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CPFYKNFNKHG GEQU[UVGOUGTXKEGUUWEJCUHTGUJYCVGT GXGPRTQVGEVGFHQTGUVUCPFYKNFNKHGHCEG
UQKNRTQVGEVKQPCPFENKOCVGTGIWNCVKQP CHQTOKFCDNGCTTC[QHVJTGCVUCVVTKDWVCDNG
HQTGUVUCTGCNUQOCLQTJCDKVCVUHQTYKNF VQRGQRNG6JGUGKPENWFG
NKHG (QTGUV YKNFNKHG NKMGYKUG RTQXKFGU Ŗ EQPXGTUKQPQHHQTGUVVQCITKEWNVWTG
DQVJ RTQFWEVU GI JQPG[ YKNF OGCV Ŗ QXGTITC\KPIQHYQQFNCPFU
GXGP GFKDNG KPUGEVU =UGG CTVKENG D[ Ŗ WPUWUVCKPCDNGJCTXGUVKPIQTEQNNGE
8CPVQOOGKPVJKUKUUWG? CPFGEQU[UVGO VKQP QH YQQF HWGNYQQF CPF PQP
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DCUKUHQTEQOOGTEKCNCPFQTTGETGCVKQPCN Ŗ KNNGICNYKNFNKHGVTCFG
CEVKXKVKGUUWEJCUJWPVKPIRJQVQITCRJ[ Ŗ GPETQCEJOGPVQHJWOCPUGVVNGOGPV
JKMKPI CPF DKTFYCVEJKPI 1P C INQDCN Ŗ VQWTKUOCPFTGETGCVKQPCNRTGUUWTG
UECNGVJGIQQFUCPFUGTXKEGURTQXKFGF Ŗ OKPKPICPFHQUUKNHWGNGZVTCEVKQP
D[HQTGUVUCPFHQTGUVYKNFNKHGCTGYQTVJ Ŗ HQTGUVHKTGU
OCP[DKNNKQPUQHFQNNCTU#FFGFVQVJKU 6JG+PVGTPCVKQPCN7PKQPHQTVJG%QPUGTXC
KUVJGKTEWNVWTCNCPFURKTKVWCNXCNWGYJKEJ VKQPQH0CVWTG +7%0 FGſPGFVJTGG
ECPPQVGCUKN[DGGZRTGUUGFKPOQPGVCT[ ECVGIQTKGUQHVJTGCVUVQRTQVGEVGFCTGCU
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UGTXKEGUDWVCNUQTGETGCVKQPCN
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EGTVCKPTGRVKNGU
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VTQRKECN#OGTKECP 1HVJGOCP[VJTGCVUVJCVHQTGUVYKNFNKHG
GFKDNGKIWCPC
HCEGUPQPGJCUJCFCOQTGUGXGTGKORCEV
VJCPWPUWUVCKPCDNGWPTGIWNCVGFCPFQHVGP
KNNGICN JWPVKPI CPF VTCRRKPI HQT EQO
OGTEKCN VTCFG KP YKNFNKHG CPF YKNFNKHG
RTQFWEVUKPENWFKPIVJGRGVVTCFGCETQUU
VJGFGXGNQRKPIYQTNF9KNFHQTGUVCPKOCNU
ECRVWTGFCPFVTCFGFCURGVUKPENWFGOCO
OCNUDKTFUſUJCORJKDKCPUTGRVKNGU GI
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VQTVQKUGUNK\CTFU CPFGXGPURKFGTU GI


VCTCPVWNCU  9KNFNKHG RTQFWEVU KPENWFG
DWUJOGCV CPF JKIJXCNWG EQOOQFKVKGU
UWEJCUKXQT[TJKPQEGTQUJQTPCPFVKIGT
QHVJGQXGTCNNXGIGVCVKQPUVTWEVWTGŌ EGPVTCNKV[ QH VJTGCVU KP VJG VJKPMKPI QH DQPG #PKOCNU JCTXGUVGF HQT DWUJOGCV
HQTGZCORNGCPKOCNURGEKGUJWPVGF EQPUGTXCVKQPKUVUKUTGƀGEVGFKPVJGFGXG KPENWFGEQOOQPWPIWNCVGUTQFGPVUNCTIG
HQTVJGDWUJOGCVVTCFGJKIJXCNWG NQROGPVQH6JTGCV4GFWEVKQP#UUGUUOGPV DKTFUCPFTGRVKNGU CNNKICVQTUETQEQFKNGU
VKODGT URGEKGU CPF EQOOGTEKCNN[ 64# CUCUKORNGCPFRTCEVKECNOGVJQF UPCMGU CUYGNNCUNCTIGTVJTGCVGPGFURG
KORQTVCPVQTPCOGPVCNRNCPVU QH GUVKOCVKPI VJG UWEEGUU QH EQPUGTXC EKGUUWEJCUEJKORCP\GGUIQTKNNCUDQPQ
Ŗ QXGTCNNKORQXGTKUJOGPVQHVJGGEQ VKQPOGCUWTGU 5CNCHUM[CPF/CTIQNWKU DQUYKNFRKIUCPFGNGRJCPVU
NQI[QHCRTQVGEVGFCTGCD[HQTGZCO  +PGUUGPEGVJKUCRRTQCEJKPXQNXGU #U C TGUWNV QH HCWPCN FGRNGVKQP VJG
RNGRGTUKUVGPVRQCEJKPIWPTGIWNCVGF KFGPVKH[KPI VJG VJTGCVU VQ C IKXGP EQP TGOCKPKPIRTKOCT[VTQRKECNCPFUWDVTQRK
VQWTKUOCPFTGETGCVKQPQTGPETQCEJ UGTXCVKQPCTGCFGXGNQRKPITGURQPUGUVQ ECNHQTGUVUYJKEJUVKNNRTQXKFGIQQFJCDK
OGPVQHJWOCPUGVVNGOGPV VJGUGVJTGCVUCPFOQPKVQTKPIVJGFGITGG VCVHQTYKNFCPKOCNUCTGYKFGN[DGEQOKPI
Ŗ OCLQTEQPXGTUKQPCPFFGITCFCVKQP VQYJKEJVJGTGURQPUGUCTGUWEEGUUHWN GORV[QHNCTIGXGTVGDTCVGU UGGCNUQ$QZQP
HQTGZCORNGD[VJGTGOQXCNQHHQTGUV
EQXGT VJG TQWVKPI QH C OCLQT TQCF
VJTQWIJ VJG RTQVGEVGF CTGC QT VJG 'VJKECNEQPUKFGTCVKQPUKPHQTGUVCPFYKNFNKHG
WPFGTVCMKPIQHOKPKPIQRGTCVKQPU OCPCIGOGPVCPFEQPUGTXCVKQP
6JGTGCTGVYQOCKPFTKXGTUDGJKPFVJGUG
VJTGCVU VJG KPETGCUKPI EQPUWORVKQP QH ,GTGO[$GPVJCO Ō CP'PINKUJRJKNQUQRJGTNGICNCPFUQEKCNTGHQTOGTCPFGCTN[
YGCNVJKGT RQRWNCVKQPU YJKEJ UVKOWNCVGU CFXQECVGQHCPKOCNTKIJVUCTVKEWNCVGFCETKVGTKQPHQTKFGPVKH[KPIKPFKXKFWCNUYJQUGKPVGTGUVU
CITKEWNVWTCN CPF KPFWUVTKCN RTQFWEVKQP PGGFVQDGEQPUKFGTGFVJGKTCDKNKV[VQUWHHGT5KPIGT  GZRTGUUGFVJKUGVJQUCUHQNNQYU
TGUQWTEG GZVTCEVKQP CPF VQWTKUO CPF 6JG ECRCEKV[ HQT UWHHGTKPI CPF GPLQ[OGPV KU ŗ PQV QPN[ PGEGUUCT[ DWV CNUQ
RQXGTV[ YJKEJ ETGCVGU PGGFU HQT NCPF UWHHKEKGPVHQTWUVQUC[VJCVCDGKPIJCUKPVGTGUVUCVCPCDUQNWVGOKPKOWOCP
CPF TGUQWTEGU GURGEKCNN[ KP FGXGNQRKPI KPVGTGUVKPPQVUWHHGTKPIŗ5QVJGNKOKVQHUGPVKGPEG ŗVJGECRCEKV[VQUWHHGT
EQWPVTKGU CPFQT GZRGTKGPEG GPLQ[OGPV  KU VJG QPN[ FGHGPUKDNG DQWPFCT[ QH EQPEGTP HQT
6JGUG FTKXGTU CTG KP VWTP TGNCVGF VQ VJGKPVGTGUVUQHQVJGTU
HCEVQTUUWEJCURQRWNCVKQPITQYVJGEQ #OQPIVJGCPKOCNUCHHGEVGFD[JWOCPCEVKXKVKGUKPVGTTGUVTKCNGEQU[UVGOUVJQUGVJCV
PQOKEITQYVJVTCFGCPFFGXGNQROGPV CTGVJGOQUVENQUGN[TGNCVGFVQJWOCPUŌNCTIGDTCKPGFJKIJN[UQEKCDNGURGEKGUUWEJ
NGICNCPFIQXGTPCPEGKUUWGUKPENWFKPI CU DQPQDQU EJKORCP\GGU IQTKNNCU QTCPIWVCPU CPF GNGRJCPVU Ō UWHHGT KP YC[U VJCV
EQTTWRVKQP KPUGEWTG NCPF VGPWTG NCEM JWOCPU ECP GCUKN[ KOCIKPG $QPQDQU CPF EJKORCP\GGU PQVC DGPG UJCTG CTQWPF 
QH UEKGPVKHKE CPF VGEJPKECN ECRCEKV[ RGTEGPVQHVJGKT&0#YKVJJWOCPU
KPVGTPCVKQPCNFGDVGEQPQOKECPFUQEKCN (QTVJGCPKOCNUVJCVGZRGTKGPEGKVUWHHGTKPIKUPQVCPCDUVTCEVRJKNQUQRJKECNKUUWG
KPGSWCNKV[KPENWFKPIIGPFGTKPGSWCNKV[ DWVCJCTUJRJ[UKECNTGCNKV[6JGKTKPVGTGUVUVJGTGHQTGPGGFVQDGEQPUKFGTGF*QYVJKU
EQPƀKEVCPFYCT UJQWNFDGFQPGKUCPKORQTVCPVSWGUVKQPHQTHQTGUVCPFYKNFNKHGEQPUGTXCVKQPKUVUCPF
6JGUG F[PCOKEU HQTO VJG DCEMFTQR OCPCIGTU+PCPGVJKECNN[TGURQPUKDNGYQTNFCPQDXKQWUTGURQPUGYQWNFDGVQKPENWFG
HQTCP[CEVKQPVQCFFTGUUVJGVJTGCVUVQ GVJKECNKORNKECVKQPUKPVJGQXGTCNNRNCPPKPICPFOCPCIGOGPVQHJWOCPCEVKXKVKGU
HQTGUVU CPF HQTGUV RTQVGEVGF CTGCU 6JG

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KPCſUJOCTMGV
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CPFOQUVJCXGNQUVOCP[OQTG 9QTNF
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YKNF OCOOCNU CTG UQNF HQT OGCV KP C
UKPING OCTMGV KP 0QTVJ 5WNCYGUK CPF
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CNN[ KP VJG 2TCOWMC OCTMGV QH ,CMCTVC
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OCTMGVUUGGMVJGKTUWRRNKGUHTQOQVJGT
URGEKGUUWEJCUUOCNNGTOCOOCNU GI
TQFGPVU  QT HTQO QVJGT CTGCU ECWUKPI
GXGTYKFGPKPIEKTENGUQHNQUU
R (QTGUVUVJWUFGRTKXGFUJQYPQVQPN[ NQIIKPIVTWEMUCTGWUGFHQTVTCPURQTVKPI $G[QPFVJGVTQRKEUEQOOGTEKCNYKNF
UJKHVUKPVJGTGNCVKXGCDWPFCPEGQHCPKOCN DWUJOGCV/QTGQXGTNQIIKPIEQORCPKGU NKHGVTCFGCNUQRQUGUCVJTGCVVQYKNFNKHG
URGEKGUDWVCNUQTGFWEGFUGGFFKURGTUCN QHVGPTGICTFDWUJOGCVCUCHTGGHQQFUWR RQRWNCVKQPU KP /QPIQNKCŏU VGORGTCVG
CPF CNVGTGF RCVVGTPU QH VTGG TGETWKVOGPV RN[YJKEJTGNKGXGUVJGOQHVJGTGURQPUK UVGRRGUCPFYQQFNCPFUCUJWPFTGFUQH
9TKIJVGVCN CPFOC[VJGTGD[DG DKNKV[VQRTQXKFGHQTVJGKTNCDQWTGTU 0CUK VJQWUCPFU QH /QPIQNKCPU JCXG VWTPGF
KORCKTKPIVJGHWPEVKQPKPIQHVJGINQDCNN[ GVCN2QWNUGPGVCN  VQ JWPVKPI YKNFNKHG Ō RCTVKEWNCTN[ HQT
KORQTVCPVECTDQPUKPMRTQXKFGFD[VTQRKECN 7PUWUVCKPCDNG JWPVKPI CPF VTCFG KP VJGNCTIG%JKPGUGOCTMGVŌCUQPGQHVJG
HQTGUVU $TQFKGCPF)KDDU  YKNFNKHGHQTWUGCUHQQFCPFKPVTCFKVKQPCN HGYCXCKNCDNGKPEQOGCNVGTPCVKXGUKPVJG
6JG%QPXGPVKQPQP$KQNQIKECN&KXGT OGFKEKPGCTGCNUQUGTKQWUEQPUGTXCVKQP RQUV5QXKGVGTC 9QTNF$CPM 
UKV[ %$& .KCKUQP)TQWRQP$WUJOGCV CPFFGXGNQROGPVEQPEGTPUKP'CUVCPF +P VJG 0GQVTQRKEU VJG NCTIGUECNG
FGHKPGU DWUJOGCV JWPVKPI CU VJG JCT 5QWVJGCUV#UKCYJGTGVJGUGXGTKV[QHVJG JWPVKPIQHHQTGUVYKNFNKHGKUUVKNNOQUVN[
XGUVKPIQHYKNFCPKOCNUKPVTQRKECNCPF RTQDNGOKUTGNCVGFVQJKIJJWOCPRQRWNC YKVJKPVJGNKOKVUQHUWUVCKPCDKNKV[OCKPN[
UWDVTQRKECN HQTGUVU HQT HQQF CPF PQP VKQPFGPUKVKGUCNQPIVTCFKVKQPQHEQPUWO DGECWUGQHNQYGTJWOCPFGPUKVKGU5RG
HQQFRWTRQUGUKPENWFKPIHQTOGFKEKPCN KPIYKNFNKHGRTQFWEVUHQTOGFKEKPCNWUG EKGUJCTXGUVKPITCVGUKPTGNCVKQPVQRTQ
WUG %$& +P%GPVTCN#HTKECCP GIVKIGTDQPGHQTCTVJTKVKUUPCMGDKNGCU FWEVKQPJCXGDGGPHQWPFVQDGVKOGU
GUVKOCVGFOKNNKQPHQTGUVOCOOCNU CVQPKE CPFGZEGGFKPIN[TCRKFGEQPQOKE NGUUKPVJG#OC\QPVJCPKPVJG%QPIQ
CTGEQPUWOGFCPPWCNN[ŌWRVQOKNNKQP ITQYVJ+P8KGV0COURGEKGUQHNCTIG $CUKP (C2GTGUCPF/GGWYKI 
VQPPGUQHFTGUUGFDWUJOGCV (C2GTGU CPKOCNUJCXGDGEQOGGZVKPEVQTXKTVWCNN[ $WVGXGPKPVJKURCTVQHVJGYQTNFVJG
CPF/GGWYKI 1P$KQMQ+UNCPF GZVKPEVKPVJGRCUV[GCTUOCKPN[CUC FGHCWPCVKQPRTQEGUUKUURTGCFKPITCRKFN[
'SWCVQTKCN)WKPGCJWPVKPIJCUTGFWEGF TGUWNVQHJWPVKPI'XGT[OCLQTRTQVGEVGF $QZDGNQY 
RTKOCVG RQRWNCVKQPU D[  RGTEGPV KP
UQOGCTGCUCPFECWUGFNQECNGZVKPEVKQP
KPQVJGTU $GPPGVV  2TKXCVGKPFWUVT[VTCFGKPYKNFOGCVCPFEJCPIKPI
'XGP KP TGOQVG CPF RTQVGEVGF CTGCU NQECNUWDUKUVGPEGRCVVGTPUCPGZCORNGHTQO'EWCFQT
UWEJCUVJG1MCRK9KNFNKHG4GUGTXGKPVJG
&GOQETCVKE4GRWDNKEQHVJG%QPIQVJG $GVYGGPCPFVJGVTCFGQHMIQHYKNFOGCV OQUVN[RCECUYJKVGNKRRGF
EQOOGTEKCNDWUJOGCVVTCFGKPOCTMGVU RGEECTKGUEQNNCTGFRGEECTKGUCPFYQQNN[OQPMG[U YCUTGEQTFGFKPCYJQNGUCNGYKNFOGCV
JWPFTGFUQHMKNQOGVTGUCYC[VJTGCVGPU OCTMGVKP2QORG[CPGCT;CUWPK0CVKQPCN2CTMKP'EWCFQT6JGOCTMGVYCUFGXGNQRGF
VJG UWTXKXCN QH KPFKIGPQWU RQRWNCVKQPU PGCTCTQCFDWKNVVQHCEKNKVCVGQKNGZVTCEVKQPKPVJGPCVKQPCNRCTMQHHGTKPICPQRRQTVWPKV[
VJCV FGRGPF QP UWUVCKPCDNG JWPVKPI HQTNQECN9CQTCPKCPF-KEJYCKPFKIGPQWURGQRNGVQVTCFGYKVJEQOOGTEKCNFGCNGTU(TGG
HQT VJGKT UWDUKUVGPEG CPF NKXGNKJQQFU VTCPURQTVRTQXKFGFD[VJGQKNEQORCP[YKVJKPVJGRCTMKPFKTGEVN[HCEKNKVCVGFVJGJWPV
2KVOCP +P#HTKECVJGDWUJOGCV KPICEVKXKVKGU2TKEGUHQTYKNFOGCVYGTGWRVQVYQVKOGUJKIJGTVJCPVJQUGHQTFQOGUVKE
VTCFGKUQHVGPHCEKNKVCVGFD[NQIIKPICEVKXK CPKOCN OGCV #NOQUV JCNH QH VJG YKNF OGCV FGNKXGTGF VQ VJG OCTMGV YCU DQWIJV HQT
VKGUDGECWUGNQIIKPITQCFURTQXKFGGCU[ TGUCNGCVTGUVCWTCPVUKP6GPCCOGFKWOUK\GFVQYPMOFKUVCPV 5W¶TG\GVCN 
CEEGUUVQKPETGCUKPIN[TGOQVGHQTGUVUCPF

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+PVGTPCVKQPCNVTCFGKPYKNFNKHG OQWURQVGPVKCNHQTFKUGCUGVTCPUOKUUKQP VKQPNCYGPHQTEGOGPVCPFVJGFGXGNQR


6JG%QPXGPVKQPQP+PVGTPCVKQPCN6TCFG VQDQVJJWOCPUCPFCPKOCNU OGPVQHCNVGTPCVKXGRTQVGKPCPFKPEQOG
KP 'PFCPIGTGF 5RGEKGU QH 9KNF (CWPC +PFGGF CRRTQZKOCVGN[  RGTEGPV UQWTEGU2GTJCRUOQUVGHHGEVKXGYCUVJG
CPF (NQTC %+6'5  TGIWNCVGU KPVGTPC QH JWOCP RCVJQIGPU CTG MPQYP VQ DG 9%5EQNNCDQTCVKQPYKVJ%COGTQQPKCP
VKQPCNVTCFGKPGPFCPIGTGFYKNFNKHGURG \QQPQVKE KG VTCPUOKVVGF VJTQWIJ CPK TCKNYC[U YJKEJ NGF VQ TGIWNCT KPURGE
EKGUCPFFGTKXGFRTQFWEVU;GVVJGKNNGICN OCNU CPF UKPEG  OQTG VJCP  VKQPU QP VTCKPU HQT KNNGICN CPKOCN RTQ
YKNFNKHGVTCFGVJTKXGUPQPGVJGNGUU PGY KPHGEVKQWU FKUGCUGU JCXG GOGTIGF FWEVU 6JG VTCFG JCU NGUUGPGF ITGCVN[
%JKPCKUVJGYQTNFŏUNCTIGUVKORQTVGT KP JWOCPU KPENWFKPI *+8 CPF 'DQNC PQYVJCVKVUOCKPOQFGQHVTCPURQTVKU
QH YKNFNKHG RTQFWEVU YKVJ EQPVKPWQWU XKTWUGU YJKEJ JCXG DQVJ DGGP VTCEGF WPFGTUETWVKP[
FGOCPF HQT VWTVNGU KXQT[ VKIGTU RCP DCEMVQJWOCPEQPUWORVKQPQHKPHGEVGF 6Q EQPVTQN KNNGICN VTCFG KP YKNFNKHG
IQNKPUUPCMGUCPFOCP[QVJGTURGEKGU #HTKECPITGCVCRGU -CTGUJGVCN GHHGEVKXGN[CVVJGPCVKQPCNCPFKPVGTPC
WUGFHQTHQQFQTOGFKEKPGU6JGYQTNFŏU 4QUGPCPF5OKVJ  UGG0GYOCP VKQPCN NGXGNU CPF CNUQ KNNGICN VTCFG KP
UGEQPFNCTIGUVKORQTVGTQHYKNFNKHGRTQ 5NKPIGPDGTIJ CPF .WDTQVJ HQNNQYKPI RNCPV RTQFWEVU Ō UGG CTVKENG D[ 6QPI
FWEVUKUVJG7PKVGF5VCVGUQH#OGTKEC VJKUCTVKENG  5EJOKFVCPF,QJPUQP VJGTGKUCPGGF
YJKEJUKPEGJCUKORQTVGFCNOQUV HQTFGEKUKXGUWRRQTVVQ%+6'5OGODGT
DKNNKQPNKXGCPKOCNUOQUVN[HTQOYKNF 9JCVECPDGFQPG! EQWPVTKGUKPVJGKTGHHQTVUVQKORNGOGPV
RQRWNCVKQPU KP 5QWVJGCUV #UKC 4QUGP #NVJQWIJVJGTGKUPQUKPINGUQNWVKQPVQ CPFGPHQTEGCFGSWCVGPCVKQPCNNGIKUNC
CPF 5OKVJ   $GVYGGP  CPF VJG YKFGURTGCF QXGTJWPVKPI QH HQTGUV VKQPVQHWNHKNVJGKT%+6'5EQOOKVOGPVU
VTCFGKPYKNFNKHGCPFYKNFNKHGRTQ YKNFNKHG VJTGG OCPCIGOGPV EQORQ +PETGCUGF GFWECVKQP PGVYQTMKPI CPF
FWEVUKPVJG7PKVGF5VCVGUKPETGCUGFD[ PGPVUKPIGPGTCNCTGPGGFGFVQTGXGTUG ECRCEKV[DWKNFKPICTGCNUQPGGFGFKPOQUV
RGTEGPVCPFKVUJQYUPQUKIPQHCDCVKPI WPUWUVCKPCDNG WUG GHHGEVKXG NCYU CPF FGXGNQRKPI EQWPVTKGU /KNPGT)WNNCPF
$GECWUGQHVJGKPGHHGEVKXGGPHQTEGOGPV NCYGPHQTEGOGPV UGGCTVKENGD[0IWKHHQ GVCN4QUGPCPF5OKVJ 
QH%+6'5TGIWNCVKQPUKPOCP[EQWPVTKGU CPF6CNNCVJKUKUUWG CYCTGPGUUTCKUKPI
VJGKNNGICNYKNFNKHGVTCFGKUHGTVKNGITQWPF GFWECVKQPCPFVJGRTQXKUKQPQHRTQVGKPQT *7/#09+.&.+('%10(.+%6
HQTQTICPK\GFETKOKPCNITQWRUUOWIINKPI NKXGNKJQQFCNVGTPCVKXGU $WUJOGCV%TKUKU *WOCPU CPF YKNFNKHG EQOG KPVQ EQP
GZQVKECPKOCNURNCPVUCPFFGTKXCVKXGUKP 6CUM (QTEG PQ FCVG %$&   +P HNKEV KP OCP[ FKHHGTGPV EQPVGZVU 6JG
CPFQWVQH%+6'5OGODGTEQWPVTKGUYKVJ %COGTQQP VJG 9KNFNKHG %QPUGTXCVKQP RTQDNGOKUOQUVRTQPQWPEGFKPCTGCUQH
NKVVNGTKUMQHRTQUGEWVKQP(QTGZCORNGKV 5QEKGV[ 9%5 CPFVJG.CUV)TGCV#RG JKIJQTITQYKPIJWOCPCPFQTNKXGUVQEM
JCUDGGPGUVKOCVGFVJCVCTQWPFVQPPGU 1TICPK\CVKQP .#)#  C YKNFNKHG NCY FGPUKVKGUYJGTGYKNFNKHGUVKNNQEEWTUKP
QHDWUJOGCVRGTYGGMCTGUOWIINGFKP GPHQTEGOGPV 0)1 JCXG UWEEGUUHWNN[
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YJKEJ TCKUGU FQWDVU CDQWV VJG NQPIGT UGTXKEGU GIVQWTKUVIWKFGUGTXKEGU (WNN
+06')4#6'&%105'48#6+10 VGTO XKCDKNKV[ QH VJG CRRTQCEJΠ6JG KPXQNXGOGPV QH NQECN RGQRNG KP OCPC
#0&&'8'.12/'06Ō&1'5+6 EQUVU EQWNF KPENWFG HQT GZCORNG VJG IKPICPFDGPGHKVKPIHTQOVJGRTQFWEVU
#&&4'556*'241$.'/5! FKUTWRVKQPQTEWTVCKNOGPVQHGUVCDNKUJGF CPF UGTXKEGU FGNKXGTGF D[ HQTGUVU CPF
1PG CRRTQCEJ HQT TGURQPFKPI VQ VJG RCVVGTPUQHTGUQWTEGWUGD[NQECNRGQRNG YKNFNKHG KU ETWEKCN HQT VJG UWUVCKPCDNG
VJTGCVU HCEGF D[ HQTGUVU CPF CUUQEK #NVJQWIJVJGEJCNNGPIGUTGOCKPJKIJ EQPUGTXCVKQPQHVJGUGXKVCNTGUQWTEGUX

8QDV\OYD9RO


CPF5WUVCKPCDNG7UG)NCPF5YKV\GTNCPF &GXGNQROGPV+PUVKVWVG#XCKNCDNGCVYYY
+PVGTPCVKQPCN7PKQPHQTVJG%QPUGTXCVKQPQH QFKQTIWMTGUQWTEGUFQYPNQCFRFH
0CVWTG#XCKNCDNGCVYYYYQTNFYKNFNKHG 5GRR¼N¼ 4 $WEM #  -CVKNC 2 GFU
$KDNKQITCRJ[ QTIYJCVINQDCNOCTMGVUHQTGUVU  #FCRVCVKQP QH HQTGUVU CPF RGQRNG
99($KPCT[KVGORFH VQ ENKOCVG EJCPIG Ō C INQDCN CUUGUUOGPV
$GPPGVV '.  (QTGYQTF +P 5KNGPV -CTGUJ 9$ %QQM 4# $GPPGVV '. TGRQTV +7(41 9QTNF 5GTKGU 8QN 
5VGRRGVJGKNNGICNYKNFNKHGVTCFGETKUKUKP  0GYEQOD ,  9KNFNKHG VTCFG *GNUKPMK (KPNCPF +PVGTPCVKQPCN 7PKQP QH
/QPIQNKC&KUEWUUKQP2CRGT9CUJKPIVQP CPF INQDCN FKUGCUG GOGTIGPEG 'OGTIKPI (QTGUV4GUGCTEJ1TICPK\CVKQPU
&%75#9QTNF$CPM +PHGEVKQWU&KUGCUGU  Ō 5KPIGT2#PKOCNNKDGTCVKQP.QPFQP
$TQFKG,()KDDU*-$WUJOGCV /KNPGT)WNNCPF',$GPPGVV'.VJG 7-2KONKEQ PFGF
JWPVKPI CU ENKOCVG VJTGCV 5EKGPEG  5%$  #PPWCN /GGVKPI 9KNF /GCV 5W¶TG\'/QTCNGU/%WGXC47VTGTCU
Ō )TQWR  9KNF OGCV VJG DKIIGT $WEJGNK 8 <CRCVC4ÈQU ) 6QTCN '
$WUJOGCV %TKUKU 6CUM (QTEG 0Q FCVG RKEVWTG6TGPFUKP'EQNQI[CPF'XQNWVKQP 6QTTGU,2TCFQ98CTICU1NCNNC,
5QNWVKQPU9CUJKPIVQP&%75#+PVGTPGV   Ō 1KNKPFWUVT[YKNFOGCVVTCFGCPFTQCFU
FQEWOGPV #XCKNCDNG CV YYYDWUJOGCV 0CUK4$TQYP&9KNMKG&$GPPGVV'. KPFKTGEVGHHGEVUQHQKNGZVTCEVKQPCEVKXKVKGUKP
QTIDWUJOGCVACPFAYKNFNKHGAVTCFGUQNWVKQPU 6WVKP%XCP6QN)%JTKUVQRJGTUGP C RTQVGEVGF CTGC KP PQTVJGCUVGTP 'EWCFQT
%$&4GRQTVQHVJG.KCKUQP)TQWRQP 6%QPUGTXCVKQPCPFWUGQHYKNFNKHG #PKOCN%QPUGTXCVKQPŌ
$WUJOGCV (KTUV OGGVKPI $WGPQU #KTGU DCUGF TGUQWTEGU VJG DWUJOGCV ETKUKU 70961508/CPWCNQPVQWTKUO
#TIGPVKPC Ō 1EVQDGT  0CKTQDK %$& 6GEJPKECN 5GTKGU 0Q  /QPVTGCN CPF RQXGTV[ CNNGXKCVKQP Ō RTCEVKECN UVGRU
-GP[C%QPXGPVKQPQP$KQNQIKECN&KXGTUKV[ %CPCFC%$& HQTFGUVKPCVKQPU/CFTKF5RCKP709QTNF
#XCKNCDNG CV YYYEDFKPVFQEOGGVKPIU 2KVOCP6+P%QPIQHQTGUVDWUJOGCV 6QWTKUO 1TICPK\CVKQP  0GVJGTNCPFU
HQTNIDQHſEKCNNIDGPFQE VTCFGVJTGCVGPU2[IOKGU#UUQEKCVGF2TGUU &GXGNQROGPV1TICPK\CVKQP
%JCDGT #. #NNGDQPG9GDD 5 ,WN[ 9KNNKCOUQP &  'EQVQWTKUO CPF
.KIPGTGWZ ; %WPPKPIJCO ##  2QWNUGP ,4 %NCTM %, /CXCJ )  RTQVGEVGF CTGCU OCMKPI VJG OQUV QH VJG
4QYENKHHG,/6JGUECNGQHKNNGICN 'NMCP29$WUJOGCVUWRRN[CPF QRRQTVWPKVKGU$QKUGV(QTÄVUFGU6TQRKSWGU
OGCV KORQTVCVKQP HTQO #HTKEC VQ 'WTQRG EQPUWORVKQPKPCVTQRKECNNQIIKPIEQPEGUUKQP   Ō
XKC2CTKU%QPUGTXCVKQP.GVVGTUŌ KPPQTVJGTP%QPIQ%QPUGTXCVKQP$KQNQI[ 9QTNF $CPM  )QKPI IQKPI IQPG
'CINGU (, /E%QQN 5(  *C[PGU   Ō VJG KNNGICN VTCFG KP YKNFNKHG KP 'CUV
%&  5WUVCKPCDNG VQWTKUO KP 4GFOQPF + /CRGUC /  4YGVUKDC CPF 5QWVJGCUV #UKC &KUEWUUKQP 2CRGT
RTQVGEVGF CTGCU IWKFGNKPGU HQT RNCPPKPI #  /QTG VJCP VTGGU 1WT 2NCPGV 9CUJKPIVQP&%75#
CPF OCPCIGOGPV )NCPF 5YKV\GTNCPF 5GRVGODGTŌ 9QTNF $CPM  5KNGPV 5VGRRG VJG
+PVGTPCVKQPCN 7PKQP HQT VJG %QPUGTXCVKQP 4QUGP)'5OKVJ-(5WOOCTK\KPI KNNGICN YKNFNKHG VTCFG ETKUKU KP /QPIQNKC
QH0CVWTG +7%0  VJGGXKFGPEGQPVJGKPVGTPCVKQPCNVTCFGKP &KUEWUUKQP2CRGT9CUJKPIVQP&%75#
(C ,' 2GTGU %#  /GGWYKI , KNNGICNYKNFNKHG'EQ*GCNVJ&1+ 9TKIJV 5, 5VQPGT -' $GEMOCP
 $WUJOGCV GZRNQKVCVKQP KP VTQRKECN U[ 0 %QTVNGVV 46 &KT\Q 4 /WNNGT
HQTGUVU CP KPVGTEQPVKPGPVCN EQORCTKUQP 4WMWPFQ 5  'EQVQWTKUO CPF KVU .CPFCW *% 0WÌG\+VWTTK ) 2GTGU
%QPUGTXCVKQP$KQNQI[  Ō EQPVTKDWVKQPVQVJGEQPUGTXCVKQPQHIQTKNNCU %#  9CPI $%  6JG RNKIJV
(#1*WOCPYKNFNKHGEQPƀKEVKP#HTKEC CPF VJG YGNNDGKPI QH VJG EQOOWPKVKGU QH NCTIG CPKOCNU KP VTQRKECN HQTGUVU CPF
ŌECWUGUEQPUGSWGPEGUCPFOCPCIGOGPV 2TGUGPVCVKQP D[ VJG /KPKUVGT QH 5VCVG VJG EQPUGSWGPEGU HQT RNCPV TGIGPGTCVKQP
UVTCVGIKGUD[(.COCTSWG,#PFGTUQP4 HQT 6QWTKUO 9KNFNKHG %QPUGTXCVKQP CPF $KQVTQRKECŌ
(GTIWUUQP/.CITCPIG;1UGK1YWUW /WUGWOUCPF/QPWOGPVU7ICPFCVQVJG <KOOGTOCP/'6JGDNCEMOCTMGV
.$CMMGT(#1(QTGUVT[2CRGT4QOG (TCPMHWTV )QTKNNC 5[ORQUKWO (TCPMHWTV HQT YKNFNKHG EQODCVKPI VTCPUPCVKQPCN
+(#9  -KNNKPI YKVJ MG[UVTQMGU )GTOCP[Ō,WPG QTICPK\GFETKOGKPVJGKNNGICNYKNFNKHGVTCFG
YKNFNKHGVTCFGQPVJG+PVGTPGV.QPFQP7- 5CNCHUM[0/CTIQNWKU46JTGCV 8CPFGTDKNV,QWTPCNQH6TCPUPCVKQPCN.CY
+PVGTPCVKQPCN(WPFHQT#PKOCN9GNHCTG TGFWEVKQP CUUGUUOGPV C RTCEVKECN CPF ŌX
+7%0  6JTGCVU VQ HQTGUV RTQVGEVGF EQUVGHHGEVKXG CRRTQCEJ VQ GXCNWCVKPI
CTGCU Ō UWOOCT[ QH C UWTXG[ QH  EQPUGTXCVKQP CPF FGXGNQROGPV RTQLGEVU
EQWPVTKGU ECTTKGF QWV KP CUUQEKCVKQP YKVJ %QPUGTXCVKQP$KQNQI[  Ō
VJG 9QTNF %QOOKUUKQP QP 2TQVGEVGF 5EJTGEMGPDGTI-.WVVTGNN%/QUU%
#TGCU4GUGCTEJTGRQTVHQTVJG9QTNF$CPM  2CTVKEKRCVQT[ HQTGUV OCPCIGOGPV
99( #NNKCPEG HQT (QTGUV %QPUGTXCVKQP CP QXGTXKGY .QPFQP 7- 1XGTUGCU

8QDV\OYD9RO

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