7/29/2019 Spector 10
1/45
!"#$%&'($)*+$%#+,#-.'&$%#'/#0$1+*2$3'4(-5%4#++#$-*$6*.77#'.8
!"#$%&"#'(()#*"#+,-.%/0-"11"2#3,4#"5".#,(6"#
%7#,57-*#%&"#1"817,9%&,%#799:14#47#",4-6;#%7#
%&"#-.734#&73#%7#?",4:1"#%&"#
8744-(6"#7.6;#(;#%&"#"@-4%-.
7/29/2019 Spector 10
2/45
371>#%&,%#5"1;# -?871%,.%#%1:%&4#37:6*#8,44# -.# -% #:.*"1#%&"#'(()#*"#+,-.%/0-"11"R4#
967,>#"5".#?71"#&,88-6;#%&,.#:.*"1#?;#73.AR[# S&"# d:"4%-7.=# %&".= # -4# &73#?:9
-?871%,.9"#4&7:6*#("#,%%,9&"*#%7#%&-4#R31-%-.RU#3&-9`,.*"4%-."#
%1:%&4#-4#E7:44",:#%1;-.
7/29/2019 Spector 10
3/45
0-"11"H4#9&-6*-4N%-?-4?#,.*#&-4#876-9;#7F#R*-4-.%"1"4%"*#1",47.R#%&,%#?7*"1.#?,.=#
,.* #&$)(746(76# %&"# 01-.9"= #9,..7%# :.*"14%,.*YA#!"#*-4?-44"4#%&"#478&-4%-9#4;4%"?#7F#
R8"1F"9%"*#1",47.R=Z#3&-9"*#+,-.%/0-"11"#%7#371>#F71#-?,-.-.*6;#,.*#3-%&7:%#8,44-7.=#4""?"*#,#g7*#,?7."#%&"?#1"6-4&-4#*-4-.%"1"4%"*#1",47.#&"#?,*"#&-?4"6F#?71"#7F#,#9&-6*#%&,.#%&";#3"1"R#J-(-*A=#8A#OOXLA#RC.#,**1"44-.
7/29/2019 Spector 10
4/45
,(476:%-4?#,.*#E7:44",:R4#1"8:(6-9,.-4?=#,.*#("%3"".#+,-.%/0-"11"R4#-*",6-4?#,.*#
E7:44",:R4#1",6-4?A#'4#,#?,%%"1#7F#F,9%=#%&"#4:(4"d:".%#*"(,%"#-.#^,.%#,.*#!"
7/29/2019 Spector 10
5/45
7F#%&"#3716*=#3"#&,5"#F71"4%,66"*#81-5,%"#3,14#7.6;#%7#-
7/29/2019 Spector 10
6/45
873"14=OP#%&"#9:-47&?4$1,-4"4#%&"#8744-(-6-%;#7F#81"/876-%-9,6#F"*"1,%-7.4#(7:.*#:8#3-%
:.-%"*#-.%"1"4%4=#-.%"197.."9%"*#?,@-?4#,.*#9711"487.*-.-.
7/29/2019 Spector 10
7/45
_"5"1%&"6"44=# K:178"R4# R1",6# 479-"%;R# -.# .7# 3,;#4#,.*#47#&,14-.#81,9%-9"RABO#h71#3,.%#7F#6,34#%7#1".73#,.;#7%&"1#(7.*4#%&,.#%&74"#7F#%&"-1#4"6F/-.%"1"4%AR #'647#E7:44",:#%7#c,6"4&"1("4=#a#_75"?("1#OPQX=#-.#\",./\,9d:"4#E7:44",:=#N&1)%-"./g:-66,:?"#*"#D,?7-
7/29/2019 Spector 10
8/45
("%3"". # %&"-1 # 1-5,6 # 6"4#-%#-?8744-(6"#%7#%,>"#,997:.%#7F#1-#7F#.,%:1"R=#.7%#%&"#1"4:6%#7F#&:?,.#91,F%-."#N&,16"4#W#("F71"#&-?#F71#+8,-.A#S&"#F,-6:1"#,.%-9-8,%"*#F71#,.;#
7/29/2019 Spector 10
9/45
%&,%#-%#&,4#("97?"#5"1;#*-FF-9:6%#%7#91",%"#4:181-4"#"FF"9%4#71#4:FF-9-".%6;#873"1F:6#
-?(,6,.9"4#J%&"#4%,.*,1*-f,%-7.#7F#?-6-%,1;#*-49-86-."#?,>"4#-.5,4-7.#,.*#5-9%71;#,#
%1-9>;#817874-%-7.Lk#,.*#BL#."-%&"1#?7.";#.71#,66-,.9"4#4:FF-9"#,.;#?71"#%7#3-.#,#3,1=#
,66-,.9"4#"4#-%#%&"#%1:"#4%:?(6-.#F71#,.;#97.d:"171U#RC.#48-%"#
7F#%&"#*"F"9%4#7F#%&-4#97.4%-%:%-7.#7F#%&"#K?8-1"=#-%#-4#9"1%,-.#%&,%#%&"#K:178",.#
(,6,.9"#3-66#."5"1#("#(17>".#47#67.
7/29/2019 Spector 10
10/45
8744-(6" #4:(4%-%:%"# F71# -.%"14%,%"#5-76".9"=TO# E7:44",:# 1"4#%7#-.91",4"#&-4#873"1#(:%#F,-64#%7#
4:(l:
7/29/2019 Spector 10
11/45
7%&"13-4"#%&"#97.F"*"1,%-7.#37:6*#("#5,-.=#,.*#",9%:6*#1",66;#("#-.*"8".*".%#
:.*"1#%&"#,88",1,.9"#7F#4:(l"9%-7.ART[#
S&1""#97.96:4-7.4#(1-."4#%&"#97.*-%-7.#7F#-%4#97?87.".%4#3714"#%&,.#-F#
%&";#6,9>"*#,66#479-"%;#J%&-4#-4#%&"#R%77#?:9G#%77#6-%%6"R#%&,%#?".#&,5"#,**"*#%7#.,%:1"#
%&17:"#-%#R",4;#%7#8"1F"9%R=#47#%&,%#R,66#-%4#?"?("14#97:6*#*1,3#%&"-1#&,88-."44#F17?#
3&,%#,% #81"4".%#97.4%-%:%"4# %&"-1#?-4"1;=#,.*#9&,.
7/29/2019 Spector 10
12/45
*"6-("1,%-7.4#k#,.*#-%#?:4%#("#476-*#,.*#*:1,(6"=#47#%&,%#?"?("14#9,..7%#78%#7:%#,%#3-66#
,4#477.#,4#%&";#%&-.>#%&"-1#48"9-,6#-.%"1"4%4#,1"#("-."#F:66#
:4"#7F#%&"#"@-4%-.
7/29/2019 Spector 10
13/45
-?86"?".%#%&"#1:6-.#7."#7F#%&"#
,66-"4A # S&" # ,1%-96" # 37:6* # ,647# 8175-*" # F71 # 97??7.# *"F".4" # ,.* # ,9%-7.# %7# 4"9:1"#
-?86"?".%,%-7.#7F#%&"#j-"%R4#1:6-.
7/29/2019 Spector 10
14/45
97??7.#4"9:1-%;#e#,.*#&,*#?,*"#-%#-?8744-(6"#%7#,6%"1#,.;#7F#%&"#81"9"*-.
7/29/2019 Spector 10
15/45
,?7.
7/29/2019 Spector 10
16/45
3",>". # (:% # ,9%:,66; # 4%1".
7/29/2019 Spector 10
17/45
%&"?4"65"4ARaP# I:%#&"# "d:,66;#?,-.%,-."*# %&,%# ,4479-,%-7.# 4&7:6*#.73#
7/29/2019 Spector 10
18/45
"4%,(6-4,#."3#(,6,.9"#7F#1-".#,.#75"1/873"1F:6#."-#%7#%&"#81"l:*-9"#7F#81-5,%"#-.%"1"4%ARQO#+-.9"#7."#
?:4%#97:.%#.7%#7.#5-1%:"#(:%#7.#-.%"1"4%=#-%#&,4#%7#("#4&73.#%&,%#475"1"-
7/29/2019 Spector 10
19/45
C#37:6*#.7%#*,1"#1"487.*#,67.-.
7/29/2019 Spector 10
20/45
0-"11"#9,66"*#R4;4%"?#7F#3,1R#,.*#R4;4%"?#7F#8",9"RA#h71#81-.9"4=#%&"#?,-.#,*5,.%,"#
%&-.
7/29/2019 Spector 10
21/45
"4%,(6-4&"*#,67.
7/29/2019 Spector 10
22/45
37:6* # *"F".* # %&" # K:178",. # E"8:(6-9 # 7.9" # -% # &,* # ("". # "4%,(6-4&"*= # 4""-.< # ,#
97-.9-*".9" # ("%3"". # %&"-1 # 8,1%-9:6,1 # -.%"1"4% # ,.* # %&" # 97??7. #
7/29/2019 Spector 10
23/45
E7:44",:# %,>"4 #:8# %&" #*-4%-.9%-7. #("%3"".#1",6# ,.*# ,88,1".%# -.%"1"4%= #(:% # %:1.4# -%#
,"#
%&" # 8"148"9%-5,6# "1171 # 7F# 4""-.-.
7/29/2019 Spector 10
24/45
&-4#1"F:%,%-7.#7F#!7(("4#,.*#g17%-:4A#S&"# "#%&-4#F:1%&"1=#-.#,.#
-17.-9,6#1"?,1>#7.#,#R876-%-9,6#4"1?7.-f"1R#3&7#-4#:.*7:(%"*6;#+,-.%/0-"11"U
^-."*#-F#-%# 86",4"4#%&"?=#3-%&7:%#9",4-..73# 8"1F"9%6;#3"66#%&,%#%&-4# -4#.7%#%1:"A#
S&"-1# 8"147.,6#-.%"1"4%#-4#F-14%# 7F#,66#%&,%#%&"#8"786"#4&7:6*#("#3",>#,.*#
?-4"1,(6"#,.*#-.9,8,(6"#7F#"5"1#1"4-4%-.
7/29/2019 Spector 10
25/45
7F#3,1#-4#.7%#:.,3,1"#%&,%#&"#-4#1:..-.#-.#%&"#
1",6?4#7F#873"1A#N7:.%-.
7/29/2019 Spector 10
26/45
C.#%&"#".*=#%&".=#G(/--#&/$7#)/-#-$4($&++,J$&$-62+,6-46?$7&46(3&,$?"(6?#$2(0#,$4($634#7-4&4#$
7#,&46(3-M $CF#".6-"4 # -% # ",4-"1 # %7 # :.*"14%,.*# 3&; # E7:44",: # -4 # %7*,; # 7F # -.%"1"4% # %7#
-.%"1.,%-7.,6#1"6,%-7.4#%&"71-4%4#97.4-*"1-.#,.*#:.9"1%,-.%;#-.#-.%"1.,%-7.,6#,FF,-14#(;#*"F-.-.
7/29/2019 Spector 10
27/45
%&"#,9%-7.4#7F#"(2($g?(3(26?/-M#S&"#*"4-1"#F71#873"1=#,.*#"5".#?71"#F71#
7/29/2019 Spector 10
28/45
1",47.=#3&-9%:6*#"@86,-.#%&"#-.97?86"%"#71#&"4-%,.%#9&,1,9%"1#7F#E7:44",:R4#%"@%4#
7.#3,1#,.*#8",9"AOXX
'. # -?871%,.% # 87-.% # -4 # ,% # 4%,>" # &"1"U # 3&"%&"1 # %&" # 1"8:(6-9,.-f,%-7. # 7F#
K:178",.# 4%,%"4 #3,4#."9"44,1;# ("F71"# , # F"*"1,%-7.# 7F# K:178",.# 8"786"4 # 97:6*# ("#
,9&-"5"*A#+%,1%-.
7/29/2019 Spector 10
29/45
C.#78874-.
7/29/2019 Spector 10
30/45
,1"#,886-"*AOXZ#I:%=# -.#%&,%#9,4"=#E7:44",:#4&7:6*#,99"8%#%&,%#%&"#9&7-9"#-4#6-?-%"*#%7#
:%78-,#71#1"576:%-7.AOOX#!"#,66734#F71#%&"#8744-(6"#"FF"9%-5"."44#7F#1"576:%-7.#J!766,.*#
,.*#+3-%f"16,.*#,174"#%&17:
7/29/2019 Spector 10
31/45
,3,;#3-%%&"?A#C#F7:.*#%&,%#%&"#97.."9%-7.4#3&-9"14-4%"*#,?7.4#
,(7:%#%&"4"#97.%1,*-9%-7.4#,.*#81"%".*4#%7#1"97.9-6"#%&"?=#-%#-4#(;#4:9
,(4:1*#?",.4#,.*#4:9:.1",47.,(6"#,1
7/29/2019 Spector 10
32/45
7F#K:178"=#%&"#8&-67478&"1#*-4?-44"4#(7%%&"#8,%F#1"F71?#,.*#%&"#8,%F#
1"576:%-7.AOOP#
C. # 1",6-%;= # %&" # -*", # 7F # 1"8:(6-9,.-f-.< # %&" # 6,1
7/29/2019 Spector 10
33/45
%37#*-?".4-7.4#,1"#."9"44,1;#%7#l:*
7/29/2019 Spector 10
34/45
8"786"4#,.*#,.#"@%".4-7.#7F#-.%"1.,%-7.,6#6,3A#C%#?,;#("=#%&"1"F71"=#%&,%#&-4#817(-."#%&-4#,(1-*
7/29/2019 Spector 10
35/45
c,;#3"#4""#-%# 477.#"4%,(6-4&"*#,?7.
7/29/2019 Spector 10
36/45
%&"#F-14%#%"1?#-.4%",*#7F#%&"#4"97.*AOTT#C.#h"(1:,1;#OPQO=#I,4%-*"#"@86,-."*#%&,%#,#9,(,6#
,
7/29/2019 Spector 10
37/45
97.%".%#%7#,88",6#%7#%&"-1#-.%"1"4%4M#j-*#E7:44",:#&-?4"6F#
7/29/2019 Spector 10
38/45
C%#-4#%&"1"F71"#6"# 7F# 91",%-.
7/29/2019 Spector 10
39/45
817l"9%# %&,%#3,4# -.#&-4# 5-"3#8"1F"9%6;# ,1
7/29/2019 Spector 10
40/45
7F#F""6-.
7/29/2019 Spector 10
41/45
81-.%"*##,.*#C#*7#.7%#>.73#3&"%&"1#-%#"5"1#3-66#("U#(:%#-%#3,4#31-%%".#,%#
%&"#4,?"#%-?"#,4#%&"#,(4%1,9%AOaB
+7=#3&,%#,1"#%&"#1",*-.
7/29/2019 Spector 10
42/45
%&"#*(,J-J3(0J$k# 1,%&"1=#&"# %1-"4#%7#*7#l:4%-9"=#(7%-%-5"6;#,.*#."#O=#N&,8%"1#B#7F#%&"#
P#3#L&$5&3/-?76+4=#3&-9-4#97.%"?871,."7:4#3-%%&" #9:-47&?4= # ,.*# -. #!"#$#7F#,#476:%-7.#%7#%&"#817(6"?#7F#-.%"1.,%-7.,6#1"6,%-7.4#%&1",%"."*#%7#l"78,1*-f"#%&"#
5"1; # 81-.9-86"4 # 7F # 876-%-9,6 # 1-
7/29/2019 Spector 10
43/45
4%,%"4#e#3&74"#."9"44-%;#-4#6-.>"*#%7#%&"#81-.9-86"#7F#878:6,1#475"1"-"4 # %&" # -*",#
4"1-7:46;AOaZ#C%#-4#371%d:7%-.
7/29/2019 Spector 10
44/45
h-.,66;=#3"#4&,66#6,;#*73.#%&"#%1:"#81-.9-86"4#7F#%&"#1-"#&-?#1",*#!#,#2&?"/-#3&-6"#8179""*-..73#%&,%#S"6"?,9&:4#,.*#?".%71#,1"#9&-?"1,4A#OQX
+7=#H26,##1"5",64#&$+(-4#76(76#%&"#>";#86,9"#7F#%&"#R]1-%-.
7/29/2019 Spector 10
45/45
0177F#7F#%&-4#-4#%&"#1"F"1".9"#%7#h)."67.R4 #90L#34/7#-$ () $ !#,#2&?"/-=#3&74"#1"F71?#
817l"9%#-4#1"4#3,4#-.%"