,

%41016'4/156#61&+)+6#.'

0+%'6+/'

EKHTG FGK OKPWVK KPK\KCPQ C NCORGIIKCTG RTGOGTG K VCUVK

VGORQTCPGQ NG EKHTG FGNNC VGORGTCVWTC NCORGIIGTCPPQ 2TGOGTG  Q  RGT KORQUVCTG NC

 Q  RGT TGIQNCTG K OKPWVK 2TGOGTG KN VCUVQ

VGORGTCVWTCFGUKFGTCVC2TGOGTG





PQTOCNKCDKVWFKPKFKXKVCHCOKNKCTK6WVVCXKCEQPRQEJKUGORNKEKRCUUKFKRTQITCOOC\KQPG
RQUUKDKNGRGTUQPCNK\\CTGKNHWP\KQPCOGPVQFGNVGTOQUVCVQKPDCUGCNNGGUKIGP\GRGTUQPCNK
.QUEQRQFKSWGUVQRKEEQNQOCPWCNGFKIWKFCTXKPGNN GUGEW\KQPGFKSWGUVGQRGTC\KQPK
+N 0+%'6+/' HWP\KQPC EQP  DCVVGTKG VKRQ ##
UVKNQ G SWKPFK RW HCEKNOGPVG UQUVKVWKTG
SWCNWPSWGVGTOQUVCVQOGEECPKEQCFWGHKNK
5KRTGICVWVVCXKCFKPQVCTGEJGKNOCUUKOQECTKEQTGUKUVKXQEQOCPFCDKNGFK#ORGTG


+PUVCNNC\KQPG
0GNECUQKPEWKUVKCVGUQUVKVWGPFQWPXGEEJKQVGTOQUVCVQOGEECPKEQCFWGHKNKUWHHKEKGPVG
UOQPVCTG KN XGEEJKQ FKURQUKVKXQ G TKORKC\\CTNQ EQP KN 0+%'6+/' %QNNGICTG K FWG HKNK CK
OQTUGVVK EQOG KPFKECVQ PGNNG HKIWTG  G  0GN ECUQ KP EWK KPXGEG UVKCVG KPUVCNNCPFQ KN
0+%'6+/'RGTNCRTKOCXQNVCPGEGUUCTKQUVGPFGTGWPECXQCFWGHKNKFCNVGTOQUVCVQCN
UKUVGOCFKTKUECNFCOGPVQ
XGFK(KIG(KI




6'4/156#61

0+%'6+/'

RGTRCUUCTGCNNCVGORGTCVWTC

+N0+%'6+/'WPVGTOQUVCVQRTQITCOOCDKNGUGVVKOCPCNGEKQRQUUKDKNGKORQUVCTGWP

FC  C  IKQTPK 0GN ECUQ KP EWK UK NCUEK KN XCNQTG    N KORQUVC\KQPG UCT RGTOCPGPVG

.

)KQTPQ


#.+/'06#<+10'

+PVGTXCNNQVGOR%QOHQTV



2TGOGTGKNVCUVQ2XGTTOQUVTCVQKNRTQITCOOCFGN.WPGFCNNGQTG

0

%#.&#+#

%#.&#+#

(KI

%CTCVVGTKUVKEJGFGNFKURNC[.%&GFGKRWNUCPVKFGN0+%'6+/'



)KQTPQ

1TC

4KUECNFCOGPVQ

4GIKOG%QOHQTV

$CVVGTKGUECTKEJG

(WP\KQPG8CECP\C


6GORGTCVWTC

E0QPGURQTTGCNWEGUQNCTGFKTGVVC
G0QPRQUK\KQPCTGUWOWTKCFKCEGPVKCECNQTKHGTKDTWEKCVQTKQEQPFK\KQPCVQTK

(KI

 (KUUCTGNCRKCUVTCUWNOWTQVTCOKVGNGXKVKGFKVCUUGNNKHQTPKVKHCEGPFQRCUUCTGKHKNK

6GORGTCVWTC4KFQVVC

 RGT K EQNNGICOGPVK GNGVVTKEK CVVTCXGTUQ N CRRQUKVQ HQTQ #UUKEWTCTUK EJG KN HQTQ UWN

4GUGV
+PETGOGPVQ

&GETGOGPVQ

8CECP\G

1-%QPHGTOC

2WNUCPVK

UWEEGUUKXQ2TGOGPFQCPEQTCKVCUVKQ UKRQVTXKUWCNK\\CTGNCVGORGTCVWTCKORQUVCVC

2GTGUGIWKTGWPTGUGV

 UKRCUUCCNIKQTPQ

RGT EKCUEWPC QTC 4KRGVGPFQ K RCUUK RTGEGFGPVK UK RQVT XKUWCNK\\CTG KN RTQITCOOC RGT

+N RTQITCOOC UVCPFCTF RQVTGDDG PQP GUUGTG CFCVVQ CNNC XQUVTC HCOKINKC RGTEK 
RQUUKDKNGOQFKHKECTNQGHHGVVWCPFQNGUGIWGPVKQRGTC\KQPK2TGOGTGKNVCUVQ 3RGTGPVTCTG

 RGTUGNG\KQPCTGKNIKQTPQ

PGNOQFQFKXKUWCNK\\C\KQPGFGNRTQITCOOC2TGOGTGKNVCUVQ

5 e
 Q

 RGT UGNG\KQPCTG NC VGORGTCVWTC FC OQFKHKECTG #F GUGORKQ RGT

FKSWCNGVKRQFKEQNNGICOGPVQUKUVCGHHGVVWCPFQ
4KRQUK\KQPCTGNCRKCUVTKPCFKRTQVG\KQPGUWNNCDCUGGUGTTCTGNCXKVG

FGN

EQTRQ

RTGUGPVK

FGN
F G K

'PVTCPGNOQFQTGIQNC\KQPGQTCGIKQTPQ

     1((u%

/KETQKPVGTTWVVQTG5KUVGOCEQOCPFCVQ 10%QPFK\KQPCOGPVQ

2TGOGTGKNVCUVQ

     1((4KUECNFCOGPVQ

RGTOQFKHKECTGNCVGORGTCVWTCFC%QOHQTVC4KFQVVC

4KRGVGTG K RCUUK  G  RGT OQFKHKECTG NC VGORGTCVWTC FK TGIQNC\KQPG PGNN KPVGTXCNNQ
CFC%QOHQTVC4KFQVVC

 RGTTKVQTPCTGCNOQFQ

2TGOGTGKNVCUVQ  RGTEQPHGTOCTG2TGOGTGCPEQTCKNVCUVQ
FKHWP\KQPCOGPVQPQTOCNG

 RQUUKDKNG TKXGFGTG KN RTQITCOOC KORQUVCVQ RGT KN IKQTPQ FK 5CDCVQ KP OQFQ FC
XGTKHKECTGKNRTQITCOOCGEQPHGTOCTGNGKORQUVC\KQPK
(KI


 6TCOKVG K RTGEGFGPVK UGORNKEK RCUUK  RQUUKDKNG KORQUVCTG WP

RTQITCOOCEJGUKCFCVVKCNXQUVTQUVKNGFKXKVC

'PVTCKPOQFQ4KFW\KQPGOCPWCNG

+PETGOGPVCNGEKHTGKPHCUGFKTGIQNC\KQPGQGPVTCKPOQFQVGORGTCVWTCOCPWCNG
  &GETGOGPVC NG EKHTG KP HCUG FK TGIQNC\KQPG Q GPVTC KP OQFQ VGORGTCVWTC
 OCPWCNG

Q

/QFQ

3WGUVQ VGTOQUVCVQ WVKNK\\C WP UGPUQTG 06% FGNNC RK CXCP\CVC VGEPQNQIKC RQUK\KQPCVQ KP
DCUUQCFGUVTCCNN KPVGTPQFGNEQPVGPKVQTGRNCUVKEQ
0GNECUQKPEWKUKOCPGIIKKNVGTOQUVCVQKPRTQUUKOKVFGNUGPUQTGRWGUUGTGPGEGUUCTKQ
CVVGPFGTG SWCNEJG OKPWVQ RTKOC EJG NQ UVGUUQ VQTPK C UGPVKTG NC EQTTGVVC VGORGTCVWTC
ICTCPVKTGWPCITCPFGCWVQPQOKCCNNGDCVVGTKG


%CORQFKTGIQNC\KQPG u%u%

&KHHGTGP\KCNG vu%TKURGVVQCNXCNQTGKORQUVCVQ


4KFQVVCUQPQKORQUVCVGCK

2TGEKUKQPG  vu%

UGIWGPVK XCNQTK UVCPFCTF RGT KN TKUECNFCOGPVQ GF KN

$CVVGTKG  Z##

8UVKNQCNECNKPG

EQPFK\KQPCOGPVQ

2QTVCVCEQPVCVVK #"8ECTKEQTGUKUVKXQ

(KI

5GPUQTG

%CTCVVGTKUVKEJGVGEPKEJG

5 e


%QOHQTVG

CODKGPVG .C OKUWTC FGNNC VGORGTCVWTC XKGPG GUGIWKVC QIPK  UGEQPFK CNNQ UEQRQ FK

'PVTCKPOQFQ%QOHQTVOCPWCNG

4KUECNF



/KETQKPVGTTWVVQTG&KHHGTGP\KCNG 10u%


5

4CHHTGFF
&KHHGTGP\

2TGOGTGKNVCUVQHKPQCTCIIKWPIGTGNG
VGORGTCVWTC%QOHQTV

4CHHTGFFCOGPVQ

   #"8ECTKEQKPFWVVKXQ

D #66'0<+10'

4KUECNFCOGPVQ

 %QNNGICTG N CRRCTGEEJKQ CNNC TGVG FK CNKOGPVC\KQPG VTCOKVG WP KPVGTTWVVQTG

QPPKRQNCTG EQPHQTOG CNNG PQTOG XKIGPVK G EQP FKUVCP\C FK CRGTVWTC FGK

EQPVCVVKFKCNOGPQOOKPEKCUEWPRQNQ

2TGOGTG KN VCUVQ  RGT GPVTCTG PGN OQFQ FK XKUWCNK\\C\KQPG FGNNG VGORGTCVWTG 2TGOGTG
 RGTXGFGTGKNXCNQTGFGNNCVGORGTCVWTCFK%QOHQTVQRRWTG

 RGTXGFGTGKNXCNQTGFGNNC

VGORGTCVWTC 4KFQVVC # SWGUVQ RWPVQ NCORGIIGT KN XCNQTG FGNNC VGORGTCVWTC KP

SWGUVKQPGRTGOGTGKRWNUCPVKQRGTKORQUVCTGKNXCNQTGFGUKFGTCVQ2TGOGTGKNVCUVQ 
RGTEQPHGTOCTGN KORQUVC\KQPGGTKVQTPCTGCNOQFQFKHWP\KQPCOGPVQPQTOCNG

/QPVCTGFWGDCVVGTKGVKRQ##PGNN CRRQUKVQXCPQ

2TGOGTG KN RWNUCPVG FK TGUGV GF CUUKEWTCTUK EJG KN VGTOQUVCVQ UVKC HWP\KQPCPFQ PGNNC

(WP\KQPCOGPVQGFKUVTW\KQPKRGTNC2TQITCOOC\KQPG

2GTKORQUVCTGWPCVGORGTCVWTCOCPWCNGVGORQTCPGC

5WDKVQFQRQCXGTOQPVCVQNGDCVVGTKGPGNN CRRQUKVQXCPQQFQRQCXGTRTGOWVQKVCUVK4GUGV

3WGUVC HWP\KQPG EQPUGPVG FK OQFKHKECTG VGORQTCPGCOGPVG NC VGORGTCVWTC EQTTGPVG FK

UWCEQPFK\KQPGKPK\KCNG

UQPQ

2QUK\KQPCTGKNEQTRQFGNVGTOQUVCVQFKPWQXQUQRTCNCDCUGGFCXXKVCTGNCTGNCVKXCXKVG

TGVTQ

VGTOQUVCVQ WPC XQNVC CRGTVQ

2TGOGTGKNVCUVQ RGTUGNG\KQPCTGKNIKQTPQFK5CDCVQ

'PVTCPGNOQFQKORQUVC\KQPGXCECP\C

+PUGTKTGKHKNKGNGVVTKEKPGKTGNCVKXKOQTUGVVKGUGTTCTGNGXKVK
XGFK(KIGKPHWP\KQPG

5WN

2TGOGTGKNVCUVQ2RGTXKUWCNK\\CTGKNRTQITCOOC

5 e

 6CUVQFKEQPHGTOC

+ORQUVC\KQPKWVGPVGQR\KQPCNK

QR\KQPK

&GUETK\KQPGVCUVK

#EEGPFGGURGIPGKNVGTOQUVCVQ

(KI

2GTOQFKHKECTGKNRTQITCOOCUVCPFCTF

.GVGORGTCVWTG

4GUGV4KRQTVCKNVGTOQUVCVQCNNQUVCVQKPK\KCNG

2TGOGTGKNVCUVQ4GUGVRGTTKRQTVCTGKNVGTOQUVCVQCNNGKORQUVC\KQPKKPK\KCNK

RTQITCOOCUVCPFCTF

2'PVTCKPOQFQRTQITCOOC

RGTCEEGPFGTGQURGIPGTGKNVGTOQUVCVQ

6WVVK INK GXGPVWCNK RTQITCOOK KORQUVCVK XGPIQPQ C\\GTCVK G XKGPG TGKORQUVCVQ KN

EKCUEWPIKQTPQHKPQC&QOGPKEC2GTEQPENWFGTGRTGOGTGKNVCUVQ 

G

2TGOGTGKNVCUVQ

VGORGTCVWTCKORQUVCVCCPEQTCSWGNNC4KFQVVC2TGOGPFQKNVCUVQ

 2GTXGFGTGGOQFKHKECTGNGVGORGTCVWTG

/QUVTCNGVGORGTCVWTG

2GTCEEGPFGTGQURGIPGTGKNVGTOQUVCVQ



m

RGTTKVQTPCTGPGNOQFQFKHWP\KQPCOGPVQPQTOCNGQRRWTGRTGOGTGKNVCUVQ

NG  TGIQNC UWNNC VGORGTCVWTC %QOHQTV 5K PQVK EJG VTC NG  G NG  NC

(KI

TGIQNCUWNNCVGORGTCVWTC4KFQVVCOGPVTGVTCNGGNGGVTCNGG

1P1HH

 OWTQUKCEQORNGVCOGPVGEQRGTVQFCNNCRKCUVTCKPRNCUVKEC
XGFK(KI

 Q

UKRQUUQPQKORQUVCTGNGUGIWGPVK

6GORGTCVWTC%QOHQTV

RGTURGIPGTGKNVGTOQUVCVQ

OQFKHKECTGKNRTQITCOOCFGN5CDCVQFCNNGCNNGGFC%QOHQTVC4KFQVVC

1TQNQIKQ

2TGOGTG

6GORGTCVWTC

 TKOWQXGTGNCRKCUVTKPCUVGUUC

OKETQKPVGTTWVVQTK VTCOKVG K SWCNK

2TQITCOOC

 5XKVCTG NC XKVG EJG DNQEEC NC RKCUVTKPC FK RTQVG\KQPG FGK EQPVCVVK GNGVVTKEK G

RGTOCPGPVG

2TGOGTG

2GT ECPEGNNCTG SWCNWPSWG KORQUVC\KQPG OCPWCNG Q FK XCECP\C VGORQTCPGC Q

FKEWKOQFKHKECTGKNRTQITCOOC2TGOGTGKVCUVKQRGTUGNG\KQPCTGN QTCFCOQFKHKECTG

(KI

H0QPRQUK\KQPCTGKPRTQUUKOKVFGNNCRQTVCGUVGTPC

 RGT EQPHGTOCTG 2TGOGTG  Q  RGT KORQUVCTG NC VGORGTCVWTC

+PFKEC\HCUEGQTCTKG

2GTKQFQ4KFQVVQ

F0QPRQUK\KQPCTGKPRTQUUKOKVFKECNQTKHGTKDTWEKCVQTKQDQEEJGVVGFKCGTC\KQPG

NCORGIIGTCPPQKFWG

#FGUGORKQKNRTQITCOOCFGNIKQTPQ.WPGFVTCNGGNGGVTCNGGNG

2GTKQFQ%QOHQTV

2TGOGTG KN VCUVQ

2TGOGPFQKVCUVK QXGTTOQUVTCVCNGVGORGTCVWTCKORQUVCVCRGTEKCUEWPCQTC

6TCOKVG SWGUVC HWP\KQPG  RQUUKDKNG KORQUVCTG WP RGTKQFQ FK XCECP\C FC  C  IKQTPK

FGUKFGTCVCSWKPFKEQPHGTOCTGWNVGTKQTOGPVGEQPKNVCUVQ



(75+$+.'#

D5QNCOGPVGUWOWTKKPVGTPK

8KUWCNK\\C\KQPGUWN&KURNC[

4GIKOG4KFQVVQ

+PVGTXCNNQVGOR4KFQVVC

6WVVCXKCFKURQPKDKNG

WPCVGORGTCVWTCEQUVCPVG
(KI

2GTKORQUVCTGKNRGTKQFQFKXCECP\CQWPCVGORGTCVWTCOCPWCNGRGTOCPGPVG

UKODQNK    6TCOKVG K VCUVK Q  RQUUKDKNG KORQUVCTGNC FWTCVC FGNRGTKQFQ FK XCECP\C



4CHHTGFFCOGPVQ

(KI


%QOHQTVHKPQCNN KPVGTXGPVQUWEEGUUKXQ

QRRWTGWPCVGORGTCVWTCOCPWCNGRGTOCPGPVG2TGOGTGKNVCUVQ



 Q


4KFQVVCHKPQCNN KPVGTXGPVQ

.CVCDGNNCFK(KIGXKFGP\KCKRCTCOGVTKFKSWGUVQRTQITCOOCUVCPFCTF

/QFQOCPWCNG

(KI

5 e


4KFQVVC RTGOGTG KN VCUVQ

WPRTQITCOOCUVCPFCTFEQPXCNQTKCFCVVKCFWPCHCOKINKCOGFKC

C2QUK\KQPCTG CF WPC CNVG\\C FK EKTEC  EO FCN RCXKOGPVQ UW WP OWTQ EJG CDDKC

(KI

2GTKORQUVCTGKNRTQITCOOC

2QUK\KQPCTGKNETQPQVGTOQUVCVQUGEQPFQNGUGIWGPVKKPFKEC\KQPK

 RGTRCUUCTGCNNCVGORGTCVWTC

2GTEKCUEWPCQTCRQUUKDKNGUGNG\KQPCTGNCVGORGTCVWTC

UWEEGUUKXQ 5G KN VGTOQUVCVQ HWP\KQPC CNNC VGORGTCVWTC

TGIQNC\KQPGFGNNCVGORGTCVWTCCODKGPVG

 RQUVGTKQTG
XGFK(KI

CNN KPVGTXGPVQ RTQITCOOCVQ UWEEGUUKXQ 5G KN VGTOQUVCVQ HWP\KQPC CNNC VGORGTCVWTC

%QOHQTVRTGOGTGKNVCUVQ

RTQITCOOCRGTIKQTPKFKXGTUKGRGTQTGQIPKIKQTPQ

5
5

PGN ECUQ KP EWK KN RTQITCOOC RTGXGFC NC VGORGTCVWTC 4KFQVVC G XKEGXGTUC HKPQ

(KI

RGTEQPHGTOCTGSWGUVQXCNQTG

6TCOKVG SWGUVC HWP\KQPG  RQUUKDKNG CPVKEKRCTG NC TGIQNC\KQPG UWNNC VGORGTCVWTC %QOHQTV
(KI

RTGUGPVGTEQOGKP(KI

%#.&#+#

2GTKORQUVCTGWPCVGORGTCVWTCFKRTQITCOOCVGORQTCPGC

VGORGTCVWTC CODKGPVG  FK u% KN FKURNC[ UK

%+4%1.#<+10'1

RQUK\KQPG FK OQPVCIIKQ EQOG KPFKECVQ PGN UGIWKVQ KP OQFQ FC QVVGPGTG WPC CEEWTCVC

 FGNNG DCVVGTKG

(KI  5OQPVCTG KN EQTRQ FGN VGTOQUVCVQ FCNNC TGNCVKXC RKCUVTC

***2TGOGTG


UGN QTQNQIKQUVCVQTGIQNCVQCNNGFK8GPGTFGNC

 RGTEQPHGTOCTGNCORGIIGTNCUETKVVC * 6TCOKVGK

VCUVK G UCTRQUUKDKNGKORQUVCTGKNRTQITCOOCFKTGIQNC\KQPGVGORQTCPGCFGUKFGTCVQ

PGNOQFQFKHWP\KQPCOGPVQUVCPFCTFEKQCFGUGORKQ

21/2#&+

2TKOCFKKPUVCNNCTGKNETQPQVGTOQUVCVQ0+%'6+/'PGEGUUCTKQXCNWVCTGCVVGPVCOGPVGNC

 4KOWQXGTG KN HTQPVCNKPQ UEQTTGXQNG 5XKVCTG NC XKVG UKVWCVC PGNN CNNQIIKCOGPVQ

 RGT

2TGOGTGKNVCUVQ

+N VGTOQUVCVQ 0+%'6+/'  FQVCVQ FK CNEWPK RTQITCOOK UGVVKOCPCNK UVCPFCTF CFCVVK CNNG

 OKP  *  QTG   OKP 2TGOGTG K VCUVK  Q  RGT GPVTCTG KP OQFQ OCPWCNG

 RGTEQPHGTOCTG+NFKURNC[TKVQTPGT

21/2#1

0

%#.&#+#

)GPGTCNKV

RGT EQPHGTOCTG .G

RTGOGTGKVCUVK QRGTTGIQNCTGKNIKQTPQ

#.+/'06#<+10'
(75+$+.'#

EQPHGTOCTG.GEKHTGFGNIKQTPQKPK\KCPQCNCORGIIKCTG
.

+NVGTOQUVCVQ0+%'6+/'UVCVQRTQIGVVCVQRGTWPUGORNKEGGXGTUCVKNGWVKNK\\Q

RTGHKUUCVQUGEQPFQKNUGIWGPVGGUGORKQ*OKP*QTC OKPWVK*QTG 

OKETQRTQEGUUQTGRGTTKFWTTGNGURGUGFKTKUECNFCOGPVQGTCHHTGUECOGPVQ

TGIQNC\KQPG VTCOKVG  KPVGTXCNNK RTGKORQUVCVK #F QIPK KPVGTXCNNQ EQTTKURQPFG WP VGORQ


TGIQNCTG N QTC 2TGOGTG KN VCUVQ

#XGVGCRRGPCCESWKUVCVQWPQFGKRKCXCP\CVKVGTOQUVCVKRTQITCOOCDKNKEQPEQPVTQNNQC

 UK GPVTC PGN OQFQ FK TGIQNC\KQPG QTQNQIKQ

%QPITCVWNC\KQPK

/GPVTG NG EKHTG NCORGIIKCPQ RTGOGTG K VCUVK  Q  RGT

0+%'6+/'

)7+&#2'4. +056#..#<+10'
'.#241)4#//#<+10'

Q KN VCUVQ

6'4/156#61

 . KPUVCNNC\KQPG GF KN EQNNGICOGPVQ GNGVVTKEQ FGN VGTOQUVCVQ FGXQPQ GUUGTG
GUGIWKVKFCRGTUQPCNGSWCNKHKECVQGFKPEQPHQTOKVCNNGNGIIKXKIGPVK
 2TKOC FK GHHGVVWCTG SWCNUKCUK EQNNGICOGPVQ CEEGTVCTUK EJG NC TGVG GNGVVTKEC
UKCUEQNNGICVC


0GNN QVVKECFKWPEQPVKPWQUXKNWRRQFGKRTQRTKRTQFQVVKKNEQUVTWVVQTGUKTKUGTXCKNFKTKVVQFKCRRQTVCTG

OQFKHKEJGCFCVKVGEPKEKGRTGUVC\KQPKUGP\CRTGCXXKUQ+NEQPUWOCVQTGICTCPVKVQEQPVTQKFKHGVVKFK
EQPHQTOKVFGNRTQFQVVQUGEQPFQNC&KTGVVKXC'WTQRGC

PQPEJKNFQEWOGPVQUWNNCRQNKVKECFK

ICTCP\KCFGNEQUVTWVVQTG5WTKEJKGUVCFKURQPKDKNGRTGUUQKNXGPFKVQTGKNVGUVQEQORNGVQFGNNCICTCP\KC

 6%20+$+#

*%

&+)+6#.%*410156#6

0+%'6+/'

 2TGUU VJG 4'5'6 MG[ QPEG CPF OCMG UWTG VJG VJGTOQUVCV UVCTVU YQTMKPI KP VJG
KPKVKCNEQPFKVKQP






KPUVCNNGFQTYJGPVJG4GUGVQT

OKP2TGUUMG[U QTVQGPVGTKPVJGVGORQTCT[OCPWCNOQFGVJGVGORGTCVWTGFKIKVU

YKNNUVCTVHNCUJKPI

0+%'6+/'
6*'4/156#6

 MG[ CTG RTGUUGF VJG VJGTOQUVCV GPVGTU KPVQ VKOG

2TGUU

VQCFLWUVJQWT2TGUU MG[VQEQPHKTOUGVVKPI

VGORQTCT[TGIWNCVKQPOQFGECPDGUGNGEVGF***



0

 MG[ VQ EQPHKTO

6JKU HWPEVKQP CNNQYU VJG WUGT VQ CPVKEKRCVG VJG TGIWNCVKQP CEEQTFKPI VQ %QOHQTV

UGVVKPI 6JKU YKNN EQPHKTO VJG UGVVKPI QH ENQEM CPF FC[

27/214
#(75'

6QUGVVGORQTCT[OCPWCNQXGTTKFGRTQITCOVGORGTCVWTG

2TGUU  QT  MG[ VQ CFLWUV FC[ 2TGUU

219'45722.;

.




2TGUU MG[VQEQPHKTOUGVVKPI6JGFC[KUHNCUJKPI



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(KI

6JGFKURNC[YKNNTGVWTPKPVQTWPPKPIOQFG

%QPITCVWNCVKQPU

#UCPGZCORNGKH[QWUGVVJGENQEMCV(TKFC[CPFVJGTQQOVGORGTCVWTGKUu%

;QW JCXG CESWKTGF QWT NCVGUV OKETQRTQEGUUQT EQPVTQNNGF RTQITCOOCDNG VJGTOQUVCV VQ

VJGFKURNC[YKNNCRRGCTCUKPHKIWTG

TGFWEG[QWTJGCVKPICPFCKTEQPFKVKQPKPIDKNN

0+%'6+/'VJGTOQUVCVKUOCFGVQDGXGT[WUGTHTKGPFN[CPFGCU[VQWUG

%+4%1.#6+1027/2

)GPGTCN
0+%'6+/' FKIKVCN RTQITCOOCDNG VJGTOQUVCV KU DCVVGT[ QRGTCVGF +V JCU  FC[U RTGUGV
RTQITCOUVQUWKVOQUVQHVJGHCOKNKGUNKHGUV[NG+VECPDGGCUKN[CFLWUVGFVQHKV[QWTQYP
NKXKPIUV[NGYKVJCHGYRTQITCOOKPIUVGRU6JKUOCPWCNKUVQRTQXKFG[QWFKTGEVKQPUQP
JQYVQUGVCPFWUGVJKUVJGTOQUVCV
6JG 0+%'6+/' KU QRGTCVGF D[  Z ## UK\G DCVVGTKGU +V ECP VJGTGHQTG TGRNCEG CP[
OGEJCPKECN UVCPFCTFU  YKTGU VJGTOQUVCV 2NGCUG JQYGXGT PQVG VJCV VJG OCZKOCN
TGUKUVKXGNQCFKU#/25

(KI

$GHQTG YKTKPI VJG VJGTOQUVCV VQ C  8` U[UVGO RNGCUG OCMG UWTG VJCV RQYGT KU
UYKVEJGF QHH CPF VJCV QPN[ C UMKNNGF RGTUQP YKVJ IQQF GNGEVTKECN MPQYNGFIG FQGU VJG
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VJGQNFVJGTOQUVCVCPFTGRNCEGKVYKVJ0+%'6+/'VJGTOQUVCV
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5GG
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2TGUU4GUGVMG[VQTGUGVVJGWPKVKPVQKPKVKCNENQEMUGVVKPIOQFG#NNRTGXKQWURTQITCOU
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 MG[6JGFKURNC[YKNNTGVWTPKPVQTWPPKPIOQFG

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1PVJGDCEMQHVJGHTQPVJQWUKPI

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VJGRTGUGVRTQITCO2TGUU2MG[VQGPVGTKPVQVJGRTQITCOXKGYKPIOQFG2TGUU  MG[

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 QT

 VQ UGNGEV VJG VGORGTCVWTG VQOQFKH[ #U CP GZCORNG 5CVWTFC[

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 6QGPVGTKPVQVKOGCPFFC[CFLWUVOGPVOQFG

4GUGV 6QTGUGVVJGWPKVKPVQKPKVKCNOQFG

 6QVWTPQPCPFQHHQHVJGWPKV
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QHOGCUWTKPICUVCDNGCPFCEEWTCVGVGORGTCVWTGVQEQPVTQNVJGWPKV

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5GG(KI

2WVVJGHTQPVJQWUKPIDCEMVQVJGDCUGCPFNQEMVJGHTQPVJQWUKPIYKVJUETGY

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6QUYKVEJVJGWPKV10CPF1((

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5GG

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%QOHQTV VGORGTCVWTG KU UGV 0QVG  VQ  KU UGV CV 'EQPQO[ VGORGTCVWTG

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VGORGTCVWTG KU UGV OGCPYJKNG HTQO  VQ  CPF HTQO  VQ  VJG

G 0QVQPCYCNNVQYCTFUCJGCVGTEQQMGTQTHWTPCEGQPDCEMUKFG

5 e

6QECPEGNOCPWCNVGORQTCT[XCECVKQPQTRGTOCPGPVQXGTTKFG

F 0QVENQUGVQCJGCVGTHWTPCEGQTXGPVKNCVKQPQWVNGV

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MG[VQEQPHKTOVJGQXGTTKFGUGVVKPI

2TGUU

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 VGORGTCVWTG ECP DG UGV

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5GG(KI

5 e


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 /QWPV VJG DCUG QP VJG YCNN CPF OCMG UWTG VJG JQNG QP VJG YCNN KU EQXGTGF D[ VJG


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VQUYKVEJVQVJG

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UYKVEJVQVJG

6QXKGYVJGRTQITCOU

VGORGTCVWTG
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14$1+.'4

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2TGUU VQEQPHKTOVJGUGNGEVGFXCNWG

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 VQ EQPHKTO VJG UKIP

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6JG CRRNKCPEG OWUV DG YKTGF VQ VJG GNGEVTKE OCKPU VJTQWIJ C UYKVEJ
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 6QQXGTTKFGKPVQ'EQPQO[VGORGTCVWTGOQFG

6QUGVVGORQTCT[OCPWCNQXGTTKFGVGORGTCVWTG

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UGNGEVCDNGCOQPIRTGUGVKPVGTXCNU

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6QWVGHQKU

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RTQVGEVKQP

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1P1HH

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8CECPEGU

1-%QPHKTOGT

6GORTCVWTG%QPHQTV

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5 e.

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GV

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%CRVGWT

RTQITCOOGGVFGEQPHKTOGT
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RTQITCOOGCFCRVXQVTGUV[NGFGXKG



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QW

%CTCEVTKUVKSWGUVGEJPKSWGU


EQPQOKG UQPV

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2TEKUKQP  vu%

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FG NC VGORTCVWTG EQPQOKG # EG PKXGCW NC XCNGWT FG NC VGORTCVWTG GP SWGUVKQP

 RQWTXQKTNCXCNGWTFGNCVGORTCVWTGFGEQPHQTVQW

 RQWTXQKTNCXCNGWT

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2QWTTINGTWPGVGORTCVWTGOCPWGNVGORQTCKTG

#RTU CXQKT RNCE NGU RKNGU FCPU N GORNCEGOGPV RTXW QW CRTU CXQKT CRRW[ UWT NGU

%GVVG HQPEVKQP RGTOGV FG OQFKHKGT FG HCQP VGORQTCKTG NC VGORTCVWTG EQWTCPVG FG

+PUTGTFGWZRKNGUV[RG##FCPUN GORNCEGOGPVRTXW

VQWEJGU4GUGVQWNCVQWEJG

TIWNCVKQP CW OQ[GP FG  KPVGTXCNNGU RTTINU # EJCSWG KPVGTXCNNG EQTTGURQPF WP

 #RRW[GT UWT NG DQWVQP FG TGUGV GV U CUUWTGT SWG NG VJGTOQUVCV HQPEVKQPPG FCPU UC

.QTUSWG NGU EJKHHTGU ENKIPQVGPV CRRW[GT UWT NGU VQWEJGU  QW  RQWT TINGT N JGWTG

VGORU RTHKZ UGNQP N GZGORNG UWKXCPV *  OKP *  JGWTG   OKPWVGU

#RRW[GTUWTNCVQWEJG

*JGWTGU OKP*JGWTGU OKP#RRW[GTNGUVQWEJGU QW 

RQWTEQPHKTOGT.GUEJKHHTGUFGUOKPWVGUEQOOGPEGPV

%JCORUFGTINCIG u%

RTQITCOOGU CWZ XCNGWTU UVCPFCTFU RQWT NG EJCWHHCIG GV NG

#RRW[GTUWT

QPGPVTGFCPUNGOQFGFGTIWNCVKQPFGN JQTNQIG

TGNXG GV KPFKSWG NC VGORTCVWTG EQTTGEVG F CODKCPEG .C OGUWTG FG NC VGORTCVWTG GUV


(KI

(CQP

RTQZKOKV FW ECRVGWT KN RGWV VTG PEGUUCKTG F CVVGPFTG SWGNSWGU OKPWVGU CXCPV SWG EGNWK
TCNKUGVQWVGUNGUUGEQPFGUFCPUNGDWVFGICTCPVKTWPGITCPFGCWVQPQOKGFGURKNGU

5 e

  2QWTXQKTGVOQFKHKGTNGUVGORTCVWTGU

%GVJGTOQUVCVWVKNKUGWPECRVGWT06%FGNCVGEJPQNQIKGNCRNWUCXCPEGSWKGUVRQUKVKQPP
GPDCUFTQKVGN KPVTKGWTFWDQVKGTRNCUVKSWG&CPUNGECUQN QPWVKNKUGNGVJGTOQUVCV



  #W OQ[GP FG EGU UKORNGU VCRGU KN GUV RQUUKDNG FG TINGT WP

  .GU VGORTCVWTGU

     1((%JCWHHCIG



CWOQFGFGHQPEVKQPPGOGPVPQTOCN
 +NGUVRQUUKDNGFGEQPVTNGTNGRTQITCOOGTINRQWTNGUCOGFKFGHCQPXTKHKGTNG

'PVTGTGPOQFG%QPHQTVOCPWGN

%JCWHH



 #RRW[GTUWTNCVQWEJG RQWTOQFKHKGTNCVGORTCVWTGFG%QPHQTVEQPQOKG

CRRW[GT UWT NGU VQWEJGU  QW  RQWTTINGT NC XCNGWT FUKTG #RRW[GT UWT NC VQWEJG 

EQPFKVKQPKPKVKCNG

EQTRU

 #RRW[GTUWTNCVQWEJG LWUSW N CRRCTKVKQPFG

VGORTCVWTG%QPHQTV

 &KOKPWGNGUEJKHHTGUGPRJCUGFGTINCIGQWGPVTGGPOQFGVGORTCVWTGOCPWGN

EQTTGURQPFCPVG

FW

NGUQRVKQPUUWKXCPVGU

  #WIOGPVGNGUEJKHHTGUGPRJCUGFGTINCIGQWGPVTGGPOQFGVGORTCVWTGOCPWGN

(KIGVGPHQPEVKQPFWV[RGFGDTCPEJGOGPVGHHGEVWGT

FQU

RGTOGVVGPV FG RTQITCOOGT

 6QWEJGFGEQPHKTOCVKQP

2TQITCOOCVKQPWVKNKUCVGWTGPQRVKQP

QWXGTV FGU OKETQKPVGTWRVGWTU

4GRQUKVKQPPGNGVJGTOQUVCVN VCVKPKVKCN

 #NNWOGGVVGKPVNGVJGTOQUVCV

 #RRW[GTUWTNCVQWEJG RQWTUNGEVKQPPGTNGUCOGFK

UVCPFCTFGUVFGPQWXGCWXCNKFG

 #RRW[GTUWTNCVQWEJG2RQWTXKUWCNKUGTNGRTQITCOOG

 'PVTGTFCPUNGOQFGTINCIGJGWTGGVLQWT

5HVHW

#RRW[GT UWT NC VQWEJG 4GUGV RQWT TINGT NG VJGTOQUVCV CWZ RTQITCOOCVKQPU KPKVKCNGU
6QWVGU NGU RTQITCOOCVKQPU XGPVWGNNGU TINGU UQPV TGOKUGU  \TQ GV NG RTQITCOOG

VJGTOQUVCV SWCPF EGNWK GUV

 RQWT UNGEVKQPPGT NC VGORTCVWTG  OQFKHKGT 2CT GZGORNG RQWT

&GUETKRVKQPVQWEJGU
2 'PVTGGPOQFGRTQITCOOG

RQWTCNNWOGTQWVGKPFTGNGVJGTOQUVCV

#W

 QW

(KI

#RRW[GTUWTNCVQWEJG

#RRW[GT

JQTNQIG

6QWEJGU
(KI

2QWTCNNWOGTQWVGKPFTGNGVJGTOQUVCV

2QWTTCNKUGTWPTGUGV

 RQWT UNGEVKQPPGT NG LQWT FQPV QP FUKTG UNGEVKQPPGT NG

(KI

RQWTTGVQWTPGTCWOQFGFGHQPEVKQPPGOGPVPQTOCNQWCRRW[GTUWTNC

RTQITCOOG #RRW[GT UWT NGU VQWEJGU  QW  RQWT UNGEVKQPPGT N JGWTG  OQFKHKGT

6GORTCVWTG

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RQWTVGKPFTGNGVJGTOQUVCV

#RRW[GT UWT NC VQWEJG 2 RQWT GPVTGT FCPU NG OQFG FG XKUWCNKUCVKQP FW RTQITCOOG

5 e

5 e

  NGEVTKSWGUGVFRNCEGTNGUWRRQTV

.GRTQITCOOG UVCPFCTFRQWTTCKVPG RCU VTG CFCRVXQVTGHCOKNNG E GUV RQWTSWQK KNGUV

5NGEVKQPPGT NC VQWEJG

4IKOG%QPHQTV

 RQWT EQPHKTOGT #RRW[GT UWT  QW 



GZGORNGNGRTQITCOOGEJQKUKFWNWPFKGPVTGGVGVGPVTGGVGUVGP

RQUUKDNGFGNGOQFKHKGTGPGHHGEVWCPVNGUQRTCVKQPUUWKXCPVGU

%JCWHHCIG

  NGU FGWZ

RQWTTINGTNCVGORTCVWTGFUKTGRWKUEQPHKTOGTWNVTKGWTGOGPVCXGENCVQWEJG 

*GWTG

TINCIG UGTC RGTOCPGPV #RRW[GT UWT NC VQWEJG

2QWTOQFKHKGTNGRTQITCOOGUVCPFCTF


,QWT

'PCRRW[CPVNGUVQWEJGU QWQPXKUWCNKUGNGUVGORTCVWTGUTINGURQWTEJCSWGJGWTG2CT

 

%CTCEVTKUVKSWGFWFKURNC[.%&GVFGUDQWVQPUFW0+%'6+/'

FG NC RTKQFG FG XCECPEGU FG    LQWTU &CPU NG ECU Q QP NCKUUG NC XCNGWT    NG
(KI

EJCSWGLQWTLWUSW CWFKOCPEJG2QWTEQPENWTGCRRW[GTUWTNCVQWEJG

PEGUUCKTGFGRCUUGTWPEDNGFGWZHKNUFWVJGTOQUVCVCWU[UVOGFGEJCWHHCIG
XQKT

 &XKUUGT



EJCSWG JGWTG 'P TRVCPV NGU VCRGU RTEFGPVGU QP RGWV XKUWCNKUGT NG RTQITCOOG RQWT

(KI

#W EQPVTCKTG FCPU NG ECU Q N QP KPUVCNNG NG 0+%'6+/' RQWT NC RTGOKTG HQKU KN GUV

 RQWT RCUUGT  NC VGORTCVWTG

U[ODQNGU   ENKIPQVGPV#WOQ[GPFGUVQWEJGU QWKNGUVRQUUKDNGFGTINGTNCFWTG

%*#7&+'4'

QW WPG VGORTCVWTG OCPWGNNG RGTOCPGPVG #RRW[GT UWT NC VQWEJG



#RRW[GTUWTNCVQWEJG2NGRTQITCOOGRCTVFW.WPFK

#.+/'06#6+10


EQPQOKG CRRW[GT UWT NC VQWEJG

%QPHQTVLWUSW NCHKPFGN KPVGTXGPVKQPUWEEGUUKXG

)TEGEGVVGHQPEVKQPKNGUVRQUUKDNGFGTINGTWPGRTKQFGFGXCECPEGUFGLQWTU

8KUWCNKUCVKQPUWTETCP

.

RKNGU V[RG ##

UV[NGV GV RGWV FQPE TGORNCEGT HCEKNGOGPV P KORQTVG SWGN VJGTOQUVCV 

E 0GRCUGZRQUGTNCNWOKTGFKTGEVG

+PVGTXCNNGVGOREQPQOKG

GUVFGXQWUIWKFGTFCPUN GZEWVKQPFGEGUQRTCVKQPU.G0+%'6+/'HQPEVKQPPGCXGE

D 5GWNGOGPVUWTOWTUKPVGTPGU

+PVGTXCNNGVGOR%QPHQTV

.G VJGTOQUVCV 0+%'6+/' GUV FQV FG RTQITCOOCVKQPU JGDFQOCFCKTGU UVCPFCTFU

,QWT

 RQWT RCUUGT  NC VGORTCVWTG

2QWTTINGTNCRTKQFGFGXCECPEGUQWWPGVGORTCVWTGOCPWGNNGRGTOCPGPVG


0+%'6+/'

)PTCNKV

VGORTCVWTG


%QPHQTV CRRW[GT UWT NC VQWEJG

.GVCDNGCWFK(KIOGVGPXKFGPEGNGURCTCOVTGUFGEGRTQITCOOGUVCPFCTF
6*'4/156#6

VGORTCVWTG

.G0+%'6+/'GUVWPVJGTOQUVCVJGDFQOCFCKTGRTQITCOOCDNGUWTLQWTUGVJGWTGU
WPRTQITCOOGUVCPFCTFCXGEFGUXCNGWTUCFCRVGUWPGHCOKNNGV[RGGUVFKURQPKDNG

.GVJGTOQUVCV0+%'6+/'CVEQPWRQWTWPGWVKNKUCVKQPUKORNG

2QWTTINGTNGRTQITCOOG
2QWTEJCSWGJGWTGKNGUVRQUUKDNGFGUNGEVKQPPGTNCVGORTCVWTG

(KI

EQPVTNGOKETQRTQEGUUGWTRQWTTFWKTGNGUHTCKUFGEJCWHHCIGGVFGEQPFKVKQPPGOGPV

LWUSW  N KPVGTXGPVKQP UWEEGUUKXG RTQITCOOG 5K NG VJGTOQUVCV HQPEVKQPPG  NC

(KI


21/2'&'

 RQWTEQPHKTOGT

N JQTNQIG C V TING   XGPFTGFK GV NC VGORTCVWTG

21/2'17

 KN UGTC RQUUKDNG FG TINGT NG

EGVVGXCNGWT

HQPEVKQPPGOGPV UVCPFCTF E GUVFKTG RCT GZGORNG UK

#.+/'06#6+10

 RQWT EQPHKTOGT 

N ETKVWTG *  ENKIPQVGTC )TEG CWZ VQWEJGU  GV

VQWEJGU QWRQWTTINGTNGLQWT#RRW[GTUWTNCVQWEJG

 RQWT EQPHKTOGT . ETCP TGVQWTPGTC FCPU NG OQFG FG



 RQWT TINGT NC VGORTCVWTG FUKTG #RRW[GT

EJKHHTGU FW LQWT EQOOGPEGPV  ENKIPQVGT CRRW[GT UWT NGU

F CWOQKPUOOEJCEWPFGURNGU
 . KPUVCNNCVKQPGVNGDTCPEJGOGPVNGEVTKSWGFWFKURQUKVKHFQKXGPVVTGTCNKUU
RCTWPRGTUQPPGNSWCNKHKGVGPEQPHQTOKVCWZNQKUGPXKIWGWT
 #XCPV F GHHGEVWGT VQWV V[RG FG DTCPEJGOGPV U CUUWTGT SWG NG TUGCW
NGEVTKSWGUQKVJQTUVGPUKQP


&CPUN QRVKSWGF WPFXGNQRRGOGPVEQPVKPWFGUGURTQFWKVUNGEQPUVTWEVGWTUGTUGTXGNGFTQKV

F CRRQTVGTUCPURTCXKUFGUOQFKHKECVKQPUCWZFQPPGUVGEJPKSWGUGVCWZRTGUVCVKQPUFGEGUFGTPKGTU
5GNQPNC&KTGEVKXG'WTQRGPPG

GVNGFQEWOGPVSWKTGRQTVGNCRQNKVKSWGFGICTCPVKGFW

EQPUVTWEVGWTNGEQPUQOOCVGWTGUVRTQVIEQPVTGNGUFHCWVUFGEQPHQTOKVFWRTQFWKVRGPFCPV
OQKUEQORVGTFGNCFCVGFGXGPVG.GVGZVGEQORNGVFGNCICTCPVKGGUVFKURQPKDNGCWRTUFWXGPFGWT

UWTFGOCPFG

 6%20+$+%