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HIWMKRIV6IJIVXS%'-6JSVMRJSVQEXMSRVIPEXIHXSXLI
MRWXEPPEXMSRERHGSRWXVYGXMSRJSVWSQISJXLIWIMXIQW
e 7PEFSRKVSYRHHIWMKRGVMXIVME
e &EWIERHWYFFEWIQEXIVMEPWTVITEVEXMSRVIUYMVIQIRXW
ERHZETSVVIXEVHIVFEVVMIV[LIRVIUYMVIH
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e .SMRXPSGEXMSRWERHHIXEMPW
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e 7YVJEGIXVIEXQIRX[LIRVIUYMVIH
e 7YVJEGIJMRMWL
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e 'VEGO [MHXLW JSV HMJJIVIRX EQSYRXW SJ VIMRJSVGIQIRX
JSVWPEFWSRKVSYRH
e 4VSZMHIKYMHERGISREGGITXEFPINSMRXERHGVEGO[MHXLW
JSVHMJJIVIRXWPEFYWEKIW
e 4VSZMHIHS[IPVIGSQQIRHEXMSRWFEWIHSRPSEHMRKWPMJX
XVYGOVEGOTSWXERHYRMJSVQWXSVEKI VEXLIVXLERWPEF
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HS[IPKISQIXVMIW
e 4VSZMHIHIWMKRKYMHERGIJSVWPEFW[MXLQEGVSW]RXLIXMG
JMFIVW
e 4VSZMHIHIWMKREMHWJSVWPEFW[MXLVEGOYTPMJXPSEHWHYI
XSWIMWQMGERHSXLIVYTPMJXPSEHMRKW
e 4VSZMHI HIWMKR EMHW JSV WPEFW [MXL RSRYRMJSVQ VEGO
TSWXPSEHW
e (IZIPSTEWXERHEVHMÎHQIXLSHJSVXIWXMRKERHWTIGMJ]MRK
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YRHIVPSEHVITIXMXMSRW[MHIEVIEPSRKXIVQPSEHMRKWSV
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e 6IGSQQIRHIHNSMRXWTEGMRKJSVJMFIVVIMRJSVGIHGSRGVIXI
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e .SMRXJMPPMRKQEXIVMEPERHMRWXEPPEXMSR
e 7TIGMEPIQFIHQIRXW
e 8IWXMRKVIUYMVIQIRXWERH
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PSEHIH ERH VIWXVEMRX XS GSRGVIXI ZSPYQIXVMG GLERKIW
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RSVQEPP] YWIH (V]MRK WLVMROEKI IJJIGXW ERH YRMJSVQ
WYFKVEHIWYTTSVXSRWPEFGVEGOMRKEVIGVMXMGEPXSXLITIVJSV
QERGISJYRVIMRJSVGIHGSRGVIXIWPEFW6IJIVXS'LETXIVJSV
YRVIMRJSVGIHWPEFHIWMKRQIXLSHW
7PEFWVIMRJSVGIHJSVGVEGO[MHXLGSRXVSP{8LMGORIWW
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ERHXLI]EVIHIWMKRIHXSVIQEMRYRGVEGOIH[LIRPSEHIH*SV
WPEFW GSRWXVYGXIH [MXL TSVXPERH GIQIRX WLVMROEKI GVEGO
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F] E RSQMREP UYERXMX] SJ HMWXVMFYXIH VIMRJSVGIQIRX 7PEFW
VIMRJSVGIQIRXGERGSRWMWXSJFEVW[IPHIH[MVIVIMRJSVGIQIRX
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MRXLIYTTIVSJXLIWPEF
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JPI\YVEPWXVIRKXLEXEGVEGOIHWIGXMSR-RXLMWGEWIERHJSV
WPEFWSJMRWYJJMGMIRXXLMGORIWWXSGEVV]XLIETTPMIHPSEHWEWER
YRVIMRJSVGIH WPEF XLI VIMRJSVGIQIRX VIUYMVIH JSV JPI\YVEP
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HIWGVMFIHMR%'-9WMRKXLIQIXLSHWMR%'-[MXL
LMKL WXIIP VIMRJSVGIQIRX WXVIWWIW LS[IZIV QE] PIEH XS
YREGGITXEFPI GVEGO [MHXLW &YMPHMRK GSHIW HS RSX WYTTSVX
XLIYWISJJMFIVVIMRJSVGIQIRXXSTVSZMHIJPI\YVEPWXVIRKXLMR
GVEGOIH WIGXMSRW JSV ZIVXMGEP SV PEXIVEP JSVGIW JVSQ SXLIV
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3XLIV XLER TSWXXIRWMSRMRK SV XLI VIMRJSVGIQIRX MR E
WLVMROEKIGSQTIRWEXMRK WPEF VIMRJSVGIQIRX HSIW RSX
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[E]XSMRGVIEWIJPI\YVEPWXVIRKXLMWXSMRGVIEWIXLIWPEFXLMGORIWW
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VIMRJSVGIHJSVGVEGO[MHXLGSRXVSP
7PEFW VIMRJSVGIH XS TVIZIRX GVEGOMRK{4SWX
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HIWMKRIH RSXXS GVEGOFYXWSQIMRGMHIRXEPQMRSVGVEGOMRK
QE] SGGYV *SV WLVMROEKIGSQTIRWEXMRK WPEFW XLI WPEF MW
HIWMKRIHYRVIMRJSVGIHERHXLIVIMRJSVGIQIRXMWHIWMKRIHXS
TVIWXVIWWXLII\TERHMRKWPEFXSSJJWIXXLIWXVIWWIWGEYWIHF]
XLIWLVMROEKIERHXIQTIVEXYVIVIWXVEMRX*SVTSWXXIRWMSRIH
WPEFWXLIVIMRJSVGIQIRXMWX]TMGEPP]HIWMKRIHXSGSQTIRWEXI
JSVWLVMROEKIERHXIQTIVEXYVIVIWXVEMRXWXVIWWERHETTPMIHPSEHW
7LVMROEKIGSQTIRWEXMRK GSRGVIXI WPEFW EVI TVSHYGIH
IMXLIV[MXLEWITEVEXIGSQTSRIRXEHQM\XYVISV[MXL%781
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FYXJMVWXI\TERHWXSEREQSYRXMRXIRHIHXSFIWPMKLXP]KVIEXIV
XLERMXWHV]MRKWLVMROEKI8SPMQMXXLIMRMXMEPWPEFI\TERWMSR
ERHXSTVIWXVIWWXLIGSRGVIXIVIMRJSVGIQIRXMWHMWXVMFYXIHMR
XLIYTTIVSJXLIWPEF7YGLVIMRJSVGIQIRXWLSYPHFIVMKMH
ERHTSWMXMZIP]TSWMXMSRIH8LIWPEFWLSYPHFIMWSPEXIHJVSQ
JM\IHTSVXMSRWSJXLIWXVYGXYVIWYGLEWGSPYQRWERHTIVMQIXIV
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on
du
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KVSYRHxMWTVIJIVVIHFYXwWPEFSRKVEHIxMWSJXIRYWIH7PEF
SRKVSYRH MRGPYHIW MRXIVMSV WPEFW WYFNIGX XS PSEHMRKW EW
HIWGVMFIHMR'LETXIV8LIWIMRGPYHIMRHYWXVMEPGSQQIVGMEP
VIWMHIRXMEP ERH VIPEXIH ETTPMGEXMSRW %PXLSYKL XLI XIVQ
QMKLXMRGPYHITEVOMRKPSXERHVSEH[E]TEZIQIRXWXLMWKYMHI
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%R MQTSVXERX VIWTSRWMFMPMX] SJ XLI WPEF HIWMKRIV MW XS
HMWGYWW XLI VIUYMVIQIRXW SJ XLI JPSSV WPEF [MXL XLIS[RIV
(MWGYWWMSRWWLSYPHMRGPYHIXLIEHZERXEKIWERHHMWEHZERXEKIW
SJXLIHMJJIVIRXWPEFX]TIWERHLS[XLI]VIPEXIXSXLIS[RIVvW
VIUYMVIQIRXW-XMWMQTSVXERXJSVXLMWHMWGYWWMSRXSSGGYVWS
XLI S[RIV LEW VIEWSREFPI I\TIGXEXMSRW SJ XLI WPEF TIVJSV
QERGI ERH VIUYMVIH JYXYVI QEMRXIRERGI JSV XLI WPEF X]TI
WIPIGXIH 7SQI SJ XLI QSVI MQTSVXERX I\TIGXEXMSRW XLEX
WLSYPHFIHMWGYWWIHJSVXLITVSWTIGXMZIWPEFX]TIEVI
e 'VEGOMRKTSXIRXMEP
e 'VEGO[MHXLWJSVWPEFWHIWMKRIH[MXLVIMRJSVGIQIRXXS
PMQMXGVEGO[MHXLW
e 9WISJHS[IPIHNSMRXWZIVWYWEKKVIKEXIMRXIVPSGO
e 4SWWMFPIJYXYVIVITEMVWMRGPYHMRKNSMRXHIXIVMSVEXMSR
e .SMRX QEMRXIRERGI VIUYMVIQIRXW ERH XLI S[RIVW
VIWTSRWMFMPMX]JSVXLMWQEMRXIRERGI
e *PSSV JPEXRIWW ERH PIZIPRIWW VIUYMVIQIRXW XS QIIX XLI
S[RIVvWRIIHW
e 'LERKIWXSXLIJPEXRIWWERHPIZIPRIWWSZIVXMQIIWTIGMEPP]
MRPS[LYQMHMX]IRZMVSRQIRXW
e %HZERXEKIW ERHHMWEHZERXEKIWSJWPEFTPEGIQIRX [MXL
XLI [EXIVXMKLX VSSJMRK W]WXIQ MR TPEGI ZIVWYW TPEGMRK
XLIWPEFMRXLISTIR
e 0IZIPSJQSMWXYVIZETSVVIWMWXERGIVIUYMVIHERH
e %HZERXEKIW ERH HMWEHZERXEKIW SJ YWMRK XLI FYMPHMRK
JPSSVWPEFJSVXMPX[EPPGSRWXVYGXMSRJSVQERHXIQTSVEV]
FVEGMRK
a.
6
{7PEFX]TIW
8LIVI EVI JSYV FEWMG HIWMKR GLSMGIW JSV WPEFSRKVSYRH
GSRWXVYGXMSR
9RVIMRJSVGIHGSRGVIXIWPEF
7PEFWVIMRJSVGIHXSPMQMXGVEGO[MHXLWHYIXSWLVMROEKI
ERH XIQTIVEXYVI VIWXVEMRX ERH ETTPMIH PSEHW 8LIWI WPEFW
GSRWMWXSJ
E 2SRTVIWXVIWWIH WXIIP FEV [MVI VIMRJSVGIQIRX SV
JMFIVVIMRJSVGIQIRXEPP[MXLGPSWIP]WTEGIHNSMRXWERH
F'SRXMRYSYWP]VIMRJSVGIHJVIISJWE[GYXGSRXVEGXMSR
NSMRXW
7PEFWVIMRJSVGIHXSTVIZIRXGVEGOMRKHYIXSWLVMROEKI
ERH XIQTIVEXYVI VIWXVEMRX ERH ETTPMIH PSEHW 8LIWI WPEFW
GSRWMWXSJ
E7LVMROEKIGSQTIRWEXMRKGSRGVIXIERH
F4SWXXIRWMSRIH
7XVYGXYVEPWPEFWHIWMKRIHMREGGSVHERGI[MXL%'-
E4PEMRGSRGVIXIERH
F6IMRJSVGIHGSRGVIXI
()7-+23*70%&732+6392(
6
8EFPI{+IRIVEPGSQTEVMWSRSJWPEFX]TIW
7PEFX]TI
%HZERXEKIW
(MWEHZERXEKIW
e 6IUYMVIWVIPEXMZIP]GPSWIP]WTEGIHWE[GYXGSRXVEGXMSR
NSMRXW
e 7MQTPIXSGSRWXVYGX
9RVIMRJSVGIHGSRGVIXI
e +IRIVEPP]MWPIWWI\TIRWMZIXSMRWXEPPXLERWPEFWHIWMKRIH ee 1SVISTTSVXYRMX]JSVWPEFGYVPERHNSMRXHIXIVMSVEXMSR
0EVKIRYQFIVSJNSMRXWXSQEMRXEMR
F]SXLIVQIXLSHW
e 4SWMXMZIPSEHXVERWJIVQE]FIVIUYMVIHEXNSMRXW
e *PEXRIWWERHPIZIPRIWWQE]HIGVIEWISZIVXMQI
e 1E]FIQSVII\TIRWMZIXLERERYRVIMRJSVGIHWPEF
6IMRJSVGIH[MXLHIJSVQIHFEVWSV
e 6IMRJSVGIQIRXGEREGXYEPP]MRGVIEWIXLIRYQFIVSJ
[IPHIH[MVIVIMRJSVGIQIRXWLIIXW e 6IMRJSVGIQIRXMWYWIHXSPMQMXWGVEGO[MHXL
VERHSQGVEGOWTEVXMGYPEVP]EX[MHIVNSMRXWTEGMRKW
JSVGVEGO[MHXLGSRXVSP
e 1SVISTTSVXYRMX]JSVWPEFGYVPERHNSMRXHIXIVMSVEXMSR
e 4SWMXMZIPSEHXVERWJIVQE]FIVIUYMVIHEXNSMRXW
e 7E[GYXGSRXVEGXNSMRXWGERFIIPMQMREXIH[LIVIWYJJMGMIRX e 6IUYMVIWVIPEXMZIP]LMKLEQSYRXWEXPIEWX SJ
VIMRJSVGIQIRXMWYWIH
GSRXMRYSYWVIMRJSVGIQIRXTPEGIHRIEVXLIXSTSJXLIWPEF
'SRXMRYSYWP]VIMRJSVGIH[MXL
e )PMQMREXIWWE[GYXGSRXVEGXMSRNSMRXQEMRXIRERGI
XSIPMQMREXINSMRXW
HIJSVQIHFEVWSV[IPHIH[MVI
e
'YVPMRKMWVIHYGIH[LIRLMKLEQSYRXWSJVIMRJSVGIQIRX
e 8]TMGEPP]TVSHYGIWRYQIVSYWGPSWIP]WTEGIHJMRIGVEGOW
VIMRJSVGIQIRXQEXW
EVIYWIH
ETTVS\MQEXIP]XSJX?XSQA XLVSYKLSYXWPEF
e 0IWWGLERKIWMRJPEXRIWWERHPIZIPRIWW[MXLXMQI
e 6IUYMVIWVIMRJSVGIQIRXXSHIZIPSTWLVMROEKIGSQTIRWEXMSR
e ;MRHS[SJJMRMWLEFMPMX]MWVIHYGIH
e %PPS[ERGIWLSYPHFIQEHIJSVGSRGVIXIXSI\TERHFIJSVI
HV]MRKWLVMROEKIFIKMRW
e 'SRWXVYGXMSRWIUYIRGMRKSJEHNEGIRXWPEFTERIPWWLSYPH
FIGSRWMHIVIHSVNSMRXWWLSYPHFIHIXEMPIHJSVI\TERWMSR
e 'SRXVEGXSVWLSYPHLEZII\TIVMIRGI[MXLXLMWX]TISJ
GSRGVIXI
e 1SVIHIQERHMRKMRWXEPPEXMSR
e 'SRXVEGXSVWLSYPHLEZII\TIVMIRGI[MXLTSWXXIRWMSRMRK
SVIQTPS]EGSRWYPXERX[MXLTSWXXIRWMSRMRKI\TIVMIRGI
e -RWTIGXMSRIWWIRXMEPXSIRWYVITVSTIVTPEGIQIRXERH
WXVIWWMRKSJXIRHSRW
e 9RIGSRSQMGEPJSVWQEPPEVIEW
e 2IIHXSHIXEMPJPSSVTIRIXVEXMSRWERHTIVMQIXIVJSV
WPEFQSZIQIRX
e -QTEGXSJGYXXMRKXIRHSRWWLSYPHFIIZEPYEXIHJSV
TSWXGSRWXVYGXMSRWPEFTIRIXVEXMSRW
e 1E]VIUYMVIEHNYWXQIRXWXSWXERHEVHGSRGVIXIQM\MRK
TPEGIQIRXERHJMRMWLMRKTVSGIHYVIW
e -RGVIEWIHVIWMWXERGIXSMQTEGXERHJEXMKYIPSEHMRKW[LIR e *MFIVWQE]FII\TSWIHSRXLIWYVJEGISJWPEF
GSQTEVIHXSWPEFWVIMRJSVGIH[MXLFEVWSVQIWL
e *PSSVWWYFNIGXIHXS[IXGSRHMXMSRWQE]RSXFIWYMXEFPI
e 7MQTPIXSGSRWXVYGX
JSVWXIIPJMFIVFIGEYWIJMFIVWGPSWIXSXLIWYVJEGIERHMR
[EXIVTIVQIEFPIGVEGOW[MPPVYWX
e ,IPTWVIHYGITPEWXMGWLVMROEKIGVEGOMRK
e 1MGVSW]RXLIXMGJMFIVWHSRSXLIPTMRGSRXVSPPMRKHV]MRK
e 7MQTPIXSGSRWXVYGX
WLVMROEKIGVEGOW
e 1EGVSW]RXLIXMGJMFIVWTVSZMHIMRGVIEWIHVIWMWXERGIXS
e .SMRXWTEGMRKJSVQMGVSW]RXLIXMGJMFIVVIMRJSVGIHWPEFW
MQTEGXERHJEXMKYIPSEHMRKWWMQMPEVXSWXIIPJMFIVW
EVIXLIWEQIEWYRVIMRJSVGIHWPEFW
e 7]RXLIXMGJMFIVWHSRSXGSVVSHI
e 7PEFWGERGEVV]WXVYGXYVEPPSEHWWYGLEWQI^ÊRMRIW
e 7PEFQE]LEZIRYQIVSYWJMRISVLEMVPMRIGVEGOWMJ
e 6IHYGIWSVIPMQMREXIWWE[GYXGSRXVEGXMSRNSMRXW[LIVI
VIMRJSVGIQIRXWXVIWWIWEVIWYJJMGMIRXP]PS[
WYJJMGMIRXVIMRJSVGIQIRXMWYWIH
.b
7XIIPJMFIVVIMRJSVGIHGSRGVIXI
on
du
a.
co
e %PPS[WGSRWXVYGXMSRNSMRXWTEGMRKWSJXSJXXS
Q
e 7E[GYXGSRXVEGXMSRNSMRXWEVIRSVQEPP]RSXVIUYMVIH
e 6IHYGIWNSMRXQEMRXIRERGIGSWXHYIXSMRGVIEWIHWTEGMRKSJ
7LVMROEKIGSQTIRWEXMRKGSRGVIXI
XLINSMRXWVIHYGMRKXLIXSXEPEQSYRXSJNSMRXW
e 2IKPMKMFPIGYVPEXXLINSMRXW
e -RGVIEWIWWYVJEGIHYVEFMPMX]ERHEFVEWMSRVIWMWXERGI
%'-7IGXMSR{(YVEFMPMX]
e 'SRWXVYGXMSRWTEGMRKWXSJXXSQ
e 1SWXWLVMROEKIERHJPI\YVEPGVEGOWGERFIEZSMHIH
e )PMQMREXIWWE[GYXGSRXVEGXMSRNSMRXWERHXLIMV
QEMRXIRERGI
e 2IKPMKMFPIWPEFGYVP[LIRXIRHSRWEVIHVETIHRIEVNSMRX
4SWXXIRWMSRIH
IRHW
e -QTVSZIHPSRKXIVQJPEXRIWWERHPIZIPRIWW
e (IGVIEWIHWPEFXLMGORIWWSVMRGVIEWIHJPI\YVEPWXVIRKXL
e 6IWMPMIRX[LIRSZIVPSEHIH
e %HZERXEKIWMRTSSVWSMPGSRHMXMSRW
7]RXLIXMGJMFIVVIMRJSVGIH
GSRGVIXI
7XVYGXYVEPWPEFWVIMRJSVGIHJSV
FYMPHMRKGSHIVIUYMVIQIRXW
JSYRHEXMSRW [MXL E GSQTVIWWMFPI QEXIVMEP XLEX EPPS[W XLI

MRMXMEPWPEFI\TERWMSR
6IJIVXS'LETXIVWERH JSVHIWMKRQIXLSHWJSVWPEFW
VIMRJSVGIHXSTVIZIRXGVEGOMRK
7XVYGXYVEP WPEFW{7XVYGXYVEP TPEMR ERH VIMRJSVGIH
WPEFWXLEXXVERWQMXZIVXMGEPPSEHWSVPEXIVEPJSVGIWJVSQSXLIV
TSVXMSRW SJ XLI WXVYGXYVI XS XLI WSMP WLSYPH FI HIWMKRIH MR
EGGSVHERGI [MXL %'- 9WMRK XLIQIXLSHW MR %'-
[MXLLMKLWXIIPVIMRJSVGIQIRXWXVIWWIWLS[IZIVQE]PIEHXS
YREGGITXEFPIGVEGO[MHXLW
{(IWMKRERHGSRWXVYGXMSRZEVMEFPIW
(IWMKRERHGSRWXVYGXMSRSJWPEFWSRKVSYRHMRZSPZIWFSXL
XIGLRMGEPERHLYQERJEGXSVW8IGLRMGEPJEGXSVWMRGPYHIPSEHMRKW
WSMPWYTTSVXW]WXIQWNSMRXX]TIWERHWTEGMRKWHIWMKRQIXLSH
WPEF X]TI GSRGVIXI QM\XYVI HIZIPSTQIRX SJ QEMRXIRERGI
TVSGIHYVIW ERH XLI GSRWXVYGXMSR TVSGIWW ,YQER JEGXSVW
MRGPYHI XLI [SVOIVWv EFMPMXMIW JIIHFEGO XS IZEPYEXI XLI
GSRWXVYGXMSRTVSGIWWERHGSRJSVQERGI[MXLTVSTIVQEMR
XIRERGI TVSGIHYVIW JSV GVEGOMRK GYVPMRK ERH WLVMROEKI
8LIWI ERH SXLIV JEGXSVW WLSYPH FI GSRWMHIVIH [LIR
HIWMKRMRKEWPEF;IWXIVKEEVH
{+IRIVEPGSQTEVMWSRSJWPEFX]TIW
8SEWWMWX[MXLWIPIGXMRKXLIQSWXETTVSTVMEXIWPEFX]TI
JSV XLI TEVXMGYPEV TVSNIGX 8EFPI TVSZMHIW KIRIVEP
EHZERXEKIWERHHMWEHZERXEKIWJSVXLIWPEFX]TIWHMWGYWWIH
MR 7IGXMSR
{'SRGPYWMSR
2S WMRKPI WPEF HIWMKR QIXLSH MW VIGSQQIRHIH JSV EPP
ETTPMGEXMSRW6EXLIVJVSQXLIRYQFIVSJMHIRXMJMEFPIGSRWXVYG
XMSR GSRGITXW ERH HIWMKR QIXLSHW E GSQFMREXMSR WLSYPH FI
WIPIGXIHFEWIHSRXLIVIUYMVIQIRXWSJXLIWTIGMJMGETTPMGEXMSR
%'-'311-88))6)4368
*MK{7PEFWYTTSVXW]WXIQXIVQMRSPSK]
co
ERHPEFSVEXSV]XIWXVIWYPXWWYGLEWXLIQSMWXYVIGSRXIRXERH
HV] HIRWMX] SJ GSLIWMZI WSMPW EVI SJXIR MRGPYHIH SR XLI
FSVMRK PSKW SV MR XLI KISXIGLRMGEP VITSVX %PWS XLI WSMP MW
GPEWWMJMIHEWHMWGYWWIHMR7IGXMSR
6ITSVX IZEPYEXMSRW ERH VIGSQQIRHEXMSRW{)ZEPYE
XMSRWERHVIGSQQIRHEXMSRWVIPEXMZIXSXLII\MWXMRKWYFKVEHI
QEXIVMEP MXW GSQTEGXMSR ERH WYTTSVXMRK GETEFMPMX] GER FI
MRGPYHIH MR XLI VITSVX ERH WLSYPH FI IZEPYEXIHEKEMRWX XLI
HIWMKR VIUYMVIQIRXW 8LI KISXIGLRMGEP IRKMRIIV QE]
TVSZMHIWYKKIWXMSRWJSVWYFFEWIERHFEWIGSYVWIQEXIVMEPW
-RWSQIGEWIWPSGEPQEXIVMEPWXLEXEVITIGYPMEVXSXLEXEVIE
WYGL EW GVYWLIH WIE WLIPPW QMRI XEMPMRKW FSXXSQ EWL ERH
SXLIV[EWXITVSHYGXWGERFIIGSRSQMGEPP]YWIH8LIPSGEP
KISXIGLRMGEP IRKMRIIV MW KIRIVEPP] ORS[PIHKIEFPI EFSYX
YWMRK XLIWI QEXIVMEPW MR XLI TVSNIGX EVIE 8LI I\TIGXIH
TIVJSVQERGIGLEVEGXIVMWXMGWSJXLIWPEFSRKVSYRHWLSYPHFI
QEHIORS[RXSXLIKISXIGLRMGEPIRKMRIIVFIJSVIXLIWYFWYVJEGI
MRZIWXMKEXMSRXSSFXEMRXLIFIWXIZEPYEXMSRERHVIGSQQIRHEXMSRW
*SV I\EQTPI WSQI SJ XLI MRJSVQEXMSR XLEX WLSYPH FI
TVSZMHIHXSXLIKISXIGLRMGEPIRKMRIIVMRGPYHIW
e *EGMPMX]YWIERHTVSTSWIHJPSSVIPIZEXMSR
e 8]TIERHQEKRMXYHISJERXMGMTEXIHPSEHW
e )RZMVSRQIRXEPGSRHMXMSRWSJXLIFYMPHMRKWTEGI
e *PSSVPIZIPRIWWERHJPEXRIWWGVMXIVMEERH
e *PSSVGSZIVMRKVIUYMVIQIRXW
-XQE]FIFIRIJMGMEPJSVXLIKISXIGLRMGEPIRKMRIIVXSZMWMX
PSGEP FYMPHMRKW SV SXLIV JEGMPMXMIW SJ XLI GPMIRX XLEX LEZI
WMQMPEV YWI 'SSVHMREXMSR FIX[IIR XLI KISXIGLRMGEP IRKMRIIV
ERH XLI WPEFSRKVSYRH HIWMKRIV JVSQ XLI FIKMRRMRK SJ XLI
TVSNIGXGERPIEHXSEREHIUYEXIERHIGSRSQMGEPWPEFWSRKVSYRH
.b
on
du
',%48)6{73-079443687=78)17*36
70%&732+6392(
{-RXVSHYGXMSR
8LI HIWMKR SJ WPEFWSRKVSYRH XS VIWMWX QSQIRXW ERH
WLIEVW GEYWIH F] ETTPMIH PSEHW HITIRHW SR XLI MRXIVEGXMSR
FIX[IIR XLI GSRGVIXI WPEF ERH XLI WYTTSVXMRK QEXIVMEPW
4VSTIVXMIW ERH HMQIRWMSRW SJ XLI WPEF ERH XLI WYTTSVXMRK
QEXIVMEPW EVI MQTSVXERX MR XLI HIWMKR SJ E WPEFSRKVSYRH
8LIWYTTSVXW]WXIQWLSYPHFISJEGGITXEFPIYRMJSVQWXVIRKXL
ERHRSXIEWMP]WYWGITXMFPIXSXLIIJJIGXWSJGPMQEXMGGLERKIW
7PEFSRKVSYRH JEMPYVIW GER SGGYV FIGEYWI SJ ER MQTVSTIV
WYTTSVXW]WXIQ-WWYIWVIPEXIHXSXLIWYTTSVXW]WXIQSJXLI
WPEFSRKVSYRHMRGPYHI
e +ISXIGLRMGEPIRKMRIIVMRKVITSVXWTVSZMHMRKWSMPTVSTIVXMIW
e 7YFKVEHIGPEWWMJMGEXMSR
e 1SHYPYWSJWYFKVEHIVIEGXMSR
e (IWMKRSJXLIWPEFWYTTSVXW]WXIQ
e 7MXITVITEVEXMSRERH
e -RWTIGXMSRERHXIWXMRKSJXLIWPEFWYTTSVXW]WXIQ
8LMW GLETXIV MW PMQMXIH XS EWTIGXW SJ XLI WYTTSVX W]WXIQ
RIGIWWEV]JSVTVSTIVWPEFSRKVSYRHTIVJSVQERGI
8LIWPEFWYTTSVXW]WXIQGSRWMWXWSJEWYFKVEHIYWYEPP]E
FEWI ERH WSQIXMQIW E WYFFEWI EW MPPYWXVEXIH MR *MK
'VYWLIHVSGOKVEZIPWSVGSEVWIWERHWLEZILMKLWXVIRKXL
PS[GSQTVIWWMFMPMX]ERHLMKLTIVQIEFMPMX]EVIGSQQSRP]
YWIH EW FEWI GSYVWIW 'VYWLIH VSGO KVEZIPW WERHW WIPIGX
WSMPW ERH WXEFMPMÎH WSMPW EVI GSQQSRP] YWIH EW WYFFEWIW
ERHQE]FIYWIHEWFEWIQEXIVMEPW7SMPWMRXLIWYFKVEHIEVI
KIRIVEPP] XLI YPXMQEXI WYTTSVXMRK QEXIVMEPW FYX FIHVSGO
GSQTIXIRXSV[IEXLIVIHQE]EPWSFIIRGSYRXIVIH;LIRXLI
I\MWXMRKWSMPLEWYRMJSVQWXVIRKXLERHSXLIVRIGIWWEV]TVST
IVXMIWXSWYTTSVXXLIWPEFXLIWPEFQE]FITPEGIHHMVIGXP]SR
XLI I\MWXMRK WYFKVEHI 8LI I\MWXMRK KVEHI LS[IZIV MW
JVIUYIRXP]RSXEXXLIHIWMVIHIPIZEXMSRSVWPSTIERHWSQIGYX
ERHJMPPMWVIUYMVIH8SMQTVSZIWYVJEGIHVEMREKISVXSIPIZEXI
XLIJPSSVPIZIPGSRXVSPPIHJMPPYWMRKSRWMXISVMQTSVXIHWSMPW
MWVIUYMVIHSRWSQIWMXIW
a.
6
{+ISXIGLRMGEPIRKMRIIVMRKVITSVXW
-RXVSHYGXMSR{+ISXIGLRMGEPIRKMRIIVMRKMRZIWXMKEXMSRW
WYTTP]WYFWYVJEGIWMXIMRJSVQEXMSRTVMQEVMP]JSVHIWMKRERH
GSRWXVYGXMSRSJXLIFYMPHMRKJSYRHEXMSRIPIQIRXWERHXSQIIX
FYMPHMRK GSHI VIUYMVIQIRXW ;MXLMR XLI KISXIGLRMGEP
IRKMRIIVMRK VITSVX WPEFSRKVSYRH WYTTSVX MW JVIUYIRXP]
HMWGYWWIHERHWYFKVEHIHVEMREKIERHTVITEVEXMSRVIGSQQIR
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HIXEMPMRJSVQEXMSRKMZIR[MXLMRXLIWIVITSVXWWYGLEWFSVMRK
SVXIWXTMXPSKWJMIPHERHPEFSVEXSV]XIWXVIWYPXWERHHMWGYWWMSRW
SJ WYFWYVJEGI GSRHMXMSRW EVI YWIJYP MR IZEPYEXMRK WYFKVEHI
GSRHMXMSRWVIPEXMZIXSWPEFSRKVSYRHHIWMKRERHGSRWXVYGXMSR
&SVMRKSVXIWXTMXPSKW{(IWGVMTXMSRWKMZIRSRFSVMRK
SVXIWXTMXPSKWTVSZMHIMRJSVQEXMSRSRXLIXI\XYVISJXLIWSMPW
ERH XLIMV QSMWXYVI GSRHMXMSR ERH VIPEXMZI HIRWMX] [LIR
RSRGSLIWMZI SV GSRWMWXIRG] [LIR GSLIWMZI 8LIWI PSKW
TVIWIRXJMIPHXIWXVIWYPXWWYGLEWXLIWXERHEVHTIRIXVEXMSRXIWX
%781( MRFPS[WTIVMRQQ MRXIVZEPZEPYIW
8LIPSKRSXIWXLIPSGEXMSRSJXLI[EXIVXEFPIEXXLIXMQISJ
FSVMRKERHHITXLWXSWLEPPS[FIHVSGO8LI%XXIVFIVKPMQMXW
{7YFKVEHIGPEWWMJMGEXMSR
7SMPWYTTSVXMRKXLIWPEFSRKVSYRHQE]QIIXXLIGVMXIVME
JSVEWYFFEWISVIZIREFEWIQEXIVMEPFYXWLSYPHFIMHIRXMJMIH
ERHGPEWWMJMIHXSIWXMQEXIMXWWYMXEFMPMX]EWEWYFKVEHI8LI
9RMJMIH7SMP'PEWWMJMGEXMSR7]WXIQMWTVIHSQMRERXP]YWIHMR
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GSRGVIXISFXEMRWWYJJMGMIRXWXVIRKXLXS[MXLWXERHXLIJSVGIEX
XLIERGLSVEKI8LITVMQEV]EHZERXEKIWSJETSWXXIRWMSRIH
WPEFSRKVSYRHEVI
e -RGVIEWIH NSMRX WTEGMRK{SRP] GSRWXVYGXMSR NSMRXW EVI
RIGIWWEV]{RSWE[GYXGSRXVEGXMSRNSMRXW
e 1MRMQMÎWWLVMROEKIERHJPI\YVEPGVEGOWHYIXSEGXMZI
TVIWXVIWW
e 0S[IV PMJIG]GPI GSWX JI[IV NSMRXW XS QEMRXEMR ERH
LMKLIVHYVEFMPMX]HYIXSTVIGSQTVIWWMSR
e )RLERGIH WIVZMGIEFMPMX] ERH QMRMQYQ JEGMPMX] HS[R
XMQIJSVNSMRXVITEMVSVQEMRXIRERGI
e &IXXIV TVIWIVZEXMSR SJ JPSSV JPEXRIWW ERH PIZIPRIWW F]
QMRMQM^MRKXLIRYQFIVSJNSMRXWERHNSMRXGYVPMRK
e (IGVIEWIHWPEFXLMGORIWW
e -RGVIEWIHPSEHWXVIRKXLERH
e 6IWMPMIRGIERHVIGSZIV]GETEFMPMX]JVSQSZIVPSEHMRK
-X MW RSX PMOIP] XLEX E KVSYRHWYTTSVXIH WPEF [MPP HIJPIGX
WYJJMGMIRXP] XS I\GIIH XLI ]MIPH WXVIRKXL SJ XLI TSWX
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PMOIP]XS GPSWI YT EJXIV PSEH VIQSZEP 4SWXXIRWMSRIH WPEFW
VIUYMVIGSQTIXIRXGSRWXVYGXMSRWYTIVZMWMSRERHGSSVHMREXMSR
8IRHSRW JSV EPP ETTPMGEXMSRW WLSYPH FI TVSTIVP] TPEGIH
WXVIWWIHERHERGLSVIH%PWSXLIGSRGVIXITVSTIVXMIWWLSYPH
QIIXXLIHIWMKRGVMXIVMEXSFIEFPIXSVIGIMZIXLIJSVGIWMRXVS
HYGIH XLVSYKL XLI TSWXXIRWMSRMRK ERGLSVEKIW 8LI TSWX
XIRWMSRMRKW]WXIQ48- YWIHJSVMRHYWXVMEPJPSSVETTPM
GEXMSRW WLSYPH QIIX 48- w7TIGMJMGEXMSRW JSV 9RFSRHIH
8IRHSRWx48-
co
WLVMROEKIGSQTIRWEXMRK GSRGVIXI XLI TSVXPERHGIQIRX

GSRGVIXIFSRHIHXSTTMRKWLSYPHFIETTPMIHEXPIEWXHE]W
EJXIV TPEGMRK XLI FEWI WPEF 8LMW EPPS[W XLI FEWI WPEF XS
HMWTPE] ZSPYQI GLERKI GLEVEGXIVMWXMGW WMQMPEV XS TSVXPERH
GIQIRXGSRGVIXIEWFSXLXLIXSTTMRKERHXLIFEWIWPEFWLSVXIR
WMQYPXERISYWP] *SV FSRHIH XSTTMRKW NSMRXW MR EHHMXMSR XS
XLSWIQEXGLMRKNSMRXWMRXLIFEWIWPEFHSRSXWIVZIETYVTSWI
% FSRHIH XSTTMRK SJ WLVMROEKIGSQTIRWEXMRK GSRGVIXI
WLSYPHRSXFIEXXIQTXIHEWERSZIVPE]SRETSVXPERHGIQIRX
GSRGVIXI FEWI WPEF 8LI FEWI WPEF VIWXVEMRX RIKEXIW XLI
I\TERWMSR EGXMSR SJ XLI XSTTMRK ERH PIEHW XS GVEGOMRK SV
TSWWMFP]HIPEQMREXMSR
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YRGVEGOIHJSVLMKLIVPSEHWERHXLIVIJSVIGSRXVSPWPEFQSZI
QIRXWHYIXSMXWKVIEXIVWXMJJRIWW
(IWMKR ERH 'SRWXVYGXMSR SJ 4SWX8IRWMSRIH 7PEFWSR
+VSYRH TVIWIRXW IUYEXMSRW JSV XLI HIXIVQMREXMSR SJ XLI
QSQIRXHIJPIGXMSRERHWLIEVJSVWPEFWGEWXSRI\TERWMZISV
GSQTVIWWMFPI WSMPW 8LIWI IUYEXMSRW [IVI HIZIPSTIH F] E
PSKPMRIEV VIKVIWWMSR EREP]WMW FEWIH SR XLI VIWYPXW SJ
WITEVEXIEREP]WIWXLEXVITVIWIRXIHJYPPGSRWMHIVEXMSRSJFSXL
GIRXIV PMJX ERH IHKI PMJX GSRHMXMSRW YWMRK E JMRMXI IPIQIRX
TPEXISRIPEWXMGLEPJWTEGI JSYRHEXMSR ;VE] 8LI
VIWYPXW SJ IEGL EREP]WMW [IVI WGVIIRIH JSV XLI QE\MQYQ
ZEPYIWSJQSQIRXWLIEVERHHMJJIVIRXMEPHIJPIGXMSRMRFSXL
XLIPSRKERHWLSVXHMVIGXMSR8LIWIZEPYIW[IVIYWIHMRXLI
VIKVIWWMSREREP]WMWXLEXHIZIPSTIHXLIHIWMKRIUYEXMSRW8LI
IRKMRIIVWLSYPHGSRWMHIVWMXIWTIGMJMGGMVGYQWXERGIWWYGLEW
GPMQEXI XVIIW WPSTIW [MXL GYX ERH JMPP ERH WYVJEGI [EXIV
HVEMREKI GSRHMXMSRW EW XLIWI GER GLERKI XLI VIWYPXW
GSRWMHIVEFP] 1SMWXYVIWIRWMXMZI WSMPW WLSYPH FI WXEFMPMÎH
F] QMRMQM^MRK I\GLERKIW MR QSMWXYVI GSRXIRX 8LI 48 HSGYQIRXEPWSTVSZMHIWWPEFHIWMKRVIGSQQIRHEXMSRW
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MWXLIWPEFPIRKXLMRXLIHMVIGXMSRFIMRKGSRWMHIVIHJXQ ERH
MWXLIGSIJJMGMIRXSJJVMGXMSRFIX[IIRXLIWPEFERHWYFKVEHI
8LIJSPPS[MRKGSIJJMGMIRXWSJJVMGXMSREVIVIGSQQIRHIH
JSVWPEFWGSRWXVYGXIHSRTSP]IXL]PIRIWLIIXMRK8MQQW
e 7PEFWYWMRKX[SWLIIXWSJTSP]IXL]PIRIVIJIVXS7IGXMSR
JSV HMWGYWWMSR SJ GSIJJMGMIRX SJ JVMGXMSR ZEPYI
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QMKLXFIYWIHXSEGGSYRXJSVZEVMEXMSRWMRFEWIIPIZEXMSR
SZIVPSRKIVHMWXERGIW
e 7PEFW SR SRI PE]IV SJ TSP]IXL]PIRI WLIIXMRK XS
ERH
e 7PEFWGSRWXVYGXIHSREWERHFEWIXS
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VMFKISQIXV]
8LI WPEF HIWMKRIV HIXIVQMRIW XLI VIWMHYEP GSQTVIWWMZI
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6IGSQQIRHIHVIWMHYEPTVIWXVIWWPIZIPWEVI

co
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MW XLI QMRMQYQ EZIVEKI VIWMHYEP TVIWXVIWW VIUYMVIH
GSQTVIWWMZIWXVIWW TWM14E ;MWXLIWPEFYRMXWXVMT[MHXL
MRJX?QQQA , MWWPEFXLMGORIWWMRQQ ERH
4VMWJVSQ)U PFJX2Q
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MWSPEXIH JVSQ EPP VIWXVEMRMRK IPIQIRXW XLEX [SYPH VIWMWX
GSRXVEGXMSRWERHI\TERWMSRWHYIXSHV]MRKWLVMROEKIIPEWXMG
WLSVXIRMRK HYI XS TSWXXIRWMSRMRK SV XIQTIVEXYVI IJJIGXW
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MWEPPS[IHXSWLSVXIRHYIXSHV]MRKWLVMROEKIERHXLIIPEWXMG
WLSVXIRMRK HYI XS XLI TSWXXIRWMSRMRK JSVGI %R] WPEF
VIWXVEMRXW WYGL EW GSPYQRW [EPPW JSSXMRKW ERH PSEHMRK
HSGOWWLSYPHFIMWSPEXIHWSEWRSXXSTVIZIRXWPEFQSZIQIRX
8LIGSRGVIXITPEGIQIRXPE]SYXWLSYPHFIHIWMKRIHMRWYGLE
[E]WSXLEXXLIEHNEGIRXTPEGIQIRXWHSRSXVIWXVEMRXLIVIPE
XMZI WPEF QSZIQIRXW (S[IPW SV SXLIV NSMRX VIMRJSVGIQIRX
KSMRKXLVSYKLENSMRXWLSYPHLEZIEGSQTVIWWMFPIQEXIVMEPSR
XLIWMHISJVIPEXMZIQSZIQIRX
8IRHSR WXVIWWMRK{8LI WXVIWWMRKWIUYIRGIWLSYPH
FIEHNYWXIHXSXLITVSNIGXVIUYMVIQIRXW3RIXMQIWXVIWWMRK
QE] FI YWIH JSV QSWX VIWMHIRXMEP WPEFW EJXIV XLI GSRGVIXI
VIEGLIW WYJJMGMIRX WXVIRKXL XS XVERWJIV XLI JSVGI JVSQ XLI
ERGLSVEKIW-RHYWXVMEPJPSSVWQE]RIIHX[SWXVIWWMRKWXEKIW
XSTVIZIRXIEVP]WLVMROEKIGVEGOWJVSQETTIEVMRK8]TMGEPP]
XLI MRMXMEP WXEKI TEVXMEP WXVIWWMRK WLSYPH FI GSQTPIXIH
[MXLMRLSYVWEJXIVGSRGVIXITPEGIQIRX8LITEVXMEPXIRHSR
WXVIWW WLSYPH FI FEWIH SR GSQTVIWWMSR WXVIRKXL G]PMRHIVW
WXSVIHMRXLIWEQIIRZMVSRQIRXEPGSRHMXMSRWEWXLIWPEF8LI
G]PMRHIVW WLSYPH FI FVSOIR MQQIHMEXIP] FIJSVI TEVXMEP
WXVIWWMRKXLIXIRHSRW
8IRHSRPE]SYX{(ITIRHMRKSRXLIWPEFYWEKIJPI\MFPI
VEGOPE]SYXVERHSQXVEJJMGLIEZ]VEGOW[MXLJM\IHPE]SYX
ERHXLITPEGIQIRXPE]SYXERHWIUYIRGIPSRKREVVS[WXVMTW
VIGXERKYPEVWIGXMSRW TSWXXIRWMSRMRKGERFITVSZMHIHMRSRI
SVFSXLHMVIGXMSRW3RI[E]TSWXXIRWMSRMRKMWGSQQSRJSV
REVVS[WXVMT TPEGIQIRXW 8[S[E] TSWXXIRWMSRMRK MW YWIH
JSV VERHSQ XVEJJMG EVIEW ERH VIGXERKYPEV TPEGIQIRX EVIEW
8]TMGEPP]TSWXXIRWMSRMRKXIRHSRWEVITPEGIHMRXLIHMVIGXMSRSJ
ZILMGPIXVEJJMG7SQIXMQIWXLITSWXXIRWMSRMRKXIRHSRWGVSWW
XLIXVEJJMGNSMRXXSQEMRXEMRGSQTVIWWMSREGVSWWXLINSMRXERH
OIITMRKMXJVSQSTIRMRK8LMWIRLERGIWXLIHYVEFMPMX]SJXLI
XVEJJMGNSMRXERHIPMQMREXIWERIIHJSVQSVIWIZIVIQIEWYVIW
a.
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4 V ! ; WPEF 0

XSTWMXS14E
XSTWMXS14E
XSTWMXS14E
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PSRKXIVQPSWWIWMRXLIXIRHSRWEGGSVHMRKXS>MEIXEP
8LIXIRHSRWTEGMRK7XIRJX?QA VIUYMVIHXSSZIVGSQIWPEF
WYFKVEHIJVMGXMSRERHQEMRXEMREVIWMHYEPGSQTVIWWMSREXXLI
GIRXIVSJEWSPMHWPEFMWKMZIRF]XLIIUYEXMSR
du
{7PEFWTSWXXIRWMSRIHJSVGVEGOGSRXVSP
(IWMKRQIXLSHW{*SVPMKLXP]PSEHIHWPEFWX]TMGEPP]
[MXLRSVEGOTSWXPSEHWXLIGVEGOGSRXVSPHIWMKRMWYWIH8LI
TVEGXMGEPQMRMQYQWPEFXLMGORIWWMWETTVS\MQEXIP]MR
QQ XS TVSZMHI RIGIWWEV] GSRGVIXI GSZIV XS XLI
TVIWXVIWWIH VIMRJSVGIQIRX 8LMW QMRMQYQ WPEF XLMGORIWW
[MXL VIWMHYEP GSQTVIWWMSR JVSQ TSWXXIRWMSRMRK [MPP
GSRWMHIVEFP]MRGVIEWIXLIPSEHWXVIRKXLSJXLIWPEF
4SWXXIRWMSRMRKJSVGIVIUYMVIH{'EPGYPEXIXLITSWX
XIRWMSRMRK JSVGI 4V PFJX ?2QA VIUYMVIH XS SZIVGSQI XLI
WYFKVEHIJVMGXMSRF]
6
%'-'311-88))6)4368
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70%&732+6392(
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7]RXLIXMG ERH WXIIP JMFIVW LEZI FIIR YWIH MR GSRGVIXI
WPEFWSRKVSYRH JSV SZIV ]IEVW XS MQTVSZI GSRGVIXIvW
TPEWXMGIEVP]EKI ERHLEVHIRIHTVSTIVXMIW7]RXLIXMGJMFIVW
SJ R]PSR ERH TSP]TVST]PIRI LEZI FIIR YWIH XS TVSZMHI
GSRXVSP SJ VERHSQ TPEWXMGWLVMROEKI GVEGOMRK 7XIIP JMFIVW
ERHWSQIQEGVSW]RXLIXMGJMFIVWLEZIFIIRYWIHXSTVSZMHI
VERHSQGVEGOGSRXVSPMRGSRGVIXIEJXIVMXVIEGLIWELEVHIRIH
WXEXI'SQFMRMRKXLIWITVSHYGXWMRGSRGVIXITVSZMHIWTPEWXMG
ERHLEVHIRIHWXEXIFIRIJMXW8LMWGLETXIVTVIWIRXWW]RXLIXMG
ERHWXIIPJMFIVVIMRJSVGIHGSRGVIXI*6' QEXIVMEPTVSTIVXMIW
ERHHIWMKRQIXLSHWJSV*6'WPEFWSRKVSYRH8LITIVJSV
QERGI SJ *6' WPEFWSRKVSYRH HITIRHW SR XLI QM\XYVI
TVSTSVXMSRWERHEPPQM\XYVIGSRWXMXYIRXWMRGPYHMRKJMFIVX]TI
ERHUYERXMX]%HIWMKRI\EQTPIMR%TTIRHM\WLS[WLS[XS
HIWMKR[MXL*6'
*SVQSVIMRJSVQEXMSRSRWXIIPJMFIVWVIJIVXSTYFPMGEXMSRW
JVSQ%'-'SQQMXXII*MFIV6IMRJSVGIH'SRGVIXIERH
MRHYWXV] PMXIVEXYVI -RJSVQEXMSR SR TVSTIVXMIW SJ W]RXLIXMG
JMFIVW MRGPYHMRK IPEWXMG QSHYPYW XIRWMPI WXVIRKXL ERH
WTIGMJMGKVEZMXMIWEVIEZEMPEFPIMR%'-6ERH6
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on
du
{-RHYWXVMEPWPEFW[MXLTSWXXIRWMSRIH
VIMRJSVGIQIRXJSVWXVYGXYVEPWYTTSVX
(IWMKR QIXLSHW{8LI XLMGORIWW HIWMKR QIXLSHW
PMWXIHMR7IGXMSRGERFIYWIH8LIWIMRHYWXVMEPJPSSV
HIWMKRQIXLSHWEPPS[JSVEREGGYVEXIEREP]WMWSJXLIIJJIGXW
JVSQXLIGSQQSRPSEHGEWIWJSV[EVILSYWIWPEFW'SRZIR
XMSREP WXVYGXYVEP GSRGVIXI HIWMKR QIXLSHW WLSYPH FI YWIH
[LIR XLI EWWYQTXMSR SJERYRGVEGOIHWIGXMSRMWRSXZEPMH
%TTP]XLITVSZMWMSRWSJ7IGXMSRXSGSRXVSPGVEGOMRKERH
XSLIPTHIXIVQMRIXLITPEGIQIRXERHXIRHSRPE]SYXW
*EGXSVWSJWEJIX]{%ZSMHXLIYWISJQYPXMTPIJEGXSVW
SJ WEJIX] 4SWXXIRWMSRMRK TVSZMHIW VIWIVZI GETEGMXMIW ERH
JEGXSVWSJWEJIX]KVIEXIVXLERXLSWIJSVRSRTVIWXVIWWIHWPEFW
WLSYPHRSXFIYWIH'VEGOMRKYRHIVXLIGSRGIRXVEXIHPSEHMW
TIVQMWWMFPIJSVTSWXXIRWMSRIHWPEFWERHMXGERFIXEOIRMRXS
EGGSYRXF]YWMRKWXVYGXYVEPHIWMKRVIUYMVIQIRXWSJ%'-
7YFKVEHIJVMGXMSRVIHYGXMSR{6IJIVXS7IGXMSR
JSVXLIVIGSQQIRHIHVERKISJJVMGXMSRGSIJJMGMIRXW8SYWI
XLIEHZERXEKIWSJTSWXXIRWMSRIHWPEFWXLIWXVMTPIRKXLWSV
TPEGIQIRX WMÎW WLSYPH FI EW PEVKI EW TVEGXMGEP *SV XLMW
VIEWSR WYFKVEHI JVMGXMSR VIHYGXMSR MW HIWMVEFPI *SV WPEFW
SRISVX[SPE]IVWSJTSP]IXL]PIRIWLIIXMRKHMVIGXP]FIRIEXLXLI
WPEFEVIX]TMGEPP]YWIH'YVPMRKGERFIVIHYGIHF]TIVJSVEXIH
WLIIXMRK ,S[IZIV XLI WLIIXMRK WLSYPH RSX FI TIVJSVEXIH
[LIRXLIWIWLIIXWEVIEPWSYWIHJSVEZETSVVIXEVHIVFEVVMIV%
XLMRPE]IVSJGSQTEGXMFPIIEW]XSXVMQKVERYPEVQEXIVMEPGER
FIYWIHYRHIVXLIWPEFXSLIPTVIHYGIWYFKVEHIJVMGXMSRERH
TVSZMHISXLIVFIRIJMXWRSXIHMR7IGXMSR
.SMRX VIUYMVIQIRXW{8LIVI EVI RS NSMRXW MR TSWX
XIRWMSRIHWPEFWFIWMHIWXLIGSRWXVYGXMSRNSMRXWWYVVSYRHMRK
XLI WIGXMSR FIMRK TPEGIH 8LIVI MW RS RIIH JSV WE[GYX
GSRXVEGXMSR NSMRXW &IGEYWI PIRKXLW FIX[IIR XLI NSMRXW EVI
PSRKERHXLIWLSVXIRMRKSJXLIWPEFWWLSYPHRSXFIVIWXVMGXIH
RSXIXLIJSPPS[MRKGSRWMHIVEXMSRW
7XVMTTPEGIQIRXW{2SVQEPP]IZIV]SXLIVWXVMT
MWTPEGIHXLIRXLIEHNEGIRXWPEFWEVITPEGIHMREWIGSRHTLEWI
8LMW EPPS[W XLI MRMXMEP WPEFW XS WLSVXIR MR XLIMV PSRK ERH
WLSVX HMVIGXMSRFIJSVITPEGMRKXLIEHNEGIRXWPEF8]TMGEPP]
RSHS[IPWSVSXLIVVIMRJSVGIQIRXEVIRIGIWWEV]EGVSWWXLMW
NSMRXYRPIWWEPSEHXVERWJIVMWVIUYMVIHEWMREVIEWSJNSMRX
GVSWWMRK XVEJJMG 8S WMKRMJMGERXP] MQTVSZI XLI HYVEFMPMX] SJ
WYGLENSMRXTSWXXIRWMSRMRKTIVTIRHMGYPEVXSXLINSMRXGERFI
TVSZMHIHMRXLMWEVIE8LIWLSVXHMVIGXMSRNSMRXSRXLIIRHSJ
EPSRKWXVMTQE]STIRQSVIXLERMWHIWMVEFPI8SSJJWIXXLMW
IJJIGXETPEGIQIRXWXVMTGERVIQEMRSTIREWPSRKEWTVEGXMGEP
XSEPPS[QSWXSJXLIWLSVXIRMRKXSSGGYVFIJSVIXLITPEGIQIRX
WXVMTMWGPSWIH%PWSWXEKIWXVIWWMRKVIHYGIWPSRKHMVIGXMSR
WLSVXIRMRK EW XLI ]SYRK GSRGVIXI MW SRP] TEVXMEPP]
TVIWXVIWWIH8LIIPEWXMGWLSVXIRMRKHIGVIEWIW[MXLXLIEKISJ
GSRGVIXIEXPSEHXVERWJIV
4PEGIQIRXSJVIGXERKYPEVWIGXMSRW{%PPSJXLI
GVMXIVMEJVSQXLIWIGXMSRJSVWXVMTTPEGIQIRXWETTP]8]TMGEPP]
TSWXXIRWMSRMRK MW TVSZMHIH MR FSXL HMVIGXMSRW 4VSZMWMSRW
WLSYPHFIQEHIJSVXLIXIRHSRWGVSWWMRKXLINSMRXWWSEWRSX
XS VIWXVEMR XLI WLSVXIRMRK SJ XLI EHNEGIRX WPEFW F] YWMRK
GSQTVIWWMFPIWPIIZIWEVSYRHXLIXIRHSRW
7TIGMEP GSRWMHIVEXMSRW{8LI TSWXXIRWMSRMRK
XIRHSRW WLSYPH FI PSGEXIH RIEV XLI GIRXIV SJ XLI WPEF
3GGEWMSREPP]XLIIRKMRIIVQE]HIXIVQMRIXLEXXLIXIRHSRW
RIIHXSFIMRERSXLIVTSWMXMSRFEWIHSRSXLIVGSRWMHIVEXMSRW
%LMKLIVTSWMXMSRSJXLIXIRHSRWMRXLIWPEFVIHYGIWXLIVMWO
SJWYVJEGIGVEGOMRK%PS[IVTSWMXMSRVIHYGIWXLITSXIRXMEPSJ
GVEGOMRKYRHIVGSRGIRXVEXIHPSEHW
8LI XIRHSRW GER FI WYTTSVXIH SR WYTTSVX FEVW IWTIGMEPP]
[LIR YWMRK SRI[E] TSWXXIRWMSRMRK 7YTTSVX FEVW GER EPWS
WIVZIEWGVEGO[MHXLGSRXVSPVIMRJSVGIQIRX9WIWTIGMEPWPEFSR
KVSYRHGLEMVWSJXLIVIUYMVIHLIMKLXXSIRWYVIXLEXXLIPSGEXMSRSJ
XLIXIRHSRWVIQEMRWYRGLERKIHHYVMRKGSRGVIXITPEGIQIRX
co
WYGLEWHS[IPWSVEVQSVIHNSMRX'SSVHMREXIWPEFTIRIXVEXMSRW
ERH HVMPPMRK ERGLSVW TPEGIH EJXIV GSRWXVYGXMSR [MXL XIRHSR
PSGEXMSRWXSEZSMHWIZIVMRKXIRHSRW9WIQIXEPHIXIGXSVWSV
WMQMPEVHIZMGIWXSPSGEXIXIRHSRW
a.
6
{7]RXLIXMGJMFIVVIMRJSVGIQIRX
7]RXLIXMG JMFIVW EVI YWIH XS VIMRJSVGI GSRGVIXI EKEMRWX
TPEWXMGWLVMROEKIERHHV]MRKWLVMROEKIWXVIWWIW*MRIQMGVS
QSRSJMPEQIRXHMEQIXIVWPIWWXLERMR?QQA SV
JMFVMPPEXIHW]RXLIXMGJMFIVWEVIX]TMGEPP]EHHIHEXPS[ZSPYQI
EHHMXMSR0:% VEXIWSJ SVPIWWSJGSRGVIXIZSPYQIJSV
TPEWXMG WLVMROEKI GVEGO GSRXVSP 1EGVSW]RXLIXMG JMFIVW
HMEQIXIVW IUYEP SV KVIEXIV XLER MR ? QQA EVI
X]TMGEPP]EHHIHEXLMKLZSPYQIEHHMXMSR,:% VEXIWSJ
XS F]ZSPYQIJSVHV]MRKWLVMROEKIGVEGOGSRXVSP
8LIPIRKXLSJJMFIVWYWIHJSVWPEFSRKVSYRHETTPMGEXMSRW
GERVERKIFIX[IIRXSMRXSQQ
4VSTIVXMIWSJW]RXLIXMGJMFIVW{%HHMRKQMGVSW]RXLIXMG
JMFIVW XS GSRGVIXI JSV TPEWXMG WLVMROEKI GVEGO GSRXVSP
TVSZMHIW E QIGLERMWQ XLEX MRGVIEWIW GSRGVIXIvW XIRWMPI
WXVIRKXLMRXLITPEWXMGWXEXI&ERXLMEERH=ER 8LMWMW
EGLMIZIHF]XLIVIHYGXMSRMRFPIIHMRKERHTEVXMGPIWIXXPIQIRX
[LMPIXLIGSRGVIXIMWMRMXWTPEWXMGWXEXI1MGVSW]RXLIXMGJMFIVW
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a.
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QM\XYVI YWMRK GSQQSR QM\MRK TVSGIHYVIW %781 %

%1TVSZMHIWGPEWWMJMGEXMSRJSVJMZIKIRIVEPX]TIWSJWXIIP
JMFIVWFEWIHTVMQEVMP]SRXLITVSHYGXSVTVSGIWWYWIHMRXLIMV
QERYJEGXYVI
e 8]TI-'SPHHVE[R[MVI
e 8]TI--'YXWLIIX
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%781 %%1 IWXEFPMWLIW XSPIVERGIW JSV EWTIGX
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STIR QYGL [MHIV FIGEYWI EPP SJ XLI WLVMROEKI JVSQ XLI
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