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8MT

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%HEIQSRMWENSFXLEXVYRWMRXLIFEGOKVSYRH[EMXMRKJSV[SVO1ER]SJXLI
W]WXIQTVSKVEQWEVINSFWVYREWHEIQSRW
8MT

9RHIVWXERHMRK'PEWWMJMGEXMSRWSJ7SJX[EVI



4VMSVXSNSFI\IGYXMSR ENSFMWTPEGIHMRENSFTVSGIWWUYIYI %NSFTVSGIWWUYIYI MW

E LSPHMRKEVIEJSVXLINSF[LMPIMX[EMXWMXWXYVRJSVI\IGYXMSR % VYRRMRKTVSGIWWLEW
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TVSGIWW & XLIR TVSGIWW% IRGSYRXIVW E TVSFPIQ ERH MW OMPPIH ERH VIQSZIH JVSQ XLI
TVSGIWWXVII TVSGIWW& [LMGLMWWXMPPVYRRMRK MWWEMHXSLEZIFIIRqSVTLERIHr

1IQSV]1EREKIQIRX
1IQSV]QEREKIQIRXWSJX[EVIEPPS[W]SYXSQEREKIEPPSJQIQSV]hMRGPYHMRKFSXL
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8MT

8LIEVIESRXLILEVHHMWOVIWIVZIHJSVZMVXYEPQIQSV]MWWSQIXMQIWGEPPIHXLI
TEKIJMPISVW[ETJMPI8LIW[ETJMPIMWGVIEXIHHYVMRKXLIMRWXEPPEXMSRSJXLI
STIVEXMRKW]WXIQ

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XLI TVSKVEQ MW MR E [EMX WXEXI ERH MW TPEGIH XIQTSVEVMP] SR LSPH ;LIR XLI W]WXIQMW
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TVMRXWSRIPMRISRETEKIERHXLIREHZERGIWXSXLIRI\XTEKIXSTVMRXXLIRI\XPMRI

8MT

6IQIQFIV]SYQYWXYWIXLIHIZMGIHVMZIVXLEXKSIW[MXLXLIHIZMGI-RSXLIV
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7SJX[EVI9XMPMXMIW
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HS[R SVXLI]YWIVIHYRHERXHMWOWWXSVEKI XLI]WXMPPVIUYMVIXLIMVTIVWSRRIPXSTIVJSVQ
FEGOYTW



'LETXIV-RXVSHYGXMSRXSXLI3TIVEXMRK7]WXIQ)RZMVSRQIRX
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8MT

7MQTP]WXEXIH MXQIERWXLIW]WXIQGERWIRHETVMRXNSFXSXLITVMRXIVWSJX[EVIGSRGYV
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8MT

-RXLMWWTVIEHWLIIXI\EQTPI !%:)6%+)%%  ]SYGERWIIXLITS[IVSJEWTVIEHWLIIX

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'LETXIV-RXVSHYGXMSRXSXLI3TIVEXMRK7]WXIQ)RZMVSRQIRX

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8LI0MRY\JMPIW]WXIQLMIVEVGL]MWEREPSKSYWXSEREGXYEPXVII]SYQMKLXTYVGLEWIEXE
KEVHIRWXSVIXLEXLEWMXWVSSXW]WXIQ[VETTIHMRGERZEW -J]SYXYVRXLEXKEVHIRWXSVIXVII
YTWMHIHS[RMR]SYVQMRH ]SYLEZIXLIGSRGITXSJXLI0MRY\XVIILMIVEVGL] 8LIVSSX
W]WXIQMWRS[EXXLIXST NYWXPMOIXLI0MRY\VSSXHMVIGXSV]8LIFVERGLIWERHPIEZIWWXIQ
JVSQXLIVSSX %HMVIGXSV]MR0MRY\MWEREPSKSYWXSEFVERGLSRXLIKEVHIRWXSVIXVII %
PIEJMWEREPSKSYWXSEJMPIFIGEYWIEPIEJGERRSXGSRXEMRFVERGLIWSVSXLIVPIEZIWNYWXEW
EJMPIGERRSXGSRXEMRHMVIGXSVMIWSVSXLIVJMPIW LS[IZIV EJMPIHSIWLEZIGSRXIRXW .YWXEW
E HMVIGXSV] GER GSRXEMR SXLIV WYFHMVIGXSVMIW ERH JMPIW E FVERGL GER GSRXEMR SXLIV
FVERGLIWERHPIEZIW
'SRWMHIV XLMW I\EQTPI 8S[RWIRH8S]SXE LEW E 0MRY\ W]WXIQ [LMGL GSRXEMRW JMPIW ERH
HMVIGXSVMIW -XLEWGVIEXIHHMVIGXSVMIWXSVITVIWIRXMXWFYWMRIWWHITEVXQIRXW8LIVIEVIJMPIW
[MXLMRXLIHMVIGXSVMIWXLEXGSRXEMRFYWMRIWWVIPEXIHHEXE *MKYVIWLS[WXLIXVIIWXVYG
XYVI SJ8S[RWIRH8S]SXE 8LI XVII GSQQERH HMWTPE]W E LMIVEVGLMGEP PMWXMRK SJ XLI
HMVIGXSV] 2SXMGIXLEXXLIVSSX   HMVIGXSV]MWRIEVXLIYTTIVPIJXGSVRIV8LIHMVIGXSVMIW
ERH JMPIW EVI SVKERM^IH MRXS PSKMGEP KVSYTMRKW FIRIEXL XLI HMVIGXSV] REQIH
8S[RWIRH8S]SXE [LMGL MW MQQIHMEXIP] FIRIEXL XLI VSSX   8LI HMVIGXSVMIW REQIH
%GGSYRXMRK -8 1EVOIXMRK ERH 4VSHYGXMSREVISR XLIWEQIPIZIP JEPPMRK MQQIHMEXIP]
[MXLMRXLI8S[RWIRH8S]SXEHMVIGXSV] 0SSOEXXLI%GGSYRXMRKHMVIGXSV]ERHWIIXLIJSYV
HMVIGXSVMIW FIRIEXL MXh%GGSYRXW4E]EFPI %GGSYRXW6IGIMZEFPI +IRIVEP0IHKIV ERH
4E]VSPP 6IGEPPXLEXXLIHMVIGXSV]REQIH4E]VSPPGSRXEMRWXLITE]VSPPJMPIWQIRXMSRIHMR
XLITVIZMSYWI\EQTPI

8MT

=SYGERYWIXLIXVII GSQQERHXSWLS[EWRETWLSXSJEWYFHMVIGXSV]XSS-J
]SY [ERX XS WII XLI XVII WXVYGXYVI NYWX JSV XLI HMVIGXSV] REQIH 1EVOIXMRK
]SYIRXIVXVIIj1EVOIXMRK



'LETXIV9RHIVWXERHMRKXLI0MRY\*MPI7]WXIQ

*MKYVI

8VIILMIVEVGL]JSV8S[RWIRH8S]SXE

8LI XVII GSQQERH MW YWIJYP JSV WLS[MRK XLI XVII WXVYGXYVI LS[IZIV [LIR [VMXMRK
WLIPPTVSKVEQW ]SYRIIHXSYRHIVWXERHLS[XSKIXXSXLSWIJMPISVHMVIGXSVMIW[MXLMR
XLIXVII -J]SY[ERXIHXSEGGIWWXLI1E]HEXJMPIJVSQXLIVSSXHMVIGXSV] ]SY[SYPHLEZI
XSJSPPS[XLIPMRIWMR*MKYVIHS[RERHSZIVXSXLIVMKLXYRXMP]SYJMREPP]KSXXSXLI
JMPI =SY [SYPH IRH YT KSMRK XLVSYKL XLI8S[RWIRH8S]SXE %GGSYRXMRK ERH 4E]VSPP
HMVIGXSVMIW VIWTIGXMZIP]

8MT

=SYGERXLMROSJXLISYXTYXSJXLIXVII GSQQERHEWEQETXSKIXXSEJMPI
SV HMVIGXSV] % QET WLS[W ]SY XS[RW ]SY QYWX KS XLVSYKL XS KIX XS ]SYV
HIWXMREXMSR 8LI XVII GSQQERH WLS[W ]SY XLI HMVIGXSVMIW ]SY QYWX KS
XLVSYKLXSKIXXS]SYVJMPIW

0MRY\7]WXIQ(MVIGXSVMIW
0MRY\WXSVIWQER]SJMXWW]WXIQJMPIWMRZEVMSYWWYFHMVIGXSVMIWFIRIEXLXLIVSSXHMVIGXSV]
8LIWIEVIGVIEXIHHYVMRKMRWXEPPEXMSRSJXLISTIVEXMRKW]WXIQERHWLSYPHRSXFIHIPIXIH
SVVIREQIH=SYRIIHXSYRHIVWXERHXLITYVTSWISJXLI0MRY\W]WXIQHMVIGXSVMIW WLS[R
MR8EFPI MRGEWI]SYVWGVMTXWVIJIVXSGSQQERHWSVJMPIWGSRXEMRIH[MXLMRXLIQ

2EZMKEXMRKXLI8VII,MIVEVGL]
8EFPI



7SQISJXLI0MRY\W]WXIQHMVIGXSVMIW

(MVIGXSV]

4YVTSWI

FMR

,SPHWQER]FMREV]I\IGYXEFPITVSKVEQW

FSSX

,SPHWXLI0MRY\OIVRIP

HIZ

'SRXEMRWHIZMGIJMPIWJSVEPPXLIHIZMGIWMRXLI0MRY\JMPIW]WXIQ

IXG

,SPHWGSRJMKYVEXMSRJMPIWQER]EVI[VMXXIRYWMRKWLIPPWGVMTXTVSKVEQW'SRJMKYVEXMSRJMPIW
EVIJMPIWXLEXZEVMSYWTVSKVEQWVIEHMRSVHIVXSORS[[LEXXLI]EVIWYTTSWIHXSHS

LSQI

(IJEYPXPSGEXMSR[LMGLGSRXEMRWYWIVHMVIGXSVMIW[LIRYWIVWPSKMRXSE0MRY\W]WXIQ
XLIMVGYVVIRXHMVIGXSV]MWLSQIYWIVREQI*SVI\EQTPIEYWIVREQIH1EVMWWELEWE
LSQIHMVIGXSV]SJLSQIQEVMWWE

PMF

'SRXEMRWJMPIWERHI\IGYXEFPITVSKVEQWYWIHF]XLIW]WXIQ

QRX

'SRXEMRWQSYRXIHHVMZIW

VSSX

8LI0MRY\WYTIVYWIVSVVSSXYWIVtWLSQIHMVIGXSV]

WFMR

'SRXEMRWEHHMXMSREPFMREV]I\IGYXEFPITVSKVEQWRSVQEPP]YWIHF]XLIVSSXYWIV

XQT

9WIHJSVXIQTSVEV]JMPIERHHMVIGXSV]WXSVEKI

YWV

'SRXEMRWSXLIVWYFHMVIGXSVMIWJSVETTPMGEXMSRWWYGLEW<JSV<;MRHS[WSR0MRY\ 
,810JMPIWPMFVEV]JMPIWERHKEQIWEPWSMRGPYHIHEVILIEHIVJMPIWJSV'TVSKVEQW
8[SSJXLIQSWX[MHIP]YWIHWYFHMVIGXSVMIW[MXLMRYWVEVIYWVFMRERHYWVWFMR
8LIWIGSRXEMRHMVIGXSVMIWERHFMREV]I\IGYXEFPIW

ZEV

'SRXEMRWFSXLJMPIWERHHMVIGXSVMIWX]TMGEPP]XLIX]TISJJMPIWMRZEVZEV]MRWM^I
WYGLEWXLIPSKJMPIWJSVZEVMSYWTVSGIWWIWPSGEXIHMRZEVPSK8LIW]WXIQPSKJMPI
ZEVPSKQIWWEKIWMWEPWSLIPHLIVI

2%:-+%8-2+

8,)

86)) ,-)6%6',=

2S[XLEX]SYYRHIVWXERHLS[XLILMIVEVGL]MWWIXYT ]SYRIIHXSPIEVRLS[XSREZ
MKEXIXLI0MRY\JMPI W]WXIQ 0SSO EX XLIWEQTPILMIVEVGL] XVIIWLS[RMR *MKYVI
XLIXSTPIZIPHMVIGXSV]MWVSSX WLS[RF]XLIJSV[EVHWPEWLW]QFSP   3XLIVHMVIGXS
VMIW FVERGLFIRIEXL MX 9RHIVXLI YWIVtW LSQI HMVIGXSV] VITVIWIRXIH F] XLIZEVMEFPI
,31)  XLIHMVIGXSVMIWREQIHHMV%ERHHMV&I\MWX %ZEVMEFPIMWYWIHJSVJPI\MFMPMX] WS
XLEXYWIVWERHWLIPPWGVMTXWGERVIJIVXS,31) ERHMXIUYEXIWXSXLIMVMRHMZMHYEPLSQI
HMVIGXSV] &IRIEXLIEGLSJXLIWIEVISXLIVHMVIGXSVMIW 9PXMQEXIP] JMPIWEVIWXSVIHEXXLI
FSXXSQSJXLIXVII (MVIGXSVMIWSRXLIWEQIPIZIPERHLEZMRKXLIWEQITEVIRXHMVIG
XSV] EVI GSRWMHIVIH WMFPMRK HMVIGXSVMIW 7EMH ERSXLIV [E] HMV% ERH HMV&EVI GLMPH
HMVIGXSVMIW SJ ,31) XLIMVTEVIRX



'LETXIV9RHIVWXERHMRKXLI0MRY\*MPI7]WXIQ
6SSX

,31)

(MVIGXSVMIW
HMV%

HMV%

JPHEX

HMV&

HMV%

JHEX JHEX

JHEX

HMV&

HMV&

JHEX JHEX JHEX

JHEX

*MPIW

*MKYVI

%WEQTPIXVIILMIVEVGL]

;LIREYWIVEGGSYRXMWGVIEXIH ELSQIHMVIGXSV]MWEYXSQEXMGEPP]GVIEXIHJSVXLEXYWIV
8LILSQIHMVIGXSV]MWYWYEPP]PSGEXIHMRLSQIEWHIWGVMFIHMR8EFPI 8LIW]WXIQ
YWIWEZEVMEFPIREQIH ,31) [LMGLIUYEXIWXS]SYVLSQIHMVIGXSV]
8LIGSRXIRXWSJXLIZEVMEFPIREQIH ,31) MWHMJJIVIRXJSVIEGLYWIV -XMWNYWXEQIXLSH
SJWE]MRK]SYVS[RLSQIHMVIGXSV] *SVI\EQTPI 1EV]4LERtW ,31) QE]PMXIVEPP]FI
IUYEPXSLSQIQEV]TLER [LMPI,EVSPH4EXIPtW ,31) HMVIGXSV]QE]PMXIVEPP]FIIUYEP
XSLSQILEVSPHTEXIP
=SYVGYVVIRXHMVIGXSV] HIRSXIW[LIVI]SYEVI[MXLMRXLIJMPIW]WXIQ 8LMROSJMXEW
[LIVI]SYEVIMREFYMPHMRK[LIRPSSOMRKEXEFYMPHMRKIZEGYEXMSRQET8LIQEOIVWSJ
XLIQETEWWYQI]SYEVIMREGIVXEMRVSSQ[LIRXLI]GVIEXIHXLIIZEGYEXMSRTPER8LI]
IZIRLEZIEVIHq=SY%VI,IVIr HSX[MXLEVIHEVVS[VITVIWIRXMRKETEXLWLS[MRKLS[
XSI\MXXLIFYMPHMRK 8LI0MRY\XVIISTIVEXIWWMQMPEVP] 8LIq=SY%VI,IVIr HSXVITVI
WIRXW]SYVGYVVIRXHMVIGXSV]ERHXLI PSRKVIHEVVS[VITVIWIRXWLS[XSKIXXSERSXLIV
PSGEXMSR WYGLEWERSXLIVHMVIGXSV]
;LIRREZMKEXMRK]SYRIIHXSORS[X[SXLMRKWh[LIVI]SYEVIERH[LIVI]SY[ERX
XSKS[MXLMRXLIXVIILMIVEVGL]

2EZMKEXMRKXLI8VII,MIVEVGL]



'LERKMRK(MVIGXSV]0SGEXMSRW
-J]SY[ERXXSGLERKI]SYVGYVVIRXTSWMXMSRXSXLIVSSXHMVIGXSV] ]SYLEZIXSYWIXLI
GH GSQQERH8LMWGSQQERHEPPS[W]SYXSqGLERKIHMVIGXSV]r PSGEXMSRW[MXLMRXLIXVII
XSERSXLIVHMVIGXSV] -XXEOIWXLIKIRIVEPJSVQ
GHjHMVIGXSV]
8LMROSJXLIGH GSQQERHEWGLERKMRK]SYVq=SY%VI,IVIrPSGEXMSRMRXLIXVII
8MT

8LI HMVIGXSV] MWEHMVIGXSV]PSGEXMSR[MXLMRXLIXVIIXLEX]SY[ERXXSKSXS

8SLIPT]SYREZMKEXIXLVSYKLXLIXVII ]SYRIIHXSYRHIVWXERHXLIXIVQWJYPPTEXLERH
TEVXMEP TEXL 8LI JYPP TEXL WTIGMJMIW XLI GSQTPIXI TEXL JVSQ VSSX % JYPP TEXL EP[E]W
FIKMRWJVSQXLIVSSXHMVIGXSV] 8LITEVXMEPTEXL WTIGMJMIWEGIVXEMRTSMRXMRXLIHMVIG
XSV]TEXL [LMGLMWWMQTP]XLIREQISJXLIHMVIGXSV]XLEX]SY[SYPHPMOIXSGLERKIXS
VIPEXMZIXS]SYVGYVVIRXPSGEXMSR -XRIZIVFIKMRWEXVSSX
8LIJYPPSVTEVXMEPTEXLGERFIYWIH[MXLQSWXER]GSQQERH
8MT

-QEKMRIWSQISRIEWOW]SYJSVHMVIGXMSRWJVSQLMWLSYWIXS]SYVLSYWI=SY[SYPHKMZILMQ
HMVIGXMSRWXLEX[SYPHXEOILMQJVSQLMWJVSRXHSSVXS]SYVW )WWIRXMEPP] ]SY[SYPHFITVS
ZMHMRKLMQ[MXLXLIJYPPTEXL -JXLEXWEQITIVWSR[EWEPVIEH]SRXLI[E]XS]SYVLSYWIERH
TIVLETWFIGEQIPSWX ]SY[SYPHRtXKMZIXLIQXLIJYPPTEXLHMVIGXMSRW MRWXIEH]SY[SYPHTVS
ZMHIHMVIGXMSRWVIPEXMZIXS[LIVILIGYVVIRXP]MWPSGEXIH MRSXLIV[SVHW XLITEVXMEPTEXL

'LERKMRK(MVIGXSV] 0SGEXMSRW XSXLI (MVIGXSV]

%WWYQI ]SYV GYVVIRX HMVIGXSV] MWHMV% MR*MKYVI -R SVHIVXSGLERKI XSXLIVSSX
HMVIGXSV]YWMRKEJYPPTEXL ]SY[SYPHMWWYIXLMWGSQQERH
GHj

*MKYVI  WLS[W GLERKMRK HMVIGXSV] PSGEXMSRW XS XLI VSSX HMVIGXSV] 2SXMGI XLEX XLI
FIJSVIXLI GH GSQQERHMWTIVJSVQIH XLIYWIVMWMRXLIXSHHQHMVIGXSV]



'LETXIV9RHIVWXERHMRKXLI0MRY\*MPI7]WXIQ

(MVIGXSV]]SYEVI
GLERKMRKXS
'SQQERH
'YVVIRXHMVIGXSV]

*MKYVI

6YRRMRKXLIGHXSGLERKIXLIVSSXHMVIGXSV]

'LERKMRK(MVIGXSV] 0SGEXMSRW XSE 4EVIRX(MVIGXSV]

-RSVHIVXSGLERKIXSETEVIRXHMVIGXSV] ]SYYWIEWTIGMEPRSXEXMSR -R0MRY\ XLITEV
IRXHMVIGXSV]MWVITVIWIRXIHF]XLIYWISJX[SHSXW  RSXEXMSR 0IXtWWE]]SYVGYVVIRX
HMVIGXSV] MW HMV% EW WLS[R MR *MKYVI  8LI GSQQERH XS REZMKEXI XS XLI TEVIRX
HMVIGXSV] HMV%MW
GHj

8LIYWISJXLIX[SHSXW  MWERI\EQTPISJETEVXMEPTEXL )ZIV]HMVIGXSV] I\GITXXLIVSSX

HMVIGXSV] LEWETEVIRXHMVIGXSV] SV  8LIVSSXHMVIGXSV]GERRSXLEZIETEVIRXHMVIGXSV]
FIGEYWIMXMWXLIXSTHMVIGXSV] %[E]]SYGERVIQIQFIVXLMWMWXLEX]SYLEZIX[STEVIRXW
SRIQSQERHSRIHEH ERHMRXLI XVIILMIVEVGL] XLI]EVIGSPPIGXMZIP]VIJIVVIHXS EWXLI
qTEVIRXr *MKYVIWLS[WGLERKMRKHMVIGXSV]PSGEXMSRWXSXLITEVIRXHMVIGXSV]

'LERKMRK(MVIGXSV] 0SGEXMSRW XSE 'LMPH (MVIGXSV]

-RSVHIVXSGLERKIHMVIGXSV]PSGEXMSRWXSEGLMPHHMVIGXSV] ]SYVIJIVXSXLIGLMPHF]MXW
REQI ,IVIMWXLIKIRIVEPJSVQ
GHjGLMPHHMVIGXSV]

8LMW MW [LIVI GLMPHHMVIGXSV] MW XLI REQI SJ XLI GLMPH HMVIGXSV] ]SY [ERX XS
GLERKIHMVIGXSV]PSGEXMSRWXS -J]SY[ERXXSGLERKIJVSQXLIGYVVIRXHMVIGXSV]SJHMV%
XSSRISJMXWGLMPHHMVIGXSVMIW WYGLEWHMV% EWWLS[RMR*MKYVI ]SY[SYPHMWWYI
XLMWGSQQERH
GHjHMV%

2EZMKEXMRKXLI8VII,MIVEVGL]



(MVIGXSV]]SYEVI
GLERKMRKXS
'SQQERH
'YVVIRXHMVIGXSV]

*MKYVI

6YRRMRKXLIGHGSQQERHXSREZMKEXIXSETEVIRXHMVIGXSV]

*MKYVIWLS[WGLERKMRKHMVIGXSV]PSGEXMSRWXSEGLMPHHMVIGXSV]
(MVIGXSV]]SYEVI
GLERKMRKXS
'SQQERH
'YVVIRXHMVIGXSV]

*MKYVI

'LERKMRKXSEGLMPHHMVIGXSV]YWMRKXLIGHGSQQERH

'LERKMRK(MVIGXSV] 0SGEXMSRW XSE 7MFPMRK(MVIGXSV]

%WMFPMRKHMVIGXSV]MWETIIVHMVIGXSV]SJ]SYVGYVVIRXHMVIGXSV] -R*MKYVI XLIHMVIG
XSVMIWHMV%ERHHMV&EVIWMFPMRKHMVIGXSVMIW %PWS HMV%ERHHMV%EVIWMFPMRKW EW[IPPEW



'LETXIV9RHIVWXERHMRKXLI0MRY\*MPI7]WXIQ
HMV&ERHHMV& ,S[IZIV IZIRXLSYKLHMV%ERHHMV%EVISRXLIWEQIPIZIPEWHMV&
ERHHMV&XLI]EVIRSXWMFPMRKWFIGEYWIXLI]LEZIHMJJIVIRXTEVIRXW
8SGLERKIXSER]WMFPMRKHMVIGXSV] XLIW]RXE\MW
GHjWMFPMRK

%WWYQI]SYVGYVVIRXHMVIGXSV]MWHMV& ERH]SY[ERXXSGLERKIHMVIGXSV]PSGEXMSRWXS
HMV%=SY[SYPHYWIXLIGSHI
GHjHMV%

-RXLIGSQQERH GHjHMV% XLIX[SHSXWVITVIWIRXXLITEVIRXHMVIGXSV] MRXLMWGEWI

,31) ERHXLIJSV[EVHWPEWLMWEWITEVEXSVFIX[IIRXLITEVIRXERHGLMPHPIZIPWSJVSSX
ERHHMV% *MKYVIWLS[WGLERKMRKHMVIGXSV]PSGEXMSRWXSEWMFPMRKHMVIGXSV]
(MVIGXSV]]SYEVI
GLERKMRKXSRSXMGIXLEX
XLITEXLMWXLVSYKLXLI
TEVIRXHMVIGXSV]
'SQQERH
'YVVIRXHMVIGXSV]

*MKYVI

'LERKMRKXSEWMFPMRKHMVIGXSV]YWMRKXLIGHGSQQERH

'LERKMRK(MVIGXSV] 0SGEXMSRW %GVSWW 1YPXMTPI 0IZIPW

-RSVHIVXSGLERKIHMVIGXSV]PSGEXMSRWEGVSWWQYPXMTPIPIZIPW]SYVIJIVXSIEGLTEVIRXMR
XLILMIVEVGL]XVII ,IVIMWXLIW]RXE\
GHjHMVIGXSV]

-J]SYVGYVVIRXHMVIGXSV]MWHMV%EWMR*MKYVI ]SYREZMKEXIXSHMV&EWJSPPS[W
GHjHMV&

8LIJMVWXTEMVSJHSXWVITVIWIRXWXLITEVIRXSJHMV%[LMGLMWHMV%8LIWIGSRHTEMVSJHSXW
VITVIWIRXWXLITEVIRXSJHMV%[LMGLMW,31)8LMWLETTIRWXSFIXLIKVERHTEVIRXSJHMV%
*MREPP] ]SYMRGPYHIXLIHMVIGXSV]REQI]SY[ERXXSREZMKEXIXSXLEXMWQYPXMTPIPIZIPWE[E]

9RHIVWXERHMRK(MVIGXSV]1EREKIQIRX'SQQERHW



[LMGLMRXLMWGEWIMWHMV& *MKYVIWLS[WGLERKMRKHMVIGXSV]PSGEXMSRWEGVSWWQYPXM
TPIPIZIPW


(MVIGXSV]]SYEVIGLERKMRK
XSRSXMGIXLEXXLITEXL
KSIWXLVSYKLXLITEVIRX
ERHKVERHTEVIRXHMVIGXSVMIW
'SQQERH
'YVVIRXHMVIGXSV]

*MKYVI

'LERKMRKHMVIGXSVMIWEGVSWWQYPXMTPIPIZIPW

92()678%2(-2+ (-6)'836= 1%2%+)1)28 '311%2(7

-RSVHIVXSFIETVSJMGMIRX0MRY\7]WXIQ%HQMRMWXVEXSV ]SYQYWXFIE[EVISJQER]SJ
XLIGSQQERHWYWIHXSQEREKIXLI0MRY\JMPIW]WXIQ )EGLGSQQERHI\IGYXIWERHKIR
IVEXIWSRISJXLIJSPPS[MRK
2SSYXTYXh8LIGSQQERH[SVOIHWYGGIWWJYPP]
3YXTYXh8LIGSQQERH[SVOIHWYGGIWWJYPP]
%RIVVSVh8LIGSQQERHHMHRSX[SVOGSVVIGXP]
8LI0MRY\GSQQERHWEVIHMZMHIHMRXSXLVIIQEMRGEXIKSVMIW
(MVIGXSV]GSQQERHWh'SQQERHWXLEX[SVO[MXLHMVIGXSVMIW
)HMXSVGSQQERHWh'SQQERHWXLEXEPPS[]SYXSQERMTYPEXIXLIJMPIW]WXIQ
*MPIGSQQERHWh'SQQERHWXLEX[SVO[MXLJMPIW
8LIQEMRGSQQERHWXLEXHIEP[MXLHMVIGXSVMIWEVIWYQQEVM^IHMR8EFPI 8LIWIEVI
XLIQSWXGSQQSRP]YWIHGSQQERHWVIPEXMRKXSXLIJMPIW]WXIQ -XMWMQTSVXERXXLEX]SY
PIEVR XLIWI GSQQERHW FIGEYWI XLI] EPPS[ ]SY XS QEREKI XLI 0MRY\ JMPI W]WXIQ ERH
YRHIVWXERHMRKXLIQKMZIW]SYKVIEXIVGSRXVSPSZIVXLIJMPIW]WXIQ



'LETXIV9RHIVWXERHMRKXLI0MRY\*MPI7]WXIQ
8EFPI

(MVIGXSV]GSQQERHW

(MVIGXSV]'SQQERH

4YVTSWI

T[H

(MWTPE]WXLIREQISJ]SYVGYVVIRXHMVIGXSV]

PW

(MWTPE]WFSXLJMPIWERHHMVIGXSVMIWF]HIJEYPXMXHMWTPE]WXLIJMPIWERH
HMVIGXSVMIWMRXLIGYVVIRXHMVIGXSV]

GH

'LERKIWHMVIGXSV]PSGEXMSRW

QOHMV

'VIEXIWSVQEOIWEHMVIGXSV]

VQHMV

(IPIXIWSVVIQSZIWEHMVIGXSV]

8LI T[H 'SQQERH

8LI T[H GSQQERHHMWTPE]W]SYVGYVVIRX[SVOMRKHMVIGXSV]ERHVIXYVRWSYXTYXXSXLI
WGVIIR %PXLSYKL MX HSIW RSX LEZI ZIV] QER] TVEGXMGEP STXMSRW MX MW SRI SJ XLI QSWX
MQTSVXERXGSQQERHWFIGEYWIMXPIXW]SYORS[[LIVI]SYEVIMRXLIXVIILMIVEVGL] 8S
I\IGYXIXLIGSQQERH ]SYWMQTP]X]TIT[H SRXLIGSQQERHPMRI ERHXLIRTVIWW)RXIV
8LMWHMWTPE]W]SYVGYVVIRXHMVIGXSV]PSGEXMSRSRXLIWGVIIR

8LI PW 'SQQERH
8LI PW GSQQERHPMWXWEHMVIGXSV]tWGSRXIRXW=SYYWIXLMWGSQQERHXSHIXIVQMRI[LEX
MWMREHMVIGXSV] 8LI PW GSQQERHLEWEZEVMIX]SJYWIWERHQER]HMJJIVIRXSTXMSRWJSV
PMWXMRKHMVIGXSVMIW *SVI\EQTPI MJ]SY[ERXIHXSWIIXLIWM^ISJEJMPIMRF]XIW ]SY[SYPH
EXXEGLXLIETTVSTVMEXISTXMSRXSXLIPW GSQQERH 0MOIXLISXLIVHMVIGXSV]GSQQERHW
XLIGSQQERHMW[VMXXIR
PWjSTXMSR TEXLREQI

8LIW]QFSPJSVMRHMGEXMRKERSTXMSRMWX]TMGEPP]IMXLIVEWMRKPIHEWL SVEHSYFPIHEWL
  ERHMXMWJSPPS[IHF]XLISTXMSR 7S XLI P STXMSR[LIREXXEGLIHXSXLI PW GSQ
QERHEWMR PWjP KMZIWEHHMXMSREPMRJSVQEXMSREFSYXXLIJMPIWERHHMVIGXSVMIWhWYGLEW
XLIWM^ISJXLIJMPIWERHXLITIVQMWWMSRW

8MT

8LIGSQQERHPWjP YWIWEPS[IVGEWIPIXXIVPEWMRPYGO] RSXXLIRYQIVEP

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8LMWMW[LIVIWSYVGI MWXLIWSYVGIJMPIhXLIJMPI]SY[ERXXSGST]8LIWSYVGIJMPIQYWX
I\MWX SV XLI GT GSQQERH KIRIVEXIWER IVVSV 8LI HIWXMREXMSR MW XLI JMPIXS [LIVI
]SY[ERXXSGST]XLIWSYVGIHEXE 8LIHIWXMREXMSRJMPIHSIWRSXLEZIXSI\MWX -XMWYWIV
HIJMRIH QIERMRKXLEXXLIYWIVGERGLERKIXLIHIWXMREXMSRJMPIREQI ;LIR]SYYWIXLI
GT GSQQERH[MXLXLI M STXMSRJSVMRXIVEGXMZIQSHI MJXLIHIWXMREXMSRJMPIHSIW I\MWX
EQIWWEKIMWHMWTPE]IHEWOMRK[LIXLIVSVRSX]SY[SYPHPMOIXSSZIV[VMXIXLIJMPI

8LI GT 'SQQERH[MXL E*YPPSV4EVXMEP4EXL JSV&SXLXLI 7SYVGI

ERH (IWXMREXMSR *MPIREQIW
8LI GT GSQQERHEGGITXWER]GSQFMREXMSRSJJYPPERHTEVXMEPTEXLWJSVXLIWSYVGIERH
HIWXMREXMSR JMPIW 0IXtW PSSO EX ER I\EQTPI 6IJIVFEGO XS *MKYVI SJXLI8S[RWIRH
8S]SXEXVIIWXVYGXYVI -RSVHIVXSGST]XLI%TVHEXJMPIJVSQXLI4E]VSPPHMVIGXSV]XSXLI



'LETXIV9RHIVWXERHMRKXLI0MRY\*MPI7]WXIQ
8S[RWIRH8S]SXE-84VSNIGX HMVIGXSV] ]SY GER I\IGYXI XLI JSPPS[MRK GSQQERH
YWMRKJYPPTEXLW
GTj8S[RWIRH8S]SXE%GGSYRXMRK4E]VSPP%TVHEX
8S[RWIRH8S]SXE-84VSNIGX%TVHEX

3RGI WYGGIWWJYPP] GSQTPIXIH ]SY LEZI E GST] SJ %TVHEX MR FSXL XLI
8S[RWIRH8S]SXE%GGSYRXMRK4E]VSPPERH8S[RWIRH8S]SXE-84VSNIGXHMVIGXSVMIW
-RSVHIVXSGST]XLI*IFHEXJMPI PSGEXIHMRXLI8S[RWIRH8S]SXE%GGSYRXMRK4E]VSPPXS
ERSXLIVJMPIGEPPIH*IFFEGOYTHEX[MXLMRXLIWEQIHMVIGXSV] ]SY[SYPHMWWYIXLMWTEVXMEPTEXL
GTj*IFHEXj*IFFEGOYTHEX

3RGIWYGGIWWJYPP]GSQTPIXIH ]SYLEZIX[SJMPIW XLISVMKMREP *IFHEXERHXLIHYTPMGEXI

GST] *IFFEGOYTHEX &SXLEVIMRXLIWEQIHMVIGXSV]

9WMRKXLI GT 'SQQERHXS 'ST] E*MPI XS XLI4EVIRX(MVIGXSV]

SV E 7MFPMRK(MVIGXSV]
-RSVHIVXSGST]XLI1E]HEXJMPIXSXLITEVIRXHMVIGXSV] ]SYYWIETEVXMEPTEXLJSVXLI
HIWXMREXMSRJMPIEWWLS[RMRXLMWI\EQTPI
GTj1E]HEXj1E]HEX

3RGIWYGGIWWJYPP]GSQTPIXIH ]SYLEZIEGST]SJ1E]HEXMRXLITEVIRXHMVIGXSV]
-RSVHIVXSGST]XLI.YRHEXJMPI PSGEXIHMRXLI8S[RWIRH8S]SXE%GGSYRXMRK4E]VSPP
XSXLIWMFPMRKHMVIGXSV]REQIH8S[RWIRH8S]SXE%GGSYRXMRK+IRIVEP0IHKIV ]SYGER
YWIETEVXMEPTEXLSRXLIHIWXMREXMSREWWLS[RMRXLMWI\EQTPI
GTj.YRHEXj+IRIVEP0IHKIV.YRHEX

3RGI WYGGIWWJYPP] GSQTPIXIH ]SY LEZI E GST] SJ .YRHEX MR XLI 8S[RWIRH8S]SXE
%GGSYRXMRK+IRIVEP0IHKIVWMFPMRKHMVIGXSV]

8LI QZ 'SQQERH
8LI QZ GSQQERHEPPS[W]SYXSQSZI SV VIREQI EJMPISVHMVIGXSV] -XXEOIWXLIJSP
PS[MRKJSVQ
QZjWSYVGIHIWXMREXMSR

%W[MXLXLIGT GSQQERH XLIWSYVGIJMPIQYWXI\MWX8LIHIWXMREXMSRGERFIYWIVHIJMRIH

8MT

;LMPI]SYYWIXLIQZ GSQQERHXSFSXLQSZIERHVIREQIJMPIWERHHMVIGXS
VMIWXLIXIVQQSZIMW YWIH [LIR XLIWSYVGI TEXLERH XLIHIWXMREXMSRTEXL
EVIMRHMJJIVIRXHMVIGXSVMIW8LIXIVQVIREQIMWYWIH[LIRXLIWSYVGITEXLERH
XLIHIWXMREXMSRTEXLMWMRXLIWEQIHMVIGXSV]

9RHIVWXERHMRK*MPI1EREKIQIRX'SQQERHW



0MOIXLIGT GSQQERH MJ]SYYWIXLI M STXMSR[MXLXLI QZ GSQQERH MXTVSQTXW]SY

FIJSVIMXQSZIWEWSYVGIJMPIXSERI\MWXMRKHIWXMREXMSRJMPI
8LIWSYVGIERHHIWXMREXMSRTEXLWGERFIIMXLIVEJYPPSVTEVXMEPTEXLXSEJMPISVEHMVIGXSV]
,S[IZIV XLIWSYVGIERHHIWXMREXMSRGERRSXFIMHIRXMGEPh]SYGERRSXQSZIEJMPIXSMXWIPJ

9WMRKXLI QZ 'SQQERHXS 6IREQIE *MPISV1SZIE*MPIXS

%RSXLIV(MVIGXSV]
8SVIREQIEJMPI GSRWMHIVXLIJSPPS[MRKI\EQTPI[LIVIEJMPIGEPPIH\JMPIMWGLERKIHXS
XLIRI[REQI]JMPI8LIGSRXIRXWSJXLIRI[P]GLERKIHJMPIREQIVIQEMRXLIWEQI &IGEYWI
]SYEVIVIREQMRKERHRSXGST]MRK XLISVMKMREPJMPIREQIH\JMPIRSPSRKIVI\MWXW
QZj\JMPIj]JMPI

=SYGEREPWSYWIXLIQZGSQQERHXSGLERKIXLIPSGEXMSRSJXLIJMPI %WMRXLITVIZM
SYWI\EQTPI XLIGSRXIRXWVIQEMRXLIWEQI FYXXLIJMPIMWQSZIHERHLEWERI[REQI
8LMRO SJ XLI QSZI EW MJ ]SY [IVI TL]WMGEPP] QSZMRK WSQIXLMRK JVSQ SRI TPEGI XS
ERSXLIV -XW PSGEXMSR GLERKIW FYX XLI GSRXIRXW HS RSX -R XLI JSPPS[MRK I\EQTPI XLI
\JMPIMWQSZIHXSXLIHMV%HMVIGXSV]ERHVIREQIH]JMPI
QZj\JMPIjHMV%]JMPI

9WMRKXLI QZ 'SQQERH;LIR XLI7SYVGIERH(IWXMREXMSR,EZI

XLI7EQI 2EQI
8LISRP]XMQIXLIWSYVGIERHHIWXMREXMSRJMPIGERLEZIXLIWEQIREQIMW[LIR]SYEVI
QSZMRKMXXSERSXLIVHMVIGXSV]%WTVIZMSYWP]RSXIH ]SYGERRSXVIREQIEJMPIXSMXWWEQI
REQI=IX MRXLMWI\EQTPI QZjHMV&\JMPIjHMV%\JMPI XLIEGXYEPJMPIREQI
WXE]WXLIWEQIh\JMPI 8LMWMWFIGEYWIXLIHMVIGXSV]REQISJXLIWSYVGI HMV& ERHXLI
HMVIGXSV]REQISJXLIHIWXMREXMSR HMV% EVIHMJJIVIRX8LMWVIWYPXWMRX[SGSQTPIXIP]HMJ
JIVIRXTEXLW LIRGIX[SGSQTPIXIP]HMJJIVIRXJMPIREQIWEWJEVEW0MRY\MWGSRGIVRIH
2I\X]SY[MPPYWIXLI GT ERHQZGSQQERHWXSFIGSQIJEQMPMEV[MXLLS[XLI][SVO
8SGST]ERHQSZIJMPIW
 0SKMRXSXLI0MRY\W]WXIQEWEYWIV ERHXLIRSTIRE8IVQMREP
IQYPEXMSR[MRHS[
 8]TI QOHMVjHMV% ERHXLIRTVIWW)RXIV
 *MVWX ]SYRIIHXSGVIEXIEJMPIXSHYTPMGEXI 9WI ZM XSGVIEXIEJMPI
REQIH JHEX
 8]TI GTjJHEXjJHEX ERHXLIRTVIWW)RXIV XSGST]XLIJMPI]SYGVIEXIH
MRXLITVIZMSYWWXIT
 8]TI PW ERHXLIRTVIWW)RXIV 2SXMGIXLEXXLIPMWXMRKSJJMPIWMRGPYHIWXLIJMPI
]SYNYWXGVIEXIHEW[IPPEWXLIGST]SJXLEXJMPI



'LETXIV9RHIVWXERHMRKXLI0MRY\*MPI7]WXIQ
 8]TI GTjMjJHEXjJHEX  ERHXLIRTVIWW)RXIV 8LIGSQQERH
MRXIVEGXMZIP]TVSQTXW]SYEWOMRKMJ]SY[ERXXSSZIV[VMXIXLIJMPI
 8]TI ] ERHXLIRTVIWW)RXIV
 8]TI QZjJHEXjJHEX ERHXLIRTVIWW)RXIV 8LIJHEXJMPIMWQSZIH
XSJHEX
 8]TI QZjMjJHEXjJHEX ERHXLIRTVIWW)RXIV8LIGSQQERHMRXIVEG
XMZIP]TVSQTXW]SY EWOMRKMJ]SY[ERXXSSZIV[VMXIXLIJMPI
 8]TI] ERHXLIRTVIWW)RXIV
 8]TIPW ERHXLIRTVIWW)RXIV 2SXMGIXLEXXLIJHEXJMPIRSPSRKIVI\MWXW
FYXXLIJHEXJMPIHSIW 2S[PSSOEX*MKYVI MXWLS[WXLIGSQQERHWEW
]SYtZIYWIHXLIQMRXLMWI\IVGMWI=SYGERWIIEPMWXMRKHMWTPE]MRKXLIJMPIWMR
XLIHMVIGXSV] MRXLMWGEWIHMV% FIJSVIXLI]EVIGSTMIHSVQSZIH=SYGER
EPWSWIIXLIQIWWEKIKIRIVEXIHJVSQXLI M STXMSR[LIRMXMWYWIH[MXLXLI
GT ERH QZ GSQQERHW
 8SI\MXXLI8IVQMREPIQYPEXMSRTVSKVEQ X]TI I\MX ERHXLIRTVIWW)RXIV

*MKYVI

8LISYXTYXSJXLIGTERHQZGSQQERHW

8LI WSVX 'SQQERH

8LI WSVX GSQQERHMWYWIHXSWSVXHEXEIMXLIVMREWGIRHMRKSVHIWGIRHMRKSVHIV *SV
I\EQTPI MJ]SY[ERXXSEPTLEFIXMGEPP]WSVXE JMPIGSRXEMRMRKIQTPS]II REQIW ]SYYWI

9RHIVWXERHMRK*MPI1EREKIQIRX'SQQERHW



XLMWGSQQERH 3V MJ]SY[ERXXSWSVXERYQIVMGJMIPHMRHIWGIRHMRKSVHIV ]SYEPWSYWI

XLI WSVX GSQQERH 8LIFEWMGW]RXE\SJXLI WSVX GSQQERHMW
WSVXjJMPIREQI

-RSVHIVXSVYRXLI WSVX GSQQERHJSVEJMPIREQIHYRWSVXHEX ]SYIRXIVXLIJSPPS[MRK

GSQQERH
WSVXjYRWSVXHEX

;LIR]SYYWIXLIWSVX GSQQERH XLIHIJEYPXMWJSVXLISYXTYXXSFIHMWTPE]IHSR]SYV

WGVIIR ,S[IZIV ]SYGERVIHMVIGXXLISYXTYXXSEJMPIF]YWMRKXLIKVIEXIVXLERSTIVE
XSV " 8LIJSPPS[MRKI\EQTPIWSVXWEJMPIREQIHYRWSVXHEXERHTPEGIWXLISYXTYXXSE
RI[JMPIREQIHWSVXHEX8LISVMKMREPJMPIVIQEMRWMRXEGX8LIVIMWRSSYXTYXXSXLIWGVIIR
FIGEYWIMXMWFIMRKVIHMVIGXIHXSEJMPI 8LIREQISJXLIJMPIJSPPS[MRKXLIKVIEXIVXLER
W]QFSPMWYWIVHIJMRIH
WSVXjYRWSVXHEX "jWSVXHEX

&]HIJEYPX XLIWSVX GSQQERHWSVXWMREWGIRHMRKSVHIV SVPS[IVXSLMKLIV=SYGERWSVX

MRHIWGIRHMRKSVHIV GEPPIHVIZIVWISVHIV YWMRKXLI V STXMSREWMRXLMWGSQQERH
WSVXjVjJMPIREQI

8LI GYX 'SQQERH

8LI GYX GSQQERHEPPS[W]SYXSWXVMTXI\XSYXSJJMPIWERHHMWTPE]XLIGYXXI\XSRXLIWGVIIR
SVVIHMVIGXXLIXI\XXSERSXLIVJMPI8LMWGSQQERHMWQSWXSJXIRYWIHXSGYXJMIPHW[MXLMRE
JMPI8LIHEXEMWRSXTIVQERIRXP]GYXJVSQXLIJMPI8LIGSQQERHHSIWRSXEPXIVXLISVMKMREP
JMPIERHMXEYXSQEXMGEPP]STIRWXLIJMPIJSV]SY8LIFEWMGW]RXE\JSVXLI GYX GSQQERHMW
GYXjSTXMSRWJMPIREQI

=SYRIIHXSFIE[EVISJX[SMQTSVXERXSTXMSRW 8LI H STXMSRMWYWIHXSMHIRXMJ]XLI

HIPMQMXIV MR XLI JMPI 8LI GSPSR MW KIRIVEPP] YWIH EW E WITEVEXSV SV HIPMQMXIV FIX[IIR
JMIPHW PIXXMRK TVSKVEQW ORS[ [LIVI SRI JMIPH FIKMRW ERH SRI IRHW *SV I\EQTPI H
MHIRXMJMIWXLIGSPSREWEHIPMQMXIV8LIJ STXMSRMWYWIHXSMHIRXMJ][LMGLJMIPH]SY[ERX
FEWIHSRXLIHIPMQMXIV *SVI\EQTPI GSRWMHIVXLIJSPPS[MRKVIGSVHJSVERERMQEPGPMRMG
/MRKj4YT(SK

8LIJMVWXJMIPHqr VITVIWIRXWXLI-( XLIWIGSRHJMIPHq/MRK4YTr VITVIWIRXWXLIERM

QEPtWREQI ERHXLIXLMVHJMIPH q(SKr VITVIWIRXWXLIX]TISJERMQEP 'SPSRWEVIYWIHXS
HIPMQMXXLIJMIPHWMRXLMWI\EQTPI=SYYWIEGSPSR SVWSQISXLIVGLEVEGXIV MRWXIEHSJE
WTEGIXSWITEVEXIJMIPHW8LIWTEGIGERRSXFIYWIHFIGEYWIMXQE]EGXYEPP]WITEVEXI[SVHW
MREJMIPH WYGLEWq/MRK4YTr
%WWYQMRK XLI JMPI MW REQIH ERMQEPHEX XLI GSQQERH XS HMWTPE] XLI JMVWX JMIPH MW
GYXjHjJjERMQEPHEX 8LIGSQQERHXSHMWTPE]XLIJMVWXERHXLMVHJMIPHW[SYPHFI
GYXjHjJjERMQEPHEX



'LETXIV9RHIVWXERHMRKXLI0MRY\*MPI7]WXIQ
2I\X]SY[MPPGVIEXIEJMPI[MXLWIZIVEPIQTPS]IIVIGSVHWMRMX )EGLVIGSVH[MPPGSRWMWX
SJX[SJMIPHWhERIQTPS]IIRYQFIVJSPPS[IHF]EGSPSRERHXLIIQTPS]IIREQI
8SYWIXLI GYX GSQQERHMREJMPI
 0SKMRXSXLI0MRY\W]WXIQEWEYWIV ERHXLIRSTIRE8IVQMREP
IQYPEXMSR[MRHS[
 'VIEXIEJMPIREQIHYRWSVXHEX YWMRKXLI ZM IHMXSV
 )RXIVXLIHEXEMRX[SJMIPHW 2SXIMRXLIHEXEFIPS[ XLEXXLIJSVQEXMW
RYQFIVREQI [LIVIRYQFIV VITVIWIRXWXLIJMVWXJMIPHERHREQI VITVIWIRXWXLI
WIGSRHJMIPH8LIGSPSR MWXLIHIPMQMXIV 4PEGIXLIJSPPS[MRKHEXEMRXLIJMPI
RSXMRKXLEXXLIVIEVIHYTPMGEXI .IWWMI VIGSVHW =SY[MPPYWIXLIWIX[S
VIGSVHWPEXIV[LIR]SYPIEVREFSYXXLI YRMU GSQQERH %JXIV]SYIRXIVXLI
HEXEQEOIWYVI]SYTVIWW)RXIVEXXLIIRHSJIEGLPMRI WEZIXLIJMPI ERHXLIR
I\MXXLI ZM IHMXSV
.IWWMIj.EQIWj+EVGME
.IWWMIj.EQIWj+EVGME
>EGLEV]j7GSXXj4LIRK
0SVIR^Sj8SHHj:SRj7GLPSWW
1MGOMj1G7YRHE];EWLMRKXSR

 8SGYXXLIJMVWXJMIPH X]TI GYXjHjJjYRWSVXHEX ERHXLIRTVIWW

)RXIV 7II*MKYVI XLIJMVWXJMIPHETTIEVWSR]SYVWGVIIR FYXXLIHEXELEW
RSXFIIRVIQSZIHJVSQXLISVMKMREPJMPI
 8SGYXXLIWIGSRHJMIPH XLIREQIW ERHXLIRWIRHXLISYXTYXXSEJMPIREQIH
REQIHEX X]TI GYXjHjJjYRWSVXHEXj"jREQIHEX ERHXLIRTVIWW
)RXIV 7II*MKYVI
 8SHMWTPE]XLIGSRXIRXWSJXLIRI[JMPI X]TI GEXjREQIHEX ERHXLIRTVIWW
)RXIV 7II*MKYVI RSXMGIXLEXXLIRI[JMPISRP]LEWXLIREQIWMRMX
 8SIRWYVIXLEXXLISVMKMREPGSRXIRXWSJYRWSVXGYXHEXLEZIRSXFIIRPMXIVEPP]GYX
X]TI GEXjYRWSVXHEX ERHXLIRTVIWW)RXIV8LISVMKMREPGSRXIRXWXLEX[IVI
GVIEXIHMR7XITETTIEVYRGLERKIHSR]SYVWGVIIREWWLS[RMR*MKYVI
 8SI\MX X]TI I\MX ERHXLIRTVIWW)RXIV
 0SKSYX

9RHIVWXERHMRK*MPI1EREKIQIRX'SQQERHW



8LISVMKMREPJMPItWGSRXIRXW
8LIJMVWXJMIPHGYXJVSQXLI
JMPIMWRSXEGXYEPP]VIQSZIH
8LIWIGSRHJMIPHGYXERH
TPEGIHMRERSXLIVJMPI
RSXMGIXLIRI[JMPISRP]
LEWREQIWMRMX

8LISVMKMREPJMPItWGSRXIRXW
YRGLERKIH

*MKYVI

(IQSRWXVEXMRKXLIGYXGSQQERH

8LI TEWXI 'SQQERH

;LIVIEWXLIGYX GSQQERHGYXWJMPIJMIPHW XLITEWXI GSQQERHTEWXIW SVQIVKIW HEXE
JVSQSRIJMPIXSERSXLIV8LIHEXEGERXLIRFIQIVKIHMRXSERI[JMPI8LIFEWMGW]RXE\
SJXLI TEWXI GSQQERHMW
TEWXIjJMPIREQICSRIJMPIREQICX[S

8LI EFSZI GSHI QIVKIW IEGLPMRIJVSQ JMPI X[S[MXL IEGL PMRI SJJMPISRI *SV I\EQTPI
EWWYQI ]SY LEH X[S JMPIW IEGL GSRXEMRMRK REQI HEXE 8LI PEWXHEX JMPI GSRXIRXW EVI
7QMXLj.SRIWj%HEQW ERHXLIJMVWXHEXJMPIGSRXIRXWEVI .SIj1EV]j7YI -J]SYIRXIVXLI
GSQQERH TEWXIjJMVWXHEXjPEWXHEX XLIR]SYVSYXTYXXSXLIWGVIIR[SYPHFI
.SIj7QMXL
1EV]j.SRIW
7YIj%HEQW

-J ]SY LEH IRXIVIH XLI GSQQERH TEWXIjPEWXHEXjJMVWXHEX XLIR ]SYV SYXTYX
[SYPHFI
7QMXLj.SI
.SRIWj1EV]
%HEQWj7YI

8LIGSRXIRXWSJXLISVMKMREPJMPIWVIQEMRXLIWEQI=SYGEREPWSGVIEXIEREPXSKIXLIVRI[
JMPI YWMRK XLI VIHMVIGX SYXTYX  "  W]QFSP -J ]SY IRXIV XLI GSQQERH
TEWXIjJMVWXHEXjPEWXHEXj"jJMVWXCPEWXHEX ]SY [SYPH GVIEXI E RI[ JMPI
GEPPIHJMVWXCPEWXHEX[MXLXLITEWXIHHEXEJVSQXLIJMVWXHEXERHPEWXHEXJMPIW



'LETXIV9RHIVWXERHMRKXLI0MRY\*MPI7]WXIQ
7YTTSWIXLEX1EQEtW,EVH[EVI7XSVIQEMRXEMRWX[SWITEVEXIJMPIW 3RIJMPIMWGEPPIHTVSHYGX
ERHGSRXEMRWXLIREQIWSJXSTWIPPMRKWEPIMXIQW ERHXLISXLIVJMPIMWGEPPIHUYERXMX]ERHGSR
XEMRWXLIEQSYRXSJXLIWEPIWMXIQWXLEXLEZIFIIRSVHIVIH8LIS[RIVW[SYPHPMOIXLIMRJSV
QEXMSRXSETTIEVMRSRIJMPIREQIHSVHIVW8SHSXLEX ]SYRIIHXSTEWXIXLIWIJMPIWXSKIXLIV
*MKYVIWLS[WXLIGSRXIRXWSJXLIX[SSVMKMREPJMPIWEW[IPPEWXLIYWISJXLITEWXI GSQ
QERHXSQIVKIXLIWIJMPIWERHVIHMVIGXXLIGSRXIRXWXSXLIRI[JMPI

'SRXIRXWSJUYERXMX]JMPI

'SRXIRXWSJTVSHYGXJMPI
(IJEYPXHMWTPE]SJQIVKMRK
UYERXMX]ERHTVSHYGXJMPIW
YWMRK TEWXI

'SRXIRXWSJSVHIVWJMPI
YWMRK TEWXI

*MKYVI

8LI TEWXIGSQQERHJSV1EQEtW,EVH[EVI7XSVI

8LI VQ 'SQQERH
8LI VQ GSQQERHMWYWIHXSVIQSZIEJMPITIVQERIRXP]JVSQXLIJMPIW]WXIQXVIILMIV
EVGL]8LIVIMWRS[E]XSVIGSZIVEVIQSZIHJMPI8LIFEWMGW]RXE\SJXLIGSQQERHMW
VQjJMPIREQI

-RXLIJSPPS[MRKI\EQTPI XLIJMPIREQIHVIWYQIHEXMWVIQSZIH
VQjVIWYQIHEX
7SQIZIVWMSRWSJ0MRY\EWO]SYXSZIVMJ]XLEX]SYVIEPP][ERXXSVIQSZIEJMPI
FIJSVIMX MW VIQSZIH3XLIVZIVWMSRW WMQTP] VIQSZIXLI JMPI[MXLSYXEWOMRK
9WIGEYXMSRERHGSRWMHIVXIWXMRKXLMWGSRGITXF]VIQSZMRKEXIWXJMPIFIJSVI
VIQSZMRKER]JMPIWJVSQ]SYVJMPILMIVEVGL]

9RHIVWXERHMRK*MPI1EREKIQIRX'SQQERHW



8LI YRMU 'SQQERH

8LI YRMU GSQQERHMWXSYWIHXSJMRHHYTPMGEXIPMRIWJVSQEWSVXIHJMPI8LMWMWETEVXMG
YPEVP]LIPTJYPTVSKVEQQMRKXIGLRMUYIXSYWIMJVIHYRHERXVIGSVHWLETTIRXSI\MWXMREJMPI
8LI YRMU GSQQERH HSIW RSX VIQSZI XLI HYTPMGEXI PMRIW MX NYWX HMWTPE]W XLIQ SR XLI
WGVIIR8LI YRMU GSQQERHSTIRWXLIJMPIJSV]SY8LIFEWMGW]RXE\SJXLMWGSQQERHMW
YRMUjJMPIREQI

8LI SYXTYXHIJEYPXW XS XLI WGVIIR HMWTPE]MRK XLI HYTPMGEXIW =SY GEREPWS VIHMVIGX XLI
SYXTYXXSEYWIVHIJMRIHJMPIREQIYWMRKXLIJSPPS[MRKGSQQERH
YRMUjHYTPMGEXIWHEXj"jYRMUHEX

-RXLMWGEWI XLIVITIEXMRKPMRIWJVSQXLIHYTPMGEXIWHEXJMPIEVIVIHMVIGXIHXSXLIYRMUHEX
JMPI=SYYWIVIHMVIGXMSR[LIR]SY[ERXXSVIJIVXSXLISVMKMREPHEXEJMPI -RXLMWGEWI ]SY
[SYPH TVSGIWW XLI YRMUHEX JMPI FIGEYWI ER] VIHYRHERX VIGSVHW LEZI EPVIEH] FIIR
VIQSZIHJVSQXLIJMPI
8LI YRMU GSQQERHLEWEYWIJYPSTXMSRJSVGSYRXMRKXLIRYQFIVSJSGGYVVIRGIWSJEPMRI
MREJMPI8LMWMWLIPTJYP[LIR]SY[ERXXSMHIRXMJ]XLIRYQFIVSJHYTPMGEXIW]SYLEZIMR
EJMPI8LIJSPPS[MRK YRMU GSQQERH[MXLXLIEXXEGLIH G STXMSREGGSQTPMWLIWXLMW
YRMUjGjHYTPMGEXIWHEX

2I\X ]SY[MPP YWIXLI YRMU GSQQERH XS VIQSZIHYTPMGEXI MXIQWJVSQ E KVSGIV] PMWX
[LIVIWIZIVEPTISTPIMRXLILSYWILSPHLEZIEHHIHVIHYRHERXMXIQW
8SYWIXLI YRMU GSQQERHXSVIQSZIHYTPMGEXIWJVSQEJMPI
 0SKMRXSXLI0MRY\W]WXIQEWEYWIV ERHXLIRSTIRE8IVQMREP
IQYPEXMSR[MRHS[
 'VIEXIEJMPIREQIHKVSGIV]HEX YWMRKXLI ZM IHMXSV
 )RXIVXLIJSPPS[MRKHEXE %W]SYIRXIVXLIHEXE QEOIWYVI]SYTVIWW)RXIVEX
XLIIRHSJIEGLPMRI 7EZIXLIJMPI ERHXLIRI\MXXLI ZM IHMXSV
WSYT
WSYT
TM^^E
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PIXXYGI
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PIXXYGI
ETTPIW
FEREREW
KVETIW
KVETIW



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6IZMI[5YIWXMSRW



 8LI
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'LETXIV9RHIVWXERHMRKXLI0MRY\*MPI7]WXIQ
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,ERHWSR4VSNIGXW



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 8]TI XSYGLjJMPIHEX ERHXLIRTVIWW)RXIV
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'LETXIV9RHIVWXERHMRKXLI0MRY\*MPI7]WXIQ
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 8]TI QOHMVj4VSNIGX ERHXLIRTVIWW)RXIV
 8]TI GHj4VSNIGX ERHXLIRTVIWW)RXIV
 8]TI QOHMVj6 ERHXLIRTVIWW)RXIV
 8]TI QOHMVj7 ERHXLIRTVIWW)RXIV
 8]TI QOHMVj8 ERHXLIRTVIWW)RXIV
 8]TI GHj8 ERHXLIRTVIWW)RXIV
 8]TI XSYGLjXHEX ERHXLIRTVIWW)RXIV
 8]TI XSYGLjXHEX ERHXLIRTVIWW)RXIV
 8]TI XSYGLjXHEX ERHXLIRTVIWW)RXIV
 8]TI GHj6 ERHXLIRTVIWW)RXIV
 8]TI XSYGLjVHEX ERHXLIRTVIWW)RXIV
 8]TI XSYGLjVHEX ERHXLIRTVIWW)RXIV
 8]TI GHj7 ERHXLIRTVIWW)RXIV
 8]TI XSYGLjWHEX ERHXLIRTVIWW)RXIV
 8]TI XSYGLjWHEX ERHXLIRTVIWW)RXIV
 8]TI GHj ERHXLIRTVIWW)RXIV
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,ERHWSR4VSNIGXW



4VSNIGX
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4VSNIGX
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QERHWXSGSQTPIXIXLMWTVSNIGX GH T[H QOHMV ERH VQHMV *MREPP] VIGSVHXLIGSQ
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 8]TI GHj8 ERHXLIRTVIWW)RXIV
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 8]TI GTjXHEXjXHEX ERHXLIRTVIWW)RXIV
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 8]TI PW TVIWW)RXIV ERHXLIRVIGSVHXLISYXTYX
 8]TI QZjXHEXjXHEX ERHXLIRTVIWW)RXIV
 8]TI PW TVIWW)RXIV ERHXLIRVIGSVHXLISYXTYX
 6IGSVHXLIHMJJIVIRGIFIX[IIRXLI GT ERH QZ GSQQERHW
 8]TI GHj7 ERHXLIRTVIWW)RXIV
 8]TI PW TVIWW)RXIV ERHXLIRVIGSVHXLISYXTYX
 8]TI GTjWHEXj6VHEX TVIWW)RXIV ERHXLIRVIGSVH[LEXXLMWGSQ
QERHHSIW
 8]TI GHj6 ERHXLIRTVIWW)RXIV
 8]TI PW TVIWW)RXIV ERHXLIRVIGSVHXLISYXTYX
 'PSWI]SYV[MRHS[ ERHXLIRPSKSYX

,ERHWSR4VSNIGXW



4VSNIGX
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 8]TI QOHMVj4VSNIGX ERHXLIRTVIWW)RXIV
 8]TI GHj4VSNIGX ERHXLIRTVIWW)RXIV
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 8SMRWIVXXI\X TVIWW)WG ERHXLIRX]TI M
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4VSNIGX
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4VSNIGX

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TPIXMSRSJ4VSNIGX
 0SKMRXSXLI0MRY\W]WXIQEWEYWIV ERHXLIRSTIRE8IVQMREPIQYPEXMSR[MRHS[
 8]TI GHj4VSNIGX ERHXLIRTVIWW)RXIV
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'LETXIV9RHIVWXERHMRKXLI0MRY\*MPI7]WXIQ
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WEPEV]HEX
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',%48)6


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9RHIVWXERHMRK6IHMVIGXMSR



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'LETXIV8LI7LIPP)RZMVSRQIRX

6IHMVIGXMRK3YXTYXXS%TTIRH XSE *MPI

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9RHIVWXERHMRK6IHMVIGXMSR



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 8SHMWTPE]XLIGSRXIRXWSJXLIPMWXMRKX\XJMPI X]TI GEXjPMWXMRKX\X ERH
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 8SHMWTPE]XLIGSRXIRXWSJXLIIVVPMWXMRKX\XJMPI X]TI GEXjIVVPMWXMRKX\X
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 8SGSQFMRIWXERHEVHSYXTYXERHIVVSVXSEWMRKPIJMPI X]TI jPWjPj
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 8SHMWTPE]XLIGSRXIRXWSJXLIGSQFSPMWXX\XJMPI X]TI GEXjGSQFSPMWXX\X
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 'PSWIXLI[MRHS[ ERHXLIRPSKSYX

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SJJMPI

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6IHMVIGXMRKWXERHEVHSYXTYXERHWXERHEVHIVVSVXSWITEVEXIJMPIW



'LETXIV8LI7LIPP)RZMVSRQIRX

7XITHMWTPE]WXLI
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6IHMVIGXMRKWXERHEVHSYXTYXERHWXERHEVHIVVSVXSXLIWEQIJMPI

92()678%2(-2+ 4%88)62 1%8',-2+

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MREKMZIRHMVIGXSV]
8MT

8LIVI EVI WIZIVEP QIXLSHW JSV QEXGLMRK ZEVMSYW TEXXIVRW SJ GLEVEGXIVW 8LI TEXXIVR
QEXGLMRKXIGLRMUYIWEVIEWJSPPS[W
8SQEXGLER]GLEVEGXIVYWIXLI W]QFSP
8SQEXGLEWMRKPIGLEVEGXIVYWIXLI# W]QFSP
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9RHIVWXERHMRK4EXXIVR1EXGLMRK



1EXGLMRK%R]'LEVEGXIV
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GSRGPYHIWMRXLIPEVKIWXRYQFIVSJVIWYPXWVIXYVRIHFIGEYWIMXQEXGLIWER]GLEVEGXIV=SY
YWIXLMWTEXXIVRQEXGLMRKXIGLRMUYIMJ]SY[ERXXSQEXGLTEXXIVRWXLEXQEXGLEPSXSJ
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 8SPMWXEPPJMPIWXLEXFIKMR[MXLXLIPIXXIVq+r X]TI PWj+ ERHXLIRTVIWW
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 8SPMWXEPPJMPIW[MXLERI\XIRWMSRSJqX\Xr X]TI PWjX\X ERHXLIRTVIWW
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 8SPMWXEPPJMPIWXLEXFIKMR[MXLXLIPIXXIVqJ r ERHLEZIERI\XIRWMSRSJqX\Xr
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'LETXIV8LI7LIPP)RZMVSRQIRX

7XITPMWXWEPPJMPIW
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7XITPMWXWEPPJMPIW
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9RHIVWXERHMRK4EXXIVR1EXGLMRK



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 0MWXEPPXLIJMPIWYWMRKXLI PW GSQQERH

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7XITPMWXWEPPJMPIWXLEX
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4EXXIVRQEXGLMRKEWMRKPIGLEVEGXIV



'LETXIV8LI7LIPP)RZMVSRQIRX

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9RHIVWXERHMRKXLI9WISJ5YSXMRK



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9RHIVWXERHMRKXLI9WISJ5YSXMRK



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 'PSWI]SYV[MRHS[ ERHXLIRPSKSYX

4VSNIGX
,ERHWSR
4VSNIGX

-R XLMW TVSNIGX ]SY [MPP VIMRJSVGI ]SYV ORS[PIHKI SJ VIHMVIGXMRK WXERHEVH SYXTYX ERH
WXERHEVHIVVSV8LIKSEPSJXLMWTVSNIGXMWXSYWIVIHMVIGXMSRXSEPXIV[LIVIXLISYXTYXSJ
EGSQQERHERHER]VIWYPXMRKIVVSVQIWWEKIWEVIWIRX
 0SKMRXSXLI0MRY\W]WXIQEWEYWIV ERHXLIRSTIRE8IVQMREPIQYPEXMSR[MRHS[
 'VIEXIEJMPIREQIH4HEX
 8SVIHMVIGXWXERHEVHSYXTYXERHWXERHEVHIVVSVXSHMJJIVIRXJMPIW X]TI
PWj4HEXjj"j0MWXX\Xj"j0MWX)VVSVX\X ERHXLIRTVIWW)RXIV
 (MWTPE]XLIGSRXIRXWSJFSXLJMPIW
 6IQSZIXLIJMPIREQIH4HEX WS]SYGERKIRIVEXIERIVVSVMRXLIRI\X
GSQQERH
 8SWII[LEXLETTIRW[LIRERIVVSVMWKIRIVEXIH VITIEX7XIT
 (MWTPE]XLIGSRXIRXWSJFSXLJMPIW
 6IGSVHXLISYXTYXERHXLIVIEWSRJSVXLISYXTYX
 8SVIHMVIGXWXERHEVHSYXTYXERHIVVSVXSXLIWEQIJMPIREQIHFSXLX\X X]TI
PWj4HEXj
"FSXLX\X ERHXLIRTVIWW)RXIV



'LETXIV8LI7LIPP)RZMVSRQIRX
 (MWTPE]XLIGSRXIRXWSJXLIJMPIREQIHFSXLX\X
 6IGSVHXLISYXTYXERHXLIVIEWSRJSVXLISYXTYX
 'PSWI]SYV[MRHS[ ERHXLIRPSKSYX

4VSNIGX
,ERHWSR
4VSNIGX

-RXLMWTVSNIGX ]SY[MPPVIMRJSVGI]SYVORS[PIHKISJXLIGSRGITXSJTEXXIVRQEXGLMRK
8LIKSEPSJXLMWTVSNIGXMWXSGVIEXIWIZIVEPJMPIW ERHXLIR[VMXIEWGVMTXXSTIVJSVQTEX
XIVRQEXGLMRKXIGLRMUYIWJSVXLIPMWXMRKSJJMPIW
 0SKMRXSXLI0MRY\W]WXIQEWEYWIV ERHXLIRSTIRE8IVQMREPIQYPEXMSR[MRHS[
 'VIEXIXLIJSPPS[MRKJMPIWMRXLIWEQIHMVIGXSV] TE]HEX TE]HEX
TE]HEX TE]HEX TE]HEX TE]HEX
WEPIWHEX WEPIWHEX WEPIWHEX ERH WEPIWHEX8LI
JMPIWLEZIEXLVIIGLEVEGXIVREQIJSPPS[IHF]EX[SHMKMXQSRXLERHEJSYVHMKMX
]IEV8LIJMPII\XIRWMSRMWqHEXr
 'VIEXIEWGVMTXREQIH4VSNIGXMRXLI,31)FMR HMVIGXSV]
 0MWXEPPJMPIWFIKMRRMRK[MXLER]PIXXIVMRXLIVERKIqErqVr
 0MWXEPPJMPIWFIKMRRMRK[MXLERqWr
 0MWXEPPWEPIWJMPIWXLEXMRGPYHIXLI]IEV
 0MWXEPPTE]JMPIWJSV%TVMP
 0MWXEPPJMPIW[MXLEqX\Xr I\XIRWMSR
 7EZIXLIWGVMTX ERHXLIRGPSWIXLIIHMXSV
 6YRXLIWGVMTX VIGSVHXLIGSQQERHWYWIHMR7XITW ERHXLIRVIGSVHSVTVMRX
XLIWGVMTX
 'PSWI]SYV[MRHS[ ERHXLIRPSKSYX

4VSNIGX
,ERHWSR
4VSNIGX

-R XLMWTVSNIGX ]SY [MPP VIMRJSVGI ]SYV ORS[PIHKI SJ XLI GSRGITXW SJ VIHMVIGXMSR ERH
TEXXIVRQEXGLMRK8LIKSEPSJXLMWTVSNIGXMWXSYWIXLIJMPIWGVIEXIHMR4VSNIGX XLIR
[VMXIEWGVMTXXSTIVJSVQFSXLVIHMVIGXMSRERHYWITEXXIVRQEXGLMRKXIGLRMUYIW
 0SKMRXSXLI0MRY\W]WXIQEWEYWIV ERHXLIRSTIRE8IVQMREPIQYPEXMSR[MRHS[
 'VIEXIEWGVMTXREQIH4VSNIGXMRXLI,31)FMR HMVIGXSV]
 0MWXEPPJMPIWFIKMRRMRK[MXLqTE]r ERHXLIRVIHMVIGXSYXTYXXSEJMPIREQIH
4E]0MWXX\X
 0MWXEPPWEPIWJMPIWJSV%YKYWX VIHMVIGXSYXTYXXSEJMPIREQIH%YK0MWXX\X ERHXLIR
VIHMVIGXWXERHEVHIVVSVXS)VVSV0MWXX\X
 0MWXEPPTE]JMPIW[MXLEX\XI\XIRWMSR ERHXLIRVIHMVIGXFSXLWXERHEVHSYXTYXERH
IVVSVXS4E]8\X0MWXX\X

,ERHWSR4VSNIGXW



 0MWXEPPJMPIWFIKMRRMRKMRXLIVERKISJqE^r ERHXLIRVIHMVIGXFSXLWXERHEVHSYX
TYXERHIVVSVXSE^0MWXX\X
 7EZIXLIWGVMTX ERHXLIRGPSWIXLIIHMXSV
 6YRXLIWGVMTX VIGSVHXLIGSQQERHWYWIHMR7XITW VIGSVHXLIGSQQERH
YWIH ERHXLIRVIGSVHSVTVMRXXLIWGVMTX
 'PSWI]SYV[MRHS[ ERHXLIRPSKSYX

4VSNIGX
,ERHWSR
4VSNIGX

-RXLMWTVSNIGX ]SY[MPPVIMRJSVGI]SYVORS[PIHKISJXLIGSRGITXSJUYSXMRK 8LIKSEP

SJXLMWTVSNIGXMWXSLEZI]SY[VMXIEWGVMTXXLEXUYSXIWQIXEGLEVEGXIVW ERHXLIRVIHMVIGX
XLEXSYXTYXXSEJMPI &]GSQFMRMRKXLIUYSXMRKERHVIHMVIGXMSRMRSRITVSNIGX ]SY[MPP
WIIXLIMQTSVXERGISJUYSXMRK ,MRX -J]SYHSRtXTYXXLIGSVVIGXUYSXMRKGLEVEGXIVWMR
XLIGSVVIGXTPEGI ]SYGSYPHIRHYT[MXLIVVSVW
 0SKMRXSXLI0MRY\W]WXIQEWEYWIV ERHXLIRSTIRE8IVQMREPIQYPEXMSR[MRHS[
 'VIEXIEWGVMTXREQIH4VSNIGXMRXLI,31)FMR HMVIGXSV]
 -RWIVXXLIJSPPS[MRKPMRIWSJGSHI
IGLSj8LMWjJMPIjLEWjWMRKPIjUYSXIWjWIIj"jIGLSPMWXX\X
IGLSj-ZIjIEVRIHjjMRjWEPIWjXLMWj[IIOj""jIGLSPMWXX\X
IGLSj.EQIWjj1SRI]jPMWXj""jIGLSPMWXX\X
IGLSj8LIjTVSQTXjSRjWSQIjW]WXIQWjLEWjXLMWjW]QFSPj@"jj""jIGLSPMWXX\X

 7EZIXLIWGVMTX ERHXLIRGPSWIXLIIHMXSV
 6YRXLIWGVMTX VIGSVHXLIGSQQERHWYWIHMR7XIT ERHXLIRVIGSVHSVTVMRX
XLIWGVMTX
 'PSWI]SYV[MRHS[ ERHXLIRPSKSYX

4VSNIGX
,ERHWSR
4VSNIGX

-RXLMWTVSNIGX ]SY[MPPVIMRJSVGI]SYVORS[PIHKISJI\TERWMSR8LIKSEPSJXLMWTVSNIGX
MWXSLIPT]SYYRHIVWXERHXLIGSRGITXWSJXMPHII\TERWMSR TEVEQIXIVSVZEVMEFPII\TERWMSR
ERHGSQQERHWYFWXMXYXMSR
 0SKMRXSXLI0MRY\W]WXIQEWEYWIV ERHXLIRSTIRE8IVQMREPIQYPEXMSR[MRHS[
 8SHMWTPE]]SYVGYVVIRX[SVOMRKHMVIGXSV]YWMRKXMPHII\TERWMSR X]TI IGLSjb
ERHXLIRTVIWW)RXIV
 8SHMWTPE]]SYVTVIZMSYW[SVOMRKHMVIGXSV]YWMRKXMPHII\TERWMSR X]TI IGLSjb
ERHXLIRTVIWW)RXIV
 8SYWIXMPHII\TERWMSRXSGLERKIXS]SYVLSQIHMVIGXSV] X]TI GHjb ERHXLIR
TVIWW)RXIV
 8SWIXEZEPYIXSFIYWIH[MXLTEVEQIXIVI\TERWMSR X]TI :EPYI!%&' ERH
XLIRTVIWW)RXIV



'LETXIV8LI7LIPP)RZMVSRQIRX
 8SHMWTPE]XLIPEWXXLVIIGLEVEGXIVTSWMXMSRW X]TI IGLSj_:EPYIa ERHXLIR
TVIWW)RXIV
 8SHMWTPE]XLIPEWXWM\XL GLEVEGXIVTSWMXMSR X]TI IGLSj_:EPYIa ERH
XLIRTVIWW)RXIV
 8SHMWTPE]XLIPIRKXLSJXLIZEVMEFPI:EPYI X]TI IGLSj_:EPYIa ERHXLIR
TVIWW)RXIV
 8SYWIGSQQERHWYFWXMXYXMSRXSWIXEZEVMEFPIIUYEPXSXLISYXTYXSJXLITVIZMSYW
GSQQERH X]TI PIR!IGLSj_:EPYIa  ERHXLIRTVIWW)RXIV
 (MWTPE]XLIGSRXIRXWSJXLIZEVMEFPIREQIHPIR
 8SYWIGSQQERHWYFWXMXYXMSRXSWIXEZEVMEFPIREQIHTEWW[SVHIUYEPXSXLIPEWX
XLVIIGLEVEGXIVWMRXLIZEPYI X]TI TEWW[SVH!IGLSj_:EPYIa  ERH
XLIRTVIWW)RXIV
 (MWTPE]XLIGSRXIRXWSJXLIZEVMEFPIREQIHTEWW[SVH
 'PSWI]SYV[MRHS[ ERHXLIRPSKSYX

4VSNIGX
,ERHWSR
4VSNIGX

8LIKSEPSJXLMWTVSNIGXMWXSLIPTVIMRJSVGI]SYVYRHIVWXERHMRKSJXLIJMRH GSQQERH
 0SKMRXSXLI0MRY\W]WXIQEWEYWIV ERHXLIRSTIRE8IVQMREPIQYPEXMSR[MRHS[
 8SPSGEXIHMVIGXSVMIWERHVIHMVIGXXLISYXTYXXSEJMPI X]TI JMRHjX]TIjHj"j
HMVPMWXX\X ERHXLIRTVIWW)RXIV
 8SPSGEXIJMPIWXLEXEVIOOMPSF]XI MRWM^ISVPEVKIVERHVIHMVIGXXLISYXTYX X]TI
JMRHjWM^IjOj"j8LVII/X\X ERHXLIRTVIWW)RXIV
 8SPSGEXIJMPIWXLEXLEZIRtXFIIRQSHMJMIHMRWIZIRHE]WERHVIHMVIGXXLISYXTYXXS
EJMPI X]TI JMRHjQXMQIjj"j7IZIR(E]WX\X ERHXLIRTVIWW)RXIV
 8SPSGEXIJMPIWXLEXLEZIRtXFIIRQSHMJMIHMRXLVIIHE]WERHXLEXEVIOMRWM^I
X]TI JMRHjX]TIjJjWM^IjOjQXMQIj ERHXLIRTVIWW)RXIV
 8SPSGEXIJMPIWXLEXLEZIRtXFIIRQSHMJMIHMRHE]W XLEXEVIOMRWM^I XLEXEVI
S[RIHF]]SYVYWIVREQI ERHXLIRXSVIHMVIGXWXERHEVHSYXTYXERHIVVSVXSEJMPI
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"j
JMRHPMWXX\X ERHXLIRTVIWW)RXIV 6ITPEGIYWIVREQI [MXL]SYVS[RYWIV
REQI
 'PSWI]SYV[MRHS[ ERHXLIRPSKSYX

4VSNIGX
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4VSNIGX

8LIKSEPSJXLMWTVSNIGXMWXSLIPTVIMRJSVGI]SYVYRHIVWXERHMRKSJXLI XII GSQQERH

 0SKMRXSXLI0MRY\W]WXIQEWEYWIV ERHXLIRSTIRE8IVQMREPIQYPEXMSR[MRHS[
 'VIEXIEWGVMTXREQIH4VSNIGX MRXLI,31)FMR HMVIGXSV]
 6YRXLIGSVVIGXGSQQERHXSHMWTPE]EPSRKPMWXMRKXSXLIWGVIIR ERHXLIRTPEGI
XLIVIWYPXWSJXLIPSRKPMWXMRKMREJMPIREQIH4VSNIGXPMWXX\X

'EWI4VSNIGXW



 6YRXLIGSVVIGXGSQQERHXSHMWTPE]XLIGYVVIRXP]PSKKIHMRYWIVWXSXLIWGVIIR
ERHXLIRETTIRHXLIVIWYPXWXSEJMPIREQIH4VSNIGXPMWXX\X
 6YRXLIGSVVIGXGSQQERHXSJMRHSRP]JMPIWMRXLIGYVVIRXHMVIGXSV]ERHHMWTPE]
XLIQSRXLIWGVIIR ERHXLIRETTIRHXLIVIWYPXWXSEJMPIREQIH4VSNIGXPMWXX\X
 6YRXLIGSVVIGXGSQQERHXSJMRHSRP]JMPIWMRXLIGYVVIRXHMVIGXSV]XLEXFIKMR
[MXLPIXXIVWMRXLIVERKIqE^r ERHHMWTPE]XLIQSRXLIWGVIIR ERHXLIRETTIRH
XLIVIWYPXWXSEJMPIREQIH4VSNIGXPMWXX\X
 7EZIXLIWGVMTXERHXLIRGPSWIXLIIHMXSV
 6YRXLIWGVMTX VIGSVHXLIGSQQERHYWIH ERHXLIRVIGSVHSVTVMRXXLIWGVMTX
 'PSWI]SYV[MRHS[ ERHXLIRPSKSYX

'%7) 463.)'87
'EWI
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4VSNIGX

=SYLEZIFIIRLMVIHF]81-XSGVIEXIEWLIPPWGVMTXYWMRKTEXXIVRQEXGLMRKXIGLRMUYIW
8LITE]VSPPHITEVXQIRXRIIHWXLIJSPPS[MRKJMPIWGVIEXIHERHXLIRTPEGIHMRXLI4E]VSPP
HMVIGXSV]XLEX]SYGVIEXIHMR'EWI
NERHEX

HIGHEX

NYPHEX

JIFHEX

ETVHEX

HIGHEX

NERHEX

JIFX\X

NYRHEX

JIFHEX

EYKX\X

NYRHEX

NERHEX

NYPX\X

NYPX\X

JIFHEX

QE]X\X

NYRX\X

SGXX\X

JIFHEX

HIGHEX

ETVHEX

QEVHEX

ETVX\X

&IGEYWIXLI-8WXEJJLEWEPMQMXIHORS[PIHKISJXLI0MRY\STIVEXMRKW]WXIQ XLI][ERX
]SYXSLIPTXLIQTIVJSVQXLIJSPPS[MRKXEWOW 6YRXLIGSQQERHWEXXLIGSQQERHPMRI
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QERHWMREWLIPPWGVMTX8LIR XIWXERHVYRXLIWGVMTX
8LIWGVMTXQYWXMRGPYHIE0MRY\WXEXIQIRXJSVIEGLWXITFIPS[
 (MWTPE]EPPJMPIW[MXLERI\XIRWMSRSJqHEXr
 (MWTPE]SRP]JMPIWJSVq.ERYEV]r
 (MWTPE]EPPJMPIWXLEXFIKMR[MXLEqNr ERHLEZIERI\XIRWMSRSJqHEXr
 (MWTPE]EPPJMPIWSRP]JSVXLIWIZIRXLSJIZIV]QSRXL
 (MWTPE]EPPJMPIWXLEXFIKMR[MXLXLIPIXXIVqNr SVXLIPIXXIVqHr



'LETXIV8LI7LIPP)RZMVSRQIRX

'EWI
'EWI
4VSNIGX

.IRR]tW1SXSVG]GPIERH7MHIGEV7LSTLEWE0MRY\W]WXIQYWIHXSVYRXLIMVQEMRWEPIW
WLSTERHX[SWEXIPPMXIWEPIWSJJMGIW 6IGIRXP] XLIMV0MRY\7]WXIQ%HQMRMWXVEXSVPIJX ERH
XLI] RIIH ]SYXS[VMXIEWGVMTX JSVXLIQ 8LIWGVMTXQYWX TIVJSVQXLIJSPPS[MRK ERH
VIHMVIGXSYXTYXERHIVVSVWXSSRISVQSVIJMPIWMR]SYVLSQIHMVIGXSV]
*MRHEPPJMPIWXLEXEVIEXPIEWXOMPSF]XIW
*MRHEPPJMPIWS[RIHF]VSSXXLEXEVIOMPSF]XIWMRPIRKXL
9WIXLI QER TEKIWXSGSRWXVYGXXLIGSVVIGXGSQQERHXSPSGEXISRP]JMPIW
[MXLXLITIVQMWWMSRWSJVIEH [VMXI ERHI\IGYXIJSVEPPJMPIWS[RIHF]VSSX
(MWTPE]XLIGSRXIRXWSJXLISYXTYXJMPIW  ERHXLIRXVERWPEXIEPPPS[IVGEWIPIXXIVW
XSYTTIVGEWI
4VMRXXLISYXTYXJMPIW [MXLMRXLIWGVMTX

',%48)6


7,)00 7'6-48 463+6%11-2+
'32')487
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9RHIVWXERHXLIWIUYIRXMEPJPS[SJWLIPPWGVMTXMRK
1EREKIWLIPPWGVMTXW
9RHIVWXERHXLIFEWMGGSQTSRIRXWSJEWLIPPWGVMTX
9RHIVWXERHTEVEQIXIVW
'VIEXIMRXIVEGXMZIWGVMTXW
9RHIVWXERHHIFYKKMRK

LMWGLETXIVKMZIW]SYERSZIVZMI[SJWLIPPWGVMTXTVSKVEQQMRK=SYRIIH
XSYRHIVWXERHXLIJPS[SJWLIPPWGVMTXMRKMRSVHIVXSIJJIGXMZIP][VMXIWLIPP
WGVMTXW =SY[MPPPIEVRLS[ XSQEREKI WLIPPWGVMTXW [LMGLIRXEMPWGLERKMRK
XLITIVQMWWMSRWSREWGVMTXXSEPPS[]SYXSI\IGYXIMXF]WMQTP]IRXIVMRKXLI
WGVMTXREQI=SY[MPPEPWSPIEVRLS[XLIWLIPPI\IGYXIWEWGVMTX &]TPEGMRK
XLIWGVMTXMREHMVIGXSV][LMGLMWSRXLIWIEVGLTEXL ]SY[MPPFIEFPIXSVYR
XLIWGVMTXJVSQER]HMVIGXSV]PSGEXMSR=SY[MPPPIEVRXLIFEWMGGSQTSRIRXW
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GPEYWI[LMGLMRHMGEXIWXSXLIYWIVLS[XSVYRXLIWGVMTX%PPS[MRK]SYVWGVMTX
XSEGGITXZEPYIWJVSQXLIGSQQERHPMRISVMRXIVEGX[MXLXLIYWIV[MPPEPWS
FI HMWGYWWIH *MREPP] ]SY [MPP PIEVR LS[ XS HIFYK ERH XVSYFPIWLSSX ]SYV
WGVMTXXSLERHPIER]I\IGYXMSRIVVSVW]SYQE]VYRMRXS





'LETXIV7LIPP7GVMTX4VSKVEQQMRK'SRGITXW

92()678%2(-2+

8,)

7)59)28-%0 *03;

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7,)00 7'6-48-2+

7LIPPWGVMTXWEPPS[]SYXSGSQFMRITVSKVEQQMRKPSKMG[MXLSTIVEXMRKW]WXIQGSQQERHW
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MRWIUYIRXMEPSVHIV=SYGEREPXIVXLMWSVHIV[MXLHIGMWMSRWXEXIQIRXW PSSTMRKWXVYGXYVIW
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 8YVREPEVQGPSGOSJJ
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 7LS[IVERHGPIERYT
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QYWX KIX SYX SJ FIH FIJSVI ]SY HVIWW SV IZIR HVMZI XS WGLSSP SV [SVO %RH MJ ]SY
GSQTPIXIXLIPMWXSJWXITWMRXLISVHIVWLS[R XLIR]SYLEZIEVSYXMRI SVTVSKVEQ JSV
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8MT

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9RHIVWXERHMRKXLI7IUYIRXMEP*PS[SJ7LIPP7GVMTXMRK



EPVIEH]ORS[ TWIYHSGSHIEPPS[W]SYXSGSRGIRXVEXISRXLIPSKMGSJ]SYVTVSKVEQMRWXIEH
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 'LERKIHMVIGXSV]PSGEXMSRWXSVSSX
 6YREPMWXMRKSRXLIHMVIGXSV]
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 0SKMRXSXLI0MRY\W]WXIQEWEYWIV ERHXLIRSTIRE8IVQMREP
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 8SGLERKIXSXLIFMRHMVIGXSV] X]TI GHFMR ERHXLIRTVIWW)RXIV
 8SGVIEXIXLIWLIPPWGVMTX[MXLXLIREQI0MWX6SSX X]TI ZM0MWX6SSX ERH
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 8]TI M XSMRWIVXEPMRISJXI\X 8LIXI\Xqh-27)68hrETTIEVWEXXLIFSXXSQ
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 8SQMVVSVXLITWIYHSGSHIWXEXIQIRXW MRWIVXXLIJSPPS[MRKPMRIWSJGSHIXS
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TVIWW)RXIV8LIWLIPPWGVMTXI\IGYXIWERHTIVJSVQWXLIWXEXIQIRXW]SYEHHIH
MR7XIThWTIGMJMGEPP] GLERKIWXSXLIVSSXHMVIGXSV] TIVJSVQWEHMVIGXSV]
PMWXMRK ERHXLIRHMWTPE]WXLITVIWIRX SVGYVVIRX [SVOMRKHMVIGXSV] *MKYVI
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 'PSWI]SYV[MRHS[ ERHXLIRPSKSYX
;LIR]SYGVIEXIEWLIPPWGVMTX ]SYQYWXEVVERKIXLIGSQQERHWMREPSKMGEPSVHIV8LI
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GLERKI -RXLMWGEWI XLI PW [SYPHI\IGYXIPEWX %PXLSYKLXLMWMWEQMRSVGLERKIMRXLMW
WLIPPWGVMTX MRWSQIGEWIW MJ]SYTPEGIXLIGSQQERHWSYXSJSVHIV MXGERGVIEXIYRI\TIGXIH
VIWYPXW8EOIJSVI\EQTPI EWLIPPWGVMTXXLEXVIHMVIGXWSYXTYXXSEJMPI
=SY PIEVRIH MR 'LETXIV  XLI HMJJIVIRGIFIX[IIR YWMRK E WMRKPI KVIEXIVXLER
W]QFSP ERH X[S KVIEXIVXLER W]QFSPW XS VIHMVIGX SYXTYX 8LI WMRKPI KVIEXIV
XLERW]QFSPSZIV[VMXIWXLIGYVVIRXGSRXIRXWSJXLIJMPI9WMRKX[SKVIEXIVXLER
W]QFSPWETTIRHWXSEJMPI



'LETXIV7LIPP7GVMTX4VSKVEQQMRK'SRGITXW

*MKYVI

8LI0MWX6SSXWGVMTX

-RXLIJSPPS[MRKWIUYIRGISJGSQQERHW XLIJMVWXIGLS GSQQERHMWVIHMVIGXMRKXLIXI\X

qSYXTYXr XSEJMPIREQIH SYXTYXX\X %R]TVIZMSYWHEXEMWSZIV[VMXXIR8LIRI\XX[S
IGLS WXEXIQIRXWEVIETTIRHMRKXSXLIWEQIJMPIREQI
IGLSjSYXTYXj"jSYXTYXX\X
IGLSjQSVIjSYXTYXj""jSYXTYXX\X
IGLSjIZIRjQSVIjSYXTYXj""jSYXTYXX\X

;LEX[SYPHLETTIRMJ]SYTPEGIHXLIJMVWXPMRIEXXLIIRHSJXLIPMWXSJGSQQERHW#-R
SXLIV[SVHW MJ]SYYWIHXLIJSPPS[MRKGSHIMRWXIEHSJXLITVIZMSYWGSHI
IGLSjQSVIjSYXTYXj""jSYXTYXX\X
IGLSjIZIRjQSVIjSYXTYXj""jSYXTYXX\X
IGLSjSYXTYXj"jSYXTYXX\X

8LIERW[IVXSXLMWUYIWXMSRMWXLEXER]TVIZMSYWHEXEMRXLIJMPI[SYPHFIPSWX %PXLSYKL
XLIJMVWXX[SGSQQERHWEVIETTIRHMRKSYXTYX XLYWTVIWIVZMRKER]TVIZMSYWHEXEMRXLI
JMPI XLI PEWXWXEXIQIRXMW YWMRKE WMRKPI KVIEXIVXLERW]QFSP XS SZIV[VMXIXLI JMPI XLYW
VIWYPXMRKMRER]TVMSVHEXEFIMRKPSWX ;LEX]SY[MPPLEZIMRXLIJMPI EJXIVXLIPEWXWXEXI
QIRXMWI\IGYXIH MWWMQTP]XLIXI\XqSYXTYXr MRXLIJMPIhRSXLMRKIPWI 8LMWMWETVSFPIQ
MJ]SY[ERXXSOIITER]I\MWXMRKHEXE
8LIFIWX[E]XSIRWYVIXLIGSVVIGXRIWWSJ]SYVWLIPPWGVMTXMWXS[VMXIXLIPSKMGSRTETIV
EW TWIYHSGSHI 8LIR MJ TSWWMFPI LEZI ]SYV MRWXVYGXSV VIZMI[ MX 2I\X GSRZIVX XLI
TWIYHSGSHIWXEXIQIRXW MRXSGSQQERHWYWMRKERETTVSTVMEXI0MRY\IHMXSV *MREPP] VYR
XLIWLIPPWGVMTX

1EREKMRK7LIPP7GVMTXW



1%2%+-2+ 7,)00 7'6-487

-R XLMW WIGXMSR ]SY [MPP PIEVR LS[ XS QEREKI WLIPP WGVMTXW ;LIR ]SY QEREKI EWLIPP
WGVMTX ]SYEVIQEOMRKXLIWGVMTXI\IGYXEFPIMREPSGEXMSR[LIVIXLIYWIVW[MPPFIEFPIXS
VYRMX 1EREKMRKWLIPPWGVMTXWMRZSPZIWXLIJSPPS[MRK
1SHMJMGEXMSRSJEWLIPPWGVMTXtWJMPIEGGIWWTIVQMWWMSR
4PEGIQIRXSJWLIPPWGVMTXW

1SHMJMGEXMSRSJXLI*MPI%GGIWW4IVQMWWMSRSJE7LIPP7GVMTX
%W]SYLEZIPIEVRIH ]SYGERI\IGYXIEWLIPPWGVMTXF]IRXIVMRKXLIWLIPPtWREQI WYGLEW
FEWL JSPPS[IHF]XLIWGVMTXtWREQI *SVI\EQTPI XSI\IGYXIEWLIPPWGVMTXREQIHTE]GLIGOW
]SYIRXIVFEWLTE]GLIGOW EXXLIGSQQERHPMRI ,S[IZIV MJ]SYYWIEWGVMTXJVIUYIRXP]
XLIVIMWEQIXLSHXLEXMWQSVIWXVIEQPMRIHERHXLEXMW[MHIP]YWIHEQSRKTVSKVEQQIVW
-RWXIEHSJIRXIVMRKXLIREQISJXLIWLIPPMRXLMWGEWIFEWL ]SYGERQSHMJ]XLITIVQMWWMSRW
SJ ]SYV WGVMTX WS ]SY GER I\IGYXI MX F] WMQTP] IRXIVMRK XLI WGVMTXtW REQI 8LI GLQSH
GSQQERHEPPS[W]SYXSQSHMJ]XLIJMPIEGGIWWTIVQMWWMSRSREJMPISVHMVIGXSV] 6IGEPPXLEX
]SYPIEVRIHEFSYXTIVQMWWMSRWMR'LETXIV8LITIVQMWWMSRWEVIVIEH [VMXI ERHI\IGYXI
JSV XLIYWIV[LSS[RWXLI JMPI XLIKVSYTS[RIVWLMTSJXLIJMPI ERHSXLIVW ;LIRE
JMPIMWJMVWXGVIEXIH MXLEWGIVXEMRHIJEYPXTIVQMWWMSRW *SVRSRVSSXYWIVW XLIHIJEYPXJMPI
TIVQMWWMSRW EVI VIEH ERH [VMXI JSV XLI YWIV [LS S[RW XLI JMPI EW [IPP EW XLI KVSYT
QIQFIVWLMTSRXLIJMPI ERHNYWXVIEHJSVSXLIVW *SVXLIVSSXYWIV XLITIVQMWWMSRWEVI
VIEHERH[VMXIJSVXLIS[RIVERHVIEHJSVXLIKVSYTERHSXLIVW 8LI GLQSH GSQQERH
XEOIWXLIJSPPS[MRKKIRIVEPJSVQ
GLQSHjYKSj!jV[\jJMPIREQI

-RXLMWW]RXE\ Y VITVIWIRXWXLIYWIVSVS[RIVSJXLIJMPI K VITVIWIRXWXLIKVSYTTIVQMWWMSRW

SRXLIJMPI ERHXLI S VITVIWIRXWXLISXLIVYWIVW8LI  WMKRQIERWXSEHHETIVQMWWMSRXS

8S QSHMJ] XLI I\IGYXI TIVQMWWMSRW SJ E JMPI YWMRK PIXXIV RSXEXMSR WS ]SY GER
WMQTP]IRXIVXLIWGVMTXtWREQI
 0SKMRXSXLI0MRY\W]WXIQEWEYWIV ERHXLIRSTIRE8IVQMREPIQYPEXMSR
[MRHS[
 1SZI0MWX6SSX XSXLIbFMR HMVIGXSV]
 'LERKIHMVIGXSV]PSGEXMSRWXSXLIbFMR HMVIGXSV]



'LETXIV7LIPP7GVMTX4VSKVEQQMRK'SRGITXW
 8]TI GLQSHjYKS\j0MWX6SSX ERHXLIRTVIWW)RXIV8LITVSQTXVIXYVRW
 8SZIVMJ]XLEXXLII\IGYXITIVQMWWMSRLEWFIIRWIX X]TI PWjiPj0MWX6SSX
ERHXLIRTVIWW)RXIV 2SXMGIXLEXXLII\IGYXITIVQMWWMSRLEWFIIREHHIH
 6YRXLIWGVMTXF]WMQTP]IRXIVMRK 0MWX6SSX 2SXMGIXLEXXLIGSQQERH
I\IGYXIWNYWXF]IRXIVMRKXLIWGVMTXtWREQI
 'PSWI]SYV[MRHS[ ERHXLIRPSKSYX
2S[XLEX]SYORS[LS[XSQSHMJ]XLITIVQMWWMSRWSJEWGVMTXMRSVHIVXSQEOIMX
I\IGYXEFPI ]SY [MPP YXMPM^I XLMWGSRGITX MR WYFWIUYIRX I\IVGMWIW ERH PEFW EW [IPP EW
SRXLINSF
%RSXLIVQIXLSHSJGLERKMRKTIVQMWWMSRW[MXLXLI GLQSH GSQQERHMWXSYWIRYQFIVW
XSVITVIWIRXXLITIVQMWWMSRWJSVXLIYWIV KVSYT ERHSXLIVYWIVW 8LMWQIXLSHXEOIWXLI
KIRIVEPJSVQ
GLQSHRRR JMPIREQI

,IVI R VITVIWIRXWERYQFIVJVSQXS )EGL R VITVIWIRXWXLITIVQMWWMSRRYQFIVJSV

XLIYWIVS[RIV KVSYT ERHSXLIVYWIVW8EFPIWLS[WXLITIVQMWWMSRWERHRYQFIVWXS
[LMGLXLI]VIJIV
8EFPI

4IVQMWWMSRRYQFIVWJSVXLIGLQSH GSQQERH

4IVQMWWMSRW

2YQFIV


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8LIFIWX[E]XSYWIXLMWXEFPIMWXSPSSOJSVXLITIVQMWWMSR]SY[ERXERHXLIRPSSOXSXLI
VMKLXXSJMRHXLIETTVSTVMEXIRYQFIV]SYRIIH8LIXLVIITIVQMWWMSRGSPYQRWVITVIWIRXE
  ERHJSVVIEHV  [VMXI[  ERHI\IGYXI\  VIWTIGXMZIP]JSVXLIYWIVS[RIV KVSYT
ERHSXLIVYWIVW=SYEHHYTXLIRYQFIVWJSVXLITIVQMWWMSRW]SY[ERX *SVI\EQTPI MJ]SY
[ERX VIEHSRP] ]SY WMQTP]RIIH JSV XLI TIVQMWWMSR -J ]SY [ERX VIEH ERH [VMXI ]SY
[SYPHEHHERHXSKIXXLIRYQFIV -J]SY[ERXVIEH [VMXIERHI\IGYXI ]SYEHHYT
  ERHXSKIXXLIRYQFIV

1EREKMRK7LIPP7GVMTXW



7S MJEJMPIREQIHTVSKVEQRIIHIHXSLEZIVIEH [VMXIERHI\IGYXIJSVXLIYWIVS[RIV

VIEHERHI\IGYXITIVQMWWMSRWJSVXLIKVSYT ERHRSTIVQMWWMSRWJSVEPPSXLIVW ]SY[SYPH
IRXIV GLQSHjjTVSKVEQ
2I\X]SY[MPPTIVJSVQEREGXMZMX]YWMRKXLIGLQSH GSQQERH[MXLXLIRYQFIVRSXEXMSR
8LIIRHVIWYPXMWXLIWEQIEWXLIPIXXIVRSXEXMSRSJXLI GLQSH GSQQERHhXSFIEFPIXS
I\IGYXIEWGVMTXF]IRXIVMRKNYWXXLIREQISRXLIGSQQERHPMRI ,S[IZIV ]SYGERYWI
XLI GLQSH GSQQERHXSQSHMJ]SXLIVTIVQMWWMSRW
8SQSHMJ]XLII\IGYXITIVQMWWMSRWSJEJMPIYWMRKRYQFIVRSXEXMSR
 0SKMRXSXLI0MRY\W]WXIQEWEYWIV ERHXLIRSTIRE8IVQMREPIQYPEXMSR
[MRHS[
 'LERKIXSXLIFMR HMVIGXSV]
 'VIEXIEWLIPPWGVMTXXLEXHMWTPE]WXLIGYVVIRXHEXIERHEPMWXSJYWIVWPSKKIHSR
XLIW]WXIQ ,MRX YWIXLI HEXI GSQQERHJSPPS[IHF]XLI [LS GSQQERH
&IWYVIXSWEZIXLIWGVMTX[MXLXLIREQI0SKKIH3R MRXLIFMR WYFHMVIGXSV]
SJ]SYVLSQIHMVIGXSV] ERHXLIRGPSWI ZM
 8LIGYVVIRXTIVQMWWMSRWEVIV[ JSVYWIVS[RIVERHKVSYTERH V JSVEPP
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7SQI YWIVW JMRH XLI RYQFIV QIXLSH IEWMIV XS IRXIV JVSQ XLI OI]FSEVH SRGI XLI]
YRHIVWXERHMXWQIXLSHSPSK]%WEYWIV[VMXMRKWLIPPWGVMTXW ]SYRIIHXSYRHIVWXERHFSXL
QIXLSHW 3RIVIEWSRMWXLEXXLIVIEVITVSGIWWWXEVXYTWGVMTXWPSGEXIHMRXLIIXGVGHMRMXH
HMVIGXSV]XLEXYWIFSXLQIXLSHW=SY[MPPRIIHXSYRHIVWXERHXLIWXEVXYTWGVMTXWMRSVHIVXS
XVSYFPIWLSSXXLI0MRY\W]WXIQ *SVI\EQTPI MJ]SYI\IGYXIXLIGSQQERHKVITjGLQSHj
MRXLI IXGVGHMRMXH HMVIGXSV] ]SY [MPP WII WGVMTXW XLEX YWI IMXLIV QIXLSH 8LI KVIT
GSQQERHEPPS[W]SYXSWIEVGLJSVXI\XMRJMPIWERH[MPPFIGSZIVIHMR'LETXIV 8LI
GSQQERHKMZIREFSZIWIEVGLIWJSVXLIXI\XqGLQSHr MREPPJMPIW
)\IVGMWIGEYXMSR[LIRYWMRKXLIGLQSH GSQQERH=SYHSRtX[ERXXSMREHZIV
XIRXP]KMZIKVSYTS[RIVWSVSXLIVYWIVWI\GIWWTIVQMWWMSRW*SVI\EQTPIMJE
JMPIREQIHJMPI%X\XMWGVIEXIHMX[SYPHLEZIHIJEYPXTIVQMWWMSRWSJV[V[j
jVj-J]SYI\IGYXIHGLQSHJMPI%X\XXLIRIZIV]SRISRXLIW]W
XIQ[SYPHLEZIEPPTIVQMWWMSRWMRGPYHMRK[VMXI8LMW[SYPHKMZIER]SRIEGGIWW
XSQSHMJ]SVIZIRHIPIXIJMPI%X\X[LIXLIV]SYMRXIRHIHXLMWSVRSX



'LETXIV7LIPP7GVMTX4VSKVEQQMRK'SRGITXW

4PEGIQIRXSJ7LIPP7GVMTXW
;LIR]SYGVIEXIEWGVMTXSV[ERXXSJMRHERI\MWXMRKWGVMTX MXtWEKSSHMHIEXSYRHIVWXERH
LS[XLIWLIPPPSGEXIWWGVMTXWXLEXEVIXSFII\IGYXIH ,IVItWLS[MX[SVOW -J]SYIRXIVE
GSQQERHSVWGVMTXREQIYWMRKMXWJYPPTEXL XLIWLIPPEXXIQTXWXSPSGEXIXLIGSQQERHMR
XLIWTIGMJMIHHMVIGXSV] 7E]]SYIRXIVIHXLIJSPPS[MRKGSQQERHEXXLIWLIPPTVSQTX
WGVMTXWWGVMTX

%WWYQMRK XLI WGVMTXMWI\IGYXEFPI LS[ HSIWXLI WLIPP ORS[ LS[ XSPSGEXI XLI WGVMTX
REQIHWGVMTXMRSVHIVXSI\IGYXIMX#7MQTP]TYX XLIWLIPPEXXIQTXWXSPSGEXIXLIWLIPP
WGVMTXREQIHWGVMTXMRXLIWGVMTXWHMVIGXSV]FIGEYWI]SYXSPHMXXSPSSOXLIVI[LIR
]SY IRXIVIH XLI JYPP TEXL SR XLI GSQQERH PMRI -J XLI WLIPP WGVMTX MW RSX TVIWIRX XLI
WLIPPKIRIVEXIWERIVVSVQIWWEKIMRHMGEXMRKXLIWLIPPWGVMTXJMPIGERRSXFIJSYRH
2S[ MJ]SYIRXIVXLIGSQQERHSVWGVMTXREQIYWMRKXLITEVXMEPTEXLMRWXIEHSJXLI
JYPPTEXL XLIWLIPPEXXIQTXWXSPSGEXIXLIHMVIGXSV]XLIWGVMTX MWMREPMXXPIHMJJIVIRXP]
7E]]SYI\IGYXIHXLIWEQIWGVMTXEWEFSZIFYXPIJXSJJXLIVSSXW]QFSPERHHMVIGXSV]
PSGEXMSREWJSPPS[W
WGVMTX

,S[HSIWXLIWLIPPORS[MR[LMGLHMVIGXSV]XLIWGVMTXMWPSGEXIH#8LIWLIPPWIEVGLIW
IEGLIPIQIRXSJXLI 4%8, WLIPPZEVMEFPIJSVEHMVIGXSV]GSRXEMRMRKXLIWGVMTXJMPI -J
XLIHMVIGXSV]MWPSGEXIHXLEXLSYWIWWGVMTX XLIJMPIMWI\IGYXIH 3XLIV[MWI ERIVVSV
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GEPPIHXLIWIEVGLTEXL

=SYV4%8,QE]HMJJIVJVSQ
[LEXMWWLS[R

*MKYVI

'SRXIRXWSJXLI4%8,WLIPPZEVMEFPI

1EREKMRK7LIPP7GVMTXW



-RXLMWI\EQTPI ]SYGERWIIXLEXXLIVIEVIWM\HMVIGXSVMIWSRXLIWIEVGLTEXL=SYVEGXYEP
WIEVGLTEXLQE]FIHMJJIVIRXMJE7]WXIQ%HQMRMWXVEXSVGLERKIHXLIWIXXMRKSJXLI 4%8,
ZEVMEFPI 'LERKMRK XLI 4%8, MW X]TMGEPP] HSRI MR SRI SJ XLI WXEVXYT JMPIW JSV XLI YWIV
EGGSYRX -R*MKYVI ]SY GERWIIXLIJMVWX HMVIGXSV]PMWXIHMWWIEVGLIHJMVWX 8LI RI\X
HMVIGXSV]MRXLIPMWXMWWIEVGLIHSRP]MJXLIWGVMTXJMPIMWRSXJSYRHMRXLIJMVWXHMVIGXSV]
8LMWTVSGIWWGSRXMRYIWYRXMPXLIHMVIGXSV]GSRXEMRMRKXLIJMPIMWJSYRHSVXLIPEWXHMVIGXSV]
MWVIEGLIH -JXLIWLIPPGERRSXPSGEXIXLIWGVMTXMRER]SJXLIHMVIGXSVMIWPMWXIH XLIRERIVVSV
ETTIEVWMRHMGEXMRKXLIWLIPPGERRSXJMRHXLIWGVMTX
YWVOIVFIVSWFMR

7IEVGL
SVHIV WX

*MKYVI

8MT

YWVPSGEPFMR YWVFMR

RH

VH

FMR

YWV<6FMR

LSQIXSHHQFMR

XL



PEWX

7IEVGLSVHIVSJXLIWIEVGLTEXL

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GSQQERH8LMWGSQQERHHMWTPE]WEPPZEVMEFPIWJSVEKMZIRYWIVEGGSYRX8LI
MQTSVXERXXLMRKXSRSXILIVIMWXLEXXLMWGSQQERHWLS[WEGSPSRWITEVEXMRK
IEGLHMVIGXSV]JSVXLI4%8, ZEVMEFPI

8LIQEMRVIEWSRJSVXLIWIEVGLTEXLMWXSQEOI]SYVNSFIEWMIV -XMWQYGLIEWMIVSR]SY
XLI0MRY\YWIV MJ]SYGERNYWXIRXIVXLIWGVMTXREQI[MXLSYXLEZMRKXSIRXIVXLIHMVIGXSV]
MR[LMGLMXMWPSGEXIH 8LIVIMWPIWWXSIRXIVEXXLIOI]FSEVH VIWYPXMRKMRJI[IVX]TSWERH
IVVSVW -RSVHIVXSVYREWLIPPWGVMTX[MXLSYXYWMRKXLIJYPPTEXLREQI ]SYJSPPS[SRISJ
X[SQIXLSHW *MVWX ]SYGERGVIEXIEHMVIGXSV] TPEGIXLIWLIPPWGVMTXWMRXLIHMVIGXSV] ERH
XLIR EHHXLIHMVIGXSV]XSXLIWIEVGLTEXL 8LMWQIXLSHMWYWIJYP [LIR]SY LEZI EWLIPP
WGVMTXXLEXRIIHWXSFIYWIHF]QER]YWIVWSV[LIR]SYLEZIEWIXSJWGVMTXW]SY[ERXXS
XIWX 2I\X ]SY[MPPWIILS[XLMWQIXLSH[SVOWF]GVIEXMRKEHMVIGXSV]REQIHXIWXMRK[LIVI
]SY[MPPPEXIVTPEGIWLIPPWGVMTXWXLEX]SYEVIXIWXMRKERHHSRtX[ERXSXLIVYWIVWXSEGGIWW
8SGVIEXIEHMVIGXSV]ERHTPEGIMXSRXLIWIEVGLTEXL
 0SKMRXSXLI0MRY\W]WXIQEWEYWIV ERHXLIRSTIRE8IVQMREP
IQYPEXMSR[MRHS[
 'VIEXIEHMVIGXSV]MR]SYVLSQIHMVIGXSV]REQIHXIWXMRK
 8]TI 4%8,!4%8,,31)XIWXMRK ERHXLIRTVIWW)RXIV8LMWGSQQERH
ETTIRHWXLIGYVVIRXTEXL 4%8, [MXLXLIHMVIGXSV] ,31)XIWXMRK8LI
XI\X 4%8,! WIXWXLITEXL



'LETXIV7LIPP7GVMTX4VSKVEQQMRK'SRGITXW
 'LERKI]SYVGYVVIRXHMVIGXSV]XSXLI ,31)XIWXMRK HMVIGXSV]
 9WIXLI ZM IHMXSVXSGVIEXIEWLIPPWGVMTX REQIHHMWTPE]CLM XLEXHMWTPE]W
XLIXI\Xq,Mr
 7EZIXLIWGVMTX ERHXLIRGPSWI ZM
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 8]TI FEWLjHMWTPE]CLM8LIXI\Xq,Mr WLSYPHETTIEVSRXLIWGVIIR
 'PSWI]SYV[MRHS[ ERHXLIRPSKSYX
%RSXLIVQIXLSHJSVVYRRMRKXLIWGVMTX[MXLSYXYWMRKXLIJYPPTEXLREQIMWXSTPEGI]SYV
WLIPPWGVMTXMRSRISJXLIHMVIGXSVMIWPMWXIHMRXLIGYVVIRXWIEVGLTEXL ;LIR]SYMRWXEPP
XLI0MRY\STIVEXMRKW]WXIQ XLIVIEVIEJI[HMVIGXSVMIWXLEXEVIYWIHJSVXLITYVTSWISJ
GYWXSQM^EXMSR *SVI\EQTPI ]SYGERTPEGI]SYVWGVMTXWMRXLIYWVPSGEPFMRHMVIGXSV]
SVXLI ,31)FMR HMVIGXSV]FIGEYWIFSXLSJXLIWIHMVIGXSVMIWEVISRXLIWIEVGLTEXL
=SYGEREPWSTPEGI]SYVWGVMTXWMRXLI ,31)FMR HMVIGXSV]EW]SYLEZIEPVIEH]HSRI
MRTVIZMSYWI\IVGMWIWMRXLMWGLETXIV )MXLIVQIXLSH[SVOWJMRI FYXMJ]SY[ERXXSWIT
EVEXI]SYVWGVMTXWJSVXIWXMRK ]SYWLSYPHGVIEXIEWITEVEXIHMVIGXSV]ERHTPEGIXLIHMVIG
XSV]REQIMRXLIWIEVGLTEXL

8MT

8LIREQMRKSJWGVMTXWWLSYPHFIQIERMRKJYPERHYRMUYI8LIWGVMTXREQIQYWX
RSX HYTPMGEXIXLIREQISJ WSQI SXLIVI\IGYXEFPI MRXLI YWIVtWGYVVIRXTEXL
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92()678%2(-2+

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3* %

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YWIHMRXLIZIV]JMVWXPMRISJ]SYVWGVMTX 6IQIQFIVJVSQ'LETXIVXLEXWIZIVEPWLIPPW
SVGSQQERHMRXIVTVIXIVW I\MWXMRXLI0MRY\IRZMVSRQIRX )EGLWLIPPLEWMXWS[RW]RXE\
VYPIW WS GSQQERHW XLEX [SVO MR SRI WGVMTX QE] RSX [SVO MR ERSXLIV -J ]SY LEZI
QYPXMTPIWGVMTXWXLEXYWIHMJJIVIRXWLIPPW ]SYWLSYPHTPEGIWXEXIQIRXWVIJIVIRGMRKXLI
GSQQERH MRXIVTVIXIVW EX XLI FIKMRRMRK SJ IEGL WGVMTX 8LI EHZERXEKI SJ WTIGMJ]MRK
XLIGSQQERH SVWLIPP MRXIVTVIXIVMR]SYVTVSKVEQMWXLEX]SYIRWYVIXLEXPEXIVWXEXIQIRXW
I\IGYXIMRXLIWLIPP]SY[ERX

9RHIVWXERHMRKXLI&EWMG'SQTSRIRXWSJE7LIPP7GVMTX



8SWTIGMJ]XLIWLIPPXLEXMWYWIHXSTVSGIWWWYFWIUYIRXGSQQERHWMR]SYVWGVMTX TPEGI
XLI WXEXIQIRX  JSPPS[IH F] XLI JYPP TEXL XS XLI WLIPP EW XLI ZIV] JMVWX PMRI SJ ]SYV
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'LETXIV7LIPP7GVMTX4VSKVEQQMRK'SRGITXW

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8MT



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'LETXIV7LIPP7GVMTX4VSKVEQQMRK'SRGITXW

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8MT

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9RHIVWXERHMRK4EVEQIXIVW

IGLS



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8MT

8LIWLIPPORS[W[LIRSRIZEPYIIRHWERHXLISXLIVFIKMRWF]YWMRKXLIFYMPXMR
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'LETXIV7LIPP7GVMTX4VSKVEQQMRK'SRGITXW
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'LETXIV(IGMWMSR7XVYGXYVIW
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8LI4VSJMX0SWW&VIEOIZIRWGVMTX[MXLX[SIPMJGPEYWIW

2)78-2+ MJ 78%8)1)287
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JVSQKIXXMRKMRXSXLIWGVMTXW

2IWXMRK MJ 7XEXIQIRXW



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8MT



'LETXIV(IGMWMSR7XVYGXYVIW
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2IWXMRK MJ 7XEXIQIRXW



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%MVJEVIXSER]SXLIVGMX]MW



'LETXIV(IGMWMSR7XVYGXYVIW

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8MT

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9RHIVWXERHMRK XLI GEWI 7XEXIQIRX





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MR MW VIUYMVIH 8LMW GSHI TLVEWI MW EREPSKSYW XS XLI ZIVFEP TLVEWIq;LEX GEWI MW XLI
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8MT

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8LI  W]QFSPWEVIVIUYMVIHERHEVIYWIHXSXIVQMREXIIEGLGEWI 8LI IWEG GPEYWIXIV
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'LETXIV(IGMWMSR7XVYGXYVIW
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8S GVIEXIEWMQTPIWGVMTXXLEXYWIWXLI GEWI WXEXIQIRX
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 7EZIXLIWGVMTX ERHXLIRUYMXXLIIHMXSV
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9RHIVWXERHMRK XLI GEWI 7XEXIQIRX



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8MT

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'LETXIV(IGMWMSR7XVYGXYVIW

'SQQERH7YFWXMXYXMSRERH 4EXXIVR1EXGLMRK
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'LETXIV0SSTMRK7XVYGXYVIW

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9RHIVWXERHMRKXLI[LMPI 7XEXIQIRX

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'LETXIV0SSTMRK7XVYGXYVIW

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HMXMSRSVPMWXMWE^IVSSVXVYI XLIYRXMP WXEXIQIRXTIVJSVQWMXWHS WXEXIQIRXWMJXLII\MX
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8MT

9RHIVWXERHMRKXLIYRXMP 7XEXIQIRX



8LI PMWX% WXEXIQIRXWEVIEWIXSJGSQQERHWXLEXMWI\IGYXIH[MXLERI\MXWXEXYW -JXLI

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HSRI GPEYWI
%W ]SY WE[ [MXL XLI [LMPI WXEXIQIRX ]SY GER TVSZI XLMW F] VYRRMRK XLI JSPPS[MRK
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HSRI

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XLMWWXEXIQIRXF]TVIWWMRK'XVP'

8MT

=SY GER EGGSQTPMWL XLI WEQI TVSSJ F] IRXIVMRK XLMW GSQQERH YRXMP
JEPWIHSIGLS#HSRI[LMGLEPWSHMWTPE]WXLIZEPYISRIERMRJMRMXI
RYQFIVSJXMQIW

9WMRKXLIYRXMP 7XEXIQIRX[MXL0SKMGEP3TIVEXMSRW
6IGEPPXLIWGVMTXREQIH;LMPI0SST7XSTXLEXGSRXMRYEPP]HMWTPE]WXLIPSKKIHMRRIX[SVO
YWIVWERHXLIRTVSQTXWXSWIIMJXLIWGVMTXYWIV[SYPHPMOIXSGSRXMRYI 'SRWMHIVLS[
XLMWWGVMTXQMKLXJYRGXMSRMJ]SYQSHMJ]MXXSYWIXLI YRXMP WXEXIQIRX %WPSRKEWXLI
YWIV HSIW RSX IRXIV Eq=r XLI WGVMTX PSSTW HMWTPE]MRK XLI GYVVIRXP] PSKKIHMR YWIVW
2SXMGIXLEXXLI SVMKMREPGSHI JSV;LMPI0SST7XST LEW FIIR WPMKLXP] QSHMJMIH XSWLS[
]SYLS[XLMWWGVMTX[SVOWYWMRKXLIYRXMP WXEXIQIRXERHXLEXMXLEWFIIRVIREQIHXLI
9RXMP0SST7XSTWGVMTX
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HS
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*MKYVIHMWTPE]WXLI9RXMP0SST7XSTWGVMTX=SYGERWIIXLEXXLIWGVMTXGSRXMRYIWXS
HMWTPE]XLIGSRXIRXWSJEHMVIGXSV]YRXMPXLIYWIVTVIWWIWq=r XSWXSTMX



'LETXIV0SSTMRK7XVYGXYVIW

*MKYVI

8LI9RXMP0SST7XSTWGVMTXERHMXWSYXTYX

'SRWMHIVXLIJSPPS[MRKI\EQTPI 7E]]SY[SVOEWEWLIPPTVSKVEQQIVMRXLI-RJSVQEXMSR
8IGLRSPSK](ITEVXQIRXJSV4PERI4EVXW -RG EQERYJEGXYVIVXLEXTVSHYGIWEKIRIVMGPMRI
SJXSSPWYWIHJSVEMVTPERIQEMRXIRERGI 8LITVSHYGXMSRQEREKIVVIUYMVIWIQTPS]IIWXS
JMPP SYX E HEMP] XMQIWLIIX JSV XLI TVIZMSYW HE]tW EGXMZMXMIW ,S[IZIV QSWX SJ XLI XMQI
IQTPS]IIWEVIHE]WPEXIMRJMPPMRKSYXXLIXMQIWLIIX 7LIVIUYIWXW]SYVLIPTIPMQMREXMRK
XLIXMQIWLIIXHIPE] 2I\X]SY[MPP[VMXIEWGVMTXXSVIQMRHIQTPS]IIWXSGSQTPIXIXLIMV
XMQIWLIIXWIEGLHE] 8LI WGVMTXVYRWJSVXLIJMVWXJMZIQMRYXIWSJIEGLLSYV YRPIWWMXMW
XIVQMREXIH -RXLIWGVMTX XLIZEVMEFPIQMRYXIGSRXEMRWXLIQMRYXIHIVMZIHJVSQXLIHEXI
GSQQERHYWMRKXLI GYX GSQQERH %WPSRKEWXLIGYVVIRXW]WXIQtWQMRYXIMWPIWWXLER
JMZI XLIRXLI YRXMP PSSTTIVJSVQWERMXIVEXMSR ;MXLIEGLMXIVEXMSR EQIWWEKIMWHMW
TPE]IHMRHMGEXMRK XLI YWIV WLSYPH GSQTPIXIXLI HEMP] XMQIWLIIX E TEYWI SJ WIGSRHW
SGGYVW ERHXLIRXLIGYVVIRXQMRYXIMWHIVMZIHEKEMR 9RXMPXLIRI[P]HIXIVQMRIHQMRYXI
FIGSQIWKVIEXIVXLERSVIUYEPXSJMZI ERMXIVEXMSRSGGYVW
8SGVIEXIEWGVMTXYWMRKXLI YRXMP WXEXIQIRX
 0SKMRXSXLI0MRY\W]WXIQEWEYWIV ERHXLIRSTIRE8IVQMREP
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 'VIEXIEWGVMTXREQIH8MQI7LIIX MRXLI ,31)FMR HMVIGXSV]

9RHIVWXERHMRKXLIYRXMP 7XEXIQIRX



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QMRYXI!DHEXIj 1D
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HSRI

 7EZIXLIWGVMTX ERHXLIRUYMXXLIIHMXSV
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GSVVIGXP]8SMQTPIQIRXXLMWWGVMTX ]SY[SYPHEHHXLMWXSSRISJXLIPSKMR
JMPIWHMWGYWWIHMR'LETXIV 2SXI *SVXLMWXS[SVOTVSTIVP] ]SYVW]WXIQ
XMQIQYWXFIFIX[IIRERHQMRYXIWTEWXER]KMZIRLSYV =SYGERIMXLIV
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XSqr JSVQMRYXIWJVSQ]SYVGYVVIRXXMQIWSXLIWGVMTX[MPP[SVO[MXLXLI
GYVVIRXXMQISR]SYVW]WXIQ 7II*MKYVI 2SXMGIXLEXXLVIIQIWWEKIW
ETTIEVSRXLIWGVIIR %WPSRKEWXLIQMRYXIMWPIWWXLERSVIUYEPXSJMZI XLI
QIWWEKIq'SQTPIXIHEMP]XMQIWLIIXr MWHMWTPE]IH 3RGIXLIQMRYXII\GIIHW
JMZI XLIQIWWEKIMWRSPSRKIVHMWTPE]IH
 'PSWI]SYV[MRHS[ ERHXLIRPSKSYX

7XITXLVIIQIWWEKIW
ETTIEVEWVIWYPXSJWGVMTX

*MKYVI 8LI8MQI7LIIXWGVMTX



'LETXIV0SSTMRK7XVYGXYVIW
'SRWMHIVSRIQSVII\EQTPI 4PERI4EVXW -RG [ERXW]SYXSGVIEXIEWGVMTXXLEXGLIGOW
XSWIIMJXLIRMKLXP]VYRJSVXLI%GGSYRXMRKTVSKVEQJEMPIH -JMXHMH ERIVVSVJMPIMWEYXS
QEXMGEPP]GVIEXIHF]XLITVSKVEQ %PWSMXtWMQTSVXERXXSRSXIXLEXMJXLIRMKLXP]VYRHMH
JEMP XLIETTPMGEXMSRXLEXKIRIVEXIHXLIIVVSV[MPPRSXVIWXEVXFIGEYWISJXLIIVVSV ERHXLMW
VIWYPXWMRSXLIVYWIVWFIMRKYREFPIXSHSXLIMV[SVO 2I\X ]SY[MPPGVIEXIEWGVMTXXLEX
GSRXMRYEPP]HMWTPE]WEQIWWEKIMRHMGEXMRKXLEXERIVVSVJMPII\MWXWVIWYPXMRKJVSQERIVVSV
MRXLI%GGSYRXMRKTVSKVEQ 8LIIVVSVJMPIWLSYPHRSXFIVIQSZIHFIJSVIERMRZIWXMKE
XMSRHIXIVQMRIWXLIVIEWSRJSVJEMPYVI -JXLIJMPII\MWXW XLIRERIVVSVQYWXLEZISGGYVVIH
=SYGERYWIXLIYRXMP PSSTXSHIXIVQMRIMJXLIIVVSVJMPIHSIWI\MWX ERHMJMXHSIW XLIR
KIRIVEXIQIWWEKIWMRHMGEXMRKNYWXXLEX ,EZIXLIPSSTGSRXMRYIYRXMPXLIJMPIRSPSRKIV
I\MWXW -RXLI YRXMP WXEXIQIRX XLI iI STXMSRVIXYVRWXVYIMJXLIJMPII\MWXW 8LMWGSRHM
XMSRMWRIKEXIH[MXLXLI  STIVEXSV

8MT

-RKIRIVEPMXMWRSXYRGSQQSRJSVJMPIWXSKIXTVSGIWWIHSZIVRMKLXERHMJXLI
TVSKVEQTVSGIWWMRKXLIJMPIWJEMPWE7]WXIQ%HQMRMWXVEXSVMWYWYEPP]GSRXEGXIH
ERHERIVVSVJMPIMWPIJX

8SGVIEXIEWGVMTXYWMRKXLI YRXMP PSSTXSXIWXXLII\MWXIRGISJEJMPI

 0SKMRXSXLI0MRY\W]WXIQEWEYWIV ERHXLIRSTIRE8IVQMREPIQYPEXMSR
[MRHS[
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7]WXIQ%HQMRMWXVEXSVRIIHWXSMRZIWXMKEXIXLIVIEWSRJSVXLIJEMPYVI ;LIRXLI
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HS
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 7EZIXLIWGVMTX UYMXXLIIHMXSV ERHXLIRQEOIXLI9RXMP*MPI WGVMTXI\IGYXEFPI

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9RHIVWXERHMRKXLIJSV 7XEXIQIRX



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7XITQIWWEKIWMRHMGEXMRK
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PSRKIVTVIWIRX

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92()678%2(-2+

8,)

JSV 78%8)1)28

8LI ;LMPI ERHXLI 9RXMP WXEXIQIRXWEVIYWIJYP[LIR]SYHSRSXORS[LS[QYGLHEXE

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(S
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)RH*SV



'LETXIV0SSTMRK7XVYGXYVIW
8LI *SV PSSTFIKMRW[MXLEWXEVXMRKZEPYIJSVEZEVMEFPI 8LIWXEVXMRKZEPYIMWWIX[MXL
MRMXMEPZEPYI 8LIR XLIWXEXIQIRXWMRXLIPSSTFSH]EVII\IGYXIH %JXIVXLEX XLIZEVMEFPI
MWGLERKIH MXMWIMXLIVMRGVIQIRXIHSVHIGVIQIRXIH 8LI(S WXEXIQIRXWEVIVITIEXIHP]
I\IGYXIHYRXMPXLIZEVMEFPI VIEGLIWXLIIRHMRKZEPYI *MKYVIWLS[WEJPS[GLEVXHMW
TPE]MRKXLI*SV WXEXIQIRX
7XEXIQIRXWTVIGIHMRKXLI*SVPSST

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ZEVMEFPI

(SWXEXIQIRXW[MXLMR
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0IXtWPSSOEXERI\EQTPI -RXLIJSPPS[MRKTWIYHSGSHI XLIZEVMEFPIq\r WXEVXWEXSRI XLI

GSRXIRXWSJq\r EVIHMWTPE]IH ERHXLIRq\r MWMRGVIQIRXIHF]SRI 8LIPSSTVITIEXIHP]

9RHIVWXERHMRKXLIJSV 7XEXIQIRX



HMWTPE]WXLIGSRXIRXWSJq\r ERHMRGVIQIRXWq\r YRXMPq\r IUYEPWXLIRYQFIVJMZI ,IVI

MWXLITWIYHSGSHI
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(MWTPE]\
)RH*SV
=SYGEREPWSHIGVIQIRXF]JSPPS[MRKXLIWEQIPSKMG -RXLMWGEWI XLIZEVMEFPIq\r WXEVXW
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8LITWIYHSGSHIJSVHIGVIQIRXMRKEZEVMEFPIMW
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)RH*SV

8LI JSV 7XEXIQIRX7]RXE\

8LIEHZERXEKISJXLI JSV WXEXIQIRXMWXLEXMXEPPS[W]SYXSGSRXVSPXLIRYQFIVSJMXIV
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SVSPSKMWX[ERXW]SYXSXEOIXLIEZIVEKISJPEWX[IIOtWSYXWMHIXIQTIVEXYVI=SYGSYPHYWI
XLI JSV WXEXIQIRXXSPSSTXLVSYKLWIZIRMXIVEXMSRWhSRIJSVIEGLHE]SJXLI[IIO 3V
MR ERSXLIVWGIREVMS MJ ]SY [ERX XS JMRH XLI EZIVEKI SJ JMZIKVEHIW JSV]SYV%HZERGIH
4VSKVEQQMRKGPEWW XLIR]SYGERYWIE JSV WXEXIQIRXXSGSQTPIXIXLMWXEWO
8LIVIEVIX[SZEVMEXMSRWSJXLI JSV WXEXIQIRX
9WMRK JSV [MXLE[SVHPMWX
9WMRK JSV [MXLEREVMXLQIXMGI\TVIWWMSR
=SYGERTPEGIFSXLJSVQWSREWMRKPIPMRI YWMRKWIQMGSPSRW SVSRWITEVEXIPMRIW 8LI
W]RXE\SJXLIX[SZEVMEXMSRWMWGSZIVIHMRXLIJSPPS[MRKWIGXMSRW

9WMRK JSV [MXL E ;SVH 0MWX

=SYYWIXLI[SVHPMWXZIVWMSRSJXLIJSV WXEXIQIRXXSPSSTXLVSYKLMXIQWMRE[SVHPMWX
-XMWRSXYWIHJSVGSRXVSPPMRKERYQIVMG ZEVMEFPIMRXLI[SVHPMWX ERHMRGVIQIRXMRKSV
HIGVIQIRXMRKMX 8LIEVMXLQIXMGI\TVIWWMSRJSVQSJXLI JSV WXEXIQIRXHSIWXLEX 0IXtW
PSSOEXERI\EQTPI[LIVIXLI JSV WXEXIQIRXMWTIVJSVQIHJMZIXMQIW
JSVjRYQFIVjMRjjjjj
HS
jjjjjjjIGLSRYQFIV
HSRI



'LETXIV0SSTMRK7XVYGXYVIW
;MXL XLI WXEXIQIRX JSV RYQFIV MR      XLI ZEVMEFPI REQIHRYQFIV MW
EWWMKRIHXSXLIJMVWXMXIQMRXLIPMWX [LMGLMW8LIWXEXIQIRXFIX[IIRXLIHS ERH HSRI
GPEYWIWMWTIVJSVQIHJSVIEGLEWWMKRQIRXSJXLIZEVMEFPI 2I\X XLIZEPYISJXLIZEVMEFPI
REQIHqRYQFIVr GLERKIW XS IEGL MXIQ MR XLI PMWX YRXMP XLI PEWX MXIQ MW VIEGLIH
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IUYEPWXLIPEWXMXIQMRXLIPMWX MRXLMWGEWI 8LI HS WXEXIQIRXWEVITIVJSVQIHJSVXLI
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8LIZEVMEFPIREQIMWEYWIVHIJMRIHREQI8LIMXIQWMRXLI[SVHPMWXHSRSXLEZIXSFI
RYQIVMG 2I\X ]SY [MPP GVIEXI E WGVMTX XLEX YWIW GLEVEGXIVW MRWXIEH SJ RYQFIVW MR XLI
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8SGVIEXIEWGVMTXYWMRK JSV [MXLE[SVHPMWX
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 'VIEXIEWGVMTXREQIH;SVH0MWX MRXLI ,31)FMR HMVIGXSV]
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PSSTXSMRWIVXMXIQW MRXLMWGEWIZEVMSYWJVYMXW MRE[SVHPMWX
JSVjJVYMXjMRjTIEVjFEREREjTIEGL
HS
jjjjjjjjIGLS-RIIHEJVYMXJVSQXLIWXSVI
HSRI

 7EZIXLIWGVMTX ERHXLIRUYMXXLIIHMXSV
 1EOIXLIWGVMTXI\IGYXEFPI ERHXLIRI\IGYXIXLIWGVMTX 8LVIIWXEXIQIRXW
ETTIEVMRHMGEXMRKXLEXETIEV FERERE ERHTIEGLEVIRIIHIHJVSQXLIWXSVI
 'PSWI]SYV[MRHS[ ERHXLIRPSKSYX
9WMRK%VMXLQIXMG3TIVEXMSRW
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jjjjjjjjTS[IVj!jZEVjj
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HSRI

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PMWX -RXLIJMVWXMXIVEXMSR ZEVMWWIXXS8LIR MRWMHIXLIPSST XLIZEVMEFPIREQIHTS[IV
MWIUYEPXSXLIZEPYISJZEV [LMGLMW XSXLIWIGSRHTS[IV YWMRK MRXLIXLMVHPMRI
8LIR EQIWWEKIMWHMWTPE]IHMRHMGEXMRKXLEXXSXLIWIGSRHTS[IVMW

9RHIVWXERHMRKXLIJSV 7XEXIQIRX



8LMWVITIEXWJSVXLIZEPYIWMRXLI[SVHPMWX8LISYXTYXMWJSYVPMRIWERHMRHMGEXIWXLEX
XSXLIWIGSRHTS[IVMW XSXLIWIGSRHTS[IVMW XSXLIWIGSRHTS[IVMW ERH
JMREPP] XSXLIWIGSRHTS[IVMW
2I\X]SY[MPPGVIEXIEPSSTXLEX[MPPEPPS[]SYXSIRXIVWIZIRHEMP]XIQTIVEXYVIWERH
HMWTPE]XLIMVEZIVEKI
8SGVIEXIEWGVMTXYWMRKJSV XSIRXIVEWTIGMJMGRYQFIVSJXIQTIVEXYVIZEPYIW
 0SKMRXSXLI0MRY\W]WXIQEWEYWIV ERHXLIRSTIRE8IVQMREPIQYPEXMSR
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 'VIEXIEWGVMTXREQIH*SV%ZK MRXLI ,31)FMR HMVIGXSV]
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JSVRYQMR
HS

 -RWIVXXLIJSPPS[MRKPMRIWSJGSHIXSVIEHXLIXIQTIVEXYVIZEPYIW EGGYQYPEXI
XLIZEPYIMREZEVMEFPIREQIH8IQT8SXEP ERHXLIRXIVQMREXIXLIPSST 8LI
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8IQT8SXEP!8IQT8SXEP8IQT
HSRI

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