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1MGVSWSJX
4S[IV4SMRX

1HYPS
8IVMGS]4VGXMGS
1MGVSWSJX 4S[IV4SMRX
&MIRZIRMHSW EP ETEWMSRERXI 1YRHS HI PE -RJSVQXMGE

)RIWXI1HYPSMRXIRXEVIQSWKYMEVPSIRIPETVIRHMÊNIHI1MGVSWSJX4S[IV4SMRX
1MGVSWSJX4S[IV4SMRXIWYRTVSKVEQETEVEPEGVIEGMR]I\LMFMGMRHITVIWIRXEGMS
RIWQYPXMQIHMEGY]EZIRXENETVMRGMTEPIWIPGSRXVSPHIPEMRJSVQEGMR]PEJSVQEHITVIWIRXEV
PEMRGPY]IRHSPSWVIGMIRXIWEZERGIWIRQYPXMQIHMEQIHMERXIPEGSQFMREGMRHIXI\XSW
MQKIRIW GSPSVIW JSVQEW HMFYNSW IJIGXSW HI ERMQEGMR ] WSRMHSW WYQEHS E PE
GVIEXMZMHEHHIPYWYEVMSLEGIRHIPEWTVIWIRXEGMSRIWYREXGRMGEYXMPMÊHEIRRYQIVSWEW
WMXYEGMSRIW
)WXI 1HYPS LE WMHS TIRWEHS TEVE UYI TYIHE ETPMGEV PSW GSRSGMQMIRXSW UYI
I\TVIWEJYRHEQIRXEPQIRXIIRIPQFMXS0EFSVEPTEVEPE)\TSWMGMRHIHMJIVIRXIWXMTSWHI
4VS]IGXSW)HYGEGMR)RWIERÊIXG
)RPEWWMKYMIRXIWTKMREWZEQSWEI\TPMGEVPIPEWTVMRGMTEPIWLIVVEQMIRXEWTEVEIP
QERINSHIYRTVSKVEQEHITVIWIRXEGMSRIWQYPXMQIHMEUYIPITIVQMXMVGSQTVIRHIVIPQI
GERMWQSUYIYXMPMÊ1MGVSWSJX4S[IV4SMRXTEVEUYIWYWTVIWIRXEGMSRIWWIERI\MXSWEW
)WTIVEQSWUYIHMWJVYXIIWXI1HYPSXEPGSQSRSWSXVSWPSLMGMQSWEPVIHEGXEVPS]
UYIPIWIEHIYXMPMHEHIRIPHIWIQTISHIWYWXEVIEWGSXMHMEREW
0IHIWIEQSW\MXSIRIWXIETVIRHMÊNIUYIIWXGSQIRÊRHS
1IXSHSPSKE HI 8VEFENS

0IWTVIWIRXEQSWPE1IXSHSPSKEHI8VEFENSHIIWXI1HYPSGSRIPJMRHISVMIRXEVPSW
IRWYGSVVIGXSYWS]ETVSZIGLEQMIRXS
)WMQTSVXERXIGSQIRÊVTSVPEWMQFSPSKEUYIIRGSRXVEVRIRPEWTV\MQEWTKMREW
%8)2'-2
(IWEVVSPPEYREEGPEVEGMRHIMQTSVXERGMEEGIVGEHIPXIQE
79+)6)2'-%
4PERXIESXVEWJSVQEWHIETPMGEVPEWLIVVEQMIRXEW
%'8-:-(%(
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869'3
7YKMIVIEPXIVREXMZEWTEVELEGIVQWHMRQMGEPEETPMGEGMRHIPEW
LIVVEQMIRXEW
%PJMREPMÊVGEHE'ETXYPSIRGSRXVEVR
R
4VGXMGEW%HMGMSREPIWUYIPIWTIVQMXMVRVITEWEVPEWLIVVEQMIRXEWETVIRHMHEWIR
EGXMZMHEHIWGSRGVIXEWIMRXIKVEHSVEW
R
9RVITEWSHIGSRGITXSW8IVMGSWTEVEZIVMJMGEVPEGSQTVIWMR]EHUYMWMGMRHIPSW
GSRGITXSWQWMQTSVXERXIW
%PJMREPMÊVIP1HYPSIRGSRXVEVRYRE%YXSIZEPYEGMR1PXMTPI'LMSGI1PXMTPIW3TGMSRIW
UYIPIWIVZMVGSQSTVITEVEGMRTEVEIP)\EQIR
'ETXYPS
%PXVQMRSHIIWXIGETXYPSIWTIVEQSWUYIPSKVIRPSWWMKYMIRXIWSFNIXMZSW
R 'SRSGIV PE YXMPMHEH HIP TVSKVEQE HI KVJMGSW HI TVIWIRXEGMR ] WYW GEVEGXIVWXMGEW
TVMRGMTEPIW
R 'SRSGIVPEWTEVXIWHIPEZIRXEREHI4S[IV4SMRX=GQSHIWTPEÊVWITSVPEQMWQE
R %TVIRHIVEGVIEVYRETVIWIRXEGMRGSRHMETSWMXMZEWYXMPMÊRHSHMWXMRXEWSTGMSRIW
R %TVIRHIVEKYEVHEV]EFVMVTVIWIRXEGMSRIW]XVEFENEVGSRIPPEWIRHMWXMRXEWZMWXEW
R 1SHMJMGEVPEWZMWXEWHIPEWHMETSWMXMZEWHIPETVIWIRXEGMRGSQTVIRHIVTEVEUYWI
YXMPMÊGEHEYRE]GYPIWWSRWYWHMJIVIRGMEWTVMRGMTEPIW
R %WMQMPEVPSWGSRGITXSWHIPSWXIQEWUYIXVEXEIWXIGETXYPS]VIEPMÊVPEWEGXMZMHEHIW
TEVEPEMRXIKVEGMRHIGSRSGMQMIRXSW
3VKERMÊGMRHI'SRXIRMHSW
'ETXYPSW
'ETXYPS
8IQEWHI%TVIRHMÊNI
'SRXIRMHSW1RMQSW
-RXVSHYGGMR
1MGVSWSJX4S[IV4SMRX-RKVI
WEVE4S[IV4SMRX4EVXIWHIPEZIR
XERE'QSHIWTPEÊVWITSVYRE
ZIRXERE#
+YEVHEV]EFVMV
TVIWIRXEGMSRIW
+YEVHEVYRETVIWIRXEGMR
%GXYEPMÊVEVGLMZSW'IVVEV
EVGLMZSW%FVMVHSGYQIRXSW
4VIWIRXEGMSRIW
:MWXEW
:MWXEWHI4S[IV4SMRX:MWXE
2SVQEP:MWXEW'PEWMJMGEHSVHI
HMETSWMXMZEW:MWXE4VIWIRXEGMR
GSRHMETSWMXMZEW
-RXVSHYGGMR
1MGVSWSJX4S[IV4SMRX
1MGVSWSJX4S[IV4SMRXIWYRTVSKVEQETEVEVIEPMÊVTVIWIRXEGMSRIWKVJMGEW7IYXMPMÊTEVE
GVIEV]I\LMFMVTVIWIRXEGMSRIWIRFEWIEHMETSWMXMZEW]XVERWTEVIRGMEWTEVEPEI\TSWMGMRHI
TVS]IGXSW ERXI YRE EYHMIRGME TPERMJMGEGMSRIW HI XVEFENSW )RWIERÊ E XVEZW HI
WIQMREVMSWHI'ETEGMXEGMR6IYRMSRIWHI)UYMTSWHIXVEFENS'SQYRMGEGMRHI2SXMGMEW
8VEFENSGSR4VSZIIHSVIW:IRXEWIXG
4S[IV4SMRXTYIHIGVIEV
y 8VERWTEVIRGMEW HMETSWMXMZEW IR QMPQIXVSW ] TVIWIRXEGMSRIW IR TERXEPPE GSR
IJIGXSWUYIVIEPÊRIPGSRXIRMHSHIPEWQMWQEW
y 2SXEW HI TKMRE IWUYIQEW ] HSGYQIRXSW TEVE GSQTPIXEV ] IRVMUYIGIV PEW
TVIWIRXEGMSRIW
y4VIWIRXEGMSRIWVTMHEWQIHMERXIPEYXMPMÊGMRHIPSWEWMWXIRXIWHIETEVMIRGMEHMWISW
EYXQEXMGSWGSQFMREGMRHIGSPSVIW
%8)2'-2 0SW EVGLMZSW UYI GVII IR IWXI TVSKVEQE VIGMFMVR IP
RSQFVI HI 4VIWIRXEGMSRIW IWXEW WSR YRE WIGYIRGME SVHIREHE HI
HMETSWMXMZEW UYI PI TIVQMXMVR I\TSRIV HI QERIVE WMRXXMGE ]
IWXVYGXYVEHEPSWTYRXSWTVMRGMTEPIWYSFNIXMZSWHIYRHIXIVQMREHSTVS
]IGXS'EHETVIWIRXEGMRIWXEVJSVQEHETSVZEVMEWHMETSWMXMZEW,S
NEW IRPEWUYIHIFIVMRKVIWEVXSHEPEMRJSVQEGMRRIGIWEVME
)PIQIRXSWHIYRETVIWIRXEGMR
(METSWMXMZEW7SRTERXEPPEWUYIWITVS]IGXERYREXVEWSXVEIRTERXEPPE]UYIGSRWXMXY]IRIP
IPIQIRXSFWMGSHIYRETVIWIRXEGMR'EHEHMETSWMXMZETYIHIGSRXIRIVXI\XSWKVJMGSW
HMFYNSWMQKIRIWTVIHMWIEHEWERMQEGMSRIWWSRMHSWIRXVISXVEW
(SGYQIRXSW7SRPEWQMRMEXYVEWMQTVIWEWHIPEWHMETSWMXMZEW]WITYIHIRMQTVMQMVHI
HSWXVIWWIMWTSVTKMRE
)WUYIQEW7PSQYIWXVERPSWXXYPSW]IPXI\XSIWGVMXSIRPEHMETSWMXMZETIVSRSWITSHVR
ZMWYEPMÊVPSWIPIQIRXSWKVJMGSWRMIPXI\XSIWGVMXSGSRPELIVVEQMIRXEHIXI\XS
-RKVIWEVE4S[IV4SMRX
)\MWXIRZEVMEWJSVQEWHIINIGYXEVSMRMGMEV1MGVSWSJX4S[IV4SMRXTIVSPEQWYXMPMÊHEIW
HIWHIIPQIR-RMGMSTEVEPSGYEPHIFIWIKYMVPSWWMKYMIRXIWTEWSW
(IWHIPEFEVVEHIXEVIEWLEKEGPMGIRIP&SXR-RMGMS8SHSWPSW4VSKVEQEW1MGVSWSJX
4S[IV4SMRX
%8)2'-2 (ITIRHMIRHS HI PE MRWXEPEGMR HIP TVSKVEQE IW TSWMFPI

IRGSRXVEVIREPKYREWGSQTYXEHSVEWUYIWILE]EGVIEHSYRGSRSHI
KVYTS TEVE PSW TVSKVEQEW HIP TEUYIXI 3JJMGI IRGSRXVERHS IP GSRS
HI 1MGVSWSJX 4S[IV4SMRX HIRXVS HI YR WYFQIR GSQS WI SFWIVZE IR
PEWMKYMIRXIMQEKIR
79+)6)2'-%
)RGEWSHIUYIIPTVSKVEQEWIEYXMPMÊHSGSRQYGLEJVIGYIRGMETYIHI
'VIEV YR EGGIWS HMVIGXS TEVE 1MGVSWSJX 4S[IV4SMRX TEVE UYI TYIHE EGGIHIV
HMVIGXEQIRXIEPTVSKVEQEHIWHIIPIWGVMXSVMS
3YXMPMÊVPEFEVVEHILIVVEQMIRXEWHI3JJMGILEGMIRHSGPMGIRIPGSRSHI4S[IV4SMRX
IMRKVIWEVEPTVSKVEQEIRJSVQEVTMHE
4EVXIWHIPEZIRXEREHI4S[IV4SMRX
'SQSIRIPVIWXSHIPSWTVSKVEQEWIR4S[IV4SMRXIRGSRXVEVHSWZIRXEREWYRETEVEPE
ETPMGEGMR]SXVETEVEPETVIWIRXEGMR
4ERIP HI IWUYIQEW
&EVVEHI8XYPS
:
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X
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R
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,IVVEQMIRXEW
H
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:IRXERE
HIPE
TVIWIRXEGMR
&SXSRIW HI :MWXEW
%
T
P
M
G
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4ERIP HI (METSWMXMZEW
4ERIP HI XEVIEW
&EVVEHI1IR7MXYEHEIRPETEVXIWYTIVMSVHIPETERXEPPE'SRXMIRIPSWGSQERHSWUYI
4S[IV4SMRXTSRIEWYWIVZMZMSIRJSVQEHIPMWXEWHIWTPIKEFPIW
&EVVE HI ,IVVEQMIRXEW 0EW FEVVEW HI LIVVEQMIRXEW GSR PEW UYI ZE E XVEFENEV IWXR
GSQTYIWXEWTSVYREWIVMIHIFSXSRIWWMXYEHSWFENSPEFEVVEHIQIRIRPETEVXIWYTIVMSV
HIPETERXEPPE
'VIE YRE RYIZE TVIWIRXEGMR HI HMETSWMXMZEW
%FVI YRE TVIWIRXEGMR HI HMETSWMXMZEW I\MWXIRXI
+YEVHE IRHMWGS PE TVIWIRXEGMR GSRPEGYEP IWXXVEFENERHS
%GXMZEIP4ERIPHIXEVIEW&WUYIHE&WMGE
-QTVMQI PEW HMETSWMXMZEW HI PE TVIWIRXEGMR
5YMXEIPSFNIXSWIPIGGMSREHS]PSIRZEEPTSVXETETIPIW
)RZE YRE GSTME HIP SFNIXS WIPIGGMSREHS EP TSVXETETIPIW
'SPSGE IR PE HMETSWMXMZE IP GSRXIRMHS HIP TSVXETETIPIW
'STME JSVQEXSW
(IWLEGI PE PXMQE STIVEGMR
6ILEGI PE PXMQE STIVEGMR HIWLIGLE
-RWIVXEYRKVJMGS
-RWIVXE XEFPEW
%GXMZEPEFEVVEHI8EFPEW]FSVHIW
)RPEZMWXE'PEWMJMGEHSVHIPEWHMETSWMXMZEWEGXMZESHIWEGXMZEPSW
JSVQEXSW HI PEW HMETSWMXMZEW
1YIWXVEYSGYPXEYREGYEHVGYPEUYIWMVZITEVESVKERMÊVPSWHEXSWHIPE
HMETSWMXMZE
1YIWXVE YRE PMWXE HIWTPIKEFPI IR PE GYEP

TSHV WIPIGGMSREV PE ZMWXE HI GSPSVIW TEVE
PEW HMETSWMXMZEW
%YQIRXE S HMWQMRY]IPEZMWXE HIPEW HMETSWMXMZEW
&EVVE HI )WXEHS )R PE TEVXI MRJIVMSV HI PE :IRXERE HI 4S[IV4SMRX IWXE FEVVE SJVIGI
MRJSVQEGMREGIVGEHIP(SGYQIRXSUYIWIIRGYIRXVIIRTERXEPPE
:IRXERE HI 4VIWIRXEGMR 7I IRGYIRXVE HMZMHMHE IR XVIW TERIPIW QY] HIWXEGEHSW
(METSWMXMZEW )WUYIQEW ] RSXEW )WXSW TERIPIW TSVTSVGMSRER YRE ZMWXE KPSFEP HI PE
TVIWIRXEGMR]PITIVQMXIRXVEFENEVHIWHIHMJIVIRXIWTYRXSWHIZMWXE
4ERIPHIHMETSWMXMZEW7IIRGYIRXVEIRIPWIGXSVGIRXVEPHIPE:IRXERE]TIVQMXIZMWYEPMÊV
]QSHMJMGEVIPEWTIGXSHIPEWHMETSWMXMZEW
4ERIPHIIWUYIQEW7IIRGYIRXVEIRIPWIGXSVMÛYMIVHSHIPE:IRXERE]WIYXMPMÊTEVE
SVKERMÊV]HIWEVVSPPEVIPGSRXIRMHSHIPETVIWIRXEGMRPSWXXYPSW]GSRXIRMHSWIWGVMXSW
4ERIPHI2SXEW7IIRGYIRXVEIRIPWIGXSVMRJIVMSVHIVIGLSHIPE:IRXERE]WIYXMPMÊTEVE
EKVIKEVRSXEWTEVEIPSVEHSVSTEVEGSQTEVXMVGSRPEEYHMIRGMEUYIRSTSHVZIVWIIRPE
TVIWIRXEGMRERMQEHEWMRSIRPEMQTVIWMR

0IV TIVQMXI EFVMV TVIWIRXEGMSRIW I\MWXIRXIW
0I TIVQMXI GVIEV YRE TVIWIRXEGMR IR FPERGS GSR IP JMR HI UYI EP
JMREPMÊV WY IPEFSVEGMR IP VIWYPXEHS WIE XSXEPQIRXI TIVWSREPMÊHS
7I YXMPMÊ TEVE GVIEV YRE TVIWIRXEGMR FEWEHE IR YRE TPERXMPPE
TVIHMWIEHE'SR IWXE STGMR 4S[IV4SMRX PI QSWXVEVYRE TVIWIRXE
GMRGSRPSWGSPSVIWHIPEHMETSWMXMZE]IPIWXMPSHIPXI\XS]EHIJMRMHSW
HITIRHMIRHS HI PE TPERXMPPE WIPIGGMSREHE
'SR IWXE STGMR IRGSRXVEV YR EWMWXIRXI HI EYXSGSRXIRMHSW UYI PI
WYKMIVIIPXXYPSHIPETVIWIRXEGMR]YREI\TPMGEGMRHIPXIQEEXVEXEV
8EQFMRPIFVMRHEPETSWMFMPMHEHHIIPIKMVIPXMTS]IWXMPSHITVIWIRXE
GMRUYIHIWIEYXMPMÊV9REZI^JMREPMÊHSIPEWMWXIRXIPITVIWIRXEV
YR IWUYIQE FWMGS UYI PI WIVZMV GSQS KYE IR PE SVKERMÊGMR HI
PSW GSRXIRMHSW
%WMWXIRXITEVEEYXSGSRXIRMHS
)WXIEWMWXIRXIPSE]YHEVEHIWEVVSPPEVIPGSRXIRMHSHIPETVIWIRXEGMRWSFVIYREKVER
ZEVMIHEHHIXIQEWIQTVIWEVMEPIW]TIVWSREPIW4EVEIPPSHIFIVIEPMÊVPSWWMKYMIRXIW
TEWSW
(IWHIIPTERIPHIXEVIEWLEKEGPMGIRIPFSXR%TEVXMVHIP%WMWXIRXITEVE
EYXSGSRXIRMHS
'PMG
%TEVIGIVYRGYEHVSHIHMPSKSIRIPGYEPWIHIXEPPERPSWTEWSWUYIWIKYMVIRIPXVE]IGXS
EPEGVIEGMRHIPETVIWIRXEGMR
E,EKEGPMG
IRIWXI FSXR

)RIPWIKYRHSGYEHVSHIFIWIPIGGMSREVIP8MTSHITVIWIRXEGMR7MKEIWXSWTEWSW
H,EKEGPMG
IRIWXIFSXR
F,EKEGPMGWSFVIYRSHIPSW G 0YIKS WIPIGGMSRI
FSXSRIW HI PEW GEXIKSVEW YRXMTSHITVIWIRXEGMR
)RIWXIGYEHVSWIPIGGMSRIIP)WXMPSHIPETVIWIRXEGMR
I 8MPHI YRE GEWMPPE
J,EKEGPMGIRIWXIFSXR
%8)2'-27MIQTVIUYIRIGIWMXIPETVIWIRXEGMRTEVEI\TSWMGMRIR
GSQTYXEHSVE HIFI IPIKMV IP IWXMPS 4VIWIRXEGMR IR TERXEPPE

)RIWXEIXETEHIFIIWGVMFMVYRXXYPSTEVEPETVMQIVEHMETSWMXMZE]EGXMZIPSWIPIQIRXSWUYI
HIWIIMRGPYMVIRPEQMWQE
K)WGVMFEYRXXYPS
L,EKEGPMGIRIWXIFSXR
PXMQEIXETE
M,EKEGPMGIRIWXIFSXR
(IIWXEJSVQESFWIVZEVYRETVIWIRXEGMRGSR
ZEVMEWHMETSWMXMZEW]YRJSVQEXSTVIHMWIEHSIR
PEUYIWPSHIFIVVIIQTPEÊVPSWGSRXIRMHSWHI
GEHEYREHIPEWQMWQEW

'QSHIWTPEÊVWITSVYREZIRXERE#
)R4S[IV4SMRXWITYIHIRYXMPMÊVXVIWQXSHSWHIHIWTPEÊQMIRXSTSVYREZIRXEREIR
JYRGMRHIPEVETMHI^GSRPEUYIHIWIIQSZIVWI
0RIEEPRIE
:IRXEREEZIRXERE
7EPXEVHMVIGXEQIRXIEPTVMRGMTMSJMREPSQMXEHHIPEQMWQE
4EVEIPPSWMKEEPKYRSHIPSWWMKYMIRXIWTVSGIHMIQMIRXSWWIKRWYWRIGIWMHEHIW
3TGMR0RIEEPRIE
)RPEZMWXE)WUYIQETEVEZIVIP
XI\XS WMXYEHS FENS PE ZIRXERE
EGXYEPHIFITYPWEVZEVMEWZIGIWPE
JPIGLEHIHIWTPEÊQMIRXSLEGME
EFENS'EHEZIÛYIWITYPWIPE
JPIGLE HI HIWTPEÊQMIRXS
4S[IV4SMRX QSHMJMGEV PE
TERXEPPETEVEQSWXVEVPIYREPRIE
QW
&EVVE HI HIWTPEÊQMIRXS
3TGMR:IRXEREEZIRXERE
4EVEHIWTPEÊVWIZIRXEREE
ZIRXERE HIFI TYPWE PSW
FSXSRIWWMXYEHSWHIFENSHI
PEFEVVEHIHIWTPEÊQMIRXS
(METSWMXMZEWMKYMIRXI
(METSWMXMZEERXIVMSV
3TGMR8IGPEHS
3XVEQERIVEHILEGIVPSIWTYPWERHSPEWXIGPEW
6IEPMGIPEEGXMZMHEHTEWSETEWSHIWHIIP%WMWXIRXI2);7%4-)27UYIWIYFMGE
IRIP'ETXYPS8IQE-RXVSHYGGMR7YFXIQE(IWTPEÊQMIRXSWTSVPE:IRXERE

+YEVHEV]%FVMV4VIWIRXEGMSRIW
4EVEEPQEGIREVWYWXVEFENSWHIFIVVIGYVVMVEPGYEHVSHIHMPSKS+YEVHEVGSQS
4EVEMRKVIWEVEHMGLSGYEHVSWMKEIWXSWTEWSW
(IWHIIPQIR%VGLMZSLEKEGPMGIR+YEVHEVGSQS
%TEVIGIVIWXIGYEHVS
(IWHI PE PMWXE HIWTPIKEFPI WIPIGGMSRI PE YFMGEGMR HIP EVGLMZS
)WGVMFEYRRSQFVITEVEIPEVGLMZS
,EKEGPMGIRIWXIFSXR
%GXYEPMÊVEVGLMZSW
4EVEEGXYEPMÊVYREVGLMZSWMKEIWXSWTEWSW
3TGMRHIWHIPE&EVVEHILIVVEQMIRXEW)WXRHEV
,EKEGPMGIRIPFSXR
+YEVHEV
3TGMRHIWHIPE&EVVEHIQIR
,EKEGPMGIR%VGLMZS+YEVHEV
3TGMRHIWHIIP8IGPEHS
4VIWMSRIPEWXIGPEW]

6IEPMGIPEEGXMZMHEHTEWSETEWSHIWHIIP2I[7ETMIRWUYIWIYFMGEIRIP
'ETXYPS8IQE+YEVHEV]%FVMVTVIWIRXEGMSRIW7YFXIQE+YEVHEVYRE
4VIWIRXEGMRTSVINIQTPS
'IVVEVEVGLMZSW
4EVEGIVVEVYREVGLMZS4VIWIRXEGMR HI4S[IV4SMRXYXMPMGIGYEPUYMIVEHIPEWWMKYMIRXIW
STGMSRIW
,EKEGPMGIR%VGLMZS'IVVEV
3TGMRHIWHIPSW&SXSRIWHIGSRXVSP
,EKEGPMGIRIWXIFSXR
%FVMVHSGYQIRXSW4VIWIRXEGMSRIW
4EVEEFVMVYRETVIWIRXEGMRERXIWKYEVHEHSWMKEIWXSWTEWSW
4YIHIYXMPMÊVGYEPUYMIVEHIPEWWMKYMIRXIWSTGMSRIW
,EKEGPMGIR%VGLMZS%FVMV
3TGMRHIWHIPE&EVVEHILIVVEQMIRXEW
,EKEGPMGIRIWXIFSXR
%FVMV
3TGMRHIWHIIP8IGPEHS
4VIWMSRIPEWXIGPEW

(IWHI PE PMWXE HIWTPIKEFPI WIPIGGMSRI PE YFMGEGMR HIP EVGLMZS E EFVMV
,EKEGPMGWSFVIIPEVGLMZSUYIHIWIEEFVMV
,EKEGPMGIRIWXIFSXR
79+)6)2'-%
0EWHMETSWMXMZEWWITYIHIRKYEVHEVGSQSYREMQEKIRIRGEWSHIUYIVIVYXMPMÊVPEW
GSR SXVSW TVSKVEQEW 4EVE IPPS HIFIV ZMWYEPMÊV S WIPIGGMSREV IR TERXEPPE PE
HMETSWMXMZEUYIHIWIIEPQEGIREV]VIEPMÊVYRGPMGIRIPFSXR+YEVHEV
%PMKYEPUYIIRIPQIR+YEVHEVIRIPGYEHVS+YEVHEVGSQSXMTSWIPIGGMSRI
*SVQEXSHIMRXIVGEQFMSHIEVGLMZSW.4)+]PYIKSEGSRXMRYEGMRHIFIVLEGIV
YRGPMGIRIPFSXR+YEVHEVUYIWIIRGYIRXVEIRIPWIGXSVMRJIVMSVHIVIGLSHIHMGLS
GYEHVS
'ETXYPS8IQE+YEVHEV]%FVMVTVIWIRXEGMSRIW7YFXIQE%FVMV4VIWIRXEGMSRIW
TSVINIQTPS
%8)2'-2 4S[IV4SMRX KYEVHE EYXSQXMGEQIRXI PEW TVIWIRXEGMSRIW

TEVE TSHIV VIGYTIVEVPEW IR GEWS UYI WI TVSHY^GE EPKR JEPPS IR PE
EPMQIRXEGMRIPGXVSRMGEHIPEGSQTYXEHSVE

4EVEGSRJMKYVEVIWXELIVVEQMIRXEHIFILEGIVGPMGIRIPQIR,IVVE
QMIRXEW3TGMSRIW]WIPIGGMSREVPEJMGLE+YEVHEVPYIKSIWXEFPI^GE
GEHE GYRXSW QMRYXSW HIFIR XVERWGYVVMV TEVE UYI WI INIGYXI IWXE
LIVVEQMIRXE HIWHI IP GEWMPPIVS +YEVHEV MRJSVQEGMR HI
%YXSVVIGYTIVEV
,EKE GPMG IR IWXEWSPETE
8MPHI IWXE GEWMPPE
%GITXIIPGYEHVS

:MWXEW
:MWXEWHI4S[IV4SMRX
4IVQMXIRZIVPEWHMETSWMXMZEWHIHMJIVIRXIWQERIVEW:MWXE2SVQEP:MWXE'PEWMJMGEHSVHI
HMETSWMXMZE]4VIWIRXEGMRGSRHMETSWMXMZEW
4VMQIV GPMG
7IKYRHS GPMG WSFVIYRE HI

IWXEW STGMSRIW
3TGMRHIWHIIPVIEZMWXEW
:MWXERSVQEP
:MWXE'PEWMJMGEHSVHIHMETSWMXMZEW
4VIWIRXEGMR%TEVXMVHIHMETSWMXMZEEGXYEP
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J 7IPIGGMSRI GSR

YRGPMGPESTGMR
UYI RIGIWMXI
4IVWSREPMÊVYREGSQFMREGMRHIGSPSVIW
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)WXRHEVTSHVYXMPMÊVPEWSPETE4IVWSREPMÊHETEVEIPIKMVWYWTVSTMSWGSPSVIW6IEPMGI
IRXSRGIWPSWWMKYMIRXIWTEWSW
,EKEYRGPMGIRIPQIR*SVQEXS)WXMPSHIPEHMETSWMXMZE
%TEVIGIVIPTERIPHIXEVIEW

E,EKEGPMG
F,EKEGPMG
G,EKE GPMG(IIWXEQERIVEETEVIGIV PEWMKYMIRXI JMKYVE
H,EKEGPMG
K,EKEGPMG
TEVEZIVPSW
GEQFMSW
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PEW VIEW HI PE
HMETSWMXMZE
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GSPSV TEVE IP VIE WIPIGGMSREHE

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0YIKSWMKEIWXSWTEWSW
F)PMNEPEWSPETE)\XRHEV
I,EKEGPMG
G,EKEGPMGIRPEQMRYEXYVE
E,EKEGPMG
G,EKEGPMGTEVEETPMGEVPE
GSQFMREGMR
H,EKEGPMGTEVEIPMQMREVPEGSQFMREGMR
'STMEVYREGSQFMREGMRHIGSPSVIW
4S[IV4SMRXPITIVQMXIGSTMEVYREGSQFMREGMRHIGSPSVIWHIYREHMETSWMXMZE]ETPMGEVPEIR
SXVEWHMETSWMXMZEWHIPEQMWQETVIWIRXEGMRYXMPMÊRHSPESVHIR'STMEVJSVQEXS4EVEIPPS
VIEPMGIPSWWMKYMIRXIWTEWSW
%FVEYRE4VIWIRXEGMR]YFUYIWIIRPEZMWXE'PEWMJMGEHSVHIHMETSWMXMZEW
7IPIGGMSRIPEHMETSWMXMZEUYITSWIIIPJSVQEXSHIWIEHS
,EKEYRGPMGWSFVIIP-GSRS'STMEVJSVQEXSHIPEFEVVEHILIVVEQMIRXEW
0YIKSWIPIGGMSRIPEHMETSWMXMZEEPEUYIHIWIEETPMGEVPIIPJSVQEXSGSTMEHS
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4S[IV4SMRXPITIVQMXIEKVIKEVYRJSRHSEGEHEYREHIPEWHMETSWMXMZEWYXMPMÊRHSWSQFVEW
XI\XYVEWTEXVSRIWMQKIRIWSFMIRGSPSVIWWPMHSW4EVEIPPSVIEPMGIPSWWMKYMIRXIWTEWSW

9FMUYIWIIRPEHMETSWMXMZEHIWIEHE
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FSXSRIWWIKRGSVVIWTSRHE
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F,EKEGPMGWSFVIYRGSPSV
1WGSPSVIW
7SPETE4IVWSREPMÊHS
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E,EKEGPMG
WSFVIIWXEWSPETE
J,EKEGPMG
IRIWXIFSXREP
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F,EKEGPMGIRPE
GERXMHEHHIGSPSVIW
UYIETPMGEV
G1YIZEPEWFEVVEW
TEVELEGIV
XVERWTEVIRXIPSW
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H)PMNEPEHMVIGGMR
HIPHIKVEHEHS
I,EKEGPMG
IRIWXIFSXREP
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7SPETE8I\XYVE
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G,EKEGPMGIR
IWXIFSXREP
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7SPETE8VEQE
E,EKEGPMGIR
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H,EKEGPMG
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F7IPIGGMSRI
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PSWGSPSVIW
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7SPETE-QEKIR
E,EKEGPMG
WSFVIIWXEWSPETE
G,EKEGPMGEP
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F,EKEGPMG
WSFVIIWXIFSXR
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FYWUYI]
WIPIGGMSRIIP
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MQEKIRUYI
HIWIEYXMPMÊV

%8)2'-27MYXMPMÊGSRJVIGYIRGMEPEGSQFMREGMRHIGSPSVIWUYILE
TIVWSREPMÊHSLEKEYRGPMGIRIPFSXR%KVIKEVGSQSGSQFMREGMRIWXRHEV
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GSQFMREGMRTVIIWXEFPIGMHE
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4EVEEGXMZEVYRETPERXMPPEWMKEIPWMKYMIRXITVSGIHMQMIRXS
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7MKEIWXSWTEWSW
E,EKEGPMGWSFVIIPFSXRHI
PMWXEHIWTPIKEFPI
F,EKEGPMGWSFVIIWXESTGMR
G9FMUYIIP
TYRXIVSWSFVIYR
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HMETSWMXMZEWTIVS
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HMWIS4SVINIQTPS

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XMIRIEPKRIVVSVHISVHIRSVXSKVJMGS
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TEPEFVEWHIWGSRSGMHEWSUYIIRGYIRXVIMRGSVVIGXEQIRXIIWGVMXEW
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8MTS HI IVVSV
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9XMPMGIGYEPUYMIVEHIPEWWMKYMIRXIWSTGMSRIW
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869'3
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0E STGMR HI PE 7YKIVIRGME PI TIVQMXI

IPIKMV GSR YR GPMG PE TEPEFVE UYI
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9RE ZI^ UYI IPMNE HIWHI PE STGMR
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869'3
4EVEGSVVIKMVPEWTEPEFVEWQEPIWGVMXEWHIWHIIPHSGYQIRXSWMKEIWXSWTEWSW
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E'SPSUYIIPTYRXIVSHIPQSYWI
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F,EKEGPMGGSRIPFSXR
HIVIGLSHIPQSYWI
G%TEVIGIVIWXEPMWXE
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WIPIGGMSREVEXVEZWHI
PEWWYKIVIRGMEWPE
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0EMRWIVGMRHIMQKIRIWIRPEWTVIWIRXEGMSRIWJEGMPMXERPEI\TSWMGMRHIPEWMHIEWUYI
WIHIWIERXVERWQMXMVLEGMRHSPEWEHIQWQWEXVEGXMZEW]JGMPIWHIIRXIRHIV
4S[IV4SMRXTVIWIRXEHSWJSVQEWHIMRWIVXEVMQKIRIWYXMPMÊRHSPEKEPIVEHIMQKIRIW
TVIHMWIEHEWSYXMPMÊRHSMQKIRIWUYITYIHEXIRIVHMWTSRMFPIWIRWYGSQTYXEHSVE
4EVEMRWIVXEVYREMQEKIRHIWHIPEKEPIVEHIMQKIRIWHI4S[IV4SMRXWMKEIWXSW
TEWSW
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9XMPMGIGYEPUYMIVEHIPSWWMKYMIRXIWGEQMRSW
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3TGMRHIWHIPE&EVVEHI(MFYNS
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3TGMRHIWHIIP4ERIPHIXEVIEW-RWIVXIMQKIRIWTVIHMWIEHEW&YWGEV
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RSQFVIHIPE
MQEKIRUYI
HIWIEFYWGEV
F,EKEGPMGIR
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G,EKEGPMG
WSFVIPEMQEKIR
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MRWIVXEV
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3TGMRHIWHIIP4ERIPHIXEVIEW-RWIVXIMQKIRIWTVIHMWIEHEW+EPIVE
1YPXMQIHME
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+EPIVE QYPXMQIHME
7IPIGGMSRIYREGEXIKSVE
7IPIGGMSRIYREMQEKIR
9XMPMGI YRS HI IWXSW GEQMRSW TEVEEKVIKEVPE IR PE HMETSWMXMZE

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(IWHIIPGYEHVSHIHMPSKS+EPIVEQYPXMQIHMELEKEGPMGIRIPQIR)HMGMR'STMEV
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(IWHIPEFEVVEHIQIRLEKEGPMGIR)HMGMR4IKEV
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RMIRHSIPFSXR
MÛYMIVHSHIPQSYWI
TVIWMSREHSEVVEWXVI
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HMETSWMXMZE
%8)2'-2)RGEWSHIUYIRSIRGYIRXVIPEMQEKIRUYI
RIGIWMXITYIHIYXMPMÊVIPFSXR5YIPI
TIVQMXIEGGIHIVESXVEWMQKIRIW4EVEYXMPMÊVIWXEWKEPIVEWHIFIHMTSRIVHI
YREGSRI\MRE-RXIVRIX%PTVIWMSREVIWXIFSXRWIEFVMVPETKMREHI1MGVSWSJX
SJVIGMRHSPIYREEQTPMEKEPIVE
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GSQSTSVINIQTPS4EMRX(IFIVVIEPMÊVPSWWMKYMIRXIWTEWSW
(IWHIPEFEVVEHIQIRLEKEGPMGIR-RWIVXEV-QEKIR(IWHIEVGLMZS
%TEVIGIVIWXIGYEHVS

7IPIGGMSRI PE
YFMGEGMR HIP
EVGLMZS UYI
HIWIE MRWIVXEV
7IPIGGMSRI
IPEVGLMZS
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%PMRWIVXEVYREMQEKIRWIEGXMZEEYXSQXMGEQIRXIPEFEVVEHIMQEKIR
&EVVEHIMQEKIR
%8)2'-2)RIPGEWSUYIRSWITVIWIRXIIWXEFEVVELEKEYRGPMGIR
IPQIR:IV&EVVEWHILIVVEQMIRXEW]WIPIGGMSRIPESTGMR -QEKIR
,IVVEQMIRXEWHIPE&EVVEHILIVVEQRMIRXEW-QEKIR
,IVVEQMIRXE
(IWGVMTGMR
-RWIVXEVMQEKIR
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'SRXVSPEPSWGSPSVIWHIPEMQEKIRWIPIGGMSREHE
'SPSV

1EWGSRXVEWXI
1IRSWGSRXVEWXI
1EWFVMPPS
1IRSWFVMPPS
%YQIRXEIPGSRXVEWXIHIPSWGSPSVIW
(MWQMRY]IIPGSRXVEWXIHIPSWGSPSVIW
%YQIRXEIPFVMPPSHIPSWGSPSVIW
(MWQMRY]IIPFVMPPSHIPSWGSPSVIW
6IGSVXEPEMQEKIRHIWHIPSWQERINEHSVIW
4EVEYXMPMÊVIWXELIVVEQMIRXE
9FMUYIIPTYRXIVSHIPQSYWIWSFVIYRSHIPSWQERINEHSVIW
,EKEYRGPMG]WMRWSPXEVEVVEWXVILEGMEHIRXVSHIPEJMKYVE
6IGSVXEV
4YRXIVS HIP QSYWI XVERWJSVQEHS
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+MVEPEWMQKIRIWXSQERHSGSQSTYRXSHIINIPSW
QERINEHSVIW
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6IWYPXEHS EP TVIWMSREV IP FSXR

+MVEVEPEMÛYMIVHEYREZI^
6IWYPXEHS EP TVIWMSREV IP FSXR +MVEV

6IWYPXEHS EP TVIWMSREV IP FSXR
EPEMÛYMIVHETSVWIKYRHEZI^
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1ERINEHSVHIKMVS
4YRXIVS HIP QSYWI XVERWJSVQEHS
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9FMUYI IP TYRXIVS HIP QSYWI WSFVI IP

QERINEHSV HI KMVS 'YERHS IP
TYRXIVS HIP QSYWI WI XVERWJSVQI
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7IPIGGMSRI PE
MQEKIRGSR YRGPMG
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'SQTVMQMVMQEKIRIW
7IPIGGMSRI
IPXMTSHI
VIWSPYGMR
%GITXIIP
GYEHVS
4S[IV4SMRXPITIVQMXIQSHMJMGEVPSWGSPSVIWHIYREMQEKIRTVIHMWIEHE
TEVEQINSVEVWYTVIWIRXEGMRSTEVEUYIPSWGSPSVIWWIENYWXIRQINSVE
PEGSQFMREGMRHIGSPSVIWUYITSWIIPEHMETSWMXMZE4EVEIPPSVIEPMGIPSW
WMKYMIRXIWTEWSW
7IPIGGMSRIPEMQEKIR
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YRGPMGWSFVIIWXIFSXR
:SPZIVEGSPSVIEV
PE MQEKIR
:SPZIVEGSPSVIEV
PE MQEKIR
%TEVIGIVIWXIGYEHVS
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IPMNEPSWGSPSVIWRYIZSW G,EKEGPMG

(IJMRMVGSPSV
XVERWTEVIRXI
-QEKIR WMR XVERWTEVIRGME
-QEKIR GSR XVERWTEVIRGME
6IWXEFPIGIVMQEKIR (INEPEMQEKIRGSQSVIGMRMRWIVXEHEFSVVERHSPSWIJIGXSW
ETPMGEHSW
1SHMJMGEVIPEWTIGXSHIYREMQEKIR
4EVEQSHMJMGEVIPXEQESHIYREMQEKIRWMKEIWXSWTEWSW
7IPIGGMSRIPEMQEKIRGSRYRGPMG
9FMUYIIPTYRXIVSHIPQSYWIWSFVIGYEPUYMIVHIWYWQERINEHSV
1ERINEHSVIWHIYRE
MQEKIR WIPIGGMSREHE
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WSPXEVEVVEWXVILEGMEJYIVEHIPEMQEKIRTEVEEKVERHEVSLEGMEHIRXVSHIPEMQEKIRTEVE
EGLMGEV
8VERWJSVQEGMR
4YRXIVSHIPQSYWI

7MEVVEWXVELEGMEJYIVEPE
MQEKIR WI EKVERHE
7MEVVEWXVELEGMEHIRXVSPE
MQEKIR WI EGLMGE
1ERINEHSVIWWYTIVMSV
IMRJIVMSV
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PE MQEKIR
1ERINEHSVIWMÛYMIVHS
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%KVERHESEGLMGEIPERGLS
HI PE MQEKIR
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IR JSVQE TVSTSVGMSREP EP
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;SVH%VX
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(IWHIPEFEVVEHIQIRLEKEGPMGIR-RWIVXEVz-QEKIRz;SVH%VX
%TEVIGIVIWXIGYEHVS
7IPIGGMSRI YR
XMTS HI IWXMPS
7IPIGGMSRIYRXMTSHIJSVQEXS
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XI\XSUYIHIWIE
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EGITXI IP GYEHVS

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3TGMSRIWHIPEFEVVEHILIVVEQMIRXEW;SVH%VX
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%8)2'-2)RGEWSHIUYIPEFEVVE;SVH%VXRSWIEGXMZIZE]EEPQIR:IV
&EVVEWHILIVVEQMIRXEW;SVH%VX
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1SHMJMGEVXI\XS
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1SHMJMGEIPXI\XSHIYRSFNIXS;SVH%VX
+EPIVE HI;SVHEVX
7IPIGGMSRIIPSFNIXS;SVH%VXUYIHIWIEQSHMJMGEV
GSRYRGPMG]YXMPMGIIWXIFSXRTEVEGEQFMEVPSW
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PIXVEW]TIVQMXIGEQFMEVWYWQIHMHEW
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GEQFMEPE
GYVZEXYVEHIP
SFNIXS;SVH%VX
*SVQEHI;SVHEVX

%PMRIEGMRHI;SVHEVX
1MWQSEPXSHIPEW
PIXVEWHI;SVHEVX

'YERHSIPXI\XSTSWII
ZEVMSWVIRKPSRIWIWXEW
STGMSRIWTIVQMXIR
GEQFMEVWYEPMRIEGMR
'SPSGEIPQMWQSEPXSHIPIXVEXERXSTEVEPEW
QE]WGYPEWGSQSPEWQMRWGYPEW
8I\XSZIVXMGEPHI;SVHEVX
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YREHIFENSHISXVE
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HI;SVHEVX
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SFNIXS;SVH%VX
3TGMSRIWHIHMFYNS
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4EVEHMFYNEVHIFIEGXMZEVPEFEVVEHILIVVEQMIRXEWHMFYNSTEVEIPPSWMKEIWXSW
TEWSW
(IWHIPEFEVVEHIQIRLEKEGPMGIR:IV&EVVEWHILIVVEQMIRXEW(MFYNS
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3TGMSRIWHIPEFEVVEHILIVVEQMIRXEWHIHMFYNS
+VYTS
)WXJSVQEHSTSVPSWHSWTVMQIVSWMGSRSWHIPEFEVVE
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(MFYNS
7IPIGGMSREVSFNIXSW
(IWGVMTGMR
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SVHIREVPSWKMVEVPSWIRXVISXVEW
STGMSRIW
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36()2%6
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4VMQIV SFNIXS
HMFYNEHS
8IVGIV SFNIXS
HMFYNEHS
7IKYRHS SFNIXS
HMFYNEHS
3TGMR+MVEVSZSPXIEV
+MVEV PMFVIQIRXI
3VMKMREP
7IPIGGMSRI GSR
YRGPMGIPSFNIXS
UYI HIWIE KMVEV
7IPIGGMSRI PE LIVVEQMIRXE

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FSXR(MFYNS+MVEVS
ZSPXIEV
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YFMGEGMR HIWIEHE
1ERINEHSVHIXEQES
4EVE YXMPMÊV IWXI QERINEHSV
9FMUYIIPTYRXIVSHIPQSYWI
WSFVI P
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EVVEWXVILEGME EHIRXVS HIPE
XEFPETEVEEGLMGEV]LEGME
JYIVE TEVE EKVERHEV

7IPIGGMRHIGIPHEWJMPEW]GSPYQREW
7IPIGGMRHIJMPE
4EVEWIPIGGMSREVYREJMPEWMKEIWXSWTEWSW
'SPSUYIIPTYRXIVSHIPQSYWIEPGSQMIR^SHIPEJMPE
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4YRXIVS
HIP
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WIPIGGMSREHE
7IPIGGMRHIGSPYQRE
4EVEWIPIGGMSREVYREGSPYQREWMKEIWXSWTEWSW
'SPSUYIIPTYRXIVSHIPQSYWIWSFVIIPGSQMIR^SHIPEGSPYQRE
'YERHSIPTYRXIVSHIPQSYWIWIXVERWJSVQILEKEYRGPMG]WMRWSPXEVEVVEWXVILEWXE
WIPIGGMSREVXSHEPEGSPYQRE
4YRXIVS
HIP QSYWI
7IPIGGMRHIGIPHE
4EVEWIPIGGMSREVYREGIPHEWMKEIWXSWTEWSW
'SPSUYIIPTYRXIVSHIPQSYWIIRZVXMGIMRJIVMSVMÛYMIVHS
,EKEYRGPMGLEWXEZIVIPGYVWSVXMXMPERHS

'SPYQRE
WIPIGGMSREHE
4YRXIVS
HIP
QSYWI
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WIPIGGMSREHE
-RKVIWEVHEXSWIRYREXEFPE
4EVEMRWIVXEVXI\XSHIRXVSHIYREXEFPEWMKEIWXSWTEWSW
'SPSUYIIPTYRXSHIMRWIVGMRIPGYVWSV IRPETVMQIVEGIPHEHIIWXEQERIVETYIHI
GSQIRÊVEIWGVMFMV
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TYRXS HI MRWIVGMR
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HIPXI\XS
2SQF
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GYEPUYMIVEHIPEWWMKYMIRXISTGMSRIW
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3TGMR
4VIWMSRIPEXIGPE
3TGMR
9XMPMGIPEWXIGPEWHIHIWTPEÊQMIRXS
-RWIVXEV*MPEW
4EVEMRWIVXEVJMPEWHIFIVIEPMÊVIPWMKYMIRXITVSGIHMQMIRXS

3TGMRHIWHIPE&EVVEHI8EFPEW]FSVHIW
,EKEGPMGWSFVIYREHIPEWJMPEW
(IWHIPEFEVVEHILIVVEQMIRXEW8EFPEW]&SVHIWLEKEGPMGWSFVIIPWMKYMIRXI
FSXR
%PLEGIVYRGPMGWSFVIIPFSXR8EFPEETEVIGIVYREPMWXEHIWTPIKEFPIIRPEGYEP
TSHVIPIKMVPEWWMKYMIRXIWSTGMSRIW
6EPMGIYRGPMGIREPKYRE
HIPEWWMKYMIRXIWSTGMSRIW
TEVEMRWIVXEVYREJMPE
3TGMRHIWHIIP8IGPEHS
,EKEGPMGWSFVIPEPXMQEGIPHEHIPEPXMQEJMPE
4VIWMSRIPEWMKYMIRXIXIGPE
S
3TGMRYXMPMÊRHSIP1IR'SRXI\XYEP
7IPIGGMSRIYRJMPE
9XMPMÊRHSIPQIRGSRXI\XYEPWIPIGGMSRI-RWIVXEVJMPEW
E9RGPMGGSRIP
FSXSRHIVIGLS
WSFVIYREJMPE
3FWIVZIIPGYVWSV
XMXMPERHS
1IR
GSRXI\XYEP
F,EKEGPMG
WSFVIIWXESTGMR

-RWIVXEVGSPYQREW
4EVEMRWIVXEVGSPYQREWHIFIVIEPMÊVIPWMKYMIRXITVSGIHMQMIRXS
,EKEGPMGWSFVIYREHIPEWGSPYQREW
FSXR
6EPMGIYRGPMGIREPKYRE
HIPEWWMKYMIRXIWSTGMSRIW
TEVEMRWIVXEVYREGSPYQRE
3TGMRHIWHIIP1IRGSRXI\XYEP
7IPIGGMSRIYRGSPYQRE
9XMPMÊRHSIPQIRGSRXI\XYEPWIPIGGMSRI-RWIVXEVGSPYQREW
E'SPYQRE
WIPIGGMSREHE
1IR
GSRXI\XYEP
F,EKEGPMG
WSFVIIWXESTGMR

)PMQMREV*MPEW]'SPYQREW
)PMQMREV*MPEW
4EVEIPMQMREVJMPEWHIFIVIEPMÊVIPWMKYMIRXITVSGIHMQMIRXS
7IPIGGMSRIPESPEWJMPEWUYIHIWIEIPMQMREV
9XMPMGIGYEPUYMIVEHIPEWWMKYMIRXISTGMSRIW
7IPIGGMSRIPEJMPEUYIHIWIEIPMQMREV
FSXR
TSHVIPIKMVPEWMKYMIRXISTGMR
,EKEGPMGIRIWXESTGMR
3TGMRHIWHIIP1IR'SRXI\XYEP
7IPIGGMSRIYREJMPE
9XMPMÊRHSIPQIRGSRXI\XYEPWIPIGGMSRI)PMQMREVJMPEW
E*MPE
WIPIGGMSREHE
1IR
GSRXI\XYEP
F,EKEGPMG
WSFVIIWXESTGMR

)PMQMREV'SPYQREW
4EVEIPMQMREVGSPYQREWHIFIVIEPMÊVIPWMKYMIRXITVSGIHMQMIRXS
7IPIGGMSRIPESPEWGSPYQREWUYIHIWIEIPMQMREV
7IPIGGMSRIPEJMPEUYIHIWIEIPMQMREV
FSXR
,EKEGPMGIRIWXESTGMR
7IPIGGMSRIPEGSPYQREEIPMQMREV
9XMPMÊRHSIPQIRGSRXI\XYEPWIPIGGMSRI)PMQMREVGSPYQRE
E'SPYQRE
WIPIGGMSREHE
1IR
GSRXI\XYEP
F,EKEGPMG
WSFVIIWXESTGMR

'SQFMREV](MZMHMV'IPHEW
'SQFMREVGIPHEW
'SQFMREVYREGIPHEWMKRMJMGEUYIZEVMEWGIPHEWUYIHIRYRMHEWJSVQERHSYREWSPE
4EVEGSQFMREVGIPHEWHIFIVIEPMÊVIPWMKYMIRXITVSGIHMQMIRXS
7IPIGGMSRIPEWGIPHEWUYIHIWIEGSQFMREV
'IPHEW
WIPIGGMSREHEW
9XMPMÊRHSIPQIRGSRXI\XYEPWIPIGGMSRI'SQFMREVGIPHEW
E'IPHEW
WIPIGGMSREHE
1IR
GSRXI\XYEP
F,EKEGPMG
WSFVIIWXESTGMR
FSXR
'SQFMREVGIPHEW

FSXR
,EKEGPMGIRIWXESTGMR
6IWYPXEHS
(MZMHMVGIPHEW
8VERWJSVQEYREGIPHEIRZEVMEWGSPYQREW]SJMPEW
4EVEHMZMHMVGIPHEWHIFIVIEPMÊVIPWMKYMIRXITVSGIHMQMIRXS
7IPIGGMSRIPEWGIPHEWUYIHIWIEHMZMHMV

'IPHE
WIPIGGMSREHE
7IPIGGMSRIPEGIPHEUYIHIWIEHMZMHMV
FSXR
1IR
GSRXI\XYEP
,EKEGPMGWSFVI
IWXESTGMR
FSXR
(MZMHMVGIPHE
6IWYPXEHS

%NYWXEVIPEPXS]ERGLSHIJMPEW]GSPYQREW
4EVEGEQFMEVIPIWTEGMSIRXVIYREJMPE]SXVESYREGSPYQRE]SXVEWMKEIWXSWTEWSW
9FMUYIIPTYRXIVSHIPQSYWIWSFVIPEYRMRHIYREGSPYQRESJMPE
'YERHSIPTYRXIVSHIPQSYWIWIXVERJSVQILEKEGPMG]WMRWSPXEVEVVEWXVILEWXEIRGSRXVEV
IPRYIZSERGLSSEPXSHIWIEHSW
4YRXIVS
HIPQSYWI
4YRXIVS
HIPQSYWI
XVERWJSVQEHS
6IWYPXEHS
1SHMJMGEVIPJSVQEXSHIYREXEFPE
4EVEQSHMJMGEVIPJSVQEXSHIYREXEFPEXIRKEIRGYIRXEPSWWMKYMIRXIWTEWSW
7IPIGGMSRIPEWGIPHEWUYIHIWIEQSHMJMGEV
,EKEGPMGIRIPFSXRHIWHIPEFEVVEHILIVVEQMIRXEWHI8EFPEW]&SVHIW
IPMNEPESTGMR&SVHIW]VIPPIRS
%TEVIGIVIWXIGYEHVS
)RIWXIGYEHVSIRGSRXVEVXVIW
WSPETEWJMGLEW PEWGYEPIWWI
VRHIWGVMTXEWEGSRXMRYEGMR

&SVHIW
0ITIVQMXMVIPIKMVIPIWXMPSGSPSV]ERGLSHIPFSVHITEVEPEXEFPE
7SPETE
E7IPIGGMSRI
YRXMTSHIFSVHI
H7IPIGGMSRI
PEWPRIEWUYI
WIVR
GEQFMEHEWIR
PEWIPIGGMR
F7IPIGGMSRI
YRGSPSV
G7IPIGGMSRI
IPKVSWSV
TEVEPEPRIE
I%GITXIIPGYEHVS
6IPPIRS
7IYXMPMÊTEVEWIPIGGMSREVYRGSPSVHIVIPPIRSTEVEPEWGIPHEW4YIHISTXEVTSVYRGSPSV
WPMHSSTSVYRIJIGXSHIVIPPIRS
7SPETE
E(IWHIIWXEPMWXE
HIWTPIKEFPI
WIPIGGMSRIYRGSPSVSYR
IJIGXSHIVIPPIRS
F%GITXIIPGYEHVS

'YEHVSHIXI\XS
0ITIVQMXMVKMVEVIPXI\XSHIPEWGIPHEWWIPIGGMSREHEWQSHMJMGEVPEEPMRIEGMRHIWYWGSRXI
RMHSW]GSPSGEVYREWIVMIHIQVKIRIW
7SPETE
E%PMRIIIPXI\XSGSR
VIWTIGXSEPEGIPHE
WIPIGGMSREHE
F(IXIVQMRIPSWQVKIRIW G%GITXIIPGYEHVS
MRXIVRSWHIPEWGIPHEW

+VJMGSW
-RWIVXEVYRKVJMGS
)R PEW HMETSWMXMZEW TYIHI MRWIVXEV +VJMGSW TEVE VITVIWIRXEV HIXIVQMREHE MRJSVQEGMR
4S[IV4SMRX YXMPMÊ YRE ETPMGEGMR PPEQEHE 1MGVSWSJX +VETL UYI PI TIVQMXI VIEPMÊV PSW
KVJMGSWWSFVIYRETVIWIRXEGMR
4EVE-RWIVXEVYR+VJMGSHIFIWIKYMVPSWWMKYMIRXIWTEWSW
(IWHIPEFEVVEHIQIRLEKEGPMGIR-RWIVXEV+VJMGS
(IIWXEQERIVE4S[IV4SMRXTVIWIRXEVWSFVIPEHMETSWMXMZEYREZIRXEREWMQMPEVEPEHI
)\GIP GSRIPRSQFVI,SNEHIHEXSW]YRKVJMGSWSFVIPEHMETSWMXMZE
0ELSNEHIHEXSWIWXJSVQEHETSVYREWIVMIHIGIPHEWMRHMZMHYEPIWUYIJSVQERJMPEW]
GSPYQREWIRIPPEWTSHVSFWIVZEVYREWIVMIHIHEXSWTSVSQMWMRUYITYIHIRWIVWYWXMXYM
HSWTSVPSWHEXSWUYIYWXIHRIGIWMXI)PKVJMGSIWYREVITVIWIRXEGMRKVJMGEHIPSWHEXSW
MRKVIWEHSWIRIWETPERMPPE
E)RIWXEXEFPEHIFIEKVIKEV
PSWHEXSWUYIYWXIHHIWIEKVJMGEV
F)PKVJMGSEGXYEPMÊV
PSWGEQFMSWEQIHMHE
UYIWIGEQFMIRPSW
ZEPSVIWIRPEXEFPE

%8)2'-23XVEJSVQETEVEMRWIVXEVYRKVJMGSIRWYWHMETSWMXMZEWIW
YXMPMÊRHSIPFSXRUYIWIIRGYIRXVEIRPE&EVVEHI,IVVEQMIRXEW
-RWIVXEVKVJMGS
)WXRHEV3FWIVZIIPFSXRUYIXMIRIIPVIGYEHVS
,EGMIRHSGPMGIRIPQMWQSWIMRMGMEPEETPMGEGMR1MGVSWSJX+VETL
TEVE MRWIVXEV IP KVJMGS
%PMRWIVXEVIPKVJMGSPEWFEVVEWHILIVVEQMIRXEW]PSWQIRIWHI4S[IV4SMRXWIWYWXMXY]IR
TSVPEWHI1MGVSWSJX+VETLTEVEQSHMJMGEVIPKVJMGS
3FWIVZIGSQSPEFEVVEHIQIRGEQFMTSVSTGMSRIWTEVE
QSHMJMGEVIP+VJMGSMRWIVXEHSIRWYHMETSWMXMZE
9REZIÛYILE]EGEVKEHSXSHSWPSWHEXSWHIPEXEFPEHIFILEGIVGPMGWSFVIPELSNETEVE
ZSPZIVEPEHMETSWMXMZEHI4S[IV4SMRX
UYIGSRXMIRIEPKVJMGS

6IEPMGIPEEGXMZMHEHTEWSETEWSHIWHIIP2I[7ETMIRWUYIWI
YFMGE IR IP 'ETXYPS 8IQE 3FNIXSW 7YFXIQE -RWIVXEV YR
KVJMGS4SVINIQTPS
1SHMJMGEVYR+VJMGS
%RXIW HI QSHMJMGEV IP EWTIGXS HI YR KVJMGS IW RIGIWEVMS GSRSGIV GEHE YRS HI PSW
IPIQIRXSWUYIPSGSQTSRIR4SVPSXERXSSFWIVZIPEWMKYMIRXIMQEKIRTEVEJEQMPMEVMÊVWI
GSRIPPSW
4PERSWPEXIVEPIW
7IVMI)WXI4YRXS
IVXVMQZEPSV
)NIHIZEPSVIW
VIEHIXVEÊHS
0I]IRHE
VIEHIKVJMGS
)NIHIGEXIKSVEW
9REZIÛYIXIRKEIPKVJMGSWSFVIPEHMETSWMXMZETSHVQSHMJMGEVIPJSVQEXSHIGYEPUYMIVE
HIWYWTEVXIWHIPQMWQS4EVEIPPSVIEPMGIHSFPIGPMGWSFVIIPWIGXSVUYIHIWIEQSHMJMGEVHI
IWXE QERIVE WI TVIWIRXEV YR GYEHVS HI JSVQEXS GSR ZEVMEW WSPETEW UYI ZEVMEVR HI
EGYIVHSGSRIPSFNIXSWIPIGGMSREHS)RXVIPEWWSPETEWQWJVIGYIRXIW
7SPETE*YIRXITIVQMXIQSHMJMGEVXSHSIPJSVQEXSHIPXI\XSXMTSIWXMPSGSPSVXEQES]
WYFVE]EHSHIPSWXXYPSWHIPKVJMGS
7SPETE8VEQEWFVMRHEPETSWMFMPMHEHHIIPIKMVYRGSPSVHIVIPPIRSTEVEIPWIGXSVHIPKVJMGS
UYILE]EWIPIGGMSREHS
7SPETE2QIVSTIVQMXIQSHMJMGEVXSHSIPJSVQEXSRYQVMGS
7SPETE%PMRIEGMRWIYXMPMÊTEVEGEQFMEVPESVMIRXEGMRHIPSWXI\XSW

8MTSHIKVJMGS
4EVEQSHMJMGEVIPXMTSHIKVJMGSIPGSPSVHIGEHEKVJMGSPEYFMGEGMRHIPEPI]IRHEIXG
TSHVSTXEVTSVYREHIPEWWMKYMIRXIWEPXIVREXMZEW
3TGMRHIWHIPE&EVVEHI1IR)WXRHEV
,EKEHSFPIGPMGWSFVIIPKVJMGS
%TEVIGIRRYIZSWQIRIWHEXSW]KVEJMGSW IRPEFEVVEHIQIRIWXEPGSQSWI
SFWIVZEIRPEWMKYMIRXIMQEKIR
0EWSTGMSRIWHIIWXSWQIRIWPITIVQMXMVRVIEPMÊVPEWQSHMJMGEGMSRIWRIGIWEVMEW
3TGMRHIWHIIP1IRGSRXI\XYEP
9FMUYIIPTYRXIVSHIPQSYWIWSFVIIPVIEUYIHIWIEQSHMJMGEV

9FMGEGMRHIP
4YRXIVSHIP1SYWI
IRIPWIGXSVUYIWI
HIWIEQSHMJMGEV
,EKEYRGPMGGSRIPFSXRHIVIGLSHIP1SYWI]IRPEPMWXEUYIETEVIGIIPMNEPE
STGMRHIJSVQEXSS
GYEPUYMIVSXVETEVE
QSHMJMGEVHMWXMRXSW
EWTIGXSWHIPKVJMGS
1IRGSRXI\XYEP
%8)2'-26IGYIVHIUYIPSW GYEHVSWUYI WI TVIWIRXIRRSWMIQTVI

WIVRPSWQMWQSW]EUYIPEWWSPETEWMVRGEQFMERHSHITIRHMIRHS
HIP SFNIXS HIP KVJMGSUYILE]EWIPIGGMSREHS
4EVEQSHMJMGEVIP*SVQEXSHIYRKVJMGSVIEPMGIIPWMKYMIRXITVSGIHMQMIRXS
7IPIGGMSRIIPIPIQIRXSHIPKVJMGSEPUYIHIWIEGEQFMEVIPJSVQEXSLEGMIRHSYRGPMG
WSFVIIPQMWQS
%FVEIPQIR*SVQEXS
7IPIGGMSRIPETVMQIVEHIPEWSTGMSRIWUYIETEVIGIIWXESTGMRZEVMEVWYRSQFVIHI
EGYIVHSGSRIPIPIQIRXSHIPKVJMGSUYILE]EWIPIGGMSREHS
7IPIGGMSRIPSWRYIZSWZEPSVIWIRIPGYEHVSHIHMPSKS
,EKEGPMGIRIPFSXR%GITXEV
6ITIXMVPSWQMWQSWTEWSWTEVEQSHMJMGEVIPJSVQEXSHIPVIWXSHIPSWIPIQIRXSWHIPKVJMGS

,EKEGPMGIRGYEPUYMIVTEVXIHIPEHMETSWMXMZETEVEVIKVIWEVE4S[IV4SMRX
'EQFMEVIPXMTSHIKVJMGS
0EETPMGEGMRHI1MGVSWSJX+VETLGSRXMIRIYREKEPIVEHIKVJMGSWUYIPITIVQMXI
WIPIGGMSREVHMJIVIRXIWXMTSW]WYFXMTSWHIKVJMGSWHITIRHMIRHSHIPSWHEXSWUYI
HIWIIVITVIWIRXEV
4EVEIPPSVIEPMGIPSWWMKYMIRXIWTEWSW
,EKEHSFPIGPMGWSFVIIPKVJMGSTEVEMRKVIWEVE1MGVSWSJX+VETL
3TGMRHIWHIPE&EVVEHI1IR
,EKEGPMGWSFVI+VJMGS8MTSHIKVJMGS
%TEVIGIVIWXIGYEHVS
E7IPIGGMSRI
IWXEWSPETE
F7IPIGGMSRI
YR8MTSHIKVJMGS
G7IPIGGMSRIYR
WYFXMTSHIKVJMGS
H%GITXIIPGYEHVS
3TGMRHIWHIPE&EVVEHI,IVVEQMIRXEW
8MTSHIKVJMGS

E,EKEYRGPMG
F7IPIGGMSRIIPQSHIPS
UYIHIWIEETPMGEV
)PMQMREVYRKVJMGS
4EVEFSVVEVYRKVJMGSHIFIWIKYMVIWXSWTEWSW
4VMQIVSHIFIWEPMVHIPEETPMGEGMR1MGVSWSJX+VETLLEGMIRHSYRGPMGJYIVEHIPKVJMGS
TEVEZSPZIVEPEHMETSWMXMZE
7IPIGGMSRIIPKVJMGS
4VIWMSRIPEXIGPE

3VKERMKVEQE
)RPEWHMETSWMXMZEWTYIHIMRWIVXEVXEQFMRSVKERMKVEQEW4S[IV4SMRXYXMPMÊYREETPMGEGMR
PPEQEHE1MGVSWSJX3VKERMÊXMSR'LEVX
4EVEIPPSVIEPMGIIPWMKYMIRXITVSGIHMQMIRXS
)PMNEPEHMETSWMXMZEHSRHIHIWIEEKVIKEVIPSVKERMKVEQE
,EKEGPMGIRIPQIR-RWIVXEV(MEKVEQEW
%TEVIGIVIPWMKYMIRXIGYEHVS
E,EKEGPMGIRYRSTGMR
F%GITXIIPGYEHVS
)PSVKERMKVEQEWITVIWIRXEVHIPEWMKYMIRXIQERIVE

4EXVRHI(MWIS
4EXVRHI(METSWMXMZEW
)PTEXVRIWYREVIEUYITIVQMXIEKVIKEVIPIQIRXSWSEWMKREVJSVQEXSWEPSWSFNIXSWTEVE
UYIWXSWWIVITMXEREYXSQXMGEQIRXIIRXSHEWPEWLSNEWHIPEVGLMZS)\MWXIRHMWXMRXSWXMTSW
HI4EXVRUYIWIIPMKIRHIEGYIVHSGSRIPWIGXSVUYIWIHIWIIVITIXMV
4S[IV4SMRXXMIRIYREHMETSWMXMZEIWTIGMEPHIRSQMREHE4EXVRHIHMETSWMXMZE)PTEXVRHI
HMETSWMXMZEWGSRXVSPEPEWTVSTMIHEHIWHIGEHEYREHIPEWHMETSWMXMZEWHIPEVGLMZS'SPSVHIP
XI\XSGSPSVHIJSRHSXMTSWHIPIXVEXEQESHIJYIRXIIXG ]TIVQMXIEKVIKEVMRJSVQEGMRIR
IPPEJIGLE]LSVERQIVSHITKMREIXG (IQSHSUYIIWSWISFWIVZIIRGEHEHMETSWMXMZE
XERXSTEVEWYMQTVIWMRMRHMZMHYEPGSQSTEVEWYTVIWIRXEGMRIRTERXEPPE
:MWYEPMÊVIP4EXVRHI(METSWMXMZE
4EVEZMWYEPMÊVYRTEXVRVIEPMGIPSWWMKYMIRXIWTEWSW
,EKEGPMGIRIPQIR:IV4EXVR
7IPIGGMSRIPESTGMR4EXVRHIHMETSWMXMZE
E,EKEGPMG
F(IXRKEWI
GSRIPTYRXIVS
HIPQSYWIEUY
F,EKEGPMG
IRIWXESTGMR
)WXITEXVRGSRXMIRIYRGSRNYRXSHIQEVGEHSVIWHITSWMGMRUYIWITYIHIRSFWIVZEVIRPE
JMKYVEMRJIVMSV
0SW QEVGEHSVIW HI TSWMGMR HIP XXYPS ] XI\XS HIP TEXVR GSRXVSPER IP JSVQEXS HI PE
MRJSVQEGMRHIPEWHMETSWMXMZEW
1EVGEHSVHITSWMGMR
HIP88903HIPTEXVR
1EVGEHSVHITSWMGMR
HIP8)<3HIPTEXVR
1EVGEHSVHITSWMGMR
VIEHI*)',%
1EVGEHSVHITSWMGMRVIEHI4-)()4+-2%

1EVGEHSVHI
TSWMGMRVIE
HI21)63
()4+-2%
4EXVSRIWHI(SGYQIRXS]2SXEW
)R4S[IV4SMRXXEQFMRIRGSRXVEVYR4EXVRHIHSGYQIRXSW]SXVSHIRSXEWHSRHIXEQ
FMRWITYIHIREEHMVPSWIPIQIRXSWUYIHIWIEGSPSGEVIRGEHETKMRE
4EVESFWIVZEVIWXSWTEXVSRIWHIFILEGIVYRGPMGIRIPQIR:IV4EXVR]WIPIGGMSREVIP
TEXVRGSVVIWTSRHMIRXI
4EXVRHI(SGYQIRXS
4EXVRHI2SXEW

&SXSRIWHI%GGMR
&SXSRIWHIEGGMR
4S[IV4SMRXMRGSVTSVEYRGSRNYRXSHIFSXSRIWHIREZIKEGMRTVIHIXIVQMREHSWXEPIWGSQS
-RMGMS%]YHE-RJSVQEGMR%XVW7MKYMIRXI'SQMIR^S*MR:SPZIVGSRSGMHSWGSQS&SXSRIW
HI%GGMR)WXSWFSXSRIWE]YHEREHIWTPEÊVWIETEVXIWIWTIGJMGEWHIYRETVIWIRXEGMRS
YREVGLMZS4EVEGVIEVPSWHIFIVIEPMÊVPSWWMKYMIRXIWTEWSW
,EKEGPMGIRIPQIR4VIWIRXEGMR&SXSRIWHIEGGMR]WIPIGGMSRIEPKYRSHIPSW
FSXSRIWTVIIWXEFPIGMHSWGSQSTSVINIQTPSIPFSXRHIEGGMR-RMGMSHIPETVIWIRXEGMR
,EKEGPMG
WSFVIYRFSXR
0YIKSGSRIPFSXRMÛYMIVHSTVIWMSREHSVIEPMGIYRVIGXRKYPSHIPXEQESUYIHIWII
WSFVIPEHMETSWMXMZE 'PMGMRMGMEP
7MRWSPXEVIPGPMGMRMGMEPEVVEWXVIIPQSYWILEGME
PEHIVIGLE]LEGMEEFENSLEWXEHMFYNEVIPFSXR
%TEVIGIVIPWMKYMIRXIGYEHVS

E7SPETE'PMGHIPQSYWI4IVQMXIPPIKEV
EPPYKEVHIWIEHSPYIKSHILEGIVYRGPMGIR
IPFSXRHIEGGMR
F(IWHIPEPMWXE
HIWTPIKEFPIIPMNEIP
PYKEVEPGYEPHIWIE
PPIKEVGSRIPFSXR
G7MPSHIWIEWIPIGGMSRIYR
WSRMHSUYIWIINIGYXEVGYERHS
VIEPMGIYRGPMGWSFVIIPFSXRHI
EGGMR
H7SPETE%GGMRHIPQSYWI4IVQMXI
PPIKEVEPPYKEVHIWIEHSGSRWSPS
TSWMGMSREVIPTYRXIVSWSFVIIPFSXRHI
EGGMRWMRLEGIVGPMG
I(IWHIPEPMWXE
HIWTPIKEFPIIPMNEIP
PYKEVEPGYEPHIWIE
PPIKEVGSRIPFSXR
J7MPSHIWIEWIPIGGMSRIYRWSRMHS
UYIWIINIGYXEVGYERHSTSWMGMSRI
IPTYRXIVSWSFVIIPFSXRHI
EGGMR
K,EKEGPMGIRIWXI
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7MFMIRIRIWXEXEVIEWIYXMPMÊRPEWQMWQEWLIVVEQMIRXEWHIJSVQEXSERMQEGMSRIW]SFNIXSW
UYI IR YRE TVIWIRXEGMR RSVQEP IW VIGSQIRHEFPI XIRIV IR GYIRXE SXVEW XERXEW UYI
QINSVEVRPETVIWIRXEGMRHIPXVEFENSTEVEWYTYFPMGEGMRIRPE;IF
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9RETKMREHIMRMGMSXEQFMRVIGMFIIPRSQFVIHI%KIRHES(METSWMXMZE6IWYQIR]WI
XVEXEHIYREHMETSWMXMZEEPGSQMIR^SHIPETVIWIRXEGMRUYITIVQMXIEGGIHIVEGEHEYREHI
PEWHMETSWMXMZEWVIWXERXIWGSRWPSLEGIVYRGPMGIRIPXXYPSHIGYEPUYMIVEHIIPPEW4EVEGVIEV
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4EWSWTEVEGVIEVYRE4KMREHI-RMGMS
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7IPIGGMSRIGEHEHMETSWMXMZEUYIHIWIEMRGPYMVIRPE4KMREHIMRMGMSTVIWMSRERHS
PEXIGPEGSRXVSP
(METSWMXMZEVIWYQIR
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HMETSWMXMZEWITVIWIRXEYRERYIZEGSRPSWXXYPSWHIPEWHMETSWMXMZEWWIPIGGMSREHEW
0YIKSWIPIGGMSRIPETVMQIVEHMETSWMXMZE]TEWIEPE:MWXEHIHMETSWMXMZEWTEVE
QSHMJMGEVIPJSVQEXS]IPXXYPSHIPEQMWQE4SHVSFXIRIVYREWTIGXSWMQMPEVUYI
ETEVIGIVIRPEJMKYVE
6IEPMGIPEEGXMZMHEHTEWSETEWSHIWHIIP2I[7ETMIRWUYIWI
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VIEPMGIYRGPMGEPP7MPSKVEEGGIHIVEPEHMETSWMXMZEIWTIGMJMGEHEIRXSRGIWIP
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6ITEWS HIP GETXYPS

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4EVEETPMGEVYREERMQEGMRHIFIWIKYMVIWXSWTEWSW
7IPIGGMSRIIPXI\XSYSFNIXSUYIHIWIEERMQEV
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EGYIVHSEGQSWIJYIVSRWIPIGGMSREHS)RGEWSHIUYIHIWIIGEQFMEVIPSVHIRHIIWXEW
ERMQEGMSRIWHIFIVLEGIVPSHIPEWMKYMIRXIQERIVE
(METSWMXMZEW
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7YFMV
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4EVEIPMQMREVYREERMQEGMRWMKEIWXSWTEWSW
F,EKEGPMG
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HIWIEIPMQMREV
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EGPEVEVUYIIP
SFNIXS23
HIWETEVIGIHI
PEHMETSWMXMZE
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HIIWXEVPE
ERMQEGMR

0EXVERWMGMRHIYREHMETSWMXMZEIWPEERMQEGMRGSRPEGYEPETEVIGIHMGLEHMETSWMXMZE]
SGYPXE EW E PE ERXIVMSV 4S[IV4SMRX RSW HE PE TSWMFMPMHEH HI HIJMRMV HMJIVIRXIW XMTSW HI
XVERWMGMSRIWTEVEPEWHMETSWMXMZEW4EVEIPPSVIEPMGIPSWWMKYMIRXIWTEWSW
9XMPMGIPEZMWXE'PEWMJMGEHSVHIHMETSWMXMZEWUYIWILEPPEIPQIRZIV
7IPIGGMSRIPESPEWHMETSWMXMZEWUYIXIRHVRPEXVERWMGMR
E,EKEGPMGIRIPQIRHIPTERIP
F,EKEGPMG
IRPESTGMR
%TEVIGIVIPTERIPHIXVERWMGMRHIHMETSWMXMZEGSRXSHEWPEWTVSTMIHEIWVIPEGMSREHEW

7MR8VERWMGMR
4IVWMEREWLSVM^SRXEPIW
4IVWMEREWZIVXMGEPIW
6IGYEHVSIRXVERXI
6IGYEHVSWEPMIRXI
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(IWGYFVMVLEGMEPEMÛYMIVHE]EVVMFE
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(IWGYFVMVLEGMEPEHIVIGLE]EVVMFE
6IZIPEVLEGMEEFENS
6IZIPEVLEGMEPEHIVIGLE
6IZIPEVLEGMEEVVMFE
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6YIHEIRWIRXMHSHIEKYNEWHIPVIPSNVEHMS
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ZIPSGMHEHHIPE
ERMQEGMR
WIPIGGMSREHE
H4EVESFWIVZEVPE
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XVERGMWMRIRXVI
HMETSWMXMZEWLEKE
GPMGWSFVIIWXIFSXR
'ETXYPS8IQE,IVVEQMIRXEWHIERMQEGMR7YFXIQE8VERWMGMSRIWHI
HMETSWMXMZEW4SVINIQTPS

)RWE]EV-RXIVZEPSW
)RWE]EVMRXIVZEPSW
9RMRXIVZEPSIWIPXMIQTSUYIXEVHEYRSFNIXSSYREHMETSWMXMZEIRGEQFMEVTSVIPWMKYMIRXI
SFNIXSEPSPEVKSHIYRETVIWIRXEGMR)WXIXMIQTSWIHIXIVQMREQERYEPQIRXITVIWMSRERHS
IPFSXRHIPQSYWIGYERHSWIGSRWMHIVISTSVXYRSUYIETEVI^GEYRRYIZSSFNIXSSUYIGEQ
FMIPEHMETSWMXMZE
4EVEYXMPMÊVIPIRWE]SHIMRXIVZEPSWHIFIWIKYMVPSWWMKYMIRXIWTEWSW
,EKEGPMGIRIPQIR4VIWIRXEGMR
0EW HMETSWMXMZEW GEQFMEVER E PE ZMWXE 4VIWIRXEGMR GSR HMETSWMXMZEW XEP GSQS WI
SFWIVZEIRPEMQEKIR
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LIVVEQMIRXEWIRWE]S
7MKYMIRXI
4EYWE
8MIQTSHII\TSWMGMR
6ITIXMV
8MIQTSXSXEPHIPE
TVIWIRXEGMR
4YPWIIPFSXRWMKYMIRXISLEKEGPMGIRGYEPUYMIVWIGXSVTEVEUYIETEVI^GEYRRYIZS
SFNIXSERMQEHSSGEQFMIPEHMETSWMXMZE)PXMIQTSHII\TSWMGMRPITSHVE]YHEVEHIJMRMVIP
QSQIRXSHILEGIVGEHEGPMG

'ETXYPS8IQE)RWE]EVMRXIVZEPSW7YFXIQE)WXEFPIGIVPSWMRXIVZEPSW4SV
INIQTPS
%8)2'-28IRKEIRGYIRXEUYIXMIQTSHI)\TSWMGMRPIMRHMGEIP
XMIQTSHIHYVEGMRHIPEHMETSWMXMZEEGXMZE]IRIPPXMQSFSXR
SFWIVZEV IPXMIQTSXSXEP HI PE TVIWIRXEGMR

'SRJMKYVEVYRETVIWIRXEGMR
(MJIVIRXIWJSVQEWHIGSRJMKYVEVYRETVIWIRXEGMR
9RE TVIWIRXEGMR TYIHI I\TSRIVWI HI XVIW JSVQEW HMJIVIRXIW HI EGYIVHS E WYW
RIGIWMHEHIW
6IEPMÊHETSVYRSVEHSV(SRHIPEWHMETSWMXMZEWWITVIWIRXERETERXEPPEGSQTPIXE]WSR
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)\EQMREHEIRJSVQEMRHMZMHYEP0EWHMETSWMXMZEWWITVIWIRXERIRYREZIRXERE
)\EQMREHEIRI\TSWMGMR(SRHIPEWHMETSWMXMZEWWIQYIWXVERIRTERXEPPEGSQTPIXETIVS
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%TEVIGIIPWMKYMIRXIGYEHVS

4EVE ZMWYEPMÊV PE TVIWIRXEGMR ] SFWIVZEV PE GSRJMKYVEGMR VIEPMÊHE WMKE PSW
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'ETXYPS8IQE'SRJMKYVEVTVIWIRXEGMSRIW7YFXIQE'VIEGMRHIYRE
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'ETXYPS8IQE6ITEWS+IRIVEP7YFXIQE4VGXMGE0EFSVEP4SVINIQTPS

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HMWUYIXI
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HI4IVWSREPMÊVERMQEGMR
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'SPSUYIIJIGXSWHIXVERWMGMRQIHMEEPLEGIVGPMGGSRIPQSYWI]GSREPKRWSRMHS
)WXEFPI^GEPEGERXMHEHHIXMIQTSUYIXEVHEVRIRTVIWIRXEVWIGEHEYRSHIPSWSFNIXSW
]HMETSWMXMZEW
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+YEVHIPSWGEQFMSWIRPETVIWIRXEGMR]WEPKEHIPTVSKVEQEHI4S[IV4SMRX

6ITEWS HIP GETXYPS

'YPIWWSRPSWTEWSWUYIHIFIWIKYMVTEVEERMQEVYRSFNIXS#

4EVEUYWIYXMPMÊPELIVVEQMIRXE8VERWMGMRHIHMETSWMXMZEW#

5YJYRGMRGYQTPIPELIVVEQMIRXE)RWE]EVMRXIVZEPSW#

'YPIWWSRPSWTEWSWUYIHIFIWIKYMVTEVEGSRJMKYVEVYRETVIWIRXEGMR#

'ETXYPS
R %TVIRHIVEEKVIKEVZSÊYRETVIWIRXEGMREXVEZWHIPESTGMR+VEFEV2EVVEGMR
R %TVIRHIVEIPMQMREVYREREVVEGMRIRIPGEWSUYIJYIVERIGIWEVMS
R 'SQTVIRHIVPEYXMPMHEHHIPEWLIVVEQMIRXEWQYPXMQIHMEUYIWITYIHIRMRGSVTSVEVIR
PEWHMETSWMXMZEWHIPETVIWIRXEGMR
R %KVIKEVTIPGYPEW]WSRMHSWEPEWHMETSWMXMZEWHIWHIEVGLMZS]YXMPMÊRHSPEKEPIVEUYI
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R %TVIRHIVEVITVSHYGMVYRWSRMHS]XEQFMRYRETIPGYPEMRWIVXEHEIR4S[IV4SMRX
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4VIWIRXEGMSRIW1YPXMQIHMEPIW
7SRMHSW]TIPGYPEW%KVIKEVYR
WSRMHSIRYREXVERWMGMRIRXVI
HMETSWMXMZEW-RWIVXEVYRWSRMHSIR
YREHMETSWMXMZE6ITVSHYGMVYR
WSRMHS1SHMJMGEGMRHIPEW
STGMSRIWHIVITIXMGMR
HIPETIPGYPE
'ETXYPS

+VEFEV2EVVEGMR
+VEFEVREVVEGMR
4S[IV4SMRXTIVQMXIKVEFEV]EKVIKEVYREREVVEGMRSWSRMHSLEFPEHSIRPETVIWIRXEGMR
GSRHMETSWMXMZEW
%8)2'-28IRKEIRGYIRXEUYITEVETSHIVKVEFEVYREREVVEGMRPE
GSQTYXEHSVEHIFIVHMWTSRIVHIYRETPEGEHIWSRMHS]TEVPERXIW7I
TYIHIKVEFEVYREREVVEGMRERXIWHIINIGYXEVYRETVIWIRXEGMR]EW
EKVIKEVPEEPEWHMETSWMXMZEWSXEQFMRWITYIHIRKVEFEVWSRMHSW
HYVERXIPETVIWIRXEGMRIMRGPYMVEWPSWGSQIRXEVMSWHIPEEYHMIRGME
%8)2'-26IGYIVHIUYIWMWYGSQTYXEHSVERSXMIRIMRWXEPEHSIP
LEVH[EVI TEVE KVEFEGMR S VITVSHYGGMR HI WSRMHS PE SVHIR +VEFEV
WSRMHSWI IRGSRXVEVHIWEGXMZEHE4SVPSXERXSRSTSHVYXMPMÊVIWXE
STGMR 4S[IV4SMRX
+VEFEVYREREVVEGMR
)RIPGEWSHIUYIHMWTSRKEHIPLEVH[EVIRIGIWEVMSTEVEKVEFEVYREREVVEGMRHIFIV
VIEPMÊVPSWWMKYMIRXIWTEWSW
%FVEPETVIWIRXEGMRUYIHIWIEYXMPMÊV
,EKEGPMGIRIPQIR4VIWIRXEGMR+VEFEVREVVEGMR
%TEVEGIVYRGYEHVSHIHMPSKS+VEFEVREVVEGMRQSWXVERHSIPIWTEGMSPMFVIIRIP
HMWGS]IPRQIVSHIQMRYXSWUYITSHVKVEFEV

6IEPMGIEPKYRSHIPSWWMKYMIRXIWTEWSW
4EVEMRWIVXEVPEREVVEGMRIRPEWHMETSWXMXMZEWGSQSSFNIXSMRGVYWXEHS]GSQIRÊVEKVEFEV
LEKEGPMGIR%GITXEV
4EVEMRWIVXEVPEREVVEGMRGSQSSFNIXSZMRGYPEHSEGXMZIPEGEWMPPEHIZIVMJMGEGMR:MRGYPEV
REVVEGMSRIWIR!]LEKEGPMGIR%GITXEVTEVEMRMGMEVPEKVEFEGMR
0YIKSEZERGIEXVEZWHIPETVIWIRXEGMRKVEFERHSGEHEYREHIPEWREVVEGMSRIWUYI
RIGIWMXI
%PJMREPHIPETVIWIRXEGMRETEVIGIVEIPWMKYMIRXIQIRWENI
0EWREVVEGMSRIWWIKYEVHEVSRGSRGEHEHMETSWMXMZE(IWIEKYEVHEVXEQFMRPSW
MRXIVZEPSWHIPEWHMETSWMXMZEW#
6IEPMGIYRGPMGIRIPFSXR7TEVEKYEVHEVPEREVVEGMRNYRXSGSRPSWMRXIVZEPSW
)PMQMREVPEREVVEGMRHIYREHMETSWMXMZE
4YPWIIPFSXRWSRMHSUYIVITVIWIRXEPEREVVEGMR
4VIWMSRIPEXIGPE
6ITMXEIWXSWTEWSWIRGEHEYREHIPEWHMETSWMXMZEWHSRHIHIWIIIPMQMREVYREREVVEGMR
'ETXYPS8IQE+VEFEVREVVEGMR7YFXIQE)PMQMREVREVVEGMRSIPWSRMHSHI
YREHMETSWMXMZE4SVINIQTPS

4IPGYPEW]7SRMHSW
4VIWIRXEGMSRIW1YPXMQIHMEPIW
4S[IV4SMRXTIVQMXIXVERWJSVQEVYRETVIWIRXEGMRGSRHMETSWMXMZEWIRYRETVIWIRXEGMR
QYPXMQIHMEEYXSINIGYXEFPIEKVIKERHSWSRMHSWTIPGYPEWMQKIRIWGVIERHSZRGYPSWESXVEW
HMETSWMXMZEWSEVGLMZSW]GSRJMKYVERHSPSWMRXIVZEPSWIRXVIPEWQMWQEW
7SRMHSW]TIPGYPEW
4S[IV4SMRXTIVQMXIVITVSHYGMVWSRMHSW]TIPGYPEWHYVERXIYRETVIWIRXEGMR0SWWSRMHSW]
PEWTIPGYPEWWIMRWIVXERGSQSSFNIXSW]TSWXIVMSVQIRXITSHVRWIVQSHMJMGEHSW
4EVEXVEFENEVGSRIWXIXMTSHISFNIXSWTYIHIYXMPMÊVPEWKEPIVEWHI4IPGYPEW]WSRMHSWUYI
TSWIIIPTEUYIXI3JJMGIWMJYIMRWXEPEHSIRJSVQEGSQTPIXE SFMIRYWEVEVGLMZSWFENEHSW
HI-RXIVRIXSGVIEHSWIRSXVSWTVSKVEQEW
0SWWSRMHSWWITYIHIREKVIKEVIRXSHEWPEWXVERWMGMSRIWHIHMETSWMXMZEWIRGEHEYRSHI
PSWSFNIXSWSFMIRWITYIHIGSPSGEVYRWSRMHSGSQSJSRHSHIPETVIWIRXEGMRTEVEIPPS
XIRKEIRGYIRXEPSWWMKYMIRXIWXIQEWUYIWIHIWEVVSPPEREGSRXMRYEGMR
%KVIKEVYRWSRMHSIRYREXVERWMGMRIRXVIHMETSWMXMZEW
4EVEEKVIKEVYRWSRMHSIRYREXVERWMGMRIRXVIHMETSWMXMZEWHIFIVWIKYMVPSWWMKYMIRXIW
TEWSW
9XMPMGIPEZMWXE'PEWMJMGEHSVHIHMETSWMXMZEWUYIWILEPPERIRIPQIRZIV
7IPIGGMSRIPESPEWHMETSWMXMZEWUYIXIRHVRPEXVERWMGMR

869'3
4EVEZMWYEPMÊVPETVIWIRXEGMRHIQERIVEVTMHETVIWMSRIPEXIGPE
-RWIVXEVYRWSRMHSIRYREHMETSWMXMZE
9FUYIWIIRPEHMETSWMXMZEUYIHIWIEMRWIVXEVIPWSRMHS
,EKEGPMGIRIPQIR-RWIVXEV4IPGYPE]WSRMHSW]WIPIGGMSRIEPKYREHIPEWWMKYMIRXIW
STGMSRIW
E,EKEGPMG
IRIPQIR
F,EKEGPMG
IRPESTGMR
G7IPIGGMSRI
YRESTGMR

7SRMHSHIPEKEPIVE)WXESTGMRTVIWIRXEIPGYEHVS-RWIVXEV7SRMHSIRIPUYIIRGSRXVE
VXSHSWPSWWSRMHSWUYIZMIRIRMRGPYMHSWIRIPTEUYIXI3JJMGIWITEVEHSWTSVGEXIKSVEW
7SRMHSHIEVGLMZS%PWIPIGGMSREVIWXESTGMRWITVIWIRXEIPGYEHVSHIHMPSKS-RWIVXEV
7SRMHSUYIPITIVQMXIMRHMGEVPEYFMGEGMRI\EGXEHIPEVGLMZSHIWSRMHSIRIPGEWSHIUYI
TSWIEEVGLMZSWTVSTMSWKYEVHEHSWIRYRHMWGS
6ITVSHYGMVTMWXEHIEYHMSHI'()WXIGSQERHSTIVQMXIVITVSHYGMVYREGERGMRHIYR
'( HI EYHMS RSVQEP 'SQRQIRXI WI YXMPMÊ TEVE GSPSGEV QWMGE GSQS JSRHS HI PE
TVIWIRXEGMR
'SRGYEPUYMIVEHIIWXEWSTGMSRIW4S[IV4SMRXGSPSGEYRTIUYIS-GSRSHIWSRMHSWSFVIPE
HMETSWMXMZEUYITYIHIWIVXVEXEHSGSQSYRSFNIXSRSVQEP
3FNIXSHIWSRMHSMRWIVXEHS
3FNIXSWIPIGGMSREHS
6ITVSHYGMVYRWSRMHS
0SWWSRMHSWWITYIHIRVITVSHYGMVHIWHIPE:MWXE(METSWMXMZESIRPE:MWXE4VIWIRXEGMRGSR
HMETSWMXMZEW
869'3
4EVEVITVSHYGMVYRWSRMHSIRPEZMWXE(METSWMXMZELEKEHSFIGPMGWSFVIIPGSRSHI
WSRMHS
(SFPIGPMGWSFVIIPGSRSHIPWSRMHS
'ETXYPS8IQE4IPGYPEW]WMRYHSW7YFXIQE-RWIVXEVYRWSRMHS4SVINIQTPS
-RWIVXEVYRETIPGYPE
4EVEMRWIVXEVYRETIPGYPEWSFVIYREHMETSWMXMZEHIFIVIEPMÊVPSWWMKYMIRXIWTEWSW
9FUYIWIIRPEHMETSWMXMZEUYIHSRHIHIWIEMRWIVXEVPETIPGYPE
,EKE GPMG IR IP QIR -RWIVXEV 4IPGYPEW ] WSRMHSW ] WIPIGGMSRI EPKYRE HI PEW
WMKYMIRXIWSTGMSRIWUYITSHVSFWIVZEVIRPEWMKYMIRXIMQEKIR

E,EKEGPMG
IRIPQIR
F,EKEGPMG
IRPESTGMR
G7IPIGGMSRI
YRESTGMR
4IPGYPEHIPEKEPIVE)WXESTGMRWIYXMPMÊTEVEMRWIVXEVTIPGYPEWHIWHIPEKEPIVEHIP
TEUYIXI3JJMGIPEWQMWQEWWIIRGYIRXVERWITEVEHEWTSVGEXIKSVEW
4IPGYPEHIEVGLMZS)WXESTGMRWIYXMPMÊTEVEMRWIVXEVYRETIPGYPEHIWHIYREVGLMZS%P
WIPIGGMSREVIWXESTGMRWITVIWIRXEIPGYEHVSHIHMPSKSMRWIVXEVTIPGYPEUYIPITIVQMXI
MRHMGEVPEYFMEGMRI\EGXEHIPEVGLMZSUYITSWIIPETIPGYPE
1SHMJMGEGMRHIPEWSTGMSRIWHIVITIXMGMRHIPETIPGYPE
4EVEQSHMJMGEVPEJSVQEHIVITIXMGMRHIPETIPGYPEHIFIVVIEPMÊVPSWWMKYMIRXIWTEWSW
7MXIIPTYRXIVSHIPQSYWIWSFVIIPSFNIXSHITIPGYPE
9XMPMÊRHSIPQIRGSRXI\XYEPWIPIGGMSRIPESTGMR1SHMJMGEV3FNIXSHITIPGYPE
%TEVIGIVYRGYEHVSIRIPGYEPHIFI
6IEPMGIYRGPMGIRPESTGMR6ITIXMVPEVITVSHYGGMRLEWXEWYMRXIVVYTGMR'SRIWXE
STGMRPEWIGYIRGMEHIZMHISWIVITIXMVIRJSVQEEYXSQXMGE
4YPWIIPFSXR%GITXEV
4EVEVITVSHYGMVPETIPGYPEVIEPMGIHSFPIGPMGWSFVIIPSFNIXSTIPGYPE4EVEMRXIVVYQTMVPE
VITVSHYGGMRHIPEQMWQETYPWIWSFVIIPSFNIXSGSRFSXRHIVIGLSHIPQSYWI

'ETXYPS8IQE4IPGYPE]WSRMHSW7YFXIQE'QSVITVSHYGMVYRETIPGYPE#
4SVINIQTPS
'ETXYPS8IQE6ITEWS+IRIVEP7YFXIQE4VGXMGE0EFSVEP4SVINIQTPS

%GXMZMHEH
)P KIVIRXI HI PE IQTVIWE PI TMHI UYI EYXSQEXMGI PEW TVIWIRXEGMSRIW VIEPMÊHEW
ERXIVMSVQIRXIIMRGSVTSVIZMHISW]WSRMHSWIRGEHEHMETSWMXMZE'SRHMGLSJMRVIEPMGIPE
WMKYMIRXITVGXMGEMRXIKVEHSVEHIGSRSGMQMIRXSW
%FVEPETVIWIRXEGMRw0ERÊQMIRXSx]w0ERÊQMIRXS(YPGIGLSOx
+VEFIPEREVVEGMRI\TPMGERHSGEHEYREHIPEWHMETSWMXMZEWHIPEWTVIWIRXEGMSRIW0YIKS
IWGYGLIPEI\TPMGEGMRHIGEHEYREHIIPPEW
8VEFENIGSRPETVIWIRXEGMR0ERÊQMIRXS-RWIVXIYRWSRMHSHIWHIEVGLMZSIRPE
HMETSWMXMZERQIVSHSW
-RWIVXIYRETIPGYPEHIWHIEVGLMZSSYRWSRMHSIRIPGEWSHIUYIRSIRGYIRXVIYRE
TIPGYPE IRPEHMETSWMXMZERQIVSWIMW
)NIGYXIPETVIWIRXEGMRGSRHMETSWMXMZEWHIWHIIP1IR:IVTEVEZMWYEPMÊVGQSZER
UYIHERHSPSWGEQFMSWIJIGXYEHSW
+YEVHIIWXSWGEQFMSWIRPEWHMETSWMXMZEW

6ITEWS HIP GETXYPS

4EVEUYWIYXMPMÊPELIVVEQMIRXE+VEFEVREVVEGMR#

'YPIWWSRPSWTEWSWUYIHIFIWIKYMVTEVEKVEFEVYREREVVEGMR#

'YPIWWSRPSWTEWSWUYIHIFIWIKYMVTEVEMRWIVXEVYRWSRMHS#

'YPIWWSRPSWTEWSWUYIHIFIWIKYMVTEVEMRWIVXEVYRETIPGYPE#

'ETXYPS
R %TVIRHIVEKYEVHEVTVIWIRXEGMSRIWTEVEINIGYXEVHIWHISXVEGSQTYXEHSVEEXVEZWHI
PESTGMRHITVIWIRXEGMSRIWTSVXXMPIW
R 'SQTVIRHIV PE YXMPMHEH HIP :MWSV HI 4S[IV4SMRX ] ETVIRHIV E QSWXVEV PEW
TVIWIRXEGMYSRIWYXMPMÊRHSHMGLESTGMR
R 6IEPMÊVGSRJMKYVEGMSRIWHITKMREWIMQTVIWMRHIQERIVEEHIGYEHE
R %TVIRHIVEHIXIVQMREVIPXEQESHIPEWHMWTSWMXMZEWPESVMIRXEGMR]HIQWSTGMSRIW
UYILEGIREPEGSRJMKYVEGMRHIPETKMRE
R %TVIRHIVE KYEVHEVPEW TVIWIRXEGMSRIWGSQS TKMRE ;IF ] GSQS TVIWIRXEGYMSRIW
EYXSINIGYXEFPIW
'ETXYPSW
8IQEWHI%TVIRHMÊNI
'SRXIRMHSW1RMQSW
4VIWIRXEGMSRIW
4SVXXMPIW
4VIWIRXEGMSRIW4SVXXMPIW-RWXEPEV
YRETVIWIRXEGMRTSVXXMP
:MWSVHI4S[IV4SMRX
:MWSVHI4S[IV4SMRX
'SRJMKYVEGMRI
-QTVIWMR
'SRJMKYVEGMRHITKMRE1SHMJMGEV
IPXEQESHIPEHMETSWMXMZE
-RWIVXEVYRIRGEFIÊHS]TMIHI
TKMRE7IPIGGMRHIYRE
MQTVIWSVE-QTVMQMVYRE
TVIWIRXEGMRHI4S[IV4SMRX
'ETXYPS

4VIWIRXEGMSRIW4SVXXMPIW
4VIWIRXEGMSRIWTSVXXMPIW
7YTSRKEUYIRIGIWMXEQSWXVEVYRETVIWIRXEGMRVIEPMÊHEIRWY4'IRSXVEWGSQTYXEHSVEW
UYIRSTSWIERIPTVSKVEQEMRWXEPEHS)RIWXIGEWS4S[IV4SMRXTIVQMXII\TSVXEVYRETVI
WIRXEGMRHIXEPQERIVEUYIWITYIHEINIGYXEVIRGYEPUYMIVGSQTYXEHSVQEWEPPHIUYI
WXEXIRKEMRWXEPEHSSRSIPTVSKVEQE0SWTEWSWEWIKYMVWSR
%FVEPETVIWIRXEGMRUYIHIWIEIQTEUYIXEV
7IPIGGMSRIPESTGMR)QTEUYIXEVTEVE'(6SSQHIPQIR%VGLMZS
E)RIWXIGEQTS
IWGVMFEIPRSQFVI
UYIPPIZEVPETVI
WIRXEGMRTSVXXMP
)WXESTGMRGVIEVYREGEVTIXEGSRIPRSQFVIHIPETVIWIRXEGMRIRPEGYEPWIGVIEVR
PSWEVGLMZSWRIGIWEVMSWTEVETSHIVVITVSHYGMVPETVIWIRXEGMR
(IWHIIPFSXRTSHVEKVIKEVEVGLMZSWEHMGMSREPIW
%PLEGIVYRGPMGWSFVIIPFSXRETEVIGIVIPWMKYMIRXIGYEHVS

E,EKEYRGPMGWSFVIIWXESTGMR
F,EKEGPMGWSFVI
IWXESTGMRTEVE
EKVIKEVEPE
GEVTIXEPSWEVGLM
ZSWZMRGYPEHSW
G7MPSGSRWMHIVE
RIGIWEVMSIWGVMFE
YREGSRXVEWIETEVE
EFVMVSQSHMJMGEVIP
EVGLMZS
H,EKEGPMGWSFVI
IWXIFSXR
%8)2'-20ESTGMRMRGVYWXEVJYIRXIW8VYI8]TIPITIVQMXIEPQEGIREV
PSWEVGLMZSWHIPEWJYIRXIWYWEHEWIRPETVIWIRXEGMR(IIWXEQERIVEPE
TVIWIRXEGMRWIZMWYEPMÊGSVVIGXEQIRXIGYERHSWIEFVESWIQYIWXVIIR
YREGSQTYXEHSVEUYIRSHMWTSRKEHIIWXEWJYIRXIW8VYI8]TI
%PLEGIVYRGPMGWSFVIIPFSXRTSHVQSHMJMGEVIPRSQFVIHIPEGEVTIXE
IRHSRHIWIKYEVHEVPETVIWIRXEGMRTSVXXMP]HIXIVQMREVIRUYIYRMHEHSGEVTIXEWI
GVIEVHMGLEGEVTIXE
E,EKEYRGPMGTEVE
HIXIVQMREVIRHSRHI
WIKYEVHEVPETVI
WIRXEGMRTSVXXMP
F,EKEYRGPMG
WSFVIWXIFSXR

)PFSXRTIVQMXMVGSTMEVPETVIWIRXEGMRTSVXXMPIRYR'(6SSQ
%8)2'-28IRKEIRGYIRXEUYITEVETSHIVGSTMEVYRETVIWIRXEGMR
TSVXXMPEYR'(6SSQHIFIXIRIVMRWXEPEHEIRWYGSQTYXEHSVEYRE
KVEFEHSVEHI'(
-RWXEPEVYRETVIWIRXEGMRTSVXXMP
4EVEMRWIVXEVPETVIWIRXEGMRIQTEUYIXEHEIRYREQUYMREUYIRSTSWIE4S[IV4SMRX
6IEPMGIYRGPMGIRIPFSXR-RMGMS8SHSWPSW4VSKVEQEW%GGIWSVMSW)\TPSVEHSVHI
;MRHS[W
%FVEPEGEVTIXESIP'(IRHSRHIIWXKYEVHEHEPETVIWIRXEGMRTSVXXMP
,EKEHSFPIGPMGWSFVIIPEVGLMZSTTXZMI[7IEFVMVEIPGYEHVSHIHMPSKS:MWSVHI
1MGVSWSJX3JJMGI4S[IV4SMRX
E,EKEYRGPMGWSFVIPETVIWIRXEGMR
F,EKEYRGPMG
WSFVIIWXIFSXR

:MWSVHI4S[IV4SMRX
:MWSVHI4S[IV4SMRX
0EMRWXEPEGMRHI3JJMGIWYIPIMRGPYMVYREETPMGEGMRPPEQEHE:MWSVHI4S[IV4SMRXUYI
SJVIGISXVETSWMFMPMHEHHIQSWXVEVPETVIWIRXEGMRGSRHMETSWMXMZEWIRGSQTYXEHSVEUYIRS
XIRKEMRWXEPEHS4S[IV4SMRX%HMJIVIRGMEHIPEWTVIWIRXEGMSRIWTSVXXMPIWIPEVGLMZSRSWI
QSHMJMGETIVSHEHSUYIIPTVSKVEQERSWIIRGYIRXVEMRWXEPEHSIRPE4'RMWITYIHIXVERWPEHEV
EIPPEQIHMERXIYRHMWUYIXIWIHIGMHIGSTMEVNYRXSEPEVGLMZSIP:MWSVHI4S[IV4SMRX)WXE
TIUYIE ETPMGEGMR WI TYIHI MRWXEPEV WSFVI GYEPUYMIV WMWXIQE GSQTEXMFPI TIVQMXMIRHS
ZMWYEPMÊVPEWTVIWIRXEGMSRIWWMRMRGSZIRMIRXIW4EVEIPPSHIFIVVIEPMÊVPSWWMKYMIRXIW
TEWSW
6IEPMGIYRGPMGIRIPFSXR-RMGMSHIPEFEVVEHIXEVIEWHI;MRHS[W
0YIKSWIEPIPESTGMR8SHSWPSW4VSKVEQEW%GGIWSVMSW)\TPSVEHSVHI;MRHS[W
7IPIGGMSRIPEYRMHEH'@]EGSRXMRYEGMRPEGEVTIXE%VGLMZSWHI4VSKVEQEW]PYIKS
LEKEGPMGWSFVIPEWYFGEVTIXE1MGVSWSJX3JJMGI]PYIKSWSFVIPEWYFGEVTIXE3JJMGI
%PEHIVIGLEHIPEZIRXEREETEVIGIYREPMWXEHIEVGLMZSWVIEPMGIHSFPIGPMGWSFVIIP
EVGLMZSTTXZMI[I\I
%TEVIGIVYRGYEHVSHIHMPSKS)RPESTGMR&YWGEVIRWIPIGGMSRIPEYRMHEHHSRHIWI
IRGYIRXVEIPEVGLMZSHI4S[IV4SMRX
0YIKSHIWIPIGGMSREVPSTYPWIIPFSXR%FVMV)P:MWSVHI4S[IV4SMRXQYIWXVEPETVIWIRXE
GMRWIPIGGMSREHE
%ZERGIIRPETVIWIRXEGMRLEGMIRHSYRGPMGGSRIPFSXRMÛYMIVHSHIPQSYWI
%PJMREPMÊVPETVIWIRXEGMRZSPZIVEETEVIGIVIRPETERXEPPEHIPGYEHVSHIHMPSKSHI
1MGVSWSJXTS[IV4SMRX:MI[IV
4YPWIIPFSXR'ERGIPEVTEVEGIVVEVIP:MWSVHI4S[IV4SMRX
6IEPMGIPEEGXMZMHEHTEWSETEWSHIWHIIP2I[7ETMIRWUYIWIYFMGE
IR IP 'ETXYPS 8IQE :MWSV HI 4S[IV4SMRX 7YFXIQE 9XMPMÊGMR HIP
:MWSV HI 4S[IV4SMRX 4SV INIQTPS

'SRJMKYVEGMRI-QTVIWMR
'SRJMKYVEGMRHIPETKMRE
0EGSRJMKYVEGMRHIPETKMREHIXIVQMREIPXEQES]PESVMIRXEGMRHIPEWHMETSWMXMZEWXERXS
WYZMWYEPMÊGMRIRTERXEPPEGSQSTEVEWYMQTVIWMR%HIQWQSHMJMGEPESVMIRXEGMRHIPEW
TKMREWHIRSXEWHSGYQIRXSW]IWUYIQEW4S[IV4SMRXEFVIPEWTVIWIRXEGMSRIWRYIZEW
GSRYRE GSRJMKYVEGMRIWXRHEV GSQTYIWXEWGSRIPWMKYMIRXIJSVQEXS4VIWIRXEGMRIR
TERXEPPE3VMIRXEGMRLSVM^SRXEP]RQIVSHIHMETSWMXMZEGSQIRÊRHSIRYRSTIVSIWXS
TYIHIQSHMJMGEVWIIRGYEPUYMIVQSQIRXS
1SHMJMGEVIPXEQESHIPEHMETSWMXMZE
4EVEQSHMJMGEVIPXEQESHIPEWHMETSWMXMZEWVIEPMGIPSWWMKYMIRXIWTEWSW
7IPIGGMSRIPESTGMR'SRJMKYVEVTKMREHIPQIR%VGLMZSHIIWXEQERIVEWITVIWIRXEV
IPWMKYMIRXIGYEHVSHIHMPSKS
7IPIGGMSRIYREHIPEWSTGMSRIWHIXEQESHIPEPMWXEHIWTPIKEFPIHIPGEWMPPIVS8EQES
HIHMETSWMXMZEWTEVE

%8)2'-2(IRXVSHIIWXEPMWXE4S[IV4SMRXPISJVIGIWMIXIJSVQEXSW
HI XEQES HI HMETSWMXMZEW IRXVIIPPSW IRGSRXVEV PSW WMKYMIRXIW
4VIWIRXEGMR IR TERXEPPE 9XMPMGI IWXE GSRJMKYVEGMR GYERHS
HMWII YRE HMETSWMXMZE TEVE TVIWIRXEV IR TERXEPPE IP XEQES IW
QW TIUYISUYI IPXEQES'EVXE HIQSHSUYI SGYTIXSHS IP
XEQESHIWYTERXEPPE
'EVXE \ QQ )WXE GSRJMKYVEGMR PI TIVQMXI MQTVMQMV YRE
TVIWIRXEGMR IR GEVXE 97%
% \ QQ )WXE GSRJMKYVEGMR WI YXMPMÊ GYERHS HIWIE
MQTVMQMVIRTETIP%MRXIVREGMSREP
(METSWMXMZEW HI QQ )WXE GSRJMKYVEGMR PI TIVQMXI HMWIEV YRE
TVIWIRXEGMR TEVE HMETSWMXMZEW HI QQ )P XEQES HI
HMETSWMXMZE WI VIHYGI PMKIVEQIRXI
8VERWTEVIRGME)PMNEIWXEGSRJMKYVEGMRGYERHSMQTVMQEXVERWTEVIR
GMEWIRTETIPXEQES'EVXE97%
4ERGEVXE7IYXMPMÊTEVEHMWIEVTERGEVXEW\QQ
4IVWSREPMÊHS )WXE GSRJMKYVEGMR PI TIVQMXI HMWIEV YRE
TVIWIRXEGMR GSR YR XEQES IWTIGMEP 4YIHI QSHMJMGEV PSW
TEVQIXVSW%RGLS]%PXSTEVEGVIEVIPXEQESUYIYWXIHRIGIWMXI
)PMNE PE SVMIRXEGMR UYI GSVVIWTSRHE IWXEFPI^GE E TEVXMV HI UY RQIVS HIWIE
GSQIRÊVERYQIVEVPEWHMETSWMXMZEWYWERHSIPGEWMPPIVS2YQIVEVPEWHMETSWMXMZEWHIWHI
4SVPXMQSLEKEGPMGIRIPFSXR%GITXEV
'QSMRWIVXEVYRIRGEFIÊHS]TMIHITKMRE
%RXIWHIMQTVMQMVYRXVEFENSTYIHIGSRWMHIVEVPESTGMRHIGSPSGEVYRTMIHITKMREIR
XSHEWPEWHMETSWMXMZEWSFMIRYRIRGEFIÊHS]TMIHITKMREIRPEWRSXEWHIPSVEHSV]IRPSW
HSGYQIRXSW HI PE EYHMIRGME GSQS TSV INIQTPS PSW HEXSW HI YRE IQTVIWE S HI YR
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