQHVJGNWPIKPXQNXGFKPEJTQPKEFKUGCUGUUWEJCUEJTQPKEDTQPEJKQNKVKUCUUQEKCVGFYKVJ

EKICTGVVGUOQMGQTQEEWRCVKQPCNHKDTQIGPGUKU6JGCRRCTGPVNCEMQHTGXGTUCNQHGHHGEVUFWTKPI

RGTKQFUQHENGCPCKTTCKUGUEQPEGTPVJCVUGCUQPCNGZRQUWTGUJCXGCEWOWNCVKXGKORCEVQXGTOCP[

[GCTU6JGTQNGQHCFCRVKXGRTQEGUUGUKPVJKUTGURQPUGKUWPMPQYPDWVOC[DGETKVKECNN[

FGRGPFGPVQPVJGVGORQTCNHTGSWGPE[QTRTQHKNGQHGZRQUWTG(WTVJGTOQTGVJGKPVGTURGEKGU

FKXGTUKV[KPCRRCTGPVUGPUKVKXKV[VQVJGEJTQPKEGHHGEVUQH1 KUPQVCDNGDWVVJGKUUWGQH 

FQUKOGVT[OC[DGGZRNCPCVQT[KPRCTV+VYQWNFCRRGCTVJCVVJGTCVRTQDCDN[TGRTGUGPVUPQNGUU

VJCPVJGNQYGTNKOKVQHTGURQPUGCPFVJGOQPMG[VJGWRRGTNKOKVKHPQVCFKTGEVEQTTGNCVGCU

EQWNFDGURGEWNCVGFQPVJGDCUKUQHTGNCVKXGGSWKXCNGPVNKHGVKOGGUVKOCVGUCPFVJGKTRJ[NQIGPGVKE

TGNCVKQPUJKR

 5WOOCT[CPF%QPENWUKQPU

 1\QPG&QUKOGVT[

6JGTGJCXGDGGPUKIPKHKECPVCFXCPEGUKP1 FQUKOGVT[UKPEGRWDNKECVKQPQHVJG 

RTGXKQWU1 ETKVGTKCFQEWOGPV75'PXKTQPOGPVCN2TQVGEVKQP#IGPE[VJCVDGVVGT 

GPCDNGSWCPVKVCVKXGGZVTCRQNCVKQPYKVJOCTMGFTGFWEVKQPUKPWPEGTVCKPV[2TKQTVQVJGTG

YGTGNKOKVGFFCVCQP1 WRVCMGKPNCDQTCVQT[CPKOCNU;QMQ[COCCPF(TCPM/KNNGT 

GVCNGUUGPVKCNN[PQTGNKCDNGFCVCKPJWOCPU%NCOCPPCPF$CPETQHV*CNNGVV

QPN[QPGTGCNKUVKEOQFGNQH1 FQUG/KNNGTGVCNCPFPQFCVCQP 

1 TGCEVKQPMKPGVKEUKPNWPINKPKPIHNWKFU#VVJGRTGUGPVVKOGFCVCICRUKPCNNQHVJGUGCTGCU 

JCXGDGIWPVQHKNNKP'ZRGTKOGPVUCPFOQFGNUFGUETKDKPIVJGWRVCMGGHHKEKGPE[CPFFGNKXGTGF

FQUGQH1 KPVJG46QHCPKOCNUCPFJWOCPUCTGDGIKPPKPIVQRTGUGPVCENGCTGTRKEVWTGVJCP 

RTGXKQWUN[JCUGZKUVGF

6JGVQVCN46WRVCMGGHHKEKGPE[QHTCVUCVTGUVKUCRRTQZKOCVGN[9KGUVGTGVCN

*CVEJGVCN&CVCHTQOGZEKUGFTCVNWPIUUWRRQTVVJGUGKPXKXQHKPFKPIU

CPFHWTVJGTKPFKECVGVJCV1 WRVCMGGHHKEKGPE[KUEJGOKECNTGCEVKQPFGRGPFGPV2QUVNGVJYCKV 

GVCN1HVJG1 VCMGPWRD[VJGVQVCN46QHVJGTCVKUTGOQXGFKPVJGJGCF 

KPVJGNCT[PZVTCEJGCCPFKPVJGNWPIU*CVEJGVCN6JGTGIKQPCNWRVCMG

GHHKEKGPE[FCVCHTQOVJGTCVJCXGDGGPWUGHWNKPGUVKOCVKPI1 OCUUVTCPUHGTEQGHHKEKGPVUHQTVJG 

TCV

1\QPGFQUKOGVT[OQFGNUTGSWKTGKPRWVQHTGIKQPCNOCUUVTCPUHGTEQGHHKEKGPVU

.KOKVGFUVWFKGUJCXGDGGPEQPFWEVGFVQSWCPVKVCVGVJGOCUUVTCPUHGTEQGHHKEKGPVUQHNWPIVKUUWG

FKTGEVN[WUKPIGZEKUGFCPKOCNVKUUWG+PRKICPFUJGGRVTCEJGCGOCUUVTCPUHGTEQGHHKEKGPVUYGTG

FGVGTOKPGFHQTWPKFKTGEVKQPCNHNQYEQPFKVKQPUCPFYGTGHQWPFVQDGKPFGRGPFGPVQHHNQY

UWIIGUVKPICNCEMQHFGRGPFGPEGQH1 WRVCMGQPICUFKHHWUKQPRTQEGUUGU$GP,GDTKCGVCN 

6JGUGHKPFKPIUEQPVTCUVYKVJ#JCTQPUQPGVCNYJQHQWPFVJCVVJGOCUUVTCPUHGT

EQGHHKEKGPVKPFQI02KPETGCUGFCUCHWPEVKQPQHKPETGCUKPIHNQY

+PJWOCPUCVTGUVVJGVQVCN46WRVCMGGHHKEKGPE[KUDGVYGGPCPF)GTTKV[

GVCN*WGVCND9KGUVGTGVCN#V8 UCTQWPFO.VQVCN46WRVCMG 6

GHHKEKGPE[HCNNUHTQOCDQWVVQCUHNQYKPETGCUGUHTQOVQO.U

#U8 KPETGCUGUWRVCMGGHHKEKGPE[KPETGCUGUCPFHNQYFGRGPFGPEGNGUUGPUUWIIGUVKPIVJCVCV 6

JKIJ8 WRVCMGOC[DGICUFKHHWUKQPNKOKVGF#VC8 CTQWPFO.VQVCN46WRVCMGHCNNU 6 6

HTQOCVCHNQYQHO.UVQCVCHNQYQHO.U6JGUVWFKGUQH)GTTKV[GVCN


CPF9KGUVGTGVCNKPFKECVGVJCVVJGOQFGQHDTGCVJKPIQTCNXGTUWUPCUCNXGTUWU
8-84

QTQPCUCNJCUNKVVNGGHHGEVQP746QTQPVQVCN46WRVCMGGHHKEKGPE[6JKUQDUGTXCVKQPKU

UWRRQTVGFD[GZRGTKOGPVUEQORCTKPIRWNOQPCT[HWPEVKQPTGURQPUGCUCHWPEVKQPQHOQFGQH

DTGCVJKPI#FCOUGVCN*[PGUGVCN-CDGNGVCNJQYGXGTHQWPFVJCV

746WRVCMGGHHKEKGPE[YCUNQYGTYKVJOQWVJRKGEGDTGCVJKPICUEQORCTGFYKVJPCUCN

DTGCVJKPI1PGRQUUKDNGGZRNCPCVKQPQHVJGFKUETGRCPE[COQPIVJGUVWFKGUKUVJCVCOQWVJRKGEG

OC[FGETGCUG746WRVCMGGHHKEKGPE[KPEQORCTKUQPYKVJWPGPEWODGTGFDTGCVJKPI6JG

GPJCPEGFRJ[UKQNQIKETGURQPUGVQ1 YKVJOQWVJRKGEGDTGCVJKPIUJQYPD[#FCOUGVCN 


UWRRQTVUVJKUEQPEGRV

6QQDVCKPFCVCQPTGIKQPCN1 WRVCMGGHHKEKGPE[KPJWOCPU)GTTKV[GVCN 

OGCUWTGF1 EQPEGPVTCVKQPUCVXCTKQWUCPCVQOKECNUKVGUHTQOVJGOQWVJVQDTQPEJWU 

KPVGTOGFKWUKPURQPVCPGQWUN[DTGCVJKPIJWOCPU6JG[HQWPFVJCVVJGWPKFKTGEVKQPCNWRVCMG

GHHKEKGPE[QHVJGJWOCPVTCEJGCYCUUKOKNCTVQVJCVQHVJGUJGGRCPFRKIVTCEJGC$GP,GDTKCGV

CNUWIIGUVKPICUKOKNCTOCUUVTCPUHGTEQGHHKEKGPVDGJCXKQTKPVJGJWOCPVTCEJGC

)GTTKV[GVCNCNUQHQWPFVJCVVJGWRVCMGGHHKEKGPEKGUDGVYGGPVJGOQWVJCPFXCTKQWU

CPCVQOKECNUKVGUKPVJGVQVCN46CITGGFYGNNYKVJVJG1 DQNWUFCVCQH*WGVCN$QVJ 

VJG*WGVCNDCPF)GTTKV[GVCNFCVCKPFKECVGVJCVVJGOCUUVTCPUHGTEQGHHKEKGPVU

QHVJGNCTIGEQPFWEVKPICKTYC[UCTGNCTIGTVJCPJCFDGGPVJQWIJVRTGXKQWUN[

9JGPCNNQHVJGCPKOCNCPFJWOCPKPXKXQ1 WRVCMGGHHKEKGPE[FCVCCTGEQORCTGF 

VJGTGKUCIQQFFGITGGQHEQPUKUVGPE[CETQUUFCVCUGVU6JKUCITGGOGPVTCKUGUVJGNGXGNQH

EQPHKFGPEGYKVJYJKEJVJGUGFCVCUGVUECPDGWUGFVQUWRRQTVFQUKOGVTKEOQFGNHQTOWNCVKQPU

+PVJGCTGCQHOCVJGOCVKECNOQFGNHQTOWNCVKQPVJGTGJCXGDGGPUGXGTCNOQFGNU

FGXGNQRGFUKPEG6JG[ECPDGITQWRGFCEEQTFKPIVQJQYVTCPURQTVCPFEJGOKECN

TGCEVKQPUCTGOQFGNGFKPUVCPVCPGQWUTGCEVKQPUQTSWCUKUVGCF[HKTUVQTFGTTGCEVKQPU6JG

OQFGNU1XGTVQPGVCN/KNNGTGVCN1XGTVQPGVCN*CPPCGVCN

)TQVDGTIGVCNRTGFKEVVJCVPGV1 FQUGVQNWPINKPKPIHNWKFRNWUVKUUWGITCFWCNN[ 

FGETGCUGUFKUVCNN[HTQOVJGVTCEJGCVQYCTFVJGGPFQHVJG6$CPFVJGPTCRKFN[FGETGCUGUKPVJG

RWNOQPCT[TGIKQP9JGPVJGVJGQTGVKECNFQUGQH1 VQNWPIVKUUWGKUEQORWVGFKVKUNQYKPVJG 

VTCEJGCKPETGCUGUVQCOCZKOWOKPVJGVGTOKPCNDTQPEJKQNGUQHVJGHKTUVIGPGTCVKQPQHVJG

RWNOQPCT[TGIKQPCPFVJGPFGETGCUGUTCRKFN[FKUVCNN[KPVQVJGRWNOQPCT[TGIKQP6JGOQFGNU

CNUQRTQXKFGKPUKIJVKPVQVJGTQNGVJCVKPETGCUGFXGPVKNCVKQPRNC[UKPGPJCPEKPI1 KPFWEGF 

TGURQPUGU6JGKPETGCUGF8 CPFHNQYCUUQEKCVGFYKVJGZGTEKUGKPJWOCPUQT%1 UVKOWNCVGF 6 

XGPVKNCVKQPKPETGCUGUKPTCVUUJKHVU1 FQUGHWTVJGTKPVQVJGRGTKRJGT[QHVJGNWPIECWUKPIC 

FKURTQRQTVKQPCVGKPETGCUGKPFKUVCNNWPIFQUG6JKURTGFKEVKQPKUUWRRQTVGFD[VJGFCVCQH

2QUVNGVJYCKVGVCNKPGZEKUGFTCVNWPIUCPFQH*WGVCNDCPF)GTTKV[GVCN

KPJWOCPNWPIU

1\QPGFQUKOGVT[OQFGNUCNUQJCXGGPCDNGFGZCOKPCVKQPQHTGIKQPCNFQUKOGVT[

COQPIRCTCNNGNCPFUGTKCNCPCVQOKECNUVTWEVWTGU9JGPCU[OOGVTKENWPIOQTRJQNQI[KUWUGFKP

FQUKOGVTKEOQFGNUVJGXCTKCVKQPQH1 FQUGCOQPICPCVQOKECNN[GSWKXCNGPVXGPVKNCVQT[WPKVUCU 

CHWPEVKQPQHRCVJNGPIVJHTQOVJGVTCEJGCJCUDGGPRTGFKEVGFVQXCT[CUOWEJCUUKZHQNF


1XGTVQPGVCN/GTEGTGVCN/GTEGTCPF%TCRQWPKVUYKVJVJGUJQTVGT

RCVJUCTGGZRGEVGFVQJCXGVJGITGCVGTFCOCIG6JKUEQWNFJCXGUKIPKHKECPVKORNKECVKQPUHQT

TGIKQPCNQTNQECNK\GFFCOCIGVQNWPIVKUUWG9JGTGCUVJGCXGTCIGNWPIFQUGOKIJVDGCVCNGXGN

VJCVYQWNFDGEQPUKFGTGFKPUKIPKHKECPVNQECNTGIKQPUQHVJGNWPIOC[TGEGKXGUKIPKHKECPVN[

JKIJGTVJCPCXGTCIGFQUGUCPFVJGTGHQTGDGCVITGCVGTTKUMHQTEJTQPKEGHHGEVU

6JGQTGVKECNOQFGNUCNUQJCXGDGGPCRRNKGFVQOCMGRTGFKEVKQPUCDQWVFGNKXGTGF

FQUGUHTQOGZRQUWTGUEGPCTKQUVJCVCTGPQVPGEGUUCTKN[CEJKGXCDNGGZRGTKOGPVCNN[1XGTVQPCPF
8-85

)TCJCOCPF/KNNGTCPF1XGTVQPJCXGUECNGFVJGJWOCPNWPIFKOGPUKQPUVQ

CEEQWPVHQTCIGXCTKCVKQPU6JG[RTGFKEVGFVJCV.46WRVCMGGHHKEKGPE[KUPQVUGPUKVKXGVQCIGCV

TGUVKPIXGPVKNCVKQPDWVKUCIGFGRGPFGPVYJGPGZGTEKUGEQPFKVKQPUCTGKPXQMGF6JGVQVCN

SWCPVKV[QH1 CDUQTDGFRGTOKPWVGKURTGFKEVGFVQKPETGCUGYKVJCIGFWTKPIJGCX[YQTMQT 

GZGTEKUG

 5RGEKGU*QOQNQI[CPF5GPUKVKXKV[

'ZCOKPKPIHWPEVKQPCNRCTCOGVGTUOGCUWTGFCPCNQIQWUN[KPJWOCPUCPFXCTKQWU

CPKOCNURGEKGUFKUENQUGUTGOCTMCDNGUKOKNCTKV[KPCEWVG1 KPFWEGFGHHGEVU6JGVCEJ[RPGKE 

TGURQPUGVQVJKUQZKFCPVKUENGCTN[EQPEGPVTCVKQPFGRGPFGPVKPDQVJJWOCPUCPFCPKOCNUCPF

UJQYURCTCNNGNGZCEGTDCVKQPYJGPJ[RGTXGPVKNCVKQPGIGZGTEKUGQT%1 KUUWRGTKORQUGF

+PFGGFTQFGPVUCRRGCTVQDGUNKIJVN[OQTGTGURQPUKXGVJCPJWOCPUKPVJKUTGICTF9JCVKUPQV

MPQYPKUYJGVJGTVJKUKUGXKFGPEGQHRWNOQPCT[KTTKVCPVUGPUKVKXKV[RGTJCRUCUCRTGNWFGVQ

VQZKEKV[QTYJGVJGTVCEJ[RPGCKUCFGHGPUKXGRQUVWTGVCMGPD[VJGTGURKTCVQT[U[UVGOVQ

OKPKOK\GFKUVCNNWPI1 FGRQUKVKQP#KTYC[QTNWPITGUKUVCPEGKPJWOCPUKUPQVCHHGEVGF 

CRRTGEKCDN[D[CEWVGGZRQUWTGVQ1 GZEGRVWPFGTEQPFKVKQPUQHJGCX[GZGTEKUGCPKOCNU 

CRRGCTVQPGGFJKIJNGXGNGZRQUWTGUQTURGEKCNRTGRCTCVKQPUVJCVD[RCUUPCUCNUETWDDKPI

&[PCOKENWPIEQORNKCPEGQPVJGQVJGTJCPFVGPFUVQFGETGCUGCETQUUURGEKGU*QYGXGTVJG

GXKFGPEGKPDQVJCPKOCNUCPFJWOCPUKUPQVCUUVTQPICUQPGOKIJVGZRGEVIKXGPVJGFKUVCNNWPI

FGRQUKVKQPQHVJKURQQTN[UQNWDNGQZKFCPV

1\QPGKPFWEGFURKTQOGVTKEEJCPIGUVJGJCNNOCTMQHTGURQPUGKPJWOCPUCNUQQEEWT

KPGZRQUGFTCVUCNVJQWIJVJGTGNCVKXGTGURQPUKXGPGUUQHVJGUGCNVGTCVKQPUKPVJGTQFGPVCRRGCTU

VQDGCDQWVJCNHVJCVQHVJGJWOCP+VKUWPENGCTJQYGXGTVJGFGITGGVQYJKEJCPGUVJGUKCTCV

CPFVJGEQORCTCDKNKV[QHJ[RGTXGPVKNCVKQPKPFWEGFD[%1 TCVQTGZGTEKUGJWOCPOC[ 

KPHNWGPEGVJKUFKHHGTGPEGKPTGURQPUKXGPGUU%QNNGEVKXGN[VJGCEWVGHWPEVKQPCNTGURQPUGQH

NCDQTCVQT[CPKOCNUVQ1 CRRGCTUSWKVGJQOQNQIQWUVQVJCVQHVJGJWOCP.KMGYKUGVJGUVWFKGU 

QH$#.EQPUVKVWGPVUKPFKECVGVJCVVJGKPHNWZQHKPHNCOOCVQT[EGNNUCPFRTQVGKPHTQOVJGUGTWOKU

KPHNWGPEGFD[URGEKGUDWVRGTJCRUVQCNGUUGZVGPVVJCPD[XGPVKNCVKQPCPFCPVKQZKFCPVUVCVWU

DGECWUGCFLWUVOGPVHQTVJGUGHCEVQTUECPOQFWNCVGTGURQPUGUVQCRRTQZKOCVGCPKOCNTGURQPUGU

VQVJQUGQHJWOCPU7PHQTVWPCVGN[VJGUGKPHNWGPVKCNHCEVQTUCTGTCTGN[OGCUWTGFCPFGXGPNGUU

QHVGPEQPVTQNNGF

9JGPJWOCPUCTGGZRQUGFTGRGCVGFN[HQTUGXGTCNEQPUGEWVKXGFC[UNWPIHWPEVKQP

FGETGOGPVUUWDUKFGCPFPQTOCNURKTQOGVTKERCTCOGVGTUCTGTGICKPGF6JKURJGPQOGPQPQH

HWPEVKQPCNCVVGPWCVKQPCNUQJCUDGGPFGOQPUVTCVGFKPTCVUPQVQPN[KPVGTOUQHURKTQOGVT[DWV

CNUQKPVGTOUQHVJGENCUUKEVCEJ[RPGKEXGPVKNCVQT[TGURQPUG(WNNQTRCTVKCNCVVGPWCVKQPQHVJG

$#.RCTCOGVGTUCNUQCRRGCTUVQQEEWTKPDQVJTCVUCPFJWOCPUDWVGZRQUWTGUEGPCTKQCRRGCTU

VQRNC[CTQNGQVJGTEGNNWNCTEJCPIGUKPCPKOCNUFQPQVCVVGPWCVG'ZKUVKPIGRKFGOKQNQIKE

UVWFKGURTQXKFGQPN[UWIIGUVKXGGXKFGPEGVJCVRGTUKUVGPVQTRTQITGUUKXGFGVGTKQTCVKQPKPNWPI

HWPEVKQPKUCUUQEKCVGFYKVJNQPIVGTOQZKFCPVRQNNWVCPVGZRQUWTG6JGUGNQPIVGTOGHHGEVUCTG

VJQWIJVVQDGGZRTGUUGFKPVJGHQTOQHOCZKOWOCKTHNQYQTURKTQOGVTKECDPQTOCNKVKGUDWVVJG

HQWPFCVKQPHQTVJKUEQPENWUKQPTGOCKPUYGCMCPFJ[RQVJGVKECN#PKOCNUVWF[FCVCCNVJQWIJ

UWIIGUVKPIVJCV1 JCUGHHGEVUQPNWPIHWPEVKQPCVPGCTCODKGPVNGXGNURTGUGPVCXCTKCDNG 

RKEVWTGQHTGURQPUGVJCVOC[QTOC[PQVTGNCVGVQVGEJPKECNEQPFKVKQPUQHGZRQUWTGQTUQOG

QVJGT[GVWPFKUEQXGTGFXCTKCDNGQHTGURQPUG6JWUCEQIGPVKPVGTRTGVCVKQPQHVJGCPKOCN

HKPFKPIUCUFGHKPKVKXGGXKFGPEGQHEJTQPKEFGVGTKQTCVKQPQHNWPIHWPEVKQPYQWNFDGFKHHKEWNVCV

VJKUVKOG*QYGXGTVJGUWDVNGHWPEVKQPCNFGHGEVUCRRCTGPVCHVGTVQOQQHGZRQUWTGCPF
8-86

VJGFGVCKNGFOQTRJQOGVTKECUUGUUOGPVUQHVJG1 KPFWEGFNGUKQPUFQCRRGCTEQPUKUVGPVYKVJVJG 

OQFKEWOQHUVWFKGUHQEWUKPIQPNQPIVGTOGHHGEVUKPJWOCPRQRWNCVKQPU$CUGFQPVJG

CRRCTGPVJQOQNQI[QHVJGUGTGURQPUGUDGVYGGPJWOCPUCPFNCDQTCVQT[CPKOCNUCPKOCNUVWFKGU

RTQXKFGCOGCPUVQOQTGFKTGEVN[CUUGUUUWEJEJTQPKEJGCNVJEQPEGTPU

 3WCPVKVCVKXG'ZVTCRQNCVKQP

6JGCITGGOGPVDGVYGGPVJGQTGVKECNOQFGNUQH1 WRVCMGCPFGZRGTKOGPVCN 

FGVGTOKPCVKQPUQH1 WRVCMGGHHKEKGPE[PQYRTQXKFGCDCUKUQPYJKEJTGURQPUGUOC[DG 

GZCOKPGFCUCHWPEVKQPQHFGNKXGTGF1 FQUGKPUVGCFQH1 GZRQUWTGEQPEGPVTCVKQP 

$[GZCOKPKPITGURQPUGUCUCHWPEVKQPQHFGNKXGTGFFQUGVJGIQCNQHSWCPVKVCVKXGGZVTCRQNCVKQP

DGVYGGPURGEKGUECPDGCRRTQCEJGF

6JGWUGQHFGNKXGTGFFQUGVQKPXGUVKICVGTGURQPUGUJCUDGGPGZCOKPGFKPVYQ

EQPVGZVUKPVTCURGEKGUEQORCTKUQPUCPFKPVGTURGEKGUEQORCTKUQPU9KVJTGURGEVVQ

KPVTCURGEKGUEQORCTKUQPU/KNNGTGVCNCUUWOGFVJCVVJGTGNGXCPVFQUGOGFKCVKPIVJG

JWOCPRWNOQPCT[HWPEVKQPTGURQPUGYCUVJGRWNOQPCT[VKUUWGFQUG6JG[VJGPWVKNK\GFVJG

DTGCVJKPIRCVVGTPUGZRQUWTGEQPEGPVTCVKQPUCPFRWNOQPCT[HWPEVKQPTGURQPUGUHTQOVJG

JWOCPUVWFKGUQH/E&QPPGNNGVCNVQRTGFKEVVJGFQUGTGURQPUG6JG[HQWPFVJCVVJGTG

YCUIGPGTCNCITGGOGPVDGVYGGPVJGUJCRGUQHVJGEQPEGPVTCVKQPTGURQPUGEWTXGUCPFVJGFQUG

TGURQPUGEWTXGUCPFVJCVFKHHGTGPEGUEQWNFDGCEEQWPVGFHQTD[VJGVTCPUNCVKQPDGVYGGP

GZRQUWTGEQPEGPVTCVKQPCPF1 FQUG+PCPQVJGTGZCORNGFGCNKPIYKVJKPVTCURGEKGU 

EQORCTKUQPU/KNNGTCPF%QPQNN[EQORCTGFVJGFKUVTKDWVKQPQHRTGFKEVGF1 VKUUWGFQUG 

VQCXGPVKNCVQT[WPKVKPCTCVCUCHWPEVKQPQHFKUVCPEGHTQOVJG$#&,YKVJVJGFKUVTKDWVKQPQH

CNXGQNCTYCNNVJKEMGPKPICUCHWPEVKQPQHVJGUCOGFKUVCPEGOGCUWTG/KNNGTCPF%QPQNN[


HQWPFTGOCTMCDNGEQPUKUVGPE[DGVYGGPVJGRTGFKEVGFFQUGFKUVTKDWVKQPCPFVJGTGURQPUG

FKUVTKDWVKQPKGCURTGFKEVGFFGNKXGTGFFQUGFGENKPGFTGURQPUGFGENKPGF

+PCPCVVGORVVQOCMGCPKPVGTURGEKGUEQORCTKUQPQHFQUGCPFTGURQPUGGZKUVKPIQT

OQFKHKGFOQFGNUQH/KNNGTGVCN/KNNGTGVCNCPF1XGTVQPGVCNYGTG

WUGFVQRTGFKEVFQUGUCOQPIURGEKGUHQTVYQFKHHGTGPVV[RGUQHTGURQPUGU+PVJGHKTUVECUGVJG

VCEJ[RPGKETGURQPUGVQ1 CUCHWPEVKQPQHFQUGYCUCPCN[\GF6JGOCZKOWOTCVKQQH1   

CNVGTGFHVQEQPVTQNHYCURNQVVGFCUCHWPEVKQPQHVJGCXGTCIGEGPVTKCEKPCTFQUGQXGTVJGRGTKQF

HTQOVJGDGIKPPKPIQHGZRQUWTGVQVJGRQKPVQHOCZKOWOHTCVKQ4CVCPFJWOCPFCVCYGTG

WUGFHQTVJKUEQORCTKUQP+VYCUHQWPFVJCVCVEQORCTCDNG1 FQUGUVJGTGURQPUGUQHTCVU 

ITGCVN[GZEGGFGFVJCVQHJWOCPUCPFYGTGKPKVKCVGFCVNQYGTFQUGU$[GZCOKPKPIVJGFQUG

TGURQPUGKPUVGCFQHVJGEQPEGPVTCVKQPTGURQPUGVJGFKHHGTGPEGKPVCEJ[RPGKETGURQPUGDGVYGGP

TCVUCPFJWOCPUKUOCIPKHKGF+PCPQVJGTGZCORNGCPCPCN[UKUUKOKNCTVQ/KNNGTGVCN

YCURGTHQTOGFVQGZCOKPGTGEQXGTGF$#.RTQVGKPCUCHWPEVKQPQH1 FQUGVQVJGRWNOQPCT[ 

TGIKQP6JGURGEKGUEQPUKFGTGFYGTGVJGTCVIWKPGCRKITCDDKVCPFJWOCP+PCNNECUGUVJG

$#.RTQVGKPTGURQPUGHQNNQYGFCNQINKPGCTTGNCVKQPUJKRUWIIGUVKPICEQPUKUVGPE[QHTGURQPUG

CETQUUURGEKGU;GVVJGFCVCHTQOFKHHGTGPVURGEKGUVGPFGFVQENWUVGTVQIGVJGTUWIIGUVKPI

URGEKGUURGEKHKEUGPUKVKXKV[HCEVQTU

#PCVVGORVYCUOCFGVQCFFTGUUSWCPVKVCVKXGN[VJGSWGUVKQPQHRQVGPVKCNEJTQPKE

CNVGTCVKQPQHVJGNWPIUQHRGQRNGGZRQUGFVQ1 D[KPVGITCVKPIFQUKOGVT[OQFGNRTGFKEVKQPUCPF 

DKQNQIKECNGHHGEVUQDUGTXGFKPNCDQTCVQT[CPKOCNU+PVJGNQPIVGTOGZRQUWTGUVWFKGUUGNGEVGF

HQTCPCN[UKUKORQTVCPEGYCURNCEGFQPVJGTGNGXCPEGQHGZRQUWTGEQPEGPVTCVKQPUVJGUKVGQH

URGEKHKEKV[QHVJGOQTRJQOGVTKECPCN[UKUCPFVJGEQPUKUVGPE[QHCPCN[UKUYKVJKPURGEKGU6YQ

TCV(UVWFKGUYGTGUGNGEVGFVJCVTGRTGUGPVGFPGCTNKHGVKOGGZRQUWTGUVQ1 QXGTCTCPIGQH 
8-87

EQPEGPVTCVKQPUCPFUEGPCTKQU%JCPIGVCN6YQOQPMG[UVWFKGUYGTGCNUQ

EQPUKFGTGFDQPPGVOQPMG[UGZRQUGFHQTFC[U*CTMGOCGVCNCPF

HCUEKEWNCTKUOQPMG[UGZRQUGFFCKN[HQTOQQTFCKN[GXGT[QVJGTOQPVJHQTOQ6[NGT

GVCN6JGDKQNQIKECNGHHGEVEJQUGPHQTGZVTCRQNCVKQPYCUVJGKPETGCUGFVJKEMPGUUQHVJG

CEGNNWNCTCPFVQVCNKPVGTUVKVKCNXQNWOGUKPVJG2#4TGIKQPQHVJGNWPIOGCUWTGOGPVUYGTGOCFG

KPCNNHQWTQHVJGUGKPXGUVKICVKQPU6JGSWCPVKV[QH1 RTGFKEVGFVQDGCDUQTDGFRGTUSWCTG 

EGPVKOGVGTQH2#4UWTHCEGCTGCYCUEJQUGPCUVJGFQUG

)GPGTCNN[VJGKPHQTOCVKQPPGGFGFVQECTT[QWVVJGFQUKOGVT[RTGFKEVKQPUYCUPQV

RTQXKFGFD[VJGUVWFKGU6JKUTGSWKTGFCUUWORVKQPUUWEJCUVJGUECNKPIQHXGPVKNCVKQP

RCTCOGVGTUXQNWOGUCPFUWTHCEGCTGCUHTQOQPGURGEKGUQTUVTCKPVQCPQVJGT6JGCUUWORVKQP

VJCVJCFVJGITGCVGUVKORCEVQPVJGOQFGNKPITGUWNVUFGCNVYKVJVJGRWNOQPCT[TGIKQPOCUU

VTCPUHGTEQGHHKEKGPV6JGXCNWGWUGFHQTVJKURCTCOGVGTJCUXGT[NKVVNGGZRGTKOGPVCNLWUVKHKECVKQP

CPFYCUEJQUGPVQDGCRRTQZKOCVGN[VJGUCOGHQTCNNURGEKGUKGVJGXCNWGUECNEWNCVGFD[

/KNNGTGVCN=?HQTJWOCPUCPFD[1XGTVQPGVCN=?HQTTCVU+HVJGXCNWGQHVJKU

EQGHHKEKGPVKUKPHCEVCRRTQZKOCVGN[VJGUCOGHQTCNNVJGURGEKGUVJGGZVTCRQNCVKQPQHGHHGEVUKU

PQVGZRGEVGFVQDGCHHGEVGFD[VJGXCNWGKVUGNH(QTVJGJWOCPUKOWNCVKQPUC[GCTQNFEJKNF

CPFCPCFWNVQWVFQQTUWRGTXKUQTNKXKPIKP0GY;QTM%KV[YGTGEQPUKFGTGF6JGCEVKXKV[CPF

GZRQUWTGRCVVGTPUHQTVJGUGJ[RQVJGVKECNRGQRNGYGTGIGPGTCVGFD[CPGZRQUWTGOQFGN


,QJPUQPHQT#RTKNVJTQWIJ1EVQDGT6JGNCDQTCVQT[CPKOCNFQUGTGURQPUGEWTXGU

UJQYGFCPCRRCTGPVNKPGCTTGNCVKQPUJKRYKVJKPURGEKGUYKVJTGNCVKXGN[JKIJEQTTGNCVKQP

EQGHHKEKGPVUHTQOVQFGRGPFKPIQPURGEKGUCPFGHHGEV#UUWOKPIVJGTGNCVKQPUJKRU

FGRKEVGFKP(KIWTGVJGRTGFKEVGFFQUGHQTVJGJ[RQVJGVKECNJWOCPUKPFKECVGFCUGCUQPCN

TGURQPUGHQTVJGEJKNFQHCVQKPETGCUGKP2#4VKUUWGVJKEMPGUUCPFHQTVJGCFWNVC

VQKPETGCUGFGRGPFKPIQPVJGNCDQTCVQT[URGEKGUWUGFHQTVJGRTGFKEVKQPVJGJKIJGTTCPIG

EQTTGURQPFUVQVJGOQPMG[(QTVJGOQPMG[UVJGTGUGGOGFVQDGNKVVNGTGXGTUCNYKVJ

RQUVGZRQUWTGVQCKTYJKEJYCUEQPUKUVGPVYKVJVJGEWOWNCVKXGFQUGJ[RQVJGUKU#NVJQWIJVJG

TGCFGTUJQWNFPQVGVJGPWODGTQHCUUWORVKQPUVJCVWPFGTNKGVJGUGRTGFKEVKQPUVJKUGZGTEKUG

PGXGTVJGNGUUUWIIGUVUVJCVNQPIVGTO1 GZRQUWTGEQWNFKORCTVCEJTQPKEGHHGEVKPJWOCPU 
8-88

4GHGTGPEGU

#FCOU 9 % 5EJGNGING ' 5 5JCHHTCVJ , & 
 1TCN CPF QTQPCUCN DTGCVJKPI FWTKPI EQPVKPWQWU GZGTEKUG

RTQFWEG UKOKNCT TGURQPUGU VQ Q\QPG KPJCNCVKQP #TEJ 'PXKTQP *GCNVJ  

#JCTQPUQP ' ( /GPMGU * )WTVPGT ) 5YKHV & . 2TQEVQT & ( 
 'HHGEV QH TGURKTCVQT[ CKTHNQY

TCVG QP TGOQXCN QH UQNWDNG XCRQTU D[ VJG PQUG , #RRN 2J[UKQN  

#KUUC / *CVEJ ) ' 
 /GVJQF HQT VTCEKPI QZ[IGP KP XKXQ CRRNKECVKQP VQ Q\QPG FQUKOGVT[ KP CPKOCNU

+P 5KOKE / ) 6C[NQT - # 9CTF , ( 8QP 5QPPVCI % GFU 1Z[IGP TCFKECNU KP DKQNQI[ CPF

OGFKEKPG RTQEGGFKPIU QH VJG VJ KPVGTPCVKQPCN EQPITGUU QP TCFKECNU ,WPG,WN[  .C ,QNNC %#

0GY ;QTM 0; 2NGPWO 2TGUU RR  
$CUKE NKHG UEKGPEGU X 

#OFWT / 1 7ITQ 8 7PFGTJKNN & 9 
 4GURKTCVQT[ TGURQPUG QH IWKPGC RKIU VQ Q\QPG CNQPG CPF YKVJ

UWNHWT FKQZKFG #O +PF *[I #UUQE ,  

#TCMCYC - +EJKPQUG 6 5CICK / 
 =5RGEKGU FKHHGTGPEGU QH NKRKF RGTQZKFCVKQP CPF VJG TGNCVGF HCEVQTU KP

NWPIU QH XCTKQWU CPKOCNU GZRQUGF VQ EQODKPGF ICU QH PKVTQIGP FKQZKFG CPF Q\QPG? +P /WTCMCOK /

-CYCVC / -QDC[CUJK 6 GFU ='ZRGTKOGPVCN UVWFKGU QP VJG GHHGEVU QH ICUGQWU CKT RQNNWVCPVU KP

EQODKPCVKQP QP CPKOCNU? -QMWTKVUW -QICK -GPM[WUJQ -GPM[W *QMQMW  

$CTVNGVV & ,T (CWNMPGT % 5 ++ %QQM - 
 'HHGEV QH EJTQPKE Q\QPG GZRQUWTG QP NWPI GNCUVKEKV[ KP [QWPI

TCVU , #RRN 2J[UKQN  

$CUUGVV & , 2 $QYGP-GNN[ ' $TGYUVGT ' . 'NDQP % . 4GKEJGPDCWIJ 5 5 $WPVQP 6 -GTT , 5


 # TGXGTUKDNG OQFGN QH CEWVG NWPI KPLWT[ DCUGF QP Q\QPG GZRQUWTG .WPI  

$CVGU & 8 *C\WEJC / 
 6JG UJQTVVGTO GHHGEVU QH Q\QPG QP VJG JWOCP NWPI +P 2TQEGGFKPIU QH VJG

EQPHGTGPEG QP JGCNVJ GHHGEVU QH CKT RQNNWVCPVU 1EVQDGT 9CUJKPIVQP &% 9CUJKPIVQP &% 75

5GPCVG %QOOKVVGG QP 2WDNKE 9QTMU RR  UGTKCN PQ 

$CVGU & 8 $GNN ) / $WTPJCO % & *C\WEJC / /CPVJC , 2GPIGNN[ . & 5KNXGTOCP ( 


5JQTVVGTO GHHGEVU QH Q\QPG QP VJG NWPI , #RRN 2J[UKQN  

$GEMGVV 9 5 /E&QPPGNN 9 ( *QTUVOCP & * *QWUG & ' 
 4QNG QH VJG RCTCU[ORCVJGVKE PGTXQWU

U[UVGO KP CEWVG NWPI TGURQPUG VQ Q\QPG , #RRN 2J[UKQN  

$GFK , ( *QTXCVJ 5 / (QNKPUDGG . , 
 *WOCP GZRQUWTG VQ UWNHWT FKQZKFG CPF Q\QPG KP C JKIJ

VGORGTCVWTGJWOKFKV[ GPXKTQPOGPV #O +PF *[I #UUQE ,  

$GNNXKNNG , 9 'UECTTCIC . # 9CNNGPUVGKP 5 . *QWFG 4 9 *QYNCPF 9 5 
 4GNCVKXG

TGURKTCVQT[ FGRTGUUCPV GHHGEVU QH QZ[OQTRJQPG 
0WOQTRJCP CPF OQTRJKPG #PGUVJGUKQNQI[

 

$GP,GDTKC # 7NVOCP , 5 
 (CUVTGURQPFKPI EJGOKNWOKPGUEGPV Q\QPG CPCN[\GT HQT TGURKTCVQT[

CRRNKECVKQPU 4GX 5EK +PUVTWO  

$GP,GDTKC # *W 5% 7NVOCP , 5 
 +ORTQXGOGPVU KP C EJGOKNWOKPGUEGPV Q\QPG CPCN[\GT HQT

TGURKTCVQT[ CRRNKECVKQPU 4GX 5EK +PUVTWO  

$GP,GDTKC # *W 5% -KV\OKNNGT ' . 7NVOCP , 5 
 1\QPG CDUQTRVKQP KPVQ GZEKUGF RQTEKPG CPF

UJGGR VTCEJGCG D[ C DQNWUTGURQPUG OGVJQF 'PXKTQP 4GU  

$GPPGVV ) 
 1\QPG EQPVCOKPCVKQP QH JKIJ CNVKVWFG CKTETCHV ECDKPU #GTQUR /GF  
8-89

$QQTOCP ) # 5EJYCTV\ . 9 &WPIYQTVJ & . 
 2WNOQPCT[ GHHGEVU QH RTQNQPIGF Q\QPG KPUWNV KP TCVU

OQTRJQOGVTKE GXCNWCVKQP QH VJG EGPVTCN CEKPWU .CD +PXGUV  

%JCNNGP 2 , 4 *KEMKUJ & ' $GFHQTF , 
 #P KPXGUVKICVKQP QH UQOG JGCNVJ JC\CTFU KP CP KPGTVICU

VWPIUVGPCTE YGNFKPI UJQR $T , +PF /GF  

%JCPI *- (CTJK . ' 
 1P OCVJGOCVKECN CPCN[UKU QH ICU VTCPURQTV KP VJG NWPI 4GURKT 2J[UKQN

 

%JCPI .; *WCPI ; 5VQEMUVKNN $ . )TCJCO , # )TQUG ' % /3⁄4PCEJG / ) /KNNGT ( , %QUVC

& . %TCRQ , & 
 'RKVJGNKCN KPLWT[ CPF KPVGTUVKVKCN HKDTQUKU KP VJG RTQZKOCN CNXGQNCT TGIKQPU

QH TCVU EJTQPKECNN[ GZRQUGF VQ C UKOWNCVGF RCVVGTP QH WTDCP CODKGPV Q\QPG 6QZKEQN #RRN 2JCTOCEQN

 

%JCPI .; 5VQEMUVKNN $ . /3⁄4PCEJG / ) /GTEGT 4 4 %TCRQ , & 
 %QPUGSWGPEGU QH

RTQNQPIGF KPJCNCVKQP QH Q\QPG QP (0 TCVU EQNNCDQTCVKXG UVWFKGU 2CTV 8+++ /QTRJQOGVTKE

CPCN[UKU QH UVTWEVWTCN CNVGTCVKQPU KP CNXGQNCT TGIKQPU %CODTKFIG /# *GCNVJ 'HHGEVU +PUVKVWVG

RR  TGUGCTEJ TGRQTV PQ 

%JCVJCO / & 'RRNGT , * ,T 5CWFGT . 4 )TGGP & -WNNG 6 , 
 'XCNWCVKQP QH VJG GHHGEVU QH

XKVCOKP % QP Q\QPGKPFWEGF DTQPEJQEQPUVTKEVKQP KP PQTOCN UWDLGEVU #PP 0 ; #ECF 5EK

 

%NCOCPP * ) $CPETQHV 4 9 
 6QZKEKV[ QH Q\QPG KP JKIJ CNVKVWFG HNKIJV +P 1\QPG EJGOKUVT[ CPF

VGEJPQNQI[ RTQEGGFKPIU QH VJG KPVGTPCVKQPCN Q\QPG EQPHGTGPEG 0QXGODGT  %JKECIQ +.

9CUJKPIVQP &% #OGTKECP %JGOKECN 5QEKGV[ RR  
#FXCPEGU KP EJGOKUVT[ PQ 

%QUVC & . 
 +PVGTRTGVCVKQP QH PGY VGEJPKSWGU WUGF KP VJG FGVGTOKPCVKQP QH RWNOQPCT[ HWPEVKQP KP TQFGPVU

(WPFCO #RRN 6QZKEQN  

%QUVC & . 
 8GPVKNCVQT[ RCTCOGVGTU HQT VJG '2# EJTQPKE TCV UVWF[ =OGOQTCPFWO VQ ,QJP 1XGTVQP?

4GUGCTEJ 6TKCPING 2CTM 0% 75 'PXKTQPOGPVCN 2TQVGEVKQP #IGPE[ *GCNVJ 'HHGEVU 4GUGCTEJ

.CDQTCVQT[ &GEGODGT 

%QUVC & . -WV\OCP 4 5 .GJOCPP , 4 2QRGPQG ' # &TGY 4 6 
 # UWDEJTQPKE OWNVKFQUG

Q\QPG UVWF[ KP TCVU +P .GG 5 & /WUVCHC / ) /GJNOCP / # GFU +PVGTPCVKQPCN U[ORQUKWO

QP VJG DKQOGFKECN GHHGEVU QH Q\QPG CPF TGNCVGF RJQVQEJGOKECN QZKFCPVU /CTEJ  2KPGJWTUV 0%

2TKPEGVQP 0, 2TKPEGVQP 5EKGPVKHKE 2WDNKUJGTU +PE RR  
#FXCPEGU KP OQFGTP

GPXKTQPOGPVCN VQZKEQNQI[ X 

%QUVC & . 5EJCHTCPM 5 0 9GJPGT 4 9 ,GNNGVV ' 
 #NXGQNCT RGTOGCDKNKV[ VQ RTQVGKP KP TCVU

FKHHGTGPVKCNN[ UWUEGRVKDNG VQ Q\QPG , #RRN 6QZKEQN  

%QUVC & . 5VGXGPU / 5 6GRRGT , 5 
C 4GRGCVGF GZRQUWTG VQ Q\QPG 
1  CPF EJTQPKE NWPI FKUGCUG 

TGEGPV CPKOCN FCVC 2TGUGPVGF CV UV CPPWCN OGGVKPI QH VJG #KT 2QNNWVKQP %QPVTQN #UUQEKCVKQP ,WPG

&CNNCU 6: 2KVVUDWTIJ 2# #KT 2QNNWVKQP %QPVTQN #UUQEKCVKQP RCRGT PQ 

%QUVC & . *CVEJ ) ' *KIJHKNN , 5VGXGPU / # 6GRRGT , 5 
D 2WNOQPCT[ HWPEVKQP UVWFKGU KP VJG

TCV CFFTGUUKPI EQPEGPVTCVKQP XGTUWU VKOG TGNCVKQPUJKRU QH Q\QPG 
1 4GUGCTEJ 6TKCPING 2CTM 0%

75 'PXKTQPOGPVCN 2TQVGEVKQP #IGPE[ *GCNVJ 'HHGEVU 4GUGCTEJ .CDQTCVQT[ '2# TGRQTV PQ

'2#& #XCKNCDNG HTQO 06+5 5RTKPIHKGNF 8# 2$

%QUVC & . 6GRRGT , 5 .GJOCPP , 4 9KPUGVV & 9 *CVEJ ) ' &GXNKP 4 $ 
 5VTCKP CU C

HCEVQT KP VJG OCIPKVWFG CPF VKOG`EQWTUG QH TGURQPUG VQ CEWVG Q\QPG 
1  C UVWF[ QH NWPI F[UHWPEVKQP 

CPF KPLWT[ KP 9KUVCT (KUEJGT CPF 5RTCIWG&CYNG[ TCVU 4GUGCTEJ 6TKCPING 2CTM 0% 75
8-90

'PXKTQPOGPVCN 2TQVGEVKQP #IGPE[ 0CVKQPCN *GCNVJ  'PXKTQPOGPVCN 'HHGEVU 4GUGCTEJ .CDQTCVQT[

2WNOQPCT[ 6QZKEQNQI[ $TCPEJ

%QUVC & . 6GRRGT , 5 5VGXGPU / # 9CVMKPUQP 9 2 &QGTHNGT & . )GN\NGKEJVGT 6 4 .CUV , #


 4GUVTKEVKXG NWPI FKUGCUG KP TCVU GZRQUGF EJTQPKECNN[ VQ CP WTDCP RTQHKNG QH Q\QPG #O ,

4GURKT %TKV %CTG /GF  

%TKUUOCP - *CVEJ ) ' 5NCFG 4 0QTYQQF , -QTGP * 
 1\QPGKPFWEGF CNVGTCVKQPU KP XKVCOKP %

EQPEGPVTCVKQPU KP DTQPEJQCNXGQNCT NCXCIG HNWKF QH JWOCPU TCVU CPF IWKPGC RKIU 4GUGCTEJ 6TKCPING

2CTM 0% 75 'PXKTQPOGPVCN 2TQVGEVKQP #IGPE[ 0CVKQPCN *GCNVJ  'PXKTQPOGPVCN 'HHGEVU

4GUGCTEJ .CDQTCVQT[

&G.WEKC # , #FCOU 9 % 
 'HHGEVU QH 1 KPJCNCVKQP FWTKPI GZGTEKUG QP RWNOQPCT[ HWPEVKQP CPF DNQQF 

DKQEJGOKUVT[ , #RRN 2J[UKQN 4GURKT 'PXKTQP 'ZGTEKUG 2J[UKQN  

&GVGNU 4 5C[TG , 9 %QWNUQP # * 4QMCY 5 0 /CUUG[ ( , ,T 6CUJMKP & 2 9W // 


6JG 7%.# RQRWNCVKQP UVWFKGU QH EJTQPKE QDUVTWEVKXG TGURKTCVQT[ FKUGCUG +8 TGURKTCVQT[ GHHGEV QH

NQPIVGTO GZRQUWTG VQ RJQVQEJGOKECN QZKFCPVU PKVTQIGP FKQZKFG CPF UWNHCVGU QP EWTTGPV CPF PGXGT

UOQMGTU #O 4GX 4GURKT &KU  

&GVGNU 4 6CUJMKP & 2 5C[TG , 9 4QMCY 5 0 %QWNUQP # * /CUUG[ ( , ,T 9GIOCP & *


 6JG 7%.# RQRWNCVKQP UVWFKGU QH EJTQPKE QDUVTWEVKXG TGURKTCVQT[ FKUGCUG  NWPI HWPEVKQP

EJCPIGU CUUQEKCVGF YKVJ EJTQPKE GZRQUWTG VQ RJQVQEJGOKECN QZKFCPVU C EQJQTV UVWF[ COQPI

PGXGTUOQMGTU %JGUV  

&GVGNU 4 6CUJMKP & 2 5C[TG , 9 4QMCY 5 0 /CUUG[ ( , ,T %QWNUQP # * 9GIOCP & *


 6JG 7%.# RQRWNCVKQP UVWFKGU QH %14& : C EQJQTV UVWF[ QH EJCPIGU KP TGURKTCVQT[ HWPEVKQP

CUUQEKCVGF YKVJ EJTQPKE GZRQUWTG VQ 51  01  CPF J[FTQECTDQPU #O , 2WDNKE *GCNVJ   Z Z

&GXNKP 4 $ /E&QPPGNN 9 ( /CPP 4 $GEMGT 5 *QWUG & ' 5EJTGKPGOCEJGTU & -QTGP * 5


 'ZRQUWTG QH JWOCPU VQ CODKGPV NGXGNU QH Q\QPG HQT  JQWTU ECWUGU EGNNWNCT CPF DKQEJGOKECN

EJCPIGU KP VJG NWPI #O , 4GURKT %GNN /QN $KQN  

&GXNKP 4 $ (QNKPUDGG . , $KUECTFK ( $GEMGT 5 /CFFGP / % 4QDDKPU / -QTGP * 5 


4GRGCVGF GZRQUWTG QH JWOCPU GZRQUGF VQ Q\QPG ++ +PHNCOOCVKQP CPF EGNN FCOCIG 4GUGCTEJ

6TKCPING 2CTM 0% 75 'PXKTQPOGPVCN 2TQVGEVKQP #IGPE[ 0CVKQPCN *GCNVJ CPF 'PXKTQPOGPVCN

'HHGEVU 4GUGCTEJ .CDQTCVQT[ %NKPKECN 4GUGCTEJ $TCPEJ OCPWUETKRV KP RTGRCTCVKQP

'NUC[GF 0 / -CUU 4 /WUVCHC / ) *CEMGT # & 1URKVCN , , %JQY % - %TQUU % ' 


'HHGEV QH FKGVCT[ XKVCOKP ' NGXGN QP VJG DKQEJGOKECN TGURQPUG QH TCV NWPI VQ Q\QPG KPJCNCVKQP &TWI

0WVT +PVGTCEV  

'WUVKU 5 . 5EJYCTV\ . 9 -QUEJ 2 % &WPIYQTVJ & . 
 %JTQPKE DTQPEJKQNKVKU KP PQPJWOCP

RTKOCVGU CHVGT RTQNQPIGF Q\QPG GZRQUWTG #O , 2CVJQN  

(QNKPUDGG . , 4CXGP 2 $ 
 'ZGTEKUG CPF CKT RQNNWVKQP , 5RQTVU 5EK  

(QNKPUDGG . , 5KNXGTOCP ( 5JGRJCTF 4 , 
 'ZGTEKUG TGURQPUGU HQNNQYKPI Q\QPG GZRQUWTG , #RRN

2J[UKQN  

(QNKPUDGG . , *QTXCVJ 5 / 4CXGP 2 $ $GFK , ( /QTVQP # 4 &TKPMYCVGT $ . $QNFWCP 0 9

)NKPGT , # 
 +PHNWGPEG QH GZGTEKUG CPF JGCV UVTGUU QP RWNOQPCT[ HWPEVKQP FWTKPI Q\QPG

GZRQUWTG , #RRN 2J[UKQN 4GURKT 'PXKTQP 'ZGTEKUG 2J[UKQN  
8-91

(QNKPUDGG . , $GFK , ( *QTXCVJ 5 / 
 4GURKTCVQT[ TGURQPUGU KP JWOCPU TGRGCVGFN[ GZRQUGF VQ NQY

EQPEGPVTCVKQPU QH Q\QPG #O 4GX 4GURKT &KU  

(QNKPUDGG . , /E&QPPGNN 9 ( *QTUVOCP & * 
 2WNOQPCT[ HWPEVKQP CPF U[ORVQO TGURQPUGU CHVGT

JQWT GZRQUWTG VQ  RRO Q\QPG YKVJ OQFGTCVG GZGTEKUG ,#2%#  

(TGFDGTI , , 9QJN / $ )NCUU ) / &QTMKP * . 
 #KTYC[ CTGC D[ CEQWUVKE TGHNGEVKQPU OGCUWTGF

CV VJG OQWVJ , #RRN 2J[UKQN 4GURKT 'PXKTQP 'ZGTEKUG 2J[UKQN  

)GTTKV[ 6 4 
 0CUQRJCT[PIGCN WRVCMG QH Q\QPG KP JWOCPU CPF CPKOCNU +P %TCRQ , & /KNNGT ( ,

5OQNMQ ' & )TCJCO , # *C[GU # 9 GFU 'ZVTCRQNCVKQP QH FQUKOGVTKE TGNCVKQPUJKRU HQT

KPJCNGF RCTVKENGU CPF ICUGU 5CP &KGIQ %# #ECFGOKE 2TGUU +PE RR 

)GTTKV[ 6 4 /E&QPPGNN 9 ( 
 &Q HWPEVKQPCN EJCPIGU KP JWOCPU EQTTGNCVG YKVJ VJG CKTYC[ TGOQXCN

GHHKEKGPE[ QH Q\QPG! +P 5EJPGKFGT 6 .GG 5 & 9QNVGTU ) , 4 )TCPV . & GFU

#VOQURJGTKE Q\QPG TGUGCTEJ CPF KVU RQNKE[ KORNKECVKQPU RTQEGGFKPIU QH VJG TF 75&WVEJ

KPVGTPCVKQPCN U[ORQUKWO /C[  0KLOGIGP 6JG 0GVJGTNCPFU #OUVGTFCO 6JG 0GVJGTNCPFU

'NUGXKGT 5EKGPEG 2WDNKUJGTU RR  
5VWFKGU KP GPXKTQPOGPVCN UEKGPEG 

)GTTKV[ 6 4 9KGUVGT / , 
 'ZRGTKOGPVCN OGCUWTGOGPVU QH VJG WRVCMG QH Q\QPG KP TCVU CPF JWOCP

UWDLGEVU 2TGUGPVGF CV VJ CPPWCN OGGVKPI QH VJG #KT 2QNNWVKQP %QPVTQN #UUQEKCVKQP ,WPG 0GY

;QTM 0; 2KVVUDWTIJ 2# #KT 2QNNWVKQP %QPVTQN #UUQEKCVKQP RCRGT PQ 

)GTTKV[ 6 4 9GCXGT 4 # $GTPVUGP , *QWUG & ' 1	0GKN , , 
 'ZVTCVJQTCEKE CPF KPVTCVJQTCEKE

TGOQXCN QH 1 KP VKFCNDTGCVJKPI JWOCPU , #RRN 2J[UKQN   

)GTTKV[ 6 4 /E&QPPGNN 9 ( 1	0GKN , , 
 'ZRGTKOGPVCN Q\QPG FQUKOGVT[ KP JWOCPU , #GTQUQN

/GF  

)GTTKV[ 6 4 $GPPGVV 9 & -GJTN * &G9KVV 2 , 
 /WEQEKNKCT[ ENGCTCPEG QH KPJCNGF RCTVKENGU

OGCUWTGF CV  J CHVGT Q\QPG GZRQUWTG KP JWOCPU , #RRN 2J[UKQN  

)GTTKV[ 6 4 /E&QPPGNN 9 ( *QWUG & ' 
 6JG TGNCVKQPUJKR DGVYGGP FGNKXGTGF Q\QPG FQUG CPF

HWPEVKQPCN TGURQPUGU KP JWOCPU 6QZKEQN #RRN 2JCTOCEQN  

)GTTKV[ 6 4 $KUECTFK ( 5VTQPI # )CTNKPIVQP # 4 $TQYP , 5 $TQODGTI 2 # 
 $TQPEJQUEQRKE

FGVGTOKPCVKQP QH Q\QPG WRVCMG KP JWOCPU , #RRN 2J[UKQN  

)KDDQPU 5 + #FCOU 9 % 
 %QODKPGF GHHGEVU QH Q\QPG GZRQUWTG CPF CODKGPV JGCV QP GZGTEKUKPI

HGOCNGU , #RRN 2J[UKQN 4GURKT 'PXKTQP 'ZGTEKUG 2J[UKQN  

)QPI * ,T $TCFNG[ 2 9 5KOOQPU / 5 6CUJMKP & 2 
 +ORCKTGF GZGTEKUG RGTHQTOCPEG CPF

RWNOQPCT[ HWPEVKQP KP GNKVG E[ENKUVU FWTKPI NQYNGXGN Q\QPG GZRQUWTG KP C JQV GPXKTQPOGPV #O 4GX

4GURKT &KU  

)QTFQP % , 
 6QZKEKPFWEGF J[RQVJGTOKC CPF J[RQOGVCDQNKUO FQ VJG[ KPETGCUG WPEGTVCKPV[ KP VJG

GZVTCRQNCVKQP QH VQZKEQNQIKECN FCVC HTQO GZRGTKOGPVCN CPKOCNU VQ JWOCPU! 0GWTQUEK $KQDGJCX 4GX

 

)QTFQP . / ,GPUGP ( % %WTVCKP % % /QDNG[ 2 9 #NQKC 4 % 
 6JGTOQVTQRKE NKRKF RJCUG

UGRCTCVKQP KP VJG JWOCP KOOWPQFGHKEKGPE[ XKTWU $KQEJKO $KQRJ[U #EVC  

)TCJCO , # *CVEJ ) ' 
 6JG KPVGITCVKQP QH URGEKGU UGPUKVKXKV[ CPF FQUKOGVT[ KP VJG GZVTCRQNCVKQP QH

Q\QPG CPF PKVTQIGP FKQZKFG JGCNVJ FCVC HTQO CPKOCN VQ OCP 2TGUGPVGF CV VJ CPPWCN OGGVKPI QH VJG
8-92

#KT 2QNNWVKQP %QPVTQN #UUQEKCVKQP ,WPG 5CP (TCPEKUEQ %# 2KVVUDWTIJ 2# #KT 2QNNWVKQP %QPVTQN

#UUQEKCVKQP TGRQTV PQ 

)TQUG ' % 5VGXGPU / # *CVEJ ) ' ,CUMQV 4 * 5GNITCFG / , - 5VGCF # ) %QUVC & .

)TCJCO , # 
 6JG KORCEV QH C OQPVJ GZRQUWTG VQ C FKWTPCN RCVVGTP QH Q\QPG QP RWNOQPCT[

HWPEVKQP CPVKQZKFCPV DKQEJGOKUVT[ CPF KOOWPQNQI[ 4GUGCTEJ 6TKCPING 2CTM 0% 75

'PXKTQPOGPVCN 2TQVGEVKQP #IGPE[ *GCNVJ 'HHGEVU 4GUGCTEJ .CDQTCVQT[ '2# TGRQTV PQ

'2#& #XCKNCDNG HTQO 06+5 5RTKPIHKGNF 8# 2$

)TQVDGTI , $ 
 )CU CDUQTRVKQP KP RWNOQPCT[ CKTYC[U CV NQY 2GENGV PWODGT , $KQOGEJ 'PI

 

)TQVDGTI , $ 5JGVJ $ 8 /QEMTQU . ( 
 #P CPCN[UKU QH RQNNWVCPV ICU VTCPURQTV CPF CDUQTRVKQP KP

RWNOQPCT[ CKTYC[U , $KQOGEJ 'PI  

)W[VQP # % 
 /GCUWTGOGPV QH VJG TGURKTCVQT[ XQNWOGU QH NCDQTCVQT[ CPKOCNU #O , 2J[UKQN  

*CEMPG[ , & .KPP 9 5 $WEMNG[ 4 & 2GFGTUGP ' ' -CTW\C 5 - .CY & % (KUEJGT & #


 'ZRGTKOGPVCN UVWFKGU QP JWOCP JGCNVJ GHHGEVU QH CKT RQNNWVCPVU + FGUKIP EQPUKFGTCVKQPU #TEJ

'PXKTQP *GCNVJ  

*CEMPG[ , & .KPP 9 5 /QJNGT , ) %QNNKGT % 4 
 #FCRVCVKQP VQ UJQTVVGTO TGURKTCVQT[ GHHGEVU QH

Q\QPG KP OGP GZRQUGF TGRGCVGFN[ , #RRN 2J[UKQN 4GURKT 'PXKTQP 'ZGTEKUG 2J[UKQN  

*CNNGVV 9 ; 
 'HHGEV QH Q\QPG CPF EKICTGVVG UOQMG QP NWPI HWPEVKQP #TEJ 'PXKTQP *GCNVJ  

*CPPC . / 5EJGTGT 2 9 
 /GCUWTGOGPV QH NQECN OCUU VTCPUHGT EQGHHKEKGPVU KP C ECUV OQFGN QH VJG

JWOCP WRRGT TGURKTCVQT[ VTCEV , $KQOGEJ 'PI  

*CPPC . / (TCPM 4 5EJGTGT 2 9 
 #DUQTRVKQP QH UQNWDNG ICUGU CPF XCRQTU KP VJG TGURKTCVQT[

U[UVGO +P %JCPI * - 2CKXC / GFU 4GURKTCVQT[ RJ[UKQNQI[ CP CPCN[VKECN CRRTQCEJ 0GY

;QTM 0; /CTEGN &GMMGT +PE RR  
.GPHCPV % GF .WPI DKQNQI[ KP JGCNVJ CPF FKUGCUG

X 

*CPUGP , ' #ORC[C ' 2 
 *WOCP CKT URCEG UJCRGU UK\GU CTGCU CPF XQNWOGU , #RRN 2J[UKQN

 

*CTMGOC , 4 /CWFGTN[ , . *CJP ( ( 
 6JG GHHGEVU QH GORJ[UGOC QP QZ[IGP VQZKEKV[ KP TCVU

#O 4GX 4GURKT &KU  

*CTMGOC , 4 2NQRRGT % ) *[FG & / 5V )GQTIG , # 9KNUQP & 9 &WPIYQTVJ & . 


4GURQPUG QH OCECSWG DTQPEJKQNCT GRKVJGNKWO VQ CODKGPV EQPEGPVTCVKQPU QH Q\QPG #O , 2CVJQN

 

*CTV / % 1T\CNGUK / / %QQM % & 
 4GNCVKQP DGVYGGP CPCVQOKE TGURKTCVQT[ FGCF URCEG CPF DQF[

UK\G CPF NWPI XQNWOG , #RRN 2J[UKQN  

*CVEJ ) ' #KUUC / 
 &GVGTOKPCVKQP QH CDUQTDGF FQUG QH Q\QPG KP CPKOCNU CPF JWOCPU WUKPI UVCDNG

KUQVQRG 
QZ[IGP VTCEKPI 2TGUGPVGF CV VJ CPPWCN OGGVKPI QH VJG #KT 2QNNWVKQP %QPVTQN

#UUQEKCVKQP ,WPG 0GY ;QTM 0; 2KVVUDWTIJ 2# #KT 2QNNWVKQP %QPVTQN #UUQEKCVKQP RCRGT PQ



*CVEJ ) ' 5NCFG 4 5VGCF # ) )TCJCO , # 
 5RGEKGU EQORCTKUQP QH CEWVG KPJCNCVKQP VQZKEKV[ QH

Q\QPG CPF RJQUIGPG , 6QZKEQN 'PXKTQP *GCNVJ  
8-93

*CVEJ ) ' 9KGUVGT / , 1XGTVQP , * ,T #KUUC / 
 4GURKTCVQT[ VTCEV FQUKOGVT[ QH =?1NCDGNGF

Q\QPG KP TCVU KORNKECVKQPU HQT C TCVJWOCP GZVTCRQNCVKQP QH Q\QPG FQUG +P 5EJPGKFGT 6 .GG 5

& 9QNVGTU ) , 4 )TCPV . & GFU #VOQURJGTKE Q\QPG TGUGCTEJ CPF KVU RQNKE[ KORNKECVKQPU

RTQEGGFKPIU QH VJG TF 75&WVEJ KPVGTPCVKQPCN U[ORQUKWO /C[  0KLOGIGP 6JG 0GVJGTNCPFU

#OUVGTFCO 6JG 0GVJGTNCPFU 'NUGXKGT 5EKGPEG 2WDNKUJGTU RR  
5VWFKGU KP GPXKTQPOGPVCN

UEKGPEG 

*CVEJ ) ' 5NCFG 4 *CTTKU . 2 /E&QPPGNN 9 ( &GXNKP 4 $ -QTGP * 5 %QUVC & .

/E-GG , 
 1\QPG FQUG CPF GHHGEV KP JWOCPU CPF TCVU C EQORCTKUQP WUKPI QZ[IGP NCDGNKPI

CPF DTQPEJQCNXGQNCT NCXCIG #O , 4GURKT %TKV %CTG /GF  

*C\WEJC / , 
 4GNCVKQPUJKR DGVYGGP Q\QPG GZRQUWTG CPF RWNOQPCT[ HWPEVKQP EJCPIGU , #RRN 2J[UKQN

 

*C\WEJC / , $CVGU & 8 $TQODGTI 2 # 
 /GEJCPKUO QH CEVKQP QH Q\QPG QP VJG JWOCP NWPI

, #RRN 2J[UKQN  

*QHOCPP 9 /CTVQPGP 6 $ )TCJCO 4 % 
 2TGFKEVGF FGRQUKVKQP QH PQPJ[ITQUEQRKE CGTQUQNU KP VJG

JWOCP NWPI CU C HWPEVKQP QH UWDLGEV CIG , #GTQUQN /GF  

*QTUHKGNF - &CTV ) 1NUQP & ' (KNNG[ ) ( %WOOKPI ) 
 /QFGNU QH VJG JWOCP DTQPEJKCN VTGG ,

#RRN 2J[UKQN  

*QTUVOCP & * (QNKPUDGG . , +XGU 2 , #DFWN5CNCCO 5 /E&QPPGNN 9 ( 
 1\QPG EQPEGPVTCVKQP

CPF RWNOQPCT[ TGURQPUG TGNCVKQPUJKRU HQT JQWT GZRQUWTGU YKVJ HKXG JQWTU QH OQFGTCVG GZGTEKUG VQ

  CPF  RRO #O 4GX 4GURKT &KU  

*QVEJMKUU , # *CTMGOC , 4 5WP , & *GPFGTUQP 4 ( 
 %QORCTKUQP QH CEWVG Q\QPGKPFWEGF PCUCN

CPF RWNOQPCT[ KPHNCOOCVQT[ TGURQPUGU KP TCVU 6QZKEQN #RRN 2JCTOCEQN  

*W 5 
 0QPKPXCUKXG FGVGTOKPCVKQP QH Q\QPG FKUVTKDWVKQP KP VJG JWOCP NWPI CKTYC[U =2J& VJGUKU?

*W 5 % $GP,GDTKC # 7NVOCP , 5 
C 5KOWNCVKQP QH Q\QPG WRVCMG FKUVTKDWVKQP KP VJG JWOCP CKTYC[U D[

QTVJQIQPCN EQNNQECVKQP QP HKPKVG GNGOGPVU %QORWV $KQOGF 4GU  

*W 5 % $GP,GDTKC # 7NVOCP , 5 
D .QPIKVWFKPCN FKUVTKDWVKQP QH Q\QPG CDUQTRVKQP KP VJG NWPI SWKGV

TGURKTCVKQP KP JGCNVJ[ UWDLGEVU , #RRN 2J[UKQN  

*W 5% $GP,GDTKC # 7NVOCP , 5 
 .QPIKVWFKPCN FKUVTKDWVKQP QH Q\QPG CDUQTRVKQP KP VJG NWPI GHHGEVU

QH TGURKTCVQT[ HNQY , #RRN 2J[UKQN  

*WPVGT # 4 2NGWXT[ $ , 4GGU , / * 
 6JG TGURKTCVQT[ FGRTGUUCPV GHHGEVU QH DCTDKVWTCVGU CPF

PCTEQVKE CPCNIGUKEU KP VJG WPCPCGUVJGVK\GF TCDDKV $T , #PCGUVJ  

*[FG & / *WDDCTF 9 % 9QPI 8 9W 4 2KPMGTVQP - 2NQRRGT % ) 
 1\QPGKPFWEGF CEWVG

VTCEJGQDTQPEJKCN GRKVJGNKCN KPLWT[ TGNCVKQPUJKR VQ ITCPWNQE[VG GOKITCVKQP KP VJG NWPI #O , 4GURKT

%GNN /QN $KQN  

*[PGU $ 5KNXGTOCP ( %QNG 2 %QTG[ 2 
 'HHGEVU QH Q\QPG GZRQUWTG C EQORCTKUQP DGVYGGP QTCN CPF

PCUCN DTGCVJKPI #TEJ 'PXKTQP *GCNVJ  

+PVGTPCVKQPCN %QOOKUUKQP QP 4CFKQNQIKECN 2TQVGEVKQP 
 4GRQTV QH VJG 6CUM )TQWR QP TGHGTGPEG OCP 1ZHQTF

7PKVGF -KPIFQO 2GTICOQP 2TGUU .VF +%42 RWDNKECVKQP PQ 
8-94

,CGIGT 4 , )GCTJCTV , / 
 4GURKTCVQT[ CPF OGVCDQNKE TGURQPUG QH TCVU CPF OKEG VQ HQTOCNKP XCRQT

6QZKEQNQI[  

,QJPUQP 6 4 
 1PGOKPWVG Q\QPG GZRQUWTG UGSWGPEGU HQT UGNGEVGF 0GY ;QTM EQJQTVU =NGVVGT VQ

&T ,QJP * 1XGTVQP 75 '2#? &WTJCO 0% +PVGTPCVKQPCN 6GEJPQNQI[ %QTRQTCVKQP

0QXGODGT 

-CDGN , 4 $GP,GDTKC $ 7NVOCP , 5 
 .QPIKVWFKPCN FKUVTKDWVKQP QH Q\QPG CDUQTRVKQP KP VJG NWPI

EQORCTKUQP QH PCUCN CPF QTCN SWKGV DTGCVJKPI , #RRN 2J[UKQN  

-NGGDGTIGT 5 4 $CUUGVV & , 2 ,CMCD ) , .GXKVV 4 % 
 # IGPGVKE OQFGN HQT GXCNWCVKQP QH

UWUEGRVKDKNKV[ VQ Q\QPGKPFWEGF KPHNCOOCVKQP #O , 2J[UKQN  ..

-NGKPHGNF / )KGN % 6CDGTUJCY + 4 
 *GCNVJ JC\CTFU CUUQEKCVGF YKVJ KPGTVICUUJKGNFGF OGVCN CTE

YGNFKPI #/# #TEJ +PF *GCNVJ  

-NKOGPV 8 
 5KOKNCTKV[ CPF FKOGPUKQPCN CPCN[UKU GXCNWCVKQP QH CGTQUQN FGRQUKVKQP KP VJG NWPIU QH NCDQTCVQT[

CPKOCNU CPF OCP (QNKC /QTRJQN 
2TCIWG  

-QFCXCPVK 7 2 *CVEJ ) ' 5VCTEJGT $ )KTK 5 0 9KPUGVV & %QUVC & . 
 1\QPGKPFWEGF

RWNOQPCT[ HWPEVKQPCN RCVJQNQIKECN CPF DKQEJGOKECN EJCPIGU KP PQTOCN CPF XKVCOKP %FGHKEKGPV

IWKPGC RKIU (WPFCO #RRN 6QZKEQN  

-QTGP * 5 &GXNKP 4 $ )TCJCO & ' /CPP 4 /E)GG / 2 *QTUVOCP & * -Q\WODQ 9 ,

$GEMGT 5 *QWUG & ' /E&QPPGNN 9 ( $TQODGTI 2 # 
C 1\QPGKPFWEGF

KPHNCOOCVKQP KP VJG NQYGT CKTYC[U QH JWOCP UWDLGEVU #O 4GX 4GURKT &KU  

-QTGP * 5 &GXNKP 4 $ )TCJCO & ' /CPP 4 /E&QPPGNN 9 ( 
D 6JG KPHNCOOCVQT[ TGURQPUG

KP JWOCP NWPI GZRQUGF VQ CODKGPV NGXGNU QH Q\QPG +P 5EJPGKFGT 6 .GG 5 & 9QNVGTU ) , 4

)TCPV . & GFU #VOQURJGTKE Q\QPG TGUGCTEJ CPF KVU RQNKE[ KORNKECVKQPU RTQEGGFKPIU QH VJG TF

75&WVEJ KPVGTPCVKQPCN U[ORQUKWO /C[  0KLOGIGP 6JG 0GVJGTNCPFU #OUVGTFCO 6JG

0GVJGTNCPFU 'NUGXKGT 5EKGPEG 2WDNKUJGTU RR  
5VWFKGU KP GPXKTQPOGPVCN UEKGPEG 

-QTGP * 5 &GXNKP 4 $ $GEMGT 5 2GTG\ 4 /E&QPPGNN 9 ( 
 6KOGFGRGPFGPV EJCPIGU QH

OCTMGTU CUUQEKCVGF YKVJ KPHNCOOCVKQP KP VJG NWPIU QH JWOCPU GZRQUGF VQ CODKGPV NGXGNU QH Q\QPG

6QZKEQN 2CVJQN  

-QTGP * 5 &GXNKP 4 $ $GEMGT 5 
 1\QPGKPFWEGF KPHNCOOCVQT[ TGURQPUG KP RWNOQPCT[ EGNNU

+P 5JQQM . $ .CUMKP & . GFU :GPQDKQVKEU CPF KPHNCOOCVKQP TQNGU QH E[VQMKPGU CPF ITQYVJ

HCEVQTU 1TNCPFQ (. #ECFGOKE 2TGUU RR 

-QUEJ 2 % )KNNGURKG , 4 $GTT[ , & 
 (NQYXQNWOG EWTXGU CPF VQVCN RWNOQPCT[ TGUKUVCPEG KP PQTOCN

DQPPGV CPF TJGUWU OQPMG[U , #RRN 2J[UKQN 4GURKT 'PXKTQP 'ZGTEKUG 2J[UKQN  

.CK ;. 6UW[C ; *KNFGDTCPFV , 
 8GPVKNCVQT[ TGURQPUGU VQ %1 GZRQUWTG KP VJG TCV , #RRN 2J[UKQN 

4GURKT 'PXKTQP 'ZGTEKUG 2J[UKQN  

.COO 9 , ' *KNFGDTCPFV , 4 *KNFGDTCPFV , .CK ;. 
 'PFGZRKTCVQT[ XQNWOG KP VJG TCV GHHGEVU

QH EQPUEKQWUPGUU CPF DQF[ RQUKVKQP , #RRN 2J[UKQN 4GURKT 'PXKTQP 'ZGTEKUG 2J[UKQN 



.CUV , # )GN\NGKEJVGT 6 4 *CTMGOC , *CYM 5 
 %QPUGSWGPEGU QH RTQNQPIGF KPJCNCVKQP QH Q\QPG QP

(KUEJGT0 TCVU EQNNCDQTCVKXG UVWFKGU 2CTV + %QPVGPV CPF ETQUUNKPMKPI QH NWPI EQNNCIGP

%CODTKFIG /# *GCNVJ 'HHGEVU +PUVKVWVG TGUGCTEJ TGRQTV PQ 
8-95

.GHQJP # 5 'FYCTFU 2 , #FCOU / $ 
 6JG EJCTCEVGTK\CVKQP QH Q\QPG GZRQUWTGU KP TWTCN 9GUV

8KTIKPKC CPF 8KTIKPKC , #KT 9CUVG /CPCIG #UUQE  

.GKVJ & ' 
 %QORCTCVKXG OCOOCNKCP TGURKTCVQT[ OGEJCPKEU 2J[UKQNQIKUV  

/CTVKP$QF[ 4 . 5KPENCKT , & 
 #PCN[UKU QH TGURKTCVQT[ RCVVGTPU KP VJG CYCMG CPF KP VJG JCNQVJCPG

CPCGUVJGVKUGF TCV 4GURKT 2J[UKQN  

/CWFGTN[ , . 
 4GURKTCVQT[ HWPEVKQP TGURQPUGU QH CPKOCNU CPF OCP VQ QZKFCPV ICUGU CPF VQ RWNOQPCT[

GORJ[UGOC , 6QZKEQN 'PXKTQP *GCNVJ  

/CWFGTN[ , . 
 4GURKTCVKQP QH ( TCVU KP PQUGQPN[ KPJCNCVKQP GZRQUWTG VWDGU , #RRN 6QZKEQN

 

/CWV\ 9 , $WHCNKPQ % 
 $TGCVJKPI RCVVGTP CPF OGVCDQNKE TCVG TGURQPUGU QH TCVU GZRQUGF VQ Q\QPG

4GURKT 2J[UKQN  

/CWV\ 9 , $WHCNKPQ % -NGKPOCP / 6 .GLPKGMU 4 / 2JCNGP 4 ( 
 2WNOQPCT[ HWPEVKQP QH

GZGTEKUKPI FQIU GZRQUGF VQ Q\QPG CNQPG QT KP EQODKPCVKQP YKVJ 51 CPF CEKF CGTQUQN 2TGUGPVGF CV

VJ CPPWCN OGGVKPI QH VJG #KT 2QNNWVKQP %QPVTQN #UUQEKCVKQP ,WPG &GVTQKV /+ 2KVVUDWTIJ 2# #KT

2QNNWVKQP %QPVTQN #UUQEKCVKQP RCRGT PQ 

/E&QPPGNN 9 ( *QTUVOCP & * *C\WEJC / , 5GCN ' ,T *CCM ' & 5CNCCO 5 # *QWUG & '


 2WNOQPCT[ GHHGEVU QH Q\QPG GZRQUWTG FWTKPI GZGTEKUG FQUGTGURQPUG EJCTCEVGTKUVKEU , #RRN

2J[UKQN 4GURKT 'PXKTQP 'ZGTEKUG 2J[UKQN  

/E&QPPGNN 9 ( *QTUVOCP & * #DFWN5CNCCO 5 4CIIKQ . , )TGGP , # 
 6JG TGURKTCVQT[

TGURQPUGU QH UWDLGEVU YKVJ CNNGTIKE TJKPKVKU VQ Q\QPG GZRQUWTG CPF VJGKT TGNCVKQPUJKR VQ PQPURGEKHKE

CKTYC[ TGCEVKXKV[ 6QZKEQN +PF *GCNVJ  

/GTEGT 4 4 %TCRQ , & 
 6JTGGFKOGPUKQPCN CPCN[UKU QH NWPI UVTWEVWTG CPF KVU CRRNKECVKQP VQ RWNOQPCT[

FQUKOGVT[ OQFGNU +P )CTFPGT & ' %TCRQ , & /E%NGNNCP 4 1 GFU 6QZKEQNQI[ QH VJG NWPI

PF GF 0GY ;QTM 0; 4CXGP 2TGUU RR  
6CTIGV QTICP VQZKEQNQI[ UGTKGU

/GTEGT 4 4 .CEQ , / %TCRQ , & 
 6JTGGFKOGPUKQPCN TGEQPUVTWEVKQP QH CNXGQNK KP VJG TCV NWPI HQT

RTGUUWTGXQNWOG TGNCVKQPUJKRU , #RRN 2J[UKQN  

/GTEGT 4 4 #PLKNXGN 5 /KNNGT ( , %TCRQ , & 
 +PJQOQIGPGKV[ QH XGPVKNCVQT[ WPKV XQNWOG CPF KVU

GHHGEVU QP TGCEVKXG ICU WRVCMG , #RRN 2J[UKQN  

/GTEGT 4 4 4WUUGNN / . 4QIINK 8 . %TCRQ , & 
C %GNN PWODGT CPF FKUVTKDWVKQP KP JWOCP CPF

TCV CKTYC[U #O , 4GURKT %GNN /QN $KQN  

/GTEGT 4 4 4WUUGNN / . %TCRQ , & 
D #NXGQNCT UGRVCN UVTWEVWTG KP FKHHGTGPV URGEKGU , #RRN

2J[UKQN  

/KNNGT ( , 
 # OCVJGOCVKECN OQFGN QH VTCPURQTV CPF TGOQXCN QH Q\QPG KP OCOOCNKCP NWPIU =2J& VJGUKU?

4CNGKIJ 0% 0QTVJ %CTQNKPC 5VCVG 7PKXGTUKV[ #XCKNCDNG HTQO 7PKXGTUKV[ /KETQHKNOU +PVGTPCVKQPCN

#PP #TDQT /+ RWDNKECVKQP PQ 

/KNNGT ( , %QPQNN[ 4 $ 
 7PEGTVCKPVKGU KP JGCNVJ TKUM CUUGUUOGPVU EQOOGPVCT[ QP UGNGEVGF KUUWGU CPF

TGUGCTEJ PGGFU +P .GG 5 & 5EJPGKFGT 6 GFU %QORCTCVKXG TKUM CPCN[UKU CPF RTKQTKV[ UGVVKPI HQT

CKT RQNNWVKQP KUUWGU RTQEGGFKPIU QH VJG VJ 75&WVEJ KPVGTPCVKQPCN U[ORQUKWO ,WPG 

-G[UVQPG %1 2KVVUDWTIJ 2# #KT  9CUVG /CPCIGOGPV #UUQEKCVKQP RR  8+2
8-96

/KNNGT ( , 1XGTVQP , * 
 %TKVKECN KUUWGU KP KPVTC CPF KPVGTURGEKGU FQUKOGVT[ QH Q\QPG

+P 5EJPGKFGT 6 .GG 5 & 9QNVGTU ) , 4 )TCPV . & GFU #VOQURJGTKE Q\QPG TGUGCTEJ

CPF KVU RQNKE[ KORNKECVKQPU RTQEGGFKPIU QH VJG TF 75&WVEJ KPVGTPCVKQPCN U[ORQUKWO /C[ 

0KLOGIGP 6JG 0GVJGTNCPFU #OUVGTFCO 6JG 0GVJGTNCPFU 'NUGXKGT 5EKGPEG 2WDNKUJGTU

RR  
5VWFKGU KP GPXKTQPOGPVCN UEKGPEG 

/KNNGT ( , /GP\GN & $ %QHHKP & . 
 5KOKNCTKV[ DGVYGGP OCP CPF NCDQTCVQT[ CPKOCNU KP TGIKQPCN

RWNOQPCT[ FGRQUKVKQP QH Q\QPG 'PXKTQP 4GU  

/KNNGT ( , /E0GCN % # -KTV\ , / )CTFPGT & ' %QHHKP & . /GP\GN & $ 


0CUQRJCT[PIGCN TGOQXCN QH Q\QPG KP TCDDKVU CPF IWKPGC RKIU 6QZKEQNQI[  

/KNNGT ( , 1XGTVQP , * ,T ,CUMQV 4 * /GP\GN & $ 
 # OQFGN QH VJG TGIKQPCN WRVCMG QH ICUGQWU

RQNNWVCPVU KP VJG NWPI + VJG UGPUKVKXKV[ QH VJG WRVCMG QH Q\QPG KP VJG JWOCP NWPI VQ NQYGT TGURKTCVQT[

VTCEV UGETGVKQPU CPF GZGTEKUG 6QZKEQN #RRN 2JCTOCEQN  

/KNNGT ( , 1XGTVQP , * )GTTKV[ 6 4 )TCJCO 4 % 
 +PVGTURGEKGU FQUKOGVT[ QH TGCEVKXG ICUGU

+P /QJT 7 &WPIYQTVJ & /E%NGNNCP 4 -KOOGTNG ) 5VÌDGT 9 .GYMQYUMK , GFU

+PJCNCVKQP VQZKEQNQI[ VJG FGUKIP CPF KPVGTRTGVCVKQP QH KPJCNCVKQP UVWFKGU CPF VJGKT WUG KP TKUM

CUUGUUOGPV 0GY ;QTM 0; 5RTKPIGT8GTNCI RR 

/KNNGT ( , 1XGTVQP , * -KODGNN , 5 4WUUGNN / . 
 4GIKQPCN TGURKTCVQT[ VTCEV CDUQTRVKQP QH

KPJCNGF TGCEVKXG ICUGU +P )CTFPGT & ' %TCRQ , & /E%NGNNCP 4 1 GFU 6QZKEQNQI[ QH VJG

NWPI PF GF 0GY ;QTM 0; 4CXGP 2TGUU RR  
6CTIGV QTICP VQZKEQNQI[ UGTKGU

/QTICP - 6 -KODGNN , 5 /QPVKEGNNQ 6 / 2CVTC # . (NGKUJOCP # 
 5VWFKGU QH KPURKTCVQT[

CKTHNQY RCVVGTPU KP VJG PCUCN RCUUCIGU QH VJG ( TCV CPF TJGUWU OQPMG[ WUKPI PCUCN OQNFU TGNGXCPEG

VQ HQTOCNFGJ[FG VQZKEKV[ 6QZKEQN #RRN 2JCTOCEQN  

/QUU 1 4 
 =.GVVGT VQ &T ,QJP * 1XGTVQP 75 '2# TG OQPMG[ VKFCN XQNWOGU CPF DTGCVJKPI

HTGSWGPEKGU? 4GUGCTEJ 6TKCPING 2CTM 0% %JGOKECN +PFWUVT[ +PUVKVWVG QH 6QZKEQNQI[ (GDTWCT[ 

/WTRJ[ 5 & 7NTKEJ % ' (TCPMQYKV\ 5 * :KPVCTCU % 
 #NVGTGF HWPEVKQP KP CPKOCNU KPJCNKPI NQY

EQPEGPVTCVKQPU QH Q\QPG CPF PKVTQIGP FKQZKFG #O +PF *[I #UUQE ,  

0CICUCMC 6 *KTCVC - 5WICPQ ; 5JKDCVC * 
 *GCTV DCNCPEG FWTKPI RJ[UKECN TGUVTCKPV KP TCVU ,RP

, 2J[UKQN  

0CICUCMC 6 *KTCVC 5JKDCVC * GV CN 
 /GVCDQNKE CPF ECTFKQXCUEWNCT EJCPIGU FWTKPI RJ[UKECN TGUVTCKPV KP

TCVU ,RP , 2J[UKQN  

1XGTVQP , * ,T 
 2J[UKEQEJGOKECN RTQEGUUGU CPF VJG HQTOWNCVKQP QH FQUKOGVT[ OQFGNU +P /KNNGT ( ,

/GP\GN & $ GFU (WPFCOGPVCNU QH GZVTCRQNCVKQP OQFGNKPI QH KPJCNGF VQZKECPVU Q\QPG CPF PKVTQIGP

FKQZKFG 9CUJKPIVQP &% *GOKURJGTG 2WDNKUJKPI %QTRQTCVKQP RR 

1XGTVQP , * )TCJCO 4 % 
 2TGFKEVKQPU QH Q\QPG CDUQTRVKQP KP JWOCP NWPIU HTQO PGYDQTP VQ CFWNV

*GCNVJ 2J[U 
UWRRN  

1XGTVQP , * /KNNGT ( , 
 &QUKOGVT[ OQFGNKPI QH KPJCNGF VQZKE TGCEVKXG ICUGU +P 9CVUQP # ;

$CVGU 4 4 -GPPGF[ & GFU #KT RQNNWVKQP VJG CWVQOQDKNG CPF RWDNKE JGCNVJ 9CUJKPIVQP &%

0CVKQPCN #ECFGO[ 2TGUU RR 

1XGTVQP , * )TCJCO 4 % /KNNGT ( , 
 # OQFGN QH VJG TGIKQPCN WRVCMG QH ICUGQWU RQNNWVCPVU KP VJG

NWPI ++ VJG UGPUKVKXKV[ QH Q\QPG WRVCMG KP NCDQTCVQT[ CPKOCN NWPIU VQ CPCVQOKECN CPF XGPVKNCVQT[

RCTCOGVGTU 6QZKEQN #RRN 2JCTOCEQN  
8-97

1XGTVQP , * $CTPGVV # ' )TCJCO 4 % 
 5KIPKHKECPEGU QH VJG XCTKCDKNKV[ QH VTCEJGQDTQPEJKCN CKTYC[

RCVJU CPF VJGKT CKT HNQY TCVGU VQ FQUKOGVT[ OQFGN RTGFKEVKQPU QH VJG CDUQTRVKQP QH ICUGU +P %TCRQ ,

& 5OQNMQ ' & /KNNGT ( , )TCJCO , # *C[GU # 9 GFU 'ZVTCRQNCVKQP QH FQUKOGVTKE

TGNCVKQPUJKRU HQT KPJCNGF RCTVKENGU CPF ICUGU 5CP &KGIQ %# #ECFGOKE 2TGUU +PE RR 

2CEM # *QQRGT / $ 0KZQP 9 6C[NQT , % 
 # EQORWVCVKQPCN OQFGN QH RWNOQPCT[ ICU VTCPURQTV

KPEQTRQTCVKPI GHHGEVKXG FKHHWUKQP 4GURKT 2J[UKQN  

2CKXC / 
 )CU VTCPURQTV KP VJG JWOCP NWPI , #RRN 2J[UKQN  

2CVTC # . /3⁄4PCEJG / ) 5JCMC 0 $ )QQ[C # 
 # OQTRJQOGVTKE UVWF[ QH PCUCNRJCT[PIGCN

ITQYVJ HQT RCTVKENG FGRQUKVKQP KP VJG TCV #O +PF *[I #UUQE ,  

2CXNKP ' ) *QTPDGKP 6 ( 
 #PGUVJGUKC CPF VJG EQPVTQN QH XGPVKNCVKQP +P %JGTPKCEM 0 5

9KFFKEQODG , ) GFU *CPFDQQM QH RJ[UKQNQI[ UGEVKQP  TGURKTCVKQP X ++ EQPVTQN QH DTGCVJKPI

$GVJGUFC /& #OGTKECP 2J[UKQNQIKECN 5QEKGV[ RR  
*CPFDQQM QH RJ[UKQNQI[ X ++

2JCNGP 4 ( 1NFJCO / , $GCWECIG % $ %TQEMGT 6 6 /QTVGPUGP , & 
 2QUVPCVCN GPNCTIGOGPV

QH JWOCP VTCEJGQDTQPEJKCN CKTYC[U CPF KORNKECVKQPU HQT RCTVKENG FGRQUKVKQP #PCV 4GE 



2KPMGTVQP - ' /GTEGT 4 4 2NQRRGT % ) %TCRQ , & 
 &KUVTKDWVKQP QH KPLWT[ CPF OKETQFQUKOGVT[

QH Q\QPG KP VJG XGPVKNCVQT[ WPKV QH VJG TCV , #RRN 2J[UKQN  

2KPQ / 8 *[FG & / 5VQXCNN / ; 
 5VTCKP FKHHGTGPEGU KP VJG TGURQPUG QH VJG TCV NWPI VQ CP CEWVG

Q\QPG GZRQUWTG #O 4GX 4GURKT &KU  #

2QUVNGVJYCKV ' / .CPIHQTF 5 & $KFCPK # 
 &GVGTOKPCPVU QH KPJCNGF Q\QPG KP KUQNCVGF TCV NWPIU

6QZKEQN #RRN 2JCTOCEQN  

2T[QT 9 # 
 *QY HCT FQGU Q\QPG RGPGVTCVG KPVQ VJG RWNOQPCT[ CKTVKUUWG DQWPFCT[ DGHQTG KV TGCEVU! (TGG

4CFKE $KQN /GF  

2T[QT 9 # &CU $ %JWTEJ & ( 
 6JG Q\QPCVKQP QH WPUCVWTCVGF HCVV[ CEKFU CNFGJ[FGU CPF J[FTQIGP

RGTQZKFG CU RTQFWEVU CPF RQUUKDNG OGFKCVQTU QH Q\QPG VQZKEKV[ %JGO 4GU 6QZKEQN  

4CCDG 1 ) ;GJ * % 5EJWO ) / 2JCNGP 4 ( 
 6TCEJGQDTQPEJKCN IGQOGVT[ JWOCP FQI TCV

JCOUVGT #NDWSWGTSWG 0/ .QXGNCEG (QWPFCVKQP TGRQTV PQ .(

4CWD , # /GTEGT 4 4 /KNNGT ( , )TCJCO , # 1	0GKN , , 
 &QUG TGURQPUG QH GNCUVCUG KPFWEGF

GORJ[UGOC KP JCOUVGTU #O 4GX 4GURKT &KU  

4CWD , # /KNNGT ( , )TCJCO , # 
 'HHGEVU QH NQYNGXGN Q\QPG GZRQUWTG QP RWNOQPCT[ HWPEVKQP KP

CFWNV CPF PGQPCVCN TCVU +P .GG 5 & /WUVCHC / ) /GJNOCP / # GFU +PVGTPCVKQPCN

U[ORQUKWO QP VJG DKQOGFKECN GHHGEVU QH Q\QPG CPF TGNCVGF RJQVQEJGOKECN QZKFCPVU /CTEJ 

2KPGJWTUV 0% 2TKPEGVQP 0, 2TKPEGVQP 5EKGPVKHKE 2WDNKUJGTU +PE RR  
#FXCPEGU KP

OQFGTP GPXKTQPOGPVCN VQZKEQNQI[ X 

4GJFGT - /CNNQY , ' (KDWEJ ' ' -TCDKNN & 4 5GUUNGT # & 
 'HHGEVU QH KUQHNWTCPG CPGUVJGUKC

CPF OWUENG RCTCN[UKU QP TGURKTCVQT[ OGEJCPKEU KP PQTOCN OCP #PGUVJGUKQNQI[  

4GJFGT - 5GUUNGT # & /CTUJ * / 
 )GPGTCN CPGUVJGUKC CPF VJG NWPI #O 4GX 4GURKT &KU

 
8-98

4KEJ % 4 4GJFGT - -PQRR 6 - *[CVV 4 ' 
 *CNQVJCPG CPF GPHNWTCPG CPGUVJGUKC CPF TGURKTCVQT[

OGEJCPKEU KP RTQPG FQIU , #RRN 2J[UKQN 4GURKT 'PXKTQP 'ZGTEKUG 2J[UKQN  

5CPVTQEM , *CVEJ ) ' 5NCFG 4 *C[GU , / 
 +PEQTRQTCVKQP CPF FKUCRRGCTCPEG QH QZ[IGP KP NWPI

VKUUWG HTQO OKEG CNNQYGF VQ DTGCVJG  RRO 1  6QZKEQN #RRN 2JCTOCEQN    



5EJGNGING ' 5 5KGHMKP # & /E&QPCNF 4 , 
 6KOG EQWTUG QH Q\QPGKPFWEGF PGWVTQRJKNKC KP PQTOCN

JWOCPU #O 4GX 4GURKT &KU  

5EJGTGT 2 9 5JGPFCNOCP . * )TGGPG 0 / 
 5KOWNVCPGQWU FKHHWUKQP CPF EQPXGEVKQP KP UKPING DTGCVJ

NWPI YCUJQWV $WNN /CVJ $KQRJ[U  

5EJTGKFGT , 2 *WVEJGPU , 
 /QTRJQNQI[ QH VJG IWKPGC RKI TGURKTCVQT[ VTCEV #PCV 4GE  

5EJTGKFGT , 2 4CCDG 1 ) 
 #PCVQO[ QH VJG PCUCNRJCT[PIGCN CKTYC[ QH GZRGTKOGPVCN CPKOCNU #PCV

4GE  

5EJYCTV\ , 
 .WPI HWPEVKQP CPF EJTQPKE GZRQUWTG VQ CKT RQNNWVKQP C ETQUUUGEVKQPCN CPCN[UKU QH 0*#0'5 ++

'PXKTQP 4GU  

5EJYCTV\ . 9 &WPIYQTVJ & . /WUVCHC / ) 6CTMKPIVQP $ - 6[NGT 9 5 
 2WNOQPCT[

TGURQPUGU QH TCVU VQ CODKGPV NGXGNU QH Q\QPG GHHGEVU QH FC[ KPVGTOKVVGPV QT EQPVKPWQWU GZRQUWTG

.CD +PXGUV  

5GNV\GT , $KID[ $ ) 5VWNDCTI / *QNV\OCP / , 0CFGN , # 7GMK + ( .GKMCWH ) & )QGV\N

' , $QWUJG[ * # 
 1 KPFWEGF EJCPIG KP DTQPEJKCN TGCEVKXKV[ VQ OGVJCEJQNKPG CPF CKTYC[ 

KPHNCOOCVKQP KP JWOCPU , #RRN 2J[UKQN  

5KCHCMCU 0 / $QPQTC / &WTQP $ )CWVKGT * /KNKE'OKNK , 
 &QUG GHHGEV QH RGPVQDCTDKVCN UQFKWO

QP EQPVTQN QH DTGCVJKPI KP ECVU , #RRN 2J[UKQN 4GURKT 'PXKTQP 'ZGTEKUG 2J[UKQN  

5MQTPKEM 9 # $TCKP , & 
 $TGCVJKPI CPF NWPI OGEJCPKEU KP JCOUVGTU GHHGEV QH RGPVQDCTDKVCN

CPGUVJGUKC , #RRN 2J[UKQN  

5NCFG 4 5VGCF # ) )TCJCO , # *CVEJ ) ' 
 %QORCTKUQP QH NWPI CPVKQZKFCPV NGXGNU KP JWOCPU

CPF NCDQTCVQT[ CPKOCNU #O 4GX 4GURKT &KU  

5NCFG 4 *KIJHKNN , 9 *CVEJ ) ' 
 'HHGEVU QH FGRNGVKQP QH CUEQTDKE CEKF QT PQPRTQVGKP UWNHJ[FT[NU QP

VJG CEWVG KPJCNCVKQP VQZKEKV[ QH PKVTQIGP FKQZKFG Q\QPG CPF RJQUIGPG +PJCNCVKQP 6QZKEQN

 

5NCFG 4 %TKUUOCP - 0QTYQQF , *CVEJ ) 
 %QORCTKUQP QH CPVKQZKFCPV UWDUVCPEGU KP DTQPEJQCNXGQNCT

NCXCIG EGNNU CPF HNWKF HTQO JWOCPU IWKPGC RKIU CPF TCVU 'ZR .WPI 4GU  

5PKFGT ) . 5JGTVGT % $ 
 # QPG[GCT UVWF[ QH VJG GXQNWVKQP QH GNCUVCUGKPFWEGF GORJ[UGOC KP

JCOUVGTU , #RRN 2J[UKQN 4GURKT 'PXKTQP 'ZGTEKUG 2J[UKQN  

5VCJN 9 4 
 5ECNKPI QH TGURKTCVQT[ XCTKCDNGU KP OCOOCNU , #RRN 2J[UKQN  

5VQMKPIGT * ' 
 1\QPG VQZKEQNQI[ C TGXKGY QH TGUGCTEJ CPF KPFWUVTKCN GZRGTKGPEG  #TEJ

'PXKTQP *GCNVJ  

6CMG\CYC , /KNNGT ( , 1	0GKN , , 
 5KPINGDTGCVJ FKHHWUKPI ECRCEKV[ CPF NWPI XQNWOGU KP UOCNN

NCDQTCVQT[ OCOOCNU , #RRN 2J[UKQN 4GURKT 'PXKTQP 'ZGTEKUG 2J[UKQN  
8-99

6GRRGT , 5 9KGUVGT / , -KPI / ' 9GDGT / ( %QUVC & . 
 7UG QH ECTDQP FKQZKFG EJCNNGPIG

VQ FGVGEV VQZKECPVKPFWEGF EJCPIGU KP ECTFKQRWNOQPCT[ HWPEVKQP QH CYCMG TCVU +PJCNCVKQP 6QZKEQNQI[

2TGOKGT +UUWG RR 

6GRRGT , 5 %QUVC & . .GJOCPP , 4 9GDGT / ( *CVEJ ) ' 
 7PCVVGPWCVGF UVTWEVWTCN CPF

DKQEJGOKECN CNVGTCVKQPU KP VJG TCV NWPI FWTKPI HWPEVKQPCN CFCRVCVKQP VQ Q\QPG #O 4GX 4GURKT &KU

 

6GRRGT , 5 9KGUVGT / , 9GDGT / ( /3⁄4PCEJG / ) 
 /GCUWTGOGPVU QH ECTFKQRWNOQPCT[

TGURQPUG KP CYCMG TCVU FWTKPI CEWVG GZRQUWTG VQ PGCTCODKGPV EQPEGPVTCVKQPU QH Q\QPG (WPFCO

#RRN 6QZKEQN  

6GRRGT , 5 9KGUVGT / , 9GDGT / ( (KV\IGTCNF 5 %QUVC & . 
 %JTQPKE GZRQUWTG VQ C UKOWNCVGF

WTDCP RTQHKNG QH Q\QPG CNVGTU XGPVKNCVQT[ TGURQPUGU VQ ECTDQP FKQZKFG EJCNNGPIG KP TCVU (WPFCO #RRN

6QZKEQN  

6GRRGT , 5 GV CN 
 6KOG EQWTUG QH KPHNCOOCVKQP KP VJG TCV GZRQUGF VQ Q\QPG HQT UJQTV CPF RTQNQPIGF

RGTKQFU YKVJ KPVGTOKVVGPV J[RGTXGPVKNCVKQP 4GUGCTEJ 6TKCPING 2CTM 0% 75 'PXKTQPOGPVCN

2TQVGEVKQP #IGPE[ 0CVKQPCN *GCNVJ CPF 'PXKTQPOGPVCN 'HHGEVU 4GUGCTEJ .CDQTCVQT[ 2WNOQPCT[

6QZKEQNQI[ $TCPEJ

6TCXKU % % 9JKVG 4 - 9CTF 4 % 
 +PVGTURGEKGU GZVTCRQNCVKQP QH RJCTOCEQMKPGVKEU , 6JGQT $KQN

 

6[NGT 9 5 6[NGT 0 - .CUV , # )KNNGURKG / , $CTUVQY 6 , 
 %QORCTKUQP QH FCKN[ CPF UGCUQPCN

GZRQUWTGU QH [QWPI OQPMG[U VQ Q\QPG 6QZKEQNQI[  

75 'PXKTQPOGPVCN 2TQVGEVKQP #IGPE[ 
 #KT SWCNKV[ ETKVGTKC HQT Q\QPG CPF QVJGT RJQVQEJGOKECN QZKFCPVU

4GUGCTEJ 6TKCPING 2CTM 0% 1HHKEG QH *GCNVJ CPF 'PXKTQPOGPVCN #UUGUUOGPV 'PXKTQPOGPVCN

%TKVGTKC CPF #UUGUUOGPV 1HHKEG '2# TGRQTV PQU '2#C(G( X #XCKNCDNG HTQO

06+5 5RTKPIHKGNF 8# 2$

75 'PXKTQPOGPVCN 2TQVGEVKQP #IGPE[ 
 4GXKGY QH PCVKQPCN CODKGPV CKT SWCNKV[ UVCPFCTFU HQT Q\QPG

CUUGUUOGPV QH UEKGPVKHKE CPF VGEJPKECN KPHQTOCVKQP 4GUGCTEJ 6TKCPING 2CTM 0% 1HHKEG QH #KT

3WCNKV[ 2NCPPKPI CPF 5VCPFCTFU 1#325 UVCHH RCRGT

7EJK[COC + 5KOQOWTC ; ;QMQ[COC ' 
 'HHGEVU QH CEWVG GZRQUWTG VQ Q\QPG QP JGCTV TCVG CPF DNQQF

RTGUUWTG QH VJG EQPUEKQWU TCV 'PXKTQP 4GU  

7NVOCP , 5 
 6TCPURQTV CPF WRVCMG QH KPJCNGF ICUGU +P 9CVUQP # ; $CVGU 4 4 -GPPGF[ & GFU

#KT RQNNWVKQP VJG CWVQOQDKNG CPF RWDNKE JGCNVJ 9CUJKPIVQP &% 0CVKQPCN #ECFGO[ 2TGUU

RR 

7NVOCP , 5 #PLKNXGN 5 
 /QPVG %CTNQ UKOWNCVKQP QH Q\QPG WRVCMG KP CP CUU[OGVTKE NWPI OQFGN

+P 5EJPGEM & , .WECU % . GFU $KQHNWKF OGEJCPKEU  RTQEGGFKPIU QH VJG VJKTF OKF#VNCPVKE

EQPHGTGPEG QP DKQHNWKF OGEJCPKEU 1EVQDGT $NCEMUDWTI 8# 0GY ;QTM 0; 0GY ;QTM 7PKXGTUKV[

2TGUU RR 

7NVOCP , 5 $GP,GDTKC # *W 5 
 0QPKPXCUKXG FGVGTOKPCVKQP QH TGURKTCVQT[ Q\QPG CDUQTRVKQP VJG

DQNWUTGURQPUG OGVJQF %CODTKFIG /# *GCNVJ 'HHGEVU +PUVKVWVG TGUGCTEJ TGRQTV PQ 

8CP $TGG . 4QODQWV 2 , # 4KGVLGPU + / % / &QTOCPU , # / # /CTTC / 


2CVJQDKQEJGOKECN GHHGEVU KP TCV NWPI TGNCVGF VQ GRKUQFKE Q\QPG GZRQUWTG +P 5EJPGKFGT 6 .GG

5 & 9QNVGTU ) , 4 )TCPV . & GFU #VOQURJGTKE Q\QPG TGUGCTEJ CPF KVU RQNKE[ KORNKECVKQPU

RTQEGGFKPIU QH VJG TF 75&WVEJ KPVGTPCVKQPCN U[ORQUKWO /C[  0KLOGIGP 6JG 0GVJGTNCPFU
8-100

#OUVGTFCO 6JG 0GVJGTNCPFU 'NUGXKGT 5EKGPEG 2WDNKUJGTU RR  
5VWFKGU KP GPXKTQPOGPVCN

UEKGPEG 

8CP $TGG . /CTTC / 4QODQWV 2 , # 
 &KHHGTGPEGU KP RWNOQPCT[ DKQEJGOKECN CPF KPHNCOOCVQT[

TGURQPUGU QH TCVU CPF IWKPGC RKIU TGUWNVKPI HTQO FC[VKOG QT PKIJVVKOG UKPING CPF TGRGCVGF GZRQUWTG

VQ Q\QPG 6QZKEQN #RRN 2JCTOCEQN  

8CWIJCP 6 4 ,T ,GPPGNNG . ( .GYKU 6 4 
 .QPIVGTO GZRQUWTG VQ NQY NGXGNU QH CKT RQNNWVCPVU

GHHGEVU QP RWNOQPCT[ HWPEVKQP KP VJG DGCING #TEJ 'PXKTQP *GCNVJ  

9CVCPCDG 5 (TCPM 4 ;QMQ[COC ' 
 #EWVG GHHGEVU QH Q\QPG QP NWPIU QH ECVU + HWPEVKQPCN #O 4GX

4GURKT &KU  

9CVMKPUQP 9 2 9KGUVGT / , *KIJHKNN , 9 
 1\QPG VQZKEKV[ KP VJG TCV + GHHGEV QH EJCPIGU KP CODKGPV

VGORGTCVWTG QP GZVTCRWNOQPCT[ RJ[UKQNQIKECN RCTCOGVGTU , #RRN 2J[UKQN  

9GKDGN ' 4 
 /QTRJQOGVT[ QH VJG JWOCP NWPI 0GY ;QTM 0; #ECFGOKE 2TGUU +PE

9GKUUDGTI 4 / /CTKCP , $TCFUJCY , 
 4GURKTCVQT[ CPF ECTFKQXCUEWNCT GHHGEVU QH RTQUVCINCPFKPU KP VJG

EQPUEKQWU IWKPGC RKI , 2JCTOCEQN 'ZR 6JGT  

9KGUVGT / , 9KNNKCOU 6 $ -KPI / ' /3⁄4PCEJG / ) /KNNGT ( , 
 1\QPG WRVCMG KP CYCMG

5RTCIWG&CYNG[ TCVU 6QZKEQN #RRN 2JCTOCEQN  

9KGUVGT / , 6GRRGT , 5 -KPI / ' /3⁄4PCEJG / ) %QUVC & . 
 %QORCTCVKXG UVWF[ QH Q\QPG


1  WRVCMG KP VJTGG UVTCKPU QH TCVU CPF KP VJG IWKPGC RKI 6QZKEQN #RRN 2JCTOCEQN   

9KGUVGT / , 5VGXGPU / # /3⁄4PCEJG / ) /E-GG , . ,T )GTTKV[ 6 4 
 1\QPG WRVCMG KP

JGCNVJ[ CFWNV OCNGU FWTKPI SWKGV DTGCVJKPI (WPFCO #RRN 6QZKEQN  

9QPI - . #NCTKG ; 
 # OGVJQF HQT TGRGCVGF GXCNWCVKQP QH RWNOQPCT[ RGTHQTOCPEG KP WPCPGUVJGVK\GF

WPTGUVTCKPGF IWKPGC RKIU CPF KVU CRRNKECVKQP VQ FGVGEV GHHGEVU QH UWNHWTKE CEKF OKUV KPJCNCVKQP 6QZKEQN

#RRN 2JCTOCEQN  

;GJ *% 5EJWO ) / 
 /QFGNU QH JWOCP NWPI CKTYC[U CPF VJGKT CRRNKECVKQP VQ KPJCNGF RCTVKENG

FGRQUKVKQP $WNN /CVJ $KQN  

;GJ * % 5EJWO ) / &WIICP / 6 
 #PCVQOKE OQFGNU QH VJG VTCEJGQDTQPEJKCN CPF RWNOQPCT[

TGIKQPU QH VJG TCV #PCV 4GE  

;GJ * % $TKPMGT 4 / *CTMGOC , 4 /WIIGPDWTI $ # )WKNOGVVG 4 # 
 # EQORCTCVKXG

OQTRJQOGVTKE CPCN[UKU QH RTKOCVG PCUCN CKTYC[U +P +PJCNCVKQP 6QZKEQNQI[ 4GUGCTEJ +PUVKVWVG CPPWCN

TGRQTV  RR  #XCKNCDNG HTQO 06+5 5RTKPIHKGNF 8# ./(

;QMQ[COC ' (TCPM 4 
 4GURKTCVQT[ WRVCMG QH Q\QPG KP FQIU #TEJ 'PXKTQP *GCNVJ  

;QMQ[COC ' +EJKMCYC + 0CODW < -CYCK - -[QPQ ; 
 4GURKTCVQT[ GHHGEVU QH KPVGTOKVVGPV

GZRQUWTG VQ Q\QPG QH TCVU 'PXKTQP 4GU  

;QWPI 9 # 5JCY & $ $CVGU & 8 
 2WNOQPCT[ HWPEVKQP KP YGNFGTU GZRQUGF VQ Q\QPG #TEJ

'PXKTQP *GCNVJ  

;QWPI 9 # 5JCY & $ $CVGU & 8 
 'HHGEV QH NQY EQPEGPVTCVKQPU QH Q\QPG QP RWNOQPCT[ HWPEVKQP KP

OCP , #RRN 2J[UKQN  
8-101

;W % 2 
 1P GSWCVKQP QH ICU VTCPURQTV KP VJG NWPI 4GURKT 2J[UKQN  
9

Integrative Summary of

Ozone Health Effects

9.1 Introduction

Characterization of the health risks associated with pollutant exposure requires an

integrative interpretation of the continuum from air quality to exposure to dose to effects,

with full consideration of the actual exposure and susceptibility of different subgroups in the

population. The currently published information on population exposure to ozone (O3) (see

Chapter 4) is superseded by recent analyses of the U.S. Environmental Protection Agency

(EPA) in a staff paper prepared by the Office of Air Quality Planning and Standards (U.S.

Environmental Protection Agency, 1996). Thus, the staff paper contains the risk assessment

for O3.

This chapter characterizes the hazard and dose-response components of risk

assessment by integrating the animal toxicological, human clinical and epidemiological, and

extrapolation studies of O3 that were discussed in Chapters 6, 7, and 8, respectively, of this

criteria document. Because each of these approaches has different strengths and weaknesses,

they were evaluated separately in the respective base chapters; however, a combined

evaluation can better describe the full array of effects that are known to occur with exposure

to O3.

The chapter begins with an overview of the relationship between exposure and

dose, as this lays a foundation for inter- and intraspecies extrapolation. The chapter then is

organized according to biological outcomes, beginning with the effects of short- and longterm exposures of O3 alone or in ambient air and ending with experimental exposures to

binary mixtures with O3. The section on short-term exposures (i.e., <8 h) presents

descriptively symptoms and effects on lung function, exacerbation of existing disease, and

cellular-biochemical responses. Quantitative exposure-response relationships for the effects of

O3 on pulmonary function (e.g., changes in lung volume) are summarized separately because

the large number of studies allows more complex evaluation and modeling. For the other

classes of effects, the more limited exposure-response information is integrated with the

description of the effects. The section on long-term exposures encompasses repeated

exposures (i.e., 1 to 5 days), prolonged exposures (i.e., months), and genotoxicity and

carcinogenicity. Because the available database on binary exposure studies has little

predictive value of effects in populations exposed to complex pollutant mixtures, the emphasis

is placed on the principles of interaction. The conclusions section is organized according to

key questions about the health consequences of O3 exposure and the population groups that

are most likely to be affected.

9-1
Because this chapter integrates the results of a large number of studies from the

current and earlier O3 criteria documents (U.S. Environmental Protection Agency, 1978,

1986), it is not practical to provide experimental details or cite specific references. Rather,

emphasis is given to main findings that are supported by published, confirmatory studies,

unless noted otherwise. Comprehensive details and references are provided in the base

chapters (Chapters 6 through 8). A discussion of selective, key references can be found in

the summary and conclusion sections of those chapters.

9.2 Exposure-Dose Relationships

Qualitative and quantitative health assessments require, among other things, the

ability to relate exposure to dose and dose to effect. In the case of O3 health assessment, this

ability is necessary for two major reasons: (1) to develop unified predictive models of human

population responses based on exposure, and (2) to enable extrapolation from animals to

humans for chronic effects. Physically and biologically based models of dose simplify the

methods of predicting population responses and, in turn, significantly reduce the uncertainty

of these predictions. For animal-to-human extrapolations, splitting the problem of exposure

and response into an exposure-dose problem and a dose-response problem separates the issue

of interspecies sensitivity from purely dosimetric considerations. Responses in animals may

be homologous with responses in humans but follow different dose-response curves.

By measuring or computing delivered O3 dose to relevant tissues in animals and humans,

transfer functions can, in principle, be developed relating dose-response curves among

different species, assuming tissues from different species react in identical fashion. This

section discusses the understanding of exposure-dose relationships and how they improve the

ability to interpret and predict O3 responses.

Historically, the first step beyond describing responses solely in terms of exposure

concentration was the use of the product of concentration × time × minute ventilation (C × T

× E V ̇ ), yielding what often has been referred to as an "effective dose". Response modeling

has examined the interaction of individual pairs of variables. However, no single model has

been able to simply unify any response in terms of the product ofC×T× E V ̇ . This is due to

the fact thatC×T× E is a metric of exposure dose rather than delivered dose and, V ̇

furthermore, does not account for the mediation of responses in localized regions of the lung

that would be responding to local O3 doses. Advances in O3 dosimetry modeling and

experimental determinations of regional O3 dose in animals and humans have enabled

extensions beyond simpleC×T× E modeling to interpret responses. V ̇

Ozone dosimetry models provide predictions of the dose distribution of O3 in the

respiratory tract from the trachea to the alveolar spaces of the lung. These models utilize the

best available anatomical, physiological, and biochemical data available for animals and

humans. These data are incorporated into mathematical formulations of convection, diffusion,

and chemical reaction processes in the lung. The models predict that, under resting

ventilatory conditions, the O3 dose per airway generation to all respiratory tract constituents

(tissue plus fluid) slowly decreases from the trachea to the terminal and respiratory

bronchioles and then declines in the alveolated generations. When dose of O3 to tissue alone

is considered (accounting for reaction and diffusion kinetics in the liquid lining layer), there is

a three order of magnitude increase in tissue dose from the trachea to the proximal alveolar

regions (PARs), after which the tissue and total dose are virtually equal and fall rapidly in the

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alveolated generations. Currently, relationships between delivered regional dose and response

are derived assuming that O3 is the active agent directly responsible for effects; however,

there is uncertainty as to the correctness of this assumption. Reactive intermediates, such as

peroxides and aldehydes formed when O3 interacts with constituents of lung lining fluid, may

be the agents mediating responses. Thus, the dose of the reactive intermediates may be

relevant. Even in the presence of uncertainty over the relevant dose agent, the

histopathological findings from chronic O3 exposures in animals match the predicted

distribution of O3 dose (i.e., the sites of the highest predicted O3 doses correspond with those

regions of the lung with the greatest tissue alterations).

Experimental studies in humans have revealed some important features needed for

health assessment. Among these is the observation that the dose of O3 delivered to the lower

respiratory tract is independent of the mode of breathing (i.e., oral versus nasal versus

oronasal). This observation simplifies health assessment by eliminating the need for precise

information on modes of breathing when considering population responses. Experimental

studies in humans also have shown that increasing V ̇ E with exercise (increasing both

breathing frequency and tidal volume) causes only a small decrease in O3 uptake efficiency by

the total respiratory tract. Based on models of O3 dose, it appears that the increased E V ̇ in

exercise, although having little effect on uptake efficiency by the total respiratory tract, causes

the distribution of delivered O3 dose to shift deeper into the respiratory tract. The shift in O3

dose as a function of V ̇ E could help explain the complex relationships seen between response

and C, T, and E. An important observation from the human experimental dosimetry studies V ̇

is the general agreement between O3 dosimetry models and the measured data.

Experiments in laboratory animals (particularly rats) have been valuable in

providing, in conjunction with human experimental data and mathematical dosimetry models,

the basis for dosimetric extrapolation. Whereas the human total respiratory tract has an

O3 uptake efficiency between 70 and 100%, the respiratory tract of the rat takes up only about

50% of the inhaled O3. Unlike the case with humans, the dosimetry models overestimate the

uptake efficiency of the rat respiratory tract by approximately 25 to 50% (i.e., the predicted

uptake efficiency is between 65 and 75%), but the models are still highly valuable for

extrapolation purposes. An important finding has been that the models correctly relate the

regional dose of O3 to the increase in alveolar wall thickness, both of which decline with

distance from the junction of the conducting airways and the alveolar regions of the lung.

Experimental O3 dosimetry and predictive O3 dosimetry models are informative

about the feasibility of extrapolating animal responses to humans. Some acute responses to

O3 can be compared across species on a strict dose-response basis. For example, both

animals and humans respond to O3 in a dose-dependent manner by increasing breathing

frequency and decreasing tidal volume (tachypnea). A qualitative comparison between rat and

human tachypneic responses at a variety of O3 concentrations and exercise levels indicates

that when exercising, rats and humans have a similar response, but rats are somewhat more

responsive at rest. However, when dose to the proximal alveolar region of the lung

(normalized to body weight) is considered as the dose metric for tachypneic responses, rats

appear to be much more responsive than humans. Another example is influx of protein into

the alveolar spaces following O3 exposure as measured in bronchoalveolar lavage (BAL)

fluid. When BAL protein is plotted as a function of pulmonary tissue dose, the rat, guinea

pig, rabbit, and human all respond with a similar dose-response pattern, suggesting a common

mechanism of response. However, each curve is offset from the other, reflecting overall

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sensitivity differences among the species, with the human and guinea pig being more

responsive than the rat and rabbit.

Available data on chronic responses to O3 are considerably more difficult to

compare across species. Specific assumptions are required to model exposure-dose

relationships. For example, allometric anatomic adjustments provide estimates of unavailable

dosimetric data for nonhuman primates, and allometric equivalent life-span estimates better

relate the duration of exposure to life-span and cumulative dose. Studies of long-term

exposure in monkeys and rats show a near-linear dose-response pattern when alveolar

interstitial thickness was related to cumulative dose estimates for the PAR of the lung.

Analogous estimates of PAR dose in humans predict similar increases in interstitial thickness

at the PAR, with the monkey being more responsive, and the rat less responsive.

9.3 Effects of Short-Term Ozone Exposures

9.3.1 Physiological Responses to Ozone Exposure

Typical acute physiological responses to O3 exposure observed in both human

clinical and field studies include a reduction in forced vital capacity (FVC), decreased

expiratory flow rates, and increased respiratory symptoms. The most common symptoms

include cough, airway irritation, and chest discomfort associated with deep inhalation. These

responses are often accompanied by increased airway resistance and tachypnea. The

voluntary spirometry and symptom responses cannot be elicited from animals, but their

tachypneic response is well documented. Ozone exposure also increases airway responsiveness

to nonallergenic airway stimuli (e.g., histamine) in humans and animals. There is a large

range of physiological responses among humans, with at least a 10-fold difference between

the most and least responsive individuals.

9.3.1.1 Respiratory Symptom Responses

An association between O3 exposure and the presence of symptoms has been

shown in human clinical, field, and epidemiological studies. Prevalent symptoms include

cough, irritation of the airways (described as a scratchy throat or discomfort under the

sternum), and discomfort when taking a deep breath (described as chest tightness or pain in

the chest). Eye irritation, sometimes reported as a symptom in field or epidemiological

studies with exposure to oxidant mixtures including peroxyacyl nitrates, is not associated with

exposure to O3 alone. The most prevalent respiratory symptoms have a much higher

incidence in young adults than in older adults and generally are not reported in children or

adolescents. Asthmatics have symptoms similar to nonasthmatics but also report a higher

incidence of wheezing. The receptors responsible for cough may be unmyelinated C-fibers or

rapidly adapting receptors located in the larynx and the largest conducting airways. Thus,

there appears to be a potential mechanistic linkage between coughing and changes in

spirometry. Field and epidemiological studies also indicate an association between hourly or

daily ambient O3 levels and the presence of respiratory symptoms, particularly cough. Such

associations may be most evident in asthmatic children. Although symptoms cannot be

elicited from animals, indirect measures of symptom responses in animals include behavioral

responses (e.g., decreased wheel-running activity, decreased activity associated with obtaining

food) indicative of aversion to O3 exposure.

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Symptom responses to O3 exposure follow a monotonic exposure-response

relationship that has a similar form to that for spirometry responses. Increasing exposure

levels elicit increasingly more severe symptoms that persist for longer periods. Symptom and

spirometry responses follow a similar time course during an acute exposure and the

subsequent recovery, as well as over the course of several days in a repeated exposure study.

Furthermore, medication interventions that block or reduce spirometry responses have a

similar effect on symptom responses. Levels at which symptoms occur under various

exposure conditions are discussed in Section 9.3.4.2. As with spirometry responses, symptom

responses vary considerably among subjects, although the individual correlations between

spirometry and symptom responses are relatively low. Ozone induces interference with

exercise performance, either by reducing maximal sustainable levels of activity or by reducing

the duration of activity that can be tolerated at a particular work level; this is likely related to

symptoms. In several heavy or severe exercise studies of athletes exposed to O3, the

discomfort associated with the respiratory symptoms caused by O3 concentrations in excess of

0.18 ppm was of sufficient severity that the athletes reported that they would have been

unable to perform maximally if the conditions of the exposure were present during athletic

competition. In workers or active people exposed to ambient O3, respiratory symptoms may

cause reduced productivity or may curb the desire to pursue certain leisure activities.

9.3.1.2 Lung Function Responses

Epidemiological, field, and chamber studies have demonstrated that acute exposure

to O3 decreases FVC and forced expiratory volume in 1 s (FEV1). In humans, O3 exposure

reduces FVC primarily by decreasing inspiratory capacity. This is believed to be the result of

neurogenic inhibition of maximal inspiration, possibly caused by stimulation of C-fiber

afferents, either directly or from O3-induced products of inflammation. C-fibers are also

thought to be the receptors responsible for the cough reflex in humans. After exposure to O3,

coughing frequently is elicited during the deep inspiration prior to the forced expiratory

maneuver used in dynamic spirometry tests such as FVC, FEV1, and forced expiratory flow at

25 to 75% of FVC. The observation that nonsteroidal anti-inflammatory drugs (e.g.,

indomethacin, ibuprofen) reduce or block spirometric responses to O3 exposure and reduce

levels of prostaglandin E2 (PGE2) within the lung suggests that mediators released by

damaged epithelial cells and alveolar macrophages may play a role in the inhibition of

maximal inspiration. Although it seems clear that the reduction in total lung capacity is not

attributable to reduced static compliance (i.e., a stiffer lung ) or inspiratory muscle weakness,

other mechanisms may be involved. Increased interstitial fluid in patients with heart disease

causes a decrease in vital capacity and frequency-dependent decreases in lung compliance.

The O3-induced tachypneic response, seen in many animal species and in exercising humans,

may be related to the decrease in vital capacity. In humans, the pulmonary reflexes that

inhibit maximal inspiration may also limit tidal volume during exercise, which leads to a

compensatory tachypnea. The tachypneic response in humans may not be entirely involuntary

because it has been reported that O3-exposed subjects may consciously modify their breathing

pattern to relieve discomfort.

The time course of the spirometry responses to O3 exposure depends on the

exposure conditions. At low levels of exposure (e.g., light exercise and O3 concentration

<0.18 ppm), responses are induced slowly and progressively and they may or may not reach a

plateau of response, depending on the duration of the exposure. At higher levels of exposure

(e.g., very heavy exercise and O3 concentration >0.25 ppm), responses occur rapidly (within

9-5
15 min), and the largest portion of the response tends to occur early in exposure, indicative of

a plateau of response that typically is not achieved because of termination of the exposure

within 1 to 2 h. The quantitative exposure-response relationships are discussed more

extensively in Section 9.3.4.

In both chamber and field studies, the responses of healthy children to acute

O3 exposure are similar to those seen in adults. Responses of children and adolescents

exposed to ambient O3 (and other copollutants) at summer camps in at least six different

locations in the northeastern United States, southeastern Canada, and Southern California

indicate changes in spirometry similar to those found in individuals exposed to O3 under

controlled experimental conditions. There is a substantial range of response among

individuals in camp studies and between various locations; however, the average FEV1 was

lower when ambient O3 was higher. Although direct comparisons cannot be made because of

incompatible differences in experimental design and analytical approach, this range of

response is comparable to the range of response seen in chamber studies at low

O3 concentrations. In the "camp studies", a key measurement is the slope of the relationship

between FEV1 and the measured O3 concentration during the previous hour, without

consideration of the background O3 levels (even though exposures occurred over multiple

hours). The average slope from six studies was −0.50 mL/ppb within an O3 concentration

range of 0.01 to 0.16 ppm (see Chapter 7). For an exposure to 0.12 ppm O3, this corresponds

to a decrease in FEV1 of 60 mL from a base level of approximately 2,000 to 2,500 mL, or

a 2.4 to 3.0% decrease in FEV1. This is comparable to the findings of McDonnell et al.

(1985) for 8- to 11-year-old boys who experienced a 3.4% decrease in FEV1 after being

exposed to 0.12 ppm O3 for 2 h. Recent studies in adults performing outdoor exercise also

have shown an association between decreased spirometric responses and increased ambient

O3 levels.

A consistent finding across many animal species is that O3 causes rapid shallow

breathing (O3-induced tachypnea), which, in humans, may be related to a sensation of

discomfort associated with taking large tidal breaths. Of particular interest for comparing

interspecies responses is that the responses of rats and guinea pigs fall within the same range

as seen for humans from rest to heavy exercise.

Common pulmonary function tests do not measure changes in the small airways of

the centriacinar region of the lung (that segment between the last conducting airway and the

gas exchange region), which is highly susceptible to damage by O3 and is the site of epithelial

cell necrosis and remodeling of respiratory bronchioles. Numerous pulmonary function tests

reputed to measure responses in small airways (e.g., closing volume, aerosol bolus) have been

used in O3 studies. Responses have been demonstrated, but it is not clear that these tests

correlate with the morphological lesion observed in the small airways of experimental animals

(see Section 9.4), which is predicted to occur in humans but has not been confirmed reliably

through comparable morphologic data from humans residing in O3-polluted areas. Even if

small airways disease is demonstrated in humans, there is as yet no compelling evidence that

it will progress to chronic lung disease.

An increase in airway resistance is an indication of the response of large airways

to O3 exposure and is mechanistically different from lung volume responses. Also, higher

O3 concentrations are required to change airway resistance compared to FEV1. Changes in

specific airway resistance (SRaw) of healthy subjects following O3 exposure are small relative

to those seen in asthmatics with an inhalation exposure to a bronchoconstricting drug

(methacholine), a specific antigen, or sulfur dioxide (SO2). In rats exposed to O3, changes in

9-6
resistance also tend to be small. The observation that changes in airway resistance are

modest clearly indicates that reductions in maximum expiratory flow are not caused primarily

by narrowing of large airways. The increase in airway resistance appears to be vagally

mediated because it is sensitive to inhibition by atropine.

9.3.1.3 Changes in Airway Responsiveness

Ozone exposure also causes increased responsiveness of the pulmonary airways to

subsequent challenge with bronchoconstrictor drugs such as histamine or methacholine. This

phenomenon is seen even after recovery from spirometric changes, but it typically is no

longer present after 24 h. Although changes in airway responsiveness tend to resolve

somewhat more slowly and appear to be less likely to be attenuated with repeated exposure,

the evidence for a persistent increase in responsiveness from animal studies is inconsistent.

Changes in airway responsiveness in rats and guinea pigs tend to occur at higher

O3 concentrations and, as in humans, tend to be most pronounced shortly after the exposure

and less so 24 h postexposure. Changes in airway responsiveness appear to occur

independently of changes in pulmonary function. This response may not be due to the

presence of polymorphonuclear leukocytes (PMNs) in the airway or to the release of

arachidonic acid metabolites, but could possibly be due to epithelial damage and the

consequent increased access of these chemicals to smooth muscle in the airways or to the

receptors in the airways responsible for reflex bronchoconstriction. The clinical relevance of

this observation is that, after O3 exposure, human airways may be more susceptible to a

variety of stimuli, including antigens, chemicals, and particles. One animal study has

demonstrated decreased antigen-induced bronchoconstriction after O3 exposure, and a human

study in allergic asthmatics is suggestive of an increase in such a response. An increased

response to inhalation of a specific antigen to which a human is sensitized is a plausible

outcome of O3 exposure. However, ongoing studies of this phenomenon will need to be

evaluated in order to determine the exposure-response relationship for alterations in responses

to inhaled antigens, especially with regard to sensitive asthmatics. Enhanced response to

antigens in asthmatics could lead to increased morbidity (i.e., medical treatment, emergency

room visits, hospital admissions) or to more persistent alterations in airway responsiveness.

9.3.2 Exacerbation of Respiratory Disease

People with preexisting pulmonary disease may be at increased risk from

O3 exposure. Because of their existing functional limitations, any further decrease in function

would lead to a greater overall functional decline. Furthermore, some individuals with

pulmonary disease may have an inherently greater sensitivity to O3. Asthmatics, by

definition, have inherently greater bronchial responsiveness, but, depending on the severity of

their disease and its clinical status, their FEV1 can be within the normal range (100 ± 20%

predicted) or may be less than 50% predicted. Patients with chronic obstructive pulmonary

disease (COPD) can have FEVs ranging from 30 to 80% of predicted, again depending on

disease severity. Because of their depressed functional state, small absolute changes in lung

function have a larger relative impact. For example, a 500-mL FEV1 decrease in a healthy

young man with an FEV1 of 4,000 mL causes only a 12% decline. In a 55-year-old COPD

patient with an FEV1 that is 50% of predicted, or about 1,670 mL, a 500-mL decline in FEV1

would result in a 30% decline in FEV1. Asthmatics with depressed baseline function would

have similarly magnified relative responses and, because of increased bronchial

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responsiveness, may also experience larger changes in airway resistance. Evaluating the

intersection of risk factors and exposures is more complex. For example, an individual with

more severe lung disease is unable to exercise heavily and thus would be less likely to

encounter an effective exposure.

About 10 million people in the United States (4% of the population) are estimated

to have asthma (National Institutes of Health, 1991). The prevalence is higher among African

Americans, older (8- to 11-year-old) children, and urban residents (Schwartz et al., 1990).

Death due to asthma is an infrequent event; on an annual basis, about one death occurs per

10,000 asthmatic individuals. Mortality rates are higher among males and are at least 100%

higher among nonwhites. In two large urban centers (New York and Chicago), mortality

rates from asthma among nonwhites may exceed the city average by up to fivefold (Sly,

1988; Evans et al., 1987; National Institutes of Health, 1991; Weiss and Wagener, 1990; Carr

et al., 1992). Although some innercity areas may have lower O3 concentrations than some

suburban areas, the concentrations are much higher than those in most rural areas. The

impact of ambient O3 on asthma morbidity and mortality in this apparently susceptible

population is not well understood. The few epidemiological studies are subject to

confounding factors and have rarely focused on innercity nonwhite asthmatics. Furthermore,

controlled human exposure studies of asthmatics typically include mild to moderate asthmatics

and have not dealt specifically with nonwhite asthmatics.

A number of epidemiological studies have shown a consistent relationship between

ambient oxidant exposure and acute respiratory morbidity in the population. Small decreases

in forced expiratory volumes and increased respiratory symptoms, including exacerbation of

asthma, occur with increasing ambient O3, especially in children. Modifying factors, such as

ambient temperature, aeroallergens, and other copollutants (e.g., particles) also can contribute

to this relationship. Ozone air pollution can account for a portion of summertime hospital

admissions and emergency department visits for respiratory causes; studies conducted in

various locations in the eastern United States and Canada consistently have shown a

relationship with increased incidence of visits and admissions, even after controlling for

modifying factors, as well as when considering only concentrations <0.12 ppm O3. It has

been estimated from these studies that O3 may account for roughly one to three excess

summertime respiratory hospital admissions per hundred parts per billion O3, per million

persons.

The association between elevated ambient O3 concentrations during the summer

months and increased hospital visits and admissions has a plausible biologic basis in the

physiologic, symptomatic, and field study evidence discussed earlier. Specifically, increased

airway resistance, airway permeability, and incidence of asthma attacks and airway

inflammation suggest that ambient O3 exposure could be a cause of the increased hospital

admissions, particularly for asthmatics.

The associations found in the epidemiological studies are supported by chamber

studies. Asthmatics and nonasthmatics have qualitatively similar responses to chamber

O3 exposures. Although symptom and volume-related responses (i.e., decreased FVC) tend

to be similar, airway resistance increases relatively more, from an already higher baseline, in

asthmatics exposed to O3. Ozone-induced alterations in responsiveness to bronchoconstrictor

drugs show similar changes in asthmatics and nonasthmatics. There is no evidence at this

time that O3 induces a persistent increase in airway responsiveness or that O3-exposed

asthmatics are more likely to have a late-phase response to specific antigen challenge.

Symptom responses also have been reported in asthmatics exposed to O3. In contrast to

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nonasthmatics, wheezing, a typical finding in asthma, is a prevalent symptom in addition to

the cough, chest tightness, and shortness of breath that are reported by subjects without

asthma.

9.3.3 Morphological and Biochemical Abnormalities

9.3.3.1 Inflammation and Cell Damage

Ozone-induced cell injury may lead to effects including inflammation, altered

permeability of the epithelial barrier, impaired host defense and particle clearance, irreversible

structural alterations in the lung, exacerbation of preexisting disease (e.g., asthma), and

increased sensitivity to biocontaminants (e.g., allergens). Of these, O3-induced inflammation

of the respiratory tract has been best documented and occurs in all species that have been

studied. The mechanisms leading to the observed inflammatory responses induced by O3 are

just beginning to be understood. Both animal morphological studies and in vitro studies

indicate that airway ciliated epithelial cells and Type 1 cells are the most O3-sensitive cells

and are initial targets of O3. These cells are damaged by O3 and produce a number of

proinflammatory mediators (e.g., interleukins [IL-6, IL-8], PGE2) capable of initiating a

cascade of events leading to PMN influx into the lung, activation of alveolar macrophages,

inflammation, and increased permeability across the epithelial barrier.

Ozone-Induced Inflammation

Ozone causes inflammatory changes throughout the respiratory tract, including the

nose. Humans and laboratory animals exposed to O3 develop inflammation and increased

permeability in the nasal passages. A recent study reported a positive correlation between

nasal inflammation in children and measured ambient O3 concentrations. Studies with rats

suggest a potential competing mechanism between the nose and lung, with inflammation

occurring preferentially in the nose at low O3 concentrations and shifting to the lung at higher

concentrations. It is unclear if this represents a specialization restricted to rats or is a more

general phenomenon.

In general, inflammation can be considered as the host response to injury and the

induction of inflammation as evidence that injury has occurred. Inflammation induced by

exposure of humans to O3 can have several potential outcomes: (1) inflammation induced by

a single exposure (or several exposures over the course of a summer) can resolve entirely;

(2) continued acute inflammation can evolve into a chronic inflammatory state; (3) continued

inflammation can alter the structure and function of other pulmonary tissue, leading to

diseases such as fibrosis; (4) inflammation can alter the body’s host defense response to

inhaled microorganisms, particularly in potentially vulnerable populations such as the very

young and old; and (5) inflammation can alter the lung’s response to other agents such as

allergens or toxins. Except for outcome (1), the possible chronic responses have not been

identified with inflammation induced by exposure of humans to O3. It is also possible that

the profile of response can be altered in persons with preexisting pulmonary disease (e.g.,

asthma, COPD) or smokers.

The recent use of BAL as a research tool in humans has afforded the opportunity

to sample cells and fluid from the lung and lower airways of humans exposed to O3 and to

ascertain the extent and course of inflammation and its constitutive elements. Several studies

have shown that humans exposed acutely (1 to 3 h) to 0.2 to 0.6 ppm O3 had O3-induced

inflammation, cell damage, and altered permeability of epithelial cells lining the respiratory

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tract (allowing components from plasma to enter the lung). For individuals acutely exposed

to 0.4 to 0.6 ppm O3, PMNs (the hallmark cells of inflammation) make up 8 to 10% of the

recovered BAL cells. This represents a five- to eightfold increase in PMNs compared with

similar individuals exposed to clean air, who typically have 1 to 2% PMNs in their BAL

fluid. The lowest concentration of O3 tested, 0.08 ppm for 6.6 h with moderate exercise, also

induced small but statistically significant increases in a number of inflammatory mediators,

including PMNs.

The percent of PMNs in BAL fluid taken from individuals exposed to 0.4 ppm

O3 for 2 h equals or exceeds those found in individuals exposed to other environmental

toxicants, such as asbestos or silica, or in individuals with idiopathic pulmonary fibrosis (IPF)

or connective tissue disorders (CTD) (Cherniak et al., 1990). For example, individuals with a

history of occupational exposure to asbestos (>10 years) have 3.3 ± 1.3% BAL PMNs, and

individuals with a history of occupational exposure to silica (>2 years) have 1.4 ± 0.4%

PMNs. Untreated patients newly diagnosed with IPF have 6.7 ± 2.5% PMNs, whereas those

with CTD have 16 ± 11.6% PMNs. Baseline levels of PMNs in patients with asthma do not

differ significantly from healthy individuals, although PMN levels can increase following

allergen bronchoprovocation (Smith and Deshazo, 1993). In contrast, PMNs can make up as

much as 80% of BAL cells in patients with acute bacterial infections (Stanley, 1991).

Short-term (<8 h) exposure of animals to O3 also results in cell damage,

inflammation, and altered permeability, although, in general, higher O3 concentrations are

required to elicit a response equivalent to that of humans. Because humans were exposed to

O3 while exercising and most animal studies were done at rest, differences in ventilation

likely play a significant role in the different response of humans and rodents to the same

O3 concentration. Studies in which animals were exposed at night (during their active period)

or in which ventilation was increased with CO2 tend to support this idea.

Studies utilizing BAL techniques sample only free or loosely adherent cells in the

lung; thus, it is possible that cellular changes have occurred in the interstitium that are not

reflected in BAL studies, or that BAL changes exist in the absence of interstitial changes.

However, morphometric analyses of inflammatory cells present in lung and airway tissue

sections of animals exposed to O3 are in general agreement with BAL studies. Short-term

O3 exposure (<8 h) causes similar types of alterations in lung morphology in all laboratory

animal species studied. The most affected cells are the ciliated epithelial cells of the airways

and Type 1 cells in the alveolar region. The centriacinar region (the junction of the

conducting airways and gas exchange region) is a primary target, possibly because it receives

the greatest dose of O3 delivered to the lower respiratory tract. Sloughing of ciliated

epithelial and Type 1 cells occurs within 2 to 4 h of exposure of rats to 0.5 ppm O3.

Time Course of Ozone-Induced Inflammatory Response

Findings from human and animal studies agree that the O3-induced inflammatory

response occurs rapidly and persists for at least 24 h. Increased levels of PMNs and protein

are observed in the BAL fluid within 1 h following a 2-h exposure of humans to O3 and

continue for at least 20 h. The kinetics of response during this time have not been well

studied in humans, although a single study shows that PMN levels are higher at

6 h postexposure than at 1 or 20 h in different individuals. Several animal studies suggest

that BAL PMN and protein levels peak 12 to 16 h after an acute O3 exposure and begin to

decline by 24 h, although some studies report detectable BAL PMNs even 36 h after

exposure. It is also clear that in humans the pattern of response differs for different

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inflammatory mediators. Mediators of acute inflammation, such as IL-6 and PGE2, are more

elevated immediately after exposure; whereas mediators that potentially could play a role in

resolving inflammation, such as fibronectin and plasminogen activator, are preferentially

elevated 18 h after exposure. The rapidity with which cellular and biochemical mediators are

induced by O3 makes it conceivable that some of them may play a role in O3-induced changes

in lung function—indeed there is some evidence that BAL PGE2 levels are correlated with

decrements in FEV1, and anti-inflammatory medications that block PGE2 production also

reduce or block the spirometric responses to O3. Although earlier studies suggested that

O3-induced PMN influx might contribute to the observed increase in airway hyperreactivity,

animal studies show that when PMNs are prevented from entering the lung, O3-induced

hyperreactivity or increases in many inflammatory mediators still occur. In addition, studies

in which anti-inflammatory drugs are used to block O3-induced lung function decrements still

show increases in PMNs and most other inflammatory mediators (although PGE2 is not

increased).

Individuals and Populations Susceptible to Ozone

To date, there have been no studies that have examined the cellular/biochemical

response to O3 of potentially susceptible subpopulations, such as asthmatics, nor are there any

data in humans addressing whether age, gender, or racial differences can modify the

inflammatory response to O3. Increased susceptibility of asthmatics or chronic bronchitics

could be hypothesized on the basis that they have an underlying inflammatory disease that

may be exacerbated with an otherwise small magnitude of change. Inflammation is not

induced to the same extent in all individuals. In moderately exercising humans exposed to

0.08 ppm O3 for 6.6 h, the mean changes in inflammatory indices were low, but some

individuals had increases comparable to those reported in heavily exercising subjects exposed

to 0.4 ppm O3 for 2 h, suggesting that some segments of the population may be more

responsive to low levels of O3. It has not yet been studied whether intersubject differences in

inflammatory response to O3 are reproducible over time for the same subject, as has been

shown for intersubject differences in lung function. There seems to be no strong correlation

between the various mediators of inflammation, cell damage, and permeability (i.e., those

individuals with the greatest PMN response are not necessarily those with the greatest BAL

protein, PGE2, or IL-6 response). Furthermore, the magnitude of lung function decrements

and respiratory symptoms has not yet been shown to be correlated with mediators of

inflammation, with the possible exception of PGE2.

Animal studies also show large interspecies and interstrain differences in response

to O3 and suggest that genetic factors may play a role in susceptibility to O3. Different rat

strains respond to O3 differently; for example, Wistar rats have the greatest PMN influx,

whereas Fischer rats demonstrate the most epithelial cell damage. In addition, limited data

suggest that dietary antioxidant levels may affect the response of rodents to O3 and that very

young rats produce more PGE2 in response to O3 than do older rats. Taken as a whole, the

human and animal studies suggest that the inflammatory response to O3 is complex and that

determinants of susceptibility may occur at several different genetic loci.

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9.3.3.2 Host Defense

The mammalian respiratory tract has a number of closely integrated defense

mechanisms that, when functioning normally, provide protection from the adverse effects of a

wide variety of inhaled particles and microbes. Impaired mucociliary clearance can result in

unwanted accumulation of cellular secretions and increased numbers of particles and

microorganisms in the lung, leading to increased infections and bronchitis.

Mucociliary Clearance of Inhaled Particles

Animal studies show that clearance of inhaled insoluble particles is slowed after

acute exposure to O3. Ozone-induced damage to cilia and increased mucus secretion likely

contribute to a slowing of mucociliary transport rates. Interestingly, retarded mucociliary

clearance is not observed in animals exposed repeatedly to O3. The effects of O3 on

mucociliary clearance in humans have not been well studied, and the results are somewhat

conflicting; one study reports an O3-induced increase in particle clearance in subjects exposed

to 0.4 ppm O3 for 2 h, and another study reports no O3-induced change in particle clearance

with a similar exposure regimen.

Alveolar Macrophage Function

Macrophages represent the first line of defense against inhaled microorganisms and

particles that reach the lower airways and alveoli. Studies in both humans and animals have

shown that there is an immediate decrease in the number of BAL macrophages following

O3 exposure. Alveolar macrophages also have been shown to be crucial to the clearance of

certain gram-positive bacteria from the lung. Several studies in both humans and laboratory

animals also have shown that O3 impairs the phagocytic capacity of alveolar macrophages,

and some studies suggest that mice may be more impaired than rats. The production of

superoxide anion (an oxygen radical used in bacterial killing) by alveolar macrophages also is

depressed in both humans and animals exposed to O3, and the ability of alveolar macrophages

to kill bacteria directly is impaired. Decrements in alveolar macrophage function have been

observed in moderately exercising humans exposed to the lowest concentration tested, 0.08

ppm O3 for 6.6 h.

Interaction with Infectious Agents

Concern about the effect of O3 on susceptibility to respiratory infection derives

primarily from animal studies in which O3-exposed mice die following a subsequent challenge

with aerosolized bacteria. Increased mortality of experimental laboratory animals has been

shown to be concentration-dependent, and exposure to as little as 0.08 ppm O3 for 3 h can

increase mortality of mice to a subsequent challenge with streptococcus bacteria. In addition,

younger mice are more susceptible to infection than older mice; this has been related to

increased PGE2 production in these animals, which likely decreases alveolar macrophage

activity.

It has been suggested that impaired alveolar macrophage function is the mechanism

likely responsible for enhanced susceptibility to bacteria. However, mortality is not observed

with other rodent species, raising the question of whether this phenomenon is restricted to

mice. Although both mice and rats show impaired macrophage killing of inhaled bacteria

following O3 exposure, rats mount a faster PMN response to O3 to compensate for the deficit

in alveolar macrophage function. The slower clearance time in mice allows the streptococcus

strain to persist in lung tissue and, subsequently, to elaborate a number of virulence factors

9-12
that evade secondary host defense and lead to bacterial multiplication and death of the host.

Although increased mortality in laboratory animals is not directly relevant to humans,

laboratory animals and humans share many host defense mechanisms being measured by

mortality in the mouse model. Thus, the category of effect (i.e., decrement in antibacterial

defenses) can be qualitatively extrapolated to humans.

There is no compelling evidence from animal toxicological, human clinical, or

epidemiological studies that O3 increases the incidence of respiratory viral infection in

humans. A study of experimental rhinovirus infection in susceptible volunteers failed to show

any effect of 5 consecutive days of O3 exposure (0.3 ppm, 8 h/day) on the clinical picture or

on host response. Studies in which O3-exposed mice were challenged with influenza virus

have conflicting results: some studies show increased mortality, some show decreased

mortality, and still others show no change at all. However, even when increased mortality

was demonstrated, there was no difference in viral titers in the lung, suggesting virus-specific

immune functions were not altered. One animal study found that, although subchronic

O3 exposure did not affect the acute course of a viral infection, it did enhance postinfluenzal

alveolitis.

Taken as a whole, the data clearly indicate that an acute O3 exposure impairs the

host defense capability of both humans and animals, primarily by depressing alveolar

macrophage function and perhaps also by decreasing mucociliary clearance of inhaled

particles and microorganisms. This suggests that humans exposed to O3 could be predisposed

to bacterial infections in the lower respiratory tract. The seriousness of such infections may

depend on how quickly bacteria develop virulence factors and how rapidly PMNs are

mobilized to compensate for the deficit in alveolar macrophage function.

Ozone also has been reported to suppress natural killer cell activity in the lung, to

suppress proliferative responses to bacterial antigen (Listeria) in both spleen and bronchial

lymph nodes, and to induce delayed hypersensitivity responses to Listeria antigen. However,

these effects occur at higher exposure levels (0.75 to 1.0 ppm O3) than those that affect

macrophage function.

9.3.4 Quantitative Ozone Exposure-Response Relationships

A quantitative understanding of the relationship between O3 exposure and

subsequent response is useful both for a better understanding of the processes underlying

outcomes of interest and for purposes of prediction. Examples of the utility of the latter

include identification of exposures unlikely to produce effects, risk and benefits assessment,

and prediction of responses based on exposures for which empirical data do not exist.

In general, exposure-response relationships have been better characterized for populations than

for individuals, and, although the form of the relationships may differ, those for individuals

are likely to be qualitatively similar to those of populations. On the other hand, because of

large differences in responsiveness among individuals, exposure-response relationships for the

population may not reflect quantitatively the experience of a given individual.

Relationships between short-term exposure and acute response have been described

for lung function changes, induction of symptoms, and BAL outcomes in experimental

exposure studies and for lung function, symptoms, hospital and emergency room admissions,

and mortality in epidemiologic studies. Exposure in the experimental studies can be defined

in terms of concentration, dose rate of exposure, total inhaled dose, and dose at the active

site. The limiting factor in modeling exposure-response with experimental data has been that

9-13
no single study has included a wide enough range of the three exposure variables of interest

(i.e., C, E V ̇ , T) to choose between models or to identify the appropriate method of describing

exposure.

Exposure-response models in the epidemiologic studies generally have included

only O3 concentration measured at a central monitoring site in the study area as the exposure

variable. With some exceptions, characterization of exposure-response relationships in these

studies has been limited by little information on activity level or duration of exposure, a

generally narrow range of exposure concentrations, the need for complex models to control

for potential confounding by other pollutants and extraneous variables, and outcomes for

which only a small fraction of the variance is explained by exposure to pollutants. These

factors make selection among various models of response difficult.

A number of exposure-response functions have been proposed to describe the

results of experimental studies. No single exposure-response model form, however, has been

adequately tested and identified as providing an accurate, precise description of the

relationship between exposure and response in both humans and laboratory animals for lung

function or BAL endpoints. Rather, for a given study, a particular model may have been

selected a priori to describe the exposure-response data or may have been identified as

providing the best fit among several competing models. In many cases, models have been

found to be deficient, but rarely has the performance of a number of possible models been

systematically compared.

From the individual studies, several important observations have been made that

are qualitatively true for describing BAL and pulmonary function responses in both humans

and laboratory animals and that should be considered in the selection of a model to describe

population response as a function of exposure. Response increases monotonically with C, E, V ̇

and T, with C generally being a stronger predictor of response than V ̇ E or T. The relationship

between response and one of the exposure variables is dependent on the level of the other two

variables. The relationship between response and each of the exposure variables is curvilinear

over a wide range of exposure conditions, although it may appear linear over certain narrow

ranges of exposure. With increasing duration of response (and possibly with increasing

concentration), the FEV1 response may approach a plateau in humans. Some evidence exists

suggesting that the level of the plateau with T is a function of C. This plateau has not been

observed in animal studies or for BAL endpoints. Respiratory symptom responses generally

follow a pattern similar to that observed for spirometry (e.g., mean responses increase with

increasing C, E V ̇ , and T). As with spirometry responses, large individual differences in

symptom responses occur. Little analytical work, however, has been performed that

mathematically describes either the mean or individual responses as multivariable functions

of C, E, and T. V ̇

Exposure-response models of FEV1 and BAL responses in laboratory animals that

have been proposed and that fit to varying degrees include linear and polynomial models of

C, E, and T, with and without cross-product terms (e.g., C × T); exponential models V ̇

utilizing C × T as the exposure variable at constant E; and cumulative normal probability or V ̇

logistic models utilizing Cy × T as the exposure variable at constant E V ̇ . Models of these

types have been found under some circumstances to describe the relationship between

exposure and response for a particular data set. Most single data sets, however, do not

include a wide enough range of data to test adequately the performance of a particular model

across a wide range of exposure conditions or to identify an appropriate exposure metric.

In particular, recent efforts have focused on the relationship between response and C and T at

9-14
constant E. No definitive work has addressed the modeling of response and E V ̇ V ̇ for a given

endpoint or for consideration of V ̇ E changing as a function of T. Because animal and human

studies often are conducted at different relative levels of E, and because techniques to adjust V ̇

mathematically for these differences only now are being developed, efforts to compare

responses across species or to develop extrapolation models have been hampered. As noted

earlier, quantitative models currently do not exist for respiratory symptoms.

Evidence indicates that, for humans and animals, the exposure-response

relationship of BAL and pulmonary function outcomes may be modified by previous recent

exposure to O3, and the relationship for FEV1 changes in humans may be modified by age.

Previous exposure to O3 has not been included in any exposure-response models. For young

adults, the modification of the exposure-response relationship by age has been modeled.

Exposure-response models of lung function in epidemiologic studies generally have

been limited to linear models of response as functions of various O3 exposure metrics (e.g., 1-

h or 8-h daily maximum, etc.). A number of studies have demonstrated significant negative

mean linear relationships between O3 exposure and lung function. Exposure-response models

of respiratory symptoms in epidemiologic studies generally have employed logistic regression

techniques with O3 or total oxidant concentration as the exposure variable. These latter

models generally have been chosen a priori reflecting the categorical nature of the outcome

variable rather than by comparison of the performance of several candidates.

Ecological studies of the relationship between daily rates of emergency room or

hospital admissions or mortality and O3 exposure have utilized a variety of complex exposureresponse models with some metric of daily O3 concentration as the exposure variable. The

complexity of the models results from, among other things, the need to control for potentially

confounding long-wave patterns in the health outcomes in relationship to other potential

confounders, such as other air pollutants, seasonal and meteorological factors, holidays, and

day-of-week effects. In various studies, both linear and nonlinear functions have been used to

describe the relationship between adjusted health outcome and concentration.

In summary, O3 is no exception to the general problems encountered in all studies

of environmental epidemiology. No single universal model form has been identified that

accurately and precisely describes the relationship between population exposure and response

under all circumstances. In general, the ability of a predictive model based on one study to

predict responses from an independent study has not been studied adequately. For purposes

of prediction or risk estimation, the adequacy of fit of a given model in a given data set and

the size and representativeness of the sample should be assessed. Extrapolation beyond the

range of observed data introduces additional uncertainty into predictions or risk estimates.

9.3.4.1 Prediction and Summary of Mean Responses

A selection of published reports in which models of population or mean responses

have been developed is listed below, along with figures summarizing examples of predicted

quantitative exposure-response relationships. Reports numbered 5 and 11 are epidemiological

studies, and the remainder are experimental studies. Because no currently available single

model is sufficient to accurately describe all major scenarios, the key models are presented

without weighting. Following this section is a further section that describes models of

individual responses within the population.

1. Hazucha (1987) predicts mean FEV1 decrements in humans as a function

of C (0.0 to 0.75 ppm O3) for four levels of E for 2-h exposures (Figure 9-1). V ̇

9-15
Figure 9-1. Mean predicted changes in forced expiratory volume in 1 s following

2-h exposures to ozone with increasing levels of intermittent exercise.

Source: Hazucha (1987).

2. McDonnell and Smith (1994) predict mean FEV1 decrements in heavily

exercising humans as a function of C (0.0 to 0.4 ppm O3) and T (1.0 to 6.6 h)

(Figure 9-2).

3. Highfill et al. (1992) predict the BAL responses of resting rats and guinea pigs

as a function of C (0.0 to 0.8 ppm O3) and T (2 to 8 h) (Figure 9-3).

4. Tepper et al. (1994) predict the FVC changes as a function of C (0.0 to

0.8 ppm O3) and T (2 to 7 h) for exposures conducted with rats breathing at

three times resting E (Figure 9-4). V ̇

5. Burnett et al. (1994) predict the frequency of hospital admissions (adjusted for

covariates) as a linear function of C (previous day 1-h O3 maximum) for

Ontario hospitals (Figure 9-5).

Other reports in which models are developed or that contain data potentially useful

for further development or testing of models are listed below.

6. Seal et al. (1993) present data that would allow modeling of FEV1 decrements

in humans as a function of C (0.0 to 0.4 ppm O3) for 2-h exposures with

moderate exercise.

7. Folinsbee et al. (1978) predict lung function changes in humans as a function

of C (0.0 to 0.50 ppm O3) and E (10 to 65 L/min) for 2-h exposures. V ̇

9-16
Figure 9-2. Predicted mean decrements in forced expiratory volume in 1 s for 1- and 2-h

exposures to ozone with intermittent heavy exercise (A) and 6.6-h exposures

with moderate prolonged exercise (B).

Source: McDonnell and Smith (1994).

Figure 9-3. Derived means of BAL protein (BALP) denoted by symbols and the

exponential model shown by lines as time of exposure varies from 2 to 8 h.

Source: Highfill et al. (1992).

9-17
Figure 9-4. Predicted mean forced vital capacity for rats exposed to ozone while

undergoing intermittent carbon dioxide-induced hyperpnea.

Source: Tepper et al. (1994).

Figure 9-5. Average number of adjusted respiratory admissions among all 168 hospitals by

decile of the daily 1-h maximum ozone level (ppm), lagged 1 day.

Source: Burnett et al. (1994)

9-18
8. Adams et al. (1981) predict lung function changes in humans as a function of

the product ofC×T× E for C = 0 to 0.4 ppm O3 V ̇ , T = 30 to 80 min, and

E = 33 or 66 L/min. V ̇

9. Rombout et al. (1989) predict the concentration of protein in BAL fluid of rats

as a function of C (0.25 to 4.0 mg/m3 O3) and T (0 to 12 h) for daytime and

nighttime exposures.

10. Highfill and Costa (1995) compare the fits of quadratic, exponential, and

sigmoid-shaped models to published human lung function data and

O3 laboratory animal BAL data.

11. Thurston et al. (1994) predict hospital admissions in Toronto as a function

of C (previous day 1-h O3 maximum) for Toronto hospitals.

9.3.4.2 Prediction and Summary of Individual Responses

It is well known that considerable interindividual differences in the magnitude of

response to O3 exposure exist. The individual lung function and, to a lesser extent,

respiratory symptom responses to O3 have been demonstrated to be reproducible over a period

of time, indicating that some individuals are consistently more responsive than others to O3.

The basis for these differences is not known, with the exception that young adults have been

observed to be more responsive than older adults (see Figure 9-6).

Figure 9-6. Predicted mean decrements in forced expiratory volume in1s(∆FEV1)

following 2-h exposures to ozone while undergoing heavy intermittent exercise

for three ages. (Note: To convert ∆FEV1 to %∆FEV1, multiply by 22.2%.)

Source: McDonnell et al. (1993).

9-19
Calculation of group mean responses for a population that includes both more and

less responsive individuals is useful for making inferences regarding the probability that a

population effect is present or absent for a given exposure. Because the frequency

distribution of individual responses to O3 changes with changing exposure conditions,

however, knowledge of the mean and variance of population responses does not provide

reliable information on the distribution of individual responses for a given exposure, and,

hence, is not particularly useful for estimating risks to members of the population. One

method of presenting individual data is illustrated in Figure 9-7 in which histograms are

presented for individual responses of subjects participating in four 6.6-h studies of low-level

O3 exposure.

Figure 9-7. The distribution of response for 87 subjects exposed to clean air and at least

one of 0.08, 0.10, or 0.12 ppm ozone (O3). The O3 exposures lasted 6.6 h,

during which time the subjects exercised for 50 min of each hour, with a 35-

min rest period at the end of the third hour. Decreases in forced expiratory

volume in 1 s (FEV1) are expressed as percent change from baseline. For

example, the bar labeled, "−10" indicates the percent of subjects with a

decrease in FEV1 of >5% but ≤10%, and the bar labeled "5" indicates

improvement in FEV1 of >0% but ≤5%. Each panel of the figure indicates

the percentage of subjects at each O3 concentration with a decrease of FEV1

in excess of 10%.

Similarly, the histograms of regression slopes of the lung function-O3 concentration

relationship for children participating in a camp study illustrate a large range of variability in

response (Figure 9-8).

Another method that allows interpolation between observed data points involves

definition of the effect of interest (e.g., a 10% decrement in FEV1) and modeling of the

proportion of individuals who experience such an effect as a function of exposure conditions.

Figures 9-9 and 9-10 show the predicted proportion of individuals (humans) experiencing

10% FEV1 decrements and respiratory symptom responses, respectively, as a function of

C (0.0 to 0.4 ppm O3) for independent studies conducted at either 1 or 2 h of exposure with

heavy exercise.

9-20
Figure 9-8. Histograms of regression slopes for FEV1 versus 1-h ozone (O3)

concentration in children attending a summer camp in northwestern

New Jersey. The numbers of children in each group are indicated in

parentheses; an asterisk identifies the number of children with slopes that

were significantly different from zero (p < 0.05). Shading represents the

percent of significant (p < 0.05) slopes across the distributions.

Source: Spektor et al. (1988).

9-21
Figure 9-9. Proportion of heavily exercising individuals predicted to experience a 10%

decrement in forced expiratory volume in 1 s following a 1- or 2-h exposure to

ozone.

Source: U.S. Environmental Protection Agency (1989).

Figure 9-10. Proportion of heavily exercising individuals predicted to experience mild

cough following a 2-h ozone exposure.

Source: U.S. Environmental Protection Agency (1989).

9-22
Predictions of the proportion of individuals experiencing 5, 10, or 15% FEV1

decrements as a function of C (0.0 to 0.12 ppm O3), T (1 to 6.6 h), at a specific age

(24 years) for exposures with moderate exercise are shown in Figure 9-11.

Figure 9-11. Proportion of moderately exercising individuals exposed to ozone for

6.6 h predicted to experience 5, 10, or 15% decrements in forced expiratory

volume in 1 s as a function of C × T for age = 24 years.

Source: McDonnell et al. (1995).

As an example of differences between the mean and individual responses, it was

stated earlier that exposure for 5.6 h to 0.08 ppm O3 was the shortest duration for which a 5%

mean decrement in FEV1 was observed. For those same exposure conditions, 41, 17, and

10% of the subjects studied experienced FEV1 decrements larger than 5, 10, and 15%,

respectively.

The clinical significance of individual responses to O3 exposure depends on the

health status of the individual, the magnitude of the changes in pulmonary function, the

severity of respiratory symptoms, and the duration of the response. Tables 9-1 and 9-2

categorize individual functional and symptomatic responses to O3 exposure as normal (or

none) and by increasing levels of severity in healthy persons and in persons with impaired

respiratory systems, respectively. Pulmonary function responses are represented in these

tables by changes in spirometry (e.g., FEV1), SRaw, and nonspecific bronchial responsiveness.

Respiratory symptom responses include cough, pain on deep inspiration, and wheeze. The

changes in spirometry that have been focused on most frequently are O3-induced decrements

in FEV1 because they are easily quantified, have a continuous distribution, and have been

used to provide most of the exposure-response relationships described in this section. The

combined impact of both functional and symptomatic

9-23
Table 9-1. Gradation of Individual Responses to

Short-Term Ozone Exposure in

Healthy Personsa

Functional Response None Small Moderate Large

FEV1 Within normal

range (±3%)

Decrements of 3%

to ≤10%

Decrements of

>10% but <20%

Decrements of

≥20%

Nonspecific

bronchial responsivenessb

Within normal

range

Increases of <100% Increases of

≤300%

Increases of >300%

Duration of

response

None <4 hours >4 hours but

≤24 hours

>24 hours

Symptomatic Response Normal Mild Moderate Severe

Cough Infrequent

cough

Cough with deep

breath

Frequent

spontaneous cough

Persistent

uncontrollable

cough

Chest pain None Discomfort just

noticeable on

exercise or deep

breath

Marked discomfort

on exercise or deep

breath

Severe discomfort

on exercise or deep

breath

Duration of response None <4 hours >4 hours but

≤24 hours

>24 hours

Impact of Responses Normal Normal Mild Moderate

Interference with normal

activity

None None A few sensitive

individuals choose

to limit activity

Many sensitive

individuals choose

to limit activity

a

See text for discussion; see Appendix A for abbreviations and acronyms.

b

An increase in nonspecific bronchial responsiveness of 100% is equivalent to a 50% decrease in PD20 or PD100

(see Chapter 7, Section 7.2.3).

responses to O3 exposure generally is displayed as an interference with normal activity or a

change in medical treatment (see Tables 9-1 and 9-2).

In healthy individuals, the importance attached to individual changes in FEV1 and

nonspecific bronchial responsiveness depends, in part, on the magnitude and persistence of the

response, but it is also important to consider the circumstances in which changes in lung

function occur with other responses. For example, a 20% decrement in FEV1 or a 100 to

200% increase in SRaw that is induced as a result of a nonspecific bronchial responsiveness

test and one that is almost completely reversible within an hour is associated with little, if

any, airway epithelial damage. If, in addition, there are no respiratory symptoms (except

chest discomfort), then this response, in itself, would not be considered clinically significant.

On the other hand, a smaller decrement in FEV1 of 15%, accompanied by marked pain on

deep inspiration and persistent cough that is reversed in approximately 24 h, may be

considered clinically significant in some individuals. In other words, it is important to

9-24
Table 9-2. Gradation of Individual Responses to

Short-Term Ozone Exposure in Persons with

Impaired Respiratory Systemsa

Functional Response None Small Moderate Large

FEV1 change Decrements of

<3%

Decrements of 3 to

≤10%

Decrements of

>10% but <20%

Decrements of

≥20%

Nonspecific

bronchial responsivenessb

Within normal

range

Increases of <100% Increases of

≤300%

Increases of

>300%

Airway resistance

(SRaw)

Within normal

range (±20%)

SRaw increased

<100%

SRaw increased up

to 200% or up to

15 cm H2O/s

SRaw increased

>200% or more

than 15 cm H2O/s

Duration of response None <4 hours >4 hours but ≤24

hours

>24 hours

Symptomatic Response Normal Mild Moderate Severe

Wheeze None With otherwise

normal breathing

With shortness of

breath

Persistent with

shortness of

breath

Cough Infrequent

cough

Cough with deep

breath

Frequent

spontaneous

cough

Persistent

uncontrollable

cough

Chest pain None Discomfort just

noticeable on

exercise or deep

breath

Marked

discomfort on

exercise or deep

breath

Severe discomfort

on exercise or

deep breath

Duration of response None <4 hours >4 hours, but

≤24 hours

>24 hours

Impact of Responses Normal Mild Moderate Severe

Interference with normal

activity

None Few individuals

choose to limit

activity

Many individuals

choose to limit

activity

Most individuals

choose to limit

activity

Medical treatment No change Normal medication

as needed

Increased

frequency of

medication use or

additional

medication

Physician or

emergency room

visit

a

See text for discussion; see Appendix A for abbreviations and acronyms.

b

An increase in nonspecific bronchial responsiveness of 100% is equivalent to a 50% decrease in PD20 or PD100

(see Chapter 7, Section 7.2.3).

9-25
consider the pattern of responses and not simply to focus on a single marker of the effect

of O3.

The magnitude of individual changes can become more important in persons with

impaired respiratory systems (e.g., asthmatics) who already have reduced baseline lung

function. Any change in function that causes these individuals to drop below 40 to 50% of

predicted would be considered clinically adverse. For example, O3-induced changes in SRaw,

a measure of airway narrowing, are small and of minimal clinical significance in

nonasthmatic individuals. Asthmatics, however, often have baseline airway narrowing and

experience larger changes in SRaw on exposure to O3 than do nonasthmatics. Because of these

baseline differences, the clinical significance of increases in SRaw depends both on percent

change from baseline and on absolute increases in SRaw.

9.4 Effects of Long-Term Ozone Exposures

In both humans and test animals, the response to a single O3 exposure nominally

can be characterized by lung dysfunction, lung cell injury and inflammation, and leakage of

plasma proteins into the airspace lumen. However, when such an exposure is repeated for

several consecutive days, many of these effects appear to wane, suggesting attenuation or the

development of tolerance to the continued intermittent challenge. In spite of this apparent

state of attenuation, long-term O3 exposures have been linked to subtle pulmonary effects,

some of which have irreversible components, thereby enhancing concern about chronic

effects. The following section will provide an overview attempting to synthesize the current

understanding of the phenomenon of attenuation during brief, repeated exposures and the

evidence for potential health impairments resulting from protracted exposures to this oxidant.

9.4.1 Repeated Exposures

It is well established that a brief exposure of laboratory rodents to an

O3 concentration, which causes minimal effects, will protect the animals from a subsequent

lethal challenge of O3 a week later. This phenomenon, called tolerance, bears a similarity to

the pattern of attenuated nonlethal effects (sometimes referred to as "adaptation") observed in

both human volunteers and animals when exposed to episodic levels of O3 (≤0.5 ppm) for

1 to 7 h/day over a succession of 5 or more days. Generally, over a 5-day exposure period,

the effects of Day 1 are accentuated on Day 2 and diminish thereafter. Attenuation of the

functional effects include spirometric deficits and associated symptoms as well as irritative

alterations of breathing; nonspecific airway responsiveness, however, does not revert to

normal levels. Measures of tissue effects that attenuate include inflammation and impaired

phagocytic capabilities of alveolar macrophages. However, some evidence from animal

studies suggests that tissue alterations persist, although the observed changes may be part of a

transition to a chronically affected stage of the lung. Thus, in general, cell-associated

indicators of injury or damage within the lung appear to diminish in spite of the continued

O3 exposure.

A number of mechanisms have been shown to be involved in the evolution of this

"adapted" state. These mechanisms range from the replacement of sensitive cells in the

alveolar lining (epithelium) by more resistant cells (with or without a thickened fluid barrier

on the lumenal surface) to the enhancement of antioxidant metabolism providing cell

resistance and more biochemical defenses at the lung surface. However, controlled human

9-26
studies show that after a 1-week period without O3 exposure, subjects regain their spirometric

responsiveness to O3 challenge, although this abrupt transition between unresponsiveness and

responsiveness appears less distinct in field-related studies. For example, studies of Southern

Californians suggest that they are significantly less responsive to the spirometric effects of an

acute episodic-like controlled challenge with O3 when studied for a period after the "high" O3

season than after the relatively "low" O3 season. Likewise, there is some evidence that O3-

exposed urban populations are also somewhat more resistant to the oxidant than populations

that receive minimal exposure. This would appear to be in conflict with hospital admissions

data suggesting the aggravation of respiratory diseases, like asthma, within such populations.

It remains to be shown whether these latter data reflect the responsiveness of a sensitive

subpopulation, perhaps less adapted or having less reserve function.

9.4.2 Prolonged Exposures

Most long-term exposure studies in animals have evaluated structural and

functional changes. In the few investigations of the immune system or antibacterial host

defenses, prolonged exposures of animals either caused no effects or did not increase the

magnitude of effects observed after acute exposures. Thus, the following discussion centers

on the larger body of knowledge on other endpoints.

Epidemiologic studies attempting to associate chronic lung effects in humans with

long-term O3 exposure provide only suggestive evidence that such a linkage exists. Most

studies have been cross-sectional in design and have been compromised by incomplete control

of confounding variables and inadequate exposure information. Other studies have attempted

to follow variably exposed groups prospectively. Studies of such design have been conducted

in communities of the Southwest Air Basin as well as in Canada where comparisons could be

drawn between lung function changes over several years in populations from high- or lowoxidant pollution. The findings suggest small, but consistent decrements in lung function

among inhabitants of the more highly polluted communities. However, associations between

O3 and other copollutants and, in some cases, problems with study population loss undermine

the confidence in the study conclusions. Likewise, recent associations found between O3 and

the incidence and severity of asthma over a decade of study, although derived from welldesigned studies, also tend to be weakened by the colinearity of O3 with other air pollutants.

Nevertheless, in all of the studies assessing lung function, the pattern of dysfunction

associated with the long-term exposure has been consistent with the functional and structural

abnormalities seen in laboratory animal studies.

The advantage of laboratory animal studies is the ability to examine closely the

distribution and intensity of the O3-induced morphologic changes that have been identified

throughout the respiratory tract (see Chapter 6, Section 6.2.4). Indeed, cells of the nose, like

the distal lung, clearly are affected by O3. Perhaps of greater health concern are the lesions

that occur in the small airways and in the centriacinar regions of the lung where the alveoli

meet the distal airways (Figure 9-12). Altered function of the distal airways, the proximal

conduits of air to the gas-exchange regions, can result in reduced communication of fresh air

with the alveoli and air-trapping. In fact, chronic O3 lesions as found in animal studies are

reminiscent of the earliest lesions found in respiratory bronchiolitis, some of which may

progress to fibrotic lung disease (Kuhn et al., 1989; King, 1993).

9-27
Figure 9-12. A summary of the morphologic lesions found in the terminal bronchioles and

centriacinar region (CAR) of the lung following exposure of laboratory rats

to filtered air or a simulated ambient pattern of ozone for up to 78 weeks. In

the terminal bronchiole, the sizes of the dome of Clara cells became smaller

with ozone exposure, and the number of cilia is reduced (arrows). In the

CAR, the epithelium becomes thicker, and accumulation of collagen fibers

occurs (arrow heads).

Source: Chang et al. (1992).

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The O3-induced inflammation, cell damage, and altered permeability of epithelial

cells lining the respiratory tract allow exudation of fluid, cells, and cellular debris from

plasma into lung tissue. The magnitude of intraluminal exudation associated with injury

correlates with the initial epithelial necrosis and release of inflammatory mediators.

As shown in Figure 9-13, the temporal pattern of effects during and after a chronic exposure

is complex. During the early days of exposure, the end-airway lumenal and interstitial

inflammation peaks, and, thereafter, appears to subside at a lower plateau of activity

sometimes referred to as a "smoldering" lesion. Several cytokines remain elevated beyond the

apparent adaptation phase of the response and may be linked conceptually to the development

of chronic lesions in the distal lung. To date, however, a clear association of these BALderived mediators and cells with long-term toxicity has not been demonstrated. Some

evidence of molecular changes within the matrix of the lung may also link to the chronic

effects, but these too remain poorly defined. When exposures to O3 continue for weeks or

months, the diminished O3-induced exudative response in the distal bronchoalveolar areas is

supplanted by hyperplastic epithelia in the alveoli and end-airways. Damaged cells in

centriacinar alveoli are replaced by metabolically active progenitor cells that are more

resistant to oxidant challenge. Junctional areas between conducting and gas-exchange regions,

where the O3 changes are typically most intense, also undergo epithelial hyperplasia, giving

the appearance that airway cells are extending into the mouth of the alveolus, hence the term

"bronchiolization". The functional result of this concentration-dependent process is the

effective elongation of distal bronchioles, which functionally may alter air distribution within

the lung during breathing. These hyperplastic cells also are believed to be more resistant to

O3. When exposure to O3 ceases, most, but not all, of the hyperplasia appears to reverse with

time.

In contrast, within the underlying interstitium (tissue between blood and air spaces)

of the affected centriacinar region, proliferating fibroblasts appear to evolve excess

noncellular fibrous matrices, which may be only partially reversible and may, in fact, progress

after removal from O3 exposure. This would suggest that O3 can initiate focal interstitial

fibrosis of the lung at the regions where O3 causes epithelial cell damage as a prelude to

chronic degenerative lung disease. The crucial question, then, is whether this latter

irreversible process, which clearly occurs at relatively high O3 concentrations, occurs at

ambient levels to which humans are typically exposed, in many cases, over a lifetime.

Unfortunately, comparable morphologic data from humans residing in O3-polluted areas are

lacking.

Studies of prolonged O3 exposures in monkeys and rats reveal generally similar

morphologic responses, although it appears that the monkey exhibits somewhat more tissue

injury than does the rat under roughly similar exposure conditions. Interspecies comparisons

of dosimetric data indicate that the monkey, with its similarity to the human in distal airway

structure, provides data that may best reflect the potential effects of O3 in humans exercising

out of doors. As such, monkeys exposed to O3 at 0.15 ppm for 8 h each day for 6 to 90 days

exhibit significant distal airway remodeling. Rats show similar but more modest changes at

0.25 ppm O3 after exposures of longer duration, up to 18 mo and beyond (near-lifetime). The

chronic distal lung and airway alterations appear consistent with incipient peribronchiolar

fibrogenesis within the interstitium. Attempts to correlate functional deficits have been

variable, perhaps due in part to the degree and distribution of the lesions and the general

insensitivity of most measures of the distal lung function. The interstitial changes may

progress, however. Moreover, one recent primate study revealed evidence that

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Figure 9-13. Schematic comparison of the duration-response profiles for epithelial

hyperplasia, bronchoalveolar exudation, and interstitial fibrosis in the

centriacinar region of lung exposed to a constant low concentration of ozone.

Source: Dungworth (1989).

intermittent challenge with a pattern of O3 exposure more reflective of seasonal episodes, with

extended periods of clean air in between extended periods of O3, actually leads to greater

injury. The reasons for this are unclear, but may relate to the known loss of tolerance that

occurs in both humans and animal test species with removal of the oxidant burden.

In conclusion, the collective toxicologic data on chronic exposure to O3 garnered in

animal exposure and human population studies have some ambiguities. What is clear is that

the distribution of the O3 lesions is roughly similar across species, is, in part, concentration

dependent (and perhaps time or exposure-pattern dependent), and, under certain conditions,

has irreversible structural attributes. What is unclear is whether ambient exposure scenarios

encountered by humans result in similar lesions and whether there are resultant functional or

impaired health outcomes, particularly because the human exposure scenario may involve

much longer exposures than can be studied in the laboratory. The epidemiologic lung

function data generally parallel those of the animal studies, but they lack the confidence of

O3 exposure history and are frequently confounded by personal or copollutant variables.

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9.4.3 Genotoxicity and Carcinogenicity of Ozone

Numerous in vitro exposure studies suggest that O3 has either weak or no potential

to cause mutagenic, cytogenetic, or cellular transformation effects. Most of these experiments

utilized high concentrations of O3 (>5.0 ppm). Because of the exposure systems used, there

are unknowns about the formation of artifacts and the dose of O3. Therefore, these studies

are not very useful in health assessment. Cytogenetic effects have been observed in some,

but not all, laboratory animal and human studies of short-term O3 exposure. However, welldesigned human clinical cytogenetic studies were negative.

Until recently, in vivo exposure studies of carcinogenicity, with and without

co-exposure to known carcinogens, were either negative or ambiguous. A well-designed

cancer bioassay study has recently been completed by the National Toxicology Program

(NTP) using male and female Fischer 344/N rats and B6C3F1 mice. Animals were exposed

for 2 years to 0.12, 0.5, and 1.0 ppm O3 (6 h/day, 5 days/week). A similar lifetime exposure

was conducted, but 0.12 ppm was not used. The NTP evaluated the weight-of-evidence for

this study; they found "no evidence" of carcinogenicity in rats but reported "equivocal

evidence" of carcinogenicity in O3-exposed male mice and "some evidence" of carcinogenic

activity in O3-exposed female mice. The increases in adenomas and carcinomas were

observed only in the lungs. There was no concentration response. In the male mice, the

incidence of neoplasms in the 2-year study was not elevated significantly by O3 and was

within the range of historical controls. The lifetime exposure resulted in an increased

incidence of carcinomas that was not statistically significant. When the female mouse data

from the two exposure regimens (at 1.0 ppm) were combined, there was a statistically

significant increase (almost double) in neoplasms. In a companion study, male rats were

treated with a tobacco carcinogen and exposed for 2 years to 0.5 ppm O3. Ozone did not

affect the response and, therefore, had no tumor promoting activity.

In summary, only chronic exposure to a high concentration of O3 (1.0 ppm) has

been shown to evoke a limited degree of carcinogenic activity in the females of one strain of

mice. Rats were not affected. Furthermore, there was no concentration response, and there is

inadequate information from other research to provide mechanistic support for the finding in

mice. Thus, the potential for animal carcinogenicity is uncertain.

9.5 Effects of Combined Pollutant Exposures

In ambient air, people are exposed to mixtures of pollutants, making it important to

understand interactions. Epidemiological studies, which inherently evaluate O3 as part of

complex mixtures, are discussed in other subsections dealing with classes of effects. In the

laboratory it becomes possible to sort out the role of O3 in simple mixtures. Complex

mixtures are typically not investigated in the laboratory because, even if only six pollutants

were involved, the experimental design required to unequivocally sort out which pollutant or

pollutant interactions were responsible for the responses or portions of the responses could

require as many as 719 additional separate experiments, even if the concentrations of the six

pollutants remained the same.

The summary will focus only on binary mixtures because these are by far the

predominant type of experiments. Responses to a binary pollutant mixture may represent the

sum of the independent responses to the two chemicals (i.e., an additive response). If there is

some interaction between either the two responses or the two pollutants, the resultant response

9-31
could be larger than additive (synergism) or smaller than additive (antagonism). Interaction

between pollutants could result in the production of a more or less toxic byproduct.

Alternatively, the response to one pollutant could magnify the response to the other pollutant

or could interfere with or block the action of the other pollutant. Binary mixture studies fall

into two categories, simultaneous and sequential exposures. In the simultaneous exposures,

both the responses and the pollutants can interact. In the sequential exposures, it is primarily

the responses that would interact.

In general, controlled human studies of O3 mixed with other pollutants show no

more than an additive response with symptoms or spirometry as an endpoint. This applies to

O3 in combination with nitrogen dioxide (NO2), SO2, sulfuric acid (H2SO4), nitric acid

(HNO3), or carbon monoxide (CO). Indeed, at the levels of copollutants used in human

exposure studies, the responses can be attributed primarily to O3. In one study, exposure to

O3 increased airway responsiveness to SO2 in asthmatics. Similarly, other pollutants that may

increase airway responsiveness could augment the effect of O3 on airway responsiveness.

The relatively large number of animal studies of O3 in mixture with NO2 and

H2SO4 shows that additivity, synergism, and antagonism can result, depending on the

exposure regimen and the endpoint studied. The numerous observations of synergism are of

concern, but the interpretation of most of these studies relative to the real world is

confounded by unrealistic exposure designs. For example, ambient concentrations of O3 often

were combined with levels of copollutants substantially higher than ambient, creating the

possibility that mechanisms of toxicity unlikely in the real world contributed to the

experimental outcome. Nevertheless, the data support a hypothesis that coexposure to

pollutants, each at innocuous or low-effect levels, may result in effects of significance.

9.6 Conclusions

This section summarizes the primary conclusions derived from an integration of

the known effects of O3 provided by animal toxicological, human clinical, and

epidemiological studies.

1. What are the effects of short-term (<8-h) exposures to ozone?

Recent epidemiology studies addressing the effects of short-term ambient exposure

to O3 in the population have yielded significant associations with a wide range of health

outcomes, including lung function decrements, aggravation of preexisting respiratory disease,

increases in daily hospital admissions and emergency department visits for respiratory causes,

and increased mortality. Results from lung function epidemiology studies are generally

consistent with the experimental studies in laboratory animals and humans.

Short-term O3 exposure of laboratory animals and humans causes changes in

pulmonary function, including tachypnea (rapid, shallow breathing), decreased lung volumes

and flows, and increased airway responsiveness to nonspecific stimuli. Increased airway

resistance occurs in both humans and laboratory animals, but typically at higher exposure

levels than other functional endpoints. In addition, adult human subjects experience

O3 induced symptoms of airway irritation such as cough or pain on deep inspiration. The

changes in pulmonary function and respiratory symptoms occur as a function of exposure

concentration, duration, and level of exercise. Adult human subjects with mild asthma have

qualitatively similar responses in lung volume and airway responsiveness to

9-32
bronchoconstrictor drugs as nonasthmatics. Respiratory symptoms are also similar, but

wheezing is a prevalent symptom in O3-exposed asthmatics in addition to the other

demonstrated symptoms of airway irritation. Airway resistance, however, increases relatively

more in asthmatics from an already higher baseline. Recovery from the effects of O3 on

pulmonary function and symptoms is usually complete within 24 h of the end of exposure,

although other responses may persist somewhat longer.

· An association between daily mortality and O3 concentration for areas with high

O3 levels (e.g., Los Angeles) has been suggested, although the magnitude of

such an effect is unclear.

· Increased O3 levels are associated with increased hospital admissions and

emergency department visits for respiratory causes. Analyses from data in the

Northeastern United States suggest that O3 air pollution is associated with a

substantial portion (on the order of 10 to 20%) of all summertime respiratory

hospital visits and admissions.

· Pulmonary function in children at summer camps in southern Ontario, Canada,

in the northeastern United States, and in Southern California is associated with

O3 concentration. Meta-analysis indicates that a 0.50-mL decrease in FEV1 is

associated with a 1 ppb increase in O3 concentration. For preadolescent

children exposed to 120 ppb (0.12 ppm) ambient O3, this amounts to an average

decrement of 2.4 to 3.0% in FEV1. Similar responses are reported for children

and adolescents exposed to O3 in ambient air or O3 in purified air for 1 to 2 h

while exercising.

· Pulmonary function decrements are generally observed in healthy subjects (8 to

45 years of age) after 1 to 3 h of exposure as a function of the level of exercise

performed and the O3 concentration inhaled during the exposure. Group mean

data from numerous controlled human exposure and field studies indicate that,

in general, statistically significant pulmonary function decrements beyond the

range of normal measurement variability (e.g., 3 to 5% for FEV1) occur

(1) at >0.50 ppm O3 when at rest,

(2) at >0.37 ppm O3 with light exercise (slow walking),

(3) at >0.30 ppm O3 with moderate exercise (brisk walking),

(4) at >0.18 ppm O3 with heavy exercise (easy jogging), and

(5) at >0.16 ppm O3 with very heavy exercise (running).

Smaller group mean changes (e.g., <5%) in FEV1 have been observed at lower

O3 concentrations than those listed above. For example, FEV1 decrements have

been shown to occur with very heavy exercise in healthy adults at 0.15 to 0.16

ppm O3, and such effects may occur in healthy young adults at levels as low as

0.12 ppm. Also, pulmonary function decrements have been observed in

children and adolescents at concentrations of 0.12 and 0.14 ppm O3 with heavy

exercise. Some individuals within a study may experience FEV1 decrements in

excess of 15% under these exposure conditions, even when the group mean

decrement is less than 5%.

· For exposures of healthy subjects performing moderate exercise during longer

duration exposures (6 to 8 h), 5% group mean decrements in FEV1 were

observed at

(1) 0.08 ppm O3 after 5.6 h,

(2) 0.10 ppm O3 after 4.6 h, and

9-33
(3) 0.12 ppm O3 after 3 h.

For these same subjects, 10% group mean FEV1 decrements were observed at

0.12 ppm O3 after 5.6 and 6.6 h. As in the shorter duration studies, some

individuals experience changes larger than those represented by the group mean

changes.

· An increase in the incidence of cough has been reported at O3 concentrations as

low as 0.12 ppm in healthy adults during 1 to 3 h of exposure with very heavy

exercise. Other respiratory symptoms, such as pain on deep inspiration,

shortness of breath, and lower respiratory scores (a combination of several

symptoms), have been observed at 0.16 to 0.18 ppm O3 with heavy and very

heavy exercise. Respiratory symptoms also have been observed following

exposure to 0.08, 0.10, and 0.12 ppm O3 for 6.6 h with moderate levels of

exercise.

· Increases in nonspecific airway responsiveness in healthy adults have been

observed after 1 to 3 h of exposure to 0.40 ppm, but not 0.20 ppm, O3 at rest

and have been observed at concentrations as low as 0.18 ppm, but not to

0.12 ppm, O3 during exposure with very heavy exercise. Increases in

nonspecific airway responsiveness during 6.6-h exposures with moderate levels

of exercise have been observed at 0.08, 0.10, and 0.12 ppm O3.

Short-term O3 exposure of laboratory animals and humans disrupts the barrier

function of the lung epithelium, permitting materials in the airspaces to enter lung tissue,

allowing cells and serum proteins to enter the airspaces (inflammation), and setting off a

cascade of responses.

· Increased levels of PMNs and protein in lung lavage fluid have been observed

following exposure of healthy adults to 0.20, 0.30, and 0.40 ppm with very

heavy exercise and have not been studied at lower concentrations for 1- to 3-h

exposures. Increases in lung lavage protein and PMNs also have been observed

at 0.08 and 0.10 ppm O3 during 6.6-h exposures with moderate exercise; lower

concentrations have not been tested.

Short-term O3 exposure of laboratory animals and humans impairs alveolar

macrophage clearance of viable and nonviable particles from the lungs and decreases the

effectiveness of host defenses against bacterial lung infections in animals and perhaps

humans. The ability of alveolar macrophages to engulf microorganisms is decreased in

humans exposed to 0.08 and 0.10 ppm O3 for 6.6 h with moderate exercise.

2. What are the effects of repeated, short-term exposures to ozone?

During repeated short-term exposures, some of the O3-induced responses are

partially or completely attenuated. Over a 5-day exposure, pulmonary function changes are

typically greatest on the second day, but return to control levels by the fifth day of exposure.

Most of the inflammatory markers (e.g., PMN influx) also attenuate by the fifth day of

exposure, but markers of cell damage (e.g., lactate dehydrogenase enzyme activity) do not

attenuate and continue to increase. Attenuation of lung function decrements is reversed

following 7 to 10 days without O3. Some inflammatory markers are also reversed during this

time period, but others still show attenuation even after 20 days without O3. The mechanisms

and impacts involved in attenuation are not known, although animal studies show that the

underlying cell damage continues throughout the attenuation process. In addition, attenuation

may alter the normal distribution of O3 within the lung, allowing more O3 to reach sensitive

9-34
regions, possibly affecting normal lung defenses (e.g., PMN influx in response to inhaled

microorganisms).

3. What are the effects of long-term exposures to ozone?

Available data indicate that exposure to O3 for months and years causes structural

changes in several regions of the respiratory tract, but effects may be of the greatest

importance in the centriacinar regions (where the alveoli and conducting airways meet); this

region typically is affected in most chronic airway diseases of the human lung. This

information on O3 effects in the distal lung is extrapolated from animal toxicological studies

because, to date, comparable data are not available from humans. The apparent lack of

reversal of effects during periods of clean air exposure raises concern that seasonal exposures

may have a cumulative impact over many years. The role of adaptive processes in this

response is unknown but may be critically dependent on the temporal frequency or profile of

exposure. Furthermore, the interspecies diversity in apparent sensitivity to the chronic effects

of O3 is notable, with the rat representing the lower limit of response, and the monkey the

upper limit. Epidemiological studies attempting to associate chronic health effects in humans

with long-term O3 exposure provide only suggestive evidence that such a linkage exists.

Long-term exposure in the females of one strain of mice to high O3 levels (1 ppm)

caused a small, but statistically significant increase in lung tumors. There was no

concentration-response relationship, and rats were not affected. Genotoxicity data are either

negative or weak. Given the nature of the database, potential carcinogenicity in animals is

uncertain. Ozone did not show tumor-promoting activity in a chronic rat study (at 0.5 ppm

O3).

4. What are the effects of binary pollutant mixtures containing ozone?

Combined data from laboratory animal and controlled human exposure studies of

O3 support the hypothesis that coexposure to pollutants, each at low-effect levels, may result

in effects of significance. The data from human studies of O3 in combination with NO2, SO2,

H2SO4, HNO3, or CO show no more than an additive response on lung spirometry or

respiratory symptoms. The larger number of laboratory animal studies with O3 in mixture

with NO2 and H2SO4 show that effects can be additive, synergistic, or even antagonistic,

depending on the exposure regimen and the endpoint studied. This issue of exposure to

copollutants remains poorly understood, especially with regard to potential chronic effects.

5. What population groups are at risk as a result of exposure to ozone?

Identification of population groups that may show increased sensitivity to O3 is

based on their (1) biological responses to O3, (2) preexisting lung disease (e.g., asthma),

(3) activity patterns, (4) personal exposure history, and (5) personal factors (e.g., age,

nutritional status).

The predominant information on the health effects of O3 noted above comes from

clinical and field studies on healthy, nonsmoking, exercising subjects, 8 to 45 years of age.

These studies demonstrate that, among this group, there is a large variation in sensitivity and

responsiveness to O3, with at least a 10-fold difference between the most and least responsive

individuals. Individual sensitivity to O3 also may vary throughout the year, related to

seasonal variations in ambient O3 exposure. The specific factors that contribute to this large

intersubject variability, however, remain undefined. Although differences may be due to the

9-35
dosimetry of O3 in the respiratory tract, available data show little difference on O3 deposition

in the lungs for inhalation through the nose or mouth.

Daily life studies reporting an exacerbation of asthma and decrease in peak

expiratory flow rates, particularly in asthmatic children, appear to support the controlled

studies; however, those studies may be confounded by temperature, particle or aeroallergen

exposure, and asthma severity of the subjects or their medication use. In addition, field

studies of summertime daily hospital admissions for respiratory causes show a consistent

relationship between asthma and ambient levels of O3 in various locations in the Northeastern

United States, even after controlling for independent contributing factors. Controlled studies

on mild asthmatics suggest that they have similar lung volume responses but greater airway

resistance changes to O3 than nonasthmatics. Furthermore, limited data from studies of

moderate asthmatics suggest that this group may have greater lung volume responses than

nonasthmatics.

Other population groups with preexisting limitations in pulmonary function and

exercise capacity (e.g., chronic obstructive pulmonary disease, chronic bronchitis, ischemic

heart disease) would be of primary concern in evaluating the health effects of O3.

Unfortunately, not enough is known about the responses of these individuals to make

definitive conclusions regarding their relative responsiveness to O3. Indeed, functional effects

in these individuals with reduced lung function may have greater clinical significance than

comparable changes in healthy individuals.

Currently available data on personal factors or personal exposure history known or

suspected of influencing responses to O3 follow.

· Human studies have identified a decrease in pulmonary function responsiveness

to O3 with increasing age, although symptom rates remain similar.

Toxicological studies are not easily interpreted but suggest that young animals

are not more responsive than adults.

· Available toxicological and human data have not conclusively demonstrated that

males and females respond differently to O3. If gender differences exist for

lung function responsiveness to O3, they are not based on differences in baseline

pulmonary function.

· Data are not adequate to determine whether any ethnic or racial group has a

different distribution of responsiveness to O3. In particular, the responses of

nonwhite asthmatics have not been investigated.

· Information derived from O3 exposure of smokers is limited. The general trend

is that smokers are less responsive than nonsmokers. This reduced

responsiveness may wane after smoking cessation.

· Although nutritional status (e.g., vitamin E deficiency) makes laboratory rats

more susceptible to O3-induced effects, it is not clear if vitamin E

supplementation has an effect in human populations. Such supplementation has

no or minimal effects in animals. The role of such antioxidant vitamins in

O3 responsiveness, especially their deficiency, has not been well studied.

Based on information presented in this document, the population groups that have

demonstrated increased responsiveness to ambient concentrations of O3 consist of exercising,

healthy and asthmatic individuals, including children, adolescents, and adults.

9-36
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9-39
#

Appendix A

Abbreviations and Acronyms

#&1/ #EKF&GRQUKVKQPCPF1ZKFCPV/QFGN

#). #DQXGITQWPFNGXGN

#+45 #GTQOGVTKE+PHQTOCVKQP4GVTKGXCN5[UVGO

#/ #NXGQNCTOCETQRJCIG

#3%& #KT3WCNKV[%TKVGTKC&QEWOGPV

#3%4 #KT3WCNKV[%QPVTQN4GIKQP

#752': #VOQURJGTKE7VKNKV[5KIPCVWTGU2TGFKEVKQPUCPF'ZRGTKOGPVU

% %CTDQP

% %QPEGPVTCVKQP

%# %JTQOQVTQRKECEKF

%## %NGCP#KT#EV

%### %NGCP#KT#EV#OGPFOGPVUQH

%#.4#/5 %QCUVCPF.CMG4GIKQPCN#VOQURJGTKE/QFGNKPI5[UVGO

%#4 %GPVTKCEKPCTTGIKQP

%#5#% %NGCP#KT5EKGPVKHKE#FXKUQT[%QOOKVVGG

%$/ %CTDQPDQPFOGEJCPKUO

%%/ %QOOWPKV[%NKOCVG/QFGN

%(% %JNQTQHNWQTQECTDQP

%* 1* /GVJCPQN 

%* /GVJCPG

%+ %JGOKECNKQPK\CVKQP

%+6 %CNKHQTPKC+PUVKVWVGQH6GEJPQNQI[

%. %JGOKNWOKPGUEGPEG

%/$ %JGOKECNOCUUDCNCPEG

%0) %QORTGUUGFPCVWTCNICU

%1 %CTDQPOQPQZKFG

%1 %CTDQPFKQZKFG 

%69/ %QORNGZ6GTTCKP9KPF/QFGN

&+#. &KHHGTGPVKCNCDUQTRVKQPNKFCT
#

&02* &KPKVTQRJGP[NJ[FTC\KPG

&1#5 &KHHGTGPVKCNQRVKECNCDUQTRVKQPURGEVTQOGVT[

&9/ &KCIPQUVKE9KPF/QFGN

'%& 'NGEVTQPECRVWTGFGVGEVKQP

'-/# 'ORKTKECN-KPGVKE/QFGNKPI#RRTQCEJ

'/5 'OKUUKQPU/QFGNKPI5[UVGO

'2# 75'PXKTQPOGPVCN2TQVGEVKQP#IGPE[

'2'/ 'XGPV2TQDCDKNKV['ZRQUWTG/QFGN

'24+ 'NGEVTKE2QYGT4GUGCTEJ+PUVKVWVG

'25 'OKUUKQPU2TGRTQEGUUQT5[UVGO

'4#35 'CUVGTP4GIKQPCN#KT3WCNKV[5VWF[

'6$' 'VJ[NVGTVKCT[DWV[NGVJGT

'V1* 'VJCPQN

(&&# (QWTFKOGPUKQPCNFCVCCUUKOKNCVKQP

(G51 (GTTQWUUWNHCVG 

('8 (QTEGFGZRKTCVQT[XQNWOGKPU 

(8% (QTEGFXKVCNECRCEKV[

(+& (NCOGKQPK\CVKQPFGVGEVKQP

(6+4 (QWTKGTVTCPUHQTOKPHTCTGFCDUQTRVKQPURGEVTQUEQR[

)% )CUEJTQOCVQITCRJ[

)/'2 )GQEQFGF/QFGNQH'OKUUKQPUCPF2TQLGEVKQPU

)26 )CURJCUGVKVTCVKQP

* *[FTQIGPKQP 


*% *[FTQECTDQP

*%(% *[FTQEJNQTQHNWQTQECTDQP

*%*1 (QTOCNFGJ[FG

*01 0KVTQWUCEKF 

*01 0KVTKECEKF 

*1 *[FTQRGTQZ[N 

* 1 *[FTQIGPRGTQZKFG  

*2.% *KIJRGTHQTOCPEGNKSWKFEJTQOCVQITCRJ[

* 51 5WNHWTKECEKF  

+% +QPEJTQOCVQITCRJ[

+& +FGPVKHKECVKQPPWODGT

+1 +PFQQTQWVFQQT
#

+4 +PHTCTGFTCFKCVKQP

+4 +PETGOGPVCNTGCEVKXKV[

./15 .CMG/KEJKICP1ZKFCPV5VWF[

.2) .KSWKHKGFRGVTQNGWOICU

/$6* /GVJ[NDGP\QVJKC\QNQPGJ[FTC\QPG

/%%2 /QWPVCKP%NQWF%JGOKUVT[2TQITCO

//// /GUQUECNG/QFGNXGTUKQPUCPF

/1$+.' 75'PXKTQPOGPVCN2TQVGEVKQP#IGPE[GOKUUKQPUOQFGNHQTOQDKNG

UQWTEGU

/1&'.5 /QFGNKPIHTCOGYQTMVJCVEQPUQNKFCVGUCNNQHVJG75'PXKTQPOGPVCN

2TQVGEVKQP#IGPE[	UVJTGGFKOGPUKQPCNRJQVQEJGOKECNCKT

SWCNKV[OQFGNU

/2#0 2GTQZ[OGVJCET[NQ[NPKVTCVG

/5# /GVTQRQNKVCP5VCVKUVKECN#TGC

/5%'6 /QPVJCPFUVCVGEWTTGPVGOKUUKQPUVTGPFU

/6$' /GVJ[NVGTVKCT[DWV[NGVJGT

0# 0QVCXCKNCDNG

0##35 0CVKQPCN#ODKGPV#KT3WCNKV[5VCPFCTFU

0#&2 0CVKQPCN#VOQURJGTKE&GRQUKVKQP2TQITCO

0#/5 0CVKQPCN#KT/QPKVQTKPI5VCVKQP

0#2#2 0CVKQPCN#EKF2TGEKRKVCVKQP#UUGUUOGPV2TQITCO

0#2$0 9GUVGTP0CVKQPCN#KT2QNNWVKQP$CEMITQWPF0GVYQTM

0#5 0CVKQPCN#ECFGO[QH5EKGPEGU

0$-+ 0GWVTCNDWHHGTGFRQVCUUKWOKQFKFG

0$5 0CVKQPCN$WTGCWQH5VCPFCTFUPQY0CVKQPCN+PUVKVWVGQH

5VCPFCTFUCPF6GEJPQNQI[

0%#4 0CVKQPCN%GPVGTHQT#VOQURJGTKE4GUGCTEJ

0%.#0 0CVKQPCN%TQR.QUU#UUGUUOGPV0GVYQTM

0&&0 0CVKQPCN&T[&GRQUKVKQP0GVYQTM

0'/ 0CVKQPCN#KT3WCNKV[5VCPFCTFU'ZRQUWTG/QFGN

0( 0CVKQPCNHQTGUV

0* #OOQPKC 

0* *51 #OOQPKWODKUWNHCVG  

0* 1* #OOQPKWOJ[FTQZKFG 


0*  51 #OOQPKWOUWNHCVG  
#

0+56 0CVKQPCN+PUVKVWVGQH5VCPFCTFUCPF6GEJPQNQI[

0/ 0CVKQPCNOQPWOGPV

0/*% 0QPOGVJCPGJ[FTQECTDQP

0/1% 0QPOGVJCPGQTICPKEEQORQWPF

01 0KVTKEQZKFG

01 0KVTQIGPFKQZKFG 

0 1 0KVTQWUQZKFG 

01 0KVTCVG 



01 0KVTQIGPQZKFGU Z

02 0CVKQPCNRCTM

020 PRTQR[NPKVTCVG

062 0CVKQPCN6QZKEQNQI[2TQITCO

1 1\QPG 

1#325 1HHKEGQH#KT3WCNKV[2NCPPKPICPF5VCPFCTFU

1DU 1DUGTXCVKQPU

1* *[FTQZ[N

1*$# *[FTQZ[DGP\QKECEKF

2#/5 2JQVQEJGOKECN#GTQOGVTKE/QPKVQTKPI5[UVGO

2#0 2GTQZ[CEGV[NPKVTCVG

2#0U 2GTQZ[CE[NPKVTCVGU

2#4 2TQZKOCNCNXGQNCTTGIKQP

2$. 2NCPGVCT[DQWPFCT[NC[GT

2$\0 2GTQZ[DGP\Q[NPKVTCVG

2&(+& %T[QIGPKERTGEQPEGPVTCVKQPFKTGEVHNCOGKQPK\CVKQPFGVGEVKQP

2(62.+( 2JQVQHTCIOGPVCVKQPVYQRJQVQPNCUGTKPFWEGFHNWQTGUEGPEG

R* *[FTQIGPKQPEQPEGPVTCVKQP

2. .KSWKFRJCUGXCRQTRTGUUWTG

2.#04 2TCEVKEGHQT.QYEQUV#RRNKECVKQPKP0QPCVVCKPOGPV4GIKQPU

2/0 2QN[OQTRJQPWENGCTNGWMQE[VGCNUQECNNGFPGWVTQRJKN

RRO% 2CTVURGTOKNNKQPECTDQP

220 2GTQZ[RTQRKQP[NPKVTCVG

25& 2CUUKXGUCORNKPIFGXKEG

281% 2QNCTXQNCVKNGQTICPKEEQORQWPF

3 .CVGPVJGCVHNWZ '

3 *GCVHNWZ *

T .KPGCTTGITGUUKQPEQTTGNCVKQPEQGHHKEKGPV
#

4 /WNVKRNGEQTTGNCVKQPEQGHHKEKGPV 

4#&/ 4GIKQPCN#EKF&GRQUKVKQP/QFGN

4#25 4GIKQPCN#KT2QNNWVKQP5VWF[

4'*': 4GIKQPCN*WOCP'ZRQUWTG/QFGN

4/5& 4QQVOGCPUSWCTGFKHHGTGPEG

41) 4GCEVKXGQTICPKEICU

41/ 4GIKQPCN1ZKFCPV/QFGN

41/0'6 4GIKQPCN1\QPG/QFGNKPIHQT0QTVJGCUV6TCPURQTVRTQITCO

46 4GURKTCVQT[VTCEV

5#$ 5EKGPEG#FXKUQT[$QCTF

5#+ 5[UVGOU#RRNKECVKQPU+PVGTPCVKQPCN

5#24% 5VCVGYKFG#KT2QNNWVKQP4GUGCTEJ%GPVGT7PKXGTUKV[

QH%CNKHQTPKC4KXGTUKFG

5#4/#2 5CP,QCSWKP8CNNG[#KT3WCNKV[5VWF[5,8#35#VOQURJGTKE7VKNKV[

5KIPCVWTGU2TGFKEVKQPUCPF'ZRGTKOGPVU#752':4GIKQPCN

/QFGN#FCRVCVKQP2TQLGEV

5#41#& 5VQTCIGCPF4GVTKGXCNQH#GTQOGVTKE&CVC75'PXKTQPOGPVCN

2TQVGEVKQP#IGPE[EGPVTCNK\GFFCVCDCUGUWRGTUGFGFD[

#GTQOGVTKE+PHQTOCVKQP4GVTKGXCN5[UVGO=#+45?

5%#35 5QWVJ%QCUV#KT3WCNKV[5VWF[%CNKHQTPKC

5+2 5VCVG+ORNGOGPVCVKQP2NCP

5.#/5 5VCVGCPF.QECN#KT/QPKVQTKPI5VCVKQP

5,8#35 5CP,QCSWKP8CNNG[#KT3WCNKV[5VWF[

51 5WNHWTFKQZKFG 

51 5WNHCVG 



515 5QWVJGTP1ZKFCPV5VWF[

54/ 5VCPFCTFTGHGTGPEGOCVGTKCN

542 5VCPFCTFTGHGTGPEGRJQVQOGVGT

56'/++ 5WNHWT6TCPURQTV'WNGTKCP/QFGNXGTUKQP++

57/ 5GCUQPCNUWOQHCNNJQWTN[CXGTCIGEQPEGPVTCVKQPURRO

57/ 5GCUQPCNUWOQHCNNJQWTN[CXGTCIGEQPEGPVTCVKQPURRO

57/ 5GCUQPCNUWOQHCNNJQWTN[CXGTCIGEQPEGPVTCVKQPURRO

574' 5WNHCVG4GIKQPCN'ZRGTKOGPV2TQITCO

6 6GORGTCVWTG

6#/5 6QZKE#KT/QPKVQTKPI5VWF[75'PXKTQPOGPVCN2TQVGEVKQP#IGPE[

6&.#5 6WPCDNGFKQFGNCUGTCDUQTRVKQPURGEVTQUEQR[
8

#

6'# 6TKGVJCPQNCOKPG

6I 6GTCITCO

6)62 6JG)NQDCN6JKPMKPI2TQLGEV

60/*% 6QVCNPQPOGVJCPGJ[FTQECTDQPU

62.+( 6YQRJQVQPNCUGTKPFWEGFHNWQTGUEGPEG

66(/5 6YQVQPGHTGSWGPE[OQFWNCVGFURGEVTQUEQR[

7#/ 7TDCP#KTUJGF/QFGN

78 7NVTCXKQNGV

78$ 7NVTCXKQNGVTCFKCVKQPQHYCXGNGPIVJUVQPO

8/6 8GJKENGOKNGUVTCXGNGF

81% 8QNCVKNGQTICPKEEQORQWPF

' /KPWVGXGPVKNCVKQPGZRKTGFXQNWOGRGTOKPWVG

9(/ 9JKVG(CEG/QWPVCKP

9/170'2 9QTNF/GVGQTQNQIKECN1TICPK\CVKQP7PKVGF0CVKQPU'PXKTQPOGPV

2TQITCO

9 %WOWNCVKXGKPVGITCVGFGZRQUWTGKPFGZYKVJCUKIOQKFCNYGKIJVKPI

HWPEVKQP