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(GR*SVSYVGSYRXV]JSVEPPSXLIVGSYRXVMIWERHJSVEPPXLI
JEMXLJYPXLIVIMR &EvIRERQIRREOL [ITVE]XS=SY
(GR*SVEJEZSYVEFPIGPMQEXIJSVEJVYMXJYP]IEVEFYRHERX
LEVZIWXWERHJSVXLITVSWTIVMX]SJXLI[LSPI[SVPH &EvIRER
QIRREOL [ITVE]XS=SY
(GR *SV SYV ,SP] *EXLIV 1EV WYGGIWWSV SJ 4IXIV ERH
LIEHSJEPPXLI'LYVGLIWSJ+SHJSVSYV1ENSV%VGLFMWLST
1EVJEXLIVERHLIEHSJSYV'LYVGLJSVSYV%VGLFMWLST
1EVJSVSYV&MWLST1EVJSVEPPXLI&MWLSTWERHJSVEPP
XLIMVJIPPS[QMRMWXIVW &EvIRERQIRREOL [ITVE]XS=SY
(GR+SH[LSVYPIWSZIVEPP[MXLQIVG]+SHSJOMRHRIWW
(GR0SVH=SY[LSEVIVMGLMR=SYVFPIWWMRKWERHERSGIER
SJQIVG] &EvIRERQIRREOL [ITVE]XS=SY
(GR+SH[LSEVIKSSHF]REXYVIERHWSYVGISJEPPFPIWWMRKW
(GR+SH[LSEVITVEMWIHMRLIEZIRERH [SVWLMTTIHSR
IEVXL &EvIRERQIRREOL [ITVE]XS=SY
(GR+SH[LSEVIMQQSVXEPF]REXYVIERH [LSH[IPPMR
KVIEXVEHMERGI &EvIRERQIRREOL [ITVE]XS=SY
(GR 3YV 0SVH .IWYW 'LVMWX F] =SYV QIVG] WEZI YW EPP
-RGVIEWI=SYVTIEGIERHXVERUYMPPMX]MRYWERHFPIWWYWEPP
6IW%QIR
--
(GR0IXYWTVE][MXLLYQMPMX]XS+SHXLI0SVHSJEPP
6IW%QIR
(GR 8LEX ,I[SYPH LIEV XLI ZSMGI SJSYV TVE]IVEGGITX
SYV VIUYIWX ERH WLS[ YW QIVG] PIX YW TVE] LYQFP] XS
+SHXLI0SVHSJEPP
6IW%QIR
(GR*SVXLI'EXLSPMG'LYVGLLIVIERHMREPPSXLIVTPEGIW
XLEX,I[SYPHQEOI,MWTIEGIERHXVERUYMPPMX]H[IPPMRMX
YRXMPXLIIRHSJXLI[SVPHPIXYWTVE]LYQFP]XS+SHXLI
0SVHSJEPP
6IW%QIR
(GR8LEXSYVJEXLIVWXLIFMWLSTWPIEHXLIMVJPSGO[MXLSYX
ER]JEYPXSVFPIQMWLEPPXLIMVPMJIXMQIPIXYWTVE]LYQFP]
XS+SHXLI0SVHSJEPP
6IW%QIR
(GR 4EVXMGYPEVP] JSV XLI LIEPXL SJ SYV LSP] JEXLIVW XLEX
XLI]QE]TVITEVIWIVZIERHPIEHXLITISTPIJSVXLI0SVH
QEOMRK XLIQ ÎEPSYW MR HSMRK TPIEWMRK KSSH [SVOW ERH

TIVJIGXMRIZIV][E]WSXLEXXLI0SVH[SYPHTVSZMHIXLIQ
[MXL EPP KVEGIW RIIHIH ERH KVERX XLIQ TIVWIZIVERGI MR
JEMXLPIXYWTVE]LYQFP]XS+SHXLI0SVHSJEPP
6IW%QIR
(GR 8LEX EPP XLI TVMIWXW ERH HIEGSRW [LS TEVXMGMTEXI MR
XLMWWIVZMGISJSYVXVYIJEMXL[SYPHWIVZIMR,MWTVIWIRGI
[MXLTYVILIEVXWERHGPIEVGSRWGMIRGIPIXYWTVE]LYQFP]
XS+SHXLI0SVHSJEPP
6IW%QIR
(GR *SV EPP XLI VIPMKMSYW GSRKVIKEXMSRW XLI GLMPHVIR SJ
XLILSP]'EXLSPMG'LYVGLWSXLEXXLI]GSQTPIXIXLIMVVEGI
MRLSPMRIWWERHVIGIMZIXLIE[EMXIHTVSQMWIJVSQXLI0SVH
MR ,MW /MRKHSQ SJ 0MJI PIX YW TVE] LYQFP] XS +SH XLI
0SVHSJEPP
6IW%QIR
(GR6IQIQFIVMRKXLI&PIWWIH,SP]:MVKMR1EV]1SXLIV
SJ .IWYW SYV 7EZMSYV ERH0MJI+MZIV XLEX XLI,SP] 7TMVMX
[LSH[IPXMRLIVQE]TYVMJ]YWF],MWKVEGIWIREFPIYWXS
HS,MW[MPPGSQTPIXIP]ERHIWXEFPMWLYWMR,MWXVYXLEPPXLI
HE]WSJSYVPMJIPIXYWTVE]LYQFP]XS+SHXLI0SVHSJEPP
6IW%QIR
(GR 6IQIQFIVMRK XLI TVSTLIXW QEVX]VW ERH GSRJIWWSVW
SJXLI 'LYVGLXLEXF]XLIMV TVE]IVW ERH XLI TIVWIGYXMSRW
XLI]WYJJIVIH,IQE]KVERXYWEPWSKVIEXLSTIERHWEPZEXMSR
EPSRK[MXLXLIQERHIREFPIYWXSVIGIMZIXLIXVYIERHPMJI
KMZMRKTVSQMWIWF]XLIFPIWWIHQIQSV]SJXLIMVQIVMXWMR
XLI /MRKHSQ SJ LIEZIR PIX YW TVE] LYQFP] XS +SH XLI
0SVHSJEPP
6IW%QIR
(GR 6IQIQFIVMRK SYV LSP] JEXLIVW XLI FMWLSTW 1EV
+VIKSV] 1EV &EWMP ERH 1EV .SLR XLI 8IEGLIVW SJ XLI
'LYVGL1EV.EGSFERH1EV%TVIQERHEPPXLILSP]XIEGLIVW
ERHTVMIWXWSJXLI'LYVGLXLEXF]XLIMVTVE]IVWERHVIUYIWXW
XLIMVMRWXVYGXMSRWSRJEMXLQE]VIQEMRMRXLI'LYVGLYRXMP
XLIIRHSJXLI[SVPHPIXYWTVE]LYQFP]XS+SHXLI0SVH
SJ EPP
6IW%QIR
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[LS HMIH MRXLI XVYI JEMXL ERH HITEVXIHJVSQXLMW [SVPH
XLEX,IQE]JSVKMZIERHVIQMXEPPXLIMVWMRWERHIZMPHIIHW
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TPIEWIH,MQMRXLIMVPMZIWPIXYWTVE]LYQFP]XS+SHXLI
0SVHSJEPP
6IW%QIR
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XS[R ZMPPEKI ERH EPP [LS H[IPP LIVI MR JSV XLMW LSYWI
ERH MXW S[RIVW ERH TEVXMGYPEVP] JSV XLMW TISTPI XLEX ,I
[SYPH OIIT JEV JVSQ YW [EV ERH WPEZIV] VSFFIV] IEVXL
UYEOIJEQMRIITMHIQMGWERHEPPXLIEJJPMGXMSRWLEVQJYPXS
XLIFSH]PIXYWTVE]LYQFP]XS+SHXLI0SVHSJEPP
6IW%QIR
(GR *SV XLSWI[LS LEZI KSRI EWXVE] JVSQXLI XVYI JEMXL
ERHXLSWI[LSEVIXVETTIHMRXLIWREVIWSJ7EXERXLEX,I
QE] VIQSZI XLI LEVHRIWW SJ XLIMV LIEVXW ERH XLI] QE]
VIEPMÎXLEX+SHXLI*EXLIVMWXLISRIXVYI+SHERHXLEXSYV
0SVH .IWYW 'LVMWX MW ,MW 7SR PIX YW TVE] LYQFP] XS +SH
XLI0SVHSJEPP
6IW%QIR
(GR *SV XLSWI [LS EVI WMGO ERH XLSWI EJJPMGXIH F] IZMP
WTMVMXWXLEX,IQE]WIRHXLIERKIPSJLIEPXLERHQIVG]XS
XLIQZMWMXXLIQKMZIXLIQLIEPXLERHF],MWKVIEXQIVG]
ERHOMRHRIWWLIPTERHGSRWSPIXLIQPIXYWTVE]LYQFP]XS
+SHXLI0SVHSJEPP
6IW%QIR
(GR *SV XLI TSSV XLI HIWXMXYXI XLI SVTLER XLI [MHS[
ERHXLSWI[LSEVISTTVIWWIHERHEJJPMGXIHXLVSYKLSYXXLI
[LSPI [SVPH XLEX ,I QE] F] ,MW QIVG] ERH OMRHRIWW
TVSXIGX XLIQ ERH TVSZMHI JSV XLIQ GSQJSVX XLIQ ERH
HIPMZIV XLIQ JVSQ XLSWI [LS EFYWI XLIQ PIX YW TVE]
LYQFP]XS+SHXLI0SVHSJEPP
6IW%QIR
(GR4VE]XS+SHXLI0SVHSJEPPXLEX]SYFIGSQIEOMRKHSQ
SJ TVMIWXW ERH LSP] TISTPI JSV ,MQ 4VE] [MXL XIEVW ERH
WYTTPMGEXMSRW XS XLI QMKLX] 0SVH +SH FIGEYWI +SH MW E
QIVGMJYP *EXLIV ERH MW JYPP SJ GSQTEWWMSR ERH FPIWWMRKW
,I HSIW RSX [ERX ,MW GVIEXYVIW XS TIVMWL FYX LI [ERXW
XLIQXSKSXS,MQ[MXLVITIRXERGIERHXSPMZI-XMWQSWX
JMXXMRKXLEX[ITVE]XSXLISRI+SHXLI0SVHSJEPPERHXLI
QSWXEHSVEFPI*EXLIVFYX EFSZIEPP[I QYWX TVEMWI ,MQ
[SVWLMT ,MQ I\XSP ,MQ ERH KPSVMJ] ,MQ [MXL KVIEX
LSRSYVFIGEYWI,ILEWKMZIRLSTIERHVIHIQTXMSRXSSYV
WSYPWXLVSYKL,MW1IWWMEL1E],I,MQWIPJKVERXYW,MW
KVEGIFPIWWMRKERHQIVG]MRJYPPRIWWYRXMPXLIIRH
6IW%QIR
---
(GR 8LEX =SY WIRH XLI ERKIP SJ TIEGI ERH FPIWWMRK
7LEPMRER u[IFIWIIGL=SYv
6IW 1MRP[EXLEOL1EV]E u*VSQ=SY30SVHv
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JVSQWMREPPXLIHE]WSJSYVPMJIRMKLXERHHE] 7LEPMRER
[IFIWIIGL=SY
(GR*SVXLIYRMX]MRPSZIMRXLIJYPPRIWWSJXLI7TMVMXXLI
FSRHSJTIVJIGXMSR 7LEPMRER [IFIWIIGL=SY
(GR*SVXLIVIQMWWMSRSJWMRWJSVEPPXLIKVEGIWRIGIWWEV]
JSVSYVPMZIWJSVEPPXLEXMWTPIEWMRKXS=SY 7LEPMRER [I
FIWIIGL=SY
(GR *SV XLI FPIWWMRK SJ XLI 0SVH JSV GSRXMRYEP KVEGI
7LEPMRER [IFIWIIGL=SY
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*EXLIVERHXSXLI7SRERHXSXLI,SP]7TMVMX
6IW8S=SY30SVHSYV+SH
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6IW%QIR
(GR&PIWW3Q]0SVHPIXYWFS[HS[RSYVLIEHWJSVXLI
MQTSWMXMSRSJ LERHWERHVIGIMZIXLIFPIWWMRK
'IP N1G·$2NfµK 1EVER;EPELER 3YV0SVHSYV+SHPIXYWEPP
[LS HIITP] FIPMIZI MR =SYV KPSVMSYW 8VMRMX] FI YRMXIH MR
PSZI ERH QEHI [SVXL] XS TVEMWI ERH LSRSYV XLERO ERH
EHSVI=SY*EXLIV7SRERH,SP]7TMVMXJSVIZIV
6IW%QIR
%b@HT' .~@O3W u3RMXLEH&EWEPMUI6S]EP,]QR

/XLE[E6EQFE)^LYXLM2EVEOYPE
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8SXLIXSQFSJ'LVMWXXLI0SVH
[IITMRK[SQIR[MXLWTMGIW
EXHE[RGEQISRXLI*MVWX(E]
%WXLI]LIEVHXLIERKIPWWTIEO
SJ,MWVMWMRKJVSQXLIHIEH
XLI][IVIJMPPIH[MXLNS]YRXSPH
ERHXLI]FPIWWIH+SH[MXL KVIEX PSZI
7MRGI30SVH=SYGSRUYIVIHHIEXL
F]=SYVHIEXLERHKEZIYWTIEGI
[LMGLYRMXIWYW[MXLLIEZIR
=SYEVILSTISJLYQERVEGI
,MWKPSV]MWSRIEVXLERHMRLIEZIR 4W
.IWYW=SYFIWXS[IHSRIEVXL
WTPIRHSYVXLEXMWJVSQ LIEZIR
F]=SYVVMWMRKJVSQXLIHIEH
4S[IVWSJHEVORIWW[IVIWLEXXIVIH
MRXLIPMKLXSJVEHMERX'VSWW
[LMGLLEWWTVIEHERI[WTMVMX
MRXLMW[SVPHSJWMRERHHIEXL
8LSWI[LSWLEVIMR=SYVFPIWXHIEXL
ERH LSP] VIWYVVIGXMSR
F] FETXMWQ VIGSKRMÎ
=SYEWLSTISJLYQERVEGI
=SYEVIWSRSJJMVWXTEVIRXW
[LSMRHIIHLEZIGEYWIHSYVHIEXL
FYXEW7SRSJ7SYVGISJ0MJI
MRXLMW[SVPHSJWMRERHHIEXL
=SY[IVIJSVYWGVYGMJMIH
ERHXLYW=SYLEZIJVIIHMRHIIH
1EROMRHGVYGMJMIHF]WMR
+SHXLI0SVH[MXLQIVG]KVIEX
VEMWIH%HEQJVSQHIEXLERHWMR
XLVSYKL,MW7SRWIGSRH%HEQ
[LSMWLSTISJLYQERVEGI
?7YRHE]WSJ%RRYRGMEXMSR)TMTLER]6IWYVVIGXMSRERH*IEWXWSJ3YV0SVHWYGL
EW2EXMZMX])TMTLER]%WGIRWMSR4IRXIGSWX'VSWWIXGA
'IP 0SVH SJ EPP JSV =SYV [SRHIVJYP ERH MRHIWGVMFEFPI
HMWTIRWEXMSRXLVSYKL[LMGL=SYMR=SYVQIVG]ERHKVEGI
EGGSQTPMWLIH XLI VIHIQTXMSR ERH VIRI[EP SJ SYV [IEO
REXYVI MR XLI *MVWX&SVR SJ SYV VEGI [I SJJIV =SY TVEMWI
LSRSYVXLEROWKMZMRKERHEHSVEXMSR*EXLIV7SRERH,SP]
7TMVMX JSVIZIV
6IW%QIR
?7YRHE]WSJ+VIEX*EWX7YQQIV)PMNE7PMFEYRXMPXLI*IEWXSJXLI'VSWWERHEPP
[IIO HE]WA
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ERH LEZI QIVG] SR YW 0IX YW FI OITX EP[E]W MR =SYV
TVSZMHIRXGEVIJSV=SYEPSRIEVISYVLSTIERHGSRWSPEXMSR
6IW%QIR
?7YRHE]WSJXLI%TSWXPIWA
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XLI TIXMXMSRW SJ XLI )ZERKIPMWXW ERH XLI WYTTPMGEXMSRW SJ
XLI MPPYWXVMSYW 1EVX]VW [LS [IVI TVIEGLIVW SJ XVYXL ERH
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6IW%QIR
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6IW%QIR
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6IW%QIR
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QE] VIQEMR [MXL YW EX EPP XMQIW *EXLIV 7SR ERH ,SP]
7TMVMX JSVIZIV
6IW%QIR
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6IW%QIR&PIWW3Q]0SVH
Hu9HLVERE 4VE]IV JSV ,IPT GSRHIRWIH ZIVWMSR
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XLILMHHIRTS[IVMRJMRMXIFPIWWMRKERHYRGIEWMRKLIPTSJ
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1EV +M[EVKMW ERH XLI SXLIV 1EVX]VW (SGXSVW 'SRJIWWSVW
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ERH EGGSQTER] XLI [IEORIWW SJ =SYV EHSVIVW XLI KVIEX

TS[IVSJ=SYVZMGXSVMSYW'VSWWFIELMKLJSVXVIWWERHVIJYKI
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E WXVSRK VIJYKI XS VIHIIQ WEZI HIPMZIV ERH TVSXIGX SYV
FSHMIW ERH WSYPW JVSQ XLI IZMP SRI ERH LMW TS[IVW EX EPP
XMQIW ERH LSYVW 0SVH SJ EPP *EXLIV 7SRERH ,SP] 7TMVMX
JSVIZIV
6IW%QIR&PIWW3Q]0SVH
?-JE &MWLSTSV4VMIWXPIEHWXLI(MZMRI4VEMWIW LIWMRKWSVVIGMXIW
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