Nfpa 10-2013

'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR2*4%
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%GGIWWWYFWGVMTXMSRI\TMVIWSR
NFPA® 10
Standard for
Portable Fire Extinguishers
2013 Edition
NFPA, 1 Batterymarch Park, Quincy, MA 02169-7471

An International Codes and Standards Organization
'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHWMRKPIHS[RPSEHZME2*'77%PP%GGIWWSR.YRIXS(%6%0,%2(%7%,JSVHIWMKREXIHYWIV
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2*'77%PP%GGIWWWYFWGVMTXMSRI\TMVIWSR
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'ST]VMKLX 2EXMSREP *MVI 4VSXIGXMSR %WWSGMEXMSR %PP 6MKLXW 6IWIVZIH
2*4%
7XERHEVH JSV
4SVXEFPI *MVI )\XMRKYMWLIVW
)HMXMSR
8LMW IHMXMSR SJ 2*4% 7XERHEVH JSV 4SVXEFPI *MVI )\XMRKYMWLIVW [EW TVITEVIH F] XLI 8IGL
RMGEP 'SQQMXXII SR 4SVXEFPI *MVI )\XMRKYMWLIVW -X [EW MWWYIH F] XLI 7XERHEVHW 'SYRGMP SR
2SZIQFIV [MXL ER IJJIGXMZI HEXI SJ (IGIQFIV ERH WYTIVWIHIW EPP TVIZMSYW
IHMXMSRW
8LMW IHMXMSR SJ 2*4% [EW ETTVSZIH EW ER %QIVMGER 2EXMSREP 7XERHEVH SR (IGIQFIV

3VMKMR ERH (IZIPSTQIRX SJ 2*4%

-R ERH XLI 2*4% 'SQQMXXII SR *MIPH 4VEGXMGI TVIHIGIWWSV SJ XLI TVIWIRX
GSQQMXXII [EW EGXMZI MR HIZIPSTMRK E WXERHEVH SR JMVWX EMH TVSXIGXMSR 8LI IEVPMIWX SJJMGMEP
2*4% WXERHEVH SR XLMW WYFNIGX [EW EHSTXIH MR 6IZMWIH IHMXMSRW [IVI EHSTXIH F] XLI
EWWSGMEXMSR MR

ERH -R XLI TVIZMSYW IHMXMSRW [IVI HMZMHIH MRXS X[S WITEVEXI
XI\XW SRI GSZIVMRK MRWXEPPEXMSR ERH XLI WIGSRH GSZIVMRK QEMRXIRERGI ERH YWI 8LI
IHMXMSR VIGSQFMRIH EPP XLI MRJSVQEXMSR TVIZMSYWP] GSRXEMRIH MR 2*4% ERH 2*4% % %
RI[ ETTIRHM\ [EW EHHIH XS XLI IHMXMSR XS MRGPYHI MRJSVQEXMSR EFSYX XLI WIPIGXMSR SJ
JMVI I\XMRKYMWLIVW JSV LSQI LEÊVHW -RJSVQEXMSR SR WIPIGXMSR ERH HMWXVMFYXMSR SJ JMVI I\XMR
KYMWLIVW [EW EHHIH XS XLI ETTIRHM\ SJ XLI IHMXMSR 1ENSV VIZMWMSRW XS TVSZMHI WMQTPMJM
GEXMSR ERH YRMJSVQMX] [IVI QEHI MR XLI IHMXMSR 8LI WXERHEVH [EW VIZMWIH MR
ERH
-R 2*4% 6 6IGSQQIRHIH 4VEGXMGI JSV 4SVXEFPI *MVI )\XMRKYMWLMRK )UYMTQIRX MR *EQMP]
([IPPMRK 9RMXW ERH 0MZMRK 9RMXW [EW [MXLHVE[R -RJSVQEXMSR SR XLMW XSTMG [EW MRGSVTSVEXIH EW
ER ERRI\ SJ 2*4%
8LMW WXERHEVH [EW VIZMWIH MR
8LI IHMXMSR SJ XLMW WXERHEVH [EW E GSQTPIXI VIZMWMSR
8LI IHMXMSR SJ XLMW WXERHEVH MRGPYHIH GLERKIW XS GSQTP] [MXL XLI 1ERYEP SJ 7X]PI JSV
2*4% 8IGLRMGEP 'SQQMXXII (SGYQIRXW F] VIQSZMRK YRIRJSVGIEFPI XIVQW %RRI\ QEXIVMEP [EW
EPWS EHHIH XS GPEVMJ] XLI RIIH JSV VIQSZMRK SFWSPIXI I\XMRKYMWLIVW
8LI IHMXMSR SJ XLMW WXERHEVH LEW FIIR VIZMWIH XS FIXXIV EHHVIWW 'PEWW ( I\XMRKYMWLMRK
EKIRXW ERH XLI TLEWISYX SJ PMWXIH LEPSR I\XMRKYMWLIVW 8LI HIJMRMXMSR SJ LEPSGEVFSRW LEW
FIIR I\TERHIH XS TIVQMX XLI YWI SJ ER] LEPSGEVFSR EKIRX EGGITXEFPI YRHIV XLI 97 )4%
7MKRMJMGERX 2I[ %PXIVREXMZIW 4SPMG] TVSKVEQ 8LI PMWX SJ 2*4% HSGYQIRXW XLEX GSRXEMR EHHM
XMSREP VIUYMVIQIRXW XLEX WYTIVWIHI XLSWI JSYRH MR XLMW WXERHEVH [EW WMKRMJMGERXP] I\TERHIH
JSV IEW] VIJIVIRGI 2I[ XVEZIP HMWXERGIW JSV SFWXEGPI KVEZMX]XLVIIHMQIRWMSREP ERH TVIWWYVI
JMVI LEÊVHW LEZI FIIR EHHIH 'LETXIV -RWTIGXMSR 1EMRXIRERGI ERH 6IGLEVKMRK ERH
%RRI\ ) (MWXVMFYXMSR LEZI FIIR WMKRMJMGERXP] VIZMWIH ERH VIWXVYGXYVIH -RWXVYGXMSRW JSV MR
WTIGXMSR ERH QEMRXIRERGI SJ VIWMHIRXMEP I\XMRKYMWLIVW LEZI FIIR EHHIH XS %RRI\ * 7IPIGXMSR
SJ 6IWMHIRXMEP *MVI)\XMRKYMWLMRK )UYMTQIRX
2*4% ERH 2EXMSREP *MVI 4VSXIGXMSR %WWSGMEXMSR EVI VIKMWXIVIH XVEHIQEVOW SJ XLI 2EXMSREP *MVI 4VSXIGXMSR %WWSGMEXMSR 5YMRG] 1EWWEGLYWIXXW
z 4368%&0) *-6) )<8-2+9-7,)67
8IGLRMGEP 'SQQMXXII SR 4SVXEFPI *MVI )\XMRKYMWLIVW
2EXLERMIP . %HHPIQER 'LEMV

,YKLIW %WWSGMEXIW -RG 8< ?7)A
6S] ' /MQFEPP 2SRZSXMRK 7IGVIXEV]

&VSSOW )UYMTQIRX 'SQTER] -RG 2' ?1A
%PX XS 1 8 'SRVS]
%RHVI[ . &VEH] 2YGPIEV 7IVZMGI 3VKERMÊXMSR () ?-A 8LSQEW 0 1G:IVV] --- (YRR;IPP 00' 2' ?-1A
(IRRMW ( &VSLQIV 8]GS *MVI 4VSXIGMSR 4VSHYGXW ;- ?1A 0SYMW 2EWL 97 'SEWX +YEVH 'SQQERHERX '+
(EZMH . &YVOLEVX 'SHI 'SRWYPXERXW -RG 13 ?7)A (' ?)A
.SREXLER ) 'EVTIRXIV *1 +PSFEP *1 %TTVSZEPW 1% ?-A . 6 2IVEX 98'&EHKIV *MVI 4VSXIGXMSR 1- ?1A
1EVO 8 'SRVS] &VSSOW )UYMTQIRX 'SQTER] 1% ?1A 6IT 2*4% -RHYWXVMEP *MVI 4VSXIGXMSR 7IGXMSR
8LSQEW + *EVVYKKME -PPMRSMW *MVI
7EJIX] 'SQTER] 6MGLEVH 6 3WQER %SR *MVI 4VSXIGXMSR )RKMRIIVMRK
-0 ?-1A -0 ?-A
*VIH & +SSHRMKLX %QIVI\ 'SVTSVEXMSR %0 ?1A (EZMH 8 4LIPER &IVKIRJMIPH *MVI (ITEVXQIRX 2. ?)A
6IT 'SQTVIWWIH +EW %WWSGMEXMSR .SLR ) 6IMXIV %)7 'SVTSVEXMSR :% ?9A
6MGLEVH 6 ,EVVMRKXSR *V]I 'SRWYPXMRK 0XH '% ?7)A
2EXLER 0 6SGLIPIEY 7XEXI SJ %PEWOE (ITEVXQIRX SJ
'EVP ,SVWX 7IGYVMX] *MVI )UYMTQIRX 'SQTER] -RG
+% ?-1A 4YFPMG 7EJIX] (MZMWMSR SJ *MVI
0MJI 7EJIX] %/ ?)A
6IT +ISVKME %WWSGMEXMSR SJ *MVI 7EJIX] )UYMTQIRX &]VSR . 7EVEKS (8) )RIVK] 1- ?9A
(IEPIVW -RG 6IT )HMWSR )PIGXVMG -RWXMXYXI
;MPPMEQ . 0E7EPPI 9RMXIH 7XEXIW 4SWXEP 7IVZMGI %6 ?9A %YWXMR 0 7QMXL &EFGSGO
;MPGS\ = 00' 82 ?9A
+ISVKI ) 0EZIVMGO 9RHIV[VMXIVW 0EFSVEXSVMIW -RG 1EVO 7 7QMXL *SVGIH +EW 8IGLRSPSKMIW 00' 7' ?1A
-0 ?68A .SLR 6 7[ERWSR 1MRRIWSXE 7XEXI *MVI 1EVWLEP (MZMWMSR
8MRKKYERK 1E 3OPELSQE 7XEXI 9RMZIVWMX] (ITEVXQIRX 12 ?)A
SJ *MVI 4VSXIGXMSR
7EJIX] 8IGLRSPSK] 3/ ?7)A . 0 .MQ 8MH[IPP 8MH[IPP 'SHI 'SRWYPXMRK 8< ?1A
2SVFIVX ; 1EOS[OE 2EXMSREP %WWSGMEXMSR SJ *MVI 6IT *MVI )UYMTQIRX 1ERYJEGXYVIVWv %WWSGMEXMSR
)UYMTQIRX (MWXVMFYXSVW -0 ?-1A
%PXIVREXIW
.IJJVI] % &VIMKLRIV 8]GS7MQTPI\+VMRRIPP 1( ?1A (EZMH 7 1S[VIV &EFGSGO
;MPGS\ 8IGLRMGEP 7IVZMGIW
%PX XS ( ( &VSLQIV 00' 82 ?9A
6ERHEPP )FIVP] 97 'SEWX +YEVH 'SQQERHERX %PX XS % 0 7QMXL
'+ (' ?)A 6]ER 3v(SRRIPP &YPP)\ -RG 2= ?1A
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6SH +IX^ +IX^ *MVI )UYMTQIRX -0 ?-1A 4IXIV 1 7LERO 2YGPIEV 7IVZMGI 3VKERMÊXMSR () ?-A
%PX XS 2 ; 1EOS[OE %PX XS % . &VEH]
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%PX XS * & +SSHRMKLX -0 ?68A
6SFIVX /EWMWOM *1 +PSFEP 1% ?-A %PX XS + ) 0EZIVMGO
%PX XS . ) 'EVTIRXIV 6SFIVX ( 8E]PSV %QIVMGER )PIGXVMG 4S[IV -2 ?9A
1MGLEIP 8 0EVEFIP %Q[E] -RG 1- ?1A %PX XS & . 7EVEKS
%PX XS . 6 2IVEX
&EVV] ( 'LEWI 2*4% 7XEJJ 0MEMWSR
8LMW PMWX VITVIWIRXW XLI QIQFIVWLMT EX XLI XMQI XLI 'SQQMXXII [EW FEPPSXIH SR XLI JMREP XI\X SJ XLMW IHMXMSR 7MRGI XLEX XMQI
GLERKIW MR XLI QIQFIVWLMT QE] LEZI SGGYVVIH % OI] XS GPEWWMJMGEXMSRW MW JSYRH EX XLI FEGO SJ XLI HSGYQIRX
238) 1IQFIVWLMT SR E GSQQMXXII WLEPP RSX MR ERH SJ MXWIPJ GSRWXMXYXI ER IRHSVWIQIRX SJ XLI %WWSGMEXMSR SV
ER] HSGYQIRX HIZIPSTIH F] XLI GSQQMXXII SR [LMGL XLI QIQFIV WIVZIW
'SQQMXXII 7GSTI 8LMW 'SQQMXXII WLEPP LEZI TVMQEV] VIWTSRWMFMPMX] JSV HSGYQIRXW SR XLI MRWXEPPEXMSR
QEMRXIRERGI ERH YWI SJ TSVXEFPI JMVI I\XMRKYMWLIVW ERH IUYMTQIRX (SIW RSX ETTP] XS TIVQERIRXP] MRWXEPPIH
JMVI I\XMRKYMWLMRK W]WXIQW IZIR XLSYKL TSVXMSRW SJ XLSWI W]WXIQW EVI TSVXEFPI WYGL EW LSWI ERH RS^^PIW
[LMGL QE] FI EXXEGLIH XS E JM\IH WYTTP] SJ I\XMRKYMWLMRK EKIRX
)HMXMSR
'328)287 z
'SRXIRXW
'LETXIV %HQMRMWXVEXMSR z )PIGXVSRMG 1SRMXSVMRK 7]WXIQ

7GSTI z 1EMRXIRERGI z
4YVTSWI z 1EMRXIRERGI SJ ;LIIPIH )\XMRKYMWLIV
9RMXW z ,SWIW ERH 6IKYPEXSVW z
)\XMRKYMWLIV 6IGLEVKMRK ERH
'LETXIV 6IJIVIRGIH 4YFPMGEXMSRW z )\XMRKYMWLMRK %KIRXW z
+IRIVEP z 4VIWWYVI +EYKIW z
2*4% 4YFPMGEXMSRW z 4VSLMFMXMSR SR 9WIW SJ )\XMRKYMWLIVW
3XLIV 4YFPMGEXMSRW z ERH 'SRZIVWMSR SJ *MVI )\XMRKYMWLIV
6IJIVIRGIW JSV )\XVEGXW MR 1ERHEXSV] 8]TIW z
7IGXMSRW z 1EMRXIRERGI ERH 6IGLEVKI 7IVZMGI
'SPPEV z
'LETXIV (IJMRMXMSRW z ;IMKLX 7GEPIW z
+IRIVEP z
2*4% 3JJMGMEP (IJMRMXMSRW z 'LETXIV ,]HVSWXEXMG 8IWXMRK z
+IRIVEP (IJMRMXMSRW z +IRIVEP z
*MVI )\XMRKYMWLIV (IJMRMXMSRW z 8IWX )UYMTQIRX z
*VIUYIRG] z
'LETXIV +IRIVEP 6IUYMVIQIRXW z )\XMRKYMWLIV )\EQMREXMSR z
0MWXMRK ERH 0EFIPMRK z 8IWXMRK 4VSGIHYVIW z
-HIRXMJMGEXMSR SJ 'SRXIRXW z 8IWX 4VIWWYVIW z
-RWXVYGXMSR 1ERYEP z 6IGSVHMRK SJ ,]HVSWXEXMG 8IWXW z
3FWSPIXI *MVI )\XMRKYMWLIVW z 'SRHIQRMRK )\XMRKYMWLIVW z
'LETXIV 7IPIGXMSR SJ 4SVXEFPI *MVI %RRI\ % )\TPEREXSV] 1EXIVMEP z

)\XMRKYMWLIVW z
%RRI\ & 6IGSQQIRHIH 1EVOMRKW XS -RHMGEXI
+IRIVEP 6IUYMVIQIRXW z
)\XMRKYMWLIV 7YMXEFMPMX] %GGSVHMRK
'PEWWMJMGEXMSRW SJ *MVIW z
XS 'PEWW SJ *MVI z
)\XMRKYMWLIV 'PEWWMJMGEXMSR 7]WXIQ z
'PEWWMJMGEXMSR SJ ,EÊVHW z %RRI\ ' *MVI )\XMRKYMWLIV 7IPIGXMSR z
7IPIGXMSR JSV 7TIGMJMG ,EÊVHW z
7IPIGXMSR JSV 7TIGMJMG 0SGEXMSRW z %RRI\ ( 3TIVEXMSR ERH 9WI z
'LETXIV -RWXEPPEXMSR SJ 4SVXEFPI *MVI %RRI\ ) (MWXVMFYXMSR z

)\XMRKYMWLIVW z
%RRI\ * 7IPIGXMSR SJ 6IWMHIRXMEP
+IRIVEP z
*MVI)\XMRKYMWLMRK )UYMTQIRX z
-RWXEPPEXMSRW JSV 'PEWW % ,EÊVHW z
-RWXEPPEXMSRW JSV 'PEWW & ,EÊVHW z %RRI\ + )\XMRKYMWLIV 'PEWWMJMGEXMSR ERH 6EXMRK
-RWXEPPEXMSRW JSV 'PEWW ' ,EÊVHW z 7]WXIQ z
-RWXEPPEXMSRW JSV 'PEWW ( ,EÊVHW z
-RWXEPPEXMSRW JSV 'PEWW / ,EÊVHW z %RRI\ , 'SRHMXMSRW SJ 7IPIGXMSR z
'LETXIV -RWTIGXMSR 1EMRXIRERGI ERH %RRI\ - 1EMRXIRERGI 4VSGIHYVIW z

6IGLEVKMRK z
%RRI\ . 8]TMGEP 7TIGMJMGEXMSR SJ )UYMTQIRX
+IRIVEP z
'ETEFPI SJ 4VSHYGMRK (V] %MV z
-RWTIGXMSR z
)\XMRKYMWLIV 1EMRXIRERGI z %RRI\ / -RJSVQEXMSREP 6IJIVIRGIW z
'EVFSR (MS\MHI ,SWI %WWIQFP]
'SRHYGXMZMX] 8IWX z -RHI\ z
)HMXMSR
z 4368%&0) *-6) )<8-2+9-7,)67
2*4% ZMHIH XLEX XLI PIZIP SJ TVSXIGXMSR EW LIVIMR HIWGVMFIH MW RSX

PS[IVIH ERH MW EGGITXEFPI XS XLI EYXLSVMX] LEZMRK NYVMWHMGXMSR
7XERHEVH JSV 9RMXW
4SVXEFPI *MVI )\XMRKYMWLIVW 1IXVMG YRMXW SJ QIEWYVIQIRX MR XLMW WXERHEVH EVI MR
EGGSVHERGI [MXL XLI QSHIVRMÎH QIXVMG W]WXIQ ORS[R EW XLI
-RXIVREXMSREP 7]WXIQ SJ 9RMXW 7-
)HMXMSR
8LI YRMXW EVI PMWXIH MR 8EFPI [MXL GSRZIVWMSR
-14368%28 238) 8LMW 2*4% HSGYQIRX MW QEHI EZEMPEFPI JSV JEGXSVW
YWI WYFNIGX XS MQTSVXERX RSXMGIW ERH PIKEP HMWGPEMQIVW 8LIWI RSXMGIW
ERH HMWGPEMQIVW ETTIEV MR EPP TYFPMGEXMSRW GSRXEMRMRK XLMW HSGYQIRX
8EFPI 1IXVMG 9RMXW SJ 1IEWYVIQIRX
ERH QE] FI JSYRH YRHIV XLI LIEHMRK w-QTSVXERX 2SXMGIW ERH (MW
GPEMQIVW 'SRGIVRMRK 2*4% (SGYQIRXWx 8LI] GER EPWS FI SFXEMRIH
SR VIUYIWX JVSQ 2*4% SV ZMI[IH EX [[[RJTESVKHMWGPEMQIVW 2EQI SJ 9RMX %FFVIZMEXMSR 'SRZIVWMSR *EGXSV
238-') %R EWXIVMWO JSPPS[MRK XLI RYQFIV SV PIXXIV 0MXIV 0 KEP ! 0
HIWMKREXMRK E TEVEKVETL MRHMGEXIW XLEX I\TPEREXSV] QEXIVMEP 1MPPMQIXIV QQ MR ! QQ
SR XLI TEVEKVETL GER FI JSYRH MR %RRI\ % 1IXIV Q JX ! Q
'LERKIW SXLIV XLER IHMXSVMEP EVI MRHMGEXIH F] E ZIVXMGEP /MPSKVEQ OK PF QEWW ! OK
VYPI FIWMHI XLI TEVEKVETL XEFPI SV JMKYVI MR [LMGL XLI (IKVII 'IPWMYW ' * n ! '
GLERKI SGGYVVIH 8LIWI VYPIW EVI MRGPYHIH EW ER EMH XS XLI &EV FEV TWM ! FEV
YWIV MR MHIRXMJ]MRK GLERKIW JVSQ XLI TVIZMSYW IHMXMSR ;LIVI
SRI SV QSVI GSQTPIXI TEVEKVETLW LEZI FIIR HIPIXIH XLI HI
PIXMSR MW MRHMGEXIH F] E FYPPIX c FIX[IIR XLI TEVEKVETLW XLEX -J E ZEPYI JSV QIEWYVIQIRX EW KMZIR MR XLMW WXERHEVH MW
VIQEMR JSPPS[IH F] ER IUYMZEPIRX ZEPYI MR SXLIV YRMXW XLI JMVWX WXEXIH MW
% VIJIVIRGI MR FVEGOIXW ? A JSPPS[MRK E WIGXMSR SV TEVEKVETL XS FI VIKEVHIH EW XLI VIUYMVIQIRX
MRHMGEXIW QEXIVMEP XLEX LEW FIIR I\XVEGXIH JVSQ ERSXLIV 2*4%
HSGYQIRX %W ER EMH XS XLI YWIV XLI GSQTPIXI XMXPI ERH IHMXMSR % KMZIR IUYMZEPIRX ZEPYI WLEPP FI TIVQMXXIH XS FI GSR
SJ XLI WSYVGI HSGYQIRXW JSV I\XVEGXW MR QERHEXSV] WIGXMSRW SJ WMHIVIH ETTVS\MQEXI
XLI HSGYQIRX EVI KMZIR MR 'LETXIV ERH XLSWI JSV I\XVEGXW MR 8LI GSRZIVWMSR TVSGIHYVI JSV XLI 7- YRMXW MW XS QYPXMTP]
MRJSVQEXMSREP WIGXMSRW EVI KMZIR MR %RRI\ / )\XVEGXIH XI\X XLI UYERXMX] F] XLI GSRZIVWMSR JEGXSV ERH XLIR VSYRH XLI VI
QE] FI IHMXIH JSV GSRWMWXIRG] ERH WX]PI ERH QE] MRGPYHI XLI WYPX XS XLI ETTVSTVMEXI RYQFIV SJ WMKRMJMGERX HMKMXW
VIZMWMSR SJ MRXIVREP TEVEKVETL VIJIVIRGIW ERH SXLIV VIJIV
IRGIW EW ETTVSTVMEXI 6IUYIWXW JSV MRXIVTVIXEXMSRW SV VIZMWMSRW
SJ I\XVEGXIH XI\X WLEPP FI WIRX XS XLI XIGLRMGEP GSQQMXXII VI 'LETXIV 6IJIVIRGIH 4YFPMGEXMSRW
WTSRWMFPI JSV XLI WSYVGI HSGYQIRX
-RJSVQEXMSR SR VIJIVIRGIH TYFPMGEXMSRW GER FI JSYRH MR +IRIVEP 8LI HSGYQIRXW SV TSVXMSRW XLIVISJ PMWXIH MR XLMW
'LETXIV ERH %RRI\ / GLETXIV EVI VIJIVIRGIH [MXLMR XLMW WXERHEVH ERH WLEPP FI GSR
WMHIVIH TEVX SJ XLI VIUYMVIQIRXW SJ XLMW HSGYQIRX
2*4% 4YFPMGEXMSRW 2EXMSREP *MVI 4VSXIGXMSR %WWSGMEXMSR
'LETXIV %HQMRMWXVEXMSR &EXXIV]QEVGL 4EVO 5YMRG] 1%
2*4% *MVI 'SHI IHMXMSR
7GSTI 8LI TVSZMWMSRW SJ XLMW WXERHEVH ETTP] XS XLI WIPIG 2*4% ,]HVSKIR 8IGLRSPSKMIW 'SHI IHMXMSR
XMSR MRWXEPPEXMSR MRWTIGXMSR QEMRXIRERGI VIGLEVKMRK ERH 2*4% 7XERHEVH JSV XLI -RWXEPPEXMSR SJ 7XERHTMTI ERH ,SWI
XIWXMRK SJ TSVXEFPI JMVI I\XMRKYMWLIVW ERH 'PEWW ( I\XMRKYMWL 7]WXIQW IHMXMSR
MRK EKIRXW 2*4% 7XERHEVH JSV ;EXIV 8EROW JSV 4VMZEXI *MVI 4VSXIGXMSR
c IHMXMSR
8LI VIUYMVIQIRXW KMZIR LIVIMR EVI QMRMQYQ 2*4% *PEQQEFPI ERH 'SQFYWXMFPI 0MUYMHW 'SHI IHM
8LI VIUYMVIQIRXW WLEPP RSX ETTP] XS TIVQERIRXP] MR XMSR
WXEPPIH W]WXIQW JSV JMVI I\XMRKYMWLQIRX IZIR [LIVI TSVXMSRW SJ 2*4% % 'SHI JSV 1SXSV *YIP (MWTIRWMRK *EGMPMXMIW ERH 6ITEMV
WYGL W]WXIQW EVI TSVXEFPI WYGL EW LSWI ERH RS^^PIW EXXEGLIH +EVEKIW IHMXMSR
XS E JM\IH WYTTP] SJ I\XMRKYMWLMRK EKIRX 2*4% 7XERHEVH JSV 7TVE] %TTPMGEXMSR 9WMRK *PEQQEFPI SV
'SQFYWXMFPI 1EXIVMEPW IHMXMSR
4YVTSWI 8LMW WXERHEVH MW TVITEVIH JSV YWI F] ERH KYMH 2*4% 7XERHEVH JSV XLI 7XSVEKI ERH ,ERHPMRK SJ 'IPPYPSWI
ERGI SJ TIVWSRW GLEVKIH [MXL WIPIGXMRK TYVGLEWMRK MRWXEPPMRK 2MXVEXI *MPQ IHMXMSR
ETTVSZMRK PMWXMRK HIWMKRMRK ERH QEMRXEMRMRK TSVXEFPI JMVI 2*4% 7XERHEVH SR *MVI 4VSXIGXMSR JSV 0EFSVEXSVMIW 9WMRK
I\XMRKYMWLIVW ERH 'PEWW ( I\XMRKYMWLMRK EKIRXW 'LIQMGEPW IHMXMSR
8LI JMVI TVSXIGXMSR VIUYMVIQIRXW SJ XLMW WXERHEVH EVI 2*4% 7XERHEVH JSV XLI (IWMKR ERH -RWXEPPEXMSR SJ 3\]KIRz
KIRIVEP MR REXYVI ERH EVI RSX MRXIRHIH XS EFVSKEXI XLI WTI *YIP +EW 7]WXIQW JSV ;IPHMRK 'YXXMRK ERH %PPMIH 4VSGIWWIW
GMJMG VIUYMVIQIRXW SJ SXLIV 2*4% WXERHEVHW JSV WTIGMJMG SGGY IHMXMSR
TERGMIW 2*4% & 7XERHEVH JSV *MVI 4VIZIRXMSR (YVMRK ;IPHMRK 'YX
XMRK ERH 3XLIV ,SX ;SVO IHMXMSR
2SXLMRK MR XLMW WXERHEVH WLEPP FI GSRWXVYIH EW E VIWXVMG 2*4% :ILMGYPEV +EWISYW *YIP 7]WXIQW 'SHI IHMXMSR
XMSR SR RI[ XIGLRSPSKMIW SV EPXIVREXMZI EVVERKIQIRXW TVS 2*4% 0MUYIJMIH 4IXVSPIYQ +EW 'SHI IHMXMSR
)HMXMSR
6)*)6)2')( 49&0-'%8-327 z
2*4% 9XMPMX] 04+EW 4PERX 'SHI IHMXMSR 2*4% *MVI 7EJIX] 7XERHEVH JSV 4S[IVIH -RHYWXVMEP 8VYGOW
2*4% % 7XERHEVH JSV XLI 4VSHYGXMSR 7XSVEKI ERH ,ERHPMRK -RGPYHMRK 8]TI (IWMKREXMSRW %VIEW SJ 9WI 'SRZIVWMSRW 1EMRXI
SJ 0MUYIJMIH 2EXYVEP +EW 02+ IHMXMSR RERGI ERH 3TIVEXMSRW IHMXMSR
2*4% 2EXMSREP *MVI %PEVQ ERH 7MKREPMRK 'SHI IHM 2*4% 7XERHEVH JSV 4VIZIRXMSR SJ 7YPJYV *MVIW ERH )\TPS
XMSR WMSRW IHMXMSR
2*4% 7XERHEVH JSV XLI *MVI 4VSXIGXMSR SJ -RJSVQEXMSR 8IGLRSP 2*4% 7XERHEVH JSV XLI -RWXEPPEXMSR SJ )PIGXVSRMG 4VIQMWIW
SK] )UYMTQIRX IHMXMSR 7IGYVMX] 7]WXIQW IHMXMSR
2*4% 7XERHEVH JSV XLI *MVI 4VSXIGXMSR SJ 8IPIGSQQYRMGEXMSRW 2*4% 7XERHEVH JSV *MVI 4VSXIGXMSR JSV *EGMPMXMIW ,ERHPMRK
*EGMPMXMIW IHMXMSR 6EHMSEGXMZI 1EXIVMEPW IHMXMSR
2*4% 7XERHEVH JSV :IRXMPEXMSR 'SRXVSP ERH *MVI 4VSXIGXMSR SJ 2*4% 7XERHEVH JSV *MVI 4VSXIGXMSR JSV %HZERGIH 0MKLX ;EXIV
'SQQIVGMEP 'SSOMRK 3TIVEXMSRW IHMXMSR 6IEGXSV )PIGXVMG +IRIVEXMRK 4PERXW IHMXMSR
2*4% ,IEPXL 'EVI *EGMPMXMIW 'SHI IHMXMSR 2*4% 4IVJSVQERGI&EWIH 7XERHEVH JSV *MVI 4VSXIGXMSR JSV
2*4% & 7XERHEVH JSV ,]TSFEVMG *EGMPMXMIW IHMXMSR 0MKLX ;EXIV 6IEGXSV )PIGXVMG +IRIVEXMRK 4PERXW IHMXMSR
2*4% 0MJI 7EJIX] 'SHI IHMXMSR 2*4% 7XERHEVH JSV *MVI 4VSXIGXMSR MR ;EWXI[EXIV 8VIEXQIRX
2*4% 7XERHEVH JSV +VERHWXERHW *SPHMRK ERH 8IPIWGSTMG ERH 'SPPIGXMSR *EGMPMXMIW IHMXMSR
7IEXMRK 8IRXW ERH 1IQFVERI 7XVYGXYVIW IHMXMSR 2*4% 'SHI JSV XLI 4VSXIGXMSR SJ 'YPXYVEP 6IWSYVGI 4VSTIVXMIW
2*4% 7XERHEVH JSV 0EWIV *MVI 4VSXIGXMSR IHMXMSR { 1YWIYQW 0MFVEVMIW ERH 4PEGIW SJ ;SVWLMT IHMXMSR
2*4% 7XERHEVH JSV *MVI 4VIZIRXMSR ERH 'SRXVSP MR 'SEP 2*4% 'SHI JSV *MVI 4VSXIGXMSR SJ ,MWXSVMG 7XVYGXYVIW
1MRIW IHMXMSR
IHMXMSR
2*4% 7XERHEVH JSV *MVI 4VIZIRXMSR ERH 'SRXVSP MR 1IXEP
2*4% 'SHI JSV *MVI[SVOW (MWTPE] IHMXMSR
2SRQIXEP 1MRMRK ERH 1IXEP 1MRIVEP 4VSGIWWMRK *EGMPMXMIW IHM
2*4% 'SHI JSV XLI 1ERYJEGXYVI 8VERWTSVXEXMSR 7XSVEKI
XMSR
ERH 6IXEMP 7EPIW SJ *MVI[SVOW ERH 4]VSXIGLRMG %VXMGPIW IHMXMSR
2*4% 7XERHEVH JSV *M\IH +YMHI[E] 8VERWMX ERH 4EWWIRKIV
6EMP 7]WXIQW IHMXMSR 2*4% 'SHI JSV XLI 1ERYJEGXYVI SJ 1SHIP 6SGOIX ERH ,MKL
2*4% 7XERHEVH SR 1SXMSR 4MGXYVI ERH 8IPIZMWMSR 4VSHYG 4S[IV 6SGOIX 1SXSVW IHMXMSR
XMSR 7XYHMS 7SYRHWXEKIW %TTVSZIH 4VSHYGXMSR *EGMPMXMIW ERH 4VSHYG 2*4% 7XERHEVH JSV XLI 9WI SJ 4]VSXIGLRMGW &IJSVI E 4VS\M
XMSR 0SGEXMSRW IHMXMSR QEXI %YHMIRGI IHMXMSR
2*4% 7XERHEVH SR *MVI ERH 0MJI 7EJIX] MR %RMQEP ,SYWMRK 2*4% 7XERHEVH JSV *MVI 4VSXIGXMSR -RJVEWXVYGXYVI JSV 0ERH
*EGMPMXMIW IHMXMSR (IZIPSTQIRX MR ;MPHPERH 6YVEP ERH 7YFYVFER %VIEW IHM
2*4% 7XERHEVH JSV XLI 9WI SJ *PEQI )JJIGXW &IJSVI ER %YHM XMSR
IRGI IHMXMSR 2*4% 7XERHEVH SR 6IGVIEXMSREP :ILMGPIW IHMXMSR
2*4% 7XERHEVH JSV XLI 4VSXIGXMSR SJ 6IGSVHW IHMXMSR 2*4% 7XERHEVH JSV 6IGVIEXMSREP :ILMGPI 4EVOW ERH 'EQT
2*4% 7XERHEVH JSV 7EJIKYEVHMRK 'SRWXVYGXMSR %PXIVEXMSR KVSYRHW IHMXMSR
ERH (IQSPMXMSR 3TIVEXMSRW IHMXMSR 2*4% 7XERHEVH JSV XLI -RWXEPPEXMSR 1EMRXIRERGI ERH 9WI
2*4% 'SHI JSV 7EJIX] XS 0MJI JVSQ *MVI SR 1IVGLERX :IWWIPW SJ )QIVKIRG] 7IVZMGIW 'SQQYRMGEXMSRW 7]WXIQW IHMXMSR
IHMXMSR 2*4% 7XERHEVH JSV %YXSQSXMZI *MVI %TTEVEXYW IHM
2*4% *MVI 4VSXIGXMSR 7XERHEVH JSV 4PIEWYVI ERH 'SQQIVGMEP XMSR
1SXSV 'VEJX IHMXMSR 2*4% 7XERHEVH JSV ;MPHPERH *MVI %TTEVEXYW IHM
2*4% *MVI 4VSXIGXMSR 7XERHEVH JSV 1EVMREW ERH &SEX]EVHW XMSR
IHMXMSR 2*4% 7XERHEVH SR 1EVMRI *MVI*MKLXMRK :IWWIPW IHM
2*4% 7XERHEVH JSV XLI 'SRWXVYGXMSR ERH *MVI 4VSXIGXMSR SJ XMSR
1EVMRI 8IVQMREPW 4MIVW ERH ;LEVZIW IHMXMSR 2*4% &YMPHMRK 'SRWXVYGXMSR ERH 7EJIX] 'SHI
2*4% 7XERHEVH JSV XLI 7EJIKYEVHMRK SJ 8EROW ERH 'SRXEMR IHMXMSR
IVW JSV )RXV] 'PIERMRK SV 6ITEMV IHMXMSR
2*4% 7XERHEVH JSV 8ERO :ILMGPIW JSV *PEQQEFPI ERH 'SQ 3XLIV 4YFPMGEXMSRW
FYWXMFPI 0MUYMHW IHMXMSR %781 4YFPMGEXMSRW %781 -RXIVREXMSREP &EVV ,EV
2*4% ,EÊVHSYW 1EXIVMEPW 'SHI IHMXMSR FSV (VMZI 43 &S\ ' ;IWX 'SRWLSLSGOIR 4%
2*4% 7XERHEVH JSV %MVGVEJX 6IWGYI ERH *MVI*MKLXMRK 7IV
ZMGIW EX %MVTSVXW IHMXMSR %781 ( 7XERHEVH 8IWX JSV )PIGXVMGEP 'SRHYGXMZMX] ERH
2*4% 7XERHEVH JSV %MVGVEJX *YIP 7IVZMGMRK IHMXMSR 6IWMWXMZMX] SJ E *PS[MRK ,MKL 4YVMX] ;EXIV 7EQTPI
2*4% 7XERHEVH JSV %MVGVEJX ,ERH 4SVXEFPI *MVI )\XMRKYMWL '+% 4YFPMGEXMSRW 'SQTVIWWIH +EW %WWSGMEXMSR
IVW IHMXMSR ;EPRI] 6SEH XL *PSSV 'LERXMPP] :%
2*4% 7XERHEVH SR %MVGVEJX ,ERKEVW IHMXMSR
2*4% 7XERHEVH SR %MVGVEJX 1EMRXIRERGI IHMXMSR '+% ' 1IXLSHW SJ ,]HVSWXEXMG 8IWXMRK SJ 'SQTVIWWIH +EW ']P
2*4% 7XERHEVH JSV ,IPMTSVXW IHMXMSR MRHIVW
2*4% 7XERHEVH JSV 'SRWXVYGXMSR ERH 4VSXIGXMSR SJ %MVGVEJX '+% + 'SQQSHMX] 7TIGMJMGEXMSR JSV 2MXVSKIR
)RKMRI 8IWX *EGMPMXMIW IHMXMSR
2*4% 7XERHEVH JSV 'SQFYWXMFPI 1IXEPW IHMXMSR 24'% 4YFPMGEXMSRW 2EXMSREP 4EMRX ERH 'SEXMRKW %WWS
2*4% )\TPSWMZI 1EXIVMEPW 'SHI IHMXMSR GMEXMSR 6LSHI -WPERH %ZIRYI 2; ;EWLMRKXSR ('
2*4% 7XERHEVH JSV 7EJI ,EZIRW ERH -RXIVGLERKI 0SXW JSV
:ILMGPIW 8VERWTSVXMRK )\TPSWMZIW IHMXMSR ,EÊVHSYW 1EXIVMEPW -HIRXMJMGEXMSR 7]WXIQ ,1-7 -QTPIQIRXE
2*4% % 7XERHEVH JSV *MVI 7EJIX] 'VMXIVME JSV 1ERYJEGXYVIH
XMSREP 1ERYEP
,SQI -RWXEPPEXMSRW 7MXIW ERH 'SQQYRMXMIW IHMXMSR
2*4% 7XERHEVH JSV 6SEH 8YRRIPW &VMHKIW ERH 3XLIV 0MQ ;SVOTPEGI ,EÊVHSYW 1EXIVMEPW -HIRXMJMGEXMSR 7]WXIQ ;,1-7
MXIH %GGIWW ,MKL[E]W IHMXMSR 6IJIVIRGI 1ERYEP 6IZMWIH ;IF )HMXMSR
)HMXMSR
z 4368%&0) *-6) )<8-2+9-7,)67
90 4YFPMGEXMSRW 9RHIV[VMXIVW 0EFSVEXSVMIW -RG 2*4% 3JJMGMEP (IJMRMXMSRW
4JMRKWXIR 6SEH 2SVXLFVSSO -0
c %TTVSZIH %GGITXEFPI XS XLI EYXLSVMX] LEZMRK NYVMWHMG
90 7XERHEVH JSV ,EPSKIREXIH %KIRX *MVI )\XMRKYMWLIVW XMSR
6IZMWIH
%YXLSVMX] ,EZMRK .YVMWHMGXMSR %,. %R SVKERMÊXMSR
90 7XERHEVH JSV *EGXSV] *SPPS[9T SR 8LMVH 4EVX] 'IVXMJMIH SJJMGI SV MRHMZMHYEP VIWTSRWMFPI JSV IRJSVGMRK XLI VIUYMVI
4SVXEFPI *MVI )\XMRKYMWLIVW 6IZMWIH QIRXW SJ E GSHI SV WXERHEVH SV JSV ETTVSZMRK IUYMTQIRX
c QEXIVMEPW ER MRWXEPPEXMSR SV E TVSGIHYVI
90' 4YFPMGEXMSRW 9RHIV[VMXIVWv 0EFSVEXSVMIW SJ
'EREHE 9RHIV[VMXIVW 6SEH 8SVSRXS 3RXEVMS 16 % 0EFIPIH )UYMTQIRX SV QEXIVMEPW XS [LMGL LEW FIIR
'EREHE EXXEGLIH E PEFIP W]QFSP SV SXLIV MHIRXMJ]MRK QEVO SJ ER SVKE
c RMÊXMSR XLEX MW EGGITXEFPI XS XLI EYXLSVMX] LEZMRK NYVMWHMGXMSR
'%290'7 7XERHEVH JSV ,EPSKIREXIH %KIRX ,ERH ERH
;LIIPIH *MVI )\XMRKYMWLIVW 6IEJJMVQIH ERH GSRGIVRIH [MXL TVSHYGX IZEPYEXMSR XLEX QEMRXEMRW TIVM
c SHMG MRWTIGXMSR SJ TVSHYGXMSR SJ PEFIPIH IUYMTQIRX SV QEXI
9090' 4YFPMGEXMSRW 8LI JSPPS[MRK TYFPMGEXMSRW EVI VMEPW ERH F] [LSWI PEFIPMRK XLI QERYJEGXYVIV MRHMGEXIW GSQ
FMREXMSREPP] LEVQSRMÎH WXERHEVHW JSV 9RHIV[VMXIVW 0EFSVE TPMERGI [MXL ETTVSTVMEXI WXERHEVHW SV TIVJSVQERGI MR E
XSVMIW -RG 4JMRKWXIR 6SEH 2SVXLFVSSO -0 WTIGMJMIH QERRIV
ERH 9RHIV[VMXIVWv 0EFSVEXSVMIW SJ 'EREHE 9RHIV[VMXIVW
6SEH 8SVSRXS 3RXEVMS 16 % 'EREHE 0MWXIH )UYMTQIRX QEXIVMEPW SV WIVZMGIW MRGPYHIH MR E
PMWX TYFPMWLIH F] ER SVKERMÊXMSR XLEX MW EGGITXEFPI XS XLI EY
%27-90 '%290'7 ;EXIV &EWIH %KIRX *MVI )\XMR
XLSVMX] LEZMRK NYVMWHMGXMSR ERH GSRGIVRIH [MXL IZEPYEXMSR SJ
KYMWLIVW 6IZMWIH
TVSHYGXW SV WIVZMGIW XLEX QEMRXEMRW TIVMSHMG MRWTIGXMSR SJ
%27-90 '%290'7 7XERHEVH JSV 'EVFSR(MS\MHI TVSHYGXMSR SJ PMWXIH IUYMTQIRX SV QEXIVMEPW SV TIVMSHMG IZEPY
*MVI )\XMRKYMWLIVW 6IZMWIH EXMSR SJ WIVZMGIW ERH [LSWI PMWXMRK WXEXIW XLEX IMXLIV XLI IUYMT
%27-90 '%290'7 7XERHEVH JSV (V] 'LIQMGEP QIRX QEXIVMEP SV WIVZMGI QIIXW ETTVSTVMEXI HIWMKREXIH WXER
*MVI )\XMRKYMWLIVW 6IZMWIH HEVHW SV LEW FIIR XIWXIH ERH JSYRH WYMXEFPI JSV E WTIGMJMIH
TYVTSWI
%27-90 '%290'7 7XERHEVH JSV ;EXIV *MVI )\
XMRKYMWLIVW 6IZMWIH 7LEPP -RHMGEXIW E QERHEXSV] VIUYMVIQIRX
%27-90 '%290'7 7XERHEVH JSV 6EXMRK ERH *MVI 7LSYPH -RHMGEXIW E VIGSQQIRHEXMSR SV XLEX [LMGL MW
8IWXMRK SJ *MVI )\XMRKYMWLIVW 6IZMWIH EHZMWIH FYX RSX VIUYMVIH
%27-90 '%290'7 7XERHEVH JSV ,EPSGEVFSR 7XERHEVH % HSGYQIRX XLI QEMR XI\X SJ [LMGL GSRXEMRW
'PIER %KIRX *MVI )\XMRKYMWLIVW 6IZMWIH SRP] QERHEXSV] TVSZMWMSRW YWMRK XLI [SVH wWLEPPx XS MRHMGEXI
VIUYMVIQIRXW ERH [LMGL MW MR E JSVQ KIRIVEPP] WYMXEFPI JSV
97 +SZIVRQIRX 4YFPMGEXMSRW 97 +SZIVRQIRX 4VMRX QERHEXSV] VIJIVIRGI F] ERSXLIV WXERHEVH SV GSHI SV JSV EHST
MRK 3JJMGI ;EWLMRKXSR (' XMSR MRXS PE[ 2SRQERHEXSV] TVSZMWMSRW EVI RSX XS FI GSRWMH
8MXPI 'SHI SJ *IHIVEP 6IKYPEXMSRW 4EVX F IVIH E TEVX SJ XLI VIUYMVIQIRXW SJ E WXERHEVH ERH WLEPP FI
PSGEXIH MR ER ETTIRHM\ ERRI\ JSSXRSXI MRJSVQEXMSREP RSXI
SV SXLIV QIERW EW TIVQMXXIH MR XLI 1ERYEP SJ 7X]PI JSV 2*4%
8MXPI 'SHI SJ *IHIVEP 6IKYPEXMSRW 4EVX G
8IGLRMGEP 'SQQMXXII (SGYQIRXW

3XLIV 4YFPMGEXMSRW +IRIVEP (IJMRMXMSRW
1IVVMEQ;IFWXIVvW 'SPPIKMEXI (MGXMSREV] XL IHMXMSR 1IVVMEQ %27- %QIVMGER 2EXMSREP 7XERHEVHW -RWXMXYXI ? A
;IFWXIV -RG 7TVMRKJMIPH 1% %RXMJVIIÎ 'LEVKI 7II 0SEHIH 7XVIEQ 'LEVKI
6IJIVIRGIW JSV )\XVEGXW MR 1ERHEXSV] 7IGXMSRW 'EVFSR (MS\MHI % GSPSVPIWW SHSVPIWW IPIGXVMGEPP] RSR
2*4% 7XERHEVH JSV (V] 'LIQMGEP )\XMRKYMWLMRK 7]WXIQW GSRHYGXMZI MRIVX KEW XLEX MW E WYMXEFPI QIHMYQ JSV I\XMRKYMWL
IHMXMSR MRK 'PEWW & ERH 'PEWW ' JMVIW
2*4% % 7XERHEVH JSV ;IX 'LIQMGEP )\XMRKYMWLMRK 7]WXIQW
IHMXMSR 'LIQMGEP
2*4% 7XERHEVH SR ;IXXMRK %KIRXW IHMXMSR (V] 'LIQMGEP % TS[HIV GSQTSWIH SJ ZIV] WQEPP TEV
2*4% :ILMGYPEV +EWISYW *YIP 7]WXIQW 'SHI IHMXMSR XMGPIW YWYEPP] WSHMYQ FMGEVFSREXI TSXEWWMYQ FMGEVFSREXI
SV EQQSRMYQ TLSWTLEXIFEWIH [MXL EHHIH TEVXMGYPEXI QEXI
VMEP WYTTPIQIRXIH F] WTIGMEP XVIEXQIRX XS TVSZMHI VIWMWXERGI
'LETXIV (IJMRMXMSRW XS TEGOMRK VIWMWXERGI XS QSMWXYVI EFWSVTXMSR GEOMRK ERH
XLI TVSTIV JPS[ GETEFMPMXMIW ? A
+IRIVEP 8LI HIJMRMXMSRW GSRXEMRIH MR XLMW GLETXIV WLEPP ;IX 'LIQMGEP 2SVQEPP] ER EUYISYW WSPYXMSR SJ
ETTP] XS XLI XIVQW YWIH MR XLMW WXERHEVH ;LIVI XIVQW EVI RSX SVKERMG SV MRSVKERMG WEPXW SV E GSQFMREXMSR XLIVISJ XLEX
HIJMRIH MR XLMW GLETXIV SV [MXLMR ERSXLIV GLETXIV XLI] WLEPP JSVQW ER I\XMRKYMWLMRK EKIRX ?% A
FI HIJMRIH YWMRK XLIMV SVHMREVMP] EGGITXIH QIERMRKW [MXLMR
XLI GSRXI\X MR [LMGL XLI] EVI YWIH 1IVVMEQ;IFWXIVvW 'SPPIKMEXI 'PIER %KIRX )PIGXVMGEPP] RSRGSRHYGXMRK ZSPEXMPI SV
(MGXMSREV] XL IHMXMSR WLEPP FI XLI WSYVGI JSV XLI SVHMREVMP] KEWISYW JMVI I\XMRKYMWLERX XLEX HSIW RSX PIEZI E VIWMHYI YTSR
EGGITXIH QIERMRK IZETSVEXMSR
)HMXMSR
()*-2-8-327 z
'PSWIH 6IGSZIV] 7]WXIQ ,EPSKIREXIH %KIRXW ,EPSKIREXIH GPIER EKIRXW VIJ
IVIRGIH MR XLMW WXERHEVH EVI SJ XLI JSPPS[MRK X]TIW
(V] 'LIQMGEP 'PSWIH 6IGSZIV] 7]WXIQ % W]WXIQ XLEX
MW GSRWXVYGXIH MR E QERRIV XLEX HSIW RSX MRXVSHYGI JSVIMKR ,EPSGEVFSRW ,EPSGEVFSR EKIRXW MRGPYHI L]HVS
QEXIVMEP MRXS XLI EKIRX FIMRK VIGSZIVIH ERH LEW E QIERW SJ GLPSVSJPYSVSGEVFSR ,'*' L]HVSJPYSVSGEVFSR ,*'
ZMWYEPP] MRWTIGXMRK XLI VIGSZIVIH EKIRX JSV GSRXEQMRERXW TIVJPYSVSGEVFSR 4*' JPYSVSMSHSGEVFSR *-' X]TIW SJ
EKIRXW ERH SXLIV LEPSGEVFSRW XLEX EVI JSYRH EGGITXEFPI
,EPSKIREXIH 'PSWIH 6IGSZIV] 7]WXIQ % W]WXIQ XLEX YRHIV XLI )RZMVSRQIRXEP 4VSXIGXMSR %KIRG] 7MKRMJMGERX
TVSZMHIW JSV XLI XVERWJIV SJ LEPSKIREXIH EKIRXW FIX[IIR 2I[ %PXIVREXMZIW 4SPMG] TVSKVEQ
JMVI I\XMRKYMWLIVW WYTTP] GSRXEMRIVW ERH VIGLEVKI ERH VI
GSZIV] GSRXEMRIVW WS XLEX RSRI SJ XLI LEPSKIREXIH EKIRX ,EPSRW ,EPSRW MRGPYHI FVSQSGLPSVSHMJPYS
IWGETIW XS XLI EXQSWTLIVI 'PSWIH VIGSZIV] W]WXIQW JSV LE VSQIXLERI ,EPSR FVSQSXVMJPYSVSQIXLERI ,E
PSKIREXIH EKIRXW [MXL ER S^SRI HITPIXMRK TSXIRXMEP 3(4 PSR ERH QM\XYVIW SJ ,EPSR ERH ,EPSR
SJ SV KVIEXIV WLSYPH FI PMWXIH JSV YWI [MXL XLEX EKIRX ,EPSR
8LI W]WXIQvW WYTTP] SV VIGLEVKI ERH VIGSZIV] GSRXEMRIV MW ,]HVSWXEXMG 8IWXMRK 4VIWWYVI XIWXMRK SJ XLI I\XMRKYMWLIV
GETEFPI SJ QEMRXEMRMRK XLI EKIRX MR E WIEPIH IRZMVSRQIRX XS ZIVMJ] MXW WXVIRKXL EKEMRWX YR[ERXIH VYTXYVI
YRXMP MX MW VIYWIH SV VIXYVRIH XS XLI EKIRX QERYJEGXYVIV
0SEHIH 7XVIEQ 'LEVKI % [EXIVFEWIH I\XMRKYMWLMRK
']PMRHIV EKIRX XLEX YWIW ER EPOEPM QIXEP WEPX EW E JVII^MRK TSMRX HITVIWWERX
,MKL4VIWWYVI ']PMRHIV ']PMRHIVW ERH GEVXVMHKIW 1MPH 7XIIP 7LIPP %PP WXIIP WLIPPW SXLIV XLER WXEMRPIWW
GSRXEMRMRK RMXVSKIR GSQTVIWWIH EMV GEVFSR HMS\MHI SV WXIIP ERH WXIIP WLIPPW YWIH JSV LMKLTVIWWYVI G]PMRHIVW
SXLIV KEWIW EX E TVIWWYVI LMKLIV XLER TWM O4E EX
* ' 4VIWWYVI
0S[4VIWWYVI ']PMRHIV ']PMRHIVW GSRXEMRMRK JMVI )\XMRKYMWLIV 7IVZMGI 4VIWWYVI 8LI RSVQEP STIVEX
I\XMRKYMWLMRK EKIRX QIHMYQ RMXVSKIR GSQTVIWWIH EMV MRK TVIWWYVI EW MRHMGEXIH SR XLI REQITPEXI SV G]PMRHIV SJ E
SV SXLIV GSQTVIWWIH KEWIW EX E WIVZMGI TVIWWYVI SJ TWM JMVI I\XMRKYMWLIV
O4E SV PS[IV EX * ' *EGXSV] 8IWX 4VIWWYVI 8LI TVIWWYVI WLS[R SR XLI
(38 97 (ITEVXQIRX SJ 8VERWTSVXEXMSR ? A REQITPEXI EX [LMGL E WLIPP [EW XIWXIH EX XMQI SJ QERYJEGXYVI
(V] 4S[HIV 7SPMH QEXIVMEPW MR TS[HIV SV KVERYPEV 4VIWWYVMÎH *PEQQEFPI 0MUYMH *MVIW *MVIW VIWYPXMRK
JVSQ PMUYMHW XLEX EVI JSVGIH TYQTIH SV WTVE]IH
JSVQ HIWMKRIH XS I\XMRKYMWL 'PEWW ( GSQFYWXMFPI QIXEP JMVIW
F] GVYWXMRK WQSXLIVMRK SV LIEXXVERWJIVVMRK QIERW 6IGLEVKMRK 8LI VITPEGIQIRX SJ XLI I\XMRKYMWLMRK
EKIRX EPWS MRGPYHIW XLI I\TIPPERX JSV GIVXEMR X]TIW SJ JMVI
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I\XMRKYMWLIVW
QYRMGEXMSR HEXE XVERWQMWWMSR FIX[IIR ER MRTPEGI JMVI I\XMR
KYMWLIV ERH ER IPIGXVSRMG QSRMXSVMRK HIZMGIW]WXIQ 7IVZMGMRK 4IVJSVQMRK QEMRXIRERGI VIGLEVKMRK SV L]
HVSWXEXMG XIWXMRK SR E JMVI I\XMRKYMWLIV
)\XMRKYMWLIV &VEGOIX )\XMRKYMWLIV VIXIRXMSR HIZMGI
HIWMKRIH XS QSYRX ERH WIGYVI E WTIGMJMG I\XMRKYMWLIV QSHIP 8' 8VERWTSVX 'EREHE JSVQIVP] 'EREHE 8VERWTSVX
SRXS ZEVMSYW WYVJEGIW F] MRGSVTSVEXMRK VIPIEWEFPI WXVETW SV 'SQQMWWMSR '8' [LMGL LEW NYVMWHMGXMSR SZIV LMKL ERH PS[
FERHW XS WIGYVI XLI JMVI I\XMRKYMWLIV TVIWWYVI G]PMRHIVW ERH GEVXVMHKIW MR 'EREHE
)\XMRKYMWLIV 'EFMRIX %R MHIRXMJMEFPI ERH VIEHMP] EG 8VEZIP (MWXERGI 8LI EGXYEP [EPOMRK HMWXERGI JVSQ
GIWWMFPI JMVI I\XMRKYMWLIV LSYWMRK HIZMGI HIWMKRIH XS WXSVI ERH ER] TSMRX XS XLI RIEVIWX JMVI I\XMRKYMWLIV JYPJMPPMRK LEÊVH
TVSXIGX JMVI IUYMTQIRX VIUYMVIQIRXW
)\XMRKYMWLIV ,ERKIV )\XMRKYMWLIV QSYRXMRK HIZMGI ;IXXMRK %KIRX % GSRGIRXVEXI [LMGL [LIR EHHIH XS
HIWMKRIH JSV QSYRXMRK E WTIGMJMG I\XMRKYMWLIV QSHIP SRXS WXE [EXIV VIHYGIW XLI WYVJEGI XIRWMSR ERH MRGVIEWIW MXW EFMPMX] XS
XMSREV] ZIVXMGEP WYVJEGIW TIRIXVEXI ERH WTVIEH ? A
)\XMRKYMWLIV -RWTIGXMSR % UYMGO GLIGO XLEX E JMVI I\ *MVI )\XMRKYMWLIV (IJMRMXMSRW
XMRKYMWLIV MW MR MXW HIWMKREXIH TPEGI XLEX MX LEW RSX FIIR EGXY 'EVXVMHKI']PMRHIV3TIVEXIH *MVI )\XMRKYMWLIV % JMVI
EXIH SV XEQTIVIH [MXL ERH XLEX XLIVI MW RS SFZMSYW TL]WMGEP I\XMRKYMWLIV MR [LMGL XLI I\TIPPERX KEW MW MR E WITEVEXI GSR
HEQEKI SV GSRHMXMSR XS TVIZIRX MXW STIVEXMSR XEMRIV JVSQ XLI EKIRX WXSVEKI GSRXEMRIV
)\XMRKYMWLIV 1EMRXIRERGI % XLSVSYKL I\EQMREXMSR 2SRVIGLEVKIEFPI 2SRVIJMPPEFPI *MVI )\XMRKYMWLIV %
SJ XLI JMVI I\XMRKYMWLIV XLEX MW MRXIRHIH XS KMZI QE\MQYQ EW JMVI I\XMRKYMWLIV XLEX MW MRXIRHIH XS FI YWIH SRI XMQI ERH RSX
WYVERGI XLEX E JMVI I\XMRKYMWLIV [MPP STIVEXI IJJIGXMZIP] ERH GETEFPI SJ SV MRXIRHIH XS FI VIGLEVKIH ERH VIXYVRIH XS WIVZMGI
WEJIP] ERH XS HIXIVQMRI MJ TL]WMGEP HEQEKI SV GSRHMXMSR [MPP
TVIZIRX MXW STIVEXMSR MJ ER] VITEMV SV VITPEGIQIRX MW RIGIWWEV] 4SVXEFPI *MVI )\XMRKYMWLIV % TSVXEFPI HIZMGI GEVVMIH SV
ERH MJ L]HVSWXEXMG XIWXMRK SV MRXIVREP QEMRXIRERGI MW VIUYMVIH SR [LIIPW ERH STIVEXIH F] LERH GSRXEMRMRK ER I\XMRKYMWLMRK
EKIRX XLEX GER FI I\TIPPIH YRHIV TVIWWYVI JSV XLI TYVTSWI SJ
*MPQ*SVQMRK *SEQ %KIRXW %UYISYW JMPQJSVQMRK WYTTVIWWMRK SV I\XMRKYMWLMRK JMVI
JSEQ %*** ERH JMPQJSVQMRK JPYSVSTVSXIMR JSEQ ***4
6IGLEVKIEFPI 6IJMPPEFPI *MVI )\XMRKYMWLIV % JMVI I\XMR
*PEQQEFPI 0MUYMHW SJ %TTVIGMEFPI (ITXL *PEQQEFPI KYMWLIV GETEFPI SJ YRHIVKSMRK GSQTPIXI QEMRXIRERGI MRGPYH
PMUYMHW SJ ETTVIGMEFPI HITXL EVI XLSWI [MXL E HITXL KVIEXIV MRK MRXIVREP MRWTIGXMSR SJ XLI TVIWWYVI ZIWWIP VITPEGIQIRX SJ EPP
XLER MR QQ WYFWXERHEVH TEVXW ERH WIEPW ERH L]HVSWXEXMG XIWXMRK
)HMXMSR
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7IPJ)\TIPPMRK *MVI )\XMRKYMWLIV % JMVI I\XMRKYMWLIV MR QIIXW SV I\GIIHW 90 7XERHEVH JSV *EGXSV] *SPPS[9T SR
[LMGL XLI EKIRX LEW WYJJMGMIRX ZETSV TVIWWYVI EX RSVQEP STIV 8LMVH 4EVX] 'IVXMJMIH 4SVXEFPI *MVI )\XMRKYMWLIVW
EXMRK XIQTIVEXYVIW XS I\TIP MXWIPJ
*MVI I\XMRKYMWLIVW QERYJEGXYVIH TVMSV XS .ERYEV]
7XSVIH4VIWWYVI *MVI )\XMRKYMWLIV % JMVI I\XMRKYMWLIV MR WLEPP RSX FI VIUYMVIH XS GSQTP] [MXL
[LMGL FSXL XLI I\XMRKYMWLMRK EKIRX ERH I\TIPPERX KEW EVI OITX
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MR E WMRKPI GSRXEMRIV ERH XLEX MRGPYHIW E TVIWWYVI MRHMGEXSV SV
'SYRGMP SJ 'EREHE WLEPP RSX FI VIUYMVIH XS GSQTP] [MXL
KEYKI
0MWXIH ERH PEFIPIH 'PEWW ( I\XMRKYMWLMRK EKIRXW MR
;EXIV 1MWX *MVI )\XMRKYMWLIV % JMVI I\XMRKYMWLIV GSR
XIRHIH XS FI QERYEPP] ETTPMIH XS GSQFYWXMFPI QIXEP JMVIW WLEPP
XEMRMRK HMWXMPPIH SV HIMSRMÎH [EXIV ERH IQTPS]MRK E RS^^PI
GSQTP] [MXL XLI JMVI XIWX VIUYMVIQIRXW WTIGMJMIH MR %27-90
XLEX HMWGLEVKIW XLI EKIRX MR E JMRI WTVE]
'%290'7
;EXIV8]TI *MVI )\XMRKYMWLIV % JMVI I\XMRKYMWLIV GSR
)PIGXVMGEP 'SRHYGXMZMX] )\XMRKYMWLIVW PMWXIH JSV XLI 'PEWW '
XEMRMRK [EXIVFEWIH EKIRXW WYGL EW [EXIV JMPQJSVQMRK JSEQ
VEXMRK WLEPP RSX GSRXEMR ER EKIRX XLEX MW E GSRHYGXSV SJ IPIGXVMGMX]
EKIRXW %*** ***4 ERXMJVIIÎ PSEHIH WXVIEQ ERH [IX
GLIQMGEP -R EHHMXMSR XS WYGGIWWJYPP] QIIXMRK XLI VIUYMVIQIRXW SJ
%27-90 '%290'7 [EXIVFEWIH EKIRXW WLEPP FI
;LIIPIH *MVI )\XMRKYMWLIV % TSVXEFPI JMVI I\XMRKYMWLIV
XIWXIH MR EGGSVHERGI [MXL %781 ( 7XERHEVH 8IWX JSV )PIGXVMGEP
IUYMTTIH [MXL E GEVVMEKI ERH [LIIPW MRXIRHIH XS FI XVERW
'SRHYGXMZMX] ERH 6IWMWXMZMX] SJ E *PS[MRK ,MKL 4YVMX] ;EXIV 7EQTPI
TSVXIH XS XLI JMVI F] SRI TIVWSR 7II %
*MVI I\XMRKYMWLIVW GSRXEMRMRK [EXIVFEWIH EKIRXW XLEX
LEZI E GSRHYGXMZMX] LMKLIV XLER 7GQ EX ' *
WLEPP FI GSRWMHIVIH E GSRHYGXSV SJ IPIGXVMGMX] ERH XLIVIJSVI
'LETXIV +IRIVEP 6IUYMVIQIRXW WLEPP RSX FI VEXIH 'PEWW '
0MWXMRK ERH 0EFIPMRK 4EVEKVETLW ERH WLEPP ETTP] SRP] XS [EXIV
FEWIH I\XMRKYMWLIVW QERYJEGXYVIH EJXIV %YKYWX
4SVXEFPI JMVI I\XMRKYMWLIVW YWIH XS GSQTP] [MXL XLMW
WXERHEVH WLEPP FI PMWXIH ERH PEFIPIH ERH WLEPP QIIX SV I\GIIH -HIRXMJMGEXMSR SJ 'SRXIRXW % JMVI I\XMRKYMWLIV WLEPP LEZI
EPP XLI VIUYMVIQIRXW SJ SRI SJ XLI JSPPS[MRK JMVI XIWX WXERHEVHW E PEFIP XEK SV WXIRGMP EXXEGLIH XS MX TVSZMHMRK XLI JSPPS[MRK
ERH SRI SJ XLI JSPPS[MRK ETTPMGEFPI TIVJSVQERGI WXERHEVHW MRJSVQEXMSR
*MVI XIWX WXERHEVHW 8LI GSRXIRXvW TVSHYGX REQI EW MX ETTIEVW SR XLI QERY
%27-90 '%290'7 7XERHEVH JSV 6EXMRK ERH JEGXYVIVvW 1EXIVMEP 7EJIX] (EXE 7LIIX 17(7
*MVI 8IWXMRK SJ *MVI )\XMRKYMWLIVW 0MWXMRK SJ XLI LEÊVHSYW QEXIVMEP MHIRXMJMGEXMSR MR EGGSV
4IVJSVQERGI WXERHEVHW HERGI [MXL ,EÊVHSYW 1EXIVMEPW -HIRXMJMGEXMSR 7]WXIQ ,1-7
-QTPIQIRXEXMSREP 1ERYEP ?MR 'EREHE ;SVOTPEGI ,EÊVHSYW
E 'EVFSR HMS\MHI X]TIW %27-90 '%290'7 1EXIVMEPW -HIRXMJMGEXMSR 7]WXIQ ;,1-7 6IJIVIRGI 1ERYEPA HI
7XERHEVH JSV 'EVFSR(MS\MHI *MVI )\XMRKYMWLIVW ZIPSTIH F] XLI 2EXMSREP 4EMRX ERH 'SEXMRKW %WWSGMEXMSR
F (V] GLIQMGEP X]TIW %27-90 '%290'7 0MWX SJ ER] LEÊVHSYW QEXIVMEPW XLEX EVI MR I\GIWW SJ
7XERHEVH JSV (V] 'LIQMGEP *MVI )\XMRKYMWLIVW TIVGIRX SJ XLI GSRXIRXW
G ;EXIV X]TIW %27-90 '%290'7 7XER 0MWX SJ IEGL GLIQMGEP MR I\GIWW SJ TIVGIRX SJ XLI GSR
HEVH JSV ;EXIV *MVI )\XMRKYMWLIVW XIRXW
H ,EPSR X]TIW '%290'7 7XERHEVH JSV ,EPSKI -RJSVQEXMSR EW XS [LEX MW LEÊVHSYW EFSYX XLI EKIRX MR
REXIH %KIRX ,ERH ERH ;LIIPIH *MVI )\XMRKYMWLIVW EGGSVHERGI [MXL XLI 17(7
I *MPQJSVQMRK JSEQ X]TIW %27-90 '%290' 1ERYJEGXYVIVvW SV WIVZMGI EKIRG]vW REQI QEMPMRK EH
7 ;EXIV &EWIH %KIRX *MVI )\XMRKYMWLIVW HVIWW ERH TLSRI RYQFIV
J ,EPSGEVFSR X]TIW %27-90 '%290'7
7XERHEVH JSV ,EPSGEVFSR 'PIER %KIRX *MVI )\XMRKYMWLIVW -RWXVYGXMSR 1ERYEP
)EGL JMVI I\XMRKYMWLIV WLEPP FI QEVOIH [MXL XLI JSPPS[MRK 8LI S[RIV SV XLI S[RIVvW EKIRX WLEPP FI TVSZMHIH [MXL E
JMVI I\XMRKYMWLIV MRWXVYGXMSR QERYEP XLEX HIXEMPW GSRHIRWIH
-HIRXMJMGEXMSR SJ XLI PMWXMRK ERH PEFIPMRK SVKERMÊXMSR MRWXVYGXMSRW ERH GEYXMSRW RIGIWWEV] XS XLI MRWXEPPEXMSR STIVE
4VSHYGX GEXIKSV] MRHMGEXMRK XLI X]TI SJ I\XMRKYMWLIV XMSR MRWTIGXMSR ERH QEMRXIRERGI SJ XLI JMVI I\XMRKYMWLIVW
)\XMRKYMWLIV GPEWWMJMGEXMSR EW MRHMGEXIH MR 7IGXMSR
4IVJSVQERGI ERH JMVI XIWX WXERHEVHW XLEX XLI I\XMRKYMWLIV 8LI QERYEP WLEPP VIJIV XS XLMW WXERHEVH EW E WSYVGI SJ
QIIXW SV I\GIIHW HIXEMPIH MRWXVYGXMSR
*MVI I\XMRKYMWLIVW QERYJEGXYVIH TVMSV XS .ERYEV] 3FWSPIXI *MVI )\XMRKYMWLIVW 8LI JSPPS[MRK X]TIW SJ JMVI
WLEPP RSX FI VIUYMVIH XS GSQTP] [MXL I\XMRKYMWLIVW EVI GSRWMHIVIH SFWSPIXI ERH WLEPP FI VIQSZIH
JVSQ WIVZMGI
,EPSR I\XMRKYMWLIVW PMWXIH ERH PEFIPIH XS 90
7XERHEVH JSV ,EPSKIREXIH %KIRX *MVI )\XMRKYMWLIVW WLEPP FI TIVQMX 7SHE EGMH
XIH XS FI YWIH XS GSQTP] [MXL XLI VIUYMVIQIRXW SJ XLMW WXER 'LIQMGEP JSEQ I\GPYHMRK JMPQJSVQMRK EKIRXW
HEVH [LIR MRWXEPPIH MRWTIGXIH ERH QEMRXEMRIH MR EGGSVHERGI :ETSVM^MRK PMUYMH IK GEVFSR XIXVEGLPSVMHI
[MXL XLMW WXERHEVH 'EVXVMHKISTIVEXIH [EXIV
'EVXVMHKISTIVEXIH PSEHIH WXVIEQ
%R SVKERMÊXMSR PMWXMRK JMVI I\XMRKYMWLIVW YWIH XS GSQ 'STTIV SV FVEWW WLIPP I\GPYHMRK TYQT XEROW NSMRIH F]
TP] [MXL XLI VIUYMVIQIRXW SJ XLMW WXERHEVH WLEPP YXMPMÎ E XLMVH WSJX WSPHIV SV VMZIXW
TEVX] GIVXMJMGEXMSR TVSKVEQ JSV TSVXEFPI JMVI I\XMRKYMWLIVW XLEX 'EVFSR HMS\MHI I\XMRKYMWLIVW [MXL QIXEP LSVRW
)HMXMSR
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7SPMH GLEVKIzX]TI %*** I\XMRKYMWLIVW TETIV GEVXVMHKI *MVI I\XMRKYMWLIVW GPEWWMJMIH JSV YWI SR 'PEWW % SV 'PEWW
4VIWWYVMÎH [EXIV JMVI I\XMRKYMWLIVW QERYJEGXYVIH TVMSV & LEÊVHW WLEPP FI VIUYMVIH XS LEZI E VEXMRK RYQFIV TVIGIHMRK
XS XLI GPEWWMJMGEXMSR PIXXIV XLEX MRHMGEXIW XLI VIPEXMZI I\XMRKYMWL
%R] I\XMRKYMWLIV XLEX RIIHW XS FI MRZIVXIH XS STIVEXI MRK IJJIGXMZIRIWW
%R] WXSVIH TVIWWYVI I\XMRKYMWLIV QERYJEGXYVIH TVMSV XS
*MVI I\XMRKYMWLIVW GPEWWMJMIH JSV YWI SR 'PEWW ' 'PEWW
%R] I\XMRKYMWLIVW [MXL & & & & ERH & JMVI ( SV 'PEWW / LEÊVHW WLEPP RSX FI VIUYMVIH XS LEZI E RYQFIV
VEXMRKW TVIGIHMRK XLI GPEWWMJMGEXMSR PIXXIV
7XSVIHTVIWWYVI [EXIV I\XMRKYMWLIVW [MXL JMFIVKPEWW WLIPPW *MVI I\XMRKYMWLIVW WLEPP FI WIPIGXIH JSV XLI GPEWWIW SJ
TVI LEÊVHW XS FI TVSXIGXIH MR EGGSVHERGI [MXL XLVSYKL
(V] GLIQMGEP WXSVIHTVIWWYVI I\XMRKYMWLIVW QERYJEG *SV WTIGMJMG LEÊVHW WII 7IGXMSR
XYVIH TVMSV XS 3GXSFIV WLEPP FI VIQSZIH JVSQ WIVZMGI EX *MVI I\XMRKYMWLIVW JSV XLI TVSXIGXMSR SJ 'PEWW % LE^
XLI RI\X ]IEV QEMRXIRERGI MRXIVZEP SV XLI RI\X L]HVSXIWX EVHW WLEPP FI WIPIGXIH JVSQ X]TIW XLEX EVI WTIGMJMGEPP] PMWXIH ERH
[LMGLIZIV GSQIW JMVWX PEFIPIH JSV YWI SR 'PEWW % JMVIW *SV LEPSR EKIRXzX]TI I\XMRKYMWL
7YFWIGXMSR WLEPP RSX ETTP] XS [LIIPIHX]TI HV] IVW WII
GLIQMGEP WXSVIHTVIWWYVI JMVI I\XMRKYMWLIVW
*MVI I\XMRKYMWLIVW JSV XLI TVSXIGXMSR SJ 'PEWW & LE^
%R] JMVI I\XMRKYMWLIV XLEX GER RS PSRKIV FI WIVZMGIH MR EVHW WLEPP FI WIPIGXIH JVSQ X]TIW XLEX EVI WTIGMJMGEPP] PMWXIH ERH
EGGSVHERGI [MXL XLI QERYJEGXYVIVvW QEMRXIRERGI QERYEP MW PEFIPIH JSV YWI SR 'PEWW & JMVIW *SV LEPSR EKIRXzX]TI I\XMRKYMWL
GSRWMHIVIH SFWSPIXI ERH WLEPP FI VIQSZIH JVSQ WIVZMGI IVW WII
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'LETXIV 7IPIGXMSR SJ 4SVXEFPI *MVI )\XMRKYMWLIVW EVHW WLEPP FI WIPIGXIH JVSQ X]TIW XLEX EVI WTIGMJMGEPP] PMWXIH ERH
PEFIPIH JSV YWI SR 'PEWW ' LEÊVHW *SV LEPSR EKIRXzX]TI JMVI
+IRIVEP 6IUYMVIQIRXW 8LI WIPIGXMSR SJ JMVI I\XMRKYMWLIVW I\XMRKYMWLIVW WII
JSV E KMZIR WMXYEXMSR WLEPP FI HIXIVQMRIH F] XLI ETTPMGEFPI
VIUYMVIQIRXW SJ 7IGXMSRW XLVSYKL ERH XLI JSPPS[MRK *MVI I\XMRKYMWLIVW ERH I\XMRKYMWLMRK EKIRXW JSV XLI
JEGXSVW TVSXIGXMSR SJ 'PEWW ( LEÊVHW WLEPP FI SJ XLI X]TIW WTIGMJMGEPP]
PMWXIH ERH PEFIPIH JSV YWI SR XLI WTIGMJMG GSQFYWXMFPI QIXEP
8]TI SJ JMVI QSWX PMOIP] XS SGGYV
LEÊVH
7MÎ SJ JMVI QSWX PMOIP] XS SGGYV
,EÊVHW MR XLI EVIE [LIVI XLI JMVI MW QSWX PMOIP] XS SGGYV *MVI I\XMRKYMWLIVW JSV XLI TVSXIGXMSR SJ 'PEWW / LE^
)RIVKMÎH IPIGXVMGEP IUYMTQIRX MR XLI ZMGMRMX] SJ XLI JMVI EVHW WLEPP FI WIPIGXIH JVSQ X]TIW XLEX EVI WTIGMJMGEPP] PMWXIH ERH
%QFMIRX XIQTIVEXYVI GSRHMXMSRW PEFIPIH JSV YWI SR 'PEWW / JMVIW
3XLIV JEGXSVW 7II 7IGXMSR ,
9WI SJ LEPSR EKIRX JMVI I\XMRKYMWLIVW WLEPP FI PMQMXIH
4SVXEFPI JMVI I\XMRKYMWLIVW WLEPP FI MRWXEPPIH EW E JMVWX XS ETTPMGEXMSRW [LIVI E GPIER EKIRX MW RIGIWWEV] XS I\XMRKYMWL
PMRI SJ HIJIRWI XS GSTI [MXL JMVIW SJ PMQMXIH WMÎ I\GITX EW JMVI IJJMGMIRXP] [MXLSYX HEQEKMRK XLI IUYMTQIRX SV EVIE FIMRK
VIUYMVIH F] TVSXIGXIH SV [LIVI XLI YWI SJ EPXIVREXMZI EKIRXW LEW XLI TSXIR
8LI WIPIGXMSR SJ I\XMRKYMWLIVW WLEPP FI MRHITIRHIRX SJ XMEP XS GEYWI E LEÊVH XS TIVWSRRIP MR XLI EVIE
[LIXLIV XLI FYMPHMRK MW IUYMTTIH [MXL EYXSQEXMG WTVMROPIVW 4PEGIQIRX SJ TSVXEFPI JMVI I\XMRKYMWLIVW GSRXEMRMRK
WXERHTMTI ERH LSWI SV SXLIV JM\IH TVSXIGXMSR IUYMTQIRX LEPSKIREXIH EKIRXW WLEPP GSRJSVQ XS QMRMQYQ GSRJMRIH
'PEWWMJMGEXMSRW SJ *MVIW *MVIW WLEPP FI GPEWWMJMIH MR EGGSV WTEGI ZSPYQI VIUYMVIQIRX [EVRMRKW GSRXEMRIH SR XLI JMVI I\
HERGI [MXL XLI KYMHIPMRIW WTIGMJMIH MR XLVSYKL XMRKYMWLIV REQITPEXIW
'PEWW % *MVIW 'PEWW % JMVIW EVI JMVIW MR SVHMREV] GSQFYW ;LIIPIH JMVI I\XMRKYMWLIVW WLEPP FI GSRWMHIVIH JSV
XMFPI QEXIVMEPW WYGL EW [SSH GPSXL TETIV VYFFIV ERH QER] LEÊVH TVSXIGXMSR MR EVIEW MR [LMGL E JMVI VMWO EWWIWWQIRX LEW
TPEWXMGW WLS[R XLI JSPPS[MRK
'PEWW & *MVIW 'PEWW & JMVIW EVI JMVIW MR JPEQQEFPI PMUYMHW ,MKL LEÊVH EVIEW EVI TVIWIRX
GSQFYWXMFPI PMUYMHW TIXVSPIYQ KVIEWIW XEVW SMPW SMPFEWIH 0MQMXIH EZEMPEFPI TIVWSRRIP EVI TVIWIRX XLIVIF] VIUYMV
TEMRXW WSPZIRXW PEGUYIVW EPGSLSPW ERH JPEQQEFPI KEWIW MRK ER I\XMRKYMWLIV XLEX LEW XLI JSPPS[MRK JIEXYVIW
'PEWW ' *MVIW 'PEWW ' JMVIW EVI JMVIW XLEX MRZSPZI IRIV E ,MKL EKIRX JPS[ VEXI
KMÎH IPIGXVMGEP IUYMTQIRX F -RGVIEWIH EKIRX WXVIEQ VERKI
G -RGVIEWIH EKIRX GETEGMX]
'PEWW ( *MVIW 'PEWW ( JMVIW EVI JMVIW MR GSQFYWXMFPI QIX
EPW WYGL EW QEKRIWMYQ XMXERMYQ ^MVGSRMYQ WSHMYQ PMXLMYQ 'PEWWMJMGEXMSR SJ ,EÊVHW
ERH TSXEWWMYQ
'PEWWMJ]MRK 3GGYTERG] ,EÊVH 6SSQW SV EVIEW WLEPP FI
'PEWW / *MVIW 'PEWW / JMVIW EVI JMVIW MR GSSOMRK ETTPM GPEWWMJMIH EW FIMRK PMKLX LEÊVH SVHMREV] LEÊVH SV I\XVE LEÊVH
ERGIW XLEX MRZSPZI GSQFYWXMFPI GSSOMRK QIHME ZIKIXEFPI SV
ERMQEP SMPW ERH JEXW 0MKLX ,EÊVH 0MKLX LEÊVH SGGYTERGMIW WLEPP FI GPEW
WMJMIH EW PSGEXMSRW [LIVI XLI UYERXMX] ERH GSQFYWXMFMPMX] SJ
)\XMRKYMWLIV 'PEWWMJMGEXMSR 7]WXIQ
'PEWW % GSQFYWXMFPIW ERH 'PEWW & JPEQQEFPIW EVI PS[ ERH JMVIW
8LI GPEWWMJMGEXMSR SJ JMVI I\XMRKYMWLIVW WLEPP GSRWMWX SJ E [MXL VIPEXMZIP] PS[ VEXIW SJ LIEX VIPIEWI EVI I\TIGXIH 8LIWI
PIXXIV XLEX MRHMGEXIW XLI GPEWW SJ JMVI SR [LMGL E JMVI I\XMR SGGYTERGMIW GSRWMWX SJ JMVI LEÊVHW LEZMRK RSVQEPP] I\TIGXIH
KYMWLIV LEW FIIR JSYRH XS FI IJJIGXMZI UYERXMXMIW SJ 'PEWW % GSQFYWXMFPI JYVRMWLMRKW ERHSV XLI XSXEP
)HMXMSR
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MW PIWW XLER KEP 0 MR ER] VSSQ SV EVIE %UYISYW JMPQJSVQMRK JSEQ %*** ERH JMPQJSVQMRK JPYSVS
TVSXIMR JSEQ ***4 X]TIW SJ JMVI I\XMRKYMWLIVW WLEPP RSX FI
3VHMREV] ,EÊVH 3VHMREV] LEÊVH SGGYTERGMIW WLEPP YWIH JSV XLI TVSXIGXMSR SJ [EXIVWSPYFPI JPEQQEFPI PMUYMHW
FI GPEWWMJMIH EW PSGEXMSRW [LIVI XLI UYERXMX] ERH GSQFYWXMFMPMX] WYGL EW EPGSLSPW EGIXSRI IWXIVW OIXSRIW ERH WS JSVXL YRPIWW
SJ 'PEWW % GSQFYWXMFPI QEXIVMEPW ERH 'PEWW & JPEQQEFPIW EVI WTIGMJMGEPP] VIJIVIRGIH SR XLI JMVI I\XMRKYMWLIV REQITPEXI
QSHIVEXI ERH JMVIW [MXL QSHIVEXI VEXIW SJ LIEX VIPIEWI EVI
I\TIGXIH 8LIWI SGGYTERGMIW GSRWMWX SJ JMVI LEÊVHW XLEX SRP] 3FWXEGPI *MVIW 7IPIGXMSR SJ E JMVI I\XMRKYMWLIV JSV XLMW
SGGEWMSREPP] GSRXEMR 'PEWW % GSQFYWXMFPI QEXIVMEPW FI]SRH X]TI SJ LEÊVH WLEPP FI FEWIH SR SRI SJ XLI JSPPS[MRK
RSVQEP ERXMGMTEXIH JYVRMWLMRKW ERHSV XLI XSXEP UYERXMX] SJ )\XMRKYMWLIV GSRXEMRMRK E ZETSVWYTTVIWWMRK JSEQ EKIRX
'PEWW & JPEQQEFPIW X]TMGEPP] I\TIGXIH XS FI TVIWIRX MW JVSQ 1YPXMTPI I\XMRKYMWLIVW GSRXEMRMRK RSRZETSVWYTTVIWWMRK
KEP XS KEP 0 XS 0 MR ER] VSSQ SV EVIE 'PEWW & EKIRXW MRXIRHIH JSV WMQYPXERISYW ETTPMGEXMSR
0EVKIV GETEGMX] I\XMRKYMWLIVW SJ PF OK SV KVIEXIV
)\XVE ,EÊVH )\XVE LEÊVH SGGYTERGMIW WLEPP FI GPEW
ERH E QMRMQYQ HMWGLEVKI VEXI SJ PFWIG OKWIG
WMJMIH EW PSGEXMSRW [LIVI XLI UYERXMX] ERH GSQFYWXMFMPMX] SJ
'PEWW % GSQFYWXMFPI QEXIVMEP EVI LMKL SV [LIVI LMKL EQSYRXW 'PEWW / 'SSOMRK 1IHME *MVIW *MVI I\XMRKYMWLIVW TVS
SJ 'PEWW & JPEQQEFPIW EVI TVIWIRX ERH VETMHP] HIZIPSTMRK JMVIW ZMHIH JSV XLI TVSXIGXMSR SJ GSSOMRK ETTPMERGIW XLEX YWI GSQ
[MXL LMKL VEXIW SJ LIEX VIPIEWI EVI I\TIGXIH 8LIWI SGGYTERGMIW FYWXMFPI GSSOMRK QIHME ZIKIXEFPI SV ERMQEP SMPW ERH JEXW
GSRWMWX SJ JMVI LEÊVHW MRZSPZIH [MXL XLI WXSVEKI TEGOEKMRK LER WLEPP FI PMWXIH ERH PEFIPIH JSV 'PEWW / JMVIW
HPMRK SV QERYJEGXYVI SJ 'PEWW % GSQFYWXMFPIW ERHSV XLI XSXEP 'PEWW / JMVI I\XMRKYMWLIVW QERYJEGXYVIH EJXIV .ERYEV]
UYERXMX] SJ 'PEWW & JPEQQEFPIW I\TIGXIH XS FI TVIWIRX MW QSVI WLEPP RSX FI IUYMTTIH [MXL I\XIRHIH [ERHzX]TI HMW
XLER KEP 0 MR ER] VSSQ SV EVIE GLEVKI HIZMGIW
0MQMXIH EVIEW SJ KVIEXIV SV PIWWIV LEÊVH WLEPP FI TVS *MVI I\XMRKYMWLIVW MRWXEPPIH WTIGMJMGEPP] JSV XLI TVSXIG
XIGXIH EW VIUYMVIH XMSR SJ GSSOMRK ETTPMERGIW XLEX YWI GSQFYWXMFPI GSSOMRK QI
HME ERMQEP SV ZIKIXEFPI SMPW ERH JEXW [MXLSYX E 'PEWW / VEXMRK
7IPIGXMSR F] 3GGYTERG] *MVI I\XMRKYMWLIVW WLEPP FI TVS
WLEPP FI VIQSZIH JVSQ WIVZMGI
ZMHIH JSV XLI TVSXIGXMSR SJ FSXL XLI FYMPHMRK WXVYGXYVI ERH XLI
SGGYTERG] LEÊVHW GSRXEMRIH XLIVIMR VIKEVHPIWW SJ XLI TVIW ;LIVI E LEÊVH MW TVSXIGXIH F] ER EYXSQEXMG JMVI TVS
IRGI SJ ER] JM\IH JMVI WYTTVIWWMSR W]WXIQW XIGXMSR W]WXIQ E TPEGEVH WLEPP FI GSRWTMGYSYWP] TPEGIH RIEV
XLI I\XMRKYMWLIV XLEX WXEXIW XLEX XLI JMVI TVSXIGXMSR W]WXIQ
6IUYMVIH FYMPHMRK TVSXIGXMSR WLEPP FI TVSZMHIH F] WLEPP FI EGXYEXIH TVMSV XS YWMRK XLI JMVI I\XMRKYMWLIV
JMVI I\XMRKYMWLIVW JSV 'PEWW % JMVIW
)PIGXVSRMG )UYMTQIRX *MVIW *MVI I\XMRKYMWLIVW JSV XLI
3GGYTERG] LEÊVH TVSXIGXMSR WLEPP FI TVSZMHIH F] TVSXIGXMSR SJ HIPMGEXI IPIGXVSRMG IUYMTQIRX WLEPP FI WIPIGXIH
JMVI I\XMRKYMWLIVW JSV WYGL 'PEWW % & ' ( SV / JMVI TSXIRXMEPW JVSQ X]TIW WTIGMJMGEPP] PMWXIH ERH PEFIPIH JSV 'PEWW ' LEÊVHW
EW QMKLX FI TVIWIRX 7II
*MVI I\XMRKYMWLIVW TVSZMHIH JSV FYMPHMRK TVSXIGXMSR (V] GLIQMGEP JMVI I\XMRKYMWLIVW WLEPP RSX FI MRWXEPPIH
WLEPP FI TIVQMXXIH XS EPWS FI GSRWMHIVIH JSV XLI TVSXIGXMSR SJ JSV XLI TVSXIGXMSR SJ HIPMGEXI IPIGXVSRMG IUYMTQIRX
SGGYTERGMIW LEZMRK E 'PEWW % JMVI TSXIRXMEP %VIEW 'SRXEMRMRK 3\MHMÎVW
&YMPHMRKW LEZMRK ER SGGYTERG] LEÊVH WYFNIGX XS 3RP] [EXIVX]TI I\XMRKYMWLIVW WLEPP FI MRWXEPPIH MR EV
'PEWW & SV 'PEWW ' JMVIW SV FSXL WLEPP LEZI E WXERHEVH GSQTPI IEW GSRXEMRMRK S\MHMÎVW WYGL EW TSSP GLIQMGEPW
QIRX SJ 'PEWW % JMVI I\XMRKYMWLIVW JSV FYMPHMRK TVSXIGXMSR TPYW
1YPXMTYVTSWI HV] GLIQMGEP JMVI I\XMRKYMWLIVW WLEPP
EHHMXMSREP 'PEWW & SV 'PEWW ' JMVI I\XMRKYMWLIVW SV FSXL
RSX FI MRWXEPPIH MR EVIEW GSRXEMRMRK S\MHMÎVW WYGL EW TSSP
;LIVI JMVI I\XMRKYMWLIVW LEZI QSVI XLER SRI PIXXIV GLIQMGEPW
GPEWWMJMGEXMSR WYGL EW %&' XLI] WLEPP FI TIVQMXXIH XS 'PEWW ( 'SQFYWXMFPI 1IXEP *MVIW *MVI I\XMRKYMWLIVW SV
WEXMWJ] XLI VIUYMVIQIRXW SJ IEGL PIXXIV GPEWW GSRXEMRIVW SJ 'PEWW ( I\XMRKYMWLMRK EKIRXW TVSZMHIH JSV XLI
7IPIGXMSR JSV 7TIGMJMG ,EÊVHW TVSXIGXMSR SJ 'PEWW ( JMVIW WLEPP FI PMWXIH ERH PEFIPIH JSV 'PEWW
( JMVIW
'PEWW & *MVIW 'PEWW ( JMVI I\XMRKYMWLIVW ERH EKIRXW WLEPP FI GSQTEX
)\XMRKYMWLIVW JSV 4VIWWYVMÎH *PEQQEFPI 0MUYMHW ERH MFPI [MXL XLI WTIGMJMG QIXEP JSV [LMGL TVSXIGXMSR MW TVSZMHIH
4VIWWYVMÎH +EW *MVIW 7IPIGXMSR JSV 7TIGMJMG 0SGEXMSRW
7IPIGXMSR SJ JMVI I\XMRKYMWLIVW JSV XLMW X]TI SJ LE^ ;LIVI TSVXEFPI JMVI I\XMRKYMWLIVW EVI VIUYMVIH XS FI
EVH WLEPP FI QEHI SR XLI FEWMW SJ VIGSQQIRHEXMSRW F] QERY MRWXEPPIH XLI JSPPS[MRK HSGYQIRXW WLEPP FI VIZMI[IH JSV XLI
JEGXYVIVW SJ XLMW WTIGMEPMÎH IUYMTQIRX SGGYTERGMIW SYXPMRIH MR XLIMV VIWTIGXMZI WGSTIW
0EVKIGETEGMX] HV] GLIQMGEP I\XMRKYMWLIVW SJ PF 2*4% *MVI 'SHI
OK SV KVIEXIV ERH E HMWGLEVKI VEXI SJ PFWIG 2*4% ,]HVSKIR 8IGLRSPSKMIW 'SHI
OKWIG SV QSVI WLEPP FI YWIH XS TVSXIGX XLIWI LEÊVHW 2*4% 7XERHEVH JSV ;EXIV 8EROW JSV 4VMZEXI *MVI 4VSXIGXMSR
2*4% *PEQQEFPI ERH 'SQFYWXMFPI 0MUYMHW 'SHI
8LVII(MQIRWMSREP *MVIW 0EVKIGETEGMX] HV] GLIQMGEP 2*4% % 'SHI JSV 1SXSV *YIP (MWTIRWMRK *EGMPMXMIW ERH 6I
I\XMRKYMWLIVW SJ PF OK SV KVIEXIV ERH LEZMRK E HMW TEMV +EVEKIW
GLEVKI VEXI SJ PFWIG OKWIG SV QSVI WLEPP FI YWIH XS 2*4% 7XERHEVH JSV 7TVE] %TTPMGEXMSR 9WMRK *PEQQEFPI SV
TVSXIGX XLIWI LEÊVHW 'SQFYWXMFPI 1EXIVMEPW
)HMXMSR
-278%00%8-32 3* 4368%&0) *-6) )<8-2+9-7,)67 z
2*4% 7XERHEVH JSV XLI 7XSVEKI ERH ,ERHPMRK SJ 'IPPYPSWI 2*4% 7XERHEVH JSV 7EJI ,EZIRW ERH -RXIVGLERKI 0SXW JSV
2MXVEXI *MPQ :ILMGPIW 8VERWTSVXMRK )\TPSWMZIW
2*4% 7XERHEVH SR *MVI 4VSXIGXMSR JSV 0EFSVEXSVMIW 9WMRK 2*4% % 7XERHEVH JSV *MVI 7EJIX] 'VMXIVME JSV 1ERYJEG
'LIQMGEPW XYVIH ,SQI -RWXEPPEXMSRW 7MXIW ERH 'SQQYRMXMIW
2*4% 7XERHEVH JSV XLI (IWMKR ERH -RWXEPPEXMSR SJ 3\]KIRz 2*4% 7XERHEVH JSV 6SEH 8YRRIPW &VMHKIW ERH 3XLIV
*YIP +EW 7]WXIQW JSV ;IPHMRK 'YXXMRK ERH %PPMIH 4VSGIWWIW 0MQMXIH %GGIWW ,MKL[E]W
2*4% & 7XERHEVH JSV *MVI 4VIZIRXMSR (YVMRK ;IPHMRK 'YX 2*4% *MVI 7EJIX] 7XERHEVH JSV 4S[IVIH -RHYWXVMEP 8VYGOW
XMRK ERH 3XLIV ,SX ;SVO -RGPYHMRK 8]TI (IWMKREXMSRW %VIEW SJ 9WI 'SRZIVWMSRW 1EMR
2*4% :ILMGYPEV +EWISYW *YIP 7]WXIQW 'SHI XIRERGI ERH 3TIVEXMSRW
2*4% 0MUYIJMIH 4IXVSPIYQ +EW 'SHI 2*4% 7XERHEVH JSV 4VIZIRXMSR SJ 7YPJYV *MVIW ERH )\TPSWMSRW
2*4% 9XMPMX] 04+EW 4PERX 'SHI 2*4% 7XERHEVH JSV XLI -RWXEPPEXMSR SJ )PIGXVSRMG 4VIQMWIW
2*4% % 7XERHEVH JSV XLI 4VSHYGXMSR 7XSVEKI ERH ,ER 7IGYVMX] 7]WXIQW
HPMRK SJ 0MUYIJMIH 2EXYVEP +EW 02+ 2*4% 7XERHEVH JSV *MVI 4VSXIGXMSR JSV *EGMPMXMIW ,ERHPMRK
2*4% 2EXMSREP *MVI %PEVQ ERH 7MKREPMRK 'SHI 6EHMSEGXMZI 1EXIVMEPW
2*4% 7XERHEVH JSV XLI *MVI 4VSXIGXMSR SJ -RJSVQEXMSR 8IGL 2*4% 7XERHEVH JSV *MVI 4VSXIGXMSR JSV %HZERGIH 0MKLX
RSPSK] )UYMTQIRX ;EXIV 6IEGXSV )PIGXVMG +IRIVEXMRK 4PERXW
2*4% 7XERHEVH JSV XLI *MVI 4VSXIGXMSR SJ 8IPIGSQQYRMGE 2*4% 4IVJSVQERGI&EWIH 7XERHEVH JSV *MVI 4VSXIGXMSR JSV
XMSRW *EGMPMXMIW 0MKLX ;EXIV 6IEGXSV )PIGXVMG +IRIVEXMRK 4PERXW
2*4% 7XERHEVH JSV :IRXMPEXMSR 'SRXVSP ERH *MVI 4VSXIGXMSR 2*4% 7XERHEVH JSV *MVI 4VSXIGXMSR MR ;EWXI[EXIV 8VIEX
SJ 'SQQIVGMEP 'SSOMRK 3TIVEXMSRW QIRX ERH 'SPPIGXMSR *EGMPMXMIW
2*4% ,IEPXL 'EVI *EGMPMXMIW 'SHI 2*4% 'SHI JSV XLI 4VSXIGXMSR SJ 'YPXYVEP 6IWSYVGI 4VSTIV
2*4% & 7XERHEVH JSV ,]TSFEVMG *EGMPMXMIW XMIW { 1YWIYQW 0MFVEVMIW ERH 4PEGIW SJ ;SVWLMT
2*4% 0MJI 7EJIX] 'SHI 2*4% 'SHI JSV *MVI 4VSXIGXMSR SJ ,MWXSVMG 7XVYGXYVIW
2*4% 7XERHEVH JSV +VERHWXERHW *SPHMRK ERH 8IPIWGSTMG 2*4% 'SHI JSV *MVI[SVOW (MWTPE]
7IEXMRK 8IRXW ERH 1IQFVERI 7XVYGXYVIW 2*4% 'SHI JSV XLI 1ERYJEGXYVI 8VERWTSVXEXMSR 7XSV
2*4% 7XERHEVH JSV 0EWIV *MVI 4VSXIGXMSR EKI ERH 6IXEMP 7EPIW SJ *MVI[SVOW ERH 4]VSXIGLRMG %VXMGPIW
2*4% 7XERHEVH JSV *MVI 4VIZIRXMSR ERH 'SRXVSP MR 'SEP 2*4% 'SHI JSV XLI 1ERYJEGXYVI SJ 1SHIP 6SGOIX ERH
1MRIW ,MKL 4S[IV 6SGOIX 1SXSVW
2*4% 7XERHEVH JSV *MVI 4VIZIRXMSR ERH 'SRXVSP MR 1IXEP 2*4% 7XERHEVH JSV XLI 9WI SJ 4]VSXIGLRMGW &IJSVI E
2SRQIXEP 1MRMRK ERH 1IXEP 1MRIVEP 4VSGIWWMRK *EGMPMXMIW 4VS\MQEXI %YHMIRGI
2*4% 7XERHEVH JSV *M\IH +YMHI[E] 8VERWMX ERH 4EWWIR 2*4% 7XERHEVH JSV *MVI 4VSXIGXMSR -RJVEWXVYGXYVI JSV
KIV 6EMP 7]WXIQW 0ERH (IZIPSTQIRX MR ;MPHPERH 6YVEP ERH 7YFYVFER %VIEW
2*4% 7XERHEVH SR 1SXMSR 4MGXYVI ERH 8IPIZMWMSR 4VS 2*4% 7XERHEVH SR 6IGVIEXMSREP :ILMGPIW
HYGXMSR 7XYHMS 7SYRHWXEKIW %TTVSZIH 4VSHYGXMSR *EGMPMXMIW 2*4% 7XERHEVH JSV 6IGVIEXMSREP :ILMGPI 4EVOW ERH
ERH 4VSHYGXMSR 0SGEXMSRW 'EQTKVSYRHW
2*4% 7XERHEVH SR *MVI ERH 0MJI 7EJIX] MR %RMQEP ,SYW 2*4% 7XERHEVH JSV XLI -RWXEPPEXMSR 1EMRXIRERGI ERH
MRK *EGMPMXMIW 9WI SJ )QIVKIRG] 7IVZMGIW 'SQQYRMGEXMSRW 7]WXIQW
2*4% 7XERHEVH JSV XLI 9WI SJ *PEQI )JJIGXW &IJSVI ER 2*4% 7XERHEVH JSV %YXSQSXMZI *MVI %TTEVEXYW
%YHMIRGI 2*4% 7XERHEVH JSV ;MPHPERH *MVI %TTEVEXYW
2*4% 7XERHEVH JSV XLI 4VSXIGXMSR SJ 6IGSVHW 2*4% 7XERHEVH SR 1EVMRI *MVI*MKLXMRK :IWWIPW
2*4% 7XERHEVH JSV 7EJIKYEVHMRK 'SRWXVYGXMSR %PXIV 2*4% &YMPHMRK 'SRWXVYGXMSR ERH 7EJIX] 'SHI
EXMSR ERH (IQSPMXMSR 3TIVEXMSRW
2*4% 'SHI JSV 7EJIX] XS 0MJI JVSQ *MVI SR 1IVGLERX :IWWIPW -R RS GEWI WLEPP XLI VIUYMVIQIRXW SJ XLI HSGYQIRXW MR
2*4% *MVI 4VSXIGXMSR 7XERHEVH JSV 4PIEWYVI ERH 'SQQIV FI PIWW XLER XLSWI WTIGMJMIH MR XLMW WXERHEVH
GMEP 1SXSV 'VEJX
2*4% *MVI 4VSXIGXMSR 7XERHEVH JSV 1EVMREW ERH &SEX]EVHW
2*4% 7XERHEVH JSV XLI 'SRWXVYGXMSR ERH *MVI 4VSXIGXMSR 'LETXIV -RWXEPPEXMSR SJ 4SVXEFPI *MVI )\XMRKYMWLIVW
SJ 1EVMRI 8IVQMREPW 4MIVW ERH ;LEVZIW
2*4% 7XERHEVH JSV XLI 7EJIKYEVHMRK SJ 8EROW ERH 'SR
+IRIVEP
XEMRIVW JSV )RXV] 'PIERMRK SV 6ITEMV
2*4% 7XERHEVH JSV 8ERO :ILMGPIW JSV *PEQQEFPI ERH 2YQFIV SJ )\XMRKYMWLIVW 8LI QMRMQYQ RYQFIV SJ
'SQFYWXMFPI 0MUYMHW JMVI I\XMRKYMWLIVW RIIHIH XS TVSXIGX E TVSTIVX] WLEPP FI HIXIV
2*4% ,EÊVHSYW 1EXIVMEPW 'SHI QMRIH EW SYXPMRIH MR XLMW GLETXIV
2*4% 7XERHEVH JSV %MVGVEJX 6IWGYI ERH *MVI*MKLXMRK 7IV
ZMGIW EX %MVTSVXW 8LI MRWXEPPEXMSR SJ I\XMRKYMWLIVW WLEPP FI MRHITIRHIRX
2*4% 7XERHEVH JSV %MVGVEJX *YIP 7IVZMGMRK SJ [LIXLIV XLI FYMPHMRK MW IUYMTTIH [MXL EYXSQEXMG WTVMROPIVW
2*4% 7XERHEVH JSV %MVGVEJX ,ERH 4SVXEFPI *MVI )\XMR WXERHTMTI ERH LSWI SV SXLIV JM\IH TVSXIGXMSR IUYMTQIRX
KYMWLIVW %HHMXMSREP I\XMRKYMWLIVW WLEPP FI TIVQMXXIH XS FI MR
2*4% 7XERHEVH SR %MVGVEJX ,ERKEVW WXEPPIH XS TVSZMHI QSVI TVSXIGXMSR EW RIGIWWEV]
2*4% 7XERHEVH SR %MVGVEJX 1EMRXIRERGI
2*4% 7XERHEVH JSV ,IPMTSVXW *MVI I\XMRKYMWLIVW LEZMRK VEXMRKW PIWW XLER XLSWI WTIGM
2*4% 7XERHEVH JSV 'SRWXVYGXMSR ERH 4VSXIGXMSR SJ %MV JMIH MR 8EFPI ERH 8EFPI WLEPP FI TIVQMXXIH XS FI
GVEJX )RKMRI 8IWX *EGMPMXMIW MRWXEPPIH TVSZMHIH XLI] EVI RSX YWIH MR JYPJMPPMRK XLI QMRM
2*4% 7XERHEVH JSV 'SQFYWXMFPI 1IXEPW QYQ TVSXIGXMZI VIUYMVIQIRXW SJ XLMW GLETXIV I\GITX EW QSHM
2*4% )\TPSWMZI 1EXIVMEPW 'SHI JMIH MR ERH
)HMXMSR
z 4368%&0) *-6) )<8-2+9-7,)67
)\XMRKYMWLIV 6IEHMRIWW 4SVXEFPI JMVI I\XMRKYMWLIVW WLEPP 8LI VIWXVMGXMSRW SJ WLEPP RSX ETTP] XS XLI
FI QEMRXEMRIH MR E JYPP] GLEVKIH ERH STIVEFPI GSRHMXMSR ERH SVMKMREP QERYJEGXYVIVvW PEFIPW PEFIPW XLEX WTIGMJMGEPP] VIPEXI XS
WLEPP FI OITX MR XLIMV HIWMKREXIH TPEGIW EX EPP XMQIW [LIR XLI] EVI XLI I\XMRKYMWLIVvW STIVEXMSR SV JMVI GPEWWMJMGEXMSR SV MRZIRXSV]
RSX FIMRK YWIH GSRXVSP PEFIPW WTIGMJMG XS XLEX I\XMRKYMWLIV
4PEGIQIRX 'EFMRIXW
*MVI I\XMRKYMWLIVW WLEPP FI GSRWTMGYSYWP] PSGEXIH 'EFMRIXW LSYWMRK JMVI I\XMRKYMWLIVW WLEPP RSX FI
[LIVI XLI] EVI VIEHMP] EGGIWWMFPI ERH MQQIHMEXIP] EZEMPEFPI MR PSGOIH I\GITX [LIVI JMVI I\XMRKYMWLIVW EVI WYFNIGX XS QEPM
XLI IZIRX SJ JMVI GMSYW YWI ERH GEFMRIXW MRGPYHI E QIERW SJ IQIVKIRG] EGGIWW
*MVI I\XMRKYMWLIVW WLEPP FI PSGEXIH EPSRK RSVQEP 8LI PSGEXMSR SJ JMVI I\XMRKYMWLIVW EW HIWGVMFIH MR
TEXLW SJ XVEZIP MRGPYHMRK I\MXW JVSQ EVIEW WLEPP FI QEVOIH GSRWTMGYSYWP]
:MWYEP 3FWXVYGXMSRW *MVI I\XMRKYMWLIVW QSYRXIH MR GEFMRIXW SV [EPP VI
*MVI I\XMRKYMWLIVW WLEPP RSX FI SFWXVYGXIH SV SF GIWWIW WLEPP FI TPEGIH WS XLEX XLI JMVI I\XMRKYMWLIVvW STIVEXMRK
WGYVIH JVSQ ZMI[ MRWXVYGXMSRW JEGI SYX[EVH
-R PEVKI VSSQW ERH MR GIVXEMR PSGEXMSRW [LIVI ZMWYEP ;LIVI JMVI I\XMRKYMWLIVW EVI MRWXEPPIH MR GPSWIH
SFWXVYGXMSRW GERRSX FI GSQTPIXIP] EZSMHIH QIERW WLEPP FI GEFMRIXW XLEX EVI I\TSWIH XS IPIZEXIH XIQTIVEXYVIW XLI GEFM
TVSZMHIH XS MRHMGEXI XLI I\XMRKYMWLIV PSGEXMSR RIXW WLEPP FI TVSZMHIH [MXL WGVIIRIH STIRMRKW ERH HVEMRW
;LIVI WMKRW EVI YWIH XS MRHMGEXI JMVI I\XMRKYMWLIV 'EFMRIXW SV [EPP VIGIWWIW JSV JMVI I\XMRKYMWLIVW WLEPP
PSGEXMSR XLI WMKRW WLEPP GSQTP] [MXL XLI JSPPS[MRK FI MRWXEPPIH WYGL XLEX XLI I\XMRKYMWLIV QSYRXMRK LIMKLXW WTIGM
8LI] WLEPP FI PSGEXIH MR GPSWI TVS\MQMX] XS XLI I\XMR JMIH MR ERH EVI QIX
KYMWLIV *MVI I\XMRKYMWLIVW WLEPP RSX FI I\TSWIH XS XIQTIVE
8LI] WLEPP FI ZMWMFPI JVSQ XLI RSVQEP TEXL SJ XVEZIP XYVIW SYXWMHI XLI PMWXIH XIQTIVEXYVI VERKI WLS[R SR XLI JMVI
4SVXEFPI JMVI I\XMRKYMWLIVW SXLIV XLER [LIIPIH I\XMR I\XMRKYMWLIV PEFIP
KYMWLIVW WLEPP FI MRWXEPPIH YWMRK ER] SJ XLI JSPPS[MRK QIERW %RXMJVIIÎ
7IGYVIP] SR E LERKIV MRXIRHIH JSV XLI I\XMRKYMWLIV *MVI I\XMRKYMWLIVW GSRXEMRMRK SRP] TPEMR [EXIV WLEPP
-R XLI FVEGOIX WYTTPMIH F] XLI I\XMRKYMWLIV QERYJEGXYVIV FI TVSXIGXIH XS XIQTIVEXYVIW EW PS[ EW n* n' F] XLI
-R E PMWXIH FVEGOIX ETTVSZIH JSV WYGL TYVTSWI EHHMXMSR SJ ER ERXMJVIIÎ XLEX MW WXMTYPEXIH SR XLI JMVI I\XMR
-R GEFMRIXW SV [EPP VIGIWWIW KYMWLIV REQITPEXI
;LIIPIH JMVI I\XMRKYMWLIVW WLEPP FI PSGEXIH MR HIWMK
'EPGMYQ GLPSVMHI WSPYXMSRW WLEPP RSX FI YWIH MR WXEMR
REXIH PSGEXMSRW
PIWW WXIIP JMVI I\XMRKYMWLIVW
*MVI I\XMRKYMWLIVW MRWXEPPIH MR ZILMGPIW SV YRHIV SXLIV
GSRHMXMSRW [LIVI XLI] EVI WYFNIGX XS HMWPSHKIQIRX WLEPP FI )PIGXVSRMG 1SRMXSVMRK ERH %PEVQ 7]WXIQ
MRWXEPPIH MR ETTVSZIH WXVETX]TI FVEGOIXW WTIGMJMGEPP] HIWMKRIH 8LI GSRRIGXMSR XS XLI IPIGXVSRMG QSRMXSVMRK HIZMGI
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XLI] EVI WYFNIGX XS TL]WMGEP HEQEKI IK JVSQ MQTEGX ZMFVE ZMGI WLEPP FI WYTIVZMWIH JSV GSRXMRYMX] SJ TS[IV
XMSR XLI IRZMVSRQIRX WLEPP FI TVSXIGXIH EKEMRWX HEQEKI
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*MVI )\XMRKYMWLIV 7MÎ ERH 4PEGIQIRX JSV 'PEWW % ,EÊVHW
*MVI I\XMRKYMWLIVW LEZMRK E KVSWW [IMKLX RSX I\GIIH
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I\XMRKYMWLIV MW RSX QSVI XLER JX Q EFSZI XLI JPSSV SJ LEÊVHW WLEPP FI TVSZMHIH SR XLI FEWMW SJ 8EFPI I\GITX
*MVI I\XMRKYMWLIVW LEZMRK E KVSWW [IMKLX KVIEXIV EW QSHMJMIH F] ERH
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Q EFSZI XLI JPSSV XLVSYKL
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1MRMQYQ VEXIH % % %
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1E\MQYQ JPSSV EVIE JX JX JX &
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KMZI XLI STIVEXSVW QSVI XMQI ERH EKIRX XS LERHPI HMJJMGYPX WTMPP JMVIW
XLEX LEZI XLI TSXIRXMEP XS SGGYV
7QEPPIV JMVI I\XMRKYMWLIVW XLEX EVI VEXIH SR 'PEWW & 9T XS XLVII %*** SV ***4 JMVI I\XMRKYMWLIVW SJ EX
ERH 'PEWW ' JMVIW FYX HS RSX LEZI E QMRMQYQ % VEXMRK WLEPP PIEWX KEP 0 GETEGMX] WLEPP FI TIVQMXXIH XS FI YWIH XS
RSX FI YWIH XS QIIX XLI VIUYMVIQIRXW SJ JYPJMPP I\XVE LEÊVH VIUYMVIQIRXW
*MVI I\XMRKYMWLIVW SJ PIWWIV VEXMRK WLEPP FI TIVQMXXIH 8[S %*** SV ***4 JMVI I\XMRKYMWLIVW SJ EX PIEWX KEP
XS FI MRWXEPPIH FYX WLEPP RSX FI GSRWMHIVIH EW JYPJMPPMRK ER] TEVX 0 GETEGMX] WLEPP FI TIVQMXXIH XS FI YWIH XS JYPJMPP SVHMREV]
SJ XLI VIUYMVIQIRXW SJ 8EFPI I\GITX EW TIVQMXXIH MR LEÊVH VIUYMVIQIRXW
ERH c
*MVI I\XMRKYMWLIVW SJ PIWWIV VEXMRK HIWMKRIH JSV WQEPP
9T XS X[S [EXIVX]TI I\XMRKYMWLIVW IEGL [MXL % WTIGMJMG LEÊVHW [MXLMR XLI KIRIVEP LEÊVH EVIE WLEPP FI TIV
VEXMRK WLEPP FI TIVQMXXIH XS FI YWIH XS JYPJMPP XLI VIUYMVIQIRXW QMXXIH XS FI MRWXEPPIH FYX WLEPP RSX FI GSRWMHIVIH EW JYPJMPPMRK
SJ SRI % VEXIH I\XMRKYMWLIV ER] TEVX SJ XLI VIUYMVIQIRXW SJ 8EFPI YRPIWW TIVQMXXIH
F] SV
8[S KEP 0 [EXIVX]TI I\XMRKYMWLIVW WLEPP
FI TIVQMXXIH XS FI YWIH XS JYPJMPP XLI VIUYMVIQIRXW SJ SRI % *MVI I\XMRKYMWLIVW WLEPP FI PSGEXIH WS XLEX XLI QE\M
VEXIH I\XMRKYMWLIV QYQ XVEZIP HMWXERGIW HS RSX I\GIIH XLSWI WTIGMJMIH MR 8EFPI

9T XS SRILEPJ SJ XLI GSQTPIQIRX SJ JMVI I\XMRKYMWL c
IVW WTIGMJMIH MR 8EFPI WLEPP FI TIVQMXXIH XS FI VITPEGIH 8LI TVSXIGXMSR VIUYMVIQIRXW WLEPP FI TIVQMXXIH XS FI
F] YRMJSVQP] WTEGIH MR QQ LSWI WXEXMSRW JSV YWI F] JYPJMPPIH [MXL JMVI I\XMRKYMWLIVW SJ LMKLIV VEXMRKW TVSZMHIH XLI
XLI SGGYTERXW SJ XLI FYMPHMRK XVEZIP HMWXERGI XS WYGL PEVKIV JMVI I\XMRKYMWLIVW HSIW RSX I\
GIIH JX Q
;LIVI LSWI WXEXMSRW EVI WS TVSZMHIH XLI] WLEPP GSR
JSVQ XS 2*4% *PEQQEFPI 0MUYMHW SJ %TTVIGMEFPI (ITXL
8LI PSGEXMSR SJ LSWI WXEXMSRW ERH XLI TPEGIQIRX SJ 4SVXEFPI JMVI I\XMRKYMWLIVW WLEPP RSX FI MRWXEPPIH EW XLI
JMVI I\XMRKYMWLIVW WLEPP FI WYGL XLEX XLI LSWI WXEXMSRW HS RSX WSPI TVSXIGXMSR JSV JPEQQEFPI PMUYMH LEÊVHW SJ ETTVIGMEFPI
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;LIVI XLI EVIE SJ XLI JPSSV SJ E FYMPHMRK MW PIWW XLER ;LIVI TIVWSRRIP [LS EVI XVEMRIH MR I\XMRKYMWLMRK
XLEX WTIGMJMIH MR 8EFPI EX PIEWX SRI JMVI I\XMRKYMWLIV SJ JMVIW MR XLI TVSXIGXIH LEÊVHW EVI PSGEXIH SR XLI TVIQMWIW ERH
XLI QMRMQYQ WMÎ VIUYMVIH WLEPP FI TVSZMHIH GETEFPI SJ VIWTSRHMRK MQQIHMEXIP] XLI QE\MQYQ WYVJEGI
EVIE WLEPP RSX I\GIIH JX Q
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GIIH JX Q PIEWX RYQIVMGEP YRMXW SJ 'PEWW & I\XMRKYMWLMRK TSXIRXMEP TIV
JX Q SJ JPEQQEFPI PMUYMH WYVJEGI SJ XLI PEVKIWX LE^
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EVH EVIE
7TMPP *MVIW
%*** SV ***4X]TI JMVI I\XMRKYMWLIVW WLEPP FI TIVQMX
1MRMQYQ VEXMRKW SJ JMVI I\XMRKYMWLIVW JSV XLI PMWXIH XIH XS FI TVSZMHIH SR XLI FEWMW SJ & SJ TVSXIGXMSR TIV JX
KVEHIW SJ LEÊVH WLEPP FI TVSZMHIH MR EGGSVHERGI [MXL 8EFPI Q SJ LEÊVH *SV JMVIW MRZSPZMRK [EXIVWSPYFPI JPEQQEFPI
PMUYMHW WII
c
8[S SV QSVI JMVI I\XMRKYMWLIVW SJ PS[IV VEXMRK 8[S SV QSVI JMVI I\XMRKYMWLIVW SJ PS[IV VEXMRKW SXLIV
WLEPP RSX FI YWIH XS JYPJMPP XLI TVSXIGXMSR VIUYMVIQIRXW SJ XLER %*** SV ***4X]TI JMVI I\XMRKYMWLIVW WLEPP RSX FI YWIH MR
8EFPI I\GITX EW TIVQMXXIH F] ERH PMIY SJ XLI JMVI I\XMRKYMWLIV VIUYMVIH JSV XLI PEVKIWX LEÊVH EVIE
)HMXMSR
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9T XS XLVII %*** SV ***4X]TI JMVI I\XMRKYMWLIVW 'LETXIV -RWTIGXMSR 1EMRXIRERGI ERH 6IGLEVKMRK
WLEPP FI TIVQMXXIH XS JYPJMPP XLI VIUYMVIQIRXW TVSZMHIH XLI
WYQ SJ XLI 'PEWW & VEXMRKW QIIXW SV I\GIIHW XLI ZEPYI VIUYMVIH +IRIVEP
JSV XLI PEVKIWX LEÊVH EVIE
6IWTSRWMFMPMX] 8LI S[RIV SV HIWMKREXIH EKIRX SV SGGY
8VEZIP HMWXERGIW JSV TSVXEFPI JMVI I\XMRKYMWLIVW WLEPP TERX SJ E TVSTIVX] MR [LMGL JMVI I\XMRKYMWLIVW EVI PSGEXIH WLEPP
RSX I\GIIH JX Q 7II %RRI\ ) FI VIWTSRWMFPI JSV MRWTIGXMSR QEMRXIRERGI ERH VIGLEVKMRK
7GEXXIVIH SV [MHIP] WITEVEXIH LEÊVHW WLEPP FI MRHM 7II
ZMHYEPP] TVSXIGXIH
4IVWSRRIP
% JMVI I\XMRKYMWLIV MR XLI TVS\MQMX] SJ E LEÊVH WLEPP
FI PSGEXIH XS FI EGGIWWMFPI MR XLI TVIWIRGI SJ E JMVI [MXLSYX 4IVWSRW TIVJSVQMRK QEMRXIRERGI ERH VIGLEVKMRK SJ
YRHYI HERKIV XS XLI STIVEXSV I\XMRKYMWLIVW WLEPP FI GIVXMJMIH
3FWXEGPI +VEZMX]8LVII(MQIRWMSREP ERH 4VIWWYVI 4IVWSRW XVEMRMRK XS FIGSQI GIVXMJMIH WLEPP FI TIV
*MVI ,EÊVHW QMXXIH XS TIVJSVQ QEMRXIRERGI ERH VIGLEVKMRK SJ I\XMRKYMWL
IVW YRHIV XLI HMVIGX WYTIVZMWMSR ERH MR XLI MQQIHMEXI TVIW
;LIVI LERH TSVXEFPI JMVI I\XMRKYMWLIVW EVI MRWXEPPIH IRGI SJ E GIVXMJMIH TIVWSR
SV TSWMXMSRIH JSV SFWXEGPI KVEZMX]XLVIIHMQIRWMSREP SV TVIW
WYVI JMVI LEÊVHW XLI EGXYEP XVEZIP HMWXERGI XS LEÊVH WLEPP RSX 'IVXMJMGEXMSR VIUYMVIW XLEX E TIVWSR TEWW E XIWX EH
I\GIIH JX Q YRPIWW SXLIV[MWI WTIGMJMIH 7II QMRMWXIVIH F] ER SVKERMÊXMSR EGGITXEFPI XS XLI %,.
;LIVI [LIIPIH JMVI I\XMRKYMWLIVW SJ PF OK 8LI XIWX WLEPP EX E QMRMQYQ FI FEWIH YTSR ORS[P
EKIRX GETEGMX] SV PEVKIV EVI MRWXEPPIH SV TSWMXMSRIH JSV SFWXEGPI IHKI SJ XLI GLETXIVW ERH ERRI\IW SJ XLMW WXERHEVH
KVEZMX]XLVIIHMQIRWMSREP SV TVIWWYVI JMVI LEÊVHW XLI EGXYEP
8LI XIWXMRK TVSGIWW WLEPP TIVQMX TIVWSRW XS YWI XLI
XVEZIP HMWXERGI XS LEÊVH WLEPP RSX I\GIIH JX Q YRPIWW
WXERHEVH HYVMRK XLI XIWX
SXLIV[MWI WTIGMJMIH 7II
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FI MWWYIH E HSGYQIRX SV E GIVXMJMGEXI
*MVI I\XMRKYMWLIVW [MXL 'PEWW ' VEXMRKW WLEPP FI VIUYMVIH
[LIVI IRIVKMÎH IPIGXVMGEP IUYMTQIRX GER FI IRGSYRXIVIH 8LI HSGYQIRX SV GIVXMJMGEXI WLEPP FI QEHI EZEMPEFPI
[LIR VIUYIWXIH F] XLI EYXLSVMX] LEZMRK NYVMWHMGXMSR
8LI VIUYMVIQIRX MR WLEPP MRGPYHI WMXYEXMSRW [LIVI
JMVI IMXLIV HMVIGXP] MRZSPZIW SV WYVVSYRHW IPIGXVMGEP IUYMTQIRX 4IVWSRW TIVJSVQMRK QEMRXIRERGI ERH VIGLEVKMRK SJ I\
XMRKYMWLIVW WLEPP FI XVEMRIH ERH WLEPP LEZI EZEMPEFPI XLI ETTVSTVM
&IGEYWI JMVI MW E 'PEWW % SV 'PEWW & LEÊVH XLI JMVI I\XMR EXI QERYJEGXYVIVvW WIVZMGMRK QERYEPW XLI GSVVIGX XSSPW VI
KYMWLIVW WLEPP FI WMÎH ERH PSGEXIH SR XLI FEWMW SJ XLI ERXMGM GLEVKI QEXIVMEPW PYFVMGERXW ERH QERYJEGXYVIVvW VITPEGIQIRX
TEXIH 'PEWW % SV 'PEWW & LEÊVH TEVXW SV TEVXW WTIGMJMGEPP] PMWXIH JSV YWI MR XLI JMVI I\XMRKYMWLIV
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4IVWSRW TIVJSVQMRK MRWTIGXMSRW WLEPP RSX FI VIUYMVIH
*MVI I\XMRKYMWLIVW SV I\XMRKYMWLMRK EKIRXW [MXL 'PEWW ( XS FI GIVXMJMIH
VEXMRKW WLEPP FI TVSZMHIH JSV JMVIW MRZSPZMRK GSQFYWXMFPI QIXEPW
6ITPEGIQIRX ;LMPI 7IVZMGMRK *MVI I\XMRKYMWLIVW VIQSZIH
*MVI I\XMRKYMWLIVW SV I\XMRKYMWLMRK EKIRXW QIHME JVSQ WIVZMGI JSV QEMRXIRERGI SV VIGLEVKMRK WLEPP FI VITPEGIH F]
WLEPP FI PSGEXIH RSX QSVI XLER JX Q SJ XVEZIP HMWXERGI E JMVI I\XMRKYMWLIV WYMXEFPI JSV XLI X]TI SJ LEÊVH FIMRK TVSXIGXIH
JVSQ XLI 'PEWW ( LEÊVH 7II 7IGXMSR ) ERH WLEPP FI SJ EX PIEWX IUYEP VEXMRK
4SVXEFPI JMVI I\XMRKYMWLIVW SV I\XMRKYMWLMRK EKIRXW 8EKW SV 0EFIPW
QIHME JSV 'PEWW ( LEÊVHW WLEPP FI TVSZMHIH MR XLSWI [SVO
EVIEW [LIVI GSQFYWXMFPI QIXEP TS[HIVW JPEOIW WLEZMRKW 8EKW SV PEFIPW MRXIRHIH JSV VIGSVHMRK MRWTIGXMSRW
GLMTW SV WMQMPEVP] WMÎH TVSHYGXW EVI KIRIVEXIH QEMRXIRERGI SV VIGLEVKMRK WLEPP FI EJJM\IH WS EW RSX XS SF
WXVYGX XLI JMVI I\XMRKYMWLIV YWI JMVI I\XMRKYMWLIV GPEWWMJMGEXMSR
7MÎ HIXIVQMREXMSR WLEPP FI SR XLI FEWMW SJ XLI WTIGMJMG SV QERYJEGXYVIVvW PEFIPW
GSQFYWXMFPI QIXEP MXW TL]WMGEP TEVXMGPI WMÎ EVIE XS FI GSZ
IVIH ERH VIGSQQIRHEXMSRW F] XLI JMVI I\XMRKYMWLIV QERYJEG 0EFIPW MRHMGEXMRK JMVI I\XMRKYMWLIV YWI SV GPEWWMJMGE
XYVIV FEWIH SR HEXE JVSQ GSRXVSP XIWXW XMSR SV FSXL WLEPP FI TIVQMXXIH XS FI TPEGIH SR XLI JVSRX SJ
XLI JMVI I\XMRKYMWLIV
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[LIVI XLIVI MW E TSXIRXMEP JSV JMVIW MRZSPZMRK GSQFYWXMFPI GSSO -RWTIGXMSR *VIUYIRG]
MRK QIHME ZIKIXEFPI SV ERMQEP SMPW ERH JEXW
*MVI I\XMRKYMWLIVW WLEPP FI QERYEPP] MRWTIGXIH [LIR
1E\MQYQ XVEZIP HMWXERGI WLEPP RSX I\GIIH JX Q MRMXMEPP] TPEGIH MR WIVZMGI
JVSQ XLI LEÊVH XS XLI I\XMRKYMWLIVW
*MVI I\XMRKYMWLIVW ERH 'PEWW ( I\XMRKYMWLMRK EKIRXW
%PP WSPMH JYIP GSSOMRK ETTPMERGIW [LIXLIV SV RSX YRHIV WLEPP FI MRWTIGXIH IMXLIV QERYEPP] SV F] QIERW SJ ER IPIGXVSRMG
E LSSH [MXL JMVI FS\IW SJ JX Q ZSPYQI SV PIWW WLEPP QSRMXSVMRK HIZMGIW]WXIQ EX MRXIVZEPW RSX I\GIIHMRK HE]W
LEZI EX PIEWX E PMWXIH % VEXIH [EXIVX]TI JMVI I\XMRKYMWLIV SV E
KEP 0 [IX GLIQMGEP JMVI I\XMRKYMWLIV XLEX MW PMWXIH JSV *MVI I\XMRKYMWLIVW ERH 'PEWW ( I\XMRKYMWLMRK EKIRXW
'PEWW / JMVIW WLEPP FI MRWTIGXIH EX PIEWX SRGI TIV GEPIRHEV QSRXL
)HMXMSR
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*MVI I\XMRKYMWLIVW ERH 'PEWW ( I\XMRKYMWLMRK EKIRXW GLEVKIH ERH HIWXVS]IH EX XLI HMVIGXMSR SJ XLI S[RIV SV VI
WLEPP FI QERYEPP] MRWTIGXIH HEMP] SV [IIOP] [LIR GSRHMXMSRW XYVRIH XS XLI QERYJEGXYVIV
I\MWX XLEX MRHMGEXI XLI RIIH JSV QSVI JVIUYIRX MRWTIGXMSRW
2SRVIGLEVKIEFPI ,EPSR %KIRX *MVI )\XMRKYMWLIV ;LIR
)\XMRKYMWLIVW XLEX EVI IPIGXVSRMGEPP] QSRMXSVIH JSV ER MRWTIGXMSR SJ ER] RSRVIGLEVKIEFPI JMVI I\XMRKYMWLIV GSR
PSGEXMSR SRP] WYGL EW XLSWI QSRMXSVIH F] QIERW SJ E W[MXGL XS XEMRMRK E LEPSR EKIRX VIZIEPW E HIJMGMIRG] MR ER] SJ XLI GSRHM
MRHMGEXI [LIR XLI I\XMRKYMWLIV MW VIQSZIH JVSQ MXW FVEGOIX SV XMSRW PMWXIH MR SV
GEFMRIX WLEPP FI QERYEPP] MRWTIGXIH MR EGGSVHERGI [MXL XLVSYKL XLI I\XMRKYMWLIV WLEPP FI VIQSZIH JVSQ
WIVZMGI WLEPP RSX FI HMWGLEVKIH ERH WLEPP FI VIXYVRIH XS XLI
-RWTIGXMSR 4VSGIHYVIW 4IVMSHMG MRWTIGXMSR SV IPIGXVSRMG
QERYJEGXYVIV E JMVI IUYMTQIRX HIEPIV SV E HMWXVMFYXSV XS TIV
QSRMXSVMRK SJ JMVI I\XMRKYMWLIVW WLEPP MRGPYHI E GLIGO SJ EX PIEWX QMX VIGSZIV] SJ XLI LEPSR
XLI JSPPS[MRK MXIQW
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0SGEXMSR MR HIWMKREXIH TPEGI
2S SFWXVYGXMSR XS EGGIWW SV ZMWMFMPMX] 1ERYEP -RWTIGXMSR 6IGSVHW
4VIWWYVI KEYKI VIEHMRK SV MRHMGEXSV MR XLI STIVEFPI VERKI
SV TSWMXMSR ;LIVI QERYEP MRWTIGXMSRW EVI GSRHYGXIH VIGSVHW
*YPPRIWW HIXIVQMRIH F] [IMKLMRK SV LIJXMRK JSV QERYEP MRWTIGXMSRW WLEPP FI OITX SR E XEK SV PEFIP EXXEGLIH
'SRHMXMSR SJ XMVIW [LIIPW GEVVMEKI LSWI ERH RS^^PI JSV XS XLI JMVI I\XMRKYMWLIV SR ER MRWTIGXMSR GLIGOPMWX QEMRXEMRIH
[LIIPIH I\XMRKYMWLIVW SR JMPI SV F] ER IPIGXVSRMG QIXLSH
-RHMGEXSV JSV RSRVIGLEVKIEFPI I\XMRKYMWLIVW YWMRK TYWL ;LIVI QERYEP MRWTIGXMSRW EVI GSRHYGXIH XLI QSRXL
XSXIWX TVIWWYVI MRHMGEXSVW ERH ]IEV XLI QERYEP MRWTIGXMSR [EW TIVJSVQIH ERH XLI MRMXMEPW SJ
-R EHHMXMSR XS JMVI I\XMRKYMWLIVW WLEPP FI ZMWYEPP] XLI TIVWSR TIVJSVQMRK XLI MRWTIGXMSR WLEPP FI VIGSVHIH
MRWTIGXIH MR EGGSVHERGI [MXL MJ XLI] EVI PSGEXIH [LIVI 4IVWSRRIP QEOMRK QERYEP MRWTIGXMSRW WLEPP OIIT
ER] SJ XLI JSPPS[MRK GSRHMXMSRW I\MWXW VIGSVHW SJ EPP JMVI I\XMRKYMWLIVW MRWTIGXIH MRGPYHMRK XLSWI
,MKL JVIUYIRG] SJ JMVIW MR XLI TEWX JSYRH XS VIUYMVI GSVVIGXMZI EGXMSR
7IZIVI LEÊVHW
6IGSVHW JSV QERYEP MRWTIGXMSR WLEPP FI OITX XS HIQ
0SGEXMSRW XLEX QEOI JMVI I\XMRKYMWLIVW WYWGITXMFPI XS QI
SRWXVEXI XLEX EX PIEWX XLI PEWX QSRXLP] MRWTIGXMSRW LEZI FIIR
GLERMGEP MRNYV] SV TL]WMGEP HEQEKI
TIVJSVQIH
)\TSWYVI XS EFRSVQEP XIQTIVEXYVIW SV GSVVSWMZI
EXQSWTLIVIW )PIGXVSRMG -RWTIGXMSR 6IGSVHW
;LIVI VIUYMVIH F] XLI JSPPS[MRK MRWTIGXMSR ;LIVI IPIGXVSRMGEPP] QSRMXSVIH W]WXIQW EVI IQTPS]IH
TVSGIHYVIW WLEPP FI MR EHHMXMSR XS XLSWI EHHVIWWIH MR JSV MRWTIGXMSRW VIGSVHW WLEPP FI OITX JSV JMVI I\XMRKYMWLIVW JSYRH
XS VIUYMVI GSVVIGXMZI EGXMSR
:IVMJ] XLEX STIVEXMRK MRWXVYGXMSRW SR REQITPEXIW EVI PIK
MFPI ERH JEGI SYX[EVH 6IGSVHW JSV IPIGXVSRMG QSRMXSVMRK WLEPP FI OITX XS
'LIGO JSV FVSOIR SV QMWWMRK WEJIX] WIEPW ERH XEQTIV MRHM HIQSRWXVEXI XLEX EX PIEWX XLI PEWX QSRXLP] MRWTIGXMSRW LEZI
GEXSVW FIIR TIVJSVQIH
)\EQMRI JSV SFZMSYW TL]WMGEP HEQEKI GSVVSWMSR PIEOEKI
SV GPSKKIH RS^^PI *SV IPIGXVSRMGEPP] QSRMXSVIH JMVI I\XMRKYMWLIVW [LIVI
XLI I\XMRKYMWLIV GEYWIW E WMKREP EX E GSRXVSP YRMX [LIR E HIJM
-RWTIGXMSR 4VSGIHYVI JSV 'SRXEMRIVW SJ 'PEWW ( )\XMR GMIRG] MR ER] SJ XLI GSRHMXMSRW PMWXIH MR SGGYVW VIGSVH OIIT
KYMWLMRK %KIRX 4IVMSHMG MRWTIGXMSR SJ GSRXEMRIVW SJ 'PEWW ( MRK WLEPP FI TVSZMHIH MR XLI JSVQ SJ ER IPIGXVSRMG IZIRX PSK EX XLI
I\XMRKYMWLMRK EKIRX YWIH XS TVSXIGX 'PEWW ( LEÊVHW WLEPP MR GSRXVSP TERIP
GPYHI ZIVMJMGEXMSR SJ EX PIEWX XLI JSPPS[MRK
)\XMRKYMWLIV 1EMRXIRERGI
0SGEXIH MR HIWMKREXIH TPEGI c 1EMRXIRERGI 4VSGIHYVIW ;LIVI VIUYMVIH F] ERSXLIV
2S SFWXVYGXMSR XS EGGIWW SV ZMWMFMPMX]
0MH MW WIEPIH WIGXMSR SJ XLMW WXERHEVH QEMRXIRERGI TVSGIHYVIW WLEPP MR
*YPPRIWW F] LIJXMRK SV [IMKLMRK GPYHI XLI TVSGIHYVIW HIXEMPIH MR XLI QERYJEGXYVIVvW WIVZMGI
2S SFZMSYW TL]WMGEP HEQEKI XS GSRXEMRIV QERYEP ERH E XLSVSYKL I\EQMREXMSR SJ XLI FEWMG IPIQIRXW SJ
XLI JMVI I\XMRKYMWLIV MRGPYHMRK XLI JSPPS[MRK
'SVVIGXMZI %GXMSR ;LIR ER MRWTIGXMSR SJ ER] JMVI I\XMR
KYMWLIV VIZIEPW E HIJMGMIRG] MR ER] SJ XLI GSRHMXMSRW MR SV 1IGLERMGEP TEVXW SJ EPP JMVI I\XMRKYMWLIVW
MQQIHMEXI GSVVIGXMZI EGXMSR WLEPP FI XEOIR )\XMRKYMWLMRK EKIRX
)\TIPPMRK QIERW
6IGLEVKIEFPI *MVI )\XMRKYMWLIVW ;LIR ER MRWTIGXMSR 4L]WMGEP GSRHMXMSR
SJ ER] VIGLEVKIEFPI JMVI I\XMRKYMWLIV VIZIEPW E HIJMGMIRG] MR
ER] SJ XLI GSRHMXMSRW MR SV %RRYEP )\XIVREP )\EQMREXMSR SJ %PP )\XMRKYMWLIVW
XLVSYKL XLI I\XMRKYMWLIV WLEPP FI WYF
NIGXIH XS ETTPMGEFPI QEMRXIRERGI TVSGIHYVIW 4L]WMGEP 'SRHMXMSR %R ERRYEP I\XIVREP ZMWYEP I\EQM
REXMSR SJ EPP JMVI I\XMRKYMWLIVW WLEPP FI QEHI XS HIXIGX SFZMSYW
2SRVIGLEVKIEFPI (V] 'LIQMGEP *MVI )\XMRKYMWLIV ;LIR TL]WMGEP HEQEKI GSVVSWMSR SV RS^^PI FPSGOEKI XS ZIVMJ] XLEX
ER MRWTIGXMSR SJ ER] RSRVIGLEVKIEFPI HV] GLIQMGEP JMVI I\XMR XLI STIVEXMRK MRWXVYGXMSRW EVI TVIWIRX PIKMFPI ERH JEGMRK JSV
KYMWLIV VIZIEPW E HIJMGMIRG] MR ER] SJ XLI GSRHMXMSRW PMWXIH MR [EVH ERH XLEX XLI ,1-7 MRJSVQEXMSR MW TVIWIRX ERH PIKMFPI
SV XLVSYKL ERH XS HIXIVQMRI MJ E ]IEV MRXIVZEP I\EQMREXMSR SV L]HVS
XLI I\XMRKYMWLIV WLEPP FI VIQSZIH JVSQ JYVXLIV YWI HMW WXEXMG XIWX MW HYI
)HMXMSR
z 4368%&0) *-6) )<8-2+9-7,)67
7IEPW SV 8EQTIV -RHMGEXSVW %X XLI XMQI SJ XLI QEMR 0SEHIH 7XVIEQ 'LEVKI 7XSVIHTVIWWYVI X]TIW SJ JMVI
XIRERGI XLI XEQTIV WIEP SJ E VIGLEVKIEFPI JMVI I\XMRKYMWLIV I\XMRKYMWLIVW GSRXEMRMRK E PSEHIH WXVIEQ EKIRX WLEPP FI HMW
WLEPP FI VIQSZIH F] STIVEXMRK XLI TYPP TMR SV PSGOMRK HIZMGI EWWIQFPIH SR ER ERRYEP FEWMW ERH WYFNIGXIH XS GSQTPIXI
QEMRXIRERGI
%JXIV XLI ETTPMGEFPI QEMRXIRERGI TVSGIHYVIW EVI
GSQTPIXIH E RI[ PMWXIH XEQTIV WIEP WLEPP FI MRWXEPPIH 8LI PSEHIH WXVIEQ GLEVKI WLEPP FI TIVQMXXIH XS FI
7IEPW SV XEQTIV MRHMGEXSVW SR RSRVIGLEVKIEFPIX]TI VIGSZIVIH ERH VIYWIH TVSZMHIH MX MW WYFNIGXIH XS EKIRX EREP]WMW
I\XMRKYMWLIVW WLEPP RSX FI VIQSZIH MR EGGSVHERGI [MXL XLI I\XMRKYMWLIV QERYJEGXYVIVvW MRWXVYGXMSRW
&SSXW *SSX 6MRKW ERH %XXEGLQIRXW %PP VIQSZEFPI I\ ;LIR XLI MRXIVREP QEMRXIRERGI TVSGIHYVIW EVI
XMRKYMWLIV FSSXW JSSX VMRKW ERH EXXEGLQIRXW WLEPP FI VIQSZIH XS TIVJSVQIH HYVMRK TIVMSHMG VIGLEVKMRK SV L]HVSWXEXMG XIWXMRK
EGGSQQSHEXI XLSVSYKL ERRYEP G]PMRHIV I\EQMREXMSRW XLI ]IEV VIUYMVIQIRX WLEPP FIKMR JVSQ XLEX HEXI
;LIR WYFNIGXIH XS XIQTIVEXYVIW EX SV EFSZI XLIMV 'EVXVMHKI SV ']PMRHIV3TIVEXIH )\XMRKYMWLIVW 8LI
PMWXIH VEXMRK WXSVIHTVIWWYVI JMVI I\XMRKYMWLIVW XLEX VIUYMVI E I\XMRKYMWLMRK EKIRX SJ GEVXVMHKI SV G]PMRHIVSTIVEXIH I\XMR
]IEV L]HVSWXEXMG XIWX WLEPP FI IQTXMIH ERH WYFNIGXIH XS XLI KYMWLIVW WLEPP FI MRXIVREPP] I\EQMRIH ERRYEPP]
ETTPMGEFPI QEMRXIRERGI ERH VIGLEVKI TVSGIHYVIW SR ER ER ;IXXMRK %KIRX )\XMRKYMWLIVW ;IXXMRK EKIRX I\XMRKYMWL
RYEP FEWMW IVW WLEPP FI HMWEWWIQFPIH SR ER ERRYEP FEWMW ERH WYFNIGXIH XS
'SVVIGXMZI %GXMSR ;LIR ER I\XIVREP I\EQMREXMSR SJ GSQTPIXI QEMRXIRERGI
ER] JMVI I\XMRKYMWLIV VIZIEPW E HIJMGMIRG] MQQIHMEXI GSVVIG 4YQT 8ERO )\XMRKYMWLIVW 4YQT XERO I\XMRKYMWLIVW
XMZI EGXMSR WLEPP FI XEOIR WLEPP FI MRXIVREPP] I\EQMRIH ERRYEPP]
%RRYEP -RXIVREP )\EQMREXMSR SJ 'IVXEMR 8]TIW SJ )\XMR
%RRYEP MRXIVREP I\EQMREXMSR WLEPP RSX FI VIUYMVIH
KYMWLIVW
JSV RSRVIGLEVKIEFPI JMVI I\XMRKYMWLIVW GEVFSR HMS\MHI JMVI
1EMRXIRERGI -RXIVZEPW *MVI I\XMRKYMWLIVW WLEPP FI MR I\XMRKYMWLIVW SV WXSVIHTVIWWYVI JMVI I\XMRKYMWLIVW I\GITX JSV
XIVREPP] I\EQMRIH EX MRXIVZEPW RSX I\GIIHMRK XLSWI WTIGMJMIH MR XLSWI X]TIW WTIGMJMIH MR
8EFPI
%RRYEP 1EMRXIRERGI 6IGSVH /IITMRK
8EFPI 1EMRXIRERGI -RZSPZMRK -RXIVREP )\EQMREXMSR )EGL JMVI I\XMRKYMWLIV WLEPP LEZI E XEK SV PEFIP WIGYVIP]
EXXEGLIH XLEX MRHMGEXIW XLEX QEMRXIRERGI [EW TIVJSVQIH
-RXIVREP )\EQMREXMSR 8LI XEK SV PEFIP EW E QMRMQYQ WLEPP MHIRXMJ] XLI
)\XMRKYMWLIV 8]TI -RXIVZEP ]IEVW JSPPS[MRK
7XSVIHTVIWWYVI PSEHIH WXVIEQ 1SRXL ERH ]IEV QEMRXIRERGI [EW TIVJSVQIH

ERH ERXMJVIIÎ 4IVWSR TIVJSVQMRK XLI [SVO
4YQT XERO [EXIV ERH TYQT XERO 2EQI SJ XLI EKIRG] TIVJSVQMRK XLI [SVO
GEPGMYQ GLPSVMHI FEWIH )EGL I\XMRKYMWLIV XLEX LEW YRHIVKSRI QEMRXIRERGI
(V] GLIQMGEP GEVXVMHKI ERH XLEX MRGPYHIW MRXIVREP I\EQMREXMSR I\GITX I\XMRKYMWLIVW MHIR
G]PMRHIVSTIVEXIH [MXL QMPH XMJMIH MR ERH WLEPP LEZI E ZIVMJMGEXMSRSJWIVZMGI
WXIIP WLIPPW GSPPEV PSGEXIH EVSYRH XLI RIGO SJ XLI GSRXEMRIV
(V] TS[HIV GEVXVMHKI ERH
G]PMRHIVSTIVEXIH [MXL QMPH :IVMJMGEXMSRSJ7IVZMGI 'SPPEV 1EMRXIRERGI SV 6IGLEVK
WXIIP WLIPPW MRK
;IXXMRK EKIRX 'SVVIGXMZI %GXMSR ;LIR QEMRXIRERGI SJ ER] JMVI I\XMR
7XSVIHTVIWWYVI [EXIV KYMWLIV VIZIEPW E HIJMGMIRG] MQQIHMEXI GSVVIGXMZI EGXMSR WLEPP
%*** EUYISYW JMPQJSVQMRK j FI XEOIR
JSEQ
***4 JMPQJSVQMRK JPYSVSTVSXIMR j 7M\=IEV -RXIVREP )\EQMREXMSR SJ 'IVXEMR 8]TIW SJ )\
JSEQ XMRKYMWLIVW )ZIV] ]IEVW WXSVIHTVIWWYVI JMVI I\XMRKYMWLIVW
7XSVIHTVIWWYVI HV] GLIQMGEP [MXL XLEX VIUYMVI E ]IEV L]HVSWXEXMG XIWX WLEPP FI IQTXMIH ERH
WXEMRPIWW WXIIP WLIPPW WYFNIGXIH XS XLI ETTPMGEFPI MRXIVREP ERH I\XIVREP I\EQMREXMSR
'EVFSR HMS\MHI TVSGIHYVIW EW HIXEMPIH MR XLI QERYJEGXYVIVvW WIVZMGI QERYEP
;IX GLIQMGEP ERH XLMW WXERHEVH
(V] GLIQMGEP WXSVIHTVIWWYVI [MXL
QMPH WXIIP WLIPPW FVEÎH FVEWW ;LIR XLI ETTPMGEFPI QEMRXIRERGI TVSGIHYVIW EVI
WLIPPW ERH EPYQMRYQ WLIPPW TIVJSVQIH HYVMRK TIVMSHMG VIGLEVKMRK SV L]HVSWXEXMG XIWXMRK
,EPSKIREXIH EKIRXW XLI ]IEV VIUYMVIQIRX WLEPP FIKMR JVSQ XLEX HEXI
(V] TS[HIV WXSVIHTVIWWYVI [MXL 8LI VIQSZEP SJ EKIRX JVSQ LEPSR EKIRX JMVI I\XMR
QMPH WXIIP WLIPPW KYMWLIVW WLEPP SRP] FI HSRI YWMRK E PMWXIH LEPSR GPSWIH VIGSZ
IV] W]WXIQ
(V] GLIQMGEP ERH HV] TS[HIV MR GEVXVMHKI SV G]PMRHIVSTIVEXIH I\
XMRKYMWLIVW EVI I\EQMRIH ERRYEPP] 2SRVIGLEVKIEFPI JMVI I\XMRKYMWLIVW WLEPP RSX FI VI
j8LI I\XMRKYMWLMRK EKIRX MR PMUYMH GLEVKIX]TI %*** ERH ***4 I\XMR UYMVIH XS LEZI E ]IEV MRXIVREP I\EQMREXMSR ERH WLEPP RSX FI
KYMWLIVW MW VITPEGIH IZIV] ]IEVW ERH ER MRXIVREP I\EQMREXMSR XIEV L]HVSWXEXMGEPP] XIWXIH FYX WLEPP FI VIQSZIH JVSQ WIVZMGI EX E
HS[R MW RSVQEPP] GSRHYGXIH EX XLEX XMQI QE\MQYQ MRXIVZEP SJ ]IEVW JVSQ XLI HEXI SJ QERYJEGXYVI
)HMXMSR
-274)'8-32 1%-28)2%2') %2( 6)',%6+-2+ z
2SRVIGLEVKIEFPI LEPSR EKIRX JMVI I\XMRKYMWLIVW ;LIR YWIH MR GSRNYRGXMSR [MXL JMVI EPEVQ W]WXIQW JMVI
WLEPP FI HMWTSWIH SJ MR EGGSVHERGI [MXL I\XMRKYMWLIV IPIGXVSRMG QSRMXSVMRK HIZMGIW WLEPP FI MRWTIGXIH
ERH QEMRXEMRIH MR EGGSVHERGI [MXL 2*4% ERH
'SVVIGXMZI %GXMSR ;LIR ER MRXIVREP I\EQMREXMSR SJ
ER] JMVI I\XMRKYMWLIV VIZIEPW E HIJMGMIRG] MQQIHMEXI GSVVIG 'SVVIGXMZI %GXMSR ;LIR QEMRXIRERGI SJ ER] QSRMXSV
XMZI EGXMSR WLEPP FI XEOIR MRK W]WXIQ VIZIEPW E HIJMGMIRG] MQQIHMEXI GSVVIGXMZI EGXMSR
WLEPP FI XEOIR
7M\=IEV -RXIVREP )\EQMREXMSR 0EFIP *MVI I\XMRKYMWL
IVW XLEX TEWW XLI ETTPMGEFPI ]IEV VIUYMVIQIRX SJ WLEPP 1EMRXIRERGI SJ ;LIIPIH )\XMRKYMWLIV ,SWIW ERH 6IKY
LEZI XLI QEMRXIRERGI MRJSVQEXMSR VIGSVHIH SR E HYVEFPI PEXSVW
[IEXLIVTVSSJ PEFIP XLEX MW E QMRMQYQ SJ MR » MR QQ (MWGLEVKI LSWIW SR [LIIPIHX]TI JMVI I\XMRKYMWLIVW WLEPP
» QQ FI GSQTPIXIP] YRGSMPIH ERH I\EQMRIH JSV HEQEKI ERRYEPP]
8LI RI[ PEFIP WLEPP FI EJJM\IH XS XLI WLIPP F] E LIEX ;LIIPIH 9RMX ,SWIW (MWGLEVKI LSWIW SR [LIIPIH I\
PIWW TVSGIWW ERH ER] TVIZMSYW ]IEV MRXIVREP I\EQMREXMSR PE XMRKYMWLIVW WLEPP FI GSMPIH MR E QERRIV XS TVIZIRX OMROW ERH XS
FIPW WLEPP FI VIQSZIH EPPS[ VETMH HITPS]QIRX MR EGGSVHERGI [MXL XLI QERYJEGXYV
8LIWI PEFIPW WLEPP FI SJ XLI WIPJHIWXVYGXMZI X]TI IVvW MRWXVYGXMSRW
[LIR XLIMV VIQSZEP JVSQ E JMVI I\XMRKYMWLIV MW EXXIQTXIH 4VIWWYVI 6IKYPEXSVW 4VIWWYVI VIKYPEXSVW TVSZMHIH [MXL
8LI ]IEV MRXIVREP I\EQMREXMSR PEFIP WLEPP EW E [LIIPIHX]TI JMVI I\XMRKYMWLIVW WLEPP FI XIWXIH ERRYEPP] JSV
QMRMQYQ MHIRXMJ] XLI JSPPS[MRK SYXPIX WXEXMG TVIWWYVI ERH JPS[ VEXI MR EGGSVHERGI [MXL XLI
QERYJEGXYVIVvW MRWXVYGXMSRW
1SRXL ERH ]IEV XLI ]IEV MRXIVREP I\EQMREXMSR [EW TIV
JSVQIH 'SVVIGXMZI %GXMSR ;LIR QEMRXIRERGI SJ ER] JMVI I\XMR
4IVWSR TIVJSVQMRK XLI [SVO KYMWLIV LSWI SV TVIWWYVI VIKYPEXSV VIZIEPW E HIJMGMIRG] MQQI
2EQI SJ XLI EKIRG] TIVJSVQMRK XLI [SVO HMEXI GSVVIGXMZI EGXMSR WLEPP FI XEOIR
'EVFSR (MS\MHI ,SWI %WWIQFP] 'SRHYGXMZMX] 8IWX % GSR )\XMRKYMWLIV 6IGLEVKMRK ERH )\XMRKYMWLMRK %KIRXW
HYGXMZMX] XIWX WLEPP FI GSRHYGXIH ERRYEPP] SR EPP GEVFSR HMS\ +IRIVEP
MHI LSWI EWWIQFPMIW
%PP VIGLEVKIEFPIX]TI JMVI I\XMRKYMWLIVW WLEPP FI VI
'EVFSR HMS\MHI LSWI EWWIQFPMIW XLEX JEMP XLI GSRHYGXMZ GLEVKIH EJXIV ER] YWI SV [LIR XLI RIIH MW MRHMGEXIH F] ER
MX] XIWX WLEPP FI VITPEGIH MRWTIGXMSR SV WIVZMGMRK
6IGSVH /IITMRK JSV 'SRHYGXMZMX] 8IWXMRK SJ 'EVFSR (M ;LIR VIGLEVKMRK MW TIVJSVQIH XLI QERYJEGXYVIVvW
S\MHI ,SWI %WWIQFPMIW WIVZMGI QERYEP WLEPP FI JSPPS[IH *SV VIGLEVKI EKIRXW WII
'EVFSR HMS\MHI LSWI EWWIQFPMIW XLEX TEWW E GSRHYGXMZ 8LI EQSYRX SJ VIGLEVKI EKIRX WLEPP FI ZIVMJMIH F]
MX] XIWX WLEPP LEZI XLI XIWX MRJSVQEXMSR VIGSVHIH SR E HYVEFPI [IMKLMRK
[IEXLIVTVSSJ PEFIP XLEX MW E QMRMQYQ SJ MR » MR QQ
*SV XLSWI JMVI I\XMRKYMWLIVW XLEX HS RSX LEZI XLI
» QQ
KVSWW [IMKLX QEVOIH SR XLI REQITPEXI SV ZEPZI E TIVQERIRX
8LI PEFIP WLEPP FI EJJM\IH XS XLI LSWI F] QIERW SJ E PEFIP XLEX MRHMGEXIW XLI KVSWW [IMKLX WLEPP FI EJJM\IH XS XLI
LIEXPIWW TVSGIWW G]PMRHIV
8LI PEFIP WLEPP MRGPYHI XLI JSPPS[MRK MRJSVQEXMSR 8LI EHHIH PEFIP GSRXEMRMRK XLI KVSWW [IMKLX WLEPP
FI E HYVEFPI QEXIVMEP SJ E TVIWWYVIWIRWMXMZI WIPJHIWXVYGX X]TI
1SRXL ERH ]IEV XLI XIWX [EW TIVJSVQIH MRHMGEXIH F] TIV *SV WXSVIHTVIWWYVI [EXIVX]TI I\XMRKYMWLIVW WII
JSVEXMSR WYGL EW MW HSRI F] E LERH TYRGL
2EQI SV MRMXMEPW SJ TIVWSR TIVJSVQMRK XLI XIWX ERH XLI 4YQT XERO [EXIV ERH TYQT XERO GEPGMYQ GLPSVMHIz
REQI SJ XLI EKIRG] TIVJSVQMRK XLI XIWX FEWIH ERXMJVIIÎ X]TIW WLEPP RSX FI VIUYMVIH XS LEZI [IMKLX
QEVOIH
)PIGXVSRMG 1SRMXSVMRK 7]WXIQ 1EMRXIRERGI
%JXIV VIGLEVKMRK E PIEO XIWX WLEPP FI TIVJSVQIH SR
)PIGXVSRMG 1SRMXSVMRK 8LI GSQTSRIRXW SJ XLI QSRMXSV WXSVIHTVIWWYVI ERH WIPJI\TIPPMRK X]TIW SJ JMVI I\XMRKYMWLIVW
MRK HIZMGIW]WXIQ WLEPP FI XIWXIH ERH QEMRXEMRIH ERRYEPP] MR EG
GSVHERGI [MXL XLI QERYJEGXYVIVvW PMWXIH QEMRXIRERGI QERYEP -R RS GEWI WLEPP ER I\XMRKYMWLIV FI VIGLEVKIH MJ MX MW
[MXL XLI JSPPS[MRK MXIQW MRGPYHIH EW E QMRMQYQ FI]SRH MXW WTIGMJMIH L]HVSWXEXMG XIWX HEXI
4S[IV WYTTP] MRWTIGXMSRFEXXIV] GLERKI )\XMRKYMWLIV 6IGLEVKMRK *VIUYIRG] JSV 'IVXEMR 8]TIW
3FWXVYGXMSR WIRWSV MRWTIGXMSR SJ )\XMRKYMWLIVW
0SGEXMSR WIRWSV MRWTIGXMSR 4YQT 8ERO )ZIV] QSRXLW TYQT XERO [EXIV ERH
4VIWWYVI MRHMGEXMSR MRWTIGXMSR TYQT XERO GEPGMYQ GLPSVMHIzFEWIH ERXMJVIIÎ X]TIW SJ JMVI I\
'SRRIGXMSR GSRXMRYMX] MRWTIGXMSR 7II ERH XMRKYMWLIVW WLEPP FI VIGLEVKIH [MXL RI[ GLIQMGEPW SV [EXIV EW
ETTPMGEFPI
3RI LYRHVIH TIVGIRX SJ EPP YRMXW WLEPP FI XIWXIH YTSR
MRMXMEP MRWXEPPEXMSR SV VIEGGITXERGI [MXL ZIVMJMGEXMSR SJ VIGIMTX ;IXXMRK %KIRX 8LI EKIRX MR WXSVIHTVIWWYVI [IXXMRK
SJ WMKREP EX XLI GSRXVSP TERIP SV E PSGEP EPEVQ EKIRX JMVI I\XMRKYMWLIVW WLEPP FI VITPEGIH ERRYEPP]
8[IRX] TIVGIRX SJ YRMXW WLEPP FI XIWXIH ERRYEPP] SR E 3RP] XLI EKIRX WTIGMJMIH SR XLI REQITPEXI WLEPP FI
VSXEXMRK FEWMW WS XLEX EPP YRMXW EVI XIWXIH [MXLMR E ]IEV TIVMSH YWIH JSV VIGLEVKMRK
)HMXMSR
z 4368%&0) *-6) )<8-2+9-7,)67
8LI YWI SJ [EXIV SV ER] SXLIV EHHMXMZIW WLEPP FI ,EPSKIREXIH %KIRX ,EPSKIREXIH EKIRX JMVI I\XMR
TVSLMFMXIH KYMWLIVW WLEPP FI GLEVKIH [MXL SRP] XLI X]TI ERH [IMKLX SJ
EKIRX WTIGMJMIH SR XLI REQITPEXI
%*** ERH ***4
,EPSKIREXIH %KIRX 6I9WI
8LI TVIQM\IH EKIRX MR PMUYMH GLEVKIzX]TI %***
ERH ***4 JMVI I\XMRKYMWLIVW WLEPP FI VITPEGIH EX PIEWX SRGI 8LI VIQSZEP SJ ,EPSR JVSQ JMVI I\XMRKYMWLIVW
IZIV] ]IEVW WLEPP FI HSRI YWMRK SRP] E PMWXIH LEPSR GPSWIH VIGSZIV] W]WXIQ
3RP] XLI JSEQ EKIRX WTIGMJMIH SR XLI I\XMRKYMWLIV 8LI VIQSZEP SJ EKIRX JVSQ SXLIV LEPSKIREXIH EKIRX
REQITPEXI WLEPP FI YWIH JSV VIGLEVKI JMVI I\XMRKYMWLIVW WLEPP FI HSRI YWMRK SRP] E GPSWIH VIGSZIV]
W]WXIQ
8LI EKIRX MR RSRTVIWWYVMÎH %*** ERH ***4 JMVI
I\XMRKYMWLIVW XLEX MW WYFNIGXIH XS EKIRX EREP]WMW MR EGGSVHERGI 8LI JMVI I\XMRKYMWLIV WLEPP FI I\EQMRIH MRXIVREPP]
[MXL QERYJEGXYVIVvW MRWXVYGXMSRW WLEPP RSX FI VIUYMVIH XS GSQ JSV GSRXEQMREXMSR SV GSVVSWMSR SV FSXL
TP] [MXL
8LI LEPSKIREXIH EKIRX VIXEMRIH MR XLI W]WXIQ VI
6IGLEVKI %KIRXW GSZIV] G]PMRHIV WLEPP FI VIYWIH SRP] MJ RS IZMHIRGI SJ MRXIVREP
GSRXEQMREXMSR MW SFWIVZIH MR XLI JMVI I\XMRKYMWLIV G]PMRHIV
3RP] XLSWI EKIRXW WTIGMJMIH SR XLI REQITPEXI SV EKIRXW
TVSZIR XS LEZI IUYEP GLIQMGEP GSQTSWMXMSR TL]WMGEP GLEVEGXIVMW ,EPSKIREXIH EKIRX VIQSZIH JVSQ JMVI I\XMRKYMWL
XMGW ERH JMVII\XMRKYMWLMRK GETEFMPMXMIW WLEPP FI YWIH IVW XLEX I\LMFMXW IZMHIRGI SJ MRXIVREP GSRXEQMREXMSR SV GSV
VSWMSR WLEPP FI TVSGIWWIH MR EGGSVHERGI [MXL XLI JMVI I\XMR
%KIRXW PMWXIH WTIGMJMGEPP] JSV YWI [MXL XLEX JMVI I\XMR KYMWLIV QERYJEGXYVIVvW MRWXVYGXMSRW
KYMWLIV WLEPP FI GSRWMHIVIH XS QIIX XLIWI VIUYMVIQIRXW
'EVFSR (MS\MHI
1M\MRK SJ (V] 'LIQMGEPW 1YPXMTYVTSWI HV] GLIQM
GEPW WLEPP RSX FI QM\IH [MXL EPOEPMRIFEWIH HV] GLIQMGEPW 8LI ZETSV TLEWI SJ GEVFSR HMS\MHI WLEPP FI RSX PIWW
XLER TIVGIRX GEVFSR HMS\MHI
8STTMRK 3JJ
8LI [EXIV GSRXIRX WLEPP FI RSX QSVI XLER TEVXW
8LI VIQEMRMRK HV] GLIQMGEP MR E HMWGLEVKIH JMVI TIV QMPPMSR TTQ F] [IMKLX EX n* n' HI[ TSMRX
I\XMRKYMWLIV WLEPP FI TIVQMXXIH XS FI VIYWIH TVSZMHIH XLEX MX
MW XLSVSYKLP] GLIGOIH JSV XLI TVSTIV X]TI GSRXEQMREXMSR 3MP GSRXIRX WLEPP RSX I\GIIH TTQ F] [IMKLX
ERH GSRHMXMSR
;EXIV 8]TIW 8LI EQSYRX SJ PMUYMH EKIRX WLEPP FI
(V] GLIQMGEP JSYRH XS FI SJ XLI [VSRK X]TI SV GSR HIXIVQMRIH F] YWMRK SRI SJ XLI JSPPS[MRK
XEQMREXIH WLEPP RSX FI VIYWIH
)\EGX QIEWYVIQIRX F] [IMKLX
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8LI HV] GLIQMGEP EKIRX WLEPP FI TIVQMXXIH XS FI *MPP QEVO SR JMVI I\XMRKYMWLIV WLIPP MJ TVSZMHIH
VIYWIH TVSZMHIH E GPSWIH VIGSZIV] W]WXIQ MW YWIH ERH XLI
EKIRX MW WXSVIH MR E WIEPIH GSRXEMRIV XS TVIZIRX GSRXEQMREXMSR 3RP] XLI EKIRX WTIGMJMIH SR XLI I\XMRKYMWLIV REQI
TPEXI WLEPP FI YWIH JSV VIGLEVKI
4VMSV XS VIYWI XLI HV] GLIQMGEP WLEPP FI XLSVSYKLP]
GLIGOIH JSV XLI TVSTIV X]TI GSRXEQMREXMSR ERH GSRHMXMSR 3RP] EHHMXMZIW MHIRXMJMIH SR XLI SVMKMREP REQITPEXI
WLEPP FI TIVQMXXIH XS FI EHHIH XS [EXIVX]TI I\XMRKYMWLIVW
;LIVI HSYFX I\MWXW [MXL VIWTIGX XS XLI X]TI GSR
XEQMREXMSR SV GSRHMXMSR SJ XLI HV] GLIQMGEP XLI HV] GLIQMGEP ;IX 'LIQMGEP ERH ;EXIV 1MWX %KIRX 6I9WI
WLEPP FI HMWGEVHIH ;IX GLIQMGEP ERH [EXIV QMWX EKIRXW WLEPP RSX FI
(V] 'LIQMGEP 'PSWIH 6IGSZIV] 7]WXIQ VIYWIH
8LI W]WXIQ WLEPP FI GSRWXVYGXIH MR E QERRIV XLEX -J E [IX GLIQMGEP SV [EXIV QMWX I\XMRKYMWLIV MW TEV
HSIW RSX MRXVSHYGI JSVIMKR QEXIVMEP MRXS XLI EKIRX FIMRK VI XMEPP] HMWGLEVKIH EPP VIQEMRMRK [IX GLIQMGEP SV [EXIV QMWX
GSZIVIH WLEPP FI HMWGEVHIH
8LI W]WXIQ WLEPP LEZI E QIERW JSV ZMWYEP MRWTIG ;IX GLIQMGEP SV [EXIV QMWX EKIRX WLEPP FI HMWGEVHIH
XMSR SJ XLI VIGSZIVIH EKIRX JSV GSRXEQMRERXW ERH VITPEGIH EX XLI L]HVSWXEXMG XIWX MRXIVZEP
(V] 4S[HIV 3RP] XLI EKIRX WTIGMJMIH SR XLI I\XMRKYMWLIV
REQITPEXI WLEPP FI YWIH JSV VIGLEVKI
4EMPW SV HVYQW GSRXEMRMRK HV] TS[HIV EKIRXW JSV WGSST
SV WLSZIP ETTPMGEXMSR JSV YWI SR QIXEP JMVIW WLEPP FI OITX JYPP ERH 6IGLEVKMRK )\TIPPERX +EW JSV 7XSVIH4VIWWYVI *MVI
WIEPIH [MXL XLI PMH TVSZMHIH [MXL XLI GSRXEMRIV )\XMRKYMWLIVW
8LI HV] TS[HIV WLEPP FI VITPEGIH MJ JSYRH HEQT 3RP] WXERHEVH MRHYWXVMEPKVEHI RMXVSKIR [MXL E QE\M
7II % QYQ HI[ TSMRX SJ n* n' MR EGGSVHERGI [MXL '+%
+ 'SQQSHMX] 7TIGMJMGEXMSR JSV 2MXVSKIR WLEPP FI YWIH XS
6IQSZEP SJ 1SMWXYVI *SV EPP RSR[EXIV X]TIW SJ JMVI TVIWWYVMÎ WXSVIHTVIWWYVI HV] GLIQMGEP ERH LEPSKIREXIHX]TI
I\XMRKYMWLIVW ER] QSMWXYVI WLEPP FI VIQSZIH FIJSVI VIGLEVKMRK JMVI I\XMRKYMWLIVW XLEX YWI RMXVSKIR EW E TVSTIPPERX
)HMXMSR
,=(6378%8-' 8)78-2+ z
,EPSKIREXIHX]TI JMVI I\XMRKYMWLIVW XLEX VIUYMVI EV *MVI I\XMRKYMWLIVW WLEPP RSX FI GSRZIVXIH JVSQ SRI X]TI
KSR WLEPP FI TVIWWYVMÎH [MXL EVKSR [MXL E HI[ TSMRX SJ n* XS ERSXLIV QSHMJMIH SV EPXIVIH
n' SV PS[IV
*MVI I\XMRKYMWLIVW WLEPP RSX FI GSRZIVXIH JSV XLI YWI SJ
'SQTVIWWIH EMV WLEPP FI TIVQMXXIH XS FI YWIH JVSQ E HMJJIVIRX X]TI SJ I\XMRKYMWLMRK EKIRX
WTIGMEP GSQTVIWWSV W]WXIQW GETEFPI SJ HIPMZIVMRK EMV [MXL E
HI[ TSMRX SJ n* n' SV PS[IV 7II %RRI\ . 1EMRXIRERGI ERH 6IGLEVKI 7IVZMGI 'SPPEV )EGL I\XMR
KYMWLIV XLEX LEW YRHIVKSRI QEMRXIRERGI XLEX MRGPYHIH MRXIV
8LI WTIGMEP GSQTVIWWSV W]WXIQ WLEPP FI IUYMTTIH REP I\EQMREXMSR SV XLEX LEW FIIR VIGLEVKIH VIUYMVMRK XLI VI
[MXL ER EYXSQEXMG QSRMXSVMRK ERH EPEVQ W]WXIQ XS IRWYVI XLEX QSZEP SJ XLI ZEPZI EWWIQFP] WLEPP LEZI E ZIVMJMGEXMSRSJWIVZMGI
XLI HI[ TSMRX VIQEMRW EX SV FIPS[ n* n' EX EPP XMQIW GSPPEV PSGEXIH EVSYRH XLI RIGO SJ XLI GSRXEMRIV
'SQTVIWWIH EMV XLVSYKL QSMWXYVI XVETW WLEPP RSX FI 8LI GSPPEV WLEPP FI E WMRKPI GMVGYPEV TMIGI SJ YRMRXIV
YWIH JSV TVIWWYVM^MRK IZIR XLSYKL WS WXEXIH MR XLI MRWXVYGXMSRW VYTXIH QEXIVMEP JSVQMRK E LSPI SJ E WMÎ XLEX HSIW RSX TIVQMX
SR SPHIV JMVI I\XMRKYMWLIVW XLI GSPPEV EWWIQFP] XS QSZI SZIV XLI RIGO SJ XLI GSRXEMRIV
YRPIWW XLI ZEPZI MW GSQTPIXIP] VIQSZIH
'SQTVIWWIH EMV [MXLSYX QSMWXYVI VIQSZEP HIZMGIW
WLEPP FI TIVQMXXIH JSV TVIWWYVM^MRK [EXIV I\XMRKYMWLIVW ERH 8LI GSPPEV WLEPP RSX MRXIVJIVI [MXL XLI STIVEXMSR SJ XLI
JSEQ LERH I\XMRKYMWLIVW SRP] JMVI I\XMRKYMWLIV
'PEWW ( [IX GLIQMGEP [EXIV QMWX ERH LEPSKIREXIH EKIRX 8LI ZIVMJMGEXMSR SJ WIVZMGI GSPPEV WLEPP EW E QMRMQYQ
JMVI I\XMRKYMWLIVW WLEPP FI VITVIWWYVMÎH SRP] [MXL XLI X]TI SJ I\ MHIRXMJ] XLI JSPPS[MRK
TIPPERX KEW VIJIVVIH XS SR XLI JMVI I\XMRKYMWLIV PEFIP
1SRXL ERH ]IEV XLI VIGLEVKMRK SV MRXIVREP I\EQMREXMSR
% VIGLEVKIEFPI WXSVIHTVIWWYVIX]TI JMVI I\XMRKYMWLIV [EW TIVJSVQIH
WLEPP FI TVIWWYVMÎH SRP] XS XLI GLEVKMRK TVIWWYVI WTIGMJMIH SR 2EQI SJ XLI EKIRG] TIVJSVQMRK XLI [SVO
XLI JMVI I\XMRKYMWLIV REQITPEXI
7IVZMGI 'SPPEV )\IQTXMSRW
8LI QERYJEGXYVIVvW TVIWWYVM^MRK EHETXIV WLEPP FI
GSRRIGXIH XS XLI ZEPZI EWWIQFP] FIJSVI XLI JMVI I\XMRKYMWLIV MW 2I[ I\XMRKYMWLIVW VIUYMVMRK ER MRMXMEP GLEVKI MR XLI
TVIWWYVMÎH JMIPH WYGL EW TVIWWYVMÎH [EXIV %*** ***4 SV [IX GLIQMGEP
I\XMRKYMWLIVW WLEPP RSX FI VIUYMVIH XS LEZI E ZIVMJMGEXMSRSJ
% VIKYPEXIH WSYVGI SJ TVIWWYVI WIX RS LMKLIV XLER WIVZMGI GSPPEV MRWXEPPIH
TWM O4E EFSZI XLI STIVEXMRK WIVZMGI TVIWWYVI WLEPP
FI YWIH XS TVIWWYVMÎ JMVI I\XMRKYMWLIVW 0MUYIJMIH KEW LEPSKIREXIH EKIRX ERH GEVFSR HMS\
MHI I\XMRKYMWLIVW XLEX LEZI FIIR VIGLEVKIH [MXLSYX ZEPZI VI
8LI KEYKI YWIH XS WIX XLI VIKYPEXIH WSYVGI SJ TVIW QSZEP WLEPP RSX FI VIUYMVIH XS LEZI E ZIVMJMGEXMSRSJWIVZMGI
WYVI WLEPP FI GEPMFVEXIH EX PIEWX ERRYEPP] GSPPEV MRWXEPPIH JSPPS[MRK VIGLEVKI
%R YRVIKYPEXIH WSYVGI SJ TVIWWYVI WYGL EW E RMXVSKIR 'EVXVMHKI ERH G]PMRHIVSTIVEXIH I\XMRKYMWLIVW WLEPP
G]PMRHIV [MXLSYX E TVIWWYVI VIKYPEXSV WLEPP RSX FI YWIH RSX FI VIUYMVIH XS LEZI E ZIVMJMGEXMSRSJWIVZMGI GSPPEV MRWXEPPIH
% JMVI I\XMRKYMWLIV WLEPP RSX FI PIJX GSRRIGXIH XS XLI ;IMKLX 7GEPIW ;IMKLX WGEPIW YWIH JSV XLI QEMRXIRERGI
VIKYPEXSV SJ E LMKLTVIWWYVI WSYVGI JSV ER I\XIRHIH TIVMSH SJ ERH VIGLEVKI SJ JMVI I\XMRKYMWLIVW WLEPP LEZI XLI VIEHMRK MRGVI
XMQI QIRXW ERH XLI EGGYVEG] RIGIWWEV] XS ZIVMJ] XLI GLEVKI [IMKLXW
6IGLEVKI 6IGSVH /IITMRK VIUYMVIH MR XLI WIVZMGI QERYEPW ERH SR XLI REQITPEXIW
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XEGLIH XLEX MRHMGEXIW XLI QSRXL ERH ]IEV VIGLEVKMRK [EW TIV
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MHIRXMJMIW XLI REQI SJ XLI EKIRG] TIVJSVQMRK XLI [SVO
+IRIVEP
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LEZI E ZIVMJMGEXMSRSJWIVZMGI GSPPEV PSGEXIH EVSYRH XLI RIGO SJ 4VIWWYVI ZIWWIPW YWIH EW JMVI I\XMRKYMWLIVW ERH WTIGMJMIH
XLI GSRXEMRIV I\GITX EW MHIRXMJMIH MR GSQTSRIRXW SJ JMVI I\XMRKYMWLIVW WLEPP FI L]HVSWXEXMGEPP]
XIWXIH MR EGGSVHERGI [MXL XLMW GLETXIV
4VIWWYVI +EYKIW
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6ITPEGIQIRX TVIWWYVI KEYKIW WLEPP LEZI XLI GSVVIGX MR 8VERWTSVXEXMSR (38 SV 8VERWTSVX 'EREHE 8' QEVOMRKW
HMGEXIH GLEVKMRK WIVZMGI TVIWWYVI WLEPP FI VIXIWXIH MR EGGSVHERGI [MXL XLI ETTPMGEFPI (38 SV 8'
6ITPEGIQIRX TVIWWYVI KEYKIW WLEPP FI QEVOIH JSV YWI VIKYPEXMSRW
[MXL XLI EKIRX MR XLI JMVI I\XMRKYMWLIV ,]HVSWXEXMG XIWXMRK WLEPP FI TIVJSVQIH F] TIVWSRW
6ITPEGIQIRX TVIWWYVI KEYKIW WLEPP FI GSQTEXMFPI [MXL [LS EVI XVEMRIH MR TVIWWYVI XIWXMRK TVSGIHYVIW ERH WEJIKYEVHW
XLI JMVI I\XMRKYMWLIV ZEPZI FSH] QEXIVMEP GSQTP]MRK [MXL ERH [LS LEZI XIWXMRK IUYMTQIRX JEGMPM
XMIW ERH ER ETTVSTVMEXI QERYJEGXYVIVvW WIVZMGI QERYEPW
4VSLMFMXMSR SR 9WIW SJ )\XMRKYMWLIVW ERH 'SRZIVWMSR SJ EZEMPEFPI
*MVI )\XMRKYMWLIV 8]TIW
4IVWSRRIP TIVJSVQMRK L]HVSWXEXMG XIWXMRK WLEPP FI
*MVI I\XMRKYMWLIVW WLEPP RSX FI YWIH JSV ER] TYVTSWI GIVXMJMIH F] ER SVKERMÊXMSR [MXL E GIVXMJMGEXMSR TVSKVEQ EG
SXLIV XLER XLEX SJ E JMVI I\XMRKYMWLIV GITXEFPI XS XLI EYXLSVMX] LEZMRK NYVMWHMGXMSR
)HMXMSR
z 4368%&0) *-6) )<8-2+9-7,)67
,]HVSWXEXMG XIWXMRK JEGMPMXMIW [MXL E (38 GIVXMJMGE % JPI\MFPI GSRRIGXMSR FIX[IIR XLI XIWX TYQT ERH XLI
XMSR ?VIUYEPMJMGEXMSR MHIRXMJMGEXMSR RYQFIV 6-2 A SV E 8' XIWX G]PMRHIV WLEPP FI TVSZMHIH WS XLEX MX MW TSWWMFPI XS XIWX
GIVXMJMGEXMSR WLEPP FI TIVQMXXIH XS TIVJSVQ XLI XEWO SJ L]HVS XLVSYKL XLI G]PMRHIV STIRMRK XIWX FSRRIX LSWI SYXPIX SV
WXEXMG XIWXMRK [MXLSYX LEZMRK EHHMXMSREP GIVXMJMGEXMSR EW E JMVI RS^^PI EW ETTPMGEFPI
I\XMRKYMWLIV XIGLRMGMER EW SYXPMRIH MR
*VIUYIRG]
;LIVI L]HVSWXEXMG XIWXMRK MW WYFGSRXVEGXIH XS E JEGMP
MX] HIWGVMFIH MR ER I\XMRKYMWLIV XIGLRMGMER GSQTP] +IRIVEP %X MRXIVZEPW RSX I\GIIHMRK XLSWI WTIGMJMIH MR
MRK [MXL WLEPP TIVJSVQ EWWIQFP] ERH HMWEWWIQFP] SJ ZEPZIW 8EFPI JMVI I\XMRKYMWLIVW WLEPP FI L]HVSWXEXMGEPP] VIXIWXIH
ERH G]PMRHIVW VITPEGIQIRX SJ ER] TEVXW SV GSQTSRIRXW ERH
EPP SXLIV I\XMRKYMWLIV WIVZMGI [SVO
% L]HVSWXEXMG XIWX WLEPP EP[E]W MRGPYHI FSXL ER MRXIVREP 8EFPI ,]HVSWXEXMG 8IWX -RXIVZEPW JSV )\XMRKYMWLIVW
ERH ER I\XIVREP ZMWYEP I\EQMREXMSR SJ XLI G]PMRHIV
8IWX -RXIVZEP
,]HVSWXEXMG XIWXMRK WLEPP FI GSRHYGXIH YWMRK [EXIV SV ER )\XMRKYMWLIV 8]TI ]IEVW
SXLIV GSQTEXMFPI RSRGSQTVIWWMFPI JPYMH EW XLI XIWX QIHMYQ
%MV SV SXLIV KEWIW WLEPP RSX FI YWIH EW XLI WSPI QI 7XSVIHTVIWWYVI [EXIV [EXIV QMWX PSEHIH
HMYQ JSV TVIWWYVI XIWXMRK WXVIEQ ERHSV ERXMJVIIÎ
;IXXMRK EKIRX
%PP EMV WLEPP FI ZIRXIH TVMSV XS L]HVSWXEXMG XIWXMRK XS %*** EUYISYW JMPQJSVQMRK JSEQ
TVIZIRX ZMSPIRX ERH HERKIVSYW JEMPYVI SJ XLI G]PMRHIV ***4 JMPQJSVQMRK JPYSVSTVSXIMR JSEQ
*MVI I\XMRKYMWLIVW LEZMRK EPYQMRYQ G]PMRHIVW SV WLIPPW (V] GLIQMGEP [MXL WXEMRPIWW WXIIP WLIPPW
WYWTIGXIH SJ FIMRK I\TSWIH XS XIQTIVEXYVIW MR I\GIWW SJ * 'EVFSR HMS\MHI
' WLEPP FI VIQSZIH JVSQ WIVZMGI ERH WYFNIGXIH XS E L] ;IX GLIQMGEP
HVSWXEXMG XIWX (V] GLIQMGEP WXSVIHTVIWWYVI [MXL QMPH
WXIIP WLIPPW FVEÎH FVEWW WLIPPW SV
8IWX )UYMTQIRX EPYQMRYQ WLIPPW
4VIWWYVI +EYKIW (V] GLIQMGEP GEVXVMHKI SV
G]PMRHIVSTIVEXIH [MXL QMPH WXIIP
8IWX TVIWWYVI KEYKIW WLEPP FI GIVXMJMIH EGGYVEXI XS WLIPPW
TIVGIRX SV FIXXIV SJ XLI JYPP VERKI SJ XLI KEYKI ,EPSKIREXIH EKIRXW
8IWX TVIWWYVI KEYKIW WLEPP FI GETEFPI SJ FIMRK VIEH XS (V] TS[HIV WXSVIHTVIWWYVI GEVXVMHKI
[MXLMR TIVGIRX SJ XLI XIWX TVIWWYVI -RXIVTSPEXMSR SJ QMH SV G]PMRHIVSTIVEXIH [MXL QMPH WXIIP
TSMRX FIX[IIR WQEPPIWX KVEHYEXMSRW WLEPP FI TIVQMXXIH WLIPPW
8IWX TVIWWYVI KEYKIW WLEPP FI GETEFPI SJ MRHMGEXMRK
TIVGIRX XS TIVGIRX SJ XLI XIWX TVIWWYVI 8LI L]HVSWXEXMG VIXIWX WLEPP FI GSRHYGXIH [MXLMR XLI
4VIWWYVI KEYKIW YWIH SR XIWX IUYMTQIRX WLEPP FI GEPM GEPIRHEV ]IEV SJ XLI WTIGMJMIH XIWX MRXIVZEP
FVEXIH EX PIEWX WIQMERRYEPP] c
']PMRHIVW ERH 'EVXVMHKIW
1EWXIV KEYKIW SV HIEH [IMKLX XIWXIVW WLEPP FI GEPM
2MXVSKIR G]PMRHIVW EVKSR G]PMRHIVW GEVFSR HMS\MHI
FVEXIH EX PIEWX ERRYEPP]
G]PMRHIVW SV GEVXVMHKIW YWIH JSV MRIVX KEW WXSVEKI XLEX EVI YWIH
(V]MRK )UYMTQIRX EW I\TIPPERXW JSV [LIIPIH JMVI I\XMRKYMWLIVW ERH GEVFSR HMS\
%PP L]HVSWXEXMGEPP] XIWXIH G]PMRHIVW ERH ETTEVEXYW I\ MHI I\XMRKYMWLIVW WLEPP FI L]HVSWXEXMGEPP] XIWXIH IZIV] ]IEVW
GITX [EXIVX]TI I\XMRKYMWLIVW WLEPP FI XLSVSYKLP] HVMIH EJXIV ']PMRHIVW I\GITX XLSWI GLEVKIH [MXL GEVFSR HMS\
XIWXMRK MHI GSQTP]MRK [MXL '*6 F WLEPP FI TIVQMXXIH XS
8LI XIQTIVEXYVI YWIH JSV HV]MRK WLEPP RSX I\GIIH FI L]HVSWXEXMGEPP] XIWXIH IZIV] ]IEVW MR PMIY SJ XLI VIUYMVI
* ' MRWMHI XLI WLIPP QIRX MR
8IWX )UYMTQIRX JSV ,MKL4VIWWYVI ']PMRHIVW 8LI IUYMT 2MXVSKIR GEVXVMHKIW EVKSR GEVXVMHKIW ERH GEVFSR HMS\
QIRX JSV L]HVSWXEXMG XIWXMRK SJ LMKLTVIWWYVI G]PMRHIVW ERH MHI GEVXVMHKIW YWIH EW I\TIPPERXW JSV LERH TSVXEFPI JMVI I\XMR
GEVXVMHKIW (38 WIVMIW WLEPP QIIX XLI WTIGMJMGEXMSRW SJ '+% KYMWLIVW XLEX LEZI (38 SV 8' QEVOMRKW WLEPP FI L]HVSWXEXMGEPP]
' 1IXLSHW SJ ,]HVSWXEXMG 8IWXMRK SJ 'SQTVIWWIH +EW ']PMRHIVW XIWXIH SV VITPEGIH EGGSVHMRK XS XLI VIUYMVIQIRXW SJ (38 SV 8'
8IWX )UYMTQIRX JSV 0S[4VIWWYVI ']PMRHIVW ERH ,SWI (38 ) GEVXVMHKIW SV 8' )1 GEVXVMHKIW WLEPP FI
%WWIQFPMIW 4VSSJ 4VIWWYVI 8IWX I\IQTX JVSQ TIVMSHMG L]HVSWXEXMG VIXIWX
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TVSXIGXMZI GEKI HIZMGI SV TPEGIH FILMRH E TVSXIGXMZI WLMIPH
XLEX TIVQMXW ZMWYEP SFWIVZEXMSR [LMPI YRHIV TVIWWYVI JSV PIEOW % L]HVSWXEXMG XIWX WLEPP FI TIVJSVQIH SR JMVI I\XMR
FYPKIW ERH SXLIV LEVQJYP HIJIGXW KYMWLIV LSWI EWWIQFPMIW IUYMTTIH [MXL E WLYXSJJ RS^^PI EX XLI
IRH SJ XLI LSWI
% L]HVSWXEXMG XIWX TYQT LERH SV TS[IVSTIVEXIH
WLEPP FI GETEFPI SJ TVSHYGMRK RSX PIWW XLER TIVGIRX SJ XLI ,MKLTVIWWYVI ERH PS[TVIWWYVI EGGIWWSV] LSWI SXLIV
XIWX TVIWWYVI ERH WLEPP MRGPYHI ETTVSTVMEXI GLIGO ZEPZIW ERH XLER EKIRX HMWGLEVKI LSWI YWIH SR [LIIPIH I\XMRKYMWLIVW
JMXXMRKW WLEPP FI L]HVSWXEXMGEPP] XIWXIH
)HMXMSR
,=(6378%8-' 8)78-2+ z
8LI XIWX MRXIVZEP JSV ERH WLEPP FI XLI %PP X]TIW SJ I\XMRKYMWLIVW I\GITX XLI [EXIV X]TI WLEPP
WEQI EW XLEX WTIGMJMIH JSV XLI JMVI I\XMRKYMWLIV SV JMVI I\XMR LEZI EPP XVEGIW SJ I\XMRKYMWLMRK EKIRXW VIQSZIH JVSQ XLI MR
KYMWLIV EKIRX G]PMRHIV SR [LMGL XLI LSWI MW MRWXEPPIH WMHI SJ XLI I\XMRKYMWLIV FIJSVI XLI] EVI JMPPIH [MXL [EXIV
)\XMRKYMWLIV )\EQMREXMSR % GSQTPIXI MRXIVREP ERH I\XIVREP ZMWYEP I\EQMREXMSR
WLEPP FI GSRHYGXIH FIJSVI ER] L]HVSWXEXMG XIWX
+IRIVEP -J EX ER] XMQI E JMVI I\XMRKYMWLIV WLS[W IZM
HIRGI SJ HIRXW QIGLERMGEP MRNYV] SV GSVVSWMSR XS XLI I\XIRX 8LI TVSGIHYVIW JSV XLI ZMWYEP I\EQMREXMSR WLEPP FI
EW XS MRHMGEXI [IEORIWW MX WLEPP FI GSRHIQRIH SV L]HVSWXEXM MR EGGSVHERGI [MXL
GEPP] VIXIWXIH WYFNIGX XS XLI TVSZMWMSRW SJ ERH 7IGXMSR
%PP XIWXW WLEPP FI GSRHYGXIH YWMRK XIWX JMXXMRKW ERH
4YQT XEROW WLEPP RSX FI VIUYMVIH XS GSQTP] [MXL EHETXIVW

0S[4VIWWYVI ']PMRHIVW
2SRVIGLEVKIEFPI JMVI I\XMRKYMWLIVW SXLIV XLER LEPS
8LI L]HVSWXEXMG XIWXMRK SJ HV] GLIQMGEP ERH HV] TS[
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HIV JMVI I\XMRKYMWLIVW LEZMRK ER I\XIVREPP] QSYRXIH KEW GEV
FYX WLEPP FI HMWGLEVKIH ERH HMWGEVHIH [LIVI XLI JMVI I\XMR
XVMHKI WLEPP LEZI XLI GEVXVMHKI ERH GEVXVMHKI VIGIMZIV VIQSZIH
KYMWLIV WLS[W IZMHIRGI SJ HIRXW QIGLERMGEP MRNYV] SV GSVVS
ERH E TPYK MRWIVXIH MRXS XLI STIRMRK
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ZMGI WLEPP RSX FI HMWGLEVKIH ERH WLEPP FI VIXYVRIH XS XLI VIQSZIH JVSQ XLI G]PMRHIV ERH VITPEGIH [MXL E XIWX FSRRIX SV
QERYJEGXYVIV E JMVI IUYMTQIRX HIEPIV SV E HMWXVMFYXSV XS TIV EHETXIV
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)\EQMREXMSR SJ ']PMRHIV 'SRHMXMSR ;LIVI E JMVI I\XMR IVW WLEPP LEZI TVIWWYVI VIPMIJ HIZMGIW VIQSZIH ERH VITPEGIH [MXL E
KYMWLIV G]PMRHIV SV WLIPP I\LMFMXW SRI SV QSVI SJ XLI JSPPS[MRK TPYK TVMSV XS XLI XIWX
GSRHMXMSRW MX WLEPP RSX FI L]HVSWXEXMGEPP] XIWXIH FYX WLEPP FI GSR c
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WMZI LIEX JPEQI SV JMVI SYKLP] HVMIH MRXIVREPP] FIJSVI FIMRK VIXYVRIH XS WIVZMGI
;LIVI E GEPGMYQ GLPSVMHIzX]TI I\XMRKYMWLMRK EKIRX LEW -J LIEXIH EMV MW YWIH XS HV] XLI G]PMRHIVW XLI XIQTIVE
FIIR YWIH MR E WXEMRPIWW WXIIP JMVI I\XMRKYMWLIV XYVI WLEPP RSX I\GIIH * ' MRWMHI XLI WLIPP
;LIVI XLI WLIPP MW SJ GSTTIV SV FVEWW GSRWXVYGXMSR NSMRIH
F] WSJX WSPHIV SV VMZIXW ,MKL4VIWWYVI ']PMRHIVW
;LIVI XLI HITXL SJ E HIRX I\GIIHW SJ XLI KVIEXIWX 8LI L]HVSWXEXMG XIWXMRK SJ LMKLTVIWWYVI G]PMRHIVW ERH
HMQIRWMSR SJ XLI HIRX MJ RSX MR E [IPH SV I\GIIHW MR GEVXVMHKIW WLEPP FI MR EGGSVHERGI [MXL XLI TVSGIHYVIW SJ 8'
QQ MJ XLI HIRX MRGPYHIW E [IPH (38 ERH '+% '
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HMRKW LEZI VIQSZIH QSVI XLER TIVGIRX SJ XLI QMRM ']PMRHIVW TEWWMRK XLI L]HVSWXEXMG XIWX WLEPP FI XLSV
QYQ G]PMRHIV [EPP XLMGORIWW SYKLP] HVMIH MRXIVREPP] FIJSVI FIMRK VIXYVRIH XS WIVZMGI
;LIVI E JMVI I\XMRKYMWLIV LEW FIIR YWIH JSV ER] TYVTSWI
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SXLIV XLER XLEX SJ E JMVI I\XMRKYMWLIV
XYVI WLEPP RSX I\GIIH * ' MRWMHI XLI WLIPP
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8LI TVIWWYVI MR E L]HVSWXEXMG XIWX SJ E G]PMRHIV WLEPP FI EWWIQFP] [MXLSYX VIQSZEP SJ ER] LSWI GSYTPMRKW
QEMRXEMRIH JSV E QMRMQYQ SJ WIGSRHW FYX JSV E XMQI RSX
8LI PSGEXMSR SJ EPP GSYTPMRKW WLEPP FI QEVOIH TVMSV XS
PIWW XLER MW VIUYMVIH JSV GSQTPIXI I\TERWMSR SJ XLI G]PMRHIV
XLI L]HVSWXEXMG XIWX
ERH XS GSQTPIXI XLI ZMWYEP I\EQMREXMSR SJ XLI G]PMRHIV
8LI LSWI WLEPP FI GSQTPIXIP] JMPPIH [MXL [EXIV FIJSVI
%PP ZEPZIW MRXIVREP TEVXW ERH LSWI EWWIQFPMIW WLEPP FI
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VIQSZIH ERH XLI JMVI I\XMRKYMWLIV WLEPP FI IQTXMIH FIJSVI
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HV] GLIQMGEP SV HV] TS[HIV WLEPP FI VIQSZIH TVMSV XS XIWXMRK
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SQQIRHW XLEX GIVXEMR MRXIVREP TEVXW RSX FI VIQSZIH XLSWI GEKI SV HIZMGI [LSWI HIWMKR TIVQMXW ZMWYEP SFWIVZEXMSR HYVMRK
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8IWX TVIWWYVI JSV LSWI EWWIQFPMIW WLEPP FI QEMRXEMRIH (38 X]TI XLEX TEWW E L]HVSWXEXMG XIWX WLEPP LEZI XLI JSPPS[MRK
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SV PIEOEKI [LMPI XLI LSWI MW TVIWWYVMÎH TIVJSVEXMSR WYGL EW MW HSRI F] E LERH TYRGL
8IWX TVIWWYVI YWIH
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GSYTPMRKW WLEPP GSRWXMXYXI E JEMPYVI SJ XLI L]HVSWXEXMG XIWX REQI SJ XLI EKIRG] TIVJSVQMRK XLI XIWX
,SWI TEWWMRK XLI L]HVSWXEXMG XIWX WLEPP FI XLSVSYKLP] 8LI PEFIP WLEPP QIIX XLI JSPPS[MRK GVMXIVME
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MRHIV WLIPP
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0S[4VIWWYVI ']PMRHIVW WIRWMXMZI EHLIWMZI
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IVW WLEPP FI L]HVSWXEXMGEPP] XIWXIH XS XLI TVIWWYVI WTIGMJMIH SR XLI JMGEXMSR G]PMRHIVW WLEPP FI PEFIPIH MR EGGSVHERGI [MXL '*6
I\XMRKYMWLIV REQITPEXI G
;LIVI TVIWWYVI MW RSX WTIGMJMIH SR XLI I\XMRKYMWLIV ,MKL4VIWWYVI ']PMRHIVW ERH 'EVXVMHKIW
REQITPEXI XLI I\XMRKYMWLIV WLEPP FI XIWXIH EX XLI JEGXSV] XIWX ']PMRHIVW SV GEVXVMHKIW XLEX TEWW XLI L]HVSWXEXMG XIWX
TVIWWYVI RSX XS I\GIIH XLVII XMQIW XLI I\XMRKYMWLIV WIVZMGI WLEPP FI WXEQTIH [MXL XLI VIXIWXIVvW MHIRXMJMGEXMSR RYQFIV ERH
TVIWWYVI XLI QSRXL ERH ]IEV SJ XLI VIXIWX TIV (388' VIUYMVIQIRXW
*MVI I\XMRKYMWLIVW XLEX EVI VIUYMVIH XS FI VIXYVRIH 7XEQTMRK WLEPP FI TPEGIH SRP] SR XLI WLSYPHIV XST
XS XLI QERYJEGXYVIV JSV VIGLEVKMRK WLEPP FI L]HVSWXEXMGEPP] LIEH RIGO SV JSSX VMRK [LIVI TVSZMHIH SJ XLI G]PMRHIV SV MR
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STIVEXIH HV] GLIQMGEP ERH HV] TS[HIV X]TIW SJ I\XMRKYMWL WXEXMG XIWX WLEPP RSX VIUYMVI VIGSVHMRK PEFIPMRK SV QEVOMRK
IVW WLEPP FI L]HVSWXEXMGEPP] XIWXIH EX XLIMV SVMKMREP JEGXSV] 'SRHIQRMRK )\XMRKYMWLIVW
XIWX TVIWWYVI EW WLS[R SR XLI REQITPEXI SV WLIPP
*EMPW 8IWX SV )\EQMREXMSR ;LIR E JMVI I\XMRKYMWLIV G]P
,MKL4VIWWYVI ']PMRHIVW MRHIV WLIPP SV GEVXVMHKI JEMPW E L]HVSWXEXMG TVIWWYVI XIWX SV JEMPW
(38 % %% SV %0 G]PMRHIVW YWIH EW GEVFSR HMS\ XS TEWW E ZMWYEP I\EQMREXMSR EW WTIGMJMIH MR MX WLEPP FI
MHI I\XMRKYMWLIVW SV RMXVSKIR G]PMRHIVW EVKSR G]PMRHIVW SV GSRHIQRIH SV HIWXVS]IH F] XLI S[RIV SV XLI S[RIVvW EKIRX
GEVFSR HMS\MHI G]PMRHIVW XLEX EVI YWIH [MXL [LIIPIH I\XMR ;LIR E G]PMRHIV MW VIUYMVIH XS FI GSRHIQRIH XLI
KYMWLIVW WLEPP FI XIWXIH EX XLI WIVZMGI TVIWWYVI EW WXEQTIH VIXIWXIV WLEPP RSXMJ] XLI S[RIV MR [VMXMRK XLEX XLI G]PMRHIV MW
MRXS XLI G]PMRHIV GSRHIQRIH ERH XLEX MX GERRSX FI VIYWIH
'EVFSR HMS\MHI JMVI I\XMRKYMWLIVW LEZMRK G]PMRHIV % GSRHIQRIH G]PMRHIV WLEPP RSX FI VITEMVIH
WTIGMJMGEXMSR -'' WLEPP FI XIWXIH EX TWM 14E
1EVOMRK 'SRHIQRIH )\XMRKYMWLIVW
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'SRHIQRIH G]PMRHIVW WLEPP FI WXEQTIH w'32
'EVFSR HMS\MHI LSWI EWWIQFPMIW VIUYMVMRK E L]HVS ()12)(x SR XLI XST LIEH WLSYPHIV SV RIGO [MXL E WXIIP
WXEXMG TVIWWYVI XIWX WLEPP FI XIWXIH EX TWM O4E WXEQT
(V] GLIQMGEP HV] TS[HIV [EXIV JSEQ ERH LEPSKI 2S TIVWSR WLEPP VIQSZI SV SFPMXIVEXI XLI w'32
REXIH EKIRX HMWGLEVKI LSWI EWWIQFPMIW VIUYMVMRK E L]HVSWXEXMG ()12)(x QEVOMRK
TVIWWYVI XIWX WLEPP FI XIWXIH EX TWM O4E SV EX WIVZMGI 1MRMQYQ PIXXIV LIMKLX WLEPP FI MR QQ
TVIWWYVI [LMGLIZIV MW LMKLIV
0S[TVIWWYVI EGGIWWSV] LSWI YWIH SR [LIIPIH I\XMR
KYMWLIVW WLEPP FI XIWXIH EX TWM O4E %RRI\ % )\TPEREXSV] 1EXIVMEP
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KYMWLIVW WLEPP FI XIWXIH EX TWM 14E %RRI\ % MW RSX E TEVX SJ XLI VIUYMVIQIRXW SJ XLMW 2*4% HSGYQIRX
FYX MW MRGPYHIH JSV MRJSVQEXMSREP TYVTSWIW SRP] 8LMW ERRI\ GSRXEMRW
6IGSVHMRK SJ ,]HVSWXEXMG 8IWXW I\TPEREXSV] QEXIVMEP RYQFIVIH XS GSVVIWTSRH [MXL XLI ETTPMGEFPI XI\X
TEVEKVETLW
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XLI I\TMVEXMSR SJ XLI XIWX TIVMSH SV YRXMP XLI G]PMRHIV MW EKEMR F] XLI YWI SJ TSVXEFPI JMVI I\XMRKYMWLIVW 2SXMJMGEXMSR SJ XLI
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WYPXW SJ XLI ETTPMGEXMSR SJ TSVXEFPI JMVI I\XMRKYMWLIVW ERH QEMRXIRERGI EX TIVMSHMG MRXIVZEPW XS IRWYVI XLEX XLI] EVI
*MVI I\XMRKYMWLIVW GER VITVIWIRX ER MQTSVXERX WIKQIRX SJ VIEH] XS STIVEXI TVSTIVP] ERH WEJIP] 4EVXW ERH MRXIVREP GLIQM
ER] SZIVEPP JMVI TVSXIGXMSR TVSKVEQ ,S[IZIV XLIMV WYGGIWWJYP GEPW GER HIXIVMSVEXI [MXL XMQI ERH RIIH VITPEGIQIRX 8LI] EVI
JYRGXMSRMRK HITIRHW YTSR XLI JSPPS[MRK GSRHMXMSRW LEZMRK TVIWWYVI ZIWWIPW MR QSWX GEWIW ERH WS RIIH XS FI XVIEXIH [MXL
FIIR QIX VIWTIGX ERH LERHPIH [MXL GEVI
8LI JMVI I\XMRKYMWLIV MW PSGEXIH MR EGGSVHERGI [MXL XLI % %TTVSZIH 8LI 2EXMSREP *MVI 4VSXIGXMSR %WWSGMEXMSR
VIUYMVIQIRXW SJ 'LETXIV ERH MW MR [SVOMRK SVHIV HSIW RSX ETTVSZI MRWTIGX SV GIVXMJ] ER] MRWXEPPEXMSRW TVSGI
8LI JMVI I\XMRKYMWLIV MW SJ XLI GSVVIGX X]TI JSV E JMVI XLEX HYVIW IUYMTQIRX SV QEXIVMEPW RSV HSIW MX ETTVSZI SV IZEPY
GER SGGYV EXI XIWXMRK PEFSVEXSVMIW -R HIXIVQMRMRK XLI EGGITXEFMPMX] SJ
8LI JMVI MW HMWGSZIVIH [LMPI WXMPP WQEPP IRSYKL JSV XLI JMVI MRWXEPPEXMSRW TVSGIHYVIW IUYMTQIRX SV QEXIVMEPW XLI EYXLSV
I\XMRKYMWLIV XS FI IJJIGXMZI MX] LEZMRK NYVMWHMGXMSR QE] FEWI EGGITXERGI SR GSQTPMERGI
8LI JMVI MW HMWGSZIVIH F] E TIVWSR VIEH] [MPPMRK ERH EFPI [MXL 2*4% SV SXLIV ETTVSTVMEXI WXERHEVHW -R XLI EFWIRGI SJ
XS YWI XLI JMVI I\XMRKYMWLIV WYGL WXERHEVHW WEMH EYXLSVMX] QE] VIUYMVI IZMHIRGI SJ TVSTIV
*M\IH W]WXIQW EVI GSZIVIH F] XLI JSPPS[MRK 2*4% WXERHEVHW MRWXEPPEXMSR TVSGIHYVI SV YWI 8LI EYXLSVMX] LEZMRK NYVMWHMG
XMSR QE] EPWS VIJIV XS XLI PMWXMRKW SV PEFIPMRK TVEGXMGIW SJ ER
2*4% 7XERHEVH JSV 0S[ 1IHMYQ ERH ,MKL)\TERWMSR
SVKERMÊXMSR XLEX MW GSRGIVRIH [MXL TVSHYGX IZEPYEXMSRW ERH MW
*SEQ
XLYW MR E TSWMXMSR XS HIXIVQMRI GSQTPMERGI [MXL ETTVSTVMEXI
2*4% 7XERHEVH SR 'EVFSR (MS\MHI )\XMRKYMWLMRK 7]WXIQW
WXERHEVHW JSV XLI GYVVIRX TVSHYGXMSR SJ PMWXIH MXIQW
2*4% % 7XERHEVH SR ,EPSR *MVI )\XMRKYMWLMRK 7]W
XIQW % %YXLSVMX] ,EZMRK .YVMWHMGXMSR %,. 8LI TLVEWI wEY
2*4% 7XERHEVH JSV XLI -RWXEPPEXMSR SJ 7TVMROPIV 7]WXIQW XLSVMX] LEZMRK NYVMWHMGXMSRx SV MXW EGVSR]Q %,. MW YWIH MR
2*4% 7XERHEVH JSV XLI -RWXEPPEXMSR SJ 7XERHTMTI ERH ,SWI 2*4% HSGYQIRXW MR E FVSEH QERRIV WMRGI NYVMWHMGXMSRW ERH
7]WXIQW ETTVSZEP EKIRGMIW ZEV] EW HS XLIMV VIWTSRWMFMPMXMIW ;LIVI TYF
2*4% 7XERHEVH JSV ;EXIV 7TVE] *M\IH 7]WXIQW JSV *MVI 4VS PMG WEJIX] MW TVMQEV] XLI EYXLSVMX] LEZMRK NYVMWHMGXMSR QE] FI E
XIGXMSR JIHIVEP WXEXI PSGEP SV SXLIV VIKMSREP HITEVXQIRX SV MRHM
2*4% 7XERHEVH JSV XLI -RWXEPPEXMSR SJ *SEQ;EXIV 7TVMR ZMHYEP WYGL EW E JMVI GLMIJ JMVI QEVWLEP GLMIJ SJ E JMVI TVIZIR
OPIV ERH *SEQ;EXIV 7TVE] 7]WXIQW XMSR FYVIEY PEFSV HITEVXQIRX SV LIEPXL HITEVXQIRX FYMPH
2*4% 7XERHEVH JSV (V] 'LIQMGEP )\XMRKYMWLMRK 7]WXIQW MRK SJJMGMEP IPIGXVMGEP MRWTIGXSV SV SXLIVW LEZMRK WXEXYXSV]
2*4% % 7XERHEVH JSV ;IX 'LIQMGEP )\XMRKYMWLMRK 7]WXIQW EYXLSVMX] *SV MRWYVERGI TYVTSWIW ER MRWYVERGI MRWTIGXMSR HI
2*4% 7XERHEVH JSV :IRXMPEXMSR 'SRXVSP ERH *MVI 4VSXIGXMSR TEVXQIRX VEXMRK FYVIEY SV SXLIV MRWYVERGI GSQTER] VITVI
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2*4% 7XERHEVH SR ;EXIV 1MWX *MVI 4VSXIGXMSR 7]WXIQW GMVGYQWXERGIW XLI TVSTIVX] S[RIV SV LMW SV LIV HIWMKREXIH
2*4% 7XERHEVH SR 'PIER %KIRX *MVI )\XMRKYMWLMRK EKIRX EWWYQIW XLI VSPI SJ XLI EYXLSVMX] LEZMRK NYVMWHMGXMSR EX
7]WXIQW KSZIVRQIRX MRWXEPPEXMSRW XLI GSQQERHMRK SJJMGIV SV HITEVX
% 8LI S[RIV SV SGGYTERX SJ E TVSTIVX] MR [LMGL JMVI I\ QIRXEP SJJMGMEP QE] FI XLI EYXLSVMX] LEZMRK NYVMWHMGXMSR
XMRKYMWLIVW EVI PSGEXIH LEW ER SFPMKEXMSR JSV XLI GEVI ERH YWI % 0MWXIH 8LI QIERW JSV MHIRXMJ]MRK PMWXIH IUYMTQIRX
SJ XLIWI I\XMRKYMWLIVW EX EPP XMQIW 8LI REQITPEXIW ERH MR QE] ZEV] JSV IEGL SVKERMÊXMSR GSRGIVRIH [MXL TVSHYGX IZEPY
WXVYGXMSR QERYEP WLSYPH FI VIEH ERH XLSVSYKLP] YRHIVWXSSH F] EXMSR WSQI SVKERMÊXMSRW HS RSX VIGSKRMÎ IUYMTQIRX EW
EPP TIVWSRW [LS GSYPH FI I\TIGXIH XS YWI XLI JMVI I\XMRKYMWLIVW PMWXIH YRPIWW MX MW EPWS PEFIPIH 8LI EYXLSVMX] LEZMRK NYVMWHMG
8S HMWGLEVKI XLMW SFPMKEXMSR XLI S[RIV SV SGGYTERX WLSYPH XMSR WLSYPH YXMPMÎ XLI W]WXIQ IQTPS]IH F] XLI PMWXMRK SVKERM
KMZI EXXIRXMSR XS XLI MRWTIGXMSR QEMRXIRERGI ERH VIGLEVKMRK ÊXMSR XS MHIRXMJ] E PMWXIH TVSHYGX
SJ XLMW JMVITVSXIGXMZI IUYMTQIRX ERH WLSYPH EPWS XVEMR TIVWSR
RIP MR XLI GSVVIGX YWI SJ JMVI I\XMRKYMWLIVW SR XLI HMJJIVIRX % 'EVFSR (MS\MHI 0MUYMH GEVFSR HMS\MHI JSVQW HV] MGI
X]TIW SJ JMVIW XLEX GSYPH SGGYV SR XLI TVSTIVX] wWRS[x [LIR VIPIEWIH HMVIGXP] MRXS XLI EXQSWTLIVI 'EVFSR
8LI S[RIV SV SGGYTERX WLSYPH VIGSKRMÎ JMVI LEÊVHW SR HMS\MHI KEW MW XMQIW LIEZMIV XLER EMV 'EVFSR HMS\MHI I\XMR
XLI TVSTIVX] ERH TPER MR EHZERGI XLI I\EGX QIERW ERH IUYMT KYMWLIW JMVI F] VIHYGMRK XLI GSRGIRXVEXMSRW SJ S\]KIR XLI ZE
QIRX [MXL [LMGL E JMVI [MPP FI JSYKLX 8LI S[RIVSGGYTERX TSV TLEWI SJ XLI JYIP SV FSXL MR XLI EMV XS XLI TSMRX [LIVI
WLSYPH IRWYVI XLEX IZIV]SRI ORS[W LS[ XS GEPP XLI JMVI HITEVX GSQFYWXMSR WXSTW
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WGLIHYPIH MRXIVZEPW GEP EKIRX GLEVKIW GER GSQTVMWI WMQMPEV QEXIVMEPW XLIMV JSVQY
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ERH XLIVIJSVI RIIH XS FI YWIH TVSTIVP] WS XLEX XLMW QEXIVMEP I\XMRKYMWLIV XLEX MRGPYHIW WXEXYW TVIWWYVI PIZIP TVIWIRGI GSRHM
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XLI I\XMRKYMWLIV EX QSVI JVIUYIRX MRXIVZEPW MJ HIWMVIH SV [LIR FIPMRK JMVI I\XMRKYMWLIVW %YXLSVMXMIW WLSYPH HIXIVQMRI MJ XLI
QSVI JVIUYIRX MRWTIGXMSRW EVI VIUYMVIH ERH GVIEXI ER IPIG SVKERMÊXMSR XIWXW XS EPP XLI VIUYMVIQIRXW SJ XLI WXERHEVH *EG
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JMIPHW SJ IRHIEZSV MXW VITYXEXMSR ERH IWXEFPMWLIH I\TIVXMWI MXW
% )\XMRKYMWLIV -RWTIGXMSR -X MW MRXIRHIH XS KMZI VIE MRZSPZIQIRX MR XLI WXERHEVHW[VMXMRK TVSGIWW ERH XLI I\XIRX
WSREFPI EWWYVERGI XLEX XLI JMVI I\XMRKYMWLIV MW JYPP] GLEVKIH SJ MXW JSPPS[YT WIVZMGI TVSKVEQW WLSYPH EPP FI EWWIWWIH FIJSVI
% )\XMRKYMWLIV 1EMRXIRERGI 7II % VIGSKRMXMSR MW KMZIR
8LI PMWXMRK ERH PEFIPMRK SVKERMÊXMSR MHIRXMJMGEXMSR QEVOMRK
% *MPQ*SVQMRK *SEQ %KIRXW %*** ERH ***4 MRGPYHI QMKLX FI MR XLI JSVQ SJ E W]QFSP SJ XLI SVKERMÊXMSR 8LI TVSH
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WSPZIRXW [EXIVWSPYFPI JPEQQEFPI PMUYMHW ERH XLSWI XLEX EVI EQTPI w'EVFSR (MS\MHI *MVI )\XMRKYMWLIVx w(V] 'LIQMGEP *MVI
ETTVSZIH JSV TSPEV WSPZIRXW )\XMRKYMWLIVx SV w'PIER %KIRX *MVI )\XMRKYMWLIVx )\XMRKYMWLIV
VEXMRKW WLSYPH MRHMGEXI XLI GPEWWMJMGEXMSR SJ JMVI X]TI WYGL EW % &
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% 0SEHIH 7XVIEQ 'LEVKI ;LMPI PSEHIH WXVIEQ ERH [IX 'PEWW ' GSQTEXMFPI VEXMRK EW HIWGVMFIH MR %27-90 '%2
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2SRVIGLEVKIEFPI RSRVIJMPPEFPI JMVI I\XMRKYMWLIVW EVI QEVOIH
MRK ERH PEFIPMRK TSVXEFPI JMVI I\XMRKYMWLIVW 8LI WTIGMJMIH JEG
w(MWGLEVKI ERH (MWTSWI SJ %JXIV %R] 9WIx w(MWGLEVKI ERH 6I XSV] JSPPS[YT WXERHEVH TVSZMHIW E QMRMQYQ FEWMW JSV XLEX
XYVR XS XLI 1ERYJEGXYVIV %JXIV %R] 9WIx SV [MXL E WMQMPEV HIXIVQMREXMSR %TTPMGEXMSR SJ XLI JEGXSV] JSPPS[YT WXERHEVH
QEVOMRK 7SQI JMVI I\XMRKYMWLIVW XLEX EVI TL]WMGEPP] VI TVSZMHIW VIEWSREFPI EWWYVERGI XLEX TSVXEFPI JMVI I\XMRKYMWLIVW
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JSVI GSRWMHIVIH F] XLMW WXERHEVH XS FI RSRVIGLEVKIEFPI MX] ERH TIVJSVQERGI EW XLI JMVI I\XMRKYMWLIVW XLI QERYJEG
RSRVIJMPPEFPI JMVI I\XMRKYMWLIVW XYVIV SVMKMREPP] WYFQMXXIH XS XLI PMWXMRK ERH PEFIPMRK SVKERMÊ
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WXSVIH XS MXW JYPP STIVEXMRK GETEFMPMX] F] XLI WXERHEVH TVEGXMGIW GSQQYRMGEXI MRJSVQEXMSR EW XS XLI X]TI SJ GLIQMGEPW MR E
YWIH F] JMVI IUYMTQIRX HIEPIVW ERH HMWXVMFYXSVW 6IGLEVKIEFPI TVSHYGX XLEX GER FI LEÊVHSYW ERH XLI PIZIP SJ LEÊVH 8LMW
VIJMPPEFPI JMVI I\XMRKYMWLIVW EVI QEVOIH w6IGLEVKI -QQIHM MRJSVQEXMSR MW GSRXEMRIH MR XLI 17(7 GVIEXIH JSV IEGL GLIQM
EXIP] %JXIV %R] 9WIx SV [MXL E WMQMPEV QEVOMRK GEP SV QM\XYVI SJ GLIQMGEPW ERH MW WYQQEVMÎH SR PEFIPW SV
XEKW EXXEGLIH XS XLI TVSHYGX %HHMXMSREPP] WXEXI ERH PSGEP EY
% 0MWXIH ERH PEFIPIH LEPSR TSVXEFPI JMVI I\XMRKYMWLIVW
XLSVMXMIW LEZI IREGXIH WMQMPEV EGXW ERH VIKYPEXMSRW VIUYMVMRK
GYVVIRXP] GSQTP] [MXL XLMW WXERHEVH ERH LEZI HIQSRWXVEXIH
MHIRXMJMGEXMSR SJ GLIQMGEPW ERH LEÊVHSYW MRKVIHMIRXW MR
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,EPSKIREXIH %KIRX *MVI )\XMRKYMWLIVW [LMGL EPWS MRGPYHIW JMVI VIUYIWX JVSQ JMVI IUYMTQIRX HIEPIVW SV HMWXVMFYXSVW SV XLI JMVI
XIWXMRK ERH VEXMRK GVMXIVME %W E VIWYPX SJ XLI 1SRXVIEP 4VSXSGSP IUYMTQIRX QERYJEGXYVIV
SR 7YFWXERGIW XLEX (ITPIXI XLI 3^SRI 0E]IV 90 LEW [MXL
8LI MHIRXMJMGEXMSR SJ GSRXIRXW MRJSVQEXMSR IREFPIW HIXIV
HVE[R 90 8LMW HSIW RSX MQTP] XLEX I\XMRKYMWLIVW XLEX
QMREXMSR SJ XLI X]TI SJ GLIQMGEPW GSRXEMRIH MR XLI JMVI I\XMR
EVI PMWXIH ERH PEFIPIH XS XLI VIUYMVIQIRXW SJ 90 EVI KYMWLIV ERH LIPTW XS VIWSPZI GSQTPMGEXMSRW EVMWMRK JVSQ ER
YRWEJI JSV YWI EW JMVI I\XMRKYMWLIVW RSV HSIW MX QIER XLEX 90 YRYWYEP YWI SJ XLI EKIRX 8LI ,1-7 MR 'EREHE XLI ;,1-7
SV XLI )4% MW VIUYMVMRK XLEX LEPSR I\XMRKYMWLIVW FI VIQSZIH HIZIPSTIH F] XLI 2EXMSREP 4EMRX ERH 'SEXMRKW %WWSGMEXMSR YWIW
JVSQ WIVZMGI -X HSIW QIER XLEX 90 [MPP RSX EGGITX RI[ HIWMKRW E XLVIITPEGI JSVQEX [MXL RYQIVMGEP MRHI\IW JVSQ XS 8LI
SJ LEPSR I\XMRKYMWLIVW JSV XIWXMRK SV 90 PMWXMRK -X EPWS QIERW JMVWX TPEGI MW JSV wXS\MG TVSTIVXMIWx XLI WIGSRH TPEGI MW JSV
XLEX RS GLERKIW SV YTHEXIW EVI EPPS[IH XS QSHIPW XLEX EVI wJPEQQEFMPMX]x ERH XLI XLMVH TPEGI MW JSV wVIEGXMZMX]x [MXL SXLIV
GYVVIRXP] PMWXIH ERH XLEX LEH TVIZMSYWP] HIQSRWXVEXIH GSQTPM GLIQMGEPW 1SWX JMVI I\XMRKYMWLIVW LEZI E RYQIVMGEP MRHI\ MR
ERGI [MXL 90 XLI WIGSRH ERH XLMVH TPEGIW FIGEYWI XLI] EVI RSRJPEQQEFPI
)\XMRKYMWLIV QERYJEGXYVIVW EVI EPPS[IH XS QERYJEGXYVI ERH VIPEXMZIP] MRIVX
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90 PMWXMRK QEVO YRXMP 3GXSFIV ,EPSR I\XMRKYMWLIVW GYV XIV -RG MR 'LMGEKS -0 SV JVSQ XLI 2EXMSREP 4EMRX ERH 'SEXMRKW
VIRXP] MR YWI [MPP GSRXMRYI XS FI PMWXIH FI]SRH XLI HEXI %WWSGMEXMSR MR ;EWLMRKXSR (' )\XMRKYMWLIV GSRXIRXW MRJSVQE
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% 8LI QERYEP GER FI WTIGMJMG XS XLI JMVI I\XMRKYMWLIV XLI JVSRX SJ XLI I\XMRKYMWLIV YRPIWW RSXIH F] XLI STIVEX
MRZSPZIH SV MX GER GSZIV QER] X]TIW MRK MRWXVYGXMSRW
3TIVEXMRK -RWXVYGXMSRW1EVOMRK 8LI I\XMRKYMWLIV WXERHEVHW
% 8LI VIUYMVIQIRX MR FVMRKW XLI WXERHEVH MRXS PMRI MRGPYHMRK XLI VIZMWMSR SJ 90 QERHEXIH XLI YWI SJ
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HEVH JSV (V] 'LIQMGEP *MVI )\XMRKYMWLIVW ERH XS %27-90 FYX 'PEWW ( I\XMRKYMWLIVW ERH [LIIPIH I\XMRKYMWLIVW 8LIWI
,SWI 8LI IHMXMSR SJ 90 VIUYMVIW I\XMRKYMWLIVW VEXIH VIUYMVIQIRXW EPWS GEQI SYX SJ XLI RSZMGI JMVI XIWXW [LMGL
% SV LMKLIV SV & SV LMKLIV XS FI IUYMTTIH [MXL E HMWGLEVKI WLS[IH QER] MRHMZMHYEPW XEOMRK XSS PSRK XS VIEH ERH YRHIV
LSWI &IJSVI XLMW GLERKI EPQSWX EPP PF OK I\XMRKYMWLIVW WXERH XLI [VMXXIR STIVEXMRK MRWXVYGXMSRW 8LI RSZMGI XIWXW EG
ERH QER] PF OK I\XMRKYMWLIVW [IVI IUYMTTIH [MXL E JM\IH XYEPP] HIZIPSTIH XLI TMGXSKVETLMG STIVEXMRK MRWXVYGXMSRW
RS^^PI SR XLI SYXPIX SJ XLI I\XMRKYMWLIV ZEPZI ERH [MXLSYX LSWIW ERH XIWXIH XLIQ SR RSZMGI STIVEXSVW JSV IJJIGXMZIRIWW 8LI
8LIWI I\XMRKYMWLIVW VEXIH % XS % ERH & XS & EVI YWIH HIXEMPW SJ XLI RYQFIV SJ MRWXVYGXMSRW TIV TMGXSKVEQ GEQI
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'LETXIV 8S TVSTIVP] YWI SRI SJ XLIWI I\XMRKYMWLIVW XLI YWIV MQTIXYW JSV QEOMRK XLI YWI GSHI W]QFSPW JSV XLI ZEVMSYW
QYWX OIIT MX MR XLI YTVMKLX TSWMXMSR ETTP] XLI HV] GLIQMGEP XS XLI GPEWWIW SJ JMVIW QSVI YRHIVWXERHEFPI 8LI RI[ TMGXSKVETLMG
FEWI SJ XLI JMVI ERH W[IIT XLI HMWGLEVKI FEGO ERH JSVXL 8LI YWI GSHI W]QFSPW [IVI EPWS QERHEXIH MR EW [IPP EW E
VIUYMVIQIRX JSV XLI EHHMXMSR SJ E LSWI XS XLIWI I\XMRKYMWLIVW GEQI YRMJSVQ QIXLSH SJ ETTP]MRK % & ERH ' W]QFSPW XS I\XMR
SYX SJ XLI RSZMGI JMVI XIWXW WTSRWSVIH F] 9RHIV[VMXIVW 0EFSVEXSVMIW KYMWLIVW [MXL %&' SV &' SRP] VEXMRKW 8LI VIWYPX [EW E YRM
90 ERH XLI *MVI )UYMTQIRX 1ERYJEGXYVIVW %WWSGMEXMSR 8LI JSVQ GSRWMWXIRX WIX SJ IEWMP] YRHIVWXSSH W]QFSPW XLEX QEHI
JMPQ JSSXEKI SJ XLIWI XIWXW WLS[W XLEX XLSWI [LS LEH RIZIV YWIH E XLI I\XMRKYMWLIV QSVI YWIV JVMIRHP]
JMVI I\XMRKYMWLIV FIJSVI SJXIR YWIH FSXL LERHW XS STIVEXI XLIWI 7IVZMGI 1ERYEPW 8LI I\XMRKYMWLIV WXERHEVHW MRGPYHMRK
I\XMRKYMWLIVW XYVRMRK XLI I\XMRKYMWLIV G]PMRHIV MR E LSVM^SRXEP 90 JSV XLI JMVWX XMQI QERHEXIH XLEX I\XMRKYMWLIV
TSWMXMSR [LMPI WUYII^MRK XLI LERHPI ERH PIZIV XS STIR XLI ZEPZI QERYJEGXYVIVW LEZI E WIVZMGI QERYEP JSV XLIMV TVSH
7SQIXMQIW XLI] IZIR MRZIVXIH XLI I\XMRKYMWLIV 8LI VIWYPX SJ WYGL YGXW -R EHHMXMSR XLI IHMXMSR SJ 90 VIUYMVIH E
EGXMSRW MW E TEVXMEP HMWGLEVKI SJ XLI I\XMRKYMWLIV GSRXIRXW SV TSW VIJIVIRGI XS XLI WIVZMGIQEMRXIRERGI QERYEP SR XLI
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XLI JMVI GER FI EGLMIZIH 8LI EHHMXMSR SJ E LSWI EPWS QEOIW MX [IVI RSX VIUYMVIH
QYGL IEWMIV XS HMVIGX XLI HMWGLEVKI EX XLI FEWI SJ XLI JPEQIW ERH XS % *MVI I\XMRKYMWLIVW QERYJEGXYVIH F] GSQTERMIW XLEX
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YTVMKLX TSWMXMSR -R JEGX MX MW EPQSWX MQTSWWMFPI XS HS SXLIV[MWI HERGI [MXL XLI QERYJEGXYVIVvW WIVZMGI QERYEP ;LIR XLIWI
WMRGI SRI LERH STIRW XLI ZEPZI ERH XLI SXLIV LERH [LMGL LSPHW I\XMRKYMWLIVW VIUYMVI VIGLEVKMRK SV QEMRXIRERGI ERH XLI VI
XLI LSWI HMVIGXW XLI HMWGLEVKI WXVIEQ XS XLI JMVI -X MW MQTSVXERX XS UYMVIH I\XMRKYMWLMRK EKIRX SV RIGIWWEV] VITEMV TEVXW EVI RSX
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I\XMRKYMWLIV ERH VITPEGIH [MXL E LSWI ERH RS^^PI ,EPSKIREXIH EKIRX X]TI *SV LEPSKIREXIH EKIRXzX]TI JMVI I\
1MRMQYQ (MWGLEVKI 8MQI 8LMW VIUYMVIQIRX JSYRH MR XLI XMRKYMWLIVW WII
IHMXMSR SJ 90 VIUYMVIW E QMRMQYQ WIGSRH HMW 1YPXMTYVTSWI HV] GLIQMGEP X]TI
GLEVKI HYVEXMSR JSV ER I\XMRKYMWLIV VEXIH % SV LMKLIV 8LI ;IX GLIQMGEP X]TI
WIGSRH QMRMQYQ VIUYMVIQIRX [EW XLI VIWYPX SJ VIGSQ
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% &IJSVI EPQSWX EPP %VEXIH HV] GLIQMGEP LEÊVHW EVI EW JSPPS[W
I\XMRKYMWLIVW LEH HMWGLEVKI HYVEXMSRW SJ SRP] WIGSRHW XS %UYISYW JMPQJSVQMRK JSEQ %***
WIGSRHW 8LI RSZMGI JMVI XIWXW GPIEVP] WLS[IH XLEX PSRKIV
*MPQJSVQMRK JPYSVSTVSXIMR JSEQ ***4
HMWGLEVKI HYVEXMSR VIWYPXIH MR ER MRGVIEWIH PMOIPMLSSH SJ I\
'EVFSR HMS\MHI
XMRKYMWLQIRX 8LI VIZMWMSR XS 90 QERHEXIH E TIV
(V] GLIQMGEP X]TI
GIRX XS TIVGIRX MRGVIEWI MR XLI QMRMQYQ HMWGLEVKI HYVE
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EKIRXW SV XIGLRMUYIW 7II 2*4% JSV EHHMXMSREP MRJSV F] 2*4%
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*MVI SJ LMKL MRXIRWMX] GER SGGYV MR GIVXEMR QIXEPW -KRMXMSR FYWXMFPI TVSHYGX XLEX MW MR WPEXXIH [SSHIR GVEXIW WSPMH [SSH
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QSMWXYVI SV I\TSWYVI JVSQ E JMVI MR SXLIV GSQFYWXMFPI
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XYVRMRKW SV WLEZMRKW EVIEW MRHMZMHYEP TVSHYGX HMWTPE] WLS[VSSQW TVSHYGX GSRZIR
XMSR GIRXIV HMWTPE]W ERH WXSVEKI ERH QERYJEGXYVMRK TVSGIWWIW
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WYGL EW TEMRXMRK HMTTMRK ERH GSEXMRK MRGPYHMRK JPEQQEFPI
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MRGMTMIRX JMVI MW HMVIGXP] VIPEXIH XS XLI UYERXMX] SJ GSQFYWXMFPI QQ [LMGL RSVQEPP] SGGYV [MXLMR GSRXEMRIH EVIEW WYGL
QEXIVMEP GSRXIRXW MRXIVMSV JMRMWL SV FSXL MRZSPZIH 8LI EW GSPPIGXMSR TERW WSPZIRX HMTTMRK STIVEXMSRW ERH MRHYWXVMEP
EQSYRX SJ GSQFYWXMFPIW MW WSQIXMQIW VIJIVVIH XS EW XLI JMVI UYIRGL XEROW 8LI WIPIGXMSR SJ ER I\XMRKYMWLMRK EKIRX ERH
PSEHMRK SJ E FYMPHMRK JMKYVIH EW XLI EZIVEKI TSYRHW SJ GSQ LEVH[EVI WLSYPH FI QEHI SR XLI FEWMW SJ XLI JYIP TVSTIVXMIW
FYWXMFPIW TIV WUYEVI JSSX SJ EVIE 8LI PEVKIV XLI EQSYRX SJ ERH XSXEP WYVJEGI EVIE MRZSPZIH 7YFWIGXMSR TVSZMHIW
GSQFYWXMFPIW XLI KVIEXIV XLI JMVI PSEHMRK ERH XLI KVIEXIV XLI KYMHERGI JSV SGGYTERGMIW &IGEYWI XLI QIXLSH YWIH XS VEXI
TSXIRXMEP JMVI LEÊVH XLEX XLI JMVI I\XMRKYMWLIV GSYPH FI GEPPIH 'PEWW & JMVI I\XMRKYMWLIVW MW FEWIH SR XLI WUYEVI JSSX WYVJEGI
YTSR XS GSQFEX &EWIH SR XLMW GSRGITX 'PEWW % JMVI I\XMR EVIE SJ XIWX TERW GSRXEMRMRK E QMRMQYQ SJ MR QQ SJ
KYMWLIVW EVI EPPSGEXIH EGGSVHMRK XS XLI EZIVEKI JMVI PSEHMRK LITXERI JYIP XLI I\XMRKYMWLIV VEXMRK GER FI E YWIJYP VIJIVIRGI
XLEX GSYPH FI IRGSYRXIVIH MR XLI SGGYTERG] XS FI TVSXIGXIH MR XLI WIPIGXMSR SJ ER ETTVSTVMEXI I\XMRKYMWLIV JSV E PMUYMHMR
HITXL JMVI 8LIWI JMVI WMXYEXMSRW GER FI GSQTPMGEXIH SV MRXIR
' :MVXYEPP] IZIV] WXVYGXYVI IZIR MJ SJ JMVIVIWMWXMZI SV RSR WMJMIH MJ XLI JYIP MW WTPEWLIH F] XLI MQTVSTIV ETTPMGEXMSR SJ XLI
GSQFYWXMFPI GSRWXVYGXMSR LEW WSQI GSQFYWXMFPI FYMPHMRK I\XMRKYMWLMRK EKIRX
GSQTSRIRXW MR XLI JSVQ SJ MRXIVMSV JMRMWL TEVXMXMSRW ERH WS
JSVXL 8LYW JSV FYMPHMRK TVSXIGXMSR JMVI I\XMRKYMWLIVW WYMX ' 'PEWW & SFWXEGPI JMVI WMXYEXMSRW TVIWIRX WSQI EHHM
EFPI JSV 'PEWW % JMVIW EVI WXERHEVH 0MOI[MWI MR ZMVXYEPP] IZIV] XMSREP I\XMRKYMWLIV EKIRX LEVH[EVI ERH ETTPMGEXMSR GSRWMH
WMXYEXMSR [LIXLIV MX FI E FYMPHMRK E ZILMGPI SV ER SYXHSSV IVEXMSRW %*** ERH ***4 JSEQ TSVXEFPI I\XMRKYMWLIVW EVI GE
I\TSWYVI SVHMREV] GSQFYWXMFPI QEXIVMEPW EVI JSYRH TEFPI SJ I\XMRKYMWLMRK ERH WIGYVMRK LSVM^SRXEP JPEQQEFPI
PMUYMH WMXYEXMSRW F] WYTTVIWWMRK GSQFYWXMFPI ZETSVW ERH EVI
' -X MW EPWS XVYI XLEX [LIVI SVHMREV] GSQFYWXMFPIW EVI SJXIR XLI FIWX GLSMGI JSV SFWXEGPI JMVI LEÊVH WMXYEXMSRW [LIR
TVIWIRX XLIVI GSYPH FI XLI RIIH JSV JMVI I\XMRKYMWLIVW WYMX SRP] SRI ETTPMGEXMSR TSMRX QMKLX FI ERXMGMTEXIH EX XLI XMQI SJ
EFPI JSV YWI SR 'PEWW & ERH 'PEWW ' JMVIW IK MR XLI HMRMRK E JMVI 2SRWIGYVMRK SV RSRZETSV WYTTVIWWMRK X]TIW SJ 'PEWW &
EVIEW SJ E VIWXEYVERX XLI TVMRGMTEP GSQFYWXMFPIW TVIWIRX EVI I\XMRKYMWLMRK EKIRXW GER SJXIR SRP] FI WYGGIWWJYPP] YXMPMÎH
[SSH TETIV ERH JEFVMGW [LMGL EVI 'PEWW % QEXIVMEPW LS[IZIV MR [LIR XLI] EVI ETTPMIH WMQYPXERISYWP] JVSQ QYPXMTPI PSGEXMSRW
XLI OMXGLIR EVIE XLI IWWIRXMEP LEÊVH MRZSPZIW GSQFYWXMFPI GSSO XS IPMQMREXI ER] FPMRH WTSX TVIWIRXIH F] ER SFWXEGPI 7TIGMEP
MRK SMPW ERH E 'PEWW / JMVI I\XMRKYMWLIV WLSYPH FI MRWXEPPIH RSRWIGYVMRK EKIRX X]TIW SJ JMVI I\XMRKYMWLIVW XLEX LEZI LMKLIV
' %W ERSXLIV I\EQTPI EPXLSYKL MR LSWTMXEPW XLIVI MW E EKIRX HMWGLEVKI JPS[ VEXIW WYJJMGMIRX XS IJJIGXMZIP] [VET EVSYRH
KIRIVEP RIIH JSV 'PEWW % JMVI I\XMRKYMWLIVW XS GSZIV WTEGIW ER SFWXEGPI GER EPWS WYGGIWWJYPP] EGGSQTPMWL I\XMRKYMWLQIRX
WYGL EW XLI TEXMIRXWv VSSQW GSVVMHSVW SJJMGIW ERH WS JSVXL 8LI W]WXIQ YWIH XS VEXI 'PEWW & JMVI I\XMRKYMWLIVW MW RSX ETTPM
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LERHPIH ERH MR IPIGXVMGEP W[MXGLKIEV SV KIRIVEXSV VSSQW XLI IUYMTQIRX QERYJEGXYVIVvW VIGSQQIRHEXMSRW
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UYMVIQIRXW OIITMRK MR QMRH XLI ZEVMIX] SJ GSRHMXMSRW XLEX I\MWX TVIWIRX WTIGMEP I\XMRKYMWLIV EKIRX LEVH[EVI ERH ETTPMGEXMSR
MR XLEX TEVXMGYPEV EVIE 'PEWW / JMVI I\XMRKYMWLIVW WLSYPH FI MR GSRWMHIVEXMSRW &IGEYWI XLI FYVRMRK JYIP MW QSZMRK 'PEWW &
WXEPPIH MR OMXGLIR EVIEW [LIVI GSSOMRK SMPW ERH JEXW EVI YWIH JSEQ EKIRXW GERRSX WYGGIWWJYPP] I\XMRKYMWL XLIWI WMXYEXMSRW
' 'PEWW & JPEQQEFPI PMUYMHW ERH KEWIW X]TMGEPP] FYVR MR 8LI TSXIRXMEP WMÎ SJ XLIWI JMVIW SJXIR HMGXEXIW XLI FIWX EKIRX
SRI SV QSVI SJ XLI JSPPS[MRK JMZI FEWMG GSRJMKYVEXMSRW ERH IJJIGXMZI HMWGLEVKI GLEVEGXIVMWXMGW RIGIWWEV] 8LI ETTPMGE
XMSR SJ ER I\XMRKYMWLMRK EKIRX SRXS KVEZMX]JIH X]TIW SJ JMVIW MW
7TMPP JMVIW [LMGL EVI YRGSRXEMRIH LSVM^SRXEP PMUYMH JYIP YWYEPP] FIWX EGGSQTPMWLIH [LIR I\XMRKYMWLQIRX MW WXEVXIH EX
WMXYEXMSRW XLI FSXXSQ SV PS[IWX PIZIP ERH XLIR [SVOIH YT[EVH 8LI W]W
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KVIEXIV XLER MR QQ XLIWI X]TIW SJ JMVI LEÊVH WMXYEXMSRW 8LI WIPIGXMSR SJ I\XMR
3FWXEGPI JMVIW [LMGL EVI JYIP WMXYEXMSRW GSQTPIXIP] WYV KYMWLIVW JSV XLIWI LEÊVHW WLSYPH FI QEHI SR XLI FEWMW SJ XLI
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ZSPZI OMXGLIR ETTPMERGIW GSRXEMRMRK UYERXMXMIW SJ GSSOMRK
WMÊFPI X]TI SJ TVIWWYVI JMVI 7TIGMEP I\XMRKYMWLIV RS^^PI HI KVIEWIW SV SMPW XLEX TVIWIRX WTIGMEP LEÊVH I\XMRKYMWLQIRX ERH
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QMRMQYQ GVMXMGEP ETTPMGEXMSR XLVIWLSPHW SJ E TEVXMGYPEV JYIP XS WETSRMJ] ERH GVIEXI E XLMGO LIEZ] PSRKPEWXMRK X]TI SJ JSEQ
EVI RIGIWWEV] 8LI ETTPMGEXMSR SJ ER I\XMRKYMWLMRK EKIRX SRXS FPEROIX YTSR XLI LSX GSSOMRK QIHME WYVJEGI WIEP SYX XLI S\]
TVIWWYVI JMVI WMXYEXMSRW MW YWYEPP] FIWX EGGSQTPMWLIH [LIR XLI KIR GSSP XLI GSSOMRK QIHME ERH OIIT XLIWI JMVIW I\XMR
HMWGLEVKI SJ EKIRX MW MRNIGXIH EX ER ETTVS\MQEXI ERKPI FIX[IIR KYMWLIH 'PEWW / PMWXIH JMVI I\XMRKYMWLIVW LEZI IJJIGXMZIP] HIQ
HIKVIIW ERH HIKVIIW XLVSYKL XLI WSYVGI SJ XLI JYIP ERH SRWXVEXIH XLI EFMPMX] XS EHHVIWW XLIWI GSQQIVGMEP OMXGLIR
[SVOMRK XLI JPEQI SYX[EVH IJJIGXMZIP] [MTMRK XLI JPEQI SJJ XLI LEÊVHW
JYIP 8LI W]WXIQ YWIH XS VEXI 'PEWW & JMVI I\XMRKYMWLIVW MW RSX
ETTPMGEFPI XS XLIWI X]TIW SJ JMVI LEÊVH WMXYEXMSRW 8LI WIPIGXMSR ' 7IPIGXMRK XLI 6MKLX *MVI )\XMRKYMWLIV
SJ I\XMRKYMWLIVW JSV XLIWI LEÊVHW WLSYPH FI QEHI SR XLI FEWMW SJ ' 7IPIGXMRK XLI VMKLX JMVI I\XMRKYMWLIV JSV XLI GPEWW SJ
XLI IUYMTQIRX QERYJEGXYVIVvW VIGSQQIRHEXMSRW LEÊVH HITIRHW SR E GEVIJYP EREP]WMW SJ XLI EHZERXEKIW ERH
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SJ JMVI YRPIWW XLIVI MW VIEWSREFPI EWWYVERGI XLEX XLI WSYVGI SJ EZEMPEFPI 8LI JSPPS[MRK TEVEKVETLW VIZMI[ WSQI SJ XLI TSMRXW
JYIP GER FI WLYX SJJ TVSQTXP] XLEX WLSYPH FI GSRWMHIVIH
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FEWIH SR JPEQQEFPI PMUYMH JMVIW SJ ETTVIGMEFPI HITXL 8LI
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RYQFIV XLYW HIVMZIH MW ER ETTVS\MQEXI MRHMGEXMSR SJ XLI VIPE
TVIWWYVI [EXIV JMVI I\XMRKYMWLIV 8LIWI JMVI I\XMRKYMWLIVW EVI
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SR TVIWWYVMÎH JPEQQEFPI PMUYMHW ERH TVIWWYVMÎH KEW JMVIW VI PSRKIV QERYJEGXYVIH %R MQTSVXERX EHZERXEKI SJ XLI WXSVIH
UYMVIW WTIGMEP GSRWMHIVEXMSR *MVIW SJ XLMW REXYVI EVI GSRWMH TVIWWYVI [EXIV X]TI EW STTSWIH XS XLI MRZIVXMRK X]TI MW MXW
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I\XMRKYMWLIVW WLSYPH FI IQTPS]IH 3XLIV X]TIW SJ 'PEWW EFPI JSV YWI EX JVII^MRK GSRHMXMSRW [LIR GLEVKIH EW WTIGMJMIH
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RS^^PI HIWMKRW ERH VEXIW SJ ETTPMGEXMSR EVI VIUYMVIH XS GSTI X]TI GERRSX FI STIVEXIH [LMPI FIMRK GEVVMIH MX MW GSRWMHIVIH
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SJ JMVI YRPIWW XLIVI MW VIEWSREFPI EWWYVERGI XLEX XLI WSYVGI SJ XMSRW -X MW ER I\GIPPIRX GLSMGI JSV YWI EW E WXERHF] JMVI I\XMR
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MRKW MR VIQSXI PSGEXMSRW ERH JSV YWI F] XLI GSRWXVYGXMSR
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PIGXIH WLSYPH FI FEWIH SR XLI JSPPS[MRK GPIER [EXIV WYTTP] GER FI YWIH [MXLSYX XLI RIIH JSV TVIWWYV
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SJ XLI ZEVMSYW GERHMHEXI JMVI I\XMRKYMWLIVW XLEX GSYPH FI TVS JPEQQEFPI PMUYMH JMVIW SJ ETTVIGMEFPI HITXL MW XLI EFMPMX] SJ XLI
ZMHIH XS QIIX JMVI TVSXIGXMSR RIIHW EKIRX XS JPSEX SR ERH WIGYVI XLI PMUYMH WYVJEGI [LMGL LIPTW XS
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GLMTW SV PMUYMH WXEXIW XLEX FYVR EX I\XVIQIP] LMKL XIQTIVE TEP EHZERXEKI SJ '3 JMVI I\XMRKYMWLIVW MW XLEX XLI EKIRX HSIW
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JMVI (IITWIEXIH JMVIW WLSYPH FI XLSVSYKLP] WSEOIH ERH QMKLX QSHIPW XLI GEVV]MRK LERHPI MW GSQFMRIH [MXL XLI TYQT
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X]TI EVI YWYEPP] EZEMPEFPI MR KEP 0 GETEGMX] [MXL E JMVI GLEVKMRK XLI [EXIV SRXS XLI JMVI 8LI TYQT MW SJ XLI HSYFPI
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[EXIV XLMW JMVI I\XMRKYMWLIV GERRSX FI MRWXEPPIH MR EVIEW WYF ERH XLI HS[R WXVSOIW ;LIR FVSYKLX XS E JMVI XLI TYQT XERO
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JMVI I\XMRKYMWLIV MW EPWS QERYJEGXYVIH MR ER ERXMJVIIÎ QSHIP TYXW SRI JSSX SR E WQEPP I\XIRWMSR FVEGOIX EXXEGLIH XS XLI
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XIQTIVEXYVIW EW PS[ EW n* n' 8LI JMVI I\XMRKYMWLIV TYQTW XLI LERHPI YT ERH HS[R 8S [SVO EVSYRH XLI JMVI SV XS
[IMKLW EFSYX PF OK ERH LEW E WSPMH WXVIEQ VERKI SJ QSZI GPSWIV XS XLI JMVI EW XLI JPEQIW WYFWMHI XLI STIVEXSV
ETTVS\MQEXIP] JX XS JX Q XS Q LSVM^SRXEPP] RIIHW XS WXST TYQTMRK ERH GEVV] XLI JMVI I\XMRKYMWLIV XS E
8LMW JMVI I\XMRKYMWLIV GER FI STIVEXIH MRXIVQMXXIRXP] FYX YR RI[ PSGEXMSR 8LI JSVGI VERKI ERH HYVEXMSR SJ XLI WXVIEQ EVI
HIV GSRXMRYSYW YWI MX LEW E HMWGLEVKI XMQI SJ EFSYX WIGSRHW HITIRHIRX XS E HIKVII SR XLI STIVEXSV
8LI STIVEXMRK PIZIV MW LIPH MR E PSGOIH TSWMXMSR XS TVIZIRX EGGM 4YQT XERO JMVI I\XMRKYMWLIVW GER FI JMPPIH [MXL IMXLIV TPEMR
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WERXW GSYPH GSVVSHI XLI JMVI I\XMRKYMWLIV HEQEKI XLI TYQT
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XMEP % JSV 'PEWW % JMVIW
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4VIWWYVI
EVI MRXIRHIH JSV YWI SR 'PEWW % ERH 'PEWW & JMVIW 3R JPEQ KEYKI
QEFPI PMUYMH JMVIW SJ ETTVIGMEFPI HITXL FIWX VIWYPXW EVI SF 'EVV]MRK
XEMRIH [LIR XLI HMWGLEVKI JVSQ XLI JMVI I\XMRKYMWLIV MW TPE]IH LERHPI
EKEMRWX XLI MRWMHI SJ XLI FEGO [EPP SJ XLI ZEX SV XERO NYWX EFSZI
XLI FYVRMRK WYVJEGI XS TIVQMX XLI REXYVEP WTVIEH SJ XLI EKIRX
%RXMSZIVJMPP
FEGO SZIV XLI FYVRMRK PMUYMH -J XLMW GERRSX FI HSRI XLI ST XYFI
IVEXSV WLSYPH WXERH JEV IRSYKL E[E] JVSQ XLI JMVI XS EPPS[ XLI
EKIRX XS JEPP PMKLXP] SR XLI FYVRMRK WYVJEGI { XLI WXVIEQ
WLSYPH RSX FI HMVIGXIH MRXS XLI FYVRMRK PMUYMH ;LIVI TSW 4VIQM\IH
WMFPI XLI STIVEXSV WLSYPH [EPO EVSYRH XLI JMVI [LMPI HMVIGXMRK WSPYXMSR
XLI WXVIEQ XS KIX QE\MQYQ GSZIVEKI HYVMRK XLI HMWGLEVKI
TIVMSH *SV JMVIW MR SVHMREV] GSQFYWXMFPI QEXIVMEPW XLI EKIRX
GER FI YWIH XS GSEX XLI FYVRMRK WYVJEGI HMVIGXP] *SV JPEQ
QEFPI PMUYMH WTMPP JMVIW XLI EKIRX GSYPH FI JPS[IH SZIV E FYVR
MRK WYVJEGI F] FSYRGMRK MX SJJ XLI JPSSV NYWX MR JVSRX SJ XLI %MVEWTMVEXMRK
FYVRMRK EVIE *MPQJSVQMRK JSEQ EKIRXW EVI RSX IJJIGXMZI SR JSEQRS^^PI 7MTLSRXYFI
JPEQQEFPI PMUYMHW ERH KEWIW IWGETMRK YRHIV TVIWWYVI SV SR
GSSOMRK KVIEWI JMVIW
( %*** ERH ***4 *MVI I\XMRKYMWLIVW SJ XLIWI X]TIW EVI
YWYEPP] EZEMPEFPI MR LERH TSVXEFPI QSHIPW SJ KEP 0 ERH *-+96) ( 7XSVIH4VIWWYVI %*** SV ***4 0MUYMH )\XMR
KEP 0 ERH MR [LIIPIH QSHIPW LEZMRK E PMUYMH GETEG KYMWLIV
MX] SJ KEP 0 8LIWI JMVI I\XMRKYMWLIVW LEZI VEXMRKW SJ
%& %& ERH %& VIWTIGXMZIP] 8LI I\XMR
KYMWLMRK EKIRX MW E WSPYXMSR SJ JMPQJSVQMRK WYVJEGXERX MR [EXIV FYVRMRK EVIE +IRIVEPP] XLI LSVR MW RSX QSZIH EW MR XLI SXLIV
XLEX JSVQW QIGLERMGEP JSEQ [LIR HMWGLEVKIH XLVSYKL ER EW QIXLSH FIGEYWI XLI HMWGLEVKI WXVIEQ IRXIVW XLI JMVI JVSQ
TMVEXMRK RS^^PI 3R 'PEWW % JMVIW XLI EKIRX EGXW EW FSXL E GSSP EFSZI ERH WTVIEHW SYX MR EPP HMVIGXMSRW SZIV XLI FYVRMRK WYV
ERX ERH E TIRIXVERX XS VIHYGI XIQTIVEXYVIW XS FIPS[ XLI MKRM JEGI *SV WTMPP JMVIW XLI WMHIXSWMHI W[IITMRK QSXMSR GSYPH
XMSR PIZIP 3R 'PEWW & JMVIW XLI EKIRX EGXW EW E FEVVMIV XS KMZI FIXXIV VIWYPXW
I\GPYHI EMV SV S\]KIR JVSQ XLI JYIP WYVJEGI 3R JMVIW MRZSPZMRK IPIGXVMGEP IUYMTQIRX HMWGLEVKI WLSYPH
+VEHIW SJ XLIWI EKIRXW EVI EPWS WYMXEFPI JSV XLI TVSXIGXMSR FI HMVIGXIH EX XLI WSYVGI SJ XLI JPEQIW -X MW MQTSVXERX XS HI
SJ [EXIVWSPYFPI JPEQQEFPI PMUYMHW TSPEV WSPZIRXW WYGL EW EP IRIVKMÎ XLI IUYMTQIRX EW WSSR EW TSWWMFPI XS IPMQMREXI XLI
GSLSPW EGIXSRI IWXIVW OIXSRIW ERH WS JSVXL 8LI WYMXEFMPMX] SJ TSXIRXMEP SJ VIMKRMXMSR 'EVFSR HMS\MHI EKIRXW EVI RSX WYMXEFPI
XLIWI JMVI I\XMRKYMWLIVW JSV TSPEV WSPZIRX JMVIW WLSYPH FI VIJIV JSV YWI SR TVIWWYVMÎH JYIP JMVIW SV GSSOMRK KVIEWI JMVIW
IRGIH WTIGMJMGEPP] SR XLI REQITPEXI 8LIWI EKIRXW EVI RSX WYMX 8LI GEVFSR HMS\MHI EKIRX I\XMRKYMWLIW F] HMPYXMRK XLI WYV
EFPI JSV YWI SR TVIWWYVMÎH JYIP JMVIW SV GSSOMRK KVIEWI JMVIW VSYRHMRK EXQSWTLIVI [MXL ER MRIVX KEW WS XLEX S\]KIR PIZIPW
7TIGMJMG MRJSVQEXMSR SR XLI TVSTIVXMIW ERH PMQMXEXMSRW SJ EVI OITX FIPS[ XLI TIVGIRXEKI VIUYMVIH JSV GSQFYWXMSR
%*** ERH ***4 EVI GSRXEMRIH MR 2*4% ;LIR XLMW X]TI SJ JMVI I\XMRKYMWLIV MW YWIH MR ER YRZIRXMPEXIH
8LI LERH TSVXEFPI QSHIPW GPSWIP] VIWIQFPI WXSVIHTVIWWYVI WTEGI WYGL EW E WQEPP VSSQ GPSWIX SV SXLIV GSRJMRIH EVIE
[EXIV JMVI I\XMRKYMWLIVW I\GITX JSV XLI WTIGMEP X]TIW SJ RS^^PIW WII TVSPSRKIH SGGYTERG] SJ XLEX WTEGI GER VIWYPX MR XLI PSWW SJ
*MKYVI ( ;LIIPIH X]TIW EVI STIVEXIH F] E WITEVEXI RMXVS GSRWGMSYWRIWW HYI XS S\]KIR HIJMGMIRG]
KIR G]PMRHIV GSRXEMRMRK XLI I\TIPPERX KEW [LMGL [LIR VIPIEWIH ,ERH JMVI I\XMRKYMWLIVW SJ XLMW X]TI EVI YWYEPP] EZEMPEFPI EX
TVIWWYVMÎW XLI EKIRX GSRXEMRIV 8LI HMWGLEVKI MW GSRXVSPPIH F] E GETEGMXMIW JVSQ PF XS PF OK XS OK LEZMRK JMVI I\XMR
WTIGMEP EWTMVEXMRK WLYXSJJ X]TI SJ RS^^PI EX XLI IRH SJ XLI LSWI KYMWLQIRX VEXMRKW JVSQ &' XS &' 'EVFSR HMS\MHI JMVI I\
EWWIQFP] 8LIWI X]TIW SJ JMVI I\XMRKYMWLIVW GER FI YWIH SRP] MR XMRKYMWLIVW QMKLX LEZI E PMQMXIH IJJIGX SR HIITWIEXIH JMVIW MR
PSGEXMSRW RSX WYFNIGX XS JVII^MRK GSRHMXMSRW YRPIWW WTIGMEP QIE IPIGXVMGEP IRGPSWYVIW ;LIIPIH GEVFSR HMS\MHI JMVI I\XMRKYMWLIVW
WYVIW VIGSQQIRHIH F] XLI QERYJEGXYVIV EVI TVSZMHIH XS TVI EVI YWYEPP] EZEMPEFPI MR GETEGMXMIW JVSQ PF XS PF OK XS
ZIRX XLI EKIRX JVSQ JVII^MRK OK LEZMRK JMVI I\XMRKYMWLQIRX VEXMRKW JVSQ &' XS &'
8LI GEVFSR HMS\MHI MW VIXEMRIH YRHIV MXW S[R TVIWWYVI MR E JPYMH
( 'EVFSR (MS\MHI 8]TI 8LMW X]TI SJ JMVI I\XMRKYMWLIV MW GSRHMXMSR EX VSSQ XIQTIVEXYVI 8LI EKIRX MW WIPJI\TIPPMRK ERH MW
TVMQEVMP] MRXIRHIH JSV YWI SR 'PEWW & ERH 'PEWW ' JMVIW 'EVFSR HMWGLEVKIH F] STIVEXMSR SJ E ZEPZI XLEX GEYWIW XLI GEVFSR HMS\MHI
HMS\MHI JMVI I\XMRKYMWLIVW LEZI E PMQMXIH VERKI ERH EVI EJ XS FI I\TIPPIH XLVSYKL E LSVR MR MXW ZETSV ERH WSPMH TLEWI 8S FI
JIGXIH F] HVEJX ERH [MRH XLYW MRMXMEP ETTPMGEXMSR RIIHW XS WXEVX STIVEXIH XLI JMVI I\XMRKYMWLIV MW LIPH MR ER YTVMKLX TSWMXMSR XLI
VIEWSREFP] GPSWI XS XLI JMVI 3R EPP JMVIW XLI HMWGLEVKI WLSYPH PSGOMRK VMRK TMR MW TYPPIH ERH XLI STIVEXMRK PIZIV MW WUYIIÎH
FI HMVIGXIH EX XLI FEWI SJ XLI JPEQIW 8LI HMWGLEVKI WLSYPH FI 3R XLI WQEPPIV PF XS PF OK XS OK QSHIPW XLI HMW
ETTPMIH XS XLI FYVRMRK WYVJEGI IZIR EJXIV XLI JPEQIW EVI I\XMR GLEVKI LSVR MW EXXEGLIH XS XLI ZEPZI EWWIQFP] F] E QIXEP XYFI
KYMWLIH XS EPPS[ EHHIH XMQI JSV GSSPMRK ERH XS TVIZIRX TSW W[MRK NSMRX GSRRIGXSV 8LI WQEPPIV QSHIPW EVI HIWMKRIH XS FI
WMFPI VIJPEWL 8LI QSWX GSQQSRP] YWIH QIXLSH SJ EKIRX ETTPM STIVEXIH [MXL SRI LERH 3R XLI PEVKIV LERH TSVXEFPIW XLI HMW
GEXMSR SR GSRXEMRIH JPEQQEFPI PMUYMH JMVIW MW XS WXEVX EX XLI GLEVKI LSVR MW EXXEGLIH XS WIZIVEP JIIX SJ JPI\MFPI LSWI 8LIWI JMVI
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OK XS PF OK XS OK JSV [LIIPIH JMVI I\XMRKYMWL [LIVI WXVSRK [MRHW TVIZEMP %PP HV] GLIQMGEP EKIRXW GER FI
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I\XMRKYMWLIVW ERH PF XS PF OK XS OK JSV [LIIPIH [IX IRIVKMÎH IPIGXVMGEP IUYMTQIRX WYGL EW VEMRWSEOIH YXMPMX]
JMVI I\XMRKYMWLIVW TSPIW LMKLZSPXEKI W[MXGL KIEV ERH XVERWJSVQIVW GER EKKVE
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PERX KEW MR E WMRKPI RSRVIYWEFPI JEGXSV]JMPPIH GSRXEMRIV 1SWX HYGI XLI IJJIGXMZIRIWW SJ MRWYPEXMSR TVSXIGXMSR 8LI VIQSZEP
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FEWI TSXEWWMYQ GLPSVMHI FEWI ERH TSXEWWMYQ FMGEVFSREXI QSMWX [IX [MXL [EXIV SV [EXIVWSPYFPI QEGLMRI PYFVMGERXW SV
YVIE FEWI 7SQI JSVQYPEXMSRW SJ XLIWI EKIRXW EVI WTIGMEPP] SR [EXIV[IXXIH WYVJEGIW EVI PMOIP] XS FYVR VETMHP] ERH ZMS
XVIEXIH XS FI VIPEXMZIP] GSQTEXMFPI JSV YWI [MXL EMV JSEQ QI PIRXP] 8LI] GER IZIR FI SJ ER I\TPSWMZI REXYVI 8LI] GER HI
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WLSYPH FI HMVIGXIH EX XLI FEWI SJ XLI JPEQI &IWX VIWYPXW EVI IRSYKL XS TIVQMX TVSTIV ETTPMGEXMSR SJ XLI I\XMRKYMWLMRK QI
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MR E PF OK QSHIP 8LI I\XMRKYMWLMRK EKIRX MW GSQTSWIH SJ
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WSHMYQ GLPSVMHI [MXL EHHMXMZIW XS VIRHIV MX JVII JPS[MRK MR SVHIV
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EHHIH XS FMRH XLI WSHMYQ GLPSVMHI TEVXMGPIW MRXS E WSPMH QEWW
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[LIR ETTPMIH SR FYVRMRK QIXEPW 3XLIV WTIGMEPMÎH HV] TS[HIV
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MRZSPZMRK GSQFYWXMFPI GSSOMRK QIHME ZIKIXEFPI SV ERMQEP VERKI SJ JX XS JX Q XS Q 8LI QIXLSH SJ EKIRX ETTPM
SMPW ERH JEXW 3RP] JMVI I\XMRKYMWLIVW LEZMRK E 'PEWW / VEXMRK GEXMSR HITIRHW SR XLI X]TI SJ QIXEP XLI UYERXMX] XLEX MW FYVRMRK
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STIRIH 3RGI GSRXVSP MW IWXEFPMWLIH XLI RS^^PI ZEPZI WLSYPH FI
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GSRXEMR ER EQQSRMYQ TLSWTLEXI FEWI EKIRX ,ERH JMVI I\XMR
GSZIVEKI GER FI EGGSQTPMWLIH WEJIP] EX GPSWI VERKI 8LI RS^^PI MW
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HIWMKRIH WS XLEX XLI STIVEXSV GER XLVSXXPI SV VIHYGI XLI VEXI ERH
XS % ERH &' XS &' ERH [LIIPIH QSHIPW LEZI JMVI
JSVGI SJ XLI EKIRX HMWGLEVKI 7MRGI GSQFYWXMFPI QIXEP JMVIW GER
I\XMRKYMWLQIRX VEXMRKW SJ % XS % ERH &' XS &'
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1YPXMTYVTSWI EKIRXW EVI YWIH MR I\EGXP] XLI WEQI QERRIV EW
EFPI XS KIX WTIGMJMG HIXEMPW SR IUYMTQIRX YWI JVSQ XLI QERYJEG
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% JMVIW XLI QYPXMTYVTSWI EKIRX LEW XLI EHHMXMSREP GLEVEGXIVMW
XMG SJ WSJXIRMRK ERH WXMGOMRK [LIR MR GSRXEGX [MXL LSX WYVJEGIW
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XLEX WQSXLIVW ERH MWSPEXIW XLI JYIP JVSQ EMV ;LIR ETTP]MRK 'ET
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SVHIV XS IPMQMREXI SV QMRMQMÎ XLI RYQFIV SJ WQEPP IQFIVW PIZIV
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LEW PMXXPI GSSPMRK IJJIGX ERH FIGEYWI SJ MXW WYVJEGI GSEXMRK
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*SV XLMW VIEWSR I\XMRKYMWLQIRX SJ HIITWIEXIH JMVIW QMKLX RSX LERHPI GEVXVMHKI
FI EGGSQTPMWLIH YRPIWW XLI EKIRX MW HMWGLEVKIH FIPS[ XLI WYV
JEGI SV XLI QEXIVMEP MW FVSOIR ETEVX ERH WTVIEH SYX
(V]TS[HIV
*MVI I\XMRKYMWLIVW [MXL E 'PEWW & VEXMRK GER I\XMRKYMWL E JMVI
MRZSPZMRK GSQFYWXMFPI GSSOMRK QIHME ZIKIXEFPI SV ERMQEP
+EWXYFI
SMPW ERH JEXW 3RP] JMVI I\XMRKYMWLIVW LEZMRK E 'PEWW / VEXMRK
EVI VIGSQQIRHIH JSV YWI SR GSSOMRK KVIEWI JMVIW
( (V] 4S[HIV 8]TIW 8LIWI JMVI I\XMRKYMWLIVW ERH EKIRXW
EVI MRXIRHIH JSV YWI SR 'PEWW ( JMVIW ERH WTIGMJMG QIXEPW JSP
PS[MRK WTIGMEP XIGLRMUYIW ERH QERYJEGXYVIVvW VIGSQQIRHE *-+96) (E 'EVXVMHKI3TIVEXIH (V] 4S[HIV )\XMR
XMSRW JSV YWI 8LI I\XMRKYMWLMRK EKIRX GER FI ETTPMIH JVSQ E KYMWLIV
JMVI I\XMRKYMWLIV SV F] WGSST ERH WLSZIP 8LI XIGLRMUYI SJ
ETTP]MRK XLI EKIRX XS XLI JMVI ZEVMIW [MXL XLI X]TI ERH JSVQ SJ ( &YPO (V] 4S[HIV %KIRX -R FYPO JSVQ HV] TS[HIV I\
XLI EKIRX ERH GSQFYWXMFPI QIXEP 8LI ETTPMGEXMSR SJ XLI EKIRX XMRKYMWLMRK EKIRXW EVI EZEMPEFPI MR PF ERH PF OK ERH
WLSYPH FI SJ WYJJMGMIRX HITXL XS GSZIV XLI JMVI EVIE EHIUYEXIP] OK TEMPW ERH PF OK HVYQW -R EHHMXMSR XS XLI WSHMYQ
ERH TVSZMHI E WQSXLIVMRK FPEROIX %HHMXMSREP ETTPMGEXMSRW GLPSVMHI FEWI EKIRX E HV] TS[HIV QEXIVMEP GEPPIH + MW EPWS EZEMP
GER FI RIGIWWEV] XS GSZIV ER] LSX WTSXW XLEX GSYPH HIZIPST EFPI 8LMW QEXIVMEP GSRWMWXW SJ KVEHIH KVERYPEV KVETLMXI XS [LMGL
8LI QEXIVMEP WLSYPH FI PIJX YRHMWXYVFIH YRXMP XLI QEWW LEW GSQTSYRHW GSRXEMRMRK TLSWTLSVYW EVI EHHIH MQTVSZMRK MXW
GSSPIH FIJSVI HMWTSWEP MW EXXIQTXIH 'EVI WLSYPH FI XEOIR XS JMVII\XMRKYMWLMRK IJJIGXMZIRIWW ;LIVIEW XLI WSHMYQ GLPSVMHI
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4VIWWYVI
KEYKI KEYKI
'EVV]MRKLERHPI
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LERHPI
%RXMSZIVJMPP
XYFI
7SPYXMSR
;ERH 2S^^PI
ETTPMGEXSV
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7MTLSRXYFI
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KYMWLIV [MXL ;ERH %TTPMGEXSV
[LMGL MW HMWGLEVKIH EW E JMRI WTVE] -R EHHMXMSR XS FIMRK YWIH EW
SV LERH WGSST XLI + EKIRX RIIHW XS FI ETTPMIH XS XLI JMVI F] E VIKYPEV [EXIV I\XMRKYMWLIV [EXIV QMWX I\XMRKYMWLIVW EVI YWIH
LERH ;LIR + MW ETTPMIH XS E QIXEP JMVI XLI LIEX SJ XLI JMVI [LIVI GSRXEQMRERXW MR YRVIKYPEXIH [EXIV WSYVGIW GER GEYWI
GEYWIW XLI TLSWTLSVYW GSQTSYRHW XS KIRIVEXI ZETSVW XLEX FPER I\GIWWMZI HEQEKI XS TIVWSRRIP SV IUYMTQIRX 8]TMGEP ETTPMGE
OIX XLI JMVI ERH TVIZIRX EMV JVSQ VIEGLMRK XLI FYVRMRK QIXEP XMSRW MRGPYHI STIVEXMRK VSSQW QYWIYQW ERH FSSO GSPPIG
8LI KVETLMXI FIMRK E KSSH GSRHYGXSV SJ LIEX GSSPW XLI QIXEP XS XMSRW 7II *MKYVI (
FIPS[ XLI MKRMXMSR TSMRX )EGL I\XMRKYMWLMRK EKIRX MW PMWXIH JSV
YWI SR XLI WTIGMJMG GSQFYWXMFPI QIXEP JMVIW JSV [LMGL MX LEW FIIR
4VIWWYVIKEYKI
JSYRH EGGITXEFPI EW HIXIVQMRIH F] MRHMZMHYEP MRZIWXMKEXMSRW
7YGL MRJSVQEXMSR XSKIXLIV [MXL XLI VIGSQQIRHIH QIXLSH SJ (MWGLEVKIPIZIV
ETTPMGEXMSR PMQMXEXMSRW MW KMZIR SR XLI EKIRX GSRXEMRIV -X MW MQ 'EVV]MRKLERHPI
TSVXERX XS RSXI XLEX HV] TS[HIV I\XMRKYMWLMRK EKIRXW WLSYPH RSX
FI GSRJYWIH [MXL HV] GLIQMGEP I\XMRKYMWLMRK EKIRXW 7II (
( ;IX 'LIQMGEP )\XMRKYMWLIV *MVI I\XMRKYMWLIVW SJ XLMW
X]TI EVI EZEMPEFPI MR LERH TSVXEFPI QSHIPW SJ KEP 0 ERH %RXMSZIVJMPPXYFI
KEP 0 8LI I\XMRKYMWLMRK EKIRX GER FI GSQTVMWIH SJ
FYX MW RSX PMQMXIH XS WSPYXMSRW SJ [EXIV ERH TSXEWWMYQ EGIXEXI (MWXMPPIH[EXIV
TSXEWWMYQ GEVFSREXI TSXEWWMYQ GMXVEXI SV E GSQFMREXMSR SJ
XLIWI GLIQMGEPW [LMGL EVI GSRHYGXSVW SJ IPIGXVMGMX] 8LI PMU
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EKIRX [SVOW EW E GSSPERX 3R 'PEWW / JMVIW GSSOMRK SMP JMVIW
XLI EKIRX JSVQW E JSEQ FPEROIX XS TVIZIRX VIMKRMXMSR 8LI
[EXIV GSRXIRX SJ XLI EKIRX EMHW MR GSSPMRK ERH VIHYGMRK XLI 7MTLSRXYFI
XIQTIVEXYVI SJ XLI LSX SMPW ERH JEXW FIPS[ XLIMV EYXSMKRMXMSR
TSMRX 8LI EKIRX [LIR HMWGLEVKIH EW E JMRI WTVE] HMVIGXP] EX
GSSOMRK ETTPMERGIW VIHYGIW XLI TSWWMFMPMX] SJ WTPEWLMRK LSX 1MWXMRKRS^^PI
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SJ ZIKIXEFPI SMPW [MXL LMKL EYXSMKRMXMSR XIQTIVEXYVIW LEW LMKL
PMKLXIH XLI RIIH JSV E RI[ 'PEWW / JMVI I\XMRKYMWLIV 8LI [IX %RRI\ ) (MWXVMFYXMSR
GLIQMGEP I\XMRKYMWLIV [EW XLI JMVWX I\XMRKYMWLIV XS UYEPMJ] XS XLI 8LMW ERRI\ MW RSX E TEVX SJ XLI VIUYMVIQIRXW SJ XLMW 2*4% HSGYQIRX
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) (MWXVMFYXMSR SJ *MVI )\XMRKYMWLIVW
JSEQ FPEROIX MW JSVQIH XS TVIZIRX VIMKRMXMSR [LMPI GSSPMRK
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GIVXEMR MRWXERGIW XLVSYKL E JMVI TVSXIGXMSR EREP]WMW SJ WTIGMJMG
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KYMWLIVW [MXL LMKLIV VEXMRKW GER FI VIUYMVIH 8LMW HSIW RSX
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GSVHMRK XS 8EFPI ERH 8EFPI ) X[S JMVI I\XMRKYMWLIVW QEFPI PMUYMHW MR ETTVIGMEFPI HITXL WYGL EW WTMPPIH JYIP SR ER
EVI RIIHIH Û ! 8LI XVEZIP HMWXERGI VIUYMVI STIR WYVJEGI E JMVI MRZSPZMRK ZETSVW MWWYMRK JVSQ E GSRXEMRIV
QIRX MW JX Q QE\MQYQ SV TMTMRK W]WXIQ SV E VYRRMRK JMVI JVSQ E FVSOIR GSRXEMRIV
8LI X[S YRMXW EVI TPEGIH EX TSMRXW ERH ERH E GLIGO MW ) 8LI SXLIV GSRHMXMSR MW [LIVI XLI JMVI MRZSPZIW JPEQ
QEHI SR XLI XVEZIP HMWXERGI VIUYMVIQIRX &IGEYWI SJ XLI EV QEFPI PMUYMHW MR ETTVIGMEFPI HITXL ?HIJMRIH EW E HITXL SJ PMU
IEvW YRYWYEP WLETI MX MW JSYRH XLEX XLI WLEHIH EVIEW I\GIIH YMH KVIEXIV XLER MR QQ A WYGL EW JMVIW MRZSPZMRK STIR
XLI JX Q HMWXERGI 8[S EHHMXMSREP JMVI I\XMRKYMWLIVW XEROW SJ JPEQQEFPI PMUYMHW GSQQSRP] JSYRH MR MRHYWXVMEP
EX TSMRXW ERH EVI RIIHIH 8LI EHHMXMSREP JMVI I\XMRKYMWL TPERXW IK HMT XEROW YWIH JSV GSEXMRK JMRMWLMRK XVIEXMRK SV
IVW EJJSVH QSVI JPI\MFMPMX] MR TPEGIQIRX ERH EPXIVREXI PSGE WMQMPEV TVSGIWWIW
XMSRW EVI MRHMGEXIH -X MW MQTSVXERX XS GSRWMHIV ER] TEVXMXMSRW
[EPPW SV SXLIV SFWXVYGXMSRW MR HIXIVQMRMRK XLI XVEZIP HMWXERGI ) -R WMXYEXMSRW [LIVI JPEQQEFPI PMUYMHW EVI RSX MR ETTVI
GMEFPI HITXL JMVI I\XMRKYMWLIVW WLSYPH FI TVSZMHIH EGGSVHMRK
%W ER EHHMXMSREP MXIQ GSRWMHIV XLEX %VIE % GSRXEMRW E WQEPP XS 8EFPI 3RGI XLI X]TI SJ LEÊVH MW HIXIVQMRIH XLI
TVMRXMRK ERH HYTPMGEXMRK HITEVXQIRX XLEX YWIW JPEQQEFPI PMU WIPIGXIH 'PEWW & JMVI I\XMRKYMWLIV WLSYPH LEZI E VEXMRK IUYEP XS
YMHW 8LMW EVIE MW NYHKIH XS FI ER SVHMREV] 'PEWW & LEÊVH % SV KVIEXIV XLER XLEX WTIGMJMIH ERH FI WS PSGEXIH XLEX XLI QE\M
&' SV &' JMVI I\XMRKYMWLIV WLSYPH FI WTIGMJMIH XS TVS
QYQ XVEZIP HMWXERGI MW RSX I\GIIHIH
XIGX XLMW EVIE
8LIVI EVI RS[ X[S EPXIVREXMZIW XS FI GSRWMHIVIH *MVWX E ) 8LI VIEWSR XLI FEWMG QE\MQYQ XVEZIP HMWXERGI XS 'PEWW &
JMJXL JMVI I\XMRKYMWLIV IMXLIV GEVFSR HMS\MHI SV SVHMREV] HV] JMVI I\XMRKYMWLIVW MW JX Q EW STTSWIH XS JX Q
GLIQMGEP [MXL E VEXMRK SJ &' SV &' GSYPH FI WTIGMJMIH JSV 'PEWW % JMVI I\XMRKYMWLIVW MW XLEX JPEQQEFPI PMUYMH JMVIW VIEGL
7IGSRH XLI [EXIV JMVI I\XMRKYMWLIV EX TSMRX GSYPH FI VI XLIMV QE\MQYQ MRXIRWMX] EPQSWX MQQIHMEXIP] -X MW MQTIVE
TPEGIH [MXL E QYPXMTYVTSWI HV] GLIQMGEP JMVI I\XMRKYMWLIV XLEX XMZI XLEX XLI JMVI I\XMRKYMWLIV FI FVSYKLX XS XLI JMVI MR E
LEW E VEXMRK SJ EX PIEWX %&' -X WLSYPH FI PSGEXIH OIITMRK QYGL WLSVXIV TIVMSH SJ XMQI XLER XLEX EPPS[IH JSV E WPS[IV
MR QMRH XLI JX Q XVEZIP HMWXERGI JSV XLI % TVSXIG HIZIPSTMRK 'PEWW % JMVI
XMSR ERH XLI JX SV JX Q SV Q XVEZIP HMWXERGI ) )ZIR XLSYKL 8EFPI WTIGMJMIW QE\MQYQ XVEZIP
VIUYMVIH JSV XLI 'PEWW & TVSXIGXMSR XLEX XLMW JMVI I\XMRKYMWLIV HMWXERGIW JSV 'PEWW & JMVI I\XMRKYMWLIV TPEGIQIRX NYHKQIRX
TVSZMHIW WLSYPH FI I\IVGMWIH MR EGXYEPP] IWXEFPMWLMRK XLIQ 8LI JMVI
) )\XMRKYMWLIV 7IPIGXMSR ERH 4PEGIQIRX JSV 'PEWW % ,E^ I\XMRKYMWLIV GER FI TPEGIH GPSWIV XS XLI LEÊVH MX MW TVSXIGX
EVHW 3RI QIXLSH SJ WIPIGXMRK ETTVSTVMEXI I\XMRKYMWLIV WMÎW MRK YT XS E TSMRX [LIVI XLI JMVI I\XMRKYMWLIV MXWIPJ QMKLX FI
ERH PSGEXMSRW MW SYXPMRIH EW JSPPS[W MRZSPZIH MR XLI JMVI SV EGGIWW XS MX MW QEHI HMJJMGYPX FIGEYWI SJ
JPEQI LIEX SV WQSOI
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LEÊVH MR EGGSVHERGI [MXL ) ;LIVI ER IRXMVI VSSQ SV EVIE MW NYHKIH XS FI E 'PEWW &
(IXIVQMRI XLI XSXEP WUYEVI JSSXEKI SJ XLI JPSSV SJ XLI LEÊVH WYGL EW ER EYXSQSFMPI VITEMV KEVEKI JMVI I\XMRKYMWL
FYMPHMRK [LIVI XLI I\XMRKYMWLIVW [MPP FI MRWXEPPIH JPSSV IVW WLSYPH FI TPEGIH EX VIKYPEV MRXIVZEPW WS XLEX XLI QE\MQYQ
EVIE [EPOMRK HMWXERGI JVSQ ER] TSMRX XS XLI RIEVIWX JMVI I\XMR
(MZMHI XLI JPSSV EVIE F] XLI QE\MQYQ EVIE XS FI TVS KYMWLIV HSIW RSX I\GIIH XLI XVEZIP HMWXERGIW WTIGMJMIH MR 8EFPI
XIGXIH TIV I\XMRKYMWLIV MR EGGSVHERGI [MXL 8EFPI ) 3RI JMVI I\XMRKYMWLIV GER FI MRWXEPPIH XS TVSZMHI TVS
8LMW MW X]TMGEPP] HSRI JSV IEGL QE\MQYQ EVIE TIV I\XMR XIGXMSR EKEMRWX WIZIVEP LEÊVHW TVSZMHIH XVEZIP HMWXERGIW EVI
KYMWLIV JSV XLI LEÊVH GPEWWMJMGEXMSR WIPIGXIH RSX I\GIIHIH
9WMRK E WOIXGL SJ XLI JPSSV WLS[MRK [EPPW TEVXMXMSRW ERH *SV JMVIW MR JPEQQEFPI PMUYMHW SJ ETTVIGMEFPI HITXL E 'PEWW
JYVRMWLMRKW HIXIVQMRI XLI JI[IWX RYQFIV SJ I\XMRKYMWL & JMVI I\XMRKYMWLIV MW TVSZMHIH SR XLI FEWMW SJ X[S RYQIVMGEP
IVW XLEX [MPP WEXMWJ] XLI JX Q XVEZIP HMWXERGI VYPI YRMXW SJ 'PEWW & I\XMRKYMWLMRK TSXIRXMEP TIV JX Q
7IPIGX XLI RYQFIV SJ I\XMRKYMWLIVW HIXIVQMRIH MR EGGSV SJ JPEQQEFPI PMUYMH WYVJEGI JSV XLI PEVKIWX XERO [MXLMR XLI
HERGI [MXL ) XLEX MW XLI GPSWIWX XS FYX RSX JI[IV EVIE 8LI XVEZIP HMWXERGI VIUYMVIQIRXW MR 8EFPI WLSYPH
XLER XLI RYQFIV HIXIVQMRIH MR EGGSVHERGI [MXL ) EPWS FI YWIH XS PSGEXI JMVI I\XMRKYMWLIVW JSV WTSX LEÊVH TVSXIG
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I\XMRKYMWLIV WLSYPH FI GEVIJYPP] IZEPYEXIH GVIEWI SV WTVIEH XLI JMVI 5YERXMXEXMZIP] XLI EQSYRX SJ EKIRX
c RIIHIH MW RSVQEPP] QIEWYVIH F] XLI WYVJEGI EVIE SJ GSQFYW
) ;LIVI JM\IH 'PEWW & I\XMRKYMWLMRK W]WXIQW EVI MRWXEPPIH XMFPI QIXEPW XLEX QMKLX FIGSQI MRZSPZIH TPYW XLI TSXIRXMEP
XLI TVSZMWMSR SJ TSVXEFPI JMVI I\XMRKYMWLIVW GER FI [EMZIH JSV XLEX
WIZIVMX] SJ XLI JMVI EW MRJPYIRGIH F] XLI WLETI ERH JSVQ SJ XLI
SRI LEÊVH FYX RSX JSV XLI WXVYGXYVI SXLIV WTIGMEP LEÊVHW SV XLI
VIWX SJ XLI GSRXIRXW 7SQIXMQIW E FYVRMRK XERO GER VIWYPX MR QIXEP &IGEYWI JMVIW MR QEKRIWMYQ JMRIW EVI QSVI HMJJMGYPX XS
FYVRMRK PMUYMH WTMPPW SYXWMHI XLI VERKI SJ XLI JM\IH IUYMTQIRX SV I\XMRKYMWL XLER JMVIW MRZSPZMRK QEKRIWMYQ WGVET XLI EQSYRX
XLI JMVI GSYPH SVMKMREXI EHNEGIRX XS XLI XERO VEXLIV XLER MR MXW SJ EKIRX RIIHIH XS LERHPI JMVIW MR QEKRIWMYQ JMRIW MW GSVVI
PMUYMH GSRXIRX 8LIVIJSVI LEZMRK TSVXEFPI JMVI I\XMRKYMWLIVW WTSRHMRKP] KVIEXIV *MVI I\XMRKYMWLIVW PEFIPIH JSV 'PEWW ( JMVIW
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c [LIR YWIH SR WSQI QIXEP JMVIW 9RPIWW XLI IJJIGX SJ XLI I\XMR
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) ;LIR XLI TS[IV XS E TMIGI SJ IPIGXVMGEP IUYMTQIRX MW 1E\MQYQ XVEZIP HMWXERGI MW JX Q EW HIJMRIH MR
GYX SJJ XLI JMVI GLERKIW GLEVEGXIV XS XLEX SJ E 'PEWW % E 'PEWW &
SV E GSQFMRIH 'PEWW % ERH & JMVI HITIRHMRK SR XLI REXYVI SJ
XLI FYVRMRK IPIGXVMGEP GSQTSRIRXW ERH ER] QEXIVMEP FYVRMRK %RRI\ * 7IPIGXMSR SJ 6IWMHIRXMEP *MVI)\XMRKYMWLMRK
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WMFMPMX] SJ WLSGO LEÊVHW XS XLI JMVI I\XMRKYMWLIV STIVEXSV MJ XLI FYX MW MRGPYHIH JSV MRJSVQEXMSREP TYVTSWIW SRP]
STIVEXSV EGGMHIRXEPP] GSQIW MRXS TL]WMGEP GSRXEGX [MXL XLI
IUYMTQIRX SV MJ XLI STIVEXSV FVMRKW ER] GSRHYGXMZI TEVX SJ E * (IJMRMXMSRW
JMVI I\XMRKYMWLIV [MXLMR EVGMRK HMWXERGI (IIRIVKM^MRK EPWS
IPMQMREXIW JEYPX GYVVIRXW JVSQ TVSPSRKMRK XLI JMVI SV JVSQ FI * +IRIVEP 9WI 6IWMHIRXMEP *MVI )\XMRKYMWLIV % JMVI I\XMR
MRK E WSYVGI SJ VIMKRMXMSR 7[MXGLIW SV GMVGYMX FVIEOIVW XLEX GYX KYMWLIV XLEX LEW FIIR WTIGMJMGEPP] MRZIWXMKEXIH XIWXIH ERH
IPIGXVMG TS[IV XS WTIGMJMG IUYMTQIRX GER TVIZIRX LEÊVHSYW PMWXIH JSV YWI SRP] MR ERH EVSYRH XLI LSQI SRI ERH X[S
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HEVORIWW SV WLYXXMRK HS[R XLI IWWIRXMEP IPIGXVMG TS[IV XLEX JSV XLI TYVTSWI SJ WYTTVIWWMRK SV I\XMRKYMWLMRK E JMVI
WYTTPMIW PMJIWYTTSVX IUYMTQIRX 3JXIR JMVIW MRZSPZMRK ER
IPIGXVMGEP GSQTSRIRX EVI VIPEXMZIP] QMRSV ERH F] YWMRK E * 7TIGMEP 4YVTSWI 6IWMHIRXMEP *MVI )\XMRKYMWLIV % JMVI I\
WLSVX ETTPMGEXMSR SJ E 'PEWW ' I\XMRKYMWLERX GER FI IJJIGXMZIP] XMRKYMWLIV HIWMKRIH XIWXIH ERH PMWXIH JSV E TEVXMGYPEV X]TI SJ
I\XMRKYMWLIH [MXLSYX HMWXYVFMRK IPIGXVMGEP GSRXMRYMX] LEÊVH EW WTIGMJMIH SR MXW PEFIP
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EGGSVHMRK XS XLI JSPPS[MRK JEGXSVW RERGI SJ JMVII\XMRKYMWLMRK IUYMTQIRX JSV SRI ERH X[SJEQMP]
H[IPPMRKW ERH PMZMRK YRMXW [MXLMR QYPXMJEQMP] WXVYGXYVIW 8LI
7MÎ SJ XLI IPIGXVMGEP IUYMTQIRX JMVII\XMRKYMWLMRK IUYMTQIRX MW MRXIRHIH EW E JMVWX PMRI SJ HI
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ER EYXSQEXMG WTVMROPIV W]WXIQ JMVI SV WQSOI EPEVQ W]WXIQ SV
%QSYRX SJ 'PEWW % ERH & QEXIVMEP MRZSPZIH
FSXL WMRKPIWXEXMSR WQSOI HIXIGXSVW SV SXLIV JM\IH JMVI WYT
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RIIHIH XLI HIWMVIH VEXI SJ EKIRX HMWGLEVKI XLI EWWSGMEXIH HYVE LIVIMR EVI QMRMQYQ (ITIRHMRK YTSR XLI GSRHMXMSRW I\MWX
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TS[IV GSRXMRYMX] MW GVMXMGEP JM\IH JMVI TVSXIGXMSR MW HIWMVEFPI VIWMHIRGI WII 2*4% ( 7XERHEVH JSV XLI -RWXEPPEXMSR SJ 7TVMROPIV
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WMÎ SJ XLIWI YRMXW GER FI VIHYGIH YRHIV WYGL GSRHMXMSRW 0S[6MWI 6IWMHIRXMEP 3GGYTERGMIW *SV QSVI MRJSVQEXMSR EFSYX JMVI
SV WQSOI EPEVQ W]WXIQW SV FSXL ERH WMRKPIWXEXMSR WQSOI HIXIG
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I\XMRKYMWLIVW SV IUYMZEPIRX IUYMTQIRX XS GSRXEMR SV I\XMRKYMWL IVW ERH SGGYTERXW SJ SRI ERH X[SJEQMP] H[IPPMRKW ERH PMZMRK
ER] JMVI HIZIPSTMRK MR E GSQFYWXMFPI QIXEP MW TEVXMGYPEVP] MQTSV YRMXW [MXLMR QYPXMJEQMP] WXVYGXYVIW MR XLI WIPIGXMSR YWI MRWXEPPE
XERX )\XMRKYMWLMRK IUYMTQIRX JSV WYGL JMVIW WLSYPH FI PSGEXIH XMSR ERH QEMRXIRERGI SJ JMVII\XMRKYMWLMRK IUYMTQIRX
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JSV VIWMHIRX YWI WLSYPH FI QEHI [MXL XLI YRHIVWXERHMRK SJ ER KVIEWI ERH GER GEYWI JMVI XS WTVIEH
I\XMRKYMWLIVvW GETEGMX] SV MXW VEXMRK EPSRK [MXL XLI TSXIRXMEP JMVI ;%62-2+ (S RSX EXXIQTX XS TMGO YT E TSX SV TER GSRXEMR
LEÊVHW MR XLI VIWMHIRGI (ITIRHMRK SR XLI GSRHMXMSRW I\MWXMRK MRK FYVRMRK KVIEWI 8S EZSMH TIVWSREP MRNYV] ERH XS EZSMH
MR IEGL PMZMRK YRMX EHHMXMSREP I\XMRKYMWLIVW SV I\XMRKYMWLIVW SJ WTVIEHMRK XLI JMVI JMKLX XLI JMVI MR TPEGI 7LYX SJJ XLI LIEX
PEVKIV GETEGMX] QMKLX FI EHZMWEFPI WSYVGI EW WSSR EW MX MW WEJI XS HS WS XS EZSMH JMVI VIJPEWL
8LI JSPPS[MRK EVI QMRMQYQ VIGSQQIRHEXMSRW TIV JPSSV
* )PIGXVSRMG )UYMTQIRX *MVIW ;LIVI TVSZMHIH I\XMRKYMWL
PIZIP
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% WMRKPI I\XMRKYMWLIV VEXIH %&' SV LMKLIV 8:W GSQTYXIVW ERH WXIVISW WLSYPH LEZI E &' VEXMRK SV
3RI I\XMRKYMWLIV VEXIH % SV LMKLIV ERH E WIGSRH I\XMR LMKLIV ERH WLSYPH FI SJ XLI GEVFSR HMS\MHI SV LEPSKIREXIH
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* 6IWMHIRGI )\XMRKYMWLIVW MRWXEPPIH MR XLI VIWMHIRGI * %R EYXSQEXMG VIWMHIRXMEP JMVI I\XMRKYMWLIV YRMX MW HIWMKRIH
WLSYPH QIIX XLI VIUYMVIQIRXW SJ 7IGXMSR SV XLI VIGSQ ERH PMWXIH JSV XLI TVSXIGXMSR SJ E WTIGMJMG LEÊVH -X WLSYPH SRP]
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* %XXEGLIH +EVEKIW 3RI I\XMRKYMWLIV VEXIH %&' SV * (YI XS XLI ZSPYQI SJ JPEQQEFPI PMUYMHW RSVQEPP] TVIWIRX
LMKLIV WLSYPH FI TVSZMHIH XS TVSXIGX ER EXXEGLIH KEVEKI XLEX MR KEVEKIW XLSWI PMUYMHW EWWSGMEXIH [MXL EYXSQSFMPIW PE[R QS[
MW YRHIV XLI VIWMHIRGI SV GSRRIGXIH XS XLI VIWMHIRGI F] E IVW WRS[ FPS[IVW [SVOWLSTW IXG E PEVKIV I\XMRKYMWLIV XLER
GSQQSR [EPP XLSWI QIIXMRK XLI QMRMQYQ VIGSQQIRHEXMSRW WLSYPH FI WTI
GMJMGEPP] MRWXEPPIH JSV TVSXIGXMSR
* (IXEGLIH +EVEKIW
* )\XMRKYMWLMRK )UYMTQIRX +YMHIPMRIW
* ;LIVI TVSZMHIH I\XMRKYMWLIVW JSV HIXEGLIH KEVEKIW
WLSYPH LEZI E VEXMRK SJ %&' SV LMKLIV * 1MRMQYQ 4PEGIQIRX % QMRMQYQ SJ SRI TSVXEFPI JMVI
I\XMRKYMWLIV [MXL E QMRMQYQ VEXMRK SJ %&' ERH QIIX
* (YI XS XLI ZSPYQI SJ JPEQQEFPI PMUYMHW RSVQEPP]
MRK XLI KIRIVEP VIGSQQIRHEXMSRW SJ 7IGXMSR * WLSYPH FI
TVIWIRX MR KEVEKIW XLSWI PMUYMHW EWWSGMEXIH [MXL EYXSQSFMPIW
TVSZMHIH TIV JPSSV PIZIP SJ E PMZMRK YRMX [MXL E QE\MQYQ SJ
PE[R QS[IVW WRS[ FPS[IVW [SVOWLSTW IXG E PEVKIV I\XMR
JX Q SJ XVEZIP HMWXERGI XS XLI IUYMTQIRX
KYMWLIV XLER XLEX QIIXMRK XLI QMRMQYQ VIGSQQIRHEXMSRW
WLSYPH FI WTIGMJMGEPP] MRWXEPPIH JSV TVSXIGXMSR * -RWXEPPEXMSR
* *MVI )\XMRKYMWLIV 8]TIW * &IJSVI MRWXEPPMRK ER] JMVII\XMRKYMWLMRK IUYMTQIRX XLI
S[RIVVIWMHIRX WLSYPH VIEH ERH YRHIVWXERH XLI MRWXEPPEXMSR ERH
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8EFPI + 'PEWW & 6EXMRK )UYMZEPIRGMIW WLSYPH FI PEVKI IRSYKL XS TIVQMX VIEH] TEWWEKI SJ XLI JMVI
I\XMRKYMWLIV
)\XMRKYMWLIV 8]TI ERH 4VI ;MRH ERH (VEJX -J XLI LEÊVH MW WYFNIGX XS [MRHW SV HVEJX XLI
'ETEGMX] 6EXMRK )UYMZEPIRG] YWI SJ JMVI I\XMRKYMWLIVW ERH EKIRXW LEZMRK WYJJMGMIRX VERKI
XS SZIVGSQI XLIWI GSRHMXMSRW WLSYPH FI GSRWMHIVIH
*SEQ KEP %ZEMPEFMPMX] SJ 4IVWSRRIP 'SRWMHIVEXMSR WLSYPH FI KMZIR XS
& & XLI RYQFIV SJ TIVWSRW EZEMPEFPI XS STIVEXI XLI JMVI I\XMR
& & KYMWLIVW XLI HIKVII SJ XVEMRMRK TVSZMHIH ERH XLI TL]WM
& & GEP GETEFMPMX] SJ XLI STIVEXSVW
& & , ,IEPXL ERH 7EJIX] 'SRHMXMSRW 8LEX %JJIGX 7IPIGXMSR
;LIR E JMVI I\XMRKYMWLIV MW FIMRK WIPIGXIH GSRWMHIVEXMSR
'EVFSR (MS\MHI PF WLSYPH FI KMZIR XS XLI LIEPXL ERH WEJIX] LEÊVHW MRZSPZIH MR MXW
9RHIV & & QEMRXIRERGI ERH YWI EW HIWGVMFIH MR XLI JSPPS[MRK MXIQW
& &
XS & & *SV GSRJMRIH WTEGIW TVSQMRIRX GEYXMSR PEFIPW SR XLI JMVI
XS & & I\XMRKYMWLIV [EVRMRK WMKRW EX IRXV] TSMRXW TVSZMWMSR JSV
XS & & VIQSXI ETTPMGEXMSR I\XVEPSRKVERKI JMVI I\XMRKYMWLIV
& & RS^^PIW WTIGMEP ZIRXMPEXMSR TVSZMWMSR SJ FVIEXLMRK ETTE
& & VEXYW ERH SXLIV TIVWSREP TVSXIGXMZI IUYMTQIRX ERH EH
& & IUYEXI XVEMRMRK SJ TIVWSRRIP EVI EQSRK XLI QIEWYVIW
XLEX WLSYPH FI GSRWMHIVIH
(V] 'LIQMGEP PF %PXLSYKL LEPSKIREXIH EKIRXzX]TI JMVI I\XMRKYMWLIVW GSR
XS & & XEMR EKIRXW [LSWI ZETSV LEW E PS[ XS\MGMX] XLIMV HIGSQTS
& & WMXMSR TVSHYGXW GER FI LEÊVHSYW ;LIR YWMRK XLIWI JMVI
XS & & I\XMRKYMWLIVW MR YRZIRXMPEXIH TPEGIW WYGL EW WQEPP VSSQW
& & GPSWIXW QSXSV ZILMGPIW SV SXLIV GSRJMRIH WTEGIW STIVE
& & XSVW ERH SXLIVW WLSYPH EZSMH FVIEXLMRK XLI KEWIW TVS
ERH YT & & HYGIH F] XLIVQEP HIGSQTSWMXMSR SJ XLI EKIRX
'EVFSR HMS\MHI JMVI I\XMRKYMWLIVW GSRXEMR ER I\XMRKYMWL
*SV 7- YRMXW KEP ! 0 PF ! OK MRK EKIRX XLEX [MPP RSX WYTTSVX PMJI [LIR YWIH MR WYJJMGMIRX
GSRGIRXVEXMSR XS I\XMRKYMWL E JMVI 8LI YWI SJ XLMW X]TI SJ
JMVI I\XMRKYMWLIV MR ER YRZIRXMPEXIH WTEGI GER HMPYXI XLI
%RRI\ , 'SRHMXMSRW SJ 7IPIGXMSR S\]KIR WYTTP] 4VSPSRKIH SGGYTERG] SJ WYGL WTEGIW GER
VIWYPX MR PSWW SJ GSRWGMSYWRIWW HYI XS S\]KIR HIJMGMIRG]
*MVI I\XMRKYMWLIVW RSX VEXIH JSV 'PEWW ' LEÊVHW IK [E
XIV ERXMJVIIÎ PSEHIH WXVIEQ %*** ***4 [IXXMRK EKIRX
, 4L]WMGEP 'SRHMXMSRW 8LEX %JJIGX 7IPIGXMSR ;LIR E JMVI ERH JSEQ TVIWIRX E WLSGO LEÊVH MJ YWIH SR JMVIW MRZSPZ
I\XMRKYMWLIV MW FIMRK WIPIGXIH XLI JSPPS[MRK TL]WMGEP GSRHM MRK IRIVKMÎH IPIGXVMGEP IUYMTQIRX
XMSRW WLSYPH FI GSRWMHIVIH ;LIR YWIH MR E WQEPP YRZIRXMPEXIH EVIE HV] GLIQMGEP JMVI
I\XMRKYMWLIVW GER VIHYGI ZMWMFMPMX] JSV E TIVMSH SJ YT XS
+VSWW ;IMKLX -R XLI WIPIGXMSR SJ E JMVI I\XMRKYMWLIV XLI
WIZIVEP QMRYXIW (V] GLIQMGEP HMWGLEVKIH MR ER EVIE GER
TL]WMGEP EFMPMX] SJ XLI YWIV WLSYPH FI XEOIR MRXS EGGSYRX
EPWS GPSK JMPXIVW MR EMVGPIERMRK W]WXIQW
;LIR XLI LEÊVH I\GIIHW XLI GETEFMPMX] SJ E LERH TSV
% HV] GLIQMGEP JMVI I\XMRKYMWLIV GSRXEMRMRK EQQSRMYQ
XEFPI JMVI I\XMRKYMWLIV [LIIPIH JMVI I\XMRKYMWLIVW SV JM\IH
GSQTSYRHW WLSYPH RSX FI YWIH SR S\MHMÎVW XLEX GSRXEMR
W]WXIQW WII 7IGXMSR WLSYPH FI GSRWMHIVIH
GLPSVMRI 8LI VIEGXMSR FIX[IIR XLI S\MHMÎV ERH XLI EQ
'SVVSWMSR -R WSQI JMVI I\XMRKYMWLIV MRWXEPPEXMSRW XLIVI I\
QSRMYQ WEPXW GER TVSHYGI XLI I\TPSWMZI GSQTSYRH RMXVS
MWXW E TSWWMFMPMX] SJ XLI JMVI I\XMRKYMWLIV FIMRK I\TSWIH XS E
KIR XVMGLPSVMHI 2'P
GSVVSWMZI EXQSWTLIVI ;LIVI XLMW MW XLI GEWI GSRWMHIV
,EPSKIREXIH I\XMRKYMWLIVW WLSYPH RSX FI YWIH SR JMVIW
EXMSR WLSYPH FI KMZIR XS TVSZMHMRK XLI JMVI I\XMRKYMWLIVW
MRZSPZMRK S\MHMÎVW WMRGI XLI] GER VIEGX [MXL XLI S\MHMÎV
WS I\TSWIH [MXL TVSTIV TVSXIGXMSR SV XS TVSZMHMRK JMVI
1SWX JMVIW TVSHYGI XS\MG HIGSQTSWMXMSR TVSHYGXW SJ GSQ
I\XMRKYMWLIVW XLEX EVI WYMXEFPI JSV YWI MR XLIWI GSRHMXMSRW
FYWXMSR ERH WSQI QEXIVMEPW YTSR FYVRMRK GER TVSHYGI
%KIRX 6IEGXMSR 8LI TSWWMFMPMX] SJ EHZIVWI VIEGXMSRW GSR
LMKLP] XS\MG KEWIW *MVIW GER EPWS GSRWYQI EZEMPEFPI S\]KIR
XEQMREXMSR SV SXLIV IJJIGXW SJ ER I\XMRKYMWLMRK EKIRX SR
SV TVSHYGI HERKIVSYWP] LMKL I\TSWYVI XS GSRZIGXIH SV VEHM
QERYJEGXYVMRK TVSGIWWIW SR IUYMTQIRX SV FSXL WLSYPH
EXIH LIEX %PP SJ XLIWI GER EJJIGX XLI HIKVII XS [LMGL E JMVI
FI GSRWMHIVIH MR XLI WIPIGXMSR SJ E JMVI I\XMRKYMWLIV
GER FI WEJIP] ETTVSEGLIH [MXL JMVI I\XMRKYMWLIVW
;LIIPIH 9RMXW ;LIVI [LIIPIH JMVI I\XMRKYMWLIVW EVI YWIH
GSRWMHIVEXMSR WLSYPH FI KMZIR XS XLI QSFMPMX] SJ XLI JMVI 8EFPI , WYQQEVMÎW XLI GLEVEGXIVMWXMGW SJ JMVI I\XMRKYMWL
I\XMRKYMWLIV [MXLMR XLI EVIE MR [LMGL MX [MPP FI YWIH *SV IVW ERH GER FI YWIH EW ER EMH MR WIPIGXMRK JMVI I\XMRKYMWLIVW MR
SYXHSSV PSGEXMSRW XLI YWI SJ TVSTIV VYFFIVXMVI SV [MHI EGGSVHERGI [MXL 'LETXIV 8LI VEXMRKW KMZIR EVI XLSWI XLEX
VMQQIH [LIIP HIWMKRW WLSYPH FI GSRWMHIVIH EGGSVHMRK XS [IVI MR IJJIGX EX XLI XMQI XLMW WXERHEVH [EW TVITEVIH 'YVVIRX
XIVVEMR *SV MRHSSV PSGEXMSRW HSSV[E]W ERH TEWWEKIW PMWXMRKW WLSYPH FI GSRWYPXIH JSV YTXSHEXI VEXMRKW
)HMXMSR
z 4368%&0) *-6) )<8-2+9-7,)67
8EFPI , 'LEVEGXIVMWXMGW SJ )\XMRKYMWLIVW
4VSXIGXMSR
,SVM^SRXEP %TTVS\MQEXI 6IUYMVIH
1IXLSH SJ 6ERKI SJ 8MQI SJ &IPS[ * 90 SV 90'
)\XMRKYMWLMRK %KIRX 3TIVEXMSR 'ETEGMX] 7XVIEQ (MWGLEVKI ' 'PEWWMJMGEXMSRW
;EXIV 7XSVIHTVIWWYVI 0 XS JX WIG =IW %
7XSVIHTVIWWYVI SV KEP XS JX QMR =IW %
TYQT
4YQT KEP XS JX QMR =IW %
4YQT KEP XS JX XS QMR =IW %
;EXIV [IXXMRK EKIRX 7XSVIHTVIWWYVI KEP JX WIG =IW %
7XSVIHTVIWWYVI KEP [LIIPIH JX QMR =IW %
0SEHIH WXVIEQ 7XSVIHTVIWWYVI KEP XS JX QMR 2S %
7XSVIHTVIWWYVI KEP [LIIPIH JX QMR 2S %
%*** ***4 7XSVIHTVIWWYVI KEP XS JX WIG =IW % XS &
7XSVIHTVIWWYVI 0 XS JX WIG =IW %&
2MXVSKIR G]PMRHIV KEP JX QMR =IW %&
'EVFSR HMS\MHI 7IPJI\TIPPMRK XS PF XS JX XS WIG 2S XS &'
7IPJI\TIPPMRK XS PF XS JX XS WIG 2S XS &'
7IPJI\TIPPMRK PF XS JX XS WIG 2S &'
7IPJI\TIPPMRK XS PF XS JX XS WIG 2S XS &'
[LIIPIH
6IKYPEV HV] GLIQMGEP WSHMYQ 7XSVIHTVIWWYVI XS PF XS JX XS WIG 2S XS &'
FMGEVFSREXI 'EVXVMHKI SV XS PF XS JX XS WIG 2S XS &'
WXSVIHTVIWWYVI
'EVXVMHKI SV XS PF XS JX XS WIG 2S XS &'
WXSVIHTVIWWYVI
7XSVIHTVIWWYVI PF [LIIPIH JX WIG 2S &'
2MXVSKIR G]PMRHIV SV XS PF XS JX XS WIG 2S XS &'
WXSVIHTVIWWYVI [LIIPIH
4YVTPI / HV] GLIQMGEP 'EVXVMHKI SV XS PF XS JX XS WIG 2S XS &'
TSXEWWMYQ FMGEVFSREXI WXSVIHTVIWWYVI
WXSVIHTVIWWYVI
WXSVIHTVIWWYVI
'EVXVMHKI SV XS PF JX XS WIG 2S XS &'
7YTIV / HV] GLIQMGEP 'EVXVMHKI SV XS PF XS JX XS WIG 2S XS &'
TSXEWWMYQ GLPSVMHI WXSVIHTVIWWYVI
WXSVIHTVIWWYVI
WXSVIHTVIWWYVI
WXSVIHTVIWWYVI
'EVXVMHKI SV XS PF XS JX XS WIG 2S &'
1YPXMTYVTSWI%&' HV] 7XSVIHTVIWWYVI XS PF XS JX XS WIG 2S XS % ERH
GLIQMGEP EQQSRMYQ XS &'
TLSWTLEXI 7XSVIHTVIWWYVI SV XS PF XS JX XS WIG 2S XS % ERH
GEVXVMHKI XS &'
7XSVIHTVIWWYVI SV XS PF XS JX XS WIG 2S XS % ERH
GEVXVMHKI XS &'
7XSVIHTVIWWYVI SV XS PF XS JX XS WIG 2S XS % ERH
GEVXVMHKI XS &'
7XSVIHTVIWWYVI SV XS PF JX XS WIG 2S XS % ERH
GEVXVMHKI [LIIPIH XS &'
)HMXMSR
%22)< , z
8EFPI , 'SRXMRYIH
4VSXIGXMSR
,SVM^SRXEP %TTVS\MQEXI 6IUYMVIH
1IXLSH SJ 6ERKI SJ 8MQI SJ &IPS[ * 90 SV 90'
)\XMRKYMWLMRK %KIRX 3TIVEXMSR 'ETEGMX] 7XVIEQ (MWGLEVKI ' 'PEWWMJMGEXMSRW
2MXVSKIR G]PMRHIV SV XS PF XS JX XS WIG 2S XS % ERH

WXSVIHTVIWWYVI [LIIPIH XS &'
(V] GLIQMGEP JSEQ 'EVXVMHKI SV XS PF XS JX XS WIG 2S XS &'
GSQTEXMFPI WXSVIHTVIWWYVI
WXSVIHTVIWWYVI
WXSVIHTVIWWYVI
(V] GLIQMGEP TSXEWWMYQ 7XSVIHTVIWWYVI XS PF XS JX WIG 2S XS &'
FMGEVFSREXI YVIE FEWIH 7XSVIHTVIWWYVI XS PF XS JX XS WIG 2S XS &'
PF [LIIPIH JX WIG 2S &'
;IX GLIQMGEP 7XSVIHTVIWWYVI 0 XS JX WIG 2S /
7XSVIHTVIWWYVI 0 XS JX XS WIG 2S /
7XSVIHTVIWWYVI KEP XS JX XS WIG 2S /
,EPSR FVSQSGLPSVS 7XSVIHTVIWWYVI XS PF XS JX XS WIG 2S XS &'
HMJPYSVSQIXLERI 7XSVIHTVIWWYVI XS PF XS JX XS WIG 2S &'
7XSVIHTVIWWYVI XS PF XS JX XS WIG 2S %&'
7XSVIHTVIWWYVI XS PF XS JX XS WIG 2S XS % ERH
XS &'
7XSVIHTVIWWYVI PF JX WIG 2S %&'
7XSVIHTVIWWYVI PF [LIIPIH XS JX XS WIG 2S % XS
&'
,EPSR 7XSVIHTVIWWYVI SV XS PF XS JX XS WIG 2S XS &'
FVSQSGLPSVSHMJPYSVS WIPJI\TIPPMRK
QIXLERI FVSQSXVMJPYSVS
QIXLERI QM\XYVIW 7XSVIHTVIWWYVI XS PF XS JX XS WIG 2S %&' XS
%&'
,EPSGEVFSR X]TI 7XSVIHTVIWWYVI XS PF XS JX XS WIG 2S &' XS
%&'
*SV 7- YRMXW KEP ! 0 PF ! OK JX ! Q

2SXI ,EPSR WLSYPH FI YWIH SRP] [LIVI MXW YRMUYI TVSTIVXMIW EVI HIIQIH RIGIWWEV]
90 ERH 90' VEXMRKW EW SJ .YP] 6IEHIVW GSRGIVRIH [MXL WYFWIUYIRX VEXMRKW WLSYPH VIZMI[ XLI
TIVXMRIRX PMWXW ERH WYTTPIQIRXW MWWYIH F] XLIWI PEFSVEXSVMIW 9RHIV[VMXIVW 0EFSVEXSVMIW -RG 4JMRKWXIR
6SEH 2SVXLFVSSO -0 SV 9RHIV[VMXIVWv 0EFSVEXSVMIW SJ 'EREHE 9RHIV[VMXIVW 6SEH 8SVSRXS
32 16 & 'EREHE
'EVFSR HMS\MHI I\XMRKYMWLIVW [MXL QIXEP LSVRW HS RSX GEVV] E ' GPEWWMJMGEXMSR
7SQI WQEPP I\XMRKYMWLIVW GSRXEMRMRK EQQSRMYQ TLSWTLEXIzFEWIH HV] GLIQMGEP HS RSX GEVV] ER %
GPEWWMJMGEXMSR
)HMXMSR
z 4368%&0) *-6) )<8-2+9-7,)67
%RRI\ - 1EMRXIRERGI 4VSGIHYVIW EVVERKIH F] QIGLERMGEP TEVXW GSQTSRIRXW ERH GSRXEMRIVW

GSQQSR XS QSWX JMVI I\XMRKYMWLIVW 8LI WIGSRH 8EFPI -F MW
EVVERKIH F] I\XMRKYMWLMRK QEXIVMEP ERH I\TIPPMRK QIERW ERH MR
ZSPZIW E HIWGVMTXMSR SJ XLI TVSFPIQW TIGYPMEV XS IEGL EKIRX
- 1EMRXIRERGI 'LIGOPMWXW *SV GSRZIRMIRGI XLI JSPPS[MRK
GLIGOPMWXW EVI SVKERMÎH MRXS X[S TEVXW 8LI JMVWX 8EFPI -E MW
8EFPI -E 1IGLERMGEP 4EVXW 1EMRXIRERGI 'LIGOPMWX
']PMRHIV7LIPP 'SVVIGXMZI %GXMSR

,]HVSWXEXMG XIWX HEXI SV HEXI SJ QERYJEGXYVI 6IXIWX MJ RIIHIH
'SVVSWMSR 'SRHYGX L]HVSWXEXMG XIWX ERH VIJMRMWL SV GSRHIQR
1IGLERMGEP HEQEKI HIRXMRK SV EFVEWMSR 'SRHYGX L]HVSWXEXMG XIWX ERH VIJMRMWL SV GSRHIQR
4EMRX GSRHMXMSR 6IJMRMWL
4VIWIRGI SJ VITEMVW [IPHMRK WSPHIVMRK FVE^MRK 'SRHIQR
IXG
(EQEKIH XLVIEHW GSVVSHIH GVSWWXLVIEHIH SV 'SRHIQR
[SVR
&VSOIR LERKIV EXXEGLQIRX GEVV]MRK LERHPI PYK 'SRHIQR
7IEPMRK WYVJEGI HEQEKI RMGOW SV GSVVSWMSR 'SRHIQR
2EQITPEXI 'SVVIGXMZI %GXMSR

-PPIKMFPI [SVHMRK 'PIER SV VITPEGI 2SXI 3RP] PEFIPW [MXLSYX E PMWXMRK QEVO GER FI
VITPEGIH
'SVVSWMSR SV PSSWI TPEXI -RWTIGX WLIPP YRHIV TPEXI WII G]PMRHIVWLIPP GLIGO TSMRXW ERH
VIEXXEGL TPEXI
2S^^PI SV ,SVR 'SVVIGXMZI %GXMSR

(IJSVQIH HEQEKIH SV GVEGOIH 6ITPEGI
&PSGOIH STIRMRKW 'PIER
(EQEKIH XLVIEHW GSVVSHIH GVSWWXLVIEHIH SV 6ITPEGI
[SVR
%KIH FVMXXPI 6ITPEGI
,SWI %WWIQFP] 'SVVIGXMZI %GXMSR

(EQEKIH GYX GVEGOIH SV [SVR 6ITPEGI
(EQEKIH GSYTPMRKW SV W[MZIP NSMRX GVEGOIH SV 6ITPEGI
GSVVSHIH
[SVR
-RRIV XYFI GYX EX GSYTPMRKW 6ITPEGI SV GSRWYPX QERYJEGXYVIV
)PIGXVMGEPP] RSRGSRHYGXMZI FIX[IIR GSYTPMRKW '3 6ITPEGI
LSWI SRP]
,SWI SFWXVYGXMSR 6IQSZI SFWXVYGXMSR SV VITPEGI
,]HVSWXEXMG XIWX HEXI 6IXIWX MJ RIIHIH
4YPP6MRK 4MR 'SVVIGXMZI %GXMSR

(EQEKIH FIRX GSVVSHIH SV FMRHMRK 6ITPEGI
1MWWMRK 6ITPEGI
+EYKI SV 4VIWWYVI-RHMGEXMRK (IZMGI 'SVVIGXMZI %GXMSR

-QQSZEFPI NEQQIH SV QMWWMRK TSMRXIV TVIWWYVI (ITVIWWYVMÎ ERH VITPEGI KEYKI
XIWX
1MWWMRK HIJSVQIH SV FVSOIR GV]WXEP (ITVIWWYVMÎ ERH VITPEGI KEYKI
-PPIKMFPI SV JEHIH HMEP (ITVIWWYVMÎ ERH VITPEGI KEYKI
'SVVSWMSR (ITVIWWYVMÎ ERH GLIGO GEPMFVEXMSR GPIER ERH VIJMRMWL SV VITPEGI
KEYKI
(IRXIH GEWI SV GV]WXEP VIXEMRIV (ITVIWWYVMÎ ERH GLIGO GEPMFVEXMSR SV VITPEGI KEYKI
-QQSZEFPI SV GSVVSHIH TVIWWYVIMRHMGEXMRK WXIQ (ITVIWWYVMÎ ERH HMWGEVH WLIPP
RSRKEYKI X]TI
:IVMJ] KEYKI GSQTEXMFMPMX] (ITVIWWYVMÎ ERH VITPEGI
)HMXMSR
%22)< - z
8EFPI -E 'SRXMRYIH
7LIPP SV ']PMRHIV :EPZI 'SVVIGXMZI %GXMSR

'SVVSHIH HEQEKIH SV NEQQIH PIZIV LERHPI (ITVIWWYVMÎ GLIGO JVIIHSQ SJ QSZIQIRX ERH VITEMV SV VITPEGI
WTVMRK WXIQ SV JEWXIRIV NSMRX
(EQEKIH SYXPIX XLVIEHW GSVVSHIH GVSWWXLVIEHIH (ITVIWWYVMÎ ERH VITPEGI
SV [SVR
2S^^PI 7LYXSJJ :EPZI 'SVVIGXMZI %GXMSR

'SVVSHIH HEQEKIH NEQQIH SV FMRHMRK PIZIV 6ITEMV ERH PYFVMGEXI SV VITPEGI
WTVMRK WXIQ SV JEWXIRIV NSMRX
4PYKKIH HIJSVQIH SV GSVVSHIH RS^^PI XMT SV 'PIER SV VITPEGI
HMWGLEVKI TEWWEKI
4YRGXYVI 1IGLERMWQ 'SVVIGXMZI %GXMSR

(EQEKIH NEQQIH SV FMRHMRK TYRGXYVI PIZIV WXIQ 6ITPEGI
SV JEWXIRIV NSMRX
(YPP SV HEQEKIH GYXXMRK SV TYRGXYVI TMR 6ITPEGI
[SVR
)\TIPPERX+EW 'EVXVMHKI 'SVVIGXMZI %GXMSR

'SVVSWMSR 6ITPEGI [MXL GSVVIGX I\TIPPERX KEW GEVXVMHKI
(EQEKIH WIEP HMWG MRNYVIH GYX SV GSVVSHIH 6ITPEGI [MXL GSVVIGX I\TIPPERX KEW GEVXVMHKI
(EQEKIH XLVIEHW GSVVSHIH GVSWWXLVIEHIH SV 6ITPEGI [MXL GSVVIGX I\TIPPERX KEW GEVXVMHKI
[SVR
-PPIKMFPI [IMKLX QEVOMRKW 6ITPEGI [MXL GSVVIGX I\TIPPERX KEW GEVXVMHKI
-QTVSTIV KEW GEVXVMHKI 6ITPEGI [MXL GSVVIGX I\TIPPERX KEW GEVXVMHKI
-QTVSTIV GEVXVMHKI WIEP 6ITPEGI [MXL GSVVIGX I\TIPPERX KEW GEVXVMHKI
+EW ']PMRHIVW 'SVVIGXMZI %GXMSR

,]HVSWXEXMG XIWX HEXI SV HEXI SJ QERYJEGXYVI 6IXIWX MJ RIIHIH
'SVVSWMSR 'SRHYGX L]HVSWXEXMG XIWX ERH VIJMRMWL SV HMWGEVH
4EMRX GSRHMXMSR 6IJMRMWL
4VIWIRGI SJ VITEMVW [IPHMRK WSPHIVMRK FVE^MRK 'SRHIQR
IXG
(EQEKIH XLVIEHW GSVVSHIH GVSWWXLVIEHIH SV 'SRHIQR
[SVR
*MPP 'ET 'SVVIGXMZI %GXMSR

'SVVSHIH GVEGOIH SV FVSOIR 6ITPEGI
[SVR
7IEPMRK WYVJEGI HEQEKI RMGOIH HIJSVQIH SV 'PIER VITEMV ERH PIEO XIWX SV VITPEGI
GSVVSHIH
3FWXVYGXIH ZIRX LSPI SV WPSX 'PIER
2SRVIGLEVKIEFPI 7LIPP']PMRHIV 'SVVIGXMZI %GXMSR

'SVVSWMSR (ITVIWWYVMÎ ERH HMWGEVH
(EQEKIH WIEP HMWG MRNYVIH GYX SV GSVVSHIH (ITVIWWYVMÎ ERH HMWGEVH
(EQEKIH XLVIEHW GSVVSHIH GVSWWXLVIEHIH SV (ITVIWWYVMÎ ERH HMWGEVH
[SVR
-PPIKMFPI [IMKLX SV HEXI QEVOMRKW (ITVIWWYVMÎ ERH HMWGEVH
'EVVMEKI ERH ;LIIPW 'SVVIGXMZI %GXMSR

'SVVSHIH FIRX SV FVSOIR GEVVMEKI 6ITEMV SV VITPEGI
(EQEKIH [LIIP FYGOPIH SV FVSOIR WTSOI FIRX VMQ 'PIER VITEMV ERH PYFVMGEXI SV VITPEGI
SV E\PI PSSWI XMVI PS[ TVIWWYVI NEQQIH FIEVMRK
'EVV]MRK ,ERHPI 'SVVIGXMZI %GXMSR

&VSOIR LERHPI PYK 'SRHIQR G]PMRHIV SV GSRWYPX QERYJEGXYVIV VIKEVHMRK VITEMV
&VSOIR LERHPI 6ITPEGI
'SVVSHIH NEQQIH SV [SVR JEWXIRIV 'PIER SV VITPEGI
GSRXMRYIW
)HMXMSR
z 4368%&0) *-6) )<8-2+9-7,)67
8EFPI -E 'SRXMRYIH
8EQTIV 7IEPW SV -RHMGEXSVW 'SVVIGXMZI %GXMSR

&VSOIR SV QMWWMRK 'LIGO 8EFPI -F JSV WTIGMJMG EGXMSR
*MPP GET MRHMGEXSV GSVVSHIH SV MRSTIVEXMZI 6ITEMV GPIER SV VITPEGI
*MPP GET MRHMGEXSV STIVEXIH (ITVIWWYVMÎ YRMX GLIGO GSRXIRX VIJMPP
,ERH 4YQT 'SVVIGXMZI %GXMSR

'SVVSHIH NEQQIH SV HEQEKIH TYQT 6ITEMV ERH PYFVMGEXI SV VITPEGI
-QTVSTIV EHNYWXQIRX SJ TEGOMRK RYX %HNYWX
4VIWWYVM^MRK :EPZI 'SVVIGXMZI %GXMSR

0IEOMRK WIEPW (ITVIWWYVMÎ ERH VITPEGI ZEPZI SV GSVI
+EWOIX ERH w3x 6MRK 7IEPW 'SVVIGXMZI %GXMSR

(EQEKIH GYX GVEGOIH SV [SVR 6ITPEGI ERH PYFVMGEXI
1MWWMRK 6ITPEGI ERH PYFVMGEXI
%KIH SV [IEXLIVIH GSQTVIWWMSR WIX FVMXXPI 6ITPEGI ERH PYFVMGEXI
GVEGOIH
&VEGOIXW ERH ,ERKIVW 'SVVIGXMZI %GXMSR

'SVVSHIH [SVR SV FIRX 6ITEMV ERH VIJMRMWL SV VITPEGI
0SSWI SV FMRHMRK JMX %HNYWX JMX SV VITPEGI
;SVR PSSWI GSVVSHIH SV QMWWMRK WGVI[ SV FSPX 8MKLXIR SV VITPEGI
;SVR FYQTIV [IFFMRK SV KVSQQIX 6ITPEGI
-QTVSTIV X]TI 6ITPEGI
+EW 8YFI ERH 7MTLSR SV 4MGOYT 8YFI 'SVVIGXMZI %GXMSR

'SVVSHIH HIRXIH GVEGOIH SV FVSOIR 6ITPEGI
&PSGOIH XYFI SV STIRMRKW MR XYFI 'PIER SV VITPEGI
7EJIX] 6IPMIJ (IZMGI 'SVVIGXMZI %GXMSR

'SVVSHIH SV HEQEKIH (ITVIWWYVMÎ ERH VITPEGI
&VSOIR STIVEXIH SV TPYKKIH (ITVIWWYVMÎ ERH VITPEGI
4VIWWYVI 6IKYPEXSVW 'SVVIGXMZI %GXMSR

)\XIVREP GSRHMXMSR HEQEKIH SV GSVVSHIH -J HEQEKIH VITPEGI VIKYPEXSV MJ GSVVSHIH GPIER VIKYPEXSV SV
VITPEGI
4VIWWYVI VIPMIJ GSVVSHIH TPYKKIH HIRXIH PIEOMRK (MWGSRRIGX VIKYPEXSV JVSQ TVIWWYVI WSYVGI VITPEGI TVIWWYVI
FVSOIR SV QMWWMRK VIPMIJ SV VITPEGI VIKYPEXSV
4VSXIGXMZI FSRRIX VIPMIJ LSPI XETI QMWWMRK SV WIEP 6ITPEGI VIKYPEXSV
[MVI FVSOIR SV QMWWMRK
%HNYWXMRK WGVI[ PSGO TMR QMWWMRK 6ITPEGI VIKYPEXSV
8EFPI -F %KIRX ERH )\TIPPMRK 1IERW 1EMRXIRERGI 'LIGOPMWX
%*** ERH **4 'SVVIGXMZI %GXMSR
6IGLEVKMRK HEXI HYI )QTX] GPIER ERH VIGLEVKI

-QTVSTIV JMPP PIZIPW )QTX] GPIER ERH VIGLEVKI
%KIRX GSRHMXMSR GLIGO JSV WIHMQIRX )QTX] GPIER ERH VIGLEVKI
-QTVSTIV JMPP PIZIP F] [IMKLX SV SFWIVZEXMSR )QTX] ERH VIGLEVKI [MXL RI[ WSPYXMSR
%KIRX GSRHMXMSR TVIWIRGI SJ TVIGMTMXEXI SV SXLIV )QTX] ERH VIGLEVKI [MXL RI[ WSPYXMSR
JSVIMKR QEXXIV
-QTVSTIV KEYKI TVIWWYVI 6ITVIWWYVMÎ ERH PIEO XIWX
&VSOIR SV QMWWMRK XEQTIV MRHMGEXSV 0IEO XIWX VITPEGI MRHMGEXSV
7IPJ)\TIPPMRK
'EVFSR (MS\MHI 'SVVIGXMZI %GXMSR

-QTVSTIV [IMKLX 6IGLEVKI XS TVSTIV [IMKLX
&VSOIR SV QMWWMRK XEQTIV MRHMGEXSV 0IEO XIWX ERH [IMKL EPWS VIGLEVKI SV VITPEGI WIEP
)HMXMSR
%22)< - z
8EFPI -F 'SRXMRYIH
,EPSR &VSQSXVMJPYSVSQIXLERI 'SVVIGXMZI %GXMSR

4YRGXYVIH G]PMRHIV WIEP HMWG 6ITPEGI WLIPP
-QTVSTIV [IMKLX 6ITPEGI WLIPP SV VIXYVR XS QERYJEGXYVIV JSV VIJMPPMRK
&VSOIR SV QMWWMRK XEQTIV WIEP )\EQMRI G]PMRHIV WIEP HMWG VITPEGI WIEP
'SQFMREXMSR ,EPSR 'SVVIGXMZI %GXMSR

-QTVSTIV [IMKLX 6IXYVR XS QERYJEGXYVIV 7II
&VSOIR SV QMWWMRK XEQTIV WIEP 6IXYVR XS QERYJEGXYVIV 7II
1ERYEPP] 3TIVEXIH
1IGLERMGEP 4YQT ;EXIV ERH 0SEHIH 7XVIEQ 'SVVIGXMZI %GXMSR

-QTVSTIV JMPP PIZIP 6IJMPP XS TVSTIV PIZIP
(IJIGXMZI TYQT 'PIER VITEMV ERH PYFVMGEXI SV VITPEGI
(V] 4S[HIV 4EMP 'SVVIGXMZI %GXMSR

-QTVSTIV JMPP PIZIP 6IJMPP
%KIRX GSRHMXMSR GSRXEQMREXMSR SV GEOMRK (MWGEVH ERH VITPEGI
1MWWMRK WGSST 6ITPEGI
+EW 'EVXVMHKI SV ']PMRHIV
(V] 'LIQMGEP ERH (V] 4S[HIV 8]TIW 'SVVIGXMZI %GXMSR

-QTVSTIV [IMKLX SV GLEVKI PIZIP 6IJMPP XS GSVVIGX [IMKLX SV GLEVKI PIZIP
%KIRX GSRHMXMSR GSRXEQMREXMSR GEOMRK SV [VSRK )QTX] ERH VIGLEVKI [MXL RI[ EKIRX
EKIRX
'EVXVMHKI
E 4YRGXYVIH WIEP HMWG E 6ITPEGI GEVXVMHKI
F -QTVSTIV [IMKLX F 6ITPEGI GEVXVMHKI
G &VSOIR SV QMWWMRK XEQTIV MRHMGEXSV G )\EQMRI WIEP HMWG VITPEGI
H -QTVSTIV GEVXVMHKI WIEP H 6ITPEGI GEVXVMHKI WIEP
+EW G]PMRHIV [MXL KEYKI
E 0S[ TVIWWYVI E 6ITPEGI SV VIGLEVKI G]PMRHIV
F &VSOIR SV QMWWMRK XEQTIV WIEP F 0IEO XIWX VITPEGI
+EW G]PMRHIV [MXLSYX KEYKI
E 0S[ TVIWWYVI EXXEGL KEYKI ERH QIEWYVI E 0IEO XIWX MJ PS[ VITPEGI SV VIGLEVKI G]PMRHIV
TVIWWYVI
F &VSOIR SV QMWWMRK XEQTIV WIEP F 1IEWYVI TVIWWYVI PIEO XIWX VITPEGI WIEP
7XSVIH4VIWWYVI
'SQFMREXMSR ,EPSR 'SVVIGXMZI %GXMSR

6IJMPPEFPI
E -QTVSTIV I\XMRKYMWLIV EKIRX E 6IXYVR XS QERYJEGXYVIV 7II
F -QTVSTIV KEYKI TVIWWYVI F 6IXYVR XS QERYJEGXYVIV 7II
G &VSOIR SV QMWWMRK XEQTIV WIEP G )\EQMRI I\XMRKYMWLIV PIEO XIWX VITPEGI XEQTIV WIEP
2SRVIGLEVKIEFPI I\XMRKYMWLIV [MXL TVIWWYVI
MRHMGEXSV
E 0S[ TVIWWYVI E 6IXYVR XS QERYJEGXYVIV 7II
F &VSOIR SV QMWWMRK XEQTIV WIEP F 6IXYVR XS QERYJEGXYVIV 7II
(V] 'LIQMGEP ERH (V] 4S[HIV 8]TIW 'SVVIGXMZI %GXMSR

6IGLEVKIEFPI
E -QTVSTIV I\XMRKYMWLIV [IMKLX E 0IEO XIWX ERH VIJMPP XS GSVVIGX [IMKLX
F -QTVSTIV KEYKI TVIWWYVI F 6ITVIWWYVMÎ ERH PIEO XIWX
G &VSOIR SV QMWWMRK XEQTIV WIEP G 0IEO XIWX GLIGO [IMKLX ERH VITPEGI WIEP
(MWTSWEFPI WLIPP [MXL TVIWWYVI MRHMGEXSV
E 4YRGXYVIH WIEP HMWG E (ITVIWWYVMÎ ERH HMWGEVH
F 0S[ TVIWWYVI F (ITVIWWYVMÎ ERH HMWGEVH
G &VSOIR SV QMWWMRK XEQTIV MRHMGEXSV G (ITVIWWYVMÎ ERH HMWGEVH
GSRXMRYIW
)HMXMSR
z 4368%&0) *-6) )<8-2+9-7,)67
8EFPI -F 'SRXMRYIH
(MWTSWEFPI WLIPP [MXLSYX TVIWWYVI MRHMGEXSV

E 4YRGXYVIH WIEP HMWG E (ITVIWWYVMÎ ERH HMWGEVH
F 0S[ [IMKLX F (ITVIWWYVMÎ ERH HMWGEVH
G &VSOIR SV QMWWMRK XEQTIV WIEP G (ITVIWWYVMÎ ERH HMWGEVH
2SRVIGLEVKIEFPI I\XMRKYMWLIV [MXL TVIWWYVI
MRHMGEXSV
E 0S[ TVIWWYVI E (ITVIWWYVMÎ ERH HMWGEVH
F &VSOIR SV QMWWMRK XEQTIV MRHMGEXSV F (ITVIWWYVMÎ ERH HMWGEVH
;IX 'LIQMGEP 8]TI 'SVVIGXMZI %GXMSR

-QTVSTIV JMPP PIZIP F] [IMKLX SV SFWIVZEXMSR )QTX] ERH VIGLEVKI [MXL RI[ EKIRX XS GSVVIGX [IMKLX JMPP PMRI
-QTVSTIV KEYKI TVIWWYVI 6ITVIWWYVMÎ ERH PIEO XIWX SV GSRWYPX QERYJEGXYVIV
&VSOIR SV QMWWMRK XEQTIV WIEP :IVMJ] JMPP PIZIP VIGLEVKI MJ VIUYMVIH VITPEGI XEQTIV WIEP
,EPSKIREXIH8]TI %KIRXW 'SVVIGXMZI %GXMSR

&VSOIR SV QMWWMRK XEQTIV WIEP :IVMJ] PIZIP ERH TVIWWYVI VIGLEVKI MJ VIUYMVIH VITPEGI XEQTIV
WIEP
-QTVSTIV KEYKI TVIWWYVI ;IMKL VITVIWWYVMÎ ERH PIEO XIWX SV GSRWYPX QERYJEGXYVIV
-QTVSTIV [IMKLX 0IEO XIWX ERH VIGLEVKI XS GSVVIGX [IMKLX
;EXIV ERH 0SEHIH 7XVIEQ 'SVVIGXMZI %GXMSR

-QTVSTIV JMPP PIZIP F] [IMKLX SV SFWIVZEXMSR 6IGLEVKI XS GSVVIGX PIZIP MR EGGSVHERGI [MXL XLI QERYJEGXYVIVvW
QERYEP
%KIRX GSRHMXMSR MJ ERXMJVIIÎ SV PSEHIH WXVIEQ )QTX] ERH VIGLEVKI [MXL RI[ EKIRX
-QTVSTIV KEYKI TVIWWYVI 6ITVIWWYVMÎ ERH PIEO XIWX SV GSRWYPX QERYJEGXYVIV
&VSOIR SV QMWWMRK XEQTIV WIEP 0IEO XIWX VITPEGI WIEP
- 1ER] SJ XLI VIGSQQIRHEXMSRW MR 8EFPI -E ERH GSQTVIWWMSR 8LI EJXIVGSSPIV WLEPP FI HIWMKRIH XS HIPMZIV
8EFPI -F EVI RSX ETTPMGEFPI XS HMWTSWEFPI JMVI I\XMRKYMWLIV JMREP EMV EX E XIQTIVEXYVI RSX XS I\GIIH * ' EFSZI
QSHIPW %R] HMWGVITERG] SR XLI QEMRXIRERGI SJ HMWTSWEFPI EQFMIRX 8LI GSQTVIWWSV JP][LIIP WLEPP MRGSVTSVEXI E LMKL
QSHIPW [MPP SJXIR HMGXEXI XLI RIIH JSV I\XMRKYMWLIV VITPEGI ZIPSGMX] GSSPMRK JER JSV QE\MQYQ LIEX HMWWMTEXMSR %R EYXS
QIRX 7IVZMGI TIVWSRRIP WLSYPH VIJIV XS XLI REQITPEXI MR QEXMG GSRHIRWEXI HVEMR W]WXIQ WLEPP FI WYTTPMIH EW WXERHEVH
WXVYGXMSRW ERH XLI S[RIVvW QERYEP JSV KYMHERGI IUYMTQIRX SR EPP W]WXIQW
(V]IV 7]WXIQ 8LI W]WXIQ WLEPP FI SJ E QYPXMGLEQFIV EV
- (MWTSWEFPI LEPSR EKIRX JMVI I\XMRKYMWLIV QSHIPW VIUYMV VERKIQIRX IEGL GSRWXVYGXIH SJ EPYQMRYQ EPPS] [MXL E
MRK VITPEGIQIRX EVI RSX XS FI HITVIWWYVMÎH FYX VIXYVRIH XS XIRWMPI WXVIRKXL SJ TWM O4E ERH HIWMKRIH
XLI QERYJEGXYVIV SV WIVZMGI EKIRG] JSV TVSTIV HMWTSWEP ERH JSV TWM O4E [SVOMRK TVIWWYVI [MXL E XS
VIGPEMQMRK SJ XLI I\XMRKYMWLMRK EKIRX WEJIX] JEGXSV 8LI JMVWX GLEQFIV WLEPP FI E QIGLERMGEP
%PP GSVVIGXMZI EGXMSRW QYWX FI TIVJSVQIH MR EGGSVHERGI WITEVEXSV XS IPMQMREXI SMP ERH [EXIV 7YFWIUYIRX GLEQ
[MXL XLI QERYJEGXYVIVvW WIVZMGI QERYEP FIVW WLEPP YXMPMÎ VITPEGIQIRX GEVXVMHKIW XS JYVXLIV VI
QSZI QSMWXYVI ERH SMP ZETSV 8LI HV]IV W]WXIQ WLEPP TVS
GIWW ?CCCCCC GJA FIJSVI GEVXVMHKI VITPEGIQIRX 8LI EMV
%RRI\ . 8]TMGEP 7TIGMJMGEXMSR SJ )UYMTQIRX 'ETEFPI HIPMZIVIH WLEPP LEZI E n* n' HI[ TSMRX SV PS[IV
SJ 4VSHYGMRK (V] %MV 'SRXVSPW-RWXVYQIRXEXMSR 8LI GSQTVIWWSV QSHYPI WLEPP MR
8LMW ERRI\ MW RSX E TEVX SJ XLI VIUYMVIQIRXW SJ XLMW 2*4% HSGYQIRX GSVTSVEXI E KEYKI TERIP XS MRGPYHI XLI JSPPS[MRK MRXIV
FYX MW MRGPYHIH JSV MRJSVQEXMSREP TYVTSWIW SRP] WXEKI ERH JMREP HMWGLEVKI TVIWWYVI KEYKIW PYFI SMP TVIW
WYVI KEYKI [LIVI ETTPMGEFPI LSYV QIXIV ERH TS[IVSR
. -RXVSHYGXMSR 7IGXMSR . MW ER I\EQTPI SJ E WTIGMJMGEXMSR PMKLX %PP TVIWWYVI KEYKIW WLEPP FI PMUYMH JMPPIH 8LI GSR
SJ IUYMTQIRX GETEFPI SJ TVSHYGMRK HV] EMV XVSP W]WXIQ WLEPP GSRWMWX SJ EPP HIZMGIW XS QSRMXSV XLI ST
. )\EQTPI 8LI GSQTVIWWSVHV]IV QSHYPI WLEPP FI E JYPP] IR IVEXMSR SJ XLI GSQTVIWWSV MRGPYHMRK QSXSV WXEVXIV [MXL
GPSWIH JEGXSV]EWWIQFPIH ERH JEGXSV]XIWXIH TEGOEKI SJ E ZIVXMGEP SZIVPSEH HIXIGXSVW ERH W[MXGLIW XS WLYX XLI GSQTVIWWSV
HIWMKR GSQTVIWWSV EFSZI QSXSV -X WLEPP MRGSVTSVEXI XLI GSQ HS[R MR XLI IZIRX XLEX LMKL XIQTIVEXYVI SV PS[ SMP TVIW
TVIWWSV HVMZIV TYVMJMGEXMSR W]WXIQ GSRXVSPW MRXIVGSRRIGXMRK TMT WYVI SR TVIWWYVIPYFVMGEXIH GSQTVIWWSVW SGGYVW %R EMV
MRK ERH [MVMRK 8LI WGSTI SJ WYTTP] WLEPP MRGPYHI XLI JSPPS[MRK TVIWWYVI W[MXGL WLEPP FI WYTTPMIH XS EYXSQEXMGEPP] WXEVX
ERH WXST XLI GSQTVIWWSV XS QEMRXEMR EHIUYEXI W]WXIQ
'SQTVIWWSV 8LI GSQTVIWWSV FPSGO WLEPP FI QYPXMWXEKI EMV TVIWWYVI ?8LI YRMX WLEPP GSQI GSQTPIXI [MXL E GEVXVMHKI
GSSPIH SMP PYFVMGEXIH ERH VEXIH JSV GSRXMRYSYW HYX] EX QSRMXSVMRK W]WXIQ XLEX GSQFMRIW FSXL QSMWXYVI QSRMXSV
TWM O4E [MXL E GLEVKMRK VEXI SJ ?CCCCCCCC MRK ERH XMQIH WLYXHS[R 8LI QSMWXYVI QSRMXSV GLIGOW
GJQA 8LI GVEROGEWI WLEPP FI JYPP] IRGPSWIH [MXL SZIVWMÎH EMV UYEPMX] GSRXMRYSYWP] ERH MW GEPMFVEXIH XS MRHMGEXI [LIR
FEPP FIEVMRKW SR IEGL IRH 8LI GSRRIGXMRK VSHW WLEPP YXMPMÎ E HI[ TSMRX SJ n* n' LEW FIIR VIEGLIH ;LIR
RIIHPI FIEVMRKW SR FSXL IRHW 4MWXSRW WLEPP FI EPYQMRYQ SV QSMWXYVI MW HIXIGXIH E ]IPPS[ PMKLX GSQIW SR ERH XLI HMKM
GEWX MVSR ERH WLEPP MRGSVTSVEXI TMWXSR VMRKW SR EPP WXEKIW ']P XEP XMQIV GSQIW MRXS STIVEXMSR %X XLI GSRGPYWMSR SJ E
MRHIVW WLEPP FI SJ GEWX MVSR 6IPMIJ ZEPZIW ERH MRHMZMHYEPP] LSYV XS LSYV XMQMRK TIVMSH WLYXHS[R SGGYVW ERH E
QSYRXIH MRXIVGSSPIVW WLEPP FI YXMPMÎH EJXIV IEGL WXEKI SJ VIH PMKLX GSQIW SRA
)HMXMSR
%22)< / z
%RRI\ / -RJSVQEXMSREP 6IJIVIRGIW 2*4% 6IGSQQIRHIH 4VEGXMGI JSV *MVI 4VSXIGXMSR JSV )PIGXVMG
+IRIVEXMRK 4PERXW ERH ,MKL :SPXEKI (MVIGX 'YVVIRX 'SRZIVXIV 7XE
/ 6IJIVIRGIH 4YFPMGEXMSRW 8LI HSGYQIRXW SV TSVXMSRW XMSRW IHMXMSR
XLIVISJ PMWXIH MR XLMW ERRI\ EVI VIJIVIRGIH [MXLMR XLI MRJSVQE 2*4% 6IGSQQIRHIH 4VEGXMGI JSV *MVI 4VSXIGXMSR JSV ,]HVS
XMSREP WIGXMSRW SJ XLMW WXERHEVH ERH EVI RSX TEVX SJ XLI VIUYMVI IPIGXVMG +IRIVEXMRK 4PERXW IHMXMSR
QIRXW SJ XLMW HSGYQIRX YRPIWW EPWS PMWXIH MR 'LETXIV JSV 2*4% +YMHI JSV *MVI ERH )\TPSWMSR -RZIWXMKEXMSRW
SXLIV VIEWSRW IHMXMSR
/ 2*4% 4YFPMGEXMSRW 2EXMSREP *MVI 4VSXIGXMSR %WWSGME 2*4% +YMHI JSV 8VEMRMRK *MVI 7IVZMGI 4IVWSRRIP XS 'SRHYGX
XMSR &EXXIV]QEVGL 4EVO 5YMRG] 1% ([IPPMRK *MVI 7EJIX] 7YVZI]W IHMXMSR
2*4% 7XERHEVH JSV 0S[ 1IHMYQ ERH ,MKL)\TERWMSR 2*4% 7XERHEVH SR 'PIER %KIRX *MVI )\XMRKYMWLMRK 7]W
*SEQ IHMXMSR XIQW IHMXMSR
*MVI 4VSXIGXMSR +YMHI XS ,EÊVHSYW 1EXIVMEPW XL IHMXMSR
2*4% 7XERHEVH SR 'EVFSR (MS\MHI )\XMRKYMWLMRK 7]WXIQW

IHMXMSR
*MVI 4VSXIGXMSR ,ERHFSSO XL IHMXMSR
2*4% % 7XERHEVH SR ,EPSR *MVI )\XMRKYMWLMRK 7]WXIQW
IHMXMSR / 3XLIV 4YFPMGEXMSRW
2*4% 7XERHEVH JSV XLI -RWXEPPEXMSR SJ 7TVMROPIV 7]WXIQW / '+% 4YFPMGEXMSRW 'SQTVIWWIH +EW %WWSGMEXMSR
IHMXMSR ;EPRI] 6SEH XL *PSSV 'LERXMPP] :%
2*4% ( 7XERHEVH JSV XLI -RWXEPPEXMSR SJ 7TVMROPIV 7]WXIQW MR '+% ' 1IXLSHW SJ ,]HVSWXEXMG 8IWXMRK SJ 'SQTVIWWIH +EW ']P
3RI ERH 8[S*EQMP] ([IPPMRKW ERH 1ERYJEGXYVIH ,SQIW MRHIVW
IHMXMSR / 24'% 4YFPMGEXMSRW 2EXMSREP 4EMRX ERH 'SEXMRKW %W
2*4% 6 7XERHEVH JSV XLI -RWXEPPEXMSR SJ 7TVMROPIV 7]WXIQW MR WSGMEXMSR 6LSHI -WPERH %ZIRYI 2; ;EWLMRKXSR ('
0S[6MWI 6IWMHIRXMEP 3GGYTERGMIW IHMXMSR
2*4% 7XERHEVH JSV XLI -RWXEPPEXMSR SJ 7XERHTMTI ERH ,SWI ,EÊVHSYW 1EXIVMEPW -HIRXMJMGEXMSR 7]WXIQ ,1-7 -QTPIQIRXE
7]WXIQW IHMXMSR XMSREP 1ERYEP
2*4% 7XERHEVH JSV ;EXIV 7TVE] *M\IH 7]WXIQW JSV *MVI 4VSXIG / 90 4YFPMGEXMSRW 9RHIV[VMXIVW 0EFSVEXSVMIW -RG
XMSR IHMXMSR 4JMRKWXIR 6SEH 2SVXLFVSSO -0
2*4% 7XERHEVH JSV XLI -RWXEPPEXMSR SJ *SEQ;EXIV 7TVMROPIV c 90 7XERHEVH JSV ,EPSKIREXIH %KIRX *MVI )\XMRKYMWLIVW
ERH *SEQ;EXIV 7TVE] 7]WXIQW IHMXMSR 6IZMWIH
2*4% 7XERHEVH JSV (V] 'LIQMGEP )\XMRKYMWLMRK 7]WXIQW
c
/ 90' 4YFPMGEXMSRW 9RHIV[VMXIVWv 0EFSVEXSVMIW 9R
IHMXMSR HIV[VMXIVW 6SEH 8SVSRXS 3RXEVMS 16 % 'EREHE
2*4% % 7XERHEVH JSV ;IX 'LIQMGEP )\XMRKYMWLMRK 7]WXIQW '%290'7 7XERHEVH JSV ,EPSKIREXIH %KIRX ,ERH ERH
IHMXMSR ;LIIPIH *MVI )\XMRKYMWLIVW 6IEJJMVQIH
2*4% 7XERHEVH SR ;IXXMRK %KIRXW IHMXMSR / 9090' 4YFPMGEXMSRW 8LI JSPPS[MRK TYFPMGEXMSRW
2*4% 2EXMSREP *MVI %PEVQ ERH 7MKREPMRK 'SHI IHM EVI FMREXMSREPP] LEVQSRMÎH WXERHEVHW JSV 9RHIV[VMXIVW
XMSR 0EFSVEXSVMIW -RG 4JMRKWXIR 6SEH 2SVXLFVSSO -0
2*4% 6IGSQQIRHIH 4VEGXMGI SR 7XEXMG )PIGXVMGMX] IHM ERH 9RHIV[VMXIVWv 0EFSVEXSVMIW SJ 'EREHE 9RHIV[VMX
XMSR IVW 6SEH 8SVSRXS 3RXEVMS 16 % 'EREHE
2*4% 7XERHEVH JSV :IRXMPEXMSR 'SRXVSP ERH *MVI 4VSXIGXMSR SJ %27-90 '%290'7 7XERHEVH JSV (V] 'LIQMGEP
'SQQIVGMEP 'SSOMRK 3TIVEXMSRW IHMXMSR *MVI )\XMRKYMWLIVW 6IZMWIH
2*4% +YMHI JSV %MVGVEJX 6IWGYI ERH *MVI*MKLXMRK 3TIVE %27-90 '%290'7 7XERHEVH JSV 6EXMRK ERH *MVI
XMSRW IHMXMSR 8IWXMRK SJ *MVI )\XMRKYMWLIVW 6IZMWIH
2*4% 7XERHEVH JSV 'SQFYWXMFPI 1IXEPW IHMXMSR %27-90 '%290'7 7XERHEVH JSV ,EPSGEVFSR
'PIER %KIRX *MVI )\XMRKYMWLIVW 6IZMWIH
2*4% +YMHI JSV )QIVKIRG] ERH 7EJIX] 3TIVEXMSRW EX 1SXSV
WTSVXW :IRYIW IHMXMSR / -RJSVQEXMSREP 6IJIVIRGIW 6IWIVZIH
2*4% 7XERHEVH SR ;EXIV 1MWX *MVI 4VSXIGXMSR 7]WXIQW / 6IJIVIRGIW JSV )\XVEGXW MR -RJSVQEXMSREP 7IGXMSRW 6I
IHMXMSR WIVZIH
)HMXMSR
z 4368%&0) *-6) )<8-2+9-7,)67
-RHI\
'ST]VMKLX 2EXMSREP *MVI 4VSXIGXMSR %WWSGMEXMSR %PP 6MKLXW 6IWIVZIH

8LI GST]VMKLX MR XLMW MRHI\ MW WITEVEXI ERH HMWXMRGX JVSQ XLI GST]VMKLX MR XLI HSGYQIRX XLEX MX MRHI\IW 8LI PMGIRWMRK TVSZMWMSRW WIX JSVXL JSV XLI
HSGYQIRX EVI RSX ETTPMGEFPI XS XLMW MRHI\ 8LMW MRHI\ QE] RSX FI VITVSHYGIH MR [LSPI SV MR TEVX F] ER] QIERW [MXLSYX XLI I\TVIWW [VMXXIR
TIVQMWWMSR SJ 2*4%
% )\XMRKYMWLIV -RWTIGXMSR

%HQMRMWXVEXMSR 'LET (IJMRMXMSR %
4YVTSWI % )\XMRKYMWLIV 1EMRXIRERGI
7GSTI % (IJMRMXMSR %
9RMXW
%27-
(IJMRMXMSR *
%RXMJVIIÎ 'LEVKI *MPQ*SVQMRK *SEQ %KIRXW
(IJMRMXMSR (IJMRMXMSR %
%TTVSZIH *MVI )\XMRKYMWLIV 7IPIGXMSR %RRI\ '
(IJMRMXMSR % *PEQQEFPI 0MUYMHW SJ %TTVIGMEFPI (ITXL
%YXLSVMX] ,EZMRK .YVMWHMGXMSR %,. (IJMRMXMSR
(IJMRMXMSR %
+
' +IRIVEP 6IUYMVIQIRXW 'LET
'EVFSR (MS\MHI -HIRXMJMGEXMSR SJ 'SRXIRXW %
(IJMRMXMSR % -RWXVYGXMSR 1ERYEP %
'EVXVMHKI']PMRHIV3TIVEXIH *MVI )\XMRKYMWLIV 0MWXMRK ERH 0EFIPMRK
(IJMRMXMSR )PIGXVMGEP 'SRHYGXMZMX]
'LIQMGEP 3FWSPIXI *MVI )\XMRKYMWLIVW
(IJMRMXMSR
(V] 'LIQMGEP
(IJMRMXMSR % ,
;IX 'LIQMGEP ,EPSKIREXIH %KIRXW
(IJMRMXMSR % (IJMRMXMSR %
'PIER %KIRX ,EPSGEVFSRW
(IJMRMXMSR (IJMRMXMSR
'PSWIH 6IGSZIV] 7]WXIQ ,EPSRW
(V] 'LIQMGEP 'PSWIH 6IGSZIV] 7]WXIQ ,]HVSWXEXMG 8IWXMRK
,EPSKIREXIH 'PSWIH 6IGSZIV] 7]WXIQ ,]HVSWXEXMG 8IWXMRK 'LET
(IJMRMXMSR 'SRHIQRMRK )\XMRKYMWLIVW
'SRHMXMSRW SJ 7IPIGXMSR %RRI\ , *EMPW 8IWX SV )\EQMREXMSR
']PMRHIV 1EVOMRK 'SRHIQRIH )\XMRKYMWLIVW
(IJMRMXMSR )\XMRKYMWLIV )\EQMREXMSR
,MKL4VIWWYVI ']PMRHIV )\EQMREXMSR SJ ']PMRHIV 'SRHMXMSR %
(IJMRMXMSR +IRIVEP
0S[4VIWWYVI ']PMRHIV *VIUYIRG]
(IJMRMXMSR ']PMRHIVW ERH 'EVXVMHKIW
+IRIVEP
,SWI %WWIQFPMIW
( +IRIVEP
(IJMRMXMSRW 'LET 6IGSVHMRK SJ ,]HVSWXEXMG 8IWXW
(MWXVMFYXMSR %RRI\ ) ,MKL4VIWWYVI ']PMRHIVW ERH 'EVXVMHKIW
(38 ,SWI %WWIQFPMIW
(IJMRMXMSR 0S[4VIWWYVI ']PMRHIVW %
(V] 4S[HIV 6IGSVHW %
(IJMRMXMSR % 8IWX )UYMTQIRX %
(V]MRK )UYMTQIRX
4VIWWYVI +EYKIW
) 8IWX )UYMTQIRX JSV ,MKL4VIWWYVI ']PMRHIVW
)PIGXVSRMG 1SRMXSVMRK 8IWX )UYMTQIRX JSV 0S[4VIWWYVI ']PMRHIVW ERH ,SWI
(IJMRMXMSR % %WWIQFPMIW 4VSSJ 4VIWWYVI 8IWX
)\TPEREXSV] 1EXIVMEP %RRI\ % 8IWX 4VIWWYVIW
)\XMRKYMWLIV &VEGOIX ,MKL4VIWWYVI ']PMRHIVW
(IJMRMXMSR ,SWI %WWIQFPMIW
)\XMRKYMWLIV 'EFMRIX 0S[4VIWWYVI ']PMRHIVW
(IJMRMXMSR 'EVXVMHKI3TIVEXIH 8]TIW
)\XMRKYMWLIV 'PEWWMJMGEXMSR ERH 6EXMRK 7]WXIQ %RRI\ + 7XSVIH4VIWWYVI 8]TIW
)\XMRKYMWLIV ,ERKIV 8IWXMRK 4VSGIHYVIW
(IJMRMXMSR +IRIVEP
)HMXMSR
-2()< z
,MKL4VIWWYVI ']PMRHIVW -RWTIGXMSR 6IGSVH /IITMRK

,SWI %WWIQFPMIW )PIGXVSRMG -RWTIGXMSR 6IGSVHW
0S[4VIWWYVI ']PMRHIVW 1ERYEP -RWTIGXMSR 6IGSVHW
1EMRXIRERGI ERH 6IGLEVKI 7IVZMGI 'SPPEV %
7IVZMGI 'SPPEV )\IQTXMSRW
-
1EMRXIRERGI SJ ;LIIPIH )\XMRKYMWLIV ,SWIW ERH 6IKYPEXSVW
-RJSVQEXMSREP 6IJIVIRGIW %RRI\ / 'SVVIGXMZI %GXMSR
-RWTIGXMSR 1EMRXIRERGI ERH 6IGLEVKMRK 'LET 4VIWWYVI 6IKYPEXSVW
'EVFSR (MS\MHI ,SWI %WWIQFP] 'SRHYGXMZMX] 8IWX % ;LIIPIH 9RMX ,SWIW %
6IGSVH /IITMRK JSV 'SRHYGXMZMX] 8IWXMRK SJ 'EVFSR 4VIWWYVI +EYKIW %
(MS\MHI ,SWI %WWIQFPMIW 4VSLMFMXMSR SR 9WIW SJ )\XMRKYMWLIVW ERH 'SRZIVWMSR
)PIGXVSRMG 1SRMXSVMRK 7]WXIQ 1EMRXIRERGI SJ *MVI )\XMRKYMWLIV 8]TIW
'SVVIGXMZI %GXMSR ;IMKLX 7GEPIW %
)PIGXVSRMG 1SRMXSVMRK -RWXEPPEXMSR SJ 4SVXEFPI *MVI )\XMRKYMWLIVW 'LET
)\XMRKYMWLIV 1EMRXIRERGI +IRIVEP
%RRYEP )\XIVREP )\EQMREXMSR SJ %PP )\XMRKYMWLIVW %RXMJVIIÎ
&SSXW *SSX 6MRKW ERH %XXEGLQIRXW % )PIGXVSRMG 1SRMXSVMRK ERH %PEVQ 7]WXIQ
'SVVIGXMZI %GXMSR )\XMRKYMWLIV 6IEHMRIWW
4L]WMGEP 'SRHMXMSR 2YQFIV SJ )\XMRKYMWLIVW %
7IEPW SV 8EQTIV -RHMGEXSVW % 4PEGIQIRX
%RRYEP -RXIVREP )\EQMREXMSR SJ 'IVXEMR 8]TIW SJ 'EFMRIXW
)\XMRKYMWLIVW -RWXEPPEXMSR ,IMKLX
'EVXVMHKI SV ']PMRHIV3TIVEXIH )\XMRKYMWLIVW 0EFIP :MWMFMPMX]
0SEHIH 7XVIEQ 'LEVKI :MWYEP 3FWXVYGXMSRW
1EMRXIRERGI -RXIVZEPW % -RWXEPPEXMSRW JSV 'PEWW % ,EÊVHW
4YQT 8ERO )\XMRKYMWLIVW *MVI )\XMRKYMWLIV 7MÎ ERH 4PEGIQIRX JSV 'PEWW %
;IXXMRK %KIRX )\XMRKYMWLIVW ,EÊVHW
%RRYEP 1EMRXIRERGI 6IGSVH /IITMRK % -RWXEPPEXMSRW JSV 'PEWW & ,EÊVHW
:IVMJMGEXMSRSJ7IVZMGI 'SPPEV 1EMRXIRERGI *PEQQEFPI 0MUYMHW SJ %TTVIGMEFPI (ITXL
SV 6IGLEVKMRK 3FWXEGPI +VEZMX]8LVII(MQIRWMSREP ERH 4VIWWYVI
'SVVIGXMZI %GXMSR *MVI ,EÊVHW
1EMRXIRERGI 4VSGIHYVIW % 7TMPP *MVIW
7M\=IEV -RXIVREP )\EQMREXMSR SJ 'IVXEMR 8]TIW SJ -RWXEPPEXMSRW JSV 'PEWW ' ,EÊVHW %
)\XMRKYMWLIVW -RWXEPPEXMSRW JSV 'PEWW ( ,EÊVHW
'SVVIGXMZI %GXMSR -RWXEPPEXMSRW JSV 'PEWW / ,EÊVHW
7M\=IEV -RXIVREP )\EQMREXMSR 0EFIP %
)\XMRKYMWLIV 6IGLEVKMRK ERH )\XMRKYMWLMRK %KIRXW
)\XMRKYMWLIV 6IGLEVKMRK *VIUYIRG] JSV 'IVXEMR 8]TIW 0
SJ )\XMRKYMWLIVW 0EFIPIH
%*** ERH ***4 (IJMRMXMSR
4YQT 8ERO 0MWXIH
;IXXMRK %KIRX (IJMRMXMSR %
+IRIVEP % 0SEHIH 7XVIEQ 'LEVKI
6IGLEVKI %KIRXW % (IJMRMXMSR %
'EVFSR (MS\MHI %
(V] 'LIQMGEP %KIRX 6I9WI
(V] 'LIQMGEP 'PSWIH 6IGSZIV] 7]WXIQ 1
(V] 4S[HIV 1EMRXIRERGI 4VSGIHYVIW %RRI\ -
,EPSKIREXIH %KIRX % 1MPH 7XIIP 7LIPP
,EPSKIREXIH %KIRX 6I9WI (IJMRMXMSR
1M\MRK SJ (V] 'LIQMGEPW %
6IQSZEP SJ 1SMWXYVI %
8STTMRK 3JJ 2
;EXIV 8]TIW % 2SRVIGLEVKIEFPI 2SRVIJMPPEFPI *MVI )\XMRKYMWLIV
;IX 'LIQMGEP ERH ;EXIV 1MWX %KIRX 6I9WI (IJMRMXMSR %
6IGLEVKMRK )\TIPPERX +EW JSV 7XSVIH4VIWWYVI *MVI
)\XMRKYMWLIVW
6IGLEVKI 6IGSVH /IITMRK 3
+IRIVEP % 3TIVEXMSR ERH 9WI %RRI\ (
4IVWSRRIP
6ITPEGIQIRX ;LMPI 7IVZMGMRK
6IWTSRWMFMPMX] 4
8EKW SV 0EFIPW 4SVXEFPI *MVI )\XMRKYMWLIV
-RWTIGXMSR (IJMRMXMSR
'SVVIGXMZI %GXMSR 4VIWWYVI
2SRVIGLEVKIEFPI (V] 'LIQMGEP *MVI )\XMRKYMWLIV (IJMRMXMSR
2SRVIGLEVKIEFPI ,EPSR %KIRX *MVI )\XMRKYMWLIV )\XMRKYMWLIV 7IVZMGI 4VIWWYVI
6IGLEVKIEFPI *MVI )\XMRKYMWLIVW (IJMRMXMSR
-RWTIGXMSR *VIUYIRG] *EGXSV] 8IWX 4VIWWYVI
-RWTIGXMSR 4VSGIHYVIW (IJMRMXMSR
-RWTIGXMSR 4VSGIHYVI JSV 'SRXEMRIVW SJ 'PEWW ( 4VIWWYVMÎH *PEQQEFPI 0MUYMH *MVIW
)\XMRKYMWLMRK %KIRX (IJMRMXMSR
)HMXMSR
z 4368%&0) *-6) )<8-2+9-7,)67
6 )PIGXVSRMG )UYMTQIRX *MVIW %

6IGLEVKIEFPI 6IJMPPEFPI *MVI )\XMRKYMWLIV 3FWXEGPI *MVIW
(IJMRMXMSR % 8LVII(MQIRWMSREP *MVIW
6IGLEVKMRK ;EXIV7SPYFPI *PEQQEFPI 0MUYMH *MVIW 4SPEV 7SPZIRXW
(IJMRMXMSR 7IPIGXMSR JSV 7TIGMJMG 0SGEXMSRW
6IGSQQIRHIH 1EVOMRKW XS -RHMGEXI )\XMRKYMWLIV 7YMXEFMPMX] 7IPIGXMSR SJ 6IWMHIRXMEP *MVI)\XMRKYMWLMRK )UYMTQIRX %RRI\ *
%GGSVHMRK XS 'PEWW SJ *MVI %RRI\ & 7IPJ)\TIPPMRK *MVI )\XMRKYMWLIV
6IJIVIRGIH 4YFPMGEXMSRW 'LET (IJMRMXMSR
+IRIVEP 7IVZMGMRK
2*4% 4YFPMGEXMSRW (IJMRMXMSR
3XLIV 4YFPMGEXMSRW 7LEPP
6IJIVIRGIW JSV )\XVEGXW MR 1ERHEXSV] 7IGXMSRW (IJMRMXMSR
7LSYPH
(IJMRMXMSR
7 7XERHEVH
7IPIGXMSR SJ 4SVXEFPI *MVI )\XMRKYMWLIVW 'LET (IJMRMXMSR
'PEWWMJMGEXMSR SJ ,EÊVHW 7XSVIH4VIWWYVI *MVI )\XMRKYMWLIV
'PEWWMJ]MRK 3GGYTERG] ,EÊVH (IJMRMXMSR
)\XVE ,EÊVH %
0MKLX ,EÊVH % 8
3VHMREV] ,EÊVH % 8'
7IPIGXMSR F] 3GGYTERG] % (IJMRMXMSR
'PEWWMJMGEXMSRW SJ *MVIW 8VEZIP (MWXERGI
'PEWW % *MVIW (IJMRMXMSR
'PEWW & *MVIW
8]TMGEP 7TIGMJMGEXMSR SJ )UYMTQIRX 'ETEFPI SJ
'PEWW ' *MVIW
4VSHYGMRK (V] %MV %RRI\ .
'PEWW ( *MVIW
'PEWW / *MVIW
)\XMRKYMWLIV 'PEWWMJMGEXMSR 7]WXIQ ;
+IRIVEP 6IUYMVIQIRXW ;EXIV 1MWX *MVI )\XMRKYMWLIV
7IPIGXMSR JSV 7TIGMJMG ,EÊVHW (IJMRMXMSR
%VIEW 'SRXEMRMRK 3\MHMÎVW ;EXIV8]TI *MVI )\XMRKYMWLIV
'PEWW & *MVIW (IJMRMXMSR
)\XMRKYMWLIVW JSV 4VIWWYVMÎH *PEQQEFPI 0MUYMHW ERH ;IXXMRK %KIRX
4VIWWYVMÎH +EW *MVIW % (IJMRMXMSR
'PEWW ( 'SQFYWXMFPI 1IXEP *MVIW ;LIIPIH *MVI )\XMRKYMWLIV
'PEWW / 'SSOMRK 1IHME *MVIW % (IJMRMXMSR
)HMXMSR
n

Submitting Public Input / Public Comment through the Electronic Submission System (e-Submission):
As soon as the current edition is published, a Standard is open for Public Input.
Before accessing the e-Submission System, you must first sign-in at www.NFPA.org. Note: You will be asked to sign-in or
create a free online account with NFPA before using this system:
a. Click in the gray Sign In box on the upper left side of the page. Once signed-in, you will see a red “Welcome”
message in the top right corner.
b. Under the Codes and Standards heading, Click on the Document Information pages (List of Codes & Standards),
and then select your document from the list or use one of the search features in the upper right gray box.
OR
a. Go directly to your specific document page by typing the convenient short link of www.nfpa.org/document#,
(Example: NFPA 921 would be www.nfpa.org/921) Click in the gray Sign In box on the upper left side of the page.
Once signed in, you will see a red “Welcome” message in the top right corner.
To begin your Public Input, select the link The next edition of this standard is now open for Public Input (formally
“proposals”) located on the Document Information tab, the Next Edition tab, or the right-hand Navigation bar. Alternatively,
the Next Edition tab includes a link to Submit Public Input online
At this point, the NFPA Standards Development Site will open showing details for the document you have selected. This
“Document Home” page site includes an explanatory introduction, information on the current document phase and closing
date, a left-hand navigation panel that includes useful links, a document Table of Contents, and icons at the top you can click
for Help when using the site. The Help icons and navigation panel will be visible except when you are actually in the process
of creating a Public Input.
Once the First Draft Report becomes available there is a Public comment period during which anyone may submit a Public
Comment on the First Draft. Any objections or further related changes to the content of the First Draft must be submitted at
the Comment stage.
To submit a Public Comment you may access the e-Submission System utilizing the same steps as previous explained for the
submission of Public Input.
For further information on submitting public input and public comments, go to: http://www.nfpa.org/publicinput
Other Resources available on the Doc Info Pages
Document information tab: Research current and previous edition information on a Standard
Next edition tab: Follow the committee’s progress in the processing of a Standard in its next revision cycle.
Technical committee tab: View current committee member rosters or apply to a committee
Technical questions tab: For members and Public Sector Officials/AHJs to submit questions about codes and standards to
NFPA staff. Our Technical Questions Service provides a convenient way to receive timely and consistent technical assistance
when you need to know more about NFPA codes and standards relevant to your work. Responses are provided by NFPA staff
on an informal basis.
Products/training tab: List of NFPA’s publications and training available for purchase.
Community tab: Information and discussions about a Standard
12/12
Information on the NFPA Standards Development Process

I. Applicable Regulations. The primary rules governing the processing of NFPA standards (codes, standards, recommended practices, and
guides) are the NFPA Regulations Governing the Development of NFPA Standards (Regs). Other applicable rules include NFPA Bylaws,
NFPA Technical Meeting Convention Rules, NFPA Guide for the Conduct of Participants in the NFPA Standards Development Process,
and the NFPA Regulations Governing Petitions to the Board of Directors from Decisions of the Standards Council. Most of these rules and
regulations are contained in the NFPA Standards Directory. For copies of the Directory, contact Codes and Standards Administration at
NFPA Headquarters; all these documents are also available on the NFPA website at “www.nfpa.org.”
The following is general information on the NFPA process. All participants, however, should refer to the actual rules and regulations for a
full understanding of this process and for the criteria that govern participation.
II. Technical Committee Report. The Technical Committee Report is defined as “the Report of the responsible Committee(s), in
accordance with the Regulations, in preparation of a new or revised NFPA Standard.” The Technical Committee Report is in two parts and
consists of the First Draft Report and the Second Draft Report. (See Regs at 1.4)
III. Step 1: First Draft Report. The First Draft Report is defined as “Part one of the Technical Committee Report, which documents the
Input Stage.” The First Draft Report consists of the First Draft, Public Input, Committee Input, Committee and Correlating Committee
Statements, Correlating Input, Correlating Notes, and Ballot Statements. (See Regs at 4.2.5.2 and Section 4.3) Any objection to an action
in the First Draft Report must be raised through the filing of an appropriate Comment for consideration in the Second Draft Report or the
objection will be considered resolved. [See Regs at 4.3.1(b)]
IV. Step 2: Second Draft Report. The Second Draft Report is defined as “Part two of the Technical Committee Report, which documents
the Comment Stage." The Second Draft Report consists of the Second Draft, Public Comments with corresponding Committee Actions
and Committee Statements, Correlating Notes and their respective Committee Statements, Committee Comments, Correlating Revisions,
and Ballot Statements. (See Regs at Section 4.2.5.2 and 4.4) The First Draft Report and the Second Draft Report together constitute the
Technical Committee Report. Any outstanding objection following the Second Draft Report must be raised through an appropriate
Amending Motion at the Association Technical Meeting or the objection will be considered resolved. [See Regs at 4.4.1(b)]
V. Step 3a: Action at Association Technical Meeting. Following the publication of the Second Draft Report, there is a period during
which those wishing to make proper Amending Motions on the Technical Committee Reports must signal their intention by submitting a
Notice of Intent to Make a Motion. (See Regs at 4.5.2) Standards that receive notice of proper Amending Motions (Certified Amending
Motions) will be presented for action at the annual June Association Technical Meeting. At the meeting, the NFPA membership can
consider and act on these Certified Amending Motions as well as Follow-up Amending Motions, that is, motions that become necessary as
a result of a previous successful Amending Motion. (See 4.5.3.2 through 4.5.3.6 and Table1, Columns 1-3 of Regs for a summary of the
available Amending Motions and who may make them.) Any outstanding objection following action at an Association Technical Meeting
(and any further Technical Committee consideration following successful Amending Motions, see Regs at 4.5.3.7 through 4.6.5.3) must be
raised through an appeal to the Standards Council or it will be considered to be resolved.
VI. Step 3b: Documents Forwarded Directly to the Council. Where no Notice of Intent to Make a Motion (NITMAM) is received and
certified in accordance with the Technical Meeting Convention Rules, the standard is forwarded directly to the Standards Council for action
on issuance. Objections are deemed to be resolved for these documents. (See Regs at 4.5.2.5)
VII. Step 4a: Council Appeals. Anyone can appeal to the Standards Council concerning procedural or substantive matters related to the
development, content, or issuance of any document of the Association or on matters within the purview of the authority of the Council, as
established by the Bylaws and as determined by the Board of Directors. Such appeals must be in written form and filed with the Secretary
of the Standards Council (See Regs at 1.6). Time constraints for filing an appeal must be in accordance with 1.6.2 of the Regs. Objections
are deemed to be resolved if not pursued at this level.
VIII. Step 4b: Document Issuance. The Standards Council is the issuer of all documents (see Article 8 of Bylaws). The Council acts on
the issuance of a document presented for action at an Association Technical Meeting within 75 days from the date of the recommendation
from the Association Technical Meeting, unless this period is extended by the Council (See Regs at 4.7.2). For documents forwarded
directly to the Standards Council, the Council acts on the issuance of the document at its next scheduled meeting, or at such other meeting
as the Council may determine (See Regs at 4.5.2.5 and 4.7.4).
IX. Petitions to the Board of Directors. The Standards Council has been delegated the responsibility for the administration of the codes
and standards development process and the issuance of documents. However, where extraordinary circumstances requiring the intervention
of the Board of Directors exist, the Board of Directors may take any action necessary to fulfill its obligations to preserve the integrity of the
codes and standards development process and to protect the interests of the Association. The rules for petitioning the Board of Directors
can be found in the Regulations Governing Petitions to the Board of Directors from Decisions of the Standards Council and in 1.7 of the
Regs.
X. For More Information. The program for the Association Technical Meeting (as well as the NFPA website as information becomes
available) should be consulted for the date on which each report scheduled for consideration at the meeting will be presented. For copies of
the First Draft Report and Second Draft Report as well as more information on NFPA rules and for up-to-date information on schedules
and deadlines for processing NFPA documents, check the NFPA website (www.nfpa.org/aboutthecodes) or contact NFPA Codes &
Standards Administration at (617) 984-7246.
Q]1IQFIV/MXMRGPYHMRKXLI ERHSXLIVVIWSYVGIWXSLIPTQIQEOIXLIQSWXSJQ]24*%QIQFIVWLMT
4PIEWIEPPS[XLVIIXSJSYV[IIOWJSVXLIOMXXSEVVMZI
4VMSVMX]'SHI.1-7>
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GSHIVIPEXIHUYIWXMSRW{JVSQIPIGXVMGEPWEJIX]JSVIQTPS]II[SVOTPEGIWXSGEVFSRHMS\MHII\XMRKYMWLMRK
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2*4%2I[W {*VSQRI[WXERHEVHWJSVHV]GPIERMRKTPERXWXS[EVRMRKIUYMTQIRXJSVLSYWILSPH
GEVFSRQSRS\MHIXLMWQSRXLP]SRPMRIYTHEXIOIITW]SYEFVIEWXSJEHHMXMSRWSJGLERKIWXLEXGSYPH
MQTEGXLS[]SYHS]SY[SVO
2*4%7XERHEVHW(MVIGXSV]{8LI2*4%7XERHEVHW(MVIGXSV]MW]SYVGSQTPIXIKYMHIXS2*4%vW
XLIVIZMWMSRG]GPIWGLIHYPIERHJSVQWJSVWYFQMXXMRK4VSTSWEPWERH'SQQIRXW=SYVSRPMRI2*4%
2*4%
*6))7IGXMSR1IQFIVWLMT
1IQFIV/MX
(MWTPE]XLI2*4%QIQFIVPSKSTVSYHP]SR]SYVFYWMRIWWGSVVIWTSRHIRGIPMXIVEXYVI[IFWMXIERH
ZILMGPIW
(MWGSYRXW{7EZILYRHVIHWSJHSPPEVWIEGL]IEVSRXLIQER]TVSHYGXWERHWIVZMGIWPMWXIHMRXLI
2*4%'EXEPSKMRGPYHMRKGSHIWERHWXERHEVHWTYFPMGEXMSRWLERHFSSOWXVEMRMRKZMHISWERHSXLIV
IHYGEXMSRQEXIVMEPWXSMRGVIEWI]SYVORS[PIHKIERHWOMPPW
'SRJIVIRGI-RZMXEXMSR{-RZMXEXMSRXSXLI2*4%'SRJIVIRGIERH)\TS%XXIRHXLMWMQTSVXERX
QIIXMRKEXHMWGSYRXIHVEXIWEWEQIQFIVSJ2*4%
.SMR2*4%XSHE]
[[[RJTESVK
2*4%ERH2*4%.SYVREPEVIVIKMWXIVIHXVEHIQEVOWSJXLI2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR5YMRG]1%

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'LETXIV  %HQMRMWXVEXMSR  z   )PIGXVSRMG 1SRMXSVMRK 7]WXIQ

'LETXIV  7IPIGXMSR SJ 4SVXEFPI *MVI %RRI\ % )\TPEREXSV] 1EXIVMEP  z

'LETXIV  -RWXEPPEXMSR SJ 4SVXEFPI *MVI %RRI\ ) (MWXVMFYXMSR  z

'LETXIV  -RWTIGXMSR 1EMRXIRERGI ERH %RRI\ - 1EMRXIRERGI 4VSGIHYVIW  z

2*4%  ZMHIH XLEX XLI PIZIP SJ TVSXIGXMSR EW LIVIMR HIWGVMFIH MW RSX

0MKLX 3VHMREV] )\XVE &EWMG 1E\MQYQ 8VEZIP (MWXERGI XS

7XSVIHTVIWWYVI PSEHIH WXVIEQ   1SRXL ERH ]IEV QEMRXIRERGI [EW TIVJSVQIH

 )EGL JMVI I\XMRKYMWLIV WLEPP LEZI E XEK SV PEFIP EX

'328)287  4YPP 4MRW % VIZMWMSR XS XLI I\XMRKYMWLIV WXERHEVHW MRGPYH

MR QQ HMELSPIW

*-+96) % E 8]TMGEP 'PEWW / 4PEGEVH MR )RKPMWL ERH 7TERMWL

MR QQ HMELSPIW

*-+96) % F 8]TMGEP 'PEWW / 4PEGEVH MR )RKPMWL ERH *VIRGL

*-+96) % I 2S^^PI MR ,SPHIV

*-+96) % F 6IZIVWI 0SST

(MEQIXIVXSJMXG]PMRHIVRIGO WXVSRKP] VIGSQQIRHIH XLEX E VIGSVH FI OITX SJ G]PMRHIVW SV

*-+96) % (IWMKR SJ E :IVMJMGEXMSRSJ7IVZMGI 'SPPEV

%8VEWL ;SSH 4ETIV &0MUYMHW ')PIGXVMGEP)UYMT

&0MUYMHW ')PIGXVMGEP)UYMT 0MUYMHW

*-+96) & 0IXXIV7LETIH 7]QFSP 1EVOMRKW

8EFPI ( )\XMRKYMWLIV 3TIVEXMSR ERH 1IXLSHW SJ )\TIPPMRK

)\XMRKYMWLMRK 7IPJ +EW 'EVXVMHKI 7XSVIH 1IGLERMGEPP] ,ERH

I\TIPPERXKEW G]PMRHIV [LIIPIH QSHIPW PSGEXIH [MXLMR SV EH (MWGLEVKIPIZIV

WXSVIHTVIWWYVI X]TIW ;LIIPIH I\XMRKYMWLIVW EVI STIVEXIH F] E

8EFPI ( %RXMJVII^I 7SPYXMSRW ? KEP  0 A

 z      

( *MPQ*SVQMRK *SEQ %KIRXW 8LIWI JMVI I\XMRKYMWLIVW (MWGLEVKIPIZIV

(MWGLEVKI SJ RMXVSKIR MW EHHIH XS IRWYVI TVSTIV STIVEXMSR 9TSR EGXYE

*-+96) ( ,EPSKIREXIH %KIRXz8]TI 7XSVIH4VIWWYVI

( &VSQSGLPSVSHMJPYSVSQIXLERI  &VSQSXVMJPYSVSQIXLERI

E 7XSVIHTVIWWYVI F 7IPJI\TIPPMRK *-+96) ( F 'EVXVMHKI3TIVEXIH (V] 'LIQMGEP )\XMR

*-+96) ( G 7XSVIH4VIWWYVI (V] 'LIQMGEP )\XMRKYMWLIV

4VIWWYVI (MWGLEVKIPIZIV (MWGLEVKIPIZIV

8EFPI ) 5YERXMX] SJ )\XMRKYMWLIVW JSV 'PEWW % ,E^EVHW

0MKLX ,EÊVH 3VHMREV] ,EÊVH )\XVE ,EÊVH

% % %

            

            

*SV 7- YRMXW  JX !  Q 

  JX

JX Q 2SXI 8LMW TVSZMHIW XLI QMRMQYQ RYQFIV SJ I\XMRKYMWLIVW

8EFPI , 'LEVEGXIVMWXMGW SJ )\XMRKYMWLIVW

8EFPI , 'SRXMRYIH

2MXVSKIR G]PMRHIV SV  XS  PF  XS  JX  XS  WIG 2S  XS % ERH

*SV 7- YRMXW  KEP !  0  PF !  OK  JX !  Q

%RRI\ - 1EMRXIRERGI 4VSGIHYVIW EVVERKIH F] QIGLERMGEP TEVXW GSQTSRIRXW ERH GSRXEMRIVW

8EFPI - E 1IGLERMGEP 4EVXW 1EMRXIRERGI 'LIGOPMWX

']PMRHIV7LIPP 'SVVIGXMZI %GXMSR

2EQITPEXI 'SVVIGXMZI %GXMSR

2S^^PI SV ,SVR 'SVVIGXMZI %GXMSR

,SWI %WWIQFP] 'SVVIGXMZI %GXMSR

4YPP6MRK 4MR 'SVVIGXMZI %GXMSR

+EYKI SV 4VIWWYVI-RHMGEXMRK (IZMGI 'SVVIGXMZI %GXMSR

8EFPI - E 'SRXMRYIH

'ST]VMKLX2EXMSREPMVI4VSXIGXMSR%WWSGMEXMSR24%

'ST]VMKLX 2EXMSREP *MVI 4VSXIGXMSR %WWSGMEXMSR %PP 6MKLXW 6IWIVZIH

3VMKMR ERH (IZIPSTQIRX SJ 2*4%

2EXLERMIP . %HHPIQER 'LEMV

6S] ' /MQFEPP 2SRZSXMRK 7IGVIXEV]

&EVV] ( 'LEWI 2*4% 7XEJJ 0MEMWSR

'LETXIV %HQMRMWXVEXMSR z )PIGXVSRMG 1SRMXSVMRK 7]WXIQ

'LETXIV 7IPIGXMSR SJ 4SVXEFPI *MVI %RRI\ % )\TPEREXSV] 1EXIVMEP z

'LETXIV -RWXEPPEXMSR SJ 4SVXEFPI *MVI %RRI\ ) (MWXVMFYXMSR z

'LETXIV -RWTIGXMSR 1EMRXIRERGI ERH %RRI\ - 1EMRXIRERGI 4VSGIHYVIW z

2*4% ZMHIH XLEX XLI PIZIP SJ TVSXIGXMSR EW LIVIMR HIWGVMFIH MW RSX

7XSVIHTVIWWYVI PSEHIH WXVIEQ 1SRXL ERH ]IEV QEMRXIRERGI [EW TIVJSVQIH

)EGL JMVI I\XMRKYMWLIV WLEPP LEZI E XEK SV PEFIP EX

'328)287 4YPP 4MRW % VIZMWMSR XS XLI I\XMRKYMWLIV WXERHEVHW MRGPYH

MRQQ HMELSPIW

*-+96) %E 8]TMGEP 'PEWW / 4PEGEVH MR )RKPMWL ERH 7TERMWL

MRQQ HMELSPIW

-+96) %F 8]TMGEP 'PEWW / 4PEGEVH MR )RKPMWL ERH VIRGL

*-+96) %I 2S^^PI MR ,SPHIV

*-+96) %F 6IZIVWI 0SST

*-+96) % (IWMKR SJ E :IVMJMGEXMSRSJ7IVZMGI 'SPPEV

%8VEWL ;SSH 4ETIV &0MUYMHW ')PIGXVMGEP)UYMT

&0MUYMHW ')PIGXVMGEP)UYMT 0MUYMHW

*-+96) & 0IXXIV7LETIH 7]QFSP 1EVOMRKW

8EFPI ( )\XMRKYMWLIV 3TIVEXMSR ERH 1IXLSHW SJ )\TIPPMRK

)\XMRKYMWLMRK 7IPJ +EW 'EVXVMHKI 7XSVIH 1IGLERMGEPP] ,ERH

I\TIPPERXKEW G]PMRHIV [LIIPIH QSHIPW PSGEXIH [MXLMR SV EH (MWGLEVKIPIZIV

WXSVIHTVIWWYVI X]TIW ;LIIPIH I\XMRKYMWLIVW EVI STIVEXIH F] E

8EFPI ( %RXMJVII^I 7SPYXMSRW ? KEP 0 A

z

( MPQSVQMRK *SEQ %KIRXW 8LIWI JMVI I\XMRKYMWLIVW (MWGLEVKIPIZIV

(MWGLEVKI SJ RMXVSKIR MW EHHIH XS IRWYVI TVSTIV STIVEXMSR 9TSR EGXYE

*-+96) ( ,EPSKIREXIH %KIRXz8]TI 7XSVIH4VIWWYVI

( &VSQSGLPSVSHMJPYSVSQIXLERI &VSQSXVMJPYSVSQIXLERI

E 7XSVIHTVIWWYVI F 7IPJI\TIPPMRK *-+96) (F 'EVXVMHKI3TIVEXIH (V] 'LIQMGEP )\XMR

*-+96) (G 7XSVIH4VIWWYVI (V] 'LIQMGEP )\XMRKYMWLIV

8EFPI ) 5YERXMX] SJ )\XMRKYMWLIVW JSV 'PEWW % ,E^EVHW

% % %

*SV 7- YRMXW JX ! Q

JX

JXQ 2SXI 8LMW TVSZMHIW XLI QMRMQYQ RYQFIV SJ I\XMRKYMWLIVW

8EFPI , 'LEVEGXIVMWXMGW SJ )\XMRKYMWLIVW

8EFPI , 'SRXMRYIH

2MXVSKIR G]PMRHIV SV XS PF XS JX XS WIG 2S XS % ERH

*SV 7- YRMXW KEP ! 0 PF ! OK JX ! Q

8EFPI -E 1IGLERMGEP 4EVXW 1EMRXIRERGI 'LIGOPMWX

']PMRHIV7LIPP 'SVVIGXMZI %GXMSR

4YPP6MRK 4MR 'SVVIGXMZI %GXMSR

+EYKI SV 4VIWWYVI-RHMGEXMRK (IZMGI 'SVVIGXMZI %GXMSR

8EFPI -E 'SRXMRYIH

)\TIPPERX+EW 'EVXVMHKI 'SVVIGXMZI %GXMSR

2SRVIGLEVKIEFPI 7LIPP']PMRHIV 'SVVIGXMZI %GXMSR

8EFPI -E 'SRXMRYIH

8EFPI -F %KIRX ERH )\TIPPMRK 1IERW 1EMRXIRERGI 'LIGOPMWX

%* ERH 4 'SVVIGXMZI %GXMSR

6IGLEVKMRK HEXI HYI )QTX] GPIER ERH VIGLEVKI

8EFPI -F 'SRXMRYIH

,EPSR &VSQSXVMJPYSVSQIXLERI 'SVVIGXMZI %GXMSR

'SQFMREXMSR ,EPSR 'SVVIGXMZI %GXMSR

'SQFMREXMSR ,EPSR 'SVVIGXMZI %GXMSR

8EFPI -F 'SRXMRYIH

(MWTSWEFPI WLIPP [MXLSYX TVIWWYVI MRHMGEXSV

,EPSKIREXIH8]TI %KIRXW 'SVVIGXMZI %GXMSR

'ST]VMKLX 2EXMSREP *MVI 4VSXIGXMSR %WWSGMEXMSR %PP 6MKLXW 6IWIVZIH

% )\XMRKYMWLIV -RWTIGXMSR

,MKL4VIWWYVI ']PMRHIVW -RWTIGXMSR 6IGSVH /IITMRK

6 )PIGXVSRMG )UYMTQIRX *MVIW %