STUDIES ON MEXICAN PALEONTOLOGY
TOPICS IN GEOBIOLOGY For detailed information on our books and series please visit: www.springer.com
Series Editors: Neil H. Landman, American Museum of Natural History, New York, New York,
[email protected] Douglas S. Jones, University of Florida, Gainesville, Florida,
[email protected] Current volumes in this series Volume 24:
Studies on Mexican Paleontology Francisco J. Vega, Torrey G. Nyborg, María del Carmen Perrilliat, Marison MontellanoBallesteros, Sergio R.S. Cevallos-Ferriz and Sara A. Quiróz-Barroso Hardbound, ISBN, 1-4020-3882-8, December 2005
Volume 23:
Applied Stratigraphy Eduardo A. M. Koutsoukos Hardbound, ISBN, 1-4020-2632-3, January 2005
Volume 22:
The Geobiology and Ecology of Metasequoia Ben A. LePage, Christopher J. Williams and Hong Yang Hardbound, ISBN, 1-4020-2631-5, 2005
Volume 21:
High-Resolution Approaches in Stratigraphic Paleontology Peter J. Harries Hardbound, ISBN 1-4020-1443-0, September 2003
Volume 20:
Predator-Prey Interactions in the Fossil Record Patricia H. Kelley, Michal Kowalewski, Thor A. Hansen Hardbound, ISBN 0-306-47489-1, January 2003
Volume 19:
Fossils, Phylogeny, and Form Jonathan M. Adrain, Gregory D. Edgecombe, Bruce S. Lieberman Hardbound, ISBN 0-306-46721-6, January 2002
Volume 18:
Eocene Biodiversity Gregg F. Gunnell Hardbound, ISBN 0-306-46528-0, September 2001
Volume 17:
The History and Sedimentology of Ancient Reef Systems George D. Stanley Jr. Hardbound, ISBN 0-306-46467-5, November 2001
Volume 16:
Paleobiogeography Bruce S. Lieberman Hardbound, ISBN 0-306-46277-X, May 2000
Volume 15:
Environmental Micropaleontology Ronald E. Martin Hardbound, ISBN 0-306-46232-X, July 2000
Volume 14:
Neogene, Paleontology of the Manonga Valley, Tanzania Terry Harrison Hardbound, ISBN 0-306-45471-8, May 1997
Volume 13:
Ammonoid Paleobiology Neil H. Landman, Kazushige Tanabe, Richard Arnold Davis Hardbound, ISBN 0-306-45222-7, May 1996
Studies on Mexican Paleontology Edited by FRANCISCO J. VEGA Universidad Nacional Autónoma de México, Mexico
TORREY G. NYBORG Department of Natural Sciences, Loma Linda University, CA, USA
MARÍA DEL CARMEN PERRILLIAT Universidad Nacional Autónoma de México, Mexico
MARISOL MONTELLANO-BALLESTEROS Universidad Nacional Autónoma de México, Mexico
SERGIO R.S. CEVALLOS-FERRIZ Universidad Nacional Autónoma de México, Mexico
and SARA A. QUIROZ-BARROSO Universidad Nacional Autónoma de México, Mexico
A C.I.P. Catalogue record for this book is available from the Library of Congress.
ISBN-10 ISBN-13 ISBN-10 ISBN-13
1-4020-3882-8 (HB) 978-1-4020-3882-2 (HB) 1-4020-3985-9 ( e-book) 978-1-4020-3985-0 (e-book)
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Cover illustrations: Reconstruction of Lambeosaurus laticaudus with the skull of L. lambei. Campanian of Baja California (illustration by Rubén Rodríguez-de la Rosa). Late Cretaceous ophiuroid from Chihuahua (photograph by Leonora Martín-Medrano). Bauhcis moranii from the Oligocene of Puebla (photograph by Sergio R. S. Cevallos-Ferriz). Top cover illustrations: Tselfatia sp. from Turonian outcrops of Vallecillo, Nuevo León (photograph by Alberto Blanco-Piñón). Megaxantho zoque from Maastrichian outcrops of Ocozocoautla, Chiapas (photograph by Francisco Vega).
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Aims & Scope Topics in Geobiology Book Series
Topics in Geobiology series treats geobiology --- the broad discipline that covers the history of life on Earth. The series aims for high quality, scholarly volumes of original research as well as broad reviews. Recent volumes have showcased a variety of organisms including cephalopods, corals, and rodents. They discuss the biology of these organisms-their ecology, phylogeny, and mode of life --and in addition, their fossil record --- their distribution in time and space. Other volumes are more theme based such as predator-prey relationships, skeletal mineralization, paleobiogeography, and approaches to high resolution stratigraphy, that cover a broad range of organisms. One theme that is at the heart of the series is the interplay between the history of life and the changing environment. This is treated in skeletal mineralization and how such skeletons record environmental signals and animal-sediment relationships in the marine environment. The series editors also welcome any comments or suggestions for future volumes; Series Editors: Douglas S. Jones Neil H. Landman
[email protected] [email protected]
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In Memoriam While this book was in press, our dear and respected colleague Shelton P. Applegate (1928-2005), unexpectedly passed away. For many of us, more than a fellow researcher and a friend, he was an enthusiastic and esteemed teacher. Evidence for this can be found in the chapter by Alvarado-Ortega et al., contained in this volume, where “Shelly” is considered the founder of “Mexican Paleoichtyology”. We feel extremely fortunate to have had him share his passion and controversial ideas on Paleontology and Earth Sciences. For all his contributions and genuine love for Mexico, we will sorely miss him. We, editors and authors, would like to dedicate this book to his memory.
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Foreword During the last few years, the number of contributions to the Paleontology of Mexico has increased considerably. Paleontological work in Mexico has been focused on providing important information for petroleum exploration and specific studies dealing with pollen, foraminifera, radiolaria, dinoflagellates, rudists, and ammonites. Often these reports were published only in local or regional journals and therefore not available to the scientific community at large. The purpose of this book is to offer an updated review of the fossil groups from Mexico, providing their significance to the stratigraphy, tectonics, sedimentology, evolution and paleontology of Mexico whose study has proved to be relevant in stratigraphy, tectonics, sedimentology, and evolution. The fossil record of Mexico ranges from Precambrian to Pleistocene. Almost every Mexican State has reported fossil localities with ongoing studies and potential for the discovery of new localities. Even those localities that have been studied since the eighteen-century, such as the early Cretaceous San Juan Raya, have recently reported new fossil groups. Unfortunately, much of the fossil reports from Mexico have been published in Spanish from local journals, which represent a language barrier to the international community. There is little doubt that the paleontological history of Mexico deserves to be known in other countries. By making this book available to the international scientific community we hope that interest in the fossil record of Mexico will grow. Important topics, such as the Cretaceous/Tertiary controversy, were not included in this book because the topic has received a lot of attention and many papers in English have already been published. The main value of this book is the compilation, updated information and critical review of research on the diverse taxonomic groups, which include plants, pollen, corals, rudists, bivalves, crustaceans, echinoids, ophiuroids, brachiopods, fishes, amphibians, reptiles and mammals, as well as a review of one of the most famous localities of Mexico: Tepexi de Rodríguez, Puebla. The first chapters deal with the study of plant macrofossils and pollen, with emphasis on paleoenvironmental interpretations, stratigraphic implications, and paleogeographic considerations. The invertebrate chapters include reviews of taxa, biostratigraphy, and paleobiogeographic implications. The vertebrate chapters emphasize the importance of taxa recently found in different locations of Mexico, including evolutionary implications and correlation with other localities around the world. Chapter authors present this work not in Spanish but in English and we are grateful to all of them for this. There are excellent books on diverse topics, dealing with fossils of Mexico, but this is the first book to be published that represents the most active research groups in the country including interpretative reviews of many taxa. This book will be useful for teaching, reference, research and for the enthusiast to the relicts of the past.
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Preface Mexico, as a world paradigm of diversity and prolonged natural history, could not leave aside a fundamental aspect of her cultural inheritance, namely, the nature and evolution of life, as contained in the fossil register of animals and plants left in rocks of all epochs in the Mexican territory. This book, because of its timeliness and precious content, undoubtly will remain for years to come as a classical work in the scientific literature related to the subject. Throughout its 13 chapters it can be found either treated for the first time, or otherwise aptly reviewed, the results of many decades of research on fundamental fossil groups that tell us about the geologic, paleogeographic, and paleobiologic evolution of the past 350 million years in this part of the planet. From the revision of the late Paleozoic fossil register of invertebrates (Chapter 8), represented in Mexico in formations that extend from Chiapas in the southeast, to Sonora and Baja California in the northwest, to the analysis of recent advances on the paleontology of the Tlayua Quarry in the State of Puebla (Chapter 13), a fossiliferous locality that is justly considered one of the most important paleontologic discoveries of the past century, this book also has the virtue to show the quality of life forms as a central element for the full understanding of how the Mexican territory was tectonically integrated, and also how these geologic changes of the earthly environment might have influenced the evolution of its inhabitants to the present time (Chapter 1). Particularly welcome is research material that deals with essential aspects of the plant fossil record (Chapter 2), Mammals (Chapter 12), or Dinosaurs (Chapter 11) that inhabited the Mesozoic or Cenozoic continental basins of Mexico, as well as others that bring to the attention of the international community animal groups for which the Mesoamerican and particularly the Mexican region was the theater of rapid changes and radiation, and yet little or nothing had been published before in Mexico (Chapters 5, 7, 9 and 10). Indeed, classical and internationally well known Mexican fossil groups such as Rudists (Chapter 4), Echinoids (Chapter 6), and Corals (Chapter 3), are more timely treated in the book to the benefit of readers interested in major episodes of natural history, as recorded in the Mexican geology and paleontology, and how this history integrated with the ever changing earth of those times. Considering the various aspects handled by both original research, as well as in revision chapters, one very important added value should be the rather extensive bibliography of almost 1000 references related to the central topic contained in the book, an invaluable information which by itself constitutes a tribute to the memory of pioneer contributions by researchers that have worked in Mexico for the past two centuries. Finally, as a student of the Mexican physical geology for several decades, and therefore may be as a relative outsider to the main subject of the book, I wish to congratulate sincerely the builders of this great work, and wish for it the best success it undoubtly deserves, and I am sure it will achieve. Fernando Ortega-Gutiérrez Instituto de Geología UNAM xi
Contributors Jesús Alvarado-Ortega Instituto de Geología, Universidad Nacional Autónoma de México, Ciudad Universitaria, 04510, D. F., México, brujayneró
[email protected] Shelton P. Applegate Instituto de Geología, Universidad Nacional Autónoma de México, Ciudad Universitaria, 04510, D. F., México Mouloud Benammi Instituto de Geofísica, Universidad Nacional Autónoma de México, Ciudad Universitaria, 04510, D. F., México Alberto Blanco-Piñón Centro de Investigaciones en Ciencias de la Tierra, Universidad Autónoma del Estado de Hidalgo, Km. 4.5 Carretera PachucaTulancingo, 42184 Pachuca, Hidalgo, México Sergio R. S. Cevallos-Ferriz Instituto de Instituto de Geología, Universidad Nacional Autónoma de México, Ciudad Universitaria, Delegación Coyoacán, 04510, México, D.F.,
[email protected] Luis Espinosa-Arrubarrena Instituto de Geología, Universidad Nacional Autónoma de México, Ciudad Universitaria, 04510, D. F., México Harry F. Filkorn Department of Invertebrate Paleontology, Natural History Museum of Los Angeles County, 900 Exposition Boulevard, Los Angeles, California 90007 USA,
[email protected] Pedro García-Barrera Museo de Paleontología, Departamento de Biología Evolutiva, Facultad de Ciencias, UNAM. Ciudad Universitaria 04510, Coyoacán, Mexico, D.F.
[email protected] Katia A. González-Rodríguez Centro de Investigaciones Biológicas, Universidad Autónoma del Estado de Hidalgo, Km. 4.5 carretera Pachuca-Tulancingo, 42184 Pachuca, Hidalgo, México,
[email protected] Enrique A. González-Torres Instituto de Instituto de Geología, Universidad Nacional Autónoma de México, Ciudad Universitaria, Delegación Coyoacán, 04510, México, D.F.,
[email protected] Eduardo Jiménez-Hidalgo Universidad del Mar - Campus Puerto Escondido, Km 3.5 Carretera Puerto Escondido-Oaxaca, Puerto Escondido, 71980 Oaxaca, México.
[email protected]
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xiv Leonora Martín-Medrano Museo de Paleontología, Departamento de Biología Evolutiva, Facultad de Ciencias, UNAM. Ciudad Universitaria 04510, Coyoacán, México, D.F. Enrique Martínez-Hernández Instituto de Geología, UNAM. Departamento de Paleontología. Laboratorio de Palinología. Ciudad Universitaria 04510, Coyoacán, México, D.F.
[email protected] Marisol Montellano-Ballesteros Instituto de Geología, UNAM. Circuito Exterior, Ciudad Universitaria, Delegación Coyoacán, 04510, DF, México.
[email protected] Itzia Nieto-López Museo de Paleontología, Departamento de Biología Evolutiva, Facultad de Ciencias, UNAM. Ciudad Universitaria 04510, Coyoacán, Mexico D.F.
[email protected] Torrey G. Nyborg Department of Natural Sciences, Loma Linda University, Loma Linda, California, 92350 USA,
[email protected] Jorge A. Ortíz-Mendieta Departamento de Paleontología, Museo del Desierto, A.P. 307, C.P. 25000, Saltillo, Coahuila, México Ernesto Ovalles-Damián Museo Eliseo Palacios Aguilera, Calz. de los Hombres Ilustres s/n Parque Madero, Colonia Centro, CP 29000, Tuxtla Gutiérrez, Chiapas, México María del Carmen Perrilliat Instituto de Geología, Universidad Nacional Autónoma de México, Ciudad Universitaria, Delegación Coyoacán, 04510 – México, D.F.,
[email protected] Sara A. Quiroz-Barroso Museo de Paleontología, Departamento de Biología Evolutiva, Facultad de Ciencias, UNAM. Ciudad Universitaria 04510, Coyoacán, México, D. F.
[email protected] Elia Ramírez-Arriaga Instituto de Geología, UNAM. Departamento de Paleontología. Laboratorio de Palinología. Ciudad Universitaria 04510, Coyoacán, México, D.F. Víctor Hugo Reynoso Instituto de Biología, UNAM. Circuito Exterior. Ciudad Universitaria 04510, Coyoacán, México, D.F.
[email protected] Héctor E. Rivera-Sylva Departamento de Paleontología, Museo del Desierto, A.P. 307, C.P. 25000, Saltillo, Coahuila, México,
[email protected]
xv Rubén Rodríguez de La Rosa Departamento de Paleontología, Museo del Desierto, A.P. 307, C.P. 25000, Saltillo, Coahuila, México Francisco Sour-Tovar Museo de Paleontología, Departamento de Biología Evolutiva, Facultad de Ciencias, UNAM. Ciudad Universitaria 04510, Coyoacán, México, D. F.
[email protected] Francisco J. Vega Instituto de Geología, Universidad Nacional Autónoma de México, Ciudad Universitaria, Delegación Coyoacán, 04510 – México, D. F.,
[email protected]
Contents
Published titles in Topics in Geobiology Book Series . . . . . . . . . . . . . . . . . . . . . . . . . . . . ii Aims & Scope . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . v In Memoriam . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . vii Foreword . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . ix Preface . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . xi Contributors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . xiii
Chapter 1 Ɣ Geological Setting and Phytodiversity in Mexico Sergio R. S. Cevallos-Ferriz and Enrique A. González-Torres 1. Abstract . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2. Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3. Organization of this Chapter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4. Geological Setting . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5. Outstanding Aspects of the Fossil Record. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6. Integration of the Biodiversity. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Acknowledgments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . References. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1 2 3 3 6 10 15 15
Chapter 2 Ɣ Tertiary Palynofloristic Correlations between Mexican Formations with Emphasis in Dating the Balsas Group Enrique Martínez-Hernández and Elia Ramírez-Arriaga 1. Abstract . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2. Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3. Methodology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4. Geological Settings of the Balsas Group. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5. Paleopalynology, Environments and Chronostratigraphic Inference throughout Tertiary of Mexico. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6. Palynofloristic Affinities of the Balsas Group with other Tertiary Formations. . . . . . . . . 7. Historical Biogeographic Analysis between Mexican Tertiary Palynofloras. . . . . . . . . . . 8. General Climatic Trends during Tertiary Period. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Acknowledgments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . References. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Appendix: List of Palynomorphs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
x v ii
20 20 21 23 23 31 35 37 39 39 42
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Contents
Chapter 3 Ɣ Mesozoic Corals of Mexico Harry F. Filkorn 1. Abstract. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2. Introduction. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3. Mesozoic Corals of Mexico: Recent Additions to the Cretaceous Faunas. . . . . . . . . . . . . 4. Conclusions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Acknowledgments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . References. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
47 47 48 55 55 56
Chapter 4 Ɣ Rudists of Mexico: Historical Aspects and Selected Areas of Research Pedro García-Barrera 1. Abstract. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2. Introduction. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3. Paleogeography of Mexican Rudists. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4. Rudists from Southern Mexico. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5. Rudists from Central Mexico . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6. Rudists from North Central Mexico . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7. Rudists from Chiapas, SE Mexico . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8. Final Comments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . References. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
61 62 63 67 70 71 72 74 75
Chapter 5 Ɣ Mesozoic and Tertiary Decapod Crustacea from Mexico Francisco J. Vega, Torrey G. Nyborg and María del Carmen Perrilliat 1. Abstract. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2. Introduction. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3. Occurrence, Curation and Identification of Fossil Decapod Crustaceans of Mexico . . . . 4. Systematics, Stratigraphy and Distribution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5. Origin, Evolution and Extinction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6. Paleobiogeography . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7. Paleoecology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8. Cuticle Structure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Acknowledgments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
79 80 80 81 93 95 95 96 96 96
Contents
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Chapter 6 Ɣ Cretaceous Echinoids of Mexico Itzia Nieto-López and Pedro García-Barrera 1. Abstract. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2. Introduction. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3. History. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4. Types of Publications . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5. Result of Investigations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6. Types of Work. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7. Main Locations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8. Present Work . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . References. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
101 102 102 103 105 109 110 110 111
Chapter 7 Ɣ Fossil Ophiuroids of Mexico Leonora Martín-Medrano and Pedro García-Barrera 1. Abstract . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2. Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3. The Fossil Record of Mexican Ophiuroids . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4. Present Studies. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5. Other Fossil Echinoderms of Mexico . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6. Conclusions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . References. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
115 115 119 125 126 129 129
Chapter 8 Ɣ Fossil Record of Upper Paleozoic Marine Invertebrates from Mexico Sara A. Quiróz-Barroso and Francisco Sour-Tovar 1. Abstract. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 133 2. Introduction. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 134 3. Tectonic Framework. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 134 4. Communities of the Upper Paleozoic. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 136 5. Groups of Marine Invertebrates Related to the Upper Paleozoic of Mexico. . . . . . . . . . . . . . .136 6. Conclusions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 162 Acknowledgments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 165 References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 165
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Chapter 9 Ɣ Mesozoic Osteichthyans of Mexico Jesús Alvarado-Ortega, Katia A. González-Rodríguez, Alberto Blanco-Piñón, Luis Espinosa-Arrubarrena, and Ernesto Ovalles-Damián 1. Abstract. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 169 2. Introduction. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 170 3. History of Mexican Paleoichthyology. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 170 4. Main Mesozoic Mexican Osteichthyan Localities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 176 5. Systematic Review of Mesozoic Osteichthyan Fishes of Mexico. . . . . . . . . . . . . . . . . . 180 6. Paleobiogeographical Implications. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 193 7. Final Remarks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 198 References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 198
Chapter 10 Ɣ Research on Fossil Amphibians and Reptiles in Mexico, from 1869 to Early 2004 (Including Marine Forms but Excluding Pterosaurs, Dinosaurs, and Obviously Birds) Víctor Hugo Reynoso 1. Abstract. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2. Introduction. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3. Historical Background . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4. Taxa Analysis. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5. Amphibians and Reptiles in Time and Space. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6. The Validity of Taxa Erected with Mexican Fossil Material. . . . . . . . . . . . . . . . . . . . . . 7. Museums and Institutions Housed Types and Other Material . . . . . . . . . . . . . . . . . . . . 8. Analysis of the Documents Produced Concerning with Amphibians and Reptiles in Mexico. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9. Conclusions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Acknowledgments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . References. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
209 210 211 212 216 221 222 223 224 226 226
Chapter 11 Ɣ A Review of the Dinosaurian Record from Mexico Héctor E. Rivera-Sylva, Rubén Rodríguez-de la Rosa and Jorge A. Ortiz-Mendieta 1. Abstract. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 233 2. Introduction. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 234 3. Dinosaur Evidence of Mexico. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 235 4. Final Comments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 240 5. Appendix: Summary of the Dinosaur-Bearing Localities in Mexico. . . . . . . . . . . . . . . . 242 Acknowledgments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 245 References. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 245
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Chapter 12 Ɣ Mexican Fossil Mammals, Who, Where and When? Marisol Montellano-Ballesteros and Eduardo Jiménez-Hidalgo 1. Abstract. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 249 2. Introduction. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250 3. What DoWe Know? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 251 4. Who, Where and When? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 252 5. Some Interesting Topics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 261 6. Final Remarks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 268 References. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 269
Chapter 13 Ɣ Revision of Recent Investigations in the Tlayúa Quarry Shelton P. Applegate, Luis Espinosa Arrubarrena, Jesús Alvarado-Ortega and Moloud Benammi 1. Abstract . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2. Introduction. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3. Geological Aspects. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4. Sedimentological and Taphonomical Aspects. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5. The Paleobiota of Tlayúa. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6. Paleoecological Models of Tlayúa. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7. Final Remarks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Acknowledgments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . References. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Appendix: Faunal and Floral List of Tlayúa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
276 276 277 282 288 293 297 298 299 301 305
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1TICPK\CVKQPQHVJKU%JCRVGT +P VJG HQNNQYKPI UGEVKQPU UQOG RTQOKPGPV CURGEVU QH VJG KPVGITCVKQP QH VJG IGQNQIKECNUGVVKPIQH/GZKEQCPFVJGPQTVJGTPRQTVKQPQH%GPVTCN#OGTKECFWTKPIVJG 7RRGT%TGVCEGQWUCPF%GPQ\QKEYKNNDGRTGUGPVGF6JGUGUEGPCTKQUIGPGTCVGCIGPGTCN XKUKQP PQVYKFGN[FKUEWUUGFJGTGQHVJGQTQITCRJ[J[FTQITCRJ[CPFFKUVTKDWVKQPCPF GZVGPUKQPQHVJGUGCUFWTKPIFKHHGTGPVVKOGRGTKQFU6JGUGHCEVQTUCNQPIYKVJQVJGTU KPƀWGPEGF VJG FKUVTKDWVKQP QH CKT OCTKPG EWTTGPVU CPF JWOKFKV[ VQIGVJGT VJG[ KORQUGF TGUVTKEVKQPUVQVJGFKUVTKDWVKQPQHVJGRNCPVUCEEQTFKPIVQVJGKTGEQNQIKECNECRCDKNKVKGU +OOGFKCVGN[HQNNQYKPIUQOGCURGEVUQHVJGRCNGQDQVCPKECNTGEQTFQHVJGCTGCYKNNDG RTGUGPVGFDGIKPPKPIKPVJG7RRGT%TGVCEGQWU(KPCNN[COGEJCPKUOVQGZRNCKPJQY VJGXGIGVCVKQPVJCVVQFC[FGXGNQRUKPVJGTGIKQPKURTQRQUGF
)GQNQIKECN5GVVKPI 6JGIGQNQIKECNGXQNWVKQPQH/GZKEQCPF%GPVTCN#OGTKECFWTKPIVJG%TGVCEGQWU CPF%GPQ\QKEJCFUKIPKſECPV KPƀWGPEG QP VJG RTQEGUUGU VJCV EQPVTQNNGF VJGKPVGITCVKQP QHVJGKTXGIGVCVKQP (KI6QDGVVGTWPFGTUVCPFVJGOCKPIGQNQIKECNGXGPVUVJCVVQQM RNCEGKP/GZKEQFWTKPIVJKUVKOGKPVGTXCNVJGHQNNQYKPIIGPGTCNRTQEGUUGUECPDGGP TGEQIPK\GFKFGXGNQROGPVQHNCTIGOCIOCVKERTQXKPEGU 5KGTTC/CFTG1EEKFGPVCN (CLC8QNE¶PKEC/GZKECPC5KGTTC/CFTGFGN5WTKKHTCIOGPVCVKQPCPFFKURNCEGOGPV QH EQPVKPGPVCN UGIOGPVU KPENWFKPI VJG QRGPKPI QH VJG )WNH QH %CNKHQTPKC CPF VJG FKURNCEGOGPV QH VJG %JQTVKU $NQEM KKK OCTKPG TGITGUUKQP VJCV QWVNKPGF VJG EWTTGPV EQPVQWTQH/GZKEQCPFKXHQTOCVKQPCPFNKHVKPIQHVJGGCUVGTPQTQIGPKEDGNV 5KGTTC /CFTG1TKGPVCN
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(+)74'5EJGOCVKETGEQPUVTWEVKQPQHVJGIGQNQIKECNJKUVQT[QH/GZKEQFWTKPIVJGNCUV OKNNKQP [GCTU JKIJNKIJVKPI UKIPKſECPV HGCVWTGU $NCEM NKPGU TGRTGUGPV VJG CRRTQZKOCVG GZVGPUKQP QH VJG XQNECPKE CTEJ C #NDKCP IGPGTCNK\CVKQP QH OCTKPG VTCPUITGUUKQPU D /CCUVTKEJVKCPNKHVKPIQHVJGPQTVJYGUVRQTVKQPE7RRGT2CNGQEGPGEQPVKPWCVKQPQHVJGOCTKPG TGITGUUKQPU YJKNG VJG .CTCOKFG FGHQTOCVKQP KU KP RTQITGUU F /KFFNG 'QEGPG GZVGPUKXG XQNECPKECEVKXKV[G7RRGT'QEGPGFKURNCEGOGPVQHVJG%JQTVKU$NQEMUVCTVUYKFGPKPIQHVJG 8QNECPKE#TEJH.QYGT1NKIQEGPGKIPKODTKVKEƀCTG WR I 'CTN[ /KQEGPG GZVGPUKQPCN RWNUGU CPFEJCPIGKPQTKGPVCVKQP PQY095'QHVJG8QNECPKE#TEJJ.CVG/KQEGPGQRGPKPIQH VJG)WNHQH%CNKHQTPKCDGIKPUCPFHQTOCVKQPQHVJG(CLC8QNE¶PKEC/GZKECPCK'CTN[2NKQEGPG GOGTIGPEGQHVJG;WECVCP2GPKPUWNCVJGEQPPGEVKQPDGVYGGPVJG2CEKſE CPF VJG %CTKDDGCP KU KPVGTTWRVGF
K&GXGNQROGPVQHNCTIGOCIOCVKERTQXKPEGU (KI&GXGNQROGPVQHVJG5KGTTC /CFTG1EEKFGPVCNYJKEJJCUCIGPGTCN05QTKGPVCVKQPCNQPIVJG2CEKſE EQCUV UVCTVGF KPVJGPQTVJQHVJGEQWPVT[URCPPKPIHTQO%TGVCEGQWUVQVJGGCTN[/KQEGPG (KIUC I&WTKPIVJG'QEGPGXQNECPKETQEMUHQTOGFCYKFGT5KGTTC/CFTG1EEKFGPVCN (KI G#IWKTTG&ÈC\CPF/E&QYGNN#VVJGQPUGVQHVJG1NKIQEGPG EC O[DRVJGXQNECPKECEVKXKV[QHVJKURTQXKPEGDGECOGGURGEKCNN[KPVGPUGHQTOKPIVJG NCTIGUVKIPKODTKVGFGRQUKVQPVJGRNCPGV (KIH1TVGICGVCN/E&QYGNNCPF %NCDCWIJ+VJCUDGGPECNEWNCVGFVJCVOQUVQHVJGUGXQNECPKERTQFWEVUTGCEJKPI CXGTCIGVJKEMPGUUQHOYGTGFGRQUKVGFKPVJGURCPQHOKNNKQP[GCTU 1TVGIC GVCN(GTTCTKGVCN 6JG (CLC 8QNE¶PKEC /GZKECPC KU C XQNECPKE CTEJ YKVJ CP GZVGPUKXG XCTKGV[ QH
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#PFGTUQPCPF5EJOKFVOQXGFCNQPIVJGUQWVJYGUVGTPOCTIKPQHVJG/GZKECP 2CEKſE %QCUV KP CP KPVGTXCN QH VKOG FWTKPI VJG %GPQ\QKE 6JG QNFGUV TGEQIPK\GF RQUKVKQPHQTVJKUEQPVKPGPVCNDNQEMFWTKPIVJG7RRGT%TGVCEGQWUYCUCVCOCZKOWO NCVKVWFGUKOKNCTVQVJCVQHVJGTGIKQPQH
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1WVUVCPFKPI#URGEVUQHVJG(QUUKN4GEQTF 6JG J[RQVJGUGU VJCV JCF DGGP RTGXKQWUN[ RTQRQUGF VQ GZRNCKP VJG QTKIKP QH VJG XGIGVCVKQP QH /GZKEQ YGTG OCKPN[ DCUGF QP KPVGTRTGVCVKQPU QH VJG GZVCPV ƀQTC CPF XGIGVCVKQP +P C HGY GZEGRVKQPU HQUUKN RNCPVU EQNNGEVGF KP /GZKEQ DWV NKVVNG UVWFKGFYGTGEQPUKFGTGF GI4\GFQYUMK+PUVGCFHQUUKNUQHJKIJGTNCVKVWFG RCNGQEQOOWPKVKGUYGTGHTGSWGPVN[GZVTCRQNCVGFKPQTFGTVQſNN VJKU ICR GI 7PKVGF 5VCVGUQH0QTVJ#OGTKEC'WTQRGGI)TCJCO6JGNKOKVGFKPVGITCVKQP QHVJGƀQTC CPF XGIGVCVKQP QH /GZKEQ CPF VJG OKUWUG QH QVJGT DKQNQIKECN RTKPEKRNGU
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F. Vega et al. (eds.), Studies on Mexican Paleontology, 19–45. © 2006 Springer. Printed in the Netherlands.
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/#46 0'<*'400&'<#0&4#/ 4'<#44+#)#
CPFDT[QRJ[VGUI[OPQURGTOUCPFCPIKQURGTOU OQPQEQV[NGFQPUCPF QHFKEQV[NGFQPGU#DWPFCPVRQNNGPITCKPUCVVJG%WC[WECNQECNKV[YGTG$WTUGTC %JGPQRQFKCEGCG Ō #OCTCPVJCEGCG %[CVJGCEGCG 'RJGFTKRKVGU (KIU CPF ITCUUGU /QOKRKVGU EQT[NQKFGU /QOKRKVGU OKETQEQT[RJCGWU 2KEGC (KI CPF 2KPWU#VVJG+\ÕECTFG/CVCOQTQUNQECNKV[%KECVTKEQUKURQTKVGUFQTQIGPUKU (KI %[CVJGCEGCG %QORQUKVCG .GKQURJCGTKFKC .GRVQNGRKFKVGU .KNKCEKFKVGU /QOKRKVGU EQT[NQKFGU 2KPWU 6KNKCEGCG CPF 5VGTGKURQTKVGU 5RJCIPWO URR YGTG EQOOQP
4COÈTG\#TTKCICCPF/CTVÈPG\*GTP¶PFG\ 6JG RTGUGPEG QH RQNNGP CPF URQTGU KPFGZGU UWEJ CU #INCQTGKFKC RTKUVKPC %KECVTKEQUKURQTKVGUFQTQIGPUKU'WEQOOKCCPF/QOKRKVGUITQWRCNNQYVQRTQRQUGC .CVG 'QEGPG VQ 'CTN[ 1NKIQEGPG CIG HQT VJG %WC[WEC (QTOCVKQP 9KVJ VJG FKXGTUG CUUGODNCIG QH VJKU HQTOCVKQP KV YCU RQUUKDNG VQ TGEQIPK\G FKHHGTGPV V[RGU QH XGIGVCVKQP RTQDCDN[ ITQYKPI VJTQWIJQWV C RCNGQCNVKVWFKPCN ITCFKGPV UWEJ CU RKPG HQTGUV ENQWF HQTGUV VTQRKECN FGEKFWQWU HQTGUV VTQRKECN UETWD ITCUUGU CPF EJCRCTTCN
4COÈTG\#TTKCICCPF/CTVÈPG\*GTP¶PFG\
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$CNUCU)TQWR
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
6'46+#4;2#.;01(.14+56+%%144'.#6+105
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/#46 0'<*'400&'<#0&4#/ 4'<#44+#)#
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6'46+#4;2#.;01(.14+56+%%144'.#6+105
OCPITQXGEQOOWPKV['NGOGPVUYKVJNQYHTGSWGPEKGUYGTG'PIGNJCTFVKC2QFQECTRWU CPF2KPWU#EEQTFKPIVQVJGDKQUVTCVKITCRJ[QHVJGTGIKQPVJGCWVJQTUCUUKIPGFC.CVG 1NKIQEGPGVQ'CTN[/KQEGPGCIGHQTVJGRCN[PQNQIKECUUGODNCIGU #PQVJGT KORQTVCPV EQPVTKDWVKQP YCU OCFG D[ $KCIIK YJGTG RCN[PQUVTCVKITCRJKE TGUGCTEJ CV ő.C 3WKPVCŒ (QTOCVKQP UQWVJ 5KOQLQXGN %JKCRCU EQTTGURQPFU VQ VJG 7RRGT 1NKIQEGPG VQ .QYGT /KQEGPG 6JG UGFKOGPVU UVWFKGF EQTTGURQPFVQUJCNNQYOCTKPGGPXKTQPOGPVUYKVJRTGUGPEGQHFKPQƀCIGNCVGU CPF RQNNGP ITCKPUCUUQEKCVGFYKVJOKETQHQTCOKPKHGTCEQTCNNKPGCNICGCPFKPXGTVGDTCVGU$KCIIKŏU
UVWF[TGXGCNGFHQWTRNCPVEQOOWPKVKGUVYQQHVJGOFGXGNQRGFCVNQYNCPFCC OCPITQXGXGIGVCVKQPYKVJ4JK\QRJQTC2GNNKEKGTC0[RC#ETQUVKEJWOCPF6JGURGUKC D C VTQRKECNUWDVTQRKECN HQTGUV KPENWFKPI $QODCZ 6GTOKPCNKC CPF (KEWU CPF VYQ EQOOWPKVKGUITQYKPICVWRNCPFUEUWDVTQRKECNVQYCTOVGORGTCVGEQOOWPKV[CPF VGORGTCVGVQEQQNVGORGTCVGEQOOWPKV[YKVJ2KPWU3WGTEWU.KSWKFCODCT0[UUC (CIWUCPF2KEGC
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ÈPG\*GTP¶PFG\CPF6QOCUKPK
/#46 0'<*'400&'<#0&4#/ 4'<#44+#)#
2NKQEGPG )TCJCO NCWPEJGF C RTQITCO QP VJG 6GTVKCT[ 2CN[PQNQI[ QH VJG %CTKDDGCPTGIKQP6JGſTUV UVWF[ YCU FQPGQPNKIPKVGUCV2CTCLG5QNQ(QTOCVKQPPGCT %QCV\CEQCNEQU 8GTCETW\ 6JG CUUGODNCIG QH OKFFNG 2NKQEGPG CIG EQPVCKPGF FKHHGTGPV RCN[PQOQTRJU C JKIJ PWODGT QH VCZC EQPUKFGTKPI VJCV VJQUG CUUGODNCIGU ECOG HTQO NKIPKVGU VJCV TGRTGUGPV OQUVN[ C NQECN ƀQTC #NVJQWIJ )TCJCO FKF PQV EQPUKFGT VJKU C FGſPKVKXG RTQQH VJCV VTQRKECN GXGTITGGP HQTGUV YCU RTGUGPV KP 8GTCETW\ CV NGCUV UKPEG OKNNKQPU [GCTU CIQ *G OGPVKQPGF VJCV VTQRKECN TCKP HQTGUVYCURQQTN[FGXGNQRGFCV2CTCLG5QNQ(O )TCJCOD6JGRTGUGPEGQH OCPITQXGXGIGVCVKQPVTQRKECNFGEKFWQWUHQTGUVCPFRKPGQCMHQTGUVYCUOGPVKQPGFCU RCTVQHVJGEQOOWPKVKGU\QPCVKQPHTQOVJGUJQTGNKPGVQVJGOQWPVCKPTCPIG)TCJCO
KPHGTTGFVJCVFWGVQVJGRTGUGPEGQH2KEGCVJGGZKUVGPEGQHOQTGEQNFCPFJWOKF EQPFKVKQPUOWUVJCXGGZKUVGF
2CN[PQƀQTKUVKE#HſPKVKGU QH VJG $CNUCU )TQWR YKVJ QVJGT 6GTVKCT[(QTOCVKQPU
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/CTVÈPG\*GTP¶PFG\ CPF 4COÈTG\#TTKCIC 4COÈTG\#TTKCIC CPF /CTVÈPG\ *GTP¶PFG\ 6JG CKO QH VJKU UGEVKQP KU VQ ECTT[ QWV C SWCNKVCVKXG EQORCTKUQP DGVYGGP VJG FKHHGTGPV RCN[PQNQIKE CUUGODNCIGU VJCV QEEWT VJTQWIJQWV VJG 6GTVKCT[ QH /GZKEQ 6JKUCRRTQCEJCUUGTVUVJGGZKUVGPEGQHFKHHGTGPVV[RGUQHƀQTCU CPF VJGKT UWEEGUUKQP VJTQWIJQWVVJG6GTVKCT[VKOGCUCTGURQPUGVQIGQNQIKECPFENKOCVKEEJCPIGU
6'46+#4;2#.;01(.14+56+%%144'.#6+105
%QORCTKUQPQHVJGRCN[PQƀQTC QH VJG $CNUCU )TQWR 28( CPF %WC[WEC(QTOCVKQP YKVJ QVJGT 6GTVKCT[ RCN[PQNQIKECN CUUGODNCIGU TGRQTVGF RTGXKQWUN[ OCMGU RQUUKDNG VJGFGVGTOKPCVKQPQHEQOOQPVCZCYJKEJTGƀ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
/#46 0'<*'400&'<#0&4#/ 4'<#44+#)#
'WRJQTDKCEGCG(CDCEGCG)TCOKPGCG,WINCPU.CDKCVCG.KNKCEKFKVGU.[EQRQFKWO /GNKCEGCG /QOKRKVGU EQT[NQKFGU /[TVCEGCG 2KPWU 2QN[ICNCEGCG 2QN[IQPCEGCG 2VGTKFQRJ[VC3WGTEWU4QUCEGCG5GNCIKPGNNC5VGTEWNKCEGCG6KNKCEGCG6[RJC7NOWU CPF 7TVKECEGCG 6JKU ENQUG CUUQEKCVKQP KPFKECVGU UKOKNCT ƀQTC ITQYKPI CV VJG UCOG RCNGQNCVKVWFGDGECWUGVJG2GPKPUWNCQH$CLC%CNKHQTPKCFWTKPIVJG1NKIQEGPGYCURCTV QH/GZKECPOCKPNCPFCPFYCUCNUQNQECVGFHCTVJGTUQWVJCVVJGVKOG .[NGCPF0GUU $GVYGGP .C 3WKPVC (QTOCVKQP 1NKIQ/KQEGPG %JKCRCU $KCIIK CPF %WC[WEC(QTOCVKQP2WGDNC 4COÈTG\#TTKCICCPF/CTVÈPG\*GTP¶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
%WC[WEC(O 'QEGPG1NKIQEGPG 5CP)TGIQTKQ(O 1NKIQEGPG
+
2KGFG8CEC(O 'QEGPG1NKIQEGPG
%NCKDQTPG(O 'QEGPG
+++ $
++
'URGTCP\C)TQWR 'QEGPG1NKIQEGPG +ZVCRC(O /KQEGPG 2CTCLG5QNQ(O 2NKQEGPG .C3WKPVC(O 1NKIQ/KQEGPG 2KEJWECNEQ /KQEGPG
%QGHſEKGPV
(+)74' 3WCNKVCVKXG UKOKNCTKV[ VTGG QDVCKPGF YKVJ 065;5 RTQITCO DCUGF QP FCVC QH %NCKDQTPG (QTOCVKQP /CTVÈPG\*GTP¶PFG\ GV CN 'URGTCP\C )TQWR 'N $QUSWG .C 6TKPKFCFCPF4CPEJQ$GTNÈP(QTOCVKQPU 6QOCUKPK1TVÈ\CPF/CTVÈPG\*GTP¶PFG\2KG FG 8CEC (QTOCVKQP /CTVÈPG\*GTP¶PFG\ CPF 4COÈTG\#TTKCIC %WC[WEC (QTOCVKQP
4COÈTG\#TTKCIC CPF /CTVÈPG\*GTP¶PFG\ 5CP )TGIQTKQ (QTOCVKQP /CTVÈPG\ *GTP¶PFG\CPF4COÈTG\#TTKCICKPRTQEGUU.C3WKPVC(QTOCVKQP $KCIIK2KEJWECNEQ
2CNCEKQU[4\GFQYUMK+ZVCRC(QTOCVKQP /CTVÈPG\*GPT¶PFG\CPF2CTCLG5QNQ (QTOCVKQP )TCJCO
6'46+#4;2#.;01(.14+56+%%144'.#6+105
1PVJGQVJGTJCPFUGXGPVGGPVCZCYGTGUJCTGFDGVYGGP2CTCLG5QNQ8GTCETW\
/KFFNG 2NKQEGPG )TCJCO CPF %WC[WEC (QTOCVKQP 1NKIQEGPG 2WGDNC #NEJQTPGC #NPWU $WTUGTC %GNVKU %JGPQRQFKCEGCG #OCTCPVJCEGCG %QORQUKVCG %[RGTCEGCG)TCOKPGCG,WINCPU.KSWKFCODCT.[EQRQFKWO/KOQUC2KEGC2KPWU 3WGTEWU 5GNCIKPGNNC CPF 7NOWU 6JKU KPFKECVGU FKHHGTGPV V[RGU QH XGIGVCVKQP #U UVCVGFGCTNKGTVJGNKIPKVGUTGƀGEV VJCV VJG VTQRKECN GXGTITGGP HQTGUV ITGY PGCT VJG UKVG QHFGRQUKVKQPCPFCV%WC[WEC(QTOCVKQPCEQPVKPGPVCNDCUKPYKVJTGIKQPCNRQNNGPTCKP KPFKECVGUFKHHGTGPVRNCPVEQOOWPKVKGUKPCPCNVKVWFKPCNITCFKGPV +PQTFGTVQWPFGTUVCPFPWOGTKECNN[VJGUKOKNCTKV[DGVYGGPVJGCUUGODNCIGUKVYCU PGEGUUCT[VQCRRN[CSWCNKVCVKXGCPCN[UKU$[OGCPUQHCPWOGTKECNCPCN[UKUCVTGG QHSWCNKVCVKXGUKOKNCTKV[YCUQDVCKPGF (KI6JKUKUCRJGPQITCOYKVJJ[RQVJGVKE TGNCVKQPUJKRUDGVYGGP6GTVKCT[DCUKPU 6JG RJGPQITCO UJQYU VYQ KPVGTGUVKPI ENWUVGTU # CPF $ (KI 6JG ſTUV CUUQEKCVKQP (KI#YKVJQHUKOKNCTKV[KPENWFGUVJG$CNUCU)TQWR %WC[WEC (QTOCVKQPCPF28(6JKURJGPQITCOUJQYUVJCVDGVYGGPVJG28(CPF5CP)TGIQTKQ (QTOCVKQPVJGTGKUCEQGHſEKGPV QH UKOKNCTKV[ (KI + 6JKU UWIIGUVU VJCV 28( CPF5)(JCXGRCN[PQNQIKECNCHſPKVKGU CPF UJCTG VCZC QH EJTQPQUVTCVKITCRJKEKORQTVCPEG UWEJCU'WEQOOKC%QTUKPKRQNNGPKVGUCPF/QOKRKVGUITQWR+PCFFKVKQP5CP)TGIQTKQ (QTOCVKQP CNUQ JCU FKPQE[UV KPFGZGU VJCV EQPſTO CP 1NKIQEGPG CIG 6JG RTGXKQWU CUUQEKCVKQP (KI + KU ENWUVGTGF YKVJ %WC[WEC (QTOCVKQP CV NGXGN ő#Œ TGXGCNKPI IGPGTCNN[ VJG $CNUCU )TQWR 28( CPF %WC[WEC (O KU XGT[ RCN[PQNQIKECNN[ ENQUG VQVJG5CP)TGIQTKQ(QTOCVKQP6JKUENWUVGTKUCEQPſTOCVKQP QH UKOKNCT ƀQTCU VJCV YGTGITQYKPIKPUQWVJGTP/GZKEQKPVJG.QYGT6GTVKCT[9KVJVJGRTGUGPEGQHCNQY DKQOCUUXGIGVCVKQPKGUCXCPPCQTFT[VJQTPYQQFNCPFYJGTGITCUUGUYGTGCDWPFCPV EQTTQDQTCVGUCRTGXKQWUTGRQTV /CTVÈPG\*GTP¶PFG\CPF4COÈTG\#TTKCICQH GCTN[ CDWPFCPEG QH ITCUUGU KP 0QTVJ #OGTKEC /CTVÈPG\*GTP¶PFG\ CPF 4COÈTG\ #TTKCIC 6JGUGEQPFCUUQEKCVKQP (KI$JCUCUCEQGHſEKGPV QH UKOKNCTKV[ KVKPENWFGU VJGUQWVJGCUVGTP6GTVKCT[HQTOCVKQPUYKVJGZEGRVKQPQHVJG%NCKDQTPG(QTOCVKQP6JKU ENWUVGTKPI TGXGCNU VJCV VJG 6GTVKCT[ PQTVJGCUVGTP RCN[PQƀQTC QH /GZKEQ %NCKDQTPG (O /GZKEQ %NCKDQTPG (O JCU CHſPKVKGU YKVJ UQWVJGCUVGTP /GZKECP HQTOCVKQPU
(KI ++ 6JG 'URGTCP\C )TQWR %JKCRCU 'QEGPG1NKIQEGPG CPF VJG %NCKDQTPG (QTOCVKQP 6COCWNKRCUCTGLQKPGFCVNGXGN+++YKVJQHUKOKNCTKV[ (KI+VUJQYU VJCV FGURKVG VJG UNKIJV FKUETGRCPE[ KP CIG VJG CUUGODNCIG TGƀGEVU UKOKNCT EQCUVCN XGIGVCVKQPRTQDCDN[ITQYKPIWPFGTCVTQRKECNENKOCVGITQYKPIPGCTVJGUJQTGQH)WNH QH/GZKEQCNVJQWIJVJGOCPITQXGXGIGVCVKQPKUPQVRTGUGPV[GVFWTKPI%NCKDQTPGVKOG
/KFFNG'QEGPG %QPUKFGTKPI VJG VQVCN CUUGODNCIGU KV YCU FKHſEWNV VQ FGNKOKV VJG TGNCVKQPUJKRU DGVYGGP CNN HQTOCVKQPU D[ OGCPU QH C RJGPGVKE CPCN[UKU 0GXGTVJGNGUU VJG $CNUCU )TQWRTGNCVKQPUJKRUEQWNFDGEQPſTOGF WUKPI C ENCFKUVKE OGVJQF
/#46 0'<*'400&'<#0&4#/ 4'<#44+#)#
*KUVQTKECN$KQIGQITCRJKE#PCN[UKUDGVYGGP/GZKECP6GTVKCT[ 2CN[PQƀQTCU +PQTFGTVQOCMGKPHGTGPEGUQHJKUVQTKEEQPPGEVKQPDGVYGGPCTGCUCPFƀQTCU KV KU PGEGUUCT[ VQ GORNQ[ C ENCFKUVKE OGVJQF DCUGF QP VJG PWODGT QH URGEKGU UJCTGF COQPIUV FKHHGTGPV CTGCU +P VJKU UGPUG őRCTUKOQP[ CPCN[UKU QH GPFGOKEKV[Œ 2#' EQWNFKFGPVKH[CPEKGPVJKUVQTKECNEQPPGEVKQP 4QUGP$TQQMUGVCN 6JKUOGVJQFRTQRQUGUVJCVVJGENWUVGTGFCTGCUYGTGECWUGFD[CEQOOQPJKUVQTKE FGXGNQROGPVVJCVEQWNFDGKPVGTRTGVGFCUTGIKQPUFQOCKPUQTDKQIGQITCRJKERTQXKPEGU
'URKPQUCGVCN+PVJKUUWTXG[VJG2#'CPCN[UKUQPN[EQPUKFGTGFVJGEQOOQP VCZCUJCTGFCVVJGFKHHGTGPVDCUKPU #PPGZ6CDNGKPEQPVTCUVYKVJVJGPWOGTKECN CPCN[UKUQHUKOKNCTKV[VJCVKPENWFGFCNNVJGVCZCHQWPFCOQPIVJGFKHHGTGPVHQTOCVKQPU 6JGTGHQTG VJG 2#' ENCFKUVKE CPCN[UKU ENWUVGT VJG HQTOCVKQPU YJKEJ CTG JKUVQTKECNN[ TGNCVGFVJTQWIJQWVVJG6GTVKCT[ 6JGCPCN[UKURTQFWEGFQPN[QPGENCFQITCO UVGRUEQPUKUVGPE[KPFGZ TGVGPVKQPKPFGZ (KI 6JG ENCFQITCO UJQYU J[RQVJGVKE ENWUVGTU CV FKHHGTGPV FGITGGU QH JKUVQTKECN TGNCVKQPUJKR 6JG ITQWR TGUWNVU YKVJ VJG ENQUGUV EQPITWGPEG (KI + KPENWFG VJG %WC[WEC CPF 2KG FG 8CEC HQTOCVKQPU DGNQPIKPI VQ VJG $CNUCU )TQWR YJKEJ CTG WPKH[KPID[VJGRTGUGPEGQH#PVJQEGTQU'RJGFTCENCTKETKUVCVC#INCQTGKFKC#TOGTKC /CNXCEKRQNNKU /QOKRKVGU OKETQEQT[RJCGWU / VTKTCFKCVWU CPF 5CRKPFCEGKFKVGU #OQPI VJGO VJG VCZC QH EJTQPQUVTCVKITCRJKE KORQTVCPEG CTG ' ENCTKETKUVCVC #INCQTGKFKC#TOGTKC/OKETQEQT[RJCGWUCPF/VTKTCFKCVWU 6JGPGZVNGXGNQHJKUVQTKECNCUUQEKCVKQPGZKUVUDGVYGGPVJG$CNUCU)TQWRCPFVJG5CP )TGIQTKQ(QTOCVKQP (KI++FGſPGF D[ 6[RJC$QODCECEKFKVGU%QTUKPKRQNNGPKVGU 'WEQOOKC*GNKQECTRWU/EQT[NQKFGU2QN[ICNCEKFKVGUCPF4GGXGUKC6JGKORQTVCPV HQUUKNKPFGZGUCTG$QODCECEKFKVGU%QTUKPKRQNNGPVKGU'WEQOOKCCPF/EQT[NQKFGU 6JGƀQTKUVKE CUUQEKCVKQP KU KORQTVCPV DGECWUG UKPEG VJG 6GTVKCT[ VJG[ JCXG UJCTGF C ENQUGƀQTCN JKUVQTKECN TGNCVKQPUJKR YJGP VJG $CLC %CNKHQTPKC RGPKPUWNC YCU UQWVJGTN[ RNCEGF CPF CVVCEJGF VQ VJG OCKPNCPF QH /GZKEQ FGURKVG CEVWCNN[ DGKPI KP FKULWPEV CTGCU #PQVJGTEQPITWGPEGCUUQEKCVKQP (KI+++UJQYUUKOKNCTGPXKTQPOGPVUDGVYGGP VJG2CTCLG5QNQ(QTOCVKQPCPF2KEJWECNEQYJKEJCTG0GQIGPGKPCIGCPFXGT[ENQUG IGQITCRJKECNN[6JKUENWUVGTKUFGſPGF D[ %GFTGNCEH/CNRKIJKC%QEEQNQDC%WRJGC (CTCOGC )WCTGC *GF[QUOWO /GNKQUOC /[TKEC 2CUUKƀQTC 2QRWNWU 5GTLCPKC 5OKNCZCPF5VTWVJCPVJWU 9JGPITQWR+++KUCUUQEKCVGFYKVJVJG.C3WKPVC(QTOCVKQP (KI+8CUOCNNGT PWODGTQHVCZC%QODTGVWO'WIGPKCCPF6QWTPGHQTVKCCTGEQOOQPDGVYGGPVJGVYQ QHVJGO /QUVQHVJG2CNGQIGPGHQTOCVKQPUITQWRKPICVNGXGN++CPFVJG0GQIGPGHQTOCVKQPU CUUQEKCVGFCVNGXGN+8UJCTG#ECEKC#NEJQTPGC,WINCPU3WGTEWUCPF4JCOPWU (KI 8
6'46+#4;2#.;01(.14+56+%%144'.#6+105
(+)74'%NCFQITCOYJGTGDTCPEJGUCTGFGſPGF D[ RTGUGPEG QH VCZC 0WODGTU EQTTGURQPF VQVCZCEKVGFQPVCDNG(QTOCVKQPUYGTGUVWFKGFD[/CTVÈPG\*GTP¶PFG\GVCN %NCKDQTPG (O 6QOCUKPK1TVÈ\ CPF /CTVÈPG\*GTP¶PFG\ 'N $QUSWG .C 6TKPKFCF CPF 4CPEJQ $GTNÈP (OU /CTVÈPG\*GTP¶PFG\ CPF 4COÈTG\#TTKCIC 2KG FG 8CEC (O 4COÈTG\ #TTKCIC CPF /CTVÈPG\*GTP¶PFG\ %WC[WEC (O /CTVÈPG\*GTP¶PFG\ CPF 4COÈTG\ #TTKCIC KP RTQEGUU 5CP )TGIQTKQ (O )TCJCO 2CTCLG 5QNQ (O $KCIIK .C 3WKPVC(O2CNCEKQUCPF4\GFQYUMK 2KEJWECNEQ/CTVÈPG\*GTP¶PFG\ +ZVCRC (OCPF)TCJCO 2CTCLG5QNQ(O
/#46 0'<*'400&'<#0&4#/ 4'<#44+#)#
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ƀQTC ITQYKPI WPFGT CUVGCF[GPXKTQPOGPV YKVJ C UWDVTQRKECN ENKOCVG HCT CYC[ HTQO VJG XQNECPKUO QH YGUVGTP CPF UQWVJGTP /GZKEQ%QPUGSWGPVN[VJGJKUVQTKECNTGNCVKQPUJKRQHVJG%NCKDQTPGCUUGODNCIGUYKVJ VJG$CNUCU)TQWRQHUKOKNCTCIGKUQDUEWTGDGECWUGVJGCFCRVCVKQPQHVJG$CNUCUƀQTC VQHTGSWGPVGZRNQUKXGXQNECPKUOVJCVRTQFWEGFPCVWTCNUGNGEVKQPQHEGTVCKPVCZC+PVJKU ECUGVJGGHHGEVUQHXQNECPKUORTQFWEGFCFKHHGTGPVƀQTC FWTKPI VJG 'QEGPG1NKIQEGPG DGVYGGPPQTVJGCUVGTPCPFUQWVJGTPCUUGODNCIGUQH/GZKEQ /CTVÈPG\*GTP¶PFG\CPF 4COÈTG\#TTKCICD 5WDUGSWGPV RCN[PQNQIKECN UVWFKGU QH +ZVCRC .C 'URGTCP\C CPF %NCKDQTPG (QTOCVKQPU YKNN KORTQXG VJG RQNNGP HQUUKN TGEQTF CNNQYKPI HQT C DGVVGT JKUVQTKECN TGNCVKQPUJKRU +P UWOOCT[ UGSWGPVKCN EJCPIGU KP /GZKECP HQUUKN ƀQTCU ECP DG RTQFWEGF D[ INQDCNENKOCVKEEJCPIGUCPFTGIKQPCNXQNECPKUOVJTQWIJVKOG
)GPGTCN%NKOCVKE6TGPFUFWTKPI6GTVKCT[2GTKQF 6JGENKOCVKEVTGPFUKPVJG6GTVKCT[QH0QTVJ#OGTKECYGTGCPCN[\GFTGEGPVN[D[ )TCJCO CDCUGFOCKPN[QPKPVJGRCN[PQNQIKEUVWFKGUFQPGKPVJG7PKVGF5VCVGU +PVJKU/GZKECPUWTXG[ENKOCVKEEJCPIGUFGVGEVGFD[OGCPUQHUGXGTCNRCN[PQƀQTCU FQ EQTTGURQPFKPIGPGTCNYKVJENKOCVKEOQFGGUVCDNKUJGFD[)TCJCO C'ORJCUKU KURNCEGFKPVJG2CNGQIGPGDGECWUGFWTKPIVJKURGTKQFVJG$CNUCU)TQWRYCUFGRQUKVGF KPUQWVJGTP/GZKEQCPFVJGGPJCPEGOGPVQHENKOCVKE\QPCVKQPJCFDGICPVQGUVCDNKUJ KP0QTVJ#OGTKECUWDEQPVKPGPV &WTKPIVJG2CNGQEGPGVJG0QTVJ#OGTKECPRCNGQRJ[VQIGQITCRJ[KPFKECVGCENQUG TGNCVKQPUJKRYKVJ#UKCCPF'WTQRG6JKUKUFWGVQUKOKNCTENKOCVGTGIKOGUCPFƀQTC OKITCVKQPD[CNCPFEQPPGEVKQPDGVYGGPGCUVGTP#UKCCPFYGUVGTP0QTVJ#OGTKECCPF VJGENQUGRTQZKOKV[QH9GUVGTP'WTQRGYKVJGCUVGTP0QTVJ#OGTKEC $TKIIU #VVJGUCOGVKOGVJG/GZKECPVGTTKVQT[DGICPKVUFKHHGTGPVKCVKQPQHƀQTCN RTQXKPEGU DGVYGGPVJG2CEKſE %QCUV YJGTG VJG ő5KGTTC /CFTG 1EEKFGPVCN 2TQXKPEGŒ YCU UWDLGEV VQ EQPUVCPV CPF GZRNQUKXG XQNECPKUOU VJTQWIJQWV VJG 6GTVKCT[ CPF VJG 2TQXKPEG QH VJG)WNH%QCUVRNCKPUVJCVUWHHGTGFVJG.CTCOKFGQTQIGP[ /CTVÈPG\*GTP¶PFG\CPF 4COÈTG\#TTKCICD
6'46+#4;2#.;01(.14+56+%%144'.#6+105
+VKUYGNNMPQYPVJCVKPVJG2CNGQEGPGVJGTGYCUCYQTNFYKFGINQDCNYCTOKPI YKVJCJKIJRNWXKCNTGIKOGYJKEJCNNQYGFVJGGUVCDNKUJOGPVQHCVTQRKECNTCKPHQTGUV YKVJ CPIKQURGTO RTGFQOKPCPEG (TCMGU GV CN )TCJCO C +P /GZKEQ VJGTGCTGHGYTGRQTVUQH2CNGQEGPGCIG+PPQTVJGCUVGTP/GZKEQ4QUCNGU.QOGNÈGVCN
KPENWFGFIGPGTCVJCVDGNQPIVQVJG9KNEQZ(NQTCYKVJVTQRKECNCHſPKVKGU #V VJG UCOGVKOGKPPQTVJYGUVGTP/GZKEQVJGƀQTC KPFKECVGF C YCTO VGORGTCVG HQTGUV YKVJ RTGFQOKPCPEGQHYKPFRQNNKPCVGFRNCPVU %TQUUCPF/CTVÈPG\ &WTKPIVJG'CTN['QEGPGVJGVTQRKECNOQFGRGTUKUVGFYKVJJKIJVGORGTCVWTGUCPF JKIJ RTGEKRKVCVKQP 6JG TCKPHQTGUV EQPVKPWGF VQ KPJCDKV VJG NQY RNCKP GPXKTQPOGPVU *QYGXGT HTQO CDQWV VJG /KFFNG 'QEGPG VJGTG KU C FTCUVKE ENKOCVKE EJCPIG YKVJ C FGETGCUGKPRTGEKRKVCVKQPCPFNQYGTKPIVGORGTCVWTG )TCJCOC+PEQPUGSWGPEG VJTQWIJQWVVJG/KFFNG'QEGPGKPPQTVJGCUVGTP/GZKEQGZEGRVHQTVJGDQTGQVTQRKECN VCZC QH VJG 9KNEQZ ƀQTC $QODCECEGCG 5CRQVCEGCG /CTVÈPG\ GV CN EGTVCKP VGORGTCVGVCZCUWEJCU2KPWUCPF3WGTEWUDGICPVQJCXGRTGUGPEGYKVJKPVJKU)WNH %QCUV 2TQXKPEG +P EQPVTCUV CV VJG YGUVGTP NQECNKVKGU VJG 'QEGPG ƀQTCU YGTG CP CFOKZVWTGQHVGORGTCVGCPFYCTOVGORGTCVGƀQTCU YKVJ VJG RTGUGPEG QH EGTVCKP RNCPV HCOKNKGU%QORQUKVCGCPF'RJGFTCEGCG %TQUUCPF/CTVÈPG\YJKEJKPFKECVGF RGTKQFKECNFT[PGUUCPFCHGYVTQRKECNVCZC +PVJG1NKIQEGPGFTCOCVKERCNGQIGQITCRJKEEJCPIGUQEEWTTGFYJGPVJG6WTICK UVTCKVYCUENQUGFCPFVJGUWRGTEQPVKPGPV'WTQ#UKCVKEYCUHQTOGF#UCEQPUGSWGPEG RCVVGTPUKPQEGCPKEEWTTGPVUYQTNFYKFGVTKIIGTGFENKOCVKEEJCPIGUVQYCTFFT[PGUUCPF KPETGCUKPIUGCUQPCDNGPGUU 6JKU ENKOCVKE EJCPIG ECWUGF VJG FGXGNQROGPV QH C NQY DKQOCUUXGIGVCVKQP
.GQRQNFGVCN6JKUKUUWRRQTVGFD[RCN[PQNQIKECNGXKFGPEGHTQOVJG%WC[WEC (QTOCVKQP CPF 28( YJGTG VJGTG KU C FKXGTUG CPF CDWPFCPV )TCOKPKFKVGU ITCUUGU CUUGODNCIGHQTVJGſTUV VKOG KP 0QTVJ #OGTKEC /CTVÈPG\*GTP¶PFG\ CPF 4COÈTG\ #TTKCICD#FFKVKQPCNN[VJGENKOCVGEJCPIGKUUWRRQTVGFD[VJGRTGUGPEG QH'RJGFTKRKVGUURRCPFQVJGTVCZCHQWPFKPVJGVJQTPHQTGUVCPFEJCRCTTCNCNVJQWIJ YKVJKPVJGJKIJNCPFUITGYVJGENQWFHQTGUVCPFVJGEQPKHGTQWUHQTGUV#V5CP)TGIQTKQ (QTOCVKQP .CVG 1NKIQEGPG JKIJ HTGSWGPEKGU QH ITCUUGU CPF %JGPQRQFKCEGCG #OCTCPVJCEGCG FGPQVG VJG GZKUVGPEG QH C UCXCPPC YKVJ C JKIJ FGPUKV[ QH ITCUUGU
)TCOKPGCGWPKSWGVQ0QTVJ#OGTKEC&CVCVJCVEQPVTCUVUYKVJVJGUVCVWUSWQYJKEJ EQPUKFGTUVJGITCUUGEQU[UVGOUFQOKPCVGFKP0QTVJ#OGTKECWPVKNVJGOKF/KQEGPG
.GQRQNF GV CN FGURKVG VJG QRKPKQPU QH QVJGT CWVJQTU VJCV UVCVGF CP GCTN[ QEEWTTGPEGQHITCUUGUGEQU[UVGOKP0QTVJ#OGTKEC 4GVCNCEM 6JGRCN[PQNQIKEFCVCHTQOVJG'QEGPGVQVJG'CTN[/KQEGPGCTGEQPEGPVTCVGKPVJG UQWVJGCUVGTPTGIKQPQHVJG)WNH%QCUV2TQXKPEG6JGUWTXG[QHVJG'URGTGP\C)TQWR FQPGD[$KCIIK CPF6QOCUKPK1TVÈ\CPF/CTVÈPG\*GTP¶PFG\ ENGCTN[ UJQYVJCVUKPEGVJG.CVG'QEGPGVJGTGYGTGUGXGTCNRCN[PQƀQTCU VJCV TGRTGUGPVGF C OKZVWTGQHPGQVTQRKECNGNGOGPVUYJKEJYGTGRTQDCDN[TGNKEVUQHVJG0QTVJ#OGTKEC DQTGQVTQRKECNƀQTC UGPUW9QNHG UWEJCU4JK\QRJQTC2GNNKEGTKC$QODCECEGCG CPF(KEWUYJKEJITGYKPNQYRNCKPUYKVJQVJGTEQOOWPKVKGUVQYCTFJKIJGTCNVKVWFGU
/#46 0'<*'400&'<#0&4#/ 4'<#44+#)#
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6'46+#4;2#.;01(.14+56+%%144'.#6+105
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/#46 0'<*'400&'<#0&4#/ 4'<#44+#)#
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7PRWDTGRQTV 4QUGP & ' (TQO HQUUKNU VQ GCTVJ JKUVQT[ CRRNKGF JKUVQTKECN DKQIGQITCRJ[ +P /[GTU ## CPF 25 )KNNGT GFU #PCN[VKECN DKQIGQITCRJ[ CP KPVGITCVGF CRRTQCEJ VQ VJG UVWF[ QH CPKOCN CPF RNCPV FKUVTKDWVKQPU%JCROCP.QPFQP0GY;QTM 5TKXCUVCXC 5 - 2CN[PQNQI[ QH VJG /QPVGTG[ (QTOCVKQP /KQEGPG 2JQURJCVKE HCEKGU CV .KQPU *GCF5CPVC/CTKCCTGC%CNKHQTPKC2CN[PQNQI[ 6QOCUKPK1TVÈ\#%CPF/CTVÈPG\*GTP¶PFG\'2CNKPQNQIÈCFGN'QEGPQ1NKIQEGPQFG5KOQLQXGN %JKCRCU70#/+PUV)GQN2CN/GZR 6UEJWF[ 4 * 5VTCVKITCRJKE FKUVTKDWVKQP QH UKIPKſECPV 'QEGPG RCN[PQOQTRJU QH VJG /KUUKUUKRRK GODC[OGPV%QPVTKDWVKQPUVQ2CNGQPVQNQI[75)GQN5WTX2TQH2CR$$Ō$ 9QNHG,#&KUVTKDWVKQPQHOCLQTXGIGVCVKQPCNV[RGUFWTKPIVJG6GTVKCT[#O)GQRJ7PKQP/QP
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#RRGPFKZ.KUVQH2CN[PQOQTRJU 6#$.'.KUVQH2CN[PQOQTRJUUJCTGFDGVYGGP6GTVKCT[DCUKPU+FGPVKſECVKQP PWODGT +F WUGFKPVJGRCTUKOQP[CPCN[UKUQHGPFGOKEKV[ 2#'6CZCYKVJ (#/+.;QT=$16#0+%#. #((+0+6;?/CTVÈPG\*GTP¶PFG\GVCN ,.6QOCUKPKCPF/CTVÈPG\ '/CTVÈPG\ *GTP¶PFG\CPF4COÈTG\#TTKCIC +4COÈTG\#TTKCICCPF/CTVÈPG\*GTP¶PFG\ */CTVÈPG\*GTP¶PFG\CPF4COÈTG\#TTKCICKPRTQEGUU )$KCIIK (2CNCEKQUCPF 4\GFQYUMK %/CTVÈPG\*GTP¶PFG\ $CPF)TCJCO #
/#46 0'<*'400&'<#0&4#/ 4'<#44+#)# 6#$.'%QPVKPWGF
6'46+#4;2#.;01(.14+56+%%144'.#6+105
6#$.'%QPVKPWGF
/#46 0'<*'400&'<#0&4#/ 4'<#44+#)# 6#$.'%QPVKPWGF
%JCRVGT
/GUQ\QKE%QTCNUQH/GZKEQ *#44;((+.-140 &GRCTVOGPVQH+PXGTVGDTCVG2CNGQPVQNQI[0CVWTCN*KUVQT[/WUGWOQH.QU#PIGNGU%QWPV[ 'ZRQUKVKQP$QWNGXCTF.QU#PIGNGU%CNKHQTPKC75#JſNMQTP"PJOQTI #DUVTCEV +PVTQFWEVKQP /GUQ\QKE%QTCNUQH/GZKEQ4GEGPV#FFKVKQPUVQVJG%TGVCEGQWU(CWPCU ,WTCUUKE%QTCNUQH/GZKEQ 6TKCUUKE%QTCNUQH/GZKEQ %QPENWUKQPU #EMPQYNFIOGPVU 4GHGTGPEGU
#DUVTCEV 6JGOCLQTKV[QHVJG/GUQ\QKEUENGTCEVKPKCPEQTCNUTGRQTVGFHTQO/GZKEQURGEKGU QTCDQWVRGTEGPVCTGHTQO%TGVCEGQWUUVTCVC%QORCTCVKXGN[NKVVNGKUMPQYPQHVJG GCTNKGT/GUQ\QKEEQTCNU6JG,WTCUUKEEQTCNUCVQVCNQHURGEKGUJCXGDGGPFGUETKDGF HTQO ſXG NQECNKVKGU KP /GZKEQ CNN KP 7RRGT ,WTCUUKE TQEMU 6JG 6TKCUUKE EQTCN URGEKGUFGUETKDGFHTQO/GZKEQCTGHTQOVJG7RRGT6TKCUUKE#PVKOQPKQ(QTOCVKQPQH PQTVJYGUVGTP5QPQTC6JGOCLQTKV[QHVJG,WTCUUKECPF6TKCUUKEEQTCNURGEKGUTGRQTVGF HTQO/GZKEQJCXGDGGPFGUETKDGFRTGXKQWUN[HTQOQEEWTTGPEGUKP'WTQRG
+PVTQFWEVKQP 6JG/GUQ\QKETQEMUQH/GZKEQEQPVCKPCPKORQTVCPVRCTVQHVJGHQUUKNTGEQTFQH UENGTCEVKPKCPEQTCNU6JGXCUVOCLQTKV[QHVJG/GUQ\QKEEQTCNURGEKGUCPFQEEWTTGPEGU MPQYPHTQO/GZKEQJCXGDGGPTGRQTVGFHTQOVJG%TGVCEGQWU (KNMQTP*QYGXGT EQTCNUCNUQJCXGDGGPFGUETKDGFHTQOVJGQNFGT/GUQ\QKERGTKQFUKPENWFKPIUQOG HTQOVJG,WTCUUKECPFCFKXGTUG6TKCUUKEHCWPC
F. Vega et al. (eds.), Studies on Mexican Paleontology , 47–59. © 2006 Springer. Printed in the Netherlands.
/'51<1+%%14#.51(/':+%1
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ÈC +PUVKVWVQ FG )GQNQIÈC 7PKXGTUKFCF 0CEKQPCN #WVÎPQOC FG /GZKEQ 70#/ /GZKEQ %KV[ 70#/ 7PKXGTUKFCF 0CEKQPCN #WVÎPQOCFG/GZKEQ
/GUQ\QKE%QTCNUQH/GZKEQ4GEGPV#FFKVKQPUVQVJG%TGVCEGQWU (CWPCU 5WDUGSWGPVVQCTGEGPVTGXKGYQHVJG%TGVCEGQWUEQTCNUQH/GZKEQ (KNMQTP VJGTGJCXGDGGPHGYCFFKVKQPCNRWDNKUJGFUVWFKGUQHVJGUGHCWPCU.CVGKPCVQVCN QHEQTCNURGEKGUEQNNGEVGFHTQOVJG/CCUVTKEJVKCPWRRGTOGODGTQHVJG%¶TFGPCU (QTOCVKQP5CP.WKU2QVQUÈYGTGNKUVGFKPCUVWF[QHVJGFGRQUKVKQPCNGPXKTQPOGPVQH VJGWPKVŏUEQTCNTWFKUVCUUQEKCVKQPUD[#5EJCHJCWUGTCPFEQNNGCIWGU 5EJCHJCWUGT GV CN R DWV PQPG QH VJG URGEKGU YCU FGUETKDGF QT KNNWUVTCVGF VJGTGKP
(+.-140
6#$.'.KUVQHVJGEQTCNURGEKGUFGUETKDGFHTQOVJG/GUQ\QKEQH/GZKEQGZENWUKXGQHVJG %TGVCEGQWUEQTCNURGEKGUFGUETKDGFKPUVWFKGURTKQTVQYJKEJCTGRTGUGPVGFKPCPGCTNKGT TGRQTV UGG(KNMQTP6JGCWVJQT UQHGCEJUVWF[VJGHQTOCVKQPPCOGCPFCIGQHGCEJ QEEWTTGPEGKHMPQYPVJG/GZKECPUVCVGCPFVJGEQTCNURGEKGUFGUETKDGFVJGTGKPCTGNKUVGFKP EJTQPQNQIKEQTFGTDCUGFQP[GCTQHRWDNKECVKQP4GHGTVQVJGVGZVHQTFKUEWUUKQP
/'51<1+%%14#.51(/':+%1
6#$.'%QPVKPWGF
#FGVCKNGFVCZQPQOKEUVWF[QHVJGEQTCNURGEKGUHTQOVJG%¶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ſIWTCVKQP QH KVU FKOQTRJKE EQTCNNKVGU URGEKſECNN[ VJG EQPVKPWQWU CZKCN EQTCNNKVG CV VJG EQTG QH GCEJ DTCPEJ CPF VJGKT
(+.-140
GXGPN[URCEGFTCFKCNN[CTTC[GFFCWIJVGTEQTCNNKVGUYJKEJKUCEQTCNNKVGCTTCPIGOGPV UKOKNCTKPCRRGCTCPEGVQOCP[OQFGTPURGEKGUQHVJGTGGHDWKNFKPIEQTCN#ETQRQTC $NCUVQ\QRUCOOKCIWGTTGTQVGTKQPKUVJGſTUV %TGVCEGQWU EQTCN URGEKGU VQ DG FGUETKDGF HTQOUQWVJYGUVGTP/GZKEQKPOQTGVJCPCEGPVWT[6JGNCUVRGTUQPMPQYPVQJCXG FGUETKDGF C URGEKGU QH %TGVCEGQWU EQTCN HTQO VJKU TGIKQP YCU / 7TSWK\C KP
(KNMQTP 6JG V[RG URGEKOGPU QH $NCUVQ\QRUCOOKC IWGTTGTQVGTKQP CTG KP VJG EQNNGEVKQPU QH VJG /WUGQ FG 2CNGQPVQNQIÈC QH VJG +PUVKVWVQ FG )GQNQIÈC +)/ 7PKXGTUKFCF0CEKQPCN#WVÎPQOCFG/GZKEQ 70#//GZKEQ%KV[
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ſTUV ,WTCUUKE EQTCNU HTQO/GZKEQURGEKſECNN[ VJG QEEWTTGPEGU QH 7RRGT ,WTCUUKE EQTCN DCPMU DGNQY VJG -KOOGTKFIKCPRTQDCDN[5GSWCPKCPKGWRRGT1ZHQTFKCPCV2KECEJQFGNC#DTCKP VJG5KGTTCFG%QPEGREKÎPFGN1TQ $WTEMJCTFVCRCPFKPVJG5KGTTCFG 5CPVC4QUC5KGTTCFG/C\CRKN
/'51<1+%%14#.51(/':+%1
.CVGT$WTEMJCTFVKPJKUGZVGPUKXGő'VWFGU[PVJÃVKSWGUWTNG/ÃUQ\QÊSWGOGZKECKPŒ FKUEWUUGF VJG TGIKQPCN GZVGPV QH VJG ,WTCUUKE EQTCN DGF CPF PQVGF VJCV KV NKMGN[ YCU NQYGT1ZHQTFKCP $WTEMJCTFVHQTGZCORNGUUGGR VCDNGVCDNG .CVGKPVJGŏUKPXGUVKICVKQPQHVJGIGQNQI[KPVJG/GNEJQT1ECORQCTGCQH PQTVJGTP
(+.-140
TGRQTVGFEQTCNDGCTKPIJQTK\QPUKPVJG<WNQCIC.KOGUVQPGQHVJG%QPEGREKÎPFGN1TQ FKUVTKEV
4QIGTUGVCNR6JGQEEWTTGPEGQHEQTCNUKPVJG<WNQCIC.KOGUVQPG KPVJGXKEKPKV[QH%QPEGREKÎPFGN1TQ
70#/ /GZKEQ %KV[ 2GTTKNNKCV 6YQ [GCTU NCVGT .QWKUG $GCWXCKU CPF 6QO ' 5VWOR TGRQTVGF QP VJG EQTCN URGEKGU QH C FKXGTUG 7RRGT ,WTCUUKE KPXGTVGDTCVG HCWPC HTQO %GTTQ 2Q\Q 5GTPC PQTVJYGUVGTP 5QPQTC 6JG[ FGUETKDGF
/'51<1+%%14#.51(/':+%1
UGXGP EQTCN URGEKGU UGG 6CDNG OQUV QH YJKEJ YGTG MPQYP RTGXKQWUN[ HTQO VJG 'WTQRGCP,WTCUUKECRCNGQDKQIGQITCRJKETGNCVKQPUJKRVJCVJCFDGGPPQVGFGCTNKGTD[ $GCWXCKU R 6JG UGXGP EQTCN VCZC CNUQ KPENWFGF QPG PGYN[ FGUETKDGF URGEKGU /CEIGQRUKU UQPQTGPUKU $GCWXCKU CPF 5VWOR CPF VJG PGYN[ GTGEVGF VJG IGPWU .GRKFQRJ[NNKQRUKU $GCWXCKU CPF 5VWOR 6JG EQTCN URGEKOGPU VJCV VJG[FGUETKDGFCTGFGRQUKVGFKPVJG5VWOR%QNNGEVKQP7PKXGTUKV[QH%CNKHQTPKC&CXKU
$GCWXCKUCPF5VWOR 1PGURGEKGUGCEJQHEQTCNCPFEJCGVGVKFHTQOVJG7RRGT,WTCUUKE WRRGT1ZHQTFKCP <WNQCIC.KOGUVQPGPGCT%JCTECUPQTVJYGUVGTP5CP.WKU2QVQUÈYGTGFGUETKDGFD[ //4G[GTQUFG%CUVKNNQKP6JGUKPINGUENGTCEVKPKCPEQTCNURGEKGU5V[NQUOKNKC OKEJGNKPK/KNPG'FYCTFUCPF*CKOGYCUMPQYPRTGXKQWUN[HTQOVJG7RRGT ,WTCUUKEQH'WTQRGDWVVJGURQPIGYCUFGUETKDGFCUPGY2V[EJQEJCGVGVGURQVQUKGPUKU 4G[GTQU FG %CUVKNNQ 6JG URGEKOGPU CTG KP VJG EQNNGEVKQPU QH VJG /WUGQ FG 2CNGQPVQNQIÈCQHVJG+PUVKVWVQFG)GQNQIÈC +)/7PKXGTUKFCF0CEKQPCN#WVÎPQOC FG/GZKEQ 70#//GZKEQ%KV[ 2GTTKNNKCV6JKUYCUVJGſTUV EQTCN URGEKGU VQDGFGUETKDGFHTQOVJG<WNQCIC.KOGUVQPG +P VJG ŏ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ÎP (TCOGCPF9CTFR +P VJKU TGIKQP VJG EQTCNDGCTKPI DGFU QH VJG .C %CUKVC (QTOCVKQP CTG EQPHQTOCDN[ QXGTNCKP D[ VJG EQTCNTKEJ 5CP ,WCP NGPVKN $GTTKCUKCP QH VJG .QYGT %TGVCEGQWU 6CTCKUGU (QTOCVKQP 6JG EQTCNU HTQO VJGUG VYQ HQTOCVKQPU JCXG PQV DGGP UVWFKGF .CUVN[KPCUVWF[QHVJG,WTCUUKEEQTCNUHTQOVJGEKTEWO2CEKſE TGIKQP . $GCWXCKU
NKUVGFVJGEQTCNUVJCVJCFDGGPFGUETKDGFRTGXKQWUN[HTQOVJG7RRGT,WTCUUKEQH 5QPQTC UGG$GCWXCKUCPF5VWORCPFCFFKVKQPCNN[PQVGFVJGQEEWTTGPEGQHQPG QVJGTURGEKGU%QNWOPQEQGPKCUR
6TKCUUKE%QTCNUQH/GZKEQ 6TKCUUKE TQEMU QH OCTKPG QTKIKP JCF DGGP MPQYP VQ GZKUV KP YGUVGTP 0QTVJ #OGTKEC UKPEG VJG ŏU UGG 5OKVJ DWV EQORCTCVKXG DGFU QH VJKUCIGKP/GZKEQYGTGPQVYKFGN[TGEQIPK\GFD[IGQNQIKUVUWPVKNVJGŏU UGG $WTEMJCTFVCPF5ECNKC-GNNGT#NVJQWIJ%CTNQU$WTEMJCTFVCPF 5CNXCFQT5ECNKC RPQVGFVJGQEEWTTGPEGQHRQQTN[RTGUGTXGFEQTCNUKPVJG
(+.-140
7RRGT 6TKCUUKE UVTCVC QH
%QPENWUKQPU 6Q UWOOCTK\G C VQVCN QH UENGTCEVKPKCP EQTCN URGEKGU JCXG DGGP FGUETKDGF HTQOVJG/GUQ\QKETQEMUQH/GZKEQVJGOCLQTKV[QHVJGO QTCDQWVRGTEGPV HTQOVJG%TGVCEGQWU UGG(KNMQTP6JGQNFGT/GUQ\QKETQEMUQH/GZKEQJCXG [KGNFGF QPN[ UENGTCEVKPKCP EQTCN URGEKGU HTQO VJG 7RRGT ,WTCUUKE UVTCVC KP 5QPQTC%JKJWCJWC&WTCPIQ5CP.WKU2QVQUÈCPF2WGDNCCPFHTQOVJG7RRGT 6TKCUUKE#PVKOQPKQ(QTOCVKQPQHPQTVJYGUVGTP5QPQTC
#EMPQYNGFIOGPVU 6JGCWVJQTVJCPMU(TCPEKUEQ,8GICHQTVJGKPXKVCVKQPVQEQPVTKDWVGVJKUU[PQRUKU VQVJGRTGUGPVXQNWOGQP/GZKECPRCNGQPVQNQI[&GD,.[QPU-GPV5VCVG7PKXGTUKV[ JGNRGF VJG CWVJQT VQ CESWKTG EQRKGU QT NQCPU QH OWEJ QH VJG NKVGTCVWTG EKVGF KP VJKU TGRQTVCPFJGTGHHQTVUCTGCRRTGEKCVGF
/'51<1+%%14#.51(/':+%1
4GHGTGPEGU #IWKNGTC,)5KPQRUKUFGIGQNQIÈCOGZKECPC$QN+PUV)GQN/ÃZKEQ #IWKNGTC,)#RGTÁWUWTNCIÃQNQIKGFW/GZKSWGRQWTUGTXKTFŏGZRNKECVKQP´NCECTVGIÃQNQIKSWG FGNŏ#OÃTKSWGFW0QTF%QPITÂU)ÃQNQIKSWG+PVGTPCVKQPCN%QORVG4GPFWFGNC&KZKÂOG5GUUKQP /GZKEQXR #NGPE¶UVGTFG%UGTPC)CPF$'$WKVTÎP'UVTCVKITCHÈC[RCNGQPVQNQIÈCFGN,WT¶UKEQ5WRGTKQTFG NCRCTVGEGPVTQOGTKFKQPCNFGN'UVCFQFG2WGDNC2CTVG++(CWPCFGN,WT¶UKEQ5WRGTKQTFGNCTGIKÎPFG 2GVNCNEKPIQ'UVCFQFG2WGDNC2CNGQPV/GZ2CTVG++RRNUſI NXCTG\ ) ( $QUGNNKPK * Eliášová ) )KNN $ .CVJWKNKÂTG * .ÑUGT & /CTEJCN & 6WTPš GM , 5VQNCTUMKCPF#<JWTCXNGX6JG/GUQ\QKEEQTCNU$KDNKQITCRJ[+P*.ÑUGT
GF%QTCN4GU$WNN $CMGT%.7RRGT,WTCUUKEFGRQUKVUCPFUVTWEVWTGUQHVJG/QPVGTTG[5CNVKNNQCTGCR+P5QWVJ 6GZCU )GQNQIKECN 5QEKGV[ 6JKTVGGPVJ #PPWCN /GGVKPI 1EVQDGT UV CPF 0QXGODGT UV CPF PF /QPVGTTG[/GZKEQ5QWVJ6GZCU)GQNQIKECN5QEKGV[5CP#PVQPKQ $CMGT%.)GQNQIKE4GEQPPCKUUCPEGKPVJG'CUVGTP%QTFKNNGTCQH/GZKEQ)GQN5QE#OGT5RGE 2CRRRNU $CTEGNÎ&WCTVG,'UVTCVKITCHÈC[2GVTQITCHÈC&GVCNNCFCFGNTGCFG6GJWCE¶P5CP,WCP4C[C'FQ FG2WGDNC6GUKU2TQHGUKQPCN7PKXGTUKFCF0CEKQPCN#WVÎPQOCFG/ÃZKEQ(CEWNVCFFG+PIGPKGTÈC RVCDNGUſIU RNU $CTPGU & # 8QNECPKE CTE FGTKXGF /GUQ\QKE UGFKOGPVCT[ TQEMU 8K\ECKPQ 2GPKPUWNC $CLC %CNKHQTPKC 5WT /GZKEQ R +P 8 # (TK\\GNN ,T GF )GQNQI[ QH VJG $CLC %CNKHQTPKC 2GPKPUWNC6JG2CEKſE 5GEVKQP QH VJG 5QEKGV[ QH 'EQPQOKE 2CNGQPVQNQIKUVU CPF /KPGTCNQIKUVU .QU#PIGNGU%CNKHQTPKC $GCWXCKU.3WGNSWGUGZGORNGURTKUFCPUNG/CNOOQPVTCPVNGTÏNGFGU/CFTÃRQTCKTGUFCPUNC VJÃQTKGFGNCOQDKNKVÃEQPVKPGPVCNG$WNN5QE)ÃQN(TCPEG5ÃT $GCWXCKU.,WTCUUKEEQTCNUHTQOVJGEKTEWO2CEKſE CTGC R +P 2 # ,GNN CPF , 9 2KEMGVV
GFU (QUUKN %PKFCTKC 2TQEGGFKPIU QH VJG (KHVJ +PVGTPCVKQPCN 5[ORQUKWO QP (QUUKN %PKFCTKC KPENWFKPI#TEJCGQE[CVJCCPF5RQPIKQOQTRJUJGNFKP$TKUDCPG3WGGPUNCPF#WUVTCNKC,WN[ $GCWXCKU.CPF6'5VWOR%QTCNUOQNNWUEUCPFRCNGQIGQITCRJ[QH.CVG,WTCUUKEUVTCVCQHVJG %GTTQ2Q\Q5GTPC5QPQTC/GZKEQ2CNCGQIGQI2CNCGQENKOCVQN2CNCGQGEQN $ÑUG'8GUVKIGUQHCPCPEKGPVEQPVKPGPVKPPQTVJGCUV/GZKEQ#OGT,5EK (KHVJ5GTKGU $WTEMJCTFV%C)ÃQNQIKGFGNC5KGTTCFG%QPEGREKÎPFGN1TQ)WKFGFGU'ZEWTUKQPUFW&KZKÂOG %QPITÂU)ÃQNQIKSWG+PVGTPCVKQPCN/GZKEQ::+8 'ZEWTUKQPUFW0QTFROCR $WTEMJCTFV%D)ÃQNQIKGFGNC5KGTTCFG/C\CRKNGV5CPVC4QUC)WKFGFGU'ZEWTUKQPUFW&KZKÂOG %QPITÂU)ÃQNQIKSWG+PVGTPCVKQPCN/GZKEQ::8+ 'ZEWTUKQPFW0QTFRVCDNGOCRU RTQſNGU UJGGV RNU $WTEMJCTFV%E.C(CWPG,WTCUUKSWGFG/C\CRKNCXGEWPCRRGPFKEGUWTNGU(QUUKNGUFW%TÃVCEKSWG +PHÃTKGWT$QN+PUV)GQN/ÃZKEQRRNU $WTEMJCTFV%'UVWFKQIGQNÎIKEQFGNCTGIKÎPFG5CP2GFTQFGN)CNNQ &WTCPIQ2CTGTIQPGUFGN +PUV)GQN/ÃZKEQ VCDNGRNU $WTEMJCTFV%(CWPGU,WTCUUKSWGUGV%TÃVCEKSWGUFG5CP2GFTQFGN)CNNQ$QN+PUV)GQN/ÃZKEQ RCPF#VNCURNU $WTEMJCTFV%'VWFGU[PVJÃVKSWGUWTNG/ÃUQ\QÊSWGOGZKECKP#DJ5EJYGK\2CNCGQPV)GU/ÃO 5QE2CNÃQPV5WKUUG CPF $WTEMJCTFV%CPF55ECNKC.CHCWPGOCTKPGFW6TKCU5WRÃTKGWTFG
(+.-140
'UVTCVKITCHÈCFGN/GUQ\QKEQ[6GEVÎPKECFGNUWTFGN'UVCFQFG2WGDNC2TGUCFG8CNUGSWKNNQ5KHÎPFG *WGZQVKVNCPCRC[2TQDNGOCU*KFTQNÎIKEQUFG2WGDNC%QPITGUQ)GQNÎIKEQ+PVGTPCEKQPCN8KIÃUKOC 5GUKÎP/ÃZKEQ'ZEWTUKÎP#Ō Caratini, C., and L. Beauvais. 1969. Les Polypiers du Kimmridgien inf à rieur de Chellala – Reibell (D Ãpartement de MÃdea Alg – Ãrie). Publications du Service Gà ologique de Alg – Ãrie , 39:19-38. 'TDGP*- 'N,WT¶UKEQ/GFKQ[GN%CNNQXKCPQFG/ÃZKEQ%QPITGUQ)GQNÎIKEQ+PVGTPCEKQPCN 8KIÃUKOC5GUKÎP%KWFCFFG/ÃZKEQ%QPVTKDWEKÎPCN%QPITGUQFGN+PUVKVWVQFG)GQNQIÈCFG NC7PKXGTUKFCF0CEKQPCN#WVÎPQOCFG/ÃZKEQXKK RRNUOCRU 'TDGP*-0GYDKQUVTCVKITCRJKEEQTTGNCVKQPUKPVJG,WTCUUKEQHGCUVGTPCPFUQWVJEGPVTCN/GZKEQ %QPITGUQ )GQNÎIKEQ +PVGTPCEKQPCN 8KIÃUKOC 5GUKÎP %KWFCF FG /ÃZKEQ 5GEEKÎP 'N /GUQ\QKEQFGN*GOKUHGTKQ1EEKFGPVCN[5WU%QTTGNCEKÎPGU/WPFKCNGURRNU VCNNQP#VWFGURCNÃQPVQNQIKSWGUUWTNG*CWV,WTC4C[QPPÃUFW%QTCNNKGP/ÃO5QEOWN &ÃRCTV&QWDU5ÃTKG HQT (GNKZ,8GTUVGKPGTWPIGPCWUFGTOGZKECPKUEJGP,WTCWPF-TGKFG(QTOCVKQP2CNCGQPVQITCRJKEC RNU (GNKZ,7GDGTUKEJV×DGTFKG'PVYKEMNWPIFGTIGQNQIKUEJGP(QTOCVKQPGPKP/GZKEQPGDUVGKPGO #PJCPI×DGTFKG*ÑJNGPDKNFWPIGPFKGUGU.CPFGUR+P,(GNKZCPF*.GPM$GKVT¼IG\WT )GQNQIKGWPF2CN¼QPVQNQIKGFGT4GRWDNKM/GZKEQ6JGKN#TVJWT(GNKZ.GKR\KI (KNMQTP*(6JG%TGVCEGQWUEQTCNUQH/GZKEQQEEWTTGPEGUCPFJKUVQT[QHTGUGCTEJ4GX/GZ %KGP)GQN (KNMQTP * ( CPF , 2CPVQLC #NQT # PGY 'CTN[ %TGVCEGQWU EQTCN #PVJQ\QC 5ENGTCEVKPKC &GPFTQRJ[NNKKPCCPFKVUGXQNWVKQPCT[UKIPKſECPEG ,2CNGQPV (TCOG # CPF 9 % 9CTF .QYGTOQUV %TGVCEGQWU EQTCNTKEJ NKOGUVQPG KP 0WGXQ .GQP CPF %QCJWKNC /GZKEQ R +P , / $CTDCTÈP %CUVKNNQ *, )WTUM[ CPF 2 /GKDWTI GFU 'N %TGV¶EKEQFG/ÃZKEQ[#OÃTKEC%GPVTCN4GUÕOGPGU5KORQUKQ+PVGTPCEKQPCNFG0QXKGODTG FG.KPCTGU/ÃZKEQ#EVCUFGNC(CEWNVCFFG%KGPEKCUFGNC6KGTTCFGNC7PKXGTUKFCF#WVÎPQOC FG0WGXQ.GÎP.KPCTGU8QNWOG (TGEJ(&KG-QTCNNGPHCWPCFGT6TKCU2CNCGQPVQITCRJKEC RNUCPF RNU (TGWFGPDGTI9)GQNQIKGXQP/GZKMQ)GDT×FGT$QTPVTCGIGT$GTNKPRRNſIU )QNFHWUU)#2GVTGHCEVC)GTOCPKCGVCOGC3WCGKP/WUGQ7PKXGTUKVCVKU4GIKCG$QTWUUKECG (TKFGTKEKCG 9KNJGNOKCG 4JGPCPCG 5GTXCPVWT 3WCO #NKC 3WCGEWPSWG KP /WUGKU *QGPKPIJWUKCPQ /WGPUVGTKCPQ #NKKUSWG 'ZVCPV +EQPKDWU GV &GUETKRVKQPKDWU +NNWUVTCVC #DDKNFWPIGP WPF $GUEJTGKDWPIGPFGT2GVTGHCEVGP&GWVUEJNCPFUWPFFGTCPIT¼P\GPFGP.¼PFGTWPVGT/KVYKTMWPIFGU *GTTP)TCHGP)GQTI\W/×PUVGT'TUVGT6JGKN#TP\%QOR&×UUGNFQTHRRN )QQFYKP & * CPF ) & 5VCPNG[ ,T 0QTKCP URQPIG CPF EQTCN DKQUVTQOGU KP VJG #PVKOQPKQ (QTOCVKQPPQTVJYGUVGTP5QPQTC/GZKEQ4GX/GZ%KGPE)GQN *GKNRTKP#6JGIGQNQI[CPFRCNGQPVQNQI[QHVJG%TGVCEGQWUFGRQUKVUQH/GZKEQ2TQE#ECF0CV 5EK2JKNCFGNRJKCRNU *KEMG[,,5VTCVKITCRJ[CPFEQORQUKVKQPQHC,WTCŌ%TGVCEGQWUXQNECPKECTECRTQP2WPVC'WIGPKC $CLC%CNKHQTPKC5WT/GZKEQR+P8#(TK\\GNN,T GF)GQNQI[QHVJG$CLC%CNKHQTPKC 2GPKPUWNC6JG2CEKſE 5GEVKQPQHVJG5QEKGV[QH'EQPQOKE2CNGQPVQNQIKUVUCPF/KPGTCNQIKUVU .QU#PIGNGU%CNKHQTPKC +ONC[495VWFKGUQHVJG/GZKECP)GQU[PENKPG$WNN)GQN5QE#O RNU +ONC[49,WTCUUKEHQTOCVKQPUQH)WNH4GIKQP$WNN#O#UUQE2GV)GQN -GNNGT965VTCVKITCRJKUEJG$GQDCEJVWPIGPKP5QPQTC 0QTFYGUV/GZKEQ'EN)GQN*GNXGVKCG -GNNGT961DUGTXCEKQPGUGUVTCVKITCſECU GP 5QPQTC 0QTQGUVG FG /ÃZKEQ $QN#UQE/GZ)GÎN 2GVT -QD[(/QPQITCRJKGFGURQN[RKGTULWTCUUKSWGUFGNC5WKUUGEKPSWKÂOGRCTVKG #DJ5EJYGK\ 2CN¼QPVQN)GUGNN /ÃO5QE2CNÃQPV5WKUUGRNU .GUCWXCIG//ÃOQKTGUWTWPPQWXGCWIGPTGFG2QN[RKGTHQUUKNG/ÃO5QE*KUV0CVWT2CTKU RN
/'51<1+%%14#.51(/':+%1
/CRGU 8¶\SWG\ ' 5
(+.-140
2CNGQPV5QE/GO ,2CNGQPV 5WRRNRCTVQHR 5VCPNG[)&,TCPF%/)QP\¶NG\.GÎP2CNGQIGQITCRJKECPFVGEVQPKEKORNKECVKQPUQH6TKCUUKE HQUUKNU CPF UVTCVC HTQO VJG #PVKOQPKQ (QTOCVKQP PQTVJYGUVGTP 5QPQTC R +P % ,CESWGU #[CNC%/)QP\¶NG\.GÎPCPF,4QNF¶P3WKPVCPC 'FU5VWFKGUQPVJG/GUQ\QKEQH5QPQTCCPF #FLCEGPV#TGCU)GQN5QE#OGT5RGE2CR 5VCPNG[)&,TCPF%/)QP\¶NG\.GÎP GFUC5RGEKCNKUUWGFGFKECVGFVQVJG+PVGTPCVKQPCN 9QTMUJQRQPVJG)GQNQI[QH0QTVJYGUVGTP5QPQTC/GZKEQ4GX/GZ%KGP)GQN HQT KKKXKKK 5VCPNG[)&,TCPF%/)QP\¶NG\.GÎPD5RGEKCNKUUWGFGFKECVGFVQVJG+PVGTPCVKQPCN9QTMUJQR QPVJG)GQNQI[QH0QTVJYGUVGTP5QPQTC(QTGYQTF4GX/GZ%KGP)GQN KKKXKKK 5VCPNG[)&,TCPF%/)QP\¶NG\.GÎPE0GY.CVG6TKCUUKEUENGTCEVKPKCPEQTCNUHTQOVJG #PVKOQPKQ(QTOCVKQPPQTVJYGUVGTP5QPQTC/GZKEQ4GX/GZ%KGP)GQN 5VGYCTV,*4#OC[C/CTVÈPG\4)5VCOO$49CTFNCY)&5VCPNG[,TCPF%*5VGXGPU 5VTCVKITCRJ[ CPF TGIKQPCN UKIPKſECPEG QH /KUUKUUKRRKCP VQ ,WTCUUKE TQEMU KP 5KGTTC 5CPVC 6GTGUC5QPQTC/GZKEQ4GX/GZ%KGP)GQN 7TSWK\C/'ZRNQTCEKQPFGN&KUVTKVQFG%QCNEQOCP'UVCFQFG/KEJQCE¶P#PCNGUFGN/KPKUVGTKQ FG(QOGPVQ%QNQPK\CEKQP+PFWUVTKC[%QOGTEKQ/ÃZKEQRſIU OCR 9GNNU,9,WTCUUKEEQTCNUHTQOVJG5OCEMQXGT.KOGUVQPG#TMCPUCU,2CNGQPV RN 9GNNU,95QOG,WTCUUKECPF%TGVCEGQWUEQTCNUHTQOPQTVJGTP/GZKEQ,2CNGQPV RNU Winkler, G. G. 1861. Der Oberkeuper, nach Studien in den bayrischen Alpen. Zeitschrift der Deutschen Geologischen Gesellschaft, 13:459-521, pls. 5-9.
%JCRVGT
4WFKUVUQH/GZKEQ*KUVQTKECN#URGEVUCPF5GNGEVGF#TGCU QH4GUGCTEJ 2'&41)#4% #$#44'4# /WUGQFG2CNGQPVQNQIÈC&GRCTVCOGPVQFG$KQNQIÈC'XQNWVKXC(CEWNVCFFG%KGPEKCU70#/ %KWFCF7PKXGTUKVCTKC%Q[QCE¶P/GZKEQ&(RID"JRHEKGPEKCUWPCOOZ #DUVTCEV +PVTQFWEVKQP 2CNGQIGQITCRJ[QH/GZKECP4WFKUVU 4WFKUVUHTQO5QWVJGTP/GZKEQ 4WFKUVUHTQO%GPVTCN/GZKEQ 4WFKUVUHTQO0QTVJ%GPVTCN/GZKEQ 4WFKUVUHTQO%JKCRCU5'/GZKEQ (KPCN%QOOGPVU 4GHGTGPEGU
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
F. Vega et al. (eds.), Studies on Mexican Paleontology , 61–78. © 2006 Springer. Printed in the Netherlands.
47&+5651(/':+%1
+PVTQFWEVKQP 4WFKUVUCTGGZVKPEVDKXCNXGOQNNWUMUYJKEJRQUUGUUEQORNGVGN[FKHHGTGPVGZVGTPCN OQTRJQNQI[ YJGP EQORCTGF YKVJ GZVCPV DKXCNXGU (KI 4WFKUVU CTG NCTIG VJKEM YCNNGF CPF GZENWUKXGN[ OCTKPG DKXCNXGU VJCV JCF FKUVKPEVN[ WPGSWCN UJCRGF XCNXGU 4WFKUVUYGTGITGICTKQWUCPKOCNUVJCVNKXGFſZGF VQ VJG UWDUVTCVG CPF ITGY EQPUVTWEVKPI RCVEJGUDCPMUCPFVTWGTGGHU 4WFKUVUYGTGYKFGURTGCFFWTKPIVJG%TGVCEGQWU2GTKQFKPUJCNNQYVTQRKECNUGCU YKVJKP VJG 6GVJ[U &QOCKP YJKEJ EQXGTGF UQWVJGTP 'WTQRG PQTVJGTP #HTKEC VJG /KFFNG 'CUV UQWVJGTP 7PKVGF 5VCVGU VJG %CTKDDGCP TGIKQP CPF CNN QH VJG /GZKECP VGTTKVQT[#UCDKQNQIKECNITQWRTWFKUVUURCPCNOQUVOKNNKQP[GCTUſ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¶P
(+)74'&WTCPKCQLCPEJCNGPUKU/[GTU:HTQO%¶TFGPCU(QTOCVKQP /CCUVTKEJVKCP 0QTVJ%GPVTCN/GZKEQ#TVD['FICT)C[V¶P
)#4% #$#44'4#
.KOGUVQPGVJCVQHVGPEQPVCKPTWFKUVUTGOCKPUCTGGZRNQKVGFKPFWUVTKCNN[CUőOCTDNGŒ HQTOCMKPIƀQQTU VJCV FGEQTCVG OCNNU CKTRQTVU VJGCVGTU OCP[ RWDNKE RNCEGU CPF GXGP KPJQOGU +PUQOGTGIKQPUQH/GZKEQUQWVJGTP7PKVGF5VCVGU+TCMCPF+TCPTWFKUVTGGHUQHVGP YGTGUWTTQWPFGFD[KORGTOGCDNGTQEMUEQPUVKVWVKPIVJGRQTQWUTQEMUVJCVVTCRCPF UVQTGICUCPFQKN %QQICP5EQVVGVCN(QTGZCORNGTKEJQKNFGRQUKVU HQWPFKPNKOGUVQPGYKVJTWFKUVUCTGTGRQTVGFCV'N#DTC(QTOCVKQPCNQPIVJG)WNHQH /GZKEQ 5EQVVGVCN
2CNGQIGQITCRJ[CPF/GZKECP4WFKUVU &WTKPI VJG 2CNGQ\QKE 'TC VJGTG YGTG TGUVTKEVGF CPF CRRCTGPVN[ KUQNCVGF UGCU KP UGXGTCN FKHHGTGPV TGIKQPU QH VJG /GZKECP VGTTKVQT[ .ÎRG\4COQU +P VJG /GUQ\QKE 'TC FWTKPI 6TKCUUKE CPF OQUV QH VJG ,WTCUUKE /GZKEQ YCU CP GOGTIGF VGTTKVQT[YKVJCVNGCUVVJTGGPCTTQYDC[UQPGPQTVJQH5QPQTCCUGEQPFQPGPQTVJQH 8GTCETW\CPF2WGDNCCPFVJGVJKTFDGVYGGP1CZCECCPF)WGTTGTQKPUQWVJGTP/GZKEQ
$WTEMJCTFV'TDGP+ONC[ 6JG7RRGT,WTCUUKEKUVGEVQPKECNN[KORQTVCPVDGECWUGVJGQRGPKPIQHVJG/GZKECP )WNHDGICPVQQEEWTCVVJKUVKOG 8KPKGITC1UQTKQ#UCTGUWNVQHVJKU RJGPQOGPCPGCTN[O[CIQFWTKPIVJG1ZHQTFKCPUGFKOGPVUUVCTVGFVQCEEWOWNCVG YKVJKPYKFGOCTKPGRNCVHQTOUQHUJCNNQYUGCU (KI
(+)74'6JG7RRGT,WTCUUKEVTCPUITGUUKQP O[CIQEQXGTGFCNOQUVſHV[ RGTEGPV QH VJG /GZKECPVGTTKVQT[#HVGT#NGPE¶UVGT
47&+5651(/':+%1
#P7RRGT,WTCUUKEVTCPUITGUUKQPCFXCPEGFHTQOVJGOCTIKPQHVJGDCUKPVJTQWIJ VJGYGUVPQTVJCPFUQWVJCPFITCFWCNN[EQXGTGFNCTIGCTGCUQHVJG/GZKECPVGTTKVQT[ 6TCPUITGUUKQPYCUEQPVTQNNGFD[CPEKGPVVQRQITCRJ[YJGTGCUVJGJKIJNCPFUUVQQFCU RGPKPUWNCUQTCUKUNCPFU +P .QYGT %TGVCEGQWU FWTKPI VJG $CTTGOKCP CPF #RVKCP O[ CIQ VJGTG YCUCOCTKPGVTCPUITGUUKQPYJKEJEQXGTGFCNNQHVJG/GZKECPVGTTKVQT[GZEGRVKPVJG YGUVYJGTGCYKFGHTKPIGGZVGPFKPIHTQOUQWVJGTPVQPQTVJYGUVGTP/GZKEQGZKUVGF
%UGTPC ;QWPI #P CPEKGPV DGNV QH JKIJ NCPFU EQORQUGF OCKPN[ QH 2CNGQ\QKE OGVCOQTRJKE CPF XQNECPKE TQEMU CNQPI )WGTTGTQ 1CZCEC CPF %JKCRCU 5VCVGUCNUQTGOCKPGFGZRQUGF .ÎRG\4COQU (KI+POCP[CTGCUDGECWUG QH HQNFKPI QH VJG UVTCVC UJCNNQY UGCU DGECOG OWEJ UJCNNQYGT 'OGTIGPEG QH XGT[ UJCNNQYUGCUYJKEJFGRQUKVGFVJKEMUGSWGPEGUQHGXCRQTKVGUCEEWOWNCVGFYJKEJCNUQ CNNQYGFTWFKUVUVQUGVVNGCPFHQTORCVEJGUCPFTGGHU;QWPI DGNKGXGFVJCV OQUVQHVJGGXCRQTKVGFGRQUKVUYGTGFGUVTQ[GFD[VGEVQPKECEVKXKV[KPVJGUWDFWEVKQP \QPGCNQPI/GZKEQ´UUQWVJYGUVGTPEQCUVCVVJGGPFQHVJG#RVKCP*QYGXGTKP,CNKUEQ %QNKOC/KEJQCE¶P)WGTTGTQCPF1CZCECVJGTGCTGNCTIGHQUUKNKHGTQWUFGRQUKVUYKVJ TWFKUVU 2CPVQLC#NQT)CTEÈC$CTTGTC &WTKPIVJG#NDKCPCPF%GPQOCPKCP O[CIQVJGUGCTGCEJGFKVUOCZKOWO GZVGPUKQPEQXGTKPICNOQUVEQORNGVGN[VJGYGUVGTPNCPFHTKPIGCPFVJGJKIJNCPFUQH UQWVJYGUVGTP/GZKEQ5QOGTGIKQPUDGECOGYKFGRNCVHQTOUCVVJKUVKOG
(+)74' /GZKEQ KP VJG .QYGT %TGVCEGQWU $CTTGOKCP#RVKCP O[ CIQ #HVGT #NGPE¶UVGT
)#4% #$#44'4#
5GRCTCVGF RNCVHQTOU GXGPVWCNN[ HQTOGF C OGICECTDQPCVGF RNCVHQTO YJKEJ UWTTQWPFGFVJG)WNHQH/GZKEQ 9KNUQP/KEJCWFCPF(QWTECFG6JG PCOGUQHVJGUGRNCVHQTOUCTG$CJCOCU(NQTKFC6GZCU%QCJWKNC8CNNGU5CP.WKU 2QVQUÈ %CTTKNNQ$TCXQ CPF %ÎTFQDC )QP\¶NG\#NXCTCFQ #PQVJGT NCTIGTGIKQPYKVJRNCVHQTOFGRQUKVUCPFTWFKUVDGCTKPIHTCOGYQTMUHTQOVJG#NDKCP %GPQOCPKCPYCUFGXGNQRGFHTQO,CNKUEQKPEGPVTCNYGUV/GZKEQVQUQWVJGTP/GZKEQ KPVJGTGIKQPQH%JKCRCU #NGPE¶UVGT (KI&WTKPIVJKUVKOGTWFKUVUTGCEJGF VJGKT OCZKOWO FKXGTUKV[ CDWPFCPEG CPF IGQITCRJKE FKUVTKDWVKQP KP /GZKEQ HTQO $CLC %CNKHQTPKC VQ ;WECV¶P .ÎRG\4COQU #NGPE¶UVGT 5RGEKGU QH %CRTKPKFCGYGTGVJGFQOKPCPVVCZC#UJGNNYCNNVJCVJCUECPCNUVJCVTWPCNQPIVJG UJGNNECNNGFRCNKCNECPCNUYJKEJECPDGUKPINGQTDKHWTECVGFQPEGQTVYKEGCPFOC[ DGEQOGRQN[IQPCNEJCTCEVGTK\GUVJG%CRTKPKFCGHCOKN[ 6JG ſ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¶UVGTVJKUCTGCUJQWNFDGECNNGFVJG/GZKECP2TQXKPEG
(+)74' /GZKECP VGTTKVQT[ FWTKPI #NDKCP%GPQOCPKCP VKOGU O[ CIQ #HVGT #NGPE¶UVGT
47&+5651(/':+%1
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
QRGTEWNCT (TQO %QPKCEKCP VQ %CORCPKCP O[ CIQ VJGTG CTG PQ NQPIGT NCTIG TWFKUV DCPMUQTTGGHUVJGTGCTGQPN[KUQNCVGFRCVEJGUYKVJURCTUGKPFKXKFWCNU#VVJGGPFQHVJG %TGVCEGQWU %CORCPKCP/CCUVTKVEJKCPO[CIQVJGUGCQEEWRKGFCNQPIHTKPIG QHVJG/GZKECP)WNHYJKEJGZVGPFGFPQTVJVQVJG%QCJWKNCTGIKQPVQVJGUQWVJWRVQ PQTVJGCUV)WGTTGTQCPFVQVJGUQWVJGCUVVQVJG2GPKPUWNCQH;WECV¶P (KI
(+)74'/GZKECPVGTTKVQT[KPVJG6WTQPKCPUVCIG O[CIQ#HVGT#NGPE¶UVGT
)#4% #$#44'4#
6JG%¶TFGPCUNQECNKV[KP5CP.WKU2QVQUÈKUCUGRVGPVTKQPCNCTGCYKVJCPCDWPFCPV CPFYGNNRTGUGTXGFTWFKUVUHCWPC $ÑUG/[GTU6JG%¶TFGPCUNQECNKV[ KUVJGUGEQPFOQUVKORQTVCPV/CCUVTKEJVKCPNQECNKV[CHVGTVJG%GPVTCN%JKCRCUTGIKQP +PDGVYGGPVJGVYQCTGCUVJGTGCTGUQOGHQUUKNQWVETQRUEQPVCKPKPIEQOOQPURGEKGU QHTWFKUVUYJKEJKPFKECVGVJGEQPVKPWKV[QHVJGRNCVHQTOHTQO%¶TFGPCUVQ%JKCRCU RCUUKPIVJTQWIJUQWVJGTP5CP.WKU2QVQUÈ6COCWNKRCU 5VGRJGPUQPUQWVJGTP 8GTCETW\CPF6CDCUEQ ;QWPI (KI
4WFKUVUHTQO5QWVJGTP/GZKEQ 1PG QH VJG OQUV UVWFKGF CTGCU KP UQWVJGTP /GZKEQ KU VJG *WGVCOQ TGIKQP KP /KEJQCE¶PCPF)WGTTGTQ6JGCTGCUKVWCVGFVQVJGUQWVJYGUVGTPRCTVQH/GZKEQCPF VQ VJG UQWVJ QH VJG /GZKECP XQNECPKE DGNV KU EQPUKFGTGF VQ DG YKVJKP VJG )WGTTGTQ 6GTTCKP %CORCCPF%QPG[6JKUVGEVQPQUVTCVKITCRJKEWPKVKUEJCTCEVGTK\GFD[ OCIOCVKEXQNECPKENCUVKECPFUGFKOGPVCT[TQEMUV[RKECNQHKUNCPFCTEU6JG)WGTTGTQ 6GTTCKP YCU UWDFKXKFGF KPVQ VJG *WGVCOQ +ZVCRC
(+)74'/GZKEQCVVJGGPFQHVJG%TGVCEGQWUO[CIQ#HVGT#NGPE¶UVGT
47&+5651(/':+%1
5CP.WECU(QTOCVKQPEQPVCKPKPIUVTCVCHTQO*CWVGTKXKCPVQ#RVKCP/QTGNQU(QTOCVKQP QH#NDKCPCIGCPF/CN2CUQ(QTOCVKQPHTQO%GPQOCPKCPVQ6WTQPKCP0GXGTVJGNGUU OQTG TGEGPV UVWFKGU ECTTKGF QWV D[ 2CPVQLC#NQT QHHGTGF PGY FCVC CDQWV HQUUKN CUUGODNCIGU UWD FKXKUKQP QH VJG GZVCPV IGQNQIKE HQTOCVKQPU CPF FGUETKRVKQPQHPGYNKVJQNQIKECNWPKVUCPFHQTOCVKQPU2CNGQPVQNQIKECNUVWFKGUHQEWUGF QPOCTKPGKPXGTVGDTCVGUKPENWFKPITWFKUVUYGTGſTUV FQPG D[ #NGPE¶UVGT CPF 2CPVQLC #NQT CPF D[ )CTEÈC$CTTGTC 4GEGPV EQPVTKDWVKQPU QP RCNGQPVQIKECNCURGEVUQHTWFKUVUECPDGHQWPFKP2CPVQLC#NQT2CPVQLC#NQTCPF 5MGNVQP(KNMQTP #VRTGUGPVVJGUGSWGPEGQH/GUQ\QKETQEMUKP*WGVCOQTGIKQPJCUDGGPFKXKFGF D[2CPVQLC#NQT KPVQVYQCTGCUGCUV*WGVCOQCPFYGUV*WGVCOQ9KVJKPVJG 'CUVGTPTGIKQPVJGUVTCVKITCRJKEUGSWGPEGKPENWFGUVJG#PICQ(QTOCVKQP5CP.WECU (QTOCVKQP'N%CLÎP(QTOCVKQP/CN2CUQ(QTOCVKQPCPF%WV\COCNC(QTOCVKQP #VVJGDCUGVJG#PICQ(QTOCVKQPKUEQPUKFGTGFCƀ[UEJ VWTDKFKVKE FKUVCN UGSWGPEG %QPHQTOCDN[QXGTN[KPIVJG,WTCUUKEUGFKOGPVUCTGVJGUVTCVCQH5CP.WECUCPVKENKPG YJKEJKUCƀ[UEJ UGSWGPEG EQPVCKPKPI UJCNG UCPFUVQPG CPF EQPINQOGTCVG VWTDKFKVKE VJCVEQTTGURQPFUVQ5CP.WECU(QTOCVKQP 8CNCPIKPKCP$CTTGOKCP#RVKCP 6JG 5CP .WECU (QTOCVKQP YCU FKXKFGF KPVQ VYQ OGODGTU VJG NQYGT 6GTTGTQ 2TKGVQ OGODGT CPF VJG WRRGT .CU (TCIWCU OGODGT 6JG 6GTTGTQ 2TKGVQ OGODGT EQPUKUVUQHUJCNGECNECTGQWUUCPFUVQPGCPFEQPINQOGTCVGUYJKEJEQPVCKPTWFKUVUDCPMU CVVJGWRRGTRCTVQHVJGUGSWGPEGCPF7RRGT8CNCPIKPKCPCPF$CTTGOKCPCOOQPQKFU
)ÎOG\ .WPC GV CN CPF NQYGT $CTTGOKCP COOQPQKFU )QP\¶NG\#TTGQNC GV CN6JG.CU(TCIWCUOGODGTKUCNOQUVOGVGTUVJKEMEQPUKUVKPIQHUJCNG HGNFGURCVJKEECNECTGQWUUCPFUVQPGOWFUVQPGCPFCTIKNNKVG&QOKPCVKPIVJGUGSWGPEG VJGTG CTG XQNECPKENCUVKE UGFKOGPVU VJCV EQPVCKP CDWPFCPV CPF FKXGTUG DTCEJKQRQFU ICUVTQRQFUGEJKPQKFUCPFCOOQPQKFUQH#RVKCPCIG 5QWT6QXCTCPF)CTEÈC$CTTGTC 6JG NCVG #RVKCP 'N %CLÎP (QTOCVKQP EQPHQTOCDN[ QXGTNKGU VJG 5CP .WECU (QTOCVKQP 6JG 'N %CLÎP (QTOCVKQP EQPUKUVU QH C VJKEM NKOGUVQPG UVTCVC DKQIGPKE KPVGTDGFFGFYKVJEQSWKPCEQORQUGFQH1TDKVQNKPCCPFCTIKNNCEGQWUUGFKOGPVU6JG GZRQUGF TQEMU TGRTGUGPV NCIQQPCN HCEKGU QH C UJCNNQY RNCVHQTO FGXGNQRGF COQPI TWFKUVUDCPMUCPFQUVTGKFUKPCPKPVGTVKFCN\QPG 5VTCVCQHVJG/CN2CUQ(QTOCVKQPQXGTNC[YKVJCUNKIJVCPIWNCTWPEQPHQTOKV[ VJGUVTCVCQH'N%CLÎP(QTOCVKQP6JG'N%CLÎ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ÈC$CTTGTC
)#4% #$#44'4#
5VTCVCQHVJG/CN2CUQ(QTOCVKQPQXGTNC[YKVJCUNKIJVCPIWNCTWPEQPHQTOKV[VJG %WV\COCNC(QTOCVKQPRTQRQUGFD[%CORC 6JKUWPKVKUEQORQUGFD[CTIKNNKVG OWFUVQPGUCPFUVQPGCPFCDWPFCPVEQPINQOGTCVG6JG%WV\COCNC(QTOCVKQPTGRTGUGPVU FKUVCNFGNVCKEGPXKTQPOGPVUƀWXKCN EQPVKPGPVCN CPF CNNWXKCN FGRQUKVU 2QN[OKEVKE CPF QNKIQOKEVKEEQPINQOGTCVGUCTGEQORQUGFOCKPN[QHNKOGUVQPGHTCIOGPVUHTQOQNFGT /GUQ\QKEHQTOCVKQPU #V VJG YGUVGTP RQTVKQP QH VJG *WGVCOQ TGIKQP VJG UGSWGPEG FGUETKDGF D[ 2CPVQLC#NQTKPENWFGVJG
47&+5651(/':+%1
CPFFGGRYCVGTDCUKPFGRQUKVUQHVJGWRRGT,WTCUUKE#PICQ(QTOCVKQP 2CPVQLC#NQT 6JG %WODWTKPFKQ (QTOCVKQP YCU RTQRQUGF CNUQ D[ 2CPVQLC#NQT KP HQT C $CTTGOKCP!#RVKCP UWEEGUUKQP OQTG VJCP O VJKEM EQORQUGF QH UCPFUVQPG CTIKNNCEGQWUUKNVUVQPGCPFDKQUVTQOKETWFKUVNKOGUVQPG6JGUWEEGUUKQPRTQITGUUKXGN[ EJCPIGUVQFGNVCHCEKGUEQORQUGFQHTGFUJCNGUKNVUVQPGUCPFUVQPGEQPINQOGTCVGCPF XQNECPKEDTGEEKCYKVJKPVGTDGFFGFNCXCƀQYU CPF VWHH QH CPFGUKVKEFCEKVKE EQORQUKVKQP #EEQTFKPI VQ 2CPVQLC#NQT VJG %WODWTKPFKQ (QTOCVKQP ECP DG UWDFKXKFGF KPVQ VYQ OGODGTU C NQYGT ECNECTGQWUUCPF[ HGNFGURCVJKE OGODGT YJKEJ KU XGT[ HQUUKNKHGTQWUJCXKPICVNGCUVHQWTTWFKUVDKQUVTQOGUCPFCPWRRGTFGNVCKEXQNECPKENCUVKE CPFRTQITCFKPIOGODGTOCFGQHTGFDGFUYKVJENC[UVQPGUKNVUVQPGUCPFUVQPG EQPINQOGTCVG CPF KPVGTECNCVKQPU QH XQNECPKE ƀQYU DTGEEKC CPF VWHH QH CPFGUKVKE VQ TJ[QNKVKEEQORQUKVKQP6JGDCUGQHVJGNQYGTECNECTGQWUUCPF[HGNFGURCVJKEOGODGT QHVJG%WODWTKPFKQ(QTOCVKQPEQPUKUVUQHVQOQHſPG EQPINQOGTCVG OCTN CPF NKOGUVQPGYJKEJWPEQPHQTOCDN[QXGTNC[VJGXQNECPKENCUVKENCXCƀQYU ITGGP VWHH CPF TGFFKUJNKOGUVQPGQHVJG
4WFKUVUHTQO%GPVTCN/GZKEQ 9KVJKP EGPVTCN /GZKEQ VJG 'N #DTC (QTOCVKQP QH 3WGTÃVCTQ 5VCVG JCU CP GZVTCQTFKPCT[HQUUKNKHGTQWUNQECNKV[ECNNGF'N/CFTQÌQYJGTGGZEGNNGPVRTGUGTXCVKQP QHVJGKPXGTVGDTCVGHCWPCGZKUVUKPENWFKPITWFKUVURGEKGUGURGEKCNN[ECRTKPKFU -GNNWO $QPGV 6CDNG6JGQWVETQRUQH'N/CFTQÌQCTGNQECVGFQPDQVJ 6#$.'4WFKUVURGEKGUHQWPFCV'N/CFTQÌQ4GIKQP
)#4% #$#44'4#
UKFGUQHHGFGTCNTQCFDGVYGGP3WGTÃVCTQEKV[CPF:KNKVNC5CP.WKU2QVQUÈ )W\\[ 'N/CFTQÌQKUCNUQMPQYPCU.CIWPC%QNQTCFC 4GF.CIQQPKP'PINKUJ $CUGF WRQP VJG HQUUKN CUUGODNCIG QH HQTCOKPKHGTU CPF TWFKUVU VJG 'N #DTC (QTOCVKQPKUIGPGTCNN[EQPUKFGTGF/KFFNG#NDKCP%GPQOCPKCP 'PQU*QYGXGT RQTVKQPUQHVJG'N#DTC(QTOCVKQPCTGEQPUKFGTGF#NDKCP6WTQPKCP #IWC[Q CPF GXGP $CTTGOKCP%QPKCEKCP 5WVGT 5QOG CWVJQTU KPENWFG 'N /CFTQÌQ TGIKQPYKVJKPCUVTCVKITCRJKEWPKVECNNGF'N&QEVQT(QTOCVKQP 9KNUQPGVCN 6JGNKVJQNQI[CPFHCWPCNEQPVGPVQH'N#DTCCPF'N&QEVQTHQTOCVKQPUCTGXGT[UKOKNCT CPF UQOG TGUGCTEJGU CTG WUKPI DQVJ PCOGU DCUGF QP IGQITCRJKE RQUKVKQPKPI QH VJG HQTOCVKQPU#OQPIOQUVIGQNQIKUVUCPFRCNGQPVQNQIKUVUKVKUCEEGRVGFVJCVDQVJPCOGU TGRTGUGPVVJGUCOGWPKV'N&QEVQTUJQWNFDGUWRRTGUUGFCU'N#DTCKUVJGQNFGTPCOG
%CTTCUEQ'N#DTC(QTOCVKQPKPENWFGUVJG6CPKPWNHCEKGUCPF'N#DTCHCEKGU 6JGſTUV EQTTGURQPFU VQ VJG TGGHCN ECTDQPCVGF GPXKTQPOGPV FGXGNQRGF CV VJG OCTIKP QH VJGNCTIG8CNNGU5CP.WKU2QVQUÈ2NCVHQTOCPFVJGUGEQPFVQVJGNCIQQPCNQTDCEMTGGH GPXKTQPOGPV $QPGV#IWC[Q 6JGCIGQH'N/CFTQÌQFGRQUKVUYCUEQPUKFGTGFNCVG#NDKCPGCTN[%GPQOCPKCP
#NGPE¶UVGT CPF #IWKNCT2ÃTG\ DWV EQPUKFGTKPI VJG URGEKGU QH TWFKUVU CPF HQTCOKPKTGTU HQWPF VJGTGKP VJG CIG UJQWNF DG TGUVTKEVGF VQ NCVG #NDKCP #NGPE¶UVGT #NGPE¶UVGTCPF1XKGFQ)CTEÈC 4GEGPVRCNGQPVQNQIKECNRWDNKECVKQPU #IWKNCT2ÃTG\CPF2KEJCTFQ$CTTÎP 2KEJCTFQ$CTTÎP CPF #IWKNCT2ÃTG\ #NGPE¶UVGT CPF 2KEJCTFQ$CTTÎP JCXGEQPVTKDWVGFVQVJGTWFKUVUURGEKGUMPQYPHTQOVJG'N/CFTQÌQFGRQUKVU
4WFKUVUHTQO0QTVJ%GPVTCN/GZKEQ 6Q VJG PQTVJ /GZKEQ CNUQ JCU IQQF GZRQUWTGU QH 7RRGT %TGVCEGQWU TQEMU EQPVCKPKPI C FKXGTUG CPF XGT[ YGNN RTGUGTXGF KPXGTVGDTCVG OCTKPG HCWPC KPENWFKPI TWFKUVU#UCPGZCORNGYGYKNNVCMGCNQQMCVVJG%¶TFGPCU(QTOCVKQPCPFKVUTWFKUV HCWPC #NGPE¶UVGTGVCN5EJCHJCWUGTGVCN 6CDNG+PCFFKVKQPQVJGT 6#$.'4WFKUVURGEKGUHQWPFCV%¶TFGPCU4GIKQP (QTOCVKQP5RGEKGU %¶TFGPCU
%QTCNNKQEJCOCIDQGJOK$ÑUG *KRRWTKVGUOWGNNGTTKGFK 8GTOWPV *KRRWTKVGURGTMKPUK/[GTU *KRRWTKVGUEGKDCTWO/WGNNGTTKGF $KTCFKQNKVGUCIWKNGTCG$ÑUG $KTCFKQNKVGUECTFGPCUGPUKU$ÑUG 6CORUKCUR 6CORUKCƀQTKHQTOKU/[GTU 6CORUKCRQEWNKHQTOKU/[GTU &WTCPKCQLCPEJCNGPUKU/[GTU 2TCGDCTTGVVKCUR $KTCFKQNKVGUTWFKUUKOWU6TGEJOCPP
.QECNKV[ #TTQ[Q#VCTLGC
47&+5651(/':+%1
NQECNKVKGUUWEJCU%JCTEQ$NCPEQ)WCFCNEC\CT.NCPQUFGN%CTOGPCPF5CPVC+UCDGN YKNNDGOGPVKQPGF 5KGTTCFGNC4WFC 6JG%¶TFGPCU(QTOCVKQPETQRUQWVKP5CP.WKU2QVQUÈKPPQTVJEGPVTCN/GZKEQ PGCTVJGVQYPQH%¶TFGPCUUQOGMOGCUVQH5CP.WKU2QVQUÈ%KV[6JGVQYPQH %¶TFGPCUKUQPVJGYGUVGTPNKODQHCPCU[OOGVTKEU[PENKPGQHWRRGT%TGVCEGQWUTQEMU OCKPN[QH/CCUVTKEJVKCPCIG'CUVQHVJGU[PENKPGKUVJGGCUVGTPUNQRGQHVJG5KGTTC /CFTG1TKGPVCNYJKEJEQPUKUVUQHOKFFNG%TGVCEGQWUNKOGUVQPGCPFVJG6COCUQRQ 5CP(GNKRGCPF'N#DTC(QTOCVKQPU9GUVQH%¶TFGPCUVJGTGCTGCPVKENKPCNJKNNUQH /KFFNG %TGVCEGQWU NKOGUVQPG UGRCTCVGF D[ %GPQ\QKE CNNWXKWO 5EJCHJCWUGT GV CN #EEQTFKPIVQ/[GTU VJG%¶TFGPCU(QTOCVKQPKUCXGT[HQUUKNKHGTQWUWPKV OQTG VJCP OGVGTU VJKEM EQORQUGF QH UGFKOGPVCT[ TQEMU VJCV ETQR QWV KP CP CU[OOGVTKECN U[PENKPG QH VJG 5KGTTC /CFTG 1TKGPVCN 6JG %¶TFGPCU (QTOCVKQP YCU QTKIKPCNN[FKXKFGFKPVQVJTGGOGODGTUVJGNQYGTOGODGTEQPUKUVUQHOGVGTVJKEM UGSWGPEGEQORQUGFQHCNVGTPCVKPIUJCNGUCPFUVQPGCPFDKQURCTKVGVJGOKFFNGOGODGT EQPUKUVUQHOQHUJCNGCPFUKNVUVQPGVJGWRRGTOGODGTEQPUKUVUQHOQHVJKEM UKNVUVQPG UCPFUVQPG CPF DKQURCTWFKVG 6JG %¶TFGPCU (QTOCVKQP KU WPEQPHQTOCDN[ QXGTNCKP D[ WPHQUUKNKHGTQWU UKNVUVQPG UCPFUVQPG CPF EQPINQOGTCVG QH VJG 6CDCEQ (QTOCVKQP.CVGTCNN[VJGUGFKOGPVCT[TQEMUQHVJG%¶TFGPCU(QTOCVKQPRCUUKPVQVJG OCTNUQHVJG/ÃPFG\(QTOCVKQPYJKEJKUGSWKXCNGPVDWVFGRQUKVGFKPCFGGRGTYCVGT GPXKTQPOGPV VJCP VJG %¶TFGPCU (QTOCVKQP 6JG %¶TFGPCU (QTOCVKQP EQPHQTOCDN[ QXGTNKGUVJGWRRGTOQUVNKOGUVQPGWPKVUQHVJG6COCUQRQ(QTOCVKQP %GPQOCPKCPVQ 5CPVQPKCPCIGYJKEJKURCTVQHVJG8CNNGU5CP.WKU2QVQUÈRNCVHQTO 5QOGQVJGTKORQTVCPVHQUUKNKHGTQWUNQECNKVKGUKP5CP.WKU2QVQUÈKUVJGOCKPN[#NDKCP 5CPVC+UCDGNNQECVGFCV5KGTTCFGNC4WFC PQTVJGCUVYJGTGVJGTGCTG%QCNEQOCPCUR %CRTKPWNQKFGCUR-KODNGKCURCPFQVJGTURGEKGU6WTQPKCPJKRRWTKVKFUECPDGHQWPF CV.NCPQUFGN%¶TOGP PQTVJYGUVYJGTGVJGTGCTG*KRRWTKVGUUR8CEEKPKVGUURCPF TCFKQNKVKFUNKMG'QTCFKQNKVGUUR&WTCPKCUR 6YQGZEGNNGPVNQECNKVKGU%JCTEQ$NCPEQCPF)WCFCNEC\CTCTGUKVWCVGFMOPQTVJ QH5CP.WKU2QVQUÈQPDQVJUKFGUQHVJGTQCFVQ/CVGJWCNCYJGTGVJGTGCTGCDWPFCPV 7RRGT %TGVCEGQWU TWFKUVU UWEJ CU &WTCPKC QLCPEJCNGPUKU $KTCFKQNKVGU TWFKUUKOWU 8CEEKPKVGUXGTOWPVKCPFQVJGTURGEKGUKPENWFKPIRTQDCDNGPGYIGPGTC
4WFKUVUHTQO%JKCRCU5'/GZKEQ 4WFKUVU HTQO #NDKCP CPF %GPQOCPKCP UVCIGU CTG HQWPF KP VJG 5KGTTC /CFTG (QTOCVKQPYJKEJKUGZRQUGFKPCNOQUVCVJKTFQH%JKCRCU+VGZVGPFUHTQO0'6WZVNC )WVKÃTTG\EKV[VQ)WCVGOCNCTGCEJKPIOQTGVJCPOGVGTUVJKEMPGUU6JG5KGTTC /CFTG(QTOCVKQPEQPUKUVUQHDQVJKPPGTCPFQWVGTUJGNHFGRQUKVU6JGWPKVQHNKOGUVQPG YJGTGTWFKUVUCTGHQWPFYCUFGUETKDGFHQTVJGſTUV VKOG D[ 5CRRGT 6JG UCOG NKOGUVQPGWPKVYCUPCOGFD[$ÑUG CUő%TGVCEGQWUNKOGUVQPGYKVJ4WFKUVUŒ 8GT[KORQTVCPVNQECNKVKGUEQPVCKPKPITWFKUVUHTQO#NDKCPCPF%GPQOCPKCPUVCIGUCTG
)#4% #$#44'4#
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.QECNKV[
5KGTTC/CFTG
4CFKQNKVGUUR 5CWXCIGUKC%JQHHCV 6QWECUKC/WPKGT%JCNOCU 4GSWKGPKCUR %QCNEQOCPC*CTTKU*QFUQP %CRTKPWNQKFGC2CNOGT -KODNGKC%QQICP 6GZKECRTKPC%QQICP
1EQ\QEQCWVNC %KPVCNCRC
#PIQUVWTC
2NCIKQRV[EJWULCOCKEGPUKU 9JKVſGNF 2NCIKQRV[EJWUOWGNNGTTKGFK#NGPE¶UVGT 2NCIKQRV[EJWUCICTKEKHQTOKU#NGPE¶UVGT 6KVCPQUCTEQNKVGUIKICPVGWU 9JKVſGNF 6KVCPQUCTEQNKVGUOCEIKNNCXT[K#NGPE¶UVGT $KTCFKQNKVGUECPEGNNCVWU 9JKVſGNF $KTCFKQNKVGUTWFKUUKOWU6TGEJOCPP $QWTPQPKCECTFGPCUGPUKU $ÑUG 6JKTCUV[NQPEJWDD[#NGPE¶UVGT &WTCPKCPKEJQNCUK 9JKVſGNF &WTCPKCQLCPEJCNGPUKU/[GTU 5CWXCIGUKCOCETQRNKECVC 9JKVſGNF 6CORUKCƀQTKHQTOKU/[GTU $CTTGVVKCOQPKNKHGTC9QQFYCTF $CTTGVVKCOWNVKNKTCVC9JKVſGNF $CTTGVVKCIKICU%JWDD 2TCGDCTTGVVKCURCTEKNKTCVC 9JKVſGNF %JKCRCUGNNCTCFKQNKVKHQTOKU 6TGEJOCPP %QTCNNKQEJCOCUR /KVTQECRTKPCUR #PVKNNQECRTKPCVTKNQDCVC)CTEÈC$CTTGTC GVCN 8CEEKPKVGUKPCGSWKEQUVCVWUXGTOWPVK/CE)KNNCXT[ 2CTCUVTQOCUR
6WZVNC$GTTKQ\CDCN 1EQ\QEQCWVNC
47&+5651(/':+%1
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¶TFGPCUTGIKQPKPYJKEJVJGTGCTGOCP[EQOOQP TWFKUVU URGEKGU YKVJ %JKCRCU #NVJQWIJ VJGTG CTG UQOG FKHHGTGPV URGEKGU YKVJKP VJG CUUQEKCVKQPCUCYJQNGOCP[EQPUKFGTKVCUVJGOQUVUGRVGPVTKQPCNRCTVQHVJG#PVKNNGCP UWDRTQXKPEG )CTEÈ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¶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ƀQTCU CNUQ YGPV GZVKPEV CV VJG GPF QH VJG /CCUVTKEJVKCP $GECWUG TWFKUVU FQ PQV JCXG FGUEGPFCPVUVJGKTYC[QHNKHGRJ[UKQNQI[CPFVKUUWGUVTWEVWTGOWUVDGFGFWEGFHTQO TGEGPV OQNNWUMU RCTVKEWNCTN[ DKXCNXGU (QTVWPCVGN[ VJG %TGVCEGQWU HQUUKN TGEQTF VJG QRRQTVWPKV[VQUVWF[CPFKPVGTRTGVTWFKUVUCURCTVQHVJGNKXKPIURGEKGUVJCVRQRWNCVGF VJGYQTNFCNOQUVOKNNKQP[GCTUCIQ
(KPCN%QOOGPVU 5VWFKGU QH /GZKECP TWFKUVU DGICP KP VJG PKPGVGGP EGPVWT[ 1PG QH VJG GCTNKGUV HQTOCNRWDNKECVKQPUEQPEGTPKPITWFKUVUYCUYTKVVGPD[(GNKZKPCHVGTVJCVVJGTG CTGOCP[RWDNKECVKQPUOCFGD[FKXGTUGCWVJQTU+P/GZKEQQPN[VYQTGUGCTEJGTUJCXG
)#4% #$#44'4#
FGFKECVGFGHHQTVUVQVJGUVWF[QHTWFKUVUVJGNCVG&T(GFGTKEQ-/×NNGTTKGF YJQ FGUETKDGF OCP[ URGEKGU QH TWFKUVU HTQO UGXGTCN TGIKQPU QH VJG EQWPVT[ CPF&T)NQTKC#NGPE¶UVGTYJQKUUVKNNYQTMKPICPFRWDNKUJKPIKORQTVCPVRCRGTUQP /GZKECPTWFKUVUHCWPC 6JG VYQ TGUGCTEJGTU OGPVKQPGF CDQXG JCXG OCFG GZVTGOGN[ XCNWCDNG EQPVTKDWVKQPUVQ/GZKECP2CNGQPVQNQI[JQYGXGTPGYFKUEQXGTKGUQHTWFKUVUGORJCUK\G VJGPGGFVQEQPVKPWGTWFKUVUUVWFKGU+VKUFKHſEWNV VQ TGRQTV JQY OCP[ TWFKUVU URGEKGU CTGTGIKUVGTGFKP/GZKEQJQYGXGTVCMKPIKPVQCEEQWPVYJCVCRRGCTUKPVJGNKVGTCVWTG VJGTGCTGCTQWPFIGPGTCCPFURGEKGUDWVCICKPYKVJQWVEQPUKFGTKPIU[PQP[OU CHſPKUFQWDVHWNCUUKIPOGPVUXCTKGVKGUCPFQVJGTRTQDNGOCVKEVCZCVJGUGPWODGTUCTG UQOGYJCVXCTKCDNG
4GHGTGPEGU #IWC[Q'5GFKOGPVCT[GPXKTQPOGPVUCPFFKCIGPGUKUQHC%TGVCEGQWUTGGHEQORNGZGCUVGTP/GZKEQ #P+PUV%KGP/CT.KOPQN70#/ #IWKNCT2ÃTG\CPF2KEJCTFQ$CTTÎP;.QU4WFKUVCUFGNC(QTOCEKÎP%WRKFQGPNC\QPCFGNEGTTQFG .CDTCFQTGU/WPKEKRKQFG)CNGCPC0WGXQ.GÎP8++%QPITGUQ0CEKQPCNFG2CNGQPVQNQIÈC.KDTQFG TGUÕOGPGU(CEWNVCFFG%KGPEKCUFGNC6KGTTC7#0.CPF5QE/GZ2CNGQPVR #NGPE¶UVGT ) 4WFKUVCU FGN %TGV¶EKEQ 5WRGTKQT FG %JKCRCU 70#/ +PUVKVWVQ FG )GQNQIÈC 2CNGQPVQNQIÈC/GZKECPC #NGPE¶UVGT)&KUVTKDWEKÎPFGHCWPCUOCTKPCUFGNUWTFG/GZKEQ[FGN0QTVGFG#OÃTKEC%GPVTCN FWTCPVGGN%TGV¶EKEQ70#/+PUVKVWVQFG)GQNQIÈCKP(GTTWUSWÈC8+ 'F%QPGZKQPGUVGTTGUVTGU GPVTG0QTVG[5WFCOÃTKEC70#/+PUVKVWVQFG)GQNQIÈC #NGPE¶UVGT)/QNWUEQUDGPVÎPKEQUFGNCOKVCFOGTKFKQPCNFG/GZKEQFWTCPVGGN%TGV¶EKEQ4GX 5QE/GZ2CNGQPVQN #NGPE¶UVGT)/QNWUEQUGZVKPVQU 4WFKUVCUFGN%TGV¶EKEQFG%JKCRCU4GX+%#%* #NGPE¶UVGT ) 0GY %CRTKPKF TWFKUV IGPGTC )W\\[GNNC CPF /WGNNGTTKGFKC $KXCNXKC*KRRWTKVCEGC HTQOVJG#NDKCP %TGVCEGQWUQH%GPVTCN/GZKEQ4GX/GZ%KGP)GQN #NGPE¶UVGT)CPF#IWKNCT2ÃTG\,,CNRCPKCSWGTGVCPCCPGYTWFKUV $KXCNXKC*KRRWTKVCEGCHTQO VJG/KF%TGVCEGQWUQH%GPVTCN/GZKEQ4GX/GZ%KGP)GQN #NGPE¶UVGT ) CPF 1XKGFQ)CTEÈC # 4GGZCOKPCVKQP QH VJG IGPGTC 6GZKECRTKPC %QQICP /GZKECRTKPC%QQICPCPF-KODNGKC%QQICP%CRTKPKF4WFKUVUHTQOVJG#NDKCPQH%GPVTCN/GZKEQ 4GX5QE/GZ2CNGQPVQN #NGPE¶UVGT ) CPF 2CPVQLC#NQT , 0GY 'CTN[ #RVKCP TWFKUVU $KXCNXKC*KRRWTKVCEGC HTQO VJG *WGVCOQCTGCQHUQWVJYGUVGTP/GZKEQ4GX/GZ%KGP)GQN #NGPE¶UVGT ) CPF 2CPVQLC#NQT , 6JG TWFKUV #ORJKVTKUEQGNWU $KXCNXKC*KRRWTKVCEGC KP VJG .QYGT%TGVCEGQWUQHUQWVJYGUVGTP/GZKEQ,2CNGQPVQN #NGPE¶UVGT)CPF2CPVQLC#NQT,6YQPGY.QYGT%TGVCEGQWU4WFKUVU $KXCNXKC*KRRWTKVCEGCKP VJG*WGVCOQTGIKQPQHUQWVJYGUVGTP/GZKEQ)'1$+15/GO5RGE #NGPE¶UVGT)1OCÌC.2QPU,/6QTTGU,/6TKUVCP/CPF8¶\SWG\07RRGT%TGVCEGQWU TWFKUVUCPFNCTIGTHQTCOKPKHGTCHTQOVJG%¶TFGPCUTGIKQP5CP.WKU2QVQUÈ/GZKEQ'TN)GQN#DJ #NGPE¶UVGT)CPF2KEJCTFQ$CTTÎP;'NIÃPGTQ/QPQRNGWTC $KXCNXKC*KRRWTKVQKFGCFGN#NDKCPQ FGNC2CNVCHQTOC8CNNGU5CP.WKU2QVQUÈKP#IWUVÈP#[CNC%CUVCÌCTGUWPKXGTUKVCTKQKORWNUQTFGNC KPXGUVKICEKÎPEKGPVÈſEC5QVQ.# 'FKVQT+PUV%KGP/CT.KOPQN70#//GZKEQ $QPGV(.CHCEKGU7TIQPKCPCFGN%TGV¶EKEQOGFKQFGNCTGIKÎPFG6CORKEQ$QN#UQE/GZ)GÎN 2GVTQN $QPGV ( $KQUVTCVKITCRJKE PQVGU QP VJG %TGVCEGQWU QH GCUVGTP /GZKEQ KP $Q[F 4 & 'FKVQT
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5[UVGOCVKEU5VTCVKITCRJ[CPF&KUVTKDWVKQP 9G QHHGT C NKUV QH URGEKGU HQTOCNN[ TGRQTVGF HTQO /GZKEQ CPF HQUUKN FGECRQF ETWUVCEGCPUEWTTGPVN[WPFGTUVWF[QTKPVJGRTQEGUUQHDGKPIRWDNKUJGF+PCFFKVKQP HQUUKNQEEWTTGPEGUQHVJGQTFGTU6CPCKFCEGCCPF+UQRQFCCTGKPENWFGF
5[UVGOCVKE2CNGQPVQNQI[ 1TFGT6CPCKFCEGC*CPUGP 1RJVJCNOCRUGWFGUUR (KIWTG
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.QECNKV[(QTOCVKQP %JKCRCU 'N 'URKPCN 3WCTT[ 5KGTTC /CFTG (QTOCVKQP #IG #RVKCP#NDKCP &KUEWUUKQP *WPFTGFU QH URGEKOGPU KP OCUU OQTVCNKV[ JQTK\QPU .CIQQPFGRQUKVU(KTUVTGEQTFQHHQUUKN6CPCKFCEGCKP/GZKEQ4GHGTGPEG8GICGVCN 1TFGT+UQRQFC.CVTGKNNG (COKN[5RJCGTQOKFCG9JKVG 5RJCGTQOCDWTMCTVKK$¶TEGPC .QECNKV[(QTOCVKQP ,CNKUEQ #IG 6GTVKCT[ &KUEWUUKQP %QPVKPGPVCN FGRQUKVU 4GHGTGPEG$¶TEGPC*GUUNGT (COKN[#TEJCGQPKUEKFCG*CCEM #TEJCGQPKUEWUCTCPIWVJ[QTWO(GNFOCPP8GIC#RRNGICVGCPF$KUJQR (KIWTG .QECNKV[(QTOCVKQP2WGDNC6GRGZKFG4QFTÈIWG\6NC[Õ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
8')#0;$14)#0&2'44+..+#6
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(+)74' 1RJVJCNOCRUGWFGU! UR'N'URKPCN 3WCTT[5KGTTC /CFTG (QTOCVKQP %JKCRCU #RVKCP#NDKCP #TEJCGQPKUEWU CTCPIWVJ[QTWO (GNFOCPP 8GIC #RRNGICVG CPF $KUJQR 6GRGZK FG 4QFTÈIWG\ 6NC[ÕC (QTOCVKQP 2WGDNC #NDKCP (NCDGNNKHGTC 'N 'URKPCN 3WCTT[ 5KGTTC/CFTG(QTOCVKQP%JKCRCU#RVKCP#NDKCP2CNKPWTWUUR'N'URKPCN3WCTT[5KGTTC /CFTG(QTOCVKQP%JKCRCU#RVKCP#NDKCP#UVCEQFGUUR5CP.WECU(QTOCVKQP)WGTTGTQ *CWVGTKXKCP#RVKCP 6GRGZKECTEKPWU VNC[WCGPUKU (GNFOCPP 8GIC #RRNGICVG CPF $KUJQR 6GRGZKFG4QFTÈIWG\6NC[ÕC(QTOCVKQP2WGDNC#NDKCP5ECNGDCTUEO
8')#0;$14)#0&2'44+..+#6
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(COKN[%CNCRRKFCGFG*CCP %CNCRRKNKCJQPFQGPUKU4CVJDWP .QECNKV[(QTOCVKQP$CLC%CNKHQTPKC5WT6GRGVCVG(QTOCVKQP#IG7RRGT'QEGPG &KUEWUUKQP/CTKPGRNCVHQTO4GHGTGPEG4CVJDWP %CNCRRKNKCEH%JQPFQGPUKU4CVJDWP .QECNKV[(QTOCVKQP%JKCRCU'N,QDQ5CP,WCP(QTOCVKQP#IG/KFFNG'QEGPG &KUEWUUKQP5JCNNQYOCTKPGFGRQUKVU4GHGTGPEG8GICGVCND %CNCRRC\WTEJGTK$QWXKGT .QECNKV[(QTOCVKQP8GTCETW\#IG1NKIQEGPG&KUEWUUKQP/CTKPGRNCVHQTO 4GHGTGPEG4CVJDWP %CNCRRCƀCOOGC *GTDUV .QECNKV[(QTOCVKQP$CLC%CNKHQTPKC5WT6GRGVCVG#IG1NKIQEGPG&KUEWUUKQP /CTKPGRNCVHQTO4GHGTGPEG4CVJDWP 2TGJGRCVWUJCTTKUK$KUJQR .QECNKV[(QTOCVKQP0WGXQ.GÎP'N#PVTKUEQ2QVTGTKNNQU(QTOCVKQP#IG /CCUVTKEJVKCP&KUEWUUKQP&GNVCKEHTQPV4GHGTGPEG8GICGVCN (COKN[*GRCVKFCG5VKORUQP 'TKQUCEJKNCDCLGPUKU5EJYGKV\GT(GNFOCPP)QP\¶NG\$CTDCCPF8GIC .QECNKV[(QTOCVKQP$CLC%CNKHQTPKC5WT%CÌCFC'N/CPING#IG'QEGPG &KUEWUUKQP/CTKPGRNCVHQTO4GHGTGPEG5EJYGKV\GTGVCN
8')#0;$14)#0&2'44+..+#6
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8')#0;$14)#0&2'44+..+#6
(+)74' &CMQVKECPEGTCWUVTCNKU4CVJDWP LWXGPKNGURGEKOGP5KGTTC'N#PVTKUEQ0WGXQ .GÎP 2QVTGTKNNQU (QTOCVKQP /CCUVTKEJVKCP .QRJQTCPKPC RTGEQEKQWU (GNFOCPP 8GIC )CTEÈC$CTTGTC6WEMGTCPF#XGPFCÌQ6WZVNC)WVKÃTTG\%JKCRCU1EQ\QEQCWVNC(QTOCVKQP /CCUVTKEJVKCP . ETKUVCURKPC 8GIC %QUOC %QWVKÌQ (GNFOCPP 5EJYGKV\GT 0[DQTI CPF 9CWIJ'N,QDQ%JKCRCU5CP,WCP(QTOCVKQP/KFFNG'QEGPG%CTEKPGTGVGURNCPGVCTKWU 8GIC (GNFOCPP 1ECORQ CPF 2QRG 1EQ\QEQCWVNC %JKCRCU 1EQ\QEQCWVNC (QTOCVKQP /CCUVTKEJVKCP1RJVJCNOQRNCZFKHWPVCGPUKU 8GICCPF(GNFOCPP5KGTTC'N#PVTKUEQ0WGXQ .GÎP 2QVTGTKNNQU (QTOCVKQP /CCUVTKEJVKCP +ETKQECTEKPWU ZGUVQU $KUJQR $CLC %CNKHQTPKC 4QUCTKQ(QTOCVKQP/CCUVTKEJVKCP5ECNGDCTUEO
/'51<1+%#0&6'46+#4;&'%#21&%4756#%'#
0GETQPGEVGUPQFQUC5EJYGKV\GT(GNFOCPP)QP\¶NG\$CTDCCPF8GIC .QECNKV[(QTOCVKQP$CLC%CNKHQTPKC5WT5CP,WCPFGNC%QUVC'N%KGP(QTOCVKQP #IG1NKIQEGPG&KUEWUUKQP/CTKPGRNCVHQTO4GHGTGPEG5EJYGKV\GTGVCN 0GETQPGEVGUVCLKPGPUKU8GIC(GNFOCPP8KNNCNQDQU*KTKCTVCPF)ÈQ#TI¶G\ .QECNKV[(QTOCVKQP8GTCETW\5CP2CDNQ6WZRCP(QTOCVKQP#IG/KQEGPG &KUEWUUKQP5JCNNQYOCTKPGFGRQUKVU4GHGTGPEG8GICGVCN 5E[NNCEQUVCVC4CVJDWP .QECNKV[(QTOCVKQP7PMPQYPNQECNKV[#IG1NKIQEGPG4GHGTGPEG4CVJDWP 2QFQRJVJCNOWU !UR .QECNKV[(QTOCVKQP6COCWNKRCU8KNNCIT¶P#IG7RRGT%TGVCEGQWU4GHGTGPEG 4CVJDWP (COKN[:CPVJKFCG/CE.GC[ #O[FTQECTEKPWUFCPVGK5EJYGKV\GT(GNFOCPP)QP\¶NG\$CTDCCPF8GIC .QECNKV[(QTOCVKQP$CLC%CNKHQTPKC5WT$CVGSWG(QTOCVKQP#IG'QEGPG &KUEWUUKQP/CTKPGRNCVHQTO4GHGTGPEG5EJYGKV\GTGVCN 8GTTWEQKFGUUVGPQJGFTC8GIC%QUOC%QWVKÌQ(GNFOCPP0[DQTI5EJYGKV\GTCPF 9CWIJ (KIWTG .QECNKV[(QTOCVKQP%JKCRCU8GKPVGFG0QXKGODTG'N$QUSWG(QTOCVKQP#IG .QYGT'QEGPG&KUEWUUKQP/CTKPGRNCVHQTO4GHGTGPEG8GICGVCND :CPVJQUKCCOGTKECPC4CVJDWP .QECNKV[(QTOCVKQP$CLC%CNKHQTPKC6GRGVCVG#IG1NKIQEGPG&KUEWUUKQP/CTKPG RNCVHQTO4GHGTGPEG4CVJDWP /GICZCPVJQ\QSWG8GIC(GNFOCPP)CTEÈC$CTTGTC(KNMQTP2KOGPVGNCPF #XGPFCÌQ (KIWTG .QECNKV[(QTOCVKQP%JKCRCU1EQ\QEQCWVNC1EQ\QEQCWVNC(QTOCVKQP#IG /CCUVTKEJVKCP&KUEWUUKQP.CIQQPFGRQUKVU4GHGTGPEG8GICGVCNC 2CTC\CPVJQRUKUOG[CRCSWGPUKU8GIC(GNFOCPP)CTEÈC$CTTGTC(KNMQTP2KOGPVGN CPF#XGPFCÌQ (KIWTG .QECNKV[(QTOCVKQP%JKCRCU1EQ\QEQCWVNC1EQ\QEQCWVNC(QTOCVKQP#IG /CCUVTKEJVKCP.CIQQPFGRQUKVU4GHGTGPEG8GICGVCNC
8')#0;$14)#0&2'44+..+#6
.QDQPQVWUOGZKECPWU4CVJDWP .QECNKV[(QTOCVKQP$CLC%CNKHQTPKC5WT#TTQ[Q%QNQTCFQ6GRGVCVG(QTOCVKQP #IG7RRGT'QEGPG&KUEWUUKQP/CTKPGRNCVHQTO4GHGTGPEG4CVJDWP 5EJYGKV\GTGVCN *CTRCEVQECTEKPWUCOGTKECPWU4CVJDWP .QECNKV[(QTOCVKQP6COCWNKRCU#IG'QEGPG&KUEWUUKQP/CTKPGRNCVHQTO 4GHGTGPEG4CVJDWP :CPFCTQUUVGTPDGTIK 4CVJDWP .QECNKV[(QTOCVKQP$CLC%CNKHQTPKC4QUCTKQ(QTOCVKQP#IG/CCUVTKEJVKCP &KUEWUUKQP/CTKPGRNCVHQTO4GHGTGPEG4CVJDWP$KUJQR5EJYGKV\GT GVCN (COKN[)QPGRNCEKFCG/CE.GC[ 5VQCRNCZPCPFCEJCTG8GIC%QUOC%QWVKÌQ(GNFOCPP0[DQTI5EJYGKV\GTCPF 9CWIJ .QECNKV[(QTOCVKQP%JKCRCU8GKPVGFG0QXKGODTG'N$QUSWG(QTOCVKQP#IG .QYGT'QEGPG&KUEWUUKQP5JCNNQYOCTKPGFGRQUKVU4GHGTGPEG8GICGVCND (COKN[2KPPQVJGTKFCGFG*CCP 8KCRKPPKZCCNXCTG\K8GIC%QUOC%QWVKÌQ(GNFOCPP0[DQTI5EJYGKV\GTCPF 9CWIJ (KIWTG .QECNKV[(QTOCVKQP%JKCRCU8GKPVGFG0QXKGODTG'N$QUSWG(QTOCVKQP#IG .QYGT'QEGPG&KUEWUUKQP5JCNNQYOCTKPGFGRQUKVU4GHGTGPEG8GICGVCND (COKN[4GVTQRNWOKFCG)KNN #TEJCGQRWUOGZKECPWU5EJYGKV\GT(GNFOCPP)QP\¶NG\$CTDCCPF8GIC .QECNKV[(QTOCVKQP$CLC%CNKHQTPKC5CN5KRWGFGU4QUCTKQ(QTOCVKQP#IG /CCUVTKEJVKCP&KUEWUUKQP/CTKPGRNCVHQTO4GHGTGPEG5EJYGKV\GTGVCN %QUVCEQRNWOCOGZKECPC8GICCPF2GTTKNNKCV (KIWTG .QECNKV[(QTOCVKQP0WGXQ.GÎP'N#PVTKUEQ%QCJWKNC)GPGTCN%GRGFC#IG /CCUVTKEJVKCP&KUEWUUKQP*WPFTGFUQHURGEKOGPURTGUGTXGFKPFKHHGTGPVUV[NGU &GNVCKERNCVHQTO4GHGTGPEG8GICCPF2GTTKNNKCV %QUVCEQRNWOCDKUJQRK8GICCPF(GNFOCPP (KIWTG .QECNKV[(QTOCVKQP)WGTTGTQ6GOCNCE/GZECNC(QTOCVKQP#IG6WTQPKCP &KUEWUUKQP5OCNNURGEKOGPUYKFVJQHECTCRCEGNGUUVJCPOO&GNVCKERNCVHQTO
/'51<1+%#0&6'46+#4;&'%#21&%4756#%'#
(+)74' 8GTTWEQKFGUUVGPQJGFTC8GIC%QUOC%QWVKÌQ(GNFOCPP0[DQTI5EJYGKV\GT CPF9CWIJ8GKPVGFG0QXKGODTG%JKCRCU'N$QUSWG(QTOCVKQP.QYGT'QEGPG/GICZCPVJQ \QSWG 8GIC (GNFOCPP )CTEÈC$CTTGTC (KNMQTP 2KOGPVGN CPF #XGPFCÌQ 1EQ\QEQCWVNC %JKCRCU 1EQ\QEQCWVNC (QTOCVKQP /CCUVTKEJVKCP 2CTC\CPVJQRUKU OG[CRCSWGPUKU 8GIC (GNFOCPP )CTEÈC$CTTGTC (KNMQTP 2KOGPVGN CPF #XGPFCÌQ 1EQ\QEQCWVNC %JKCRCU 1EQ\QEQ\WVNC (QTOCVKQP /CCUVTKEJVKCP 8KCRKPPKZC CNXCTG\K 8GIC %QUOC %QWVKÌQ (GNFOCPP 0[DQTI 5EJYGKV\GT CPF 9CWIJ 8GKPVG FG 0QXKGODTG %JKCRCU 'N $QUSWG (QTOCVKQP.QYGT'QEGPG%QUVCEQRNWOCOGZKECPC8GICCPF2GTTKNNKCV5KGTTC'N#PVTKUEQ 0WGXQ.GÎP2QVTGTKNNQU(QTOCVKQP/CCUVTKEJVKCP%DKUJQRK8GICCPF(GNFOCPP6GOCNCE )WGTTGTQ/GZECNC(QTOCVKQP%QPKCEKCP!5ECNGDCTUEO
8')#0;$14)#0&2'44+..+#6
4GHGTGPEG8GICCPF(GNFOCPP%DKUJQRKHTQOVJG%¶TFGPCU(QTOCVKQPKU %OGZKECPC4GHGTGPEG8GICGVCN
1TKIKP'XQNWVKQPCPF'ZVKPEVKQP (QUUKNFGECRQFETWUVCEGCPUſTUV CRRGCT KP VJG HQUUKN TGEQTF CV VJG GPF QH VJG ,WTCUUKE 2GTKQF 5KPEG VJG ,WTCUUKE FGECRQF ETWUVCEGCPU JCXG JCF CV NGCUV VYQ GRKUQFGU QH TCFKCVKQP6JGſ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ſE TGIKQP 6WEMGT .QRJQTCPKPC RQUUGUUGUCUGTKGUQHFQTUCNVTCPUXGTUGVGTTCEGUYKVJURKPGUCPFHTQPVCNURKPGUVJCVCTG FKTGEVGFHQTYCTF+VJCUDGGPUWIIGUVGFVJCVVJGURKPGUQHVJGVTCPUXGTUGVGTTCEGUUGTXG VQCPEJQT.QRJQTCPKPCVQCNICNOCVUHQTOKOGVKUOQTCUCDWTKCNCPEJQT 5CXC\\K 6JG QNFGUV MPQYP URGEKGU KU HTQO /CCUVTKEJVKCP TQEMU QH %JKCRCU 6GTTCEG RCVVGTPQHVJG%JKCRCU.QRJQTCPKPCKUUKORNKUVKEYJGPEQORCTGFVQ6GTVKCT[URGEKGU
(GNFOCPPGVCN8GICGVCN+VKUCNUQKORQTVCPVVQPQVGVJCVVJGOGCP UK\G QH .QRJQTCPKPC RTCGEQEKQWU HTQO VJG /CCUVTKEJVKCP QH %JKCRCU KU UNKIJVN[ NCTIGT VJCP VJCV QH VJG URGEKGU VJCV HQNNQYGF #PVGTKQT UWTHCEG QH VJG .QRJQTCPKPC RTCGEQEKQWUECTCRCEGNCEMUCP[VGTTCEGUCPFVJGRQUVGTKQTVYQVJKTFUCTGQTPCOGPVGF QPN[YKVJCHGYRCTCNNGNVGTTCEGU+PCFFKVKQPCPVGTQNCVGTCNURKPGUVGPFVQDGEQOGOQTG DTCPEJGFCPFEQORNGZKP6GTVKCT[URGEKOGPU8KC UWIIGUVGFVJGRQUUKDKNKV[QH UGZWCNFKOQTRJKUOKPHGTTGFHTQOVJGFKHHGTGPVDTCPEJKPIRCVVGTPQHCUCOGURGEKGU QH .QRJQTCPKPC HTQO VJG 'QEGPG QH 5RCKP +PVGTGUVKPIN[ .QRJQTCPKPC DKUJQRK KU HQWPFHTQOVJG/KFFNG'QEGPG$CVGSWG(QTOCVKQPQH$CLC%CNKHQTPKC5WT+PCFFKVKQP VJG QNFGUV TGEQTF QH VJG IGPWU 4CPKPC CNUQ QEEWTU CV VJG $CVGSWG (QTOCVKQP +V KU DGNKGXGFD[VJGCWVJQTUVJCVVJTQWIJVKOG.QRJQTCPKPCURRNQUVKVUVGTTCEGUCPFVJG FQTUCNECTCRCEGDGECOGUECDTQWU URKP[OQUVNKMGN[TGƀGEVKPI C JCDKVCV EJCPIG HTQO ECTDQPCVG TKEJ TGGH EQORNGZGU VQ OQTG UCPF[ GPXKTQPOGPVU 6QFC[ VJG QPN[ NKXKPI
/'51<1+%#0&6'46+#4;&'%#21&%4756#%'#
URGEKGUQHVJKUIGPWU4CPKPCTCPKPCKUHQWPFGZENWUKXGN[QPUCPF[UWDUVTCVGUQHVJG +PFQRCEKſE TGIKQP (COKN[ &CMQVKECPETKFCG 6JG .CVG %TGVCEGQWU HCOKN[ &CMQVKECPETKFCG JCU DGGP TGRQTVGF HTQO TQEMU GZVGPFKPI HTQO 5QWVJ &CMQVC 75# VQ 5CP .WKU 2QVQUÈ /GZKEQ 5RGEKGU QH VJKU HCOKN[ RQUUGUU C EJCTCEVGTKUVKE TQDWUV ECTCRCEG 6JG &CMQVKECPETKFCGYGTGXGT[CDWPFCPVCUVJQWUCPFUQHURGEKOGPUJCXGDGGPTGRQTVGF HTQO VJG %CORCPKCP/CCUVTKEJVKCP QH UQWVJGCUVGTP 7PKVGF 5VCVGU $KUJQR 6GVTCECTEKPWU &CMQVKECPEGT 5GQTUWU CPF #XKVJGNOGUUWU CTG VJG TGRTGUGPVCVKXG IGPGTCQHVJKUHCOKN[6JKUHCOKN[FKUCRRGCTGFCVVJGGPFQHVJG%TGVCEGQWU2GTKQF
$KUJQRGVCN1PGRQUUKDNGGZRNCPCVKQPHQTVJGFKUCRRGCTCPEGQHVJKUHCOKN[KU TGNCVGFVQKVUTGUVTKEVGFRCNGQDKQIGQITCRJKEFKUVTKDWVKQPPQTVJQHVJG%JKEZWNWDKORCEV UKVG#EEQTFKPIVQOQFGNUHTQOVJGKORCEVVTCLGEVQT[KPƀ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Ã*QYGXGTVJGOQUVKORQTVCPV FKCIPQUVKE HGCVWTGU VJG RTGUGPEG QH ſHVJ ƀCVVGPGF RGTGKQRQFU C TQDWUV CPF URKP[ EJGNCG CPF C ECTCRCEG YKVJ UJCTR VTCPUXGTUG TKFIGU CTG VQ DG HQWPF QPN[ KP VJTGG IGPGTC%CTEKPGTGVGU1RJVJCNOQRNCZCPF$TCPEJKQECTEKPWU%CTEKPGTGVGUJCUDGGP TGRQTVGFHTQO/CCUVTKEJVKCPTQEMUQH,COCKEC$GNK\GCPF%JKCRCU 9JKVVGTU /QTTKU8GICGVCN8GICGVCNC1RJVJCNOQRNCZJCUDGGPTGRQTVGF HTQO /CCUVTKEJVKCP NQECNKVKGU QH UQWVJGCUVGTP 7PKVGF 5VCVGU PQTVJGCUVGTP /GZKEQ
%QCJWKNC0WGXQ.GÎPCPF%QNQODKC 4CVJDWP8GICCPF(GNFOCPP (GNFOCPPGVCN(GNFOCPPCPF8KNNCOKN$TCPEJKQECTEKPWUYCUHQWPF HTQO VJG %¶TFGPCU (QTOCVKQP /CCUVTKEJVKCP QH 5CP .WKU 2QVQUÈ +H YG EQPUKFGT QPN[ VJGUG VJTGG IGPGTC CU RCTV QH VJG %CTEKPGTGVKFCG VJGP KVU RCNGQDKQIGQITCRJKE FKUVTKDWVKQPYCUTGUVTKEVGFVQVJG)WNHQH/GZKEQCPF%CTKDDGCPTGIKQP9KVJKPVJG EGPVGT QH VJKU FKUVTKDWVKQP YG ſPF VJG KORCEV UKVG QH VJG %JKEZWNWD GXGPV CPF VJKU OC[DGVJGUGEQPFHCOKN[QHFGECRQFETWUVCEGCPUVQDGEQOGGZVKPEVCVVJGGPFQHVJG %TGVCEGQWU2GTKQF 8GICGVCN %QUVCEQRNWOC 6JG IGPWU %QUVCEQRNWOC JCU DGGP TGRQTVGF HTQO VJG 7RRGT %TGVCEGQWUQH0KIGTKC+PFKC)TGGPNCPFCPF/GZKEQ 0WGXQ.GÎP%QCJWKNC)WGTTGTQ
%QNNKPUCPF/QTTKU)CGVCPKGVCN%QNNKPUCPF4CUOWUUGP8GIC CPF 2GTTKNNKCV 8GIC CPF (GNFOCPP 8GIC GV CN #NUQ VJG IGPWU JCUDGGPTGRQTVGFHTQO2CNGQEGPGTQEMUQH5GPGICN#TIGPVKPC$TC\KNCPF8GPG\WGNC
4ÃO[(GNFOCPPGVCNC(GNFOCPPCPF/CTVKPU0GVQ%QNNKPUGV CN +P CFFKVKQP VJGTG KU C TGEGPV TGRQTV QH VJKU IGPWU HTQO 2CNGQEGPG TQEMU %CNKHQTPKC75# 0[DQTIGVCN6JGFKUVTKDWVKQPRCVVGTPQH%QUVCEQRNWOCKU
8')#0;$14)#0&2'44+..+#6
FKUVKPEVN[FKHHGTGPVHTQOVJG%TGVCEGQWUVQVJG2CNGQEGPG6JKUFKHHGTGPEGOC[TGRTGUGPV VJGGZVKPEVKQPF[PCOKEUVJCVQEEWTTGFCVVJGGPFQHVJG%TGVCEGQWU2GTKQF6QFCVG VJGQNFGUVTGEQTFQH%QUVCEQRNWOC%QUVCEQRNWOCDKUJQRKKUHTQOVJG%QPKCEKCPQH )WGTTGTQ/GZKEQ 8GICCPF(GNFOCPPUWIIGUVKPICP#OGTKECPQTKIKPHQTC ITQWRQPN[HQWPFVQFC[KPVJG+PFQRCEKſE TGIKQP +PFKHHGTGPEGVQQVJGTETWUVCEGCPITQWRUTGVTQRNWOKFETCDUUGGOVQJCXGDGGP FGRQUKV HGGFGTU 4GEGPV TGVTQRNWOKFU NKXG QP VJG +PFQRCEKſE 1EGCP DQVVQO OQTG VJCPOFGGRHGGFKPIQPQTICPKEOCVVGTVJCVKUCNYC[UCXCKNCDNG 5CKPV.CWTGPV
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ſPKVKGU VQ 'WTQRGCP OGEQEJKTKF URGEKGU 7RRGT %TGVCEGQWU ETWUVCEGCPU HTQO %JKCRCU CTG TGNCVGF VQ ETWUVCEGCPU QH VJG %CTKDDGCP TGIKQPYJKNG/CCUVTKEJVKCPETWUVCEGCPUHTQOPQTVJGCUVGTP/GZKEQCTGTGNCVGFVQVJG /KUUKUUKRK'ODC[OGPVCPF#VNCPVKE%QCUVCN2NCKPETWUVCEGCPU'QEGPGURGEKGUHTQO $CLC%CNKHQTPKC5WTCPF%JKCRCUJCXGTGNCVKQPUJKRUYKVJ0QTVJ#OGTKECYGUVEQCUV ETWUVCEGCPUDWVCNUQUJQYUQOG6GVJ[CPKPƀWGPEG 6JG /KQEGPG URGEKGU QH 8GTCETW\ CPF%JKCRCUCTGTGNCVGFVQ%GPVTCN#OGTKECCPF8GPG\WGNCETWUVCEGCPU
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#NVJQWIJKPOQTGVJCPQHRTGUGPVN[MPQYPHQUUKNGEJKPQKFUJCFDGGP CNTGCF[FGUETKDGFCPFHTQOQPPQOQTGVJCPPGYURGEKGUJCXGDGGPFGUETKDGF HTQO/GZKEQURGEKſE TGRQTVU QP GEJKPQKFU JCXG DGGP KPETGCUKPIN[ OQTG PWOGTQWU CU NQECVKQPUYKVJCDWPFCPVGEJKPQFGTOUCTGDGKPIUVWFKGFKPFGVCKN (KI $GHQTGOQUVTGRQTVUQP%TGVCEGQWUGEJKPQKFUQH/GZKEQJCFDGGPRWDNKUJGF D[HQTGKIPURGEKCNKUVUCPFQPN[CHGYD[PCVKQPCNRCNGQPVQNQIKUVU9KVJVJGFKUEQXGT[ QHOCP[PGYHQUUKNKHGTQWUNQECVKQPUCPFVJGKPVGITCVKQPQHRCNGQPVQNQIKEUVWFKGUCV VJG +PUVKVWVQ FG )GQNQIÈC HQUUKN GEJKPQKF TGUGCTEJ D[ PCVKQPCN RCNGQPVQNQIKUVU JCU ITQYPUKPEGVJGŏU (KI+PURKVGQHVJGTGEGPVKPVGTGUVKPHQUUKNGEJKPQKFUD[ PCVKQPCN RCNGQPVQNQIKUVU VJG QPN[ /GZKECP UEKGPVKUV YJQ KU FGFKECVGF HQTOCNN[ CPF RTQHGUUKQPCNN[VQVJGUVWF[QHGEJKPQKFUKU&T$NCPEC'UVGNC$WKVTÎP+VUJQWNFCNUQDG OGPVKQPGFVJCVQVJGTKPXGUVKICVQTUJCXGYQTMGFQPTGEGPVGEJKPQKFUUWEJCU&T'NGPC %CUQ Ŕ&T#NHTGFQ.CIWCTFCCPF&T(TCPEKUEQ5QNÈUQHVJG+PUVKVWVQFG%KGPEKCU FGN/CT[.KOPQNQIÈC70#/ 6JGTGHGTGPEGUWUGFVQEQPUVTWEV(KIWTGUCPFCTG 0[UVCPF)CNGQVVK &GUQT /GGM 8KTNGV &ŏ#QWUV )CDD .QTKQN 5EJN×VGT %QVVGCW *GKNRTKP (GNKZ (GNKZ CPF .GPM #IWKNGTC CPF 1TFÎÌG\ *KNN $Q[NG #IWKNGTC GV CN 5VCPVQPCPF8CWIJCP(GNKZ8KNNCFC#IWKNGTC$ÑUG $WTEMJCTFVCPF8KNNCTGNQ$ÑUG#FMKPU$WTEMJCTFV $ÑUG +UTCGNUM[ $WTEMJCTFV ,QTFCP CPF *GTVNGKP $ÑUG CPF%CXKPU$WTEMJCTFV/×NNGTTKGF.CODGTV/WKT ,QPGU+ONC[-GNNWO-KPICPF#FMKPU/CNFQPCFQ
(+)74'0CVKQPCNXU(QTGKIPRWDNKECVKQPU
0+'61.¦2'<#0&)#4% #$#44'4#
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4GUWNVQH+PXGUVKICVKQPU #NVJQWIJHWTVJGTTGUGCTEJKUPGGFGFVJGTGKUCFKXGTUGCPFCDWPFCPVTGRTGUGPVCVKQP QH%TGVCEGQWUGEJKPQKFUQH/GZKEQ$WKVTÎP YCUVJGſTUV VQ EQORKNG RWDNKUJGF TGRQTVUQP%TGVCEGQWUGEJKPQKFUQH/GZKEQ$WKVTÎP RTGUGPVGFCNKUVQHURGEKGU IGQNQIKEHQTOCVKQPUCIGUCPFEQTTGURQPFKPITGHGTGPEGU+PVJGRTGUGPVTGRQTVYGWRFCVG VJCVNKUVGNKOKPCVGU[PQP[OUCPFURGEKGUEQPUKFGTGFCUCHſPKUCPFKPENWFGURGEKGU TGRQTVGFKPLQWTPCNUEQPITGUUOGOQKTUCPFVJGUKUFKUUGTVCVKQPUVWFKGURWDNKUJGFCHVGT 6CDNG+PCFFKVKQPU[PQP[OUCPFCHſPKUURGEKGUYGTGFGNGVGFHTQO$WKVTÎPŏU
NKUVDGECWUGVJGUGURGEKGUJCFPQVDGGPEQTTGEVN[TGXKGYGFHQTRNCEGOGPVKPVQC IKXGPURGEKGUCPFRQUUKDN[OC[TGRTGUGPVTGFWPFCPVURGEKGUPCOGU 1P6CDNGYGUJQYVJG%TGVCEGQWUGEJKPQKFUQH/GZKEQWRFCVGFHTQO$WKVTÎPŏU
NKUV (KTUV EQNWOP TGRTGUGPVU VJG PWODGT QH GEJKPQKF URGEKGU RTGUGPV KP /GZKEQ 5GEQPF EQNWOP TGRTGUGPVU VJG CWVJQT U YJQ FGUETKDGF VJG URGEKGU 6JKTF EQNWOPKPFKECVGUKPYJKEJUVCVGQHVJG/GZKECP4GRWDNKEVJGHQUUKNUYGTGEQNNGEVGF 5RGEKGUVJCVFQPŏVJCXGCTGHGTGPEGKPVJGUGEQPFEQNWOPCTGRCTVQHVJG%QNGEEKÎP 2CNGQPVQNÎIKEC0CEKQPCN+PUVKVWVQFG)GQNQIÈC70#/JQYGXGTVJGUGURGEKGUJCXG PGXGTDGGPHQTOCNN[FGUETKDGF 6#$.' %TGVCEGQWU HQUUKN GEJKPQKFU TGRQTVGF HTQO /GZKEQ /WUGQ FG 2CNGQPVQNQIÈC +PUVKVWVQFG)GQNQIÈC70#/ /WUGQFG2CNGQPVQNQIÈC(CEWNVCFFG%KGPEKCU70#/ .KUVQHURGEKGU
UV4GRQTV
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.QECVKQPU
#IWKNGTCCPF1TFQÌG\
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5CP.WKU2QVQUÈ 2WGDNC 2WGDNC 2WGDNC 1CZCEC 0QTVJQH/GZKEQ 2WGDNC 2WGDNC 2WGDNC 2WGDNC 2WGDNC
%4'6#%'175'%*+01+&51(/':+%1
6#$.'%QPVKPWGF .KUVQHURGEKGU
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%N[RGCUVGTTQIGTUK /QTVQP %QFKQRUKUUVGRJGPUQPK%QQMG %QGPJQNGEV[RWURNCPCVWU
4QGOGT %QGPJQNGEV[RWUVTCPURGEQUGPUKU
%TCIKP %QPWNWUCPVKNNGPUKU%QVVGCW %QPWNWUEJKCRCUGPUKU.CODGTV %QPWNWUEQQMGK$WKVTÎP %QPWNWUNCODGTVK$WKVTÎP %QPWNWUOWGNNGTTKGFK.CODGTV %QPWNWUTCWNKPK Fŏ1TDKIP[ %[RJQUQOCCSWKVCPKEWO%QVVGCW %[RJQUQOCVGZCPC4QGOGT %[RJQUQOCVGZCPWO4QGOGT &KRNQRQFKCOCNDQUK #ICUUK\ &GUQT &KRNQRQFKC 2UGWFQFKCFGOC OCNDQUK &KRNQRQFKCVGZCPC 4QGOGT &KRNQRQFKCVGZCPWO 4QGOGT &KRNQRQFKCXCTKQNCTKU$TQPIPKCTV &KUEQKFGUEQTFQDCK$WKVTÎP &WODNGCU[OOGVTKEC%TCIKP 'PCNNCUVGTDTCXQGPUKU$ÑUG 'PCNNCUVGT 9CUJKVCUVGT DTCXQGPUKU$ÑUG 'PCNNCUVGTFGNICFQK.QTKQN 'PCNNCUVGTOGZKECPWU%QVVGCW 'PCNNCUVGTVGZCPWU 4QGOGT 'PEQRGITCPFKUUWDURKPG\CPC &WTJCO 'PEQRGNQTGVQGPUKU&WTJCO 'PEQRGOKEJQCECPGPUKU&WTJCO 'PEQRGRGTURGEVKXG#ICUUK\ 'PEQRGUJGRJGTFK&WTJCO 'PEQRGVCVGVNCGPUKU$ÑUG 'RKCUVGTCIWKNGTCG$ÑUG 'RKCUVGTEJKCRCUGPUKU.CODGTV 'RKCUVGTFCTVQPK%QQMG 'RKCUVGTGNGICPU 5JWOCTF 'RKCUVGTVGZCPWU4QGOGT 'RKCUVGTYJKVGK%NCTM )CNGTKVGUIKICU%QVVGCW
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%JKCRCU 2WGDNC 0CPF'QH/GZKEQ 5QPQTC 2WGDNC 2WGDNC 5QPQTC %JKJWCJWC 2WGDNC
%QQMG $ÑUG %QQMG
%JKJWCJWC %JKJWCJWC %JKJWCJWC
#IWKNGTCCPF1TFQÌG\ %QVVGCW 5VCPVQPCPF8CWIJCP
%JKJWCJWC %JKJWCJWC%QNKOC %JKJWCJWC$CLC %CNKHQTPKC5WTCPF %QCJWKNC
$ÑUG .CODGTV %QQMG 5VCPVQPCPF8CWIJCP #IWKNGTCCPF1TFQÌG\ 8KNNCFC
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0+'61.¦2'<#0&)#4% #$#44'4#
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5¶PEJG\ ,QPGU /CNFQPCFQ
.CODGTV ,QPGU
*GOKCUVGTECNXKPK%NCTM $ÑUG *GOKCUVGTEJQNCOGPUKU-GY *GOKCUVGTJWORJTG[CPWU /GGMCPF*C[FGP *GOKCUVGLCEMQPK/CWT[ *GOKCUVGTNCEWPQUWU5NQEWO *GOKCUVGTOKTCDKNKU 2GTQPCPF)CWVJKGT *GOKCUVGTQNFJCOK0QGVNKPI *GOKCUVGTURJGTKEWU.CODGTV *GOKCUVGTUVGNNC/QTVQP *GOKCUVGTVGZCPWU4QGOGT *GOKCUVGTWPIWNC/QTVQP *GOKCUVGTYGNNGTK%NCTM *GOKCUVGTYGVJGTD[K.QTKQN *GOKCUVGTYJKVGK %NCTM *GOKEKFCTKU 2UGWFQEKFCTKU ENWPKHGTC #ICUUK\ *GOKEKFCTKUXKNNCFCK /CNFQPCFQ-QGTFGNN *GVGTCUVGTCIWKNGTCK$WKVTÎP *GVGTCUVGT CNGPECUVGTCG $WKVTÎP *GVGTCUVGTDTCXQGPUKU$ÑUG
5¶PEJG\ 5¶PEJG\ 5¶PEJG\ 5¶PEJG\ 5¶PEJG\ 5¶PEJG\ .CODGTV 5¶PEJG\ #IWKNGTCCPF1TFQÌG\ 5¶PEJG\ 5¶PEJG\ 5¶PEJG\ -GNNWO /CNFQPCFQ
2WGDNC )WGTTGTQ %QCJWKNC 2WGDNC
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/CNFQPCFQ 2WGDNC
#FMKPU *GVGTCUVGTOGZKECPWU %QVVGCW #FMKPU *GVGTCUVGTQDNKEWCVWU #FMKPU *GVGTCUVGTVGZCPWU4QGOGT *GVGTCUVGT 'WCUVGTVGZCPWU4QGOGT *GVGTCUVGTVTCJVJK-×JP *GVGTCUVGTYGPQPGPUKU #FMKPU *GVGTQUCNGPKCVNCZKCEGPUKU$WKVTÎP *QNCUVGTPCPWU%TCIKP *QNCUVGTUKORNGZ5JWOCTF *QNGEV[RWUECUVKNNQK%QVVGCW *QNGEV[RWU %QGPJQNGEV[RWU
.QECVKQPU
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%4'6#%'175'%*+01+&51(/':+%1
6#$.'%QPVKPWGF .KUVQHURGEKGU
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%QVVGCW 2J[OQUQOCOGZKECPWO$ÑUG 2J[OQUQOCOQTVGPUGPK %JGEEJKC4KURQNK 2J[OQUQOCVGZCPWO 4QGOGT 2J[OQUQOCXQNCPWO %TCIKP 2TQTCUVGTFCNNK%NCTM 2UGWFQCPCPEJ[VGU EQORNGVC! %TCIKP 2UGWFQEKFCTKUENWPKHGTC #ICUUK\ 2UGWFQEKFCTKUICNGQVVK&GUQT 2UGWFQEKFCTKUNWUKVCPKEC&G.QTKQN 2UGWFQEKFCTKURCTT[K*CNN 2UGWFQEKFCTKUUCWUUWTGK.QTKQN 2UGWFQEKFCTKUVJWTOCPPK #ICUUK\
%QQMG $ÑUG ,QPGU 5VCPVQP #NNKUQP %QQMG .CODGTV
.QECVKQPU ,CNKUEQ %QCJWKNCCPF,CNKUEQ %JKJWCJWC %QCJWKNC %JKJWCJWC $CLC%CNKHQTPKC5WT %JKJWCJWC %JKCRCU
%QVVGCW $ÑUGCPF%CXKPU .CODGTV 5¶PEJG\ 5¶PEJG\ /CNFQPCFQ $ÑUG
*KNN #FMKPU 5¶PEJG\ 5¶PEJG\ /CNFQPCFQ
%JKCRCUCPF 5CP.WKU2QVQUÈ %QCJWKNC %JKCRCU 0WGXQ.GÎP 0WGXQ.GÎP 2WGDNC %JKJWCJWC 0WGXQ .GÎPCPF6COCWNKRCU 0WGXQ.GÎP %JKJWCJWC 5CP.WKU2QVQUÈ 5CP.WKU2QVQUÈ 2WGDNC
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%JKCRCU 5CP.WKU2QVQUÈ 2WGDNC
$ÑUG 5¶PEJG\ #FMKPU ,QPGU 5¶PEJG\ 2GTMKPU
8KNNCFC $WTEMJCTFV
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0+'61.¦2'<#0&)#4% #$#44'4#
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UV4GRQTV
2UGWFQFKCFGOCCIWKNGTCK
/CNFQPCFQ 2UGWFQFKCFGOC &KRNQRQFKC OCNDQUK!&GUQT 2UGWFQFKCFGOCUCWUUWTGK.QTKQN 2UGWFQR[TKPCENCTMK $ÑUG 2UGWFQR[TKPCKPCWFKVC$ÑUG 2UGWFQR[TKPCQEJQVGTGPCK /×NNGTTKGF 2[TKPCENCTMK$ÑUG 2[TKPCKPCWFKVC$ÑUG 2[TKPCOGZKECPC.CODGTV 2[TKPCRCTT[K*CNN 4CEJKQUQOCOQTVQPK&G.QTKQN 5CNGPKCOGZKECPC5EJN×VGT 5CNGPKCRTGUVGPUKU&GUQT 5CNGPKCRTGUVGPUKUOGZKECPC5EJN×VGT 5CNGPKCVGZCPC%TGFPGT 5VGTGQEKFCTKUHWUKHQTOKU %QVVGCW 5VQOGEJKPWUUGOKRNCEGPVC #ICUUK\ 6GVTCITCOOCDQUGK,QPGU 6GVTCITCOOCINQTKCG$WKVTÎP 6GVTCITCOOCOCNDQUKK #ICUUK\ 6GVTCITCOOCRKEVGVK &GUQT 6GVTCITCOOCUVTGGTWYKV\K %TCIKP 6GVTCITCOOCXCTKQNCTG $TQPIPKCTV 6QZCUVGTGNGICPU5EJWOCTF 9CUJKVCUVGTDTCXQGPUKU $ÑUG 9CUJKVCUVGTNQPIKUWNEWU
#FMKPUCPF9KPVQP
.QTKQN
.QECVKQPU 5QPQTC 2WGDNC 2WGDNCCPF1CZCEC
#IWKNGTCCPF1TFQÌG\ 2WGDNC #IWKNGTC #FMKPU .CODGTV
2WGDNC %JKCRCUCPF %JKJWCJWC
/×NNGTTKGF
2WGDNC
$ÑUG $ÑUG .CODGTV )CDD
%JKJWCJWC %JKJWCJWC %JKCRCU 5QPQTCCPF %JKJWCJWC )WGTTGTQ %JKJWCJWC %JKJWCJWCCPF 2WGDNC %JKJWCJWC %QNKOC
5¶PEJG\ 5EJN×VGT %QVVGCW /CNFQPCFQ
,QPGU $WKVTÎP D .CODGTV
%QCJWKNCCPF5QPQTC /KEJQCE¶P 5QPQTC
%QQMG
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#IWKNGTCCPF1TFQÌG\
6[RGUQH9QTM 4GUGCTEJVJCVCFFTGUUGURCNGQGEQNQI[QTTGEQPUVTWEVKQPQHCPEKGPVGPXKTQPOGPVU QH%TGVCEGQWUGEJKPQKFUQH/GZKEQCTGTCTG/QUVQHVJGRWDNKECVKQPUQP%TGVCEGQWU GEJKPQKFU QH /GZKEQ JCXG C U[UVGOCVKE QTKGPVCVKQP EQPVCKPKPI FGUETKRVKQPU QT TGFGUETKRVKQPUQHURGEKGUQTTGEQTFUQHPGYNQECVKQPUHQTVJGUCOGURGEKGU6JGQPN[ RCRGTYKVJCPGXQNWVKQPCT[CRRTQCEJVQ%TGVCEGQWUGEJKPQKFUQH/GZKEQKUVJGQPG D[ $WKVTÎP YJKEJ KPENWFGU VJG UVWF[ QH /GUQ\QKE URGEKGU HTQO 5CP ,WCP 4C[C 2WGDNC %QPUKFGTKPI VJG HCEV VJCV VJG HQUUKN TGEQTF QH %TGVCEGQWU GEJKPQKFU
%4'6#%'175'%*+01+&51(/':+%1
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/CKP.QECVKQPU &WTKPI VJG %TGVCEGQWU /GZKEQ YCU EQXGTGF D[ VJG YGUVGTP GZVGPUKQP QH VJG 6GVJ[U 5GC +P VJG .QYGT %TGVCEGQWU VJG UGC EQXGTGF CNN QH VJG UQWVJGCUV CTGCU QH OQFGTPFC[/GZKEQKPENWFKPIVJGUVCVGUQH1CZCEC2WGDNC)WGTTGTQCPF%JKCRCU CPFCNCTIGRQTVKQPQHPQTVJGTP/GZKEQ&WTKPIVJG.CVG%TGVCEGQWUGRKEQPVKPGPVCN UGCU TGCEJGF VJGKT OCZKOWO GZVGPUKQP 6JGTGHQTG FWTKPI VJG %TGVCEGQWU /GZKEQ YQWNFJCXGJCFCFKXGTUGCPFCDWPFCPVGEJKPQKFJKUVQT[
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F. Vega et al. (eds.), Studies on Mexican Paleontology, 115–131. © 2006 Springer. Printed in the Netherlands.
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6NC[ÕC(O2WGDNC 6JGQEEWTTGPEGQH%TGVCEGQWUQRJKWTQKFUCV6NC[ÕC3WCTT[2WGDNCYCUVJGſTUV TGRQTVQHQRJKWTQKFUHTQO/GZKEQ #RRNGICVG$WKVTÎP5¶PEJG\CPF/CNRKEC %TW\6JGQEEWTTGPEGUYGTGCNUQNCVGTEQPſTOGF D[ UGXGTCN CFFKVKQPCN YQTMGTU
#RRNGICVG(GNFOCPPGVCN'URKPQUC#TTWDCTTGPCGVCN*QYGXGT PQFGVCKNGFFGUETKRVKXGYQTMJCUDGGPFQPGYKVJVJGUGURGEKOGPU+PCFFKVKQP$WKVTÎP CPF5QNÈU/CTÈP KPFKECVGVJGGZKUVGPEGQHC%TGVCEGQWUQRJKWTQKFURGEKOGP IGPWU1RJKWTCEQNNGEVGFKP2WGDNCDWVVJG[FQPQVIKXGGPQWIJKPHQTOCVKQPVQENCTKH[ VJGGZCEVVCZQPQOKECPFIGQITCRJKECNRNCEGOGPVQHVJKUURGEKOGP 6Q FCVG VJKTVGGP FKHHGTGPV HQUUKN QRJKWTQKFU HTQO 6NC[ÕC 3WCTT[ .QYGT %TGVCEGQWU#NDKCPJCXGDGGPEQNNGEVGFCPFCTGWPFGTUVWF[D[VJGſTUV CWVJQT QH VJKU YQTM6YGNXGQHVJGOCTGRCTVQHVJG%QNGEEKÎP0CEKQPCNFG2CNGQPVQNQIÈC+PUVKVWVQ FG)GQNQIÈC70#/CPFVJGTGOCKPKPIURGEKOGPKUFGRQUKVGFCVVJG2CNGQPVQNQI[ /WUGWO (CEWNVCF FG %KGPEKCU 70#/ 6JGUG CTG EQORNGVG URGEKOGPU ſXG QH VJGOYKVJVJGFQTUCNUWTHCEGGZRQUGFCPFGKIJVYKVJVJGXGPVTCNUWTHCEGGZRQUGF 6JG 6NC[ÕC 3WCTT[yU URGEKOGPU UJQY CHſPKVKGU YKVJ TGRTGUGPVCVKXGU QH VJG 1RJKWTCIGPWU6JGFQTUCNCPFXGPVTCNUWTHCEGUQHVJGQRJKWTQKFFKUEKUEQXGTGFD[ QXGTNCRRKPIUOCNNUECNGUQHXGT[FKHHGTGPVUK\GCPFUJCRG6JGURKPGNGVUQHVJGCTO EQODCTGXGT[HGYCPFUOCNN6JGTGCTGGPNCTIGFOQWVJUNKVUYKVJUQOGUOCNNCPFVJKP VGGVJ6JGUJCRGQHVJGRTQZKOCNFQTUCNCTORNCVGUKUTJQODQKFCNYJKNGVJGFKUVCNUCTG VTKCPIWNCT8GPVTCNCTORNCVGUCTGRGPVCIQPCNYKVJVQVGPVCENGUECNGU6JGNCVGTCN CTORNCVGUCTGNQPIYKVJVQURKPGU (KIWTG +PUQOGURGEKOGPUVJGCTOUCTGGZVGPFGFCPFQTKGPVGFKPFKHHGTGPVYC[UKPUGXGTCN QVJGTUVJG[CTGEQPVTCEVGFWPFGTVJGEGPVTCNFKUMVJGUGRQUVWTGUECPJGNRVQKPHGTVJG DGJCXKQTQHVJGCPKOCNDGHQTGFGCVJ6JGGZEGNNGPVRTGUGTXCVKQPQHVJGUGURGEKOGPU GPCDNGU ſPG FGVCKNU QH VJGKT CPCVQO[ VQ DG GCUKN[ UGGP (KIWTG 'PXKTQPOGPVCN EQPFKVKQPUVJCVCEEQWPVHQTUGFKOGPVFGRQUKVKQPCV6NC[ÕC3WCTT[JCXGDGGPKPVGTRTGVGF KPUGXGTCNFKHHGTGPVYC[U/CNRKEC%TW\GVCN CPF2CPVQLC#NQT UWIIGUV VJCVVJGFGRQUKVYCUHQTOGFCVCRQUVTGGHNCIQQP EQPPGEVGFYKVJVJGQRGPUGC
/#46 0/'&4#01#0&)#4% #$#44'4#
(+)74'1TCNUWTHCEGQHQRJKWTQKFURGEKOGPHTQO6NC[ÕC3WCTT[KP2WGDNCFGRQUKVGFCVVJG 2CNGQPVQNQI[/WUGWO(CEWNVCFFG%KGPEKCU70#/
YJGTGCU#RRNGICVG CPF'URKPQUC#TTWDCTTGPCCPF#RRNGICVG RTGUGPV CP WR VQ FCVG OQFGN YJGTG VJG[ UWIIGUV CP GZVTGOGN[ UJCNNQY RQUVTGGH UVCIPCPV CPCGTQDKECPFJ[RGTUCNKPGNCIQQPUWTTQWPFGFQPQPGUKFGD[UGOKCTKFNCPFCPFQP VJGQVJGTUKFGD[CFGGRGTYGNNQZ[IGPCVGFNCIQQPYKVJCJKIJDKQFKXGTUKV[ſPCNN[ -CUJK[COC GV CN UWIIGUV C FGRQUKV HQTOGF YKVJKP FGGR UGC EQPFKVKQPU UGG #RRNGICVGGVCNKPVJKUDQQM
#IWLC(O%JKJWCJWC /CTVKP/GFTCPQKPTGRQTVGFVJGſTUV TGEQTF QH CP QRJKWTQKF DGNQPIKPI VQ VJG HCOKN[#ORJKWTKFCGHTQOVJG%TGVCEGQWUQH%JKJWCJWC+PVJCVYQTMUJGQPN[DTKGƀ[ FGUETKDGFKVJQYGXGTVJGEQORNGVGFGUETKRVKQPQHVJCVHQUUKNKUQPGQHVJGUWDLGEVUKP JGT/CUVGTU&GITGG6JGUKU 6JGEQORNGVGURGEKOGPKUTGRTGUGPVGFD[VJGXGPVTCNUWTHCEGYKVJVYQGZVGPFGF CTOUGZRQUGFCPFVJGFKUVCNRCTVUQHVJGQVJGTVJTGGCTOUHQNFGFPGCTVJGEGPVTCNFKUM 6JGCTOUCTGVJKPCPFƀGZKDNG 6JG XGPVTCN CTO RNCVGU CTG RGPVCIQPCN VJG NCVGTCN CTO RNCVGUCTGYKFGTCVVJGDCUGYKVJVQNCTIGCPFVJKPURKPGU6JGOQWVJUNKVUCTGXGT[ YKFGYKVJUOCNNQTCNRCRKNNC6JGQTCNUJKGNFUCTGVTKCPIWNCTVJGDWTUCNUNKVUCTGNCTIG
(155+.12*+741+&51(/':+%1
CPF EQPXGZ (KIWTG 6JKU URGEKOGP UJQYU CHſPKVKGU YKVJ TGRTGUGPVCVKXGU QH VJG IGPWU#ORJKWTC 6JKU URGEKOGP YCU EQNNGEVGF CV #IWLC (QTOCVKQP %JKJWCJWC KP UGFKOGPVU EQPUKFGTGF VQ DG VTCPUKVKQPCN DTCEMKUJ OCTKPG CPF ƀWXKCN GPXKTQPOGPVU .GJOCP *QYGXGTEQPUKFGTKPIVJGOCTKPGPCVWTGQHVJGQRJKWTQKFURTQDCDN[VJGFGRQUKV TGUGODNGUCOCTKPGGPVTCPEGKPCEQCUVCNƀQQF RNCKP 6JG URGEKOGP KU FGRQUKVGF CV VJG 2CNGQPVQNQI[/WUGWO(CEWNVCFFG%KGPEKCU70#/
%GTTQFGN2WGDNQ(O%QCJWKNC 1PN[ QPG URGEKOGP QH QRJKWTQKF JCU DGGP TGRQTVGF HTQO %GTTQ FGN 2WGDNQ (QTOCVKQP%QCJWKNC /CTVKP/GFTCPQ (KIWTG+VKUEWTTGPVN[DGKPIUVWFKGF D[ VJG UCOG CWVJQT &WG VQ RGTOKPGTCNK\CVKQP VJG FQTUCN UWTHCEG QH VJKU URGEKOGP KUXGT[YGNNRTGUGTXGF7PHQTVWPCVGN[VJKUURGEKOGPKUKPEQORNGVGNCEMKPIQPGCTO CPFVJGFKUVCNRQTVKQPUQHVJGQVJGTU+VUJQYUCHſPKVKGU YKVJ TGRTGUGPVCVKXGU QH VJG 1RJKQOWUKWOIGPWU6JGFQTUCNUWTHCEGQHVJGFKUEKUCNOQUVEQORNGVGN[EQXGTGFD[ VJGTCFKCNUJKGNFURTKOCT[CPFKPVGTTCFKCNOCTIKPCNRNCVGU/KFFNGCPFFKUVCNFQTUCN CTOURNCVGUCTGCDUGPV.CVGTCNCTORNCVGUCTGYKPIUJCRGFCPFEQXGTCNOQUVEQORNGVGN[ VJG UWTHCEG QH VJG CTO (KIWTG 6JG URGEKOGP KU FGRQUKVGF CV VJG 2CNGQPVQNQI[ /WUGWO(CEWNVCFFG%KGPEKCU70#/ 6JG%GTTQFGN2WGDNQ(QTOCVKQPJCUDGGPKPVGTRTGVGFCUCFGNVCKEGPXKTQPOGPV KPCEQCUVCNƀQQF RNCKP VJG FGRQUKV TGUGODNGU C OKZVWTG QH HTGUJ DTCEMKUJ CPF OCTKPG YCVGTUYKVJQWVCP[DCTTKGTUVQDNQEMVJGVGTTGUVTKCNXGTVGDTCVGOKITCVKQPU -KTMNCPFGV CN
5CP,WCP(O%JKCRCU # EQORNGVG URGEKOGP QH QRJKWTQKF CUUKIPGF VQ VJG HCOKN[ 1RJKQNGWEKFCG YCU DTKGƀ[ FGUETKDGF D[ /CTVÈP/GFTCPQ KV DGNQPIU VQ VJG 5CP ,WCP (QTOCVKQP %JKCRCUCPF JCU TGOCTMCDN[RTGUGTXGFGZVGPFGFCTOU CPF XGPVTCNUWTHCEG (KIWTG
(+)74'1TCNUWTHCEGQHVJGCORJKWTQKFHQWPFKP%JKJWCJWC /CTVÈP/GFTCPQ
/#46 0/'&4#01#0&)#4% #$#44'4#
(+)74' &QTUCN UWTHCEG QH VJG QRJKWTQKFURGEKOGPHTQO%QCJWKNCTGRQTVGFD[/CTVKP /GFTCPQ
%CNEKWOECTDQPCVGRTGUGTXCVKQPGPCDNGUQDUGTXCVKQPQHVTKFKOGPUKQPCNHGCVWTGUQH VJKUURGEKOGP 6JGUJCRGQHFKUEKURGPVCIQPCNDWTUCNUNKVUNCTIG6JGOQWVJUNKVKUXGT[YKFG 6JGFKUVCNRCTVUQHQTCNRNCVGUCTGKPEQPVCEV8GPVTCNCTORNCVGUCTGTJQODQKFCN6JG NCVGTCNCTORNCVGUCTGXGT[YKFGCPFEQXGTCNOQUVEQORNGVGN[VJGCTOUWTHCEGVYQ URKPGUCTGRTGUGPV (KIWTG 6JG5CP,WCP(QTOCVKQPKUDGNKGXGFVQTGRTGUGPVCPQRGPRNCVHQTOUJCNNQYOCTKPG GPXKTQPOGPV #IWKNCT2KÌCYKVJVGTTGUVTKCNKPƀWZ 6JG URGEKOGP KU FGRQUKVGF CV VJG2CNGQPVQNQI[/WUGWO+PUVKVWVQFG*KUVQTKC0CVWTCNFGN'UVCFQFG%JKCRCU
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
(155+.12*+741+&51(/':+%1
(+)74' 8GPVTCNUWTHCEGQHVJGQRJKWTQKFURGEKOGPCUUKIPGFVQVJGHCOKN[1RJKQNGWEKFCG HQWPFKP%JKCRCUD[/CTVKP/GFTCPQ
URKPGUEQORTGUUGFVQVJGDQF[CTO (KIWTG6JGUGHQUUKNQRJKWTQKFUUJQYCHſPKV[ YKVJVJGTGRTGUGPVCVKXGUQHVJG5VGIQRJKWTCIGPWU 6JG.CVG1NKIQEGPG/KFFNG/KQEGPG'N%KGP(QTOCVKQPJCUDGGPKPVGTRTGVGFCU CVTCPUKVKQPCNGPXKTQPOGPVHTQOVGTTGUVTKCNVQFGGRUGCHCEKGU #RRNGICVGDWV VJGFGRQUKVYJGTGVJGHQUUKNQRJKWTQKFUJCXGDGGPHQWPFKUEJCTCEVGTK\GFD[CUVCDNG UJCNNQYRNCVHQTO $WKVTÎP GV CN TGRQTVGF VJG RTGUGPEG QH 2NKQEGPG DTKVVNGUVCT DGFU YKVJKP
(+)74' 8GPVTCN UWTHCEG QH VJTGG QRJKWTQKF URGEKOGPU HTQO 'N %KGP (QTOCVKQP $CLC %CNKHQTPKC5WT
/#46 0/'&4#01#0&)#4% #$#44'4#
VJG #NOGLCU (QTOCVKQP $CLC %CNKHQTPKC 5WT 6JG DTKVVNGUVCT NC[GT KU EQORQUGF QH UGFKOGPVU KPVGTRTGVGF CU C UJCNNQY OCTKPG GPXKTQPOGPV FGRQUKVGF WPFGT PQTOCN UCNKPKV[ EQPFKVKQPU $WKVTÎP GV CN /QTG VJCP QPG JWPFTGF URGEKOGPU YGTG EQNNGEVGFCPFCUUKIPGFVQVJGIGPWU1RJKWTC*QYGXGTVJGTGKUPQFGVCKNGFFGUETKRVKQP QHVJGUGHQUUKNUKPVJGNKVGTCVWTGCPFVJGſPCN VCZQPQOKE RNCEGOGPV QH VJGUG URGEKOGPU TGOCKPUWPEGTVCKP 6JGHQUUKNTGEQTFQH/GZKECPQRJKWTQKFUKUTGRTGUGPVGFD[HQWTIGPGTCCPFVYQ HCOKNKGUCNNDGNQPIKPIVQVJGQTFGT1RJKWTKFC6JGUGHQUUKNUEQXGTCYKFGUVTCVKITCRJKE TCPIGHTQOVJG2GPPU[NXCPKCPVQVJG2NKQEGPG 6CDNG(KIWTG+VKUKORQTVCPVVQ PQVG VJCV HQUUKN QRJKWTQKFU QH /GZKEQ JCXG DGGP WR VQ PQY TGRQTVGF D[ /GZKECP KPXGUVKICVQTUYJQYQTMCPFUVWF[CVVJG7PKXGTUKFCF0CEKQPCN#WVÎPQOCFG/ÃZKEQ YJGTGVJGOCLQTKV[QHURGEKOGPUCTGFGRQUKVGF
2TGUGPV5VWFKGU 6CZQPQOKE FGVGTOKPCVKQP QH HQUUKN QRJKWTQKFU KU FKHſEWNV DGECWUG VJG FQTUCN CPFXGPVTCNEQORNGVGUWTHCEGUCTGTCTGN[RTGUGTXGFKPVJGHQUUKNTGEQTFGXGPKHHQUUKN QRJKWTQKFU CTG YGNN RTGUGTXGF KV KU UVKNN FKHſEWNV VQ OCMG CP CEEWTCVG VCZQPQOKE RNCEGOGPV %QTPGNNGVCN#EEWTCVGVCZQPQOKECUUKIPOGPVQH/GZKECPHQUUKN QRJKWTQKFU KU GURGEKCNN[ FKHſEWNV FWG VQ VJG UOCNN PWODGT QH MPQYP URGEKOGPU HTQO/GZKEQ6JKUKUGZGORNKſ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ſPFKPI QH UMGNGVCNQUUKENGU+PCFFKVKQPVJGTGKUPQTGRQTVKPVJGNKVGTCVWTGVJCVTGHGTUVQVJGſPFKPI QHOCTMUQTVTCEMUKPUGFKOGPVUVJCVYQWNFKPFKECVGCEVKXKV[D[QRJKWTQKFGEJKPQFGTOU KP/GZKEQ $GNN #VRTGUGPVVJGUVWF[QH/GZKECPHQUUKNQRJKWTQKFUKURCTVQHC/CUVGTU&GITGG RTQLGEV D[ /CTVÈP/GFTCPQ CV VJG (CEWNVCF FG %KGPEKCU 70#/ 6JKU RTQLGEV KPENWFGUCNNMPQYPURGEKOGPUQHQRJKWTQKFU 6CDNGYKVJVJGGZEGRVKQPQHVJQUG TGRQTVGFD[3WKTQ\$CTTQUQCPF5QWT6QXCT CPF$WKVTÎPGVCN 9KVJVJKU /CUVGTUTGUGCTEJKVKUJQRGFVJCVOQTGGNGOGPVUVQTGſPG VJG VCZQPQOKE FGVGTOKPCVKQP QH/GZKECPHQUUKNQRJKWTQKFUECPDGCEEQORNKUJGF+PCFFKVKQPVJKUUVWF[YKNNKPENWFG KUQNCVGFUMGNGVCNQUUKENGUCPFKPVJGHWVWTGYJGPVJGPWODGTQHURGEKOGPUCPFVJG RTGUGTXCVKQP QH OCVGTKCN RGTOKV KV UQOG CURGEVU QH GXQNWVKQP GVJQNQI[ HWPEVKQPCN
(155+.12*+741+&51(/':+%1
6#$.' (QUUKN TGEQTF QH QRJKWTQKFU EQNNGEVGF KP /GZKEQ #DDTGXKCVKQPU (%/2 /WUGQ FG2CNGQPVQNQIÈC(CEWNVCFFG%KGPEKCU70#/+)/%QNGEEKÎP0CEKQPCNFG2CNGQPVQNQIÈC +PUVKVWVQFG)GQNQIÈC70#//2%*/WUGQFG2CNGQPVQNQIÈC%JKCRCU 6#:# 1RJKWTC CHH5VGIQRJKWTC (CO1RJKQNGWEKFCG
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(KIWTG
1VJGT(QUUKN'EJKPQFGTOUQH/GZKEQ 6JG FGITGG CPF SWCNKV[ QH RTGUGTXCVKQP COQPI VJG ENCUUGU QH GEJKPQFGTOU KU DCUGFWRQPKPRCTVVQVJGRTQRQTVKQPQHQTICPKECPFKPQTICPKEOCVVGTVJCVEQORQUGU VJGO6JGUGFKHHGTGPEGUECWUGCDKCUKPVJGHQUUKNTGEQTFHCXQTKPIVJQUGHQTOUYKVJ ITGCVGTSWCPVKVKGUQHECNECTGQWUUMGNGVCNOCVGTKCNCPFPCTTQYGTUWVWTGUCOQPIRNCVGU 6JKUKUTGƀGEVGF KP VJG HQUUKN TGEQTF QH GEJKPQFGTOU CNN QXGT VJG YQTNF $QCTFOCP GVCNKPENWFKPI/GZKECPHQUUKNGEJKPQFGTOU 'EJKPQKFU CTG VJG ITQWR QH GEJKPQFGTOU DGUV TGRTGUGPVGF KP /GZKEQ +P
/#46 0/'&4#01#0&)#4% #$#44'4#
(+)74'+OCIGQDVCKPGFYKVJUECPPKPIGNGEVTQPOKETQUEQRG Z&GVCKNQHFQTUCNRNCVGU
CNCVGTCNRNCVGU DCPFURKPGU EQHVJGCTOUQHCPQRJKWTQKFHQUUKNHTQO2WGDNC
(+)74'+OCIGQDVCKPGFYKVJ:TC[VGEJPKSWGQHVJGHQUUKNQRJKWTQKFHTQOVJG5CP,WCP (QTOCVKQP%JKCRCU
(155+.12*+741+&51(/':+%1
VJGTG YGTG /GUQ\QKE CPF %GPQ\QKE V[RG URGEKGU FGUETKDGF HTQO /GZKEQ
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#DUVTCEV 7RRGT 2CNGQ\QKE HQUUKN KPXGTVGDTCVGU QH /GZKEQ TGRTGUGPV EQOOWPKVKGU QH OCTKPG GPXKTQPOGPVUCUUQEKCVGFYKVJEQPVKPGPVCNOCTIKPU#JKIJRGTEGPVCIGQHXGT[FKXGTUG DTCEJKQRQFU CPF OQNNWUMU CEEQORCPKGF D[ QVJGT NGUUGT FKXGTUG ITQWRU UWEJ CU GEJKPQFGTOUCTVJTQRQFUDT[Q\QCPUCPFEQTCNUQEEWTVJTQWIJQWVVJG7RRGT2CNGQ\QKE UGSWGPEG QH /GZKEQ 1WVETQRU QH %CTDQPKHGTQWU CPF 2GTOKCP TQEMU CTG GURGEKCNN[ CDWPFCPVCPF/GZKECPHQUUKNHCWPCUHTQOVJQUGU[UVGOUGZJKDKVCPCHſPKV[ VQ UKOKNCT CIGHQUUKNHCWPCUHTQOVJGTGUVQH0QTVJ#OGTKECVJKUKUGURGEKCNN[VTWGKPVJG[QWPIGUV HCWPCU6JKUUKOKNCTKV[OC[DGGZRNCKPGFD[VJGEQPſIWTCVKQP CPF IGQITCRJKE RQUKVKQP QHVJG.CVG2CNGQ\QKEETWUVCNRQTVKQPUVJCVHQTOOQFGTPFC[/GZKEQ&WTKPIVJG.CVG 2CNGQ\QKE2CPIGCYCUHQTOKPICPFVJGQEGCPVJCVGZKUVGFDGVYGGP)QPFYCPCCPFVJG PQTVJGTPEQPVKPGPVUYCUPCTTQYKPIFWTKPIVJGGPVKTG%CTDQPKHGTQWUCPF'CTN[/KFFNG 2GTOKCPVJCVQEGCPEQXGTGFNCTIGTGIKQPUQH0QTVJ#OGTKECCPFGZVGPFGFQXGTVJG OCLQTKV[QHYJCVEQPUVKVWVGURTGUGPVFC[/GZKEQ
F. Vega et al. (eds.), Studies on Mexican Paleontology, 133–167. © 2006 Springer. Printed in the Netherlands.
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9QNHECORKCP'N#PVKOQPKQ/QPQU(QTOCVKQP2GTOKCP0QTVJQH%CPCPGC %QNKPC .KOGUVQPG2GTOKCP 9QNHECORKCP.GQPCTFKCP6COCWNKRCU2GTGITKPC%CP[QPPQTVJQH %KWFCF8KEVQTKC8KEGPVG)WGTTGTQ(QTOCVKQP.QYGT/KUUKUUKRRKCP
722'42#.'1<1+%/#4+0'+08'46'$4#6'5(41//':+%1
%QOOWPKVKGUQHVJG7RRGT2CNGQ\QKE 6JG 7RRGT 2CNGQ\QKE OCTKPG HCWPCU QH /GZKEQ TGRTGUGPV UJCNNQY YCVGT EQOOWPKVKGU+VKUCNUQRQUUKDNGVJCVVWTDKFKV[EWTTGPVUVQFGGRGT\QPGUQHVJGOCTKPG GPXKTQPOGPVEQWNFJCXGVTCPURQTVGFUQOGQHVJGOUWEJJCUDGGPVJGKPVGTRTGVCVKQP IKXGP TGEGPVN[ VQ VJG 2GPPU[NXCPKCP HCWPC HTQO VJG +ZVCNVGRGE (QTOCVKQP YKVJKP VJG/GZKECPUVCVGQH1CZCEC $WKVTÎPGVCNCPFVJG2GTOKCPHCWPCHTQOVJG 6W\CPEQCYKVJKPVJG/GZKECPUVCVGQH*KFCNIQ 5QWTGVCND4QUCNGU.CICTFG GV CN KP RTGUU %QORCTKPI VJG HQUUKN CUUQEKCVKQPU KP YJKEJ VJGUG HCWPCU CTG HQWPF YKVJ VJQUG VJCV JCXG DGGP FGUETKDGF HQT VJG .QYGT 2CNGQ\QKE %QQRGT GV CN 4QDKUQP CPF 2CPVQLC 5QWT6QXCT KV KU PQVCDNG VJCV VJG RCVVGTPU VJCV ECP DG QDUGTXGF KP VJG HCWPCU HTQO /GZKEQ EQTTGURQPF VQ VJQUG FKUEQXGTGF KP VJG TGUVQHVJGYQTNF6JGEQORCTKUQPUTGƀGEV VJG GZKUVGPEG QH KORQTVCPV EJCPIGU YKVJKP VJGDKQNQIKECNITQWRUCUUQEKCVGFYKVJGRKEQPVKPGPVCNUGCƀQQTU 6JG IGQNQIKECN TGEQTF QH VJG 2CNGQ\QKE QH /GZKEQ CNVJQWIJ UECTEG CPF KPVGTOKVVGPV CNUQ ENGCTN[ TGƀGEVU KORQTVCPVEJCPIGUKPVJGDKQNQIKECNITQWRUCUUQEKCVGFYKVJGRKEQPVKPGPVCNUGCƀ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ſECVKQP CURCTVQHVJGGRKHCWPCVJGETKPQKFUVJCVRQUUGUUGFCUVGOCPFYJQUGOQDKNGCTOU YQWNFRTQFWEGEWTTGPVUQHYCVGTVJCVRGTOKVVGFVJGOVQVTCRRCTVKENGUQHHQQFYGTGVJG FQOKPCPVQTICPKUOUCDQXGVJGUGCDGFCURCTVQHVJGKPHCWPCVJGDKXCNXGURTGUGPVGFC ITGCVFKXGTUKV[CPFUQOGQHVJGOUWEJCUUQOG2JQNCFQO[QKFCEQWNFJCXGDWTTQYGF VQITGCVGTFGRVJUKPVQVJGUWDUVTCVWO
)TQWRUQH/CTKPG+PXGTVGDTCVGU4GNCVGFVQVJG7RRGT2CNGQ\QKE QH/GZKEQ 6CDNGURTGUGPVCU[PVJGUKUQH7RRGT2CNGQ\QKENQECNKVKGUQH/GZKEQCPFVJG VCZC QH KPXGTVGDTCVGU VJCV JCXG DGGP TGRQTVGF HTQO VJGO 1VJGT %CTDQPKHGTQWU CPF 2GTOKCPNQECNKVKGUYGTGPQVKPENWFGFKPVJGVCDNGUFWGVQVJGHCEVVJCVVJG[CTGPQV HQUUKNKHGTQWU VJG[ CTG QH EQPVKPGPVCN QTKIKP QT QPN[ EQPQFQPVU HWUKNKPKFU QT QVJGT QTICPKUOUPQVEQPUKFGTGFKPVJKUUVWF[YGTGEQNNGEVGFHTQOVJGO6JGNQECNKVKGUCTG NKUVGF CEEQTFKPI VQ VJG PCOG QH VJG /GZKECP 5VCVG KP YJKEJ VJG[ CTG GPEQWPVGTGF
(KIWTG#NUQYKVJKPVJGNQECNKV[NKUVKPIUVJGURGEKGUCTGQTFGTGFU[UVGOCVKECNN[ HQNNQYKPIVJGCTTCPIGOGPVGUVCDNKUJGFKPVJGOQUVTGEGPVXQNWOGUQHVJG6TGCVKUGQP +PXGTVGDTCVG2CNGQPVQNQI[
37+41<$#44151#0&5174618#4
$CLC%CNKHQTPKC 0GCT5CP(GNKRG$CLC%CNKHQTPKCVJGTGKUCEQPINQOGTCVGQH/KQEGPGQTGCTNKGT 6GTVKCT[ CIG YKVJ ENCUVU EQPVCKPKPI HGECN RGNNGVU ICUVTQRQFU DT[Q\QCPU ETKPQKFU DNWGITGGPCNICGCPF2GTOKCPHWUWNKPKFUQHGCTN[.GQPCTFKCPCIG )CUVKNGVCN 2TQDCDNG%CTDQPKHGTQWUETKPQKFUUQNKVCT[EQTCNUCPFDTCEJKQRQFUJCXGDGGPFKUEQXGTGF KPVJG0QTVJGTP5KGTTC2KPVCLWUVUQWVJQH.CIWPC5CNCFC /E'NFQYPG[ 6#$.' %TKPQKFU HTQO
%TKPQKFU #RNGVQCPVGTKUDCLCGPUKU 9GDUVGTCPF&GNCVVTG
1TFGT
(COKN[
7PEGTVCKP
7PEGTVCKP
%JKCRCU 6#$.' 2GPPU[NXCPKKCP HQUUKNU HTQO 5CPVC 4QUC +PHGTKQT (QTOCVKQP #IWCECVG 4KXGT PQTVJYGUVGTP %JKEQOWUGNQ %TKPQKFU CTG EJCTCEVGTKUVKE QH VJG 2GPPU[NXCPKCP HTQO 6GZCU CPF-CPUCU+PVJGUCOGNQECNKV[DKXCNXGUCPFPQVHQTOCNN[FGUETKDGFEQTCNUDT[Q\QCPUCPF COOQPKVGUJCXGCNUQDGGPHQWPF $WKVTÎPD 5RGEKGU
$KXCNXGU #XKEWNQRGEVGPUR 2CNCGQNKOCUR %TKPQKFU %[NKPFTQECWNKUEWUſUMK! /QQTGCPF,GHHQTFU .CORTQUVGTKIOCOKTKſEWO /QQTGCPF,GHHQTFU
1TFGT
(COKN[
2VGTKQKFC 2VGTKQKFC
#XKEWNQRGEVKPKFCG .KOKFCG
7PEGTVCKP
%[ENQOKUEJKFCG
7PEGTVCKP
(NQTKE[ENKFCG
6#$.')CUVTQRQFHTQO2CUQ*QPFQ(QTOCVKQP/KFFNG2GTOKCPPGCT%QOCNCRC4KXGT UQWVJGCUVGTP%JKEQOWUGNQ%JKCRCU $WKVTÎPC 5RGEKGU
)CUVTQRQFU $GNNGTQRJQP $GNNGTQRJQP ETCUUWU/GGMCPF9QTVJGP
1TFGT
#TEJCGQICUVTQRQFC
(COKN[ $GNNGTQRJQPVKFCG
722'42#.'1<1+%/#4+0'+08'46'$4#6'5(41//':+%1
6#$.' (QUUKNU HTQO )TWRGTC (QTOCVKQP .QYGT 2GTOKCP /QPVG 4GFQPFQ)WCFCNWRG 8KEVQTKCCTGC%JKCRCU 4G[GTQUFG%CUVKNNQ 5RGEKGU
%QTCNU .QRJQRJ[NNKFKWOMC[UGTK OCLQT *WCPI .QRJQRJ[NNKFKWO \CRJTGPVQKFGC *WCPI
1TFGT
(COKN[
4WIQUC
.QRJQRJ[NNKFKKFCG
4WIQUC
.QRJQRJ[NNKFKKFCG
6#$.'6JGUGHQUUKNUCTGRCTVQHCNKUVRTGUGPVGFKPVJGYQTMQH#IWKNGTC /KFFNG 2GTOKCPHTQO%JKEQOWUGNQCTGC%JKCRCU .QECNKVGUCPFHQTOCVKQPCTGPQVEGTVCKP 5RGEKGU
$T[Q\QCPU (GPGUVGNNC!UR $TCEJKQRQFU 2TQFWEVWUUGOKTGVKEWNCVWU/CTVKP )CUVTQRQFU 2NGWTQVQOCTKC!UR
1TFGT
(COKN[
%T[RVQUVQOCVC
(GPGUVGNNKFCG
2TQFWEVKFC
2TQFWEVKFCG
#TEJCGQICUVTQRQFC
2NGWTQVQOCTKKFCG
6#$.'.KUVQHHQUUKNURTGUGPVGFD[$QUÅ /KFFNG2GTOKCPHTQO%JKEQOWUGNQCTGC %JKCRCU7PFGVGTOKPCVGFDKXCNXGUCPFETKPQKFUJCXGCNUQDGGPEQNNGEVGF .QECNKVGUCPFHQTOC VKQPCTGPQVEGTVCKP 5RGEKGU
$TCEJKQRQFU 2TQFWEVWUUGOKTGVKEWNCVWU/CTVKP 2TQFWEVWUUR &KGNCUOCUR $T[Q\QCPU (GPGUVGNNCUR )CUVTQRQF 2NGWTQVQOCTKCUR
1TFGT
(COKN[
2TQFWEVKFC 2TQFWEVKFC 6GTGDTCVWNNKFC
2TQFWEVKFCG 2TQFWEVKFCG &KGNCUOCVKFCG
%T[RVQUVQOCVC
(GPGUVGNNKFCG
#TEJCGQICUVTQRQFC
2NGWTQVQOCTKKFCG
6#$.' /KFFNG 2GTOKCP (QUUKNU HTQO %JKEQOWUGNQ CTGC %JKCRCU CPF RTQDCDNG CFLCEGPV RQTVKQPUQH)WCVGOCNC.KUVHTQO#IWKNGTC /×NNGTTKGFGVCN 5RGEKGU
%QTCNU
1TFGT
(COKN[
4WIQUC
2TQFWEVKFC
2TQFWEVKFCG
37+41<$#44151#0&5174618#4
6#$.'%QPVKPWGF 5RGEKGU
1TFGT
2TQFWEVWUUGOKTGVKEWNCVWU/CTVKP 2TQFWEVWUUECDTKEWNWU/CTVKP 2TQFWEWUPQFQUWU0GYDGTT[ 2TQFWEVWUQEEKFGPVCNKU0GYDGTT[ 2TQFWEVWUOGZKECPWU5JWOCTF /CTVKPKCNKPGCVC5QYGTD[ 5RKTKHGTECOGTCVWU/QTVQP 5RKTKIGTC #VJ[TKUUWDVKNKVC*CNN
(COKN[ 2TQFWEVKFCG 2TQFWEVKFCG 2TQFWEVKFCG 2TQFWEVKFCG 2TQFWEVKFCG +PIGNCTGNNKFCG 6TKIQPQVTGVKFCG #VJ[T[FKFCG
2TQFWEVKFC 2TQFWEVKFC 2TQFWEVKFC 2TQFWEVKFC 2TQFWEVKFC 5RKTKHGTKFC 5RKTKHGTKFC #VJ[TKFKFC
6#$.'(QUUKNUHTQO6QFQU5CPVQUCNQPI%WKNEQ4KXGT%JKCRCU.KUVHTQO/×NNGTTKGF 5RGEKGU
1TFGT
5RQPIG 5VTQOCVKFKWOEH5V[RKECNG)KTV[ $T[Q\QCP (GPGUVGNNCEH(ECRKVCPGPUKU)KTV[ $TCEJKQRQFU &KEV[QENQUVWUCHH& UGOKTGVKEWNCVWUECRKVCPGPUKU )KTV[ )CUVTQRQFU 2NGWTQVQOCTKC!EH2! ECTKPKHGTC)KTV[ 2NGWTQVQOCTKCEH2 PGINGEVC)KTV[
(COKN[
.KVJKUVKFC
7PEGTVCKP
%T[RVQUVQOCVC
(GPGUVGNNKFCG
2TQFWEVKFC
2TQFWEVKFCG
#TEJCGQICUVTQRQFC
2NGWTQVQOCTKKFCG
#TEJCGQICUVTQRQFC
2NGWTQVQOCTKKFCG
6#$.'#OOQPQKFUHTQO2CUQ*QPFQ(QTOCVKQP2GTOKCP .GQPCTFKCP0QTVJPQTVJGCUV QH%CUJÕTQCFVQ5CP,QUÃ/QPVGPGITQ%JKCRCU /×NNGTTKGFGVCN)WVKGTTG\)KN 6JQORUQP 5RGEKGU
%GRJCNQRQFU 2GTTKPKVGUJKNNK 5OKVJ 2GTKVTQEJKCOWNNGTTKGFK /KNNGTCPF(WTPKUJ
1TFGT #OOQPQKFGC #OOQPQKFGC
(COKN[ 2GTTKPKVKFCG 2QRCPQEGTCVKFCG
722'42#.'1<1+%/#4+0'+08'46'$4#6'5(41//':+%1
%JKJWCJWC 6#$.' (CWPC HTQO /KPC 2NQOQUCU2NCEGT FG )WCFCNWRG #TGC %JKJWCJWC /QPKNNCU (QTOCVKQP 7RRGT /GODGT 7RRGT /KUUKUUKRRKCP VQ .QYGT 2GPPU[NXCPKCP 7PFGUETKDGF EQPWNCTKKFUJCXGCNUQDGGPHQWPFCVVJKUNQECNKV[ $TKFIGU 5RGEKGU
$TCEJKQRQFU $WZVQPKCUR %JQPGVGUUR 1XGTVQPKCUR .KPQRTQFWEVWUUR .GKQTJ[PEJWUUR %TWTKVJ[TKUUR 2WPEVQURKTKHGTUR
1TFGT
(COKN[ 2TQFWEVKFCG %JQPGVKFCG .KPQRTQFWEVKFCG .KPQRTQFWEVKFCG .GKQTJ[PEJKFCG #ODQEQGNKKFCG 2WPEVQURKTKHGTKFCG
2TQFWEVKFC 2TQFWEVKFC 2TQFWEVKFCG 2TQFWEVKFCG 4J[PEJQPGNNKFC 5RKTKHGTKFC 5RKTKHGTKPKFC
6#$.'(CWPCHTQO2CUVQT.KOGUVQPG.QYGT2GPPU[NXCPKCPVQ.QYGT2GTOKCP 7RRGT 9QNHECORKCP CIG &GUOQKPGUKCP /KUUQWTKCP 8KTIKNKCP CPF 9QNHECORKCP HWUWNKPKFU JCXG DGGPKFGPVKſGF $TKFIGU 5RGEKGU
%QTCNU +XCPQXKC!5R %JCGVGVGUUR $TCEJKQRQFU #PVKSWCVQPKCUR 5EJWEJGTVGNNCQT>D[KCUR %NGKQVJ[TKFKPCUR *WGUVGFKCUR ő5RKTKHGTŒVGZCPWU
1TFGT
(COKN[
4WIQUC 6CDWNCVC
.QPUFCNGKKFCG %JCGVGVKFCG
2TQFWEVKFC 1TVJQVGVKFC #VJ[TKFKFC #VJ[TKFKFC 5RKTKHGTKFC
2TQFWEVKFCG 5EJWEJGTVGNNKFCG #VJ[TKFKFCG 0GQTGV\KKFCG 6TKIQPQVTGVKFCG
6#$.' +PXGTVGDTCVGU HTQO 2NQOQUCU (QTOCVKQP CIG WPEGTVCKP #IG EQWNF TCPIG HTQO 9QNHECORKCPKPVQVJG6TKCUUKE2GTOKCPUJCTM*GNKEQRTKQPJCUDGGPHQWPFKPVJGUCOGNQECNKV[
$TKFIGU 5RGEKGU
$TCEJKQRQFU .GKQTJ[PEJQKFGCEH.DKUWNECVC %QORQUKVCUR )CUVTQRQFU $CD[NQPKVGUEH$CEWVWU &KUEQVTQRKU!UR $C[NGCUR
1TFGT
(COKN[
4J[PEJQPGNNKFC #VJ[TKFKFC
2GVCUOCTKKFCG #VJ[TKFKFCG
#TEJCGQICUVTQRQFC #TEJCGQICUVTQRQFC #TEJCGQICUVTQRQFC
1ORJCNQVTQEJKFCG 1ORJCNQVTQEJKFCG 4CRJKUVQOCVKFCG
37+41<$#44151#0&5174618#4
6#$.'5RQPIGUHTQO2NQOQUCU(QTOCVKQP .QYGT2GTOKCP6JGURGEKOGPUCTGYKVJKPC TGGHCNNKOGUVQPGEJCTCEVGTK\GFD[VJGRTGUGPEGQH6WDKRJ[VGU $TKFIGU 5RGEKGU
5RQPIGU #EVKPQEQGNKCEH#OCNCPFTKPC )KTV[QEQGNKCFWPDCTK )WCFCNWRKCCHH)E[NKPFTKECN *GNKQURQPIKCXQMGUK
1TFGT
(COKN[ ! %GN[RJKKFCG ! %[NKPFTQRJ[OCVKFCG
6JCNCOKFC 6JCNCOKFC 6JCNCOKFC .KVJKUVJKFC
%QCJWKNC 6#$.'.QYGT2GTOKCP .GQPCTFKCPKPXGTVGDTCVGHQUUKNUHTQO.CU5CTFKPCU(QTOCVKQP .CU&GNKEKCU8CNNG[%QCJWKNC/GZKEQ %NQWF9CTFNCYGVCN 5RGEKGU
$TCEJKQRQFU 'NNKQVGNNCUR %QORTGUUQRTQFWEVWUUR %QUEKPQRJQTCUR >D[KCUR .GKQT[JPEJQKFGCUR %TWTKVJ[TKUUR 0GQURKTKHGTUR 0GQRJTKECFQVJ[TKUUR 5RKTKHGTGNNKPCUR %GRJCNQRQFU 2GTTKPKVGUXKFTKGPUKU$ÑUG /GFNKEQVVKCEQUVGNNKHGTC /KNNGTCPF(WTPKUJ 'WOGFNKEQVVKCYJKVPG[K $ÑUG
1TFGT
(COKN[
2TQFWEVKFC 2TQFWEVKFC 2TQFWEVKFC 1TVJQVGVKFC 4J[PEJQPGNNKFC 5RKTKHGTKFC 5RKTKHGTKFC 5RKTKHGTKFC 5RKTKHGTKPKFC
2TQFWEVGNNKFCG /QPVKEWNKHGTKFCG .[VVQPKKFCG >D[KKFCG 2GVCUOCTKKFCG #ODQEQGNKKFCG 6TKIQPQVTGVKFCG 'N[VJKFCG %TGPKURKTKHGTKFCG
#OOQPQKFGC #OOQPQKFGC
2GTTKPKVKFCG /GFNKEQVVKFCG
#OOQPQKFGC
/GFNKEQVVKFCG
6#$.' 7RRGT 2GTOKCP 9QTFKCP %CRKVCPKCP #OGTCTCUUKCP KPXGTVGDTCVG HQUUKNU HTQO 2CNQ3WGOCFQ.C&KHWPVCCPF.C%QNQTCFCHQTOCVKQPU.CU&GNKEKCU8CNNG[%QCJWKNC/GZKEQ
%NQWF9CTFNCYGVCN 5RGEKGU
$TCEJKQRQFU 1TDKEWNQKFGCQXCNKU%NQWF %JQPGVGUFGNKEKCUGPUKU-KPI &[QTQUEH&GZVGPUWU %QQRGTCPF)TCPV #XQPKCEQUVCVC-KPI #XQPKCUWDSWCFTCVC%NQWF 'EJKPCWTKUUR
1TFGT
(COKN[
.KPIWNKFC 2TQFWEVKFC 2TQFWEVKFC
&KUEKPKFCG %JQPGVKFCG 4WIQUQEJQPGVKFCG
2TQFWEVKFC 2TQFWEVKFC 2TQFWEVKFC
2TQFWEVGNNKFCG 2TQFWEVGNNKFCG 2TQFWEVGNNKFCG
722'42#.'1<1+%/#4+0'+08'46'$4#6'5(41//':+%1
6#$.'%QPVKPWGF 5RGEKGU
1TFGT
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ſPKU )KTV[ *WUVGFKCEH*OGGMCPC
5JWOCTF *WUVGFKCOGZKECPC *CCEM %TWTKVJ[TKUCVGPWCVC%NQWF #VVGPWCVGNNCCVGPWCVC %NQWF /CTVKPKCUR ő5RKTKHGTKPKFCŒNCZC)KTV[ *GVGTGNCUOCUJWOCTFKWO)KTV[ &KGNCUOKPCIWCFCNWRGPUKU)KTV[ &KGNCUOCUR %GRJCNQRQFU $KVCWPKQEGTCUEQCJWKNGPUG/KNNGT 5VGCTQEGTCUUR 6KVCPQEGTCUUR .KTQEGTCU!UR $CEVTKVGUOGZKECPWU/KNNGT #ICVJKEGTCUIKTV[K$ÑUG #ICVJKEGTCUUWGUUK)GOOGNNCTQ
(COKN[
2TQFWEVKFC 2TQFWEVKFC 2TQFWEVKFC 2TQFWEVKFC 2TQFWEVKFC 2TQFWEVKFC 2TQFWEVKFC 2TQFWEVKFC 2TQFWEVKFC 2TQFWEVKFC 2TQFWEVKFC 2TQFWEVKFC 2TQFWEVKFC
2TQFWEVGNNKFCG 2TQFWEVGNNKFCG 2TQFWEVGNNKFCG 2TQFWEVGNNKFCG 2TQFWEVGNNKFCG 2TQFWEVKFCG 2TQFWEVKFCG 'EJKPQEQPEJKFCG .KPQRTQFWEVKFCG #WNQUVGIKFCG #WNQUVGIKFCG 4KEJVJQHGPKKFCG 4KEJVJQHGPKKFCG
2TQFWEVKFC 1TVJQVGVKFC 1TVJQVGVKFC
4KEJVJQHGPKKFCG /GGMGNNKFCG 5EJWEJGTVGNNKFCG
1TVJKFC 4J[PEJQPGNNKFC 4J[PEJQPGNNKFC 4J[PEJQPGNNKFC 4J[PEJQPGNNKFC 4J[PEJQPGNNKFC 4J[PEJQPGNNKFC 4J[PEJQPGNNKFC #VJ[TKFKFC
'PVGNGVKFCG 2GVCUOCTKKFCG 2GVCUOCTKKFCG 2GVCUOCTKKFCG 2CTCPQTGNNKFCG 5VGPQEKUOCVKFCG 4J[PEJQRQTKFCG 2GVCUOCVJGTKFCG #VJ[TKFKFCG
#VJ[TKFKFC
0GQTGV\KKFCG
#VJ[TKFKFC 5RKTKHGTKFC 5RKTKHGTKFC 5RKTKHGTKFC 5RKTKHGTKPKFC 6GTGDTCVWNKFC 6GTGDTCVWNKFC 6GTGDTCVWNKFC
0GQTGV\KKFCG #ODQEQGNKKFCG #ODQEQGNKKFCG +PIGNCTGNNKFCG 5RKTKHGTKPKFCG! &KGNCUOCVKFCG &KGNCUOCVKFCG &KGNCUOCVKFCG
0CWVKNQKFGC 0CWVKNQKFGC 0CWVKNQKFGC 0CWVKNQKFGC #OOQPQKFGC #OOQPQKFGC #OOQPQKFGC
1TVJQEGTCVKFCG )T[RQEGTCVKFCG )T[RQEGTCVKFCG .KTQEGTCVKFCG $CEVTKFCG #ICVJKEGTCVKFCG #ICVJKEGTCVKFCG
37+41<$#44151#0&5174618#4 6#$.'%QPVKPWGF 5RGEKGU
1TFGT
2GTTKPKVGUJKNNK 5OKVJ 2QRCPQEGTCUDQYOCPK $ÑUG 5VCEJGQEGTCUVQWOCPUM[CG /KNNGTCPF(WTPKUJ 5VCEJGQEGTCUIGOOGNNCTQK/KNNGT 9CCIGPQEGTCUIWCFCNWRGPUG)KTV[ 9CCIGPQEGTCUFKGPGTK$ÑUG 9CCIGPQEGTCUMCTRKPUM[K/KNNGT 9CCIGPQEGTCUIKTV[K /KNNGTCPF(WTPKUJ 6KOQTKVGUUEJWEJGTVK /KNNGTCPF(WTPKUJ 2UGWFQICUVTKQEGTCUTQCFGPUG
$ÑUG 2UGWFQICUVTKQEGTCUJCCEMK/KNNGT #NVWFQEGTCUUR 5VTKIQIQPKCVKVGUMKPIK/KNNGT #FTKCPKVGUFWPDCTK /KNNGTCPF(WTPKUJ #FTKCPKVGUPGYGNNK /KNNGTCPF(WTPKUJ #FTKCPKVGURNWOOGTK/KNNGT &QT[EGTCUFKHWPVGPUG /KNNGT 2UGWFCICVJKEGTCUURKPQUWO/KNNGT 'RKVJCNCUUQEGTCUTW\GPEGXK /KNNGTCPF(WTPKUJ /GFNKEQVVKCDWTEMJCTFVK$ÑUG /GFNKEQVVKCYJKVPG[K$ÑUG /GFNKEQVVKCIKTV[K /KNNGTCPF(WTPKUJ /GFNKEQVVKCUR 2TQRKPCEQEGTCUDG[TKEJK )GOOOGNNCTQ 2TQRKPCEQEGTCUUR 'RKUCIGEGTCUPQFQUWO9CPPGT 'RKUCIGEGTCUUR 2CTCEGNVKVGUQTPCVWU /KNNGTCPF(WTPKUJ 2CTCEGNVKVGUCNVWFGPUKU $ÑUG 2CTCEGNVKVGUJQGHGTK)GOOOGNNCTQ 2CTCEGNVKVGUTGEVCPIWNCTKU/KNNGT -KPIQEGTCUMKPIK/KNNGT :GPQFKUEKVGUYCCIGPK /KNNGTCPF(WTPKUJ %KDQNKVGUOQLUKUQXKEUK/KNNGT
(COKN[
#OOQPQKFGC #OOQPQKFGC #OOQPQKFGC
2GTTKPKVKFCG 2QRCPQEGTCVKFCG 2QRCPQEGTCVKFCG
#OOQPQKFGC #OOQPQKFGC #OOQPQKFGC #OOQPQKFGC #OOQPQKFGC
2QRCPQEGTCVKFCG %[ENQNQDKFCG %[ENQNQDKFCG %[ENQNQDKFCG %[ENQNQDKFCG
#OOQPQKFGC #OOQPQKFGC #OOQPQKFGC
%[ENQNQDKFCG )CUVTKQEGTCVKFCG 0GQKEQEGTCVKFCG
#OOQPQKFGC #OOQPQKFGC #OOQPQKFGC #OOQPQKFGC
0GQKEQEGTCVKFCG 0GQKEQEGTCVKFCG 0GQKEQEGTCVKFCG #FTKCPKVKFCG
#OOQPQKFGC #OOQPQKFGC #OOQPQKFGC #OOQPQKFGC #OOQPQKFGC
#FTKCPKVKFCG #FTKCPKVKFCG #FTKCPKVKFCG #FTKCPKVKFCG 6JCNCUUQEGTCVKFCG
#OOQPQKFGC #OOQPQKFGC #OOQPQKFGC
/GFNKEQVVKFCG /GFNKEQVVKKFCG /GFNKEQVVKFCG
#OOQPQKFGC #OOQPQKFGC
/GFNKEQVVKKFCG /GFNKEQVVKKFCG
#OOQPQKFGC #OOQPQKFGC #OOQPQKFGC #OOQPQKFGC
/GFNKEQVVKKFCG /GFNKEQVVKKFCG /GFNKEQVVKKFCG 2CTCEGNVKVKFCG
#OOQPQKFGC #OOQPQKFGC #OOQPQKFGC #OOQPQKFGC #OOQPQKFGC #OOQPQKFGC
2CTCEGNVKVKFCG 2CTCEGNVKVKFCG 2CTCEGNVKVKFCG 2CTCEGNVKVKFCG :GPQFKUEKFCG :GPQFKUEKFCG
722'42#.'1<1+%/#4+0'+08'46'$4#6'5(41//':+%1
6#$.'%QPVKPWGF 5RGEKGU
1TFGT
%KDQNKVGUYCCIGPK
/KNNGTCPF(WTPKUJ 5[TFGPKVGUUR 'QCTCZQEGTCUTW\JGPEGXK 5RKPQ\C(WTPKUJCPF)NGPKUVGT 5VTCEJGQEGTCUIGOOGNNCTQK/KNNGT 'RKDCNCUUQEGTCUTW\JGPEGXK /KNNGTCPF(WTPKUJ /GZKEQEGTCUIWCFCNWRGPUG )KTV[ 0GQIGQEGTCUI[TV[K
/KNNGTCPF(WTPKUJ
(COKN[
#OOQPQKFGC #OOQPQKFGC
:GPQFKUEKFCG !
#OOQPQKFGC #OOQPQKFGC
! !
#OOQPQKFGC #OOQPQKFGC
! !
6#$.'%TKPQKFHTQO2GTOKCPTQEMUQH8CNNGFG.CU&GNKEKCU%QCJWKNC 5VTKORNG 5RGEKGU
1TFGT
%TKPQKFU 2CTURCPKQETKPWUDGKPGTVK5VTKORNG
(COKN[ 5RCPKQETKPKFCG
%NCFKFC
)WGTTGTQ 6#$.' $TCEJKQRQFU CPF ETKPQKFU 'USWKXGN/CEÈCU .ÎRG\.ÎRG\ CPF VTKNQDKVGU )CTKDC[4QOGTQ GV CN HTQO .QU #TEQU1NKPCN¶ (QTOCVKQP 2GTOKCP QH 1NKPCN¶)WGTTGTQ 5RGEKGU
1TFGT
$TCEJKQRQFU 2CTCOCTIKPKHGTC!UR &KEV[QENQUVWUFGRTGUUWU%QQRGT .KPQRTQFWEVWUUR %CPETKPGNNCTWIQUC%NQWF 2CTCPQTGNNCKORGTKCNKU%NQWF 9GNNGTGNNCNGOCUKOKPQT%QQRGT /CTVKPKCUR &KGNCUOCCHH&URCVWNCVWO)KTV[ %TKPQKFU 2GPVCTKFKECRGPVCIQPCNKU /QQTGCPF,GHHQTFU 6TKNQDKVGU #PKUQR[IGRGTCPPWNCVC 5JWOCTF
(COKN[
2TQFWEVKFC 2TQFWEVKFC 2TQFWEVKFC 2TQFWEVKFC 4J[PEJQPGNNKFC 4J[PEJQPGNNKFCG 5RKTKHGTKFC 6GTGDTCVWNKFC
/CTIKPKHGTKFCG 2TQFWEVKFCG .KPQRTQFWEVKFCG .KPQRTQFWEVKFCG %COCTQVQGEJKKFCG 9GNNGTGNNKFCG /CTVKPKFCG &KGNCUOCVKFCG
7PEGTVCKP
2GPVCECWNKUEKFCG
2V[EJQRCTKKFC
2JKNNKRUKFCG
37+41<$#44151#0&5174618#4
6#$.'$TCEJKQRQFUCPFEGRJCNQRQFUHTQO.QU#TEQU1NKPCN¶(QTOCVKQP7PKV/KFFNG 2GTOKCP1NKPCN¶)WGTTGTQ )QP\¶NG\#TTGQNCGVCN 5RGEKGU
1TFGT
$TCEJKQRQFU 1TDKEWNQKFGCUR -TQVQXKCUR %CPETKPGNNCUR .GKQTJ[PEJQKFGCUEJWEJGTVK %NQWF 6QOKQRUKUUR %GRJCNQRQFU $KVCWPKQEGTCUEQCJWKNGPUKU/KNNGT 5VCEJGQEGTCUVQWOCPUM[CG /KNNGTCPF(WTPKUJ 2UGWFQICUVTKQEGTCUTQCFGPUG
$ÑUG
(COKN[
.KPIWNKFC 2TQFWEVKFC 2TQFWEVKFC 4J[PEJQPGNNKFC
&KUEKPKFCG 2TQFWEVGNNKFCG .KPQRTQFWEVKFCG 2GVCUOCTKKFCG
5RKTKHGTKFC
+PIGNCTGNNKFCG
1TVJQEGTKFC #OOQPQKFGC
1TVJQEGTCVKFCG 2QRCPQEGTCVKFCG
#OOQPQKFGC
0GQKEQEGTCVKFCG
6#$.'%QPWNCTKKFUDTCEJKQRQFUICUVTQRQFUDKXCNXGUCPFEGRJCNQRQFUHTQO.QU#TEQU 1NKPCN¶(QTOCVKQP7PKV/KFFNG2GTOKCP1NKPCN¶)WGTTGTQ )QP\¶NG\#TTGQNCGVCN
5RGEKGU
%QPWNCTKKFU 2CTCEQPWNCTKCUR $TCEJKQRQFU 1TDKEWNQKFGCQXCNKU%NQWF 6JCOPQUKCFGRTGUUC %QQRGT %CPETKPGNNCTWIQUC%NQWF )CUVTQRQFU $CD[NQPKVGUECTKPCVWU;QEJGNUQP $KXCNXGU 2QUKFQPKGNNCUR %GRJCNQRQFU 5VCEJGQEGTCUVQWOCPUM[CG /KNNGTCPF(WTPKUJ 9CCIGPQEGTCUFKGPGTK$ÑUG 2CTCEGNVKVGUGNGICPU)KTV[
1TFGT
(COKN[
%QPWNCTKKFC
%QPWNCTKKFC
.KPIWNKFC 2TQFWEVKFC 2TQFWEVKFC
&KUEKPKFCG 2TQFWEVKFCG .KPQRTQFWEVKFCG
#TEJCGQICUVTQRQFC
1ORJCNQVTQEJKFCG
2VGTKQKFC
/[CNKPKFCG
#OOQPQKFGC
2QRCPQEGTCVKFCG
#OOQPQKFGC #OOQPQKFGC
%[ENQNQDKFCG 2CTCEGNVKVKFCG
6#$.' %GRJCNQRQF CPF ETKPQKF HTQO .QU #TEQU1NKPCN¶ (QTOCVKQP 7PKV /KFFNG 2GTOKCP1NKPCN¶)WGTTGTQ )QP\¶NG\#TTGQNCGVCN 5RGEKGU
%GRJCNQRQFU 2CTCEGNVKVGUGNGICPU)KTV[
1TFGT #OOQPQKFGC
(COKN[ 2CTCEGNVKVKFCG
722'42#.'1<1+%/#4+0'+08'46'$4#6'5(41//':+%1
6#$.'%QPVKPWGF 5RGEKGU
1TFGT
%TKPQKFU 2TGRVQRTGOPWO TWIQUWO /QQTG CPF,GHHQTFU
(COKN[ .GRVQECTRJKKFCG
7PEGTVCKP
6#$.' $TCEJKQRQFU ICUVTQRQFU CPF EGRJCNQRQFU HTQO .QU #TEQU1NKPCN¶ (QTOCVKQP 7PKV/KFFNG2GTOKCP1NKPCN¶)WGTTGTQ CEEQTFKPIVQ)QP\¶NG\#TTGQNCGVCN 5RGEKGU
$TCEJKQRQFU 6JCOPQUKCFGRTGUUC %QQRGT 9GNNGTGNNCUR %QORQUKVCUR *WUVGFKCUR 5RKTKHGTGNNKPCETKUVCVC
8QP5EJNQVJGKO )CUVTQRQFU $CD[NQPKVGUECTKPCVWU;QEJGNUQP %GRJCNQRQFU /GVCEQEGTCUUR 5VCEJGQEGTCUVQWOCPUM[CG /KNNGTCPF(WTPKUJ
1TFGT
(COKN[
2TQFWEVKFC 4J[PEJQPGNNKFC #VJ[TKFKFC #VJ[TKFKFC 5RKTKHGTKPKFC
2TQFWEVKFCG 9GNNGTGNNKFCG #VJ[TKFKFCG 0GQTGV\KKFCG %TGPKURKTKHGTKFCG
#TEJCGQICUVTQRQFC
1ORJCNQVTQEJKFCG
0CWVKNKFC #OOQPQKFGC
6CKPQEGTCVKFCG 2QRCPQEGTCVKFCG
*KFCNIQ 6#$.' $TCEJKQRQFU CPF VTKNQDKVGU HTQO 6W\CPEQC (QTOCVKQP .QYGT 2GTOKCP 1VNCOCNCECVNC*KFCNIQ+PVJGUCOGNQECNKV[HWUWNKPKFUTWIQUGEQTCNUDT[Q\QCPUDKXCNXGUCPF ETKPQKFUJCXGCNUQDGGPEQNNGEVGF 5QWT6QXCTGVCND 5RGEKGU
$TCEJKQRQFU -TQVQXKCUR &CU[UCTKCUR >D[QKFGUEHFWPDCTK %QQRGTCPF)TCPV 0GQURKTKHGTEH0CORJKI[WU %QQRGTCPF)TCPV 0GQURKTKHGTUR 5RKTKHGTGNNKPCVTKEQUC %QQRGTCPF)TCPV *QNQUKC!UR 6TKNQDKVGU #PKUQR[IGYJKVGK 2CDKCPCPF(CIGTUVTQO
1TFGT
(COKN[
2TQFWEVKFC 2TQFWEVKFC 1TVJQVGVKFC
2TQFWEVGNNKFCG 2TQFWEVKFCG 1TVJQVGVKFCG
5RKTKHGTKFC
6TKIQPQVTGVKFCG
5RKTKHGTKFC 5RKTKHGTKFC
6TKIQPQVTGVKFCG %TGPKURKTKHGTKFCG
4J[PEJQPGNNKFCG
9GNNGTGNNKFCG
2V[EJQRCTKKFC
2JKNNKRUKFCG
37+41<$#44151#0&5174618#4
6#$.' %TKPQKFU HTQO 6W\CPEQC (QTOCVKQP 2GTOKCP WRRGT 9QNHECORKCPNQYGT .GQPCTFKCP 2GOWZEQ /KOKCIWCEQ *KFCNIQ #TGNNCPQ)KN GV CN 6JGUG DGFU YGTG EQPUKFGTGFCURCTVQH)WCECOC[C(QTOCVKQPVJCVETQRUQWVKP6COCWNKRCU5VCVG 5RGEKGU
1TFGT
%TKPQKFU %[ENQECWFGZRNGPWU /QQTGCPF,GHHQTFU %[ENQECWFGZLWEWPFWU /QQTGCPF,GHHQTFU /QQTGCPVGTKURGTHQTCVWU /QQTGCPF,GHHQTFU %[ENQETKUVCEJGPG[K /QQTGCPF,GHHQTFU 2TGRVQRTGOPWOTWIQUWO /QQTGCPF,GHHQTFU
(COKN[
7PEGTVCKP
%[ENQOKUEJKCFG
7PEGTVCKP
%[ENQOKUEJKFCG
7PEGTVCKP
%[ENQOKUEJKKFCG
7PEGTVCKP
.GRVQECTRJKKFCG
7PEGTVCKP
.GRVQECTRJKKFCG
6#$.'$TCEJKQRQFUHTQO8KEGPVG)WGTTGTQ(QTOCVKQP/KUUKUUKRRKCP%CNPCNK*KFCNIQ
/QTGPQ%CPQCPF2CVKÌQ4WK\ 5RGEKGU
1TFGT
$TCEJKQRQFU 1XGTVQPKCUR #NNQTJ[PEJWUEH#JGVGTQRUKU 5GRVQU[TKPIQVJ[TKUEH5FGOCPVGK
(COKN[ 2TQFWEVGNNKFCG #NNQTJ[PEJKFCG 5[TKPIQVJTKFKFCG
2TQFWEVKFC 4J[PEJQPGNNKFC 5RKTKHGTKPKFC
6#$.'$TCEJKQRQFU /QTGPQ%CPQCPF2CVKÌQ4WK\CPFETKPQKFU $WKVTÎPGVCN HTQO&GN/QPVG(QTOCVKQP2GPPU[NXCPKCP%CNPCNK*KFCNIQ 5RGEKGU
1TFGT
$TCEJKQRQFU 0GQURKTKHGTUREHHCUEKOIGT %TKPQKF %[NKPFTQECWNKUEWUſUMK /QQTGCPF,GHHQTFU $CT[UEJ[TCPQUWU /QQTGCPF,GHHQTFU %[ENQECWFGZLWEWPFWU /QQTGCPF,GHHQTFU %[ENQECWFGZKPUCVWTCVWU /QQTGCPF,GHHQTFU %[ENQECWFGZEH%EQUVCVWU/QQTG CPF,GHHQTFU /QQTGCPVGTKUYC[NCPFGPUKU/KNNGT 2NWOOGTCPVGTKUUCPUCDC /QQTGCPF,GHHQTFU
(COKN[
5RKTKHGTKFC
6TKIQPQVTGVKFCG
7PEGTVCKP
%[ENQOKUEJKFCG
7PEGTVCKP
%[ENQOKUEJKFCG
7PEGTVCKP
%[ENQOKUEJKFCG
7PEGTVCKP
%[ENQOKUEJKFCG
7PEGTVCKP
%[ENQOKUEJKFCG
7PEGTVCKP
7PEGTVCKP
%[ENQOKUEJKFCG (NQTKE[ENKFCG
722'42#.'1<1+%/#4+0'+08'46'$4#6'5(41//':+%1
6#$.'%QPVKPWGF 5RGEKGU
1TFGT
.GRVQECTRJKKFCG
7PEGTVCKP
*GVGTQUVGNGEJWUMGKVJK/KNNGT
(COKN[
1CZCEC 6#$.'$TCEJKQRQFU 0CXCTTQ5CPVKNN¶PGVCNCPFTQUVTQEQPEJU 3WKTQ\$CTTQUQ GV CN HTQO 5CPVKCIQ (QTOCVKQP .QYGT /KUUKUUKRRKCP 1UCIGCP 0QEJKZVN¶P TGIKQP 1CZCEC6JGUGQTICPKUOUHQTOGFRCTVQHCEQOOWPKV[YKVJCDWPFCPVURQPIGUVCDWNCVGEQTCNU DT[Q\QCPUOQNNWUMUCPFETKPQKFU 5RGEKGU
1TFGT
$TCEJKQRQFU #EVKPQEJQPEJWUNCOGNNQUUWU
.ÃXGKNNÃ 6QT[PKHGTRUGWFQNKPGCVWU *CNN EH5[TKPIQVJ[TKUUR 2WPEVQURKTKHGTIKICU 5QWT6QXCTCPF0CXCTTQ 4QUVTQEQPEJU 2UGWFQOWNEGQFGPUECPEGNNCVWU
*[FG
(COKN[
#VJ[TKFKFC
#VJ[TKFKFCG
5RKTKHGTKFC 5RKTKHGTKPKFC 5RKTKHGTKPKFC
'N[VJKFCG 5[TKPIQVJ[TKFKFCG 2WPEVQURKTKHGTKFCG
%QPQECTFKQKFC
%QPQECTFKKFCG
6#$.' %QPWNCTKKFU DTCEJKQRQFU CPF ICUVTQRQFU HTQO +ZVCNVGRGE (QTOCVKQP .QYGT /KFFNG2GPPU[NXCPKCP0QEJKZVN¶PTGIKQP1CZCEC%QPWNCTKKFUCPFICUVTQRQFUHTQO$WKVTÎPGV CN $TCEJKQRQFUHTQO5QWT6QXCT 5QWT6QXCTCPF3WKTQ\$CTTQUQ CPF 5QWT6QXCTCPF/CTVÈPG\%JCEÎP 5RGEKGU
1TFGT
%QPWNCTKKFU 2CTCEQPWNCTKCUR $TCEJKQRQFU 1TDKEWNQKFGCOKUUQWTKGPUKU
5JWOCTF 6QTPSWKUVKCUR 0GQEJQPGVGU 0ITCPWNKHGT
1YGP 0GQEJQPGVGU 0OKZVGEQ 5QWT 6QXCTCPF/CTVÈPG\%JCEÎP 4GVKEWNCVKCJWGEQGPUKU -KPI 'EJKPCTKCUGOKRWPEVCVC 5JGRCTF .KPQRTQFWEVWURNCPKXGPVTCNKUXCT KZVCNVGRGPUKU 5QWTCPF3WKTQ\ .KPQRTQFWEVWUGEJKPCVWU*QCTG
(COKN[
%QPWNCTKKFC
%QPWNCTKKFCG
.KPIWNKFC
&KUEKPKFCG
2TQFWEVKFC 2TQFWEVKFC
#PQRNKKFCG 4WIQUQEJQPGVKFCG
2TQFWEVKFC
4WIQUQEJQPGVKFCG
2TQFWEVKFC 2TQFWEVKFC 2TQFWEVKFC
2TQFWEVKFCG 'EJKPQEQPEJKFCG .KPQRTQFWEVKFCG
2TQFWEVKFC
.KPQRTQFWEVKFCG
37+41<$#44151#0&5174618#4
6#$.'%QPVKPWGF 5RGEKGU
1TFGT
1TVJQVGVGUOKZVGEC 5QWTCPF3WKTQ\ >D[KCETCUUC
/GGMCPF*C[FGP )CUVTQRQFU #PQORJCNWUUR
(COKN[
1TVJQVGVKFC
1TVJQVGVKFCG
1TVJQVGVKFC
>D[KKFCG
#TEJCGQICUVTQRQFC
#PQORJCNKFCG
6#$.'$KXCNXGU 3WKTQ\$CTTQUQCPF2GTTKNNKCVVTKNQDKVGU /QTÎP4ÈQUCPF 2GTTKNNKCVCPFETKPQKFU $WKVTÎPGVCNHTQO+ZVCNVGRGE(QTOCVKQP.QYGT/KFFNG 2GPPU[NXCPKCP5CPVKCIQ+ZVCNVGRGE1CZCEC1PGURGEKOGPQHWPFGUETKDGFQRJKWTQKFJCUDGGP HQWPFCVVJKUNQECNKV[ 3WKTQ\$CTTQUQCPF5QWT6QXCT 5RGEKGU
1TFGT
$KXCNXGU 0WEWNQRUKUUR 2CNCGQPGKNQUKPWQUWU 3WKTQ\CPF2GTTKNNKCV 2CNG[QNFKCUR 2JGUVKCDGNNKUVTKCVC 5VGXGPU 2JGUVKCUR 2CTCNNGNQFQPVGPWKUVTKCVWU /GGMCPF9QTVJGP /[CNKPGNNCOGGMK &WPDCT 5GRVKO[CNKPCUR .GRVQFGUOC .GRVQFGUOCUR 2VGTKPQRGEVKPGNNCUR #XKEWNQRGEVGP EH # DCUKNKEWU 0GYGNN #XKEWNQRGEVGPUR# #XKEWNQRGEVGPUR$ #XKEWNQRGEVGPUR% #XKEWNQRGEVGPUR& .KOKRGEVGPEH.VGZCPWU)KTV[ 5VTGDNQRVGTKCUR 'WEJQPFTKCEH'NGXKEWNC0GYGNN 'WEJQPFTKCUR 5EJK\QFWUEH5WNTKEJK9QTVJGP 2GTOQRJQTWUURKPWNQUC
/QTPKPIUVCT 2GTOQRJQTWUEH2QDNQPIWU
/GGM #UVCTVGNNCEQPEGPVTKEC %QPTCF
(COKN[
0WEWNQKFC 0WEWNQKFC
0WEWNKFCG /CNNGVKKFCG
0WEWNQKFC 0WEWNQKFC 0WEWNQKFC #TEQKFC
0WEWNCPKFCG 0WEWNCPKFCG 0WEWNCPKFCG 2CTCNNGNQFQPVKFCG
2VGTKQKFC 2VGTKQKFC 2VGTKQKFC 2VGTKQKFC 2VGTKQKFC
/[CNKPKFCG /[CNKPKFCG 2VGTKPGKFCG 2VGTKPQRGEVKPKFCG #XKEWNQRGEVKPKFCG
2VGTKQKFC 2VGTKQKFC 2VGTKQKFC 2VGTKQKFC 2VGTKQKFC 2VGTKQKFC 2VGTKQKFC 2VGTKQKFC 6TKIQPKQKFC 8GPGTQKFC
#XKEWNQRGEVKPKFCG #XKEWNQRGEVKPKFCG #XKEWNQRGEVKPKFCG #XKEWNQRGEVKPKFCG #XKEWNQRGEVKPKFCG #XKEWNQRGEVKPKFCG #XKEWNQRGEVKPKFCG #XKEWNQRGEVKPKFCG /[QRJQTKKFCG 2GTOQRJQTKFCG
8GPGTQKFC
2GTOQRJQTKFCG
8GPGTQKFC
#UVCTVKFCG
722'42#.'1<1+%/#4+0'+08'46'$4#6'5(41//':+%1
6#$.'%QPVKPWGF 5RGEKGU
'FOQPFKCQXCVC /GGMCPF9QTVJGP 'EVQITCOO[UKCRTQNCVC*QCTG 6TKNQDKVGU )TKHſVJKFGU KZVCNVGRGEGPUKU /QTÎPCPF2GTTKNNKCV %TKPQKFU %[NKPFTQECWNKUEWUſUMK /QQTGCPF,GHHQTFU %[ENQECWFGZKPUCVWTCVWU /QQTGCPF,GHHQTFU
1TFGT
(COKN[
2JQNCFQO[QKFC
'FOQPFKKFCG
2JQNCFQO[QKFC
)TCOO[UKKFCG
2V[EJQRCTKKFC
2JKNNKRUKFCG
7PEGTVCKP
%[ENQOKUEJKFCG
7PEGTVCKP
%[ENQOKUEJKFCG
6#$.'+PXGTVGDTCVGUHTQOVJG.QYGT/KUUKUUKRRKCPQH2CVNCPQC[C(QTOCVKQP5CP5CNXCFQT 2CVNCPQC[C2WGDNC 8KNNCUGÌQT/CTVÈPG\GVCN 5RGEKGU
%QTCNU 0GQ\CRJTGPVKUUR $TCEJKQRQFU 1TDKEWNQKFGCUR $CTTQKUGNNCUR %JQPGVGUUR 4WICWTKUUR 4J[VKQRQTCEHDNCKTK /KNNGT 5KPWCVGNNCUKPWCVC FG-QPKPEM #EVKPQEQPEJWUUSWCOQUWU
2JKNNKRU #EVKPQEQPEJWURNCPQUWNECVWU
2JKNNKRU /CTVKPQVJ[TKUNKPGCVWU 5QYGTD[ 5RKTKHGTITGIGTK 9GNNGT 2TQURKTCUR 7PKURKTKHGTUR #U[TKPZKCNCVC/E%Q[ 2WPEVQURKTKHGTUR %TKPQKFU .QOCNGIPWOJQTOKFKWO /QQTGCPF,GHHQTFU %[ENQUVGNGEJWUVWTTKVWU /QQTGCPF,GHHQTFU 2GPVCIQPQOKUEJWUUR
1TFGT
(COKN[
4WIQUC
*CRUKRJ[NNKFCG
.KPIWNKFC .KPIWNKFC 2TQFWEVKFC 2TQFWEVKFC 2TQFWEVKFC 2TQFWEVKFC #VJ[TKFKFC
&KUEKPKFCG .KPIWNKFCG 2TQFWEVGNNKFCG 2TQFWEVGNNKFCG 2TQFWEVGNNKFCG 2CWNQUVGIKFCG #VJ[TKFKFCG
#VJ[TKFKFC
#VJ[TKFKFCG
5RKTKHGTKFC! 5RKTKHGTKFC 5RKTKHGTKFC 5RKTKHGTKFC 5RKTKHGTKPKFC 5RKTKHGTKPKFC
! 5RKTKHGTKFCG 5RKTKHGTKFCG 5RKTKHGTKFCG 5[TKPIQVJT[FKFCG 2WPEVQURKTKHGTKFCG
7PEGTVCKP
%[ENQOKUEJKFCG
7PEGTVCKP
'ZCGUKQFKUEKFCG
7PEGTVCKP
37+41<$#44151#0&5174618#4
6#$.' +PXGTVGDTCVGU HTQO VJG /KFFNG 2GPPU[NXCPKCP QH 2CVNCPQC[C (QTOCVKQP 5CP 5CNXCFQT2CVNCPQC[C2WGDNC 8KNNCUGÌQT/CTVÈPG\GVCN 5RGEKGU
1TFGT
%QTCNU .QRJQRJ[NNKFKWOUR $TCEJKQRQFU 2TQFWEVWUUR -QUNQYUMKCUR #PVKSWCVQPKCUR 4GVKEWNCVKCUR .KPQRTQFWEVWUUR
(COKN[
4WIQUC
.QRJQRJ[NNKFKKFCG
2TQFWEVKFC 2TQFWEVKFC 2TQFWEVKFC 2TQFWEVKFC 2TQFWEVKFC
2TQFWEVKFCG 2TQFWEVKFCG 2TQFWEVKFCG 2TQFWEVKFCG .KPQRTQFWEVKFCG
6#$.' +PXGTVGDTCVGU HTQO VJG 7RRGT 2GPPU[NXCPKCP QH 2CVNCPQC[C (QTOCVKQP 5CP 5CNXCFQT2CVNCPQC[C2WGDNC 8KNNCUGÌQT/CTVÈPG\GVCN 5RGEKGU
1TFGT
$TCEJKQRQFU 2TQFWEVWUUR %JCQKGNNCITWGPGYCNFVK -TQVQX 'EJKPCTKCUR 5RKTKHGTGNNCUR %TGPKURKTKHGTUR )CUVTQRQFU /GGMQURKTCUR %TKPQKFU %[ENQECWFGZV[RKEWU /QQTGCPF,GHHQTFU /GICECPVJQRQTCHCNNCEKU/QQTG
(COKN[
2TQFWEVKFC 2TQFWEVKFC 2TQFWEVKFC 5RKTKHGTKFC 5RKTKHGTKPKFC
2TQFWEVKFCG 2TQFWEVKFCG 'EJKPQEJQPEJKFCG 5RKTKHGTKFCG %TGPKURKTKHGTKFCG
%CGPQICUVTQRQFC
/GGMQURKTKFCG
7PEGTVCKP
%[ENQOKUEJKFCG
7PEGTVCKP
6#$.' +PXGTVGDTCVGU HTQO VJG 2GTOKCP 9QNHECORKCP QH 2CVNCPQC[C (QTOCVKQP 5CP 5CNXCFQT2CVNCPQC[C2WGDNC 8KNNCUGÌQT/CTVÈPG\GVCN 5RGEKGU
1TFGT
$TCEJKQRQFU 9GNNGTGNNCUR $KXCNXGU 2CNCGQOWVGNC 2CNCGQOWVGNCUR 5EJK\QFWUUR %GRJCNQRQFU $CEVTKVGUUR 2TQRGTTKPKVGUUR
(COKN[
4J[PEJQPGNNKFC
9GNNGTGNNKFCG
7PKQPQKFC 6TKIQPKQKFC
2CNCGQOWVGNKFCG /[QRJQTKKFCG
$CEVTKVKFC #OOQPQKFGC
$CEVTKFCG 2GTTKPKVKFCG
722'42#.'1<1+%/#4+0'+08'46'$4#6'5(41//':+%1
6#$.' +PXGTVGDTCVGU HTQO VJG 2GTOKCP .GQPCTFKCP QH 2CVNCPQC[C (QTOCVKQP 5CP 5CNXCFQT2CVNCPQC[C2WGDNC 8KNNCUGÌQT/CTVÈPG\GVCN 5RGEKGU
1TFGT
)CUVTQRQFU -GGPGKCUR 1ORJCNQPGOCUR $KXCNXGU /[CNKPCCRCEJGUK/CTEQW #PPWNKEQPEJCUR 2GTOQRJQTWUUR %GRJCNQRQFU $CEVTKVGUUR 2GTTKPKVGUJKNNK 5OKVJ /GFNKEQVVKCUR
(COKN[
#TEJCGQICUVTQRQFC #TEJCGQICUVTQRQFC
5KPWQRGKFCG *QNQRGKFCG
2VGTKQKFC 2VGTKQKFC 8GPGTQKFC
/[CNKPKFCG #XKEWNQRGEVKPKFCG 2GTOQRJQTKFCG
$CEVTKVKFC #OOQPQKFGC #OOQPQKFGC
$CEVTKFCG 2GTTKPKVKFCG /GFNKEQVVKKFCG
6#$.' $TCEJKQRQFU CPF ETKPQKFU HTQO 2CVNCPQC[C (QTOCVKQP 2GTOKCP 5CP 5CNXCFQT 2CVNCPQC[C2WGDNC 'USWKXGN/CEKCU 5RGEKGU
1TFGT
$TCEJKQRQFU &KEV[QENQUVWUUR %TKPQKFU +UQETKPWUUR %[ENQOKUEJWUCNVGTPCVWU /QQTGCPF,GHHQTFU 4J[UQECOCZEH4ETKUVCVC/QQTG CPF,GHHQTFU .QOCNGIPWOJQTOKFKWO /QQTGCPF,GHHQTFU 5VKDGTQUVCWTWUCGUVKOCVWU /QQTGCPF,GHHQTFU $NQVJTQPCIOCEKPEVWVWO /QQTGCPF,GHHQTFU %[ENQECWFGZV[RKEWU /QQTGCPF,GHHQTFU %[ENQECWFGZLWEWPFWU /QQTGCPF,GHHQTFU /QQTGCPVGTKURGTHQTCVWU
/QQTGCPF,GHHQTFU /QQTGCPVGTKUEH/ YC[NCPFGPUKU/KNNGT &KGTQECNKRVGTEH&FQVGT /QQTGCPF,GHHQTFU #ORJQNGPKWO!EH#CRQNGIOC /QQTGCPF,GHHQTFU
(COKN[
5VTQRJQOGPKFC
&KEV[QENQUVKFCG
+UQETKPKFC
7PEGTVCKP
+UQETKPKFCG %[ENQOKUEJKFCG
7PEGTVCKP
/KNNGTKETKPKFCG
7PEGTVCKP
%[ENQOKUEJKFCG
7PEGTVCKP
%[ENQOKUEJKFCG
7PEGTVCKP
%[ENQOKUEJKFCG
7PEGTVCKP
%[ENQOKUEJKFCG
7PEGTVCKP
%[ENQOKUEJKFCG
7PEGTVCKP
%[ENQOKUEJKFCG
7PEGTVCKP
%[ENQOKUEJKFCG
7PEGTVCKP
(NWEVKEJCTCEKFCG
7PEGTVCKP
'ZCGUKQFKUEKFCG
37+41<$#44151#0&5174618#4
6#$.'%QPVKPWGF 5RGEKGU
1TFGT
(NQTKE[ENWUEH(CPIWUVKOCTIQ /QQTGCPF,GHHQTFU %[ENQTKUVCEJGPG[K /QQTGCPF,GHHQTFU 2TGRVQRTGOPWO!EH2TWIQUWO /QQTGCPF,GHHQTFU 2VGTQVQETKPWUEH2DKHWTECVWU 9CEJUOWVJCPF5RTKPIGT
(COKN[
7PEGTVCKP
(NQTKE[ENKFCG
7PEGTVCKP
.GRVQECTRJKKFCG
7PEGTVCKP
.GRVQECTRJKKFCG
7PEGTVCKP
*GZCETKPKVCEGC
6#$.'/KUUKUUKRRKCP2GPPU[NXCPKCPETKPQKFUHTQO5CP5CNXCFQT2CVNCPQC[C2WGDNC7PKV +/KUUKUUKRRKCP 1UCIGCP 8GNCUEQFG.GÎPCPF$WKVTÎP 5RGEKGU
1TFGT
%TKPQKFU 5VKDGTQUVCWTWUCGUVKOCVWU /QQTGCPF,GHHQTFU #ORJQNGPKWOCRQNGIOC /QQTGCPF,GHHQTFU
(COKN[
7PEGTVCKP
%[ENQOKUEJKFCG
7PEGTVCKP
'ZCGUKQFKUEKFCG
6#$.' %TKPQKFU HTQO 5CP 5CNXCFQT 2CVNCPQC[C 2WGDNC 7PKV +++ 7RRGT 2GPPU[NXCPKCP
8KTIKNKCP 8GNCUEQFG.GÎPCPF$WKVTÎP 5RGEKGU
1TFGT
%TKPQKFU %[ENQECWFGZLWEWPFWU /QQTGCPF,GHHQTFU
(COKN[ %[ENQOKUEJKFCG
7PEGTVCKP
5QPQTC 6#$.'+PXGTVGDTCVGUHTQO0QTVJYGUVGTP5QPQTC/KUUKUUKRRKCPQWVETQRUPGCT$KUCPK 'CUVQP GVCN 5RGEKGU
1TFGT
%QTCNU 4QVKRJ[NNWOQEEKFGPVCNG'CUVQP 4QVKRJ[NNWOXGUKEWNQUWO'CUVQP 6TQEJQRJ[NNWO 6TQEJQRJ[NNWOUR 6TQEJQRJ[NNWO
$CTTCPFGQRJ[NNWOUR %[UVGNCUOCKPXCIKPCVWO'CUVQP %[CVJCZQPKCEQTFKNNGTGPUKU'CUVQP
(COKN[
4WIQUC 4WIQUC 4WIQUC 4WIQUC
/GVTKQRJ[NNKFCG /GVTKQRJ[NNKFCG .CEEQRJ[NNKFCG .CEEQRJ[NNKFCG
4WIQUC 4WIQUC
2QN[EQGNKKFCG %[CVJCZQPKKFCG
722'42#.'1<1+%/#4+0'+08'46'$4#6'5(41//':+%1
6#$.'%QPVKPWGF 5RGEKGU
1TFGT
6TKRNQRJ[NNKVGU *QOCNQRJ[NNKVGU EKTEWNCTKU'CUVQP 6TKRNQRJ[NNKVGU *QOCNQRJ[NNKVGUUR 6TKRNQRJ[NNKVGUUR 0GQ\CRJTGPVKUVGPGNNC /KNNGT GOGPF'CUVQP -QPKPEMQRJ[NNWOUR %CPKPKCEQTPKEWNWO /KNNGT GOGPF'CUVQP %CPKPKCUR %CPKPQRJ[NNWOUQPQTGPUG'CUVQP .KVJQUVTQVKQPGNNCEQPƀWGPU'CUVQP 2NGWTQFKEV[WOUWDTCOQUWO 'CUVQP 5[TKPIQRQTCVWDKHGTC'CUVQP 5[TKPIQRQTCUR $TCEJKQRQFU .GRVCGPC&CNOCP .GRVCGPCEQQRGTK5CPFGTU 2NKEQEJQPGVGUIGPKEWNCVWU 9JKVG 4GVKEWNCVKCEQQRGTGPUKU 5YCNNQY 5EJGNNYKGPGNNCWODQPCVC5CPFGTU 5EJWEJGTVGNNCUR 4JKRKFQOGNNCEH4OKUUQWTGPUKU
5YCNNQY 2GTFKVQECTFKPKCEH2FWDKC *CNN 5EJK\QRJQTKCUWNECVC5CPFGTU %COCTQVQGEJKCUR &QTUKUKPWUNQWKUKCPGPUKU 9GNNGT ő%NGKQVJ[TKFKPCŒINGPRCTMGPUKU 9GNNGT ő%NGKQVJ[TKFKPCŒUR %QORQUKVCQDGUC5CPFGTU *WUVGFKCEKTEWNCTKU /KNNGT %[TVQURKTKHGT!NCVKQT 5YCNNQY %TWTKVJ[TKUNGXKEWNC 4QYNG[ 6[NQVJ[TKU!UR %[TVKPCDWTNKPIVQPGPUKU4QYNG[ 2WPEVQURKTKHGTUWNEKHGT5CPFGTU 2WPEVQURKTKHGTINQDQUC5CPFGTU )KTV[GNNCUR )KTV[GNNC!UR &KGNCUOQKFGUUR &KGNCUOQKFGU! $GGEJGTKCUR
(COKN[
4WIQUC
*CRUKRJ[NNKFCG
4WIQUC 4WIQUC 4WIQUC
*CRUKRJ[NNKFCG *CRUKRJ[NNKFCG *CRUKRJ[NNKFCG
4WIQUC 4WIQUC
#WNQRJ[NNKFCG %[CVJQRUKFCG
4WIQUC 4WIQUC 4WIQUC 6CDWNCVC
%[CVJQRUKFCG %[CVJQRUKFCG .QPUFCNGKKFCG (CXQUKVKFCG
6CDWNCVC 6CDWNCVC
#WNQRQTKFCG #WNQRQTKFCG
5VTQRJQOGPKFC 5VTQRJQOGPKFC 2TQFWEVKFC 2TQFWEVKFC 1TVJQVGVKFC 1TVJQVGVKFC 1TVJKFC
4CſPGUSWKPKFCG 4CſPGUSWKPKFCG 4WIQUQEJQPGVKFCG 2TQFWEVKFCG 2WNUKKFCG 5EJWEJGTVGNNKFCG 4JKRKFQOGNNKFCG
1TVJKFC 1TVJKFC 4J[PEJQPGNNKFC 4J[PEJQPGNNKFC #VJ[TKFKFC
4JKRKFQOGNNKFCG 5EJK\QRJQTKKFCG %COCTQVQGEJKKFCG 0QOKPCFWDKC #VJ[TKFKFCG
#VJ[TKFKFC #VJ[TKFKFC #VJ[TKFKFC 5RKTKHGTKFC 5RKTKHGTKFC 5RKTKHGTKFC 5RKTKHGTKPKFC 5RKTKHGTKPKFC 5RKTKHGTKPKFC 6GTGDTCVWNKFC 6GTGDTCVWNKFC 6GTGDTCVWNKFC 6GTGDTCVWNKFC 6GTGDTCVWNKFC
#VJ[TKFKFCG #VJ[TKFKFCG 0GQTGV\KKFCG %[TVQURKTKHGTKFCG #ODQEQGNKKFCG /WETQURKTKHGTKFC %[TVKPKFCG 2WPEVQURKTKHGTKFCG 2WPEVQURKTKHGTKFCG &KGNCUOCVKFCG &KGNCUOCVKFCG &KGNCUOCVKFCG &KGNCUOCVKFCG *GVGTGNCUOKPKFCG
37+41<$#44151#0&5174618#4
6#$.'%QPVKPWGF 5RGEKGU
1TFGT
$KXCNXGU 2CTCNNGNQFQPUWNECVWU9GNNGT 4QUVTQEQPEJU %QPQECTFKWOUR )CUVTQRQFU $GNNGTQRJQPUR 5VTCRCTQNNWU 'WQORJCNWUUR# 5VTCRCTQNNWU 'WQORJCNWUUR$ 2JCPGTQVKPWUEH2RCTCFQZWU 9KPEJGNN 2NCV[UEJKUOCUR 4JKPGQFGTOCEH4P[UVKKFG -QPKPEM $C[NGCCHH$[XCPKK .GXGKNNÃ $C[NGCUR $QTGUVWUUR 2NCV[EGTCU 2NCV[EGTCUUR# 2NCV[EGTCU 1TVJQP[EJKCUR# %GRJCNQRQFU 6TKDQNQEGTCUFKIQPWO /GGMCPF 9QTVJGP
(COKN[
#TEQKFC
2CTCNNGNQFQPVKFCG
%QPQECTFKQKFC
%QPQECTFKKFCG
#TEJCGQICUVTQRQFC #TEJCGQICUVTQRQFC #TEJCGQICUVTQRQFC #TEJCGQICUVTQRQFC
$GNNGTQRJQPVKFCG 'WQORJCNKFCG 'WQORJCNKFCG 'WQORJCNKFCG
#TEJCGQICUVTQRQFC #TEJCGQICUVTQRQFC
5KPWQRGKFCG 5KPWQRGKFCG
#TEJCGQICUVTQRQFC #TEJCGQICUVTQRQFC #TEJCGQICUVTQRQFC #TEJCGQICUVTQRQFC #TEJCGQICUVTQRQFC
4CRJKUVQOCVKFCG 4CRJKUVQOCVKFCG 2J[OCVQRNGWTKFCG 2NCV[EGTCVKFCG 2NCV[EGTCVKFCG
0CWVKNKFC
6TKIQPQEGTCVKFCG!
6#$.' /KUUKUUKRRKCP -KPFGTJQQMKCP1UCIGCP KPXGTVGDTCVGU HTQO 5KGTTC FGN 6WNG 5QPQTC'UECDTQUC.KOGUVQPG )QP\¶NG\.GÎP 5RGEKGU
1TFGT
%QTCNU 6TQEJQRJ[NNWO
6TQEJQRJ[NNWOUR %[CVJCZQPKCEQTFKNNGTGPUKU'CUVQP 6TKRNQRJ[NNKVGU *QOCNQRJ[NNKVGU EKTEWNCTKU'CUVQP 0GQ\CRJTGPKVGUUR 5[EJPQGNCUOC!UR 5VGNEJQRJ[NNWOOKETQUV[NWO %CPKPQRJ[NNWOUR 5[TKPIQRQTCUR $TCEJKQRQFU 1TVJQVGVGUUR 5EJWEJGTVGNNCEH5RQVQUKGPUKU
%$KCPUQP 5EJK\QRJQTKCUWNECVC5CPFGTU %NGKQVJ[TKFKPCUR %QORQUKVCUR
(COKN[
4WIQUC
.CEEQRJ[NKKFCG
4WIQUC 4WIQUC
%[CVJCZQPKKFCG *CRUKRJ[NNKFCG
4WIQUC 4WIQUC 4WIQUC 4WIQUC 6CDWNCVC
*CRUKRJ[NNKFCG *CRUKRJ[NNKFCG .KVJQUVTQVKQPKFCG %[CVJQRUKFCG #WNQRQTKFCG
1TVJQVGVKFC 1TVJQVGVKFC
1TVJQVGVKFCG 5EJWEJGTVGNNKFCG
1TVJKFC #VJ[TKFKFC #VJ[TKFKFC
5EJK\QRJQTKKFCG #VJ[TKFKFCG #VJ[TKFKFCG
722'42#.'1<1+%/#4+0'+08'46'$4#6'5(41//':+%1
6#$.'%QPVKPWGF 5RGEKGU
*WUVGFKCUR %[TVQURKTKHGTEH%NCVKQT
5YCNNQP %TWT[VJ[TKUUR 5RKTKHGTVGPWKEQUVCVWU*CNN 5RKTKHGTNQWKUKCPGPUKU4QYNG[ 2WPEVQURKTKHGTUR &KGNCUOCEJQWVGCWPGPKU9GNNGT
1TFGT
(COKN[
#VJ[TKFKFC 5RKTKHGTKFC
0GQTGV\KKFCG %[TVQURKTKHGTKFCG
5RKTKHGTKFC 5RKTKHGTKFC 5RKTKHGTKFC 5RKTKHGTKPKFC 6GTGDTCVWNKFC
#ODQEQGNKKFCG 6TKIQPQVTGVKFCG 6TKIQPQVTGVKFCG 2WPEVQURKTKHGTKFCG &KGNCUOCVKFCG
6#$.'2GPPU[NXCPKCP #VQMCP&GUOQKPGUKCP/KUUQWTKCPCPF8KTIKNKCPKPXGTVGDTCVGU HTQO*QTSWKNNC(QTOCVKQP(WUWNKPKFUCPF6WDKRJ[VGUURJCXGDGGPEQNNGEVGFHTQOVJGUCOG NQECNKVKGU )QP\¶NG\.GÎP 5RGEKGU
%QTCNU %JCGVGVGUUR $T[Q\QCPU %[ENQVT[RCUR 2TKUOQRQTCUR $TCEJKQRQFU *WUVGFKCUR %TWT[VJ[TKUUR 2WPEVQURKTKHGTUR
1TFGT
(COKN[
6CDWNCVC
%JCGVGVKFCG
%[ENQUVQOCVC %[ENQUVQOCVC
(KUVWNKRQTKFCG *GZCIQPGNNKFCG
#VJ[TKFKFC 5RKTKHGTKFC 5RKTKHGTKPKFC
0GQTGV\KKFCG #ODQEQGNKKFCG 2WPEVQURKTKHGTKFCG
6#$.' 2GTOKCP 9QNHECORKCP KPXGTVGDTCVGU HTQO 'CTR (QTOCVKQP )QP\¶NG\.GÎP 5RGEKGU
$TCEJKQRQFU &KEV[QENQUVWUUR 9GNNGTGNNCOWNVKRNKECVC %QORQUKVCUR )CUVTQRQFU $GNNGTQRJQPUR 5EJK\QUVQOCUR 5JCPUKGNNCRNCPKEQUVC )KTV[
1TFGT
(COKN[
2TQFWEVKFC 4J[PEJQPGNNKFCG #VJ[TKFKFC
2TQFWEVKFCG 9GNNGTGNNKFCG #VJ[TKFKFCG
#TEJCGQICUVTQRQFC #TEJCGQICUVTQRQFC #TEJCGQICUVTQRQFC
$GNNGTQRJQPVKFCG 'WQORJCNKFCG 2QTVNQEMKGNNKFCG
37+41<$#44151#0&5174618#4
6#$.' +PXGTVGDTCVGU HTQO .QU /QPQU (QTOCVKQP 2GTOKCP QH 'N #PVKOQPKQ 5QPQTC
%QQRGTGVCN(WUWNKPKF2CTCHWUWNKPCCPVKOQPKGPUKUKPFGVGTOKPCVGFURQPIGUCPFEQTCNU JCXGCNUQDGGPTGRQTVGFHQTVJGUCOGHQTOCVKQP 5RGEKGU
1TFGT
$TCEJKQRQFU 1TDKEWNQKFGCUR %JQPGVGUHQUJCIK%QQRGT %JQPGVGUIKDDGTWNWU%QQRGT %JQPGVGUOQPQUGPUKU%QQRGT /CTIKPKHGTCUR .KQUQVGNNCCPIWUVCVC%QQRGT .KQUQVGNNCTWIQUC%QQRGT .KQUQVGNNCUWDTWIQUC%QQRGT .KQUQVGNNCOCIPKTWIQUC%QQRGT /WKTYQQFKCUR &KEV[QENQUVWUFGRTGUUWU%QQRGT 9CCIGPQEQPEJCOQPVRGNKGTGPUKU
)KTV[ #PKFCPVJWUCNCVWU%QQRGT %CPETKPGNNCRJQURJCVKEC%QQRGT *GVGTCNQUKCOGZKECPC%QQRGT >D[KCCTGNNCPQK%QQRGT >D[KCGNQPICVC%QQRGT 5VTGRVQTJ[PEJWUUR .GKQTJ[PEJQKFGCENQWFK%QQRGT 5VGPQUEKUOCUR 4J[PEJQRQTCVC[NQTK)KTV[ 4J[PEJQRQTCVC[NQTKTQVWPFC %QQRGT 4J[PEJQRQTCDKEQUVCVC%QQRGT 9GNNGTGNNCJGOKRNKECVC%QQRGT 9GNNGTGNNCNGOCUK%QQRGT 9GNNGTGNNCNGOCUKOKPQT%QQRGT 9GNNGTGNNCTQVWPFC%QQRGT 9GNNGTGNNCUR 7PEKPWPGNNKPC!RWNEJTC%QQRGT %QORQUKVCITCPFKU%QQRGT *WUVGFKCOGGMCPC 5JWOCTF *WUVGFKCOGGMCPCRNKECVGNNC %QQRGT *WUVGFKCGNQPICVC%QQRGT 2UGWFQOCTVKPKCOCTVKPG\K%QQRGT 0GQURKTKHGTUR 5RKTKHGTGNNC!UEQDKPQKFGC%QQRGT 5RKTKHGTGNNCUR 2WPEVQURKTKHGTEQPXGZWU%QQRGT 5RKTKHGTGNNKPCNCZC )KTV[ 5RKTKHGTGNNKPCUQPQTGPUKU%QQRGT
(COKN[
.KPIWNKFC 2TQFWEVKFC 2TQFWEVKFC 2TQFWEVKFC 2TQFWEVKFC 2TQFWEVKFC 2TQFWEVKFC 2TQFWEVKFC 2TQFWEVKFC 2TQFWEVKFC 2TQFWEVKFC 2TQFWEVKFC
.KPIWNKFCG %JQPGVKFCG! %JQPGVKFCG! %JQPGVKFCG! 2TQFWEVGNNKFCG 2TQFWEVGNNKFCG 2TQFWEVGNNKFCG 2TQFWEVGNNKFCG 2TQFWEVGNNKFCG 2TQFWEVGNNKFCG 2TQFWEVKFCG 'EJKPQEQPEJKFCG
2TQFWEVKFC 2TQFWEVKFC 2TQFWEVKFC 1TVJQVGVKFC 1TVJQVGVKFC 1TVJQVGVKFC 4J[PEJQPGNNKFCG 4J[PEJQPGNNKFCG 4J[PEJQPGNNKFCG 4J[PEJQPGNNKFCG
.KPQRTQFWEVKFCG .KPQRTQFWEVKFCG 5VTQRJCNQUKKFCG >D[KKFCG >D[KKFCG 5EJWEJGTVGNNKFCG 2GVCUOCTKKFCG 5VGPQUEKUOCVKFCG 4J[PEJQRQTKFCG 4J[PEJQRQTKFCG
4J[PEJQPGNNKFCG 4J[PEJQPGNNKFCG 4J[PEJQPGNNKFCG 4J[PEJQPGNNKFCG 4J[PEJQPGNNKFCG 4J[PEJQPGNNKFCG 4J[PEJQPGNNKFCG #VJ[TKFKFC #VJ[TKFKFC #VJ[TKFKFC
4J[PEJQRQTKFCG 9GNNGTGNNKFCG 9GNNGTGNNKFCG 9GNNGTGNNKFCG 9GNNGTGNNKFCG 9GNNGTGNNKFCG 9GNNGTGNNKFCG #VJ[TKFKFCG 0GQTGV\KKFCG 0GQTGV\KKFCG
#VJ[TKFKFC 5RKTKHGTKFC 5RKTKHGTKFC 5RKTKHGTKFC 5RKTKHGTKFC 5RKTKHGTKPKFC 5RKTKHGTKPKFC 5RKTKHGTKPKFC
0GQTGV\KKFCG /CTVKPKKFCG 6TKIQPQVTGVKFCG 5RKTKHGTNNKFCG 5RKTKHGTNNKFCG 2WPEVQURKTKHGTKFCG %TGPKURKTKHGTKFCG %TGPKURKTKHGTKFCG
722'42#.'1<1+%/#4+0'+08'46'$4#6'5(41//':+%1
6#$.'%QPVKPWGF 5RGEKGU
1TFGT
)NQUUQVJ[TQRUKUOCIPC%QQRGT &KGNCUOCƀQTGUK%QQRGT &KGNCUOCEH&RTQNQPICVWO )KTV[ &KGNCUOCEH&URCVWNCVWO)KTV[ *GVGTGNCUOCEQPVTGTCUK%QQRGT *GVGTGNCUOCUR 5ECRJQRQFU 2NCIKQIN[RVCECPPC 9JKVG )CUVTQRQFU 'WRJGOKVGUUWDRCRKNNQUWU 9JKVG 9CTVJKCUR 5VTCRCTQNNWU!UR 1ORJCNQVTQEJWU!UR 2NGWTQVQOCTKC!UR# 2NGWTQVQOCTKC!UR$ 2NGWTQVQOCTKC!UR% 1TVJQP[EJKCUR# $KXCNXGU 0WEWNCUR 0WEWNCPCQDGUC9JKVG /[CNKPCUR #XKEWNQRGEVGPCHH# OQPVRGNKGTGPUKU)KTV[ %[TVQTQUVTCUR 5EJK\QFWURCTXWNWU%QQRGT 2NGWTQRJQTWUUQPQTGPUKU%QQRGT %GRJCNQRQFU 9CCIGPQEGTCUFKGPGTK$ÑUG
(COKN[
6GTGDTCVWNKFC 6GTGDTCVWNKFC 6GTGDTCVWNKFC
/WVCVKQPGNNKPCG &KGNCUOCVKFCG &KGNCUOCVKFCG
6GTGDTCVWNKFC 6GTGDTCVWNKFC 6GTGDTCVWNKFC
&KGNCUOCVKFCG *GVGTGNCUOKPKFCG *GVGTGNCUOKPKFCG &GPVCNKKFCG
#TEJCGQICUVTQRQFC #TEJCGQICUVTQRQFC #TEJCGQICUVTQRQFC #TEJCGQICUVTQRQFC #TEJCGQICUVTQRQFC #TEJCGQICUVTQRQFC #TEJCGQICUVTQRQFC #TEJCGQICUVTQRQFC
5KPWKVKFCG 5KPWKVKFCG 'WQORJCNKFCG 1ORJCNQVTQEJKFCG 2NGWTQVQOCTKKFCG 2NGWTQVQOCTKKFCG 2NGWTQVQOCTKKFCG 2NCV[EGTCVKFCG
0WEWNQKFC 0WEWNQKFC 2VGTKQKFC 2VGTKQKFC
0WEWNKFCG 0WEWNCPKFCG /[CNKPKFCG #XKEWNQRGEVKPKFCG
2VGTKQKFC 6TKIQPKQKFC 8GPGTQKFC
1Z[VQOKFCG /[QRJQTKKFCG 2GTOQRJQTKFCG
#OOQPQKFGC
%[ENQNQDKFCG
6#$.'+PXGTVGDTCVGUHTQONQYGTOQUVHCWPCNJQTK\QPQH%QNKPC.KOGUVQPG2GTOKCP NCVG 9QNHECORKCPPQTVJQH%CPCPGCPQTVJGTP5QPQTC $NQFIGVVGVCN7PUVWFKGFDT[Q\QCPU CPFECNECTGQWUITGGPCNICRTQDCDN[/K\\KCCTGCNUQRTGUGPV 5RGEKGU
$TCEJKQRQFU /GGMGNNCUR )CUVTQRQFU 5VTCRCTQNNWUUR EH#RCEJGNNC!CTK\QPGPUKU 9KPVGTU 9QTVJGPKCUR #OCWTQVQOCUR
;WPPCPKCQHUQOGCWVJQTU
1TFGT
(COKN[
1TVJQVGVKFC
/GGMGNNKFCG
#TEJCGQICUVTQRQFC #TEJCGQICUVTQRQFC
'WQORJCNKFCG 'QVQOCTKKFCG
#TEJCGQICUVTQRQFC #TEJCGQICUVTQRQFC
.QRJQURKTKFCG 6TQEJQPGOCVKFCG
37+41<$#44151#0&5174618#4
6#$.'%QPVKPWGF 5RGEKGU
)N[RVQURKTCUQPQTGPUKU$NQFIGVV /QQTGCPF)TC[ #PQORJCNWUUR 6TCEJ[FQOKCUR $KXCNXGU 'FOQPFKCUR
1TFGT
(COKN[
#TEJCGQICUVTQRQFC
/KETQFQOCVKFCG
#TEJCGQICUVTQRQFC #TEJCGQICUVTQRQFC
#PQORJCNKFCG 0GTKVQRUKFCG
2JQNCFQO[QKFC
'FOQPFKKFCG
6#$.')CUVTQRQFHTQO7RRGTHCWPCNKPVGTXCN OCDQXGVJGDCUGQHVJGUGEVKQPQH %QNKPC.KOGUVQPG2GTOKCP .GQPCTFKCP0QTVJQH%CPCPGCPQTVJGTP5QPQTC $NQFIGVVGVCN 5RGEKGU
)CUVTQRQFU 'WQORJCNWUMCKDCDGPUKU%JTQPKE
1TFGT
#TEJCGQICUVTQRQFC
(COKN[ 'WQORJCNKFCG
6#$.'2GTOKCPOQNNWUMUHTQO%QNKPC.KOGUVQPG OCDQXGVJGDCUGQHVJG UGEVKQP0QTVJQH%CPCPGCPQTVJGTP5QPQTC $NQFIGVVGVCN 5RGEKGU
)CUVTQRQFU $GNNGTQRJQPUR 'WQORJCNWUMCKDCDGPUKU! %JTQPKE %KDGEWKC!UR )QPKCUOCUR 1TVJQPGOCUR $KXCNXGU 2CNCGQPWEWNCUR #XKEWNQRKPPCUR 5EJK\QFWUUR #UVCTVGNNCUWDSWCFTCVC)KTV[
1TFGT
(COKN[
#TEJCGQICUVTQRQFC #TEJCGQICUVTQRQFC
$GNNGTQRJQPVKFCG 'WQORJCNKFCG
#TEJCGQICUVTQRQFC #TEJCGQICUVTQRQFC %CGPQICUVTQRQFC
/WTEJKUQPKKFCG /WTEJKUQPKKFCG 6WTTKVGNNKFCG
0WEWNQKFC /[VKNQKFC 6TKIQPKQKFC 8GPGTQKFC
0WEWNKFCG 2KPPKFCG /[QRJQTKKFCG #UVCTVKFCG
6#$.'2GTOKCPOQNNWUMUHTQO%QNKPC.KOGUVQPG OCDQXGVJGDCUGQHVJGUGEVKQP 0QTVJQH%CPCPGCPQTVJGTP5QPQTC $NQFIGVVGVCN 5RGEKGU
)CUVTQRQFU 'WRJGOKVGUUR $GNNGTQRJQPUR 'WQORJCNWUUR 'WQORJCNWUMCKDCDGPUKU%JTQPKE
1TFGT
#TEJCGQICUVTQRQFC #TEJCGQICUVTQRQFC #TEJCGQICUVTQRQFC #TEJCGQICUVTQRQFC
(COKN[ 5KPWKVKFCG $GNNGTQRJQPVKFCG 'WQORJCNKFCG 'WQORJCNKFCG
722'42#.'1<1+%/#4+0'+08'46'$4#6'5(41//':+%1
6#$.'%QPVKPWGF 5RGEKGU
1TFGT
5VTCRCTQNNWUUR 0CVKEQRUKUUR )QPKCUOCVGTGDTC 9JKVG $KXCNXGU 2CNCGQPWEWNCUR 5EJK\QFWUUR #UVCTVGNNCUWDSWCFTCVC)KTV[ 5CPIWKPQNKVGU!UR 5ECRJQRQFU 2NCIKQIN[RVCUR
(COKN[
#TEJCGQICUVTQRQFC #TEJCGQICUVTQRQFC #TEJCGQICUVTQRQFC
'WQORJCNKFCG 0GTKVQRUKFCG /WTEJKUQPKKFCG
0WEWNQKFC 6TKIQPKQKFC 8GPGTQKFC 2JQNCFQO[QKFC
0WEWNKFCG /[QRJQTKFCG #UVCTVKFCG )TCOO[UKKFCG &GPVCNKKFCG
6#$.'2GTOKCPICUVTQRQFUHTQO%QNKPC.KOGUVQPG OCDQXGVJGDCUGQHVJGUGEVKQP 0QTVJQH%CPCPGCPQTVJGTP5QPQTC $NQFIGVVGVCN 5RGEKGU
1TFGT
)CUVTQRQFU 9CTVJKCUR 'WQORJCNWUMCKDCDGPUKU%JTQPKE 1PEQEJKNWUKPUQNKVWU%JTQPKE
#TEJCGQICUVTQRQFC #TEJCGQICUVTQRQFC #TEJCGQICUVTQRQFC
(COKN[ 5KPWKVKFCG 'WQORJCNKFCG 0GTKVKFCG
6#$.'2GTOKCPOQNNWUMUHTQO%QNKPC.KOGUVQPG OCDQXGVJGDCUGQHVJGUGEVKQP 0QTVJQH%CPCPGCPQTVJGTP5QPQTC $NQFIGVVGVCN 5RGEKGU
1TFGT
)CUVTQRQFU 9CTVJKCUR $GNNGTQRJQPUR 'WQORJCNWUMCKDCDGPUKU%JTQPKE 9QTVJGPKCEH9ETGPWNCVC$CVVGP )N[RVQURKTCUR )N[RVQURKTCVGTGDTC 9JKVG %KDGEWKCEGFCTGPUKU9KPVGTU $KXCNXGU 5CPIWKPQNKVGU!UR #XKEWNQRKPPCUR
(COKN[
#TEJCGQICUVTQRQFC #TEJCGQICUVTQRQFC #TEJCGQICUVTQRQFC #TEJCGQICUVTQRQFC #TEJCGQICUVTQRQFC #TEJCGQICUVTQRQFC #TEJCGQICUVTQRQFC
#TEJCGQICUVTQRQFC #TEJCGQICUVTQRQFC #TEJCGQICUVTQRQFC #TEJCGQICUVTQRQFC #TEJCGQICUVTQRQFC #TEJCGQICUVTQRQFC #TEJCGQICUVTQRQFC
2JQNCFQO[QKFC /[VKNQKFC
2JQNCFQO[QKFC /[VKNQKFC
6#$.'2GTOKCPKPXGTVGDTCVGUHTQO%QNKPC.KOGUVQPG OCDQXGVJGDCUGQH VJGUGEVKQP0QTVJQH%CPCPGCPQTVJGTP5QPQTC $NQFIGVVGVCN 5RGEKGU
1TFGT
$TCEJKQRQFU 2GPKEWNCTKUEH2UWDEQUVCVC-KPI
2TQFWEVKFC
(COKN[ 2TQFWEVKFCG
37+41<$#44151#0&5174618#4
6#$.'%QPVKPWGF 5RGEKGU
1TFGT
2QPVKUKCCHH2UVGJNKUVGJNK %QQRGTCPF)TCPV &KGNCUOCUR )CUVTQRQFU 'WQORJCNWUMCKDCDGPUKU%JTQPKE #RCEJGNNCUR )N[RVQURKTCUR -KPKUJDKCUR
(COKN[
4J[PEJQPGNNKFC
2QPVKUKKFCG
6GTGDTCVWNKFCG
&KGNCUOCVKFCG
#TEJCGQICUVTQRQFC #TEJCGQICUVTQRQFC #TEJCGQICUVTQRQFC %CGPQICUVTQRQFC
'WQORJCNKFCG 'QVQOCTKKFCG /KETQFQOCVKFCG 2TQEGTKVJKKFCG
6#$.'+PXGTVGDTCVGUHTQOGCUVQHVJGOGCUWTGFUGEVKQPHTQO%QNKPC.KOGUVQPG0QTVJQH %CPCPGC PQTVJGTP 5QPQTC $NQFIGVV GV CN .QECNKV[ ,5 7PFGVGTOKPGF UOQQVJ UOCNNDTCEJKQRQFURGNOCVQ\QCPQUUKENGUCPFVTKNQDKVGHTGGEJGGMUCPFR[IKFKCCNUQCTGRTGUGPV CVVJKUNQECNKV[ 5RGEKGU
1TFGT
$TCEJKQRQFU /GGMGNNCUR 2QPVKUKCPURCHH2UVGJNKUVGJNK %QQRGTCPF)TCPV )CUVTQRQFU $GNNGTQRJQPUR 'WQORJCNWUMCKDCDGPUKU%JTQPKE $C[NGCUR $C[NGCUR 9QTVJGPKC!QT2NCV[YQTVJGPKC!UR )N[RVQURKTCUR -KPKUJDKCPQFQUC9KPVGTU $KXCNXGU $CMGXGNNKCUR
(COKN[
1TVJQVGVKFC 4J[PEJQPGNNKFC
/GGMGNNKFCG 2QPVKUKKFCG
#TEJCGQICUVTQRQFC #TEJCGQICUVTQRQFC #TEJCGQICUVTQRQFC #TEJCGQICUVTQRQFC #TEJCGQICUVTQRQFC #TEJCGQICUVTQRQFC %CGPQICUVTQRQFC
$GNNGTQRJQPVKFCG 'WQORJCNKFCG 4CRJKUVQOCVKFCG 4CRJKUVQOCVKFCG .QRJQURKTKFCG /KETQFQOCVKFCG 2TQEGTKVJKKFCG
2VGTKQKFC
$CMGXGNNKKFCG
6COCWNKRCU 6#$.'.QYGT/KUUKUUKRRKCP 1UCIGCPDTCEJKQRQFUHTQO8KEGPVG)WGTTGTQ(QTOCVKQP 2GTGITKPC%CP[QP0QTVJQH%KWFCF8KEVQTKC6COCWNKRCU 5QWT6QXCT5QWT6QXCTCPF /CTVÈPG\%JCEÎP5QWT6QXCTGVCNC 5RGEKGU
$TCEJKQRQFU $CTTQKUGNNCUR 1TDKEWNQKFGCUR ;CIQPKCEQNNKPUQPK%CTVGT >D[KC!UR
1TFGT .KPIWNKFC .KPIWNKFC 2TQFWEVKFC 1TVJQVGVKFKPC
(COKN[ .KPIWNKFCG &KUEKPKFCG #PQRNKKFCG >D[KKFCG
722'42#.'1<1+%/#4+0'+08'46'$4#6'5(41//':+%1
6#$.'%QPVKPWGF 5RGEKGU
%COCTQVQGEJKCUR 4QVCKCUWDVTKIQPC
/GGMCPF9QTVJGP .COGNNQUCVJ[TKUNCOGNNQUC
.ÃXGKNNÃ %NGKQVJ[TKFKPCVGPWKNKPGCVC
4QYNG[ %COCTQRJQTGNNCUR #NKURKTKHGTVCOCWNKRGPUKU 5QWT6QXCT#NXCTG\CPF /CTVÈPG\%JCEÎP 6[NQVJ[TKU!UR 6QT[PKHGTRUGWFQNKPGCVWU*CNN 5[TKPIQVJ[TKUEH5V[RC9KPEJGNN 5[TKPIQVJ[TKU!UR 2WPEVQURKTKHGTUR $GGEJGTKCEJQWVGCWGPUKU 9GNNGT
1TFGT
(COKN[
4J[PEJQPGNNKFC 4J[PEJQPGNNKFC
%COCTQVQGEJKKFCG 6GVTCECOGTKFCG
#VJ[TKFKFC
#VJ[TKFKFCG
#VJ[TKFKFC
#VJ[TKFKFCG
#VJ[TKFKFC 5RKTKHGTKFC
/GTKUVKFCG 5VTQRJQRNGWTKFCG
5RKTKHGTKFC 5RKTKHGTKFC 5RKTKHGTKPKFC 5RKTKHGTKPKFC 5RKTKHGTKPKFC 6GTGDTCVWNKFC
/WETQURKTKHGTKFC 'N[VJKFCG 5[TKPIQVJ[TKFKFCG 5[TKPIQVJ[TKFKFCG 2WPEVQURKTKHGTKFCG *GVGTGNCUOKPKFCG
%QPENWUKQPU #EWTUQT[CPCN[UKUQH7RRGT2CNGQ\QKEKPXGTVGDTCVGITQWRUQH/GZKEQOC[DG UWOOCTK\GFCUHQNNQYU 5RQPIGU Ō 6JG TGHGTGPEGU HQT VJKU ITQWR CTG TGUVTKEVGF VQ C URQPIG QH VJG QTFGT .KVJKUVKFCHTQOVJG7RRGT2CNGQ\QKEQH%JKCRCU /×NNGTTKGFGVCNCPFURQPIGU DGNQPIKPIVQVJGQTFGTU.KVJKUVKFCCPF6JCNCOKFCHTQO2GTOKCPTQEMUQH2NQOQUCU (QTOCVKQP%JKJWCJWC $TKFIGU %QPWNCTKKFU Ō 6JG RTGUGPEG QH EQPWNCTKKFU JCU DGGP TGRQTVGF HTQO VJG 7RRGT /GODGT QH VJG .CVG /KUUKUUKRRKCP'CTN[ 2GPPU[NXCPKCP /QPKNNCU (QTOCVKQP KP VJGCTGCQH/KPCU2NQOQUCU2NCEGTFG)WCFCNWRG%JKJWCJWC $TKFIGU6JG IGPWU2CTCEQPWNCTKCJCUDGGPTGRQTVGFHQTVJG/KFFNG2GTOKCP.QU#TEQU1NKPCN¶ (QTOCVKQP KP )WGTTGTQ )QP\¶NG\#TTGQNC GV CN CPF HQT VJG 2GPPU[NXCPKCP +ZVCNVGRGE(QTOCVKQPKP1CZCEC $WKVTÎPGVCN %QTCNUŌ&WTKPIVJG.CVG2CNGQ\QKEVJGTGGHUYGTGHQTOGFD[CXCTKGV[QHQTICPKUOU UWEJCUURQPIGUDT[Q\QCPUECNECTGQWUCNICGCPFUQOGENCUUGUQHDTCEJKQRQFU4WIQUG CPFVCDWNCVGEQTCNUYGTGCJGTOCV[RKECNQTICPKUOUCNVJQWIJVJG[NKXGFCUUQEKCVGFVQ VJGTGGHU6JGOQUVVJQTQWIJUVWF[QHTWIQUGCPFVCDWNCVGEQTCNUQH/GZKEQYCUHTQO /KUUKUUKRRKCPTQEMUQH5QPQTC 'CUVQPGVCN)QP\¶NG\.GÎP
37+41<$#44151#0&5174618#4
$T[Q\QCPU Ō 2TQOKPGPV KP VJKU ITQWR CTG VJG %[ENQUVQOCVC DT[Q\QCPU QH VJG 2GPPU[NXCPKCP *QTSWKNNC (QTOCVKQP KP 5QPQTC )QP\¶NG\.GÎP CPF VJG WPFGVGTOKPGF%T[RVQUVQOCVCDT[Q\QCPUHTQOVJG2GPPU[NXCPKCP+ZVCNVGRGE(QTOCVKQP KP1CZCEC 1TVÈ\.Q\CPQ1HVJGNCVVGTVJGHGPGUVGNNKFUYGTGXGT[FKXGTUGCPF CDWPFCPV CPF FQOKPCVG KP VJG OCTKPG EQOOWPKVKGU JQYGXGT VJGKT CDWPFCPEG OC[ DGQXGTGUVKOCVGFFWGVQVJGHCEVVJCVOCP[CTGEQOOQPN[RTGUGTXGFCUUOCNNDTQMGP HTCIOGPVU $TCEJKQRQFU Ō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¶P GV CN 5QWT6QXCT CPF /CTVÈPG\%JCEÎP 5QWT6QXCT GV CN C 'CUVQP )QP\¶NG\.GÎP 2GPPU[NXCPKCPQH1CZCEC 5QWT6QXCT5QWT6QXCTCPF3WKTQ\$CTTQUQ 5QWT6QXCTCPF/CTVÈPG\%JCEÎPCPF2GTOKCPQH5QPQTCCPF%QCJWKNC
%QQRGT GV CN %NQWF 9CTFNCY GV CN 6JG DTCEJKQRQF HCWPCU QH VJG %CTDQPKHGTQWU QH 6COCWNKRCU 2WGDNC )WGTTGTQ CPF 1CZCEC CTG UKOKNCT VQ %CTDQPKHGTQWUQWVETQRUKPVJGGPVKTGTGIKQPQHVJG/KF%QPVKPGPVYJKNGVJG2GTOKCP DTCEJKQRQF HCWPCU HTQO /GZKEQ CTG NKOKVGF KP VJGKT UKOKNCTKV[ VQ VJG HCWPCU QH VJG UQWVJGCUVGTP 7PKVGF 5VCVGU KP RCTVKEWNCT VQ VJQUG HQWPF KP VJG 5VCVGU QH 6GZCU CPF 0GY/GZKEQ 5ECRJQRQFUŌ6JGQPN[VYQGZCORNGUQHUECRJQRQFUTGHGTTGFVQKPVJGNKVGTCVWTG RGTVCKPVQVJGIGPWU2NCIKQIN[RVCHTQOVJG2GTOKCPQH'N#PVKOQPKQCPF%CPCPGC 5QPQTC %QQRGTGVCN$NQFIGVVGVCN )CUVTQRQFUŌ)CUVTQRQFUCTGYGNNTGRTGUGPVGFJQYGXGTVJGKTRTGUGTXCVKQPWUWCNN[ FQGUPQVCNNQYKFGPVKſECVKQP VQ URGEKGU NGXGN 6JG ITGCVGUV FKXGTUKV[ QH ICUVTQRQFU JCU DGGPTGRQTVGFHTQO2GTOKCPTQEMUQH5QPQTC $NQFIGVVGVCN)QP\¶NG\.GÎP -PKIJVKP%QQRGTGVCN 4QUVTQEQPEJUŌ4QUVTQEQPEJUCTGCPGZVKPEVENCUUQHOQNNWUMUTGRTGUGPVGFKP/GZKEQ D[ 2UGWFQOWNEGQFGPU ECPEGNNCVWU YJKEJ JCU RGTOKVVGF EQPſTOCVKQP QH 1UCIGCP CIG 'CTN[/KUUKUUKRRKCPHQTVJG5CPVKCIQ(QTOCVKQPNQECVGFYKVJKPVJG0QEJKZVNCP TGIKQPQH1CZCEC 3WKTQ\$CTTQUQGVCN+PRTGXKQWU[GCTU%QPQECTFKWOUR YCUTGHGTTGFVQCUCDKXCNXGHTQO/KUUKUUKRRKCPTQEMUQHPQTVJGCUVGTP5QPQTC 'CUVQP GVCN
722'42#.'1<1+%/#4+0'+08'46'$4#6'5(41//':+%1
$KXCNXGUŌ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Ō4QEMUVJCVEQPVCKP7RRGT2CNGQ\QKEEGRJCNQRQFUCTGNQECVGFKP XCTKQWUUVCVGUQH/GZKEQ2GTOKCPEGRJCNQRQFURGEKGURTGFQOKPCVGKPDQVJPWODGT CPFIGQITCRJKEFKUVTKDWVKQP6JKUKUGZGORNKſGF KP VJG U[UVGOCVKE UVWF[ QH VJG 2GTOKCP EGRJCNQRQFUHTQO&GNKEKCU%QCJWKNCYJKEJFGOQPUVTCVGFVJGFKXGTUKV[CVVCKPGFD[ VJGITQWRFWTKPIVJG7RRGT2CNGQ\QKE /KNNGT2GTOKCPEGRJCNQRQFUJCXGCNUQ DGGPTGRQTVGFHTQOVJG2CVNCPQC[C(QTOCVKQPQH2WGDNC 8KNNCUGÌQT/CTVKPG\GVCN CPFHTQO/KUUKUUKRRKCPTQEMUQH5QPQTC 'CUVQPGVCN 6TKNQDKVGUŌ#OQPIVJGEQOOWPKVKGUQHKPXGTVGDTCVGUQHVJG7RRGT2CNGQ\QKEQH /GZKEQVJGVTKNQDKVGUCTGUECTEGCPFVJGKTTGEQTFKUNKOKVGFVQVJGTGRQTVQH)TKHſVJKFGU KZVCNVGRGEGPUKUHQTVJG2GPPU[NXCPKCP+ZVCNVGRGE(QTOCVKQPKP1CZCEC /QTÎP4ÈQU CPF 2GTTKNNKCV #PKUQR[IG RGTCPPWNCVC HTQO VJG /KFFNG 2GTOKCP .QU #TEQU 1NKPCN¶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Ō 7RRGT 2CNGQ\QKE ETKPQKFU QH /GZKEQ CTG CDWPFCPV DWV YKVJ VJG GZEGRVKQPQHVJGETKPQKFFGUETKDGFD[5VTKORNG HTQOVJG2GTOKCPQH%QCJWKNC VJGETKPQKFHQUUKNUEQPUKUVRTKPEKRCNN[QHHTCIOGPVUCPFKUQNCVGFRNCVGUQHUVGOU6JG OCLQTKV[QHVJGETKPQKFUVWFKGUKP/GZKEQJCXGHQNNQYGFVJGENCUUKſECVKQP RTQRQUGF D[/QQTGCPF,GHHQTFUKPOCKPN[HQTFGUETKDKPIRCTVUFKUCUUQEKCVGFHTQOVJGKT EQNWOPU UVGOU $WKVTÎPD8KNNCUGÌQT/CTVÈPG\GVCN$WKVTÎPGVCN 8GNCUEQFG.GÎPCPF$WKVTÎP'USWKXGN/CEÈCU'USWKXGN/CEÈCU GVCN#NVJQWIJCXCUVSWCPVKV[QHKUQNCVGFRNCVGUOC[JCXGEQTTGURQPFGFVQ QPGUKPINGQTICPKUOVJGCDWPFCPEGCPFVJGXCTKGV[QHETKPQKFHQTOUKPFKECVGVJCVVJG ITQWR YCU CP KORQTVCPV CPF FKXGTUG EQPUVKVWGPV QH VJG OCTKPG EQOOWPKVKGU QH VJG 7RRGT2CNGQ\QKE
37+41<$#44151#0&5174618#4
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F. Vega et al. (eds.), Studies on Mexican Paleontology, 169–207. © 2006 Springer. Printed in the Netherlands.
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6WTQPKCP HQUUKN NQECNKV[ PGCT /QPVGTTG[ %KV[ 0WGXQ .GÎP 5VCVG TGRQTVKPI VJG GZKUVGPEGQHYGNNRTGUGTXGFDQP[ſUJGU +P VJKU UCOG [GCT 2CNGQPVQNQI[ UVWFGPVU QH %JKCRCU5VCVGDGICPVJGſGNF YQTMU VJTQWIJQWV VJG 5VCVG FKUEQXGTKPI C IQQF PWODGT QH/GUQ\QKE1UVGKEJVJ[CPU #XGPFCÌQ)KNGVCN %CTTCP\C%CUVCÌGFC CPF #RRNGICVG FGUETKDGF CP KUQNCVGF WPEGTVCKP R[EPQFQPV XQOGT HTQO *KFCNIQ 5VCVG /QTG TGEGPVN[ )QP\¶NG\4QFTÈIWG\ CPF
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EQNNCDQTCVQTU TGRQTVGF VJG /WJK 3WCTT[ CNUQ KP *KFCNIQ CPF DGICP VJG VCZQPQOKECNUVWFKGUQHKVU%GPQOCPKCPſUJ CUUGODNCIG )QP\¶NG\4QFTÈIWG\ )QP\¶NG\4QFTÈIWG\ CPF #RRNGICVG +P VJG 5VCVG QH %QCJWKNC VJG OGODGTUQH2#5#% CDDTGXKCVKQPKP5RCPKUJHQT#OCVGWT2CNGQPVQNQIKUVQH5CDKPCU FKUEQXGTGFUQOGHQUUKNſUJ NQECNKVKGU PGCT VJG VQYP QH /Õ\SWK\ %QCJWKNCCPFUKPEG #NXCTCFQ1TVGIC $NCPEQ2KÌÎP CPF )QP\¶NG\4QFTÈIWG\ JCXG UVWFKGF VJKU PGY .CVG %TGVCEGQWU ſUJ NQECNKV[ $NCPEQ2KÌÎP GV CN 4GICTFKPI UQWVJGTP /GZKEQ)CTKDC[4QOGTQCPF#NXCTCFQ1TVGIC DGICPVJGEQNNGEVKQPCPFUVWF[ QHſUJGU HTQO VYQ .CVG %TGVCEGQWU NQECNKVKGU #TTQ[Q .CU $QECU CPF 6GOQ\QN SWCTTKGU PGCT6CZEQ)WGTTGTQ5VCVG+PCFFKVKQPFWTKPIVJGſTUV TGUWNVU QH VJG UVWF[ QP VJGſUJGU HTQO 'N 'URKPCN 3WCTT[ PGCT 1EQ\QEQCWVNC %JKCRCU 5VCVG YGTG RWDNKUJGF
)QP\¶NG\4QFTÈIWG\ GV CN 1XCNNGU&COK¶P CPF 1XCNNGU&COK¶P CPF #NXCTCFQ1TVGIC
/CKP/GUQ\QKE/GZKECP1UVGKEJVJ[CP.QECNKVKGU &KUVTKDWVKQPQHVJG/GUQ\QKEHQUUKNſUJ NQECNKVKGU KP /GZKEQ (KIWTG KU UVTQPIN[ KPƀWGPEGF D[ IGQNQIKECN GXGPVU UGG .ÎRG\4COQU 1TVGIC)WVKÃTTG\ GVCN COQPI QVJGTU #NVJQWIJ UQOG OCTKPG VTCPUKVKQPCN CPF EQPVKPGPVCN 6TKCUUKE QWVETQRUCTGRTGUGPVKP/GZKEQTGRQTVUQHHQUUKNſUJGU HTQO VJGUG TQEMU CTG KPGZKUVGPV 0QYCFC[U VJG -KOOGTKFIKCP UGEVKQP QH VJG 6CO¶P DGFU PGCT /QEVG\WOC 4KXGT 6CO¶P 5CP .WKU 2QVQUÈ 5VCVG &WPMNG CPF /CNFQPCFQ-QGTFGNN TGRTGUGPVU VJG QPN[ /GZKECP ,WTCUUKE NQECNKV[ DGCTKPI HQUUKN ſUJGU 6JKU UGEVKQP KU KPENWFGF YKVJKPVJGEQORNGZUGFKOGPVCT[U[UVGOCUUQEKCVGFVQ,WTCUUKECPF%TGVCEGQWUOCTKPG RNCVHQTOUKUNCPFUTGGHUCPFDCUKPUVJCVYGTGRTGUGPVFWTKPIVJGFGXGNQROGPVQHVJG )WNHQH/GZKEQ+PVGTGUVKPIN[VJGQPN[/GZKECP%TGVCEGQWUſUJ NQECNKV[ MPQYP UQ HCTVJCVKUEQPUKFGTGFCUCHTGUJYCVGTFGRQUKVKU'N'URKPCN3WCTT[KP%JKCRCU5VCVG
)QP\¶NG\4QFTÈIWG\GVCN
6NC[ÕC3WCTT[VJG(KTUV/GZKECP.CTIGUV¼VVG 6JG6NC[ÕC3WCTT[KUCVQOVJKEMQWVETQRPCOGFCUVJG/KFFNG/GODGT QHVJG6NC[ÕC(QTOCVKQPD[2CPVQLC#NQT +VKUCUGSWGPEGQHVJKPNCOKPCVGF [GNNQYDTQYPNKOGUVQPGUVTCVCYKVJTGFQTCPIGENC[GPTKEJGFHQTJGOCVKVKEOKPGTCNU HQTOKPIVJGDGFFKPIRNCPGU6JG6NC[ÕCHQUUKNCUUGODNCIGKPENWFGUCNICGDGPVQPKE HQTCOKPKHGTU URQPIGU IQTIQPKCPU CPPGNKFU ICUVTQRQFU DKXCNXGU COOQPQKFU DGNGOPQKFUETWUVCEGCPUCTCEJPKFUKPUGEVUGEJKPQKFUCUVGTQKFUJQNQVWTKFUETKPQKFU QRJKWTQKFUſUJGU TGRVKNGU RQQTN[ RTGUGTXGF YQQF RQNNGP RGTOKPGTCNK\GF YQQF CPF RNCPVRTKPVU UGG#NXCTCFQ1TVGIC#RRNGICVG#RRNGICVGGV CN(GNFOCPPGVCN)QP\¶NG\4QFTÈIWG\GVCN)TCPFGCPF$GOKU COQPIQVJGTU $CUGFQPKVUCOOQPQKFUCPFDGNGOPQKFU/KFFNGVQ.CVG#NDKCPCIGJCUDGGP
#.8#4#&1146')#'6#.
CUUKIPGF VQ VJG /KFFNG /GODGT QH VJG 6NC[ÕC (QTOCVKQP 5GKDGTV\ CPF $WKVTÎP $WKVTÎP CPF /CNRKEC%TW\ CPF 5GKDGTV\ CPF 5RCGVJ 4GEGPVN[ -CUJK[COCGVCN UWIIGUVGFCRQUUKDNG#RVKCPCIGHQTVJGUGUVTCVCDCUGFQPVJG QEEWTTGPEGQHUGXGTCNKPPGTUJGNHDGPVJQPKEHQTCOKPKHGTU0GXGTVJGNGUUCRCNGQOCI PGVQUVTCVKITCRJKECNCPCN[UKURGTHQTOGFD[$GPCOOKCPFEQNNCDQTCVQTU EQPſTOU VJG #NDKCP CIG CUUKIPGF VQ VJKU NQECNKV[ #DQWVQHVJGOCETQHQUUKNUEQNNGEVGFKPVJG6NC[ÕC3WCTT[DGNQPIVQFKXGTUG 1UVGKEJVJ[CPſUJ VCZC 6CDNG KPENWFKPI C UCTEQRVGT[IKCP 'URKPQUC#TTWDCTTGPC GV CNCPFUGXGTCNCEVKPQRVGT[IKCPITQWRU#EVWCNN[CNCTIGRCTVQHVJGUGſUJGU CTG KFGPVKſGF CV FKHHGTGPV UWRTCURGEKſE NGXGNU #RRNGICVG #RRNGICVG GVCN CPFDGKPIRQVGPVKCNPGYURGEKGU%QPVTCT[VQ2CPVQLC#NQT CPF/CKUG[ YGTGOCTMVJGCDUGPEGQHUJCTMTGOCKPUKPVJKUNQECNKV[ 6JG HQUUKN ſUJ URGEKGU HQTOCNN[ FGUETKDGF HTQO VJKU NQECNKV[ KPXQNXG VJG KQPQUEQRKHQTO6GQKEJVJ[UMCNNKUVQU#RRNGICVGVJGR[EPQFQPVKHQTO6GRGZKEJVJ[U CTCPIWVJ[QTWO#RRNGICVGVJGCOKKF2CEJ[COKCOGZKECPC)TCPFGCPF$GOKU VJG OCETQUGOKKFU /CETQUGOKQEQV\WU COGTKECPWU )QP\¶NG\4QFTÈIWG\ #RRNGICVG CPF 'URKPQUC#TTWDCTTGPC CPF 0QVCIQIWU PQXQOWPFK )QP\¶NG\ 4QFTÈIWG\CPF4G[PQUQCUYGNNCUVJG+EJVJ[QFGEVKHQTO7PCOKEJVJ[UGURKPQUCK #NXCTCFQ1TVGIC$GUKFGUVJGFGUETKRVKQPUQHUGXGTCNPGYſUJ VCZC HTQO 6NC[ÕC CTGKPRTGRCTCVKQPKPENWFKPIC.GRKFQVGUURVYQOCETQUGOKKFUCPKQPQUEQRKHQTO VJTGGKEJVJ[QFGEVKHQTOUCPGNNKOOKEJVJ[KHQTOCPFCVNGCUVUGXGPR[EPQFQPVKHQTOU &KXGTUGRCNGQGEQNQIKECNOQFGNUJCXGDGGPUWIIGUVGFVQGZRNCKPVJGGZVTCQTFKPCT[ RTGUGTXCVKQPQHVJGXGTVGDTCVGHQUUKNUQHVJG6NC[ÕC3WCTT[+PQPGQHVJGUGOQFGNU VJG6NC[ÕCFGRQUKVYCURQUUKDNGKPCP1RGP/CTKPG$CUKPYKVJTGUVTKEVGFEKTEWNCVKQP YKVJ UVQTOFQOKPCVGF UGFKOGPVCVKQP CPF UVTQPI VGTTGUVTKCN KPƀWGPEG -CUJK[COC GV CN +P EQPVTCUV QVJGT CWVJQTU UWIIGUV VJCV VJG FGRQUKV QH VJG 6NC[ÕC NKOGUVQPGUVTCVCQEEWTTGFKPCVTCPUKVKQPCNGPXKTQPOGPVCEEQTFKPIVQ#RRNGICVGCPF EQNNCDQTCVQTU KPVJKUXQNWOGPKVYCUKPVQCTGUVTKEVGFDCUKPPGCTVQVJGEQCUVYJKEJ KUEQORCTCDNGVQVJGNCIQQPCNOQFGNRTQRQUGFHQTVJGHQUUKNDGCTKPINKOGUVQPGDGFU CV 5QNPJQHGP )GTOCP[ %QPVTCT[ VQ VJGUG OQFGNU /CNRKEC%TW\ GV CN CPF 2CPVQLC #NQT UWIIGUV C OQTG QRGP DCEMTGGH NCIQQP PGXGTVJGNGUU TGEGPVN[ )WGTTGTQ#TGPCU =UGG CNUQ )WGTTGTQ#TGPCU GV CN ? EQTTQDQTCVGF VJG TGUVTKEVGFDCUKP EQPFKVKQP HQT VJG 6NC[ÕC FGRQUKV DCUGF QP C %CTDQP CPF 1Z[IGP KUQVQRKECPCN[UKUUJQYKPIVJCVHTGUJYCVGTYCUEQPVCKPGFKPVQ6NC[ÕCDCUKPFWTKPICV NGCUVUQOGFGRQUKVKQPCNGXGPVU
8CNNGEKNNQ +P KPJCDKVCPVU QH 8CNNGEKNNQ C UOCNN XKNNCIG NQECVGF -O PQTVJ QH /QPVGTTG[%KV[0WGXQ.GÎP5VCVG (KIWTGDGICPVJGGZVTCEVKQPQHƀCIUVQPGU KP UQOGOCTNQWVETQRUVJTGGMKNQOGVGTUYGUVQHVJKUVQYP5JQTVN[VJGDGCWV[QHCNCTIG CTTC[QHXGTVGDTCVGCPFKPXGTVGDTCVGHQUUKNUFKUEQXGTGFKPVJGUGTQEMUGPEQWTCIGFVJG
/'51<1+%156'+%*6*;#051(/':+%1
NQECNIQXGTPOGPVVQETGCVGCUOCNNOWUGWOő/WUGQ%CUCFGNC2NQOCFCŒVQGZJKDKV VJGUGOCVGTKCNU 6JG HQUUKN DGCTKPI UVTCVC QH 8CNNGEKNNQ EQPUKUV QH C JQOQIGPGQWU UGSWGPEG QH CDQWVOVJKEMſPGN[ NCOKPCVGF RKPM OCTNUVQPG KPVGTNC[GF D[ EO VJKEM TGFDTQYP UJCNGU$NCPEQ2KÌÎP CPF$NCPEQ2KÌÎPGVCN TGICTFGFVJKUNKVJQNQIKE UGSWGPEGCUCWPKVYKVJKPVJG#IWC0WGXC(QTOCVKQPYJKEJEQPUKUVUQHCNCOKPCVGF FCTMITC[ NKOGUVQPG UGSWGPEG DGCTKPI TKEJ OKETQHQUUKNU CUUGODNCIG DGKPI CP[ XGTVGDTCVG TGOCKPU TCVJGT TCTG *QYGXGT KP 8CNNGEKNNQ VJG OCTNUVQPG WPKV WPFGTNKGU EQPEQTFCPVN[ VJG #IWC 0WGXC NKOGUVQPGU CPF EQPVTCTKN[ VQ YJCV YCU GZRGEVGF GZJKDKVU C YGNNRTGUGTXGF XGTVGDTCVG CUUGODNCIG OCKPN[ ſUJGU 6JG OCTNUVQPG CPF HQUUKNKHGTQWUWPKVQH8CNNGEKNNQKUENGCTN[FKHHGTGPVKCDNGHTQOVJGV[RKECNNKVJQNQI[QH VJG #IWC 0WGXC (QTOCVKQP KP EQPUGSWGPEG $NCPEQ CPF %QXKP UWIIGUVGF VJGő8CNNGEKNNQ/GODGTŒHQTVJKUWPKVYJKEJCIGKU.QYGT/KFFNG6WTQPKCPFWGVJG RTGUGPEGQHVJGCOOQPKVGU/COOKVGUCPF2UGWFQCURKFQEGTCU &WTKPI $NCPEQ2KÌÎP NGCFGF RCNGQPVQNQIKECN CPF IGQNQIKECN KPXGUVKICVKQPUQP8CNNGEKNNQUWRRQTVGFD[PCVKQPCNCPFKPVGTPCVKQPCNKPUVKVWVKQPU*KU TGUGCTEJ KPENWFGU FKXGTUG VCZQPQOKECN VCRJQPQOKECN CPF UGFKOGPVQNQIKECN CURGEVU QHVJKUHQUUKN.CIGTUV¼VVG $NCPEQ2KÌÎPGVCNCD$NCPEQCPF
(+)74'6JGOCKP/GZKECP/GUQ\QKE1UVGKEJVJ[CPNQECNKVKGU
#.8#4#&1146')#'6#.
%CXKP $NCPEQ2KÌÎP CPF (TG[ C CPF D +P 8CNNGEKNNQ VJG OCETQHQUUKNU CTGTGNCVKXGN[YGNNMPQYPVJGTCTGKPXGTVGDTCVGUOCKPN[CTGCOOQPKVGUCPFDKXCNXGU
KPQEGTCOKFU +P EQPVTCUV VJG FKXGTUG XGTVGDTCVG CUUGODNCIG VJCV OCKPN[ KPXQNXGU ſUJGU CNUQ KPENWFGU VWTVNGU CPF QVJGT WPKFGPVKſGF TGRVKNGU #NN VJGUG XGTVGDTCVG HQUUKNU CTG RTGUGTXGF KP VYQ FKOGPUKQPU FWG VQ EQORTGUUKQPCN HQTEGU CPF UJQY UGXGTCN FGITGGUQHFKUCTVKEWNCVKQPHTQOKUQNCVGFGNGOGPVUVQEQORNGVGURGEKOGPUVQVCNDQPG ECNEKVGTGRNCEGOGPVCPFTCTGN[VJGUQHVVKUUWGUCTGRTGUGTXGF=CNVJQWIJRCTVUQHCIKNN EQORNGZDGNQPIKPIVQCPWPEGTVCKPR[EPQFQPVKHQTOJCXGDGGPFQEWOGPVGF $NCPEQ 2KÌÎP$NCPEQGVCN? 6JG 8CNNGEKNNQ HQUUKNKHGTQWU OCTN UVTCVC YGTG HQTOGF KP C FGGR CPF TGUVTKEVGF FGRQUKV WPFGT TGNCVKXGN[ PQTOCN VQ NQY QZ[IGP EQPEGPVTCVKQPU YJKEJ RTQDCDN[ TGRTGUGPVCPGCTN[6WTQPKCPOCZKOWOVTCPUITGUUKXGGXGPV6JKURCNGQGPXKTQOGPVCN OQFGN KU DCUGF QP UQOG UGFKOGPVQNQIKECN HGCVWTGU QH VJKU HQUUKN DGCTKPI NQECNKV[ KPENWFKPIVJGſPG NCOKPCVKQP VJG QEEWTTGPEG QH OKETKVKE OCVTKZ YKVJ HGY VQ CDWPFCPV DKQENCUVU CU YGNN CU VJG NCEM QH DKQVWTDCVKQP CFFGF VQ VJG QEEWTTGPEG IQGVJKVG 6JGUGEQPFKVKQPUEQWNFJCXGUGVVJGHTCOGYQTMHQTVJGGZEGNNGPVRTGUGTXCVKQPQHVJG QTICPKUOUFGRQUKVGFCHVGTVJGKTFGCVJWPFGTPQTOCNECWUGUTCVJGTVJCPKPCUEGPCTKQ QH CP QDTWVKQPCN FGRQUKV KP YJKEJ VJG QTICPKUOU FKG KPVQZKECVGF WPFGT GHHGEVU QH FKHHGTGPVRJ[UKEQEJGOKECNHCEVQTU VWTDKFKVKEEWTTGPVUNQYEQPEGPVTCVKQPQHQZ[IGPQT JKIJUCNKPKV[KPVJGYCVGTEQNWOPGVE 6JG CRRTQZKOCVGN[ HQUUKN ſUJGU FKUEQXGTGF FWTKPI VJG ſTUV ſXG [GCTU QH RCNGQPVQNQIKECN KPXGUVKICVKQPU KP 8CNNGEKNNQ KPENWFG CV NGCUV UJCTM CPF DQP[ ſUJ VCZC6JGUJCTMUCTGTGRTGUGPVGFD[UGXGTCNNCOPKHQTOXGTVGDTCNEGPVTCCVTWPMQHC 5E[NN[QTJKPWUNKMGURGEKOGPCPFUQOG2V[EJQFWUVGGVJ $NCPEQ2KÌÎPGVCN #DQWVQHDQP[ſUJGU EQNNGEVGF KP 8CNNGEKNNQ DGNQPI VQ 6UGNHCVKCUR $NCPEQCPF %CXKP1VJGTſUJ VCZC HQWPF KP 8CNNGEKNNQ CTG CP WPFGUETKDGF R[EPQFQPVKHQTO TGNCVGFQTDGNQPIKPIVQ0WTUCNNKC $NCPEQCPF(TG[C$NCPEQCPF%CXKP TGRQTVGFVJGQEEWTTGPEGQHVJGIGPWU#TCTKRKEJVJ[URTGXKQWUN[MPQYPQPN[KPTGOQVG NQECNKVKGUKPVJGPQTVJGTPRCTVQH5QWVJ#OGTKECCPF#HTKECCPFGTGEVGFVYQPGYVGNGQUVU URGEKGU8CNNGEKNNKEJVJ[UOWNVKXGTVGDTCVWOCPKPWUWCNKEJVJ[QFGEVKFYKVJCPKPWUWCN JKIJ PWODGT QH XGTVGDTCN EGPVTC CPF )QWNOKOKEJVJ[U TQDGTVK C RCEJ[TJK\QFQPVKF YKVJHWUKHQTODQF[$NCPEQ2KÌÎP COQPIQVJGTUTGRQTVGFUQOGQVJGT ſUJGU HTQO 8CNNGEKNNQ KPENWFKPI C PGY URGEKGU QH 4J[PEJQFGTEGVKU $NCPEQ2KÌÎP CPF#NXCTCFQ1TVGICKPRTGR
/WJK3WCTT[ 6JG /WJK 3WCTT[ FKUEQXGTGF KP D[ KPXGUVKICVQTU QH VJG 7PKXGTUKV[ #WVÎPQOCFGN'UVCFQFG*KFCNIQ 7#'*KUNQECVGFPGCT
/'51<1+%156'+%*6*;#051(/':+%1
6JG/WJK3WCTT[TGRTGUGPVUCPGKIJVOGVGTUVJKEMUGSWGPEGQHITC[NCOKPCVGF NKOGUVQPGUYKVJKPVGTDGFKPINWVKVGUCPFƀKPV PQFWNGU YJKEJ JCXG DGGP TGEQIPK\GF CU RCTVQHVJG#NDKCP%GPQOCPKCPCIG5CP,QCSWÈP(CEKGUYKVJKP'N&QEVQT(QTOCVKQP
)QP\¶NG\4QFTÈIWG\CPF$TCXQ%WGXCUKPRTGUU 6QFC[ OQTG VJCP URGEKOGPU QH DQVJ KPXGTVGDTCVGU CPF ſUJGU HTQO /WJK 3WCTT[ CTG JQWUGF KPVQ VJG EQNNGEVKQP QH VJG 2CNGQPVQNQIKECN /WUGWO QH 7#'* #OQPI VJGUG HQUUKNU VJG KPXGTVGDTCVGU KPENWFG COOQPKVGU RNCPEVQPKE ETKPQKFU GSWKPQKFURKPGUCPFETWUVCEGCPU )QP\¶NG\4QFTÈIWG\GVCN8GICGVCN YJGTGCUVJG/WJKXGTVGDTCVGCUUGODNCIGTGRTGUGPVGFGZENWUKXGN[D[ſUJGU KPENWFGU EQPFTKEJVJ[GU CPF VGNGQUVU 5JCTMU KFGPVKſGF CTG KUQNCVGF VGGVJ QH 2V[EJQFWU UR 5SWCNKEQTCZ UR CPF UQOG XGTVGDTC CPF VQQVJ TGOCKPU QH WPEGTVCKP CHſPKV[ 'XGP YJGPCNCTIGCOQWPVQHVJGVGNGQUVUHTQO/WJKKPXQNXGVQFC[CTGWPFGTRTQEGUUQH KFGPVKſECVKQP KPFWDKVCDNG VCZQPQOKECN KFGPVKſECVKQPU KPXQNXG URGEKOGPU DGNQPIKPI VQ +EJVJ[QFGEVKHQTOGU'PEJQFQPVKFCG DGKPI'PEJQFWUURVJGOQUVCDWPFCPVſUJ KP VJG SWCTT[2CEJ[TJK\QFQPVKFCG+EJVJ[QVTKPIKFCG>EGVKFCG*CNGEKFCG$GT[EKHQTOGU 1UVCTKQRJU[CPU CU YGNN CU WPEGTVCKP %NWRGQOQTRJU CPF 'NQRQOQTRJU )QP\¶NG\ 4QFTÈIWG\CPF#RRNGICVG)QP\¶NG\4QFTÈIWG\)QP\¶NG\4QFTÈIWG\GV CN
1VJGT.QECNKVKGU 6QFC[UGXGTCN/GZKECP%TGVCEGQWUHQUUKNſUJ NQECNKVKGU CTG MPQYP (KIWTG KP VJG5VCVGUQH$CLC%CNKHQTPKC5WT%JKCRCU%JKJWCJWC%QCJWKNC&WTCPIQ)WGTTGTQ *KFCNIQ0WGXQ.GÎP1CZCEC2WGDNC5CP.WKU2QVQUÈ6COCWNKRCUCPF8GTCETW\ $CTTKQU4KXGTC )QP\¶NG\4QFTÈIWG\ CPF #NXCTCFQ1TVGIC GV CN
ECVCNQIWGFCNNVJKUſUJ CUUGODNCIGU PGXGTVJGNGUU OCP[ FGVCKNGF UVWFKGU QP VJGU[UVGOCVKEQHVJGUGſUJGU KU PGGFGF VQ JCXG C EQORTGJGPUKXG MPQYNGFIG CDQWV VJG /GZKECP(QUUKNſUJ TGEQTF 'XGPYJGPQPN[UECTEGCPFHTCIOGPVCT[HQUUKNURGEKOGPUHTQOUGXGTCNQHVJGUG NQECNKVKGUCTGMPQYPFWGVQVJGHCEVVJCVKPOQUVQHVJGECUGUVJG[JCXGDGGPXKUKVGF CPF EQNNGEVGF QPN[ QPEG UKPEG VJGKT FKUEQXGT[ PQYCFC[U PGY CPF QNF HQUUKN ſUJ NQECNKVKGUCTGKPENWFGFKPTWPPKPIIGQNQIKECNCPFRCNGQPVQNQIKECNRTQITCOUVJCVYKNN RTQFWEGPGYCPFDGVVGTUCORNGUUQQP
5[UVGOCVKE4GXKGYQH/GUQ\QKE1UVGKEJVJ[CP(KUJGUQH/GZKEQ #TGXKGYQHVCZQPQOKECNUVWFKGUQPVJG/GUQ\QKE1UVGKEJVJ[CPſUJGU QH /GZKEQ KURTQXKFGFKPVJKUUGEVKQP 6CDNG6JKUWRFCVGFECVCNQIWGKPENWFGUCNNQHVJGTGEGPV
#.8#4#&1146')#'6#.
FKUEQXGTKGUCUYGNNCUUQOGRTGNKOKPCT[TGUWNVUCPFCFXCPEGUQPVJGUVWF[QHCNCTIG RCTVQHVJG/GZKECPHQUUKNſUJ TGEQTF
5CTEQRVGT[IKCPU #EVKPKUVKC +P)TCPFGTGEQIPK\GFCEQGNCECPVJURGEKOGPKPVJGWPKFGPVKſGF ſUJ UGEVKQP QH VJG 6NC[ÕC EQNNGEVKQP CV 70#/ 'URKPQUC#TTWDCTTGPC GV CN KFGPVKſGF VJKUURGEKOGPCU#ZGNTQFKEJVJ[UEH#CTCTKRGPUKUCOQPQURGEKſE VCZQP RTGXKQWUN[ EQNNGEVGFKP#RVKCPCIGQWVETQRUQHVJG5CPVCPC(QTOCVKQP$TC\KN#NVJQWIJVJGUG CWVJQTUCTGGZRGEVKPIVQſPF OQTG EQGNCECPVJ URGEKOGPU VQ KORTQXG UWEJ KFGPVKſECVKQP VQCURGEKſE NGXGN VJKU ſTUV /GZKECP EQGNCECPVJ TGRTGUGPVU VJG [QWPIGT CPF PQTVJGTP OQUVTGEQTFQH#ZGNTQFKEJVJ[U CNUQUGG#RRNGICVGGVCN
&KRPQK #IWKNGTC TGRQTVGF VJG QEEWTTGPEG QH %GTCVQFWU KP VJG .CVG %TGVCEGQWU
6WTQPKCP'N2G[QVGNQECNKV[KPVQVJG2CTTCU$CUKP%QCJWKNC5VCVG.CVGT#IWKNGTC
EQPſTOGF VJKU TGEQTF NCVGT DWV VJG HQUUKN OCVGTKCN PGXGT YCU FGUETKDGF QT KNNWUVTCVGFCRRTQRTKCVGN[CPFKVUURGEKſE FGVGTOKPCVKQP KU UVKNN RGPFKPI #EEQTFKPI VQ /CNFQPCFQ-QGTFGNN VJKUOCVGTKCNYCUFGRQUKVGFKPVQVJGRCNGQPVQNQIKECN EQNNGEVKQP PQY%QNGEEKÎP0CEKQPCNFG2CNGQPVQNQIÈCQHVJG+PUVKVWVQFG)GQNQIÈC 70#/
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CU6JTKUUQRU!CPFKPVJGFWDKQWUCUUKIPCVKQPQHVJGUECNGCPFJGKORTGUUKQP QHCRCTVKCNXGTVGDTCNEQNWOP YJKEJUJQYUVJGV[RKECNKEJVJ[QFGEVKHQOFQWDNGNCVGTCN UQEMGVKPVJGEGPVTCHTQOVJG6WTQPKCPUGFKOGPVUQH#IWC0WGXC(QTOCVKQPPGCT :KNKVNC5CP.WKU2QVQUÈ5VCVGCU:KRJCEVKPWUOQNQUUWUCPF+EJVJ[QFGEVGUTGURGEVKXGN[ CUVJG[YGTGTGRQTVGFD[/CNFQPCFQ-QGTFGNN (TQO 8CNNGEKNNQ 0WGXQ .GÎP 5VCVG CPQVJGT /GZKECP +EJVJ[QFGEVKHTQO YCU FGUETKDGF8CNNGEKNNKEJVJ[UOWNVKXGTVGDTCVWO$NCPEQCPF%CXKP (KIWTG+VKU EJCTCEVGTK\GFD[KVUNCTIGPWODGTQHXGTVGDTCG PGCTVQCJWPFTGFCPFTGNCVKXGUOCNN VGGVJ 2T[OPGVGU NQPIKXGPVGT %QRG C OQPQURGEKſE CPF OQPQV[RKE IGPWU KU HTQOCPWPEGTVCKPNQECNKV[ RQUUKDNGQH'CTN[%TGVCEGQWUCIGPGCT6WZVNC)WVKÃTTG\ %JKCRCU6JKUKUQNCVGTGRQTVCPFRQQTTGEQTFRTGENWFGFVJGKPENWUKQPQHVJKUſUJ KP CP[RJ[NQIGPGVKEUVWF[CPFQHVGPKVYCUEQPUKFGTCVGFCUCPKPEGTVCGUGFKUHQTO KG /CKUG[WPVKN#NXCTCFQ1TVGIC UWIIGUVGFVJCV2T[OPGVGUKUENQUG TGNCVGFVQ%NCFQE[ENWUCPFQVJGTFGTKXGFKEJVJ[QFGEVQKFIGPGTC #NXCTCFQ1TVGIC D TGEQIPK\GF CV NGCUV HQWT PGY KEJVJ[QFGEVKHQTO URGEKGU HTQO 6NC[ÕC 3WCTT[ #OQPI VJGO QPN[ 7PCOKEJVJ[U GURKPQUCK#NXCTCFQ1TVGICJCUDGGPFGUETKDGFHQTOCNN[+VKUTGOCTMCDNGVJCV VJGUGURGEKOGPUCTGFKHHGTKPIHTQOGCEJQVJGTOCKPN[D[VJGPWODGTQHXGTVGDTCG 4GEGPVN[)CTKDC[4QOGTQCPF#NXCTCFQ1TVGIC KFGPVKſGF VJG RTGUGPEG QHCſTUV RGEVQTCN TC[ VJCV UJQYU VJG EJCTCEVGTKUVKE őKEJVJ[QFGEVKFŒ DNCFGUJCRG CPF UQOGKUQNCVGFKEJVJ[QFGEVKHQTOXGTVGDTCGKPVJG6WTQPKCPUVTCVCGZRNQKVGFKPVJG#TTQ[Q .CU$QECU3WCTT[PGCT6CZEQ)WGTTGTQ4GOCKPU UECNGUVCKNUUMWNNXGTVGDTCGCPF QVJGTRCTVUQHVJGDQF[QHNCTIGKEJVJ[QFGEVKHQTOU YJKEJVQVCNNGPIVJKUGUVKOCVGF KPOQTOQTGJCXGDGGPEQNNGEVGFKPVJG.CVG%TGVCEGQWUQWVETQRUPGCT/Õ\SWK\ %QCJWKNC 5VCVG $NCPEQ2KÌÎP GV CN 6YQ KEJVJ[QFGEVKHQTO URGEKOGPU CTG KPENWFGFKPVJGſUJ CUUGODNCIG TGEQXGTGF KP VJG OKFFNG %TGVCEGQWU NKOGUVQPGU QH VJG
/'51<1+%156'+%*6*;#051(/':+%1
(+)74'8CNNGEKNNKEJVJ[UOWNVKXGTVGDTCVWO$NCPEQCPF%CXKPHTQO6WTQPKCPQWVETQRU QH8CNNGEKNNQ0WGXQ.GÎP5VCVG/GZKEQ
/WJK3WCTT[*KFCNIQCDGCWVKHWNN[RTGUGTXGFJGCFCPFCFGNKECVGURGEKOGPNCEMKPI VJGUMWNN #NXCTCFQ1TVGICRGTUQDUGTX
.GRVQNGRKHQTOGU .GRVQNGRKU YCU C /GUQ\QKE JKIJN[ UWEEGUUHWN EQUOQRQNKVCP VCZQP ECRCDNG QH NKXKPI KP DQVJ OCTKPG CPF HTGUJYCVGT GPXKTQPOGPVU .GRVQNGRKU VCOCPGPUKU &WPMNG CPF/CNFQPCFQ-QGTFGNNHTQOVJG,WTCUUKENQECNKV[KP6CO¶P5CP.WKU2QVQUÈ 5VCVGKUVJGQPN[KFGPVKſGF NGRVQNGRKHQTO ſUJ KP /GZKEQ
2JQNKFQRJQTKHQTOGU 6JG2JQNKFQRJQTKHQTOGUCTGCRCTCRJ[NGVKEITQWRMPQYPHTQOVJG.CVG6TKCUUKE VQVJG%TGVCEGQWU6JG[TGRTGUGPVVJGOQUVRTKOKVKXGVGNGQUVENCFG #TTCVKC+P /GZKEQ VJGKT TGEQTF KU TGUVTKEVGF VQ UECTEG WPFGUETKDGF #NDKCP 2JQNKFQRJQTKFNKMG URGEKOGPUHTQO6NC[ÕC3WCTT[ #RRNGICVGCPF#RRNGICVGGVCN
6GNGQEGRJCNCVJG/QUV#FXCPEGF6GNGQUVU 6GNGQEGRJCNCKUVJGETQYPITQWRQHVGNGQUVU 2KPPCCPFKPENWFGUVCZCYKVJ
#.8#4#&1146')#'6#.
HQUUKNCPFNKXKPIHQTOUCUVJG1UVGQINQUUQOQTRJU DQP[VQPIWGſUJGU 'NQRQOQTRJU
VCTRQPUGGNUCPFTGNCVKXGUCPF%NWRGQOQTRJU JGTTKPIUCPFCNNKGUCNNYKVJ,WTCUUKE URGEKGUCPF'WVGNGQUVGK ECTRUEJCTCEKPUECVſUJGU CPF CFXCPEGF URKP[ ſUJGU COQPI QVJGTUVJCVGXQNXGFUKPEGVJG'CTN[%TGVCEGQWU+P/GZKEQVJGTGKUPQHQUUKNQTNKXKPI QUVGQINQUUQOQTRJUMPQYPDWVCNCTIGPWODGTQHVJGQVJGT/GUQ\QKEVGNGQEGRJCNC HQTOUCTGRTGUGPVKPVJGEQWPVT[
#NDWNKHQTOGU $TCPPGTKQPKUCP KPEGTVCGUGFKU#NDWNKHQTOIGPWU (WNNGNVJCVKPENWFGU VYQ 'CTN[ %TGVCEGQWU #RVKCP URGEKGU HTQO VJG 5CPVCPC (QTOCVKQP $TC\KN +P VJG 6NC[ÕC3WCTT[CHGYURGEKOGPUJCXGDGGPTGEQIPK\GFCPFUKORN[PCOGF$TCPPGTKQP NKMGHQTOU #RRNGICVGGVCN6JGUG/GZKECPCNDWNKHQTOUTGRTGUGPVVJGRQUUKDNG NCVGUVUPQTVJGTPOQUVTGEQTFQHVJKUIGPWU
$GT[EKHQTOGU 6JKU FKXGTUG ENCFG RTQDCDN[ CRRGCTGF KP VJG #NDKCP CPF TCFKCVGF FWTKPI VJG .CVG%TGVCEGQWUDGEQOKPICUWEEGUUHWNITQWRCNNQXGTVJGYQTNF )QQF[+P /GZKEQUVKNNWPFKUETKDGFDGTKEKHQTOUCTGRTGUGPVKPVYQNQECNKVKGU6JGGCTNKGUVTGEQTF KUHTQOVJG#NDKCP6NC[ÕC3WCTT[ #RRNGICVGGVCN)QP\¶NG\4QFTÈIWG\GVCN 4GEGPVN[ HQUUKNU QH VJGUG ſUJGU YGTG TGEQXGTGF KP VJG #NDKCP%GPQOCPKCP UGFKOGPVUQHVJG/WJK3WCTT[ )QP\¶NG\4QFTÈIWG\CPF)QP\¶NG\4QFTÈIWG\ CPF#RRNGICVG+PDQVJECUGUVJGURGEKOGPUCTGWPFGTUVWF[ 2TGXKQWUTGRQTVUCDQWVVJG6WTQPKCPDGTKEKHQTOUHTQO8CNNGEKNNQCTGGTTQPGQWU CPF EGTVCKPN[ VJGTG KU PQ GXKFGPEG VQ EQTTQDQTCVG VJGKT QEEWTTGPEG KP VJKU NQECNKV[
$NCPEQ2KÌÎPRGTUQDU
%NWRGKHQTOGU
#IWKNGTC TGRQTVGF VJG QEEWTTGPEG QH 5[NNCGOWU NCVKHTQPU KP /GZKEQ VJG TGHGTTGF OCVGTKCN KU NQUV CPF VJG NQECNKV[ YCU PGXGT RTQRGTN[ TGEQTFGF #U YKVJ RTGXKQWUCWVJQTU KG/CNFQPCFQ-QGTFGNNJGTGYGTGICTFVJKUTGEQTFCUCP KPXCNKFTGRQTV
'NQRKHQTOGU /GZKECP GNQRKHQTOU KPENWFG /GICNQRU UR CPF 2CTCGNQRU UR HTQO 6NC[ÕC 3WCTT[ #RRNGICVG#RRNGICVGGVCN/CKUG[+PCFFKVKQPVJGTG CTG UQOG KPFGVGTOKPCVG GNQRKHQTOU URGEKOGPU HTQO VJG #TTQ[Q NCU $QECU SWCTT[ PGCT6CZEQ)WGTTGTQ )CTKDC[4QOGTQCPF#NXCTCFQ1TVGICHTQOVJG/WJK 3WCTT[*KFCNIQ )QP\¶NG\4QFTÈIWG\GVCNCPFHTQO1CZCEC #RRNGICVGCPF
/'51<1+%156'+%*6*;#051(/':+%1
%QOCUPGXGTVJGNGUUCHQTOCNUVWF[QHVJGUGHQUUKNUKUTGSWKTGF 5GXGTCN DGCWVKHWN YGNNRTGUGTXGF URGEKOGPU DGNQPIKPI VQ VJG TCTG GNQRKF ſUJ .COKPQURQPF[NWU 5RTKPIGT JCXG DGGP EQNNGEVGF HTQO VJG .CVG %TGVCEGQWU
RTQDCDN[ 6WTQPKCP SWCTTKGU PGCT /Õ\SWK\ %QCJWKNC 5VCVG 2KÌÎP$NCPEQ GV CN +PVJGUGſUJGU VJG XGTVGDTCG JCXG VJG NCOKPCT CURGEV QH VJG VTCPUXGTUG RTQEGUUGU TGEQIPK\GFCUCFKCIPQUVKEEJCTCEVGTQH.COKPQURQPF[NWU#ECTGHWNCPCVQOKECNUVWF[ QHVJKUWPEGTVCKPGNQRKFKUKPRTQEGUUCPFUQQPVJGFGUETKRVKQPQHVJGURGEKOGPUQHVJG UGEQPFYQTNFTGRQTVQHVJKUIGPWUYKNNDGRWDNKUJGF (KIWTG
'NNKOOKEJVJ[KHQTOGU +P/GZKEQCVNGCUVVYQMPQYP'CTN[%TGVCEGQWUNQECNKVKGUDGCTURGEKOGPUVJCV DGNQPIVQVJKUITQWREQOOQPN[PCOGFVJGFQWDNGCTOQTGFJGTTKPIU #IWKNGTC TGRQTVGFVJGQEEWTTGPEGQHC/GZKECP&KRNQO[UVWUURHTQOCP WPEGTVCKPNQECNKV[KPPQTVJGTP/GZKEQ6JGCWVJGPVKEKV[QHVJKUTGRQTVKUEJCNNGPIGFFWG VJGNCEMQHVJGCRRTQRKGVGſGNF FCVC CPF VJG CRRCTGPV NQUV QH VJG TGHGTTGF OCVGTKCN #RRNGICVG TGRQTVGFVJGQEEWTTGPEGQH&KRNQOKUVWUTGNCVGFHQTOUDWVKP QWT RTGUGPV MPQYNGFIG VJGUG GNNKOOKEJVJ[KHQTOU TCVJGT DGNQPI VQ 'NNKOOKEJVJ[U
%JCPI CPF )TCPFG ſI G H CNVJQWIJ VJGUG ſUJGU EQWNF TGRTGUGPV C PGY IGPWU #RRNGICVGGVCN2TGUGPVN[.KNKC#TKCUKURTGRCTKPIJGT/CUVGT&GITGG VJGUKUKPENWFKPIVJGFGUETKRVKQPQHVJGUGHQUUKNſUJGU
)QPQTJ[PEJKHQTOGU 6JGTGCTGPQFGUETKRVKXGUVWFKGUQP/GZKECP)QPQTJ[PEJKHQTOGUQT/KNMſUJGU CPFCNNKGUPGXGTVJGNGUUVJGTGCTGTGRQTVUQHVJGUGſUJGU HTQO VYQ NQECNKVKGU #RRNGICVG KNNWUVTCVGF CP #NDKCP IQPQTJ[PEJKHQTO HTQO VJG 6NC[ÕC 3WCTT[ 2WGDNC 5VCVG CNUQ UGG )TCPFG CPF #RRNGICVG GV CN 5QOG QVJGTWPEGTVCKPIQPQTJ[PEJKHQTOGUJCXGDGGPEQNNGEVGFKPVJG/WJK3WCTT[*KFCNIQ
)QP\¶NG\4QFTÈIWG\CPF#RRNGICVG
2CEJ[TJK\QFQPVKHQTOGU #EEQTFKPIVQ%CXKP #TCTKRKEJVJ[U0QVGNQRU4JCEQNGRKU2CEJ[TJK\QFWU )QWNOKEJVJ[UCPFQVJGTIGPGTCHQTORCTVQHVJKUENWRGQEGRJCNCQTFGT(QUUKNUQHVJGUG IGPGTCJCXGDGGPTGEQXGTGFKP/GZKECP%TGVCEGQWUNQECNKVKGU 6JG[QWPIGTCPFſTUV 0QTVJ #OGTKECP URGEKOGPU DGNQPIKPI VQ #TCTKRKEJVJ[UC FGGRDQFKGFſUJ IGPWU YGTG EQNNGEVGF KP VJG 6WTQPKCP FGRQUKVU QH 8CNNGEKNNQ 0WGXQ .GÎP5VCVG $NCPEQCPF%CXKP #V NGCUV HQWT RCEJ[TJK\QFQPVKHQTOGU IGPGTC JCXG DGGP EQNNGEVGF KP /GZKEQ 6JG 4JCEQNGRKUNKMG HQTO CPF 0QVGNQRU UR URGEKOGPU JCXG DGGP EQNNGEVGF KP VJG #NDKCPNKOGUVQPGUQH6NC[ÕC3WCTT[6JG6WTQPKCP)QWNOKOKEJVJ[UTQDGTVK$NCPEQ
#.8#4#&1146')#'6#.
CPF %CXKP HTQO 8CNNGEKNNQ 0WGXQ .GÎP 5VCVG TGRTGUGPVU VJG ſTUV /GZKECP RCEJKTJK\QFQPVKF KFGPVKſGF CPF EJCTCEVGTK\GF CV C URGEKſE NGXGN 1VJGT URGEKOGPU TGRQTVGF CU RCEJ[TJ[\QFQPVKFU CTG HTQO %GTTQ FG NC 8KTIGP 6NCZKCEQ 1CZCEC
#RRNGICVGCPF%QOCUVJG/WJK3WCTT[*KFCNIQ5VCVG )QP\¶NG\4QFTÈIWG\ GVCNCPFVJGSWCTTKGUPGCT/Õ\SWK\%QCJWKNC5VCVG $NCPEQGVCN
6UGNHCVKKHQTOGU $CPCPQIOKKHQTOGU
(+)74' .COKPQURQPF[NWU UR HTQOVJGSWCTTKGUPGCT/Õ\SWK\%QCJWKNC5VCVG/GZKEQ *GCFCPFRCTVQHVJGVTWPM CDQXGCPFXGTVGDTCGUJQYKPIVJGNCOKPCTCURGEVQHVJGVTCPUXGTUG RTQEGUUGU DGNQY5ECNGDCTUGSWCNEO
/'51<1+%156'+%*6*;#051(/':+%1
(QUUKNUDGNQPIKPIVQ6UGNHCVKKHQTOGUQT$CPCPQIOKKHQTOGUEQPHQTOCNCTIG.CVG %TGVCEGQWUOCTKPGITQWR2TGXKQWUN[VJGUGHQUUKNſUJGU YGTG EQNNGEVGF QPN[ KP 0QTVJ #OGTKEC'WTQRGCPF#HTKEC 9KVJKP VJG NCUV [GCTU TGOCKPU QH 6UGNHCVKKHQTOGU JCXG DGGP TGEQXGTGF KP FKHHGTGPV7RRGT%TGVCEGQWU/GZKECPNQECNKVKGU#RRNGICVG TGRQTVGFCP#NDKCP $CPCPQIOKWUNKMG ſUJ HTQO 6NC[ÕC 3WCTT[ EGPVTCN /GZKEQ $NCPEQ2KÌÎP KNNWUVTCVGFUQOGEQORNGVG6WTQPKCPURGEKOGPUQH6UGNHCVKCURHTQO8CNNGEKNNQ0WGXQ .GÎP 5VCVG KP PQTVJGTP /GZKEQ (KIWTG )CTKDC[4QOGTQ CPF #NXCTCFQ1TVGIC
KFGPVKſGF UQOG 6WTQPKCP 6UGNHCVKKHQTOGU TGOCKPU HTQO #TTQ[Q NCU $QECU )WGTTGTQKPUQWVJGTP/GZKEQ 4GEGPVN[2KÌÎP$NCPEQ TGRQTVGFUQOGRNGVQFQPVKFNKMGſUJGU HQWPF KP VJG SWCTTKGUPGCT/Õ\SWK\%QCJWKNCPQTVJGTP/GZKEQPGXGTVJGNGUUVJGCPCN[UKUQHUQOG EQORNGVGCPFDGVVGTRTGUGTXGFURGEKOGPUUJQYUVJCVVJKUſUJGU DGNQPI VQ 6UGNHCVKC
#NXCTCFQ1TVGICRGTUQDUGTX
5CNOQPKHQTOGU 5CNOQPKHQTOGUCTGCFKXGTUGITQWRQHVGNGQUVUGPEQORCUUKPIUGXGTCNUWDQTFGU VJCVTCFKCVGFFWTKPIVJG.CVG%TGVCEGQWU6JKUITGCVTCFKCVKQPKUGXKFGPVKPVJG7RRGT %TGVCEGQWU NQECNKVKGU QH /ÃZKEQ UGG 6CDNG 6JG UWDQTFGTU 'PEJQFQPVQKFGK +EJVJ[QVTKPIQKFGK%KOQNKEJVJ[QKFGKCPF*CNGEQKFGKTGRTGUGPVGFKP/ÃZKEQCTGHQWPF VJTQWIJQWVOQUVQHVJG.CVG%TGVCEGQWUNQECNKVKGU 5GXGTCNHQUUKNUDGNQPIKPIVQ'PEJQFWURTQDCDN[TGRTGUGPVKPIFKHHGTGPVURGEKGU JCXGDGGPEQNNGEVGFKP8CNNGEKNNQ0WGXQ.GÎP $NCPEQ2KÌÎP5CP,QUÃFGNCU 4WUKCU6COCWNKRCUCPF:KNKVNC5CP.WKU2QVQUÈ /CNFQPCFQ-QGTFGNN )CTKDC[4QOGTQCPF#NXCTCFQ1TVGIC KFGPVKſGF CP KUQNCVGF NQYGT LCY QH 'PEJQFWU UR HTQO #TTQ[Q NCU $QECU )WGTTGTQ CPF )QP\¶NG\4QFTÈIWG\ CPF #RRNGICVG TGEQIPK\GFEQORNGVGCPFHTCIOGPVCT[URGEKOGPUDGNQPIKPIVQVJKU IGPWUHTQOVJG/WJK3WCTT[*KFCNIQ$GUKFGUURGEKOGPUTGHGTTGFVQ2CTCGPEJQFWU UR JCXG DGGP EQNNGEVGF KP VJG /WJK 3WCTT[ )QP\¶NG\4QFTÈIWG\ CPF #RRNGICVG #NCTIGEQORNGVG'PEJQFWUURGEKOGPCPFUGXGTCNHTCIOGPVUQHKVUDQF[JCXG DGGPEQNNGEVGFKPVJGSWCTTKGUPGCT/Õ\SWK\%QCJWKNC 2KÌÎP$NCPEQGVCN 1VJGT [GV WPFGUETKDGF .CVG %TGVCEGQWU /GZKECP 5CNOQPKHQTOGU KPXQNXG >EGVKU 4J[PEJQFGTEGVKU EH 5CWTQTCORJWU 'PEJQFWU *CNGEKFU +EJVJ[QVTKPIKFU HTQO 8CNNGEKNNQ 0WGXQ .GÎP $NCPEQ2KÌÎP COQPI QVJGTU 5KOKNCTCUUGODNCIGUJCXGDGGPTGRQTVGFHTQOVJG/WJK3WCTT[*KFCNIQ )QP\¶NG\ 4QFTÈIWG\GVCNCPFVJGSWCTTKGUPGCT/Õ\SWK\%QCJWKNC 2KÌÎP$NCPEQGV CN+PCFFKVKQPURGEKOGPUQHVJKUIGPWUYGTGEQNNGEVGFKP#TTQ[QNCU$QECU )WGTTGTQ5VCVGD[)CTKDC[4QOGTQCPF#NXCTCFQ1TVGIC #EVWCNN[$NCPEQ 2KÌÎPCPF#NXCTCFQ1TVGICCTGYQTMKPIQPVJGFGUETKRVKQPQHCPGY4J[PEJQFGTEGVKU URGEKGUHTQOVJG8CNNGEKNNQ3WCTT[ ;CDTWFKEJVJ[NKMGURGEKOGPUJCXGDGGPTGRQTVGFHTQOVJG/WJK3WCTT[*KFCNIQ 5VCVG )QP\¶NG\4QFTÈIWG\ CPF #RRNGICVG CPF HTQO VJG 6NC[ÕC 3WCTT[ KP
#.8#4#&1146')#'6#.
2WGDNC #RRNGICVGGVCN5QOGQVJGT;CDTWFKEJVJ[UNKMGURGEKOGPUJCXGDGGP EQNNGEVGFKPVJG#RVKCPUVTCVCQH'N'URKPCN3WCTT[%JKCRCU #NXCTCFQ1TVGICCPF 1XCNNGU&COK¶PRGTUQDUGTX
7PFGVGTOKPCVGF6GNGQUVU 5GXGTCN CPF FKXGTUG TGOCKPU QH WPFGVGTOKPCVGF 6GNGQUVU HTQO /GZKECP %TGVCEGQWUNQECNKVKGUCTGKPRTQEGUUQHKFGPVKſECVKQP DWV KP OCP[ ECUGU CFFKVKQPCN HQUUKNCPFTGEGPVOCVGTKCNKUPGGFGFHQTCFGSWCVGCPCVQOKECNEQORCTKUQPU+VKUVQPQVG VJGTGOCTMCDNGKPETGCUGKPVJGPWODGTQHURGEKOGPUCPFNQECNKVKGUJQWUGFRTQRGTN[ EWTCVGF CPF TGEQTFGF KP RCNGQPVQNQIKECN /WUGWOU CPF 7PKXGTUKVKGU OCKPN[ VJQUG TGRQTVGFHTQO%QCJWKNC%JKCRCU)WGTTGTQCPF*KFCNIQ
2CNGQDKQIGQITCRJKECNKORNKECVKQPU 6JGUECTEGQEWTTGPEGQH/GZKECP,WTCUUKEHQUUKNſUJ CUUGODNCIG RTGENWFGU CP[ UKIPKſECPV RCNGQDKQIGQITCRJKECN CPCN[UKU GZEGRV HQT C DTKGH EQOOGPVCT[ +P TGEGPV CPF EQORTGJGPUKXG RJ[NQIGPGVKE CRRTQCEJGU QP 2[EPQFQPVKHQTOGU VJG EGPVTCN RCRKNNCKPXQOGTKPGCPFRTGCTVKEWNCTVGGVJJCUDGGPEQPUKFGTGFCUCPCWVCRQOQTRJKE CPFFKCIPQVKEEJCTCEVGTHQT)[TQFWU 2Q[CVQ#TK\CCPF9GP\DCUGFQP VJKUEQPFKVKQPVJGKFGPVKſECVKQP QH VJG XQOGT HTQO VJG ,WTCUUKE UVTCVC PGCT 6CO¶P 5CP.WKU2QVQUÈFGUETKDGFD[&WPEMNGCPF/CNFQPCFQ-QGTFGNN CU)[TQFWU
(+)74'6UGNHCVKCURHTQO8CNNGEKNNQ0WGXQ.GÎP
/'51<1+%156'+%*6*;#051(/':+%1
6#$.' /GUQ\QKE $QP[ ſUJGU QH /GZKEQ #DDTGXKCVKQPU Ō '4%6 'UEWGNC 4GIKQPCN FG %KGPEKCU FG NC 6KGTTC 7PKXGTUKFCF #WVÎPQOC FG )WGTTGTQ 6CZEQ )WGTTGTQ/ÃZKEQ(%/2/WUGQFG2CNGQPVQNQIÈC(CEWNVCFFG%KGPEKCU70#/ (%6 (CEWNVCF FG %KGPEKCU FG NC 6KGTTC 7PKXGTUKFCF #WVÎPQOC FG 0WGXQ .GÎP .KPCTGU0WGXQ.GÎP(/0*(KGNF/WUGWOQH0CVWTCN*KUVQT[%JKECIQ+NNKPQKU 75# +).70#/ +PUVKVWVQ FG )GQNQIÈC 70#/ +)/ %QNGEEKÎP 0CEKQPCN FG 2CNGQPVQNQIÈC +).70#/ +0#*&2 &GRCTVCOGPVQ FG 2TGJKUVQTKC +PUVKVWVQ 0CEKQPCNFG#PVTQRQNQIÈCG*KUVQTKC&(/ÃZKEQ/&% KPHQTOCNCDDTGXKCVKQP /WUGQFGN&GUKGTVQ%QCJWKNC/ÃZKEQ/0*0/WUGQ0CEKQPCNFG*KUVQTKC0CVWTCN &( /ÃZKEQ /'2# KPHQTOCN CDDTGXKCVKQP /WUGQ 'NKUGQ 2CNCEKQU #IWKNGTC %JKCRCU/ÃZKEQ2#5#%%QNGEEKÎPFGNC5QEKGFCF%KXKNő2CNGQPVÎNQIQU#UQEKCFQU FG 5CDKPCU # %Œ 7#*/2 /WUGQ FG 2CNGQPVQNQIÈC 7PKXGTUKFCF #WVÎPQOC FG *KFCNIQ /ÃZKEQ 750/ 7PKVGF 5VCVGU 0CVKQPCN /WUGWO 9CUJKPIVQP & % 75#2GTUQPCNQDUGTXCVKQPUCTGUWRRQTVGFD[WPRWDNKUJGFRJQVQITCRJU5RGEKOGPU WPFGT UVWF[ CTG FGPQVGF D[ WPFGTNKPGF CDDTGXKCVKQPU OGCPKPI VJCV VJGKT QHſEKCN KPEQTRQTCVKQPUVQCEQNNGEVKQPKUKPRTQEGUUQTVJCVVJGUGYKNNDGFGRQUKVGFKPVJGTGHGTTGF EQNNGEVKQPUCHVGTRWDNKECVKQP+VCNKECDDTGXKCVKQPUFGPQVGVJCVFWRNKECVGUCPFQTRGGNU QHVJGTGHGTTGFURGEKOGPUCTGJQWUGFKPVJGTGURGEVKXGEQNNGEVKQPU 6#:#
#ZGNTQFKEJVJ[U EH#CTCTKRGPUKU %GTCVQFWUUR #OKKHQTOGU /GNXKWUUR 1VQOKVNCURGEKQUC 2CEJ[COKCOGZKECPC #OKKFU %CVWTKFNKMG +QPQUEQRKHQTOGU 6GQKEJVJ[UMCNNKUVQU +QPQUEQRKF PGYIGPCPFUR .GRKUQUVGKHQTOGU .GRKUQUVGWU .GRKUQUVGKFU .GRKUQUVGWU /CETQUGOKFCG 0QVCIQIWUPQXQOWPFK /ETQUGOKWUHQWPGVK /CETQUGOKQEQV\WUCOGTKECPWU /CETQUGOKQEQV\WUCOGTKECPWU /CETQUGOKFU
.QECNKV[5VCVGCPF %QNNGEVKQP 5#4%126'4;)++ 6NC[ÕC#NDKCP2WGDNC +)/ 2CTTCU6WTQPKCP!%QCJWKNC +)/ #%6+0126'4;)++ %GTTQFGN2WGDNQ(O%QCJWKNC +)/CPF/&% %GTTQFGNC8KTIGP1CZCEC %QNNGEVKQP(GNKZ.GKR\KI 7PKXGTUKV[! 6NC[ÕC2WGDNC +)/CPF(/0* %QTTCNFG'POGFKQ(O5QPQTC +)/ 6NC[ÕC2WGDNC +)/ 6NC[ÕC2WGDNC +)/ 6NC[ÕC2WGDNC +)/ %GTTQFGN2WGDNQ(O%QCJWKNC /&% %GTTQFGN2WGDNQ(O%QCJWKNC +)/CPF/&%2CEM CTF5JCNG5QPQTC +)/ 6NC[ÕC2WGDNC +)/ 'N'URKPCN%JKCRCU /'2# 6NC[ÕC2WGDNC+)/ 6NC[ÕC2WGDNC +)/
#.8#4#&1146')#'6#. 6#$.'%QPVKPWGF 6#:#
.QECNKV[5VCVGCPF %QNNGEVKQP
2[EPQFQPVKHQTOGU %QGNQFWUPUR )[TQFWUEH)OCETQRJVJCNOWU 0WTUCNNKCUR 0GQRTQUEKPGVGU 2[EPQFWUUR 6GRGZKEJVJ[UCTCPIWVJ[QTWO 2[EPQFQPVKFU
! UGG4QOGTQ 0GCT6CO¶P5CP.WKU2QVQUÈ 750/ 8CNNGEKNNQ0WGXQ.GÎP (%6 6NC[ÕC2WGDNC +)/ 2CNGPSWG%JKCRCU +0#*&2QT+0#* 6NC[ÕC2WGDNC +)/ 6NC[ÕC 2WGDNC +)/ 8CNNGEKNNQ 0WGXQ .GÎP (%6 'N'URKPCN%JKCRCU (%2%GTTQ.QU/GPFQ\C*KFCNIQ
+)/CPF6GOQ\QNSWCTT[PGCT6CZEQ)WGTTGTQ
#NXCTCFQ1TVGICRGTUQDU+ZECSWKZVNC2WGDNC
#RRNGICVGCPF#NXCTCFQ1TVGICRGTUQDU
5GOKQPQVKHQTOGU .GRKFQVGUUR
6NC[ÕC2WGDNC +)/4CPEJQ%QPUWGNQ%JKJWCJWC ! 6GNGQUVGK
#URKFQTJ[PEJKHQTOGU $GNGPQUVQOWUQTPCVWU $GNQPQUVQOWUUR 8KPEVKHGTUR 2JQNKFQRJQTKHQTOGU 2JQNKFQRJQTKFNKMG .GRVQNGRKHQTOGU .GRVQNGRKUVCOCPGPUKU +EJVJ[QFGEVKHQTOGU +EJVJ[QFGEVGU
EH+EJVJ[QFGEVGU 2T[OPGVGUNQPIKXGPVGT 6JTKUUQRU!UR 7PCOKEJVJ[UGURKPQUCK 8CNNGEKNNKEJVJ[UOWNVKXGTVGDTCVWO :KRJCEVKPWUCWFCZ OQNQUUWU +EJVJ[QFGEVKFUQT +EJVJ[QFGEVKHQTOGU
#NDWNKHQTOGU $TCPPGTKQPNKMGHQTO $GT[EKHQTOGU $GT[EKHQTO WPFGUETKDGFHTQOU
%GTTQ FG NC 8KTIGP 1CZCEC %QNNGEVKQP (GNKZ .GKR\KI 7PKXGTUKV[! 6NC[ÕC2WGDNC +)//WJK*KFCNIQ 7#*/2%GTTQ FGNC8KTIGP1CZCEC (%/2 6NC[ÕC2WGDNC +)/ 6NC[ÕC2WGDNC +)/ 0GCT6CO¶P5CP.WKU2QVQUÈ 750/ :KNKVNC5CP.WKU2QVQUÈ +0#*&2 0GCT6WZVNC)WVKÃTTG\%JKCRCU 750/+)//'2# %GTTQ FG NC 8KTIGP 1CZCEC %QNNGEVKQP (GNKZ .GKR\KI 7PKXGTUKV[! 6NC[ÕC2WGDNC +)/ 8CNNGEKNNQ0WGXQ.GÎP (%6 :KNKVNC 5CP .WKU 2QVQUÈ /CNFQPCFQ-QGTFGNN RGTUQPCNQDUGTXCPFFTCY 3WCTTKGU PGCT /Õ\SWK\ %QCJWKNC 2#5#% 6NC[ÕC 2WGDNC +)/#TTQ[QNCU$QECU)WGTTGTQ +)//WJK 3WCTT[*KFCNIQ 7#*/2 6GNGQEGRJCNC 6NC[ÕC2WGDNC +)/ 6NC[ÕC 2WGDNC +)/ 8CNNGEKNNQ 0WGXQ .GÎP (%6 /WJK3WCTT[*KFCNIQ 7#*/2
/'51<1+%156'+%*6*;#051(/':+%1
6#$.'%QPVKPWGF 6#:#
%NWRGQOQTRJC 5[NNCGOWUNCVKHTQPU! 'NNKOOKEJVJ[KHQTOGU 'NNKO[EJVJ[UUR &[RNQO[UVWU!UR 2CTCENWRGKFU 'NQRKHQTOGU /GICNQRUUR 2CTCGNQRUUR .COKPQURQPF[NWUUR 'NQRKFCG )QPQTJ[PEJKHQTOGU )QPQTJ[PEJKHQTOGU 2CEJ[TJK\QFQPVKHQTOGU #TCTKRKEJVJ[UUR )QWNOKOKEJVJ[UTQDGTVK 0QVGNQRUUR 4JCEQNGRKUŌNKMGHQTO 2CEJ[TJ[\QFQPVKFU 6UGNHCVKKHQTOGU 6UGNHCVKCUR
$CPCPQIOKWUNKMG 5CNOQPKHQTOGU 'PEJQFWUUR
>EGVKUUR 2CTCGPEJQFWUUR 4J[PEJQFGTEGVKUUR EH5CWTQTCORJWU ;CDTWFKEJVJ[NKMG
%KOQNKEJVKFU 'PEJQFQPVKFU >EGVKFU
*CNGEKFU
.QECNKV[5VCVGCPF %QNNGEVKQP 7PMPQYP #IWKNGTC 6NC[ÕC2WGDNC +)/ 7PMPQYP #IWKNGTC 'N'URKPCN%JKCRCU /'2# 6NC[ÕC2WGDNC +)/ 6NC[ÕC2WGDNC +)/ 3WCTTKGUPGCT/Õ\SWK\%QCJWKNC 2#5#% /WJK3WCTT[*KFCNIQ 7#*/2 6NC[ÕC2WGDNC +)//WJK*KFCNIQ 7#*/2 8CNNGEKNNQ0WGXQ.GÎP (%6 8CNNGEKNNQ0WGXQ.GÎP (%6 6NC[ÕC2WGDNC +)/ 6NC[ÕC2WGDNC +)/ 0GCT %GTTQ FG NC 8KTIGP 6NCZKCEQ 1CZCEC (%/2 8CNNGEKNNQ 0WGXQ .GÎP (%6 /WJK 3WCTT[ *KFCNIQ
7#*/2SWCTTKGUPGCT/Õ\SWK\%QCJWKNC 2#5#% #TTQ[Q NCU $QECU )WGTTGTQ +)/ SWCTTKGU PGCT /Õ\SWK\ %QCJWKNC 2#5#% 8CNNGEKNNQ 0WGXQ .GÎP
(%6 6NC[ÕC2WGDNC +)/ 8CNNGEKNNQ0WGXQ.GÎP (%6:KNKVNC5CP.WKU2QVQUÈ
RGTUQDU#TTQ[QNCU$QECU)WGTTGTQ +)//WJK *KFCNIQ 7#*/25CP,QUÃFGNCU4WUKCU6COCWNKRCU
+0#*&2 8CNNGEKNNQ0WGXQ.GÎP (%6 /WJK*KFCNIQ 7#*/2 8CNNGEKNNQ0WGXQ.GÎP (%6#TTQ[QNCU$QECU )WGTTGTQ +)/ 8CNNGEKNNQ0WGXQ.GÎP (%6 6NC[ÕC2WGDNC+)//WJK*KFCNIQ 7#*/2'N'U RKPCN3WCTT[%JKCRCU /'2# 1VJGTWPFKUETKDGFHQTOU 8CNNGEKNNQ0WGXQ.GÎP (%6 6NC[ÕC 2WGDNC +)/ 8CNNGEKNNQ 0WGXQ .GÎP (%6 /WJK*KFCNIQ 7#*/23WCTTKGUPGCT/Õ\SWK\ %QCJWKNC 2#5#% 8CNNGEKNNQ0WGXQ.GÎP (%6/WJK*KFCNIQ
7#*/23WCTTKGUPGCT/Õ\SWK\%QCJWKNC 2#5#% SWCTTKGUPGCT/Õ\SWK\%QCJWKNC 2#5#%
#.8#4#&1146')#'6#.
6#$.'%QPVKPWGF 6#:#
+EJVJ[QVTKPIKFU #WNQRKHQTOGU 'NQRJQOQTRU WPFGUETKDGFHQTOU %NWRGQOQTRJU WPFGUETKDGF 5CNOQPKHQTOGU 7PFGVGTOKPCVGF 1UVGKEJVJ[CPUCPF6GNGQUVU
.QECNKV[5VCVGCPF %QNNGEVKQP 8CNNGEKNNQ0WGXQ.GÎP (%6/WJK*KFCNIQ
7#*/2 8CNNGEKNNQ0WGXQ.GÎP (%6/WJK*KFCNIQ
7#*/2 8CNNGEKNNQ0WGXQ.GÎP (%6/WJK*KFCNIQ
7#*/2 6NC[ÕC2WGDNC +)/#TTQ[QNCU$QECU)WGTTGTQ
+)/PGCT%GTTQFGNC8KTIGP6NCZKCEQ1CZCEC
(%/2 6NC[ÕC2WGDNC +)/#TTQ[QNCU$QECU)WGTTGTQ
+)/SWCTTKGUPGCT/Õ\SWK\%QCJWKNC 2#5#% /WJK*KFCNIQ 7#*/2 6NC[ÕC2WGDNC +)//WJK*KFCNIQ 7#*/2 8CNNGEKNNQ0WGXQ.GÎP (%60GCT6WNC*KFCNIQ
/0*0#TTQ[QNCU$QECU)WGTTGTQ '4%6%JKCRCU
/'2#
EH)OCETQRVCNOWUKUEQPſTOGF 7PHQTVWPCVGN[ FWG VQ VJG NCEM QH DGVVGT URGEKOGPU PGKVJGTVJKU/GZKECPTGEQTFPQTVJQUGVJTGGCFFKVKQPCN#OGTKECP VYQHTQO6GZCUCPF QPG HTQO %WDC )[TQFWU TGEQTFU 4QOGT )TGIQT[ YGTG KPENWFGF KP 2Q[CVQ#TK\CCPF9GP\yU OQPQITCRJKETGXKGYQH2[EPQFQPVKHQTOGU #EEQTFKPIVQ/CVQU VJG6GVJ[U5GCGXQNXGFHTQOVJGGCUVVQVJGYGUV HQTOKPI RCTV QH VJG /GFKVGTTCPGCP 5GC FWTKPI VJG 6TKCUUKE CPF RCTV QH VJG #VNCPVKE 1EGCP FWTKPI VJG 'CTN[ %TGVCEGQWU #RVKCP#NDKCP )GQNQIKECN GXKFGPEG UWIIGUVU VJCVVJGHQTOCVKQPQHVJG)WNHQH/GZKEQUVCTVGFKPVJG.CVG6TKCUUKECPFEQPENWFGF CVVJGGPFQHVJG,WTCUUKE 1TVGIC)WVKÃTTG\GVCN&WTKPI,WTCUUKE%TGVCEGQWU VKOGUJCNNQYVTQRKECNOCTKPGYCVGTUCUUQEKCVGFVQFGXGNQROGPVQHKUNCPFUCPFTGGHCN EQOOWPKVKGU QEEWRKGF VJG EQPVKPGPVCN RNCVHQTO QH 0QTVJ #OGTKEC /GZKEQ CPF %CTKDDGCP$CUGFQPGXKFGPEGFGTKXGFHTQOHQUUKNOCTKPGTGRVKNGU)CURCTKPK UWIIGUVGFC,WTCUUKEUGCYC[EQPPGEVKQPDGVYGGPVJG)WNHQH/GZKEQCPF'WTQRG6JG 0QTVJ #OGTKECP 5QWVJ #OGTKECP CPF 'WTQRGCP ,WTCUUKE QEEWTTGPEG QH )[TQFWU KPENWFKPIVJG/GZKECPTGRQTVFKUEWUUGFCDQXGUWRRQTVUVJKUEQPENWUKQPCDQWVUWEJ ,WTCUUKE UGCYC[ .CVGT (GTTWUSWÈC8KNNCHTCPEC CPF %QOCU4QFTÈIWG\ CNUQ DCUGF QP HQUUKN OCTKPG TGRVKNGU RTQRQUGF C UKOKNCT EQPPGEVKQP DWV HQT VJG 'CTN[ %TGVCEGQWU6JG%WDCPCPF'WTQRGCPFKUVTKDWVKQPQHQVJGT,WTCUUKEſUJGU =CU %CVWTWU GWPCVQKFGUCPFRTQDCDN[.GRVQNGRKUCPF5CWTQRUKU 6JKGU?RTQXKFGUCFFKVKQPCN UWRRQTVVQVJGUGKFGCUCUYGNNCUVJGQEEWTTGPEGQHCFFKVKQPCNYGNNMPQYP'WTQRGCP ,WTCUUKEſUJ HQTOU PQY TGEQTFGF KP VJG /GZKECP %TGVCEGQWU CUUGODNCIGU 6JKU VJG ECUG QH VJG /CETQUGOKWU HQWPGVK VJG URGEKOGP EQNNGEVGF KP 'N 'URKPCN )QP\¶NG\ 4QFTÈIWG\GVCNCPFVJGUGTXGTCNOCETQUGOKKFURGEKGUMPQYPHTQOVJG6NC[ÕC 3WCTT[ )QP\¶NG\4QFTÈIWG\CPF)QP\¶NG\4QFTÈIWG\GVCN
/'51<1+%156'+%*6*;#051(/':+%1
TGRQTVGFHQTVJGſTUV VKOG KP VJG 0GY 9QTNF 1PVJGQVJGTJCPF/CKUG[ CPCN[\GFVJGCUUQEKCVKQPQHVJGIGQITCRJKECN FKUVTKDWVKQP QH ſUJGU KP #HTKEC 5QWVJ #OGTKEC CPF VJG %CTKDDGCP KPENWFKPI /GZKEQ YKVJKP VJG EQPVGZV QH VJG CRGTVWTG QH VJG #VNCPVKE 1EGCP VJTQWIJQWV VJG 'CTN[ %TGVCEGQWU #RVKCP#DKCP CP GRKUQFG VJCV KPXQNXGU VJG EQPVKPGPVCN DTGCM WRQH9GUVGTP)QPFYCPC $9)KPENWFKPIVJG9GUVGTP#HTKECCPF'CUVGTP5QWVJ #OGTKECPCTGCU$CUGFQPVJGRTGUGPVTGXKGYQHVJG/GZKECP/GUQ\QKEſUJGU UQOG PQVGUECPDGCFFGFVQ/CKUG[yU TGXKUKQPCNVJQWIJVJKUGZGTEKUGYKNNRTQFWEG COQTGEQORNGZRTQEGUUVQGZRNCKPVJGFKUVTKDWVKQPQHUQOGQHVJG'CTN[%TGVCEGQWU URGEKGU /CKUG[ FKF PQV TGRQTV ,WTCUUKE ſUJGU KP VJG $9) CTGC DWV VJG VCZQPQOKECN CHſPKVKGU QH UQOG 'CTN[ %TGVCEGQWU ſUJGU HTQO %GPVTCN CPF 5QWVJGTP /GZKEQENGCTN[CTGENQUGN[TGNCVGFVQENCFGUMPQYPKPVJG,WTCUUKE'CTN[%TGVCEGQWU 9GUVGTP6GJ[UTGCNO6JGUG/GZKECPHQUUKNſUJGU UGG 6CDNG CTG /CETQUGOKKFCG +QPQUEQRKHQTOGU #URKFQTJ[PEJKHQTOGU .GRVQNGRKHQTOGU 5GOKQPQVKHQTOGU CPF #OKKHQTOGU 6JG QEEWTTGPEGU QH VJGUG ſUJGU RTQDCDN[ UJQY VJCV VJG[ CTTKXGF VQ VJG/GZKEQFWTKPI,WTCUUKEVKOGUQTCVVJGDGIKPPKPIQHVJG'CTN[%TGVCEGQWUCPF RTQDCDN[VJG[GXQNXGFYKVJUQOGKPFGRGPFGPEGKP/GZKEQUKPEGVJGP $GUKFGUVJCV$NCPEQCPF%CXKP CPF)QP\¶NG\4QFTÈIWG\CPF$TCXQ%WGXCU
KPRTGUUTGEQIPK\GFVJCVUGXGTCN.CVG%TGVCEGQWU/GZKECPſUJGU UJQY CHſPKVKGU YKVJ QVJGT 6GVJ[CP CUUGODNCIGU NQECVGF KP 0QTVJ #OGTKEC 5QWVJ #OGTKEC #HTKEC CPF 'WTQRG6JGUGCWVJQTUDCUGFVJGKTQDUGTXCVKQPUQPVJGRTGUGPEGQHUGXGTCNſUJ ENCFGU CU4J[PEJQFGTEGVKU6UGNHCVKC#TCTKRKEJVJ[U;CDTWFKEJVJ[UCPF2CTCGPEJQFWUVJCV CEEGPVWCVGVJGKORQTVCPEGQHVJG/GZKECP/GUQ\QKEſUJ TGEQTF KP VJG WPFGTUVCPFKPI QHVJGRCNGQDKQIGQITCRJKERCVVGTPUVJCVQUVGKEJVJ[CPUJCFFWTKPIVJG/GUQ\QKE
(KPCN4GOCTMU #P GZEKVKPI HWVWTG KU YCKVKPI HQT VJG UOCNN /GZKECP 2CNGQKEJVJ[QNQIKECN %QOOWPKV[VJCVKUHCEKPIVJGEJCNNGPIGQHUVWF[KPICEQORCTCVKXGN[NCTIG/GZKECP /GUQ\QKE ſUJ TGEQTF /CP[ RQVGPVKCN PGY URGEKGU JCF DGGP TGEQIPK\GF CPF VJGKT PWODGT KU EQPUVCPVN[ KPETGCUKPI UQ UGXGTCN [GCTU QH KPVGPUG YQTM CTG TGSWKTGF 0GXGTVJGNGUUYGJCXGLWUVUVCTVGFNGCTPKPIUQOGQHVJGKORNKECVKQPUVJCVVJKUTGEQTF JCUYKVJKPQWTMPQYNGFIGQH/GZKECP2CNGQPVQNQI[5WTGN[VJGUGKPEQOKPIGHHQTVU CTGIQKPIVQEJCPIGQWTWPFGTUVCPFKPIQHVJGU[UVGOCVKEUGXQNWVKQPCPFDKQIGQITCRJ[ QHOCP[/GUQ\QKEſUJ ITQWRU
4GHGTGPEGU #IWKNGTC,)$QUSWGLQ)GQNÎIKEQFG/ÃZKEQ$QN+PUV)GQN/ÃZ #IWKNGTC,).GU)KUUGOGPVUECTDQPKHÂTGUFG%QCJWKNC)WKFG)ÃQNQIKSWGFW/GZKSWGR #IWKNGTC,)#RGTÁWUWTNC)ÃQNQIKGFW/GZKSWGRQWTUGTXKTFŏGZRNKECVKQP¶NCECTVGIÃQNQIKSWGFG Ny#OÃTKSWGFW0QTF%QPITGUQ)GQNÎIKEQ+PVGTPCEKQPCN:ÃOG5GUUKQP/GZKEQ+ #IWKNNÎP/CTVÈPG\/%'URKPQUC$CPF-KTMNCPF,+4QUVTQFG2G\5KGTTC+UEJ[TJ[\COKTC
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%JQPFTKEJVJ[GU 'NCUOQDTCPEJKK KP VJG 2GTOKCP 2CVNCPQC[C (QTOCVKQP 2WGDNC /GZKEQ , 2CNGQPV 5RTKPIGT8)#PGYIGPWUCPFURGEKGUQH'NQRKFſUJ .COKPURQPF[NWUVTCPUXGTUGUHTQOVJG 7RRGT%TGVCEGQWUQH6GZCU%QRGKC 6JKGU&.GRKFQVGUINQTKCGURPQX #EVKPQRVGT[IIKK5GOKQPQVKHQTOGUHTQOVJG.CVG,WTCUUKEQH %WDC,8GTV2CNGQPV 8GIC ( , )CTEÈC$CTTGTC 2 %QWVKÌQ / 0[DQTI 6 %KHWGPVGU4WK\ 2 )QP\¶NG\4QFTÈIWG\ - /CTVGPU#&GNICFQ%4CPF%CTDQV)'CTN[%TGVCEGQWU#TVJQRQFUHTQO2NCVVGPMCNM HCEKGUKP/GZKEQ%QPVT
%JCRVGT
4GUGCTEJQP(QUUKNCORJKDKCPUCPFTGRVKNGUKP/GZKEQHTQO VQ GCTN[ KPENWFKPI OCTKPG HQTOU DWV GZENWFKPI RVGTQUCWTUFKPQUCWTUCPFQDXKQWUN[DKTFU 8 %614*7)14';0151 +PUVKVWVQ FG $KQNQIÈC 70#/ %KTEWKVQ 'ZVGTKQT %KWFCF 7PKXGTUKVCTKC %Q[QCE¶P /ÃZKEQ&(XTG[PQUQ"KDWPCOKDKQNQIKCWPCOOZ #DUVTCEV +PVTQFWEVKQP *KUVQTKECN$CEMITQWPF 6CZC#PCN[UKU #ORJKDKCPUCPF4GRVKNGUKP6KOGCPF5RCEG 6JG8CNKFKV[QH6CZC'TGEVGFYKVJ/GZKECP(QUUKN/CVGTKCN /WUGWOUCPF+PUVKVWVKQPU*QWUGF6[RGUCPF1VJGT/CVGTKCN #PCN[UKUQHVJG&QEWOGPVU2TQFWEGF%QPEGTPKPIYKVJ#ORJKDKCPUCPF4GRVKNGUKP /GZKEQ %QPENWUKQPU #EMPQYNGFIOGPVU 4GHGTGPEGU
#DUVTCEV 6JGCORJKDKCPCPFTGRVKNGHQUUKNTGEQTFKP/GZKEQKUUECTEG6JGTGJCXGDGGPTGRQTVGF WPKSWGVCZQPNQECNKV[CIGTGEQTFUHTQONQECNKVKGU/QUVHQUUKNUCTGHTCIOGPVCT[ CPFVJGKTVCZQPQOKEUVCVWUKUFKHſEWNV VQ CUUGUU JQYGXGT UQOG CTG DGCWVKHWNN[ RTGUGTXGF RGTOKVVKPI GXGP IQQF ENCFKUVKE CPF DKQIGQITCRJKECN CPCN[UKU #OQPI CORJKDKCPU VJGTGCTGTGEQTFUQHECWFCVGUCPFCPWTCUTGUVTKEVGFVQVJG0GQIGPGCPF3WCVGTPCT[ 4GRVKNGU KPENWFG VWTVNGU YJKEJ CTG VJG OQUV CDWPFCPV ETQEQFKNGU KEJVJ[QUCWTU UCWTQRVGT[IKCPU C DCUCN NGRKFQUCWTQOQTRJ URJGPQFQPVKCPU C DCUCN USWCOCVG VTWG USWCOCVGNK\CTFUCPFUPCMGUHTQOVJG.CVG6TKCUUKEVQVJG*QNQEGPG.QECNKVKGUCTG FKUVTKDWVGF KP /GZKECP UVCVGU HTQO YJKEJ 5QPQTC DGCTU OQUV TGEQTFU 0KPGVGGP URGEKGU DCUGF QP /GZKECP HQUUKNU JCXG DGGP GTGEVGF 6JTGG JCXG DGGP EQPUKFGTGF
F. Vega et al. (eds.), Studies on Mexican Paleontology , 209–231. © 2006 Springer. Printed in the Netherlands.
4'5'#4%*10(155+.#/2*+$+#05#0&4'26+.'5
KPXCNKF QPG JCU EJCPIGF VCZQPQOKE UVCVWU CPF CV NGCUV VYQ OQTG CTG SWGUVKQPGF /QUV QH VJG V[RG URGEKOGPU FGUKIPCVGF CTG JQWUGF KP /GZKECP KPUVKVWVKQPU 6JGTG JCXGDGGPOCKPPQPTGFWPFCPVRWDNKUJGFFQEWOGPVUVJCVOGPVKQPNKUVQTFGUETKDG HQUUKNCORJKDKCPUCPFTGRVKNGUKPENWFKPIUEKGPVKſE RCRGTU DQQMU CPF DQQM EJCRVGTU QH KPVGTPCVKQPCNCPFPCVKQPCNEKTEWNCVKQPOGGVKPICDUVTCEVUIWKFGDQQMUCPFPGYUNGVVGTU 1HCNNRCRGTURWDNKUJGFQPN[CTGHQTOCNRWDNKECVKQPUKPGKVJGTPCVKQPCNQTKPVGTPCVKQPCN RTGUU CPF YGTG RWDNKUJGF KP KPVGTPCVKQPCN LQWTPCNU QT GFKVQTKCNU /GZKECPU JCXG RWDNKUJGF QPN[ KPVGTPCVKQPCN RCRGTU *QYGXGT /GZKECP RCNGQJGTRGVQNQI[ JCU UKIPKſECPVN[ KPETGCUGF KP VJG NCUV VYQ FGECFGU CNVJQWIJ OQUV KPHQTOCVKQP KU JKFFGP KP ITC[NKVGTCVWTGQHFKHſEWNV CEEGUU VQ VJG KPVGTPCVKQPCN EQOOWPKV[ +V KU KORGTCVKXG VJCV /GZKECPYQTMGTUFQEWOGPVVJGKTFKUEQXGTKGUKPHQTOCNRWDNKECVKQPU
+PVTQFWEVKQP #U YKVJ OQUV EQWPVTKGU QH VJG YQTNF VJG CORJKDKCP CPF TGRVKNG HQUUKN TGEQTF KP /GZKEQ KU UECTEG CPF HTCIOGPVCT[ 6JG NCEM QH IQQF FGUETKRVKXG HQUUKN OCVGTKCN JCUNGCF/GZKECPRCNGQPVQNQIKUVUVQQXGTNQQMVJGUGITQWRUCPFPQURGEKCNKUVUYGTG GXGTHQTOGFWPVKNTGEGPVN[YJGPVJGYGNNRTGUGTXGFTGRVKNGHQUUKNUHTQOVJG6NC[WC (QTOCVKQPKP6GRGZKFG4QFTÈIWG\2WGDNC/GZKEQYGTGſTUV FGUETKDGF 5KPEG VJGP VJGPWODGTQHTGUGCTEJGTUCPFRCTVKEWNCTN[UVWFGPVUKPVGTGUVGFKPRCNGQJGTRGVQNQI[ JCUKPETGCUGF 7RWPVKNNCVGUOQUVNKVGTCVWTGTGHGTTKPIVQHQUUKNCORJKDKCPUCPFTGRVKNGUYCU TGUVTKEVGFVQNKUVKPIUQHCRRTQZKOCVGVCZQPQOKEPCOGUHTQOHQUUKNUKVGUYGNNMPQYP OCKPN[HQTVJGKTOCOOCNUCITQWRKPIYJKEJTGUGCTEJKUXGT[CEVKXG2CRGTUYJKEJ VJGKT OCKP UWDLGEV YGTG CORJKDKCPU TGRVKNGU QT DQVJ YGTG RTCEVKECNN[ PQPGZKUVGPV CPFGXGPVQFC[QPN[CUOCNNRQTVKQPQHVJGURGEKOGPUTGRQTVGFJCUDGGPTGXKGYGFCPF VJGVTWGKFGPVKV[QHOQUVKUUVKNNWPEGTVCKP /GZKECPU CTG RTQWF QH VJGKT YKNFNKHG FKXGTUKV[ #ORJKDKCPU CPF TGRVKNGU CTG PQVGYQTVJ[DGECWUG/GZKEQDGCTUVJGUGEQPFJKIJGUVFKXGTUKV[YQTNFYKFGHQNNQYKPI #WUVTCNKC+PHCEV/GZKEQJCUVJGJKIJGUVFKXGTUKV[RGTCTGCWPKVYJGPKUVCMGPKPVQ CEEQWPV VJCV #WUVTCNKC JCU CP CTGC VJU NCTIGT 6JG ITGCV YKNFNKHG FKXGTUKV[ QH /GZKEQJCUDGGPGZRNCKPGFD[CPGZVTGOGN[EQORNGZRJ[UKQITCRJ[CUUQEKCVGFYKVJ KVUVTCPUKVKQPCNRQUKVKQPDGVYGGPVYQKORQTVCPVDKQIGQITCRJKETGCNOUVJG0GQVTQRKECN CPF VJG 0GCTEVKE 6JG EQORNGZ RJ[UKQITCRJ[ TGUWNVU KP VJG IGPGTCVKQP QH C ITGCVGT PWODGT QH JCDKVCVU CPF DCTTKGTU VJCV RTQOQVGU URGEKCVKQP /GZKECP NCPFUECRG KU PQV C OQFGTP QEEWTTGPEG UKPEG OQUV QH VJG OQWPVCKP EJCKPU YGTG HQTOGF FWTKPI VJG 6GTVKCT[ 'XGP KP VJG %TGVCEGQWU CPF GCTNKGT /GZKEQ YCU UWDLGEVGF VQ C UGTKGU QH QEGCPKE VTCPUITGUUKQPU CPF TGITGUUKQPU YJKEJ TGUWNVGF KP VJG CRRGCTCPEG CPF FKUCRRGCTCPEG QH KUNCPFU C RJGPQOGPQP VJCV CNUQ RTQOQVGU URGEKCVKQP /GZKECP EQORNGZ IGQNQIKECN JKUVQT[ RTGFKEVU VJG RTGUGPEG QH C NCTIG CORJKDKCP CPF TGRVKNG DKQFKXGTUKV[KPVJGRCUV
4';0151
6JKURCRGTKPVGPFUVQRTQXKFGCTGXKUKQPQHVJGNKVGTCVWTGEQPEGTPKPIHQUUKNCORJKDKCPU CPFTGRVKNGUKP/GZKEQHTQOVQGCTN[6CZQPQOKEITQWRUCTGCUCPFVKOG RGTKQFUYGTGCPCN[\GFUGRCTCVGN[CUYGNNCUVJGYQTMQH/GZKECPRCNGQPVQNQIKUVUQPVJG UWDLGEV/CP[NQECNKVKGUCPFVCZQPQOKEPCOGUTGRQTVGFKP/GZKECPNKVGTCVWTGYJKEJCTG PQVTGCFKN[CEEGUKDNGCTGCNUQKPVTQFWEGFVQVJGKPVGTPCVKQPCNEQOOWPKV[ 6JKUYQTMKUNCTIGN[DCUGFQP$CTTKQU4KXGTC RTQHGUUKQPCNVJGUKUYJGTG JGNKUVUOCP[TGRQTVUQHHQUUKNCORJKDKCPCPFTGRVKNGQEEWTTGPEGUKP/GZKEQ
*KUVQTKECN$CEMITQWPF 6JGſTUV TGRQTV QH C HQUUKN TGRVKNG HTQO /GZKEQ YCU D[ ,QUà #IWKNGTC KP JKUő$QUSWGLQ)GQNÎIKEQFG/ÃZKEQŒ+PVJKURCRGT#IWKNGTCFGUETKDGUVJGRTGUGPEG QHRNCVGUQHC.CVG%TGVCEGQWU 'CTN[6WTQPKCPUQHVUJGNNGFVWTVNG6TKQP[ZUR!HTQO VJG2G[QVGU&KXKUKQPCV2CTTCU%QCJWKNCKPVJG4ÈQ$TCXQ#HVGTVJKUſTUV FKUEQXGT[ PQVJKPIGNUGKUOGPVKQPGFKPVJGNKVGTCVWTGWPVKNVJGGCTN[U 2CRGTUTGUVTKEVGFVQVJGſTUV JCNH QH VJG VJ EGPVWT[ CTG VJQUG QH #IWKNGTC YJQOGPVKQPUHQTVJGUGEQPFVKOGVJG6TKQP[ZſPFKPI 9KGNCPF FGUETKDKPI C HTCIOGPVCT[NQYGTLCYQHVJGOCTKPGTGRVKNG2NGUKQUCWTWUOGZKECPWUHTQOVJGGCTN[ %TGVCEGQWU FGRQUKVU PGCT 6NCZKCEQ 1CZCEC VJG ſTUV PGY URGEKGU QH C HQUUKN TGRVKNG HTQO/GZKEQCPF/×NNGTTKGF OGPVKQPKPIVYQRCTVKCNOQUCUCWTUHTQO VJG.CVG%TGVCEGQWUQH6COCWNKRCUCPFCPKPVGTPCNOQNFQHCVWTVNGHTQOVJG6GTVKCT[ QH%JKCRCUTGURGEVKXGN[ &WTKPIVJGUGEQPFJCNHQHVJGVJEGPVWT[CPFVJGGCTN[DGIKPPKPIUQHVJGUV HQUUKNCORJKDKCPCPFTGRVKNGTGUGCTEJKPETGCUGFUKIPKſECPVN[ &WTKPI VJKU VKOG HTCOG OQUV QH VJG OCKP FQEWOGPVU EQPEGTPGF YKVJ QT TGHGTTKPI VQ HQUUKN CORJKDKCPU CPF TGRVKNGUYGTGRWDNKUJGF1HVJGUGRWDNKECVKQPUKVKUYQTVJOGPVKQPKPIVJGFGUETKRVKQPU QHDGCWVKHWNN[RTGUGTXGFJQNQV[RGUQHVWTVNGUURJGPQFQPVKCPUDCUCNNGRKFQUCWTUCPF NK\CTFU6JGUGHQUUKNUCTGVJGUMWNNQH2CTCFKRUQUCWTWUOGZKECPWU (TKGUGVCN HTQOVJGNCVG'QEGPGFGRQUKVUQH/CTſN )WCPCLWCVQ VJG CNOQUV EQORNGVG UMGNGVQP QH )QRJGTWU CWHHGPDGTIK /QQUGT HTQO VJG +NNKPQKCP %GFC\Q NQECN HCWPC KP #IWCUECNKGPVGU QPG QH VJG HGY UMWNNU QH )QRJGTWU CUUQEKCVGF YKVJ KVU UJGNN CPF RQUVETCPKCNUMGNGVQPHTQOYJKEJ)FQPNCNQKCIKCPVVWTVNGHTQOVJG4CPEJQNCDTGCP FGRQUKVU QH 8KNNCIT¶P PQTVJYGUV 6COCWNKRCU YCU TGEGPVN[ FGUETKDGF 4G[PQUQ CPF /QPVGNNCPQ VJG GZSWKUKVGN[ YGNN RTGUGTXGF DCUCN NGRKFQUCWTQOQTRJU CPF URJGPQFQPVKCPUHTQOVJGOKF,WTCUUKETGFDGFUQH.C$QEC(QTOCVKQPCV*WK\CEJCN %CP[QP 6COCWNKRCU %NCTM CPF *GTP¶PFG\ 4G[PQUQ KP RTGUU 4G[PQUQ CPF %NCTM VJG DGCWVKHWNN[ RTGUGTXGF EQORNGVG UMGNGVQPU QH URJGPQFQPVKCPUDCUCNUSWCOCVGUCPFVTWGNK\CTFUHTQOVJG'CTN[%TGVCEGQWUQHVJG 6NC[ÕC(QTOCVKQPPGCT6GRGZKFG4QFTÈIWG\2WGDNC 4G[PQUQ 4G[PQUQCPF%CNNKUQP4G[PQUQGVCNCPFVJGUMWNNQHVJGPGY ETQEQFKNGURGEKGU)GQUCWTWUXKIPCWFK (TG[GVCNHTQOVJGOKFFNG6KVJQPKCP FGRQUKVUQH.C2KOKGPVC(QTOCVKQPPGCT/C\CVGRGE2WGDNC
4'5'#4%*10(155+.#/2*+$+#05#0&4'26+.'5
1VJGT KORQTVCPV HQUUKNU VJCV JCXG DGGP TGEGPVN[ FGUETKDGF CTG TGOCKPU QH VJG NCTIGUVMPQYPOCTKPGECTPKXQTG.KQRNGWTQFQPHGTQZ $WEJ[GVCNHTQOVJG -KOOGTKFIKCP.C%CUKVC(QTOCVKQP#NUQQWVUVCPFKPICTGVJGPQV[GVFGUETKDGFEQORNGVG UMGNGVQPUKPENWFKPIVJGHTQIUCPFUCNCOCPFGTUHTQOVJG2NKQEGPGHQUUKNKHGTQWUTGIKQPQH 5CPVC/CTÈC#OCLCE#VQVQPKNEQGN)TCPFG*KFCNIQ (WGPVGU)WGTTCCPF8GNCUEQFG .GÎPVJGVWTVNGUCPFETQEQFKNGUHTQO6NC[ÕC 4G[PQUQGVCNCPFCP CNOQUVEQORNGVGUMWNNQHCIQPKQNQRJKFETQEQFKNGHTQOVJG/CCUVTKEJVKCP1EQ\QEQCWVNC (QTOCVKQPQH%JKCRCU %CTDQV%JCPQPCCPF%QWVKÌQ,QUÃ 4GOCKPKPI FGUETKDGF QT NKUVGF VCZC CTG TGRTGUGPVGF D[ KPEQORNGVG UMGNGVQPU CPFUMWNNUKUQNCVGFQUVGQNQIKECNGNGOGPVUCPFHTCIOGPVCT[OCVGTKCNHTQOOCP[UKVGU DTQCFN[ FKUVTKDWVGF VJTQWIJ UVCVGU QH VJG /GZKECP 4GRWDNKE 0GY IGPGTC CPF QT URGEKGU FGUETKDGF HTQO HTCIOGPVCT[ OCVGTKCN CTG VJG GCTN[ %TGVCEGQWU OCTKPG TGRVKNG2NGUKQUCWTWUOGZKECPWU 9KGNCPFHTQO6NCZKCEQ1CZCECMPQYPHTQO VJG HTCIOGPVCT[ WRRGT CPF NQYGT LCYU VJG *GORJKNNKCP $WHQ ECORK $TCVVUVTQO C HTQO ;GRÎOGTC %JKJWCJWC QPN[ MPQYP HTQO KVU NGHV VKDKC CPF ſDWNC VJG NCVG 2NGKUVQEGPG NK\CTFU %VGPQUCWTC RTGOCZKNNCTKU CPF .GRKFQRJ[OC CTK\GNQIN[RJWU
.CPIGDCTVGNHTQOVJG5RWMKN%CXG;WECVCPMPQYPHTQOVJGRTGOCZKNNCCPF TKIJV FGPVCT[ TGURGEVKXGN[ VJG 9KUEQPUKCP 2JT[PQUQOC LQUGEKVGPUKU $TCVVUVTQO D HTQO 0WGXQ .GÎP MPQYP HTQO C UMWNN HTCIOGPV CPF VJG VWTVNG )QRJGTWU RCTIGPUKU /QQUGT QPN[ MPQYP HTQO C HTCIOGPVCT[ UJGNN HTQO VJG +NNKPQKCP %GFC\QNQECNHCWPCKP#IWCUECNKGPVGU#EQPVTQXGTU[QPVJGXCNKFKV[QHVJGUGVCZCJCU DGGPTCKUGFOCKPN[DGECWUGVJGKTFGUETKRVKQPUYGTGDCUGFQPPQPFKCIPQUVKEHGCVWTGU #FFKVKQPCNKPFKTGEVGXKFGPEGUQHVJGRTGUGPEGQHHQUUKNTGRVKNGUKP/GZKEQCTGCP KUQNCVGFDTCKPECUGQHCETQEQFKNG ,%NCTMRGTUEQOHTQOVJGNCVG%CORCPKCP%GTTQ FGN2WGDNQ(QTOCVKQPPGCT5CNVKNNQ%QCJWKNCQTKIKPCNN[VJQWIJVVQDGCEJCUOQUCWT DTCKPECUG *GTP¶PFG\4KXGTCCPF&GNICFQFG,GUÕUCPCOOQPKVGUJGNNYKVJ RTQDCDNGOQUCUCWTDKVGUHTQOVJG/CCUVTKEJVKCPHQWPFCVVJG#TTQ[QFG5CPVC%CVCTKPC 'N4QUCTKQ$CLC%CNKHQTPKC 5CWNCPFCVWTVNGKIPKVGHTQOVJG.CVG%TGVCEGQWU QH%QCJWKNC 4QFTÈIWG\FGNC4QUCCPF&¶XKNC4QFTÈIWG\
6CZC#PCN[UKU 6CZCCPFDKQIGQITCRJKECNCPCN[UGUYGTGRGTHQTOGFD[ICVJGTKPIWPKSWGTGRQTVU QHHQUUKNCORJKDKCPUCPFTGRVKNGUOGPVKQPGFNKUVGFQTFGUETKDGFKPNKVGTCVWTGEQPUKFGTGF KPFGRGPFGPVN[HTQOVJGKTVCZQPQOKETCPM#WPKSWGTGEQTFKUFGſPGF CU VCZC RTGUGPV KP C FKHHGTGPV NQECNKV[ CPF UVTCVKITCRJKE NGXGN GXGP YKVJKP VJG UCOG NQECNKV[ 6CZC TGRQTVUHTQOVJGUCOGNQECNKV[CPFCIGOGPVKQPGFKPFKHHGTGPVRCRGTUYGTGEQPUKFGTGF TGFWPFCPVCPFYGTGPQVWUGF6QCXQKFCFOKUUKQPGTTQTU GIVJGFWRNKECVKQPQHVCZC HTQO FKHHGTGPV TGRQTVU TGFWPFCPV VCZC YGTG OGTIGF HTQO GCEJ QVJGT KPVQ C UKPING TGEQTFCUOWEJCURQUUKDNG+PUWEJECUGUVJGXCNKFPCOGWUGFYCUVJCVQHVJGOQUV TGEGPV EKVCVKQP QH VJG VCZC QT VJG PCOG WUGF KP VJG OQUV KORQTVCPV RWDNKECVKQP +P C HGY RWDNKUJGF FQEWOGPVU KV YCU KORQUUKDNG VQ FKUVKPIWKUJ YJGVJGT CWVJQTU YGTG
4';0151
TGHGTTKPI VQ FKHHGTGPV VCZC QT VQ VJG UCOG QPG 6JGUG ECUGU YGTG EQPUKFGTGF KP VJG CPCN[UGUDWVECTGHWNN[FKUEWUUGFUKPEGVJG[OKIJVDGKPETGCUKPITKEJPGUUCTVKſEKCNN[ 5RGEKCNECUGCTGFQEWOGPVURTQFWEGFD[%CUVKNNQŌ%GTÎPŏUYQTMKPIVGCOYJGTGYJCV UGGOUVQDGVJGUCOGHQUUKNURGEKOGPKUOGPVKQPGFTGRGCVGFN[CVFKHHGTGPVVCZQPQOKE TCPMU QT KFGPVKVKGU (QT GZCORNG KV KU WPEGTVCKP KH VJG /KQEGPGNCVG 2NGKUVQEGPG 6GJWKEJKNC
%CUVKNNQ%GTÎP CPF )Q[GPGEJGC %CUVKNNQ%GTÎP GV CN CPF %CUVKNNQ%GTÎPGVCN CNVJQWIJVJGUGNCUVRCRGTUEGTVCKPN[FQPQVKPENWFGVJG NCVG2NGKUVQEGPGCORJKDKCPUVJCVJCXGDGGPPGXGTTGRQTVGFKPCHQTOCNRCRGT(QTCNN ECNEWNCVKQPUWPFGVGTOKPGFXCTKQWU CORJKDKCPUCPF TGRVKNGUTGRQTVGF D[ /KNNGTCPF %CTTCP\C%CUVCÌGFC CPFVJGTGEQTFQHEH2NCVGECTRWU (TG[GVCNYGTG GZENWFGFUKPEGVJG[FKFPQVRTQXKFGEQNNGEVKPIFCVCKPVJGKTTGRQTVU 7RVQPQYVJGTGJCXGDGGPTGRQTVGFCORJKDKCPUCPFTGRVKNGU 6CDNG HTQO/GZKEQ#OQPICORJKDKCPUſXG CTG WPFGVGTOKPGF TGRQTVU ſXG ECWFCVGU CPF CPWTCPU#OQPITGRVKNGUCTGWPFGVGTOKPGFVWTVNGU RNGWTQFKTGUQPGDCUCN NGRKFQUCWTQOQTRJUGXGPURJGPQFQPVKCPUQPGDCUCNUSWCOCVGVTWGUSWCOCVGU NK\CTFUCPFUPCMGUETQEQFKNGUCPFPQPUSWCOCVGOCTKPGTGRVKNGU (KIWTG 7PKFGPVKſGF CORJKDKCPU CPF TGRVKNGU CTG WUWCNN[ TGRQTVGF YJGP KPVTQFWEKPI PQPNQYGTXGTVGDTCVGHCWPCNCUUGODNCIGUDGKPIWPEGTVCKPKHVJGUGTGRQTVUTGHGTVQC UKPINGQTUGXGTCNVCZC#OD[UVQOCKUVJGQPN[IGPWUQHECWFCVGURTQRGTN[KFGPVKſGF
$TCVVUVTQO C NXCTG\ CPF *WGTVC +P CFFKVKQP $WHQ )CUVTQRJT[PG *[NC *[NCEVQRJTKPG 'NGWVJGTQFCEV[NWU .GRVQFCEV[NWU 2VGTPQJ[NC 4CPC 4JKPQRJT[PWU5ECRJKQRWUCPF5[TTJQRJWUJCXGDGGPTGRQTVGFHQT#PWTC 4GRVKNGUCTGEQPUKFGTCDN[OQTGCDWPFCPVVJCPCORJKDKCPU6JGTGOC[DGOQTG WPKFGPVKſGF TGRVKNGU PQV EQPUKFGTGF KP VJKU RCRGT (QT GZCORNG %QRG GV CN OGPVKQPGFC%CORCPKCPTGRVKNGOKETQHCWPCHQTVJG%CÌÎP5CPVC'NGPC0CVKQPCN2CTM %JKJWCJWCYKVJQWVURGEKH[KPIVJGPWODGTQTKFGPVKV[QHVJGVCZC5KOKNCTECUGUYGTG EQPUKFGTGFCUCUKPINGTGRQTVECWUKPIQOKUUKQPGTTQTU #OQPI TGRVKNGU VWTVNGU CTG VJG OQUV CDWPFCPV 1H VWTVNG TGEQTFU CTG ET[RVQFKTCPUCPFVYQRNGWTQFKTCPU6JGOQUVCDWPFCPVKFGPVKſ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ſECVKQP 2TKOKVKXG ETQEQFKNGU KPENWFG IQPKQNQRJKFU VJCNNCVQUWEJKFU OGVTKQTJ[PEJKPGU VGNGQUCWTKFU CPF WPKFGPVKſGF OGVCUWEJKCPU CPF OGUQUWEJKCPU /QFGTPETQEQFKNGUCTGCNNTGHGTTGFVQVJGIGPWU%TQEQF[NWU/KNNGT KFGPVKſGF C NQYGT LCY HTQO VJG $NCPECP .CU 6WPCU .QECN (CWPC KP $CLC %CNKHQTPKC 5WT CU %TQEQF[NWUOQTGNGVVK
4'5'#4%*10(155+.#/2*+$+#05#0&4'26+.'5
4'26+.'5 KPFGVTGRVKNGU VWTVNGU ETQEQFKNGU NGRKFQUCWTQOQTRJU őGWT[CRUKFUŒ
616#.
TGEQTFUTGHGTTGFVQ VJGURGEKGUNGXGN
WPFGVGTOKPGF URGEKGU
FGUETKDGF PGYURGEKGU
TGEQTFUTGHGTTGFVQ VJGIGPGTKENGXGN
TGEQTFUTGHGTTGF VQVJGUWRTCIGPGTKE NGXGN
#/2*+$+#05 WPFGVCORJKDKCPU WTQFGNGU CPWTCPU
RTQRQUGF PGYURGEKGU
TGEQTFU
6#$.'0WODGTQHWPFGVGTOKPGFRTQRQUGFCPFFGUETKDGFPGYURGEKGUCPFVCZQPQOKE NGXGNQHKFGPVKſECVKQP QH CORJKDKCPU CPF TGRVKNGU TGRQTVGF HQT /GZKEQ
6JGTGJCXGDGGPTGRQTVGFNGRKFQUCWTQOQTRJU6JG/GUQ\QKEHQTOUCTGVJG DGUVMPQYPRCTVKEWNCTN[VJQUGQHVJGOKF,WTCUUKE.C$QEC(QTOCVKQPCPFVJGGCTN[ %TGVCEGQWU 6NC[ÕC (QTOCVKQP (TQO *WK\CEJCN CTG VJG DCUCN NGRKFQUCWTQOQTRJ 6COCWNKRCUCWTWUOQTGPQK %NCTMCPF*GTP¶PFG\MPQYPHTQOCUMWNNCPFC DCUKETCPKWO VJG URJGPQFQPVKCPU %[PQURJGPQFQP JWK\CEJCNGPUKU 4G[PQUQ 4G[PQUQVJGOQUVCDWPFCPVNQECNHQTOMPQYPHTQOUGXGTCNFGPVCNGNGOGPVU VJGFYCTH
4';0151
(+)74'(TGSWGPE[QHWPKSWGVCZQPNQECNKV[CIGTGEQTFUQHCORJKDKCPUCPFTGRVKNGURGT JKIJTCPMVCZQPQOKEITQWR
6JGTG CTG TGRQTVU QH VTWG NK\CTFU CPF OCTKPG OQUCUCWTU CPF UPCMGU 6JGUG KPENWFGU VJG OQFGTP IGPGTC #OGKXC $CTKUKC %CNNKUCWTWU %PGOKFQRJQTWU
#URKFQUEGNKU %VGPQUCWTC 5EGNQRQTWU VJG IGPWU YKVJ VJG OQUV TGRQTVU !.CGOCPEVWU .GRKFQRJ[OC CPF 2JT[PQUQOC # XCTCPKF NK\CTF %JCOQRU 2QN[IN[RJCPQFQPCPFVJGOQUCUCWTU%NKFCUVGUEH/QUCUCWTWUCPFEH2NCVGECTRWU CTG %TGVCEGQWU .WECU GV CN 0[FCO 'XGTVJ GV CN (TG[ GV CN #NNTGRQTVGFUPCMGUCTGHTQOVJGNCVG%GPQ\QKEYKVJVJGGZEGRVKQPQHCPKUQNCVGF XGTVGDTCTGHGTTGFCU%QPKQRJKUURD[#IWKNNÎP HTQOVJG.CVG%TGVCEGQWU%GTTQ FGN 2WGDNQ (QTOCVKQP %QCJWKNC JQYGXGT VJKU KFGPVKſECVKQP PGGFU VQ DG XGTKſGF .CVG%GPQ\QKEUPCMGUCTG$QC%TQVCNWUCPFQT$QVJTQRU&T[OCTEJQP&T[OQDKWU 'NCRJG *[RUKINGPC .CORTQRGNVKU /CUVKEQRJKU! 2KVWQRJKU 5CNXCFQTC 5RKNQVGU 6JCOPQRJKU VJGOQUVCDWPFCPVIGPWUCPF6TKOQTRJQFQP/QUVTGRQTVUCTGHTQOVJG 5RWMKN%CXG .CPIGDCTVGN4CPEJQ.C$TKUEC5QPQTC 8CP&GXGPFGTGVCN CPF$CLC%CNKHQTPKC5WT /KNNGT (QT VJG RWTRQUG QH VJKU RCRGT PQPUSWCOCVG OCTKPG TGRVKNGU CTG ITQWRGF CU őGWT[CRUKFUŒ 6JGUG CTG VJG NGUU CDWPFCPV VCZC COQPI /GZKECP TGRVKNGU CPF QPN[ ſXG KEJVJ[QUCWTU CPF UKZ UCWTQRVGT[IKCP JCXG DGGP TGRQTVGF /QUV HQUUKNU YGTG EQNNGEVGF KP VJG /GUQ\QKE FGRQUKVU QH PQTVJGTP /GZKEQ YKVJ VJG GZEGRVKQP QH VJG
4'5'#4%*10(155+.#/2*+$+#05#0&4'26+.'5
JQNQV[RGQH2NKQUCWTWUOGZKECPWUCPFCPQVJGT!2NKQUCWTKFCGHTQO1CZCEC 9KGNCPF (GTTWUSWÈC8KNNCHTCPECCPF%QOCU1PN[5JCUJVCUCWTWUCNVKURKPWUCPF 6QTGVQEPGOWUECNKHQTPKEWUHTQO5QPQTC .WECUCPF)QP\¶NG\.GÎPCPFVJG #TCODGTTKOQPUVGT.KQRNGWTQFQPHGTQZ $WEJ[GVCNYGTGEQORNGVGGPQWIJVQ DGKFGPVKſGF VQ VJG URGEKGU NGXGN
#ORJKDKCPUCPF4GRVKNGUKP6KOGCPF5RCEG #ORJKDKCPUCPFTGRVKNGUCTGDTQCFN[FKUVTKDWVGFVJTQWIJQWVVJG/GZKECPVGTTKVQT[ JCXKPITGEQTFUHTQOVJG6TKCUUKEVQVJG*QNQEGPG6YGPV[QPGQHVJGUVCVGUJCXG HQUUKNJGTRGVQHCWPCKPNQECNKVKGU6JGOQUVKORQTVCPVUVCVGUNKUVGFCEEQTFKPIVQ VJGKTTKEJPGUUCTG5QPQTCYKVJTGRQTVU%QCJWKNCYKVJ6COCWNKRCUCPF;WECV¶P YKVJ0WGXQ.GÎPYKVJCPF'UVCFQFG/ÃZKEQ*KFCNIQ,CNKUEQCPF2WGDNC CNNYKVJ (KIWTG6JGTGOCKPKPIUVCVGUJCXGNGUUVJCPTGRQTVU#NNTGRQTVUQH ;WECV¶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¶NG\.GÎP6JG*WK\CEJCN%CP[QP TGFDGFUQH.C$QEC(QTOCVKQPKUVJGQPN[MPQYP/KFFNG,WTCUUKENQECNKV[#FFKVKQPCN VCZCHTQO*WK\CEJCNCTGUGXGTCNRCTVKCNUMWNNUQH/GVCUWEJKC %NCTMGVCND CPFCRTKOKVKXGETQEQF[NQOQTRJUMWNNHTCIOGPV %NCTMGVCNC.CVG,WTCUUKE FGRQUKVUCTGHTQO%QCJWKNC0WGXQ.GÎPCPFCUKPINGTGEQTFHTQO2WGDNCYJGTGVJG ETQEQFKNG)GQUCWTWUXKIPCWFK (TG[GVCNYCUFGUETKDGF6JGOQUVKORQTVCPV NCVG,WTCUUKEFGRQUKVUCTGVJGUGTKGUQHNQECNKVKGUPGCT#TCODGTTK0WGXQ.GÎP $WEJ[ GVCNKPRTGUU#TCPFC/CPVGECCPF5VKPPGUDGEM(TG[GVCNEQORTKUKPI FGRQUKVU QH .C %CUKVC CPF .C %CLC (QTOCVKQPU CV #UWPEKÎP )CNGCPC 5CP .WECU 4ÈQ2CDNKNNQ%KGPGIWKNNCU*KFCNIQG+VWTDKFG
4';0151
(+)74'(TGSWGPE[QHWPKSWGVCZQPNQECNKV[CIGTGEQTFUQHCORJKDKCPUCPFTGRVKNGURGT UVCVG #DDTGXKCVKQPU #IU #IWCUECNKGPVGU $% $CLC %CNKHQTPKC $%5 $CLC %CNKHQTPKC 5WT %JKJ %JKJWCJWC %JKU %JKCRCU %QCJ %QCJWKNC &WT &WTCPIQ 'OGZ 'UVCFQ FG /ÃZKEQ )VQ)WCPCLWCVQ*IQ*KFCNIQ,CN,CNKUEQ/KEJ/KEJQCE¶P0.0WGXQ.GÎP1CZ1CZCEC 2WG2WGDNC5.25CP.WKU2QVQUÈ5QP5QPQTC6CD6CDCUEQ6COR6COCWNKRCU;WE;WECV¶P
(+)74'(TGSWGPE[QHWPKSWGVCZCNQECNKV[CIGTGEQTFUQHCORJKDKCPUCPFTGRVKNGU RGTCIG
4'5'#4%*10(155+.#/2*+$+#05#0&4'26+.'5
JCURTQFWEGFUGXGTCNEQORNGVGCPFRCTVKCNUMGNGVQPUQHVYQVWTVNGVCZCCPFCETQEQFKNG
4G[PQUQGVCN1VJGTGCTN[%TGVCEGQWUNQECNKVKGUCTGHQWPFKP1CZCECKPVJG 6NCZKCEQCTGCCPFPGCT*WCLWCRCPFG.GÎP 9KGNCPF(GTTWUSWÈC8KNNCHTCPEC CPF %QOCU (TQO 6NCZKCEQ VJG V[RG URGEKOGP QH 2NGUKQUCWTWU OGZKECPWU YCU TGEQXGTGF 9KGNCPF CPF HTQO VJG NCVG $GTTKCUKCPGCTN[ *CWVGTKXKCP QH *WCLWCRCP FG .GÎP 1CZCEC CP KEJVJKQUCWTKF EGPVTC CPF C 2NKQUCWTKFCG! FGPVCT[ CUUQEKCVGFYKVJCUECRWNCTHTCIOGPV (GTTWUSWÈC8KNNCHTCPECCPF%QOCUYGTG CNUQTGEQXGTGF .CVG%TGVCEGQWUFGRQUKVUDGCTKPINQYGTXGTVGDTCVGCTGCDWPFCPV/QUVNQECNKVKGU CTGGKVJGT%CORCPKCPQT%CORCPKCP/CCUVTKEJVKCPKPCIGCPFCTGDCUKECNN[FKUVTKDWVGF VJTQWIJ VJG PQTVJGTP UVCVGU QH VJG TGRWDNKE $CLC %CNKHQTPKC 5QPQTC %JKJWCJWC %QCJWKNCCPF0WGXQ.GÎP1PN[VYQNQECNKVKGUJCXGDGGPTGRQTVGFVQDG6WTQPKCP VJG2G[QVGU&KXKUKÎPCV2CTTCUQPVJG4ÈQ$TCXQHTQOVJGPQTVJ2TGUKFKWOVQ2KGFTCU 0GITCU%QCJWKNC #IWKNGTCCPF8CNNGEKNNQ0WGXQ.GÎP $NCPEQ2KÌÎP GV CN YJGTG C UQHV UJGNNGF VWTVNG 6TKQP[Z UR CPF WPFGVGTOKPGF EJGNQPKCPU JCXGDGGPTGRQTVGFTGURGEVKXGN[ 6JGQNFGUV.CVG%TGVCEGQWUTGEQTFQHCOCTKPGTGRVKNGKUVJCVQH/×NNGTTKGF YJQTGRQTVGFVYQRCTVKCNKPFKXKFWCNUQHCOQUCUCWTHTQO4C[ÎPPQTVJQHVJG;COGUÈ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ÈIWG\FGNC4QUCCPF%GXCNNQU(GTTK\'XGTVJGVCN VJGUQWVJGTPOQUVTGEQTFQHVJGRNGWTQFKTG$QVJTGO[U )CTEÈCCPF4G[PQUQC XCTCPKFNK\CTF 'XGTVJGVCNVJGUPCMGSWGUVKQPCDN[TGHGTTGFVQCU%QPKQRJKU
#IWKNNÎPVJGOQUCUCWTU%NKFCUVGURTQDCDN[EH2NCVGECTRWUCPWPFGVGTOKPGF /QUCUCWTKC 'XGTVJ GV CN (TG[ GV CN CPF NQPIKTQUVTKPG ETQEQFKNGU RTQDCDN[ )QPKQRJQNKFKFCG 4QFTÈIWG\FG NC 4QUC CPF %GXCNNQU(GTTK\ 6JG NCEM QH IQQF OCVGTKCN OCMGU KFGPVKſECVKQPU VQ VJG IGPGTKE CPF RCTVKEWNCTN[ VQ VJG URGEKſE NGXGN FWDKQWU UQ VJG TGEQXGT[ QH OQTG EQORNGVG OCVGTKCN KU PGGFGF DGHQTG C ſPCN HCWPCN NKUV ECP DG RTQFWEGF 6JG RQUUKDNG %CORCPKCP/CCUVTKEJVKCP #IWLC ,CXGNKPC CPF 5CP %CTNQU HQTOCVKQPU NQECVGF QP VJG %JKJWCJWC%QCJWKNC DQTFGT CTG VJG UGEQPF OQUV CDWPFCPV .CVG %TGVCEGQWU FGRQUKVU KP /GZKEQ 6JGUG JCXG DGGP TGEGPVN[ UVWFKGF D[ / /QPVGNNCPQ$CNNGUVGTQU CPF , 9GUVICVGŏU VGCOU /QPVGNNCPQ$CNNGUVGTQU GV CN9GUVICVGGVCNCD%QRGGVCN7PHQTVWPCVGN[WRVQ PQYPQHQTOCNNKUVUJCXGDGGPRTQFWEGF6JGRTGUGPEGQHCTGRVKNGOKETQHCWPCVJG VWTVNG#URKFGTGVGUUQHVUJGNNGFVWTVNGUCPFQVJGTEJGNQPKCPUCPFETQEQFKNGUKPENWFKPI IQPKQNQRJKFUCPFCUJQTVUPQWVGFHQTOJCXGDGGPTGRQTVGF
4';0151
+P$CLC%CNKHQTPKCCNNMPQYP.CVG%TGVCEGQWUNQYGTVGVTCRQFUCTGHTQOVJGNCVG %CORCPKCP 'N )CNNQ (QTOCVKQP 6JKU UKVG DGCTU VJG QNFGUV MPQYP HQUUKN CORJKDKCP HTQO /GZKEQ .KNNGITCXGP CNVJQWIJ PQ VCZQPQOKE KFGPVKV[ JCU DGGP IKXGP 4GRVKNGHQUUKNUJCXGQPN[DGGPTGHGTTGFVQJKIJGTVCZQPQOKETCPMU GIVWTVNGNK\CTFU CPF CNNKICVQT UKE .KNNGITCXGP YKVJ VJG GZEGRVKQP QH VJG TGEGPVN[ TGRQTVGF 0CQOKEJGNKU 4QFTÈIWG\FG NC 4QUC CPF #TCPFC/CPVGEC MPQYP HTQO HTCIOGPVU QH EQUVCN CPF RNCUVTCN RNCVGU CPF VJG NK\CTF 2QN[IN[RJCPQFQP DCLCGPUKU
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ÌQ)KN GV CN %CTDQV %JCPQPCCPF%QWVKÌQ,QUÃ6JGUGHQUUKNUYGTGEQNNGEVGFKPVJG/CCUVTKEJVKCP 1EQ\QEQCWVNC (QTOCVKQP VJCV QWVETQRU KP UGXGTCN TQCF EWVU CV VJG 6WZVNC )WVKÃTTG\ CTGC%JKCRCU 'CTN[%GPQ\QKETGOCKPUCTGXGT[UECTEG(TQOVJGGCTN[1NKIQEGPG %JCFTQPKCP CECTCRCEGHTCIOGPVQHCVWTVNG (GTTWUSWÈC8KNNCHTCPECHTQO4CPEJQ)CKV¶P 2TKGVQU (QTOCVKQP %JKJWCJWC YCU TGRQTVGF CPF HTQO VJG NCVG 'QEGPG VJG NK\CTF 2CTCFKRUQUCWTWU OGZKECPWU (TKGU GV CN HTQO /CTſN )WCPCLWCVQ YCU FGUETKDGF 0GQIGPG FGRQUKVU CTG COQPI VJG DGUV RTQURGEVGF YKVJKP /GZKEQ HQT VJG GUVCDNKUJOGPVQHHCWPCNEQTTGNCVKQPUDGVYGGPNQECNKV[DCUGFHQUUKNOCOOCNU9KVJKPVJKU TGUGCTEJOQFGNVJGMPQYNGFIGQHCORJKDKCPUCPFTGRVKNGUJCUDGGPNGHVQWVCNVJQWIJ VJGKTRTGUGPEGJCUDGGPFQEWOGPVGFVJQTQWIJN[/QUV0GQIGPGFGRQUKVUCTGNQECVGF KP EGPVTCN /GZKEQ CPF JCXG DGGP GZVGPUKXGN[ EQNNGEVGF D[ 1 %CTTCP\C%CUVCÌGFC CPF9/KNNGTŏUVGCOYJQJCXGFKUEQXGTGFOCP[PGYHQUUKNUKVGU6JGUGNQECNKVKGU JCXG DGGP FCVGF GKVJGT CU *GORJKNNKCP NCVG /KQEGPGGCTN[ 2NKQEGPG QT $NCPECP
NCVG 2NKQEGPGGCTN[ 2NGKUVQEGPG 0GQIGPG NQECNKVKGU CTG HQWPF KP #IWCUECNKGPVGU $CLC %CNKHQTPKC $CLC %CNKHQTPKC 5WT %JKJWCJWC )WCPCLWCVQ *KFCNIQ ,CNKUEQ /KEJQCE¶P CPF 0WGXQ .GÎP /KNNGT CPF %CTTCP\C%CUVCÌGFC OGPVKQP PGY *GORJKNNKCPVQ$NCPECPNQECNKVKGUCV
4'5'#4%*10(155+.#/2*+$+#05#0&4'26+.'5
CP WPEGTVCKP NQECNKV[ HTQO ,CNKUEQ )GQEJGNQPG HTQO VJG 5CP ,QUÃ FGN %CDQ DCUKP CPF$CJÈC6QTVWICU$CLC%CNKHQTPKC5WT6GUVWFQHTQO.C)QNGVCCPFEH)QRJGTWU HTQOPGCT4KPEÎPFGNC%QPEJC%JKJWCJWC $TCVVUVTQOC%CUVKNNQ%GTÎPGVCN (NQTGU 8KNNGNC /KNNGT CPF %CTTCP\C%CUVCÌGFC %TQEQFKNGU CTG QPN[MPQYPHTQOUKZTGEQTFUQH%TQEQF[NWUHTQO
$TCVVUVTQOCNXCTG\CPF*WGTVCVJG9KUEQPUKCP5CP,QUGEKVQ%CXG PGCT #TCODGTTK 0WGXQ .GÎP $TCVVUVTQO D /GCF GV CN VJG +NNKPQKCP 6QDC #IWCUECNKGPVGU KP VJG %GFC\Q CPF 5CP (TCPEKUEQ %TGGM PGCT #IWCUECNKGPVGU EKV[ /QQUGTVJG.CVG2NGKUVQEGPG%WGXCFGN#DTCPGCT8KNNC#PVKIWC /QTGNQU 6COCWNKRCU *QNOCP VJG NCVG 5CPICOQP9KUEQPUKCP ,QEQVGRGE CTGC,CNKUEQ 5OKVJVJG+TXKPIVQPKCP !GPF-CPUKCP'N)QNHQFG5CPVC%NCTC 5QPQTC 5JCY VJG .CVG 2NGKUVQEGPG 5CPICOQP 4CPEJQ .C $TKUEC 5QPQTC
8CP&GXGPFGTGVCNCPFVJGGPFQHVJG2NGKUVQEGPG.QU6CPSWGU
)W\O¶PCPF2QNCEQ #U YKVJ OQUV QH VJG HQUUKN TGEQTF VWTVNGU CTG CDWPFCPV (QTV[ UKZ VWTVNGU JCXG DGGPTGRQTVGFKPENWFKPIVJGIGPGTC)GQEJGNQPG)QRJGTWU-KPQUVGTPQP6GTTCRGPG 6GUVWFQ CPF 6TCEJGO[U .CPIGDCTVGN *KDDCTF (NCPPGT[ )CTEÈC%QQM )WGPVJGT %CDTGTC%CUVTQ NXCTG\ CPF *WGTVC *GTP¶PFG\,WPSWGTC /QQFKG CPF 8CP &GXGPFGT (GTTWUSWÈC 8KNNCHTCPEC CPF 6QTTGU4QNF¶P /QQUGT 5OKVJ .QTGP\Q CPF /KTCODGNN 2QNCEQ4COQU 5JCY 8CP &GXGPFGT GV CN )W\O¶PCPF2QNCEQ)WKNNGVVGGVCN$TCXQ%WGXCU4G[PQUQ CPF/QPVGNNCPQ.K\CTFUKPENWFGU#OGKXC$CTKUKC%CNNKUCWTWU#URKFQUEGNKU
4';0151
%VGPQUCWTC!.CGOCPEVWU.GRKFQRJ[OC2J[PQUQOCCPF5EGNQRQTWU .CPIGDCTVGN $TCVVUVTQO C D (NCPPGT[ *QNOCP .QTGP\Q CPF /KTCODGNN 8CP &GXGPFGT GV CN %CUVKNNQ%GTÎP GV CN /GCF GV CN%CUVKNNQ%GTÎPGVCN TGHGTTGFVQ$CTKUKCHTCIOGPVCT[OCZKNNCUCPF LCYUHTQO6WNCJQYGXGT/GCFGVCN EQPUKFGTGFVJGUGVQDGCTQDWUVHQTO QHRJT[PQUQOCVKF GI5EGNQRQTWUFWGVQVJGNCEMQHCFJGTKPIQUVGQFGTOU5PCMGU KPENWFG$QC%TQVCNWUCPFQT$QVJTQRU&T[OCTEJQP&T[OQDKWU'NCRJG*[RUKINGPC .CORTQRGNVKU /CUVKEQRJKU 6JCOPQRJKU 6TKOQTRJQFQP 5CNXCFQTC CPF 5RKNQVGU
.CPIGDCTVGN$TCVVUVTQOCNXCTG\CPF*WGTVC5OKVJ 8CP&GXGPFGTGVCN2NGKUVQEGPGETQEQFKNGUCTGQPN[TGRTGUGPVGFD[VYQTGRQTVU QH%TQEQF[NWUHTQO5QPQTCCPF,CNKUEQ /KNNGTCPF%CTTCP\C%CUVCÌGFC/GCF CPF$¶G\ #ORJKDKCPU CTG CNUQ CDWPFCPV IGPWU #OD[UVQOC KU MPQYP HTQO VJG 'UVCFQ FG /ÃZKEQ $TCVVUVTQO C NXCTG\ CPF *WGTVC CPF VJG CPWTCPU $WHQ 'NGWVJGTQFCEV[NWU )CUVTQRJTKPG .GRVQFCEV[NWU 2VGTPQJ[NC 4CPC 4JKPQRJT[PWU 5ECRJKQRWU CPF 5[TTJQRJWU HTQO 5QPQTC 'UVCFQ FG /ÃZKEQ 6COCWNKRCU CPF ;WECV¶P .CPIGDCTVGN$TCVVUVTQOC*QNOCPNXCTG\CPF*WGTVC 5JCY8CP&GXGPFGTGVCN/CP[QVJGT2NGKUVQEGPGTGRQTVUCTG WPKFGPVKſGF QT MPQYP QPN[ WR VQ VJG UWRTCIGPGTKE NGXGN
6JG8CNKFKV[QH6CZC'TGEVGFYKVJ/GZKECP(QUUKN/CVGTKCN 1HVJGWPKSWGTGEQTFUQHCORJKDKCPUCPFTGRVKNGUYGTGFGUETKDGFCUPGY IGPGTC CPFQT URGEKGU /CP[ QH VJGUG VCZC CTG PQV XCNKF CP[OQTG OCKPN[ DGECWUG VJGKT QTKIKPCN FGUETKRVKQPU YGTG DCUGF QP KPEQORNGVG V[RG OCVGTKCN QT VCZC YGTG GTGEVGFWUKPIKPXCNKFETKVGTKC(QTGZCORNG&GNVCVOGPCRTGOCZKNNCTKU .CPIGDCTVGN FGUETKRVKQPYCUDCUGFQPCRTGOCZKNNCYKVJVJTGGVGGVJYCUNCVGTTGHGTTGFVQ %VGPQUCWTCD['UVGU KPFKECVKPIVJCVVJGURGEKGU%VGPQUCWTCRTGOCZKNNCTKUKUPQV FGſPCDNG YKVJ VJG CXCKNCDNG OCVGTKCN CPF VJWU UJQWNF DG C PQOGPFWDKWO+ORGUQFGPU CTK\GNQIN[RJWU .CPIGDCTVGNYJKEJFGUETKRVKQPYCUDCUGFQPCTKIJVFGPVCT[ KUEGTVCKPN[C.GRKFQRJ[OC *GEJV'UVGUJQYGXGT.CTK\GNQIN[RJWU UJQWNFUVKNNDGEQPUKFGTGFCXCNKFURGEKGUFKHHGTKPIQPN[HTQOQVJGTNGRKFQRJ[OCUKP VJGTGNCVKXGN[NCTIGTCPFOQTGTQDWUVVGGVJVJGRCTVKCNUPQWVKPVQYJKEJ2NGUKQUCWTWU OGZKECPWU 9KGNCPFYCUFGUETKDGFJCUDGGPUCKFVQDGWPFKCIPQUVKE 9GNNGU CPF VJCV VJG URGEKGU UJQWNF DG EQPUKFGTGF C PQOGP FWDKWO CPF CNVJQWIJ )QRJGTWUCWHHGPDGTIK /QQUGTYCUDCUGFQPCPCNOQUVEQORNGVGUMGNGVQPKV KUPQYEQPUKFGTGFVQDGC)DGTNCPFKGTK $TCODNG/QTCHMCFWGVQVJG CDUGPEGQHVTWGFKCIPQUVKEHGCVWTGU 1VJGTVCZCVJCVCTGRTQDCDN[DCUGFQPWPFKCIPQUVKEJQNQV[RGURGEKOGPUCTG$WHQ ECORK $TCVVUVTQO C )QRJGTWU RCTIGPUKU /QQUGT CPF 2JT[PQUQOC LQUGEKVGPUKU $TCVVUVQTOD#NVJQWIJNKVGTCVWTGSWGUVKQPKPIVJGKTUVCVWUJCUPQV DGGPHQWPFVJGXCNKFKV[QHVJGUGURGEKGUPGGFUTGXKUKQP$WHQECORKKUDCUGFQPCNGHV
4'5'#4%*10(155+.#/2*+$+#05#0&4'26+.'5
VKDKCCPFſ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ÕC CPF *WK\CEJCN FGRQUKVU 4G[PQUQ KP RTGUU 4G[PQUQCPF%NCTM4G[PQUQCPF%CNNKUQP6YQQVJGTPGYVCZCDCUGF QPYGNNRTGUGTXGFJQNQV[RGUCTG)GQUCWTWUXKIPCWFK (TG[GVCNCPF)QRJGTWU FQPNCNQK 4G[PQUQCPF/QPVGNNCPQ
/WUGWOUCPF+PUVKVWVKQPU*QWUGF6[RGUCPF1VJGT/CVGTKCN /QUV JQNQV[RGU QH URGEKGU ſTUV FGUETKDGF YKVJ OCVGTKCN EQNNGEVGF YKVJKP VJG /GZKECP VGTTKVQT[ CTG PQY JQWUGF KP /GZKECP OWUGWOU QT KPUVKVWVKQPU 'KIJV JQNQV[RGURNWUUGXGTCNRCTCV[RGUCPFJ[RQFKIOOCVGTKCNHTQO*WK\CEJCNCPF6NC[ÕC CTG JQWUGF KP VJG /WUGQ FG 2CNGQPVQNQIÈC QH VJG +PUVKVWVQ FG )GQNQIÈC 70#/ 6JGUG URGEKOGPU CTG VJG V[RGU QH 6COCWNKRCUCWTWU OQTGPQK %[PQURJGPQFQP JWK\CEJCNGPUKU
4';0151
0CEKQPCN FG *KUVQTKC 0CVWTCN /GZKEQ /WUGQ FG 2CNGQPVQNQIÈC FG )WCFCNCLCTC /WUGQ 4GIKQPCN FG *KUVQTKC FG #IWCUECNKGPVGU [ .CDQTCVQTKQ FG 2CNGQPVQNQIÈC [ #TSWGQNQIÈCFGN%GPVTQ+0#*#IWCUECNKGPVGUKPENWFKPIRCTVKCNN[(%OCVGTKCNQH1 /QQUGT5GETGVCTÈCFG'FWECEKÎP2ÕDNKEC%QCJWKNC PQYCVVJG/WUGQFGN&GUKGTVQ 5CNVKNNQ/WUGQFG2CNGQPVQNQIÈCQHVJG+PUVKVWVQFG+PXGUVKICEKQPGUFG%KGPEKCUFG NC 6KGTTC 7PKXGTUKFCF #WVÎPQOC FGN 'UVCFQ FG *KFCNIQ 2CEJWEC CPF %QNGEEKÎP 2CNGQPVQNÎIKEC QH VJG (CEWNVCF FG %KGPEKCU FG NC 6KGTTC 7PKXGTUKFCF #WVÎPQOC FG 0WGXQ.GÎP.KPCTGU(QTGKIP/WUGWOUCTGOQUVN[0QTVJ#OGTKECPCPFKPENWFGVJG #OGTKECP /WUGWO QH 0CVWTCN *KUVQT[ 0GY ;QTM .QU #PIGNGU %QWPV[ /WUGWO .QU#PIGNGU%CNKHQTPKC/KFYGUVGTP7PKXGTUKV[6GZCU6GZCU/GOQTKCN/WUGWO #WUVKPKPENWFKPITGOCKPKPI(%OCVGTKCNQH1/QQUGT7PKXGTUKV[QH%CNKHQTPKC.QU #PIGNGU%CNKHQTPKC/WUGWOQH2CNGQPVQNQI[7PKXGTUKV[QH/KEJKICP#PP#TDQT /KEJKICPVJG750CVKQPCN/WUGWO9CUJKPIVQP&%
#PCN[UKUQHVJG&QEWOGPVU2TQFWEGF%QPEGTPKPIYKVJ CORJKDKCPUCPF4GRVKNGUKP/GZKEQ 6JKUUGEVKQPCVVGORVUVQRTQXKFGCRCPQTCOCQHVJGTGUGCTEJQPCORJKDKCPUCPF TGRVKNGUQH/GZKEQ#PCN[UKUYCURGTHQTOGFQPCNNFQEWOGPVUVJCVOGPVKQPNKUVQT FGUETKDGCP[CORJKDKCPQTTGRVKNGHQWPFKPPCVKQPCNCPFKPVGTPCVKQPCNNKVGTCVWTG6JG VGTO FQEWOGPV KU WUGF JGTG VQ TGHGT VQ CNN RTKPVGF RCRGTU VJCV FKURNC[ KPHQTOCVKQP CDQWVCPCORJKDKCPQTCTGRVKNG6JGTGCTGVJTGGECVGIQTKGUQHFQEWOGPVUCEEQTFKPI VQVJGKTKORQTVCPEGCPFTCPIGQHFKUVTKDWVKQPCUEKGPVKſE RCRGTU DQQMU CPF DQQM EJCRVGTURTQFWEGFKPKPVGTPCVKQPCNLQWTPCNUQTGFKVQTKCNUDUEKGPVKſE RCRGTU DQQMU CPFDQQMEJCRVGTURTQFWEGFKPPCVKQPCNLQWTPCNUQTGFKVQTKCNUCPFEVJGUGUCDUVTCEVU KPPCVKQPCNCPFKPVGTPCVKQPCNOGGVKPIUCPFEQPITGUUGUſGNF IWKFGU CPF PGYUNGVVGTU 6QFGEKFGYJGVJGTCRCRGTYCUYTKVVGPD[CPCVKQPCNQTCPKPVGTPCVKQPCNCWVJQTQPN[ VJGPCVKQPCNKV[QHVJGſTUV CWVJQT YCU EQPUKFGTGF 4GUWNVUKPFKECVGVJCVVJGTGJCXGDGGPRWDNKUJGFPQPTGFWPFCPVOCKPFQEWOGPVU VJCVOGPVKQPNKUVQTFGUETKDGCORJKDKCPUCPFTGRVKNGUIKXKPICVQVCNQHTGEQTFU YKVJCWPKSWGNQECNKV[CPFCIG 6CDNG1HCNNVJGUGFQEWOGPVUQPN[CTGHQTOCN RWDNKECVKQPU KP GKVJGT PCVKQPCN QT KPVGTPCVKQPCN LQWTPCNU DQQMU QT DQQM EJCRVGTU PWODGTVJCVTGRTGUGPVUDCTGN[VJGQHCNNPQPTGFWPFCPVFQEWOGPVU6JKUOGCPU VJCVVJGTGOCKPKPIQHVJGKPHQTOCVKQPECPDGEQPUKFGTGFCUITC[NKVGTCVWTGPQV CXCKNCDNGQTQHFKHſEWNV CEEGUU VQ VJG KPVGTPCVKQPCN RCNGQPVQNQIKECN EQOOWPKV[ 6JKU RTQDNGOKUUVTGUUGFKPETQEQFKNGUYJGTGQHVJGTGRQTVUCTGRTGUGPVGFKPKPHQTOCN NKVGTCVWTG/GZKECPTGUGCTEJGTUJCXGRTQFWEGFQPN[QHCNNHQTOCNRWDNKECVKQPU CUſTUV CWVJQTU %QPUKFGTKPICNNPQPTGFWPFCPVFQEWOGPVUYGTGRWDNKUJGFKPKPVGTPCVKQPCN LQWTPCNU DQQMU CPF DQQMU EJCRVGTU VJCV KU RCRGTU 1H VJGUG RCRGTU /GZKECP TGUGCTEJGTUYTQVGQPN[KPVJGYJQNGJKUVQT[QH/GZKECPRCNGQJGTRGVQNQI[VJTGG CTGHCWPCNNKUVKPIU (NQTGU8KNNGNC4QFTÈIWG\FGNC4QUCCPF%GXCNNQU(GTTK\
4'5'#4%*10(155+.#/2*+$+#05#0&4'26+.'5
2QNCEQ4COQUCPFVJGTGOCKPKPICTGHQTOCNFGUETKRVKQPUQHPGYVCZC KPENWFKPIENCFKUVKECPFKPUQOGECUGUDKQIGQITCRJKECNCPCN[UGUKPVJGOQFGTPUGPUG
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ſGNF IWKFGU CPF PGYUNGVVGTU VQYCTFU VJG NCUVFGECFGU (KIWTGDWVVJGPWODGTQHHQTOCNRCRGTUFQGUPQVUJQYCPKORQTVCPV ITQYVJ UKPEG VJG RCRGTU RTQFWEGF RGT FGECFG JCXG TGOCKPFGF CNOQUV UVCDNG UKPEG VJGU&WTKPIVJGUHQTOCNUEKGPVKſE RTQFWEVKQP CRRGCTU VQ JCXG KORTQXGF DWVVJKUUJQWNFQPN[DGTGƀGEVGF YKVJ C NCTIGT PWODGT QH GZRGEVGF RCRGTU VQ DG RWDNKUJGFFWTKPIVJGſTUV FGECFG QH VJG UV EGPVWT[ 6JG KPETGCUG QH ITC[ NKVGTCVWTG FGPQVGUCITQYVJKPVJGPWODGTQHTGUGCTEJITQWRUKPVJGYJQNGEQWPVT[VJCVJCURCKF OQTGCVVGPVKQPVQTGRQTVKPIVJGRTGUGPEGQHCORJKDKCPUCPFTGRVKNGUCVVJGKTNQECNKVKGU *QYGXGTKVCNUQFGPQVGUVJGNCEMQHRTQHGUUKQPCNITQWRUECRCDNGQHRWDNKUJKPI VJGKTſPFKPIU KP DTQCFN[ FKUVTKDWVGF LQWTPCNU GKVJGT PCVKQPCN QT KPVGTPCVKQPCN
%QPENWUKQPU /GZKEQKUCEQWPVT[KPYJKEJHQUUKNCORJKDKCPUCPFTGRVKNGUCTGYGNNFKUVTKDWVGF QXGTCDTQCFTCPIGQHVKOGHTQOVJGNCVG6TKCUUKEVQVJG*QNQEGPG6CZQPQOKECNN[ /GZKEQ KU CNUQ XGT[ FKXGTUG CNVJQWIJ KV ECPPQV DG EQORCTGF VQ QVJGT EQWPVTKGU YKVJ C DTQCFGT VKOG TCPIG CPF OQTG HQUUKN NQECNKVKGU /GZKEQ NCEMU CORJKDKCP CPF TGRVKNGDGCTKPIFGRQUKVUCTGCUHTQOVJG2CNGQ\QKEVQVJGOKF6TKCUUKEYJKEJCTGYGNN TGRTGUGPVGF KP VJG 7PKVGF 5VCVGU CPF %CPCFC 6JKU FQGU FGOQPUVTCVG VJCV /GZKECP XGTVGDTCVGDGCTKPIHCWPCNQWVETQRUCTGCNYC[U[QWPIGT 6JGCDUGPEGQHRCNGQPVQNQIKUVUKPVGTGUVGFKPVJGUVWF[QHCORJKDKCPUCPFTGRVKNGU JCU MGRV /GZKEQ HTQO C EQORNGVG WPFGTUVCPFKPI QH VJGKT XGTVGDTCVG HCWPCU 6JG CORJKDKCPCPFTGRVKNGHQUUKNTGEQTFKUSWKVGNCTIGCPFUVKNNDCTGN[MPQYP/CP[TGRQTVU EQOKPI OCKPN[ HTQO VJG %GPQ\QKE CPF VJG .CVG %TGVCEGQWU PGGF VQ DG ECTGHWNN[ TGXKGYGFUKPEGVJG[CTGDCUGFQPHTCIOGPVCT[CPFPQVYGNNRTGUGTXGFOCVGTKCNVJCV EQWNF NGCF VQ HCNUG KFGPVKſECVKQPU +P CFFKVKQP OWEJ QH VJG WPKFGPVKſGF OCVGTKCN OGPVKQPGFVQDGRTGUGPVKPUGXGTCNNQECNKVKGUDWVUGVCUKFGD[VJGCWVJQTUCNUQPGGFU VQDGUVWFKGF+VKURCTVKEWNCTN[KPVGTGUVKPIVJCVHQUUKNUHTQOVJG0GQIGPGQHEGPVTCN
4';0151
PWODGTQHVCZC TGHGTTGF
QHVCZCTGHGTTGF D[/GZKECPU
6QVCN &QEWOGPVU
QHHQTOCN FQEWOGPVUYTKVVGP D[/GZKECPU QHKPVGTPCVKQPCN RCRGTUYTKVVGPD[ /GZKECPU
QHHQTOCN
0CVKQPCN RWDNKECVKQP
+PVGTPCVKQPCN RWDNKECVKQP
CORJKDKCPU WPFGVTGRVKNGU VWTVNGU EQEQFKNGU NGRKFQUCWTQOQTRJU őGWT[URUKFUŒ
/CKPTGHGTGPEGU
#DUVTCEVUVJGUKUſGNF IWKFGUPGYUNGVVGTU
RCRGTU QHFQEWOGPVU YTKVVGPD[/GZKECPU
6#$.' #PCN[UKU QH CORJKDKCP CPF TGRVKNG TGEQTFU KP FQEWOGPVU RTQFWEGF EQPUKFGTKPI PCVKQPCNCPFKPVGTPCVKQPCNLQWTPCNUDQQMUCPFDQQMEJCRVGTUCPFITC[NKVGTCVWTGKPENWFKPI CDUVTCEVUVJGUGUſGNF IWKFGU CPF PGYUNGVVGTU
(+)74' (TGSWGPE[ QH OCKP FQEWOGPVU VJCV OGPVKQP NKUV QT FGUETKDG CORJKDKCPU CPF TGRVKNGURTQFWEGFKP[GCTENCUUGUFWTKPIVJGUCPFU+PVJGVJEGPVWT[QPN[C UKPINGRCRGTYCURWDNKUJGF
4'5'#4%*10(155+.#/2*+$+#05#0&4'26+.'5
(+)74'(TGSWGPE[CPFRGTEGPVCIGQHITC[NKVGTCVWTGFQEWOGPVUVJCVOGPVKQPUNKUVUQT FGUETKDGUCORJKDKCPUCPFTGRVKNGUQWVNKPGFCUCRTQRQTVKQPQHHQTOCNRWDNKECVKQPUKPPCVKQPCN QTKPVGTPCVKQPCNLQWTPCNUDQQMUQTDQQMEJCRVGTU
/GZKEQVJCVYGTGTGRQTVGFKPKPHQTOCNFQEWOGPVUCTGCDWPFCPV 6JG RCNGQJGTRGVQNQIKECN TGUGCTEJ RTQFWEVKQP KP /GZKEQ KU HCT HTQO DGKPI UCVKUHCEVQT[+PVJGYJQNGJKUVQT[QHVJKUFKUEKRNKPGYGJCXGRTQFWEGFCUſTUV CWVJQTU QPN[ HQTOCN RCRGTU QH YJKEJ QPN[ CTG QH DTQCF KPVGTPCVKQPCN FKUVTKDWVKQP #NVJQWIJKVKUENGCTVJCVTGUGCTEJITQWRUCTGOQTGCPFOQTGKPVGTGUVGFKPVJGUVWF[QH CORJKDKCPUCPFTGRVKNGUVJGTGKUCPGGFVQHQTOCNK\GVJGKTFKUEQXGTKGUD[RWDNKUJKPI VJGKTTGUWNVUKPGKVJGTPCVKQPCNQTKPVGTPCVKQPCNLQWTPCNU+VKUKORGTCVKXGVQKPENWFGKP GXGT[TGUGCTEJVGCORTQITCOVJGKTſPFKPIU CXCKNCDNG VQ VJG PCVKQPCN CPF KPVGTPCVKQPCN EQOOWPKV[ 1VJGTYKUG CNN VJG KPHQTOCVKQP YG JCXG RTQFWEGF VQ FCVG YKNN TGOCKP FQOGUVKECPFPQVCXCKNCDNGVQVJGKPVGTPCVKQPCNUEKGPVKſE EQOOWPKV[
#EMPQYNGFIOGPVU +YQWNFNKMGVQVJCPM4QUC'NGPC6QXCTHQTRTQXKFKPIOGYKVJUQOGNKVGTCVWTG+YCU PQVCYCTGQHCPF2KNCT/GNICTGLQCPF'WIGPKC
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#DUVTCEV 5GXGTCNFKPQUCWTNQECNKVKGUJCXGDGGPTGRQTVGFHTQO/GZKEQ+P9GTPGT,CPGPUEJ TGRQTVGFVJGſTUV FKPQUCWT DQPG TGOCKPU CU /QPQENQPKWUHTQO.C5QNGFCFYGUVGTP %QCJWKNC5KPEGOQTGFKPQUCWTTGOCKPUJCXGDGGPTGRQTVGFHTQOVJGPQTVJGTP /GZKECP UVCVGU QH $CLC %CNKHQTPKC 5QPQTC %JKJWCJWC %QCJWKNC CPF 6COCWNKRCU 5GXGTCN FKPQUCWT HQQVRTKPV NQECNKVKGU JCXG CNUQ DGGP TGRQTVGF HTQO VJG PQTVJGTP RQTVKQP QH /GZKEQ (TQO VJG EGPVTCN CPF UQWVJGTP /GZKECP UVCVGU QH /KEJQCE¶P 2WGDNCCPF%JKCRCUFKPQUCWTTGOCKPUJCXGCNUQDGGPTGRQTVGF4GEGPVN[HTCIOGPVU QH *GVGTQFQPVQUCWTWU CPF 5[PVCTUWU YGTG HQWPF KP 6COCWNKRCU 4GGXCNWCVKQP QH FKPQUCWT TGOCKPU HTQO 2WGDNC KPFKECVG VJCV VJG[ DGNQPI VQ C VGVTCRQF +P $CLC %CNKHQTPKCVJGTGCTGTGEGPVſPFKPIU QH #WDN[UQFQPVGGVJ+P%JKJWCJWCHTCIOGPVUQHC OGODGTQH6KVCPQUCWTKFCGJCXGDGGPHQWPF+P/KEJQCE¶PJCFTQUCWTDQPGUJCXGDGGP TGRQTVGF 6JG KEJPQNQIKECN TGEQTF JCU KPETGCUGF KP TGEGPV [GCTU YKVJ VJG FKUEQXGT[ QH PGY NQECNKVKGU KP %QCJWKNC CPF 2WGDNC YJGTG VYQ NQECNKVKGU KPENWFG VTCEMU QH VGVTCRQFU UCWTQRQFU CPF QTPKVQRQFU +EJPKVGU HTQO QPG QTPKVQRQF HCOKN[ CPF HTQO UGXGTCN VGVTCRQF HCOKNKGU JCXG DGGP TGRQTVGF HTQO /KEJQCE¶P 5KPEG VJG FKUEQXGT[ QHFKPQUCWTTGOCKPUCDQWV[GCTUCIQFKPQUCWTFKUEQXGTKGUKP/GZKEQJCXGDGGP
F. Vega et al. (eds.), Studies on Mexican Paleontology, 233–248. © 2006 Springer. Printed in the Netherlands.
#4'8+'91(6*'&+015#74+#04'%14&(41//':+%1
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+P CFFKVKQP VJG PCVWTG CPF KORNKECVKQPU QH VJG /GZKECP FKPQUCWT TGEQTF KU CNUQ FKUEWUUGF
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(KIWTG#PKUQNCVGFQUVGQFGTOUWIIGUVUVJGRTGUGPEGQHCPCPM[NQUCWT /QTTKU VGPVCVKXGN[TGHGTTGFVQ'WQRNQEGRJCNWUCPFQVJGTQTPKVJKUEJKCPTGOCKPU
#4'8+'91(6*'&+015#74+#04'%14&(41//':+%1
(+)74'4GEQPUVTWEVKQPQH.CODGQUCWTWUNCVKECWFWUYKVJVJGUMWNNQH.NCODGK5ECNGDCTO
JCXGDGGPCVVTKDWVGFVQEGTCVQRUKCPU 9GKUJCORGN 6Q FCVG VJG TGOCKPU TGNCVGF VQ 6JGTQRQFC KPENWFG DQPGU CVVTKDWVGF VQ 6TQQFQPVKFCG&TQOCGQUCWTKFCG1TPKVJQOKOKFCGCPF6[TCPPQUCWTKFCG 4QFTÈIWG\ FGNC4QUCCPF#TCPFC/CPVGEC9GKUJCORGN#OQPIVJGVJGTQRQFCP OCVGTKCNCPKUQNCVGFVQQVJRTGUGTXGUCPWPWUWCNRQUVGTKQTECTKPCITQQXG6JKUITQQXG UVTWEVWTG CNVJQWIJ EQPVTQXGTUKCN JCU DGGP KPVGTRTGVGF CU C URGEKCNK\CVKQP VQ C MKPF QH GPXGPQOCVKQP COQPI VJGTQRQF FKPQUCWTU 4QFTÈIWG\FG NC 4QUC CPF #TCPFC /CPVGECCD#FFKVKQPCNVJGTQRQFOCVGTKCNKPENWFGUKUQNCVGFVGGVJTGHGTTGF VQVJGGPKIOCVKEIGPWU#WDN[UQFQP 2CWN 6JG .CVG %TGVCEGQWU %CDWNNQPC )TQWR KP PQTVJGCUVGTP 5QPQTC JCU [KGNFGF FKPQUCWTKCPTGOCKPUDGNQPIKPIVQ*CFTQUCWTKFCG%GTCVQRUKFCGCPF6[TCPPQUCWTKFCG
EH#NDGTVQUCWTWU#FFKVKQPCNXGTVGDTCVGHQUUKNUKPENWFGſUJGU VWTVNGU ETQEQFKNKCPU CPFNK\CTFU .WECUCPF)QP\¶NG\.GÎP6JG%CDWNNQPC)TQWRJCUDGGPFCVGF CU.CVG%CORCPKCP'CTN[/CCUVTKEJVKCPCPFVJGKPHGTTGFRCNGQGPXKTQPOGPVKUVJCVQH CPKPNCPFGZVGPUKXGƀWXKCN CPF NCEWUVTKPG U[UVGOU .WECU CPF )QP\¶NG\.GÎP 6CNKCHGTTQ .CVG %TGVCEGQWU FKPQUCWTU HTQO VJG #IWLC (QTOCVKQP JCXG DGGP EQNNGEVGF HTQOVJGPQTVJGCUVGTPEQTPGTQH%JKJWCJWC6JGOQUVCDWPFCPVOCVGTKCNKUVJCVQH JCFTQUCWTKCPFKPQUCWTUDWVCNUQEJCUOQUCWTKPGEGTCVQRUKCPGNGOGPVUJCXGTGEGPVN[ DGGPKFGPVKſGF #PFTCFG4COQU GVCN/QPVGNNCPQ$CNNGUVGTQUGVCNCPF UOCNNVQNCTIGVJGTQRQFUJCXGCNUQDGGPTGEQTFGF1VJGTXGTVGDTCVGUKPENWFGCOKKFCPF NGRKUQUVGKFſUJGU CPF VTKQP[EJKFU COQPI QVJGT VWTVNGU 9GUVICVG GVCN6JG QEEWTTGPEGQHVKVCPQUCWTKFUCWTQRQFECWFCNXGTVGDTCGKPPQTVJGCUVGTP%JKJWCJWCJCXG DGGPTGEGPVN[FQEWOGPVGF /QPVGNNCPQ$CNNGUVGTQU #UPQVGFKPVJGKPVTQFWEVKQPVJGſTUV FKPQUCWT TGOCKPU TGRQTVGF HTQO /GZKEQ EQOGHTQO%QCJWKNCKPPQTVJGTP/GZKEQ ,CPGPUEJ4GNCVKXGN[TGEGPVGZVGPUKXG UWTXG[KPI FQPG KP VJG UQWVJGCUVGTP RQTVKQP QH %QCJWKNC JCU [KGNFGF CFFKVKQPCN QTPKVJKUEJKCPCPFUCWTKUEJKCPFKPQUCWTTGOCKPU 1TPKVJKUEJKCP FKPQUCWTU CTG MPQYP HTQO UGXGTCN RCTVKCN UMGNGVQPU QH
4+8'4#5;.8#'6#.
JCFTQUCWTKCP FKPQUCWTU QH DQVJ JCFTQUCWTKPG CPF NCODGQUCWTKPG UWDHCOKNKGU CU YGNN CU RCTVKCN UMGNGVQPU QH EGPVTQUCWTKPG CPF EJCUOQUCWTKPG EGTCVQRUKCPU
*GTP¶PFG\CPF-KTMNCPF-KTMNCPFGVCN$TKPMOCPGVCN'DGTVJ GV CN 1VJGT QTPKVJKUEJKCP TGOCKPU KPENWFG KUQNCVGF QUVGQFGTOU TGNCVGF VQ #PM[NQUCWTKFCG 5CWTKUEJKCP TGOCKPU DGNQPI OCKPN[ VQ 6JGTQRQFC CPF TGEQTF VJG RTGUGPEG QH 6TQQFQPVKFCG &TQOCGQUCWTKFCG 1TPKVJQOKOKFCG EH 1TPKVJQOKOWU CPF6[TCPPQUCWTKFCG 4QFTÈIWG\FGNC4QUCCPF%GXCNNQU(GTTK\9GKUJCORGN #IWKNNÎP/CTVÈPG\RGTUEQO 6JGRCNGQGPXKTQPOGPVKPYJKEJVJGFKPQUCWTUHTQO%QCJWKNCNKXGFYCUVJCVQH CPGZVGPUKXGNQYITCFKGPVCPFOWFFQOKPCVGFNQYGTEQCUVCNRNCKPU#PKPVGTGUVKPI QDUGTXCVKQP KU VJCV VJGUG GPXKTQPOGPVU YGTG UWDLGEV VQ HTGSWGPV UVQTOIGPGTCVGF ƀQQFKPI GXGPVU 'DGTVJ GVCN6JGENKOCVGYCUJQVCPFJWOKFYKVJCDWPFCPV TCKPHCNN CPF NKVVNG QRRQTVWPKV[ HQT GZVGPUKXG UWDCGTKCN GZRQUWTG CPF FT[KPI +P HCEV CNOQUVCNNQHVJGVTCEMUYGTGOCFGKPXGT[UJCNNQYYCVGTPQOQTGVJCPEGPVKOGVGTU KPFGRVJ 'DGTVJGVCN #FFKVKQPCNDWVWPFGUETKDGFFKPQUCWTTGOCKPUHTQO/GZKEQCTGMPQYPVQQEEWT KP%JKCRCUCPF/KEJQCE¶P+P%JKCRCU'CTN[QT/KFFNG,WTCUUKETGOCKPUJCXGDGGP EQNNGEVGF HTQO ,WKSWKRKNCU %KPVCNCRC CPF .C %QPEQTFKC NQECNKVKGU 2KOGPVGN RGTU EQO#NUQKP%JKCRCUHTCIOGPVCT[FGPVCNGNGOGPVUHTQOVJG/CCUVTKEJVKCP 1EQ\QEQCWVNC(QTOCVKQPHQWPFPGCT,CNVGPCPIQ4KXGTJCXGDGGPFKUEQXGTGF 2KOGPVGN RGTUEQO+P/KEJQCE¶PJCFTQUCWTKCPFKPQUCWTTGOCKPUCTGMPQYPVQQEEWT KP.CVG%TGVCEGQWUUGFKOGPVUJQYGXGTVJGIGQNQIKECNWPKVKUUVKNNWPMPQYP #IWKNNÎP /CTVÈPG\RGTUEQO #XCKNCDNGKPHQTOCVKQPUWIIGUVUVJCVVJGUQWVJGTPRNCKPUFKPQUCWTKCPHCWPCQHVJG 7PKVGF5VCVGUGZVGPFGFYKVJTGNCVKXGN[NKVVNGEJCPIGKPVQPQTVJGTP/GZKEQ%WTTGPV TGUGCTEJ KU [KGNFKPI GZVGPUKXG RCNGQGPXKTQPOGPV CPF RCNGQIGQITCRJKECN CURGEVU QH FKPQUCWTUHTQOVJGUGCTGCUQHPQTVJGTP/GZKEQ 'DGTVJGVCN#RTGNKOKPCT[ ENWUVGT CPCN[UKU JCU TGXGCNGF QPN[ VJTGG FKHHGTGPV RCNGQIGQITCRJKECN TGIKQPU YJGTG %TGVCEGQWU FKPQUCWTU HTQO /GZKEQ NKXGF 6JG ſTUV KU KP VJG PQTVJGTP RQTVKQP QH /GZKEQVJGUGEQPFKPYJCVKUPQY$CLC%CNKHQTPKC2GPKPUWNCCPFVJGVJKTFKUKPEGPVTCN /GZKEQ
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ÈIWG\FG NC 4QUC
#4'8+'91(6*'&+015#74+#04'%14&(41//':+%1
C#DWPFCPVFKPQUCWTKCPGIIUJGNNHTCIOGPVUDGNQPIKPIVQCVNGCUVVJTGGFKHHGTGPV OQTRJQV[RGUYGTGTGEGPVN[EQNNGEVGFHTQOVJGlCVG%CORCPKCP%GTTQFGN2WGDNQ (QTOCVKQPKPUQWVJGCUVGTP%QCJWKNC #IWKNNÎP/CTVÈPG\RGTUEQO &KPQUCWT UMKP KORTGUUKQPU CTG MPQYP HTQO VJG UVCVGU QH $CLC %CNKHQTPKC CPF %QCJWKNC +PVGTGUVKPIN[ UMKP RCVEJGU CTG HTGSWGPVN[ HQWPF KP CUUQEKCVKQP YKVJ JCFTQUCWTECTECUUGU /QTTKU*GTP¶PFG\CPF&GNICFQFG,GUÕU $TQOCNKVGUCTGHQUUKNUTGNCVGFVQHGGFKPIDGJCXKQT *WPVKPENWFKPIUVQOCEJ EQPVGPVU QT EQNQNKVGU TGIWTIKVCNKVGU CPF EQRTQNKVGU QT HQUUKN HCGEGU 7R WPVKN PQY PGKVJGTFKPQUCWTUVQOCEJEQPVGPVUPQTICUVTQNKVJUJCXGDGGPTGEQTFGFHTQO/GZKEQ JQYGXGTXGTVGDTCVGEQRTQNKVGUTGNCVGFVQFKPQUCWTUJCXGDGGPFGUETKDGFHTQOVJG.CVG %TGVCEGQWUQH%QCJWKNCKPPQTVJGTP/GZKEQ 4QFTÈIWG\FGNC4QUC &KPQUCWT VTCEMU CTG MPQYP HTQO UGXGTCN NQECNKVKGU KP VJG EGPVTCN CPF PQTVJGTP RCTVUQH/GZKEQ/KFFNG,WTCUUKEFKPQUCWTVTCEMUCVVTKDWVGFVQVJGTQRQFCPFUCWTQRQF FKPQUCWTUCTGMPQYPHTQOVJG:QEJKZVNCRKNEQCTGCKP1CZCEC (GTTWUSWÈC8KNNCHTCPEC GVCN.CVG,WTCUUKEVJGTQRQFCPFQTPKVJQRQFFKPQUCWTVTCEMUCTGMPQYPHTQO CP CTGC PGCT VJG VQYP QH %JWVC PQY ECNNGF 2NC[C #\WN /KEJQCE¶P (GTTWUSWÈC 8KNNCHTCPECGVCNCD6JGVTCEMUKP%JWVCCTGUKIPKſECPV DGECWUG PQV QPN[ FQVJGVTCEMUTGRTGUGPVVJGſTUV TGEQTF QH HQQVRTKPVU FGUETKDGF HTQO /GZKEQ DWV VJG[ CNUQTGRTGUGPVVJGſTUV TGEQTF QH HQQVRTKPVU FGUETKDGF HTQO .CVKP #OGTKEC +P CFFKVKQP CUNCDDGCTKPIVJGTQRQFVTCEMUQHRTQDCDNG,WTCUUKECIGDWVQHWPMPQYPRTQXGPGPEG KUTGRQTVGFHTQO&WTCPIQ 4QFTÈIWG\FGNC4QUCD4QFTÈIWG\FGNC4QUCGVCN 'CTN[%TGVCEGQWUQTPKVJQRQFVJGTQRQFCPFUCWTQRQFVTCEMUYGTGTGEGPVN[HQWPF KPUQWVJGTP2WGDNCKPEGPVTCN/GZKEQ6JGUGVTCEMUCTGFKUVTKDWVGFYKVJKPUKZVTCEM DGCTKPINC[GTUYKVJKPVJG5CP,WCP4C[C(QTOCVKQP %CTTKNNQ/QPVKGNGVCNKPRTGUU 4QFTÈIWG\FGNC4QUCGVCN .CVG%TGVCEGQWU /CCUVTKEJVKCPVTCEMUCVVTKDWVGFVQ*CFTQUCWTKFCGCPF5CWTQRQFC CTGMPQYPHTQOVJG/GZECNC(QTOCVKQPPGCT/KVGRGEYKVJKPVJGUQWVJYGUVGTPRCTV QH 2WGDNC (GTTWUSWÈC8KNNCHTCPEC GV CN (GTTWUSWÈ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lCVG%TGVCEGQWUVTCEMUKVGHTQOEGPVTCN/GZKEQKUMPQYPCU'N#IWCLG
4+8'4#5;.8#'6#.
(+)74' 6JG FKPQUCWT HQQVRTKPVU HTQO 'N #IWCLG YJKEJ CTG UKOKNCT VQ HQQVRTKPVU HTQO /KVGRGETGRTGUGPVVJGOQUVCWUVTCNHCWPCHQT0QTVJ#OGTKECC6JGTQRQFHQQVRTKPVYJGTGVJG CNNWZECPDGEQPſFGPVCNN[ CVVTKDWVGF VQ VJG (COKN[ 6[TCPPQUCWTKFCG D #P WPWUWCNN[ DKI UK\GF 1TPKVJQRQFKORTGUUKQPCVVTKDWVGFVQVJG(COKN[*CFTQUCWTKFCG
HTQO VJG #IWKNKNNCU 5CPFUVQPG QH /KEJQCE¶P 1TVÈ\/GPFKGVC GV CN 1TVÈ\ /GPFKGVC6JG'N#IWCLGRCNGQKEJPQHCWPCKPENWFGUOQTRJQV[RGUTGHGTTGFVQ 6[TCPPQUCWTKFCG&TQOCGQUCWTKFCG1TPKVJQOKOKFCGCPF*CFTQUCWTKFCG (KIWTG *QYGXGT KV JCU DGGP EQOOGPVGF VJCV VJG FKXGTUKV[ QH VJGUG VTCEMU OC[ TGRTGUGPV GZVTCOQTRJQNQIKECNXCTKCVKQPQHCNGUUGTPWODGTQHOQTRJQV[RGU 4QFTÈ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ÈIWG\FGNC4QUCGVCN 6TCEMU CPF VTCEMYC[U QH UOCNN VQ NCTIG VJGTQRQFU GI QTPKVJQOKOKFU CPF V[TCPPQUCWTKFU CPF NCTIG QTPKVJQRQFU KP DKRGFCN CPF SWCFTWRGFCN ICKVU GI VJG .CUIWKNCU6TCEMUKVGCTGMPQYPHTQOUGXGTCNNQECNKVKGUKPUQWVJGCUVGTP%QCJWKNC 1VJGT%QCJWKNCXGTVGDTCVGVTCEMUKPENWFGVJQUGQHVWTVNGUETQEQFKNGURVGTQUCWTU EH 2VGTCKEJPWUCPFDKTFU #IWKNNÎP/CTVÈPG\GVCN$TKPMOCPGVCN'DGTVJ GVCN4QFTÈIWG\FGNC4QUCGVCN6JG'N2GNKNNCN6TCEMUKVG YKVJKP VJG .CVG %CORCPKCP /WGTVQ (QTOCVKQP RTGUGTXGU VTCEMU QH UOCNN VJGTQRQF
#4'8+'91(6*'&+015#74+#04'%14&(41//':+%1
FKPQUCWTU KP CUUQEKCVKQPYKVJ VJQUG QH VWTVNGUETQEQFKNGURVGTQUCWTU 2VGTCKEJPWU DKTFUCPFRQUUKDN[COCOOCN 4QFTÈIWG\FGNC4QUC4QFTÈIWG\FGNC 4QUCGVCN9KVJKPVJGUVTCVKITCRJKEUGSWGPEGQHVJG1NOQU(QTOCVKQP NQECVGF PGCT 5CDKPCU KP PQTVJEGPVTCN %QCJWKNC CPQVJGT .CVG %TGVCEGQWU 'CTN[ /CCUVTKEJVKCPVTCEMUKVGJCU[KGNFGFFGGRVTCEMUQHOGFKWOUK\GFVJGTQRQFFKPQUCWTU CUYGNNCUVJQUGQHUOCNNQTPKVJQRQFUCPFCUUQEKCVGFVTCEMUKPENWFKPIVJQUGQHVWTVNGU ETQEQFKNGUCPFUOCNNDKTFU 4QFTÈIWG\FGNC4QUCGVCN
(KPCN%QOOGPVU 6JG UVWF[ QH FKPQUCWTU HTQO /GZKEQ JCU C JKUVQT[ QH PGCTN[ [GCTU YKVJ C UKIPKſECPV KPETGCUG KP UEKGPVKſE FKPQUCWTKCP TGUGCTEJ KP VJG NCUV HGY [GCTU *QYGXGT VJG MPQYNGFIG QH FKPQUCWTU HTQO VJKU CTGC QH UQWVJGTP 0QTVJ #OGTKEC KU UVKNN HQT VJGOQUVRCTVWPGZRNQTGFYJGPEQORCTGFVQQVJGTRCTVUQHVJGYQTNFYKVJGZVGPUKXG /GUQ\QKERCTVKEWNCTN[%TGVCEGQWUQWVETQRU6JGTGHQTGVJGHQNNQYKPIRQKPVUEQWNFDG CFQRVGFCUſPCN EQOOGPVU CDQWV VJG TGEQTF QH FKPQUCWTU HTQO /GZKEQ (KIWTG 6JG/KFFNG,WTCUUKEVQ.CVG%TGVCEGQWUFKPQUCWTTGEQTFQH/GZKEQEQORTKUGU COQFGTCVGFKXGTUKV[QHVCZCKPENWFKPIUGXGTCNVTCEMUKVGU#NVJQWIJVJGQUVGQNQIKECN TGOCKPUQHUQOG.CVG%TGVCEGQWUFKPQUCWTUKP/GZKEQCTGTGUVTKEVGFVQUQWVJGCUVGTP %QCJWKNCVJGRTGUGPEGQHKEJPQHCWPCUQHVJGUCOGCIGKP%GPVTCN/GZKEQGUVCDNKUJGU YKVJEQPſFGPEG VJG RTGUGPEG QH FKPQUCWTU VQ NQYGT NCVKVWFGU 9KVJKP VJG UVCVG QH %QCJWKNC KV KU RQUUKDNG VQ ſPF CDWPFCPV .CVG %TGVCEGQWU XGTVGDTCVGTGOCKPUKPENWFKPIFKPQUCWTUKPCUUQEKCVKQPYKVJVTCEMUKVGU6JGCUUQEKCVKQP QH FKPQUCWT DQPGU CPF FKPQUCWT VTCEMU RTQXKFGU C WPKSWG QRRQTVWPKV[ VQ EQORCTG FKPQUCWT VTCEMU YKVJ RQUUKDNG VTCEMOCMGTU 6JG ſPFKPI QH JCFTQUCWTKCP VTCEMU KP FKTGEVCUUQEKCVKQPVQCVNGCUVVJTGGNCODGTQUCWTKPGJCFTQUCWTRCTVKCNUMGNGVQPUCVVJG .CUIWKNCUVTCEMUKVGKPUQWVJGCUVGTP%QCJWKNCGZGORNKſGU VJKU RQKPV 4QFTÈIWG\FG NC4QUCGVCN #UOGPVKQPGFGCTNKGTVJG.CU#IWKNCUVTCEMUKVGKUEWTTGPVN[VJGNCTIGUVFKPQUCWT VTCEM UKVG KP /GZKEQ 4GEGPV YQTM JCU TGXGCNGF VJKU UKVG VQ DG C OGICVTCEM UKVG
.QEMNG[UKOKNCTVQVJQUGHQWPFKPQVJGTCTGCUQH0QTVJ#OGTKEC #FFKVKQPCNN[ /GZKEQ JCU VJG QPN[ MPQYP /KFFNG ,WTCUUKE FKPQUCWTKCP HCWPC HTQO0QTVJ#OGTKECTGRTGUGPVGFD[VYQNQECNKVKGUCPKEJPQHCWPCHTQO1CZCECCPF UCWTKUEJKCPCPFQTPKVJKUEJKCPTGOCKPUHTQO6COCWNKRCU %NCTMGVCN(GTTWUSWÈC 8KNNCHTCPECGVCN 6JGUVWF[QHFKPQUCWTUHTQO/GZKEQYCUURQTCFKEKPVJGRCUVCPFJCUQPN[TGEGPVN[ DGGPVJGHQEWUQHTGPGYGFUEKGPVKſE TGUGCTEJ 6JG CWVJQTU DGNKGXG VJCV QPIQKPI CPF EQPVKPWGF TGUGCTEJ YKNN WPFQWDVGFN[ TGUWNV KP PGY VCZC CPF XCNWCDNG CPF XCTKGF KPHQTOCVKQP CDQWV FKPQUCWT FKXGTUKV[ CU YGNN CU RCNGQDKQNQIKECN RCNGQGEQNQIKECN CPFRCNGQDKQIGQITCRJKECNCURGEVUQHFKPQUCWTUHTQOVJKURQTVKQPQHUQWVJGTP0QTVJ #OGTKEC
4+8'4#5;.8#'6#.
(+)74'/CRUJQYKPIVJGFKPQUCWTNQECNKVKGUHTQO/GZKEQ
#4'8+'91(6*'&+015#74+#04'%14&(41//':+%1
#RRGPFKZ5WOOCT[QHVJG&KPQUCWT$GCTKPI.QECNKVKGUQH/GZKEQ ,WTCUUKENQECNKVKGU 6COCWNKRCU C*WK\CEJCN(QTOCVKQP 'CTN[,WTCUUKE 6JGTQRQFC %QGNWTQUCWTKFCG 5[PVCTUWU 1TPKVJQRQFC *GVGTQFQPVQUCWTKFCG *GVGTQFQPVQUCWTWU 2WGDNC C1NVCNVGRGE7PMPQYP(QTOCVKQP .CVG,WTCUUKEŌ'CTN[%TGVCEGQWU ! 6JGTQRQFCKPFGV 1CZCEC C:QEJKZVNCRKNEQ6GEQEQ[WPEC)TQWR /KFFNG,WTCUUKE 6JGTQRQFHQQVRTKPVU 5CWTQRQFHQQVRTKPVU /KEJQCE¶P C%JWVC .CVG,WTCUUKE 6JGTQRQFHQQVRTKPVU 1TPKVJQRQFHQQVRTKPVU +IWCPQFQPVKFCG &WTCPIQ C7PMPQYP(QTOCVKQP ! ,WTCUUKE 6JGTQRQFHQQVRTKPV
%TGVCEGQWUNQECNKVKGU 2WGDNC C/KVGRGE/GZECNC(QTOCVKQP .CVG%TGVCEGQWU 6JGTQRQFHQQVRTKPVU 5CWTQRQFHQQVRTKPVU
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
#4'8+'91(6*'&+015#74+#04'%14&(41//':+%1 6JGTQRQFC 6[TCPPQUCWTKFCG 1TPKVJQRQFC *CFTQUCWTKFCG %GTCVQRUKC %GTCVQRUKFCG
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
4+8'4#5;.8#'6#.
/KEJQCE¶P C'N#IWCLG#IWKNKNNC5CPFUVQPG .CVG%TGVCEGQWU 6JGTQRQFHQQVRTKPVU 6[TCPPQUCWTKFCG 1TPKVJQOQOKOKFCG &TQOGQUCWTKFCG 1TPKVJQRQFHQQVRTKPVU *CFTQUCWTKFCG D .CVG%TGVCEGQWU 1TPKVJQRQF *CFTQUCWTKFCG %JKCRCU C1EQ\QEQCWVNC(QTOCVKQP .CVG%TGVCEGQWU 6JGTQRQFCKPFGV
#EMPQYNGFIOGPVU 9GVJCPM5%NCDD[$))TCEGCPF#55OKVJHQTVJGKTECTGHWNTGXKGYU
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+PVTQFWEVKQP 6Q QWT MPQYNGFIG VJG GCTNKGUV RWDNKUJGF TGEQTF QH HQUUKN OCOOCNU HTQO /GZKEQKUCPCPQP[OQWURCRGTYTKVVGPKPYJKEJOGPVKQPGFVJGTGOCKPUQHC RTQDQUEKFGCP$[VJGNCVGGKIJVGGPVJCPFGCTN[PKPGVGGPVJEGPVWTKGUPCVWTCNJKUVQTKCPU CPFIGQITCRJGTUGZRNQTGTUDGICPVQCTTKXGRTQFWEKPIVJGſTUV UEKGPVKſE QDUGTXCVKQPU CPF FGUETKRVKQPU QH /GZKEQ &WTKPI VJG PKPGVGGPVJ EGPVWT[ PCVKXG CPF HQTGKIP KPXGUVKICVQTU YTQVG OCP[ RCRGTU FGUETKDKPI HQUUKN OCVGTKCN QH /GZKEQ JQYGXGT VJGUG GCTN[ TGRQTVU FKF PQV RTQXKFG CEEWTCVG KFGPVKſECVKQP QH VJG HQUUKN NQECNKVKGU QT UVTCVKITCRJKERQUKVKQP+VKUKORQTVCPVVQOGPVKQPVJCVD[OKFFNGPKPGVGGPVJEGPVWT[ C UKIPKſECPV KORTQXGOGPV KP VJG EQNNGEVKPI FGUETKDKPI CPF OCRRKPI QH /GZKECP OKPGTCNUCPFHQUUKNUQEEWTTGF /QPVGNNCPQ$CNNGUVGTQU 6JG PKPGVGGPVJ EGPVWT[ YCU CNUQ C VKOG YJGP PCVWTCN JKUVQT[ UQEKGVKGU CPF PCVKQPCNOWUGWOUYGTGHQWPFGFUWEJCUVJG5QEKGFCF/GZKECPCFG*KUVQTKC0CVWTCN
YKVJKVUQHſEKCN LQWTPCN ő.C 0CVWTCNG\CŒ +P VJG 5QEKGFCF %KGPVÈſEC /CPWGN#N\CVGYCUHQWPFGFYJKEJNCVGTDGECOGVJG#ECFGOKC0CEKQPCNFG%KGPEKCU 6JG/WUGQ0CEKQPCNFG/ÃZKEQYCUHQWPFGFKPCPFKPENWFGFCFGRCTVOGPVQH 0CVWTCN*KUVQT[#VVJGGPFQHVJGPKPGVGGPVJCPFGCTN[VYGPVKGVJEGPVWTKGU)GTOCP EQPVTKDWVKQPUYGTGKORQTVCPVVQVJGUVWF[QHCPEKGPVNKHGCPFIGQNQI[QH/GZKEQ &WTKPIVJGyUyUCPFGCTN[yUHQUUKNOCOOCNTGUGCTEJHQEWUGFNGUU
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QPVJGFGVCKNGFFGUETKRVKQPUCPFOQTGQPEQTTGNCVKQP'URGEKCNN[FWTKPIVJGyU #TGNNCPQCIGQNQIKUVHTQOVJG+PUVKVWVQFG)GQNQIÈCDTQWIJVXGTVGDTCVGHQUUKNUVQVJG CVVGPVKQPQHRCNGQPVQNQIKUVUVJTQWIJJKUIGQNQIKEUVWFKGUQH%GPVTCN/GZKEQ 5KPEGVJGPVJGſGNF QH VJG XGTVGDTCVG RCNGQPVQNQI[ JCU DGGP ITQYKPI CPF KU PQY FGXGNQRGFCVUGXGTCNCECFGOKEKPUVKVWVKQPUYJGTGVJGTGCTGKPVGTFKUEKRNKPCT[RTQLGEVU YJGTGHQTGKIPRCNGQPVQNQIKUVUEQNNCDQTCVG 5GXGTCN CVVGORVU VQ FGOQPUVTCVG VJG MPQYNGFIG QH VJG /GZKECP XGTVGDTCVG RCNGQPVQNQI[ ſGNF JCXG DGGP OCFG UWEJ CU /CNFQPCFQ-QGTFGNN NXCTG\
5KNXC$¶TEGPC CPF $CTTKQU4KXGTC 4GEGPVN[ /QPVGNNCPQ $CNNGUVGTQU CPF #TTQ[Q%CDTCNGU EQORKNGF C UVCVG QH VJG CTV OQPQITCRJ QP /GZKECPOCOOCNKCPRCNGQHCWPCU 6JG OCKP RWTRQUG QH VJKU EQPVTKDWVKQP KU VQ TGUWOG CPF EQOOGPV VJG RTGUGPV UKVWCVKQPQHVJGHQUUKNOCOOCNKCPTGEQTFKP/GZKEQCRRQKPVKPIVJGOCKPNQECNKVKGU VJGKTCIGUCPFUQOGTGNGXCPVVCZC
9JCV &Q9GMPQY! /COOCNKCP&KUVTKDWVKQP#EEQTFKPIVQ#IG /GUQ\QKE #NVJQWIJEQPVKPGPVCN/GUQ\QKEQWVETQRUCTGYKFGURTGCFKPVJGPQTVJGTPRCTVQH /GZKEQVJGTGCTGQPN[VYQNQECNKVKGUVJCVJCXG[KGNFGFOCOOCNTGOCKPU6JGUGCTG 'N 4QUCTKQ KP $CLC %CNKHQTPKC QH %CORCPKCP CIG .CVG %TGVCEGQWU CPF %CÌÎP FGN *WK\CEJCNKP6COCWNKRCUQHNCVGGCTN[,WTCUUKECIG (KIWTG4GEGPVN[CPGYſPF QHCOCOOCNJCUDGGPTGRQTVGFHTQOVJG%GTTQFGN2WGDNQKP%QCJWKNCCYGNNMPQYP CTGCMPQYPHQTKVUFKPQUCWTUTKEJPGUU 6GTVKCT[ (CWPCUCPFUKPINGQEEWTTGPEGUQH6GTVKCT[CIGEQOGHTQOQHVJG/GZKECP UVCVGUEQXGTKPICNOQUVCNNVJGEQWPVT[yUVGTTKVQT[ (KIWTGUYKVJVJGGZEGRVKQP QH UQOG UVCVGU KP VJG YGUVGTP 5KPCNQC 0C[CTKV &WTCPIQ CPF )WGTTGTQ EGPVTCN
'UVCFQFG/ÃZKEQCPF&KUVTKVQ(GFGTCNPQTVJGCUVGTP %QCJWKNC0WGXQ.GÎPCPF 6COCWNKRCU GCUVGTP 5CP .WKU 2QVQUÈ 8GTCETW\ CPF 6CDCUEQ CPF VJG ;WECV¶P RGPKPUWNC %CORGEJG;WECV¶PCPF3WKPVCPC4QQ 6JGCDUGPEGQHVJGVGTTGUVTKCNHQUUKNOCOOCNUHTQOUGXGTCNUVCVGUECPDGGZRNCKPGF VCMKPIKPVQCEEQWPVVJGKTIGQNQIKECNJKUVQT[NKVJKETGEQTFCPFVJGRQQTRTQURGEVKPIKP VJQUGCTGCU
/':+%#0(155+./#//#.59*19*'4'#0&9*'0
3WCVGTPCT[ 6JG UKVWCVKQP KU EQORNGVGN[ FKHHGTGPV HQT VJG 3WCVGTPCT[ TGEQTF YJGTG VJG UVCVGUQHVJGEQWPVT[JCXG[KGNFGFOCOOCNKCPTGOCKPU#TTQ[Q%CDTCNGUGVCN UJQYGFKPVJGKTCPCN[UKUVJCVVJG'UVCFQFG/ÃZKEQJCUVJGJKIJGUVRGTEGPVCIGQHVJG TGRQTVGFNQECNKVKGUHQTVJG3WCVGTPCT[6QVJGEQPVTCT[VJGUVCVGUYKVJVJGRQQTGUV TGEQTFQH3WCVGTPCT[HQUUKNOCOOCNUCTG%QNKOC6CDCUEQ0C[CTKVCPF%CORGEJG
9JQ9JGTGCPF9JGP! /GUQ\QKE 6JGQNFGUV/GUQ\QKEOCOOCNKCPTGEQTFEQOGUHTQOVJGNCVGGCTN[,WTCUUKE.C $QEC (QTOCVKQP CV %CÌÎP FGN *WK\CEJCN KP 6COCWNKRCU KP PQTVJGCUVGTP /GZKEQ +V KPENWFGU VJG VTKV[NQFQPVKF $QECVJGTKWO OGZKECPWO CPF C UWKVG QH YJCV KU DGUV FGUETKDGFCUOCOOCNKCHQTOU6JG.C$QECHCWPCTGRTGUGPVPGYVCZCQHőVTKEQPQFQPVŒ OCOOCNU
(+)74' /GUQ\QKE CPF 'QEGPG1NKIQEGPG NQECN HCWPCU DGCTKPI OCOOCNKCP TGOCKPU CPF UKPINGQEEWTTGPEGU%CÌÎPFGN*WK\CEJCNNCVGGCTN[,WTCUUKE6COCWNKRCU'N4QUCTKQ.CVG %TGVCEGQWU$CLC%CNKHQTPKC%GTTQFGN2WGDNQ(O.CVG%TGVCEGQWUQH%QCJWKNC.QOCU .CU6GVCUFG%CDTC9CUCVEJKCP$CLC%CNKHQTPKC'N/CTſN $TKFIGTKCP7KPVCP )WCPCLWCVQ 4CPEJQ)CKV¶P%JCFTQPKCP%JKJWCJWC5KOQLQXGN#TKMCTGGCP%JKCRCU
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6JG.C$QECHCWPCKUPQVENQUGN[TGNCVGFVQ,WTCUUKEOCOOCNUFGUETKDGFGNUGYJGTG UWIIGUVKPIVJGRTGUGPEGQHCTCFKCVKQPQHGCTN[OCOOCNUVJCVUJQYXCTKCVKQPUQPVJG RTKOKVKXGőVTKEQPQFQPVŒOQNCTRCVVGTPUCPFFKHHGTKPIYKFGN[KPNQYGTLCYOQTRJQNQI[
/QPVGNNCPQGVCN /GUQ\QKE OCOOCNU QH %CORCPKCP CIG JCXG DGGP FGUETKDGF D[ .KNNGITCXGP
CPF%NGOGPU HTQO%CORCPKCPNC[GTUQHVJG'N)CNNQ(QTOCVKQP KP $CLC %CNKHQTPKC VJGUG KPENWFG VJG OWNVKVWDGTEWNCVGU /GUQFOC EH / HQTOQUC !5V[IKO[U UR C RGFKQO[F OCTUWRKCN 2GFKQO[U UR CPF CP GWVJGTKCP QH WPEGTVCKP CHſPKVKGU )CNNQNGUVGURCEJ[OCPFKDWNCTKU6JGOCOOCNKCPCUUGODNCIGJCUCNUQDGGP KFGPVKſGF CV VJG ,WFKVJKCP 6GTNKPIWC NQECN HCWPC KP 6GZCU 4QYG GVCN 4GEGPVN[ #IWKNNÎP/CTVÈPG\ GV CN TGRQTVGF C OWVNVKVWDGTEWNCVG VQQVJ HTQOVJG.CVG%TGVCEGQWU%GTTQFGN2WGDNQ(QTOCVKQP%QCJWKNCKPETGCUKPIVJG/G UQ\QKEOCOOCNKCPTGEQTFHQT/GZKEQ
(+)74' 'CTN[/KFFNG /KQEGPG NQECN HCWPCU DGCTKPI OCOOCNKCP TGOCKPU CPF UKPING QEEWTTGPEGU6WDWVCOCCPF;ÃEQTC*GOKPIHQTFKCP5QPQTC'N
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6GTVKCT[ 6JG'QEGPG1NKIQEGPG4GEQTF 6JG QNFGUV 6GTVKCT[ HCWPC KU VJG .QOCU .CU 6GVCU FG %CDTC HTQO VJG 'CTN[ 'QEGPGQH$CLC%CNKHQTPKC (KIWTGU6JGOCOOCNKCPHCWPCKUCTQWPFOKNNKQP [GCTUQNFCPFEQTTGURQPFUVQVJG9CUCVEJKCP0QTVJ#OGTKECP.CPF/COOCN#IG
0QXCEGEMGVCN+VKUKPVGITCVGFD[QTFGTUHCOKNKGUCPFOQPQV[RKE IGPGTCQHYJKEJQHVJGQTFGTUQHVJGHCOKNKGUCPFQHVJGIGPGTC CTGCTEJCKEOCOOCNUVJGOQUVFKXGTUGCTGVJGEQPF[NCTVJUYKVJHQWTURGEKGU#NUQ VJGTGCTGUQOGGPFGOKEHQTOUUWEJCUVJGOCTUWRKCN'UVGNGUVGUGPUKUVJGEQPF[NCTVJ 'EVQEKQP KIPQVWO CPF CP WPPCOGF IGPWU QH RCPVQFQPV 0QXCEGEM GV CN
(+)74' .CVG /KQEGPG2NKQEGPG NQECN HCWPCU DGCTKPI OCOOCNKCP TGOCKPU CPF UKPING QEEWTTGPEGU.CU6WPCUCPF/KTCƀQTGU GCTN[ $NCPECP $CLC %CNKHQTPKC 5WT 5CP ,QUÃ FG 2KOCU $NCPECP 5QPQTC ;GRÎOGTC $CUWEJKN CPF /CVCEJKE NCVG *GORJKNNKCP %JKJWCJWC/KÌCECCPF%QPEJCGCTN[$NCPECP%JKJWCJWC6GEQNQVN¶PNCVG*GORJKNNKCP CPF!NCVG$NCPECP,CNKUEQ%QNQVN¶P*GORJKNNKCP,CNKUEQ6GQECNVKEJGNCVG*GORJKNNKCP ,CNKUEQ %KPEC *GORJKNNKCP /KEJQCE¶P .C )QNGVC GCTN[ $NCPECP /KEJQCECP 6WNC *GORJKNNKCP QT $NCPECP *KFCNIQ
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2NGKUVQEGPG
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$CTUVQXKCP *GOKPIHQTFKCP .CVG#TKMCTGGCP
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9CUCVEJKCP
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(GTTWUSWÈC8KNNCHTCPEC GV CN +VU HCWPCN EQORQUKVKQP UJQYU C EQODKPCVKQP QH CTEJCKE RCNGQIGPG VCZC UWEJ CU %QPF[NCTVJTC /GUQP[EJKC 2CPVQFQPVC CPF 6KNNQFQPVKC CPF OQFGTP VCZC UWEJ CU %CTPKXQTC 2GTKUUQFCEV[NC #TVKQFCEV[NC CPF 4QFGPVKC 6JG /KFFNG 'QEGPG 'N /CTſN NQECN HCWPC KU NQECVGF KP )WCPCLWCVQ EGPVTCN /GZKEQ (KIU +V KU EQPUKFGTGF QH $TKFIGTKCP7KPVCP CIG DCUGF WRQP VJG GXQNWVKQPCT[ UVCIG QH UQOG QH VJGKT GPFGOKE HQTOU (GTTWUSWÈC8KNNCHTCPEC (GTTWUSWÈC8KNNCHTCPECGVCN6JKUHCWPCEQPUKUVUQHſXG QTFGTU Ō QPG CTEJCKE UGXGPHCOKNKGUCPFUGXGPOQPQV[RKEIGPGTCVJCVFKURNC[UCNCTIGFGITGGQHGPFGOKUO 6JGOQUVFKXGTUGCPFOQUVUVWFKGFITQWRKUVJG4QFGPVKCYKVJVJTGGURGEKGU#NOQUV CNNVJGOCOOCNUVJCVJCXGDGGPEQNNGEVGFHTQOVJG'N/CTſN CTG UOCNN VQ XGT[ UOCNN HQTOU6JGTGKUQPN[QPGOGFKWOUK\GFQTICPKUOCVCRKTQKF (GTTWUSWÈC8KNNCHTCPEC GVCN
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6JGVJKTF'QEGPGHCWPCQH/GZKEQKUVJG4CPEJQ)CKV¶PNQECNHCWPCHTQOVJG .CVG'QEGPGQH%JKJWCJWCPQTVJGTP/GZKEQ (KIU+VJCUDGGPCUUKIPGFVQVJG %JCFTQPKCPNCPFOCOOCNCIGDCUGFQPHCWPCNEQORQUKVKQP (GTTWUSWÈC8KNNCHTCPEC (GTTWUSWKC8KNNCHTCPEC GV CN (QWT QTFGTU HCOKNKGU CPF IGPGTCKPVGITCVGVJKUHCWPCCPFVJGQPN[CTEJCKEOCOOCNKUQPGURGEKGUQHEQPF[NCTVJ EQPUKFGTGFCPGYIGPWUQHJ[CGPQFQPVKF6JGCTVKQFCEV[NUCTGVJGOQUVFKXGTUGITQWR YKVJ ſXG QTGQFQPV URGEKGU CITKQEJGTKFU RNWU OGT[EQKFQFQPVKFU CPF VYQ UOCNN TWOKPCPVHQTOU (GTTWUSWÈC8KNNCHTCPECGVCN6JGRGTKUUQFCEV[NUKPENWFGVJG GSWKF /GUQJKRRWU VGZCPWU VJG TJKPQ *[TCEQFQP PGDTCUMGPUKU CPF VJG VKVCPQVJGTG $TQPVQRU EH $ DTCEJ[EGRJCNWU 6JG CTVKQFCEV[NU CTG TGRTGUGPVGF D[ HQWT HCOKNKGU CPFUGXGPIGPGTCCNUQVJGHQNNQYKPITQFGPVUCTGRTGUGPVVJGRCTCO[KF/KVQPQO[U ICKVCPKC CPF VJG E[NKPFTQFQPVKFU ,C[YKNUQPQO[U QLKPCICGPUKU , RKPVQGPUKU CPF 2UGWFQE[NKPFTQFQP EH 2 OGFKWU $WTMG (GTTWUSWÈC8KNNCHTCPEC CPF 9QQF -QTVJ 6JGOQUVTGEGPVCFFKVKQPVQVJG/GZKECP2CNGQIGPGOCOOCNTGEQTFKUCUKPING QEEWTTGPEG HTQO VJG .CVG 1NKIQEGPG QH 5KOQLQXGN %JKCRCU UQWVJGCUVGTP /GZKEQ
(KIWTGU+VKUCPGYIGPWUCPFURGEKGUQHCJGNQJ[KFDWPQFQPVCTVKQFCEV[NQH GCTN[#TKMCTGGCPCIG (GTTWUSWÈC8KNNCHTCPECC 6JG'CTN[/KFFNG/KQEGPG4GEQTF 6JGGCTN[OKFFNG/KQEGPGTGEQTFKUTGRTGUGPVGFD[VYQUKPINGQEEWTTGPEGUCPF VYQHCWPCUHTQOVJG'CTN[/KQEGPGQHPQTVJYGUVGTPEGPVTCNCPFUQWVJGCUVGTP/GZKEQ CPFſXG HCWPCU HTQO VJG /KFFNG /KQEGPG QH VJG PQTVJYGUVGTP CPF UQWVJGCUVGTP RCTVU QH/GZKEQ (KIWTG6JG'CTN[/KQEGPGHCWPCUCTGQH*GOKPIHQTFKCPCIGCPFVJG /KFFNG /KQEGPG QPGU HCNN YKVJKP VJG $CTUVQXKCP NCPF OCOOCN CIG #NVJQWIJ VJG HCWPCNTGEQTFFQWDNGUVJCVHTQOVJG'QEGPG1NKIQEGPGKVKUUVKNNOGCIGTCPFKPENWFGU OWEJNGUUOKETQOCOOCNU 6JG *GOKPIHQTFKCP UKPING QEEWTTGPEGU EQOG HTQO 6WDWVCOC CPF ;ÃEQTC KP 5QPQTC (KIWTGYJGTGCPGPFGOKEURGEKGUQHCUVGPQO[NKPGECOGNCPFQHCNGRQTKF JCXGDGGPFGUETKDGF ,KOÃPG\*KFCNIQGVCN(GTTWUSWÈC8KNNCHTCPECD 6JG'N
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GPFGOKEIGPWUCPFURGEKGUQHM[RVQEGTCVKPGRTQVQEGTCVKFENQUGN[TGNCVGFVQC[QWPIGT
*GORJKNNKCPURGEKGUHTQOVJG)WNH%QCUVCN2NCKP ,KOÃPG\*KFCNIQ,KOÃPG\ *KFCNIQGVCN(GTTWUSWÈC8KNNCHTCPECD 1P VJG QVJGT JCPF VYQ OCKPN[ OCTKPG OCOOCN HCWPCU .C /KUKÎP $CLC %CNKHQTPKC CPF .C 2WTÈUKOC $CLC %CNKHQTPKC 5WT KPVGITCVG VJG $CTUVQXKCP TGEQTF QH PQTVJYGUVGTP /GZKEQ (KIWTG #V .C /KUKÎP VJG QPN[ TGEQIPK\GF VGTTGUVTKCN OCOOCNKUCPWPKFGPVKſGF ECOGN CPF CV .C 2WTÈUKOC VJG QPN[ OCOOCN KU QPG URGEKGU QHCOGFKWOUK\GFECPKF (GTTWUSWÈC8KNNCHTCPECD 6JGQVJGTVYQ$CTUVQXKCPHCWPCUCTGKP1CZCEC (KIWTGU6JG/CVCVN¶PNQECN HCWPC KPENWFGU HQWT QTFGTU GKIJV KFGPVKſGF HCOKNKGU RNWU QPG QT VYQ WPKFGPVKſGF PKPGKFGPVKſGF IGPGTC RNWU QPG QT VYQ WPKFGPVKſGF CPF URGEKGU CICKP RNWU QPG QTVYQWPKFGPVKſGF QH OGFKWO VQ NCTIG UK\G OCOOCNU UWEJ CU C OWUVGNKF ECOGN QT RTQVQEGTCVKF 6JG QPN[ GXKFGPEG QH UOCNNUK\GF QTICPKUOU CTG VJG TQFGPV IPCYKPI OCTMUQDUGTXGFQPUQOGGNGOGPVU $TCXQ%WGXCU,KOÃPG\*KFCNIQ 6JGQVJGT$CTUVQXKCPHCWPCKU0GLCRCYJGTGſXG QTFGTU HCOKNKGU RNWU QPG QT VYQWPKFGPVKſGF IGPGTC RNWU QPG QT VYQ WPKFGPVKſGF CPF URGEKGU RNWU QPG QT VYQWPKFGPVKſGF CTG RTGUGPV $TCXQ%WGXCU ,KOÃPG\*KFCNIQ 6JGUQWVJGTPOQUV$CTUVQXKCPHCWPCQHVJGEQWPVT[KUCV+ZVCRCKP%JKCRCU (KIWTG +V KPENWFGU VYQ QTFGTU VJTGG HCOKNKGU IGPGTC CPF URGEKGU 6JGTG KU C UVTQPI DKCU VQYCTFU OGFKWO VQ XGT[ NCTIG UK\G OCOOCNU UWEJ CU C JQTUG C TJKPQ CPF C IQORJQVJGTG (GTTWUSWÈC8KNNCHTCPEC,KOÃPG\*KFCNIQGVCN 4GEGPVN[CPGYURGEKGUQHRTQVQEGTCVKPGRTQVQEGTCVKFHTQOVJG'CTN[/KQEGPG QH5KOQLQXGN%JKCRCUYCUFGUETKDGFYJKEJCRRCTGPVN[YCUCPKUQNCVGFQEEWTTGPEG
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ÌGFC 6JG /KTCƀQTGU NQECN HCWPC KPENWFGU UGXGP QTFGTU GKIJV HCOKNKGU CPF GKIJV OQPQV[RKEIGPGTC6JGTGCTGQPN[VYQURGEKGUQHUOCNNUK\GCNCIQOQTRJCPFCTQFGPV
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6JKUHCWPCUJCTGUUGXGTCNVCZCYKVJVJG.CU6WPCUNQECNHCWPC#TGOCTMCDNGſPF KU C ITQWPFUNQVJYJKEJTGRTGUGPVUVJGſTUV TGEQTF QH VJKU 5QWVJ #OGTKECP OCOOCN KP VJG $CLC%CNKHQTPKC2GPKPUWNC %CTTCP\C%CUVCÌGFCCPF/KNNGT +P5QPQTCPGCT5CP,QUÃFG2KOCU (KIWTGVJGTGKUCUKPINGQEEWTTGPEGQHC IQORJQVJGTGURGEKGUQH$NCPECPCIG .KPFUC[/KNNGTCPF%CTTCP\C%CUVCÌGFC +P%JKJWCJWCVJGTGCTGVJTGGNCVG*GORJKNNKCPCPFVYQGCTN[$NCPECPNQECNKVKGU
(KIWTGYJKEJHQTCNQPIVKOGTGRTGUGPVGFVJGDGUVMPQYPNCVG6GTVKCT[HCWPCUQH /GZKEQ0QPGQHVJGOJCXGCP[TGEQTFQH5QWVJ#OGTKECPOCOOCNU 6JGNCVG*GORJKNNKCP;GRÎOGTCNQECNHCWPCKPENWFGUGKIJVQTFGTUHCOKNKGU IGPGTC CPF URGEKGU QH VJGO CTG UOCNN URGEKGU TGRTGUGPVGF D[ CP KPUGEVKXQTGCDCVTQFGPVUCPFNCIQOQTRJU6JGOQUVFKXGTUGVCZCCTGVJGGSWKFUCPF VYQTQFGPVHCOKNKGU *GVGTQO[KFCGCPF%TKEGVKFCGYKVJHQWTURGEKGUGCEJ .KPFUC[ .KPFUC[CPF,CEQDU 6JG QVJGT VYQ NCVG *GORJKNNKCP HCWPCU CTG $CUWEJKN CPF /CVCEJKE (KIWTG #V$CUWEJKNVJGTGCTGſXG QTFGTU CPF UGXGP HCOKNKGU IGPGTC CPF URGEKGU QH YJKEJ QPN[ QPG KU C UOCNN OCOOCN #V /CVCEJKE VJGTG CTG HQWT QTFGTU CPF HCOKNKGU CPF UGXGPOQPQV[RKEIGPGTCQPN[VYQURGEKGUCTGOKETQOCOOCNU+P/CVCEJKEVJGOQUV FKXGTUGVCZCCTGVJGGSWKFUYKVJVJTGGURGEKGU .KPFUC[/CVCEJKE;GRÎOGTC CPF$CUWEJKNCTGIGQITCRJKECNN[ENQUGVJGſTUV VYQ UJCTG CNN VJG KFGPVKſGF OCOOCN VCZCCPF$CUWEJKNUJCTGUUQOGOCOOCNVCZCRQUUKDN[VJGUGHCWPCUEQPUVKVWVGVJTGG UCORNGUQHCNCTIGTOCOOCNCUUGODNCIG 6JGGCTN[$NCPECP/KÌ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%CTTCP\C%CUVCÌGFCCPF/KNNGT #PQVJGTHCWPCKU.C2NGICTKCQHNCVG*GORJKNNKCPCIG (KIWTGYJGTGUKZQTFGTU HCOKNKGUCPFOQPQV[RKEIGPGTCCTGRTGUGPVVJGTGCTGVJTGGUOCNNUK\GFURGEKGU CPF C TGEQTF QH C ITQWPF UNQVJ %CTTCP\C%CUVCÌGFC GV CN 2CFKNNC)WVKÃTTG\ %COGNUCPFGSWKFUCTGVJGOQUVFKXGTUGVCZCYKVJVJTGGURGEKGUGCEJ 6JGNCUVMPQYPNQECNKV[HTQOVJGUVCVGQH*KFCNIQ.CU#TEKPCUKUQH$NCPECP CIGVYQGSWKFQPGVC[CUUWKFQPGECOGNKFCPFQPGIQORJQVJGTGURGEKGUCTGRTGUGPV
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6JG DGUVMPQYP HCWPC QH NCVG 6GTVKCT[ CIG HTQO EGPVTCN /GZKEQ CPF RTQDCDN[ HQTCNNVJGEQWPVT[CVNGCUVHQTOCETQOCOOCNUKUVJG5CP/KIWGNFG#NNGPFGNQECN HCWPC KP VJG UVCVG QH )WCPCLWCVQ +V KPENWFGU C UWRGTKORQUGF UWEEGUUKQP QH VJTGG 6GTVKCT[0QTVJ#OGTKECPNCPFOCOOCNCIGUGCTN[*GORJKNNKCPNCVG*GORJKNNKCPCPF GCTN[ $NCPECP %CTTCP\C%CUVCÌGFC %CTTCP\C%CUVCÌGFC CPF 9CNVQP %CTTCP\C%CUVCÌGFCCPF/KNNGT%CTTCP\C%CUVCÌGFCCPF/KNNGT/KNNGT CPF%CTTCP\C%CUVCÌGFC/QPVGNNCPQ$CNNGUVGTQUCOQPIQVJGTU 6JG GCTN[ *GORJKNNKCP VCZC KFGPVKſGF CTG VYQ GSWKFU QPG ECOGN CPF QPG CPVKNQECRTKFURGEKGU %CTTCP\C%CUVCÌGFCCPF/KNNGT,KOÃPG\*KFCNIQ CPF%CTTCP\C%CUVCÌGFC,KOÃPG\*KFCNIQ6JGNCVG*GORJKNNKCPHCWPC KPENWFGUUGXGPQTFGTUHCOKNKGUIGPGTCCPFURGEKGUQHYJKEJCTG UOCNNUK\GF6JGOQUVFKXGTUGITQWRUCTGVJGETKEGVKFTQFGPVUYKVJURGEKGUCPF VJGECOGNUCPFGSWKFUYKVJHQWTURGEKGUGCEJ %CTTCP\C%CUVCÌGFC%CTTCP\C %CUVCÌGFC CPF 9CNVQP %CTTCP\C%CUVCÌGFC CPF /KNNGT %CTTCP\C %CUVCÌGFC CPF /KNNGT /KNNGT CPF %CTTCP\C%CUVCÌGFC /QPVGNNCPQ $CNNGUVGTQU,KOÃPG\*KFCNIQ 6JGGCTN[$NCPECPHCWPCHTQO5CP/KIWGNFG#NNGPFGEQPUKUVUQHUGXGPQTFGTU HCOKNKGUIGPGTCCPFURGEKGUQHYJKEJTCDDKVUCPFUSWKTTGNUTGRTGUGPV QHVJGHCWPC6JGOQUVFKXGTUGITQWRUCTGECOGNUYKVJſXG URGEKGU CPF TCDDKVU YKVJ HQWT /KNNGT CPF %CTTCP\C%CUVCÌGFC %CTTCP\C%CUVCÌGFC CPF /KNNGT ,KOÃPG\*KFCNIQ 5K\G TCPIG QH VJG OCOOCNU XCTKGU HTQO C USWKTTGN VQ C IQORJQVJGTG +P5CP/KIWGNFG#NNGPFGVJGTGCTGUQOG*GORJKNNKCPCPFGCTN[$NCPECPVCZC UWEJCUHGNKFUECPKFUECOGNUCPFCPVKNQECRTKFUVJCVUJQYWRGCTNKGTQTNCUVGFNQPIGT VJCPKPVJG7PKVGF5VCVGUHCWPCU %CTTCP\C%CUVCÌGFCCPF/KNNGT/KNNGTCPF %CTTCP\C%CUVCÌGFC,KOÃPG\*KFCNIQCPF%CTTCP\C%CUVCÌGFC,KOÃPG\ *KFCNIQ,KOÃPG\*KFCNIQGVCN (WVWTG TGIKQPCN YQTM UJQWNF EQPUKFGT VJGUG PGY VGORQTCN TCPIGU KP QTFGT VQ EQPUVTWEVCFGVCKNGFRKEVWTGQHVJGDKQEJTQPQNQI[QH0QTVJ#OGTKEC
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ſGNF YQTM QT OC[DG VJGTG CTG PQ HCWPCU QH VJKU CIG /QPVGNNCPQ$CNNGUVGTQU #TTQ[Q%CDTCNGU GV CN 6JG NCUV
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yUTGEQTF6JGFKHHGTGPEGUVTKXGU KPVJGPWODGTQHUOCNNUK\GFOCOOCNUKPVJGTGEGPVHCWPCOCOOCNUCTGOWEJOQTG CDWPFCPV CNVJQWIJ VJKU ECP DG GZRNCKPGF D[ VJG DKCU KP VJG OGVJQF QH EQNNGEVKPI #PQVJGTKORQTVCPVFKHHGTGPEGKUVJCVKPVJGTGEGPVHCWPCUNCTIGOGICJGTDKXQTGUUWEJ CU:GPCTVJTC2GTKUUQFCEV[NC#TVKQFCEV[NCCPF2TQDQUEKFGCCTGPQVRTGUGPV
5QOG+PVGTGUVKPI6QRKEU /GZKEQ KU NQECVGF DGVYGGP VJG VGORGTCVG CPF VTQRKECN DGNVU CPF VJG EQPVCEV QT KPVGTſPIGTKPI QH VJG 0GQVTQRKECN CPF 0GCTEVKE DKQIGQITCRJKE TGIKQPU NKGU KP KVU VGTTKVQT[ (C CPF /QTCNGU &WG VQ KVU IGQNQIKECN JKUVQT[ CPF IGQITCRJKE RQUKVKQP/GZKEQDGCTUCITGCVFKXGTUKV[QHGPXKTQPOGPVCNEQPFKVKQPUVJCVKUTGƀGEVGF KPVJGTKEJPGUUQHKVUVGTTGUVTKCNXGTVGDTCVGU
/GZKEQCPFVJG*KUVQT[QH5QOG6CZC 6JGRTGUGPEGQHEGTVCKPURGEKGUVJCV[KGNFKORQTVCPVKPHQTOCVKQPHQTWPFGTUVCPFKPI VJG GXQNWVKQP QH URGEKſE ITQWRU UJQWNF DG OGPVKQPGF 5QOG GZCORNGU CTG IKXGP DGNQY #VVJG'N/CTſN NQECN HCWPC VJG TQFGPV /CTſNQO[U CGYQQFKKUXGT[UKOKNCTVQVJG 'QEGPG2NCV[RKVCO[U 9QQFCPF2CVVGTUQP2CVVGTUQPCPF9QQFHTQO 2CVCIQPKCYJKEJKUEQPUKFGTGFCPCPEGUVTCNHQTOQHVJG5QWVJ#OGTKECPECXKQOQTRJ TQFGPVU 2CVVGTUQPCPF9QQF/CTſNQO[UKUVJGPEQPUKFGTGFCUWTXKXQTQHVJG GCTN[%GPQ\QKERTQVQIQOQTRJTQFGPVUVJCVKUOQTRJQNQIKECNN[ENQUGVQVJGCPEGUVTCN HQTOQHVJGECXKQOQRJU 6JG RTGUGPEG QH C PGY M[RVQEGTCVKPG RTQVQEGTCVKF KP VJG *GOKPIHQTFKCP QH UQWVJGCUVGTP/GZKEQKUXGT[KPVGTGUVKPIUKPEGCVRTGUGPVKVEQWNFDGEQPUKFGTGFVJG UKUVGTVCZQPQH-[RVQEGTCUVJG[QWPIGUVMPQYPRTQVQEGTCVKF+VURTGUGPEGKPCVTQRKECN TGIKQPCITGGUYKVJ9GDDŏUCUUGTVKQPVJCVRTQDCDN[CNCTIGRCTVQHVJGGXQNWVKQPCT[ JKUVQT[ QH VJG -[RVQEGTCVKPK QEEWTTGF KP VJG UWDVTQRKECN UCXCPPCU QH /GUQCOGTKEC
9GDD +PVJGGCTN[$NCPECPHCWPCUQHEGPVTCN/GZKEQUQOGURGEKOGPUUJQYKPVGTOGFKCVG EJCTCEVGTU DGVYGGP VJG GSWKFU &KPQJKRRWU OGZKECPWU VJG CPEGUVQT QH VJG IGPWU 'SWWU CPF 'SWWU UKORNKEKFGPU VJG ſTUV VTWG 'SWWU TGƀGEVKPI VJCV RTQDCDN[ VJG
/':+%#0(155+./#//#.59*19*'4'#0&9*'0
ITCFWCN QT RJ[NGVKE VTCPUKVKQP DGVYGGP VJG VYQ URGEKGU VQQM RNCEG KP VJKU TGIKQP QH VJGEQWPVT[ %CTTCP\C%CUVCÌGFCCPF/KNNGT/KNNGTCPF%CTTCP\C%CUVCÌGFC /CE(CFFGPCPF%CTTCP\C%CUVCÌGFC
#2CNGQU[PGEQNQIKECN6QRKE 6JKUKUCRTGNKOKPCT[CPCN[UKUQHVJGHGGFKPIUVTCVGIKGUQHVJGOCOOCNUVJTQWIJ VJG%GPQ\QKE6JGIQCNKUVQFGVGEVEJCPIGUKPVJGUVTWEVWTGQHVJGEQOOWPKVKGUCPF CRRGCTCPEGUQHPGYYC[UQHHGGFKPI1PGYQTFQHECWVKQPVJKUKUCſTUV CVVGORV WU KPIVJGKPHQTOCVKQPHTQOUQOGEJQUGPNQECNHCWPCUYJKEJCTGEQPUKFGTGFOQFGTCVGN[ YGNNUVWFKGFYGQPN[WUGOCETQHCWPCCPFYGCTGCYCTGVJCVCEEQTFKPIVQUGXGTCN CWVJQTUUQOGQHVJGURGEKGUWUGFCTGEQPUKFGTGFKPXCNKFURGEKGU +PVJGQNFGUV6GTVKCT[NQECNHCWPC.QOCU6GVCUFG%CDTCQH9CUCVEJKCPCIGVJG HCWPCNCUUQEKCVKQPUWIIGUVUCFGEKFWQWUHQTGUV (GTTWUSWÈC8KNNCHTCPECGVCN VJGJGTDKXQTGUCTGOQTGFKXGTUGVJCPVJGECTPKXQTGUCUGZRGEVGFCPFPQITC\GTUCTG KFGPVKſGF (KIWTG 6JG RCNGQGPXKTQPOGPV QH VJG QPN[ /GZKECP %JCFTQPKCP NQECN HCWPC 4CPEJQ )CKV¶P JCU DGGP KPVGTRTGVGF CU C UWDVTQRKECN HQTGUV (GTTWUSWÈC8KNNCHTCPEC GV CN *GTGVJGECTPKXQTGUCTGGZVTGOGN[UECTEGCNUQPQITC\GTUCTGKFGPVKſGF CPF VJGCTVKQFCEV[NURGTKUUQFCEV[NUCPFOKETQOCOOCNUYGTGDTQYUGTU (KIWTG /CVCVN¶PCPF0GLCRCCTGNQECVGFKPVJGUQWVJGTPRCTVQHVJGEQWPVT[CPFCTGVJG VYQDGUVMPQYP$CTUVQXKCPNQECNHCWPCU6JGGPXKTQPOGPVJCUDGGPKPVGTRTGVGFCUC VTQRKECNYQQFNCPFUCXCPPC ,KOÃ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ÎOGTC
NCVG*GORJKNNKCPVJGECTPKXQTGUCTGYGNNTGRTGUGPVGFCPFITC\KPIKUVJGFQOKPCPV HGGFKPI UVTCVGI[ COQPI VJG JGTDKXQTGU (KIWTG +P EQORCTKUQP VJG HCWPC HTQO EGPVTCN/GZKEQ JGTGTGRTGUGPVGFD[VJG5CP/KIWGNNQECNHCWPCVJGECTPKXQTGUCTG PQV CU CDWPFCPV CU KP ;GRÎOGTC CPF VJG DTQYUGTU CTG DGVVGT TGRTGUGPVGF (KIWTG 6JKUFKHHGTGPEGOKIJVTGƀGEV C VTWG FKHHGTGPEG KP VJG UVTWEVWTG QH VJG UCXCPPCyU XGIGVCVKQPDGVYGGPPQTVJGTPCPFEGPVTCN/GZKEQ +VKUKPVGTGUVKPIVQPQVGVJGTCTKV[QTCDUGPEGQHUQOGDTQYUKPIHQTOUUWEJCU EGTXKFUQTFTQOQOGT[EKFU6JGUGVCZCJCFCNQYFKXGTUKV[CPFYGTGPQVCUCDWPFCPV CU QVJGT CTVKQFCEV[NU KP VJG NCVG *GORJKNNKCP CPF GCTN[ $NCPECP KP VJG 7 5 NQECN HCWPCU ,CPKUCPF/CPPKPI9GDD2QUUKDNGHWVWTGRCNGQPVQNQIKECNYQTM YKNNFKUENQUGVJGKTRTGUGPEGKP/GZKECPHCWPCU
/106'..#01$#..'56'415#0&,+/0'<*+.)1
%QORCTKPIVJGGCTN[$NCPECPNQECNHCWPCU/KÌCEC %JKJWCJWCCPF5CP/KIWGN FG#NNGPFG EGPVTCN/GZKEQVJGQPN[FKHHGTGPEGKUVJCVKPVJGNCEMQHDTQYUGTNKMG OKZGFHGGFGTUCV/KÌCEC (KIWTGU %QPEGTPKPIVJGRQUUKDNGHGGFKPIUVTCVGIKGUQHVJG2NGKUVQEGPGOCETQOCOOCNU ECTPKXQTGU EQPUVKVWVG CNOQUV C SWCTVGT QH VJG VQVCN URGEKGU TGEQTFGF HTQO /GZKEQ EQWPVT[ (KIWTG6JGJGTDKXQTGUOCKPHGGFKPIRTGHGTGPEGKUITC\KPIHQNNQYGFD[ DTQYUKPICPFOKZGFHGGFGTU6JGRTQRQTVKQPUQHVJGJGTDKXQTGECVGIQTKGUUWIIGUVVJCV VTGGUCPFUJTWDUEQPVKPWGFDGKPICPKORQTVCPVGNGOGPVQH/GZKECPJCDKVCVUFWTKPI VJG2NGKUVQEGPG
(+)74'2TQDCDNGHGGFKPIUVTCVGIKGUQHOCOOCNUHTQOVJG.QOCU.CU6GVCUFG%CDTCNQECN HCWPC9CUCVEJKCP$CLC%CNKHQTPKC
(+)74'2TQDCDNGHGGFKPIUVTCVGIKGUQHVJGOCOOCNUHTQOVJG4CPEJQ)CKVCPNQECNHCWPC %JCFTQPKCP%JKJWCJWC
/':+%#0(155+./#//#.59*19*'4'#0&9*'0
/GZKEQCPFVJG)TGCV#OGTKECP(CWPCN+PVGTEJCPIG $GECWUGQHKVUIGQITCRJKERQUKVKQP/GZKEQRNC[GFCPKORQTVCPVTQNGKPVJGGXGPV QHYJCVJCUDGGPECNNGFVJGő)TGCV#OGTKECP(CWPCN +PVGTEJCPIGŒ VJCV VQQM RNCEG FWTKPIVJGNCVG6GTVKCT[6JGUVWF[QHVJGNCVG6GTVKCT[HCWPCUKP/GZKEQKPFKECVGUVJG RTGUGPEGQHUGXGTCN5QWVJ#OGTKECPNKPGCIGUCVNGCUVUKPEG*GORJKNNKCPVKOGU 5RGEKGU QH ITQWPF UNQVJU RCORCVJGTGU IN[RVQFQPVU CPF ECR[DCTCU COQPI QVJGTUJCXGDGGPKFGPVKſGF HTQO UGXGTCN NQECNKVKGU 5VTCVC QH OKNNKQP [GCTU NCVG *GORJKNNKCPKP)WCPCLWCVQJCU[KGNFGFVYQMKPFUQHITQWPFUNQVJUCECR[DCTCCPFC
(+)74' 2TQDCDNG HGGFKPI UVTCVGIKGU QH VJG OCOOCNU HTQO VJG /CVCVN¶P NQECN HCWPC $CTUVQXKCP1CZCEC
(+)74' 2TQDCDNG HGGFKPI UVTCVGIKGU QH VJG OCOOCNU HTQO VJG 0GLCRC NQECN HCWPC $CTUVQXKCP1CZCEC
/106'..#01$#..'56'415#0&,+/0'<*+.)1
IN[RVQFQPVJCXGDGGPTGEQTFGFKPDGFUQHOKNNKQP[GCTU GCTN[$NCPECP6JKU KUVJGQNFGUVTGEQTFHQTECR[DCTCUKP0QTVJ#OGTKEC6JGRTGUGPEGQHITQWPFUNQVJU KPQVJGT*GORJKNNKCPNQECNKVKGU
(+)74'2TQDCDNGHGGFKPIUVTCVGIKGUQHVJGOCOOCNUHTQOVJG;GRÎOGTCNQECNHCWPCNCVG *GORJKNNKCP%JKJWCJWC
(+)74'2TQDCDNGHGGFKPIUVTCVGIKGUQHOCOOCNUHTQOVJGNCVG*GORJKNNKCPNQECNHCWPCU 5CP/KIWGNFG#NNGPFG)WCPCLWCVQ
/':+%#0(155+./#//#.59*19*'4'#0&9*'0
(+)74'2TQDCDNGHGGFKPIUVTCVGIKGUQHGCTN[$NCPECPOCOOCNUHTQOVJG/KÌCEC(CWPC QH%JKJWCJWC
(+)74'2TQDCDNGHGGFKPIUVTCVGIKGUQHOCOOCNUHTQO.CU)QNQPFTKPCUNCVG*GORJKNNKCP QH*KFCNIQ
9KVJKPETGCUKPIſGNF YQTM KP NCVG 6GTVKCT[ CPF 2NGKUVQEGPG FGRQUKVU CFFKVKQPCN TGOCKPUQHVJG5QWVJ#OGTKECPKOOKITCPVURCORCVJGTGUIN[RVQFQPVUITQWPFUNQVJU CPFECR[DCTCUCTGDGKPIFKUEQXGTGFUWIIGUVKPIVJCVVJG5QWVJ#OGTKECPVCZCYGTG SWKVGCUWEEGUUHWNITQWRKP/GZKEQ
+UQVQRKE5VWFKGU 5VCDNGECTDQPKUQVQRGUJCXGRTQXGPDGGPXGT[WUGHWNKPTGEQPUVTWEVKPIFKGVCT[ RTGHGTGPEGU QH JGTDKXQTG HQUUKN OCOOCNU VJWU VJG[ JCXG DGGP WUGF KP UGXGTCN
/106'..#01$#..'56'415#0&,+/0'<*+.)1
(+)74' 2TQDCDNG HGGFKPI UVTCVGIKGU QH OCOOCNU HTQO VJG 5CP /KIWGN FG #NNGPFG NQECN HCWPCNCVG*GORJKNNKCP)WCPCLWCVQ
RCNGQGEQNQIKE UVWFKGU QH UQOG 6GTVKCT[ CPF 2NGKUVQEGPG HCWPCU CPF URGEKſE VCZC QH 0QTVJ #OGTKEC /CE(CFFGP CPF %GTNKPI -QEJ -QEJ GV CN (GTCPGE(GTCPGECPF/CE(CFFGP6JGDCUKERTKPEKRNGKUVJCVFKHHGTGPV RJQVQU[PVJGVKE RCVJYC[U % % CPF %#/ IKXG FKHHGTGPV TCVKQU QH %% KP FKHHGTGPVMKPFUQHRNCPVUYJKEJCTGTGƀGEVGF KP VJG GPCOGN QH VJG VGGVJ QH VJG CPKOCNU VJCVCVGVJGO6TQRKECNYCTOUGCUQPUGFIGUCPFITCUUGU %CTGGPTKEJGFYKVJ% %RNCPVUKPENWFKPIOQUVDTQYUGCPFJKIJNCVKVWFGITCUUGUCTGGPTKEJGFYKVJ%CPF %#/RNCPVUKPEQTRQTCVGKPVGTOGFKCVGTCVKQUQHDQVJ 1ŏ.GCT['JNGTKPIGTGVCN 'JNGTKPIGTCPF/QPUQP 0QTVJ #OGTKECP UVWFKGU JCXG DGGP FQPG YKVJ HQUUKNU VJCV RTQEGGF HTQO JKIJ CPFOKFNCVKVWFGUDWVVQQWTMPQYNGFIGPQPGJCXGDGGPFQPGYKVJOCOOCNUHTQO UQWVJGTP0QTVJ#OGTKEC5QYJCVYKNNDGVJGTGUWNVUKPCRRN[KPIVJGECTDQPKUQVQRGU VGEJPKSWGU VQ VJG NQYNCVKVWFG /GZKECP VCZC! 9KNN VJG URGEKGU OCKPVCKP VJG UCOG KPHGTTGF FKGVCT[ RTGHGTGPEG DTQYUGT OKZGFHGGFGT QT ITC\GT KPFGRGPFGPVN[ QH VJG RNCEGYJGTGVJG[NKXGFQTKVYKNNEJCPIGCEEQTFKPIVQNCVKVWFG!9KNNFKGVCT[RCVVGTPU QHFKGVCT[EJCPIGCETQUUVKOGUWEJCUKPUQOGVCZCQHJQTUGU DTQYUKPIVQITC\KPI CPFYKNNVJGUCOGVKOKPIDGQDUGTXGFCNNCNQPI0QTVJ#OGTKECQTYKNNVJG[EQWNFDG FGEQWRNGF!9JCVECPVJGKUQVQRKEUKIPCNUVGNNWUCDQWVVJGMKPFUQHXGIGVCVKQPRTGUGPV KPFKHHGTGPVIGQITCRJKETGIKQPUQH/GZKEQ!(WVWTGYQTMYKNNJGNRCPUYGTKPIVJGUGCPF QVJGTKPVGTGUVKPISWGUVKQPU
/GZKEQ&WTKPIVJG2NGKUVQEGPG 6JG 2NGKUVQEGPG GRQEJ KU EJCTCEVGTK\GF D[ TCRKF CPF TGRGCVGF ENKOCVKE ƀWEVWCVKQPU 'PXKTQPOGPVCN EJCPIGU JCXG KPXQNXGF VJG KPETGCUKPI QH KEG UJGGVU VJG UK\GUCPFEQWTUGUQHTKXGTUCUYGNNCUVJGFGXGNQROGPVCPFFT[KPIQHGZVGPUKXGNCMGU
/':+%#0(155+./#//#.59*19*'4'#0&9*'0
CUYGNNCUƀWEVWCVKQPU KP UGC NGXGN YGTG QDUGTXGF #NN VJGUG ENKOCVG EJCPIGU CHHGEVGF VJGFKUVTKDWVKQPFKXGTUKV[CPFUVTWEVWTGQH0QTVJ#OGTKECPOCOOCNEQOOWPKVKGU (KPCNN[VJGGPFQHVJG2NGKUVQEGPGKUOCTMGFD[CUKIPKſECPV GZVKPEVKQP GXGPV VJCV FGEKOCVGF VJG NCTIG OCOOCN JGTDKXQTGU CPF ECTPKXQTGU QH UGXGTCN EQPVKPGPVU
)TCJCO 6YQOQFGNUJCXGDGGPRTQRQUGFVQGZRNCKPVJGYC[VJCVVJGVGTTGUVTKCNDKQVCQH VJGPQPINCEKCVGFCTGCUQH0QTVJ#OGTKECTGURQPFGFVQVJGƀWEVWCVKPI GPXKTQPOGPVCN EQPFKVKQPU 6JG %NGOGPVUKCP OQFGN RTQRQUGU VJCV NCTIG ITQWRU QH URGEKGU UJKHVGF CUVKIJVN[NKPMGFCPFEQGXQNXGFCUUGODNCIGU6JG)NGCUQPKCPOQFGNUWIIGUVUVJCV KPFKXKFWCNURGEKGUTGURQPFGFVQVJGUGEJCPIGUKPCEEQTFCPEGYKVJVJGKTQYPVQNGTCPEG NKOKVU )TCJCO GV CN UWIIGUVGF VJCV VJG OCOOCN EQOOWPKVKGU KP 7PKVGF 5VCVGUJCXGTGURQPFGFKPC)NGCUQPKCPOCPPGT 6JGOCOOCNUTGURQPUGVQ.CVG3WCVGTPCT[GPXKTQPOGPVCNƀWEVWCVKQPU KP /GZKEQ KUCPGPKIOC$CUGFWRQPGPFGOKEVCZCVTGGURGEKGUTKEJPGUUVQRQITCRJ[ENKOCVG CPFIGQITCRJKEFKUVTKDWVKQPQHUQOGCPKOCNITQWRUUWEJCUDWVVGTƀKGU 6QNGFQ UWIIGUVGFVJGRTGUGPEGQHſXG RTKOCT[ TGHWIGU NQECVGF KP VJG .CECPFQPC CPF 5QEQPWUEQ TGIKQPUYKVJKPVJGUQWVJGTPOQUVRCTVQH/GZKEQCPFVJTGGUGEQPFCT[TGHWIGUKPVJG UVCVGQH8GTCETW\6JKUJCUDGGPSWGUVKQPGFD[UQOGUVWFKGUQPXGTVGDTCVGU (NQTGU 8KNNGNC 6JGTQNGVJCV/GZKEQRNC[GFFWTKPIVJG2NGKUVQEGPGKUPQVYGNNWPFGTUVQQF+V JCUDGGPUWIIGUVGFVJCVFWTKPIVJGOCZKOWOGZVGPUKQPQHVJGKEGUJGGVVJG5KGTTCU /CFTGU CPF VJG 6TCPUOGZKECP 8QNECPKE $GNV DGJCXGF CU C TQWVG QH FKURGTUCN QH VGORGTCVGURGEKGU5QOGPQTVJGTPURGEKGU OCKPN[TQFGPVUGZRCPFGFVJGKTFKUVTKDWVKQP VQYCTFUVJGUQWVJ6JGTGEGPVTGNKEVFKUVTKDWVKQPUQH)NCWEQO[U/KETQVWUCPF5QTGZ CTGEQPUKFGTGFCURTQQHQHVJKUOKITCVKQPFWTKPIVJG9KUEQPUKPKCP (CCPF/QTCNGU #UHCTCUYGMPQYPQUVWFKGUJCFDGGPOCFGCPCN[\KPIJQYVJGFKUVTKDWVKQPCPF UVTWEVWTGQHVJGEQOOWPKVKGUQHOCOOCNUEJCPIGFFWTKPIVJG2NGKUVQEGPG 6JGUVWF[QHVJG2NGKUVQEGPGHCWPCUCPFWPFGTUVCPFKPIVJGTGURQPUGQHVGTTGUVTKCN DKQVKEEQOOWPKVKGUVQGPXKTQPOGPVCNEJCPIGUKUHWPFCOGPVCNVQOQFGNKPICPFRNCPPKPI HQTHWVWTGENKOCVGEJCPIG
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
/106'..#01$#..'56'415#0&,+/0'<*+.)1
HCOKNKGUCPFQTFGTU6JG/KQEGPGTGEQTFKPENWFGUURGEKGUIGPGTC HCOKNKGUCPFQTFGTUVJG.CVG6GTVKCT[TGEQTFKPENWFGUURGEKGUIGPGTC HCOKNKGUCPFQTFGTU#PFVJG2NGKUVQEGPGTGEQTFKPENWFGUURGEKGUIGPGTC HCOKNKGUCPFQTFGTU+VUJQWNFDGPQVGFVJCVVJGFKXGTUKV[QHVJGOKETQOCOOCNU KUWPFGTGUVKOCVGFEQPUKFGTKPIVJCVKPVJGGZVCPVOCOOCNKCPHCWPCUVJGOQUVCDWPFCPV ITQWRUCTGVJGTQFGPVUCPFVJGDCVUYJKEJTGRTGUGPVVJGQHVJGVQVCNGZVCPVHCWPC
4COÈTG\2WNKFQCPF/×FGURCEJGT6JKUUKVWCVKQPKUOCKPN[FWGVQVJGOGVJQF QHEQNNGEVKPI #NVJQWIJ QWT MPQYNGFIG QH HQUUKN OCOOCNU JCU KORTQXGF KPHQTOCVKQP QP /GUQ\QKE OCOOCNU KU UVKNN RQQTN[ CPF KU TGFWEGF VQ QPN[ VYQ MPQYP NQECNKVKGU 6JG .CVG %TGVCEGQWU VCZC CTG CNUQ RTGUGPV KP VJG PQTVJGTP NQECN HCWPCU UWEJ CU KP /QPVCPC CPF 9[QOKPI VJG GZEGRVKQP KU VJG PGY IGPWU CPF URGEKGU )CNNQNGUVGU RCEJ[OCPFKDWNCTKUYJKEJTGEGPVN[YCUTGRQTVGFHTQO6GZCUCUPQVGFCDQXG9KVJ HWTVJGTſGNFYQTM CPF RTQURGEVKPI VJG FKXGTUKV[ YKNN DG KPETGCUGF CPF VJG TGNCVKQPUJKRU YKVJVJGPQTVJGTPHCWPCUYQWNFDGENGCTGT 6JG /GZKECP 6GTVKCT[ CPF 3WCVGTPCT[ NQECN HCWPCU UJQY UVTQPI UKOKNCTKV[ VQ VJQUGFGUETKDGFKP7PKVGF5VCVGUUWIIGUVKPIVJCVCUCYJQNGVJG0QTVJ#OGTKECPNCPF OCOOCNHCWPCUEQPUVKVWVGFCNCTIGEQOOWPKV[YKVJUQOGNQECNQT GPFGOKEHQTOU 7PHQTVWPCVGN[NKVVNGKUMPQYPHTQOVJGUQWVJGTPOQUVVTQRKECNTGIKQPQH/GZKEQYJGTG VJGGPXKTQPOGPVCNEQPFKVKQPUUJQWNFJCXGDGGPFKHHGTGPVHTQOVJGPQTVJGTPNCVKVWFGU CPFKVKUJGTGYJGTGVJGOCLQTKV[QHVJGGPFGOKEHQTOUUJQWNFDGNQECVGF $CUGFQP(KIWTGKVKUENGCTVJCVOQUVQHVJG%GPQ\QKEGRQEJUCTGTGRTGUGPVGF KPVJG/GZKECPOCOOCNKCPTGEQTFQPN[VJG2CNGQEGPGKUPQVTGEQTFGF6JGHQUUKN OCOOCNKCPTGEQTFKUſNNGF YKVJ ICRU /WEJYQTMPGGFUVQDGFQPGKPQTFGTVQFGXGNQRCFGVCKNGFCPFFGGRWPFGTUVCPFKPI QH VJG /GZKECP HQUUKN OCOOCNU KP CNN KVU FKHHGTGPV FKUEKRNKPGU +V UJQWNF DG PQVGF VJCVGZVGPUKXGſGNF CPF NCDQTCVQT[ YQTM KP QPIQKPI 4GUWNVU RTQOKUG VQ CFF WUGHWN KPHQTOCVKQPVQſNN VJG ICRU QH QWT MPQYNGFIG
4GHGTGPEGU #IWKNNÎP/CTVÈPG\/
/':+%#0(155+./#//#.59*19*'4'#0&9*'0
%CTTCP\C%CUVCÌGFC1/CUVQHCWPCFGN/KQEGPQ6CTFÈQFGNC%WGPEC%CTDQPÈHGTCFG
/106'..#01$#..'56'415#0&,+/0'<*+.)1
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F. Vega et al. (eds.), Studies on Mexican Paleontology , 275–304. © 2006 Springer. Printed in the Netherlands.
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(+)74' # .QECVKQP CPF IGQNQI[ QH 6NC[ÕC 3WCTT[ CHVGT 5GKDGTV\ CPF 5RCGVJ $6NC[ÕC3WCTT[KPFKECVGFD[CUVGTKUMDGVYGGPVJGEKVKGUQH2WGDNCCPF#ECVN¶P2WGDNC% )GQNQIKE UMGVEJ QH VJG KOOGFKCVG UWTTQWPFKPI QH VJG 6NC[ÕC 3WCTT[ KP VJG WRRGT $CTTCPEC 6NC[ÕC&)GPGTCNK\GFNKVJQUVTCVKITCRJKEUGEVKQPQHVJG$CTTCPEC6NC[ÕC
#22.')#6''6#.
QHVJG2KGFG8CECCPF#IWCFG.WPC(QTOCVKQPU(TQOVJKUNCUVWPKVEQOGVJGNCTIG VTCXGTVKPGDNQEMUVJCVTGRTGUGPVQPGQHVJGOQUVKORQTVCPVGEQPQOKECNUQWTEGUQHVJG 6GRGZK4GIKQP 2CPVQLC#NQT RTQRQUGF VJG PCOG 6NC[ÕC (QTOCVKQP HQT VJG #NDKCP ECTDQPCVGUVJCVCRRGCTKPVJG6NC[ÕCTCXKPGCPFUWDFKXKFGFVJGOKPVQVJTGGOGODGTU
(KIWTG6JGDCUGQHVJG6NC[ÕC(QTOCVKQPKUPQVGZRQUGFCPFVJGVQRKUVTWPECVGFCPF EQXGTGFD[VJG2KGFG8CEC 2NKQEGPGCPF#IWCFG.WPC 2NGKUVQEGPGHQTOCVKQPU
6JG6NC[ÕC3WCTT[ .QECN)GQNQI[ #EEQTFKPIVQ2CPVQLC#NQT VJG.QYGT/GODGTEQPUKUVUQHCVNGCUVOQH DKQVWTDCVGFVKIJVN[HQNFGFDNWKUJITC[OKETKVKENKOGUVQPGU6JTQWIJQWVVJKUWPKVVJGTG CTGPWOGTQWUDGFUYKVJOKNKQNKFUCPFKVKUECRGFD[CPWPFGUETKDGFOQNNWUMHCWPCQH XGT[UOCNNDKXCNXGUCPFICUVTQRQFU 'URKPQUC#TTWDCTTGPCCPF#RRNGICVG6JG RTGUGPEGQHVJGTWFKUV6QWECUKCRQN[I[TCCPFVJGDKXCNXG%JQPFTQFQPVCEJCTCEVGTK\G VJKUOGODGT6JGDKQUVTCVKITCRJ[QHVJGUGOQNNWUMUUGVUVJG.QYGT/GODGTQHVJG 6NC[ÕC(QTOCVKQPYKVJKPVJG.QYGT#NDKCP #NGPE¶UVGT 6JG/KFFNG/GODGTQHVJG6NC[ÕC(QTOCVKQPEQTTGURQPFUVQYJCVKPVJKUEJCRVGT YKNNDGECNNGFőVJG6NC[ÕC3WCTT[Œ+VKUVJGOQUVKORQTVCPVWPKVFWGVQKVUPWOGTQWUCPF FKXGTUGHQUUKNCUUGODNCIG6JGUGSWGPEGKUCDQWVOVJKEMCPFEQPUKUVUQHOWNVKRNG NCOKPCG QH GZVTGOGN[ ſPGITCKPGF [GNNQYDTQYP OKETKVKE NKVQITCRJKE NKOGUVQPGU 6JG DGFFKPI RNCPGU UJQY XGT[ FKUVKPEVKXG TGFFKUJ[GNNQY VQ RWTRNKUJTGF JGOCVKVKE NC[GTU YJKEJ DGCT C NCTIG CTTC[ QH GZEGRVKQPCNN[ YGNNRTGUGTXGF CPF CTVKEWNCVGF HQUUKNU*QTK\QPVCNN[VJKUNKOGUVQPGGZRQUWTGOGCUWTGUOCPFKVKUDQWPFGFVQ VJGYGUVD[CPQXGTVJTWUVCPFVQVJGGCUVKVKUEQXGTGFD[XGIGVCVKQP#NVJQWIJVJG QWVETQRUGGOUVQQUOCNNQWTTGEGPVKPXGUVKICVKQPUJCXG[KGNFPGYRTQOKUKPICTGCU YKVJQWVETQRUQH6NC[ÕCNKOGUVQPGUYJKEJCTGKPVJGRTQEGUUQHDGKPIOCRRGFCPF RWDNKUJGF (KPCNN[VJG7RRGT/GODGTQHVJKUHQTOCVKQPEQPUKUVQHCPKPEQORNGVGUGSWGPEG QHITC[FQNQOKVGUCPFKVUCIGKUEQPUKFGTGFCU%GPQOCPKCPFWGVQVJGRTGUGPEGQH VJG OKNKQNKF URGEKGU &KE[ENKPC UEJNWODGTIGTK (GTP¶PFG\$GEGTTC KP 2CPVQLC#NQT
#IG#UUKIPOGPVU $KQUVTCVKITCRJ[CPF/CIPGVQUVTCVKITCRJ[ $GPCOOK GV CN TGRQTVGF C OCIPGVQUVTCVKITCRJ[ECN CPCN[UKU VQ FGVGTOKPG VJG RCNGQOCIPGVKE UKIPCN KP C XGTVKECN UGEVKQP QH VJG 6NC[ÕC 3WCTT[ KPENWFKPIUCORNGUHTQOJQTK\QPU (KIWTG +PVJKUNQECNKV[VJGNKOGUVQPGUCTGYGCMN[OCIPGVK\GFCPFGZJKDKVKPIGPGTCNVYQ EQORQPGPVOCIPGVK\CVKQPU6JGOCIPGVKERTQRGTVKGUCPFEJCTCEVGTKUVKETGOCPGPEGCTG FQOKPCVGF D[ UQHV CPF JCTF EQGTEKXKV[ OCIPGVKE OKPGTCNU OQUV QH YJKEJ RTQDCDN[ HQTOGFGCTN[KPVJGFGRQUKVKQPCNCPFFKCIGPGVKEJKUVQT[6JGUGEVKQPFKURNC[UCOGCP
4'%'06+08'56+)#6+105+06.#; #37#44;
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#22.')#6''6#.
FKTGEVKQPU&u+uMAuCPF&u+u MAu 1WTCPCN[\GFUGEVKQPQHVJG6NC[ÕC3WCTT[RTQXKFGUTGXGTUGCPFPQTOCNRQNCTKVKGU TGURGEVKXGN[UWRRQTVKPICRTKOCT[QTKIKPQHVJG%J4/HQNNQYKPIVJGTGXGTUCNVGUV
/E(CFFGPCPF/E'NJKPP[VJGTGUWNVYCURQUKVKXG*QYGXGTCHQNFVGUVYCU PQVRQUUKDNGCUDGFFKPIKUWPKHQTOCVVJGNQECNUGEVKQP6JGVYQFKTGEVKQPUCTG PQVCPVKRQFCNRTQDCDN[FWGVQVJGUVTQPIQXGTRTKPVQHVJGRTGUGPVFC[ſGNF YJKEJ OC[ PQVJCXGDGGPTGOQXGFEQORNGVGN[6QNKOKVVJGDKCUKPIGHHGEVFWGVQVJGRTGUGPVFC[ QXGTRTKPVYGTGHGTTGFCNNFKTGEVKQPUVQEQOOQP NQYGTJGOKURJGTGCPFECNEWNCVGFCP QXGTCNNOGCPQH&GEu+PEuMAu+PCFFKVKQPYGEQORCTGF QWTFKTGEVKQPUYKVJVJGTGHGTGPEGFKTGEVKQPUHQTUVCDNG0QTVJ#OGTKECFGTKXGFHTQOVJG #29RCVJQH$GUUGCPF%QWTVKNNQV (KPCNN[ YG GUVKOCVGF VJG OCIPGVKE FKTGEVKQP HQT VJG 6NC[ÕC (QTOCVKQP /C CIQ CU TGCNN[ ENQUG VQ VJCV GZRGEVGF KP C UVCDNG 0QTVJ #OGTKEC &GE u +PE u YKVJ C UNKIJVN[ NQYGT KPENKPCVKQP 6JG KPENKPCVKQP XCNWG KU NQYGT VJCP GZRGEVGFCVVJGUKVGNCVKVWFGHQTVJGOKFFNG%TGVCEGQWUOCIPGVKEſGNF 6JG FGRQUKVKQPCN IGQOGVT[QHVJG6NC[ÕCDGFUOC[DGRTQFWEGFD[VJGFKHHGTGPEGDGVYGGPVJGHQWPF CPFGZRGEVGFKPENKPCVKQPU6JKUKUV[RKECNQHFGVTKVCNTGOPCPV &4/2CNGQOCIPGVKE FCVCVJGTGHQTGUWIIGUVUPQUKIPKſECPV TGNCVKXG OQXGOGPVU QH VJG 6NC[ÕC (QTOCVKQP KP TGURGEVVQUVCDNG0QTVJ#OGTKECFWTKPIVJGOKFFNG%TGVCEGQWU7TTWVKC(WEWICWEJK
DCUGFQPRCNGQOCIPGVKEFCVCHTQOVJG/QTGNQU(QTOCVKQPCNUQUWIIGUVGFVJKU VGEVQPKEUVCDKNKV[DGVYGGPUQWVJGTP/GZKEQCPFVJG0QTVJ#OGTKEC 5KPEG VJG FKUEQXGT[ QH VJG 6NC[ÕC 3WCTT[ RCNGQPVQNQIKUVU JCXG CVVGORVGF VQ CUUKIPCFCVGVQVJKUNQECNKV[-CUJK[COCGVCN TGEQIPK\GFVJGHQNNQYKPI DGPVJKEHQTCOKPKHGTC5RKTQNQEWNKPCETGVCEGC6TQEJCOOKPQKFGUEQTQPWU>XGPVKPC ſ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ƀCVWO \QPG CV /QPV 4KUQW UQWVJGCUV (TCPEG RTQRQUGF CU VJG UVTCVQV[RG HQT VJG
4'%'06+08'56+)#6+105+06.#;#37#44;
#NDKCP%GPQOCPKCPDQWPFCT[ )CNGGVCN+PEQPENWUKQPC.CVG#NDKCPCIG ECPDGCUUKIPGFWPFQWDVGFN[VQVJG6NC[Õ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ƀCVWO
5GFKOGPVQNQIKECNCPF6CRJQPQOKECN#URGEVU 6JG0CVWTGQHVJG5GFKOGPVUQH6NC[ÕC #EEQTFKPIVQ2CPVQLC#NQT VJG/KFFNG/GODGTQHVJG6NC[ÕC(QTOCVKQP EQTTGURQPFU VQ C UGSWGPEG QH VJKPN[ NCOKPCVGF NKOGUVQPGU OWFUVQPGU HQTOGF D[ OKETKVG CPF VQ C NGUUGT FGITGG OKETQGURCTKVG /CNRKEC%TW\ GV CN 1VJGT KPVGTRTGVCVKQPU #RRNGICVG CPF 'URKPQUC#TTWDCTTGPC CPF #RRNGICVG TGICTFCENQUGEQORCTKUQPQHVJGUGUGFKOGPVUCPFVJQUGFGUETKDGFHTQO5QNPJQHGPC UNCDUQHCNOQUVRWTGOKETKVG CVCPQTJQPG[EQNQTGFCURGEVTGNCVGFVQ$CTVJGNGVCN
őƀKP\ŒCPFDVJGſUUKNG UJCN[ NC[GTU VJCV HQTO VJG UVTCVKſECVKQP RNCPGU VJCV YGTGCPCNQIK\GFYKVJVJG5QNPJQHGPyUőH¼WNGŒ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ſPKPI UGSWGPEGU #U VJG RTGXKQWU CWVJQTU -CUJK[COC GV CN TGEQIPK\GF VJG PCVWTG QH 6NC[ÕC UGFKOGPVU CU NCTIGN[ EQORQUGF QH NCOKPCVGF OKETKVGU PGXGTVJGNGUU VJG[ HWTVJGTOQTGFGUETKDGCOQTGEQORNGZCOCNICOQHRTKOCT[CPFFKCIGPGVKECNN[CNVGTGF
#22.')#6''6#.
UGFKOGPVQNQIKECN HCDTKEU /QTG KORQTVCPV VJG[ FKUEWUU VJG TWUV[ EQNQTGF DGFFKPI RNCPGU VJCVECPXCT[VQCTGFFKUJ[GNNQYQTGXGPVQRWTRNKUJTGFVQPGUUVCKPGFD[ JGOCVKVGCUőNCTIGN[UGEQPFCT[CPFOQDKNK\GFVJTQWIJVGZVWTCNFKUEQPVKPWKVKGUFWTKPI FKCIGPGUKUŒ 6JGUG TGUWNVU EQPVTCUV YKVJ VJG CWVJKIGPKE PCVWTG QH VJG JGOCVKVG VJCV YCUTGRQTVGFD['URKPQUC#TTWDCTTGPCCPF#RRNGICVG TGICTFKPIVJGGXKFGPEG VJCV VJG ETGXCUUGU CPF HQNFKPI YKVJKP VJG HQUUKNU CTG ſNNGF YKVJ YJCV CV VJG VKOG QH FGRQUKVKQPEQWNFJCXGDGGPCőJGOCVKVKEUQWRŒVJCVYJGPUGVVNGFKPſNNGF CP[ JQNGU QT FGRTGUUKQPU YJGTG UQOG FGEC[ OC[ JCXG QEEWTTGF #NUQ YKVJKP VJG UGSWGPEG QH NCOKPCVKQPU UVWFKGF KP 6NC[ÕC D[ -CUJK[COC GV CN VJG[ KPVGTRTGVGF VJG RTGUGPEGQHőVJKPTGFFKUJENC[G[NCOKPCGCUPWOGTQWUUGTTCVGUV[NQNKVGUŒUVTWEVWTGU RTGXKQWUN[TGICTFGFD[5GKDGTV\CPF$WKVTÎP CUE[CPQDCEVGTKCNOCVU (KIWTG $GHQTGCPFUKPEGVJGRWDNKECVKQPQH-CUJK[COC GVCN YGJCXGQDUGTXGF NKVVNG GXKFGPEG QH UV[NQNKVGU KP VJGUG UVTCVC YJKEJ FQ PQV TGRNCEG VJQUG UWRGTſEKCN UVTWEVWTGUVJCVYGCPFQVJGTCWVJQTU KG5GKDGTV\CPF5RCGVJJCXGEQPUKFGTGF CUE[CPQDCEVGTKCNOCVU #HVGTVJGEJCNNGPIGOCFGD[-CUJK[COCGVCN QHVJGDKOQFCN5QNPJQHGPyU ƀKP\ CPF H¼WNG RCTCFKIO 'URKPQUC#TTWDCTTGPC CPF #RRNGICVG QWT RTGUGPV QDUGTXCVKQPUVGPFVQHQEWUKPCVNGCUVHQWTV[RGUQHGXGPVU QTRJGPQOGPCVJCVJCXG VQ DG EQPUKFGTGF VQ WPFGTUVCPF VJG UGFKOGPVU CV 6NC[ÕC 6YQ QH VJGO CTG FGTKXGF CPF UVTQPIN[ EQPVTQNNGF D[ UVQTOU VJCV EQWNF EQTTGURQPF VQ VJG FQWDNGOQPUQQP KPƀWGPEGU TGRQTVGF D[ -CUJK[COC GV CN 6JGUG UGFKOGPVU KPXQNXG C VJG CWVJKIGPKE JGOCVKVG UGPUW 'URKPQUC#TTWDCTTGPC CPF #RRNGICVG RTGUGPV KP CNNVJGDGFFKPIRNCPGUQHVJG/KFFNG/GODGTUGEVKQPCPFVJCVCVCNNVKOGUEQXGTVJG OGICHQUUKNUYJKEJCUUVCVGFCDQXGCTGRTQHWUGN[KPſNVTCVGF YKVJ VJG JGOCVKVG ITCKPU CPFQVJGTENC[OKPGTCNUCPFDVJGQVJGTV[RGQHőUVQTOEQPVTQNNGFŒUGFKOGPVUTGNCVGF VQE[CPQDCEVGTKCNOCVU+PVJKUECUGVJGOCVUCEVGFCUUGFKOGPVCT[VTCRUEQPUKUVKPI PGCTN[QHJGOCVKVG CPFQVJGTENC[OKPGTCNUCPF%C%+VKUKPVGTGUVKPIVQ PQVGVJGUVTQPITGNCVKQPUJKRHQWPFDGVYGGPOCP[OGICHQUUKNU OQUVN[ſUJGU CPF VJG E[CPQDCEVGTKCNHCDTKEKPYJKEJVJG[CTGKODGFFGF 6JG QVJGT VYQ GNGOGPVU VQ DG EQPUKFGTGF EQTTGURQPF VQ UGFKOGPVU VJCV YGTG PQVTGNCVGFVQUVQTOUDWVCTGCJQPG[EQNQTGFNC[GTUVJCVDCTGCFKXGTUGRNCPMVQPKE DKQVC CPF D VJKEMGT NC[GTU QH CNOQUV RWTG QXGT %C% YKVJ PQ CRRCTGPV HQUUKN GXKFGPEG OC[DG FWG VQ TGET[UVCNNK\CVKQP FWDDGF őNKVJQITCRJKE NKOGUVQPGUŒ +PVGTGUVKPIN[ UKPEG VJG /GZKECP #TV %QOOWPKV[ KP RTQFWEKPI JKIJSWCNKV[ NKVJQITCRJUJCUWUGFVJGUGUNCDUUWEEGUUHWNN[ 8KNC6JGEJCTCEVGTKUVKEUQHVJG NKVJQITCRJUHTQOVJG6NC[ÕCUNCDUJCXGDGGPEQORCTGFYKVJVJGQPGUQDVCKPGFHTQO VJGNKOGUVQPGUCV5QNPJQHGPD[)GTOCPCTVKUVUCPFUEKGPVKUVUYKVJHCXQTCDNGTGUWNVU
)WPVJGT8KQJNHQTOGTFKTGEVQTQHVJG,WTC/WUGWOCV'KEJV¼VV)GTOCP[RGTEQO +VKUKORQTVCPVVQPQVGVJGUKOKNKVWFGDGVYGGPVJGUGVYQNKVJQNQIKGUDGECWUG HQT VJG NCUV [GCTU JKIJ SWCNKV[ NKVJQITCRJU JCXG DGGP QPN[ QDVCKPGF HTQO VJG 5QNGPUJQHGPyUNKOGUVQPGU 2TGUGPV KPXGUVKICVKQPU YKNN TGXGCN VQ YJCV GZVGPV VJGUG HQWT UGFKOGPVQNQIKECN
4'%'06+08'56+)#6+105+06.#;#37#44;
(+)74'#*QTK\QPVCNXKGYQHCRQTVKQPQHCE[CPQDCEVGTKCNOCVCUGZRQUGFCHVGTSWCTT[KPI QRGTCVKQPU KP VJG NKOGUVQPGU QH VJG WRRGT RCTV QH VJG 6NC[ÕC 3WCTT[ $ %NQUGWR HTQO VJG TGEVCPINGOCTMGFKP#5ECNGDCTGSWCNUVQEO
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#22.')#6''6#.
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4GGH&YGNNGTU 4GGHFYGNNGTUCTGCPKORQTVCPVITQWRQHPGCTUJQTGſUJGU CUUQEKCVGF YKVJ EQTCN TGGHU9KVJKPVJKUECVGIQT[R[EPQFQPVUJCXGTGEGKXGFOQTGUEKGPVKſE CVVGPVKQP VJCP CP[QVJGTQHVJGHQUUKNURTGUGPVKP6NC[ÕC#HVGTVJGENWRGQOQTRJUVJGR[EPQFQPVU CTG KP 6NC[ÕC D[ HCT VJG OQUV FKXGTUG ITQWR KP VJG RCNGQDKQVC +P #RRNGICVG FGUETKDGF6GRGZKEJVJ[UCTCPIWVJ[QTWOCPFUKPEGUGXGPIGPGTCYKVJCVNGCUVVGPPGY URGEKGUJCXGDGGPTGEQIPK\GFCPFVQFC[CTGKPVJGRTQEGUUQHDGKPIFGUETKDGF#NVJQWIJ VJGTGCTGTGRQTVUQHHTGUJYCVGTR[EPQFQPVUKP6NC[ÕCVJGTGKUGXKFGPEGQHVJGKTENQUG CUUQEKCVKQPYKVJEQTCNTGGHU6JGſTUV CWVJQT FGUETKDGF UGXGTCN CPCVQOKECN GNGOGPVU HQWPF KP R[EPQFQPVU VJCV TGNCVG VJGO GEQNQIKECNN[ YKVJ VJG RTGUGPVFC[ DTKNNKCPVN[ EQNQTGFRCTTQVſUJ C EQOOQP FYGNNGT QH EQTCN TGGHU GI DQF[ UJCRG CPF UVTWEVWTG QH VJG VGGVJ+PCFFKVKQP#RRNGICVG CPCN[\GFR[EPQFQPVKFIWVEQPVGPVUCPFEQRTQNKVG OCUUGUſPFKPI YJKVG RQYFGT VJCV YJGP XKGYGF WPFGT C OKETQUEQRG TGUWNVGF KP RWTG YJKVGCPIWNCTECNEKVGITCKPUVJCVYGTGVJQWIJVVQTGRTGUGPVVJGETWUJGFEQTCNVJCVYCU RCUUKPIVJTQWIJVJGIWV+P6NC[ÕCDGUKFGUVJGR[EPQFQPVUOCETQUGOKKFſUJGU JCXG CNUQDGGPTGEQIPK\GF6JKUITQWRKUYGNNTGRTGUGPVGFKPVJGſUJ HCWPC CPF TGEGPVN[ /CETQUGOKQEQV\WUCOGTKECPWUYCUFGUETKDGFD[)QP\¶NG\4QFTÈIWG\GVCN 6JKUKUQPGURGEKGUQHCVNGCUVHQWTQVJGTPGYHQTOUVJCVCTGKPRTQEGUUQHDGKPIUVWFKGF /CETQUGOKKFUCTGWUWCNN[HQWPFCUUQEKCVGFYKVJTGGHUYKVJKPVJG6GVJ[CPTGCNOCPF VJG[CNUQYGTGTGRQTVGFHTQONQYGPGTI[NCIQQPCNGPXKTQPOGPVU $CTVTCO
#22.')#6''6#.
(KPCNN[CEEQTFKPIVQ#RRNGICVGGVCN CPF#NXCTCFQ1TVGICCPF'URKPQUC #TTWDCTTGPC VYQ HQTOU QH +QPQEQURKHQTOGU JCXG DGGP TGEQIPK\GF QPG KU 6GQKEJVJ[U MCNNKUVQU CPF VJG QVJGT KU C PGY IGPWU KP RTQEGUU QH DGKPI FGUETKDGF CPF FWG VQ VJGKT ETWUJKPI VGGVJ VJGUG ſUJGU YGTG CFCRVGF VQ HGGF QP KPXGTVGDTCVGU RTQVGEVGFYKVJUJGNNUQTJCTFGPGFUVTWEVWTGU+PCFFKVKQPVJG[JCXGDGGPKPVGTRTGVGF CUTGGHFYGNNGTU
(TGUJYCVGT2TQXGPKGPEG 'XGPVJQWIJKVKUFKHſEWNV VQ RTQXG VJGTG CTG UGXGTCN [GV WPFGUETKDGF HQTOU KP VJG 6NC[ÕCſUJ HCWPC VJCV CTG VJQWIJV VJTQWIJ EQORCTKUQPU YKVJ VJGKT EQWPVGTRCTVU KP QVJGT FGUETKDGFHQUUKNNQECNKVKGUVQDGHTGUJYCVGTHQTOU6JKUECVGIQT[RTQDCDN[EQORTKUGU UGXGTCN QH VJG OCP[ ENWRGQOQTRJ ſUJGU VJG OQUV CDWPFCPV ITQWR KP 6NC[ÕC GI URGEKGUQH%NWRGCNKMGHQTOU'NNKOOKEJVJ[UCPFQVJGT%NWRGKHQTOGU+PCFFKVKQP VJGRTGUGPEGQH VJGCOKKF2CEJ[COKCOGZKECPCECPDGTGICTFGFCUVJGNCUVOCTKPG COKFQHKVUNKPGCIGQTQPGQHVJGſTUV URGEKGU QH VJKU VCZQP VQ XGPVWTG KPVQ HTGUJYCVGT )TCPFG CPF $GOKU FGUETKDGF 2 OGZKECPC HTQO OCTKPG YCVGTU DCUGF QP R[EPQFQPVLCYVGGVJKPKVUUVQOCEJTGIKQP[GVYGFQPQVFKUECTFCRQUUKDNGHTGUJYCVGT RTQXGPKGPEGHQTVJKUURGEKGU6JGUCOGIQGUHQTVJGUCTEQRVGT[IKCP#ZGNTQFKEJVJ[UEH #CTCTKRGPUKUTGRQTVGFKP6NC[ÕCD['URKPQUC#TTWDCTTGPCGVCN 6JGTGCTG UGXGTCNGZCORNGUKPVJGNKVGTCVWTGQHYGNNFQEWOGPVGFOCTKPGCPFHTGUJYCVGTURGEKGU QHCEVKPKUVKCPU EQGNCECPVJUVJGTGHQTGYGVJKPMVJCVVJGTGKUPGGFHQTOQTGFGVCKNGF UVWFKGUVQFGVGTOKPCVGVJGEQTTGEVHTGUJYCVGTQTOCTKPGQTKIKPQHVJGTGOCKPUQHVJKU EQGNCECPVJ
6JG#WVQEJVJQPQWU(KUJGU .KXKPIKPVJG.CIQQP $GUKFGUVJGVQZKEKV[ FWGVQJ[RGTUCNKPKV[QHVJGDQVVQOYCVGTUQHVJGDCUKPKP YJKEJVJG6NC[ÕCFGRQUKVYCUHQTOGFVJGWRRGTRCTVQHVJGYCVGTEQNWOPYCUCDNG VQ UWRRQTV C FKUVKPEVKXG ſUJ HCWPC 6JKU KU GXKFGPEGF D[ VJG RTGUGPEG QH PWOGTQWU ſUJ EQRTQNKVGU CPF TGIWTIKVCVKQPU YJGTG ſUJ RCTVU CPF QT KPXGTVGDTCVGU UVTWEVWTGU ECP DG QDUGTXGF UGG (GNFOCPP GV CN #PQVJGT NKPG QH GXKFGPEG VJCV URGCM HQTCPCWVQEJVJQPQWUſUJ HCWPC TGUVU QP UGXGTCN HQTOU QH ENWRGQOQTRJU CPF UQOG KPVGTGUVKPI KEJVJ[QFGEVKFU VJCV UJQY C NCTIG CTTC[ QH UK\GU VJCV RQUUKDN[ TGRTGUGPV NKHGE[ENGUKPYJKEJUGTKGUQHNCTXCNVQCFWNVUVCIGUJCXGDGGPTGEQTFGF#NUQVJGTG CTGYGNNFQEWOGPVGFGZCORNGUQHőſUJ VQ ſUJŒ RTGFCVKQP KP VJG UWTHCEG YCVGTU QH VJG FGRQUKVKPYJKEJVJGRTG[GFſUJ ECP DG UVKNN UGGP KP VJG OQWVJ QH VJG ſUJ RTGFCVQT +P QVJGTURGEKOGPUVJGRTG[UECPDGUGGPKPVCEVKPUKFGVJGFKIGUVKXGVTCEVUUWIIGUVKPIVJCV VJGRTGFCVQTECWIJVKVURTG[YKVJKPVJGNCIQQPQTPGCTVQVJGUKVGQHFGRQUKVKQP 6JGTGKUCFFKVKQPCNGXKFGPEGVQUJQYVJCVGPQWIJőNKHGŒEQWNFVJTKXGVGORQTCNN[ KP VJG CTGC QH FGRQUKVKQP YJKEJ RTQDCDN[ EQWNF CNUQ KPENWFG UGXGTCN TGRVKNGU GI ETQEQFKNGUCPFQPGHQTOQHCUGOKCSWCVKEURJGPQFQPVKF+PCFFKVKQPKVKUVJQWIJV
4'%'06+08'56+)#6+105+06.#;#37#44;
VJCVWRQPVJGFGCVJQHVJGſUJ CTVJTQRQFU UWEJ CU KUQRQFU (GNFOCPP GVCNCPF CNCTIGCTTC[QHDGPVJKEOKNKQNKFHQTCOKPKHGTCEQWNFJCXGUECXGPIGFQPVJGKTEQTRUGU
'URKPQUC#TTWDCTTGPCCPF#RRNGICVG4GEGPVN[VJGRQUUKDKNKV[QHNKHGQPVJG DQVVQOQHVJG6NC[ÕCőNCIQQPŒYCUTGRQTVGFD[)WGTTGTQ#TGPCU YJGTGUJG FGUETKDGUſXG FKUVKPEVKXG GVJQNQIKECN ECVGIQTKGU QH DGPVJKE őKPXGTVGDTCVG VTCEMUŒ HTQO VJGWRRGTRCTVQHVJG/KFFNG/GODGTQHVJG6NC[ÕC(QTOCVKQP
1RGP1EGCP(KUJGU +V KU RQUUKDNG VJCV UQOG NCTIG KEJVJ[QFGEVKFU 4JCEQNGRKUNKMG HQTOU CPF GNQRKF CNNKGU EQWNF VJTKXG KP QRGP QEGCPKE EQPFKVKQPU CPF VJCV YJGVJGT őECTTKGFŒ QT őUYKOOKPIŒTGCEJGFVJG6NC[ÕCNCIQQPFWTKPIJKIJVKFGUQTUVQTOU
6JG4GRVKNGUQHVJG6NC[ÕC3WCTT[ 6JG+PUWNCT%QPEGRV #HVGTVJGſUJ HCWPC HQUUKN TGRVKNGU TGRTGUGPV VJG UGEQPF OQUV KORQTVCPV VCZQPQOKE ITQWRRTGUGPVKPVJGRCNGQDKQVCQH6NC[ÕC4G[PQUQGVCN TGRQTVGFVJGRTGUGPEG QH CV NGCUV ſXG OCLQT TGRVKNKCP ITQWRU +UQNCVGF DQPGU UKOKNCT VQ 0[EJVQUCWTWU CPF 2VGTCPQFQPTGRTGUGPVRVGTQUCWTU4GEGPVN[CEQORNGVGCTVKEWNCVGFRVGTQUCWTURGEKOGP YCUHQWPF%TQEQFKNGUCTGMPQYP VYQURGEKOGPUQPGCEQORNGVGLWXGPKNGCPFCP CNOQUVEQORNGVGFKUCTVKEWNCVGFCFWNVYJKEJDGNQPIVQVJGUCOGVCZQPUKOKNCTVQVJG .CVG ,WTCUUKE %TQEQFKNGKOWU 6WTVNGU CTG TGRTGUGPVGF D[ HQWT EQORNGVG UMGNGVQPU VJTGGCFWNVUCPFQPGJCVEJNKPI KPVJGRTQEGUUQHUVWF[#UCNCVG/GUQ\QKETGEQTF VJG URJGPQFQPVKCP HCWPC EQPUKUVU QH 2COK\KPUCWPWU VNC[WCGPUKU 4G[PQUQ C VGTTGUVTKCNURJGPQFQPVKFYKVJKVUDQF[CPFVCKNEQXGTGFYKVJUOCNNTQWPFGFQUVGQFGTOU CUYGNNCUCHCVVCKNUKOKNCTVQVJCVQHVJGNKXKPI)KNCOQPUVGT *GNQFGTOCUWURGEVWOCP CFCRVCVKQPVJCVTGNCVGUVJKUURGEKOGPVQFT[QRGPGPXKTQPOGPVUCPF#PM[NQURJGPQFQP RCEJ[QUVQUWU 4G[PQUQ CP WPWUWCN JGTDKXQTQWU URJGPQFQPV YKVJ C UJQTV CPF XGT[UVQWVRCEJ[QUVQVKETKDUUWIIGUVKPICUGOKCSWCVKEJCDKVCV6YQNK\CTFUCTGCNUQ RTGUGPV *WGJWGEWGV\RCNNK OKZVGEWU 4G[PQUQ C VGTTGUVTKCN NK\CTF VJCV GXGP TGVCKPKPI RTKOKVKXG HGCVWTGU TGUGODNGU OQFGTP KIWCPKFU CPF 6GRGZKUCWTWU VGRGZKK 4G[PQUQCPF%CNNKUQPCPQVJGTVGTTGUVTKCNNK\CTFOQFGTPKPCRRGCTCPEG 'XKFGPVN[ VJG JGTRGVQHCWPC QH 6NC[ÕC DGCTU TGRTGUGPVCVKXGU QH UGXGTCN CFCRVCVKQPUƀKIJV RVGTQUCWTU UGOKCSWCVKE CPF CORJKDKCP NKHG QPG URJGPQFQPVKCP #PM[NQURJGPQFQP RCEJ[QUVQUWU CPF VJG ETQEQFKNKCPU TGURGEVKXGN[ CPF UVTKEVN[ VGTTGUVTKCN RQUUKDN[ CFCRVGF VQ FT[ QRGP GPXKTQPOGPVU QPG URJGPQFQPVKCP 2COK\KPUCWTWUVNC[WCGPUKUCPFVJGVYQNK\CTFU +VKUKORQTVCPVVQCFFVJKUTGRVKNKCPKPHQTOCVKQPVQVJGRCNGQGEQNQIKECNGXKFGPEG FGTKXGFHTQOVJGſUJ HCWPC FWG VQ VJG KPVGTGUVKPI OKZVWTG QH QTICPKUOU HTQO FKHHGTGPV GPXKTQPOGPVUTGEQTFGFKP6NC[ÕCOCKPN[VQGZRNCKPVJGQTKIKPCPFVTCPURQTVCVKQPQH GCEJQHVJGHQUUKNGNGOGPVU#UVJGſTUV RVGTQUCWT GXKFGPEG HQWPF KP VJG SWCTT[ YCU KUQNCVGFDQPGUKVYCUDGNKGXGFVJCVVJGTGOCKPUJCFTGCEJGFVJGFGRQUKVƀQCVKPI HTQO
#22.')#6''6#.
EQORCTCVKXGN[NQPIFKUVCPEGU4GEGPVN[ ,WPGCEQORNGVGCTVKEWNCVGFURGEKOGP YCU HQWPF KPFKECVKPI VJCV CU KP 5QNPJQHGP UQOG RVGTQUCWTU OC[ JCXG UWPM VQ VJG DQVVQOQHVJGNCIQQPYKVJQWVFKUCTVKEWNCVKQPD[VJGUVTQPIUVQTOUQTOQPUQQPYKPFU 7PHQTVWPCVGN[ VJG VWTVNGU JCXG PQV DGGP UVWFKGF GPQWIJ VQ FKUENQUG VJGKT RQUUKDNG
VGTTGUVTKCN QT OCTKPG QTKIKP CPF VJGTGHQTG VJG RQUUKDKNKVKGU QH VJGKT VTCPURQTVCVKQP KPVQVJG6NC[ÕCDGFUKUEQPVTQXGTUKCN+PVJGECUGQHVJGETQEQFKNGUVJGKTCORJKDKCP JCDKVUUWIIGUVVJCVVJG[EQWNFJCFNKXGFUQENQUGVQVJGFGRQUKVVJCVVJGKTVTCPURQTVCVKQP UJQWNFPQVDGGPUGGPCUőRTQDNGOCVKEŒKPVGTOUQHVJGCDUGPEGQHHTCEVKQPVTCPURQTV UVTWEVWTGUYKVJKPVJGSWCTT[NKOGUVQPGU 6JGKPHQTOCVKQPFGTKXGFHTQOVJGUVTKEVN[VGTTGUVTKCNNGRKFQUCWTU QPGURJGPQFGPVKF CPFVYQNK\CTFUTGRTGUGPVUCUVTQPICTIWOGPVHQTEQPUKFGTKPIVJGRTQZKOKV[QHNCPFVQ VJGFGRQUKVKQPCNGPXKTQPOGPV4GICTFKPIVJKUNCPFOCUUCFLCEGPVVQ6NC[ÕC4G[PQUQ GVCN CNUQTGRQTVGFOQTRJQNQIKECNRJ[NQIGPGVKECPFDKQIGQITCRJKECNCPCN[UGU QH VJGUG VGTTGUVTKCN URJGPQFQPVKCPU CPF NK\CTFU UJQYKPI VJCV C VJG VCZC DGCT C EQPUKFGTCDN[FKHHGTGPVOQTRJQNQI[HTQOVJGKTCPEGUVTCNV[RGUCPFDVJG[UGGOVQDG RTGUGTXGFCUTGNKEVUKPTGNCVKXGN[NCVGFGRQUKVU 6JG EQGZKUVGPEG QH TGNCVKXGN[ RTKOKVKXG HQTOU YKVJ CV[RKECN OQTRJQNQIKGU KU RTQDCDN[ GZRNCKPGF D[ VJG GXQNWVKQP QH VJG NKPGCIGU KP CP KPUWNCT U[UVGO 9JGTG KUQNCVKQPRTGUGTXGUCPEKGPVHQTOUCPFIGPGVKEFTKHVRNC[UCPKORQTVCPVTQNGKPſZCVKQP QH GXQNWVKQPCT[PQXGNVKGU 4G[PQUQGVCN6JKUKPHQTOCVKQPUGGOUVQDGEQPUKUVGPV YKVJ VJG RTGUGPEG QH #NDKCP UJCNNQY CPFQT FGGR YCVGTU KP UQWVJEGPVTCN /ÃZKEQ 6JGTGHQTGVJGKPƀWGPEG QH VJG VGTTGUVTKCN GNGOGPVU RTGUGPV KP VJG OKZGF CUUGODNCIG CV6NC[ÕCUGGOUVQEQTTGURQPFVQCPKPUWNCTU[UVGOTCVJGTVJCPVQCYGNNEQPPGEVGF GZVGPUKQPQHVJGUQWVJGTPGZVTGOGQHőOKFFNGŒ%TGVCEGQWU0QTVJ#OGTKEC*QYGXGT VJGNCVGTRQUUKDKNKV[QHC0QTVJ#OGTKECPRGPKPUWNCECPPQVDGTWNGFQWV
2CNGQGEQNQIKECN/QFGNUQH6NC[ÕC 5KPEG VJG 6NC[ÕC ő.CIGTUV¼VVGŒ YCU ſTUV TGRQTVGF D[ #RRNGICVG CPF 'URKPQUC #TTWDCTTGPC QPGQHVJGOCKPIQCNUKPCNNUWDUGSWGPVKPXGUVKICVKQPUJCUDGGP HQEWUGFKPVJGUVWF[QHVJGRCNGQGPXKTQPOGPVCNCPFRQUVFGRQUKVKQPCNEQPFKVKQPUVJCV RTQFWEGF VJG TGOCTMCDNG RTGUGTXCVKQP HQWPF CV VJG 6NC[ÕC 3WCTT[ 6JG CVVGORVU VQ KPVGTRTGV VJG RCNGQGPXKTQPOGPVU TGRTGUGPVGF CV 6NC[ÕC KPENWFG C ITQYKPI NKUV QH KPXGUVKICVKQPU #RRNGICVG /CTVKNN /CNRKEC%TW\ GV CN 2CPVQLC #NQT 'URKPQUC#TTWDCTTGPC CPF #RRNGICVG (GNFOCPP GV CN -CUJK[COCGVCNCPF)WGTTGTQ#TGPCU (QT C EQORNGVG FKUEWUUKQP QH VJG FKHHGTGPV OQFGNU UWIIGUVGF HQT VJG RCNGQGPXKTQPOGPVU QH 6NC[ÕC UGG 'URKPQUC#TTWDCTTGPC CPF #RRNGICVG CPF-CUJK[COCGVCN (QTVJGRWTRQUGQHVJKUEJCRVGTYGYKNNQPN[FKUEWUU VYQ ITQWRU QH KFGCU VJCV QPG YC[ QT CPQVJGT GPEQORCUU VJG RCNGQGEQNQIKECN CPF UGFKOGPVQNQIKECNKPHQTOCVKQPFGTKXGFHTQORCUVCPFTGEGPVKPXGUVKICVKQPU
4'%'06+08'56+)#6+105+06.#; #37#44;
5JCNNQY9CVGT$CEM4GGH.CIQQPCN+PVGTRTGVCVKQP +PVJKUECVGIQT[VJG6NC[ÕCFGRQUKVTGRTGUGPVUCUJCNNQYEQCUVCNNCIQQP KPVGTVKFCN \QPGDGJKPFCDCTTKGTTGGHVJCVCEEQTFKPIVQ2CPVQLC#NQT YCUEQPPGEVGFVQVJG QRGPUGC9KVJKPVJGUCOGEQPVGZV CEQCUVCNNCIQQPDGJKPFCDCTTKGTTGGH#RRNGICVG
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őOWFETCEMŒFGRKEVKPICPGRKUQFGKP YJKEJVJGNCIQQPTGCEJGFUWDCGTGCNGZRQUWTG#NUQVJGUGUJCNNQYYCVGTDCEMTGGH NCIQQP KPVGTRTGVCVKQPU ECNN HQT VJG RTGUGPEG QH E[CPQDCEVGTKCN OCVU UGG UGEVKQP QP E[CPQDCEVGTKCNOCVUKPVJKUEJCRVGTDTCEMGVKPIVJGNQYGTFGRVJQHVJGNCIQQPKPPQ OQTGVJCPOCPGUVKOCVGFFGRVJVJCVKPENGCTUWDVTQRKECNYCVGTUE[CPQDCEVGTKCECP UVKNNRJQVQU[PVJGUK\G $CTVJGNGVCN
1RGP/CTKPG$CUKPYKVJ5VQTO&QOKPCVGF5GFKOGPVCVKQP/QFGN #URCTVQHVJGTGEGPVKPXGUVKICVKQPUKP6NC[ÕC-CUJK[COCGVCN EQODKPGF UVCVKUVKECNN[ DCUGF OKETQHCEKGUVTCPUKVKQP CPCN[UKU YKVJ URGEVTCN CPCN[UKU QH FGRVJ UGTKGU OGCUWTGOGPVU KP CP CVVGORV VQ DGVVGT WPFGTUVCPF VJG NKVJQNQIKGU CPF QVJGT VCRJQPQOKECN HCEVQTU KPXQNXGF KP VJG RCNGQGPXKTQPOGPVCN UGVVKPI +P XCTKCPEG YKVJ VJGUJCNNQYYCVGTDCEMTGGHNCIQQPCNKPVGTRTGVCVKQPUHQT-CUJK[COCGVCN VJG 6NC[ÕCFGRQUKVTGRTGUGPVUCPQRGPOCTKPGDCUKPYKVJUVQTOFQOKPCVGFUGFKOGPVCVKQP CPFDQVVQOYCVGTUYKVJTGUVTKEVGFEKTEWNCVKQP6JG[CNUQHQWPFCTGRGVKVKXGRCVVGTPKP VJGUGFKOGPVCT[UGSWGPEGKPVGTRTGVGFCU/KNCPMQXKVEJE[ENGUCVVTKDWVGFVQFQWDNG OQPUQQPKPƀWGPEGU HTQO DQVJ VJG PQTVJGTP CPF UQWVJGTP JGOKURJGTGU -CUJK[COC GVCN#NVJQWIJVJKUOQFGNFKUECTFUVKFCNFGRQUKVUUQOGQHVJGEJCTCEVGTKUVKEU QH VJKU UJCNNQYYCVGT V[RG QH FGRQUKV CU FGUETKDGF D[ (GNFOCPP GV CN CTG CEMPQYNGFIGFD[-CUJK[COCGVCN GIVGTTGUVTKCNCPFOCTKPGCUUGODNCIGU RTGUGPV KP VJG FGRQUKV 'XKFGPVN[ VJKU QRGP OCTKPG DCUKP OQFGN ECNNU HQT VJG NCEM QHCP[VTCEGQHUJCNNQYYCVGTFGRQUKVHGCVWTGU GIE[CPQDCEVGTKCNOCVUFGUKEECVKQP ETCEMU GVE GNGOGPVU VJCV YG VJKPM CTG UVKNN EQPVTQXGTUKCN +P CFFKVKQP VJG OQFGN ECNNUHQTCUKVGQHFGRQUKVKQPNQECVGFKPCFKUVCNRCTVQHCUJGNHCPQEGCPKEDCUKPQTCP KPVTCETCVQPKEUGC6JKUFKUVCNUJGNHCPFDCUKPUGFKOGPVCVKQPEQPƀKEVU YKVJ VJG RTGUGPEG QH UOCNN VGTTGUVTKCN HQUUKNU NK\CTFU URKFGTU CPF KPUGEVU #U C RQUUKDNG UQNWVKQP VQ VJKU KPEQPUKUVGPE[ -CUJK[COC GV CN VJGQTK\G C TGKPWPFCVGF TQWIJ -CTUV VQRQITCRJ[KPYJKEJCDCUKPVTCRRKPIUVQTOKPFWEGFUWURGPUKQPFGRQUKVHCKTN[ENQUGVQ
#22.')#6''6#.
(+)74'5MGVEJOCRQHVJGRCNGQGPXKTQPOGPVQH6NC[ÕC
CVGTTGUVTKCNUQWTEGEQWNFQEEWT#EEQTFKPIVQVJKUKFGCCFGGRCPFUVGGRFGRTGUUKQPKP RTQZKOKV[VQNCPFYQWNFTGEGKXGQPN[QEECUKQPCNUVQTOKPFWEGFUWURGPFGFUGFKOGPVU CPF HQTO NCOKPCG KP VJG DQVVQO QH VJG FGRTGUUKQP (WTVJGTOQTG KH VJG TGNKEV MCTUV VQRQITCRJ[ YGTG GZVTGOG GPQWIJ VJGP VJG DCUKP EQWNF JCXG DGGP RTQVGEVGF HTQO RJ[UKECN FKUVWTDCPEG QH FGRQUKVU CPF HTQO VJG HQTOCVKQP QH UGFKOGPVCT[ UVTWEVWTGU FWGVQVTCEVKQPVTCPURQTV #UKPRTGXKQWUOQFGNU6NC[ÕCJCUDGGPEQORCTGFYKVJQVJGTYGNNMPQYPHQUUKN NQECNKVKGU GI5QNJJQHGP-CUJK[COCGVCN RTQRQUGFVJGKPVTCETCVQPKE/QYT[ 5JCNGQH9[QOKPICUCUGVVKPIVJCVEQWNFGZRNCKPVJGRCNGQGPXKTQPOGPVCNEQPFKVKQPU VJCVRTGXCKNGFKP6NC[ÕC9GDGNKGXGVJCVKPRCNGQEQNQIKECNVGTOUVJGDKQVCUQHDQVJ WPKVU 6NC[ÕCCPFVJG/QYT[5JCNGCTGYKFGN[FKHHGTGPV6NC[ÕCKUOWEJTKEJGTCPF DGCTU CP CNOQUV GZENWUKXG őUJCNNQY YCVGTŒ HCWPC UGG UGEVKQP QP VJG RCNGQDKQVC QH 6NC[ÕC +P CP CVVGORV VQ UVTGUU VJG UKIPKſECPEG QH VJG PCVWTG QH VJG RCNGQPVQNQIKECN EQPVGPVUKPCUVWF[QHCFGRQUKVNKMG6NC[ÕCYGYKNNFKUEWUUVJGſUJ HCWPC QH YJCV VQ QWTWPFGTUVCPFKPITGRTGUGPVUQPGQHVJGHGYYGNNMPQYP%TGVCEGQWUQEGCPKE FGGR YCVGTſUJ HCWPC 6JG EJCNM FGRQUKVU QH VJG /QQTGXKNG (QTOCVKQP QH #NCDCOC UGG #RRNGICVGCTGHQUUKNKHGTQWUGPQWIJVQUGTXGCUCOGCPKPIHWNEQPVTCUVYKVJYJCV JCUDGGPTGEQTFGFKPVJGőUJCNNQYYCVGTŒ/KFFNG/GODGTQHVJG6NC[ÕC(QTOCVKQP #VVJG/QQTXKNG%JCNMVJGHQNNQYKPIſUJ ITQWRU JCXG DGGP TGEQTFGF
4'%'06+08'56+)#6+105+06.#;#37#44;
C&GGRYCVGTEJKOCGTKFU CVNGCUVCVNGCUVVJTGGURGEKGU D5GXGTCNURGEKGUQHRGNCIKEUJCTMU OGCUWTKPIQXGTVJTGGOGVGTUNQPI E#NCTIGPQPTGGHR[EPQFQPV GI*CFTQFWU F#VNGCUVVJTGGHQTOUQHRCEJ[TJK\QFQPVKFU UVTQPIHCUVUYKOOGTUVJCVECPDG EQPUKFGTGFGSWKXCNGPVUVQRTGUGPVFC[VWPC G6YQURGEKGUQHNCTIGKEJVJ[QFGEVKFU GI+EJVJ[QFGEVGUCPF:KRJCEVKPWU*GTGYG PQVGVJCVVJGUGNCTIGKEJVJ[QFGEVKFU QXGTVYQOGVGTUNQPICTGXGT[FKHHGTGPVHTQO VJGEQORCTCVKXGN[UOCNNHQTOUVJCVQEEWTKP6NC[ÕC UGG#NXCTCFQ1TVGIC H5ECNGUQHFGGRYCVGTDGT[EKHQTOGU I 6JG XGT[ EQOOQP RTGUGPEG QH UECNGU DGNQPIKPI VQ O[EVQRJKFU NCPVGTP ſUJGU YJKEJECPDGEQPUKFGTGFQPGQHVJGDGUVKPFKECVQTUQHVJGFGGRYCVGTGPXKTQPOGPV YJGTGVJG/QQTXKNG%JCNMYCUFGRQUKVGF +VKUKPVGTGUVKPIVQOGPVKQPVJCVPQPGQHVJGUGITQWRUQHſUJGU CTG HQWPF KP 6NC[ÕC KPCEQNNGEVKQPVJCVVQFCVGKUTGRTGUGPVGFD[OQTGVJCVſUJGU UGG UGEVKQP QP VJG RCNGQDKQVCQH6NC[ÕC 9G ECP CNUQ OGPVKQP VJG RTGUGPEG QH CDWPFCPV NCTIG OCTKPG TGRVKNGU NKMG OQUCUCWTU CPF IKICPVKE VWTVNGU KP VJG /QQTGXKNNG UGG 4WUUGNN 5WEJ NCTIG CPKOCNUCTGCDUGPVKP6NC[ÕCVJCVQPVJGQVJGTJCPFUJQYUCTGRVKNKCPHCWPCOQUVN[ EQORQUGF QH UOCNN VGTTGUVTKCN NK\CTFU UGXGTCN ƀ[KPI EQCUVCN RVGTQUCWTU QPG UOCNN
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6JG(TGUJYCVGT5KIPCN 4GEGPVN[ KPXGUVKICVKQPU DCUGF QP KUQVQRKE CPCN[UKU HQEWUGF QP VJG OCTKPG QT HTGUJYCVGTPCVWTGQHVJGNKOGUVQPGUKPVJGFGRQUKVJCXGDGGPECTTKGFQP)WGTTGTQ #TGPCU RTGNKOKPCT[TGUWNVUUJQYVJCVCVNGCUVKPVJGWRRGTNC[GTUQHVJG/KFFNG /GODGTQHVJG6NC[ÕC(QTOCVKQP WRRGTRCTVQHVJGUGEVKQPVJGőNCIQQPŒYCUJKIJN[ KPƀWGPEGF D[ HTGUJ YCVGT YKVJ C UECTEG DWV KORQTVCPV DGPVJKE EQOOWPKV[ YKVJ ſXG FKUVKPEVKXGGVJQNQIKECNECVGIQTKGU2CTVQHVJGUGTGUWNVUKUKPXCTKCPEGYKVJUQOGQH VJG RTGXKQWU KFGCU RTQRQUGF HQT VJG őCPQZKEDQVVQO VQZKEŒ 6NC[ÕC DGFU /QUVN[ DCUGF QP KP RCNGQPVQNQIKECN GXKFGPEG 'URKPQUC#TTWDCTTGPC CPF #RRNGICVG CPF (GNFOCPP GV CN TGEQIPK\GF VJG KPƀWGPEG QH VJG HTGUJ YCVGT KP 6NC[ÕC
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4'%'06+08'56+)#6+105+06.#;#37#44;
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#22.')#6''6#.
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Index
Abelisauridae, 235 Aguilillas sandstone, 238 Aguja Formation, 236 Albertosaurus, 236 Anacardiaceae, 7, 8, 10, 12, 13, 32 Ankylosauridae, 237, 243, 244 Anura, 213 Araceae, 9, 10, 12 Arecaceae, 12 Arikareean, 252, 255, 256 Artiodactyls, 256, 262 Aublysodon, 233, 236, 243 Baja Calfornia Peninsula, 1, 5, 6, 13, 14, 35, 174, 237, 258 Barstovian , 253, 255, 256, 257, 262, 266 Berberidaceae, 8 Betulaceae, 12, 43, 44 Blancan, 213, 219, 220, 253, 254, 257-263, 265 Boreotropical, 38 Bridgerian, 251, 252, 255 Burgos Basin, 12, 25 Cabullona Group, 182, 183, 219, 236, 243 Carnivores, 256, 262, 263, 268 Ceratopsidae, 236, 243, 244 Ceratosaurus, 235 Cerro del Pueblo Formation, 237, 239, 244 Chadronian, 219, 252, 255, 256, 262, 263 Chortis block, 2-5, 13, 14, 20 Collections of fossil fishes, 174 Coprolites, 237, 238 Corals
Cretaceous, 48 Jurassic, 51 Triassic, 54 Cretaceous echinoids publications, 99-101 recent studies, 102, 104 species, 105-109 Cretaceous vegetation, 2, 3 Dinosaurs Baja California, 233, 234-236, 238, 243 Chihuahua, 233, 234, 236, 243 Coahuila, 233, 234, 236-240, 244 Early Cretaceous, 235, 238, 242, 243 eggshells, 237 ichnites, 233 Michoacán, 233, 234, 237, 238, 242, 245 Middle Jurassic, 235, 237, 238, 240, 242 Sonora, 233, 234, 236, 243 Tamaulipas, 233-235, 240, 242 Dromaeosauridae, 235, 237, 238, 244 Early Cretaceous Crocodile, 211, 212 Marine reptile, 212, 213, 215, 218 Turtles, 218, 219 Sphenodontians 209 El Aguaje, 238, 239, 245 El Gallo Formation, 174, 219, 235, 237, 243, 253 El Pelillal track site, 239, 244 Environments and chronostratigraphic inference during
306
Eocene, 23, 25 Eocene-Ologocene, 25 Miocene, 27, 30 Oligocene, 26, 27 Oligocene-Miocene, 27 Paleocene, 23 Pliocene, 30 Echinoderms asteroids, 116, 128, 129 crinoids, 128 echinoids, 128 holothuroids, 128 ophiuroids, 115, 116, 118, 119, 120, 122-126, 165, 176 Eocene volcanic rocks, 4 Equids, 258-262 Eucommiaceae, 7, 11 Faja Volcánica, 3, 4, 13 Faunal Interchange, 264 Feeding strategies, 262-267 Flowering plants, 7 Fossil Crustacea cuticle, 80, 96, 97 paleobiogeography, 95 paleoecology, 95 systematics, 81 Gulf Coast Province, 20, 38 Gulf of California, 3, 6 Hadrosauridae, 236, 238, 239, 243245 Hamamelidaceae, 10 Hemingfordian, 253, 255-257, 262 Hemphillian, 212, 220, 254, 255, 257-263, 265, 266, 267 Heterodontosaurus, 233, 235, 242 Huizachal Canyon, 211, 216, 235 Ice ages, 2, 250 Irvingtonian, 220, 255, 261 Isthmus of Panama, 1, 2, 7, 14 Juglandeaceae, 13, 43-45 Lagerstätte(n), 170, 179, 276, 277, 293, 299 La Boca Formation, 211, 214, 216, 235, 252 La Bocana Roja Formation, 235, 243
Labocania anomala, 235, 243 Lambeosaurus laticaudus, 235, 236, 243 La Popa Basin, 13 Laramide orogeny, 37 La Soledad Beds, 234 Las Aguilas track site, 240 Late Cretaceous Amphibian, 219 Crocodile, 219 Lizard, 219, 236, 292, 293, 295, 296 Mosasaurs, 211, 215, 219, 236 Snake, 215, 218 Turtle, 211, 213, 218, 219, 236, 239, 240 Late Eocene Lizard, 219 Late Jurassic Crocodile, 212, 216 Late Pleistocene Amphibians, 220 Crocodile, 220 Lizards, 221 Phrynosoma, 212, 215, 221, 222, Leguminosae, 7-10, 13, 26, 30, 32 Lithographic limestone, 174, 182, 183, 187, 283 Local faunas Concha local fauna, 254, 258 El Marfil, 252, 255, 256, 261 El Zoyatal, 253, 256 Goleta, 220, 254, 259 Ixtapa, 253 La Plegaria, 254, 259 Las Tunas, 214, 258 Lomas Las Tetas de Cabra, 252, 254, 262, 263 Matatlán, 257, 264 Miñaca, 258, 264, 266 Miraflores, 254, 258 Nejapa, 257, 262 Rancho Gaitán, 262 San Miguel de Allende, 260, 264, 265, 267
307
Suchilquitongo, 257 Tecolotlán, 259 Tehuichila, 213, 259 Teocaltiche, 259 Yepómera, 212, 258, 265 Los Ahuhuetes, 10, 14, 173 Magmatic provinces, 3 Mammalian record Cretaceous, 253 Early-Middle Miocene, 269 Eocene-Oligocene, 269 Jurassic, 252 Late Miocene-Pliocene, 269 Quaternary, 269 Maniraptora, 235 Marine regressions, 4, 6 Menispermaceae, 12 Mesozoic osteichthyans, 169, 170, 176 Mexcala Formation, 91, 92, 238, 243 Monoclonius, 233, 234 Muerto Formation, 240, 245 Muhi Quarry, 176, 180, 188-193, 197 Multituberculates, 253 Musaceae, 9, 12 Natural History, 2, 223, 234, 250 Oligocene turtle, 219 Olmos Formation, 240, 244 Ophiuroids anatomy, 121, 126, 128 diversity, 128 fossil record, 119, 125, 126, 129, 130 habits, 116, 118 taxonomy, 118 Ornithomimidae, 236, 237, 239, 243, 244 Ornithomimus, 237 Osteological record, 235 Paleopeninsula of Coahuila, 12 Paleocene vegetation, 2 Paleozoic invertebrates
bivalves, 136-138, 145, 146, 149, 151, 152, 155, 158-161, 163, 164 brachiopods, 133, 134, 136-141, 144-148, 150-152, 154-158, 160-163, 164, bryozoans, 133, 134, 136-138, 146, 148, 156, 158, 162, 163 cephalopods, 135, 137, 139-143, 149, 152, 156 conulariids, 140, 145, 148, 162 corals, 140, 146, 148, 150, 151, 153, 155-157, 162 crinoids, 136-138, 144, 146, 147, 149-153, 164 gastropods, 137-140, 145, 146, 148, 149, 151, 152, 155, 156, 158-161, 163 rostroconchs 148, 155, 163 scaphopods, 158, 160, 163 sponges, 141, 148, 157, 162 trilobites, 136, 144, 146, 149, 150, 164 Phytolaccaceae, 12 Pleistocene mammals, 252, 258, 259 Pteraichnus, 239 Rancholabrean, 255, 261 Ranunculaceae, 12 Rodentia, 255 Rudists geologic formations, 63, 67, 68 localities, 68, 70, 71, 72 species, 73 Salicaceae, 10, 11, 14 San Felipe Otlaltepec, 235 San Juan Raya Formation, 83, 238, 243 Sapotaceae, 13, 25, 38 Sierra Madre del Sur, 3, 5 Sierra Madre Occidental, 3, 4, 13, 20, 37, 39, 66, Sierra Madre Oriental 4, 6, 72 skin impressions, 237, 238 Syntarsus, 233, 235, 242 Tertiary
308
climatic trends, 37 paleopalynology, 22, 23 palynofloristic affinities, 31 palynomorphs, 20, 22, 23, 25, 30, 31, 37, 42 Tertiary Formations Claiborne, 22, 25, 33, 34, 36, 37 Cuayuca, 20-23, 26-28, 31-36, 38, 39 La Purísima, 21, 22, 253, 257 La Quinta, 22, 25, 30, 33, 35, 36 Paraje Solo, 22, 31, 33-36 Pichucalco, 22, 30, 32, 33, 35, 36, 39 Pie de Vaca, 22, 23, 26, 28, 31, 33, 35, 36, 279, San Gregorio, 20-22, 27, 29, 3236, 38 Tertiary Groups Balsas, 20-24, 26, 27, 31, 32, 34, 35, 37 Esperanza, 22, 27, 33, 34, 37 titanosaurid sauropod, 236 Theropoda, 235, 237, 242-245 Tlayúa Quarry, 120, 121, 129, 130, 170, 174, 176, 177, 182, 183, 185-187, 189, 190-192, 197, 198, 218, 276-282, 284, 287, 289, 290, 292, 294, 297-299, 302 biostratigraphy, 279 cyanobacterial mat(s), 283, 285287, 294, 295, 298, fishes, 174, 176, 177, 182, 186,
189, 276, 283, 290, 296, 297, 304 magnetostratigraphy, 279, 280 paleoecological models, 294 regional geology, 277, 298 reptiles, 292 soft parts (preservation), 276 vascular plants, 288 Troodontidae, 236, 237, 243 Tyrannosauridae, 236, 237, 239, 243245 Vallecillo, 175, 178, 179, 182, 184, 185, 187, 189, 192, 193, 195, 196, 197, 218 Vegetation types during Tertiary chaparral, 27, 38, 39 cloud forest, 25-27, 30, 38 coniferous forest, 20, 26, 30, 38 low biomass, 27, 34, 38 pine-oak forest, 31 temperate forest, 38 thorn scrub, 30 thorn woodland, 26, 34 tropical forest, 7, 25, 30, tropical rain forest, 31, 37, 39 Wilcox Flora, 38 Wasatchian, 252, 254, 255, 262, 263 Werner Janensch, 233, 234 Xenarthra, 261 Xochixtlapilco, 238, 242 Yucatan Peninsula, 1, 4, 14, 251