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EPGSPYQRWSVWXVYXWWLEPPFIHIXIVQMRIHJVSQ)U
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!TWM14E
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XLIPMQMXWSJ%-7'8EFPI&;LIRXLIVEXMSI\GIIHWXLIPMQMXXLIEPPS[EFPI
WXVIWWWLEPPFIVIHYGIHMREGGSVHERGI[MXL%-7'

7PIRHIVRIWWVEXMS
1E\MQYQTIVQMWWMFPIWPIRHIVRIWWVEXMSW/0V
WLEPPFIEWJSPPS[WJSVGSQTVIWWMSRQIQFIVWGEVV]MRK[IMKLXSVTVIWWYVISJXERO
GSRXIRXWJSVGSQTVIWWMSRQIQFIVWGEVV]MRKPSEHWJVSQ[MRHSVWIMWQMGSV
FSXL7II7IGJSVGSPYQRWGEVV]MRKVSSJPSEHWSRP]
(SYFPIGYVZIHE\MW]QQIXVMGEPGSRMGEPERHG]PMRHVMGEPWIGXMSRW
P

QIXLSHWEVITVSZMHIHJSVGEPGYPEXMRKXLIEPPS[EFPIPSGEPFYGOPMRKGSQTVIWWMZIWXVIWW
*0
EVIKMZIRMR7IG7IGERH7IGVIWTIGXMZIP]

TSVX GSRXEMRMRKXLIPSRKMXYHMREPE\MWSJXLIWXVYGXYVISVQIQFIVMWGSQTVIWWMZI
ERHXLIWXVIWWRSVQEPXSXLIGSQTVIWWMZIWXVIWWMWXIRWMSRSVRSWXVIWWEXEPPMI
FME\MEPXIRWMSRGSQTVIWWMSRSVYRME\MEPGSQTVIWWMSR &ME\MEPGSQTVIWWMSR[LIR
GSQTVIWWMZIWXVIWWIW EVI TVIWIRX MR FSXL HMVIGXMSRW VIUYMVIWJYVXLIVEREP]WMW ERH
MWFI]SRHXLIWGSTI SJXLMWWXERHEVH 7II7IG MJXLI EPPS[EFPI WXVIWWIW MR
XLMWWIGXMSREVIETTPMIH;LIVIXLIXSPIVERGIWSJ7IGEVIRSXQIXJYVXLIV
IZEPYEXMSRMWVIUYMVIHERHGSVVIGXMZIEGXMSRWYGLEWVI[SVOMRKXLIWLIPPSVEHHMRK

1IXLSH
1IXL

TSVXWXLEXHSRSXGSRXEMR[EXIV
QEXIVMEPW
*SVGPEWWQEXIVMEPWXLIXLMGORIWWXSVEHMYW
LERKIWJVSQIPEWXMGXSMRIPEWXMGX6 G
GSQTVIWWMZIWXVIWWJSVGPEWWQEXIVMEPWMWKMZIRF]XLIJSP
GIPEWXMGFYGOPMRKGSRXVSPWERH
! X6 ?X6
6 A
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WMKRQIXLSHFIYWIHMRXLIHIWMKRSJWXVYGXYVIWWYGLEWGSQTSWMXI
HEVH
%;;%(
;LIRX6 G X6 MRIPEWXMGFYGOPMRKGSRXVSPWERH

*0 ! X6
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;LIRX6"TPEWXMGFYGOPMRKGSRXVSPWERH
6
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'PEWWQEXIVMEPW
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VEXMSEX[LMGLFYGOPMRKGLERKIWJVSQIPEWXMGXSMRIPEWXMGX6 G
EPPS[EFPIPSGEPFYGOPMRKGSQTVIWWMZIWXVIWWJSVGPEWWQEXIVMEPWMWKMZIRF]XLIJSP
PS[MRKJSVQYPEW
;LIR X6 X6
6 G IPEWXMGFYGOPMRKGSRXVSPWERHXLIEPPS[EFPIPSGEPFYGO
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;LIRX6 G X6 MRIPEWXMGFYGOPMRKGSRXVSPWERH
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6
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8EFPIWXLVSYKLLEZIFIIRKIRIVEXIHFEWIHSRXLITVIZMSYW
IUYEXMSRW
1IXLSH 1IXL
EPPS[WETEVXMEPMRGVIEWIMRXLIEPPS[EFPIPSGEPFYGOPMRKGSQTVIWWMZIWXVIWWGEYWIH
1IXL
QIIXXLIJSPPS[MRKVIUYMVIQIRXW

XIXLMGORIWWXHIXIVQMRIHF]XLMWQIXLSHWLEPPRSXFIPIWWXLER
XXFE
GSRXEMRIH[MXLMRXLIWLIPPWYGLXLEXL]HVSWXEXMGTVIW
SST XIRWMSRWXVIWWMRXLIWLIPP
WWYVIT WLEPPFITWM14E SVKVIEXIV
IPPQIEWYVIHJVSQXLIE\MWSJVIZSPYXMSRXSXLIMRWMHI
HIKVIIW
WLEPP FI NSMRIH F] GSQTPIXI NSMRX TIRIXVEXMSR FYXX
MRXWEVITIVQMXXIH
HMYWVEXMSWLEPPFIKVIEXIVXLERFYXPIWWXLER
7IG WLEPPFIYWIHJSVTSVXMSRWSJXLIWLIPP
VEXMSI\GIIHW
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8 /7 *36;%8)67836%+)
8EFPI %PPS[EFPIPSGEPFYGOPMRKGSQTVIWWMZIWXVIWW
JSVGPEWWQEXIVMEPW
X6
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X6
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X6
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"

%;;%(
8EFPI %PPS[EFPIPSGEPFYGOPMRKGSQTVIWWMZIWXVIWW
JSVGPEWWQEXIVMEPW
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X6
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X6
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;)0()( '%6&32 78))08%2

8 /7 *36;%8)67836%+)
8EFPI %PPS[EFPIE\MEPGSQTVIWWMZIWXVIWW
WPIRHIVRIWWJSVGPEWWQEXIVMEPWTWM
X6
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/0VV ! /0V!

V
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EPYIWF]
%;;%(
8EFPI %PPS[EFPIE\MEPGSQTVIWWMZIWXVIWW
WPIRHIVRIWWJSVGPEWWQEXIVMEPWTWM
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V
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;)0()( '%6&32 78))08%2

8 /7 *36;%8)67836%+)

WXVIRKXL*
*] IUYEPXSSVKVIEXIVXLERTWM14E

IPPWLEPPFIYRMJSVQP]WYTTSVXIHEXXLIPS[IVFSYRHEV]WMQMPEVXS
XLSWIJSYRHMRWMRKPITIHIWXEPIPIZEXIHXEROW
1IXLSHWLEPPRSXFIYWIHEHNEGIRXXSXLIPS[IVFSYRHEV]1IXLSH
WLEPPFIYWIHXSHIXIVQMRIXLITPEXIXLMGORIWW[MXLMR 6X SJXLIPS[IVFSYRHEV]

S[EFPIPSGEPFYGOPMRKGSQTVIWWMZIWXVIWW*
*0WLEPPFIHIXIV
V
QMRIHYWMRK)U
*0 ! /S X6 ?
6
X6
6 A
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;LIRTWM14E T TWM14E

/S !

6 z
/z X

/ ! zT

)U
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;LIRT TWM14E

/S ! 6 z
X

1IXLSH

)U
1IXLSH MW E GSQTPI\ HIWMKR QIXLSH FEWIH SR E
XLIPMQMXEXMSRWSJ7IG1IXLSHEPPS[WERMRGVIEWIMRXLIEPPS[EFPIPSGEP

1IXL
XQIIXXLIJSPPS[MRKVIUYMVIQIRXW
RIWWXHIXIVQMRIHF]XLMWQIXLSHWLEPPRSXFIPIWWXLER
X
EHMYWVEXMSWKVIEXIVXLERSVIUYEPXSERHXXFEWI

FIGSRXEMRIH[MXLMRXLIWLIPPWYGLXLEXL]HVSWXEXMGTVIW
EPLSST XIRWMSRWXVIWWMRXLIWLIPP
IWLIPPQIEWYVIHJVSQXLIE\MWSJVIZSPYXMSRXSXLIMRWMHI
IIHHIKVIIW
RXWWLEPPFINSMRIHF]FYXX[IPHIHNSMRXW[MXLGSQTPIXI
IHNSMRXWEVITIVQMXXIH
%;;%(
8EFPI :EPYIWSJ
*] TWM

14E

X6 G

SVIUYEPXSXLIZEPYIX6 GKMZIRMR8EFPI1IXLSH7IG WLEPPFIYWIH
JSVTSVXMSRWSJXLIWLIPP[LIVIXLIXLMGORIWWXSVEHMYWVEXMSI\GIIHWXLI8EFPI
ZEPYIW

WXVIRKXL*
*] IUYEPXSSVKVIEXIVXLERTWM14E

% RSRPMRIEV FYGOPMRK EREP]WMW QIIXMRK XLI VIUYMVIQIRXW SJ
7IGWLEPPFIYWIHXSHIXIVQMRIXLIGVMXMGEPFYGOPMRKWXVIWW*
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EFPIPSGEPFYGOPMRKGSQTVIWWMZIWXVIWW*
*0 MWXLIWQEPPIVSJXLIZEPYIWHIXIVQMRIHF]
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)U
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6
6
X
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JSVX6
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MSRW
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JSVGSRMGEPWLIPPW
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WLEPPFIHIXIVQMRIHF]XLIJSPPS[MRKMXIVEXMZI
WM14E [LIRXLIQEXIVMEPSJGSRWXVYGXMSRLEW
;)0()( '%6&32 78))08%2

8 /7 *36;%8)67836%+)
%WWYQIEZEPYIJSVXLIGSQTVIWWMZIJEMPYVIWXVIWWMRXLITVIWIRGISJGMV
V
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PS[MRKIUYEXMSRW
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6 *GL*]
9WIXLIF
HIXIVQMRIHMRWXITERHXLIJSPPS[MRK
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*] MWMRYRMXWSJTWM
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EWWYQIHMRWXITXLITPEWXMGMX]VIHYGXMSRJEGXSV GEP
3XLIV[MWIEWWYQIERI[GSQTVIWWMZIJEMPYVIWXVIWWERH

QIRXW SJ RSRPMRIEV FYGOPMRK EREP]WMW
QTP][MXLXLIJSPPS[MRKVIUYMVIQIRXW
PMRIEV
%;;%(

GSRXMRYMXMIW WYGL EW WLIPP HMWGSRXMRYMX] NYRGXYVIW GLERKIW MR TPEXI XLMGORIWW ERH
I\WII
0\WII
WLETISJMRMXMEPMQTIVJIGXMSRWWLEPPTVSHYGIXLIPS[IWXGVMXMGEPFYGOPMRKWXVIWW*
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EXMSRSJFSYRHEVMIWERHFSYRHEV]GSRHMXMSRWWLEPPTVSHYGIHMW
TPEGIQIRXWERHVSXEXMSRWEXXLIFSYRHEVMIWWMQMPEVXSXLSWISJXLIEGXYEPWXVYGXYVI

VSWXEXMGTVIWWYVIWLEPPRSXI\GIIHXLIL]HVSWXEXMGTVIWWYVIEXSTIV
V

KIRGIWLEPPFIEHHIHEWEQIVMHMSREPPSEHXSXLIWLIPP

IVMEPSJGSRWXVYGXMSRWLEPPFIVITVIWIRXIHF]EWXVIWWzWXVEMRGYVZI

QE] FI YWIH TVSZMHIH XLI QEKRMXYHI SJ XLI MRMXMEP MQTIVJIGXMSR MW IUYEP XS SV
KVIEXIVXLERII\

XMGEPFYGOPMRKWXVIWW*
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GXMZIHIWMKR
XSKVEZMX]PSEHWWLEPPFIHIXIVQMRIHF]XLIJSVQYPE

PI!F ! z [
X
J
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PI
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QTVIWWMSRIPIQIRX[MHXLMRTSYRHWTIVWUYEVIMRGL
QQ
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;LIR GSQTVIWWMSR IPIQIRXW EVI HIWMKRIH JSV KVEZMX] TPYW [MRH SV WIMWQMG
WXVIWWGEYWIHF][MRHSVWIMWQMGPSEHWTPYWKVEZMX]PSEHW

;MHXLXSXLMGORIWW PMQMXW
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X
IPIQIRXW SXLIV XLER XLSWI
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WMSRWSJ%-7'
7IG
7LIP

8STWLIPPKMVHIV
8EROW[MXLSYXVSSJWWLEPPLEZIEXSTKMVHIVSVERKPI
LEZMRKEQMRMQYQWIGXMSRQSHYPYWEWHIXIVQMRIHF]XLIJSVQYPE
4
7!,( E[

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7 ! XLIQMRMQYQVIUYMVIHWIGXMSRQSHYPYWSJXLIXSTERKPISVKMVHIV
MRGPYHMRKETSVXMSRSJXLIXEROWLIPPJSVEHMWXERGISJXLIPIWWIVSJX
SV6X FIPS[ERHMJETTPMGEFPIEFSZIXLIVMRKEXXEGLQIRXXSXLI
WLIPP MRGYFMGMRGLIW;LIRGYVFERKPIWEVIEXXEGLIHXSXLIXSTIHKI
SJXLIWLIPPF]FYXX[IPHMRKXLMWHMWXERGIWLEPPFIQIEWYVIHJVSQXLI
YRHIVWMHISJXLILSVM^SRXEPPIKSJXLIERKPI
, ! XLILIMKLXSJXLIG]PMRHVMGEPTSVXMSRSJXLIXEROWLIPPMRJIIX
( ! XLIRSQMREPHMEQIXIVSJXLIG]PMRHVMGEPTSVXMSRSJXLIXEROWLIPPMRJIIX
4E[ ! [IMKLXIHEZIVEKI[MRHTVIWWYVIEGXMRKSZIVXLIHIWMKRLIMKLXMRTSYRHW
TIVWUYEVIJSSXEWGEPGYPEXIHF])U*SVXLIXSTWLIPPKMVHIVXLI
HIWMKRLIMKLXWLEPPFIXEOIREW,
,
6 ! XLIRSQMREPVEHMYWSJXLIG]PMRHVMGEPTSVXMSRSJXLIXEROWLIPPMRMRGLIW
X ! XLIEWSVHIVIHWLIPPXLMGORIWWQMRYWGSVVSWMSREPPS[ERGIEXXLIKMVHIVSV
ERKPIEXXEGLQIRXPSGEXMSRMRMRGLIW
KSJXLIERKPI
XEPZIVXMGEPPIKSJXLIERKPIQE]FI
TVSZMHIHXLEXXLIZIVXMGEPPIK[MHXLHSIWRSXI\GIIH
I WLIPP KMVHIVW
QYPE XS FI YWIH XS HIXIVQMRI
HIVWEVIVIUYMVIHFIX[IIRXLIFSXXSQERHXLIVSSJXST
X
L!

4E[ (
X
%;;%(
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L ! XLILIMKLXSJXLIG]PMRHVMGEPWLIPPFIX[IIRXLIMRXIVQIHMEXI[MRHKMVHIV
;LIVIER
ERHXLIVSSJXSTERKPISVXST[MRHKMVHIVMRJIIX2
SVREQIRXEPVSSJ?XSVYWAXVERWMXMSRI\MWXWX[SXLMVHWSJXLIXVERWMXMSR
L
LQE]FIQIEWYVIHJVSQXLI
XLIWLIPP[LMGLIZIVMWKVIEXIV
X ! XLIEZIVEKIEWSVHIVIHWLIPPXLMGORIWWQMRYWGSVVSWMSREPPS[ERGIMR
MRGLIWJSVXLIZIVXMGEPHMWXERGIL
4E[ ! [IMKLXIHEZIVEKI[MRHTVIWWYVIEGXMRKSZIVXLIHIWMKRLIMKLXMRTSYRHW
TIVWUYEVIJSSXEWGEPGYPEXIHTIV)U*SVMRXIVQIHMEXIWLIPPKMVHIVW
XLIHIWMKRLIMKLXWLEPPFIXEOIREWL

4VSGIHYVI
-R HIX
IRIHWLIPPERMRMXMEPGEPGYPEXMSRWLEPPFIQEHIYWMRKXLIXLMGORIWWSJXLIXSTWLIPP
GSYVWI%HHMXMSREPGEPGYPEXMSRWWLEPPFIFEWIHSRXLIEZIVEKIXLMGORIWWSFXEMRIH
F]MRGPYHMRKTEVXSVEPPSJXLIRI\XPS[IVGSYVWISVGSYVWIWYRXMPXLIGEPGYPEXIH
LLMWIUYEPXSSVWQEPPIVXLERXLILIMKLXSJWLIPPYWIHMRHIXIVQMRMRKXLIEZIVEKI
XLMGORIWW-JLGSRXMRYIWXSGEPGYPEXIKVIEXIVXLERXLILIMKLXSJXLIWLIPPYWIHMR
HIXIVQMRMRKXLIEZIVEKIXLMGORIWWRSMRXIVQIHMEXIKMVHIVMWVIUYMVIH

GIHMRKMRXIVQIHMEXIKMVHIVEWXLIXSTSJXLIXERO0SGEXMRKXLIMRXIVQIHMEXI[MRH
KMVHIVEXXLIQE\MQYQWTEGMRKGEPGYPEXIHF]XLITVIGIHMRKVYPIW[MPPYWYEPP]VIWYPX
MEXI[MRHKMVHIV[MXLEKVIEXIVWXEFMPMX]EKEMRWX[MRH
QYQWTEGMRKFYXXLIPS[IVWLIPPQYWXFIGLIGOIHJSV
YQ[MRHTVIWWYVIEWHIWGVMFIHTVIZMSYWP]SVMRXLI
SRW
;
;SJIEGLWLIPPGSYVWIMRXSEXVERWTSWIH[MHXL
;XVVSJ
QXLMGORIWWF]XLIVIPEXMSRWLMT
XYRMJSVQ
;XV!; X
EGXYEP
)U
;)0()( '%6&32 78))08%2

8 /7 *36;%8)67836%+)
;LIVI
XYRMJSVQ ! XLIYRMJSVQEWSVHIVIHXLMGORIWWQMRYWGSVVSWMSREPPS[ERGIMRXS
[LMGLXLIIRXMVIWLIPP[MPPFIXVERWJSVQIHMRMRGLIW
XEGXYEP ! XLIEWSVHIVIHXLMGORIWWQMRYWGSVVSWMSREPPS[ERGISJXLIWLIPP
GSYVWIFIMRKXVERWJSVQIHMRMRGLIW

JXLIXVERWTSWIH[MHXLSJIEGLGSYVWI[MPPKMZIXLILIMKLXSJER
IUYMZEPIRXXVERWJSVQIHWLIPP*SVIUYEPWXEFMPMX]EFSZISVFIPS[XLIMRXIVQIHMEXI
[MRHKMVHIVXLIKMVHIVWLSYPHFIPSGEXIHEXXLIQMHLIMKLXSJXLIXVERWJSVQIHWLIPP
WLIPPF]XLIJSVIKSMRKXLMGORIWWVIPEXMSRWLMTYWMRKXLIEGXYEPXLMGORIWWSJXLIWLIPP
XLMWGSYVWI
7IGXMSRVIUYMVIH ;LIRM
WLEPPFITVSTSVXMSRIHMREGGSVHERGI[MXLXLIJSVQYPE
4
7!L( E[

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7 ! QMRMQYQVIUYMVIHWIGXMSRQSHYPYWSJXLIMRXIVQIHMEXIKMVHIV
MRGPYHMRKETSVXMSRSJXLIXEROWLIPPJSVEHMWXERGISJXLIPIWWIVSJX
SV6X EFSZIERHFIPS[XLIVMRKEXXEGLQIRXXSXLIWLIPP MR
GYFMGMRGLIW

8IRWMSRERHGSQTVIWWMSRVMRKW
%XNYRGXYVIWMRWLIPPTPEXIW[LIVIXLI
QIVMHMSREPJSVGIWEVIHMWGSRXMRYSYWEXIRWMSRSVGSQTVIWWMSRVMRKMWSJXIRVIUYMVIH
XSVIWMWXXLIGMVGYQJIVIRXMEPJSVGIWKIRIVEXIHF]HMWGSRXMRYSYWQIQFVERIJSVGIW
WXVIWWIWEVIPMQMXIHXSXLSWIWLS[RMR8EFPIWERH8S
XLIVMRKXLIWLIPPEHNEGIRXXSXLIHMWGSRXMRYMX]QE]FI
VEQE\MQYQHMWXERGISJ6X IEGL[E]JVSQXLI
I6MWXLIRSVQEPVEHMYWSJXLIXEROWIGXMSRYRHIVGSR
6

X
XMWXLIXLMGORIWWSJXLIXEROWIGXMSRYRHIVGSRWMHIVEXMSR
YMVIQIRXW
6SSJWY
WMRKXLIEPPS[EFPIWXVIWWHIWMKRTVSZMWMSRWSJ%-7'[MXL
SVI\GITXMSRW
%;;%(

0EXIVEPWYTTSVXSJVEJXIVW
6SSJTPEXIWQE]FIEWWYQIHXSTVSZMHI
XLI RIGIWWEV] PEXIVEP WYTTSVX SJ VSSJ VEJXIVW JVSQ XLI JVMGXMSR FIX[IIR XLI VSSJ
E XVYWWIWERHSTIR[IFNSMWXWYWIHEWVEJXIVWF VEJXIVWLEZMRKERSQMREPHITXL
KVIEXIVXLERMRQQ G VEJXIVWLEZMRKEWPSTIKVIEXIVXLERMRERH
H VEJXIVWWYTTSVXMRKMRWYPEXIHGSRIVSSJW;LIRFVEGMRKMWVIUYMVIHXSTVSZMHI
XLIRIGIWWEV]PEXIVEPWYTTSVXFVEGMRKWLEPPGSRJSVQXSXLIVIUYMVIQIRXWSJ%-7'
;LIVI XLI VSSJ TPEXIMW MRGSVTSVEXIH MRXSFYMPXYTVEJXIVWIGXMSRWXLIVSSJTPEXI
X
XSRIEGLWMHI

1MRMQYQVSSJWPSTI

'SPYQR HIWMKR
MQYQVSSJWPSTIWLEPPFI MR
MQYQ WPIRHIVRIWW VEXMS /0V
V JSV XLI
VSSJWYTTSVXMRKGSPYQRWWLEPPFI[LIVI0 MWXLIPEXIVEPP]YRWYTTSVXIHPIRKXL
ERHVMWXLIVEHMYWSJK]VEXMSRSJXLIGSPYQRFSXLMRMRGLIW'SPYQRWWLEPPFI
V
HIWMKRIHYWMRKXLIEPPS[EFPIWXVIWWHIWMKRTVSZMWMSRWSJ%-7''SPYQRWWYFNIGXXS
PEXIVEPPSEHWWLEPPFIHIWMKRIHEWFIEQGSPYQRW

6EJXIVHIWMKR
6SSJVEJXIVWWLEPPFIHIWMKRIHYWMRKXLIEPPS[EFPI
WXVIWWHIWMKRTVSZMWMSRWSJ%-7'JSV%QEXIVMEP[LIRXLIVSSJHIWMKRPMZIPSEH
MWPFJX 2Q SVPIWW*SVVSSJHIWMKRPMZIPSEHWKVIEXIVXLERPFJX
2Q VSSJVEJXIVHIWMKRQE]YXMPMÎLMKLIVEPPS[EFPIWXVIWWIW[LIRYWMRK
EJSVIQIRXMSRIHVIWXVMGXMSRSREPPS[EFPIWXVIWWHSIWRSXETTP]XSSXLIVVSSJWYTTSVX
QIQFIVWWYGLEWGSPYQRWERHKMVHIVW

4PEGIQIRX SJ VEJXIVW
6SSJ VEJXIVW ERH XVYWWIW WLEPP FI TPEGIH
EFSZIXLIXSTGETEGMX]PIZIP2STEVXWLEPPTVSNIGXFIPS[XLIXSTGETEGMX]PIZIP

'
9RPI
XIWERHVEJXIVWMWRSXVIUYMVIH
XIVWTEGMRK
0! X
;(0
1E\MQYQVEJXIVWTEGMRKJSVWYTTSVXIH

)U

WMRMRGLIW
EGMRKEXQE\MQYQVEHMYWMRMRGLIW
HTPYWPMZIPSEH MRTSYRHWTIVWUYEVIJSSX
;)0()( '%6&32 78))08%2

8 /7 *36;%8)67836%+)

7IEP[IPHMRKGSPYQRW
'SPYQRWQEHIJVSQX[SSVQSVIWXVYG
XYVEPWLETIWWLEPPFIWIEP[IPHIHXLIMVJYPPLIMKLXEXEPPEHNSMRMRKWYVJEGIW-REGGIW
WMFPIWYVJEGIWYRHIVGSPYQRFEWIWWLEPPFITVMQIHERHTEMRXIHTVMSVXSIVIGXMSR

7YTTSVXIHGSRI VSSJW
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6IMRJSVGIQIRX
J
MGORIWWSJXLIVIMRJSVGIQIRXSJXLI[IPHWSR
RIIHRSXFIVIQSZIHI\GITXXSXLII\XIRXXLEXMXI\GIIHWXLIQE\MQYQEGGITXEFPI
XLMGORIWWSV[LIRVIUYMVIHJSVVEHMSKVETLMGMRWTIGXMSRW-RRSGEWIWLEPPXLIJEGI
SJXLI[IPHPMIFIPS[XLIWYVJEGISJXLITPEXIWFIMRKNSMRIH

+SYKMRK
+SYKMRK EX XLI VSSX SJ [IPHW ERH KSYKMRK SJ [IPHWXS
VQIH [MXL E VSYRHRSWIH XSSP SV F] EVG SV S\]KIR
IRFIEHW
)EGLFIEHSJEQYPXMTPITEWW[IPHWLEPPFI
IHITSWMXWFIJSVIXLIRI\XFIEHMWETTPMIH
&I;IPHIH
ZMHIHFIPS[WYVJEGIWXSFI[IPHIHWLEPPFIJVIIJVSQ
VIEWISMPTEMRXERHER]SXLIVJSVIMKRQEXIVMEPI\GITX
H7YGLWYVJEGIWWLEPPEPWSFIWQSSXLYRMJSVQERH
EVIHIHKIWEJXIV[MVIFVYWLMRKRIIHRSXFIVIQSZIH
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8 /7 *36;%8)67836%+)

4VSXIGXMZIGSEXMRKW -JTVSXIGXMZIGSEXMRKWHIS\]EPYQMREXISVIUYMZE
PIRXEVIXSFIYWIHSRWYVJEGIWXSFI[IPHIHXLITVSXIGXMZIGSEXMRKWLEPPFIMRGPYHIH
XLMGORIWWSJGSEXMRKXSFIETTPMIHI\GITXMJXLMGORIWWSJGSEXMRKHSIWRSXI\GIIH
QMPW
7IG 4VILIEXMRK;IPH.SMRXW
4VILIEX ;LIRTVILIEXMRKMWVIUYMVIHXLIFEWIQIXEP[MXLMREHMW
XERGISJJSYVXMQIWXLITPEXIXLMGORIWWMR?QQAQMRMQYQFYXRIIHRSXI\GIIH
MR ? QQA JVSQ XLI PSGEXMSR [LIVI [IPHMRK MW WXEVXIH WLEPP FI TVILIEXIH XS
QEMRXEMRIHJSVEHMWXERGISJJSYVXMQIWXLITPEXIXLMGORIWWMR?QQAQMRMQYQ
FYXRIIHRSXI\GIIHMR?QQA ELIEHSJXLIEVGEW[IPHMRKTVSKVIWWIWYRPIWW

LIEXXIQTIVEXYVIKMZIRMRXLMWWIGXMSRERHXLITVILIEXXIQTIVEXYVIKMZIRMRXLIUYEPM
WLEPPETTP]XSIEGLTEWW
4VILIEXVIUYMVIQIRXW
I

4PEXIXLMGORIWWIWPIWWXLERSVIUYEPXS MRQQ
4VILIEX
VIUYMVIQIRXWJSVTPEXIXLMGORIWWIWPIWWXLERSVIUYEPXS MRQQ

*SVFEWIQIXEPXIQTIVEXYVIWKVIEXIVXLERSVIUYEPXS*' RSTVI
LIEXMWVIUYMVIH
*SV FEWIQIXEPXIQTIVEXYVIWKVIEXIV XLER SVIUYEP XS * z' ERH
PIWWXLER*' XLIQMRMQYQTVILIEXXIQTIVEXYVIMW*'
*SVFEWIQIXEPXIQTIVEXYVIWPIWWXLER*z' XLIQMRMQYQTVI
* ' -R EHHMXMSR XLI FEWI QIXEP EPSRK XLI PIRKXL
HMVIGXMSR SJ [IPHMRKWLEPPFITVILIEXIHERHQEMRXEMRIH
EHMWXERGISJEXPIEWXMRQQ JVSQXLITSMRXSJ
HNSMRX PIRKXL[LMGLIZIVMWPIWW7II7IGJSVPS[
GORIWWIWKVIEXIVXLER MRQQ 4VILIEXVIUYMVI
IWKVIEXIVXLER MRQQ
XIQTIVEXYVIW KVIEXIV XLER SV IUYEP XS * ' RS
XIQTIVEXYVIWKVIEXIVXLER*' ERHPIWWXLER*
UYMVIH [LIR PS[L]HVSKIR IPIGXVSHIW SV PS[L]HVSKIR
%;;%(
[IPHMRKTVSGIWWIWEVIYWIH3XLIV[MWIXLIQMRMQYQTVILIEXFEWIQIXEPXIQTIVE
XYVIMW*'
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QYQTVILIEXXIQTIVEXYVIMW*'
*SVFEWIQIXEPXIQTIVEXYVIWPIWWXLER*z' XLIFEWIQIXEPEPSRK
XLI PIRKXL SJ XLI [IPH NSMRX MR XLI HMVIGXMSR SJ [IPHMRK WLEPP FI TVILIEXIH ERH
QEMRXEMRIHEW[IPHMRKTVSKVIWWIWJSVEHMWXERGISJEXPIEWXMRQQ JVSQ
XLITSMRXSJ[IPHMRKSVXLIIRXMVI[IPHNSMRXPIRKXL[LMGLIZIVMWPIWW7II7IG
JSVPS[L]HVSKIRVIUYMVIQIRXW
7IG 0S[,]HVSKIR)PIGXVSHIWERH;IPHMRK4VSGIWWIW

,ERHPMRK
%JXI
MXWSVMKMREPTEGOEKIMXWLEPPFITVSXIGXIHSVWXSVIHWSXLEXMXWGLEVEGXIVMWXMGWERH
MREGGSVHERGI[MXLIPIGXVSHIGSRHMXMSRMRKVIGSQQIRHEXMSRWGSRXEMRIHMR%27-
%;7%SV%27-%;7%[LMGLIZIVMWETTPMGEFPI
0S[ XIQTIVEXYVIW -J [IPHMRK MW XS FI TIVJSVQIH [LIR XLI FEWI
QIXEP XIQTIVEXYVI MW PS[IV XLER * z' PS[L]HVSKIR IPIGXVSHIW SV PS[
L]HVSKIR[IPHMRKTVSGIWWIWWLEPPFIYWIH
7IG 8EGO;IPHW
8EGO[IPHWYWIHMRXLIEWWIQFP]SJNSMRXWWYFNIGXXSTVMQEV]WXVIWWJVSQXLI
FIXLSVSYKLP]GPIERIHSJEPP[IPHMRKWPEKFYXRIIHRSXFIVIQSZIHTVSZMHIHXLI]
EWWIQFP]SJNSMRXWWYFNIGXXSWIGSRHEV]WXVIWWWYGLEW
HXLEXXLI]EVIWSYRHGPIERIHSJEPP[IPHMRKWPEKERH
[IPHFIEHWEVIXLSVSYKLP]JYWIHMRXSXLIXEGO[IPHW
TPEXIW WYFNIGXIH XSWXVIWWF]XLI [IMKLX SV TVIWWYVI

FIEWWIQFPIHERH[IPHIHMRWYGLEQERRIVXLEXXLI
MRFSXLHMVIGXMSRWMWQEMRXEMRIH
H PYKW %R] GPMTW NMKW SV PYKW [IPHIH XS XLI WLIPP
WLEPP FI VIQSZIH [MXLSYX HEQEKMRK XLI TPEXIW ERH
QEMRMRKWLEPPFIGLMTTIHSVKVSYRHWQSSXL
;)0()( '%6&32 78))08%2

8 /7 *36;%8)67836%+)

&SXXSQ TPEXIW JSV IPIZEXIH XEROW
SQ TPEXIW JSV IPIZEXIH
XEROWWLEPPFIEWWIQFPIHERH[IPHIHXSKIXLIVF]ETVSGIHYVIXLEX[MPPVIWYPXMRE
QMRMQYQSJHMWXSVXMSRJVSQ[IPHWLVMROEKI

&SXXX
XSQXEROWEJXIVFIMRKPEMHSYXERHXEGOIHWLEPPFINSMRIHF][IPHMRKXLINSMRXWMR
EWIUYIRGIXLEXVIWYPXWMRXLIPIEWXHMWXSVXMSRGEYWIHF]WLVMROEKISJXLI[IPH3YX
SJTPERIHMWXSVXMSRIUYEPXSTIVGIRXSJXLIXEROVEHMYWMWGSRWMHIVIHEGGITXEFPI
8EROWLIPP *SV[IPHMRKMRXLIZIVXMGEPTSWMXMSRXLITVSKVIWWMSRSJ
TPEXIWWLEPPFINSMRIHF][IPHMRKXLINSMRXWMREWIUYIRGIXLEXVIWYPXWMRXLIPIEWX
HMWXSVXMSRGEYWIHF]WLVMROEKISJXLI[IPHERHXLEX[MPPEZSMHOMROWEXXLIPSRKM
XYHMREPNSMRXW

ERGIW
+VSYRHWYTTSVXIH WXERHTMTI ERH VIWIVZSMV G]PMRHVMGEP WLIPP XSPIV
7LIPPXSPIVERGIWQE]FI[EMZIHMJ XLI WXVYGXYVEP EHIUYEG] SJXLIWLIPP MW
WYFWXERXMEXIHF]EVEXMSREPEREP]WMW

4PYQFRIWW
MQYQ SYXSJTPYQFRIWW SJ XLI XST SJ XLI
WLIPPVIPEXMZIXSXLIFSXXSQSJXLIWLIPPWLEPPRSXI\GIIH SJXLIXSXEPWLIPPLIMKLX

IZIVMWETTPMGEFPI

6SYRHRIWW
6EHMMQIEWYVIH EX JX Q EFSZI XLI FSXXSQ
GSVRIV[IPHWLEPPRSXI\GIIHXLIXSPIVERGIWEWKMZIRMR8EFPI

4IEOMRKERHFERHMRKEX[IPHNSMRXW
4IEOMRKMWXLISYXSJTPERI
HMWXSVXMSREGVSWWEZIVXMGEP[IPHWIEQ&ERHMRKMWXLISYXSJTPERIHMWXSVXMSREGVSWW
EQ
PPW
6EHMYW8SPIVERGI
MR
QQ


%;;%(
9WMRKELSVM^SRXEPW[IITFSEVHMRQ PSRKTIEOMRKWLEPPRSX

I\GIIH MRQQ
9WMRK E ZIVXMGEP W[IIT FSEVH MR Q PSRK FERHMRK WLEPP RSX
I\GIIH MRQQ

0SGE
*PEXWTSXWXLEXHIZMEXIJVSQXLIXLISVIXMGEP
ERH[EZMRIWWVIUYMVIQIRXWMR%781%ERH%[LMGLIZIVMWETTPMGEFPI
)VIGXMSRXSPIVERGIWJSVEPPS[EFPIGSQTVIWWMZIWXVIWWJSVQYPEW
X
(SYFPI
GYVZIHE\MW]QQIXVMGEPGSRMGEPERHG]PMRHVMGEPWIGXMSRWWYFNIGXXSXLITVSZMWMSRW
SJ7IGWLEPPFIEWWIQFPIHERH[IPHIHMRWYGLEQERRIVXLEXXLIJSPPS[MRK
XSPIVERGIWEVISFXEMRIH
0SGEPHIZMEXMSRJVSQXLISVIXMGEPWLETI)\GITXEWRSXIHXLIQE\M
QYQPSGEPHIZMEXMSRJVSQXLISVIXMGEPWLETIII\
I\ ! 0\
)U
0\ ! 6X
)U
;LIVI
0\ ! KEYKIPIRKXLXSQIEWYVIPSGEPMQTIVJIGXMSR
I\ ! PSGEPHIZMEXMSRJVSQXLISVIXMGEPWLETI
X ! WLIPPXLMGORIWW
6 ! VEHMYWSJI\XIVMSVWYVJEGISJXLIWLIPPRSVQEPXSXLITPEXIEXXLITSMRX
YRHIVGSRWMHIVEXMSRERHQIEWYVIHJVSQXLII\XIVMSVWYVJEGISJXLI
TPEXIXSXLIE\MWSJVIZSPYXMSR
2
%PPYRMXWQYWXFIGSRWMWXIRX
S[EFPI GSQTVIWWMZI WXVIWW 'GVV MW PIWW XLER XLI

RXERHWLEPPFIFEWIHSRXLIPSEHGSQFMREXMSRXLEX
/GV
V
/
/GVV!
)U
/
/GVV! z'GV

)U
/GVV!
)U
;)0()( '%6&32 78))08%2

8 /7 *36;%8)67836%+)
;LIVI
'GV ! VEXMSSJEGXYEPGSQTVIWWMZIWXVIWWXSEPPS[EFPIGSQTVIWWMZIWXVIWW
/GV ! EPPS[EFPIPSGEPHIZMEXMSRQYPXMTPMIV

3JJWIX SJ EPMKRIH GSYVWIW
%PMKRQIRX WLEPP GSQTP] [MXL
7IG
7IG 1EXGLMRK4PEXIW

0ETNSMRXW
XIWJSVQMRKEPETNSMRXWLEPPFILIPHMREWGPSWI
GSRXEGXEWTSWWMFPIHYVMRK[IPHMRK;LIVITPEXIWITEVEXMSRSGGYVWXLIWMÎSJ[IPH
WLEPPFIMRGVIEWIHF]XLIEQSYRXSJXLIWITEVEXMSRWII7IG

&YXX NSMRXW
SMRMRK IHKIW SJ FYXX NSMRXW WLEPP FI EPMKRIH
8EFPIEVIRSXI\GIIHIHMRXLI[IPHIHNSMRX

'PIERMRK SJ [IPHW
;IPH WGEPI SV WPEK WTEXXIV FYVVW ERH SXLIV
WLEVTSVVSYKLTVSNIGXMSRWWLEPPFIVIQSZIHMREQERRIVXLEX[MPPPIEZIXLIWYVJEGI
WYMXEFPI JSV XLI WYFWIUYIRX GPIERMRK ERH TEMRXMRK STIVEXMSRW ;IPH WIEQW RIIH
RSXFIGLMTTIHSVKVSYRHTVSZMHIHXLI]LEZIEWYVJEGIWYMXEFPIJSVXLIWYFWIUYIRX
GPIERMRKERHTEMRXMRKSTIVEXMSRW
7IG +VSYXMRKSJ'SPYQR6MWIVERH7MRKPI4IHIWXEP&EWIW
JSV)PIZEXIH8EROW
%JXIVXLIXEROLEWFIIRGSQTPIXIP]IVIGXIHERHwXVYIHYTxEQMRMQYQMR
QQ WTEGIFIX[IIRGSPYQRVMWIVERHWMRKPITIHIWXEPFEWIWERHXLIJSYRHE
IGXXS4VMQEV]7XVIWW
7YFNIGXXS7IGSRHEV]7XVIWW
QQ
MR
QQ

0IWWIVSJX
SV
0IWWIVSJX
SV
0IWWIVSJX
SV
JX

NSMRX
%;;%(
7IG
,MKL7XVIRKXL%RGLSVW
;LIRLMKLWXVIRKXLERGLSVWEVIYWIHRS[IPHMRKLIEXMRKSVTIIRMRKSJXLI
ERGLSVMWTIVQMXXIH,MKLWXVIRKXLERGLSVWWLEPPFITVIXIRWMSRIHXSEXPIEWX
TIVGIRXSJXLIHIWMKRPSEH
7)'8-32 -274)'8-32%2(8)78-2+
7IG
+IRIVEP

HERGI[MXLXLMWWXERHEVH
7IG -RWTIGXMSR6ITSVX
JSPPS[MRK
%GST]S
%WYQQEV]SJMRWTIGXMSRSJVEHMSKVETLWERHMRWTIGXMSRF]EMVGEVFSREVG
KSYKMRKMJYWIH
-HIR
MRKERHEWXEXIQIRXSJXLIEGXMSRXEOIRXSVIGXMJ]YRWEXMWJEGXSV][IPHW
6IGSVHSJ[IPHIVWIQTPS]IHSRIEGLNSMRXMJETTPMGEFPIWII7IG
'IVX
7IG
;IPHIVWv'VIHIRXMEPW
][IPHMRKMWTIVJSVQIHVIJIVXS7IG
RWTIGXMSR
-RWTIGXMSR SJ [IPHIH NSMRXW F] VEHMS

QEV]WXVIWWJVSQ[IMKLXSVTVIWWYVISJXEROGSRXIRXW
XEGX[MXLXLI[EXIV*SVMRWTIGXMSRTYVTSWIWTVMQEV]
VIHETVMQEV]WXVIWWERHTVMQEV]GSQTVIWWMSRWXVIWW
V]WXVIWWMR7IGERH
QIXLSH -RWTIGXMSR SJ GSQTPIXI NSMRX TIRIXVEXMSR
SEHFIEVMRKVMWIVWMRGSRXEGX[MXL[EXIVWLEPPFIQEHI
;)0()( '%6&32 78))08%2

8 /7 *36;%8)67836%+)
F]XLIVEHMSKVETLMGQIXLSHMR7IG4VMQEV]WXVIWWNSMRXWXLEXGERRSXFIVEHMS
KVETLIHQE]FIMRWTIGXIHF]EMVGEVFSREVGKSYKMRKEWHIWGVMFIHMR7IG

0MQMXEXMSRWSJVEHMSKVETLMGMRWTIGXMSR
6EHMSKVETLMGMRWTIGXMSR
WLEPPETTP]XSGSQTPIXITIRIXVEXMSR[IPHIHFYXXNSMRXWSRP]-RWTIGXMSRF]VEHMS
KVETLMGQIXLSHWMWRSXVIUYMVIHJSVFYXXNSMRXWJSV[LMGLTEVXMEPTIRIXVEXMSR[IPHW
EVIEPPS[IH7IGERH7IG ERHXLIJSPPS[MRKNSMRXW
;IPHW MR VSSJ TPEXIW RSX WYFNIGX XS XLI [IMKLX SV TVIWWYVI SJ XLI XERO
GSRXIRXW
;IPHWM
XLERERRYPEVTPEXIWVIUYMVIHF]7IG
;IPHWN
7TPMGI[IPHWMRXLIXSTERKPIERH[IPHWGSRRIGXMRKXLIXSTERKPIXSXLI
WLIPPSVVSSJ
;IPHWGSRRIGXMRKQERLSPIWXSXLIXERO
;IPHWGSRRIGXMRKETTYVXIRERGIWXSXLIXERO
%R]SX

:MWYEPMRWTIGXMSR %PP[IPHWI\GITXEWRSXIHMR7IGWLEPP
FI ZMWYEPP] MRWTIGXIH F] ER MRHMZMHYEP [LS F] XVEMRMRK SV I\TIVMIRGI SV FSXL
MRQIXEPWJEFVMGEXMSRMRWTIGXMSRERHXIWXMRKMWGSQTIXIRXXSTIVJSVQXLIZMWYEP
%R]GVEGOVIKEVHPIWWSJWMÎSVPSGEXMSR
0EGOSJ JYWMSRFIX[IIREHNEGIRXPE]IVWSJ[IPHQIXEPSVFIX[IIR[IPH
J
QIXEPERHFEWIQIXEPI\GITXEWRSXIHMR7IG

PH
RKJVSQXLITVSXVYWMSRSJ[IPHQIXEPFI]SRHXLI[IPHXSI
SVGIQIRXMRI\GIWWSJEPPS[EFPIPMQMXWKMZIRMR7IG
I\MX]MRI\GIWWSJ
Q JSV[MHXLSJMRHMZMHYEPFIEHSV[IPHJEGIRSXSZIV
Q JSV[MHXLSJMRHMZMHYEPFIEHSV[IPHJEGISZIV MR
MRQQ
QQ JSV [MHXL SJ MRHMZMHYEP FIEH SV [IPH JEGI MR
%;;%(
9RHIVGYXMRI\GIWWSJXLIPMQMXWKMZIRMR7IG
4SVSWMX]
E %R]ZMWMFPITSVSWMX]MRFYXXNSMRXWWYFNIGXXSTVMQEV]WXVIWW
F -REPPSXLIVNSMRXWXLIWYQSJZMWMFPITSVSWMX]KVIEXIVXLER MR
QQ MRHMEQIXIVWLEPPRSXI\GIIH MRQQ MRER]PMRIEVMRGLSJ[IPHERH
WLEPPRSXI\GIIH MRQQ MRER]MRQQ PIRKXLSJ[IPH
4PEXI QMWEPMKRQIRX MR I\GIWW SJ XLI PMQMXW KMZIR MR 7IG ERH
8EFPI

1E\MQYQTIVQMWWMFPIYRHIVGYX

9RHIVGYXMWEKVSSZIQIPXIHMRXSXLIFEWIQIXEPEHNEGIRXXSXLI

*SVFYXXNSMRXWWYFNIGXXSTVMQEV]WXVIWWHYIXS[IMKLXSVTVIWWYVI
SJXEROGSRXIRXWQE\MQYQTIVQMWWMFPIYRHIVGYXWLEPPFI MRQQ

*SVFYXXNSMRXWWYFNIGXXSWIGSRHEV]WXVIWWTIRIXVEXMSRMWVIUYMVIH
SRP][MXLMRXLIPMQMXWIWXEFPMWLIHMR7IG%QE\MQYQYRHIVGYXSJ MR
QQ MWTIVQMXXIHTVSZMHIHXLEXXLIYR[IPHIHTSVXMSRTPYWXLIYRHIVGYXWLEPP
RSXVIHYGIXLIXLMGORIWWSJXLINSMRXF]QSVIXLERSRIXLMVHSJXLIXLMGORIWWSJXLI
XLMRRIVTPEXINSMRIH
*SVPETNSMRXWWYFNIGXXSTVMQEV]WXVIWWHYIXS[IMKLXSVTVIWWYVI
SJXEROGSRXIRXWXLIQE\MQYQTIVQMWWMFPIYRHIVGYXWLEPPFI MRQQ

*SVPETNSMRXWWYFNIGXXSWIGSRHEV]WXVIWWXLIQE\MQYQYRHIV
V
GYXTIVQMXXIHWLEPPFI MRQQ

*SV FY
WTPMGI[IPHWLEPPFIKVSYRHXSIPMQMREXIWLEVTRSXGLIWERHEPPYRHIVGYXWLEPPFI
VITEMVIHXSTVSZMHIEWQSSXLXVERWMXMSRJVSQXLIWTPMGI[IPHXSXLIFVEGIQEXIVMEP
QYQYRHIVGYXTIVQMXXIHJSVEPPSXLIVNSMRXWWLEPPFI
RHHSGYQIRXEXMSRSJWLIPPMQTIVJIGXMSRW
TSVXIH WXERHTMTIW ERH VIWIVZSMVW % ZMWYEP MRWTIG
TPIQIRXIHF]QIEWYVIQIRXWWLEPPFIYWIHXSZIVMJ]
XSPIVERGIWSJ7IGERH8EFPI
IVRIH F] 7IG
(SYFPIGYVZIH E\MW]QQIXVM
IGXMSRWKSZIVRIHF]7IGPSGEPFYGOPMRKEPPS[
HEWJSPPS[W
;)0()( '%6&32 78))08%2

8 /7 *36;%8)67836%+)

% ZMWYEP MRWTIGXMSR SJ WLIPPW HIWMKRIH YWMRK 1IXLSH WII
7IG WYTTPIQIRXIHF]QIEWYVIQIRXWWLEPPFIYWIHXSZIVMJ]GSQTPM
ERGI[MXLXLIXSPIVERGIWSJ7IGERH7IG

7LIPPWHIWMKRIHYWMRK1IXLSHWII7IG SV1IXLSH

PEV-JQIEWYVIQIRXWMRHMGEXIXLEXXLIWLIPPHSIWRSXGSQTP][MXLXLIXSPIVERGIW
SJ7IGEHHMXMSREPQIEWYVIQIRXWWLEPPFIXEOIRXSHIXIVQMRIXLII\XIRXSJ
GIVXMJ]MRKGSQTPMERGI[MXLXLIXSPIVERGIWSJ7IGERH7IGWLEPPFITVS
ZMHIH;LIVIXLIXSPIVERGIWSJ7IGERHEVIRSXQIXJYVXLIVIZEPYEXMSR
MWVIUYMVIHERHGSVVIGXMZIEGXMSRQE]FIVIUYMVIHWII7IG

7YTTSVX GSPYQRW JSV IPIZEXIH XEROW
)\GITX EW RSXIH XLMW WIGXMSR
ETTPMIWXSXYFYPEVWYTTSVXGSPYQRWSJQYPXMTPIGSPYQRXEROWPEVKIHMEQIXIVHV]
VMWIVW ERH WMRKPITIHIWXEP GSPYQRW [MXL IMXLIV E WQSSXL G]PMRHVMGEP GSRMGEP SV
FIRXTPEXIWYVJEGI
'MVGYQJIVIRXMEP FYXX NSMRXW
XMSR SRP] ETTPMIW XS PEVKI
HMEQIXIVHV]VMWIVWERHWMRKPITIHIWXEPGSPYQRW;IPHWQEHIJVSQSRIWMHIMRXS
FEGOYTFEVWSVWMQMPEVSRIWMHI[IPHMRKQE]WLS[HEVOPMRIWMRXIVQMXXIRXP]SRE
TVSZMHIHXLI[IPHWEVISXLIV[MWIGSRWMHIVIHEGGITXEFPI*SVSRIWMHIH[IPHWWSQI
RSRJYWMSRSVPEGOSJTIRIXVEXMSRPIWWXLERXMQIWXLIGSPYQR[EPPXLMGORIWWMR
PIRKXLERHVSYRHIHMRHMGEXMSRWWLEPPRSXFIGEYWIJSVVINIGXMSRTVSZMHIHXLIKSZ
SR
HMREPFYXXNSMRXW
0SRKMXYHMREPFYXXNSMRXWWLEPPFIZMWY
SYXWMHIPIRKXLERHJSVEHMWXERGISJSRIHMEQIXIVSRXLI
HIH%VIEWPIWWXLERXIRXMQIWXLIGSPYQR[EPPXLMGORIWW
RIXVEXMSRRSXI\GIIHMRK MRQQ HIITEVIEGGITX
WSJ7IGWLEPPETTP]JSVI\XIVMSV[IPHW
XW
*SV PET NSMRXW XLI VIUYMVIQIRXW SJ 7IG
HI\XIVMSV[IPHW
QFIVFVEGMRK
7TPMGINSMRXWWLEPPFIMRWTIGXIHF]VEHMSK
SVF]TVSSJXIWXXS XMQIWXLITYFPMWLIHQMRMQYQ]MIPH
SJXLMWNSMRXXIWXMRKWLEPPFIEWJSPPS[W

%;;%(

4VMSVXSTVSHYGXMSR[IPHMRKIEGL[IPHIV
4VSHYGXMSR XIWXMRK
*SV IEGL [IPHIV EX PIEWX SRI WTPMGI NSMRX
WLEPPFIXIWXIHJSVIZIV]WTPMGINSMRXW[IPHIH[MXLEQMRMQYQSJSRIXIWX
7IG 2YQFIVERH0SGEXMSRSJ6EHMSKVETLWJSV&YXX;IPH.SMRXWMR8ERO
7LIPPW0SEH&IEVMRK6MWIVWERH7MRKPI4IHIWXEP'SPYQRW
-RWTIGXMSRWLEPPFITIVJSVQIHEWXLI[SVOTVSKVIWWIWERHWLEPPFIQEHIEW
[IPHIH6IJIVXS7IGJSVVEHMSKVETLMGXIWXMRKTVSGIHYVIW

.SMRXWSJXLIWEQIX]TIERHXLMGORIWW
8EROWLIPPERH[IXVMWIVNSMRXW
SJXLIWEQIX]TIERHXLMGORIWWFEWIHSRXLIXLMGORIWWSJXLIXLMRRIVTPEXIEXXLI
NSMRX[LMGLEVIWYFNIGXXSTVMQEV]WXVIWWHYIXS[IMKLXSVTVIWWYVISJXEROGSRXIRXW
[IPHIVWSV[IPHMRKSTIVEXSVW[SVOMRKXLIVISRSRIEHHMXMSREPVEHMSKVETLWLEPPFI
XEOIRMRIEGLEHHMXMSREPJXQ ERHER]VIQEMRMRKQENSVJVEGXMSRXLIVISJ
TIVGIRXSJEPPNYRGXYVIWSJNSMRXWXLEXMRGPYHIEXPIEWXSRIWIEQWYFNIGXXSTVMQEV]
WXVIWW[MXLEQMRMQYQSJX[SWYGLNYRGXYVIWTIVXERO

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